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For use at 12:00 noon, eastern time March 10, 2016 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Fourth 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 $86.8 trillion during the fourth quarter of 2015. The value of directly and indirectly held corporate equities increased $758 billion and the value of real estate rose $458 billion. credit grew 5.9 percent, while mortgage debt (excluding charge-offs) grew 1.5 percent at an annual rate. Nonfinancial business debt rose at an annual rate of 5.0 percent in the third quarter, about the same increase as in the previous quarter. Domestic nonfinancial debt outstanding was $45.1 trillion at the end of the fourth quarter of 2015, of which household debt was $14.2 trillion, nonfinancial business debt was $12.8 trillion, and total government debt was $18.1 trillion. State and local government debt was unchanged in the fourth quarter, down from an annual growth rate of 1.7 percent in the previous quarter. Domestic nonfinancial debt growth was 8.6 percent at a seasonally adjusted annual rate in the fourth quarter of 2015, up from an annual rate of 2.1 percent in the previous quarter. Federal government debt increased 18.5 percent at a seasonally adjusted annual rate in the fourth quarter, which was due primarily to the restoration of government trust funds that had been depleted as part of of the Treasury’s “extraordinary measures” during the 2015 debt limit impasse. Household debt increased at an annual rate of 3.4 percent in the fourth quarter of 2015. Consumer 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 2006 66,073 8.4 10.5 9.8 3.9 3.9 2007 66,536 8.1 7.2 12.4 5.5 4.7 2008 56,159 5.8 -0.1 6.0 0.6 21.4 2009 58,066 3.5 0.3 -4.1 4.0 20.4 2010 62,275 4.4 -0.5 -0.7 2.3 18.5 2011 63,423 3.5 -0.5 2.8 -1.7 10.8 2012 69,579 5.0 1.9 4.7 -0.2 10.1 2013 79,390 4.0 1.7 4.9 -1.3 6.7 2014 84,189 4.5 3.1 6.3 -0.5 5.4 2015 86,797 4.5 2.8 6.6 1.8 5.0 2013: Q4 79,390 6.0 1.5 3.9 -2.8 14.4 2014: Q1 80,626 4.1 1.9 6.3 -1.7 5.7 Q2 82,242 4.3 5.2 5.2 0.1 3.5 Q3 82,520 4.5 3.0 5.9 -1.7 6.0 Q4 84,189 4.7 2.2 7.0 1.5 5.9 Q1 85,996 2.6 1.8 7.5 4.3 -1.1 Q2 86,481 4.6 4.3 8.4 1.0 2.4 Q3 85,160 2.1 1.6 4.9 1.7 0.2 Q4 86,797 8.6 3.4 5.0 0.0 18.5 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 Fourth Quarter 2015 Topic Description Effective federal funds rate A memo item showing the effective federal funds rate in percent is now included on the federal funds and security repurchase agreements instrument table (L.207). The effective federal funds rate is a weighted average of rates on brokered trades, annualized using a 360-day year. FHLB advances Federal home loan bank (FHLB) advances are now shown separately from other government-sponsored enterprise (GSE) loans on the other loans and advances instrument table (tables F.216 and L.216). FHLB advances to insurance companies are broken down further into loans to life insurance companies, property and casualty insurance companies, and captive insurance companies that are affiliated with finance companies and real estate investment trusts (REITs). Also, equity in the FHLB held by these sectors is now shown on the identified miscellaneous financial claims – part 1 instrument table (tables F.232 and L.232). New Enhanced Financial Accounts projects Two new Enhanced Financial Accounts (EFA) projects: (1) State and Local Government Defined Benefit Pension Plans: Statelevel Detail, and (2) Depository Institutions: Mortgage and Consumer Loan Portfolios by Probability of Default have been added to our EFA page at www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm. Expansion of international data submissions The “International Data Submissions” page of the “Financial Accounts Guide” includes five new tables and SDMX files for IMF Financial Soundness Indicators (FSIs). These include Table 1. Data Report Form for FSIs and Underlying Series, Annex 5. Sectoral Financial Statement: Other Financial Corporations – Balance Sheet, Annex 6. Sectoral Financial Statement: Nonfinancial Corporations – Income and Expense Statement, Annex 7. Sectoral Financial Statement: Nonfinancial Corporations – Balance Sheet, and Annex 8. Sectoral Financial Statement: Households. FEDS Notes A number of new FEDS notes are now available: “Introducing Section 529 Plans into the U.S. Financial Accounts and Enhanced Financial Accounts” (Madeline McCullers and Irina Stefanescu), “Saving for College and Section 529 Plans” (Simona Hannon, Kevin Moore, Max Schmeiser, and Irina Stefanescu), “State and Local Pension Funding in the Enhanced Financial Accounts” (Matthew Hoops, Paul Smith, and Irina Stefanescu), “Funding Agreement-backed Securities in the Financial Accounts of the United States” (Elizabeth Holmquist and Maria Perozek), and “Corporate Equities by Issuer in the Financial Accounts of the United States” (Damian Thomas, Missaka Warusawitharana, and Rick Ogden). 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, tables on debt growth, net national wealth, gross domestic product (GDP), national income, saving, and so on Flows of financial assets and liabilities, 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 equity detail of the household and nonprofit organization sector and data on nonprofit organizations 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 (SNA2008). 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”: ■ ■ ■ 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 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,” “flows” refer 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 may differ from those in table D.1. Seasonal Adjustment 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. Data on some of our data submissions to international organizations are also available on the guide page. There is also a link to the Enhanced Financial Accounts, a new initiative that includes data that is not part of the core “Financial Accounts”. 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:Q4. Unadjusted flows through 2014: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:Q4. 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 2015:Q3 (preliminary); IRS/SOI data through 2013; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2015:Q4. Corporate farm data through 2014. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2013; bank and finance company loans, and mortgage borrowing through 2015:Q4. Noncorporate farm data through 2014. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays, Monthly Statement of the Public Debt and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2015:Q4. 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:Q4; total financial assets through 2012: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:Q4. U.S.-chartered depository institutions (tables F.111 and L.111) All data through 2015:Q4. Foreign banking offices in U.S. (tables F.112 and L.112) All data through 2015:Q4. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2015:Q4. Credit unions (tables F.113 and L.113) All data through 2015:Q4. Property-casualty insurance companies (tables F.115 and L.115) All data through 2015:Q3. viii Sector Table Available at time of publication Life insurance companies (tables F.116 and L.116) All data through 2015:Q3. Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor Form 5500 data through 2013. Investment Company Institute data through 2015:Q3. 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:Q4. State and local government employee retirement funds (tables F.120 and L.120) Detailed annual survey data through 2014:Q2 and quarterly survey data through 2015:Q3 from the Census Bureau. Investment Company Institute data through 2015:Q3. Money market mutual funds (tables F.121 and L.121) All data through 2015:Q4. Mutual funds (tables F.122 and L.122) All data through 2015:Q4. Closed-end funds (tables F.123 and L.123) All data through 2015:Q4. Exchange-traded funds (tables F.123 and L.123) All data through 2015:Q4. Government sponsored enterprises (GSEs) (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, FICO, and REFCORP through 2015:Q4. Data for Farmer Mac, FCS, and FHLB through 2015:Q3. FHLB Advances and Equity current through 2015:Q4. Agency- and GSE-backed mortgage pools (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, and Farmer Mac through 2015:Q4. 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:Q4. Finance companies (tables F.127 and L.127) All data through 2015:Q4. Real estate investment trusts (REITs) (tables F.128 and L.128) Data from SNL Financial through 2015:Q3. Security brokers and dealers (tables F.129 and L.129) Data for firms filing FOCUS and FOGS reports through 2015:Q4. Holding companies (table F.130 and L.130) All data through 2015:Q4. 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) NIPA estimates, bank Call Reports, and Treasury International Capital System data through 2015:Q4. Balance of payments and International Investment Position data through 2015:Q3. ix List of Data Tables Title Table Page Summaries Flow of Funds Matrix—Flows 1 Flow of Funds Matrix—Assets and Liabilities 2 Debt Growth by Sector D.1 3 Borrowing by Sector D.2 4 Debt Outstanding by Sector D.3 5 Net National Wealth B.1 6 Distribution of Gross Domestic Product F.2 7 Distribution of National Income F.3 8 Saving and Investment F.4 9 Net Capital Transfers F.5 10 Derivation of Measures of Personal Saving F.6 11 Assets and Liabilities of the Personal Sector L.6 12 Flows Title Levels Table Page Table Page F.100 13 L.100 74 Households and Nonprofit Organizations F.101 14 L.101 75 Nonfinancial Business F.102 15 L.102 76 Nonfinancial Corporate Business F.103 16 L.103 77 Nonfinancial Noncorporate Business F.104 17 L.104 78 General Government F.105 18 L.105 79 Federal Government F.106 19 L.106 80 State and Local Governments F.107 20 L.107 81 F.108 21 L.108 82 Monetary Authority F.109 22 L.109 83 Private Depository Institutions F.110 23 L.110 84 U.S.-Chartered Depository Institutions F.111 24 L.111 85 Foreign Banking Offices in U.S. F.112 25 L.112 86 Banks in U.S.-Affiliated Areas F.113 26 L.113 87 Credit Unions F.114 26 L.114 87 Sectors Domestic Nonfinancial Domestic Financial x Sectors Property-Casualty Insurance Companies F.115 27 L.115 88 Life Insurance Companies F.116 28 L.116 89 Life Insurance Companies: General Accounts F.116.g 29 L.116.g 90 Life Insurance Companies: Separate Accounts F.116.s 29 L.116.s 90 F.117 30 L.117 91 F.118 31 L.118 92 Private Pension Funds: Defined Benefit Plans F.118.b 32 L.118.b 93 Private Pension Funds: Defined Contribution Plans F.118.c 32 L.118.c 93 F.119 33 L.119 94 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 34 L.119.b 95 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 35 L.119.c 95 F.120 35 L.120 96 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 36 L.120.b 97 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 36 L.120.c 97 Money Market Mutual Funds F.121 37 L.121 98 Mutual Funds F.122 37 L.122 98 Closed-End and Exchange-Traded Funds F.123 37 L.123 98 Government-Sponsored Enterprises F.124 38 L.124 99 Agency- and GSE-Backed Mortgage Pools F.125 38 L.125 99 Issuers of Asset-Backed Securities F.126 39 L.126 100 Finance Companies F.127 40 L.127 101 Real Estate Investment Trusts (REITs) F.128 41 L.128 102 Equity Real Estate Investment Trusts F.128.e 42 L.128.e 103 Mortgage Real Estate Investment Trusts F.128.m 42 L.128.m 103 Security Brokers and Dealers F.129 43 L.129 104 Holding Companies F.130 44 L.130 105 Funding Corporations F.131 45 L.131 106 F.132 46 L.132 107 Private and Public Pension Funds Private Pension Funds Federal Government Employee Retirement Funds State and Local Government Employee Retirement Funds Rest of the World xi Instruments U.S. Official Reserve Assets and SDR Allocations F.200 47 L.200 108 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 47 L.201 108 U.S. Deposits in Foreign Countries F.202 47 L.202 108 Net Interbank Transactions F.203 48 L.203 109 Checkable Deposits and Currency F.204 49 L.204 110 Time and Savings Deposits F.205 50 L.205 111 Money Market Mutual Fund Shares F.206 50 L.206 111 Federal Funds and Security Repurchase Agreements F.207 51 L.207 112 Debt Securities F.208 52 L.208 113 Open Market Paper F.209 53 L.209 114 Treasury Securities F.210 54 L.210 115 Agency- and GSE-Backed Securities F.211 55 L.211 116 Municipal Securities F.212 56 L.212 117 Corporate and Foreign Bonds F.213 57 L.213 118 F.214 58 L.214 119 Depository Institution Loans Not Elsewhere Classified F.215 59 L.215 120 Other Loans and Advances F.216 60 L.216 121 Total Mortgages F.217 61 L.217 122 Home Mortgages F.218 62 L.218 123 Multifamily Residential Mortgages F.219 62 L.219 123 Commercial Mortgages F.220 63 L.220 124 Farm Mortgages F.221 63 L.221 124 F.222 64 L.222 125 Corporate Equities F.223 65 L.223 126 Mutual Fund Shares F.224 65 L.224 126 Trade Credit F.225 66 L.225 127 Life Insurance Reserves F.226 66 L.226 127 Pension Entitlements F.227 67 L.227 128 Taxes Payable by Businesses F.228 67 L.228 128 Proprietors' Equity in Noncorporate Business F.229 67 L.229 128 Direct Investment F.230 68 L.230 129 Loans Consumer Credit xii Total Miscellaneous Financial Claims F.231 69 L.231 130 Identified Miscellaneous Financial Claims—Part I F.232 70 L.232 131 Identified Miscellaneous Financial Claims—Part II F.233 71 L.233 132 Unidentified Miscellaneous Financial Claims F.234 72 L.234 133 Sector Discrepancies F.7 73 Instrument Discrepancies F.8 73 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.101 134 R.101 137 Nonfinancial Corporate Business B.103 135 R.103 138 Nonfarm Noncorporate Business B.104 136 R.104 139 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 141 B.101.e 140 L.101.a 142 Table Page Total Economy—Current Account S.1.a 143 Selected Aggregates for Total Economy and Sectors S.2.a 144 Households and Nonprofit Institutions Serving Households S.3.a 146 Nonfinancial Noncorporate Business S.4.a 149 Nonfinancial Corporate Business S.5.a 152 Financial Business S.6.a 155 Central Bank S.61.a 158 Private Depository Institutions S.62.a 160 Insurance Companies S.63.a 163 Pension Funds S.64.a 166 Other Financial Business S.65.a 169 Federal Government S.7.a 172 State and Local Governments S.8.a 175 Rest of the World S.9.a 178 Integrated Macroeconomic Accounts for the United States Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 34 35 36 37 38 39 40 41 42 43 -367.1 55.3 437.2 -21.8 --40.7 -156.7 370.1 -- -60.2 --50.6 -3.2 -6.4 40.0 -1.2 354.4 18.7 -25.6 -306.3 ----13.5 -59.4 488.0 -43.2 -- 845.0 1238.8 -- 2742.2 1897.2 1251.1 505.8 148.5 --8.3 ---- U (1) -- ------2.2 --1.2 395.8 91.7 -74.3 147.5 230.9 -5.4 ----5.4 -- ---------- --393.8 -------- 2375.2 1465.5 909.7 S (2) Households and Nonprofit Organizations -37.3 ----258.8 -861.7 -15.5 33.3 3.5 --4.3 -0.7 -8.9 -6.2 -1.8 -2.0 1.2 -- ----25.1 -102.5 25.2 11.2 -0.9 50.5 1276.8 -- 2209.8 2159.3 -104.2 1915.5 110.2 29.4 ---- U (3) -- --15.8 17.6 -337.8 607.6 -564.3 -17.9 383.3 177.6 -35.7 241.5 -- 410.6 -5.4 --15.9 400.1 ---------- --1226.3 -------- 2172.5 1633.8 538.7 S (4) Nonfinancial Business Flow of Funds Matrix for 2015 32.3 --8.7 ---14.4 7.5 3.9 0.8 18.1 --18.1 -- 60.1 -1.4 57.7 -11.3 1.1 14.1 ------8.9 10.8 16.3 13.5 -203.4 145.1 -- 153.5 356.8 -4.3 342.8 -9.8 ---- U (5) -- ------257.4 --38.9 0.3 -0.3 --- 51.9 ---51.9 -- ---------- --348.4 -------- 185.8 249.5 -63.7 S (6) State and Local Governments -71.1 --27.0 ---14.4 -0.0 -0.3 104.9 -0.8 -0.7 104.7 -0.0 --0.0 --0.0 -3.9 ----109.9 0.0 --- -518.9 252.5 -- -285.8 233.1 -1.4 262.7 --30.9 ---- U (7) -- -0.1 -----26.9 --20.1 0.0 --0.0 -- 724.6 -724.4 0.2 --- 0.0 0.0 -0.0 ------- --771.4 -------- -356.9 272.7 -629.6 S (8) Federal Government -443.2 55.3 437.2 35.6 21.8 258.8 -931.2 -149.2 389.5 34.4 66.2 --49.7 18.4 97.6 91.2 -8.8 410.3 5.3 -23.3 -292.3 -3.9 ---38.6 -263.0 523.9 -15.8 12.5 173.2 2913.2 -- 4819.7 4646.5 1251.1 615.7 2669.5 110.2 0.0 ---- U (9) -- -0.1 -15.8 17.6 -337.8 894.1 -564.3 -78.1 779.4 269.2 -109.7 389.0 230.9 1181.6 -5.4 724.4 0.2 62.4 400.1 0.0 0.0 -0.0 ------- --2740.0 -------- 4376.6 3621.4 755.2 S (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Flows) -109.4 10.6 ---32.0 -295.0 130.5 -16.2 9.5 741.5 282.1 -57.5 383.5 133.3 896.7 24.4 309.1 155.3 81.5 326.4 0.1 0.0 1.3 -13.3 -401.8 0.9 -78.2 42.2 -10.4 119.6 1640.5 -- 356.4 236.8 --1.5 238.4 --- ---- U (11) -- 66.0 437.2 -11.5 4.2 -33.3 35.3 207.4 352.9 8.4 20.3 -9.8 17.2 12.9 -- 146.6 -42.7 -204.3 --15.0 -----503.5 292.4 407.4 27.6 -3.1 --1520.9 -------- 247.0 196.2 50.8 S (12) Domestic Financial Sectors 442.0 -----371.1 -- -103.5 -20.3 9.6 13.3 -13.3 --- 379.0 -4.6 5.0 43.9 4.2 330.4 0.0 ----93.1 28.9 -38.4 1.2 -95.6 24.4 452.2 -- 24.4 0.0 ----0.0 ---- U (13) -- ----290.8 -7.6 234.7 -0.1 21.3 22.7 -1.4 --- 38.7 59.3 ----20.5 -3.8 ---217.2 ----55.5 --427.8 -------- 466.3 -466.3 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) Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit 29 30 31 32 33 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds 23 24 25 26 27 28 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 March 10, 2016 -110.6 65.9 437.2 35.6 21.8 290.8 371.1 1226.2 -122.1 352.9 53.5 821.0 282.1 -93.9 402.0 230.9 1366.9 11.1 724.4 204.5 62.4 364.5 -3.8 0.0 1.3 -51.9 -494.8 292.7 407.4 27.6 -93.4 317.1 5005.9 -- 5200.5 4883.4 1251.1 614.2 2907.9 110.2 -- ---- U (15) S (16) -- 65.9 437.2 4.3 21.8 290.8 371.1 937.0 -122.1 352.9 86.6 821.0 282.1 -93.9 402.0 230.9 1366.9 11.1 724.4 204.5 62.4 364.5 -3.8 0.0 -0.0 -217.2 -503.5 292.4 407.4 27.6 52.4 --4688.7 -------- 5089.9 3817.6 1272.3 All Sectors ---- Summary -110.6 ---31.3 ----289.2 --33.1 ------ ------- ---1.3 -165.3 -8.7 -0.3 --145.8 -317.1 --- -110.6 206.5 ------ (17) Instrument Discrepancy 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade 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 1330.6 20971.9 -10739.3 --962.3 13310.9 8119.0 -- 969.0 -842.6 79.2 47.2 3230.6 13.7 1271.7 134.6 1514.8 295.8 1222.2 8383.4 1055.7 -- ---31.8 -- 70326.7 --- ------31.2 --259.4 14001.5 317.9 439.4 9711.1 3533.1 217.7 ---217.7 -- ----- ------ -14509.8 14509.8 ----4793.6 -11629.6 -248.6 3376.5 111.7 --69.5 42.2 166.8 47.4 91.2 9.7 18.5 -- 1085.7 1050.6 678.0 20.3 ---37.7 -- 23199.2 --- --174.8 10723.4 -3007.2 4892.5 21680.7 -2585.9 7266.2 2112.3 1305.9 3848.0 -- 5518.0 176.5 --534.3 4807.1 ----- ------ -55848.7 23444.6 L (4) A (3) A (1) L (2) Nonfinancial Business Households and Nonprofit Organizations Flow of Funds Matrix for 2015 --150.6 ---127.4 180.4 87.8 180.5 227.3 --227.3 -- 1371.7 64.9 681.2 427.4 14.8 183.4 131.7 330.3 182.0 145.8 ------ 3115.7 --- A (5) ------1685.8 --861.1 16.9 -16.9 --- 2962.7 ---2962.7 -- ----- ------ -5526.6 5526.6 L (6) State and Local Governments --158.8 ---177.4 33.4 -45.8 1258.8 -196.7 116.5 945.6 0.5 --0.0 -0.5 338.1 1.8 --- 86.9 ----- 2101.5 --- A (7) 51.1 -----2081.0 --288.0 0.0 --0.0 -- 15165.6 -15141.1 24.6 --- ----- 48.9 5.2 25.3 --- -17665.3 17665.3 L (8) Federal Government 1330.6 20971.9 309.5 10739.3 4793.6 -12896.7 13524.7 8455.4 3602.9 2566.9 -1039.3 492.5 1035.0 4769.6 126.0 2044.1 571.7 1548.0 479.7 2777.7 9766.0 1915.8 166.1 86.9 --69.5 -- 98743.1 --- A (9) 51.1 -174.8 10723.4 -3007.2 8690.5 21680.7 -3994.5 21284.5 2430.2 1762.2 13559.1 3533.1 23864.1 176.5 15141.1 24.6 3714.8 4807.1 ----- 48.9 5.2 25.3 --- -93550.3 61146.3 L (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Assets and Liabilities) 205.2 ---916.2 -12222.4 16455.6 3805.9 141.7 21015.3 3207.3 2006.6 13303.3 2498.0 24561.0 712.8 6979.0 6651.0 2082.1 8136.1 351.3 637.2 685.4 2768.6 30.5 5.2 47.6 10.9 2051.5 85911.3 --- A (11) 1484.6 20971.9 -54.0 16.0 -621.6 7275.4 7274.5 12843.4 26.3 2140.0 449.2 1454.1 236.7 -- 13101.9 320.1 -8128.3 -4653.5 3830.0 10856.1 2715.7 2946.2 ----2361.8 -88411.4 81120.9 L (12) Domestic Financial Sectors -----3628.9 -- 5706.9 582.2 174.6 203.5 -203.5 --- 10351.8 102.7 6118.0 930.2 84.6 3116.3 699.9 452.8 114.5 716.7 48.9 ---351.8 23032.5 --- A (13) ----5709.8 -157.5 6732.0 -47.5 361.1 328.0 33.1 --- 2716.3 444.8 ---2271.5 ---802.8 106.4 --603.2 -- -17236.5 10504.5 L (14) Rest of the World 1535.7 20971.9 309.5 10739.3 5709.8 3628.9 25119.1 35687.2 12843.4 3919.2 23785.7 3207.3 3249.4 13795.8 3533.1 39682.3 941.5 15141.1 8152.9 3714.8 11732.1 3828.8 10856.1 2715.7 3651.4 166.4 5.2 47.6 80.4 2403.3 207686.9 --- A (15) L (16) 1535.7 20971.9 120.8 10739.3 5709.8 3628.9 16123.4 35687.2 12843.4 4068.3 23785.7 3207.3 3249.4 13795.8 3533.1 39682.3 941.5 15141.1 8152.9 3714.8 11732.1 3830.0 10856.1 2715.7 3748.9 155.3 5.2 25.3 603.2 2361.8 -199198.2 152771.6 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 24) 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 March 10, 2016 ---188.7 ----8995.8 --149.1 ------ ------- 1.2 --97.5 -11.0 --22.3 522.8 -41.5 -8488.7 --- (17) Instrument Discrepancy Summary 2 3 Domestic financial sectors Foreign Summary Z.1, March 10, 2016 D.1 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 1984 1985 1986 1987 1988 14.8 16.1 12.0 9.0 9.2 12.6 16.8 11.5 9.6 9.8 11.4 14.6 13.7 13.4 11.8 18.4 15.9 9.1 4.8 6.7 16.1 11.0 11.5 7.8 9.9 16.6 12.6 13.9 8.9 10.9 11.4 31.8 10.9 12.0 6.0 16.8 17.7 13.9 8.7 8.6 17.7 21.1 24.9 15.9 12.9 3.5 0.6 3.0 3.3 -1.2 1989 1990 1991 1992 1993 7.4 6.6 4.7 4.7 5.9 8.9 6.9 5.5 5.3 6.5 10.9 8.8 7.0 6.5 5.5 6.3 1.9 -1.1 1.1 7.4 6.3 3.6 -2.1 -0.3 3.1 7.3 5.3 -2.1 0.6 5.3 5.3 5.0 9.2 1.5 5.3 7.6 11.0 11.2 10.9 8.4 10.7 8.6 7.0 8.0 10.4 -2.0 2.8 3.4 4.0 15.8 1994 1995 1996 1997 1998 5.2 4.9 5.2 5.5 6.6 7.6 7.0 6.9 6.5 7.7 5.6 4.9 6.2 6.1 8.0 15.2 14.4 9.0 5.5 7.2 5.4 5.9 5.4 8.5 11.5 7.1 6.7 5.2 8.6 10.8 -3.9 -5.5 -2.0 4.9 6.2 5.1 4.2 4.8 1.5 -0.3 13.4 11.8 13.0 12.1 19.8 -4.5 15.3 14.1 10.8 4.5 1999 2000 2001 2002 2003 6.6 4.8 5.8 6.7 7.7 9.1 8.8 8.7 9.8 12.1 9.4 8.7 10.6 13.3 14.5 7.8 11.4 8.6 5.6 5.3 10.5 9.1 4.8 2.4 1.0 9.6 8.3 3.2 0.2 -0.1 3.3 1.4 8.8 11.1 8.3 -0.7 -6.3 1.3 6.8 9.5 16.8 11.7 10.2 8.7 11.1 1.8 7.5 -2.4 6.3 1.8 2004 2005 2006 2007 2008 9.2 8.6 8.4 8.1 5.8 11.7 10.6 10.5 7.2 -0.1 13.5 13.4 11.2 7.4 0.9 5.6 4.5 5.2 6.1 1.3 5.8 8.0 9.8 12.4 6.0 3.3 5.2 7.3 11.5 4.4 11.4 5.8 3.9 5.5 0.6 8.3 6.6 3.9 4.7 21.4 9.5 8.8 10.4 13.7 4.6 8.6 8.1 21.2 15.7 -9.9 2009 2010 2011 2012 2013 3.5 4.4 3.5 5.0 4.0 0.3 -0.5 -0.5 1.9 1.7 0.6 -1.7 -0.7 -0.7 -0.0 -3.9 -1.0 4.1 6.1 6.0 -4.1 -0.7 2.8 4.7 4.9 -5.2 -0.8 5.6 4.8 6.3 4.0 2.3 -1.7 -0.2 -1.3 20.4 18.5 10.8 10.1 6.7 -9.6 -5.2 -2.2 -2.7 1.7 13.8 7.4 7.7 7.8 8.6 2014 2015 4.5 4.5 3.1 2.8 0.5 1.5 7.0 7.0 6.3 6.6 7.0 6.2 -0.5 1.8 5.4 5.0 2.2 1.1 4.7 1.9 2009 -- Q1 Q2 Q3 Q4 3.6 5.1 3.0 2.1 -0.8 0.7 0.5 0.7 1.3 0.7 -0.1 0.6 -3.0 -5.9 -3.2 -3.8 -2.7 -3.8 -5.6 -4.7 -3.8 -4.4 -7.3 -5.9 2.5 4.7 3.7 4.6 21.7 25.0 17.7 11.7 -11.5 -12.1 -8.7 -6.8 4.8 12.5 10.8 22.1 2010 -- Q1 Q2 Q3 Q4 3.6 4.7 4.6 4.4 -2.4 0.3 -0.7 0.7 -3.7 -0.6 -1.7 -0.9 -3.1 -2.6 0.1 1.6 -1.4 -3.3 2.0 -0.1 -1.7 -5.1 3.4 0.1 3.1 -0.1 1.8 4.5 18.8 21.5 15.4 13.8 -5.8 -6.7 -4.1 -5.1 8.0 -3.1 5.6 17.5 2011 -- Q1 Q2 Q3 Q4 2.6 1.8 5.1 4.3 1.0 -1.4 -2.1 0.4 -0.7 -0.6 -0.8 -0.8 4.0 3.3 4.0 4.8 1.3 3.1 3.3 3.4 3.1 6.1 6.4 6.2 -2.9 -3.6 -0.2 -0.2 7.6 5.9 17.2 10.9 -1.0 -2.6 -1.7 -3.5 15.6 15.3 -3.2 2.4 2012 -- Q1 Q2 Q3 Q4 5.3 5.4 3.8 5.2 2.0 1.9 1.1 2.8 -0.8 -0.6 -0.8 -0.7 5.3 7.2 5.3 6.3 4.0 3.6 4.2 6.6 3.8 2.9 4.0 8.0 -0.2 1.4 0.2 -2.2 11.5 11.9 7.2 8.3 -3.6 -4.0 -1.7 -1.5 -0.4 2.4 13.9 13.8 2013 -- Q1 Q2 Q3 Q4 4.5 2.2 3.0 6.0 1.0 1.3 3.2 1.5 -0.6 0.1 0.8 -0.4 5.9 5.5 6.5 5.7 3.9 4.8 6.8 3.9 5.0 6.0 9.2 4.5 1.7 -1.1 -3.0 -2.8 9.3 1.6 0.9 14.4 -0.4 1.4 -0.1 5.8 13.5 3.2 7.4 9.9 2014 -- Q1 Q2 Q3 Q4 4.1 4.3 4.5 4.7 1.9 5.2 3.0 2.2 -0.2 0.5 0.4 1.1 6.3 8.2 6.9 6.1 6.3 5.2 5.9 7.0 8.8 4.9 7.0 6.4 -1.7 0.1 -1.7 1.5 5.7 3.5 6.0 5.9 -0.7 2.6 3.7 3.3 5.0 13.2 1.4 -1.0 2015 -- Q1 Q2 Q3 Q4 2.6 4.6 2.1 8.6 1.8 4.3 1.6 3.4 0.0 2.5 1.7 1.5 5.6 8.5 7.2 5.9 7.5 8.4 4.9 5.0 8.5 8.6 4.6 2.7 4.3 1.0 1.7 0.0 -1.1 2.4 0.2 18.5 -1.2 2.4 1.9 1.3 10.2 4.4 -7.1 0.2 1. Debt securities and loans. Data shown are on an end-of-period basis. Summary 4 Z.1, March 10, 2016 D.2 Borrowing by Sector 1 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 1984 1985 1986 1987 1988 810.6 1014.1 880.9 735.6 820.8 221.6 330.3 266.3 247.3 274.0 127.6 181.7 199.4 221.6 215.6 81.7 84.0 55.8 32.3 46.6 320.8 254.7 294.9 223.7 308.5 207.1 184.3 227.7 165.6 224.4 52.5 163.6 74.2 90.4 50.4 215.7 265.6 245.5 174.2 187.9 164.7 232.8 333.6 267.8 253.8 8.0 1.4 10.2 11.4 -4.4 1989 1990 1991 1992 1993 717.9 688.4 527.2 552.5 727.1 275.4 229.8 199.9 202.7 262.2 224.9 200.0 174.5 173.0 156.3 47.0 15.1 -8.8 9.2 61.4 214.3 131.3 -80.5 -10.5 113.7 165.9 131.0 -54.3 16.0 134.3 47.4 47.1 91.2 16.5 57.9 180.9 280.2 316.6 343.8 293.2 236.9 212.3 189.9 229.9 326.7 -7.9 11.1 13.4 16.4 67.5 1994 1995 1996 1997 1998 675.5 665.0 752.4 839.0 1047.5 323.3 323.1 340.6 343.6 433.8 166.5 153.6 205.1 215.9 301.5 135.0 147.0 105.7 70.3 97.1 204.3 237.5 232.3 381.2 558.2 189.8 192.2 161.9 279.3 379.2 -45.5 -60.8 -20.5 50.8 66.8 193.5 165.3 200.0 63.4 -11.4 462.7 463.7 570.7 603.4 1097.0 -23.2 76.4 89.0 77.7 36.0 1999 2000 2001 2002 2003 1123.5 874.5 1102.9 1352.5 1650.9 549.0 581.6 627.4 763.9 1039.0 379.2 383.5 508.2 706.0 872.1 112.4 176.5 150.6 105.2 105.9 567.3 551.0 314.8 161.9 70.7 373.5 358.5 151.4 10.1 -3.2 37.3 16.9 105.5 144.6 120.5 -30.1 -275.0 55.2 282.1 420.7 1114.7 908.0 887.8 844.0 1171.1 15.4 60.5 -21.1 53.6 17.2 2004 2005 2006 2007 2008 2130.8 2235.3 2378.6 2479.8 1908.5 1133.4 1145.2 1261.0 946.6 -15.4 934.7 1053.0 997.6 733.5 93.3 117.2 100.4 120.4 151.3 34.9 415.8 601.6 797.6 1116.1 603.4 161.0 259.8 382.2 652.8 277.9 178.8 141.7 100.9 146.7 17.9 402.8 346.9 219.1 270.4 1302.5 1092.1 1117.2 1421.3 2071.3 798.6 99.1 103.9 286.7 260.9 -198.2 2009 2010 2011 2012 2013 1217.2 1571.8 1294.0 1914.7 1583.1 39.8 -73.0 -70.6 259.0 231.7 66.8 -176.0 -73.1 -70.7 -1.8 -103.6 -25.3 108.6 169.4 175.9 -441.4 -70.6 278.6 480.4 533.0 -344.4 -51.2 335.4 305.2 423.9 113.0 69.5 -52.7 -5.3 -38.9 1505.8 1645.9 1138.7 1180.6 857.3 -1723.5 -856.4 -336.6 -396.4 245.9 222.2 149.0 172.8 195.0 243.3 2014 2015 1848.4 1961.0 418.9 390.4 44.3 136.6 218.4 230.9 707.3 793.9 495.2 475.5 -13.7 52.1 735.9 724.6 329.5 166.8 140.3 60.1 2009 -- Q1 Q2 Q3 Q4 1271.4 1783.9 1061.3 752.2 -116.1 103.5 73.9 97.8 138.7 73.4 -9.3 64.5 -78.7 -153.9 -82.6 -99.1 -288.8 -399.8 -586.9 -490.2 -247.3 -287.1 -470.4 -372.6 72.6 136.4 108.9 134.1 1603.7 1943.7 1465.3 1010.6 -2075.2 -2159.1 -1512.3 -1147.4 77.7 201.6 189.3 420.2 2010 -- Q1 Q2 Q3 Q4 1288.1 1700.6 1674.9 1623.6 -327.8 40.2 -93.6 89.2 -382.8 -63.8 -171.0 -86.4 -78.4 -65.6 2.8 39.7 -142.7 -333.1 202.9 -9.6 -104.8 -312.9 206.0 7.0 92.0 -1.6 53.0 134.8 1666.6 1995.2 1512.6 1409.3 -952.4 -1057.0 -633.3 -782.9 160.9 -63.6 115.3 383.3 2011 -- Q1 Q2 Q3 Q4 981.1 653.2 1909.9 1631.6 133.8 -183.5 -287.3 54.5 -70.7 -58.7 -81.7 -81.2 106.8 89.5 106.7 131.3 130.4 307.1 332.7 344.3 186.7 369.3 396.2 389.5 -87.4 -108.7 -7.3 -7.4 804.3 638.3 1871.8 1240.2 -150.2 -401.2 -264.6 -530.6 351.5 360.0 -80.5 60.2 2012 -- Q1 Q2 Q3 Q4 2015.6 2104.3 1476.4 2062.3 266.4 250.8 140.8 378.0 -76.3 -57.4 -78.6 -70.5 145.1 200.5 149.8 182.3 408.4 377.7 435.2 700.1 245.2 189.6 257.1 528.8 -4.5 42.4 6.5 -65.4 1345.4 1433.4 893.9 1049.6 -529.9 -587.0 -250.0 -218.6 -10.7 60.6 354.4 375.8 2013 -- Q1 Q2 Q3 Q4 1795.9 869.3 1216.5 2450.6 129.7 169.3 430.9 196.9 -57.1 10.8 77.4 -38.2 173.4 161.8 194.3 174.2 421.6 524.3 750.3 435.7 334.0 407.2 637.1 317.1 49.5 -33.3 -88.3 -83.3 1195.1 209.1 123.7 1901.3 -63.0 199.3 -10.3 857.7 384.0 93.2 208.6 287.5 2014 -- Q1 Q2 Q3 Q4 1707.7 1782.7 1894.0 2009.2 257.2 700.8 415.9 301.5 -17.2 45.8 41.4 107.2 194.0 257.8 222.8 199.0 715.4 598.1 690.4 825.1 624.8 358.5 514.4 483.0 -49.7 1.6 -50.9 44.3 784.7 482.1 838.7 838.2 -110.9 388.0 550.0 491.0 146.9 400.8 44.8 -31.5 2015 -- Q1 Q2 Q3 Q4 1121.3 2003.7 918.1 3800.8 255.5 596.2 228.9 480.9 2.1 235.5 162.1 146.6 184.8 285.8 246.3 206.5 895.2 1028.3 615.4 636.7 649.6 672.6 365.3 214.4 126.9 29.3 51.6 0.9 -156.3 350.0 22.2 2682.3 -180.7 358.3 283.7 206.0 317.4 142.3 -227.0 7.5 1. Debt securities and loans. 5 Domestic financial sectors Foreign Summary Z.1, March 10, 2016 D.3 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 1984 1985 1986 1987 1988 6302.3 7334.6 8212.6 8930.6 9747.9 1971.6 2322.7 2586.9 2788.9 3079.8 1243.3 1450.2 1649.0 1828.6 2054.8 526.6 610.6 666.4 698.6 745.2 2320.6 2572.0 2866.0 3117.4 3405.5 1458.0 1638.9 1865.8 2059.2 2263.5 513.6 677.9 752.1 842.6 893.0 1496.5 1762.0 2007.5 2181.7 2369.6 1104.5 1338.2 1679.8 1959.9 2213.7 228.1 335.0 346.1 357.2 393.1 1989 1990 1991 1992 1993 10482.9 11198.6 11722.5 12278.2 13020.0 3347.6 3606.6 3810.1 4012.8 4277.4 2260.1 2489.3 2667.4 2840.4 2999.0 809.3 824.4 815.6 824.8 886.2 3644.3 3773.8 3686.4 3679.1 3805.2 2454.1 2583.3 2524.4 2543.6 2690.4 940.4 987.4 1078.6 1095.1 1153.0 2550.5 2830.8 3147.4 3491.1 3784.3 2479.1 2694.5 2884.4 3129.9 3462.0 389.2 396.2 406.2 425.8 520.6 1994 1995 1996 1997 1998 13701.9 14382.8 15135.2 15972.1 17019.5 4600.1 4923.1 5276.8 5620.4 6054.2 3165.5 3319.2 3537.3 3753.2 4054.7 1021.2 1168.2 1273.9 1344.2 1441.3 4016.5 4269.8 4489.1 4868.3 5426.5 2887.2 3095.2 3244.1 3521.3 3900.4 1107.5 1046.7 1026.2 1076.9 1143.8 3977.8 4143.1 4343.1 4406.5 4395.1 3932.7 4399.4 4970.2 5553.4 6650.4 500.4 630.7 720.9 801.7 842.4 1999 2000 2001 2002 2003 18177.4 19061.7 20147.6 21500.1 23195.2 6603.2 7194.7 7822.0 8585.9 9655.0 4431.6 4813.9 5322.0 6028.0 6909.9 1553.6 1741.3 1891.8 1997.0 2102.9 6028.2 6579.1 6877.0 7038.9 7123.7 4308.3 4666.9 4801.3 4811.3 4822.2 1181.0 1197.9 1303.4 1447.9 1568.4 4365.0 4090.0 4145.2 4427.3 4848.0 7762.8 8671.9 9685.8 10529.8 11536.2 803.9 867.6 849.4 955.7 1156.6 2004 2005 2006 2007 2008 26057.9 28280.2 30703.1 33159.8 34930.4 10808.4 11953.6 13238.1 14156.6 14015.0 7859.5 8912.5 9910.2 10613.0 10580.1 2220.1 2320.6 2461.3 2615.1 2650.0 7550.4 8152.0 8970.3 10091.4 10683.2 4994.2 5254.0 5656.9 6316.2 6589.2 2448.2 2589.8 2690.8 2837.5 2855.4 5250.9 5584.8 5803.9 6074.3 7376.8 12643.2 13705.8 15094.1 17276.2 17994.7 1285.2 1350.5 1657.9 1996.6 1604.4 2009 2010 2011 2012 2013 35759.4 37074.3 38219.7 39971.3 41435.2 13762.3 13514.3 13302.5 13359.3 13503.2 10419.3 9921.6 9702.0 9490.8 9401.2 2552.3 2646.9 2755.4 2922.9 3098.8 10146.1 9993.5 10264.7 10784.1 11285.8 6160.7 6042.7 6378.1 6726.8 7123.8 2968.4 3038.0 2985.3 2980.0 2941.1 8882.6 10528.6 11667.3 12847.8 13705.1 16545.6 15331.1 14916.4 14705.4 14884.1 2005.9 2257.9 2484.9 2834.0 2958.2 2014 2015 43236.6 45148.6 13877.1 14219.2 9400.6 9490.6 3317.2 3533.1 11990.9 12784.2 7619.4 8096.9 2927.5 2979.6 14441.1 15165.6 15194.2 15242.0 3125.6 3077.4 2009 -- Q1 Q2 Q3 Q4 35139.1 35531.3 35730.5 35759.4 13869.6 13844.5 13800.1 13762.3 10569.0 10530.6 10465.4 10419.3 2630.4 2597.7 2577.0 2552.3 10618.2 10515.4 10365.5 10146.1 6536.9 6465.1 6347.5 6160.7 2873.5 2907.7 2934.9 2968.4 7777.7 8263.7 8630.0 8882.6 17899.8 17326.4 16916.2 16545.6 1610.3 1751.0 1900.5 2005.9 2010 -- Q1 Q2 Q3 Q4 36091.8 36467.1 36842.0 37074.3 13674.6 13637.2 13572.3 13514.3 10275.6 10212.2 10127.9 9921.6 2536.3 2519.9 2520.6 2646.9 10126.4 10040.8 10089.2 9993.5 6151.7 6073.5 6125.0 6042.7 2991.4 2991.0 3004.3 3038.0 9299.3 9798.1 10176.2 10528.6 15772.9 15485.8 15306.8 15331.1 2067.7 2056.4 2195.1 2257.9 2011 -- Q1 Q2 Q3 Q4 37278.6 37406.8 37847.7 38219.7 13508.7 13429.7 13323.1 13302.5 9864.9 9811.7 9756.5 9702.0 2673.6 2695.9 2722.6 2755.4 10024.1 10098.9 10180.4 10264.7 6089.3 6181.6 6280.6 6378.1 3016.1 2988.9 2987.1 2985.3 10729.6 10889.2 11357.2 11667.3 15274.7 15150.6 15066.0 14916.4 2349.2 2478.3 2457.6 2484.9 2012 -- Q1 Q2 Q3 Q4 38682.7 39165.5 39489.3 39971.3 13336.7 13357.9 13297.7 13359.3 9648.2 9594.3 9539.0 9490.8 2791.7 2839.8 2877.3 2922.9 10358.2 10450.9 10609.8 10784.1 6430.1 6477.5 6593.6 6726.8 2984.1 2994.7 2996.4 2980.0 12003.6 12362.0 12585.4 12847.8 14829.7 14662.9 14768.0 14705.4 2527.8 2557.7 2719.9 2834.0 2013 -- Q1 Q2 Q3 Q4 40392.6 40584.2 40854.9 41435.2 13365.4 13383.2 13470.0 13503.2 9450.2 9428.4 9426.9 9401.2 2966.2 3006.7 3055.3 3098.8 10888.2 11018.1 11193.1 11285.8 6810.2 6912.0 7059.9 7123.8 2992.4 2984.0 2962.0 2941.1 13146.6 13198.9 13229.8 13705.1 14674.1 14708.9 14690.6 14884.1 2894.5 2829.9 2900.5 2958.2 2014 -- Q1 Q2 Q3 Q4 41847.3 42280.4 42736.8 43236.6 13553.5 13716.8 13809.3 13877.1 9382.9 9382.5 9381.3 9400.6 3147.3 3211.8 3267.5 3317.2 11463.8 11612.7 11779.7 11990.9 7279.8 7369.4 7493.0 7619.4 2928.7 2929.1 2916.4 2927.5 13901.3 14021.8 14231.5 14441.1 14847.8 14938.5 15074.9 15194.2 3027.6 3186.5 3137.3 3125.6 2015 -- Q1 Q2 Q3 Q4 43499.0 43988.4 44208.1 45148.6 13924.0 14062.0 14109.9 14219.2 9384.1 9432.0 9463.1 9490.6 3363.4 3434.9 3496.4 3533.1 12213.9 12470.4 12623.8 12784.2 7781.7 7949.9 8041.2 8096.9 2959.2 2966.5 2979.4 2979.6 14402.0 14489.5 14495.0 15165.6 15142.3 15225.4 15289.8 15242.0 3203.7 3186.5 3103.7 3077.4 1. Debt securities and loans. Data shown are on an end-of-period basis. Total State and local governments Summary 6 Z.1, March 10, 2016 B.1 Derivation of U.S. Net Wealth Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 U.S. net wealth (1) 59193.9 64488.6 74411.8 78550.5 79793.8 77100.4 78550.5 80006.6 80271.6 78188.0 79793.8 1 2 3 4 5 6 Households’ direct holdings of nonfinancial assets Real estate Equipment (nonprofits) Intellectual property products (nonprofits) Consumer durable goods 23451.7 18326.0 293.0 109.4 4723.3 25149.1 19882.5 301.8 115.9 4848.9 27714.9 22346.6 309.1 121.5 4937.8 29197.1 23713.4 320.0 125.9 5037.8 30979.1 25275.8 331.5 131.4 5240.3 28800.2 23336.2 317.2 124.7 5022.1 29197.1 23713.4 320.0 125.9 5037.8 29661.2 24136.1 323.3 126.8 5075.0 30070.0 24472.4 325.9 127.5 5144.2 30461.6 24817.5 328.9 129.5 5185.6 30979.1 25275.8 331.5 131.4 5240.3 2 3 4 5 6 9230.2 8001.5 740.7 196.6 291.3 9954.6 8687.9 772.6 204.7 289.3 11034.3 9727.7 804.9 214.6 287.1 11733.9 10369.1 838.2 223.3 303.3 12351.3 11150.6 795.6 132.6 272.4 11507.0 10148.2 831.9 225.4 301.4 11733.9 10369.1 838.2 223.3 303.3 11952.9 10628.2 829.4 203.1 292.3 12071.2 10780.1 820.3 179.5 291.3 12200.1 10951.7 807.0 156.4 285.0 12351.3 11150.6 795.6 132.6 272.4 7 8 9 10 11 7 8 9 10 11 Nonfin. noncorporate businesses nonfinancial assets Real estate Equipment Intellectual property products Inventories 12 Fin. noncorporate businesses nonfinancial assets (2) 11.9 17.3 15.9 17.5 16.0 17.4 17.5 17.2 16.2 17.1 16.0 12 13 14 15 Market value of domestic corporations (3) Nonfinancial corporate equity Financial corporate equity 17944.7 13892.0 4052.7 20532.0 15584.6 4947.4 27073.7 20612.3 6461.4 30051.3 22730.4 7320.9 28955.2 21680.7 7274.5 28716.2 21873.4 6842.8 30051.3 22730.4 7320.9 30567.9 23110.0 7457.9 30261.2 22748.3 7512.9 27766.3 20778.1 6988.2 28955.2 21680.7 7274.5 13 14 15 16 17 18 19 Federal government nonfinancial assets (4) Structures Equipment Intellectual property products 3066.8 1406.9 711.0 948.9 3137.2 1439.8 726.6 970.8 3206.4 1480.6 732.7 993.1 3258.6 1507.9 742.0 1008.7 3251.0 1493.0 740.3 1017.6 3246.6 1501.5 739.9 1005.2 3258.6 1507.9 742.0 1008.7 3253.5 1500.2 743.8 1009.5 3241.2 1495.4 738.7 1007.1 3244.8 1493.9 738.2 1012.7 3251.0 1493.0 740.3 1017.6 16 17 18 19 20 21 22 23 State and local governments nonfinancial assets (4) Structures Equipment Intellectual property products 9068.6 8711.9 246.5 110.2 9384.7 9022.9 246.7 115.2 9718.9 9350.3 248.4 120.1 9980.2 9603.7 252.1 124.4 10037.2 9654.4 254.0 128.8 9936.1 9560.9 251.4 123.7 9980.2 9603.7 252.1 124.4 9990.4 9612.1 253.3 125.0 10002.2 9623.0 253.7 125.5 10031.2 9649.7 254.4 127.1 10037.2 9654.4 254.0 128.8 20 21 22 23 24 Net U.S. financial claims on the rest of the world -3580.1 -3686.2 -4352.3 -5688.1 -5796.0 -5123.1 -5688.1 -5436.5 -5390.4 -5533.1 -5796.0 24 25 26 27 U.S. financial claims on the rest of the world U.S. holdings of foreign corporate equities Other U.S. financial claims 13932.9 4501.4 9431.5 15276.4 5321.9 9954.6 16784.2 6472.9 10311.3 17304.5 6719.7 10584.8 17236.5 6732.0 10504.5 17546.6 6803.7 10742.8 17304.5 6719.7 10584.8 17836.2 7118.0 10718.2 17934.6 7285.9 10648.7 17180.1 6534.4 10645.6 17236.5 6732.0 10504.5 25 26 27 28 29 30 Less: Foreign financial claims on U.S. Foreign holdings of U.S. corporate equities Other foreign financial claims 17513.0 3397.2 14115.8 18962.6 3953.0 15009.6 21136.5 5204.4 15932.1 22992.6 5944.1 17048.5 23032.5 5706.9 17325.6 22669.7 5721.9 16947.8 22992.6 5944.1 17048.5 23272.7 5971.0 17301.7 23325.0 5917.5 17407.5 22713.2 5414.2 17299.0 23032.5 5706.9 17325.6 28 29 30 Memo: 31 32 33 A. U.S. net wealth (line 1) Change in U.S. net wealth Percent change in U.S. net wealth 59193.9 -616.3 -1.0 64488.6 5294.7 8.9 74411.8 9923.2 15.4 78550.5 4138.8 5.6 79793.8 1243.2 1.6 77100.4 42.4 0.1 78550.5 1450.2 1.9 80006.6 1456.1 1.9 80271.6 265.0 0.3 78188.0 -2083.6 -2.6 79793.8 1605.8 2.1 31 32 33 34 35 36 B. Household net worth (5) Change in household net worth Percent change in household net worth 63422.8 1147.5 1.8 69578.6 6155.7 9.7 79389.9 9811.4 14.1 84188.9 4798.9 6.0 86796.0 2607.2 3.1 82520.5 278.5 0.3 84188.9 1668.4 2.0 85994.5 1805.7 2.1 86479.7 485.2 0.6 85159.0 -1320.7 -1.5 86796.0 1637.0 1.9 34 35 36 (1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, noncorporate business, and government sectors of the U.S. economy and the market value of domestic nonfinancial and financial corporations, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24). (2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers. (3) This measure does not equal the net worth of the nonfinancial corporate business and financial business sectors reported in the Integrated Macroeconomic Accounts (tables S.2.a and S.2.q) because of differences in the valuation of assets. (4) Excludes land and nonproduced nonfinancial assets. (5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101. Summary 7 Z.1, March 10, 2016 F.2 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 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 2015 Q4 Q1 Q2 Q3 Q4 15517.9 16155.3 16663.2 17348.1 17942.9 17522.1 17615.9 17649.3 17913.7 18060.2 18148.4 1 10689.3 11050.6 11392.3 11865.9 12269.1 11949.1 12061.4 12055.5 12228.4 12359.0 12433.4 2 1125.3 2471.1 7092.8 1191.9 2547.2 7311.5 1237.8 2598.9 7555.5 1280.2 2668.2 7917.5 1328.6 2651.1 8289.4 1295.1 2692.2 7961.7 1303.5 2676.6 8081.3 1301.8 2599.7 8153.9 1326.4 2651.8 8250.2 1339.6 2684.4 8334.9 1346.5 2668.4 8418.4 3 4 5 2239.9 2511.7 2665.0 2860.0 3021.1 2910.2 2937.2 2995.9 3025.5 3030.6 3032.5 6 2198.1 2449.9 2593.2 2782.9 2910.9 2821.8 2848.7 2868.6 2897.9 2935.3 2941.9 7 1812.1 130.8 1299.2 214.6 167.5 2007.7 137.4 1434.5 243.7 192.1 2084.3 133.7 1491.7 252.8 206.1 2233.7 139.7 1603.3 268.1 222.6 2302.4 148.5 1654.3 261.2 238.4 2267.0 147.8 1626.2 264.9 228.1 2274.1 141.6 1633.8 268.1 230.6 2280.7 142.5 1638.4 266.5 233.2 2297.9 147.4 1651.8 263.6 235.1 2319.4 151.1 1666.2 259.9 242.2 2311.6 153.1 1660.9 254.6 243.0 8 9 10 11 12 386.0 321.1 -1.8 60.2 6.5 442.2 367.9 0.2 68.9 5.3 508.9 424.6 -8.4 78.0 14.7 549.2 456.6 -0.4 85.6 7.4 608.5 505.8 10.4 93.8 -1.5 554.8 461.2 1.7 86.5 5.4 574.6 478.1 -0.7 89.0 8.2 588.0 488.9 -3.7 91.1 11.7 600.0 501.1 26.3 93.0 -20.4 615.9 512.4 3.2 94.8 5.5 630.3 520.9 15.8 96.4 -2.8 13 14 15 16 17 41.8 34.9 6.8 61.8 65.8 -4.0 71.8 55.2 16.6 77.1 63.2 13.9 110.2 91.5 18.7 88.3 71.6 16.7 88.5 73.4 15.1 127.3 104.8 22.5 127.5 107.8 19.7 95.3 77.7 17.6 90.6 75.7 14.9 18 19 20 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 21 Net U.S. exports of goods and services -580.0 -565.7 -508.4 -530.0 -530.3 -514.6 -545.2 -551.6 -519.3 -530.4 -519.9 21 22 23 Exports - Imports 2106.4 2686.4 2198.2 2763.8 2263.3 2771.7 2341.9 2871.9 2252.6 2782.9 2360.6 2875.2 2349.5 2894.6 2257.3 2808.9 2280.0 2799.3 2259.8 2790.2 2213.2 2733.1 22 23 3168.7 3158.6 3114.2 3152.1 3183.0 3177.4 3162.5 3149.5 3179.2 3201.0 3202.3 24 2530.9 1006.1 1524.8 2544.1 1007.8 1536.3 2522.0 961.3 1560.7 2556.3 955.3 1601.0 2571.9 960.6 1611.3 2578.7 968.2 1610.5 2558.6 949.1 1609.5 2556.2 956.7 1599.5 2565.6 957.2 1608.4 2580.2 961.3 1618.9 2585.4 967.0 1618.4 25 26 27 637.9 297.4 340.5 614.4 284.7 329.7 592.3 269.4 322.9 595.8 264.6 331.3 611.1 264.1 347.1 598.7 264.9 333.8 603.9 265.6 338.3 593.3 261.5 331.8 613.5 263.5 350.0 620.8 263.1 357.8 616.9 268.2 348.7 28 29 30 246.6 792.6 546.0 237.6 801.5 563.9 250.4 826.2 575.8 263.1 854.3 591.2 214.3 837.9 623.6 271.9 869.7 597.8 264.7 857.0 592.3 227.5 817.0 589.5 230.6 845.3 614.7 203.6 841.2 637.6 195.4 847.9 652.5 31 32 33 15764.6 16392.8 16913.5 17611.2 18157.1 17794.0 17880.6 17876.8 18144.3 18263.8 18343.8 34 -7.8 -0.5 -0.9 9.2 -0.0 -7.9 0.8 -2.0 9.1 -0.1 -8.2 1.0 -2.4 9.6 0.0 -8.4 1.2 -2.7 9.9 -0.0 -8.3 29.4 -30.9 9.8 0.0 -8.4 4.9 -6.5 10.0 0.0 -8.4 -0.2 -1.3 9.9 0.0 -8.3 -0.8 -0.7 9.8 0.0 -8.3 120.1 -121.6 9.8 0.0 -8.2 -0.7 -0.8 9.7 0.0 -8.3 -0.8 -0.7 9.8 0.0 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 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 8 Z.1, March 10, 2016 F.3 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 1 National Income 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 13352.3 14061.9 14458.3 15076.5 15542.6 15256.5 15358.2 15336.4 15520.3 15615.6 15698.2 1 2 3 4 Compensation of employees Wages and salaries Supplements to wages and salaries 8269.0 6633.2 1635.9 8609.9 6930.3 1679.6 8839.7 7114.4 1725.3 9248.9 7477.8 1771.2 9655.3 7824.4 1831.0 9289.9 7513.9 1776.0 9424.9 7632.6 1792.3 9487.9 7682.4 1805.5 9615.2 7791.8 1823.4 9709.5 7870.0 1839.5 9808.7 7953.3 1855.4 2 3 4 5 6 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj 1143.7 485.3 1241.4 525.3 1285.1 563.4 1346.7 610.8 1388.5 656.6 1357.8 618.4 1377.9 628.4 1369.4 637.0 1377.0 654.1 1400.1 663.6 1407.3 671.8 5 6 7 Corporate profits with IVA and CCAdj 1816.6 1998.2 2037.4 2072.9 2014.4 2161.0 2135.5 2012.5 2083.0 2049.9 1912.1 7 8 Corporate profits with IVA 1738.5 2116.6 2164.9 2204.8 2347.4 2295.0 2266.3 2351.5 2414.2 2382.5 2241.4 8 9 10 11 12 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 1806.8 1008.9 375.9 421.9 2130.8 1241.4 479.0 410.3 2161.6 1323.2 423.6 414.8 2207.8 1366.1 423.4 418.2 2293.1 1469.9 441.2 382.1 2279.5 1405.1 447.3 427.1 2212.8 1365.2 424.9 422.7 2252.3 1436.8 421.9 393.6 2393.7 1532.4 456.2 405.1 2326.0 1485.4 458.6 382.0 2200.4 1424.9 428.0 347.5 9 10 11 12 379.1 228.8 150.3 447.6 266.7 180.9 468.9 284.6 184.3 513.9 316.2 197.6 539.5 354.3 185.2 518.4 321.8 196.6 512.3 324.2 188.1 517.8 341.4 176.4 549.0 362.3 186.8 542.2 353.4 188.8 549.0 360.0 189.0 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 1427.7 703.7 441.0 107.7 154.9 1683.2 859.4 517.9 162.2 179.3 1692.7 924.0 525.2 252.5 146.3 1693.9 860.0 573.8 150.6 135.6 1753.6 888.6 583.7 185.6 119.3 1761.1 853.6 542.7 164.0 146.8 1700.5 872.2 577.9 156.1 138.2 1734.5 878.5 588.6 204.9 85.0 1844.6 879.6 579.7 179.3 120.6 1783.8 905.7 589.4 183.7 132.6 1651.4 890.6 577.1 174.5 139.0 16 17 18 19 20 21 22 23 24 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 724.0 339.1 117.9 267.0 823.8 456.8 136.0 231.0 768.7 513.3 -13.1 268.5 833.9 476.1 75.2 282.6 865.0 531.9 70.3 262.8 907.5 540.6 86.6 280.3 828.3 463.0 80.7 284.5 856.0 506.8 40.6 308.6 965.0 590.5 90.0 284.5 878.2 542.6 86.1 249.5 760.8 487.8 64.5 208.5 21 22 23 24 25 Inventory valuation adjustment (IVA) -68.3 -14.2 3.2 -2.9 54.3 15.5 53.5 99.2 20.5 56.5 41.0 25 26 27 28 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial 78.1 98.3 -20.2 -118.5 -77.6 -40.9 -127.5 -89.6 -37.9 -131.9 -92.1 -39.8 -333.0 -271.5 -61.5 -134.0 -93.2 -40.8 -130.8 -89.7 -41.1 -338.9 -277.5 -61.4 -331.3 -270.2 -61.1 -332.6 -270.8 -61.7 -329.4 -267.6 -61.8 26 27 28 29 Net interest and miscellaneous payments 30 Taxes on production and imports 31 Less: Subsidies 32 33 34 35 36 488.1 527.7 513.5 532.3 525.1 515.8 521.9 561.3 506.6 508.3 524.2 29 1102.6 1132.1 1178.0 1213.7 1236.6 1221.7 1227.0 1226.8 1234.1 1238.2 1247.4 30 60.1 58.0 59.4 57.9 58.7 58.2 57.5 57.6 58.5 59.2 59.4 31 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) 131.5 50.2 89.2 -7.9 104.7 42.7 72.5 -10.6 119.4 41.2 91.9 -13.7 127.3 42.0 94.8 -9.5 141.3 43.2 102.3 -4.2 168.5 42.1 133.1 -6.7 118.7 42.1 84.3 -7.7 115.6 42.4 80.1 -6.8 124.9 42.9 86.3 -4.3 121.2 43.4 81.2 -3.5 203.5 44.0 161.6 -2.1 32 33 34 35 Current surplus of government enterprises -24.5 -19.3 -18.8 -18.3 -16.5 -18.4 -18.6 -16.6 -16.1 -16.0 -17.4 36 13352.3 14061.9 14458.3 15076.5 15542.6 15256.5 15358.2 15336.4 15520.3 15615.6 15698.2 37 1971.1 479.6 -38.3 2038.0 496.2 -203.3 2126.6 506.2 -177.6 2229.9 516.8 -212.0 2299.4 522.2 -211.8 2243.1 518.4 -224.0 2264.0 520.2 -261.8 2271.9 520.8 -252.3 2284.1 520.3 -180.4 2310.9 521.7 -184.4 2330.9 525.9 -230.1 38 39 40 246.6 237.6 250.4 263.1 214.3 271.9 264.7 227.5 230.6 203.6 195.4 41 15517.9 16155.3 16663.2 17348.1 17942.9 17522.1 17615.9 17649.3 17913.7 18060.2 18148.4 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 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. 9 Summary Z.1, March 10, 2016 F.4 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 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 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2434.6 2861.2 3039.2 3266.8 3378.1 3340.2 3367.6 3366.8 3393.8 3348.5 3403.3 1 -16.1 1444.0 733.9 584.2 149.7 710.1 -1460.1 -1244.1 -215.9 327.0 1637.9 691.2 556.3 134.8 946.7 -1310.8 -1090.1 -220.8 406.3 1234.4 644.5 650.7 -6.3 589.9 -828.0 -640.9 -187.1 520.1 1319.2 699.0 618.5 80.5 620.2 -799.2 -631.5 -167.7 556.5 1269.0 586.3 549.8 36.5 682.8 -712.5 -578.1 -134.4 578.7 1394.8 789.1 640.9 148.2 605.7 -816.1 -650.1 -166.0 583.4 1365.3 751.0 637.8 113.2 614.3 -781.9 -626.7 -155.2 574.1 1303.8 616.3 587.5 28.8 687.6 -729.7 -579.3 -150.4 589.4 1318.1 654.3 570.9 83.4 663.9 -728.7 -574.2 -154.5 516.0 1282.3 602.1 573.7 28.4 680.2 -766.3 -611.7 -154.6 546.5 1171.9 472.4 467.0 5.4 699.4 -625.4 -547.3 -78.1 2 3 4 5 6 7 8 9 10 2450.6 1971.1 1572.8 1139.2 265.0 168.6 398.2 479.6 257.4 222.2 2534.2 2038.0 1633.4 1186.2 273.0 174.2 404.6 496.2 264.3 231.9 2632.8 2126.6 1699.4 1232.2 284.5 182.7 427.2 506.2 267.7 238.5 2746.7 2229.9 1775.2 1285.7 297.5 192.0 454.8 516.8 270.7 246.1 2821.6 2299.4 1829.9 1326.2 307.4 196.4 469.5 522.2 272.7 249.5 2761.5 2243.1 1785.7 1292.8 299.2 193.7 457.4 518.4 271.2 247.2 2784.2 2264.0 1801.3 1303.8 302.2 195.2 462.8 520.2 271.9 248.3 2792.7 2271.9 1807.4 1311.4 303.9 192.1 464.5 520.8 272.0 248.8 2804.3 2284.1 1818.0 1318.0 305.5 194.4 466.1 520.3 271.2 249.0 2832.6 2310.9 1839.3 1332.6 308.7 198.0 471.5 521.7 271.8 249.9 2856.8 2330.9 1855.0 1342.9 311.2 200.9 475.9 525.9 275.7 250.2 11 12 13 14 15 16 17 18 19 20 2396.2 2658.0 2861.5 3054.7 3166.3 3116.2 3105.8 3114.5 3213.4 3164.2 3173.2 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 2877.8 2239.9 1788.0 1338.9 281.7 167.5 451.9 637.9 297.4 340.5 3126.1 2511.7 2006.4 1505.7 308.6 192.1 505.3 614.4 284.7 329.7 3257.3 2665.0 2106.7 1553.2 347.4 206.1 558.4 592.3 269.4 322.9 3455.9 2860.0 2263.8 1673.5 367.6 222.6 596.2 595.8 264.6 331.3 3632.2 3021.1 2366.7 1744.1 384.3 238.4 654.4 611.1 264.1 347.1 3508.9 2910.2 2301.2 1694.9 378.2 228.1 609.0 598.7 264.9 333.8 3541.1 2937.2 2317.5 1716.5 370.4 230.6 619.7 603.9 265.6 338.3 3589.2 2995.9 2364.4 1750.0 381.2 233.2 631.4 593.3 261.5 331.8 3639.0 3025.5 2377.0 1758.1 383.8 235.1 648.5 613.5 263.5 350.0 3651.4 3030.6 2367.0 1737.8 387.1 242.2 663.5 620.8 263.1 357.8 3649.4 3032.5 2358.5 1730.6 385.0 243.0 674.0 616.9 268.2 348.7 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 1.6 -46.7 -40.9 -6.9 -1.6 -32.4 -5.8 48.4 113.0 -64.6 -6.5 -24.5 -11.5 -16.2 -4.9 9.6 -12.9 18.0 83.0 -65.0 0.8 7.0 -4.7 -4.7 -0.0 0.0 11.7 -6.1 55.7 -61.8 0.5 5.5 4.5 -5.5 0.0 10.0 0.9 -5.0 56.1 -61.1 0.4 38.6 26.2 26.2 0.0 0.0 12.4 -38.2 22.7 -61.0 0.4 10.7 40.6 0.6 0.0 40.0 -29.8 -10.3 54.6 -64.9 0.4 1.7 -8.4 -8.4 0.0 0.0 10.1 -1.3 55.9 -57.2 0.4 7.8 -3.8 -3.8 0.0 0.0 11.6 -7.4 51.8 -59.2 0.5 128.2 115.8 115.8 0.0 0.0 12.4 -127.7 -68.8 -58.9 0.4 7.9 -4.4 -4.4 0.0 0.0 12.3 -7.5 55.2 -62.6 0.3 10.7 -2.7 -2.7 0.0 0.0 13.5 -10.4 52.7 -63.2 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 -483.2 1183.6 521.3 353.1 -15.1 183.3 662.3 -1666.7 -1397.1 -269.6 -461.7 985.3 126.5 49.8 -30.7 107.4 858.9 -1447.0 -1193.4 -253.6 -396.6 511.4 64.3 156.8 -62.8 -29.7 447.1 -908.0 -698.3 -209.7 -401.6 471.6 -6.1 24.2 -70.2 39.9 477.8 -873.2 -681.4 -191.8 -466.3 296.9 -188.5 -106.1 -76.9 -5.5 485.5 -763.3 -592.2 -171.0 -393.1 493.0 9.0 14.2 -78.9 73.8 484.0 -886.1 -698.5 -187.7 -435.7 428.6 -18.7 -28.4 -68.2 77.8 447.3 -864.3 -676.3 -188.0 -475.1 319.8 -189.2 -99.7 -77.3 -12.3 509.0 -794.9 -620.6 -174.3 -426.1 268.2 -200.8 -165.3 -78.3 42.7 469.0 -694.3 -497.7 -196.5 -487.6 370.3 -105.6 -11.4 -78.4 -15.8 476.0 -858.0 -658.1 -199.9 -476.6 229.4 -258.4 -148.0 -73.7 -36.7 487.8 -706.0 -592.5 -113.5 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) -38.3 -203.3 -177.6 -212.0 -211.8 -224.0 -261.8 -252.3 -180.4 -184.4 -230.1 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45.9 38.3 17.5 20.9 7.6 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2. (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 10 Z.1, March 10, 2016 F.5 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 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 2015 Q4 Q1 Q2 Q3 Q4 137.9 140.0 105.0 111.4 98.2 142.2 97.8 95.9 97.8 100.3 98.8 1 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 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 0.0 0.0 0.0 0.0 0.0 0.0 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 7 123.5 123.5 69.1 0.0 32.4 8.0 12.4 1.6 0.0 0.0 99.0 99.0 66.6 7.6 4.7 8.5 10.5 1.1 0.0 0.0 79.0 79.0 66.3 0.0 0.0 5.7 6.1 0.8 0.0 0.0 77.6 77.6 66.0 0.0 0.0 6.7 4.5 0.4 0.0 0.0 73.3 73.3 65.6 0.0 0.0 3.2 4.1 0.4 0.0 0.0 79.2 79.2 69.9 0.0 0.0 4.3 4.5 0.4 0.0 0.0 75.0 75.0 62.2 0.0 0.0 8.1 4.3 0.4 0.0 0.0 71.7 71.7 64.0 0.0 0.0 3.0 4.3 0.4 0.0 0.0 72.8 72.8 63.7 0.0 0.0 4.3 4.3 0.5 0.0 0.0 75.5 75.5 67.1 0.0 0.0 3.7 4.3 0.4 0.0 0.0 73.4 73.4 67.6 0.0 0.0 1.9 3.6 0.3 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 rest of 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 14.4 9.6 4.7 19.0 14.1 4.9 26.0 20.9 5.1 23.8 18.8 5.0 24.8 19.7 5.2 23.1 18.1 5.0 22.8 17.8 5.0 24.2 19.2 5.0 25.0 20.0 5.0 24.8 19.5 5.3 25.3 20.0 5.3 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 7.7 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 137.9 140.0 105.0 111.4 98.2 142.2 97.8 95.9 97.8 100.3 98.8 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 40.4 32.4 0.0 32.4 6.4 0.0 6.4 1.6 0.0 1.6 26.6 4.7 0.0 4.7 17.0 8.5 8.4 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 6.7 0.0 0.0 0.0 6.7 0.0 6.7 -0.0 0.0 -0.0 3.2 0.0 0.0 0.0 3.2 0.0 3.2 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 4.3 0.0 0.0 0.0 4.3 0.0 4.3 0.0 0.0 0.0 3.7 0.0 0.0 0.0 3.7 0.0 3.7 0.0 0.0 0.0 1.9 0.0 0.0 0.0 1.9 0.0 1.9 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 83.5 9.6 9.6 73.8 0.0 4.7 69.1 0.0 88.2 14.1 14.1 74.2 2.7 4.9 66.6 0.0 92.3 20.9 20.9 71.4 0.0 5.1 66.3 0.0 89.8 18.8 18.8 71.0 0.0 5.0 66.0 0.0 90.4 19.7 19.7 70.7 0.0 5.2 65.6 0.0 93.0 18.1 18.1 74.9 0.0 5.0 69.9 0.0 85.0 17.8 17.8 67.2 0.0 5.0 62.2 0.0 88.2 19.2 19.2 69.0 0.0 5.0 64.0 0.0 88.6 20.0 20.0 68.7 0.0 5.0 63.7 0.0 91.9 19.5 19.5 72.4 0.0 5.3 67.1 0.0 93.0 20.0 20.0 72.9 0.0 5.3 67.6 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 12.4 0.0 12.4 24.0 13.5 10.5 6.1 0.0 6.1 14.5 0.0 14.5 4.1 0.0 4.1 44.5 0.0 44.5 4.3 0.0 4.3 4.3 0.0 4.3 4.3 0.0 4.3 4.3 0.0 4.3 3.6 0.0 3.6 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 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 0.5 0.5 0.0 0.4 0.4 0.0 0.3 0.3 0.0 46 47 48 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4-27) U.S.-chartered depository institutions Financial stabilization payments (2) Other (lines 5) Government-sponsored enterprises (2) Holding companies (GMAC) (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) -40.4 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -6.4 -1.6 -12.3 9.6 14.3 0.0 0.0 0.0 -4.7 0.0 0.0 -17.0 -4.9 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 -0.0 3.3 10.0 0.0 10.0 0.0 10.0 0.0 0.0 0.0 -6.7 0.0 -3.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.2 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 -4.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -4.3 0.0 -3.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.7 0.0 -1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.9 0.0 49 50 51 52 53 54 55 56 57 58 59 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 40.0 113.9 -73.8 10.8 85.0 -74.2 -13.3 58.1 -71.4 -12.2 58.8 -71.0 -17.1 53.7 -70.7 -13.8 61.1 -74.9 -10.0 57.2 -67.2 -16.5 52.5 -69.0 -15.9 52.8 -68.7 -16.4 56.0 -72.4 -19.5 53.4 -72.9 60 61 62 63 By persons (lines 18-43) 2.0 -5.1 19.8 9.3 20.7 -21.4 18.5 19.9 20.7 20.5 21.7 63 64 By the rest of the world (lines 21-46) -1.6 6.5 -0.8 -0.4 -0.4 -0.4 -0.4 -0.4 -0.5 -0.4 -0.3 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 11 Z.1, March 10, 2016 F.6 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 1258.2 1496.9 1378.7 1374.0 1561.5 833.7 1979.4 2019.6 1230.5 1181.9 1813.9 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -9.9 325.0 375.3 -20.3 -7.9 236.2 422.0 5.6 2.3 146.2 221.4 30.2 -6.4 176.9 460.5 -37.6 -13.5 100.2 555.4 -38.3 11.6 -25.9 271.7 -65.4 -27.7 86.3 839.1 -192.8 -6.1 261.3 811.5 -128.7 -18.8 206.3 46.7 84.6 -13.6 -239.7 796.4 -121.6 -15.6 173.1 566.9 12.4 2 3 4 5 -229.0 -1.8 -229.9 40.3 -65.5 27.9 -10.8 -282.2 258.6 -207.9 -0.6 199.1 -50.3 -144.5 -211.6 10.2 -214.3 471.8 -627.2 -3.8 -138.2 -46.2 -55.0 -384.0 52.4 158.2 514.3 -476.2 -0.1 -54.3 -174.7 -67.1 -180.0 53.2 30.4 418.1 44.6 -1.2 358.7 18.7 -25.2 -306.3 -57.5 -156.7 370.1 -357.9 -0.6 -134.0 -28.7 -122.2 -72.3 99.8 -219.9 402.6 -169.0 -4.2 487.8 -115.5 -32.4 -504.7 -92.3 338.5 345.4 -418.1 1.4 -228.1 -41.4 18.4 -168.5 1.9 227.9 486.7 -110.3 1.7 266.1 38.3 -16.5 -399.9 -117.4 -22.4 363.5 598.8 -5.5 701.4 123.8 13.5 -234.4 -15.5 -870.4 342.9 108.2 -2.3 695.4 -46.0 -116.3 -422.6 -99.1 38.0 287.3 6 7 8 9 10 11 12 13 14 6 7 8 9 10 11 12 13 14 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Corporate equities (2) Mutual fund shares 15 16 Life insurance reserves Pension entitlements 73.5 549.2 -26.6 580.1 19.2 539.5 45.3 527.0 55.3 437.2 46.4 513.0 62.2 551.1 77.7 472.6 37.3 463.6 62.0 415.2 44.1 397.4 15 16 17 Miscellaneous and other assets 228.8 227.7 322.3 182.8 264.6 157.8 238.6 232.9 297.2 227.3 301.1 17 18 19 20 21 22 23 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 1783.0 381.3 345.4 1057.2 -7.8 6.8 1935.6 436.8 381.1 1129.5 -7.9 -4.0 2064.4 502.6 386.5 1166.9 -8.2 16.6 2161.0 542.1 407.8 1205.6 -8.4 13.9 2270.9 599.6 409.7 1251.1 -8.3 18.7 2188.3 547.7 412.7 1219.6 -8.4 16.7 2211.1 567.1 409.7 1227.5 -8.4 15.1 2229.2 580.0 409.0 1225.9 -8.3 22.5 2265.5 594.1 411.0 1249.0 -8.3 19.7 2289.2 607.2 411.0 1261.5 -8.2 17.6 2299.6 617.3 407.7 1268.0 -8.3 14.9 18 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1601.5 369.9 293.4 938.2 1640.0 372.6 305.0 962.5 1697.1 394.7 317.0 985.4 1755.6 421.8 330.4 1003.4 1772.3 434.9 341.4 996.0 1763.7 424.3 332.0 1007.4 1779.1 428.2 335.8 1015.0 1749.6 429.7 338.1 981.8 1760.1 432.0 339.0 989.0 1782.4 437.1 342.8 1002.5 1797.4 440.9 345.9 1010.6 24 25 26 27 28 Net investment in nonfinancial assets (3) 181.5 295.5 367.4 405.4 498.5 424.6 432.0 479.6 505.5 506.8 502.2 28 11.5 52.0 119.0 -7.8 6.8 64.2 76.1 167.1 -7.9 -4.0 107.9 69.5 181.5 -8.2 16.6 120.3 77.3 202.2 -8.4 13.9 164.7 68.3 255.1 -8.3 18.7 123.4 80.7 212.2 -8.4 16.7 138.8 73.9 212.5 -8.4 15.1 150.3 71.0 244.2 -8.3 22.5 162.1 72.0 260.0 -8.3 19.7 170.1 68.3 259.0 -8.2 17.6 176.4 61.8 257.4 -8.3 14.9 29 30 31 32 33 29 30 31 32 33 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 34 Net increase in liabilities -92.3 511.8 424.4 714.2 783.2 669.4 737.3 640.4 1014.7 509.9 968.1 34 35 36 37 38 39 Home mortgages Other mortgages Consumer credit Other loans and advances Other liabilities -88.5 -21.6 108.6 -37.4 -53.4 -82.6 111.0 169.4 66.1 247.9 -4.7 76.8 175.9 37.4 139.0 50.5 139.8 218.4 33.2 272.4 148.7 209.9 230.9 -74.3 268.1 50.3 142.1 222.8 61.0 193.1 113.4 208.0 199.0 -78.3 295.2 4.9 156.8 184.8 -59.0 352.8 252.2 233.8 285.8 44.6 198.4 178.7 196.6 246.3 -294.3 182.6 159.1 252.2 206.5 11.5 338.7 35 36 37 38 39 0.4 -10.0 19.8 9.3 20.7 -21.4 18.5 19.9 20.7 20.5 21.7 40 1532.4 1270.6 1341.5 1074.5 1297.5 567.6 1692.5 1878.7 742.0 1199.3 1369.8 41 119.0 -2.4 4.4 167.1 -2.5 4.6 181.5 -2.2 5.2 202.2 -2.0 5.1 255.1 -2.2 5.3 212.2 -2.7 5.1 212.5 -1.5 5.1 244.2 -2.5 5.2 260.0 -1.3 5.2 259.0 -2.5 5.3 257.4 -2.6 5.3 42 43 44 1420.3 1110.6 1167.3 879.5 1049.8 363.1 1486.7 1642.2 488.5 948.1 1120.3 45 40 Net capital transfers paid (4) 41 Personal saving, FOF concept (FOF) 42 43 44 - Net investment in consumer durables - Government insurance and pension fund reserves (5) + Contr. for govt. soc. insur., U.S.-affiliated areas 45 = Personal saving, NIPA concept (FOF) (6) 46 Personal saving, NIPA concept (NIPA) 710.1 946.7 589.9 620.2 682.8 605.7 614.3 687.6 663.9 680.2 699.4 46 47 Difference 710.1 163.9 577.4 259.3 367.1 -242.6 872.4 954.7 -175.3 267.9 420.9 47 11801.4 12403.7 12395.6 12913.9 13396.8 12982.7 13116.8 13179.8 13338.3 13486.4 13582.6 48 12.99 12.03 6.02 6.02 10.24 8.95 7.63 1.32 10.82 9.42 4.76 4.66 8.32 6.81 4.80 2.01 9.69 7.84 5.10 2.74 4.37 2.80 4.67 -1.87 12.90 11.33 4.68 6.65 14.25 12.46 5.22 7.24 5.56 3.66 4.98 -1.31 8.89 7.03 5.04 1.99 10.09 8.25 5.15 3.10 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 14), life insurance reserves (line 15), and pension entitlements (line 16). (3) Line 18 less line 24. (4) Table F.5, 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 28 less line 42) less net increase in liabilities (line 34) 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 12 Z.1, March 10, 2016 L.6 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 49960.7 53997.3 60495.4 63779.3 64718.1 62534.3 63779.3 64979.7 65186.4 63497.6 64718.1 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 57.4 1280.3 7182.3 1187.5 49.5 1502.9 7559.4 1193.1 51.7 1649.2 7781.5 1223.2 45.3 1826.1 8305.0 1185.6 31.8 1926.3 8860.8 1147.3 52.2 1730.4 8097.8 1172.4 45.3 1826.1 8305.0 1185.6 43.8 1842.0 8549.8 1089.9 39.1 1874.0 8528.4 1074.4 35.7 1804.8 8723.9 1083.3 31.8 1926.3 8860.8 1147.3 2 3 4 5 6 Debt securities 4360.5 4210.9 3808.8 3306.9 3297.6 3396.5 3306.9 3253.9 3321.5 3406.7 3297.6 6 19.4 757.1 363.4 18.8 966.7 302.3 15.0 1031.1 298.4 14.9 931.8 99.7 13.7 1333.8 134.6 15.9 893.8 123.5 14.9 931.8 99.7 15.2 923.5 96.5 15.7 1036.6 102.3 14.3 1182.6 120.4 13.7 1333.8 134.6 7 8 9 1811.5 1409.1 1667.0 1256.0 1612.0 852.3 1544.9 715.5 1519.7 295.8 1558.1 805.1 1544.9 715.5 1560.9 657.7 1572.6 594.2 1555.2 534.2 1519.7 295.8 10 11 961.1 749.5 137.2 74.5 960.2 777.9 116.7 65.6 1012.6 841.4 111.9 59.3 1065.8 893.2 119.0 53.6 1008.3 842.6 118.5 47.2 1088.9 915.5 118.2 55.2 1065.8 893.2 119.0 53.6 1066.3 895.7 118.7 51.9 1036.9 867.9 118.9 50.1 1033.1 866.3 118.2 48.6 1008.3 842.6 118.5 47.2 12 13 14 15 7 8 9 10 11 Total financial assets 2012 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 14 15 Loans Other loans and advances Mortgages Consumer credit 16 17 Corporate equities (2) Mutual fund shares 8069.9 4629.3 9401.4 5634.7 12545.3 7105.3 13883.1 7803.6 13310.9 8119.0 13359.0 7633.4 13883.1 7803.6 14403.0 8085.7 14274.3 8210.1 13051.8 7807.1 13310.9 8119.0 16 17 18 Life insurance reserves 1199.3 1186.4 1233.0 1282.8 1330.6 1263.3 1282.8 1304.8 1311.5 1308.5 1330.6 18 19 20 21 22 Pension entitlements Life insurance companies Private pension funds Governments 17313.8 2258.6 6749.9 8305.3 18353.1 2446.8 7276.2 8630.1 19812.5 2726.5 8097.6 8988.5 20620.6 2847.4 8503.3 9269.9 20971.9 2874.6 8553.5 9543.8 20355.9 2800.3 8354.2 9201.4 20620.6 2847.4 8503.3 9269.9 20832.6 2874.8 8605.5 9352.3 20935.9 2875.7 8638.6 9421.6 20614.0 2794.9 8376.1 9443.1 20971.9 2874.6 8553.5 9543.8 19 20 21 22 23 24 Miscellaneous and other assets Total liabilities 25 26 27 Home mortgages Other mortgages Consumer credit 28 29 Other loans and advances Other liabilities 3719.4 3945.7 4272.2 4454.6 4713.5 4384.5 4454.6 4508.0 4580.4 4628.7 4713.5 23 19219.8 19522.4 19854.7 20521.4 21252.5 20321.0 20521.4 20599.3 20847.9 21000.2 21252.5 24 10196.7 2520.7 2755.4 9966.8 2631.7 2922.9 9869.9 2708.5 3098.8 9872.9 2848.2 3317.2 9972.6 3058.1 3533.1 9856.2 2796.2 3249.0 9872.9 2848.2 3317.2 9844.2 2887.4 3321.1 9893.0 2945.9 3395.0 9948.1 2995.0 3478.0 9972.6 3058.1 3533.1 25 26 27 376.9 3370.0 443.1 3558.0 480.5 3697.1 513.7 3969.4 439.4 4249.3 533.3 3886.2 513.7 3969.4 499.0 4047.6 510.1 4103.9 436.5 4142.5 439.4 4249.3 28 29 (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 17), life insurance reserves (line 18), and pension entitlements (line 19). 13 Z.1, March 10, 2016 F.100 Domestic Nonfinancial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid 3166.2 3694.9 4021.1 4201.5 4376.6 4305.7 4306.3 4363.9 4372.3 4339.4 4430.7 1 2 Gross investment 3030.8 3161.1 4305.5 4292.0 4819.7 3856.0 5041.3 5270.0 4521.7 4658.8 4828.4 2 3 4 5 6 7 8 Capital expenditures Consumer durables Fixed residential investment Fixed nonresidential investment Inventory change Nonproduced nonfinancial assets 3761.1 1057.2 388.0 2274.0 41.8 0.0 4058.3 1129.5 443.0 2424.0 61.8 0.1 4203.3 1166.9 500.5 2464.1 71.8 0.0 4431.4 1205.6 547.5 2601.2 77.1 0.0 4646.5 1251.1 615.7 2669.5 110.2 0.0 4495.0 1219.6 555.1 2631.9 88.3 0.0 4529.9 1227.5 572.0 2641.9 88.5 0.0 4570.3 1225.9 581.7 2635.4 127.3 0.0 4673.3 1249.0 626.1 2670.7 127.5 0.0 4665.2 1261.5 616.2 2692.2 95.3 0.0 4677.2 1268.0 638.8 2679.8 90.6 0.0 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) -730.3 -897.3 102.2 -139.4 173.2 -639.0 511.5 699.7 -151.6 -6.4 151.1 9 10 Net acqisition of financial assets 1809.8 2278.2 2755.3 2448.7 2913.2 1779.8 3398.3 2882.9 3079.3 2235.5 3454.9 10 11 12 U.S. official reserve assets Foreign deposits 16.2 -15.7 4.3 -7.3 -3.3 44.4 -3.8 -21.1 -3.9 -38.6 -4.1 -18.1 -10.2 -55.3 -16.7 -71.3 -3.6 1.0 -1.2 -87.2 5.9 2.9 11 12 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 114.8 404.5 -53.6 -4.3 188.2 477.5 66.9 1.0 286.6 274.7 71.2 0.6 290.0 452.6 -9.6 18.6 263.0 523.9 -15.8 12.5 173.4 143.4 2.8 26.9 451.0 845.3 -22.7 7.1 -148.5 717.0 -179.1 9.3 884.1 -0.9 90.2 18.3 -409.9 763.7 -66.9 -5.1 726.3 615.8 92.6 27.7 13 14 15 16 17 18 19 20 21 22 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -418.2 -14.0 -269.4 -93.4 -66.9 25.6 -234.6 -16.8 238.4 -102.9 -143.7 -209.6 -698.3 -19.8 -156.7 -80.0 -56.8 -385.1 -463.5 -6.4 -20.7 -186.1 -75.1 -175.1 91.2 -8.8 410.3 5.3 -23.3 -292.3 -421.4 -11.2 -123.7 -74.4 -133.7 -78.5 -124.0 -9.6 552.8 -134.3 -31.8 -501.1 -351.9 -11.1 -172.3 -41.2 26.8 -154.2 -146.1 -1.0 225.1 37.2 -19.5 -387.9 705.8 -3.5 789.5 128.8 11.8 -220.9 157.2 -19.5 798.8 -103.5 -112.3 -406.2 17 18 19 20 21 22 23 24 25 26 Loans Other loans and advances Mortgages Consumer credit 127.1 2.8 -2.2 126.5 150.6 41.9 -16.2 124.8 173.9 70.7 0.7 102.6 175.4 54.4 17.0 104.0 66.2 -49.7 18.4 97.6 209.5 107.0 -2.3 104.8 5.7 -90.0 9.5 86.2 138.5 11.8 22.7 103.9 33.0 -99.7 17.6 115.1 74.7 -19.3 11.8 82.2 18.8 -91.9 21.5 89.2 23 24 25 26 27 28 Corporate equities Mutual fund shares -245.3 245.6 -226.4 470.7 152.9 515.2 31.3 434.9 -149.2 389.5 -227.5 416.4 339.7 361.9 235.1 506.1 -15.3 382.3 -863.3 362.1 46.7 307.3 27 28 29 30 31 Trade receivables Life insurance reserves Pension entitlements 155.1 73.5 549.2 64.6 -26.6 580.1 322.7 19.2 539.5 140.6 45.3 527.0 34.4 55.3 437.2 117.9 46.4 513.0 156.8 62.2 551.1 8.0 77.7 472.6 57.5 37.3 463.6 19.5 62.0 415.2 52.3 44.1 397.4 29 30 31 32 33 34 Taxes payable Equity in noncorporate business U.S. direct investment abroad 28.1 231.5 403.9 31.6 90.3 319.2 31.3 173.2 305.0 -16.1 24.7 311.0 35.6 21.8 258.8 -31.1 11.9 321.1 -50.1 34.7 441.1 98.3 19.1 294.1 19.9 17.5 279.8 -25.9 48.3 232.5 50.2 2.1 229.0 32 33 34 35 36 Miscellaneous assets Net increase in liabilities 197.4 328.2 546.6 511.4 931.2 499.3 403.9 1074.5 960.6 1011.1 678.5 35 2540.0 3175.5 2653.1 2588.1 2740.0 2418.8 2886.9 2183.2 3230.9 2241.9 3303.7 36 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 -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 37 38 39 37 38 39 U.S. official reserve assets SDR certificates Treasury currency 40 41 42 43 44 45 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1280.9 33.4 1137.6 1.1 -52.8 161.6 1513.2 14.0 1181.0 -0.4 -4.9 323.5 1107.5 14.2 857.7 -0.4 -43.2 279.2 1021.1 37.5 736.0 -0.1 -18.8 266.6 1181.6 -5.4 724.4 0.2 62.4 400.1 1009.6 21.7 839.4 -0.7 -58.4 207.7 1219.2 -3.7 836.1 2.1 47.6 337.1 387.2 -61.2 -155.3 -1.0 157.3 447.4 963.0 -53.2 347.9 2.1 52.4 613.8 462.6 70.3 24.5 -2.2 50.7 319.4 2913.7 22.5 2680.5 1.8 -10.9 219.7 40 41 42 43 44 45 46 47 48 49 50 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 13.0 70.7 24.3 -190.5 108.6 401.5 276.9 42.2 -87.1 169.4 475.6 126.1 97.1 76.4 175.9 827.3 277.2 125.5 206.2 218.4 779.4 269.2 -109.7 389.0 230.9 884.4 209.2 247.7 204.8 222.8 790.0 251.2 23.4 316.4 199.0 734.1 361.6 -10.7 198.4 184.8 1040.8 201.3 23.3 530.4 285.8 455.5 222.0 -392.1 379.3 246.3 887.1 292.0 -59.4 448.0 206.5 46 47 48 49 50 51 Corporate equities -454.6 -344.9 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 51 52 Trade payables 128.4 134.2 193.1 161.4 78.1 116.3 167.3 70.7 148.9 -10.8 103.8 52 53 54 Life insurance reserves Taxes payable 1.3 9.4 0.3 9.9 0.2 -5.9 0.8 3.6 -0.1 15.8 1.2 18.5 1.4 -6.1 -2.1 33.7 0.9 24.7 -0.6 -10.6 1.3 15.5 53 54 55 56 Equity in noncorporate business Foreign direct investment in U.S. 234.4 192.7 83.6 188.7 178.8 185.5 22.7 98.0 17.6 337.8 4.9 371.0 35.8 201.5 20.3 765.9 20.3 312.4 23.0 122.5 6.6 150.4 55 56 1134.6 1189.0 871.6 845.8 894.1 448.1 837.4 764.8 1210.4 1826.5 -225.5 57 135.4 533.8 -284.4 -90.4 -443.2 449.6 -735.0 -906.1 -149.4 -319.4 -397.7 58 57 58 Miscellaneous liabilities Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. Flows 2011 14 Z.1, March 10, 2016 F.101 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 Flows 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 13254.5 1453.2 11801.4 11091.2 710.1 13915.1 1511.4 12403.7 11457.0 946.7 14068.4 1672.8 12395.6 11805.7 589.9 14694.2 1780.2 12913.9 12293.7 620.2 15341.9 1945.1 13396.8 12714.0 682.8 14774.8 1792.0 12982.7 12377.0 605.7 14955.7 1838.8 13116.8 12502.5 614.3 15079.8 1900.1 13179.8 12492.2 687.6 15277.0 1938.7 13338.3 12674.5 663.9 15443.7 1957.3 13486.4 12806.2 680.2 15567.1 1984.5 13582.6 12883.1 699.4 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) -2.4 4.4 119.0 1336.5 2.0 -2.5 4.6 167.1 1367.0 -5.1 -2.2 5.2 181.5 1412.5 19.8 -2.0 5.1 202.2 1458.1 9.3 -2.2 5.3 255.1 1465.5 20.7 -2.7 5.1 212.2 1464.8 -21.4 -1.5 5.1 212.5 1477.8 18.5 -2.5 5.2 244.2 1446.3 19.9 -1.3 5.2 260.0 1455.1 20.7 -2.5 5.3 259.0 1474.1 20.5 -2.6 5.3 257.4 1486.5 21.7 6 7 8 9 10 11 = Gross saving less net capital transfers paid 2156.8 2478.8 2156.7 2264.1 2375.2 2296.4 2279.5 2350.4 2351.7 2385.0 2413.7 11 12 Gross investment 2866.9 2642.7 2734.2 2523.3 2742.2 2053.8 3151.9 3305.1 2176.4 2652.8 2834.5 12 13 14 15 16 17 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets 1501.3 1057.2 321.1 130.8 -7.8 1627.0 1129.5 367.9 137.4 -7.9 1717.1 1166.9 424.6 133.7 -8.2 1793.4 1205.6 456.6 139.7 -8.4 1897.2 1251.1 505.8 148.5 -8.3 1820.2 1219.6 461.2 147.8 -8.4 1838.8 1227.5 478.1 141.6 -8.4 1849.1 1225.9 488.9 142.5 -8.3 1889.2 1249.0 501.1 147.4 -8.3 1916.8 1261.5 512.4 151.1 -8.2 1933.7 1268.0 520.9 153.1 -8.3 13 14 15 16 17 18 Net lending (+) or net borrowing (-) 1365.6 1015.7 1017.1 729.9 845.0 233.6 1313.0 1456.0 287.2 736.0 900.8 18 19 Net acquisition of financial assets 1295.7 1279.3 1252.8 1153.1 1238.8 648.8 1615.6 1717.6 888.3 964.2 1385.0 19 20 21 22 23 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -9.9 300.3 369.3 -21.1 -7.9 177.0 411.9 2.5 2.3 134.2 209.9 28.1 -6.4 141.2 434.3 -41.6 -13.5 59.4 488.0 -43.2 11.6 -55.4 257.0 -68.6 -27.7 32.4 778.9 -199.3 -6.1 228.1 736.5 -134.0 -18.8 160.7 13.8 79.5 -13.6 -268.8 724.0 -124.4 -15.6 117.6 477.7 6.0 20 21 22 23 24 25 26 27 28 29 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -230.1 -1.8 -230.8 40.3 -65.8 27.9 -212.1 -0.6 195.1 -50.3 -144.7 -211.6 -627.8 -3.8 -140.5 -46.2 -53.3 -384.0 -479.1 -0.1 -57.0 -174.7 -67.3 -180.0 40.0 -1.2 354.4 18.7 -25.6 -306.3 -360.2 -0.6 -136.1 -28.7 -122.4 -72.3 -173.7 -4.2 483.5 -115.5 -32.7 -504.7 -422.0 1.4 -231.7 -41.4 18.1 -168.5 -115.4 1.7 261.4 38.3 -16.9 -399.9 595.3 -5.5 698.2 123.8 13.3 -234.4 102.2 -2.3 689.8 -46.0 -116.8 -422.6 24 25 26 27 28 29 30 31 32 33 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) -5.0 -1.9 0.9 -3.9 12.6 39.5 -18.1 -8.8 51.4 63.5 -5.8 -6.3 51.5 51.8 5.4 -5.7 -60.2 -50.6 -3.2 -6.4 98.5 106.8 -1.0 -7.3 -95.0 -89.0 0.4 -6.4 -0.4 9.8 -3.5 -6.7 -120.4 -111.3 -2.1 -7.1 -17.5 -6.2 -5.0 -6.3 -102.7 -94.6 -2.4 -5.6 30 31 32 33 34 35 Corporate equities (6) Mutual fund shares -282.2 258.6 -214.3 471.8 158.2 514.3 30.4 418.1 -156.7 370.1 -219.9 402.6 338.5 345.4 227.9 486.7 -22.4 363.5 -870.4 342.9 38.0 287.3 34 35 36 37 38 39 Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets 73.5 549.2 231.5 61.6 -26.6 580.1 90.3 -6.1 19.2 539.5 173.2 50.3 45.3 527.0 24.7 7.8 55.3 437.2 21.8 40.7 46.4 513.0 11.9 11.9 62.2 551.1 34.7 -31.9 77.7 472.6 19.1 31.4 37.3 463.6 17.5 29.2 62.0 415.2 48.3 71.3 44.1 397.4 2.1 30.8 36 37 38 39 -69.9 263.6 235.7 423.2 393.8 415.2 302.5 261.5 601.2 228.2 484.2 40 40 Net increase in liabilities 41 Debt securities (municipal securities) 42 43 44 45 46 47 Loans Home mortgages (8) Consumer credit Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages 48 49 Trade payables Deferred and unpaid life insurance premiums 50 Discrepancy -7.8 -14.5 -13.1 -4.8 -5.4 -9.8 -6.0 -0.4 -13.3 -9.9 2.0 41 -62.9 -73.1 108.6 -54.9 -37.4 -6.1 273.5 -70.7 169.4 110.8 66.1 -2.2 244.8 -1.8 175.9 30.0 37.4 3.2 423.6 44.3 218.4 120.2 33.2 7.5 395.8 136.6 230.9 91.7 -74.3 10.9 425.6 41.4 222.8 93.0 61.0 7.4 307.5 107.2 199.0 67.9 -78.3 11.8 255.9 2.1 184.8 119.3 -59.0 8.6 609.5 235.5 285.8 30.9 44.6 12.7 238.8 162.1 246.3 113.4 -294.3 11.2 478.9 146.6 206.5 103.1 11.5 11.2 42 43 44 45 46 47 1.2 -0.4 4.0 0.6 1.0 3.0 3.1 1.2 1.2 2.2 1.9 -2.6 3.0 -2.0 1.4 4.6 1.8 3.2 1.0 -1.6 0.8 2.6 48 49 -710.1 -163.9 -577.4 -259.3 -367.1 242.6 -872.4 -954.7 175.3 -267.9 -420.9 50 (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.6 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.5, line 63. (5) Includes cash accounts at brokers and dealers and 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 35) 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. 15 Z.1, March 10, 2016 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Income before taxes 2311.0 2652.7 2777.8 2890.5 3049.4 2942.8 2925.9 2991.5 3099.7 3078.5 3027.7 1 2 Gross saving less net capital transfers paid 1995.1 2034.3 2170.7 2205.6 2172.5 2290.5 2277.1 2203.5 2211.8 2180.2 2094.4 2 3 Gross investment 1200.9 1300.1 1887.1 1975.5 2209.8 2119.8 1961.2 1964.7 2396.9 2288.6 2189.2 3 1613.5 1809.8 1886.8 2034.9 2159.3 2072.7 2078.5 2118.8 2282.4 2118.7 2117.5 4 1572.3 58.4 1513.9 1747.2 69.0 1678.2 1814.0 69.5 1744.5 1956.6 85.2 1871.4 2019.7 104.2 1915.5 1979.4 88.2 1891.2 1990.2 88.3 1902.0 1992.3 87.4 1905.0 2034.8 119.3 1915.4 2024.1 98.0 1926.1 2027.7 112.2 1915.5 5 6 7 41.8 -0.5 61.8 0.8 71.8 1.0 77.1 1.2 110.2 29.4 88.3 4.9 88.5 -0.2 127.3 -0.8 127.5 120.1 95.3 -0.7 90.6 -0.8 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net lending (+) or net borrowing (-) -412.6 -509.7 0.3 -59.4 50.5 47.1 -117.2 -154.1 114.5 169.9 71.7 10 11 Net acquisition of financial assets 693.6 807.5 1294.2 1053.3 1276.8 1053.9 1306.6 1212.5 1447.0 1240.0 1207.5 11 12 13 14 Foreign deposits Checkable deposits and currency Time and savings deposits -5.8 55.5 19.2 0.6 13.7 43.4 42.1 75.5 47.4 -14.7 72.3 10.6 -25.1 102.5 25.2 -29.7 136.3 -116.2 -27.6 72.1 70.7 -65.2 97.8 -50.2 19.8 181.6 -15.0 -73.6 83.5 44.3 18.5 47.2 121.5 12 13 14 15 16 Money market fund shares Security repurchase agreements -34.6 0.4 60.1 -2.9 41.7 -1.0 25.0 12.5 11.2 -0.9 75.2 29.4 170.7 2.0 -61.4 -4.2 -3.6 6.4 41.6 -18.3 68.0 12.3 15 16 17 18 19 20 21 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities -7.4 -0.1 -4.2 -1.7 -1.4 -8.2 -8.4 0.5 -1.2 0.8 -12.7 -6.6 1.6 -4.2 -3.5 -5.7 0.7 -0.9 2.8 -8.2 -8.9 -6.2 -1.8 -2.0 1.2 -13.3 1.2 -2.3 -1.5 -10.8 5.4 2.4 2.8 -0.5 0.6 -33.9 -8.8 -23.6 -9.1 7.5 -10.5 2.3 -5.8 -3.5 -3.5 -7.7 -9.2 3.8 0.2 -2.5 16.6 -9.0 18.2 4.2 3.2 17 18 19 20 21 22 23 24 Loans Mortgages Consumer credit -4.4 -6.4 2.0 -2.8 -4.3 1.5 -1.6 2.6 -4.2 2.0 3.3 -1.3 3.5 4.3 -0.7 2.2 2.9 -0.7 -10.4 4.3 -14.7 3.8 3.8 -0.1 23.1 4.5 18.5 -5.8 3.6 -9.4 -7.0 5.1 -12.1 22 23 24 25 26 Mutual fund shares Trade receivables -12.8 144.7 -1.7 56.6 1.2 310.0 15.5 141.5 15.5 33.3 15.5 157.5 15.5 146.4 15.5 7.0 15.5 48.8 15.5 25.3 15.5 52.1 25 26 27 28 U.S. direct investment abroad Miscellaneous assets 403.9 134.9 319.2 329.5 305.0 486.5 311.0 483.4 258.8 861.7 321.1 475.9 441.1 420.6 294.1 1009.3 279.8 901.1 232.5 902.7 229.0 633.8 27 28 1106.2 1317.2 1293.9 1112.7 1226.3 1006.8 1423.9 1366.7 1332.5 1070.1 1135.8 29 203.6 33.4 8.5 161.6 352.7 14.0 15.2 323.5 302.8 14.2 9.3 279.2 304.0 37.5 -0.1 266.6 410.6 -5.4 15.9 400.1 231.9 21.7 2.6 207.7 343.0 -3.7 9.7 337.1 417.3 -61.2 31.2 447.4 597.2 -53.2 36.6 613.8 398.4 70.3 8.7 319.4 229.3 22.5 -12.9 219.7 30 31 32 33 34 35 36 37 29 Net increase in liabilities 30 31 32 33 Debt securities Commercial paper Municipal securities Corporate bonds 34 35 36 37 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 75.0 125.6 60.8 -111.3 127.6 166.1 -24.3 -14.1 230.2 96.1 59.1 75.0 403.3 157.0 91.9 154.4 383.3 177.6 -35.7 241.5 458.5 116.2 186.3 156.0 482.1 183.3 101.3 197.5 477.9 242.4 47.9 187.7 431.1 170.4 -21.4 282.2 217.0 108.6 -97.6 205.9 407.3 188.9 -71.8 290.2 38 Corporate equities -454.6 -344.9 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 38 39 40 Trade payables Taxes payable 80.0 9.4 78.7 9.9 135.4 -5.9 102.2 3.6 17.9 15.8 57.8 18.5 111.1 -6.1 50.0 33.7 78.2 24.7 -76.3 -10.6 19.8 15.5 39 40 41 Foreign direct investment in U.S. 192.7 188.7 185.5 98.0 337.8 371.0 201.5 765.9 312.4 122.5 150.4 41 42 Miscellaneous liabilities 765.7 820.8 620.0 571.3 607.6 298.5 616.0 193.0 359.1 1022.4 856.0 42 43 Proprietors’ net investment 234.4 83.6 178.8 22.7 17.6 4.9 35.8 20.3 20.3 23.0 6.6 43 794.2 734.3 283.5 230.1 -37.3 170.8 315.8 238.8 -185.0 -108.4 -94.8 44 44 Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Flows 2011 16 Z.1, March 10, 2016 F.103 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2011 1 2 3 4 5 6 7 8 9 10 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) - Net capital transfers paid (2) = Total internal funds + IVA Gross investment 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1008.9 228.8 441.0 1236.1 1575.2 215.1 -68.3 -6.4 1728.5 1241.4 266.7 517.9 1107.0 1563.8 189.8 -14.2 -17.0 1756.4 1323.2 284.6 525.2 1141.7 1655.1 222.1 3.2 -5.7 1886.1 1366.1 316.2 573.8 1192.2 1668.3 236.1 -2.9 -6.7 1908.2 1469.9 354.3 583.7 1055.4 1587.3 220.8 54.3 -3.2 1865.6 1405.1 321.8 542.7 1197.4 1738.0 233.7 15.5 -4.3 1991.6 1365.2 324.2 577.9 1211.7 1674.7 239.4 53.5 -8.1 1975.8 1436.8 341.4 588.6 1031.4 1538.2 259.7 99.2 -3.0 1900.1 1532.4 362.3 579.7 1052.6 1643.1 238.9 20.5 -4.3 1906.9 1485.4 353.4 589.4 1059.6 1602.2 209.5 56.5 -3.7 1871.9 1424.9 360.0 577.1 1077.7 1565.5 175.0 41.0 -1.9 1783.5 1 2 3 4 5 6 7 8 9 934.3 1022.1 1602.6 1678.0 1902.9 1820.9 1660.0 1661.3 2091.9 1980.3 1878.3 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 1331.9 1297.4 34.9 -0.5 1501.2 1434.7 65.8 0.8 1539.4 1483.2 55.2 1.0 1667.3 1602.9 63.2 1.2 1785.7 1664.8 91.5 29.4 1704.5 1628.0 71.6 4.9 1706.3 1633.1 73.4 -0.2 1738.7 1634.7 104.8 -0.8 1906.1 1678.2 107.8 120.1 1746.3 1669.3 77.7 -0.7 1751.7 1676.8 75.7 -0.8 11 12 13 14 15 Net lending (+) or net borrowing (-) -397.5 -479.1 63.2 10.7 117.2 116.3 -46.3 -77.3 185.8 234.0 126.6 15 16 Net acquisition of financial assets 496.8 506.3 989.5 809.8 936.5 864.0 907.0 890.2 1084.6 999.4 771.9 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -5.8 30.8 13.2 -35.4 0.4 0.6 -45.5 33.3 57.1 -2.9 42.1 63.5 35.8 39.7 -1.0 -14.7 36.7 -15.7 21.0 12.5 -25.1 61.7 -42.2 6.2 -0.9 -29.7 106.8 -130.9 72.0 29.4 -27.6 18.2 10.6 164.2 2.0 -65.2 64.6 -125.2 -66.8 -4.2 19.8 136.0 -47.9 -8.7 6.4 -73.6 54.4 -28.2 38.8 -18.3 18.5 -8.3 32.3 61.5 12.3 17 18 19 20 21 22 23 24 25 26 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities -8.5 -0.1 -5.1 -1.7 -1.6 -12.5 -8.4 -3.5 -1.2 0.6 -13.2 -6.6 -0.6 -4.2 -1.7 -8.6 0.7 -3.6 2.8 -8.4 -13.5 -6.2 -6.1 -2.0 0.8 -15.6 1.2 -4.4 -1.5 -10.9 0.7 2.4 -1.5 -0.5 0.3 -37.8 -8.8 -27.2 -9.1 7.2 -15.6 2.3 -10.5 -3.5 -3.9 -11.2 -9.2 0.6 0.2 -2.8 10.5 -9.0 12.6 4.2 2.7 22 23 24 25 26 27 28 29 Loans Mortgages Consumer credit 1.4 -0.6 2.0 -0.4 -1.9 1.5 -2.6 1.6 -4.2 0.3 1.6 -1.3 0.8 1.6 -0.7 0.9 1.6 -0.7 -13.1 1.6 -14.7 1.5 1.6 -0.1 20.1 1.6 18.5 -7.8 1.6 -9.4 -10.5 1.6 -12.1 27 28 29 30 31 Mutual fund shares Trade receivables -12.8 83.7 -1.7 52.0 1.2 261.2 15.5 109.9 15.5 -17.1 15.5 132.6 15.5 95.5 15.5 -35.2 15.5 -6.8 15.5 -12.6 15.5 -14.0 30 31 32 33 34 35 36 37 U.S. direct investment abroad (4) Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance co. subs. Other 403.9 25.8 12.3 -0.0 8.4 5.2 319.2 107.1 8.0 0.0 2.6 96.5 305.0 257.8 -6.0 0.0 14.7 249.0 311.0 342.0 10.2 0.1 14.1 317.6 258.8 692.5 2.2 -0.0 -4.0 694.3 321.1 362.0 15.2 -0.0 -6.5 353.3 441.1 199.9 1.6 0.1 0.7 197.5 294.1 848.8 -6.4 0.3 -7.3 862.3 279.8 686.0 8.2 -0.1 -15.7 693.6 232.5 809.9 11.7 0.0 -1.5 799.6 229.0 425.2 -4.8 -0.3 8.6 421.7 32 33 34 35 36 37 38 Net increase in liabilities 894.3 985.4 926.3 799.0 819.3 747.7 953.3 967.5 898.8 765.4 645.3 38 39 40 41 42 Debt securities Commercial paper Municipal securities (5) Corporate bonds (4) 203.6 33.4 8.5 161.6 352.7 14.0 15.2 323.5 302.8 14.2 9.3 279.2 304.0 37.5 -0.1 266.6 410.6 -5.4 15.9 400.1 231.9 21.7 2.6 207.7 343.0 -3.7 9.7 337.1 417.3 -61.2 31.2 447.4 597.2 -53.2 36.6 613.8 398.4 70.3 8.7 319.4 229.3 22.5 -12.9 219.7 39 40 41 42 43 44 45 46 Loans Depository institution loans n.e.c. Other loans and advances (6) Mortgages 131.9 152.1 60.2 -80.4 -47.5 101.5 -33.5 -115.4 121.1 63.7 53.1 4.4 191.2 92.8 82.5 15.9 65.0 77.6 -43.1 30.5 282.5 97.6 172.5 12.4 139.9 61.7 83.3 -5.0 232.3 126.7 68.9 36.7 75.5 71.7 -40.7 44.4 -33.1 74.8 -111.9 4.0 -14.9 37.2 -88.8 36.7 43 44 45 46 47 Corporate equities -454.6 -344.9 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 47 48 49 Trade payables Taxes payable 25.2 8.8 65.4 2.3 101.3 -9.1 66.2 -0.3 -36.5 7.2 28.4 15.4 58.5 -12.4 -3.3 18.5 25.5 17.9 -109.8 -15.2 -58.4 7.4 48 49 50 Foreign direct investment in U.S. 192.7 188.3 184.9 97.1 336.6 370.2 200.8 763.4 310.3 121.9 150.8 50 51 52 53 54 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 786.8 3.0 -19.5 803.3 769.1 -12.3 -11.6 793.0 578.2 -2.5 110.9 469.8 533.0 -1.1 54.2 479.9 600.8 2.8 43.3 554.7 253.6 1.5 44.8 207.3 583.0 -2.0 108.9 476.1 130.6 6.7 -21.4 145.3 362.8 1.1 51.3 310.4 1029.4 -0.1 56.5 973.0 880.2 3.4 86.7 790.1 51 52 53 54 794.2 734.3 283.5 230.1 -37.3 170.8 315.8 238.8 -185.0 -108.4 -94.8 55 -175.1 -48.4 -118.9 1.9 144.1 -49.0 -22.0 101.3 242.4 87.6 145.1 56 55 56 Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus the capital consumption adjustment. (2) Table F.5, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, 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). 17 Z.1, March 10, 2016 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving = consumption of fixed capital 265.0 273.0 284.5 297.5 306.9 298.9 301.3 303.3 305.0 308.3 310.9 1 2 Gross saving less net capital transfers paid (1) 266.6 277.9 284.5 297.5 306.9 298.9 301.3 303.3 305.0 308.3 310.9 2 3 Gross investment 266.6 277.9 284.5 297.5 306.9 298.9 301.3 303.3 305.0 308.3 310.9 3 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 281.7 274.8 6.8 308.6 312.6 -4.0 347.4 330.8 16.6 367.6 353.7 13.9 373.7 355.0 18.7 368.1 351.4 16.7 372.2 357.1 15.1 380.1 357.6 22.5 376.3 356.6 19.7 372.4 354.7 17.6 365.8 351.0 14.9 4 5 6 7 Net lending (+) or net borrowing (-) -15.1 -30.7 -62.8 -70.1 -66.8 -69.2 -70.9 -76.8 -71.3 -64.1 -54.9 7 8 Net acquisition of financial assets 196.9 301.1 304.7 243.5 340.2 189.9 399.7 322.4 362.4 240.6 435.6 8 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds 24.6 6.0 0.8 59.3 10.1 3.0 12.0 11.5 2.0 35.7 26.2 4.0 40.8 67.4 4.9 29.5 14.8 3.2 53.9 60.2 6.5 33.1 75.0 5.4 45.6 32.9 5.1 29.1 72.5 2.8 55.5 89.2 6.4 9 10 11 12 13 14 Debt securities Treasury securities Municipal securities 1.1 0.8 0.3 4.2 4.0 0.2 0.5 2.2 -1.7 2.9 2.7 0.2 4.6 4.3 0.3 2.3 2.1 0.2 4.7 4.3 0.3 3.9 3.6 0.3 5.1 4.7 0.4 3.5 3.2 0.3 6.1 5.6 0.4 12 13 14 15 16 17 Loans Mortgages Consumer credit -5.8 -5.8 0.0 -2.4 -2.4 0.0 1.0 1.0 0.0 1.7 1.7 0.0 2.7 2.7 0.0 1.3 1.3 0.0 2.7 2.7 0.0 2.3 2.3 0.0 3.0 3.0 0.0 2.0 2.0 0.0 3.6 3.6 0.0 15 16 17 18 19 20 21 22 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other 61.0 109.1 -4.7 0.3 113.5 4.6 222.4 15.4 0.1 206.9 48.8 228.8 -26.0 0.6 254.1 31.6 141.4 12.9 0.8 127.7 50.4 169.3 -10.7 0.5 179.5 24.9 113.9 14.7 0.7 98.5 50.9 220.7 11.2 0.9 208.7 42.2 160.5 -13.5 0.4 173.6 55.6 215.2 -9.0 0.5 223.6 37.9 92.8 -8.6 0.6 100.9 66.2 208.6 -11.8 0.5 219.9 18 19 20 21 22 211.9 331.8 367.5 313.7 407.0 259.1 470.6 399.1 433.8 304.7 490.5 23 -56.8 -26.5 0.6 -30.9 175.1 64.6 9.2 101.3 109.1 32.4 6.1 70.7 212.1 64.2 9.4 138.5 318.4 100.0 7.4 211.0 176.0 18.6 13.8 143.6 342.2 121.6 18.1 202.5 245.6 115.6 -21.0 151.0 355.7 98.7 19.3 237.7 250.1 33.9 14.3 201.9 422.2 151.7 17.0 253.5 24 25 26 27 54.8 0.6 13.3 7.6 34.0 3.2 36.0 3.9 54.4 8.7 29.4 3.0 52.6 6.2 53.3 15.2 52.6 6.8 33.5 4.6 78.1 8.1 28 29 23 Net increase in liabilities 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 28 29 Trade payables Taxes payable 30 31 Foreign direct investment in U.S. Miscellaneous liabilities 0.0 -21.0 0.4 51.8 0.6 41.8 0.8 38.3 1.2 6.9 0.9 44.9 0.8 33.1 2.4 62.4 2.2 -3.7 0.6 -7.0 -0.4 -24.2 30 31 32 Proprietors’ net investment 234.4 83.6 178.8 22.7 17.6 4.9 35.8 20.3 20.3 23.0 6.6 32 (1) Net capital transfers paid from table F.5, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. Flows 2011 18 Z.1, March 10, 2016 F.105 General Government (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2011 1 2 3 4 5 6 7 8 9 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 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 4604.6 1453.2 1102.6 349.6 16.7 922.2 135.6 649.2 -24.5 4756.2 1511.4 1132.1 415.6 18.1 956.2 128.0 614.1 -19.3 5277.8 1672.8 1178.0 434.7 19.3 1112.0 237.5 642.3 -18.8 5490.3 1780.2 1213.7 476.2 21.7 1164.1 150.5 702.1 -18.3 5771.3 1945.1 1236.6 505.1 24.9 1207.9 129.2 739.0 -16.5 5545.8 1792.0 1221.7 480.5 22.4 1168.0 133.6 746.0 -18.4 5560.8 1838.8 1227.0 473.3 21.2 1182.3 139.0 697.7 -18.6 5638.5 1900.1 1226.8 480.0 24.6 1191.0 122.8 709.8 -16.6 5736.2 1938.7 1234.1 509.8 24.8 1204.1 122.1 718.6 -16.1 5788.4 1957.3 1238.2 502.4 25.4 1213.2 147.9 720.0 -16.0 5922.2 1984.5 1247.4 528.2 24.7 1223.2 123.9 807.5 -17.4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 6064.7 2530.9 2327.3 530.1 616.4 60.1 6067.1 2544.1 2341.5 499.3 624.0 58.0 6105.8 2522.0 2404.3 504.0 616.2 59.4 6289.4 2556.3 2506.6 547.2 621.4 57.9 6483.9 2571.9 2640.2 584.5 628.6 58.7 6361.8 2578.7 2534.0 566.1 624.8 58.2 6342.7 2558.6 2548.5 565.7 612.5 57.5 6368.2 2556.2 2603.2 583.9 567.3 57.6 6464.9 2565.6 2628.6 567.4 644.9 58.5 6554.7 2580.2 2652.8 595.2 667.3 59.2 6547.6 2585.4 2676.4 591.6 634.8 59.4 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) -1460.1 479.6 -2.4 7.6 -1310.8 496.2 -2.5 6.1 -828.0 506.2 -2.2 -13.3 -799.2 516.8 -2.0 -12.2 -712.5 522.2 -2.2 -17.1 -816.1 518.4 -2.7 -13.8 -781.9 520.2 -1.5 -10.0 -729.7 520.8 -2.5 -16.5 -728.7 520.3 -1.3 -15.9 -766.3 521.7 -2.5 -16.4 -625.4 525.9 -2.6 -19.5 16 17 18 19 20 = Gross saving less net capital transfers 21 22 23 Gross investment Fixed investment Nonproduced nonfinancial assets -985.7 -818.2 -306.3 -268.1 -171.1 -281.2 -250.3 -190.0 -191.2 -225.7 -77.4 20 -1037.1 637.9 8.3 -781.7 614.4 7.2 -315.8 592.3 7.2 -206.9 595.8 7.2 -132.3 611.1 -21.2 -317.5 598.7 3.5 -71.8 603.9 8.6 0.2 593.3 9.1 -51.5 613.5 -111.9 -282.7 620.8 8.9 -195.3 616.9 9.1 21 22 23 -602.2 -553.2 -912.4 -821.3 24 24 Net lending (+) or net borrowing (-) -1683.3 -1403.3 -915.3 -809.9 -722.3 -919.7 -684.3 25 Net acquisition of financial assets -179.6 191.4 208.3 242.3 397.6 77.2 476.1 -47.2 744.0 31.2 862.4 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 16.2 -241.0 15.9 2.1 -4.7 4.3 -2.5 22.2 4.3 3.8 -3.3 76.9 17.4 1.3 1.5 -3.8 76.4 7.8 7.0 6.0 -3.9 101.1 10.8 16.3 13.5 -4.1 92.4 2.6 -3.7 -2.5 -10.2 346.5 -4.3 5.8 5.1 -16.7 -474.4 30.7 16.3 13.5 -3.6 541.7 0.4 14.3 11.9 -1.2 -224.5 -4.5 15.9 13.2 5.9 561.5 16.6 18.7 15.4 26 27 28 29 30 31 32 33 34 35 36 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -180.7 -12.1 -34.4 -132.1 0.2 -2.3 -14.3 -7.8 42.9 -51.5 0.2 2.0 -57.9 -9.4 -17.8 -29.6 -0.1 -1.0 21.3 -7.0 37.2 -14.1 0.4 4.8 60.1 -1.4 57.7 -11.3 1.1 14.1 -47.9 -11.8 14.8 -44.2 -0.5 -6.2 44.3 -7.8 66.5 -18.3 0.3 3.6 104.1 -3.6 83.0 9.3 1.2 14.3 -20.2 -4.9 -30.6 2.3 1.0 12.0 118.2 11.2 87.6 4.8 1.1 13.6 38.4 -8.3 90.8 -61.7 1.3 16.3 31 32 33 34 35 36 37 38 39 40 Loans Mortgages Consumer credit Other loans and advances 136.5 3.3 128.5 4.8 140.8 6.2 132.1 2.4 124.1 3.9 113.1 7.2 122.0 8.4 111.1 2.5 122.9 17.4 104.7 0.8 108.9 -4.2 112.8 0.2 111.1 4.8 107.3 -0.9 135.1 22.4 110.7 2.0 130.3 15.1 103.6 11.6 98.0 13.2 97.8 -13.1 128.4 18.8 106.8 2.8 37 38 39 40 41 42 43 44 45 Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 36.9 -0.2 10.4 28.1 0.9 -12.0 0.6 8.0 31.6 4.8 -5.4 -0.3 12.7 31.3 9.8 1.0 1.3 -0.9 -16.1 20.2 7.5 3.9 1.1 35.6 28.8 -7.5 -1.7 -39.6 -31.1 11.5 1.2 1.0 10.4 -50.1 15.2 7.2 3.9 1.1 98.3 33.8 7.0 3.3 8.8 19.9 30.3 7.1 3.7 -5.8 -25.9 37.1 8.7 4.5 0.2 50.2 13.9 41 42 43 44 45 1503.7 1594.7 1123.6 1052.2 1119.9 996.9 1160.4 555.0 1297.2 943.6 1683.7 46 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 -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 47 48 49 1085.1 1137.6 -53.6 0.9 0.0 0.9 1174.9 1181.0 -5.7 0.4 0.0 0.4 817.9 857.7 -39.4 0.5 0.0 0.5 721.9 736.0 -14.0 0.4 0.0 0.4 776.4 724.4 51.9 0.3 0.0 0.3 787.5 839.4 -51.2 0.3 0.0 0.3 882.1 836.1 43.9 0.4 0.0 0.4 -29.8 -155.3 126.5 0.4 0.0 0.4 379.1 347.9 29.1 0.1 0.0 0.1 74.1 24.5 51.8 -0.3 0.0 -0.3 2682.4 2680.5 0.0 0.8 0.0 0.8 50 51 52 53 54 55 47.2 1.3 369.3 51.5 0.3 367.6 56.7 0.2 248.6 56.1 0.8 273.3 59.0 -0.1 284.3 56.6 1.2 152.3 53.2 1.4 223.3 19.2 -2.1 567.3 68.9 0.9 848.1 64.6 -0.6 805.8 83.3 1.3 -1084.1 56 57 58 51.3 -36.6 9.5 -61.3 -38.8 36.3 -178.5 -190.2 -139.7 56.9 117.9 59 -146.1 1537.2 148.2 1551.4 225.6 1140.9 204.7 1014.6 339.7 1061.9 62.1 981.8 409.2 1093.5 -130.6 471.6 774.5 1327.7 -56.1 856.3 770.8 1592.1 60 61 46 Net increase in liabilities 47 48 49 SDR allocations SDR certificates Treasury currency 50 51 52 53 54 55 Debt securities Treasury securities Municipal securities Loans 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 and state and local governments 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.5, 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). 19 Z.1, March 10, 2016 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 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 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2574.1 2699.1 3141.3 3265.2 3445.3 3293.4 3295.7 3356.5 3440.4 3468.1 3516.2 1 1129.1 108.6 299.4 16.7 904.0 56.4 67.1 -7.1 1164.7 115.1 363.1 18.1 938.1 52.6 56.1 -8.9 1300.6 125.8 379.2 19.3 1093.4 163.2 71.1 -11.3 1396.9 137.8 417.9 21.7 1145.2 74.8 80.6 -9.7 1535.8 142.7 444.9 24.9 1189.1 51.2 65.1 -8.5 1406.5 139.0 421.9 22.4 1149.1 57.7 106.5 -9.6 1441.7 138.8 413.9 21.2 1163.5 62.5 63.8 -9.8 1501.0 140.5 419.0 24.6 1172.2 45.7 61.6 -8.1 1527.2 145.3 448.7 24.8 1185.3 44.5 72.6 -8.0 1547.1 140.2 443.6 25.4 1194.4 69.5 55.9 -8.1 1568.0 144.8 468.4 24.7 1204.3 45.1 70.5 -9.7 2 3 4 5 6 7 8 9 3818.3 3789.1 3782.2 3896.7 4023.4 3943.5 3922.4 3935.8 4014.6 4079.8 4063.5 10 1006.1 1796.9 530.1 425.7 59.5 1007.8 1801.5 499.3 422.9 57.6 961.3 1842.0 504.0 416.1 58.9 955.3 1896.8 547.2 440.1 57.4 960.6 1980.0 584.5 440.1 58.2 968.2 1905.5 566.1 445.9 57.7 949.1 1918.3 565.7 432.3 57.0 956.7 1955.5 583.9 382.6 57.1 957.2 1974.9 567.4 457.2 58.0 961.3 1987.0 595.2 477.6 58.7 967.0 2002.7 591.6 443.2 58.9 11 12 13 14 15 -1244.1 -1090.1 -640.9 -631.5 -578.1 -650.1 -626.7 -579.3 -574.2 -611.7 -547.3 16 257.4 -2.4 81.5 264.3 -2.5 80.2 267.7 -2.2 58.1 270.7 -2.0 58.8 272.7 -2.2 53.7 271.2 -2.7 61.1 271.9 -1.5 57.2 272.0 -2.5 52.5 271.2 -1.3 52.8 271.8 -2.5 56.0 275.7 -2.6 53.4 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 -1065.8 -903.5 -429.1 -417.5 -356.9 -437.3 -410.5 -357.3 -354.5 -393.4 -322.4 20 21 22 23 Gross investment Fixed investment Nonproduced nonfinancial assets -1055.9 297.4 -0.9 -840.5 284.7 -2.0 -391.6 269.4 -2.4 -372.8 264.6 -2.7 -285.8 264.1 -30.9 -499.4 264.9 -6.5 -280.7 265.6 -1.3 -200.8 261.5 -0.7 -139.5 263.5 -121.6 -430.1 263.1 -0.8 -372.7 268.2 -0.7 21 22 23 24 Net lending (+) or net borrowing (-) -1352.4 -1123.2 -658.5 -634.6 -518.9 -757.8 -545.0 -461.6 -281.5 -692.4 -640.2 24 25 Net acquisition of financial assets -150.7 126.5 221.5 155.3 252.5 109.7 360.5 -251.6 675.2 -170.4 756.9 25 16.2 -257.6 -0.3 -118.2 -118.1 -0.1 136.5 4.8 3.3 128.5 40.3 4.8 25.6 2.0 4.3 6.7 0.2 -31.3 -31.1 -0.2 136.2 2.4 1.6 132.1 -13.2 2.6 22.0 -1.0 -3.3 69.6 -0.5 -0.1 0.0 -0.1 124.2 7.2 4.0 113.1 -4.8 3.3 27.2 5.9 -3.8 60.8 0.2 -0.0 0.0 -0.0 115.3 2.5 1.7 111.1 -1.6 -8.1 -19.9 12.5 -3.9 109.9 0.0 -0.0 0.0 -0.0 104.9 0.8 -0.7 104.7 -0.0 0.3 27.0 14.4 -4.1 73.3 0.4 0.0 0.0 0.0 116.0 0.2 2.9 112.8 -4.2 -43.5 -39.2 11.0 -10.2 309.8 0.6 0.0 0.0 0.0 106.0 -0.9 -0.3 107.3 -0.7 3.0 -56.3 8.2 -16.7 -450.1 -0.6 0.0 0.0 0.0 116.2 2.0 3.5 110.7 -0.4 0.6 79.8 19.7 -3.6 522.6 1.1 -0.1 0.0 -0.1 114.8 11.6 -0.5 103.6 0.6 -0.4 22.9 17.4 -1.2 -224.0 0.9 -0.1 0.0 -0.1 80.7 -13.1 -4.0 97.8 -0.2 -0.3 -37.2 11.0 5.9 591.2 -1.3 0.0 0.0 0.0 107.8 2.8 -1.9 106.8 -0.0 1.4 42.3 9.7 26 27 28 29 30 31 32 33 34 35 36 37 38 39 1201.7 1249.7 880.0 790.0 771.4 867.5 905.5 210.0 956.7 521.9 1397.2 40 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 -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 41 42 43 1138.7 1137.6 1083.4 54.2 1.1 0.0 1180.6 1181.0 1121.9 59.1 -0.4 0.0 857.3 857.7 806.2 51.4 -0.4 0.0 735.9 736.0 646.7 89.4 -0.1 0.0 724.6 724.4 688.1 36.2 0.2 0.0 838.7 839.4 745.7 93.7 -0.7 0.0 838.2 836.1 721.5 114.7 2.1 0.0 -156.3 -155.3 146.9 -302.2 -1.0 0.0 350.0 347.9 879.7 -531.8 2.1 0.0 22.2 24.5 495.6 -471.2 -2.2 0.0 2682.3 2680.5 1230.4 1450.2 1.8 0.0 44 45 46 47 48 49 8.8 1.3 53.0 20.8 32.1 13.4 0.3 55.4 50.4 5.0 18.8 0.2 4.1 -9.3 13.4 17.3 0.8 36.2 22.8 13.4 20.1 -0.1 26.9 16.0 10.9 17.6 1.2 11.0 10.5 0.6 14.2 1.4 51.7 36.6 15.1 -18.9 -2.1 387.2 402.2 -14.9 29.8 0.9 576.0 567.0 8.9 25.1 -0.6 475.2 470.5 4.7 44.2 1.3 -1330.7 -1375.8 45.1 50 51 52 53 54 -9.9 -63.0 -37.5 -44.7 -71.1 62.1 -129.8 -156.6 -214.9 36.8 50.3 55 -258.0 7.5 69.6 62.1 109.9 78.0 255.8 -492.4 622.8 -220.8 530.1 56 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Debt securities Agency- and GSE-backed securities Corporate and foreign bonds Loans Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities 41 42 43 SDR allocations SDR certificates Treasury currency 44 45 46 47 48 49 Debt securities Treasury securities (5) Marketable Nonmarketable Budget agency securities Loans (multifamily residential mortgages) 50 51 52 53 54 Trade payables Insurance reserves Miscellaneous liabilities Claims of pension fund on sponsor Other 55 56 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.5, 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) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. (6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). Flows 2011 20 Z.1, March 10, 2016 F.107 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 Flows 1 2 3 4 5 6 7 8 9 10 11 12 13 14 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 Other current transfer payments Interest payments Subsidies 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2030.5 2057.2 2136.5 2225.0 2326.0 2252.3 2265.1 2282.0 2295.8 2320.3 2406.0 1 324.1 994.0 50.2 18.2 79.2 582.1 -17.4 346.7 1016.9 52.5 18.0 75.4 558.0 -10.4 372.2 1052.2 55.5 18.6 74.3 571.2 -7.5 383.3 1075.9 58.3 18.9 75.7 621.5 -8.6 409.3 1094.0 60.2 18.8 78.0 673.8 -8.1 385.6 1082.7 58.7 18.9 75.9 639.5 -8.8 397.1 1088.1 59.4 18.8 76.5 634.0 -8.9 399.1 1086.3 61.1 18.8 77.1 648.2 -8.5 411.4 1088.9 61.2 18.8 77.7 646.0 -8.1 410.2 1098.1 58.8 18.8 78.4 664.1 -8.0 416.5 1102.6 59.8 18.9 78.8 737.0 -7.7 2 3 4 5 6 7 8 2246.4 2277.9 2323.6 2392.7 2460.4 2418.4 2420.3 2432.4 2450.3 2475.0 2484.1 9 1524.8 530.4 0.0 190.7 0.5 1536.3 540.0 0.0 201.2 0.5 1560.7 562.3 0.0 200.1 0.5 1601.0 609.9 0.0 181.4 0.5 1611.3 660.2 0.0 188.4 0.5 1610.5 628.4 0.0 178.9 0.5 1609.5 630.2 0.0 180.1 0.5 1599.5 647.7 0.0 184.7 0.5 1608.4 653.7 0.0 187.7 0.5 1618.9 665.8 0.0 189.7 0.5 1618.4 673.6 0.0 191.6 0.5 10 11 12 13 14 -215.9 -220.8 -187.1 -167.7 -134.4 -166.0 -155.2 -150.4 -154.5 -154.6 -78.1 15 222.2 -73.8 231.9 -74.2 238.5 -71.4 246.1 -71.0 249.5 -70.7 247.2 -74.9 248.3 -67.2 248.8 -69.0 249.0 -68.7 249.9 -72.4 250.2 -72.9 16 17 15 Net saving, NIPA basis 16 17 + Consumption of fixed capital - Net capital transfers paid (2) 18 = Gross saving less net capital transfers paid 80.1 85.3 122.8 149.4 185.8 156.1 160.2 167.3 163.2 167.6 245.0 18 19 Gross investment 18.8 58.8 75.8 165.9 153.5 181.9 208.9 201.0 88.0 147.5 177.4 19 340.5 9.2 329.7 9.1 322.9 9.6 331.3 9.9 347.1 9.8 333.8 10.0 338.3 9.9 331.8 9.8 350.0 9.8 357.8 9.7 348.7 9.8 20 21 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net lending (+) or net borrowing (-) -330.9 -280.1 -256.7 -175.3 -203.4 -161.9 -139.3 -140.6 -271.7 -220.0 -181.1 22 23 Net acquisition of financial assets -28.9 64.9 -13.2 86.9 145.1 -32.5 115.7 204.4 68.8 201.6 105.5 23 24 25 Checkable deposits and currency Time and savings deposits 16.6 16.2 -9.2 22.1 7.3 17.9 15.7 7.6 -8.9 10.8 19.1 2.2 36.7 -4.9 -24.3 31.3 19.1 -0.7 -0.5 -5.4 -29.7 17.8 24 25 26 27 Money market fund shares Security repurchase agreements 2.1 -4.7 4.3 3.8 1.3 1.5 7.0 6.0 16.3 13.5 -3.7 -2.5 5.8 5.1 16.3 13.5 14.3 11.9 15.9 13.2 18.7 15.4 26 27 28 29 30 31 32 33 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -62.4 -12.1 -34.4 -13.9 0.2 -2.2 17.0 -7.8 42.9 -20.4 0.2 2.1 -57.8 -9.4 -17.8 -29.6 -0.1 -1.0 21.3 -7.0 37.2 -14.1 0.4 4.9 60.1 -1.4 57.7 -11.3 1.1 14.1 -47.9 -11.8 14.8 -44.2 -0.5 -6.2 44.3 -7.8 66.5 -18.3 0.3 3.6 104.1 -3.6 83.0 9.3 1.2 14.3 -20.1 -4.9 -30.6 2.3 1.0 12.1 118.2 11.2 87.6 4.8 1.1 13.6 38.4 -8.3 90.8 -61.7 1.3 16.3 28 29 30 31 32 33 34 Loans (mortgages) -0.0 4.6 -0.1 6.7 18.1 -7.1 5.1 18.9 15.5 17.2 20.7 34 35 36 Corporate equities Mutual fund shares -3.4 -0.2 1.1 0.6 -0.5 -0.3 2.6 1.3 7.5 3.9 -3.3 -1.7 1.9 1.0 7.6 3.9 6.4 3.3 7.3 3.7 8.7 4.5 35 36 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 5.6 2.4 -1.1 5.3 9.5 5.8 9.5 4.1 3.9 7.2 3.9 7.7 0.8 8.7 14.4 3.9 8.0 0.5 7.4 6.2 7.0 0.5 18.5 14.2 9.2 -3.0 12.9 -5.4 11.3 26.2 -1.2 7.9 4.2 37 38 39 302.0 345.0 243.5 262.2 348.4 129.4 255.0 345.0 340.5 421.7 286.6 40 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 -14.0 -6.7 -7.4 51.9 -5.8 57.7 -51.2 -23.4 -27.8 43.9 -4.4 48.3 126.5 0.6 125.9 29.1 12.6 16.5 51.8 -33.3 85.2 0.0 -3.2 3.2 41 42 43 40 Net increase in liabilities 41 42 43 Debt securities (municipal securities) Short-term (3) Long-term 44 Loans (U.S. government loans) 45 46 Trade payables Claims of pension fund on sponsor (4) 47 Discrepancy 0.9 0.4 0.5 0.4 0.3 0.3 0.4 0.4 0.1 -0.3 0.8 44 38.4 316.3 38.1 312.2 38.0 244.4 38.8 237.1 38.9 257.4 39.0 141.2 38.9 171.7 38.1 180.0 39.1 272.2 39.5 330.6 39.0 246.7 45 46 61.3 26.5 47.0 -16.5 32.3 -25.8 -48.7 -33.6 75.2 20.2 67.6 47 (1) Data for state and local government employee retirement funds are shown on table F.120. (2) Table F.5, line 62. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. 21 Z.1, March 10, 2016 F.108 Domestic Financial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid 319.6 297.8 179.0 265.3 247.0 248.6 283.3 223.3 264.8 264.9 235.0 1 2 Gross investment 247.4 279.2 393.7 256.9 356.4 600.9 175.5 520.0 423.3 372.1 110.2 2 173.9 6.5 167.5 197.4 5.3 192.1 220.9 14.7 206.1 230.0 7.4 222.6 236.8 -1.5 238.4 233.5 5.4 228.1 238.8 8.2 230.6 244.8 11.7 233.2 214.7 -20.4 235.1 247.7 5.5 242.2 240.2 -2.8 243.0 3 4 5 73.4 81.9 172.8 26.8 119.6 367.4 -63.3 275.2 208.6 124.4 -130.0 6 2200.6 1829.4 3525.2 3080.6 1640.5 2522.8 2198.7 3038.8 1408.3 1171.3 943.7 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 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 0.1 0.0 1.3 -13.3 -401.8 0.5 0.0 0.8 -13.7 331.9 0.1 0.0 0.5 3.6 -640.2 0.1 0.0 1.5 0.8 244.1 0.1 0.0 1.3 -8.8 -771.9 0.2 0.0 1.3 -39.2 -175.8 0.1 0.0 1.1 -5.8 -903.5 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 37.2 -47.6 -63.8 114.6 9.9 4.9 -82.4 265.4 -4.1 82.0 -53.5 -379.9 -19.5 13.8 14.0 45.8 0.9 -78.2 42.2 -10.4 119.1 52.4 20.6 -322.6 -144.0 -130.2 247.4 148.6 -15.7 93.5 133.9 36.8 -101.9 43.3 -57.5 -1.5 121.2 -235.7 89.5 313.6 -0.1 -213.7 3.0 -390.3 13 14 15 16 17 18 19 20 21 22 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1269.2 -75.0 1051.7 113.9 13.5 165.0 1094.9 0.0 352.8 152.4 139.4 450.3 1530.9 20.7 589.4 401.5 9.3 510.0 1234.2 -22.4 439.3 341.4 52.0 423.9 896.7 24.4 309.1 155.3 81.5 326.4 1252.9 -122.8 718.3 217.6 69.9 369.9 979.8 -86.7 138.7 459.0 72.0 396.7 628.6 -76.7 156.2 -58.4 122.2 485.3 166.9 116.9 -454.9 38.2 60.3 406.3 300.5 59.3 -245.7 227.5 36.3 223.1 2490.9 -1.7 1780.7 414.0 107.1 190.8 17 18 19 20 21 22 23 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -85.5 177.6 -70.2 -174.8 -17.9 259.1 176.9 103.6 -66.1 44.7 522.3 196.5 168.8 83.5 73.4 787.2 320.0 150.0 202.9 114.4 741.5 282.1 -57.5 383.5 133.3 762.1 229.1 202.6 212.5 117.9 889.0 383.5 55.3 337.4 112.9 660.3 437.6 -51.1 192.9 80.9 1094.6 282.0 123.4 518.4 170.7 364.3 159.9 -355.4 395.6 164.1 846.6 248.9 53.1 427.2 117.4 23 24 25 26 27 28 29 Corporate equities Mutual fund shares -84.8 18.1 5.9 64.5 -4.0 142.6 115.0 128.3 130.5 -16.2 262.9 90.6 263.2 146.1 119.3 36.3 268.7 22.5 112.9 -72.7 21.3 -51.0 28 29 30 31 32 33 Trade receivables Life insurance reserves U.S. direct investment abroad Miscellaneous assets -0.8 7.7 15.2 480.8 -1.6 14.7 20.5 236.6 -2.2 10.8 23.6 905.3 1.2 10.9 26.0 600.8 9.5 10.6 32.0 295.0 -12.1 9.8 42.3 -74.7 -10.6 12.2 8.6 424.6 22.1 9.4 8.1 1059.9 15.4 12.6 51.9 672.5 3.6 9.6 18.7 359.4 -2.9 10.6 49.1 -911.7 30 31 32 33 2763.6 1199.7 1046.9 1073.6 34 34 Net increase in liabilities 2127.1 1747.5 3352.4 3053.7 1520.9 2155.4 2262.0 35 Net interbank liabilities 820.5 -194.5 1129.1 115.0 -503.5 402.9 -1379.1 506.1 -1050.9 -337.0 -1132.2 35 36 37 38 39 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 234.5 404.1 -112.8 184.3 267.7 520.4 7.1 208.6 332.6 409.1 28.9 -384.1 351.1 513.2 9.6 6.3 292.4 407.4 27.6 -3.1 307.4 180.5 30.7 -555.1 369.2 715.3 245.4 200.4 -140.3 836.9 -58.4 -29.2 863.0 -31.5 27.6 -143.4 -268.5 456.2 30.5 240.1 715.6 368.0 110.6 -79.9 36 37 38 39 40 41 42 43 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds -354.5 -68.2 -22.1 -264.2 -316.3 -58.8 -23.8 -233.7 70.0 -48.9 238.3 -119.4 175.0 -37.3 150.3 62.0 146.6 -42.7 204.3 -15.0 315.6 53.8 214.3 47.6 399.8 -150.6 453.1 97.3 -216.8 -123.7 -158.4 65.3 306.1 163.3 215.2 -72.5 271.6 -115.4 327.6 59.5 225.3 -95.1 432.9 -112.4 40 41 42 43 44 45 46 47 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 17.9 63.6 -59.2 13.5 -80.1 -130.4 45.4 4.8 175.9 31.4 136.8 7.8 154.5 14.2 126.6 13.8 20.3 -9.8 17.2 12.9 234.4 50.5 178.4 5.5 91.2 98.7 -37.9 30.4 36.1 35.0 -16.1 17.3 52.2 36.7 9.9 5.6 12.1 -56.1 40.0 28.2 -19.3 -54.8 34.9 0.6 44 45 46 47 48 49 Corporate equities Mutual fund shares 161.6 338.4 155.5 624.9 158.3 638.2 218.3 596.8 207.4 352.9 173.0 572.3 363.7 421.6 297.8 658.5 160.6 464.7 98.2 144.1 273.1 144.3 48 49 50 51 52 Trade payables Life insurance reserves Pension entitlements -3.8 79.9 549.2 -0.0 -12.2 580.1 0.3 29.8 539.5 3.4 55.5 527.0 8.4 66.0 437.2 8.4 55.0 513.0 -7.8 73.1 551.1 5.0 89.1 472.6 17.7 49.0 463.6 2.4 72.2 415.2 8.4 53.5 397.4 50 51 52 53 54 55 56 Taxes payable Equity in noncorporate business Foreign direct investment in U.S. Miscellaneous liabilities 10.7 -2.9 43.4 -243.4 6.9 6.7 5.1 -32.4 17.7 -5.6 31.1 181.5 16.6 2.0 13.6 295.9 -11.5 4.2 33.3 35.3 -10.1 7.0 21.1 -100.7 -0.8 -1.1 7.5 212.5 35.4 -1.1 27.4 244.5 -53.7 -2.7 39.3 37.9 -24.2 25.3 20.2 -111.4 -3.4 -4.5 46.4 -29.8 53 54 55 56 72.2 18.6 -214.7 8.4 -109.4 -352.3 107.8 -296.8 -158.5 -107.2 124.7 57 57 Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.131. Flows 2011 22 Z.1, March 10, 2016 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 7 Federal Reserve float (2) 2015 Q4 Q1 Q2 Q3 Q4 -0.2 -17.5 -0.9 5.7 5.4 12.6 11.8 8.3 11.3 1.1 1.0 1 0.6 0.8 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 2 493.6 9.7 1118.8 481.6 -13.2 291.4 169.7 -10.5 -23.1 0.1 -19.4 3 -0.3 0.0 0.7 0.2 0.0 0.6 0.2 0.0 0.7 0.2 0.0 0.8 0.1 0.0 1.3 0.5 0.0 0.8 0.1 0.0 0.5 0.1 0.0 1.5 0.1 0.0 1.3 0.2 0.0 1.3 0.1 0.0 1.1 4 5 6 0.8 0.1 -0.5 0.4 0.5 -1.6 1.4 -0.8 1.3 1.3 0.2 7 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 -0.0 -0.0 0.0 0.7 0.7 0.0 -0.7 -0.7 0.0 -0.4 -0.4 0.0 0.5 0.5 0.0 0.3 0.3 0.0 -0.5 -0.5 0.0 8 9 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 444.0 0.0 642.0 0.0 642.0 -197.9 -154.5 -43.5 64.5 0.0 2.7 -18.4 21.1 61.8 89.0 -27.2 1086.6 0.0 542.6 0.0 542.6 543.9 563.5 -19.6 480.7 0.0 252.6 0.0 252.6 228.1 246.7 -18.5 5.1 0.0 0.2 0.0 0.2 4.9 10.6 -5.7 299.9 0.0 184.4 0.0 184.4 115.5 130.1 -14.6 173.2 0.0 16.9 0.0 16.9 156.3 161.6 -5.3 21.6 0.0 48.4 0.0 48.4 -26.8 -19.6 -7.2 -11.5 0.0 -8.1 0.0 -8.1 -3.4 0.5 -3.9 17.2 0.0 -16.3 0.0 -16.3 33.5 36.7 -3.2 -6.9 0.0 -23.2 0.0 -23.2 16.3 24.9 -8.6 12 13 14 15 16 17 18 19 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security repurchase agreements 12 13 14 15 16 17 18 19 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 20 21 22 23 24 Loans (depository institution loans n.e.c.) Households (TALF) (5) Brokers and dealers (6) Funding corporations (7) Rest of the world -67.6 -15.7 0.0 -51.9 0.0 -29.9 -8.5 0.0 -21.5 0.0 -0.5 -0.5 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 -0.1 -0.1 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 20 21 22 23 24 25 26 27 28 Corporate equities (8) Miscellaneous assets Nonofficial foreign currencies (9) Other -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 -20.2 -0.5 -19.7 0.0 -8.8 0.5 -9.3 0.0 -4.8 5.2 -9.9 0.0 -32.4 -2.9 -29.5 0.0 -14.8 -0.7 -14.1 0.0 -20.2 0.2 -20.4 0.0 -13.4 1.3 -14.7 25 26 27 28 493.2 9.3 1118.7 480.6 5.3 291.2 168.2 -11.5 -24.3 -0.5 57.7 29 594.2 8.1 -71.2 7.1 758.0 2.6 128.9 2.0 -400.8 -1.4 328.0 4.8 -639.4 -1.5 237.1 8.1 -779.3 5.6 -179.2 1.8 -882.0 -21.2 30 31 -122.1 62.1 139.5 152.2 204.4 206.6 376.0 -440.3 711.6 -82.0 628.5 32 -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 0.0 110.1 0.1 110.0 0.0 75.8 0.1 75.8 0.0 254.4 0.2 254.2 0.0 -491.2 -0.0 -491.2 0.0 621.8 -0.4 622.2 0.0 -222.4 0.4 -222.8 0.0 532.0 0.3 531.7 0.0 33 34 35 36 51.1 -3.2 85.0 -37.4 6.3 86.2 -1.3 1.5 69.5 -5.8 -2.7 99.7 10.9 -0.0 83.5 62.9 -2.8 70.7 -27.0 0.0 148.7 3.0 -0.1 48.0 29.4 0.1 60.3 15.5 3.9 121.0 -4.2 -4.0 104.7 37 38 39 40.2 0.0 40.2 7.3 0.0 7.3 208.7 197.8 11.0 193.9 199.0 -5.0 202.6 77.9 124.7 -185.5 -157.9 -27.6 398.8 386.8 12.0 108.1 -72.9 180.9 85.2 56.4 28.8 331.7 228.0 103.6 285.3 99.9 185.4 40 41 42 -27.2 0.4 -27.5 4.0 0.5 3.5 9.8 0.1 9.7 3.5 1.1 2.4 0.6 0.9 -0.3 -62.7 0.1 -62.8 34.3 1.5 32.7 75.5 1.0 74.5 -47.4 1.2 -48.7 -72.7 0.6 -73.3 47.0 0.7 46.4 43 44 45 -1.2 -18.8 -1.6 3.9 23.3 11.8 9.6 6.7 9.4 -0.2 77.5 46 29 Net increase in liabilities 30 31 Depository institution reserves Vault cash of depository institutions 32 Checkable deposits and currency 33 34 35 36 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 37 38 39 Due to government-sponsored enterprises Due to rest of the world Currency outside banks 40 41 42 Security repurchase agreements Reverse repurchase agreement operations (10) Other 43 44 45 Miscellaneous liabilities Federal Reserve Bank stock Other 46 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) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (8) 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. (9) Reciprocal currency arrangements (swap lines) with foreign central banks. (10) 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). 23 Z.1, March 10, 2016 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid (2) 75.8 6.6 20.9 -27.5 -50.3 -71.3 -18.0 -34.2 -65.2 -25.1 -76.6 1 2 Fixed nonresidential investment 25.1 27.6 24.7 26.5 35.1 27.9 30.9 31.9 33.0 37.2 38.2 2 3 Net lending (+) or net borrowing (-) -14.1 -70.3 45.6 -123.6 37.3 167.0 -212.6 168.4 71.3 58.9 -149.5 3 4 Net acquisition of financial assets 840.5 500.1 993.4 972.1 513.8 837.3 167.3 1427.3 156.0 179.2 292.8 4 5 6 7 Vault cash Reserves at Federal Reserve Federal funds and security repos 8.1 594.2 22.5 7.1 -71.2 112.0 2.6 758.0 -98.0 2.0 128.9 10.6 -1.4 -400.8 25.2 4.8 328.0 -63.7 -1.5 -639.4 -46.4 8.1 237.1 46.9 5.6 -779.3 18.2 1.8 -179.2 -34.6 -21.2 -882.0 70.2 5 6 7 8 9 10 11 12 13 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 138.0 0.0 -46.7 133.6 46.8 4.3 190.4 0.0 86.6 49.7 68.0 -13.8 46.3 0.0 -35.1 42.4 55.1 -16.2 216.7 0.0 195.4 26.2 31.0 -35.9 197.0 0.0 30.9 154.7 47.4 -36.0 239.3 0.0 227.4 75.0 32.4 -95.4 230.3 0.0 194.1 -4.6 38.0 2.9 246.9 0.0 -1.5 198.2 68.2 -18.0 137.8 0.0 67.1 121.9 46.3 -97.4 54.2 0.0 -32.8 38.7 34.6 13.8 348.9 0.0 90.9 260.0 40.3 -42.4 8 9 10 11 12 13 14 15 16 17 18 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 142.9 245.1 0.0 -105.8 3.6 277.2 206.8 0.0 21.7 48.7 260.9 197.0 0.0 -11.0 74.9 578.8 320.1 0.0 149.9 108.8 674.4 282.1 0.0 253.1 139.2 428.1 229.2 0.0 93.9 104.9 630.6 383.6 0.0 148.1 99.0 765.2 437.6 0.0 246.3 81.3 657.5 282.0 0.0 240.5 135.0 553.0 159.9 0.0 229.9 163.3 721.7 248.9 0.0 295.7 177.1 14 15 16 17 18 19 20 Corporate equities Mutual fund shares 0.9 -0.5 -10.5 -0.7 0.8 1.5 0.7 -0.8 2.9 -1.1 1.6 -13.1 4.3 -3.5 -1.7 -2.9 2.2 4.3 2.2 -3.3 8.7 -2.4 19 20 21 Life insurance reserves 5.2 7.4 5.7 5.9 6.5 5.0 6.9 5.2 8.6 5.6 6.6 21 22 23 U.S. direct investment abroad Miscellaneous assets -6.2 -64.8 -1.6 -10.1 0.3 15.4 4.7 24.5 -1.9 13.3 14.2 -106.8 7.0 -21.1 -7.1 129.4 2.6 98.4 -3.0 -217.4 -0.3 42.6 22 23 24 Net increase in liabilities 854.6 570.3 947.8 1095.6 476.5 670.3 379.9 1258.8 84.7 120.3 442.3 24 25 Net interbank liabilities 218.2 -130.3 368.5 -16.0 -101.2 70.1 -738.1 260.9 -277.2 -159.5 -229.0 25 26 27 28 Checkable deposits Small time and savings deposits Large time deposits 356.7 577.4 -173.3 205.6 539.6 -19.2 193.1 307.0 102.1 198.8 365.0 148.2 88.0 514.9 -107.5 100.8 439.7 -259.1 -6.8 172.8 542.5 300.0 992.9 -156.0 151.4 59.6 -91.1 -186.6 406.2 50.0 87.2 600.8 -232.9 26 27 28 29 Federal funds and security repos -27.1 -32.0 -92.8 25.4 -4.0 -81.3 -8.8 -77.4 23.1 -111.5 149.8 29 30 31 32 Debt securities Open market paper Corporate bonds 10.0 7.6 2.4 -115.4 -33.1 -82.3 -102.7 -27.8 -74.9 -17.2 -5.2 -12.0 -9.3 -0.9 -8.4 -16.9 -5.0 -11.9 0.2 -0.9 1.0 -79.4 -21.9 -57.5 4.1 4.3 -0.3 10.4 4.0 6.4 27.9 9.9 17.9 30 31 32 33 Loans (other loans and advances) -62.7 5.5 75.3 66.6 39.6 68.8 47.8 -36.9 99.8 -8.3 103.8 33 34 35 36 Corporate equity issues Taxes payable (net) Foreign direct investment in U.S. 6.4 10.6 26.0 1.6 7.0 -1.9 2.2 0.1 9.5 2.7 15.2 0.7 9.5 -4.4 7.2 2.8 -11.6 -7.1 1.2 12.3 8.2 24.0 19.1 -6.6 2.2 -27.6 18.0 2.2 8.6 1.2 9.5 -17.7 16.2 34 35 36 37 38 39 40 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other -87.6 76.1 -33.7 -130.0 109.8 101.2 -11.8 20.4 85.5 59.2 -2.5 28.8 306.3 195.9 -20.3 130.7 43.8 38.1 2.2 3.5 364.2 108.0 28.1 228.1 348.7 295.8 -98.5 151.4 18.4 -81.7 -27.9 128.0 122.5 115.4 51.6 -44.5 107.5 76.7 -3.1 33.9 -73.1 42.0 -11.9 -103.3 37 38 39 40 64.8 49.3 -49.4 69.6 -122.7 -266.2 163.7 -234.5 -169.5 -121.1 34.6 41 -0.1 0.4 1.5 0.7 -0.6 1.1 0.1 0.1 -0.1 -1.4 -1.2 42 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.5, line 54. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. Flows 2011 24 Z.1, March 10, 2016 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid (1) 62.7 -8.9 5.0 -44.5 -67.4 -88.4 -35.3 -51.1 -82.4 -42.2 -93.9 1 2 Fixed nonresidential investment 20.1 21.8 18.7 19.6 28.0 20.9 23.9 24.9 25.9 30.0 31.1 2 3 Net acquisition of financial assets 322.7 472.6 635.0 845.5 578.8 752.2 730.5 1392.1 -1.4 182.0 742.6 3 4 5 6 Vault cash Reserves at Federal Reserve Federal funds and security repos 8.1 222.9 -25.0 7.1 -0.2 60.1 2.5 454.4 -87.2 2.0 190.7 -30.4 -1.4 -207.9 24.8 4.9 285.2 -25.8 -1.6 130.0 -43.9 8.2 247.4 120.2 5.6 -798.4 -24.8 1.8 -108.1 13.6 -21.2 -172.5 -10.0 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Debt securities 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 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 108.3 0.0 -43.7 106.9 63.8 4.8 80.3 9.8 -51.8 42.6 2.5 -3.1 -2.5 -22.0 2.7 27.3 163.6 0.0 69.3 35.5 18.6 8.6 -10.8 21.0 -2.0 67.8 -9.0 15.3 0.4 -20.8 4.1 -8.0 90.7 0.0 -26.1 47.7 40.8 8.5 -23.6 23.9 -1.9 53.8 15.2 9.9 -1.2 -14.6 4.6 16.5 241.5 0.0 203.3 43.0 26.2 12.2 13.0 14.6 -23.0 32.7 -37.4 -6.0 -2.5 -5.6 5.4 -28.8 214.4 0.0 14.8 164.4 149.9 19.1 -0.1 15.3 -19.7 47.4 -12.2 -8.0 -2.5 -12.0 10.6 -0.3 265.6 0.0 226.6 89.0 53.4 15.2 14.0 15.2 -8.8 32.5 -82.4 -7.4 -4.3 -11.5 7.0 -66.2 285.2 0.0 227.9 8.4 18.0 4.0 -0.7 19.8 -32.7 42.5 6.4 -4.2 -0.9 -8.7 13.8 6.3 284.9 0.0 -4.1 218.8 178.2 14.0 19.2 8.8 -1.4 67.4 2.8 -6.1 -1.7 -11.0 13.3 8.2 202.2 0.0 58.0 121.9 137.7 13.9 -27.3 8.4 -10.9 46.1 -23.8 -6.5 -5.6 -7.4 8.4 -12.6 34.2 0.0 -22.3 64.1 76.6 17.7 -4.9 14.9 -40.1 35.1 -42.7 -9.9 -2.0 -11.2 7.5 -27.1 336.2 0.0 27.5 253.0 207.3 30.6 12.5 28.9 -26.4 40.9 14.9 -9.6 -0.8 -18.4 13.4 30.2 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 77.5 175.8 0.0 -105.3 7.1 258.5 216.8 0.0 13.7 28.1 170.7 144.3 0.0 -26.6 52.9 439.2 249.8 0.0 117.9 71.5 527.1 214.1 0.0 212.7 100.2 319.4 185.0 0.0 60.6 73.7 426.8 252.6 0.0 116.6 57.6 604.0 328.8 0.0 231.3 43.9 505.1 225.6 0.0 190.2 89.4 424.7 124.7 0.0 172.7 127.3 574.4 177.5 0.0 256.5 140.3 23 24 25 26 27 28 29 Corporate equities Mutual fund shares 1.0 -0.8 -10.5 -1.1 0.8 1.6 0.7 -0.7 2.9 -0.9 1.6 -12.8 4.3 -3.6 -1.7 -2.5 2.2 3.8 2.2 -3.3 8.7 -1.6 28 29 30 31 32 Life insurance reserves U.S. direct investment abroad Miscellaneous assets 5.2 -6.2 -68.5 7.4 -1.6 -10.7 5.7 0.3 -4.6 5.9 4.7 -8.1 6.5 -1.9 15.4 5.0 14.2 -105.0 6.9 7.0 -80.6 5.2 -7.1 133.4 8.6 2.6 91.6 5.6 -3.0 -185.7 6.6 -0.3 22.3 30 31 32 369.7 536.8 632.4 980.9 529.7 707.2 932.4 1325.5 -127.0 100.6 819.8 33 -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 54.2 0.4 0.1 -45.3 99.0 -52.4 0.5 -0.0 -16.9 -36.0 298.2 -1.6 0.7 4.7 294.4 -239.9 1.4 -0.7 -220.9 -19.7 336.6 -0.8 -0.4 222.3 115.5 -487.2 1.3 0.5 -125.3 -363.7 -252.4 1.3 0.3 -101.5 -152.5 193.2 0.2 -0.5 -63.2 256.7 34 35 36 37 38 33 Net increase in liabilities 34 35 36 37 38 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 39 40 41 42 Checkable deposits Federal government Private domestic Rest of the world 319.4 -2.7 296.5 25.6 176.2 0.3 180.1 -4.2 148.2 0.3 148.6 -0.7 136.2 0.9 133.2 2.1 50.3 -0.2 67.1 -16.6 108.6 1.7 121.9 -15.0 -145.6 0.9 -149.8 3.3 220.1 -0.6 224.8 -4.0 104.1 -0.1 124.3 -20.1 -154.6 0.8 -108.7 -46.6 31.7 -0.6 28.1 4.2 39 40 41 42 43 44 45 Small time and savings deposits Large time deposits Federal funds and security repos 537.1 -13.2 -81.5 491.5 -9.1 -52.6 256.7 23.9 -80.5 343.8 102.5 -33.2 462.2 21.9 -39.4 397.4 -354.1 -88.0 150.9 718.5 -55.0 834.5 32.2 -30.1 146.0 -104.3 -9.8 323.8 173.7 -81.2 544.4 -14.2 -36.4 43 44 45 46 47 48 Debt securities Open market paper Corporate bonds 10.0 7.6 2.4 -115.4 -33.1 -82.3 -102.7 -27.8 -74.9 -17.2 -5.2 -12.0 -9.3 -0.9 -8.4 -16.9 -5.0 -11.9 0.2 -0.9 1.0 -79.4 -21.9 -57.5 4.1 4.3 -0.3 10.4 4.0 6.4 27.9 9.9 17.9 46 47 48 49 Loans (other loans and advances) -60.9 4.7 73.4 58.2 30.3 56.1 38.8 -35.0 79.8 -28.0 104.5 49 50 51 52 53 54 Corporate equity issues Taxes payable (net) Miscellaneous liabilities Investment by holding companies Other 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 15.2 318.5 195.9 122.5 9.5 -4.4 61.0 38.1 22.9 2.8 -11.6 314.6 108.0 206.6 1.2 12.3 451.1 295.8 155.3 24.0 19.1 3.4 -81.7 85.1 2.2 -27.6 165.8 115.4 50.4 2.2 8.6 98.1 76.7 21.4 9.5 -17.7 -23.1 42.0 -65.1 50 51 52 53 54 89.6 33.5 -16.3 71.3 -144.5 -154.4 142.7 -142.6 -233.9 -153.6 -47.8 55 -0.1 0.4 1.5 0.7 -0.6 1.1 0.1 0.1 -0.1 -1.4 -1.2 56 55 Discrepancy Memo: 56 Consumer leases not included above (2) (1) Net capital transfers paid from table F.5, 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. 25 Z.1, March 10, 2016 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving 2.9 3.3 4.1 4.4 4.5 4.4 4.5 4.4 4.4 4.5 4.6 1 2 Fixed nonresidential investment 2.4 3.0 3.3 3.8 3.9 3.9 3.9 3.9 3.9 4.0 4.0 2 3 Net acquisition of financial assets 468.1 -15.8 316.5 56.3 -142.0 58.3 -695.6 -49.7 102.1 -58.6 -561.6 3 0.0 360.2 0.0 -72.2 0.0 309.3 0.0 -59.3 -0.0 -198.4 -0.1 76.7 0.1 -796.0 -0.2 -65.8 -0.0 57.6 0.0 -62.2 0.0 -723.2 4 5 4 5 Vault cash Reserves at Federal Reserve 6 Federal funds and security repos 31.7 58.2 -1.2 41.1 0.4 -37.8 -2.5 -73.4 43.0 -48.2 80.1 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2.2 0.0 -0.5 4.0 0.0 -1.4 11.4 0.0 16.1 1.5 0.0 -6.2 -50.4 0.0 -9.6 -6.7 0.0 -34.1 -14.5 0.0 -10.5 -4.9 0.0 0.9 -9.0 0.0 13.3 2.6 0.0 -24.9 -30.3 0.0 -20.7 -1.9 0.0 -7.7 -21.9 0.0 -15.5 0.1 0.0 -6.4 -33.9 0.0 -3.2 -4.7 0.0 -25.9 -50.0 0.0 6.2 15.9 0.0 -72.0 37.9 0.0 -10.4 -9.3 0.0 57.6 10.0 0.0 60.7 8.6 0.0 -59.2 7 8 9 10 11 12 13 14 15 16 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 59.1 61.7 0.0 -2.6 -12.9 -11.0 0.0 -1.9 45.7 46.3 0.0 -0.6 74.7 67.4 0.0 7.3 78.1 64.4 0.0 13.8 40.9 35.8 0.0 5.1 136.0 127.7 0.0 8.3 105.7 106.3 0.0 -0.6 75.2 61.0 0.0 14.2 49.6 26.9 0.0 22.7 81.9 63.1 0.0 18.8 13 14 15 16 17 18 Corporate equities Miscellaneous assets -0.0 15.0 0.0 -0.3 0.0 13.1 0.0 14.4 0.0 -13.0 0.0 8.8 0.0 -11.3 0.0 17.8 0.0 -23.7 0.0 -35.6 0.0 -10.5 17 18 19 Net increase in liabilities 469.0 -5.1 268.7 56.2 -123.7 -56.7 -670.5 -140.1 158.7 -24.2 -489.0 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks 504.6 518.8 -14.2 -1.9 -51.2 49.3 175.1 159.2 15.9 -70.3 -68.4 -1.9 -52.1 -57.0 5.0 -220.1 -238.3 18.2 -504.4 -496.6 -7.8 -123.3 -141.8 18.5 250.7 255.0 -4.3 109.5 91.9 17.6 -445.2 -433.3 -11.8 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 23.7 13.2 -163.1 16.2 13.8 -16.2 30.8 27.7 71.1 45.2 -5.9 39.7 16.4 13.0 -134.4 -0.0 9.4 91.3 94.4 -20.5 -192.2 46.7 167.5 -188.3 46.9 -150.5 6.4 -33.4 32.3 -129.7 5.3 2.7 -225.8 23 24 25 26 27 Federal funds and security repos Debt securities (open market paper) (2) 54.4 0.0 20.6 0.0 -12.3 0.0 58.6 0.0 35.3 0.0 6.7 0.0 46.2 0.0 -47.4 0.0 32.9 0.0 -30.3 0.0 186.1 0.0 26 27 28 Foreign direct investment in U.S. 26.0 -1.9 9.5 0.7 7.2 -7.1 8.2 -6.6 18.0 1.2 16.2 28 29 30 31 Miscellaneous liabilities Investment by funding corporations Other 10.1 -33.7 43.8 -35.7 -11.8 -23.9 -33.2 -2.5 -30.7 -11.7 -20.3 8.6 -9.1 2.2 -11.3 63.2 28.1 35.0 -102.2 -98.5 -3.7 11.3 -27.9 39.2 -45.8 51.6 -97.4 26.2 -3.1 29.3 -28.3 -11.9 -16.4 29 30 31 1.4 11.0 -47.0 0.4 18.8 -114.4 25.6 -90.0 57.1 34.9 73.3 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). (2) Bankers’ acceptances. Flows 2011 26 Z.1, March 10, 2016 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 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 -4.1 0.0 8.8 7.3 -3.4 -11.8 43.7 -24.5 20.5 -6.0 -3.7 3 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -3.5 -0.0 -8.0 0.9 3.6 -2.6 -0.6 -2.2 -0.8 1.0 1.5 0.7 -0.8 0.9 0.6 -1.2 0.2 -0.1 -0.9 -0.4 0.8 1.1 0.1 -0.6 0.2 -0.8 1.7 -0.0 -0.3 -2.3 -1.1 0.3 -0.2 0.3 -1.4 -0.2 0.6 -1.0 0.2 0.1 1.5 1.4 1.4 -1.0 -0.3 -0.0 1.5 0.0 -1.1 -0.5 1.9 0.8 -0.0 -0.4 1.6 4 5 6 7 8 9 10 11 12 Loans Depository institution loans n.e.c. Home mortgages Commercial mortgages -1.4 1.1 -2.4 -0.1 2.5 1.0 2.3 -0.8 -1.2 1.3 -1.1 -1.4 -4.3 -2.3 -1.5 -0.5 -5.8 -2.0 -1.5 -2.2 -6.2 -2.8 -2.7 -0.6 -3.6 -1.3 -1.0 -1.3 -16.1 -5.7 -3.6 -6.7 -3.4 -0.5 -0.8 -2.1 -2.6 -1.6 -0.8 -0.2 -1.0 -0.1 -0.9 0.0 9 10 11 12 13 Miscellaneous assets 0.8 0.2 8.6 12.8 1.5 -4.8 48.4 -8.2 22.4 -3.4 -4.6 13 -3.1 -0.1 8.5 7.1 -3.4 -14.8 41.9 -21.2 22.2 -9.8 -4.7 14 4 5 6 7 8 14 Net increase in liabilities 15 16 17 18 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -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 0.2 1.6 -1.5 -1.5 2.6 -3.3 -1.9 -1.9 -0.5 22.5 9.9 9.9 -1.7 -1.7 -7.2 -7.2 -1.9 11.2 4.9 4.9 3.2 -1.6 -2.2 -2.2 1.4 -1.4 -1.3 -1.3 15 16 17 18 19 Miscellaneous liabilities -3.9 -2.0 -3.0 -1.6 -2.3 -10.5 0.2 -3.4 3.2 -7.0 -2.0 19 1.0 -0.1 -0.3 -0.2 0.1 -3.0 -1.8 3.3 1.8 -3.8 -0.9 20 20 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 10.1 12.0 11.8 12.5 12.5 12.6 12.7 12.4 12.7 12.5 12.6 1 2 Fixed nonresidential investment 2.5 2.8 2.6 3.0 3.1 3.0 3.0 3.0 3.1 3.1 3.1 2 3 Net acquisition of financial assets 53.8 43.3 33.2 63.0 80.4 38.7 88.6 109.3 34.9 61.8 115.6 3 4 5 Reserves at Federal Reserve Federal funds and security repos 11.1 15.9 1.2 -6.2 -5.7 -9.6 -2.5 -0.0 5.5 0.0 -33.9 -0.1 26.6 0.0 55.6 0.0 -38.4 0.0 -8.9 0.0 13.8 0.0 4 5 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 31.0 0.0 -2.5 30.6 3.2 -0.3 17.9 0.0 1.7 14.9 1.0 0.3 4.6 0.0 -0.2 2.2 0.3 2.2 -9.0 0.0 2.5 -11.7 -0.8 1.0 -9.2 0.0 1.8 -12.4 0.6 0.9 4.8 0.0 19.7 -12.1 0.2 -3.0 -31.9 0.0 -18.6 -12.9 -4.8 4.3 -3.9 0.0 5.3 -14.9 0.7 5.1 -15.8 0.0 1.4 -17.2 1.2 -1.2 -17.8 0.0 -1.6 -16.1 0.6 -0.7 0.7 0.0 2.0 -1.5 -0.2 0.4 6 7 8 9 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Home mortgages Consumer credit 7.6 6.6 4.5 -3.4 29.1 0.1 8.3 20.6 45.6 5.1 18.6 21.9 69.2 5.1 26.9 37.2 75.0 5.6 30.4 39.0 74.0 11.3 31.5 31.2 71.4 4.5 25.5 41.4 71.6 8.3 25.9 37.4 80.5 -4.1 39.0 45.6 81.3 9.9 35.4 36.0 66.4 8.3 21.3 36.8 12 13 14 15 16 17 Mutual fund shares Miscellaneous assets 0.3 -12.1 0.4 0.8 -0.1 -1.6 -0.1 5.3 -0.2 9.3 -0.3 -5.8 0.1 22.4 -0.4 -13.6 0.5 8.0 -0.0 7.2 -0.8 35.5 16 17 18 Net increase in liabilities 19.0 38.8 38.2 51.5 73.9 34.7 76.1 94.8 30.8 53.7 116.2 18 19 Net interbank liabilities -21.9 -13.8 2.2 0.7 3.1 -10.7 6.7 49.3 -38.8 -19.8 21.6 19 20 21 22 23 Shares/deposits Checkable Small time and savings Large time 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 67.3 19.7 41.2 6.4 35.8 -4.5 34.7 5.6 60.8 21.9 32.5 6.3 40.2 34.9 -2.0 7.2 50.4 -10.8 59.3 1.9 63.6 3.1 52.4 8.1 115.1 51.5 55.1 8.5 20 21 22 23 24 25 Federal funds and security repos Loans (other loans and advances) 0.0 -1.8 0.0 0.8 0.0 1.9 0.0 8.4 0.0 9.3 0.0 12.6 0.0 9.0 0.1 -1.9 0.0 20.0 -0.0 19.7 -0.0 -0.7 24 25 26 Miscellaneous liabilities 1.1 0.4 1.5 1.2 -5.8 -3.1 -0.4 7.1 -0.7 -9.8 -19.8 26 -27.2 4.8 14.2 -2.0 2.9 5.6 -2.8 -5.2 5.5 1.3 10.1 27 27 Discrepancy 27 Z.1, March 10, 2016 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid (1) 31.2 45.2 55.4 50.9 43.7 47.9 57.3 36.5 46.5 46.1 45.6 1 2 Fixed nonresidential investment 16.7 19.1 21.4 22.9 23.8 23.2 23.3 23.5 23.7 23.9 24.0 2 3 Net acquisition of financial assets 27.4 26.4 40.2 33.3 24.8 58.7 22.1 7.7 16.1 53.6 21.8 3 4 5 Checkable deposits and currency Money market fund shares -8.5 -5.6 12.3 2.2 -6.7 -2.2 5.9 -1.9 -1.0 -0.4 3.5 1.5 -0.4 -4.3 -0.6 -0.3 -20.1 -1.0 15.3 1.5 1.3 -1.9 4 5 6 Security repurchase agreements -1.4 -0.8 0.0 -0.1 0.2 0.1 -0.4 0.4 -0.1 0.5 0.0 6 35.4 0.9 4.6 6.9 -17.4 40.4 0.3 -1.4 -6.7 -8.4 -2.9 19.6 28.6 0.7 6.4 -4.9 -1.7 28.1 13.8 -0.1 5.9 -4.2 -4.7 17.0 6.6 0.0 1.2 0.7 1.7 3.0 39.7 1.3 12.1 -1.9 2.2 26.0 18.8 -1.2 3.4 -3.1 -1.6 21.3 -17.0 -0.1 -1.8 -1.9 -5.7 -7.6 14.0 -0.4 -0.2 1.8 5.5 7.3 14.0 0.7 3.1 1.3 3.8 5.1 15.4 0.0 3.7 1.4 3.2 7.1 7 8 9 10 11 12 0.8 0.7 2.3 2.0 2.0 2.3 2.4 1.9 2.0 2.3 2.0 13 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 Loans (commercial mortgages) 14 15 Corporate equities Mutual fund shares 2.9 -0.7 4.6 1.8 3.7 1.0 2.6 1.4 1.6 2.4 3.7 1.3 16.8 1.6 -2.4 2.4 -5.2 2.4 8.4 2.4 5.5 2.5 14 15 16 17 18 Trade receivables U.S. direct investment abroad Miscellaneous assets (equity in FHLB) 3.4 1.1 -0.0 4.8 0.4 0.0 3.3 10.2 0.1 5.5 4.0 0.0 6.8 6.6 0.0 -2.0 8.6 0.0 -10.3 -2.3 -0.0 21.3 2.1 0.0 12.9 11.2 0.1 5.5 3.6 -0.0 -12.4 9.4 0.0 16 17 18 19.7 -20.7 22.9 -1.0 -12.2 17.3 -27.2 -31.1 -6.4 -10.6 -0.6 19 1.7 -1.0 -0.6 -0.4 0.4 -0.6 -0.3 0.4 0.0 0.6 0.5 20 19 Net increase in liabilities 20 Security repurchase agreements 21 Corporate equity issues -10.7 -14.5 -7.6 -16.9 -19.9 -22.2 -17.9 -19.4 -20.5 -23.8 -16.0 21 22 Loans (other loans and advances) 0.1 0.4 0.8 0.1 0.4 0.3 0.1 0.2 0.8 -0.1 0.9 22 23 24 Taxes payable (net) Foreign direct investment in U.S. -4.4 -2.2 3.8 -8.2 19.1 11.5 1.9 -0.5 -6.3 -1.8 3.0 10.0 0.4 -3.8 1.4 -2.5 -18.9 -1.2 -23.4 -5.1 15.6 1.8 23 24 25 26 27 Miscellaneous liabilities Investment by parent companies Policy payables 35.2 0.0 35.2 -1.0 -6.8 5.8 -0.3 -6.0 5.7 14.8 0.1 14.7 15.0 -0.8 15.8 26.8 -0.2 27.1 -5.8 0.9 -6.6 -11.2 -5.5 -5.6 33.5 2.8 30.7 41.2 0.8 40.4 -3.4 -1.1 -2.2 25 26 27 6.7 -20.9 16.8 -6.2 -17.0 -16.7 -15.3 -25.8 0.3 -42.0 -0.7 28 28 Discrepancy (1) Net capital transfers paid from table F.5, line 51. Flows 2011 28 Z.1, March 10, 2016 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving 7.2 13.4 7.2 10.7 13.2 12.6 13.6 14.6 13.0 12.7 12.4 1 2 Fixed nonresidential investment 12.3 14.0 15.4 16.5 17.1 16.7 16.8 17.0 17.1 17.2 17.3 2 3 Net acquisition of financial assets 229.0 127.0 102.7 213.4 197.9 143.6 239.5 275.6 14.8 312.5 188.8 3 4 5 Checkable deposits and currency Money market fund shares 2.0 7.9 2.7 -1.4 -9.2 -5.9 3.6 6.1 -0.4 1.5 15.1 6.4 -8.5 20.5 -2.2 -4.5 -28.0 -7.5 43.2 17.7 -14.7 0.4 4 5 6 Security repurchase agreements -4.7 2.1 -5.3 0.4 4.1 0.5 -13.2 9.2 -0.5 1.1 6.7 6 102.5 -11.2 18.8 -1.6 9.4 87.1 60.6 13.9 5.5 -13.5 9.7 45.0 55.1 3.2 -12.2 -6.8 10.1 60.8 70.2 -4.6 14.3 -15.0 6.2 69.3 80.9 0.4 13.7 -0.1 4.1 62.8 56.9 -11.0 13.6 -15.8 6.8 63.2 13.3 4.1 16.2 -21.5 3.3 11.3 115.2 16.7 41.5 -2.1 1.3 57.8 65.5 -4.7 -8.9 15.3 3.5 60.4 101.0 7.5 16.4 -1.9 5.5 73.5 41.9 -18.0 5.7 -11.5 6.2 59.6 7 8 9 10 11 12 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 14 15 Loans Other loans and advances Mortgages 22.9 7.9 15.0 13.7 1.8 11.9 22.3 3.5 18.8 29.5 8.0 21.6 32.5 1.8 30.6 30.3 10.4 19.9 40.2 7.9 32.3 31.7 3.8 27.9 30.2 -6.3 36.5 35.6 3.0 32.6 32.4 6.8 25.5 13 14 15 16 17 Corporate equities Mutual fund shares 33.2 5.6 16.1 0.4 13.7 1.1 28.1 1.3 44.1 1.3 2.5 1.3 9.4 1.3 44.1 1.3 45.1 1.3 45.6 1.3 41.6 1.3 16 17 18 U.S. direct investment abroad 3.3 5.9 2.9 2.2 3.0 4.0 3.3 7.5 5.4 -3.1 2.0 18 19 20 21 22 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 56.4 -0.7 -0.4 57.5 26.8 0.0 0.6 26.2 28.0 0.8 3.0 24.2 71.9 0.1 1.2 70.7 31.0 0.1 2.2 28.7 26.7 0.1 -2.6 29.3 173.2 -0.2 -2.0 175.4 73.3 0.5 4.6 68.2 -96.8 0.6 3.2 -100.6 70.1 -0.5 -1.6 72.3 77.3 -0.3 2.6 75.0 19 20 21 22 203.7 90.4 87.1 174.4 195.6 119.2 180.8 232.6 43.3 313.2 193.3 23 1.9 2.3 6.5 1.0 0.9 -2.6 -2.6 1.0 1.2 -0.1 1.5 24 -11.5 -9.9 -9.2 -14.9 -9.9 -17.6 -16.0 -22.5 -3.7 -7.5 -6.0 25 23 Net increase in liabilities 24 Security repurchase agreements 25 Corporate equity issues 26 Loans (other loans and advances) 1.5 3.2 2.0 1.8 5.9 1.3 2.1 8.6 7.4 4.2 3.5 26 27 28 Life insurance reserves Pension entitlements (2) 79.9 95.0 -12.2 76.4 29.8 76.6 55.5 92.8 66.0 88.5 55.0 82.5 73.1 86.3 89.1 41.1 49.0 72.4 72.2 156.5 53.5 83.8 27 28 29 30 Taxes payable (net) Foreign direct investment in U.S. 5.2 -5.4 -4.6 2.4 -2.3 0.9 -1.9 5.8 -0.3 5.5 -3.4 15.8 -8.3 -0.1 10.0 28.4 -5.6 2.8 -8.9 -0.5 3.3 -8.6 29 30 31 32 33 34 35 36 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (3) Other reserves (4) Unallocated insurance contracts Other 37.2 9.3 -8.5 14.8 11.4 10.1 32.9 10.3 -0.4 -1.8 1.0 23.7 -17.2 3.4 -8.4 0.4 -11.4 -1.1 34.4 0.8 9.2 5.8 -8.9 27.5 39.0 0.5 1.6 8.9 2.2 25.8 -11.8 -0.3 20.4 1.7 -11.6 -22.0 46.2 0.2 12.6 -6.2 12.4 27.3 76.9 1.1 6.2 13.9 19.8 35.9 -80.3 0.2 -5.9 2.2 1.6 -78.4 97.3 0.9 -12.2 19.8 -44.2 132.9 62.3 -0.2 18.3 -0.2 31.6 12.7 31 32 33 34 35 36 -30.3 -37.2 -23.8 -44.8 -6.3 -28.6 -61.9 -45.3 24.4 -3.8 -0.4 37 37 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 35. (3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. 29 Z.1, March 10, 2016 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 176.4 56.5 84.6 155.6 83.2 120.7 211.0 -79.0 9.1 266.1 136.7 1 2 3 Checkable deposits and currency Money market fund shares 3.0 7.9 1.4 -1.4 -4.8 -5.9 3.5 6.1 -0.9 1.5 14.9 6.4 -8.7 20.5 -4.1 -4.5 -27.6 -7.5 43.2 17.7 -15.1 0.4 2 3 4 Security repurchase agreements -4.7 2.1 -5.3 0.4 4.1 0.5 -13.2 9.2 -0.5 1.1 6.7 4 98.7 -12.6 10.3 -1.5 9.2 93.3 22.9 15.9 1.3 -4.9 9.0 1.6 49.7 1.4 -11.3 -6.6 9.2 57.0 71.0 -6.0 9.1 -3.3 5.3 66.0 37.4 -1.5 3.4 -0.4 2.4 33.6 58.4 -12.4 8.8 -3.9 5.9 60.0 12.1 2.6 10.0 -10.7 2.4 7.8 -46.1 13.5 5.9 -15.4 -2.9 -47.1 63.9 -4.7 -9.3 16.3 3.3 58.4 98.7 5.9 9.7 8.6 4.6 69.9 33.1 -20.6 7.2 -11.1 4.6 53.0 5 6 7 8 9 10 23.7 7.9 15.8 15.0 1.9 13.1 20.4 3.5 16.9 28.1 8.0 20.2 18.7 -3.1 21.7 28.8 10.4 18.5 38.7 7.9 30.8 -20.3 -15.5 -4.8 30.3 -6.3 36.6 34.0 2.9 31.1 30.7 6.7 24.1 11 12 13 0.3 0.7 -2.5 0.2 0.8 -0.2 5.5 0.0 3.8 0.0 1.3 0.0 9.2 0.0 3.8 0.0 4.9 0.0 5.3 0.0 1.2 0.0 14 15 3.3 43.7 5.9 12.8 2.9 27.0 2.2 38.7 3.0 15.6 4.0 6.3 3.3 149.1 7.5 -24.6 5.4 -59.8 -3.1 69.1 2.0 77.5 16 17 151.2 17.8 68.7 116.0 80.9 96.3 151.6 -121.8 37.5 267.0 140.9 18 1.9 2.3 6.5 1.0 0.9 -2.6 -2.6 1.0 1.2 -0.1 1.5 19 -11.5 -9.9 -9.2 -14.9 -9.9 -17.6 -16.0 -22.5 -3.7 -7.5 -6.0 20 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Loans Other loans and advances Mortgages 14 15 Corporate equities Mutual fund shares 16 17 U.S. direct investment abroad Miscellaneous assets 18 Net increase in liabilities 19 Security repurchase agreements 20 Corporate equity issues 21 Loans (other loans and advances) 1.5 3.2 2.0 1.8 5.9 1.3 2.1 8.6 7.4 4.2 3.5 21 22 23 Life insurance reserves Pension entitlements (1) 73.0 46.5 -6.2 5.6 28.3 54.2 46.1 49.5 26.6 34.8 45.6 42.9 63.8 43.8 -58.1 -108.8 48.7 63.1 68.5 130.1 47.3 54.9 22 23 24 25 Taxes payable (net) Foreign direct investment in U.S. 5.2 -5.4 -4.6 2.4 -2.3 0.9 -1.9 5.8 -0.3 5.5 -3.4 15.8 -8.3 -0.1 10.0 28.4 -5.6 2.8 -8.9 -0.5 3.3 -8.6 24 25 26 Miscellaneous liabilities 40.0 25.0 -11.8 28.6 17.3 14.2 68.8 19.6 -76.4 81.3 44.8 26 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 26). F.116.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 52.6 70.5 18.1 57.8 114.7 23.0 28.5 354.6 5.6 46.4 52.2 1 2 Checkable deposits and currency -0.9 1.3 -4.4 0.2 0.5 0.2 0.2 1.9 -0.3 -0.0 0.4 2 3 4 5 6 7 8 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3.8 1.4 8.5 -0.0 0.2 -6.2 37.7 -2.0 4.2 -8.5 0.7 43.3 5.4 1.8 -0.9 -0.2 0.9 3.8 -0.9 1.5 5.2 -11.7 0.9 3.3 43.5 1.8 10.3 0.4 1.7 29.3 -1.5 1.5 4.8 -11.9 0.9 3.2 1.2 1.5 6.1 -10.9 0.9 3.5 161.3 3.2 35.5 13.4 4.3 104.9 1.6 0.0 0.4 -1.0 0.2 2.0 2.3 1.5 6.7 -10.5 0.9 3.6 8.8 2.6 -1.6 -0.4 1.6 6.6 3 4 5 6 7 8 9 10 11 Loans Other loans and advances Mortgages -0.8 -0.0 -0.8 -1.3 -0.1 -1.1 1.9 0.0 1.9 1.4 0.0 1.4 13.8 4.9 8.9 1.4 0.0 1.4 1.5 0.0 1.5 52.0 19.2 32.8 -0.1 0.1 -0.1 1.6 0.1 1.5 1.6 0.2 1.4 9 10 11 12 13 Corporate equities Mutual fund shares 32.9 4.9 18.6 0.3 12.9 1.3 22.6 1.3 40.3 1.3 1.2 1.3 0.2 1.3 40.3 1.3 40.3 1.3 40.3 1.3 40.3 1.3 12 13 14 Miscellaneous assets 12.7 13.9 1.0 33.3 15.4 20.4 24.2 97.9 -37.0 1.0 -0.2 14 15 Net increase in liabilities 52.5 72.7 18.5 58.4 114.7 22.9 29.2 354.4 5.8 46.1 52.4 15 16 17 18 Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 6.9 48.5 -2.8 -5.9 70.7 7.8 1.4 22.4 -5.4 9.4 43.3 5.8 39.4 53.6 21.7 9.4 39.6 -26.0 9.4 42.5 -22.7 147.2 149.9 57.3 0.3 9.4 -3.9 3.8 26.4 16.0 6.1 28.8 17.4 16 17 18 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 18). Flows 2011 30 Z.1, March 10, 2016 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 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 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 3 Net acquisition of financial assets (2) 454.3 503.6 462.7 433.9 348.5 430.2 464.5 431.2 390.9 258.4 313.4 3 4 5 Checkable deposits and currency Time and savings deposits 6.0 3.5 -1.7 -7.0 -0.5 7.4 1.2 4.6 1.5 6.0 0.3 3.0 -2.0 5.4 2.6 11.5 -1.6 7.1 0.9 -2.6 4.1 8.1 4 5 6 7 Money market fund shares Security repurchase agreements 17.2 0.1 -20.8 -0.6 16.0 0.6 -3.8 0.5 7.6 0.5 -1.1 0.3 0.7 0.7 6.5 1.2 2.0 0.6 7.2 -0.5 14.7 0.6 6 7 181.3 4.3 144.3 -35.9 -0.5 69.2 200.3 -8.5 129.3 -21.7 0.3 100.9 284.8 8.9 119.7 -4.7 1.5 159.4 154.5 6.0 87.4 -15.6 1.1 75.5 122.6 6.2 87.0 -14.7 -1.4 45.5 214.0 5.5 101.1 -20.8 1.6 126.6 111.0 3.7 59.9 -27.2 3.1 71.4 -209.7 19.2 -303.9 -14.6 -5.3 94.9 -459.2 9.6 -467.5 -18.9 7.7 9.8 -420.3 -7.5 -376.5 -23.0 -7.8 -5.5 1579.4 3.3 1496.1 -2.3 -0.3 82.7 8 9 10 11 12 13 8 9 10 11 12 13 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 14 Loans (mortgages) -5.2 0.2 -1.2 -0.1 -4.1 0.8 -3.2 -11.8 -1.0 -3.2 -0.6 14 15 16 Corporate equities Mutual fund shares -139.4 13.7 -100.3 62.9 -354.0 139.0 -184.5 126.4 -112.2 -18.8 -85.9 101.1 -125.3 146.7 -38.7 35.5 -82.0 14.6 -71.3 -73.0 -256.8 -52.4 15 16 17 18 19 20 21 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 377.1 11.4 3.0 317.7 45.0 370.6 1.0 -12.3 350.9 30.9 370.6 -11.4 -2.5 346.1 38.5 335.2 -8.9 -1.1 314.1 31.1 345.5 2.2 2.8 316.6 23.9 197.6 -11.6 1.5 196.5 11.3 330.3 12.4 -2.0 317.2 2.7 634.0 19.8 6.7 560.8 46.7 910.4 1.6 1.1 890.5 17.1 821.4 -44.2 -0.1 857.6 8.0 -983.7 31.6 3.4 -1042.4 23.7 17 18 19 20 21 454.2 503.7 462.9 434.3 348.8 430.5 464.8 431.5 391.2 258.7 313.6 22 913.6 351.9 102.4 380.0 79.2 815.2 321.8 181.8 261.0 50.6 755.4 287.7 175.0 234.5 58.2 756.3 267.7 166.2 244.6 77.8 ND 266.4 82.1 83.0 ND 881.0 267.7 162.5 370.1 80.7 555.2 266.8 197.7 29.7 61.1 715.5 265.8 165.4 256.1 28.2 514.8 267.1 123.8 54.6 69.3 444.4 266.3 -7.9 10.6 175.3 ND 266.2 47.1 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) Includes both marketable and nonmarketable government securities. (4) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (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.227 for a sectoral distribution of IRA accounts. (9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 26. 31 Z.1, March 10, 2016 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 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 0.1 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 (2) 140.7 194.4 148.7 136.2 37.6 123.0 154.3 115.4 76.7 -34.1 -7.4 3 4 5 Checkable deposits and currency Time and savings deposits 5.6 1.6 -1.7 -3.9 -0.5 4.9 0.5 0.1 1.4 3.0 -0.4 -2.7 -0.4 -0.2 1.6 3.3 -0.7 1.8 1.5 2.5 3.2 4.3 4 5 6 7 Money market fund shares Security repurchase agreements 16.5 0.0 -17.1 -0.3 12.7 0.4 -9.5 0.0 3.7 0.2 -5.1 -0.3 -9.5 0.1 -0.9 0.3 -6.7 0.1 12.0 -0.1 10.3 0.3 6 7 8 9 10 11 12 13 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 78.5 2.5 40.7 -9.3 0.0 44.6 145.3 -4.9 64.4 2.0 0.1 83.7 89.6 5.9 -3.4 -5.6 0.2 92.5 24.8 1.2 13.0 -10.2 0.1 20.8 42.0 2.9 14.2 -6.5 -0.1 31.5 38.7 -1.7 16.1 -9.6 0.2 33.7 -2.6 0.5 8.5 -12.9 0.1 1.1 56.9 7.1 20.3 -6.7 0.1 36.1 6.3 3.2 11.5 -12.9 0.1 4.4 44.2 -1.0 12.6 -7.4 -0.4 40.4 60.4 2.3 12.3 0.9 -0.1 45.0 8 9 10 11 12 13 14 Loans (mortgages) -4.6 1.2 -0.7 0.2 -1.5 2.7 -3.1 -2.3 -3.1 -1.2 0.7 14 15 16 Corporate equities Mutual fund shares -72.4 65.9 -19.0 74.1 -194.7 103.7 -84.7 118.9 -78.8 -5.4 -72.6 100.4 -105.5 144.9 -11.2 36.4 -40.6 47.5 -97.1 -46.4 -166.4 -59.2 15 16 17 18 19 20 21 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 49.5 22.7 3.0 -19.5 43.4 15.9 5.7 -12.3 -11.6 34.1 133.4 -3.2 -2.5 110.9 28.1 85.8 3.6 -1.1 54.2 29.1 73.2 4.3 2.8 43.3 22.7 62.4 -0.9 1.5 44.8 17.0 130.5 14.2 -2.0 108.9 9.4 31.2 14.1 6.7 -21.4 31.8 72.1 1.6 1.1 51.3 18.0 50.4 -20.5 -0.1 56.5 14.5 138.9 22.1 3.4 86.7 26.7 17 18 19 20 21 140.7 194.4 148.8 136.3 37.7 123.1 154.3 115.4 76.7 -34.1 -7.4 22 46.6 94.1 22.5 171.9 -8.0 156.7 -22.6 158.8 -22.7 60.3 -24.0 147.0 -22.7 177.0 -22.7 138.1 -22.7 99.4 -22.7 -11.4 -22.7 15.3 23 24 22 Pension entitlements (liabilities) (5) Memo: 23 24 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. Flows 2011 32 Z.1, March 10, 2016 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 Flows 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 46.6 22.5 -8.0 -22.6 -22.7 -24.0 -22.7 -22.7 -22.7 -22.7 -22.7 1 2 3 Checkable deposits and currency Time and savings deposits 1.8 1.2 -1.0 -3.3 0.3 4.5 0.1 -0.1 0.8 2.6 -0.8 -2.7 0.4 -0.6 1.1 3.5 0.4 1.4 0.3 2.1 1.4 3.5 2 3 4 5 Money market fund shares Security repurchase agreements -0.3 0.0 -4.0 -0.3 5.3 0.4 -1.5 0.0 -0.9 0.2 -3.1 -0.3 -2.7 0.1 -2.2 0.3 -4.6 0.1 0.6 -0.1 2.7 0.3 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 80.5 1.1 32.9 0.7 45.8 83.9 -3.6 36.0 -9.1 60.7 74.3 4.9 -2.7 -6.2 78.3 15.0 0.5 5.6 -6.0 14.9 21.8 1.9 7.4 -4.9 17.5 15.9 -2.9 9.5 -6.6 15.9 7.5 1.4 4.0 -8.8 11.0 32.2 3.9 13.0 -4.4 19.7 -9.0 1.5 4.9 -7.4 -8.1 24.4 -1.0 5.8 -6.6 26.2 39.8 3.1 5.7 -1.1 32.0 6 7 8 9 10 11 Loans (mortgages) -2.4 -0.1 -1.1 -0.4 -1.2 1.6 -2.6 -1.5 -2.4 -1.2 0.4 11 12 13 Corporate equities Mutual fund shares -72.7 22.3 -11.0 -28.7 -186.1 -9.3 -85.9 -9.9 -77.1 -16.6 -67.7 -12.6 -115.8 -3.6 -30.9 -16.6 -37.6 -18.6 -90.7 -8.8 -149.3 -22.3 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 16.3 12.9 1.7 -19.5 21.2 -12.9 -9.5 -12.4 -11.6 20.6 103.7 -2.7 -4.1 110.9 -0.4 60.0 0.6 -1.9 54.2 7.1 47.6 1.2 1.7 43.3 1.4 45.7 2.4 -2.3 44.8 0.8 94.6 -1.1 -2.7 108.9 -10.5 -8.6 0.8 4.6 -21.4 7.4 47.6 -0.7 1.2 51.3 -4.2 50.6 -0.9 -2.4 56.5 -2.7 100.9 5.7 3.3 86.7 5.2 14 15 16 17 18 46.6 22.6 -7.9 -22.5 -22.6 -24.0 -22.6 -22.6 -22.6 -22.6 -22.6 19 19 Net acquisition of financial assets (1) 2012 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 94.1 171.9 156.7 158.8 60.3 147.0 177.0 138.1 99.4 -11.4 15.3 1 2 3 Checkable deposits and currency Time and savings deposits 3.8 0.4 -0.7 -0.6 -0.8 0.4 0.4 0.1 0.6 0.4 0.4 0.0 -0.7 0.3 0.5 -0.2 -1.1 0.4 1.2 0.4 1.8 0.8 2 3 4 5 Money market fund shares Security repurchase agreements 16.8 0.0 -13.1 0.0 7.3 0.0 -8.0 0.0 4.5 0.0 -2.0 0.0 -6.8 0.0 1.3 0.0 -2.1 0.0 11.3 0.0 7.5 0.0 4 5 -2.0 1.4 7.8 -10.0 0.0 -1.2 61.4 -1.2 28.4 11.1 0.1 23.0 15.3 1.0 -0.7 0.5 0.2 14.2 9.8 0.7 7.4 -4.2 0.1 5.9 20.1 1.0 6.8 -1.6 -0.1 14.0 22.8 1.2 6.6 -3.0 0.2 17.7 -10.2 -0.9 4.6 -4.1 0.1 -9.9 24.7 3.2 7.3 -2.3 0.1 16.4 15.3 1.7 6.6 -5.5 0.1 12.5 19.9 0.0 6.8 -0.8 -0.4 14.2 20.7 -0.8 6.6 2.0 -0.1 12.9 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) -2.2 1.3 0.4 0.5 -0.3 1.1 -0.5 -0.8 -0.7 0.0 0.3 12 13 14 Corporate equities Mutual fund shares 0.3 43.6 -8.0 102.8 -8.6 113.0 1.2 128.8 -1.7 11.2 -4.9 113.0 10.3 148.6 19.7 53.0 -3.0 66.1 -6.5 -37.6 -17.1 -36.8 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 33.3 9.8 1.3 22.2 28.8 15.2 0.1 13.5 29.7 -0.5 1.7 28.5 25.8 3.0 0.8 22.0 25.5 3.1 1.1 21.3 16.7 -3.3 3.8 16.2 36.0 15.2 0.7 20.0 39.9 13.3 2.2 24.4 24.4 2.3 -0.1 22.2 -0.2 -19.7 2.2 17.2 38.0 16.4 0.1 21.5 15 16 17 18 94.1 171.9 156.7 158.8 60.3 147.0 177.0 138.1 99.4 -11.4 15.3 19 19 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. 33 Z.1, March 10, 2016 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets (1) 113.0 102.1 107.6 112.8 108.3 119.4 127.0 103.6 103.3 106.6 119.9 1 2 3 4 5 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 96.3 94.2 0.7 1.4 55.8 52.5 1.5 1.7 107.9 110.9 -1.7 -1.3 86.5 87.0 -0.5 -0.0 91.4 91.4 0.1 -0.2 105.7 103.9 -0.4 2.2 86.7 85.8 0.6 0.3 -304.3 -304.8 0.5 0.0 -460.0 -460.6 0.4 0.2 -365.9 -364.5 -0.5 -0.9 1495.8 1495.7 0.2 -0.1 2 3 4 5 6 Corporate equities -4.2 -4.1 9.1 3.5 0.9 3.3 3.7 5.7 -3.8 1.9 -0.1 6 7 Claims of pension fund on sponsor (misc. assets) (3) 20.8 50.4 -9.3 22.8 16.0 10.5 36.6 402.2 567.0 470.5 -1375.8 7 113.0 102.1 107.6 112.8 108.3 119.4 127.0 103.6 103.3 106.6 119.9 8 90.0 23.0 87.5 14.5 88.7 19.0 90.1 22.6 90.3 18.0 90.8 28.6 90.8 36.2 89.8 13.8 91.1 12.2 90.3 16.3 90.2 29.7 9 10 8 Pension entitlements (liabilities) (4) Memo: 9 10 Net acquisition of financial assets (5) Defined benefit plans Defined contibution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes marketable and nonmarketable Treasury securities. (3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. (4) 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. (5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c. Flows 2011 34 Z.1, March 10, 2016 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets (2) 90.0 87.5 88.7 90.1 90.3 90.8 90.8 89.8 91.1 90.3 90.2 1 2 3 4 5 Debt securities Treasury securities (3) Agency- and GSE-backed securities Corporate and foreign bonds 71.1 70.4 -0.2 0.8 40.4 40.1 -0.2 0.4 98.2 98.2 -0.0 0.1 69.1 68.9 -0.1 0.3 75.2 75.6 -0.0 -0.4 84.5 82.7 -0.4 2.3 54.8 55.0 -0.0 -0.2 -67.5 -67.0 -0.0 -0.5 -209.0 -208.8 -0.0 -0.2 -90.0 -89.5 -0.0 -0.4 667.2 667.7 -0.0 -0.4 2 3 4 5 6 Corporate equities -1.9 -2.0 -1.5 -1.7 -0.8 -4.2 -0.6 -1.2 -0.4 -0.9 -0.9 6 7 Claims of pension fund on sponsor (misc. assets) (4) 20.8 49.2 -8.1 22.8 16.0 10.5 36.6 158.5 300.5 181.1 -576.1 7 90.0 87.5 88.7 90.1 90.3 90.8 90.8 89.8 91.1 90.3 90.2 8 8 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) Includes both marketable and nonmarketable government securities. (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 Net acquisition of financial assets 23.0 14.5 19.0 22.6 18.0 28.6 36.2 13.8 12.2 16.3 29.7 1 2 3 4 5 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 25.2 23.7 0.9 0.6 15.4 12.4 1.7 1.3 9.6 12.7 -1.7 -1.4 17.4 18.2 -0.4 -0.4 16.2 15.9 0.2 0.2 21.2 21.2 -0.0 -0.0 31.9 30.8 0.6 0.6 -236.8 -237.8 0.5 0.5 -251.0 -251.8 0.4 0.4 -275.9 -275.0 -0.5 -0.5 828.5 828.0 0.3 0.3 2 3 4 5 6 Corporate equities -2.3 -2.1 10.6 5.2 1.8 7.4 4.3 6.9 -3.4 2.7 0.8 6 7 Claims of pension fund on sponsor (misc. assets) (3) 0.0 1.2 -1.2 0.0 0.0 0.0 0.0 243.7 266.5 289.4 -799.7 7 23.0 14.5 19.0 22.6 18.0 28.6 36.2 13.8 12.2 16.3 29.7 8 8 Pension entitlements (liabilities) (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. 35 Z.1, March 10, 2016 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 Fixed nonresidential investment 0.1 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2 3 Net acquisition of financial assets (1) 200.6 207.1 206.3 185.0 202.5 187.8 183.2 212.3 210.9 186.0 200.9 3 4 5 Checkable deposits and currency Time and savings deposits 0.4 1.9 0.1 -3.1 0.0 2.5 0.7 4.5 0.1 3.0 0.7 5.6 -1.6 5.6 1.0 8.2 -0.9 5.3 -0.5 -5.2 0.8 3.8 4 5 6 7 Money market fund shares Security repurchase agreements 0.8 0.1 -3.7 -0.3 3.4 0.2 5.7 0.4 3.9 0.3 4.1 0.6 10.3 0.6 7.4 0.8 8.7 0.4 -4.8 -0.5 4.4 0.4 6 7 6.5 1.8 9.4 -27.4 -0.6 23.2 -0.8 -3.7 12.4 -25.2 0.2 15.5 87.3 3.0 12.2 2.6 1.3 68.2 43.2 4.8 -12.6 -4.8 1.0 54.8 -10.8 3.2 -18.6 -8.4 -1.3 14.2 69.7 7.2 -18.9 -10.8 1.4 90.7 27.0 3.2 -34.4 -14.9 3.0 70.0 37.7 12.1 -19.3 -8.5 -5.4 58.8 -5.5 6.4 -18.4 -6.4 7.6 5.2 -98.7 -6.5 -24.6 -15.1 -7.4 -45.1 23.2 1.0 -11.9 -3.5 -0.2 37.8 8 9 10 11 12 13 8 9 10 11 12 13 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 14 Loans (mortgages) -0.6 -1.0 -0.5 -0.3 -2.7 -1.8 -0.1 -9.5 2.1 -2.1 -1.3 14 15 16 Corporate equities Mutual fund shares -62.8 -52.3 -77.2 -11.2 -168.5 35.4 -103.4 7.4 -34.3 -13.4 -16.6 0.7 -23.5 1.8 -33.2 -0.9 -37.6 -32.9 24.0 -26.7 -90.3 6.7 15 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 306.7 -11.2 316.3 1.6 304.3 -4.7 312.2 -3.2 246.6 -8.2 244.4 10.4 226.7 -12.5 237.1 2.0 256.4 -2.1 257.4 1.1 124.8 -10.7 141.2 -5.7 163.2 -1.8 171.7 -6.7 200.6 5.6 180.0 15.0 271.3 -0.0 272.2 -0.8 300.4 -23.6 330.6 -6.5 253.1 9.5 246.7 -3.0 17 18 19 20 200.6 207.2 206.5 185.3 202.8 188.0 183.4 212.5 211.2 186.2 201.1 21 215.2 -14.6 211.7 -4.6 207.0 -0.7 200.2 -15.2 198.7 3.8 200.9 -13.1 198.7 -15.5 198.7 13.6 198.7 12.2 198.7 -12.7 198.7 2.2 22 23 21 Pension entitlements (liabilities) (4) Memo: 22 23 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. Flows 2011 36 Z.1, March 10, 2016 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 Flows 1 Net acquisition of financial assets (1) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 215.2 211.7 207.0 200.2 198.7 200.9 198.7 198.7 198.7 198.7 198.7 1 2 3 Checkable deposits and currency Time and savings deposits 0.2 2.3 -0.3 -2.8 0.3 2.2 0.6 4.7 0.4 3.2 0.7 5.9 0.7 5.9 1.0 8.9 0.6 4.7 -0.6 -4.9 0.5 3.9 2 3 4 5 Money market fund shares Security repurchase agreements 0.4 0.1 -3.3 -0.3 2.6 0.2 5.7 0.4 3.8 0.3 7.0 0.6 7.0 0.6 10.6 0.8 5.6 0.4 -5.8 -0.5 4.7 0.4 4 5 4.7 2.1 7.1 -26.5 -0.6 22.6 -2.3 -3.0 12.0 -24.8 -0.0 13.5 89.9 2.4 15.4 2.9 0.9 68.3 44.9 5.2 -11.3 -4.2 1.0 54.2 -10.8 3.4 -17.1 -9.6 -1.2 13.8 71.0 6.4 -16.6 -9.2 1.2 89.2 29.4 6.4 -33.4 -16.0 3.0 69.4 36.2 9.7 -16.4 -9.5 -5.5 58.0 -6.4 5.1 -14.5 -8.3 7.5 3.8 -99.9 -5.3 -27.5 -15.9 -6.9 -44.3 26.7 4.3 -10.2 -4.8 -0.1 37.6 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) -0.6 -1.0 -0.5 -0.3 -2.7 -1.8 -0.1 -9.5 2.1 -2.1 -1.3 12 13 14 Corporate equities Mutual fund shares -64.8 -45.0 -75.4 -12.0 -179.0 37.4 -108.8 14.3 -41.2 -12.9 -25.8 7.9 -22.1 11.0 -39.3 -5.1 -49.7 -25.7 12.1 -23.4 -87.8 2.8 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 317.9 316.3 1.6 309.0 312.2 -3.1 254.0 244.4 9.5 238.7 237.1 1.6 258.7 257.4 1.4 135.5 141.2 -5.7 166.3 171.7 -5.4 195.0 180.0 15.0 267.1 272.2 -5.1 323.8 330.6 -6.8 248.9 246.7 2.3 15 16 17 215.2 211.8 207.2 200.4 199.0 201.2 199.0 199.0 199.0 199.0 199.0 18 18 Pension entitlements (liabilities) (3) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. F.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 -14.6 -4.6 -0.7 -15.2 3.8 -13.1 -15.5 13.6 12.2 -12.7 2.2 1 2 3 Checkable deposits and currency Time and savings deposits 0.2 -0.4 0.4 -0.3 -0.2 0.3 0.2 -0.2 -0.3 -0.1 0.0 -0.2 -2.3 -0.3 0.0 -0.7 -1.5 0.6 0.0 -0.3 0.4 -0.1 2 3 4 5 Money market fund shares Security repurchase agreements 0.4 0.0 -0.4 0.0 0.7 0.0 0.1 0.0 0.1 0.0 -3.0 0.0 3.2 0.0 -3.2 0.0 3.0 0.0 1.0 0.0 -0.3 0.0 4 5 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1.8 -0.3 2.3 -0.9 0.0 0.6 1.4 -0.6 0.3 -0.5 0.2 2.0 -2.6 0.6 -3.2 -0.3 0.3 -0.1 -1.7 -0.4 -1.2 -0.7 0.0 0.6 0.0 -0.2 -1.4 1.3 -0.1 0.4 -1.3 0.8 -2.2 -1.6 0.2 1.5 -2.5 -3.2 -1.0 1.1 0.0 0.6 1.5 2.4 -2.9 1.1 0.1 0.8 0.9 1.3 -3.9 1.9 0.1 1.4 1.2 -1.2 2.9 0.9 -0.5 -0.8 -3.5 -3.3 -1.8 1.3 -0.1 0.3 6 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 1.9 -7.3 -1.8 0.8 10.5 -2.0 5.4 -6.9 6.9 -0.6 9.2 -7.2 -1.4 -9.2 6.1 4.2 12.2 -7.2 12.0 -3.2 -2.4 3.9 12 13 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other -11.2 -11.2 -0.0 -4.7 -4.7 -0.0 -7.4 -8.2 0.8 -12.0 -12.5 0.5 -2.3 -2.1 -0.2 -10.7 -10.7 0.0 -3.1 -1.8 -1.3 5.6 5.6 0.0 4.2 -0.0 4.2 -23.4 -23.6 0.3 4.2 9.5 -5.3 14 15 16 -14.6 -4.6 -0.7 -15.2 3.8 -13.1 -15.5 13.6 12.2 -12.7 2.2 17 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 37 Z.1, March 10, 2016 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements -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 -13.3 11.7 -77.5 43.8 -13.7 -66.4 27.6 -6.5 3.6 -19.6 -80.5 267.3 0.8 3.6 54.8 43.3 -8.8 24.2 13.3 -30.4 -39.2 12.8 -206.3 145.5 -5.8 6.4 -171.7 16.6 2 3 4 5 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -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 70.3 -39.4 62.7 75.5 -13.5 -14.9 72.0 -34.5 66.7 31.2 -10.2 18.7 1.8 -35.7 -50.4 103.3 -44.0 28.6 -102.4 6.5 77.7 -134.0 -9.6 -43.0 51.5 27.3 22.0 33.0 -29.8 -1.0 126.7 -3.5 -87.3 189.5 -7.3 35.2 205.5 -187.8 238.2 213.3 -7.4 -50.8 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Miscellaneous assets Net share issues (liabilities) -0.8 6.1 2.8 -14.3 -7.5 17.6 72.8 -58.5 -22.1 -8.9 59.6 12 -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 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 -35.7 -41.5 -57.0 -53.4 -54.5 -50.5 -51.1 -50.0 -56.0 -56.0 -56.0 1 2 Net acquisition of financial assets 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 2 3 Security repurchase agreements -28.8 54.1 92.7 46.2 -55.3 -115.0 27.0 -3.5 -57.7 -105.4 -54.6 3 4 5 6 7 8 9 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 340.5 -26.3 66.1 114.7 15.7 170.3 629.8 27.6 124.2 85.8 86.2 306.0 324.4 27.6 56.6 -25.7 -13.5 279.3 467.1 15.3 14.2 75.1 43.8 318.7 394.7 -18.3 75.6 14.7 47.7 274.9 477.1 13.4 108.6 63.8 51.1 240.2 581.5 54.0 36.2 126.4 57.9 307.0 523.5 -92.4 240.0 -47.8 64.8 358.9 419.1 -29.7 -26.8 -10.6 37.5 448.7 290.8 19.4 33.2 43.2 20.0 175.0 345.3 29.4 56.1 73.8 68.8 117.1 4 5 6 7 8 9 18.9 12.2 39.4 9.4 -15.6 9.8 -17.6 23.5 -24.1 -50.9 -11.0 10 4.9 2.9 -38.1 -33.1 162.5 19.1 78.3 -4.3 47.4 -18.2 118.4 82.2 -26.2 -143.0 87.6 27.4 149.8 -22.4 87.6 -77.9 -135.4 -0.0 11 12 10 Loans (other loans and advances) 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 13 14 Discrepancy -35.7 -41.5 -57.0 -53.4 -54.5 -50.5 -51.1 -50.0 -56.0 -56.0 -56.0 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 Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) -2.9 2.7 -2.6 -10.7 -22.8 -10.0 -48.4 -10.7 -3.7 -39.8 -37.0 1 -1.7 -0.3 0.9 -2.3 -1.2 11.3 0.3 3.5 7.5 -8.5 13.5 0.6 -1.7 14.6 -16.1 -3.8 -0.2 0.5 -4.1 -6.9 -5.1 -0.5 -0.8 -3.8 -17.7 -10.6 -0.5 -6.4 -3.8 0.6 -8.6 -1.0 2.2 -9.8 -39.8 -1.5 -0.4 -0.6 -0.5 -9.2 5.4 -0.0 -2.8 8.2 -9.0 -17.0 -0.7 -0.7 -15.6 -22.8 -7.1 -0.7 0.8 -7.2 -29.9 2 3 4 5 6 -2.9 2.7 -2.6 -10.7 -22.8 -10.0 -48.4 -10.7 -3.7 -39.8 -37.0 7 117.6 185.2 179.0 239.2 229.8 192.8 477.0 220.5 164.2 171.8 362.7 8 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 55.0 14.1 3.9 36.9 174.9 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 7.6 2.2 2.2 3.2 156.6 86.0 58.6 2.0 25.4 85.8 49.0 -16.5 5.9 59.6 313.6 9 10 11 12 13 117.6 185.2 179.0 239.2 229.8 192.8 477.0 220.5 164.2 171.8 362.7 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) Flows 2011 38 Z.1, March 10, 2016 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving 8.8 8.4 8.4 7.4 6.1 7.6 7.2 4.9 6.5 6.6 6.6 1 2 Fixed nonresidential investment 3.4 3.6 4.2 3.5 3.6 3.5 3.5 3.5 3.6 3.6 3.6 2 3 Net acquisition of financial assets -205.7 -176.0 104.4 50.2 85.0 194.8 282.7 -134.8 106.2 144.3 224.4 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security repos 9.3 -12.7 -38.9 -20.1 -9.1 38.6 29.0 1.1 1.5 -16.6 -2.1 10.3 -5.3 1.4 -8.9 159.9 -1.9 -93.5 -97.4 -8.7 206.8 -46.2 -5.4 -17.9 -49.0 3.7 -68.5 24.9 -0.6 31.9 49.1 8.0 18.9 4 5 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -38.5 -3.4 17.6 -18.1 -3.9 -30.8 -136.7 -3.1 -31.2 -48.3 -4.1 -50.0 -94.5 1.0 -9.9 -22.7 -3.5 -59.4 -19.0 1.5 5.2 7.8 -2.6 -30.8 -36.1 -1.4 21.6 -23.1 -2.7 -30.6 -12.5 1.2 2.1 18.9 -3.0 -31.8 -8.0 -0.1 -3.0 21.4 -2.4 -24.0 -25.9 -1.4 30.0 -12.3 -3.6 -38.6 -68.0 -0.1 -4.1 -27.4 -3.2 -33.3 -24.1 -2.3 27.6 -17.3 -1.5 -30.6 -26.4 -1.6 33.1 -35.5 -2.5 -19.8 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Loans Other loans and advances Sallie Mae Farm Credit System FHLB loans Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) -124.7 -64.2 0.0 -3.5 -60.7 -60.5 -66.5 -72.5 5.9 2.8 24.5 -21.7 3.3 0.0 -52.8 18.6 0.0 8.3 10.3 -71.4 -83.0 -44.9 -38.1 6.2 27.5 -21.3 5.4 0.0 154.4 81.9 0.0 2.9 79.0 72.5 89.1 148.0 -58.9 -21.9 18.9 -40.8 5.4 0.0 88.5 84.3 0.0 11.2 73.1 4.3 3.0 28.1 -25.0 -2.7 17.8 -20.5 3.9 0.0 138.9 75.4 0.0 9.9 65.5 63.5 44.9 82.6 -37.7 16.1 21.2 -5.1 2.5 0.0 151.4 88.4 0.0 13.5 74.9 63.1 52.1 61.6 -9.5 8.6 25.7 -17.1 2.3 0.0 168.3 78.7 0.0 22.5 56.1 89.7 69.7 92.8 -23.1 17.3 26.4 -9.0 2.6 0.0 -79.6 -45.1 0.0 -22.7 -22.4 -34.5 -63.1 -69.5 6.4 25.4 25.0 0.4 3.2 0.0 281.9 140.2 0.0 22.6 117.6 141.7 116.8 169.3 -52.6 22.6 35.8 -13.2 2.3 0.0 160.5 57.0 0.0 21.1 35.9 103.5 101.7 149.4 -47.6 -0.2 9.1 -9.3 2.0 0.0 192.8 149.5 0.0 18.5 131.0 43.3 24.1 81.0 -56.9 16.5 14.8 1.7 2.6 0.0 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Miscellaneous assets -0.1 4.1 13.1 -11.0 -5.0 -8.6 21.5 40.2 6.2 -48.4 -18.0 27 -210.6 -159.6 96.4 70.0 66.0 148.0 350.4 -175.3 69.6 145.4 224.4 28 28 Net increase in liabilities 29 Federal funds and security repos -0.9 -0.4 0.0 0.1 -0.1 0.0 0.2 0.1 -0.3 0.5 -0.5 29 30 31 32 Debt securities (GSE issues) (4) Consolidated trusts (2) Other -187.2 -48.0 -139.2 -154.6 -17.4 -137.2 107.5 166.8 -59.3 75.3 45.9 29.4 77.4 103.7 -26.4 142.5 87.3 55.2 357.3 119.2 238.1 -163.5 -44.5 -119.1 93.5 205.2 -111.7 142.1 158.5 -16.3 237.4 95.8 141.6 30 31 32 33 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33 34 Corporate equities 26.7 1.5 -1.7 -1.7 -3.4 -1.3 -0.1 -7.6 -3.2 -1.4 -1.2 34 35 36 Miscellaneous liabilities Discrepancy -49.2 -6.1 -9.4 -3.6 -7.9 6.8 -6.9 -4.2 -20.3 4.2 -11.4 35 0.5 21.3 -3.9 23.7 -16.4 -42.7 71.4 -39.1 -33.6 4.1 3.0 36 (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 (F.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (F.124). (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 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 147.9 19.2 0.0 -2.1 103.7 26.9 0.0 0.3 97.4 33.6 0.0 -0.2 50.8 24.3 0.0 -0.1 94.1 32.2 0.0 0.7 49.4 22.5 0.0 -0.1 63.2 32.8 0.0 -0.2 -9.1 14.4 0.0 -0.2 86.4 35.5 0.0 -0.1 158.2 24.1 0.0 3.2 140.9 54.7 0.0 -0.1 2 3 4 5 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 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 (F.125) 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. 39 Z.1, March 10, 2016 F.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets -200.7 -152.4 -269.0 -53.7 -51.5 3.0 -28.1 46.9 -7.8 -149.5 -95.8 3 -13.5 -10.2 -3.3 -5.9 -5.9 -0.0 -1.2 -0.9 -0.2 5.5 5.5 0.0 0.9 1.0 -0.1 11.5 11.5 0.0 9.3 9.3 0.0 2.7 2.7 0.0 3.9 3.9 0.0 -1.3 -1.3 0.0 -1.8 -1.4 -0.4 4 5 6 -174.6 -5.4 -165.0 -120.9 -11.9 -32.2 -4.1 -139.7 -0.6 -142.9 -106.7 -11.4 -24.8 3.8 -254.0 -11.5 -241.6 -82.4 -6.1 -153.1 -0.8 -64.0 9.1 -73.8 -60.2 -2.0 -11.5 0.6 -56.8 -1.0 -52.8 -73.0 -6.9 27.1 -2.9 -18.9 20.0 -45.8 -67.7 -2.7 24.6 6.8 -49.6 14.9 -63.5 -44.7 -3.6 -15.2 -1.0 37.2 45.2 -3.9 -46.8 -0.2 43.1 -4.1 -8.3 -14.3 -12.7 -75.9 -11.4 74.6 18.7 -134.0 -31.2 -85.6 -79.5 -10.7 4.6 -17.2 -121.9 -3.7 -109.0 -89.8 -5.1 -14.0 -9.1 7 8 9 10 11 12 13 -4.2 -8.5 -6.4 -0.4 -5.4 -8.4 -4.4 9.2 2.7 1.6 -10.1 20.4 -0.3 12.6 0.8 6.2 2.5 -5.9 -2.0 -12.2 9.5 18.3 14 15 4 5 6 Debt securities Treasury securities Agency- and GSE-backed securities (1) 7 8 9 10 11 12 13 Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit 14 15 Trade credit Miscellaneous assets (funding agreements) (3) 16 Net increase in liabilities -200.7 -152.4 -269.0 -53.7 -51.5 3.0 -28.1 46.9 -7.8 -149.5 -95.8 16 17 18 Commercial paper Corporate bonds (net) (4) -24.1 -176.6 -9.0 -143.4 -7.1 -261.9 -15.1 -38.5 -7.3 -44.3 -0.6 3.5 -57.1 29.1 2.3 44.6 51.2 -59.0 -54.5 -94.9 -28.1 -67.7 17 18 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 0.0 -3.8 0.0 1.3 0.0 139.6 0.0 11.3 0.0 -37.3 0.0 -5.5 0.0 -7.4 0.0 -28.6 0.0 -48.7 0.0 -47.5 0.0 -24.2 20 21 19 Discrepancy Memo: Securitized assets not included above 20 Consumer leases (5) 21 REIT assets (6) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Funding agreements with life insurance companies. (4) Net issuance less net acquisition of corporate bonds held as assets. (5) 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. (6) Included in table F.128. Flows 2011 40 Z.1, March 10, 2016 F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving 102.6 106.6 0.5 97.8 98.5 110.2 83.2 81.1 110.8 107.9 94.3 1 2 Fixed nonresidential investment 51.2 66.3 78.8 86.9 90.2 89.2 88.4 89.2 89.3 91.4 91.0 2 3 Net acquisition of financial assets -17.8 -69.6 -20.4 28.9 -27.4 -13.4 121.4 25.9 -50.6 -74.4 -10.3 3 4 5 Checkable deposits and currency Time and savings deposits 5.1 15.4 -3.8 -11.5 4.2 12.7 -0.2 -0.5 -0.1 -0.2 -4.8 -14.5 3.1 9.3 1.9 5.6 3.5 10.4 3.4 10.2 -9.0 -27.0 4 5 6 Debt securities (corporate and foreign bonds) 0.9 -6.3 -10.8 6.0 5.6 -10.1 16.0 8.5 14.2 -5.2 5.0 6 -45.3 3.0 -30.9 -17.4 -22.3 11.2 -25.7 -7.8 -8.2 14.4 -21.9 -0.6 6.4 10.1 -8.7 5.0 -19.2 12.1 -28.3 -3.0 2.6 6.5 -10.1 6.2 40.6 16.0 9.7 14.9 3.7 18.1 -18.1 3.7 -5.7 20.2 -43.0 17.1 19.9 29.9 -28.1 18.0 -94.7 -20.0 -24.1 -50.6 7 8 9 10 12.0 -5.9 8.5 -34.2 -1.4 -16.9 7.9 9.3 12.1 -25.6 5.9 7.6 -8.1 60.4 0.0 6.3 13.5 -86.5 9.3 -112.1 25.7 89.7 11 12 -26.0 -82.1 -21.6 14.1 -23.2 -29.2 112.6 69.0 -53.8 -64.0 -44.1 13 -29.8 10.0 -39.7 -74.1 8.2 -82.2 -6.1 -10.3 4.2 2.0 -1.1 3.0 -12.2 -2.5 -9.6 15.6 12.6 3.1 37.6 -9.3 46.9 52.6 -1.6 54.2 -61.7 45.4 -107.1 13.4 -10.3 23.7 -53.0 -43.7 -9.4 14 15 16 16.3 15.9 0.4 17.3 16.4 0.9 10.3 10.1 0.2 10.2 10.5 -0.3 15.1 13.5 1.6 19.8 20.0 -0.3 39.9 40.3 -0.4 28.6 28.5 0.1 23.6 23.7 -0.1 -7.7 -10.9 3.2 16.0 12.7 3.3 17 18 19 0.5 6.1 -19.1 -12.0 -7.1 0.2 -3.3 -22.3 -0.9 -21.4 0.1 2.3 -28.2 -1.0 -27.1 1.0 3.3 -2.5 1.0 -3.5 0.4 1.0 -27.6 -6.4 -21.1 0.8 1.5 -66.9 -10.6 -56.3 0.3 -4.7 39.4 1.2 38.2 1.7 0.5 -14.4 -11.9 -2.5 0.9 -0.3 -16.4 -25.4 9.0 0.1 0.0 -69.7 -2.4 -67.3 -1.2 3.8 -9.7 13.9 -23.6 20 21 22 23 24 43.2 27.8 -79.5 -3.9 12.4 5.2 -14.0 35.0 18.2 27.0 -30.6 25 7.9 24.3 23.3 21.6 23.1 26.7 18.3 17.5 23.4 30.8 20.7 26 7 8 9 10 Loans Other loans and advances Mortgages Consumer credit 11 12 U.S. direct investment abroad Miscellaneous assets 13 Net increase in liabilities 14 15 16 Debt securities Open market paper Corporate bonds 17 18 19 Loans Depository institution loans n.e.c. Other loans and advances 20 21 22 23 24 Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities Investment by parent Other 25 26 Discrepancy Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (5), table F.126. 41 Z.1, March 10, 2016 F.128 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency 6 7 8 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 9 10 11 12 Loans (mortgages) Home Multifamily residential Commercial 13 Miscellaneous assets 14 Net increase in liabilities 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 -7.3 -9.5 -21.6 -14.8 -19.8 -14.6 -10.2 -7.8 -27.0 -20.0 -24.5 1 4.9 6.5 6.0 5.3 6.9 14.7 8.1 7.4 8.0 -1.5 8.1 5.4 8.2 8.2 8.1 11.7 8.1 -20.4 8.1 5.5 8.0 -2.8 2 3 131.2 161.0 50.1 65.3 -30.5 15.9 47.4 -10.5 -44.4 -56.6 -10.5 4 2.5 7.7 -1.3 4.1 0.1 2.1 0.5 1.7 -16.6 14.9 0.5 5 108.5 104.7 3.8 119.0 109.5 9.5 -95.8 -95.6 -0.2 11.2 7.8 3.3 -32.9 -40.6 7.7 -17.7 -21.4 3.7 50.4 44.0 6.4 -15.8 -38.9 23.0 -65.2 -73.0 7.8 -34.1 -28.3 -5.8 -16.5 -22.3 5.8 6 7 8 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 -7.4 11.6 2.8 -21.8 16.6 28.7 4.3 -16.5 26.1 10.8 3.6 11.6 -20.1 -2.8 0.5 -17.7 32.6 34.8 1.6 -3.8 -41.1 -2.6 2.9 -41.4 -1.1 17.2 6.1 -24.4 9 10 11 12 8.5 25.8 12.2 17.4 9.7 14.9 -29.6 23.8 4.8 3.7 6.6 13 168.0 211.0 136.4 127.3 40.5 87.9 138.7 82.6 10.9 11.1 57.4 14 97.7 102.4 -66.6 7.3 -23.6 -1.8 47.3 -11.7 -32.9 -34.8 -14.8 15 7.6 0.0 7.6 26.4 0.0 26.4 172.8 0.0 172.8 48.3 0.0 48.3 -8.4 0.0 -8.4 33.4 0.0 33.4 -2.5 0.0 -2.5 7.8 0.0 7.8 -9.9 0.0 -9.9 -26.1 0.0 -26.1 -5.4 0.0 -5.4 16 17 18 15 Security repurchase agreements 16 17 18 Debt securities Open market paper Corporate bonds 19 20 21 22 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 18.1 4.6 0.0 13.5 9.1 4.0 0.3 4.8 5.6 -2.9 0.7 7.8 26.7 8.0 4.9 13.8 47.2 16.3 17.9 12.9 24.0 13.7 4.8 5.5 55.6 18.7 6.4 30.4 37.8 15.0 5.6 17.3 38.9 23.5 9.7 5.6 75.6 10.5 36.9 28.2 36.4 16.3 19.5 0.6 19 20 21 22 23 Corporate equity issues 37.5 47.6 46.2 32.7 27.1 30.4 34.7 53.9 33.1 8.1 13.3 23 24 Miscellaneous liabilities 7.1 25.4 -21.7 12.3 -1.8 1.9 3.5 -5.3 -18.2 -11.6 27.9 24 18.1 29.2 43.1 31.7 44.6 43.8 64.8 65.6 40.5 34.2 38.3 25 -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 -37.3 0.0 2.6 0.3 -40.1 -5.5 0.0 3.7 -0.1 -9.1 -7.4 0.0 2.3 -0.2 -9.6 -28.6 0.0 -4.1 -0.3 -24.3 -48.7 0.0 4.2 0.7 -53.5 -47.5 0.0 4.8 0.5 -52.9 -24.2 0.0 5.5 0.1 -29.9 26 27 28 29 30 25 26 27 28 29 30 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 2011 42 Z.1, March 10, 2016 F.128.e Equity Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 8.1 14.1 13.3 25.2 -0.3 14.8 11.7 26.0 -18.6 -17.2 8.6 1 2 Checkable deposits and currency -2.3 4.1 1.0 3.8 -1.0 1.8 1.6 -4.3 -11.2 11.5 -0.1 2 3 Debt securities (corporate and foreign bonds) -0.6 -0.2 -1.8 2.2 -0.6 4.3 2.6 1.3 -3.9 -0.5 0.8 3 4 5 6 7 Loans (mortgages) Home Multifamily residential Commercial 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 1.0 0.0 0.1 0.9 5.6 0.0 -0.1 5.7 6.2 0.0 0.0 6.1 0.4 0.2 0.1 0.2 5.2 -0.1 -0.0 5.4 1.9 0.0 0.2 1.7 -3.8 0.0 0.1 -3.9 4 5 6 7 8 Miscellaneous assets 8.1 8.5 14.2 15.1 0.4 3.0 1.3 28.6 -8.8 -30.1 11.8 8 37.4 38.5 36.4 61.9 58.3 60.4 62.6 65.4 41.0 53.3 73.6 9 9 Net increase in liabilities 10 Debt securities (corporate bonds) 13.2 27.6 28.9 33.3 32.8 34.5 9.9 31.0 26.3 44.4 29.7 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 19.5 6.1 13.5 0.1 13.3 6.3 1.4 4.8 -1.1 6.0 5.6 -2.2 7.8 3.3 4.5 21.1 7.4 13.8 1.0 12.7 28.4 15.5 12.9 -1.0 13.9 17.3 11.8 5.5 -0.6 6.1 45.0 14.6 30.4 4.4 26.1 32.6 15.3 17.3 3.2 14.1 24.7 19.0 5.6 -9.6 15.2 41.0 12.9 28.2 2.2 26.0 15.3 14.7 0.6 0.2 0.4 11 12 13 14 15 16 Miscellaneous liabilities 4.6 4.6 1.9 7.6 -2.9 8.6 7.7 1.9 -9.9 -32.1 28.6 16 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 4 5 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Loans (mortgages) Home Multifamily residential Commercial 10 11 Miscellaneous assets Net increase in liabilities 123.1 146.9 36.8 40.1 -30.2 1.2 35.7 -36.4 -25.8 -39.4 -19.1 1 4.8 3.6 -2.3 0.3 1.2 0.3 -1.2 6.0 -5.4 3.4 0.6 2 109.1 104.7 4.4 119.2 109.5 9.7 -94.0 -95.6 1.6 9.0 7.8 1.2 -32.3 -40.6 8.3 -22.0 -21.4 -0.6 47.8 44.0 3.8 -17.1 -38.9 21.8 -61.3 -73.0 11.6 -33.5 -28.3 -5.3 -17.2 -22.3 5.1 3 4 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 -8.4 11.6 2.7 -22.7 11.0 28.7 4.5 -22.3 19.9 10.8 3.6 5.5 -20.5 -3.0 0.4 -17.9 27.4 35.0 1.6 -9.2 -43.1 -2.6 2.7 -43.2 2.7 17.2 6.0 -20.4 6 7 8 9 0.4 17.2 -2.0 2.2 9.3 11.9 -30.9 -4.8 13.6 33.8 -5.2 10 93.1 124.9 53.8 32.7 -44.9 -2.8 41.4 -36.8 -63.2 -50.3 -29.5 11 12 Security repurchase agreements 97.7 102.4 -66.6 7.3 -23.6 -1.8 47.3 -11.7 -32.9 -34.8 -14.8 12 13 14 15 Debt securities Open market paper Corporate bonds -5.7 0.0 -5.7 -1.2 0.0 -1.2 143.9 0.0 143.9 15.1 0.0 15.1 -41.2 0.0 -41.2 -1.1 0.0 -1.1 -12.4 0.0 -12.4 -23.2 0.0 -23.2 -36.1 0.0 -36.1 -70.5 0.0 -70.5 -35.1 0.0 -35.1 13 14 15 16 17 18 Loans Depository institution loans n.e.c. Other loans and advances -1.5 -1.5 0.0 2.8 2.5 0.3 -0.1 -0.8 0.7 5.6 0.7 4.9 18.8 0.8 17.9 6.8 1.9 4.8 10.6 4.1 6.4 5.2 -0.3 5.6 14.2 4.5 9.7 34.5 -2.3 36.9 21.1 1.6 19.5 16 17 18 19 Miscellaneous liabilities 2.5 20.9 -23.5 4.7 1.1 -6.7 -4.2 -7.1 -8.3 20.5 -0.7 19 -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 -37.3 0.0 2.6 0.3 -40.1 -5.5 0.0 3.7 -0.1 -9.1 -7.4 0.0 2.3 -0.2 -9.6 -28.6 0.0 -4.1 -0.3 -24.3 -48.7 0.0 4.2 0.7 -53.5 -47.5 0.0 4.8 0.5 -52.9 -24.2 0.0 5.5 0.1 -29.9 20 21 22 23 24 20 21 22 23 24 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 43 Z.1, March 10, 2016 F.129 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Gross saving 6.3 23.4 19.5 15.5 7.3 15.0 6.2 16.7 5.1 4.0 3.6 1 2 Fixed nonresidential investment 16.1 13.2 14.4 15.2 15.8 15.5 15.5 15.7 15.8 15.9 15.9 2 3 Net acquisition of financial assets 29.1 173.7 -298.1 -153.7 -210.7 -183.5 -543.2 97.2 -124.3 23.6 -839.2 3 4 5 Checkable deposits and currency Security repurchase agreements 14.9 154.6 16.3 55.1 -16.5 -317.2 0.0 -168.2 -5.7 -19.5 9.5 -39.4 -19.8 -270.7 23.6 -55.8 -14.3 129.6 5.8 289.7 -37.9 -441.5 4 5 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -1.3 5.9 89.1 -2.1 -9.1 -85.0 103.9 -12.2 63.0 21.9 -4.3 35.5 -186.3 -1.3 -110.5 -55.4 -8.0 -11.1 -89.2 -7.8 -75.9 7.7 0.2 -13.5 -36.7 -1.4 5.1 -12.2 -4.9 -23.3 -111.3 -46.1 -22.8 -30.0 -8.0 -4.5 -128.7 -0.1 -125.6 60.8 10.6 -74.4 41.9 3.4 25.6 9.5 7.1 -3.7 -52.3 -8.2 -28.8 4.9 -6.7 -13.5 31.3 -0.4 114.0 -11.0 -12.3 -59.0 -167.5 -0.3 -90.2 -52.1 -7.8 -17.1 6 7 8 9 10 11 12 Loans (other loans and advances) -32.4 50.1 46.3 38.5 -90.1 67.7 -55.6 -84.8 34.6 -297.4 -12.8 12 13 Corporate equities -5.0 9.7 18.6 8.7 -10.3 53.8 34.6 -103.9 11.2 -22.7 74.0 13 14 15 U.S. direct investment abroad Miscellaneous assets 4.9 -106.6 7.3 -68.7 11.7 145.2 7.2 49.3 12.2 -60.6 9.7 -173.5 8.6 -111.7 5.5 270.6 19.3 -252.4 11.8 5.0 12.4 -265.8 14 15 16 69.4 126.5 -336.3 -166.1 -183.3 -185.2 -586.2 112.6 -116.8 92.0 -820.8 16 17 Security repurchase agreements 70.5 131.2 -439.3 -220.9 -179.4 -283.3 -234.4 -49.8 -219.8 53.7 -501.7 17 18 Debt securities (corporate bonds) -37.9 -1.7 22.2 11.5 7.4 42.1 -0.1 -65.9 113.5 -1.6 -16.4 18 19 20 21 Loans Depository institution loans n.e.c. (1) Other loans and advances 31.9 31.0 0.9 32.8 -9.2 42.0 68.9 10.4 58.5 65.4 12.0 53.5 -49.3 -1.0 -48.3 113.4 9.8 103.6 -79.7 14.3 -94.0 7.7 1.4 6.3 -101.6 6.0 -107.7 -16.5 -20.7 4.2 -86.7 9.3 -96.1 19 20 21 22 Corporate equity issues 14.1 -50.7 -31.0 -11.7 3.5 -0.5 -39.1 10.5 -9.7 39.0 -25.7 22 23 24 Trade payables Taxes payable -3.8 -1.1 -0.0 0.5 0.3 0.6 3.4 0.3 8.4 -0.8 8.4 1.1 -7.8 -5.5 5.0 3.3 17.7 -2.5 2.4 -0.7 8.4 -3.4 23 24 25 26 27 28 Foreign direct investment in U.S. Miscellaneous liabilities Investment by parent companies Other 18.2 -19.4 40.4 -59.8 15.4 -7.7 71.3 -79.0 6.2 41.3 72.6 -31.3 3.7 -19.9 27.9 -47.8 20.8 1.9 113.8 -111.8 0.2 -73.5 -157.1 83.6 7.3 -225.8 37.8 -263.6 7.0 195.8 34.7 161.1 19.4 68.9 163.8 -95.0 24.0 -33.6 73.5 -107.1 32.7 -223.4 183.1 -406.4 25 26 27 28 29 Proprietors’ net investment -2.9 6.7 -5.6 2.0 4.2 7.0 -1.1 -1.1 -2.7 25.3 -4.5 29 30.5 -37.0 -33.0 -12.2 18.9 -2.1 -52.2 16.3 -3.2 56.4 6.0 30 30 Net increase in liabilities 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 2011 44 Z.1, March 10, 2016 F.130 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving 130.8 162.4 146.3 172.8 197.1 178.8 183.0 152.9 219.6 187.4 228.4 1 2 Fixed nonresidential investment 37.0 41.1 39.4 41.9 43.5 42.6 42.7 43.1 43.4 43.7 43.8 2 3 Net acquisition of financial assets 68.7 -124.1 338.7 91.2 -72.8 -105.1 31.5 -122.2 151.7 -195.0 -125.7 3 4 5 Time and savings deposits Security repurchase agreements 2.4 0.2 -0.3 -49.3 1.5 -2.8 -8.9 -5.1 -7.9 -0.4 38.3 -5.4 -55.8 -22.4 27.0 12.9 8.8 7.3 -36.3 -14.5 -31.1 -7.3 4 5 6 7 8 9 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds -0.9 7.1 12.0 -20.1 -66.8 -30.6 -24.3 -11.9 59.0 8.5 13.5 37.0 -0.2 -2.8 0.0 2.6 -20.6 -3.7 -4.3 -12.7 37.4 8.7 3.0 25.7 -51.0 -40.4 3.2 -13.8 -22.0 -14.4 12.2 -19.8 1.7 -5.5 -5.5 12.8 18.0 16.3 2.8 -1.2 -80.3 -11.1 -26.7 -42.5 6 7 8 9 10 Loans (other loans and advances) 4.0 16.7 -2.8 -10.9 -40.9 -1.1 3.9 -9.9 -28.9 -69.7 -54.9 10 11 Life insurance reserves 2.4 7.3 5.1 5.0 4.1 4.8 5.3 4.2 4.0 4.0 4.0 11 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 60.6 76.1 0.0 9.3 -20.3 -13.0 30.6 -22.2 -31.8 101.2 -6.8 10.3 -3.5 52.3 -51.5 -133.7 278.8 59.2 -6.0 3.4 -15.8 57.1 -16.9 197.8 111.2 195.9 0.1 0.8 -13.1 4.8 -14.6 -62.7 -7.1 38.1 -0.8 0.5 -2.5 77.7 5.9 -126.0 -179.0 108.0 -0.2 -0.3 -4.0 -163.8 -16.0 -102.6 151.4 295.8 0.9 0.2 0.5 26.8 -39.6 -133.1 -134.5 -81.7 -5.5 1.1 -4.5 -67.3 34.9 -11.4 158.8 115.4 2.8 0.2 -9.7 220.5 -47.1 -123.3 -96.4 76.7 0.8 0.9 -0.9 17.7 51.8 -243.4 43.9 42.0 -1.1 -0.2 5.3 139.8 -16.0 -125.9 12 13 14 15 16 17 18 19 -49.3 -199.0 205.4 -39.8 -218.2 -247.6 -115.9 -257.5 -13.6 -344.5 -257.1 20 0.4 -1.2 -0.0 -0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.0 21 -80.4 11.1 -91.6 20.3 6.2 14.1 -13.2 -19.9 6.7 8.0 -19.6 27.6 -49.4 -71.3 22.0 -51.9 -37.7 -14.2 -30.5 -19.7 -10.9 -45.4 -28.0 -17.5 15.4 -54.8 70.2 -44.4 -161.1 116.7 -123.0 -41.4 -81.6 22 23 24 64.0 -120.2 13.8 -16.3 -38.7 6.9 25.4 -9.9 -16.6 -35.1 -93.2 25 20 Net increase in liabilities 21 Security repurchase agreements 22 23 24 Debt securities Commercial paper Corporate bonds 25 Loans (depository institution loans n.e.c.) 26 Corporate equity issues 27 28 29 Miscellaneous liabilities Equity, etc. Other 30 Discrepancy 2.9 0.6 -17.1 -0.3 -6.5 -1.3 -27.6 48.9 2.0 -50.4 -26.4 26 -36.2 6.9 -43.1 -98.6 -29.1 -69.5 222.0 -0.1 222.1 -31.1 -0.3 -30.9 -123.8 -57.7 -66.1 -201.3 -102.0 -99.3 -83.2 -68.8 -14.4 -251.2 -165.3 -85.9 -14.5 39.4 -53.9 -214.7 -39.5 -175.2 -14.6 -65.3 50.7 27 28 29 -24.3 46.5 -26.4 -0.1 8.2 -6.3 -7.1 -25.5 11.0 -5.8 53.1 30 (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. 45 Z.1, March 10, 2016 F.131 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets -154.5 -100.8 -72.7 8.3 162.1 -7.5 32.7 189.8 48.2 183.1 227.3 1 2 3 Money market fund shares Security repurchase agreements -83.4 0.0 -62.4 0.0 -61.5 -0.1 13.4 0.0 33.6 0.0 13.8 0.0 230.4 0.0 132.3 0.0 -51.0 0.0 63.2 0.0 -10.1 0.0 2 3 4 5 6 Debt securities Open market paper Corporate and foreign bonds -62.3 -5.0 -57.3 -39.1 -2.9 -36.2 -21.7 -30.6 8.9 -9.5 -14.2 4.7 89.4 78.3 11.1 -57.1 -52.6 -4.5 -117.3 -111.4 -5.9 -14.7 -28.6 13.9 102.3 123.2 -20.9 63.3 45.5 17.8 206.9 173.1 33.7 4 5 6 7 Loans (other loans and advances) -2.0 -6.5 -2.3 1.5 0.8 1.0 7.1 -1.9 2.1 4.0 -0.9 7 8 Corporate equities (2) -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers 19.6 -33.7 53.4 7.2 -11.8 19.0 13.0 -2.5 15.5 2.8 -20.3 23.1 38.3 2.2 36.1 34.9 28.1 6.8 -87.5 -98.5 11.0 74.1 -27.9 102.0 -5.1 51.6 -56.7 52.7 -3.1 55.7 31.4 -11.9 43.3 9 10 11 -154.5 -100.8 -72.7 8.3 162.1 -7.5 32.7 189.8 48.2 183.1 227.3 12 9 10 11 12 Net increase in liabilities 13 14 15 Debt securities Open market paper Corporate bonds -1.2 -72.7 71.6 4.4 -30.9 35.3 27.7 16.2 11.4 25.8 3.6 22.2 65.6 39.3 26.3 76.1 84.5 -8.4 -30.0 -63.7 33.8 25.0 -74.5 99.5 37.3 117.2 -79.9 141.8 106.5 35.3 58.1 8.1 50.0 13 14 15 16 17 18 Loans Depository institution loans n.e.c. (3) Other loans and advances (4) -51.2 -51.9 0.7 -28.3 -21.5 -6.8 -0.7 0.0 -0.7 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 16 17 18 19 20 Corporate equities (5) Foreign direct investment in U.S. -18.4 0.6 -8.6 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 19 20 21 22 23 24 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) -84.3 -74.6 1.4 -11.1 -68.9 -79.2 0.1 10.3 -100.3 94.0 0.0 -194.3 -18.2 47.1 0.0 -65.3 95.9 -13.8 0.0 109.7 -84.2 -44.8 0.0 -39.4 62.1 -58.9 0.0 121.0 164.2 139.1 0.0 25.1 10.2 -209.3 0.0 219.5 40.7 177.7 0.0 -137.0 168.6 -162.6 0.0 331.2 21 22 23 24 (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 2011 46 Z.1, March 10, 2016 F.132 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Curr. taxes and trans. payments to rest of world 3485.8 2686.4 546.0 253.4 3582.1 2763.8 563.9 254.3 3616.9 2771.7 575.8 269.5 3742.5 2871.9 591.2 279.4 3695.4 2782.9 623.6 289.0 3753.7 2875.2 597.8 280.7 3774.4 2894.6 592.3 287.5 3687.9 2808.9 589.5 289.4 3697.1 2799.3 614.7 283.1 3722.3 2790.2 637.6 294.5 3674.5 2733.1 652.5 288.9 1 2 3 4 5 6 7 8 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world Curr. taxes and trans. payments from rest of world 3004.2 2106.4 792.6 105.2 3113.9 2198.2 801.5 114.2 3221.2 2263.3 826.2 131.7 3341.3 2341.9 854.3 145.1 3229.5 2252.6 837.9 139.1 3361.1 2360.6 869.7 130.7 3339.1 2349.5 857.0 132.6 3213.2 2257.3 817.0 138.9 3271.6 2280.0 845.3 146.2 3235.0 2259.8 841.2 134.0 3198.2 2213.2 847.9 137.1 5 6 7 8 9 10 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -1.6 483.2 6.5 461.6 -0.8 396.6 -0.4 401.6 -0.4 466.3 -0.4 393.1 -0.4 435.7 -0.4 475.1 -0.5 426.1 -0.4 487.6 -0.3 476.6 9 10 11 12 Gross investment Nonproduced nonfinancial assets 416.7 -0.0 462.8 -0.1 373.4 0.0 323.8 -0.0 24.4 0.0 131.3 0.0 168.1 0.0 -301.8 0.0 642.6 0.0 -405.8 0.0 162.5 0.0 11 12 13 Net lending (+) or net borrowing (-) 416.7 462.8 373.4 323.8 24.4 131.3 168.1 -301.8 642.6 -405.8 162.5 13 14 Net acquisition of financial assets 1049.7 851.2 1155.8 1128.2 452.2 1359.2 511.3 1128.0 1183.9 -505.2 1.9 14 15 16 17 18 19 20 21 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements 0.0 0.0 213.9 81.8 47.3 4.6 92.6 0.0 0.0 -136.0 68.2 38.0 22.6 -6.9 0.0 0.0 312.2 50.9 52.5 11.3 35.3 0.0 0.0 30.6 79.6 46.9 5.2 105.4 0.0 0.0 -93.1 28.9 -38.4 1.2 -95.6 0.0 0.0 56.1 14.4 -15.3 7.3 -57.8 0.0 0.0 -516.3 117.6 0.1 20.7 118.7 0.0 0.0 -26.4 65.1 26.4 -13.2 -51.5 0.0 0.0 -108.6 -18.1 -74.0 -5.0 -273.9 0.0 0.0 -60.6 19.5 -71.9 7.9 82.2 0.0 0.0 -176.6 49.0 -34.1 15.0 -139.3 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (4) 203.6 0.7 355.3 -62.6 417.9 -41.6 0.6 -111.5 495.7 -0.1 589.7 14.0 575.8 -73.6 -0.6 -19.7 547.7 -1.7 424.9 23.3 401.6 -83.7 4.3 203.9 534.3 7.6 317.4 -13.3 330.7 -5.2 4.3 210.1 379.0 -4.6 5.0 51.7 -46.7 43.9 4.2 330.4 568.5 12.9 244.8 -58.1 302.8 70.3 5.3 235.2 692.5 -45.2 144.6 110.6 34.0 130.4 7.4 455.3 168.0 45.3 -139.2 135.8 -275.0 -59.8 8.3 313.4 1343.8 -23.1 577.7 112.8 464.9 141.9 11.6 635.8 -491.4 -48.3 -519.4 -131.1 -388.3 -30.9 2.6 104.6 495.4 7.8 101.0 89.4 11.6 124.3 -5.7 268.0 22 23 24 25 26 27 28 29 30 31 32 33 34 Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Foreign direct investment in U.S. (5) 33.9 44.0 74.7 17.1 236.1 -52.2 126.8 89.7 11.6 193.8 -4.2 -59.1 -19.6 12.3 216.6 50.5 116.2 33.6 14.3 111.6 13.3 -103.5 -20.3 9.6 371.1 117.2 229.6 65.4 -18.3 392.1 25.7 -73.0 -86.4 2.4 209.1 14.5 26.9 116.1 8.7 793.3 12.1 -114.1 59.9 10.0 351.8 20.9 -36.3 -145.3 27.1 142.7 5.5 -290.4 -111.9 -7.4 196.8 30 31 32 33 34 633.0 388.3 782.4 804.4 427.8 1227.8 343.1 1429.7 541.3 -99.4 -160.5 35 15.9 -215.0 96.4 4.5 -147.5 40.2 -3.1 26.7 -84.0 -3.6 -114.3 26.4 -3.8 -217.2 55.5 -3.6 198.3 119.2 -10.0 -487.1 -69.4 -16.6 -92.8 211.1 -3.5 -277.2 -70.7 -1.1 -252.7 334.9 6.0 -246.2 -253.3 36 37 38 128.2 -53.5 181.7 159.0 27.9 131.2 202.8 34.0 168.9 108.8 -21.4 130.2 38.7 59.3 -20.5 74.8 -196.6 271.4 -70.6 12.9 -83.5 274.4 142.5 131.9 95.5 -17.3 112.8 -219.4 52.7 -272.0 4.4 59.2 -54.8 39 40 41 35 Net increase in liabilities 36 37 38 U.S. official reserve assets U.S. private deposits Security repurchase agreements 39 40 41 Debt securities Commercial paper Bonds 42 43 44 Loans Depository institution loans n.e.c. Other loans and advances 44.6 43.2 1.4 36.0 30.4 5.6 40.5 39.1 1.4 31.4 28.6 2.8 21.3 22.7 -1.4 -30.0 -30.6 0.6 39.1 33.7 5.5 43.0 41.0 2.1 46.8 44.0 2.7 -7.6 -6.0 -1.7 3.2 11.8 -8.6 42 43 44 45 46 47 48 49 50 51 Foreign corporate equities (6) Trade payables U.S. direct investment abroad (4,5) Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 7.0 4.0 419.1 132.9 2.6 99.7 30.6 95.8 0.7 339.7 -140.0 2.4 -90.9 -51.5 284.3 9.8 328.6 -23.3 2.2 -8.6 -16.9 436.5 -6.8 336.9 -11.0 2.3 1.3 -14.6 234.7 0.1 290.8 7.6 2.2 -0.5 5.9 526.3 -7.0 363.4 -13.6 1.9 0.5 -16.0 525.9 -0.7 449.7 -33.7 0.7 5.2 -39.6 674.9 -7.2 302.1 40.8 8.7 -2.9 34.9 469.0 -2.5 331.8 -47.8 0.0 -0.7 -47.1 -258.7 1.8 251.3 52.1 0.2 0.2 51.8 53.6 8.3 278.1 -14.7 0.1 1.3 -16.0 45 46 47 48 49 50 51 66.5 -1.2 23.2 77.8 442.0 261.8 267.6 776.9 -216.5 893.4 314.1 52 -580.0 246.6 253.4 105.2 -481.5 -565.7 237.6 254.3 114.2 -468.2 -508.4 250.4 269.5 131.7 -395.8 -530.0 263.1 279.4 145.1 -401.1 -530.3 214.3 289.0 139.1 -465.9 -514.6 271.9 280.7 130.7 -392.7 -545.2 264.7 287.5 132.6 -435.3 -551.6 227.5 289.4 138.9 -474.7 -519.3 230.6 283.1 146.2 -425.6 -530.4 203.6 294.5 134.0 -487.2 -519.9 195.4 288.9 137.1 -476.3 53 54 55 56 57 52 53 54 55 56 57 Discrepancy (FOF basis) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (7) - Curr. taxes and trans. payments to rest of world + Curr. taxes and trans. payments from rest of world = Balance on current account, NIPAs (1) Table F.5, 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. 47 Z.1, March 10, 2016 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 1 Net change in liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 Net change in assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 13 14 15 Rest of the world Monetary gold (2) SDR allocations 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 2015 Q4 Q1 Q2 Q3 Q4 15.9 4.5 -3.1 -3.6 -3.8 -3.6 -10.0 -16.6 -3.5 -1.1 6.0 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 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 -4.0 0.2 -3.6 0.0 -3.8 0.2 -10.0 0.0 -10.3 0.2 -16.6 0.0 -16.8 0.1 -3.5 0.0 -3.7 0.2 -1.1 0.0 -1.3 0.2 6.0 0.0 5.8 0.2 3 4 5 6 15.9 4.5 -3.1 -3.6 -3.8 -3.6 -10.0 -16.6 -3.5 -1.1 6.0 7 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 -3.9 0.0 0.0 -4.0 0.1 -4.1 0.0 0.0 -4.2 0.1 -10.2 0.0 0.0 -10.3 0.1 -16.7 0.0 0.0 -16.8 0.1 -3.6 0.0 0.0 -3.7 0.1 -1.2 0.0 0.0 -1.3 0.1 5.9 0.0 0.0 5.8 0.1 8 9 10 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 -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 0.1 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 0.1 0.0 0.0 0.1 0.2 0.0 0.1 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.7 0.0 0.6 -0.4 0.7 -0.3 0.8 -0.0 1.3 -1.0 0.8 0.0 0.5 0.0 1.5 0.0 1.3 0.0 1.3 -0.0 1.1 3 4 5 Discrepancy (seigniorage) -0.7 -0.6 -1.1 -1.1 -1.3 -1.8 -0.5 -1.5 -1.3 -1.3 -1.2 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 -215.0 -147.5 26.7 -114.3 -217.2 198.3 -487.1 -92.8 -277.2 -252.7 -246.2 1 -9.9 -5.8 -62.9 -7.9 0.6 0.4 2.3 42.1 -9.6 -6.4 -14.7 -9.6 -13.5 -25.1 -13.3 11.6 -29.7 -13.7 -27.7 -27.6 3.6 -6.1 -65.2 0.8 -18.8 19.8 -8.8 -13.6 -73.6 -39.2 -15.6 18.5 -5.8 2 3 4 -136.3 -140.5 -8.1 -83.6 -165.3 230.1 -435.4 -22.3 -269.4 -126.3 -243.2 5 Flows 2011 48 Z.1, March 10, 2016 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 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 2015 Q4 Q1 Q2 Q3 Q4 820.5 -194.5 1129.1 115.0 -503.5 402.9 -1379.1 506.1 -1050.9 -337.0 -1132.2 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 54.2 -70.3 -0.6 0.7 -402.3 -52.4 -52.1 0.2 3.1 332.8 298.2 -220.1 2.6 -10.7 -641.0 -239.9 -504.4 -0.5 6.7 245.2 336.6 -123.3 -1.7 49.3 -773.7 -487.2 250.7 -1.9 -38.8 -177.5 -252.4 109.5 3.2 -19.8 -903.1 193.2 -445.2 1.4 21.6 2 3 4 5 6 817.0 -200.1 1072.3 162.0 -494.8 388.0 -1156.5 217.7 -880.5 -236.4 -1080.1 7 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 30.6 0.5 -209.3 -198.5 5.5 -93.1 -0.9 290.1 76.6 -33.9 56.1 0.7 128.4 -795.9 26.6 -516.3 -1.2 255.6 -66.0 55.6 -26.4 1.8 -792.8 57.6 -38.4 -108.6 1.6 -106.4 -62.2 -8.9 -60.6 -0.3 -193.7 -723.2 13.8 -176.6 8 9 10 11 12 3.5 5.7 56.8 -47.1 -8.7 14.9 -222.5 288.4 -170.4 -100.6 -52.1 13 Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 8.1 8.1 0.0 7.1 7.1 0.0 2.6 2.5 0.0 2.0 2.0 0.0 -1.4 -1.4 -0.0 4.8 4.9 -0.1 -1.5 -1.6 0.1 8.1 8.2 -0.2 5.6 5.6 -0.0 1.8 1.8 0.0 -21.2 -21.2 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 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 -400.8 -207.9 -198.4 5.5 328.0 285.2 76.7 -33.9 -639.4 130.0 -796.0 26.6 237.1 247.4 -65.8 55.6 -779.3 -798.4 57.6 -38.4 -179.2 -108.1 -62.2 -8.9 -882.0 -172.5 -723.2 13.8 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 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 0.5 0.5 0.5 -0.0 -0.9 -0.9 -1.6 0.7 0.7 0.7 1.4 -0.7 -1.2 -1.2 -0.8 -0.4 1.8 1.8 1.3 0.5 1.6 1.6 1.3 0.3 -0.3 -0.3 0.2 -0.5 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 -309.3 -222.2 87.1 -87.8 -199.0 -111.1 153.5 103.7 -49.8 102.0 15.8 -86.2 -39.3 -24.8 14.5 297.6 275.1 -22.5 -20.3 -132.4 -112.1 116.2 31.1 -85.1 -369.7 -238.4 131.3 -168.9 -133.2 35.7 265.1 241.2 -23.9 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 512.1 296.7 -215.4 -51.6 -90.0 -38.3 157.9 143.3 -14.6 -67.2 -123.8 -56.6 -56.5 -141.6 -85.1 -233.1 -118.5 114.6 -491.3 -574.4 -83.0 -143.0 -156.0 -13.0 265.3 0.0 -265.3 79.8 -36.7 -116.6 -427.9 -373.7 54.3 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -12.4 -4.0 -8.4 -2.6 -3.3 0.7 -0.3 0.4 -0.8 1.4 0.8 0.7 -2.7 -2.6 -0.1 -0.0 -0.1 0.1 0.6 -2.7 3.4 -6.4 0.2 -6.6 -3.3 -9.3 6.0 -4.6 -2.5 -2.1 3.5 1.3 2.1 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -1.3 0.4 -1.7 0.8 -0.2 1.1 0.5 -0.1 0.5 -2.8 -2.3 -0.5 0.0 0.8 -0.7 -8.3 -3.4 -5.0 -4.0 -2.2 -1.9 -6.0 -0.5 -5.5 -7.5 -3.2 -4.3 23.9 13.9 10.0 -10.3 -7.0 -3.2 34 35 36 213.9 -136.0 312.2 30.6 -93.1 56.1 -516.3 -26.4 -108.6 -60.6 -176.6 37 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 -16.9 -16.6 -4.6 -0.2 -3.1 4.7 -17.2 -40.1 -2.6 10.7 -220.9 -234.8 -6.1 0.5 -6.7 222.3 224.5 -16.3 1.7 -49.3 -125.3 -128.1 1.5 1.9 38.8 -101.5 -90.6 -6.7 -3.2 19.8 -63.2 -72.1 2.9 -1.4 -21.6 38 39 40 41 42 -19.1 52.5 13.6 -3.3 0.4 -21.9 -13.9 2.2 -2.8 10.9 -8.9 43 3.5 5.7 56.8 -47.1 -8.7 14.9 -222.5 288.4 -170.4 -100.6 -52.1 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. 49 Z.1, March 10, 2016 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 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 234.5 267.7 332.6 351.1 292.4 307.4 369.2 -140.3 863.0 -268.5 715.6 1 -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 99.7 204.4 110.1 10.9 -0.0 83.5 206.6 75.8 62.9 -2.8 70.7 376.0 254.4 -27.0 0.0 148.7 -440.3 -491.2 3.0 -0.1 48.0 711.6 621.8 29.4 0.1 60.3 -82.0 -222.4 15.5 3.9 121.0 628.5 532.0 -4.2 -4.0 104.7 2 3 4 5 6 319.4 -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 2.1 133.2 50.3 -0.2 -16.6 67.1 108.6 1.7 -15.0 121.9 -145.6 0.9 3.3 -149.8 220.1 -0.6 -4.0 224.8 104.1 -0.1 -20.1 124.3 -154.6 0.8 -46.6 -108.7 31.7 -0.6 4.2 28.1 7 8 9 10 23.7 4.4 19.3 16.2 8.9 7.3 30.8 12.3 18.5 45.2 14.0 31.2 16.4 7.2 9.2 -0.0 8.0 -8.1 94.4 0.4 94.0 46.7 23.2 23.5 46.9 4.5 42.4 -33.4 8.7 -42.1 5.3 -7.7 13.1 11 12 13 2.8 2.5 6.3 5.2 1.6 -3.3 22.5 -1.7 11.2 -1.6 -1.4 14 10.7 10.7 7.9 12.2 19.7 -4.5 21.9 34.9 -10.8 3.1 51.5 15 292.4 307.4 369.2 -140.3 863.0 -268.5 715.6 16 16 Net change in assets 234.5 267.7 332.6 351.1 17 Household sector 300.3 177.0 134.2 141.2 59.4 -55.4 32.4 228.1 160.7 -268.8 117.6 17 18 19 20 Nonfinancial business Corporate Noncorporate 55.5 30.8 24.6 13.7 -45.5 59.3 75.5 63.5 12.0 72.3 36.7 35.7 102.5 61.7 40.8 136.3 106.8 29.5 72.1 18.2 53.9 97.8 64.6 33.1 181.6 136.0 45.6 83.5 54.4 29.1 47.2 -8.3 55.5 18 19 20 21 22 Federal government State and local governments -257.6 16.6 6.7 -9.2 69.6 7.3 60.8 15.7 109.9 -8.9 73.3 19.1 309.8 36.7 -450.1 -24.3 522.6 19.1 -224.0 -0.5 591.2 -29.7 21 22 23 Domestic financial sectors 37.2 9.9 -4.1 -19.5 0.9 119.1 -144.0 -15.7 -101.9 121.2 -0.1 23 -8.5 2.0 12.3 2.7 -6.7 -9.2 5.9 3.6 -1.0 -0.4 3.5 15.1 -0.4 -8.5 -0.6 -2.2 -20.1 -28.0 15.3 43.2 1.3 -14.7 24 25 24 25 Property-casualty insurance companies Life insurance companies 26 27 Private pension funds State and local govt. retirement funds 5.6 0.4 -1.7 0.1 -0.5 0.0 0.5 0.7 1.4 0.1 -0.4 0.7 -0.4 -1.6 1.6 1.0 -0.7 -0.9 1.5 -0.5 3.2 0.8 26 27 28 29 Money market mutual funds Government-sponsored enterprises 5.8 9.3 -3.6 -20.1 -3.2 29.0 -17.6 -16.6 11.7 -5.3 -66.4 159.9 -19.6 -97.4 3.6 -46.2 24.2 -49.0 12.8 24.9 6.4 49.1 28 29 30 31 32 Finance companies REITs Brokers and dealers 5.1 2.5 14.9 -3.8 7.7 16.3 4.2 -1.3 -16.5 -0.2 4.1 0.0 -0.1 0.1 -5.7 -4.8 2.1 9.5 3.1 0.5 -19.8 1.9 1.7 23.6 3.5 -16.6 -14.3 3.4 14.9 5.8 -9.0 0.5 -37.9 30 31 32 33 34 35 Rest of the world Checkable deposits Currency 81.8 26.8 55.0 68.2 11.0 57.1 50.9 13.2 37.7 79.6 13.4 66.3 28.9 -9.5 38.4 14.4 -9.8 24.3 117.6 3.6 114.0 65.1 19.1 46.0 -18.1 -15.6 -2.5 19.5 -34.0 53.5 49.0 -7.5 56.5 33 34 35 36 Mail float 0.8 1.5 -0.7 0.9 -0.3 0.5 -55.4 -41.2 98.9 0.7 -59.5 36 Flows 2011 50 Z.1, March 10, 2016 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 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 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 404.1 520.4 409.1 513.2 407.4 180.5 715.3 836.9 -31.5 456.2 368.0 1 577.4 539.6 307.0 365.0 514.9 439.7 172.8 992.9 59.6 406.2 600.8 2 537.1 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 25.0 462.2 13.0 -1.5 41.2 397.4 9.4 -1.9 34.7 150.9 -20.5 9.9 32.5 834.5 167.5 -7.2 -2.0 146.0 -150.5 4.9 59.3 323.8 32.3 -2.2 52.4 544.4 2.7 -1.3 55.1 3 4 5 6 -173.3 -19.2 102.1 148.2 -107.5 -259.1 542.5 -156.0 -91.1 50.0 -232.9 7 -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 21.9 -134.4 -1.5 6.4 -354.1 91.3 -1.9 5.6 718.5 -192.2 9.9 6.3 32.2 -188.3 -7.2 7.2 -104.3 6.4 4.9 1.9 173.7 -129.7 -2.2 8.1 -14.2 -225.8 -1.3 8.5 8 9 10 11 12 Net change in assets 404.1 520.4 409.1 513.2 407.4 180.5 715.3 836.9 -31.5 456.2 368.0 12 13 Household sector 369.3 411.9 209.9 434.3 488.0 257.0 778.9 736.5 13.8 724.0 477.7 13 14 15 16 Nonfinancial business Corporate Noncorporate 19.2 13.2 6.0 43.4 33.3 10.1 47.4 35.8 11.5 10.6 -15.7 26.2 25.2 -42.2 67.4 -116.2 -130.9 14.8 70.7 10.6 60.2 -50.2 -125.2 75.0 -15.0 -47.9 32.9 44.3 -28.2 72.5 121.5 32.3 89.2 14 15 16 17 18 Federal government State and local governments -0.3 16.2 0.2 22.1 -0.5 17.9 0.2 7.6 0.0 10.8 0.4 2.2 0.6 -4.9 -0.6 31.3 1.1 -0.7 0.9 -5.4 -1.3 17.8 17 18 19 Domestic financial sectors -47.6 4.9 82.0 13.8 -78.2 52.4 -130.2 93.5 43.3 -235.7 -213.7 19 20 21 22 Private pension funds State and local govt. retirement funds Money market mutual funds 1.6 1.9 -56.3 -3.9 -3.1 32.8 4.9 2.5 59.4 0.1 4.5 20.7 3.0 3.0 -77.5 -2.7 5.6 27.6 -0.2 5.6 -80.5 3.3 8.2 54.8 1.8 5.3 13.3 2.5 -5.2 -206.3 4.3 3.8 -171.7 20 21 22 23 24 25 Government-sponsored enterprises Finance companies Holding companies -12.7 15.4 2.4 -9.1 -11.5 -0.3 1.1 12.7 1.5 -2.1 -0.5 -8.9 1.4 -0.2 -7.9 -1.9 -14.5 38.3 -8.7 9.3 -55.8 -5.4 5.6 27.0 3.7 10.4 8.8 -0.6 10.2 -36.3 8.0 -27.0 -31.1 23 24 25 47.3 38.0 52.5 46.9 -38.4 -15.3 0.1 26.4 -74.0 -71.9 -34.1 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 -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 1 2 Net purchases -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 2 -21.1 -35.4 0.8 2.5 57.1 3.0 28.1 39.7 2.0 -41.6 21.0 4.0 -43.2 6.2 4.9 -68.6 72.0 3.2 -199.3 164.2 6.5 -134.0 -66.8 5.4 79.5 -8.7 5.1 -124.4 38.8 2.8 6.0 61.5 6.4 3 4 5 2.1 4.3 1.3 7.0 16.3 -3.7 5.8 16.3 14.3 15.9 18.7 6 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 State and local governments 7 8 Property-casualty insurance companies Life insurance companies -5.6 7.9 2.2 -1.4 -2.2 -5.9 -1.9 6.1 -0.4 1.5 1.5 6.4 -4.3 20.5 -0.3 -4.5 -1.0 -7.5 1.5 17.7 -1.9 0.4 7 8 9 10 Private pension funds State and local govt. retirement funds 16.5 0.8 -17.1 -3.7 12.7 3.4 -9.5 5.7 3.7 3.9 -5.1 4.1 -9.5 10.3 -0.9 7.4 -6.7 8.7 12.0 -4.8 10.3 4.4 9 10 11 Funding corporations -83.4 -62.4 -61.5 13.4 33.6 13.8 230.4 132.3 -51.0 63.2 -10.1 11 12 Rest of the world 4.6 22.6 11.3 5.2 1.2 7.3 20.7 -13.2 -5.0 7.9 15.0 12 51 Z.1, March 10, 2016 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 1 Net change in liabilities 2015 Q4 Q1 Q2 Q3 Q4 280.7 248.8 -468.1 32.7 52.4 -435.9 131.0 181.8 -214.2 575.0 -333.1 1 40.2 7.3 208.7 193.9 202.6 -185.5 398.8 108.1 85.2 331.7 285.3 2 -81.5 ND ND -52.6 ND ND -80.5 -11.0 -69.5 -33.2 -19.7 -13.5 -39.4 0.8 -40.1 -88.0 -38.5 -49.5 -55.0 -65.4 10.4 -30.1 -39.9 9.8 -9.8 22.0 -31.8 -81.2 -17.8 -63.4 -36.4 38.7 -75.1 3 4 5 54.4 -9.9 64.3 20.6 -2.6 23.3 -12.3 -2.6 -9.7 58.6 8.3 50.2 35.3 -0.3 35.6 6.7 37.9 -31.2 46.2 -26.2 72.4 -47.4 45.4 -92.8 32.9 -63.3 96.2 -30.3 16.9 -47.2 186.1 -0.1 186.2 6 7 8 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 -0.0 9 10 11 Property-casualty insurance companies Life insurance companies 1.7 1.9 -1.0 2.3 -0.6 6.5 -0.4 1.0 0.4 0.9 -0.6 -2.6 -0.3 -2.6 0.4 1.0 0.0 1.2 0.6 -0.1 0.5 1.5 10 11 12 13 14 15 Government-sponsored enterprises REITs Brokers and dealers Holding companies -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 -23.6 -179.4 0.1 0.0 -1.8 -283.3 0.0 0.2 47.3 -234.4 0.0 0.1 -11.7 -49.8 0.1 -0.3 -32.9 -219.8 0.1 0.5 -34.8 53.7 0.1 -0.5 -14.8 -501.7 0.0 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 96.4 40.2 -84.0 26.4 55.5 119.2 -69.4 211.1 -70.7 334.9 -253.3 16 203.0 259.5 -344.0 169.7 -93.4 -353.5 274.4 -5.4 -257.1 390.6 -501.9 17 0.4 -4.7 -2.9 3.8 -1.0 1.5 12.5 6.0 -0.9 13.5 29.4 -2.5 2.0 5.1 -4.2 13.5 6.4 11.9 -18.3 13.2 12.3 15.4 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 -25.0 ND ND 60.1 ND ND -87.2 -11.1 -76.2 -30.4 -16.4 -14.0 24.8 -11.2 36.0 -25.8 -21.2 -4.6 -43.9 -59.6 15.7 120.2 -20.7 140.9 -24.8 -12.0 -12.8 13.6 -12.7 26.3 -10.0 0.4 -10.3 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 31.7 1.5 30.2 58.2 -0.8 58.9 -1.2 -1.7 0.5 41.1 -0.0 41.1 0.4 -0.4 0.8 -37.8 -1.2 -36.6 -2.5 -1.7 -0.7 -73.4 -0.8 -72.5 43.0 0.7 42.3 -48.2 -2.0 -46.2 80.1 0.6 79.5 24 25 26 27 28 29 Credit unions Federal funds Security repurchase agreements 15.9 15.9 0.0 -6.2 -6.3 0.1 -9.6 -9.6 -0.0 -0.0 0.0 -0.0 0.0 0.0 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 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -1.4 -4.7 0.0 0.1 -0.8 2.1 -0.3 -0.3 0.0 -5.3 0.4 0.2 -0.1 0.4 0.0 0.4 0.2 4.1 0.2 0.3 0.1 0.5 -0.3 0.6 -0.4 -13.2 0.1 0.6 0.4 9.2 0.3 0.8 -0.1 -0.5 0.1 0.4 0.5 1.1 -0.1 -0.5 0.0 6.7 0.3 0.4 30 31 32 33 34 35 Money market mutual funds Mutual funds 11.1 -28.8 54.2 54.1 -51.3 92.7 151.2 46.2 43.8 -55.3 -6.5 -115.0 267.3 27.0 43.3 -3.5 -30.4 -57.7 145.5 -105.4 16.6 -54.6 34 35 36 37 Government-sponsored enterprises Of which: FHLB federal funds (3) -38.9 -34.7 38.6 2.9 1.5 -14.5 10.3 23.3 -8.9 -32.9 -93.5 17.2 206.8 51.7 -17.9 -40.9 -68.5 -3.6 31.9 -42.5 18.9 -44.4 36 37 38 39 40 Brokers and dealers Holding companies Funding corporations 154.6 0.2 0.0 55.1 -49.3 0.0 -317.2 -2.8 -0.1 -168.2 -5.1 0.0 -19.5 -0.4 0.0 -39.4 -5.4 0.0 -270.7 -22.4 0.0 -55.8 12.9 0.0 129.6 7.3 0.0 289.7 -14.5 0.0 -441.5 -7.3 0.0 38 39 40 41 Rest of the world 92.6 -6.9 35.3 105.4 -95.6 -57.8 118.7 -51.5 -273.9 82.2 -139.3 41 77.7 -10.7 -124.1 -137.0 145.8 -82.3 -143.4 187.2 43.0 184.3 168.8 42 0.0 0.0 0.0 0.0 0.0 0.0 197.8 163.3 34.5 199.0 207.9 -9.0 77.9 52.8 25.1 -157.9 -44.7 -113.3 386.8 307.4 79.4 -72.9 -103.8 31.0 56.4 107.5 -51.1 228.0 169.1 59.0 99.9 38.3 61.6 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 34. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. Flows 2011 52 Z.1, March 10, 2016 F.208 Debt Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 By instrument Flows 1 2 3 4 5 6 Total debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1054.6 1355.9 1380.4 1305.0 1366.9 1400.1 1548.3 444.7 1364.6 514.9 3143.4 1 -88.3 1137.6 -21.0 -52.8 79.1 -16.9 1181.0 -24.2 -4.9 220.9 -0.8 857.7 237.9 -43.2 328.7 -21.2 736.0 150.2 -18.8 458.9 11.1 724.4 204.5 62.4 364.5 -121.1 839.4 213.5 -58.4 526.7 -141.5 836.1 455.2 47.6 350.8 -42.5 -155.3 -159.4 157.3 644.6 92.8 347.9 217.3 52.4 654.2 7.5 24.5 325.4 50.7 106.8 -13.4 2680.5 434.7 -10.9 52.5 2 3 4 5 6 1054.6 1355.9 1380.4 1305.0 1366.9 1400.1 1548.3 444.7 1364.6 514.9 3143.4 7 1280.9 1513.2 1107.5 1021.1 1181.6 1009.6 1219.2 387.2 963.0 462.6 2913.7 8 -7.8 203.6 -14.5 352.7 -13.1 302.8 -4.8 304.0 -5.4 410.6 -9.8 231.9 -6.0 343.0 -0.4 417.3 -13.3 597.2 -9.9 398.4 2.0 229.3 9 10 1138.7 -53.6 1180.6 -5.7 857.3 -39.4 735.9 -14.0 724.6 51.9 838.7 -51.2 838.2 43.9 -156.3 126.5 350.0 29.1 22.2 51.8 2682.3 0.0 11 12 -354.5 -316.3 70.0 175.0 146.6 315.6 399.8 -216.8 306.1 271.6 225.3 13 10.0 0.0 -187.2 165.1 -200.7 -29.8 -115.4 0.0 -154.6 130.8 -152.4 -74.1 -102.7 0.0 107.5 130.8 -269.0 -6.1 -17.2 0.0 75.3 75.0 -53.7 2.0 -9.3 0.0 77.4 127.0 -51.5 -12.2 -16.9 0.0 142.5 71.8 3.0 15.6 0.2 0.0 357.3 95.8 -28.1 37.6 -79.4 0.0 -163.5 5.1 46.9 52.6 4.1 0.0 93.5 121.8 -7.8 -61.7 10.4 0.0 142.1 185.4 -149.5 13.4 27.9 0.0 237.4 195.5 -95.8 -53.0 14 15 16 17 18 19 7.6 -37.9 -80.4 -1.2 26.4 -1.7 20.3 4.4 172.8 22.2 -13.2 27.7 48.3 11.5 8.0 25.8 -8.4 7.4 -49.4 65.6 33.4 42.1 -51.9 76.1 -2.5 -0.1 -30.5 -30.0 7.8 -65.9 -45.4 25.0 -9.9 113.5 15.4 37.3 -26.1 -1.6 -44.4 141.8 -5.4 -16.4 -123.0 58.1 20 21 22 23 128.2 159.0 202.8 108.8 38.7 74.8 -70.6 274.4 95.5 -219.4 4.4 24 1054.6 1355.9 1380.4 1305.0 1366.9 1400.1 1548.3 444.7 1364.6 514.9 3143.4 25 By sector 7 8 Total liabilities Domestic nonfinancial sectors 9 10 Household sector (nonprofits) Nonfinancial corporate business 11 12 Federal government State and local governments 13 Domestic financial sectors 14 15 16 17 18 19 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 20 21 22 23 REITs Brokers and dealers Holding companies Funding corporations 24 25 26 Rest of the world Total assets: -418.2 -234.6 -698.3 -463.5 91.2 -421.4 -124.0 -351.9 -146.1 705.8 157.2 26 27 28 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -230.1 -8.5 1.1 -212.1 -12.5 4.2 -627.8 -13.2 0.5 -479.1 -8.6 2.9 40.0 -13.5 4.6 -360.2 -15.6 2.3 -173.7 0.7 4.7 -422.0 -37.8 3.9 -115.4 -15.6 5.1 595.3 -11.2 3.5 102.2 10.5 6.1 27 28 29 30 31 Federal government State and local governments -118.2 -62.4 -31.3 17.0 -0.1 -57.8 -0.0 21.3 -0.0 60.1 0.0 -47.9 0.0 44.3 0.0 104.1 -0.1 -20.1 -0.1 118.2 0.0 38.4 30 31 32 Domestic nonfinancial sectors 1269.2 1094.9 1530.9 1234.2 896.7 1252.9 979.8 628.6 166.9 300.5 2490.9 32 33 34 35 36 37 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 444.0 108.3 2.2 -3.5 31.0 64.5 163.6 11.4 -2.6 17.9 1086.6 90.7 -50.4 1.5 4.6 480.7 241.5 -14.5 -1.2 -9.0 5.1 214.4 -9.0 0.8 -9.2 299.9 265.6 -30.3 -0.8 4.8 173.2 285.2 -21.9 -1.1 -31.9 21.6 284.9 -33.9 -0.2 -3.9 -11.5 202.2 -50.0 1.5 -15.8 17.2 34.2 37.9 -0.0 -17.8 -6.9 336.2 10.0 1.9 0.7 33 34 35 36 37 38 39 Property-casualty insurance companies Life insurance companies 35.4 102.5 0.3 60.6 28.6 55.1 13.8 70.2 6.6 80.9 39.7 56.9 18.8 13.3 -17.0 115.2 14.0 65.5 14.0 101.0 15.4 41.9 38 39 40 41 42 Private pension funds Federal government retirement funds State and local govt. retirement funds 78.5 96.3 6.5 145.3 55.8 -0.8 89.6 107.9 87.3 24.8 86.5 43.2 42.0 91.4 -10.8 38.7 105.7 69.7 -2.6 86.7 27.0 56.9 -304.3 37.7 6.3 -460.0 -5.5 44.2 -365.9 -98.7 60.4 1495.8 23.2 40 41 42 43 44 45 46 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -9.8 340.5 -1.7 46.1 -82.7 629.8 11.3 52.3 30.8 324.4 13.5 12.2 -120.8 467.1 -3.8 51.0 70.3 394.7 -5.1 55.0 72.0 477.1 -10.6 24.4 1.8 581.5 -8.6 87.6 -102.4 523.5 -1.5 77.1 51.5 419.1 5.4 7.6 126.7 290.8 -17.0 86.0 205.5 345.3 -7.1 49.0 43 44 45 46 47 48 49 50 Government-sponsored enterprises ABS issuers Finance companies REITs -38.5 -13.5 0.9 108.5 -136.7 -5.9 -6.3 119.0 -94.5 -1.2 -10.8 -95.8 -19.0 5.5 6.0 11.2 -36.1 0.9 5.6 -32.9 -12.5 11.5 -10.1 -17.7 -8.0 9.3 16.0 50.4 -25.9 2.7 8.5 -15.8 -68.0 3.9 14.2 -65.2 -24.1 -1.3 -5.2 -34.1 -26.4 -1.8 5.0 -16.5 47 48 49 50 51 52 53 Brokers and dealers Holding companies Funding corporations -1.3 -0.9 -62.3 103.9 -66.8 -39.1 -186.3 59.0 -21.7 -89.2 -0.2 -9.5 -36.7 -20.6 89.4 -111.3 37.4 -57.1 -128.7 -51.0 -117.3 41.9 -22.0 -14.7 -52.3 1.7 102.3 31.3 18.0 63.3 -167.5 -80.3 206.9 51 52 53 203.6 495.7 547.7 534.3 379.0 568.5 692.5 168.0 1343.8 -491.4 495.4 54 54 Domestic financial sectors Rest of the world (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. 53 Z.1, March 10, 2016 F.209 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 1 2 Total net issues, all types Commercial paper 2015 Q4 Q1 Q2 Q3 Q4 -88.3 -16.9 -0.8 -21.2 11.1 -121.1 -141.5 -42.5 92.8 7.5 -13.4 1 -88.2 -16.8 -0.8 -21.2 11.1 -121.1 -141.5 -42.5 92.8 7.5 -13.4 2 33.4 14.0 14.2 37.5 -5.4 21.7 -3.7 -61.2 -53.2 70.3 22.5 3 3 Nonfinancial corporate business 4 5 6 Foreign issues in U.S. Nonfinancial Financial -53.5 -0.5 -53.0 27.9 10.3 17.6 34.0 11.2 22.8 -21.4 -6.4 -15.0 59.3 -1.1 60.3 -196.6 -17.8 -178.8 12.9 -34.6 47.5 142.5 39.1 103.4 -17.3 -1.8 -15.5 52.7 -58.0 110.7 59.2 16.5 42.7 4 5 6 Domestic financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations -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 -37.3 -5.2 -15.1 -1.1 0.0 -19.6 3.6 -42.7 -0.9 -7.3 -2.5 0.0 -71.3 39.3 53.8 -5.0 -0.6 12.6 0.0 -37.7 84.5 -150.6 -0.9 -57.1 -9.3 0.0 -19.7 -63.7 -123.7 -21.9 2.3 -1.6 0.0 -28.0 -74.5 163.3 4.3 51.2 45.4 0.0 -54.8 117.2 -115.4 4.0 -54.5 -10.3 0.0 -161.1 106.5 -95.1 9.9 -28.1 -43.7 0.0 -41.4 8.1 7 8 9 10 11 12 13 -0.1 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 -0.1 0.0 -0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 -88.3 -16.9 -0.8 -21.2 11.1 -121.1 -141.5 -42.5 92.8 7.5 -13.4 17 -1.8 -0.1 -0.6 -8.4 -3.8 -6.6 -0.1 0.7 -1.2 -6.2 -0.6 1.2 -4.2 2.4 1.4 -8.8 1.7 2.3 -5.5 -9.2 -2.3 -9.0 18 19 -12.1 -7.8 -9.4 -7.0 -1.4 -11.8 -7.8 -3.6 -4.9 11.2 -8.3 20 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.9 -11.2 -1.4 13.9 0.7 3.2 -0.1 -4.6 0.0 0.4 1.3 -11.0 -1.2 4.1 -0.1 16.7 -0.4 -4.7 0.7 7.5 0.0 -18.0 25 26 2.5 1.8 -4.9 -3.7 5.9 3.0 1.2 4.8 2.9 3.2 -1.7 7.2 0.5 3.2 7.1 12.1 3.2 6.4 -1.0 -6.5 2.3 1.0 27 28 -40.0 -26.3 -13.3 27.6 11.2 27.6 -18.5 15.3 -39.4 -18.3 -34.5 13.4 -35.7 54.0 6.5 -92.4 27.3 -29.7 -3.5 19.4 -187.8 29.4 29 30 -3.4 5.9 -5.0 -3.1 -12.2 -2.9 1.0 -1.3 -30.6 1.5 -7.8 -14.2 -1.4 -1.4 78.3 1.2 -46.1 -52.6 -0.1 -0.1 -111.4 -1.4 3.4 -28.6 -0.1 -8.2 123.2 -2.3 -0.4 45.5 -1.6 -0.3 173.1 31 32 33 0.7 -0.1 -1.7 7.6 -4.6 12.9 -45.2 45.3 -23.1 -48.3 7.8 34 7 8 9 10 11 12 13 14 15 16 17 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 21 22 23 24 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 25 26 Property-casualty insurance companies Life insurance companies 27 28 Private pension funds State and local govt. retirement funds 29 30 Money market mutual funds Mutual funds 31 32 33 Government-sponsored enterprises Brokers and dealers Funding corporations 34 Rest of the world (1) Excludes banks’ holdings of own acceptances. Flows 2011 54 Z.1, March 10, 2016 F.210 Treasury Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 1 Flows 2 3 4 5 6 7 8 9 10 11 12 Total liabilities Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Other nonmarketable securities Total assets 2015 Q4 Q1 Q2 Q3 Q4 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 1 1083.4 -249.5 1334.7 -1.8 1121.9 107.0 1016.2 -1.3 806.2 -35.9 834.3 7.9 646.7 -133.9 781.9 -1.4 688.1 54.3 632.4 1.4 745.7 92.9 652.8 0.0 721.5 188.3 533.2 0.0 146.9 79.4 67.5 0.0 879.7 -333.5 1218.4 -5.2 495.6 -151.7 647.4 0.0 1230.4 623.2 596.4 10.7 2 3 4 5 54.2 -2.7 -40.9 23.0 72.6 2.2 59.1 -2.8 10.5 10.8 41.7 -1.2 51.4 -3.3 -42.0 14.2 90.3 -7.8 89.4 -3.3 -4.1 18.6 70.2 8.0 36.2 -4.3 -41.3 15.7 74.3 -8.0 93.7 -3.3 5.2 21.2 82.0 -11.5 114.7 -3.2 28.1 30.1 55.1 4.6 -302.2 -4.1 12.4 -238.4 -66.8 -5.3 -531.8 -4.2 -95.8 -252.2 -203.6 24.0 -471.2 -4.3 -55.7 -274.4 -89.4 -47.2 1450.2 -4.8 -26.2 827.7 657.1 -3.7 6 7 8 9 10 11 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 12 -230.8 -2.7 -228.1 195.1 -2.8 197.8 -140.5 -3.3 -137.2 -57.0 -3.3 -53.7 354.4 -4.3 358.8 -136.1 -3.3 -132.8 483.5 -3.2 486.7 -231.7 -4.1 -227.6 261.4 -4.2 265.6 698.2 -4.3 702.5 689.8 -4.8 694.6 13 14 15 -5.1 0.8 -3.5 4.0 -0.6 2.2 -3.6 2.7 -6.1 4.3 -4.4 2.1 -1.5 4.3 -27.2 3.6 -10.5 4.7 0.6 3.2 12.6 5.6 16 17 13 14 15 Household sector U.S. savings securities (line 7) Other Treasury securities 16 17 Nonfinancial corporate business Nonfinancial noncorporate business 18 19 20 State and local governments SLGS (line 8) Other Treasury securities -34.4 -40.9 6.5 42.9 10.5 32.3 -17.8 -42.0 24.2 37.2 -4.1 41.3 57.7 -41.3 99.0 14.8 5.2 9.6 66.5 28.1 38.4 83.0 12.4 70.5 -30.6 -95.8 65.2 87.6 -55.7 143.3 90.8 -26.2 117.0 18 19 20 21 22 23 Monetary authority Treasury bills Other Treasury securities 642.0 0.0 642.0 2.7 -18.4 21.1 542.6 0.0 542.6 252.6 0.0 252.6 0.2 0.0 0.2 184.4 0.0 184.4 16.9 0.0 16.9 48.4 0.0 48.4 -8.1 0.0 -8.1 -16.3 0.0 -16.3 -23.2 0.0 -23.2 21 22 23 24 25 26 27 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -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 14.8 13.3 1.1 1.8 226.6 -20.7 1.7 19.7 227.9 -15.5 0.3 -18.6 -4.1 -3.2 0.6 5.3 58.0 6.2 1.4 1.4 -22.3 -10.4 1.5 -1.6 27.5 60.7 0.8 2.0 24 25 26 27 28 29 30 Property-casualty insurance companies Treasury bills Other Treasury securities 4.6 1.9 2.7 -6.7 -3.3 -3.4 6.4 9.4 -3.0 5.9 3.3 2.6 1.2 1.4 -0.2 12.1 7.9 4.2 3.4 0.1 3.4 -1.8 -0.4 -1.4 -0.2 -1.5 1.3 3.1 2.2 0.9 3.7 5.2 -1.5 28 29 30 31 32 33 Life insurance companies Treasury bills Other Treasury securities 18.8 3.8 15.0 5.5 -4.5 10.0 -12.2 -2.8 -9.4 14.3 2.0 12.3 13.7 0.5 13.1 13.6 2.1 11.6 16.2 6.5 9.7 41.5 -1.3 42.8 -8.9 -2.3 -6.6 16.4 5.5 10.9 5.7 0.2 5.4 31 32 33 34 35 36 Private pension funds Defined benefit plans Defined contribution plans 40.7 32.9 7.8 64.4 36.0 28.4 -3.4 -2.7 -0.7 13.0 5.6 7.4 14.2 7.4 6.8 16.1 9.5 6.6 8.5 4.0 4.6 20.3 13.0 7.3 11.5 4.9 6.6 12.6 5.8 6.8 12.3 5.7 6.6 34 35 36 37 38 39 Federal government retirement funds Defined benefit plans Defined contribution plans 94.2 70.4 23.7 52.5 40.1 12.4 110.9 98.2 12.7 87.0 68.9 18.2 91.4 75.6 15.9 103.9 82.7 21.2 85.8 55.0 30.8 -304.8 -67.0 -237.8 -460.6 -208.8 -251.8 -364.5 -89.5 -275.0 1495.7 667.7 828.0 37 38 39 40 41 42 State and local govt. retirement funds Defined benefit plans Defined contribution plans 9.4 7.1 2.3 12.4 12.0 0.3 12.2 15.4 -3.2 -12.6 -11.3 -1.2 -18.6 -17.1 -1.4 -18.9 -16.6 -2.2 -34.4 -33.4 -1.0 -19.3 -16.4 -2.9 -18.4 -14.5 -3.9 -24.6 -27.5 2.9 -11.9 -10.2 -1.8 40 41 42 43 44 45 Money market mutual funds Treasury bills Other Treasury securities 107.9 29.1 78.8 14.5 19.1 -4.7 30.2 6.6 23.6 -75.3 -48.5 -26.8 62.7 -8.6 71.2 66.7 87.6 -20.8 -50.4 -53.2 2.8 77.7 -77.7 155.4 22.0 101.3 -79.4 -87.3 -188.7 101.4 238.2 130.8 107.4 43 44 45 46 47 48 Mutual funds Treasury bills Other Treasury securities 66.1 -3.9 70.0 124.2 12.6 111.5 56.6 -9.2 65.8 14.2 -8.5 22.6 75.6 10.1 65.6 108.6 5.3 103.2 36.2 -17.2 53.4 240.0 -7.6 247.6 -26.8 22.0 -48.9 33.2 36.9 -3.7 56.1 -11.1 67.3 46 47 48 49 50 51 52 53 54 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies -0.3 11.4 17.6 -10.2 89.1 7.1 0.3 1.2 -31.2 -5.9 63.0 -30.6 0.6 -6.5 -9.9 -0.9 -110.5 8.5 -0.2 13.0 5.2 5.5 -75.9 -2.8 -0.5 14.1 21.6 1.0 5.1 -3.7 -0.5 5.3 2.1 11.5 -22.8 8.7 -1.0 23.0 -3.0 9.3 -125.6 -40.4 -0.4 12.2 30.0 2.7 25.6 -14.4 -0.0 2.2 -4.1 3.9 -28.8 -5.5 -0.7 58.6 27.6 -1.3 114.0 16.3 -0.7 -16.5 33.1 -1.4 -90.2 -11.1 49 50 51 52 53 54 55 56 57 Rest of the world Treasury bills Other Treasury securities 355.3 -62.6 417.9 589.7 14.0 575.8 424.9 23.3 401.6 317.4 -13.3 330.7 5.0 51.7 -46.7 244.8 -58.1 302.8 144.6 110.6 34.0 -139.2 135.8 -275.0 577.7 112.8 464.9 -519.4 -131.1 -388.3 101.0 89.4 11.6 55 56 57 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. 55 Z.1, March 10, 2016 F.211 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 -21.0 -24.2 237.9 150.2 204.5 213.5 455.2 -159.4 217.3 325.4 434.7 1 1.1 -187.2 165.1 -0.4 -154.6 130.8 -0.4 107.5 130.8 -0.1 75.3 75.0 0.2 77.4 127.0 -0.7 142.5 71.8 2.1 357.3 95.8 -1.0 -163.5 5.1 2.1 93.5 121.8 -2.2 142.1 185.4 1.8 237.4 195.5 2 3 4 -21.0 -24.2 237.9 150.2 204.5 213.5 455.2 -159.4 217.3 325.4 434.7 5 40.3 -1.7 -50.3 -1.2 -46.2 -4.2 -174.7 2.8 18.7 -2.0 -28.7 -1.5 -115.5 -0.5 -41.4 -9.1 38.3 -3.5 123.8 0.2 -46.0 4.2 6 7 -31.1 -20.4 0.0 -29.6 0.0 -14.1 0.0 -11.3 0.0 -44.2 0.0 -18.3 0.0 9.3 0.0 2.3 0.0 4.8 0.0 -61.7 8 9 6 7 Household sector Nonfinancial corporate business 8 9 Federal government State and local governments -118.1 -13.9 10 Monetary authority -197.9 61.8 543.9 228.1 4.9 115.5 156.3 -26.8 -3.4 33.5 16.3 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 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 -11.7 164.4 2.6 0.1 -12.4 89.0 -1.9 -0.0 -12.1 8.4 0.1 -0.2 -12.9 218.8 -4.7 -1.0 -14.9 121.9 15.9 1.4 -17.2 64.1 -9.3 0.0 -16.1 253.0 8.6 -0.0 -1.5 11 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 6.9 -1.6 -8.4 -13.5 -4.9 -6.8 -4.2 -15.0 0.7 -0.1 -1.9 -15.8 -3.1 -21.5 -1.9 -2.1 1.8 15.3 1.3 -1.9 1.4 -11.5 15 16 17 18 19 Private pension funds Federal government retirement funds State and local govt. retirement funds -9.3 0.7 -27.4 2.0 1.5 -25.2 -5.6 -1.7 2.6 -10.2 -0.5 -4.8 -6.5 0.1 -8.4 -9.6 -0.4 -10.8 -12.9 0.6 -14.9 -6.7 0.5 -8.5 -12.9 0.4 -6.4 -7.4 -0.5 -15.1 0.9 0.2 -3.5 17 18 19 20 21 22 Money market mutual funds Mutual funds Government-sponsored enterprises 0.9 114.7 -18.1 -60.2 85.8 -48.3 17.7 -25.7 -22.7 23.4 75.1 7.8 75.5 14.7 -23.1 31.2 63.8 18.9 103.3 126.4 21.4 -134.0 -47.8 -12.3 33.0 -10.6 -27.4 189.5 43.2 -17.3 213.3 73.8 -35.5 20 21 22 23 24 ABS issuers REITs -3.3 104.7 -0.0 109.5 -0.2 -95.6 0.0 7.8 -0.1 -40.6 0.0 -21.4 0.0 44.0 0.0 -38.9 0.0 -73.0 0.0 -28.3 -0.4 -22.3 23 24 25 26 Brokers and dealers Holding companies -2.1 12.0 21.9 -24.3 -55.4 13.5 7.7 0.0 -12.2 -4.3 -30.0 3.0 60.8 3.2 9.5 12.2 4.9 -5.5 -11.0 2.8 -52.1 -26.7 25 26 27 Rest of the world -41.6 -73.6 -83.7 -5.2 43.9 70.3 130.4 -59.8 141.9 -30.9 124.3 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.106, line 44. Flows 2011 56 Z.1, March 10, 2016 F.212 Municipal Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 Flows 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 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 State and local governments 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 16 17 18 19 2015 Q4 Q1 Q2 Q3 Q4 -52.8 -4.9 -43.2 -18.8 62.4 -58.4 47.6 157.3 52.4 50.7 -10.9 1 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 -14.0 -6.7 -7.4 51.9 -5.8 57.7 -51.2 -23.4 -27.8 43.9 -4.4 48.3 126.5 0.6 125.9 29.1 12.6 16.5 51.8 -33.3 85.2 0.0 -3.2 3.2 2 3 4 -7.8 8.5 -14.5 15.2 -13.1 9.3 -4.8 -0.1 -5.4 15.9 -9.8 2.6 -6.0 9.7 -0.4 31.2 -13.3 36.6 -9.9 8.7 2.0 -12.9 5 6 -52.8 -4.9 -43.2 -18.8 62.4 -58.4 47.6 157.3 52.4 50.7 -10.9 7 -65.8 -1.6 0.3 -144.7 0.6 0.2 -53.3 -1.7 -1.7 -67.3 -8.4 0.2 -25.6 0.8 0.3 -122.4 -10.9 0.2 -32.7 0.3 0.3 18.1 7.2 0.3 -16.9 -3.9 0.4 13.3 -2.8 0.3 -116.8 2.7 0.4 8 9 10 0.2 0.2 -0.1 0.4 1.1 -0.5 0.3 1.2 1.0 1.1 1.3 11 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 47.4 0.0 -0.6 0.6 32.5 0.0 -0.3 0.2 42.5 0.0 0.3 -4.8 67.4 0.0 0.2 0.7 46.1 0.0 -1.0 1.2 35.1 0.0 -1.1 0.6 40.9 0.0 -0.4 -0.2 12 13 14 15 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -17.4 9.4 0.0 -0.6 -2.9 9.7 0.1 0.2 -1.7 10.1 0.2 1.3 -4.7 6.2 0.1 1.0 1.7 4.1 -0.1 -1.3 2.2 6.8 0.2 1.4 -1.6 3.3 0.1 3.0 -5.7 1.3 0.1 -5.4 5.5 3.5 0.1 7.6 3.8 5.5 -0.4 -7.4 3.2 6.2 -0.1 -0.2 16 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -29.4 15.7 0.9 1.0 -20.6 86.2 3.5 3.6 -28.3 -13.5 -1.7 -0.8 -26.7 43.8 0.5 3.2 -13.5 47.7 -0.8 3.9 -10.2 51.1 -6.4 3.3 -44.0 57.9 2.2 4.8 -9.6 64.8 -0.6 5.6 -29.8 37.5 -2.8 2.2 -7.3 20.0 -0.7 2.0 -7.4 68.8 0.8 5.9 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers -3.9 -9.1 -4.1 -4.3 -3.5 -8.0 -2.6 0.2 -2.7 -4.9 -3.0 -8.0 -2.4 10.6 -3.6 7.1 -3.2 -6.7 -1.5 -12.3 -2.5 -7.8 24 25 26 Rest of the world 0.6 -0.6 4.3 4.3 4.2 5.3 7.4 8.3 11.6 2.6 -5.7 26 (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). 57 Z.1, March 10, 2016 F.213 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 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) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 79.1 220.9 328.7 458.9 364.5 526.7 350.8 644.6 654.2 106.8 52.5 1 161.6 323.5 279.2 266.6 400.1 207.7 337.1 447.4 613.8 319.4 219.7 2 -264.2 -233.7 -119.4 62.0 -15.0 47.6 97.3 65.3 -72.5 59.5 -112.4 3 2.4 -176.6 -39.7 7.6 -82.3 -143.4 -82.2 26.4 -74.9 -261.9 4.2 172.8 -12.0 -38.5 3.0 48.3 -8.4 -44.3 -9.6 -8.4 -11.9 3.5 3.1 33.4 1.0 29.1 46.9 -2.5 -57.5 44.6 54.2 7.8 -0.3 -59.0 -107.1 -9.9 6.4 -94.9 23.7 -26.1 17.9 -67.7 -9.4 -5.4 4 5 6 7 -37.9 -91.6 71.6 -1.7 14.1 35.3 22.2 6.7 11.4 11.5 27.6 22.2 7.4 22.0 26.3 42.1 -14.2 -8.4 -0.1 -10.9 33.8 -65.9 -17.5 99.5 113.5 70.2 -79.9 -1.6 116.7 35.3 -16.4 -81.6 50.0 8 9 10 181.7 131.2 168.9 130.2 -20.5 271.4 -83.5 131.9 112.8 -272.0 -54.8 11 79.1 220.9 328.7 458.9 364.5 526.7 350.8 644.6 654.2 106.8 52.5 12 27.9 -0.1 -2.2 -211.6 -0.2 2.1 -384.0 -0.1 -1.0 -180.0 -0.0 4.9 -306.3 -0.0 14.1 -72.3 0.0 -6.2 -504.7 0.0 3.6 -168.5 0.0 14.3 -399.9 -0.1 12.1 -234.4 -0.1 13.6 -422.6 0.0 16.3 13 14 15 2.5 -24.8 27.3 -9.0 -1.0 -8.0 15.2 -1.3 16.5 -37.4 -8.6 -28.8 -12.2 -11.9 -0.3 -82.4 -16.2 -66.2 6.4 0.1 6.3 2.8 -5.4 8.2 -23.8 -11.2 -12.6 -42.7 -15.6 -27.1 14.9 -15.4 30.2 16 17 18 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 -1.4 3.6 -6.2 1.0 -34.1 0.6 0.9 -0.4 -24.9 0.2 -7.7 -2.3 -6.4 -1.4 -25.9 0.1 -72.0 -0.3 57.6 -0.5 -59.2 1.6 19 20 21 22 23 Credit unions MBS and other ABS Other -0.3 -0.3 -0.1 0.3 0.7 -0.4 2.2 2.1 0.1 1.0 1.0 -0.0 0.9 0.9 -0.0 -3.0 -2.6 -0.4 4.3 3.9 0.4 5.1 5.0 0.0 -1.2 -1.4 0.2 -0.7 -0.4 -0.3 0.4 0.5 -0.1 21 22 23 24 25 26 Property-casualty insurance companies MBS and other ABS Other 40.4 -0.6 41.1 19.6 3.2 16.4 28.1 8.3 19.8 17.0 9.3 7.7 3.0 0.2 2.8 26.0 9.4 16.6 21.3 9.7 11.6 -7.6 -2.4 -5.1 7.3 1.8 5.6 5.1 0.4 4.7 7.1 1.2 5.9 24 25 26 27 28 29 Life insurance companies MBS and other ABS Other 87.1 0.0 87.1 45.0 -24.3 69.3 60.8 9.1 51.8 69.3 15.8 53.5 62.8 7.9 54.9 63.2 16.1 47.2 11.3 16.2 -4.9 57.8 6.0 51.9 60.4 4.0 56.4 73.5 14.2 59.3 59.6 7.4 52.2 27 28 29 30 31 32 Private pension funds Federal government retirement funds State and local govt. retirement funds 44.6 1.4 23.2 83.7 1.7 15.5 92.5 -1.3 68.2 20.8 -0.0 54.8 31.5 -0.2 14.2 33.7 2.2 90.7 1.1 0.3 70.0 36.1 0.0 58.8 4.4 0.2 5.2 40.4 -0.9 -45.1 45.0 -0.1 37.8 30 31 32 33 34 35 36 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -49.1 170.3 -2.3 33.6 -3.0 306.0 7.5 47.6 -0.0 279.3 14.6 19.5 -23.8 318.7 -4.1 34.8 -14.9 274.9 -3.8 36.9 18.7 240.2 -3.8 15.8 28.6 307.0 -9.8 59.7 -43.0 358.9 -0.5 59.4 -1.0 448.7 8.2 3.2 35.2 175.0 -15.6 25.4 -50.8 117.1 -7.2 59.6 33 34 35 36 37 38 39 Government-sponsored enterprises MBS and other ABS Other -30.8 -32.2 1.4 -50.0 -31.2 -18.8 -59.4 -58.8 -0.6 -30.8 -30.2 -0.7 -30.6 -29.8 -0.8 -31.8 -31.1 -0.7 -24.0 -23.2 -0.8 -38.6 -37.8 -0.8 -33.3 -32.5 -0.8 -30.6 -29.8 -0.7 -19.8 -19.0 -0.8 37 38 39 40 41 Finance companies REITs 0.9 3.8 -6.3 9.5 -10.8 -0.2 6.0 3.3 5.6 7.7 -10.1 3.7 16.0 6.4 8.5 23.0 14.2 7.8 -5.2 -5.8 5.0 5.8 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations -85.0 -20.1 -57.3 35.5 -11.9 -36.2 -11.1 37.0 8.9 -13.5 2.6 4.7 -23.3 -12.7 11.1 -4.5 25.7 -4.5 -74.4 -13.8 -5.9 -3.7 -19.8 13.9 -13.5 12.8 -20.9 -59.0 -1.2 17.8 -17.1 -42.5 33.7 42 43 44 45 46 47 Rest of the world (4) MBS and other ABS Other -111.5 -44.8 -66.7 -19.7 -36.1 16.4 203.9 -22.5 226.4 210.1 -7.8 217.9 330.4 -1.6 332.0 235.2 -31.6 266.8 455.3 13.3 442.0 313.4 -6.4 319.8 635.8 16.4 619.4 104.6 2.2 102.4 268.0 -18.4 286.3 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. Flows 2011 58 Z.1, March 10, 2016 F.214 Loans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 By instrument Flows 1 Total loans 2 3 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 Mortgages Home Multifamily residential Commercial Farm 9 Consumer credit 75.5 357.4 692.0 1013.2 821.0 1088.8 920.4 813.3 1139.8 459.9 870.9 1 177.6 -33.6 176.9 93.3 196.5 235.3 320.0 254.9 282.1 -93.9 229.1 426.7 383.5 -9.0 437.6 -24.8 282.0 35.9 159.9 -353.7 248.9 -33.2 2 3 -177.1 -91.8 -0.3 -98.1 13.1 -82.2 -83.1 30.6 -35.7 6.0 84.2 -4.4 36.2 40.8 11.6 219.9 52.0 64.7 91.7 11.5 402.0 150.6 105.6 136.9 8.8 210.3 51.8 66.2 80.7 11.6 346.8 114.2 96.1 124.9 11.6 215.7 6.9 84.0 116.1 8.7 536.0 254.2 102.0 171.1 8.8 407.5 180.4 89.6 128.6 8.9 448.6 161.1 146.7 132.0 8.9 4 5 6 7 8 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 9 75.5 357.4 692.0 1013.2 821.0 1088.8 920.4 813.3 1139.8 459.9 870.9 10 13.0 401.5 475.6 827.3 779.4 884.4 790.0 734.1 1040.8 455.5 887.1 11 -62.9 131.9 -56.8 273.5 -47.5 175.1 244.8 121.1 109.1 423.6 191.2 212.1 395.8 65.0 318.4 425.6 282.5 176.0 307.5 139.9 342.2 255.9 232.3 245.6 609.5 75.5 355.7 238.8 -33.1 250.1 478.9 -14.9 422.2 12 13 14 0.0 0.9 0.0 0.4 0.0 0.5 0.0 0.4 0.0 0.3 0.0 0.3 0.0 0.4 0.0 0.4 0.0 0.1 0.0 -0.3 0.0 0.8 15 16 17.9 -80.1 175.9 154.5 20.3 234.4 91.2 36.1 52.2 12.1 -19.3 17 -60.9 -1.8 0.1 1.5 4.7 0.8 0.4 3.2 73.4 1.9 0.8 2.0 58.2 8.4 0.1 1.8 30.3 9.3 0.4 5.9 56.1 12.6 0.3 1.3 38.8 9.0 0.1 2.1 -35.0 -1.9 0.2 8.6 79.8 20.0 0.8 7.4 -28.0 19.7 -0.1 4.2 104.5 -0.7 0.9 3.5 18 19 20 21 0.0 16.3 0.0 17.3 0.0 10.3 0.0 10.2 0.0 15.1 0.0 19.8 0.0 39.9 0.0 28.6 0.0 23.6 0.0 -7.7 0.0 16.0 22 23 18.1 31.9 64.0 -51.2 9.1 32.8 -120.2 -28.3 5.6 68.9 13.8 -0.7 26.7 65.4 -16.3 0.0 47.2 -49.3 -38.7 0.0 24.0 113.4 6.9 0.0 55.6 -79.7 25.4 0.0 37.8 7.7 -9.9 0.0 38.9 -101.6 -16.6 0.0 75.6 -16.5 -35.1 0.0 36.4 -86.7 -93.2 0.0 24 25 26 27 44.6 36.0 40.5 31.4 21.3 -30.0 39.1 43.0 46.8 -7.6 3.2 28 75.5 357.4 692.0 1013.2 821.0 1088.8 920.4 813.3 1139.8 459.9 870.9 29 127.1 150.6 173.9 175.4 66.2 209.5 5.7 138.5 33.0 74.7 18.8 30 -5.0 1.4 -5.8 12.6 -0.4 -2.4 51.4 -2.6 1.0 51.5 0.3 1.7 -60.2 0.8 2.7 98.5 0.9 1.3 -95.0 -13.1 2.7 -0.4 1.5 2.3 -120.4 20.1 3.0 -17.5 -7.8 2.0 -102.7 -10.5 3.6 31 32 33 136.5 -0.0 136.2 4.6 124.2 -0.1 115.3 6.7 104.9 18.1 116.0 -7.1 106.0 5.1 116.2 18.9 114.8 15.5 80.7 17.2 107.8 20.7 34 35 -85.5 259.1 522.3 787.2 741.5 762.1 889.0 660.3 1094.6 364.3 846.6 36 -67.6 77.5 59.1 -1.4 7.6 -29.9 258.5 -12.9 2.5 29.1 -0.5 170.7 45.7 -1.2 45.6 -0.1 439.2 74.7 -4.3 69.2 0.0 527.1 78.1 -5.8 75.0 -0.1 319.4 40.9 -6.2 74.0 -0.1 426.8 136.0 -3.6 71.4 0.0 604.0 105.7 -16.1 71.6 0.0 505.1 75.2 -3.4 80.5 0.0 424.7 49.6 -2.6 81.3 0.0 574.4 81.9 -1.0 66.4 37 38 39 40 41 0.8 22.9 -4.6 -0.6 0.7 13.7 1.2 -1.0 2.3 22.3 -0.7 -0.5 2.0 29.5 0.2 -0.3 2.0 32.5 -1.5 -2.7 2.3 30.3 2.7 -1.8 2.4 40.2 -3.1 -0.1 1.9 31.7 -2.3 -9.5 2.0 30.2 -3.1 2.1 2.3 35.6 -1.2 -2.1 2.0 32.4 0.7 -1.3 42 43 44 45 18.9 -124.7 165.1 -174.6 -45.3 12.2 -52.8 130.8 -139.7 -22.3 39.4 154.4 130.8 -254.0 -8.2 9.4 88.5 75.0 -64.0 6.4 -15.6 138.9 127.0 -56.8 -19.2 9.8 151.4 71.8 -18.9 2.6 -17.6 168.3 95.8 -49.6 40.6 23.5 -79.6 5.1 37.2 3.7 -24.1 281.9 121.8 -8.3 -5.7 -50.9 160.5 185.4 -134.0 19.9 -11.0 192.8 195.5 -121.9 -94.7 46 47 48 49 50 11.7 -32.4 4.0 -2.0 8.6 50.1 16.7 -6.5 135.0 46.3 -2.8 -2.3 32.7 38.5 -10.9 1.5 -7.4 -90.1 -40.9 0.8 16.6 67.7 -1.1 1.0 26.1 -55.6 3.9 7.1 -20.1 -84.8 -9.9 -1.9 32.6 34.6 -28.9 2.1 -41.1 -297.4 -69.7 4.0 -1.1 -12.8 -54.9 -0.9 51 52 53 54 33.9 -52.2 -4.2 50.5 13.3 117.2 25.7 14.5 12.1 20.9 5.5 55 By sector 10 11 Total liabilities Domestic nonfinancial sectors 12 13 14 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 Federal government State and local governments 17 Domestic financial sectors 18 19 20 21 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 22 23 Government-sponsored enterprises Finance companies 24 25 26 27 REITs Brokers and dealers Holding companies Funding corporations 28 29 30 Rest of the world Total assets Domestic nonfinancial sectors 31 32 33 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 34 35 Federal government State and local governments 36 Domestic financial sectors 37 38 39 40 41 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 42 43 44 45 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 46 47 48 49 50 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 51 52 53 54 REITs Brokers and dealers Holding companies Funding corporations 55 Rest of the world (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. 59 Z.1, March 10, 2016 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in liabilities 177.6 176.9 196.5 320.0 282.1 229.1 383.5 437.6 282.0 159.9 248.9 1 2 3 4 Household sector Corporate business Noncorporate business -54.9 152.1 -26.5 110.8 101.5 64.6 30.0 63.7 32.4 120.2 92.8 64.2 91.7 77.6 100.0 93.0 97.6 18.6 67.9 61.7 121.6 119.3 126.7 115.6 30.9 71.7 98.7 113.4 74.8 33.9 103.1 37.2 151.7 2 3 4 5 Domestic financial sectors 63.6 -130.4 31.4 14.2 -9.8 50.5 98.7 35.0 36.7 -56.1 -54.8 5 15.9 4.6 31.0 16.4 4.0 -9.2 10.1 -2.9 10.4 10.5 8.0 12.0 13.5 16.3 -1.0 20.0 13.7 9.8 40.3 18.7 14.3 28.5 15.0 1.4 23.7 23.5 6.0 -10.9 10.5 -20.7 12.7 16.3 9.3 6 7 8 64.0 -51.9 -120.2 -21.5 13.8 0.0 -16.3 0.0 -38.7 0.0 6.9 0.0 25.4 0.0 -9.9 0.0 -16.6 0.0 -35.1 0.0 -93.2 0.0 9 10 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 22.7 1.3 1.2 20.2 -30.6 -0.4 -37.6 7.3 33.7 3.3 2.0 28.3 41.0 4.0 6.2 30.7 44.0 -2.8 -0.4 47.2 -6.0 1.3 3.5 -10.8 11.8 2.7 -4.5 13.6 11 12 13 14 177.6 176.9 196.5 320.0 282.1 229.1 383.5 437.6 282.0 159.9 248.9 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) -67.6 -29.9 -0.5 -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 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 175.8 61.7 1.1 6.6 216.8 -11.0 1.0 0.1 144.3 46.3 1.3 5.1 249.8 67.4 -2.3 5.1 214.1 64.4 -2.0 5.6 185.0 35.8 -2.8 11.3 252.6 127.7 -1.3 4.5 328.8 106.3 -5.7 8.3 225.6 61.0 -0.5 -4.1 124.7 26.9 -1.6 9.9 177.5 63.1 -0.1 8.3 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to the household, rest of the world, broker and dealer, and funding corporation sectors. See loan details on table F.109. Flows 2011 60 Z.1, March 10, 2016 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 Flows 1 Q1 Q2 Q3 Q4 -33.6 93.3 235.3 254.9 -93.9 426.7 -9.0 -24.8 35.9 -353.7 -33.2 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 4.8 -0.5 -0.5 2.9 0.9 0.0 0.0 0.7 1.4 2.5 -0.1 5.3 0.6 0.4 0.0 0.0 -6.8 3.2 7.2 1.1 0.9 2.0 0.5 0.0 0.0 -0.7 3.4 2.6 1.2 -1.5 -1.2 0.4 0.0 0.0 0.0 3.6 0.9 2.3 0.6 -3.2 0.3 0.0 0.0 0.0 1.0 0.3 -1.4 -0.6 -0.2 0.3 0.0 0.0 0.0 2.2 -0.9 2.0 -1.1 -4.9 0.4 0.0 0.0 0.0 2.7 2.1 0.9 -1.4 -0.7 0.4 0.0 0.0 0.0 2.9 11.6 2.7 6.8 -3.0 0.1 0.0 0.0 0.0 4.9 -13.0 2.2 -5.3 -8.3 -0.3 0.0 0.0 0.0 -1.4 2.8 3.2 2.1 -0.9 0.8 0.0 0.0 0.0 -2.5 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 33.9 33.9 -52.2 -52.2 -4.2 -4.2 50.5 50.5 13.3 13.3 117.2 117.2 25.7 25.7 14.5 14.5 12.1 12.1 20.9 20.9 5.5 5.5 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 4.0 4.0 0.0 16.7 14.3 2.4 -2.8 -0.7 -2.0 -10.9 -10.1 -0.8 -40.9 -38.5 -2.4 -1.1 0.4 -1.6 3.9 1.1 2.8 -9.9 -9.1 -0.8 -28.9 -26.7 -2.2 -69.7 -69.4 -0.3 -54.9 -48.7 -6.2 17 18 19 2.4 -0.0 2.5 1.4 -0.0 1.4 0.9 -0.0 1.0 1.7 -0.0 1.7 3.6 -0.0 3.6 3.1 -0.0 3.1 2.5 -0.0 2.6 1.0 -0.0 1.0 1.6 -0.0 1.7 3.4 -0.0 3.4 8.3 -0.0 8.4 20 21 22 -60.7 -60.9 -1.8 0.1 1.5 0.4 0.0 10.3 4.7 0.8 0.4 3.2 0.9 0.3 79.0 73.4 1.9 0.8 2.0 0.2 0.7 73.1 58.2 8.4 0.1 1.8 -0.3 4.9 65.5 30.3 9.3 0.4 5.9 1.6 17.9 74.9 56.1 12.6 0.3 1.3 -0.3 4.8 56.1 38.8 9.0 0.1 2.1 -0.4 6.4 -22.4 -35.0 -1.9 0.2 8.6 0.1 5.6 117.6 79.8 20.0 0.8 7.4 -0.1 9.7 35.9 -28.0 19.7 -0.1 4.2 3.2 36.9 131.0 104.5 -0.7 0.9 3.5 3.3 19.5 23 24 25 26 27 28 29 13 14 15 16 Total other loans and advances 2015 Q4 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 23 24 25 26 27 28 29 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts 30 31 32 33 34 Govt.-sponsored enterprises loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) -3.5 0.0 -0.9 -2.6 0.0 8.3 0.0 0.8 7.5 0.0 2.9 0.0 0.2 2.7 0.0 11.2 0.0 1.6 9.6 0.0 9.9 0.0 0.5 9.4 0.0 13.5 0.0 0.1 13.4 0.0 22.5 0.0 1.2 21.4 0.0 -22.7 0.0 -0.5 -22.2 0.0 22.6 0.0 2.3 20.3 0.0 21.1 0.0 1.6 19.5 0.0 18.5 0.0 -1.4 19.9 0.0 30 31 32 33 34 35 36 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -3.9 -3.9 1.7 1.7 0.2 0.2 -1.9 -1.9 0.0 0.0 -4.7 -4.7 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 35 36 37 38 39 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 3.0 2.7 0.3 11.2 10.1 1.1 14.4 12.9 1.4 10.1 9.1 1.0 12.1 10.9 1.2 6.5 5.8 0.6 16.0 14.4 1.6 18.1 16.3 1.8 20.2 18.2 2.0 29.9 26.9 3.0 -20.0 -18.0 -2.0 37 38 39 40 41 Margin accounts at brokers and dealers Liab.: Household sector -39.3 -39.3 64.9 64.9 35.4 35.4 30.4 30.4 -80.1 -80.1 59.4 59.4 -82.9 -82.9 -60.8 -60.8 40.2 40.2 -299.9 -299.9 -0.1 -0.1 40 41 42 43 Cash accounts at brokers and dealers Asset: Household sector 0.9 0.9 42.0 42.0 58.5 58.5 53.5 53.5 -48.3 -48.3 103.6 103.6 -94.0 -94.0 6.3 6.3 -107.7 -107.7 4.2 4.2 -96.1 -96.1 42 43 44 45 46 47 48 49 50 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 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 -29.8 -2.3 -1.8 -15.6 -1.0 -10.0 0.8 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 49.1 3.5 2.7 23.5 45.2 -24.0 -1.9 -53.5 -3.6 -8.0 -24.1 -14.3 -5.6 2.1 -86.6 -10.4 -0.5 -50.9 -31.2 2.5 4.0 -28.4 1.5 -1.5 -11.0 -3.7 -12.7 -0.9 44 45 46 47 48 49 50 (1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 61 Z.1, March 10, 2016 F.217 Total Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in mortgages -177.1 -82.2 84.2 219.9 402.0 210.3 346.8 215.7 536.0 407.5 448.6 1 2 3 4 5 Home Multifamily residential Commercial Farm -91.8 -0.3 -98.1 13.1 -83.1 30.6 -35.7 6.0 -4.4 36.2 40.8 11.6 52.0 64.7 91.7 11.5 150.6 105.6 136.9 8.8 51.8 66.2 80.7 11.6 114.2 96.1 124.9 11.6 6.9 84.0 116.1 8.7 254.2 102.0 171.1 8.8 180.4 89.6 128.6 8.9 161.1 146.7 132.0 8.9 2 3 4 5 -177.1 -82.2 84.2 219.9 402.0 210.3 346.8 215.7 536.0 407.5 448.6 6 -79.2 -72.9 1.4 51.8 147.5 48.8 118.9 10.7 248.2 173.4 157.8 7 -111.3 -80.4 -30.9 -14.1 -115.4 101.3 75.0 4.4 70.7 154.4 15.9 138.5 241.5 30.5 211.0 156.0 12.4 143.6 197.5 -5.0 202.5 187.7 36.7 151.0 282.2 44.4 237.7 205.9 4.0 201.9 290.2 36.7 253.5 8 9 10 6 7 Net borrowing Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 0.0 13.5 0.0 4.8 0.0 7.8 0.0 13.8 0.0 12.9 0.0 5.5 0.0 30.4 0.0 17.3 0.0 5.6 0.0 28.2 0.0 0.6 11 12 13 Net change in assets -177.1 -82.2 84.2 219.9 402.0 210.3 346.8 215.7 536.0 407.5 448.6 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.9 -0.6 -5.8 -18.1 -1.9 -2.4 -5.8 1.6 1.0 5.4 1.6 1.7 -3.2 1.6 2.7 -1.0 1.6 1.3 0.4 1.6 2.7 -3.5 1.6 2.3 -2.1 1.6 3.0 -5.0 1.6 2.0 -2.4 1.6 3.6 14 15 16 17 18 Federal government State and local governments 3.3 -0.0 1.6 4.6 4.0 -0.1 1.7 6.7 -0.7 18.1 2.9 -7.1 -0.3 5.1 3.5 18.9 -0.5 15.5 -4.0 17.2 -1.9 20.7 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 -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 26.9 212.7 13.8 -3.8 30.4 60.6 5.1 -3.3 31.5 116.6 8.3 -2.3 25.5 231.3 -0.6 -10.4 25.9 190.2 14.2 -2.9 39.0 172.7 22.7 -0.9 35.4 256.5 18.8 -0.9 21.3 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 0.8 15.0 0.7 11.9 2.3 18.8 2.0 21.6 2.0 30.6 2.3 19.9 2.4 32.3 1.9 27.9 2.0 36.5 2.3 32.6 2.0 25.5 23 24 25 26 Private pension funds State and local govt. retirement funds -4.6 -0.6 1.2 -1.0 -0.7 -0.5 0.2 -0.3 -1.5 -2.7 2.7 -1.8 -3.1 -0.1 -2.3 -9.5 -3.1 2.1 -1.2 -2.1 0.7 -1.3 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools -60.5 165.1 -71.4 130.8 72.5 130.8 4.3 75.0 63.5 127.0 63.1 71.8 89.7 95.8 -34.5 5.1 141.7 121.8 103.5 185.4 43.3 195.5 27 28 29 30 31 ABS issuers Finance companies REITs -165.0 -30.9 11.7 -142.9 -25.7 8.6 -241.6 -21.9 135.0 -73.8 -8.7 32.7 -52.8 -28.3 -7.4 -45.8 -10.1 16.6 -63.5 9.7 26.1 -3.9 -18.1 -20.1 -12.7 -43.0 32.6 -85.6 -28.1 -41.1 -109.0 -24.1 -1.1 29 30 31 (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. Flows 2011 62 Z.1, March 10, 2016 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 1 2 3 4 Flows 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 2015 Q4 Q1 Q2 Q3 Q4 -91.8 -83.1 -4.4 52.0 150.6 51.8 114.2 6.9 254.2 180.4 161.1 1 -73.1 -3.4 -15.4 -70.7 -0.5 -11.9 -1.8 0.3 -2.9 44.3 1.5 6.2 136.6 1.9 12.1 41.4 1.5 8.9 107.2 0.8 6.2 2.1 2.0 2.8 235.5 2.0 16.7 162.1 1.7 16.6 146.6 2.0 12.5 2 3 4 -91.8 -83.1 -4.4 52.0 150.6 51.8 114.2 6.9 254.2 180.4 161.1 5 -8.0 -0.3 -2.1 -8.0 -1.1 -0.9 -8.0 0.9 0.4 -8.0 0.9 0.6 -8.0 0.9 1.0 -8.0 0.9 0.5 -8.0 0.9 1.0 -8.0 0.9 0.8 -8.0 0.9 1.1 -8.0 0.9 0.7 -8.0 0.9 1.3 6 7 8 0.2 1.1 1.1 3.3 0.4 0.5 1.2 3.7 1.6 9.6 1.0 -3.4 3.6 2.9 3.5 10.3 1.8 8.3 1.8 9.1 -0.6 10.8 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 -37.6 0.3 -2.4 4.5 0.0 0.5 2.3 8.3 -99.2 -0.4 -1.1 18.6 26.7 1.5 -1.5 26.9 54.7 -1.4 -1.5 30.4 -22.3 2.1 -2.7 31.5 -17.6 1.6 -1.0 25.5 123.3 -0.5 -3.6 25.9 64.5 0.2 -0.8 39.0 -18.6 -1.0 -0.8 35.4 49.4 -4.2 -0.9 21.3 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -0.1 -0.3 -0.2 2.0 -0.1 -0.4 0.4 -0.2 -0.2 2.4 0.0 -0.1 1.7 -0.1 -1.2 3.6 0.3 -0.7 4.7 -0.4 -0.0 -1.3 -0.1 -3.4 2.4 -0.1 0.7 2.2 -0.1 -0.8 3.3 -0.1 -1.3 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -66.5 147.9 -83.0 103.7 89.1 97.4 3.0 50.8 44.9 94.1 52.1 49.4 69.7 63.2 -63.1 -9.1 116.8 86.4 101.7 158.2 24.1 140.9 18 19 20 21 22 ABS issuers Finance companies REITs -120.9 -18.4 11.0 -106.7 -11.1 6.9 -82.4 -17.3 -3.3 -60.2 -9.8 13.9 -73.0 -14.6 11.6 -67.7 -13.7 28.7 -44.7 1.9 10.8 -46.8 -19.1 -2.8 -75.9 -17.9 34.8 -79.5 -18.3 -2.6 -89.8 -3.2 17.2 20 21 22 154.1 142.2 92.4 52.7 49.0 12.1 12.4 17.9 11.6 9.9 9.7 23 -53.9 -41.1 -0.0 -6.0 -2.7 -4.0 -62.7 -51.7 -0.0 -6.5 -2.0 -2.4 -55.9 -46.9 0.1 -3.7 -1.9 -3.6 -24.9 -22.9 0.1 1.7 -1.7 -2.0 -33.7 -31.8 -0.0 2.7 -1.7 -3.0 -15.0 -17.5 -0.1 6.3 -1.9 -1.9 -21.1 -19.6 0.3 1.3 -1.4 -1.6 -44.8 -38.7 -0.0 -1.7 -1.7 -2.8 -28.2 -26.3 -0.0 3.4 -1.6 -3.7 -34.6 -32.4 -0.0 3.0 -2.2 -3.0 -27.4 -29.6 0.0 6.1 -1.4 -2.5 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 -0.3 30.6 36.2 64.7 105.6 66.2 96.1 84.0 102.0 89.6 146.7 1 -0.0 -0.4 0.0 0.1 1.6 30.2 0.0 -1.1 1.6 31.2 0.0 3.3 3.2 60.5 0.0 1.0 5.3 101.3 0.0 -1.0 3.3 63.4 0.0 -0.6 4.6 87.1 0.0 4.4 4.0 76.8 0.0 3.2 5.6 106.0 0.0 -9.6 4.4 83.1 0.0 2.2 7.3 139.1 0.0 0.2 2 3 4 5 -0.3 30.6 36.2 64.7 105.6 66.2 96.1 84.0 102.0 89.6 146.7 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 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 0.9 0.0 0.0 0.5 0.0 0.0 0.9 0.0 0.0 0.8 0.0 0.0 1.0 0.0 0.0 0.7 0.0 0.0 1.2 7 8 9 10 11 Federal government State and local governments -0.3 -0.9 -0.3 1.1 0.0 -0.5 -0.6 2.4 -0.3 7.0 -1.0 -3.1 -0.8 1.8 -0.3 7.1 -0.3 6.0 -0.7 6.8 0.1 8.1 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. -6.6 -0.6 10.2 -1.5 29.4 -0.4 38.0 0.2 51.0 1.2 34.4 0.2 38.1 1.0 35.9 0.6 43.7 0.8 60.4 2.2 64.0 1.0 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 2.1 -0.3 -0.2 1.7 -0.3 -0.3 2.5 -0.3 -0.2 2.8 -0.0 -0.1 3.5 -0.3 -0.8 2.9 0.4 -0.6 5.1 -0.6 -0.0 2.9 -0.3 -2.8 5.0 -0.3 0.6 5.2 -0.3 -0.6 0.7 -0.3 -0.4 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2.8 19.2 6.2 26.9 -21.9 33.6 -2.7 24.3 16.1 32.2 8.6 22.5 17.3 32.8 25.4 14.4 22.6 35.5 -0.2 24.1 16.5 54.7 17 18 19 20 21 ABS issuers Finance companies REITs -11.9 -1.5 -0.2 -11.4 -0.8 0.1 -6.1 -0.8 0.5 -2.0 0.1 1.8 -6.9 -0.8 2.8 -2.7 -0.3 4.3 -3.6 0.3 3.6 -0.2 0.0 0.5 -11.4 -3.1 1.6 -10.7 -0.1 2.9 -5.1 -0.0 6.1 19 20 21 2 3 4 5 6 7 8 9 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets 63 Z.1, March 10, 2016 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Q1 Q2 Q3 Q4 -98.1 -35.7 40.8 91.7 136.9 80.7 124.9 116.1 171.1 128.6 132.0 1 -6.1 -81.5 -23.8 13.3 -2.2 -119.5 80.0 6.0 3.2 -1.6 34.8 4.5 7.5 7.4 64.1 12.7 10.9 20.3 91.7 13.9 7.4 4.0 63.3 6.1 11.8 -13.5 100.6 26.1 8.6 27.6 65.7 14.1 12.7 33.9 109.2 15.2 11.2 -4.8 96.2 26.0 11.2 24.6 95.8 0.4 2 3 4 5 -98.1 -35.7 40.8 91.7 136.9 80.7 124.9 116.1 171.1 128.6 132.0 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -0.6 -0.2 -1.6 -0.3 -0.7 -0.7 0.4 0.6 0.3 1.4 0.6 0.5 2.2 0.6 0.7 1.5 0.6 0.4 1.7 0.6 0.8 1.9 0.6 0.6 2.1 0.6 0.8 2.3 0.6 0.6 2.6 0.6 1.0 7 8 9 10 11 Federal government State and local governments 3.2 -0.2 0.8 0.2 3.9 -0.1 0.2 0.5 -2.7 1.4 0.9 -0.6 -3.6 0.4 -0.4 1.4 -2.7 1.2 -5.8 1.3 -1.9 1.6 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas -62.9 -2.3 -0.1 -8.1 -0.9 -0.8 38.8 0.2 -1.4 60.1 5.5 -0.5 105.2 13.9 -2.2 46.9 2.9 -0.6 94.5 5.7 -1.3 70.3 -0.8 -6.7 80.3 13.3 -2.1 129.0 21.4 -0.2 141.2 21.8 0.0 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 0.8 12.3 0.7 9.8 2.3 15.4 2.0 14.9 2.0 25.1 2.3 13.0 2.4 22.1 1.9 26.0 2.0 28.6 2.3 24.9 2.0 21.0 15 16 17 18 Private pension funds State and local govt. retirement funds -4.0 -0.2 1.6 -0.3 -0.1 -0.2 0.2 -0.1 -1.1 -0.7 2.0 -0.6 -2.1 -0.0 -1.9 -3.2 -2.7 0.7 -0.8 -0.7 1.1 0.4 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 -32.2 0.0 -24.8 0.0 -153.1 0.0 -11.5 0.0 27.1 0.0 24.6 0.0 -15.2 0.0 43.1 0.0 74.6 0.0 4.6 0.0 -14.0 19 20 21 22 Finance companies REITs -11.0 0.9 -13.8 1.5 -3.8 137.7 1.1 17.0 -12.9 -21.8 4.0 -16.5 7.5 11.6 1.0 -17.7 -22.0 -3.8 -9.7 -41.4 -20.9 -24.4 21 22 7 8 9 Net change in assets 2015 Q4 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 13.1 6.0 11.6 11.5 8.8 11.6 11.6 8.7 8.8 8.9 8.9 1 4.5 8.6 3.0 3.0 4.1 7.5 3.9 7.6 2.9 5.9 3.6 8.0 3.1 8.5 3.0 5.6 3.0 5.8 2.7 6.1 2.8 6.1 2 3 13.1 6.0 11.6 11.5 8.8 11.6 11.6 8.7 8.8 8.9 8.9 4 5 6 Household sector Nonfinancial noncorporate business 9.5 -0.1 -9.8 -0.0 1.8 0.0 12.0 0.0 2.5 0.1 5.5 0.0 6.7 0.1 2.6 0.0 3.8 0.1 0.7 0.0 3.0 0.1 5 6 7 8 Federal government State and local governments 0.3 -0.0 0.1 0.0 -0.3 -0.0 0.9 0.0 0.7 0.1 2.1 -0.0 0.5 0.0 0.7 0.1 0.7 0.1 0.7 0.1 0.6 0.1 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 1.7 -0.0 11.6 0.0 4.4 -0.0 -6.9 0.2 1.8 0.0 1.6 -0.1 1.6 -0.0 1.8 0.0 1.7 -0.1 1.8 -0.0 1.9 0.2 9 10 11 12 Life insurance companies State and local govt. retirement funds 0.6 0.0 -1.5 0.0 0.5 0.0 1.4 0.0 0.4 0.0 0.3 0.0 0.3 0.0 0.4 0.0 0.4 0.0 0.4 0.0 0.4 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.3 -2.1 5.4 0.3 5.4 -0.2 3.9 -0.1 2.5 0.7 2.3 -0.1 2.6 -0.2 3.2 -0.2 2.3 -0.1 2.0 3.2 2.6 -0.1 13 14 (1) Excludes mortgages on farm houses. Flows 2011 64 Z.1, March 10, 2016 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Flows Q3 2015 Q4 Q1 Q2 Q3 Q4 1 Net change in liabilities (Households) 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 1 2 Net change in assets 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 2 -3.9 2.0 0.0 -8.8 1.5 0.0 -6.3 -4.2 0.0 -5.7 -1.3 0.0 -6.4 -0.7 0.0 -7.3 -0.7 0.0 -6.4 -14.7 0.0 -6.7 -0.1 0.0 -7.1 18.5 0.0 -6.3 -9.4 0.0 -5.6 -12.1 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 128.5 7.1 -3.4 132.1 28.1 20.6 113.1 52.9 21.9 111.1 71.5 37.2 104.7 100.2 39.0 112.8 73.7 31.2 107.3 57.6 41.4 110.7 43.9 37.4 103.6 89.4 45.6 97.8 127.3 36.0 106.8 140.3 36.8 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 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 -2.9 -3.0 0.0 6.8 6.2 0.0 -1.0 14.9 0.0 -4.1 3.7 0.0 18.7 17.1 0.0 -17.2 18.0 0.0 -9.1 -50.6 9 10 11 1.8 17.1 92.2 -2.5 4.7 60.0 107.2 -2.5 12.3 69.6 91.3 2.8 31.8 79.0 89.5 18.1 46.4 80.4 84.4 19.6 30.6 77.5 103.2 11.5 26.2 81.5 86.7 4.6 3.4 76.1 78.2 27.2 77.7 85.1 79.7 43.2 52.7 104.0 93.6 -4.0 51.9 56.5 86.1 12.1 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. 65 Z.1, March 10, 2016 F.223 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 1 Net issues Q4 -93.7 89.7 262.6 -122.1 265.0 529.9 381.4 139.3 -786.8 -222.4 1 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 2 161.6 155.5 158.3 218.3 207.4 173.0 363.7 297.8 160.6 98.2 273.1 3 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 6.4 -10.7 -11.5 -2.9 117.6 1.6 -14.5 -9.9 2.7 185.2 2.2 -7.6 -9.2 -2.6 179.0 2.7 -16.9 -14.9 -10.7 239.2 9.5 -19.9 -9.9 -22.8 229.8 2.8 -22.2 -17.6 -10.0 192.8 1.2 -17.9 -16.0 -48.4 477.0 24.0 -19.4 -22.5 -10.7 220.5 2.2 -20.5 -3.7 -3.7 164.2 2.2 -23.8 -7.5 -39.8 171.8 9.5 -16.0 -6.0 -37.0 362.7 4 5 6 7 8 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (2) 37.5 26.7 14.1 2.9 -18.4 47.6 1.5 -50.7 0.6 -8.6 46.2 -1.7 -31.0 -17.1 0.0 32.7 -1.7 -11.7 -0.3 0.0 27.1 -3.4 3.5 -6.5 0.0 30.4 -1.3 -0.5 -1.3 0.0 34.7 -0.1 -39.1 -27.6 0.0 53.9 -7.6 10.5 48.9 0.0 33.1 -3.2 -9.7 2.0 0.0 8.1 -1.4 39.0 -50.4 0.0 13.3 -1.2 -25.7 -26.4 0.0 9 10 11 12 13 7.0 95.8 284.3 436.5 234.7 526.3 525.9 674.9 469.0 -258.7 53.6 14 -286.0 -93.7 89.7 262.6 -122.1 265.0 529.9 381.4 139.3 -786.8 -222.4 15 -282.2 40.3 -3.4 -214.3 -13.2 1.1 158.2 -4.8 -0.5 30.4 -1.6 2.6 -156.7 -0.0 7.5 -219.9 -4.2 -3.3 338.5 -0.7 1.9 227.9 -0.4 7.6 -22.4 0.6 6.4 -870.4 -0.2 7.3 38.0 -0.0 8.7 16 17 18 Domestic financial sectors 15 Q3 -344.9 3 14 Q2 -286.0 Nonfinancial corporate business 9 10 11 12 13 Q1 -454.6 2 4 5 6 7 8 2015 Q4 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. -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 2.9 0.0 0.0 1.6 0.0 0.0 4.3 0.0 0.0 -1.7 0.0 0.0 2.2 0.0 0.0 2.2 0.0 0.0 8.7 0.0 19 20 21 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 2.9 33.2 -72.4 -4.2 -62.8 4.6 16.1 -19.0 -4.1 -77.2 3.7 13.7 -194.7 9.1 -168.5 2.6 28.1 -84.7 3.5 -103.4 1.6 44.1 -78.8 0.9 -34.3 3.7 2.5 -72.6 3.3 -16.6 16.8 9.4 -105.5 3.7 -23.5 -2.4 44.1 -11.2 5.7 -33.2 -5.2 45.1 -40.6 -3.8 -37.6 8.4 45.6 -97.1 1.9 24.0 5.5 41.6 -166.4 -0.1 -90.3 22 23 24 25 26 27 28 29 Mutual funds Closed-end funds Exchange-traded funds 4.9 -1.2 71.6 -38.1 -8.5 132.9 162.5 -16.1 166.8 78.3 -6.9 188.2 47.4 -17.7 174.9 118.4 0.6 168.4 -26.2 -39.8 389.4 87.6 -9.2 143.4 149.8 -9.0 156.6 87.6 -22.8 85.8 -135.4 -29.9 313.6 27 28 29 30 31 Brokers and dealers Funding corporations -5.0 -26.4 9.7 0.0 18.6 0.0 8.7 0.0 -10.3 0.0 53.8 0.0 34.6 0.0 -103.9 0.0 11.2 0.0 -22.7 0.0 74.0 0.0 30 31 32 Rest of the world (4) 44.0 126.8 -59.1 116.2 -103.5 229.6 -73.0 26.9 -114.1 -36.3 -290.4 32 (1) Excludes mutual fund shares shown on table F.224. (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.224 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 1 2 Net purchases 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 2 258.6 -12.8 471.8 -1.7 514.3 1.2 418.1 15.5 370.1 15.5 402.6 15.5 345.4 15.5 486.7 15.5 363.5 15.5 342.9 15.5 287.3 15.5 3 4 3 4 Household sector Nonfinancial corporate business 5 State and local governments -0.2 0.6 -0.3 1.3 3.9 -1.7 1.0 3.9 3.3 3.7 4.5 5 6 7 U.S.-chartered depository institutions Credit unions -0.8 0.3 -1.1 0.4 1.6 -0.1 -0.7 -0.1 -0.9 -0.2 -12.8 -0.3 -3.6 0.1 -2.5 -0.4 3.8 0.5 -3.3 -0.0 -1.6 -0.8 6 7 8 9 Property-casualty insurance companies Life insurance companies -0.7 5.6 1.8 0.4 1.0 1.1 1.4 1.3 2.4 1.3 1.3 1.3 1.6 1.3 2.4 1.3 2.4 1.3 2.4 1.3 2.5 1.3 8 9 65.9 -52.3 74.1 -11.2 103.7 35.4 118.9 7.4 -5.4 -13.4 100.4 0.7 144.9 1.8 36.4 -0.9 47.5 -32.9 -46.4 -26.7 -59.2 6.7 10 11 74.7 89.7 -19.6 33.6 -20.3 65.4 -86.4 116.1 59.9 -145.3 -111.9 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. Flows 2011 66 Z.1, March 10, 2016 F.225 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 Flows 1 Net change in trade payables 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 128.6 134.9 203.2 158.0 86.6 117.7 158.7 68.5 164.1 -6.6 120.5 1 1.2 4.0 1.0 3.1 1.2 1.9 3.0 1.4 1.8 1.0 0.8 2 Nonfinancial corporate business Nonfinancial noncorporate business 25.2 54.8 65.4 13.3 101.3 34.0 66.2 36.0 -36.5 54.4 28.4 29.4 58.5 52.6 -3.3 53.3 25.5 52.6 -109.8 33.5 -58.4 78.1 3 4 5 6 Federal government State and local governments 8.8 38.4 13.4 38.1 18.8 38.0 17.3 38.8 20.1 38.9 17.6 39.0 14.2 38.9 -18.9 38.1 29.8 39.1 25.1 39.5 44.2 39.0 5 6 7 8 Brokers and dealers Rest of the world -3.8 4.0 -0.0 0.7 0.3 9.8 3.4 -6.8 8.4 0.1 8.4 -7.0 -7.8 -0.7 5.0 -7.2 17.7 -2.5 2.4 1.8 8.4 8.3 7 8 171.4 74.6 332.9 156.0 53.5 87.5 148.5 38.8 83.0 50.2 42.0 9 2 Household sector 3 4 9 Net change in trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 83.7 61.0 52.0 4.6 261.2 48.8 109.9 31.6 -17.1 50.4 132.6 24.9 95.5 50.9 -35.2 42.2 -6.8 55.6 -12.6 37.9 -14.0 66.2 10 11 12 13 14 15 Federal government State and local governments Property-casualty insurance companies ABS issuers 4.8 5.6 3.4 -4.2 2.6 5.3 4.8 -6.4 3.3 9.5 3.3 -5.4 -8.1 7.2 5.5 -4.4 0.3 0.8 6.8 2.7 -43.5 3.9 -2.0 -10.1 3.0 7.4 -10.3 -0.3 0.6 0.5 21.3 0.8 -0.4 9.2 12.9 2.5 -0.3 -5.4 5.5 -2.0 1.4 -1.2 -12.4 9.5 12 13 14 15 17.1 11.6 12.3 14.3 9.6 -18.3 2.4 8.7 10.0 27.1 -7.4 16 -42.8 60.3 -129.7 2.1 33.1 30.2 10.2 29.7 81.1 -56.8 78.5 17 16 17 Rest of the world Discrepancy F.226 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 81.1 -11.9 30.0 56.3 65.9 56.2 74.5 87.1 49.9 71.6 54.8 1 1.3 79.9 0.3 -12.2 0.2 29.8 0.8 55.5 -0.1 66.0 1.2 55.0 1.4 73.1 -2.1 89.1 0.9 49.0 -0.6 72.2 1.3 53.5 2 3 81.1 -11.9 30.0 56.3 65.9 56.2 74.5 87.1 49.9 71.6 54.8 4 73.5 5.2 2.4 -26.6 7.4 7.3 19.2 5.7 5.1 45.3 5.9 5.0 55.3 6.5 4.1 46.4 5.0 4.8 62.2 6.9 5.3 77.7 5.2 4.2 37.3 8.6 4.0 62.0 5.6 4.0 44.1 6.6 4.0 5 6 7 67 Z.1, March 10, 2016 F.227 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 1 2 3 Life insurance companies (1) Private pension funds (2) 95.0 140.7 76.4 194.4 76.6 148.8 92.8 136.3 88.5 37.7 82.5 123.1 86.3 154.3 41.1 115.4 72.4 76.7 156.5 -34.1 83.8 -7.4 2 3 4 5 Federal government retirement funds (3) State and local govt. retirement funds 113.0 200.6 102.1 207.2 107.6 206.5 112.8 185.3 108.3 202.8 119.4 188.0 127.0 183.4 103.6 212.5 103.3 211.2 106.6 186.2 119.9 201.1 4 5 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 6 380.0 20.3 1.2 15.8 9.0 60.4 273.3 261.0 24.4 1.4 25.8 5.0 129.1 75.4 234.5 -0.4 -0.7 18.3 14.0 129.3 73.9 244.6 0.1 -1.6 15.0 -11.0 95.4 146.7 83.0 18.0 -0.2 17.1 11.2 -26.7 63.6 370.1 15.4 -1.5 1.8 12.0 -14.5 356.8 29.7 19.0 -2.1 25.3 -20.0 17.2 -9.7 256.1 -34.4 -0.9 12.9 -24.0 179.9 122.6 54.6 35.4 -0.2 3.1 4.0 9.4 3.0 10.6 57.1 0.2 -18.8 36.0 -158.8 94.9 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 6 Net change in liabilities 2012 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.228 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 20.1 16.8 11.8 20.1 4.3 8.3 -6.9 69.1 -29.0 -34.8 12.1 1 8.8 0.6 2.3 7.6 -9.1 3.2 -0.3 3.9 7.2 8.7 15.4 3.0 -12.4 6.2 18.5 15.2 17.9 6.8 -15.2 4.6 7.4 8.1 2 3 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 U.S.-chartered depository institutions 10.6 7.0 0.1 15.2 -4.4 -11.6 12.3 19.1 -27.6 8.6 -17.7 4 5 6 Property-casualty insurance companies Life insurance companies -4.4 5.2 3.8 -4.6 19.1 -2.3 1.9 -1.9 -6.3 -0.3 3.0 -3.4 0.4 -8.3 1.4 10.0 -18.9 -5.6 -23.4 -8.9 15.6 3.3 5 6 7 8 Finance companies Brokers and dealers 0.5 -1.1 0.2 0.5 0.1 0.6 1.0 0.3 0.4 -0.8 0.8 1.1 0.3 -5.5 1.7 3.3 0.9 -2.5 0.1 -0.7 -1.2 -3.4 7 8 28.1 31.6 31.3 -16.1 35.6 -31.1 -50.1 98.3 19.9 -25.9 50.2 9 25.6 2.4 22.0 9.5 27.2 4.1 -19.9 3.9 27.0 8.7 -39.2 8.0 -56.3 6.2 79.8 18.5 22.9 -3.0 -37.2 11.3 42.3 7.9 10 11 -8.0 -14.7 -19.6 36.2 -31.3 39.5 43.2 -29.2 -48.9 -8.9 -38.2 12 9 10 11 12 Net change in business taxes receivable Federal government State and local governments Discrepancy F.229 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 231.5 90.3 173.2 24.7 21.8 11.9 34.7 19.1 17.5 48.3 2.1 1 234.4 -2.9 83.6 6.7 178.8 -5.6 22.7 2.0 17.6 4.2 4.9 7.0 35.8 -1.1 20.3 -1.1 20.3 -2.7 23.0 25.3 6.6 -4.5 2 3 Flows 2011 68 Z.1, March 10, 2016 F.230 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 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 419.1 401.5 89.1 312.4 22.5 17.5 42.2 24.7 339.7 322.6 37.2 285.3 21.5 17.1 18.1 1.0 328.6 336.9 17.2 319.7 20.7 -8.3 9.6 17.9 336.9 355.6 8.0 347.6 20.4 -18.7 -2.1 16.6 290.8 320.2 26.4 293.8 20.0 -29.4 -1.8 27.7 363.4 386.1 35.8 350.3 20.4 -22.7 20.1 42.8 449.7 469.6 112.1 357.5 20.3 -19.9 -42.8 -22.9 302.1 310.7 -1.1 311.7 20.1 -8.5 -34.1 -25.5 331.8 331.6 36.9 294.7 20.1 0.1 46.0 45.8 251.3 315.3 36.9 278.3 20.0 -64.0 -46.9 17.1 278.1 323.4 32.9 290.5 19.9 -45.3 28.0 73.2 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 403.9 22.5 -6.2 1.1 3.3 12.0 4.9 319.2 21.5 -1.6 0.4 5.9 8.5 7.3 305.0 20.7 0.3 10.2 2.9 -1.4 11.7 311.0 20.4 4.7 4.0 2.2 7.9 7.2 258.8 20.0 -1.9 6.6 3.0 12.1 12.2 321.1 20.4 14.2 8.6 4.0 5.9 9.7 441.1 20.3 7.0 -2.3 3.3 -8.1 8.6 294.1 20.1 -7.1 2.1 7.5 0.0 5.5 279.8 20.1 2.6 11.2 5.4 13.5 19.3 232.5 20.0 -3.0 3.6 -3.1 9.3 11.8 229.0 19.9 -0.3 9.4 2.0 25.7 12.4 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 192.7 6.2 0.0 26.0 -2.2 -5.4 6.1 18.2 0.6 188.3 5.4 0.4 -1.9 -8.2 2.4 -3.3 15.4 0.6 184.9 5.1 0.6 9.5 11.5 0.9 2.3 6.2 0.6 97.1 5.0 0.8 0.7 -0.5 5.8 3.3 3.7 0.6 336.6 4.9 1.2 7.2 -1.8 5.5 1.0 20.8 0.6 370.2 4.9 0.9 -7.1 10.0 15.8 1.5 0.2 0.6 200.8 4.9 0.8 8.2 -3.8 -0.1 -4.7 7.3 0.6 763.4 4.9 2.4 -6.6 -2.5 28.4 0.5 7.0 0.6 310.3 4.9 2.2 18.0 -1.2 2.8 -0.3 19.4 0.6 121.9 4.9 0.6 1.2 -5.1 -0.5 0.0 24.0 0.6 150.8 4.9 -0.4 16.2 1.8 -8.6 3.8 32.7 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 236.1 185.1 106.5 78.6 6.2 51.0 47.7 -3.4 193.8 193.8 106.3 87.5 5.4 -0.0 37.2 37.2 216.6 211.8 127.1 84.7 5.1 4.8 57.5 52.7 111.6 68.9 -30.1 99.0 5.0 42.7 46.4 3.7 371.1 287.9 209.7 78.2 4.9 83.3 98.8 15.5 392.1 237.7 133.8 104.0 4.9 154.3 145.4 -9.0 209.1 193.6 86.6 107.0 4.9 15.4 38.8 23.4 793.3 634.6 567.3 67.3 4.9 158.6 151.8 -6.8 351.8 222.7 153.9 68.8 4.9 129.1 172.0 42.9 142.7 143.9 56.5 87.4 4.9 -1.2 -4.2 -2.9 196.8 150.2 61.1 89.1 4.9 46.6 75.4 28.8 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) 440.4 401.5 38.9 42.2 -3.4 377.9 322.6 55.3 18.1 37.2 399.2 336.9 62.3 9.6 52.7 357.2 355.6 1.6 -2.1 3.7 333.9 320.2 13.7 -1.8 15.5 397.2 386.1 11.1 20.1 -9.0 450.2 469.6 -19.4 -42.8 23.4 269.8 310.7 -40.9 -34.1 -6.8 420.5 331.6 88.9 46.0 42.9 265.4 315.3 -49.9 -46.9 -2.9 380.1 323.4 56.7 28.0 28.8 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) 257.4 185.1 72.4 24.7 47.7 232.0 193.8 38.2 1.0 37.2 287.2 211.8 75.4 17.9 57.5 131.8 68.9 63.0 16.6 46.4 414.3 287.9 126.4 27.7 98.8 425.9 237.7 188.1 42.8 145.4 209.5 193.6 15.9 -22.9 38.8 760.9 634.6 126.2 -25.5 151.8 440.5 222.7 217.8 45.8 172.0 156.9 143.9 12.9 17.1 -4.2 298.8 150.2 148.6 73.2 75.4 38 39 40 41 42 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 69 Z.1, March 10, 2016 F.231 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2012 2013 2014 2015 2014 Q3 1 Q1 Q2 Q3 Q4 1024.1 1016.6 1029.9 1130.7 937.0 333.9 1016.2 1050.2 1200.5 1767.3 -269.9 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -0.4 786.8 -21.0 0.6 769.1 51.8 3.0 578.2 41.8 1.2 533.0 38.3 2.2 600.8 6.9 -2.6 253.6 44.9 -2.0 583.0 33.1 4.6 130.6 62.4 3.2 362.8 -3.7 -1.6 1029.4 -7.0 2.6 880.2 -24.2 2 3 4 5 6 Federal government State and local governments 53.0 316.3 55.4 312.2 4.1 244.4 36.2 237.1 26.9 257.4 11.0 141.2 51.7 171.7 387.2 180.0 576.0 272.2 475.2 330.6 -1330.7 246.7 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 -27.2 -94.9 10.1 -3.9 1.1 4.0 147.1 -35.7 -2.0 0.4 9.8 120.1 -33.2 -3.0 1.5 3.5 318.5 -11.7 -1.6 1.2 0.6 61.0 -9.1 -2.3 -5.8 -62.7 314.6 63.2 -10.5 -3.1 34.3 451.1 -102.2 0.2 -0.4 75.5 3.4 11.3 -3.4 7.1 -47.4 165.8 -45.8 3.2 -0.7 -72.7 98.1 26.2 -7.0 -9.8 47.0 -23.1 -28.3 -2.0 -19.8 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 35.2 37.2 -1.0 32.9 -0.3 -17.2 14.8 34.4 15.0 39.0 26.8 -11.8 -5.8 46.2 -11.2 76.9 33.5 -80.3 41.2 97.3 -3.4 62.3 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs -49.2 -19.1 7.1 -6.1 -22.3 25.4 -9.4 -28.2 -21.7 -3.6 -2.5 12.3 -7.9 -27.6 -1.8 6.8 -66.9 1.9 -6.9 39.4 3.5 -4.2 -14.4 -5.3 -20.3 -16.4 -18.2 4.2 -69.7 -11.6 -11.4 -9.7 27.9 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations -19.4 -36.2 -84.3 -7.7 -98.6 -68.9 41.3 222.0 -100.3 -19.9 -31.1 -18.2 1.9 -123.8 95.9 -73.5 -201.3 -84.2 -225.8 -83.2 62.1 195.8 -251.2 164.2 68.9 -14.5 10.2 -33.6 -214.7 40.7 -223.4 -14.6 168.6 17 18 19 20 Rest of the world 132.9 -140.0 -23.3 -11.0 7.6 -13.6 -33.7 40.8 -47.8 52.1 -14.7 20 678.1 564.9 1451.8 1112.2 1226.2 424.6 828.5 2134.5 1633.1 1370.5 -233.2 21 61.6 25.8 109.1 -6.1 107.1 222.4 50.3 257.8 228.8 7.8 342.0 141.4 40.7 692.5 169.3 11.9 362.0 113.9 -31.9 199.9 220.7 31.4 848.8 160.5 29.2 686.0 215.2 71.3 809.9 92.8 30.8 425.2 208.6 22 23 24 -1.1 2.0 5.8 -1.0 3.9 5.9 7.7 12.5 14.4 14.4 0.5 11.0 7.0 8.2 14.2 19.7 12.9 17.4 26.2 11.0 4.2 9.7 25 26 21 Net change in liabilities 2015 Q4 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 142.4 -68.5 15.0 0.8 -12.1 -25.6 -10.7 -0.3 0.2 0.8 32.3 -4.6 13.1 8.6 -1.6 -0.5 -8.1 14.4 12.8 5.3 -20.2 15.4 -13.0 1.5 9.3 -8.8 -105.0 8.8 -4.8 -5.8 -4.8 -80.6 -11.3 48.4 22.4 -32.4 133.4 17.8 -8.2 -13.6 -14.8 91.6 -23.7 22.4 8.0 -20.2 -185.7 -35.6 -3.4 7.2 -13.4 22.3 -10.5 -4.6 35.5 27 28 29 30 31 32 33 34 35 36 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds -0.0 56.4 49.5 20.8 306.7 0.0 26.8 15.9 50.4 304.3 0.1 28.0 133.4 -9.3 246.6 0.0 71.9 85.8 22.8 226.7 0.0 31.0 73.2 16.0 256.4 0.0 26.7 62.4 10.5 124.8 -0.0 173.2 130.5 36.6 163.2 0.0 73.3 31.2 402.2 200.6 0.1 -96.8 72.1 567.0 271.3 -0.0 70.1 50.4 470.5 300.4 0.0 77.3 138.9 -1375.8 253.1 32 33 34 35 36 37 38 Money market mutual funds Mutual funds -0.8 2.9 6.1 -33.1 2.8 19.1 -14.3 -4.3 -7.5 -18.2 17.6 82.2 72.8 -143.0 -58.5 27.4 -22.1 -22.4 -8.9 -77.9 59.6 -0.0 37 38 39 40 41 42 Government-sponsored enterprises ABS issuers Finance companies REITs -0.1 -8.5 -5.9 8.5 4.1 -0.4 -34.2 25.8 13.1 -8.4 -16.9 12.2 -11.0 9.2 9.3 17.4 -5.0 1.6 -25.6 9.7 -8.6 20.4 7.6 14.9 21.5 12.6 60.4 -29.6 40.2 6.2 6.3 23.8 6.2 -5.9 -86.5 4.8 -48.4 -12.2 -112.1 3.7 -18.0 18.3 89.7 6.6 39 40 41 42 43 44 45 Brokers and dealers Holding companies Funding corporations -106.6 60.6 19.6 -68.7 -31.8 7.2 145.2 278.8 13.0 49.3 111.2 2.8 -60.6 -7.1 38.3 -173.5 -179.0 34.9 -111.7 151.4 -87.5 270.6 -134.5 74.1 -252.4 158.8 -5.1 5.0 -96.4 52.7 -265.8 43.9 31.4 43 44 45 346.0 451.7 -422.0 18.5 -289.2 -90.8 187.6 -1084.3 -432.6 396.7 -36.8 46 46 Discrepancy Flows 2011 70 Z.1, March 10, 2016 F.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 2.6 2.6 2.4 2.4 2.2 2.2 2.3 2.3 2.2 2.2 1.9 1.9 0.7 0.7 8.7 8.7 0.0 0.0 0.2 0.2 0.1 0.1 1 2 0.4 0.4 0.5 0.5 0.1 0.1 1.1 1.1 0.9 0.9 0.1 0.1 1.5 1.5 1.0 1.0 1.2 1.2 0.6 0.6 0.7 0.7 3 4 -5.9 -0.0 0.3 0.0 -6.1 0.7 -0.0 -0.7 -0.0 0.0 -1.8 0.0 0.1 0.0 -2.2 0.1 0.0 0.0 0.0 0.0 0.5 0.0 0.6 0.0 -0.6 -0.6 0.1 0.8 0.0 0.0 1.2 0.1 0.8 0.0 -0.6 0.6 0.0 0.1 -0.0 0.3 -0.0 -0.0 0.5 0.0 -2.2 0.6 0.0 0.1 0.1 0.9 1.4 -0.0 0.7 0.0 -0.4 0.7 0.0 0.1 -0.0 0.3 2.0 0.1 0.9 0.0 0.2 0.7 -0.0 -0.2 -0.0 0.3 -4.3 0.3 0.4 0.0 -6.1 0.3 0.0 0.5 0.0 0.3 4.2 -0.1 0.5 0.0 1.8 0.8 0.1 0.6 0.0 0.6 -2.4 0.0 0.6 0.0 -5.1 0.5 -0.0 -0.5 0.1 1.9 2.4 -0.3 0.5 0.0 0.6 0.8 0.0 -0.3 0.2 0.9 5 6 7 8 9 10 11 12 13 14 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 81.0 195.9 0.1 0.8 -13.1 4.8 -14.6 173.9 38.1 -0.8 0.5 -2.5 77.7 5.9 119.0 108.0 -0.2 -0.3 -4.0 -163.8 -16.0 -76.4 295.8 0.9 0.2 0.5 26.8 -39.6 284.5 -81.7 -5.5 1.1 -4.5 -67.3 34.9 -123.0 115.4 2.8 0.2 -9.7 220.5 -47.1 282.1 76.7 0.8 0.9 -0.9 17.7 51.8 147.0 42.0 -1.1 -0.2 5.3 139.8 -16.0 169.8 15 16 17 18 19 20 21 8.4 8.4 2.6 2.6 14.7 14.7 14.1 14.1 -4.0 -4.0 -6.5 -6.5 0.7 0.7 -7.3 -7.3 -15.7 -15.7 -1.5 -1.5 8.6 8.6 22 23 -33.7 53.4 19.6 -11.8 19.0 7.2 -2.5 15.5 13.0 -20.3 23.1 2.8 2.2 36.1 38.3 28.1 6.8 34.9 -98.5 11.0 -87.5 -27.9 102.0 74.1 51.6 -56.7 -5.1 -3.1 55.7 52.7 -11.9 43.3 31.4 24 25 26 1.4 0.7 0.7 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 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 12 13 14 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) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) Holding company net transactions with subsidiaries: 15 16 17 18 19 20 21 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: 22 23 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 24 25 26 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 27 28 29 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). 71 Z.1, March 10, 2016 F.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 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 0.5 0.0 0.5 5.2 0.0 5.2 -2.9 0.0 -2.9 -0.7 0.0 -0.7 0.2 0.0 0.2 1.3 0.0 1.3 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 -1.8 -1.8 1.2 1.2 -3.2 -3.2 -1.5 -1.5 -2.8 -2.8 1.1 1.1 -1.0 -1.0 4.4 4.4 -3.7 -3.7 -3.9 -3.9 -7.9 -7.9 6 7 -8.5 -8.5 -0.4 -0.4 -8.4 -8.4 9.2 9.2 1.6 1.6 20.4 20.4 12.6 12.6 6.2 6.2 -5.9 -5.9 -12.2 -12.2 18.3 18.3 8 9 -0.4 -0.4 0.6 0.6 3.0 3.0 1.2 1.2 2.2 2.2 -2.6 -2.6 -2.0 -2.0 4.6 4.6 3.2 3.2 -1.6 -1.6 2.6 2.6 10 11 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 Funding agreements backing securities (2): 8 9 Liab.: Life insurance companies Asset: ABS issuers Deferred and unpaid life insurance premiums: 10 11 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 12 13 14 15 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 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 8.9 6.6 0.3 2.0 1.7 -3.3 0.9 4.1 -6.2 -1.7 -1.3 -3.2 13.9 7.8 -0.8 6.9 2.2 3.5 1.4 -2.7 19.8 14.7 1.0 4.2 -0.2 0.3 -0.2 -0.3 12 13 14 15 16 Asset: Household sector 14.8 -1.8 0.4 5.8 8.9 1.7 -6.2 13.9 2.2 19.8 -0.2 16 Policy payables: 17 Liab.: Property-casualty insurance companies 35.2 5.8 5.7 14.7 15.8 27.1 -6.6 -5.6 30.7 40.4 -2.2 17 18 19 20 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 27.6 12.3 -4.7 -17.7 8.0 15.4 37.7 -6.0 -26.0 -8.4 10.2 12.9 24.3 2.2 -10.7 -2.9 15.2 14.7 -19.4 1.6 11.2 14.3 -6.4 -13.5 31.4 8.2 -9.0 37.2 11.7 -8.6 14.4 -4.8 -11.8 18 19 20 11.4 22.7 -11.2 1.0 5.7 -4.7 -11.4 -3.2 -8.2 -8.9 3.6 -12.5 2.2 4.3 -2.1 -11.6 -0.9 -10.7 12.4 14.2 -1.8 19.8 14.1 5.6 1.6 1.6 -0.0 -44.2 -20.5 -23.6 31.6 22.1 9.5 21 22 23 3.0 3.0 -12.3 -12.3 -2.5 -2.5 -1.1 -1.1 2.8 2.8 1.5 1.5 -2.0 -2.0 6.7 6.7 1.1 1.1 -0.1 -0.1 3.4 3.4 24 25 -74.6 -74.6 -79.2 -79.2 94.0 94.0 47.1 47.1 -13.8 -13.8 -44.8 -44.8 -58.9 -58.9 139.1 139.1 -209.3 -209.3 177.7 177.7 -162.6 -162.6 26 27 18.5 18.5 13.3 13.3 12.2 12.2 10.4 10.4 7.4 7.4 13.1 13.1 -6.3 -6.3 3.1 3.1 -4.4 -4.4 14.2 14.2 16.7 16.7 28 29 Unallocated insurance company contracts: 21 22 23 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 24 25 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 26 27 Liab.: Funding corporations Asset: Brokers and dealers Retiree health care funds (3): 28 29 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor: 30 31 32 Liab.: Nonfinancial corporate business Federal government State and local governments -19.5 20.8 316.3 -11.6 50.4 312.2 110.9 -9.3 244.4 54.2 22.8 237.1 43.3 16.0 257.4 44.8 10.5 141.2 108.9 36.6 171.7 -21.4 402.2 180.0 51.3 567.0 272.2 56.5 470.5 330.6 86.7 -1375.8 246.7 30 31 32 33 34 35 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds -19.5 20.8 316.3 -11.6 50.4 312.2 110.9 -9.3 244.4 54.2 22.8 237.1 43.3 16.0 257.4 44.8 10.5 141.2 108.9 36.6 171.7 -21.4 402.2 180.0 51.3 567.0 272.2 56.5 470.5 330.6 86.7 -1375.8 246.7 33 34 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables F.132 and F.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. Flows Postal Savings System deposits: 72 Z.1, March 10, 2016 F.234 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 Flows 1 Net change in liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 Federal government 5 6 7 8 9 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 500.0 715.5 491.1 543.0 440.2 175.8 550.0 351.0 228.4 522.9 658.7 1 803.3 -21.0 793.0 51.8 469.8 41.8 479.9 38.3 554.7 6.9 207.3 44.9 476.1 33.1 145.3 62.4 310.4 -3.7 973.0 -7.0 790.1 -24.2 2 3 13.6 -8.3 1.3 3.0 3.5 -12.5 21.3 -18.1 13.3 -9.5 28.4 4 -27.5 -171.0 43.8 -3.9 1.1 3.5 45.9 -23.9 -2.0 0.4 9.7 60.9 -30.7 -3.0 1.5 2.4 122.5 8.6 -1.6 1.2 -0.3 22.9 -11.3 -2.3 -5.8 -62.8 206.6 35.0 -10.5 -3.1 32.7 155.3 -3.7 0.2 -0.4 74.5 85.1 39.2 -3.4 7.1 -48.7 50.4 -97.4 3.2 -0.7 -73.3 21.4 29.3 -7.0 -9.8 46.4 -65.1 -16.4 -2.0 -19.8 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs 10.1 -41.4 -7.1 7.1 23.7 -5.4 -21.4 25.4 -1.1 -6.7 -27.1 -21.7 27.5 -3.4 -3.5 12.3 25.8 -5.1 -21.1 -1.8 -22.0 4.4 -56.3 1.9 27.3 -7.9 38.2 3.5 35.9 -4.3 -2.5 -5.3 -78.4 -20.8 9.0 -18.2 132.9 10.6 -67.3 -11.6 12.7 -5.9 -23.6 27.9 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations -59.8 -36.2 -11.1 -79.0 -98.6 10.3 -31.3 222.0 -194.3 -47.8 -31.1 -65.3 -111.8 -123.8 109.7 83.6 -201.3 -39.4 -263.6 -83.2 121.0 161.1 -251.2 25.1 -95.0 -14.5 219.5 -107.1 -214.7 -137.0 -406.4 -14.6 331.2 14 15 16 154.0 263.9 913.1 524.5 729.5 266.6 362.4 1435.3 661.1 126.1 695.4 17 5.2 113.5 96.5 206.9 249.0 254.1 317.6 127.7 694.3 179.5 353.3 98.5 197.5 208.7 862.3 173.6 693.6 223.6 799.6 100.9 421.7 219.9 18 19 -1.3 -1.1 -3.5 5.8 3.7 3.9 10.2 7.7 12.2 14.4 9.1 0.5 7.5 7.0 10.9 14.2 17.4 12.9 10.8 26.2 9.6 4.2 20 21 17 Net change in assets 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 20 21 Federal government State and local governments 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 42.7 -60.9 15.0 0.8 -12.8 65.3 -10.2 -0.3 0.2 0.7 40.9 -1.0 13.1 8.6 -1.1 -1.8 -7.0 14.4 12.8 4.7 -19.7 19.5 -13.0 1.5 8.7 -9.3 -105.8 8.8 -4.8 -6.5 -9.9 -81.3 -11.3 48.4 21.8 -29.5 134.1 17.8 -8.2 -13.8 -14.1 92.3 -23.7 22.4 7.2 -20.4 -177.3 -35.6 -3.4 6.7 -14.7 29.0 -10.5 -4.6 34.7 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds 57.5 43.4 1.6 26.2 34.1 -3.2 24.2 28.1 10.4 70.7 29.1 2.0 28.7 22.7 1.1 29.3 17.0 -5.7 175.4 9.4 -6.7 68.2 31.8 15.0 -100.6 18.0 -0.8 72.3 14.5 -6.5 75.0 26.7 -3.0 27 28 29 30 31 Money market mutual funds Mutual funds -0.8 2.9 6.1 -33.1 2.8 19.1 -14.3 -4.3 -7.5 -18.2 17.6 82.2 72.8 -143.0 -58.5 27.4 -22.1 -22.4 -8.9 -77.9 59.6 -0.0 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs -0.1 -5.9 8.5 4.1 -34.2 25.7 13.1 -16.9 12.2 -11.0 9.3 17.1 -5.0 -25.7 8.8 -8.6 7.6 14.6 21.5 60.5 -30.0 40.2 6.3 23.4 6.2 -86.5 4.2 -48.4 -112.2 1.8 -18.0 89.6 5.7 32 33 34 35 36 Brokers and dealers Holding companies -32.0 -22.2 10.5 -133.7 51.2 197.8 2.2 -62.7 -46.8 -126.0 -128.7 -102.6 -52.8 -133.1 131.6 -11.4 -43.1 -123.3 -172.6 -243.4 -103.2 -125.9 35 36 346.0 451.7 -422.0 18.5 -289.2 -90.8 187.6 -1084.3 -432.6 396.7 -36.8 37 37 Discrepancy 73 Z.1, March 10, 2016 F.7 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All sectors 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 274.1 551.2 -475.9 -4.3 -110.6 359.1 -359.6 -426.0 -524.5 466.9 41.1 1 -710.1 794.2 -163.9 734.3 -577.4 283.5 -259.3 230.1 -367.1 -37.3 242.6 170.8 -872.4 315.8 -954.7 238.8 175.3 -185.0 -267.9 -108.4 -420.9 -94.8 2 3 Federal government State and local governments -9.9 61.3 -63.0 26.5 -37.5 47.0 -44.7 -16.5 -71.1 32.3 62.1 -25.8 -129.8 -48.7 -156.6 -33.6 -214.9 75.2 36.8 20.2 50.3 67.6 4 5 Domestic financial sectors 72.2 18.6 -214.7 8.4 -109.4 -352.3 107.8 -296.8 -158.5 -107.2 124.7 6 -1.2 -18.8 -1.6 3.9 23.3 11.8 9.6 6.7 9.4 -0.2 77.5 7 2 3 Household sector Nonfinancial corporate business 4 5 6 7 2012 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 89.6 1.4 1.0 -27.2 33.5 11.0 -0.1 4.8 -16.3 -47.0 -0.3 14.2 71.3 0.4 -0.2 -2.0 -144.5 18.8 0.1 2.9 -154.4 -114.4 -3.0 5.6 142.7 25.6 -1.8 -2.8 -142.6 -90.0 3.3 -5.2 -233.9 57.1 1.8 5.5 -153.6 34.9 -3.8 1.3 -47.8 73.3 -0.9 10.1 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 6.7 -30.3 -20.9 -37.2 16.8 -23.8 -6.2 -44.8 -17.0 -6.3 -16.7 -28.6 -15.3 -61.9 -25.8 -45.3 0.3 24.4 -42.0 -3.8 -0.7 -0.4 12 13 14 15 Mutual funds Government-sponsored enterprises -35.7 0.5 -41.5 21.3 -57.0 -3.9 -53.4 23.7 -54.5 -16.4 -50.5 -42.7 -51.1 71.4 -50.0 -39.1 -56.0 -33.6 -56.0 4.1 -56.0 3.0 14 15 16 17 18 Issuers of asset-backed securities Finance companies REITs 0.0 43.2 18.1 0.0 27.8 29.2 0.0 -79.5 43.1 0.0 -3.9 31.7 0.0 12.4 44.6 0.0 5.2 43.8 0.0 -14.0 64.8 0.0 35.0 65.6 0.0 18.2 40.5 0.0 27.0 34.2 0.0 -30.6 38.3 16 17 18 19 20 Brokers and dealers Holding companies 30.5 -24.3 -37.0 46.5 -33.0 -26.4 -12.2 -0.1 18.9 8.2 -2.1 -6.3 -52.2 -7.1 16.3 -25.5 -3.2 11.0 56.4 -5.8 6.0 53.1 19 20 66.5 -1.2 23.2 77.8 442.0 261.8 267.6 776.9 -216.5 893.4 314.1 21 21 Rest of the world F.8 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 274.1 551.2 -475.9 -4.3 -110.6 359.1 -359.6 -426.0 -524.5 466.9 41.1 1 -0.7 -136.3 -0.6 -140.5 -1.1 -8.1 -1.1 -83.6 -1.3 -165.3 -1.8 230.1 -0.5 -435.4 -1.5 -22.3 -1.3 -269.4 -1.3 -126.3 -1.2 -243.2 2 3 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security repurchase agreements 3.5 77.7 5.7 -10.7 56.8 -124.1 -47.1 -137.0 -8.7 145.8 14.9 -82.3 -222.5 -143.4 288.4 187.2 -170.4 43.0 -100.6 184.3 -52.1 168.8 4 5 6 7 8 9 Mail floats Federal government State and local governments Private domestic 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 -0.3 -0.0 0.0 -0.2 0.5 4.3 0.0 -3.7 -55.4 -54.6 0.0 -0.8 -41.2 -41.7 0.0 0.6 98.9 99.1 0.0 -0.1 0.7 2.3 0.0 -1.7 -59.5 -59.8 0.0 0.3 6 7 8 9 10 11 Trade credit Taxes payable -42.8 -8.0 60.3 -14.7 -129.7 -19.6 2.1 36.2 33.1 -31.3 30.2 39.5 10.2 43.2 29.7 -29.2 81.1 -48.9 -56.8 -8.9 78.5 -38.2 10 11 12 Miscellaneous 346.0 451.7 -422.0 18.5 -289.2 -90.8 187.6 -1084.3 -432.6 396.7 -36.8 12 13 Nonfinancial 33.9 198.6 172.5 206.9 206.5 218.9 256.7 247.1 175.2 179.1 224.8 13 -38.3 4.4 -203.3 4.6 -177.6 5.2 -212.0 5.1 -211.8 5.3 -224.0 5.1 -261.8 5.1 -252.3 5.2 -180.4 5.2 -184.4 5.3 -230.1 5.3 14 15 14 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas Flows 2011 74 Z.1, March 10, 2016 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 Levels 1 Total financial assets 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 76137.8 81736.1 90829.4 95953.5 98743.1 94059.5 95953.5 97517.1 98313.1 96931.4 98743.1 1 110.9 92.2 114.2 84.9 109.8 129.2 98.0 108.1 86.9 69.5 103.7 122.0 98.0 108.1 88.7 90.3 89.5 90.6 89.2 68.8 86.9 69.5 2 3 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 1751.6 8004.2 1803.1 133.5 1932.4 8450.7 1870.0 134.5 2220.3 8726.1 1941.2 135.0 2513.4 9241.6 1931.6 153.6 2777.7 9766.0 1915.8 166.1 2329.1 9029.4 1875.8 151.8 2513.4 9241.6 1931.6 153.6 2412.6 9463.7 1823.2 155.9 2636.3 9421.8 1809.1 160.5 2521.8 9613.9 1831.6 159.2 2777.7 9766.0 1915.8 166.1 4 5 6 7 8 9 10 11 12 13 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5870.9 177.8 1361.3 911.6 1847.0 1573.2 5694.6 161.0 1610.3 797.9 1703.3 1422.1 5221.4 141.2 1656.3 760.2 1646.4 1017.3 4732.2 134.8 1590.6 550.1 1571.3 885.4 4769.6 126.0 2044.1 571.7 1548.0 479.7 4805.3 135.8 1532.5 578.6 1584.4 974.1 4732.2 134.8 1590.6 550.1 1571.3 885.4 4693.5 131.4 1594.5 547.1 1589.4 831.2 4756.7 129.9 1703.2 552.6 1600.4 770.7 4861.5 129.6 1863.5 571.8 1582.5 714.0 4769.6 126.0 2044.1 571.7 1548.0 479.7 8 9 10 11 12 13 14 15 16 17 Loans Other loans and advances Mortgages Consumer credit 2016.1 933.2 476.9 606.1 2153.7 964.1 458.8 730.8 2326.5 1034.7 458.3 833.4 2501.3 1089.1 474.7 937.4 2566.9 1039.3 492.5 1035.0 2508.7 1111.6 472.5 924.6 2501.3 1089.1 474.7 937.4 2547.8 1092.1 480.1 975.6 2541.0 1067.1 484.4 989.4 2573.3 1062.3 487.2 1023.7 2566.9 1039.3 492.5 1035.0 14 15 16 17 18 19 Corporate equities Mutual fund shares 8252.5 4854.2 9579.4 5880.3 12742.6 7394.7 14090.3 8122.8 13524.7 8455.4 13561.7 7943.0 14090.3 8122.8 14613.2 8413.9 14485.9 8543.3 13258.0 8127.5 13524.7 8455.4 18 19 20 21 22 Trade receivables Life insurance reserves Pension entitlements 3040.7 1199.3 17313.8 3105.2 1186.4 18353.1 3428.0 1233.0 19812.5 3568.5 1282.8 20620.6 3602.9 1330.6 20971.9 3615.6 1263.3 20355.9 3568.5 1282.8 20620.6 3617.1 1304.8 20832.6 3683.5 1311.5 20935.9 3674.9 1308.5 20614.0 3602.9 1330.6 20971.9 20 21 22 23 24 25 Taxes payable Equity in noncorporate business U.S. direct investment abroad 272.8 7524.2 3759.2 279.9 8313.9 4134.4 289.6 9512.5 4447.0 310.2 10168.8 4691.8 309.5 10739.3 4793.6 304.5 9950.2 4620.1 310.2 10168.8 4691.8 315.9 10375.4 4722.1 316.0 10479.6 4729.4 326.9 10599.6 4759.5 309.5 10739.3 4793.6 23 24 25 26 Miscellaneous assets 10138.7 10468.7 11159.9 11818.0 12896.7 11519.5 11818.0 12046.5 12322.7 12543.3 12896.7 26 52546.7 54983.2 56500.0 58542.5 61146.3 57925.8 58542.5 59017.5 59644.7 60404.7 61146.3 27 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 48.9 5.2 25.3 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 49.7 5.2 25.3 49.6 5.2 25.3 48.9 5.2 25.3 28 29 30 2 3 U.S. official reserve assets Foreign deposits 4 5 6 7 27 Total liabilities 28 29 30 U.S. official reserve assets SDR certificates Treasury currency 31 32 33 34 35 36 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 19040.6 116.3 11642.0 25.3 3719.4 3537.7 20553.8 130.3 12822.9 24.9 3714.4 3861.2 21661.3 144.5 13680.6 24.5 3671.2 4140.4 22682.5 182.0 14416.7 24.4 3652.4 4407.1 23864.1 176.5 15141.1 24.6 3714.8 4807.1 22302.3 207.1 14117.4 23.9 3631.1 4322.8 22682.5 182.0 14416.7 24.4 3652.4 4407.1 22860.2 188.2 14434.9 24.1 3694.0 4518.9 22942.5 177.5 14353.4 24.7 3714.6 4672.4 23064.2 201.2 14376.7 24.1 3710.0 4752.2 23864.1 176.5 15141.1 24.6 3714.8 4807.1 31 32 33 34 35 36 37 38 39 40 41 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 19179.0 1541.7 1571.9 13310.0 2755.4 19417.4 1742.8 1676.2 13075.6 2922.9 19773.9 1868.8 1746.5 13059.8 3098.8 20554.1 2145.9 1871.9 13219.0 3317.2 21284.5 2430.2 1762.2 13559.1 3533.1 20307.6 2053.4 1861.2 13143.9 3249.0 20554.1 2145.9 1871.9 13219.0 3317.2 20632.7 2208.9 1868.7 13233.9 3321.1 20893.5 2272.7 1875.3 13350.4 3395.0 21020.7 2310.7 1772.4 13459.5 3478.0 21284.5 2430.2 1762.2 13559.1 3533.1 37 38 39 40 41 42 Trade payables 3430.1 3561.8 3754.9 3916.4 3994.5 3884.6 3916.4 3929.5 3983.6 3979.4 3994.5 42 43 44 45 Life insurance reserves Taxes payable Foreign direct investment in U.S. 50.0 151.4 2236.8 50.3 161.3 2423.5 50.5 155.4 2619.9 51.3 159.0 2768.2 51.1 174.8 3007.2 50.9 167.0 2740.8 51.3 159.0 2768.2 50.7 175.9 2864.3 51.0 175.7 2944.2 50.8 177.0 2973.4 51.1 174.8 3007.2 43 44 45 46 Miscellaneous liabilities 8373.5 8729.7 8398.9 8329.4 8690.5 8389.8 8329.4 8425.0 8574.2 9059.0 8690.5 46 (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. 75 Z.1, March 10, 2016 L.101 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 53547.9 58067.7 65461.1 69156.0 70326.7 67792.4 69156.0 70482.7 70704.1 69074.2 70326.7 1 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8711.3 57.4 724.1 6820.0 1109.8 9236.3 49.5 887.4 7187.1 1112.4 9611.5 51.7 1021.6 7397.7 1140.5 10201.9 45.3 1162.8 7894.9 1098.9 10693.1 31.8 1222.2 8383.4 1055.7 9923.0 52.2 1080.6 7702.8 1087.3 10201.9 45.3 1162.8 7894.9 1098.9 10337.0 43.8 1170.5 8120.9 1001.8 10306.5 39.1 1191.1 8091.3 985.0 10412.3 35.7 1114.6 8268.7 993.2 10693.1 31.8 1222.2 8383.4 1055.7 2 3 4 5 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4305.7 19.4 708.2 363.4 1805.6 1409.1 4151.9 18.8 913.8 302.3 1660.9 1256.0 3749.3 15.0 975.9 298.4 1607.7 852.3 3244.4 14.9 874.0 99.7 1540.4 715.5 3230.6 13.7 1271.7 134.6 1514.8 295.8 3335.2 15.9 837.0 123.5 1553.7 805.1 3244.4 14.9 874.0 99.7 1540.4 715.5 3190.5 15.2 864.7 96.5 1556.2 657.7 3256.8 15.7 976.7 102.3 1567.9 594.2 3341.1 14.3 1121.9 120.4 1550.4 534.2 3230.6 13.7 1271.7 134.6 1514.8 295.8 7 8 9 10 11 12 13 14 15 16 Loans Other loans and advances (2) Mortgages Consumer credit (student loans) 924.9 749.5 100.9 74.5 926.4 777.9 82.8 65.6 977.8 841.4 77.1 59.3 1029.3 893.2 82.5 53.6 969.0 842.6 79.2 47.2 1053.0 915.5 82.4 55.2 1029.3 893.2 82.5 53.6 1029.2 895.7 81.6 51.9 999.1 867.9 81.1 50.1 994.7 866.3 79.8 48.6 969.0 842.6 79.2 47.2 13 14 15 16 17 18 Corporate equities (3) Mutual fund shares 8069.9 4629.3 9401.4 5634.7 12545.3 7105.3 13883.1 7803.6 13310.9 8119.0 13359.0 7633.4 13883.1 7803.6 14403.0 8085.7 14274.3 8210.1 13051.8 7807.1 13310.9 8119.0 17 18 19 20 21 22 Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 1199.3 17313.8 4027.9 13285.9 1186.4 18353.1 3977.9 14375.1 1233.0 19812.5 3365.2 16447.4 1282.8 20620.6 3345.5 17275.1 1330.6 20971.9 3798.3 17173.7 1263.3 20355.9 3472.4 16883.4 1282.8 20620.6 3345.5 17275.1 1304.8 20832.6 3456.9 17375.7 1311.5 20935.9 3715.4 17220.5 1308.5 20614.0 4276.7 16337.3 1330.6 20971.9 3798.3 17173.7 19 20 21 22 23 24 Equity in noncorporate business Miscellaneous assets 7524.2 869.7 8313.9 863.6 9512.5 913.8 10168.8 921.6 10739.3 962.3 9950.2 919.5 10168.8 921.6 10375.4 924.6 10479.6 930.4 10599.6 945.1 10739.3 962.3 23 24 13576.8 13638.2 13786.1 14164.3 14509.8 14072.1 14164.3 14149.4 14294.4 14376.7 14509.8 25 255.5 241.0 227.8 223.1 217.7 224.6 223.1 223.0 219.7 217.2 217.7 26 13047.0 9702.0 2755.4 11.5 376.9 201.1 13118.3 9490.8 2922.9 62.6 443.1 198.9 13275.3 9401.2 3098.8 92.7 480.5 202.1 13654.0 9400.6 3317.2 212.9 513.7 209.6 14001.5 9490.6 3533.1 317.9 439.4 220.6 13560.6 9384.9 3249.0 186.7 533.3 206.7 13654.0 9400.6 3317.2 212.9 513.7 209.6 13637.7 9372.1 3321.1 233.7 499.0 211.8 13784.8 9417.3 3395.0 247.3 510.1 215.0 13869.7 9468.7 3478.0 268.7 436.5 217.8 14001.5 9490.6 3533.1 317.9 439.4 220.6 27 28 29 30 31 32 250.0 24.3 254.0 24.9 255.0 27.9 258.1 29.1 259.4 31.2 257.4 29.6 258.1 29.1 258.5 30.2 258.9 31.0 259.2 30.6 259.4 31.2 33 34 2 3 4 5 6 25 Total financial assets 2012 Total liabilities 26 Debt securities (municipal securities) 27 28 29 30 31 32 Loans Home mortgages (5) Consumer credit Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 33 34 Trade payables Deferred and unpaid life insurance premiums Levels 2011 (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) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held shares, including shares of closed-end and exchange-traded funds shares. Other equities are included in mutual fund shares (line 18), life insurance reserves (line 19) and pension entitlements (line 20). (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.109, line 19. 76 Z.1, March 10, 2016 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 18434.0 19314.7 20791.4 21933.6 23199.2 21535.7 21933.6 22207.3 22591.3 22819.5 23199.2 1 34.8 821.6 924.2 540.1 12.6 35.4 835.3 967.5 600.1 9.7 77.5 910.8 1014.9 641.9 8.7 62.8 983.2 1025.4 666.9 21.3 37.7 1085.7 1050.6 678.0 20.3 69.7 965.1 1007.8 624.2 20.8 62.8 983.2 1025.4 666.9 21.3 46.5 1007.6 1012.9 651.6 20.2 51.5 1053.0 1009.2 650.7 21.8 33.1 1073.9 1020.2 661.1 17.3 37.7 1085.7 1050.6 678.0 20.3 2 3 4 5 6 7 8 9 10 11 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 202.2 67.9 91.9 14.3 28.2 194.0 59.5 92.4 13.1 29.0 181.3 52.9 94.0 8.9 25.5 175.6 53.6 93.1 11.7 17.3 166.8 47.4 91.2 9.7 18.5 172.9 51.6 92.3 11.9 17.1 175.6 53.6 93.1 11.7 17.3 166.5 50.7 87.2 9.5 19.2 162.7 50.1 85.7 8.6 18.3 161.3 48.3 86.7 8.6 17.7 166.8 47.4 91.2 9.7 18.5 7 8 9 10 11 12 13 14 Loans Mortgages Consumer credit 110.6 63.7 46.9 107.8 59.4 48.4 106.2 61.9 44.2 108.2 65.2 43.0 111.7 69.5 42.2 107.7 64.1 43.5 108.2 65.2 43.0 108.0 66.2 41.9 110.6 67.3 43.3 111.8 68.2 43.6 111.7 69.5 42.2 12 13 14 15 16 Mutual fund shares Trade receivables 165.9 2835.2 179.6 2891.8 211.0 3201.8 234.9 3343.2 248.6 3376.5 227.6 3392.0 234.9 3343.2 242.2 3392.2 246.6 3455.6 236.6 3447.9 248.6 3376.5 15 16 17 18 U.S. direct investment abroad Miscellaneous assets 3759.2 9027.8 4134.4 9359.1 4447.0 9990.3 4691.8 10620.3 4793.6 11629.6 4620.1 10327.7 4691.8 10620.3 4722.1 10837.4 4729.4 11100.3 4759.5 11296.9 4793.6 11629.6 17 18 19521.4 20579.8 21465.3 22348.3 23444.6 22046.6 22348.3 22658.3 22964.1 23193.2 23444.6 19 19 Levels 2013 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 2 3 4 5 6 Total financial assets 2012 Total liabilities 20 21 22 23 Debt securities Commercial paper Municipal securities Corporate bonds 4148.0 116.3 493.9 3537.7 4500.7 130.3 509.1 3861.2 4803.4 144.5 518.5 4140.4 5107.4 182.0 518.4 4407.1 5518.0 176.5 534.3 4807.1 5044.6 207.1 514.8 4322.8 5107.4 182.0 518.4 4407.1 5232.2 188.2 525.1 4518.9 5386.3 177.5 536.5 4672.4 5489.9 201.2 536.5 4752.2 5518.0 176.5 534.3 4807.1 20 21 22 23 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 6116.7 1530.2 1179.7 3406.9 6283.5 1680.1 1217.4 3385.9 6482.3 1776.1 1249.7 3456.5 6883.5 1933.0 1341.6 3608.9 7266.2 2112.3 1305.9 3848.0 6730.5 1866.7 1311.5 3552.3 6883.5 1933.0 1341.6 3608.9 6978.3 1975.2 1353.1 3650.0 7092.0 2025.4 1348.5 3718.1 7134.3 2042.1 1319.2 3773.0 7266.2 2112.3 1305.9 3848.0 24 25 26 27 28 29 Trade payables Taxes payable 2254.2 151.4 2330.5 161.3 2465.9 155.4 2568.0 159.0 2585.9 174.8 2541.8 167.0 2568.0 159.0 2569.7 175.9 2602.7 175.7 2583.5 177.0 2585.9 174.8 28 29 30 31 Foreign direct investment in U.S. Miscellaneous liabilities 2236.8 4614.3 2423.5 4880.4 2619.9 4938.3 2768.2 4862.1 3007.2 4892.5 2740.8 4821.9 2768.2 4862.1 2864.3 4837.8 2944.2 4763.1 2973.4 4835.1 3007.2 4892.5 30 31 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 77 Z.1, March 10, 2016 L.103 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 14508.9 15088.4 16260.5 17159.1 18084.4 16861.1 17159.1 17352.2 17645.6 17813.6 18084.4 1 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 34.8 265.3 561.9 462.4 12.6 35.4 219.8 595.2 519.4 9.7 77.5 283.3 631.1 559.1 8.7 62.8 319.9 615.4 580.2 21.3 37.7 381.6 573.1 586.4 20.3 69.7 315.4 612.7 539.1 20.8 62.8 319.9 615.4 580.2 21.3 46.5 336.1 584.1 563.5 20.2 51.5 370.1 572.1 561.3 21.8 33.1 383.7 565.0 571.0 17.3 37.7 381.6 573.1 586.4 20.3 2 3 4 5 6 7 8 9 10 11 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 147.4 67.9 43.0 14.3 22.3 135.0 59.5 39.4 13.1 22.9 121.8 52.9 38.8 8.9 21.2 113.2 53.6 35.2 11.7 12.7 99.7 47.4 29.1 9.7 13.5 111.7 51.6 35.6 11.9 12.7 113.2 53.6 35.2 11.7 12.7 103.1 50.7 28.4 9.5 14.5 98.0 50.1 25.8 8.6 13.6 95.8 48.3 25.9 8.6 12.9 99.7 47.4 29.1 9.7 13.5 7 8 9 10 11 12 13 14 Loans Mortgages Consumer credit 74.3 27.4 46.9 74.0 25.5 48.4 71.3 27.1 44.2 71.6 28.7 43.0 72.4 30.2 42.2 71.8 28.3 43.5 71.6 28.7 43.0 70.9 29.0 41.9 72.7 29.4 43.3 73.4 29.8 43.6 72.4 30.2 42.2 12 13 14 15 16 Mutual fund shares Trade receivables 165.9 2240.8 179.6 2292.8 211.0 2554.0 234.9 2663.8 248.6 2646.7 227.6 2725.4 234.9 2663.8 242.2 2702.3 246.6 2751.7 236.6 2734.6 248.6 2646.7 15 16 17 U.S. direct investment abroad (1) 3759.2 4134.4 4447.0 4691.8 4793.6 4620.1 4691.8 4722.1 4729.4 4759.5 4793.6 17 18 19 20 21 22 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company subs. Other 6784.2 331.0 0.5 69.1 6383.6 6893.1 339.0 0.6 71.7 6481.9 7295.6 333.0 0.6 86.4 6875.6 7784.2 343.2 0.7 100.5 7339.8 8624.2 345.3 0.7 96.5 8181.7 7546.8 342.8 0.7 100.3 7103.0 7784.2 343.2 0.7 100.5 7339.8 7961.2 341.6 0.8 98.7 7520.2 8170.3 343.6 0.8 94.7 7731.2 8343.7 346.5 0.8 94.4 7902.0 8624.2 345.3 0.7 96.5 8181.7 18 19 20 21 22 13878.4 14695.5 15396.6 15991.1 16701.9 15797.7 15991.1 16208.3 16410.5 16569.7 16701.9 23 2 3 4 5 6 23 Total financial assets 2012 Total liabilities 24 25 26 27 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) 4148.0 116.3 493.9 3537.7 4500.7 130.3 509.1 3861.2 4803.4 144.5 518.5 4140.4 5107.4 182.0 518.4 4407.1 5518.0 176.5 534.3 4807.1 5044.6 207.1 514.8 4322.8 5107.4 182.0 518.4 4407.1 5232.2 188.2 525.1 4518.9 5386.3 177.5 536.5 4672.4 5489.9 201.2 536.5 4752.2 5518.0 176.5 534.3 4807.1 24 25 26 27 28 29 30 31 Loans Depository institution loans n.e.c. Other loans and advances (3) Mortgages 2230.1 629.2 1008.3 592.6 2226.1 712.1 1036.9 477.1 2320.4 775.8 1063.1 481.5 2512.0 868.5 1145.6 498.0 2578.9 947.8 1102.7 528.4 2446.7 833.9 1121.3 491.5 2512.0 868.5 1145.6 498.0 2549.5 888.5 1158.8 502.2 2574.2 910.0 1152.7 511.5 2554.8 917.0 1121.4 516.3 2578.9 947.8 1102.7 528.4 28 29 30 31 32 33 Trade payables Taxes payable 1771.6 51.7 1837.0 54.0 1938.3 44.9 2004.5 44.6 1969.4 51.7 1988.8 54.2 2004.5 44.6 1990.7 57.7 2010.4 55.8 1982.5 56.0 1969.4 51.7 32 33 34 Foreign direct investment in U.S. 2230.7 2417.2 2612.8 2760.3 2998.1 2733.1 2760.3 2855.8 2935.1 2964.2 2998.1 34 35 36 37 38 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 3446.3 93.8 517.7 2834.9 3660.6 81.4 391.0 3188.1 3676.8 79.0 181.7 3416.1 3562.3 77.9 166.3 3318.1 3585.8 80.7 297.3 3207.8 3530.3 78.4 184.8 3267.1 3562.3 77.9 166.3 3318.1 3522.4 79.6 154.8 3288.0 3448.7 79.9 187.4 3181.4 3522.4 79.8 335.8 3106.8 3585.8 80.7 297.3 3207.8 35 36 37 38 13892.0 15584.6 20612.3 22730.4 21680.7 21873.4 22730.4 23110.0 22748.3 20778.1 21680.7 39 1650.4 3577.1 46.14 1694.1 3770.3 44.93 1892.6 3966.6 47.71 1947.6 4245.1 45.88 1947.4 4248.1 45.84 1897.0 4205.2 45.11 1947.6 4245.1 45.88 1895.7 4284.0 44.25 1921.4 4306.4 44.62 1902.4 4278.1 44.47 1947.4 4248.1 45.84 40 41 42 27.50 27.94 27.84 28.82 27.50 28.86 28.82 28.73 28.14 27.84 27.50 43 Memo: 39 Market value of equities 40 41 42 Total liquid assets (4) Total short-term liabilities (5) Liquid assets/short-term liabilities (percent) 43 Short-term debt/total debt (percent) (6) (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 2 through 7 and line 15. (5) Sum of lines 25, 29, 30, 32, and 33. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (6) Short-term debt is the sum of lines 25, 29, and 30. Total debt is the sum of lines 24 and 28. Levels 2011 78 Z.1, March 10, 2016 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 3925.1 4226.3 4531.0 4774.5 5114.8 4674.6 4774.5 4855.1 4945.7 5005.9 5114.8 1 556.3 362.2 77.7 615.5 372.3 80.7 627.6 383.8 82.7 663.2 410.1 86.7 704.1 477.5 91.7 649.8 395.0 85.1 663.2 410.1 86.7 671.5 428.8 88.1 682.9 437.1 89.4 690.2 455.2 90.1 704.1 477.5 91.7 2 3 4 Debt securities Treasury securities Municipal securities 54.8 48.9 5.9 59.0 52.9 6.1 59.5 55.2 4.4 62.4 57.9 4.6 67.1 62.1 4.9 61.3 56.8 4.5 62.4 57.9 4.6 63.4 58.8 4.6 64.7 59.9 4.7 65.5 60.7 4.8 67.1 62.1 4.9 5 6 7 8 9 10 Loans Mortgages Consumer credit 36.3 36.3 0.0 33.9 33.9 0.0 34.8 34.8 0.0 36.5 36.5 0.0 39.3 39.3 0.0 35.9 35.9 0.0 36.5 36.5 0.0 37.1 37.1 0.0 37.9 37.9 0.0 38.4 38.4 0.0 39.3 39.3 0.0 8 9 10 11 12 13 14 15 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other 594.4 2243.6 127.0 7.0 2109.5 598.9 2466.0 142.5 7.2 2316.4 647.8 2694.8 116.5 7.7 2570.5 679.4 2836.1 129.4 8.5 2698.2 729.8 3005.4 118.7 9.0 2877.7 666.7 2780.9 126.6 8.3 2646.0 679.4 2836.1 129.4 8.5 2698.2 689.9 2876.2 126.0 8.6 2741.6 703.8 2930.0 123.8 8.7 2797.5 713.3 2953.2 121.6 8.9 2822.7 729.8 3005.4 118.7 9.0 2877.7 11 12 13 14 15 5643.0 5884.3 6068.7 6357.1 6742.7 6248.9 6357.1 6449.9 6553.5 6623.5 6742.7 16 3886.6 900.9 171.3 2814.3 4057.3 968.0 180.6 2908.8 4162.0 1000.4 186.6 2975.0 4371.5 1064.6 196.1 3110.9 4687.3 1164.5 203.2 3319.6 4283.8 1032.7 190.2 3060.9 4371.5 1064.6 196.1 3110.9 4428.8 1086.7 194.3 3147.8 4517.8 1115.4 195.8 3206.6 4579.5 1125.0 197.8 3256.7 4687.3 1164.5 203.2 3319.6 17 18 19 20 482.7 99.7 493.5 107.4 527.5 110.5 563.5 114.4 616.6 123.1 553.0 112.8 563.5 114.4 579.0 118.2 592.3 119.9 601.0 121.0 616.6 123.1 21 22 6.1 1168.0 6.3 1219.7 7.1 1261.5 7.9 1299.8 9.1 1306.7 7.7 1291.6 7.9 1299.8 8.5 1315.4 9.1 1314.5 9.2 1312.7 9.1 1306.7 23 24 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 16 Levels Total financial assets 2012 Total liabilities 17 18 19 20 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 21 22 Trade payables Taxes payable 23 24 Foreign direct investment in U.S. Miscellaneous liabilities (1) Equity in the Farm Credit System. 79 Z.1, March 10, 2016 L.105 General Government (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 4155.9 4353.8 4576.9 4863.8 5217.2 4731.4 4863.8 4827.1 5017.7 5037.7 5217.2 1 110.9 206.0 259.9 153.2 121.0 114.2 209.7 296.1 157.5 124.8 109.8 287.9 313.5 158.8 126.3 98.0 367.4 321.3 165.8 132.3 86.9 469.8 332.1 182.0 145.8 103.7 283.3 318.9 164.3 131.0 98.0 367.4 321.3 165.8 132.3 88.7 234.5 329.9 169.8 135.7 89.5 392.2 321.3 173.4 138.7 89.2 333.3 324.9 177.4 142.0 86.9 469.8 332.1 182.0 145.8 2 3 4 5 6 1362.9 90.5 561.3 533.9 13.2 164.1 1348.7 82.7 604.2 482.4 13.3 166.1 1290.8 73.3 586.3 452.9 13.3 165.0 1312.1 66.3 623.6 438.7 13.6 169.9 1372.2 64.9 681.2 427.4 14.8 183.9 1297.2 68.3 603.1 443.3 13.6 169.0 1312.1 66.3 623.6 438.7 13.6 169.9 1336.5 65.4 642.6 441.1 13.9 173.4 1337.2 64.2 640.8 441.6 14.2 176.4 1359.0 67.0 655.0 442.8 14.4 179.8 1372.2 64.9 681.2 427.4 14.8 183.9 7 8 9 10 11 12 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 14 15 16 Loans Mortgages Consumer credit Other loans and advances 980.7 312.3 484.7 183.7 1119.5 316.5 616.8 186.2 1242.5 319.3 729.8 193.4 1363.9 327.1 840.9 195.9 1486.2 343.8 945.6 196.7 1348.0 326.0 825.9 196.1 1363.9 327.1 840.9 195.9 1410.6 332.4 881.8 196.4 1431.3 336.0 896.0 199.3 1466.8 339.2 931.6 196.0 1486.2 343.8 945.6 196.7 13 14 15 16 17 18 Corporate equities Mutual fund shares 182.6 59.1 178.0 66.0 197.3 78.4 207.2 84.4 213.8 87.8 202.7 81.9 207.2 84.4 210.2 86.0 211.6 86.6 206.2 83.8 213.8 87.8 17 18 19 20 21 Trade receivables Taxes receivable Miscellaneous assets 205.5 272.8 241.3 213.5 279.9 246.0 226.2 289.6 255.8 225.3 310.2 276.0 226.4 309.5 304.8 223.5 304.5 272.2 225.3 310.2 276.0 224.9 315.9 284.5 227.9 316.0 292.0 227.0 326.9 301.3 226.4 309.5 304.8 19 20 21 19448.5 20765.2 21248.6 22029.9 23191.9 21807.1 22029.9 22209.8 22386.3 22834.8 23191.9 22 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 48.9 5.2 25.3 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 49.7 5.2 25.3 49.6 5.2 25.3 48.9 5.2 25.3 23 24 25 14637.2 11667.3 2970.0 15812.1 12847.8 2964.3 16630.0 13705.1 2924.9 17351.9 14441.1 2910.9 18128.4 15165.6 2962.7 17033.0 14141.3 2891.8 17351.9 14441.1 2910.9 17404.9 14459.0 2945.9 17336.5 14378.1 2958.5 17357.1 14400.8 2956.3 18128.4 15165.6 2962.7 26 27 28 15.3 0.0 15.3 15.7 0.0 15.7 16.2 0.0 16.2 16.6 0.0 16.6 16.9 0.0 16.9 16.5 0.0 16.5 16.6 0.0 16.6 16.7 0.0 16.7 16.7 0.0 16.7 16.7 0.0 16.7 16.9 0.0 16.9 29 30 31 925.9 50.0 3734.9 977.3 50.3 3824.4 1034.1 50.5 3432.7 1090.2 51.3 3438.2 1149.2 51.1 3766.8 1085.4 50.9 3538.3 1090.2 51.3 3438.2 1101.3 50.7 3557.0 1121.9 51.0 3780.0 1136.8 50.8 4193.3 1149.2 51.1 3766.8 32 33 34 3579.3 18872.0 3733.9 20145.4 3974.4 20646.1 4223.7 21389.7 4519.1 22493.7 4111.8 21187.4 4223.7 21389.7 4167.8 21550.5 4360.2 21728.8 4366.1 22163.2 4519.1 22493.7 35 36 22 Total liabilities 23 24 25 SDR allocations SDR certificates Treasury currency 26 27 28 Debt securities Treasury securities Municipal securities 29 30 31 Loans Multifamily residential mortgages Other loans and advances 32 33 34 Trade payables Insurance reserves Miscellaneous liabilities 35 36 Memo: Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) (1) Sum of the federal government and state and local governments 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 2011 80 Z.1, March 10, 2016 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 6 7 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1411.3 1516.8 1718.5 1896.0 2101.5 1816.9 1896.0 1814.1 1993.3 1974.1 2101.5 1 110.9 84.6 1.7 114.2 92.2 2.0 109.8 163.0 1.5 98.0 226.8 1.7 86.9 338.1 1.8 103.7 160.5 1.6 98.0 226.8 1.7 88.7 104.8 1.6 89.5 258.5 1.9 89.2 202.6 2.1 86.9 338.1 1.8 2 3 4 31.9 31.1 0.8 0.6 0.0 0.6 0.6 0.0 0.6 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 5 6 7 778.3 183.7 109.9 484.7 914.4 186.2 111.5 616.8 1038.7 193.4 115.5 729.8 1154.0 195.9 117.2 840.9 1258.8 196.7 116.5 945.6 1139.3 196.1 117.3 825.9 1154.0 195.9 117.2 840.9 1196.3 196.4 118.1 881.8 1213.2 199.3 117.9 896.0 1244.6 196.0 116.9 931.6 1258.8 196.7 116.5 945.6 8 9 10 11 8 9 10 11 Loans Other loans and advances Mortgages Consumer credit (1) 12 Corporate equities (2) 57.8 39.9 35.1 33.4 33.4 33.6 33.4 33.3 33.5 33.4 33.4 12 13 14 15 Trade receivables Taxes receivable Miscellaneous assets 47.7 152.8 145.6 50.3 158.6 144.6 53.6 165.8 150.5 45.5 173.0 163.0 45.8 158.8 177.4 45.6 171.2 160.9 45.5 173.0 163.0 45.0 176.0 167.9 45.7 178.3 172.2 46.1 180.7 175.0 45.8 158.8 177.4 13 14 15 13991.3 15246.5 16122.7 16903.1 17665.3 16637.9 16903.1 17047.3 17129.1 17274.9 17665.3 16 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 48.9 5.2 25.3 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 49.7 5.2 25.3 49.6 5.2 25.3 48.9 5.2 25.3 17 18 19 11667.3 11642.0 9906.1 1735.9 25.3 12847.8 12822.9 11027.9 1795.0 24.9 13705.1 13680.6 11834.2 1846.5 24.5 14441.1 14416.7 12480.9 1935.8 24.4 15165.6 15141.1 13169.0 1972.1 24.6 14141.3 14117.4 12255.8 1861.6 23.9 14441.1 14416.7 12480.9 1935.8 24.4 14459.0 14434.9 12606.7 1828.2 24.1 14378.1 14353.4 12670.7 1682.7 24.7 14400.8 14376.7 12812.8 1563.9 24.1 15165.6 15141.1 13169.0 1972.1 24.6 20 21 22 23 24 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 218.5 50.0 231.9 50.3 250.6 50.5 268.0 51.3 288.0 51.1 273.0 50.9 268.0 51.3 269.5 50.7 280.4 51.0 285.4 50.8 288.0 51.1 26 27 1970.3 1745.6 224.6 2031.1 1793.6 237.5 2031.3 1782.1 249.2 2061.1 1802.0 259.1 2081.0 1815.1 265.9 2089.8 1839.1 250.7 2061.1 1802.0 259.1 2188.8 1934.0 254.9 2339.5 2087.5 252.1 2457.8 2205.5 252.4 2081.0 1815.1 265.9 28 29 30 16 Levels Total financial assets 2 3 4 2012 Total liabilities 17 18 19 SDR allocations SDR certificates Treasury currency 20 21 22 23 24 Debt securities Treasury securities (3) Marketable Nonmarketable Budget agency securities 25 Loans (multifamily residential mortgages) 26 27 Trade payables Insurance reserves 28 29 30 Miscellaneous liabilities Claims of pension fund on sponsor Other (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) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. 81 Z.1, March 10, 2016 L.107 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2744.6 2836.9 2858.4 2967.8 3115.7 2914.4 2967.8 3013.0 3024.3 3063.6 3115.7 1 2 3 Checkable deposits and currency Time and savings deposits 121.4 258.2 117.6 294.1 124.9 312.0 140.5 319.6 131.7 330.3 122.8 317.3 140.5 319.6 129.7 328.3 133.6 319.4 130.7 322.9 131.7 330.3 2 3 4 5 Money market fund shares Security repurchase agreements 153.2 121.0 157.5 124.8 158.8 126.3 165.8 132.3 182.0 145.8 164.3 131.0 165.8 132.3 169.8 135.7 173.4 138.7 177.4 142.0 182.0 145.8 4 5 1331.1 90.5 561.3 502.8 13.2 163.3 1348.1 82.7 604.2 482.4 13.3 165.4 1290.3 73.3 586.3 452.9 13.3 164.5 1311.6 66.3 623.6 438.7 13.6 169.3 1371.7 64.9 681.2 427.4 14.8 183.4 1296.7 68.3 603.1 443.3 13.6 168.4 1311.6 66.3 623.6 438.7 13.6 169.3 1335.9 65.4 642.6 441.1 13.9 172.9 1336.7 64.2 640.8 441.6 14.2 175.9 1358.5 67.0 655.0 442.8 14.4 179.3 1371.7 64.9 681.2 427.4 14.8 183.4 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 202.4 205.0 203.8 209.9 227.3 208.8 209.9 214.3 218.1 222.3 227.3 12 13 14 Corporate equities Mutual fund shares 124.8 59.1 138.1 66.0 162.2 78.4 173.8 84.4 180.4 87.8 169.1 81.9 173.8 84.4 176.9 86.0 178.2 86.6 172.7 83.8 180.4 87.8 13 14 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 157.8 120.0 95.7 163.1 121.3 101.5 172.6 123.8 105.3 179.8 137.2 113.0 180.5 150.6 127.4 177.9 133.3 111.3 179.8 137.2 113.0 179.9 139.9 116.6 182.2 137.7 119.8 180.8 146.2 126.4 180.5 150.6 127.4 15 16 17 5457.3 5518.7 5125.9 5126.8 5526.6 5169.2 5126.8 5162.5 5257.2 5559.8 5526.6 18 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2910.9 38.6 2872.3 2962.7 32.8 2930.0 2891.8 37.0 2854.8 2910.9 38.6 2872.3 2945.9 38.1 2907.9 2958.5 31.1 2927.4 2956.3 31.5 2924.8 2962.7 32.8 2930.0 19 20 21 18 Total liabilities 19 20 21 Debt securities (municipal securities) Short-term (2) Long-term 22 Loans (U.S. government loans) 23 24 Trade payables Claims of pension fund on sponsor (3) 15.3 15.7 16.2 16.6 16.9 16.5 16.6 16.7 16.7 16.7 16.9 22 707.4 1764.6 745.5 1793.3 783.4 1401.4 822.2 1377.2 861.1 1685.8 812.5 1448.5 822.2 1377.2 831.7 1368.1 841.5 1440.5 851.4 1735.5 861.1 1685.8 23 24 (1) Data for state and local government employee retirement funds are shown on table L.120. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. Levels 2011 82 Z.1, March 10, 2016 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Levels 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 71226.4 75329.2 81130.7 85009.3 85911.3 83964.5 85009.3 85861.8 86164.3 85173.6 85911.3 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 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 30.5 5.2 47.6 10.9 2051.5 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 30.7 5.2 47.0 22.2 2310.5 30.9 5.2 47.3 12.4 2265.5 30.5 5.2 47.6 10.9 2051.5 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 364.1 592.4 765.1 2738.2 374.0 619.7 682.7 3113.0 369.9 701.6 629.2 2733.2 350.4 715.4 643.2 2778.9 351.3 637.2 685.4 2768.6 382.7 743.4 581.3 2739.8 350.4 715.4 643.2 2778.9 340.1 721.7 676.7 2758.6 321.6 727.2 662.3 2775.2 347.1 686.5 684.7 2862.6 351.3 637.2 685.4 2768.6 7 8 9 10 11 12 13 14 15 16 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 19797.4 688.8 5276.3 5594.7 1800.0 6437.6 20984.5 688.6 5641.1 5761.2 1939.4 6954.1 22428.4 709.1 6230.5 6154.3 1948.7 7385.9 23663.6 687.7 6669.9 6495.6 2000.7 7809.8 24561.0 712.8 6979.0 6651.0 2082.1 8136.1 23301.6 740.7 6512.7 6369.3 1968.2 7710.6 23663.6 687.7 6669.9 6495.6 2000.7 7809.8 23780.2 702.9 6664.4 6459.6 2022.2 7931.1 23745.3 735.9 6475.3 6472.6 2028.9 8032.7 23836.9 760.9 6410.0 6536.1 2041.5 8088.4 24561.0 712.8 6979.0 6651.0 2082.1 8136.1 11 12 13 14 15 16 17 18 19 20 21 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 18991.8 2217.0 1602.8 13022.7 2149.4 19169.2 2393.8 1772.0 12811.3 2192.0 19573.4 2590.3 1914.0 12803.6 2265.4 20322.2 2910.2 2064.0 12968.1 2379.8 21015.3 3207.3 2006.6 13303.3 2498.0 20026.2 2785.7 2031.4 12884.7 2324.4 20322.2 2910.2 2064.0 12968.1 2379.8 20344.2 2988.1 2028.7 12981.9 2345.5 20651.1 3073.6 2076.3 13095.5 2405.6 20736.1 3099.6 1973.4 13208.8 2454.3 21015.3 3207.3 2006.6 13303.3 2498.0 17 18 19 20 21 22 23 Corporate equities Mutual fund shares 10796.5 2646.3 12321.4 2950.4 15599.6 3588.5 16736.5 3858.0 16455.6 3805.9 16236.4 3765.7 16736.5 3858.0 17101.6 3921.6 17143.6 3935.6 15628.5 3691.5 16455.6 3805.9 22 23 24 25 26 Trade receivables Life insurance reserves U.S. direct investment abroad 134.8 153.0 840.3 133.2 172.9 883.2 131.0 183.7 892.8 132.1 194.6 884.2 141.7 205.2 916.2 134.8 191.6 920.5 132.1 194.6 884.2 137.6 197.0 889.2 141.5 200.1 903.9 142.4 202.5 908.1 141.7 205.2 916.2 24 25 26 27 Miscellaneous assets 11654.6 12234.4 11858.5 12169.2 12222.4 12230.8 12169.2 12382.4 12541.5 13085.5 12222.4 27 67825.9 71430.9 76738.6 80324.5 81120.9 79372.9 80324.5 81065.6 81276.5 80431.9 81120.9 28 2 3 4 5 6 28 Total financial assets 2012 Total liabilities 29 Net interbank liabilities 1889.0 1683.8 2812.9 2865.3 2361.8 3189.2 2865.3 2906.9 2674.0 2621.7 2361.8 29 30 31 32 33 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 2594.3 8952.2 2642.5 3118.5 2853.8 9463.7 2649.6 3327.1 3186.5 9872.9 2678.5 2943.0 3537.5 10448.7 2688.1 2949.3 3830.0 10856.1 2715.7 2946.2 3356.9 10264.8 2565.4 2914.8 3537.5 10448.7 2688.1 2949.3 3441.3 10683.3 2609.9 2952.5 3642.4 10628.2 2580.2 2913.3 3558.0 10761.8 2627.1 2981.4 3830.0 10856.1 2715.7 2946.2 30 31 32 33 34 35 36 37 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 13117.6 507.9 7559.2 5050.5 12923.9 449.1 7535.4 4939.4 12926.8 400.2 7773.7 4752.9 13074.5 362.9 7924.0 4787.6 13101.9 320.1 8128.3 4653.5 12983.5 395.9 7813.7 4773.9 13074.5 362.9 7924.0 4787.6 13024.0 348.5 7880.8 4794.6 13080.3 371.9 7935.2 4773.2 13149.1 342.3 8023.0 4783.8 13101.9 320.1 8128.3 4653.5 34 35 36 37 38 39 40 41 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 1798.9 470.1 1139.2 189.5 1781.4 413.4 1173.6 194.4 1957.3 444.8 1310.4 202.2 2119.8 459.0 1437.0 223.8 2140.0 449.2 1454.1 236.7 2083.4 435.5 1434.6 213.3 2119.8 459.0 1437.0 223.8 2101.2 463.6 1409.5 228.1 2138.0 474.3 1434.1 229.5 2133.6 463.8 1433.2 236.6 2140.0 449.2 1454.1 236.7 38 39 40 41 42 Mutual fund shares 7870.9 9326.1 11535.2 12588.5 12843.4 12329.1 12588.5 12981.3 13141.3 12409.9 12843.4 42 43 44 45 Trade payables Life insurance reserves Pension entitlements 14.3 1302.3 17313.8 14.2 1309.0 18353.1 14.5 1366.3 19812.5 17.9 1426.1 20620.6 26.3 1484.6 20971.9 19.9 1403.9 20355.9 17.9 1426.1 20620.6 19.2 1451.1 20832.6 23.6 1460.7 20935.9 24.2 1460.2 20614.0 26.3 1484.6 20971.9 43 44 45 46 47 Taxes payable Foreign direct investment in U.S. -78.0 561.9 -76.8 582.8 -59.1 563.3 -42.6 588.3 -54.0 621.6 -42.4 575.0 -42.6 588.3 -33.7 595.1 -47.1 605.0 -53.2 610.0 -54.0 621.6 46 47 48 Miscellaneous liabilities 6727.7 7239.1 7127.9 7442.6 7275.4 7373.6 7442.6 7500.9 7500.7 7534.2 7275.4 48 4052.7 11.9 4947.4 17.3 6461.4 15.9 7320.9 17.5 7274.5 16.0 6842.8 17.4 7320.9 17.5 7457.9 17.2 7512.9 16.2 6988.2 17.1 7274.5 16.0 49 50 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. 83 Z.1, March 10, 2016 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2945.2 2955.0 4073.8 4555.4 4542.2 4507.6 4555.4 4538.9 4536.5 4541.6 4542.2 1 2 3 4 U.S. official reserve assets SDR certificates Treasury currency 36.8 5.2 44.2 35.8 5.2 44.8 34.6 5.2 45.5 32.0 5.2 46.3 30.5 5.2 47.6 33.2 5.2 46.2 32.0 5.2 46.3 30.4 5.2 46.7 30.7 5.2 47.0 30.9 5.2 47.3 30.5 5.2 47.6 2 3 4 5 Federal Reserve float (2) -0.6 -0.5 -1.0 -0.6 -0.0 -0.9 -0.6 -0.7 -0.4 -0.1 -0.0 5 6 7 8 Interbank loans (2) Discount window (3) AMLF (4) 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.3 0.3 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 6 7 8 9 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 2605.1 0.0 1663.4 18.4 1645.0 941.7 837.7 104.0 2669.6 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 3756.2 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 4236.9 0.0 2461.4 0.0 2461.4 1775.5 1736.8 38.7 4242.0 0.0 2461.6 0.0 2461.6 1780.4 1747.5 32.9 4188.2 0.0 2451.7 0.0 2451.7 1736.4 1696.4 40.0 4236.9 0.0 2461.4 0.0 2461.4 1775.5 1736.8 38.7 4228.4 0.0 2459.6 0.0 2459.6 1768.8 1731.9 36.9 4228.9 0.0 2461.0 0.0 2461.0 1768.0 1732.1 35.9 4238.3 0.0 2461.9 0.0 2461.9 1776.3 1741.2 35.1 4242.0 0.0 2461.6 0.0 2461.6 1780.4 1747.5 32.9 10 11 12 13 14 15 16 17 30.5 9.0 0.0 21.5 0.0 0.6 0.6 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 223.9 99.8 124.0 199.5 8.9 190.6 233.1 0.3 232.8 235.5 1.5 233.9 216.8 1.0 215.8 235.4 0.2 235.2 235.5 1.5 233.9 228.9 0.8 228.1 224.9 0.6 224.3 219.7 0.7 219.1 216.8 1.0 215.8 24 25 26 2918.3 2927.6 4046.3 4526.8 4532.2 4479.4 4526.8 4510.0 4507.4 4512.3 4532.2 27 10 11 12 13 14 15 16 17 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 18 19 20 21 22 Loans (depository institution loans n.e.c.) Households (TALF) (5) Brokers and dealers (6) Funding corporations (7) Rest of the world 23 Corporate equities (8) 24 25 26 Miscellaneous assets Nonofficial foreign currencies (9) Other 27 Total liabilities 28 29 Depository institution reserves Vault cash of depository institutions 1562.3 60.8 1491.0 71.1 2249.1 73.6 2378.0 75.7 1977.2 74.2 2537.8 64.7 2378.0 75.7 2437.3 67.8 2242.5 68.3 2197.7 67.6 1977.2 74.2 28 29 30 Checkable deposits and currency 1165.7 1224.6 1364.1 1516.4 1720.8 1416.4 1516.4 1417.7 1588.3 1557.3 1720.8 30 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 0.0 333.7 0.3 333.4 0.0 158.5 0.2 158.3 0.0 223.7 0.2 223.5 0.0 100.3 0.2 100.1 0.0 254.4 0.1 254.3 0.0 198.9 0.2 198.7 0.0 333.7 0.3 333.4 0.0 31 32 33 34 0.2 64.6 1015.0 6.5 27.2 1098.1 8.0 25.9 1167.6 5.3 20.2 1267.3 5.2 31.1 1350.8 5.3 26.9 1225.7 5.3 20.2 1267.3 5.2 20.9 1291.3 5.3 28.2 1300.4 6.2 32.1 1320.0 5.2 31.1 1350.8 35 36 37 31 32 33 34 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 35 36 37 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 38 39 40 Security repurchase agreements Reverse repurchase agreement operations (10) Other 99.9 0.0 99.9 107.2 0.0 107.2 315.9 197.8 118.2 509.8 396.7 113.1 712.4 474.6 237.8 410.1 300.0 110.1 509.8 396.7 113.1 536.9 378.5 158.4 558.2 392.6 165.6 641.1 449.6 191.5 712.4 474.6 237.8 38 39 40 41 42 43 Miscellaneous liabilities Federal Reserve Bank stock Other 29.7 26.9 2.8 33.7 27.4 6.3 43.5 27.5 16.0 47.0 28.6 18.4 47.6 29.5 18.1 50.3 28.2 22.2 47.0 28.6 18.4 50.4 28.8 21.6 50.1 29.1 21.0 48.7 29.3 19.4 47.6 29.5 18.1 41 42 43 (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, line 23. (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) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (8) 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. (9) Reciprocal currency arrangements (swap lines) with foreign central banks. (10) 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 2011 84 Z.1, March 10, 2016 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Levels 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 14580.2 14985.6 15920.5 16897.9 17368.2 16763.4 16897.9 17140.3 17164.1 17253.4 17368.2 1 Vault cash Reserves at Federal Reserve Federal funds and security repos 60.8 1562.3 378.6 71.1 1491.0 490.6 73.6 2249.1 392.6 75.7 2378.0 403.2 74.2 1977.2 428.4 64.7 2537.8 414.8 75.7 2378.0 403.2 67.8 2437.3 414.9 68.3 2242.5 419.5 67.6 2197.7 410.8 74.2 1977.2 428.4 2 3 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3208.7 0.0 252.9 1851.7 303.9 800.2 3399.1 0.0 339.5 1901.3 371.9 786.3 3445.3 0.0 304.4 1943.8 427.0 770.2 3662.1 0.0 499.8 1970.0 458.0 734.2 3859.0 0.0 530.8 2124.7 505.4 698.2 3602.4 0.0 446.9 1974.0 448.0 733.5 3662.1 0.0 499.8 1970.0 458.0 734.2 3728.8 0.0 501.4 2025.8 471.9 729.7 3752.7 0.0 506.6 2057.4 483.4 705.4 3766.6 0.0 500.6 2062.5 494.7 708.8 3859.0 0.0 530.8 2124.7 505.4 698.2 5 6 7 8 9 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 8038.3 2186.5 0.0 4436.2 1415.6 8278.0 2393.3 0.0 4422.4 1462.3 8519.5 2590.2 0.0 4392.1 1537.1 9087.2 2910.2 0.0 4531.1 1645.9 9754.2 3207.3 0.0 4776.8 1770.1 8875.2 2785.7 0.0 4490.7 1598.7 9087.2 2910.2 0.0 4531.1 1645.9 9174.0 2988.1 0.0 4566.1 1619.9 9381.3 3073.6 0.0 4635.3 1672.3 9516.9 3099.6 0.0 4700.4 1717.0 9754.2 3207.3 0.0 4776.8 1770.1 11 12 13 14 15 16 17 Corporate equities Mutual fund shares 67.4 43.5 71.3 48.1 101.3 60.1 108.5 61.8 100.8 56.8 105.4 61.9 108.5 61.8 109.0 61.4 108.2 62.0 93.5 55.6 100.8 56.8 16 17 18 Life insurance reserves 125.5 138.0 143.8 149.6 156.2 147.9 149.6 150.9 153.1 154.5 156.2 18 19 20 U.S. direct investment abroad Miscellaneous assets 272.5 822.8 277.0 721.4 268.5 666.7 252.9 718.8 250.9 710.4 275.4 677.9 252.9 718.8 254.1 742.0 256.4 720.3 255.2 735.0 250.9 710.4 19 20 14908.7 15539.0 16432.8 17544.9 17990.8 17355.8 17544.9 17728.3 17729.6 17821.9 17990.8 21 266.0 121.7 490.2 411.6 310.4 586.6 411.6 401.8 363.3 356.4 310.4 22 2 3 4 21 Total financial assets 2012 Total liabilities 22 Net interbank liabilities 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 1428.6 7202.2 1750.0 1629.2 7803.9 1659.9 1822.3 8110.8 1762.0 2021.2 8475.8 1972.9 2109.2 8990.7 1865.4 1940.5 8431.3 1833.5 2021.2 8475.8 1972.9 2023.6 8762.6 1920.7 2054.1 8708.7 1919.5 2000.8 8844.7 1917.0 2109.2 8990.7 1865.4 23 24 25 26 Federal funds and security repos 706.9 674.9 582.1 607.5 603.4 625.3 607.5 598.6 601.0 581.3 603.4 26 27 28 29 Debt securities Open market paper Corporate bonds 500.1 120.6 379.4 383.4 87.5 295.9 280.7 59.7 221.0 263.5 54.5 209.0 254.2 53.6 200.6 263.4 54.7 208.7 263.5 54.5 209.0 243.6 49.0 194.6 244.7 50.1 194.5 247.3 51.1 196.2 254.2 53.6 200.6 27 28 29 30 Loans (other loans and advances) 356.2 361.8 437.0 503.6 543.2 479.8 503.6 470.9 518.0 505.1 543.2 30 31 32 Taxes payable (net) Foreign direct investment in U.S. -49.1 176.6 -47.6 207.7 -47.4 215.9 -32.3 219.3 -36.7 226.5 -35.3 214.5 -32.3 219.3 -27.5 217.6 -34.4 222.1 -32.2 222.4 -36.7 226.5 31 32 33 34 35 36 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other 2571.1 1709.0 137.8 724.3 2744.1 1889.2 126.0 728.9 2779.2 1937.2 123.5 718.4 3101.8 2133.2 103.2 865.4 3124.5 2171.3 105.4 847.9 3016.1 2059.2 127.8 829.0 3101.8 2133.2 103.2 865.4 3116.3 2112.8 96.2 907.3 3132.6 2141.6 109.1 881.8 3179.2 2160.8 108.4 910.1 3124.5 2171.3 105.4 847.9 33 34 35 36 6.0 6.5 7.9 8.6 8.0 8.6 8.6 8.6 8.6 8.3 8.0 37 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. 85 Z.1, March 10, 2016 L.111 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total financial assets Vault cash Reserves at Federal Reserve Federal funds and security repos 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 11839.5 12218.4 12795.4 13646.6 14182.2 13365.9 13646.6 13868.0 13855.0 13948.6 14182.2 1 60.8 798.7 242.6 71.1 798.5 302.7 73.6 1252.9 215.4 75.6 1443.6 185.0 74.2 1235.6 209.8 64.7 1411.1 196.0 75.6 1443.6 185.0 67.8 1505.4 215.1 68.3 1305.8 208.9 67.6 1278.8 212.3 74.2 1235.6 209.8 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt securities 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 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 2658.2 0.0 173.9 1634.1 899.1 8.2 473.8 13.4 239.6 297.3 553.0 3.5 8.9 110.4 27.4 402.9 2821.8 0.0 243.2 1669.6 912.8 21.7 454.6 42.9 237.7 365.0 544.0 18.7 9.3 88.4 32.7 394.9 2912.4 0.0 217.1 1717.3 953.5 30.3 431.0 66.8 235.7 418.9 559.2 28.7 8.0 73.7 37.3 411.4 3153.9 0.0 420.4 1760.3 979.7 42.4 444.0 81.4 212.7 451.5 521.7 22.7 5.6 68.2 42.7 382.6 3368.3 0.0 435.2 1924.7 1129.7 61.5 443.9 96.7 193.0 498.9 509.5 14.7 3.0 56.2 53.3 382.3 3077.8 0.0 359.0 1758.2 975.2 41.4 444.2 76.5 220.9 440.4 520.1 23.7 5.8 70.3 39.2 381.0 3153.9 0.0 420.4 1760.3 979.7 42.4 444.0 81.4 212.7 451.5 521.7 22.7 5.6 68.2 42.7 382.6 3223.9 0.0 421.3 1815.0 1024.3 45.9 448.8 83.6 212.3 465.2 522.4 21.2 5.1 65.4 46.0 384.7 3262.8 0.0 424.2 1845.5 1058.7 49.4 442.0 85.7 209.6 476.6 516.5 19.5 3.7 63.6 48.1 381.5 3276.3 0.0 420.9 1861.5 1077.8 53.8 440.8 89.4 199.6 488.1 505.8 17.1 3.2 60.8 50.0 374.8 3368.3 0.0 435.2 1924.7 1129.7 61.5 443.9 96.7 193.0 498.9 509.5 14.7 3.0 56.2 53.3 382.3 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 6867.4 1625.3 0.0 4049.6 1192.6 7089.5 1842.0 0.0 4028.8 1218.6 7241.4 1986.4 0.0 3983.5 1271.6 7670.0 2236.2 0.0 4090.7 1343.1 8189.9 2465.3 0.0 4296.3 1428.3 7510.4 2147.1 0.0 4057.9 1305.4 7670.0 2236.2 0.0 4090.7 1343.1 7722.7 2286.8 0.0 4123.8 1312.1 7889.8 2360.0 0.0 4180.2 1349.6 7990.8 2377.9 0.0 4229.2 1383.6 8189.9 2465.3 0.0 4296.3 1428.3 21 22 23 24 25 26 27 Corporate equities Mutual fund shares 67.4 41.7 71.3 45.8 101.3 57.9 108.5 59.7 100.8 54.9 105.4 59.8 108.5 59.7 109.0 59.4 108.1 59.9 93.5 53.5 100.8 54.9 26 27 28 29 Life insurance reserves U.S. direct investment abroad 125.5 272.5 138.0 277.0 143.8 268.5 149.6 252.9 156.2 250.9 147.9 275.4 149.6 252.9 150.9 254.1 153.1 256.4 154.5 255.2 156.2 250.9 28 29 30 Miscellaneous assets 704.8 602.8 528.1 547.7 541.5 517.5 547.7 559.6 541.9 566.3 541.5 30 12155.6 12719.4 13299.2 14293.7 14792.8 13946.2 14293.7 14472.1 14424.3 14506.2 14792.8 31 164.9 -0.6 0.2 62.1 103.3 36.7 -0.5 0.1 18.7 18.5 227.8 -1.0 0.1 57.2 171.4 282.0 -0.6 0.1 12.0 270.4 229.5 -0.0 0.1 -5.0 234.4 329.7 -0.9 0.3 55.0 275.3 282.0 -0.6 0.1 12.0 270.4 302.6 -0.7 0.0 4.1 299.3 202.8 -0.4 0.2 -5.3 208.3 166.5 -0.1 0.3 -3.9 170.2 229.5 -0.0 0.1 -5.0 234.4 32 33 34 35 36 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 37 38 39 40 Checkable deposits Federal government Private domestic Rest of the world 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 53.3 1766.4 2.3 1727.4 36.7 1670.1 2.1 1615.6 52.5 1716.1 2.5 1660.2 53.3 1698.6 2.5 1643.8 52.3 1717.2 2.3 1667.6 47.3 1671.9 2.3 1633.9 35.6 1766.4 2.3 1727.4 36.7 37 38 39 40 41 42 43 Small time and savings deposits Large time deposits Federal funds and security repos 6425.7 882.9 402.5 6979.2 803.0 349.9 7236.0 826.9 269.4 7579.8 929.3 236.2 8042.0 951.2 196.8 7537.5 745.9 249.9 7579.8 929.3 236.2 7802.9 924.2 228.7 7780.9 919.7 226.2 7906.7 948.2 205.9 8042.0 951.2 196.8 41 42 43 44 45 46 Debt securities Open market paper Corporate bonds 500.1 120.6 379.4 383.4 87.5 295.9 280.7 59.7 221.0 263.5 54.5 209.0 254.2 53.6 200.6 263.4 54.7 208.7 263.5 54.5 209.0 243.6 49.0 194.6 244.7 50.1 194.5 247.3 51.1 196.2 254.2 53.6 200.6 44 45 46 47 Loans (other loans and advances) 331.9 336.6 410.0 468.2 498.5 446.6 468.2 435.9 478.1 460.2 498.5 47 48 Taxes payable (net) -49.1 -47.6 -47.4 -32.3 -36.7 -35.3 -32.3 -27.5 -34.4 -32.2 -36.7 48 49 50 51 Miscellaneous liabilities Investment by holding companies Other 2236.1 1709.0 527.1 2446.4 1889.2 557.2 2516.2 1937.2 578.9 2851.0 2133.2 717.8 2890.9 2171.3 719.6 2738.3 2059.2 679.1 2851.0 2133.2 717.8 2863.0 2112.8 750.3 2889.1 2141.6 747.5 2931.9 2160.8 771.1 2890.9 2171.3 719.6 49 50 51 6.0 6.5 7.9 8.6 8.0 8.6 8.6 8.6 8.6 8.3 8.0 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 2011 86 Z.1, March 10, 2016 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1736.4 1720.6 2037.1 2093.4 1951.5 2265.3 2093.4 2082.2 2105.8 2090.1 1951.5 1 0.0 711.0 120.1 0.0 638.8 178.3 0.0 948.0 177.1 0.0 888.8 218.1 0.0 690.3 218.5 0.0 1087.8 218.7 0.0 888.8 218.1 0.0 872.3 199.8 0.0 886.7 210.5 0.0 871.1 198.5 0.0 690.3 218.5 2 3 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 327.8 0.0 60.5 30.6 0.0 236.7 339.2 0.0 76.6 32.1 0.0 230.5 288.8 0.0 67.0 25.4 0.0 196.4 274.3 0.0 56.5 20.5 0.0 197.3 265.3 0.0 69.8 23.1 0.0 172.4 279.7 0.0 60.4 20.5 0.0 198.9 274.3 0.0 56.5 20.5 0.0 197.3 265.8 0.0 55.7 19.3 0.0 190.8 253.3 0.0 57.3 23.3 0.0 172.8 262.7 0.0 54.7 20.9 0.0 187.2 265.3 0.0 69.8 23.1 0.0 172.4 5 6 7 8 9 10 11 12 13 14 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 533.4 500.6 0.0 32.8 520.5 489.6 0.0 30.9 566.2 535.9 0.0 30.3 640.9 603.3 0.0 37.6 719.0 667.6 0.0 51.3 604.8 569.4 0.0 35.5 640.9 603.3 0.0 37.6 668.5 631.1 0.0 37.4 685.4 644.4 0.0 41.0 696.8 650.1 0.0 46.6 719.0 667.6 0.0 51.3 11 12 13 14 15 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 Miscellaneous assets 44.2 43.9 57.0 71.3 58.4 74.2 71.3 75.8 69.9 61.0 58.4 16 17 Levels 2013 Vault cash Reserves at Federal Reserve Federal funds and security repos 2 3 4 Total financial assets 2012 1851.1 1878.9 2146.2 2205.2 2081.5 2385.7 2205.2 2180.7 2217.0 2219.0 2081.5 17 18 19 20 Total liabilities Net interbank liabilities To foreign banks To domestic banks 157.5 134.8 22.7 155.6 83.6 72.0 330.6 242.8 87.8 197.7 174.4 23.3 145.7 117.4 28.3 323.8 298.6 25.3 197.7 174.4 23.3 166.9 139.0 27.9 229.6 202.7 26.9 257.0 225.7 31.3 145.7 117.4 28.3 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 45.6 48.9 814.6 61.8 62.7 798.4 92.6 90.4 869.5 137.8 84.5 971.8 154.1 97.5 837.4 114.2 89.7 1019.8 137.8 84.5 971.8 149.4 126.4 924.7 161.2 88.8 926.3 152.8 96.8 893.9 154.1 97.5 837.4 21 22 23 24 Federal funds and security repos 304.4 325.0 312.7 371.3 406.6 375.4 371.3 369.9 374.8 375.4 406.6 24 25 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 26 Foreign direct investment in U.S. 176.6 207.7 215.9 219.3 226.5 214.5 219.3 217.6 222.1 222.4 226.5 26 27 28 29 Miscellaneous liabilities Investment by funding corporations Other 303.4 137.8 165.6 267.8 126.0 141.7 234.6 123.5 111.1 222.8 103.2 119.6 213.7 105.4 108.3 248.4 127.8 120.5 222.8 103.2 119.6 225.7 96.2 129.4 214.2 109.1 105.1 220.8 108.4 112.4 213.7 105.4 108.3 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. 87 Z.1, March 10, 2016 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 1 Q1 Q2 Q3 Q4 75.8 75.8 84.7 91.9 88.5 81.0 91.9 85.8 90.9 89.4 88.5 1 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13.5 1.0 4.8 3.4 4.2 10.9 0.4 2.6 2.6 5.2 12.4 1.2 1.9 3.6 5.8 11.1 1.3 1.7 2.7 5.3 11.9 2.4 1.8 2.1 5.6 11.4 1.3 1.8 2.6 5.7 11.1 1.3 1.7 2.7 5.3 11.1 1.5 1.5 2.7 5.4 11.4 1.8 1.8 2.5 5.3 11.4 2.2 1.8 2.2 5.2 11.9 2.4 1.8 2.1 5.6 2 3 4 5 6 7 8 9 10 Loans Depository institution loans n.e.c. Home mortgages Commercial mortgages 50.5 17.1 17.8 15.6 53.0 18.1 20.0 14.9 51.8 19.4 18.9 13.5 47.4 17.1 17.4 13.0 41.7 15.1 15.8 10.8 48.3 17.4 17.6 13.3 47.4 17.1 17.4 13.0 43.4 15.6 16.5 11.3 42.6 15.5 16.3 10.8 41.9 15.1 16.1 10.8 41.7 15.1 15.8 10.8 7 8 9 10 11 Miscellaneous assets 11.8 12.0 20.5 33.4 34.9 21.3 33.4 31.3 36.9 36.1 34.9 11 2 3 4 5 6 12 Total financial assets 2015 Q4 72.1 72.0 80.5 87.6 84.2 77.1 87.6 82.3 87.8 85.4 84.2 12 13 14 15 16 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -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 -5.1 35.0 21.9 21.9 -5.2 27.8 20.9 20.9 -5.3 33.4 23.4 23.4 -5.7 33.0 21.6 21.6 -6.2 35.8 22.8 22.8 -5.4 35.4 22.3 22.3 -5.1 35.0 21.9 21.9 13 14 15 16 17 Miscellaneous liabilities 19.4 17.3 14.3 12.7 10.4 12.6 12.7 11.8 12.6 10.9 10.4 17 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 928.5 970.8 1003.3 1065.9 1146.0 1051.2 1065.9 1104.4 1112.5 1125.2 1146.0 1 52.6 15.9 53.8 9.7 48.1 0.1 45.7 0.0 51.2 0.0 39.0 0.0 45.7 0.0 59.6 0.0 49.9 0.0 47.7 0.0 51.2 0.0 2 3 2 3 Reserves at Federal Reserve Federal funds and security repos 4 5 6 7 8 9 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 209.2 0.0 17.6 182.1 3.2 6.3 227.2 0.0 19.3 197.0 4.2 6.7 231.7 0.0 19.1 199.2 4.6 8.9 222.8 0.0 21.6 187.5 3.8 9.9 213.6 0.0 23.4 175.1 4.3 10.8 233.6 0.0 26.2 193.6 5.0 8.8 222.8 0.0 21.6 187.5 3.8 9.9 228.1 0.0 22.9 190.1 3.9 11.1 225.3 0.0 23.3 186.9 4.2 10.9 216.2 0.0 22.9 178.3 4.4 10.7 213.6 0.0 23.4 175.1 4.3 10.8 4 5 6 7 8 9 10 11 12 13 Loans Depository institution loans n.e.c. Home mortgages Consumer credit 587.0 43.5 320.5 223.0 615.1 43.6 327.8 243.6 660.1 48.7 345.9 265.6 728.9 53.7 372.5 302.8 803.6 59.3 402.6 341.7 711.6 51.9 366.5 293.3 728.9 53.7 372.5 302.8 739.4 54.6 377.1 307.7 763.5 53.7 387.1 322.7 787.5 56.4 397.7 333.4 803.6 59.3 402.6 341.7 10 11 12 13 14 15 Mutual fund shares Miscellaneous assets 1.9 61.9 2.3 62.7 2.2 61.1 2.1 66.4 1.9 75.7 2.1 65.0 2.1 66.4 2.0 75.3 2.1 71.6 2.1 71.6 1.9 75.7 14 15 16 830.0 868.7 906.9 958.4 1032.3 946.8 958.4 993.3 1000.5 1011.3 1032.3 16 17 Total liabilities Net interbank liabilities -51.9 -65.7 -63.5 -62.8 -59.7 -61.7 -62.8 -62.0 -62.9 -61.7 -59.7 17 18 19 20 21 Shares/deposits Checkable Small time and savings Large time 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 1037.7 153.6 829.3 54.8 958.5 128.4 783.3 46.8 970.4 133.9 788.1 48.4 1004.5 142.6 811.7 50.2 1006.8 139.9 816.2 50.7 1012.3 140.7 818.9 52.7 1037.7 153.6 829.3 54.8 18 19 20 21 22 23 Federal funds and security repos Loans (other loans and advances) 0.0 24.3 0.0 25.2 0.0 27.1 0.0 35.5 0.0 44.8 0.0 33.2 0.0 35.5 0.0 35.0 0.0 40.0 0.0 44.9 0.0 44.8 22 23 24 Miscellaneous liabilities 12.2 12.6 14.1 15.3 9.5 16.8 15.3 15.8 16.6 15.7 9.5 24 88 Z.1, March 10, 2016 L.115 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 Loans (commercial mortgages) 12 13 Corporate equities Mutual fund shares 14 15 16 Trade receivables U.S. direct investment abroad Miscellaneous assets (equity in FHLB) 17 Levels Total financial assets Total liabilities 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1380.7 1442.7 1536.2 1580.1 1591.3 1574.7 1580.1 1577.7 1579.3 1575.0 1591.3 1 24.1 20.0 2.4 36.4 22.3 1.7 29.7 20.1 1.7 35.6 18.3 1.6 34.5 17.9 1.8 35.7 19.4 1.7 35.6 18.3 1.6 35.4 18.2 1.7 30.4 18.0 1.6 34.2 18.3 1.8 34.5 17.9 1.8 2 3 4 921.9 8.8 96.4 122.7 331.0 363.1 922.2 7.4 89.7 114.3 328.1 382.7 950.8 8.1 96.1 109.5 326.4 410.8 964.6 7.9 102.0 105.2 321.7 427.7 971.2 7.9 103.2 105.9 323.4 430.7 959.9 8.2 101.2 106.0 322.1 422.4 964.6 7.9 102.0 105.2 321.7 427.7 960.3 7.9 101.6 104.8 320.3 425.8 963.8 7.8 101.5 105.2 321.6 427.7 967.3 7.9 102.3 105.5 322.6 429.0 971.2 7.9 103.2 105.9 323.4 430.7 5 6 7 8 9 10 4.9 5.6 7.9 9.9 12.0 9.3 9.9 10.4 10.9 11.5 12.0 11 220.8 9.1 252.2 11.8 310.4 14.8 325.4 16.8 313.6 19.0 319.1 16.2 325.4 16.8 320.3 17.5 316.5 18.2 302.0 17.7 313.6 19.0 12 13 87.2 90.2 0.0 92.0 98.5 0.1 95.2 105.5 0.1 100.8 107.1 0.1 107.6 113.6 0.1 103.4 110.0 0.1 100.8 107.1 0.1 106.1 107.6 0.1 109.3 110.4 0.1 110.7 111.3 0.1 107.6 113.6 0.1 14 15 16 859.7 864.1 869.1 889.3 897.0 887.3 889.3 886.4 889.9 893.2 897.0 17 18 19 Security repurchase agreements Loans (other loans and advances) 3.1 0.9 2.1 1.3 1.5 2.1 1.0 2.2 1.4 2.6 1.1 2.1 1.0 2.2 1.1 2.2 1.1 2.4 1.3 2.4 1.4 2.6 18 19 20 21 Taxes payable (net) Foreign direct investment in U.S. -14.5 73.9 -10.8 58.1 8.4 44.1 10.3 47.9 4.0 46.2 10.2 44.6 10.3 47.9 10.6 47.3 5.9 47.0 0.1 45.7 4.0 46.2 20 21 22 23 24 Miscellaneous liabilities Investment by parent companies Policy payables 796.4 0.0 796.4 813.4 11.2 802.1 813.1 5.2 807.8 827.8 5.3 822.5 842.9 4.5 838.3 829.3 5.1 824.2 827.8 5.3 822.5 825.0 3.9 821.1 833.4 4.6 828.8 843.7 4.8 838.9 842.9 4.5 838.3 22 23 24 89 Z.1, March 10, 2016 L.116 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Loans Other loans and advances Mortgages 14 15 Corporate equities Mutual fund shares 16 U.S. direct investment abroad 17 18 19 20 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 21 Total liabilities 22 23 Security repurchase agreements Loans (other loans and advances) 24 25 Life insurance reserves Pension entitlements (2) 26 27 Taxes payable (net) Foreign direct investment in U.S. 28 29 30 31 32 33 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (3) Other reserves (4) Unallocated insurance contracts Other 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 5340.1 5614.7 5977.3 6227.1 6350.0 6144.5 6227.1 6316.8 6301.9 6230.0 6350.0 1 53.7 28.8 6.1 56.4 27.5 8.2 47.2 21.6 2.9 50.8 27.7 3.4 50.4 29.2 7.5 52.9 22.6 6.7 50.8 27.7 3.4 50.3 26.6 5.7 43.3 24.7 5.5 54.1 29.1 5.8 50.4 29.2 7.5 2 3 4 2818.5 29.7 175.4 374.4 121.8 2117.3 2879.1 43.6 180.9 360.9 131.5 2162.2 2934.2 46.7 168.6 354.1 141.6 2223.0 3004.3 42.2 182.9 339.1 147.8 2292.3 3085.2 42.5 196.6 339.1 151.9 2355.2 3000.2 40.3 178.9 344.5 147.0 2289.5 3004.3 42.2 182.9 339.1 147.8 2292.3 3030.0 43.2 193.3 338.6 148.1 2306.8 3046.2 41.8 191.1 342.4 149.0 2321.9 3073.3 45.5 195.2 341.9 150.4 2340.3 3085.2 42.5 196.6 339.1 151.9 2355.2 5 6 7 8 9 10 481.1 148.6 332.5 494.8 150.4 344.4 517.1 153.9 363.2 546.6 161.9 384.8 579.1 163.7 415.4 536.3 159.9 376.4 546.6 161.9 384.8 552.5 162.8 389.7 560.5 161.2 399.3 570.5 162.0 408.5 579.1 163.7 415.4 11 12 13 1355.5 184.8 1502.7 201.7 1743.4 235.8 1798.4 246.4 1773.0 242.2 1770.3 242.5 1798.4 246.4 1828.9 248.7 1819.5 249.4 1690.5 233.8 1773.0 242.2 14 15 54.2 69.1 72.2 72.8 75.8 73.6 72.8 74.7 76.0 75.3 75.8 16 357.4 2.0 24.3 331.1 375.2 2.0 24.9 348.2 403.0 2.9 27.9 372.2 476.6 3.0 29.1 444.5 507.6 3.0 31.2 473.3 439.4 3.0 29.6 406.8 476.6 3.0 29.1 444.5 499.4 3.1 30.2 466.1 476.7 3.2 31.0 442.5 497.7 3.1 30.6 464.0 507.6 3.0 31.2 473.3 17 18 19 20 5002.2 5248.8 5602.8 5828.1 5958.5 5746.4 5828.1 5913.9 5903.6 5830.8 5958.5 21 12.1 44.9 14.4 48.2 20.9 50.1 21.9 51.9 22.8 57.9 22.5 51.4 21.9 51.9 22.1 54.1 22.4 55.9 22.4 57.0 22.8 57.9 22 23 1302.3 2258.6 1309.0 2446.8 1366.3 2726.5 1426.1 2847.4 1484.6 2874.6 1403.9 2800.3 1426.1 2847.4 1451.1 2874.8 1460.7 2875.7 1460.2 2794.9 1484.6 2874.6 24 25 -23.6 103.6 -28.3 105.3 -30.5 88.1 -32.4 101.4 -32.7 106.9 -30.4 93.9 -32.4 101.4 -29.9 108.4 -31.3 109.2 -33.5 109.0 -32.7 106.9 26 27 1304.3 72.0 70.0 305.5 623.0 233.8 1353.4 17.2 69.6 303.7 639.5 323.4 1381.5 10.7 61.1 304.2 655.4 350.1 1411.9 11.5 70.4 310.0 650.1 370.0 1444.4 12.0 72.0 318.9 645.9 395.7 1404.7 11.5 67.2 311.5 643.8 370.7 1411.9 11.5 70.4 310.0 650.1 370.0 1433.3 11.8 71.9 313.5 657.2 378.9 1411.1 11.8 70.4 314.0 655.5 359.3 1420.9 12.1 67.4 319.0 629.9 392.6 1444.4 12.0 72.0 318.9 645.9 395.7 28 29 30 31 32 33 (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 32. (3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. Levels 2011 90 Z.1, March 10, 2016 L.116.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Loans Other loans and advances Mortgages 14 15 Corporate equities Mutual fund shares 16 17 U.S. direct investment abroad Miscellaneous assets 18 Levels Total financial assets Total liabilities 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 3512.5 3570.3 3657.0 3812.9 3896.2 3770.0 3812.9 3792.0 3797.6 3867.2 3896.2 1 35.3 28.8 6.1 36.7 27.5 8.2 31.9 21.6 2.9 35.4 27.7 3.4 34.5 29.2 7.5 37.6 22.6 6.7 35.4 27.7 3.4 34.4 26.6 5.7 27.4 24.7 5.5 38.3 29.1 5.8 34.5 29.2 7.5 2 3 4 2538.4 8.6 139.2 282.0 117.5 1991.0 2561.3 24.5 140.5 277.1 126.6 1992.6 2610.9 25.9 129.2 270.5 135.7 2049.6 2682.0 19.8 138.3 267.2 141.0 2115.6 2719.4 18.3 141.7 266.8 143.4 2149.2 2678.1 18.4 135.8 269.8 140.4 2113.7 2682.0 19.8 138.3 267.2 141.0 2115.6 2667.4 20.1 139.8 263.3 140.3 2103.9 2683.1 18.7 137.5 267.4 141.1 2118.5 2709.7 22.0 139.9 269.5 142.3 2135.9 2719.4 18.3 141.7 266.8 143.4 2149.2 5 6 7 8 9 10 471.0 148.1 322.9 486.0 150.0 336.0 506.4 153.6 352.8 534.5 161.5 373.0 553.2 158.4 394.8 524.6 159.5 365.0 534.5 161.5 373.0 527.4 157.6 369.8 535.4 156.1 379.4 545.0 156.8 388.2 553.2 158.4 394.8 11 12 13 75.3 3.1 74.0 3.4 76.5 3.7 82.1 3.9 86.0 3.8 83.0 3.8 82.1 3.9 82.4 3.9 85.2 3.9 83.5 3.7 86.0 3.8 14 15 54.2 300.3 69.1 304.1 72.2 330.8 72.8 371.2 75.8 386.9 73.6 340.0 72.8 371.2 74.7 369.6 76.0 356.1 75.3 376.9 75.8 386.9 16 17 3170.3 3198.0 3275.9 3406.8 3497.6 3364.9 3406.8 3382.0 3392.3 3460.9 3497.6 18 19 20 Security repurchase agreements Loans (other loans and advances) 12.1 44.9 14.4 48.2 20.9 50.1 21.9 51.9 22.8 57.9 22.5 51.4 21.9 51.9 22.1 54.1 22.4 55.9 22.4 57.0 22.8 57.9 19 20 21 22 23 24 Life insurance reserves Pension entitlements (1) Taxes payable (net) Foreign direct investment in U.S. 1074.5 921.9 -23.6 103.6 1068.3 927.5 -28.3 105.3 1096.6 981.7 -30.5 88.1 1142.7 1031.2 -32.4 101.4 1169.3 1066.0 -32.7 106.9 1126.8 1020.3 -30.4 93.9 1142.7 1031.2 -32.4 101.4 1128.2 1004.0 -29.9 108.4 1140.4 1019.8 -31.3 109.2 1157.5 1052.3 -33.5 109.0 1169.3 1066.0 -32.7 106.9 21 22 23 24 25 Miscellaneous liabilities 1036.9 1062.7 1069.0 1090.1 1107.4 1080.4 1090.1 1095.0 1075.9 1096.3 1107.4 25 2453.8 1 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). 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 4 5 6 7 8 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9 10 11 Loans Other loans and advances Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 18 Miscellaneous assets Total liabilities Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 1827.6 2044.4 2320.3 2414.2 2453.8 2374.5 2414.2 2524.8 2504.3 2362.9 18.4 19.7 15.3 15.4 15.9 15.4 15.4 15.9 15.8 15.8 15.9 2 280.1 21.1 36.2 92.4 4.3 126.2 317.8 19.1 40.4 83.8 4.9 169.6 323.2 20.9 39.5 83.6 5.9 173.4 322.3 22.3 44.6 71.9 6.8 176.7 365.8 24.2 54.9 72.3 8.5 206.0 322.0 22.0 43.1 74.7 6.5 175.8 322.3 22.3 44.6 71.9 6.8 176.7 362.7 23.1 53.5 75.3 7.8 202.9 363.1 23.1 53.6 75.0 7.9 203.4 363.6 23.5 55.3 72.4 8.1 204.3 365.8 24.2 54.9 72.3 8.5 206.0 3 4 5 6 7 8 10.1 0.5 9.6 8.8 0.4 8.5 10.7 0.4 10.4 12.1 0.4 11.8 25.9 5.3 20.7 11.8 0.4 11.4 12.1 0.4 11.8 25.1 5.2 19.9 25.1 5.2 19.9 25.5 5.2 20.3 25.9 5.3 20.7 9 10 11 1280.2 181.7 1428.6 198.3 1666.9 232.1 1716.4 242.6 1687.0 238.4 1687.3 238.7 1716.4 242.6 1746.5 244.8 1734.2 245.5 1607.0 230.1 1687.0 238.4 12 13 57.2 71.1 72.1 105.4 120.7 99.3 105.4 129.9 120.6 120.8 120.7 14 1831.9 2050.8 2327.0 2421.3 2460.9 2381.5 2421.3 2531.9 2511.4 2369.9 2460.9 15 227.8 1336.7 267.4 240.7 1519.2 290.8 269.7 1744.8 312.5 283.4 1816.1 321.8 315.3 1808.6 337.0 277.1 1780.1 324.3 283.4 1816.1 321.8 322.9 1870.8 338.2 320.3 1855.9 335.2 302.7 1742.5 324.6 315.3 1808.6 337.0 16 17 18 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 18). 91 Z.1, March 10, 2016 L.117 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets (2) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 14907.9 15745.7 16903.5 17577.3 17915.1 17362.1 17577.3 17759.1 17862.7 17629.5 17915.1 1 2 3 Checkable deposits and currency Time and savings deposits 22.5 69.0 20.8 62.0 20.3 69.4 21.6 73.9 23.1 79.9 22.1 72.6 21.6 73.9 22.2 76.8 21.8 78.6 22.1 77.9 23.1 79.9 2 3 4 5 Money market fund shares Security repurchase agreements 195.5 6.0 174.6 5.5 190.7 6.1 186.9 6.6 194.5 7.0 186.7 6.4 186.9 6.6 188.5 6.9 189.0 7.0 190.8 6.9 194.5 7.0 4 5 3093.3 84.7 1791.1 318.4 1.8 897.2 3293.6 76.2 1920.4 296.8 2.1 998.1 3578.3 85.1 2040.1 292.0 3.6 1157.5 3732.8 91.0 2127.5 276.5 4.8 1233.1 3855.4 97.2 2214.6 261.8 3.3 1278.5 3659.5 90.1 2067.0 283.3 4.0 1215.2 3732.8 91.0 2127.5 276.5 4.8 1233.1 3648.3 95.8 2019.4 272.8 3.4 1256.8 3521.0 98.3 1890.1 268.1 5.4 1259.3 3414.9 96.4 1794.9 262.3 3.4 1257.9 3855.4 97.2 2214.6 261.8 3.3 1278.5 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 32.9 33.1 31.8 31.7 27.5 32.5 31.7 28.7 28.5 27.7 27.5 12 13 14 Corporate equities Mutual fund shares 3662.9 2408.9 4065.2 2688.7 4887.9 3277.7 5144.5 3533.0 4918.2 3487.9 4970.3 3445.1 5144.5 3533.0 5215.6 3593.9 5171.0 3606.1 4727.5 3384.5 4918.2 3487.9 13 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 5417.0 623.0 93.8 4027.9 672.4 5402.2 639.5 81.4 3977.9 703.3 4841.3 655.4 79.0 3365.2 741.8 4846.3 650.1 77.9 3345.5 772.9 5321.6 645.9 80.7 3798.3 796.8 4966.8 643.8 78.4 3472.4 772.2 4846.3 650.1 77.9 3345.5 772.9 4978.2 657.2 79.6 3456.9 784.6 5239.6 655.5 79.9 3715.4 788.8 5777.3 629.9 79.8 4276.7 790.9 5321.6 645.9 80.7 3798.3 796.8 15 16 17 18 19 15055.2 15906.3 17086.0 17773.2 18097.3 17555.5 17773.2 17957.8 18060.2 17819.2 18097.3 20 10563.6 6535.7 4027.9 10907.3 6930.6 3976.7 11196.0 7830.8 3365.2 11505.8 8160.3 3345.5 11813.0 8014.8 3798.3 11428.4 7955.9 3472.4 11505.8 8160.3 3345.5 11582.6 8186.7 3396.0 11659.6 8071.8 3587.8 11735.7 7658.9 4076.8 11813.0 8014.8 3798.3 21 22 23 21937.5 10416.3 4491.6 5241.0 1788.6 23594.5 10746.7 4999.0 5907.0 1941.8 26058.0 11013.4 5890.0 6966.0 2188.5 27301.7 11309.9 6267.4 7443.0 2281.4 ND 11630.9 6284.3 7481.3 ND 26948.4 11234.9 6127.1 7343.0 2243.3 27301.7 11309.9 6267.4 7443.0 2281.4 27662.9 11384.0 6375.2 7600.0 2303.8 27797.3 11462.1 6400.6 7629.0 2305.7 27137.4 11546.0 6083.5 7266.0 2241.9 ND 11630.9 6284.3 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) Includes both marketable and nonmarketable government securities. (4) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (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 items on table L.227 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 2011 92 Z.1, March 10, 2016 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 Levels 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 6713.4 7239.7 8061.0 8466.8 8516.9 8317.6 8466.8 8568.9 8602.0 8339.5 8516.9 1 2 3 Checkable deposits and currency Time and savings deposits 18.1 33.0 16.4 29.1 15.9 34.0 16.4 34.0 17.8 37.0 16.5 34.1 16.4 34.0 16.8 34.9 16.6 35.3 17.0 36.0 17.8 37.0 2 3 4 5 Money market fund shares Security repurchase agreements 152.9 2.7 135.7 2.4 148.4 2.8 138.9 2.8 142.6 3.0 141.3 2.8 138.9 2.8 138.7 2.9 137.0 3.0 140.0 2.9 142.6 3.0 4 5 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 947.7 42.6 247.4 174.6 0.1 482.9 1093.0 37.7 311.8 176.7 0.3 566.5 1182.6 43.6 308.4 171.0 0.5 659.0 1207.4 44.8 321.4 160.8 0.6 679.8 1249.4 47.8 335.5 154.3 0.5 711.3 1208.1 44.7 319.2 164.0 0.6 679.6 1207.4 44.8 321.4 160.8 0.6 679.8 1221.7 46.6 326.4 159.1 0.6 688.9 1223.2 47.4 329.3 155.9 0.6 690.0 1234.3 47.2 332.4 154.1 0.5 700.1 1249.4 47.8 335.5 154.3 0.5 711.3 6 7 8 9 10 11 12 Loans (mortgages) 21.9 23.1 22.4 22.5 21.1 23.3 22.5 21.9 21.2 20.9 21.1 12 13 14 Corporate equities Mutual fund shares 1751.1 2117.6 1973.1 2383.5 2349.5 2884.1 2487.5 3116.3 2362.8 3087.7 2405.5 3035.0 2487.5 3116.3 2516.2 3171.3 2494.6 3190.7 2275.3 2999.2 2362.8 3087.7 13 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1668.4 483.7 93.8 517.7 573.3 1583.4 503.5 81.4 391.0 607.4 1421.4 525.2 79.0 181.7 635.5 1440.9 532.1 77.9 166.3 664.6 1595.6 530.2 80.7 297.3 687.3 1451.1 525.6 78.4 184.8 662.2 1440.9 532.1 77.9 166.3 664.6 1444.5 537.6 79.6 154.8 672.5 1480.4 536.1 79.9 187.4 677.0 1613.9 517.7 79.8 335.8 680.7 1595.6 530.2 80.7 297.3 687.3 15 16 17 18 19 6749.9 7276.2 8097.6 8503.3 8553.5 8354.2 8503.3 8605.5 8638.6 8376.1 8553.5 20 20 Total financial assets (2) 2012 Pension entitlements (liabilities) (5) Memo: 21 22 23 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) 2983.7 2466.0 517.7 3055.4 2664.3 391.0 3093.7 2912.0 181.7 3135.8 2969.5 166.3 3177.8 2880.5 297.3 3125.3 2940.5 184.8 3135.8 2969.5 166.3 3146.3 2991.5 154.8 3156.8 2969.4 187.4 3167.3 2831.5 335.8 3177.8 2880.5 297.3 21 22 23 24 25 Total financial assets (7) Defined benefit plans Defined contribution plans 2947.1 3766.2 3018.8 4220.8 3057.2 5003.9 3099.3 5367.5 3141.2 5375.7 3088.8 5228.9 3099.3 5367.5 3109.7 5459.2 3120.2 5481.8 3130.7 5208.8 3141.2 5375.7 24 25 (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. 93 Z.1, March 10, 2016 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets (1) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2947.1 3018.8 3057.2 3099.3 3141.2 3088.8 3099.3 3109.7 3120.2 3130.7 3141.2 1 2 3 Checkable deposits and currency Time and savings deposits 9.5 28.7 8.4 25.4 8.7 29.8 8.8 29.7 9.6 32.4 8.7 29.9 8.8 29.7 9.1 30.6 9.2 31.0 9.3 31.5 9.6 32.4 2 3 4 5 Money market fund shares Security repurchase agreements 34.3 2.7 30.3 2.4 35.7 2.8 34.2 2.8 33.4 3.0 34.9 2.8 34.2 2.8 33.7 2.9 32.5 3.0 32.7 2.9 33.4 3.0 4 5 677.4 31.3 152.4 119.7 374.1 761.3 27.6 188.3 110.6 434.7 835.6 32.5 185.7 104.4 513.0 850.6 33.1 191.2 98.4 527.9 872.5 34.9 198.6 93.5 545.4 848.7 32.7 190.3 100.6 525.2 850.6 33.1 191.2 98.4 527.9 858.7 34.0 194.5 97.3 532.8 856.4 34.4 195.7 95.5 530.8 862.5 34.2 197.2 93.8 537.4 872.5 34.9 198.6 93.5 545.4 6 7 8 9 10 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 11 Loans (mortgages) 15.8 15.7 14.6 14.2 13.0 14.8 14.2 13.8 13.2 12.9 13.0 11 12 13 Corporate equities Mutual fund shares 929.5 356.2 1048.0 359.1 1165.0 408.0 1196.9 413.9 1100.9 394.4 1170.6 408.7 1196.9 413.9 1205.0 415.8 1191.3 412.2 1076.6 386.7 1100.9 394.4 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 893.0 64.5 64.8 517.7 246.0 768.2 58.1 52.4 391.0 266.6 557.0 60.7 48.3 181.7 266.3 548.0 62.0 46.4 166.3 273.3 682.1 61.9 48.1 297.3 274.8 569.6 61.7 47.1 184.8 276.0 548.0 62.0 46.4 166.3 273.3 540.1 62.6 47.6 154.8 275.2 571.5 62.1 47.9 187.4 274.1 715.6 59.1 47.3 335.8 273.5 682.1 61.9 48.1 297.3 274.8 14 15 16 17 18 2983.7 3055.4 3093.7 3135.8 3177.8 3125.3 3135.8 3146.3 3156.8 3167.3 3177.8 19 19 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. 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 3766.2 4220.8 5003.9 5367.5 5375.7 5228.9 5367.5 5459.2 5481.8 5208.8 5375.7 1 8.6 4.3 7.9 3.7 7.1 4.1 7.6 4.3 8.2 4.7 7.8 4.2 7.6 4.3 7.7 4.2 7.4 4.3 7.7 4.5 8.2 4.7 2 3 Money market fund shares Security repurchase agreements 118.5 0.0 105.4 0.0 112.7 0.0 104.7 0.0 109.2 0.0 106.4 0.0 104.7 0.0 105.0 0.0 104.5 0.0 107.3 0.0 109.2 0.0 4 5 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 270.3 11.3 95.1 54.9 0.1 108.8 331.7 10.1 123.5 66.0 0.3 131.8 347.0 11.1 122.7 66.6 0.5 146.0 356.8 11.8 130.1 62.4 0.6 151.9 376.9 12.8 136.9 60.8 0.5 165.9 359.4 12.0 129.0 63.4 0.6 154.4 356.8 11.8 130.1 62.4 0.6 151.9 363.0 12.6 131.9 61.8 0.6 156.0 366.8 13.0 133.6 60.4 0.6 159.1 371.8 13.0 135.3 60.2 0.5 162.7 376.9 12.8 136.9 60.8 0.5 165.9 6 7 8 9 10 11 12 Loans (mortgages) 6.1 7.4 7.8 8.3 8.1 8.4 8.3 8.1 8.0 8.0 8.1 12 13 14 Corporate equities Mutual fund shares 821.6 1761.4 925.2 2024.4 1184.6 2476.1 1290.6 2702.5 1261.9 2693.2 1234.9 2626.3 1290.6 2702.5 1311.3 2755.5 1303.2 2778.6 1198.7 2612.5 1261.9 2693.2 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 775.5 419.2 29.0 327.3 815.2 445.4 29.0 340.8 864.4 464.5 30.7 369.3 892.8 470.1 31.5 391.3 913.5 468.3 32.6 412.6 881.5 463.9 31.3 386.3 892.8 470.1 31.5 391.3 904.4 475.0 32.0 397.4 909.0 474.0 32.0 402.9 898.3 458.5 32.6 407.2 913.5 468.3 32.6 412.6 15 16 17 18 3766.2 4220.8 5003.9 5367.5 5375.7 5228.9 5367.5 5459.2 5481.8 5208.8 5375.7 19 2 3 Checkable deposits and currency Time and savings deposits 4 5 19 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. Levels 2011 94 Z.1, March 10, 2016 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 Claims of pension fund on sponsor (misc. assets) (3) 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 3261.1 3378.6 3533.0 3651.9 3757.5 3627.1 3651.9 3683.3 3708.9 3715.5 3757.5 1 1381.1 1367.2 6.5 7.3 1436.9 1419.8 8.1 9.0 1544.7 1530.6 6.4 7.7 1631.2 1617.7 5.9 7.7 1722.6 1709.1 6.0 7.5 1564.0 1550.7 5.7 7.6 1631.2 1617.7 5.9 7.7 1523.0 1509.3 6.0 7.7 1395.6 1381.7 6.1 7.8 1303.0 1289.5 6.0 7.5 1722.6 1709.1 6.0 7.5 2 3 4 5 134.4 148.1 206.2 218.7 219.8 224.0 218.7 226.3 225.9 207.0 219.8 6 1745.6 1793.6 1782.1 1802.0 1815.1 1839.1 1802.0 1934.0 2087.5 2205.5 1815.1 7 Pension entitlements (liabilities) (4) 3261.1 3378.6 3533.0 3651.9 3757.5 3627.1 3651.9 3683.3 3708.9 3715.5 3757.5 8 Memo: Funded status of defined benefit plans: 9 Pension entitlements 10 Funded by assets (5) 11 Unfunded (line 7) 2975.8 1230.2 1745.6 3062.4 1270.0 1792.4 3151.7 1369.6 1782.1 3240.0 1438.0 1802.0 3327.3 1512.2 1815.1 3217.6 1378.4 1839.1 3240.0 1438.0 1802.0 3261.9 1388.8 1873.1 3283.9 1324.0 1959.9 3305.0 1299.4 2005.5 3327.3 1512.2 1815.1 9 10 11 2975.8 285.3 3062.4 316.2 3151.7 381.3 3240.0 411.9 3327.3 430.2 3217.6 409.6 3240.0 411.9 3261.9 421.4 3283.9 425.0 3305.0 410.5 3327.3 430.2 12 13 8 12 13 Levels Total financial assets (1) 2 3 4 5 2012 Total financial assets (6) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes marketable and nonmarketable Treasury securities. (3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (4) 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. (5) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.119.b and L.119.c. 95 Z.1, March 10, 2016 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Total financial assets (2) 2 3 4 5 Debt securities Treasury securities (3) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 Claims of pension fund on sponsor (misc. assets) (4) 8 Pension entitlements (liabilities) (5) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2975.8 3062.4 3151.7 3240.0 3327.3 3217.6 3240.0 3261.9 3283.9 3305.0 3327.3 1 1219.8 1215.4 0.7 3.7 1260.2 1255.5 0.5 4.1 1358.4 1353.7 0.5 4.1 1427.5 1422.6 0.4 4.5 1502.6 1498.2 0.4 4.1 1368.2 1363.3 0.4 4.5 1427.5 1422.6 0.4 4.5 1378.4 1373.7 0.4 4.3 1313.7 1309.1 0.4 4.3 1290.2 1285.6 0.4 4.2 1502.6 1498.2 0.4 4.1 2 3 4 5 10.4 9.8 11.2 10.5 9.6 10.2 10.5 10.4 10.2 9.2 9.6 6 1745.6 1792.4 1782.1 1802.0 1815.1 1839.1 1802.0 1873.1 1959.9 2005.5 1815.1 7 2975.8 3062.4 3151.7 3240.0 3327.3 3217.6 3240.0 3261.9 3283.9 3305.0 3327.3 8 (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) Includes both marketable and nonmarketable government securities. (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) 1 Total financial assets 285.3 316.2 381.3 411.9 430.2 409.6 411.9 421.4 425.0 410.5 430.2 1 2 3 4 5 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 161.3 151.8 5.8 3.7 176.7 164.2 7.5 5.0 186.3 176.9 5.9 3.6 203.8 195.0 5.5 3.2 220.0 210.9 5.7 3.4 195.8 187.3 5.3 3.1 203.8 195.0 5.5 3.2 144.6 135.6 5.6 3.4 81.8 72.6 5.7 3.5 12.8 3.9 5.6 3.3 220.0 210.9 5.7 3.4 2 3 4 5 6 Corporate equities 124.0 138.3 195.0 208.2 210.2 213.8 208.2 216.0 215.6 197.8 210.2 6 7 Claims of pension fund on sponsor (misc. assets) (3) 0.0 1.2 0.0 0.0 0.0 0.0 0.0 60.9 127.6 199.9 0.0 7 285.3 316.2 381.3 411.9 430.2 409.6 411.9 421.4 425.0 410.5 430.2 8 8 Pension entitlements (liabilities) (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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 96 Z.1, March 10, 2016 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 Levels 1 Total financial assets (1) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 4933.4 5127.4 5309.4 5458.6 5640.7 5417.3 5458.6 5506.9 5551.8 5574.5 5640.7 1 2 3 Checkable deposits and currency Time and savings deposits 4.4 36.0 4.4 32.9 4.5 35.4 5.2 39.9 5.3 42.9 5.6 38.5 5.2 39.9 5.4 41.9 5.2 43.3 5.1 42.0 5.3 42.9 2 3 4 5 Money market fund shares Security repurchase agreements 42.6 3.3 38.9 3.1 42.3 3.3 48.0 3.7 51.9 4.0 45.5 3.6 48.0 3.7 49.9 3.9 52.0 4.0 50.8 3.9 51.9 4.0 4 5 764.6 42.1 176.5 137.3 1.7 407.0 763.7 38.5 188.8 112.0 1.8 422.5 851.0 41.4 201.1 114.6 3.1 490.7 894.2 46.2 188.5 109.8 4.1 545.5 883.4 49.4 169.9 101.4 2.8 559.7 887.4 45.4 197.1 113.5 3.4 528.0 894.2 46.2 188.5 109.8 4.1 545.5 903.6 49.2 183.7 107.7 2.8 560.2 902.2 50.8 179.1 106.1 4.7 561.5 877.6 49.2 172.9 102.3 2.9 550.3 883.4 49.4 169.9 101.4 2.8 559.7 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 11.0 10.0 9.4 9.2 6.5 9.2 9.2 6.8 7.3 6.8 6.5 12 13 14 Corporate equities Mutual fund shares 1777.4 291.3 1944.0 305.2 2332.1 393.7 2438.4 416.7 2335.6 400.2 2340.9 410.1 2438.4 416.7 2473.0 422.6 2450.6 415.4 2245.2 385.3 2335.6 400.2 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 2002.9 139.2 1764.6 99.1 2025.2 136.0 1793.3 95.9 1637.7 130.2 1401.4 106.2 1603.4 118.0 1377.2 108.3 1910.9 115.7 1685.8 109.4 1676.6 118.2 1448.5 109.9 1603.4 118.0 1377.2 108.3 1599.7 119.6 1368.1 112.0 1671.7 119.4 1440.5 111.8 1957.9 112.2 1735.5 110.2 1910.9 115.7 1685.8 109.4 15 16 17 18 Pension entitlements (liabilities) (4) 5044.2 5251.5 5455.5 5618.0 5786.3 5574.2 5618.0 5669.0 5712.7 5727.6 5786.3 19 Memo: Funded status of defined benefit plans: 20 Pension entitlements 21 Funded by assets (5) 22 Unfunded (line 17) 4604.1 2839.5 1764.6 4789.6 2996.3 1793.3 4950.6 3549.3 1401.4 5130.0 3752.8 1377.2 5307.9 3622.1 1685.8 5085.5 3637.0 1448.5 5130.0 3752.8 1377.2 5174.5 3806.3 1368.1 5219.0 3778.5 1440.5 5263.4 3527.9 1735.5 5307.9 3622.1 1685.8 20 21 22 4493.3 440.1 4665.5 461.9 4804.6 504.9 4970.6 488.0 5162.4 478.4 4928.6 488.7 4970.6 488.0 5012.4 494.5 5058.0 493.8 5110.4 464.2 5162.4 478.4 23 24 19 23 24 Total financial assets (6) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.120.b and L.120.c. 97 Z.1, March 10, 2016 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Total financial assets (1) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 4493.3 4665.5 4804.6 4970.6 5162.4 4928.6 4970.6 5012.4 5058.0 5110.4 5162.4 1 2 3 Checkable deposits and currency Time and savings deposits 4.1 35.3 3.8 32.5 4.1 34.8 4.6 39.5 5.0 42.6 4.4 38.0 4.6 39.5 4.9 41.7 5.0 42.9 4.9 41.7 5.0 42.6 2 3 4 5 Money market fund shares Security repurchase agreements 42.2 3.3 38.9 3.1 41.5 3.3 47.2 3.7 51.0 4.0 45.5 3.6 47.2 3.7 49.9 3.9 51.3 4.0 49.8 3.9 51.0 4.0 4 5 728.8 38.5 160.7 128.2 1.4 399.9 726.5 35.4 172.8 103.4 1.4 413.4 816.4 37.9 188.2 106.4 2.4 481.7 861.3 43.0 176.8 102.2 3.3 535.9 850.5 46.5 159.7 92.5 2.1 549.7 853.9 41.4 185.2 106.2 2.6 518.6 861.3 43.0 176.8 102.2 3.3 535.9 870.3 45.4 172.7 99.8 2.0 550.4 868.7 46.7 169.1 97.7 3.8 551.3 843.8 45.4 162.2 93.7 2.1 540.3 850.5 46.5 159.7 92.5 2.1 549.7 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 11.0 10.0 9.4 9.2 6.5 9.2 9.2 6.8 7.3 6.8 6.5 12 13 14 Corporate equities Mutual fund shares 1655.3 150.1 1811.4 150.5 2173.0 215.6 2282.7 238.6 2185.0 224.0 2185.1 232.4 2282.7 238.6 2315.5 240.9 2294.1 235.0 2100.7 215.9 2185.0 224.0 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 1863.3 1764.6 98.7 1888.8 1793.3 95.5 1506.4 1401.4 105.1 1483.8 1377.2 106.6 1793.8 1685.8 108.0 1556.5 1448.5 108.0 1483.8 1377.2 106.6 1478.5 1368.1 110.4 1549.6 1440.5 109.1 1842.9 1735.5 107.4 1793.8 1685.8 108.0 15 16 17 4604.1 4789.6 4950.6 5130.0 5307.9 5085.5 5130.0 5174.5 5219.0 5263.4 5307.9 18 18 Pension entitlements (liabilities) (3) Levels 6 7 8 9 10 11 (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 Total financial assets 440.1 461.9 504.9 488.0 478.4 488.7 488.0 494.5 493.8 464.2 478.4 1 2 3 Checkable deposits and currency Time and savings deposits 0.3 0.7 0.6 0.3 0.4 0.6 0.6 0.4 0.3 0.3 1.1 0.4 0.6 0.4 0.6 0.2 0.2 0.4 0.2 0.3 0.3 0.3 2 3 4 5 Money market fund shares Security repurchase agreements 0.4 0.0 0.0 0.0 0.7 0.0 0.8 0.0 0.9 0.0 0.0 0.0 0.8 0.0 0.0 0.0 0.8 0.0 1.0 0.0 0.9 0.0 4 5 35.8 3.7 15.7 9.1 0.2 7.1 37.2 3.0 16.1 8.6 0.4 9.1 34.6 3.6 12.9 8.3 0.8 9.1 32.9 3.2 11.7 7.6 0.8 9.6 32.9 3.0 10.2 8.9 0.7 10.1 33.5 4.0 11.9 7.4 0.8 9.5 32.9 3.2 11.7 7.6 0.8 9.6 33.3 3.8 10.9 7.9 0.8 9.8 33.5 4.1 10.0 8.4 0.9 10.2 33.8 3.8 10.7 8.6 0.7 10.0 32.9 3.0 10.2 8.9 0.7 10.1 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 Corporate equities Mutual fund shares 122.1 141.2 132.5 154.8 159.1 178.1 155.6 178.1 150.7 176.2 155.8 177.7 155.6 178.1 157.5 181.7 156.5 180.4 144.5 169.4 150.7 176.2 12 13 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other 139.6 139.2 0.4 136.4 136.0 0.3 131.3 130.2 1.2 119.6 118.0 1.6 117.1 115.7 1.4 120.1 118.2 2.0 119.6 118.0 1.6 121.2 119.6 1.6 122.1 119.4 2.7 115.0 112.2 2.8 117.1 115.7 1.4 14 15 16 440.1 461.9 504.9 488.0 478.4 488.7 488.0 494.5 493.8 464.2 478.4 17 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 98 Z.1, March 10, 2016 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2642.5 2649.6 2678.5 2688.1 2715.7 2565.4 2688.1 2609.9 2580.2 2627.1 2715.7 1 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 10.9 7.4 438.0 688.4 23.2 -3.1 531.1 575.8 24.1 -4.3 515.5 644.6 24.4 -9.8 512.1 625.9 22.2 3.2 510.1 635.3 12.4 1.6 476.8 680.6 10.9 7.4 438.0 688.4 2 3 4 5 1663.6 354.2 443.3 403.7 357.3 105.1 1580.9 340.8 457.8 343.5 336.7 102.1 1611.7 352.0 488.0 361.3 308.3 102.0 1490.8 333.5 412.7 384.6 281.7 78.3 1561.2 294.2 475.4 460.1 268.2 63.4 1419.6 331.6 393.7 344.4 278.7 71.1 1490.8 333.5 412.7 384.6 281.7 78.3 1440.7 341.8 434.5 323.4 273.5 67.5 1393.7 336.6 398.2 333.9 257.7 67.3 1442.4 332.3 384.8 392.6 256.7 76.1 1561.2 294.2 475.4 460.1 268.2 63.4 6 7 8 9 10 11 22.7 28.8 31.6 17.3 9.8 18.8 17.3 16.7 15.8 13.3 9.8 12 2642.5 2649.6 2678.5 2688.1 2715.7 2565.4 2688.1 2609.9 2580.2 2627.1 2715.7 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116). L.122 Mutual Funds (1) Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security repurchase agreements 3 4 5 6 7 8 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9 Loans (other loans and advances) 10 Corporate equities 11 Miscellaneous assets 12 Total shares outstanding (liabilities) 7870.9 9326.1 11535.2 12588.5 12843.4 12329.1 12588.5 12981.3 13141.3 12409.9 12843.4 1 108.7 262.8 355.5 401.7 346.4 395.0 401.7 400.9 386.4 360.1 346.4 2 3235.8 40.0 447.3 794.0 541.2 1413.4 3875.6 77.5 571.5 879.8 627.4 1719.4 4200.1 105.2 628.1 854.2 613.9 1998.7 4667.2 120.5 642.3 929.3 657.7 2317.5 5061.9 102.1 718.0 943.9 705.4 2592.4 4533.1 118.2 633.3 897.7 643.2 2240.7 4667.2 120.5 642.3 929.3 657.7 2317.5 4820.9 120.2 702.3 917.3 673.9 2407.2 4928.3 115.4 695.6 914.7 683.2 2519.4 4987.4 106.6 703.9 925.5 688.2 2563.1 5061.9 102.1 718.0 943.9 705.4 2592.4 3 4 5 6 7 8 93.5 105.7 145.1 154.5 138.9 158.9 154.5 160.4 154.4 141.6 138.9 9 4427.2 5109.4 6842.9 7377.6 7327.0 7219.0 7377.6 7604.9 7683.5 6951.6 7327.0 10 5.7 -27.4 -8.3 -12.6 -30.8 23.2 -12.6 -5.7 -11.3 -30.8 -30.8 11 7870.9 9326.1 11535.2 12588.5 12843.4 12329.1 12588.5 12981.3 13141.3 12409.9 12843.4 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 Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 240.5 256.6 283.6 284.9 260.2 291.2 284.9 283.9 282.5 263.6 260.2 1 144.7 4.8 82.5 57.3 155.9 5.2 86.0 64.8 169.5 5.7 84.3 79.4 165.6 5.5 84.8 75.3 160.6 5.1 84.0 71.5 167.8 5.8 84.2 77.8 165.6 5.5 84.8 75.3 165.3 5.4 84.6 75.2 166.6 5.4 83.9 77.2 162.3 5.3 83.8 73.3 160.6 5.1 84.0 71.5 2 3 4 5 95.9 100.6 114.2 119.3 99.6 123.5 119.3 118.6 115.9 101.3 99.6 6 240.5 256.6 283.6 284.9 260.2 291.2 284.9 283.9 282.5 263.6 260.2 7 1042.6 1324.4 1670.6 1969.3 2105.7 1824.4 1969.3 2055.1 2080.3 1955.9 2105.7 8 Exchange-traded funds 8 Total financial assets 9 10 11 12 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 178.8 62.4 8.6 107.7 231.1 63.6 12.3 155.3 243.3 57.1 11.4 174.8 294.3 70.1 14.6 209.6 349.3 84.2 18.5 246.5 272.4 64.4 13.4 194.7 294.3 70.1 14.6 209.6 313.6 73.2 16.0 224.4 315.5 73.7 16.6 225.2 337.0 88.4 17.1 231.6 349.3 84.2 18.5 246.5 9 10 11 12 13 Corporate equities 863.8 1093.3 1427.3 1675.0 1756.4 1552.0 1675.0 1741.5 1764.8 1618.9 1756.4 13 1042.6 1324.4 1670.6 1969.3 2105.7 1824.4 1969.3 2055.1 2080.3 1955.9 2105.7 14 14 Total shares outstanding (liabilities) 99 Z.1, March 10, 2016 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 6480.2 6275.1 6361.3 6399.9 6469.9 6323.0 6399.9 6353.5 6380.8 6407.3 6469.9 1 Checkable deposits and currency Time and savings deposits Federal funds and security repos 72.7 13.4 112.3 52.6 4.3 150.8 81.6 5.4 152.3 65.0 3.3 162.6 59.7 4.7 153.7 89.3 5.4 110.9 65.0 3.3 162.6 53.4 1.9 158.2 41.1 2.8 141.0 47.4 2.7 149.0 59.7 4.7 153.7 2 3 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 722.3 6.5 100.2 358.9 21.0 235.7 585.7 3.4 69.0 310.6 17.0 185.7 491.1 4.4 59.1 287.9 13.4 126.3 472.1 6.0 64.3 295.7 10.8 95.4 436.1 4.6 85.9 272.6 8.1 64.9 474.2 6.0 65.0 290.3 11.4 101.4 472.1 6.0 64.3 295.7 10.8 95.4 465.7 5.6 71.8 292.6 9.9 85.8 448.7 5.6 70.8 285.8 9.1 77.5 442.7 5.0 77.6 281.4 8.7 69.8 436.1 4.6 85.9 272.6 8.1 64.9 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Loans Other loans and advances Sallie Mae Farm Credit System FHLB Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 5411.1 487.0 0.0 83.8 403.3 4924.0 4587.7 4032.1 555.6 259.2 99.9 159.4 77.1 0.0 5329.2 505.7 0.0 92.1 413.6 4823.5 4475.6 3958.0 517.5 265.5 127.4 138.1 82.5 0.0 5465.3 587.5 0.0 95.0 492.6 4877.8 4546.4 4087.7 458.6 243.5 146.3 97.2 87.9 0.0 5542.3 671.8 0.0 106.1 565.7 4870.5 4537.9 4104.2 433.6 240.8 164.1 76.7 91.8 0.0 5666.1 747.2 0.0 116.0 631.2 4918.9 4567.7 4171.8 396.0 256.9 185.3 71.6 94.3 0.0 5493.9 639.1 0.0 99.3 539.8 4854.8 4527.2 4090.8 436.4 236.4 157.5 79.0 91.2 0.0 5542.3 671.8 0.0 106.1 565.7 4870.5 4537.9 4104.2 433.6 240.8 164.1 76.7 91.8 0.0 5509.6 641.6 0.0 105.0 536.6 4868.0 4528.3 4098.9 429.4 247.1 170.3 76.8 92.6 0.0 5580.9 694.7 0.0 106.6 588.2 4886.2 4540.2 4120.5 419.7 252.8 179.3 73.5 93.2 0.0 5611.4 696.5 0.0 110.3 586.2 4914.8 4568.4 4162.0 406.4 252.8 181.5 71.2 93.7 0.0 5666.1 747.2 0.0 116.0 631.2 4918.9 4567.7 4171.8 396.0 256.9 185.3 71.6 94.3 0.0 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Miscellaneous assets 148.5 152.6 165.6 154.7 149.7 149.3 154.7 164.7 166.3 154.2 149.7 25 2 3 4 26 Total financial assets 2012 6377.9 6216.8 6314.9 6386.6 6456.0 6299.0 6386.6 6344.7 6362.9 6399.6 6456.0 26 27 Total liabilities Federal funds and security repos 0.4 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.0 0.1 0.0 27 28 29 30 Debt securities (GSE issues) (4) Consolidated trusts (2) Other 6247.3 4132.0 2115.4 6092.7 4085.4 2007.3 6200.2 4234.0 1966.2 6275.5 4268.3 2007.2 6352.9 4357.0 1995.8 6186.2 4248.3 1937.9 6275.5 4268.3 2007.2 6234.6 4269.2 1965.4 6258.0 4299.8 1958.2 6293.5 4343.5 1950.0 6352.9 4357.0 1995.8 28 29 30 31 Loans (U.S. government loans) 32 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 130.2 124.1 114.7 111.0 103.1 112.8 111.0 110.0 104.9 106.0 103.1 32 (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 (L.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.124). (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 1311.9 1442.7 1573.5 1648.5 1775.5 1627.5 1648.5 1646.2 1677.2 1729.5 1775.5 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 1222.9 87.3 0.0 1.7 1326.6 114.2 0.0 1.9 1423.9 147.8 0.0 1.8 1474.8 172.1 0.0 1.6 1568.8 204.3 0.0 2.3 1461.9 163.9 0.0 1.7 1474.8 172.1 0.0 1.6 1468.9 175.7 0.0 1.6 1491.1 184.6 0.0 1.6 1536.5 190.6 0.0 2.4 1568.8 204.3 0.0 2.3 2 3 4 5 6 Total pool securities (liabilities)(2) 1311.9 1442.7 1573.5 1648.5 1775.5 1627.5 1648.5 1646.2 1677.2 1729.5 1775.5 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 (L.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (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 2011 100 Z.1, March 10, 2016 L.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 3 4 Total financial assets Debt securites Treasury securities Agency- and GSE-backed securities (1) 5 6 7 8 9 10 11 Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit 12 13 Trade credit Miscellaneous assets (funding agreements) (3) 14 15 16 17 Total liabilities Debt securities Commercial paper Corporate bonds (net) (4) 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2068.0 1841.0 1519.1 1437.1 1360.0 1448.1 1437.1 1438.6 1426.3 1386.3 1360.0 1 28.9 28.6 0.3 23.0 22.7 0.3 21.8 21.7 0.1 27.3 27.2 0.1 28.2 28.2 0.0 25.0 24.9 0.1 27.3 27.2 0.1 28.0 27.9 0.1 29.0 28.9 0.1 28.7 28.6 0.1 28.2 28.2 0.0 2 3 4 1921.5 162.4 1713.0 1109.5 91.0 512.5 46.2 1707.3 161.7 1495.5 928.3 79.6 487.7 50.0 1400.4 150.2 1201.0 793.0 73.5 334.6 49.1 1308.1 159.3 1099.0 704.5 71.4 323.1 49.8 1225.8 158.3 1020.6 605.9 64.6 350.1 46.8 1324.5 155.6 1119.8 722.5 72.3 325.0 49.1 1308.1 159.3 1099.0 704.5 71.4 323.1 49.8 1307.2 170.6 1088.4 686.0 71.4 331.0 48.2 1294.7 167.0 1076.4 660.6 68.6 347.3 51.2 1258.5 159.2 1051.3 634.2 65.9 351.2 48.0 1225.8 158.3 1020.6 605.9 64.6 350.1 46.8 5 6 7 8 9 10 11 47.6 70.0 41.2 69.6 35.7 61.1 31.3 70.4 34.1 72.0 31.4 67.2 31.3 70.4 31.5 71.9 32.2 70.4 31.7 67.4 34.1 72.0 12 13 2068.0 1841.0 1519.1 1437.1 1360.0 1448.1 1437.1 1438.6 1426.3 1386.3 1360.0 14 2068.0 96.0 1971.9 1841.0 87.0 1754.0 1519.1 79.9 1439.2 1437.1 64.8 1372.4 1360.0 57.5 1302.6 1448.1 71.9 1376.2 1437.1 64.8 1372.4 1438.6 64.4 1374.3 1426.3 70.0 1356.2 1386.3 58.1 1328.2 1360.0 57.5 1302.6 15 16 17 0.0 14.3 0.0 15.6 0.0 155.2 0.0 166.5 0.0 129.2 0.0 168.4 0.0 166.5 0.0 159.3 0.0 147.2 0.0 135.3 0.0 129.2 18 19 120.6 87.5 59.7 54.5 53.6 54.7 54.5 49.0 50.1 51.1 53.6 20 Levels Memo: Securitized assets not included above Consumer leases (5) REIT assets (6) Securitized liabilities not included above 20 Commercial paper (7) 18 19 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Funding agreements with life insurance companies. (4) Liabilities net of assets. (5) 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. (6) Included on table L.128. (7) Included on table L.111 line 45. 101 Z.1, March 10, 2016 L.127 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1569.3 1493.7 1472.8 1501.4 1473.8 1478.7 1501.4 1502.6 1483.1 1482.0 1473.8 1 2 3 Checkable deposits and currency Time and savings deposits 31.7 95.0 27.8 83.5 32.1 96.2 31.9 95.7 31.8 95.5 31.1 93.3 31.9 95.7 32.4 97.1 33.2 99.7 34.1 102.2 31.8 95.5 2 3 4 Debt securities (corporate and foreign bonds) 85.0 78.7 67.9 73.9 79.6 69.9 73.9 76.1 79.6 78.3 79.6 4 5 6 7 8 Loans Other loans and advances Mortgages Consumer credit 1274.6 375.8 211.2 687.6 1246.2 387.0 179.5 679.8 1237.5 401.3 157.0 679.1 1243.6 411.4 148.1 684.1 1224.2 423.5 119.5 681.1 1226.5 401.7 148.2 676.6 1243.6 411.4 148.1 684.1 1234.7 412.3 144.9 677.5 1232.2 416.1 134.0 682.1 1239.0 421.9 127.9 689.3 1224.2 423.5 119.5 681.1 5 6 7 8 9 U.S. direct investment abroad 221.8 226.3 227.7 226.8 238.9 237.6 226.8 226.8 230.2 232.5 238.9 9 10 11 Total financial assets 2012 Miscellaneous assets Total liabilities 12 13 14 Debt securities Open market paper Corporate bonds 15 16 17 Loans Depository institution loans n.e.c. Other loans and advances 18 Taxes payable 19 Foreign direct investment in U.S. 20 21 22 Miscellaneous liabilities Investment by parent Other -138.7 -169.0 -188.6 -170.6 -196.2 -179.8 -170.6 -164.4 -191.8 -204.1 -196.2 10 1532.7 1445.6 1424.0 1438.1 1414.8 1417.6 1438.1 1450.2 1429.9 1431.5 1414.8 11 1158.5 121.0 1037.5 1084.5 129.1 955.3 1078.3 118.8 959.5 1080.3 117.8 962.6 1068.1 115.2 952.9 1066.6 115.8 950.8 1080.3 117.8 962.6 1089.9 113.8 976.1 1070.3 121.0 949.3 1077.4 122.2 955.3 1068.1 115.2 952.9 12 13 14 103.3 102.1 1.3 120.7 118.5 2.1 131.0 128.6 2.3 141.2 139.1 2.1 156.3 152.7 3.7 132.4 130.2 2.2 141.2 139.1 2.1 144.3 142.2 2.1 151.7 149.6 2.1 153.2 150.4 2.9 156.3 152.7 3.7 15 16 17 6.7 6.7 6.8 7.8 8.2 7.7 7.8 8.2 8.4 8.4 8.2 18 91.1 88.7 73.4 72.7 73.7 77.9 72.7 72.8 72.7 72.7 73.7 19 173.0 163.7 9.3 145.1 162.8 -17.7 134.5 161.8 -27.2 136.1 162.7 -26.6 108.5 156.3 -47.7 132.9 162.4 -29.5 136.1 162.7 -26.6 135.0 159.8 -24.8 126.8 153.4 -26.6 119.7 152.8 -33.1 108.5 156.3 -47.7 20 21 22 119.7 144.0 167.3 188.9 212.0 184.4 188.9 193.3 199.2 206.9 212.0 23 Memo: 23 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (5), table L.126. Levels 2011 102 Z.1, March 10, 2016 L.128 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 594.2 644.2 726.4 695.8 700.8 726.4 723.7 712.6 698.5 695.8 1 27.6 35.3 34.0 38.1 38.3 38.0 38.1 38.6 34.4 38.1 38.3 2 275.1 248.1 27.0 394.1 357.6 36.5 298.3 261.9 36.3 309.5 269.8 39.7 276.6 229.2 47.4 296.9 258.8 38.1 309.5 269.8 39.7 305.5 260.1 45.4 289.2 241.8 47.4 280.7 234.8 45.9 276.6 229.2 47.4 3 4 5 Loans (mortgages) Home Multifamily residential Commercial 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 8.4 195.1 237.0 52.6 11.2 173.2 225.4 34.1 3.3 187.9 244.6 41.1 8.4 195.1 239.5 40.3 8.6 190.6 247.6 49.0 9.0 189.7 237.3 48.3 9.7 179.3 237.0 52.6 11.2 173.2 6 7 8 9 Miscellaneous assets 74.7 100.4 112.6 134.2 144.0 140.6 134.2 140.2 141.4 142.3 144.0 10 Checkable deposits and currency 3 4 5 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 11 2013 433.4 2 10 Levels Total financial assets 2012 654.4 817.8 907.9 1012.7 1026.2 983.2 1012.7 1019.9 1014.4 1015.1 1026.2 11 12 Security repurchase agreements 218.1 320.6 254.0 261.2 237.7 249.4 261.2 258.3 250.1 241.4 237.7 12 13 14 15 Debt securities Open market paper Corporate bonds 152.9 0.0 152.9 179.4 0.0 179.4 352.2 0.0 352.2 401.5 0.0 401.5 393.1 0.0 393.1 401.6 0.0 401.6 401.5 0.0 401.5 403.5 0.0 403.5 401.0 0.0 401.0 394.5 0.0 394.5 393.1 0.0 393.1 13 14 15 16 17 18 19 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 212.6 23.0 0.0 189.5 221.6 27.0 0.3 194.4 227.2 24.0 1.0 202.2 261.7 32.1 5.9 223.8 308.9 48.4 23.8 236.7 244.9 27.4 4.2 213.3 261.7 32.1 5.9 223.8 271.2 35.8 7.2 228.1 280.9 41.7 9.7 229.5 299.8 44.3 18.9 236.6 308.9 48.4 23.8 236.7 16 17 18 19 20 Miscellaneous liabilities 70.8 96.3 74.6 88.2 86.4 87.3 88.2 86.9 82.4 79.5 86.4 20 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 0.3 150.6 129.2 0.0 18.3 0.5 110.4 168.4 0.0 15.1 0.3 153.0 166.5 0.0 15.7 0.3 150.6 159.3 0.0 14.6 0.2 144.5 147.2 0.0 15.7 0.4 131.1 135.3 0.0 16.9 0.5 117.9 129.2 0.0 18.3 0.5 110.4 21 22 23 24 25 21 22 23 24 25 Total 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. 103 Z.1, March 10, 2016 L.128.e Equity Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Total financial assets 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 102.3 116.4 129.7 159.6 159.3 155.2 159.6 166.1 161.4 157.1 159.3 1 17.0 21.1 22.1 25.9 24.9 25.5 25.9 24.9 22.1 24.9 24.9 2 4.8 4.6 2.8 5.0 4.4 4.3 5.0 5.3 4.3 4.2 4.4 3 Loans (mortgages) Home Multifamily residential Commercial 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 25.3 0.2 0.4 24.7 22.8 0.2 0.3 22.3 24.3 0.2 0.3 23.9 24.5 0.3 0.3 23.9 25.8 0.2 0.3 25.3 26.2 0.2 0.3 25.7 25.3 0.2 0.4 24.7 4 5 6 7 Miscellaneous assets 61.8 70.3 84.5 104.3 104.7 102.5 104.3 111.4 109.3 101.7 104.7 8 384.1 422.6 459.0 531.1 589.5 512.0 531.1 547.5 557.7 571.1 589.5 9 2 Checkable deposits and currency 3 Debt securities (corporate and foreign bonds) 4 5 6 7 8 9 2012 Total liabilities Debt securities (corporate bonds) 121.6 149.2 178.1 211.9 244.7 209.4 211.9 219.6 226.2 237.3 244.7 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 212.0 22.5 189.5 27.9 161.7 218.3 23.9 194.4 26.7 167.7 223.9 21.7 202.2 30.0 172.1 252.9 29.1 223.8 31.0 192.8 281.3 44.6 236.7 30.0 206.7 238.8 25.5 213.3 30.0 183.4 252.9 29.1 223.8 31.0 192.8 261.1 32.9 228.1 31.8 196.3 267.2 37.7 229.5 29.4 200.1 277.5 40.9 236.6 30.0 206.6 281.3 44.6 236.7 30.0 206.7 11 12 13 14 15 16 Miscellaneous liabilities 50.5 55.1 57.0 66.4 63.5 63.8 66.4 66.8 64.4 56.3 63.5 16 Levels 10 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 4 5 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Loans (mortgages) Home Multifamily residential Commercial 10 11 Miscellaneous assets Total liabilities 12 Security repurchase agreements 13 14 15 Debt securities Open market paper Corporate bonds 16 17 18 Loans Depository institution loans n.e.c. Other loans and advances 19 Miscellaneous liabilities 20 21 22 23 24 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 331.1 477.8 514.5 566.8 536.5 545.6 566.8 557.7 551.2 541.3 536.5 1 10.7 14.2 11.9 12.2 13.4 12.5 12.2 13.7 12.3 13.2 13.4 2 270.3 248.1 22.2 389.5 357.6 31.9 295.5 261.9 33.6 304.5 269.8 34.7 272.2 229.2 43.0 292.5 258.8 33.8 304.5 269.8 34.7 300.2 260.1 40.1 284.9 241.8 43.1 276.5 234.8 41.7 272.2 229.2 43.0 3 4 5 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 8.2 171.2 211.7 52.4 10.9 148.5 202.6 33.9 3.0 165.6 220.2 40.9 8.2 171.2 215.1 40.1 8.3 166.7 221.9 48.8 8.7 164.4 211.1 48.1 9.4 153.6 211.7 52.4 10.9 148.5 6 7 8 9 12.8 30.1 28.1 29.9 39.3 38.1 29.9 28.7 32.1 40.6 39.3 10 270.3 395.2 448.9 481.6 436.7 471.3 481.6 472.4 456.6 444.0 436.7 11 218.1 320.6 254.0 261.2 237.7 249.4 261.2 258.3 250.1 241.4 237.7 12 31.3 0.0 31.3 30.1 0.0 30.1 174.1 0.0 174.1 189.6 0.0 189.6 148.4 0.0 148.4 192.2 0.0 192.2 189.6 0.0 189.6 183.9 0.0 183.9 174.8 0.0 174.8 157.2 0.0 157.2 148.4 0.0 148.4 13 14 15 0.5 0.5 0.0 3.3 3.1 0.3 3.3 2.3 1.0 8.8 3.0 5.9 27.6 3.8 23.8 6.2 1.9 4.2 8.8 3.0 5.9 10.1 2.9 7.2 13.7 4.0 9.7 22.3 3.4 18.9 27.6 3.8 23.8 16 17 18 20.3 41.2 17.6 21.9 23.0 23.4 21.9 20.1 18.0 23.1 23.0 19 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 0.3 150.6 129.2 0.0 18.3 0.5 110.4 168.4 0.0 15.1 0.3 153.0 166.5 0.0 15.7 0.3 150.6 159.3 0.0 14.6 0.2 144.5 147.2 0.0 15.7 0.4 131.1 135.3 0.0 16.9 0.5 117.9 129.2 0.0 18.3 0.5 110.4 20 21 22 23 24 104 Z.1, March 10, 2016 L.129 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 3532.8 3706.5 3408.4 3254.7 3044.0 3335.7 3254.7 3236.5 3194.6 3200.6 3044.0 1 111.8 1583.1 128.2 1638.2 111.7 1321.0 111.8 1152.7 106.1 1133.3 116.7 1220.4 111.8 1152.7 117.7 1138.8 114.1 1171.2 115.6 1243.6 106.1 1133.3 2 3 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 508.9 42.1 183.6 147.7 30.9 104.5 612.7 29.9 246.5 169.6 26.6 140.0 426.4 28.7 136.0 114.2 18.6 128.9 337.3 20.8 60.2 121.9 18.9 115.5 300.6 19.5 65.3 109.7 14.0 92.1 333.9 20.9 56.0 106.7 16.2 134.1 337.3 20.8 60.2 121.9 18.9 115.5 344.8 21.7 63.7 124.3 20.6 114.5 318.9 19.6 43.6 125.5 19.0 111.2 308.1 19.5 53.6 122.8 15.9 96.4 300.6 19.5 65.3 109.7 14.0 92.1 4 5 6 7 8 9 10 Loans (other loans and advances) 293.2 343.3 389.6 428.2 338.1 442.0 428.2 407.0 415.6 341.3 338.1 10 11 Corporate equities 103.2 126.7 172.4 187.8 166.8 176.9 187.8 162.9 164.2 143.3 166.8 11 12 U.S. direct investment abroad 201.7 212.3 218.9 224.6 236.9 223.9 224.6 226.0 230.9 233.8 236.9 12 13 Miscellaneous assets 730.9 645.1 768.3 812.4 762.3 821.8 812.4 839.4 779.8 814.9 762.3 13 3460.5 3621.3 3333.6 3178.1 2987.1 3258.8 3178.1 3161.4 3124.5 3131.5 2987.1 14 2076.7 2207.9 1768.6 1547.7 1368.3 1606.3 1547.7 1535.3 1480.3 1493.7 1368.3 15 91.8 90.2 112.4 123.9 131.3 123.9 123.9 107.4 135.8 135.4 131.3 16 795.4 69.2 726.1 828.2 71.1 757.0 897.1 81.6 815.5 962.5 93.5 869.0 913.2 92.5 820.6 982.4 90.0 892.5 962.5 93.5 869.0 964.4 93.9 870.5 939.0 95.4 843.6 934.9 90.2 844.6 913.2 92.5 820.6 17 18 19 14.3 2.5 14.2 3.1 14.5 3.7 17.9 4.0 26.3 3.2 19.9 5.4 17.9 4.0 19.2 4.9 23.6 4.2 24.2 4.1 26.3 3.2 20 21 2 3 Checkable deposits and currency Security repurchase agreements 4 5 6 7 8 9 14 Levels Total financial assets 2012 Total liabilities 15 Security repurchase agreements 16 Debt securities (corporate bonds) 17 18 19 Loans Depository institution loans n.e.c. (1) Other loans and advances 20 21 Trade payables Taxes payable 22 Foreign direct investment in U.S. 104.6 110.4 128.6 133.2 154.0 130.5 133.2 135.0 139.8 145.8 154.0 22 23 24 25 Miscellaneous liabilities Investment by parent companies Other 375.1 1163.3 -788.1 367.4 1629.2 -1261.8 408.7 1671.8 -1263.1 388.8 1699.7 -1310.9 390.8 1662.9 -1272.2 390.4 1690.3 -1299.8 388.8 1699.7 -1310.9 395.3 1708.4 -1313.1 401.7 1749.4 -1347.6 393.4 1767.7 -1374.3 390.8 1662.9 -1272.2 23 24 25 (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). 105 Z.1, March 10, 2016 L.130 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 3423.6 4330.1 4299.6 4390.8 3955.9 4383.0 4390.8 4360.3 4398.2 4349.4 3955.9 1 2 3 Time and savings deposits Security repurchase agreements 12.4 50.5 34.4 10.5 35.9 7.7 27.0 2.5 19.1 2.1 41.0 8.2 27.0 2.5 33.8 5.8 36.0 7.6 26.9 4.0 19.1 2.1 2 3 4 5 6 7 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 78.2 26.8 33.1 18.3 103.8 8.2 22.9 72.7 76.1 16.6 28.0 31.5 76.0 13.9 28.0 34.1 55.3 10.2 23.7 21.5 88.7 23.9 27.2 37.6 76.0 13.9 28.0 34.1 70.5 10.2 31.0 29.2 70.9 8.9 29.6 32.4 75.4 12.9 30.3 32.1 55.3 10.2 23.7 21.5 4 5 6 7 8 Loans (other loans and advances) 22.9 105.3 75.7 64.8 24.0 63.8 64.8 62.3 55.1 37.7 24.0 8 9 Life insurance reserves 27.6 34.9 39.9 45.0 49.0 43.6 45.0 46.0 47.0 48.0 49.0 9 3232.1 1709.0 0.0 72.0 94.6 613.5 166.3 576.7 4041.2 1889.2 11.2 17.2 91.1 1060.5 114.7 857.2 4064.3 1937.2 5.2 10.7 75.4 1087.6 97.9 850.3 4175.5 2133.2 5.3 11.5 62.2 1092.4 83.3 787.6 3806.4 2171.3 4.5 12.0 59.8 1019.5 89.2 450.1 4137.7 2059.2 5.1 11.5 62.1 1085.7 93.2 820.9 4175.5 2133.2 5.3 11.5 62.2 1092.4 83.3 787.6 4141.9 2112.8 3.9 11.8 61.1 1075.5 92.0 784.8 4181.6 2141.6 4.6 11.8 58.7 1130.7 80.3 753.9 4157.5 2160.8 4.8 12.1 58.4 1135.1 93.2 693.1 3806.4 2171.3 4.5 12.0 59.8 1019.5 89.2 450.1 10 11 12 13 14 15 16 17 1706.4 2238.7 2142.1 2102.6 1621.8 2114.4 2102.6 2079.5 2066.3 1990.1 1621.8 18 1.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.1 19 966.5 75.9 890.6 1219.6 116.4 1103.2 1192.1 96.6 1095.6 1200.1 77.0 1123.2 1057.2 5.7 1051.6 1207.7 81.9 1125.9 1200.1 77.0 1123.2 1188.8 70.0 1118.8 1192.6 56.3 1136.3 1181.5 16.0 1165.5 1057.2 5.7 1051.6 20 21 22 10 11 12 13 14 15 16 17 18 Total financial assets 2012 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 21 22 Debt securities Commercial paper Corporate bonds 23 Loans (depository institution loans n.e.c.) 254.3 196.8 210.6 194.2 155.6 187.9 194.2 191.8 187.6 178.8 155.6 23 24 Miscellaneous liabilities 484.4 822.3 739.4 708.2 408.9 718.7 708.2 699.0 686.0 629.6 408.9 24 (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. Levels 2011 106 Z.1, March 10, 2016 L.131 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1456.5 1345.5 1272.5 1281.8 1444.5 1305.4 1281.8 1337.3 1362.7 1433.9 1444.5 1 Money market fund shares Security repurchase agreements 520.7 0.1 458.3 0.1 396.8 0.0 410.3 0.0 443.8 0.0 352.7 0.0 410.3 0.0 443.3 0.0 430.6 0.0 446.3 0.0 443.8 0.0 2 3 4 5 6 Debt securities Open market paper Corporate and foreign bonds 228.7 122.9 105.8 179.4 109.8 69.6 157.4 79.0 78.4 148.9 65.8 83.1 239.0 144.7 94.2 210.0 125.4 84.6 148.9 65.8 83.1 153.3 66.7 86.6 192.2 110.8 81.4 233.5 147.7 85.8 239.0 144.7 94.2 4 5 6 7 Loans (other loans and advances) 19.4 12.9 10.6 12.1 12.9 10.3 12.1 11.6 12.2 13.1 12.9 7 8 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 687.6 137.8 549.7 694.8 126.0 568.8 707.8 123.5 584.3 710.6 103.2 607.4 748.8 105.4 643.4 732.5 127.8 604.6 710.6 103.2 607.4 729.1 96.2 632.9 727.8 109.1 618.7 741.0 108.4 632.6 748.8 105.4 643.4 9 10 11 1456.5 1345.5 1272.5 1281.8 1444.5 1305.4 1281.8 1337.3 1362.7 1433.9 1444.5 12 620.5 94.3 526.2 590.5 29.0 561.5 618.2 45.2 572.9 644.0 48.9 595.1 709.6 88.2 621.4 658.3 71.6 586.7 644.0 48.9 595.1 671.3 51.3 620.0 674.5 74.5 600.1 703.8 94.9 608.9 709.6 88.2 621.4 13 14 15 12 Levels 2013 2 3 9 10 11 Total financial assets 2012 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities 13 14 15 Debt securities Open market paper Corporate bonds 16 17 18 Loans Depository institution loans n.e.c. (3) Other loans and advances (4) 31.3 21.5 9.8 3.0 0.0 3.0 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 16 17 18 19 Foreign direct investment in U.S. 12.0 12.6 13.2 13.8 14.4 13.7 13.8 14.0 14.1 14.3 14.4 19 20 21 22 23 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) 792.7 658.7 8.8 125.2 739.3 579.5 8.7 151.1 638.8 673.5 8.7 -43.5 621.6 720.6 8.7 -107.7 718.2 706.8 8.7 2.6 631.1 735.4 8.7 -113.0 621.6 720.6 8.7 -107.7 649.7 755.4 8.7 -114.4 671.7 703.1 8.7 -40.1 713.5 747.5 8.7 -42.7 718.2 706.8 8.7 2.6 20 21 22 23 (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. 107 Z.1, March 10, 2016 L.132 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Total financial assets 17513.0 18962.6 21136.5 22992.6 23032.5 22669.7 22992.6 23272.7 23325.0 22713.2 23032.5 1 2 3 SDR allocations Net interbank assets 54.2 238.1 54.3 102.1 54.4 414.2 51.2 444.8 48.9 351.8 52.4 573.9 51.2 444.8 48.7 438.2 49.7 411.1 49.6 395.9 48.9 351.8 2 3 4 5 U.S. checkable deposits and currency U.S. time deposits 472.3 355.6 540.4 393.4 591.3 445.1 671.0 491.7 699.9 452.8 641.6 491.9 671.0 491.7 687.3 497.9 682.7 479.3 687.6 461.3 699.9 452.8 4 5 6 7 Money market fund shares Security repurchase agreements 74.4 678.5 96.9 671.6 108.2 706.9 113.4 812.3 114.5 716.7 108.2 782.6 113.4 812.3 110.1 799.4 108.8 731.0 110.8 751.5 114.5 716.7 6 7 8748.7 102.7 5004.4 647.7 4356.7 1078.2 72.4 2491.0 9364.8 102.8 5571.5 661.7 4909.8 1001.2 71.8 2617.6 9588.1 101.3 5793.8 685.0 5108.9 883.8 76.1 2733.1 10146.9 107.9 6156.2 671.6 5484.5 902.6 80.4 2899.7 10351.8 102.7 6118.0 723.4 5394.6 930.2 84.6 3116.3 10012.6 119.6 6072.2 614.1 5458.1 889.6 78.6 2852.6 10146.9 107.9 6156.2 671.6 5484.5 902.6 80.4 2899.7 10257.4 118.4 6176.0 702.0 5474.0 898.3 82.5 2982.3 10362.0 113.0 6174.9 700.6 5474.4 934.7 85.4 3053.9 10286.3 100.8 6103.3 665.8 5437.4 939.1 86.0 3057.1 10351.8 102.7 6118.0 723.4 5394.6 930.2 84.6 3116.3 8 9 10 11 12 13 14 15 196.1 143.9 139.7 190.2 203.5 185.9 190.2 192.4 201.6 205.2 203.5 16 8 9 10 11 12 13 14 15 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) 16 Loans to U.S. corporate business 17 18 U.S. corporate equities Mutual fund shares 3397.2 370.4 3953.0 495.4 5204.4 552.0 5944.1 607.7 5706.9 582.2 5721.9 620.4 5944.1 607.7 5971.0 645.9 5917.5 662.4 5414.2 590.8 5706.9 582.2 17 18 19 20 Trade receivables Foreign direct investment in U.S. (2) 128.8 2798.7 140.5 3006.3 148.8 3183.2 162.9 3356.5 174.6 3628.9 162.4 3315.8 162.9 3356.5 164.9 3459.4 169.8 3549.2 176.5 3583.4 174.6 3628.9 19 20 9431.5 9954.6 10311.3 10584.8 10504.5 10742.8 10584.8 10718.2 10648.7 10645.6 10504.5 21 136.7 1066.4 138.9 919.4 133.4 944.8 118.9 821.1 106.4 603.2 125.9 943.0 118.9 821.1 108.1 797.2 109.2 728.0 109.0 664.8 106.4 603.2 22 23 764.7 804.9 720.9 747.3 802.8 764.6 747.3 800.1 782.4 866.1 802.8 24 2258.7 345.1 1913.6 2566.1 373.0 2193.1 2649.9 407.0 2242.9 2785.8 385.6 2400.2 2716.3 444.8 2271.5 2833.8 393.1 2440.7 2785.8 385.6 2400.2 2847.0 415.9 2431.0 2841.0 429.4 2411.6 2771.4 447.8 2323.6 2716.3 444.8 2271.5 25 26 27 226.2 205.2 21.0 267.9 237.7 30.2 308.3 276.7 31.6 339.8 305.3 34.5 361.1 328.0 33.1 330.0 296.9 33.1 339.8 305.3 34.5 350.5 315.5 35.0 362.2 326.6 35.7 360.3 325.1 35.2 361.1 328.0 33.1 28 29 30 55.1 55.7 53.4 46.2 47.5 46.6 46.2 44.0 44.7 45.4 47.5 31 21 Total liabilities 22 23 U.S. official reserve assets (3) U.S. private deposits 24 Security repurchase agreements 25 26 27 Debt securities Commercial paper Bonds 28 29 30 Loans Depository institution loans n.e.c. Other loans and advances 31 Trade payables 32 U.S. direct investment abroad (1,2) 4599.5 5017.5 5339.8 5576.0 5709.8 5540.7 5576.0 5611.3 5633.3 5667.5 5709.8 32 33 34 35 36 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 324.1 55.4 102.5 166.3 184.1 57.8 11.5 114.7 160.8 60.0 2.9 97.9 149.8 62.4 4.2 83.3 157.5 64.6 3.6 89.2 158.3 62.2 2.9 93.2 149.8 62.4 4.2 83.3 160.0 64.6 3.4 92.0 148.1 64.6 3.3 80.3 161.1 64.6 3.3 93.2 157.5 64.6 3.6 89.2 33 34 35 36 4501.4 5321.9 6472.9 6719.7 6732.0 6803.7 6719.7 7118.0 7285.9 6534.4 6732.0 37 Memo: 37 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). Levels 2011 108 Z.1, March 10, 2016 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 Total assets 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 190.9 193.2 187.7 170.0 155.3 178.2 170.0 156.8 158.8 158.6 155.3 1 54.2 54.3 54.4 51.2 48.9 52.4 51.2 48.7 49.7 49.6 48.9 2 136.7 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 41.8 106.4 49.7 17.6 39.1 125.9 53.1 28.4 44.4 118.9 51.9 25.2 41.8 108.1 49.5 19.8 38.8 109.2 50.4 19.2 39.5 109.0 50.3 18.9 39.8 106.4 49.7 17.6 39.1 3 4 5 6 201.9 204.3 198.8 181.1 166.4 189.3 181.1 167.8 169.9 169.7 166.4 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 86.9 0.0 49.7 17.7 19.5 103.7 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 89.5 0.0 50.4 19.4 19.7 89.2 0.0 50.3 19.0 19.8 86.9 0.0 49.7 17.7 19.5 8 9 10 11 12 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 13 Rest of the world: SDR allocations 54.2 54.3 54.4 51.2 48.9 52.4 51.2 48.7 49.7 49.6 48.9 13 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 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 30.5 11.0 -0.1 19.6 33.2 11.0 -0.1 22.3 32.0 11.0 -0.1 21.1 30.4 11.0 -0.2 19.5 30.7 11.0 -0.1 19.8 30.9 11.0 -0.1 20.0 30.5 11.0 -0.1 19.6 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 Levels Total liabilities 2 2012 Discrepancy: monetary gold (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 25.9 44.2 25.9 44.8 25.6 45.5 25.3 46.3 25.3 47.6 25.3 46.2 25.3 46.3 25.3 46.7 25.3 47.0 25.3 47.3 25.3 47.6 3 4 5 Discrepancy (seigniorage) -18.3 -18.8 -19.9 -21.0 -22.3 -20.8 -21.0 -21.3 -21.7 -22.0 -22.3 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 1066.4 919.4 944.8 821.1 603.2 943.0 821.1 797.2 728.0 664.8 603.2 1 57.4 34.8 42.9 49.5 35.4 43.3 51.7 77.5 33.7 45.3 62.8 24.1 31.8 37.7 10.9 52.2 69.7 23.2 45.3 62.8 24.1 43.8 46.5 24.4 39.1 51.5 22.2 35.7 33.1 12.4 31.8 37.7 10.9 2 3 4 931.3 791.3 781.8 688.8 522.8 797.8 688.8 682.6 615.2 583.7 522.8 5 109 Z.1, March 10, 2016 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 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 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1889.0 1683.8 2812.9 2865.3 2361.8 3189.2 2865.3 2906.9 2674.0 2621.7 2361.8 1 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 2453.7 282.0 197.7 -5.3 -62.8 2051.4 229.5 145.7 -5.1 -59.7 2602.5 329.7 323.8 -5.2 -61.7 2453.7 282.0 197.7 -5.3 -62.8 2505.1 302.6 166.9 -5.7 -62.0 2310.7 202.8 229.6 -6.2 -62.9 2265.3 166.5 257.0 -5.4 -61.7 2051.4 229.5 145.7 -5.1 -59.7 2 3 4 5 6 1860.7 1663.8 2736.0 2898.1 2403.3 3175.9 2898.1 2942.6 2721.6 2661.4 2403.3 7 -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 45.7 444.8 0.1 1309.9 690.4 51.2 351.8 -0.6 1475.7 1087.8 39.0 573.9 -0.4 1519.2 888.8 45.7 444.8 -0.7 1573.2 872.3 59.6 438.2 -0.2 1374.1 886.7 49.9 411.1 0.2 1346.4 871.2 47.7 395.9 0.1 1309.9 690.4 51.2 351.8 8 9 10 11 12 28.3 20.1 76.9 -32.8 -41.5 13.3 -32.8 -35.7 -47.6 -39.7 -41.5 13 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 60.8 60.8 0.0 71.1 71.1 0.0 73.6 73.6 0.0 75.7 75.6 0.0 74.2 74.2 0.0 64.7 64.7 0.0 75.7 75.6 0.0 67.8 67.8 0.0 68.3 68.3 0.0 67.6 67.6 0.0 74.2 74.2 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 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 1977.2 1235.6 690.3 51.2 2537.8 1411.1 1087.8 39.0 2378.0 1443.6 888.8 45.7 2437.3 1505.4 872.3 59.6 2242.5 1305.8 886.7 49.9 2197.7 1278.8 871.1 47.7 1977.2 1235.6 690.3 51.2 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 -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 0.1 0.1 -0.0 0.1 -0.6 -0.6 -0.9 0.3 -0.4 -0.4 -0.6 0.1 -0.7 -0.7 -0.7 0.0 -0.2 -0.2 -0.4 0.2 0.2 0.2 -0.1 0.3 0.1 0.1 -0.0 0.1 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 110.9 602.6 491.7 23.0 403.6 380.6 176.5 507.3 330.8 278.5 523.0 244.5 239.2 498.2 259.0 283.6 556.1 272.5 278.5 523.0 244.5 307.6 530.8 223.2 215.1 471.2 256.1 172.9 437.9 265.0 239.2 498.2 259.0 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 135.9 1137.9 1002.0 84.3 1047.9 963.6 242.2 1191.2 949.0 175.0 1067.5 892.5 118.6 925.9 807.3 297.8 1211.1 913.2 175.0 1067.5 892.5 139.3 1028.5 889.2 205.6 1028.5 822.9 225.5 1019.3 793.8 118.6 925.9 807.3 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 22.9 14.3 8.6 20.3 11.0 9.3 20.0 11.5 8.5 21.4 12.2 9.2 18.7 9.7 9.1 21.3 12.9 8.4 21.4 12.2 9.2 19.8 12.3 7.6 19.0 10.0 9.1 17.9 9.3 8.6 18.7 9.7 9.1 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 14.2 6.7 7.5 15.1 6.4 8.6 15.5 6.4 9.1 12.8 4.1 8.6 12.8 4.9 7.9 13.8 4.6 9.1 12.8 4.1 8.6 11.3 4.0 7.3 9.4 3.2 6.2 15.4 6.6 8.7 12.8 4.9 7.9 34 35 36 238.1 102.1 414.2 444.8 351.8 573.9 444.8 438.2 411.1 395.9 351.8 37 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 -5.0 46.3 23.0 5.1 59.7 55.0 109.4 29.2 5.2 61.7 12.0 62.9 27.6 5.3 62.8 4.1 55.6 23.6 5.7 62.0 -5.3 45.6 23.9 6.2 62.9 -3.9 49.7 22.3 5.4 61.7 -5.0 46.3 23.0 5.1 59.7 38 39 40 41 42 50.8 103.3 116.9 50.9 51.3 54.4 50.9 51.5 50.8 53.5 51.3 43 28.3 20.1 76.9 -32.8 -41.5 13.3 -32.8 -35.7 -47.6 -39.7 -41.5 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. Levels Memo: 110 Z.1, March 10, 2016 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2594.3 2853.8 3186.5 3537.5 3830.0 3356.9 3537.5 3441.3 3642.4 3558.0 3830.0 1 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 1720.8 333.7 31.1 5.2 1350.8 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 1588.3 254.4 28.2 5.3 1300.4 1557.3 198.9 32.1 6.2 1320.0 1720.8 333.7 31.1 5.2 1350.8 2 3 4 5 6 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 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 53.3 1660.2 1766.4 2.3 36.7 1727.4 1670.1 2.1 52.5 1615.6 1716.1 2.5 53.3 1660.2 1698.6 2.5 52.3 1643.8 1717.2 2.3 47.3 1667.6 1671.9 2.3 35.6 1633.9 1766.4 2.3 36.7 1727.4 7 8 9 10 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 45.6 19.0 26.6 61.8 27.9 33.9 92.6 40.2 52.4 137.8 54.2 83.6 154.1 61.4 92.8 114.2 54.1 60.1 137.8 54.2 83.6 149.4 60.0 89.4 161.2 61.1 100.1 152.8 63.3 89.5 154.1 61.4 92.8 11 12 13 14 Banks in U.S.-affiliated areas 19.4 21.9 28.2 33.4 35.0 27.8 33.4 33.0 35.8 35.4 35.0 14 15 Credit unions 103.1 113.9 121.7 133.9 153.6 128.4 133.9 142.6 139.9 140.7 153.6 15 2594.3 2853.8 3186.5 3537.5 3830.0 3356.9 3537.5 3441.3 3642.4 3558.0 3830.0 16 16 Levels 2013 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 2 3 4 5 6 Total liabilities 2012 Total assets 17 Household sector 724.1 887.4 1021.6 1162.8 1222.2 1080.6 1162.8 1170.5 1191.1 1114.6 1222.2 17 18 19 20 Nonfinancial business Corporate Noncorporate 821.6 265.3 556.3 835.3 219.8 615.5 910.8 283.3 627.6 983.2 319.9 663.2 1085.7 381.6 704.1 965.1 315.4 649.8 983.2 319.9 663.2 1007.6 336.1 671.5 1053.0 370.1 682.9 1073.9 383.7 690.2 1085.7 381.6 704.1 18 19 20 21 22 Federal government State and local governments 84.6 121.4 92.2 117.6 163.0 124.9 226.8 140.5 338.1 131.7 160.5 122.8 226.8 140.5 104.8 129.7 258.5 133.6 202.6 130.7 338.1 131.7 21 22 23 Domestic financial sectors 364.1 374.0 369.9 350.4 351.3 382.7 350.4 340.1 321.6 347.1 351.3 23 24 25 Property-casualty insurance companies Life insurance companies 24.1 53.7 36.4 56.4 29.7 47.2 35.6 50.8 34.5 50.4 35.7 52.9 35.6 50.8 35.4 50.3 30.4 43.3 34.2 54.1 34.5 50.4 24 25 26 27 Private pension funds State and local govt. retirement funds 18.1 4.4 16.4 4.4 15.9 4.5 16.4 5.2 17.8 5.3 16.5 5.6 16.4 5.2 16.8 5.4 16.6 5.2 17.0 5.1 17.8 5.3 26 27 28 29 Money market mutual funds Government-sponsored enterprises 20.1 72.7 16.5 52.6 13.3 81.6 -4.3 65.0 7.4 59.7 -3.1 89.3 -4.3 65.0 -9.8 53.4 3.2 41.1 1.6 47.4 7.4 59.7 28 29 30 31 32 Finance companies REITs Brokers and dealers 31.7 27.6 111.8 27.8 35.3 128.2 32.1 34.0 111.7 31.9 38.1 111.8 31.8 38.3 106.1 31.1 38.0 116.7 31.9 38.1 111.8 32.4 38.6 117.7 33.2 34.4 114.1 34.1 38.1 115.6 31.8 38.3 106.1 30 31 32 33 34 35 Rest of the world Checkable deposits Currency 472.3 75.2 397.1 540.4 86.2 454.2 591.3 99.4 491.9 671.0 112.8 558.2 699.9 103.3 596.6 641.6 111.9 529.7 671.0 112.8 558.2 687.3 117.5 569.7 682.7 113.7 569.1 687.6 105.2 582.5 699.9 103.3 596.6 33 34 35 36 Mail float 6.3 7.0 4.9 2.8 1.2 3.6 2.8 1.4 1.8 1.6 1.2 36 111 Z.1, March 10, 2016 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 10 11 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 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 8952.2 9463.7 9872.9 10448.7 10856.1 10264.8 10448.7 10683.3 10628.2 10761.8 10856.1 1 7202.2 7803.9 8110.8 8475.8 8990.7 8431.3 8475.8 8762.6 8708.7 8844.7 8990.7 2 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 8042.0 97.5 21.9 829.3 7537.5 89.7 20.9 783.3 7579.8 84.5 23.4 788.1 7802.9 126.4 21.6 811.7 7780.9 88.8 22.8 816.2 7906.7 96.8 22.3 818.9 8042.0 97.5 21.9 829.3 3 4 5 6 1750.0 1659.9 1762.0 1972.9 1865.4 1833.5 1972.9 1920.7 1919.5 1917.0 1865.4 7 882.9 814.6 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 48.4 951.2 837.4 21.9 54.8 745.9 1019.8 20.9 46.8 929.3 971.8 23.4 48.4 924.2 924.7 21.6 50.2 919.7 926.3 22.8 50.7 948.2 893.9 22.3 52.7 951.2 837.4 21.9 54.8 8 9 10 11 8952.2 9463.7 9872.9 10448.7 10856.1 10264.8 10448.7 10683.3 10628.2 10761.8 10856.1 12 6820.0 7187.1 7397.7 7894.9 8383.4 7702.8 7894.9 8120.9 8091.3 8268.7 8383.4 13 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 924.2 561.9 362.2 967.5 595.2 372.3 1014.9 631.1 383.8 1025.4 615.4 410.1 1050.6 573.1 477.5 1007.8 612.7 395.0 1025.4 615.4 410.1 1012.9 584.1 428.8 1009.2 572.1 437.1 1020.2 565.0 455.2 1050.6 573.1 477.5 14 15 16 17 18 Federal government State and local governments 1.7 258.2 2.0 294.1 1.5 312.0 1.7 319.6 1.8 330.3 1.6 317.3 1.7 319.6 1.6 328.3 1.9 319.4 2.1 322.9 1.8 330.3 17 18 19 Domestic financial sectors 592.4 619.7 701.6 715.4 637.2 743.4 715.4 721.7 727.2 686.5 637.2 19 33.0 36.0 402.7 29.1 32.9 435.4 34.0 35.4 494.8 34.0 39.9 515.5 37.0 42.9 438.0 34.1 38.5 531.1 34.0 39.9 515.5 34.9 41.9 512.1 35.3 43.3 510.1 36.0 42.0 476.8 37.0 42.9 438.0 20 21 22 13.4 95.0 12.4 4.3 83.5 34.4 5.4 96.2 35.9 3.3 95.7 27.0 4.7 95.5 19.1 5.4 93.3 41.0 3.3 95.7 27.0 1.9 97.1 33.8 2.8 99.7 36.0 2.7 102.2 26.9 4.7 95.5 19.1 23 24 25 355.6 393.4 445.1 491.7 452.8 491.9 491.7 497.9 479.3 461.3 452.8 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 2642.5 2649.6 2678.5 2688.1 2715.7 2565.4 2688.1 2609.9 2580.2 2627.1 2715.7 1 1109.8 462.4 77.7 1112.4 519.4 80.7 1140.5 559.1 82.7 1098.9 580.2 86.7 1055.7 586.4 91.7 1087.3 539.1 85.1 1098.9 580.2 86.7 1001.8 563.5 88.1 985.0 561.3 89.4 993.2 571.0 90.1 1055.7 586.4 91.7 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 153.2 20.0 28.8 157.5 22.3 27.5 158.8 20.1 21.6 165.8 18.3 27.7 182.0 17.9 29.2 164.3 19.4 22.6 165.8 18.3 27.7 169.8 18.2 26.6 173.4 18.0 24.7 177.4 18.3 29.1 182.0 17.9 29.2 5 6 7 8 9 Private pension funds State and local govt. retirement funds 152.9 42.6 135.7 38.9 148.4 42.3 138.9 48.0 142.6 51.9 141.3 45.5 138.9 48.0 138.7 49.9 137.0 52.0 140.0 50.8 142.6 51.9 8 9 10 Funding corporations 520.7 458.3 396.8 410.3 443.8 352.7 410.3 443.3 430.6 446.3 443.8 10 11 Rest of the world 74.4 96.9 108.2 113.4 114.5 108.2 113.4 110.1 108.8 110.8 114.5 11 Levels 2011 112 Z.1, March 10, 2016 L.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 3883.2 4132.0 3663.9 3696.6 3748.9 3679.4 3696.6 3752.5 3695.6 3847.5 3748.9 1 99.9 107.2 315.9 509.8 712.4 410.1 509.8 536.9 558.2 641.1 712.4 2 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 402.5 ND ND 349.9 69.4 280.5 269.4 58.3 211.0 236.2 38.7 197.5 196.8 39.4 157.4 249.9 55.0 194.9 236.2 38.7 197.5 228.7 28.7 199.9 226.2 34.2 192.0 205.9 29.8 176.1 196.8 39.4 157.4 3 4 5 6 7 8 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 304.4 24.1 280.3 325.0 21.5 303.6 312.7 18.8 293.9 371.3 27.2 344.1 406.6 26.9 379.7 375.4 33.7 341.7 371.3 27.2 344.1 369.9 38.5 331.4 374.8 22.7 352.1 375.4 26.9 348.5 406.6 26.9 379.7 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 3.1 12.1 2.1 14.4 1.5 20.9 1.0 21.9 1.4 22.8 1.1 22.5 1.0 21.9 1.1 22.1 1.1 22.4 1.3 22.4 1.4 22.8 10 11 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 0.0 237.7 1368.3 0.1 0.0 249.4 1606.3 0.0 0.1 261.2 1547.7 0.0 0.1 258.3 1535.3 0.0 0.0 250.1 1480.3 0.1 0.1 241.4 1493.7 0.1 0.0 237.7 1368.3 0.1 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 Levels Total liabilities 2012 Rest of the world Total assets 764.7 804.9 720.9 747.3 802.8 764.6 747.3 800.1 782.4 866.1 802.8 16 3550.3 3919.1 3575.1 3744.8 3651.4 3674.3 3744.8 3713.9 3666.6 3773.3 3651.4 17 12.6 121.0 9.7 124.8 8.7 126.3 21.3 132.3 20.3 145.8 20.8 131.0 21.3 132.3 20.2 135.7 21.8 138.7 17.3 142.0 20.3 145.8 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 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 242.6 ND ND 302.7 58.1 244.6 215.4 47.0 168.4 185.0 30.6 154.4 209.8 19.4 190.4 196.0 45.5 150.5 185.0 30.6 154.4 215.1 25.4 189.7 208.9 22.4 186.5 212.3 19.3 193.0 209.8 19.4 190.4 21 22 23 24 25 26 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 120.1 3.7 116.4 178.3 3.0 175.3 177.1 1.3 175.8 218.1 1.3 216.9 218.5 0.9 217.6 218.7 1.7 217.1 218.1 1.3 216.9 199.8 1.0 198.7 210.5 1.2 209.3 198.5 0.7 197.8 218.5 0.9 217.6 24 25 26 27 28 29 Credit unions Federal funds Security repurchase agreements 15.9 15.9 0.0 9.7 9.6 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 2.4 6.1 2.7 3.3 1.7 8.2 2.4 3.1 1.7 2.9 2.8 3.3 1.6 3.4 2.8 3.7 1.8 7.5 3.0 4.0 1.7 6.7 2.8 3.6 1.6 3.4 2.8 3.7 1.7 5.7 2.9 3.9 1.6 5.5 3.0 4.0 1.8 5.8 2.9 3.9 1.8 7.5 3.0 4.0 30 31 32 33 34 35 Money market mutual funds Mutual funds 490.5 108.7 544.7 262.8 493.4 355.5 644.6 401.7 688.4 346.4 575.8 395.0 644.6 401.7 625.9 400.9 635.3 386.4 680.6 360.1 688.4 346.4 34 35 36 37 Government-sponsored enterprises Of which: FHLB federal funds (3) 112.3 41.1 150.8 44.0 152.3 29.5 162.6 52.8 153.7 19.9 110.9 39.8 162.6 52.8 158.2 42.5 141.0 41.6 149.0 31.0 153.7 19.9 36 37 38 39 40 Brokers and dealers Holding companies Funding corporations 1583.1 50.5 0.1 1638.2 10.5 0.1 1321.0 7.7 0.0 1152.7 2.5 0.0 1133.3 2.1 0.0 1220.4 8.2 0.0 1152.7 2.5 0.0 1138.8 5.8 0.0 1171.2 7.6 0.0 1243.6 4.0 0.0 1133.3 2.1 0.0 38 39 40 41 Rest of the world 678.5 671.6 706.9 812.3 716.7 782.6 812.3 799.4 731.0 751.5 716.7 41 332.9 212.9 88.8 -48.3 97.5 5.2 -48.3 38.6 29.0 74.2 97.5 42 0.07 0.16 0.09 0.12 0.24 0.09 0.12 0.11 0.13 0.14 0.24 43 0.0 0.0 0.0 0.0 0.0 0.0 197.8 163.3 34.5 396.7 371.2 25.5 474.6 424.0 50.6 300.0 294.4 5.6 396.7 371.2 25.5 378.5 345.3 33.2 392.6 372.2 20.5 449.6 414.4 35.2 474.6 424.0 50.6 44 45 46 42 Discrepancy Memo: 43 Effective federal funds rate (percent) (4) Federal Reserve’s reverse repurchase agreement operations: (5) 44 45 46 Liability: Monetary authority (6) Asset: Money market mutual funds (7) Other financial institutions (8) (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) The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year. (5) 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). (6) Included in line 2. (7) Included in line 34. (8) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 113 Z.1, March 10, 2016 L.208 Debt Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 By instrument 1 2 3 4 5 6 Total debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 34416.9 36043.9 37238.0 38542.7 39682.3 38119.5 38542.7 38731.1 38863.9 38984.7 39682.3 1 969.3 11642.0 7584.5 3719.4 10501.8 952.4 12822.9 7560.3 3714.4 10993.8 951.6 13680.6 7798.2 3671.2 11136.3 930.4 14416.7 7948.4 3652.4 11594.9 941.5 15141.1 8152.9 3714.8 11732.1 996.1 14117.4 7837.6 3631.1 11537.3 930.4 14416.7 7948.4 3652.4 11594.9 952.7 14434.9 7904.9 3694.0 11744.5 978.8 14353.4 7959.9 3714.6 11857.2 991.3 14376.7 8047.1 3710.0 11859.6 941.5 15141.1 8152.9 3714.8 11732.1 2 3 4 5 6 34416.9 36043.9 37238.0 38542.7 39682.3 38119.5 38542.7 38731.1 38863.9 38984.7 39682.3 7 19040.6 20553.8 21661.3 22682.5 23864.1 22302.3 22682.5 22860.2 22942.5 23064.2 23864.1 8 255.5 4148.0 241.0 4500.7 227.8 4803.4 223.1 5107.4 217.7 5518.0 224.6 5044.6 223.1 5107.4 223.0 5232.2 219.7 5386.3 217.2 5489.9 217.7 5518.0 9 10 11667.3 2970.0 12847.8 2964.3 13705.1 2924.9 14441.1 2910.9 15165.6 2962.7 14141.3 2891.8 14441.1 2910.9 14459.0 2945.9 14378.1 2958.5 14400.8 2956.3 15165.6 2962.7 11 12 13117.6 12923.9 12926.8 13074.5 13101.9 12983.5 13074.5 13024.0 13080.3 13149.1 13101.9 13 500.1 0.0 6247.3 1311.9 2068.0 1158.5 383.4 0.0 6092.7 1442.7 1841.0 1084.5 280.7 0.0 6200.2 1573.5 1519.1 1078.3 263.5 0.0 6275.5 1648.5 1437.1 1080.3 254.2 0.0 6352.9 1775.5 1360.0 1068.1 263.4 0.0 6186.2 1627.5 1448.1 1066.6 263.5 0.0 6275.5 1648.5 1437.1 1080.3 243.6 0.0 6234.6 1646.2 1438.6 1089.9 244.7 0.0 6258.0 1677.2 1426.3 1070.3 247.3 0.0 6293.5 1729.5 1386.3 1077.4 254.2 0.0 6352.9 1775.5 1360.0 1068.1 14 15 16 17 18 19 152.9 91.8 966.5 620.5 179.4 90.2 1219.6 590.5 352.2 112.4 1192.1 618.2 401.5 123.9 1200.1 644.0 393.1 131.3 1057.2 709.6 401.6 123.9 1207.7 658.3 401.5 123.9 1200.1 644.0 403.5 107.4 1188.8 671.3 401.0 135.8 1192.6 674.5 394.5 135.4 1181.5 703.8 393.1 131.3 1057.2 709.6 20 21 22 23 2258.7 2566.1 2649.9 2785.8 2716.3 2833.8 2785.8 2847.0 2841.0 2771.4 2716.3 24 34416.9 36043.9 37238.0 38542.7 39682.3 38119.5 38542.7 38731.1 38863.9 38984.7 39682.3 25 8 Total liabilities Domestic nonfinancial sectors 9 10 Household sector (nonprofits) Nonfinancial corporate business 11 12 Federal government State and local governments 13 Domestic financial sectors 14 15 16 17 18 19 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 20 21 22 23 REITs Brokers and dealers Holding companies Funding corporations 24 25 26 Rest of the world Total assets: 5870.9 5694.6 5221.4 4732.2 4769.6 4805.3 4732.2 4693.5 4756.7 4861.5 4769.6 26 27 28 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 4305.7 147.4 54.8 4151.9 135.0 59.0 3749.3 121.8 59.5 3244.4 113.2 62.4 3230.6 99.7 67.1 3335.2 111.7 61.3 3244.4 113.2 62.4 3190.5 103.1 63.4 3256.8 98.0 64.7 3341.1 95.8 65.5 3230.6 99.7 67.1 27 28 29 30 31 Federal government State and local governments 31.9 1331.1 0.6 1348.1 0.6 1290.3 0.5 1311.6 0.5 1371.7 0.5 1296.7 0.5 1311.6 0.5 1335.9 0.5 1336.7 0.5 1358.5 0.5 1371.7 30 31 32 Domestic nonfinancial sectors 19797.4 20984.5 22428.4 23663.6 24561.0 23301.6 23663.6 23780.2 23745.3 23836.9 24561.0 32 33 34 35 36 37 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2605.1 2658.2 327.8 13.5 209.2 2669.6 2821.8 339.2 10.9 227.2 3756.2 2912.4 288.8 12.4 231.7 4236.9 3153.9 274.3 11.1 222.8 4242.0 3368.3 265.3 11.9 213.6 4188.2 3077.8 279.7 11.4 233.6 4236.9 3153.9 274.3 11.1 222.8 4228.4 3223.9 265.8 11.1 228.1 4228.9 3262.8 253.3 11.4 225.3 4238.3 3276.3 262.7 11.4 216.2 4242.0 3368.3 265.3 11.9 213.6 33 34 35 36 37 38 39 Property-casualty insurance companies Life insurance companies 921.9 2818.5 922.2 2879.1 950.8 2934.2 964.6 3004.3 971.2 3085.2 959.9 3000.2 964.6 3004.3 960.3 3030.0 963.8 3046.2 967.3 3073.3 971.2 3085.2 38 39 40 41 42 Private pension funds Federal government retirement funds State and local govt. retirement funds 947.7 1381.1 764.6 1093.0 1436.9 763.7 1182.6 1544.7 851.0 1207.4 1631.2 894.2 1249.4 1722.6 883.4 1208.1 1564.0 887.4 1207.4 1631.2 894.2 1221.7 1523.0 903.6 1223.2 1395.6 902.2 1234.3 1303.0 877.6 1249.4 1722.6 883.4 40 41 42 43 44 45 46 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 1663.6 3235.8 144.7 178.8 1580.9 3875.6 155.9 231.1 1611.7 4200.1 169.5 243.3 1490.8 4667.2 165.6 294.3 1561.2 5061.9 160.6 349.3 1419.6 4533.1 167.8 272.4 1490.8 4667.2 165.6 294.3 1440.7 4820.9 165.3 313.6 1393.7 4928.3 166.6 315.5 1442.4 4987.4 162.3 337.0 1561.2 5061.9 160.6 349.3 43 44 45 46 47 48 49 50 Government-sponsored enterprises ABS issuers Finance companies REITs 722.3 28.9 85.0 275.1 585.7 23.0 78.7 394.1 491.1 21.8 67.9 298.3 472.1 27.3 73.9 309.5 436.1 28.2 79.6 276.6 474.2 25.0 69.9 296.9 472.1 27.3 73.9 309.5 465.7 28.0 76.1 305.5 448.7 29.0 79.6 289.2 442.7 28.7 78.3 280.7 436.1 28.2 79.6 276.6 47 48 49 50 51 52 53 Brokers and dealers Holding companies Funding corporations 508.9 78.2 228.7 612.7 103.8 179.4 426.4 76.1 157.4 337.3 76.0 148.9 300.6 55.3 239.0 333.9 88.7 210.0 337.3 76.0 148.9 344.8 70.5 153.3 318.9 70.9 192.2 308.1 75.4 233.5 300.6 55.3 239.0 51 52 53 8748.7 9364.8 9588.1 10146.9 10351.8 10012.6 10146.9 10257.4 10362.0 10286.3 10351.8 54 54 Domestic financial sectors Rest of the world (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. Levels By sector 7 114 Z.1, March 10, 2016 L.209 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 1 2 Commercial paper Q1 Q2 Q3 Q4 969.3 952.4 951.6 930.4 941.5 996.1 930.4 952.7 978.8 991.3 941.5 1 969.2 952.4 951.6 930.4 941.5 996.1 930.4 952.7 978.8 991.3 941.5 2 3 Nonfinancial corporate business 116.3 130.3 144.5 182.0 176.5 207.1 182.0 188.2 177.5 201.2 176.5 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial 345.1 30.2 314.9 373.0 40.4 332.6 407.0 51.6 355.4 385.6 45.2 340.4 444.8 44.1 400.7 393.1 64.6 328.5 385.6 45.2 340.4 415.9 49.7 366.2 429.4 67.0 362.4 447.8 57.8 390.0 444.8 44.1 400.7 4 5 6 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations 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 45.2 362.9 54.5 64.8 117.8 0.0 77.0 48.9 320.1 53.6 57.5 115.2 0.0 5.7 88.2 395.9 54.7 71.9 115.8 0.0 81.9 71.6 362.9 54.5 64.8 117.8 0.0 77.0 48.9 348.5 49.0 64.4 113.8 0.0 70.0 51.3 371.9 50.1 70.0 121.0 0.0 56.3 74.5 342.3 51.1 58.1 122.2 0.0 16.0 94.9 320.1 53.6 57.5 115.2 0.0 5.7 88.2 7 8 9 10 11 12 13 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 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 15 16 7 8 9 10 11 12 13 14 15 16 17 Levels Total outstanding, all types 2015 Q4 Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. 969.3 952.4 951.6 930.4 941.5 996.1 930.4 952.7 978.8 991.3 941.5 17 18 19 Holdings, by sector Household sector Nonfinancial corporate business 19.4 67.9 18.8 59.5 15.0 52.9 14.9 53.6 13.7 47.4 15.9 51.6 14.9 53.6 15.2 50.7 15.7 50.1 14.3 48.3 13.7 47.4 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 90.5 0.0 0.0 0.0 0.0 82.7 0.0 0.0 0.0 0.0 73.3 0.0 0.0 0.0 0.0 66.3 0.0 0.0 0.0 0.0 64.9 0.0 0.0 0.0 0.0 68.3 0.0 0.0 0.0 0.0 66.3 0.0 0.0 0.0 0.0 65.4 0.0 0.0 0.0 0.0 64.2 0.0 0.0 0.0 0.0 67.0 0.0 0.0 0.0 0.0 64.9 0.0 0.0 0.0 0.0 20 21 22 23 24 25 26 Property-casualty insurance companies Life insurance companies 8.8 29.7 7.4 43.6 8.1 46.7 7.9 42.2 7.9 42.5 8.2 40.3 7.9 42.2 7.9 43.2 7.8 41.8 7.9 45.5 7.9 42.5 25 26 27 28 Private pension funds State and local govt. retirement funds 42.6 42.1 37.7 38.5 43.6 41.4 44.8 46.2 47.8 49.4 44.7 45.4 44.8 46.2 46.6 49.2 47.4 50.8 47.2 49.2 47.8 49.4 27 28 29 30 Money market mutual funds Mutual funds 354.2 40.0 340.8 77.5 352.0 105.2 333.5 120.5 294.2 102.1 331.6 118.2 333.5 120.5 341.8 120.2 336.6 115.4 332.3 106.6 294.2 102.1 29 30 31 32 33 Government-sponsored enterprises Brokers and dealers Funding corporations 6.5 42.1 122.9 3.4 29.9 109.8 4.4 28.7 79.0 6.0 20.8 65.8 4.6 19.5 144.7 6.0 20.9 125.4 6.0 20.8 65.8 5.6 21.7 66.7 5.6 19.6 110.8 5.0 19.5 147.7 4.6 19.5 144.7 31 32 33 34 Rest of the world 102.7 102.8 101.3 107.9 102.7 119.6 107.9 118.4 113.0 100.8 102.7 34 (1) Excludes banks’ holdings of own acceptances. 115 Z.1, March 10, 2016 L.210 Treasury Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2012 2013 2014 2015 2014 Q3 1 2 3 4 5 6 7 8 9 10 11 12 Total liabilities 2015 Q4 Q1 Q2 Q3 Q4 11642.0 12822.9 13680.6 14416.7 15141.1 14117.4 14416.7 14434.9 14353.4 14376.7 15141.1 1 Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 9906.1 1519.5 8378.2 8.4 11027.9 1626.5 9394.4 7.1 11834.2 1590.6 10228.6 15.0 12480.9 1456.7 11010.6 13.6 13169.0 1511.0 11643.0 15.0 12255.8 1409.6 10832.5 13.6 12480.9 1456.7 11010.6 13.6 12606.7 1476.5 11116.6 13.6 12670.7 1393.2 11265.2 12.3 12812.8 1355.2 11445.3 12.3 13169.0 1511.0 11643.0 15.0 2 3 4 5 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Other nonmarketable securities 1735.9 185.3 152.1 147.7 1205.2 45.6 1795.0 182.5 162.6 158.5 1247.0 44.4 1846.5 179.2 120.6 172.7 1337.3 36.6 1935.8 176.0 116.5 191.3 1407.5 44.6 1972.1 171.6 75.2 206.9 1481.8 36.5 1861.6 176.8 105.7 183.7 1348.2 47.3 1935.8 176.0 116.5 191.3 1407.5 44.6 1828.2 175.0 117.9 131.7 1358.7 44.9 1682.7 174.0 99.8 68.6 1295.3 45.1 1563.9 172.8 78.1 0.0 1271.9 41.0 1972.1 171.6 75.2 206.9 1481.8 36.5 6 7 8 9 10 11 11642.0 12822.9 13680.6 14416.7 15141.1 14117.4 14416.7 14434.9 14353.4 14376.7 15141.1 12 708.2 185.3 522.9 913.8 182.5 731.3 975.9 179.2 796.7 874.0 176.0 698.0 1271.7 171.6 1100.0 837.0 176.8 660.3 874.0 176.0 698.0 864.7 175.0 689.8 976.7 174.0 802.7 1121.9 172.8 949.1 1271.7 171.6 1100.0 13 14 15 43.0 48.9 39.4 52.9 38.8 55.2 35.2 57.9 29.1 62.1 35.6 56.8 35.2 57.9 28.4 58.8 25.8 59.9 25.9 60.7 29.1 62.1 16 17 561.3 152.1 409.2 604.2 162.6 441.6 586.3 120.6 465.7 623.6 116.5 507.1 681.2 75.2 606.1 603.1 105.7 497.5 623.6 116.5 507.1 642.6 117.9 524.7 640.8 99.8 541.0 655.0 78.1 576.8 681.2 75.2 606.1 18 19 20 1663.4 18.4 1645.0 1666.1 0.0 1666.1 2208.8 0.0 2208.8 2461.4 0.0 2461.4 2461.6 0.0 2461.6 2451.7 0.0 2451.7 2461.4 0.0 2461.4 2459.6 0.0 2459.6 2461.0 0.0 2461.0 2461.9 0.0 2461.9 2461.6 0.0 2461.6 21 22 23 173.9 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 21.6 435.2 69.8 2.4 23.4 359.0 60.4 1.3 26.2 420.4 56.5 1.3 21.6 421.3 55.7 1.5 22.9 424.2 57.3 1.8 23.3 420.9 54.7 2.2 22.9 435.2 69.8 2.4 23.4 24 25 26 27 96.4 17.4 78.9 89.7 14.1 75.6 96.1 23.5 72.6 102.0 26.8 75.2 103.2 28.2 75.0 101.2 26.8 74.3 102.0 26.8 75.2 101.6 26.7 74.8 101.5 26.4 75.2 102.3 26.9 75.4 103.2 28.2 75.0 28 29 30 Total assets 13 14 15 Household sector U.S. savings securities (line 7) Other Treasury securities 16 17 Nonfinancial corporate business Nonfinancial noncorporate business 18 19 20 State and local governments SLGS (line 8) Other Treasury securities 21 22 23 Monetary authority Treasury bills Other Treasury securities 24 25 26 27 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 28 29 30 Property-casualty insurance companies Treasury bills Other Treasury securities 31 32 33 Life insurance companies Treasury bills Other Treasury securities 175.4 14.0 161.4 180.9 9.5 171.4 168.6 6.7 162.0 182.9 8.7 174.3 196.6 9.2 187.4 178.9 7.0 171.8 182.9 8.7 174.3 193.3 8.3 185.0 191.1 7.7 183.3 195.2 9.1 186.0 196.6 9.2 187.4 31 32 33 34 35 36 Private pension funds Defined benefit plans Defined contribution plans 247.4 152.4 95.1 311.8 188.3 123.5 308.4 185.7 122.7 321.4 191.2 130.1 335.5 198.6 136.9 319.2 190.3 129.0 321.4 191.2 130.1 326.4 194.5 131.9 329.3 195.7 133.6 332.4 197.2 135.3 335.5 198.6 136.9 34 35 36 37 38 39 Federal government retirement funds Defined benefit plans Defined contribution plans 1367.2 1215.4 151.8 1419.8 1255.5 164.2 1530.6 1353.7 176.9 1617.7 1422.6 195.0 1709.1 1498.2 210.9 1550.7 1363.3 187.3 1617.7 1422.6 195.0 1509.3 1373.7 135.6 1381.7 1309.1 72.6 1289.5 1285.6 3.9 1709.1 1498.2 210.9 37 38 39 40 41 42 State and local govt. retirement funds Defined benefit plans Defined contribution plans 176.5 160.7 15.7 188.8 172.8 16.1 201.1 188.2 12.9 188.5 176.8 11.7 169.9 159.7 10.2 197.1 185.2 11.9 188.5 176.8 11.7 183.7 172.7 10.9 179.1 169.1 10.0 172.9 162.2 10.7 169.9 159.7 10.2 40 41 42 43 44 45 Money market mutual funds Treasury bills Other Treasury securities 443.3 263.7 179.7 457.8 282.8 175.0 488.0 289.4 198.6 412.7 240.9 171.8 475.4 232.3 243.0 393.7 233.7 160.0 412.7 240.9 171.8 434.5 222.1 212.4 398.2 194.0 204.2 384.8 179.3 205.4 475.4 232.3 243.0 43 44 45 46 47 48 Mutual funds Treasury bills Other Treasury securities 447.3 31.2 416.1 571.5 43.9 527.7 628.1 34.6 593.5 642.3 26.2 616.1 718.0 36.2 681.7 633.3 30.5 602.8 642.3 26.2 616.1 702.3 24.3 678.1 695.6 29.8 665.8 703.9 39.0 664.9 718.0 36.2 681.7 46 47 48 49 50 51 52 53 54 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies 4.8 62.4 100.2 28.6 183.6 26.8 5.2 63.6 69.0 22.7 246.5 8.2 5.7 57.1 59.1 21.7 136.0 16.6 5.5 70.1 64.3 27.2 60.2 13.9 5.1 84.2 85.9 28.2 65.3 10.2 5.8 64.4 65.0 24.9 56.0 23.9 5.5 70.1 64.3 27.2 60.2 13.9 5.4 73.2 71.8 27.9 63.7 10.2 5.4 73.7 70.8 28.9 43.6 8.9 5.3 88.4 77.6 28.6 53.6 12.9 5.1 84.2 85.9 28.2 65.3 10.2 49 50 51 52 53 54 55 56 57 Rest of the world Treasury bills Other Treasury securities 5004.4 647.7 4356.7 5571.5 661.7 4909.8 5793.8 685.0 5108.9 6156.2 671.6 5484.5 6118.0 723.4 5394.6 6072.2 614.1 5458.1 6156.2 671.6 5484.5 6176.0 702.0 5474.0 6174.9 700.6 5474.4 6103.3 665.8 5437.4 6118.0 723.4 5394.6 55 56 57 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. Levels 2011 116 Z.1, March 10, 2016 L.211 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 3 4 Levels 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 7584.5 7560.3 7798.2 7948.4 8152.9 7837.6 7948.4 7904.9 7959.9 8047.1 8152.9 1 25.3 6247.3 1311.9 24.9 6092.7 1442.7 24.5 6200.2 1573.5 24.4 6275.5 1648.5 24.6 6352.9 1775.5 23.9 6186.2 1627.5 24.4 6275.5 1648.5 24.1 6234.6 1646.2 24.7 6258.0 1677.2 24.1 6293.5 1729.5 24.6 6352.9 1775.5 2 3 4 7584.5 7560.3 7798.2 7948.4 8152.9 7837.6 7948.4 7904.9 7959.9 8047.1 8152.9 5 6 7 Household sector Nonfinancial corporate business 363.4 14.3 302.3 13.1 298.4 8.9 99.7 11.7 134.6 9.7 123.5 11.9 99.7 11.7 96.5 9.5 102.3 8.6 120.4 8.6 134.6 9.7 6 7 8 9 Federal government State and local governments 31.1 502.8 0.0 482.4 0.0 452.9 0.0 438.7 0.0 427.4 0.0 443.3 0.0 438.7 0.0 441.1 0.0 441.6 0.0 442.8 0.0 427.4 8 9 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 941.7 1003.4 1547.4 1775.5 1780.4 1736.4 1775.5 1768.8 1768.0 1776.3 1780.4 10 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 1924.7 23.1 1.8 175.1 1758.2 20.5 1.8 193.6 1760.3 20.5 1.7 187.5 1815.0 19.3 1.5 190.1 1845.5 23.3 1.8 186.9 1861.5 20.9 1.8 178.3 1924.7 23.1 1.8 175.1 11 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 122.7 374.4 114.3 360.9 109.5 354.1 105.2 339.1 105.9 339.1 106.0 344.5 105.2 339.1 104.8 338.6 105.2 342.4 105.5 341.9 105.9 339.1 15 16 17 18 19 Private pension funds Federal government retirement funds State and local govt. retirement funds 174.6 6.5 137.3 176.7 8.1 112.0 171.0 6.4 114.6 160.8 5.9 109.8 154.3 6.0 101.4 164.0 5.7 113.5 160.8 5.9 109.8 159.1 6.0 107.7 155.9 6.1 106.1 154.1 6.0 102.3 154.3 6.0 101.4 17 18 19 20 21 22 Money market mutual funds Mutual funds Government-sponsored enterprises 403.7 794.0 358.9 343.5 879.8 310.6 361.3 854.2 287.9 384.6 929.3 295.7 460.1 943.9 272.6 344.4 897.7 290.3 384.6 929.3 295.7 323.4 917.3 292.6 333.9 914.7 285.8 392.6 925.5 281.4 460.1 943.9 272.6 20 21 22 23 24 ABS issuers REITs 0.3 248.1 0.3 357.6 0.1 261.9 0.1 269.8 0.0 229.2 0.1 258.8 0.1 269.8 0.1 260.1 0.1 241.8 0.1 234.8 0.0 229.2 23 24 25 26 Brokers and dealers Holding companies 147.7 33.1 169.6 22.9 114.2 28.0 121.9 28.0 109.7 23.7 106.7 27.2 121.9 28.0 124.3 31.0 125.5 29.6 122.8 30.3 109.7 23.7 25 26 27 Rest of the world 1078.2 1001.2 883.8 902.6 930.2 889.6 902.6 898.3 934.7 939.1 930.2 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 on table L.106, line 20. 117 Z.1, March 10, 2016 L.212 Municipal Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2012 2013 2014 2015 2014 Q3 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 2015 Q4 Q1 Q2 Q3 Q4 3719.4 3714.4 3671.2 3652.4 3714.8 3631.1 3652.4 3694.0 3714.6 3710.0 3714.8 1 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2910.9 38.6 2872.3 2962.7 32.8 2930.0 2891.8 37.0 2854.8 2910.9 38.6 2872.3 2945.9 38.1 2907.9 2958.5 31.1 2927.4 2956.3 31.5 2924.8 2962.7 32.8 2930.0 2 3 4 255.5 493.9 241.0 509.1 227.8 518.5 223.1 518.4 217.7 534.3 224.6 514.8 223.1 518.4 223.0 525.1 219.7 536.5 217.2 536.5 217.7 534.3 5 6 3719.4 3714.4 3671.2 3652.4 3714.8 3631.1 3652.4 3694.0 3714.6 3710.0 3714.8 7 1805.6 22.3 5.9 1660.9 22.9 6.1 1607.7 21.2 4.4 1540.4 12.7 4.6 1514.8 13.5 4.9 1553.7 12.7 4.5 1540.4 12.7 4.6 1556.2 14.5 4.6 1567.9 13.6 4.7 1550.4 12.9 4.8 1514.8 13.5 4.9 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 13.2 297.3 0.0 3.4 3.2 13.3 365.0 0.0 2.6 4.2 13.3 418.9 0.0 3.6 4.6 13.6 451.5 0.0 2.7 3.8 14.8 498.9 0.0 2.1 4.3 13.6 440.4 0.0 2.6 5.0 13.6 451.5 0.0 2.7 3.8 13.9 465.2 0.0 2.7 3.9 14.2 476.6 0.0 2.5 4.2 14.4 488.1 0.0 2.2 4.4 14.8 498.9 0.0 2.1 4.3 11 12 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 331.0 121.8 0.1 1.7 328.1 131.5 0.3 1.8 326.4 141.6 0.5 3.1 321.7 147.8 0.6 4.1 323.4 151.9 0.5 2.8 322.1 147.0 0.6 3.4 321.7 147.8 0.6 4.1 320.3 148.1 0.6 2.8 321.6 149.0 0.6 4.7 322.6 150.4 0.5 2.9 323.4 151.9 0.5 2.8 16 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 357.3 541.2 82.5 8.6 336.7 627.4 86.0 12.3 308.3 613.9 84.3 11.4 281.7 657.7 84.8 14.6 268.2 705.4 84.0 18.5 278.7 643.2 84.2 13.4 281.7 657.7 84.8 14.6 273.5 673.9 84.6 16.0 257.7 683.2 83.9 16.6 256.7 688.2 83.8 17.1 268.2 705.4 84.0 18.5 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers 21.0 30.9 17.0 26.6 13.4 18.6 10.8 18.9 8.1 14.0 11.4 16.2 10.8 18.9 9.9 20.6 9.1 19.0 8.7 15.9 8.1 14.0 24 25 26 Rest of the world 72.4 71.8 76.1 80.4 84.6 78.6 80.4 82.5 85.4 86.0 84.6 26 (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). Levels 2011 118 Z.1, March 10, 2016 L.213 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 10501.8 10993.8 11136.3 11594.9 11732.1 11537.3 11594.9 11744.5 11857.2 11859.6 11732.1 1 Nonfinancial corporate business 3537.7 3861.2 4140.4 4407.1 4807.1 4322.8 4407.1 4518.9 4672.4 4752.2 4807.1 2 3 Domestic financial sectors 5050.5 4939.4 4752.9 4787.6 4653.5 4773.9 4787.6 4794.6 4773.2 4783.8 4653.5 3 379.4 1971.9 1037.5 152.9 295.9 1754.0 955.3 179.4 221.0 1439.2 959.5 352.2 209.0 1372.4 962.6 401.5 200.6 1302.6 952.9 393.1 208.7 1376.2 950.8 401.6 209.0 1372.4 962.6 401.5 194.6 1374.3 976.1 403.5 194.5 1356.2 949.3 401.0 196.2 1328.2 955.3 394.5 200.6 1302.6 952.9 393.1 4 5 6 7 91.8 890.6 526.2 90.2 1103.2 561.5 112.4 1095.6 572.9 123.9 1123.2 595.1 131.3 1051.6 621.4 123.9 1125.9 586.7 123.9 1123.2 595.1 107.4 1118.8 620.0 135.8 1136.3 600.1 135.4 1165.5 608.9 131.3 1051.6 621.4 8 9 10 8 9 10 11 12 Levels 2013 2 4 5 6 7 Total liabilities 2012 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs Brokers and dealers Holding companies Funding corporations Rest of the world (2) Total assets (3) 1913.6 2193.1 2242.9 2400.2 2271.5 2440.7 2400.2 2431.0 2411.6 2323.6 2271.5 11 10501.8 10993.8 11136.3 11594.9 11732.1 11537.3 11594.9 11744.5 11857.2 11859.6 11732.1 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 1409.1 0.8 163.3 553.0 150.1 402.9 236.7 4.2 6.3 5.9 0.4 1256.0 0.6 165.4 544.0 149.1 394.9 230.5 5.2 6.7 6.6 0.1 852.3 0.6 164.5 559.2 147.7 411.4 196.4 5.8 8.9 8.7 0.2 715.5 0.5 169.3 521.7 139.1 382.6 197.3 5.3 9.9 9.7 0.2 295.8 0.5 183.4 509.5 127.2 382.3 172.4 5.6 10.8 10.6 0.2 805.1 0.5 168.4 520.1 139.1 381.0 198.9 5.7 8.8 8.7 0.1 715.5 0.5 169.3 521.7 139.1 382.6 197.3 5.3 9.9 9.7 0.2 657.7 0.5 172.9 522.4 137.8 384.7 190.8 5.4 11.1 11.0 0.2 594.2 0.5 175.9 516.5 135.0 381.5 172.8 5.3 10.9 10.6 0.2 534.2 0.5 179.3 505.8 131.1 374.8 187.2 5.2 10.7 10.5 0.2 295.8 0.5 183.4 509.5 127.2 382.3 172.4 5.6 10.8 10.6 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 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 1856.8 430.7 92.3 338.5 2355.2 443.4 1911.7 422.4 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 2306.8 437.0 1869.8 427.7 91.9 335.8 2321.9 438.0 1883.9 429.0 92.0 337.0 2340.3 441.6 1898.7 430.7 92.3 338.5 2355.2 443.4 1911.7 24 25 26 27 28 29 30 31 32 Private pension funds Federal government retirement funds State and local govt. retirement funds 482.9 7.3 407.0 566.5 9.0 422.5 659.0 7.7 490.7 679.8 7.7 545.5 711.3 7.5 559.7 679.6 7.6 528.0 679.8 7.7 545.5 688.9 7.7 560.2 690.0 7.8 561.5 700.1 7.5 550.3 711.3 7.5 559.7 30 31 32 33 34 35 36 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 105.1 1413.4 57.3 107.7 102.1 1719.4 64.8 155.3 102.0 1998.7 79.4 174.8 78.3 2317.5 75.3 209.6 63.4 2592.4 71.5 246.5 71.1 2240.7 77.8 194.7 78.3 2317.5 75.3 209.6 67.5 2407.2 75.2 224.4 67.3 2519.4 77.2 225.2 76.1 2563.1 73.3 231.6 63.4 2592.4 71.5 246.5 33 34 35 36 37 38 39 40 41 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 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 73.9 39.7 64.9 59.5 5.4 79.6 47.4 101.4 95.1 6.3 69.9 38.1 95.4 89.3 6.2 73.9 39.7 85.8 79.8 6.0 76.1 45.4 77.5 71.7 5.8 79.6 47.4 69.8 64.2 5.6 78.3 45.9 64.9 59.5 5.4 79.6 47.4 37 38 39 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 104.5 18.3 105.8 140.0 72.7 69.6 128.9 31.5 78.4 115.5 34.1 83.1 92.1 21.5 94.2 134.1 37.6 84.6 115.5 34.1 83.1 114.5 29.2 86.6 111.2 32.4 81.4 96.4 32.1 85.8 92.1 21.5 94.2 42 43 44 45 46 47 Rest of the world (4) MBS and other ABS Other 2491.0 415.5 2075.6 2617.6 403.9 2213.6 2733.1 395.8 2337.3 2899.7 401.5 2498.2 3116.3 407.2 2709.0 2852.6 392.7 2459.9 2899.7 401.5 2498.2 2982.3 406.2 2576.1 3053.9 415.2 2638.6 3057.1 414.5 2642.6 3116.3 407.2 2709.0 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, March 10, 2016 L.214 Loans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 By instrument 1 Total loans 2 3 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 Mortgages Home Multifamily residential Commercial Farm 9 Consumer credit 21204.1 21466.8 22039.6 23013.6 23785.7 22720.9 23013.6 23084.4 23393.6 23514.6 23785.7 1 2217.0 2732.1 2393.8 2880.0 2590.3 3088.5 2910.2 3343.4 3207.3 3249.4 2785.7 3328.9 2910.2 3343.4 2988.1 3313.2 3073.6 3345.1 3099.6 3240.9 3207.3 3249.4 2 3 13499.5 10206.9 857.5 2267.9 167.2 13270.0 9976.5 888.1 2232.2 173.2 13262.0 9879.8 924.3 2273.1 184.8 13442.8 9884.3 993.2 2369.0 196.3 13795.8 9986.0 1098.8 2505.9 205.1 13357.2 9867.5 964.9 2331.4 193.4 13442.8 9884.3 993.2 2369.0 196.3 13462.0 9856.2 1014.2 2393.1 198.5 13579.9 9905.5 1039.7 2434.0 200.7 13696.1 9961.1 1062.1 2470.0 202.9 13795.8 9986.0 1098.8 2505.9 205.1 4 5 6 7 8 2755.4 2922.9 3098.8 3317.2 3533.1 3249.0 3317.2 3321.1 3395.0 3478.0 3533.1 9 10 11 Total liabilities Domestic nonfinancial sectors 12 13 14 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 Federal government State and local governments 17 Domestic financial sectors 21204.1 21466.8 22039.6 23013.6 23785.7 22720.9 23013.6 23084.4 23393.6 23514.6 23785.7 10 19179.0 19417.4 19773.9 20554.1 21284.5 20307.6 20554.1 20632.7 20893.5 21020.7 21284.5 11 13047.0 2230.1 3886.6 13118.3 2226.1 4057.3 13275.3 2320.4 4162.0 13654.0 2512.0 4371.5 14001.5 2578.9 4687.3 13560.6 2446.7 4283.8 13654.0 2512.0 4371.5 13637.7 2549.5 4428.8 13784.8 2574.2 4517.8 13869.7 2554.8 4579.5 14001.5 2578.9 4687.3 12 13 14 0.0 15.3 0.0 15.7 0.0 16.2 0.0 16.6 0.0 16.9 0.0 16.5 0.0 16.6 0.0 16.7 0.0 16.7 0.0 16.7 0.0 16.9 15 16 1798.9 1781.4 1957.3 2119.8 2140.0 2083.4 2119.8 2101.2 2138.0 2133.6 2140.0 17 18 19 20 21 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 331.9 24.3 0.9 44.9 336.6 25.2 1.3 48.2 410.0 27.1 2.1 50.1 468.2 35.5 2.2 51.9 498.5 44.8 2.6 57.9 446.6 33.2 2.1 51.4 468.2 35.5 2.2 51.9 435.9 35.0 2.2 54.1 478.1 40.0 2.4 55.9 460.2 44.9 2.4 57.0 498.5 44.8 2.6 57.9 18 19 20 21 22 23 Government-sponsored enterprises Finance companies 0.0 103.3 0.0 120.7 0.0 131.0 0.0 141.2 0.0 156.3 0.0 132.4 0.0 141.2 0.0 144.3 0.0 151.7 0.0 153.2 0.0 156.3 22 23 24 25 26 27 REITs Brokers and dealers Holding companies Funding corporations 212.6 795.4 254.3 31.3 221.6 828.2 196.8 3.0 227.2 897.1 210.6 2.4 261.7 962.5 194.2 2.4 308.9 913.2 155.6 2.4 244.9 982.4 187.9 2.4 261.7 962.5 194.2 2.4 271.2 964.4 191.8 2.4 280.9 939.0 187.6 2.4 299.8 934.9 178.8 2.4 308.9 913.2 155.6 2.4 24 25 26 27 226.2 267.9 308.3 339.8 361.1 330.0 339.8 350.5 362.2 360.3 361.1 28 21204.1 21466.8 22039.6 23013.6 23785.7 22720.9 23013.6 23084.4 23393.6 23514.6 23785.7 29 2016.1 2153.7 2326.5 2501.3 2566.9 2508.7 2501.3 2547.8 2541.0 2573.3 2566.9 30 28 29 30 Rest of the world Total assets Domestic nonfinancial sectors 31 32 33 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 924.9 74.3 36.3 926.4 74.0 33.9 977.8 71.3 34.8 1029.3 71.6 36.5 969.0 72.4 39.3 1053.0 71.8 35.9 1029.3 71.6 36.5 1029.2 70.9 37.1 999.1 72.7 37.9 994.7 73.4 38.4 969.0 72.4 39.3 31 32 33 34 35 Federal government State and local governments 778.3 202.4 914.4 205.0 1038.7 203.8 1154.0 209.9 1258.8 227.3 1139.3 208.8 1154.0 209.9 1196.3 214.3 1213.2 218.1 1244.6 222.3 1258.8 227.3 34 35 18991.8 19169.2 19573.4 20322.2 21015.3 20026.2 20322.2 20344.2 20651.1 20736.1 21015.3 36 30.5 6867.4 533.4 50.5 587.0 0.6 7089.5 520.5 53.0 615.1 0.1 7241.4 566.2 51.8 660.1 0.0 7670.0 640.9 47.4 728.9 0.0 8189.9 719.0 41.7 803.6 0.0 7510.4 604.8 48.3 711.6 0.0 7670.0 640.9 47.4 728.9 0.0 7722.7 668.5 43.4 739.4 0.0 7889.8 685.4 42.6 763.5 0.0 7990.8 696.8 41.9 787.5 0.0 8189.9 719.0 41.7 803.6 37 38 39 40 41 4.9 481.1 21.9 11.0 5.6 494.8 23.1 10.0 7.9 517.1 22.4 9.4 9.9 546.6 22.5 9.2 12.0 579.1 21.1 6.5 9.3 536.3 23.3 9.2 9.9 546.6 22.5 9.2 10.4 552.5 21.9 6.8 10.9 560.5 21.2 7.3 11.5 570.5 20.9 6.8 12.0 579.1 21.1 6.5 42 43 44 45 93.5 5411.1 1311.9 1921.5 1274.6 105.7 5329.2 1442.7 1707.3 1246.2 145.1 5465.3 1573.5 1400.4 1237.5 154.5 5542.3 1648.5 1308.1 1243.6 138.9 5666.1 1775.5 1225.8 1224.2 158.9 5493.9 1627.5 1324.5 1226.5 154.5 5542.3 1648.5 1308.1 1243.6 160.4 5509.6 1646.2 1307.2 1234.7 154.4 5580.9 1677.2 1294.7 1232.2 141.6 5611.4 1729.5 1258.5 1239.0 138.9 5666.1 1775.5 1225.8 1224.2 46 47 48 49 50 56.1 293.2 22.9 19.4 64.5 343.3 105.3 12.9 199.3 389.6 75.7 10.6 244.6 428.2 64.8 12.1 237.0 338.1 24.0 12.9 225.4 442.0 63.8 10.3 244.6 428.2 64.8 12.1 239.5 407.0 62.3 11.6 247.6 415.6 55.1 12.2 237.3 341.3 37.7 13.1 237.0 338.1 24.0 12.9 51 52 53 54 196.1 143.9 139.7 190.2 203.5 185.9 190.2 192.4 201.6 205.2 203.5 55 36 Domestic financial sectors 37 38 39 40 41 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 42 43 44 45 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 46 47 48 49 50 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 51 52 53 54 REITs Brokers and dealers Holding companies Funding corporations 55 Rest of the world (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. Levels By sector 120 Z.1, March 10, 2016 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 Household sector Corporate business Noncorporate business 5 Domestic financial sectors 6 7 8 9 10 11 12 13 14 15 Levels Total liabilities 2 3 4 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2217.0 2393.8 2590.3 2910.2 3207.3 2785.7 2910.2 2988.1 3073.6 3099.6 3207.3 1 11.5 629.2 900.9 62.6 712.1 968.0 92.7 775.8 1000.4 212.9 868.5 1064.6 317.9 947.8 1164.5 186.7 833.9 1032.7 212.9 868.5 1064.6 233.7 888.5 1086.7 247.3 910.0 1115.4 268.7 917.0 1125.0 317.9 947.8 1164.5 2 3 4 470.1 413.4 444.8 459.0 449.2 435.5 459.0 463.6 474.3 463.8 449.2 5 Finance companies REITs Brokers and dealers 102.1 23.0 69.2 118.5 27.0 71.1 128.6 24.0 81.6 139.1 32.1 93.5 152.7 48.4 92.5 130.2 27.4 90.0 139.1 32.1 93.5 142.2 35.8 93.9 149.6 41.7 95.4 150.4 44.3 90.2 152.7 48.4 92.5 6 7 8 Holding companies Funding corporations 254.3 21.5 196.8 0.0 210.6 0.0 194.2 0.0 155.6 0.0 187.9 0.0 194.2 0.0 191.8 0.0 187.6 0.0 178.8 0.0 155.6 0.0 9 10 205.2 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 89.8 207.3 328.0 9.5 91.0 227.5 296.9 7.4 89.3 200.3 305.3 8.2 89.8 207.3 315.5 9.2 91.3 215.0 326.6 8.5 91.2 226.8 325.1 8.8 92.1 224.1 328.0 9.5 91.0 227.5 11 12 13 14 2217.0 2393.8 2590.3 2910.2 3207.3 2785.7 2910.2 2988.1 3073.6 3099.6 3207.3 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 30.5 0.6 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 1625.3 500.6 17.1 43.5 1842.0 489.6 18.1 43.6 1986.4 535.9 19.4 48.7 2236.2 603.3 17.1 53.7 2465.3 667.6 15.1 59.3 2147.1 569.4 17.4 51.9 2236.2 603.3 17.1 53.7 2286.8 631.1 15.6 54.6 2360.0 644.4 15.5 53.7 2377.9 650.1 15.1 56.4 2465.3 667.6 15.1 59.3 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to the household, rest of the world, broker and dealer, and funding corporation sectors. See loan details on table L.109. 121 Z.1, March 10, 2016 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2732.1 2880.0 3088.5 3343.4 3249.4 3328.9 3343.4 3313.2 3345.1 3240.9 3249.4 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world 183.3 11.2 70.1 55.9 15.3 0.0 0.0 9.8 21.0 185.7 11.0 75.3 56.5 15.7 0.0 0.0 3.0 24.2 193.0 12.1 76.2 58.5 16.2 0.0 0.0 2.4 27.6 195.5 13.3 74.7 57.3 16.6 0.0 0.0 2.4 31.2 196.4 15.6 75.3 54.1 16.9 0.0 0.0 2.4 32.2 195.8 12.8 75.0 58.5 16.5 0.0 0.0 2.4 30.6 195.5 13.3 74.7 57.3 16.6 0.0 0.0 2.4 31.2 196.1 13.6 74.4 57.1 16.7 0.0 0.0 2.4 32.0 199.0 14.2 76.1 56.4 16.7 0.0 0.0 2.4 33.2 195.7 14.8 74.8 54.3 16.7 0.0 0.0 2.4 32.8 196.4 15.6 75.3 54.1 16.9 0.0 0.0 2.4 32.2 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 196.1 196.1 143.9 143.9 139.7 139.7 190.2 190.2 203.5 203.5 185.9 185.9 190.2 190.2 192.4 192.4 201.6 201.6 205.2 205.2 203.5 203.5 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 22.9 22.9 0.0 105.3 99.3 6.1 75.7 71.7 4.0 64.8 61.6 3.2 24.0 23.1 0.9 63.8 61.3 2.5 64.8 61.6 3.2 62.3 59.3 3.0 55.1 52.6 2.5 37.7 35.3 2.4 24.0 23.1 0.9 17 18 19 13 14 15 16 Total other loans and advances 2012 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 126.9 0.5 126.5 128.3 0.4 127.8 129.2 0.4 128.8 130.8 0.3 130.5 134.4 0.3 134.1 130.2 0.3 129.9 130.8 0.3 130.5 131.1 0.3 130.8 131.5 0.3 131.2 132.3 0.3 132.0 134.4 0.3 134.1 20 21 22 23 24 25 26 27 28 29 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts 403.3 331.9 24.3 0.9 44.9 1.3 0.0 413.6 336.6 25.2 1.3 48.2 2.1 0.3 492.6 410.0 27.1 2.1 50.1 2.3 1.0 565.7 468.2 35.5 2.2 51.9 2.1 5.9 631.2 498.5 44.8 2.6 57.9 3.7 23.8 539.8 446.6 33.2 2.1 51.4 2.2 4.2 565.7 468.2 35.5 2.2 51.9 2.1 5.9 536.6 435.9 35.0 2.2 54.1 2.1 7.2 588.2 478.1 40.0 2.4 55.9 2.1 9.7 586.2 460.2 44.9 2.4 57.0 2.9 18.9 631.2 498.5 44.8 2.6 57.9 3.7 23.8 23 24 25 26 27 28 29 30 31 32 33 34 Government-sponsored enterprise (GSE) loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) 83.8 0.0 5.9 77.8 0.0 92.1 0.0 6.7 85.3 0.0 95.0 0.0 6.9 88.0 0.0 106.1 0.0 8.5 97.6 0.0 116.0 0.0 9.3 106.8 0.0 99.3 0.0 7.8 91.5 0.0 106.1 0.0 8.5 97.6 0.0 105.0 0.0 9.1 95.9 0.0 106.6 0.0 8.7 97.8 0.0 110.3 0.0 9.0 101.3 0.0 116.0 0.0 9.3 106.8 0.0 30 31 32 33 34 35 36 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.1 0.1 1.8 1.8 1.9 1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35 36 37 38 39 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 375.8 338.2 37.6 387.0 348.3 38.7 401.3 361.2 40.1 411.4 370.3 41.1 423.5 381.2 42.4 401.7 361.5 40.2 411.4 370.3 41.1 412.3 371.1 41.2 416.1 374.5 41.6 421.9 379.7 42.2 423.5 381.2 42.4 37 38 39 40 41 Margin accounts at brokers and dealers Liab.: Household sector 238.9 238.9 303.7 303.7 339.2 339.2 369.5 369.5 289.4 289.4 390.3 390.3 369.5 369.5 354.3 354.3 364.4 364.4 289.4 289.4 289.4 289.4 40 41 42 43 Cash accounts at brokers and dealers Asset: Household sector 726.1 726.1 757.0 757.0 815.5 815.5 869.0 869.0 820.6 820.6 892.5 892.5 869.0 869.0 870.5 870.5 843.6 843.6 844.6 844.6 820.6 820.6 42 43 44 45 46 47 48 49 50 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 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 12.1 410.4 22.0 29.6 138.9 158.3 48.7 12.9 429.7 23.0 30.0 158.9 155.6 51.8 10.3 440.2 24.3 31.4 154.5 159.3 58.6 12.1 452.5 25.1 32.1 160.4 170.6 52.6 11.6 439.1 24.2 30.1 154.4 167.0 51.2 12.2 417.5 21.6 29.9 141.6 159.2 51.8 13.1 410.4 22.0 29.6 138.9 158.3 48.7 12.9 44 45 46 47 48 49 50 (1) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. Levels 2011 122 Z.1, March 10, 2016 L.217 Total Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 3 4 5 6 Home Multifamily residential Commercial Farm 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 13499.5 13270.0 13262.0 13442.8 13795.8 13357.2 13442.8 13462.0 13579.9 13696.1 13795.8 1 10206.9 857.5 2267.9 167.2 9976.5 888.1 2232.2 173.2 9879.8 924.3 2273.1 184.8 9884.3 993.2 2369.0 196.3 9986.0 1098.8 2505.9 205.1 9867.5 964.9 2331.4 193.4 9884.3 993.2 2369.0 196.3 9856.2 1014.2 2393.1 198.5 9905.5 1039.7 2434.0 200.7 9961.1 1062.1 2470.0 202.9 9986.0 1098.8 2505.9 205.1 2 3 4 5 13499.5 13270.0 13262.0 13442.8 13795.8 13357.2 13442.8 13462.0 13579.9 13696.1 13795.8 6 9903.1 9689.7 9603.3 9610.2 9711.1 9591.5 9610.2 9583.9 9632.3 9686.5 9711.1 7 8 9 10 Nonfinancial business Corporate Noncorporate 3406.9 592.6 2814.3 3385.9 477.1 2908.8 3456.5 481.5 2975.0 3608.9 498.0 3110.9 3848.0 528.4 3319.6 3552.3 491.5 3060.9 3608.9 498.0 3110.9 3650.0 502.2 3147.8 3718.1 511.5 3206.6 3773.0 516.3 3256.7 3848.0 528.4 3319.6 8 9 10 11 12 Federal government REITs 0.0 189.5 0.0 194.4 0.0 202.2 0.0 223.8 0.0 236.7 0.0 213.3 0.0 223.8 0.0 228.1 0.0 229.5 0.0 236.6 0.0 236.7 11 12 13499.5 13270.0 13262.0 13442.8 13795.8 13357.2 13442.8 13462.0 13579.9 13696.1 13795.8 13 13 Total liabilities 2013 Household sector 7 Levels Total mortgages 2012 Total assets 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 100.9 27.4 36.3 82.8 25.5 33.9 77.1 27.1 34.8 82.5 28.7 36.5 79.2 30.2 39.3 82.4 28.3 35.9 82.5 28.7 36.5 81.6 29.0 37.1 81.1 29.4 37.9 79.8 29.8 38.4 79.2 30.2 39.3 14 15 16 17 18 Federal government State and local governments 109.9 202.4 111.5 205.0 115.5 203.8 117.2 209.9 116.5 227.3 117.3 208.8 117.2 209.9 118.1 214.3 117.9 218.1 116.9 222.3 116.5 227.3 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 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 4296.3 51.3 26.6 402.6 4057.9 35.5 30.9 366.5 4090.7 37.6 30.4 372.5 4123.8 37.4 27.8 377.1 4180.2 41.0 27.1 387.1 4229.2 46.6 26.8 397.7 4296.3 51.3 26.6 402.6 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 4.9 332.5 5.6 344.4 7.9 363.2 9.9 384.8 12.0 415.4 9.3 376.4 9.9 384.8 10.4 389.7 10.9 399.3 11.5 408.5 12.0 415.4 23 24 25 26 Private pension funds State and local govt. retirement funds 21.9 11.0 23.1 10.0 22.4 9.4 22.5 9.2 21.1 6.5 23.3 9.2 22.5 9.2 21.9 6.8 21.2 7.3 20.9 6.8 21.1 6.5 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 4924.0 1311.9 4823.5 1442.7 4877.8 1573.5 4870.5 1648.5 4918.9 1775.5 4854.8 1627.5 4870.5 1648.5 4868.0 1646.2 4886.2 1677.2 4914.8 1729.5 4918.9 1775.5 27 28 29 30 31 ABS issuers Finance companies REITs 1713.0 211.2 56.1 1495.5 179.5 64.5 1201.0 157.0 199.3 1099.0 148.1 244.6 1020.6 119.5 237.0 1119.8 148.2 225.4 1099.0 148.1 244.6 1088.4 144.9 239.5 1076.4 134.0 247.6 1051.3 127.9 237.3 1020.6 119.5 237.0 29 30 31 (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. 123 Z.1, March 10, 2016 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 10206.9 9976.5 9879.8 9884.3 9986.0 9867.5 9884.3 9856.2 9905.5 9961.1 9986.0 1 9702.0 10.2 494.8 9490.8 9.7 476.0 9401.2 10.0 468.6 9400.6 11.5 472.3 9490.6 13.4 482.0 9384.9 11.3 471.3 9400.6 11.5 472.3 9372.1 12.0 472.1 9417.3 12.5 475.7 9468.7 12.9 479.4 9490.6 13.4 482.0 2 3 4 10206.9 9976.5 9879.8 9884.3 9986.0 9867.5 9884.3 9856.2 9905.5 9961.1 9986.0 5 67.2 16.4 13.3 59.2 15.3 12.4 51.2 16.2 12.8 43.2 17.2 13.4 35.2 18.1 14.4 45.2 16.9 13.1 43.2 17.2 13.4 41.2 17.4 13.6 39.2 17.6 13.9 37.2 17.9 14.1 35.2 18.1 14.4 6 7 8 24.0 104.2 25.2 105.6 25.6 105.0 26.8 108.1 28.4 117.1 25.9 107.5 26.8 108.1 27.7 110.4 28.1 112.3 28.6 114.5 28.4 117.1 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 2538.0 1.3 17.8 320.5 2503.6 1.8 20.0 327.8 2385.7 1.4 18.9 345.9 2401.8 2.9 17.4 372.5 2449.3 1.5 15.8 402.6 2402.4 2.5 17.6 366.5 2401.8 2.9 17.4 372.5 2407.8 2.8 16.5 377.1 2432.8 2.8 16.3 387.1 2434.0 2.6 16.1 397.7 2449.3 1.5 15.8 402.6 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 9.0 1.6 4.0 11.0 1.6 3.6 11.3 1.4 3.4 13.7 1.4 3.3 15.4 1.2 2.1 12.6 1.5 3.3 13.7 1.4 3.3 13.4 1.3 2.4 14.0 1.3 2.6 14.6 1.3 2.4 15.4 1.2 2.1 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4587.7 1222.9 4475.6 1326.6 4546.4 1423.9 4537.9 1474.8 4567.7 1568.8 4527.2 1461.9 4537.9 1474.8 4528.3 1468.9 4540.2 1491.1 4568.4 1536.5 4567.7 1568.8 18 19 20 21 22 ABS issuers Finance companies REITs 1109.5 149.7 19.8 928.3 132.6 26.5 793.0 114.7 23.1 704.5 104.6 41.1 605.9 89.8 52.6 722.5 106.7 34.1 704.5 104.6 41.1 686.0 101.1 40.3 660.6 96.6 49.0 634.2 92.9 48.3 605.9 89.8 52.6 20 21 22 853.5 723.1 0.3 82.2 18.0 29.9 769.6 652.7 0.2 75.7 14.5 26.5 703.3 596.2 0.4 72.0 11.8 22.9 673.0 568.2 0.4 73.6 9.9 20.9 635.5 532.9 0.4 76.3 7.9 18.0 679.6 574.3 0.3 73.3 10.3 21.3 673.0 568.2 0.4 73.6 9.9 20.9 660.7 557.5 0.4 73.2 9.4 20.2 652.7 550.0 0.4 74.1 8.9 19.3 643.2 541.1 0.4 74.8 8.3 18.6 635.5 532.9 0.4 76.3 7.9 18.0 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 888.1 924.3 993.2 1098.8 964.9 993.2 1014.2 1039.7 1062.1 1098.8 1 41.5 788.1 43.1 818.3 44.7 849.5 48.1 914.0 53.4 1015.3 46.7 888.2 48.1 914.0 49.1 933.2 50.5 959.7 51.6 980.5 53.4 1015.3 2 3 0.0 27.9 0.0 26.7 0.0 30.0 0.0 31.0 0.0 30.0 0.0 30.0 0.0 31.0 0.0 31.8 0.0 29.4 0.0 30.0 0.0 30.0 4 5 857.5 888.1 924.3 993.2 1098.8 964.9 993.2 1014.2 1039.7 1062.1 1098.8 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 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 0.5 13.3 0.0 0.4 12.1 0.0 0.4 12.4 0.0 0.4 12.6 0.0 0.5 12.8 0.0 0.5 13.0 0.0 0.5 13.3 7 8 9 10 11 Federal government State and local governments 14.1 81.0 13.7 82.0 13.8 81.5 13.2 84.0 12.8 90.9 13.4 83.5 13.2 84.0 13.1 85.7 13.0 87.2 12.8 88.9 12.8 90.9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 248.3 2.9 258.5 1.4 287.9 1.1 325.9 1.3 376.9 2.4 316.4 1.0 325.9 1.3 334.9 1.4 345.8 1.6 360.9 2.2 376.9 2.4 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 49.4 2.9 3.3 51.1 2.5 3.0 53.6 2.2 2.8 56.4 2.1 2.8 59.8 1.9 1.9 55.1 2.3 2.8 56.4 2.1 2.8 57.1 2.1 2.0 58.3 2.0 2.2 59.6 1.9 2.0 59.8 1.9 1.9 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 259.2 87.3 265.5 114.2 243.5 147.8 240.8 172.1 256.9 204.3 236.4 163.9 240.8 172.1 247.1 175.7 252.8 184.6 252.8 190.6 256.9 204.3 17 18 19 20 21 ABS issuers Finance companies REITs 91.0 3.6 1.7 79.6 2.8 1.9 73.5 2.0 2.4 71.4 2.0 8.4 64.6 1.2 11.2 72.3 2.0 3.3 71.4 2.0 8.4 71.4 2.1 8.6 68.6 1.3 9.0 65.9 1.3 9.7 64.6 1.2 11.2 19 20 21 7 8 9 Total assets 857.5 Levels 2011 124 Z.1, March 10, 2016 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 3 4 5 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2267.9 2232.2 2273.1 2369.0 2505.9 2331.4 2369.0 2393.1 2434.0 2470.0 2505.9 1 201.1 500.9 1404.2 161.7 198.9 381.4 1484.3 167.7 202.1 379.7 1519.1 172.1 209.6 387.4 1579.2 192.8 220.6 407.7 1671.0 206.7 206.7 383.3 1558.1 183.4 209.6 387.4 1579.2 192.8 211.8 389.4 1595.7 196.3 215.0 396.0 1623.0 200.1 217.8 398.7 1647.0 206.6 220.6 407.7 1671.0 206.7 2 3 4 5 2267.9 2232.2 2273.1 2369.0 2505.9 2331.4 2369.0 2393.1 2434.0 2470.0 2505.9 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17.5 10.6 10.0 17.2 9.8 9.3 17.6 10.4 9.6 19.0 11.0 10.0 21.2 11.6 10.8 18.6 10.9 9.9 19.0 11.0 10.0 19.5 11.2 10.2 20.0 11.3 10.4 20.6 11.5 10.5 21.2 11.6 10.8 7 8 9 10 11 Federal government State and local governments 67.2 16.2 68.0 16.4 71.9 16.3 72.1 16.8 69.3 18.2 73.0 16.7 72.1 16.8 71.9 17.1 71.3 17.4 69.8 17.8 69.3 18.2 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1210.3 28.5 15.6 1202.2 27.6 14.9 1241.0 27.8 13.5 1301.1 33.2 13.0 1406.3 47.2 10.8 1277.5 31.8 13.3 1301.1 33.2 13.0 1318.7 33.1 11.3 1338.7 36.4 10.8 1371.0 41.7 10.8 1406.3 47.2 10.8 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 4.9 261.1 5.6 270.9 7.9 286.3 9.9 301.2 12.0 326.4 9.3 295.4 9.9 301.2 10.4 305.7 10.9 313.3 11.5 320.6 12.0 326.4 15 16 17 18 Private pension funds State and local govt. retirement funds 17.4 3.7 19.0 3.4 18.8 3.2 19.0 3.1 18.0 2.4 19.5 3.1 19.0 3.1 18.5 2.3 17.9 2.5 17.7 2.3 18.0 2.4 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 512.5 0.0 487.7 0.0 334.6 0.0 323.1 0.0 350.1 0.0 325.0 0.0 323.1 0.0 331.0 0.0 347.3 0.0 351.2 0.0 350.1 19 20 21 22 Finance companies REITs 57.9 34.6 44.1 36.1 40.3 173.9 41.4 195.1 28.5 173.2 39.5 187.9 41.4 195.1 41.7 190.6 36.2 189.7 33.8 179.3 28.5 173.2 21 22 7 8 9 Levels Total liabilities 2012 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 5 6 Household sector Nonfinancial noncorporate business 7 8 Federal government State and local governments 167.2 173.2 184.8 196.3 205.1 193.4 196.3 198.5 200.7 202.9 205.1 1 40.0 127.2 43.0 130.2 47.1 137.7 50.9 145.4 53.8 151.3 50.2 143.2 50.9 145.4 51.7 146.8 52.5 148.2 53.1 149.7 53.8 151.3 2 3 167.2 173.2 184.8 196.3 205.1 193.4 196.3 198.5 200.7 202.9 205.1 4 16.3 0.7 6.5 0.7 8.3 0.7 20.3 0.7 22.8 0.8 18.6 0.7 20.3 0.7 21.0 0.7 21.9 0.8 22.1 0.8 22.8 0.8 5 6 4.5 1.0 4.6 1.0 4.2 1.0 5.2 1.0 5.9 1.1 5.1 1.0 5.2 1.0 5.4 1.1 5.5 1.1 5.7 1.1 5.9 1.1 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 52.9 0.0 64.5 0.0 68.9 0.0 62.0 0.2 63.8 0.2 61.6 0.2 62.0 0.2 62.4 0.2 62.8 0.2 63.3 0.2 63.8 0.2 9 10 11 12 Life insurance companies State and local govt. retirement funds 13.0 0.0 11.5 0.0 12.0 0.0 13.4 0.0 13.8 0.0 13.4 0.0 13.4 0.0 13.5 0.0 13.6 0.0 13.7 0.0 13.8 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 77.1 1.7 82.5 1.9 87.9 1.8 91.8 1.6 94.3 2.3 91.2 1.7 91.8 1.6 92.6 1.6 93.2 1.6 93.7 2.4 94.3 2.3 13 14 (1) Excludes mortgages on farm houses. 125 Z.1, March 10, 2016 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 1 Total liabilities (Households) 2755.4 2922.9 3098.8 3317.2 3533.1 3249.0 3317.2 3321.1 3395.0 3478.0 3533.1 1 2 Total assets 2755.4 2922.9 3098.8 3317.2 3533.1 3249.0 3317.2 3321.1 3395.0 3478.0 3533.1 2 74.5 46.9 0.0 65.6 48.4 0.0 59.3 44.2 0.0 53.6 43.0 0.0 47.2 42.2 0.0 55.2 43.5 0.0 53.6 43.0 0.0 51.9 41.9 0.0 50.1 43.3 0.0 48.6 43.6 0.0 47.2 42.2 0.0 3 4 5 484.7 1192.6 223.0 616.8 1218.6 243.6 729.8 1271.6 265.6 840.9 1343.1 302.8 945.6 1428.3 341.7 825.9 1305.4 293.3 840.9 1343.1 302.8 881.8 1312.1 307.7 896.0 1349.6 322.7 931.6 1383.6 333.4 945.6 1428.3 341.7 6 7 8 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 46.8 681.1 0.0 49.1 676.6 0.0 49.8 684.1 0.0 48.2 677.5 0.0 51.2 682.1 0.0 48.0 689.3 0.0 46.8 681.1 9 10 11 841.2 751.2 947.9 215.0 845.9 809.2 1055.2 212.6 858.2 878.8 1146.5 215.3 890.0 957.8 1236.0 233.4 936.4 1038.2 1320.4 238.0 849.7 943.4 1226.3 229.6 890.0 957.8 1236.0 233.4 848.1 972.2 1271.8 229.1 874.1 998.3 1278.3 244.3 889.7 1030.1 1310.9 247.4 936.4 1038.2 1320.4 238.0 12 13 14 15 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 9 10 11 Government-sponsored enterprises ABS issuers Finance companies Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. Levels Memo: 12 13 14 15 126 Z.1, March 10, 2016 L.223 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2 Domestic sectors 3 4 5 Nonfinancial corporate business Publicly traded (2) Closely held 6 7 8 Financial corporations Publicly traded (3) Closely held 9 10 Levels Issues at market value Rest of the world (4) Holdings at market value 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 22446.2 25853.8 33546.6 36771.0 35687.2 35520.0 36771.0 37685.8 37547.1 34300.7 35687.2 1 17944.7 20532.0 27073.7 30051.3 28955.2 28716.2 30051.3 30567.9 30261.2 27766.3 28955.2 2 13892.0 11547.5 2344.6 15584.6 12898.9 2685.7 20612.3 16890.9 3721.4 22730.4 18686.7 4043.7 21680.7 17747.2 3933.6 21873.4 17997.4 3876.0 22730.4 18686.7 4043.7 23110.0 18740.3 4369.7 22748.3 18490.8 4257.5 20778.1 16923.6 3854.6 21680.7 17747.2 3933.6 3 4 5 4052.7 3781.3 271.4 4947.4 4627.3 320.1 6461.4 6052.2 409.1 7320.9 6861.0 459.9 7274.5 6827.1 447.4 6842.8 6412.8 430.0 7320.9 6861.0 459.9 7457.9 6960.9 497.0 7512.9 7028.7 484.2 6988.2 6549.7 438.4 7274.5 6827.1 447.4 6 7 8 4501.4 5321.9 6472.9 6719.7 6732.0 6803.7 6719.7 7118.0 7285.9 6534.4 6732.0 9 22446.2 25853.8 33546.6 36771.0 35687.2 35520.0 36771.0 37685.8 37547.1 34300.7 35687.2 10 11 12 13 14 15 16 Household sector Federal government State and local governments Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 8069.9 57.8 124.8 0.0 67.4 0.0 9401.4 39.9 138.1 0.0 71.3 0.0 12545.3 35.1 162.2 0.0 101.3 0.0 13883.1 33.4 173.8 0.0 108.5 0.0 13310.9 33.4 180.4 0.0 100.8 0.0 13359.0 33.6 169.1 0.0 105.4 0.0 13883.1 33.4 173.8 0.0 108.5 0.0 14403.0 33.3 176.9 0.0 109.0 0.0 14274.3 33.5 178.2 0.0 108.1 0.0 13051.8 33.4 172.7 0.0 93.5 0.0 13310.9 33.4 180.4 0.0 100.8 0.0 11 12 13 14 15 16 17 18 Property-casualty insurance companies Life insurance companies 220.8 1355.5 252.2 1502.7 310.4 1743.4 325.4 1798.4 313.6 1773.0 319.1 1770.3 325.4 1798.4 320.3 1828.9 316.5 1819.5 302.0 1690.5 313.6 1773.0 17 18 19 20 21 Private pension funds Federal government retirement funds State and local govt. retirement funds 1751.1 134.4 1777.4 1973.1 148.1 1944.0 2349.5 206.2 2332.1 2487.5 218.7 2438.4 2362.8 219.8 2335.6 2405.5 224.0 2340.9 2487.5 218.7 2438.4 2516.2 226.3 2473.0 2494.6 225.9 2450.6 2275.3 207.0 2245.2 2362.8 219.8 2335.6 19 20 21 22 23 24 25 26 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Funding corporations 4427.2 95.9 863.8 103.2 0.0 5109.4 100.6 1093.3 126.7 0.0 6842.9 114.2 1427.3 172.4 0.0 7377.6 119.3 1675.0 187.8 0.0 7327.0 99.6 1756.4 166.8 0.0 7219.0 123.5 1552.0 176.9 0.0 7377.6 119.3 1675.0 187.8 0.0 7604.9 118.6 1741.5 162.9 0.0 7683.5 115.9 1764.8 164.2 0.0 6951.6 101.3 1618.9 143.3 0.0 7327.0 99.6 1756.4 166.8 0.0 22 23 24 25 26 27 Rest of the world (5) 3397.2 3953.0 5204.4 5944.1 5706.9 5721.9 5944.1 5971.0 5917.5 5414.2 5706.9 27 15328.8 2616.0 1806.6 809.4 17526.2 3005.8 2066.4 939.4 22943.2 4130.5 2621.2 1509.3 25547.7 4503.6 3010.4 1493.2 24574.3 4381.0 2838.4 1542.5 24410.2 4306.0 2814.7 1491.3 25547.7 4503.6 3010.4 1493.2 25701.1 4866.7 3130.5 1736.2 25519.5 4741.7 3133.5 1608.2 23473.3 4293.0 2750.5 1542.5 24574.3 4381.0 2838.4 1542.5 28 29 30 31 -0.9 13.9 30.9 10.4 -1.5 -0.5 4.7 1.3 -0.4 -7.7 5.7 32 Memo: 28 29 30 31 Publicly traded equity at market value (6) Closely held equity at market value (7) S corporations C corporations 32 Percent change in Dow Jones U.S. Total Market Index (8) (1) Excludes mutual fund shares shown on table L.224. (2) Excludes intercorporate holdings. (3) Includes corporate equities issued by financial corporations under the federal financial stabilization programs. (4) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (5) Holdings of U.S. issues by foreign residents. (6) Equal to the sum of lines 4 and 7. (7) Equal to the sum of lines 5 and 8. (8) Annual figures calculated from year-end to year-end. L.224 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 7870.9 9326.1 11535.2 12588.5 12843.4 12329.1 12588.5 12981.3 13141.3 12409.9 12843.4 1 2 Holdings at market value 7870.9 9326.1 11535.2 12588.5 12843.4 12329.1 12588.5 12981.3 13141.3 12409.9 12843.4 2 4629.3 165.9 59.1 5634.7 179.6 66.0 7105.3 211.0 78.4 7803.6 234.9 84.4 8119.0 248.6 87.8 7633.4 227.6 81.9 7803.6 234.9 84.4 8085.7 242.2 86.0 8210.1 246.6 86.6 7807.1 236.6 83.8 8119.0 248.6 87.8 3 4 5 41.7 1.9 45.8 2.3 57.9 2.2 59.7 2.1 54.9 1.9 59.8 2.1 59.7 2.1 59.4 2.0 59.9 2.1 53.5 2.1 54.9 1.9 6 7 9.1 184.8 2117.6 291.3 11.8 201.7 2383.5 305.2 14.8 235.8 2884.1 393.7 16.8 246.4 3116.3 416.7 19.0 242.2 3087.7 400.2 16.2 242.5 3035.0 410.1 16.8 246.4 3116.3 416.7 17.5 248.7 3171.3 422.6 18.2 249.4 3190.7 415.4 17.7 233.8 2999.2 385.3 19.0 242.2 3087.7 400.2 8 9 10 11 370.4 495.4 552.0 607.7 582.2 620.4 607.7 645.9 662.4 590.8 582.2 12 3 4 5 Household sector Nonfinancial corporate business State and local governments 6 7 U.S.-chartered depository institutions Credit unions 8 9 10 11 Property-casualty insurance companies Life insurance companies 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. 127 Z.1, March 10, 2016 L.225 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total trade payables 2 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 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 3499.4 3631.8 3822.8 3980.5 4068.3 3951.0 3980.5 3992.7 4051.8 4049.0 4068.3 1 250.0 254.0 255.0 258.1 259.4 257.4 258.1 258.5 258.9 259.2 259.4 2 1771.6 482.7 1837.0 493.5 1938.3 527.5 2004.5 563.5 1969.4 616.6 1988.8 553.0 2004.5 563.5 1990.7 579.0 2010.4 592.3 1982.5 601.0 1969.4 616.6 3 4 218.5 707.4 231.9 745.5 250.6 783.4 268.0 822.2 288.0 861.1 273.0 812.5 268.0 822.2 269.5 831.7 280.4 841.5 285.4 851.4 288.0 861.1 5 6 14.3 55.1 14.2 55.7 14.5 53.4 17.9 46.2 26.3 47.5 19.9 46.6 17.9 46.2 19.2 44.0 23.6 44.7 24.2 45.4 26.3 47.5 7 8 3304.3 3378.9 3707.8 3863.5 3919.2 3912.7 3863.5 3919.6 3994.7 3993.8 3919.2 9 2240.8 594.4 2292.8 598.9 2554.0 647.8 2663.8 679.4 2646.7 729.8 2725.4 666.7 2663.8 679.4 2702.3 689.9 2751.7 703.8 2734.6 713.3 2646.7 729.8 10 11 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 15 Federal government State and local governments Property-casualty insurance companies ABS issuers 47.7 157.8 87.2 47.6 50.3 163.1 92.0 41.2 53.6 172.6 95.2 35.7 45.5 179.8 100.8 31.3 45.8 180.5 107.6 34.1 45.6 177.9 103.4 31.4 45.5 179.8 100.8 31.3 45.0 179.9 106.1 31.5 45.7 182.2 109.3 32.2 46.1 180.8 110.7 31.7 45.8 180.5 107.6 34.1 12 13 14 15 Rest of the world 128.8 140.5 148.8 162.9 174.6 162.4 162.9 164.9 169.8 176.5 174.6 16 195.1 252.9 115.0 116.9 149.1 38.3 116.9 73.1 57.1 55.2 149.1 17 16 17 Discrepancy L.226 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 1352.3 1359.3 1416.8 1477.4 1535.7 1454.8 1477.4 1501.8 1511.6 1511.0 1535.7 1 50.0 1302.3 50.3 1309.0 50.5 1366.3 51.3 1426.1 51.1 1484.6 50.9 1403.9 51.3 1426.1 50.7 1451.1 51.0 1460.7 50.8 1460.2 51.1 1484.6 2 3 1352.3 1359.3 1416.8 1477.4 1535.7 1454.8 1477.4 1501.8 1511.6 1511.0 1535.7 4 1199.3 125.5 27.6 1186.4 138.0 34.9 1233.0 143.8 39.9 1282.8 149.6 45.0 1330.6 156.2 49.0 1263.3 147.9 43.6 1282.8 149.6 45.0 1304.8 150.9 46.0 1311.5 153.1 47.0 1308.5 154.5 48.0 1330.6 156.2 49.0 5 6 7 Levels 2011 128 Z.1, March 10, 2016 L.227 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 17313.8 18353.1 19812.5 20620.6 20971.9 20355.9 20620.6 20832.6 20935.9 20614.0 20971.9 1 2 3 Life insurance companies (1) Private pension funds (2) 2258.6 6749.9 2446.8 7276.2 2726.5 8097.6 2847.4 8503.3 2874.6 8553.5 2800.3 8354.2 2847.4 8503.3 2874.8 8605.5 2875.7 8638.6 2794.9 8376.1 2874.6 8553.5 2 3 4 5 Federal government retirement funds (3) State and local govt. retirement funds 3261.1 5044.2 3378.6 5251.5 3533.0 5455.5 3651.9 5618.0 3757.5 5786.3 3627.1 5574.2 3651.9 5618.0 3683.3 5669.0 3708.9 5712.7 3715.5 5727.6 3757.5 5786.3 4 5 17313.8 18353.1 19812.5 20620.6 20971.9 20355.9 20620.6 20832.6 20935.9 20614.0 20971.9 6 5241.0 403.6 78.4 470.0 211.0 2077.0 2000.9 5907.0 428.0 79.9 505.0 216.0 2395.0 2283.1 6966.0 427.6 79.2 538.0 230.0 2922.0 2769.2 7443.0 427.8 77.6 566.0 219.0 3132.0 3020.6 7481.3 445.8 77.4 545.8 230.2 3080.3 3101.8 7343.0 423.0 78.1 557.0 224.0 3082.0 2978.8 7443.0 427.8 77.6 566.0 219.0 3132.0 3020.6 7600.0 419.2 77.4 571.0 213.0 3223.0 3096.4 7629.0 428.0 77.3 570.0 214.0 3233.0 3106.6 7266.0 442.3 77.4 553.0 223.0 3011.0 2959.3 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 6 Total liabilities 2012 Total assets (Households) (4) Memo: Levels 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 (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.228 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 73.4 84.5 96.3 116.4 120.8 124.6 116.4 142.2 128.5 123.9 120.8 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 51.7 99.7 54.0 107.4 44.9 110.5 44.6 114.4 51.7 123.1 54.2 112.8 44.6 114.4 57.7 118.2 55.8 119.9 56.0 121.0 51.7 123.1 2 3 4 U.S.-chartered depository institutions -49.1 -47.6 -47.4 -32.3 -36.7 -35.3 -32.3 -27.5 -34.4 -32.2 -36.7 4 5 6 Property-casualty insurance companies Life insurance companies -14.5 -23.6 -10.8 -28.3 8.4 -30.5 10.3 -32.4 4.0 -32.7 10.2 -30.4 10.3 -32.4 10.6 -29.9 5.9 -31.3 0.1 -33.5 4.0 -32.7 5 6 7 8 Finance companies Brokers and dealers 6.7 2.5 6.7 3.1 6.8 3.7 7.8 4.0 8.2 3.2 7.7 5.4 7.8 4.0 8.2 4.9 8.4 4.2 8.4 4.1 8.2 3.2 7 8 272.8 279.9 289.6 310.2 309.5 304.5 310.2 315.9 316.0 326.9 309.5 9 152.8 120.0 158.6 121.3 165.8 123.8 173.0 137.2 158.8 150.6 171.2 133.3 173.0 137.2 176.0 139.9 178.3 137.7 180.7 146.2 158.8 150.6 10 11 -199.4 -195.4 -193.3 -193.8 -188.7 -179.9 -193.8 -173.6 -187.5 -203.0 -188.7 12 9 10 11 12 Total business taxes receivable Federal government State and local governments Discrepancy L.229 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 7524.2 8313.9 9512.5 10168.8 10739.3 9950.2 10168.8 10375.4 10479.6 10599.6 10739.3 1 7512.3 11.9 8296.6 17.3 9496.6 15.9 10151.3 17.5 10723.4 16.0 9932.8 17.4 10151.3 17.5 10358.1 17.2 10463.4 16.2 10582.5 17.1 10723.4 16.0 2 3 129 Z.1, March 10, 2016 L.230 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 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 4599.5 4405.2 194.3 619.1 424.8 5017.5 4778.5 239.0 659.4 420.5 5339.8 5100.5 239.3 687.5 448.3 5576.0 5342.7 233.3 691.5 458.2 5709.8 5553.2 156.6 699.2 542.6 5540.7 5301.6 239.1 701.9 462.9 5576.0 5342.7 233.3 691.5 458.2 5611.3 5380.1 231.3 682.9 451.7 5633.3 5438.7 194.5 719.1 524.6 5667.5 5499.6 167.9 692.2 524.3 5709.8 5553.2 156.6 699.2 542.6 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 3759.2 272.5 90.2 54.2 221.8 201.7 4134.4 277.0 98.5 69.1 226.3 212.3 4447.0 268.5 105.5 72.2 227.7 218.9 4691.8 252.9 107.1 72.8 226.8 224.6 4793.6 250.9 113.6 75.8 238.9 236.9 4620.1 275.4 110.0 73.6 237.6 223.9 4691.8 252.9 107.1 72.8 226.8 224.6 4722.1 254.1 107.6 74.7 226.8 226.0 4729.4 256.4 110.4 76.0 230.2 230.9 4759.5 255.2 111.3 75.3 232.5 233.8 4793.6 250.9 113.6 75.8 238.9 236.9 6 7 8 9 10 11 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 2230.7 6.1 176.6 73.9 103.6 91.1 104.6 12.0 2417.2 6.3 207.7 58.1 105.3 88.7 110.4 12.6 2612.8 7.1 215.9 44.1 88.1 73.4 128.6 13.2 2760.3 7.9 219.3 47.9 101.4 72.7 133.2 13.8 2998.1 9.1 226.5 46.2 106.9 73.7 154.0 14.4 2733.1 7.7 214.5 44.6 93.9 77.9 130.5 13.7 2760.3 7.9 219.3 47.9 101.4 72.7 133.2 13.8 2855.8 8.5 217.6 47.3 108.4 72.8 135.0 14.0 2935.1 9.1 222.1 47.0 109.2 72.7 139.8 14.1 2964.2 9.2 222.4 45.7 109.0 72.7 145.8 14.3 2998.1 9.1 226.5 46.2 106.9 73.7 154.0 14.4 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 2798.7 2268.3 530.4 806.1 275.7 3006.3 2498.0 508.3 833.4 325.2 3183.2 2669.5 513.7 891.3 377.6 3356.5 2805.8 550.7 931.2 380.5 3628.9 2976.2 652.7 1053.4 400.7 3315.8 2768.7 547.1 921.4 374.3 3356.5 2805.8 550.7 931.2 380.5 3459.4 2887.4 572.0 962.7 390.7 3549.2 2912.5 636.6 1031.3 394.7 3583.4 2942.3 641.0 1034.6 393.5 3628.9 2976.2 652.7 1053.4 400.7 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) 5300.0 4405.2 894.8 619.1 275.7 5763.1 4778.5 984.6 659.4 325.2 6165.7 5100.5 1065.2 687.5 377.6 6414.7 5342.7 1072.0 691.5 380.5 6653.2 5553.2 1100.0 699.2 400.7 6377.9 5301.6 1076.2 701.9 374.3 6414.7 5342.7 1072.0 691.5 380.5 6453.7 5380.1 1073.6 682.9 390.7 6552.5 5438.7 1113.8 719.1 394.7 6585.4 5499.6 1085.8 692.2 393.5 6653.2 5553.2 1100.0 699.2 400.7 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) 3499.2 2268.3 1230.9 424.8 806.1 3751.9 2498.0 1253.9 420.5 833.4 4009.1 2669.5 1339.6 448.3 891.3 4195.2 2805.8 1389.4 458.2 931.2 4572.2 2976.2 1596.1 542.6 1053.4 4153.0 2768.7 1384.3 462.9 921.4 4195.2 2805.8 1389.4 458.2 931.2 4301.8 2887.4 1414.3 451.7 962.7 4468.4 2912.5 1555.9 524.6 1031.3 4501.2 2942.3 1558.9 524.3 1034.6 4572.2 2976.2 1596.1 542.6 1053.4 30 31 32 33 34 Alternative valuations of direct investment assets: U.S. direct investment abroad: 35 36 37 Market value Equity Intercompany debt 4514.3 4320.1 194.3 5222.9 4983.9 239.0 6291.4 6052.1 239.3 6285.3 6052.0 233.3 5811.2 5654.6 156.6 6394.7 6155.6 239.1 6285.3 6052.0 233.3 6408.7 6177.4 231.3 6385.6 6191.1 194.5 5777.3 5609.4 167.9 5811.2 5654.6 156.6 35 36 37 38 39 40 Historical cost Equity Intercompany debt 4050.0 3855.8 194.3 4410.0 4171.0 239.0 4693.3 4454.1 239.3 4920.7 4687.3 233.3 5046.1 4889.5 156.6 4887.5 4648.5 239.1 4920.7 4687.3 233.3 4956.0 4724.7 231.3 4977.9 4783.4 194.5 5012.2 4844.3 167.9 5046.1 4889.5 156.6 38 39 40 Foreign direct investment in U.S.: 41 42 43 Market value Equity Intercompany debt 3498.7 2968.4 530.4 3915.5 3407.3 508.3 4954.7 4441.0 513.7 5390.1 4839.4 550.7 5292.3 4639.6 652.7 5186.3 4639.2 547.1 5390.1 4839.4 550.7 5549.6 4977.6 572.0 5614.0 4977.4 636.6 5278.6 4637.5 641.0 5292.3 4639.6 652.7 41 42 43 44 45 46 Historical cost Equity Intercompany debt 2433.8 1903.5 530.4 2604.0 2095.8 508.3 2754.7 2241.0 513.7 2901.1 2350.4 550.7 3141.7 2489.0 652.7 2867.1 2320.0 547.1 2901.1 2350.4 550.7 3004.0 2432.0 572.0 3093.7 2457.1 636.6 3127.9 2486.9 641.0 3141.7 2489.0 652.7 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. Levels Foreign direct investment in U.S.: 130 Z.1, March 10, 2016 L.231 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 Levels 1 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 15425.3 16152.8 15687.6 15921.8 16123.4 15921.6 15921.8 16085.9 16223.0 16754.3 16123.4 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 24.3 3446.3 1168.0 24.9 3660.6 1219.7 27.9 3676.8 1261.5 29.1 3562.3 1299.8 31.2 3585.8 1306.7 29.6 3530.3 1291.6 29.1 3562.3 1299.8 30.2 3522.4 1315.4 31.0 3448.7 1314.5 30.6 3522.4 1312.7 31.2 3585.8 1306.7 2 3 4 5 6 Federal government State and local governments 1970.3 1764.6 2031.1 1793.3 2031.3 1401.4 2061.1 1377.2 2081.0 1685.8 2089.8 1448.5 2061.1 1377.2 2188.8 1368.1 2339.5 1440.5 2457.8 1735.5 2081.0 1685.8 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 29.7 2236.1 303.4 19.4 12.2 33.7 2446.4 267.8 17.3 12.6 43.5 2516.2 234.6 14.3 14.1 47.0 2851.0 222.8 12.7 15.3 47.6 2890.9 213.7 10.4 9.5 50.3 2738.3 248.4 12.6 16.8 47.0 2851.0 222.8 12.7 15.3 50.4 2863.0 225.7 11.8 15.8 50.1 2889.1 214.2 12.6 16.6 48.7 2931.9 220.8 10.9 15.7 47.6 2890.9 213.7 10.4 9.5 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 796.4 1304.3 813.4 1353.4 813.1 1381.5 827.8 1411.9 842.9 1444.4 829.3 1404.7 827.8 1411.9 825.0 1433.3 833.4 1411.1 843.7 1420.9 842.9 1444.4 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs 130.2 173.0 70.8 124.1 145.1 96.3 114.7 134.5 74.6 111.0 136.1 88.2 103.1 108.5 86.4 112.8 132.9 87.3 111.0 136.1 88.2 110.0 135.0 86.9 104.9 126.8 82.4 106.0 119.7 79.5 103.1 108.5 86.4 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 375.1 484.4 792.7 367.4 822.3 739.3 408.7 739.4 638.8 388.8 708.2 621.6 390.8 408.9 718.2 390.4 718.7 631.1 388.8 708.2 621.6 395.3 699.0 649.7 401.7 686.0 671.7 393.4 629.6 713.5 390.8 408.9 718.2 17 18 19 20 Rest of the world 324.1 184.1 160.8 149.8 157.5 158.3 149.8 160.0 148.1 161.1 157.5 20 21793.3 22703.1 23018.4 23987.2 25119.1 23750.3 23987.2 24428.9 24864.3 25628.7 25119.1 21 869.7 6784.2 2243.6 863.6 6893.1 2466.0 913.8 7295.6 2694.8 921.6 7784.2 2836.1 962.3 8624.2 3005.4 919.5 7546.8 2780.9 921.6 7784.2 2836.1 924.6 7961.2 2876.2 930.4 8170.3 2930.0 945.1 8343.7 2953.2 962.3 8624.2 3005.4 22 23 24 21 Total liabilities 2012 Total assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 Federal government State and local governments 145.6 95.7 144.6 101.5 150.5 105.3 163.0 113.0 177.4 127.4 160.9 111.3 163.0 113.0 167.9 116.6 172.2 119.8 175.0 126.4 177.4 127.4 25 26 27 28 29 30 31 32 33 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Property-casualty insurance companies Life insurance companies 223.9 704.8 44.2 11.8 61.9 0.0 357.4 199.5 602.8 43.9 12.0 62.7 0.1 375.2 233.1 528.1 57.0 20.5 61.1 0.1 403.0 235.5 547.7 71.3 33.4 66.4 0.1 476.6 216.8 541.5 58.4 34.9 75.7 0.1 507.6 235.4 517.5 74.2 21.3 65.0 0.1 439.4 235.5 547.7 71.3 33.4 66.4 0.1 476.6 228.9 559.6 75.8 31.3 75.3 0.1 499.4 224.9 541.9 69.9 36.9 71.6 0.1 476.7 219.7 566.3 61.0 36.1 71.6 0.1 497.7 216.8 541.5 58.4 34.9 75.7 0.1 507.6 27 28 29 30 31 32 33 34 35 36 Private pension funds Federal government retirement funds State and local govt. retirement funds 1668.4 1745.6 2002.9 1583.4 1793.6 2025.2 1421.4 1782.1 1637.7 1440.9 1802.0 1603.4 1595.6 1815.1 1910.9 1451.1 1839.1 1676.6 1440.9 1802.0 1603.4 1444.5 1934.0 1599.7 1480.4 2087.5 1671.7 1613.9 2205.5 1957.9 1595.6 1815.1 1910.9 34 35 36 37 38 Money market mutual funds Mutual funds 22.7 5.7 28.8 -27.4 31.6 -8.3 17.3 -12.6 9.8 -30.8 18.8 23.2 17.3 -12.6 16.7 -5.7 15.8 -11.3 13.3 -30.8 9.8 -30.8 37 38 39 40 41 42 Government-sponsored enterprises ABS issuers Finance companies REITs 148.5 70.0 -138.7 74.7 152.6 69.6 -169.0 100.4 165.6 61.1 -188.6 112.6 154.7 70.4 -170.6 134.2 149.7 72.0 -196.2 144.0 149.3 67.2 -179.8 140.6 154.7 70.4 -170.6 134.2 164.7 71.9 -164.4 140.2 166.3 70.4 -191.8 141.4 154.2 67.4 -204.1 142.3 149.7 72.0 -196.2 144.0 39 40 41 42 43 44 45 Brokers and dealers Holding companies Funding corporations 730.9 3232.1 687.6 645.1 4041.2 694.8 768.3 4064.3 707.8 812.4 4175.5 710.6 762.3 3806.4 748.8 821.8 4137.7 732.5 812.4 4175.5 710.6 839.4 4141.9 729.1 779.8 4181.6 727.8 814.9 4157.5 741.0 762.3 3806.4 748.8 43 44 45 -6368.0 -6550.3 -7330.8 -8065.3 -8995.8 -7828.6 -8065.3 -8343.0 -8641.3 -8874.4 -8995.8 46 46 Discrepancy 131 Z.1, March 10, 2016 L.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 55.4 55.4 57.8 57.8 60.0 60.0 62.4 62.4 64.6 64.6 62.2 62.2 62.4 62.4 64.6 64.6 64.6 64.6 64.6 64.6 64.6 64.6 1 2 26.9 26.9 27.4 27.4 27.5 27.5 28.6 28.6 29.5 29.5 28.2 28.2 28.6 28.6 28.8 28.8 29.1 29.1 29.3 29.3 29.5 29.5 3 4 Liab.: Government-sponsored enterprises 43.1 41.2 41.7 42.9 42.9 42.4 42.9 41.8 42.9 42.3 42.9 5 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) 0.5 7.0 0.0 30.6 2.9 0.0 2.0 0.1 0.0 0.6 7.2 0.0 28.4 2.9 0.1 2.0 0.1 0.0 0.6 7.7 0.0 27.8 2.4 0.1 2.9 0.1 0.1 0.7 8.5 0.0 27.3 2.9 0.1 3.0 0.1 0.3 0.7 9.0 0.0 25.0 3.5 0.1 3.0 0.2 1.3 0.7 8.3 0.0 27.2 2.8 0.1 3.0 0.1 0.2 0.7 8.5 0.0 27.3 2.9 0.1 3.0 0.1 0.3 0.8 8.6 0.0 25.7 3.0 0.1 3.1 0.1 0.4 0.8 8.7 0.0 26.2 3.2 0.1 3.2 0.1 0.6 0.8 8.9 0.0 24.9 3.3 0.1 3.1 0.2 1.0 0.7 9.0 0.0 25.0 3.5 0.1 3.0 0.2 1.3 6 7 8 9 10 11 12 13 14 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 12 13 14 15 16 17 18 19 20 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 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 2133.2 5.3 11.5 62.2 1092.4 83.3 2171.3 4.5 12.0 59.8 1019.5 89.2 2059.2 5.1 11.5 62.1 1085.7 93.2 2133.2 5.3 11.5 62.2 1092.4 83.3 2112.8 3.9 11.8 61.1 1075.5 92.0 2141.6 4.6 11.8 58.7 1130.7 80.3 2160.8 4.8 12.1 58.4 1135.1 93.2 2171.3 4.5 12.0 59.8 1019.5 89.2 15 16 17 18 19 20 21 Asset: Holding companies 2655.4 3184.0 3214.0 3387.9 3356.3 3316.8 3387.9 3357.1 3427.7 3464.4 3356.3 21 69.1 69.1 71.7 71.7 86.4 86.4 100.5 100.5 96.5 96.5 100.3 100.3 100.5 100.5 98.7 98.7 94.7 94.7 94.4 94.4 96.5 96.5 22 23 NFC investment in finance company subsidiaries: 22 23 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 24 25 Liab.: Foreign banking offices in U.S. Brokers and dealers 137.8 549.7 126.0 568.8 123.5 584.3 103.2 607.4 105.4 643.4 127.8 604.6 103.2 607.4 96.2 632.9 109.1 618.7 108.4 632.6 105.4 643.4 24 25 26 Asset: Funding corporations 687.6 694.8 707.8 710.6 748.8 732.5 710.6 729.1 727.8 741.0 748.8 26 8.8 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 27 28 29 Equity investment under Public-Private Inv. Program: 27 28 29 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). Levels Holding company net transactions with subsidiaries: 132 Z.1, March 10, 2016 L.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 2015 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (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 3.6 2.6 1.0 2.9 2.6 0.2 4.2 2.6 1.5 3.4 2.6 0.8 3.3 2.6 0.6 3.3 2.6 0.7 3.6 2.6 1.0 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 12.6 12.6 13.7 13.7 10.6 10.6 9.1 9.1 6.3 6.3 9.3 9.3 9.1 9.1 10.2 10.2 9.2 9.2 8.3 8.3 6.3 6.3 6 7 70.0 70.0 69.6 69.6 61.1 61.1 70.4 70.4 72.0 72.0 67.2 67.2 70.4 70.4 71.9 71.9 70.4 70.4 67.4 67.4 72.0 72.0 8 9 24.3 24.3 24.9 24.9 27.9 27.9 29.1 29.1 31.2 31.2 29.6 29.6 29.1 29.1 30.2 30.2 31.0 31.0 30.6 30.6 31.2 31.2 10 11 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 Funding agreements backing securities (2): 8 9 Liab.: Life insurance companies Asset: ABS issuers Levels Deferred and unpaid life insurance premiums: 10 11 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 12 13 14 15 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 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 42.9 318.9 234.9 39.1 45.0 311.5 228.7 39.1 43.7 310.0 228.3 38.8 42.9 313.5 230.2 38.5 44.7 314.0 231.1 38.9 44.0 319.0 234.8 39.1 45.0 318.9 234.9 39.1 45.0 12 13 14 15 16 Asset: Household sector 305.5 303.7 304.2 310.0 318.9 311.5 310.0 313.5 314.0 319.0 318.9 16 Policy payables: 17 Liab.: Property-casualty insurance companies 796.4 802.1 807.8 822.5 838.3 824.2 822.5 821.1 828.8 838.9 838.3 17 18 19 20 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 338.4 331.0 127.0 320.7 339.0 142.5 358.4 333.0 116.5 350.0 343.2 129.4 374.3 345.3 118.7 354.8 342.8 126.6 350.0 343.2 129.4 353.6 341.6 126.0 361.4 343.6 123.8 370.7 346.5 121.6 374.3 345.3 118.7 18 19 20 623.0 483.7 139.2 639.5 503.5 136.0 655.4 525.2 130.2 650.1 532.1 118.0 645.9 530.2 115.7 643.8 525.6 118.2 650.1 532.1 118.0 657.2 537.6 119.6 655.5 536.1 119.4 629.9 517.7 112.2 645.9 530.2 115.7 21 22 23 93.8 93.8 81.4 81.4 79.0 79.0 77.9 77.9 80.7 80.7 78.4 78.4 77.9 77.9 79.6 79.6 79.9 79.9 79.8 79.8 80.7 80.7 24 25 658.7 658.7 579.5 579.5 673.5 673.5 720.6 720.6 706.8 706.8 735.4 735.4 720.6 720.6 755.4 755.4 703.1 703.1 747.5 747.5 706.8 706.8 26 27 221.4 221.4 234.8 234.8 246.9 246.9 257.3 257.3 264.7 264.7 248.8 248.8 257.3 257.3 253.2 253.2 250.6 250.6 251.0 251.0 264.7 264.7 28 29 Unallocated insurance company contracts: 21 22 23 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 24 25 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 26 27 Liab.: Funding corporations Asset: Brokers and dealers Retiree health care funds (3): 28 29 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor: 30 31 32 Liab.: Nonfinancial corporate business Federal government State and local governments 517.7 1745.6 1764.6 391.0 1793.6 1793.3 181.7 1782.1 1401.4 166.3 1802.0 1377.2 297.3 1815.1 1685.8 184.8 1839.1 1448.5 166.3 1802.0 1377.2 154.8 1934.0 1368.1 187.4 2087.5 1440.5 335.8 2205.5 1735.5 297.3 1815.1 1685.8 30 31 32 33 34 35 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 517.7 1745.6 1764.6 391.0 1793.6 1793.3 181.7 1782.1 1401.4 166.3 1802.0 1377.2 297.3 1815.1 1685.8 184.8 1839.1 1448.5 166.3 1802.0 1377.2 154.8 1934.0 1368.1 187.4 2087.5 1440.5 335.8 2205.5 1735.5 297.3 1815.1 1685.8 33 34 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables L.132 and L.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 133 Z.1, March 10, 2016 L.234 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2012 2013 2014 2015 2014 Q3 1 Total liabilities 2015 Q4 Q1 Q2 Q3 Q4 4943.1 5328.4 5307.1 5283.7 5009.3 5207.1 5283.7 5304.5 5166.3 5057.3 5009.3 1 2834.9 1168.0 3188.1 1219.7 3416.1 1261.5 3318.1 1299.8 3207.8 1306.7 3267.1 1291.6 3318.1 1299.8 3288.0 1315.4 3181.4 1314.5 3106.8 1312.7 3207.8 1306.7 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 3.2 2.8 527.1 165.6 19.4 12.2 2.8 6.3 557.2 141.7 17.3 12.6 2.3 16.0 578.9 111.1 14.3 14.1 1.8 18.4 717.8 119.6 12.7 15.3 1.2 18.1 719.6 108.3 10.4 9.5 1.9 22.2 679.1 120.5 12.6 16.8 1.8 18.4 717.8 119.6 12.7 15.3 1.6 21.6 750.3 129.4 11.8 15.8 1.5 21.0 747.5 105.1 12.6 16.6 1.3 19.4 771.1 112.4 10.9 15.7 1.2 18.1 719.6 108.3 10.4 9.5 4 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs 233.8 74.5 9.3 70.8 323.4 69.2 -17.7 96.3 350.1 62.4 -27.2 74.6 370.0 59.0 -26.6 88.2 395.7 54.0 -47.7 86.4 370.7 61.0 -29.5 87.3 370.0 59.0 -26.6 88.2 378.9 58.0 -24.8 86.9 359.3 52.8 -26.6 82.4 392.6 55.4 -33.1 79.5 395.7 54.0 -47.7 86.4 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations -788.1 484.4 125.2 -1261.8 822.3 151.1 -1263.1 739.4 -43.5 -1310.9 708.2 -107.7 -1272.2 408.9 2.6 -1299.8 718.7 -113.0 -1310.9 708.2 -107.7 -1313.1 699.0 -114.4 -1347.6 686.0 -40.1 -1374.3 629.6 -42.7 -1272.2 408.9 2.6 14 15 16 11311.1 11878.7 12637.9 13349.1 14005.1 13035.7 13349.1 13647.5 13807.6 13931.7 14005.1 17 6383.6 2109.5 6481.9 2316.4 6875.6 2570.5 7339.8 2698.2 8181.7 2877.7 7103.0 2646.0 7339.8 2698.2 7520.2 2741.6 7731.2 2797.5 7902.0 2822.7 8181.7 2877.7 18 19 83.2 95.7 79.8 101.5 83.4 105.3 93.6 113.0 105.8 127.4 91.7 111.3 93.6 113.0 96.3 116.6 100.7 119.8 103.4 126.4 105.8 127.4 20 21 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 6 7 8 9 17 Total assets 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 20 21 Federal government State and local governments 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 124.0 634.8 44.2 11.8 59.1 190.6 533.3 43.9 12.0 59.8 232.8 462.2 57.0 20.5 58.8 233.9 482.8 71.3 33.4 63.5 215.8 480.7 58.4 34.9 72.2 235.2 452.8 74.2 21.3 62.2 233.9 482.8 71.3 33.4 63.5 228.1 494.8 75.8 31.3 72.3 224.3 477.3 69.9 36.9 68.4 219.1 503.8 61.0 36.1 68.3 215.8 480.7 58.4 34.9 72.2 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds 331.1 573.3 99.1 348.2 607.4 95.9 372.2 635.5 106.2 444.5 664.6 108.3 473.3 687.3 109.4 406.8 662.2 109.9 444.5 664.6 108.3 466.1 672.5 112.0 442.5 677.0 111.8 464.0 680.7 110.2 473.3 687.3 109.4 27 28 29 30 31 Mutual funds Money market mutual funds 5.7 22.7 -27.4 28.8 -8.3 31.6 -12.6 17.3 -30.8 9.8 23.2 18.8 -12.6 17.3 -5.7 16.7 -11.3 15.8 -30.8 13.3 -30.8 9.8 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs 148.5 -138.8 74.7 152.6 -169.0 100.4 165.6 -188.8 112.5 154.7 -170.7 133.9 149.7 -196.4 142.7 149.3 -179.9 140.3 154.7 -170.7 133.9 164.7 -164.5 139.8 166.3 -191.9 140.8 154.2 -204.3 141.3 149.7 -196.4 142.7 32 33 34 35 36 Brokers and dealers Holding companies 72.2 576.7 65.6 857.2 94.8 850.3 91.7 787.6 55.5 450.1 86.4 820.9 91.7 787.6 84.0 784.8 76.7 753.9 67.4 693.1 55.5 450.1 35 36 -6368.0 -6550.3 -7330.8 -8065.3 -8995.8 -7828.6 -8065.3 -8343.0 -8641.3 -8874.4 -8995.8 37 37 Discrepancy Levels 2011 134 Z.1, March 10, 2016 B.101 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 1 2 3 4 5 6 7 8 Balance Sheets 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 2015 Q4 Q1 Q2 Q3 Q4 76999.6 83216.7 93176.0 98353.2 101305.8 96592.6 98353.2 100143.9 100774.1 99535.8 101305.8 1 23451.7 25149.1 27714.9 29197.1 30979.1 28800.2 29197.1 29661.2 30070.0 30461.6 30979.1 2 18326.0 16164.6 2161.4 293.0 109.4 4723.3 19882.5 17576.3 2306.2 301.8 115.9 4848.9 22346.6 19678.5 2668.0 309.1 121.5 4937.8 23713.4 20774.3 2939.2 320.0 125.9 5037.8 25275.8 22029.3 3246.5 331.5 131.4 5240.3 23336.2 20486.2 2850.0 317.2 124.7 5022.1 23713.4 20774.3 2939.2 320.0 125.9 5037.8 24136.1 21100.6 3035.5 323.3 126.8 5075.0 24472.4 21382.1 3090.3 325.9 127.5 5144.2 24817.5 21647.4 3170.1 328.9 129.5 5185.6 25275.8 22029.3 3246.5 331.5 131.4 5240.3 3 4 5 6 7 8 53547.9 58067.7 65461.1 69156.0 70326.7 67792.4 69156.0 70482.7 70704.1 69074.2 70326.7 9 10 11 12 13 14 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8711.3 57.4 724.1 6820.0 1109.8 9236.3 49.5 887.4 7187.1 1112.4 9611.5 51.7 1021.6 7397.7 1140.5 10201.9 45.3 1162.8 7894.9 1098.9 10693.1 31.8 1222.2 8383.4 1055.7 9923.0 52.2 1080.6 7702.8 1087.3 10201.9 45.3 1162.8 7894.9 1098.9 10337.0 43.8 1170.5 8120.9 1001.8 10306.5 39.1 1191.1 8091.3 985.0 10412.3 35.7 1114.6 8268.7 993.2 10693.1 31.8 1222.2 8383.4 1055.7 10 11 12 13 14 15 16 17 18 19 20 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4305.7 19.4 708.2 363.4 1805.6 1409.1 4151.9 18.8 913.8 302.3 1660.9 1256.0 3749.3 15.0 975.9 298.4 1607.7 852.3 3244.4 14.9 874.0 99.7 1540.4 715.5 3230.6 13.7 1271.7 134.6 1514.8 295.8 3335.2 15.9 837.0 123.5 1553.7 805.1 3244.4 14.9 874.0 99.7 1540.4 715.5 3190.5 15.2 864.7 96.5 1556.2 657.7 3256.8 15.7 976.7 102.3 1567.9 594.2 3341.1 14.3 1121.9 120.4 1550.4 534.2 3230.6 13.7 1271.7 134.6 1514.8 295.8 15 16 17 18 19 20 21 22 23 24 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) 924.9 749.5 100.9 74.5 926.4 777.9 82.8 65.6 977.8 841.4 77.1 59.3 1029.3 893.2 82.5 53.6 969.0 842.6 79.2 47.2 1053.0 915.5 82.4 55.2 1029.3 893.2 82.5 53.6 1029.2 895.7 81.6 51.9 999.1 867.9 81.1 50.1 994.7 866.3 79.8 48.6 969.0 842.6 79.2 47.2 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Life insurance reserves Pension entitlements (7) Equity in noncorporate business (8) Miscellaneous assets 8069.9 4629.3 1199.3 17313.8 7524.2 869.7 9401.4 5634.7 1186.4 18353.1 8313.9 863.6 12545.3 7105.3 1233.0 19812.5 9512.5 913.8 13883.1 7803.6 1282.8 20620.6 10168.8 921.6 13310.9 8119.0 1330.6 20971.9 10739.3 962.3 13359.0 7633.4 1263.3 20355.9 9950.2 919.5 13883.1 7803.6 1282.8 20620.6 10168.8 921.6 14403.0 8085.7 1304.8 20832.6 10375.4 924.6 14274.3 8210.1 1311.5 20935.9 10479.6 930.4 13051.8 7807.1 1308.5 20614.0 10599.6 945.1 13310.9 8119.0 1330.6 20971.9 10739.3 962.3 25 26 27 28 29 30 13576.8 13638.2 13786.1 14164.3 14509.8 14072.1 14164.3 14149.4 14294.4 14376.7 14509.8 31 255.5 13047.0 9702.0 2755.4 11.5 376.9 201.1 241.0 13118.3 9490.8 2922.9 62.6 443.1 198.9 227.8 13275.3 9401.2 3098.8 92.7 480.5 202.1 223.1 13654.0 9400.6 3317.2 212.9 513.7 209.6 217.7 14001.5 9490.6 3533.1 317.9 439.4 220.6 224.6 13560.6 9384.9 3249.0 186.7 533.3 206.7 223.1 13654.0 9400.6 3317.2 212.9 513.7 209.6 223.0 13637.7 9372.1 3321.1 233.7 499.0 211.8 219.7 13784.8 9417.3 3395.0 247.3 510.1 215.0 217.2 13869.7 9468.7 3478.0 268.7 436.5 217.8 217.7 14001.5 9490.6 3533.1 317.9 439.4 220.6 32 33 34 35 36 37 38 250.0 24.3 254.0 24.9 255.0 27.9 258.1 29.1 259.4 31.2 257.4 29.6 258.1 29.1 258.5 30.2 258.9 31.0 259.2 30.6 259.4 31.2 39 40 63422.8 69578.6 79389.9 84188.9 86796.0 82520.5 84188.9 85994.5 86479.7 85159.0 86796.0 41 31 Liabilities 32 33 34 35 36 37 38 Debt securities (municipal securities) (10) Loans Home mortgages (9) Consumer credit Depository institution loans n.e.c. Other loans and advances Commercial mortgages (10) 39 40 Trade payables (10) Deferred and unpaid life insurance premiums 41 Net worth Memo: 42 43 44 45 Assets held in IRAs (11) Assets held in 529 college plans (11) College savings plans Prepaid tuition plans 5241.0 165.4 144.6 20.8 5907.0 191.2 168.6 22.6 6966.0 227.1 204.1 23.0 7443.0 247.9 223.9 24.0 7481.3 253.2 229.8 23.4 7343.0 243.2 219.1 24.1 7443.0 247.9 223.9 24.0 7600.0 254.6 230.4 24.1 7629.0 258.5 234.2 24.3 7266.0 245.4 221.6 23.8 ND 253.2 229.8 23.4 42 43 44 45 46 47 48 49 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 12845.4 12641.9 203.4 1464.6 13246.2 13035.9 210.3 1501.4 14237.1 14014.1 223.0 1577.5 15148.4 14914.6 233.8 1632.7 15424.5 15186.4 238.1 1627.6 14938.5 14707.2 231.4 1619.6 15148.4 14914.6 233.8 1632.7 15169.6 14935.4 234.1 1625.7 15175.7 14941.5 234.2 1618.5 15319.3 15082.8 236.4 1625.9 15424.5 15186.4 238.1 1627.6 46 47 48 49 11801.4 537.42 6462.7 39.98 12403.7 560.95 8085.5 46.00 12395.6 640.47 10277.3 52.23 12913.9 651.92 11373.7 54.75 13396.8 647.89 12538.8 56.92 12982.7 635.62 11101.3 54.19 13116.8 641.84 11373.7 54.75 13179.8 652.47 11728.5 55.58 13338.3 648.36 11964.8 55.96 13486.4 631.44 12178.7 56.26 13582.6 639.03 12538.8 56.92 50 51 52 53 50 51 52 53 Disposable personal income (DPI) (SAAR) Net worth/DPI (percent) (line 41/line 50) Owners’ equity in real estate (line 4 less line 34) Owners’ equity/real estate (percent) (line 52/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) Includes cash accounts at brokers and dealers and 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 and at life insurance companies. Excludes social security. (8) Net worth of nonfinancial noncorporate business (table B.104, line 35) 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. 135 Z.1, March 10, 2016 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 2 3 4 5 6 7 Assets Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) Financial assets 30504.4 31946.7 34802.3 37141.0 39501.4 36444.2 37141.0 37761.3 38338.0 38883.9 39501.4 1 15995.5 16858.3 18541.8 19981.9 21417.0 19583.1 19981.9 20409.1 20692.4 21070.4 21417.0 2 8231.0 4008.0 1746.9 2009.6 8799.4 4139.4 1819.4 2100.0 10199.3 4269.8 1920.0 2152.9 11338.7 4442.8 2002.7 2197.7 12485.4 4609.1 2103.4 2219.1 10982.3 4397.8 1983.2 2219.8 11338.7 4442.8 2002.7 2197.7 11687.4 4490.7 2022.3 2208.7 11885.0 4527.8 2040.4 2239.2 12196.8 4570.9 2071.4 2231.1 12485.4 4609.1 2103.4 2219.1 3 4 5 6 14508.9 15088.4 16260.5 17159.1 18084.4 16861.1 17159.1 17352.2 17645.6 17813.6 18084.4 7 8 9 10 11 12 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 34.8 265.3 561.9 462.4 12.6 35.4 219.8 595.2 519.4 9.7 77.5 283.3 631.1 559.1 8.7 62.8 319.9 615.4 580.2 21.3 37.7 381.6 573.1 586.4 20.3 69.7 315.4 612.7 539.1 20.8 62.8 319.9 615.4 580.2 21.3 46.5 336.1 584.1 563.5 20.2 51.5 370.1 572.1 561.3 21.8 33.1 383.7 565.0 571.0 17.3 37.7 381.6 573.1 586.4 20.3 8 9 10 11 12 13 14 15 16 17 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 147.4 67.9 43.0 14.3 22.3 135.0 59.5 39.4 13.1 22.9 121.8 52.9 38.8 8.9 21.2 113.2 53.6 35.2 11.7 12.7 99.7 47.4 29.1 9.7 13.5 111.7 51.6 35.6 11.9 12.7 113.2 53.6 35.2 11.7 12.7 103.1 50.7 28.4 9.5 14.5 98.0 50.1 25.8 8.6 13.6 95.8 48.3 25.9 8.6 12.9 99.7 47.4 29.1 9.7 13.5 13 14 15 16 17 18 19 20 Loans Mortgages Consumer credit 74.3 27.4 46.9 74.0 25.5 48.4 71.3 27.1 44.2 71.6 28.7 43.0 72.4 30.2 42.2 71.8 28.3 43.5 71.6 28.7 43.0 70.9 29.0 41.9 72.7 29.4 43.3 73.4 29.8 43.6 72.4 30.2 42.2 18 19 20 21 22 23 24 Mutual fund shares (1) Trade receivables U.S. direct investment abroad (3) Miscellaneous assets 165.9 2240.8 3759.2 6784.2 179.6 2292.8 4134.4 6893.1 211.0 2554.0 4447.0 7295.6 234.9 2663.8 4691.8 7784.2 248.6 2646.7 4793.6 8624.2 227.6 2725.4 4620.1 7546.8 234.9 2663.8 4691.8 7784.2 242.2 2702.3 4722.1 7961.2 246.6 2751.7 4729.4 8170.3 236.6 2734.6 4759.5 8343.7 248.6 2646.7 4793.6 8624.2 21 22 23 24 13878.4 14695.5 15396.6 15991.1 16701.9 15797.7 15991.1 16208.3 16410.5 16569.7 16701.9 25 25 Liabilities 26 27 28 29 Debt securities Commercial paper Municipal securities (4) Corporate bonds (3) 4148.0 116.3 493.9 3537.7 4500.7 130.3 509.1 3861.2 4803.4 144.5 518.5 4140.4 5107.4 182.0 518.4 4407.1 5518.0 176.5 534.3 4807.1 5044.6 207.1 514.8 4322.8 5107.4 182.0 518.4 4407.1 5232.2 188.2 525.1 4518.9 5386.3 177.5 536.5 4672.4 5489.9 201.2 536.5 4752.2 5518.0 176.5 534.3 4807.1 26 27 28 29 30 31 32 33 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 2230.1 629.2 1008.3 592.6 2226.1 712.1 1036.9 477.1 2320.4 775.8 1063.1 481.5 2512.0 868.5 1145.6 498.0 2578.9 947.8 1102.7 528.4 2446.7 833.9 1121.3 491.5 2512.0 868.5 1145.6 498.0 2549.5 888.5 1158.8 502.2 2574.2 910.0 1152.7 511.5 2554.8 917.0 1121.4 516.3 2578.9 947.8 1102.7 528.4 30 31 32 33 34 35 36 37 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities 1771.6 51.7 2230.7 3446.3 1837.0 54.0 2417.2 3660.6 1938.3 44.9 2612.8 3676.8 2004.5 44.6 2760.3 3562.3 1969.4 51.7 2998.1 3585.8 1988.8 54.2 2733.1 3530.3 2004.5 44.6 2760.3 3562.3 1990.7 57.7 2855.8 3522.4 2010.4 55.8 2935.1 3448.7 1982.5 56.0 2964.2 3522.4 1969.4 51.7 2998.1 3585.8 34 35 36 37 16626.0 17251.2 19405.7 21149.9 22799.5 20646.5 21149.9 21552.9 21927.5 22314.2 22799.5 38 165.7 7425.5 13892.0 38.36 45.91 83.56 171.0 7678.2 15584.6 38.99 43.16 90.34 178.2 7976.6 20612.3 36.71 34.56 106.22 184.2 8227.1 22730.4 36.03 33.52 107.47 187.7 8233.7 21680.7 35.51 37.35 95.09 182.9 8167.5 21873.4 36.28 34.25 105.94 184.2 8227.1 22730.4 36.03 33.52 107.47 184.5 8200.4 23110.0 36.11 33.67 107.22 184.6 8172.6 22748.3 36.30 34.99 103.74 186.4 8218.2 20778.1 36.05 38.72 93.12 187.7 8233.7 21680.7 35.51 37.35 95.09 39 40 41 42 43 44 38 39 40 41 42 43 44 Net worth (market value) Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (lines 26+30/line 38) Debt/equities (percent) (lines 26+30/line 41) Equities/net worth (percent) (line 41/line 38) With nonfinancial assets stated at historical cost: 45 46 47 48 49 50 Assets (sum of lines 7 and 46) Nonfinancial assets Real estate Equipment Intellectual property products Inventories 25957.6 11448.7 4537.7 3592.0 1637.6 1681.4 27053.5 11965.2 4726.7 3744.2 1708.9 1785.3 28726.9 12466.5 4922.9 3894.2 1789.5 1859.9 30164.2 13005.1 5153.2 4067.6 1880.8 1903.4 31628.6 13544.2 5372.8 4252.7 1988.1 1930.5 29764.9 12903.8 5096.9 4022.7 1856.4 1927.8 30164.2 13005.1 5153.2 4067.6 1880.8 1903.4 30535.4 13183.2 5206.9 4113.3 1906.6 1956.5 30949.3 13303.7 5255.3 4158.4 1934.1 1955.9 31249.7 13436.1 5314.5 4206.5 1961.0 1954.1 31628.6 13544.2 5372.8 4252.7 1988.1 1930.5 45 46 47 48 49 50 51 Net worth (historical cost) (line 45 less line 25) 12079.2 12358.0 13330.3 14173.0 14926.7 13967.2 14173.0 14327.0 14538.8 14680.0 14926.7 51 82.7 3949.4 52.80 84.5 4128.7 54.43 87.0 4317.2 53.44 90.1 4531.9 53.76 94.0 4733.9 54.24 89.3 4477.9 53.64 90.1 4531.9 53.76 91.0 4583.3 54.32 92.0 4635.3 54.75 93.0 4685.5 54.80 94.0 4733.9 54.24 52 53 54 Memo: Historical-cost value of structures: 52 Residential 53 Nonresidential 54 Debt/net worth (percent) (lines 26+30/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. Balance Sheets With nonfinancial assets stated at either market value or replacement cost: 1 136 Z.1, March 10, 2016 B.104 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 1 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 13155.4 14180.9 15565.3 16508.4 17466.1 16181.6 16508.4 16808.1 17016.9 17206.0 17466.1 1 Nonfinancial assets 9230.2 9954.6 11034.3 11733.9 12351.3 11507.0 11733.9 11952.9 12071.2 12200.1 12351.3 2 3 4 5 Real estate (1) Residential Nonresidential 8001.5 4608.7 3392.8 8687.9 4981.0 3706.9 9727.7 5552.3 4175.4 10369.1 5834.8 4534.3 11150.6 6366.8 4783.8 10148.2 5725.6 4422.7 10369.1 5834.8 4534.3 10628.2 6014.1 4614.1 10780.1 6126.0 4654.1 10951.7 6229.0 4722.8 11150.6 6366.8 4783.8 3 4 5 6 7 8 Equipment (2) Residential (3) Nonresidential 740.7 43.9 696.8 772.6 44.4 728.3 804.9 43.5 761.5 838.2 42.3 795.9 795.6 42.1 753.4 831.9 42.8 789.1 838.2 42.3 795.9 829.4 42.2 787.2 820.3 42.5 777.8 807.0 42.2 764.7 795.6 42.1 753.4 6 7 8 Intellectual property products (2) Inventories (2) 196.6 291.3 204.7 289.3 214.6 287.1 223.3 303.3 132.6 272.4 225.4 301.4 223.3 303.3 203.1 292.3 179.5 291.3 156.4 285.0 132.6 272.4 9 10 3925.1 4226.3 4531.0 4774.5 5114.8 4674.6 4774.5 4855.1 4945.7 5005.9 5114.8 11 556.3 362.2 77.7 615.5 372.3 80.7 627.6 383.8 82.7 663.2 410.1 86.7 704.1 477.5 91.7 649.8 395.0 85.1 663.2 410.1 86.7 671.5 428.8 88.1 682.9 437.1 89.4 690.2 455.2 90.1 704.1 477.5 91.7 12 13 14 11 Financial assets 12 13 14 Checkable deposits and currency Time and savings deposits Money market fund shares 15 16 17 Debt securities Treasury securities Municipal securities 54.8 48.9 5.9 59.0 52.9 6.1 59.5 55.2 4.4 62.4 57.9 4.6 67.1 62.1 4.9 61.3 56.8 4.5 62.4 57.9 4.6 63.4 58.8 4.6 64.7 59.9 4.7 65.5 60.7 4.8 67.1 62.1 4.9 15 16 17 18 19 20 Loans Mortgages Consumer credit 36.3 36.3 0.0 33.9 33.9 0.0 34.8 34.8 0.0 36.5 36.5 0.0 39.3 39.3 0.0 35.9 35.9 0.0 36.5 36.5 0.0 37.1 37.1 0.0 37.9 37.9 0.0 38.4 38.4 0.0 39.3 39.3 0.0 18 19 20 21 22 23 24 25 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 594.4 2243.6 127.0 7.0 2109.5 598.9 2466.0 142.5 7.2 2316.4 647.8 2694.8 116.5 7.7 2570.5 679.4 2836.1 129.4 8.5 2698.2 729.8 3005.4 118.7 9.0 2877.7 666.7 2780.9 126.6 8.3 2646.0 679.4 2836.1 129.4 8.5 2698.2 689.9 2876.2 126.0 8.6 2741.6 703.8 2930.0 123.8 8.7 2797.5 713.3 2953.2 121.6 8.9 2822.7 729.8 3005.4 118.7 9.0 2877.7 21 22 23 24 25 5643.0 5884.3 6068.7 6357.1 6742.7 6248.9 6357.1 6449.9 6553.5 6623.5 6742.7 26 3886.6 900.9 171.3 2814.3 4057.3 968.0 180.6 2908.8 4162.0 1000.4 186.6 2975.0 4371.5 1064.6 196.1 3110.9 4687.3 1164.5 203.2 3319.6 4283.8 1032.7 190.2 3060.9 4371.5 1064.6 196.1 3110.9 4428.8 1086.7 194.3 3147.8 4517.8 1115.4 195.8 3206.6 4579.5 1125.0 197.8 3256.7 4687.3 1164.5 203.2 3319.6 27 28 29 30 482.7 99.7 493.5 107.4 527.5 110.5 563.5 114.4 616.6 123.1 553.0 112.8 563.5 114.4 579.0 118.2 592.3 119.9 601.0 121.0 616.6 123.1 31 32 6.1 1168.0 6.3 1219.7 7.1 1261.5 7.9 1299.8 9.1 1306.7 7.7 1291.6 7.9 1299.8 8.5 1315.4 9.1 1314.5 9.2 1312.7 9.1 1306.7 33 34 7512.3 8296.6 9496.6 10151.3 10723.4 9932.8 10151.3 10358.1 10463.4 10582.5 10723.4 35 2831.2 1730.1 2897.1 1780.8 3029.3 1856.9 3140.5 1924.3 3175.3 2057.8 3116.6 1907.9 3140.5 1924.3 3139.6 1949.7 3135.3 1973.4 3159.3 2017.8 3175.3 2057.8 36 37 51.74 48.90 43.83 43.06 43.71 43.13 43.06 42.76 43.18 43.27 43.71 38 26 Balance Sheets 2013 2 9 10 Assets 2012 Liabilities 27 28 29 30 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 31 32 Trade payables Taxes payable 33 34 Foreign direct investment in U.S. Miscellaneous liabilities 35 Net worth (5) Memo: 36 37 38 Replacement-cost value of structures: Residential Nonresidential Debt/net worth (percent) (line 27/line 35) (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. 137 Z.1, March 10, 2016 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 1 2 Change in net worth (1) Net investment 2015 Q4 Q1 Q2 Q3 Q4 1147.5 6155.7 9811.4 4798.9 2607.2 278.5 1668.4 1805.7 485.2 -1320.7 1637.0 1 1530.4 1275.7 1321.6 1065.2 1276.8 124.5 453.3 573.4 57.7 263.9 381.8 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 164.8 1501.3 1336.5 259.9 1627.0 1367.0 304.5 1717.1 1412.5 335.3 1793.4 1458.1 431.7 1897.2 1465.5 88.8 455.0 366.2 90.3 459.7 369.5 100.7 462.3 361.6 108.5 472.3 363.8 110.7 479.2 368.5 111.8 483.4 371.6 3 4 5 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 1365.6 1295.7 -69.9 1015.7 1279.3 263.6 1017.1 1252.8 235.7 729.9 1153.1 423.2 845.0 1238.8 393.8 35.6 172.0 136.4 363.1 462.8 99.7 472.7 474.8 2.1 -50.9 105.1 156.0 153.2 244.9 91.7 270.0 413.9 144.0 6 7 8 -278.3 4629.6 8265.7 3711.1 1349.8 44.6 1208.8 1274.1 279.5 -1521.2 1317.5 9 -135.0 -146.2 -214.2 386.6 -7.4 -161.8 -0.2 1501.4 1545.9 423.6 701.1 18.9 438.8 -0.1 2353.3 2985.6 956.3 1021.0 27.5 922.1 0.0 1249.7 1307.5 280.2 629.0 4.4 240.3 0.0 1407.6 -415.5 -54.7 546.4 -7.5 -126.6 0.0 305.5 -237.2 -91.4 158.2 -5.0 -85.4 0.0 344.0 421.9 112.7 209.5 3.9 116.8 0.0 387.3 483.2 117.3 199.9 2.7 83.7 0.0 297.2 -112.8 20.5 100.0 -2.7 -22.8 0.0 305.6 -1017.7 -462.2 107.5 -18.5 -435.8 0.0 417.6 231.8 269.8 139.0 11.0 248.4 0.0 10 11 12 13 14 15 16 22.4 -40.9 -90.3 -100.6 -54.8 -24.2 -36.9 -23.5 3.0 -23.6 -10.7 17 17.7 2.5 2.2 -41.5 -0.7 1.2 -92.6 -0.1 2.4 -102.1 1.0 0.6 -52.7 -1.4 -0.7 -23.7 -0.6 0.1 -37.4 0.3 0.2 -23.9 0.7 -0.3 4.3 -0.4 -0.8 -23.4 -0.5 0.3 -9.7 -1.1 0.1 18 19 20 -127.0 291.4 314.4 123.2 35.4 133.5 43.1 -18.3 145.0 -39.7 -51.6 21 63422.8 11801.4 69578.6 12403.7 79389.9 12395.6 84188.9 12913.9 86796.0 13396.8 82520.5 12982.7 84188.9 13116.8 85994.5 13179.8 86479.7 13338.3 85159.0 13486.4 86796.0 13582.6 22 23 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) 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 41. Balance Sheets Memo: 138 Z.1, March 10, 2016 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2011 1 2 Change in net worth (1) Net investment 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 894.6 625.2 2154.5 1744.2 1649.6 429.4 503.4 403.1 374.5 386.8 485.3 1 -589.8 -493.1 15.1 4.5 -42.6 11.0 15.5 -128.2 89.1 -18.9 15.4 2 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 262.4 1331.9 1137.8 -68.3 330.8 1501.2 1184.6 -14.2 304.9 1539.4 1231.3 3.2 385.9 1667.3 1284.3 -2.9 404.5 1785.7 1326.9 54.3 99.6 426.1 322.7 3.9 87.8 426.6 325.3 13.4 82.6 434.7 327.2 24.8 140.7 476.5 330.7 5.1 89.9 436.6 332.6 14.1 91.3 437.9 336.3 10.3 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -397.5 496.8 894.3 -479.1 506.3 985.4 63.2 989.5 926.3 10.7 809.8 799.0 117.2 936.5 819.3 20.0 206.7 186.8 17.5 256.3 238.7 -63.0 179.6 242.6 71.0 294.8 223.8 47.8 239.0 191.2 61.4 223.1 161.7 7 8 9 Net corporate equity issues -454.6 -344.9 -352.9 -392.2 -564.3 -108.6 -89.9 -147.8 -122.6 -156.6 -137.3 10 10 11 Holding gains on assets at market value (2) 632.3 516.3 1365.6 1042.7 1045.0 251.3 334.7 330.8 176.4 269.9 267.9 11 12 13 Real estate Mutual fund shares 640.4 -8.1 500.9 15.4 1335.4 30.2 1034.3 8.4 1046.7 -1.7 254.0 -2.7 331.4 3.4 327.3 3.5 175.8 0.6 283.8 -13.9 259.8 8.1 12 13 181.2 101.7 49.6 -92.5 -43.2 -42.4 -16.7 69.0 -62.5 -39.9 -9.8 14 76.6 27.9 33.7 13.5 19.9 10.5 12.9 39.0 0.9 32.5 12.7 -21.3 14.9 15.9 -15.8 6.2 7.8 -10.8 8.3 0.6 -27.0 10.6 -0.5 9.5 0.4 -3.9 8.7 3.5 9.9 -13.4 0.4 10.5 -20.7 15 16 17 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. -47.6 -90.7 56.0 -1.9 7.6 10.8 -66.1 50.3 -157.0 -98.8 -52.9 -7.3 -19.8 -21.1 -47.2 -96.6 -68.6 -0.9 -41.2 -1.3 -0.0 -0.0 18 19 20 Other volume changes (4) 670.8 500.3 724.2 789.6 690.4 209.5 169.9 131.5 171.6 175.6 211.7 20 16626.0 17251.2 19405.7 21149.9 22799.5 20646.5 21149.9 21552.9 21927.5 22314.2 22799.5 21 Memo: Balance Sheets 21 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 38. 139 Z.1, March 10, 2016 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2011 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment 2012 2013 2014 2015 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 629.6 784.3 1200.0 654.7 572.1 161.2 218.5 206.8 105.2 119.2 140.8 1 -1.6 -4.9 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 236.0 88.5 178.8 22.7 17.6 1.2 8.8 6.1 4.3 5.8 1.4 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital 16.7 281.7 265.0 35.6 308.6 273.0 62.8 347.4 284.5 70.1 367.6 297.5 66.8 373.7 306.9 17.3 92.0 74.7 17.7 93.1 75.3 19.2 95.0 75.8 17.8 94.1 76.2 16.0 93.1 77.1 13.7 91.5 77.7 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -15.1 196.9 211.9 -30.7 301.1 331.8 -62.8 304.7 367.5 -70.1 243.5 313.7 -66.8 340.2 407.0 -17.3 47.5 64.8 -17.7 99.9 117.6 -19.2 80.6 99.8 -17.8 90.6 108.4 -16.0 60.2 76.2 -13.7 108.9 122.6 7 8 9 10 Proprietor’s net investment (2) 234.4 83.6 178.8 22.7 17.6 1.2 8.8 6.1 4.3 5.8 1.4 10 11 Holding gains on real estate (3) 340.5 686.7 1027.0 621.0 762.4 167.7 215.5 253.9 146.8 167.0 194.7 11 207.7 132.8 386.2 300.6 572.1 454.9 279.5 341.5 522.7 239.8 82.3 85.5 107.7 107.8 177.3 76.6 109.8 37.0 100.5 66.5 135.1 59.6 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) 45.7 10.8 -10.2 8.5 -211.8 -8.4 -6.3 -54.1 -46.4 -54.1 -57.2 14 15 16 17 18 19 Residential equipment Nonresidential equipment Intellectual property products Inventories - Foreign direct investment in U.S. 1.0 15.6 2.3 27.6 0.8 -0.3 6.8 2.2 2.0 -0.2 -2.1 7.2 3.6 -18.8 0.2 -2.5 7.5 1.2 2.3 -0.0 -1.4 -64.2 -96.7 -49.6 0.0 -0.3 -3.8 -0.1 -4.1 0.0 -0.8 0.6 -4.2 -1.9 -0.0 -0.4 -14.8 -22.2 -16.6 0.0 -0.1 -14.9 -25.5 -5.9 0.0 -0.5 -18.5 -24.3 -10.8 0.0 -0.3 -15.9 -24.8 -16.3 0.0 15 16 17 18 19 20 Other volume changes (4) 9.0 3.2 4.5 2.6 3.9 0.6 0.6 0.9 0.6 0.5 2.0 20 7512.3 8296.6 9496.6 10151.3 10723.4 9932.8 10151.3 10358.1 10463.4 10582.5 10723.4 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 32. (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 35. Balance Sheets Memo: 21 140 Z.1, March 10, 2016 B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2015 2014 Q3 1 Assets 2015 Q4 Q1 Q2 Q3 Q4 76999.6 83216.7 93176.0 98353.2 101305.8 96592.6 98353.2 100143.9 100774.1 99535.8 101305.8 1 2 Nonfinancial assets 23451.7 25149.1 27714.9 29197.1 30979.1 28800.2 29197.1 29661.2 30070.0 30461.6 30979.1 2 3 Financial assets 53547.9 58067.7 65461.1 69156.0 70326.7 67792.4 69156.0 70482.7 70704.1 69074.2 70326.7 3 4 Deposits 8711.3 9236.3 9611.5 10201.9 10693.1 9923.0 10201.9 10337.0 10306.5 10412.3 10693.1 4 5 Debt securities 4305.7 4151.9 3749.3 3244.4 3230.6 3335.2 3244.4 3190.5 3256.8 3341.1 3230.6 5 6 Loans 924.9 926.4 977.8 1029.3 969.0 1053.0 1029.3 1029.2 999.1 994.7 969.0 6 7 Equity shares at market value 14489.7 16768.9 22093.5 24134.4 23541.7 23354.7 24134.4 24933.2 24869.0 22783.5 23541.7 7 8 Directly held 8069.9 9401.4 12545.3 13883.1 13310.9 13359.0 13883.1 14403.0 14274.3 13051.8 13310.9 8 9 Indirectly held 6419.8 7367.4 9548.3 10251.3 10230.8 9995.7 10251.3 10530.2 10594.7 9731.7 10230.8 9 1382.4 2085.5 124.0 224.1 2603.9 1537.3 2361.8 138.3 243.0 3087.0 1804.6 3040.5 195.0 293.2 4215.0 1858.5 3313.2 208.2 298.1 4573.4 1827.9 3278.5 210.2 282.4 4631.8 1827.0 3190.5 213.8 294.8 4469.5 1858.5 3313.2 208.2 298.1 4573.4 1889.9 3383.9 216.0 303.6 4736.9 1877.8 3407.9 215.6 293.1 4800.3 1735.9 3153.6 197.8 271.2 4373.3 1827.9 3278.5 210.2 282.4 4631.8 10 11 12 13 14 10 11 12 13 14 Life insurance companies Private pension funds (1) Federal govt. retirement funds (1) State and local govt. retirement funds (1) Mutual funds 15 Other 25116.3 26984.1 29028.9 30546.0 31892.3 30126.6 30546.0 30992.9 31272.7 31542.6 31892.3 15 16 Liabilities 13576.8 13638.2 13786.1 14164.3 14509.8 14072.1 14164.3 14149.4 14294.4 14376.7 14509.8 16 17 Net worth 63422.8 69578.6 79389.9 84188.9 86796.0 82520.5 84188.9 85994.5 86479.7 85159.0 86796.0 17 18.82 27.06 20.15 28.88 23.71 33.75 24.54 34.90 23.24 33.47 24.18 34.45 24.54 34.90 24.90 35.37 24.68 35.17 22.89 32.98 23.24 33.47 18 19 Memo: 18 19 Equity shares (line 7) 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 15. 141 Z.1, March 10, 2016 F.101.a Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 56.4 45.0 24.3 10.8 24.5 11.9 54.6 50.0 87.1 12.9 6.0 -4.9 43.9 1 2 Net acquisition of financial assets 73.7 78.6 56.4 48.4 54.2 46.0 78.5 86.5 123.4 51.1 59.5 29.9 112.4 2 3 4 Checkable deposits and currency Time and savings deposits 0.5 -0.2 -1.0 5.4 1.3 -6.2 4.0 10.4 1.2 -2.4 1.7 -1.5 -2.5 0.2 2.3 0.2 8.3 1.1 2.9 0.3 3.1 1.1 2.3 0.6 5.1 0.8 3 4 5 6 Money market fund shares Security repurchase agreements (2) -13.1 0.4 4.9 3.1 -1.2 -2.2 32.9 -1.3 4.0 6.0 -13.8 0.5 1.1 0.2 1.2 0.2 9.4 1.4 -1.8 0.0 7.1 1.3 3.8 0.7 4.5 0.8 5 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 55.7 38.2 6.4 4.5 0.0 6.6 21.0 -5.7 13.8 2.6 0.5 9.7 22.9 5.8 4.8 4.6 -0.5 8.2 -17.5 -35.2 6.1 3.6 0.0 7.9 10.0 -5.8 6.8 3.1 0.2 5.6 24.6 12.4 5.1 2.3 0.3 4.5 16.7 4.7 6.4 2.9 0.4 2.4 37.9 2.0 16.4 7.6 0.1 11.9 36.1 4.1 13.9 6.4 0.0 11.7 22.5 1.3 8.9 4.1 -0.1 8.3 35.5 3.0 11.6 5.4 0.1 15.4 45.9 4.7 17.5 8.1 0.1 15.4 30.9 12.4 5.4 2.5 0.0 10.5 7 8 9 10 11 12 13 14 15 Loans Mortgages Other loans and advances 2.0 -0.8 2.8 3.8 0.9 2.8 1.9 -0.7 2.6 1.9 -0.1 2.0 2.0 0.9 1.1 1.7 0.9 0.8 1.9 -0.1 2.0 2.4 0.9 1.5 4.1 0.6 3.4 4.4 0.6 3.7 5.4 0.9 4.6 1.9 0.8 1.1 6.0 1.7 4.3 13 14 15 16 17 Corporate equities Mutual fund shares 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 16 17 18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 1.1 4.3 18 19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 12.0 16.3 19 20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 31.2 25.0 20 21 Net increase in liabilities 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 21 1.5 3.2 3.0 3.8 2.4 1.1 3.2 0.2 6.1 7.1 11.8 10.4 5.8 22 6.0 1.6 -0.0 4.4 8.5 1.4 -0.0 7.2 8.9 1.4 0.3 7.2 10.5 1.6 0.4 8.6 7.6 1.2 -0.2 6.6 12.8 2.0 0.1 10.7 -0.8 -0.2 0.1 -0.8 -0.8 -0.1 -0.1 -0.6 4.9 0.8 0.0 4.1 3.5 0.6 -0.2 3.1 11.6 1.9 -0.1 9.9 3.1 0.5 0.1 2.5 13.5 2.2 -0.3 11.6 23 24 25 26 22 Debt securities (municipal securities) 23 24 25 26 Loans Depository institution loans n.e.c. Other loans and advances Commercial mortgages 27 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 4.1 3.8 27 28 Miscellaneous liabilities (2) 7.4 5.8 10.9 13.8 13.8 14.3 16.5 29.1 17.3 18.7 21.4 17.0 45.4 28 Supplements (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.101. 142 Z.1, March 10, 2016 L.101.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 616.3 739.0 773.3 861.2 924.4 992.2 1062.6 1252.6 1456.1 1653.1 1844.2 2026.2 2059.5 1 2 3 Checkable deposits and currency Time and savings deposits 17.0 1.5 15.9 6.8 17.3 0.6 21.3 11.1 22.5 8.7 24.1 7.1 21.6 7.3 23.9 7.5 32.1 8.6 35.0 8.9 38.1 10.0 40.4 10.6 45.5 11.4 2 3 4 5 Money market fund shares Security repurchase agreements (2) 15.9 1.7 20.8 4.8 19.6 2.5 52.5 1.3 56.5 7.3 42.7 7.8 43.8 8.0 45.1 8.2 54.5 9.6 52.7 9.6 59.8 10.9 63.6 11.6 68.1 12.5 4 5 226.7 93.6 55.7 26.3 0.1 51.1 247.7 87.9 69.5 28.9 0.6 60.8 270.6 93.7 74.3 33.5 0.1 69.0 253.1 58.5 80.3 37.1 0.2 77.0 263.1 52.7 87.1 40.3 0.4 82.6 287.7 65.0 92.2 42.6 0.8 87.1 304.5 69.7 98.5 45.5 1.1 89.5 342.4 71.7 114.9 53.1 1.2 101.4 378.5 75.8 128.8 59.5 1.3 113.1 401.0 77.1 137.6 63.6 1.2 121.4 436.5 80.2 149.2 69.0 1.3 136.8 482.4 84.9 166.8 77.1 1.5 152.2 513.2 97.3 172.2 79.6 1.5 162.6 6 7 8 9 10 11 28.3 2.6 25.7 32.0 3.5 28.5 34.0 2.8 31.1 35.9 2.8 33.1 37.9 3.7 34.3 39.6 4.6 35.0 41.5 4.5 37.1 43.9 5.3 38.6 48.0 6.0 42.0 52.4 6.6 45.8 57.8 7.4 50.3 59.7 8.3 51.5 65.7 10.0 55.8 12 13 14 145.8 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 15 16 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 14 Loans Mortgages Other loans and advances 15 16 Corporate equities Mutual fund shares 17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 51.5 55.8 17 18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 102.0 118.3 18 19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 340.9 365.9 19 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 20 20 Liabilities 21 Debt securities (municipal securities) 79.6 82.7 85.7 89.5 91.9 93.0 96.1 96.4 102.4 109.6 121.3 131.7 137.5 21 22 23 24 25 Loans Depository institution loans n.e.c. Other loans and advances Commercial mortgages 74.8 11.8 0.3 62.7 83.4 13.1 0.3 70.0 92.2 14.5 0.5 77.2 102.8 16.1 0.9 85.8 110.4 17.3 0.7 92.3 123.1 19.3 0.8 103.0 122.3 19.2 0.9 102.2 121.5 19.1 0.8 101.6 126.4 19.8 0.9 105.7 129.9 20.4 0.7 108.8 141.5 22.3 0.6 118.7 144.7 22.7 0.7 121.2 158.2 24.9 0.4 132.8 22 23 24 25 26 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 130.9 134.7 26 27 Miscellaneous liabilities (2) 58.2 63.9 74.8 88.6 102.5 116.8 133.3 162.4 179.7 198.4 219.7 236.8 282.1 27 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. 143 Z.1, March 10, 2016 S.1.a Total Economy - Current Account 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 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16358.5 16840.8 17560.1 1 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2534.2 2632.8 2746.7 2 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 13824.3 8618.5 6938.9 1679.6 1074.0 4131.7 14208.0 8848.7 7123.5 1725.3 1118.6 4240.6 14813.4 9258.4 7487.2 1771.2 1155.8 4399.2 3 4 5 6 7 8 575.8 483.2 724.2 656.6 875.7 750.1 856.9 684.9 648.9 497.8 720.0 514.1 792.6 546.0 801.5 563.9 826.2 575.8 854.3 591.2 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 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 14061.9 4131.7 8609.9 6930.3 1679.6 1132.1 -58.0 6248.7 3179.8 2727.7 1326.0 1401.7 318.7 22.5 6002.5 3343.9 2548.4 1146.7 1401.7 87.6 22.5 14458.3 4240.6 8839.7 7114.4 1725.3 1178.0 -59.4 6324.1 3054.8 2894.3 1449.3 1445.0 353.3 21.7 6064.7 3210.1 2748.0 1303.0 1445.0 84.9 21.7 15076.5 4399.2 9248.9 7477.8 1771.2 1213.7 -57.9 6436.2 3072.0 2958.7 1444.4 1514.3 381.7 23.8 6163.6 3217.7 2823.0 1308.8 1514.3 99.1 23.8 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) 11239.8 1621.3 1625.6 2369.0 2375.6 494.8 592.9 12004.8 1825.9 1830.4 2520.3 2528.1 498.3 584.7 12321.4 1929.2 1938.7 2663.6 2672.2 533.6 640.6 12427.8 1807.7 1816.9 2913.0 2923.7 564.1 684.9 12126.1 1413.1 1421.7 3078.2 3089.3 672.0 789.8 12739.5 1601.3 1609.8 3270.8 3282.4 723.0 842.2 13352.3 1819.5 1832.3 3232.4 3245.1 699.4 822.1 14061.9 1945.2 1959.0 3279.8 3293.1 656.8 769.7 14458.3 2126.8 2141.7 3497.4 3511.1 683.5 792.6 15076.5 2278.2 2294.1 3651.2 3665.6 744.1 848.0 32 33 34 35 36 37 38 39 Equals: Disposable income, net 11130.7 11905.9 12196.2 12287.2 11988.6 12600.3 13204.1 13921.8 14320.6 14942.3 39 40 Less: Final consumption expenditures 10774.2 11393.8 11960.2 12382.2 12289.0 12724.4 13220.2 13594.8 13914.3 14422.2 40 41 Equals: Net saving 356.6 512.1 236.0 -95.0 -300.4 -124.1 -16.1 327.0 406.3 520.1 41 42 43 44 45 46 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 13129.2 -35.5 13093.7 13111.5 -0.27 14073.2 -217.3 13855.9 13964.5 -1.57 14460.1 17.5 14477.6 14468.9 0.12 14619.2 99.4 14718.6 14668.9 0.68 14343.4 75.3 14418.7 14381.1 0.52 14915.2 49.2 14964.4 14939.8 0.33 15556.3 -38.3 15517.9 15537.1 -0.25 16358.5 -203.3 16155.3 16256.9 -1.26 16840.8 -177.6 16663.2 16752.0 -1.07 17560.1 -212.0 17348.1 17454.1 -1.22 42 43 44 45 46 Integrated Accounts Billions of dollars 144 Z.1, March 10, 2016 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 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 16358.5 2029.4 2909.8 8011.9 1187.3 723.7 1496.5 16840.8 2086.4 3015.6 8316.8 1173.3 715.1 1533.6 17560.1 2172.3 3146.9 8641.0 1301.6 723.9 1574.5 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 356.6 243.1 411.7 73.1 -304.7 -66.6 512.1 331.4 386.5 60.7 -227.0 -39.4 236.0 309.8 313.1 -48.5 -265.6 -72.7 -95.0 536.7 296.7 -129.4 -634.0 -165.1 -300.4 667.4 381.0 171.9 -1248.8 -271.9 -124.1 630.0 603.5 208.4 -1328.7 -237.3 -16.1 710.1 584.2 149.7 -1244.1 -215.9 327.0 946.7 556.3 134.8 -1090.1 -220.8 406.3 589.9 650.7 -6.3 -640.9 -187.1 520.1 620.2 618.5 80.5 -631.5 -167.7 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 -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 -5.1 -4.9 -17.0 9.6 85.0 -74.2 6.5 19.8 -0.0 -5.7 0.0 58.1 -71.4 -0.8 9.3 0.0 -6.7 10.0 58.8 -71.0 -0.4 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 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 3064.3 505.3 312.6 1439.9 192.1 284.7 329.7 3185.5 558.4 330.8 1498.0 206.1 269.4 322.9 3378.7 596.2 353.7 1610.4 222.6 264.6 331.3 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 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 2534.2 404.6 273.0 1186.2 174.2 264.3 231.9 2632.8 427.2 284.5 1232.2 182.7 267.7 238.5 2746.7 454.8 297.5 1285.7 192.0 270.7 246.1 28 29 30 31 32 33 34 35 36 37 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 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 61.8 -4.0 65.8 71.8 16.6 55.2 77.1 13.9 63.2 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 -689.3 -228.8 -68.8 150.2 14.3 -396.6 -159.7 -586.9 -139.0 -77.7 30.7 28.8 -293.2 -136.6 -735.5 -8.2 -71.1 -26.4 -94.6 -353.9 -181.2 -785.6 374.2 -47.5 33.8 -91.2 -780.6 -274.3 -457.8 640.6 27.0 417.2 304.4 -1475.7 -371.4 -495.8 607.2 12.9 439.3 263.8 -1508.7 -310.3 -444.8 662.3 -15.1 391.4 183.3 -1397.1 -269.6 -258.4 858.9 -30.7 253.0 107.4 -1193.4 -253.6 -219.0 447.1 -62.8 334.5 -29.7 -698.3 -209.7 -189.5 477.8 -70.2 236.2 39.9 -681.4 -191.8 38 39 40 41 42 43 44 -35.5 724.8 -217.3 804.2 17.5 718.0 99.4 686.2 75.3 382.5 49.2 446.6 -38.3 483.2 -203.3 461.7 -177.6 396.6 -212.0 401.6 45 46 -445.1 -283.2 -54.0 -20.9 330.7 -422.8 5.2 -644.4 -346.4 -63.9 -139.0 243.2 -310.4 -27.9 -349.8 248.2 -57.0 -208.2 124.7 -370.8 -86.6 -1096.6 1131.3 -37.1 -947.7 -102.7 -789.1 -351.3 -528.3 606.4 44.8 548.5 5.9 -1298.2 -435.6 -629.0 883.3 29.5 145.2 5.1 -1414.9 -277.2 -656.8 1365.6 -15.1 -397.5 73.4 -1352.4 -330.9 -815.4 1015.7 -30.7 -479.1 81.9 -1123.2 -280.1 275.0 1017.1 -62.8 63.2 172.8 -658.5 -256.7 -112.6 729.9 -70.1 10.7 26.8 -634.6 -175.3 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 698.5 529.8 151.5 765.2 28.0 268.2 416.7 462.8 373.4 323.8 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 280.4 -76.1 288.5 34.3 -47.0 185.0 -29.8 513.1 1.3 576.9 -411.2 30.2 277.4 -143.4 626.3 -48.7 678.9 -78.2 9.3 207.6 -538.0 871.3 -315.4 -744.2 1209.3 86.7 -946.7 69.8 593.5 -96.6 172.3 -1027.8 121.5 334.8 -339.9 1179.7 181.4 379.3 -801.9 -29.0 44.8 -179.9 695.3 241.8 -54.9 -73.0 48.5 -66.5 -70.6 615.3 81.9 -221.2 -380.0 50.5 249.3 -4.6 1065.9 183.3 435.7 -950.5 26.2 577.1 -17.4 577.5 25.2 561.0 -387.9 83.0 276.8 -77.8 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 5370.3 1171.5 65.4 104.8 115.3 478.9 -708.1 3496.6 429.9 -1178.4 -8.1 116.8 621.8 -565.2 -466.0 139.5 -228.6 1331.4 93.3 466.0 -761.7 -11777.1 -1124.8 4344.2 564.1 1.2 350.4 1154.7 617.0 -1149.5 -5140.6 388.6 -157.9 -71.7 -900.5 2379.4 449.8 -1288.5 50.9 18.5 197.4 -192.9 -255.9 386.9 468.9 292.6 36.4 394.6 876.2 4588.7 697.3 -1419.5 -113.4 45.3 244.3 -351.0 8175.4 1016.9 -3965.5 -4.2 67.6 287.1 286.9 3610.5 629.5 -1560.1 -190.8 56.6 189.8 1012.0 62 63 64 65 66 67 68 45 46 47 48 49 50 51 52 53 Integrated Accounts 2005 145 Z.1, March 10, 2016 S.2.a Selected Aggregates for Total Economy and Sectors 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 5915.7 1108.2 781.1 184.5 -296.8 647.7 -13.0 4324.5 430.1 -215.0 -358.6 -123.3 917.6 95.6 463.3 90.6 763.4 1204.7 -216.0 660.3 -581.7 -10376.7 -1437.2 3900.4 1704.5 -663.6 -698.1 1910.8 1906.4 -1241.1 -4625.6 -345.3 -1471.5 58.9 -857.9 4209.7 638.8 -326.7 -501.1 -1465.5 81.6 73.9 1147.5 629.6 1004.6 401.7 -1273.2 186.0 1288.7 6155.7 784.3 -1067.4 -368.1 -1079.3 347.0 106.1 9811.4 1200.0 -2873.3 -960.9 -605.4 748.4 666.1 4798.9 654.7 -373.9 -508.2 -550.6 369.9 1335.8 69 70 71 72 73 74 75 76 77 78 79 80 81 82 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 61748.2 8401.5 2232.9 -1148.8 -4300.1 5149.6 1650.7 66072.6 8831.6 2017.9 -1507.3 -4423.4 6067.3 1746.3 66536.0 8922.2 2781.3 -302.7 -4639.4 6727.5 1164.7 56159.2 7485.0 6681.7 1401.8 -5303.0 6029.4 3075.4 58065.6 6243.9 2056.1 1056.5 -6774.5 6088.3 2217.5 62275.3 6882.8 1729.4 555.4 -8240.0 6169.9 2291.3 63422.8 7512.3 2734.0 957.1 -9513.2 6355.9 3580.1 69578.6 8296.6 1666.6 589.0 -10592.5 6703.0 3686.2 79389.9 9496.6 -1206.7 -371.9 -11197.8 7451.4 4352.3 84188.9 10151.3 -1580.5 -880.0 -11748.5 7821.2 5688.1 76 77 78 79 80 81 82 Integrated Accounts Billions of dollars 146 Z.1, March 10, 2016 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2029.4 2086.4 2172.3 1 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.6 427.2 454.8 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 1624.8 759.2 624.7 134.4 156.0 709.6 1659.2 780.3 642.0 138.3 158.0 720.9 1717.6 810.0 667.7 142.2 160.2 747.4 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 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) 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 12269.0 12517.3 13076.8 639.3 671.3 679.1 697.2 709.6 720.9 747.4 8078.3 7787.0 7961.4 8269.0 8609.9 8839.7 9248.9 6531.9 6251.4 6377.5 6633.2 6930.3 7114.4 7477.8 1546.4 1535.6 1583.9 1635.9 1679.6 1725.3 1771.2 3303.6 2901.9 2900.2 3207.9 3526.7 3506.8 3633.2 1363.0 1265.5 1196.2 1232.9 1290.1 1272.7 1303.4 1940.6 1636.4 1704.0 1975.0 2236.6 2234.1 2329.8 805.4 553.7 544.6 682.2 834.9 789.0 815.5 1135.2 1082.6 1159.4 1292.8 1401.7 1445.0 1514.3 773.5 716.8 651.2 608.2 577.3 550.1 552.6 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) 9733.1 10437.5 10936.7 1213.2 1357.1 1493.2 1491.0 1593.1 1697.5 873.3 922.6 961.4 25.7 21.5 30.6 126.1 137.0 149.8 11247.7 10643.4 10889.5 11566.0 12269.0 12517.3 13076.8 1507.8 1152.3 1239.3 1453.2 1511.4 1672.8 1780.2 1920.0 2108.8 2281.7 2310.2 2323.6 2385.5 2487.2 988.2 964.4 984.1 917.8 951.6 1106.8 1159.0 36.6 38.7 43.0 50.2 42.7 41.2 42.0 157.8 159.8 158.7 156.1 175.0 182.1 180.7 20 21 22 23 24 25 26 Equals: Disposable income, net 9037.2 9635.4 10060.3 10550.4 10514.4 10832.2 11399.4 11997.3 11982.2 12486.1 26 27 Less: Final consumption expenditures 8794.1 9304.0 9750.5 10013.6 27 28 Equals: Net saving 243.1 331.4 309.8 536.7 667.4 630.0 710.1 946.7 589.9 620.2 28 9847.0 10202.2 10689.3 11050.6 11392.3 11865.9 Capital account 29 30 31 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 265.0 243.1 -21.9 314.8 331.4 16.6 303.0 309.8 6.8 529.0 536.7 7.7 695.8 667.4 -28.4 650.6 630.0 -20.6 708.1 710.1 2.0 951.8 946.7 -5.1 570.1 589.9 19.8 610.9 620.2 9.3 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 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 55.2 468.1 321.1 147.1 403.3 -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 92.9 505.3 367.9 137.4 404.6 -7.9 123.0 558.4 424.6 133.7 427.2 -8.2 133.1 596.2 456.6 139.7 454.8 -8.4 32 33 34 35 36 37 38 Net lending (+) or borrowing (-), capital account (lines 29-32) -228.8 -139.0 -8.2 374.2 640.6 607.2 662.3 858.9 447.1 477.8 38 -228.8 -139.0 -8.2 374.2 640.6 607.2 662.3 858.9 447.1 477.8 39 Integrated Accounts Financial account 39 Net lending (+) or borrowing (-) (line 38) 40 Net acquisition of financial assets 876.0 928.6 1210.4 1141.3 682.7 783.5 1295.7 1279.3 1252.8 1153.1 40 41 42 43 44 45 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 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 0.0 659.8 300.3 369.3 -9.9 0.0 581.0 177.0 411.9 -7.9 0.0 346.4 134.2 209.9 2.3 0.0 569.1 141.2 434.3 -6.4 0.0 41 42 43 44 45 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 64.8 14.7 -119.6 151.3 77.7 -59.3 -82.2 19.0 -92.1 -21.9 34.7 -22.0 499.4 -10.2 -39.9 341.3 38.0 170.2 586.6 -101.3 141.3 240.3 47.3 259.0 63.4 16.7 532.2 -672.5 107.0 80.0 -60.5 -1.5 316.4 -3.3 43.5 -415.6 -230.1 -1.8 -230.8 40.3 -65.8 27.9 -212.1 -0.6 195.1 -50.3 -144.7 -211.6 -627.8 -3.8 -140.5 -46.2 -53.3 -384.0 -479.1 -0.1 -57.0 -174.7 -67.3 -180.0 46 47 48 49 50 51 52 53 54 Loans Short term Long term (mortgages) -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 12.6 30.7 -18.1 51.4 57.1 -5.8 51.5 46.1 5.4 52 53 54 147 Z.1, March 10, 2016 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 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 75 Insurance, pension and standardized guarantee schemes 76 Other accounts payable (trade debt) 77 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 78 79 80 81 82 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-77) (5) 2005 2006 -218.8 -408.1 197.3 44.9 -52.8 0.0 -199.0 -594.5 182.4 218.6 -5.5 0.0 661.2 25.6 15.1 588.0 9.5 23.0 2007 2008 2009 2010 2011 2012 2013 2014 -571.0 -1045.7 281.7 239.7 -46.7 0.0 -277.1 -305.6 100.2 234.3 -306.1 0.0 -129.9 -20.3 264.5 -267.7 -107.6 1.2 -39.6 -192.2 164.6 -183.2 167.3 4.0 187.6 -282.2 258.6 -21.1 231.5 0.7 350.4 -214.3 471.8 2.5 90.3 0.0 873.8 158.2 514.3 28.1 173.2 0.0 431.5 30.4 418.1 -41.6 24.7 0.0 55 56 57 58 59 60 686.4 4.6 57.8 591.2 14.8 18.1 635.5 6.7 18.6 570.9 15.5 23.8 571.0 11.0 59.9 456.0 17.6 26.5 597.1 8.7 24.6 538.8 8.4 16.6 675.7 -35.2 6.2 665.1 17.1 22.5 683.5 27.6 73.5 549.2 14.8 18.5 547.4 -17.7 -26.6 580.1 -1.8 13.3 609.0 37.7 19.2 539.5 0.4 12.2 580.1 -8.4 45.3 527.0 5.8 10.4 61 62 63 64 65 66 1159.2 1275.1 962.3 10.0 76.3 -99.7 -69.9 263.6 235.7 423.2 67 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 -13.1 -4.8 68 1130.0 69.2 100.4 0.3 -31.5 1060.8 1244.6 229.1 120.4 44.2 64.4 1015.5 925.5 178.8 151.3 -9.1 36.6 746.7 -24.7 -114.9 34.9 4.6 -154.5 90.3 33.8 -36.6 -103.6 28.3 38.7 70.4 -70.8 102.4 -25.3 50.1 77.6 -173.2 -62.9 16.3 108.6 -54.9 -37.4 -79.2 273.5 346.4 169.4 110.8 66.1 -72.9 244.8 243.4 175.9 30.0 37.4 1.4 423.6 371.8 218.4 120.2 33.2 51.8 69 70 71 72 73 74 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 1.2 75 13.0 13.6 14.6 22.2 41.4 -29.4 1.2 4.0 1.0 3.1 76 -283.2 -346.4 248.2 1131.3 606.4 883.3 1365.6 1015.7 1017.1 729.9 77 280.4 252.4 -50.4 132.7 54.4 513.1 239.6 0.0 480.9 207.5 626.3 231.1 0.0 138.8 -256.4 871.3 134.6 -8.3 -12.1 -757.1 593.5 50.3 0.0 577.5 34.2 1179.7 86.9 0.0 816.8 -276.1 695.3 119.0 0.0 -127.0 -703.3 615.3 167.1 -20.9 312.3 -156.9 1065.9 181.5 0.0 314.4 -570.0 577.5 202.2 0.0 123.2 -252.1 78 79 80 81 82 Other changes in volume account Revaluation account 83 84 85 86 87 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 2804.6 2851.4 -44.1 -2.6 -0.1 266.2 314.5 -46.9 -0.6 -0.8 -1823.9 -1764.9 -55.6 -3.1 -0.3 -3627.1 -3592.6 -32.0 -1.3 -1.2 -1210.3 -1162.9 -40.8 -4.7 -2.0 -465.3 -374.2 -88.3 -2.4 -0.4 -112.6 -135.0 17.7 2.5 2.2 1460.5 1501.4 -41.5 -0.7 1.2 2262.9 2353.3 -92.6 -0.1 2.4 1149.1 1249.7 -102.1 1.0 0.6 83 84 85 86 87 88 89 90 91 92 93 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 2565.7 1069.3 38.7 1186.0 0.0 271.7 3230.4 2012.2 344.5 433.6 0.0 440.2 1357.9 840.6 230.9 138.7 0.0 147.7 -8149.9 -4013.6 -1451.2 -1135.3 0.0 -1549.8 1827.3 1647.7 612.4 -1140.9 -0.3 708.4 2844.7 1608.5 338.5 457.6 -1.0 441.1 -143.3 -146.2 -214.2 386.6 -0.2 -169.2 3128.2 1545.9 423.6 701.1 -0.1 457.7 5912.5 2985.6 956.3 1021.0 0.0 949.6 2461.4 1307.5 280.2 629.0 0.0 244.7 88 89 90 91 92 93 5370.3 3496.6 -466.0 -11777.1 617.0 2379.4 -255.9 4588.7 8175.4 3610.5 94 5915.7 4324.5 463.3 -10376.7 1906.4 4209.7 1147.5 6155.7 9811.4 4798.9 95 73910.4 79533.5 80931.0 70438.0 72128.2 76063.1 76999.6 83216.7 93176.0 98353.2 96 28508.2 29469.1 28188.2 24114.8 24859.7 23378.7 4107.8 4300.5 4476.0 206.1 226.0 245.8 79.5 82.8 87.6 24842.8 23738.9 23401.8 23451.7 25149.1 27714.9 29197.1 97 19908.6 18782.5 18433.2 18326.0 19882.5 22346.6 23713.4 98 4578.6 4588.1 4586.7 4723.3 4848.9 4937.8 5037.8 99 264.0 271.9 280.1 293.0 301.8 309.1 320.0 100 91.6 96.4 101.8 109.4 115.9 121.5 125.9 101 45402.2 50064.4 52742.8 45595.2 48389.2 52661.4 53547.9 58067.7 65461.1 69156.0 102 94 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 95 Change in net worth (lines 32+38+78+94) 96 Total assets 97 98 99 100 101 102 103 104 105 106 107 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products Financial assets Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 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 7601.5 724.1 57.4 6820.0 0.0 8124.0 887.4 49.5 7187.1 0.0 8471.0 1021.6 51.7 7397.7 0.0 9103.0 1162.8 45.3 7894.9 0.0 103 104 105 106 107 Integrated Accounts Balance sheet account (end of period) 148 Z.1, March 10, 2016 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3409.5 98.4 428.3 590.5 1600.6 691.7 3369.4 117.5 340.1 617.9 1635.6 658.4 3915.8 107.3 215.3 880.1 1673.5 1039.6 4373.2 6.0 191.7 1063.1 1720.8 1391.6 4733.1 22.7 860.7 362.3 1827.9 1659.6 4847.5 21.1 1129.2 347.0 1871.4 1478.8 4305.7 19.4 708.2 363.4 1805.6 1409.1 4151.9 18.8 913.8 302.3 1660.9 1256.0 3749.3 15.0 975.9 298.4 1607.7 852.3 3244.4 14.9 874.0 99.7 1540.4 715.5 772.9 632.1 140.8 912.5 788.9 123.6 1132.9 1022.1 110.7 973.6 861.8 111.8 928.3 817.4 110.9 929.9 829.8 100.1 924.9 824.0 100.9 926.4 843.6 82.8 977.8 900.7 77.1 108 109 110 111 112 113 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 114 115 116 Loans Short term Long term (mortgages) 117 118 119 120 121 122 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) 20895.5 23967.5 24608.2 8014.0 9931.2 9726.1 3524.8 4087.0 4599.7 943.4 1107.9 1347.6 8413.3 8841.3 8934.9 0.0 0.0 0.0 17733.2 18733.8 21113.0 21337.6 24466.8 30307.9 32958.7 117 5406.9 7034.3 8450.7 8069.9 9401.4 12545.3 13883.1 118 3248.7 4125.6 4628.8 4629.3 5634.7 7105.3 7803.6 119 1581.9 1314.2 1131.0 1109.8 1112.4 1140.5 1098.9 120 7495.7 6258.7 6898.7 7524.2 8313.9 9512.5 10168.8 121 0.0 0.9 3.8 4.4 4.4 4.4 4.4 122 123 124 125 126 127 128 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 15009.6 16021.4 16871.2 316.0 320.5 327.3 1082.6 1055.2 1077.2 13318.3 14320.1 15081.9 217.3 232.1 247.6 75.4 93.5 137.3 15915.5 17209.2 18829.2 19378.3 20398.6 21955.0 22820.6 123 337.3 346.0 310.8 338.4 320.7 358.4 350.0 124 1050.2 1109.5 1137.5 1199.3 1186.4 1233.0 1282.8 125 14099.0 15299.6 16887.3 17313.8 18353.1 19812.5 20620.6 126 265.2 273.6 290.7 305.5 303.7 304.2 310.0 127 163.8 180.4 202.9 221.4 234.8 246.9 257.3 128 73910.4 79533.5 80931.0 70438.0 72128.2 76063.1 76999.6 83216.7 93176.0 98353.2 129 12162.2 13460.8 14395.0 14278.7 14062.6 13787.8 13576.8 13638.2 13786.1 14164.3 130 129 130 Total liabilities and net worth Liabilities 131 Debt securities (municipals) 132 133 134 135 136 137 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 138 Insurance, pension and standardized guarantee schemes 139 Other accounts payable (trade debt) 140 Net worth 212.7 229.1 250.2 11740.9 13009.0 13906.4 2655.5 2908.1 3089.4 2320.6 2461.3 2615.1 -16.5 30.9 21.8 351.5 415.9 452.5 9085.4 10100.9 10817.0 259.5 265.4 263.2 255.5 241.0 1029.3 114 946.8 115 82.5 116 227.8 223.1 131 13755.5 13496.9 13251.1 13047.0 13118.3 13275.3 13654.0 132 2974.5 2873.1 3122.2 3143.9 3428.6 3672.0 4043.8 133 2650.0 2552.3 2646.9 2755.4 2922.9 3098.8 3317.2 134 26.4 -15.9 61.0 11.5 62.6 92.7 212.9 135 298.0 336.7 414.3 376.9 443.1 480.5 513.7 136 10781.0 10623.8 10128.8 9903.1 9689.7 9603.3 9610.2 137 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 29.1 138 186.3 199.9 214.5 236.7 278.2 248.8 250.0 254.0 255.0 258.1 139 61748.2 66072.6 66536.0 56159.2 58065.6 62275.3 63422.8 69578.6 79389.9 84188.9 140 (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 Integrated Accounts 108 109 110 111 112 113 149 Z.1, March 10, 2016 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2909.8 3015.6 3146.9 1 214.4 232.6 245.6 254.5 253.0 251.8 265.0 273.0 284.5 297.5 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 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 2636.8 892.6 752.7 139.9 167.5 1576.7 2731.1 919.6 774.8 144.8 175.8 1635.7 2849.4 971.8 822.0 149.8 180.6 1697.1 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 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 27.3 1576.7 10.6 1560.1 226.1 1333.8 0.2 0.0 29.3 1635.7 9.6 1616.0 219.1 1396.7 0.2 0.0 26.6 1697.1 12.1 1682.6 219.7 1462.6 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) 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 27.3 27.3 29.3 29.3 26.6 26.6 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 Capital account 21 22 23 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 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 -0.0 0.0 0.0 21 22 23 24 25 26 27 28 29 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 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 35.6 312.6 243.7 68.9 273.0 -4.0 62.9 330.8 252.8 78.0 284.5 16.6 70.2 353.7 268.1 85.6 297.5 13.9 24 25 26 27 28 29 30 Net lending (+) or borrowing (-), capital account (lines 21-24) -68.8 -77.7 -71.1 -47.5 27.0 12.9 -15.1 -30.7 -62.8 -70.2 30 31 Net lending (+) or borrowing (-) (line 30) -68.8 -77.7 -71.1 -47.5 27.0 12.9 -15.1 -30.7 -62.8 -70.2 31 32 Net acquisition of financial assets 437.3 519.9 479.5 97.3 -117.1 152.0 196.9 301.1 304.7 243.5 32 100.2 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 30.6 24.6 6.0 69.3 59.3 10.1 23.6 12.0 11.5 61.9 35.7 26.2 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 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 0.5 2.2 -1.7 2.9 2.7 0.2 36 37 38 39 40 41 Loans Short term (consumer credit) Long term (mortgages) 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 1.7 0.0 1.7 39 40 41 42 43 44 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 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 0.1 2.6 2.0 0.6 4.8 4.0 0.8 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) 5.5 4.4 3.7 3.4 -9.8 29.9 -4.7 15.4 -26.0 12.9 45 317.8 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 4.6 206.9 303.0 48.8 254.1 159.3 31.6 127.7 46 47 48 491.3 583.8 536.5 134.4 -161.8 122.4 211.9 331.8 367.5 313.7 49 341.8 164.3 157.9 6.4 177.5 415.4 132.1 115.3 16.8 283.3 463.2 154.5 140.9 13.7 308.7 325.5 131.8 119.6 12.3 193.7 -97.1 -107.3 -102.0 -5.3 10.2 -19.4 -12.1 -16.8 4.7 -7.4 -56.8 -25.9 -26.5 0.6 -30.9 175.1 73.8 64.6 9.2 101.3 109.1 38.5 32.4 6.1 70.7 212.1 73.6 64.2 9.4 138.5 50 51 52 53 54 Integrated Accounts Financial account 150 Z.1, March 10, 2016 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 55 56 57 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States -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 0.3 234.4 234.4 0.0 84.0 83.6 0.4 179.4 178.8 0.6 23.5 22.7 0.8 55 56 57 58 59 60 61 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 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 72.7 13.3 7.6 51.8 79.0 34.0 3.2 41.8 78.1 36.0 3.9 38.3 58 59 60 61 -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -30.7 -62.8 -70.1 62 -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 0.0 181.4 241.8 0.0 241.8 81.9 -8.6 90.5 183.3 -0.0 183.3 25.2 0.0 25.2 63 64 65 1171.5 1136.1 794.2 341.9 22.8 1.1 21.8 7.5 5.0 429.9 394.0 62.6 331.4 28.4 0.7 27.7 8.5 -0.9 139.5 85.6 -361.2 446.7 24.2 -0.5 24.7 8.6 21.2 -1124.8 -1160.4 -798.3 -362.1 34.6 0.1 34.4 6.4 -5.4 -1149.5 -1175.4 -473.1 -702.2 18.7 -2.7 21.4 7.5 -0.3 449.8 390.3 159.0 231.4 21.6 -2.3 23.9 7.2 30.7 386.9 340.5 207.7 132.8 16.5 1.0 15.6 2.3 27.6 697.3 686.7 386.2 300.6 6.5 -0.3 6.8 2.2 2.0 1016.9 1027.0 572.1 454.9 5.1 -2.1 7.2 3.6 -18.8 629.5 621.0 279.5 341.5 5.0 -2.5 7.5 1.2 2.3 66 67 68 69 70 71 72 73 74 0.2 1.2 0.2 0.3 1.0 0.2 0.8 -0.2 0.2 -0.0 75 1171.2 428.8 139.3 -1125.1 -1150.5 449.6 386.2 697.5 1016.7 629.5 76 1108.2 430.1 90.6 -1437.2 -1241.1 638.8 629.6 784.3 1200.0 654.7 77 12582.0 13595.7 14271.7 13280.2 11974.9 12554.9 13155.4 14180.9 15565.3 16508.4 78 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) 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 Integrated Accounts Balance sheet account (end of period) 79 80 81 82 83 84 85 86 87 Nonfinancial assets Real estate Residential (4) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 9985.2 9044.7 5806.2 3238.5 574.4 41.7 532.7 147.6 218.4 10479.1 9476.2 5896.9 3579.3 620.5 44.4 576.1 159.5 222.8 10675.6 9598.8 5554.1 4044.7 659.4 45.5 613.9 170.1 247.3 9586.9 8469.0 4756.7 3712.3 699.6 46.6 653.0 178.6 239.6 8398.6 7296.5 4273.6 3023.0 696.3 44.0 652.4 183.2 222.5 8826.6 7670.7 4415.5 3255.2 709.2 42.2 667.0 189.9 256.9 9230.2 8001.5 4608.7 3392.8 740.7 43.9 696.8 196.6 291.3 9954.6 8687.9 4981.0 3706.9 772.6 44.4 728.3 204.7 289.3 11034.3 9727.7 5552.3 4175.4 804.9 43.5 761.5 214.6 287.1 11733.9 10369.1 5834.8 4534.3 838.2 42.3 795.9 223.3 303.3 79 80 81 82 83 84 85 86 87 88 Financial assets 2596.8 3116.6 3596.1 3693.4 3576.3 3728.3 3925.1 4226.3 4531.0 4774.5 88 698.3 374.2 324.1 793.2 448.8 344.4 875.0 515.7 359.3 877.6 519.5 358.1 887.7 534.4 353.3 887.9 531.6 356.2 918.5 556.3 362.2 987.8 615.5 372.3 1011.4 627.6 383.8 1073.3 663.2 410.1 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 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 59.5 55.2 4.4 62.4 57.9 4.6 92 93 94 95 96 97 Loans Short term (consumer credit) Long term (mortgages) 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 36.5 0.0 36.5 95 96 97 98 99 100 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (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 90.4 82.7 7.7 95.2 98 86.7 99 8.5 100 99.3 103.7 107.4 111.6 101.8 131.7 127.0 142.5 116.5 129.4 101 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 3218.3 647.8 2570.5 3377.6 102 679.4 103 2698.2 104 101 Insurance, pension and standardized guarantee schemes (3) 102 103 104 Other accounts receivable Trade receivables Other (miscellaneous assets) 151 Z.1, March 10, 2016 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 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12582.0 13595.7 14271.7 13280.2 11974.9 12554.9 13155.4 14180.9 15565.3 16508.4 105 4180.5 4764.1 5349.5 5795.2 5731.0 5672.2 5643.0 5884.3 6068.7 6357.1 106 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 3886.6 1072.3 900.9 171.3 2814.3 4057.3 1148.6 968.0 180.6 2908.8 4162.0 1187.0 1000.4 186.6 2975.0 4371.5 1260.6 1064.6 196.1 3110.9 3.3 3.6 3.6 3.7 4.8 5.3 6.1 6.3 7.1 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 1820.6 493.5 107.4 1219.7 1899.6 527.5 110.5 1261.5 8401.5 8831.6 8922.2 7485.0 6243.9 6882.8 7512.3 8296.6 9496.6 107 108 109 110 111 7.9 112 1977.7 563.5 114.4 1299.8 113 114 115 116 10151.3 117 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 152 Z.1, March 10, 2016 S.5.a Nonfinancial Corporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8011.9 8316.8 8641.0 1 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1186.2 1232.2 1285.7 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 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 6825.7 4593.3 3826.4 766.9 690.4 1542.0 7084.6 4747.4 3953.5 793.9 724.9 1612.3 7355.2 4995.8 4178.9 816.9 745.2 1614.3 3 4 5 6 7 8 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 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 21.7 916.9 1542.0 531.0 162.2 106.9 261.8 1156.1 438.2 624.8 70.6 22.5 1030.4 1612.3 549.9 152.1 105.5 292.3 1131.8 410.9 630.7 68.5 21.7 1019.9 1614.3 590.8 168.8 103.1 318.9 1185.2 403.1 676.9 81.4 23.8 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) 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 90.4 916.9 266.7 93.9 1030.4 284.6 95.1 1019.9 316.2 85.1 20 21 22 23 Equals: Disposable income, net 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 23 24 Equals: Net saving 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 24 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 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 -6.4 573.3 556.3 -17.0 656.5 650.7 -5.7 625.2 618.5 -6.7 25 26 27 28 277.0 355.8 339.5 266.6 -74.6 143.3 199.1 320.3 322.0 389.0 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 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 1439.9 1186.2 0.8 65.8 1498.0 1232.2 1.0 55.2 1610.4 1285.7 1.2 63.2 29 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 25-28) 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 253.0 334.5 236.2 33 Capital account Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 253.0 334.5 236.2 34 35 Net acquisition of financial assets 944.5 700.1 1072.8 -608.8 299.8 632.7 496.8 506.3 989.5 809.8 35 120.6 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 38.3 30.8 13.2 -5.8 -11.7 -45.5 33.3 0.6 141.5 63.5 35.8 42.1 6.3 36.7 -15.7 -14.7 36 37 38 39 36 37 38 39 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 40 41 42 43 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 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 -13.2 -6.6 -0.6 -4.2 -1.7 -8.6 0.7 -3.6 2.8 -8.4 40 41 42 43 44 45 46 47 Loans Short term (security repos and consumer credit) Long term (mortgages) 10.2 8.5 1.7 -17.1 -8.6 -8.4 -24.4 -6.0 -18.4 -11.1 -3.4 -7.7 -7.2 -3.1 -4.1 0.2 1.7 -1.6 1.9 2.4 -0.6 -3.3 -1.4 -1.9 -3.6 -5.1 1.6 12.8 11.2 1.6 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 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 8.4 377.2 57.1 -1.7 319.2 0.0 2.6 360.7 39.7 1.2 305.0 0.0 14.7 361.7 21.0 15.5 311.0 0.1 14.1 48 49 50 51 52 53 54 Insurance, pension and standardized guarantee schemes (2) 21.2 7.6 8.3 10.9 -4.0 11.7 12.3 8.0 -6.0 10.2 54 153 Z.1, March 10, 2016 S.5.a Nonfinancial Corporate Business Billions of dollars 2005 55 56 57 58 Other accounts receivable Trade receivables Other (miscellaneous assets) Net incurrence of liabilities 2006 2007 2008 2009 2010 2011 2012 2013 2014 609.6 277.6 332.0 460.7 -10.7 471.4 838.3 162.6 675.7 -792.5 -168.2 -624.3 -184.2 -29.5 -154.7 273.2 96.9 176.3 88.9 83.7 5.2 148.5 52.0 96.5 510.2 261.2 249.0 427.5 109.9 317.6 55 56 57 965.4 839.1 1281.0 338.9 -248.7 487.6 894.3 985.4 926.3 799.0 58 59 60 61 62 Debt securities Open market paper Municipal securities Corporate bonds -7.1 -7.7 41.9 -41.3 150.0 22.4 53.3 74.2 199.6 11.3 68.4 119.9 190.4 7.7 66.0 116.8 179.3 -73.1 37.2 215.2 237.2 24.5 33.2 179.5 203.6 33.4 8.5 161.6 352.7 14.0 15.2 323.5 302.8 14.2 9.3 279.2 304.0 37.5 -0.1 266.6 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) 266.9 83.0 -27.1 110.1 183.9 232.2 149.9 22.0 127.9 82.3 453.2 383.8 96.3 287.5 69.4 87.5 132.1 64.2 68.0 -44.6 -523.6 -394.8 -234.0 -160.8 -128.8 -288.4 -177.5 -87.0 -90.4 -110.9 131.9 212.3 152.1 60.2 -80.4 -47.5 67.9 101.5 -33.5 -115.4 121.1 116.8 63.7 53.1 4.4 191.2 175.3 92.8 82.5 15.9 63 64 65 66 67 68 69 70 Equity and investment fund shares Corporate equities Foreign direct investment in the United States -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 -156.6 -344.9 188.3 -168.0 -352.9 184.9 -295.1 -392.2 97.1 68 69 70 71 72 73 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 91.2 -1.9 93.0 146.4 -2.0 148.4 4.4 4.5 -0.2 155.8 14.7 141.0 54.3 -8.6 63.0 -16.7 15.4 -32.1 -16.5 3.0 -19.5 -23.9 -12.3 -11.6 108.4 -2.5 110.9 53.1 -1.1 54.2 71 72 73 74 75 76 77 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 815.9 199.0 -1.8 618.7 615.4 109.1 -0.8 507.1 1118.0 85.1 -49.6 1082.5 31.2 -225.2 3.1 253.3 -12.2 -82.6 -3.3 73.7 649.1 156.3 7.2 485.6 837.3 25.2 8.8 803.3 860.7 65.4 2.3 793.0 562.0 101.3 -9.1 469.8 545.8 66.2 -0.3 479.9 74 75 76 77 -20.9 -139.0 -208.2 -947.7 548.5 145.2 -397.5 -479.1 63.2 10.7 78 288.5 -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 -54.9 0.0 665.8 789.0 -68.3 -221.2 -6.9 503.6 732.1 -14.2 435.7 0.0 710.3 271.3 3.2 561.0 0.0 783.6 225.5 -2.9 79 80 81 82 83 931.5 811.0 45.0 27.9 47.7 973.4 872.7 70.9 20.5 9.2 1467.0 1343.8 22.6 30.2 70.4 -1107.6 -1152.2 99.9 13.2 -68.4 -2628.1 -2646.6 -16.1 3.1 31.6 857.5 724.8 41.1 22.5 69.1 778.5 640.4 76.6 27.9 33.7 544.8 500.9 13.5 19.9 10.5 1388.1 1335.4 12.9 39.0 0.9 1058.3 1034.3 32.5 12.7 -21.3 84 85 86 87 88 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 71.3 15.4 56.0 37.9 30.2 7.6 -57.8 8.4 -66.1 89 90 91 960.7 919.7 41.0 2182.9 2201.6 -18.8 1850.5 1823.4 27.1 -5651.4 -5550.2 -101.2 2497.2 2665.7 -168.5 2014.1 2028.8 -14.8 253.9 344.6 -90.7 2035.6 2037.5 -1.9 5391.5 5380.7 10.8 2560.6 2510.3 50.3 92 93 94 65.4 -1178.4 -228.6 4344.2 -5140.6 -1288.5 468.9 -1419.5 -3965.5 -1560.1 95 781.1 -215.0 763.4 3900.4 -4625.6 -326.7 1004.6 -1067.4 -2873.3 -373.9 96 26067.9 28196.9 31171.8 29515.3 27183.6 28958.1 30504.4 31946.7 34802.3 37141.0 97 14167.3 7923.6 3297.8 1322.0 1623.9 15537.5 8892.2 3513.6 1401.1 1730.5 17419.0 10381.6 3673.4 1492.3 1871.7 16592.1 9360.3 3857.2 1564.1 1810.5 13866.1 6767.6 3793.1 1600.7 1704.6 14941.4 7546.0 3853.6 1669.1 1872.7 15995.5 8231.0 4008.0 1746.9 2009.6 16858.3 8799.4 4139.4 1819.4 2100.0 18541.8 10199.3 4269.8 1920.0 2152.9 19981.9 11338.7 4442.8 2002.7 2197.7 98 99 100 101 102 11900.6 12659.5 13752.8 12923.2 13317.5 14016.8 14508.9 15088.4 16260.5 17159.1 103 781.9 268.0 450.4 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 40.6 862.1 265.3 561.9 34.8 850.4 219.8 595.2 35.4 991.8 283.3 631.1 77.5 998.1 319.9 615.4 62.8 104 105 106 107 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 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 Integrated Accounts Balance sheet account (end of period) 154 Z.1, March 10, 2016 S.5.a Nonfinancial Corporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 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 22.9 121.8 52.9 38.8 8.9 21.2 113.2 53.6 35.2 11.7 12.7 108 109 110 111 112 113 114 115 116 117 Loans Short term Security repurchases Consumer credit Long term (mortgages) 142.4 74.1 14.6 59.6 68.3 123.8 64.0 15.5 48.5 59.8 99.5 58.1 8.1 50.0 41.4 88.3 54.7 7.2 47.5 33.6 81.2 51.6 7.9 43.8 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 80.1 53.0 8.7 44.2 27.1 92.9 64.2 21.3 43.0 28.7 113 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 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 4905.6 519.4 179.6 4134.4 0.6 71.7 5304.2 559.1 211.0 4447.0 0.6 86.4 5608.0 580.2 234.9 4691.8 0.7 100.5 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes (2) 283.9 291.5 299.8 310.9 307.0 318.7 331.0 339.0 333.0 343.2 124 125 126 127 Other accounts receivable Trade receivables Other (miscellaneous assets) 7670.0 2108.2 5561.7 8159.7 2099.0 6060.7 8867.4 2261.6 6605.8 8053.9 2093.4 5960.5 7979.4 2063.9 5915.5 8484.4 2157.1 6327.4 8624.4 2240.8 6383.6 8774.7 2292.8 6481.9 9429.6 2554.0 6875.6 10003.7 2663.8 7339.8 125 126 127 128 Total liabilities and net worth 26067.9 28196.9 31171.8 29515.3 27183.6 28958.1 30504.4 31946.7 34802.3 37141.0 128 23835.0 26179.0 28390.4 22833.6 25127.4 27228.7 27770.4 30280.1 36009.0 38721.5 129 129 Liabilities 130 131 132 133 Debt securities Open market paper Municipal securities Corporate bonds 2987.9 90.1 227.3 2670.5 3137.9 112.5 280.6 2744.8 3337.5 123.8 349.0 2864.7 3527.9 131.5 415.0 2981.4 3707.2 58.4 452.2 3196.6 3944.4 82.9 485.4 3376.1 4148.0 116.3 493.9 3537.7 4500.7 130.3 509.1 3861.2 4803.4 144.5 518.5 4140.4 5107.4 182.0 518.4 4407.1 130 131 132 133 134 135 136 137 138 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 2266.0 1494.3 590.9 903.4 771.7 2519.0 1641.4 612.9 1028.4 877.6 2978.7 2031.7 715.7 1316.0 947.0 3061.3 2163.8 779.9 1383.9 897.4 2453.5 1684.8 545.8 1139.0 768.7 2098.3 1425.3 477.1 948.1 673.0 2230.1 1637.6 629.2 1008.3 592.6 2226.1 1749.0 712.1 1036.9 477.1 2320.4 1838.9 775.8 1063.1 481.5 2512.0 2014.0 868.5 1145.6 498.0 134 135 136 137 138 139 140 141 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 14202.7 12653.2 1549.4 16080.7 14358.0 1722.7 17437.0 15475.0 1961.9 11659.6 9609.3 2050.3 14210.3 12223.8 1986.4 16130.7 14002.0 2128.7 16122.7 13892.0 2230.7 18001.7 15584.6 2417.2 23225.2 20612.3 2612.8 25490.7 22730.4 2760.3 139 140 141 142 143 144 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 14.6 44.8 -30.1 35.9 64.7 -28.8 47.7 69.3 -21.6 759.1 84.0 675.1 574.8 75.4 499.4 539.4 90.8 448.6 611.4 93.8 517.7 472.5 81.4 391.0 260.7 79.0 181.7 244.2 77.9 166.3 142 143 144 145 146 147 148 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 4363.7 1700.5 86.2 2577.0 4405.5 1812.9 85.4 2507.2 4589.5 1897.9 35.8 2655.8 3825.7 1672.7 39.0 2114.1 4181.7 1590.1 35.7 2555.9 4515.9 1746.4 42.9 2726.7 4658.1 1771.6 51.7 2834.9 5079.1 1837.0 54.0 3188.1 5399.3 1938.3 44.9 3416.1 5367.2 2004.5 44.6 3318.1 145 146 147 148 2232.9 2017.9 2781.3 6681.7 2056.1 1729.4 2734.0 1666.6 -1206.7 -1580.5 149 149 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 155 Z.1, March 10, 2016 S.6.a Financial Business Billions of dollars 2005 2006 2007 1034.3 1127.6 1068.8 2008 2009 2010 2011 2012 2013 2014 851.9 1015.4 1042.8 1045.8 1187.3 1173.3 1301.6 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.2 182.7 192.0 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 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 1013.1 630.2 536.8 93.3 60.2 322.7 990.6 640.2 545.6 94.6 59.9 290.4 1109.6 681.0 581.4 99.7 69.8 358.8 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 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 0.0 290.0 322.7 2052.3 1635.7 359.8 56.8 2084.9 1478.3 589.8 521.9 67.9 16.9 0.0 160.1 290.4 2020.3 1539.5 419.8 61.0 2150.6 1413.9 720.6 672.3 48.3 16.1 0.0 286.6 358.8 2049.6 1505.5 481.3 62.8 2121.7 1420.8 683.5 631.8 51.7 17.4 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) 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 20.0 290.0 180.9 -25.7 160.1 184.3 -17.9 286.6 197.6 8.5 22 23 24 25 Equals: Disposable income, net 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 25 26 Equals: Net saving 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 26 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 -32.4 125.2 134.8 9.6 -6.3 -6.3 0.0 70.5 80.5 10.0 27 28 29 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 17.9 192.1 174.2 23.4 206.1 182.7 30.6 222.6 192.0 30 31 32 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 107.4 -29.7 39.9 33 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 107.4 -29.7 39.9 34 3771.5 4611.6 5481.5 3780.4 -1229.6 98.9 2200.6 1829.4 3525.2 3080.6 35 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 2.7 86.1 183.8 1004.1 194.1 -153.6 519.7 -47.3 817.7 124.8 37 36 Monetary gold 37 Currency and deposits 38 39 40 41 42 43 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 634.6 194.0 90.8 -252.1 115.7 486.2 1080.6 232.6 108.7 94.8 131.2 513.3 978.7 -120.4 71.7 282.0 184.6 560.9 845.0 6.2 512.2 728.5 42.2 -444.1 723.0 -390.6 426.7 679.0 38.4 -30.5 787.7 -93.5 572.7 51.6 44.3 212.7 1269.2 -75.0 1051.7 113.9 13.5 165.0 1094.9 0.0 352.8 152.4 139.4 450.3 1530.9 20.7 589.4 401.5 9.3 510.0 1234.2 -22.4 439.3 341.4 52.0 423.9 38 39 40 41 42 43 44 45 46 Loans Short term Long term (mortgages) 2057.7 653.2 1404.5 2107.8 713.2 1394.6 2698.5 1566.1 1132.4 1472.7 1225.7 247.0 -2928.6 -2876.0 -52.7 -492.9 -201.8 -291.0 128.9 303.7 -174.8 433.4 499.5 -66.1 133.8 50.3 83.5 834.4 631.5 202.9 44 45 46 47 48 49 50 51 52 53 54 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 538.3 285.2 53.2 11.6 2.0 11.5 1.6 173.2 498.4 171.4 104.1 -7.4 -0.0 25.8 1.8 202.8 1197.5 417.7 67.5 330.8 8.3 107.0 3.1 263.1 719.7 212.5 -65.9 284.4 -5.3 66.4 2.6 225.0 136.4 155.3 175.9 -175.9 0.0 40.7 4.6 -64.1 -42.3 58.1 133.1 -172.8 -3.2 -2.3 0.9 -56.0 -18.8 -84.8 18.1 -63.8 -6.2 15.2 0.4 102.4 116.1 5.9 64.5 -82.4 -2.0 20.5 0.5 109.1 202.7 -4.0 142.6 -53.5 -0.2 23.6 0.1 94.0 461.4 115.0 128.3 14.0 0.3 26.0 1.1 176.7 47 48 49 50 51 52 53 54 55 Insurance, pension and standardized guarantee schemes 224.9 304.3 249.3 292.3 495.0 276.2 339.3 354.9 346.0 316.2 55 56 Other accounts receivable 313.4 534.4 173.6 -553.4 150.5 -276.3 -37.7 -122.6 494.2 109.5 56 Integrated Accounts Financial account 156 Z.1, March 10, 2016 S.6.a Financial Business Billions of dollars 57 Net incurrence of liabilities 2005 2006 2007 2008 2009 3440.8 4368.4 5356.8 3883.1 -1235.4 624.0 632.6 562.0 2139.9 229.1 1047.8 80.4 753.2 214.2 1316.7 328.2 792.1 196.4 1540.4 905.7 746.2 -111.5 454.4 768.7 -189.0 -125.4 -973.2 -60.1 -465.1 -448.1 2010 2011 2012 2013 2014 93.8 2127.1 1747.5 3352.4 3053.7 57 324.4 1448.9 594.6 1859.3 986.9 58 -679.8 -39.5 -538.0 -102.2 -354.5 -22.1 -264.2 -68.2 -316.3 -23.8 -233.7 -58.8 70.0 238.3 -119.4 -48.9 175.0 150.3 62.0 -37.3 59 60 61 62 58 Currency and deposits 59 60 61 62 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 63 64 65 Loans Short term Long term (mortgages) 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 0.8 202.2 188.7 13.5 128.4 123.5 4.8 -208.2 -216.0 7.8 160.9 147.2 13.8 63 64 65 66 67 68 69 70 71 72 73 74 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 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 2.6 268.8 -498.7 314.1 497.1 0.0 45.7 0.6 -94.5 4.6 71.9 -503.2 189.5 370.1 -2.7 48.5 0.9 -32.0 0.9 503.6 -112.8 161.6 338.4 -5.9 43.4 -2.9 81.5 0.4 961.2 7.1 155.5 624.9 -1.8 5.1 6.7 163.3 0.5 977.1 28.9 158.3 638.2 0.5 31.1 -5.6 125.6 0.1 1048.0 9.6 218.3 596.8 1.2 13.6 2.0 205.4 1.1 66 67 68 69 70 71 72 73 74 75 Insurance, pension and standardized guarantee schemes 76 Other accounts payable 77 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) 680.6 688.7 675.1 488.3 682.0 714.9 690.5 573.0 564.0 594.1 75 -158.3 208.0 229.4 -756.7 202.3 -278.0 -363.6 -193.2 90.2 88.8 76 330.7 243.2 124.7 -102.7 5.9 5.1 73.4 81.9 172.8 26.8 77 34.3 -1.7 -280.3 -316.3 -411.2 0.0 -625.6 -214.4 -78.2 0.0 -297.5 -219.3 1209.3 -0.6 1221.4 11.5 -1027.8 0.0 -729.3 298.5 -801.9 0.0 -543.2 258.7 -73.0 0.0 36.9 109.8 -380.0 -2.0 -352.5 25.5 -950.5 0.0 -1153.0 -202.5 -387.9 0.0 -374.9 13.0 78 79 80 81 Other changes in volume account 78 79 80 81 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (3) Revaluation account 82 83 84 85 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 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 18.4 15.3 2.9 0.2 34.4 30.2 2.5 1.7 29.7 24.8 5.6 -0.7 82 83 84 85 86 87 88 89 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 925.5 600.0 294.8 30.7 1779.3 1444.6 299.1 35.7 806.1 618.4 141.9 45.8 -5916.0 -5091.6 -835.1 10.8 2569.4 2148.4 366.8 54.2 1655.5 1411.3 203.6 40.7 -673.5 -517.6 -110.4 -45.5 1780.9 1518.9 239.6 22.4 3763.7 3282.2 495.5 -14.0 1128.5 1021.9 141.3 -34.6 86 87 88 89 90 91 92 93 94 95 96 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Pension fund reserves Investment by parent 893.3 265.1 352.4 9.4 1.7 264.5 0.0 1851.2 716.6 682.6 22.5 4.8 424.6 0.0 -496.7 -979.8 396.0 -56.7 -0.6 144.4 0.0 -6424.4 -2365.5 -2424.7 -157.6 -13.6 -1462.9 0.0 2118.9 388.8 1035.6 17.9 3.6 673.6 -0.6 1601.9 568.1 582.2 34.1 0.3 419.3 -2.0 -923.9 -449.0 -340.4 28.9 -1.2 -161.8 -0.3 1912.7 739.2 720.3 15.9 -1.3 438.8 -0.1 3802.3 1355.6 1571.0 -50.6 4.2 922.1 0.0 1349.0 641.3 456.5 11.4 -0.5 240.3 0.0 90 91 92 93 94 95 96 104.8 -8.1 1331.4 564.1 388.6 50.9 292.6 -113.4 -4.2 -190.8 97 184.5 -358.6 1204.7 1704.5 -345.3 -501.1 401.7 -368.1 -960.9 -508.2 98 57592.1 63455.5 69680.2 69156.8 70099.3 71223.6 72847.6 76984.6 82843.9 86782.9 99 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 1655.5 992.0 506.0 157.4 1713.2 1013.0 535.7 164.5 1773.6 1031.9 570.7 170.9 100 101 102 103 97 Changes in net worth due to nominal holding gains/losses 98 Change in net worth (lines 30+33+78+97) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 99 Total assets 100 101 102 103 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 104 Financial assets 56208.4 61971.0 68115.4 67507.5 68513.0 69643.4 71226.4 75329.2 81130.7 85009.3 104 105 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 105 106 Currency and deposits 866.6 927.7 1113.5 2154.9 2362.5 2254.6 2774.4 2751.4 3567.7 3689.7 106 157 Z.1, March 10, 2016 S.6.a Financial Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 107 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 14745.7 1124.8 2527.9 4137.5 1346.2 5609.3 15738.3 1352.8 2641.2 4148.0 1477.1 6119.2 16720.6 1235.9 2712.9 4430.0 1661.7 6680.1 17569.9 1243.6 3225.2 5158.5 1703.9 6238.8 18315.4 852.9 3651.9 5892.0 1742.3 6176.4 18528.4 763.7 4224.6 5480.8 1786.5 6272.9 19797.4 688.8 5276.3 5594.7 1800.0 6437.6 20984.5 688.6 5641.1 5761.2 1939.4 6954.1 22428.4 709.1 6230.5 6154.3 1948.7 7385.9 23663.6 687.7 6669.9 6495.6 2000.7 7809.8 107 108 109 110 111 112 113 114 115 Loans Short term Long term (mortgages) 19766.9 8152.1 11614.9 21811.6 8778.5 13033.0 24467.9 10334.2 14133.7 25804.3 11559.7 14244.6 22587.4 8631.1 13956.3 21852.9 8503.7 13349.2 21830.1 8807.4 13022.7 22291.2 9479.9 12811.3 22306.9 9503.3 12803.6 23102.8 10134.7 12968.1 113 114 115 116 117 118 119 120 121 122 123 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 15513.3 10352.3 2183.0 515.8 42.0 446.0 13.5 1960.6 17343.4 11468.8 2550.9 562.4 42.0 507.4 15.3 2196.5 19347.0 12504.9 2760.3 893.3 50.3 660.2 18.5 2459.6 14150.8 7625.8 1859.2 1177.7 45.0 737.4 21.1 2684.6 17532.7 9929.6 2402.0 1001.7 45.0 832.3 25.6 3296.6 19146.0 11398.9 2738.7 828.9 41.7 870.7 26.5 3240.6 18453.7 10796.5 2646.3 765.1 35.5 840.3 26.9 3343.0 20777.3 12321.4 2950.4 682.7 33.5 883.2 27.4 3878.8 24692.7 15599.6 3588.5 629.2 33.4 892.8 27.5 3921.7 26282.7 16736.5 3858.0 643.2 33.7 884.2 28.6 4098.5 116 117 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes 2346.7 2460.5 2593.6 4233.7 4146.0 4508.3 4922.0 4896.7 4311.1 4297.1 124 125 Other accounts receivable 2958.1 3678.4 3861.7 3583.0 3558.0 3342.2 3437.8 3617.1 3812.7 3962.3 125 126 Total liabilities and net worth 57592.1 63455.5 69680.2 69156.8 70099.3 71223.6 72847.6 76984.6 82843.9 86782.9 126 58740.8 64962.8 69982.9 67755.0 69042.8 70668.2 71890.5 76395.6 83215.8 87662.9 127 8185.1 8817.7 9379.7 11519.6 11748.7 12069.0 13517.8 14084.6 15943.9 16930.8 128 12051.7 6140.7 4740.8 1170.2 13338.6 6468.9 5506.1 1363.5 14989.8 7374.6 6363.1 1252.1 15364.1 8143.4 6094.4 1126.3 14594.5 8083.3 5833.0 678.2 13544.8 7581.3 5387.4 576.0 13117.6 7559.2 5050.5 507.9 12923.9 7535.4 4939.4 449.1 12926.8 7773.7 4752.9 400.2 13074.5 7924.0 4787.6 362.9 129 130 131 132 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 4917.5 4728.0 189.5 5108.6 4914.2 194.4 4900.4 4698.2 202.2 5069.2 4845.4 223.8 133 134 135 127 Liabilities 128 Currency and deposits 129 130 131 132 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 133 134 135 Loans Short term Long term (mortgages) 136 137 138 139 140 141 142 143 144 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 15144.0 1993.1 4629.7 6045.6 46.7 353.2 11.7 2050.4 13.5 17535.3 2296.3 5406.2 7065.0 46.9 427.8 9.7 2268.1 15.3 18359.5 3033.0 4606.0 7822.6 56.0 380.4 12.6 2430.5 18.5 15115.4 3757.3 2879.7 5388.0 51.8 343.5 10.7 2663.5 21.1 17505.6 3258.6 3582.6 6920.7 51.8 407.0 14.8 3244.5 25.6 18723.0 2755.4 4340.2 7873.0 49.0 489.6 15.9 3173.4 26.5 18464.5 2642.5 4052.7 7870.9 43.1 561.9 11.9 3254.6 26.9 21436.2 2649.6 4947.4 9326.1 41.2 582.8 17.3 3844.4 27.4 25242.5 2678.5 6461.4 11535.2 41.7 563.3 15.9 3919.0 27.5 27399.2 2688.1 7320.9 12588.5 42.9 588.3 17.5 4124.4 28.6 136 137 138 139 140 141 142 143 144 145 Insurance, pension and standardized guarantee schemes 15807.9 16935.7 17807.7 16706.4 18109.6 19786.6 20340.9 21407.5 22946.2 23829.3 145 146 Other accounts payable 2518.4 2714.1 2943.9 2707.4 2315.9 1824.1 1532.0 1434.8 1256.1 1360.0 146 -1148.8 -1507.3 -302.7 1401.8 1056.5 555.4 957.1 589.0 -371.9 -880.0 147 147 Net worth Integrated Accounts Notes. Financial business includes depository institutions, insurance companies, 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. 158 Z.1, March 10, 2016 S.61.a Central Bank Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Current account 1 Gross value added 2.1 2.0 2.0 3.4 2.5 2.5 2.8 2.6 3.3 3.4 1 2 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 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 1.3 1.5 1.3 0.2 0.0 -0.2 1.2 1.6 1.4 0.2 0.0 -0.4 1.2 1.7 1.5 0.2 0.0 -0.6 2.6 1.9 1.7 0.2 0.0 0.6 1.7 2.1 1.8 0.2 0.0 -0.3 1.7 2.1 1.8 0.2 0.0 -0.4 2.0 2.0 1.8 0.2 0.0 -0.1 1.8 2.0 1.8 0.2 0.0 -0.2 2.5 2.2 1.9 0.3 0.0 0.3 2.6 2.2 1.9 0.3 0.0 0.4 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 26.4 -0.2 29.2 29.2 0.0 0.0 2.6 1.8 0.8 0.8 0.0 0.0 0.0 33.1 -0.4 36.8 36.8 0.0 0.0 3.3 2.4 0.9 0.9 0.0 0.0 0.0 36.6 -0.6 40.9 40.9 0.0 0.0 3.8 2.8 1.0 1.0 0.0 0.0 0.0 35.2 0.6 38.9 38.9 0.0 0.0 4.4 3.2 1.2 1.2 0.0 0.0 0.0 47.3 -0.3 53.3 53.3 0.0 0.0 5.7 4.3 1.4 1.4 0.0 0.0 0.0 71.7 -0.4 78.5 78.5 0.0 0.0 6.4 4.8 1.6 1.6 0.0 0.0 0.0 76.6 -0.1 84.5 84.5 0.0 0.0 7.9 6.3 1.6 1.6 0.0 0.0 0.0 72.4 -0.2 80.9 80.9 0.0 0.0 8.4 6.7 1.6 1.6 0.0 0.0 0.0 80.6 0.3 90.5 90.5 0.0 0.0 10.2 8.6 1.6 1.6 0.0 0.0 0.0 104.4 0.4 115.9 115.9 0.0 0.0 12.0 10.3 1.7 1.7 0.0 0.0 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) 26.4 21.5 0.7 33.1 29.1 0.8 36.6 34.6 0.9 35.2 31.7 0.9 47.3 47.4 0.9 71.7 79.3 1.1 76.6 75.4 1.4 72.4 88.4 1.6 80.6 79.6 1.8 104.4 96.9 1.9 22 23 24 25 Equals: Disposable income, net 4.2 3.3 1.1 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 25 26 Equals: Net saving 4.2 3.3 1.1 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 26 4.2 4.2 0.0 3.3 3.3 0.0 1.1 1.1 0.0 2.6 2.6 0.0 -1.1 -1.1 0.0 -8.7 -8.7 0.0 -0.3 -0.3 0.0 -17.6 -17.6 0.0 -0.9 -0.9 0.0 5.6 5.6 0.0 27 28 29 -0.3 0.6 0.8 -0.0 0.8 0.8 0.1 0.9 0.8 -0.2 0.7 0.8 -0.0 0.8 0.8 -0.2 0.7 0.8 -0.2 0.6 0.8 0.0 0.8 0.8 -0.2 0.6 0.8 -0.2 0.7 0.8 30 31 32 4.5 3.3 1.0 2.8 -1.0 -8.5 -0.0 -17.7 -0.7 5.8 33 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 Net lending (+) or borrowing (-), capital account (lines 27-30) Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 4.5 3.3 1.0 2.8 -1.0 -8.5 -0.0 -17.7 -0.7 5.8 34 37.4 29.6 42.7 1319.8 -4.5 185.5 493.6 9.7 1118.8 481.6 35 36 37 Monetary gold Currency and deposits -0.0 0.4 -0.0 0.8 0.0 1.3 0.0 -0.8 0.0 3.7 0.0 1.8 0.0 1.1 0.0 0.9 0.0 0.4 0.0 1.4 36 37 38 39 40 41 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 26.4 0.0 26.4 0.0 34.7 0.0 34.7 0.0 -38.3 0.0 -38.3 0.0 -245.0 0.0 -264.7 19.7 1349.2 0.0 300.7 1048.5 316.3 0.0 244.9 71.4 444.0 0.0 642.0 -197.9 64.5 0.0 2.7 61.8 1086.6 0.0 542.6 543.9 480.7 0.0 252.6 228.1 38 39 40 41 42 43 44 Loans (short term) Equity shares Other accounts receivable 13.8 0.0 -3.2 -6.0 0.0 0.1 78.3 0.0 1.4 1564.7 0.0 0.9 -1434.1 25.1 51.5 -151.4 1.3 17.5 32.2 -26.4 42.7 -121.0 0.0 65.3 -9.1 0.0 40.9 1.2 0.0 -1.8 42 43 44 45 Net incurrence of liabilities 36.1 27.2 39.6 1317.2 -9.1 184.6 493.2 9.3 1118.7 480.6 45 33.6 -0.3 1.6 1.1 24.8 -0.9 1.8 1.4 23.1 14.4 3.1 -1.0 1270.2 44.4 2.6 0.0 -3.4 -10.6 4.6 0.4 173.9 -18.0 0.9 27.8 480.2 40.2 0.4 -27.5 -2.0 7.3 0.5 3.5 900.1 208.7 0.1 9.7 283.2 193.9 1.1 2.4 46 47 48 49 1.3 2.4 3.1 2.6 4.6 0.9 0.4 0.5 0.1 1.1 50 -3.2 0.0 3.2 -0.9 0.0 0.9 2.1 0.0 -2.1 -0.2 0.0 0.2 5.6 0.0 -5.6 9.4 0.0 -9.4 0.4 0.0 -0.4 18.1 -0.0 -18.1 0.8 0.0 -0.8 -4.7 0.0 4.7 51 52 53 46 47 48 49 Currency and deposits Loans Equity shares (stock in Federal Reserve Banks) Other accounts payable 50 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-45) 51 52 53 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 33-50) (3) Other changes in volume account 159 Z.1, March 10, 2016 S.61.a Central Bank Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Revaluation account 54 55 56 57 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 0.7 0.6 0.0 0.0 0.6 0.6 0.0 0.0 0.3 0.3 0.0 0.0 0.6 0.5 0.1 0.0 -0.4 -0.3 -0.0 -0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.1 0.1 0.0 0.0 0.2 0.2 0.0 0.0 0.2 0.2 0.0 -0.0 54 55 56 57 58 Changes in net worth due to nominal holding gains/losses 0.7 0.6 0.3 0.6 -0.4 0.0 0.3 0.1 0.2 0.2 58 59 Change in net worth (lines 30+33+51+58) 1.7 3.0 3.6 3.0 4.2 0.8 0.5 0.6 0.2 1.1 59 888.2 918.4 961.5 2281.7 2276.8 2462.1 2955.8 2965.6 4084.5 4566.1 60 9.5 6.6 2.4 0.6 10.1 7.2 2.3 0.6 10.6 7.7 2.2 0.7 11.0 8.2 2.1 0.7 10.6 7.8 2.0 0.7 10.5 7.7 2.0 0.8 10.6 7.8 2.0 0.8 10.7 7.8 2.0 0.8 10.7 7.9 2.0 0.8 10.7 8.0 2.0 0.8 61 62 63 64 878.7 908.2 950.9 2270.7 2266.2 2451.7 2945.2 2955.0 4073.8 4555.4 65 11.0 56.2 11.0 58.2 11.0 61.5 11.0 62.9 11.0 65.7 11.0 68.1 11.0 69.3 11.0 69.0 11.0 68.1 11.0 66.7 66 67 744.2 0.0 744.2 0.0 778.9 0.0 778.9 0.0 740.6 0.0 740.6 0.0 495.6 0.0 475.9 19.7 1844.8 0.0 776.6 1068.3 2161.1 0.0 1021.5 1139.6 2605.1 0.0 1663.4 941.7 2669.6 0.0 1666.1 1003.4 3756.2 0.0 2208.8 1547.4 4236.9 0.0 2461.4 1775.5 68 69 70 71 Changes in balance sheet account Balance sheet account (end of period) 60 Total assets 61 62 63 64 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 65 Financial assets 66 67 Monetary gold Currency and deposits 68 69 70 71 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 72 73 74 Loans (short term) Equity shares Other accounts receivable 46.8 0.0 20.3 40.8 0.0 19.2 119.1 0.0 18.7 1683.8 0.0 17.3 249.7 25.1 69.8 98.4 26.4 86.7 130.5 0.0 129.2 9.5 0.0 195.8 0.4 0.0 238.0 1.7 0.0 239.1 72 73 74 75 Total liabilities and net worth 888.2 918.4 961.5 2281.7 2276.8 2462.1 2955.8 2965.6 4084.5 4566.1 75 865.7 892.9 932.5 2249.7 2240.6 2425.1 2918.3 2927.6 4046.3 4526.8 76 819.9 30.5 13.5 1.8 844.8 29.6 15.3 3.2 867.9 44.0 18.5 2.2 2138.1 88.4 21.1 2.2 2134.6 77.7 25.6 2.5 2308.6 59.7 26.5 30.4 2788.7 99.9 26.9 2.8 2786.7 107.2 27.4 6.3 3686.8 315.9 27.5 16.0 3970.0 509.8 28.6 18.4 77 78 79 80 22.5 25.5 29.0 32.1 36.2 37.0 37.5 38.0 38.2 39.3 81 76 77 78 79 80 81 Liabilities Currency and deposits Loans Equity shares (stock in Federal Reserve Banks) Other accounts payable Net worth 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) 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. 160 Z.1, March 10, 2016 S.62.a Private Depository Institutions Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Current account 1 Gross value added 271.0 300.0 312.6 304.4 282.1 261.2 238.5 274.2 289.7 300.2 1 2 Less: Consumption of fixed capital 30.3 31.1 31.6 31.9 32.1 31.8 31.8 32.3 32.6 32.8 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 240.7 128.5 108.4 20.1 6.3 105.9 268.9 133.8 113.6 20.2 6.6 128.5 281.0 139.8 118.7 21.1 7.0 134.1 272.5 132.9 111.7 21.2 8.4 131.2 250.0 147.3 125.3 22.0 9.4 93.4 229.4 151.0 128.3 22.7 9.4 68.9 206.8 158.8 134.3 24.5 9.6 38.4 241.9 167.5 143.1 24.4 10.0 64.4 257.0 170.8 146.1 24.7 10.4 75.9 267.4 169.6 144.8 24.8 11.1 86.7 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 78.6 105.9 375.1 372.0 2.3 0.7 402.4 326.5 72.9 72.8 0.1 3.0 0.0 78.6 128.5 452.8 441.3 2.8 8.6 502.6 405.1 93.2 93.1 0.1 4.3 0.0 64.6 134.1 487.4 474.6 3.1 9.6 556.9 447.1 107.1 107.0 0.1 2.7 0.0 132.6 131.2 408.2 392.9 2.8 12.5 406.8 354.3 50.9 50.6 0.2 1.7 0.0 178.7 93.4 410.6 393.7 1.9 15.0 325.2 277.0 47.3 47.1 0.2 0.9 0.0 180.7 68.9 412.5 388.7 2.1 21.7 300.7 243.9 54.1 53.9 0.2 2.8 0.0 124.7 38.4 380.9 357.1 2.1 21.7 294.6 212.4 77.9 77.8 0.1 4.3 0.0 117.5 64.4 346.9 326.6 2.2 18.1 293.8 191.9 96.2 96.0 0.2 5.7 0.0 132.6 75.9 320.4 299.3 2.4 18.7 263.6 173.7 84.0 83.9 0.1 6.0 0.0 120.5 86.7 309.6 288.4 2.7 18.4 275.7 179.3 89.8 89.8 0.1 6.6 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) 78.6 55.0 3.8 78.6 54.2 4.0 64.6 41.1 4.1 132.6 15.8 4.2 178.7 2.7 4.3 180.7 18.7 4.5 124.7 23.5 5.6 117.5 30.5 6.2 132.6 27.1 6.5 120.5 25.6 6.8 22 23 24 25 Equals: Disposable income, net 19.7 20.4 19.4 112.6 171.7 157.5 95.6 80.8 99.1 88.0 25 26 Equals: Net saving 19.7 20.4 19.4 112.6 171.7 157.5 95.6 80.8 99.1 88.0 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 19.7 19.7 0.0 20.4 20.4 0.0 19.4 19.4 0.0 155.4 112.6 -42.8 189.8 171.7 -18.0 157.5 157.5 0.0 95.9 95.6 -0.3 80.8 80.8 0.0 99.1 99.1 0.0 88.0 88.0 0.0 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 0.8 31.1 30.3 5.2 36.3 31.1 2.5 34.1 31.6 3.8 35.6 31.9 -0.1 32.0 32.1 -4.6 27.2 31.8 -5.0 26.8 31.8 -3.6 28.8 32.3 -6.1 26.5 32.6 -4.3 28.5 32.8 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 18.9 15.3 16.9 151.6 189.8 162.2 100.9 84.4 105.2 92.4 33 Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 18.9 15.3 16.9 151.6 189.8 162.2 100.9 84.4 105.2 92.4 34 962.4 932.4 1091.2 1198.4 -699.2 -193.2 840.5 500.1 993.4 972.1 35 4.3 8.6 -5.0 0.8 1.1 1.6 -0.3 -0.2 7.3 3.3 2.1 1.9 836.6 2.7 839.2 -5.4 114.6 -2.8 117.0 0.4 -12.6 -2.2 -8.9 -1.5 600.4 8.1 594.2 -1.8 -63.0 7.1 -71.2 1.2 757.4 2.6 758.0 -3.2 129.5 2.0 128.9 -1.5 36 37 38 39 36 37 38 39 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 40 41 42 43 44 45 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 202.4 -0.0 -7.0 46.0 18.5 145.0 151.4 0.2 0.6 18.7 25.1 106.9 139.6 -0.5 10.4 -115.8 12.6 232.9 117.7 15.3 -20.8 142.2 20.4 -39.3 117.2 -15.7 94.7 172.6 3.4 -137.8 146.1 0.0 103.0 138.5 29.3 -124.7 138.0 0.0 -46.7 133.6 46.8 4.3 190.4 0.0 86.6 49.7 68.0 -13.8 46.3 0.0 -35.1 42.4 55.1 -16.2 216.7 0.0 195.4 26.2 31.0 -35.9 40 41 42 43 44 45 46 47 48 Loans Short term Long term (mortgages) 710.2 225.0 485.2 780.5 386.2 394.3 853.0 557.5 295.4 179.5 141.3 38.3 -969.8 -790.4 -179.4 -258.5 -101.3 -157.2 165.4 271.3 -105.8 389.2 367.5 21.7 162.8 173.8 -11.0 589.4 439.5 149.9 46 47 48 49 50 51 52 53 54 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks 0.6 -0.9 -2.8 2.1 0.5 1.6 3.5 -0.4 3.8 -0.1 -1.7 1.8 48.6 1.4 3.6 7.6 32.8 3.1 16.1 0.9 1.3 -6.2 17.6 2.6 24.5 6.3 14.1 0.3 -0.8 4.6 -7.0 -1.7 -5.6 -3.2 2.7 0.9 -10.7 0.9 -0.5 -5.4 -6.2 0.4 -14.4 -10.5 -0.7 -2.1 -1.6 0.5 1.6 0.8 1.5 -1.1 0.3 0.1 5.7 0.7 -0.8 -0.0 4.7 1.1 49 50 51 52 53 54 55 Insurance, pension and standardized guarantee schemes 0.0 8.2 10.9 6.4 0.8 4.5 5.2 7.4 5.7 5.9 55 56 Other accounts receivable 44.9 -12.2 31.9 42.0 13.5 -65.6 -57.9 -9.6 19.6 24.9 56 161 Z.1, March 10, 2016 S.62.a Private Depository Institutions Billions of dollars 2005 57 Net incurrence of liabilities 2006 2007 2008 2009 2010 2011 2012 2013 2014 777.9 819.4 995.1 1116.2 -384.8 -169.2 854.6 570.3 947.8 1095.6 57 574.5 -25.6 600.1 596.0 -43.5 639.5 523.6 18.9 504.7 881.3 140.2 741.1 265.4 109.7 155.7 161.7 81.3 80.4 979.0 356.7 622.3 595.8 205.6 390.2 970.8 193.1 777.7 696.0 198.8 497.1 58 59 60 Debt securities Corporate bonds Commercial paper 13.5 13.5 0.0 29.3 29.6 -0.2 24.7 24.8 -0.1 0.1 0.1 0.0 -28.3 -28.5 0.1 -69.3 -49.2 -20.1 10.0 2.4 7.6 -115.4 -82.3 -33.1 -102.7 -74.9 -27.8 -17.2 -12.0 -5.2 61 62 63 64 Loans (short term) 128.6 103.7 292.4 350.7 -875.5 -239.0 -89.8 -26.6 -17.6 92.0 64 65 66 67 68 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent 66.7 8.4 9.4 48.9 129.8 10.2 13.8 105.8 164.4 7.5 -0.8 157.7 186.1 12.1 24.8 149.3 121.4 11.6 16.6 93.2 26.1 11.9 12.4 1.8 74.8 6.4 26.0 42.4 89.1 1.6 -1.9 89.4 68.5 2.2 9.5 56.7 179.0 2.7 0.7 175.6 65 66 67 68 69 Other accounts payable -5.4 -39.4 -10.1 -302.1 132.2 -48.7 -119.4 27.4 28.9 145.8 69 184.5 113.0 96.0 82.2 -314.4 -23.9 -14.1 -70.3 45.6 -123.6 70 154.1 -0.7 -10.8 -165.6 7.5 0.0 -90.2 -97.7 50.3 0.0 -28.9 -79.2 -68.3 -0.3 1.4 69.4 -711.0 0.0 -206.8 504.2 -219.5 0.0 -33.4 186.1 -144.3 0.0 -29.3 115.0 -303.0 -0.5 -147.9 154.6 -98.1 0.0 -38.5 59.6 -214.9 0.0 1.1 215.9 71 72 73 74 58 59 60 Currency and deposits Checkable deposits Other deposits 61 62 63 70 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 71 72 73 74 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-70) (3) Revaluation account 75 76 77 78 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 14.2 17.5 -1.8 -1.5 10.2 14.5 -2.5 -1.8 -0.1 6.5 -4.2 -2.3 8.3 11.8 -1.1 -2.5 -29.1 -16.2 -7.5 -5.4 -8.7 -1.5 -3.6 -3.5 9.8 9.1 0.8 -0.0 3.6 3.8 -0.1 -0.1 8.3 7.8 0.4 0.1 6.9 6.2 0.9 -0.2 75 76 77 78 79 80 81 82 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 18.2 6.3 1.0 10.9 13.3 17.3 3.3 -7.3 30.5 7.5 1.4 21.6 -33.5 -55.8 -11.3 33.6 96.2 23.5 11.7 61.0 32.2 11.7 4.7 15.7 -11.2 -7.2 -2.6 -1.4 25.8 14.4 5.2 6.1 30.9 29.1 10.5 -8.7 -11.4 6.5 2.5 -20.4 79 80 81 82 83 84 85 86 Liabilities Corporate equity issues Foreign direct investment in the United States Investment by parent -19.6 -17.8 -1.8 0.0 167.2 175.8 -8.6 0.0 -459.1 -418.7 -40.4 0.0 -561.6 -514.3 -47.3 0.0 5.6 -13.8 19.5 0.0 59.5 59.5 -0.1 0.0 -138.8 -169.3 30.5 0.0 190.6 157.6 33.0 0.0 210.8 212.2 -1.4 0.0 86.8 84.0 2.8 0.0 83 84 85 86 52.0 -143.8 489.5 536.3 61.4 -35.9 137.4 -161.1 -171.6 -91.3 87 225.9 -115.8 559.2 623.4 -459.9 -97.8 89.0 -383.4 -170.6 -218.1 88 11410.5 12346.5 13510.1 14849.4 13928.4 14068.8 14957.0 15363.1 16300.7 17281.3 89 326.5 211.2 98.3 17.0 352.2 235.2 98.8 18.3 365.5 250.9 95.9 18.6 387.8 273.1 96.0 18.7 374.2 262.7 92.1 19.5 371.4 261.3 90.9 19.1 376.7 267.9 89.4 19.4 377.4 269.0 87.8 20.6 380.2 273.9 85.9 20.5 383.5 278.1 84.7 20.6 90 91 92 93 11083.9 11994.3 13144.7 14461.6 13554.2 13697.4 14580.2 14985.6 15920.5 16897.9 94 88.3 50.1 19.0 19.2 89.4 51.7 18.7 19.0 96.7 55.0 20.8 20.9 933.2 57.7 860.0 15.5 1047.8 54.9 977.0 15.9 1035.2 52.7 968.1 14.4 1635.6 60.8 1562.3 12.6 1575.8 71.1 1491.0 13.7 2333.2 73.6 2249.1 10.6 2462.7 75.7 2378.0 9.1 95 96 97 98 2425.1 0.8 116.0 1357.1 166.6 784.6 2569.4 1.0 112.3 1373.9 191.4 890.8 2709.0 0.4 122.7 1258.2 204.0 1123.7 2829.5 15.7 101.9 1400.3 224.4 1087.2 2944.4 0.0 196.6 1579.9 227.8 940.0 3070.7 0.0 299.6 1718.1 257.1 795.9 3208.7 0.0 252.9 1851.7 303.9 800.2 3399.1 0.0 339.5 1901.3 371.9 786.3 3445.3 0.0 304.4 1943.8 427.0 770.2 3662.1 0.0 499.8 1970.0 458.0 734.2 99 100 101 102 103 104 7488.2 3151.3 4336.9 8235.1 3502.8 4732.3 9065.9 4047.3 5018.6 9202.4 4188.2 5014.2 8172.6 3403.7 4768.9 8292.5 3709.4 4583.0 8416.9 3980.7 4436.2 8768.6 4346.2 4422.4 8912.0 4519.9 4392.1 9490.4 4959.3 4531.1 105 106 107 87 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 88 Change in net worth (lines 30+33+71+87) 89 Total assets 90 91 92 93 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 94 Financial assets 95 96 97 98 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 99 100 101 102 103 104 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 105 106 107 Loans Short term Long term (mortgages) Integrated Accounts Balance sheet account (end of period) 162 Z.1, March 10, 2016 S.62.a Private Depository Institutions Billions of dollars 2005 108 109 110 111 112 113 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks 114 Insurance, pension and standardized guarantee schemes 115 Other accounts receivable 116 Total liabilities and net worth 117 Liabilities 241.3 62.9 19.5 40.5 104.9 13.5 2006 2007 258.1 79.8 26.6 40.4 95.9 15.3 337.2 88.8 31.6 48.0 150.3 18.5 2008 2009 2010 2011 2012 2013 2014 319.7 33.8 21.6 41.8 201.5 21.1 440.4 63.6 47.4 42.1 261.7 25.6 465.6 73.6 46.5 38.9 280.1 26.5 443.7 67.4 43.5 33.4 272.5 26.9 455.1 71.3 48.1 31.3 277.0 27.4 487.6 101.3 60.1 30.2 268.5 27.5 481.9 108.5 61.8 30.2 252.9 28.6 108 109 110 111 112 113 0.0 93.4 104.3 110.7 111.5 116.0 125.5 138.0 143.8 149.6 114 841.0 749.0 831.7 1066.0 837.5 717.4 749.9 649.0 598.4 651.0 115 11410.5 12346.5 13510.1 14849.4 13928.4 14068.8 14957.0 15363.1 16300.7 17281.3 116 12434.4 13486.2 14090.7 14806.5 14345.3 14583.6 15382.8 16172.3 17280.5 18479.3 117 7243.8 776.4 6467.4 7839.8 732.9 7106.9 8363.4 740.8 7622.6 9244.7 881.0 8363.8 9510.1 990.7 8519.4 9667.6 1072.0 8595.6 10646.6 1428.6 9218.0 11214.6 1629.2 9585.4 12185.3 1822.3 10363.0 12881.3 2021.2 10860.2 118 119 120 134.5 130.4 4.1 160.8 159.9 0.9 185.5 184.8 0.8 185.3 184.8 0.5 177.0 176.3 0.6 490.1 377.1 113.0 500.1 379.4 120.6 383.4 295.9 87.5 280.7 221.0 59.7 263.5 209.0 54.5 121 122 123 118 119 120 Currency and deposits Checkable deposits Other deposits 121 122 123 Debt securities Corporate bonds Commercial paper 124 Loans (short term) 1520.8 1624.5 1917.0 2267.7 1392.2 1153.2 1063.3 1036.8 1019.2 1111.2 124 125 126 127 128 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent 2603.8 1295.2 130.2 1178.4 2956.8 1481.2 135.4 1340.2 2662.1 1070.0 94.2 1497.9 2286.7 567.8 71.7 1647.2 2475.9 565.6 107.7 1802.6 2561.5 637.1 120.0 1804.4 2497.6 474.1 176.6 1846.8 2856.2 633.3 207.7 2015.2 3124.3 847.7 215.9 2060.8 3390.1 934.4 219.3 2236.4 125 126 127 128 129 Other accounts payable 931.5 904.3 962.6 822.1 790.2 711.3 675.2 681.3 671.0 833.1 129 -1023.9 -1139.7 -580.5 42.9 -417.0 -514.8 -425.8 -809.2 -979.9 -1197.9 130 130 Net worth 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) 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. 163 Z.1, March 10, 2016 S.63.a Insurance Companies Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 269.9 286.7 308.8 258.2 285.7 269.2 253.2 268.7 263.7 328.1 1 24.7 25.2 25.6 26.7 27.6 27.4 27.0 27.7 29.5 31.7 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 245.3 108.3 89.8 18.5 19.7 117.2 261.6 113.9 95.3 18.7 20.4 127.2 283.2 118.2 99.1 19.1 21.1 144.0 231.6 119.5 99.3 20.2 21.4 90.6 258.1 116.0 97.4 18.6 22.1 120.0 241.9 118.7 99.5 19.1 22.3 100.9 226.2 127.2 107.1 20.1 23.1 75.8 241.0 132.2 112.1 20.1 23.7 85.1 234.2 133.6 113.3 20.3 25.3 75.3 296.4 137.7 117.0 20.7 34.5 124.2 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 61.0 117.2 233.4 220.2 12.5 0.8 289.6 264.7 23.7 17.1 6.6 1.2 0.0 58.0 127.2 265.6 240.2 15.3 10.1 334.8 309.0 23.6 17.2 6.4 2.2 0.0 73.8 144.0 295.0 267.4 17.4 10.2 365.2 339.3 24.5 18.1 6.4 1.3 0.0 27.9 90.6 301.5 273.8 19.2 8.6 364.3 342.0 21.5 15.5 6.1 0.7 0.0 55.6 120.0 273.1 251.5 12.2 9.3 337.5 325.7 11.3 5.4 5.9 0.4 0.0 65.2 100.9 287.3 248.0 27.9 11.4 323.1 304.6 17.1 13.5 3.7 1.3 0.0 23.3 75.8 266.3 241.7 13.0 11.5 318.8 302.8 13.6 10.8 2.8 2.4 0.0 12.9 85.1 264.4 238.1 15.5 10.8 336.7 311.3 22.6 19.1 3.5 2.9 0.0 6.4 75.3 271.3 243.0 16.2 12.1 340.2 321.4 16.7 11.8 4.9 2.1 0.0 23.7 124.2 260.3 229.1 18.4 12.8 360.7 329.9 28.4 23.7 4.7 2.5 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) 61.0 32.6 -21.3 58.0 45.3 -39.9 73.8 42.4 -7.6 27.9 20.7 31.5 55.6 25.0 -4.9 65.2 28.9 -8.4 23.3 23.0 -13.9 12.9 29.1 -67.8 6.4 33.2 -63.8 23.7 31.8 -42.9 22 23 24 25 Equals: Disposable income, net 49.8 52.6 38.9 -24.4 35.4 44.7 14.3 51.5 37.0 34.9 25 26 Equals: Net saving 49.8 52.6 38.9 -24.4 35.4 44.7 14.3 51.5 37.0 34.9 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 22.1 49.8 27.7 52.6 52.6 0.0 38.9 38.9 0.0 -21.6 -24.4 -2.8 40.9 35.4 -5.5 44.7 44.7 0.0 14.3 14.3 0.0 37.1 51.5 14.3 37.0 37.0 0.0 34.9 34.9 0.0 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital -0.3 24.3 24.7 -1.0 24.2 25.2 0.4 26.0 25.6 0.8 27.4 26.7 0.1 27.7 27.6 -4.3 23.1 27.4 -2.4 24.7 27.0 -0.2 27.5 27.7 3.0 32.5 29.5 3.1 34.8 31.7 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 22.4 53.6 38.5 -22.3 40.8 49.0 16.6 37.3 34.0 31.7 33 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 22.4 53.6 38.5 -22.3 40.8 49.0 16.6 37.3 34.0 31.7 34 249.3 289.4 283.5 191.1 156.5 143.2 256.4 153.4 142.9 246.7 35 36 Currency and deposits -10.4 17.2 15.1 9.6 -32.4 6.0 -6.5 15.0 -16.0 9.5 36 37 38 39 40 41 42 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 171.6 0.5 13.9 17.2 47.8 92.2 83.4 4.9 -4.5 12.9 26.1 43.9 53.1 9.9 -56.0 9.3 40.9 49.0 -41.0 2.4 29.5 -28.2 16.3 -60.9 202.5 2.2 50.7 7.7 13.5 128.4 164.6 -10.8 26.4 3.6 18.2 127.3 137.9 -10.4 23.4 5.3 -7.9 127.5 60.9 12.5 -1.2 -21.8 6.8 64.6 83.7 3.8 -5.8 -11.7 8.4 88.9 84.0 -4.7 20.2 -19.2 1.5 86.2 37 38 39 40 41 42 43 44 45 Loans Short term Long term (mortgages) 17.1 4.7 12.4 28.1 9.0 19.1 38.8 15.1 23.7 42.7 26.3 16.4 -27.1 -10.3 -16.8 -9.2 -0.3 -8.9 17.6 1.8 15.8 15.8 3.2 12.6 19.3 -1.8 21.1 31.8 8.2 23.6 43 44 45 46 47 48 49 50 51 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 57.9 59.6 -9.4 -4.4 -0.1 12.2 115.5 69.5 31.6 10.5 0.0 3.9 144.9 86.0 29.3 5.5 0.6 23.4 147.9 117.2 -11.4 29.7 1.0 11.5 39.9 30.6 0.5 -8.7 -0.3 17.9 -11.5 -8.2 33.8 -16.6 -0.1 -20.4 47.0 36.1 4.9 2.3 -0.8 4.4 30.2 20.8 2.2 0.9 0.1 6.3 25.4 17.4 2.1 -8.0 0.9 13.1 43.9 30.7 2.7 4.3 0.1 6.2 46 47 48 49 50 51 52 Insurance, pension and standardized guarantee schemes 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 1.2 52 53 Other accounts receivable 12.1 44.8 30.6 28.7 -21.6 -9.4 60.9 31.0 27.5 76.2 53 54 Net incurrence of liabilities 207.3 243.3 207.7 168.8 27.4 146.5 223.4 69.8 110.1 173.4 54 15.1 12.0 13.4 -6.2 -33.3 -9.7 -8.5 -0.4 -8.4 9.2 55 8.0 2.9 12.7 19.6 -6.6 -4.8 5.1 4.9 8.7 2.5 56 55 Currency and deposits (funding agreements) 56 Loans (short term) Integrated Accounts Financial account 164 Z.1, March 10, 2016 S.63.a Insurance Companies Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 57 58 59 60 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent -0.9 -10.8 0.2 9.7 11.7 -28.5 37.5 2.7 -32.5 -43.9 6.1 5.3 4.6 -10.3 27.4 -12.5 16.6 -6.2 13.5 9.3 13.9 -17.5 9.1 22.2 -20.5 -22.3 -7.5 9.3 -26.8 -24.5 -5.8 3.5 -7.0 -16.8 12.4 -2.7 -25.6 -31.8 5.3 0.9 57 58 59 60 61 Insurance, pension and standardized guarantee schemes 201.9 182.7 185.3 191.5 111.6 137.0 236.3 69.2 101.0 159.8 61 Other accounts payable -16.8 34.1 28.8 -40.6 -60.9 10.2 10.9 22.9 15.8 27.5 62 42.0 46.1 75.8 22.4 129.1 -3.4 33.0 83.7 32.8 73.2 63 1.5 -0.2 -17.8 -19.6 -44.5 0.0 -36.9 7.5 30.6 0.0 -6.7 -37.2 179.9 -0.1 135.3 -44.7 24.3 0.0 -64.0 -88.3 -99.0 0.0 -46.7 52.4 49.7 0.0 33.3 -16.4 -15.2 -0.1 -61.4 -46.4 -74.8 0.0 -73.5 1.2 42.6 0.0 1.1 -41.5 64 65 66 67 62 63 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 64 65 66 67 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (3) Revaluation account 68 69 70 71 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 11.6 11.6 -0.3 0.2 11.2 10.3 0.3 0.6 5.7 6.0 -0.6 0.3 10.3 9.2 0.9 0.2 -8.4 -7.3 -0.7 -0.4 0.2 0.2 0.2 -0.2 5.7 5.1 0.5 0.0 2.1 2.2 -0.0 -0.1 5.1 4.6 0.2 0.3 3.6 3.5 0.5 -0.4 68 69 70 71 72 73 74 75 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 59.4 50.9 4.8 3.6 134.7 121.5 14.0 -0.8 30.9 24.1 9.0 -2.2 -712.0 -621.3 -60.1 -30.6 230.1 201.7 21.2 7.2 196.3 170.5 12.7 13.1 -59.4 -46.1 -7.8 -5.4 192.2 157.8 17.5 16.9 313.5 281.5 35.0 -3.0 45.3 39.4 9.9 -4.0 72 73 74 75 76 77 78 79 80 Liabilities Corporate equity issues Foreign direct investment in the United States Pension fund reserves Investment by parent 61.2 29.6 -2.3 34.0 0.0 221.4 139.8 7.8 73.7 0.0 -209.3 -192.8 -32.0 15.5 0.0 -857.4 -386.4 -61.3 -409.8 0.0 233.2 49.4 9.1 174.7 0.0 177.1 42.5 11.9 122.7 0.0 -75.3 -61.5 30.0 -43.9 0.0 183.0 79.5 -8.3 111.8 0.0 281.7 122.2 -43.6 203.1 0.0 98.9 59.1 11.8 28.1 0.0 76 77 78 79 80 9.8 -75.5 245.9 155.7 -11.5 19.5 21.6 11.3 36.9 -50.1 81 33.4 -67.3 315.3 314.0 53.7 -34.8 85.6 33.2 -0.8 27.4 82 5818.4 6253.1 6574.6 6070.2 6445.9 6765.5 6961.1 7300.2 7763.9 8064.1 83 221.3 134.2 49.8 37.3 232.0 144.3 49.7 38.0 238.9 150.8 48.9 39.2 250.1 159.4 49.5 41.2 241.6 151.7 47.3 42.6 237.2 149.6 46.3 41.3 240.3 152.3 46.2 41.8 242.9 152.1 46.4 44.4 250.4 155.0 47.3 48.1 256.9 157.4 48.5 51.0 84 85 86 87 5597.1 6021.1 6335.7 5820.1 6204.3 6528.3 6720.8 7057.4 7513.5 7807.2 88 68.8 86.0 101.0 110.7 78.3 84.3 77.8 92.8 76.9 86.4 89 3162.2 40.2 202.3 486.5 345.7 2087.6 3210.6 45.1 197.9 499.4 371.8 2096.5 3263.7 55.0 141.9 508.7 412.7 2145.5 3222.8 57.4 171.4 480.5 429.0 2084.6 3437.9 59.6 222.0 488.2 442.5 2225.5 3602.5 48.8 248.4 491.7 460.7 2352.8 3740.4 38.5 271.8 497.0 452.8 2480.3 3801.2 50.9 270.6 475.2 459.6 2544.9 3884.9 54.8 264.7 463.6 468.0 2633.8 3968.9 50.1 284.9 444.4 469.5 2720.1 90 91 92 93 94 95 416.3 128.1 288.2 444.3 137.1 307.3 483.1 152.2 330.9 525.8 178.5 347.4 486.2 155.7 330.5 477.0 155.4 321.6 494.6 157.2 337.4 510.4 160.3 350.0 529.7 158.5 371.1 561.5 166.8 394.7 96 97 98 1626.2 1359.9 116.2 26.3 1.6 122.3 1911.4 1585.8 161.8 36.8 1.6 125.4 2087.2 1695.9 200.1 42.3 2.2 146.7 1523.1 1191.8 128.6 72.0 3.2 127.6 1793.1 1424.0 150.3 63.2 2.9 152.7 1977.9 1586.3 196.8 46.6 2.8 145.4 1965.5 1576.3 193.9 48.9 2.0 144.4 2187.9 1754.9 213.6 49.8 2.1 167.6 2526.7 2053.7 250.6 41.7 3.0 177.7 2616.0 2123.8 263.3 46.0 3.1 179.9 99 100 101 102 103 104 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 29.1 105 301.2 346.0 376.7 410.7 386.8 361.9 418.3 440.2 467.5 545.3 106 81 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 82 Change in net worth (lines 30+33+64+81) Balance sheet account (end of period) Integrated Accounts 83 Total assets 84 85 86 87 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 88 Financial assets 89 Currency and deposits 90 91 92 93 94 95 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 96 97 98 Loans Short term Long term (mortgages) 99 100 101 102 103 104 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 105 Insurance, pension and standardized guarantee schemes 106 Other accounts receivable 165 Z.1, March 10, 2016 S.63.a Insurance Companies Billions of dollars 107 108 Total liabilities and net worth Liabilities 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 5818.4 6253.1 6574.6 6070.2 6445.9 6765.5 6961.1 7300.2 7763.9 8064.1 107 5723.0 6225.1 6231.2 5412.7 5734.8 6089.2 6199.1 6505.1 6969.6 7242.3 108 102.2 114.1 127.5 121.3 88.1 78.4 70.0 69.6 61.1 70.4 109 32.1 35.0 47.7 67.3 60.7 55.9 61.0 65.9 74.6 77.0 110 109 Currency and deposits (funding agreements) 110 Loans (short term) 111 112 113 114 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent 1036.4 874.8 125.9 35.6 1195.7 986.1 171.2 38.3 938.4 749.4 145.3 43.7 495.4 352.7 111.4 31.2 570.5 396.0 134.1 40.5 638.7 420.9 155.0 62.7 586.8 337.2 177.5 72.0 584.1 392.2 163.4 28.4 645.8 497.6 132.2 15.9 691.0 524.9 149.3 16.8 111 112 113 114 115 Insurance, pension and standardized guarantee schemes 4339.1 4624.1 4830.9 4461.9 4807.6 5106.8 5285.8 5501.2 5860.1 6056.1 115 213.2 256.2 286.6 266.9 207.9 209.4 195.6 284.4 327.9 347.9 116 95.4 28.1 343.4 657.5 711.1 676.3 761.9 795.1 794.3 821.8 117 116 117 Other accounts payable Net worth 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) 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. 166 Z.1, March 10, 2016 S.64.a Pension Funds Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Current account 1 Gross value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 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 0.0 0.0 369.7 279.0 90.7 0.0 369.7 279.0 90.7 90.7 0.0 0.0 0.0 0.0 0.0 390.5 284.9 105.6 0.0 390.5 284.9 105.6 105.6 0.0 0.0 0.0 0.0 0.0 417.9 296.0 121.9 0.0 417.9 296.0 121.9 121.9 0.0 0.0 0.0 0.0 0.0 465.1 335.4 129.7 0.0 465.1 335.4 129.7 129.7 0.0 0.0 0.0 0.0 0.0 489.3 371.3 118.0 0.0 489.3 371.3 118.0 118.0 0.0 0.0 0.0 0.0 0.0 476.5 360.9 115.6 0.0 476.5 360.9 115.6 115.6 0.0 0.0 0.0 0.0 0.0 482.6 366.2 116.4 0.0 482.6 366.2 116.4 116.4 0.0 0.0 0.0 0.0 0.0 504.7 375.4 129.3 0.0 504.7 375.4 129.3 129.3 0.0 0.0 0.0 0.0 0.0 519.0 374.0 145.0 0.0 519.0 374.0 145.0 145.0 0.0 0.0 0.0 0.0 0.0 523.3 361.4 161.9 0.0 523.3 361.4 161.9 161.9 0.0 0.0 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) Plus: Other current transfers received, net 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 22 23 24 25 Equals: Disposable income, net 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 25 26 Equals: Net saving 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers (net) 0.1 0.1 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 33 34 Addenda: Other current transfers received, net (line 24) 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 34 955.3 587.9 347.4 36.1 222.9 18.5 1018.6 630.6 370.3 34.9 247.3 21.9 1087.2 672.0 389.5 39.2 267.2 23.9 1162.5 700.2 453.3 -5.8 273.3 20.6 1183.2 697.2 467.0 -22.9 271.0 17.9 1206.2 734.2 503.5 -30.1 280.5 19.7 1227.0 749.2 525.8 -51.5 295.2 20.3 1269.9 770.3 539.1 -59.1 311.9 21.6 1299.6 786.2 546.5 -60.1 322.3 22.5 1325.6 808.6 554.1 -60.2 337.7 23.0 35 36 37 38 39 40 369.7 2.3 390.5 2.5 418.0 2.8 465.1 2.8 489.4 3.4 476.5 4.5 482.6 4.8 504.7 5.1 519.1 5.7 523.2 6.2 41 42 628.5 200.5 126.2 706.9 186.8 124.9 772.9 187.1 127.3 766.4 211.9 184.1 762.2 231.4 189.6 831.7 221.7 152.7 864.7 207.2 155.1 945.5 177.2 147.2 1009.6 131.6 158.3 1068.8 87.8 169.0 43 44 45 35 36 37 38 39 40 41 42 43 44 45 Contributions received Claims to pension benefits Actual employer contributions Imputed employer contributions Actual household contributions Less: pension service charges for defined benefit (DB) plans Household pension contribution supplements Less: pension service charge for defined contribution (DC) plans Less: benefit payments and withdrawals Less: net change in benefit entitlements from DB plans Less: net change in assets from current transaction for DC plans Integrated Accounts Financial account 46 Net lending (+) or borrowing (-) (line 33) 47 Net acquisition of financial assets 48 49 50 Currency and deposits Currency and transferable deposits Time and savings deposits 51 52 53 54 55 56 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 46 478.5 505.9 489.5 296.8 570.4 578.0 454.3 503.6 462.7 433.9 47 9.2 -6.5 15.6 6.8 -2.4 9.2 8.8 1.7 7.1 -8.1 -5.4 -2.7 -0.1 -3.2 3.1 7.0 2.6 4.4 9.5 6.0 3.5 -8.7 -1.7 -7.0 6.9 -0.5 7.4 5.8 1.2 4.6 48 49 50 125.7 -1.6 55.0 -33.0 -0.8 106.1 183.2 1.2 55.7 24.1 -0.0 102.1 110.0 4.9 36.7 0.5 -0.2 68.2 76.9 -4.8 83.0 -27.2 -0.1 26.1 -5.7 0.1 122.8 -11.8 0.1 -116.9 220.7 2.1 118.1 9.4 0.8 90.2 181.3 4.3 144.3 -35.9 -0.5 69.2 200.3 -8.5 129.3 -21.7 0.3 100.9 284.8 8.9 119.7 -4.7 1.5 159.4 154.5 6.0 87.4 -15.6 1.1 75.5 51 52 53 54 55 56 167 Z.1, March 10, 2016 S.64.a Pension Funds Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 57 58 59 Loans Short term Long term (mortgages) -9.6 -7.8 -1.8 -1.3 -2.9 1.6 4.6 0.4 4.2 -11.9 -1.1 -10.8 -5.1 -0.0 -5.1 2.6 0.1 2.5 -5.0 0.1 -5.2 -0.4 -0.6 0.2 -0.6 0.6 -1.2 0.4 0.5 -0.1 57 58 59 60 61 62 63 Equity and investment fund shares Corporate equities Mutual fund shares Money market mutual fund shares 91.8 8.4 65.4 18.1 -16.0 -99.3 68.7 14.6 99.5 57.5 34.6 7.4 -26.7 28.0 -55.8 1.2 67.1 -80.7 161.3 -13.5 52.9 -44.0 105.0 -8.1 -108.5 -139.4 13.7 17.2 -58.2 -100.3 62.9 -20.8 -199.0 -354.0 139.0 16.0 -62.0 -184.5 126.4 -3.8 60 61 62 63 64 Insurance, pension and standardized guarantee schemes 223.9 296.0 232.1 283.8 497.2 265.3 332.1 339.6 332.2 304.1 64 65 Other accounts receivable 37.5 37.4 34.5 -17.3 17.1 29.6 45.0 30.9 38.5 31.1 65 478.7 506.0 489.8 296.8 570.4 577.9 454.2 503.7 462.9 434.3 66 -0.2 -0.1 -0.3 -0.0 0.1 0.1 0.1 -0.2 -0.2 -0.3 67 -225.2 0.0 -224.9 0.3 -493.7 0.0 -493.6 0.1 -162.6 0.0 -162.4 0.2 1323.6 0.0 1323.7 0.1 -570.7 0.0 -570.7 -0.1 -417.2 0.0 -417.1 0.0 31.0 0.0 30.9 -0.1 -405.7 0.0 -405.6 0.2 -929.6 0.0 -929.2 0.3 -370.9 0.0 -370.6 0.3 68 69 70 71 0.5 0.5 0.0 0.0 0.4 0.4 0.0 0.0 0.2 0.2 0.0 0.0 0.4 0.4 0.0 -0.0 -0.3 -0.3 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.2 0.2 0.0 0.0 0.1 0.1 -0.0 0.0 0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 72 73 74 75 66 Net incurrence of liabilities (pension entitlements) 67 Addendum: Net lending (+) or borrowing (-), financial account (lines 47-66) 68 69 70 71 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-67) (3) Other changes in volume account Revaluation account 72 73 74 75 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 76 77 78 Financial assets Corporate equities Mutual fund shares 448.6 159.7 288.9 814.3 532.4 281.8 270.1 138.6 131.5 -2360.8 -1597.0 -763.8 1057.8 723.9 333.9 711.7 525.6 186.1 -153.3 -53.2 -100.1 719.6 502.7 216.9 1626.7 1176.7 450.0 570.1 441.2 128.9 76 77 78 79 Liabilities (pension entitlements) 230.5 350.9 128.8 -1053.2 498.9 296.6 -117.9 327.0 718.9 212.2 79 218.6 463.8 141.5 -1307.3 558.6 415.1 -35.1 392.7 907.9 358.0 80 -6.5 -30.0 -21.2 16.5 -12.1 -2.0 -4.1 -13.1 -21.5 -12.9 81 11380.7 12193.6 12837.5 12121.7 13167.2 14542.9 14914.2 15752.2 16910.5 17584.8 82 5.1 5.0 0.0 0.0 5.7 5.6 0.1 0.0 6.2 6.1 0.1 0.0 6.6 6.5 0.1 0.0 6.2 6.1 0.1 0.0 6.2 6.1 0.1 0.0 6.3 6.2 0.1 0.0 6.6 6.4 0.1 0.0 7.0 6.8 0.1 0.0 7.5 7.3 0.1 0.0 83 84 85 86 11375.6 12187.9 12831.4 12115.1 13160.9 14536.8 14907.9 15745.7 16903.5 17577.3 87 94.0 16.9 77.1 74.4 20.8 53.6 83.2 22.4 60.7 75.1 17.0 58.1 75.0 13.8 61.1 82.0 16.5 65.5 91.5 22.5 69.0 82.8 20.8 62.0 89.7 20.3 69.4 95.5 21.6 73.9 88 89 90 2352.1 60.9 1221.6 441.8 1.7 626.0 2510.1 78.2 1286.3 383.4 1.7 760.4 2620.1 83.1 1323.0 383.9 1.5 828.6 2697.0 78.2 1406.0 356.8 1.4 854.7 2691.3 78.3 1528.7 344.9 1.5 737.8 2912.0 80.5 1646.9 354.3 2.3 828.0 3093.3 84.7 1791.1 318.4 1.8 897.2 3293.6 76.2 1920.4 296.8 2.1 998.1 3578.3 85.1 2040.1 292.0 3.6 1157.5 3732.8 91.0 2127.5 276.5 4.8 1233.1 91 92 93 94 95 96 52.3 29.0 23.3 53.8 6.5 47.3 58.4 6.9 51.5 46.4 5.8 40.6 41.4 5.8 35.6 43.9 5.9 38.0 38.9 6.0 32.9 38.5 5.5 33.1 37.9 6.1 31.8 38.3 6.6 31.7 97 98 99 80 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 81 Change in net worth (lines 30+33+68+80) 82 Total assets 83 84 85 86 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 87 Financial assets 88 89 90 Currency and deposits Currency and transferable deposits Time and savings deposits 91 92 93 94 95 96 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 97 98 99 Loans Short term Long term (mortgages) 100 101 102 103 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 6374.8 4204.8 2047.3 122.7 6657.4 4103.6 2362.5 191.3 7027.0 4299.7 2528.6 198.7 4639.5 2730.7 1709.0 199.9 5764.5 3373.9 2204.2 186.4 6529.0 3855.5 2495.3 178.2 6267.2 3662.9 2408.9 195.5 6928.6 4065.2 2688.7 174.6 8356.3 4887.9 3277.7 190.7 8864.4 5144.5 3533.0 186.9 100 101 102 103 104 Insurance, pension and standardized guarantee schemes 2324.3 2329.1 2445.0 4076.7 3991.0 4342.5 4744.6 4698.9 4099.5 4073.5 104 105 Other accounts receivable 178.1 563.2 597.7 580.4 597.8 627.4 672.4 703.3 741.8 772.9 105 Integrated Accounts Balance sheet account (end of period) 168 Z.1, March 10, 2016 S.64.a Pension Funds Billions of dollars 106 Total liabilities and net worth 107 Liabilities (pension entitlements) 108 Net worth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 11380.7 12193.6 12837.5 12121.7 13167.2 14542.9 14914.2 15752.2 16910.5 17584.8 106 11468.8 12311.7 12976.8 12244.5 13302.0 14679.8 15055.2 15906.3 17086.0 17773.2 107 -88.1 -118.0 -139.2 -122.8 -134.9 -136.9 -141.0 -154.0 -175.6 -188.4 108 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) 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. 169 Z.1, March 10, 2016 S.65.a Other Financial Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 491.2 538.9 445.4 285.9 445.0 509.9 551.2 641.7 616.6 669.9 1 93.0 99.7 107.3 114.5 116.9 116.7 109.0 113.3 119.7 126.6 2 398.2 297.0 249.8 47.2 23.5 77.7 439.2 330.4 280.5 49.9 25.5 83.3 338.1 358.5 307.7 50.8 26.6 -47.1 171.4 358.6 305.3 53.3 25.8 -212.9 328.2 283.7 241.8 41.9 32.7 11.8 393.2 302.5 256.7 45.8 33.1 57.6 442.3 318.8 270.3 48.5 25.6 97.9 528.3 328.4 279.8 48.6 26.5 173.4 496.9 333.7 284.3 49.4 24.3 139.0 543.3 371.5 317.7 53.8 24.3 147.5 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 34.2 77.7 1146.7 1021.8 123.5 1.4 1190.2 948.9 237.4 196.5 40.9 3.9 0.0 35.5 83.3 1601.4 1441.4 137.9 22.2 1649.2 1377.6 265.4 221.8 43.5 6.3 0.0 -64.3 -47.1 1959.6 1753.0 180.7 25.9 1976.8 1669.0 302.3 269.0 33.3 5.5 0.0 -197.7 -212.9 1619.3 1403.8 187.1 28.5 1604.1 1286.7 312.5 295.8 16.7 4.9 0.0 8.5 11.8 977.6 807.6 143.5 26.5 980.9 701.4 277.1 208.9 68.2 2.4 0.0 59.3 57.6 871.9 673.4 163.3 35.2 870.2 591.0 272.4 191.4 81.0 6.8 0.0 95.4 97.9 894.8 672.8 188.0 34.0 897.3 616.8 272.0 220.6 51.4 8.5 0.0 87.3 173.4 855.3 614.7 212.7 27.9 941.4 592.9 340.1 275.9 64.2 8.4 0.0 -59.5 139.0 819.1 532.7 256.2 30.1 1017.5 536.2 473.3 429.9 43.4 8.0 0.0 38.0 147.5 840.5 510.7 298.2 31.6 950.0 539.9 401.7 354.8 46.9 8.4 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) 34.2 31.4 3.5 35.5 37.1 14.1 -64.3 33.5 10.0 -197.7 13.5 9.2 8.5 16.5 26.2 59.3 23.2 21.3 95.4 28.4 26.9 87.3 32.9 34.2 -59.5 44.4 37.6 38.0 43.3 42.7 22 23 24 25 Equals: Disposable income, net -0.7 -15.7 -107.8 -220.3 -34.2 14.8 40.1 20.2 -141.6 -48.0 25 26 Equals: Net saving -0.7 -15.7 -107.8 -220.3 -34.2 14.8 40.1 20.2 -141.6 -48.0 26 -0.7 -0.7 0.0 -15.7 -15.7 0.0 -107.8 -107.8 0.0 -205.4 -220.3 -14.9 64.2 -34.2 -98.4 56.3 14.8 -41.5 72.2 40.1 -32.1 24.9 20.2 -4.7 -141.6 -141.6 0.0 -58.0 -48.0 10.0 27 28 29 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 30.9 123.9 93.0 27.7 127.4 99.7 43.1 150.4 107.3 17.9 132.4 114.5 -10.6 106.3 116.9 -4.8 111.9 116.7 6.4 115.4 109.0 21.6 134.9 113.3 26.7 146.4 119.7 32.0 158.6 126.6 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) -31.6 -43.4 -150.9 -223.3 74.8 61.1 65.8 3.4 -168.3 -90.0 33 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets -31.6 -43.4 -150.9 -223.3 74.8 61.1 65.8 3.4 -168.3 -90.0 34 2043.9 2854.3 3574.6 774.4 -1252.8 -614.6 155.8 662.6 807.4 946.3 35 -0.9 60.2 151.4 166.8 108.2 -155.8 -84.8 8.4 68.9 -21.4 36 36 Currency and deposits 37 38 39 40 41 42 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 108.6 195.1 2.5 -282.3 50.3 142.9 627.9 226.3 22.1 39.1 80.0 260.4 714.3 -134.7 118.9 387.9 131.3 210.8 936.4 -6.6 685.3 622.0 5.6 -369.9 -940.3 -377.3 -142.1 -538.0 21.4 95.7 -60.0 -84.8 80.3 -171.2 -4.1 119.9 368.0 -68.9 288.8 208.8 -24.7 -36.0 578.8 -4.0 135.4 84.4 64.3 298.7 29.6 8.0 -31.9 -168.4 -55.8 277.8 298.3 -23.7 -116.3 121.8 18.4 298.0 37 38 39 40 41 42 43 44 45 Loans Short term Long term (mortgages) 1326.2 417.6 908.6 1306.6 326.9 979.7 1723.9 914.8 809.1 -302.3 -505.4 203.1 -492.6 -641.2 148.6 -76.3 51.1 -127.4 -81.2 -1.6 -79.6 149.8 250.4 -100.6 -38.6 -113.3 74.7 211.5 182.1 29.5 43 44 45 46 47 48 49 50 51 Equity and investment fund shares Corporate equities Money market mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Investment in subsidiaries 387.9 218.1 -2.1 0.0 -1.2 173.2 395.6 201.7 -32.4 0.0 23.5 202.8 904.5 272.7 317.9 0.0 50.8 263.1 582.4 66.4 253.6 0.0 37.4 225.0 -20.2 174.1 -153.7 0.0 23.5 -64.1 -77.8 110.7 -148.0 0.1 15.4 -56.0 79.8 43.9 -83.4 -0.0 16.9 102.4 158.5 95.9 -62.4 0.0 15.8 109.1 374.7 331.8 -61.5 0.1 10.3 94.0 473.8 268.3 13.4 0.3 15.1 176.7 46 47 48 49 50 51 52 Insurance, pension and standardized guarantee schemes 0.0 -0.4 5.3 -1.2 2.1 3.8 2.4 7.3 5.1 5.0 52 53 Other accounts receivable 222.1 464.4 75.3 -607.7 90.1 -248.4 -128.4 -240.3 367.8 -20.9 53 54 Net incurrence of liabilities 1940.8 2772.5 3624.6 984.1 -1439.3 -646.0 101.7 594.4 712.9 869.9 54 0.8 -0.2 1.9 -5.4 0.4 -1.5 -1.8 1.2 -3.2 -1.5 55 55 Currency and deposits Integrated Accounts Financial account 170 Z.1, March 10, 2016 S.65.a Other Financial Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1034.2 80.4 739.7 214.2 1287.4 328.2 762.5 196.6 1515.6 905.7 721.4 -111.4 454.3 768.7 -189.0 -125.4 -944.9 -60.1 -436.6 -448.2 -610.5 -39.5 -488.9 -82.1 -364.5 -22.1 -266.6 -75.8 -200.8 -23.8 -151.4 -25.6 172.7 238.3 -44.5 -21.1 192.2 150.3 74.1 -32.1 56 57 58 59 56 57 58 59 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 60 61 62 Loans Short term Long term (mortgages) 412.4 398.3 14.1 485.2 478.6 6.6 561.3 556.6 4.7 -574.9 -581.6 6.8 -751.6 -763.4 11.8 202.3 201.4 0.8 246.7 233.2 13.5 142.8 137.9 4.8 -408.1 -415.8 7.8 -127.5 -141.3 13.8 60 61 62 63 64 65 66 67 68 69 70 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 630.5 125.1 80.8 260.2 1.9 4.3 -1.2 159.4 788.3 303.1 78.4 336.8 0.2 0.7 -6.8 76.0 1334.0 736.8 215.9 361.5 9.1 4.0 3.6 3.1 1524.0 724.2 637.4 -9.9 -4.2 68.6 11.6 96.3 126.2 -498.7 308.7 497.1 0.0 15.6 0.6 -197.0 31.0 -503.2 195.1 370.1 -2.7 27.0 0.9 -56.1 448.9 -112.8 177.5 338.4 -5.9 24.9 -2.9 29.8 898.4 7.1 178.3 624.9 -1.8 12.8 6.7 70.4 915.4 28.9 172.8 638.2 0.5 9.1 -5.6 71.5 893.6 9.6 247.4 596.8 1.2 7.7 2.0 28.9 63 64 65 66 67 68 69 70 71 Other accounts payable -137.1 211.8 211.8 -414.0 130.6 -267.3 -227.5 -247.1 35.9 -86.9 71 103.1 81.8 -50.0 -209.8 186.5 31.4 54.1 68.2 94.5 76.4 72 107.1 -0.8 -26.8 -134.7 120.4 0.0 -4.8 -125.2 1.4 0.0 -99.5 -100.9 -225.8 -0.3 -239.1 -13.6 224.0 0.0 112.3 -111.8 -75.7 0.0 -46.0 29.7 -9.7 0.0 2.0 11.7 325.9 -1.3 262.4 -64.8 151.1 0.0 -111.7 -262.8 159.9 0.0 -6.5 -166.4 73 74 75 76 72 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-53) Other changes in volume account 73 74 75 76 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-71) (3) Revaluation account 77 78 79 80 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 45.6 41.8 2.7 1.1 41.4 36.9 2.9 1.6 22.4 21.0 -0.1 1.6 36.2 32.3 3.1 0.8 -23.7 -26.1 2.7 -0.3 5.7 0.9 4.6 0.2 26.2 18.5 7.1 0.6 12.5 9.2 3.0 0.3 20.6 17.5 1.9 1.2 18.9 14.7 4.2 -0.0 77 78 79 80 81 82 83 Financial assets Corporate equities U.S. direct investment abroad 399.3 383.1 16.2 817.0 773.3 43.7 474.5 448.2 26.3 -2809.6 -2817.4 7.7 1185.3 1199.3 -14.0 715.3 703.5 11.9 -449.7 -411.0 -38.7 843.4 844.0 -0.7 1792.6 1794.9 -2.3 524.5 534.7 -10.2 81 82 83 84 85 86 87 88 89 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Investment by parent 621.1 253.4 352.4 13.6 1.7 0.0 1111.6 400.9 682.6 23.3 4.8 0.0 42.8 -368.3 396.0 15.7 -0.6 0.0 -3952.2 -1464.9 -2424.7 -49.1 -13.6 0.0 1381.1 353.2 1035.6 -10.7 3.6 -0.6 1068.8 466.0 582.2 22.4 0.3 -2.0 -591.9 -218.2 -340.4 -31.7 -1.2 -0.3 1212.2 502.2 720.3 -8.8 -1.3 -0.1 2590.9 1021.3 1571.0 -5.6 4.2 0.0 951.1 498.2 456.5 -3.1 -0.5 0.0 84 85 86 87 88 89 -176.3 -253.2 454.2 1178.8 -219.5 -347.8 168.3 -356.3 -777.7 -407.7 90 -69.8 -148.5 347.8 747.6 68.7 -367.2 230.8 -5.5 -768.1 -305.7 91 28094.3 31743.9 35796.5 33833.8 34281.1 33384.2 33059.6 35603.5 37784.4 39286.6 92 821.2 467.1 299.4 54.8 884.5 503.6 322.5 58.4 943.8 531.2 345.7 66.8 993.9 568.7 350.9 74.3 953.7 543.0 328.8 81.8 954.9 539.3 332.5 83.1 987.3 552.0 347.9 87.4 1017.9 556.6 369.8 91.5 1065.0 569.3 400.5 95.2 1115.0 581.2 435.4 98.4 93 94 95 96 27273.0 30859.4 34852.7 32839.9 33327.4 32429.3 32072.2 34585.5 36719.4 38171.6 97 559.4 619.8 771.1 972.9 1095.7 985.0 900.2 931.0 999.8 978.4 98 6062.1 1022.9 243.8 1852.1 832.2 2111.1 6669.3 1228.6 265.8 1891.3 912.2 2371.5 7387.2 1097.4 384.8 2279.2 1043.5 2582.3 8325.0 1092.3 1070.0 2901.2 1049.1 2212.4 7397.0 714.9 928.0 2410.8 1070.4 2273.0 6782.1 634.4 1008.2 1777.0 1066.3 2296.1 7150.0 565.6 1297.0 1985.9 1041.6 2259.9 7821.0 561.5 1444.5 2084.4 1105.8 2624.8 7763.7 569.2 1412.5 1907.5 1050.1 2824.4 8063.0 546.6 1296.2 2029.3 1068.4 3122.4 99 100 101 102 103 104 11763.3 4796.8 6966.5 13037.6 5091.4 7946.2 14741.4 6008.8 8732.6 14345.7 5503.3 8842.4 13637.5 4816.3 8821.2 12941.1 4534.6 8406.5 12749.2 4533.0 8216.2 12964.2 4958.5 8005.7 12826.9 4818.3 8008.6 13010.9 5000.3 8010.6 105 106 107 90 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 91 Change in net worth (lines 30+33+72+89) Balance sheet account (end of period) Integrated Accounts 92 Total assets 93 94 95 96 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 97 Financial assets 98 Currency and deposits 99 100 101 102 103 104 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 105 106 107 Loans Short term Long term (mortgages) 171 Z.1, March 10, 2016 S.65.a Other Financial Business Billions of dollars 108 109 110 111 112 113 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Investment in subsidiaries 114 Insurance, pension and standardized guarantee schemes 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 7270.9 4724.7 366.8 0.0 218.8 1960.6 8516.6 5699.6 334.4 0.0 286.1 2196.5 9895.6 6420.6 652.3 0.0 363.2 2459.6 7668.4 3669.6 905.8 0.0 408.4 2684.6 9509.7 5043.0 752.1 0.0 417.9 3296.6 10147.2 5857.2 604.1 0.1 445.3 3240.6 9777.3 5490.0 520.7 0.1 423.5 3343.0 11205.8 6430.0 458.3 0.1 438.6 3878.8 13322.1 8556.7 396.8 0.2 446.6 3921.7 14320.3 9359.7 410.3 0.5 451.5 4098.5 108 109 110 111 112 113 0.0 15.2 20.5 19.3 21.4 25.1 27.6 34.9 39.9 45.0 114 115 Other accounts receivable 1617.4 2001.0 2036.9 1508.6 1666.2 1548.8 1468.1 1628.8 1767.1 1753.9 115 116 Total liabilities and net worth 28094.3 31743.9 35796.5 33833.8 34281.1 33384.2 33059.6 35603.5 37784.4 39286.6 116 28248.9 32047.0 35751.8 33041.5 33420.1 32890.4 32335.0 34884.4 37833.4 39641.3 117 117 Liabilities 118 Currency and deposits 119 120 121 122 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 123 124 125 Loans Short term Long term (mortgages) 126 127 128 129 130 131 132 133 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 134 Other accounts payable 135 Net worth 19.2 19.0 20.9 15.5 15.9 14.4 12.6 13.7 10.6 9.1 118 11917.2 6140.7 4610.4 1166.1 13177.8 6468.9 5346.2 1362.7 14804.2 7374.6 6178.4 1251.3 15178.8 8143.4 5909.6 1125.8 14417.6 8083.3 5656.6 677.6 13054.7 7581.3 5010.3 463.0 12617.5 7559.2 4671.0 387.2 12540.5 7535.4 4643.5 361.6 12646.1 7773.7 4531.8 340.5 12811.0 7924.0 4578.6 308.4 119 120 121 122 3450.3 3304.9 145.5 3932.3 3780.2 152.1 4493.6 4336.9 156.7 3918.7 3755.2 163.5 3237.8 3062.5 175.3 3452.0 3275.9 176.1 3693.3 3503.7 189.5 3898.7 3704.4 194.4 3490.7 3288.5 202.2 3371.1 3147.3 223.8 123 124 125 11490.3 1993.1 2459.7 6045.6 46.7 97.1 11.7 836.4 13367.5 2296.3 2938.9 7065.0 46.9 121.2 9.7 889.6 14740.5 3033.0 2786.5 7822.6 56.0 140.9 12.6 888.9 12312.3 3757.3 1959.1 5388.0 51.8 160.3 10.7 985.2 14433.6 3258.6 2621.0 6920.7 51.8 165.2 14.8 1401.5 15496.3 2755.4 3282.2 7873.0 49.0 214.6 15.9 1306.3 15353.3 2642.5 3241.4 7870.9 43.1 207.8 11.9 1335.8 17968.6 2649.6 3921.9 9326.1 41.2 211.7 17.3 1800.8 21444.9 2678.5 5116.0 11535.2 41.7 215.2 15.9 1842.3 23289.5 2688.1 5861.6 12588.5 42.9 219.7 17.5 1871.2 126 127 128 129 130 131 132 133 1371.9 1550.4 1692.5 1616.2 1315.3 873.1 658.4 462.8 241.2 160.7 134 -154.6 -303.1 44.7 792.2 861.0 493.8 724.6 719.1 -49.0 -354.7 135 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) 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. 172 Z.1, March 10, 2016 S.7.a Federal Government Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Current account 1 Gross value added 552.7 577.6 605.4 637.6 668.8 704.5 720.9 723.7 715.1 723.9 1 2 Less: Consumption of fixed capital 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.3 267.7 270.7 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 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 -7.1 459.4 468.3 327.7 140.7 -8.9 447.3 458.7 320.4 138.2 -11.3 453.2 462.9 324.0 138.8 -9.7 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) -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 -321.6 -8.9 115.1 -57.6 52.6 21.3 21.1 10.2 422.9 -197.2 -11.3 125.8 -58.9 163.2 22.8 131.3 9.1 416.1 -294.6 -9.7 137.8 -57.4 74.8 23.4 40.7 10.6 440.1 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) -277.4 1289.9 853.4 1095.6 32.7 384.2 -293.5 1464.2 905.7 1201.6 37.9 375.8 -325.6 1547.8 947.2 1277.5 42.0 401.3 -308.9 1426.7 974.4 1480.0 49.7 416.1 -269.9 1079.7 950.8 1632.2 67.2 510.7 -286.6 1256.0 970.9 1774.4 68.1 558.8 -327.3 1445.2 904.0 1796.9 67.1 530.1 -321.6 1546.0 938.1 1801.5 56.1 499.3 -197.2 1699.1 1093.4 1842.0 71.1 504.0 -294.6 1836.5 1145.2 1896.8 80.6 547.2 17 18 19 20 21 22 23 24 Equals: Disposable income, net Less: Final consumption expenditures 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 -82.2 1007.8 320.3 961.3 323.8 955.3 23 24 25 Equals: Net saving -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -640.9 -631.5 25 -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 -1175.0 -1090.1 85.0 -699.1 -640.9 58.1 -690.3 -631.5 58.8 26 27 28 31.5 22.9 35.3 29.1 40.6 53.7 39.1 18.4 -0.8 -8.8 29 222.9 189.4 -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 -0.9 284.7 264.3 -2.0 269.4 267.7 -2.4 264.6 270.7 -2.7 30 31 32 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -698.3 -681.4 33 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -698.3 -681.4 34 30.8 -14.4 0.6 579.8 237.8 281.9 -150.7 126.5 221.5 155.3 35 -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 0.0 0.0 0.0 36 37 38 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 57.2 0.1 -3.9 60.8 0.2 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 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 -0.0 0.0 -0.0 45 46 47 -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 4.0 115.3 113.6 111.1 2.5 1.7 48 49 50 51 52 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 0.7 -1.6 2.3 0.0 0.0 53 54 55 56 57 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) Integrated Accounts Financial account 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 173 Z.1, March 10, 2016 S.7.a Federal Government Billions of dollars 2005 58 59 60 61 62 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) Net incurrence of liabilities 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 21.2 2.6 22.0 -3.5 34.1 3.3 27.2 3.7 -17.8 -8.1 -19.9 10.2 58 59 60 61 453.6 296.0 371.5 1369.0 1536.0 1696.7 1201.7 1249.7 880.0 790.0 62 63 SDR allocations 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 63 64 Currency and deposits 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 -0.4 -0.3 64 65 66 67 Debt securities Treasury securities Federal agency securities 346.9 347.3 -0.4 219.1 219.5 -0.3 270.4 270.8 -0.4 1302.5 1302.3 0.2 1505.8 1505.7 0.1 1645.9 1645.3 0.7 1138.7 1137.6 1.1 1180.6 1181.0 -0.4 857.3 857.7 -0.4 735.9 736.0 -0.1 65 66 67 68 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68 69 70 71 72 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 67.2 1.1 23.0 43.1 64.5 1.5 18.1 44.9 73.0 1.6 23.8 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 64.0 0.3 13.3 50.4 3.1 0.2 12.2 -9.3 33.9 0.8 10.4 22.8 69 70 71 72 73 74 75 76 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) 38.7 0.0 33.7 5.0 11.8 0.0 6.2 5.6 28.7 0.0 29.3 -0.6 22.2 0.0 22.6 -0.3 -50.3 3.0 -56.2 2.9 7.6 0.0 5.2 2.4 22.4 0.0 8.8 13.6 5.1 0.0 13.4 -8.3 20.0 0.0 18.8 1.3 20.4 0.0 17.3 3.0 73 74 75 76 -422.8 -310.4 -370.8 -789.1 -1298.2 -1414.9 -1352.4 -1123.2 -658.5 -634.6 77 -47.0 -0.5 -20.3 26.2 30.2 0.0 47.4 17.2 9.3 0.0 26.3 17.0 86.7 0.0 95.2 8.5 121.5 0.0 -56.0 -177.5 -29.0 0.0 -122.8 -93.8 48.5 0.0 3.8 -44.7 50.5 0.0 -19.8 -70.2 26.2 0.0 -13.6 -39.8 83.0 -0.0 36.2 -46.8 78 79 80 81 116.8 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 50.0 36.2 2.0 11.9 67.5 49.1 1.9 16.5 58.4 37.1 7.1 14.2 82 83 84 85 77 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 78 79 80 81 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (2) Revaluation account 82 83 84 85 Nonfinancial assets Structures Equipment Intellectual property products 86 87 88 89 90 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program -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 -5.0 -3.3 -1.7 0.0 0.0 86 87 88 89 90 91 92 Liabilities SDR allocations -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 -3.2 -3.2 91 92 93 Changes in net worth due to nominal holding gains/losses 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 45.3 67.6 56.6 93 -296.8 -123.3 -216.0 -663.6 -1471.5 -1465.5 -1273.2 -1079.3 -605.4 -550.6 94 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4654.0 4924.9 5154.6 95 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 3137.2 1439.8 726.6 970.8 3206.4 1480.6 732.7 993.1 3258.6 1507.9 742.0 1008.7 96 97 98 99 643.7 658.3 703.8 1292.3 1387.1 1612.2 1411.3 1516.8 1718.5 1896.0 100 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 51.9 0.0 51.9 101 102 103 Changes in balance sheet account 94 Change in net worth (lines 29+33+78+93) 95 96 97 98 99 100 101 102 103 Total assets Nonfinancial assets (3) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings Integrated Accounts Balance sheet account (end of period) 174 Z.1, March 10, 2016 S.7.a Federal Government Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 104 105 106 107 108 109 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 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 2.6 277.2 20.7 25.3 226.8 1.7 2.6 104 105 106 107 108 109 110 111 112 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 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 0.5 0.0 0.5 110 111 112 113 114 115 116 117 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 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 1154.0 1036.8 840.9 195.9 117.2 113 114 115 116 117 118 119 120 121 122 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 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 4.4 100.2 33.4 62.4 0.0 4.4 118 119 120 121 122 123 124 125 126 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 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 83.4 312.1 45.5 173.0 93.6 123 124 125 126 127 Total liabilities and net worth 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4654.0 4924.9 5154.6 127 7370.3 7661.5 8054.5 9424.6 11003.7 12809.7 13991.3 15246.5 16122.7 16903.1 128 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 51.2 129 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 25.6 25.3 130 5584.8 5560.9 23.8 5803.9 5780.4 23.5 6074.3 6051.2 23.1 7376.8 7353.5 23.3 8882.6 8859.2 23.5 10528.6 10504.4 24.2 11667.3 11642.0 25.3 12847.8 12822.9 24.9 13705.1 13680.6 24.5 14441.1 14416.7 24.4 131 132 133 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 134 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 1982.4 48.7 202.9 1730.8 2017.0 50.0 221.4 1745.6 2078.6 50.3 234.8 1793.6 2079.5 50.5 246.9 1782.1 2110.6 51.3 257.3 1802.0 135 136 137 138 210.2 2.2 202.6 5.4 216.1 2.2 208.8 5.1 245.2 2.2 238.2 4.9 267.2 2.2 260.7 4.3 213.7 5.2 204.5 4.0 218.5 5.2 209.7 3.6 226.9 5.2 218.5 3.2 239.8 5.2 231.9 2.8 258.1 5.2 250.6 2.3 274.9 5.2 268.0 1.8 139 140 141 142 -4300.1 -4423.4 -4639.4 -5303.0 -6774.5 -8240.0 -9513.2 -10592.5 -11197.8 -11748.5 143 128 Liabilities 129 SDR allocations 130 Currency and deposits 131 132 133 Debt securities Treasury securities Federal agency securities 134 Loans (mortgages) 135 136 137 138 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 139 140 141 142 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) 143 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 175 Z.1, March 10, 2016 S.8.a State and Local Governments Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1496.5 1533.6 1574.5 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.9 238.5 246.1 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 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 1264.6 1275.0 870.6 404.4 -10.4 1295.1 1302.6 887.2 415.4 -7.5 1328.4 1337.0 913.2 423.8 -8.6 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) 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 11.7 190.7 880.3 -10.4 1016.9 -0.5 75.4 59.8 3.3 12.3 201.2 918.4 -7.5 1052.2 -0.5 74.3 58.0 3.7 12.6 200.1 961.2 -8.6 1075.9 -0.5 75.7 58.7 3.8 13.2 181.4 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) 804.2 331.4 24.6 406.6 436.4 0.0 868.3 361.7 21.5 403.9 438.9 0.0 910.7 381.4 18.9 433.3 460.9 0.0 901.6 381.0 18.7 455.4 477.8 0.0 811.0 333.4 18.6 492.6 566.1 0.0 829.5 345.3 18.1 523.8 612.0 0.0 864.6 374.3 18.2 530.4 582.1 0.0 880.3 399.2 18.0 540.0 558.0 0.0 918.4 427.6 18.6 562.3 571.2 0.0 961.2 441.6 18.9 609.9 621.5 0.0 17 18 19 20 21 22 23 Equals: Disposable income, net 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1308.9 1315.5 1373.6 1433.3 23 24 Less: Final consumption expenditures 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1524.8 1536.3 1560.7 1601.0 24 25 Equals: Net saving -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -220.8 -187.1 -167.7 25 -115.7 -187.1 -71.4 -96.7 -167.7 -71.0 26 27 28 Capital account 26 27 28 Net saving less capital transfers Net saving Less: Capital transfers paid (net) -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 -146.6 -220.8 -74.2 29 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 143.5 155.0 167.9 172.5 167.2 149.7 127.6 107.0 94.0 95.1 29 30 31 32 290.8 157.3 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 9.2 329.7 231.9 9.1 322.9 238.5 9.6 331.3 246.1 9.9 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 26-29) -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 33 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 34 251.6 209.9 240.1 -109.4 30.1 80.0 -28.9 64.9 -13.2 86.9 35 19.0 15.8 3.2 23.1 5.5 17.6 32.6 -0.4 32.9 25.5 8.2 17.3 30.3 19.6 10.7 0.2 5.7 -5.5 32.8 16.6 16.2 12.9 -9.2 22.1 25.2 7.3 17.9 23.2 15.7 7.6 36 37 38 154.1 -0.4 106.9 35.0 1.2 11.3 112.5 -1.0 59.0 40.1 1.4 13.0 136.7 -2.2 77.8 44.9 1.7 14.5 -95.4 -22.4 -47.5 -19.8 0.4 -6.1 -33.6 -38.2 -14.5 13.5 1.1 4.5 56.8 13.4 8.8 24.9 1.4 8.2 -62.4 -12.1 -34.4 -13.9 0.2 -2.2 17.0 -7.8 42.9 -20.4 0.2 2.1 -57.8 -9.4 -17.8 -29.6 -0.1 -1.0 21.3 -7.0 37.2 -14.1 0.4 4.9 39 40 41 42 43 44 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 36 37 38 Currency and deposits Currency and transferable deposits Time and savings deposits 39 40 41 42 43 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 45 46 47 Loans Short term Long term (mortgages) 19.8 5.5 14.4 22.5 6.0 16.5 25.3 6.3 19.0 -17.3 -12.5 -4.8 6.6 -3.3 9.9 13.2 -0.8 14.0 -4.7 -4.7 -0.0 8.4 3.8 4.6 1.4 1.5 -0.1 12.7 6.0 6.7 45 46 47 48 49 50 51 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 21.1 13.4 4.3 3.4 24.3 15.6 4.7 4.0 27.5 18.0 5.0 4.5 -6.6 2.3 -8.1 -0.8 11.2 10.8 -1.6 2.0 17.7 14.5 0.2 3.0 -1.5 2.1 -3.4 -0.2 6.0 4.3 1.1 0.6 0.5 1.3 -0.5 -0.3 10.9 7.0 2.6 1.3 48 49 50 51 52 53 54 55 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 37.5 17.4 14.3 5.8 27.6 8.9 12.1 6.6 18.0 7.8 3.0 7.3 -15.7 -15.4 5.2 -5.6 15.6 -4.6 -5.8 25.9 -7.9 13.1 1.0 -22.0 6.9 5.6 2.4 -1.1 20.6 5.3 9.5 5.8 17.5 9.5 4.1 3.9 18.7 7.2 3.9 7.7 52 53 54 55 Integrated Accounts Financial account 176 Z.1, March 10, 2016 S.8.a State and Local Governments Billions of dollars 56 Net incurrence of liabilities 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 246.4 237.8 326.7 241.9 465.7 357.1 302.0 345.0 243.5 262.2 56 141.1 -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 -14.0 -6.7 -7.4 57 58 59 57 58 59 Debt securities (municipals) Short term Other 60 Loans (short term) 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.5 0.4 60 61 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 72.8 102.6 143.3 185.3 313.8 249.1 316.3 312.2 244.4 237.1 61 62 Other accounts payable (trade payables) 31.9 34.3 36.7 38.6 38.9 38.5 38.4 38.1 38.0 38.8 62 5.2 -27.9 -86.6 -351.3 -435.6 -277.2 -330.9 -280.1 -256.7 -175.3 63 185.0 -10.7 30.9 -164.9 277.4 0.0 168.7 -108.7 207.6 0.0 113.0 -94.6 -946.7 0.0 -869.7 77.0 334.8 0.0 399.0 64.3 44.8 0.0 11.7 -33.1 -66.5 0.0 -5.2 61.3 249.3 -7.6 283.4 26.5 577.1 0.0 624.1 47.0 276.8 0.0 260.3 -16.5 64 65 66 67 473.4 472.2 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 1.9 225.9 222.6 1.9 1.4 249.7 246.0 1.8 1.9 176.2 171.7 3.0 1.5 68 69 70 71 5.4 16.9 5.2 -61.0 33.5 21.6 1.9 18.5 37.4 13.6 72 478.9 621.8 466.0 350.4 -71.7 197.4 394.6 244.3 287.1 189.8 73 647.7 917.6 660.3 -698.1 58.9 81.6 186.0 347.0 748.4 369.9 74 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11813.2 12221.7 12577.3 12948.1 75 63 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-56) Other changes in volume account 64 65 66 67 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (2) Revaluation account 68 69 70 71 Nonfinancial assets Structures Equipment Intellectual property products 72 Equity and investment fund shares 73 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 74 Change in net worth (lines 29+33+64+73) 75 Total assets Integrated Accounts Balance sheet account (end of period) 76 77 78 79 Nonfinancial assets (3) Structures Equipment Intellectual property products 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 9384.7 9022.9 246.7 115.2 9718.9 9350.3 248.4 120.1 9980.2 9603.7 252.1 124.4 76 77 78 79 80 Financial assets 2316.2 2542.9 2787.8 2615.9 2675.9 2774.2 2744.6 2836.9 2858.4 2967.8 80 235.2 66.1 169.1 258.2 71.6 186.6 290.8 71.3 219.6 316.3 79.5 236.9 346.7 99.1 247.6 346.9 104.8 242.1 379.6 121.4 258.2 411.6 117.6 294.1 436.8 124.9 312.0 460.1 140.5 319.6 81 82 83 1216.6 153.2 512.1 413.1 6.9 131.4 1329.1 152.1 571.1 453.1 8.4 144.3 1465.7 149.9 648.9 498.1 10.0 158.8 1370.4 127.5 601.4 478.3 10.4 152.8 1336.8 89.3 586.8 491.8 11.5 157.3 1393.5 102.7 595.7 516.7 12.9 165.5 1331.1 90.5 561.3 502.8 13.2 163.3 1348.1 82.7 604.2 482.4 13.3 165.4 1290.3 73.3 586.3 452.9 13.3 164.5 1311.6 66.3 623.6 438.7 13.6 169.3 84 85 86 87 88 89 81 82 83 Currency and deposits Currency and transferable deposits Time and savings deposits 84 85 86 87 88 89 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 90 91 92 Loans Short term Long term (mortgages) 288.7 129.9 158.8 311.2 135.9 175.3 336.0 142.2 193.8 317.0 129.8 187.3 320.1 126.5 193.7 330.3 125.7 204.7 323.3 121.0 202.4 329.8 124.8 205.0 330.1 126.3 203.8 342.2 132.3 209.9 90 91 92 93 94 95 96 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 246.4 89.8 116.0 40.7 287.6 105.4 133.0 49.2 320.3 123.4 141.8 55.1 252.7 125.7 90.8 36.2 297.3 136.6 112.2 48.6 336.7 151.1 126.9 58.7 337.1 153.2 124.8 59.1 361.5 157.5 138.1 66.0 399.4 158.8 162.2 78.4 423.9 165.8 173.8 84.4 93 94 95 96 97 98 99 100 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 329.3 142.5 102.3 84.5 356.8 151.3 114.4 91.1 374.9 159.1 117.4 98.4 359.6 143.7 123.0 92.9 375.0 139.1 117.1 118.8 366.8 152.2 117.8 96.8 373.5 157.8 120.0 95.7 385.9 163.1 121.3 101.5 401.8 172.6 123.8 105.3 430.0 179.8 137.2 113.0 97 98 99 100 101 Total liabilities and net worth 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11813.2 12221.7 12577.3 12948.1 101 3425.5 3483.7 3683.4 4779.8 4830.6 5161.8 5457.3 5518.7 5125.9 5126.8 102 102 Liabilities 177 Z.1, March 10, 2016 S.8.a State and Local Governments Billions of dollars 103 104 105 Debt securities (municipals) Short term Other 106 Loans (short term) 107 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 108 109 Other accounts payable (trade payables) Net worth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 2910.9 38.6 2872.3 103 104 105 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 16.2 16.6 106 353.6 276.6 292.9 1332.8 1231.6 1454.8 1764.6 1793.3 1401.4 1377.2 107 482.0 516.2 553.0 591.6 630.5 669.0 707.4 745.5 783.4 822.2 108 5149.6 6067.3 6727.5 6029.4 6088.3 6169.9 6355.9 6703.0 7451.4 7821.2 109 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. 178 Z.1, March 10, 2016 S.9.a Rest of the World Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 2692.0 2030.1 483.2 178.7 3078.5 2247.3 656.6 174.6 3334.4 2383.2 750.1 201.2 3482.0 2565.0 684.9 232.0 2712.0 1983.2 497.8 231.0 3115.5 2365.0 514.1 236.4 3485.8 2686.4 546.0 253.4 3582.1 2763.8 563.9 254.3 3616.9 2771.7 575.8 269.5 3742.5 2871.9 591.2 279.4 1 2 3 4 5 6 7 8 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world Current taxes and trans. receipts from rest of world (1) 1954.3 1308.9 575.8 69.6 2276.3 1476.3 724.2 75.7 2616.3 1664.6 875.7 76.0 2790.3 1841.9 856.9 91.5 2330.1 1587.7 648.9 93.4 2669.6 1852.3 720.0 97.2 3004.2 2106.4 792.6 105.2 3113.9 2198.2 801.5 114.2 3221.2 2263.3 826.2 131.7 3341.3 2341.9 854.3 145.1 5 6 7 8 9 Equals: Net saving (current external balance) 737.7 802.2 718.1 691.6 381.9 445.9 481.5 468.2 395.8 401.1 9 737.7 802.2 718.1 691.6 381.9 445.9 481.5 468.2 395.8 401.1 10 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.5 -0.8 -0.4 11 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.0 -0.1 0.0 -0.0 12 724.8 804.2 718.0 686.2 382.5 446.6 483.2 461.7 396.6 401.6 13 Capital account 10 Net saving 11 Less: Net capital transfers 12 Less: Acquisition of nonproduced nonfinancial assets 13 Net lending (+) or borrowing (-), capital account (lines 10-11-12) Integrated Accounts Financial account 14 Net lending (+) or borrowing (-) (line 13) 15 Net acquisition of U.S. financial assets 724.8 804.2 718.0 686.2 382.5 446.6 483.2 461.7 396.6 401.6 14 1048.2 1479.7 1470.6 666.8 201.0 1087.5 1049.7 851.2 1155.8 1128.2 15 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 0.0 0.0 0.0 16 17 18 16 17 18 Monetary gold and SDRs Monetary gold SDR allocations 19 20 21 22 23 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 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 38.0 -136.0 415.5 37.7 13.2 52.5 312.2 157.1 66.3 13.4 46.9 30.6 19 20 21 22 23 24 25 26 27 28 29 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 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 -19.7 547.7 -1.7 424.9 -83.7 4.3 203.9 534.3 7.6 317.4 -5.2 4.3 210.1 24 25 26 27 28 29 30 31 32 Loans (short term) Security repurchases Loans to U.S. corporate business 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 -59.1 -6.9 -52.2 31.1 35.3 -4.2 155.9 105.4 50.5 30 31 32 33 34 35 36 37 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 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 74.7 236.1 432.9 22.6 126.8 89.7 193.8 149.1 11.3 -59.1 -19.6 216.6 266.7 5.2 116.2 33.6 111.6 33 34 35 36 37 38 Other accounts receivable 11.6 5.7 20.6 6.7 6.3 18.6 17.1 11.6 12.3 14.3 38 39 Net incurrence of liabilities 349.7 949.8 1319.0 -98.4 173.0 819.3 633.0 388.3 782.4 804.4 39 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 40 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 -143.0 0.4 4.0 -147.5 0.0 23.6 0.3 -3.4 26.7 -0.0 -117.9 0.2 -3.8 -114.3 0.0 41 42 43 44 45 40 SDR holdings 41 42 43 44 45 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 46 47 48 Debt securities Commercial paper Bonds 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 -53.5 181.7 159.0 27.9 131.2 202.8 34.0 168.9 108.8 -21.4 130.2 46 47 48 49 50 51 52 53 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 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 -14.8 40.2 5.6 30.4 -90.9 -52.1 -84.0 1.4 39.1 -8.6 59.0 26.4 2.8 28.6 1.3 49 50 51 52 53 179 Z.1, March 10, 2016 S.9.a Rest of the World Billions of dollars 2005 54 55 56 57 58 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 59 Other accounts payable 60 Addendum: Net lending (+) or borrowing (-), financial account (lines 15-39) 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 30.6 386.3 95.8 2.4 339.7 -51.5 598.3 284.3 2.2 328.6 -16.9 761.2 436.5 2.3 336.9 -14.6 54 55 56 57 58 1.3 3.5 10.7 -3.7 0.5 6.0 4.0 0.7 9.8 -6.8 59 698.5 529.8 151.5 765.2 28.0 268.2 416.7 462.8 373.4 323.8 60 -29.8 -3.4 26.3 -143.4 131.0 274.4 -538.0 28.5 566.5 69.8 -9.2 -79.0 -339.9 14.5 354.4 -179.9 -1.5 178.4 -70.6 -4.2 66.5 -4.6 -5.7 -1.2 -17.4 5.8 23.2 -77.8 0.0 77.8 61 62 63 Other changes in volume account 61 62 63 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 13-60) (3) Revaluation account 64 -65.7 384.4 298.2 -1633.9 480.9 604.3 167.2 598.5 1026.0 727.9 64 65 Monetary gold and SDRs -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 65 66 Currency and deposits -0.3 -0.0 5.1 0.0 0.0 4.2 0.1 -0.2 -0.7 -0.3 66 67 68 69 70 71 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds -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 79.4 120.5 0.2 -22.6 -3.4 146.3 -324.4 0.3 -202.6 -33.8 -88.3 24.4 -1.0 45.0 24.0 -43.5 67 68 69 70 71 72 73 74 75 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 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 -61.0 478.2 429.0 35.4 13.8 1347.0 1310.5 76.2 -39.7 707.2 623.5 22.0 61.7 72 73 74 75 76 Other accounts receivable -0.3 0.2 0.3 -0.3 0.3 0.1 -0.1 0.0 3.9 -0.2 76 642.4 949.7 1059.8 -2788.6 1381.3 797.1 -709.0 949.5 739.0 -284.1 77 77 Financial assets Liabilities 78 SDR holdings -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 0.1 -3.3 78 79 80 81 82 83 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -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 -3.9 -2.6 0.0 -1.3 0.0 -17.0 -5.9 -1.7 -9.4 0.0 79 80 81 82 83 84 Debt securities (corporate bonds) -38.6 20.6 97.3 -193.7 179.3 102.5 54.2 148.4 -119.1 27.1 84 85 Loans (other loans and advances) 86 87 88 Equity and investment fund shares Corporate equities U.S. direct investment abroad 89 Other accounts payable 90 Changes in net worth due to nominal holding gains/losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85 687.6 570.6 117.0 925.5 873.9 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 -93.1 803.0 724.7 78.3 860.4 866.7 -6.3 -290.5 -189.7 -100.7 86 87 88 -0.4 0.3 0.3 -0.3 0.1 -0.0 0.0 -0.1 1.5 -0.4 89 -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -351.0 286.9 1012.0 90 -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 106.1 666.1 1335.8 91 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18962.6 21136.5 22992.6 92 Changes in balance sheet account 91 Change in net worth (lines 13+61+90) 92 Total financial assets 93 SDR allocations 94 95 96 97 98 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 51.2 93 560.1 280.4 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 1607.5 558.2 112.8 491.7 444.8 94 95 96 97 98 Integrated Accounts Financial balance sheet account (end of period) (4) 180 Z.1, March 10, 2016 S.9.a Rest of the World Billions of dollars 99 100 101 102 103 104 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 105 106 107 Loans (short term) Security repurchases Loans to U.S. corporate business 108 109 110 111 112 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 113 Other accounts receivable 114 Total liabilities and net worth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 9588.1 101.3 5793.8 883.8 76.1 2733.1 10146.9 107.9 6156.2 902.6 80.4 2899.7 99 100 101 102 103 104 867.6 705.0 162.5 1194.5 1025.8 168.8 1369.5 1098.4 271.1 789.6 563.2 226.4 671.9 489.4 182.5 744.0 581.8 162.3 874.6 678.5 196.1 815.5 671.6 143.9 846.6 706.9 139.7 1002.5 812.3 190.2 105 106 107 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 7551.7 96.9 3953.0 495.4 3006.3 9047.8 108.2 5204.4 552.0 3183.2 10021.7 113.4 5944.1 607.7 3356.5 108 109 110 111 112 53.3 59.2 80.0 86.5 93.1 111.8 128.8 140.5 148.8 162.9 113 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18962.6 21136.5 22992.6 114 9027.4 11056.9 13407.3 10624.0 12144.8 13762.7 13932.9 15276.4 16784.2 17304.5 115 115 Total liabilities 116 SDR holdings 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 51.9 116 117 118 119 120 121 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 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 1005.9 49.7 34.2 919.4 2.6 1025.6 47.4 30.8 944.8 2.6 890.6 41.8 25.2 821.1 2.6 117 118 119 120 121 122 123 124 Debt securities Commercial paper Bonds 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 2566.1 373.0 2193.1 2649.9 407.0 2242.9 2785.8 385.6 2400.2 122 123 124 125 126 127 128 129 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 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 1081.7 804.9 30.2 237.7 8.9 1029.5 720.9 31.6 276.7 0.3 1088.6 747.3 34.5 305.3 1.5 125 126 127 128 129 130 131 132 133 134 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 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 10511.9 5321.9 57.8 5017.5 114.7 11970.6 6472.9 60.0 5339.8 97.9 12441.4 6719.7 62.4 5576.0 83.3 130 131 132 133 134 135 Other accounts payable 33.6 37.4 48.4 44.4 45.1 51.1 55.1 55.7 53.4 46.2 135 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3686.2 4352.3 5688.1 136 136 Net worth (external account) Integrated Accounts (1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world. (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 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
@FedFRASER