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For use at 12:00 p.m., eastern time March 6, 2014 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Fourth Quarter 2013 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 was $80.7 trillion at the end of 2013, about $3 trillion more than at the end of the third quarter. For 2013 as a whole, net worth increased $9.8 trillion, or 14 percent, driven largely by a $5.6 trillion increase in the value of directly and indirectly held corprorate equities and a $2.3 trillion increase in the value of real estate. Domestic nonfinancial debt outstanding was $42 trillion at the end of the fourth quarter of 2013, of which household debt was $13.1 trillion, nonfinancial business debt was $13.6 trillion, and total government debt was $15.3 trillion. Domestic nonfinancial debt growth was 5.4 percent at a seasonally adjusted annual rate in the fourth quarter of 2013, about 1½ percentage points more than in the third quarter. Household debt edged up at an annual rate of 0.4 percent in the fourth quarter. Home mortgage debt contracted 1 percent in the fourth quarter, following an increase of 1 percent in the third quarter. Consumer credit rose at an annual rate of 5.4 percent, about ½ percentage point less than in the previous quarter. Nonfinancial business debt rose at an annual rate of 7.1 percent in the fourth quarter, after a 8.4 percent increase in the third quarter. As in recent years, corporate bonds accounted for most of the increase. State and local government debt declined at an annual rate of 4.9 percent in the fourth quarter, after declining 3.9 percent in the third quarter. Federal government debt rose at an annual rate of 11.6 percent in the fourth quarter of 2013, well above the 1.5 percent increase in the third quarter. Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt Year Household 1 net worth Total Households Business 2 State and local govts. Federal 2003 49,426 8.0 11.8 2.2 8.3 10.9 2004 56,515 9.3 11.1 2.2 11.4 9.0 2005 62,538 9.3 11.2 9.0 5.8 7.0 2006 67,331 8.7 10.0 10.9 3.9 3.9 2007 67,753 8.6 6.8 13.6 5.5 4.9 2008 57,180 6.0 0.1 6.3 0.6 24.2 2009 58,920 3.1 -1.7 2.2 4.0 22.7 2010 63,354 4.1 -2.6 1.5 2.3 20.2 2011 64,763 3.7 -1.4 6.0 -1.7 11.4 2012 70,863 4.9 0.2 7.2 -0.2 10.9 2013 80,664 4.3 0.9 7.2 -1.3 6.5 Q1 67,220 4.7 -1.1 4.4 0.4 13.5 Q2 67,266 5.3 1.4 5.0 2.9 11.0 Q3 69,525 3.0 -1.5 5.0 -0.2 7.1 Q4 70,863 6.2 2.1 9.2 -3.8 10.4 Q1 74,088 4.4 -0.6 4.9 2.4 10.1 Q2 75,434 3.5 0.8 7.7 1.1 2.5 Q3 77,710 3.8 3.0 8.4 -3.9 1.5 Q4 80,664 5.4 0.4 7.1 -4.9 11.6 2012: 2013: 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2. Percentage changes shown on an end-of-period basis; quarterly data are seasonally adjusted annual rates iii Release Highlights Fourth Quarter 2013 Topic Description Revaluations and other changes in volume Revaluations, which measure changes in the market value of untraded assets (i.e. unrealized capital gains and losses), can now be separately identified from other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or change in source data or definition. This change aligns the Financial Accounts more closely with the System of National Accounts (SNA 2008). Data for revaluation series will soon be available through the Federal Reserve’s Data Download Program (DDP). Other changes in volume can be calculated as the change in the level from one quarter to the next, less the unadjusted flow, less the revaluation. In practice, other changes in volume are relatively rare, and revaluations only occur for series carried at market value. The mnemonic for revaluation series begins with “FR” and the mnemonic for other changes in volume series begins with “FV”. These series replace the previous “FD” series (which showed the sum of revaluations and other volume changes). Revaluations and other changes in volume appear on the balance-sheet change tables (R.100, R.102, and R.103) and all Integrated Macroeconomic Tables. Life insurance companies general and separate accounts Additional detail on life insurance companies is now available on supplementary tables. Financial assets and liabilities held in life insurers’ general accounts are shown on tables F.115.g and L.115.g, and those held in separate accounts are shown on tables F.115.s and L.115.s. Data begin in 1997:Q4. General accounts are used to fund contractual obligations that provide a fixed benefit or guaranteed rate of return, such as term life insurance and fixed annuities. Separate accounts are independent from general accounts and are typically used to fund variable life and retirement products. Treasury bills held by mutual funds Additional detail on the composition of Treasury securities held by mutual funds has been added to the Treasury securities instrument tables (F.209 and L.209). Treasury bills, considered short-term, are now shown separately from other Treasury securities, such as Treasury notes and bonds. Data begin in 2010:Q4. U.S. savings securities U.S. savings securities replace savings bonds on the Treasury securities instrument tables (F.209 and L.209) and the federal government sector tables (F.105 and L.105). U.S. savings securities now include U.S. Individual Retirement Bonds, U.S. Retirement Plan Bonds, and U.S. Savings Stamps in addition to U.S. Savings Bonds and Matured U.S. Savings Securities. All U.S. savings securities are owned by households. Household holdings of U.S. savings securities are not shown separately from other holdings of Treasury securities on the household sector tables (F.100, L.100, and B.100). iv Topic Description Treasury securities held by the Thrift Savings Plan (TSP) The federal government employee retirement funds’ holdings of Treasury securities (tables F.119 and L.119) have been revised down in 1995:Q4, 2011:Q2 and 2013:Q3 to reflect suspended investments in the Thrift Savings Plan G Fund. The G Fund invests exclusively in nonmarketable short-term Treasury securities. Suspending investments in the G Fund is one way that the Treasury manages its cash and borrowing once it has reached the statutory debt limit. The amount of the suspended investments is included in the claim of the pension fund on sponsor (federal government). Market value of domestic corporations On table L.213, the memo item “market value of domestic corporations” has been deleted. v Explanatory Notes Financial Accounts of the United States The Financial Accounts of the United States (previously referred to as the Flow of Funds Accounts) are organized into the following sections: ■ ■ ■ ■ ■ ■ Matrices summarizing flows and levels across sectors, and tables summarizing credit market borrowing, gross domestic product (GDP), national income, saving, and so on Flow of funds, by sector and financial instrument Levels of financial assets and liabilities, by sector and financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables providing additional detail on selected sectors Integrated Macroeconomic Accounts The Integrated Macroeconomic Accounts (IMA) relate production, income, saving, and capital formation from the national income and product accounts (NIPA) to changes in net worth from the FA on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and the Bureau of Economic Analysis and are based on international guidelines and terminology as defined in the System of National Accounts (SNA1993, revised in 2008). Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts with the SNA guidelines. Nonetheless, a few important differences remain. In particular, in the Financial Accounts: ■ ■ ■ The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate business (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Most debt securities are recorded at book value rather than market value. Concepts of Level and Flow in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the stock or outstanding) measures the value of the asset or liability in existence at a point in time. In the Financial Accounts, the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the “economic flow”, and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure changes in market value of untraded assets; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In the Financial Accounts, “flow of funds” refers to the exchange of assets, corresponding to the SNA definition of transactions, that is, “flow tables” in the Financial Accounts are equivalent to “transaction tables” in the SNA terminology. In practice, other volume changes are relatively rare, and revaluations only occur for series carried at market value (such as corporate equities and mutual fund shares), so for many series the change in the level is equal to the flow. Growth Rates Growth rates calculated from levels will include revaluations and other changes in volume. To isolate the effect of transactions on growth of a given asset or liability, users should calculate the ratio of the flow in a given period to the level in the preceding period. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels printed in table L.2 may differ from those in table D.1. Seasonal Adjustment Seasonal factors are recalculated and updated every year, and these revised factors are first published in the September release of second-quarter data. All series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of data. Because the effects of the recent financial crisis resulted in large outliers in some series that would have distorted the estimated seasonal factors, seasonal factors for some series were extrapolated using pre-crisis data. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted flows. vi Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the Financial Accounts, major revisions are highlighted at the beginning of the publication. Discrepancies The data in the Financial Accounts come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. The Financial Accounts Guide Substantially more detail on the construction of the Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the Financial Accounts. The guide allows users to search for series, browse tables of data, and identify links among series within these accounts. It also provides descriptions of each of the published tables and information on the source data underlying each series. The guide is not part of the quarterly release, but it is continually updated and kept consistent with the most recently published data. The guide and the data from the Financial Accounts are available free of charge at the following link: www.federalreserve.gov/apps/fof/ Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. The relationships between different components of a series (for example, levels, seasonally adjusted annual rate flows, unadjusted flows, revaluations, other changes in volume, seasonal factors, and so on) are also described on the series structure page. Production Schedule The Financial Accounts are published online and in print 4 times per year, about 10 weeks following the end of each calendar quarter. The publication and the guide are available online here: www.federalreserve.gov/releases/Z1 This website also provides coded tables and historical annual tables beginning in 1945 that correspond with the tables published in this release. There are also compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program (DDP) here: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 vii Description of Most Recent Data Available Sector Table National income and product accounts (NIPA) (various tables) Available at time of publication Second estimate, seasonally adjusted, for 2013:Q4. Some profit-related data are unavailable for 2013:Q4. Unadjusted flows since 2012 for the government sectors and since 2006 for all other sectors are unavailable. Households and nonprofit organizations sector (tables F.100 and L.100) Estimates for this sector are largely residuals and are derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2013:Q4. The source for nonprofit organizations data (tables F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income. Data for nonprofit organizations are available for 1987 through 2000. Nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2013:Q3; Internal Revenue Service Statistics of Income (IRS/SOI) data through 2011; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2013:Q4. Corporate farm data through 2012. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2010; bank and finance company loans, and mortgage borrowing through 2013:Q4. Noncorporate farm data through 2012. State and local governments (tables F.104 and L.104) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2013:Q4; total financial assets through 2011:Q2 from the Census Bureau; breakdown of financial assets through 2011:Q2 from the comprehensive annual financial reports of state and local governments. Federal government (tables F.105 and L.105) Data from the Monthly Treasury Statement of Receipts and Outlays and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2013:Q4. Rest of the world (tables F.106 and L.106) Balance of payments and International Investment Position data through 2013:Q3. NIPA estimates; bank Call Reports and Treasury International Capital System data through 2013:Q4. Monetary authority (tables F.108 and L.108) All data through 2013:Q4. U.S.-chartered depository institutions (tables F.110 and L.110) All data through 2013:Q4. Foreign banking offices in U.S. (tables F.111 and L.111) All data through 2013:Q4. Banks in U.S.-affiliated areas (tables F.112 and L.112) All data through 2013:Q4. Credit unions (tables F.113 and L.113) All data through 2013:Q4. viii Sector Table Available at time of publication Property-casualty insurance companies (tables F.114 and L.114) All data through 2013:Q3. Life insurance companies (tables F.115 and L.115) All data through 2013:Q3. Private pension funds (tables F.116 and L.116) Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2011. State and local government employee retirement funds (tables F.117 and L.117) Detailed data through 2011:Q2 from the Census Bureau; sample data through 2013:Q4 from the Census Bureau. Federal government retirement funds (tables F.118 and L.118) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2013:Q4. Money market mutual funds (tables F.119 and L.119) All data through 2013:Q4. Mutual funds (tables F.120 and L.120 All data through 2013:Q4. Closed-end funds (tables F.121 and L.121) All data through 2013:Q4. Exchange-traded funds (tables F.121 and L.121) All data through 2013:Q4. Government Sponsored Enterprises (GSEs) (tables F.122 and L.122) Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO, FCS, and REFCORP through 2013:Q4. Agency- and GSE-backed mortgage pools (tables F.123 and L.123) Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie Mae through 2013:Q4. Issuers of asset-backed securities (ABSs) (tables F.124 and L.124) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2013:Q4. Finance companies (tables F.125 and L.125) All data through 2013:Q4. Real Estate Investment Trusts (REITs) (tables F.126 and L.126) Data from SNL Financial through 2013:Q4. Security brokers and dealers (tables F.127 and L.127) Data for firms filing FOCUS and FOGS reports through 2013:Q4. Holding companies (table F.128 and L.128) All data through 2013:Q4. Funding corporations (tables F.129 and L.129) Estimates for this sector are largely residuals and are derived from data for other sectors. ix List of Data Tables Title Table Page Summaries Flow of Funds Matrix – Flows 1 Flow of Funds Matrix – Assets and Liabilities 2 Credit Market Debt Growth by Sector D.1 3 Credit Market Borrowing by Sector D.2 4 Credit Market Debt Outstanding by Sector D.3 5 Total Credit Market Borrowing and Lending F.1 6 Credit Market Borrowing by Nonfinancial Sectors F.2 7 Credit Market Borrowing by Financial Sectors F.3 7 Credit Market Borrowing, All Sectors, by Instrument F.4 8 Total Liabilities and Its Relation to Total Financial Assets F.5 8 Credit Market Debt Outstanding L.1 9 Credit Market Debt Owed by Nonfinancial Sectors L.2 10 Credit Market Debt Owed by Financial Sectors L.3 10 Credit Market Debt, All Sectors, by Instrument L.4 11 Total Liabilities and Its Relation to Total Financial Assets L.5 11 Distribution of Gross Domestic Product F.6 12 Distribution of National Income F.7 13 Saving and Investment F.8 14 Net Capital Transfers F.9 15 Derivation of Measures of Personal Saving F.10 16 Assets and Liabilities of the Personal Sector L.10 17 Flows Title Levels Table Page Table Page Households and Nonprofit Organizations F.100 18 L.100 66 Nonfinancial Business F.101 19 L.101 67 Nonfinancial Corporate Business F.102 20 L.102 68 Nonfinancial Noncorporate Business F.103 21 L.103 69 State and Local Governments F.104 22 L.104 70 Federal Government F.105 23 L.105 71 Sectors x Sectors Rest of the World F.106 24 L.106 72 Financial Business F.107 25 L.107 73 Monetary Authority F.108 26 L.108 74 Private Depository Institutions F.109 27 L.109 75 U.S.-Chartered Depository Institutions, ex. Credit Unions F.110 28 L.110 76 Foreign Banking Offices in U.S. F.111 29 L.111 77 Banks in U.S.-Affiliated Areas F.112 30 L.112 78 Credit Unions F.113 30 L.113 78 Property-Casualty Insurance Companies F.114 31 L.114 79 Life Insurance Companies F.115 31 L.115 79 Private and Public Pension Funds F.116 32 L.116 80 Private Pension Funds F.117 33 L.117 81 State and Local Government Employee Retirement Funds F.118 34 L.118 82 Federal Government Employee Retirement Funds F.119 34 L.119 82 Money Market Mutual Funds F.120 35 L.120 83 Mutual Funds F.121 35 L.121 83 Closed-End and Exchange-Traded Funds F.122 35 L.122 83 Government-Sponsored Enterprises F.123 36 L.123 84 Agency- and GSE-Backed Mortgage Pools F.124 36 L.124 84 Issuers of Asset-Backed Securities F.125 37 L.125 85 Finance Companies F.126 37 L.126 85 Real Estate Investment Trusts F.127 38 L.127 86 Security Brokers and Dealers F.128 39 L.128 87 Holding Companies F.129 40 L.129 88 Funding Corporations F.130 41 L.130 89 U.S. Official Reserve Assets and SDR Allocations F.200 42 L.200 90 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 42 L.201 90 U.S. Deposits in Foreign Countries F.202 42 L.202 90 Net Interbank Transactions F.203 43 L.203 91 Checkable Deposits and Currency F.204 44 L.204 92 Time and Savings Deposits F.205 45 L.205 93 Instruments xi Instruments Money Market Mutual Fund Shares F.206 45 L.206 93 Federal Funds and Security Repurchase Agreements F.207 46 L.207 94 Open Market Paper F.208 47 L.208 95 Treasury Securities F.209 48 L.209 96 Agency- and GSE-Backed Securities F.210 49 L.210 97 Municipal Securities and Loans F.211 50 L.211 98 Corporate and Foreign Bonds F.212 51 L.212 99 Corporate Equities F.213 52 L.213 100 Mutual Fund Shares F.214 52 L.214 100 Depository Institution Loans Not Elsewhere Classified F.215 53 L.215 101 Other Loans and Advances F.216 54 L.216 102 Total Mortgages F.217 55 L.217 103 Home Mortgages F.218 56 L.218 104 Multifamily Residential Mortgages F.219 56 L.219 104 Commercial Mortgages F.220 57 L.220 105 Farm Mortgages F.221 57 L.221 105 Consumer Credit F.222 58 L.222 106 Trade Credit F.223 59 L.223 107 Security Credit F.224 59 L.224 107 Life Insurance Reserves F.225 60 L.225 108 Pension Entitlements F.226 60 L.226 108 Taxes Payable by Businesses F.227 60 L.227 108 Proprietors' Equity in Noncorporate Business F.228 60 L.228 108 Total Miscellaneous Financial Claims F.229 61 L.229 109 Identified Miscellaneous Financial Claims - Part I F.230 62 L.230 110 Identified Miscellaneous Financial Claims - Part II F.231 63 L.231 111 Unidentified Miscellaneous Financial Claims F.232 64 L.232 112 Sector Discrepancies F.11 65 Instrument Discrepancies F.12 65 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.100 113 R.100 116 Nonfinancial Corporate Business B.102 114 R.102 117 Nonfarm Noncorporate Business B.103 115 R.103 118 Balance Sheet and Changes in Net Worth xii Flows Title Table Levels Page Table Page B.100.e 119 Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail Nonprofit Organizations F.100.a 120 L.100.a 121 Consolidated Statement for Federal, State, and Local Governments F.105.c 122 L.105.c 123 Life Insurance Companies: General Accounts F.115.g 124 L.115.g 125 Life Insurance Companies: Separate Accounts F.115.s 124 L.115.s 125 Private Pension Funds: Defined Benefit Plans F.117.b 126 L.117.b 127 Private Pension Funds: Defined Contribution Plans F.117.c 126 L.117.c 127 Individual Retirement Accounts (IRAs) F.226.i 126 L.226.i 127 Equity Real Estate Investment Trusts F.127.e 128 L.127.e 129 Mortgage Real Estate Investment Trusts F.127.m 128 L.127.m 129 Title Table Page Total Economy–Current Account S.1.a 130 Selected Aggregates for Total Economy and Sectors S.2.a 131 Households and Nonprofit Institutions Serving Households S.3.a 133 Nonfinancial Noncorporate Business S.4.a 136 Nonfinancial Corporate Business S.5.a 139 Financial Business S.6.a 142 Federal Government S.7.a 145 State and Local Governments S.8.a 148 Rest of the World S.9.a 151 Integrated Macroeconomic Accounts for the United States Corporate equities Mutual fund shares Trade credit Security credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business Miscellaneous Sector discrepancies (1 less 4) 33 34 35 36 37 38 39 40 41 42 -403.5 6.7 492.5 --7.8 27.2 -323.6 722.8 -57.8 -245.5 -2.0 -167.3 -132.6 -37.6 104.3 -4.4 -9.3 -5.4 ---5.7 -81.8 185.2 -26.3 -- 829.9 976.5 -- 2564.0 1734.1 1179.7 413.8 148.5 --7.8 ---- U (1) -- ----2.1 ---5.4 35.4 114.4 ----13.1 -21.7 2.0 -70.4 174.3 ---------- --146.6 -------- 2160.5 1397.7 762.9 S (2) Households and Nonprofit Organizations 98.6 ----774.5 -0.7 155.3 -- -34.1 -20.2 3.0 -4.5 -7.6 ---0.7 -5.4 ---43.1 -118.4 85.2 -0.6 -1.1 213.3 1141.3 -- 2115.6 1902.3 -100.9 1694.7 107.9 -1.2 ---- U (3) -- ---14.2 -5.5 278.7 -383.7 -137.4 -- 915.4 12.7 --9.3 640.3 94.5 54.5 104.0 -- ---------- --928.0 -------- 2214.2 1512.1 702.1 S (4) Nonfinancial Business Flow of Funds Matrix for 2013 23.7 --3.1 -0.7 0.7 0.3 9.6 -- -31.5 0.7 -38.9 3.9 0.1 1.2 --1.5 -- -----7.4 21.0 1.2 0.9 -274.6 13.3 -- 65.8 340.4 -4.8 326.1 -9.5 ---- U (5) -- ----287.2 --39.6 -- -38.9 ----39.4 --0.5 --- ---------- --287.9 -------- 89.4 237.6 -148.2 S (6) State and Local Governments -114.6 ---19.7 -7.6 -4.8 -0.1 -- 123.7 --0.0 --0.1 -6.8 4.0 113.1 -1.5 ----69.6 -0.5 --- -710.0 174.4 -- -435.7 274.3 -0.7 274.3 --0.7 ---- U (7) -- 0.3 ---102.0 --23.5 -- 759.1 -759.5 -0.4 ----0.0 -- 0.0 0.0 -0.4 ------- --884.4 -------- -550.3 267.6 -817.9 S (8) Federal Government -395.8 6.7 492.5 -16.7 -7.8 810.0 -327.8 723.9 165.0 57.8 -187.3 -21.5 -203.3 -133.2 -45.1 105.5 -11.1 -3.1 102.2 -1.5 --48.8 -277.2 290.9 -25.7 -0.2 58.6 2305.5 -- 4309.8 4251.2 1179.7 520.2 2443.6 107.9 -0.3 ---- U (9) -- 0.3 --14.2 -5.5 669.9 -383.7 -195.0 35.4 1750.0 12.7 759.5 -0.4 -43.2 640.3 116.2 57.0 33.6 174.3 0.0 0.0 -0.4 ------- --2246.9 -------- 3913.9 3415.0 499.0 S (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Flows) -194.8 10.9 ---952.1 295.1 25.7 2.0 -21.7 1812.7 17.9 544.5 463.4 3.3 369.8 184.3 122.9 34.5 72.1 0.2 0.0 0.8 -9.6 760.1 6.6 76.0 -7.3 43.7 269.2 3947.4 -- 477.1 207.9 -2.1 205.8 --- ---- U (11) -- 17.3 492.5 8.0 -2.3 247.3 171.4 662.1 0.3 0.6 184.6 -48.8 -239.0 --103.1 29.0 70.9 -2.3 -- ----1065.0 332.0 414.2 28.7 56.6 --3678.2 -------- 282.2 195.5 86.8 S (12) Domestic Financial Sectors 167.6 -----161.8 31.7 -87.6 11.9 0.0 513.3 1.8 418.3 -91.6 -1.4 191.5 --5.2 --- 0.0 ---260.4 48.9 47.4 61.7 56.3 230.3 782.4 -- 230.6 0.3 ----0.3 ---- U (13) -- ----167.6 211.4 --1.9 0.0 204.1 34.4 ---129.6 39.2 1.0 --- -1.4 --86.9 -----114.7 --552.1 -------- 398.1 -398.1 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. Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit 23 24 25 26 27 28 29 30 31 32 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 11 12 13 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 4 5 6 7 8 9 10 14 15 16 17 18 19 20 21 22 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, March 6, 2014 -423.1 17.6 492.5 -16.7 -7.8 1600.2 -1.0 662.1 178.9 36.0 2138.7 -1.7 759.5 238.6 -43.2 666.8 184.3 128.8 31.3 174.3 -1.4 0.0 0.8 39.2 1020.5 332.7 414.2 28.7 99.9 558.1 7035.3 -- 5017.4 4459.3 1179.7 522.3 2649.4 107.9 -- ---- U (15) S (16) -- 17.6 492.5 -6.2 -7.8 1084.7 -1.0 662.1 193.5 36.0 2138.7 -1.7 759.5 238.6 -43.2 666.8 184.3 128.8 31.3 174.3 -1.4 0.0 -0.4 86.9 1065.0 332.0 414.2 28.7 -58.1 --6477.2 -------- 4594.3 3610.4 983.8 All Sectors ---- Summary -423.1 --10.5 --515.5 --14.5 -- ----------- ---1.1 47.7 44.4 -0.7 ---157.9 -558.1 --- -423.1 135.0 ------ (17) Instrument Discrepancy 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Security credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business 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 1232.1 19600.7 -8724.5 900.8 13864.8 6692.1 -833.8 5652.1 17.0 944.3 121.4 1617.2 2793.1 -25.3 72.2 61.7 908.2 7388.5 1100.1 -- ---50.8 -- 66948.5 --- ----27.0 --284.3 339.2 13105.1 ---227.8 -88.0 141.3 9549.4 3098.6 ----- ------ -13755.6 13755.6 ----14455.3 -211.5 3025.0 -- 296.1 40.2 102.4 7.3 32.6 ---70.7 43.1 1019.3 1037.1 536.4 9.2 ---56.5 -- 20646.4 --- --146.0 8705.3 4709.7 21363.1 -2462.3 -- 13621.8 143.1 --518.5 6435.5 1774.6 1245.1 3505.1 -- ----- ------ -51008.2 20939.7 L (4) A (3) A (1) L (2) Nonfinancial Business Households and Nonprofit Organizations Flow of Funds Matrix for 2013 --123.8 -87.7 152.7 73.5 172.3 -- 1403.3 86.0 493.8 472.3 12.2 151.4 --187.6 -- 125.0 310.7 141.5 111.6 ------ 2702.2 --- A (5) ----1097.3 --786.1 -- 2941.1 ---2924.9 --16.2 --- ----- ------ -4824.5 4824.5 L (6) State and Local Governments --163.4 -149.6 35.1 -50.5 -- 1041.4 --0.0 -0.6 -195.5 115.5 729.8 162.9 1.5 --- 96.4 ----- 1700.7 --- A (7) 50.3 ---3381.5 --251.5 -- 12352.8 -12328.3 24.5 ----0.0 -- ----- 54.4 5.2 25.6 --- -16121.3 16121.3 L (8) Federal Government 1232.1 19600.7 287.3 8724.5 15593.4 14052.6 6977.1 3247.7 833.8 8392.9 143.2 1540.6 601.0 1662.0 2945.0 -220.8 445.9 834.6 2215.4 8737.9 1778.0 120.9 96.4 --107.2 -- 91997.9 --- A (9) 50.3 -146.0 8705.3 9215.5 21363.1 -3784.2 339.2 42020.8 143.1 12328.3 24.5 3671.2 6435.5 1862.6 1402.5 13054.5 3098.6 ----- 54.4 5.2 25.6 --- -85709.5 55641.1 L (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Assets and Liabilities) 183.8 ---13397.4 15979.3 3506.1 135.2 714.7 40762.0 610.5 4945.5 6330.3 1942.8 7799.4 2507.1 1564.3 12798.1 2264.0 379.9 705.9 738.8 1029.9 34.6 5.2 45.5 33.7 2321.8 79974.0 --- A (11) 1365.7 19600.7 -69.1 19.2 7814.8 6521.7 11526.8 14.5 1209.3 14081.1 400.3 -7768.7 -4867.5 367.6 487.5 189.5 -- 3189.7 9878.0 2678.3 1185.7 ----2783.0 -81799.4 75258.6 L (12) Domestic Financial Sectors ----3822.9 4655.6 1043.7 157.3 0.0 9836.4 197.0 5842.3 861.9 66.4 2730.1 -138.7 --- 589.5 434.2 161.4 822.0 54.4 ---362.5 21940.0 --- A (13) ----5610.4 6802.7 -67.4 0.0 2889.5 407.4 ---2171.5 276.8 33.8 --- ---733.1 119.9 --837.0 -- -17059.9 10257.2 L (14) Rest of the World 1416.0 19600.7 287.3 8724.5 32813.7 34687.5 11526.8 3540.3 1548.5 58991.4 950.7 12328.3 7793.2 3671.2 13474.5 2507.1 1923.8 13244.0 3098.6 3184.8 9878.0 2678.3 1972.8 185.4 5.2 45.5 141.0 2684.3 193911.9 --- A (15) L (16) 1416.0 19600.7 76.8 8724.5 22640.7 34687.5 11526.8 3866.2 1548.5 58991.4 950.7 12328.3 7793.2 3671.2 13474.5 2507.1 1923.8 13244.0 3098.6 3189.7 9878.0 2678.3 1918.7 174.3 5.2 25.6 837.0 2783.0 -184568.9 141156.9 All Sectors General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 23) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets Total liabilities and equity Total liabilities 1 2 3 Z.1, March 6, 2014 ---210.4 --10173.1 --325.9 -- ----------- 5.0 ---54.1 -11.0 --20.0 696.0 98.7 -9343.0 --- (17) Instrument Discrepancy Summary 2 3 Domestic financial sectors Foreign Summary Z.1, March 6, 2014 D.1 Credit Market Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government 1982 1983 1984 1985 1986 10.4 12.0 14.8 15.6 11.9 5.6 11.1 12.7 16.1 11.4 4.8 10.2 11.4 14.6 13.7 5.0 12.1 18.4 15.9 9.1 9.9 9.1 16.1 11.0 11.6 10.2 8.3 16.7 12.7 14.1 11.2 11.4 11.4 31.8 10.9 19.7 18.9 16.9 16.5 13.6 13.6 13.3 17.5 19.3 26.2 7.5 8.3 3.7 0.5 2.9 1987 1988 1989 1990 1991 9.1 9.1 7.3 6.5 4.4 10.4 9.8 9.1 7.0 5.1 13.4 11.8 10.9 8.9 7.0 4.8 6.7 6.3 1.9 -1.1 7.8 9.9 6.3 3.6 -2.1 8.8 10.9 7.4 5.3 -2.1 12.0 6.0 5.3 5.0 9.2 8.0 8.0 7.0 11.0 11.1 18.3 13.1 10.5 8.6 5.9 3.2 -1.2 -2.1 3.0 3.4 1992 1993 1994 1995 1996 4.6 5.6 5.1 5.0 5.1 5.4 6.0 7.7 7.0 6.7 6.5 5.5 5.6 4.9 6.2 1.1 7.4 15.2 14.4 9.0 -0.3 3.1 5.4 6.2 6.0 0.7 5.3 7.1 7.1 6.0 1.5 5.3 -3.9 -5.5 -2.0 10.9 8.3 4.7 4.1 4.0 8.5 9.7 14.0 11.4 12.4 3.9 15.6 -4.4 15.6 14.5 1997 1998 1999 2000 2001 5.5 6.5 6.2 5.0 6.4 5.9 7.6 8.0 9.0 9.6 6.1 8.0 9.4 8.7 10.6 5.5 7.2 7.8 11.4 8.6 9.2 11.5 10.4 9.3 6.0 9.6 10.9 9.5 8.6 4.9 4.9 6.2 3.3 1.4 8.8 0.6 -1.4 -1.9 -8.0 -0.2 12.0 19.4 16.6 10.7 10.6 11.1 4.6 1.5 7.6 -2.2 2002 2003 2004 2005 2006 7.4 8.0 9.3 9.3 8.7 10.7 11.8 11.1 11.2 10.0 13.3 14.5 13.5 13.4 11.2 5.6 5.3 5.6 4.5 5.3 3.0 2.2 6.8 9.0 10.9 1.3 1.7 4.8 6.9 9.2 11.1 8.3 11.4 5.8 3.9 7.6 10.9 9.0 7.0 3.9 9.6 10.7 8.6 9.4 10.3 9.0 4.1 11.9 7.9 21.8 2007 2008 2009 2010 2011 8.6 6.0 3.1 4.1 3.7 6.8 0.1 -1.7 -2.6 -1.4 7.1 -0.4 -1.5 -3.5 -2.3 6.1 1.3 -3.9 -1.0 4.1 13.6 6.3 -2.2 1.5 4.8 13.5 5.2 -1.9 2.8 7.0 5.5 0.6 4.0 2.3 -1.7 4.9 24.2 22.7 20.2 11.4 12.7 5.5 -10.6 -5.9 -3.0 9.2 -10.0 11.9 3.8 5.6 2012 2013 4.9 4.3 0.2 0.9 -2.5 -0.8 6.1 6.0 6.0 7.2 8.1 9.0 -0.2 -1.3 10.9 6.5 -2.8 1.3 5.0 7.3 2007 -- Q1 Q2 Q3 Q4 8.7 8.3 8.8 7.3 7.6 7.2 7.0 4.8 8.9 7.7 7.2 3.8 4.9 5.7 7.8 5.7 11.6 14.0 14.0 12.5 10.2 14.4 14.5 12.3 7.0 6.1 4.4 3.9 6.7 1.3 5.6 5.4 11.2 10.5 16.5 10.1 13.7 17.9 2.1 2.1 2008 -- Q1 Q2 Q3 Q4 6.6 3.5 7.2 6.1 4.0 -0.2 -1.0 -2.4 3.4 -0.3 -1.3 -3.3 6.0 2.4 -0.7 -2.4 9.1 7.6 5.5 2.4 9.0 7.0 4.5 -0.2 2.0 0.9 0.7 -1.1 10.7 5.8 36.0 37.5 6.2 6.4 6.6 2.6 11.0 -0.2 -28.4 -25.0 2009 -- Q1 Q2 Q3 Q4 4.3 4.4 2.1 1.4 -1.1 -1.5 -2.1 -2.1 0.1 -1.8 -2.3 -2.1 -3.1 -5.8 -3.3 -3.7 -0.8 -1.9 -3.4 -2.8 -0.5 -1.2 -3.5 -2.6 2.7 5.1 3.9 4.0 25.8 27.0 18.4 13.0 -10.8 -13.4 -10.5 -8.4 11.4 11.3 15.1 6.7 2010 -- Q1 Q2 Q3 Q4 3.8 4.0 4.1 4.4 -3.9 -2.2 -2.6 -1.8 -5.7 -2.8 -3.3 -2.5 -3.0 -2.5 -0.2 1.8 0.4 -1.0 3.6 3.0 1.3 -1.1 5.7 5.0 3.4 0.5 1.8 3.6 22.0 22.0 15.9 15.6 -8.2 -7.1 -4.4 -5.1 5.0 -2.9 6.2 6.5 2011 -- Q1 Q2 Q3 Q4 2.7 2.7 4.7 4.6 -1.9 -2.6 -1.1 -0.1 -2.9 -2.3 -1.8 -2.4 4.1 3.6 3.6 4.9 4.0 5.6 4.2 5.0 6.2 8.4 6.0 6.7 -2.4 -2.7 -0.3 -1.6 9.1 8.0 14.4 12.1 -1.0 -4.7 -3.2 -3.3 18.2 7.3 -2.1 -1.2 2012 -- Q1 Q2 Q3 Q4 4.7 5.3 3.0 6.2 -1.1 1.4 -1.5 2.1 -3.5 -2.2 -3.3 -1.0 5.4 7.4 4.8 6.5 4.4 5.0 5.0 9.2 6.3 6.5 6.6 11.8 0.4 2.9 -0.2 -3.8 13.5 11.0 7.1 10.4 -2.8 -4.8 -2.0 -1.7 0.5 -2.7 9.0 12.4 2013 -- Q1 Q2 Q3 Q4 4.4 3.5 3.8 5.4 -0.6 0.8 3.0 0.4 -2.0 -1.1 0.9 -1.0 6.2 5.8 5.9 5.4 4.9 7.7 8.4 7.1 7.2 9.3 10.3 8.2 2.4 1.1 -3.9 -4.9 10.1 2.5 1.5 11.6 -0.0 0.4 0.6 4.4 14.1 1.6 4.2 9.2 1. Data shown are on an end-of-period basis. Summary 4 Z.1, March 6, 2014 D.2 Credit Market Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1982 1983 1984 1985 1986 451.3 572.6 790.9 957.7 845.4 84.6 175.3 220.4 313.8 258.6 47.4 105.1 127.3 181.5 199.3 18.8 48.2 81.7 84.0 55.8 163.7 164.8 320.8 254.6 296.7 105.8 93.4 207.1 184.2 229.5 41.7 47.3 52.5 163.6 74.2 161.3 185.2 197.2 225.7 216.0 93.6 104.3 156.2 203.2 330.1 16.0 17.3 8.4 1.2 10.2 1987 1988 1989 1990 1991 721.3 784.4 685.3 658.4 473.4 264.3 270.4 276.8 233.2 183.3 221.5 215.7 224.9 200.1 174.6 32.3 46.6 47.0 15.1 -8.8 222.6 308.5 214.8 131.2 -79.3 164.6 224.4 166.4 130.9 -53.1 90.4 50.4 47.4 47.1 91.2 143.9 155.1 146.4 246.9 278.2 291.8 249.8 224.8 207.8 153.1 11.4 -4.4 -7.9 11.1 13.4 1992 1993 1994 1995 1996 514.3 667.3 639.8 653.5 706.1 203.2 239.4 324.3 319.0 324.8 173.1 156.3 166.5 153.6 205.1 9.2 61.4 135.0 147.0 105.7 -9.3 113.8 205.3 250.8 257.0 17.1 134.4 190.8 205.5 186.5 16.5 57.9 -45.5 -60.8 -20.5 304.0 256.1 155.9 144.4 144.9 236.5 292.9 464.4 433.6 523.2 16.4 67.5 -23.2 76.4 89.0 1997 1998 1999 2000 2001 794.2 998.0 1011.8 864.8 1164.1 305.0 415.1 474.8 575.1 666.5 215.9 301.4 379.2 383.5 508.2 70.3 97.1 112.4 176.5 150.6 415.3 568.8 571.0 568.7 397.7 313.4 389.8 377.2 376.2 234.2 50.8 66.8 37.3 16.9 105.5 23.1 -52.6 -71.2 -295.9 -5.6 570.3 1026.5 1052.6 790.8 862.3 77.7 36.0 12.9 60.5 -19.0 2002 2003 2004 2005 2006 1429.8 1671.9 2096.9 2346.9 2402.2 812.6 993.1 1052.2 1184.9 1170.2 706.1 872.0 934.7 1053.2 997.2 105.2 105.9 117.2 100.4 121.9 215.0 162.2 504.0 713.5 947.6 63.2 88.4 249.3 371.9 532.4 144.6 120.5 178.8 141.7 100.9 257.6 396.0 361.9 306.9 183.4 881.6 1071.5 938.8 1113.7 1336.3 81.4 45.0 152.4 115.8 335.7 2007 2008 2009 2010 2011 2581.9 1960.9 1070.0 1472.3 1375.9 880.9 13.8 -231.1 -349.7 -186.3 701.2 -38.1 -159.9 -365.6 -229.1 151.3 34.8 -103.7 -25.3 108.9 1317.2 690.0 -255.9 172.3 547.1 855.6 371.2 -147.1 204.4 524.9 146.7 17.9 113.0 69.5 -52.7 237.1 1239.2 1443.9 1580.2 1067.9 1813.8 897.9 -1808.7 -931.8 -435.2 175.6 -216.2 208.1 81.4 128.9 2012 2013 1882.3 1750.0 27.0 114.4 -237.9 -74.6 169.4 174.3 720.4 915.4 643.9 782.5 -5.3 -38.9 1140.2 759.1 -395.6 184.6 126.2 204.1 2007 -- Q1 Q2 Q3 Q4 2617.9 2569.1 2779.1 2361.3 986.7 950.1 936.2 650.6 880.4 783.7 739.9 400.8 119.5 141.9 196.8 146.8 1114.9 1388.4 1439.8 1325.8 645.0 936.3 980.2 861.0 187.5 165.9 123.0 110.3 328.9 64.6 280.1 274.7 1592.4 1550.4 2511.2 1601.3 261.5 353.6 42.3 45.2 2008 -- Q1 Q2 Q3 Q4 2157.2 1155.7 2433.1 2097.5 556.7 -30.3 -136.2 -335.0 362.1 -28.2 -139.4 -347.0 156.8 64.1 -17.8 -63.7 994.8 855.4 628.1 281.4 646.1 513.1 340.7 -15.1 56.3 25.5 21.1 -31.2 549.4 305.0 1920.1 2182.3 999.8 1045.9 1099.7 446.1 238.2 -3.6 -621.2 -478.4 2009 -- Q1 Q2 Q3 Q4 1480.5 1552.1 756.9 490.3 -146.3 -202.0 -293.6 -282.4 11.9 -186.0 -244.9 -220.7 -81.1 -153.1 -85.7 -95.1 -88.0 -219.8 -391.8 -323.8 -37.4 -94.5 -263.3 -193.5 76.0 146.2 113.2 116.8 1638.9 1827.7 1329.1 979.8 -1848.8 -2297.2 -1741.5 -1347.4 199.8 201.4 290.0 141.3 2010 -- Q1 Q2 Q3 Q4 1342.5 1423.8 1490.1 1632.8 -523.6 -292.0 -349.0 -234.3 -590.2 -284.6 -334.2 -253.4 -77.7 -63.8 -4.2 44.3 44.5 -110.0 406.6 348.0 96.8 -77.7 422.8 375.5 100.9 14.8 54.6 107.8 1720.7 1811.0 1377.9 1411.3 -1292.1 -1057.1 -637.7 -740.1 105.5 -63.6 133.7 150.1 2011 -- Q1 Q2 Q3 Q4 987.1 998.9 1757.0 1760.7 -249.0 -340.1 -137.4 -19.0 -283.2 -222.6 -173.1 -237.6 109.5 95.7 96.2 134.1 451.8 646.9 493.8 595.8 466.4 636.9 467.8 528.6 -73.6 -80.0 -10.2 -47.0 857.9 772.1 1410.8 1230.9 -148.7 -672.1 -450.8 -469.0 420.2 178.8 -53.6 -30.0 2012 -- Q1 Q2 Q3 Q4 1812.1 2061.8 1188.3 2467.1 -141.3 184.6 -201.6 266.3 -335.2 -209.2 -312.9 -94.3 148.5 205.7 136.3 186.9 529.0 603.7 608.8 1140.2 507.1 530.7 544.2 993.7 13.2 87.8 -6.5 -115.5 1411.2 1185.7 787.7 1176.1 -388.8 -678.6 -272.0 -243.2 12.6 -68.3 230.0 330.4 2013 -- Q1 Q2 Q3 Q4 1781.8 1423.8 1548.7 2245.6 -84.2 100.5 392.8 48.7 -191.9 -102.1 88.6 -93.1 180.5 171.3 179.1 166.3 624.3 990.7 1098.3 948.1 623.9 819.5 927.9 758.5 73.0 32.8 -116.5 -144.8 1168.7 299.9 174.1 1393.6 -4.2 52.9 78.3 611.5 393.4 46.0 117.6 259.5 5 Domestic financial sectors Foreign Summary Z.1, March 6, 2014 D.3 Credit Market Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Total Total 1982 1983 1984 1985 1986 4773.1 5348.6 6134.8 7110.6 7953.0 1575.8 1731.1 1943.1 2277.7 2534.2 1031.1 1116.2 1242.8 1449.6 1648.3 396.7 444.9 526.6 610.6 666.4 1801.8 1989.5 2313.8 2565.1 2860.8 1124.1 1240.5 1451.2 1632.1 1860.6 413.8 461.1 513.6 677.9 752.1 981.8 1167.0 1364.2 1589.9 1805.9 785.5 890.1 1054.9 1259.0 1596.6 208.1 224.1 232.8 350.1 360.0 1987 1988 1989 1990 1991 8656.1 9437.0 10139.3 10825.1 11295.2 2752.5 3039.8 3309.2 3571.6 3758.5 1827.9 2054.2 2259.5 2488.8 2667.0 698.6 745.2 809.3 824.4 815.6 3111.2 3399.3 3638.6 3767.9 3681.7 2053.0 2257.3 2448.4 2577.4 2519.7 842.6 893.0 940.4 987.4 1078.6 1949.8 2104.9 2251.2 2498.1 2776.4 1899.7 2149.5 2402.8 2613.8 2766.8 372.3 371.3 371.3 388.9 419.2 1992 1993 1994 1995 1996 11812.7 12494.8 13140.9 13810.3 14516.4 3961.7 4203.5 4527.0 4846.1 5183.8 2840.0 2998.7 3165.3 3318.9 3537.0 824.8 886.2 1021.2 1168.2 1273.9 3675.6 3801.8 4014.1 4280.7 4524.6 2540.0 2686.9 2884.8 3106.1 3279.6 1095.1 1153.0 1107.5 1046.7 1026.2 3080.3 3336.5 3492.3 3636.7 3781.7 3018.9 3317.2 3789.7 4226.3 4749.5 433.6 527.1 490.0 612.6 703.3 1997 1998 1999 2000 2001 15309.0 16307.0 17353.2 18227.9 19374.9 5489.3 5903.1 6377.9 6962.9 7628.5 3752.8 4054.2 4431.1 4813.3 5321.5 1344.2 1441.3 1553.6 1741.3 1891.8 4937.9 5508.0 6113.3 6682.0 7063.6 3590.9 3981.9 4393.5 4769.7 4987.9 1076.9 1143.8 1181.0 1197.9 1303.4 3804.8 3752.2 3681.0 3385.1 3379.5 5299.7 6326.2 7376.5 8168.4 9156.8 777.4 835.8 794.8 858.5 901.5 2002 2003 2004 2005 2006 20804.7 22520.8 25349.6 27696.5 30174.4 8441.1 9464.3 10536.5 11721.4 12946.5 6027.6 6909.3 7858.8 8912.1 9909.3 1997.0 2102.9 2220.1 2320.6 2462.8 7278.7 7455.0 7969.9 8683.4 9651.8 5051.1 5153.5 5413.8 5785.7 6338.9 1447.9 1568.4 2448.2 2589.8 2690.8 3637.0 4033.1 4395.0 4701.9 4885.3 10038.4 10945.2 11898.8 12958.0 14261.3 1096.9 1279.4 1462.0 1539.9 1911.8 2007 2008 2009 2010 2011 32765.3 34726.1 35668.5 37041.7 38423.1 13830.0 13848.7 13574.2 13198.3 13017.3 10610.5 10577.3 10417.3 9907.2 9678.1 2616.6 2651.4 2553.5 2648.1 2757.0 10975.5 11660.5 11320.5 11419.8 11966.9 7201.0 7567.3 7336.0 7473.5 7998.4 2837.5 2855.4 2968.4 3038.0 2985.3 5122.3 6361.5 7805.4 9385.6 10453.6 16204.9 17102.5 15689.8 14487.0 14046.5 2160.8 1753.2 2131.1 2314.0 2513.8 2012 2013 40286.6 42020.8 12979.6 13105.1 9435.2 9371.6 2924.3 3098.6 12733.3 13621.8 8685.9 9441.5 2980.0 2941.1 11593.7 12352.8 13910.7 14081.1 2784.1 2889.5 2007 -- Q1 Q2 Q3 Q4 30835.4 31477.7 32175.0 32765.3 13193.2 13430.7 13667.3 13830.0 10129.4 10325.3 10510.3 10610.5 2492.6 2528.1 2579.9 2616.6 9937.0 10284.2 10644.1 10975.5 6506.6 6740.7 6985.7 7201.0 2737.7 2779.1 2809.9 2837.5 4967.5 4983.6 5053.7 5122.3 14786.6 15174.2 15804.6 16204.9 1975.5 2055.4 2115.2 2160.8 2008 -- Q1 Q2 Q3 Q4 33304.6 33593.5 34201.8 34726.1 13969.1 13961.6 13932.4 13848.7 10701.0 10694.0 10664.0 10577.3 2655.7 2671.8 2667.3 2651.4 11224.2 11438.1 11590.2 11660.5 7362.5 7490.8 7571.0 7567.3 2851.5 2857.9 2863.2 2855.4 5259.7 5335.9 5816.0 6361.5 16454.9 16716.4 16991.0 17102.5 2254.8 2183.6 1915.9 1753.2 2009 -- Q1 Q2 Q3 Q4 35035.2 35423.2 35612.5 35668.5 13741.5 13691.0 13617.6 13574.2 10580.2 10533.7 10472.5 10417.3 2631.1 2598.7 2577.2 2553.5 11648.1 11593.1 11495.2 11320.5 7567.5 7543.8 7478.0 7336.0 2874.4 2910.9 2939.2 2968.4 6771.3 7228.2 7560.5 7805.4 17092.9 16518.6 16083.2 15689.8 1779.0 1920.3 2094.3 2131.1 2010 -- Q1 Q2 Q3 Q4 36035.4 36391.3 36767.5 37041.7 13456.1 13383.1 13299.4 13198.3 10268.6 10197.5 10117.5 9907.2 2537.6 2521.7 2520.7 2648.1 11350.0 11322.6 11424.2 11419.8 7377.4 7358.0 7463.7 7473.5 2993.6 2997.3 3011.0 3038.0 8235.6 8688.4 9032.8 9385.6 14858.8 14594.5 14435.1 14487.0 2179.7 2169.2 2309.4 2314.0 2011 -- Q1 Q2 Q3 Q4 37288.5 37543.6 37982.9 38423.1 13136.1 13056.4 13022.1 13017.3 9836.4 9780.8 9737.5 9678.1 2675.5 2699.4 2723.4 2757.0 11532.8 11694.5 11817.9 11966.9 7590.0 7749.3 7866.2 7998.4 3019.6 2999.6 2997.0 2985.3 9600.1 9793.2 10145.9 10453.6 14449.9 14276.4 14163.7 14046.5 2437.3 2521.0 2508.6 2513.8 2012 -- Q1 Q2 Q3 Q4 38871.6 39382.1 39671.3 40286.6 12984.4 13025.5 12915.4 12979.6 9594.3 9537.0 9458.8 9435.2 2794.1 2843.5 2877.6 2924.3 12092.3 12243.2 12447.3 12733.3 8115.8 8248.5 8436.5 8685.9 2988.6 3010.5 3008.9 2980.0 10806.4 11102.8 11299.7 11593.7 14012.8 13843.1 13961.4 13910.7 2553.3 2543.4 2675.5 2784.1 2013 -- Q1 Q2 Q3 Q4 40732.1 41088.0 41474.9 42020.8 12958.6 12983.7 13092.9 13105.1 9387.2 9361.7 9394.9 9371.6 2969.5 3012.3 3057.1 3098.6 12889.3 13137.0 13400.2 13621.8 8841.8 9046.6 9267.2 9441.5 2998.2 3006.4 2977.3 2941.1 11885.9 11960.9 12004.4 12352.8 13909.7 13922.9 13939.9 14081.1 2856.4 2779.3 2824.6 2889.5 1. Data shown are on an end-of-period basis. Total State and local governments Summary 6 Z.1, March 6, 2014 F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 Credit market borrowing Domestic nonfinancial sectors 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 -530.6 621.9 1069.6 1612.9 2138.7 1146.3 2554.4 2170.9 1522.6 1744.7 3116.7 1 1070.0 1472.3 1375.9 1882.3 1750.0 1188.3 2467.1 1781.8 1423.8 1548.7 2245.6 2 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -231.1 -147.1 -108.7 -349.7 204.4 -32.1 -186.3 524.9 22.1 27.0 643.9 76.5 114.4 782.5 132.9 -201.6 544.2 64.6 266.3 993.7 146.5 -84.2 623.9 0.4 100.5 819.5 171.2 392.8 927.9 170.4 48.7 758.5 189.6 3 4 5 6 7 State and local governments Federal government 113.0 1443.9 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -38.9 759.1 -6.5 787.7 -115.5 1176.1 73.0 1168.7 32.8 299.9 -116.5 174.1 -144.8 1393.6 6 7 8 Rest of the world 208.1 81.4 128.9 126.2 204.1 230.0 330.4 393.4 46.0 117.6 259.5 8 9 Financial sectors -1808.7 -931.8 -435.2 -395.6 184.6 -272.0 -243.2 -4.2 52.9 78.3 611.5 9 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -292.2 0.0 -14.1 -161.7 0.0 -0.4 -73.9 0.0 -2.0 -27.2 0.0 0.9 17.0 0.0 3.1 -74.5 0.0 2.6 24.3 0.0 2.8 -4.9 0.0 -11.4 64.4 0.0 4.9 5.4 0.0 12.5 3.2 0.0 6.4 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools -6.6 -475.3 415.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 5.4 106.5 132.4 -0.2 -113.2 105.6 -3.0 -75.4 142.4 5.2 43.1 138.8 6.5 136.7 88.9 -2.9 40.2 158.3 12.9 206.1 143.7 13 14 15 16 17 18 ABS issuers Finance companies REITs -737.0 -156.2 -50.0 -497.6 -174.9 -2.1 -247.2 -13.5 28.2 -214.6 -56.7 42.9 -154.3 4.6 21.7 -249.9 60.1 27.4 -133.6 -161.6 60.4 -205.6 -49.5 16.9 -207.0 0.1 13.1 -136.1 59.3 62.6 -68.5 8.7 -5.9 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations -49.7 -8.0 -434.8 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -97.7 -23.9 22.2 -1.6 27.5 -65.2 26.2 9.1 17.3 -69.3 -47.4 -4.2 -24.5 91.9 55.8 -149.7 39.1 -27.8 -36.1 -57.0 65.1 203.7 36.2 19 20 21 22 Credit market lending -530.6 621.9 1069.6 1612.9 2138.7 1146.3 2554.4 2170.9 1522.6 1744.7 3116.7 22 322.7 171.6 -221.3 80.3 -187.3 -332.0 169.9 -356.6 -22.5 -384.4 14.1 23 47.8 10.0 -6.7 17.9 2.6 6.6 -157.4 -6.7 1.0 34.5 8.7 1.4 -245.5 -36.9 2.8 -457.9 59.1 1.1 298.6 -52.0 2.9 -411.0 -113.2 0.9 -201.2 9.0 3.1 -334.2 -37.6 3.4 -35.5 -5.7 3.7 24 25 26 -37.4 309.1 60.8 83.6 -77.3 19.1 -69.3 105.0 -31.5 123.7 -49.0 114.7 -174.0 94.4 1.4 165.3 41.6 125.1 -121.2 105.2 -47.6 99.3 27 28 23 Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 27 28 State and local governments Federal government 29 Rest of the world 123.5 623.7 239.6 449.7 513.3 688.8 582.3 561.4 87.7 538.6 865.7 29 30 Financial sectors -976.9 -173.3 1051.3 1082.9 1812.7 789.5 1802.1 1966.2 1457.4 1590.6 2236.8 30 1001.6 -340.5 -287.5 -2.8 33.5 271.5 -174.7 -24.4 -19.3 24.0 376.5 133.7 42.5 -4.9 37.6 34.5 361.8 5.8 -0.1 46.0 1086.1 246.5 -7.2 0.4 48.2 -203.4 182.2 79.2 -2.9 41.9 398.4 641.1 23.9 7.5 23.7 1134.2 147.3 -84.9 -1.1 53.7 1083.8 186.9 -39.1 -0.1 61.0 1023.6 75.5 74.2 -3.2 59.5 1102.9 576.3 20.9 6.0 18.4 31 32 33 34 35 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 36 37 Property-casualty insurance companies Life insurance companies 33.3 139.8 3.9 151.6 36.2 125.3 -2.6 61.0 14.4 68.6 4.9 147.8 12.9 88.1 20.8 47.8 4.2 74.2 23.2 49.1 9.3 103.5 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 12.7 -85.8 7.4 123.2 22.1 10.9 73.2 0.4 25.6 12.9 14.0 15.4 44.8 9.3 9.1 -3.4 -20.2 20.5 -7.1 40.0 19.0 28.6 53.8 -14.0 70.0 -38.6 -44.3 44.2 11.8 -383.4 36.3 10.3 478.2 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -619.9 387.1 10.5 46.0 -396.6 353.6 5.3 29.7 -9.8 359.4 -1.7 46.1 -82.7 642.0 11.2 52.3 30.9 360.8 17.7 12.2 -27.8 655.2 15.0 30.3 -78.4 579.2 14.7 40.3 79.9 670.9 30.4 28.1 112.2 257.6 26.1 13.1 83.7 226.8 0.7 17.3 -152.1 288.1 13.4 -9.7 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -337.8 415.3 -328.2 186.9 -199.7 165.3 -218.6 132.2 45.3 132.4 -171.9 105.6 -172.3 142.4 -159.6 138.8 162.4 88.9 197.5 158.3 -19.0 143.7 45 46 47 48 49 ABS issuers Finance companies REITs -702.4 -219.7 -8.7 -487.9 -105.9 37.1 -243.0 -45.8 102.9 -208.2 -29.6 127.7 -148.8 -15.9 -60.0 -245.9 -34.7 251.6 -132.6 -26.4 -59.3 -201.5 -22.6 -28.8 -191.4 26.1 -61.4 -129.7 -14.8 -74.0 -72.8 -52.3 -75.9 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations -192.1 -16.0 -250.9 32.2 22.1 89.7 5.7 3.1 22.7 89.1 -39.8 58.4 -175.4 55.9 37.4 16.8 -28.1 -23.2 132.8 -36.9 151.1 -167.4 26.0 185.7 -330.1 53.0 -57.1 -5.4 177.6 -21.9 -198.8 -32.9 42.9 50 51 52 (1) Excludes corporate equities and mutual fund shares. 7 Summary Z.1, March 6, 2014 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 Domestic By instrument 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1070.0 1472.3 1375.9 1882.3 1750.0 1188.3 2467.1 1781.8 1423.8 1548.7 2245.6 1 1070.0 1472.3 1375.9 1882.3 1750.0 1188.3 2467.1 1781.8 1423.8 1548.7 2245.6 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds -73.1 1443.7 0.1 155.3 411.7 24.5 1579.6 0.7 99.7 438.6 33.4 1066.8 1.1 -52.8 410.8 14.0 1140.6 -0.4 -4.9 579.6 12.7 759.5 -0.4 -43.2 640.3 -35.5 788.0 -0.3 -11.8 587.1 70.5 1174.1 1.9 -122.6 782.0 20.9 1169.7 -1.0 76.5 579.4 -19.3 298.5 1.3 24.7 570.8 92.5 173.6 0.5 -109.7 745.3 -43.2 1396.0 -2.4 -164.4 665.8 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances -303.1 -164.8 -51.5 -82.4 71.7 63.6 277.6 -22.7 116.2 57.0 110.8 -29.0 356.1 23.3 -8.8 7.8 154.0 190.0 231.6 10.0 87.9 20.1 8 9 Mortgages Home Multifamily residential Commercial Farm Consumer credit -296.3 -213.9 4.8 -98.5 11.3 -103.7 -511.5 -354.2 -5.8 -159.6 8.1 -25.3 -327.5 -255.3 5.7 -91.1 13.1 108.9 -270.8 -250.1 23.7 -50.2 5.8 169.4 33.6 -75.7 36.2 65.1 8.0 174.3 -357.3 -326.4 31.3 -68.0 5.8 136.3 -5.1 -101.5 41.9 48.7 5.8 186.9 -243.2 -205.9 -5.3 -40.0 7.9 180.5 32.3 -102.8 48.1 79.1 8.0 171.3 225.8 96.2 42.4 79.1 8.1 179.1 119.5 -90.3 59.5 142.3 8.1 166.3 10 11 12 13 14 15 1070.0 1472.3 1375.9 1882.3 1750.0 1188.3 2467.1 1781.8 1423.8 1548.7 2245.6 16 10 11 12 13 14 15 16 By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate -231.1 -255.9 -147.1 -108.7 -349.7 172.3 204.4 -32.1 -186.3 547.1 524.9 22.1 27.0 720.4 643.9 76.5 114.4 915.4 782.5 132.9 -201.6 608.8 544.2 64.6 266.3 1140.2 993.7 146.5 -84.2 624.3 623.9 0.4 100.5 990.7 819.5 171.2 392.8 1098.3 927.9 170.4 48.7 948.1 758.5 189.6 17 18 19 20 21 22 State and local governments Federal government 113.0 1443.9 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -38.9 759.1 -6.5 787.7 -115.5 1176.1 73.0 1168.7 32.8 299.9 -116.5 174.1 -144.8 1393.6 21 22 208.1 81.4 128.9 126.2 204.1 230.0 330.4 393.4 46.0 117.6 259.5 23 59.4 163.3 -14.8 0.3 -2.7 59.9 24.0 0.2 -53.5 137.7 43.2 1.4 27.9 62.2 30.4 5.7 34.4 129.6 39.2 1.0 78.4 133.2 18.3 0.2 54.5 250.5 15.0 10.5 120.7 239.8 33.3 -0.4 13.7 3.9 24.9 3.5 -20.9 97.7 41.3 -0.4 24.1 177.0 57.2 1.2 24 25 26 27 1278.1 1553.7 1504.8 2008.5 1954.1 1418.3 2797.5 2175.1 1469.8 1666.3 2505.1 28 23 24 25 26 27 28 Foreign borrowing in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 By instrument -1808.7 -931.8 -435.2 -395.6 184.6 -272.0 -243.2 -4.2 52.9 78.3 611.5 1 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds -448.1 -475.3 415.3 -586.0 -102.2 -233.8 186.9 -575.2 -68.2 -187.2 165.3 -325.8 -58.8 -154.6 132.2 -209.6 -48.8 106.5 132.4 -103.1 -65.4 -113.2 105.6 -223.4 -86.1 -75.4 142.4 -140.8 -12.4 43.1 138.8 -248.9 -15.7 136.7 88.9 -296.6 -132.3 40.2 158.3 10.9 -35.0 206.1 143.7 122.2 2 3 4 5 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages -435.4 -282.6 3.4 -62.9 -144.7 0.2 31.6 -60.0 9.1 -124.0 3.5 15.6 29.0 70.9 -2.3 32.0 -19.8 12.2 -99.0 0.8 14.9 6.4 46.5 22.1 29.6 126.3 -16.4 -61.4 62.0 0.6 141.3 48.7 -15.4 6 7 8 -1808.7 -931.8 -435.2 -395.6 184.6 -272.0 -243.2 -4.2 52.9 78.3 611.5 9 9 By sector 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -292.2 0.0 -14.1 -161.7 0.0 -0.4 -73.9 0.0 -2.0 -27.2 0.0 0.9 17.0 0.0 3.1 -74.5 0.0 2.6 24.3 0.0 2.8 -4.9 0.0 -11.4 64.4 0.0 4.9 5.4 0.0 12.5 3.2 0.0 6.4 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools -6.6 -475.3 415.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 5.4 106.5 132.4 -0.2 -113.2 105.6 -3.0 -75.4 142.4 5.2 43.1 138.8 6.5 136.7 88.9 -2.9 40.2 158.3 12.9 206.1 143.7 13 14 15 16 17 18 ABS issuers Finance companies REITs -737.0 -156.2 -50.0 -497.6 -174.9 -2.1 -247.2 -13.5 28.2 -214.6 -56.7 42.9 -154.3 4.6 21.7 -249.9 60.1 27.4 -133.6 -161.6 60.4 -205.6 -49.5 16.9 -207.0 0.1 13.1 -136.1 59.3 62.6 -68.5 8.7 -5.9 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations -49.7 -8.0 -434.8 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -97.7 -23.9 22.2 -1.6 27.5 -65.2 26.2 9.1 17.3 -69.3 -47.4 -4.2 -24.5 91.9 55.8 -149.7 39.1 -27.8 -36.1 -57.0 65.1 203.7 36.2 19 20 21 Summary 8 Z.1, March 6, 2014 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 3 4 5 6 7 8 9 10 Total 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 -530.6 621.9 1069.6 1612.9 2138.7 1146.3 2554.4 2170.9 1522.6 1744.7 3116.7 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -461.8 1443.7 -59.9 155.3 -11.0 -80.4 1579.6 -46.2 99.7 -76.7 -88.3 1066.8 -20.8 -52.8 222.7 -16.9 1140.6 -22.8 -4.9 432.2 -1.7 759.5 238.6 -43.2 666.8 -22.5 788.0 -7.9 -11.8 496.9 38.8 1174.1 68.9 -122.6 891.7 129.3 1169.7 181.0 76.5 570.3 -21.3 298.5 227.0 24.7 278.1 -60.8 173.6 199.0 -109.7 853.8 -54.0 1396.0 347.4 -164.4 965.0 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -753.4 -447.0 -292.9 -103.7 -90.4 -226.9 -511.3 -25.3 146.6 4.9 -318.5 108.9 184.1 -13.5 -255.2 169.4 184.3 128.8 31.3 174.3 161.0 -48.6 -345.1 136.3 272.1 34.6 9.8 186.9 30.9 53.8 -221.1 180.5 208.5 319.8 15.9 171.3 211.6 71.6 226.5 179.1 286.4 70.0 104.0 166.3 7 8 9 10 814.9 363.2 36.3 476.6 661.1 735.2 408.0 1231.3 448.7 501.5 462.9 11 317.9 -62.1 -7.0 -277.4 -302.1 -472.2 -148.3 -399.5 -1.0 -383.7 -49.6 -395.4 -134.6 -403.4 274.5 -256.2 -58.2 -421.4 -172.4 -449.9 -47.8 -407.5 12 13 63.7 316.3 497.1 79.1 191.3 370.1 6.0 164.1 338.4 82.6 168.6 624.9 211.4 171.4 662.1 71.5 274.3 784.7 41.5 227.3 542.5 295.3 235.4 956.8 313.6 49.7 506.9 91.9 185.6 673.9 144.8 214.9 510.7 14 15 16 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net flows through credit markets (from table F.4, line 1) -530.6 621.9 1069.6 1612.9 2138.7 1146.3 2554.4 2170.9 1522.6 1744.7 3116.7 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits 99.9 3.0 -0.4 -110.7 1.8 0.0 -0.3 -9.3 15.9 0.0 0.0 -46.3 4.5 0.0 0.0 -30.2 -1.4 0.0 -0.4 86.9 3.3 0.0 0.0 141.0 -3.6 0.0 0.0 -89.1 3.5 0.0 0.0 96.8 -0.8 0.0 0.0 315.3 -4.0 0.0 -1.4 -73.3 -4.1 0.0 0.0 8.8 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares -541.1 -7.9 517.2 -173.6 -498.7 -145.2 266.3 298.3 -182.7 -503.2 818.5 234.5 577.4 -173.3 -112.8 -188.2 268.5 539.7 -19.2 7.1 1065.0 332.0 311.9 102.3 28.7 -487.5 223.1 529.6 -93.8 55.3 -343.7 623.6 736.4 126.3 312.8 1850.0 299.1 130.8 -6.4 -135.0 2000.7 70.2 371.4 46.4 77.2 527.7 161.7 604.1 227.4 270.2 -118.5 796.9 141.3 142.1 -97.8 6 7 8 9 10 11 12 13 14 Security repurchase agreements Corporate equities Mutual fund shares Trade payables 290.4 317.9 497.1 -12.0 4.5 -7.0 370.1 226.5 -64.4 -302.1 338.4 58.9 17.1 -148.3 624.9 175.0 -58.1 -1.0 662.1 193.5 -102.2 -49.6 784.7 175.5 77.5 -134.6 542.5 111.9 -87.9 274.5 956.8 192.1 -507.1 -58.2 506.9 153.9 62.4 -172.4 673.9 273.3 300.3 -47.8 510.7 154.6 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension entitlements Taxes payable -95.9 27.4 420.6 -3.4 123.6 14.5 595.9 19.4 97.8 81.2 485.5 20.6 188.9 -11.9 501.2 14.7 36.0 17.6 492.5 -6.2 266.3 11.3 541.2 29.5 172.5 24.7 593.1 -12.1 -105.7 -9.6 406.9 26.7 71.7 23.6 430.1 -85.5 75.1 51.3 546.3 36.7 103.0 5.1 586.6 -2.6 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous -69.9 307.3 187.1 1174.0 -53.2 1705.7 -3.8 702.3 -7.8 1084.7 -11.9 829.9 -28.6 816.8 33.3 1481.0 -19.5 1088.7 -48.5 1152.6 3.6 648.3 19 20 436.6 3056.5 4751.9 4255.0 6477.2 3992.1 6080.8 7577.7 6007.7 6107.6 6247.2 21 -4.4 -122.5 10.3 420.7 -33.5 -105.4 -1.1 -26.6 23.5 -79.1 -8.8 218.6 -0.7 25.2 1.5 -122.5 -2.3 402.5 -0.6 -7.3 11.9 -73.0 1.3 -339.3 -1.1 47.7 44.4 -157.9 10.5 -515.5 -0.5 108.0 19.1 -342.0 12.6 334.6 -0.5 -111.9 -61.6 -27.3 -32.0 -673.9 -0.9 6.9 297.3 -454.4 30.3 -562.3 -0.7 218.3 -20.0 -140.1 -37.4 -1243.2 -2.1 -78.7 -211.3 -97.7 25.9 -144.7 -0.8 44.3 111.7 60.4 23.0 -80.0 22 23 24 25 26 27 2 3 4 5 21 Total financial sources 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous 28 29 30 31 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 0.0 0.7 -1.0 102.5 0.0 0.0 -1.1 60.3 0.0 -0.1 0.9 -54.2 0.0 0.6 0.7 63.0 0.0 0.5 -1.1 14.5 0.0 3.8 0.0 38.9 0.0 -54.2 3.2 103.5 0.0 -44.3 -5.5 15.5 0.0 96.2 2.4 -39.7 0.0 3.6 1.9 118.0 0.0 -53.7 -3.3 -35.7 28 29 30 31 32 Totals identified to sectors as assets 169.2 2870.8 4501.7 4597.7 7035.3 3817.4 6935.5 8295.1 7171.8 6492.6 6181.4 32 Summary 9 Z.1, March 6, 2014 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Federal government 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 53489.5 53842.8 54983.3 56981.5 58991.4 56238.0 56981.5 57475.3 57690.1 58151.5 58991.4 1 35668.5 37041.7 38423.1 40286.6 42020.8 39602.9 40286.6 40725.5 40985.2 41391.5 42020.8 2 13574.2 7336.0 3984.5 13198.3 7473.5 3946.3 13017.3 7998.4 3968.5 12979.6 8685.9 4047.4 13105.1 9441.5 4180.3 12888.3 8440.9 4008.5 12979.6 8685.9 4047.4 12920.9 8832.5 4047.1 12945.6 9052.6 4087.7 13062.3 9263.9 4130.4 13105.1 9441.5 4180.3 3 4 5 2968.4 7805.4 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2941.1 12352.8 2985.3 11279.9 2980.0 11593.7 2994.9 11930.1 2986.4 11912.9 2953.1 11981.9 2941.1 12352.8 6 7 8 Rest of the world 2131.1 2314.0 2513.8 2784.1 2889.5 2682.8 2784.1 2860.6 2790.1 2830.5 2889.5 8 9 Financial sectors 15689.8 14487.0 14046.5 13910.7 14081.1 13952.2 13910.7 13889.2 13914.8 13929.5 14081.1 9 718.1 0.0 26.5 942.6 0.0 26.1 868.7 0.0 24.2 840.3 0.0 25.1 857.3 0.0 28.2 822.2 0.0 24.4 840.3 0.0 25.1 820.7 0.0 22.2 848.4 0.0 23.5 841.2 0.0 26.6 857.3 0.0 28.2 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 48.3 2706.6 5376.7 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 57.0 6199.2 1569.5 52.4 6111.5 1408.0 51.6 6092.7 1437.0 52.9 6103.5 1462.7 54.5 6137.6 1498.1 53.8 6147.7 1540.8 57.0 6199.2 1569.5 13 14 15 16 17 18 ABS issuers Finance companies REITs 3288.9 1044.1 317.4 2232.1 1280.7 315.2 1985.0 1261.9 343.4 1770.4 1205.1 386.3 1616.1 1209.8 408.0 1803.4 1244.0 371.2 1770.4 1205.1 386.3 1716.9 1193.0 390.5 1664.8 1196.0 393.8 1632.4 1206.6 409.5 1616.1 1209.8 408.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1418.6 593.5 112.4 1402.7 621.1 85.8 1428.7 600.5 90.2 1418.6 593.5 89.1 1412.4 625.2 103.1 1375.0 619.9 96.1 1363.4 611.4 112.4 1402.7 621.1 19 20 21 53489.5 53842.8 54983.3 56981.5 58991.4 56238.0 56981.5 57475.3 57690.1 58151.5 58991.4 22 8143.9 8575.1 8126.8 8323.4 8392.9 8252.7 8323.4 8288.2 8392.3 8374.9 8392.9 23 22 23 Total credit market assets held by: Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5604.1 223.7 89.1 5874.3 230.1 95.8 5489.9 223.4 96.8 5640.7 232.1 98.2 5652.1 195.2 100.9 5547.5 235.6 97.5 5640.7 232.1 98.2 5598.9 191.8 98.4 5670.3 195.0 99.2 5655.5 187.4 100.0 5652.1 195.2 100.9 24 25 26 27 28 State and local governments Federal government 1520.6 706.3 1581.4 793.5 1504.1 812.7 1434.8 917.6 1403.3 1041.4 1473.0 899.2 1434.8 917.6 1434.5 964.7 1446.1 981.7 1409.5 1022.5 1403.3 1041.4 27 28 29 Rest of the world 7723.4 8491.8 9029.7 9606.3 9836.4 9497.0 9606.3 9735.3 9484.2 9638.0 9836.4 29 30 Financial sectors 37622.1 36775.8 37826.9 39051.8 40762.0 38488.3 39051.8 39451.8 39813.6 40138.6 40762.0 30 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1987.7 9144.0 809.6 88.1 734.6 2259.2 9356.2 785.2 68.9 758.6 2635.6 9489.9 827.7 64.0 796.2 2670.1 9840.6 833.5 63.9 842.3 3756.3 10087.1 826.3 64.2 890.5 2565.1 9645.6 825.1 62.0 837.8 2670.1 9840.6 833.5 63.9 842.3 2939.8 9811.7 816.4 63.6 855.1 3214.2 9874.6 802.2 63.6 874.1 3475.1 9902.8 819.1 62.7 886.7 3756.3 10087.1 826.3 64.2 890.5 31 32 33 34 35 36 37 Property-casualty insurance companies Life insurance companies 886.7 3022.6 890.6 3174.2 926.8 3299.6 924.2 3360.6 938.6 3429.2 921.0 3343.2 924.2 3360.6 929.4 3372.0 930.4 3392.5 936.2 3408.8 938.6 3429.2 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 795.5 737.2 130.9 918.6 759.3 141.8 991.8 759.6 167.3 1004.8 773.6 182.7 1049.5 783.0 191.8 1006.5 763.6 178.0 1004.8 773.6 182.7 1011.9 787.1 179.2 1029.4 777.4 168.1 1040.5 780.4 72.3 1049.5 783.0 191.8 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 2070.0 2616.3 141.1 103.0 1673.4 2969.9 146.4 132.7 1663.6 3329.3 144.7 178.8 1580.9 3981.3 155.9 231.1 1611.8 4342.2 173.6 243.3 1520.2 3851.6 152.2 221.1 1580.9 3981.3 155.9 231.1 1562.7 4184.4 163.5 238.2 1550.9 4242.8 170.0 241.4 1572.8 4287.7 170.2 245.8 1611.8 4342.2 173.6 243.3 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2699.7 5376.7 6333.1 1139.5 6133.4 1304.8 5914.8 1437.0 5960.1 1569.5 5950.1 1408.0 5914.8 1437.0 5899.5 1462.7 5932.8 1498.1 5954.5 1540.8 5960.1 1569.5 45 46 47 48 49 ABS issuers Finance companies REITs 3225.3 1549.7 168.9 2180.3 1405.4 206.0 1937.4 1359.6 308.9 1729.2 1324.9 436.6 1580.4 1309.1 387.7 1762.0 1327.5 451.4 1729.2 1324.9 436.6 1676.8 1314.8 429.4 1628.6 1314.5 414.1 1597.7 1314.7 406.7 1580.4 1309.1 387.7 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 525.3 75.8 733.5 557.5 97.9 821.2 563.2 101.1 843.6 652.3 219.5 891.9 476.9 161.9 929.3 589.1 229.9 877.2 652.3 219.5 891.9 602.7 226.0 924.9 516.9 239.2 937.8 499.1 229.2 935.0 476.9 161.9 929.3 50 51 52 (1) Excludes corporate equities and mutual fund shares. Summary 10 Z.1, March 6, 2014 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 Domestic By instrument 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 35668.5 37041.7 38423.1 40286.6 42020.8 39602.9 40286.6 40725.5 40985.2 41391.5 42020.8 1 35668.5 37041.7 38423.1 40286.6 42020.8 39602.9 40286.6 40725.5 40985.2 41391.5 42020.8 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 58.4 7781.9 23.5 3672.5 4366.2 82.9 9361.5 24.2 3772.1 4804.8 116.3 10428.3 25.3 3719.4 5215.6 130.3 11568.9 24.9 3714.4 5795.2 143.1 12328.3 24.5 3671.2 6435.5 136.0 11255.5 24.4 3719.4 5599.7 130.3 11568.9 24.9 3714.4 5795.2 140.1 11905.5 24.6 3728.6 5940.0 147.2 11887.9 25.0 3721.1 6082.7 171.1 11956.8 25.1 3685.7 6269.0 143.1 12328.3 24.5 3671.2 6435.5 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 1500.2 1458.4 1465.5 1269.4 1542.6 1333.0 1746.4 1372.4 1862.6 1402.5 1645.7 1358.8 1746.4 1372.4 1738.2 1372.6 1782.0 1413.7 1825.4 1405.1 1862.6 1402.5 8 9 14254.0 10937.1 827.6 2343.3 146.0 2553.5 13613.1 10438.4 823.2 2197.5 154.1 2648.1 13285.6 10183.1 829.0 2106.4 167.2 2757.0 13009.8 9928.0 852.7 2056.2 173.0 2924.3 13054.5 9863.4 888.8 2121.3 181.0 3098.6 13004.1 9944.1 842.2 2046.3 171.5 2859.4 13009.8 9928.0 852.7 2056.2 173.0 2924.3 12951.4 9876.8 851.4 2048.3 175.0 2924.4 12957.7 9849.9 863.4 2067.5 177.0 2967.7 13014.5 9873.5 874.0 2088.1 179.0 3038.8 13054.5 9863.4 888.8 2121.3 181.0 3098.6 10 11 12 13 14 15 35668.5 37041.7 38423.1 40286.6 42020.8 39602.9 40286.6 40725.5 40985.2 41391.5 42020.8 16 13574.2 11320.5 7336.0 3984.5 13198.3 11419.8 7473.5 3946.3 13017.3 11966.9 7998.4 3968.5 12979.6 12733.3 8685.9 4047.4 13105.1 13621.8 9441.5 4180.3 12888.3 12449.4 8440.9 4008.5 12979.6 12733.3 8685.9 4047.4 12920.9 12879.6 8832.5 4047.1 12945.6 13140.3 9052.6 4087.7 13062.3 13394.3 9263.9 4130.4 13105.1 13621.8 9441.5 4180.3 17 18 19 20 2968.4 7805.4 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2941.1 12352.8 2985.3 11279.9 2980.0 11593.7 2994.9 11930.1 2986.4 11912.9 2953.1 11981.9 2941.1 12352.8 21 22 2131.1 2314.0 2513.8 2784.1 2889.5 2682.8 2784.1 2860.6 2790.1 2830.5 2889.5 23 401.3 1570.3 137.5 21.9 398.6 1731.3 162.0 22.1 345.1 1939.9 205.2 23.5 373.0 2140.7 237.7 32.8 407.4 2171.5 276.8 33.8 366.7 2052.0 233.9 30.2 373.0 2140.7 237.7 32.8 407.4 2174.6 246.0 32.7 417.4 2087.0 252.2 33.6 407.3 2127.2 262.5 33.4 407.4 2171.5 276.8 33.8 24 25 26 27 37799.6 39355.8 40936.8 43070.8 44910.3 42285.8 43070.8 43586.1 43775.3 44222.0 44910.3 28 10 11 12 13 14 15 16 Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 21 22 State and local governments Federal government 23 24 25 26 27 28 Foreign credit market debt held in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 By instrument 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 9 By sector 15689.8 14487.0 14046.5 13910.7 14081.1 13952.2 13910.7 13889.2 13914.8 13929.5 14081.1 1 678.2 2706.6 5376.7 5718.8 576.0 6434.5 1139.5 5323.1 507.9 6247.3 1304.8 4997.3 449.1 6092.7 1437.0 4984.9 400.3 6199.2 1569.5 4867.5 454.6 6111.5 1408.0 5020.3 449.1 6092.7 1437.0 4984.9 453.8 6103.5 1462.7 4922.3 426.0 6137.6 1498.1 4853.0 398.6 6147.7 1540.8 4852.2 400.3 6199.2 1569.5 4867.5 2 3 4 5 424.7 617.9 166.9 373.7 473.2 167.1 399.9 413.1 176.2 338.7 416.6 191.8 367.6 487.5 189.5 365.3 404.4 188.0 338.7 416.6 191.8 339.7 409.9 197.3 353.8 453.1 193.2 336.8 460.0 193.4 367.6 487.5 189.5 6 7 8 15689.8 14487.0 14046.5 13910.7 14081.1 13952.2 13910.7 13889.2 13914.8 13929.5 14081.1 9 718.1 0.0 26.5 942.6 0.0 26.1 868.7 0.0 24.2 840.3 0.0 25.1 857.3 0.0 28.2 822.2 0.0 24.4 840.3 0.0 25.1 820.7 0.0 22.2 848.4 0.0 23.5 841.2 0.0 26.6 857.3 0.0 28.2 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 48.3 2706.6 5376.7 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 57.0 6199.2 1569.5 52.4 6111.5 1408.0 51.6 6092.7 1437.0 52.9 6103.5 1462.7 54.5 6137.6 1498.1 53.8 6147.7 1540.8 57.0 6199.2 1569.5 13 14 15 16 17 18 ABS issuers Finance companies REITs 3288.9 1044.1 317.4 2232.1 1280.7 315.2 1985.0 1261.9 343.4 1770.4 1205.1 386.3 1616.1 1209.8 408.0 1803.4 1244.0 371.2 1770.4 1205.1 386.3 1716.9 1193.0 390.5 1664.8 1196.0 393.8 1632.4 1206.6 409.5 1616.1 1209.8 408.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1418.6 593.5 112.4 1402.7 621.1 85.8 1428.7 600.5 90.2 1418.6 593.5 89.1 1412.4 625.2 103.1 1375.0 619.9 96.1 1363.4 611.4 112.4 1402.7 621.1 19 20 21 Summary 11 Z.1, March 6, 2014 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 53489.5 53842.8 54983.3 56981.5 58991.4 56238.0 56981.5 57475.3 57690.1 58151.5 58991.4 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1138.0 7781.9 8106.8 3672.5 11655.4 1057.6 9361.5 7598.2 3772.1 11859.2 969.3 10428.3 7577.4 3719.4 12152.8 952.4 11568.9 7554.6 3714.4 12920.7 950.7 12328.3 7793.2 3671.2 13474.5 957.3 11255.5 7543.9 3719.4 12672.0 952.4 11568.9 7554.6 3714.4 12920.7 1001.2 11905.5 7590.8 3728.6 13036.9 990.6 11887.9 7660.7 3721.1 13022.7 976.9 11956.8 7713.6 3685.7 13248.4 950.7 12328.3 7793.2 3671.2 13474.5 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2062.5 2098.1 14420.8 2553.5 2001.2 1764.7 13780.2 2648.1 2147.8 1769.7 13461.8 2757.0 2322.7 1821.8 13201.6 2924.3 2507.1 1923.8 13244.0 3098.6 2244.9 1793.4 13192.2 2859.4 2322.7 1821.8 13201.6 2924.3 2323.8 1815.2 13148.7 2924.4 2388.1 1900.4 13150.9 2967.7 2424.7 1898.6 13207.8 3038.8 2507.1 1923.8 13244.0 3098.6 7 8 9 10 Memo: Selected claims not included above: 11 Corporate equities 12 Mutual fund shares 20085.5 6920.7 23567.2 7873.0 23088.2 7870.9 26443.6 9323.6 34687.5 11526.8 26256.7 9131.0 26443.6 9323.6 29308.3 10087.4 29764.3 10299.5 31734.5 10904.9 34687.5 11526.8 11 12 2 3 4 5 6 7 8 9 10 Total 2010 L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total credit market debt (from table L.4) 53489.5 53842.8 54983.3 56981.5 58991.4 56238.0 56981.5 57475.3 57690.1 58151.5 58991.4 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 175.1 5.2 26.2 835.9 1220.0 175.8 5.2 25.9 826.6 1070.7 183.8 5.2 25.9 780.3 1889.2 181.8 5.2 25.9 750.1 1718.0 174.3 5.2 25.6 837.0 2783.0 184.7 5.2 25.9 772.3 1794.7 181.8 5.2 25.9 750.1 1718.0 175.5 5.2 25.9 774.3 2131.8 174.5 5.2 25.9 853.1 2614.2 177.3 5.2 25.6 834.8 2799.4 174.3 5.2 25.6 837.0 2783.0 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements 2093.4 6326.5 2105.9 3258.6 2043.4 2359.8 6624.9 1923.2 2755.4 2025.2 2594.3 7202.2 1750.0 2642.5 1970.8 2857.8 7803.9 1659.9 2649.6 1976.8 3189.7 8115.8 1762.2 2678.3 1918.7 2640.4 7595.4 1636.8 2506.9 1977.4 2857.8 7803.9 1659.9 2649.6 1976.8 2878.1 7869.1 1652.5 2554.0 1964.7 2897.8 7890.1 1682.4 2541.9 1854.8 2930.0 8052.3 1736.8 2637.4 1859.8 3189.7 8115.8 1762.2 2678.3 1918.7 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension entitlements 6920.7 1091.2 1242.1 15206.0 7873.0 1214.8 1278.3 16745.7 7870.9 1312.6 1352.0 17120.8 9323.6 1512.5 1359.0 18088.8 11526.8 1548.5 1416.0 19600.7 9131.0 1482.4 1353.2 17948.8 9323.6 1512.5 1359.0 18088.8 10087.4 1492.1 1370.1 18563.3 10299.5 1511.5 1377.3 18738.6 10904.9 1536.4 1397.0 19101.5 11526.8 1548.5 1416.0 19600.7 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 3214.9 40.6 22076.3 3441.4 53.1 22668.2 3500.4 74.0 23623.2 3672.9 83.0 23974.7 3866.2 76.8 22640.7 3649.8 93.7 23914.8 3672.9 83.0 23974.7 3722.0 100.9 23952.3 3771.3 72.2 23878.0 3832.7 84.6 23956.9 3866.2 76.8 22640.7 16 17 18 19 Total liabilities 121371.4 124909.8 128881.4 134625.0 141156.9 132951.6 134625.0 136794.3 137878.4 140023.9 141156.9 19 2 3 4 5 6 + Financial assets not included in liabilities: 20 Gold 21 Corporate equities 22 Household equity in noncorp. bus. 11.0 20085.5 6216.7 11.0 23567.2 6900.0 11.0 23088.2 7384.9 11.0 26443.6 8073.5 11.0 34687.5 8724.5 11.0 26256.7 7899.8 11.0 26443.6 8073.5 11.0 29308.3 8232.4 11.0 29764.3 8424.0 11.0 31734.5 8600.4 11.0 34687.5 8724.5 20 21 22 -18.8 648.3 54.3 -20.0 696.0 98.7 -18.7 676.3 67.4 -18.8 648.3 54.3 -19.0 650.1 84.8 -19.2 704.6 60.3 -19.8 685.0 64.3 -20.0 696.0 98.7 23 24 25 103.8 -54.1 -196.4 -210.4 -8876.9 -10173.1 133.8 -183.7 -8491.8 103.8 -196.4 -8876.9 22.3 -180.4 -9019.0 -9.2 -211.2 -9367.5 -61.0 -54.1 -200.9 -210.4 -9486.2 -10173.1 26 27 28 0.0 3.2 3.7 196.8 0.0 2.3 4.7 311.4 0.0 1.5 3.1 250.3 0.0 1.1 3.8 208.5 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -16.5 657.0 7.6 -17.6 630.4 26.9 -18.3 655.6 28.4 26 27 28 Security repurchase agreements Taxes payable Miscellaneous 522.9 -210.4 -6797.3 413.9 -209.0 -7236.6 297.3 -198.8 -7735.8 0.0 2.0 4.2 241.0 0.0 2.5 3.2 305.0 0.0 2.5 4.1 250.8 29 30 31 32 33 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit Totals identified to sectors as assets 0.0 2.3 4.7 311.4 0.0 1.4 3.6 325.9 0.0 1.3 4.3 245.6 0.0 1.4 3.6 325.9 29 30 31 32 153274.0 161469.3 166079.7 177120.6 193911.9 174732.3 177120.6 182552.5 184706.5 189137.2 193911.9 33 Summary 12 Z.1, March 6, 2014 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 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 2013 Q4 Q1 Q2 Q3 Q4 14417.9 14958.3 15533.8 16244.6 16797.5 16356.0 16420.3 16535.3 16661.0 16912.9 17080.7 1 9842.9 10201.9 10711.8 11149.6 11496.2 11193.6 11285.5 11379.2 11427.1 11537.7 11640.7 2 1023.3 2175.1 6644.5 1070.7 2292.1 6839.1 1129.9 2472.8 7109.1 1202.7 2567.0 7379.9 1262.8 2623.8 7609.6 1206.5 2578.4 7408.7 1230.7 2595.4 7459.4 1244.8 2607.0 7527.4 1257.5 2591.0 7578.6 1274.0 2638.8 7624.8 1275.0 2658.2 7707.6 3 4 5 1878.1 2100.8 2232.1 2475.2 2673.7 2493.3 2499.9 2555.1 2621.0 2738.0 2780.5 6 2025.7 2039.3 2195.7 2409.1 2565.7 2411.7 2486.9 2491.7 2543.8 2593.2 2634.2 7 1633.4 147.1 1136.6 182.9 166.9 1658.2 134.1 1176.5 184.9 162.8 1809.9 139.6 1296.0 199.1 175.2 1970.0 143.8 1420.2 212.5 193.4 2049.0 148.5 1476.9 217.8 205.8 1968.0 142.8 1419.5 213.0 192.7 2018.2 144.1 1455.3 219.6 199.1 2001.4 145.7 1442.6 210.0 203.1 2030.6 146.5 1464.2 216.6 203.2 2060.5 149.7 1485.7 219.5 205.6 2103.3 152.1 1514.9 225.2 211.2 8 9 10 11 12 392.2 321.0 5.5 65.8 -0.1 381.1 318.3 -0.1 58.3 4.7 385.8 317.1 3.0 59.5 6.3 439.1 354.3 13.3 66.2 5.3 516.8 413.8 25.7 75.2 2.1 443.7 357.4 14.6 66.6 5.1 468.8 377.7 16.9 69.4 4.9 490.3 392.1 21.7 71.6 4.9 513.2 411.1 37.6 74.9 -10.4 532.6 429.9 18.9 77.9 5.9 531.0 422.1 24.6 76.4 7.9 13 14 15 16 17 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business -147.6 -139.0 -8.5 61.5 63.7 -2.2 36.4 39.1 -2.7 66.1 71.0 -4.9 107.9 74.2 33.7 81.6 94.3 -12.7 13.0 23.3 -10.3 63.4 33.0 30.5 77.2 45.0 32.2 144.8 106.3 38.5 146.3 112.4 33.8 18 19 20 21 Net U.S. exports of goods and services -392.2 -518.5 -568.7 -547.2 -497.3 -524.4 -515.8 -523.1 -509.0 -500.2 -456.8 21 22 23 Exports - Imports 1583.8 1976.0 1843.5 2362.0 2101.1 2669.9 2195.9 2743.1 2259.8 2757.0 2199.2 2723.5 2213.7 2729.5 2214.2 2737.3 2238.9 2747.9 2265.8 2766.0 2320.1 2776.9 22 23 3089.1 3174.0 3158.7 3167.0 3124.9 3193.5 3150.7 3124.1 3121.9 3137.5 3116.2 24 2442.1 933.7 1508.4 2522.2 1003.9 1518.3 2526.1 1008.7 1517.4 2548.0 1011.7 1536.4 2519.0 970.8 1548.2 2572.9 1036.1 1536.8 2538.1 993.9 1544.3 2525.3 982.3 1543.0 2517.5 976.0 1541.4 2523.2 972.4 1550.8 2510.0 952.6 1557.4 25 26 27 647.0 284.0 363.0 651.8 300.0 351.9 632.6 295.4 337.2 619.0 284.0 334.9 605.9 275.1 330.9 620.6 286.0 334.6 612.5 281.4 331.2 598.8 272.7 326.1 604.4 276.6 327.8 614.4 278.8 335.6 606.2 272.2 334.0 28 29 30 147.2 643.7 496.5 206.0 720.0 514.1 260.8 802.8 542.1 252.8 818.6 565.7 252.0 817.6 565.6 247.6 812.0 564.4 257.0 829.8 572.8 237.4 813.3 575.9 246.8 817.0 570.1 262.9 822.0 559.1 260.6 818.0 557.3 31 32 33 14565.1 15164.2 15794.6 16497.4 17049.4 16603.7 16677.3 16772.7 16907.9 17175.9 17341.3 34 -9.7 6.3 12.3 -8.9 0.0 -8.5 -1.1 10.6 -1.0 -0.0 -8.3 -0.9 10.1 -0.9 -0.1 -8.4 -0.4 10.2 -1.4 0.0 -7.8 -1.2 9.5 -0.7 0.3 -8.5 -0.4 10.2 -1.4 0.0 -8.3 -0.4 10.1 -1.4 0.0 -8.1 -1.0 9.8 -0.6 -0.0 -7.9 -0.9 9.6 -0.8 0.0 -7.7 -1.5 9.4 -1.1 1.1 -7.6 -1.3 9.2 -0.3 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 the world U.S. income receipts - U.S. income payments 34 Gross National Product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business State and local governments Federal governments Rest of the world (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.100, line 4. (3) Structures, equipment, and intellectual property products. (4) Government inventory investment is included in consumption expenditures. Summary 13 Z.1, March 6, 2014 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 3 4 National Income Compensation of employees Wages and other labor income Employer social insurance contributions 6 Proprietors’ income with inventory valuation and capital consumption adjustments Rental income of persons (with capital consumption adjustment) 7 Corporate profits with inventory valuation and capital consumption adjustments 5 8 9 10 11 12 Corporate profits with inventory valuation adjustment Profits before tax Domestic nonfinancial Domestic financial Rest of the world 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 12124.5 12739.5 13395.7 13971.6 14542.9 13962.1 14204.0 14324.5 14462.7 14607.9 14776.5 1 7787.8 7329.7 458.1 7967.3 7497.9 469.4 8278.5 7784.1 494.4 8611.6 8097.3 514.3 8860.2 8329.0 531.3 8591.0 8078.8 512.2 8787.4 8263.4 524.0 8748.3 8222.5 525.8 8835.5 8305.2 530.2 8888.3 8355.9 532.4 8968.8 8432.2 536.6 2 3 4 973.0 1032.7 1155.1 1224.9 1348.2 1220.0 1247.5 1334.6 1341.5 1360.7 1356.2 5 333.7 402.8 484.4 541.2 590.5 546.7 555.4 574.9 587.7 596.6 602.7 6 1392.6 1740.6 1877.7 2009.5 2101.1 2012.3 2047.2 2020.6 2087.4 2126.6 2169.7 7 1474.8 1793.8 1791.3 2180.0 2262.4 2186.6 2221.1 2180.0 2248.6 2288.2 2332.8 8 1468.2 752.5 362.9 352.8 1834.8 1034.3 405.3 395.2 1847.4 1026.7 384.1 436.6 2190.0 1293.7 477.4 418.9 2258.7 1337.7 511.6 409.4 2208.5 1288.8 507.2 412.5 2229.5 1319.4 492.1 418.1 2193.1 1307.7 486.9 398.5 2239.7 1324.7 511.9 403.1 2286.6 1345.2 521.6 419.8 2315.5 1373.3 526.1 416.1 9 10 11 12 269.4 177.8 91.6 370.6 220.6 150.0 374.2 222.3 151.9 434.8 256.9 177.8 415.7 265.6 150.1 439.1 249.1 190.0 433.2 268.4 164.8 408.2 266.6 141.7 418.2 264.1 154.1 417.8 263.7 154.1 418.5 268.0 150.5 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 1198.7 568.7 351.7 105.1 111.9 1464.3 563.9 375.5 67.1 121.4 1473.1 701.6 440.3 104.8 156.4 1755.2 770.3 478.8 134.8 156.8 1843.0 902.2 497.3 269.9 135.0 1769.4 746.7 461.2 116.1 169.4 1796.4 867.6 540.4 194.9 132.3 1784.8 763.8 483.3 133.3 147.2 1821.4 1037.3 463.3 411.4 162.6 1868.7 858.3 577.2 192.2 88.9 1897.0 949.3 465.4 342.5 141.4 16 17 18 19 20 21 22 23 24 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 630.0 222.9 166.1 240.9 900.3 438.3 188.3 273.8 771.6 364.1 127.3 280.1 984.9 558.0 164.7 262.2 940.8 574.8 91.7 274.4 1022.7 578.5 201.1 243.1 928.7 510.6 132.3 285.8 1021.0 557.8 212.0 251.3 784.2 597.3 -53.7 240.5 1010.4 504.2 175.3 330.9 947.7 639.9 33.1 274.7 21 22 23 24 25 Inventory valuation adjustment 6.7 -41.0 -56.0 -10.0 3.7 -22.0 -8.4 -13.0 8.9 1.7 17.3 25 26 27 28 Capital consumption adjustment Domestic nonfinancial Domestic financial -82.2 -41.1 -41.2 -53.3 -15.2 -38.1 86.4 114.9 -28.5 -170.5 -115.1 -55.4 -161.3 -105.8 -55.6 -174.2 -118.4 -55.9 -173.9 -117.6 -56.3 -159.5 -104.3 -55.2 -161.1 -105.4 -55.7 -161.6 -106.0 -55.7 -163.1 -107.4 -55.7 26 27 28 29 Net interest and miscellaneous payments 30 31 32 33 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 563.1 489.4 456.9 439.6 469.1 455.3 430.3 477.0 444.0 467.2 488.2 29 1026.1 58.3 127.2 -20.6 1057.1 55.9 128.5 -22.9 1097.1 60.0 129.6 -23.8 1122.9 57.3 106.9 -27.7 1147.7 58.4 124.3 -39.7 1118.8 56.0 102.6 -28.5 1126.3 57.7 99.5 -31.8 1140.7 58.0 121.9 -35.5 1138.8 58.9 125.8 -39.0 1149.0 59.1 120.1 -41.4 1162.2 57.5 129.2 -43.0 30 31 32 33 National Income, from line 1 above 12124.5 12739.5 13395.7 13971.6 14542.9 13962.1 14204.0 14324.5 14462.7 14607.9 14776.5 34 Plus: 35 Private consumption of fixed capital 36 Government consumption of fixed capital 37 Statistical discrepancy 1925.7 442.7 72.2 1923.5 458.1 43.1 1974.4 478.1 -53.6 2049.3 493.6 -17.0 2141.7 505.2 -140.3 2059.8 495.3 86.4 2077.6 497.4 -101.7 2103.3 500.5 -155.6 2128.5 503.4 -186.8 2153.5 506.1 -91.7 2181.6 510.6 -127.4 35 36 37 147.2 206.0 260.8 252.8 252.0 247.6 257.0 237.4 246.8 262.9 260.6 38 14417.9 14958.3 15533.8 16244.6 16797.5 16356.0 16420.3 16535.3 16661.0 16912.9 17080.7 39 Memo: Calculation of Gross Domestic Product from National Income: (2) 34 38 Less: Net U.S. income receipts from rest of the world 39 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. Summary 14 Z.1, March 6, 2014 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 Gross saving 2 3 4 5 6 7 8 9 10 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2071.7 2255.0 2461.4 2672.2 3022.2 2606.4 2812.8 2871.5 2993.4 3051.5 3172.5 1 -296.6 1225.1 554.4 382.1 172.3 670.7 -1521.7 -1249.8 -271.9 -126.6 1440.2 806.0 598.6 207.4 634.2 -1566.8 -1329.5 -237.3 8.8 1470.2 801.9 648.8 153.1 668.2 -1461.3 -1248.3 -213.1 129.3 1491.7 804.3 647.8 156.5 687.4 -1362.3 -1109.7 -252.7 375.3 1349.4 783.2 689.3 93.9 566.2 -974.1 -754.9 -219.1 51.2 1430.6 826.5 642.6 183.9 604.1 -1379.4 -1119.3 -260.1 237.8 1570.5 746.4 653.8 92.6 824.1 -1332.7 -1078.5 -254.2 267.6 1350.5 848.5 670.0 178.6 502.0 -1082.9 -853.1 -229.8 361.6 1212.3 631.9 682.6 -50.7 580.4 -850.7 -653.1 -197.6 391.8 1467.8 850.5 700.1 150.3 617.3 -1075.9 -850.0 -226.0 480.3 1367.1 801.9 704.5 97.4 565.2 -886.8 -663.7 -223.1 2 3 4 5 6 7 8 9 10 2368.4 1925.7 1522.4 1092.0 253.0 177.4 403.3 442.7 234.5 208.2 2381.6 1923.5 1523.0 1094.6 251.8 176.7 400.5 458.1 245.3 212.7 2452.6 1974.4 1571.6 1135.8 256.8 179.0 402.9 478.1 256.5 221.7 2542.9 2049.3 1639.4 1188.2 264.5 186.6 409.9 493.6 262.3 231.4 2646.9 2141.7 1707.6 1237.9 275.1 194.7 434.1 505.2 267.6 237.6 2555.1 2059.8 1648.4 1195.2 265.6 187.6 411.4 495.3 262.9 232.4 2575.0 2077.6 1661.4 1204.7 267.6 189.2 416.2 497.4 263.7 233.7 2603.8 2103.3 1680.6 1218.5 270.5 191.5 422.7 500.5 265.6 234.9 2631.9 2128.5 1698.9 1231.6 273.4 193.9 429.6 503.4 266.8 236.6 2659.6 2153.5 1715.8 1243.8 276.4 195.6 437.7 506.1 267.8 238.3 2692.2 2181.6 1735.2 1257.7 279.8 197.6 446.4 510.6 270.0 240.6 11 12 13 14 15 16 17 18 19 20 2144.0 2298.1 2407.7 2655.2 2881.9 2692.8 2711.1 2715.9 2806.7 2959.8 3045.1 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 2525.1 1878.1 1410.0 1002.9 240.2 166.9 468.1 647.0 284.0 363.0 2752.6 2100.8 1648.4 1244.7 241.0 162.8 452.4 651.8 300.0 351.9 2864.7 2232.1 1775.4 1344.4 255.8 175.2 456.7 632.6 295.4 337.2 3094.2 2475.2 1977.1 1509.9 273.8 193.4 498.1 619.0 284.0 334.9 3279.6 2673.7 2111.4 1575.0 330.6 205.8 562.3 605.9 275.1 330.9 3113.9 2493.3 1993.1 1536.0 264.4 192.7 500.2 620.6 286.0 334.6 3112.5 2499.9 1978.2 1503.1 276.0 199.1 521.8 612.5 281.4 331.2 3153.9 2555.1 2017.4 1495.1 319.2 203.1 537.7 598.8 272.7 326.1 3225.4 2621.0 2063.4 1534.1 326.1 203.2 557.6 604.4 276.6 327.8 3352.3 2738.0 2158.4 1616.1 336.6 205.6 579.6 614.4 278.8 335.6 3386.7 2780.5 2206.4 1654.6 340.6 211.2 574.1 606.2 272.2 334.0 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 0.6 -121.4 -83.4 44.6 -6.0 -121.9 -38.1 122.0 177.4 -55.4 0.7 -58.5 -29.4 19.8 -7.8 -41.5 -29.1 59.2 125.3 -66.2 1.7 -47.4 -41.3 -7.3 -1.6 -32.4 -6.2 49.1 112.9 -63.8 -6.6 -26.0 -12.4 -17.1 -4.9 9.6 -13.6 19.5 83.3 -63.9 0.2 3.5 -6.9 -6.9 0.0 0.0 10.4 -3.4 58.1 -61.5 2.3 -7.4 -9.4 -9.3 -0.0 0.0 2.0 9.6 72.6 -63.0 -30.3 -62.0 -7.1 -44.8 -19.7 57.3 -54.9 31.7 102.1 -70.4 0.5 -3.3 -10.7 -10.7 0.0 0.0 7.4 3.8 65.2 -61.4 0.4 1.8 -6.6 -6.6 0.0 0.0 8.4 -1.4 57.6 -59.1 -0.6 4.5 -6.0 -6.0 0.0 0.0 10.6 -5.2 60.3 -65.5 0.4 11.2 -4.1 -4.1 0.0 0.0 15.3 -10.7 49.2 -59.9 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 -381.7 1466.3 822.4 498.9 18.8 304.7 643.9 -1848.0 -1476.7 -371.4 -455.2 1364.6 753.2 471.8 18.6 262.8 611.4 -1819.8 -1509.5 -310.3 -458.6 1206.3 585.7 393.9 2.5 189.3 620.6 -1664.9 -1400.1 -264.8 -432.4 1074.7 462.0 326.2 -4.3 140.2 612.7 -1507.1 -1214.8 -292.4 -397.9 673.6 245.9 218.8 -55.6 82.7 427.7 -1071.5 -820.5 -250.9 -423.4 1090.9 577.7 397.6 1.2 178.9 513.3 -1514.3 -1215.0 -299.3 -371.1 1108.4 335.1 298.4 11.2 25.4 773.4 -1479.5 -1198.3 -281.2 -438.5 746.4 366.8 248.5 -48.6 167.0 379.6 -1184.9 -925.4 -259.6 -419.1 531.2 87.3 200.0 -52.6 -60.1 443.9 -950.3 -720.5 -229.8 -391.9 787.1 322.2 242.2 -60.3 140.3 464.8 -1179.0 -921.3 -257.7 -342.0 629.7 207.5 184.4 -60.8 83.8 422.2 -971.6 -715.0 -256.6 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) 72.2 43.1 -53.6 -17.0 -140.3 86.4 -101.7 -155.6 -186.8 -91.7 -127.4 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45.9 38.3 17.5 20.9 7.6 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 183.7 153.3 69.9 83.5 30.4 0.0 30.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). 15 Summary Z.1, March 6, 2014 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 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 2013 Q4 Q1 Q2 Q3 Q4 272.2 186.7 137.9 139.8 102.7 108.3 228.6 106.1 99.5 106.2 98.9 1 40.4 0.0 0.0 0.0 40.4 0.0 25.8 0.0 0.0 0.0 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.3 14.3 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57.3 57.3 57.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 206.9 206.9 63.4 0.0 121.9 8.1 12.9 0.6 0.0 0.0 141.4 141.4 72.1 0.0 41.5 12.7 14.5 0.7 0.0 0.0 123.4 123.4 69.0 0.0 32.4 8.0 12.4 1.6 0.0 0.0 98.7 98.7 66.5 7.6 4.7 8.2 10.6 1.1 0.0 0.0 78.0 78.0 65.6 0.0 0.0 5.7 6.4 0.4 0.0 0.0 88.7 88.7 68.3 0.0 0.0 9.0 9.2 2.3 0.0 0.0 119.6 119.6 65.0 30.6 0.0 10.2 13.4 0.4 0.0 0.0 83.4 83.4 66.2 0.0 0.0 9.6 7.2 0.4 0.0 0.0 76.2 76.2 63.2 0.0 0.0 5.7 6.9 0.4 0.0 0.0 81.1 81.1 69.4 0.0 0.0 4.5 6.8 0.4 0.0 0.0 71.4 71.4 63.5 0.0 0.0 2.9 4.6 0.4 0.0 0.0 8 9 10 11 12 13 14 15 16 17 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to the rest of the world (net) State and local Disaster-related insurance benefits 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 24.9 20.6 4.3 19.5 15.1 4.4 14.5 9.6 4.9 19.0 14.1 4.9 24.6 19.2 5.4 19.6 14.7 4.9 21.0 16.1 4.9 22.6 17.6 5.0 23.3 17.8 5.4 25.1 19.6 5.5 27.5 21.9 5.6 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.7 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30.7 30.7 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 21 22 23 24 Capital transfers received, by sector 272.2 186.7 137.9 139.8 102.7 108.3 228.6 106.1 99.5 106.2 98.9 24 25 26 27 28 29 30 31 32 33 34 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 130.0 121.9 0.0 121.9 2.1 0.0 2.1 6.0 0.0 6.0 54.2 41.5 0.0 41.5 4.9 0.0 4.9 7.8 0.0 7.8 40.4 32.4 0.0 32.4 6.4 0.0 6.4 1.6 0.0 1.6 26.3 4.7 0.0 4.7 16.7 8.5 8.1 4.9 4.9 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 9.0 0.0 0.0 0.0 9.0 0.0 9.0 0.0 0.0 0.0 64.1 0.0 0.0 0.0 44.4 34.2 10.2 19.7 19.6 0.0 9.6 0.0 0.0 0.0 9.6 0.0 9.6 0.0 0.0 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 4.5 0.0 0.0 0.0 4.5 0.0 4.5 0.0 0.0 0.0 2.9 0.0 0.0 0.0 2.9 0.0 2.9 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 88.3 20.6 20.6 67.7 0.0 4.3 63.4 0.0 91.8 15.1 15.1 76.7 0.0 4.4 72.1 0.2 83.5 9.6 9.6 73.9 0.0 4.9 69.0 0.0 88.2 14.1 14.1 74.1 2.7 4.9 66.5 0.0 90.2 19.2 19.2 71.0 0.0 5.4 65.6 0.0 87.9 14.7 14.7 73.2 0.0 4.9 68.3 0.0 96.6 16.1 16.1 80.5 10.6 4.9 65.0 0.0 88.8 17.6 17.6 71.3 0.0 5.0 66.2 0.0 86.5 17.8 17.8 68.6 0.0 5.4 63.2 0.0 94.5 19.6 19.6 74.9 0.0 5.5 69.4 0.0 91.0 21.9 21.9 69.1 0.0 5.6 63.5 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 53.3 0.0 53.3 40.1 0.0 40.1 12.4 0.0 12.4 24.1 13.5 10.6 6.4 0.0 6.4 9.2 0.0 9.2 67.5 54.1 13.4 7.2 0.0 7.2 6.9 0.0 6.9 6.8 0.0 6.8 4.6 0.0 4.6 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.6 0.6 0.0 0.7 0.7 0.0 1.6 1.6 0.0 1.1 1.1 0.0 0.4 0.4 0.0 2.3 2.3 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 46 47 48 -89.6 -121.9 0.0 -18.2 -18.2 0.0 -87.1 -11.3 -5.3 38.3 -6.0 -28.3 -41.5 0.0 2.4 2.4 0.0 -40.2 -1.5 -2.2 20.9 -7.8 -40.4 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -6.4 -1.6 -12.0 9.6 14.3 0.0 0.0 0.0 -4.7 0.0 0.0 -16.7 -4.9 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 0.0 -9.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -9.0 -0.0 -6.7 57.3 57.3 0.0 0.0 0.0 0.0 0.0 0.0 -44.4 -19.7 -9.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -9.6 0.0 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 0.0 -4.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -4.5 0.0 -2.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.9 0.0 49 50 51 52 53 54 55 56 57 58 59 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered depository institutions Financial stabilization payments (2) Other (lines 5-27) Government-sponsored enterprises (2) Holding companies (GMAC) (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 118.6 186.3 -67.7 49.6 126.3 -76.7 39.9 113.8 -73.9 10.6 84.7 -74.1 -12.2 58.8 -71.0 0.8 74.0 -73.2 23.0 103.5 -80.5 -5.4 65.8 -71.3 -10.3 58.4 -68.6 -13.4 61.5 -74.9 -19.6 49.5 -69.1 60 61 62 63 By persons (lines 18-43) -28.4 -20.6 2.1 -5.1 18.2 10.4 -46.5 15.5 16.3 18.3 22.9 63 64 By the rest of the world (lines 21-46) -0.6 -0.7 -1.6 6.6 -0.4 -2.3 30.3 -0.4 -0.4 -0.4 -0.4 64 (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States. Summary 16 Z.1, March 6, 2014 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 602.1 858.3 1214.3 1175.9 1077.4 611.0 1764.1 1433.5 948.5 798.6 1129.1 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -6.6 120.6 101.2 -270.3 -0.6 33.1 161.9 -180.4 -2.8 326.4 375.6 -34.2 -1.8 97.6 425.9 17.6 5.7 93.1 195.5 -24.1 8.5 38.1 141.9 -12.8 -5.3 317.2 668.8 6.0 5.8 156.0 113.9 48.3 18.9 -102.5 198.9 -102.3 -4.4 33.4 296.6 56.3 2.5 285.6 172.5 -98.5 2 3 4 5 6 7 8 9 10 11 12 13 Securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 384.7 16.7 534.1 -671.2 107.2 75.1 -5.7 334.1 84.7 -1.5 320.9 -2.6 44.3 -319.2 -186.8 227.7 -144.9 -1.8 -222.4 5.6 -64.8 132.3 -213.1 218.7 108.2 -0.3 232.0 -118.8 -152.1 98.2 -325.0 373.6 165.6 -2.0 -167.3 -132.6 -37.4 104.3 -323.6 722.8 -122.1 -0.4 37.6 -221.9 -238.4 -7.3 -397.0 704.8 65.6 -0.4 241.9 60.3 -248.7 269.2 -648.7 390.5 700.4 3.9 -83.8 -306.0 39.8 -54.0 90.7 1009.3 255.7 -0.9 -61.6 -115.3 40.3 -54.3 -242.9 688.8 -281.9 -1.1 -307.1 -38.3 -82.9 107.6 -661.0 699.1 -11.8 -10.1 -216.6 -70.7 -146.8 417.9 -481.4 494.1 6 7 8 9 10 11 12 13 14 15 Life insurance reserves Pension entitlements 24.6 420.6 6.2 595.9 73.9 485.5 -26.6 501.2 6.7 492.5 -0.3 541.2 23.6 593.1 -19.9 406.9 18.2 430.1 41.6 546.3 -13.3 586.6 14 15 16 Miscellaneous and other assets -166.8 167.9 138.6 61.0 147.9 30.3 97.1 30.7 235.9 115.6 209.3 16 17 18 19 20 21 22 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 1669.5 386.9 330.0 970.8 -9.7 -8.5 1689.9 376.5 319.0 1005.0 -8.5 -2.2 1765.4 376.5 338.7 1061.2 -8.3 -2.7 1887.0 420.5 356.3 1123.5 -8.4 -4.9 2060.9 489.0 366.3 1179.7 -7.8 33.7 1885.7 424.0 355.8 1127.1 -8.5 -12.7 1941.8 447.0 363.7 1149.7 -8.3 -10.3 2004.6 463.7 355.7 1162.9 -8.1 30.5 2048.1 486.0 363.1 1174.7 -7.9 32.2 2097.9 507.8 369.2 1190.1 -7.7 38.5 2093.0 498.5 377.2 1191.0 -7.6 33.8 17 18 19 20 21 22 23 24 25 26 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1576.8 377.9 278.4 920.6 1570.4 372.0 280.3 918.1 1599.0 369.4 290.2 939.4 1637.5 371.7 302.8 963.1 1673.1 388.4 321.1 963.6 1644.8 373.6 303.5 967.8 1657.4 376.8 307.2 973.4 1644.1 381.5 312.1 950.6 1663.7 386.0 317.3 960.4 1682.5 390.6 323.9 968.1 1701.9 395.7 331.0 975.2 23 24 25 26 27 Net investment in nonfinancial assets (3) 92.6 119.4 166.4 249.5 387.8 240.9 284.4 360.5 384.4 415.3 391.0 27 9.0 51.6 50.3 -9.7 -8.5 4.5 38.7 86.9 -8.5 -2.2 7.1 48.4 121.9 -8.3 -2.7 48.9 53.6 160.4 -8.4 -4.9 100.6 45.2 216.1 -7.8 33.7 50.4 52.4 159.3 -8.5 -12.7 70.2 56.6 176.2 -8.3 -10.3 82.2 43.6 212.3 -8.1 30.5 100.0 45.8 214.3 -7.9 32.2 117.3 45.3 222.0 -7.7 38.5 102.8 46.2 215.8 -7.6 33.8 28 29 30 31 32 -247.2 -303.7 -146.4 183.5 298.9 -28.9 536.6 -43.5 256.6 644.8 337.8 33 -201.5 33.3 -103.7 0.7 38.1 -14.2 -347.5 -46.0 -25.3 3.4 75.2 36.5 -251.9 -18.8 108.9 2.4 -39.3 52.3 -249.6 -11.7 169.4 1.4 64.9 209.2 -76.0 82.0 174.3 0.9 35.4 82.2 -326.5 -0.8 136.3 2.5 98.7 60.8 -100.6 59.8 186.9 4.1 138.4 248.0 -204.6 -8.5 180.5 -0.1 16.4 -27.2 -103.5 93.9 171.3 2.6 -21.2 113.5 95.4 119.1 179.1 1.6 44.6 204.9 -91.2 123.5 166.3 -0.6 101.9 37.9 34 35 36 37 38 39 28 29 30 31 32 33 34 35 36 37 38 39 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities Home mortgages Other mortgages Consumer credit Policy loans Security credit Other liabilities 40 Net capital transfers paid (4) -34.4 -28.4 0.6 -10.0 18.2 10.4 -66.2 15.5 16.3 18.3 22.9 40 41 Personal saving, FOF concept (FOF) 907.6 1253.0 1527.7 1231.8 1184.6 891.2 1445.7 1853.0 1092.7 587.4 1205.2 41 42 43 - Net investment in consumer durables - Government insurance and pension fund reserves (5) 50.3 0.5 86.9 -1.7 121.9 -0.4 160.4 -1.4 216.1 -1.2 159.3 -1.6 176.2 -1.6 212.3 -1.9 214.3 -0.4 222.0 -2.6 215.8 -0.0 42 43 44 = Personal saving, NIPA concept (FOF) (6) 856.9 1167.9 1406.2 1072.8 969.7 733.6 1271.1 1642.5 878.7 368.0 989.4 44 45 Personal saving, NIPA concept (NIPA) 670.7 634.2 668.2 687.4 566.2 604.1 824.1 502.0 580.4 617.3 565.2 45 46 Difference 186.2 533.7 738.0 385.4 403.5 129.5 446.9 1140.5 298.4 -249.3 424.2 46 10937.2 11243.7 11787.4 12245.8 12475.9 12205.1 12520.4 12296.9 12417.4 12567.7 12621.5 47 8.3 7.8 6.1 1.7 11.1 10.4 5.6 4.7 13.0 11.9 5.7 6.3 10.1 8.8 5.6 3.1 9.5 7.8 4.5 3.2 7.3 6.0 4.9 1.1 11.5 10.2 6.6 3.6 15.1 13.4 4.1 9.3 8.8 7.1 4.7 2.4 4.7 2.9 4.9 -2.0 9.5 7.8 4.5 3.4 48 49 50 51 47 Memo: Disposable personal income 48 49 50 51 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 44) NIPA concept (NIPA data) (line 45) Difference (line 46) (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). (3) Line 17 less line 23. (4) Table F.9, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 44 and 45 are conceptually equivalent but measure saving using different data. Line 44 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) plus net investment in nonfinancial assets net of consumer durables (line 27 less line 42) less net increase in liabilities (line 33) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 45) is disposable personal income (line 47) less personal outlays (table F.100, line 4). Summary 17 Z.1, March 6, 2014 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 7 8 9 Open market paper Treasury securities Agency- and GSE-backed securities 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 46682.2 50654.6 51440.7 55221.4 62158.1 54371.9 55221.4 57448.8 58035.2 59724.4 62158.1 1 50.2 934.9 6684.1 1386.9 49.7 956.7 6812.2 1206.5 46.9 1283.2 7187.8 1187.5 45.1 1370.3 7568.6 1205.1 50.8 1463.4 7764.1 1181.1 46.4 1242.6 7404.8 1139.1 45.1 1370.3 7568.6 1205.1 46.5 1372.7 7619.8 1155.3 51.3 1346.0 7633.6 1098.4 50.2 1345.0 7720.5 1140.4 50.8 1463.4 7764.1 1181.1 2 3 4 5 17039.5 19318.5 18849.3 21143.4 26106.5 20820.1 21143.4 22875.0 23287.7 24439.9 26106.5 6 22.7 858.8 359.3 21.1 1131.8 355.6 19.4 719.3 323.1 19.0 961.9 194.7 17.0 944.3 121.4 19.1 891.0 209.5 19.0 961.9 194.7 20.0 986.0 156.1 19.8 1048.9 159.1 19.5 1006.4 157.0 17.0 944.3 121.4 7 8 9 10 11 Municipal securities Corporate and foreign bonds 1833.1 2311.8 1877.4 2293.8 1812.6 2427.3 1660.5 2640.9 1623.1 2793.1 1715.6 2542.5 1660.5 2640.9 1675.5 2600.2 1678.1 2605.8 1652.5 2664.7 1623.1 2793.1 10 11 12 13 Corporate equities (2) Mutual fund shares 7491.9 4115.8 8996.7 4594.0 9049.9 4449.2 10337.7 5279.4 13864.8 6692.1 10269.3 5124.1 10337.7 5279.4 11632.5 5755.2 11779.5 5946.7 12546.7 6343.0 13864.8 6692.1 12 13 1109.2 15206.0 2350.4 5973.2 6882.3 1137.2 16745.7 2568.5 6620.7 7556.5 1203.6 17120.8 2601.7 6673.5 7845.7 1186.1 18088.8 2786.8 7154.4 8147.6 1232.1 19600.7 3084.8 8002.7 8513.2 1180.6 17948.8 2746.2 7124.0 8078.6 1186.1 18088.8 2786.8 7154.4 8147.6 1194.6 18563.3 2873.4 7451.9 8238.0 1200.4 18738.6 2879.4 7552.1 8307.2 1217.7 19101.5 2948.3 7754.7 8398.5 1232.1 19600.7 3084.8 8002.7 8513.2 14 15 16 17 18 4182.6 4349.7 4487.0 4547.0 4697.7 4521.9 4547.0 4556.6 4615.4 4646.7 4697.7 19 19782.0 19446.3 19305.7 19424.4 19734.4 19265.5 19424.4 19375.2 19438.9 19618.9 19734.4 20 10916.7 2563.2 2553.5 10424.8 2517.1 2648.1 10172.9 2498.4 2757.0 9918.3 2486.7 2924.3 9853.4 2568.7 3098.6 9934.1 2471.7 2859.4 9918.3 2486.7 2924.3 9867.4 2484.6 2924.4 9840.3 2508.0 2967.7 9863.7 2537.8 3038.8 9853.4 2568.7 3098.6 21 22 23 121.1 203.0 3424.6 124.5 278.2 3453.6 126.9 238.9 3511.7 128.3 303.7 3663.1 129.1 339.2 3745.4 127.2 269.1 3603.9 128.3 303.7 3663.1 128.2 307.9 3662.7 128.9 302.6 3691.4 129.3 313.7 3735.6 129.1 339.2 3745.4 24 25 26 14 15 16 17 18 Life insurance reserves Pension entitlements Life insurance companies Private pension funds Governments 19 Miscellaneous and other assets 20 Total liabilities 21 22 23 Home mortgages Other mortgages Consumer credit 24 25 26 Policy loans Security credit Other liabilities (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). 18 Z.1, March 6, 2014 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 12082.1 1144.9 10937.2 10266.5 670.7 12435.2 1191.5 11243.7 10609.5 634.2 13191.3 1404.0 11787.4 11119.1 668.2 13743.8 1498.0 12245.8 11558.4 687.4 14135.2 1659.3 12475.9 11909.6 566.2 13701.6 1496.4 12205.1 11601.0 604.1 14073.1 1552.8 12520.4 11696.2 824.1 13925.9 1629.0 12296.9 11794.9 502.0 14086.2 1668.8 12417.4 11837.0 580.4 14225.3 1657.6 12567.7 11950.4 617.3 14303.4 1681.9 12621.5 12056.3 565.2 1 2 3 4 5 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) 0.5 50.3 1323.8 -28.4 -1.7 86.9 1318.6 -20.6 -0.4 121.9 1342.2 2.1 -1.4 160.4 1373.0 -5.1 -1.2 216.1 1397.7 18.2 -1.6 159.3 1379.2 10.4 -1.6 176.2 1389.6 -46.5 -1.9 212.3 1373.3 15.5 -0.4 214.3 1390.0 16.3 -2.6 222.0 1405.8 18.3 -0.0 215.8 1421.7 22.9 6 7 8 9 10 = Gross saving less net capital transfers paid 2073.6 2058.5 2129.8 2224.5 2160.5 2130.5 2434.9 2070.3 2168.0 2224.2 2179.8 10 11 Gross investment 2259.9 2592.3 2867.7 2609.9 2564.0 2260.0 2881.9 3210.8 2466.3 1974.9 2604.0 11 1429.3 321.0 970.8 147.1 -9.7 1448.9 318.3 1005.0 134.1 -8.5 1509.6 317.1 1061.2 139.6 -8.3 1613.2 354.3 1123.5 143.8 -8.4 1734.1 413.8 1179.7 148.5 -7.8 1618.9 357.4 1127.1 142.8 -8.5 1663.1 377.7 1149.7 144.1 -8.3 1692.5 392.1 1162.9 145.7 -8.1 1724.4 411.1 1174.7 146.5 -7.9 1762.0 429.9 1190.1 149.7 -7.7 1757.6 422.1 1191.0 152.1 -7.6 12 13 14 15 16 12 13 14 15 16 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Nonproduced nonfinancial assets 17 Net lending (+) or net borrowing (-) 830.6 1143.4 1358.2 996.7 829.9 641.2 1218.7 1518.3 741.9 212.9 846.4 17 18 Net acquisition of financial assets 648.7 892.9 1146.1 1090.7 976.5 539.9 1606.0 1448.2 819.2 646.1 992.3 18 19 20 21 22 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -6.6 105.7 106.0 -268.6 -0.6 35.9 159.0 -183.5 -2.8 328.8 371.8 -35.0 -1.8 82.8 420.8 16.5 5.7 81.8 185.2 -26.3 8.5 24.9 138.0 -13.7 -5.3 294.0 657.8 3.6 5.8 154.5 110.6 47.6 18.9 -115.6 187.4 -104.8 -4.4 18.7 283.9 53.5 2.5 269.7 158.9 -101.4 19 20 21 22 23 Credit market instruments 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (8) Consumer credit Municipal securities Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy 47.8 17.9 -157.4 34.5 -245.5 -457.9 298.6 -411.0 -201.2 -334.2 -35.5 23 16.7 534.1 -671.2 107.1 75.1 -5.3 -3.0 -5.8 -1.5 320.9 -2.6 43.7 -319.2 -0.6 -12.4 -10.4 -1.8 -222.4 5.6 -64.8 132.3 -2.8 0.4 -3.9 -0.3 232.0 -118.8 -152.1 98.2 -2.5 -14.6 -7.4 -2.0 -167.3 -132.6 -37.6 104.3 4.4 -9.3 -5.4 -0.4 37.6 -221.9 -238.5 -7.3 -0.5 -13.3 -13.6 -0.4 241.9 60.3 -248.9 269.2 -8.7 -13.1 -1.8 3.9 -83.8 -306.0 39.8 -54.0 7.1 -9.4 -8.6 -0.9 -61.6 -115.3 40.1 -54.3 5.4 -10.2 -4.5 -1.1 -307.1 -38.3 -83.1 107.6 1.9 -9.3 -4.7 -10.1 -216.6 -70.7 -147.0 417.9 3.0 -8.2 -3.7 24 25 26 27 28 29 30 31 -5.7 334.1 -74.1 24.6 420.6 -69.9 34.9 -186.8 227.7 25.7 6.2 595.9 187.1 8.3 -213.1 218.7 58.1 73.9 485.5 -53.2 70.7 -325.0 373.6 23.6 -26.6 501.2 -3.8 -5.1 -323.6 722.8 57.8 6.7 492.5 -7.8 27.2 -397.0 704.8 10.1 -0.3 541.2 -11.9 -6.7 -648.7 390.5 -16.6 23.6 593.1 -28.6 44.1 90.7 1009.3 26.1 -19.9 406.9 33.3 -5.8 -242.9 688.8 150.9 18.2 430.1 -19.5 8.9 -661.0 699.1 24.9 41.6 546.3 -48.5 26.0 -481.4 494.1 29.2 -13.3 586.6 3.6 79.5 32 33 34 35 36 37 38 -181.8 -250.5 -212.1 94.0 146.6 -101.2 387.3 -70.1 77.3 433.1 145.9 39 -231.1 -349.7 -186.3 27.0 114.4 -201.6 266.3 -84.2 100.5 392.8 48.7 40 -159.9 -103.7 5.9 33.0 0.5 -6.8 -365.6 -25.3 -2.2 52.4 2.4 -11.4 -229.1 108.9 -7.8 -53.9 1.9 -6.4 -237.9 169.4 -14.5 111.5 1.2 -2.8 -74.6 174.3 -13.1 21.7 2.0 4.2 -312.9 136.3 -15.4 -8.1 2.6 -4.1 -94.3 186.9 -18.5 184.1 4.2 3.9 -191.9 180.5 -6.5 -64.3 0.5 -2.5 -102.1 171.3 -14.6 36.2 5.1 4.6 88.6 179.1 -13.4 130.2 0.6 7.7 -93.1 166.3 -18.1 -15.3 1.7 7.1 41 42 43 44 45 46 38.1 16.0 -4.9 75.2 21.4 2.7 -39.3 14.0 -0.4 64.9 1.5 0.6 35.4 -5.4 2.1 98.7 -0.0 1.7 138.4 -3.2 -14.3 16.4 -6.4 4.1 -21.2 -9.4 7.4 44.6 -0.6 -3.7 101.9 -5.2 0.4 47 48 49 -186.2 -533.7 -738.0 -385.4 -403.5 -129.5 -446.9 -1140.5 -298.4 249.3 -424.2 50 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.9, line 63. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 33) and life insurance reserves (line 35), and pension entitlements (line 36). (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23. (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 21. 19 Z.1, March 6, 2014 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Income before taxes 1869.7 2233.6 2382.4 2739.2 2910.7 2729.1 2788.6 2867.2 2895.7 2930.3 2949.6 1 2 Gross saving less net capital transfers paid 1693.9 1931.4 2048.3 2119.8 2214.2 2106.0 2152.6 2143.6 2208.6 2192.9 2311.8 2 3 Gross investment 1819.3 1644.0 1195.3 2009.5 2115.6 2006.4 1984.6 2055.5 2088.2 2277.9 2041.1 3 4 1249.5 1479.9 1593.1 1777.9 1902.3 1794.8 1773.8 1808.4 1869.7 1945.3 1986.0 4 5 6 7 Capital expenditures Fixed investment Residential Nonresidential 1390.8 71.3 1319.5 1419.5 58.1 1361.4 1557.5 62.4 1495.1 1712.3 79.5 1632.8 1795.6 100.9 1694.7 1713.6 81.1 1632.5 1761.2 86.2 1674.9 1746.0 93.3 1652.6 1793.3 112.5 1680.9 1802.1 96.8 1705.2 1841.0 101.0 1740.0 5 6 7 8 9 Change in inventories Nonproduced nonfinancial assets -147.6 6.3 61.5 -1.1 36.4 -0.9 66.1 -0.4 107.9 -1.2 81.6 -0.4 13.0 -0.4 63.4 -1.0 77.2 -0.9 144.8 -1.5 146.3 -1.3 8 9 10 Net lending (+) or net borrowing (-) 569.8 164.1 -397.8 231.5 213.3 211.5 210.8 247.1 218.5 332.5 55.1 10 11 Net acquisition of financial assets 185.4 784.9 510.8 985.3 1141.3 1021.1 937.5 987.8 1036.9 1393.0 1147.5 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6.8 85.6 172.1 -73.1 0.7 9.1 76.8 62.8 -154.6 4.3 -5.8 27.3 17.1 -34.6 0.4 -21.5 107.4 29.9 -3.0 -2.2 43.1 118.4 85.2 -0.6 -1.1 -4.3 141.7 39.8 25.2 -10.6 15.7 77.5 49.7 84.0 -3.5 62.3 160.4 36.5 -55.6 -1.6 124.8 -51.8 73.0 -46.2 -2.6 13.0 143.7 156.7 75.6 15.8 -27.8 221.3 74.5 23.6 -16.0 12 13 14 15 16 17 Credit market instruments 3.3 9.3 -5.7 10.1 -34.1 60.2 -49.1 -112.3 12.0 -34.2 -2.0 17 18 19 20 21 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities -1.3 6.8 4.2 1.1 12.0 7.0 1.7 -2.6 -0.1 -4.5 -1.7 -1.6 -7.5 7.9 -2.6 12.2 -20.2 3.0 -4.5 -7.6 15.5 18.3 5.9 22.3 -15.5 -21.6 -17.7 24.9 -0.0 -34.0 -31.5 -54.8 -25.6 28.8 9.1 1.3 -29.5 2.5 0.2 0.1 -25.4 14.5 4.2 22.9 18 19 20 21 22 23 Mortgages Consumer credit -5.3 -2.2 2.6 -11.4 -0.1 2.3 0.1 0.0 0.7 -5.4 -0.1 -1.9 0.7 -19.9 -0.2 8.2 0.8 -2.3 0.9 -8.4 1.1 -19.3 22 23 35.3 -57.4 12.0 11.1 142.8 623.3 -12.8 89.2 435.6 0.7 91.2 772.6 0.7 155.3 774.5 0.7 90.9 677.5 0.7 19.7 742.7 0.7 163.4 734.0 0.7 154.9 772.0 0.7 142.5 879.2 0.7 160.5 712.8 24 25 26 -384.4 620.8 908.5 753.8 928.0 809.6 726.6 740.7 818.4 1060.5 1092.4 27 -255.9 172.3 547.1 720.4 915.4 608.8 1140.2 624.3 990.7 1098.3 948.1 28 -73.1 37.2 411.7 24.5 33.2 438.6 33.4 8.5 410.8 14.0 15.2 579.6 12.7 9.3 640.3 -35.5 9.7 587.1 70.5 11.9 782.0 20.9 11.3 579.4 -19.3 6.4 570.8 92.5 20.6 745.3 -43.2 -0.9 665.8 29 30 31 -336.0 -166.1 -129.5 -103.8 -85.7 -134.5 125.6 60.8 -92.0 166.1 -24.3 -30.1 94.5 54.5 104.0 118.8 -31.1 -40.3 172.0 18.6 85.2 55.4 6.0 -48.8 117.8 185.1 129.9 101.4 9.0 129.6 103.2 17.8 205.4 32 33 34 24 25 26 27 28 Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 29 30 31 Commercial paper Municipal securities Corporate bonds 32 33 34 Depository institution loans n.e.c. Other loans and advances Mortgages 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities -62.1 -65.8 -9.5 79.3 -277.4 186.6 6.4 346.7 -472.2 33.1 10.0 842.2 -399.5 120.1 8.2 314.8 -383.7 137.4 -14.2 278.7 -395.4 123.6 -8.3 489.3 -403.4 53.3 22.4 -62.7 -256.2 157.3 -16.9 193.5 -421.4 84.4 -18.3 204.0 -449.9 223.9 0.5 220.1 -407.5 83.9 -21.9 497.1 35 36 37 38 39 Proprietors’ net investment -70.4 186.2 -51.5 -10.3 -5.5 -8.4 -23.3 38.6 -20.9 -32.4 -7.3 39 -125.4 287.4 853.0 110.3 98.6 99.6 168.0 88.1 120.5 -85.0 270.7 40 40 Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Flows 2009 20 Z.1, March 6, 2014 F.102 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 1 2 3 4 5 6 7 8 9 10 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) - Net capital transfers paid (2) = Total internal funds + IVA 752.5 177.8 351.7 1049.4 1272.3 194.2 6.7 38.3 1434.9 1034.3 220.6 375.5 1077.2 1515.5 218.2 -41.0 20.9 1671.8 1026.7 222.3 440.3 1249.3 1613.4 226.1 -56.0 -6.4 1790.0 1293.7 256.9 478.8 1071.4 1629.4 214.2 -10.0 -16.7 1850.3 1337.7 265.6 497.3 1130.9 1705.8 223.7 3.7 -5.7 1938.8 1288.8 249.1 461.2 1075.0 1653.5 199.8 -22.0 -9.0 1840.3 1319.4 268.4 540.4 1085.8 1596.4 232.8 -8.4 -44.4 1865.2 1307.7 266.6 483.3 1113.9 1671.7 204.5 -13.0 -9.6 1872.8 1324.7 264.1 463.3 1127.0 1724.2 196.1 8.9 -5.7 1934.9 1345.2 263.7 577.2 1135.7 1639.9 270.1 1.7 -4.5 1916.2 1373.3 268.0 465.4 1147.3 1787.2 224.2 17.3 -2.9 2031.5 1 2 3 4 5 6 7 8 9 Gross investment 1560.2 1384.4 936.9 1740.0 1840.2 1740.7 1697.2 1784.7 1814.4 2001.1 1760.8 10 1009.3 1142.0 -139.0 6.3 1238.9 1176.4 63.7 -1.1 1337.2 1299.0 39.1 -0.9 1504.1 1433.5 71.0 -0.4 1575.6 1502.6 74.2 -1.2 1527.9 1434.0 94.3 -0.4 1495.1 1472.2 23.3 -0.4 1496.3 1464.3 33.0 -1.0 1545.9 1501.8 45.0 -0.9 1609.4 1504.7 106.3 -1.5 1650.6 1539.4 112.4 -1.3 11 12 13 14 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 15 Net lending (+) or net borrowing (-) 551.0 145.5 -400.3 235.9 264.7 212.8 202.1 288.4 268.5 391.7 110.2 15 16 Net acquisition of financial assets 302.4 633.2 494.1 910.4 1045.8 958.4 802.6 963.9 928.5 1272.9 1018.1 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6.8 70.7 176.9 -71.4 0.7 9.1 79.7 59.9 -157.7 4.3 -5.8 29.7 13.2 -35.4 0.4 -21.5 92.7 24.7 -4.1 -2.2 43.1 107.1 74.9 -2.9 -1.1 -4.3 128.6 35.8 24.4 -10.6 15.7 54.4 38.7 81.7 -3.5 62.3 158.9 33.3 -56.3 -1.6 124.8 -64.9 61.5 -48.7 -2.6 13.0 129.0 144.0 72.9 15.8 -27.8 205.4 60.9 20.7 -16.0 17 18 19 20 21 22 Credit market instruments 10.0 2.6 -6.7 8.7 -36.9 59.1 -52.0 -113.2 9.0 -37.6 -5.7 22 -1.3 12.5 4.2 0.9 -4.1 -2.2 12.0 5.1 1.7 -3.2 -1.6 -11.4 -0.1 -5.1 -1.7 -1.6 -0.6 2.3 -7.5 7.2 -2.6 12.2 -0.6 0.0 -20.2 1.6 -4.5 -7.8 -0.6 -5.4 15.5 17.8 5.9 22.2 -0.6 -1.9 -15.5 -23.1 -17.7 24.7 -0.6 -19.9 -0.0 -34.5 -31.5 -54.8 -0.6 8.2 -25.6 27.3 9.1 1.1 -0.6 -2.3 -29.5 0.7 0.2 -0.1 -0.6 -8.4 -25.4 12.7 4.2 22.7 -0.6 -19.3 23 24 25 26 27 28 35.3 -31.1 11.1 105.7 -12.8 83.4 0.7 83.5 0.7 140.0 0.7 84.9 0.7 3.2 0.7 158.6 0.7 137.7 0.7 123.5 0.7 140.1 29 30 104.5 269.7 -4.0 0.0 -9.3 -152.0 518.5 303.3 11.9 0.1 26.7 176.5 428.1 399.8 10.0 -0.0 8.4 10.0 727.9 365.8 7.4 0.0 -0.4 355.1 720.9 323.4 1.2 0.0 -0.4 396.7 639.8 355.3 5.8 0.0 -1.0 279.7 663.7 364.7 21.6 -0.0 20.9 256.6 721.2 294.8 -6.2 0.3 -4.0 436.3 711.0 372.1 7.3 -0.2 3.7 328.1 811.5 306.2 1.3 -0.1 0.6 503.4 639.8 320.4 2.4 0.1 -2.1 318.9 31 32 33 34 35 36 -248.5 487.8 894.4 674.5 781.1 745.6 600.5 675.5 660.0 881.2 907.8 37 -209.3 -73.1 52.7 244.4 398.7 148.8 590.3 367.8 398.1 478.0 351.1 38 -62.1 -277.4 -472.2 -399.5 -383.7 -395.4 -403.4 -256.2 -421.4 -449.9 -407.5 39 -147.1 204.4 524.9 643.9 782.5 544.2 993.7 623.9 819.5 927.9 758.5 40 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 29 30 Mutual fund shares Trade receivables 31 32 33 34 35 36 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 37 38 Net increase in liabilities Net funds raised in markets 39 Net new equity issues 40 Credit market instruments 41 42 43 44 45 46 Commercial paper Municipal securities (5) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances (6) Mortgages -73.1 37.2 411.7 -234.0 -160.8 -128.1 24.5 33.2 438.6 -83.5 -90.4 -118.1 33.4 8.5 410.8 68.9 60.2 -56.9 14.0 15.2 579.6 78.3 -33.7 -9.5 12.7 9.3 640.3 44.6 47.9 27.6 -35.5 9.7 587.1 56.7 -43.7 -30.1 70.5 11.9 782.0 83.0 10.7 35.6 20.9 11.3 579.4 20.0 22.5 -30.1 -19.3 6.4 570.8 55.8 163.9 41.9 92.5 20.6 745.3 56.1 2.2 11.3 -43.2 -0.9 665.8 46.6 3.1 87.2 41 42 43 44 45 46 47 48 49 50 51 52 53 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Claims of pension fund on sponsor Other -82.6 -3.3 46.5 104.6 -8.4 82.7 -132.4 156.3 7.2 397.3 157.0 15.4 -14.9 239.7 25.2 8.8 807.7 195.2 3.0 -12.5 622.0 118.4 6.6 305.0 165.1 -2.0 50.1 91.8 128.1 -17.2 271.6 133.1 -1.0 54.9 84.5 125.5 -9.5 480.8 135.5 -0.7 14.7 331.3 38.1 19.2 -47.0 173.2 -2.5 99.4 -317.1 138.9 -17.9 186.6 91.0 0.8 49.0 45.9 84.6 -21.8 199.1 142.0 0.4 36.4 20.4 213.9 -3.3 192.6 159.1 -1.1 50.3 -15.7 74.9 -26.0 507.9 140.2 -3.9 84.1 287.5 47 48 49 50 51 52 53 -125.4 287.4 853.0 110.3 98.6 99.6 168.0 88.1 120.5 -85.0 270.7 54 -269.7 -235.6 -220.1 -115.2 -133.9 -103.6 -92.9 -162.4 -187.2 -32.1 -153.9 55 54 55 Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 21 Z.1, March 6, 2014 F.103 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving = consumption of fixed capital 253.0 251.8 256.8 264.5 275.4 265.6 267.8 270.8 273.8 276.7 280.3 1 2 Gross saving less net capital transfers paid (1) 259.0 259.6 258.4 269.5 275.4 265.7 287.4 270.8 273.8 276.7 280.3 2 3 Gross investment 259.0 259.6 258.4 269.5 275.4 265.7 287.4 270.8 273.8 276.7 280.3 3 240.2 248.8 -8.5 241.0 243.1 -2.2 255.8 258.5 -2.7 273.8 278.7 -4.9 326.8 293.0 33.7 266.9 279.6 -12.7 278.7 289.0 -10.3 312.1 281.6 30.5 323.7 291.5 32.2 335.9 297.4 38.5 335.4 301.6 33.8 4 5 6 18.8 18.6 2.5 -4.3 -51.4 -1.2 8.8 -41.3 -50.0 -59.2 -55.1 7 -117.0 151.7 16.7 74.9 95.5 62.8 134.8 23.9 108.5 120.1 129.4 8 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 7 Net lending (+) or net borrowing (-) 8 Net acquisition of financial assets 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds 14.9 -4.8 -1.7 -2.8 2.9 3.1 -2.3 3.9 0.8 14.8 5.2 1.1 11.3 10.3 2.2 13.1 4.0 0.9 23.2 11.0 2.4 1.5 3.2 0.7 13.1 11.5 2.5 14.6 12.7 2.7 15.9 13.6 2.9 9 10 11 12 Credit market instruments -6.7 6.6 1.0 1.4 2.8 1.1 2.9 0.9 3.1 3.4 3.7 12 -5.7 0.2 -1.2 0.0 1.9 0.5 4.2 0.0 0.5 0.1 0.5 0.0 0.7 0.1 0.6 0.0 1.4 0.2 1.2 0.0 0.5 0.1 0.5 0.0 1.5 0.2 1.3 0.0 0.4 0.0 0.4 0.0 1.6 0.2 1.4 0.0 1.7 0.2 1.5 0.0 1.8 0.2 1.6 0.0 13 14 15 16 -26.3 -92.5 -9.8 -0.0 -82.7 37.0 104.8 29.7 0.4 74.7 5.8 7.5 -11.6 0.3 18.8 7.8 44.7 15.1 0.2 29.5 15.4 53.6 -5.3 0.6 58.3 5.9 37.8 14.9 0.4 22.5 16.4 78.9 19.2 0.2 59.5 4.8 12.8 -7.6 -0.2 20.6 17.3 61.1 -3.1 1.1 63.1 19.0 67.7 -5.1 1.0 71.8 20.4 73.0 -5.3 0.5 77.8 17 18 19 20 21 -135.8 133.1 14.2 79.3 146.9 64.0 126.1 65.2 158.4 179.3 184.6 22 -108.7 -32.1 22.1 76.5 132.9 64.6 146.5 0.4 171.2 170.4 189.6 23 -102.0 -5.3 -1.4 -20.3 4.7 -16.5 56.7 0.6 -35.2 87.8 9.3 -20.6 49.8 6.6 76.5 62.2 12.6 -10.2 89.0 7.9 49.6 35.5 -16.4 -18.7 62.0 21.2 87.9 45.3 6.8 118.3 56.6 14.7 118.3 24 25 26 16.8 -6.3 32.8 30.3 -0.7 -50.6 7.9 1.2 34.5 1.7 1.5 9.8 9.3 3.1 7.1 -1.9 1.2 8.5 15.3 3.3 -15.6 18.4 1.0 6.9 -0.2 3.4 4.9 10.0 3.8 27.5 9.0 4.1 -10.8 27 28 29 -70.4 186.2 -51.5 -10.3 -5.5 -8.4 -23.3 38.6 -20.9 -32.4 -7.3 30 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other Net increase in liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages 27 28 29 Trade payables Taxes payable Miscellaneous liabilities 30 Proprietors’ net investment (1) Net capital transfers paid from table F.9, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. Flows 2009 22 Z.1, March 6, 2014 F.104 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 Flows 1 2 3 4 5 6 7 8 9 10 11 12 13 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies 14 Net saving, NIPA basis 15 16 + Consumption of fixed capital - Net capital transfers paid (2) 17 = Gross saving less net capital transfers paid 18 Gross investment 19 20 Fixed investment Nonproduced nonfinancial assets 21 Net lending (+) or net borrowing (-) 22 Net acq. of financial assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1919.2 1998.5 2029.9 2039.4 2101.3 2039.6 2059.7 2078.7 2110.8 2103.2 2112.4 1 287.8 934.8 45.6 18.6 87.8 566.1 -21.4 297.6 960.4 47.7 18.1 82.6 612.0 -19.8 327.0 988.5 50.7 18.3 80.0 581.8 -16.5 348.8 1004.9 51.4 17.5 78.5 552.6 -14.3 376.6 1027.4 55.2 17.5 81.4 558.5 -15.4 349.2 1000.6 51.1 17.4 78.4 557.0 -14.1 358.8 1008.3 51.3 17.3 79.3 558.7 -14.0 377.1 1021.9 54.5 17.3 80.2 542.7 -14.9 393.1 1020.2 56.0 17.4 80.9 558.4 -15.2 365.6 1029.7 54.0 17.6 81.9 569.9 -15.5 370.4 1037.7 56.6 17.9 82.6 563.1 -15.9 2 3 4 5 6 7 8 2191.2 2235.8 2243.0 2292.1 2320.4 2299.7 2313.9 2308.5 2308.4 2329.2 2335.6 9 1508.4 492.6 188.8 1.4 1518.3 523.8 192.1 1.6 1517.4 532.0 192.9 0.5 1536.4 544.3 211.0 0.5 1548.2 561.7 210.1 0.5 1536.8 548.8 213.7 0.5 1544.3 553.7 215.5 0.5 1543.0 552.3 212.7 0.5 1541.4 555.9 210.6 0.5 1550.8 568.9 209.0 0.5 1557.4 569.5 208.1 0.5 10 11 12 13 -271.9 -237.3 -213.1 -252.7 -219.1 -260.1 -254.2 -229.8 -197.6 -226.0 -223.1 14 208.2 -67.7 212.7 -76.7 221.7 -73.9 231.4 -74.1 237.6 -71.0 232.4 -73.2 233.7 -80.5 234.9 -71.3 236.6 -68.6 238.3 -74.9 240.6 -69.1 15 16 4.0 52.2 82.5 52.8 89.4 45.5 60.0 76.4 107.6 87.2 86.6 17 -58.9 51.3 18.0 83.3 65.8 77.0 75.3 79.6 111.1 8.8 63.5 18 363.0 12.3 351.9 10.6 337.2 10.1 334.9 10.2 330.9 9.5 334.6 10.2 331.2 10.1 326.1 9.8 327.8 9.6 335.6 9.4 334.0 9.2 19 20 -434.2 -311.2 -329.4 -261.8 -274.6 -267.8 -265.9 -256.3 -226.3 -336.1 -279.7 21 10.8 66.1 -56.6 -77.0 13.3 -25.0 -229.1 42.5 112.8 -63.9 -38.2 22 23 24 Checkable deposits and currency Time and savings deposits 19.2 9.3 5.6 -6.9 16.6 14.4 -8.9 20.3 7.4 21.0 -7.6 37.4 -12.9 4.5 13.8 13.2 -10.4 53.6 28.8 13.7 -2.7 3.4 23 24 25 26 Money market fund shares Security repurchase agreements 9.8 -4.2 13.7 -1.4 -0.1 -6.5 -8.8 -6.9 1.2 0.9 -6.7 -5.3 -18.7 -14.7 2.0 1.6 6.4 5.1 -2.6 -2.0 -1.2 -0.9 25 26 27 Credit market instruments -37.4 60.8 -77.3 -69.3 -31.5 -49.0 -174.0 1.4 41.6 -121.2 -47.6 27 -39.0 -17.4 9.7 13.0 6.8 22.4 -10.8 -45.5 -12.7 -5.4 -12.7 -29.4 0.7 -38.9 3.9 -4.1 -6.1 -22.3 -11.3 -54.0 -62.3 1.2 -11.5 6.7 3.9 0.4 21.4 -1.6 -104.6 -8.6 -0.7 -40.0 -3.9 28 29 30 1.0 3.3 4.9 1.4 7.4 10.0 0.1 -4.0 -4.5 -0.8 -9.4 -11.7 0.1 1.2 1.5 -0.6 -7.1 -8.9 -1.6 -20.0 -24.8 0.2 2.1 2.7 0.6 6.9 8.5 -0.2 -2.8 -3.4 -0.1 -1.3 -1.6 31 32 33 28 29 30 Open market paper Treasury securities Agency- and GSE-backed securities 31 32 33 Municipal securities Corporate and foreign bonds Mortgages 34 35 Corporate equities Mutual fund shares -2.3 1.7 -0.3 2.8 -4.3 -0.7 -5.0 -2.6 0.7 0.3 -3.8 -2.0 -10.6 -5.5 1.1 0.6 3.7 1.9 -1.5 -0.8 -0.7 -0.3 34 35 36 37 38 Trade receivables Taxes receivable Miscellaneous assets -4.6 -5.8 25.2 13.1 1.1 -22.5 2.3 2.2 -3.2 8.2 1.5 -5.5 9.6 3.1 0.7 7.2 8.8 -4.1 4.7 9.8 -11.6 8.8 -1.3 1.2 8.7 -1.7 4.0 14.3 9.1 -1.6 6.4 6.1 -0.7 36 37 38 445.0 377.3 272.7 184.8 287.9 242.7 36.8 298.8 339.1 272.2 241.5 39 39 Net increase in liabilities 40 Credit market instruments 113.0 69.5 -52.7 -5.3 -38.9 -6.5 -115.5 73.0 32.8 -116.5 -144.8 40 41 42 43 44 Municipal securities Short-term (3) Long-term U.S. government loans 112.2 7.8 104.4 0.8 68.7 -0.7 69.3 0.9 -53.6 -10.6 -42.9 0.9 -5.7 3.8 -9.4 0.4 -39.4 -10.9 -28.6 0.5 -6.1 10.0 -16.1 -0.4 -116.0 -27.2 -88.8 0.5 71.7 -4.4 76.0 1.3 33.0 8.6 24.4 -0.2 -116.9 -19.4 -97.5 0.5 -145.4 -28.3 -117.2 0.6 41 42 43 44 38.9 293.0 38.5 269.3 38.4 287.0 39.1 151.0 39.6 287.2 39.2 210.1 39.2 113.1 39.2 186.5 39.3 267.0 39.9 348.8 40.0 346.4 45 46 62.9 0.9 64.5 -30.5 23.7 -31.5 -15.3 -3.3 -3.5 78.4 23.1 47 45 46 47 Trade payables Claims of pension fund on sponsor (4) Discrepancy (1) Data for employee retirement funds are shown in table F.118. (2) Table F.9, line 62. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. 23 Z.1, March 6, 2014 F.105 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 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2230.1 2391.7 2516.7 2663.0 3037.9 2656.6 2709.0 2900.1 3166.9 2975.8 3108.7 1 857.2 91.4 200.4 14.8 950.8 48.5 66.2 0.7 893.8 96.8 298.7 15.7 970.9 54.6 64.4 -3.1 1077.0 108.6 294.2 16.3 904.3 57.4 66.1 -7.3 1149.2 118.0 351.0 17.8 937.8 52.9 49.7 -13.4 1282.8 120.3 326.1 20.0 1093.9 164.6 54.5 -24.4 1147.2 118.2 356.1 17.1 934.6 52.2 45.6 -14.4 1194.0 118.0 347.9 19.9 955.3 53.3 38.4 -17.8 1252.0 118.8 321.0 19.2 1081.7 74.1 53.9 -20.6 1275.7 118.6 328.7 19.4 1091.2 299.6 57.4 -23.8 1292.0 119.3 329.3 20.0 1096.7 93.4 51.0 -25.9 1311.5 124.5 325.5 21.5 1106.0 191.3 55.5 -27.2 2 3 4 5 6 7 8 9 3479.9 3721.3 3764.9 3772.7 3792.8 3775.8 3787.5 3753.2 3820.1 3825.7 3772.4 10 933.7 1624.9 510.7 353.6 56.9 1003.9 1726.6 555.9 380.6 54.3 1008.7 1745.3 529.0 422.6 59.4 1011.7 1790.5 493.1 420.6 56.8 970.8 1856.8 492.9 414.4 57.9 1036.1 1793.1 500.0 391.1 55.6 993.9 1812.3 489.3 434.7 57.3 982.3 1848.1 479.2 386.1 57.5 976.0 1849.0 498.1 438.4 58.5 972.4 1862.8 509.2 422.7 58.6 952.6 1867.2 485.3 410.1 57.1 11 12 13 14 15 -1249.8 -1329.5 -1248.3 -1109.7 -754.9 -1119.3 -1078.5 -853.1 -653.1 -850.0 -663.7 16 234.5 0.5 5.0 64.4 245.3 -1.7 4.9 84.8 256.5 -0.4 4.4 81.4 262.3 -1.4 4.6 79.9 267.6 -1.2 5.3 58.8 262.9 -1.6 4.6 74.0 263.7 -1.6 4.7 103.5 265.6 -1.9 5.3 65.8 266.8 -0.4 5.3 58.4 267.8 -2.6 5.3 61.5 270.0 -0.0 5.4 49.5 17 18 19 20 16 Net saving, NIPA basis 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers paid (2) 21 = Gross saving less net capital transfers paid -1085.1 -1172.2 -1077.2 -930.5 -550.3 -933.3 -921.4 -656.7 -449.6 -646.3 -448.6 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets -1023.2 284.0 -8.9 -1117.8 300.0 -1.0 -1061.0 295.4 -0.9 -843.1 284.0 -1.4 -435.7 275.1 -0.7 -493.1 286.0 -1.4 -853.9 281.4 -1.4 -858.8 272.7 -0.6 66.8 276.6 -0.8 -467.3 278.8 -1.1 -483.3 272.2 -0.3 22 23 24 -1298.3 -1416.7 -1355.5 -1125.7 -710.0 -777.8 -1133.9 -1130.9 -209.0 -745.0 -755.2 25 237.8 281.1 -154.8 116.4 174.4 94.0 175.0 139.9 208.7 -85.6 434.8 26 51.9 -174.2 0.3 309.1 142.0 0.6 66.0 12.6 87.9 0.6 -21.1 35.9 35.4 1.6 148.9 0.1 83.6 -47.2 0.3 3.5 -6.2 133.1 24.1 -0.7 27.1 -3.5 16.2 -257.6 -0.3 19.1 -118.1 -0.1 4.8 4.1 128.5 40.3 4.8 20.8 1.9 4.3 6.7 0.2 105.0 -31.1 -0.2 2.5 1.6 132.1 -13.2 2.6 11.9 -1.0 -1.5 69.6 -0.5 123.7 0.0 -0.1 6.8 4.0 113.1 -4.8 0.1 -19.7 7.6 3.1 -28.1 -0.4 114.7 0.0 -0.4 -8.0 2.0 121.1 -9.9 6.2 8.1 0.1 -3.7 79.4 -0.4 94.4 0.0 -0.1 -2.6 -4.2 101.3 -5.0 -0.3 10.1 0.5 3.3 -8.6 -1.3 165.3 0.0 -0.2 10.1 7.2 148.2 -5.2 -14.1 -2.4 2.7 -1.0 130.6 0.5 125.1 0.0 -0.1 8.5 -0.5 117.2 -2.8 14.4 -46.5 -11.6 -4.2 -189.0 0.3 105.2 0.0 -0.1 3.8 3.7 97.7 -10.3 -4.5 1.7 15.3 -4.3 345.4 -1.4 99.3 0.0 -0.0 4.6 5.5 89.2 -1.1 4.6 -31.7 24.0 27 28 29 30 31 32 33 34 35 36 37 38 39 1536.1 1697.8 1200.7 1242.2 884.4 871.7 1308.9 1270.8 417.7 659.4 1189.9 40 47.6 3.0 -0.4 1443.9 -2.8 -73.3 1519.8 0.1 0.0 -56.2 1.1 97.0 61.9 15.6 19.5 0.0 0.0 -0.3 1580.2 -3.3 -19.0 1601.8 0.7 0.0 6.3 0.9 110.7 65.7 20.2 24.9 0.0 0.0 0.0 1067.9 -2.7 -249.5 1319.0 1.1 0.0 9.4 1.3 122.1 70.8 19.2 32.1 0.0 0.0 0.0 1140.2 -2.8 107.0 1036.3 -0.4 0.0 8.0 0.3 93.7 40.4 48.2 5.0 0.0 0.0 -0.4 759.1 -3.3 -35.9 798.7 -0.4 0.0 23.5 0.3 102.0 98.2 -9.7 13.4 0.0 0.0 0.0 787.7 -2.5 74.4 716.2 -0.3 0.0 17.0 -0.2 67.2 45.8 43.0 -21.6 0.0 0.0 0.0 1176.1 -5.0 53.8 1125.3 1.9 0.0 10.2 -0.5 123.1 -86.5 175.1 34.5 0.0 0.0 0.0 1168.7 -2.5 646.7 525.5 -1.0 0.0 1.8 0.2 100.1 229.9 -141.3 11.5 0.0 0.0 0.0 299.9 -3.7 -880.3 1182.6 1.3 0.0 31.1 0.8 86.1 -272.6 361.1 -2.5 0.0 0.0 -1.4 174.1 -3.3 -160.7 337.5 0.5 0.0 24.8 -0.5 462.3 -110.3 605.7 -33.0 0.0 0.0 0.0 1393.6 -3.6 250.6 1149.1 -2.4 0.0 36.4 0.5 -240.6 545.9 -864.1 77.7 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 -61.9 -54.5 -16.2 -87.5 -114.6 -440.2 -67.6 202.1 -516.4 -179.0 34.7 56 -173.2 148.9 -258.0 7.5 69.6 -24.6 24.8 -54.2 227.3 -185.1 290.3 57 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Net lending (+) or net borrowing (-) Net acq. of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities Nonmarketable securities held by pension plans (5) Claims of pension fund on sponsor Other Discrepancy Memo: Change in cash balance (6) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 61 less line 12. (3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). Flows 2009 24 Z.1, March 6, 2014 F.106 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2012 2013 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 Current taxes and trans. payments to rest of world 2608.7 1976.0 496.5 136.1 3018.1 2362.0 514.1 142.0 3360.9 2669.9 542.1 149.0 3453.5 2743.1 565.7 144.6 3475.0 2757.0 565.6 152.4 3432.3 2723.5 564.4 144.3 3444.9 2729.5 572.8 142.6 3465.5 2737.3 575.9 152.4 3474.6 2747.9 570.1 156.6 3480.4 2766.0 559.1 155.3 3479.6 2776.9 557.3 145.4 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 2227.5 1583.8 643.7 2563.5 1843.5 720.0 2904.0 2101.1 802.8 3014.5 2195.9 818.6 3077.3 2259.8 817.6 3011.2 2199.2 812.0 3043.5 2213.7 829.8 3027.5 2214.2 813.3 3055.9 2238.9 817.0 3087.8 2265.8 822.0 3138.1 2320.1 818.0 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.6 381.7 -0.7 455.2 -1.6 458.6 6.6 432.4 -0.4 398.1 -2.3 423.4 30.3 371.1 -0.4 438.5 -0.4 419.1 -0.4 393.0 -0.4 342.0 8 9 Gross investment Nonproduced nonfinancial assets 230.9 0.0 437.9 -0.0 550.4 -0.1 446.3 0.0 230.6 0.3 111.7 0.0 548.2 0.0 161.5 -0.0 261.1 0.0 270.2 1.1 197.8 0.0 10 11 10 11 12 Net lending (+) or net borrowing (-) 230.9 437.9 550.5 446.3 230.3 111.7 548.2 161.5 261.1 269.2 197.8 12 13 Net acquisition of financial assets 236.5 1196.8 1108.4 696.8 782.4 558.1 1272.9 904.2 1695.2 229.5 300.6 13 0.0 47.6 -201.9 -9.2 -73.2 7.2 -42.7 123.5 -41.4 554.4 569.9 -15.5 -226.0 -169.5 -56.6 7.7 -127.3 -44.0 154.9 57.2 6.6 0.0 166.5 150.4 16.1 0.0 0.0 -61.8 29.5 9.0 -7.1 74.2 623.7 -0.5 740.4 442.0 298.3 -72.3 -96.0 23.8 13.1 -36.8 -20.2 74.6 111.5 19.8 0.0 323.5 205.9 117.7 0.0 0.0 213.9 81.8 47.2 24.9 123.3 239.6 0.7 357.9 169.8 188.0 -41.6 -29.5 -12.1 -1.4 -109.9 33.9 -38.7 147.5 17.7 0.0 251.2 230.2 21.0 0.0 0.0 -136.0 68.3 37.1 20.2 2.6 449.7 3.4 589.5 433.2 156.4 -71.8 -126.0 54.2 -2.4 -16.9 -52.2 29.9 182.0 11.5 0.0 31.7 166.4 -134.8 0.0 0.0 260.4 48.9 47.4 61.7 56.3 513.3 1.8 418.3 233.3 184.9 -91.6 -25.3 -66.3 -1.4 191.5 -5.2 31.7 -87.6 11.9 0.0 -161.8 156.1 -318.0 0.0 0.0 -251.7 93.1 67.5 13.7 93.0 688.8 5.2 600.3 386.8 213.5 26.8 -68.5 95.4 10.4 80.6 -34.5 93.4 6.5 26.4 0.0 -272.6 155.4 -428.0 0.0 0.0 -516.4 84.4 88.7 14.9 158.8 582.3 19.9 558.4 406.4 152.0 -124.6 -141.4 16.8 -19.1 206.8 -59.2 313.5 110.0 -4.7 0.0 441.5 169.2 272.3 0.0 0.0 382.0 10.7 -2.1 7.9 221.8 561.4 35.0 531.6 435.5 96.1 -167.4 -88.1 -79.3 -10.9 163.4 9.7 16.5 -107.2 14.4 0.0 -201.1 114.5 -315.6 0.0 0.0 1133.6 33.2 23.9 203.1 -117.4 87.7 -15.0 65.5 -35.4 100.9 -137.4 -40.1 -97.4 -19.8 168.5 25.9 -128.4 -205.6 20.8 0.0 644.3 162.2 482.0 0.0 0.0 -160.5 89.5 82.0 15.4 10.6 538.6 -51.3 253.7 42.9 210.8 87.8 81.1 6.7 12.5 291.2 -55.4 274.7 -71.9 2.6 0.0 -551.6 176.7 -728.3 0.0 0.0 -313.5 62.3 85.7 20.5 110.3 865.7 38.6 822.2 490.3 331.9 -149.4 -54.2 -95.2 12.5 142.9 -1.0 -35.9 34.5 9.9 0.0 -538.9 171.0 -709.9 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 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 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 Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other Net increase in liabilities U.S. official reserve assets U.S. private deposits Security repurchase agreements Credit market instruments Commercial paper Bonds Depository institution loans n.e.c. Official Banks Other Other loans and advances Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (4,5) Investment by holding companies Other Discrepancy (FOF basis) (7) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs 5.7 758.9 557.9 250.5 552.1 446.5 724.7 742.7 1434.1 -39.6 102.8 39 52.3 -110.7 55.7 208.1 59.4 163.3 -14.8 -0.0 -5.2 -9.6 0.3 63.7 6.1 0.0 -269.5 1.7 -543.3 310.4 23.5 -61.7 1.8 -9.3 200.3 81.4 -2.7 59.9 24.0 2.1 15.6 6.3 0.2 79.1 25.8 0.0 379.7 2.3 -10.1 301.1 10.6 75.8 15.9 -46.3 71.6 128.9 -53.5 137.7 43.2 -1.2 16.8 27.6 1.4 6.0 -32.2 0.0 414.1 2.6 99.7 409.0 30.6 -127.8 4.5 -30.2 39.7 126.2 27.9 62.2 30.4 0.8 0.6 29.1 5.7 82.6 6.3 0.0 21.5 2.4 -91.0 388.3 -51.5 -226.8 -1.4 86.9 -114.7 204.1 34.4 129.6 39.2 1.0 20.0 18.2 1.0 211.4 -1.9 0.0 167.6 3.9 -8.6 373.1 -29.0 -171.8 3.3 141.0 -2.4 230.0 78.4 133.2 18.3 0.1 -19.8 38.0 0.2 71.5 -2.2 0.0 5.2 1.0 -61.6 374.5 -48.7 -260.0 -3.6 -89.1 118.7 330.4 54.5 250.5 15.0 4.2 -2.1 12.9 10.5 41.5 7.4 0.0 319.2 0.3 -14.9 381.7 -156.9 109.1 3.5 96.8 -70.5 393.4 120.7 239.8 33.3 -0.1 23.0 10.4 -0.4 295.3 -4.5 0.0 28.7 0.1 -3.8 336.5 89.8 -393.9 -0.8 315.3 -159.8 46.0 13.7 3.9 24.9 -0.4 17.1 8.2 3.5 313.6 7.6 0.0 912.2 8.3 -25.3 388.0 -146.0 687.1 -4.0 -73.3 10.0 117.6 -20.9 97.7 41.3 2.1 24.8 14.3 -0.4 91.9 -5.3 0.0 -176.4 0.1 -4.6 383.3 106.5 -661.6 -4.1 8.8 -238.3 259.5 24.1 177.0 57.2 2.2 15.1 40.0 1.2 144.8 -5.3 0.0 -62.6 7.2 -0.9 384.8 -166.4 -287.3 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 150.8 17.3 -91.9 -13.9 167.6 311.7 -177.1 277.0 158.0 122.7 144.2 60 -392.2 147.2 136.1 -381.2 -518.5 206.0 142.0 -454.5 -568.7 260.8 149.0 -457.0 -547.2 252.8 144.6 -439.0 -497.3 252.0 152.4 -397.7 -524.4 247.6 144.3 -421.1 -515.8 257.0 142.6 -401.4 -523.1 237.4 152.4 -438.1 -509.0 246.8 156.6 -418.7 -500.2 262.9 155.3 -392.6 -456.8 260.6 145.4 -341.6 61 62 63 64 (1) Table F.9, line 64. (2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 63 with the sign reversed minus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 25 Z.1, March 6, 2014 F.107 Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 1 Gross saving less net capital transfers paid 2 Gross investment 2013 Q4 Q1 Q2 Q3 Q4 350.6 384.6 333.2 331.2 282.2 377.9 262.0 395.2 127.9 377.8 228.1 1 0.6 -35.7 105.2 254.4 477.1 104.3 480.7 385.7 570.8 862.9 88.8 2 166.7 -0.1 166.9 167.4 4.7 162.8 181.5 6.3 175.2 198.7 5.3 193.4 207.9 2.1 205.8 197.8 5.1 192.7 204.0 4.9 199.1 208.0 4.9 203.1 192.8 -10.4 203.2 211.5 5.9 205.6 219.1 7.9 211.2 3 4 5 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 6 Net lending (+) or net borrowing (-) -166.1 -203.1 -76.2 55.7 269.2 -93.5 276.7 177.7 378.0 651.4 -130.3 6 7 Net acqisition of financial assets -1150.0 -351.0 1947.8 1785.5 3947.4 1629.3 3173.2 4772.6 3299.0 4373.5 3344.4 7 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 0.3 3.0 4.0 11.6 -349.5 0.3 0.0 0.9 8.7 -106.9 -0.3 0.0 0.7 -62.9 603.0 0.2 0.0 0.6 0.4 -64.1 0.2 0.0 0.8 -9.6 760.1 0.2 0.0 0.5 28.7 -254.9 0.1 0.0 0.5 12.5 234.3 0.2 0.0 0.9 21.8 1170.7 0.2 0.0 0.7 -46.7 887.0 0.2 0.0 0.7 -3.2 899.4 0.1 0.0 0.8 -10.2 83.4 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 -34.7 129.2 -174.0 -84.0 -29.3 -108.4 -171.7 6.5 36.8 -46.2 -68.0 -59.1 10.9 12.2 -17.8 96.7 6.6 76.0 -7.3 43.7 -4.7 153.5 36.7 162.6 152.2 62.4 229.0 -35.8 18.3 -32.6 -137.0 144.8 -14.3 79.4 18.7 -252.1 64.6 294.8 128.2 135.6 -42.1 -37.7 -39.2 146.6 13 14 15 16 17 Credit market instruments -976.9 -173.3 1051.3 1082.9 1812.7 789.5 1802.1 1966.2 1457.4 1590.6 2236.8 17 18 19 20 21 22 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -396.8 365.7 681.4 38.4 37.4 -103.3 504.6 51.8 44.1 271.6 -76.3 981.3 147.7 15.0 204.4 -7.1 323.8 230.9 138.2 360.4 17.9 544.5 463.4 3.3 369.8 -38.8 137.9 203.5 194.6 431.1 46.1 449.3 213.3 122.1 435.8 89.2 767.4 679.2 102.3 458.9 16.3 265.4 449.2 2.6 157.1 22.6 329.2 157.9 -38.9 457.8 -56.3 815.9 567.2 -52.7 405.4 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -753.4 -463.8 -302.2 -183.7 -90.4 -209.7 -505.3 -136.7 146.6 -30.9 -318.4 -18.0 184.1 38.7 -230.6 44.6 184.3 122.9 34.5 72.1 161.0 -5.5 -324.9 30.6 272.1 105.1 51.1 107.2 30.9 26.9 -221.3 32.7 208.5 280.0 17.2 61.0 211.6 121.3 234.5 94.6 286.4 63.4 107.3 100.2 23 24 25 26 27 28 Corporate equities Mutual fund shares 170.4 68.9 81.4 17.1 -86.3 -14.3 165.1 71.2 295.1 25.7 267.8 74.7 216.3 46.8 171.3 53.4 312.3 21.1 225.6 46.7 471.3 -18.2 27 28 29 30 Trade receivables Security credit -38.0 -21.8 -8.6 97.9 -0.8 39.7 -1.6 165.2 2.0 -21.7 5.9 256.2 -11.0 189.1 3.9 -131.7 -5.1 -79.2 0.4 50.1 9.0 73.9 29 30 31 32 Life insurance reserves Miscellaneous assets 2.8 138.6 8.2 26.2 7.3 546.9 14.7 248.9 10.9 952.1 11.7 101.0 1.1 273.5 10.2 1512.3 5.4 914.4 9.7 930.0 18.4 451.6 31 32 33 Net increase in liabilities -983.9 -147.9 2024.0 1729.8 3678.2 1722.8 2896.6 4594.9 2921.1 3722.0 3474.7 33 34 Net interbank liabilities -541.1 -145.2 818.5 -188.2 1065.0 -487.5 -343.7 1850.0 2000.7 527.7 -118.5 34 35 36 37 38 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -7.9 343.7 -498.7 290.4 266.3 115.6 -503.2 4.5 234.5 404.1 -112.8 -64.4 268.5 520.4 7.1 17.1 332.0 414.2 28.7 -58.1 223.1 435.8 55.3 -102.2 623.6 862.7 312.8 77.5 299.1 124.3 -135.0 -87.9 70.2 417.8 77.2 -507.1 161.7 831.4 270.2 62.4 796.9 283.3 -97.8 300.3 35 36 37 38 39 Credit market instruments -1808.7 -931.8 -435.2 -395.6 184.6 -272.0 -243.2 -4.2 52.9 78.3 611.5 39 40 41 42 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds -448.1 -60.1 -586.0 -102.2 -46.9 -575.2 -68.2 -21.9 -325.8 -58.8 -22.4 -209.6 -48.8 239.0 -103.1 -65.4 -7.6 -223.4 -86.1 67.0 -140.8 -12.4 182.0 -248.9 -15.7 225.6 -296.6 -132.3 198.5 10.9 -35.0 349.8 122.2 40 41 42 43 44 45 Depository institution loans n.e.c. Other loans and advances Mortgages -435.4 -282.6 3.4 -62.9 -144.7 0.2 31.6 -60.0 9.1 -124.0 3.5 15.6 29.0 70.9 -2.3 32.0 -19.8 12.2 -99.0 0.8 14.9 6.4 46.5 22.1 29.6 126.3 -16.4 -61.4 62.0 0.6 141.3 48.7 -15.4 43 44 45 316.3 497.1 191.3 370.1 164.1 338.4 168.6 624.9 171.4 662.1 274.3 784.7 227.3 542.5 235.4 956.8 49.7 506.9 185.6 673.9 214.9 510.7 46 47 48.9 -134.0 -52.0 48.4 -3.8 137.1 -0.0 124.0 0.3 0.6 -2.0 167.6 5.0 34.1 4.6 -122.1 1.0 92.9 -9.3 30.4 4.9 1.2 48 49 46 47 Corporate equities Mutual fund shares 48 49 Trade payables Security credit 50 51 Life insurance reserves Pension entitlements 26.3 420.6 13.6 595.9 79.9 485.5 -12.2 501.2 17.3 492.5 11.5 541.2 25.2 593.1 -9.8 406.9 22.9 430.1 51.8 546.3 4.5 586.6 50 51 52 53 54 Taxes payable Equity in noncorporate business Miscellaneous liabilities 6.1 0.6 112.3 13.0 0.9 64.9 10.7 -1.7 40.7 6.6 6.5 120.8 8.0 -2.3 247.3 37.8 -3.6 56.4 -34.5 -5.3 338.2 43.6 -5.3 968.1 -67.2 1.3 -388.0 36.2 -16.1 301.4 19.3 10.9 107.6 52 53 54 350.0 420.3 228.0 76.8 -194.8 273.6 -218.7 9.5 -442.9 -485.1 139.3 55 55 Discrepancy (1) Sum of financial sectors shown on tables F.108 and F.110 through F.130. Flows 2009 26 Z.1, March 6, 2014 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Flows Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving -0.8 -8.6 -0.3 -17.6 -1.3 -18.9 -5.6 -1.6 -1.2 -1.2 -1.1 1 2 Fixed nonresidential investment 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.6 2 3 Net acquisition of financial assets -3.4 186.0 494.0 7.7 1118.9 -203.0 447.7 1211.2 1116.3 1022.7 1125.4 3 0.3 3.0 4.0 0.3 0.0 0.9 -0.3 0.0 0.7 0.2 0.0 0.6 0.2 0.0 0.8 0.2 0.0 0.5 0.1 0.0 0.5 0.2 0.0 0.9 0.2 0.0 0.7 0.2 0.0 0.7 0.1 0.0 0.8 4 5 6 -0.6 0.7 0.8 0.1 -0.5 0.4 0.5 -0.4 -0.5 0.6 -1.6 7 -463.1 -447.4 -15.7 -96.4 -96.4 0.0 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.2 0.2 0.0 -0.2 -0.2 0.0 -0.2 -0.2 0.0 0.4 0.4 0.0 0.2 0.2 0.0 -0.4 -0.4 0.0 8 9 10 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 1001.6 271.5 376.5 34.5 1086.1 -203.4 398.4 1134.2 1083.8 1023.6 1102.9 12 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 7 Federal Reserve float (2) 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security repurchase agreements 12 Credit market instruments 13 14 15 16 17 18 19 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 0.0 300.7 0.0 300.7 1048.5 908.4 140.2 0.0 244.9 0.0 244.9 71.4 83.8 -12.4 0.0 642.0 0.0 642.0 -197.9 -154.5 -43.5 0.0 2.7 -18.4 21.1 61.8 89.0 -27.2 0.0 542.6 0.0 542.6 543.9 563.5 -19.6 0.0 -78.8 -73.7 -5.1 -112.4 -80.1 -32.3 0.0 61.8 0.0 61.8 340.2 366.7 -26.5 0.0 575.2 0.0 575.2 559.7 577.1 -17.4 0.0 548.5 0.0 548.5 535.8 548.7 -13.0 0.0 522.5 0.0 522.5 501.7 535.8 -34.1 0.0 524.3 0.0 524.3 578.6 592.3 -13.7 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III) (9) Funding corporations (CPFF) (10) -347.6 47.5 0.0 -45.5 0.1 -16.7 -3.5 -5.9 -323.6 -44.8 -22.8 0.0 0.0 -3.4 -2.2 -2.5 -4.4 -9.4 -67.6 -15.7 0.0 0.0 -21.0 -20.0 -6.7 -4.2 0.0 -29.9 -8.5 0.0 0.0 -4.9 0.0 -6.8 -9.8 0.0 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -12.2 -12.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.6 -3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.7 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.6 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 22 23 24 25 26 27 28 25.1 -493.8 -543.5 49.6 1.3 7.8 -10.2 18.0 -26.4 142.9 99.7 43.1 0.0 -27.6 -90.9 63.4 0.0 32.3 -8.6 40.9 0.0 -1.0 -61.7 60.7 0.0 48.5 -14.6 63.1 0.0 76.6 -3.3 79.9 0.0 31.6 -25.5 57.1 0.0 -2.6 -4.7 2.1 0.0 23.5 -1.0 24.5 29 30 31 32 -8.0 185.1 493.7 7.3 1118.7 -203.1 447.8 1210.4 1116.6 1022.9 1125.1 33 117.0 -2.8 -8.9 -2.2 594.2 8.1 -71.2 7.1 758.0 2.6 -266.5 11.0 202.7 31.3 1197.2 -25.8 891.6 -4.6 876.6 22.0 66.7 18.7 34 35 -117.6 185.0 -122.1 62.1 139.6 47.8 131.6 -16.8 313.7 -109.1 370.3 36 -173.8 -0.0 80.5 -254.3 149.0 -0.1 -45.9 195.0 -255.0 -0.0 -55.0 -200.0 7.0 0.0 7.0 0.0 69.8 0.1 69.7 0.0 -24.1 0.0 -24.1 0.0 24.5 0.1 24.4 0.0 -52.3 0.3 -52.6 0.0 226.5 -0.4 226.9 0.0 -185.9 0.2 -186.1 0.0 290.8 0.3 290.5 0.0 37 38 39 40 1.0 14.0 41.2 0.9 -21.6 56.7 -3.2 51.1 85.0 6.3 -37.4 86.2 1.5 -1.3 69.5 16.2 -29.2 84.9 3.2 18.3 85.7 11.0 -28.1 52.6 3.3 -2.7 86.6 -4.3 18.3 62.9 -3.9 7.3 76.1 41 42 43 -10.6 -18.0 40.2 7.3 208.7 29.1 57.8 -6.9 -41.2 249.0 634.1 44 6.1 4.6 1.5 29.2 0.9 28.3 -26.7 0.4 -27.1 2.0 0.5 1.5 9.9 0.1 9.7 -24.5 0.1 -24.6 24.3 -0.0 24.3 62.7 0.8 61.8 -43.0 -0.3 -42.7 -15.6 -0.2 -15.4 35.3 0.3 35.1 45 46 47 -6.0 -10.0 -1.2 -18.6 -2.0 -19.5 -6.1 -2.9 -1.5 -1.6 -1.9 48 29 30 31 32 33 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Net increase in liabilities 34 35 Depository institution reserves Vault cash of depository institutions 36 Checkable deposits and currency 37 38 39 40 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 41 42 43 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 44 Security repurchase agreements 45 46 47 Miscellaneous liabilities Federal Reserve Bank stock Other 48 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table F.203. (3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 27 Z.1, March 6, 2014 F.109 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid (2) 90.9 142.9 76.1 27.5 119.2 69.3 -54.0 151.8 89.2 127.4 108.2 1 2 Fixed nonresidential investment 29.7 24.7 24.0 25.7 30.7 25.3 27.8 30.6 30.4 30.8 31.1 2 3 Net lending (+) or net borrowing (-) -458.0 -185.1 -92.2 -86.9 146.2 -255.1 126.9 -74.2 415.4 356.1 -112.4 3 4 Net acquisition of financial assets -518.6 -240.1 830.9 449.8 995.3 196.6 707.9 1181.6 1375.4 875.1 549.0 4 -2.8 117.0 -2.2 -8.9 8.1 594.2 7.1 -71.2 2.6 758.0 11.0 -266.5 31.3 202.7 -25.8 1197.2 -4.6 891.6 22.0 876.6 18.7 66.7 5 6 -597.4 -194.4 208.9 413.6 287.8 300.3 696.2 115.0 208.7 206.0 621.6 7 5 6 Vault cash Reserves at Federal Reserve 7 Credit market instruments 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -15.7 94.7 172.6 3.4 -137.8 0.0 103.0 138.5 29.3 -124.7 0.0 -46.7 133.6 46.8 4.3 0.0 86.6 49.7 66.0 -6.2 0.0 -34.3 47.1 54.7 -16.3 0.0 60.0 16.5 84.6 87.2 0.0 103.9 -12.2 48.7 51.9 0.0 -69.7 159.8 58.7 -83.9 0.0 -147.2 68.8 65.2 -24.0 0.0 -89.7 -98.7 53.2 50.2 0.0 169.4 58.7 41.6 -7.4 8 9 10 11 12 13 14 15 16 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -405.8 0.0 -245.2 -63.6 -45.7 0.0 -213.9 -81.0 214.1 0.0 -146.8 3.6 214.0 0.0 -45.2 48.7 184.8 0.0 -22.4 74.2 173.3 0.0 -165.2 44.0 275.7 0.0 132.5 95.7 31.6 0.0 -18.1 36.7 209.0 0.0 -14.9 51.8 212.2 0.0 -16.7 95.6 286.4 0.0 -39.9 112.9 13 14 15 16 6.3 14.1 -1.7 -5.6 0.9 -0.5 5.1 8.7 -0.7 10.6 6.1 11.5 3.0 21.1 -2.7 14.9 0.1 1.3 -1.5 16.1 1.2 9.9 17 18 -59.9 0.8 22.7 4.5 79.0 4.8 100.3 7.4 -57.2 5.9 157.4 5.9 50.7 6.4 -148.2 5.3 -58.0 4.2 5.5 5.2 -28.0 8.8 19 20 17 18 Corporate equities Mutual fund shares 19 20 Security credit Life insurance reserves 21 3.3 -54.4 -64.5 -21.2 -11.7 -29.0 -303.6 25.8 331.9 -254.8 -149.9 21 22 Net increase in liabilities -60.6 -55.0 923.1 536.7 849.0 451.8 581.0 1255.8 960.0 518.9 661.5 22 23 Net interbank liabilities -655.3 -134.1 216.2 -124.1 304.4 -232.0 -577.7 678.6 1113.6 -370.9 -203.9 23 24 25 26 Checkable deposits Small time and savings deposits Large time deposits 109.7 517.2 -173.6 81.3 298.3 -182.7 356.7 577.4 -173.3 206.4 539.7 -19.2 192.4 311.9 102.3 175.3 529.6 -93.8 492.0 736.4 126.3 315.9 130.8 -6.4 -243.5 371.4 46.4 270.8 604.1 227.4 426.6 141.3 142.1 24 25 26 27 Federal funds and security repos (net) 294.2 -140.5 -80.3 -120.2 -61.2 -116.2 -121.7 -101.9 -182.4 34.7 4.8 27 28 Credit market instruments -306.3 -162.1 -75.8 -26.3 20.1 -71.9 27.1 -16.4 69.3 17.9 9.6 28 0.1 -28.5 -278.0 -20.1 6.7 -148.7 7.6 -21.0 -62.5 -33.1 1.3 5.6 -27.8 -18.2 66.1 -45.4 -18.2 -8.3 -13.0 23.7 16.3 -52.2 -7.6 43.5 -41.1 -9.8 120.3 -27.3 -19.8 64.9 9.3 -35.5 35.8 29 30 31 11.6 7.3 11.9 6.6 6.4 10.6 2.1 6.7 2.6 0.4 1.1 16.3 2.3 -6.4 1.4 7.6 0.6 -51.8 3.0 23.9 5.5 22.0 32 33 134.5 16.6 166.8 -73.5 24.7 166.2 12.4 33.4 -31.5 152.0 85.4 27.2 76.1 -33.7 15.8 71.7 -2.4 101.2 -11.8 -15.3 -24.0 5.3 66.3 -3.1 -92.5 243.4 5.6 136.6 -42.3 143.4 -97.2 4.4 71.8 32.3 -205.8 246.2 7.7 110.7 67.7 60.2 -163.7 2.2 -100.8 -3.4 -61.7 -291.9 7.4 70.4 -96.3 -273.5 113.5 3.9 185.1 19.6 -95.1 34 35 36 37 38 519.2 303.3 144.3 88.7 -57.8 299.1 -208.8 195.4 -356.5 -259.5 189.5 39 -2.6 -0.8 -0.1 0.4 1.5 1.0 1.2 1.2 2.0 1.8 0.8 40 29 30 31 Miscellaneous assets Open market paper Corporate bonds Other loans and advances 32 33 Corporate equity issues Taxes payable (net) 34 35 36 37 38 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other 39 Discrepancy Memo: 40 Consumer leases not included above (3) (1) U.S.-chartered depository institutions (F.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113). (2) Net capital transfers paid from table F.9, line 54. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. Flows 2009 28 Z.1, March 6, 2014 F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Flows Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid (1) 82.2 132.2 63.1 12.1 107.9 53.6 -70.5 140.0 78.1 116.3 97.0 1 2 Fixed nonresidential investment 24.2 20.3 19.1 20.0 24.8 19.7 22.0 24.8 24.5 24.8 25.1 2 3 Net acquisition of financial assets -324.2 -356.1 338.8 409.9 629.6 128.5 751.9 729.2 463.1 755.2 570.7 3 -2.8 44.4 -2.2 -85.6 8.1 222.9 7.1 -0.2 2.5 454.4 11.0 -165.7 31.3 305.6 -25.8 730.3 -4.7 80.4 22.0 885.9 18.7 120.9 4 5 -340.5 -174.7 133.7 361.8 246.5 182.2 641.1 147.3 186.9 75.5 576.3 6 4 5 Vault cash Reserves at Federal Reserve 6 Credit market instruments 7 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other -15.7 68.1 168.0 -13.4 0.1 70.1 0.1 111.3 0.0 93.0 110.1 -2.2 -0.2 129.4 -0.4 -16.6 0.0 -43.7 106.9 63.8 4.8 80.3 9.8 -51.8 0.0 69.3 35.5 18.6 8.6 -10.8 21.0 -1.9 0.0 -26.1 51.3 40.8 8.4 -23.6 23.9 1.8 0.0 -7.9 17.2 2.0 11.4 -2.2 22.0 -16.0 0.0 115.2 -12.0 -80.5 11.4 -21.9 22.4 56.6 0.0 -80.9 163.5 160.1 11.7 -31.4 19.5 3.5 0.0 -100.3 60.6 59.3 15.0 -45.9 27.4 4.9 0.0 -97.8 -101.5 -79.2 -1.9 -49.9 19.9 9.7 0.0 174.7 82.8 23.0 9.0 32.9 29.0 -11.1 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 2.4 25.1 6.6 1.1 -51.6 -3.8 73.7 30.3 -98.2 -9.7 -6.4 -70.6 -1.4 -10.7 42.6 2.5 -3.1 -2.5 -22.0 2.7 27.8 65.8 -1.4 15.3 0.4 -20.8 4.1 -0.1 53.4 15.0 10.0 -1.2 -14.6 4.6 16.6 84.7 56.3 -2.6 -0.3 -3.8 5.0 57.0 47.9 31.5 2.5 0.6 -17.7 6.3 40.5 53.9 -15.8 3.7 -0.5 -18.8 4.4 -3.5 66.2 9.9 13.7 1.8 -19.9 2.5 11.5 48.6 48.6 13.1 -4.8 -6.0 4.2 42.2 44.8 17.4 9.3 -1.4 -13.8 7.2 16.3 15 16 17 18 19 20 21 22 23 24 25 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -280.8 0.0 -243.3 -64.5 -34.6 0.0 -205.0 -70.3 163.6 0.0 -145.4 7.1 216.6 0.0 -52.2 28.1 136.2 0.0 -36.3 52.9 170.0 0.0 -171.1 33.0 277.8 0.0 114.7 66.0 31.6 0.0 -14.8 9.8 143.4 0.0 -25.9 32.9 148.0 0.0 -40.3 69.9 221.9 0.0 -64.4 99.1 22 23 24 25 6.3 14.8 -1.8 -5.8 1.0 -0.8 5.1 8.3 -0.7 10.7 6.1 11.1 3.0 20.7 -2.7 13.8 0.1 2.2 -1.5 16.6 1.2 10.2 26 27 26 27 Corporate equities Mutual fund shares 28 29 30 Security credit Life insurance reserves Miscellaneous assets -59.2 0.8 12.1 -5.8 4.5 -84.7 37.3 4.8 -68.2 42.3 7.4 -21.9 -55.9 5.9 -33.9 128.1 5.9 -50.0 4.7 6.4 -260.9 -135.7 5.3 -3.3 -41.6 4.2 235.5 -42.5 5.2 -206.0 -3.7 8.8 -161.6 28 29 30 31 Net increase in liabilities -25.1 -139.3 456.6 507.0 551.1 461.6 580.5 748.1 67.9 615.4 773.1 31 -496.4 -0.6 -463.1 7.5 -40.2 -206.7 0.7 -96.4 -22.2 -88.8 -267.9 0.8 -0.0 36.2 -304.9 -102.8 0.1 -0.1 -18.1 -84.8 154.1 -0.5 0.0 31.8 122.8 -169.1 0.4 0.2 -141.7 -28.0 -350.4 0.5 -0.2 -39.6 -311.1 418.8 -0.4 -0.2 199.8 219.6 230.9 -0.5 0.4 30.1 200.9 20.1 0.6 0.2 -119.5 138.7 -53.3 -1.6 -0.4 16.8 -68.1 32 33 34 35 36 94.0 0.3 -28.7 122.4 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.9 0.3 -4.1 180.7 148.8 0.3 -2.6 151.2 163.9 -0.2 4.9 159.2 448.7 0.7 -3.2 451.2 264.9 -0.7 -22.7 288.3 -287.8 0.3 -23.0 -265.1 241.3 0.5 36.7 204.2 376.7 0.9 -1.6 377.3 37 38 39 40 32 33 34 35 36 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 37 38 39 40 Checkable deposits Federal government Rest of the world Private domestic 41 42 43 Small time and savings deposits Large time deposits Federal funds and security repos (net) 472.3 -335.7 256.0 271.7 -133.8 -195.2 537.1 -13.2 -112.7 491.6 -9.1 -142.6 255.2 23.9 -62.4 498.6 -87.9 -109.6 705.2 -29.2 -175.1 107.7 -78.4 -134.6 308.8 34.0 -96.5 521.5 -10.6 -48.9 83.0 150.4 30.5 41 42 43 44 Credit market instruments -292.2 -161.7 -73.9 -27.2 17.0 -74.5 24.3 -4.9 64.4 5.4 3.2 44 0.1 -28.5 -263.9 -20.1 6.7 -148.3 7.6 -21.0 -60.5 -33.1 1.3 4.6 -27.8 -18.2 63.0 -45.4 -18.2 -10.9 -13.0 23.7 13.5 -52.2 -7.6 54.9 -41.1 -9.8 115.3 -27.3 -19.8 52.5 9.3 -35.5 29.4 45 46 47 11.6 7.3 11.9 6.6 6.4 10.6 2.1 6.7 2.6 0.4 1.1 16.3 2.3 -6.4 1.4 7.6 0.6 -51.8 3.0 23.9 5.5 22.0 48 49 257.8 166.8 91.1 198.5 33.4 165.1 50.8 76.1 -25.4 111.5 101.2 10.3 11.4 66.3 -54.9 222.8 136.6 86.2 -38.8 71.8 -110.6 165.7 110.7 55.0 -134.8 -100.8 -33.9 -140.4 70.4 -210.8 155.1 185.1 -30.0 50 51 52 357.1 328.8 161.7 89.2 4.6 367.0 -263.9 134.2 -341.6 -48.4 274.4 53 -2.6 -0.8 -0.1 0.4 1.5 1.0 1.2 1.2 2.0 1.8 0.8 54 45 46 47 Open market paper Corporate bonds Other loans and advances 48 49 Corporate equity issues Taxes payable (net) 50 51 52 Miscellaneous liabilities Investment by holding companies Other 53 Discrepancy Memo: 54 Consumer leases not included above (2) (1) Net capital transfers paid from table F.9, line 54. (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 29 Z.1, March 6, 2014 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 2.2 2.2 2.8 3.3 3.4 3.3 3.3 3.4 3.4 3.5 3.5 1 2 Fixed nonresidential investment 2.3 1.9 2.3 2.9 3.0 2.9 3.0 2.9 3.0 3.0 3.1 2 3 Net acquisition of financial assets -247.5 55.5 459.3 -8.7 313.8 74.4 -98.7 348.6 848.8 122.0 -64.0 3 0.0 45.1 0.0 66.7 0.0 360.2 0.0 -72.2 0.0 309.3 0.0 -68.9 0.0 -127.2 0.0 410.1 0.1 873.2 0.0 14.9 0.0 -61.1 4 5 -287.5 -24.4 42.5 5.8 -7.2 79.2 23.9 -84.9 -39.1 74.2 20.9 6 4 5 Vault cash Reserves at Federal Reserve 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 22.0 -19.3 0.0 -157.8 0.0 3.5 -4.8 0.0 -9.4 0.0 -0.5 4.0 0.0 -1.4 0.0 16.1 1.5 0.0 -6.2 0.0 -9.6 -6.7 0.0 -34.1 0.0 65.3 -8.3 0.0 30.5 0.0 -2.7 7.6 0.0 17.8 0.0 11.8 -17.5 0.0 -74.3 0.0 -50.5 -6.4 0.0 -36.6 0.0 9.4 0.1 0.0 1.1 0.0 -8.9 -3.1 0.0 -26.7 7 8 9 10 11 12 13 14 Depository institution loans n.e.c. Other loans and advances Mortgages -126.0 0.0 -6.4 -11.3 0.0 -2.5 42.9 0.0 -2.6 -3.7 0.0 -1.9 43.8 0.0 -0.6 -8.4 0.0 0.1 2.3 0.0 -1.2 0.0 0.0 -4.9 54.8 0.0 -0.4 62.5 0.0 1.0 57.8 0.0 1.9 12 13 14 15 16 Corporate equities Security credit 0.0 -0.8 0.1 28.5 -0.0 41.6 0.0 58.0 0.0 -1.3 0.0 29.3 0.0 46.0 0.0 -12.5 0.0 -16.4 -0.0 48.0 0.0 -24.2 15 16 17 Miscellaneous assets -4.4 -15.3 15.0 -0.3 13.0 34.8 -41.4 35.8 31.1 -15.1 0.4 17 18 Net increase in liabilities -103.0 35.1 466.6 -15.2 241.0 -9.2 -40.6 367.1 830.7 -94.9 -138.8 18 19 20 21 Net interbank liabilities To foreign banks To domestic banks -156.3 -161.7 5.4 33.7 27.0 6.7 507.2 518.8 -11.7 -7.1 -51.2 44.2 148.4 137.6 10.8 -18.5 -223.7 205.2 -223.7 -205.3 -18.4 215.6 162.3 53.3 883.4 932.7 -49.4 -362.8 -299.2 -63.6 -142.6 -245.4 102.8 19 20 21 22 23 24 Checkable deposits Small time and savings deposits Large time deposits 2.6 4.4 148.0 5.7 5.8 -46.5 23.7 13.2 -163.1 16.2 13.8 -16.2 30.8 27.7 71.1 19.9 1.2 -8.1 31.7 1.2 145.5 7.5 20.7 64.1 39.0 10.8 6.5 33.2 61.4 225.5 43.5 17.8 -11.8 22 23 24 25 26 Federal funds and security repos (net) Acceptance liabilities 40.6 0.0 54.6 0.0 48.3 0.0 16.2 0.0 -8.4 0.0 -20.9 0.0 57.7 0.0 -12.1 0.0 -82.3 0.0 87.1 0.0 -26.4 0.0 25 26 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other -142.3 16.6 -73.5 -85.3 -18.1 12.4 -31.5 1.1 37.3 27.2 -33.7 43.8 -38.1 -2.4 -11.8 -23.9 -28.5 5.3 -3.1 -30.7 17.1 5.6 -42.3 53.9 -53.0 4.4 32.3 -89.8 71.3 7.7 67.7 -4.0 -26.6 2.2 -3.4 -25.5 -139.3 7.4 -96.3 -50.5 -19.2 3.9 19.6 -42.8 27 28 29 30 144.4 -20.0 7.8 -6.1 -72.4 -83.2 58.5 19.0 -17.7 -216.4 -74.4 31 31 Discrepancy (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). Flows 2009 30 Z.1, March 6, 2014 F.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 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 -7.3 -14.8 -4.1 0.0 8.4 -13.3 2.6 0.7 23.8 7.8 1.3 3 4 Flows 2013 Q4 5 6 7 8 9 10 11 12 13 Credit market instruments -2.8 -19.3 -4.9 -0.1 0.4 -2.9 7.5 -1.1 -0.1 -3.2 6.0 4 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -0.7 -3.9 0.9 1.5 0.6 -7.7 -0.9 -1.4 -0.0 -8.0 0.9 3.6 -0.6 -2.2 -0.8 1.0 0.7 -0.8 0.9 0.6 -1.5 -3.3 0.1 2.0 -2.1 -5.5 -0.7 2.4 -0.1 -0.7 0.2 1.6 0.1 -1.1 0.2 -0.2 0.8 -0.9 3.0 0.3 2.1 -0.4 0.3 0.6 5 6 7 8 Depository institution loans n.e.c. Home mortgages Commercial mortgages -0.3 -0.3 -0.0 -3.3 -2.5 -4.0 1.1 -2.4 -0.1 1.0 2.3 -0.8 1.4 -1.1 -1.4 1.4 -0.8 -0.9 1.7 11.9 -0.2 0.3 -0.3 -2.1 3.6 -3.0 0.3 1.8 -0.6 -7.7 -0.2 -0.5 4.0 9 10 11 -4.5 4.5 0.8 0.2 8.0 -10.4 -5.0 1.8 23.9 11.1 -4.6 12 -1.1 -14.8 -3.1 -0.1 8.2 -11.5 0.5 0.8 26.1 12.1 -6.0 13 -1.0 1.4 -2.9 -2.9 0.9 0.5 -5.2 -5.2 -1.2 2.8 -0.4 -0.4 -0.4 2.5 -0.1 -0.1 0.2 6.2 2.4 2.4 -2.9 -5.5 -4.1 -4.1 1.5 3.9 1.2 1.2 1.3 0.8 1.2 1.2 -2.7 16.8 5.9 5.9 1.1 5.7 4.2 4.2 1.2 1.4 -1.5 -1.5 14 15 16 17 4.3 -5.9 -3.9 -2.0 -3.0 5.2 -7.2 -3.6 0.3 -3.1 -5.6 18 6.2 -0.0 1.0 -0.1 -0.2 1.9 -2.0 0.1 2.3 4.3 -7.3 19 Miscellaneous assets Net increase in liabilities 14 15 16 17 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits 18 Miscellaneous liabilities 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. F.113 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 6.3 8.4 10.0 12.0 7.7 12.3 13.0 8.2 7.6 7.5 7.6 1 2 Fixed nonresidential investment 3.1 2.4 2.4 2.7 2.8 2.7 2.8 2.7 2.8 2.8 2.9 2 3 Net acquisition of financial assets 60.4 75.3 36.9 48.5 43.4 7.1 52.2 103.1 39.6 -10.0 40.9 3 4 Reserves at Federal Reserve 27.5 10.0 11.1 1.2 -5.7 -31.8 24.4 56.8 -62.0 -24.2 6.8 4 5 Credit market instruments 33.5 24.0 37.6 46.0 48.2 41.9 23.7 53.7 61.0 59.5 18.4 5 0.0 5.4 27.8 0.0 -6.7 0.0 5.9 40.9 0.0 -15.7 0.0 -2.5 30.6 3.2 -0.3 0.0 1.7 14.9 1.0 0.3 0.0 0.6 3.3 0.3 2.2 0.0 4.0 11.0 -0.2 -1.6 0.0 -6.5 -2.3 1.5 0.1 0.0 -0.4 14.5 4.5 4.6 0.0 3.5 15.6 -1.2 2.9 0.0 -2.2 3.6 1.5 0.2 0.0 1.5 -20.6 -3.5 1.3 6 7 8 9 10 1.3 4.8 0.9 3.5 0.0 -10.7 6.6 3.5 -3.4 0.1 7.3 20.6 3.4 17.0 21.3 10.2 7.5 10.9 -6.1 7.3 29.7 -0.4 3.9 26.9 7.2 14.0 18.9 -0.1 30.9 25.7 6.9 19.1 13.8 11 12 13 -0.7 0.2 0.2 41.1 0.3 -12.1 0.4 0.8 -0.1 1.0 0.4 -3.4 0.4 3.7 1.1 -8.5 -0.8 41.5 -0.6 -44.7 -0.2 15.9 14 15 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Depository institution loans n.e.c. Home mortgages Consumer credit 14 15 Mutual fund shares Miscellaneous assets 16 Net increase in liabilities 68.6 63.9 3.1 45.0 48.6 10.9 40.6 139.7 35.3 -13.7 33.2 16 17 Net interbank liabilities -1.6 38.1 -21.9 -13.8 1.6 -41.5 -5.1 42.9 2.0 -29.3 -9.1 17 18 19 20 21 Shares/deposits Checkable Small time and savings Large time 72.0 11.6 43.4 17.0 34.3 5.5 26.1 2.8 41.5 10.7 27.4 3.4 51.3 10.7 34.4 6.2 38.2 6.7 26.5 5.0 37.3 -3.1 34.0 6.4 45.4 7.8 28.9 8.8 50.6 42.6 1.3 6.7 34.5 -11.5 45.9 0.0 15.7 -9.4 16.9 8.2 52.0 5.1 42.0 4.9 18 19 20 21 22 23 Federal funds and security repos (net) Other loans and advances -2.4 -14.1 0.1 -0.4 -15.9 -2.0 6.2 0.9 9.6 3.1 14.3 2.6 -4.3 2.8 44.9 -11.4 -3.6 4.9 -3.5 12.5 0.7 6.4 22 23 24 Miscellaneous liabilities 14.7 -8.3 1.3 0.3 -3.9 -1.8 1.8 12.8 -2.5 -9.0 -16.8 24 11.5 -5.5 -26.2 5.8 10.1 13.4 -1.3 42.1 0.4 1.1 -3.1 25 25 Discrepancy 31 Z.1, March 6, 2014 F.114 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving less net capital transfers paid (1) 41.4 51.4 32.9 27.1 39.7 42.2 -14.0 50.8 36.9 38.8 32.2 1 2 Fixed nonresidential investment 20.1 16.8 17.5 18.7 19.6 18.7 19.1 19.3 19.3 19.6 20.2 2 3 Net acquisition of financial assets 40.1 -38.2 24.6 20.7 45.2 38.2 34.0 35.0 42.9 54.7 48.0 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements -0.3 -3.2 0.1 5.0 -4.0 -0.7 -8.5 -5.6 -2.1 12.3 2.2 0.0 -5.6 0.4 0.0 14.6 12.6 0.9 13.9 0.5 -0.1 -18.8 1.7 0.1 -4.6 -8.8 -0.7 -0.1 5.9 0.5 0.9 2.7 0.1 4 5 6 7 Credit market instruments 33.3 3.9 36.2 -2.6 14.4 4.9 12.9 20.8 4.2 23.2 9.3 7 -9.3 22.9 1.9 -12.6 30.8 -0.5 -1.9 3.2 -0.4 -21.0 24.3 -0.3 0.9 4.6 6.9 -17.4 40.4 0.8 -1.4 -6.1 -9.0 -3.4 16.7 0.7 -0.1 -0.6 0.7 4.7 8.0 1.7 2.5 -5.7 -8.4 -2.1 18.2 0.5 -1.9 -4.6 -6.8 2.3 23.5 0.5 0.6 -0.0 2.7 7.7 9.0 0.9 -2.9 -4.8 1.3 3.6 4.2 2.9 2.0 5.1 2.0 5.7 6.6 1.8 -0.0 -2.8 -3.3 1.8 12.4 1.2 8 9 10 11 12 13 -2.8 0.5 -3.7 16.3 -20.9 -0.1 0.8 -22.2 2.9 -0.7 3.4 -1.0 4.6 1.8 4.8 -2.6 4.7 1.8 7.5 22.0 -3.5 1.8 9.8 -3.0 8.3 1.8 -10.0 6.7 4.9 1.8 8.1 16.4 9.8 1.8 10.4 30.8 -0.8 1.8 6.8 17.4 4.8 1.8 4.8 23.5 14 15 16 17 -4.3 2.9 16.9 -6.0 11.8 1.4 8.7 2.5 10.3 8.8 25.5 18 -1.7 -5.3 5.3 -2.6 0.8 -12.7 5.6 9.2 -1.1 -10.7 -4.4 33.1 0.4 -14.5 3.8 4.4 1.4 -4.7 9.2 5.8 0.7 -22.2 17.9 5.0 0.7 -4.8 -8.1 20.9 1.1 -3.6 30.4 -25.5 1.3 -6.4 -8.1 23.5 1.5 -8.3 10.7 4.9 1.8 -0.4 3.7 20.4 19 20 21 22 -23.2 75.7 7.6 -18.2 -13.3 -13.3 -58.4 -1.1 -15.0 -26.7 -10.5 23 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Security repurchase agreements Corporate equity issues Taxes payable (net) Miscellaneous liabilities Discrepancy (1) Net capital transfers paid from table F.9, line 51. F.115 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 13.5 16.6 8.0 2.8 7.0 4.6 3.9 8.4 7.0 6.2 6.5 1 2 Fixed nonresidential investment 14.6 12.5 13.1 14.0 14.7 14.0 14.3 14.5 14.4 14.7 15.1 2 3 Net acquisition of financial assets 116.4 181.5 229.0 127.0 82.9 211.9 246.4 44.1 2.2 153.7 131.6 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements -32.1 -5.5 2.2 1.0 -12.7 0.7 2.0 7.9 -0.8 2.7 -1.4 -1.6 1.5 -4.0 -2.3 -10.2 -2.4 -0.3 11.4 -1.1 0.1 5.1 2.1 0.9 -38.2 -31.6 -13.2 36.8 14.7 4.0 2.4 -1.0 -0.7 4 5 6 7 Credit market instruments 139.8 151.6 125.3 61.0 68.6 147.8 88.1 47.8 74.2 49.1 103.5 7 11.5 27.7 5.8 26.1 97.6 -12.6 -16.3 -8.9 23.2 4.0 39.2 102.9 -0.2 -8.6 -11.2 18.8 -1.6 9.4 87.1 7.9 15.0 13.9 4.2 -13.8 9.6 33.4 1.8 11.9 -8.3 3.7 2.1 3.7 49.8 2.6 15.0 7.2 9.6 -2.9 14.3 109.4 4.8 5.5 34.5 5.6 -13.1 10.0 37.6 6.2 7.2 -21.6 1.4 5.8 3.9 58.6 -3.4 3.1 -10.6 3.8 5.6 3.9 50.1 6.8 14.6 1.8 7.1 -0.0 1.3 11.0 3.5 24.5 -2.9 2.5 -2.8 5.7 79.7 3.4 17.9 8 9 10 11 12 13 14 33.4 0.0 45.6 1.0 37.7 1.1 15.3 1.3 29.3 1.4 20.0 1.3 18.5 1.3 18.7 1.3 60.9 1.4 13.1 1.4 24.5 1.4 15 16 -21.4 -5.7 55.7 49.7 -11.7 55.7 128.2 -31.8 -51.4 34.6 1.6 17 32.2 145.0 203.7 90.4 69.0 206.6 188.1 21.8 8.3 162.7 83.4 18 -0.5 -0.9 -6.6 -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -8.0 5.4 4.0 -7.6 -0.2 3.4 -8.6 -3.0 0.5 -6.6 5.2 0.6 -9.7 6.5 -1.8 -8.5 -2.9 -2.5 -7.1 12.9 19 20 21 26.3 -45.7 -7.0 66.7 13.6 93.0 2.6 46.0 79.9 77.9 5.2 50.4 -12.2 71.1 -4.6 38.2 17.3 36.2 -2.3 21.2 11.5 105.9 0.9 92.1 25.2 171.8 -18.5 17.9 -9.8 0.8 -0.6 32.3 22.9 -10.4 -6.7 5.2 51.8 94.8 0.0 29.3 4.5 59.3 -1.8 18.1 22 23 24 25 -85.3 -32.3 -30.5 -47.8 -21.5 -14.7 -68.7 -28.3 -1.3 0.6 -56.8 26 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 15 16 Corporate equities Mutual fund shares 17 Miscellaneous assets 18 Net increase in liabilities 19 20 21 Security repurchase agreements Corporate equity issues Other loans and advances 22 23 24 25 Life insurance reserves Pension entitlements (2) Taxes payable (net) Miscellaneous liabilities 26 Discrepancy (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on F.115.g and F.115.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). Flows 2009 32 Z.1, March 6, 2014 F.116 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Flows Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 1.4 1.3 1.3 1.3 1.4 1.3 1.3 1.4 1.4 1.4 1.4 1 2 Fixed nonresidential investment 1.6 1.4 1.1 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 2 3 Net acquisition of financial assets (2) 466.0 502.9 407.8 430.2 456.3 435.3 421.3 406.1 440.6 451.4 527.2 3 4 5 Checkable deposits and currency Time and savings deposits -2.9 4.4 2.7 5.5 6.1 5.0 -0.5 -3.1 -0.6 -1.4 -0.6 -1.9 1.2 -2.6 -0.1 -0.5 0.7 -10.8 -1.3 0.2 -1.8 5.5 4 5 6 7 Money market fund shares Security repurchase agreements -11.5 0.1 -7.1 0.2 18.8 0.3 -5.5 -0.2 -2.5 -0.2 -3.4 0.6 -5.9 -1.0 -0.9 -0.1 -13.1 -1.0 -4.6 -0.1 8.3 0.5 6 7 8 Credit market instruments -65.7 156.1 99.1 42.3 63.2 -3.1 51.9 68.3 -12.9 -327.4 524.8 8 2.0 64.4 -9.3 3.6 51.4 8.9 5.7 64.6 11.2 -3.8 101.3 52.3 -7.4 62.9 20.8 -8.8 95.3 32.2 -3.6 94.4 49.9 1.4 96.1 47.2 -12.7 11.4 14.6 -5.6 -353.4 10.6 -12.9 497.3 10.9 9 10 11 -116.8 -6.1 89.3 2.3 21.2 -4.4 -105.7 -3.7 -4.5 -5.8 -119.5 -3.5 -87.8 -3.4 -73.3 -4.2 -16.5 -4.6 31.3 -5.5 40.6 -8.8 12 13 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares -66.1 54.3 -53.4 21.8 -145.4 -14.2 44.2 59.4 -71.1 12.0 40.1 60.1 31.9 22.6 2.2 35.3 23.7 16.5 -174.9 27.5 -135.6 -31.4 14 15 16 17 18 Miscellaneous assets Claims of pension fund on sponsor (3) Other 553.4 391.3 28.6 377.0 274.6 28.4 438.1 293.7 52.9 293.5 249.3 -1.9 457.0 332.4 23.0 343.5 267.8 17.5 323.3 387.5 5.7 301.9 94.2 -24.7 437.4 664.5 45.3 932.0 1004.7 24.9 156.8 -433.6 46.5 16 17 18 466.3 502.9 407.6 430.1 456.3 435.3 421.2 406.1 440.5 451.4 527.2 19 570.2 348.5 117.5 136.5 -32.3 630.2 358.2 144.7 51.8 75.6 445.9 348.7 59.1 -26.6 64.7 587.3 340.6 89.6 94.2 62.9 ND 346.1 110.2 ND ND 679.9 341.5 93.9 149.7 94.9 886.4 346.5 74.7 322.8 142.3 -16.9 345.6 60.5 -436.7 13.7 286.9 346.2 94.3 -148.5 -5.2 739.4 345.9 105.6 192.6 95.4 ND 346.8 180.4 ND ND 20 21 22 23 24 19 Pension entitlements (liabilities) (4) Memo: 20 21 22 23 24 Household retirement assets (5) Defined benefit plans (6) Defined contribution plans (7) 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 (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (5) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (6) Additional detail on private defined benefit plans is available on table L.117.b. (7) Additional detail on private defined contribution plans is available on table L.117.c. (8) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts. (9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 23. 33 Z.1, March 6, 2014 F.117 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1 2 Fixed nonresidential investment 0.6 0.5 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) 156.5 180.1 87.0 127.0 140.7 130.5 116.1 106.9 178.6 138.3 139.0 3 4 5 Checkable deposits and currency Time and savings deposits -2.9 2.8 2.1 -0.9 5.7 1.4 -0.3 -1.8 -0.5 -0.5 -0.5 -1.0 1.3 -1.8 -0.1 -0.0 1.8 -1.6 -1.4 -0.9 -2.4 0.3 4 5 6 7 Money market fund shares Security repurchase agreements -8.8 0.2 -10.1 -0.2 16.8 0.0 -3.9 -0.1 -1.5 -0.1 -2.4 0.7 -4.9 -1.0 -0.3 -0.0 -2.0 -0.1 -5.9 -0.2 2.1 0.0 6 7 8 Credit market instruments 12.7 123.2 73.2 12.9 44.8 -3.4 -7.1 28.6 70.0 44.2 36.3 8 1.0 35.0 -6.4 -2.7 33.2 6.5 2.1 27.8 3.3 -2.4 48.0 17.2 -4.0 40.1 13.7 -7.8 48.0 7.5 -2.7 32.8 15.9 1.9 60.1 9.3 -2.7 51.7 16.3 -6.8 27.5 13.6 -8.6 21.2 15.4 9 10 11 -14.5 -2.4 83.4 2.8 44.6 -4.6 -47.3 -2.5 -2.2 -2.8 -48.7 -2.4 -50.7 -2.5 -40.0 -2.7 7.5 -2.8 12.8 -3.0 11.0 -2.8 12 13 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares -95.4 56.5 25.2 35.1 -63.8 1.5 11.7 55.0 4.5 26.9 37.5 58.8 -6.9 16.6 14.6 38.8 14.7 26.7 -6.0 43.4 -5.3 -1.2 14 15 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 191.4 80.0 -8.4 82.7 37.1 5.8 -7.1 15.4 -14.9 12.3 52.2 17.7 3.0 -12.5 44.1 53.5 7.6 -2.0 50.1 -2.2 67.1 4.3 -1.0 54.9 8.9 40.8 13.1 -0.7 14.7 13.7 119.9 19.0 -2.5 99.4 4.0 25.2 1.7 0.8 49.0 -26.2 69.1 -0.3 0.4 36.4 32.6 65.1 13.7 -1.1 50.3 2.2 109.2 2.0 -3.9 84.1 27.0 16 17 18 19 20 156.6 180.1 87.0 126.9 140.7 130.4 116.1 106.9 178.6 138.2 139.0 21 57.3 99.3 53.3 126.7 50.9 36.2 50.7 76.3 50.7 90.0 51.0 79.5 50.7 65.4 50.7 56.2 50.7 127.9 50.7 87.6 50.7 88.3 22 23 21 Pension entitlements (liabilities) (5) Memo: 22 23 Net acquisition of financial assets (6) Defined benefit plans Defined contribution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); 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) Additional detail on defined benefit plans and defined contribution plans is available on F.117.b and F.117.c. Flows 2009 34 Z.1, March 6, 2014 F.118 State and Local Government Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Flows Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.9 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1 2 Fixed nonresidential investment 1.0 0.9 0.7 0.8 0.9 0.8 0.9 0.8 0.9 0.9 0.9 2 3 Net acquisition of financial assets (2) 215.8 220.7 209.4 203.3 208.4 203.9 208.3 208.4 208.4 208.4 208.3 3 4 5 Checkable deposits and currency Time and savings deposits 0.0 1.6 0.6 6.4 0.4 3.6 -0.2 -1.3 -0.1 -0.9 -0.1 -0.9 -0.1 -0.8 -0.1 -0.5 -1.1 -9.2 0.1 1.1 0.6 5.2 4 5 6 7 Money market fund shares Security repurchase agreements -2.8 -0.1 3.1 0.4 2.0 0.2 -1.6 -0.1 -1.0 -0.1 -1.0 -0.1 -1.0 -0.1 -0.6 -0.0 -11.0 -0.9 1.3 0.1 6.2 0.5 6 7 8 Credit market instruments -85.8 22.1 0.4 14.0 9.3 -20.2 40.0 53.8 -38.6 11.8 10.3 8 1.0 22.0 -3.0 6.3 8.0 1.8 3.6 13.4 7.1 -1.4 41.2 33.6 -3.4 10.2 8.9 -0.9 32.5 23.3 -0.9 42.9 33.7 -0.6 45.5 40.2 -10.1 0.3 0.2 1.2 -1.3 -1.2 -4.3 -3.9 -3.6 9 10 11 0.1 -102.3 -3.7 0.7 5.7 -0.5 0.9 -24.8 0.2 1.9 -60.1 -1.2 -2.8 -0.6 -2.9 1.1 -75.1 -1.1 2.4 -37.2 -1.0 1.2 -31.1 -1.5 -5.1 -22.2 -1.8 -4.8 20.4 -2.5 -2.4 30.5 -6.0 12 13 14 20.5 -2.3 -84.0 -13.2 -77.4 -15.7 36.7 4.5 -85.2 -15.0 11.0 1.3 49.5 6.1 -28.7 -3.5 -0.3 -10.2 -161.7 -15.9 -150.2 -30.2 15 16 284.5 293.0 -8.5 285.3 269.3 16.1 295.8 287.0 8.8 151.3 151.0 0.3 301.3 287.2 14.1 213.9 210.1 3.8 114.8 113.1 1.7 188.1 186.5 1.5 279.7 267.0 12.7 371.5 348.8 22.7 365.9 346.4 19.5 17 18 19 215.9 220.7 209.3 203.3 208.3 203.9 208.3 208.3 208.3 208.3 208.3 20 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 15 16 Corporate equities Mutual fund shares 17 18 19 Miscellaneous assets Claims of pension fund on sponsor (3) Other 20 Pension entitlements (liabilities) (4) (1) Defined benefit plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net acquisition of financial assets (1) Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 Pension entitlements (liabilities) (5) 93.7 102.1 111.4 99.9 107.3 100.9 96.8 90.8 53.6 104.8 179.9 1 7.4 10.9 25.6 15.4 9.1 20.5 19.0 -14.0 -44.3 -383.4 478.2 2 7.4 0.0 -0.0 10.1 0.6 0.2 23.4 0.7 1.4 12.1 1.5 1.7 12.5 -1.7 -1.7 14.8 1.4 4.3 18.6 0.4 0.0 -9.5 -2.2 -2.3 -40.6 -1.9 -1.8 -379.7 -1.9 -1.9 480.0 -0.9 -0.9 3 4 5 8.8 5.4 -4.2 -4.1 9.6 -8.4 -10.8 16.3 9.3 -7.1 19.9 6 77.5 61.9 15.6 85.9 65.7 20.2 90.0 70.8 19.2 88.6 40.4 48.2 88.6 98.2 -9.7 88.8 45.8 43.0 88.6 -86.5 175.1 88.6 229.9 -141.3 88.6 -272.6 361.1 495.4 -110.3 605.7 -318.3 545.9 -864.1 7 8 9 93.7 102.1 111.4 99.9 107.3 100.9 96.8 90.8 53.6 104.8 179.9 10 75.5 18.2 84.2 18.0 88.4 23.0 86.6 13.3 87.1 20.2 86.5 14.4 87.5 9.3 86.5 4.3 87.2 -33.6 86.8 18.0 87.8 92.1 11 12 Memo: 11 12 Net acquisition of financial assets Defined benefit plans (6) Defined contibution plans (7) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Includes the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and National Railroad Retirement Investment Trust. (7) Thrift Savings Plan. 35 Z.1, March 6, 2014 F.120 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets -498.7 -503.2 -112.8 7.1 28.7 55.3 312.8 -135.0 77.2 270.2 -97.8 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 11.6 10.5 169.9 -62.4 8.7 -3.7 -107.7 -0.6 -62.9 5.8 -56.3 11.1 0.4 -3.6 32.8 54.2 -9.6 -3.2 59.4 -51.7 28.7 1.5 152.6 -91.9 12.5 11.4 116.4 150.6 21.8 23.4 -32.2 -206.7 -46.7 49.6 81.4 -135.0 -3.2 -84.6 233.2 88.0 -10.2 -1.2 -44.8 46.8 2 3 4 5 -619.9 -108.0 -171.3 -213.1 -69.4 -58.1 -396.6 -116.3 -71.0 -140.2 -53.4 -15.7 -9.8 -40.0 107.9 0.9 -29.4 -49.1 -82.7 -13.3 14.5 -60.2 -20.6 -3.0 30.9 11.3 30.4 17.6 -28.3 0.0 -27.8 -59.1 65.2 -13.9 -3.2 -16.9 -78.4 -8.5 -88.2 -14.1 -3.7 36.0 79.9 51.0 55.4 35.5 -65.9 4.0 112.2 135.5 -18.6 33.4 11.1 -49.2 83.7 -30.8 89.7 30.8 0.4 -6.4 -152.1 -110.5 -5.1 -29.4 -58.9 51.7 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Net share issues (liabilities) -8.3 -3.4 -0.8 6.1 2.8 -7.9 100.2 -21.2 15.7 -46.8 63.6 12 -498.7 -503.2 -112.8 7.1 28.7 55.3 312.8 -135.0 77.2 270.2 -97.8 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.121 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -40.7 -24.9 -35.3 -33.2 -11.0 -33.6 -31.1 -19.6 -8.3 -8.2 -8.0 1 2 Net acquisition of financial assets 497.1 370.1 338.4 624.9 662.1 784.7 542.5 956.8 506.9 673.9 510.7 2 3 Security repurchase agreements 4 5 6 7 8 9 10 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 11 12 Corporate equities Miscellaneous assets 28.6 -15.8 -28.8 54.1 95.7 108.5 -96.2 180.8 81.1 103.0 17.7 3 387.1 28.6 74.0 50.0 89.4 143.8 1.3 353.6 -13.9 122.5 76.9 46.7 122.3 -0.8 359.4 -26.3 76.1 104.7 15.7 170.3 18.9 642.0 27.5 123.0 87.0 86.2 306.0 12.2 360.8 28.6 61.8 -34.7 -16.5 282.0 39.7 655.2 41.8 12.0 155.1 107.2 333.5 5.6 579.2 -28.7 193.2 -17.1 67.4 344.1 20.3 670.9 -57.5 237.2 -5.2 76.8 388.7 30.8 257.6 32.6 -45.4 15.5 -22.5 207.6 69.9 226.8 63.1 53.3 -151.9 -80.9 315.2 28.0 288.1 76.2 2.0 2.6 -39.3 216.6 30.0 4 5 6 7 8 9 10 86.5 -5.1 44.3 -12.0 4.9 2.9 -38.1 -33.1 161.1 44.4 2.1 18.9 -11.9 71.4 60.2 44.9 164.7 3.4 214.7 129.5 204.9 -0.0 11 12 13 Net share issues (liabilities) 497.1 370.1 338.4 624.9 662.1 784.7 542.5 956.8 506.9 673.9 510.7 13 14 Discrepancy -40.7 -24.9 -35.3 -33.2 -11.0 -33.6 -31.1 -19.6 -8.3 -8.2 -8.0 14 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.122 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 2 3 4 5 6 7 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 7.5 0.5 -2.9 2.5 4.1 9.7 17.3 16.9 15.6 -15.9 -0.2 1 10.5 1.2 3.3 6.0 -3.0 5.3 0.7 0.4 4.2 -4.8 -1.7 -0.3 0.9 -2.3 -1.2 11.2 0.3 3.3 7.6 -8.7 17.7 0.6 0.4 16.7 -13.6 15.0 0.8 3.6 10.7 -5.3 14.7 -0.1 5.0 9.8 2.7 30.4 2.1 1.9 26.4 -13.5 26.1 0.5 2.2 23.4 -10.6 0.7 -0.2 -2.5 3.5 -16.6 13.4 0.1 -0.1 13.4 -13.6 2 3 4 5 6 7.5 0.5 -2.9 2.5 4.1 9.7 17.3 16.9 15.6 -15.9 -0.2 7 116.5 118.0 117.6 185.2 179.0 207.0 221.0 207.7 60.2 214.4 233.9 8 46.0 14.7 3.6 27.6 70.5 29.7 9.2 1.7 18.7 88.3 46.1 11.4 1.0 33.6 71.6 52.3 1.2 3.6 47.6 132.9 12.2 -6.5 -0.8 19.5 166.8 30.3 -18.1 2.9 45.5 176.7 40.3 3.4 4.0 32.9 180.7 28.1 -2.9 2.9 28.2 179.6 13.1 4.8 -1.8 10.1 47.1 17.3 -0.7 -4.0 22.0 197.1 -9.7 -27.0 -0.3 17.5 243.6 9 10 11 12 13 116.5 118.0 117.6 185.2 179.0 207.0 221.0 207.7 60.2 214.4 233.9 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) Flows 2009 36 Z.1, March 6, 2014 F.123 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Flows Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 9.6 10.6 8.8 8.5 -128.1 8.3 8.5 -38.0 -262.8 -55.9 -155.9 1 2 Fixed nonresidential investment 0.9 3.5 3.3 3.3 3.5 3.3 3.4 3.4 3.4 3.5 3.6 2 3 Net acquisition of financial assets -360.8 -313.9 -242.1 -205.1 86.4 -104.2 -149.0 116.2 -52.5 235.9 45.9 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security repos 11.1 -42.8 7.5 -36.0 0.3 20.7 9.3 -12.7 -38.9 -20.1 -9.1 38.6 19.3 3.7 5.1 -67.1 -24.2 144.3 65.7 2.2 -96.5 46.1 -2.7 171.1 -49.5 4.8 -169.3 102.5 10.8 -71.4 -21.9 1.8 90.1 4 5 6 7 Credit market instruments -337.8 -328.2 -199.7 -218.6 45.3 -171.9 -172.3 -159.6 162.4 197.5 -19.0 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 3.0 19.9 -27.4 0.2 45.9 -85.1 -3.4 17.6 -18.1 -3.1 -31.2 -48.3 2.2 -11.6 -17.3 -6.3 -18.7 -74.1 -3.0 -13.1 -53.0 3.1 22.3 -39.9 0.5 3.6 -32.5 3.0 28.5 8.6 2.1 -100.8 -5.3 8 9 10 11 12 Municipal securities Corporate and foreign bonds -2.2 -48.6 -4.2 -29.6 -3.9 -30.8 -4.1 -50.0 -3.7 -56.3 -5.3 -33.6 -4.4 -55.9 -2.6 -22.9 -5.9 -45.2 -4.1 -118.3 -2.3 -38.7 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans -284.8 0.0 -0.2 -284.6 -144.7 0.0 7.2 -151.9 -64.2 0.0 -3.5 -60.7 18.6 0.0 8.3 10.3 74.4 0.0 2.9 71.5 4.4 0.0 13.0 -8.5 17.9 0.0 4.6 13.3 28.9 0.0 -19.7 48.7 141.9 0.0 15.2 126.7 63.4 0.0 1.4 62.0 63.5 0.0 14.8 48.7 13 14 15 16 17 18 19 20 21 22 23 24 25 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 2.4 -25.3 0.0 -25.3 14.2 0.0 14.2 13.5 0.0 -110.8 -117.7 -232.5 114.8 2.0 25.3 -23.3 4.9 0.0 -96.9 -103.2 -108.9 5.7 2.8 24.5 -21.7 3.5 0.0 -100.5 -111.6 -74.1 -37.6 6.2 27.5 -21.3 4.9 0.0 57.6 75.4 129.7 -54.4 -21.9 18.9 -40.8 4.2 0.0 -38.4 -59.6 -93.2 33.6 16.6 29.0 -12.5 4.7 0.0 -60.7 -69.5 -61.7 -7.9 3.6 35.2 -31.6 5.3 0.0 -148.5 -138.1 41.2 -179.3 -14.1 26.2 -40.3 3.7 0.0 100.0 110.7 142.0 -31.3 -15.4 21.2 -36.6 4.7 0.0 216.3 237.2 219.6 17.7 -25.1 10.6 -35.7 4.2 0.0 62.4 91.6 116.1 -24.5 -33.2 17.5 -50.7 4.0 0.0 17 18 19 20 21 22 23 24 25 1.2 29.3 -0.1 4.1 13.0 14.7 51.8 61.3 -0.8 -3.5 -5.0 26 -317.1 -237.8 -208.1 -146.6 98.9 -115.2 -63.6 35.1 132.9 34.5 193.3 27 26 27 Miscellaneous assets Net increase in liabilities 28 Federal funds and security repos -0.1 0.1 -0.9 -0.4 0.0 -0.6 0.0 0.9 -0.8 -0.1 0.0 28 29 Credit market instruments -475.3 -233.8 -187.2 -154.6 106.5 -113.2 -75.4 43.1 136.7 40.2 206.1 29 30 31 32 33 GSE issues (4) Consolidated trusts (2) Other U.S. government loans -475.3 0.0 -475.3 0.0 -233.8 -207.2 -26.5 0.0 -187.2 -84.4 -102.8 0.0 -154.6 -46.5 -108.1 0.0 106.5 148.6 -42.0 0.0 -113.2 -64.2 -49.0 0.0 -75.4 -26.5 -48.9 0.0 43.1 67.3 -24.2 0.0 136.7 163.2 -26.5 0.0 40.2 230.2 -189.9 0.0 206.1 133.6 72.5 0.0 30 31 32 33 34 Corporate equities 96.0 38.1 29.2 14.5 1.1 13.9 14.7 7.8 -10.7 3.3 4.2 34 35 Miscellaneous liabilities 62.3 -42.2 -49.2 -6.1 -8.8 -15.3 -2.9 -16.7 7.7 -8.9 -17.1 35 52.3 83.2 39.6 63.7 -119.1 -6.1 90.5 -122.5 -80.8 -260.9 -12.2 36 36 Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.124) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. F.124 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 415.3 186.9 165.3 132.2 132.4 105.6 142.4 138.8 88.9 158.3 143.7 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 402.5 13.0 0.0 -0.2 175.8 11.3 0.0 -0.2 148.0 19.4 0.0 -2.1 105.0 27.0 0.0 0.3 98.8 33.7 0.0 -0.1 84.8 21.0 0.0 -0.2 106.5 36.2 0.0 -0.3 110.0 29.1 0.0 -0.2 51.4 37.7 0.0 -0.1 123.5 34.8 0.0 -0.1 110.4 33.2 0.0 0.0 2 3 4 5 415.3 186.9 165.3 132.2 132.4 105.6 142.4 138.8 88.9 158.3 143.7 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.123). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as agency- and GSE-backed securities. 37 Z.1, March 6, 2014 F.125 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets -736.6 -497.4 -247.2 -214.6 -154.3 -249.9 -133.6 -205.6 -207.0 -136.1 -68.5 3 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances -18.3 -224.2 -51.1 -13.8 -96.0 -38.9 -10.9 -3.3 -5.4 -5.8 -0.0 -0.6 -3.8 -0.2 -10.0 -6.6 -1.9 -19.3 0.8 -5.5 18.5 -11.3 11.8 -43.6 2.6 -3.9 -12.8 6.8 -3.5 14.1 -13.4 -5.1 2.3 4 5 6 7 8 9 10 Mortgages (2) Home Multifamily residential Commercial -371.0 -323.5 -6.1 -41.4 -297.0 -243.6 -8.6 -44.9 -219.2 -193.2 -7.7 -18.3 -205.4 -181.4 -9.6 -14.4 -133.5 -134.1 -5.6 6.2 -215.7 -183.4 -10.1 -22.3 -152.7 -168.0 -7.2 22.6 -166.4 -134.3 -13.8 -18.3 -171.5 -155.9 -11.2 -4.4 -142.1 -140.9 -2.1 1.0 -53.9 -105.2 4.7 46.5 7 8 9 10 11 12 Consumer credit Trade credit -37.8 -34.3 -42.3 -9.5 -4.2 -4.2 3.7 -6.4 -1.3 -5.5 -2.4 -3.9 6.4 -1.0 8.1 -4.2 -5.8 -15.6 -5.0 -6.4 -2.6 4.2 11 12 4 5 6 13 Net increase in liabilities -737.0 -497.6 -247.2 -214.6 -154.3 -249.9 -133.6 -205.6 -207.0 -136.1 -68.5 13 14 15 Commercial paper Corporate bonds (net) (3) -266.2 -470.8 -40.3 -457.3 -24.1 -223.0 -9.0 -205.5 -7.5 -146.8 14.5 -264.3 -32.9 -100.8 11.1 -216.7 -13.4 -193.6 -13.3 -122.7 -14.5 -54.0 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 -0.4 -25.3 -0.2 0.4 0.0 -3.1 0.0 -4.6 0.0 3.2 0.0 8.7 0.0 -7.9 0.0 3.0 0.0 8.2 0.0 1.7 0.0 -0.0 17 18 16 Discrepancy Memo: Securitized assets not included above 17 Consumer leases (4) 18 REIT assets (5) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Net issuance less net acquisition of corporate bonds held as assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (5) Included in table F.127. F.126 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 93.5 65.9 93.1 127.0 73.6 140.2 128.5 84.9 70.3 74.3 65.0 1 2 Fixed nonresidential investment 15.5 32.8 44.3 54.0 55.9 53.6 55.0 55.2 55.6 55.7 57.1 2 3 Net acquisition of financial assets -189.2 -216.6 -19.2 -70.6 -19.4 -88.9 -16.5 -46.0 6.1 -43.4 5.7 3 4 5 Checkable deposits and currency Time and savings deposits 0.5 1.6 -1.7 -5.2 5.1 15.4 -3.8 -11.5 3.8 11.4 8.8 26.5 -11.8 -35.4 5.5 16.4 -1.3 -3.9 17.7 53.1 -6.6 -19.8 4 5 -219.7 6.3 -91.0 -52.6 -82.4 -105.9 -19.8 -15.2 -57.6 -13.4 -45.8 0.9 3.0 -32.3 -17.4 -29.6 -6.3 11.2 -26.7 -7.8 -15.9 -8.6 16.0 -22.5 -0.8 -34.7 -6.3 3.3 -20.7 -11.0 -26.4 -26.5 21.2 -26.1 5.1 -22.6 -2.2 20.9 -29.3 -12.1 26.1 -17.6 39.4 -10.6 14.9 -14.8 -3.8 7.0 -22.0 4.0 -52.3 -10.7 -3.4 -28.1 -10.1 6 7 8 9 10 6 7 8 9 10 11 12 Credit market instruments Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Net increase in liabilities 28.4 -103.7 6.1 -25.7 -18.8 -89.6 57.1 -45.2 -14.7 -99.5 84.3 11 -250.2 -233.5 -26.0 -82.1 -21.2 -91.4 -47.7 -59.5 -1.8 -52.5 28.9 12 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances -156.2 -38.8 -87.0 -30.4 0.0 -174.9 1.7 -111.7 -64.9 0.0 -13.5 10.0 -39.4 15.9 0.0 -56.7 8.2 -81.4 16.4 0.0 4.6 -10.3 4.9 10.1 0.0 60.1 12.1 -10.0 58.0 0.0 -161.6 1.5 -190.7 27.7 0.0 -49.5 -32.6 -19.9 3.0 0.0 0.1 5.8 -14.0 8.2 0.0 59.3 31.6 24.4 3.4 0.0 8.7 -46.1 29.1 25.6 0.0 13 14 15 16 17 18 19 20 21 22 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other -2.8 -91.2 12.8 -32.6 -71.5 0.3 -58.9 13.2 -12.8 -59.3 0.5 -13.0 7.5 -12.0 -8.5 0.2 -25.5 -2.2 -0.9 -22.5 0.0 -25.9 1.1 -1.0 -25.9 -0.6 -150.9 1.8 -2.3 -150.5 0.9 112.9 -3.7 49.5 67.1 0.8 -10.9 -3.8 -9.5 2.4 -0.6 -1.2 2.5 8.8 -12.5 0.9 -112.7 0.4 1.5 -114.6 -1.0 21.3 5.3 -5.0 20.9 18 19 20 21 22 17.1 16.2 42.0 61.6 15.9 84.2 42.3 16.1 6.9 9.6 31.2 23 -25.7 -16.5 7.9 24.3 22.7 29.1 27.5 22.7 28.9 26.4 12.9 24 23 Discrepancy Memo: 24 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table F.125. Flows 2009 38 Z.1, March 6, 2014 F.127 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Flows Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 5.5 -5.9 -5.9 3.0 4.5 5.2 2.0 3.6 2.5 5.5 6.4 1 2 3 Fixed nonresidential investment Multifamily residential investment 3.6 -0.1 2.8 4.7 2.7 6.3 3.0 5.3 3.2 2.1 3.0 5.1 3.2 4.9 3.0 4.9 3.1 -10.4 3.3 5.9 3.3 7.9 2 3 4 Net acquisition of financial assets -9.3 41.8 118.3 157.7 -47.3 300.6 -30.2 27.4 -26.6 -139.8 -50.1 4 5 Checkable deposits and currency 6 Credit market instruments 7 8 9 10 11 12 13 14 Agency- and GSE-backed securities Corporate and foreign bonds Mortgages Home Multifamily residential Commercial Miscellaneous assets Net increase in liabilities 15 Security repurchase agreements 16 Credit market instruments 7.9 -2.8 2.1 7.5 7.9 15.0 1.5 23.4 -11.6 13.5 6.4 5 -8.7 37.1 102.9 127.7 -60.0 251.6 -59.3 -28.8 -61.4 -74.0 -75.9 6 15.5 3.8 38.2 5.3 101.4 1.3 111.5 10.1 -76.2 4.2 232.5 12.2 -77.1 6.2 -50.9 19.7 -71.9 -2.0 -93.2 -0.8 -88.6 -0.2 7 8 -28.0 -21.7 -2.0 -4.3 -6.3 -3.7 -0.4 -2.3 0.2 -0.7 -0.2 1.1 6.1 5.5 0.1 0.5 12.0 8.0 0.8 3.2 7.0 2.4 0.0 4.6 11.6 5.4 0.4 5.8 2.4 7.2 1.3 -6.0 12.5 4.3 2.5 5.7 20.0 11.1 -0.5 9.5 12.9 9.4 -0.3 3.8 9 10 11 12 -8.5 7.4 13.3 22.5 4.8 34.0 27.5 32.8 46.4 -79.2 19.4 13 -28.5 71.0 169.0 210.8 8.6 343.8 47.7 72.1 29.2 -67.3 0.4 14 11.1 30.0 94.9 103.4 -37.7 163.2 -4.8 7.5 -49.1 -96.4 -12.9 15 -50.0 -2.1 28.2 42.9 21.7 27.4 60.4 16.9 13.1 62.6 -5.9 16 17 18 Open market paper Corporate bonds 0.0 -41.3 0.0 -0.1 0.0 15.5 0.0 26.1 0.0 18.8 0.0 18.7 0.0 30.6 0.0 7.7 0.0 25.6 0.0 36.8 0.0 5.0 17 18 19 20 Depository institution loans n.e.c. Mortgages -12.1 3.4 -2.2 0.2 3.6 9.1 1.2 15.6 5.1 -2.3 -3.5 12.2 14.8 14.9 -12.9 22.1 3.9 -16.4 25.1 0.6 4.5 -15.4 19 20 24.2 -13.8 28.2 14.9 37.5 8.5 47.6 17.0 45.1 -20.4 62.7 90.5 37.1 -44.9 64.2 -16.5 63.1 2.1 24.9 -58.5 28.0 -8.8 21 22 -17.1 16.1 36.1 47.9 55.3 40.3 72.0 40.6 65.7 69.0 45.9 23 -25.3 0.0 -25.7 -0.0 0.4 0.4 0.0 1.1 -0.0 -0.7 -3.1 0.0 -0.7 -0.0 -2.3 -4.6 0.0 3.6 -0.0 -8.1 3.2 0.0 2.5 0.0 0.8 8.7 0.0 8.8 0.0 -0.1 -7.9 0.0 2.6 -0.0 -10.5 3.0 0.0 1.7 0.1 1.2 8.2 0.0 8.2 -0.0 0.0 1.7 0.0 -0.0 -0.0 1.7 -0.0 0.0 -0.0 -0.1 0.1 24 25 26 27 28 21 22 23 24 25 26 27 28 Corporate equity issues Miscellaneous liabilities Discrepancy Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on F.127.e and F.127.m. 39 Z.1, March 6, 2014 F.128 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Gross saving 38.0 26.8 10.0 7.8 16.5 12.4 -13.0 21.8 6.0 20.0 18.3 1 2 Fixed nonresidential investment 25.6 19.4 17.2 18.4 19.3 18.4 18.8 18.9 19.0 19.3 19.8 2 3 Net acquisition of financial assets -133.0 -9.1 -125.4 118.6 19.1 -5.5 -131.9 262.0 -10.0 -90.2 -85.3 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances -29.4 6.2 14.9 16.3 -16.5 33.2 58.8 -66.2 40.5 -19.8 -20.3 4 -192.1 32.2 5.7 89.1 -175.4 16.8 132.8 -167.4 -330.1 -5.4 -198.8 5 -24.2 -67.6 -131.8 -3.3 47.5 -12.7 -5.3 -28.5 38.9 4.6 35.2 -12.7 5.9 89.1 -2.1 -9.1 -85.0 6.9 -12.2 63.0 21.9 -4.3 35.5 -14.8 -1.3 -110.5 -55.4 -8.0 -6.9 6.7 -5.9 18.3 -17.2 -8.6 33.9 -3.8 -13.1 105.4 16.4 -9.6 3.1 30.6 0.1 -144.7 -62.8 17.7 31.9 -9.5 -2.2 -134.9 -112.3 -48.1 -52.8 20.2 6.2 68.6 -80.7 -3.0 -2.8 6.3 -9.2 -231.0 34.0 1.5 -4.1 10.0 6 7 8 9 10 11 12 13 Corporate equities Security credit -4.6 38.1 -18.5 75.2 -5.0 -39.3 9.7 64.9 18.6 35.4 31.6 98.7 -16.8 138.4 -78.0 16.4 16.5 -21.2 -5.5 44.6 141.5 101.9 12 13 14 Miscellaneous assets 54.9 -104.2 -101.7 -61.4 156.9 -186.0 -445.1 557.2 284.2 -104.1 -109.6 14 15 -202.5 -23.0 -91.3 63.7 -17.2 -60.8 -148.2 193.2 -47.5 -96.3 -118.2 15 16 Security repurchase agreements (net) -57.5 -66.2 -189.4 -15.1 -53.8 -180.5 27.9 81.6 -75.6 -134.6 -86.7 16 17 Credit market instruments -49.7 36.9 -37.9 -1.7 22.2 -65.2 17.3 -4.2 55.8 -27.8 65.1 17 -4.2 -45.5 36.9 0.0 -37.9 0.0 -1.7 0.0 22.2 0.0 -65.2 0.0 17.3 0.0 -4.2 0.0 55.8 0.0 -27.8 0.0 65.1 0.0 18 19 -32.4 48.9 -11.1 -52.0 14.1 -3.8 -50.7 -0.0 -31.0 0.3 -26.8 -2.0 -19.9 5.0 -45.4 4.6 -41.6 1.0 0.3 -9.3 -37.1 4.9 20 21 -134.0 -74.1 -59.2 -0.8 48.4 25.7 -5.8 28.5 137.1 58.1 37.3 41.6 124.0 23.6 42.3 58.0 0.6 57.8 -55.9 -1.3 167.6 10.1 128.1 29.3 34.1 -16.6 4.7 46.0 -122.1 26.1 -135.7 -12.5 92.9 150.9 -41.6 -16.4 30.4 24.9 -42.5 48.0 1.2 29.2 -3.7 -24.2 22 23 24 25 3.2 -2.1 -1.1 0.5 0.6 3.3 -2.4 5.4 0.1 0.6 -3.5 26 18.4 2.1 -166.8 183.1 22.2 13.2 -51.2 60.2 -8.6 10.8 40.4 -59.8 0.3 8.0 68.3 -76.0 46.1 4.8 62.8 -21.5 46.3 5.6 65.6 -24.9 -204.8 15.2 59.6 -279.7 278.7 6.5 -24.1 296.3 -81.5 4.1 49.5 -135.1 60.1 4.3 -119.7 175.4 -72.9 4.2 345.6 -422.8 27 28 29 30 18 19 Net increase in liabilities Corporate bonds Depository institution loans n.e.c. (1) 20 21 Corporate equity issues Trade payables 22 23 24 25 Security credit Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 26 Taxes payable 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent companies Other 31 32 Proprietors’ net investment Discrepancy 0.6 0.9 -1.7 6.5 -2.3 -3.6 -5.3 -5.3 1.3 -16.1 10.9 31 -57.2 -6.6 26.9 -65.5 -39.0 -61.3 -48.2 -65.8 -50.5 -5.4 -34.4 32 (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). Flows 2009 40 Z.1, March 6, 2014 F.129 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving 97.8 108.1 144.6 176.9 160.8 146.9 235.5 131.6 186.8 169.6 155.1 1 2 Fixed nonresidential investment 54.4 48.3 51.4 54.5 57.2 54.4 55.6 56.4 56.2 57.1 59.0 2 3 Net acquisition of financial assets 87.3 -4.6 44.6 -40.2 309.4 -88.6 113.8 381.9 -127.0 656.9 325.8 3 4 5 Time and savings deposits Federal funds and security repos -3.9 19.8 -1.3 2.1 2.4 0.2 3.1 -48.3 2.8 -2.8 0.5 0.6 -18.2 7.4 -13.6 -0.9 7.9 -14.1 -2.5 11.6 19.5 -8.0 4 5 6 Credit market instruments -16.0 22.1 3.1 -39.8 55.9 -28.1 -36.9 26.0 53.0 177.6 -32.9 6 2.7 -7.0 -8.4 -3.2 13.8 -3.2 7.3 4.3 7.1 12.0 -20.1 4.0 -29.8 -22.1 -4.7 16.7 9.8 14.9 34.0 -2.8 4.5 -1.9 -32.2 1.5 -13.2 5.6 -15.7 -13.6 6.4 15.5 1.6 2.6 41.1 -5.1 -2.0 19.0 -8.4 32.3 148.9 4.7 0.3 16.9 -12.6 -37.5 7 8 9 10 2.1 3.8 2.4 7.3 5.1 5.8 -5.3 5.0 1.1 4.5 9.6 11 85.4 166.8 0.0 9.3 -23.3 -173.1 23.5 82.3 -31.2 33.4 0.0 22.2 -39.5 -24.3 10.6 -33.6 36.5 76.1 0.0 9.3 -20.3 -13.0 30.6 -46.2 37.4 101.2 4.3 10.3 -0.5 49.3 -51.5 -75.6 248.4 66.3 -7.7 3.4 -0.6 47.2 -29.0 168.8 -67.4 136.6 5.3 13.0 -1.3 5.5 -48.7 -177.6 166.8 71.8 1.8 1.7 28.6 51.3 -156.9 168.6 365.3 110.7 -22.9 0.9 -5.5 -84.7 89.8 277.1 -175.0 -100.8 -0.0 -0.6 5.1 71.3 -146.0 -4.0 465.7 70.4 -7.1 21.2 0.9 -157.2 106.5 431.0 337.5 185.1 -0.7 -8.1 -2.9 359.5 -166.4 -29.0 12 13 14 15 16 17 18 19 34.8 -64.6 -50.0 -164.3 203.6 -182.4 -68.2 304.4 -259.1 542.5 226.4 20 -0.2 0.2 0.4 -1.2 -0.0 0.5 -4.5 -0.1 -0.0 0.0 0.0 21 -8.0 -16.5 -16.5 -97.7 -1.6 26.2 -69.3 -24.5 -149.7 -36.1 203.7 22 -18.1 7.8 2.3 3.9 -46.5 26.1 11.1 -91.6 64.0 6.2 16.3 -120.2 -19.9 4.5 13.8 31.9 16.7 -22.4 9.5 62.7 -141.4 5.2 -46.0 16.3 -28.7 -138.5 17.5 -4.8 58.5 -89.9 -51.3 143.8 111.1 23 24 25 7 8 9 10 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances 11 Life insurance reserves 12 13 14 15 16 17 18 19 Miscellaneous assets Net trans. with depository institution subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other 20 Net increase in liabilities 21 Federal funds and security repos 22 Credit market instruments 23 24 25 Commercial paper Corporate bonds Depository institution loans n.e.c. 26 Corporate equity issues 68.6 19.8 2.9 0.6 -17.0 36.5 -31.8 -7.0 -21.4 -27.5 -12.0 26 27 28 29 Miscellaneous liabilities Equity, etc. Other -25.6 35.6 -61.2 -68.2 -22.4 -45.8 -36.8 6.9 -43.8 -66.0 -13.9 -52.1 222.2 -3.3 225.5 -245.6 -16.6 -229.0 37.4 -149.9 187.2 336.0 67.8 268.2 -88.0 -119.8 31.8 606.2 -6.8 613.0 34.7 45.7 -11.0 27 28 29 -9.1 -0.3 -1.5 -1.7 -2.2 -1.4 -2.2 -2.3 -1.4 -1.9 -3.2 30 30 Discrepancy (1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 41 Z.1, March 6, 2014 F.130 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets -446.6 -115.4 -73.1 52.4 48.6 24.5 427.2 173.6 -10.0 31.6 -0.6 1 2 3 Money market fund shares Security repurchase agreements -153.7 0.1 -148.0 0.0 -89.2 0.0 -13.2 0.0 -1.2 -0.1 29.9 0.0 235.5 0.0 -139.9 -0.5 72.2 0.0 112.2 0.0 -49.3 0.0 2 3 4 Credit market instruments -250.9 89.7 22.7 58.4 37.4 -23.2 151.1 185.7 -57.1 -21.9 42.9 4 -284.7 43.6 -9.8 39.3 51.9 -1.5 -7.8 32.6 -2.0 -14.6 79.6 -6.5 -7.0 48.1 -3.8 -10.3 -10.8 -2.1 70.4 76.6 4.1 112.1 73.4 0.1 -123.8 71.1 -4.4 -17.1 1.0 -5.8 1.0 46.9 -5.0 5 6 7 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 -67.2 -73.5 6.3 -58.4 -31.5 -26.9 19.6 -33.7 53.4 7.2 -11.8 19.0 12.5 -3.1 15.6 17.8 -42.3 60.1 40.7 32.3 8.4 128.3 67.7 60.6 -25.2 -3.4 -21.8 -58.7 -96.3 37.6 5.8 19.6 -13.9 9 10 11 -446.6 -115.4 -73.1 52.4 48.6 24.5 427.2 173.6 -10.0 31.6 -0.6 12 -434.8 -65.3 -52.4 -23.9 27.5 9.1 -47.4 91.9 39.1 -57.0 36.2 13 -125.1 37.9 -349.6 2.0 -47.4 -3.2 -21.9 7.2 -72.7 71.6 -51.9 0.7 -30.9 35.3 -21.5 -6.8 16.8 11.4 0.0 -0.7 -78.5 98.9 0.0 -11.3 -51.3 16.3 0.0 -12.5 56.1 37.9 0.0 -2.2 61.7 -22.2 0.0 -0.4 -118.5 61.5 0.0 0.0 67.7 -31.4 0.0 0.0 14 15 16 17 30.5 3.5 -18.4 -8.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 -42.3 0.6 -30.2 2.4 -15.1 -53.6 0.6 -123.5 7.9 61.4 -2.4 0.6 -74.6 1.4 70.2 84.9 0.6 -79.2 0.1 163.5 21.1 0.6 94.0 0.0 -73.5 15.4 0.6 -198.4 0.0 213.2 474.6 0.6 -309.3 0.0 783.3 81.7 0.6 236.2 0.0 -155.0 -49.2 0.6 298.3 0.0 -348.0 88.6 0.6 -43.6 0.0 131.7 -36.8 0.6 -114.8 0.0 77.4 19 20 21 22 23 5 6 7 8 9 10 11 12 13 14 15 16 17 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) 18 Corporate equities (5) 19 20 21 22 23 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. Flows 2009 42 Z.1, March 6, 2014 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 Flows 1 Q1 Q2 Q3 Q4 99.9 1.8 15.9 4.5 -1.4 3.3 -3.6 3.5 -0.8 -4.0 -4.1 1 2 Federal government: SDR allocations 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 52.3 48.2 3.4 0.7 1.8 0.0 1.3 0.5 15.9 -1.8 18.1 -0.5 4.5 0.0 4.0 0.4 -1.4 0.0 -1.7 0.3 3.3 0.0 3.0 0.3 -3.6 0.0 -3.9 0.3 3.5 0.0 3.0 0.5 -0.8 0.0 -1.1 0.4 -4.0 0.0 -4.3 0.3 -4.1 0.0 -4.4 0.3 3 4 5 6 99.9 1.8 15.9 4.5 -1.4 3.3 -3.6 3.5 -0.8 -4.0 -4.1 7 7 Net change in liabilities 2013 Q4 Net change in assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 51.9 0.0 48.2 3.4 0.3 1.6 0.0 0.0 1.3 0.3 16.2 0.0 -1.8 18.2 -0.2 4.3 0.0 0.0 4.0 0.2 -1.5 0.0 0.0 -1.7 0.2 3.1 0.0 0.0 2.9 0.2 -3.7 0.0 0.0 -3.9 0.1 3.3 0.0 0.0 3.1 0.2 -1.0 0.0 0.0 -1.2 0.2 -4.2 0.0 0.0 -4.3 0.1 -4.3 0.0 0.0 -4.4 0.1 8 9 10 11 12 13 14 15 Rest of the world Monetary gold (2) SDR allocations 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3 -0.3 0.0 -0.1 -0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.1 0.2 0.1 0.0 -0.0 0.1 0.2 0.0 -0.1 0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.1 0.1 0.0 -0.0 0.1 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 3.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority -0.4 4.0 -0.3 0.9 0.0 0.7 0.0 0.6 -0.4 0.8 0.0 0.5 0.0 0.5 0.0 0.9 0.0 0.7 -1.4 0.7 0.0 0.8 3 4 5 Discrepancy (seigniorage) -4.4 -1.1 -0.7 -0.6 -1.1 -0.5 -0.5 -0.9 -0.7 -2.1 -0.8 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets -110.7 -9.3 -46.3 -30.2 86.9 141.0 -89.1 96.8 315.3 -73.3 8.8 1 -6.6 6.8 11.6 -0.6 9.1 8.7 -2.8 -5.8 -62.9 -1.8 -21.5 0.4 5.7 43.1 -9.6 8.5 -4.3 28.7 -5.3 15.7 12.5 5.8 62.3 21.8 18.9 124.8 -46.7 -4.4 13.0 -3.2 2.5 -27.8 -10.2 2 3 4 -122.5 -26.6 25.2 -7.3 47.7 108.0 -111.9 6.9 218.3 -78.7 44.3 5 43 Z.1, March 6, 2014 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 -541.1 -145.2 818.5 -188.2 1065.0 -487.5 -343.7 1850.0 2000.7 527.7 -118.5 1 114.2 -496.4 -156.3 -1.0 -1.6 -11.1 -206.7 33.7 0.9 38.1 602.3 -267.9 507.2 -1.2 -21.9 -64.1 -102.8 -7.1 -0.4 -13.8 760.6 154.1 148.4 0.2 1.6 -255.5 -169.1 -18.5 -2.9 -41.5 234.1 -350.4 -223.7 1.5 -5.1 1171.4 418.8 215.6 1.3 42.9 887.0 230.9 883.4 -2.7 2.0 898.6 20.1 -362.8 1.1 -29.3 85.4 -53.3 -142.6 1.2 -9.1 2 3 4 5 6 -551.4 -168.7 817.0 -200.1 1020.5 -506.6 -282.1 1552.7 2020.6 738.9 -230.1 7 -201.9 -463.7 41.6 45.1 27.5 -61.8 -95.7 -87.8 66.7 10.0 213.9 0.8 231.0 360.2 11.1 -136.0 0.0 6.9 -72.2 1.2 260.4 -0.5 456.9 309.3 -5.7 -251.7 0.6 -154.8 -68.9 -31.8 -516.4 0.3 336.9 -127.2 24.4 382.0 -0.7 704.5 410.1 56.8 1133.6 -0.0 75.7 873.3 -62.0 -160.5 0.8 907.9 14.9 -24.2 -313.5 -2.0 139.7 -61.1 6.8 8 9 10 11 12 10.3 23.5 1.5 11.9 44.4 19.1 -61.6 297.3 -20.0 -211.3 111.7 13 Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. -2.8 -2.8 0.0 -2.2 -2.2 0.0 8.1 8.1 0.0 7.1 7.1 0.0 2.6 2.5 0.0 11.0 11.0 0.0 31.3 31.3 0.0 -25.8 -25.8 0.0 -4.6 -4.7 0.1 22.0 22.0 0.0 18.7 18.7 0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 117.0 44.4 45.1 27.5 -8.9 -85.6 66.7 10.0 594.2 222.9 360.2 11.1 -71.2 -0.2 -72.2 1.2 758.0 454.4 309.3 -5.7 -266.5 -165.7 -68.9 -31.8 202.7 305.6 -127.2 24.4 1197.2 730.3 410.1 56.8 891.6 80.4 873.2 -62.0 876.6 885.9 14.9 -24.2 66.7 120.9 -61.1 6.8 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 -463.7 -463.7 -0.6 -463.1 -95.7 -95.7 0.7 -96.4 0.8 0.8 0.8 -0.0 0.0 0.0 0.1 -0.1 -0.5 -0.5 -0.5 0.0 0.6 0.6 0.4 0.2 0.3 0.3 0.5 -0.2 -0.7 -0.7 -0.4 -0.2 -0.0 -0.0 -0.5 0.4 0.8 0.8 0.6 0.2 -2.0 -2.0 -1.6 -0.4 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -53.5 -50.2 3.4 -78.4 21.5 99.9 -309.3 -222.2 87.1 -87.8 -199.0 -111.1 123.3 37.2 -86.1 -38.2 -105.5 -67.4 -301.5 -340.2 -38.8 220.5 48.1 -172.3 201.0 22.1 -178.9 134.4 47.6 -86.8 -62.6 31.1 93.7 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -149.6 -25.6 124.0 37.0 53.8 16.8 512.1 296.7 -215.4 -51.6 -90.0 -38.3 136.3 120.6 -15.7 -222.0 -49.3 172.7 -200.0 -170.4 29.6 157.0 52.3 -104.8 937.8 788.2 -149.5 -317.6 -417.7 -100.1 -232.0 59.6 291.6 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -9.6 -15.3 5.7 13.6 6.9 6.6 -12.4 -4.0 -8.4 -2.6 -3.3 0.7 -0.3 0.4 -0.8 -8.9 -7.8 -1.1 7.3 4.2 3.1 -1.8 1.8 -3.6 1.3 2.6 -1.3 -8.8 -3.3 -5.5 8.0 0.8 7.3 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -8.4 -2.0 -6.4 -6.8 -3.4 -3.4 -1.3 0.4 -1.7 0.8 -0.2 1.1 0.5 -0.1 0.5 -0.5 2.3 -2.8 -7.7 -5.4 -2.3 2.7 1.0 1.7 -3.9 2.5 -6.4 13.9 1.0 12.9 -10.9 -4.7 -6.2 34 35 36 -201.9 -61.8 213.9 -136.0 260.4 -251.7 -516.4 382.0 1133.6 -160.5 -313.5 37 7.5 -8.8 -21.6 1.0 1.6 -22.2 -16.8 -1.3 -0.9 -38.1 36.2 22.6 -2.0 1.2 21.9 -18.1 31.7 5.6 0.4 13.8 31.8 37.9 -4.7 -0.2 -1.6 -141.7 76.4 12.9 2.9 41.5 -39.6 -60.3 -2.3 -1.5 5.1 199.8 207.5 -45.6 -1.3 -42.9 30.1 -10.6 8.7 2.7 -2.0 -119.5 -93.4 89.6 -1.1 29.3 16.8 48.2 -71.4 -1.2 9.1 38 39 40 41 42 -16.2 5.4 -13.7 49.8 6.1 218.1 -20.7 7.7 -40.7 26.1 31.4 43 10.3 23.5 1.5 11.9 44.4 19.1 -61.6 297.3 -20.0 -211.3 111.7 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. Flows 2009 44 Z.1, March 6, 2014 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 1 Flows 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 2013 Q4 Q1 Q2 Q3 Q4 -7.9 266.3 234.5 268.5 332.0 223.1 623.6 299.1 70.2 161.7 796.9 1 -117.6 -173.8 14.0 1.0 41.2 185.0 149.0 -21.6 0.9 56.7 -122.1 -255.0 51.1 -3.2 85.0 62.1 7.0 -37.4 6.3 86.2 139.6 69.8 -1.3 1.5 69.5 47.8 -24.1 -29.2 16.2 84.9 131.6 24.5 18.3 3.2 85.7 -16.8 -52.3 -28.1 11.0 52.6 313.7 226.5 -2.7 3.3 86.6 -109.1 -185.9 18.3 -4.3 62.9 370.3 290.8 7.3 -3.9 76.1 2 3 4 5 6 94.0 0.3 -28.7 122.4 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.9 0.3 -4.1 180.7 148.8 0.3 -2.6 151.2 163.9 -0.2 4.9 159.2 448.7 0.7 -3.2 451.2 264.9 -0.7 -22.7 288.3 -287.8 0.3 -23.0 -265.1 241.3 0.5 36.7 204.2 376.7 0.9 -1.6 377.3 7 8 9 10 2.6 5.8 -3.2 5.7 4.1 1.7 23.7 4.4 19.3 16.2 8.9 7.3 30.8 12.3 18.5 19.9 7.4 12.5 31.7 21.2 10.5 7.5 2.5 5.0 39.0 14.9 24.1 33.2 6.5 26.7 43.5 25.4 18.1 11 12 13 1.4 0.5 2.8 2.5 6.2 -5.5 3.9 0.8 16.8 5.7 1.4 14 11.6 5.5 10.7 10.7 6.7 -3.1 7.8 42.6 -11.5 -9.4 5.1 15 -7.9 266.3 234.5 268.5 332.0 223.1 623.6 299.1 70.2 161.7 796.9 16 105.7 35.9 328.8 82.8 81.8 24.9 294.0 154.5 -115.6 18.7 269.7 17 85.6 70.7 14.9 76.8 79.7 -2.8 27.3 29.7 -2.3 107.4 92.7 14.8 118.4 107.1 11.3 141.7 128.6 13.1 77.5 54.4 23.2 160.4 158.9 1.5 -51.8 -64.9 13.1 143.7 129.0 14.6 221.3 205.4 15.9 18 19 20 19.2 -174.2 5.6 148.9 16.6 -257.6 -8.9 6.7 7.4 69.6 -7.6 -28.1 -12.9 79.4 13.8 -8.6 -10.4 130.6 28.8 -189.0 -2.7 345.4 21 22 16 Net change in assets 17 Household sector 18 19 20 Nonfinancial business Corporate Noncorporate 21 22 State and local governments Federal government 23 24 25 Rest of the world Checkable deposits Currency -9.2 -21.8 12.6 29.5 1.2 28.3 81.8 26.8 55.0 68.3 11.1 57.1 48.9 11.2 37.7 93.1 28.4 64.6 84.4 21.2 63.2 10.7 -9.2 19.8 33.2 -4.8 37.9 89.5 38.9 50.7 62.3 19.9 42.5 23 24 25 26 Financial sectors -34.7 -29.3 36.8 10.9 6.6 -4.7 152.2 18.3 -14.3 64.6 -42.1 26 -0.3 -32.1 5.0 1.0 -8.5 2.0 12.3 2.7 -5.6 1.5 14.6 -10.2 13.9 11.4 -18.8 5.1 -4.6 -38.2 -0.1 36.8 0.9 2.4 27 28 27 28 Property-casualty insurance companies Life insurance companies 29 30 Private pension funds State and local govt. retirement funds -2.9 0.0 2.1 0.6 5.7 0.4 -0.3 -0.2 -0.5 -0.1 -0.5 -0.1 1.3 -0.1 -0.1 -0.1 1.8 -1.1 -1.4 0.1 -2.4 0.6 29 30 31 32 Money market mutual funds Government-sponsored enterprises 10.5 11.1 -3.7 -36.0 5.8 9.3 -3.6 -20.1 -3.2 19.3 1.5 -67.1 11.4 65.7 23.4 46.1 49.6 -49.5 -84.6 102.5 -1.2 -21.9 31 32 33 34 35 Finance companies REITs Brokers and dealers 0.5 7.9 -29.4 -1.7 -2.8 6.2 5.1 2.1 14.9 -3.8 7.5 16.3 3.8 7.9 -16.5 8.8 15.0 33.2 -11.8 1.5 58.8 5.5 23.4 -66.2 -1.3 -11.6 40.5 17.7 13.5 -19.8 -6.6 6.4 -20.3 33 34 35 -0.3 -1.1 0.8 1.3 -0.7 3.8 -51.0 -49.8 98.6 5.5 -57.0 36 36 Mail float 45 Z.1, March 6, 2014 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 1 2 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 2013 Q4 Q1 Q2 Q3 Q4 343.7 115.6 404.1 520.4 414.2 435.8 862.7 124.3 417.8 831.4 283.3 1 517.2 298.3 577.4 539.7 311.9 529.6 736.4 130.8 371.4 604.1 141.3 2 472.3 4.4 -2.9 43.4 271.7 5.8 -5.2 26.1 537.1 13.2 -0.4 27.4 491.6 13.8 -0.1 34.4 255.2 27.7 2.4 26.5 498.6 1.2 -4.1 34.0 705.2 1.2 1.2 28.9 107.7 20.7 1.2 1.3 308.8 10.8 5.9 45.9 521.5 61.4 4.2 16.9 83.0 17.8 -1.5 42.0 3 4 5 6 -173.6 -182.7 -173.3 -19.2 102.3 -93.8 126.3 -6.4 46.4 227.4 142.1 7 -335.7 148.0 -2.9 17.0 -133.8 -46.5 -5.2 2.8 -13.2 -163.1 -0.4 3.4 -9.1 -16.2 -0.1 6.2 23.9 71.1 2.4 5.0 -87.9 -8.1 -4.1 6.4 -29.2 145.5 1.2 8.8 -78.4 64.1 1.2 6.7 34.0 6.5 5.9 0.0 -10.6 225.5 4.2 8.2 150.4 -11.8 -1.5 4.9 8 9 10 11 12 Net change in assets 343.7 115.6 404.1 520.4 414.2 435.8 862.7 124.3 417.8 831.4 283.3 12 13 Household sector 106.0 159.0 371.8 420.8 185.2 138.0 657.8 110.6 187.4 283.9 158.9 13 14 15 16 Nonfinancial business Corporate Noncorporate 172.1 176.9 -4.8 62.8 59.9 2.9 17.1 13.2 3.9 29.9 24.7 5.2 85.2 74.9 10.3 39.8 35.8 4.0 49.7 38.7 11.0 36.5 33.3 3.2 73.0 61.5 11.5 156.7 144.0 12.7 74.5 60.9 13.6 14 15 16 17 18 19 State and local governments Federal government Rest of the world 9.3 0.3 -73.2 -6.9 0.1 9.0 14.4 -0.3 47.2 20.3 0.2 37.1 21.0 -0.5 47.4 37.4 -0.4 67.5 4.5 -0.4 88.7 13.2 -1.3 -2.1 53.6 0.5 23.9 13.7 0.3 82.0 3.4 -1.4 85.7 17 18 19 20 Financial sectors 129.2 -108.4 -46.2 12.2 76.0 153.5 62.4 -32.6 79.4 294.8 -37.7 20 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 2.8 1.6 169.9 -0.9 6.4 -107.7 1.4 3.6 -56.3 -1.8 -1.3 32.8 -0.5 -0.9 59.4 -1.0 -0.9 152.6 -1.8 -0.8 116.4 -0.0 -0.5 -32.2 -1.6 -9.2 81.4 -0.9 1.1 233.2 0.3 5.2 -44.8 21 22 23 24 25 26 Government-sponsored enterprises Finance companies Holding companies -42.8 1.6 -3.9 0.3 -5.2 -1.3 -12.7 15.4 2.4 -9.1 -11.5 3.1 3.7 11.4 2.8 -24.2 26.5 0.5 2.2 -35.4 -18.2 -2.7 16.4 -13.6 4.8 -3.9 7.9 10.8 53.1 -2.5 1.8 -19.8 19.5 24 25 26 (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues -498.7 -503.2 -112.8 7.1 28.7 55.3 312.8 -135.0 77.2 270.2 -97.8 1 2 Net purchases -498.7 -503.2 -112.8 7.1 28.7 55.3 312.8 -135.0 77.2 270.2 -97.8 2 -268.6 -71.4 -1.7 -183.5 -157.7 3.1 -35.0 -35.4 0.8 16.5 -4.1 1.1 -26.3 -2.9 2.2 -13.7 24.4 0.9 3.6 81.7 2.4 47.6 -56.3 0.7 -104.8 -48.7 2.5 53.5 72.9 2.7 -101.4 20.7 2.9 3 4 5 9.8 7.2 13.7 -7.1 -0.1 24.9 -8.8 20.2 1.2 61.7 -6.7 13.7 -18.7 14.9 2.0 7.9 6.4 203.1 -2.6 15.4 -1.2 20.5 6 7 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Rest of the world 8 9 Property-casualty insurance companies Life insurance companies -3.2 -5.5 -4.0 -12.7 -5.6 7.9 2.2 -1.4 0.4 -4.0 12.6 -2.4 0.5 -1.1 1.7 2.1 -8.8 -31.6 5.9 14.7 2.7 -1.0 8 9 10 11 Private pension funds State and local govt. retirement funds -8.8 -2.8 -10.1 3.1 16.8 2.0 -3.9 -1.6 -1.5 -1.0 -2.4 -1.0 -4.9 -1.0 -0.3 -0.6 -2.0 -11.0 -5.9 1.3 2.1 6.2 10 11 12 Funding corporations -153.7 -148.0 -89.2 -13.2 -1.2 29.9 235.5 -139.9 72.2 112.2 -49.3 12 Flows 2009 46 Z.1, March 6, 2014 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 Flows 1 Net change in liabilities 2 Rest of the world 3 4 5 6 7 Monetary authority Private depository institutions (net) U.S.-chartered depository institutions (net) Foreign banking offices in U.S. (net) Credit unions (net) 8 9 Property-casualty insurance companies Life insurance companies 10 11 12 13 14 Government-sponsored enterprises REITs Brokers and dealers (net) Holding companies Net change in assets 15 16 Nonfinancial corporate business State and local governments 17 18 Rest of the world Monetary authority 19 20 Property-casualty insurance companies Life insurance companies 21 22 Private pension funds State and local govt. retirement funds 23 24 Money market mutual funds Mutual funds 25 26 27 Government-sponsored enterprises Holding companies Funding corporations 28 Discrepancy--unallocated assets 2013 Q4 Q1 Q2 Q3 Q4 290.4 4.5 -64.4 17.1 -58.1 -102.2 77.5 -87.9 -507.1 62.4 300.3 1 55.7 200.3 71.6 39.7 -114.7 -2.4 118.7 -70.5 -159.8 10.0 -238.3 2 -10.6 294.2 256.0 40.6 -2.4 -18.0 -140.5 -195.2 54.6 0.1 40.2 -80.3 -112.7 48.3 -15.9 7.3 -120.2 -142.6 16.2 6.2 208.7 -61.2 -62.4 -8.4 9.6 29.1 -116.2 -109.6 -20.9 14.3 57.8 -121.7 -175.1 57.7 -4.3 -6.9 -101.9 -134.6 -12.1 44.9 -41.2 -182.4 -96.5 -82.3 -3.6 249.0 34.7 -48.9 87.1 -3.5 634.1 4.8 30.5 -26.4 0.7 3 4 5 6 7 -1.7 -0.5 0.8 -2.2 -1.1 0.1 0.4 3.1 1.4 -0.8 0.7 4.0 0.7 3.4 1.1 0.5 1.3 0.6 1.5 -1.8 1.8 -2.5 8 9 -0.1 11.1 -57.5 -0.2 0.1 30.0 -66.2 0.2 -0.9 94.9 -189.4 0.4 -0.4 103.4 -15.1 -1.2 0.0 -37.7 -53.8 -0.0 -0.6 163.2 -180.5 0.5 0.0 -4.8 27.9 -4.5 0.9 7.5 81.6 -0.1 -0.8 -49.1 -75.6 -0.0 -0.1 -96.4 -134.6 0.0 0.0 -12.9 -86.7 0.0 10 11 12 13 -130.3 83.6 58.1 90.1 99.9 239.8 104.7 366.5 -367.0 160.0 240.0 14 0.7 -4.2 4.3 -1.4 0.4 -6.5 -2.2 -6.9 -1.1 0.9 -10.6 -5.3 -3.5 -14.7 -1.6 1.6 -2.6 5.1 15.8 -2.0 -16.0 -0.9 15 16 -42.7 -80.0 74.2 0.0 123.3 0.0 2.6 0.0 56.3 0.0 93.0 0.0 158.8 0.0 221.8 0.0 -117.4 0.0 10.6 0.0 110.3 0.0 17 18 0.1 2.2 -0.7 0.7 -2.1 -0.8 0.0 -1.6 0.0 -2.3 0.9 -0.3 -0.1 0.1 0.1 0.9 -0.7 -13.2 0.5 4.0 0.1 -0.7 19 20 0.2 -0.1 -0.2 0.4 0.0 0.2 -0.1 -0.1 -0.1 -0.1 0.7 -0.1 -1.0 -0.1 -0.0 -0.0 -0.1 -0.9 -0.2 0.1 0.0 0.5 21 22 -62.4 28.6 -0.6 -15.8 11.1 -28.8 54.2 54.1 -51.7 95.7 -91.9 108.5 150.6 -96.2 -206.7 180.8 -135.0 81.1 88.0 103.0 46.8 17.7 23 24 7.5 19.8 0.1 20.7 2.1 0.0 -38.9 0.2 0.0 38.6 -48.3 0.0 5.1 -2.8 -0.1 144.3 0.6 0.0 -96.5 7.4 0.0 171.1 -0.9 -0.5 -169.3 -14.1 0.0 -71.4 11.6 0.0 90.1 -8.0 0.0 25 26 27 420.7 -79.1 -122.5 -73.0 -157.9 -342.0 -27.3 -454.4 -140.1 -97.7 60.4 28 47 Z.1, March 6, 2014 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 1 2 Total net issues, all types Commercial paper 2013 Q4 Q1 Q2 Q3 Q4 -461.8 -80.4 -88.3 -16.9 -1.7 -22.5 38.8 129.3 -21.3 -60.8 -54.0 1 -461.9 -79.9 -88.2 -16.8 -1.7 -22.4 38.8 129.2 -21.3 -60.8 -54.0 2 3 Nonfinancial corporate business -73.1 24.5 33.4 14.0 12.7 -35.5 70.5 20.9 -19.3 92.5 -43.2 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial 59.4 -15.2 74.5 -2.7 -3.8 1.1 -53.5 -0.5 -53.0 27.9 10.3 17.6 34.4 10.7 23.7 78.4 34.9 43.5 54.5 34.3 20.1 120.7 -41.0 161.7 13.7 40.9 -27.2 -20.9 44.7 -65.7 24.1 -1.8 25.9 4 5 6 -448.2 0.0 -266.2 -38.8 0.0 -18.1 -125.1 -101.7 -19.7 -40.3 1.7 0.0 3.9 -47.4 -68.1 7.7 -24.1 10.0 0.0 11.1 -72.7 -58.7 -33.1 -9.0 8.2 0.0 6.2 -30.9 -48.8 -27.8 -7.5 -10.3 0.0 -19.9 16.8 -65.3 -45.3 14.5 12.1 0.0 31.9 -78.5 -86.1 -13.0 -32.9 1.5 0.0 9.5 -51.3 -12.4 -52.3 11.1 -32.6 0.0 5.2 56.1 -15.7 -41.1 -13.4 5.8 0.0 -28.7 61.7 -132.3 -27.2 -13.3 31.6 0.0 -4.8 -118.5 -35.0 9.3 -14.5 -46.1 0.0 -51.3 67.7 7 8 9 10 11 12 13 0.1 -0.5 -0.1 -0.1 -0.0 -0.1 0.0 0.0 -0.0 -0.0 0.0 14 0.1 0.0 -0.5 0.0 -0.1 0.0 -0.1 0.0 -0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 15 16 -461.8 -80.4 -88.3 -16.9 -1.7 -22.5 38.8 129.3 -21.3 -60.8 -54.0 17 16.7 -1.3 -1.5 12.0 -1.8 -0.1 -0.3 -7.5 -2.0 -20.2 -0.4 15.5 -0.4 -15.5 3.9 -0.0 -0.9 -25.6 -1.1 -29.5 -10.1 -25.4 18 19 7 8 9 10 11 12 13 14 15 16 17 Financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases, by sector 18 19 Household sector Nonfinancial corporate business 20 21 State and local governments Rest of the world -39.0 -41.4 13.0 -0.5 -10.8 0.7 -5.4 3.4 0.7 1.8 -4.1 5.2 -11.3 19.9 1.2 35.0 3.9 -15.0 -1.6 -51.3 -0.7 38.6 20 21 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 26 27 Property-casualty insurance companies Life insurance companies -9.3 11.5 -1.9 -8.9 0.9 -11.2 -1.4 13.9 -0.1 -8.3 2.5 7.2 -1.9 34.5 0.6 -21.6 -2.9 -10.6 2.0 1.8 -0.0 -2.9 26 27 28 29 Private pension funds State and local govt. retirement funds 1.0 1.0 -2.7 6.3 2.1 3.6 -2.4 -1.4 -4.0 -3.4 -7.8 -0.9 -2.7 -0.9 1.9 -0.6 -2.7 -10.1 -6.8 1.2 -8.6 -4.3 28 29 30 31 Money market mutual funds Mutual funds -108.0 28.6 -116.3 -13.9 -40.0 -26.3 -13.3 27.5 11.3 28.6 -59.1 41.8 -8.5 -28.7 51.0 -57.5 135.5 32.6 -30.8 63.1 -110.5 76.2 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 3.0 -24.2 -284.7 0.2 -5.3 39.3 -3.4 5.9 -7.8 -3.1 -12.2 -14.6 2.2 -1.3 -7.0 -6.3 -5.9 -10.3 -3.0 -13.1 70.4 3.1 0.1 112.1 0.5 -2.2 -123.8 3.0 6.2 -17.1 2.1 -9.2 1.0 32 33 34 (1) Excludes banks’ holdings of own acceptances. Flows 2009 48 Z.1, March 6, 2014 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 3 4 Flows 5 Net issues U.S. savings securities (1) Treasury bills Other Treasury securities Net purchases 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1443.7 1579.6 1066.8 1140.6 759.5 788.0 1174.1 1169.7 298.5 173.6 1396.0 1 -2.8 -73.3 1519.8 -3.3 -19.0 1601.8 -2.7 -249.5 1319.0 -2.8 107.0 1036.3 -3.3 -35.9 798.7 -2.5 74.4 716.2 -5.0 53.8 1125.3 -2.5 646.7 525.5 -3.7 -880.3 1182.6 -3.3 -160.7 337.5 -3.6 250.6 1149.1 2 3 4 1443.7 1579.6 1066.8 1140.6 759.5 788.0 1174.1 1169.7 298.5 173.6 1396.0 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 534.1 -2.8 536.9 320.9 -3.3 324.2 -222.4 -2.7 -219.6 232.0 -2.8 234.7 -167.3 -3.3 -164.0 37.6 -2.5 40.1 241.9 -5.0 246.9 -83.8 -2.5 -81.3 -61.6 -3.7 -57.8 -307.1 -3.3 -303.9 -216.6 -3.6 -212.9 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 12.5 -5.7 -17.4 5.1 1.9 6.8 -5.1 0.5 -45.5 7.2 0.7 -12.7 1.6 1.4 -38.9 17.8 0.5 -6.1 -23.1 1.5 -54.0 -34.5 0.4 -11.5 27.3 1.6 0.4 0.7 1.7 -104.6 12.7 1.8 -40.0 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 554.4 -7.6 562.0 740.4 -40.2 780.5 357.9 -62.6 420.5 589.5 14.0 575.6 418.3 23.4 394.9 600.3 98.9 501.3 558.4 -39.8 598.2 531.6 281.9 249.7 65.5 -173.6 239.1 253.7 -219.0 472.7 822.2 204.3 618.0 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities 300.7 0.0 300.7 244.9 0.0 244.9 642.0 0.0 642.0 2.7 -18.4 21.1 542.6 0.0 542.6 -78.8 -73.7 -5.1 61.8 0.0 61.8 575.2 0.0 575.2 548.5 0.0 548.5 522.5 0.0 522.5 524.3 0.0 524.3 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 68.1 22.0 -0.7 5.4 93.0 3.5 0.6 5.9 -43.7 -0.5 -0.0 -2.5 69.3 16.1 -0.6 1.7 -26.1 -9.6 0.7 0.6 -7.9 65.3 -1.5 4.0 115.2 -2.7 -2.1 -6.5 -80.9 11.8 -0.1 -0.4 -100.3 -50.5 0.1 3.5 -97.8 9.4 0.8 -2.2 174.7 -8.9 2.1 1.5 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities 22.9 5.0 18.0 3.2 -0.3 3.5 4.6 1.9 2.7 -6.1 -3.3 -2.8 -0.6 -0.3 -0.4 -5.7 4.4 -10.1 -4.6 -4.3 -0.3 -0.0 1.1 -1.1 -4.8 -5.6 0.8 5.1 3.8 1.3 -2.8 -0.3 -2.5 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities 27.7 -6.3 34.0 23.2 -3.6 26.8 18.8 3.8 15.0 4.2 -4.5 8.7 3.7 -2.5 6.2 9.6 -4.7 14.2 5.6 -3.8 9.4 1.4 -3.0 4.3 3.8 -26.2 29.9 7.1 21.6 -14.5 2.5 -2.4 4.9 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 35.0 22.0 7.4 33.2 8.0 10.1 27.8 13.4 23.4 48.0 41.2 12.1 40.1 10.2 12.5 48.0 32.5 14.8 32.8 42.9 18.6 60.1 45.5 -9.5 51.7 0.3 -40.6 27.5 -1.3 -379.7 21.2 -3.9 480.0 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities -171.3 -160.2 -11.0 -71.0 -84.0 13.0 107.9 29.1 78.8 14.5 19.1 -4.7 30.4 6.7 23.6 65.2 28.8 36.4 -88.2 90.0 -178.1 55.4 -43.3 98.7 -18.6 -145.0 126.4 89.7 206.5 -116.8 -5.1 8.7 -13.7 31 32 33 34 35 36 Mutual funds Treasury bills Other Treasury securities 74.0 0.0 74.0 122.5 1.6 120.9 76.1 -0.6 76.7 123.0 12.4 110.6 61.8 -4.7 66.5 12.0 1.4 10.5 193.2 -0.0 193.3 237.2 7.0 230.2 -45.4 -5.5 -40.0 53.3 12.9 40.4 2.0 -33.2 35.2 34 35 36 37 38 Closed-end funds Exchange-traded funds 1.2 14.7 0.7 9.2 -0.3 11.4 0.3 1.2 0.6 -6.5 0.8 -18.1 -0.1 3.4 2.1 -2.9 0.5 4.8 -0.2 -0.7 0.1 -27.0 37 38 39 40 Government-sponsored enterprises ABS issuers 19.9 -18.3 45.9 -13.8 17.6 -10.9 -31.2 -5.8 -11.6 -3.8 -18.7 -6.6 -13.1 0.8 22.3 -11.3 3.6 2.6 28.5 6.8 -100.8 -13.4 39 40 41 42 Brokers and dealers Holding companies -67.6 2.7 -28.5 13.8 89.1 7.1 63.0 -29.8 -110.5 9.8 18.3 4.5 105.4 -13.2 -144.7 6.4 -134.9 41.1 68.6 -8.4 -231.0 0.3 41 42 1443.9 1580.2 1067.9 1140.2 759.1 787.7 1176.1 1168.7 299.9 174.1 1393.6 43 Memo: 43 Federal government borrowing (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11). 49 Z.1, March 6, 2014 F.210 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 6 7 Household sector Nonfinancial corporate business 8 9 State and local governments Federal government 2013 Q4 Q1 Q2 Q3 Q4 -59.9 -46.2 -20.8 -22.8 238.6 -7.9 68.9 181.0 227.0 199.0 347.4 1 0.1 -475.3 415.3 0.7 -233.8 186.9 1.1 -187.2 165.3 -0.4 -154.6 132.2 -0.4 106.5 132.4 -0.3 -113.2 105.6 1.9 -75.4 142.4 -1.0 43.1 138.8 1.3 136.7 88.9 0.5 40.2 158.3 -2.4 206.1 143.7 2 3 4 -59.9 -46.2 -20.8 -22.8 238.6 -7.9 68.9 181.0 227.0 199.0 347.4 5 -671.2 4.2 -2.6 1.7 5.6 -1.7 -118.8 -2.6 -132.6 -4.5 -221.9 5.9 60.3 -17.7 -306.0 -31.5 -115.3 9.1 -38.3 0.2 -70.7 4.2 6 7 9.7 142.0 22.4 -47.2 -12.7 -118.1 -29.4 -31.1 3.9 0.0 -22.3 0.0 -62.3 0.0 6.7 0.0 21.4 0.0 -8.6 0.0 -3.9 0.0 8 9 -226.0 1048.5 -72.3 71.4 -41.6 -197.9 -71.8 61.8 -91.6 543.9 26.8 -112.4 -124.6 340.2 -167.4 559.7 -137.4 535.8 87.8 501.7 -149.4 578.6 10 11 168.0 -19.3 -3.9 27.8 110.1 -4.8 -7.7 40.9 106.9 4.0 -8.0 30.6 35.5 1.5 -2.2 14.9 51.3 -6.7 -0.8 3.3 17.2 -8.3 -3.3 11.0 -12.0 7.6 -5.5 -2.3 163.5 -17.5 -0.7 14.5 60.6 -6.4 -1.1 15.6 -101.5 0.1 -0.9 3.6 82.8 -3.1 -0.4 -20.6 12 13 14 15 1.9 5.8 -0.4 4.0 6.9 -1.6 -9.0 -13.8 0.7 2.1 -8.4 -2.9 -6.8 -13.1 2.7 5.8 1.3 5.6 2.0 -0.0 -3.3 -2.8 16 17 -6.4 -3.0 0.0 6.5 1.8 0.6 3.3 7.1 0.7 17.2 33.6 1.5 13.7 8.9 -1.7 7.5 23.3 1.4 15.9 33.7 0.4 9.3 40.2 -2.2 16.3 0.2 -1.9 13.6 -1.2 -1.9 15.4 -3.6 -0.9 18 19 20 10 11 Rest of the world Monetary authority 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 Property-casualty insurance companies Life insurance companies 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises -213.1 50.0 -27.4 -140.2 76.9 -85.1 0.9 104.7 -18.1 -60.2 87.0 -48.3 17.6 -34.7 -17.3 -13.9 155.1 -74.1 -14.1 -17.1 -53.0 35.5 -5.2 -39.9 33.4 15.5 -32.5 30.8 -151.9 8.6 -29.4 2.6 -5.3 21 22 23 24 25 ABS issuers REITs -224.2 15.5 -96.0 38.2 -3.3 101.4 -0.0 111.5 -0.2 -76.2 -1.9 232.5 -5.5 -77.1 11.8 -50.9 -3.9 -71.9 -3.5 -93.2 -5.1 -88.6 24 25 26 27 Brokers and dealers Holding companies -131.8 -7.0 38.9 -3.2 -2.1 12.0 21.9 -22.1 -55.4 14.9 -17.2 -1.9 16.4 5.6 -62.8 15.5 -112.3 -5.1 -80.7 32.3 34.0 16.9 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 41. Flows 2009 50 Z.1, March 6, 2014 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 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 2013 Q4 Q1 Q2 Q3 Q4 155.3 99.7 -52.8 -4.9 -43.2 -11.8 -122.6 76.5 24.7 -109.7 -164.4 1 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 -6.1 10.0 -16.1 -116.0 -27.2 -88.8 71.7 -4.4 76.0 33.0 8.6 24.4 -116.9 -19.4 -97.5 -145.4 -28.3 -117.2 2 3 4 5.9 -2.2 -7.8 -14.5 -13.1 -15.4 -18.5 -6.5 -14.6 -13.4 -18.1 5 37.2 33.2 8.5 15.2 9.3 9.7 11.9 11.3 6.4 20.6 -0.9 6 155.3 99.7 -52.8 -4.9 -43.2 -11.8 -122.6 76.5 24.7 -109.7 -164.4 7 107.1 0.9 0.2 43.7 -3.2 0.5 -64.8 -1.6 0.1 -152.1 12.2 0.1 -37.6 -7.8 0.2 -238.5 22.2 0.1 -248.9 24.7 0.2 39.8 -54.8 0.0 40.1 1.1 0.2 -83.1 -0.1 0.2 -147.0 22.7 0.2 8 9 10 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 State and local governments Rest of the world 1.0 7.7 1.4 13.1 0.1 -1.4 -0.8 -2.4 0.1 -1.4 -0.6 10.4 -1.6 -19.1 0.2 -10.9 0.6 -19.8 -0.2 12.5 -0.1 12.5 11 12 13 14 15 16 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2.4 0.0 0.9 0.0 30.3 0.0 -0.9 0.0 42.6 0.0 0.9 3.2 65.8 0.0 -0.8 1.0 53.4 0.0 0.9 0.3 84.7 0.0 0.1 -0.2 47.9 0.0 -0.7 1.5 53.9 0.0 0.2 4.5 66.2 0.0 0.2 -1.2 48.6 0.0 3.0 1.5 44.8 0.0 0.3 -3.5 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds -12.6 26.1 0.1 -21.0 39.2 0.7 -17.4 9.4 0.9 -3.4 9.6 1.9 4.7 3.7 -2.8 -2.1 14.3 1.1 2.3 10.0 2.4 7.7 3.9 1.2 3.6 3.9 -5.1 5.7 1.3 -4.8 1.8 5.7 -2.4 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -69.4 89.4 3.3 3.6 -53.4 46.7 0.4 1.7 -29.4 15.7 0.9 1.0 -20.6 86.2 3.3 3.6 -28.3 -16.5 0.4 -0.8 -3.2 107.2 3.6 2.9 -3.7 67.4 5.0 4.0 -65.9 76.8 1.9 2.9 11.1 -22.5 2.2 -1.8 0.4 -80.9 -2.5 -4.0 -58.9 -39.3 -0.1 -0.3 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers -2.2 -3.3 -4.2 4.6 -3.9 -9.1 -4.1 -4.3 -3.7 -8.0 -5.3 -8.6 -4.4 -9.6 -2.6 17.7 -5.9 -48.1 -4.1 -3.0 -2.3 1.5 24 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). 51 Z.1, March 6, 2014 F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 1 Net issues 2 3 Nonfinancial corporate business Rest of the world (1) 4 Financial sectors 5 6 7 8 9 10 11 12 U.S.-chartered depository institutions ABS issuers (net) (2) Finance companies REITs Brokers and dealers Holding companies Funding corporations Net purchases (3) 2013 Q4 Q1 Q2 Q3 Q4 -11.0 -76.7 222.7 432.2 666.8 496.9 891.7 570.3 278.1 853.8 965.0 1 411.7 163.3 438.6 59.9 410.8 137.7 579.6 62.2 640.3 129.6 587.1 133.2 782.0 250.5 579.4 239.8 570.8 3.9 745.3 97.7 665.8 177.0 2 3 -586.0 -575.2 -325.8 -209.6 -103.1 -223.4 -140.8 -248.9 -296.6 10.9 122.2 4 -28.5 -470.8 -87.0 -41.3 6.7 -457.3 -111.7 -0.1 -21.0 -223.0 -39.4 15.5 1.3 -205.5 -81.4 26.1 -18.2 -146.8 4.9 18.8 -18.2 -264.3 -10.0 18.7 23.7 -100.8 -190.7 30.6 -7.6 -216.7 -19.9 7.7 -9.8 -193.6 -14.0 25.6 -19.8 -122.7 24.4 36.8 -35.5 -54.0 29.1 5.0 5 6 7 8 -4.2 7.8 37.9 36.9 -46.5 -3.2 -37.9 -91.6 71.6 -1.7 16.3 35.3 22.2 4.5 11.4 -65.2 16.7 98.9 17.3 62.7 16.3 -4.2 -46.0 37.9 55.8 -138.5 -22.2 -27.8 58.5 61.5 65.1 143.8 -31.4 9 10 11 -11.0 -76.7 222.7 432.2 666.8 496.9 891.7 570.3 278.1 853.8 965.0 12 13 14 15 16 17 18 Household sector State and local governments Federal government Rest of the world (4) MBS and other ABS Other 75.1 3.3 0.6 -127.3 -168.7 41.4 -319.2 7.4 0.3 -36.8 -45.5 8.8 132.3 -4.0 -0.1 -109.9 -44.8 -65.1 98.2 -9.4 -0.2 -16.9 -36.1 19.2 104.3 1.2 -0.1 191.5 -21.8 213.3 -7.3 -7.1 -0.4 80.6 -49.3 129.9 269.2 -20.0 -0.1 206.8 -23.1 229.9 -54.0 2.1 -0.2 163.4 -21.6 185.0 -54.3 6.9 -0.1 168.5 -39.4 207.9 107.6 -2.8 -0.1 291.2 -13.0 304.3 417.9 -1.3 -0.0 142.9 -13.0 156.0 13 14 15 16 17 18 19 20 21 22 23 24 25 26 U.S.-chartered depository institutions MBS and other ABS Other Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions MBS and other ABS Other 25.1 -47.7 73.7 -157.8 1.5 -6.7 0.3 -7.0 -98.2 -88.1 -10.7 -9.4 -1.4 -15.7 -0.7 -15.0 2.5 -24.8 27.8 -1.4 3.6 -0.3 -0.3 -0.1 -1.4 -1.0 -0.1 -6.2 1.0 0.3 0.7 -0.4 15.0 -1.3 16.6 -34.1 0.6 2.2 2.1 0.1 56.3 -1.7 57.0 30.5 2.0 -1.6 -1.1 -0.5 31.5 -8.3 40.5 17.8 2.4 0.1 0.5 -0.5 -15.8 -11.2 -3.5 -74.3 1.6 4.6 4.2 0.4 9.9 -1.9 11.5 -36.6 -0.2 2.9 2.7 0.2 48.6 6.5 42.2 1.1 0.3 0.2 0.3 -0.2 17.4 1.4 16.3 -26.7 0.6 1.3 1.2 0.1 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other 30.8 0.0 30.8 97.6 0.0 97.6 24.3 0.0 24.3 102.9 0.0 102.9 40.4 -0.6 41.1 87.1 0.0 87.1 16.7 2.7 14.0 33.4 -24.3 57.6 8.0 1.3 6.7 49.8 1.2 48.7 18.2 2.7 15.4 109.4 -22.3 131.7 23.5 2.7 20.7 37.6 -22.0 59.6 9.0 1.7 7.2 58.6 9.6 48.9 4.2 1.0 3.2 50.1 1.5 48.6 6.6 0.6 6.0 11.0 2.4 8.5 12.4 1.9 10.5 79.7 -8.9 88.6 27 28 29 30 31 32 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds -14.5 -102.3 -0.0 83.4 5.7 0.2 44.6 -24.8 1.4 -47.3 -60.1 1.7 -2.2 -0.6 -1.7 -48.7 -75.1 4.3 -50.7 -37.2 0.0 -40.0 -31.1 -2.3 7.5 -22.2 -1.8 12.8 20.4 -1.9 11.0 30.5 -0.9 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -58.1 143.8 6.0 27.6 -15.7 122.3 4.2 18.7 -49.1 170.3 -2.3 33.6 -3.0 306.0 7.6 47.6 0.0 282.0 16.7 19.5 -16.9 333.5 10.7 45.5 36.0 344.1 9.8 32.9 4.0 388.7 26.4 28.2 -49.2 207.6 23.4 10.1 -6.4 315.2 3.5 22.0 51.7 216.6 13.4 17.5 36 37 38 39 40 41 42 43 44 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs -48.6 -50.2 1.6 6.3 3.8 -29.6 -46.5 17.0 -19.8 5.3 -30.8 -32.2 1.4 0.9 1.3 -50.0 -31.2 -18.8 -6.3 10.1 -56.3 -56.3 0.0 -8.6 4.2 -33.6 -28.4 -5.2 -6.3 12.2 -55.9 -31.0 -24.9 -26.5 6.2 -22.9 -22.4 -0.6 -2.2 19.7 -45.2 -44.7 -0.6 -17.6 -2.0 -118.3 -117.8 -0.5 -3.8 -0.8 -38.7 -40.3 1.6 -10.7 -0.2 40 41 42 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations 47.5 -8.4 43.6 35.2 7.3 51.9 -85.0 -20.1 32.6 35.5 -4.7 79.6 -6.9 34.0 48.1 33.9 -32.2 -10.8 3.1 -15.7 76.6 31.9 1.6 73.4 -52.8 -2.0 71.1 -2.8 148.9 1.0 -4.1 -12.6 46.9 45 46 47 (1) Net purchases of foreign issues by U.S. residents. (2) Net issuance less net acquisition of corporate bonds held as assets. (3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Net purchases of U.S. issues by foreign residents. Flows 2009 52 Z.1, March 6, 2014 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 Flows 1 Net issues 2 Nonfinancial corporate business 3 Rest of the world (2) 4 Financial sectors 5 6 7 8 9 10 11 12 13 14 15 2013 Q4 Q1 Q2 Q3 Q4 317.9 -7.0 -302.1 -148.3 -1.0 -49.6 -134.6 274.5 -58.2 -172.4 -47.8 1 -62.1 -277.4 -472.2 -399.5 -383.7 -395.4 -403.4 -256.2 -421.4 -449.9 -407.5 2 63.7 79.1 6.0 82.6 211.4 71.5 41.5 295.3 313.6 91.9 144.8 3 316.3 191.3 164.1 168.6 171.4 274.3 227.3 235.4 49.7 185.6 214.9 4 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 11.6 -5.3 -0.9 7.5 116.5 11.9 -12.7 -4.8 0.5 118.0 6.4 -10.7 -11.5 -2.9 117.6 2.1 -14.5 -9.9 2.5 185.2 2.6 -4.7 -8.0 4.1 179.0 1.1 -22.2 -7.6 9.7 207.0 2.3 -4.8 -8.6 17.3 221.0 1.4 -3.6 -6.6 16.9 207.7 0.6 -6.4 -9.7 15.6 60.2 3.0 -8.3 -8.5 -15.9 214.4 5.5 -0.4 -7.1 -0.2 233.9 5 6 7 8 9 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (3) 24.2 96.0 -32.4 68.6 30.5 28.2 38.1 -11.1 19.8 3.5 37.5 29.2 14.1 2.9 -18.4 47.6 14.5 -50.7 0.6 -8.6 45.1 1.1 -31.0 -17.0 0.0 62.7 13.9 -26.8 36.5 0.0 37.1 14.7 -19.9 -31.8 0.0 64.2 7.8 -45.4 -7.0 0.0 63.1 -10.7 -41.6 -21.4 0.0 24.9 3.3 0.3 -27.5 0.0 28.0 4.2 -37.1 -12.0 0.0 10 11 12 13 14 317.9 -7.0 -302.1 -148.3 -1.0 -49.6 -134.6 274.5 -58.2 -172.4 -47.8 15 -5.7 -2.3 0.6 154.9 -186.8 -0.3 24.1 74.6 -213.1 -4.3 40.3 -38.7 -325.0 -5.0 -13.2 29.9 -323.6 0.7 -4.8 31.7 -397.0 -3.8 -9.9 93.4 -648.7 -10.6 -5.0 313.5 90.7 1.1 -5.2 16.5 -242.9 3.7 -2.8 -128.4 -661.0 -1.5 -10.3 274.7 -481.4 -0.7 -1.1 -35.9 16 17 18 19 Net purchases 16 17 18 19 Household sector State and local governments Federal government Rest of the world (4) 20 21 22 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 25.1 6.3 0.0 1.3 -1.8 0.1 -26.4 1.0 -0.0 0.0 5.1 0.0 0.0 -0.7 0.0 0.0 6.1 0.0 0.0 3.0 0.0 0.0 -2.7 0.0 0.0 0.1 0.0 0.0 -1.5 -0.0 0.0 1.2 0.0 20 21 22 23 24 Property-casualty insurance companies Life insurance companies -2.8 33.4 -20.9 45.6 2.9 37.7 4.6 15.3 4.7 29.3 -3.5 20.0 8.3 18.5 4.9 18.7 9.8 60.9 -0.8 13.1 4.8 24.5 23 24 25 26 27 Private pension funds State and local govt. retirement funds Federal government retirement funds -95.4 20.5 8.8 25.2 -84.0 5.4 -63.8 -77.4 -4.2 11.7 36.7 -4.1 4.5 -85.2 9.6 37.5 11.0 -8.4 -6.9 49.5 -10.8 14.6 -28.7 16.3 14.7 -0.3 9.3 -6.0 -161.7 -7.1 -5.3 -150.2 19.9 25 26 27 28 29 30 Mutual funds Closed-end funds Exchange-traded funds 86.5 -3.0 70.5 44.3 -4.8 88.3 4.9 -1.2 71.6 -38.1 -8.7 132.9 161.1 -13.6 166.8 2.1 -5.3 176.7 -11.9 2.7 180.7 60.2 -13.5 179.6 164.7 -10.6 47.1 214.7 -16.6 197.1 204.9 -13.6 243.6 28 29 30 31 32 Brokers and dealers Funding corporations -4.6 25.1 -18.5 1.3 -5.0 -26.4 9.7 0.0 18.6 0.0 31.6 0.0 -16.8 0.0 -78.0 0.0 16.5 0.0 -5.5 0.0 141.5 0.0 31 32 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (4) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 497.1 370.1 338.4 624.9 662.1 784.7 542.5 956.8 506.9 673.9 510.7 1 2 Net purchases 497.1 370.1 338.4 624.9 662.1 784.7 542.5 956.8 506.9 673.9 510.7 2 334.1 35.3 227.7 11.1 218.7 -12.8 373.6 0.7 722.8 0.7 704.8 0.7 390.5 0.7 1009.3 0.7 688.8 0.7 699.1 0.7 494.1 0.7 3 4 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 1.7 57.2 2.8 111.5 -0.7 147.5 -2.6 182.0 0.3 -87.6 -2.0 6.5 -5.5 110.0 0.6 -107.2 1.9 -205.6 -0.8 -71.9 -0.3 34.5 5 6 7 8 U.S.-chartered depository institutions Credit unions 14.8 -0.7 -5.8 0.2 -0.8 0.3 8.3 0.4 10.7 -0.1 11.1 0.4 20.7 0.4 13.8 1.1 2.2 -0.8 16.6 -0.6 10.2 -0.2 7 8 0.5 0.0 -0.1 1.0 -0.7 1.1 1.8 1.3 1.8 1.4 1.8 1.3 1.8 1.3 1.8 1.3 1.8 1.4 1.8 1.4 1.8 1.4 9 10 56.5 -2.3 35.1 -13.2 1.5 -15.7 55.0 4.5 26.9 -15.0 58.8 1.3 16.6 6.1 38.8 -3.5 26.7 -10.2 43.4 -15.9 -1.2 -30.2 11 12 9 10 Property-casualty insurance companies Life insurance companies 11 12 Private pension funds State and local govt. retirement funds (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 53 Z.1, March 6, 2014 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Net change in liabilities -753.4 -90.4 146.6 184.1 184.3 161.0 272.1 30.9 208.5 211.6 286.4 1 2 3 4 Household sector Corporate business Noncorporate business 33.0 -234.0 -102.0 52.4 -83.5 -20.3 -53.9 68.9 56.7 111.5 78.3 87.8 21.7 44.6 49.8 -8.1 56.7 62.2 184.1 83.0 89.0 -64.3 20.0 35.5 36.2 55.8 62.0 130.2 56.1 45.3 -15.3 46.6 56.6 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign -14.8 -0.0 -5.2 -9.6 24.0 2.1 15.6 6.3 43.2 -1.2 16.8 27.6 30.4 0.8 0.6 29.1 39.2 1.0 20.0 18.2 18.3 0.1 -19.8 38.0 15.0 4.2 -2.1 12.9 33.3 -0.1 23.0 10.4 24.9 -0.4 17.1 8.2 41.3 2.1 24.8 14.3 57.2 2.2 15.1 40.0 5 6 7 8 9 Financial sectors -435.4 -62.9 31.6 -124.0 29.0 32.0 -99.0 6.4 29.6 -61.4 141.3 9 -30.4 -12.1 -45.5 -64.9 -2.2 0.0 15.9 3.6 0.0 16.4 1.2 0.0 10.1 5.1 0.0 58.0 -3.5 0.0 27.7 14.8 0.0 3.0 -12.9 0.0 8.2 3.9 0.0 3.4 25.1 0.0 25.6 4.5 0.0 10 11 12 2.3 -349.6 26.1 -21.9 64.0 -51.9 -120.2 -21.5 13.8 0.0 -22.4 0.0 -141.4 0.0 16.3 0.0 17.5 0.0 -89.9 0.0 111.1 0.0 13 14 -753.4 -90.4 146.6 184.1 184.3 161.0 272.1 30.9 208.5 211.6 286.4 15 10 11 12 Finance companies REITs Brokers and dealers 13 14 Holding companies Funding corporations 15 Net change in assets 16 Monetary authority (2) -347.6 -44.8 -67.6 -29.9 -0.5 -12.2 -3.6 -0.7 -0.5 -0.6 -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 -280.8 -126.0 -0.3 1.3 -34.6 -11.3 -3.3 3.5 163.6 42.9 1.1 6.6 216.6 -3.7 1.0 0.1 136.2 43.8 1.4 3.4 170.0 -8.4 1.4 10.2 277.8 2.3 1.7 -6.1 31.6 0.0 0.3 -0.4 143.4 54.8 3.6 7.2 148.0 62.5 1.8 -0.1 221.9 57.8 -0.2 6.9 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.108. Flows 2009 54 Z.1, March 6, 2014 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 Flows 1 Q1 Q2 Q3 Q4 -447.0 -226.9 4.9 -13.5 128.8 -48.6 34.6 53.8 319.8 71.6 70.0 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations 66.1 -0.2 59.6 3.6 0.8 0.3 0.0 0.0 2.0 3.6 -1.0 -4.3 0.6 0.9 0.2 0.0 0.0 7.2 4.9 -0.5 -0.5 2.9 0.9 1.4 0.0 0.0 0.7 2.5 -0.1 5.2 0.6 0.4 3.2 0.0 0.0 -6.8 6.8 1.1 0.8 2.0 0.5 3.0 0.0 0.0 -0.7 -8.0 0.1 3.7 0.2 -0.4 -0.2 0.0 0.0 -11.3 -2.5 0.1 4.5 -0.3 0.5 5.1 0.0 0.0 -12.5 10.2 0.6 2.9 2.1 1.3 5.5 0.0 0.0 -2.2 8.5 2.5 0.7 1.4 -0.2 4.5 0.0 0.0 -0.4 3.8 -1.0 -0.3 3.6 0.5 1.1 0.0 0.0 0.0 4.7 2.3 -0.1 0.9 0.6 1.0 0.0 0.0 0.0 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -44.0 -44.0 -20.2 -20.2 33.9 33.9 -52.2 -52.2 -5.2 -5.2 -34.5 -34.5 -59.2 -59.2 9.7 9.7 25.9 25.9 -55.4 -55.4 -1.0 -1.0 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 13 14 15 16 Total other loans and advances 2013 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 -3.2 -3.2 0.0 4.3 4.3 0.0 4.0 4.0 0.0 16.7 14.3 2.4 -2.8 -0.7 -2.0 1.5 1.1 0.4 -13.6 -19.0 5.5 2.6 8.5 -5.9 19.0 20.0 -1.0 4.7 6.3 -1.5 -37.5 -37.8 0.3 17 18 19 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 0.7 -0.0 0.7 3.4 -0.0 3.4 2.4 -0.0 2.5 1.4 -0.0 1.4 0.9 -0.0 0.9 2.5 -0.0 2.6 4.1 -0.0 4.1 -0.1 -0.0 -0.1 2.6 -0.0 2.6 1.6 -0.0 1.6 -0.6 -0.0 -0.6 20 21 22 23 24 25 26 27 28 29 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) -284.8 0.0 -0.4 0.2 -263.9 -14.1 -6.6 -144.7 0.0 1.6 5.6 -148.3 -0.4 -3.2 -64.2 0.0 -0.9 -2.6 -60.5 -2.0 1.8 18.6 0.0 0.7 7.6 4.6 0.9 4.8 74.4 0.0 -0.0 2.9 63.0 3.1 5.4 4.4 0.0 0.8 12.1 -10.9 2.6 -0.2 17.9 0.0 -1.4 6.0 13.5 2.8 -3.0 28.9 0.0 0.9 -20.6 54.9 -11.4 5.2 141.9 0.0 -0.7 15.9 115.3 4.9 6.5 63.4 0.0 -1.1 2.5 52.5 12.5 -2.9 63.5 0.0 0.7 14.1 29.4 6.4 12.9 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -23.7 -23.7 -4.9 -4.9 -3.9 -3.9 1.7 1.7 0.2 0.2 12.8 12.8 -5.9 -5.9 8.5 8.5 1.8 1.8 -2.0 -2.0 -7.7 -7.7 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business -91.0 -81.9 -9.1 -15.2 -13.7 -1.5 3.0 2.7 0.3 11.2 10.1 1.1 16.0 14.4 1.6 3.3 3.0 0.3 21.2 19.1 2.1 20.9 18.8 2.1 39.4 35.5 3.9 7.0 6.3 0.7 -3.4 -3.0 -0.3 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations -67.1 -5.3 -13.3 1.3 -27.4 -12.7 -9.8 -53.3 -0.6 -3.7 -0.8 -34.0 -12.7 -1.5 24.9 -2.8 5.4 18.9 -1.5 6.9 -2.0 -13.5 -2.5 0.4 12.2 -2.3 -14.8 -6.5 38.5 4.4 1.7 39.7 -10.2 6.7 -3.8 -30.6 -0.5 2.2 5.6 -32.1 -3.8 -2.1 72.6 -8.7 2.1 20.3 24.3 30.6 4.1 -26.9 7.1 -3.3 30.8 -52.1 -9.5 0.1 80.6 5.4 4.2 69.9 -14.6 20.2 -4.4 48.3 1.9 1.9 28.0 16.0 6.3 -5.8 52.0 3.0 4.0 30.0 10.0 10.0 -5.0 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 55 Z.1, March 6, 2014 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 1 Net change in mortgages -292.9 -511.3 -318.5 -255.2 31.3 -345.1 9.8 -221.1 15.9 226.5 104.0 1 2 3 4 5 Home Multifamily residential Commercial Farm -213.9 6.5 -96.9 11.3 -354.2 -4.9 -160.3 8.1 -255.3 5.7 -81.9 13.1 -250.1 22.6 -33.5 5.8 -75.7 38.2 60.8 8.0 -326.4 30.6 -55.2 5.8 -101.5 42.6 62.9 5.8 -205.9 13.7 -36.8 7.9 -102.8 44.6 66.2 8.0 96.2 43.4 78.7 8.1 -90.3 51.1 135.2 8.1 2 3 4 5 6 -292.9 -511.3 -318.5 -255.2 31.3 -345.1 9.8 -221.1 15.9 226.5 104.0 6 Household sector -166.8 -377.0 -235.5 -240.7 -70.4 -317.0 -90.3 -194.4 -97.6 96.2 -85.9 7 8 9 10 Nonfinancial business Corporate Noncorporate -129.5 -128.1 -1.4 -134.5 -118.1 -16.5 -92.0 -56.9 -35.2 -30.1 -9.5 -20.6 104.0 27.6 76.5 -40.3 -30.1 -10.2 85.2 35.6 49.6 -48.8 -30.1 -18.7 129.9 41.9 87.9 129.6 11.3 118.3 205.4 87.2 118.3 8 9 10 11 12 Federal government REITs 0.0 3.4 0.0 0.2 0.0 9.1 0.0 15.6 0.0 -2.3 0.0 12.2 0.0 14.9 0.0 22.1 0.0 -16.4 0.0 0.6 0.0 -15.4 11 12 13 Net change in assets -292.9 -511.3 -318.5 -255.2 31.3 -345.1 9.8 -221.1 15.9 226.5 104.0 13 7 Net borrowing 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -3.0 -4.1 -1.2 -12.4 -1.6 4.2 0.4 -0.6 0.5 -14.6 -0.6 0.6 -9.3 -0.6 1.2 -13.3 -0.6 0.5 -13.1 -0.6 1.3 -9.4 -0.6 0.4 -10.2 -0.6 1.4 -9.3 -0.6 1.5 -8.2 -0.6 1.6 14 15 16 17 18 State and local governments Federal government 4.9 12.6 10.0 -6.2 -4.5 4.1 -11.7 1.6 1.5 4.0 -8.9 2.0 -24.8 -4.2 2.7 7.2 8.5 -0.5 -3.4 3.7 -1.6 5.5 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 -243.3 -6.4 -0.3 4.8 -205.0 -2.5 -6.5 0.0 -145.4 -2.6 -2.4 3.5 -52.2 -1.9 1.5 7.3 -36.3 -0.6 -2.5 17.0 -171.1 0.1 -1.7 7.5 114.7 -1.2 11.7 7.3 -14.8 -4.9 -2.3 3.9 -25.9 -0.4 -2.7 14.0 -40.3 1.0 -8.3 30.9 -64.4 1.9 3.5 19.1 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies -0.5 -16.3 -0.3 -8.6 0.8 15.0 0.7 11.9 1.7 15.0 0.5 5.5 0.5 7.2 0.9 3.1 2.9 14.6 1.8 24.5 1.2 17.9 23 24 25 26 Private pension funds State and local govt. retirement funds -2.4 -3.7 2.8 -0.5 -4.6 0.2 -2.5 -1.2 -2.8 -2.9 -2.4 -1.1 -2.5 -1.0 -2.7 -1.5 -2.8 -1.8 -3.0 -2.5 -2.8 -6.0 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 2.4 415.3 -110.8 186.9 -96.9 165.3 -100.5 132.2 57.6 132.4 -38.4 105.6 -60.7 142.4 -148.5 138.8 100.0 88.9 216.3 158.3 62.4 143.7 27 28 29 30 31 ABS issuers Finance companies REITs -371.0 -52.6 -28.0 -297.0 -57.6 -6.3 -219.2 -32.3 0.2 -205.4 -26.7 6.1 -133.5 -22.5 12.0 -215.7 -20.7 7.0 -152.7 -26.1 11.6 -166.4 -29.3 2.4 -171.5 -10.6 12.5 -142.1 -22.0 20.0 -53.9 -28.1 12.9 29 30 31 Flows 2009 56 Z.1, March 6, 2014 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 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 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 -213.9 -354.2 -255.3 -250.1 -75.7 -326.4 -101.5 -205.9 -102.8 96.2 -90.3 1 -159.9 -12.4 -41.5 -365.6 -6.8 18.1 -229.1 -3.4 -22.8 -237.9 -0.5 -11.7 -74.6 0.3 -1.3 -312.9 0.1 -13.6 -94.3 -1.0 -6.3 -191.9 -1.2 -12.7 -102.1 0.7 -1.4 88.6 0.8 6.9 -93.1 0.9 1.9 2 3 4 -213.9 -354.2 -255.3 -250.1 -75.7 -326.4 -101.5 -205.9 -102.8 96.2 -90.3 5 -8.0 -2.5 -0.4 -8.0 -0.9 1.5 -8.0 -0.6 0.2 -8.0 -0.6 0.2 -8.0 -0.6 0.4 -8.0 -0.6 0.2 -8.0 -0.6 0.5 -8.0 -0.6 0.1 -8.0 -0.6 0.5 -8.0 -0.6 0.5 -8.0 -0.6 0.6 6 7 8 2.5 5.7 5.1 -2.6 -2.3 0.9 -6.0 1.1 0.8 0.5 -4.6 1.2 -12.8 -2.8 1.4 2.7 4.4 -3.1 -1.8 -2.4 -0.8 4.6 9 10 9 10 State and local governments Federal government 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -191.1 -6.0 -0.3 4.8 -104.7 0.1 -2.5 0.0 -77.7 0.3 -2.4 3.5 -52.1 0.5 2.3 7.3 -114.1 -0.4 -1.1 17.0 -154.7 1.0 -0.8 7.5 33.4 0.9 11.9 7.3 -28.3 -0.2 -0.3 3.9 -105.6 -0.8 -3.0 14.0 -135.3 -0.8 -0.6 30.9 -187.3 0.1 -0.5 19.1 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 0.2 0.7 -1.3 0.3 -0.1 -0.2 -0.1 -0.3 0.1 0.5 -0.1 -0.4 0.9 -0.2 -1.1 1.8 -0.2 -0.4 -3.9 -0.2 -0.4 -0.1 -0.2 -0.5 1.1 -0.2 -0.6 2.1 -0.2 -0.9 0.5 -0.2 -2.2 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -25.3 402.5 -117.7 175.8 -103.2 148.0 -111.6 105.0 75.4 98.8 -59.6 84.8 -69.5 106.5 -138.1 110.0 110.7 51.4 237.2 123.5 91.6 110.4 18 19 20 21 22 ABS issuers Finance companies REITs -323.5 -50.1 -21.7 -243.6 -53.2 -3.7 -193.2 -19.8 -0.7 -181.4 -12.2 5.5 -134.1 -17.8 8.0 -183.4 -13.0 2.4 -168.0 -1.2 5.4 -134.3 -20.6 7.2 -155.9 -11.3 4.3 -140.9 -17.5 11.1 -105.2 -21.9 9.4 20 21 22 -82.6 -53.3 -0.6 -4.1 -15.1 -9.6 -90.6 -66.3 0.0 -6.4 -8.7 -9.3 -75.0 -60.1 -0.0 -6.0 -4.8 -4.0 -82.9 -70.4 -0.0 -6.5 -3.5 -2.4 -65.8 -56.5 0.1 -2.8 -3.1 -3.6 -88.3 -78.1 0.0 -4.4 -3.9 -1.8 -82.9 -71.9 -0.1 -6.1 -2.9 -1.9 -86.0 -74.0 0.1 -6.7 -3.1 -2.3 -70.2 -56.7 -0.1 -6.0 -4.7 -2.8 -61.8 -56.5 0.4 0.0 -2.4 -3.3 -45.1 -38.8 0.1 1.7 -2.1 -5.9 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 mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 6.5 -4.9 5.7 22.6 38.2 30.6 42.6 13.7 44.6 43.4 51.1 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 0.2 4.5 -0.3 -5.5 0.3 5.5 1.2 22.5 1.8 34.4 1.6 29.7 2.1 39.8 -0.3 -5.0 2.4 45.7 2.1 40.3 3.0 56.5 2 3 4 5 Federal government REITs 0.0 1.8 0.0 0.8 0.0 -0.1 0.0 -1.1 0.0 2.0 0.0 -0.7 0.0 0.7 0.0 18.9 0.0 -3.5 0.0 1.0 0.0 -8.4 4 5 6 Net change in assets 6.5 -4.9 5.7 22.6 38.2 30.6 42.6 13.7 44.6 43.4 51.1 6 0.0 -0.1 -0.4 0.0 -0.0 1.5 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.4 0.0 0.0 0.2 0.0 0.0 0.4 0.0 0.0 0.1 0.0 0.0 0.5 0.0 0.0 0.5 0.0 -0.0 0.5 7 8 9 2.0 0.1 4.0 -0.3 -1.8 -0.3 -4.7 -0.3 0.6 0.0 -3.5 -0.8 -9.9 0.0 1.1 -0.4 3.4 -0.0 -1.4 -0.6 -0.6 1.1 10 11 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 State and local governments Federal government 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. -9.0 -0.4 -12.2 -0.5 -6.6 -0.6 5.0 -1.5 30.6 -0.4 7.1 0.1 20.6 -0.1 12.7 -0.5 29.5 -1.6 33.8 0.7 46.6 0.0 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds -3.2 0.3 -1.1 -1.3 0.4 -0.2 2.1 -0.3 0.1 1.7 -0.3 -0.4 2.0 -0.3 -0.9 1.8 -0.3 -0.3 0.2 -0.3 -0.3 -0.5 -0.4 -0.4 2.3 -0.4 -0.5 4.5 -0.4 -0.8 1.7 -0.3 -1.8 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.2 13.0 2.0 11.3 2.8 19.4 6.2 27.0 -21.9 33.7 16.6 21.0 3.6 36.2 -14.1 29.1 -15.4 37.7 -25.1 34.8 -33.2 33.2 17 18 19 20 21 ABS issuers Finance companies REITs -6.1 -0.7 -2.0 -8.6 -0.7 -0.4 -7.7 -1.5 -0.2 -9.6 -0.8 0.1 -5.6 -0.8 0.8 -10.1 -1.0 0.0 -7.2 -0.9 0.4 -13.8 -0.4 1.3 -11.2 -2.2 2.5 -2.1 -0.1 -0.5 4.7 -0.6 -0.3 19 20 21 57 Z.1, March 6, 2014 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 1 2 3 4 5 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2013 Q4 Q1 Q2 Q3 Q4 -96.9 -160.3 -81.9 -33.5 60.8 -55.2 62.9 -36.8 66.2 78.7 135.2 1 -6.8 -120.1 28.4 1.6 -11.4 -114.2 -34.0 -0.6 -6.4 -58.3 -26.4 9.2 -2.8 -12.4 -35.0 16.7 4.2 24.0 36.9 -4.3 -4.1 -33.6 -30.3 12.8 3.9 33.3 11.5 14.2 -2.5 -30.0 -7.4 3.2 4.6 37.5 37.0 -12.9 7.7 6.7 64.7 -0.4 7.1 81.8 53.3 -7.1 2 3 4 5 -96.9 -160.3 -81.9 -33.5 60.8 -55.2 62.9 -36.8 66.2 78.7 135.2 6 -0.7 -1.6 -0.3 -1.1 -0.6 1.1 -0.6 0.1 0.1 -0.3 0.1 0.2 0.4 0.1 0.3 -0.4 0.1 0.1 0.4 0.1 0.4 -0.2 0.1 0.1 0.5 0.1 0.4 0.8 0.1 0.4 0.7 0.1 0.4 7 8 9 0.4 6.4 0.8 -3.7 -0.4 3.2 -0.9 0.8 0.1 3.9 -0.7 1.5 -2.0 -1.5 0.2 5.3 0.7 2.5 -0.3 6.5 -0.1 1.2 10 11 10 11 State and local governments Federal government 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas -36.8 0.1 -0.0 -95.1 -2.1 -4.0 -62.9 -2.3 -0.1 -11.9 -0.9 -0.8 41.1 0.2 -1.4 -29.7 -1.0 -0.9 54.3 -2.1 -0.2 -5.3 -4.1 -2.1 44.4 2.0 0.3 55.4 1.1 -7.7 70.0 1.8 4.0 12 13 14 15 16 Property-casualty insurance companies Life insurance companies -0.5 -11.5 -0.3 -6.8 0.8 12.3 0.7 9.8 1.7 12.1 0.5 2.0 0.5 11.0 0.9 3.7 2.9 11.2 1.8 18.0 1.2 15.6 15 16 17 18 Private pension funds State and local govt. retirement funds -3.4 -1.2 2.5 -0.2 -4.0 0.1 -2.2 -0.4 -2.3 -1.0 -1.9 -0.4 -1.9 -0.3 -2.2 -0.5 -2.2 -0.6 -2.4 -0.9 -2.4 -2.0 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 -41.4 0.0 -44.9 0.0 -18.3 0.0 -14.4 0.0 6.2 0.0 -22.3 0.0 22.6 0.0 -18.3 0.0 -4.4 0.0 1.0 0.0 46.5 19 20 21 22 Finance companies REITs -1.9 -4.3 -3.7 -2.3 -11.0 1.1 -13.8 0.5 -3.8 3.2 -6.7 4.6 -24.0 5.8 -8.3 -6.0 2.9 5.7 -4.3 9.5 -5.6 3.8 21 22 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets 5 6 Household sector Nonfinancial noncorporate business 7 8 State and local governments Federal government 11.3 8.1 13.1 5.8 8.0 5.8 5.8 7.9 8.0 8.1 8.1 1 4.1 7.2 3.2 4.9 4.5 8.6 2.2 3.6 1.5 6.5 1.9 3.9 1.1 4.7 1.4 6.5 1.4 6.6 1.6 6.5 1.5 6.6 2 3 11.3 8.1 13.1 5.8 8.0 5.8 5.8 7.9 8.0 8.1 8.1 4 5.8 -0.0 -3.2 0.1 9.1 0.0 -6.3 0.0 -1.7 0.0 -4.9 0.0 -5.5 0.0 -1.2 0.0 -2.6 0.0 -2.1 0.0 -0.9 0.0 5 6 0.0 0.4 0.1 0.4 -0.0 0.3 -0.1 0.1 0.0 -0.3 -0.0 0.0 -0.1 0.0 0.0 -0.4 0.0 0.2 -0.0 0.2 -0.0 -1.3 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. -6.4 -0.0 7.0 0.0 1.8 -0.0 6.9 0.0 6.0 -0.0 6.3 -0.0 6.3 0.1 6.1 -0.1 5.7 -0.0 5.9 0.0 6.3 -0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds -1.7 0.0 -0.9 0.0 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 13.5 -0.2 4.9 -0.2 3.5 -2.1 4.9 0.3 4.2 -0.1 4.7 -0.2 5.3 -0.3 3.7 -0.2 4.7 -0.1 4.2 -0.1 4.0 0.0 13 14 (1) Excludes mortgages on farm houses. Flows 2009 58 Z.1, March 6, 2014 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in liabilities (Households) -103.7 -25.3 108.9 169.4 174.3 136.3 186.9 180.5 171.3 179.1 166.3 1 2 Net change in assets -103.7 -25.3 108.9 169.4 174.3 136.3 186.9 180.5 171.3 179.1 166.3 2 -5.8 -2.2 0.0 -10.4 -11.4 0.0 -3.9 2.3 0.0 -7.4 0.0 0.0 -5.4 -5.4 0.0 -13.6 -1.9 0.0 -1.8 -19.9 0.0 -8.6 8.2 0.0 -4.5 -2.3 0.0 -4.7 -8.4 0.0 -3.7 -19.3 0.0 3 4 5 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 87.9 -64.5 0.9 133.1 -70.3 -10.7 128.5 7.1 -3.4 132.1 28.1 20.6 113.1 52.9 21.3 121.1 33.0 10.9 101.3 66.0 29.7 148.2 9.8 26.9 117.2 32.9 18.9 97.7 69.9 25.7 89.2 99.1 13.8 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 -37.8 -82.4 0.0 -42.3 -13.4 0.0 -4.2 -17.4 0.0 3.7 -7.8 0.0 -1.3 -0.8 0.0 -2.4 -11.0 0.0 6.4 5.1 0.0 8.1 -12.1 0.0 -5.8 14.9 0.0 -5.0 4.0 0.0 -2.6 -10.1 9 10 11 -88.0 -58.2 101.0 -58.5 -69.4 -41.0 80.8 4.3 1.8 17.2 99.9 -9.9 3.3 59.8 119.0 -12.8 10.7 66.4 94.3 2.9 3.3 84.3 127.7 -78.9 2.7 41.0 66.0 77.2 13.1 47.6 150.3 -30.5 10.3 80.7 38.7 41.6 3.2 101.7 137.6 -63.3 16.1 35.8 50.8 63.6 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. 59 Z.1, March 6, 2014 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 -12.0 226.5 58.9 175.0 193.5 175.5 111.9 192.1 153.9 273.3 154.6 1 16.0 21.4 14.0 1.5 -5.4 -0.0 -3.2 -6.4 -9.4 -0.6 -5.2 2 Nonfinancial corporate business Nonfinancial noncorporate business -82.6 16.8 156.3 30.3 25.2 7.9 118.4 1.7 128.1 9.3 125.5 -1.9 38.1 15.3 138.9 18.4 84.6 -0.2 213.9 10.0 74.9 9.0 3 4 5 6 State and local governments Federal government 38.9 -56.2 38.5 6.3 38.4 9.4 39.1 8.0 39.6 23.5 39.2 17.0 39.2 10.2 39.2 1.8 39.3 31.1 39.9 24.8 40.0 36.4 5 6 7 8 Rest of the world Brokers and dealers 6.1 48.9 25.8 -52.0 -32.2 -3.8 6.3 -0.0 -1.9 0.3 -2.2 -2.0 7.4 5.0 -4.5 4.6 7.6 1.0 -5.3 -9.3 -5.3 4.9 7 8 -114.5 166.3 113.2 112.0 178.9 136.6 8.4 176.5 193.6 155.3 190.3 9 2 Household sector 3 4 9 Net change in trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business -31.1 -26.3 105.7 37.0 83.4 5.8 83.5 7.8 140.0 15.4 84.9 5.9 3.2 16.4 158.6 4.8 137.7 17.3 123.5 19.0 140.1 20.4 10 11 12 13 14 State and local governments Federal government Rest of the world -4.6 -21.1 6.6 13.1 -0.7 19.8 2.3 4.8 17.7 8.2 2.6 11.5 9.6 0.1 11.9 7.2 6.2 26.4 4.7 -0.3 -4.7 8.8 -14.1 14.4 8.7 14.4 20.8 14.3 -4.5 2.6 6.4 4.6 9.9 12 13 14 15 16 Property-casualty insurance companies ABS issuers -3.7 -34.3 0.8 -9.5 3.4 -4.2 4.8 -6.4 7.5 -5.5 9.8 -3.9 -10.0 -1.0 8.1 -4.2 10.4 -15.6 6.8 -6.4 4.8 4.2 15 16 102.5 60.3 -54.2 63.0 14.5 38.9 103.5 15.5 -39.7 118.0 -35.7 17 17 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. -95.9 123.6 97.8 188.9 36.0 266.3 172.5 -105.7 71.7 75.1 103.0 1 38.1 0.0 75.2 0.0 -39.3 0.0 64.9 0.0 35.4 0.0 98.7 0.0 138.4 0.0 16.4 0.0 -21.2 0.0 44.6 0.0 101.9 0.0 2 3 -134.0 -74.1 -59.2 -0.8 48.4 25.7 -5.8 28.5 137.1 58.1 37.3 41.6 124.0 23.6 42.3 58.0 0.6 57.8 -55.9 -1.3 167.6 10.1 128.1 29.3 34.1 -16.6 4.7 46.0 -122.1 26.1 -135.7 -12.5 92.9 150.9 -41.6 -16.4 30.4 24.9 -42.5 48.0 1.2 29.2 -3.7 -24.2 4 5 6 7 8 Net change in assets -95.9 123.6 97.8 188.9 36.0 266.3 172.5 -105.7 71.7 75.1 103.0 8 9 10 Household sector Rest of the world -74.1 0.0 25.7 0.0 58.1 0.0 23.6 0.0 57.8 0.0 10.1 0.0 -16.6 0.0 26.1 0.0 150.9 0.0 24.9 0.0 29.2 0.0 9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. Brokers and dealers -59.2 -0.8 38.1 -5.8 28.5 75.2 37.3 41.6 -39.3 42.3 58.0 64.9 -55.9 -1.3 35.4 128.1 29.3 98.7 4.7 46.0 138.4 -135.7 -12.5 16.4 -41.6 -16.4 -21.2 -42.5 48.0 44.6 -3.7 -24.2 101.9 11 12 13 Flows 2009 60 Z.1, March 6, 2014 F.225 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 1 2 3 Flows 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 2013 Q4 Q1 Q2 Q3 Q4 27.4 14.5 81.2 -11.9 17.6 11.3 24.7 -9.6 23.6 51.3 5.1 1 1.1 26.3 0.9 13.6 1.3 79.9 0.3 -12.2 0.3 17.3 -0.2 11.5 -0.5 25.2 0.2 -9.8 0.8 22.9 -0.5 51.8 0.5 4.5 2 3 27.4 14.5 81.2 -11.9 17.6 11.3 24.7 -9.6 23.6 51.3 5.1 4 24.6 0.8 2.1 6.2 4.5 3.8 73.9 4.8 2.4 -26.6 7.4 7.3 6.7 5.9 5.1 -0.3 5.9 5.8 23.6 6.4 -5.3 -19.9 5.3 5.0 18.2 4.2 1.1 41.6 5.2 4.5 -13.3 8.8 9.6 5 6 7 F.226 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 420.6 595.9 485.5 501.2 492.5 541.2 593.1 406.9 430.1 546.3 586.6 1 2 3 Life insurance companies (1) Private pension funds (2) -45.7 156.6 93.0 180.1 77.9 87.0 71.1 126.9 36.2 140.7 105.9 130.4 171.8 116.1 0.8 106.9 -10.4 178.6 94.8 138.2 59.3 139.0 2 3 4 5 State and local govt. retirement funds Federal government retirement funds (3) 215.9 93.7 220.7 102.1 209.3 111.4 203.3 99.9 208.3 107.3 203.9 100.9 208.3 96.8 208.3 90.8 208.3 53.6 208.3 104.8 208.3 179.9 4 5 420.6 595.9 485.5 501.2 492.5 541.2 593.1 406.9 430.1 546.3 586.6 6 6 Net change in assets (Households) (4) (1) Annuities, including those at IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs) (table F.226.i), except those at life insurance companies. F.227 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses -3.4 19.4 20.6 14.7 -6.2 29.5 -12.1 26.7 -85.5 36.7 -2.6 1 -3.3 -6.3 7.2 -0.7 8.8 1.2 6.6 1.5 -17.2 3.1 -9.5 1.2 19.2 3.3 -17.9 1.0 -21.8 3.4 -3.3 3.8 -26.0 4.1 2 3 7.3 6.6 10.6 6.7 0.4 16.3 -6.4 7.6 -51.8 23.9 22.0 4 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 U.S.-chartered depository institutions 5 6 Property-casualty insurance companies Life insurance companies 5.3 -7.0 5.6 2.6 -4.4 5.2 3.8 -4.6 9.2 -2.3 17.9 0.9 -8.1 -18.5 30.4 -0.6 -8.1 -6.7 10.7 0.0 3.7 -1.8 5 6 7 8 Finance companies Brokers and dealers -2.8 3.2 0.3 -2.1 0.5 -1.1 0.2 0.5 0.0 0.6 -0.6 3.3 0.9 -2.4 0.8 5.4 -0.6 0.1 0.9 0.6 -1.0 -3.5 7 8 30.1 28.2 22.9 13.5 -16.7 16.9 19.9 -3.6 -48.2 10.7 -25.5 9 -5.8 35.9 1.1 27.1 2.2 20.8 1.5 11.9 3.1 -19.7 8.8 8.1 9.8 10.1 -1.3 -2.4 -1.7 -46.5 9.1 1.7 6.1 -31.7 10 11 -33.5 -8.8 -2.3 1.3 10.5 12.6 -32.0 30.3 -37.4 25.9 23.0 12 9 10 11 12 Net change in business taxes receivable State and local governments Federal government Discrepancy F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Total household investment Nonfinancial noncorporate business Brokers and dealers -69.9 187.1 -53.2 -3.8 -7.8 -11.9 -28.6 33.3 -19.5 -48.5 3.6 1 -70.4 0.6 186.2 0.9 -51.5 -1.7 -10.3 6.5 -5.5 -2.3 -8.4 -3.6 -23.3 -5.3 38.6 -5.3 -20.9 1.3 -32.4 -16.1 -7.3 10.9 2 3 61 Z.1, March 6, 2014 F.229 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 307.3 1174.0 1705.7 702.3 1084.7 829.9 816.8 1481.0 1088.7 1152.6 648.3 1 -4.9 46.5 32.8 2.7 397.3 -50.6 -0.4 807.7 34.5 0.6 305.0 9.8 2.1 271.6 7.1 1.7 480.8 8.5 -14.3 -47.0 -15.6 4.1 186.6 6.9 7.4 199.1 4.9 -3.7 192.6 27.5 0.4 507.9 -10.8 2 3 4 State and local governments Federal government Rest of the world 293.0 97.0 -269.5 269.3 110.7 379.7 287.0 122.1 414.1 151.0 93.7 21.5 287.2 102.0 167.6 210.1 67.2 5.2 113.1 123.1 319.2 186.5 100.1 28.7 267.0 86.1 912.2 348.8 462.3 -176.4 346.4 -240.6 -62.6 5 6 7 8 9 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 6.1 257.8 -142.3 4.3 14.7 29.2 198.5 -18.1 -5.9 -8.3 -26.7 50.8 37.3 -3.9 1.3 2.0 111.5 -38.1 -2.0 0.3 9.9 11.4 -28.5 -3.0 -3.9 -24.5 222.8 17.1 5.2 -1.8 24.3 -38.8 -53.0 -7.2 1.8 62.7 165.7 71.3 -3.6 12.8 -43.0 -134.8 -26.6 0.3 -2.5 -15.6 -140.4 -139.3 -3.1 -9.0 35.3 155.1 -19.2 -5.6 -16.8 8 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies -2.6 66.7 9.2 46.0 33.1 50.4 4.4 38.2 5.8 21.2 5.0 92.1 20.9 17.9 -25.5 32.3 23.5 5.2 4.9 29.3 20.4 18.1 13 14 15 16 17 Government-sponsored enterprises Finance companies REITs 62.3 -91.2 -13.8 -42.2 -58.9 14.9 -49.2 -13.0 8.5 -6.1 -25.5 17.0 -8.8 -25.9 -20.4 -15.3 -150.9 90.5 -2.9 112.9 -44.9 -16.7 -10.9 -16.5 7.7 -1.2 2.1 -8.9 -112.7 -58.5 -17.1 21.3 -8.8 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations 18.4 -25.6 -42.3 22.2 -68.2 -53.6 -8.6 -36.8 -2.4 0.3 -66.0 84.9 46.1 222.2 21.1 46.3 -245.6 15.4 -204.8 37.4 474.6 278.7 336.0 81.7 -81.5 -88.0 -49.2 60.1 606.2 88.6 -72.9 34.7 -36.8 18 19 20 412.7 955.4 1303.2 1041.6 1600.2 495.3 1490.7 2043.4 2331.9 1297.2 728.3 21 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 7 21 Net change in assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 34.9 104.5 -92.5 8.3 518.5 104.8 70.7 428.1 7.5 -5.1 727.9 44.7 27.2 720.9 53.6 -6.7 639.8 37.8 44.1 663.7 78.9 -5.8 721.2 12.8 8.9 711.0 61.1 26.0 811.5 67.7 79.5 639.8 73.0 22 23 24 25 26 27 State and local governments Federal government Rest of the world 25.2 35.4 166.5 -22.5 -3.5 323.5 -3.2 1.9 251.2 -5.5 -1.0 31.7 0.7 7.6 -161.8 -4.1 0.1 -272.6 -11.6 0.5 441.5 1.2 2.7 -201.1 4.0 -11.6 644.3 -1.6 15.3 -551.6 -0.7 24.0 -538.9 25 26 27 28 29 30 31 32 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -493.8 12.1 -4.4 -4.5 0.2 7.8 -84.7 -15.3 4.5 41.1 142.9 -68.2 15.0 0.8 -12.1 -27.6 -21.9 -0.3 0.2 0.8 32.3 -33.9 13.0 8.0 1.0 -1.0 -50.0 34.8 -10.4 -3.4 48.5 -260.9 -41.4 -5.0 3.7 76.6 -3.3 35.8 1.8 -8.5 31.6 235.5 31.1 23.9 41.5 -2.6 -206.0 -15.1 11.1 -44.7 23.5 -161.6 0.4 -4.6 15.9 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies 16.3 -21.4 -22.2 -5.7 -1.0 55.7 -2.6 49.7 22.0 -11.7 -3.0 55.7 6.7 128.2 16.4 -31.8 30.8 -51.4 17.4 34.6 23.5 1.6 33 34 35 36 37 Private pension funds State and local govt. retirement funds Federal government retirement funds 191.4 284.5 77.5 5.8 285.3 85.9 52.2 295.8 90.0 53.5 151.3 88.6 67.1 301.3 88.6 40.8 213.9 88.8 119.9 114.8 88.6 25.2 188.1 88.6 69.1 279.7 88.6 65.1 371.5 495.4 109.2 365.9 -318.3 35 36 37 38 39 Money market mutual funds Mutual funds -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 44.4 -7.9 18.9 100.2 71.4 -21.2 44.9 15.7 3.4 -46.8 129.5 63.6 -0.0 38 39 40 41 42 Government-sponsored enterprises Finance companies REITs 1.2 28.4 -8.5 29.3 -103.7 7.4 -0.1 6.1 13.3 4.1 -25.7 22.5 13.0 -18.8 4.8 14.7 -89.6 34.0 51.8 57.1 27.5 61.3 -45.2 32.8 -0.8 -14.7 46.4 -3.5 -99.5 -79.2 -5.0 84.3 19.4 40 41 42 43 44 45 Brokers and dealers Holding companies Funding corporations 54.9 85.4 -67.2 -104.2 -31.2 -58.4 -101.7 36.5 19.6 -61.4 37.4 7.2 156.9 248.4 12.5 -186.0 -67.4 17.8 -445.1 166.8 40.7 557.2 365.3 128.3 284.2 -175.0 -25.2 -104.1 465.7 -58.7 -109.6 337.5 5.8 43 44 45 -105.4 218.6 402.5 -339.3 -515.5 334.6 -673.9 -562.3 -1243.2 -144.7 -80.0 46 46 Discrepancy Flows 2009 62 Z.1, March 6, 2014 F.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 Flows U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 310.4 34.6 227.4 48.3 269.7 -0.8 16.3 1.6 11.0 12.5 301.1 40.6 302.5 -42.0 303.3 2.7 -22.2 1.9 6.8 8.7 409.0 64.7 326.5 17.8 399.8 -5.7 -1.0 3.0 9.0 3.9 388.3 34.6 332.7 21.0 365.8 -0.9 -2.6 3.6 11.3 11.2 373.1 31.9 348.9 -7.7 323.4 9.9 22.0 -1.9 7.0 12.8 374.5 49.6 319.1 5.8 355.3 -5.1 -3.0 2.3 11.1 13.8 381.7 12.2 363.6 5.9 364.7 -1.2 6.7 7.3 -2.3 6.4 336.5 -3.4 319.0 20.9 294.8 0.6 16.4 1.9 8.2 14.5 388.0 22.7 349.0 16.3 372.1 -21.7 30.8 -1.9 -0.6 9.3 383.3 54.3 367.5 -38.6 306.2 34.3 17.4 -1.3 12.3 14.4 384.8 54.1 360.2 -29.5 320.4 26.3 23.5 -6.3 8.0 12.9 1 2 3 4 5 6 7 8 9 10 104.6 0.1 16.6 2.4 11.1 12.8 2.1 0.6 150.4 126.8 21.7 2.0 157.0 0.3 12.4 2.8 6.3 13.2 13.2 0.6 205.9 140.5 62.7 2.7 195.2 0.1 27.2 -2.1 -9.1 7.5 10.8 0.6 230.2 98.5 80.9 50.9 165.1 0.6 -2.4 -5.7 2.5 -2.2 8.0 0.6 166.4 59.6 105.7 1.0 133.1 -0.1 5.3 4.6 6.7 1.1 4.8 0.6 156.1 81.6 94.1 -19.6 135.5 -0.1 5.6 -1.9 8.2 1.8 5.6 0.6 155.4 34.6 111.3 9.5 173.2 0.6 4.4 -23.4 2.1 -3.7 15.2 0.6 169.2 144.3 113.2 -88.4 91.0 -0.1 7.7 6.6 6.0 -3.8 6.5 0.6 114.5 52.4 102.4 -40.2 142.0 -0.1 2.2 -0.2 11.1 2.5 4.1 0.6 162.2 42.1 127.7 -7.6 159.1 0.0 7.4 3.1 1.7 0.4 4.3 0.6 176.7 143.4 55.9 -22.5 140.2 -0.2 3.9 8.8 8.1 5.3 4.2 0.6 171.0 88.6 90.6 -8.1 11 12 13 14 15 16 17 18 19 20 21 22 1.7 1.7 2.3 2.3 2.6 2.6 2.4 2.4 3.9 3.9 1.0 1.0 0.3 0.3 0.1 0.1 8.3 8.3 0.1 0.1 7.2 7.2 23 24 4.6 4.6 0.9 0.9 0.4 0.4 0.5 0.5 0.1 0.1 0.1 0.1 -0.0 -0.0 0.8 0.8 -0.3 -0.3 -0.2 -0.2 0.3 0.3 25 26 0.0 0.0 -0.0 0.0 0.7 -0.4 -0.3 -2.7 0.1 0.4 0.0 -3.0 -0.2 -0.0 -5.9 -0.0 0.3 0.0 -6.1 0.7 -0.8 -1.8 0.0 0.2 0.0 -2.2 0.1 0.1 0.5 0.0 0.6 0.0 -0.5 0.2 0.1 -1.5 0.0 0.4 0.0 -1.8 -0.1 0.0 -0.0 -0.0 0.2 0.0 -0.4 0.0 0.2 -3.6 0.3 -0.2 0.0 -3.4 0.2 -0.4 1.1 -0.2 1.1 0.0 0.1 0.1 0.1 -0.6 -0.1 1.0 0.0 -2.3 0.1 0.6 5.0 0.1 0.5 0.0 3.7 0.4 0.3 27 28 29 30 31 32 33 166.8 0.0 9.3 -23.3 -173.1 23.5 3.1 33.4 0.0 22.2 -39.5 -24.3 10.6 2.4 76.1 0.0 9.3 -20.3 -13.0 30.6 82.7 101.2 4.3 10.3 -0.5 49.3 -51.5 113.1 66.3 -7.7 3.4 -0.6 47.2 -29.0 79.6 136.6 5.3 13.0 -1.3 5.5 -48.7 110.2 71.8 1.8 1.7 28.6 51.3 -156.9 -1.8 110.7 -22.9 0.9 -5.5 -84.7 89.8 88.2 -100.8 -0.0 -0.6 5.1 71.3 -146.0 -171.0 70.4 -7.1 21.2 0.9 -157.2 106.5 34.7 185.1 -0.7 -8.1 -2.9 359.5 -166.4 366.5 34 35 36 37 38 39 40 -9.3 -9.3 26.7 26.7 8.4 8.4 -0.4 -0.4 -0.4 -0.4 -1.0 -1.0 20.9 20.9 -4.0 -4.0 3.7 3.7 0.6 0.6 -2.1 -2.1 41 42 -73.5 6.3 -67.2 -31.5 -26.9 -58.4 -33.7 53.4 19.6 -11.8 19.0 7.2 -3.1 15.6 12.5 -42.3 60.1 17.8 32.3 8.4 40.7 67.7 60.6 128.3 -3.4 -21.8 -25.2 -96.3 37.6 -58.7 19.6 -13.9 5.8 43 44 45 2.4 1.2 1.2 7.9 4.0 4.0 1.4 0.7 0.7 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46 47 48 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 19 20 21 22 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 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: 27 28 29 30 31 32 33 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) Holding company net transactions with subsidiaries: 34 35 36 37 38 39 40 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: 41 42 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 43 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 46 47 48 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). 63 Z.1, March 6, 2014 F.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) -543.3 0.2 -543.5 -10.1 0.1 -10.2 99.7 -0.1 99.7 -91.0 -0.1 -90.9 -8.6 -0.0 -8.6 -61.6 0.1 -61.7 -14.9 -0.3 -14.6 -3.8 -0.5 -3.3 -25.3 0.2 -25.5 -4.6 0.1 -4.7 -0.9 0.1 -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 0.4 0.4 -1.5 -1.5 -1.8 -1.8 1.2 1.2 -2.6 -2.6 -2.1 -2.1 4.8 4.8 -1.4 -1.4 -5.6 -5.6 -6.1 -6.1 2.5 2.5 6 7 -4.9 -4.9 2.7 2.7 -0.4 -0.4 0.6 0.6 2.1 2.1 1.7 1.7 -14.3 -14.3 4.1 4.1 7.4 7.4 -3.7 -3.7 0.4 0.4 8 9 8.4 9.7 -1.1 -0.1 17.1 17.0 0.4 -0.4 14.8 15.6 -1.8 0.9 -1.8 -2.4 0.4 0.3 2.0 1.1 0.1 0.7 19.0 16.0 1.4 1.6 -10.8 -3.6 -2.3 -5.0 -5.8 -8.2 1.2 1.2 -1.2 0.2 -1.5 0.1 14.4 12.9 0.2 1.4 0.6 -0.3 0.7 0.2 10 11 12 13 8.4 17.1 14.8 -1.8 2.0 19.0 -10.8 -5.8 -1.2 14.4 0.6 14 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 14 Asset: Household sector Policy payables: 15 Liab.: Property-casualty insurance companies -5.0 6.3 35.2 5.8 8.9 1.6 42.5 -9.2 23.8 8.8 12.2 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 8.7 -4.0 -9.8 -35.2 11.9 29.7 36.7 10.0 -11.6 -16.7 7.4 15.1 13.0 1.2 -5.3 -19.0 5.8 14.9 1.7 21.6 19.2 4.6 -6.2 -7.6 19.6 7.3 -3.1 12.7 1.3 -5.1 15.1 2.4 -5.3 16 17 18 80.0 80.0 -7.1 -7.1 17.7 17.7 7.6 7.6 4.3 4.3 13.1 13.1 19.0 19.0 1.7 1.7 -0.3 -0.3 13.7 13.7 2.0 2.0 19 20 -8.4 -8.4 15.4 15.4 3.0 3.0 -2.0 -2.0 -1.0 -1.0 -0.7 -0.7 -2.5 -2.5 0.8 0.8 0.4 0.4 -1.1 -1.1 -3.9 -3.9 21 22 -30.2 -30.2 -123.5 -123.5 -74.6 -74.6 -79.2 -79.2 94.0 94.0 -198.4 -198.4 -309.3 -309.3 236.2 236.2 298.3 298.3 -43.6 -43.6 -114.8 -114.8 23 24 61.9 61.9 65.7 65.7 70.8 70.8 40.4 40.4 98.2 98.2 45.8 45.8 -86.5 -86.5 229.9 229.9 -272.6 -272.6 -110.3 -110.3 545.9 545.9 25 26 16.6 16.6 22.5 22.5 18.5 18.5 13.3 13.3 12.2 12.2 -6.7 -6.7 53.3 53.3 -4.5 -4.5 -9.5 -9.5 -1.1 -1.1 63.8 63.8 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 27 28 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 29 30 31 Liab.: Nonfinancial corporate business State and local governments Federal government 82.7 293.0 15.6 -14.9 269.3 20.2 -12.5 287.0 19.2 50.1 151.0 48.2 54.9 287.2 -9.7 14.7 210.1 43.0 99.4 113.1 175.1 49.0 186.5 -141.3 36.4 267.0 361.1 50.3 348.8 605.7 84.1 346.4 -864.1 29 30 31 32 33 34 Asset: Private pension funds State and local govt. retirement funds Federal government retirement funds 82.7 293.0 15.6 -14.9 269.3 20.2 -12.5 287.0 19.2 50.1 151.0 48.2 54.9 287.2 -9.7 14.7 210.1 43.0 99.4 113.1 175.1 49.0 186.5 -141.3 36.4 267.0 361.1 50.3 348.8 605.7 84.1 346.4 -864.1 32 33 34 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Flows Postal Savings System deposits: 64 Z.1, March 6, 2014 F.232 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 Q3 Flows 1 Net change in liabilities 2013 Q4 Q1 Q2 Q3 Q4 -55.6 425.9 480.9 -117.6 -82.6 93.7 137.0 278.1 41.9 -254.6 -364.3 1 -132.4 32.6 239.7 -50.9 622.0 34.4 91.8 9.2 84.5 7.2 331.3 8.6 -317.1 -16.2 45.9 7.0 20.4 4.9 -15.7 27.5 287.5 -10.6 2 3 Federal government Rest of the world 2.9 -61.7 2.4 75.8 13.6 -127.8 -8.3 -226.8 1.3 -171.8 -14.9 -260.0 -18.7 109.1 16.1 -393.9 7.0 687.1 -32.0 -661.6 13.9 -287.3 4 5 6 7 8 9 10 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1.5 91.1 -85.1 4.3 14.7 28.3 165.1 0.9 -5.9 -8.3 -27.1 -25.4 43.9 -3.9 1.3 1.5 10.3 -23.9 -2.0 0.3 9.7 -54.9 -30.6 -3.0 -3.9 -24.6 86.2 53.7 5.2 -1.8 24.3 -110.6 -89.5 -7.2 1.8 61.8 55.0 -4.1 -3.6 12.8 -42.7 -33.9 -25.2 0.3 -2.5 -15.4 -210.8 -50.4 -3.1 -9.0 35.1 -30.0 -42.8 -5.6 -16.8 6 7 8 9 10 11 12 13 14 Life insurance companies Government-sponsored enterprises Finance companies REITs -42.1 61.9 -71.5 -13.8 7.4 -37.9 -59.3 14.9 17.7 -41.4 -8.5 8.5 19.6 -5.4 -22.5 17.0 4.9 -6.6 -25.9 -20.4 38.8 -11.7 -150.5 90.5 5.9 -7.7 67.1 -44.9 29.6 -11.8 2.4 -16.5 -3.8 12.2 -12.5 2.1 -21.7 -2.3 -114.6 -58.5 15.4 -24.5 20.9 -8.8 11 12 13 14 15 16 17 Brokers and dealers Holding companies Funding corporations 183.1 -25.6 -15.1 60.2 -68.2 61.4 -59.8 -36.8 70.2 -76.0 -66.0 163.5 -21.5 222.2 -73.5 -24.9 -245.6 213.2 -279.7 37.4 783.3 296.3 336.0 -155.0 -135.1 -88.0 -348.0 175.4 606.2 131.7 -422.8 34.7 77.4 15 16 17 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 18 Net change in assets 49.8 207.3 78.4 221.6 432.8 -241.0 811.0 840.5 1285.1 -109.9 -284.3 18 -152.0 -82.7 176.5 74.7 10.0 18.8 355.1 29.5 396.7 58.3 279.7 22.5 256.6 59.5 436.3 20.6 328.1 63.1 503.4 71.8 318.9 77.8 19 20 State and local governments Federal government 25.2 32.3 -22.5 -9.8 -3.2 -1.3 -5.5 -3.5 0.7 3.7 -4.1 -0.9 -11.6 0.4 1.2 3.1 4.0 -20.2 -1.6 15.1 -0.7 16.7 21 22 23 Rest of the world 16.1 117.7 21.0 -134.8 -318.0 -428.0 272.3 -315.6 482.0 -728.3 -709.9 23 24 25 26 27 28 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 49.6 7.2 -4.4 -4.5 0.6 18.0 -83.7 -15.3 4.5 41.3 43.1 -54.9 15.0 0.8 -12.8 63.4 -20.4 -0.3 0.2 0.7 40.9 -40.8 13.0 8.0 0.8 60.7 -41.1 34.8 -10.4 -3.3 63.1 -264.1 -41.4 -5.0 3.7 79.9 0.1 35.8 1.8 -8.7 57.1 262.9 31.1 23.9 41.4 2.1 -231.8 -15.1 11.1 -44.8 24.5 -194.3 0.4 -4.6 15.5 24 25 26 27 28 29 30 31 Life insurance companies Private pension funds State and local govt. retirement funds -17.8 37.1 -8.5 -10.2 12.3 16.1 53.9 44.1 8.8 45.5 -2.2 0.3 -12.0 8.9 14.1 51.7 13.7 3.8 135.0 4.0 1.7 -37.3 -26.2 1.5 -57.0 32.6 12.7 39.0 2.2 22.7 7.2 27.0 19.5 29 30 31 32 33 Money market mutual funds Mutual funds -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 44.4 -7.9 18.9 100.2 71.4 -21.2 44.9 15.7 3.4 -46.8 129.5 63.6 -0.0 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs 1.2 17.4 -8.5 29.3 -110.5 7.4 -0.1 -2.9 13.3 4.1 -36.9 22.5 13.0 -25.7 4.8 14.7 -100.7 34.0 51.8 59.4 27.5 61.3 -53.4 32.8 -0.8 -14.1 46.4 -3.5 -111.7 -79.2 -5.0 76.3 19.4 34 35 36 37 38 Brokers and dealers Holding companies 72.6 82.3 10.6 -33.6 -31.0 -46.2 6.5 -75.6 50.2 168.8 -1.3 -177.6 -142.3 168.6 306.5 277.1 -23.3 -4.0 -74.9 431.0 -7.6 -29.0 37 38 -105.4 218.6 402.5 -339.3 -515.5 334.6 -673.9 -562.3 -1243.2 -144.7 -80.0 39 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 39 Discrepancy 65 Z.1, March 6, 2014 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2012 Q3 1 All sectors 2013 Q4 Q1 Q2 Q3 Q4 190.2 137.7 299.5 -330.2 -423.1 83.6 -757.6 -567.1 -982.7 -298.7 187.8 1 -186.2 -125.4 -533.7 287.4 -738.0 853.0 -385.4 110.3 -403.5 98.6 -129.5 99.6 -446.9 168.0 -1140.5 88.1 -298.4 120.5 249.3 -85.0 -424.2 270.7 2 3 State and local governments Federal government 62.9 -61.9 0.9 -54.5 64.5 -16.2 -30.5 -87.5 23.7 -114.6 -31.5 -440.2 -15.3 -67.6 -3.3 202.1 -3.5 -516.4 78.4 -179.0 23.1 34.7 4 5 6 Rest of the world 150.8 17.3 -91.9 -13.9 167.6 311.7 -177.1 277.0 158.0 122.7 144.2 6 7 Financial sectors 350.0 420.3 228.0 76.8 -194.8 273.6 -218.7 9.5 -442.9 -485.1 139.3 7 -6.0 -10.0 -1.2 -18.6 -2.0 -19.5 -6.1 -2.9 -1.5 -1.6 -1.9 8 2 3 Household sector Nonfinancial corporate business 4 5 8 Monetary authority 9 10 11 12 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 357.1 144.4 6.2 11.5 328.8 -20.0 -0.0 -5.5 161.7 7.8 1.0 -26.2 89.2 -6.1 -0.1 5.8 4.6 -72.4 -0.2 10.1 367.0 -83.2 1.9 13.4 -263.9 58.5 -2.0 -1.3 134.2 19.0 0.1 42.1 -341.6 -17.7 2.3 0.4 -48.4 -216.4 4.3 1.1 274.4 -74.4 -7.3 -3.1 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies -23.2 -85.3 75.7 -32.3 7.6 -30.5 -18.2 -47.8 -13.3 -21.5 -13.3 -14.7 -58.4 -68.7 -1.1 -28.3 -15.0 -1.3 -26.7 0.6 -10.5 -56.8 13 14 15 16 Mutual funds Government-sponsored enterprises -40.7 52.3 -24.9 83.2 -35.3 39.6 -33.2 63.7 -11.0 -119.1 -33.6 -6.1 -31.1 90.5 -19.6 -122.5 -8.3 -80.8 -8.2 -260.9 -8.0 -12.2 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs 0.0 17.1 -17.1 0.0 16.2 16.1 0.0 42.0 36.1 0.0 61.6 47.9 0.0 15.9 55.3 0.0 84.2 40.3 0.0 42.3 72.0 0.0 16.1 40.6 0.0 6.9 65.7 0.0 9.6 69.0 0.0 31.2 45.9 17 18 19 20 21 Brokers and dealers Holding companies -57.2 -9.1 -6.6 -0.3 26.9 -1.5 -65.5 -1.7 -39.0 -2.2 -61.3 -1.4 -48.2 -2.2 -65.8 -2.3 -50.5 -1.4 -5.4 -1.9 -34.4 -3.2 20 21 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security repurchase agreements 6 7 8 9 Mail floats State and local governments Federal government Private domestic 190.2 137.7 299.5 -330.2 -423.1 83.6 -757.6 -567.1 -982.7 -298.7 187.8 1 -4.4 -122.5 -1.1 -26.6 -0.7 25.2 -0.6 -7.3 -1.1 47.7 -0.5 108.0 -0.5 -111.9 -0.9 6.9 -0.7 218.3 -2.1 -78.7 -0.8 44.3 2 3 10.3 420.7 23.5 -79.1 1.5 -122.5 11.9 -73.0 44.4 -157.9 19.1 -342.0 -61.6 -27.3 297.3 -454.4 -20.0 -140.1 -211.3 -97.7 111.7 60.4 4 5 -0.3 0.0 0.7 -1.0 -1.1 0.0 0.0 -1.1 0.8 0.0 -0.1 0.9 1.3 0.0 0.6 0.7 -0.7 0.0 0.5 -1.1 3.8 0.0 3.8 0.0 -51.0 0.0 -54.2 3.2 -49.8 0.0 -44.3 -5.5 98.6 0.0 96.2 2.4 5.5 0.0 3.6 1.9 -57.0 0.0 -53.7 -3.3 6 7 8 9 10 11 Trade credit Taxes payable 102.5 -33.5 60.3 -8.8 -54.2 -2.3 63.0 1.3 14.5 10.5 38.9 12.6 103.5 -32.0 15.5 30.3 -39.7 -37.4 118.0 25.9 -35.7 23.0 10 11 12 Miscellaneous -105.4 218.6 402.5 -339.3 -515.5 334.6 -673.9 -562.3 -1243.2 -144.7 -80.0 12 13 Nonfinancial -77.2 -48.0 49.2 12.4 135.0 -91.0 97.1 150.3 181.4 86.3 122.0 13 72.2 5.0 43.1 4.9 -53.6 4.4 -17.0 4.6 -140.3 5.3 86.4 4.6 -101.7 4.7 -155.6 5.3 -186.8 5.3 -91.7 5.3 -127.4 5.4 14 15 14 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas Flows 2009 66 Z.1, March 6, 2014 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 6 Levels 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 13 14 15 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages Consumer credit (student loans) 16 17 Corporate equities (3) Mutual fund shares 18 19 20 21 22 Security credit Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 23 24 Equity in noncorporate business Miscellaneous assets 25 26 Total liabilities Credit market instruments 27 28 29 Home mortgages (5) Consumer credit Municipal securities 30 31 32 Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 33 34 35 Security credit Trade payables Deferred and unpaid life insurance premiums 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 49308.0 53810.9 55067.9 59457.0 66948.5 58466.9 59457.0 61836.6 62587.4 64424.6 66948.5 1 8094.8 8060.5 8738.5 9201.1 9447.6 8854.1 9201.1 9205.0 9133.1 9252.3 9447.6 2 50.2 400.6 6330.8 1313.2 49.7 425.2 6455.9 1129.7 46.9 754.0 6827.7 1109.9 45.1 826.4 7203.3 1126.3 50.8 908.2 7388.5 1100.1 46.4 704.5 7042.3 1060.9 45.1 826.4 7203.3 1126.3 46.5 828.4 7253.7 1076.4 51.3 798.5 7264.6 1018.8 50.2 793.8 7348.3 1060.1 50.8 908.2 7388.5 1100.1 3 4 5 6 5604.1 5874.3 5489.9 5640.7 5652.1 5547.5 5640.7 5598.9 5670.3 5655.5 5652.1 7 22.7 858.8 359.3 21.1 1131.8 355.6 19.4 719.3 323.1 19.0 961.9 194.7 17.0 944.3 121.4 19.1 891.0 209.5 19.0 961.9 194.7 20.0 986.0 156.1 19.8 1048.9 159.1 19.5 1006.4 157.0 17.0 944.3 121.4 8 9 10 1828.0 2311.8 26.8 108.0 88.8 1871.8 2293.8 26.2 95.6 78.4 1806.9 2427.3 23.4 96.0 74.5 1654.8 2640.9 20.9 81.5 67.1 1617.2 2793.1 25.3 72.2 61.7 1709.9 2542.5 23.1 84.7 67.5 1654.8 2640.9 20.9 81.5 67.1 1669.7 2600.2 22.7 79.1 65.0 1672.3 2605.8 24.0 76.6 63.8 1646.6 2664.7 24.5 74.2 62.6 1617.2 2793.1 25.3 72.2 61.7 11 12 13 14 15 7491.9 4115.8 8996.7 4594.0 9049.9 4449.2 10337.7 5279.4 13864.8 6692.1 10269.3 5124.1 10337.7 5279.4 11632.5 5755.2 11779.5 5946.7 12546.7 6343.0 13864.8 6692.1 16 17 668.6 1109.2 15206.0 3226.8 11979.1 694.3 1137.2 16745.7 3517.7 13228.1 752.4 1203.6 17120.8 3842.9 13278.0 776.0 1186.1 18088.8 3701.3 14387.5 833.8 1232.1 19600.7 3064.9 16535.8 780.2 1180.6 17948.8 3627.6 14321.2 776.0 1186.1 18088.8 3701.3 14387.5 782.6 1194.6 18563.3 3431.4 15131.9 820.3 1200.4 18738.6 3565.9 15172.7 826.5 1217.7 19101.5 3551.6 15549.8 833.8 1232.1 19600.7 3064.9 16535.8 18 19 20 21 22 6216.7 800.9 6900.0 808.2 7384.9 878.8 8073.5 873.6 8724.5 900.8 7899.8 862.6 8073.5 873.6 8232.4 872.2 8424.0 874.4 8600.4 880.9 8724.5 900.8 23 24 14052.0 13775.4 13568.7 13597.9 13755.6 13476.4 13597.9 13542.8 13561.7 13688.5 13755.6 25 13574.2 13198.3 13017.3 12979.6 13105.1 12888.3 12979.6 12920.9 12945.6 13062.3 13105.1 26 10417.3 2553.5 265.4 9907.2 2648.1 263.2 9678.1 2757.0 255.5 9435.2 2924.3 241.0 9371.6 3098.6 227.8 9449.5 2859.4 245.6 9435.2 2924.3 241.0 9387.5 2924.4 239.4 9360.7 2967.7 235.7 9382.4 3038.8 232.4 9371.6 3098.6 227.8 27 28 29 10.2 133.7 194.1 61.0 136.1 182.7 12.4 138.1 176.3 66.3 139.3 173.5 88.0 141.3 177.7 23.1 138.3 172.6 66.3 139.3 173.5 57.3 139.4 172.9 66.7 140.7 174.0 91.9 140.8 176.0 88.0 141.3 177.7 30 31 32 203.0 252.7 22.1 278.2 274.1 24.7 238.9 288.2 24.3 303.7 289.7 24.9 339.2 284.3 27.0 269.1 290.5 28.4 303.7 289.7 24.9 307.9 288.1 25.9 302.6 285.7 27.8 313.7 285.6 26.8 339.2 284.3 27.0 33 34 35 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 19) and pension entitlements (line 20). (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.108, line 19. 67 Z.1, March 6, 2014 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 16909.9 17761.5 18267.6 19320.2 20646.4 19062.7 19320.2 19591.0 19879.1 20263.3 20646.4 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 31.5 689.3 842.1 729.2 7.9 40.6 766.1 905.0 574.7 12.1 34.8 793.5 922.1 540.0 12.6 13.4 900.9 951.9 537.1 10.3 56.5 1019.3 1037.1 536.4 9.2 9.4 881.5 939.5 516.0 11.2 13.4 900.9 951.9 537.1 10.3 28.9 941.0 961.1 523.2 9.9 60.2 928.0 979.3 511.6 9.3 63.4 963.9 1018.5 530.5 13.2 56.5 1019.3 1037.1 536.4 9.2 2 3 4 5 6 7 Credit market instruments 312.9 325.9 320.2 330.3 296.1 333.0 330.3 290.2 294.2 287.4 296.1 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 56.0 89.1 14.3 32.2 68.0 96.1 16.0 29.6 67.9 91.6 14.3 28.0 60.3 99.5 11.7 40.2 40.2 102.4 7.3 32.6 60.4 104.9 16.2 34.0 60.3 99.5 11.7 40.2 56.9 91.0 3.9 26.5 50.9 98.2 6.1 26.8 42.6 98.8 6.2 26.8 40.2 102.4 7.3 32.6 8 9 10 11 12 13 Mortgages Consumer credit 67.5 53.8 70.1 46.2 70.0 48.5 70.0 48.5 70.7 43.1 69.8 47.8 70.0 48.5 70.0 42.0 70.2 42.0 70.4 42.6 70.7 43.1 12 13 14 15 Mutual fund shares Trade receivables 162.0 2550.2 186.8 2689.2 165.9 2778.4 181.7 2869.7 211.5 3025.0 179.6 2956.8 181.7 2869.7 190.9 2974.6 192.7 3056.4 201.6 3077.8 211.5 3025.0 14 15 16 Miscellaneous assets 11584.8 12261.1 12700.2 13525.0 14455.3 13235.7 13525.0 13671.2 13847.5 14106.9 14455.3 16 17 18 Total liabilities Credit market instruments 18634.6 18898.8 19616.6 20212.7 20939.7 20040.4 20212.7 20328.1 20482.9 20708.4 20939.7 17 11320.5 11419.8 11966.9 12733.3 13621.8 12449.4 12733.3 12879.6 13140.3 13394.3 13621.8 18 19 20 21 Commercial paper Municipal securities Corporate bonds 58.4 452.2 4366.2 82.9 485.4 4804.8 116.3 493.9 5215.6 130.3 509.1 5795.2 143.1 518.5 6435.5 136.0 504.1 5599.7 130.3 509.1 5795.2 140.1 510.4 5940.0 147.2 515.0 6082.7 171.1 516.4 6269.0 143.1 518.5 6435.5 19 20 21 22 23 24 Depository institution loans n.e.c. Other loans and advances Mortgages 1490.1 1311.1 3642.5 1404.6 1118.9 3523.2 1530.2 1179.7 3431.2 1680.1 1217.4 3401.1 1774.6 1245.1 3505.1 1622.6 1205.0 3382.1 1680.1 1217.4 3401.1 1680.9 1217.2 3391.0 1715.4 1257.1 3422.9 1733.5 1248.2 3456.1 1774.6 1245.1 3505.1 22 23 24 25 26 Trade payables Taxes payable 1987.6 135.6 2174.2 142.0 2207.3 152.0 2324.9 160.1 2462.3 146.0 2308.2 162.2 2324.9 160.1 2356.5 167.1 2387.7 155.2 2438.6 158.6 2462.3 146.0 25 26 27 Miscellaneous liabilities 5190.8 5162.7 5290.5 4994.4 4709.7 5120.6 4994.4 4924.9 4799.7 4717.0 4709.7 27 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels 2009 68 Z.1, March 6, 2014 L.102 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 Levels 1 Total financial assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 13333.8 14033.7 14523.2 15500.8 16731.5 15277.1 15500.8 15765.6 16026.6 16380.8 16731.5 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 31.5 155.0 488.8 655.5 7.9 40.6 234.6 548.7 497.8 12.1 34.8 264.3 561.9 462.4 12.6 13.4 357.0 586.6 458.3 10.3 56.5 464.1 661.6 455.4 9.2 9.4 343.4 576.9 437.9 11.2 13.4 357.0 586.6 458.3 10.3 28.9 396.7 594.9 444.2 9.9 60.2 380.5 610.3 432.0 9.3 63.4 412.7 646.3 450.3 13.2 56.5 464.1 661.6 455.4 9.2 2 3 4 5 6 7 Credit market instruments 223.7 230.1 223.4 232.1 195.2 235.6 232.1 191.8 195.0 187.4 195.2 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 56.0 43.0 14.3 27.1 68.0 48.0 16.0 23.9 67.9 43.0 14.3 22.3 60.3 50.2 11.7 34.4 40.2 51.8 7.3 26.6 60.4 56.0 16.2 28.3 60.3 50.2 11.7 34.4 56.9 41.6 3.9 20.7 50.9 48.4 6.1 21.0 42.6 48.6 6.2 21.0 40.2 51.8 7.3 26.6 8 9 10 11 12 13 Mortgages Consumer credit 29.5 53.8 28.0 46.2 27.4 48.5 26.9 48.5 26.3 43.1 27.0 47.8 26.9 48.5 26.7 42.0 26.6 42.0 26.5 42.6 26.3 43.1 12 13 14 15 Mutual fund shares Trade receivables 162.0 2053.9 186.8 2155.8 165.9 2239.2 181.7 2322.7 211.5 2462.7 179.6 2414.0 181.7 2322.7 190.9 2426.5 192.7 2504.0 201.6 2520.6 211.5 2462.7 14 15 16 17 18 19 20 21 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 9555.5 3245.1 307.1 0.5 71.2 5931.6 10127.0 3402.9 319.0 0.6 60.7 6343.8 10558.6 3795.6 329.0 0.5 69.1 6364.4 11338.8 4136.4 336.5 0.6 68.7 6796.6 12215.4 4399.6 337.7 0.6 68.3 7409.2 11069.1 4095.5 331.1 0.6 63.5 6578.5 11338.8 4136.4 336.5 0.6 68.7 6796.6 11481.7 4170.2 334.9 0.6 67.7 6908.2 11642.7 4234.4 336.8 0.6 68.7 7002.4 11885.3 4341.3 337.1 0.6 68.8 7137.6 12215.4 4399.6 337.7 0.6 68.3 7409.2 16 17 18 19 20 21 12904.6 13227.9 13879.6 14386.3 14960.9 14251.4 14386.3 14495.7 14605.7 14778.0 14960.9 22 22 Total liabilities 23 Credit market instruments 7336.0 7473.5 7998.4 8685.9 9441.5 8440.9 8685.9 8832.5 9052.6 9263.9 9441.5 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 58.4 452.2 4366.2 82.9 485.4 4804.8 116.3 493.9 5215.6 130.3 509.1 5795.2 143.1 518.5 6435.5 136.0 504.1 5599.7 130.3 509.1 5795.2 140.1 510.4 5940.0 147.2 515.0 6082.7 171.1 516.4 6269.0 143.1 518.5 6435.5 24 25 26 27 28 29 Depository institution loans n.e.c. Other loans and advances (3) Mortgages 546.0 1139.1 774.0 480.9 948.3 671.2 549.8 1008.5 614.4 609.5 1036.9 604.8 654.1 1057.9 632.4 574.7 1028.1 598.3 609.5 1036.9 604.8 605.4 1037.1 599.4 621.8 1076.4 609.4 627.8 1066.6 613.0 654.1 1057.9 632.4 27 28 29 30 31 Trade payables Taxes payable 1590.2 35.7 1746.5 42.9 1771.7 51.7 1890.1 58.3 2018.2 41.0 1875.2 61.2 1890.1 58.3 1917.4 65.0 1946.5 52.3 1994.7 54.7 2018.2 41.0 30 31 32 33 34 35 36 Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Claims of pension fund on sponsor Other 3942.7 1986.4 75.6 497.6 1383.1 3965.0 2128.7 91.1 446.5 1298.7 4057.8 2313.3 94.0 486.6 1163.9 3752.0 2474.4 92.1 440.2 745.3 3460.1 2558.3 91.1 187.7 623.0 3874.2 2460.7 92.7 388.1 932.7 3752.0 2474.4 92.1 440.2 745.3 3680.7 2485.8 92.3 349.7 752.9 3554.3 2507.4 92.4 335.6 618.9 3464.7 2533.3 92.1 265.7 573.6 3460.1 2558.3 91.1 187.7 623.0 32 33 34 35 36 463.7 12512.2 409.3 14371.6 467.5 14500.8 432.6 16107.0 444.5 21363.1 538.8 16366.8 432.6 16107.0 509.0 18149.1 557.5 18383.0 525.9 19569.1 444.5 21363.1 37 38 Memo: 37 38 Trade receivables net of payables Market value of equities 39 40 Securities and mortgages Loans and short-term paper 5592.4 1743.6 5961.4 1512.1 6323.9 1674.5 6909.1 1776.7 7586.4 1855.2 6702.1 1738.8 6909.1 1776.7 7049.8 1782.7 7207.1 1845.5 7398.4 1865.5 7586.4 1855.2 39 40 41 42 Total short-term liabilities (4) Total liquid assets (5) 3369.5 1641.1 3301.5 1676.7 3497.9 1649.4 3725.1 1764.0 3914.4 1984.0 3675.2 1719.2 3725.1 1764.0 3765.1 1788.7 3844.3 1811.3 3914.9 1905.9 3914.4 1984.0 41 42 43 44 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 76.2 23.8 79.8 20.2 79.1 20.9 79.5 20.5 80.4 19.6 79.4 20.6 79.5 20.5 79.8 20.2 79.6 20.4 79.9 20.1 80.4 19.6 43 44 45 Liquid assets/short-term liabilities 48.7 50.8 47.2 47.4 50.7 46.8 47.4 47.5 47.1 48.7 50.7 45 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (5) Sum of lines 2 through 6, lines 8 through 11, and line 14. 69 Z.1, March 6, 2014 L.103 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Equity in the Farm Credit System. 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3576.1 3727.8 3744.5 3819.4 3914.9 3785.7 3819.4 3825.4 3852.5 3882.5 3914.9 1 534.3 353.3 73.7 531.5 356.2 76.8 529.1 360.1 77.7 543.9 365.3 78.8 555.2 375.6 81.0 538.1 362.6 78.2 543.9 365.3 78.8 544.3 366.1 79.0 547.5 369.0 79.6 551.2 372.2 80.3 555.2 375.6 81.0 2 3 4 89.1 95.8 96.8 98.2 100.9 97.5 98.2 98.4 99.2 100.0 100.9 5 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.6 5.7 42.5 0.0 49.3 5.8 43.1 0.0 50.7 5.9 44.3 0.0 48.9 5.7 42.8 0.0 49.3 5.8 43.1 0.0 49.4 5.8 43.2 0.0 49.8 5.8 43.6 0.0 50.2 5.9 43.9 0.0 50.7 5.9 44.3 0.0 6 7 8 9 496.3 2029.3 101.7 6.3 1921.3 533.4 2134.1 131.4 6.7 1996.0 539.2 2141.6 119.8 7.0 2014.8 546.9 2186.3 134.9 7.2 2044.3 562.3 2239.9 129.6 7.8 2102.6 542.8 2166.5 130.1 7.1 2029.4 546.9 2186.3 134.9 7.2 2044.3 548.1 2189.5 133.0 7.1 2049.4 552.5 2204.7 132.2 7.4 2065.2 557.2 2221.7 130.9 7.6 2083.1 562.3 2239.9 129.6 7.8 2102.6 10 11 12 13 14 5730.0 5670.9 5737.0 5826.5 5978.8 5789.0 5826.5 5832.4 5877.2 5930.4 5978.8 15 3984.5 3946.3 3968.5 4047.4 4180.3 4008.5 4047.4 4047.1 4087.7 4130.4 4180.3 16 944.0 172.0 2868.5 923.7 170.6 2852.0 980.4 171.2 2816.8 1070.6 180.6 2796.2 1120.5 187.1 2872.7 1047.8 176.9 2783.8 1070.6 180.6 2796.2 1075.4 180.1 2791.6 1093.5 180.6 2813.5 1105.7 181.6 2843.1 1120.5 187.1 2872.7 17 18 19 397.4 99.9 1248.1 427.7 99.2 1197.7 435.5 100.3 1232.7 434.8 101.9 1242.4 444.1 104.9 1249.6 433.0 101.0 1246.4 434.8 101.9 1242.4 439.0 102.1 1244.2 441.2 103.0 1245.4 443.8 103.9 1252.3 444.1 104.9 1249.6 20 21 22 Levels 2009 70 Z.1, March 6, 2014 L.104 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2663.0 2750.3 2695.4 2655.3 2702.2 2693.9 2655.3 2675.0 2696.4 2680.1 2702.2 1 Checkable deposits and currency Time and savings deposits 99.1 248.1 104.6 241.3 121.3 255.7 117.7 289.8 125.0 310.7 111.5 282.3 117.7 289.8 115.1 295.2 112.7 296.4 116.4 304.0 125.0 310.7 2 3 4 5 Money market fund shares Security repurchase agreements 135.6 125.5 149.3 124.2 149.2 117.6 140.4 110.7 141.5 111.6 145.0 114.4 140.4 110.7 140.9 111.1 142.5 112.4 141.8 111.8 141.5 111.6 4 5 6 Credit market instruments 1520.6 1581.4 1504.1 1434.8 1403.3 1473.0 1434.8 1434.5 1446.1 1409.5 1403.3 6 Open market paper Treasury securities Agency- and GSE-backed securities 88.5 584.1 488.2 101.4 590.9 510.6 90.6 545.4 497.9 85.3 532.7 468.5 86.0 493.8 472.3 88.1 540.9 484.0 85.3 532.7 468.5 85.6 529.2 470.1 86.6 530.5 475.5 86.2 498.0 473.3 86.0 493.8 472.3 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 11.4 156.1 192.3 12.8 163.5 202.2 12.9 159.6 197.8 12.1 150.1 186.1 12.2 151.4 187.6 12.5 155.1 192.3 12.1 150.1 186.1 12.1 150.7 186.8 12.3 152.4 188.9 12.2 151.7 188.0 12.2 151.4 187.6 10 11 12 10 11 12 Levels 2011 2 3 7 8 9 Total financial assets 2010 13 14 Corporate equities Mutual fund shares 111.5 48.3 125.8 58.2 122.6 58.0 129.5 61.5 152.7 73.5 132.5 63.1 129.5 61.5 138.2 66.0 140.9 67.4 145.2 69.6 152.7 73.5 13 14 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 139.1 117.1 118.1 152.2 117.8 95.6 154.5 120.0 92.4 162.7 121.3 87.0 172.3 123.8 87.7 161.6 120.6 89.9 162.7 121.3 87.0 165.0 121.8 87.3 167.1 122.6 88.3 170.7 123.4 87.9 172.3 123.8 87.7 15 16 17 4730.6 5055.9 5307.8 5198.0 4824.5 5163.3 5198.0 5032.6 5073.2 4964.9 4824.5 18 18 Total liabilities 19 Credit market instruments 2968.4 3038.0 2985.3 2980.0 2941.1 2985.3 2980.0 2994.9 2986.4 2953.1 2941.1 19 20 21 22 23 Municipal securities Short-term (2) Long-term U.S. government loans 2954.9 63.6 2891.3 13.5 3023.6 63.0 2960.6 14.4 2970.0 52.3 2917.6 15.3 2964.3 56.1 2908.2 15.7 2924.9 45.3 2879.6 16.2 2969.7 55.7 2914.0 15.6 2964.3 56.1 2908.2 15.7 2978.9 54.5 2924.4 16.0 2970.4 39.4 2931.0 16.0 2937.0 46.0 2891.0 16.1 2924.9 45.3 2879.6 16.2 20 21 22 23 630.5 1131.7 669.0 1348.9 707.4 1615.1 746.5 1471.5 786.1 1097.3 736.7 1441.3 746.5 1471.5 756.3 1281.4 766.2 1320.7 776.1 1235.6 786.1 1097.3 24 25 24 25 Trade payables Claims of pension fund on sponsor (3) (1) Data for employee retirement funds are shown in table L.118. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. 71 Z.1, March 6, 2014 L.105 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (1) Corporate equities (2) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 16 17 18 SDR allocations SDR certificates Treasury currency 19 Credit market instruments 20 21 22 23 24 U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages 25 26 Trade payables Insurance reserves 27 28 29 30 Miscellaneous liabilities Nonmarketable securities held by pension plans (3) Claims of pension fund on sponsor Other 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1387.1 1611.5 1404.0 1504.8 1700.7 1481.3 1504.8 1534.3 1607.4 1603.6 1700.7 1 94.6 193.6 1.9 95.4 342.1 2.0 103.9 84.3 1.7 102.8 92.0 2.0 96.4 162.9 1.5 104.7 83.4 2.1 102.8 92.0 2.0 99.0 79.4 1.6 98.2 135.2 1.8 99.2 88.5 1.9 96.4 162.9 1.5 2 3 4 706.3 793.5 812.7 917.6 1041.4 899.2 917.6 964.7 981.7 1022.5 1041.4 5 196.4 0.6 177.9 108.4 223.1 149.2 0.9 181.4 105.8 356.2 31.1 0.8 186.3 109.9 484.7 0.0 0.6 188.7 111.5 616.8 0.0 0.6 195.5 115.5 729.8 0.0 0.7 189.4 112.5 596.6 0.0 0.6 188.7 111.5 616.8 0.0 0.6 191.3 113.3 659.5 0.0 0.6 193.4 113.2 674.6 0.0 0.6 194.3 114.1 713.5 0.0 0.6 195.5 115.5 729.8 6 7 8 9 10 67.4 43.6 133.9 145.8 49.9 42.9 144.3 141.4 57.8 47.7 152.8 143.1 39.9 50.3 158.1 142.0 35.1 50.5 163.4 149.6 41.2 52.0 156.8 141.9 39.9 50.3 158.1 142.0 38.6 48.7 159.5 142.7 37.9 52.0 160.8 139.8 35.3 50.6 162.1 143.6 35.1 50.5 163.4 149.6 11 12 13 14 11003.5 12802.1 13988.3 15238.7 16121.3 14895.4 15238.7 15603.9 15615.2 15812.5 16121.3 15 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 54.5 5.2 25.9 54.3 5.2 25.9 52.9 5.2 25.9 53.1 5.2 25.9 54.2 5.2 25.6 54.4 5.2 25.6 16 17 18 7805.4 9385.6 10453.6 11593.7 12352.8 11279.9 11593.7 11930.1 11912.9 11981.9 12352.8 19 191.3 1787.9 5802.7 23.5 0.0 188.0 1768.9 7404.6 24.2 0.0 185.3 1519.5 8723.6 25.3 0.0 182.5 1626.5 9759.9 24.9 0.0 179.2 1590.6 10558.5 24.5 0.0 183.7 1613.0 9458.8 24.4 0.0 182.5 1626.5 9759.9 24.9 0.0 181.8 1788.2 9935.5 24.6 0.0 181.0 1568.1 10138.9 25.0 0.0 180.0 1527.9 10248.8 25.1 0.0 179.2 1590.6 10558.5 24.5 0.0 20 21 22 23 24 204.6 47.5 210.9 48.4 220.3 49.7 228.3 50.0 251.5 50.3 234.0 50.1 228.3 50.0 237.6 50.1 246.1 50.2 250.4 50.1 251.5 50.3 25 26 2859.2 1077.2 1597.6 184.4 3071.6 1142.9 1722.2 206.5 3179.4 1213.7 1741.1 224.6 3281.2 1254.1 1789.6 237.5 3381.5 1352.3 1780.0 249.2 3245.8 1223.3 1798.2 224.3 3281.2 1254.1 1789.6 237.5 3302.1 1265.5 1800.3 236.3 3321.8 1178.4 1909.6 233.8 3445.2 1161.5 2050.3 233.4 3381.5 1352.3 1780.0 249.2 27 28 29 30 (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. Levels 2009 72 Z.1, March 6, 2014 L.106 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 Levels 1 Total financial assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 16021.0 17676.0 19288.1 20644.3 21940.0 20494.1 20644.3 21392.1 21513.6 21952.9 21940.0 1 2 3 4 SDR allocations Net interbank assets U.S. checkable deposits and currency 55.4 86.0 361.0 54.4 24.2 390.5 54.2 238.1 472.3 54.3 102.1 540.6 54.4 362.5 589.5 54.5 231.2 519.5 54.3 102.1 540.6 52.9 197.6 543.2 53.1 481.0 551.5 54.2 440.9 573.9 54.4 362.5 589.5 2 3 4 5 6 7 U.S. time deposits Money market fund shares Security repurchase agreements 293.5 76.9 561.5 302.5 69.8 635.8 349.7 79.5 763.1 386.8 99.7 765.7 434.2 161.4 822.0 364.6 96.0 726.0 386.8 99.7 765.7 386.3 101.7 821.1 392.3 152.5 791.8 412.8 156.3 794.5 434.2 161.4 822.0 5 6 7 8 Credit market instruments 7723.4 8491.8 9029.7 9606.3 9836.4 9497.0 9606.3 9735.3 9484.2 9638.0 9836.4 8 9 Open market paper 191.5 191.0 191.7 195.2 197.0 190.2 195.2 203.9 200.2 187.4 197.0 9 10 11 12 Treasury securities Official Private 3670.6 2879.6 791.0 4458.8 3364.8 1094.1 5006.9 3620.6 1386.3 5573.8 4032.2 1541.6 5842.3 4126.8 1715.4 5475.4 3958.1 1517.3 5573.8 4032.2 1541.6 5721.8 4090.7 1631.1 5594.4 4009.2 1585.2 5654.7 4016.0 1638.6 5842.3 4126.8 1715.4 10 11 12 13 14 15 Agency- and GSE-backed securities Official Private 1154.9 749.0 405.9 1084.0 661.2 422.8 1080.6 639.2 441.4 1004.3 511.1 493.2 861.9 475.2 386.7 1028.3 548.3 480.0 1004.3 511.1 493.2 939.8 487.0 452.8 874.8 468.9 405.9 899.2 488.8 410.5 861.9 475.2 386.7 13 14 15 16 17 18 Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 58.7 2465.3 182.5 71.7 2524.0 162.3 70.3 2484.0 196.1 67.9 2621.3 143.9 66.4 2730.1 138.7 72.7 2572.8 157.7 67.9 2621.3 143.9 65.1 2663.0 141.6 60.2 2602.2 152.4 63.3 2694.4 139.0 66.4 2730.1 138.7 16 17 18 19 20 21 22 U.S. corporate equities Mutual fund shares Trade receivables Security credit 2476.7 364.1 96.7 0.0 2962.2 513.8 116.4 0.0 3035.3 735.6 134.2 0.0 3467.6 987.1 145.6 0.0 4655.6 1043.7 157.3 0.0 3448.0 950.4 146.8 0.0 3467.6 987.1 145.6 0.0 3906.8 1006.8 149.2 0.0 4011.5 963.1 154.4 0.0 4278.4 987.4 155.1 0.0 4655.6 1043.7 157.3 0.0 19 20 21 22 23 24 25 Miscellaneous assets Foreign direct investment in U.S. (2) Other 3925.9 2398.2 1527.7 4114.7 2623.6 1491.1 4396.5 2879.5 1517.0 4488.5 3057.3 1431.1 3822.9 3164.3 658.6 4460.3 3029.3 1431.0 4488.5 3057.3 1431.1 4491.2 3074.6 1416.5 4478.3 3101.3 1377.0 4461.6 3131.6 1330.0 3822.9 3164.3 658.6 23 24 25 9340.1 10047.8 10562.6 10887.3 10257.2 10749.2 10887.3 11036.3 11042.3 11215.1 10257.2 26 119.7 835.9 530.5 121.4 826.6 731.8 129.6 780.3 808.0 127.5 750.1 847.7 119.9 837.0 733.1 130.3 772.3 818.0 127.5 750.1 847.7 122.5 774.3 830.1 121.4 853.1 790.1 123.1 834.8 792.6 119.9 837.0 733.1 27 28 29 2131.1 2314.0 2513.8 2784.1 2889.5 2682.8 2784.1 2860.6 2790.1 2830.5 2889.5 30 401.3 1570.3 398.6 1731.3 345.1 1939.9 373.0 2140.7 407.4 2171.5 366.7 2052.0 373.0 2140.7 407.4 2174.6 417.4 2087.0 407.3 2127.2 407.4 2171.5 31 32 137.5 4.5 37.4 95.6 21.9 162.0 6.6 53.0 102.4 22.1 205.2 5.4 69.8 130.0 23.5 237.7 6.2 70.4 161.0 32.8 276.8 7.1 90.5 179.3 33.8 233.9 5.1 71.0 157.8 30.2 237.7 6.2 70.4 161.0 32.8 246.0 6.1 76.2 163.6 32.7 252.2 6.1 80.5 165.7 33.6 262.5 6.6 86.7 169.3 33.4 276.8 7.1 90.5 179.3 33.8 33 34 35 36 37 69.3 0.0 95.1 0.0 63.0 0.0 69.3 0.0 67.4 0.0 67.4 0.0 69.3 0.0 68.2 0.0 70.1 0.0 68.7 0.0 67.4 0.0 38 39 5653.5 50.0 10.9 4077.4 125.1 1390.2 5958.8 52.3 0.8 4273.6 135.6 1496.5 6268.0 54.9 100.5 4663.1 166.3 1283.2 6308.5 57.3 9.5 5077.8 114.7 1049.2 5610.4 61.2 0.9 5390.7 85.7 71.9 6278.2 57.2 13.3 4983.4 154.0 1070.4 6308.5 57.3 9.5 5077.8 114.7 1049.2 6380.6 57.3 8.6 5123.8 137.2 1053.8 6417.5 59.4 2.3 5194.6 100.7 1060.5 6565.4 59.4 1.1 5318.6 127.3 1059.0 5610.4 61.2 0.9 5390.7 85.7 71.9 40 41 42 43 44 45 3995.3 4900.2 4501.4 5390.5 6802.7 5107.3 5390.5 5648.7 5632.1 6164.6 6802.7 46 26 Total liabilities 27 28 29 U.S. official reserve assets (3) U.S. private deposits Security repurchase agreements 30 Credit market instruments 31 32 Commercial paper Bonds 33 34 35 36 37 Depository institution loans n.e.c. Official Banks Other Other loans and advances 38 39 Trade payables Security debt 40 41 42 43 44 45 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (1,2) Investment by holding companies Other Memo: 46 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). 73 Z.1, March 6, 2014 L.107 Financial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 66985.0 67859.1 69356.6 73538.9 79974.0 72533.2 73538.9 75523.5 76422.5 78212.6 79974.0 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 36.2 5.2 42.7 97.1 1126.4 37.0 5.2 43.5 105.9 1019.6 36.8 5.2 44.2 42.9 1622.6 35.8 5.2 44.8 43.3 1561.7 34.6 5.2 45.5 33.7 2321.8 36.6 5.2 44.6 40.2 1496.2 35.8 5.2 44.8 43.3 1561.7 34.5 5.2 45.0 48.7 1849.4 34.3 5.2 45.1 37.1 2072.9 35.0 5.2 45.3 36.3 2294.2 34.6 5.2 45.5 33.7 2321.8 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 343.6 716.1 1003.7 825.5 325.6 641.5 832.0 839.2 362.4 595.4 764.0 780.2 373.3 629.9 746.1 986.2 379.9 705.9 738.8 1029.9 333.0 601.4 688.9 992.1 373.3 629.9 746.1 986.2 366.5 623.8 711.9 1000.2 367.1 638.1 716.6 950.5 387.9 703.7 748.6 1001.2 379.9 705.9 738.8 1029.9 7 8 9 10 11 Credit market instruments 37622.1 36775.8 37826.9 39051.8 40762.0 38488.3 39051.8 39451.8 39813.6 40138.6 40762.0 11 779.3 2579.3 5893.7 1742.2 6721.6 676.0 3083.9 5482.7 1786.3 6877.0 599.7 4065.2 5630.4 1801.3 7081.1 592.6 4401.1 5875.4 1939.5 7507.8 610.5 4945.5 6330.3 1942.8 7799.4 599.5 4243.2 5805.9 1890.4 7400.9 592.6 4401.1 5875.4 1939.5 7507.8 634.8 4577.4 6020.9 1955.1 7622.5 633.2 4615.9 6145.2 1949.5 7661.8 641.2 4698.9 6177.9 1936.8 7737.1 610.5 4945.5 6330.3 1942.8 7799.4 12 13 14 15 16 2062.5 1711.0 13944.8 2187.8 2001.2 1394.8 13306.6 2167.3 2147.8 1363.9 12988.2 2149.3 2322.7 1468.3 12752.5 2191.9 2507.1 1564.3 12798.1 2264.0 2244.9 1423.3 12732.8 2147.4 2322.7 1468.3 12752.5 2191.9 2323.8 1459.6 12699.6 2157.9 2388.1 1530.5 12702.2 2187.3 2424.7 1540.7 12761.1 2220.2 2507.1 1564.3 12798.1 2264.0 17 18 19 20 9938.1 2230.4 11432.6 2520.2 10822.6 2462.3 12468.9 2813.9 15979.3 3506.1 12365.7 2813.9 12468.9 2813.9 13592.3 3068.4 13794.4 3129.6 14728.9 3303.4 15979.3 3506.1 21 22 144.2 422.6 135.6 520.5 134.8 560.2 133.2 736.4 135.2 714.7 135.9 702.2 133.2 736.4 134.1 709.5 132.9 691.2 133.0 709.9 135.2 714.7 23 24 132.8 12298.0 141.1 12483.7 148.4 13147.9 172.9 13735.4 183.8 13397.4 172.7 13616.3 172.9 13735.4 175.5 13706.7 176.8 13817.2 179.3 13762.2 183.8 13397.4 25 26 63610.5 64329.9 65837.4 69490.5 75258.6 68626.9 69490.5 71250.6 72103.1 73634.4 75258.6 27 2 3 4 5 6 Total financial assets 2010 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17 18 19 20 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 21 22 Corporate equities Mutual fund shares 23 24 Trade receivables Security credit 25 26 Life insurance reserves Miscellaneous assets 27 Total liabilities 28 Net interbank liabilities 1220.0 1070.7 1889.2 1718.0 2783.0 1794.7 1718.0 2131.8 2614.2 2799.4 2783.0 28 29 30 31 32 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 2093.4 8432.5 3258.6 2043.4 2359.8 8548.1 2755.4 2025.2 2594.3 8952.2 2642.5 1970.8 2857.8 9463.8 2649.6 1976.8 3189.7 9878.0 2678.3 1918.7 2640.4 9232.3 2506.9 1977.4 2857.8 9463.8 2649.6 1976.8 2878.1 9521.6 2554.0 1964.7 2897.8 9572.5 2541.9 1854.8 2930.0 9789.1 2637.4 1859.8 3189.7 9878.0 2678.3 1918.7 29 30 31 32 33 Credit market instruments 15689.8 14487.0 14046.5 13910.7 14081.1 13952.2 13910.7 13889.2 13914.8 13929.5 14081.1 33 678.2 8083.3 5718.8 576.0 7574.0 5323.1 507.9 7552.1 4997.3 449.1 7529.7 4984.9 400.3 7768.7 4867.5 454.6 7519.5 5020.3 449.1 7529.7 4984.9 453.8 7566.2 4922.3 426.0 7635.8 4853.0 398.6 7688.5 4852.2 400.3 7768.7 4867.5 34 35 36 424.7 617.9 166.9 373.7 473.2 167.1 399.9 413.1 176.2 338.7 416.6 191.8 367.6 487.5 189.5 365.3 404.4 188.0 338.7 416.6 191.8 339.7 409.9 197.3 353.8 453.1 193.2 336.8 460.0 193.4 367.6 487.5 189.5 37 38 39 6920.7 70.1 888.2 7873.0 18.1 936.6 7870.9 14.3 1073.7 9323.6 14.2 1208.7 11526.8 14.5 1209.3 9131.0 13.0 1213.2 9323.6 14.2 1208.7 10087.4 15.4 1184.2 10299.5 15.6 1209.0 10904.9 13.3 1222.7 11526.8 14.5 1209.3 40 41 42 34 35 36 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 37 38 39 Depository institution loans n.e.c. Other loans and advances Mortgages 40 41 42 Mutual fund shares Trade payables Security credit 43 44 Life insurance reserves Pension entitlements 1194.5 15206.0 1229.9 16745.7 1302.3 17120.8 1309.0 18088.8 1365.7 19600.7 1303.1 17948.8 1309.0 18088.8 1320.0 18563.3 1327.0 18738.6 1346.9 19101.5 1365.7 19600.7 43 44 45 46 Taxes payable Miscellaneous liabilities -95.0 7219.0 -88.9 7101.4 -78.0 7245.9 -77.1 7894.2 -69.1 7814.8 -68.5 7800.5 -77.1 7894.2 -66.2 8037.3 -83.0 7990.6 -74.0 7966.8 -69.1 7814.8 45 46 3578.1 14.8 4295.4 15.9 4085.9 13.1 4946.1 18.6 6521.7 19.2 4782.7 19.1 4946.1 18.6 5510.6 19.2 5749.2 19.3 6000.8 17.7 6521.7 19.2 47 48 Memo: 47 48 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.108 and L.110 through L.130. Levels 2009 74 Z.1, March 6, 2014 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2267.2 2453.2 2947.2 2954.9 4073.8 2837.6 2954.9 3243.8 3526.3 3787.1 4073.8 1 36.2 5.2 42.7 37.0 5.2 43.5 36.8 5.2 44.2 35.8 5.2 44.8 34.6 5.2 45.5 36.6 5.2 44.6 35.8 5.2 44.8 34.5 5.2 45.0 34.3 5.2 45.1 35.0 5.2 45.3 34.6 5.2 45.5 2 3 4 Federal Reserve float (2) -2.1 -1.4 -0.6 -0.5 -1.0 -0.6 -0.5 -0.6 -0.7 -0.6 -1.0 5 Interbank loans (2) Discount window (3) AMLF (4) 96.6 96.6 0.0 0.2 0.2 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.2 0.2 0.0 0.1 0.1 0.0 6 7 8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 2 3 4 U.S. official reserve assets SDR certificates Treasury currency 5 6 7 8 9 Security repurchase agreements 10 Levels Total financial assets 2010 1987.7 2259.2 2635.6 2670.1 3756.3 2565.1 2670.1 2939.8 3214.2 3475.1 3756.3 10 11 12 13 14 15 16 17 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 0.0 776.6 18.4 758.2 1068.3 908.4 159.9 0.0 1021.5 18.4 1003.1 1139.6 992.1 147.5 0.0 1663.4 18.4 1645.0 941.7 837.7 104.0 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 0.0 1645.3 0.0 1645.3 918.4 835.0 83.4 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 0.0 1796.0 0.0 1796.0 1143.4 1070.9 72.4 0.0 1936.6 0.0 1936.6 1277.3 1208.1 69.2 0.0 2072.3 0.0 2072.3 1402.7 1342.1 60.7 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III)(9) Funding corporations (CPFF) (10) 142.8 47.5 0.0 0.0 29.2 22.2 16.0 18.5 9.4 98.1 24.7 0.0 0.0 25.8 20.0 13.5 14.1 0.0 30.5 9.0 0.0 0.0 4.9 0.0 6.8 9.8 0.0 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.5 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 20 21 22 23 24 25 26 25.1 75.9 10.3 65.6 26.4 83.1 0.1 83.0 0.0 225.8 99.8 126.0 0.0 199.5 8.9 190.6 0.0 233.1 0.3 232.8 0.0 186.5 12.6 174.0 0.0 199.5 8.9 190.6 0.0 219.9 8.1 211.9 0.0 228.1 1.7 226.5 0.0 226.8 0.5 226.3 0.0 233.1 0.3 232.8 27 28 29 30 2241.6 2426.7 2920.3 2927.6 4046.3 2810.2 2927.6 3216.3 3498.8 3759.6 4046.3 31 977.0 54.9 968.1 52.7 1562.3 60.8 1491.0 71.1 2249.1 73.6 1440.4 56.3 1491.0 71.1 1790.4 59.6 2013.3 60.2 2232.4 62.2 2249.1 73.6 32 33 1102.7 1287.8 1165.7 1224.6 1364.2 1185.9 1224.6 1226.1 1298.1 1266.5 1364.2 34 27 28 29 30 31 Credit market instruments Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Total liabilities 32 33 Depository institution reserves Vault cash of depository institutions 34 Checkable deposits and currency 35 36 37 38 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 191.9 0.2 186.6 5.0 340.9 0.2 140.8 200.0 85.9 0.1 85.7 0.0 92.9 0.2 92.7 0.0 162.6 0.2 162.4 0.0 85.6 0.1 85.4 0.0 92.9 0.2 92.7 0.0 79.4 0.2 79.2 0.0 135.0 0.1 134.9 0.0 88.6 0.2 88.4 0.0 162.6 0.2 162.4 0.0 35 36 37 38 39 40 41 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 2.4 35.1 873.3 3.4 13.5 930.0 0.2 64.6 1015.0 6.5 27.2 1098.1 8.0 25.9 1167.6 5.7 22.6 1072.1 6.5 27.2 1098.1 9.2 20.2 1117.3 10.1 19.5 1133.6 9.0 24.1 1144.9 8.0 25.9 1167.6 39 40 41 42 Security repurchase agreements 77.7 59.7 99.9 107.2 315.9 92.7 107.2 105.5 95.2 157.4 315.9 42 43 44 45 Miscellaneous liabilities Federal Reserve Bank stock Other 29.2 25.6 3.6 58.4 26.5 31.9 31.7 26.9 4.8 33.7 27.4 6.3 43.5 27.5 16.0 34.9 27.4 7.5 33.7 27.4 6.3 34.8 27.6 7.2 32.1 27.5 4.6 41.2 27.4 13.7 43.5 27.5 16.0 43 44 45 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table L.203. (3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 75 Z.1, March 6, 2014 L.109 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 13515.6 14429.9 14822.5 15778.4 14608.3 14822.5 15029.4 15337.6 15589.0 15778.4 1 52.7 968.1 60.8 1562.3 71.1 1491.0 73.6 2249.1 56.3 1440.4 71.1 1491.0 59.6 1790.4 60.2 2013.3 62.2 2232.4 73.6 2249.1 2 3 10776.3 10968.9 11177.8 11580.2 11868.1 11370.4 11580.2 11546.8 11614.5 11671.3 11868.1 4 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 196.6 1579.9 227.8 940.0 0.0 299.6 1718.1 257.1 795.9 0.0 252.9 1851.7 303.9 800.2 0.0 339.5 1901.4 369.9 794.0 0.0 305.2 1948.5 424.5 777.7 0.0 327.0 1905.4 356.6 781.0 0.0 339.5 1901.4 369.9 794.0 0.0 329.5 1946.9 382.2 773.0 0.0 281.5 1964.2 398.0 767.0 0.0 276.1 1934.4 412.9 779.5 0.0 305.2 1948.5 424.5 777.7 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 1919.6 0.0 4768.9 1143.4 1903.1 0.0 4583.0 1412.0 2117.3 0.0 4436.2 1415.6 2322.2 0.0 4391.0 1462.3 2507.0 0.0 4368.6 1536.5 2243.4 0.0 4334.1 1422.8 2322.2 0.0 4391.0 1462.3 2323.5 0.0 4354.9 1436.8 2387.8 0.0 4351.3 1464.7 2424.6 0.0 4350.4 1493.3 2507.0 0.0 4368.6 1536.5 10 11 12 13 63.6 47.4 73.6 46.5 67.4 43.5 87.1 61.5 116.8 86.7 83.4 55.0 87.1 61.5 96.8 69.9 96.9 70.3 104.4 78.1 116.8 86.7 14 15 219.6 111.5 242.3 116.0 321.3 120.8 432.7 138.1 375.5 143.9 433.0 136.4 432.7 138.1 401.6 139.4 388.7 140.4 396.2 141.7 375.5 143.9 16 17 1114.3 1047.4 1076.0 960.8 864.6 1033.3 960.8 924.9 953.4 902.7 864.6 18 13248.7 13527.7 14574.3 15168.4 15964.3 14998.6 15168.4 15395.4 15587.5 15767.7 15964.3 19 188.1 49.9 266.1 155.9 460.3 298.0 155.9 281.8 540.7 504.8 460.3 20 990.7 6326.5 2105.9 1072.0 6624.9 1923.2 1428.6 7202.2 1750.0 1633.1 7803.9 1659.9 1825.6 8115.8 1762.2 1454.4 7595.4 1636.8 1633.1 7803.9 1659.9 1652.0 7869.1 1652.5 1599.7 7890.1 1682.4 1663.5 8052.3 1736.8 1825.6 8115.8 1762.2 21 22 23 4 Credit market instruments 14 15 Corporate equities Mutual fund shares 16 17 Security credit Life insurance reserves 18 Miscellaneous assets 19 2012 54.9 977.0 Vault cash Reserves at Federal Reserve 10 11 12 13 2011 13364.7 2 3 5 6 7 8 9 2010 Total liabilities 20 Net interbank liabilities 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 24 Federal funds and security repos (net) 859.0 694.7 619.8 499.6 438.4 563.1 499.6 490.0 462.8 467.0 438.4 24 25 Credit market instruments 744.6 968.7 892.9 865.3 885.4 846.6 865.3 842.9 871.8 867.8 885.4 25 0.6 176.3 567.6 113.0 436.8 418.9 120.6 415.8 356.4 87.5 415.8 362.0 59.7 397.7 428.1 90.7 409.9 346.0 87.5 415.8 362.0 74.4 413.9 354.5 64.2 411.5 396.2 57.3 406.5 403.9 59.7 397.7 428.1 26 27 28 -66.2 -59.6 -49.1 -47.9 -47.5 -46.3 -47.9 -46.0 -58.9 -53.0 -47.5 29 2100.2 107.7 1599.5 203.1 189.9 2253.9 120.0 1632.8 171.6 329.5 2463.8 193.7 1709.0 137.8 423.3 2598.4 198.1 1889.2 126.0 385.1 2524.0 203.4 1944.4 122.9 253.2 2650.5 190.1 1871.3 117.9 471.1 2598.4 198.1 1889.2 126.0 385.1 2653.1 200.0 1916.9 142.9 393.3 2598.9 200.6 1880.5 142.1 375.8 2528.6 202.4 1898.1 118.0 310.0 2524.0 203.4 1944.4 122.9 253.2 30 31 32 33 34 6.9 6.2 6.0 6.5 7.9 6.2 6.5 6.8 7.3 7.7 7.9 35 26 27 28 Open market paper Corporate bonds Other loans and advances 29 Taxes payable (net) 30 31 32 33 34 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other Memo: 35 Consumer leases not included above (2) (1) U.S.-chartered depository institutions (L.110), foreign banking offices (L.111), banks in U.S.-affiliated areas (L.112), and credit unions (L.113). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. Levels 2009 76 Z.1, March 6, 2014 L.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 Levels 1 Total financial assets 2 3 Vault cash Reserves at Federal Reserve 4 Credit market instruments 5 6 7 8 9 10 11 12 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 13 14 15 16 17 18 19 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 20 21 22 23 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 24 25 Corporate equities Mutual fund shares 26 27 28 Security credit Life insurance reserves Miscellaneous assets 29 Total liabilities 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 11269.9 11304.7 11726.9 12079.6 12669.9 11840.8 12079.6 12153.8 12242.6 12460.5 12669.9 1 54.9 661.4 52.7 575.8 60.8 798.7 71.1 798.5 73.6 1252.9 56.3 722.1 71.1 798.5 59.6 981.1 60.2 1001.2 62.2 1222.7 73.6 1252.9 2 3 9144.0 9356.2 9489.9 9840.6 10087.1 9645.6 9840.6 9811.7 9874.6 9902.8 10087.1 4 0.0 124.5 1417.4 837.5 3.6 264.0 4.0 308.4 0.0 217.5 1527.2 835.3 3.3 393.4 3.6 291.5 0.0 173.9 1634.1 899.1 8.2 473.8 13.4 239.6 0.0 243.2 1669.7 912.8 21.7 454.6 42.9 237.7 0.0 217.1 1721.0 953.6 30.2 431.0 66.8 239.5 0.0 227.8 1672.7 932.9 18.9 460.0 37.3 223.6 0.0 243.2 1669.7 912.8 21.7 454.6 42.9 237.7 0.0 230.3 1710.5 952.8 24.7 446.7 47.7 238.6 0.0 194.0 1725.7 967.6 28.4 435.2 54.6 239.8 0.0 186.6 1700.3 947.8 27.9 422.8 59.6 242.3 0.0 217.1 1721.0 953.6 30.2 431.0 66.8 239.5 5 6 7 8 9 10 11 12 224.3 668.2 16.2 17.8 202.9 26.0 404.1 254.6 550.5 6.5 11.4 132.3 24.7 374.0 297.3 553.0 3.5 8.9 110.4 27.4 401.8 363.1 551.6 18.7 9.3 88.4 32.7 401.6 416.4 566.6 28.7 8.0 73.7 37.3 418.2 350.0 543.7 18.1 9.1 92.8 31.1 391.5 363.1 551.6 18.7 9.3 88.4 32.7 401.6 374.2 547.6 19.6 9.1 83.7 33.8 400.7 390.3 550.1 23.1 9.6 78.7 34.4 403.6 404.0 562.3 26.4 8.4 77.2 35.5 414.1 416.4 566.6 28.7 8.0 73.7 37.3 418.2 13 14 15 16 17 18 19 1431.3 0.0 4371.9 906.3 1425.9 0.0 4194.9 1185.5 1589.6 0.0 4049.6 1192.6 1797.1 0.0 3997.4 1218.7 1933.3 0.0 3961.0 1271.6 1720.7 0.0 3944.6 1186.1 1797.1 0.0 3997.4 1218.7 1794.8 0.0 3962.9 1191.3 1847.0 0.0 3956.0 1211.5 1869.5 0.0 3948.7 1231.5 1933.3 0.0 3961.0 1271.6 20 21 22 23 63.6 46.1 73.6 45.0 67.4 41.7 87.1 59.2 116.8 84.5 83.4 52.8 87.1 59.2 96.8 67.3 96.9 67.9 104.4 75.9 116.8 84.5 24 25 158.0 111.5 1030.3 152.3 116.0 933.2 189.6 120.8 958.1 243.0 138.1 842.1 187.1 143.9 723.9 241.8 136.4 902.3 243.0 138.1 842.1 209.0 139.4 788.8 198.7 140.4 802.7 188.0 141.7 762.9 187.1 143.9 723.9 26 27 28 11109.0 11303.8 11837.3 12394.8 12892.8 12216.4 12394.8 12478.8 12446.6 12652.1 12892.8 29 30 31 32 33 34 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 637.3 -2.1 96.6 45.8 496.9 426.5 -1.4 0.2 19.5 408.2 158.6 -0.6 0.2 55.7 103.3 69.6 -0.5 0.1 51.6 18.5 223.7 -1.0 0.1 83.4 141.3 155.8 -0.6 0.1 60.0 96.2 69.6 -0.5 0.1 51.6 18.5 135.8 -0.6 0.0 63.0 73.4 173.3 -0.7 0.1 50.3 123.6 230.6 -0.6 0.2 72.7 158.3 223.7 -1.0 0.1 83.4 141.3 30 31 32 33 34 35 36 37 38 Checkable deposits Federal government Rest of the world Private domestic 871.6 3.8 34.3 833.5 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1435.6 1.3 52.0 1382.3 1584.4 1.6 49.3 1533.5 1267.7 1.1 52.8 1213.9 1435.6 1.3 52.0 1382.3 1441.7 1.5 46.3 1393.9 1378.4 1.3 40.5 1336.5 1434.8 1.3 49.7 1383.8 1584.4 1.6 49.3 1533.5 35 36 37 38 39 40 41 Small time and savings deposits Large time deposits Federal funds and security repos (net) 5617.0 1029.9 681.3 5888.6 896.1 462.3 6425.7 882.9 355.0 6979.3 803.0 212.4 7234.5 826.9 150.1 6775.6 818.8 278.0 6979.3 803.0 212.4 7018.7 777.6 192.6 7033.2 804.5 177.9 7182.5 799.3 161.5 7234.5 826.9 150.1 39 40 41 42 Credit market instruments 43 44 45 Open market paper Corporate bonds Other loans and advances 46 Taxes payable (net) 47 48 49 Miscellaneous liabilities Investment by holding companies Other 718.1 942.6 868.7 840.3 857.3 822.2 840.3 820.7 848.4 841.2 857.3 42 0.6 176.3 541.1 113.0 436.8 392.8 120.6 415.8 332.3 87.5 415.8 336.9 59.7 397.7 400.0 90.7 409.9 321.6 87.5 415.8 336.9 74.4 413.9 332.3 64.2 411.5 372.7 57.3 406.5 377.3 59.7 397.7 400.0 43 44 45 -66.2 -59.6 -49.1 -47.9 -47.5 -46.3 -47.9 -46.0 -58.9 -53.0 -47.5 46 1620.1 1599.5 20.6 1806.2 1632.8 173.3 1934.9 1709.0 225.9 2102.5 1889.2 213.3 2063.4 1944.4 119.0 2144.7 1871.3 273.4 2102.5 1889.2 213.3 2137.7 1916.9 220.8 2089.9 1880.5 209.3 2055.2 1898.1 157.1 2063.4 1944.4 119.0 47 48 49 6.9 6.2 6.0 6.5 7.9 6.2 6.5 6.8 7.3 7.7 7.9 50 Memo: 50 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. 77 Z.1, March 6, 2014 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1199.8 1255.3 1714.5 1705.9 2019.7 1741.1 1705.9 1803.1 2012.5 2047.5 2019.7 1 2 3 Vault cash Reserves at Federal Reserve 0.0 284.1 0.0 350.8 0.0 711.0 0.0 638.8 0.0 948.0 0.0 670.6 0.0 638.8 0.0 741.3 0.0 959.6 0.0 963.3 0.0 948.0 2 3 4 Credit market instruments 809.6 785.2 827.7 833.5 826.3 825.1 833.5 816.4 802.2 819.1 826.3 4 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 57.5 31.3 0.0 247.6 0.0 60.9 26.5 0.0 238.2 0.0 60.5 30.6 0.0 236.7 0.0 76.6 32.1 0.0 230.5 0.0 67.0 25.4 0.0 196.4 0.0 77.3 30.2 0.0 226.0 0.0 76.6 32.1 0.0 230.5 0.0 79.5 27.7 0.0 211.9 0.0 66.9 26.1 0.0 202.8 0.0 69.3 26.2 0.0 203.0 0.0 67.0 25.4 0.0 196.4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances Mortgages 435.5 0.0 37.8 424.2 0.0 35.4 467.1 0.0 32.8 463.4 0.0 30.9 507.2 0.0 30.3 460.4 0.0 31.2 463.4 0.0 30.9 467.5 0.0 29.7 476.9 0.0 29.6 490.8 0.0 29.8 507.2 0.0 30.3 10 11 12 5 6 7 8 9 10 11 12 Total financial assets 2010 13 14 Corporate equities Security credit 0.0 61.6 0.1 90.1 0.0 131.7 0.0 189.7 0.0 188.4 0.0 191.3 0.0 189.7 0.0 192.6 0.0 190.0 0.0 208.1 0.0 188.4 13 14 15 Miscellaneous assets 44.5 29.2 44.2 43.9 56.9 54.3 43.9 52.9 60.6 56.8 56.9 15 16 1302.8 1337.8 1850.9 1842.5 2083.5 1858.3 1842.5 1942.7 2156.4 2131.4 2083.5 16 17 18 19 Total liabilities Net interbank liabilities To foreign banks To domestic banks -376.8 -411.0 34.1 -343.2 -384.0 40.8 164.0 134.8 29.2 156.9 83.6 73.3 305.3 221.2 84.1 214.1 134.9 79.1 156.9 83.6 73.3 215.3 124.2 91.1 434.4 357.4 77.0 343.7 282.6 61.1 305.3 221.2 84.1 17 18 19 20 21 22 Checkable deposits Small time and savings deposits Large time deposits 16.1 29.9 1024.2 21.9 35.7 977.7 45.6 48.9 814.6 61.8 62.7 798.4 92.6 90.4 869.4 53.9 62.4 762.0 61.8 62.7 798.4 63.7 67.9 814.4 73.4 70.6 816.0 81.7 85.9 872.4 92.6 90.4 869.4 20 21 22 23 24 Federal funds and security repos (net) Open market paper (2) 177.8 0.0 232.4 0.0 280.7 0.0 296.9 0.0 288.4 0.0 293.7 0.0 296.9 0.0 297.8 0.0 285.0 0.0 305.5 0.0 288.4 0.0 23 24 25 26 27 28 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 431.5 107.7 203.1 120.7 413.3 120.0 171.6 121.7 497.1 193.7 137.8 165.6 465.8 198.1 126.0 141.7 437.4 203.4 122.9 111.0 472.2 190.1 117.9 164.2 465.8 198.1 126.0 141.7 483.7 200.0 142.9 140.7 477.0 200.6 142.1 134.4 442.2 202.4 118.0 121.7 437.4 203.4 122.9 111.0 25 26 27 28 (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) Bankers’ acceptances. Levels 2009 78 Z.1, March 6, 2014 L.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2012 Q3 1 2 Total financial assets Credit market instruments 2013 Q4 Q1 Q2 Q3 Q4 94.7 79.9 75.8 75.8 84.3 75.2 75.8 76.0 82.0 83.9 84.3 1 88.1 68.9 64.0 63.9 64.2 62.0 63.9 63.6 63.6 62.7 64.2 2 3 4 5 6 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.5 20.5 3.5 2.0 1.1 12.8 2.5 0.6 1.0 4.8 3.4 4.2 0.4 2.6 2.6 5.2 1.1 1.9 3.6 5.8 1.0 4.0 2.8 4.6 0.4 2.6 2.6 5.2 0.4 2.4 2.7 5.6 0.4 2.2 2.7 5.5 0.6 1.9 3.5 5.6 1.1 1.9 3.6 5.8 3 4 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Commercial mortgages 19.4 22.6 19.6 16.1 20.1 15.7 17.1 17.8 15.6 18.1 20.0 14.9 19.5 18.9 13.5 17.6 17.0 14.9 18.1 20.0 14.9 18.1 20.0 14.4 19.0 19.2 14.4 19.5 19.1 12.5 19.5 18.9 13.5 7 8 9 6.5 11.0 11.8 12.0 20.0 13.2 12.0 12.4 18.4 21.2 20.0 10 10 11 Miscellaneous assets 90.0 75.2 72.1 72.0 80.2 71.9 72.0 72.2 78.7 81.7 80.2 11 12 13 14 15 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -4.2 16.1 24.5 24.5 -3.3 16.6 19.3 19.3 -4.6 19.4 18.9 18.9 -4.9 21.9 18.8 18.8 -4.7 28.0 21.3 21.3 -5.3 20.9 18.5 18.5 -4.9 21.9 18.8 18.8 -4.6 22.1 19.1 19.1 -5.3 26.3 20.6 20.6 -5.0 27.7 21.7 21.7 -4.7 28.0 21.3 21.3 12 13 14 15 16 Miscellaneous liabilities 29.2 23.3 19.4 17.3 14.3 19.2 17.3 16.4 16.5 15.7 14.3 16 Levels (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. L.113 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 800.4 875.7 912.6 961.1 1004.5 951.2 961.1 996.5 1000.6 997.1 1004.5 1 31.5 41.5 52.6 53.8 48.1 47.7 53.8 68.0 52.5 46.4 48.1 2 734.6 758.6 796.2 842.3 890.5 837.8 842.3 855.1 874.1 886.7 890.5 3 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 14.2 110.7 0.0 22.3 0.0 20.1 151.5 0.0 6.6 0.0 17.6 182.1 3.2 6.3 0.0 19.3 197.0 4.2 6.7 0.0 19.9 200.3 4.5 8.9 0.0 20.9 198.5 3.8 6.6 0.0 19.3 197.0 4.2 6.7 0.0 19.2 206.2 5.3 7.8 0.0 20.1 210.2 5.0 8.5 0.0 19.6 206.0 5.4 8.6 0.0 19.9 200.3 4.5 8.9 4 5 6 7 8 Depository institution loans n.e.c. Home mortgages Consumer credit 33.4 316.9 237.1 36.9 317.0 226.5 43.5 320.5 223.0 43.6 327.8 243.6 47.0 344.8 265.0 44.7 326.4 236.7 43.6 327.8 243.6 43.0 328.0 245.5 44.9 332.1 253.1 44.9 340.4 261.9 47.0 344.8 265.0 9 10 11 1.3 33.0 1.5 74.1 1.9 61.9 2.3 62.7 2.2 63.8 2.2 63.6 2.3 62.7 2.6 70.9 2.4 71.7 2.2 61.8 2.2 63.8 12 13 747.0 810.9 814.1 859.1 907.7 852.0 859.1 901.7 905.8 902.4 907.7 14 2 Reserves at Federal Reserve 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 14 Mutual fund shares Miscellaneous assets Total liabilities 15 Net interbank liabilities -68.1 -30.0 -51.9 -65.7 -64.1 -66.5 -65.7 -64.7 -61.8 -64.5 -64.1 15 16 17 18 19 Shares/deposits Checkable Small time and savings Large time 769.4 86.9 655.2 27.3 803.8 92.4 681.3 30.1 845.3 103.1 708.7 33.5 896.6 113.9 743.1 39.7 934.8 120.6 769.6 44.6 888.3 111.9 738.9 37.5 896.6 113.9 743.1 39.7 929.3 124.5 763.4 41.3 928.7 121.7 765.7 41.4 924.9 119.3 762.2 43.4 934.8 120.6 769.6 44.6 16 17 18 19 20 21 Federal funds and security repos (net) Other loans and advances -0.1 26.5 -0.0 26.1 -15.9 24.2 -9.7 25.1 -0.1 28.2 -8.6 24.4 -9.7 25.1 -0.4 22.2 -0.2 23.5 -0.1 26.6 -0.1 28.2 20 21 22 Miscellaneous liabilities 19.4 11.1 12.4 12.7 8.8 14.4 12.7 15.3 15.5 15.4 8.8 22 79 Z.1, March 6, 2014 L.114 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1380.2 1360.5 1376.6 1435.3 1527.1 1418.5 1435.3 1458.4 1471.6 1493.9 1527.1 1 27.6 29.6 4.5 32.6 25.6 3.8 24.1 20.0 1.7 36.4 22.3 1.8 30.8 22.7 1.8 32.9 22.1 1.8 36.4 22.3 1.8 31.7 22.7 1.8 30.6 20.5 1.6 30.6 22.0 1.7 30.8 22.7 1.8 2 3 4 886.7 890.6 926.8 924.2 938.6 921.0 924.2 929.4 930.4 936.2 938.6 5 Open market paper Treasury securities Agency- and GSE-backed securities 9.8 88.5 116.2 7.9 91.7 115.8 8.8 96.4 122.7 7.4 90.2 113.6 7.3 89.6 114.3 7.8 91.4 115.3 7.4 90.2 113.6 7.5 90.2 114.3 6.8 89.0 114.6 7.3 90.3 115.1 7.3 89.6 114.3 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 369.4 298.3 4.4 348.4 322.6 4.1 331.0 363.1 4.9 327.6 379.8 5.6 332.3 387.8 7.3 327.0 373.9 5.5 327.6 379.8 5.6 329.5 382.0 5.8 330.4 383.0 6.6 331.9 384.7 7.0 332.3 387.8 7.3 9 10 11 12 13 Corporate equities Mutual fund shares 215.6 9.5 214.8 10.2 220.8 9.1 252.2 11.8 301.6 15.5 252.3 11.3 252.2 11.8 267.2 12.9 272.0 13.4 280.0 14.4 301.6 15.5 12 13 14 15 Trade receivables Miscellaneous assets 83.0 123.7 83.8 99.1 87.2 86.9 92.0 94.6 99.5 116.7 94.5 82.6 92.0 94.6 94.0 98.7 96.6 106.4 98.3 110.8 99.5 116.7 14 15 804.3 823.2 856.0 886.9 903.4 882.6 886.9 888.5 892.6 896.9 903.4 16 0.6 -15.8 819.5 1.5 -10.1 831.9 0.4 -14.5 870.1 0.8 -10.8 896.9 2.2 -1.6 902.7 0.6 -8.7 890.7 0.8 -10.8 896.9 1.1 -3.2 890.5 1.4 -5.2 896.4 1.8 -2.5 897.6 2.2 -1.6 902.7 17 18 19 16 17 18 19 Total liabilities Security repurchase agreements Taxes payable (net) Miscellaneous liabilities L.115 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities 4823.9 5167.8 5340.1 5614.7 6035.2 5561.8 5614.7 5738.5 5750.7 5856.9 6035.2 1 50.7 33.7 10.2 51.7 21.0 10.9 53.7 28.8 10.1 56.4 27.5 8.5 57.9 23.5 6.2 53.5 27.8 8.5 56.4 27.5 8.5 57.7 28.0 8.7 48.1 20.1 5.4 57.3 23.8 6.4 57.9 23.5 6.2 2 3 4 3022.6 3174.2 3299.6 3360.6 3429.2 3343.2 3360.6 3372.0 3392.5 3408.8 3429.2 5 49.8 133.5 371.9 73.1 1927.2 140.9 326.1 40.9 156.6 376.0 112.3 2030.2 140.7 317.5 29.7 175.4 374.4 121.8 2117.3 148.6 332.5 43.6 179.6 360.6 131.4 2150.6 150.4 344.4 35.2 183.2 362.8 135.1 2200.4 153.0 359.4 38.7 178.2 363.9 128.9 2141.2 148.9 343.5 43.6 179.6 360.6 131.4 2150.6 150.4 344.4 38.7 179.9 362.1 132.3 2165.3 149.6 344.2 37.5 180.8 363.5 133.3 2177.8 151.3 348.3 40.4 182.6 363.5 133.6 2180.5 152.1 356.0 35.2 183.2 362.8 135.1 2200.4 153.0 359.4 6 7 8 9 10 11 12 1208.5 140.8 1402.6 155.7 1390.2 150.1 1545.1 159.3 1888.1 184.6 1543.7 159.3 1545.1 159.3 1655.4 167.6 1679.9 168.8 1739.1 175.9 1888.1 184.6 13 14 357.6 351.9 407.6 457.4 445.6 425.8 457.4 449.1 435.9 445.6 445.6 15 4532.3 4844.3 5002.2 5248.8 5651.5 5202.6 5248.8 5365.9 5381.2 5481.5 5651.5 16 12.4 48.3 10.3 45.1 10.4 46.8 13.5 51.6 12.7 57.0 12.7 52.4 13.5 51.6 13.7 52.9 13.8 54.5 13.4 53.8 12.7 57.0 17 18 17 18 Security repurchase agreements Other loans and advances 19 20 Life insurance reserves Pension entitlements (2) 1194.5 2350.4 1229.9 2568.5 1302.3 2601.7 1309.0 2786.8 1365.7 3084.8 1303.1 2746.2 1309.0 2786.8 1320.0 2873.4 1327.0 2879.4 1346.9 2948.3 1365.7 3084.8 19 20 21 22 Taxes payable (net) Miscellaneous liabilities -31.4 958.0 -28.8 1019.3 -23.6 1064.6 -28.3 1116.2 -30.5 1161.8 -23.6 1112.0 -28.3 1116.2 -28.4 1134.3 -30.1 1136.6 -30.1 1149.2 -30.5 1161.8 21 22 (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on L.115.g and L.115.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 22). Levels 2009 80 Z.1, March 6, 2014 L.116 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets (2) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 12713.2 14030.1 14371.7 15145.0 16344.2 15047.6 15145.0 15528.4 15697.7 15986.6 16344.2 1 14.0 61.5 188.4 5.9 16.7 67.0 181.3 6.1 22.8 71.9 200.1 6.3 22.3 68.8 194.7 6.1 21.7 67.4 192.1 5.9 22.0 69.5 196.1 6.4 22.3 68.8 194.7 6.1 22.3 68.7 194.4 6.1 22.5 66.0 191.2 5.8 22.1 66.1 190.0 5.8 21.7 67.4 192.1 5.9 2 3 4 5 1663.5 1819.6 1918.8 1961.1 2024.3 1948.1 1961.1 1978.2 1974.9 1893.1 2024.3 6 77.4 454.2 346.8 748.6 35.2 81.0 505.6 355.6 837.8 37.5 86.7 570.2 366.8 859.0 33.0 82.8 671.5 419.1 753.3 29.3 75.4 734.4 440.0 748.8 23.5 83.7 647.9 406.6 775.2 30.1 82.8 671.5 419.1 753.3 29.3 83.2 695.6 430.9 735.0 28.2 80.0 698.4 434.6 730.8 27.1 78.6 610.1 437.2 738.7 25.7 75.4 734.4 440.0 748.8 23.5 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 3381.7 2032.7 3857.4 2307.9 3653.5 2259.6 4156.3 2581.2 5146.3 3219.3 4172.4 2588.3 4156.3 2581.2 4540.0 2818.0 4599.7 2877.1 4830.5 3035.0 5146.3 3219.3 12 13 14 15 16 Miscellaneous assets Claims of pension fund on sponsor (3) Other 5365.5 3226.8 600.5 5774.2 3517.7 628.9 6238.6 3842.9 681.8 6154.5 3701.3 679.9 5667.2 3064.9 703.0 6044.7 3627.6 678.5 6154.5 3701.3 679.9 5900.7 3431.4 673.8 5960.4 3565.9 685.1 5943.9 3551.6 691.3 5667.2 3064.9 703.0 14 15 16 12855.5 14177.2 14519.2 15302.0 16515.9 15202.6 15302.0 15689.9 15859.3 16153.1 16515.9 17 9297.3 6088.6 3226.8 10146.1 6646.6 3517.7 10497.1 6670.7 3842.9 10871.2 7185.8 3701.3 11218.7 8171.1 3064.9 10776.4 7165.0 3627.6 10871.2 7185.8 3701.3 10958.1 7543.0 3431.4 11044.9 7495.3 3565.9 11131.8 7698.4 3551.6 11218.7 8171.1 3064.9 18 19 20 19153.6 9173.1 3540.1 4488.0 1952.4 21193.7 10017.2 4013.0 5029.0 2134.5 21533.3 10366.1 4005.6 5001.0 2160.7 23024.8 10730.0 4415.0 5561.0 2318.8 ND 11064.3 5279.9 ND ND 22827.8 10637.6 4410.0 5495.0 2285.2 23024.8 10730.0 4415.0 5561.0 2318.8 23764.9 10813.0 4715.4 5842.0 2394.4 23992.0 10899.7 4798.0 5894.0 2400.4 24610.9 10981.8 5004.8 6164.0 2460.3 ND 11064.3 5279.9 ND ND 21 22 23 24 25 17 Pension entitlements (liabilities) (4) Levels Memo: 18 19 20 21 22 23 24 25 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 15) Household retirement assets (6) Defined benefit plans (7) Defined contribution plans (8) 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 (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded defined benefit pension entitlements). (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. 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) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (7) Additional detail on private defined benefit plans is available on table L.117.b. (8) Additional detail on private defined contribution plans is available on table L.117.c. (9) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 24. 81 Z.1, March 6, 2014 L.117 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 5936.8 6584.2 6637.0 7117.9 7966.2 7087.5 7117.9 7415.4 7515.5 7718.1 7966.2 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 10.4 33.0 147.4 2.9 12.6 32.1 137.3 2.7 18.3 33.4 154.1 2.7 18.0 31.6 150.2 2.6 17.5 31.1 148.7 2.5 17.7 32.1 151.4 2.8 18.0 31.6 150.2 2.6 18.0 31.6 150.1 2.6 18.4 31.2 149.6 2.6 18.1 31.0 148.1 2.5 17.5 31.1 148.7 2.5 2 3 4 5 6 Credit market instruments 795.5 918.6 991.8 1004.8 1049.5 1006.5 1004.8 1011.9 1029.4 1040.5 1049.5 6 45.3 182.4 184.0 360.0 23.8 42.6 215.6 190.4 443.4 26.6 44.7 243.4 193.8 488.0 21.9 42.3 291.4 210.9 440.7 19.4 38.3 331.6 224.6 438.6 16.5 43.0 283.2 206.9 453.4 20.0 42.3 291.4 210.9 440.7 19.4 42.8 306.4 213.2 430.7 18.7 42.1 319.4 217.3 432.6 18.0 40.4 326.3 220.7 435.8 17.2 38.3 331.6 224.6 438.6 16.5 7 8 9 10 11 7 8 9 10 11 Total financial assets (2) 2010 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 1647.1 1827.5 1938.3 2084.7 1826.1 2052.8 2041.8 2340.9 2484.1 2920.7 2057.3 2348.6 2041.8 2340.9 2206.1 2553.3 2238.6 2608.9 2346.4 2755.7 2484.1 2920.7 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1472.9 385.4 75.6 497.6 514.4 1457.9 393.7 91.1 446.5 526.7 1557.7 406.3 94.0 486.6 570.8 1528.0 427.2 92.1 440.2 568.6 1312.1 455.9 91.1 187.7 577.5 1471.1 422.7 92.7 388.1 567.6 1528.0 427.2 92.1 440.2 568.6 1441.7 437.7 92.3 349.7 562.0 1436.8 438.6 92.4 335.6 570.2 1375.8 447.3 92.1 265.7 570.7 1312.1 455.9 91.1 187.7 577.5 14 15 16 17 18 5973.2 6620.7 6673.5 7154.4 8002.7 7124.0 7154.4 7451.9 7552.1 7754.7 8002.7 19 19 Pension entitlements (liabilities) (5) Memo: 20 21 22 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) 2662.7 2165.1 497.6 2872.2 2425.7 446.5 2953.1 2466.4 486.6 3054.3 2614.2 440.2 3105.0 2917.3 187.7 3029.0 2640.9 388.1 3054.3 2614.2 440.2 3067.0 2717.3 349.7 3079.7 2744.1 335.6 3092.4 2826.7 265.7 3105.0 2917.3 187.7 20 21 22 23 24 Total financial assets (7) Defined benefit plans Defined contribution plans 2626.3 3310.5 2835.7 3748.5 2916.6 3720.4 3017.8 4100.1 3068.5 4897.7 2992.5 4095.0 3017.8 4100.1 3030.5 4384.9 3043.2 4472.4 3055.8 4662.3 3068.5 4897.7 23 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); 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 L.117.b and L.117.c. Levels 2009 82 Z.1, March 6, 2014 L.118 State and Local Government Employee Retirement Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3853.9 4298.2 4478.2 4652.6 4846.3 4607.4 4652.6 4700.2 4752.2 4799.3 4846.3 1 3.5 28.5 40.9 3.0 4.1 34.9 44.0 3.4 4.5 38.5 46.0 3.6 4.3 37.2 44.5 3.5 4.2 36.3 43.4 3.4 4.4 37.4 44.7 3.5 4.3 37.2 44.5 3.5 4.3 37.1 44.3 3.5 4.1 34.8 41.6 3.3 4.1 35.0 41.9 3.3 4.2 36.3 43.4 3.4 2 3 4 5 737.2 759.3 759.6 773.6 783.0 763.6 773.6 787.1 777.4 780.4 783.0 6 32.1 151.9 157.6 1.4 382.8 11.4 38.4 160.0 159.4 2.2 388.5 10.9 41.9 173.3 166.5 3.1 363.7 11.1 40.5 214.5 200.1 5.0 303.5 9.9 37.1 224.7 209.0 2.3 302.9 7.0 40.8 203.8 191.7 4.4 312.8 10.1 40.5 214.5 200.1 5.0 303.5 9.9 40.4 225.9 210.2 5.3 295.7 9.5 37.9 226.0 210.2 4.1 290.2 9.1 38.2 225.7 209.9 2.9 295.3 8.5 37.1 224.7 209.0 2.3 302.9 7.0 7 8 9 10 11 12 13 14 Corporate equities Mutual fund shares 1617.8 205.2 1778.2 223.2 1693.0 206.9 1966.4 240.3 2454.5 298.5 1961.9 239.7 1966.4 240.3 2166.1 264.7 2187.3 268.2 2299.0 279.4 2454.5 298.5 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (3) Other 1217.8 1131.7 86.1 1451.1 1348.9 102.2 1726.1 1615.1 111.0 1582.8 1471.5 111.3 1222.8 1097.3 125.5 1552.2 1441.3 110.9 1582.8 1471.5 111.3 1393.1 1281.4 111.7 1435.6 1320.7 114.9 1356.2 1235.6 120.6 1222.8 1097.3 125.5 15 16 17 3959.8 4408.7 4589.2 4773.1 4981.4 4725.9 4773.1 4825.2 4877.3 4929.4 4981.4 18 3959.8 2828.1 1131.7 4408.7 3059.8 1348.9 4589.2 2974.1 1615.1 4773.1 3301.6 1471.5 4981.4 3884.1 1097.3 4725.9 3284.6 1441.3 4773.1 3301.6 1471.5 4825.2 3543.8 1281.4 4877.3 3556.6 1320.7 4929.4 3693.7 1235.6 4981.4 3884.1 1097.3 19 20 21 18 Levels Total financial assets (2) 2 3 4 5 2010 Pension entitlements (liabilities) (4) Memo: 19 20 21 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 16) (1) Defined benefit plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit 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. L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets (1) 2922.5 3147.8 3256.5 3374.5 3531.7 3352.7 3374.5 3412.8 3429.9 3469.1 3531.7 1 2 3 4 5 Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 130.9 119.9 5.2 5.7 141.8 130.0 5.8 5.9 167.3 153.5 6.5 7.3 182.7 165.6 8.1 9.0 191.8 178.1 6.4 7.3 178.0 160.9 8.0 9.0 182.7 165.6 8.1 9.0 179.2 163.2 7.5 8.5 168.1 153.1 7.0 8.0 72.3 58.1 6.6 7.5 191.8 178.1 6.4 7.3 2 3 4 5 6 Corporate equities 116.8 140.9 134.4 148.1 207.7 153.3 148.1 167.8 173.8 185.0 207.7 6 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 2674.8 1077.2 1597.6 2865.1 1142.9 1722.2 2954.8 1213.7 1741.1 3043.7 1254.1 1789.6 3132.3 1352.3 1780.0 3021.5 1223.3 1798.2 3043.7 1254.1 1789.6 3065.9 1265.5 1800.3 3088.0 1178.4 1909.6 3211.8 1161.5 2050.3 3132.3 1352.3 1780.0 7 8 9 2922.5 3147.8 3256.5 3374.5 3531.7 3352.7 3374.5 3412.8 3429.9 3469.1 3531.7 10 10 Pension entitlements (liabilities) (5) Memo: 11 12 13 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 9) 2674.8 1095.4 1597.6 2865.1 1161.1 1722.2 2954.8 1230.2 1741.1 3043.7 1270.0 1789.6 3132.3 1369.6 1780.0 3021.5 1239.5 1798.2 3043.7 1270.0 1789.6 3065.9 1282.0 1800.3 3088.0 1194.7 1909.6 3110.1 1178.0 2050.3 3132.3 1369.6 1780.0 11 12 13 14 15 Total financial assets Defined benefit plans (7) Defined contribution plans (8) 2692.9 229.6 2883.3 264.5 2971.3 285.2 3059.6 314.9 3149.6 382.2 3037.7 315.0 3059.6 314.9 3082.3 330.5 3104.3 325.6 3126.6 342.5 3149.6 382.2 14 15 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (7) Includes the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and National Railroad Retirement Investment Trust. (8) Thrift Savings Plan. 83 Z.1, March 6, 2014 L.120 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3258.6 2755.4 2642.5 2649.6 2678.3 2506.9 2649.6 2554.0 2541.9 2637.4 2678.3 1 97.1 17.9 566.6 480.0 105.9 14.2 458.9 479.4 42.9 20.1 402.7 490.5 43.3 16.5 435.4 544.7 33.7 13.3 494.9 493.0 40.2 11.3 396.9 513.2 43.3 16.5 435.4 544.7 48.7 10.9 429.4 470.7 37.1 27.5 444.3 450.4 36.3 11.0 494.4 489.1 33.7 13.3 494.9 493.0 2 3 4 5 2070.0 1673.4 1663.6 1580.9 1611.8 1520.2 1580.9 1562.7 1550.9 1572.8 1611.8 6 510.5 406.4 543.0 440.1 169.9 394.2 335.4 402.8 386.7 154.2 354.2 443.3 403.7 357.3 105.1 340.8 457.8 343.5 336.7 102.1 352.1 488.2 361.1 308.3 102.1 319.4 456.3 331.4 320.1 93.0 340.8 457.8 343.5 336.7 102.1 351.1 470.5 325.6 312.5 103.0 356.6 449.0 345.0 309.6 90.7 357.9 466.5 354.0 305.1 89.1 352.1 488.2 361.1 308.3 102.1 7 8 9 10 11 26.9 23.5 22.7 28.8 31.7 25.1 28.8 31.5 31.9 33.8 31.7 12 3258.6 2755.4 2642.5 2649.6 2678.3 2506.9 2649.6 2554.0 2541.9 2637.4 2678.3 13 10087.4 10299.5 10904.9 11526.8 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security repurchase agreements 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 6920.7 7873.0 7870.9 9323.6 11526.8 9131.0 9323.6 153.3 137.5 108.7 262.7 358.4 286.8 262.7 307.9 328.2 354.0 358.4 2 2616.3 2969.9 3329.3 3981.3 4342.2 3851.6 3981.3 4184.4 4242.8 4287.7 4342.2 3 80.2 258.0 603.2 478.8 1120.7 75.4 66.3 380.5 680.1 525.5 1243.0 74.6 40.0 456.6 784.8 541.2 1413.4 93.5 77.5 579.6 871.8 627.4 1719.4 105.7 106.1 641.4 837.0 610.9 2001.4 145.4 99.8 531.3 876.0 610.5 1633.4 100.6 77.5 579.6 871.8 627.4 1719.4 105.7 98.5 638.9 870.5 646.6 1816.6 113.4 100.7 627.5 874.3 641.0 1868.5 130.9 104.6 640.9 836.4 620.7 1947.3 137.9 106.1 641.4 837.0 610.9 2001.4 145.4 4 5 6 7 8 9 4136.2 14.9 4762.7 2.9 4427.2 5.7 5107.0 -27.4 6809.2 17.0 5037.8 -45.3 5107.0 -27.4 5611.2 -16.2 5743.8 -15.3 6246.2 17.0 6809.2 17.0 10 11 6920.7 7873.0 7870.9 9323.6 11526.8 9131.0 9323.6 10087.4 10299.5 10904.9 11526.8 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). L.122 Closed-End and Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Closed-end funds 1 2 3 4 5 6 7 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 229.3 243.8 241.3 257.2 291.1 253.3 257.2 272.1 278.5 280.6 291.1 1 141.1 4.4 81.2 55.6 88.1 146.4 5.1 81.5 59.8 97.4 144.7 4.8 82.5 57.4 96.5 155.9 5.2 85.7 65.0 101.3 173.6 5.8 86.1 81.7 117.6 152.2 5.2 84.5 62.5 101.1 155.9 5.2 85.7 65.0 101.3 163.5 5.7 86.2 71.6 108.6 170.0 5.8 86.8 77.5 108.4 170.2 5.8 86.1 78.3 110.4 173.6 5.8 86.1 81.7 117.6 2 3 4 5 6 229.3 243.8 241.3 257.2 291.1 253.3 257.2 272.1 278.5 280.6 291.1 7 773.1 986.8 1042.6 1324.4 1670.6 1268.2 1324.4 1434.0 1413.7 1537.3 1670.6 8 103.0 41.8 5.9 55.4 670.0 132.7 51.0 7.6 74.1 854.1 178.8 62.4 8.6 107.7 863.8 231.1 63.6 12.3 155.3 1093.3 243.3 57.1 11.4 174.8 1427.3 221.1 62.7 11.3 147.1 1047.1 231.1 63.6 12.3 155.3 1093.3 238.2 62.8 13.0 162.3 1195.9 241.4 64.1 12.5 164.9 1172.2 245.8 63.9 11.5 170.4 1291.5 243.3 57.1 11.4 174.8 1427.3 9 10 11 12 13 773.1 986.8 1042.6 1324.4 1670.6 1268.2 1324.4 1434.0 1413.7 1537.3 1670.6 14 Exchange-traded funds 8 9 10 11 12 13 14 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) Levels L.121 Mutual Funds (1) 84 Z.1, March 6, 2014 L.123 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Checkable deposits and currency Time and savings deposits Federal funds and security repos 5 Credit market instruments 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3048.5 6722.4 6480.2 6275.1 6361.5 6304.5 6275.1 6328.7 6308.3 6339.7 6361.5 1 99.4 25.7 123.3 63.4 26.1 151.2 72.7 13.4 112.3 52.6 4.3 150.8 71.9 8.0 155.9 36.1 3.7 174.9 52.6 4.3 150.8 64.1 3.6 193.6 51.7 4.8 151.3 77.4 7.5 133.4 71.9 8.0 155.9 2 3 4 2699.7 6333.1 6133.4 5914.8 5960.1 5950.1 5914.8 5899.5 5932.8 5954.5 5960.1 5 Open market paper Treasury securities Agency- and GSE-backed securities 9.7 36.6 924.5 9.9 82.6 377.0 6.5 100.2 358.9 3.4 69.0 310.6 5.6 57.4 293.3 4.2 72.3 323.9 3.4 69.0 310.6 4.2 74.6 300.6 4.3 75.5 292.5 5.0 82.6 294.7 5.6 57.4 293.3 6 7 8 9 10 Municipal securities Corporate and foreign bonds 29.1 296.0 24.9 266.5 21.0 235.7 17.0 185.7 13.2 129.4 18.1 199.6 17.0 185.7 16.3 179.9 14.8 168.6 13.8 139.1 13.2 129.4 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 695.9 0.0 80.0 615.9 551.3 0.0 87.3 464.0 487.0 0.0 83.8 403.3 505.7 0.0 92.1 413.6 580.1 0.0 95.0 485.1 487.6 0.0 89.3 398.3 505.7 0.0 92.1 413.6 498.8 0.0 91.4 407.4 541.0 0.0 90.3 450.7 547.3 0.0 89.7 457.7 580.1 0.0 95.0 485.1 11 12 13 14 15 Mortgages 707.7 5021.0 4924.0 4823.5 4881.1 4844.5 4823.5 4825.0 4836.1 4872.0 4881.1 15 6 7 8 Levels Total financial assets 2 3 4 2010 16 17 18 Home Consolidated trusts (2) Other 431.3 0.0 431.3 4687.1 4141.0 546.1 4583.9 4032.1 551.8 4472.3 3958.0 514.2 4547.6 4087.7 459.9 4495.5 3978.0 517.5 4472.3 3958.0 514.2 4476.4 3982.2 494.2 4490.1 4005.6 484.5 4531.3 4064.3 466.9 4547.6 4087.7 459.9 16 17 18 19 20 21 Multifamily residential Consolidated trusts (2) Other 204.4 0.0 204.4 256.5 75.4 181.1 259.2 99.9 159.4 265.5 127.4 138.1 243.5 146.3 97.2 264.6 118.6 146.0 265.5 127.4 138.1 261.9 133.9 128.0 258.1 139.2 118.8 251.8 141.9 109.9 243.5 146.3 97.2 19 20 21 22 72.0 77.4 80.9 85.8 89.9 84.5 85.8 86.7 87.9 88.9 89.9 22 23 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 Miscellaneous assets 100.3 148.6 148.5 152.6 165.6 139.6 152.6 167.9 167.7 166.8 165.6 24 2977.0 6615.1 6377.9 6216.8 6314.6 6236.4 6216.8 6223.6 6259.5 6267.3 6314.6 25 25 Farm Total liabilities 26 Federal funds and security repos 1.2 1.3 0.4 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 26 27 Credit market instruments 2706.6 6434.5 6247.3 6092.7 6199.2 6111.5 6092.7 6103.5 6137.6 6147.7 6199.2 27 28 29 30 31 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 2706.6 0.0 2706.6 0.0 6434.5 4216.4 2218.1 0.0 6247.3 4132.0 2115.4 0.0 6092.7 4085.4 2007.3 0.0 6199.2 4234.0 1965.2 0.0 6111.5 4096.6 2014.9 0.0 6092.7 4085.4 2007.3 0.0 6103.5 4116.1 1987.4 0.0 6137.6 4144.9 1992.8 0.0 6147.7 4206.2 1941.5 0.0 6199.2 4234.0 1965.2 0.0 28 29 30 31 269.2 179.4 130.2 124.1 115.4 124.8 124.1 119.9 121.9 119.6 115.4 32 32 Miscellaneous liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.124) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. L.124 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 5376.7 1139.5 1304.8 1437.0 1569.5 1408.0 1437.0 1462.7 1498.1 1540.8 1569.5 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 5266.5 105.7 0.0 4.5 1068.8 66.9 0.0 3.8 1216.8 86.4 0.0 1.7 1321.8 113.4 0.0 1.9 1420.6 147.1 0.0 1.8 1301.7 104.3 0.0 2.0 1321.8 113.4 0.0 1.9 1340.2 120.6 0.0 1.9 1366.2 130.1 0.0 1.8 1400.2 138.8 0.0 1.8 1420.6 147.1 0.0 1.8 2 3 4 5 6 Total pool securities (liabilities)(2) 5376.7 1139.5 1304.8 1437.0 1569.5 1408.0 1437.0 1462.7 1498.1 1540.8 1569.5 6 (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.123). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. 85 Z.1, March 6, 2014 L.125 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Memo: Securitized assets not included above 14 Consumer leases (4) 15 REIT assets (5) Securitized liabilities not included above 16 Commercial paper (6) 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3286.6 2232.1 1985.0 1770.4 1616.1 1803.4 1770.4 1716.9 1664.8 1632.4 1616.1 1 53.9 99.6 252.2 40.1 3.6 167.8 29.2 0.3 162.4 23.4 0.3 161.7 19.5 0.1 151.7 23.2 0.2 157.1 23.4 0.3 161.7 20.5 0.2 150.8 21.2 0.1 147.6 22.9 0.1 151.1 19.5 0.1 151.7 2 3 4 2247.2 1576.9 107.0 563.3 1918.5 1301.7 98.4 518.4 1699.3 1108.5 90.7 500.1 1493.9 927.2 81.1 485.7 1360.5 793.1 75.5 491.9 1533.6 969.2 82.9 481.5 1493.9 927.2 81.1 485.7 1455.4 893.6 77.6 484.2 1411.6 854.6 74.8 482.2 1375.3 819.4 74.3 481.6 1360.5 793.1 75.5 491.9 5 6 7 8 572.5 61.3 50.3 51.8 46.2 47.6 49.9 41.2 48.6 35.7 47.9 41.4 49.9 41.2 49.8 40.1 48.0 36.2 48.4 34.6 48.6 35.7 9 10 3288.9 2232.1 1985.0 1770.4 1616.1 1803.4 1770.4 1716.9 1664.8 1632.4 1616.1 11 293.1 2995.9 120.2 2112.0 96.0 1888.9 87.0 1683.4 79.4 1536.6 86.8 1716.6 87.0 1683.4 88.0 1628.9 79.6 1585.2 78.7 1553.6 79.4 1536.6 12 13 2.3 20.1 0.0 20.5 0.0 17.4 0.0 12.9 0.0 16.1 0.0 14.9 0.0 12.9 0.0 13.6 0.0 15.7 0.0 16.1 0.0 16.1 14 15 0.0 112.9 120.6 87.5 59.7 90.7 87.5 74.4 64.2 57.3 59.7 16 Levels 1 2010 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Liabilities net of assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (5) Included in table L.127. (6) Included in table L.110 line 43. L.126 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Time and savings deposits 4 Credit market instruments 5 6 7 8 9 10 11 Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments 1662.5 1588.5 1569.3 1493.7 1474.3 1513.8 1493.7 1480.4 1476.3 1488.2 1474.3 1 17.0 51.0 26.5 79.6 31.7 95.0 27.8 83.5 31.7 95.0 30.8 92.4 27.8 83.5 29.2 87.6 28.9 86.6 33.3 99.9 31.7 95.0 2 3 1549.7 1405.4 1359.6 1324.9 1309.1 1327.5 1324.9 1314.8 1314.5 1314.7 1309.1 4 198.6 448.9 430.3 471.9 84.1 372.7 243.5 705.0 85.0 375.8 211.2 687.6 78.7 387.0 179.5 679.8 70.1 403.0 157.0 679.0 85.3 377.5 188.1 676.6 78.7 387.0 179.5 679.8 78.1 390.9 174.4 671.3 73.7 395.0 171.2 674.6 72.8 397.5 165.9 678.5 70.1 403.0 157.0 679.0 5 6 7 8 44.8 77.0 83.1 57.4 38.6 63.1 57.4 48.8 46.4 40.3 38.6 9 1630.3 1558.7 1532.7 1445.6 1424.4 1473.5 1445.6 1428.9 1422.9 1432.6 1424.4 10 1044.1 1280.7 1261.9 1205.1 1209.8 1244.0 1205.1 1193.0 1196.0 1206.6 1209.8 11 12 13 14 15 Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 62.1 837.5 144.5 0.0 111.0 1078.2 91.5 0.0 121.0 1038.8 102.1 0.0 129.1 957.5 118.5 0.0 118.8 962.4 128.6 0.0 123.1 1005.1 115.8 0.0 129.1 957.5 118.5 0.0 121.8 952.5 118.7 0.0 119.6 949.0 127.5 0.0 124.9 955.1 126.7 0.0 118.8 962.4 128.6 0.0 12 13 14 15 16 17 18 19 20 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 12.7 573.6 90.0 280.5 203.1 6.0 271.9 114.7 175.7 -18.4 6.7 264.1 96.1 163.7 4.3 6.7 233.8 96.3 162.8 -25.3 6.7 207.9 97.4 161.8 -51.2 6.5 223.0 94.9 150.4 -22.3 6.7 233.8 96.3 162.8 -25.3 6.9 229.0 95.3 160.4 -26.8 6.8 220.1 95.9 162.6 -38.5 7.0 218.9 96.1 163.0 -40.1 6.7 207.9 97.4 161.8 -51.2 16 17 18 19 20 85.4 111.8 119.7 144.0 166.7 137.2 144.0 149.7 156.9 163.5 166.7 21 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table L.125. 86 Z.1, March 6, 2014 L.127 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 11 Levels Total financial assets 2 Miscellaneous assets Total liabilities 12 Security repurchase agreements 13 Credit market instruments 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 241.2 283.0 401.3 559.0 526.0 566.6 559.0 565.9 559.2 538.5 526.0 1 26.3 23.5 25.6 33.1 41.0 32.7 33.1 38.9 36.0 39.4 41.0 2 168.9 206.0 308.9 436.6 387.7 451.4 436.6 429.4 414.1 406.7 387.7 3 105.1 15.5 143.3 20.8 244.7 22.1 356.2 32.2 280.0 36.4 375.4 30.6 356.2 32.2 343.4 37.1 325.5 36.6 302.2 36.4 280.0 36.4 4 5 48.3 12.6 2.3 33.4 41.9 8.9 1.9 31.2 42.1 8.1 1.7 32.3 48.3 13.6 1.8 32.8 71.3 32.7 2.6 36.1 45.4 12.3 1.7 31.4 48.3 13.6 1.8 32.8 48.9 15.4 2.1 31.3 52.0 16.5 2.8 32.7 68.1 30.3 2.7 35.1 71.3 32.7 2.6 36.1 6 7 8 9 46.1 53.5 66.8 89.3 97.3 82.4 89.3 97.5 109.1 92.5 97.3 10 458.8 501.7 633.2 796.4 761.0 793.8 796.4 798.4 789.9 767.9 761.0 11 90.4 120.5 215.4 318.7 281.0 319.9 318.7 320.6 308.3 284.2 281.0 12 317.4 315.2 343.4 386.3 408.0 371.2 386.3 390.5 393.8 409.5 408.0 13 14 15 Open market paper Corporate bonds 0.0 129.8 0.0 129.7 0.0 145.1 0.0 171.2 0.0 190.0 0.0 163.5 0.0 171.2 0.0 173.1 0.0 179.5 0.0 188.7 0.0 190.0 14 15 16 17 Depository institution loans n.e.c. Mortgages 20.7 166.9 18.5 167.1 22.1 176.2 23.4 191.8 28.5 189.5 19.6 188.0 23.4 191.8 20.1 197.3 21.1 193.2 27.4 193.4 28.5 189.5 16 17 51.1 66.0 74.4 91.4 72.0 102.6 91.4 87.3 87.8 74.2 72.0 18 20.1 0.0 6.1 0.4 13.7 20.5 0.0 7.2 0.4 13.0 17.4 0.0 6.5 0.3 10.7 12.9 0.0 10.0 0.3 2.5 16.1 0.0 12.5 0.3 3.3 14.9 0.0 9.4 0.3 5.2 12.9 0.0 10.0 0.3 2.5 13.6 0.0 10.5 0.3 2.8 15.7 0.0 12.5 0.3 2.8 16.1 0.0 12.5 0.3 3.3 16.1 0.0 12.5 0.3 3.3 19 20 21 22 23 18 19 20 21 22 23 Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on L.127.e and L.127.m. 87 Z.1, March 6, 2014 L.128 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2084.2 2075.1 1949.7 2068.3 2087.4 2048.8 2068.3 2089.2 2083.0 2059.6 2087.4 1 90.7 96.9 111.8 128.2 111.7 113.5 128.2 111.6 121.8 116.8 111.7 2 525.3 557.5 563.2 652.3 476.9 589.1 652.3 602.7 516.9 499.1 476.9 3 4 5 6 Open market paper Treasury securities Agency- and GSE-backed securities 41.5 123.0 110.9 36.2 94.5 149.8 42.1 183.6 147.7 29.9 246.5 169.6 28.7 136.0 114.2 33.2 190.2 165.5 29.9 246.5 169.6 30.0 202.6 153.9 29.4 165.6 125.8 31.0 166.3 105.7 28.7 136.0 114.2 4 5 6 7 8 9 Municipal securities Corporate and foreign bonds Other loans and advances 35.4 154.4 60.1 40.0 189.5 47.4 30.9 104.5 54.3 26.6 140.0 39.6 18.6 133.1 46.3 29.0 139.3 31.9 26.6 140.0 39.6 31.0 148.0 37.2 19.0 134.8 42.2 18.3 134.1 43.8 18.6 133.1 46.3 7 8 9 124.2 203.0 117.2 278.2 103.2 238.9 126.7 303.7 172.4 339.2 127.9 269.1 126.7 303.7 117.1 307.9 121.4 302.6 126.8 313.7 172.4 339.2 10 11 1141.0 1025.3 932.6 857.4 987.2 949.2 857.4 949.8 1020.4 1003.3 987.2 12 1977.7 1975.8 1869.0 1976.3 1992.3 1955.3 1976.3 1992.6 1987.2 1966.2 1992.3 13 470.9 404.7 215.3 189.2 135.3 169.2 189.2 203.6 183.1 143.4 135.3 14 92.9 129.7 91.8 90.2 112.4 85.8 90.2 89.1 103.1 96.1 112.4 15 92.9 0.0 129.7 0.0 91.8 0.0 90.2 0.0 112.4 0.0 85.8 0.0 90.2 0.0 89.1 0.0 103.1 0.0 96.1 0.0 112.4 0.0 16 17 70.1 18.1 14.3 14.2 14.5 13.0 14.2 15.4 15.6 13.3 14.5 18 888.2 668.6 158.0 61.6 936.6 694.3 152.3 90.1 1073.7 752.4 189.6 131.7 1208.7 776.0 243.0 189.7 1209.3 833.8 187.1 188.4 1213.2 780.2 241.8 191.3 1208.7 776.0 243.0 189.7 1184.2 782.6 209.0 192.6 1209.0 820.3 198.7 190.0 1222.7 826.5 188.0 208.1 1209.3 833.8 187.1 188.4 19 20 21 22 5.7 3.6 2.5 3.1 3.7 3.7 3.1 4.4 4.4 4.6 3.7 23 450.0 64.4 1119.3 -733.7 483.0 88.5 1122.9 -728.3 471.4 96.3 1163.3 -788.1 470.9 103.5 1626.3 -1258.9 517.0 108.3 1659.1 -1250.4 470.4 100.4 1510.4 -1140.4 470.9 103.5 1626.3 -1258.9 495.9 105.1 1620.3 -1229.4 471.9 106.1 1632.8 -1267.0 486.1 107.2 1601.9 -1223.0 517.0 108.3 1659.1 -1250.4 24 25 26 27 10 11 Corporate equities Security credit 12 Miscellaneous assets 13 Total liabilities 14 Security repurchase agreements (net) 15 Credit market instruments 16 17 Corporate bonds Depository institution loans n.e.c. (1) 18 Trade payables 19 20 21 22 Security credit Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 23 Taxes payable 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent companies Other (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). Levels 2009 88 Z.1, March 6, 2014 L.129 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3317.2 3312.7 3357.3 4319.6 4276.7 4250.1 4319.6 4415.0 4372.1 4386.0 4276.7 1 Time and savings deposits Federal funds and security repos 11.2 48.2 10.0 50.3 12.4 50.5 37.8 11.5 40.7 8.7 39.0 0.4 37.8 11.5 34.4 11.3 36.4 7.8 35.8 10.7 40.7 8.7 2 3 4 Credit market instruments 75.8 97.9 101.1 219.5 161.9 229.9 219.5 226.0 239.2 229.2 161.9 4 5.8 24.3 31.1 14.6 19.6 21.1 38.3 18.9 26.8 33.1 18.3 22.9 9.0 25.2 79.9 105.3 18.8 31.7 35.7 75.7 12.3 23.8 86.0 107.8 9.0 25.2 79.9 105.3 10.6 29.1 80.3 106.0 20.9 27.8 79.8 110.7 18.8 32.0 78.0 100.5 18.8 31.7 35.7 75.7 5 6 7 8 21.4 25.1 27.6 34.9 39.9 36.2 34.9 36.1 36.4 37.5 39.9 9 3160.6 1599.5 0.0 40.5 209.3 596.1 125.1 590.3 3129.4 1632.8 0.0 62.7 115.0 626.6 135.6 556.7 3165.9 1709.0 0.0 72.0 94.6 613.5 166.3 510.4 4015.8 1889.2 22.4 17.2 94.1 1057.5 114.7 820.7 4025.4 1944.4 14.7 10.7 93.5 1074.7 85.7 801.7 3944.6 1871.3 25.3 97.5 86.9 943.7 154.0 765.9 4015.8 1889.2 22.4 17.2 94.1 1057.5 114.7 820.7 4107.2 1916.9 16.7 17.4 92.7 1036.4 137.2 890.0 4052.2 1880.5 16.7 17.3 94.0 1054.3 100.7 888.8 4072.8 1898.1 14.9 17.7 94.2 1014.1 127.3 906.5 4025.4 1944.4 14.7 10.7 93.5 1074.7 85.7 801.7 10 11 12 13 14 15 16 17 1802.2 1760.0 1703.1 2252.4 2157.1 2217.2 2252.4 2311.5 2276.6 2272.5 2157.1 18 0.6 0.8 1.2 0.0 0.0 1.2 0.0 0.0 0.0 0.0 0.0 19 1253.7 1237.2 1220.8 1418.6 1402.7 1428.7 1418.6 1412.4 1375.0 1363.4 1402.7 20 60.8 1028.7 164.2 64.7 982.2 190.3 75.9 890.6 254.3 116.4 1105.3 196.8 96.6 1095.6 210.5 117.0 1081.9 229.8 116.4 1105.3 196.8 117.7 1093.8 200.9 110.6 1059.2 205.2 109.4 1071.3 182.8 96.6 1095.6 210.5 21 22 23 548.0 522.0 481.1 833.8 754.4 787.4 833.8 899.1 901.5 909.0 754.4 24 9 10 11 12 13 14 15 16 17 18 Levels 2011 2 3 5 6 7 8 Total financial assets 2010 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Life insurance reserves Miscellaneous assets Net trans. with depository subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other Total liabilities 19 Federal funds and security repos 20 Credit market instruments 21 22 23 24 Commercial paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities (1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 89 Z.1, March 6, 2014 L.130 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2237.1 2119.7 2046.2 2088.5 2137.2 2004.8 2088.5 2118.5 2143.2 2153.7 2137.2 1 2 3 Money market fund shares Security repurchase agreements 752.1 0.1 604.1 0.1 514.9 0.1 501.7 0.1 500.5 0.0 442.9 0.1 501.7 0.1 466.8 0.0 484.8 0.0 512.9 0.0 500.5 0.0 2 3 4 Credit market instruments 733.5 821.2 843.6 891.9 929.3 877.2 891.9 924.9 937.8 935.0 929.3 4 0.3 710.2 22.9 39.6 760.1 21.4 31.8 792.4 19.4 7.1 871.9 12.9 0.2 920.0 9.1 12.6 852.7 11.9 7.1 871.9 12.9 21.7 890.2 12.9 17.9 908.0 11.8 16.3 908.3 10.4 0.2 920.0 9.1 5 6 7 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 726.3 203.1 523.2 667.9 171.6 496.4 687.6 137.8 549.7 694.8 126.0 568.8 707.3 122.9 584.4 684.6 117.9 566.7 694.8 126.0 568.8 726.8 142.9 583.9 720.6 142.1 578.5 705.9 118.0 587.9 707.3 122.9 584.4 9 10 11 2237.1 2119.7 2046.2 2088.5 2137.2 2004.8 2088.5 2118.5 2143.2 2153.7 2137.2 12 816.8 704.2 651.8 593.5 621.1 600.5 593.5 625.2 619.9 611.4 621.1 13 261.7 457.8 95.3 2.0 167.1 454.6 73.4 9.2 94.3 526.2 21.5 9.8 29.0 561.5 0.0 3.0 45.8 572.9 0.0 2.4 37.0 557.4 0.0 6.1 29.0 561.5 0.0 3.0 51.7 571.0 0.0 2.5 52.1 565.4 0.0 2.4 28.2 580.8 0.0 2.4 45.8 572.9 0.0 2.4 14 15 16 17 1420.3 10.8 856.8 1.8 550.9 1415.5 11.4 733.4 7.7 663.0 1394.4 12.0 658.7 8.8 714.9 1495.0 12.6 579.5 8.7 894.1 1516.1 13.2 673.5 8.7 820.6 1404.2 12.5 656.9 8.7 726.2 1495.0 12.6 579.5 8.7 894.1 1493.3 12.8 638.6 8.7 833.2 1523.3 12.9 713.2 8.7 788.5 1542.3 13.1 702.3 8.7 818.3 1516.1 13.2 673.5 8.7 820.6 18 19 20 21 22 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Total financial assets 2010 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. Levels 2009 90 Z.1, March 6, 2014 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Total assets 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 175.1 175.8 183.8 181.8 174.3 184.7 181.8 175.5 174.5 177.3 174.3 1 55.4 54.4 54.2 54.3 54.4 54.5 54.3 52.9 53.1 54.2 54.4 2 119.7 57.8 11.4 50.5 121.4 56.8 12.5 52.1 129.6 55.0 22.8 51.9 127.5 55.1 22.6 49.9 119.9 55.2 17.2 47.6 130.3 55.2 23.5 51.6 127.5 55.1 22.6 49.9 122.5 53.7 21.3 47.5 121.4 53.9 20.6 46.9 123.1 55.0 19.8 48.3 119.9 55.2 17.2 47.6 3 4 5 6 186.1 186.8 194.9 192.8 185.4 195.8 192.8 186.5 185.5 188.3 185.4 7 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 94.6 0.0 57.8 11.5 25.2 95.4 0.0 56.8 12.6 26.0 103.9 0.0 55.0 23.0 25.8 102.8 0.0 55.1 22.8 24.9 96.4 0.0 55.2 17.4 23.8 104.7 0.0 55.2 23.7 25.8 102.8 0.0 55.1 22.8 24.9 99.0 0.0 53.7 21.5 23.8 98.2 0.0 53.9 20.8 23.4 99.2 0.0 55.0 20.1 24.1 96.4 0.0 55.2 17.4 23.8 8 9 10 11 12 13 Rest of the world: SDR allocations 55.4 54.4 54.2 54.3 54.4 54.5 54.3 52.9 53.1 54.2 54.4 13 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 36.2 11.0 -0.1 25.3 37.0 11.0 -0.1 26.1 36.8 11.0 -0.3 26.0 35.8 11.0 -0.2 25.0 34.6 11.0 -0.2 23.8 36.6 11.0 -0.2 25.8 35.8 11.0 -0.2 25.0 34.5 11.0 -0.3 23.7 34.3 11.0 -0.3 23.5 35.0 11.0 -0.2 24.2 34.6 11.0 -0.2 23.8 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 2010 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 26.2 42.7 25.9 43.5 25.9 44.2 25.9 44.8 25.6 45.5 25.9 44.6 25.9 44.8 25.9 45.0 25.9 45.1 25.6 45.3 25.6 45.5 3 4 5 Discrepancy (seigniorage) -16.5 -17.6 -18.3 -18.8 -20.0 -18.7 -18.8 -19.0 -19.2 -19.8 -20.0 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 835.9 826.6 780.3 750.1 837.0 772.3 750.1 774.3 853.1 834.8 837.0 1 50.2 31.5 97.1 49.7 40.6 105.9 46.9 34.8 42.9 45.1 13.4 43.3 50.8 56.5 33.7 46.4 9.4 40.2 45.1 13.4 43.3 46.5 28.9 48.7 51.3 60.2 37.1 50.2 63.4 36.3 50.8 56.5 33.7 2 3 4 657.0 630.4 655.6 648.3 696.0 676.3 648.3 650.1 704.6 685.0 696.0 5 91 Z.1, March 6, 2014 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1220.0 1070.7 1889.2 1718.0 2783.0 1794.7 1718.0 2131.8 2614.2 2799.4 2783.0 1 1031.9 637.3 -376.8 -4.2 -68.1 1020.8 426.5 -343.2 -3.3 -30.0 1623.1 158.6 164.0 -4.6 -51.9 1562.1 69.6 156.9 -4.9 -65.7 2322.7 223.7 305.3 -4.7 -64.1 1496.7 155.8 214.1 -5.3 -66.5 1562.1 69.6 156.9 -4.9 -65.7 1850.0 135.8 215.3 -4.6 -64.7 2073.5 173.3 434.4 -5.3 -61.8 2294.6 230.6 343.7 -5.0 -64.5 2322.7 223.7 305.3 -4.7 -64.1 2 3 4 5 6 1212.4 1043.8 1860.7 1663.8 2684.3 1727.4 1663.8 2047.0 2553.9 2735.1 2684.3 7 86.0 94.5 716.3 284.1 31.5 24.2 -1.2 628.5 350.8 41.5 238.1 -0.4 859.5 711.0 52.6 102.1 -0.4 869.6 638.8 53.8 362.5 -0.9 1326.5 948.1 48.1 231.2 -0.5 778.4 670.6 47.7 102.1 -0.4 869.6 638.8 53.8 197.6 -0.6 1040.7 741.3 68.0 481.0 -0.6 1061.4 959.6 52.5 440.9 -0.4 1284.8 963.3 46.4 362.5 -0.9 1326.5 948.1 48.1 8 9 10 11 12 7.6 26.9 28.4 54.3 98.7 67.4 54.3 84.8 60.3 64.3 98.7 13 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 54.9 54.9 0.0 52.7 52.7 0.0 60.8 60.8 0.0 71.1 71.1 0.0 73.6 73.6 0.0 56.3 56.3 0.0 71.1 71.1 0.0 59.6 59.6 0.0 60.2 60.2 0.0 62.2 62.2 0.0 73.6 73.6 0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 977.0 661.4 284.1 31.5 968.1 575.8 350.8 41.5 1562.3 798.7 711.0 52.6 1491.0 798.5 638.8 53.8 2249.1 1252.9 948.0 48.1 1440.4 722.1 670.6 47.7 1491.0 798.5 638.8 53.8 1790.4 981.1 741.3 68.0 2013.3 1001.2 959.6 52.5 2232.4 1222.7 963.3 46.4 2249.1 1252.9 948.0 48.1 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks 94.5 94.5 -2.1 96.6 -1.2 -1.2 -1.4 0.2 -0.4 -0.4 -0.6 0.2 -0.4 -0.4 -0.5 0.1 -0.9 -0.9 -1.0 0.1 -0.5 -0.5 -0.6 0.1 -0.4 -0.4 -0.5 0.1 -0.6 -0.6 -0.6 0.0 -0.6 -0.6 -0.7 0.1 -0.4 -0.4 -0.6 0.2 -0.9 -0.9 -1.0 0.1 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 498.6 803.3 304.7 420.1 824.8 404.6 110.9 602.6 491.7 23.0 403.6 380.6 146.4 440.8 294.5 98.4 488.6 390.2 23.0 403.6 380.6 78.1 415.6 337.5 128.4 421.1 292.7 162.0 433.1 271.1 146.4 440.8 294.5 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -413.2 787.3 1200.5 -376.1 841.2 1217.3 135.9 1137.9 1002.0 84.3 1047.9 963.6 220.6 1168.6 947.9 134.3 1090.5 956.2 84.3 1047.9 963.6 123.6 1061.0 937.4 358.0 1258.1 900.1 278.6 1153.6 875.0 220.6 1168.6 947.9 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 21.7 11.3 10.4 35.3 18.2 17.0 22.9 14.3 8.6 20.3 11.0 9.3 20.0 11.5 8.5 18.5 10.0 8.5 20.3 11.0 9.3 19.9 11.5 8.4 20.2 12.1 8.1 18.0 11.3 6.7 20.0 11.5 8.5 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 22.3 9.7 12.6 15.5 6.3 9.2 14.2 6.7 7.5 15.1 6.4 8.6 15.5 6.4 9.1 17.0 7.8 9.2 15.1 6.4 8.6 15.7 6.7 9.0 14.8 7.3 7.4 18.2 7.6 10.7 15.5 6.4 9.1 34 35 36 86.0 24.2 238.1 102.1 362.5 231.2 102.1 197.6 481.0 440.9 362.5 37 45.8 126.9 46.9 4.2 68.1 19.5 106.0 45.7 3.3 30.0 55.7 128.5 43.7 4.6 51.9 51.6 174.2 49.3 4.9 65.7 83.4 212.1 44.6 4.7 64.1 60.0 191.4 52.2 5.3 66.5 51.6 174.2 49.3 4.9 65.7 63.0 195.9 41.8 4.6 64.7 50.3 172.2 44.9 5.3 61.8 72.7 198.4 64.5 5.0 64.5 83.4 212.1 44.6 4.7 64.1 38 39 40 41 42 81.1 86.5 72.8 122.6 128.7 131.4 122.6 132.9 121.9 125.7 128.7 43 7.6 26.9 28.4 54.3 98.7 67.4 54.3 84.8 60.3 64.3 98.7 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: 92 Z.1, March 6, 2014 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 6 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2093.4 2359.8 2594.3 2857.8 3189.7 2640.4 2857.8 2878.1 2897.8 2930.0 3189.7 1 1102.7 191.9 35.1 2.4 873.3 1287.8 340.9 13.5 3.4 930.0 1165.7 85.9 64.6 0.2 1015.0 1224.6 92.9 27.2 6.5 1098.1 1364.2 162.6 25.9 8.0 1167.6 1185.9 85.6 22.6 5.7 1072.1 1224.6 92.9 27.2 6.5 1098.1 1226.1 79.4 20.2 9.2 1117.3 1298.1 135.0 19.5 10.1 1133.6 1266.5 88.6 24.1 9.0 1144.9 1364.2 162.6 25.9 8.0 1167.6 2 3 4 5 6 871.6 3.8 34.3 833.5 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1435.6 1.3 52.0 1382.3 1584.4 1.6 49.3 1533.5 1267.7 1.1 52.8 1213.9 1435.6 1.3 52.0 1382.3 1441.7 1.5 46.3 1393.9 1378.4 1.3 40.5 1336.5 1434.8 1.3 49.7 1383.8 1584.4 1.6 49.3 1533.5 7 8 9 10 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 16.1 10.5 5.6 21.9 14.6 7.3 45.6 19.0 26.6 61.8 27.9 33.9 92.6 40.2 52.4 53.9 22.6 31.2 61.8 27.9 33.9 63.7 28.5 35.1 73.4 32.3 41.2 81.7 33.9 47.8 92.6 40.2 52.4 11 12 13 14 Banks in U.S.-affiliated areas 16.1 16.6 19.4 21.9 28.0 20.9 21.9 22.1 26.3 27.7 28.0 14 15 Credit unions 86.9 92.4 103.1 113.9 120.6 111.9 113.9 124.5 121.7 119.3 120.6 15 2093.4 2359.8 2594.3 2857.8 3189.7 2640.4 2857.8 2878.1 2897.8 2930.0 3189.7 16 16 Levels Total liabilities 2010 Total assets 17 Household sector 400.6 425.2 754.0 826.4 908.2 704.5 826.4 828.4 798.5 793.8 908.2 17 18 19 20 Nonfinancial business Corporate Noncorporate 689.3 155.0 534.3 766.1 234.6 531.5 793.5 264.3 529.1 900.9 357.0 543.9 1019.3 464.1 555.2 881.5 343.4 538.1 900.9 357.0 543.9 941.0 396.7 544.3 928.0 380.5 547.5 963.9 412.7 551.2 1019.3 464.1 555.2 18 19 20 21 22 State and local governments Federal government 99.1 193.6 104.6 342.1 121.3 84.3 117.7 92.0 125.0 162.9 111.5 83.4 117.7 92.0 115.1 79.4 112.7 135.2 116.4 88.5 125.0 162.9 21 22 23 24 25 Rest of the world Checkable deposits Currency 361.0 47.2 313.8 390.5 48.4 342.1 472.3 75.2 397.1 540.6 86.3 454.2 589.5 97.5 491.9 519.5 81.1 438.4 540.6 86.3 454.2 543.2 84.0 459.2 551.5 82.9 468.7 573.9 92.6 481.3 589.5 97.5 491.9 23 24 25 26 Financial sectors 343.6 325.6 362.4 373.3 379.9 333.0 373.3 366.5 367.1 387.9 379.9 26 27 28 Property-casualty insurance companies Life insurance companies 27.6 50.7 32.6 51.7 24.1 53.7 36.4 56.4 30.8 57.9 32.9 53.5 36.4 56.4 31.7 57.7 30.6 48.1 30.6 57.3 30.8 57.9 27 28 29 30 Private pension funds State and local govt. retirement funds 10.4 3.5 12.6 4.1 18.3 4.5 18.0 4.3 17.5 4.2 17.7 4.4 18.0 4.3 18.0 4.3 18.4 4.1 18.1 4.1 17.5 4.2 29 30 31 32 Money market mutual funds Government-sponsored enterprises 17.9 99.4 14.2 63.4 20.1 72.7 16.5 52.6 13.3 71.9 11.3 36.1 16.5 52.6 10.9 64.1 27.5 51.7 11.0 77.4 13.3 71.9 31 32 33 34 35 Finance companies REITs Brokers and dealers 17.0 26.3 90.7 26.5 23.5 96.9 31.7 25.6 111.8 27.8 33.1 128.2 31.7 41.0 111.7 30.8 32.7 113.5 27.8 33.1 128.2 29.2 38.9 111.6 28.9 36.0 121.8 33.3 39.4 116.8 31.7 41.0 111.7 33 34 35 6.3 5.7 6.5 7.0 5.0 7.0 7.0 4.5 4.8 5.6 5.0 36 36 Mail float 93 Z.1, March 6, 2014 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2012 Q3 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 2013 Q4 Q1 Q2 Q3 Q4 8432.5 8548.1 8952.2 9463.8 9878.0 9232.3 9463.8 9521.6 9572.5 9789.1 9878.0 1 6326.5 6624.9 7202.2 7803.9 8115.8 7595.4 7803.9 7869.1 7890.1 8052.3 8115.8 2 5617.0 29.9 24.5 655.2 5888.6 35.7 19.3 681.3 6425.7 48.9 18.9 708.7 6979.3 62.7 18.8 743.1 7234.5 90.4 21.3 769.6 6775.6 62.4 18.5 738.9 6979.3 62.7 18.8 743.1 7018.7 67.9 19.1 763.4 7033.2 70.6 20.6 765.7 7182.5 85.9 21.7 762.2 7234.5 90.4 21.3 769.6 3 4 5 6 2105.9 1923.2 1750.0 1659.9 1762.2 1636.8 1659.9 1652.5 1682.4 1736.8 1762.2 7 1029.9 1024.2 24.5 27.3 896.1 977.7 19.3 30.1 882.9 814.6 18.9 33.5 803.0 798.4 18.8 39.7 826.9 869.4 21.3 44.6 818.8 762.0 18.5 37.5 803.0 798.4 18.8 39.7 777.6 814.4 19.1 41.3 804.5 816.0 20.6 41.4 799.3 872.4 21.7 43.4 826.9 869.4 21.3 44.6 8 9 10 11 8432.5 8548.1 8952.2 9463.8 9878.0 9232.3 9463.8 9521.6 9572.5 9789.1 9878.0 12 6330.8 6455.9 6827.7 7203.3 7388.5 7042.3 7203.3 7253.7 7264.6 7348.3 7388.5 13 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 842.1 488.8 353.3 905.0 548.7 356.2 922.1 561.9 360.1 951.9 586.6 365.3 1037.1 661.6 375.6 939.5 576.9 362.6 951.9 586.6 365.3 961.1 594.9 366.1 979.3 610.3 369.0 1018.5 646.3 372.2 1037.1 661.6 375.6 14 15 16 17 18 19 State and local governments Federal government Rest of the world 248.1 1.9 293.5 241.3 2.0 302.5 255.7 1.7 349.7 289.8 2.0 386.8 310.7 1.5 434.2 282.3 2.1 364.6 289.8 2.0 386.8 295.2 1.6 386.3 296.4 1.8 392.3 304.0 1.9 412.8 310.7 1.5 434.2 17 18 19 20 Financial sectors 716.1 641.5 595.4 629.9 705.9 601.4 629.9 623.8 638.1 703.7 705.9 20 33.0 28.5 566.6 32.1 34.9 458.9 33.4 38.5 402.7 31.6 37.2 435.4 31.1 36.3 494.9 32.1 37.4 396.9 31.6 37.2 435.4 31.6 37.1 429.4 31.2 34.8 444.3 31.0 35.0 494.4 31.1 36.3 494.9 21 22 23 25.7 51.0 11.2 26.1 79.6 10.0 13.4 95.0 12.4 4.3 83.5 37.8 8.0 95.0 40.7 3.7 92.4 39.0 4.3 83.5 37.8 3.6 87.6 34.4 4.8 86.6 36.4 7.5 99.9 35.8 8.0 95.0 40.7 24 25 26 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 24 25 26 Government-sponsored enterprises Finance companies Holding companies (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total assets 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Rest of the world 7 8 Property-casualty insurance companies Life insurance companies 3258.6 2755.4 2642.5 2649.6 2678.3 2506.9 2649.6 2554.0 2541.9 2637.4 2678.3 1 1313.2 655.5 73.7 1129.7 497.8 76.8 1109.9 462.4 77.7 1126.3 458.3 78.8 1100.1 455.4 81.0 1060.9 437.9 78.2 1126.3 458.3 78.8 1076.4 444.2 79.0 1018.8 432.0 79.6 1060.1 450.3 80.3 1100.1 455.4 81.0 2 3 4 135.6 76.9 149.3 69.8 149.2 79.5 140.4 99.7 141.5 161.4 145.0 96.0 140.4 99.7 140.9 101.7 142.5 152.5 141.8 156.3 141.5 161.4 5 6 29.6 33.7 25.6 21.0 20.0 28.8 22.3 27.5 22.7 23.5 22.1 27.8 22.3 27.5 22.7 28.0 20.5 20.1 22.0 23.8 22.7 23.5 7 8 9 10 Private pension funds State and local govt. retirement funds 147.4 40.9 137.3 44.0 154.1 46.0 150.2 44.5 148.7 43.4 151.4 44.7 150.2 44.5 150.1 44.3 149.6 41.6 148.1 41.9 148.7 43.4 9 10 11 Funding corporations 752.1 604.1 514.9 501.7 500.5 442.9 501.7 466.8 484.8 512.9 500.5 11 Levels 2009 94 Z.1, March 6, 2014 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2043.4 2025.2 1970.8 1976.8 1918.7 1977.4 1976.8 1964.7 1854.8 1859.8 1918.7 1 Rest of the world Monetary authority 530.5 77.7 731.8 59.7 808.0 99.9 847.7 107.2 733.1 315.9 818.0 92.7 847.7 107.2 830.1 105.5 790.1 95.2 792.6 157.4 733.1 315.9 2 3 4 5 6 7 Private depository institutions (net) U.S.-chartered depository institutions (net) Foreign banking offices in U.S. (net) Credit unions (net) 859.0 681.3 177.8 -0.1 694.7 462.3 232.4 -0.0 619.8 355.0 280.7 -15.9 499.6 212.4 296.9 -9.7 438.4 150.1 288.4 -0.1 563.1 278.0 293.7 -8.6 499.6 212.4 296.9 -9.7 490.0 192.6 297.8 -0.4 462.8 177.9 285.0 -0.2 467.0 161.5 305.5 -0.1 438.4 150.1 288.4 -0.1 4 5 6 7 8 9 Property-casualty insurance companies Life insurance companies 0.6 12.4 1.5 10.3 0.4 10.4 0.8 13.5 2.2 12.7 0.6 12.7 0.8 13.5 1.1 13.7 1.4 13.8 1.8 13.4 2.2 12.7 8 9 1.2 90.4 470.9 0.6 1.3 120.5 404.7 0.8 0.4 215.4 215.3 1.2 0.0 318.7 189.2 0.0 0.0 281.0 135.3 0.0 0.0 319.9 169.2 1.2 0.0 318.7 189.2 0.0 0.2 320.6 203.6 0.0 0.0 308.3 183.1 0.0 0.0 284.2 143.4 0.0 0.0 281.0 135.3 0.0 10 11 12 13 1520.5 1611.3 1673.5 1873.0 1972.8 1843.7 1873.0 1942.3 1864.0 1920.7 1972.8 14 14 Levels 2011 2 3 10 11 12 13 Total liabilities 2010 Government-sponsored enterprises REITs Brokers and dealers (net) Holding companies Total assets 15 16 Nonfinancial corporate business State and local governments 7.9 125.5 12.1 124.2 12.6 117.6 10.3 110.7 9.2 111.6 11.2 114.4 10.3 110.7 9.9 111.1 9.3 112.4 13.2 111.8 9.2 111.6 15 16 17 18 Rest of the world Monetary authority 561.5 0.0 635.8 0.0 763.1 0.0 765.7 0.0 822.0 0.0 726.0 0.0 765.7 0.0 821.1 0.0 791.8 0.0 794.5 0.0 822.0 0.0 17 18 19 20 Property-casualty insurance companies Life insurance companies 4.5 10.2 3.8 10.9 1.7 10.1 1.8 8.5 1.8 6.2 1.8 8.5 1.8 8.5 1.8 8.7 1.6 5.4 1.7 6.4 1.8 6.2 19 20 21 22 Private pension funds State and local govt. retirement funds 2.9 3.0 2.7 3.4 2.7 3.6 2.6 3.5 2.5 3.4 2.8 3.5 2.6 3.5 2.6 3.5 2.6 3.3 2.5 3.3 2.5 3.4 21 22 23 24 Money market mutual funds Mutual funds 480.0 153.3 479.4 137.5 490.5 108.7 544.7 262.7 493.0 358.4 513.2 286.8 544.7 262.7 470.7 307.9 450.4 328.2 489.1 354.0 493.0 358.4 23 24 25 26 27 Government-sponsored enterprises Holding companies Funding corporations 123.3 48.2 0.1 151.2 50.3 0.1 112.3 50.5 0.1 150.8 11.5 0.1 155.9 8.7 0.0 174.9 0.4 0.1 150.8 11.5 0.1 193.6 11.3 0.0 151.3 7.8 0.0 133.4 10.7 0.0 155.9 8.7 0.0 25 26 27 522.9 413.9 297.3 103.8 -54.1 133.8 103.8 22.3 -9.2 -61.0 -54.1 28 28 Discrepancy--unallocated assets 95 Z.1, March 6, 2014 L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 Total outstanding, all types Commercial paper 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1138.0 1057.6 969.3 952.4 950.7 957.3 952.4 1001.2 990.6 976.9 950.7 1 1137.4 1057.5 969.2 952.4 950.7 957.3 952.4 1001.2 990.6 976.9 950.7 2 58.4 82.9 116.3 130.3 143.1 136.0 130.3 140.1 147.2 171.1 143.1 3 3 Nonfinancial corporate business 4 5 6 Foreign issues in U.S. Nonfinancial Financial 401.3 34.5 366.8 398.6 30.6 368.0 345.1 30.2 314.9 373.0 40.4 332.6 407.4 51.1 356.2 366.7 39.2 327.5 373.0 40.4 332.6 407.4 34.4 373.0 417.4 51.2 366.2 407.3 57.5 349.8 407.4 51.1 356.2 4 5 6 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations 677.6 0.0 293.1 62.1 0.0 60.8 261.7 575.9 112.9 120.2 111.0 0.0 64.7 167.1 507.8 120.6 96.0 121.0 0.0 75.9 94.3 449.1 87.5 87.0 129.1 0.0 116.4 29.0 400.3 59.7 79.4 118.8 0.0 96.6 45.8 454.6 90.7 86.8 123.1 0.0 117.0 37.0 449.1 87.5 87.0 129.1 0.0 116.4 29.0 453.8 74.4 88.0 121.8 0.0 117.7 51.7 426.0 64.2 79.6 119.6 0.0 110.6 52.1 398.6 57.3 78.7 124.9 0.0 109.4 28.2 400.3 59.7 79.4 118.8 0.0 96.6 45.8 7 8 9 10 11 12 13 0.6 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.6 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 1138.0 1057.6 969.3 952.4 950.7 957.3 952.4 1001.2 990.6 976.9 950.7 17 22.7 56.0 21.1 68.0 19.4 67.9 19.0 60.3 17.0 40.2 19.1 60.4 19.0 60.3 20.0 56.9 19.8 50.9 19.5 42.6 17.0 40.2 18 19 88.5 191.5 101.4 191.0 90.6 191.7 85.3 195.2 86.0 197.0 88.1 190.2 85.3 195.2 85.6 203.9 86.6 200.2 86.2 187.4 86.0 197.0 20 21 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 7 8 9 10 11 12 13 14 15 16 17 Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Holdings, by sector 18 19 Household sector Nonfinancial corporate business 20 21 State and local governments Rest of the world 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 26 27 Property-casualty insurance companies Life insurance companies 9.8 49.8 7.9 40.9 8.8 29.7 7.4 43.6 7.3 35.2 7.8 38.7 7.4 43.6 7.5 38.7 6.8 37.5 7.3 40.4 7.3 35.2 26 27 28 29 Private pension funds State and local govt. retirement funds 45.3 32.1 42.6 38.4 44.7 41.9 42.3 40.5 38.3 37.1 43.0 40.8 42.3 40.5 42.8 40.4 42.1 37.9 40.4 38.2 38.3 37.1 28 29 30 31 Money market mutual funds Mutual funds 510.5 80.2 394.2 66.3 354.2 40.0 340.8 77.5 352.1 106.1 319.4 99.8 340.8 77.5 351.1 98.5 356.6 100.7 357.9 104.6 352.1 106.1 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 9.7 41.5 0.3 9.9 36.2 39.6 6.5 42.1 31.8 3.4 29.9 7.1 5.6 28.7 0.2 4.2 33.2 12.6 3.4 29.9 7.1 4.2 30.0 21.7 4.3 29.4 17.9 5.0 31.0 16.3 5.6 28.7 0.2 32 33 34 (1) Excludes banks’ holdings of own acceptances. Levels 2009 96 Z.1, March 6, 2014 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 Levels 5 Total liabilities U.S. savings securities (1) Treasury bills Other Treasury securities Total assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 7781.9 9361.5 10428.3 11568.9 12328.3 11255.5 11568.9 11905.5 11887.9 11956.8 12328.3 1 191.3 1787.9 5802.7 188.0 1768.9 7404.6 185.3 1519.5 8723.6 182.5 1626.5 9759.9 179.2 1590.6 10558.5 183.7 1613.0 9458.8 182.5 1626.5 9759.9 181.8 1788.2 9935.5 181.0 1568.1 10138.9 180.0 1527.9 10248.8 179.2 1590.6 10558.5 2 3 4 7781.9 9361.5 10428.3 11568.9 12328.3 11255.5 11568.9 11905.5 11887.9 11956.8 12328.3 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 858.8 191.3 667.5 1131.8 188.0 943.8 719.3 185.3 534.0 961.9 182.5 779.3 944.3 179.2 765.1 891.0 183.7 707.4 961.9 182.5 779.3 986.0 181.8 804.3 1048.9 181.0 867.9 1006.4 180.0 826.4 944.3 179.2 765.1 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 43.0 46.1 584.1 48.0 48.1 590.9 43.0 48.6 545.4 50.2 49.3 532.7 51.8 50.7 493.8 56.0 48.9 540.9 50.2 49.3 532.7 41.6 49.4 529.2 48.4 49.8 530.5 48.6 50.2 498.0 51.8 50.7 493.8 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 3670.6 750.4 2920.2 4458.8 710.3 3748.5 5006.9 647.7 4359.2 5573.8 664.0 4909.8 5842.3 685.0 5157.2 5475.4 682.5 4792.9 5573.8 664.0 4909.8 5721.8 723.9 4997.9 5594.4 675.4 4919.0 5654.7 645.1 5009.5 5842.3 685.0 5157.2 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities 776.6 18.4 758.2 1021.5 18.4 1003.1 1663.4 18.4 1645.0 1666.1 0.0 1666.1 2208.8 0.0 2208.8 1645.3 0.0 1645.3 1666.1 0.0 1666.1 1796.0 0.0 1796.0 1936.6 0.0 1936.6 2072.3 0.0 2072.3 2208.8 0.0 2208.8 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 124.5 57.5 0.5 14.2 217.5 60.9 1.1 20.1 173.9 60.5 1.0 17.6 243.2 76.6 0.4 19.3 217.1 67.0 1.1 19.9 227.8 77.3 1.0 20.9 243.2 76.6 0.4 19.3 230.3 79.5 0.4 19.2 194.0 66.9 0.4 20.1 186.6 69.3 0.6 19.6 217.1 67.0 1.1 19.9 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities 88.5 15.8 72.8 91.7 15.5 76.2 96.4 17.4 78.9 90.2 14.1 76.1 89.6 13.9 75.7 91.4 15.2 76.2 90.2 14.1 76.1 90.2 14.4 75.8 89.0 13.0 76.0 90.3 13.9 76.4 89.6 13.9 75.7 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities 133.5 13.9 119.6 156.6 10.2 146.4 175.4 14.0 161.4 179.6 9.5 170.1 183.2 7.0 176.3 178.2 10.4 167.7 179.6 9.5 170.1 179.9 8.8 171.2 180.8 2.2 178.6 182.6 7.6 175.0 183.2 7.0 176.3 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 182.4 151.9 119.9 215.6 160.0 130.0 243.4 173.3 153.5 291.4 214.5 165.6 331.6 224.7 178.1 283.2 203.8 160.9 291.4 214.5 165.6 306.4 225.9 163.2 319.4 226.0 153.1 326.3 225.7 58.1 331.6 224.7 178.1 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities 406.4 318.5 87.9 335.4 234.5 100.9 443.3 263.7 179.7 457.8 282.8 175.0 488.2 289.5 198.6 456.3 245.0 211.3 457.8 282.8 175.0 470.5 276.1 194.3 449.0 223.2 225.7 466.5 272.5 194.0 488.2 289.5 198.6 31 32 33 34 35 36 Mutual funds Treasury bills Other Treasury securities 258.0 0.0 258.0 380.5 33.0 347.5 456.6 32.4 424.2 579.6 44.8 534.8 641.4 40.1 601.3 531.3 44.8 486.5 579.6 44.8 534.8 638.9 46.5 592.4 627.5 45.2 582.4 640.9 48.4 592.5 641.4 40.1 601.3 34 35 36 37 38 Closed-end funds Exchange-traded funds 4.4 41.8 5.1 51.0 4.8 62.4 5.2 63.6 5.8 57.1 5.2 62.7 5.2 63.6 5.7 62.8 5.8 64.1 5.8 63.9 5.8 57.1 37 38 39 40 Government-sponsored enterprises ABS issuers 36.6 53.9 82.6 40.1 100.2 29.2 69.0 23.4 57.4 19.5 72.3 23.2 69.0 23.4 74.6 20.5 75.5 21.2 82.6 22.9 57.4 19.5 39 40 41 42 Brokers and dealers Holding companies 123.0 5.8 94.5 19.6 183.6 26.8 246.5 9.0 136.0 18.8 190.2 12.3 246.5 9.0 202.6 10.6 165.6 20.9 166.3 18.8 136.0 18.8 41 42 7805.4 9385.6 10453.6 11593.7 12352.8 11279.9 11593.7 11930.1 11912.9 11981.9 12352.8 43 Memo: 43 Federal government debt (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11). 97 Z.1, March 6, 2014 L.210 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 8106.8 7598.2 7577.4 7554.6 7793.2 7543.9 7554.6 7590.8 7660.7 7713.6 7793.2 1 23.5 2706.6 5376.7 24.2 6434.5 1139.5 25.3 6247.3 1304.8 24.9 6092.7 1437.0 24.5 6199.2 1569.5 24.4 6111.5 1408.0 24.9 6092.7 1437.0 24.6 6103.5 1462.7 25.0 6137.6 1498.1 25.1 6147.7 1540.8 24.5 6199.2 1569.5 2 3 4 8106.8 7598.2 7577.4 7554.6 7793.2 7543.9 7554.6 7590.8 7660.7 7713.6 7793.2 5 6 7 Household sector Nonfinancial corporate business 359.3 14.3 355.6 16.0 323.1 14.3 194.7 11.7 121.4 7.3 209.5 16.2 194.7 11.7 156.1 3.9 159.1 6.1 157.0 6.2 121.4 7.3 6 7 8 9 State and local governments Federal government 488.2 196.4 510.6 149.2 497.9 31.1 468.5 0.0 472.3 0.0 484.0 0.0 468.5 0.0 470.1 0.0 475.5 0.0 473.3 0.0 472.3 0.0 8 9 10 11 Rest of the world Monetary authority 1154.9 1068.3 1084.0 1139.6 1080.6 941.7 1004.3 1003.4 861.9 1547.4 1028.3 918.4 1004.3 1003.4 939.8 1143.4 874.8 1277.3 899.2 1402.7 861.9 1547.4 10 11 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1417.4 31.3 20.5 110.7 1527.2 26.5 12.8 151.5 1634.1 30.6 4.8 182.1 1669.7 32.1 2.6 197.0 1721.0 25.4 1.9 200.3 1672.7 30.2 4.0 198.5 1669.7 32.1 2.6 197.0 1710.5 27.7 2.4 206.2 1725.7 26.1 2.2 210.2 1700.3 26.2 1.9 206.0 1721.0 25.4 1.9 200.3 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies 116.2 371.9 115.8 376.0 122.7 374.4 113.6 360.6 114.3 362.8 115.3 363.9 113.6 360.6 114.3 362.1 114.6 363.5 115.1 363.5 114.3 362.8 16 17 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 184.0 157.6 5.2 190.4 159.4 5.8 193.8 166.5 6.5 210.9 200.1 8.1 224.6 209.0 6.4 206.9 191.7 8.0 210.9 200.1 8.1 213.2 210.2 7.5 217.3 210.2 7.0 220.7 209.9 6.6 224.6 209.0 6.4 18 19 20 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 543.0 603.2 924.5 402.8 680.1 377.0 403.7 784.8 358.9 343.5 871.8 310.6 361.1 837.0 293.3 331.4 876.0 323.9 343.5 871.8 310.6 325.6 870.5 300.6 345.0 874.3 292.5 354.0 836.4 294.7 361.1 837.0 293.3 21 22 23 24 25 ABS issuers REITs 99.6 105.1 3.6 143.3 0.3 244.7 0.3 356.2 0.1 280.0 0.2 375.4 0.3 356.2 0.2 343.4 0.1 325.5 0.1 302.2 0.1 280.0 24 25 26 27 Brokers and dealers Holding companies 110.9 24.3 149.8 21.1 147.7 33.1 169.6 25.2 114.2 31.7 165.5 23.8 169.6 25.2 153.9 29.1 125.8 27.8 105.7 32.0 114.2 31.7 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 41. Levels 2009 98 Z.1, March 6, 2014 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2012 Q3 1 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Levels Total liabilities 2 3 4 Total assets 2013 Q4 Q1 Q2 Q3 Q4 3672.5 3772.1 3719.4 3714.4 3671.2 3719.4 3714.4 3728.6 3721.1 3685.7 3671.2 1 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2969.7 55.7 2914.0 2964.3 56.1 2908.2 2978.9 54.5 2924.4 2970.4 39.4 2931.0 2937.0 46.0 2891.0 2924.9 45.3 2879.6 2 3 4 265.4 452.2 263.2 485.4 255.5 493.9 241.0 509.1 227.8 518.5 245.6 504.1 241.0 509.1 239.4 510.4 235.7 515.0 232.4 516.4 227.8 518.5 5 6 3672.5 3772.1 3719.4 3714.4 3671.2 3719.4 3714.4 3728.6 3721.1 3685.7 3671.2 7 1828.0 27.1 5.1 1871.8 23.9 5.6 1806.9 22.3 5.7 1654.8 34.4 5.8 1617.2 26.6 5.9 1709.9 28.3 5.7 1654.8 34.4 5.8 1669.7 20.7 5.8 1672.3 21.0 5.8 1646.6 21.0 5.9 1617.2 26.6 5.9 8 9 10 11.4 58.7 12.8 71.7 12.9 70.3 12.1 67.9 12.2 66.4 12.5 72.7 12.1 67.9 12.1 65.1 12.3 60.2 12.2 63.3 12.2 66.4 11 12 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 State and local governments Rest of the world 13 14 15 16 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 224.3 0.0 3.5 0.0 254.6 0.0 2.5 0.0 297.3 0.0 3.4 3.2 363.1 0.0 2.6 4.2 416.4 0.0 3.6 4.5 350.0 0.0 2.8 3.8 363.1 0.0 2.6 4.2 374.2 0.0 2.7 5.3 390.3 0.0 2.7 5.0 404.0 0.0 3.5 5.4 416.4 0.0 3.6 4.5 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 369.4 73.1 1.4 348.4 112.3 2.2 331.0 121.8 3.1 327.6 131.4 5.0 332.3 135.1 2.3 327.0 128.9 4.4 327.6 131.4 5.0 329.5 132.3 5.3 330.4 133.3 4.1 331.9 133.6 2.9 332.3 135.1 2.3 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 440.1 478.8 81.2 5.9 386.7 525.5 81.5 7.6 357.3 541.2 82.5 8.6 336.7 627.4 85.7 12.3 308.3 610.9 86.1 11.4 320.1 610.5 84.5 11.3 336.7 627.4 85.7 12.3 312.5 646.6 86.2 13.0 309.6 641.0 86.8 12.5 305.1 620.7 86.1 11.5 308.3 610.9 86.1 11.4 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers 29.1 35.4 24.9 40.0 21.0 30.9 17.0 26.6 13.2 18.6 18.1 29.0 17.0 26.6 16.3 31.0 14.8 19.0 13.8 18.3 13.2 18.6 24 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). 99 Z.1, March 6, 2014 L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 11655.4 11859.2 12152.8 12920.7 13474.5 12672.0 12920.7 13036.9 13022.7 13248.4 13474.5 1 2 3 Nonfinancial corporate business Rest of the world (1) 4366.2 1570.3 4804.8 1731.3 5215.6 1939.9 5795.2 2140.7 6435.5 2171.5 5599.7 2052.0 5795.2 2140.7 5940.0 2174.6 6082.7 2087.0 6269.0 2127.2 6435.5 2171.5 2 3 4 Financial sectors 5718.8 5323.1 4997.3 4984.9 4867.5 5020.3 4984.9 4922.3 4853.0 4852.2 4867.5 4 U.S.-chartered depository institutions ABS issuers (net) (2) Finance companies REITs 176.3 2995.9 837.5 129.8 436.8 2112.0 1078.2 129.7 415.8 1888.9 1038.8 145.1 415.8 1683.4 957.5 171.2 397.7 1536.6 962.4 190.0 409.9 1716.6 1005.1 163.5 415.8 1683.4 957.5 171.2 413.9 1628.9 952.5 173.1 411.5 1585.2 949.0 179.5 406.5 1553.6 955.1 188.7 397.7 1536.6 962.4 190.0 5 6 7 8 Brokers and dealers Holding companies Funding corporations 92.9 1028.7 457.8 129.7 982.2 454.6 91.8 890.6 526.2 90.2 1105.3 561.5 112.4 1095.6 572.9 85.8 1081.9 557.4 90.2 1105.3 561.5 89.1 1093.8 571.0 103.1 1059.2 565.4 96.1 1071.3 580.8 112.4 1095.6 572.9 9 10 11 11655.4 11859.2 12152.8 12920.7 13474.5 12672.0 12920.7 13036.9 13022.7 13248.4 13474.5 12 2311.8 156.1 0.6 2465.3 484.8 1980.5 2293.8 163.5 0.9 2524.0 441.4 2082.6 2427.3 159.6 0.8 2484.0 415.5 2068.5 2640.9 150.1 0.6 2621.3 387.4 2234.0 2793.1 151.4 0.6 2730.1 370.7 2359.4 2542.5 155.1 0.7 2572.8 393.4 2179.4 2640.9 150.1 0.6 2621.3 387.4 2234.0 2600.2 150.7 0.6 2663.0 382.4 2280.7 2605.8 152.4 0.6 2602.2 370.2 2232.0 2664.7 151.7 0.6 2694.4 365.9 2328.5 2793.1 151.4 0.6 2730.1 370.7 2359.4 13 14 15 16 17 18 668.2 262.9 404.1 247.6 2.0 22.3 3.6 18.6 550.5 174.9 374.0 238.2 0.6 6.6 6.1 0.5 553.0 150.1 401.8 236.7 4.2 6.3 5.9 0.4 551.6 149.1 401.6 230.5 5.2 6.7 6.6 0.1 566.6 147.8 418.2 196.4 5.8 8.9 8.7 0.2 543.7 151.1 391.5 226.0 4.6 6.6 6.5 0.2 551.6 149.1 401.6 230.5 5.2 6.7 6.6 0.1 547.6 146.3 400.7 211.9 5.6 7.8 7.6 0.2 550.1 145.8 403.6 202.8 5.5 8.5 8.3 0.2 562.3 147.4 414.1 203.0 5.6 8.6 8.4 0.2 566.6 147.8 418.2 196.4 5.8 8.9 8.7 0.2 19 20 21 22 23 24 25 26 298.3 0.0 298.3 1927.2 0.0 1927.2 322.6 0.0 322.6 2030.2 0.0 2030.2 363.1 71.3 291.8 2117.3 434.9 1682.3 379.8 74.0 305.8 2150.6 410.6 1740.0 387.8 75.3 312.5 2200.4 411.8 1788.6 373.9 73.3 300.6 2141.2 416.1 1725.1 379.8 74.0 305.8 2150.6 410.6 1740.0 382.0 74.4 307.6 2165.3 413.1 1752.2 383.0 74.7 308.4 2177.8 413.4 1764.4 384.7 74.8 309.9 2180.5 414.0 1766.5 387.8 75.3 312.5 2200.4 411.8 1788.6 27 28 29 30 31 32 360.0 382.8 5.7 443.4 388.5 5.9 488.0 363.7 7.3 440.7 303.5 9.0 438.6 302.9 7.3 453.4 312.8 9.0 440.7 303.5 9.0 430.7 295.7 8.5 432.6 290.2 8.0 435.8 295.3 7.5 438.6 302.9 7.3 33 34 35 169.9 1120.7 55.6 55.4 154.2 1243.0 59.8 74.1 105.1 1413.4 57.4 107.7 102.1 1719.4 65.0 155.3 102.1 2001.4 81.7 174.8 93.0 1633.4 62.5 147.1 102.1 1719.4 65.0 155.3 103.0 1816.6 71.6 162.3 90.7 1868.5 77.5 164.9 89.1 1947.3 78.3 170.4 102.1 2001.4 81.7 174.8 36 37 38 39 5 6 7 8 9 10 11 12 Total liabilities 2010 Total assets (3) 13 14 15 16 17 18 Household sector State and local governments Federal government Rest of the world (4) MBS and other ABS Other 19 20 21 22 23 24 25 26 U.S.-chartered depository institutions MBS and other ABS Other Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions MBS and other ABS Other 27 28 29 30 31 32 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 40 41 42 43 44 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 296.0 288.2 7.9 198.6 15.5 266.5 241.6 24.8 84.1 20.8 235.7 209.5 26.2 85.0 22.1 185.7 178.3 7.4 78.7 32.2 129.4 122.0 7.4 70.1 36.4 199.6 186.0 13.6 85.3 30.6 185.7 178.3 7.4 78.7 32.2 179.9 172.7 7.3 78.1 37.1 168.6 161.5 7.1 73.7 36.6 139.1 132.1 7.0 72.8 36.4 129.4 122.0 7.4 70.1 36.4 40 41 42 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations 154.4 31.1 710.2 189.5 38.3 760.1 104.5 18.3 792.4 140.0 79.9 871.9 133.1 35.7 920.0 139.3 86.0 852.7 140.0 79.9 871.9 148.0 80.3 890.2 134.8 79.8 908.0 134.1 78.0 908.3 133.1 35.7 920.0 45 46 47 (1) Holdings of foreign issues by U.S. residents. (2) Liabilities net of assets. (3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Holdings of U.S. issues by foreign residents. Levels 2009 100 Z.1, March 6, 2014 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2012 Q3 1 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 Levels Issues at market value 2 Financial corporations Holdings at market value Household sector State and local governments Federal government Rest of the world (3) 2013 Q4 Q1 Q2 Q3 Q4 20085.5 23567.2 23088.2 26443.6 34687.5 26256.7 26443.6 29308.3 29764.3 31734.5 34687.5 1 12512.2 14371.6 14500.8 16107.0 21363.1 16366.8 16107.0 18149.1 18383.0 19569.1 21363.1 2 3995.3 4900.2 4501.4 5390.5 6802.7 5107.3 5390.5 5648.7 5632.1 6164.6 6802.7 3 3578.1 4295.4 4085.9 4946.1 6521.7 4782.7 4946.1 5510.6 5749.2 6000.8 6521.7 4 20085.5 23567.2 23088.2 26443.6 34687.5 26256.7 26443.6 29308.3 29764.3 31734.5 34687.5 5 7491.9 111.5 67.4 2476.7 8996.7 125.8 49.9 2962.2 9049.9 122.6 57.8 3035.3 10337.7 129.5 39.9 3467.6 13864.8 152.7 35.1 4655.6 10269.3 132.5 41.2 3448.0 10337.7 129.5 39.9 3467.6 11632.5 138.2 38.6 3906.8 11779.5 140.9 37.9 4011.5 12546.7 145.2 35.3 4278.4 13864.8 152.7 35.1 4655.6 6 7 8 9 25.1 63.6 0.0 26.4 73.6 0.1 0.0 67.4 0.0 0.0 87.1 0.0 0.0 116.8 0.0 0.0 83.4 0.0 0.0 87.1 0.0 0.0 96.8 0.0 0.0 96.9 0.0 0.0 104.4 0.0 0.0 116.8 0.0 10 11 12 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 13 14 Property-casualty insurance companies Life insurance companies 215.6 1208.5 214.8 1402.6 220.8 1390.2 252.2 1545.1 301.6 1888.1 252.3 1543.7 252.2 1545.1 267.2 1655.4 272.0 1679.9 280.0 1739.1 301.6 1888.1 13 14 15 16 17 Private pension funds State and local govt. retirement funds Federal government retirement funds 1647.1 1617.8 116.8 1938.3 1778.2 140.9 1826.1 1693.0 134.4 2041.8 1966.4 148.1 2484.1 2454.5 207.7 2057.3 1961.9 153.3 2041.8 1966.4 148.1 2206.1 2166.1 167.8 2238.6 2187.3 173.8 2346.4 2299.0 185.0 2484.1 2454.5 207.7 15 16 17 18 19 20 Mutual funds Closed-end funds Exchange-traded funds 4136.2 88.1 670.0 4762.7 97.4 854.1 4427.2 96.5 863.8 5107.0 101.3 1093.3 6809.2 117.6 1427.3 5037.8 101.1 1047.1 5107.0 101.3 1093.3 5611.2 108.6 1195.9 5743.8 108.4 1172.2 6246.2 110.4 1291.5 6809.2 117.6 1427.3 18 19 20 21 22 Brokers and dealers Funding corporations 124.2 25.1 117.2 26.4 103.2 0.0 126.7 0.0 172.4 0.0 127.9 0.0 126.7 0.0 117.1 0.0 121.4 0.0 126.8 0.0 172.4 0.0 21 22 (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 6920.7 7873.0 7870.9 9323.6 11526.8 9131.0 9323.6 10087.4 10299.5 10904.9 11526.8 1 2 Holdings at market value 6920.7 7873.0 7870.9 9323.6 11526.8 9131.0 9323.6 10087.4 10299.5 10904.9 11526.8 2 4115.8 162.0 4594.0 186.8 4449.2 165.9 5279.4 181.7 6692.1 211.5 5124.1 179.6 5279.4 181.7 5755.2 190.9 5946.7 192.7 6343.0 201.6 6692.1 211.5 3 4 48.3 364.1 58.2 513.8 58.0 735.6 61.5 987.1 73.5 1043.7 63.1 950.4 61.5 987.1 66.0 1006.8 67.4 963.1 69.6 987.4 73.5 1043.7 5 6 46.1 1.3 45.0 1.5 41.7 1.9 59.2 2.3 84.5 2.2 52.8 2.2 59.2 2.3 67.3 2.6 67.9 2.4 75.9 2.2 84.5 2.2 7 8 9.5 140.8 10.2 155.7 9.1 150.1 11.8 159.3 15.5 184.6 11.3 159.3 11.8 159.3 12.9 167.6 13.4 168.8 14.4 175.9 15.5 184.6 9 10 1827.5 205.2 2084.7 223.2 2052.8 206.9 2340.9 240.3 2920.7 298.5 2348.6 239.7 2340.9 240.3 2553.3 264.7 2608.9 268.2 2755.7 279.4 2920.7 298.5 11 12 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 7 8 U.S.-chartered depository institutions Credit unions 9 10 Property-casualty insurance companies Life insurance companies 11 12 Private pension funds State and local govt. retirement funds (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 101 Z.1, March 6, 2014 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2062.5 2001.2 2147.8 2322.7 2507.1 2244.9 2322.7 2323.8 2388.1 2424.7 2507.1 1 2 3 4 Household sector Corporate business Noncorporate business 10.2 546.0 944.0 61.0 480.9 923.7 12.4 549.8 980.4 66.3 609.5 1070.6 88.0 654.1 1120.5 23.1 574.7 1047.8 66.3 609.5 1070.6 57.3 605.4 1075.4 66.7 621.8 1093.5 91.9 627.8 1105.7 88.0 654.1 1120.5 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 137.5 4.5 37.4 95.6 162.0 6.6 53.0 102.4 205.2 5.4 69.8 130.0 237.7 6.2 70.4 161.0 276.8 7.1 90.5 179.3 233.9 5.1 71.0 157.8 237.7 6.2 70.4 161.0 246.0 6.1 76.2 163.6 252.2 6.1 80.5 165.7 262.5 6.6 86.7 169.3 276.8 7.1 90.5 179.3 5 6 7 8 9 Financial sectors 424.7 373.7 399.9 338.7 367.6 365.3 338.7 339.7 353.8 336.8 367.6 9 10 11 12 Finance companies REITs Brokers and dealers 144.5 20.7 0.0 91.5 18.5 0.0 102.1 22.1 0.0 118.5 23.4 0.0 128.6 28.5 0.0 115.8 19.6 0.0 118.5 23.4 0.0 118.7 20.1 0.0 127.5 21.1 0.0 126.7 27.4 0.0 128.6 28.5 0.0 10 11 12 13 14 Holding companies Funding corporations 164.2 95.3 190.3 73.4 254.3 21.5 196.8 0.0 210.5 0.0 229.8 0.0 196.8 0.0 200.9 0.0 205.2 0.0 182.8 0.0 210.5 0.0 13 14 2062.5 2001.2 2147.8 2322.7 2507.1 2244.9 2322.7 2323.8 2388.1 2424.7 2507.1 15 15 Total assets 16 Monetary authority (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 142.8 98.1 30.5 0.6 0.1 1.5 0.6 0.4 0.3 0.1 0.1 16 1431.3 435.5 19.4 33.4 1425.9 424.2 16.1 36.9 1589.6 467.1 17.1 43.5 1797.1 463.4 18.1 43.6 1933.3 507.2 19.5 47.0 1720.7 460.4 17.6 44.7 1797.1 463.4 18.1 43.6 1794.8 467.5 18.1 43.0 1847.0 476.9 19.0 44.9 1869.5 490.8 19.5 44.9 1933.3 507.2 19.5 47.0 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.108. Levels 2009 102 Z.1, March 6, 2014 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Levels 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2098.1 1764.7 1769.7 1821.8 1923.8 1793.4 1821.8 1815.2 1900.4 1898.6 1923.8 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations 177.4 12.6 74.9 52.4 13.5 21.9 0.0 0.0 2.0 180.9 11.6 70.6 53.0 14.4 22.1 0.0 0.0 9.2 185.8 11.2 70.1 55.9 15.3 23.5 0.0 0.0 9.8 188.3 11.0 75.3 56.5 15.7 26.7 0.0 0.0 3.0 195.1 12.1 76.1 58.5 16.2 29.7 0.0 0.0 2.4 189.0 11.0 74.2 56.6 15.6 25.5 0.0 0.0 6.1 188.3 11.0 75.3 56.5 15.7 26.7 0.0 0.0 3.0 190.9 11.2 76.1 57.0 16.0 28.1 0.0 0.0 2.5 193.0 11.8 76.2 57.4 16.0 29.2 0.0 0.0 2.4 194.0 11.6 76.2 58.3 16.1 29.5 0.0 0.0 2.4 195.1 12.1 76.1 58.5 16.2 29.7 0.0 0.0 2.4 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 182.5 182.5 162.3 162.3 196.1 196.1 143.9 143.9 138.7 138.7 157.7 157.7 143.9 143.9 141.6 141.6 152.4 152.4 139.0 139.0 138.7 138.7 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 14.6 14.6 0.0 18.9 18.9 0.0 22.9 22.9 0.0 105.3 99.3 6.1 75.7 71.7 4.0 107.8 103.2 4.7 105.3 99.3 6.1 106.0 101.4 4.6 110.7 106.4 4.3 100.5 96.6 3.9 75.7 71.7 4.0 17 18 19 13 14 15 16 Total other loans and advances 2010 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 121.1 0.5 120.6 124.5 0.5 124.0 126.9 0.5 126.5 128.3 0.4 127.8 129.1 0.4 128.8 127.2 0.4 126.8 128.3 0.4 127.8 128.2 0.4 127.8 128.9 0.4 128.5 129.3 0.4 128.9 129.1 0.4 128.8 20 21 22 23 24 25 26 27 28 29 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 695.9 0.0 5.3 74.7 541.1 26.5 48.3 551.3 0.0 6.9 80.3 392.8 26.1 45.1 487.0 0.0 6.0 77.7 332.3 24.2 46.8 505.7 0.0 6.7 85.3 336.9 25.1 51.6 580.1 0.0 6.7 88.3 400.0 28.2 57.0 487.6 0.0 6.7 82.6 321.6 24.4 52.4 505.7 0.0 6.7 85.3 336.9 25.1 51.6 498.8 0.0 7.5 83.9 332.3 22.2 52.9 541.0 0.0 6.5 83.8 372.7 23.5 54.5 547.3 0.0 6.1 83.6 377.3 26.6 53.8 580.1 0.0 6.7 88.3 400.0 28.2 57.0 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 54.4 54.4 4.0 4.0 0.1 0.1 1.8 1.8 1.9 1.9 3.2 3.2 1.8 1.8 3.9 3.9 4.3 4.3 3.9 3.9 1.9 1.9 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 448.9 404.0 44.9 372.7 335.5 37.3 375.8 338.2 37.6 387.0 348.3 38.7 403.0 362.7 40.3 377.5 339.7 37.7 387.0 348.3 38.7 390.9 351.8 39.1 395.0 355.5 39.5 397.5 357.8 39.8 403.0 362.7 40.3 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 403.4 26.8 20.4 75.4 197.8 60.1 22.9 350.2 26.2 16.7 74.6 163.8 47.4 21.4 375.1 23.4 22.2 93.5 162.3 54.3 19.4 361.6 20.9 22.6 105.7 160.0 39.6 12.9 400.1 25.3 24.2 145.4 149.8 46.3 9.1 343.4 23.1 22.0 100.6 153.9 31.9 11.9 361.6 20.9 22.6 105.7 160.0 39.6 12.9 354.9 22.7 21.7 113.4 146.9 37.2 12.9 375.0 24.0 22.8 130.9 143.3 42.2 11.8 387.1 24.5 23.2 137.9 147.3 43.8 10.4 400.1 25.3 24.2 145.4 149.8 46.3 9.1 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 103 Z.1, March 6, 2014 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 Total mortgages Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 13 Total assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 14420.8 13780.2 13461.8 13201.6 13244.0 13192.2 13201.6 13148.7 13150.9 13207.8 13244.0 1 10937.1 854.4 2483.3 146.0 10438.4 850.9 2336.9 154.1 10183.1 856.5 2254.9 167.2 9928.0 879.1 2221.5 173.0 9863.4 917.3 2282.3 181.0 9944.1 868.5 2208.1 171.5 9928.0 879.1 2221.5 173.0 9876.8 882.6 2214.4 175.0 9849.9 893.7 2230.4 177.0 9873.5 904.6 2250.8 179.0 9863.4 917.3 2282.3 181.0 2 3 4 5 14420.8 13780.2 13461.8 13201.6 13244.0 13192.2 13201.6 13148.7 13150.9 13207.8 13244.0 6 10611.4 10089.9 9854.4 9608.7 9549.4 9622.0 9608.7 9560.5 9534.8 9558.4 9549.4 7 3642.5 774.0 2868.5 3523.2 671.2 2852.0 3431.2 614.4 2816.8 3401.1 604.8 2796.2 3505.1 632.4 2872.7 3382.1 598.3 2783.8 3401.1 604.8 2796.2 3391.0 599.4 2791.6 3422.9 609.4 2813.5 3456.1 613.0 2843.1 3505.1 632.4 2872.7 8 9 10 0.0 166.9 0.0 167.1 0.0 176.2 0.0 191.8 0.0 189.5 0.0 188.0 0.0 191.8 0.0 197.3 0.0 193.2 0.0 193.4 0.0 189.5 11 12 14420.8 13780.2 13461.8 13201.6 13244.0 13192.2 13201.6 13148.7 13150.9 13207.8 13244.0 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 108.0 29.5 37.9 95.6 28.0 42.1 96.0 27.4 42.5 81.5 26.9 43.1 72.2 26.3 44.3 84.7 27.0 42.8 81.5 26.9 43.1 79.1 26.7 43.2 76.6 26.6 43.6 74.2 26.5 43.9 72.2 26.3 44.3 14 15 16 17 18 State and local governments Federal government 192.3 108.4 202.2 105.8 197.8 109.9 186.1 111.5 187.6 115.5 192.3 112.5 186.1 111.5 186.8 113.3 188.9 113.2 188.0 114.1 187.6 115.5 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4371.9 37.8 42.3 316.9 4194.9 35.4 35.8 317.0 4049.6 32.8 33.4 320.5 3997.4 30.9 34.9 327.8 3961.0 30.3 32.4 344.8 3944.6 31.2 32.0 326.4 3997.4 30.9 34.9 327.8 3962.9 29.7 34.3 328.0 3956.0 29.6 33.6 332.1 3948.7 29.8 31.6 340.4 3961.0 30.3 32.4 344.8 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 4.4 326.1 4.1 317.5 4.9 332.5 5.6 344.4 7.3 359.4 5.5 343.5 5.6 344.4 5.8 344.2 6.6 348.3 7.0 356.0 7.3 359.4 23 24 25 26 Private pension funds State and local govt. retirement funds 23.8 11.4 26.6 10.9 21.9 11.1 19.4 9.9 16.5 7.0 20.0 10.1 19.4 9.9 18.7 9.5 18.0 9.1 17.2 8.5 16.5 7.0 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 707.7 5376.7 5021.0 1139.5 4924.0 1304.8 4823.5 1437.0 4881.1 1569.5 4844.5 1408.0 4823.5 1437.0 4825.0 1462.7 4836.1 1498.1 4872.0 1540.8 4881.1 1569.5 27 28 29 30 31 ABS issuers Finance companies REITs 2247.2 430.3 48.3 1918.5 243.5 41.9 1699.3 211.2 42.1 1493.9 179.5 48.3 1360.5 157.0 71.3 1533.6 188.1 45.4 1493.9 179.5 48.3 1455.4 174.4 48.9 1411.6 171.2 52.0 1375.3 165.9 68.1 1360.5 157.0 71.3 29 30 31 Levels 2009 104 Z.1, March 6, 2014 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 10937.1 10438.4 10183.1 9928.0 9863.4 9944.1 9928.0 9876.8 9849.9 9873.5 9863.4 1 10417.3 20.3 499.4 9907.2 13.6 517.6 9678.1 10.2 494.8 9435.2 9.7 483.1 9371.6 10.0 481.7 9449.5 9.9 484.6 9435.2 9.7 483.1 9387.5 9.4 479.9 9360.7 9.6 479.5 9382.4 9.8 481.3 9371.6 10.0 481.7 2 3 4 10937.1 10438.4 10183.1 9928.0 9863.4 9944.1 9928.0 9876.8 9849.9 9873.5 9863.4 5 83.2 17.7 13.9 75.2 16.8 15.4 67.2 16.1 15.5 59.2 15.5 15.8 51.2 14.9 16.2 61.2 15.7 15.6 59.2 15.5 15.8 57.2 15.4 15.8 55.2 15.2 15.9 53.2 15.0 16.1 51.2 14.9 16.2 6 7 8 9 10 State and local governments Federal government 99.0 22.1 104.2 23.1 101.8 24.0 95.8 25.2 96.6 25.6 99.0 25.9 95.8 25.2 96.2 25.8 97.3 25.1 96.8 24.5 96.6 25.6 9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2692.5 0.9 22.6 316.9 2614.7 1.1 20.1 317.0 2537.0 1.3 17.8 320.5 2484.9 1.8 20.0 327.8 2370.8 1.4 18.9 344.8 2452.4 1.6 17.0 326.4 2484.9 1.8 20.0 327.8 2447.1 1.8 20.0 328.0 2420.2 1.6 19.2 332.1 2389.1 1.4 19.1 340.4 2370.8 1.4 18.9 344.8 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 8.7 2.0 4.1 9.0 1.9 3.9 9.0 1.6 4.0 9.5 1.6 3.6 10.4 1.4 2.5 10.4 1.6 3.7 9.5 1.6 3.6 9.4 1.5 3.4 9.7 1.5 3.3 10.2 1.4 3.0 10.4 1.4 2.5 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 431.3 5266.5 4687.1 1068.8 4583.9 1216.8 4472.3 1321.8 4547.6 1420.6 4495.5 1301.7 4472.3 1321.8 4476.4 1340.2 4490.1 1366.2 4531.3 1400.2 4547.6 1420.6 18 19 20 21 22 ABS issuers Finance companies REITs 1576.9 366.0 12.6 1301.7 169.5 8.9 1108.5 149.7 8.1 927.2 132.6 13.6 793.1 114.7 32.7 969.2 134.9 12.3 927.2 132.6 13.6 893.6 129.7 15.4 854.6 126.2 16.5 819.4 122.1 30.3 793.1 114.7 32.7 20 21 22 1033.3 841.4 0.3 94.6 31.5 65.5 928.5 783.3 0.3 88.2 22.8 33.9 853.5 723.1 0.3 82.2 18.0 29.9 769.6 652.7 0.2 75.7 14.4 26.5 703.8 596.2 0.4 72.9 11.4 22.9 790.3 670.7 0.2 77.2 15.2 27.0 769.6 652.7 0.2 75.7 14.4 26.5 748.1 634.2 0.3 74.0 13.7 25.9 730.5 620.1 0.2 72.5 12.5 25.2 715.1 605.9 0.3 72.5 11.9 24.4 703.8 596.2 0.4 72.9 11.4 22.9 23 24 25 26 27 28 23 24 25 26 27 28 Total assets 2011 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Levels Total liabilities 2010 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 850.9 856.5 879.1 917.3 868.5 879.1 882.6 893.7 904.6 917.3 1 41.4 786.2 41.2 782.1 41.4 787.5 42.6 810.0 44.4 844.4 42.1 800.1 42.6 810.0 42.6 808.8 43.2 820.2 43.7 830.3 44.4 844.4 2 3 0.0 26.8 0.0 27.7 0.0 27.6 0.0 26.5 0.0 28.5 0.0 26.3 0.0 26.5 0.0 31.2 0.0 30.3 0.0 30.6 0.0 28.5 4 5 854.4 850.9 856.5 879.1 917.3 868.5 879.1 882.6 893.7 904.6 917.3 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.5 12.9 0.0 0.4 14.3 0.0 0.4 14.5 0.0 0.4 14.7 0.0 0.4 15.1 0.0 0.4 14.6 0.0 0.4 14.7 0.0 0.4 14.7 0.0 0.4 14.8 0.0 0.4 15.0 0.0 0.4 15.1 7 8 9 10 11 State and local governments Federal government 76.9 14.7 80.9 14.4 79.1 14.1 74.4 13.7 75.1 13.8 76.9 13.7 74.4 13.7 74.7 13.6 75.6 13.6 75.2 13.5 75.1 13.8 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 267.0 4.0 254.9 3.5 248.3 2.9 253.3 1.4 284.0 1.1 248.2 1.4 253.3 1.4 256.5 1.3 263.9 0.9 272.3 1.1 284.0 1.1 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 48.5 2.7 3.4 47.2 3.1 3.3 49.4 2.9 3.3 51.1 2.5 3.0 53.1 2.2 2.1 51.0 2.6 3.0 51.1 2.5 3.0 50.9 2.4 2.9 51.5 2.3 2.7 52.6 2.2 2.5 53.1 2.2 2.1 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 204.4 105.7 256.5 66.9 259.2 86.4 265.5 113.4 243.5 147.1 264.6 104.3 265.5 113.4 261.9 120.6 258.1 130.1 251.8 138.8 243.5 147.1 17 18 19 20 21 ABS issuers Finance companies REITs 107.0 4.6 2.3 98.4 5.1 1.9 90.7 3.6 1.7 81.1 2.8 1.8 75.5 2.0 2.6 82.9 3.1 1.7 81.1 2.8 1.8 77.6 2.7 2.1 74.8 2.2 2.8 74.3 2.1 2.7 75.5 2.0 2.6 19 20 21 7 8 9 Total assets 854.4 105 Z.1, March 6, 2014 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2483.3 2336.9 2254.9 2221.5 2282.3 2208.1 2221.5 2214.4 2230.4 2250.8 2282.3 1 194.1 679.3 1469.9 140.1 182.7 580.3 1434.5 139.4 176.3 522.0 1408.1 148.6 173.5 509.6 1373.1 165.3 177.7 533.6 1409.9 161.0 172.6 503.6 1370.2 161.8 173.5 509.6 1373.1 165.3 172.9 504.2 1371.2 166.1 174.0 513.0 1380.4 162.9 176.0 515.5 1396.6 162.8 177.7 533.6 1409.9 161.0 2 3 4 5 2483.3 2336.9 2254.9 2221.5 2282.3 2208.1 2221.5 2214.4 2230.4 2250.8 2282.3 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 19.2 11.4 10.4 18.1 10.8 11.5 17.5 10.8 11.7 17.2 10.9 11.8 17.6 11.0 12.2 17.1 10.9 11.7 17.2 10.9 11.8 17.1 10.9 11.8 17.2 11.0 11.9 17.4 11.0 12.0 17.6 11.0 12.2 7 8 9 10 11 State and local governments Federal government 15.4 67.8 16.2 64.1 15.8 67.2 14.9 68.0 15.0 71.9 15.4 68.4 14.9 68.0 14.9 69.3 15.1 69.9 15.0 71.6 15.0 71.9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1367.4 32.9 19.6 1273.2 30.8 15.7 1210.3 28.5 15.6 1198.4 27.6 14.9 1239.5 27.8 13.5 1184.8 28.1 14.9 1198.4 27.6 14.9 1197.1 26.6 14.4 1208.2 27.1 14.4 1222.0 27.4 12.5 1239.5 27.8 13.5 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 4.4 255.6 4.1 248.8 4.9 261.1 5.6 270.9 7.3 283.0 5.5 269.1 5.6 270.9 5.8 270.8 6.6 274.0 7.0 280.1 7.3 283.0 15 16 17 18 Private pension funds State and local govt. retirement funds 19.0 3.9 21.5 3.7 17.4 3.8 15.3 3.4 13.0 2.4 15.8 3.4 15.3 3.4 14.7 3.2 14.2 3.1 13.6 2.9 13.0 2.4 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 563.3 0.0 518.4 0.0 500.1 0.0 485.7 0.0 491.9 0.0 481.5 0.0 485.7 0.0 484.2 0.0 482.2 0.0 481.6 0.0 491.9 19 20 21 22 Finance companies REITs 59.7 33.4 68.9 31.2 57.9 32.3 44.1 32.8 40.3 36.1 50.1 31.4 44.1 32.8 42.0 31.3 42.7 32.7 41.7 35.1 40.3 36.1 21 22 7 8 9 Total assets 2010 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business Total assets 146.0 154.1 167.2 173.0 181.0 171.5 173.0 175.0 177.0 179.0 181.0 1 33.0 113.0 36.2 117.9 40.7 126.5 42.9 130.1 44.4 136.6 42.7 128.9 42.9 130.1 43.3 131.7 43.6 133.3 44.0 134.9 44.4 136.6 2 3 146.0 154.1 167.2 173.0 181.0 171.5 173.0 175.0 177.0 179.0 181.0 4 5 6 Household sector Nonfinancial noncorporate business 5.5 0.8 2.3 0.8 11.4 0.8 5.1 0.9 3.4 0.9 6.5 0.9 5.1 0.9 4.8 0.9 4.1 0.9 3.6 0.9 3.4 0.9 5 6 7 8 State and local governments Federal government 1.0 3.9 1.0 4.3 1.0 4.5 0.9 4.6 0.9 4.2 1.0 4.6 0.9 4.6 0.9 4.5 0.9 4.5 0.9 4.6 0.9 4.2 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 45.1 0.0 52.1 0.0 53.9 0.0 60.8 0.0 66.8 0.0 59.2 0.0 60.8 0.0 62.3 0.0 63.7 0.0 65.2 0.0 66.8 0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds 13.3 0.0 12.4 0.0 13.0 0.0 13.0 0.0 13.0 0.0 13.0 0.0 13.0 0.0 13.0 0.0 13.0 0.0 13.0 0.0 13.0 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 72.0 4.5 77.4 3.8 80.9 1.7 85.8 1.9 89.9 1.8 84.5 2.0 85.8 1.9 86.7 1.9 87.9 1.8 88.9 1.8 89.9 1.8 13 14 (1) Excludes mortgages on farm houses. Levels 2009 106 Z.1, March 6, 2014 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in liabilities (Households) 2553.5 2648.1 2757.0 2924.3 3098.6 2859.4 2924.3 2924.4 2967.7 3038.8 3098.6 1 2 Net change in assets 2553.5 2648.1 2757.0 2924.3 3098.6 2859.4 2924.3 2924.4 2967.7 3038.8 3098.6 2 88.8 53.8 0.0 78.4 46.2 0.0 74.5 48.5 0.0 67.1 48.5 0.0 61.7 43.1 0.0 67.5 47.8 0.0 67.1 48.5 0.0 65.0 42.0 0.0 63.8 42.0 0.0 62.6 42.6 0.0 61.7 43.1 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 223.1 906.3 237.1 356.2 1185.5 226.5 484.7 1192.6 223.0 616.8 1218.7 243.6 729.8 1271.6 265.0 596.6 1186.1 236.7 616.8 1218.7 243.6 659.5 1191.3 245.5 674.6 1211.5 253.1 713.5 1231.5 261.9 729.8 1271.6 265.0 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 572.5 471.9 0.0 50.3 705.0 0.0 46.2 687.6 0.0 49.9 679.8 0.0 48.6 679.0 0.0 47.9 676.6 0.0 49.9 679.8 0.0 49.8 671.3 0.0 48.0 674.6 0.0 48.4 678.5 0.0 48.6 679.0 9 10 11 917.2 718.9 831.6 85.8 840.7 712.9 912.4 182.1 842.5 750.7 1012.3 151.6 845.8 808.5 1131.3 138.7 856.5 874.9 1225.6 141.6 813.0 798.2 1114.8 133.3 845.8 808.5 1131.3 138.7 804.9 820.4 1168.9 130.3 814.8 840.6 1178.6 133.9 820.3 866.0 1213.0 139.6 856.5 874.9 1225.6 141.6 12 13 14 15 9 10 11 Memo: Levels 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. 107 Z.1, March 6, 2014 L.223 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 State and local governments Federal government 7 8 Rest of the world Brokers and dealers 9 Total trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 State and local governments Federal government Rest of the world 15 16 Property-casualty insurance companies ABS issuers 17 Discrepancy 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3214.9 3441.4 3500.4 3672.9 3866.2 3649.8 3672.9 3722.0 3771.3 3832.7 3866.2 1 252.7 274.1 288.2 289.7 284.3 290.5 289.7 288.1 285.7 285.6 284.3 2 1590.2 397.4 1746.5 427.7 1771.7 435.5 1890.1 434.8 2018.2 444.1 1875.2 433.0 1890.1 434.8 1917.4 439.0 1946.5 441.2 1994.7 443.8 2018.2 444.1 3 4 630.5 204.6 669.0 210.9 707.4 220.3 746.5 228.3 786.1 251.5 736.7 234.0 746.5 228.3 756.3 237.6 766.2 246.1 776.1 250.4 786.1 251.5 5 6 69.3 70.1 95.1 18.1 63.0 14.3 69.3 14.2 67.4 14.5 67.4 13.0 69.3 14.2 68.2 15.4 70.1 15.6 68.7 13.3 67.4 14.5 7 8 2973.9 3136.4 3249.6 3361.5 3540.3 3453.1 3361.5 3471.7 3562.9 3587.1 3540.3 9 2053.9 496.3 2155.8 533.4 2239.2 539.2 2322.7 546.9 2462.7 562.3 2414.0 542.8 2322.7 546.9 2426.5 548.1 2504.0 552.5 2520.6 557.2 2462.7 562.3 10 11 139.1 43.6 96.7 152.2 42.9 116.4 154.5 47.7 134.2 162.7 50.3 145.6 172.3 50.5 157.3 161.6 52.0 146.8 162.7 50.3 145.6 165.0 48.7 149.2 167.1 52.0 154.4 170.7 50.6 155.1 172.3 50.5 157.3 12 13 14 83.0 61.3 83.8 51.8 87.2 47.6 92.0 41.2 99.5 35.7 94.5 41.4 92.0 41.2 94.0 40.1 96.6 36.2 98.3 34.6 99.5 35.7 15 16 241.0 305.0 250.8 311.4 325.9 196.8 311.4 250.3 208.5 245.6 325.9 17 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 1091.2 1214.8 1312.6 1512.5 1548.5 1482.4 1512.5 1492.1 1511.5 1536.4 1548.5 1 2 3 Household sector Rest of the world 203.0 0.0 278.2 0.0 238.9 0.0 303.7 0.0 339.2 0.0 269.1 0.0 303.7 0.0 307.9 0.0 302.6 0.0 313.7 0.0 339.2 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 888.2 668.6 158.0 61.6 936.6 694.3 152.3 90.1 1073.7 752.4 189.6 131.7 1208.7 776.0 243.0 189.7 1209.3 833.8 187.1 188.4 1213.2 780.2 241.8 191.3 1208.7 776.0 243.0 189.7 1184.2 782.6 209.0 192.6 1209.0 820.3 198.7 190.0 1222.7 826.5 188.0 208.1 1209.3 833.8 187.1 188.4 4 5 6 7 8 1091.2 1214.8 1312.6 1512.5 1548.5 1482.4 1512.5 1492.1 1511.5 1536.4 1548.5 8 9 10 Total assets Household sector Rest of the world 668.6 0.0 694.3 0.0 752.4 0.0 776.0 0.0 833.8 0.0 780.2 0.0 776.0 0.0 782.6 0.0 820.3 0.0 826.5 0.0 833.8 0.0 9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. Brokers and dealers 158.0 61.6 203.0 152.3 90.1 278.2 189.6 131.7 238.9 243.0 189.7 303.7 187.1 188.4 339.2 241.8 191.3 269.1 243.0 189.7 303.7 209.0 192.6 307.9 198.7 190.0 302.6 188.0 208.1 313.7 187.1 188.4 339.2 11 12 13 Levels 2009 108 Z.1, March 6, 2014 L.225 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 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 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1242.1 1278.3 1352.0 1359.0 1416.0 1353.2 1359.0 1370.1 1377.3 1397.0 1416.0 1 47.5 1194.5 48.4 1229.9 49.7 1302.3 50.0 1309.0 50.3 1365.7 50.1 1303.1 50.0 1309.0 50.1 1320.0 50.2 1327.0 50.1 1346.9 50.3 1365.7 2 3 1242.1 1278.3 1352.0 1359.0 1416.0 1353.2 1359.0 1370.1 1377.3 1397.0 1416.0 4 1109.2 111.5 21.4 1137.2 116.0 25.1 1203.6 120.8 27.6 1186.1 138.1 34.9 1232.1 143.9 39.9 1180.6 136.4 36.2 1186.1 138.1 34.9 1194.6 139.4 36.1 1200.4 140.4 36.4 1217.7 141.7 37.5 1232.1 143.9 39.9 5 6 7 L.226 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 1 Total liabilities 15206.0 16745.7 17120.8 18088.8 19600.7 17948.8 18088.8 18563.3 18738.6 19101.5 19600.7 1 2 3 Life insurance companies (1) Private pension funds (2) 2350.4 5973.2 2568.5 6620.7 2601.7 6673.5 2786.8 7154.4 3084.8 8002.7 2746.2 7124.0 2786.8 7154.4 2873.4 7451.9 2879.4 7552.1 2948.3 7754.7 3084.8 8002.7 2 3 4 5 State and local govt. retirement funds Federal government retirement funds (3) 3959.8 2922.5 4408.7 3147.8 4589.2 3256.5 4773.1 3374.5 4981.4 3531.7 4725.9 3352.7 4773.1 3374.5 4825.2 3412.8 4877.3 3429.9 4929.4 3469.1 4981.4 3531.7 4 5 15206.0 16745.7 17120.8 18088.8 19600.7 17948.8 18088.8 18563.3 18738.6 19101.5 19600.7 6 6 Total assets (Households) (4) (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs) (table L.226.i), except those at life insurance companies. L.227 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 40.6 53.1 74.0 83.0 76.8 93.7 83.0 100.9 72.2 84.6 76.8 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 35.7 99.9 42.9 99.2 51.7 100.3 58.3 101.9 41.0 104.9 61.2 101.0 58.3 101.9 65.0 102.1 52.3 103.0 54.7 103.9 41.0 104.9 2 3 4 U.S.-chartered depository institutions -66.2 -59.6 -49.1 -47.9 -47.5 -46.3 -47.9 -46.0 -58.9 -53.0 -47.5 4 5 6 Property-casualty insurance companies Life insurance companies -15.8 -31.4 -10.1 -28.8 -14.5 -23.6 -10.8 -28.3 -1.6 -30.5 -8.7 -23.6 -10.8 -28.3 -3.2 -28.4 -5.2 -30.1 -2.5 -30.1 -1.6 -30.5 5 6 7 8 Finance companies Brokers and dealers 12.7 5.7 6.0 3.6 6.7 2.5 6.7 3.1 6.7 3.7 6.5 3.7 6.7 3.1 6.9 4.4 6.8 4.4 7.0 4.6 6.7 3.7 7 8 250.9 262.1 272.8 279.4 287.3 277.4 279.4 281.3 283.4 285.5 287.3 9 117.1 133.9 117.8 144.3 120.0 152.8 121.3 158.1 123.8 163.4 120.6 156.8 121.3 158.1 121.8 159.5 122.6 160.8 123.4 162.1 123.8 163.4 10 11 -210.4 -209.0 -198.8 -196.4 -210.4 -183.7 -196.4 -180.4 -211.2 -200.9 -210.4 12 9 10 11 12 Total business taxes receivable State and local governments Federal government Discrepancy L.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 Total household equity Nonfinancial noncorporate business Brokers and dealers 6216.7 6900.0 7384.9 8073.5 8724.5 7899.8 8073.5 8232.4 8424.0 8600.4 8724.5 1 6201.9 14.8 6884.0 15.9 7371.8 13.1 8055.0 18.6 8705.3 19.2 7880.8 19.1 8055.0 18.6 8213.2 19.2 8404.6 19.3 8582.7 17.7 8705.3 19.2 2 3 109 Z.1, March 6, 2014 L.229 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 22076.3 22668.2 23623.2 23974.7 22640.7 23914.8 23974.7 23952.3 23878.0 23956.9 22640.7 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 22.1 3942.7 1248.1 24.7 3965.0 1197.7 24.3 4057.8 1232.7 24.9 3752.0 1242.4 27.0 3460.1 1249.6 28.4 3874.2 1246.4 24.9 3752.0 1242.4 25.9 3680.7 1244.2 27.8 3554.3 1245.4 26.8 3464.7 1252.3 27.0 3460.1 1249.6 2 3 4 5 6 7 State and local governments Federal government Rest of the world 1131.7 2859.2 5653.5 1348.9 3071.6 5958.8 1615.1 3179.4 6268.0 1471.5 3281.2 6308.5 1097.3 3381.5 5610.4 1441.3 3245.8 6278.2 1471.5 3281.2 6308.5 1281.4 3302.1 6380.6 1320.7 3321.8 6417.5 1235.6 3445.2 6565.4 1097.3 3381.5 5610.4 5 6 7 8 9 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 29.2 1620.1 431.5 29.2 19.4 58.4 1806.2 413.3 23.3 11.1 31.7 1934.9 497.1 19.4 12.4 33.7 2102.5 465.8 17.3 12.7 43.5 2063.4 437.4 14.3 8.8 34.9 2144.7 472.2 19.2 14.4 33.7 2102.5 465.8 17.3 12.7 34.8 2137.7 483.7 16.4 15.3 32.1 2089.9 477.0 16.5 15.5 41.2 2055.2 442.2 15.7 15.4 43.5 2063.4 437.4 14.3 8.8 8 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies 819.5 958.0 831.9 1019.3 870.1 1064.6 896.9 1116.2 902.7 1161.8 890.7 1112.0 896.9 1116.2 890.5 1134.3 896.4 1136.6 897.6 1149.2 902.7 1161.8 13 14 15 16 17 Government-sponsored enterprises Finance companies REITs 269.2 573.6 51.1 179.4 271.9 66.0 130.2 264.1 74.4 124.1 233.8 91.4 115.4 207.9 72.0 124.8 223.0 102.6 124.1 233.8 91.4 119.9 229.0 87.3 121.9 220.1 87.8 119.6 218.9 74.2 115.4 207.9 72.0 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations 450.0 548.0 1420.3 483.0 522.0 1415.5 471.4 481.1 1394.4 470.9 833.8 1495.0 517.0 754.4 1516.1 470.4 787.4 1404.2 470.9 833.8 1495.0 495.9 899.1 1493.3 471.9 901.5 1523.3 486.1 909.0 1542.3 517.0 754.4 1516.1 18 19 20 28873.6 29904.8 31359.0 32851.6 32813.7 32406.7 32851.6 32971.3 33245.4 33443.2 32813.7 21 21 Total liabilities 2010 Total assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 800.9 9555.5 2029.3 808.2 10127.0 2134.1 878.8 10558.6 2141.6 873.6 11338.8 2186.3 900.8 12215.4 2239.9 862.6 11069.1 2166.5 873.6 11338.8 2186.3 872.2 11481.7 2189.5 874.4 11642.7 2204.7 880.9 11885.3 2221.7 900.8 12215.4 2239.9 22 23 24 25 26 27 State and local governments Federal government Rest of the world 118.1 145.8 3925.9 95.6 141.4 4114.7 92.4 143.1 4396.5 87.0 142.0 4488.5 87.7 149.6 3822.9 89.9 141.9 4460.3 87.0 142.0 4488.5 87.3 142.7 4491.2 88.3 139.8 4478.3 87.9 143.6 4461.6 87.7 149.6 3822.9 25 26 27 28 29 30 31 32 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 75.9 1030.3 44.5 6.5 33.0 83.1 933.2 29.2 11.0 74.1 225.8 958.1 44.2 11.8 61.9 199.5 842.1 43.9 12.0 62.7 233.1 723.9 56.9 20.0 63.8 186.5 902.3 54.3 13.2 63.6 199.5 842.1 43.9 12.0 62.7 219.9 788.8 52.9 12.4 70.9 228.1 802.7 60.6 18.4 71.7 226.8 762.9 56.8 21.2 61.8 233.1 723.9 56.9 20.0 63.8 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies 123.7 357.6 99.1 351.9 86.9 407.6 94.6 457.4 116.7 445.6 82.6 425.8 94.6 457.4 98.7 449.1 106.4 435.9 110.8 445.6 116.7 445.6 33 34 35 36 37 Private pension funds State and local govt. retirement funds Federal government retirement funds 1472.9 1217.8 2674.8 1457.9 1451.1 2865.1 1557.7 1726.1 2954.8 1528.0 1582.8 3043.7 1312.1 1222.8 3132.3 1471.1 1552.2 3021.5 1528.0 1582.8 3043.7 1441.7 1393.1 3065.9 1436.8 1435.6 3088.0 1375.8 1356.2 3211.8 1312.1 1222.8 3132.3 35 36 37 38 39 Money market mutual funds Mutual funds 26.9 14.9 23.5 2.9 22.7 5.7 28.8 -27.4 31.7 17.0 25.1 -45.3 28.8 -27.4 31.5 -16.2 31.9 -15.3 33.8 17.0 31.7 17.0 38 39 40 41 42 Government-sponsored enterprises Finance companies REITs 100.3 44.8 46.1 148.6 77.0 53.5 148.5 83.1 66.8 152.6 57.4 89.3 165.6 38.6 97.3 139.6 63.1 82.4 152.6 57.4 89.3 167.9 48.8 97.5 167.7 46.4 109.1 166.8 40.3 92.5 165.6 38.6 97.3 40 41 42 43 44 45 Brokers and dealers Holding companies Funding corporations 1141.0 3160.6 726.3 1025.3 3129.4 667.9 932.6 3165.9 687.6 857.4 4015.8 694.8 987.2 4025.4 707.3 949.2 3944.6 684.6 857.4 4015.8 694.8 949.8 4107.2 726.8 1020.4 4052.2 720.6 1003.3 4072.8 705.9 987.2 4025.4 707.3 43 44 45 -6797.3 -7236.6 -7735.8 -8876.9 -10173.1 -8491.8 -8876.9 -9019.0 -9367.5 -9486.2 -10173.1 46 46 Discrepancy Levels 2009 110 Z.1, March 6, 2014 L.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 4077.4 3245.1 261.7 123.7 28.9 186.9 231.0 4273.6 3402.9 280.1 99.1 46.3 206.0 239.3 4663.1 3795.6 274.3 86.9 56.9 215.5 234.0 5077.8 4136.4 302.6 94.6 70.6 227.6 245.9 5390.7 4399.6 312.5 116.7 68.7 234.6 258.7 4983.4 4095.5 275.7 82.6 58.6 227.3 243.6 5077.8 4136.4 302.6 94.6 70.6 227.6 245.9 5123.8 4170.2 304.6 98.7 71.0 229.6 249.5 5194.6 4234.4 301.9 106.4 70.6 229.5 251.8 5318.6 4341.3 308.4 110.8 70.2 232.6 255.4 5390.7 4399.6 312.5 116.7 68.7 234.6 258.7 1 2 3 4 5 6 7 1986.4 4.8 107.7 64.7 69.4 90.0 64.4 10.8 2398.2 2128.7 5.3 120.0 70.7 84.3 114.7 88.5 11.4 2623.6 2313.3 5.9 193.7 73.8 88.5 96.1 96.3 12.0 2879.5 2474.4 6.4 198.1 72.4 93.7 96.3 103.5 12.6 3057.3 2558.3 6.3 203.4 77.0 100.4 97.4 108.3 13.2 3164.3 2460.7 6.3 190.1 73.9 90.5 94.9 100.4 12.5 3029.3 2474.4 6.4 198.1 72.4 93.7 96.3 103.5 12.6 3057.3 2485.8 6.4 200.0 74.1 95.2 95.3 105.1 12.8 3074.6 2507.4 6.3 200.6 74.0 98.0 95.9 106.1 12.9 3101.3 2533.3 6.4 202.4 74.8 98.4 96.1 107.2 13.1 3131.6 2558.3 6.3 203.4 77.0 100.4 97.4 108.3 13.2 3164.3 8 9 10 11 12 13 14 15 16 50.0 50.0 52.3 52.3 54.9 54.9 57.3 57.3 61.2 61.2 57.2 57.2 57.3 57.3 57.3 57.3 59.4 59.4 59.4 59.4 61.2 61.2 17 18 25.6 25.6 26.5 26.5 26.9 26.9 27.4 27.4 27.5 27.5 27.4 27.4 27.4 27.4 27.6 27.6 27.5 27.5 27.4 27.4 27.5 27.5 19 20 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 16 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 Asset: Rest of the world Levels Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 51.8 49.0 43.1 41.2 41.7 41.3 41.2 40.4 40.6 40.5 41.7 21 22 23 24 25 26 27 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.5 6.3 0.0 39.7 2.4 2.9 0.6 6.7 0.0 36.7 2.2 2.9 0.5 7.0 0.0 30.6 2.9 2.1 0.6 7.2 0.0 28.4 2.9 2.2 0.6 7.8 0.0 27.9 3.1 2.3 0.6 7.1 0.0 28.5 2.9 2.1 0.6 7.2 0.0 28.4 2.9 2.2 0.6 7.1 0.0 27.6 3.0 2.1 0.6 7.4 0.0 27.6 3.0 2.1 0.6 7.6 0.0 27.0 3.0 2.3 0.6 7.8 0.0 27.9 3.1 2.3 22 23 24 25 26 27 Holding company net transactions with subsidiaries: 28 29 30 31 32 33 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 1599.5 0.0 40.5 209.3 596.1 125.1 1632.8 0.0 62.7 115.0 626.6 135.6 1709.0 0.0 72.0 94.6 613.5 166.3 1889.2 22.4 17.2 94.1 1057.5 114.7 1944.4 14.7 10.7 93.5 1074.7 85.7 1871.3 25.3 97.5 86.9 943.7 154.0 1889.2 22.4 17.2 94.1 1057.5 114.7 1916.9 16.7 17.4 92.7 1036.4 137.2 1880.5 16.7 17.3 94.0 1054.3 100.7 1898.1 14.9 17.7 94.2 1014.1 127.3 1944.4 14.7 10.7 93.5 1074.7 85.7 28 29 30 31 32 33 34 Asset: Holding companies 2570.3 2572.7 2655.4 3195.1 3223.8 3178.7 3195.1 3217.2 3163.4 3166.3 3223.8 34 71.2 71.2 60.7 60.7 69.1 69.1 68.7 68.7 68.3 68.3 63.5 63.5 68.7 68.7 67.7 67.7 68.7 68.7 68.8 68.8 68.3 68.3 35 36 Liab.: Foreign banking offices in U.S. Brokers and dealers 203.1 523.2 171.6 496.4 137.8 549.7 126.0 568.8 122.9 584.4 117.9 566.7 126.0 568.8 142.9 583.9 142.1 578.5 118.0 587.9 122.9 584.4 37 38 Asset: Funding corporations 726.3 667.9 687.6 694.8 707.3 684.6 694.8 726.8 720.6 705.9 707.3 39 1.8 0.9 0.9 7.7 3.8 3.8 8.8 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 40 41 42 NFC investment in finance company subsidiaries: 35 36 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 37 38 39 Equity investment under Public-Private Inv. Program: 40 41 42 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). 111 Z.1, March 6, 2014 L.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2012 Q3 2013 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 10.9 0.7 10.3 0.8 0.8 0.1 100.5 0.7 99.8 9.5 0.7 8.9 0.9 0.6 0.3 13.3 0.7 12.6 9.5 0.7 8.9 8.6 0.5 8.1 2.3 0.6 1.7 1.1 0.6 0.5 0.9 0.6 0.3 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 15.9 15.9 14.4 14.4 12.6 12.6 13.7 13.7 11.1 11.1 12.5 12.5 13.7 13.7 13.4 13.4 12.0 12.0 10.5 10.5 11.1 11.1 6 7 22.1 22.1 24.7 24.7 24.3 24.3 24.9 24.9 27.0 27.0 28.4 28.4 24.9 24.9 25.9 25.9 27.8 27.8 26.8 26.8 27.0 27.0 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 273.6 192.4 39.2 42.0 290.7 209.4 39.7 41.6 305.5 225.0 37.9 42.6 303.7 222.6 38.3 42.8 305.7 223.8 38.4 43.6 306.4 223.5 38.8 44.1 303.7 222.6 38.3 42.8 302.3 220.6 38.6 43.1 302.0 220.6 38.2 43.2 305.6 223.8 38.2 43.5 305.7 223.8 38.4 43.6 10 11 12 13 14 Asset: Household sector 273.6 290.7 305.5 303.7 305.7 306.4 303.7 302.3 302.0 305.6 305.7 14 Policy payables: 15 Liab.: Property-casualty insurance companies 754.8 761.2 796.4 802.1 811.0 791.5 802.1 799.8 805.8 808.0 811.0 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 346.0 307.1 101.7 310.8 319.0 131.4 347.5 329.0 119.8 330.8 336.5 134.9 343.8 337.7 129.6 330.3 331.1 130.1 330.8 336.5 134.9 331.9 334.9 133.0 336.8 336.8 132.2 340.0 337.1 130.9 343.8 337.7 129.6 16 17 18 385.4 385.4 393.7 393.7 406.3 406.3 427.2 427.2 455.9 455.9 422.7 422.7 427.2 427.2 437.7 437.7 438.6 438.6 447.3 447.3 455.9 455.9 19 20 75.6 75.6 91.1 91.1 94.0 94.0 92.1 92.1 91.1 91.1 92.7 92.7 92.1 92.1 92.3 92.3 92.4 92.4 92.1 92.1 91.1 91.1 21 22 856.8 856.8 733.4 733.4 658.7 658.7 579.5 579.5 673.5 673.5 656.9 656.9 579.5 579.5 638.6 638.6 713.2 713.2 702.3 702.3 673.5 673.5 23 24 1077.2 1077.2 1142.9 1142.9 1213.7 1213.7 1254.1 1254.1 1352.3 1352.3 1223.3 1223.3 1254.1 1254.1 1265.5 1265.5 1178.4 1178.4 1161.5 1161.5 1352.3 1352.3 25 26 180.4 180.4 202.9 202.9 221.4 221.4 234.8 234.8 246.9 246.9 221.5 221.5 234.8 234.8 233.6 233.6 231.3 231.3 231.0 231.0 246.9 246.9 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 27 28 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 29 30 31 Liab.: Nonfinancial corporate business State and local governments Federal government 497.6 1131.7 1597.6 446.5 1348.9 1722.2 486.6 1615.1 1741.1 440.2 1471.5 1789.6 187.7 1097.3 1780.0 388.1 1441.3 1798.2 440.2 1471.5 1789.6 349.7 1281.4 1800.3 335.6 1320.7 1909.6 265.7 1235.6 2050.3 187.7 1097.3 1780.0 29 30 31 32 33 34 Asset: Private pension funds State and local govt. retirement funds Federal government retirement funds 497.6 1131.7 1597.6 446.5 1348.9 1722.2 486.6 1615.1 1741.1 440.2 1471.5 1789.6 187.7 1097.3 1780.0 388.1 1441.3 1798.2 440.2 1471.5 1789.6 349.7 1281.4 1800.3 335.6 1320.7 1909.6 265.7 1235.6 2050.3 187.7 1097.3 1780.0 32 33 34 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Levels Life insurance company reserves: 10 11 12 13 112 Z.1, March 6, 2014 L.232 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 5224.1 5160.6 4858.6 4303.5 2906.7 4444.1 4303.5 4359.0 4123.8 4091.9 2906.7 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 1383.1 1243.3 1298.7 1192.4 1163.9 1226.8 745.3 1236.1 623.0 1243.3 932.7 1240.1 745.3 1236.1 752.9 1237.8 618.9 1239.0 573.6 1245.9 623.0 1243.3 2 3 4 5 Federal government Rest of the world 4.0 1390.2 3.6 1496.5 3.2 1283.2 2.8 1049.2 2.3 71.9 2.9 1070.4 2.8 1049.2 2.6 1053.8 2.5 1060.5 2.4 1059.0 2.3 71.9 4 5 6 7 8 9 10 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 3.6 20.6 120.4 29.2 19.4 31.9 173.3 121.4 23.3 11.1 4.8 225.9 165.3 19.4 12.4 6.3 213.3 141.4 17.3 12.7 16.0 119.0 110.8 14.3 8.8 7.5 273.4 163.8 19.2 14.4 6.3 213.3 141.4 17.3 12.7 7.2 220.8 140.4 16.4 15.3 4.6 209.3 134.1 16.5 15.5 13.7 157.1 121.5 15.7 15.4 16.0 119.0 110.8 14.3 8.8 6 7 8 9 10 11 12 13 14 Life insurance companies Government-sponsored enterprises Finance companies REITs 189.1 201.6 203.1 51.1 187.9 115.9 -18.4 66.0 192.3 74.5 4.3 74.4 274.4 69.2 -25.3 91.4 289.1 62.6 -51.2 72.0 194.9 71.1 -22.3 102.6 274.4 69.2 -25.3 91.4 281.8 66.2 -26.8 87.3 280.8 69.3 -38.5 87.8 280.3 68.7 -40.1 74.2 289.1 62.6 -51.2 72.0 11 12 13 14 15 16 17 Brokers and dealers Holding companies Funding corporations -733.7 548.0 550.9 -728.3 522.0 663.0 -788.1 481.1 714.9 -1258.9 833.8 894.1 -1250.4 754.4 820.6 -1140.4 787.4 726.2 -1258.9 833.8 894.1 -1229.4 899.1 833.2 -1267.0 901.5 788.5 -1223.0 909.0 818.3 -1250.4 754.4 820.6 15 16 17 12021.4 12397.3 12594.4 13180.4 13079.8 12935.9 13180.4 13378.0 13491.3 13578.1 13079.8 18 5931.6 1921.3 6343.8 1996.0 6364.4 2014.8 6796.6 2044.3 7409.2 2102.6 6578.5 2029.4 6796.6 2044.3 6908.2 2049.4 7002.4 2065.2 7137.6 2083.1 7409.2 2102.6 19 20 118.1 94.3 95.6 84.5 92.4 83.2 87.0 79.8 87.7 83.4 89.9 79.6 87.0 79.8 87.3 80.5 88.3 75.5 87.9 79.3 87.7 83.4 21 22 18 Levels Total liabilities 2010 Total assets 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 State and local governments Federal government 23 Rest of the world 1527.7 1491.1 1517.0 1431.1 658.6 1431.0 1431.1 1416.5 1377.0 1330.0 658.6 23 24 25 26 27 28 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 65.6 687.4 44.5 6.5 30.6 83.0 575.5 29.2 11.0 71.9 126.0 613.7 44.2 11.8 59.1 190.6 470.0 43.9 12.0 59.8 232.8 344.8 56.9 20.0 60.7 174.0 558.1 54.3 13.2 60.6 190.6 470.0 43.9 12.0 59.8 211.9 415.6 52.9 12.4 67.9 226.5 433.7 60.6 18.4 68.7 226.3 389.6 56.8 21.2 58.8 232.8 344.8 56.9 20.0 60.7 24 25 26 27 28 29 30 31 Life insurance companies Private pension funds State and local govt. retirement funds 303.7 514.4 86.1 278.0 526.7 102.2 324.3 570.8 111.0 359.7 568.6 111.3 347.7 577.5 125.5 336.5 567.6 110.9 359.7 568.6 111.3 350.1 562.0 111.7 335.5 570.2 114.9 346.2 570.7 120.6 347.7 577.5 125.5 29 30 31 32 33 Mutual funds Money market mutual funds 14.9 26.9 2.9 23.5 5.7 22.7 -27.4 28.8 17.0 31.7 -45.3 25.1 -27.4 28.8 -16.2 31.5 -15.3 31.9 17.0 33.8 17.0 31.7 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs 100.3 -142.1 46.1 148.6 -129.0 53.5 148.5 -132.4 66.8 152.6 -170.2 89.3 165.6 -195.9 97.3 139.6 -164.2 82.4 152.6 -170.2 89.3 167.9 -180.9 97.5 167.7 -183.1 109.1 166.8 -192.2 92.5 165.6 -195.9 97.3 34 35 36 37 38 Brokers and dealers Holding companies 53.2 590.3 52.6 556.7 39.9 510.4 31.9 820.7 55.0 801.7 48.7 765.9 31.9 820.7 61.7 890.0 55.4 888.8 45.6 906.5 55.0 801.7 37 38 -6797.3 -7236.6 -7735.8 -8876.9 -10173.1 -8491.8 -8876.9 -9019.0 -9367.5 -9486.2 -10173.1 39 39 Discrepancy 113 Z.1, March 6, 2014 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment (nonprofits) (4) Intellectual property products (nonprofits) (4) Consumer durable goods (4) Financial assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 72972.2 77129.5 78331.9 84460.8 94419.3 83001.2 84460.8 87630.7 88995.4 91398.6 94419.3 1 23664.2 23318.7 23264.0 25003.8 27470.7 24534.3 25003.8 25794.2 26408.0 26974.0 27470.7 2 18686.6 16907.1 1779.5 279.5 110.0 4588.1 18326.3 16342.7 1983.6 290.6 115.0 4586.7 18109.4 15937.8 2171.6 304.6 123.6 4726.4 19708.3 17391.0 2317.3 315.1 132.4 4848.0 21996.4 19397.8 2598.6 323.5 140.0 5010.8 19270.9 16984.6 2286.3 312.2 131.1 4820.1 19708.3 17391.0 2317.3 315.1 132.4 4848.0 20444.4 18087.5 2356.9 317.2 134.6 4897.9 21015.3 18556.1 2459.2 319.2 136.2 4937.4 21540.6 18996.7 2543.9 321.5 138.1 4973.8 21996.4 19397.8 2598.6 323.5 140.0 5010.8 3 4 5 6 7 8 49308.0 53810.9 55067.9 59457.0 66948.5 58466.9 59457.0 61836.6 62587.4 64424.6 66948.5 9 10 11 12 13 14 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8094.8 50.2 400.6 6330.8 1313.2 8060.5 49.7 425.2 6455.9 1129.7 8738.5 46.9 754.0 6827.7 1109.9 9201.1 45.1 826.4 7203.3 1126.3 9447.6 50.8 908.2 7388.5 1100.1 8854.1 46.4 704.5 7042.3 1060.9 9201.1 45.1 826.4 7203.3 1126.3 9205.0 46.5 828.4 7253.7 1076.4 9133.1 51.3 798.5 7264.6 1018.8 9252.3 50.2 793.8 7348.3 1060.1 9447.6 50.8 908.2 7388.5 1100.1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) 5604.1 22.7 858.8 359.3 1828.0 2311.8 26.8 108.0 88.8 5874.3 21.1 1131.8 355.6 1871.8 2293.8 26.2 95.6 78.4 5489.9 19.4 719.3 323.1 1806.9 2427.3 23.4 96.0 74.5 5640.7 19.0 961.9 194.7 1654.8 2640.9 20.9 81.5 67.1 5652.1 17.0 944.3 121.4 1617.2 2793.1 25.3 72.2 61.7 5547.5 19.1 891.0 209.5 1709.9 2542.5 23.1 84.7 67.5 5640.7 19.0 961.9 194.7 1654.8 2640.9 20.9 81.5 67.1 5598.9 20.0 986.0 156.1 1669.7 2600.2 22.7 79.1 65.0 5670.3 19.8 1048.9 159.1 1672.3 2605.8 24.0 76.6 63.8 5655.5 19.5 1006.4 157.0 1646.6 2664.7 24.5 74.2 62.6 5652.1 17.0 944.3 121.4 1617.2 2793.1 25.3 72.2 61.7 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business (8) Miscellaneous assets 7491.9 4115.8 668.6 1109.2 15206.0 6216.7 800.9 8996.7 4594.0 694.3 1137.2 16745.7 6900.0 808.2 9049.9 4449.2 752.4 1203.6 17120.8 7384.9 878.8 10337.7 5279.4 776.0 1186.1 18088.8 8073.5 873.6 13864.8 6692.1 833.8 1232.1 19600.7 8724.5 900.8 10269.3 5124.1 780.2 1180.6 17948.8 7899.8 862.6 10337.7 5279.4 776.0 1186.1 18088.8 8073.5 873.6 11632.5 5755.2 782.6 1194.6 18563.3 8232.4 872.2 11779.5 5946.7 820.3 1200.4 18738.6 8424.0 874.4 12546.7 6343.0 826.5 1217.7 19101.5 8600.4 880.9 13864.8 6692.1 833.8 1232.1 19600.7 8724.5 900.8 24 25 26 27 28 29 30 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (9) Consumer credit Municipal securities (10) Depository institution loans n.e.c. Other loans and advances Commercial mortgages (10) 39 40 41 Security credit Trade payables (10) Deferred and unpaid life insurance premiums 42 43 44 45 46 47 Net worth Memo: Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) Disposable personal income (SAAR) Household net worth as percentage of 48 disposable personal income (SAAR) Owners’ equity in household real 49 estate (11) Owners’ equity as percentage of 50 household real estate (12) 14052.0 13775.4 13568.7 13597.9 13755.6 13476.4 13597.9 13542.8 13561.7 13688.5 13755.6 31 13574.2 10417.3 2553.5 265.4 10.2 133.7 194.1 13198.3 9907.2 2648.1 263.2 61.0 136.1 182.7 13017.3 9678.1 2757.0 255.5 12.4 138.1 176.3 12979.6 9435.2 2924.3 241.0 66.3 139.3 173.5 13105.1 9371.6 3098.6 227.8 88.0 141.3 177.7 12888.3 9449.5 2859.4 245.6 23.1 138.3 172.6 12979.6 9435.2 2924.3 241.0 66.3 139.3 173.5 12920.9 9387.5 2924.4 239.4 57.3 139.4 172.9 12945.6 9360.7 2967.7 235.7 66.7 140.7 174.0 13062.3 9382.4 3038.8 232.4 91.9 140.8 176.0 13105.1 9371.6 3098.6 227.8 88.0 141.3 177.7 32 33 34 35 36 37 38 203.0 252.7 22.1 278.2 274.1 24.7 238.9 288.2 24.3 303.7 289.7 24.9 339.2 284.3 27.0 269.1 290.5 28.4 303.7 289.7 24.9 307.9 288.1 25.9 302.6 285.7 27.8 313.7 285.6 26.8 339.2 284.3 27.0 39 40 41 58920.2 63354.2 64763.3 70862.8 80663.7 69524.8 70862.8 74087.9 75433.7 77710.1 80663.7 42 12680.7 12479.0 201.7 1487.7 12730.1 12526.6 203.5 1500.8 12846.1 12640.3 205.8 1554.1 13218.9 13010.0 208.9 1600.3 14172.6 13948.6 224.0 1683.4 13068.5 12861.5 207.0 1590.7 13218.9 13010.0 208.9 1600.3 13451.5 13238.9 212.6 1619.6 13654.4 13438.6 215.8 1644.1 13863.9 13644.8 219.1 1661.1 14172.6 13948.6 224.0 1683.4 43 44 45 46 10937.2 11243.7 11787.4 12245.8 12475.9 12205.1 12520.4 12296.9 12417.4 12567.7 12621.5 47 538.7 563.5 549.4 578.7 646.6 569.6 566.0 602.5 607.5 618.3 639.1 48 6489.7 6435.5 6259.7 7955.8 10026.2 7535.1 7955.8 8700.0 9195.4 9614.3 10026.2 49 38.4 39.4 39.3 45.7 51.7 44.4 45.7 48.1 49.6 50.6 51.7 50 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Net worth of nonfinancial noncorporate business (table B.103, line 33) and owners’ equity in unincorporated security brokers and dealers. (9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (10) Liabilities of nonprofit organizations. (11) Line 4 less line 33. (12) Line 49 divided by line 4. Balance Sheets 2009 114 Z.1, March 6, 2014 B.102 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 With nonfinancial assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Balance Sheets 22 Assets Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 27215.4 29012.7 30596.8 32446.8 34994.9 32058.2 32446.8 32908.8 33605.5 34360.4 34994.9 1 13881.6 14979.0 16073.7 16945.9 18263.5 16781.2 16945.9 17143.2 17578.9 17979.6 18263.5 2 6777.3 3826.9 1572.1 1705.3 7578.4 3887.7 1639.3 1873.6 8318.9 4023.7 1719.8 2011.2 8880.3 4146.9 1819.1 2099.6 9955.4 4243.6 1902.6 2161.8 8770.0 4115.2 1806.1 2089.8 8880.3 4146.9 1819.1 2099.6 9016.3 4169.7 1842.1 2115.1 9414.8 4191.0 1858.2 2114.9 9743.5 4218.6 1880.1 2137.4 9955.4 4243.6 1902.6 2161.8 3 4 5 6 13333.8 14033.7 14523.2 15500.8 16731.5 15277.1 15500.8 15765.6 16026.6 16380.8 16731.5 7 31.5 155.0 488.8 655.5 7.9 56.0 43.0 14.3 27.1 29.5 53.8 2053.9 162.0 9555.5 40.6 234.6 548.7 497.8 12.1 68.0 48.0 16.0 23.9 28.0 46.2 2155.8 186.8 10127.0 34.8 264.3 561.9 462.4 12.6 67.9 43.0 14.3 22.3 27.4 48.5 2239.2 165.9 10558.6 13.4 357.0 586.6 458.3 10.3 60.3 50.2 11.7 34.4 26.9 48.5 2322.7 181.7 11338.8 56.5 464.1 661.6 455.4 9.2 40.2 51.8 7.3 26.6 26.3 43.1 2462.7 211.5 12215.4 9.4 343.4 576.9 437.9 11.2 60.4 56.0 16.2 28.3 27.0 47.8 2414.0 179.6 11069.1 13.4 357.0 586.6 458.3 10.3 60.3 50.2 11.7 34.4 26.9 48.5 2322.7 181.7 11338.8 28.9 396.7 594.9 444.2 9.9 56.9 41.6 3.9 20.7 26.7 42.0 2426.5 190.9 11481.7 60.2 380.5 610.3 432.0 9.3 50.9 48.4 6.1 21.0 26.6 42.0 2504.0 192.7 11642.7 63.4 412.7 646.3 450.3 13.2 42.6 48.6 6.2 21.0 26.5 42.6 2520.6 201.6 11885.3 56.5 464.1 661.6 455.4 9.2 40.2 51.8 7.3 26.6 26.3 43.1 2462.7 211.5 12215.4 8 9 10 11 12 13 14 15 16 17 18 19 20 21 12904.6 13227.9 13879.6 14386.3 14960.9 14251.4 14386.3 14495.7 14605.7 14778.0 14960.9 22 23 24 25 26 27 28 29 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances Mortgages 7336.0 58.4 452.2 4366.2 546.0 1139.1 774.0 7473.5 82.9 485.4 4804.8 480.9 948.3 671.2 7998.4 116.3 493.9 5215.6 549.8 1008.5 614.4 8685.9 130.3 509.1 5795.2 609.5 1036.9 604.8 9441.5 143.1 518.5 6435.5 654.1 1057.9 632.4 8440.9 136.0 504.1 5599.7 574.7 1028.1 598.3 8685.9 130.3 509.1 5795.2 609.5 1036.9 604.8 8832.5 140.1 510.4 5940.0 605.4 1037.1 599.4 9052.6 147.2 515.0 6082.7 621.8 1076.4 609.4 9263.9 171.1 516.4 6269.0 627.8 1066.6 613.0 9441.5 143.1 518.5 6435.5 654.1 1057.9 632.4 23 24 25 26 27 28 29 30 31 32 Trade payables Taxes payable Miscellaneous liabilities 1590.2 35.7 3942.7 1746.5 42.9 3965.0 1771.7 51.7 4057.8 1890.1 58.3 3752.0 2018.2 41.0 3460.1 1875.2 61.2 3874.2 1890.1 58.3 3752.0 1917.4 65.0 3680.7 1946.5 52.3 3554.3 1994.7 54.7 3464.7 2018.2 41.0 3460.1 30 31 32 33 Net worth (market value) 14310.8 15784.8 16717.2 18060.5 20034.0 17806.8 18060.5 18413.2 18999.9 19582.5 20034.0 33 163.5 6882.9 12512.2 51.3 58.6 87.4 166.3 7114.3 14371.6 47.3 52.0 91.0 168.4 7456.1 14500.8 47.8 55.2 86.7 169.1 7655.8 16107.0 48.1 53.9 89.2 180.9 8043.3 21363.1 47.1 44.2 106.6 168.0 7605.2 16366.8 47.4 51.6 91.9 169.1 7655.8 16107.0 48.1 53.9 89.2 172.0 7744.0 18149.1 48.0 48.7 98.6 174.5 7858.4 18383.0 47.6 49.2 96.8 177.0 7938.3 19569.1 47.3 47.3 99.9 180.9 8043.3 21363.1 47.1 44.2 106.6 34 35 36 37 38 39 23980.1 25015.2 25965.1 27441.2 29177.0 27120.3 27441.2 27854.9 28209.4 28715.0 29177.0 40 34 35 36 37 38 39 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With nonfinancial assets stated at historical cost: 40 Assets (8) 41 42 43 44 45 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 10646.4 4209.8 3463.8 1480.1 1492.7 10981.5 4379.6 3502.6 1539.7 1559.5 11441.9 4542.0 3608.6 1609.9 1681.4 11940.3 4731.1 3748.7 1685.0 1775.5 12445.5 4940.3 3894.2 1764.1 1847.0 11843.2 4677.4 3711.9 1665.6 1788.4 11940.3 4731.1 3748.7 1685.0 1775.5 12089.3 4775.0 3785.1 1704.8 1824.4 12182.8 4818.7 3821.3 1723.5 1819.3 12334.2 4879.3 3856.4 1743.2 1855.2 12445.5 4940.3 3894.2 1764.1 1847.0 41 42 43 44 45 46 Net worth (historical cost) (9) 11075.6 11787.3 12085.5 13054.9 14216.1 12868.9 13054.9 13359.2 13603.7 13937.0 14216.1 46 80.7 3682.7 66.2 81.6 3811.2 63.4 82.6 3953.7 66.2 84.2 4130.5 66.5 86.5 4318.4 66.4 83.7 4083.0 65.6 84.2 4130.5 66.5 84.7 4173.0 66.1 85.3 4219.3 66.5 85.9 4268.6 66.5 86.5 4318.4 66.4 47 48 49 Memo: Historical-cost value of structures: 47 Residential 48 Nonresidential 49 Debt/net worth (percent) (10) (1) At market value. (2) At replacement (current) cost. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Line 23 divided by line 33. (6) Line 23 divided by line 36 (7) Line 36 divided by line 33. (8) Sum of lines 7 and 41. (9) Line 40 less line 22. (10) Line 23 divided by line 46. 115 Z.1, March 6, 2014 B.103 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2012 Q3 1 Q1 Q2 Q3 Q4 11931.9 12554.9 13108.8 13881.4 14684.1 13669.8 13881.4 14045.5 14281.9 14513.2 14684.1 1 2 Nonfinancial assets 8355.8 8827.2 9364.3 10062.0 10769.3 9884.1 10062.0 10220.1 10429.4 10630.6 10769.3 2 3 4 5 Real estate (1) Residential Nonresidential 7301.0 4269.3 3031.8 7720.8 4409.1 3311.7 8195.2 4583.2 3612.0 8858.5 4966.2 3892.4 9696.6 5471.2 4225.4 8681.5 4854.5 3827.0 8858.5 4966.2 3892.4 9045.9 5104.3 3941.6 9282.3 5220.8 4061.4 9514.3 5355.4 4158.9 9696.6 5471.2 4225.4 3 4 5 6 7 8 Equipment (2) Residential (3) Nonresidential 657.1 44.0 613.1 667.4 42.2 625.2 693.7 43.7 650.0 712.9 44.1 668.8 622.2 42.9 579.3 711.2 44.0 667.2 712.9 44.1 668.8 693.0 44.1 648.9 670.7 43.5 627.2 649.4 43.1 606.3 622.2 42.9 579.3 6 7 8 Intellectual property products (2) Inventories (2) 175.8 221.9 183.0 256.0 191.0 284.4 201.8 288.8 153.2 297.2 202.3 289.1 201.8 288.8 191.1 290.1 180.6 295.8 168.6 298.4 153.2 297.2 9 10 3576.1 3727.8 3744.5 3819.4 3914.9 3785.7 3819.4 3825.4 3852.5 3882.5 3914.9 11 534.3 353.3 73.7 531.5 356.2 76.8 529.1 360.1 77.7 543.9 365.3 78.8 555.2 375.6 81.0 538.1 362.6 78.2 543.9 365.3 78.8 544.3 366.1 79.0 547.5 369.0 79.6 551.2 372.2 80.3 555.2 375.6 81.0 12 13 14 89.1 95.8 96.8 98.2 100.9 97.5 98.2 98.4 99.2 100.0 100.9 15 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.6 5.7 42.5 0.0 49.3 5.8 43.1 0.0 50.7 5.9 44.3 0.0 48.9 5.7 42.8 0.0 49.3 5.8 43.1 0.0 49.4 5.8 43.2 0.0 49.8 5.8 43.6 0.0 50.2 5.9 43.9 0.0 50.7 5.9 44.3 0.0 16 17 18 19 496.3 2029.3 101.7 6.3 1921.3 533.4 2134.1 131.4 6.7 1996.0 539.2 2141.6 119.8 7.0 2014.8 546.9 2186.3 134.9 7.2 2044.3 562.3 2239.9 129.6 7.8 2102.6 542.8 2166.5 130.1 7.1 2029.4 546.9 2186.3 134.9 7.2 2044.3 548.1 2189.5 133.0 7.1 2049.4 552.5 2204.7 132.2 7.4 2065.2 557.2 2221.7 130.9 7.6 2083.1 562.3 2239.9 129.6 7.8 2102.6 20 21 22 23 24 5730.0 5670.9 5737.0 5826.5 5978.8 5789.0 5826.5 5832.4 5877.2 5930.4 5978.8 25 3984.5 3946.3 3968.5 4047.4 4180.3 4008.5 4047.4 4047.1 4087.7 4130.4 4180.3 26 944.0 172.0 2868.5 923.7 170.6 2852.0 980.4 171.2 2816.8 1070.6 180.6 2796.2 1120.5 187.1 2872.7 1047.8 176.9 2783.8 1070.6 180.6 2796.2 1075.4 180.1 2791.6 1093.5 180.6 2813.5 1105.7 181.6 2843.1 1120.5 187.1 2872.7 27 28 29 397.4 99.9 1248.1 427.7 99.2 1197.7 435.5 100.3 1232.7 434.8 101.9 1242.4 444.1 104.9 1249.6 433.0 101.0 1246.4 434.8 101.9 1242.4 439.0 102.1 1244.2 441.2 103.0 1245.4 443.8 103.9 1252.3 444.1 104.9 1249.6 30 31 32 6201.9 6884.0 7371.8 8055.0 8705.3 7880.8 8055.0 8213.2 8404.6 8582.7 8705.3 33 2815.4 1586.0 2839.6 1595.4 2861.5 1646.2 2875.3 1682.6 3062.3 1841.6 2862.1 1678.5 2875.3 1682.6 2920.4 1724.6 2959.1 1768.7 2999.7 1802.0 3062.3 1841.6 34 35 64.2 57.3 53.8 50.2 48.0 50.9 50.2 49.3 48.6 48.1 48.0 36 9 10 11 Assets 2013 Q4 Financial assets 12 13 14 Checkable deposits and currency Time and savings deposits Money market fund shares 15 Credit market instruments 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other Liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) Memo: 34 35 36 Replacement-cost value of structures: Residential Nonresidential Debt/net worth (percent) (6) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Line 1 less line 25. Included in table B.100, line 31. (6) Line 26 divided by line 33. Balance Sheets 2009 116 Z.1, March 6, 2014 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2009 1 2 Change in net worth (1) Net investment 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1740.5 4434.0 1409.1 6099.6 9800.9 2258.6 1338.1 3225.1 1345.8 2276.4 2953.6 1 936.0 1273.6 1525.5 1236.9 1166.4 247.3 402.0 501.2 162.5 169.2 333.5 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 105.4 1429.3 1323.8 130.3 1448.9 1318.6 167.3 1509.6 1342.2 240.2 1613.2 1373.0 336.4 1734.1 1397.7 59.9 404.7 344.8 68.4 415.8 347.4 79.8 423.1 343.3 83.6 431.1 347.5 89.0 440.5 351.4 84.0 439.4 355.4 3 4 5 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 830.6 648.7 -181.8 1143.4 892.9 -250.5 1358.2 1146.1 -212.1 996.7 1090.7 94.0 829.9 976.5 146.6 187.4 176.0 -11.4 333.6 457.4 123.8 421.4 366.2 -55.1 78.9 97.7 18.9 80.2 195.9 115.7 249.5 316.6 67.1 6 7 8 432.9 2526.3 95.3 4673.3 8444.1 1852.3 915.0 2710.2 1043.2 2084.5 2606.2 9 -1195.1 1570.4 471.1 -1183.8 34.8 735.9 -0.3 -383.7 1691.6 250.5 492.2 21.7 455.0 -1.0 -241.8 191.3 -273.3 538.1 -7.4 -111.4 -0.2 1558.7 1612.8 346.7 701.0 18.9 435.3 -0.1 2186.0 3850.8 689.8 658.7 39.4 1019.5 0.0 404.8 817.6 134.5 284.2 8.1 203.1 0.0 438.5 215.0 88.3 189.6 -0.4 -16.1 0.0 714.0 1295.7 164.5 149.8 13.5 372.8 0.0 544.5 217.0 16.1 196.5 1.3 67.7 0.0 496.7 914.5 251.2 188.9 6.9 226.3 0.0 430.8 1423.5 258.1 123.6 17.7 352.6 0.0 10 11 12 13 14 15 16 9 10 11 12 13 14 15 16 17 18 19 20 21 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance reserves Pension entitlements Equity investment under PPIP Holding gains on assets at current cost (2) Consumer durable goods Equipment Intellectual property products Other volume changes (3) -41.0 -85.4 22.2 -35.0 -50.8 -17.2 -15.4 -2.7 -13.9 -18.0 -16.2 17 -40.8 -0.5 0.3 -88.3 1.4 1.5 17.9 2.0 2.3 -38.8 0.6 3.2 -53.3 -0.0 2.5 -18.1 0.3 0.6 -16.1 0.7 0.1 -3.2 -0.3 0.8 -14.2 -0.2 0.4 -19.0 0.4 0.6 -17.0 0.0 0.7 18 19 20 412.5 719.3 -233.9 224.4 241.2 176.2 36.5 16.4 154.0 40.7 30.1 21 58920.2 10937.2 63354.2 11243.7 64763.3 11787.4 70862.8 12245.8 80663.7 12475.9 69524.8 12205.1 70862.8 12520.4 74087.9 12296.9 75433.7 12417.4 77710.1 12567.7 80663.7 12621.5 22 23 Memo: Balance Sheets 22 23 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.100, line 42. 117 Z.1, March 6, 2014 R.102 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2009 1 2 Change in net worth (1) Net investment 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 -2004.0 1474.0 932.4 1343.3 1973.5 554.4 253.7 352.7 586.7 582.6 451.6 1 401.0 55.6 -613.6 164.0 216.1 41.1 51.5 41.8 54.1 75.3 44.9 2 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment -87.8 1009.3 1090.4 6.7 187.6 1238.9 1092.4 -41.0 258.9 1337.2 1134.4 -56.0 327.6 1504.1 1186.6 -10.0 335.1 1575.6 1236.7 3.7 89.1 382.0 298.3 -5.5 75.1 373.8 300.8 -2.1 72.8 374.1 304.6 -3.3 76.2 386.5 308.1 2.2 91.5 402.4 310.4 0.4 94.7 412.7 313.7 4.3 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 551.0 302.4 -248.5 145.5 633.2 487.8 -400.3 494.1 894.4 235.9 910.4 674.5 264.7 1045.8 781.1 50.8 237.1 186.3 77.3 227.8 150.5 33.0 202.4 169.4 83.3 247.6 164.3 96.2 316.4 220.2 52.1 279.5 227.4 7 8 9 -62.1 -277.4 -472.2 -399.5 -383.7 -98.8 -100.9 -64.0 -105.4 -112.5 -101.9 10 10 Net corporate equity issues 11 Holding gains on assets at market value (2) -2624.4 755.4 685.8 499.8 998.6 319.0 89.5 127.7 379.6 304.3 186.9 11 12 13 Real estate Mutual fund shares -2644.8 20.4 741.8 13.6 693.9 -8.1 484.6 15.1 969.5 29.1 312.8 6.2 87.5 2.0 118.7 9.1 378.0 1.6 295.6 8.7 177.2 9.7 12 13 165.6 3.4 135.8 52.8 -0.2 78.9 5.7 -25.3 -30.5 50.0 5.6 14 -10.1 3.0 39.9 48.4 22.2 63.6 62.2 27.6 42.5 21.1 45.2 7.4 -8.2 27.4 -8.2 6.1 8.8 19.7 6.7 -0.8 1.8 -3.6 8.8 4.0 -4.8 3.0 -9.2 2.7 8.0 -3.7 -2.5 7.5 0.6 15 16 17 -35.7 -168.5 -145.6 -14.8 -7.1 -10.7 -24.9 -4.0 -60.2 -49.1 54.3 10.1 -26.1 -24.1 -47.8 -13.3 -34.1 -14.6 21.7 -21.3 0.0 0.0 18 19 53.8 659.6 724.4 626.7 759.1 115.5 107.0 208.4 183.5 153.0 214.1 20 14310.8 15784.8 16717.2 18060.5 20034.0 17806.8 18060.5 18413.2 18999.9 19582.5 20034.0 21 14 15 16 17 Holding gains on assets less liabilities at current cost (2) Equipment Intellectual property products Inventories (3) 18 19 Direct investment abroad - Foreign direct investment in U.S. 20 Other volume changes (4) Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.102, line 33. Balance Sheets Memo: 21 118 Z.1, March 6, 2014 R.103 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2009 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 -1257.8 682.1 487.7 683.2 650.4 280.1 174.2 158.2 191.5 178.1 122.6 1 -6.0 -7.8 -1.6 -4.9 0.0 -0.0 -4.9 0.0 0.0 0.0 0.0 2 -64.4 194.0 -49.9 -5.4 -5.5 -2.4 -1.1 10.4 -5.2 -8.4 -2.2 3 -12.8 240.2 253.0 -10.8 241.0 251.8 -0.9 255.8 256.8 9.3 273.8 264.5 51.4 326.8 275.4 0.3 66.7 66.4 2.7 69.7 66.9 10.3 78.0 67.7 12.5 80.9 68.4 14.8 84.0 69.2 13.8 83.9 70.1 4 5 6 18.8 -117.0 -135.8 18.6 151.7 133.1 2.5 16.7 14.2 -4.3 74.9 79.3 -51.4 95.5 146.9 -0.3 15.7 16.0 2.2 33.7 31.5 -10.3 6.0 16.3 -12.5 27.1 39.6 -14.8 30.0 44.8 -13.8 32.4 46.1 7 8 9 10 Proprietor’s net investment (2) -70.4 186.2 -51.5 -10.3 -5.5 -2.4 -6.0 10.4 -5.2 -8.4 -2.2 10 11 Holding gains on real estate (3) -1187.5 437.5 487.7 670.8 828.8 270.3 184.1 187.0 234.3 228.7 178.8 11 -477.7 -709.8 156.8 280.7 188.7 299.0 397.8 273.0 501.9 327.0 149.5 120.8 120.3 63.7 138.6 48.4 116.0 118.3 133.1 95.6 114.1 64.7 12 13 -4.9 46.8 50.4 26.2 -173.0 12.2 -0.3 -39.2 -37.6 -42.2 -54.0 14 -2.7 6.1 0.2 -8.6 -2.3 10.9 2.0 36.2 1.3 15.6 2.4 31.1 1.0 11.2 4.6 9.3 0.2 -94.9 -53.1 -25.2 -0.2 4.8 0.8 6.8 0.3 -0.5 -2.3 2.2 0.4 -21.4 -12.0 -6.2 -0.2 -23.3 -11.7 -2.4 -0.2 -21.9 -13.0 -7.1 0.3 -28.4 -16.3 -9.6 15 16 17 18 5.0 11.6 1.2 -3.6 0.0 0.0 -3.6 0.0 0.0 0.0 0.0 19 6201.9 6884.0 7371.8 8055.0 8705.3 7880.8 8055.0 8213.2 8404.6 8582.7 8705.3 20 12 13 14 15 16 17 18 19 Residential Nonresidential Holding gains on assets at current cost (3) Residential equipment Nonresidential equipment Intellectual property products Inventories Other volume changes (4) Memo: Balance Sheets 20 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 19). (2) Shown on table F.103, line 30. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 33. 119 Z.1, March 6, 2014 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 72972.2 77129.5 78331.9 84460.8 94419.3 83001.2 84460.8 87630.7 88995.4 91398.6 94419.3 1 2 Nonfinancial assets 23664.2 23318.7 23264.0 25003.8 27470.7 24534.3 25003.8 25794.2 26408.0 26974.0 27470.7 2 3 Financial assets 49308.0 53810.9 55067.9 59457.0 66948.5 58466.9 59457.0 61836.6 62587.4 64424.6 66948.5 3 8094.8 5604.1 8060.5 5874.3 8738.5 5489.9 9201.1 5640.7 9447.6 5652.1 8854.1 5547.5 9201.1 5640.7 9205.0 5598.9 9133.1 5670.3 9252.3 5655.5 9447.6 5652.1 4 5 13084.2 15454.0 15097.7 17223.8 22844.5 17104.4 17223.8 19211.0 19582.2 20915.1 22844.5 6 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 7491.9 8996.7 9049.9 10337.7 13864.8 10269.3 10337.7 11632.5 11779.5 12546.7 13864.8 7 8 Indirectly held 5592.4 6457.3 6047.8 6886.1 8979.7 6835.0 6886.1 7578.6 7802.7 8368.5 8979.7 8 1220.3 1795.4 116.8 2459.9 1420.5 2116.7 140.9 2779.1 1395.7 2015.2 134.4 2502.6 1556.5 2289.7 148.1 2891.8 1855.1 2963.7 207.7 3953.2 1555.7 2299.0 153.3 2827.1 1556.5 2289.7 148.1 2891.8 1671.1 2538.3 167.8 3201.4 1696.4 2616.1 173.8 3316.3 1760.6 2789.7 185.0 3633.2 1855.1 2963.7 207.7 3953.2 9 10 11 12 9 10 11 12 Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) Mutual funds 13 Other 22524.8 24422.1 25741.9 27391.4 29004.3 26961.0 27391.4 27821.7 28201.8 28601.6 29004.3 13 14 Liabilities 14052.0 13775.4 13568.7 13597.9 13755.6 13476.4 13597.9 13542.8 13561.7 13688.5 13755.6 14 15 Net worth 58920.2 63354.2 64763.3 70862.8 80663.7 69524.8 70862.8 74087.9 75433.7 77710.1 80663.7 15 17.9 26.5 20.0 28.7 19.3 27.4 20.4 29.0 24.2 34.1 20.6 29.3 20.4 29.0 21.9 31.1 22.0 31.3 22.9 32.5 24.2 34.1 16 17 Memo: 16 17 Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) Supplements (1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans. (2) 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 13. 120 Z.1, March 6, 2014 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 1.5 1.6 -0.0 4.4 3.2 1.4 -0.0 7.2 3.0 1.4 0.3 7.2 3.8 1.6 0.4 8.6 2.4 1.2 -0.2 6.6 1.1 2.0 0.1 10.7 3.2 -0.2 0.1 -0.8 0.2 -0.1 -0.1 -0.6 6.1 0.8 0.0 4.1 7.1 0.6 -0.2 3.1 11.8 1.9 -0.1 9.9 10.4 0.5 0.1 2.5 5.8 2.2 -0.3 11.6 22 23 24 25 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements (2) 7 Credit market instruments 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 18 19 Equity in noncorporate business Miscellaneous assets (2) 20 21 22 23 24 25 26 27 Net increase in liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. Supplements 1994 121 Z.1, March 6, 2014 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 79.6 11.8 0.3 62.7 82.7 13.1 0.3 70.0 85.7 14.5 0.5 77.2 89.5 16.1 0.9 85.8 91.9 17.3 0.7 92.3 93.0 19.3 0.8 103.0 96.1 19.2 0.9 102.2 96.4 19.1 0.8 101.6 102.4 19.8 0.9 105.7 109.6 20.4 0.7 108.8 121.3 22.3 0.6 118.7 131.7 22.7 0.7 121.2 137.5 24.9 0.4 132.8 21 22 23 24 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 19 20 21 22 23 24 25 26 Liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) Supplements (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 122 Z.1, March 6, 2014 F.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 3 4 5 6 7 8 9 2011 2012 2013 2012 2013 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 3691.2 1144.9 1026.1 246.0 14.8 969.4 136.3 174.3 -20.6 3885.0 1191.5 1057.1 346.3 15.7 989.0 137.2 171.1 -22.9 4074.1 1404.0 1097.1 345.0 16.3 922.6 137.4 175.4 -23.8 4259.2 1498.0 1122.9 402.4 17.8 955.3 131.4 159.1 -27.7 4695.2 1659.3 1147.7 381.4 20.0 1111.4 246.0 169.0 -39.7 4248.5 1496.4 1118.8 407.2 17.1 952.0 130.5 155.0 -28.5 4320.3 1552.8 1126.3 399.2 19.9 972.6 132.6 148.7 -31.8 4547.3 1629.0 1140.7 375.4 19.2 1099.0 154.3 165.1 -35.5 4832.0 1668.8 1138.8 384.7 19.4 1108.6 380.6 170.0 -39.0 4623.3 1657.6 1149.0 383.2 20.0 1114.3 175.3 165.3 -41.4 4778.2 1681.9 1162.2 382.0 21.5 1123.9 273.9 175.7 -43.0 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 5213.0 2442.1 2117.5 52.7 542.4 58.3 5451.8 2522.2 2250.5 50.6 572.7 55.9 5535.4 2526.1 2277.4 56.5 615.5 60.0 5621.6 2548.0 2334.8 49.9 631.6 57.3 5669.3 2519.0 2418.5 49.0 624.5 58.4 5627.9 2572.9 2341.9 52.3 604.8 56.0 5653.0 2538.1 2366.1 40.9 650.2 57.7 5630.1 2525.3 2400.4 47.6 598.8 58.0 5682.7 2517.5 2404.9 52.4 649.0 58.9 5699.3 2523.2 2431.8 53.5 631.7 59.1 5665.0 2510.0 2436.8 42.4 618.3 57.5 10 11 12 13 14 15 16 17 18 19 20 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers (2) -1521.7 442.7 0.5 5.0 -3.4 -1566.8 458.1 -1.7 4.9 8.1 -1461.3 478.1 -0.4 4.4 7.5 -1362.3 493.6 -1.4 4.6 5.8 -974.1 505.2 -1.2 5.3 -12.2 -1379.4 495.3 -1.6 4.6 0.8 -1332.7 497.4 -1.6 4.7 23.0 -1082.9 500.5 -1.9 5.3 -5.4 -850.7 503.4 -0.4 5.3 -10.3 -1075.9 506.1 -2.6 5.3 -13.4 -886.8 510.6 -0.0 5.4 -19.6 16 17 18 19 20 21 = Gross saving less net capital transfers -1081.1 -1120.1 -994.7 -877.7 -460.9 -887.8 -861.4 -580.4 -342.0 -559.1 -362.0 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets -1082.1 647.0 3.4 -1066.5 651.8 9.6 -1043.0 632.6 9.2 -759.7 619.0 8.9 -369.9 605.9 8.8 -416.1 620.6 8.8 -778.5 612.5 8.7 -779.2 598.8 9.2 177.9 604.4 8.8 -458.5 614.4 8.2 -419.9 606.2 8.9 22 23 24 -1732.5 265.1 51.9 -155.1 9.6 9.8 -4.2 -1727.9 339.6 1.6 154.5 -6.8 13.7 -1.4 -1684.9 -166.8 16.2 -241.0 14.2 -0.1 -6.5 -1387.6 51.7 4.3 -2.3 20.5 -8.8 -6.9 -984.6 226.1 -1.5 76.9 20.5 1.2 0.9 -1045.5 75.5 3.1 -35.7 37.0 -6.7 -5.3 -1399.7 -0.6 -3.7 66.5 4.0 -18.7 -14.7 -1387.2 192.5 3.3 5.1 11.9 2.0 1.6 -435.3 321.3 -1.0 120.2 54.1 6.4 5.1 -1081.0 -45.3 -4.2 -160.3 14.0 -2.6 -2.0 -1034.9 436.0 -4.3 342.7 2.0 -1.2 -0.9 25 26 27 28 29 30 31 288.2 -39.0 151.7 1.0 3.9 17.5 87.9 65.2 -1.7 1.7 -25.7 30.1 60.6 136.8 13.0 -24.8 1.4 7.7 3.8 133.1 2.7 23.8 2.8 12.4 28.2 -25.9 -13.6 -10.8 -130.8 0.1 -4.1 -0.4 128.5 4.0 36.0 -0.7 7.1 22.9 -1.3 47.9 -5.4 -60.5 -0.8 -9.6 -10.0 132.1 2.1 -18.2 -2.6 10.9 13.5 -6.5 130.6 0.7 3.9 0.1 1.2 5.5 113.1 6.2 -4.2 0.3 9.7 -16.7 8.3 72.2 -4.1 -22.3 -0.6 -7.5 -6.9 121.1 -7.6 -13.7 -2.0 13.5 16.9 -4.0 -26.1 -11.3 -62.3 -1.6 -20.1 -29.0 101.3 -3.1 -15.6 -5.5 4.4 19.9 -11.1 176.8 1.2 6.7 0.2 2.0 9.8 148.2 8.8 -4.0 0.6 -5.2 -3.6 4.0 166.5 3.9 21.4 0.6 6.8 8.0 117.2 8.7 0.9 1.9 23.1 -48.2 -7.7 88.1 -1.6 -8.6 -0.2 -2.8 0.3 97.7 3.4 -11.8 -0.8 9.8 10.7 13.7 91.1 -0.7 -3.9 -0.1 -1.3 3.9 89.2 4.1 -1.8 -0.3 11.0 -25.5 23.3 32 33 34 35 36 37 38 39 40 41 42 43 44 1997.6 47.6 3.0 -0.4 1573.5 -2.8 1463.9 0.1 112.2 0.0 -17.3 1.1 390.0 2067.5 0.0 0.0 -0.3 1642.1 -3.3 1576.1 0.7 68.7 0.0 44.7 0.9 380.0 1518.1 0.0 0.0 0.0 1059.8 -2.7 1115.0 1.1 -53.6 0.0 47.8 1.3 409.1 1439.3 0.0 0.0 0.0 1147.2 -2.8 1156.0 -0.4 -5.7 0.0 47.1 0.3 244.7 1210.7 0.0 0.0 -0.4 758.6 -3.3 801.7 -0.4 -39.4 0.0 63.1 0.3 389.2 1121.0 0.0 0.0 0.0 787.7 -2.5 796.6 -0.3 -6.1 0.0 56.2 -0.2 277.3 1399.1 0.0 0.0 0.0 1114.0 -5.0 1233.1 1.9 -116.0 0.0 49.4 -0.5 236.2 1579.7 0.0 0.0 0.0 1251.8 -2.5 1183.7 -1.0 71.7 0.0 41.0 0.2 286.6 756.6 0.0 0.0 0.0 332.5 -3.7 301.8 1.3 33.0 0.0 70.3 0.8 353.0 1035.7 0.0 0.0 -1.4 161.8 -3.3 281.5 0.5 -116.9 0.0 64.6 -0.5 811.1 1470.9 0.0 0.0 0.0 1288.2 -3.6 1439.7 -2.4 -145.4 0.0 76.3 0.5 105.8 45 46 47 48 49 50 51 52 53 54 55 56 57 1.0 -53.6 48.3 -118.0 -91.0 -471.8 -82.9 198.9 -519.9 -100.6 57.9 58 -2168.7 436.2 -1732.5 -2218.6 490.7 -1727.9 -2093.9 409.1 -1684.9 -1981.3 593.7 -1387.6 -1580.0 595.4 -984.6 -2000.0 954.5 -1045.5 -1945.3 545.5 -1399.7 -1681.7 294.5 -1387.2 -1455.1 1019.8 -435.3 -1690.3 609.3 -1081.0 -1493.0 458.1 -1034.9 59 60 61 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Supplements 2010 45 46 47 48 49 50 51 52 53 54 55 56 57 Net lending (+) or net borrowing (-) Net acquisition of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements Credit market instruments Open market paper Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (4) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Treasury bills and other Treasury securities (4) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) 58 Discrepancy 59 60 61 Memo: Net govt. saving less fixed investment (6) Adjustment between NIPA and FOF (7) Items to be financed (8) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (2) Table F.9, line 60 less line 12. (3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (4) Excludes transactions with state and local governments. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Line 17 less line 24. (7) Line 18 less the sum of lines 19, 20, 21, 25, and 59. (8) Line 60 plus line 61. 123 Z.1, March 6, 2014 L.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets 2 3 4 5 6 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3452.5 3756.5 3538.8 3611.7 3893.0 3618.8 3611.7 3664.0 3757.3 3769.7 3893.0 1 94.6 292.7 250.1 135.6 125.5 95.4 446.7 243.2 149.3 124.2 103.9 205.6 257.4 149.2 117.6 102.8 209.6 291.8 140.4 110.7 96.4 287.9 312.3 141.5 111.6 104.7 194.9 284.4 145.0 114.4 102.8 209.6 291.8 140.4 110.7 99.0 194.5 296.8 140.9 111.1 98.2 247.9 298.2 142.5 112.4 99.2 204.8 305.8 141.8 111.8 96.4 287.9 312.3 141.5 111.6 2 3 4 5 6 1629.2 1769.7 1756.1 1804.0 1934.7 1815.7 1804.0 1854.0 1881.3 1917.8 1934.7 7 88.5 684.6 11.4 156.7 300.6 223.1 164.3 101.4 659.8 12.8 164.4 308.0 356.2 167.0 90.6 528.9 12.9 160.3 307.6 484.7 171.0 85.3 468.5 12.1 150.8 297.6 616.8 173.1 86.0 472.3 12.2 151.9 303.1 729.8 179.3 88.1 484.0 12.5 155.8 304.8 596.6 173.8 85.3 468.5 12.1 150.8 297.6 616.8 173.1 85.6 470.1 12.1 151.3 300.0 659.5 175.3 86.6 475.5 12.3 152.9 302.0 674.6 177.4 86.2 473.3 12.2 152.2 302.1 713.5 178.3 86.0 472.3 12.2 151.9 303.1 729.8 179.3 8 9 10 11 12 13 14 15 16 Corporate equities Mutual fund shares 178.8 48.3 175.7 58.2 180.5 58.0 169.4 61.5 187.8 73.5 173.6 63.1 169.4 61.5 176.8 66.0 178.9 67.4 180.5 69.6 187.8 73.5 15 16 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 182.8 250.9 264.0 195.1 262.1 237.0 202.2 272.8 235.6 213.1 279.4 229.0 222.8 287.3 237.3 213.6 277.4 231.8 213.1 279.4 229.0 213.7 281.3 230.0 219.2 283.4 228.1 221.3 285.5 231.5 222.8 287.3 237.3 17 18 19 15136.5 17252.6 18735.4 19888.2 20435.8 19502.2 19888.2 20091.3 20141.9 20263.3 20435.8 20 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 54.5 5.2 25.9 54.3 5.2 25.9 52.9 5.2 25.9 53.1 5.2 25.9 54.2 5.2 25.6 54.4 5.2 25.6 21 22 23 10176.2 191.3 7006.5 23.5 2954.9 0.0 11818.3 188.0 8582.6 24.2 3023.6 0.0 12878.2 185.3 9697.6 25.3 2970.0 0.0 14025.4 182.5 10853.6 24.9 2964.3 0.0 14783.9 179.2 11655.3 24.5 2924.9 0.0 13708.6 183.7 10530.9 24.4 2969.7 0.0 14025.4 182.5 10853.6 24.9 2964.3 0.0 14379.7 181.8 11194.5 24.6 2978.9 0.0 14352.7 181.0 11176.4 25.0 2970.4 0.0 14420.8 180.0 11278.7 25.1 2937.0 0.0 14783.9 179.2 11655.3 24.5 2924.9 0.0 24 25 26 27 28 29 835.1 47.5 3990.9 879.9 48.4 4420.5 927.7 49.7 4794.5 974.8 50.0 4752.7 1037.7 50.3 4478.8 970.7 50.1 4687.1 974.8 50.0 4752.7 993.9 50.1 4583.5 1012.2 50.2 4642.5 1026.5 50.1 4680.9 1037.7 50.3 4478.8 30 31 32 20 Total liabilities 21 22 23 SDR allocations SDR certificates Treasury currency 24 25 26 27 28 29 Credit market instruments Savings bonds Treasury bills and other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) Supplements (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 124 Z.1, March 6, 2014 F.115.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 92.1 126.9 176.4 56.5 67.3 108.6 83.8 71.5 31.7 80.7 85.2 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements -27.4 -5.5 2.2 -2.0 -12.7 0.7 3.0 7.9 -0.8 1.4 -1.4 -1.6 1.0 -4.0 -2.3 -10.2 -2.4 -0.3 6.1 -1.1 0.1 4.5 2.1 0.9 -38.7 -31.6 -13.2 36.2 14.7 4.0 1.8 -1.0 -0.7 2 3 4 5 Credit market instruments 139.0 111.7 122.4 34.1 68.6 118.7 60.9 47.4 73.7 48.7 104.5 5 15.5 26.1 2.7 -12.0 15.2 -5.6 -12.6 10.3 -1.5 15.9 -0.0 -5.2 -7.3 2.1 3.8 9.2 5.3 5.5 36.5 1.3 -4.9 -20.6 -0.2 7.5 -9.6 2.1 7.3 2.8 5.5 1.7 -1.9 0.9 -1.1 6 7 8 25.9 93.4 -12.6 -12.0 39.5 83.4 -0.2 -8.6 9.2 93.3 7.9 15.8 8.9 -0.5 1.9 13.1 3.2 49.0 3.0 14.8 13.6 74.8 4.8 5.5 9.3 0.2 6.8 11.8 3.4 57.7 -3.4 2.9 3.4 49.3 6.8 14.4 0.8 10.1 3.5 24.3 5.2 78.9 4.9 17.7 9 10 11 12 1.5 -0.1 4.0 -0.1 0.3 0.7 -2.5 0.2 -5.3 -0.2 4.2 -0.5 2.0 0.0 -9.3 -0.7 6.5 -0.1 -15.6 0.0 -2.7 0.0 13 14 -17.6 25.3 43.0 26.3 9.4 -0.8 15.8 26.7 35.1 -7.4 -16.6 15 12.4 91.2 151.2 17.8 52.5 102.6 19.6 46.8 38.2 89.0 35.8 16 -0.5 -0.9 -6.6 -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -8.0 5.4 4.0 -7.6 -0.2 3.4 -8.6 -3.0 0.5 -6.6 5.2 0.6 -9.7 6.5 -1.8 -8.5 -2.9 -2.5 -7.1 12.9 17 18 19 36.8 -89.7 -7.0 80.3 32.0 41.7 2.6 25.2 73.0 28.8 5.2 53.8 -6.2 2.0 -4.6 28.7 22.4 20.6 -2.3 15.1 14.3 16.8 0.9 74.4 19.3 23.5 -18.5 3.6 10.1 12.3 -0.6 26.0 26.5 13.5 -6.7 7.6 44.3 45.5 0.0 12.4 8.9 11.1 -1.8 14.4 20 21 22 23 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Net increase in liabilities 17 18 19 Security repurchase agreements Corporate equity issues Other loans and advances 20 21 22 23 Life insurance reserves Pension entitlements (1) Taxes payable (net) Miscellaneous liabilities (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). F.115.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 24.3 54.6 52.6 70.5 15.6 103.3 162.6 -27.4 -29.5 73.0 46.4 1 2 Checkable deposits and currency -4.7 3.0 -0.9 1.3 0.6 0.0 5.3 0.6 0.6 0.6 0.6 2 3 Credit market instruments 4 5 6 Supplements 7 8 9 10 0.8 39.9 3.0 26.9 0.1 29.1 27.2 0.4 0.4 0.4 -1.0 3 Open market paper Treasury securities Agency- and GSE-backed securities -4.0 1.6 3.1 3.1 8.0 9.6 1.4 8.5 -0.0 -2.0 4.2 -8.5 -1.0 1.6 -1.7 -2.0 4.2 -8.4 -2.0 4.4 -8.2 -1.0 1.6 -1.7 -1.0 1.6 -1.7 -1.0 1.6 -1.7 -1.0 1.6 -1.7 4 5 6 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 0.2 4.2 -0.0 -4.3 -0.3 19.5 -0.0 -0.0 0.2 -6.2 -0.0 -0.8 0.7 33.8 -0.1 -1.1 0.5 0.8 -0.4 0.2 0.7 34.6 0.0 0.0 0.7 37.4 -0.6 -4.5 0.5 0.8 0.0 0.2 0.5 0.8 0.0 0.2 0.5 0.8 0.0 0.2 0.5 0.8 -1.5 0.2 7 8 9 10 11 12 Corporate equities Mutual fund shares 31.9 0.1 41.6 1.1 37.5 0.4 17.7 1.1 34.6 1.5 15.8 1.8 16.5 1.3 28.0 2.0 54.4 1.4 28.6 1.4 27.2 1.4 11 12 13 Miscellaneous assets -3.8 -31.0 12.7 23.4 -21.2 56.5 112.3 -58.4 -86.4 42.0 18.3 13 14 Net increase in liabilities 19.8 53.8 52.5 72.7 16.6 104.0 168.5 -25.1 -29.9 73.7 47.6 14 15 16 17 Life insurance reserves Pension entitlements (1) Miscellaneous liabilities -10.5 44.0 -13.6 -18.4 51.3 20.8 6.9 49.2 -3.5 -5.9 69.1 9.5 -5.1 15.6 6.1 -2.8 89.1 17.7 5.8 148.3 14.4 -19.9 -11.5 6.3 -3.7 -23.9 -2.4 7.4 49.4 16.9 -4.3 48.3 3.7 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). 125 Z.1, March 6, 2014 L.115.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities 17 18 Security repurchase agreements Other loans and advances 19 20 21 22 Life insurance reserves Pension entitlements (1) Taxes payable (net) Miscellaneous liabilities 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 3208.3 3335.5 3512.5 3570.3 3649.6 3555.1 3570.3 3591.0 3599.7 3630.2 3649.6 1 34.4 33.7 10.2 32.4 21.0 10.9 35.3 28.8 10.1 36.7 27.5 8.5 37.7 23.5 6.2 35.2 27.8 8.5 36.7 27.5 8.5 37.8 28.0 8.7 28.1 20.1 5.4 37.2 23.8 6.4 37.7 23.5 6.2 2 3 4 2775.3 2887.0 3009.3 3043.4 3112.0 3032.9 3043.4 3054.8 3075.1 3091.4 3112.0 5 33.2 113.7 289.2 21.2 128.9 283.5 8.6 139.2 282.0 24.5 139.2 276.8 17.2 141.3 280.6 19.1 138.9 278.0 24.5 139.2 276.8 19.8 139.1 278.6 18.9 139.7 280.5 22.1 141.1 280.9 17.2 141.3 280.6 6 7 8 68.8 1814.3 140.4 315.7 108.3 1897.7 140.2 307.1 117.5 1991.0 148.1 322.9 126.4 1990.5 150.0 336.0 129.6 2039.6 153.0 350.8 124.1 1990.5 148.4 333.9 126.4 1990.5 150.0 336.0 127.3 2005.0 149.2 335.7 128.1 2017.3 150.9 339.7 128.3 2019.8 151.8 347.4 129.6 2039.6 153.0 350.8 9 10 11 12 70.3 2.4 74.3 2.6 75.3 3.1 74.0 3.4 80.3 3.7 74.1 3.4 74.0 3.4 75.2 3.4 76.0 3.4 77.3 3.5 80.3 3.7 13 14 282.1 307.4 350.5 376.8 386.2 373.3 376.8 383.1 391.6 390.7 386.2 15 2911.6 3007.6 3170.3 3198.0 3258.5 3191.0 3198.0 3211.4 3223.4 3247.8 3258.5 16 12.4 48.3 10.3 45.1 10.4 46.8 13.5 51.6 12.7 57.0 12.7 52.4 13.5 51.6 13.7 52.9 13.8 54.5 13.4 53.8 12.7 57.0 17 18 969.5 1167.0 -31.4 745.7 1001.5 1208.7 -28.8 771.0 1074.5 1237.4 -23.6 824.8 1068.3 1239.4 -28.3 853.5 1090.7 1260.0 -30.5 868.6 1063.4 1233.6 -23.6 852.6 1068.3 1239.4 -28.3 853.5 1070.8 1242.5 -28.4 860.0 1077.4 1245.9 -30.1 861.9 1088.5 1257.3 -30.1 865.0 1090.7 1260.0 -30.5 868.6 19 20 21 22 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). L.115.s Life Insurance Companies: Separate Accounts 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 11 12 Corporate equities Mutual fund shares 13 Miscellaneous assets 14 15 16 17 Total liabilities Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 1615.6 1832.4 1827.6 2044.4 2385.6 2006.7 2044.4 2147.5 2150.9 2226.6 2385.6 1 16.3 19.3 18.4 19.7 20.3 18.4 19.7 19.8 20.0 20.1 20.3 2 247.4 287.3 290.2 317.1 317.2 310.3 317.1 317.2 317.4 317.5 317.2 3 16.6 19.8 82.8 19.7 27.7 92.4 21.1 36.2 92.4 19.1 40.4 83.8 18.1 42.0 82.2 19.6 39.3 85.9 19.1 40.4 83.8 18.8 40.8 83.4 18.6 41.2 83.0 18.3 41.6 82.6 18.1 42.0 82.2 4 5 6 4.3 112.9 0.6 10.4 4.0 132.5 0.5 10.3 4.3 126.2 0.5 9.6 4.9 160.1 0.4 8.5 5.5 160.9 0.0 8.7 4.8 150.7 0.5 9.6 4.9 160.1 0.4 8.5 5.1 160.3 0.4 8.5 5.2 160.5 0.4 8.6 5.3 160.7 0.4 8.6 5.5 160.9 0.0 8.7 7 8 9 10 1138.1 138.4 1328.2 153.1 1314.9 147.0 1471.0 155.9 1807.8 180.9 1469.6 155.9 1471.0 155.9 1580.2 164.2 1603.8 165.4 1661.8 172.4 1807.8 180.9 11 12 75.5 44.5 57.2 80.6 59.4 52.5 80.6 66.0 44.4 54.9 59.4 13 1620.7 1836.6 1831.9 2050.8 2393.0 2011.6 2050.8 2154.5 2157.8 2233.7 2393.0 14 225.0 1183.4 212.2 228.4 1359.9 248.4 227.8 1364.3 239.8 240.7 1547.3 262.7 275.0 1824.8 293.2 239.7 1512.6 259.4 240.7 1547.3 262.7 249.2 1630.9 274.4 249.6 1633.5 274.8 258.4 1691.1 284.3 275.0 1824.8 293.2 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 126 Z.1, March 6, 2014 F.117.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 Net acquisition of financial assets (1) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 57.3 53.3 50.9 50.7 50.7 51.0 50.7 50.7 50.7 50.7 50.7 1 -2.6 3.4 0.4 0.2 2.7 -0.2 -5.1 -0.2 1.8 1.2 -0.3 0.0 -0.4 -1.3 -1.5 -0.1 -0.3 -0.9 -0.9 -0.1 -0.3 -0.9 -1.0 -0.1 -0.5 -1.7 -2.0 -0.2 -0.1 -0.2 -0.2 -0.0 -0.4 -1.4 -1.6 -0.1 -0.7 -2.0 -2.1 -0.2 0.1 0.1 0.2 0.0 2 3 4 5 4.1 71.7 78.0 3.4 32.9 -5.2 -16.5 11.1 38.0 40.7 41.7 6 3.2 12.7 -6.6 -3.3 -2.0 -1.0 7.4 2.7 61.4 1.2 1.1 19.3 14.3 45.8 -2.4 -1.4 27.1 12.5 -32.9 -1.9 -4.2 25.9 9.3 4.1 -2.2 -0.9 24.4 4.7 -31.6 -1.7 -1.8 19.5 8.6 -41.0 -1.9 -0.2 36.5 7.5 -30.7 -2.0 -1.5 31.1 9.2 1.4 -2.2 -8.0 19.0 9.9 22.0 -2.2 -7.3 16.8 10.7 23.7 -2.3 7 8 9 10 11 12 13 Corporate equities Mutual fund shares -41.8 -8.0 -4.1 -10.8 -65.4 12.5 2.0 0.8 -25.5 -10.3 25.7 9.9 -15.9 -6.1 -12.8 11.0 -24.2 -9.4 -27.3 -10.6 -37.8 -32.4 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 101.7 -2.4 -5.3 82.7 26.8 -0.4 -8.2 13.4 -14.9 9.3 23.1 12.7 1.7 -12.5 21.2 47.9 1.1 -1.3 50.1 -2.0 55.8 -0.6 -1.2 54.9 2.7 22.8 2.3 -0.5 14.7 6.4 93.6 1.9 -2.4 99.4 -5.3 41.9 0.5 0.5 49.0 -8.0 49.8 -0.5 -0.1 36.4 14.1 52.8 1.3 -0.9 50.3 2.1 78.9 -3.7 -4.3 84.1 2.7 14 15 16 17 18 57.3 53.4 50.8 50.7 50.7 51.0 50.7 50.7 50.7 50.7 50.7 19 19 Net increase in pension entitlements (liabilities) (4) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. F.117.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 99.3 126.7 36.2 76.3 90.0 79.5 65.4 56.2 127.9 87.6 88.3 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -0.3 -0.6 -9.1 0.0 -0.5 -0.7 -5.0 0.0 4.0 0.2 17.2 0.0 0.1 -0.5 -2.4 0.0 -0.3 0.3 -0.6 0.0 -0.2 -0.2 -1.4 0.8 1.8 -0.1 -2.9 -0.8 -0.0 0.2 -0.1 0.0 2.2 -0.2 -0.4 0.0 -0.8 1.2 -3.8 0.0 -2.4 0.2 2.0 0.0 2 3 4 5 6 Credit market instruments 8.6 51.5 -4.8 9.6 11.9 1.7 9.5 17.5 32.0 3.5 -5.4 6 -2.2 22.2 0.2 -11.2 -0.4 -1.7 25.9 3.8 22.0 1.6 1.1 8.5 -11.0 -1.2 -2.2 -1.0 20.9 4.7 -14.4 -0.7 0.2 14.3 4.3 -6.3 -0.7 -6.9 23.6 2.9 -17.2 -0.7 -0.9 13.3 7.3 -9.7 -0.6 2.1 23.6 1.8 -9.3 -0.7 -1.2 20.6 7.1 6.1 -0.7 1.2 8.5 3.7 -9.2 -0.8 -1.3 4.4 4.8 -12.7 -0.5 7 8 9 10 11 -53.6 64.5 29.3 45.9 1.6 -11.0 9.6 54.2 30.0 37.3 11.8 48.9 9.0 22.7 27.4 27.8 39.0 36.1 21.3 54.0 32.5 31.3 12 13 89.7 82.5 -3.1 10.3 6.3 1.2 2.1 3.0 29.1 5.0 1.3 22.9 5.7 6.4 -0.6 -0.2 11.3 4.9 0.3 6.2 18.0 10.9 -0.1 7.3 26.3 17.1 -0.1 9.3 -16.6 1.2 0.4 -18.2 19.3 0.2 0.5 18.6 12.2 12.4 -0.2 0.1 30.3 5.7 0.4 24.3 14 15 16 17 99.3 126.7 36.2 76.3 90.0 79.5 65.4 56.2 127.9 87.6 88.3 18 Supplements 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 18 Net increase in pension entitlements (liabilities) (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.226.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 136.5 51.8 -26.6 94.2 ND 149.7 322.8 -436.7 -148.5 192.6 ND 1 30.7 8.7 -13.4 -41.0 149.7 1.8 26.6 3.0 17.4 -25.0 123.4 -93.6 20.3 1.2 13.2 9.0 44.0 -114.4 24.4 1.4 8.2 7.0 85.4 -32.2 ND ND ND ND ND ND 26.3 1.8 11.0 16.0 145.0 -50.4 32.0 -1.8 29.5 32.0 -6.0 237.0 -15.4 0.1 -12.9 -24.0 161.5 -546.1 38.4 0.1 -5.2 56.0 -39.1 -198.8 2.3 -0.1 -0.6 24.0 97.0 69.9 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (F.100). IRA assets are not included in pension entitlements (table F.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5). 127 Z.1, March 6, 2014 L.117.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets (1) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 2626.3 2835.7 2916.6 3017.8 3068.5 2992.5 3017.8 3030.5 3043.2 3055.8 3068.5 1 5.0 27.7 39.8 2.9 7.7 27.5 34.7 2.7 9.5 28.7 34.3 2.7 9.1 27.4 32.8 2.6 8.8 26.6 31.9 2.5 9.2 27.8 33.3 2.6 9.1 27.4 32.8 2.6 9.0 27.4 32.7 2.6 8.9 27.0 32.3 2.6 8.8 26.5 31.8 2.5 8.8 26.6 31.9 2.5 2 3 4 5 543.5 615.1 693.2 696.6 729.4 700.7 696.6 699.3 708.8 719.0 729.4 6 31.2 112.1 116.3 266.9 17.0 30.2 119.4 119.0 328.3 18.2 31.3 138.8 133.3 374.1 15.8 29.9 165.8 145.8 341.2 13.9 25.6 191.7 155.1 345.3 11.8 30.3 161.0 143.6 351.4 14.4 29.9 165.8 145.8 341.2 13.9 29.8 175.0 147.7 333.5 13.4 29.5 182.7 149.9 333.8 12.9 27.5 187.5 152.4 339.3 12.3 25.6 191.7 155.1 345.3 11.8 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 863.8 322.9 1010.7 349.8 929.5 356.6 1035.6 397.3 1227.7 471.0 1050.1 402.9 1035.6 397.3 1104.9 427.9 1115.4 432.0 1167.1 452.0 1227.7 471.0 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 820.6 57.8 49.8 497.6 215.5 787.5 53.0 63.1 446.5 224.8 862.0 64.5 64.8 486.6 246.0 816.5 68.8 63.5 440.2 244.0 570.6 74.0 62.3 187.7 246.7 765.9 68.4 64.1 388.1 245.3 816.5 68.8 63.5 440.2 244.0 726.6 71.3 63.6 349.7 242.0 716.1 71.4 63.5 335.6 245.5 648.0 73.0 63.3 265.7 246.0 570.6 74.0 62.3 187.7 246.7 14 15 16 17 18 2662.7 2872.2 2953.1 3054.3 3105.0 3029.0 3054.3 3067.0 3079.7 3092.4 3105.0 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 (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.117.c Private Pension Funds: Defined Contribution Plans (1) 1 Total financial assets 3310.5 3748.5 3720.4 4100.1 4897.7 4095.0 4100.1 4384.9 4472.4 4662.3 4897.7 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 5.4 5.3 107.6 0.0 4.8 4.6 102.6 0.0 8.8 4.7 119.8 0.0 8.9 4.2 117.4 0.0 8.7 4.5 116.8 0.0 8.5 4.2 118.1 0.2 8.9 4.2 117.4 0.0 8.9 4.3 117.4 0.0 9.5 4.2 117.3 0.0 9.3 4.5 116.3 0.0 8.7 4.5 116.8 0.0 2 3 4 5 6 Credit market instruments 252.0 303.5 298.6 308.2 320.1 305.8 308.2 312.6 320.6 321.4 320.1 6 14.1 70.3 67.7 93.2 6.7 12.4 96.2 71.4 115.1 8.4 13.5 104.7 60.4 114.0 6.1 12.4 125.6 65.1 99.6 5.5 12.7 139.8 69.5 93.3 4.8 12.7 122.2 63.3 102.0 5.6 12.4 125.6 65.1 99.6 5.5 13.0 131.5 65.6 97.3 5.3 12.7 136.6 67.4 98.8 5.1 13.0 138.8 68.3 96.5 4.9 12.7 139.8 69.5 93.3 4.8 7 8 9 10 11 783.3 1504.7 927.6 1734.9 896.6 1696.1 1006.2 1943.6 1256.4 2449.7 1007.2 1945.7 1006.2 1943.6 1101.2 2125.4 1123.2 2177.0 1179.3 2303.7 1256.4 2449.7 12 13 652.3 327.6 25.8 298.9 670.4 340.6 27.9 301.9 695.7 341.7 29.2 324.7 711.5 358.3 28.6 324.6 741.5 381.9 28.9 330.8 705.2 354.3 28.6 322.3 711.5 358.3 28.6 324.6 715.1 366.4 28.7 320.0 720.7 367.2 28.8 324.7 727.8 374.3 28.8 324.7 741.5 381.9 28.9 330.8 14 15 16 17 3310.5 3748.5 3720.4 4100.1 4897.7 4095.0 4100.1 4384.9 4472.4 4662.3 4897.7 18 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 18 Pension entitlements (liabilities) (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted L.226.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 4488.0 5029.0 5001.0 5561.0 ND 5495.0 5561.0 5842.0 5894.0 6164.0 ND 1 356.7 74.2 398.0 230.0 1669.0 1760.1 383.3 77.2 434.0 205.0 1935.0 1994.5 403.6 78.4 441.0 214.0 1898.0 1965.9 428.0 79.9 468.0 221.0 2155.0 2209.1 ND ND ND ND ND ND 420.0 80.3 461.0 213.0 2136.0 2184.7 428.0 79.9 468.0 221.0 2155.0 2209.1 424.2 79.9 479.0 215.0 2303.0 2341.0 433.8 79.9 479.0 229.0 2312.0 2360.3 434.4 79.9 488.0 235.0 2441.0 2485.8 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension entitlements (table L.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5). 128 Z.1, March 6, 2014 F.127.e Equity Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 4.8 9.9 11.7 15.6 8.6 23.4 30.2 -2.4 17.0 25.7 -5.9 1 2 Checkable deposits and currency 5.7 -0.8 -1.7 4.2 7.4 4.9 7.7 -1.8 6.3 19.5 5.6 2 3 Credit market instruments 1.1 2.8 3.1 3.7 -3.9 3.9 11.0 -11.2 0.6 0.1 -5.2 3 4 Corporate and foreign bonds 5 6 7 8 Mortgages Home Multifamily residential Commercial 9 10 11 Miscellaneous assets Net increase in liabilities Credit market instruments 12 13 Corporate bonds Depository institution loans n.e.c. 14 15 16 Mortgages Multifamily residential Commercial 17 Miscellaneous liabilities 0.7 0.4 -0.3 0.9 -1.6 0.1 2.3 -3.8 -0.5 -0.7 -1.4 4 0.4 0.0 -0.2 0.6 2.4 0.0 0.0 2.4 3.4 0.1 -0.0 3.4 2.9 0.0 0.1 2.8 -2.3 -0.0 0.1 -2.4 3.9 0.0 0.2 3.7 8.8 0.0 0.1 8.6 -7.4 0.0 -0.2 -7.2 1.1 0.0 0.8 0.3 0.8 -0.0 -0.1 0.9 -3.8 -0.1 -0.1 -3.7 5 6 7 8 -2.0 7.9 10.3 7.7 5.1 14.5 11.4 10.6 10.0 6.1 -6.3 9 -30.8 16.7 37.6 41.8 6.4 45.6 71.3 1.4 -6.9 70.0 -38.7 10 -17.7 4.6 32.4 42.9 13.3 33.6 68.0 8.2 -4.0 59.5 -10.6 11 -11.4 -9.7 6.3 -2.0 18.2 5.1 26.0 1.3 12.3 3.3 24.0 -2.5 38.8 14.3 5.5 -19.4 7.9 4.4 36.8 22.1 -1.2 6.1 12 13 3.4 1.8 1.6 0.2 0.8 -0.6 9.1 -0.1 9.2 15.6 -1.1 16.7 -2.3 2.0 -4.3 12.2 -0.7 12.8 14.9 0.7 14.2 22.1 18.9 3.2 -16.4 -3.5 -12.9 0.6 1.0 -0.4 -15.4 -8.4 -7.1 14 15 16 -13.0 12.1 5.2 -1.1 -6.8 11.9 3.3 -6.8 -2.9 10.5 -28.1 17 142.1 -55.8 277.3 -60.4 29.8 -43.6 -165.4 -44.2 1 F.127.m Mortgage Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 Supplements 11 Miscellaneous assets Net increase in liabilities 12 Security repurchase agreements 13 Credit market instruments 14 15 16 17 18 19 20 21 22 Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages -14.1 31.9 106.6 2.1 -2.0 3.7 3.3 0.5 10.1 -6.2 25.1 -17.9 -6.0 0.7 2 -9.7 34.4 99.8 124.0 -56.1 247.7 -70.3 -17.6 -62.0 -74.1 -70.6 3 15.5 3.1 38.2 4.9 101.4 1.6 111.5 9.2 -76.2 5.8 232.5 12.1 -77.1 4.0 -50.9 23.6 -71.9 -1.4 -93.2 -0.0 -88.6 1.2 4 5 -28.4 -21.7 -1.8 -4.8 -8.7 -3.7 -0.4 -4.6 -3.2 -0.8 -0.2 -2.3 3.3 5.5 0.0 -2.2 14.3 8.0 0.6 5.6 3.1 2.3 -0.2 0.9 2.8 5.4 0.2 -2.8 9.8 7.2 1.4 1.2 11.4 4.3 1.7 5.3 19.2 11.1 -0.4 8.6 16.8 9.5 -0.2 7.5 6 7 8 9 -6.5 -0.5 3.0 14.8 -0.3 19.5 16.1 22.2 36.3 -85.3 25.7 10 -22.0 26.2 93.9 121.5 -42.9 235.5 -60.6 6.6 -27.0 -162.3 11.1 11 11.1 30.0 94.9 103.4 -37.7 163.2 -4.8 7.5 -49.1 -96.4 -12.9 12 -32.3 -6.7 -4.2 -0.0 8.4 -6.3 -7.6 8.7 17.2 3.1 4.7 13 0.0 -29.8 -2.5 0.0 -6.4 -0.3 0.0 -2.8 -1.4 0.0 0.1 -0.1 0.0 6.6 1.9 0.0 -5.3 -1.0 0.0 -8.1 0.5 0.0 2.2 6.5 0.0 17.7 -0.5 0.0 0.0 3.1 0.0 6.3 -1.6 14 15 16 -0.8 2.8 3.2 18.1 -13.6 78.6 -48.2 -9.6 5.0 -69.0 19.3 17 -25.3 0.0 -25.7 -0.0 0.4 0.4 0.0 1.1 -0.0 -0.7 -3.1 0.0 -0.7 -0.0 -2.3 -4.6 0.0 3.6 -0.0 -8.1 3.2 0.0 2.5 0.0 0.8 8.7 0.0 8.8 0.0 -0.1 -7.9 0.0 2.6 -0.0 -10.5 3.0 0.0 1.7 0.1 1.2 8.2 0.0 8.2 -0.0 0.0 1.7 0.0 -0.0 -0.0 1.7 -0.0 0.0 -0.0 -0.1 0.1 18 19 20 21 22 129 Z.1, March 6, 2014 L.127.e Equity Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets 2010 2011 2012 2013 2012 2013 Q3 Q4 Q1 Q2 Q3 Q4 70.2 80.1 91.8 107.4 116.0 99.9 107.4 106.8 111.1 117.5 116.0 1 2 Checkable deposits and currency 18.8 18.0 16.4 20.6 28.0 18.7 20.6 20.1 21.7 26.6 28.0 2 3 Credit market instruments 15.5 18.2 21.3 25.0 21.1 22.3 25.0 22.2 22.4 22.4 21.1 3 4 Corporate and foreign bonds 5 6 7 8 Mortgages Home Multifamily residential Commercial 9 10 11 Miscellaneous assets Total liabilities Credit market instruments 12 13 Corporate bonds Depository institution loans n.e.c. 14 15 16 Mortgages Multifamily residential Commercial 17 Miscellaneous liabilities 3.6 4.0 3.7 4.5 2.9 4.0 4.5 3.6 3.4 3.3 2.9 4 11.8 0.1 0.3 11.5 14.2 0.1 0.3 13.8 17.6 0.2 0.3 17.2 20.5 0.2 0.4 20.0 18.2 0.2 0.5 17.6 18.3 0.2 0.3 17.8 20.5 0.2 0.4 20.0 18.6 0.2 0.3 18.2 18.9 0.2 0.5 18.2 19.1 0.2 0.5 18.5 18.2 0.2 0.5 17.6 5 6 7 8 35.9 43.8 54.1 61.8 66.9 59.0 61.8 64.5 67.0 68.5 66.9 9 313.5 330.2 367.8 409.6 416.0 391.7 409.6 409.9 408.2 425.7 416.0 10 276.4 281.0 313.3 356.2 369.5 339.2 356.2 358.3 357.3 372.2 369.5 11 91.2 18.3 97.5 16.4 115.7 21.4 141.8 22.7 154.0 26.0 132.1 19.1 141.8 22.7 143.1 17.9 145.1 19.0 154.3 24.5 154.0 26.0 12 13 166.9 26.8 140.1 167.1 27.7 139.4 176.2 27.6 148.6 191.8 26.5 165.3 189.5 28.5 161.0 188.0 26.3 161.8 191.8 26.5 165.3 197.3 31.2 166.1 193.2 30.3 162.9 193.4 30.6 162.8 189.5 28.5 161.0 14 15 16 37.1 49.2 54.5 53.3 46.5 52.5 53.3 51.6 50.9 53.5 46.5 17 451.6 410.0 466.7 451.6 459.1 448.2 421.0 410.0 1 L.127.m Mortgage Real Estate Investment Trusts (REITs) 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 11 Miscellaneous assets 202.9 309.5 7.5 5.5 9.2 12.5 13.0 14.1 12.5 18.8 14.3 12.8 13.0 2 153.4 187.8 287.6 411.6 366.6 429.2 411.6 407.2 391.7 384.3 366.6 3 105.1 11.9 143.3 16.8 244.7 18.4 356.2 27.7 280.0 33.5 375.4 26.7 356.2 27.7 343.4 33.6 325.5 33.2 302.2 33.2 280.0 33.5 4 5 36.4 12.5 2.0 22.0 27.7 8.8 1.6 17.3 24.5 8.0 1.4 15.1 27.8 13.4 1.5 12.9 53.1 32.5 2.1 18.5 27.1 12.1 1.4 13.6 27.8 13.4 1.5 12.9 30.2 15.2 1.8 13.2 33.1 16.3 2.3 14.5 48.9 30.1 2.2 16.6 53.1 32.5 2.1 18.5 6 7 8 9 10.2 9.6 12.7 27.5 30.4 23.5 27.5 33.0 42.1 24.0 30.4 10 145.3 171.5 265.4 386.9 345.0 402.0 386.9 388.5 381.8 342.2 345.0 11 12 Security repurchase agreements 90.4 120.5 215.4 318.7 281.0 319.9 318.7 320.6 308.3 284.2 281.0 12 13 Credit market instruments 41.0 34.3 30.1 30.1 38.5 32.0 30.1 32.3 36.6 37.3 38.5 13 0.0 38.6 2.4 0.0 32.2 2.1 0.0 29.4 0.7 0.0 29.4 0.6 0.0 36.0 2.5 0.0 31.5 0.5 0.0 29.4 0.6 0.0 30.0 2.3 0.0 34.4 2.1 0.0 34.4 2.9 0.0 36.0 2.5 14 15 16 13.9 16.7 20.0 38.1 25.5 50.1 38.1 35.7 36.9 20.7 25.5 17 20.1 0.0 6.1 0.4 13.7 20.5 0.0 7.2 0.4 13.0 17.4 0.0 6.5 0.3 10.7 12.9 0.0 10.0 0.3 2.5 16.1 0.0 12.5 0.3 3.3 14.9 0.0 9.4 0.3 5.2 12.9 0.0 10.0 0.3 2.5 13.6 0.0 10.5 0.3 2.8 15.7 0.0 12.5 0.3 2.8 16.1 0.0 12.5 0.3 3.3 16.1 0.0 12.5 0.3 3.3 18 19 20 21 22 14 15 16 17 18 19 20 21 22 Total liabilities 171.0 Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 130 Z.1, March 6, 2014 S.1.a Total Economy - Current Account Integrated Accounts Billions of dollars 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 1 1 Gross value added (income approach) 2 Less: Consumption of fixed capital 1727.2 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2452.6 2542.9 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 9797.1 6372.7 5146.1 1226.6 758.9 2665.4 10451.8 6748.8 5431.2 1317.6 817.6 2885.5 11147.2 7097.9 5703.1 1394.8 873.6 3175.7 11937.1 7513.7 6068.8 1444.9 940.5 3483.0 12195.8 7908.8 6405.7 1503.1 980.0 3307.0 12257.9 8090.0 6543.6 1546.4 989.4 3178.6 11977.3 7795.7 6260.1 1535.6 967.8 3213.9 12533.6 7975.3 6385.6 1589.8 1001.2 3557.0 13134.9 8286.6 6646.8 1639.8 1037.2 3811.2 13718.8 8620.0 6935.1 1684.9 1065.6 4033.2 3 4 5 6 7 8 356.1 288.1 451.4 361.4 575.8 482.3 724.2 655.7 875.5 749.1 856.8 683.8 643.7 496.5 720.0 514.1 802.8 542.1 818.6 565.7 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 9865.1 2665.4 6365.4 5138.8 1226.6 808.0 -49.1 4363.3 2628.5 1571.1 603.0 968.1 149.0 14.6 4287.9 2719.8 1539.0 571.0 968.1 14.5 14.6 10541.9 2885.5 6740.5 5422.9 1317.6 863.9 -46.4 4812.7 2795.0 1808.0 775.5 1032.5 192.5 17.1 4714.3 2901.7 1745.7 713.2 1032.5 49.8 17.1 11240.8 3175.7 7087.8 5692.9 1394.8 934.5 -60.9 5548.9 3385.2 2123.9 1069.4 1054.5 20.4 19.4 5445.2 3520.6 1863.0 808.5 1054.5 42.1 19.4 12005.6 3483.0 7503.2 6058.2 1444.9 991.9 -51.5 6528.4 4109.9 2150.5 1018.6 1131.8 247.8 20.3 6449.4 4287.1 2072.6 940.7 1131.8 69.5 20.3 12322.3 3307.0 7899.1 6396.0 1503.1 1034.6 -54.6 7187.0 4661.4 2241.5 1174.9 1066.6 261.4 22.6 7051.0 4878.7 2101.1 1034.5 1066.6 48.5 22.6 12430.8 3178.6 8079.2 6532.8 1546.4 1041.9 -52.6 6802.0 4188.5 2322.1 1186.9 1135.2 265.6 25.9 6618.3 4411.4 2141.6 1006.4 1135.2 39.4 25.9 12124.5 3213.9 7787.8 6252.2 1535.6 1026.1 -58.3 5703.0 3420.8 2001.1 918.5 1082.6 262.8 18.3 5548.0 3618.6 1889.3 806.6 1082.6 21.9 18.3 12739.5 3557.0 7967.3 6377.5 1589.8 1057.1 -55.9 5653.1 3194.8 2102.5 943.1 1159.4 336.6 19.2 5439.1 3376.0 1981.1 821.7 1159.4 62.8 19.2 13395.7 3811.2 8278.5 6638.7 1639.8 1097.1 -60.0 5935.4 3190.5 2362.2 1059.4 1302.8 361.1 21.6 5666.5 3358.2 2205.8 903.0 1302.8 81.0 21.6 13971.6 4033.2 8611.6 6926.8 1684.9 1122.9 -57.3 6052.1 3108.0 2554.6 1166.1 1388.5 368.1 21.5 5790.9 3265.7 2397.8 1009.4 1388.5 105.9 21.5 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) 9865.1 1241.6 1244.6 2099.8 2105.9 456.8 528.3 10541.9 1347.9 1352.1 2233.5 2239.7 468.2 554.8 11240.8 1616.5 1620.9 2364.3 2370.9 494.1 598.1 12005.6 1821.0 1825.5 2515.3 2523.2 497.2 586.6 12322.3 1923.9 1933.4 2658.3 2666.9 532.5 640.1 12430.8 1735.1 1744.3 2840.4 2851.1 563.0 681.4 12124.5 1405.8 1414.4 3070.9 3081.9 671.0 787.5 12739.5 1553.5 1562.0 3223.0 3234.6 719.3 841.2 13395.7 1765.3 1778.2 3182.9 3195.6 694.5 817.9 13971.6 1918.3 1932.8 3272.2 3285.5 643.7 760.4 32 33 34 35 36 37 38 39 Equals: Disposable income, net 9784.5 10444.9 11125.8 11903.8 12196.5 12292.6 11988.4 12597.5 13246.7 13827.0 39 40 Less: Final consumption expenditures 9519.9 10126.7 10770.4 11387.3 11954.2 12374.1 12285.0 12724.1 13237.9 13697.6 40 41 Equals: Net saving 264.5 318.3 355.5 516.5 242.4 -81.5 -296.6 -126.6 8.8 129.3 41 42 43 44 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) 11524.3 -12.1 11512.2 12283.5 -6.5 12277.0 13129.2 -33.8 13095.4 14073.2 -215.3 13857.9 14460.1 20.2 14480.3 14621.2 99.0 14720.3 14345.7 72.2 14417.9 14915.2 43.1 14958.3 15587.5 -53.6 15533.8 16261.6 -17.0 16244.6 42 43 44 131 Z.1, March 6, 2014 S.2.a Selected Aggregates for Total Economy and Sectors 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 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 11524.3 1427.0 1911.9 5724.4 885.6 498.1 1077.2 12283.5 1510.9 2079.1 6107.9 922.1 525.8 1137.7 13129.2 1599.5 2218.8 6532.1 1034.3 552.7 1191.7 14073.2 1689.4 2440.1 6988.0 1127.6 577.6 1250.3 14460.1 1749.6 2513.9 7203.9 1068.8 605.4 1318.5 14621.2 1855.3 2632.7 7258.1 852.3 637.6 1385.2 14345.7 1913.6 2466.7 6861.4 1015.7 668.8 1419.4 14915.2 1927.5 2545.9 7243.1 1039.9 704.5 1454.2 15587.5 1971.9 2766.5 7636.4 1025.1 719.7 1468.0 16261.6 2025.4 2906.4 8030.8 1090.3 716.7 1491.9 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 264.5 410.8 273.2 105.5 -403.5 -121.4 318.3 413.2 312.7 100.5 -399.8 -108.4 355.5 242.7 411.7 73.1 -305.4 -66.6 516.5 336.9 386.5 60.6 -228.1 -39.4 242.4 317.2 313.1 -48.5 -266.7 -72.7 -81.5 551.3 296.7 -129.4 -635.1 -165.1 -296.6 670.7 382.1 172.3 -1249.8 -271.9 -126.6 634.2 598.6 207.4 -1329.5 -237.3 8.8 668.2 648.8 153.1 -1248.3 -213.1 129.3 687.4 647.8 156.5 -1109.7 -252.7 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 13.1 0.0 -0.1 0.0 41.1 -52.0 -2.2 1.4 -5.0 -6.7 16.2 39.3 -48.0 2.8 -21.9 -13.1 -15.5 27.7 60.3 -50.4 12.8 16.6 0.0 -0.0 0.0 43.2 -57.8 -2.0 6.8 0.0 -0.0 0.0 53.0 -59.3 -0.4 7.7 -3.3 -3.7 -60.5 117.6 -63.2 5.4 -28.4 -6.0 38.3 -121.9 186.3 -67.7 -0.6 -20.6 -7.8 20.9 -41.5 126.3 -76.7 -0.7 2.1 -1.6 -6.4 -32.4 113.8 -73.9 -1.6 -5.1 -4.9 -16.7 9.6 84.7 -74.1 6.6 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 2473.9 653.9 238.3 960.0 156.5 196.4 268.9 2701.3 765.9 260.3 1010.1 176.5 211.0 277.5 2981.2 865.0 289.2 1133.4 180.0 222.9 290.8 3166.0 860.1 305.0 1259.9 188.7 238.0 314.3 3201.5 736.1 313.5 1348.2 211.5 251.4 340.8 3091.4 580.4 307.5 1372.7 196.2 275.8 358.8 2672.7 468.1 248.8 1141.9 166.9 284.0 363.0 2691.1 452.4 243.1 1181.0 162.8 300.0 351.9 2828.3 456.7 258.5 1305.3 175.2 295.4 337.2 3028.1 498.1 278.7 1438.9 193.4 284.0 334.9 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 1727.2 290.8 183.6 818.0 130.0 170.3 134.5 1831.7 323.4 196.4 850.2 139.3 178.6 143.8 1982.0 362.1 214.4 909.9 148.9 189.4 157.3 2136.0 396.2 232.6 979.4 156.8 200.7 170.3 2264.4 413.7 245.6 1040.3 165.4 212.8 186.6 2363.4 414.6 254.5 1093.9 173.9 226.3 200.2 2368.4 403.3 253.0 1092.0 177.4 234.5 208.2 2381.6 400.5 251.8 1094.6 176.7 245.3 212.7 2452.6 402.9 256.8 1135.8 179.0 256.5 221.7 2542.9 409.9 264.5 1188.2 186.6 262.3 231.4 28 29 30 31 32 33 34 35 36 37 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 19.3 1.0 18.3 63.9 10.0 53.9 59.6 3.2 56.4 67.0 0.6 66.3 34.5 1.2 33.3 -32.0 -0.4 -31.6 -147.6 -8.5 -139.0 61.5 -2.2 63.7 36.4 -2.7 39.1 66.1 -4.9 71.0 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 -503.6 43.1 -55.6 115.1 78.9 -469.8 -215.2 -612.4 -22.0 -68.9 107.4 47.1 -470.7 -205.4 -690.5 -229.3 -64.9 146.3 14.3 -397.3 -159.7 -582.5 -133.4 -73.0 26.1 28.8 -294.2 -136.6 -729.1 -0.8 -69.1 -28.5 -94.6 -354.9 -181.2 -772.2 388.8 -49.3 35.7 -91.2 -781.8 -274.3 -454.0 643.9 18.8 426.6 304.7 -1476.7 -371.4 -498.3 611.4 18.6 428.7 262.8 -1509.5 -310.3 -405.0 620.6 2.5 447.5 189.3 -1400.1 -264.8 -415.4 612.7 -4.3 343.2 140.2 -1214.8 -292.4 38 39 40 41 42 43 44 -12.1 515.7 -6.5 618.9 -33.8 724.3 -215.3 797.8 20.2 709.0 99.0 673.1 72.2 381.7 43.1 455.2 -53.6 458.6 -17.0 432.4 45 46 -453.1 93.8 -55.6 74.1 187.3 -530.9 -221.8 -327.6 222.5 -68.9 166.1 -15.4 -474.1 -157.8 -334.8 -206.9 -64.9 -19.9 356.2 -422.8 23.4 -460.5 -204.0 -73.0 -138.6 274.2 -310.4 -8.7 -288.9 247.2 -69.1 -206.5 198.7 -390.6 -68.6 -1364.3 861.4 -49.3 -943.3 -107.8 -789.0 -336.4 -498.3 830.6 18.8 551.0 -166.1 -1298.3 -434.2 -623.6 1143.4 18.6 145.5 -203.1 -1416.7 -311.2 -800.7 1358.2 2.5 -400.3 -76.2 -1355.5 -329.4 -103.7 996.7 -4.3 235.9 55.7 -1125.7 -261.8 47 48 49 50 51 52 53 54 Net lending (+) or net borrowing (-) (financial account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Rest of the world 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 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 531.6 66.3 131.9 -705.1 -94.4 338.6 15.4 1578.5 77.9 294.3 -386.1 -27.7 -698.5 -83.5 342.9 -65.3 327.3 45.2 -46.3 215.9 -10.4 306.9 9.4 644.3 -51.2 31.3 318.9 9.6 614.2 -36.8 756.8 0.7 10.8 221.5 -91.3 506.4 -303.3 -722.2 1326.6 87.8 -983.9 63.4 649.5 -71.4 173.1 -1154.3 122.4 362.3 -150.8 1338.2 190.1 414.9 -955.3 -21.5 39.9 -17.3 625.5 -51.9 -72.2 -198.2 47.0 -54.3 91.9 768.8 -18.8 525.7 -432.4 75.1 326.1 13.9 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 4471.4 509.0 -2468.9 111.9 47.7 120.5 -463.9 5098.5 1143.1 29.9 101.4 115.7 516.3 -371.0 5415.7 1171.8 51.4 126.5 115.3 478.9 -956.6 4165.7 429.5 -1450.6 -301.0 116.8 621.8 -514.9 -502.9 104.2 -312.9 1335.9 93.3 466.0 -949.0 -11623.1 -1160.3 4182.6 502.3 1.2 350.5 825.2 391.9 -1192.4 -5016.5 450.3 -157.9 -71.8 -1192.2 2441.0 484.3 -1378.0 135.1 18.5 197.3 -395.5 117.5 538.1 220.1 253.1 23.0 394.3 945.6 4638.3 697.1 -1453.1 -19.9 32.1 243.4 -303.8 62 63 64 65 66 67 68 45 46 47 48 49 50 51 52 53 Integrated Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 132 Z.1, March 6, 2014 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates Integrated Accounts 69 70 71 72 73 74 75 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 5400.7 575.2 -2063.8 -487.8 -491.3 389.7 67.2 7088.8 1225.9 643.5 -200.5 -351.1 -242.6 164.4 6023.1 1119.6 805.9 217.1 -296.8 678.6 -242.8 4792.9 438.9 -419.7 -291.5 -123.3 959.1 292.5 421.7 67.4 757.0 1288.1 -215.6 674.2 -331.3 -10573.1 -1460.3 3760.8 1760.1 -663.6 -735.3 1561.8 1740.5 -1257.8 -4499.6 -409.7 -1471.6 86.4 -961.3 4434.0 682.1 -385.4 -571.3 -1458.8 76.6 42.4 1409.1 487.7 803.1 240.4 -1292.0 200.8 1496.1 6099.6 683.2 -262.8 -305.4 -1087.1 390.9 142.5 69 70 71 72 73 74 75 133 Z.1, March 6, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1427.0 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1927.5 1971.9 2025.4 1 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 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 1527.1 695.2 577.3 117.9 152.8 679.1 1569.0 717.5 596.6 120.8 154.2 697.4 1615.5 747.6 620.3 127.4 156.1 711.8 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 1136.3 517.7 432.5 85.2 108.8 509.7 1187.5 545.6 452.2 93.4 114.7 527.2 1237.5 563.4 466.2 97.1 120.7 553.4 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 8718.5 509.7 6365.4 5138.8 1226.6 2389.8 989.5 1400.3 432.3 968.1 546.5 9245.7 527.2 6740.5 5422.9 1317.6 2537.5 942.9 1594.5 562.1 1032.5 559.5 9734.1 10438.3 10937.5 553.4 571.5 584.0 7087.8 7503.2 7899.1 5692.9 6058.2 6396.0 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 11248.6 10638.0 10895.4 11549.9 12087.8 639.3 671.3 679.1 697.4 711.8 8079.2 7787.8 7967.3 8278.5 8611.6 6532.8 6252.2 6377.5 6638.7 6926.8 1546.4 1535.6 1589.8 1639.8 1684.9 3303.6 2895.7 2900.2 3188.6 3348.3 1363.0 1265.2 1196.2 1205.3 1212.9 1940.6 1630.5 1704.0 1983.3 2135.4 805.4 547.8 544.6 680.5 746.9 1135.2 1082.6 1159.4 1302.8 1388.5 773.5 716.8 651.2 614.6 583.9 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) 8718.5 1000.9 1316.6 779.3 26.3 106.1 9245.7 1046.0 1399.9 829.2 16.8 116.3 9734.1 10438.3 10937.5 1208.5 1352.1 1487.9 1486.3 1588.2 1692.2 873.3 922.6 961.4 25.7 21.5 30.6 131.2 138.9 149.3 11248.6 10638.0 10895.4 11549.9 12087.8 1435.2 1144.9 1191.5 1404.0 1498.0 1847.3 2101.5 2234.0 2260.3 2316.8 988.2 964.4 984.1 918.2 950.7 36.6 38.7 43.0 46.7 41.4 152.3 155.2 160.6 154.6 160.4 20 21 22 23 24 25 26 Equals: Disposable income, net 8175.2 8671.0 9033.0 9634.4 10061.7 10556.8 10513.6 10836.1 11380.0 11837.0 26 27 Less: Final consumption expenditures 7764.4 8257.8 8790.3 9297.5 9744.4 10005.5 27 28 Equals: Net saving 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 28 9842.9 10201.9 10711.8 11149.6 Capital account 29 30 31 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 397.7 410.8 13.1 411.9 413.2 1.4 264.6 242.7 -21.9 320.3 336.9 16.6 310.4 317.2 6.8 543.7 551.3 7.7 699.1 670.7 -28.4 654.8 634.2 -20.6 666.1 668.2 2.1 692.5 687.4 -5.1 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 354.6 653.9 541.9 112.0 290.8 -8.5 433.8 765.9 643.8 122.1 323.4 -8.7 493.8 865.0 738.9 126.1 362.1 -9.1 453.8 860.1 722.7 137.4 396.2 -10.1 311.2 736.1 582.3 153.9 413.7 -11.2 154.9 580.4 425.3 155.1 414.6 -11.0 55.2 468.1 321.0 147.1 403.3 -9.7 43.4 452.4 318.3 134.1 400.5 -8.5 45.5 456.7 317.1 139.6 402.9 -8.3 79.8 498.1 354.3 143.8 409.9 -8.4 32 33 34 35 36 37 38 Net lending (+) or borrowing (-), capital account (lines 29-32) 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 38 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 39 1126.9 1374.2 960.4 1040.0 1177.1 739.9 648.7 892.9 1146.1 1090.7 40 269.9 -31.2 299.0 2.2 0.0 389.4 -58.2 442.2 5.4 0.0 370.2 -113.9 481.6 2.4 0.0 451.9 -40.0 486.7 5.2 0.0 419.3 -75.4 479.4 15.4 0.0 408.7 176.7 255.6 -23.7 0.0 205.0 105.7 106.0 -6.6 0.0 194.3 35.9 159.0 -0.6 0.0 697.8 328.8 371.8 -2.8 0.0 501.8 82.8 420.8 -1.8 0.0 41 42 43 44 45 40.2 -4.9 22.1 133.5 15.8 -126.2 244.7 6.4 -10.6 109.8 118.5 20.5 168.2 14.7 -121.2 153.3 77.8 43.5 90.7 19.0 -103.2 -29.7 34.7 169.8 525.3 -10.2 -36.4 331.9 37.9 202.0 168.9 -101.3 146.2 239.4 47.4 -162.7 61.8 16.7 534.1 -671.2 107.1 75.1 41.3 -1.5 320.9 -2.6 43.7 -319.2 -151.1 -1.8 -222.4 5.6 -64.8 132.3 58.9 -0.3 232.0 -118.8 -152.1 98.2 46 47 48 49 50 51 68.0 63.0 5.0 116.2 105.8 10.4 7.8 -0.3 8.1 73.9 91.1 -17.3 214.6 227.6 -13.0 -103.5 -104.5 1.1 -88.1 -85.1 -3.0 2.3 14.6 -12.4 51.8 51.4 0.4 -0.8 13.8 -14.6 52 53 54 39 Net lending (+) or borrowing (-) (line 38) 40 Net acquisition of financial assets 41 42 43 44 45 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 46 47 48 49 50 51 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 52 53 54 Loans Short term Long term (mortgages) Integrated Accounts Financial account 134 Z.1, March 6, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 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 2003 2004 2005 2006 98.1 -109.9 259.7 -113.9 62.2 0.0 -91.9 -282.0 165.9 -56.1 80.2 0.0 -243.5 -422.8 176.7 44.4 -41.8 0.0 -259.4 -648.7 167.4 218.1 3.7 0.0 650.8 22.9 68.5 525.9 13.9 19.6 715.7 23.6 33.1 630.2 11.4 17.4 657.8 25.6 15.1 584.6 9.5 23.0 1033.1 1151.7 13.8 14.7 1013.6 135.3 105.9 -3.4 -1.5 34.3 878.3 2007 2008 2009 2010 2011 2012 -662.8 -1104.0 234.4 239.9 -33.0 0.0 -390.9 -301.2 -37.8 235.1 -287.0 0.0 -8.9 -5.7 334.1 -268.6 -69.9 1.2 48.5 -186.8 227.7 -183.5 187.1 4.0 -81.9 -213.1 218.7 -35.0 -53.2 0.7 61.2 -325.0 373.6 16.5 -3.8 0.0 55 56 57 58 59 60 682.9 4.6 57.8 587.7 14.8 18.1 680.7 6.7 18.2 596.4 15.5 43.9 656.7 11.0 59.9 541.7 17.6 26.5 478.9 8.7 24.6 420.6 8.4 16.6 606.5 -35.2 6.2 595.9 17.1 22.5 629.4 36.7 73.9 485.5 14.8 18.5 469.5 -16.7 -26.6 501.2 -1.8 13.3 61 62 63 64 65 66 1167.3 1243.9 930.0 -121.5 -181.8 -250.5 -212.1 94.0 67 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 68 1119.1 179.4 117.2 -19.6 0.3 81.5 939.6 1138.1 77.1 100.4 8.2 0.0 -31.6 1061.0 1213.5 198.4 121.9 12.0 4.8 59.7 1015.1 893.2 178.7 151.3 -9.1 3.2 33.4 714.5 -156.2 -115.0 34.8 4.6 6.2 -160.7 -41.2 -198.9 -32.1 -103.7 33.0 0.5 38.1 -166.8 -272.3 104.7 -25.3 52.4 2.4 75.2 -377.0 -217.9 17.6 108.9 -53.9 1.9 -39.3 -235.5 106.3 347.0 169.4 111.5 1.2 64.9 -240.7 69 70 71 72 73 74 75 68 Debt securities (municipals) 69 70 71 72 73 74 75 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 76 Insurance, pension and standardized guarantee schemes 0.9 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 76 77 Other accounts payable (trade debt) 4.8 16.5 13.0 13.6 14.6 22.2 16.0 21.4 14.0 1.5 77 93.8 222.5 -206.9 -204.0 247.2 861.4 830.6 1143.4 1358.2 996.7 78 531.6 239.7 0.0 241.2 -50.7 1578.5 254.8 -12.0 1091.2 -244.5 342.9 252.4 -50.4 118.5 -22.4 306.9 239.6 0.0 137.8 70.5 614.2 231.1 0.0 135.1 -247.9 506.4 134.6 -8.3 -92.5 -472.7 649.5 50.3 0.0 412.5 -186.7 1338.2 86.9 0.0 719.3 -532.0 625.5 121.9 0.0 -233.9 -737.6 768.8 160.4 -20.9 245.3 -384.0 79 80 81 82 83 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 79 80 81 82 83 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-78) (5) Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 1273.0 1359.6 -88.0 -0.3 1.6 2402.7 2435.1 -34.5 1.1 1.0 2845.5 2887.0 -44.1 0.4 2.1 354.7 398.6 -46.9 1.5 1.5 -1920.6 -1867.7 -55.6 0.1 2.6 -3679.8 -1236.1 -3652.9 -1195.1 -32.0 -40.8 3.9 -0.5 1.2 0.3 -469.0 -383.7 -88.3 1.4 1.5 -219.6 -241.8 17.9 2.0 2.3 1523.7 1558.7 -38.8 0.6 3.2 84 85 86 87 88 89 90 91 92 93 94 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 3198.4 1723.2 427.2 521.0 0.0 527.0 2695.8 1003.5 328.0 1150.5 0.0 213.8 2570.2 1076.8 45.0 1186.4 0.0 262.0 3810.9 2824.5 380.9 433.2 0.0 172.4 1417.7 929.4 274.6 103.4 0.0 110.4 -7943.4 1628.0 -3889.9 1570.4 -1334.6 471.1 -1170.8 -1183.8 0.0 -0.3 -1548.1 770.7 2910.0 1691.6 250.5 492.2 -1.0 476.8 337.1 191.3 -273.3 538.1 -0.2 -118.8 3114.6 1612.8 346.7 701.0 -0.1 454.2 89 90 91 92 93 94 4471.4 5098.5 5415.7 4165.7 -502.9 -11623.1 391.9 2441.0 117.5 4638.3 95 5400.7 7088.8 6023.1 4792.9 421.7 -10573.1 1740.5 4434.0 1409.1 6099.6 96 59250.9 67511.4 74700.7 80792.5 82146.7 71457.1 72972.2 77129.5 78331.9 84460.8 97 21917.7 24994.1 28534.2 29580.7 28199.9 17983.0 20817.2 24128.2 24958.4 23377.0 3679.2 3899.5 4107.8 4300.5 4476.0 173.1 190.6 206.9 226.3 246.1 82.4 86.8 91.4 95.5 100.9 24798.2 23664.2 23318.7 23264.0 25003.8 98 19845.8 18686.6 18326.3 18109.4 19708.3 99 4578.6 4588.1 4586.7 4726.4 4848.0 100 268.5 279.5 290.6 304.6 315.1 101 105.4 110.0 115.0 123.6 132.4 102 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 32+38+79+95) Changes in balance sheet account Balance sheet account (end of period) Integrated Accounts 97 98 99 100 101 102 Total assets Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 135 Z.1, March 6, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 103 Financial assets 2004 2005 2006 2007 37333.2 42517.3 46166.5 51211.9 53946.8 2008 2009 2010 2011 2012 46658.8 49308.0 53810.9 55067.9 59457.0 103 104 105 106 107 108 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 4534.8 458.0 52.1 4024.8 0.0 4949.7 399.8 57.5 4492.4 0.0 5319.9 285.8 59.9 4974.1 0.0 5798.0 239.6 65.2 5493.2 0.0 6217.4 153.2 80.5 5983.6 0.0 6591.1 294.9 56.9 6239.3 0.0 6781.6 400.6 50.2 6330.8 0.0 6930.8 425.2 49.7 6455.9 0.0 7628.6 754.0 46.9 6827.7 0.0 8074.8 826.4 45.1 7203.3 0.0 104 105 106 107 108 109 110 111 112 113 114 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 2734.2 77.3 417.9 384.8 687.2 1166.9 3776.9 83.7 474.2 432.9 1522.9 1263.2 4054.2 98.4 427.4 582.9 1600.7 1344.9 4202.8 117.5 328.1 610.8 1635.6 1510.9 4821.7 107.3 206.7 872.7 1673.6 1961.5 4922.4 6.0 187.9 1058.9 1720.9 1948.7 5380.5 22.7 858.8 359.3 1828.0 2311.8 5674.1 21.1 1131.8 355.6 1871.8 2293.8 5296.0 19.4 719.3 323.1 1806.9 2427.3 5471.3 19.0 961.9 194.7 1654.8 2640.9 109 110 111 112 113 114 115 116 117 Loans Short term Long term (mortgages) 600.1 478.5 121.6 716.3 584.3 132.0 724.1 584.0 140.1 866.8 744.0 122.9 1081.4 971.6 109.9 977.9 867.0 110.9 892.2 784.2 108.0 894.4 798.8 95.6 946.3 850.2 96.0 118 119 120 121 122 123 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 16722.2 19105.7 21145.9 24436.1 25080.6 6776.6 7498.1 8152.1 10292.9 10118.3 2910.0 3403.9 3625.7 4174.0 4683.0 954.5 898.4 942.7 1106.8 1346.7 6081.1 7305.3 8425.4 8862.3 8932.7 0.0 0.0 0.0 0.0 0.0 18290.0 19138.5 21624.2 21998.2 24821.3 118 5927.2 7491.9 8996.7 9049.9 10337.7 119 3310.6 4115.8 4594.0 4449.2 5279.4 120 1581.8 1313.2 1129.7 1109.9 1126.3 121 7470.4 6216.7 6900.0 7384.9 8073.5 122 0.0 0.9 3.8 4.4 4.4 123 124 125 126 127 128 129 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 12742.0 13968.8 14922.4 15908.1 16745.7 266.8 290.4 316.0 320.5 327.3 1013.2 1060.4 1082.6 1055.2 1076.8 11227.5 12354.6 13231.1 14206.8 14956.7 199.5 211.0 217.3 232.1 247.6 35.0 52.4 75.4 93.5 137.3 15877.4 17115.2 18687.3 19198.9 20144.2 124 337.3 346.0 310.8 347.5 330.8 125 1049.8 1109.2 1137.2 1203.6 1186.1 126 14061.3 15206.0 16745.7 17120.8 18088.8 127 265.2 273.6 290.7 305.5 303.7 128 163.8 180.4 202.9 221.4 234.8 129 59250.9 67511.4 74700.7 80792.5 82146.7 71457.1 72972.2 77129.5 78331.9 84460.8 130 9824.5 10996.3 12162.5 13461.4 14393.9 14277.3 14052.0 13775.4 13568.7 13597.9 131 130 131 Total liabilities and net worth Liabilities 132 Debt securities (municipals) 133 134 135 136 137 138 139 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 140 Insurance, pension and standardized guarantee schemes 141 Other accounts payable (trade debt) 142 Net worth 177.7 197.6 212.7 229.1 250.2 9469.1 10603.0 11741.1 13009.6 13905.3 2399.7 2579.1 2656.2 2909.6 3090.9 2102.9 2220.1 2320.6 2462.8 2616.6 -4.4 -24.0 -15.8 30.9 21.8 118.7 119.0 119.0 123.8 127.0 182.5 264.0 232.4 292.1 325.5 7069.4 8023.9 9084.9 10100.0 10814.4 259.5 265.4 263.2 255.5 945.5 115 864.0 116 81.5 117 241.0 132 13754.1 13511.8 13213.3 13000.8 13042.4 133 2975.9 2900.3 3123.4 3146.3 3433.6 134 2651.4 2553.5 2648.1 2757.0 2924.3 135 26.4 10.2 61.0 12.4 66.3 136 133.2 133.7 136.1 138.1 139.3 137 164.8 203.0 278.2 238.9 303.7 138 10778.2 10611.4 10089.9 9854.4 9608.7 139 20.9 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 140 156.8 173.3 186.3 199.9 214.5 236.7 252.7 274.1 288.2 289.7 141 49426.4 56515.2 62538.3 67331.1 67752.8 57179.8 58920.2 63354.2 64763.3 70862.8 142 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. NPISHs Nonprofit institutions serving households n.e.c. Not elsewhere classified 136 Z.1, March 6, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1911.9 2079.1 2218.8 2440.1 2513.9 2632.7 2466.7 2545.9 2766.5 2906.4 1 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 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 1728.3 532.2 447.5 84.8 111.4 1084.6 1882.7 599.1 503.5 95.6 125.4 1158.3 2004.4 664.7 557.9 106.8 130.2 1209.4 2207.5 747.4 631.2 116.3 147.0 1313.0 2268.3 827.5 701.8 125.7 157.6 1283.2 2378.3 843.4 712.1 131.3 157.9 1377.1 2213.6 805.4 675.0 130.4 145.4 1262.8 2294.1 816.2 684.6 131.6 150.7 1327.2 2509.7 851.4 716.7 134.6 157.8 1500.5 2641.9 895.2 754.5 140.7 162.7 1584.0 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 19.8 1084.6 16.7 1081.5 163.5 917.9 0.0 0.0 20.1 1158.3 17.3 1155.5 170.3 985.1 0.1 0.0 21.8 1209.4 18.1 1205.7 198.8 1006.8 0.1 0.0 22.7 1313.0 19.1 1309.5 227.6 1081.8 0.1 0.0 19.8 1283.2 17.7 1281.1 254.2 1026.8 0.1 0.0 15.3 1377.1 13.6 1375.4 263.1 1112.2 0.1 0.0 21.3 1262.8 9.4 1251.0 242.7 1008.3 0.0 0.0 23.1 1327.2 8.4 1312.6 237.9 1074.5 0.1 0.0 25.2 1500.5 1.2 1476.5 227.4 1249.0 0.2 0.0 26.5 1584.0 5.0 1562.5 226.0 1336.2 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) 19.8 19.8 20.1 20.1 21.8 21.8 22.7 22.7 19.8 19.8 15.3 15.3 21.3 21.3 23.1 23.1 25.2 25.2 26.5 26.5 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 0.0 0.0 0.0 5.0 0.0 -5.0 13.1 0.0 -13.1 0.0 0.0 0.0 0.0 0.0 0.0 3.3 0.0 -3.3 6.0 0.0 -6.0 7.8 0.0 -7.8 1.6 0.0 -1.6 4.9 0.0 -4.9 21 22 23 Capital account 21 22 23 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 55.6 238.3 150.1 88.1 183.6 1.0 73.9 260.3 162.2 98.1 196.4 10.0 78.0 289.2 180.5 108.7 214.4 3.2 73.0 305.0 198.9 106.2 232.6 0.6 69.1 313.5 215.0 98.5 245.6 1.2 52.6 307.5 223.8 83.7 254.5 -0.4 -12.8 248.8 182.9 65.8 253.0 -8.5 -10.8 243.1 184.9 58.3 251.8 -2.2 -0.9 258.5 199.1 59.5 256.8 -2.7 9.3 278.7 212.5 66.2 264.5 -4.9 24 25 26 27 28 29 30 Net lending (+) or borrowing (-), capital account (lines 21-24) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 30 -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 31 80.5 370.8 437.2 519.8 479.4 97.2 -117.0 151.7 16.7 74.9 32 Integrated Accounts Financial account 31 Net lending (+) or borrowing (-) (line 30) 32 Net acquisition of financial assets 33 34 35 Currency and deposits Currency and transferable deposits Time and savings deposits 50.8 6.1 44.7 93.7 106.9 -13.2 100.1 76.6 23.5 94.9 74.6 20.3 81.8 66.9 14.9 2.5 3.8 -1.2 10.1 14.9 -4.8 0.1 -2.8 2.9 1.5 -2.3 3.9 20.0 14.8 5.2 33 34 35 36 37 38 Debt securities Treasury securities Municipal securities 1.4 2.1 -0.7 7.0 5.3 1.7 6.1 6.0 0.1 1.5 0.2 1.3 2.5 3.0 -0.5 -7.9 -7.5 -0.4 -5.5 -5.7 0.2 2.5 1.9 0.5 0.6 0.5 0.1 0.8 0.7 0.1 36 37 38 39 40 41 Loans Short term (consumer credit) Long term (mortgages) 0.1 0.0 0.1 4.6 0.0 4.6 5.3 0.0 5.3 -1.5 0.0 -1.5 7.4 0.0 7.4 -3.0 0.0 -3.0 -1.2 0.0 -1.2 4.2 0.0 4.2 0.5 0.0 0.5 0.6 0.0 0.6 39 40 41 42 43 44 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 2.9 2.3 0.6 3.0 2.9 0.0 2.4 2.4 -0.1 3.3 3.2 0.2 2.9 2.2 0.7 2.2 1.0 1.2 -1.7 -1.7 -0.0 3.5 3.1 0.4 1.1 0.8 0.3 1.3 1.1 0.2 42 43 44 45 Insurance, pension and standardized guarantee schemes (3) 46 47 48 Other accounts receivable Trade receivables Other (miscellaneous assets) 49 50 51 52 53 54 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 4.7 4.6 5.5 4.4 3.7 3.4 -9.8 29.7 -11.6 15.1 45 20.6 -25.1 45.8 258.1 26.6 231.4 317.8 66.6 251.2 417.2 40.0 377.2 381.1 54.7 326.4 100.0 -3.0 102.9 -109.0 -26.3 -82.7 111.8 37.0 74.7 24.6 5.8 18.8 37.3 7.8 29.5 46 47 48 136.1 439.7 502.1 592.8 548.5 146.6 -135.8 133.1 14.2 79.3 49 73.9 9.7 10.4 -0.6 64.1 254.7 34.1 32.9 1.2 220.6 341.6 164.2 157.8 6.3 177.4 415.2 132.0 115.2 16.8 283.2 461.6 154.5 140.8 13.7 307.1 318.7 131.8 119.5 12.3 186.9 -108.7 -107.3 -102.0 -5.3 -1.4 -32.1 -15.7 -20.3 4.7 -16.5 22.1 57.3 56.7 0.6 -35.2 76.5 97.1 87.8 9.3 -20.6 50 51 52 53 54 137 Z.1, March 6, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 55 56 57 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States 58 59 60 61 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) 2004 2005 2006 2007 2008 2009 2010 2011 2012 65.5 65.6 -0.1 84.2 84.4 -0.2 -40.5 -40.6 0.1 9.7 10.6 -0.9 -36.8 -36.6 -0.2 -298.9 -298.7 -0.2 -70.3 -70.4 0.1 186.6 186.2 0.3 -51.3 -51.5 0.1 -9.7 -10.3 0.6 55 56 57 -3.3 -26.2 -0.5 23.4 100.8 23.7 8.4 68.8 201.0 49.6 8.7 142.7 168.0 14.4 9.0 144.6 123.7 26.0 3.8 93.9 126.7 5.7 6.7 114.3 43.2 16.8 -6.3 32.6 -21.4 30.3 -0.7 -50.9 43.4 7.9 1.2 34.4 12.4 1.7 1.5 9.2 58 59 60 61 -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 62 66.3 0.0 66.3 77.9 -6.6 84.5 -65.3 -24.5 -40.8 9.4 0.0 9.4 -36.8 0.0 -36.8 -303.3 -4.4 -298.9 -71.4 0.0 -71.4 190.1 -2.1 192.2 -51.9 0.0 -51.9 -18.8 -8.6 -10.2 63 64 65 509.0 493.4 376.9 116.5 1.8 -1.4 3.2 1.6 12.1 1143.1 1128.9 668.3 460.6 13.1 -0.5 13.5 1.1 0.0 1171.8 1150.1 807.6 342.5 10.3 1.1 9.2 2.6 8.8 429.5 409.3 77.1 332.2 14.0 0.7 13.3 2.7 3.6 104.2 70.3 -379.7 450.0 8.1 -0.5 8.6 2.8 23.1 -1160.3 -1176.5 -810.4 -366.1 22.1 0.1 21.9 1.5 -7.3 -1192.4 -1187.5 -477.7 -709.8 3.4 -2.7 6.1 0.2 -8.6 484.3 437.5 156.8 280.7 8.6 -2.3 10.9 2.0 36.2 538.1 487.7 188.7 299.0 16.9 1.3 15.6 2.4 31.1 697.1 670.8 397.8 273.0 12.3 1.0 11.2 4.6 9.3 66 67 68 69 70 71 72 73 74 509.0 1143.1 1171.8 429.5 104.2 -1160.3 -1192.4 484.3 538.1 697.1 75 575.2 1225.9 1119.6 438.9 67.4 -1460.3 -1257.8 682.1 487.7 683.2 76 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 75 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 76 Change in net worth (lines 24+30+63+75) 77 9350.2 10931.3 12593.8 13616.2 14268.9 13254.1 11931.9 12554.9 13108.8 13881.4 77 78 79 80 81 82 83 84 85 86 Total assets Nonfinancial assets Real estate Residential (4) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 7561.5 6754.3 4304.1 2450.2 489.9 37.0 452.9 121.1 196.2 8771.9 7914.9 4999.9 2915.0 521.0 38.5 482.5 129.7 206.2 9997.2 9082.1 5822.6 3259.4 555.8 41.7 514.0 141.2 218.2 10499.8 9529.5 5927.9 3601.7 595.8 44.4 551.4 152.0 222.4 10673.1 9636.6 5566.5 4070.0 627.3 45.5 581.8 162.4 246.8 9561.0 8487.6 4757.0 3730.6 663.3 46.6 616.8 171.0 239.0 8355.8 7301.0 4269.3 3031.8 657.1 44.0 613.1 175.8 221.9 8827.2 7720.8 4409.1 3311.7 667.4 42.2 625.2 183.0 256.0 9364.3 8195.2 4583.2 3612.0 693.7 43.7 650.0 191.0 284.4 10062.0 8858.5 4966.2 3892.4 712.9 44.1 668.8 201.8 288.8 78 79 80 81 82 83 84 85 86 87 Financial assets 1788.6 2159.4 2596.7 3116.5 3595.9 3693.1 3576.1 3727.8 3744.5 3819.4 87 504.4 190.6 313.8 598.1 297.5 300.6 698.2 374.1 324.1 793.2 448.8 344.4 875.0 515.6 359.3 877.5 519.4 358.1 887.6 534.3 353.3 887.7 531.5 356.2 889.3 529.1 360.1 909.2 543.9 365.3 88 89 90 88 89 90 Currency and deposits Currency and transferable deposits Time and savings deposits 91 92 93 Debt securities Treasury securities Municipal securities 47.6 44.9 2.7 54.5 50.2 4.3 60.6 56.2 4.4 62.1 56.3 5.8 64.6 59.3 5.3 56.7 51.8 4.9 51.2 46.1 5.1 53.7 48.1 5.6 54.3 48.6 5.7 55.1 49.3 5.8 91 92 93 94 95 96 Loans Short term (consumer credit) Long term (mortgages) 26.3 0.0 26.3 30.8 0.0 30.8 36.2 0.0 36.2 34.6 0.0 34.6 42.1 0.0 42.1 39.1 0.0 39.1 37.9 0.0 37.9 42.1 0.0 42.1 42.5 0.0 42.5 43.1 0.0 43.1 94 95 96 97 98 99 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 67.8 63.6 4.2 70.7 66.5 4.2 73.1 69.0 4.1 76.4 72.2 4.3 79.3 74.3 5.0 81.7 75.4 6.4 80.0 73.7 6.3 83.5 76.8 6.7 84.7 77.7 7.0 85.9 78.8 7.2 97 98 99 100 Insurance, pension and standardized guarantee schemes (3) 101 102 103 Other accounts receivable Trade receivables Other (miscellaneous assets) 89.2 93.7 99.2 103.6 107.3 111.5 101.7 131.4 119.8 134.9 100 1053.4 337.7 715.7 1311.5 364.3 947.1 1629.3 430.9 1198.4 2046.5 470.9 1575.6 2427.6 525.6 1902.0 2526.6 522.7 2003.9 2417.6 496.3 1921.3 2529.4 533.4 1996.0 2553.9 539.2 2014.8 2591.2 101 546.9 102 2044.3 103 Integrated Accounts Balance sheet account (end of period) 138 Z.1, March 6, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 104 105 Total liabilities and net worth Liabilities 106 107 108 109 110 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 111 Equity and investment fund shares (direct investment in the U.S.) 112 113 114 115 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 116 Net worth 2003 2004 2005 2006 2007 2008 2009 2010 2011 9350.2 10931.3 12593.8 13616.2 14268.9 13254.1 11931.9 12554.9 13108.8 13881.4 104 3282.0 3637.2 4180.2 4763.6 5348.9 5794.4 5730.0 5670.9 5737.0 5826.5 105 2301.5 606.8 479.7 127.1 1694.7 2556.1 640.9 512.6 128.3 1915.3 2897.7 805.0 670.4 134.6 2092.7 3312.9 937.1 785.7 151.4 2375.9 3774.5 1091.5 926.5 165.0 2683.0 4093.2 1223.4 1046.1 177.3 2869.9 3984.5 1116.1 944.0 172.0 2868.5 3946.3 1094.3 923.7 170.6 2852.0 3968.5 1151.6 980.4 171.2 2816.8 4047.4 1251.2 1070.6 180.6 2796.2 3.3 3.0 3.3 3.6 3.6 3.7 4.8 5.3 5.9 977.3 261.2 69.7 646.5 1078.1 284.9 78.0 715.2 1279.1 334.5 86.7 857.9 1447.1 348.9 95.7 1002.5 1570.8 374.9 99.5 1096.4 1697.5 380.6 106.2 1210.7 1740.7 397.4 99.9 1243.3 1719.3 427.7 99.2 1192.4 1762.7 435.5 100.3 1226.8 1772.7 434.8 101.9 1236.1 6068.1 7294.1 8413.7 8852.6 8920.0 7459.7 6201.9 6884.0 7371.8 8055.0 116 Integrated Accounts Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Flow of Funds Accounts. 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 2012 106 107 108 109 110 6.4 111 112 113 114 115 139 Z.1, March 6, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 5724.4 6107.9 6532.1 6988.0 7203.9 7258.1 6861.4 7243.1 7636.4 8030.8 1 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 2 4906.5 3595.7 2962.2 633.4 495.8 815.1 5257.7 3762.8 3099.9 662.9 530.9 964.1 5622.2 3930.3 3238.0 692.3 573.2 1118.7 6008.7 4129.3 3420.9 708.5 610.1 1269.3 6163.6 4305.3 3572.1 733.3 632.5 1225.8 6164.2 4358.0 3619.5 738.5 632.7 1173.5 5769.4 4088.4 3377.5 710.9 605.9 1075.1 6148.6 4168.0 3446.1 721.9 633.0 1347.6 6500.6 4374.3 3624.7 749.6 664.2 1462.1 6842.7 4600.8 3824.8 776.0 685.3 1556.5 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations (dividends) Reinvested earnings on foreign direct investment Rent 467.9 815.1 420.2 236.4 55.8 128.0 767.4 391.6 349.2 12.0 14.7 561.7 964.1 480.6 251.9 66.3 162.4 883.0 394.6 430.8 40.5 17.1 757.8 1118.7 614.6 296.9 300.3 17.4 975.6 451.0 471.1 34.0 19.4 764.6 1269.3 644.1 357.6 79.7 206.9 1148.8 521.1 550.7 56.6 20.3 669.1 1225.8 687.4 379.4 92.3 215.7 1244.1 605.7 576.9 38.9 22.6 575.9 1173.5 626.9 302.8 108.0 216.1 1224.6 584.5 582.2 32.1 25.9 633.3 1075.1 565.0 214.6 138.7 211.7 1006.8 480.0 490.4 18.1 18.2 902.4 1347.6 580.3 177.5 134.4 268.3 1025.4 444.5 509.9 51.8 19.2 960.4 1462.1 568.2 180.0 96.8 291.5 1069.9 445.6 537.0 65.7 21.6 997.2 1556.5 577.2 177.8 98.7 300.8 1136.5 451.8 577.4 85.8 21.5 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) 467.9 132.9 61.8 561.7 187.0 62.0 757.8 271.9 74.2 764.6 307.7 70.4 669.1 293.8 62.2 575.9 227.4 51.7 633.3 177.8 73.4 902.4 220.6 83.2 960.4 222.3 89.3 997.2 256.9 92.5 20 21 22 23 Equals: Disposable income, net 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 23 24 Equals: Net saving 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 24 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 273.3 273.2 -0.1 319.3 312.7 -6.7 427.2 411.7 -15.5 386.5 386.5 -0.0 313.1 313.1 -0.0 300.4 296.7 -3.7 343.8 382.1 38.3 577.7 598.6 20.9 655.2 648.8 -6.4 664.5 647.8 -16.7 25 26 27 28 158.2 211.9 280.9 360.4 341.6 264.7 -82.8 149.0 207.7 321.3 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 960.0 818.0 -2.1 18.3 1010.1 850.2 -1.8 53.9 1133.4 909.9 1.0 56.4 1259.9 979.4 13.6 66.3 1348.2 1040.3 0.4 33.3 1372.7 1093.9 17.6 -31.6 1141.9 1092.0 6.3 -139.0 1181.0 1094.6 -1.1 63.7 1305.3 1135.8 -0.9 39.1 1438.9 1188.2 -0.4 71.0 29 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 25-28) 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 33 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 34 Capital account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 87.6 780.2 945.7 700.7 1074.6 -604.2 302.4 633.2 494.1 910.4 35 133.0 44.0 71.5 17.6 56.2 3.0 37.7 15.6 120.6 60.8 49.9 9.9 -84.8 -117.2 46.6 -14.2 -62.3 -7.6 -55.7 0.9 -214.0 -59.0 -129.4 -25.5 254.5 70.7 176.9 6.8 148.7 79.7 59.9 9.1 37.1 29.7 13.2 -5.8 95.9 92.7 24.7 -21.5 36 37 38 39 10.8 10.9 2.3 -5.7 3.3 16.2 19.3 0.3 0.1 -3.6 40.4 16.0 18.1 6.0 0.3 -1.2 11.7 -6.7 -2.2 -4.0 -61.7 -53.2 -7.1 -2.4 1.1 -25.7 -12.2 -7.9 -2.6 -3.0 16.3 -1.3 12.5 4.2 0.9 15.6 12.0 5.1 1.7 -3.2 -8.5 -0.1 -5.1 -1.7 -1.6 9.2 -7.5 7.2 -2.6 12.2 40 41 42 43 44 Loans Short term (security repos and consumer credit) Long term (mortgages) -13.7 -15.9 2.2 15.4 0.6 14.8 10.2 8.5 1.7 -12.5 -4.1 -8.4 -21.7 -3.2 -18.4 -9.8 -2.1 -7.7 -5.6 -1.5 -4.1 -8.7 -7.1 -1.6 2.2 2.8 -0.6 -2.8 -2.2 -0.6 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 103.3 -30.4 5.8 125.3 0.1 2.6 284.1 10.3 -1.3 272.4 0.1 2.6 142.5 52.7 0.7 24.7 0.0 64.4 334.9 69.1 23.6 219.2 0.1 22.9 374.6 127.2 -4.9 307.0 0.1 -54.8 423.5 178.5 -16.5 262.6 -0.1 -1.1 224.3 -71.4 35.3 269.7 0.0 -9.3 183.6 -157.7 11.1 303.3 0.1 26.7 359.9 -35.4 -12.8 399.8 -0.0 8.4 362.0 -4.1 0.7 365.8 0.0 -0.4 48 49 50 51 52 53 54 Insurance, pension and standardized guarantee schemes (2) 19.1 19.7 21.3 7.6 8.3 11.0 -4.0 11.9 10.0 7.4 54 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 45 46 47 Integrated Accounts Financial account 140 Z.1, March 6, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 55 56 57 58 Other accounts receivable Trade receivables Other (miscellaneous assets) Net incurrence of liabilities 2004 2005 2006 2007 2008 2009 2010 2011 2012 -164.9 -17.7 -147.1 388.6 128.8 259.8 610.8 277.6 333.2 456.6 -15.2 471.9 837.3 159.8 677.5 -789.2 -169.5 -619.7 -183.1 -31.1 -152.0 282.2 105.7 176.5 93.4 83.4 10.0 438.6 83.5 355.1 55 56 57 13.5 614.2 965.6 839.3 1281.1 339.1 -248.5 487.8 894.4 674.5 58 59 60 61 62 Debt securities Open market paper Municipal securities Corporate bonds 124.4 -37.3 3.3 158.4 119.5 15.3 10.6 93.6 97.6 -7.7 41.9 63.5 294.5 22.4 53.3 218.8 402.6 11.3 68.4 323.0 299.1 7.7 66.0 225.4 375.8 -73.1 37.2 411.7 496.3 24.5 33.2 438.6 452.7 33.4 8.5 410.8 608.8 14.0 15.2 579.6 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) -36.0 -84.0 -91.4 7.3 48.0 129.8 55.1 4.0 51.1 74.7 274.2 83.1 -27.1 110.2 191.1 237.9 150.0 22.1 127.9 87.9 453.0 383.9 96.3 287.6 69.1 72.1 132.1 64.2 67.9 -60.0 -522.9 -394.8 -234.0 -160.8 -128.1 -292.0 -173.9 -83.5 -90.4 -118.1 72.2 129.1 68.9 60.2 -56.9 35.1 44.6 78.3 -33.7 -9.5 63 64 65 66 67 68 69 70 Equity and investment fund shares Corporate equities Foreign direct investment in the United States 0.4 -39.6 40.0 -26.7 -122.7 96.0 -243.1 -341.8 98.7 -373.7 -565.7 192.0 -574.7 -786.8 212.1 -144.8 -334.3 189.6 42.5 -62.1 104.6 -120.4 -277.4 157.0 -277.0 -472.2 195.2 -234.4 -399.5 165.1 68 69 70 71 72 73 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 56.3 -0.2 56.5 77.8 -3.1 81.0 90.7 -1.9 92.6 146.1 -2.0 148.1 -1.0 4.5 -5.6 137.8 14.7 123.0 74.3 -8.4 82.7 0.6 15.4 -14.9 -9.6 3.0 -12.5 48.1 -2.0 50.1 71 72 73 74 75 76 77 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities -131.6 -54.7 -11.7 -65.1 313.7 97.7 6.8 209.3 746.1 199.0 -1.8 548.8 534.4 109.0 -0.8 426.2 1001.2 85.1 -49.6 965.7 -25.2 -225.2 3.1 196.9 -218.2 -82.6 -3.3 -132.4 403.2 156.3 7.2 239.7 656.0 25.2 8.8 622.0 216.8 118.4 6.6 91.8 74 75 76 77 74.1 166.1 -19.9 -138.6 -206.5 -943.3 551.0 145.5 -400.3 235.9 78 131.9 0.0 163.3 40.9 -9.6 294.3 -9.2 205.3 -58.6 -39.5 327.3 -22.7 484.0 166.2 -32.1 644.3 0.0 773.4 164.7 -35.7 756.8 0.0 895.2 178.0 -39.5 -722.2 -5.8 225.6 979.0 -37.0 173.1 0.0 55.4 -124.3 6.7 414.9 0.0 657.1 283.2 -41.0 -72.2 0.0 719.5 847.8 -56.0 525.7 -6.9 630.0 107.3 -10.0 79 80 81 82 83 187.0 164.7 -20.1 22.0 20.4 1318.6 1197.8 71.0 11.8 38.0 937.7 811.5 53.0 29.3 43.9 981.1 873.2 80.9 22.2 4.7 1474.7 1341.2 33.8 31.2 68.5 -1098.8 -1150.0 104.8 12.8 -66.5 -2612.1 -2644.8 -10.1 3.0 39.9 876.0 741.8 48.4 22.2 63.6 826.1 693.9 62.2 27.6 42.5 558.3 484.6 21.1 45.2 7.4 84 85 86 87 88 26.1 18.2 7.9 89.2 11.9 77.2 94.5 8.1 86.3 31.0 15.2 15.9 154.8 9.7 145.1 -199.6 -55.2 -144.4 -15.3 20.4 -35.7 -131.9 13.6 -145.6 -15.2 -8.1 -7.1 -9.8 15.1 -24.9 89 90 91 2682.0 2672.5 9.5 1377.9 1366.1 11.8 980.7 939.8 41.0 2462.7 2481.5 -18.8 1942.3 1915.2 27.1 -5481.0 -5379.8 -101.2 2389.2 2557.7 -168.5 2122.0 2136.8 -14.8 590.9 601.5 -10.7 2001.7 2005.6 -4.0 92 93 94 -2468.9 29.9 51.4 -1450.6 -312.9 4182.6 -5016.5 -1378.0 220.1 -1453.1 95 -2063.8 643.5 805.9 -419.7 757.0 3760.8 -4499.6 -385.4 803.1 -262.8 96 21490.7 23864.6 26068.8 28204.3 31184.2 29540.0 27215.4 29012.7 30596.8 32446.8 97 11367.3 5806.6 3018.8 1181.5 1360.4 12919.8 7040.3 3161.2 1226.6 1491.7 14160.0 7911.8 3318.5 1305.5 1624.2 15536.7 8879.9 3541.7 1384.3 1730.9 17422.6 10366.4 3710.5 1473.6 1872.2 16603.1 9358.5 3894.2 1539.3 1811.1 13881.6 6777.3 3826.9 1572.1 1705.3 14979.0 7578.4 3887.7 1639.3 1873.6 16073.7 8318.9 4023.7 1719.8 2011.2 16945.9 8880.3 4146.9 1819.1 2099.6 98 99 100 101 102 10123.4 10944.8 11908.9 12667.6 13761.6 12936.9 13333.8 14033.7 14523.2 15500.8 103 605.1 204.2 362.8 38.1 661.3 207.2 400.5 53.7 781.9 268.0 450.4 63.6 697.1 150.8 497.0 49.3 634.8 143.2 441.3 50.3 420.8 84.2 311.9 24.7 675.3 155.0 488.8 31.5 824.0 234.6 548.7 40.6 861.1 264.3 561.9 34.8 957.0 357.0 586.6 13.4 104 105 106 107 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-58) 79 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (3) Less: Inventory valuation adjustment Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 89 90 91 Financial assets Mutual fund shares Direct investment abroad 92 93 94 Liabilities Corporate equity Foreign direct investment in the United States 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 28+33+79+95) (4) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 105 106 107 Total assets Nonfinancial assets (5) Real estate Equipment Intellectual property products Inventories Financial assets Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 141 Z.1, March 6, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 156.0 75.7 33.7 11.2 35.4 172.2 95.0 34.0 11.3 31.8 212.6 111.0 52.1 17.4 32.1 211.4 122.7 45.5 15.2 28.1 149.7 69.5 38.3 12.8 29.2 124.1 57.3 30.5 10.2 26.2 140.4 56.0 43.0 14.3 27.1 155.9 68.0 48.0 16.0 23.9 147.4 67.9 43.0 14.3 22.3 156.7 60.3 50.2 11.7 34.4 108 109 110 111 112 113 114 115 116 117 Loans Short term Security repurchases Consumer credit Long term (mortgages) 116.8 65.1 6.0 59.1 51.8 132.2 65.6 6.4 59.2 66.6 142.4 74.1 14.6 59.6 68.3 128.3 68.5 15.5 53.0 59.8 106.7 65.3 8.1 57.2 41.4 96.8 63.2 7.2 56.0 33.6 91.2 61.7 7.9 53.8 29.5 86.3 58.3 12.1 46.2 28.0 88.5 61.1 12.6 48.5 27.4 85.7 58.9 10.3 48.5 26.9 113 114 115 116 117 118 119 120 121 122 123 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 2170.6 289.3 114.9 1745.1 0.4 21.0 2543.9 299.6 125.6 2094.7 0.5 23.6 2809.9 352.2 134.4 2205.7 0.5 117.0 3175.9 421.3 173.2 2440.7 0.6 140.1 3701.6 548.5 178.0 2892.9 0.7 81.5 3925.3 727.0 106.3 3011.1 0.4 80.5 4134.3 655.5 162.0 3245.1 0.5 71.2 4148.8 497.8 186.8 3402.9 0.6 60.7 4493.5 462.4 165.9 3795.6 0.5 69.1 4845.7 458.3 181.7 4136.4 0.6 68.7 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes (2) 243.0 262.7 284.0 291.6 300.0 311.1 307.1 319.0 329.0 336.5 124 125 126 127 Other accounts receivable Trade receivables Other (miscellaneous assets) 6831.8 1701.8 5130.0 7172.4 1830.6 5341.8 7678.1 2108.2 5569.9 8163.2 2094.6 6068.6 8868.8 2254.4 6614.4 8058.8 2084.9 5973.8 7985.4 2053.9 5931.6 8499.6 2155.8 6343.8 8603.6 2239.2 6364.4 9119.3 2322.7 6796.6 125 126 127 128 Total liabilities and net worth 21490.7 23864.6 26068.8 28204.3 31184.2 29540.0 27215.4 29012.7 30596.8 32446.8 128 20739.9 22470.4 23868.7 26423.9 28646.8 23241.7 25416.8 27599.4 28380.5 30493.3 129 129 Liabilities 130 131 132 133 Debt securities Open market paper Municipal securities Corporate bonds 3276.6 82.5 163.9 3030.2 3407.1 97.8 185.4 3123.8 3504.7 90.1 227.3 3187.3 3799.2 112.5 280.6 3406.1 4201.9 123.8 349.0 3729.1 4501.0 131.5 415.0 3954.5 4876.8 58.4 452.2 4366.2 5373.1 82.9 485.4 4804.8 5825.8 116.3 493.9 5215.6 6434.6 130.3 509.1 5795.2 130 131 132 133 134 135 136 137 138 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 1876.9 1356.3 614.1 742.2 520.7 2006.8 1411.4 618.0 793.3 595.4 2281.0 1494.5 591.0 903.5 786.5 2539.6 1641.6 613.1 1028.5 898.0 2999.1 2032.0 715.9 1316.1 967.2 3066.3 2164.1 780.1 1384.0 902.2 2459.2 1685.2 546.0 1139.1 774.0 2100.4 1429.2 480.9 948.3 671.2 2172.6 1558.2 549.8 1008.5 614.4 2251.2 1646.4 609.5 1036.9 604.8 134 135 136 137 138 139 140 141 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 12147.2 10845.2 1302.0 13498.4 12088.6 1409.8 14236.0 12686.6 1549.4 16325.1 14602.3 1722.7 17692.7 15730.7 1961.9 12066.9 10016.6 2050.3 14498.6 12512.2 1986.4 16500.3 14371.6 2128.7 16814.1 14500.8 2313.3 18581.4 16107.0 2474.4 139 140 141 142 143 144 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 78.0 49.8 28.2 80.9 46.6 34.3 14.6 44.8 -30.1 35.9 64.7 -28.8 48.5 69.3 -20.8 761.4 84.0 677.4 573.2 75.6 497.6 537.6 91.1 446.5 580.7 94.0 486.6 532.2 92.1 440.2 142 143 144 145 146 147 148 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 3361.1 1403.9 81.2 1876.0 3477.2 1501.6 88.0 1887.7 3832.3 1700.6 86.2 2045.5 3724.0 1812.9 85.4 1825.8 3704.6 1897.9 35.8 1770.8 2846.1 1672.7 39.0 1134.4 3009.0 1590.2 35.7 1383.1 3088.1 1746.5 42.9 1298.7 2987.2 1771.7 51.7 1163.9 2693.8 1890.1 58.3 745.3 145 146 147 148 750.8 1394.3 2200.2 1780.5 2537.5 6298.3 1798.6 1413.2 2216.3 1953.5 149 149 Net worth Integrated Accounts Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Flow of Funds Accounts. 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 Flow of Funds Accounts. (5) Excludes nonproduced nonfinancial assets. n.e.c. Not elsewhere classified 142 Z.1, March 6, 2014 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Current account 1 Gross value added 885.6 922.1 1034.3 1127.6 1068.8 852.3 1015.7 1039.9 1025.1 1090.3 1 2 Less: Consumption of fixed capital 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 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 755.6 460.5 390.6 69.9 42.9 252.2 782.8 498.5 423.0 75.5 46.6 237.7 885.5 535.4 449.4 86.0 49.5 300.6 970.8 579.8 490.8 89.0 52.5 338.5 903.4 618.2 527.1 91.1 54.7 230.5 678.4 612.9 517.9 95.0 55.6 9.9 838.4 549.0 466.2 82.8 64.2 225.2 863.3 572.5 486.4 86.1 64.8 226.0 846.0 610.1 514.3 95.9 61.0 174.9 903.7 633.6 538.3 95.3 61.5 208.6 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 206.6 252.2 1439.2 1304.9 113.2 21.1 1484.8 1210.4 271.9 221.8 50.1 2.5 0.0 213.1 237.7 1675.2 1499.9 145.2 30.1 1699.7 1360.7 329.8 282.4 47.4 9.3 0.0 200.3 300.6 2078.1 1886.6 188.6 2.9 2178.4 1785.2 385.1 337.5 47.7 8.0 0.0 205.2 338.5 2657.4 2403.6 212.9 40.9 2790.8 2338.0 440.0 390.0 50.0 12.8 0.0 110.7 230.5 3096.1 2786.6 263.7 45.7 3215.8 2708.9 497.4 457.6 39.8 9.5 0.0 -1.7 9.9 2718.3 2398.5 270.3 49.5 2729.9 2275.4 447.2 424.2 23.0 7.3 0.0 290.8 225.2 2096.6 1834.4 211.1 51.1 2031.0 1636.7 390.6 316.2 74.4 3.7 0.0 375.8 226.0 2027.0 1714.0 244.8 68.3 1877.3 1469.7 396.7 311.8 84.9 10.9 0.0 324.9 174.9 2040.0 1709.2 261.1 69.6 1890.0 1455.2 419.7 366.0 53.8 15.1 0.0 322.4 208.6 1990.3 1625.8 297.2 67.3 1876.5 1372.4 484.2 431.9 52.3 19.9 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 206.6 110.9 -9.7 213.1 119.1 -6.5 200.3 140.5 -13.4 205.2 165.7 -21.1 110.7 151.7 7.5 -1.7 81.7 46.0 290.8 91.6 26.9 375.8 150.0 18.4 324.9 151.9 19.8 322.4 177.8 -12.0 22 23 24 25 Equals: Disposable income, net 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 25 26 Equals: Net saving 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 105.5 105.5 0.0 84.3 100.5 16.2 45.4 73.1 27.7 60.6 60.6 0.0 -48.5 -48.5 0.0 -68.9 -129.4 -60.5 294.2 172.3 -121.9 248.9 207.4 -41.5 185.5 153.1 -32.4 146.9 156.5 9.6 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 26.5 156.5 130.0 37.2 176.5 139.3 31.1 180.0 148.9 31.9 188.7 156.8 46.1 211.5 165.4 22.3 196.2 173.9 -10.5 166.9 177.4 -13.9 162.8 176.7 -3.8 175.2 179.0 6.8 193.4 186.6 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 33 Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 34 3078.9 3396.8 3627.7 4542.1 5188.8 4517.9 -1150.0 -351.0 1947.8 1785.5 35 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 -47.3 43.9 -12.3 74.7 170.2 1008.9 224.4 -139.8 529.3 -38.5 37 36 Monetary gold 37 Currency and deposits 38 39 40 41 42 43 44 45 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 1078.6 0.0 -153.5 88.5 431.8 110.7 576.5 24.7 464.6 0.0 40.7 -42.6 -209.8 79.5 555.9 40.9 652.7 0.0 204.7 52.0 -249.3 115.6 489.7 40.0 1108.2 0.0 241.1 84.8 96.8 131.2 518.5 35.8 1050.4 0.0 -95.5 35.4 282.6 184.7 609.9 33.3 1239.6 0.0 -8.1 442.9 724.6 42.1 -25.1 63.3 791.1 3.0 -396.8 365.7 681.4 38.4 37.4 61.9 834.5 0.0 -103.3 504.6 51.8 44.1 271.6 65.7 1342.8 0.0 -76.3 981.3 147.7 15.0 204.4 70.8 1086.6 0.0 -7.1 323.8 230.9 138.2 360.4 40.4 38 39 40 41 42 43 44 45 46 47 48 Loans Short term Long term (mortgages) 1107.9 118.4 989.5 1568.8 354.7 1214.1 1953.4 541.8 1411.6 2025.1 624.9 1400.2 2365.9 1266.9 1099.0 1648.6 1554.0 94.6 -2815.3 -2513.2 -302.2 -944.3 -439.0 -505.3 -140.4 178.0 -318.4 207.6 438.2 -230.6 46 47 48 49 50 51 52 53 54 55 56 Equity and investment fund shares Corporate equities Mutual fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 330.7 257.1 -2.0 -78.0 2.5 24.3 0.5 126.4 658.2 331.8 95.5 -110.3 2.4 43.8 3.1 291.9 532.1 284.8 47.0 12.0 2.0 11.5 1.6 173.2 499.8 179.5 96.7 -6.7 -0.0 25.8 1.8 202.8 1222.8 422.0 88.6 330.8 8.3 107.0 3.1 263.1 833.1 213.5 47.7 283.1 -5.3 66.4 2.6 225.0 46.4 170.4 68.9 -174.0 0.0 40.7 4.6 -64.1 -133.9 81.4 17.1 -171.7 -3.2 -2.3 0.9 -56.0 -62.8 -86.3 -14.3 -68.0 -6.2 9.2 0.4 102.4 359.7 165.1 71.2 -17.8 -2.0 22.5 0.5 120.3 49 50 51 52 53 54 55 56 143 Z.1, March 6, 2014 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 57 Insurance, pension and standardized guarantee schemes 273.1 239.2 194.1 257.1 207.0 326.4 460.8 293.8 321.2 270.2 57 58 Other accounts receivable 335.8 422.2 307.7 577.2 172.5 -538.7 142.7 -261.4 -42.2 -100.1 58 59 Net incurrence of liabilities 2891.6 3412.3 3271.5 4267.9 4990.1 4625.7 -983.9 -147.9 2024.0 1729.8 59 450.3 598.3 611.3 617.4 548.2 2134.9 258.2 331.7 1455.3 602.0 60 1010.5 586.2 487.8 -63.5 805.8 115.8 668.3 21.7 1039.8 80.4 745.2 214.2 1319.9 328.2 795.3 196.4 1503.3 905.7 709.1 -111.5 361.4 768.7 -281.9 -125.4 -1094.1 -60.1 -586.0 -448.1 -724.3 -46.9 -575.2 -102.2 -415.8 -21.9 -325.8 -68.2 -290.8 -22.4 -209.6 -58.8 61 62 63 64 375.2 366.3 8.9 303.5 278.0 25.5 432.1 418.0 14.1 568.2 561.6 6.6 588.4 583.7 4.7 -72.3 -79.1 6.8 -1077.0 -1080.3 3.4 -451.3 -451.5 0.2 -18.2 -27.3 9.1 -3.6 -19.3 15.6 65 66 67 250.5 -212.6 66.0 288.1 3.2 23.9 -3.4 84.9 0.5 649.7 -136.4 118.1 296.3 2.5 50.2 -4.2 320.1 3.1 698.0 125.1 78.4 260.2 1.9 13.9 -1.2 218.1 1.6 931.5 303.1 60.0 336.8 0.2 52.0 -6.8 184.4 1.8 1469.0 736.8 179.6 361.5 9.1 9.3 3.6 166.1 3.1 1717.6 724.2 639.5 -9.9 -4.2 120.7 11.6 233.0 2.6 271.0 -498.7 316.3 497.1 0.0 45.7 0.6 -94.5 4.6 73.7 -503.2 191.3 370.1 -2.7 48.5 0.9 -32.0 0.9 498.8 -112.8 164.1 338.4 -5.9 34.9 -1.7 81.5 0.4 977.9 7.1 168.6 624.9 -1.8 0.7 6.5 171.5 0.5 68 69 70 71 72 73 74 75 76 60 Currency and deposits 61 62 63 64 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 65 66 67 Loans Short term Long term (mortgages) 68 69 70 71 72 73 74 75 76 Equity and investment fund shares Money market mutual fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 77 Insurance, pension and standardized guarantee schemes 696.0 720.1 662.6 662.2 683.9 635.0 530.3 625.9 633.0 500.6 77 78 Other accounts payable 109.1 334.9 -172.2 168.7 197.3 -150.8 127.8 -3.6 -129.0 -56.3 78 187.3 -15.4 356.2 274.2 198.7 -107.8 -166.1 -203.1 -76.2 55.7 79 -705.1 0.0 -813.5 -108.4 -386.1 -1.7 -322.0 62.5 45.2 -1.7 -295.1 -341.9 -51.2 0.0 -296.6 -245.4 0.7 0.0 -292.6 -293.3 1326.6 -0.6 1343.8 16.6 -1154.3 0.0 -683.4 470.8 -955.3 2.1 -491.5 465.9 -198.2 0.0 67.4 265.6 -432.4 -2.0 -345.9 84.5 80 81 82 83 79 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-59) 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-79) (3) Other changes in volume account Revaluation account 84 85 86 87 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 12.4 17.2 -3.4 -1.5 71.7 63.9 8.1 -0.3 78.4 75.1 2.0 1.2 71.9 66.9 2.9 2.1 36.3 38.1 -3.1 1.4 65.6 59.0 5.3 1.3 -48.7 -47.0 -0.6 -1.0 4.3 1.4 2.9 -0.0 41.9 35.0 6.0 0.9 26.2 15.8 6.6 3.7 84 85 86 87 88 89 90 91 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 2145.3 1862.7 252.7 30.0 1178.7 1004.1 124.0 50.6 928.9 614.4 283.9 30.7 1210.1 922.0 252.4 35.7 759.9 622.4 91.8 45.8 -5986.6 -5096.5 -900.9 10.8 2677.7 2141.1 482.4 54.2 1726.4 1413.1 272.7 40.7 -579.7 -523.7 -43.7 -12.3 1812.8 1481.2 280.4 51.2 88 89 90 91 92 93 94 95 96 97 98 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Pension fund reserves Investment by parent 2045.8 795.9 726.8 8.4 11.4 503.3 0.0 1149.0 459.1 483.8 4.0 2.4 199.7 0.0 880.8 262.4 352.4 9.4 1.7 254.8 0.0 1583.0 716.1 682.6 22.5 4.8 156.9 0.0 -539.6 -985.4 396.0 -56.7 -0.6 107.0 0.0 -6423.3 -2366.2 -2424.7 -157.6 -13.6 -1461.2 0.0 2178.7 386.3 1035.6 17.9 3.6 735.9 -0.6 1595.6 526.0 582.2 34.1 0.3 455.0 -2.0 -790.9 -373.5 -340.4 35.9 -1.1 -111.4 -0.3 1859.0 691.5 717.8 15.5 -1.0 435.3 -0.1 92 93 94 95 96 97 98 111.9 101.4 126.5 -301.0 1335.9 502.3 450.3 135.1 253.1 -19.9 99 -487.8 -200.5 217.1 -291.5 1288.1 1760.1 -409.7 -571.3 240.4 -305.4 100 46280.8 50843.8 55160.1 60966.4 66879.9 67243.7 68608.8 69475.4 71010.9 75224.2 101 1194.4 690.2 400.4 103.9 1301.7 759.9 427.4 114.4 1409.5 841.3 447.3 120.8 1513.3 916.3 469.8 127.1 1595.7 969.3 487.8 138.5 1683.0 1035.8 493.6 153.7 1623.8 988.3 468.4 167.1 1616.3 979.3 469.3 167.7 1654.4 1001.8 479.9 172.7 1685.4 1005.8 497.0 182.5 102 103 104 105 99 Changes in net worth due to nominal holding gains/losses 100 Change in net worth (lines 30+33+80+99) Balance sheet account (end of period) 101 102 103 104 105 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products Integrated Accounts Changes in balance sheet account 144 Z.1, March 6, 2014 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2008 2009 2010 2011 2012 106 Financial assets 45086.4 49542.1 53750.6 59453.2 65284.2 65560.6 66985.0 67859.1 69356.6 73538.9 106 107 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107 108 Currency and deposits 734.4 779.4 764.4 814.1 986.6 2031.3 2270.3 2176.3 2705.7 2691.4 108 109 110 111 112 113 114 115 116 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 13552.5 2.2 796.6 1636.4 4577.3 1151.0 4574.1 815.0 14037.1 2.2 837.3 1593.8 4387.5 1230.5 5130.0 855.9 14670.5 2.2 1042.0 1645.8 4138.2 1346.1 5613.4 882.9 15692.4 2.2 1280.1 1735.2 4150.6 1477.0 6128.5 918.7 16742.8 2.2 1184.6 1770.6 4433.3 1661.7 6738.4 952.0 17984.9 2.2 1176.1 2213.6 5157.8 1703.8 6716.1 1015.3 18798.5 5.2 779.3 2579.3 5893.7 1742.2 6721.6 1077.2 19054.1 5.2 676.0 3083.9 5482.7 1786.3 6877.0 1142.9 20396.6 5.2 599.7 4065.2 5630.4 1801.3 7081.1 1213.7 21575.6 5.2 592.6 4401.1 5875.4 1939.5 7507.8 1254.1 109 110 111 112 113 114 115 116 117 118 119 Loans Short term Long term (mortgages) 14514.7 5525.7 8989.0 16098.4 5880.4 10218.0 18051.8 6422.2 11629.6 20045.3 6991.9 13053.4 22400.7 8248.3 14152.4 24049.0 9802.0 14246.9 21261.1 7316.3 13944.8 20229.9 6923.4 13306.6 20089.5 7101.3 12988.2 20467.1 7714.6 12752.5 117 118 119 120 121 122 123 124 125 126 127 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 12012.3 8093.8 1452.4 614.7 37.7 309.4 8.8 1495.4 13849.2 9429.7 1671.9 504.4 40.1 403.8 11.9 1787.3 15310.2 10328.9 2002.8 516.4 42.0 446.0 13.5 1960.6 17142.3 11465.4 2351.9 563.8 42.0 507.4 15.3 2196.5 19125.0 12509.7 2532.3 894.5 50.3 660.2 18.5 2459.6 13971.5 7626.7 1679.2 1177.7 45.0 737.4 21.1 2684.6 17371.8 9938.1 2230.4 1003.7 45.0 832.3 25.6 3296.6 18964.3 11432.6 2520.2 832.0 41.7 870.7 26.5 3240.6 18321.8 10822.6 2462.3 764.0 35.5 867.5 26.9 3343.0 20921.0 12468.9 2813.9 746.1 33.5 941.3 27.4 3889.9 120 121 122 123 124 125 126 127 128 Insurance, pension and standardized guarantee schemes 1896.2 2107.5 2112.2 2155.0 2256.1 4013.5 3842.8 4168.2 4515.8 4418.3 128 129 Other accounts receivable 2365.2 2659.5 2830.4 3593.2 3762.0 3499.3 3429.4 3255.2 3316.2 3454.4 129 130 Total liabilities and net worth 46280.8 50843.8 55160.1 60966.4 66879.9 67243.7 68608.8 69475.4 71010.9 75224.2 130 47239.0 52002.4 56101.6 62199.5 66824.9 65428.6 67203.4 68641.3 69936.4 74455.1 131 6871.6 7495.3 8106.6 8724.0 9272.2 11407.0 11665.2 11992.7 13448.0 14053.2 132 10158.8 5944.5 3279.9 934.4 10979.4 6060.3 3963.1 956.0 11964.7 6140.7 4653.8 1170.2 13254.8 6468.9 5422.4 1363.5 14888.0 7374.6 6261.3 1252.1 15249.1 8143.4 5979.4 1126.3 14480.4 8083.3 5718.8 678.2 13473.1 7574.0 5323.1 576.0 13057.3 7552.1 4997.3 507.9 12963.7 7529.7 4984.9 449.1 133 134 135 136 2835.8 2730.0 105.9 3139.3 3008.0 131.4 3571.4 3425.9 145.5 4136.4 3984.3 152.1 4724.7 4568.0 156.7 4652.4 4488.9 163.5 3707.1 3540.2 166.9 3244.1 3077.0 167.1 3225.9 3049.7 176.2 3284.9 3093.2 191.8 137 138 139 131 Liabilities 132 Currency and deposits 133 134 135 136 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 137 138 139 Loans Short term Long term (mortgages) 140 141 142 143 144 145 146 147 148 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 12194.3 2004.4 3713.9 4652.9 42.3 275.7 13.0 1483.4 8.8 13793.2 1868.0 4291.1 5433.0 44.8 329.9 11.2 1803.4 11.9 15146.2 1993.1 4631.9 6045.6 46.7 353.2 11.7 2050.4 13.5 17537.1 2296.3 5408.0 7065.0 46.9 427.8 9.7 2268.1 15.3 18355.7 3033.0 4602.2 7822.6 56.0 380.4 12.6 2430.5 18.5 15111.2 3757.3 2875.4 5388.0 51.8 343.5 10.7 2663.5 21.1 17501.1 3258.6 3578.1 6920.7 51.8 407.0 14.8 3244.5 25.6 18678.2 2755.4 4295.4 7873.0 49.0 489.6 15.9 3173.4 26.5 18497.5 2642.5 4085.9 7870.9 43.1 560.4 13.1 3254.6 26.9 21435.7 2649.6 4946.1 9323.6 41.2 576.6 18.6 3852.6 27.4 140 141 142 143 144 145 146 147 148 149 Insurance, pension and standardized guarantee schemes 13315.7 14559.7 15525.9 16602.8 17445.8 16502.8 17814.3 19421.2 19931.3 20930.8 149 150 Other accounts payable 1862.7 2035.4 1786.8 1944.5 2138.5 2506.1 2035.3 1832.0 1776.5 1786.7 150 -958.1 -1158.6 -941.5 -1233.1 55.0 1815.1 1405.4 834.1 1074.5 769.1 151 151 Integrated Accounts 2003 Net worth Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Excludes land. Includes corporate and noncorporate financial business. SDRs Special Drawing Rights 145 Z.1, March 6, 2014 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Current account 1 Gross value added 498.1 525.8 552.7 577.6 605.4 637.6 668.8 704.5 719.7 716.7 1 2 Less: Consumption of fixed capital 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 327.8 321.1 234.8 86.3 6.7 347.2 342.3 249.9 92.4 4.9 363.3 362.4 263.5 98.9 0.9 376.9 375.1 271.7 103.5 1.8 392.6 390.5 283.3 107.3 2.0 411.3 410.4 296.7 113.7 0.8 434.3 433.5 312.2 121.3 0.7 459.1 462.2 328.5 133.7 -3.1 463.2 470.5 331.7 138.9 -7.3 454.5 467.9 328.0 139.9 -13.4 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) -221.2 6.7 90.2 -49.0 23.5 16.5 0.0 7.0 292.6 -226.6 4.9 95.2 -46.0 25.3 16.6 0.1 8.7 306.1 -277.4 0.9 99.4 -60.5 27.2 17.3 0.2 9.7 344.4 -293.5 1.8 99.2 -51.1 29.0 18.8 0.3 9.9 372.3 -325.6 2.0 94.6 -47.5 33.4 22.1 0.2 11.1 408.2 -308.9 0.8 94.0 -49.6 33.9 19.5 0.6 13.8 388.0 -269.9 0.7 91.4 -56.9 48.5 22.8 18.7 7.0 353.6 -286.6 -3.1 96.8 -54.3 54.6 29.5 17.0 8.0 380.6 -323.2 -7.3 108.6 -59.4 57.4 28.5 18.8 10.1 422.6 -320.0 -13.4 118.0 -56.8 52.9 22.2 21.1 9.6 420.6 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) -221.2 980.8 763.2 973.1 25.5 350.3 -226.6 1058.8 808.9 1025.5 29.0 363.0 -277.4 1285.2 853.4 1090.9 32.0 384.2 -293.5 1459.2 905.7 1196.7 36.8 375.8 -325.6 1542.5 947.2 1272.2 41.0 401.3 -308.9 1354.1 974.4 1407.4 48.6 416.0 -269.9 1072.4 950.8 1624.9 66.2 510.7 -286.6 1208.2 970.9 1726.6 64.4 555.9 -323.2 1387.5 904.3 1745.3 66.1 529.0 -320.0 1518.0 937.8 1790.5 49.7 493.1 17 18 19 20 21 22 23 24 Equals: Disposable income, net Less: Final consumption expenditures 224.9 628.5 281.6 681.4 418.0 723.4 535.8 763.9 531.6 798.4 244.7 879.8 -316.1 933.7 -325.6 1003.9 -239.6 1008.7 -98.0 1011.7 23 24 25 Equals: Net saving -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 25 -444.6 -403.5 41.1 -439.1 -399.8 39.3 -365.8 -305.4 60.3 -271.3 -228.1 43.2 -319.7 -266.7 53.0 -752.7 -635.1 117.6 -1436.1 -1249.8 186.3 -1455.9 -1329.5 126.3 -1362.0 -1248.3 113.8 -1194.3 -1109.7 84.7 26 27 28 25.1 31.6 31.5 22.9 35.3 29.1 40.6 53.7 38.0 20.4 29 196.4 170.3 -0.9 211.0 178.6 -0.8 222.9 189.4 -2.0 238.0 200.7 -14.4 251.4 212.8 -3.3 275.8 226.3 -20.4 284.0 234.5 -8.9 300.0 245.3 -1.0 295.4 256.5 -0.9 284.0 262.3 -1.4 30 31 32 -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 33 -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 34 35.1 5.3 30.8 -14.4 0.6 580.0 237.8 281.1 -154.8 116.4 35 -0.6 0.0 -0.6 0.4 -0.0 0.4 -4.5 0.0 -4.5 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 48.2 0.0 48.2 0.0 0.0 0.0 -1.8 0.0 -1.8 0.0 0.0 0.0 36 37 38 -16.9 0.3 -1.5 9.3 -25.2 0.2 -34.6 0.3 -3.8 -31.0 -0.0 -0.0 -0.9 0.3 -10.2 12.2 -1.0 -2.2 -5.5 0.4 -3.3 -2.7 0.2 -0.0 25.7 0.5 -1.0 25.1 1.2 -0.1 316.0 0.6 3.5 313.1 -1.3 0.0 -170.0 0.3 3.4 -174.2 0.3 0.2 150.6 0.3 1.3 148.9 0.1 0.1 -240.0 -0.2 18.2 -257.6 -0.3 -0.1 11.0 0.2 4.0 6.7 0.2 -0.1 39 40 41 42 43 44 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 45 46 47 -2.6 -0.1 1.9 -2.0 -2.5 2.3 0.7 3.7 -3.0 1.6 -0.9 -3.3 3.7 -7.0 2.4 5.9 2.2 1.6 0.6 3.7 6.9 4.8 7.0 -2.2 2.1 39.0 25.5 19.5 6.0 13.5 166.5 154.0 87.9 66.0 12.6 130.5 136.7 133.1 3.5 -6.2 137.4 133.3 128.5 4.8 4.1 136.2 134.6 132.1 2.5 1.6 48 49 50 51 52 1.4 0.0 1.4 0.0 0.0 2.0 0.0 2.0 0.0 0.0 1.3 0.0 1.3 0.0 0.0 2.0 0.0 2.0 0.0 0.0 1.7 0.0 1.7 0.0 0.0 257.7 256.3 1.4 0.0 0.0 3.4 0.6 1.7 0.0 1.2 30.4 24.1 2.3 0.0 4.0 43.5 40.3 2.6 0.0 0.7 -10.7 -13.2 2.4 0.0 0.0 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) 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 Integrated Accounts Financial account 146 Z.1, March 6, 2014 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 58 59 60 61 62 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) Net incurrence of liabilities 2004 2005 2006 2007 2008 2009 2010 2011 2012 53.8 19.1 34.4 0.4 35.1 10.5 23.3 1.4 35.8 9.2 26.0 0.6 -17.1 -11.6 -6.5 1.0 -33.8 1.2 -35.4 0.4 -87.2 4.2 -62.0 -29.4 47.1 -21.1 35.9 32.3 16.5 -0.7 27.1 -9.8 24.2 4.8 20.8 -1.3 11.1 2.6 11.9 -3.5 58 59 60 61 566.0 479.4 453.6 296.0 391.2 1369.0 1536.1 1697.8 1200.7 1242.2 62 63 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 63 64 Currency and deposits 0.6 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 64 65 66 67 68 69 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 420.7 0.0 398.4 -2.4 24.7 402.8 0.0 362.5 -0.6 40.9 346.9 0.0 307.3 -0.4 40.0 219.1 0.0 183.7 -0.3 35.8 270.4 0.0 237.5 -0.4 33.3 1302.5 0.0 1239.0 0.2 63.3 1508.8 3.0 1443.7 0.1 61.9 1645.9 0.0 1579.6 0.7 65.7 1138.7 0.0 1066.8 1.1 70.8 1180.6 0.0 1140.6 -0.4 40.4 65 66 67 68 69 70 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70 71 72 73 74 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 75.6 1.1 19.6 54.9 59.5 1.1 17.4 41.0 67.2 1.1 23.0 43.1 64.5 1.5 18.1 44.9 92.7 1.2 43.9 47.7 45.1 1.0 26.5 17.6 33.3 1.1 16.6 15.6 43.5 0.9 22.5 20.2 39.1 1.3 18.5 19.2 61.9 0.3 13.3 48.2 71 72 73 74 75 76 77 Other accounts payable Trade payables Other (miscellaneous liabilities) 69.1 71.7 -2.6 16.4 15.4 1.0 38.7 33.7 5.0 11.8 6.2 5.6 28.7 29.3 -0.6 22.2 22.6 -0.3 -53.2 -56.2 2.9 8.7 6.3 2.4 23.0 9.4 13.6 -0.3 8.0 -8.3 75 76 77 -530.9 -474.1 -422.8 -310.4 -390.6 -789.0 -1298.3 -1416.7 -1355.5 -1125.7 78 -94.4 0.0 -33.3 61.1 -27.7 0.0 -24.2 3.5 -46.3 -0.5 -20.3 25.5 31.3 0.0 47.4 16.1 10.8 0.0 46.5 35.7 87.8 0.0 95.0 7.2 122.4 0.0 -55.9 -178.4 -21.5 0.0 -114.3 -92.8 47.0 0.0 2.5 -44.6 75.1 0.0 -13.9 -89.0 79 80 81 82 45.2 25.3 4.0 16.0 114.8 91.6 10.9 12.2 116.8 94.1 7.3 15.4 116.4 95.2 10.4 10.8 93.0 60.7 7.6 24.8 69.0 44.0 11.8 13.2 -36.0 -48.4 8.6 3.8 61.3 18.1 5.0 38.2 63.3 46.6 11.0 5.7 41.2 34.7 5.5 0.9 83 84 85 86 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 79 80 81 82 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-82]) (2) Revaluation account 83 84 85 86 Nonfinancial assets Structures Equipment Intellectual property products 87 88 89 90 91 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program 3.1 1.1 2.1 0.0 0.0 1.3 0.5 0.8 0.0 0.0 -2.1 -0.9 -1.2 0.0 0.0 0.8 0.4 0.3 0.0 0.0 0.7 0.5 0.2 0.0 0.0 -67.9 -0.2 -0.0 -67.7 0.0 -121.6 0.2 0.3 -121.9 -0.3 -43.7 -1.0 -0.2 -41.5 -1.0 -40.5 -0.1 -7.8 -32.4 -0.2 -9.0 0.1 -4.3 -4.7 -0.1 87 88 89 90 91 92 93 Liabilities SDR allocations 0.6 0.6 0.3 0.3 -0.6 -0.6 0.4 0.4 0.4 0.4 -0.2 -0.2 0.2 0.2 -1.0 -1.0 -0.2 -0.2 0.1 0.1 92 93 94 Changes in net worth due to nominal holding gains/losses 47.7 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 23.0 32.1 94 -491.3 -351.1 -296.8 -123.3 -215.6 -663.6 -1471.6 -1458.8 -1292.0 -1087.1 95 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.0 4463.3 4626.5 96 2130.4 999.1 474.9 656.3 2277.1 1088.2 498.3 690.6 2426.5 1176.5 520.7 729.3 2579.8 1266.6 550.7 762.4 2711.3 1325.4 576.7 809.3 2829.2 1369.8 616.2 843.2 2842.1 1326.1 649.8 866.2 2957.5 1352.5 680.9 924.1 3059.2 1404.1 709.6 945.5 3121.6 1435.6 730.5 955.5 97 98 99 100 659.7 640.6 643.7 658.3 703.9 1292.4 1387.1 1611.5 1404.0 1504.8 101 12.6 0.0 12.6 13.6 0.0 13.6 8.2 0.0 8.2 8.9 0.0 8.9 9.5 0.0 9.5 9.3 0.0 9.3 57.8 0.0 57.8 56.8 0.0 56.8 55.0 0.0 55.0 55.1 0.0 55.1 102 103 104 Changes in balance sheet account 95 Change in net worth (lines 29+33+79+94) 96 Total assets Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 Nonfinancial assets (3) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings 147 Z.1, March 6, 2014 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 105 106 107 108 109 110 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 111 112 113 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 114 115 116 117 118 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 119 120 121 122 123 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 124 125 126 127 128 129 2005 2006 2007 2008 2009 2010 2011 2012 101.8 19.9 22.7 54.1 2.4 2.8 68.0 21.4 19.6 21.9 2.4 2.8 65.9 18.9 8.1 36.8 1.4 0.6 60.8 20.5 5.2 32.9 1.7 0.6 86.7 22.5 4.4 56.5 2.8 0.5 402.7 24.8 7.8 368.0 1.6 0.5 233.0 25.2 11.5 193.6 1.9 0.7 383.4 26.0 12.6 342.1 2.0 0.8 135.6 25.8 23.0 84.3 1.7 0.7 142.4 24.9 22.8 92.0 2.0 0.7 105 106 107 108 109 110 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 197.0 196.4 0.6 150.1 149.2 0.9 31.9 31.1 0.8 0.6 0.0 0.6 111 112 113 272.4 199.8 82.4 117.5 72.6 274.7 200.5 86.1 114.4 74.2 273.8 197.2 89.8 107.4 76.6 296.9 216.6 108.7 108.0 80.3 303.8 221.4 115.7 105.8 82.4 342.8 247.0 135.1 111.8 95.8 509.3 400.9 223.1 177.9 108.4 643.4 537.6 356.2 181.4 105.8 780.8 670.9 484.7 186.3 109.9 917.0 805.5 616.8 188.7 111.5 114 115 116 117 118 40.0 0.0 40.0 0.0 0.0 42.0 0.0 42.0 0.0 0.0 43.2 0.0 43.2 0.0 0.0 45.3 0.0 45.3 0.0 0.0 46.9 0.0 46.9 0.0 0.0 237.0 188.7 48.3 0.0 0.0 118.2 67.4 50.0 0.0 0.9 106.1 49.9 52.3 0.0 3.8 117.0 57.8 54.9 0.0 4.4 101.5 39.9 57.3 0.0 4.4 119 120 121 122 123 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 232.8 51.3 93.7 87.9 242.3 61.8 91.2 89.3 252.5 71.0 91.6 89.9 246.5 59.4 96.1 91.0 257.0 60.6 105.0 91.4 246.2 64.7 119.4 62.0 271.8 43.6 133.9 94.3 271.7 42.9 144.3 84.5 283.7 47.7 152.8 83.2 288.2 50.3 158.1 79.8 124 125 126 127 Total liabilities and net worth 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.0 4463.3 4626.5 128 6442.4 6921.2 7370.4 7661.6 8054.2 9424.3 11003.5 12802.1 13988.3 15238.7 129 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 130 26.0 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 131 4850.2 2.2 4008.2 24.9 815.0 5253.1 2.2 4370.7 24.3 855.9 5587.0 2.2 4678.0 23.8 882.9 5806.1 2.2 4861.7 23.5 918.7 6076.5 2.2 5099.2 23.1 952.0 7379.0 2.2 6338.2 23.3 1015.3 8887.8 5.2 7781.9 23.5 1077.2 10533.8 5.2 9361.5 24.2 1142.9 11672.5 5.2 10428.3 25.3 1213.7 12853.0 5.2 11568.9 24.9 1254.1 132 133 134 135 136 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137 1399.4 40.5 35.0 1324.0 1459.1 41.6 52.4 1365.2 1540.9 42.7 75.4 1422.8 1606.0 44.2 93.5 1468.3 1699.5 45.4 137.3 1516.8 1746.1 46.4 163.8 1535.8 1825.5 47.5 180.4 1597.6 1973.5 48.4 202.9 1722.2 2012.2 49.7 221.4 1741.1 2074.4 50.0 234.8 1789.6 138 139 140 141 159.5 153.6 5.8 174.6 169.0 5.6 208.1 202.7 5.4 214.0 208.9 5.1 243.1 238.2 4.9 265.1 260.8 4.3 208.6 204.6 4.0 214.5 210.9 3.6 223.5 220.3 3.2 231.0 228.3 2.8 142 143 144 -3652.3 -4003.4 -4300.2 -4423.5 -4639.0 -5302.7 -6774.2 -8233.1 -9525.1 -10612.2 145 Liabilities 130 SDR allocations 131 Currency and deposits 132 133 134 135 136 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 137 Loans (mortgages) 138 139 140 141 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 142 143 144 Other accounts payable Trade payables Other (miscellaneous liabilities) 145 2004 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 148 Z.1, March 6, 2014 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1077.2 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1468.0 1491.9 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 942.6 945.4 678.5 266.9 -2.8 993.9 1000.6 702.7 297.9 -6.7 1034.4 1041.8 728.0 313.7 -7.3 1080.0 1091.1 763.3 327.8 -11.1 1131.9 1150.4 805.6 344.9 -18.5 1185.0 1207.1 847.4 359.7 -22.0 1211.3 1232.6 862.9 369.7 -21.4 1241.5 1261.3 862.6 398.7 -19.8 1246.3 1262.8 862.8 400.0 -16.5 1260.6 1274.8 869.3 405.5 -14.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) 673.5 -2.8 717.8 -0.1 73.8 64.5 1.7 7.6 115.2 728.0 -6.7 768.7 -0.4 76.8 66.4 2.0 8.5 110.5 804.2 -7.3 835.1 -0.4 88.6 76.8 2.0 9.8 111.8 868.3 -11.1 892.7 -0.4 107.2 94.7 2.1 10.4 120.1 910.7 -18.5 940.0 -7.1 117.9 104.2 2.2 11.5 121.5 901.6 -22.0 947.9 -3.0 105.7 91.0 2.6 12.1 127.0 811.0 -21.4 934.8 -1.4 87.8 74.4 2.1 11.2 188.8 829.5 -19.8 960.4 -1.6 82.6 69.1 2.3 11.2 192.1 858.5 -16.5 988.5 -0.5 80.0 66.3 2.3 11.4 192.9 857.7 -14.3 1004.9 -0.5 78.5 64.2 2.4 11.9 211.0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) 673.5 260.8 19.9 353.6 405.0 728.0 289.2 24.7 385.0 422.4 804.2 331.4 24.6 406.6 436.4 868.3 361.7 21.5 403.9 438.9 910.7 381.4 18.9 433.3 460.9 901.6 381.0 18.7 455.4 477.8 811.0 333.4 18.6 492.6 566.1 829.5 345.3 18.1 523.8 612.0 858.5 377.7 18.3 532.0 581.8 857.7 400.2 17.5 544.3 552.6 17 18 19 20 21 22 Equals: Disposable income, net 1005.7 1079.2 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1304.3 1283.7 22 23 Less: Final consumption expenditures 1127.1 1187.6 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1517.4 1536.4 23 24 Equals: Net saving -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 24 -69.5 -121.4 -52.0 -60.4 -108.4 -48.0 -16.2 -66.6 -50.4 18.4 -39.4 -57.8 -13.4 -72.7 -59.3 -101.8 -165.1 -63.2 -204.2 -271.9 -67.7 -160.6 -237.3 -76.7 -139.2 -213.1 -73.9 -178.6 -252.7 -74.1 25 26 27 145.8 145.0 143.5 155.0 167.9 172.5 167.2 149.7 125.7 113.8 28 268.9 134.5 11.4 277.5 143.8 11.3 290.8 157.3 10.0 314.3 170.3 11.0 340.8 186.6 13.6 358.8 200.2 13.8 363.0 208.2 12.3 351.9 212.7 10.6 337.2 221.7 10.1 334.9 231.4 10.2 29 30 31 -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 32 -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 33 Capital account 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 28 29 30 31 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 32 Net lending (+) or borrowing (-), capital account (lines 25-28) Integrated Accounts Financial account 33 Net lending (+) or borrowing (-) (line 32) 34 Net acquisition of financial assets 46.3 171.2 254.1 205.1 237.9 -103.4 10.8 66.1 -56.6 -77.0 34 35 36 37 Currency and deposits Currency and transferable deposits Time and savings deposits 27.3 7.0 20.3 4.2 -3.5 7.7 19.0 15.8 3.2 22.3 5.4 16.9 33.0 -0.2 33.3 27.3 8.5 18.8 28.4 19.2 9.3 -1.3 5.6 -6.9 31.1 16.6 14.4 11.3 -8.9 20.3 35 36 37 38 39 40 41 42 43 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 22.8 -0.7 7.1 12.0 0.4 3.9 95.7 2.7 43.1 36.8 1.1 11.9 155.6 -0.1 107.3 35.7 1.2 11.5 109.9 -1.4 58.3 39.0 1.4 12.6 135.3 -2.4 77.3 44.3 1.6 14.3 -91.6 -22.0 -46.3 -18.2 0.4 -5.6 -42.3 -39.0 -17.4 9.7 1.0 3.3 50.8 13.0 6.8 22.4 1.4 7.4 -72.9 -10.8 -45.5 -12.7 0.1 -4.0 -57.6 -5.4 -12.7 -29.4 -0.8 -9.4 38 39 40 41 42 43 44 45 46 Loans Short term Long term (mortgages) 6.6 1.7 5.0 22.0 7.1 14.9 20.3 5.7 14.6 21.8 5.7 16.1 24.5 6.2 18.3 -18.0 -12.0 -5.9 0.7 -4.2 4.9 8.6 -1.4 10.0 -11.0 -6.5 -4.5 -18.6 -6.9 -11.7 44 45 46 47 48 49 50 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares -4.7 4.8 -7.9 -1.6 21.5 12.8 5.3 3.4 21.5 13.6 4.4 3.5 23.8 15.4 4.5 3.9 27.2 17.8 4.9 4.4 -5.8 2.7 -7.8 -0.6 9.1 9.8 -2.3 1.7 16.3 13.7 -0.3 2.8 -5.1 -0.1 -4.3 -0.7 -16.4 -8.8 -5.0 -2.6 47 48 49 50 51 52 53 54 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) -5.8 -1.9 0.8 -4.7 27.8 8.5 12.9 6.4 37.7 17.4 14.3 6.0 27.4 8.9 12.1 6.4 17.9 7.8 3.0 7.2 -15.4 -15.4 5.2 -5.2 14.8 -4.6 -5.8 25.2 -8.3 13.1 1.1 -22.5 1.3 2.3 2.2 -3.2 4.3 8.2 1.5 -5.5 51 52 53 54 149 Z.1, March 6, 2014 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 55 Net incurrence of liabilities 56 57 58 Debt securities (municipals) Short term Other 59 Loans (short term) 60 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 61 Other accounts payable (trade payables) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 34-55) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 268.1 329.0 230.7 213.9 306.5 233.0 445.0 377.3 272.7 184.8 55 120.5 10.4 110.1 178.5 22.2 156.3 141.1 -1.7 142.8 100.3 -8.2 108.5 146.0 16.8 129.2 17.1 4.6 12.5 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 56 57 58 0.1 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 59 118.8 120.2 57.1 78.7 123.1 176.5 293.0 269.3 287.0 151.0 60 28.8 30.0 31.9 34.3 36.7 38.6 38.9 38.5 38.4 39.1 61 -221.8 -157.8 23.4 -8.7 -68.6 -336.4 -434.2 -311.2 -329.4 -261.8 62 338.6 0.0 345.2 6.6 -698.5 0.0 -746.1 -47.6 215.9 -10.7 43.5 -183.1 318.9 0.0 191.0 -127.9 221.5 0.0 108.9 -112.7 -983.9 0.0 -921.8 62.1 362.3 0.0 425.2 62.9 39.9 0.0 40.8 0.9 -54.3 0.0 10.3 64.5 326.1 -7.6 303.1 -30.5 63 64 65 66 Other changes in volume account 63 64 65 66 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 32-62) (2) Revaluation account 67 68 69 70 Nonfinancial assets Structures Equipment Intellectual property products 91.5 91.5 -0.6 0.6 504.5 501.0 2.6 0.9 473.4 472.2 0.4 0.8 605.0 602.7 1.1 1.1 460.9 457.9 0.6 2.4 411.4 403.0 6.6 1.8 -105.2 -104.3 -1.1 0.3 175.7 171.9 2.4 1.4 392.5 386.1 4.6 1.9 225.4 225.3 -1.3 1.3 67 68 69 70 71 Equity and investment fund shares 29.0 11.8 5.4 16.9 5.1 -61.0 33.4 21.6 1.7 18.0 71 72 Changes in net worth due to nominal holding gains/losses 120.5 516.3 478.9 621.8 466.0 350.5 -71.8 197.3 394.3 243.4 72 389.7 -242.6 678.6 959.1 674.2 -735.3 86.4 76.6 200.8 390.9 73 Changes in balance sheet account 73 Change in net worth (lines 28+32+63+72) 74 6899.9 7721.2 8576.9 9547.9 10406.1 10812.3 10906.0 11307.8 11760.6 12041.6 74 75 76 77 78 Total assets Nonfinancial assets (3) Structures Equipment Intellectual property products 5024.4 4760.4 196.6 67.5 5662.8 5388.1 203.3 71.4 6259.0 5976.8 206.9 75.3 7008.0 6715.1 212.7 80.2 7623.1 7314.8 221.5 86.9 8193.3 7863.3 236.4 93.6 8243.0 7903.6 240.9 98.5 8557.5 8207.7 245.4 104.4 9065.2 8703.7 250.8 110.7 9386.3 9020.8 249.8 115.7 75 76 77 78 79 Financial assets 1875.5 2058.4 2317.9 2539.9 2783.0 2619.0 2663.0 2750.3 2695.4 2655.3 79 80 81 82 Currency and deposits Currency and transferable deposits Time and savings deposits 212.8 53.8 159.0 217.0 50.4 166.7 236.1 66.2 169.9 258.4 71.6 186.8 291.4 71.4 220.0 318.8 79.9 238.9 347.2 99.1 248.1 345.9 104.6 241.3 377.0 121.3 255.7 407.4 117.7 289.8 80 81 82 83 84 85 86 87 88 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 965.8 150.6 361.8 340.8 4.5 108.1 1061.5 153.4 404.9 377.6 5.7 119.9 1217.1 153.2 512.2 413.3 6.9 131.4 1327.0 151.9 570.5 452.3 8.3 144.0 1462.3 149.5 647.8 496.6 10.0 158.4 1370.7 127.5 601.5 478.5 10.4 152.8 1328.3 88.5 584.1 488.2 11.4 156.1 1379.2 101.4 590.9 510.6 12.8 163.5 1306.3 90.6 545.4 497.9 12.9 159.6 1248.7 85.3 532.7 468.5 12.1 150.1 83 84 85 86 87 88 89 90 91 Loans Short term Long term (mortgages) 246.6 117.2 129.3 268.5 124.3 144.2 288.8 130.0 158.9 310.6 135.7 174.9 335.1 141.8 193.2 317.1 129.8 187.3 317.8 125.5 192.3 326.4 124.2 202.2 315.4 117.6 197.8 296.8 110.7 186.1 89 90 91 92 93 94 95 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 186.5 63.5 93.5 29.5 219.7 76.3 107.6 35.8 246.6 89.9 116.1 40.7 287.2 105.2 132.9 49.1 319.6 123.1 141.6 54.9 252.8 125.8 90.9 36.2 295.3 135.6 111.5 48.3 333.2 149.3 125.8 58.2 329.8 149.2 122.6 58.0 331.4 140.4 129.5 61.5 92 93 94 95 96 97 98 99 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 263.8 116.6 75.1 72.2 291.6 125.0 88.0 78.6 329.3 142.5 102.3 84.5 356.7 151.3 114.4 90.9 374.6 159.1 117.4 98.1 359.6 143.7 123.0 92.9 374.3 139.1 117.1 118.1 365.6 152.2 117.8 95.6 366.9 154.5 120.0 92.4 371.0 162.7 121.3 87.0 96 97 98 99 100 Total liabilities and net worth 6899.9 7721.2 8576.9 9547.9 10406.1 10812.3 10906.0 11307.8 11760.6 12041.6 100 2144.9 3208.7 3385.9 3397.8 3581.9 4723.3 4730.6 5055.9 5307.8 5198.0 101 101 Liabilities Integrated Accounts Balance sheet account (end of period) 150 Z.1, March 6, 2014 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 102 103 104 Debt securities (municipals) Short term Other 105 Loans (short term) 106 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 107 108 Other accounts payable (trade payables) Net worth 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1558.8 106.1 1452.7 2438.2 44.2 2393.9 2579.2 42.5 2536.7 2679.6 34.3 2645.2 2825.6 51.2 2774.4 2842.7 55.8 2786.9 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 102 103 104 9.7 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 105 156.3 310.5 314.0 190.8 191.4 1276.3 1131.7 1348.9 1615.1 1471.5 106 420.1 450.1 482.0 516.2 553.0 591.6 630.5 669.0 707.4 746.5 107 4755.0 4512.4 5191.0 6150.1 6824.2 6089.0 6175.4 6252.0 6452.8 6843.7 108 Integrated Accounts Note. The state and local government accounts exclude state and local employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. 151 Z.1, March 6, 2014 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 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 1913.0 1544.3 288.1 80.7 2256.2 1797.9 361.4 96.9 2623.3 2026.1 482.3 114.9 2998.4 2240.9 655.7 101.7 3250.3 2375.5 749.1 125.7 3378.4 2556.4 683.8 138.3 2608.7 1976.0 496.5 136.1 3018.1 2362.0 514.1 142.0 3360.9 2669.9 542.1 149.0 3453.5 2743.1 565.7 144.6 1 2 3 4 5 6 7 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world 1399.5 1043.4 356.1 1634.6 1183.1 451.4 1886.1 1310.4 575.8 2202.7 1478.5 724.2 2541.3 1665.7 875.5 2699.9 1843.1 856.8 2227.5 1583.8 643.7 2563.5 1843.5 720.0 2904.0 2101.1 802.8 3014.5 2195.9 818.6 5 6 7 8 Equals: Net saving (current external balance) 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 8 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 9 -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.6 10 0.1 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.1 0.0 11 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 12 Capital account 9 Net saving 10 Less: Net capital transfers 11 Less: Acquisition of nonproduced nonfinancial assets 12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 13 Net lending (+) or borrowing (-) (line 12) 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 13 14 Net acquisition of U.S. financial assets 800.2 1396.8 1112.4 1874.0 1802.4 569.9 236.5 1196.8 1108.4 696.8 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 15 16 17 15 16 17 Monetary gold and SDRs Monetary gold SDR allocations 18 19 20 21 22 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 31.9 10.6 4.0 6.0 11.3 28.9 13.3 9.1 35.1 -28.6 24.6 8.4 6.4 20.3 -10.6 50.7 2.2 9.2 34.0 5.3 -74.2 -10.7 5.2 40.7 -109.5 497.9 29.2 34.8 78.5 355.4 -284.3 12.6 -21.8 -73.2 -201.9 -23.3 28.3 1.2 9.0 -61.8 343.0 55.0 26.8 47.2 213.9 -30.6 57.1 11.1 37.1 -136.0 18 19 20 21 22 23 24 25 26 27 28 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 583.6 66.2 276.4 12.3 8.0 220.8 848.1 37.0 366.9 178.2 6.5 259.5 720.7 9.9 245.1 134.3 3.0 328.5 967.4 46.7 150.3 224.0 5.4 541.0 841.1 -8.3 165.3 248.8 10.7 424.6 421.9 -45.1 711.6 -228.6 5.9 -21.8 167.5 -41.4 554.4 -226.0 7.7 -127.3 643.9 -0.5 740.4 -72.3 13.1 -36.8 205.7 0.7 357.9 -41.6 -1.4 -109.9 501.9 3.4 589.5 -71.8 -2.4 -16.9 23 24 25 26 27 28 29 30 31 32 Loans (short term) Security repurchases Loans to U.S. corporate business Security credit 119.2 120.1 -0.8 0.0 211.2 204.9 6.3 0.0 79.5 48.2 31.3 0.0 60.9 54.6 6.2 0.0 182.5 80.2 102.3 0.0 -625.0 -580.4 -44.7 0.0 -86.7 -42.7 -44.0 0.0 54.0 74.2 -20.2 0.0 157.1 123.3 33.9 0.0 -49.7 2.6 -52.2 0.0 29 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 97.7 2.6 5.2 26.2 63.8 207.8 4.1 25.0 32.7 146.0 201.9 0.1 56.9 32.3 112.6 388.6 4.1 96.2 45.2 243.2 496.8 19.0 217.6 39.1 221.2 436.9 23.7 105.8 -2.7 310.1 369.7 7.2 154.9 57.2 150.4 384.8 -7.1 74.6 111.5 205.9 363.9 24.9 -38.7 147.5 230.2 398.5 20.2 29.9 182.0 166.4 33 34 35 36 37 38 39 40 Other accounts receivable Trade receivables Other (miscellaneous assets) -32.3 1.3 -33.5 100.9 -1.1 101.9 85.8 7.9 77.9 406.4 5.9 400.5 356.3 20.8 335.4 -161.7 6.5 -168.2 22.7 6.6 16.1 137.4 19.8 117.7 38.7 17.7 21.0 -123.3 11.5 -134.8 38 39 40 269.1 861.4 398.6 1066.6 1184.7 -166.7 5.7 758.9 557.9 250.5 41 41 Net incurrence of liabilities 42 SDR holdings -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 42 43 44 45 46 47 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 35.2 0.6 -1.5 36.0 0.2 86.6 0.6 -3.8 89.9 -0.0 29.0 0.6 -10.2 40.8 -2.2 84.6 0.7 -3.3 87.2 -0.0 255.8 1.0 -1.0 256.0 -0.1 -389.5 1.3 3.5 -394.3 0.0 -106.5 0.7 3.4 -110.7 0.2 -7.4 0.5 1.3 -9.3 0.1 -28.8 -0.5 18.1 -46.3 -0.1 -25.8 0.4 4.0 -30.2 -0.1 43 44 45 46 47 48 49 50 Debt securities Commercial paper Bonds 47.6 18.9 28.7 155.0 69.2 85.8 103.1 38.6 64.5 326.2 98.4 227.8 149.4 -69.3 218.7 -229.8 -71.0 -158.8 222.7 59.4 163.3 57.2 -2.7 59.9 84.2 -53.5 137.7 90.1 27.9 62.2 48 49 50 51 52 53 54 55 56 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Security debt Nonoff. foreign currencies (swap lines) 180.5 183.2 -2.1 -0.5 0.0 0.0 132.0 134.7 -3.6 1.0 0.0 0.0 15.4 2.7 -4.6 17.3 0.0 0.0 61.8 52.3 -7.4 16.9 0.0 0.0 165.6 115.3 -3.2 29.4 0.0 24.0 177.0 -366.3 -1.5 15.1 0.0 529.7 -502.4 55.7 0.3 -14.8 0.0 -543.5 214.3 200.3 0.2 24.0 0.0 -10.2 215.9 71.6 1.4 43.2 0.0 99.7 -15.2 39.7 5.7 30.4 0.0 -90.9 51 52 53 54 55 56 Integrated Accounts Financial account 152 Z.1, March 6, 2014 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 57 58 59 60 61 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 62 63 64 Other accounts payable Trade payables Other (miscellaneous liabilities) 65 Addendum: Net lending, financial account (lines 14-41) 2004 2005 2006 2007 2008 2009 2010 2011 2012 313.1 118.0 1.4 149.6 44.1 377.4 84.8 2.0 316.2 -25.6 243.8 186.7 1.3 36.2 19.6 425.6 137.3 2.0 244.9 41.3 605.7 147.8 1.7 414.0 42.2 282.8 -38.5 1.4 329.1 -9.1 399.3 63.7 1.7 310.4 23.5 393.1 79.1 2.3 301.1 10.6 448.2 6.0 2.6 409.0 30.6 421.8 82.6 2.4 388.3 -51.5 57 58 59 60 61 -306.7 6.1 -312.8 109.9 3.5 106.4 11.8 6.3 5.5 168.3 6.2 162.1 8.1 12.4 -4.3 -7.3 -9.9 2.6 -55.6 6.1 -61.7 101.6 25.8 75.8 -159.9 -32.2 -127.8 -220.5 6.3 -226.8 62 63 64 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 65 15.4 0.0 -15.4 -83.5 0.0 83.5 -10.4 0.0 10.4 9.6 0.0 -9.6 -91.3 0.0 91.3 63.4 0.0 -63.4 -150.8 0.0 150.8 -17.3 0.0 17.3 91.9 0.0 -91.9 13.9 0.0 -13.9 66 67 68 180.5 328.9 -80.0 614.2 202.9 -1382.4 398.4 458.2 503.7 659.5 69 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 70 Other changes in volume account 66 67 68 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 12-65) (2) Revaluation account 69 Financial assets 70 SDR allocations 71 72 73 74 Debt securities Treasury securities Agency- and GSE-backed securities Corporate bonds -49.7 -48.4 12.5 -13.8 -55.8 -66.9 41.7 -30.7 -195.4 -74.3 3.4 -124.4 34.8 -8.5 26.7 16.6 129.1 85.0 70.0 -26.0 -125.7 164.9 53.2 -343.8 76.2 -136.8 -26.0 239.1 144.7 47.9 1.4 95.5 298.3 190.2 38.1 70.0 127.0 -22.6 -4.5 154.2 71 72 73 74 75 76 77 78 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 487.0 447.8 21.9 17.3 237.7 205.0 17.0 15.8 142.1 77.5 14.0 50.6 347.3 312.8 29.6 4.9 134.8 145.6 18.5 -29.3 -1484.6 -1110.0 -116.0 -258.6 416.3 514.7 51.2 -149.6 468.7 410.9 38.2 19.6 196.5 186.8 -15.9 25.7 483.5 402.5 69.6 11.4 75 76 77 78 -257.5 146.7 -26.2 231.7 -61.3 228.1 -94.4 -154.3 9.0 48.9 79 644.3 699.9 876.6 1129.1 1151.9 -2207.5 1590.6 853.7 -441.9 963.3 80 79 80 Other accounts receivable (miscellaneous assets) Liabilities 81 SDR holdings 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 81 82 83 84 85 86 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 7.4 5.3 2.1 0.0 0.0 3.1 2.4 0.8 0.0 0.0 -6.7 -5.5 -1.2 0.0 0.0 2.7 2.4 0.3 0.0 0.0 4.1 3.9 0.2 0.0 0.0 2.5 2.5 -0.0 0.0 0.0 0.6 0.3 0.3 0.0 0.0 0.9 1.0 -0.2 0.0 0.0 -7.5 0.3 -7.8 0.0 0.0 -6.6 -2.3 -4.3 0.0 0.0 82 83 84 85 86 87 Debt securities (corporate bonds) 137.5 30.2 -37.9 36.2 92.8 -191.0 169.7 101.0 70.9 138.5 87 88 89 90 Equity and investment fund shares Corporate equities U.S. direct investment abroad 625.3 587.4 37.9 524.0 396.2 127.8 687.6 570.6 117.0 925.5 873.9 51.5 962.1 771.2 190.9 -2594.7 -2461.0 -133.7 1201.6 1183.2 18.5 720.9 825.8 -104.9 -424.3 -404.8 -19.4 832.8 806.5 26.3 88 89 90 91 Other accounts payable (miscellaneous liabilities) -126.9 142.0 234.6 164.4 92.4 575.9 218.3 31.9 -80.9 -1.5 91 -463.9 -371.0 -956.6 -514.9 -949.0 825.2 -1192.2 -395.5 945.6 -303.8 92 67.2 164.4 -242.8 292.5 -331.3 1561.8 -961.3 42.4 1496.1 142.5 93 8946.9 10672.6 11705.0 14193.3 16198.6 15386.1 16021.0 17676.0 19288.1 20644.3 94 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 95 496.8 258.7 4.2 158.1 75.9 525.7 272.0 13.3 193.2 47.3 550.3 280.4 19.7 213.5 36.7 601.0 282.6 28.9 247.5 42.0 526.8 272.0 34.2 288.2 -67.5 1024.7 301.1 69.0 366.7 287.9 740.4 313.8 47.2 293.5 86.0 717.1 342.1 48.4 302.5 24.2 1060.1 397.1 75.2 349.7 238.1 1029.4 454.2 86.3 386.8 102.1 96 97 98 99 100 92 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 93 Change in net worth (lines 12+66+92) 94 Total financial assets Integrated Accounts Financial balance sheet account (end of period) (3) 95 SDR allocations 96 97 98 99 100 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 153 Z.1, March 6, 2014 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 3711.1 192.8 1513.5 655.3 19.5 1330.0 4503.4 229.8 1813.6 875.2 26.0 1558.9 5028.8 239.6 1984.4 1012.9 29.0 1762.9 6030.9 286.3 2126.2 1263.6 34.4 2320.5 7001.1 278.1 2376.4 1582.4 45.1 2719.1 7297.3 232.9 3253.0 1406.9 51.0 2353.5 7541.0 191.5 3670.6 1154.9 58.7 2465.3 8329.6 191.0 4458.8 1084.0 71.7 2524.0 8833.5 191.7 5006.9 1080.6 70.3 2484.0 9462.4 195.2 5573.8 1004.3 67.9 2621.3 101 102 103 104 105 106 585.2 460.2 125.0 0.0 796.4 665.1 131.2 0.0 875.9 713.3 162.5 0.0 1197.8 1029.0 168.8 0.0 1380.2 1109.1 271.1 0.0 849.7 623.3 226.4 0.0 744.0 561.5 182.5 0.0 798.0 635.8 162.3 0.0 959.3 763.1 196.1 0.0 909.6 765.7 143.9 0.0 107 108 109 110 3420.5 18.8 1674.6 146.1 1581.0 3866.0 22.9 1904.6 195.8 1742.7 4210.0 23.0 2039.1 242.0 1906.0 4946.0 27.0 2448.1 316.8 2154.1 5577.6 46.0 2811.3 374.3 2345.9 4529.8 69.7 1807.1 255.6 2397.4 5315.9 76.9 2476.7 364.1 2398.2 6169.4 69.8 2962.2 513.8 2623.6 6729.9 79.5 3035.3 735.6 2879.5 7611.8 99.7 3467.6 987.1 3057.3 111 112 113 114 115 101 102 103 104 105 106 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 107 108 109 110 Loans (short term) Security repurchases Loans to U.S. corporate business Security credit 111 112 113 114 115 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 116 117 118 Other accounts receivable Trade receivables Other (miscellaneous assets) 725.9 50.1 675.9 973.5 49.0 924.5 1033.1 56.9 976.2 1410.2 62.8 1347.5 1705.2 83.6 1621.6 1677.1 90.1 1587.0 1624.4 96.7 1527.7 1607.5 116.4 1491.1 1651.1 134.2 1517.0 1576.8 145.6 1431.1 116 117 118 119 Total liabilities and net worth 8946.9 10672.6 11705.0 14193.3 16198.6 15386.1 16021.0 17676.0 19288.1 20644.3 119 120 Total liabilities 6744.4 8305.8 9581.0 11776.8 14113.4 11739.2 13335.4 14948.0 15064.0 16277.8 120 121 SDR holdings 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 121 122 123 124 125 126 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 932.1 39.7 22.5 867.1 2.8 1021.9 42.7 19.5 957.0 2.8 1044.2 37.8 8.0 997.8 0.6 1131.5 40.9 5.0 1085.0 0.6 1391.4 45.8 4.2 1340.9 0.5 1004.4 49.6 7.7 946.7 0.5 898.5 50.5 11.4 835.9 0.7 891.9 52.1 12.5 826.6 0.8 855.6 51.9 22.8 780.3 0.7 823.2 49.9 22.6 750.1 0.7 122 123 124 125 126 127 128 129 Debt securities Commercial paper Bonds 1145.1 276.1 868.9 1330.3 345.3 985.0 1395.5 384.0 1011.6 1757.8 482.3 1275.5 2000.1 413.0 1587.1 1579.3 342.0 1237.3 1971.7 401.3 1570.3 2129.9 398.6 1731.3 2285.0 345.1 1939.9 2513.7 373.0 2140.7 127 128 129 130 131 132 133 134 135 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Security debt Nonoff. foreign currencies (swap lines) 479.1 344.8 42.2 92.2 0.0 0.0 611.1 479.4 38.6 93.1 0.0 0.0 626.5 482.1 34.0 110.4 0.0 0.0 818.3 664.4 26.6 127.4 0.0 0.0 955.4 770.7 23.4 137.3 0.0 24.0 1236.1 508.4 21.6 152.4 0.0 553.7 700.2 530.5 21.9 137.5 0.0 10.3 916.0 731.8 22.1 162.0 0.0 0.1 1136.6 808.0 23.5 205.2 0.0 99.8 1127.1 847.7 32.8 237.7 0.0 8.9 130 131 132 133 134 135 136 137 138 139 140 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 4207.0 2079.4 40.0 2054.5 33.1 5108.4 2560.4 42.0 2498.5 7.5 6039.8 3317.7 43.2 2651.7 27.1 7390.8 4329.0 45.3 2948.2 68.4 8958.6 5248.0 46.9 3553.1 110.6 6646.8 2748.4 48.3 3748.5 101.5 8247.7 3995.3 50.0 4077.4 125.1 9361.7 4900.2 52.3 4273.6 135.6 9385.7 4501.4 54.9 4663.1 166.3 10640.3 5390.5 57.3 5077.8 114.7 136 137 138 139 140 141 142 143 Other accounts payable Trade payables Other (miscellaneous liabilities) -31.5 44.7 -76.2 220.4 48.2 172.2 466.8 54.5 412.3 669.4 60.7 608.8 798.4 73.1 725.3 1263.3 63.2 1200.1 1459.5 69.3 1390.2 1591.6 95.1 1496.5 1346.2 63.0 1283.2 1118.5 69.3 1049.2 141 142 143 2202.5 2366.8 2124.0 2416.5 2085.2 3646.9 2685.6 2728.0 4224.0 4366.5 144 144 Net worth (external account) Integrated Accounts (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes nonfinancial assets, including nonproduced nonfinancial assets. IBRD International Bank for Reconstruction and Development IMF International Monetary Fund SDRs Special Drawing Rights n.e.c. Not elsewhere classified