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For use at 12:00 p.m., eastern time Thursday March 7, 2002 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Fourth Quarter 2001 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Fourth Quarter 2001 Domestic nonfinancial debt rose at a seasonally adjusted annual rate of 6 percent in the fourth quarter of 2001. Borrowing by households remained robust as household debt was up at an 8 percent annual pace in the fourth quarter. Home mortgage borrowing posted another strong gain, and consumer credit jumped up, in large part because financing incentives led to a spurt in loans to purchase motor vehicles. Debt of nonfinancial businesses increased at a 5-1/2 percent annual rate, a bit slower than in recent quarters; bank loans declined for the third quarter in a row, but low interest rates boosted net issuance in the corporate bond market and commercial paper issuance turned up. In the state and local government sector, debt growth spurted at a 12-3/4 percent annual rate in the fourth quarter, with borrowing widespread among governmental units. Both advance refunding of issues slated for retirement in the future and issuance for capital projects were strong. For 2001 as a whole, domestic nonfinancial debt increased 6 percent, a percentage point more than a year earlier. The pickup was accounted for by federal debt which had declined sharply in 2000 but leveled out last year. In contrast, debt growth of the nonfederal sectors slowed to 7-1/2 percent, the lowest rate since 1997. The level of domestic nonfinancial debt outstanding was $19.4 trillion at the end of 2001. Debt of nonfederal sectors was $16.0 trillion, and federal debt was $3.4 trillion. 1 Growth of Domestic Nonfinancial Debt Percentage changes; quarterly data are seasonally adjusted annual rates Nonfederal Total Federal Total Households Business State and local govts. 1995 1996 1997 1998 1999 2000 2001 5.4 5.4 5.6 6.9 6.8 5.0 6.0 4.1 4.0 0.6 -1.4 -1.9 -8.0 -0.2 5.9 5.8 7.3 9.6 9.3 8.5 7.4 7.4 7.0 6.4 8.4 8.6 8.5 8.6 7.2 6.2 9.0 11.6 11.3 9.8 6.0 -4.6 -0.6 5.3 7.2 4.4 2.2 8.3 2000:Q1 :Q2 :Q3 :Q4 5.3 5.5 4.6 4.2 -5.9 -11.3 -6.4 -9.6 8.3 9.9 7.2 7.5 7.7 9.4 8.5 7.3 10.6 12.1 7.0 8.4 1.0 1.5 1.9 4.2 2001:Q1 :Q2 :Q3 :Q4 5.4 5.3 6.9 6.0 -0.1 -7.6 7.7 -0.5 6.7 8.2 6.7 7.4 7.6 9.2 8.5 8.1 5.4 7.0 5.5 5.5 8.1 8.3 3.2 12.8 1. Changes shown are on an end-of-period basis and may differ from month-average data in the H.6 release. Table of Contents Title Table Page Flow of Funds Accounts, Fourth Quarter 2001 1 Availability of Data for Latest Quarter 3 Debt Growth by Sector D.1 6 Borrowing by Sector D.2 7 Debt Outstanding by Sector D.3 8 Flows Table Page Levels Table Page Total Net Borrowing and Lending in Credit Markets F.1 9 L.1 58 Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 59 Credit Market Borrowing by Financial Sectors F.3 10 L.3 59 Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 60 Total Liabilities and Its Relation to Total Financial Assets F.5 11 L.5 60 Distribution of Gross Domestic Product F.6 12 Distribution of National Income F.7 13 Gross Saving and Investment F.8 14 Net Capital Transfers F.9 14 Derivation of Measures of Personal Saving F.10 15 L.10 61 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 16 L.100 62 Nonfinancial Business F.101 17 L.101 63 Nonfarm Nonfinancial Corporate Business F.102 18 L.102 64 Nonfarm Noncorporate Business F.103 19 L.103 65 Farm Business F.104 19 L.104 65 State and Local Governments F.105 20 L.105 66 Federal Government F.106 21 L.106 66 Rest of the World F.107 22 L.107 67 Monetary Authority F.108 23 L.108 68 Commercial Banking F.109 24 L.109 69 U.S.-Chartered Commercial Banks F.110 25 L.110 70 Foreign Banking Offices in U.S. F.111 26 L.111 71 Bank Holding Companies F.112 27 L.112 72 Banks in U.S.-Affiliated Areas F.113 27 L.113 72 Savings Institutions F.114 28 L.114 73 Credit Unions F.115 29 L.115 74 Bank Personal Trusts and Estates F.116 29 L.116 74 Life Insurance Companies F.117 30 L.117 75 Other Insurance Companies F.118 30 L.118 75 Private Pension Funds F.119 31 L.119 76 State and Local Government Employee Retirement Funds F.120 31 L.120 76 Money Market Mutual Funds F.121 32 L.121 77 Title Sectors Title Flows Table Page Levels Table Page Mutual Funds F.122 32 L.122 77 Closed-End and Exchange-Traded Funds F.123 32 L.123 77 Government-Sponsored Enterprises F.124 33 L.124 78 Federally Related Mortgage Pools F.125 33 L.125 78 Issuers of Asset-Backed Securities F.126 34 L.126 79 Finance Companies F.127 34 L.127 79 Mortgage Companies F.128 35 L.128 80 Real Estate Investment Trusts F.129 35 L.129 80 Security Brokers and Dealers F.130 36 L.130 81 Funding Corporations F.131 36 L.131 81 Gold and Official Foreign Exchange Holdings F.200 37 L.200 82 SDR Certificates and Treasury Currency F.201 37 L.201 82 U.S. Deposits in Foreign Countries F.202 37 L.202 82 Net Interbank Transactions F.203 38 L.203 83 Checkable Deposits and Currency F.204 39 L.204 84 Time and Savings Deposits F.205 40 L.205 85 Money Market Mutual Fund Shares F.206 40 L.206 85 Federal Funds and Security Repurchase Agreements F.207 41 L.207 86 Open Market Paper F.208 41 L.208 86 Treasury Securities F.209 42 L.209 87 Instruments Flows Title Levels Table Page Table Page Agency Securities F.210 43 L.210 88 Municipal Securities and Loans F.211 44 L.211 89 Corporate and Foreign Bonds F.212 44 L.212 89 Corporate Equities F.213 45 L.213 90 Mutual Fund Shares F.214 45 L.214 90 Bank Loans Not Elsewhere Classified F.215 46 L.215 91 Other Loans and Advances F.216 47 L.216 92 Total Mortgages F.217 48 L.217 93 Home Mortgages F.218 49 L.218 94 Multifamily Residential Mortgages F.219 49 L.219 94 Commercial Mortgages F.220 50 L.220 95 Farm Mortgages F.221 50 L.221 95 Consumer Credit F.222 51 L.222 96 Trade Credit F.223 51 L.223 96 Security Credit F.224 51 L.224 96 Life Insurance and Pension Fund Reserves F.225 52 L.225 97 Taxes Payable by Businesses F.226 52 L.226 97 Investment in Bank Personal Trusts F.227 52 L.227 97 Proprietors’ Equity in Noncorporate Business F.228 52 Total Miscellaneous Financial Claims F.229 53 L.229 98 Identified Miscellaneous Financial Claims - Part I F.230 54 L.230 99 Identified Miscellaneous Financial Claims - Part II F.231 55 L.231 100 Unidentified Miscellaneous Financial Claims F.232 56 L.232 101 Sector Discrepancies F.11 57 Instrument Discrepancies F.12 57 Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 102 R.100 105 Nonfarm Nonfinancial Corporate Business B.102 103 R.102 106 Nonfarm Noncorporate Business B.103 104 R.103 107 Title Flows Table Page Levels Table Page Nonprofit Organizations F.100.a 108 L.100.a 109 Consolidated Statement for Federal, State, and Local Governments F.106.c 110 L.106.c 111 Private Pension Funds: Defined Benefit Plans F.119.b 112 L.119.b 113 Private Pension Funds: Defined Contribution Plans F.119.c 112 L.119.c 113 Individual Retirement Accounts (IRAs) F.225.i 112 L.225.i 113 Title Reconciliation Balance Sheet and Reconciliation Tables Supplementary Tables Flow of Funds Matrix for 2001 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 114 115 B.100.e 116 1 Flow of Funds Accounts, Fourth Quarter 2001 This publication presents the flow of funds accounts for 2001:Q4. Data revisions and other changes. The statistics in the attached tables reflect the use of new or revised source data. Most significant revisions appear in recent quarters; however, new source information resulted in changes to data for earlier periods. The revisions include the following: 1. The distribution of tangible investment and depreciation among sectors has been revised beginning in 1959 to be consistent with information on reproducible tangible wealth published by the Bureau of Economic Analysis of the Department of Commerce. 2. In the private pension funds sector (tables F.119, L.119, F.119.b, F.119.c, L.119.b, and L.119.c), data have been revised for the period 1998 forward to reflect statistics from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 filed for plan year 1998. 3. In the mutual funds sector (tables F.122 and L.122), the distribution of holdings of government securities between Treasury and agency issues has been revised for the period 1983:Q1 forward. The revised data are Flow of Funds staff estimates based on industry information and also changed the distribution of government securities held by the households and nonprofit organizations sector. 4. Seasonal adjustment factors for total consumer credit (tables F.222 and L.222) were recalculated for the period 1997:Q1 forward. The seasonal adjustment factors for this instrument are consistent with those used in the seasonally adjusted monthly data published in the Federal Reserve Board’s G.19 statistical release. Explanatory notes for tables D.1, D.2, and D.3. Domestic debt comprises credit market funds borrowed by U.S. entities from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only. Financial sectors consist of government-sponsored enterprises, federally related mortgage pools, and private financial institutions. Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, U.S. government loans, and other loans and advances; it excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Seasonally adjusted levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those in table D.1. Relation of Flows to Outstandings. Estimates of financial assets and liabilities outstanding are linked to data on flows. However, figures on outstandings contain discontinuities or breaks in series that could affect analysis of particular relationships over time. Specifically, outstandings in the flow of funds accounts are related to the flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t where “t” is the time period. Discontinuities result from changes in valuation, breaks in source data, and changes in definitions. For most series, the value of the discontinuity is zero for nearly all time periods. However, in a few instances, the discontinuity is nonzero for almost all time periods, or is quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. The discontinuities in a series can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases should be calculated as: Percentage change t = (Flow t / Outstanding t-1) * 100 2 Preliminary Estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the latest quarter’s data were compiled is provided in a table following this introduction. The distinction between “available” data and “missing” data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies. Margins of Uncertainty. Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of “discrepancies” for various sectors and instrument types. A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds. For an instrument category, a discrepancy is the difference between measured funds borrowed through the financial instrument and measured funds lent through that instrument. The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis. For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data. Availability of Data. Flow of funds statistics are updated about ten weeks following the end of a quarter. This publication — the Z.1 release — is available from the Board's Publications Services. Flow of funds data are also available electronically through the Internet at the following location: http://www.federalreserve.gov/releases/Z1 The Internet site also provides quarterly data beginning in 1952, organized in compressed files that correspond to the tables published in this release. There are files for quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, and debt (tables D.1, D.2, and D.3). There is a separate file for monthly data from January 1955 onward for the debt aggregate published in the Board's H.6 statistical release, “Money Stock and Debt Measures.” A Guide to the Flow of Funds Accounts is available. The 1,200-page Guide, in two volumes, explains in detail how the U.S. financial accounts are prepared and the principles underlying the accounts. The Guide can be purchased for $20.00 from the Board’s Publications Services. Publications Services accepts orders accompanied by checks as well as credit card orders. The Internet site for this release at the location shown above contains a link to an order form for the Guide that can be mailed or faxed to Publications Services. Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. Inquiries for releases should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3244 3 Availability of Data for Latest Quarter Available at time of publication Major items missing 1. National income and product accounts (NIPA) Preliminary estimates, seasonally adjusted, for 2001:Q4. Unadjusted flows since 2000; profit data for 2001:Q4. 2. Households and nonprofit organizations sector (tables F.100 and L.100) Estimates for this sector are largely residuals and are derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2001: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 1998. 3. Nonfarm nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2001:Q3; Internal Revenue Service Statistics of Income data through 1998; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2001:Q4. Statistics of Income data since 1998; QFR data for 2001:Q4. 4. Nonfarm noncorporate business (tables F.103 and L.103) Internal Revenue Service Statistics of Income data through 1998; bank and finance company loans and mortgage borrowing through 2001:Q4. Statistics of Income data since 1998. 5. Farm business (tables F.104 and L.104) Mortgages, bank loans, loans from government-sponsored enterprises, U.S. government loans to farms, and equity in government-sponsored enterprises through 2001:Q4; preliminary data for checkable deposits and currency and trade payables through 2001. Consumption of fixed capital and undistributed profits since 2000. 4 6. State and local governments (tables F.105 and L.105) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2001:Q4; selected financial assets through 1999:Q2 from the comprehensive annual financial reports of state and local governments that account for most of the holdings of the sector, and data from Standard & Poor’s on local government investment pools. Selected financial asset items since 1999:Q2. 7. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays through 2001:Q4; Treasury data for loan programs through 2001:Q4. None. 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 2001:Q3; NIPA estimates; data from bank Reports of Condition and Treasury International Capital System through 2001:Q4. Balance of payments data for 2001:Q4. 9. Monetary authority (tables F.108 and L.108) All data through 2001:Q4. None. 10. Commercial banking (tables F.109 through F.113 and tables L.109 through L.113) All data through 2001:Q4 for U.S.-chartered commercial banks, foreign banking offices in the U.S., bank holding companies, and commercial banks in U.S.-affiliated areas. Data since 2000 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 2001:Q4. None. 12. Credit unions (tables F.115 and L.115) All data through 2001:Q4. None. 13. Bank personal trusts and estates (tables F.116 and L.116) All data through 1999. Data since 1999. 14. Life insurance companies (tables F.117 and L.117) All data through 2001:Q3. Data for 2001:Q4. 15. Other insurance companies (tables F.118 and L.118) All data through 2001:Q3. Data for 2001:Q4. 5 16. Private pension funds (including FERS Thrift Savings Plan) (tables F.119 and L.119) Quarterly data through 2001:Q4; Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 1998. Form 5500 data since 1998. 17. State and local government employee retirement funds (tables F.120 and L.120) All data through 2001:Q3. Data for 2001:Q4. 18. Money market mutual funds (tables F.121 and L.121) All data through 2001:Q4. None. 19. Mutual funds (tables F.122 and L.122) All data through 2001:Q4. None. 20. Closed-end funds (tables F.123 and L.123) All data through 2000. Data since 2000. 21. Exchange-traded funds (tables F.122 and L.122) All data through 2001:Q4. None. 22. Government-sponsored enterprises (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, FHLBs, FCS, FICO, REFCORP, and Sallie Mae through 2001:Q4. None. 23. Federally related mortgage pools (tables F.125 and L.125) All data through 2001:Q4. None. 24. Issuers of asset-backed securities (ABSs) (tables F.126 and L.126) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2001:Q4. None. 25. Finance companies (tables F.127 and L.127) All data through 2001:Q4. None. 26. Mortgage companies (tables F.128 and L.128) Mortgage data through 1998:Q1. Data since 1998:Q1. 27. Real estate investment trusts (REITs) (tables F.129 and L.129) Data from SNL REIT DataSource through 2001:Q3; preliminary data for 2001:Q4. Final data for 2001:Q4. 28. Security brokers and dealers (tables F.130 and L.130) Data for firms filing FOCUS and FOGS reports through 2001:Q4. None. 29. Funding corporations (tables F.131 and L.131) Estimates for this sector are largely residuals and are derived from data for other sectors. 6 Z.1, March 7, 2002 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1967 1968 1969 1970 1971 7.3 7.9 7.2 6.9 9.5 4.9 4.5 -1.1 4.2 8.3 8.1 8.9 9.7 7.6 9.8 5.7 8.2 7.7 4.4 9.2 5.8 7.0 6.9 4.5 8.6 5.0 9.9 8.3 3.4 11.7 11.1 10.1 11.6 10.3 10.1 11.6 10.3 11.4 12.9 7.7 6.7 7.5 9.6 8.7 10.9 -1.8 17.3 32.8 14.5 8.7 9.8 6.3 6.9 5.7 9.7 1972 1973 1974 1975 1976 10.0 10.7 9.2 9.3 10.8 4.6 2.0 3.4 23.9 15.6 11.4 12.9 10.5 6.3 9.6 11.3 12.4 8.8 8.3 11.4 11.2 11.7 9.6 9.3 12.7 13.1 13.3 4.6 3.8 10.6 12.4 14.7 13.0 4.9 8.4 9.9 17.5 11.5 3.4 7.4 8.4 7.8 6.9 5.4 8.4 17.2 28.9 23.6 0.8 9.0 7.9 10.3 20.5 17.4 21.5 1977 1978 1979 1980 1981 12.8 13.8 12.2 9.5 10.4 11.0 9.2 5.8 11.8 11.6 13.3 15.0 13.7 9.0 10.1 15.5 16.8 15.2 8.6 7.7 16.5 17.3 16.2 11.0 7.3 15.5 17.4 13.8 0.6 5.0 12.5 13.2 13.6 10.0 12.8 12.0 11.6 11.1 8.3 13.5 8.4 15.4 9.0 6.9 8.0 18.9 22.1 22.1 14.5 18.2 11.6 18.6 9.5 14.0 11.9 1982 1983 1984 1985 1986 10.1 12.0 14.7 15.7 11.9 19.7 18.9 16.9 16.5 13.6 7.9 10.2 14.1 15.4 11.4 5.6 11.2 12.6 15.8 11.5 4.8 10.3 11.3 14.1 13.7 4.6 12.8 18.3 15.9 9.0 9.2 9.0 16.2 11.4 11.4 9.0 8.0 16.6 12.6 13.8 11.2 11.4 11.4 31.8 10.9 13.6 13.4 17.9 19.4 26.2 7.2 8.2 3.6 0.5 4.1 1987 1988 1989 1990 1991 9.0 9.1 7.3 6.5 4.3 8.0 8.0 7.0 11.0 11.1 9.3 9.4 7.4 5.2 2.2 10.5 9.9 9.4 7.2 5.1 13.5 11.8 11.1 9.0 6.9 4.6 6.3 6.0 1.5 -1.3 7.6 9.8 6.0 3.4 -2.3 8.7 10.9 7.1 5.4 -2.1 12.0 6.4 5.6 5.0 8.6 18.2 13.2 10.5 8.8 6.5 2.6 3.0 4.0 9.0 5.2 1992 1993 1994 1995 1996 4.6 4.9 4.5 5.4 5.4 10.9 8.3 4.7 4.1 4.0 2.6 3.7 4.5 5.9 5.8 5.3 6.0 7.4 7.4 7.0 6.5 5.4 5.7 5.1 6.8 0.8 7.3 14.5 14.1 8.1 -0.2 0.4 3.7 7.2 6.2 1.0 1.4 4.9 8.5 6.2 2.2 6.0 -4.0 -4.6 -0.6 8.8 9.7 14.0 11.9 12.9 7.9 21.9 -3.6 20.9 19.5 1997 1998 1999 2000 2001 5.6 6.9 6.8 5.0 6.0 0.6 -1.4 -1.9 -8.0 -0.2 7.3 9.6 9.3 8.5 7.4 6.4 8.4 8.6 8.5 8.6 6.7 9.2 9.3 8.4 9.9 4.7 5.9 7.4 9.6 6.0 9.0 11.6 11.3 9.8 6.0 9.4 12.0 11.7 10.1 5.7 5.3 7.2 4.4 2.2 8.3 13.7 19.9 16.6 10.7 10.8 13.2 7.1 4.3 9.9 -5.6 1996 -- Q1 Q2 Q3 Q4 5.9 5.4 5.3 4.3 5.9 3.0 4.4 2.5 5.9 6.3 5.7 5.0 7.5 7.5 6.8 5.6 7.4 6.7 6.4 6.0 10.2 9.8 7.1 4.5 6.0 6.9 6.5 4.5 6.3 7.2 6.2 4.5 -1.8 -1.3 -3.2 3.9 9.5 16.3 10.3 13.0 13.6 10.6 27.1 21.8 1997 -- Q1 Q2 Q3 Q4 4.9 4.9 6.2 5.8 1.8 -0.4 1.3 -0.2 6.1 6.7 7.9 7.9 6.8 6.0 7.3 4.9 6.7 5.8 9.1 4.6 5.2 4.9 4.7 3.8 6.3 8.2 8.8 11.6 6.0 8.3 9.6 12.6 1.6 4.3 7.1 7.7 8.2 14.0 12.8 17.3 6.2 13.8 21.4 9.4 1998 -- Q1 Q2 Q3 Q4 7.1 7.2 5.9 6.7 -0.5 -0.5 -2.9 -1.6 9.6 9.6 8.6 9.2 8.6 7.8 8.1 8.0 10.0 7.4 8.6 9.5 4.0 7.3 7.3 4.5 11.1 12.3 9.8 11.4 12.0 13.4 9.3 11.3 8.4 7.5 6.0 6.0 17.4 18.4 18.5 20.0 17.7 16.2 -1.7 -4.0 1999 -- Q1 Q2 Q3 Q4 7.6 5.6 7.3 5.9 -2.3 -2.6 -2.0 -0.8 10.6 7.9 9.9 7.7 8.8 8.2 9.3 6.9 9.3 9.3 10.0 7.5 8.5 5.3 6.8 8.2 13.3 8.7 11.8 9.7 15.0 8.5 11.8 9.4 7.3 3.5 4.3 2.2 18.5 15.4 15.6 13.0 4.8 -3.6 12.4 3.4 2000 -- Q1 Q2 Q3 Q4 5.3 5.5 4.6 4.2 -5.9 -11.3 -6.4 -9.6 8.3 9.9 7.2 7.5 7.7 9.4 8.5 7.3 7.2 9.6 8.4 7.4 8.8 9.7 10.2 8.4 10.6 12.1 7.0 8.4 11.3 12.5 6.7 8.4 1.0 1.5 1.9 4.2 8.0 11.5 9.9 11.7 17.7 -1.1 12.5 9.2 2001 -- Q1 Q2 Q3 Q4 5.4 5.3 6.9 6.0 -0.1 -7.6 7.7 -0.5 6.7 8.2 6.7 7.4 7.6 9.2 8.5 8.1 7.8 11.3 9.9 9.2 9.0 4.6 1.5 8.3 5.4 7.0 5.5 5.5 4.8 6.8 5.3 5.4 8.1 8.3 3.2 12.8 10.2 9.1 12.2 10.2 -1.1 -7.1 -14.1 -0.6 1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release. Z.1, March 7, 2002 7 D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1967 1968 1969 1970 1971 78.2 90.6 88.9 91.3 135.3 12.9 12.5 -3.2 12.1 24.9 65.2 78.0 92.1 79.3 110.5 20.4 31.3 31.8 19.7 42.4 13.4 17.2 18.1 12.6 24.7 5.1 10.8 9.9 4.4 15.6 37.5 37.9 48.1 47.5 51.7 27.0 26.8 32.6 40.9 28.0 7.3 8.8 12.1 12.1 16.4 -1.3 12.4 27.6 16.2 11.1 3.9 2.7 3.2 2.8 5.1 1972 1973 1974 1975 1976 156.1 183.9 175.1 193.5 244.8 15.0 6.9 11.9 85.6 69.2 141.0 176.9 163.2 107.8 175.6 57.0 69.6 55.4 56.9 84.4 35.1 40.7 37.2 39.7 58.9 19.5 22.5 8.9 7.8 22.0 70.1 93.3 94.3 39.8 72.7 38.4 74.8 56.5 18.6 42.2 14.0 14.1 13.4 11.1 18.5 23.9 47.0 49.6 2.1 23.5 4.4 6.3 13.8 14.1 20.5 1977 1978 1979 1980 1981 321.2 390.7 391.9 343.7 410.0 56.3 52.5 35.8 77.4 85.5 264.8 338.2 356.1 266.3 324.5 128.4 159.9 169.0 109.7 107.5 86.5 105.6 115.7 91.6 68.0 35.4 46.0 42.7 2.3 17.7 116.6 138.8 160.5 134.4 189.4 72.8 79.1 84.3 69.7 122.7 19.9 39.4 26.6 22.2 27.6 53.6 74.7 91.1 73.2 105.1 13.5 24.0 15.0 24.2 23.5 1982 1983 1984 1985 1986 439.9 573.6 791.2 963.0 845.3 161.3 185.2 197.2 225.7 216.0 278.6 388.4 594.0 737.3 629.3 85.1 177.6 219.6 309.4 262.1 48.6 107.1 127.9 177.2 199.8 17.2 50.0 80.7 82.8 54.4 151.8 163.4 321.8 264.3 293.0 92.4 88.7 203.7 179.6 222.5 41.7 47.3 52.5 163.6 74.2 93.0 104.4 157.8 204.0 328.8 16.0 17.3 8.4 1.2 9.7 1987 1988 1989 1990 1991 719.0 787.6 687.5 657.0 465.3 143.9 155.1 146.4 246.9 278.2 575.1 632.5 541.2 410.1 187.1 266.5 273.2 287.3 240.3 186.1 224.3 217.0 229.0 207.3 175.4 30.4 43.4 44.2 11.9 -10.7 218.1 305.3 203.8 122.6 -84.4 159.4 220.1 156.5 128.8 -53.7 90.4 54.0 50.1 47.2 85.4 290.6 250.2 225.0 211.6 170.9 6.3 7.4 10.2 23.9 15.1 1992 1993 1994 1995 1996 524.2 579.4 561.1 705.9 733.7 304.0 256.1 155.9 144.4 145.0 220.2 323.3 405.3 561.5 588.6 202.7 240.8 314.5 339.3 343.8 175.4 156.5 172.9 165.3 228.4 6.1 58.4 124.9 138.9 91.3 -6.6 16.3 137.0 273.7 251.6 24.6 34.4 124.6 224.9 179.4 24.1 66.2 -46.2 -51.5 -6.8 244.0 294.4 468.3 454.0 550.1 24.1 69.8 -13.9 78.5 88.4 1997 1998 1999 2000 2001 804.7 1046.9 1100.6 871.6 1103.0 23.1 -52.6 -71.2 -295.9 -5.6 781.6 1099.5 1171.8 1167.4 1108.6 332.7 466.0 516.8 554.6 610.3 240.4 350.2 389.2 382.3 490.7 57.5 75.0 99.5 139.0 95.2 392.8 553.2 602.6 585.7 391.5 291.9 405.5 441.7 429.1 267.8 56.1 80.3 52.3 27.2 106.8 662.2 1087.2 1084.4 815.6 916.0 71.8 43.4 27.9 67.0 -41.9 1996 -- Q1 Q2 Q3 Q4 807.7 757.9 750.0 619.0 213.7 109.2 162.0 95.2 594.1 648.7 588.0 523.9 369.1 374.8 343.7 287.8 249.7 229.8 222.4 211.5 114.4 112.9 84.1 53.7 244.7 287.6 278.5 195.5 182.5 211.1 187.3 136.7 -19.8 -13.7 -34.2 40.6 406.8 714.3 469.6 609.5 61.7 49.6 130.4 111.8 1997 -- Q1 Q2 Q3 Q4 712.1 712.8 914.9 878.9 67.1 -15.0 48.4 -8.1 645.0 727.8 866.5 887.0 354.3 316.8 393.0 266.8 241.5 209.6 336.8 173.6 63.0 60.3 58.7 48.2 273.6 364.9 397.3 535.2 186.6 260.4 307.3 413.1 17.0 46.1 76.2 84.9 397.1 690.1 655.1 906.7 33.6 76.1 121.7 55.7 1998 -- Q1 Q2 Q3 Q4 1082.5 1109.6 926.3 1069.0 -19.8 -20.2 -109.6 -61.0 1102.3 1129.8 1035.8 1130.0 479.2 442.6 470.6 471.5 380.5 289.0 343.0 388.3 50.6 94.1 94.9 60.3 528.6 601.9 495.2 587.2 406.1 465.3 333.7 417.0 94.6 85.4 70.0 71.3 952.0 1046.0 1102.7 1248.0 107.9 103.1 -11.2 -26.3 1999 -- Q1 Q2 Q3 Q4 1241.9 927.2 1223.9 1009.3 -85.1 -95.4 -74.3 -30.0 1327.1 1022.6 1298.2 1039.3 532.0 503.7 585.9 445.7 386.4 398.7 437.4 334.3 114.4 72.3 94.9 116.5 707.5 476.6 659.9 566.4 568.2 333.5 475.1 390.2 87.6 42.2 52.4 27.2 1208.5 1053.5 1112.0 963.7 31.5 -23.6 81.1 22.8 2000 -- Q1 Q2 Q3 Q4 929.0 976.1 815.1 766.1 -217.2 -408.7 -226.2 -331.3 1146.2 1384.8 1041.4 1097.5 504.3 625.6 579.9 508.8 327.2 444.3 397.6 360.0 127.6 143.7 153.8 130.7 629.0 741.0 437.8 535.0 480.2 546.7 301.5 388.0 12.9 18.2 23.8 53.7 608.0 897.1 794.0 963.1 120.3 -7.9 88.6 66.8 2001 -- Q1 Q2 Q3 Q4 991.9 981.3 1297.4 1141.4 -4.3 -256.0 255.7 -17.6 996.2 1237.3 1041.7 1159.0 538.3 663.4 629.7 609.9 387.5 571.1 513.4 490.8 144.0 75.5 24.4 137.0 354.1 465.3 369.0 377.5 226.7 324.9 257.1 262.7 103.9 108.7 43.0 171.5 864.2 786.1 1084.8 928.7 -8.0 -52.8 -102.8 -4.1 8 Z.1, March 7, 2002 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Total Corporate State and local governments Domestic financial sectors 376.6 413.8 462.0 512.3 563.3 259.1 285.1 317.8 361.1 389.1 117.4 126.1 138.3 150.3 166.7 71.6 84.0 111.5 127.8 138.9 43.3 46.1 49.2 52.1 56.6 168.8 193.0 201.9 207.0 229.0 633.3 725.9 819.8 861.4 931.5 427.5 492.1 548.1 568.5 608.1 180.7 194.8 208.2 219.4 237.8 162.8 209.8 258.3 260.4 283.9 61.1 67.4 81.2 95.6 116.0 610.5 716.0 833.3 934.5 1007.2 264.4 310.4 353.1 355.4 373.1 1049.8 1184.2 1344.0 1474.5 1657.6 682.6 757.2 840.7 906.6 1023.0 256.2 295.6 322.2 344.4 372.1 337.8 412.5 504.9 578.1 682.4 129.4 157.6 172.9 197.2 220.7 1586.6 1744.2 1956.2 2286.4 2546.9 1041.3 1128.5 1255.7 1458.2 1657.9 390.3 440.3 521.0 603.8 658.2 1806.1 1992.4 2317.2 2578.1 2870.2 1112.1 1223.7 1430.4 1606.7 1828.2 413.8 461.1 513.6 677.9 752.1 778.1 882.7 1052.4 1257.3 1593.6 212.6 229.8 238.0 239.3 241.0 6727.8 7356.8 7915.0 8352.4 8536.2 2767.4 3057.6 3355.3 3624.7 3814.4 1840.2 2067.8 2295.1 2531.7 2710.6 688.6 732.0 793.3 805.1 794.5 3119.3 3404.2 3614.6 3735.4 3644.1 2018.7 2216.2 2379.7 2506.6 2450.8 841.0 895.0 945.2 992.3 1077.7 1895.5 2145.8 2399.3 2615.8 2786.7 247.4 254.8 265.0 288.9 304.0 3080.3 3336.5 3492.3 3636.7 3781.8 8759.6 9097.7 9509.2 10070.7 10659.4 4017.1 4260.3 4574.5 4913.8 5223.9 2886.0 3044.9 3217.8 3383.0 3577.7 800.6 859.0 983.9 1122.8 1214.1 3640.7 3669.4 3813.0 4086.7 4372.0 2477.0 2523.9 2655.0 2879.9 3093.0 1101.8 1167.9 1121.7 1070.2 1063.4 3046.3 3346.1 3822.1 4278.8 4828.8 318.8 388.6 375.0 453.7 542.2 15244.3 16291.1 17426.4 18317.0 19420.6 3804.9 3752.2 3681.0 3385.2 3379.6 11439.4 12538.9 13745.3 14931.9 16041.0 5556.9 6022.9 6540.1 7113.7 7724.1 3818.1 4168.3 4557.4 4939.7 5430.5 1271.6 1346.6 1446.1 1593.1 1688.3 4763.0 5316.2 5953.2 6538.8 6930.9 3383.1 3788.6 4264.7 4693.8 4962.2 1119.5 1199.8 1252.1 1279.3 1386.1 5458.0 6545.2 7629.6 8457.1 9370.4 608.0 651.5 679.6 746.7 704.8 1996 -- Q1 Q2 Q3 Q4 13909.4 14098.9 14286.4 14441.1 3690.2 3717.5 3758.0 3781.8 10219.2 10381.4 10528.4 10659.4 5006.1 5066.1 5152.0 5223.9 3445.5 3469.2 3524.8 3577.7 1151.4 1179.6 1200.7 1214.1 4147.9 4253.5 4323.1 4372.0 2925.6 3012.0 3058.9 3093.0 1065.3 1061.8 1053.3 1063.4 4380.5 4559.0 4676.5 4828.8 469.1 481.5 514.1 542.2 1997 -- Q1 Q2 Q3 Q4 14619.1 14797.3 15024.5 15244.3 3798.5 3794.8 3806.9 3804.9 10820.6 11002.6 11217.7 11439.4 5312.8 5392.0 5490.2 5556.9 3638.1 3690.5 3774.7 3818.1 1229.8 1244.9 1259.6 1271.6 4440.2 4531.4 4629.2 4763.0 3139.4 3204.5 3279.8 3383.1 1067.7 1079.2 1098.2 1119.5 4928.1 5100.6 5231.3 5458.0 550.6 569.6 593.9 608.0 1998 -- Q1 Q2 Q3 Q4 15514.9 15792.3 16023.9 16291.1 3799.9 3794.9 3767.5 3752.2 11715.0 11997.4 12256.4 12538.9 5676.8 5787.4 5905.1 6022.9 3913.2 3985.4 4071.2 4168.3 1284.3 1307.8 1331.5 1346.6 4895.1 5045.6 5169.4 5316.2 3484.6 3600.9 3684.3 3788.6 1143.1 1164.5 1182.0 1199.8 5696.0 5957.5 6233.2 6545.2 635.0 660.7 657.9 651.5 1999 -- Q1 Q2 Q3 Q4 16603.4 16835.2 17174.1 17426.4 3731.0 3707.1 3688.5 3681.0 12872.4 13128.1 13485.5 13745.3 6156.2 6282.2 6428.6 6540.1 4264.8 4364.5 4473.9 4557.4 1375.2 1393.3 1417.0 1446.1 5494.5 5613.7 5811.6 5953.2 3932.1 4015.5 4167.2 4264.7 1221.7 1232.2 1245.3 1252.1 6847.3 7110.7 7388.7 7629.6 659.4 653.5 673.8 679.6 2000 -- Q1 Q2 Q3 Q4 17658.6 17902.6 18117.5 18317.0 3626.7 3524.6 3468.0 3385.2 14031.9 14378.1 14649.5 14931.9 6666.1 6822.5 6978.6 7113.7 4639.3 4750.3 4849.7 4939.7 1478.0 1513.9 1552.4 1593.1 6110.4 6295.7 6405.1 6538.8 4384.8 4521.4 4596.8 4693.8 1255.4 1259.9 1265.9 1279.3 7781.6 8005.9 8208.4 8457.1 709.7 707.7 729.9 746.7 2001 -- Q1 Q2 Q3 Q4 18565.0 18810.9 19135.3 19420.6 3384.1 3320.1 3384.0 3379.6 15180.9 15490.8 15751.3 16041.0 7248.3 7414.2 7571.6 7724.1 5036.6 5179.4 5307.7 5430.5 1629.1 1647.9 1654.1 1688.3 6627.3 6744.3 6836.5 6930.9 4750.5 4832.3 4896.6 4962.2 1305.3 1332.4 1343.2 1386.1 8670.5 8867.0 9138.3 9370.4 744.7 731.5 705.8 704.8 Total Federal government Total nonfederal 1967 1968 1969 1970 1971 1152.6 1242.7 1332.0 1422.3 1557.5 278.1 290.6 287.4 299.5 324.4 874.6 952.1 1044.6 1122.8 1233.1 380.6 412.2 444.4 460.2 503.1 245.0 262.1 280.2 289.0 313.1 108.6 119.3 129.2 133.7 149.2 1972 1973 1974 1975 1976 1713.5 1897.9 2072.3 2264.7 2508.3 339.4 346.3 358.2 443.9 513.1 1374.1 1551.6 1714.1 1820.8 1995.3 560.1 630.8 686.1 740.1 825.9 348.2 388.1 425.1 464.7 524.0 1977 1978 1979 1980 1981 2829.6 3214.5 3606.5 3957.9 4366.4 569.4 621.9 657.7 735.0 820.5 2260.2 2592.6 2948.9 3222.9 3545.9 954.2 1112.8 1282.7 1404.0 1516.2 1982 1983 1984 1985 1986 4788.3 5364.8 6151.2 7132.3 7975.1 981.8 1167.0 1364.2 1589.9 1805.9 3806.5 4197.8 4787.0 5542.5 6169.3 1987 1988 1989 1990 1991 8677.6 9461.7 10166.3 10850.6 11312.5 1949.8 2104.9 2251.2 2498.1 2776.4 1992 1993 1994 1995 1996 11839.9 12434.1 13001.5 13707.5 14441.1 1997 1998 1999 2000 2001 1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release. Business Foreign 9 Z.1, March 7, 2002 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 Total net borrowing Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 1 804.7 1046.9 1100.6 871.6 1103.0 815.1 766.1 991.9 981.3 1297.4 1141.4 2 23.1 -52.6 -71.2 -295.9 -5.6 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 3 781.6 1099.5 1171.8 1167.4 1108.6 1041.4 1097.5 996.2 1237.3 1041.7 1159.0 4 332.7 291.9 94.7 6.2 56.1 466.0 405.5 139.7 8.0 80.3 516.8 441.7 155.4 5.5 52.3 554.6 429.1 145.7 10.9 27.2 610.3 267.8 116.3 7.3 106.8 579.9 301.5 129.1 7.2 23.8 508.8 388.0 134.2 12.8 53.7 538.3 226.7 121.3 6.0 103.9 663.4 324.9 130.6 9.8 108.7 629.7 257.1 108.6 3.4 43.0 609.9 262.7 104.8 10.0 171.5 5 6 7 8 9 10 Rest of the world 71.8 43.4 27.9 67.0 -41.9 88.6 66.8 -8.0 -52.8 -102.8 -4.1 10 11 Financial sectors 662.2 1087.2 1084.4 815.6 916.0 794.0 963.1 864.2 786.1 1084.8 928.7 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 46.1 29.5 -2.4 19.0 72.9 52.8 -4.8 24.9 67.2 41.8 -0.4 25.8 60.0 36.8 -0.0 23.2 54.3 31.3 -0.9 23.9 43.4 13.6 -0.4 30.3 18.8 -4.5 0.7 22.7 148.3 52.9 -0.8 96.1 -15.8 -23.3 -2.4 9.9 59.0 45.4 -1.3 14.9 25.6 50.0 0.9 -25.3 12 13 14 15 16 17 Savings institutions Credit unions 19.7 0.1 52.2 0.6 48.0 2.2 27.3 0.0 6.3 1.5 -37.9 1.1 20.4 1.0 62.5 -0.6 16.1 0.8 19.2 1.5 -72.5 4.4 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 0.2 98.4 114.6 202.2 0.7 278.3 192.6 321.4 0.7 318.2 273.8 223.4 -0.7 234.1 199.4 196.3 0.6 291.4 336.6 280.4 -0.3 278.1 236.7 156.2 -0.7 304.5 309.1 307.9 -2.4 262.3 170.3 295.8 0.1 268.3 396.9 172.3 3.5 326.2 504.0 289.1 1.4 308.8 275.2 364.4 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 57.8 -4.6 39.6 8.1 79.9 57.1 1.6 62.7 7.2 40.0 70.3 0.2 6.3 -17.2 91.5 81.2 0.1 2.7 15.6 -0.4 -6.9 0.7 2.8 1.4 -53.1 98.1 -0.3 -2.4 25.4 -4.2 26.1 1.0 -8.1 -6.6 -10.4 -72.8 0.7 -6.1 -23.9 30.1 64.1 0.6 10.5 35.7 -163.6 21.5 0.8 -2.4 12.6 -150.2 -40.6 0.6 9.1 -19.0 71.3 22 23 24 25 26 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 27 -22.2 177.2 216.2 -154.9 -173.1 -250.5 -232.9 -198.8 -242.6 -36.9 -214.0 28 -12.6 -12.7 3.0 0.1 40.5 -16.0 18.1 134.5 168.5 -2.8 7.1 43.4 -174.6 12.6 -2.1 9.2 -174.3 -8.6 -5.9 15.7 -216.8 -13.3 -4.0 -16.4 -209.7 -32.6 -2.7 12.1 -210.8 -24.7 -4.8 41.5 -224.0 11.3 -5.2 -24.8 -1.1 -19.1 -6.2 -10.4 -261.4 -2.0 -7.2 56.6 29 30 31 32 5.1 311.3 13.5 254.2 5.8 208.8 7.3 279.3 7.4 426.0 4.5 216.2 10.6 387.8 4.6 410.6 9.4 349.2 3.6 387.5 12.0 556.8 33 34 1244.5 1732.5 1782.0 1622.3 1716.7 1727.6 1630.5 1631.7 1598.6 1925.3 1711.1 35 38.3 21.1 25.7 33.7 39.9 39.1 -0.9 53.7 26.4 8.7 70.5 36 27 28 29 30 31 32 Total net lending Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 Monetary authority 37 38 39 40 41 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 324.3 274.9 40.2 5.4 3.7 305.2 312.0 -11.9 -0.9 6.0 308.2 317.6 -20.1 6.2 4.4 358.4 339.8 24.0 -12.2 6.7 201.5 187.4 3.9 3.8 6.4 363.2 324.8 32.8 -6.7 12.3 157.0 75.3 81.1 -3.2 3.8 152.8 107.9 41.3 7.3 -3.6 133.9 179.7 -48.6 -2.8 5.6 234.8 215.4 16.5 -1.4 4.2 284.5 246.5 6.2 12.2 19.6 37 38 39 40 41 42 43 44 Savings institutions Credit unions Bank personal trusts and estates -4.7 16.8 -25.0 36.1 19.0 -12.8 68.6 27.5 27.8 56.5 30.5 17.1 40.4 38.6 10.4 62.7 21.2 17.6 42.5 33.6 18.1 52.5 23.2 10.7 57.3 7.6 13.4 -8.3 61.7 8.8 60.1 61.8 8.6 42 43 44 45 46 47 48 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 104.8 25.2 47.6 67.1 76.9 5.8 -22.8 72.1 53.5 -3.0 25.4 46.9 57.9 -8.7 39.9 54.6 132.3 5.1 18.0 -15.1 74.8 6.2 56.8 37.6 38.8 -11.7 26.1 86.1 95.3 2.1 23.1 -70.7 124.9 0.1 25.7 77.0 179.3 5.1 -16.7 -74.2 129.8 12.9 39.9 7.3 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools ABS issuers 87.5 80.9 -2.6 106.6 114.6 163.8 244.0 127.3 5.5 314.6 192.6 281.7 182.0 48.4 7.4 291.7 273.8 205.2 143.0 21.0 -8.4 250.9 199.4 166.4 246.0 126.1 -8.4 296.2 336.6 256.0 256.1 50.2 -8.4 228.6 236.7 120.9 272.7 57.8 -8.4 318.8 309.1 278.9 326.7 78.1 -8.4 327.8 170.3 269.8 166.2 165.7 -8.4 316.2 396.9 150.0 379.1 103.7 -8.4 265.9 504.0 262.3 112.2 156.8 -8.4 275.1 275.2 342.1 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 23.1 -9.1 20.2 14.9 50.4 77.3 3.2 -5.1 6.8 -15.8 97.0 0.3 -2.6 -34.7 133.0 108.0 0.2 -6.3 68.9 39.4 16.5 1.4 10.5 97.6 -132.8 102.8 -0.5 -3.6 152.1 -86.5 36.2 2.0 -2.8 -69.0 45.7 -0.9 1.4 4.0 289.5 -169.5 126.7 1.1 1.1 35.4 -218.6 -42.0 1.7 7.8 236.0 -184.0 -17.9 1.2 29.0 -170.4 40.9 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 10 Z.1, March 7, 2002 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency securities and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 2001 Q4 Q1 Q2 Q3 Q4 804.7 1046.9 1100.6 871.6 1103.0 815.1 766.1 991.9 981.3 1297.4 1141.4 1 23.1 23.2 -0.1 -52.6 -54.6 2.0 -71.2 -71.0 -0.2 -295.9 -294.9 -1.0 -5.6 -5.0 -0.5 -226.2 -223.8 -2.4 -331.3 -330.2 -1.2 -4.3 -2.1 -2.2 -256.0 -257.1 1.1 255.7 256.0 -0.4 -17.6 -16.9 -0.7 2 3 4 781.6 13.7 71.4 150.5 106.4 59.5 1099.5 24.4 96.8 218.7 108.1 82.1 1171.8 37.4 68.2 229.9 82.6 57.1 1167.4 48.1 35.3 171.1 103.1 101.5 1108.6 -88.3 120.6 328.2 -87.5 19.2 1041.4 56.1 31.0 168.8 47.0 16.5 1097.5 -4.0 60.1 175.6 59.3 125.2 996.2 -199.2 110.7 399.5 -5.9 -12.6 1237.3 -133.4 112.4 419.5 -153.2 118.2 1041.7 -66.1 56.0 187.9 -10.8 81.9 1159.0 45.5 203.2 305.9 -180.2 -110.7 5 6 7 8 9 10 322.5 258.3 7.5 53.5 3.1 57.5 494.4 388.7 23.5 75.6 6.5 75.0 597.1 435.0 40.5 115.8 5.8 99.5 569.4 422.2 36.1 104.6 6.5 139.0 721.1 532.8 46.5 134.4 7.4 95.2 568.2 441.6 26.8 93.3 6.5 153.8 550.5 395.6 40.9 112.1 2.0 130.7 559.8 434.0 35.4 86.2 4.2 144.0 798.2 613.1 41.2 131.6 12.4 75.5 768.3 555.8 55.6 150.1 6.8 24.4 758.3 528.3 54.0 169.8 6.1 137.0 11 12 13 14 15 16 781.6 332.7 392.8 291.9 94.7 6.2 56.1 1099.5 466.0 553.2 405.5 139.7 8.0 80.3 1171.8 516.8 602.6 441.7 155.4 5.5 52.3 1167.4 554.6 585.7 429.1 145.7 10.9 27.2 1108.6 610.3 391.5 267.8 116.3 7.3 106.8 1041.4 579.9 437.8 301.5 129.1 7.2 23.8 1097.5 508.8 535.0 388.0 134.2 12.8 53.7 996.2 538.3 354.1 226.7 121.3 6.0 103.9 1237.3 663.4 465.3 324.9 130.6 9.8 108.7 1041.7 629.7 369.0 257.1 108.6 3.4 43.0 1159.0 609.9 377.5 262.7 104.8 10.0 171.5 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. 71.8 43.4 27.9 67.0 -41.9 88.6 66.8 -8.0 -52.8 -102.8 -4.1 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 3.7 61.4 8.5 -1.8 7.8 34.9 6.7 -6.0 16.3 16.8 0.5 -5.7 31.7 25.2 11.3 -1.3 -14.2 -17.9 -7.5 -2.4 7.0 71.4 11.9 -1.7 50.1 9.0 12.2 -4.6 -26.5 17.1 13.0 -11.6 -6.7 -15.9 -31.0 0.7 -27.6 -78.8 4.4 -0.8 3.9 6.1 -16.3 2.1 25 26 27 28 876.5 1090.2 1128.5 938.5 1061.1 903.8 832.9 983.9 928.4 1194.6 1137.3 29 29 Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 By instrument 662.2 1087.2 1084.4 815.6 916.0 794.0 963.1 864.2 786.1 1084.8 928.7 1 Federal government-related Govt.-sponsored enterprise securities Mortgage pool securities U.S. government loans 212.9 98.4 114.6 0.0 470.9 278.3 192.6 0.0 592.0 318.2 273.8 0.0 433.5 234.1 199.4 0.0 628.0 291.4 336.6 0.0 514.8 278.1 236.7 0.0 613.6 304.5 309.1 0.0 432.6 262.3 170.3 0.0 665.2 268.3 396.9 0.0 830.2 326.2 504.0 0.0 584.0 308.8 275.2 0.0 2 3 4 5 Private financial sectors Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages 449.3 166.7 218.9 13.3 35.6 14.9 616.3 161.0 310.1 30.1 90.2 24.8 492.5 176.2 218.2 -14.2 107.1 5.1 382.1 127.7 205.9 -0.3 42.5 6.2 288.0 -61.9 301.3 11.6 34.9 2.1 279.2 106.5 205.0 -6.7 -31.6 6.0 349.5 153.2 203.7 -4.4 -4.8 1.8 431.7 -134.6 438.9 27.1 107.8 -7.5 120.9 -85.4 186.8 14.3 -11.0 16.2 254.6 -85.6 291.4 -7.3 58.0 -1.9 344.7 58.2 288.1 12.2 -15.3 1.5 6 7 8 9 10 11 662.2 1087.2 1084.4 815.6 916.0 794.0 963.1 864.2 786.1 1084.8 928.7 12 By sector 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 46.1 29.5 -2.4 19.0 72.9 52.8 -4.8 24.9 67.2 41.8 -0.4 25.8 60.0 36.8 -0.0 23.2 54.3 31.3 -0.9 23.9 43.4 13.6 -0.4 30.3 18.8 -4.5 0.7 22.7 148.3 52.9 -0.8 96.1 -15.8 -23.3 -2.4 9.9 59.0 45.4 -1.3 14.9 25.6 50.0 0.9 -25.3 13 14 15 16 17 18 Savings institutions Credit unions 19.7 0.1 52.2 0.6 48.0 2.2 27.3 0.0 6.3 1.5 -37.9 1.1 20.4 1.0 62.5 -0.6 16.1 0.8 19.2 1.5 -72.5 4.4 17 18 19 20 21 22 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 0.2 98.4 114.6 202.2 0.7 278.3 192.6 321.4 0.7 318.2 273.8 223.4 -0.7 234.1 199.4 196.3 0.6 291.4 336.6 280.4 -0.3 278.1 236.7 156.2 -0.7 304.5 309.1 307.9 -2.4 262.3 170.3 295.8 0.1 268.3 396.9 172.3 3.5 326.2 504.0 289.1 1.4 308.8 275.2 364.4 19 20 21 22 23 24 25 26 27 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 57.8 -4.6 39.6 8.1 79.9 57.1 1.6 62.7 7.2 40.0 70.3 0.2 6.3 -17.2 91.5 81.2 0.1 2.7 15.6 -0.4 -6.9 0.7 2.8 1.4 -53.1 98.1 -0.3 -2.4 25.4 -4.2 26.1 1.0 -8.1 -6.6 -10.4 -72.8 0.7 -6.1 -23.9 30.1 64.1 0.6 10.5 35.7 -163.6 21.5 0.8 -2.4 12.6 -150.2 -40.6 0.6 9.1 -19.0 71.3 23 24 25 26 27 11 Z.1, March 7, 2002 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 Total 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 1 2 3 4 5 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds 184.1 236.0 71.4 430.8 193.1 418.3 96.8 563.7 229.9 520.7 68.2 465.0 207.6 137.6 35.3 402.2 -164.4 622.4 120.6 611.6 169.7 288.6 31.0 445.2 199.3 282.2 60.1 388.3 -360.2 428.2 110.7 855.5 -225.5 409.2 112.4 590.5 -179.3 1085.9 56.0 400.5 107.6 566.4 203.2 600.1 2 3 4 5 6 7 8 9 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 128.2 93.2 337.4 57.5 145.0 166.3 519.2 75.0 68.9 158.5 602.2 99.5 114.1 142.7 575.6 139.0 -83.4 51.7 723.2 95.2 52.2 -16.8 574.2 153.8 67.1 115.8 552.4 130.7 34.1 83.6 552.2 144.0 -170.0 107.9 814.4 75.5 -13.6 139.2 766.4 24.4 -184.3 -123.8 759.8 137.0 6 7 8 9 185.2 113.7 156.6 189.7 269.3 221.1 -38.7 234.4 415.0 83.4 344.5 10 -79.9 -114.4 -165.8 -267.0 -34.6 -143.5 -45.3 -159.7 67.7 -55.7 -54.0 -87.8 -188.2 -367.5 137.6 -25.3 132.1 -71.5 -79.0 -120.8 80.2 -5.1 11 12 57.6 -23.1 265.1 101.3 -0.1 279.5 114.4 -5.6 191.2 99.7 14.7 235.0 97.3 26.0 201.6 61.1 -27.3 275.1 89.4 89.9 149.5 109.2 53.7 96.8 220.3 -16.7 283.0 23.0 18.8 162.5 36.9 48.5 264.3 13 14 15 Memo: Funds raised through corporate equities and mutual fund shares 10 11 12 13 14 15 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) 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 1 Official foreign exchange SDR certificates Treasury currency Foreign deposits 0.7 -0.5 0.5 107.7 6.6 0.0 0.6 6.5 -8.7 -3.0 1.0 61.0 -0.4 -4.0 2.4 120.8 4.7 0.0 -0.0 62.2 0.7 -4.0 4.2 -40.8 4.9 -4.0 -0.0 207.4 -1.5 0.0 -1.1 235.5 4.7 0.0 1.1 -170.2 19.1 0.0 -0.0 83.5 -3.4 0.0 0.0 100.0 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares -19.7 41.2 97.1 122.5 155.9 -32.3 47.4 152.4 92.1 287.2 18.4 151.4 44.7 130.6 249.1 13.6 -71.5 190.7 118.4 233.3 11.7 185.8 260.0 63.9 428.6 24.4 5.0 224.5 152.9 250.9 18.0 -50.2 310.8 65.2 371.0 -181.0 130.1 288.3 130.6 621.5 19.0 90.7 194.2 51.9 322.5 20.2 235.0 229.1 16.3 367.7 188.6 287.5 328.4 56.7 402.7 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 120.9 -79.9 265.1 139.7 91.3 -165.8 279.5 109.2 169.7 -34.6 191.2 222.3 110.7 -45.3 235.0 166.8 45.3 67.7 201.6 -26.3 277.1 -54.0 275.1 138.8 -265.4 -188.2 149.5 121.8 -52.6 137.6 96.8 25.1 187.9 132.1 283.0 -96.2 242.3 -79.0 162.5 -13.4 -196.3 80.2 264.3 -20.6 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 111.0 59.3 201.4 22.3 103.3 48.0 227.6 21.3 104.3 50.8 196.1 22.3 146.1 50.2 217.2 21.7 -8.6 63.8 204.5 13.2 97.5 53.0 220.7 4.1 74.4 47.3 151.8 25.4 -140.9 52.7 257.2 6.9 -28.5 53.2 165.6 17.1 547.2 80.2 205.4 95.4 -412.2 69.2 189.9 -66.6 15 16 17 18 19 20 21 Investment in bank personal trusts Noncorporate proprietors’ equity Miscellaneous -49.9 -40.2 493.6 -41.8 -52.3 949.1 -6.5 -15.5 719.3 -29.7 12.8 1016.6 -26.3 10.9 758.4 -29.2 32.2 1478.3 -28.0 11.6 713.5 -26.1 5.2 485.4 -22.7 29.5 890.3 -28.2 -9.7 940.8 -28.2 18.7 717.1 19 20 21 3287.5 4307.3 4476.6 4259.5 4298.2 4809.2 3532.9 3917.6 3839.6 5393.8 4042.0 22 -0.2 106.2 -19.9 -0.1 -8.5 3.4 -0.7 45.8 3.5 -1.2 70.9 17.4 -1.6 38.9 17.7 0.9 -90.8 -12.1 -3.3 193.4 51.1 -3.6 180.8 16.7 -0.5 -150.2 13.6 -1.4 78.8 7.2 -0.7 46.4 33.3 23 24 25 63.2 28.0 -239.6 57.7 19.7 -154.6 36.1 6.5 -420.0 115.8 14.1 -284.8 -51.0 -1.5 -199.0 170.3 -1.8 10.6 -300.3 44.1 -312.9 -208.8 4.9 -181.3 189.5 -12.0 -526.8 25.7 -8.0 125.0 -210.5 9.0 -212.9 26 27 28 -2.7 -3.9 -29.2 2.6 -3.1 -51.3 -7.4 -0.8 42.9 9.0 1.7 -29.5 -10.3 4.5 6.6 3.0 1.9 -10.6 -2.1 2.4 21.5 10.0 3.8 27.9 -0.1 3.9 -12.7 7.3 5.1 -23.1 -58.5 5.5 34.4 29 30 31 3385.5 4441.6 4770.7 4346.2 4493.9 4737.7 3839.1 4067.2 4335.1 5177.2 4395.9 32 2 3 4 5 22 Total financial sources 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 32 Totals identified to sectors as assets 12 Z.1, March 7, 2002 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 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 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 8318.4 8781.6 9268.6 9872.9 10205.6 9937.5 10028.0 10141.6 10202.6 10224.9 10253.2 1 5529.3 5856.0 6250.2 6728.4 7063.5 6785.5 6871.4 6977.6 7044.6 7057.6 7174.0 2 642.5 1641.6 3245.2 693.2 1708.5 3454.3 760.9 1831.3 3657.9 819.6 1989.6 3919.2 858.2 2055.0 4150.2 825.4 2012.4 3947.7 818.7 2025.1 4027.5 838.1 2047.1 4092.4 844.7 2062.3 4137.6 840.6 2057.6 4159.4 909.5 2053.1 4211.4 3 4 5 1390.5 1538.8 1636.8 1767.5 1634.0 1788.4 1780.3 1722.7 1669.9 1624.8 1518.6 6 1327.7 1465.6 1578.2 1718.1 1692.6 1735.9 1741.6 1748.2 1706.4 1682.6 1633.3 7 8 9 10 11 12 13 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations 999.4 54.3 691.8 79.5 27.5 146.2 1101.3 59.9 751.0 84.5 29.4 176.4 1174.6 61.2 830.6 130.1 25.8 127.0 1293.1 68.9 907.4 161.5 28.2 127.1 1246.6 68.5 883.1 143.6 29.7 121.6 1314.9 70.2 930.6 152.5 29.1 132.3 1318.2 71.1 918.3 184.2 28.6 115.9 1311.2 71.9 924.2 155.8 28.5 130.8 1260.2 69.6 889.2 153.0 28.4 120.1 1231.0 68.3 873.3 139.5 31.3 118.8 1183.8 64.3 845.7 126.2 30.8 116.8 8 9 10 11 12 13 14 15 16 17 18 Residential Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 328.3 275.0 2.7 39.3 11.3 364.4 310.8 2.7 39.4 11.4 403.6 341.2 3.2 57.5 1.6 425.1 354.7 3.6 66.7 0.1 446.1 372.2 3.8 70.0 0.1 421.0 350.7 3.6 66.1 0.6 423.4 355.6 3.6 66.4 -2.3 437.0 364.1 3.7 68.6 0.6 446.2 372.7 3.8 70.0 -0.4 451.6 377.0 3.9 70.9 -0.1 449.5 374.9 3.8 70.5 0.3 14 15 16 17 18 62.9 57.0 3.0 2.9 73.1 68.6 3.6 0.9 58.6 57.1 3.0 -1.5 49.4 48.6 2.6 -1.8 -58.6 -54.1 -2.8 -1.7 52.5 52.5 2.8 -2.8 38.7 35.9 1.9 0.9 -25.5 -24.9 -1.3 0.7 -36.5 -33.5 -1.8 -1.2 -57.8 -53.1 -2.8 -1.9 -114.7 -105.0 -5.5 -4.2 19 20 21 22 19 20 21 22 Change in private inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business 23 Net U.S. exports of goods and services -89.4 -151.7 -250.9 -364.0 -331.2 -380.7 -390.6 -363.8 -347.4 -294.4 -319.3 23 24 25 Exports - Imports 966.4 1055.8 964.9 1116.7 989.8 1240.7 1102.9 1466.9 1049.5 1380.7 1131.1 1511.8 1121.0 1511.6 1117.4 1481.2 1079.6 1427.0 1020.6 1315.0 980.2 1299.5 24 25 26 Government consumption expenditures and gross investment 1488.0 1538.5 1632.6 1741.0 1839.4 1744.3 1766.9 1805.1 1835.5 1836.9 1879.9 26 1223.3 456.9 766.5 1261.4 453.1 808.3 1327.9 469.6 858.3 1422.8 493.7 929.0 1498.3 514.1 984.2 1430.2 493.6 936.6 1444.1 494.1 950.0 1474.2 507.5 966.7 1491.4 510.1 981.3 1504.9 513.7 991.2 1522.8 525.1 997.7 27 28 29 264.7 81.4 183.3 277.1 86.1 191.0 304.6 94.5 210.2 318.3 96.5 221.8 341.0 101.6 239.4 314.1 93.5 220.6 322.8 100.1 222.7 330.9 97.8 233.1 344.1 99.9 244.2 332.0 102.0 230.0 357.1 106.8 250.3 30 31 32 7.1 281.3 274.3 -3.5 286.1 289.6 -6.8 313.8 320.6 -12.1 384.2 396.3 -9.4 330.4 339.8 -18.1 386.6 404.7 4.2 402.1 397.9 -10.5 378.9 389.4 -11.7 346.9 358.6 -11.1 321.3 332.4 -4.3 274.4 278.7 33 34 35 8325.5 8778.1 9261.9 9860.8 10196.2 9919.4 10032.2 10131.1 10190.9 10213.8 10248.9 36 27 28 29 Consumption expenditures (3) Federal State and local 30 31 32 Gross investment (3) Federal State and local Memo: 33 34 35 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 36 Gross National Product (GNP) = GDP + net U.S. income receipts (1) This table corresponds to NIPA table 1.1 in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 13 Z.1, March 7, 2002 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 9 Proprietors’ income with inventory valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital consumption adjustment) 10 Corporate profits with inventory valuation and capital consumption adjustments 6 7 8 11 Corporate profits with inventory valuation adjustment 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 6618.5 7041.5 7462.3 7980.8 8197.7 8046.4 8133.9 8169.7 8208.0 8189.8 8223.1 1 4651.3 4364.3 290.0 -2.9 4989.8 4683.5 307.0 -0.7 5310.8 4981.9 323.7 5.2 5715.2 5371.3 343.9 0.0 6010.1 5652.1 358.0 0.0 5759.2 5413.6 345.6 0.0 5869.0 5518.1 350.9 0.0 5955.7 5598.7 357.0 0.0 6010.9 5652.1 358.8 0.0 6037.7 5678.8 358.9 0.0 6035.9 5678.7 357.2 0.0 2 3 4 5 581.2 551.5 29.7 623.8 598.2 25.6 672.0 645.4 26.6 715.0 684.4 30.6 743.5 715.9 27.6 719.2 687.6 31.6 725.2 693.5 31.7 735.2 705.4 29.8 745.3 716.6 28.7 752.8 720.5 32.3 740.7 721.0 19.7 6 7 8 128.4 138.6 147.7 141.6 142.7 138.3 141.7 139.6 139.0 144.0 148.3 9 833.8 777.4 825.3 876.4 747.9 894.4 857.4 789.8 759.8 697.0 745.0 10 800.9 739.4 773.6 833.0 718.1 854.0 819.0 753.8 729.5 683.6 705.3 11 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Foreign subsidiaries Financial 792.4 494.5 1.6 110.7 185.7 721.1 460.0 0.3 102.3 158.5 776.4 468.9 1.9 114.6 191.0 845.4 502.2 2.0 136.8 204.4 713.7 379.3 2.1 145.1 187.2 857.6 511.6 2.0 141.0 203.0 826.3 463.3 2.1 156.7 204.3 755.7 411.4 2.1 140.0 202.2 738.3 408.8 2.2 144.0 183.3 680.5 378.8 2.2 146.1 153.4 680.3 318.1 1.8 150.4 210.0 12 13 14 15 16 17 18 19 20 Less: Profits tax liability Domestic nonfinancial Farm Financial 237.2 157.9 0.5 78.9 238.9 154.2 0.4 84.3 253.0 170.4 0.5 82.1 271.5 186.0 0.5 84.9 220.6 141.8 0.4 78.4 274.9 189.7 0.6 84.6 253.5 167.7 0.5 85.3 236.8 152.0 0.5 84.3 228.0 150.7 0.5 76.8 204.9 138.9 0.4 65.6 212.8 125.4 0.4 87.0 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Dividends Domestic nonfinancial Farm Foreign subsidiaries Financial 555.2 335.2 216.4 1.7 51.4 65.8 482.2 348.7 240.8 1.4 39.5 67.0 523.4 343.5 238.4 1.5 39.2 64.3 573.9 379.6 267.3 1.7 37.7 73.0 493.1 416.7 302.7 1.7 29.7 82.6 582.7 386.2 274.3 1.7 35.1 75.1 572.8 397.0 280.5 1.7 37.7 77.1 518.9 405.2 299.1 1.8 22.0 82.3 510.3 412.3 292.5 1.8 37.6 80.4 475.6 420.4 318.3 1.8 12.8 87.5 467.5 428.7 300.8 1.5 46.4 80.0 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Foreign subsidiaries Financial 220.0 120.2 -0.6 59.3 41.0 133.5 65.1 -1.6 62.8 7.3 179.9 60.0 -0.1 75.4 44.6 194.3 48.8 -0.2 99.1 46.6 76.4 -65.2 -0.1 115.4 26.3 196.5 47.5 -0.2 105.9 43.3 175.8 15.1 -0.2 119.0 41.9 113.7 -39.8 -0.1 118.0 35.6 98.0 -34.4 -0.1 106.4 26.1 55.2 -78.3 -0.1 133.3 0.3 38.8 -108.1 -0.1 104.0 43.0 27 28 29 30 31 32 Inventory valuation adjustment 8.5 18.4 -2.9 -12.4 4.4 -3.6 -7.3 -1.9 -8.8 3.1 25.0 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Financial 32.9 50.0 1.1 -18.2 38.0 50.8 1.1 -13.9 51.7 61.1 1.4 -10.8 43.4 56.7 1.6 -14.9 29.9 45.5 1.8 -17.4 40.4 54.6 1.6 -15.8 38.4 53.7 1.7 -17.0 36.0 51.5 1.7 -17.2 30.3 46.4 1.8 -17.9 13.4 28.8 1.9 -17.3 39.7 55.0 1.8 -17.1 33 34 35 36 423.9 511.9 506.5 532.7 553.5 535.3 540.6 549.4 553.0 558.3 553.2 37 6618.5 7041.5 7462.3 7980.8 8197.7 8046.4 8133.9 8169.7 8208.0 8189.8 8223.1 38 37 Net interest Memo: Calculation of Gross Domestic Product from National Income: (2) 38 National Income, from line 1 above 39 40 41 42 43 44 Plus: Business transfer payments to persons Business transfer payments to rest of the world Indirect business tax and nontax accruals Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 27.9 8.9 646.2 832.4 181.0 29.7 28.7 9.3 681.3 884.3 187.7 -31.0 31.2 10.2 713.1 953.3 198.1 -72.9 33.1 10.9 762.7 1029.9 211.4 -130.4 35.0 9.6 794.2 1127.5 223.8 -136.8 33.3 10.7 767.6 1041.2 213.1 -155.6 33.8 10.6 775.6 1060.9 215.9 -159.8 34.3 10.0 785.7 1081.3 218.6 -120.7 34.8 9.7 792.4 1120.2 221.3 -143.3 35.3 9.4 793.9 1177.4 229.3 -149.8 35.7 9.4 804.8 1131.0 226.0 -133.2 39 40 41 42 43 44 45 46 Less: Subsidies less current surplus of government enterprises Net U.S. income receipts from rest of the world 19.1 7.1 23.6 -3.5 33.3 -6.8 37.6 -12.1 54.9 -9.4 37.3 -18.1 38.7 4.2 47.8 -10.5 52.2 -11.7 71.5 -11.1 47.9 -4.3 45 46 47 Equals: Gross Domestic Product 8318.4 8781.6 9268.6 9872.9 10205.6 9937.5 10028.0 10141.6 10202.6 10224.9 10253.2 47 (1) This table corresponds to NIPA table 1.14 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce. 14 Z.1, March 7, 2002 F.8 Gross Saving and Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 6 7 8 9 10 11 Gross saving 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1502.3 1647.2 1707.6 1785.6 1721.6 1806.7 1809.5 1754.1 1750.6 1752.1 1629.6 1 1343.8 1375.0 1348.1 1322.9 1356.7 1328.9 1342.5 1307.9 1321.2 1534.5 1263.2 2 Personal saving 252.9 301.5 160.8 67.6 118.6 54.4 74.7 78.8 81.5 285.4 28.7 3 Undistributed corporate profits Nonfinancial corp. inventory valuation adjustment Corporate capital consumption adjustment Private consumption of fixed capital Corporate Noncorporate Wage accruals less disbursements 220.0 8.5 32.9 832.4 581.6 250.9 -2.9 133.5 18.4 38.0 884.3 620.2 264.2 -0.7 179.9 -2.9 51.7 953.3 669.2 284.1 5.2 194.3 -12.4 43.4 1029.9 727.1 302.9 0.0 76.4 4.4 29.9 1127.5 798.6 328.9 0.0 196.5 -3.6 40.4 1041.2 736.0 305.2 0.0 175.8 -7.3 38.4 1060.9 749.7 311.3 0.0 113.7 -1.9 36.0 1081.3 763.8 317.5 0.0 98.0 -8.8 30.3 1120.2 785.6 334.6 0.0 55.2 3.1 13.4 1177.4 847.0 330.4 0.0 38.8 25.0 39.7 1131.0 797.9 333.1 0.0 4 5 6 7 8 9 10 Gross private saving 158.6 272.3 359.5 462.7 364.9 477.8 467.0 446.2 429.4 217.6 366.4 11 12 13 14 Federal Consumption of fixed capital Current surplus or deficit (-), NIPA 33.4 86.8 -53.4 132.0 88.2 43.8 210.9 91.7 119.2 314.9 96.4 218.5 223.4 99.6 123.8 326.9 97.0 229.9 320.3 97.9 222.4 303.7 98.4 205.3 286.2 99.4 186.8 86.2 99.8 -13.6 217.3 100.8 116.5 12 13 14 15 16 17 State and local Consumption of fixed capital Current surplus or deficit (-), NIPA 125.1 94.2 31.0 140.2 99.5 40.8 148.6 106.4 42.2 147.8 114.9 32.9 141.5 124.2 17.3 150.9 116.1 34.8 146.7 118.0 28.7 142.5 120.2 22.3 143.2 121.9 21.3 131.4 129.5 1.9 149.1 125.2 23.9 15 16 17 1532.1 1616.2 1634.7 1655.2 1584.9 1651.1 1649.7 1633.4 1607.3 1602.3 1496.4 18 1390.5 1538.8 1636.8 1767.5 1634.0 1788.4 1780.3 1722.7 1669.9 1624.8 1518.6 19 18 19 Gross government saving Gross investment Gross private domestic investment 20 Fixed investment 1327.7 1465.6 1578.2 1718.1 1692.6 1735.9 1741.6 1748.2 1706.4 1682.6 1633.3 20 21 22 Nonresidential Residential 999.4 328.3 1101.3 364.4 1174.6 403.6 1293.1 425.1 1246.6 446.1 1314.9 421.0 1318.2 423.4 1311.2 437.0 1260.2 446.2 1231.0 451.6 1183.8 449.5 21 22 23 Change in private inventories 62.9 73.1 58.6 49.4 -58.6 52.5 38.7 -25.5 -36.5 -57.8 -114.7 23 24 Gross government investment 264.7 277.1 304.6 318.3 341.0 314.1 322.8 330.9 344.1 332.0 357.1 24 25 Net foreign investment in U.S. -123.1 -199.7 -306.7 -430.5 -390.2 -451.4 -453.4 -420.2 -406.7 -354.5 -379.3 25 29.7 -31.0 -72.9 -130.4 -136.8 -155.6 -159.8 -120.7 -143.3 -149.8 -133.2 26 26 Statistical discrepancy (line 18 less line 1) (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Capital transfers received by government (net) 26.8 32.4 32.4 36.2 36.3 35.8 35.8 38.4 37.0 34.8 34.8 1 2 Federal -8.4 -3.6 -7.3 -7.9 -12.8 -8.1 -9.7 -8.9 -12.7 -14.8 -14.9 2 3 4 5 6 Estate and gift taxes paid by persons - Capital transfers paid to the rest of the world (net) - Federal investment grants to state and local govts. - Investment grants to business 20.6 0.2 28.8 0.0 25.2 0.0 28.8 0.0 28.8 4.2 31.9 0.0 28.1 0.0 36.0 0.0 27.9 0.0 40.8 0.0 27.7 0.1 35.7 0.0 27.6 0.0 37.3 0.0 30.1 0.0 38.9 0.0 28.7 0.0 41.3 0.0 26.5 0.0 41.3 0.0 26.5 0.0 41.4 0.0 3 4 5 6 7 State and local 35.3 36.0 39.7 44.1 49.1 43.9 45.5 47.3 49.7 49.7 49.7 7 8 9 Estate and gift taxes paid by persons + Federal investment grants to state and local govts. 6.5 28.8 7.2 28.8 7.8 31.9 8.1 36.0 8.3 40.8 8.1 35.7 8.2 37.3 8.3 38.9 8.3 41.3 8.3 41.3 8.3 41.4 8 9 -0.4 -0.7 3.5 -0.7 -0.8 -0.7 -0.7 -0.7 -0.7 -0.8 -0.8 10 0.2 0.6 0.0 0.7 4.2 0.7 0.0 0.7 0.0 0.8 0.1 0.7 0.0 0.7 0.0 0.7 0.0 0.8 0.0 0.8 0.0 0.8 11 12 10 Capital transfers received by the rest of the world (net) 11 12 Capital transfers received from U.S. government (net) - Immigrants’ transfers received by persons (net) (1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce. 15 Z.1, March 7, 2002 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 553.3 790.9 673.0 457.1 588.4 354.7 230.5 519.5 575.7 1015.5 242.9 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6.5 -16.3 142.6 83.5 0.1 14.0 175.9 174.5 5.2 -19.3 108.5 134.5 7.7 -31.5 311.0 141.3 -4.3 72.3 258.1 158.0 -2.6 -100.8 340.4 73.5 13.3 -25.0 218.4 199.9 -6.0 76.6 348.9 281.1 -10.9 29.7 264.7 23.4 5.3 5.3 218.9 251.5 -5.5 177.8 200.1 75.8 2 3 4 5 6 Securities -41.8 -15.3 12.6 -432.3 -273.9 -387.3 -583.5 -490.5 -122.1 -147.4 -335.6 6 1.5 -148.1 53.0 85.6 -293.3 259.6 7.5 -71.5 17.8 92.0 -340.7 279.5 4.0 98.1 40.4 23.4 -327.0 173.7 5.0 -184.8 15.2 -21.1 -498.6 252.1 -19.4 -179.9 40.9 -28.6 -298.3 211.5 5.0 -146.0 33.0 -116.1 -459.7 296.4 5.0 -129.6 0.2 -91.7 -538.1 170.7 -22.0 -543.0 92.7 250.8 -364.1 95.0 -18.0 -121.6 20.6 -119.2 -185.3 301.3 -15.0 193.0 -38.2 -154.9 -320.5 188.1 -22.5 -248.2 88.3 -91.2 -323.3 261.3 7 8 9 10 11 12 7 8 9 10 11 12 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 13 14 Life insurance reserves Pension fund reserves 59.3 201.4 48.0 227.6 50.8 196.1 50.2 217.2 63.8 204.5 53.0 220.7 47.3 151.8 52.7 257.2 53.2 165.6 80.2 205.4 69.2 189.9 13 14 15 16 Investment in bank personal trusts Miscellaneous and other assets -49.9 168.1 -41.8 207.9 -6.5 191.2 -29.7 223.1 -26.3 136.1 -29.2 187.0 -28.0 236.3 -26.1 25.7 -22.7 194.8 -28.2 424.5 -28.2 -100.9 15 16 17 18 19 20 21 Gross investment in tangible assets Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) 1133.0 314.2 161.4 651.5 5.9 1241.0 350.2 173.8 712.4 4.5 1373.8 398.7 217.0 756.5 1.5 1500.9 421.4 258.6 820.2 0.8 1537.8 442.2 241.9 858.2 -4.5 1494.6 416.8 251.9 825.9 -0.0 1528.0 422.0 283.9 819.2 2.8 1526.4 432.7 256.2 838.1 -0.6 1535.5 442.8 251.0 844.7 -3.0 1522.8 447.8 239.0 840.6 -4.7 1566.5 445.4 221.4 909.5 -9.7 17 18 19 20 21 22 23 24 25 Consumption of fixed capital Residential fixed investment Other fixed assets (3) Consumer durables 756.9 140.1 129.8 487.0 790.6 146.9 137.9 505.8 835.2 157.3 148.8 529.1 887.9 168.0 157.8 562.1 968.9 183.3 170.2 615.4 897.2 169.7 159.1 568.3 914.0 172.9 162.1 579.0 931.1 176.1 164.9 590.2 967.3 182.2 173.7 611.4 1004.0 191.0 170.4 642.6 973.2 184.0 171.9 617.3 22 23 24 25 26 Net investment in tangible assets (4) 376.2 450.3 538.5 613.0 568.9 597.4 614.0 595.3 568.3 518.8 593.4 26 174.1 31.6 164.5 5.9 203.3 35.9 206.6 4.5 241.4 68.3 227.4 1.5 253.4 100.8 258.0 0.8 258.9 71.7 242.8 -4.5 247.0 92.8 257.6 -0.0 249.2 121.9 240.2 2.8 256.6 91.4 247.9 -0.6 260.6 77.3 233.3 -3.0 256.9 68.7 198.0 -4.7 261.4 49.4 292.2 -9.7 27 28 29 30 575.8 751.5 845.2 801.3 743.3 795.0 582.2 559.6 860.1 1039.6 514.0 31 258.1 31.8 57.5 3.2 36.8 188.4 387.4 86.5 75.0 0.1 21.6 181.0 432.8 102.3 99.5 -5.1 75.2 140.5 420.2 88.3 139.0 2.8 7.2 143.7 530.7 109.2 95.2 2.7 -40.4 45.9 439.0 80.6 153.8 5.8 14.6 101.2 394.4 83.3 130.7 3.2 -155.0 125.5 430.5 81.5 144.0 4.0 -166.5 66.1 610.5 130.1 75.5 0.6 9.7 33.7 554.3 111.9 24.4 5.4 248.5 95.0 527.6 113.1 137.0 0.8 -253.5 -11.0 32 33 34 35 36 37 27 28 29 30 31 32 33 34 35 36 37 Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 38 Net capital transfers (5) -26.4 -31.7 -35.9 -35.5 -35.5 -35.1 -35.1 -37.6 -36.2 -34.1 -34.0 38 39 Personal saving, with consumer durables (FOF) 380.1 521.4 402.2 304.3 449.5 192.3 297.4 592.7 320.1 528.8 356.3 39 40 Less net investment in consumer durables 164.5 206.6 227.4 258.0 242.8 257.6 240.2 247.9 233.3 198.0 292.2 40 41 = Personal saving, without consumer durables (FOF) (6) 215.6 314.8 174.8 46.3 206.7 -65.4 57.3 344.8 86.8 330.9 64.1 41 42 Personal saving (NIPA, excludes consumer durables) 252.9 301.5 160.8 67.6 118.6 54.4 74.7 78.8 81.5 285.4 28.7 42 43 Difference -37.3 13.3 14.0 -21.4 88.1 -119.8 -17.4 266.0 5.3 45.5 35.4 43 44 Memo: Disposable personal income 5968.2 6355.6 6618.0 7031.0 7417.7 7081.3 7189.8 7295.0 7363.2 7576.4 7436.0 44 45 46 47 48 Personal saving as a percentage of disposable personal income: With consumer durables (FOF) (line 39) Without consumer durables (FOF) (line 41) Without consumer durables (NIPA) (line 42) Difference (line 43) 6.4 3.6 4.2 -0.6 8.2 5.0 4.7 0.2 6.1 2.6 2.4 0.2 4.3 0.7 1.0 -0.3 6.1 2.8 1.6 1.2 2.7 -0.9 0.8 -1.7 4.1 0.8 1.0 -0.2 8.1 4.7 1.1 3.6 4.3 1.2 1.1 0.1 7.0 4.4 3.8 0.6 4.8 0.9 0.4 0.5 45 46 47 48 (1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 12), life insurance and pension reserves (lines 13 and 14), and bank personal trusts (line 15). (3) Includes corporate farms. (4) Line 17 less line 22. (5) Table F.9, line 12 less lines 3 and 8. (6) Line 41 and 42 are conceptually equivalent but measure saving using different data. Line 41 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4). 16 Z.1, March 7, 2002 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 Personal income - Personal taxes and nontax payments = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital + Net capital transfers (4) 10 = Gross saving and net capital transfers 11 Gross investment 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 6937.0 968.8 5968.2 5715.3 252.9 7426.0 1070.5 6355.6 6054.1 301.5 7777.3 1159.3 6618.0 6457.2 160.8 8319.1 1288.2 7031.0 6963.3 67.6 8723.9 1306.2 7417.7 7299.1 118.6 8381.5 1300.2 7081.3 7026.9 54.4 8519.6 1329.8 7189.8 7115.1 74.7 8640.2 1345.2 7295.0 7216.2 78.8 8714.6 1351.4 7363.2 7281.7 81.5 8771.8 1195.4 7576.4 7291.0 285.4 8768.8 1332.8 7436.0 7407.3 28.7 1 2 3 4 5 3.4 164.5 615.4 -26.4 4.4 206.6 641.9 -31.7 3.8 227.4 676.6 -35.9 1.8 258.0 720.5 -35.5 3.3 242.8 788.8 -35.5 0.8 257.6 728.4 -35.1 3.3 240.2 742.2 -35.1 2.8 247.9 756.5 -37.6 6.9 233.3 783.7 -36.2 0.1 198.0 823.7 -34.1 3.2 292.2 791.2 -34.0 6 7 8 9 1009.8 1122.7 1032.8 1012.5 1118.0 1006.1 1025.2 1048.4 1069.2 1273.0 1081.3 10 968.5 1132.1 1041.6 987.9 1201.1 884.1 1003.0 1310.0 1065.9 1316.6 1111.8 11 12 13 14 15 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential 980.8 275.0 651.5 54.3 1083.2 310.8 712.4 59.9 1158.8 341.2 756.5 61.2 1243.7 354.7 820.2 68.9 1298.9 372.2 858.2 68.5 1246.9 350.7 825.9 70.2 1245.9 355.6 819.2 71.1 1274.1 364.1 838.1 71.9 1287.1 372.7 844.7 69.6 1285.8 377.0 840.6 68.3 1348.7 374.9 909.5 64.3 12 13 14 15 16 Net financial investment -12.3 48.9 -117.2 -255.8 -97.9 -362.8 -242.9 35.8 -221.2 30.8 -236.9 16 17 Net acquisition of financial assets 366.5 543.7 482.9 312.0 478.2 236.6 118.0 411.2 455.6 918.9 127.0 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6.5 -38.8 131.9 79.9 0.1 -19.8 166.8 164.9 5.2 -45.0 98.5 124.5 7.7 -56.7 307.0 131.3 -4.3 51.2 252.8 135.9 -2.6 -116.8 339.2 57.8 13.3 -40.9 215.3 178.3 -6.0 56.2 343.9 253.1 -10.9 8.5 259.3 5.4 5.3 -16.0 213.4 232.8 -5.5 156.2 194.6 52.3 18 19 20 21 22 Credit market instruments -12.6 40.5 168.5 -174.6 -174.3 -216.8 -209.7 -210.8 -224.0 -1.1 -261.4 22 1.5 -152.3 -161.9 -0.5 -161.4 9.7 52.5 85.6 0.1 7.5 -77.6 -58.0 0.1 -58.1 -19.7 17.7 92.0 0.9 4.0 101.2 15.3 -0.2 15.5 85.9 40.2 23.4 -0.3 5.0 -174.6 -179.4 -1.7 -177.7 4.8 15.0 -21.1 1.1 -19.4 -167.6 -23.7 5.6 -29.3 -143.9 40.7 -28.6 0.6 5.0 -139.5 -190.3 -0.9 -189.4 50.9 32.8 -116.1 1.0 5.0 -120.5 -41.2 -0.3 -40.9 -79.4 0.0 -91.7 -2.5 -22.0 -532.0 -55.6 1.4 -57.0 -476.3 92.5 250.8 -0.1 -18.0 -110.6 -111.2 3.3 -114.5 0.6 20.4 -119.2 3.3 -15.0 206.4 156.3 3.9 152.4 50.1 -38.4 -154.9 0.8 -22.5 -234.4 -84.4 13.7 -98.1 -150.0 88.1 -91.2 -1.4 23 24 25 26 27 28 29 30 31 -293.3 259.6 52.6 59.3 201.4 -49.9 -40.2 10.3 -340.7 279.5 61.2 48.0 227.6 -41.8 -52.3 9.7 -327.0 173.7 47.2 50.8 196.1 -6.5 -15.5 12.4 -498.6 252.1 88.6 50.2 217.2 -29.7 12.8 4.7 -298.3 211.5 31.0 63.8 204.5 -26.3 10.9 19.7 -459.7 296.4 53.9 53.0 220.7 -29.2 32.2 8.4 -538.1 170.7 158.0 47.3 151.8 -28.0 11.6 -11.5 -364.1 95.0 -48.2 52.7 257.2 -26.1 5.2 3.2 -185.3 301.3 49.9 53.2 165.6 -22.7 29.5 25.8 -320.5 188.1 327.8 80.2 205.4 -28.2 -9.7 41.4 -323.3 261.3 -205.4 69.2 189.9 -28.2 18.7 8.5 32 33 34 35 36 37 38 39 378.7 494.9 600.1 567.8 576.0 599.4 360.9 375.4 676.8 888.1 363.9 40 332.7 466.0 516.8 554.6 610.3 579.9 508.8 538.3 663.4 629.7 609.9 41 240.4 57.5 10.0 8.0 18.1 -1.2 350.2 75.0 12.0 6.2 13.3 9.4 389.2 99.5 10.4 -7.3 14.6 10.5 382.3 139.0 5.8 8.2 16.4 3.1 490.7 95.2 10.8 -16.2 17.7 12.0 397.6 153.8 4.9 4.1 14.3 5.1 360.0 130.7 4.6 -2.9 16.8 -0.5 387.5 144.0 4.9 -17.3 19.3 -0.2 571.1 75.5 0.9 -28.1 19.1 24.9 513.4 24.4 12.0 47.5 19.5 12.9 490.8 137.0 25.4 -66.6 13.0 10.4 42 43 44 45 46 47 36.8 8.9 21.6 8.7 75.2 6.0 7.2 5.9 -40.4 6.1 14.6 5.6 -155.0 3.9 -166.5 6.9 9.7 4.7 248.5 6.7 -253.5 6.0 48 49 0.3 -1.4 2.1 0.1 0.1 -0.6 3.2 -3.3 -1.0 3.2 1.5 50 41.3 -9.4 -8.9 24.6 -83.1 122.0 22.2 -261.6 3.3 -43.6 -30.5 51 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 Open market paper U.S. government securities Treasury Savings bonds Other Agency Municipal securities Corporate and foreign bonds Mortgages Corporate equities (5) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (6) Consumer credit Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board and federal government life insurance reserves. (4) Table F.9, line 12 less lines 3 and 8. (5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 33), life insurance and pension reserves (lines 35 and 36), and bank personal trusts (line 37). (6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. 17 Z.1, March 7, 2002 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 Income before taxes 1134.1 1142.0 1198.1 1270.7 1176.7 1283.1 1242.1 1199.4 1206.7 1186.1 1114.5 1 2 Gross saving and net capital transfers 869.6 865.0 910.3 963.9 943.0 984.5 974.7 937.1 947.2 966.6 921.1 2 3 Gross investment 891.2 928.7 983.9 1026.3 992.5 1042.1 1030.7 970.2 1020.6 1024.7 954.6 3 912.4 984.2 1107.5 1217.3 1071.9 1235.1 1240.4 1155.5 1108.2 1061.2 962.7 4 840.8 42.0 776.4 907.0 42.1 834.9 1047.2 60.7 955.0 1167.4 70.3 1067.3 1130.3 73.8 1028.4 1182.0 69.7 1082.5 1201.2 70.1 1101.4 1180.7 72.3 1080.3 1144.4 73.8 1042.5 1118.8 74.7 1015.9 1077.1 74.4 974.7 5 6 7 62.9 8.8 73.1 4.1 58.6 1.7 49.4 0.6 -58.6 0.3 52.5 0.7 38.7 0.5 -25.5 0.3 -36.5 0.3 -57.8 0.3 -114.7 0.3 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Access rights from federal government 10 -21.3 -55.5 -123.5 -191.1 -79.4 -193.1 -209.7 -185.3 -87.6 -36.6 -8.1 10 11 Net acquisition of financial assets 404.2 758.1 826.7 732.8 373.1 782.6 437.2 308.4 300.2 521.9 362.1 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -5.1 35.1 30.4 23.9 0.7 7.4 61.6 2.3 36.1 -0.4 -2.3 62.6 26.2 33.1 1.1 -6.0 63.6 1.1 50.4 -0.5 -5.6 0.2 -8.4 119.3 -1.0 44.6 146.9 12.6 79.0 -0.9 -61.8 -18.2 40.6 109.1 3.3 -26.4 -49.9 -11.5 158.2 -6.0 1.0 -16.0 -12.1 130.6 2.3 -1.4 71.2 -12.1 50.1 -2.9 4.5 -4.7 2.1 138.4 2.6 12 13 14 15 16 17 Credit market instruments -9.7 2.2 4.3 10.5 -14.5 -17.3 -35.3 -29.5 6.1 -25.4 -9.2 17 4.6 -36.6 -3.1 24.3 1.2 3.3 5.5 -1.5 -1.1 -4.1 4.3 -5.2 -3.2 3.0 5.4 3.7 -8.9 10.5 2.9 2.4 5.8 -4.9 -1.8 1.2 -14.8 24.1 -6.5 -34.4 -2.7 2.2 -4.1 -42.1 21.9 1.2 -12.3 -1.5 -11.5 -36.5 1.0 18.9 20.2 -1.7 10.4 0.6 -23.4 -0.2 -4.2 3.4 1.9 -26.4 4.5 -2.3 15.4 1.4 -28.2 18 19 20 21 22 -8.2 128.6 208.5 7.3 127.0 514.5 -1.8 159.2 544.3 -1.8 146.6 468.9 -1.8 -84.2 369.1 -1.8 91.8 427.7 -1.8 51.6 349.7 -1.8 -59.0 334.3 -1.8 -166.0 356.0 -1.8 -46.1 490.4 -1.8 -65.7 295.7 23 24 25 425.5 813.6 950.2 923.8 452.5 975.7 646.9 493.7 387.7 558.5 370.2 26 392.8 553.2 602.6 585.7 391.5 437.8 535.0 354.1 465.3 369.0 377.5 27 13.7 4.2 150.5 24.4 5.8 218.7 37.4 5.1 229.9 48.1 1.4 171.1 -88.3 3.3 328.2 56.1 1.0 168.8 -4.0 2.1 175.6 -199.2 2.3 399.5 -133.4 3.3 419.5 -66.1 1.1 187.9 45.5 6.4 305.9 28 29 30 98.4 42.6 83.3 102.0 67.6 134.8 90.0 42.9 197.4 94.9 86.2 184.0 -71.4 1.2 218.4 42.9 3.6 165.5 62.2 108.0 191.1 11.4 -32.4 172.4 -125.1 98.8 202.2 -58.2 62.3 242.0 -113.6 -123.8 257.1 31 32 33 -114.4 97.5 16.6 88.1 -267.0 81.5 15.6 489.3 -143.5 170.3 15.3 334.2 -159.7 125.6 14.5 373.4 -55.7 -48.8 5.9 160.8 -87.8 132.7 -4.7 512.9 -367.5 81.1 15.4 391.5 -25.3 12.0 3.4 143.4 -71.5 -123.4 9.4 111.0 -120.8 -32.0 86.4 248.3 -5.1 -51.8 -75.7 140.6 34 35 36 37 18 19 20 21 22 23 24 25 26 27 Net financial investment Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 28 29 30 Commercial paper Municipal securities Corporate bonds 31 32 33 Bank loans n.e.c. Other loans and advances Mortgages 34 35 36 37 38 39 Corporate equities Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment Discrepancy -55.1 -58.9 -28.7 -15.7 -1.2 -15.1 -8.5 6.1 -3.1 7.5 -15.3 38 -21.5 -63.7 -73.6 -62.4 -49.5 -57.6 -56.0 -33.1 -73.4 -58.1 -33.5 39 (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 18 Z.1, March 7, 2002 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 6 7 8 9 10 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 Profits before tax (book) - Profit tax accruals - Dividends + Consumption of fixed capital = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) + Net capital transfers (1) = Total internal funds + IVA 494.5 157.9 216.4 539.7 659.9 59.3 8.5 0.0 727.6 460.0 154.2 240.8 570.6 635.6 62.8 18.4 0.0 716.7 468.9 170.4 238.4 617.8 677.9 75.4 -2.9 0.0 750.4 502.2 186.0 267.3 659.5 708.3 99.1 -12.4 0.0 795.1 379.3 141.8 302.7 706.6 641.4 115.4 4.4 0.0 761.2 511.6 189.7 274.3 664.5 712.0 105.9 -3.6 0.0 814.3 463.3 167.7 280.5 674.6 689.7 119.0 -7.3 0.0 801.4 411.4 152.0 299.1 684.6 644.8 118.0 -1.9 0.0 760.9 408.8 150.7 292.5 698.8 664.4 106.4 -8.8 0.0 762.0 378.8 138.9 318.3 726.5 648.1 133.3 3.1 0.0 784.5 318.1 125.4 300.8 716.6 608.5 104.0 25.0 0.0 737.5 1 2 3 4 5 6 7 8 9 Gross investment 749.1 780.4 824.1 857.5 810.7 871.9 857.4 794.0 835.4 842.6 771.0 10 11 12 13 14 Capital expenditures Fixed investment (2) Inventory change + IVA Access rights from federal government 760.2 694.5 57.0 8.8 826.5 753.8 68.6 4.1 892.5 833.8 57.1 1.7 960.2 911.0 48.6 0.6 833.1 886.9 -54.1 0.3 987.4 934.2 52.5 0.7 958.3 921.9 35.9 0.5 903.3 927.9 -24.9 0.3 859.7 893.0 -33.5 0.3 824.3 877.1 -53.1 0.3 744.9 849.6 -105.0 0.3 11 12 13 14 15 Net financial investment -11.1 -46.1 -68.5 -102.7 -22.3 -115.6 -100.9 -109.3 -24.4 18.3 26.1 15 16 Net acquisition of financial assets 272.4 569.9 665.2 603.3 264.1 679.6 333.2 194.1 183.1 417.8 261.5 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -5.1 12.7 19.7 20.2 0.7 7.4 27.8 -6.8 26.5 -0.4 -2.3 37.0 16.2 23.1 1.1 -6.0 38.5 -2.9 40.4 -0.5 -5.6 -21.0 -13.7 97.2 -1.0 44.6 130.9 11.4 63.4 -0.9 -61.8 -34.1 37.5 87.4 3.3 -26.4 -70.3 -16.5 130.2 -6.0 1.0 -37.2 -17.5 112.6 2.3 -1.4 50.0 -17.6 31.3 -2.9 4.5 -26.3 -3.4 114.9 2.6 17 18 19 20 21 22 23 24 25 26 27 28 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 4.6 -40.8 -3.6 25.9 1.2 93.5 -8.2 3.3 -0.6 -1.6 -13.0 -4.1 86.3 7.3 4.3 -2.1 -3.4 -7.0 5.4 113.4 -1.8 3.7 1.3 10.3 -5.0 2.4 105.8 -1.8 5.8 7.4 -2.0 -5.0 -14.8 -98.8 -1.8 24.1 0.0 -34.6 -5.0 2.2 74.9 -1.8 -4.1 -33.0 21.7 -5.0 -12.3 24.5 -1.8 -1.5 -0.5 -36.7 -5.0 18.9 -79.0 -1.8 20.2 9.3 10.2 -5.0 -23.4 -183.0 -1.8 -0.2 9.2 3.2 -5.0 -26.4 -59.4 -1.8 4.5 11.5 15.2 -5.0 -28.2 -73.9 -1.8 22 23 24 25 26 27 28 29 30 31 32 33 34 Miscellaneous assets U.S. direct investment abroad (3) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 151.7 84.3 1.9 -1.1 -3.7 70.4 437.7 129.1 1.7 -0.7 -6.4 314.1 481.4 136.2 1.0 -0.6 26.8 317.9 417.3 122.0 -0.3 0.0 7.4 288.3 317.4 146.8 10.9 -0.2 -1.6 161.5 370.5 117.9 2.9 0.3 9.8 239.5 310.9 146.2 -11.4 1.2 5.1 169.7 288.5 138.5 3.3 -1.3 -10.8 158.8 295.3 143.7 10.6 1.7 -7.6 146.8 438.8 195.3 26.5 -0.4 -3.4 220.8 246.8 109.6 3.1 -0.9 15.3 119.8 29 30 31 32 33 34 283.5 616.0 733.7 706.0 286.4 795.2 434.2 303.4 207.5 399.5 235.4 35 177.4 -114.4 291.9 13.7 4.2 150.5 51.1 138.5 -267.0 405.5 24.4 5.8 218.7 81.8 298.3 -143.5 441.7 37.4 5.1 229.9 73.0 269.4 -159.7 429.1 48.1 1.4 171.1 74.3 212.2 -55.7 267.8 -88.3 3.3 328.2 -57.6 213.7 -87.8 301.5 56.1 1.0 168.8 36.3 20.5 -367.5 388.0 -4.0 2.1 175.6 41.5 201.4 -25.3 226.7 -199.2 2.3 399.5 8.5 253.4 -71.5 324.9 -133.4 3.3 419.5 -102.6 136.3 -120.8 257.1 -66.1 1.1 187.9 -39.6 257.6 -5.1 262.7 45.5 6.4 305.9 -96.8 36 37 38 39 40 41 42 35 36 37 38 39 40 41 42 Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (4) Corporate bonds (3) Bank loans n.e.c. 43 44 45 46 47 48 49 50 Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 39.8 1.6 -0.5 -0.3 -2.6 17.3 24.4 32.6 54.3 2.7 33.1 -0.1 -4.3 -1.0 23.8 20.6 34.5 3.2 48.8 -0.3 -2.2 -22.7 7.7 61.9 73.4 4.3 57.0 -0.4 -0.0 -2.2 14.7 60.8 1.0 1.8 -10.3 -0.2 -0.3 -1.6 11.6 81.3 -9.2 5.0 43.4 -0.7 -3.2 -40.6 -13.2 48.5 100.0 2.8 20.7 -0.0 0.8 32.4 43.2 72.8 -32.1 4.1 -10.1 0.3 9.9 -33.0 -3.2 47.7 80.4 4.8 89.1 -1.2 -3.7 16.7 -25.3 57.6 71.6 -0.3 -68.8 1.4 -8.3 84.0 63.6 102.1 -115.9 -1.3 -51.4 -1.3 1.0 -74.3 11.4 117.6 43 44 45 46 47 48 49 50 51 52 53 54 55 56 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 65.1 9.3 31.6 100.2 7.1 -75.7 57.6 4.8 415.0 143.6 21.4 250.0 144.4 7.0 284.1 261.8 1.2 21.0 102.4 7.0 327.3 178.6 1.3 147.5 -59.2 0.1 133.3 88.2 1.3 43.8 119.2 -9.5 471.8 239.0 1.3 231.5 63.3 10.0 340.4 108.4 1.3 230.8 -3.1 -3.6 108.6 119.8 1.3 -12.4 -134.5 3.2 85.4 107.4 1.3 -23.3 -39.0 80.9 221.3 53.6 1.3 166.5 -60.0 -80.1 117.9 72.2 1.3 44.4 51 52 53 54 55 56 -21.5 -63.7 -73.6 -62.4 -49.5 -57.6 -56.0 -33.1 -73.4 -58.1 -33.5 57 91.9 172.5 217.5 264.2 187.3 279.0 275.9 260.4 204.2 173.1 111.4 58 57 Discrepancy 58 Memo: Financing gap (5) (1) Table F.9, line 6. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively. (3) 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. (4) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (5) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 19 Z.1, March 7, 2002 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 609.9 118.5 656.5 125.0 702.6 133.1 738.0 142.8 769.8 153.2 739.9 143.9 747.1 146.5 758.2 148.9 769.2 156.9 775.0 152.2 776.7 155.0 1 2 3 Gross investment 118.5 125.0 133.1 142.8 153.2 143.9 146.5 148.9 156.9 152.2 155.0 3 121.8 118.8 3.0 127.5 123.9 3.6 190.6 187.6 3.0 230.8 228.2 2.6 210.8 213.6 -2.8 221.4 218.6 2.8 252.5 250.6 1.9 223.1 224.4 -1.3 221.3 223.1 -1.8 207.5 210.3 -2.8 191.2 196.7 -5.5 4 5 6 -3.3 -2.5 -57.5 -88.0 -57.6 -77.4 -106.0 -74.2 -64.4 -55.3 -36.2 7 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 7 Net financial investment 8 Net acquisition of financial assets 131.1 186.0 160.6 129.3 106.6 102.0 106.5 113.3 113.9 101.5 97.8 8 9 10 11 12 13 14 15 16 17 18 19 20 Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other 22.2 10.7 3.7 4.1 0.5 -1.6 0.0 35.1 56.4 0.5 0.0 55.9 32.1 9.1 9.7 6.1 0.1 11.9 0.0 40.7 76.3 0.4 -0.1 75.9 25.0 10.0 10.0 -3.1 0.2 10.0 0.0 45.8 62.7 0.2 0.0 62.4 25.0 4.0 10.0 -10.2 0.2 7.9 0.0 40.8 51.6 -0.1 -0.0 51.7 20.7 5.3 22.1 -12.3 0.2 6.2 0.0 14.6 49.7 2.6 0.3 46.8 15.9 1.2 15.7 -6.5 0.2 2.3 0.0 17.0 56.3 0.7 -0.1 55.7 15.7 3.1 21.6 -9.1 0.2 6.2 0.0 27.1 41.6 -2.7 0.1 44.2 20.0 5.0 28.0 -11.0 0.2 6.0 0.0 20.0 45.1 0.8 -0.1 44.4 20.8 5.4 18.0 -11.0 0.2 5.6 0.0 17.0 57.9 2.6 -0.3 55.7 20.9 5.5 18.8 -13.4 0.2 6.9 0.0 13.2 49.3 6.4 -0.1 43.1 21.3 5.5 23.6 -13.8 0.2 6.4 0.0 8.2 46.5 0.7 1.5 44.3 9 10 11 12 13 14 15 16 17 18 19 20 134.4 188.5 218.1 217.3 164.2 179.4 212.5 187.5 178.3 156.8 134.1 21 94.7 43.8 3.3 47.7 31.0 7.3 56.5 -55.1 139.7 18.9 13.0 107.7 23.1 10.7 74.3 -59.3 155.4 17.9 7.8 129.7 25.5 8.3 50.1 -21.1 145.7 17.9 11.1 116.7 22.4 7.5 46.1 -4.4 116.3 -13.6 0.1 129.8 10.2 5.8 27.5 4.3 129.1 7.3 11.4 110.4 14.3 4.8 41.1 -9.9 134.2 12.5 5.5 116.2 16.1 5.4 51.1 5.7 121.3 0.7 0.1 120.5 12.8 7.0 34.7 11.7 130.6 -20.2 18.6 132.2 11.2 6.2 25.6 4.7 108.6 -14.5 -10.1 133.1 9.6 5.5 27.0 6.1 104.8 -20.3 -8.3 133.4 7.3 4.4 22.6 -5.2 22 23 24 25 26 27 28 29 21 22 23 24 25 26 27 28 29 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment (1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Proprietors’ net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate 29.7 0.6 23.0 3.3 19.7 25.6 -0.5 23.8 3.4 20.4 26.6 1.3 25.5 4.0 21.5 30.6 1.4 24.6 4.0 20.5 27.6 1.7 26.9 4.4 22.5 31.6 1.4 24.8 4.1 20.8 31.7 1.5 25.3 4.1 21.2 29.8 1.6 25.8 4.2 21.6 28.7 1.7 26.7 4.4 22.3 32.3 1.8 28.1 4.6 23.5 19.7 1.7 27.0 4.4 22.5 1 2 3 4 5 6 Gross saving 23.5 23.3 26.8 26.0 28.6 26.3 26.8 27.4 28.4 29.9 28.6 6 7 Gross investment 23.5 23.3 26.8 26.0 28.6 26.3 26.8 27.4 28.4 29.9 28.6 7 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 30.4 27.5 2.9 30.3 29.4 0.9 24.3 25.8 -1.5 26.4 28.2 -1.8 28.1 29.7 -1.7 26.3 29.1 -2.8 29.5 28.6 0.9 29.2 28.5 0.7 27.2 28.4 -1.2 29.4 31.3 -1.9 26.6 30.8 -4.2 8 9 10 11 Net financial investment -6.9 -6.9 2.5 -0.4 0.5 -0.1 -2.8 -1.8 1.2 0.5 2.0 11 12 Net acquisition of financial assets 0.7 2.3 0.8 0.1 2.4 1.0 -2.6 1.0 3.1 2.6 2.8 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 0.2 0.4 0.4 0.0 1.7 0.5 0.4 0.1 0.6 0.2 0.2 -0.0 0.2 -0.1 -0.1 -0.0 0.4 2.0 1.5 0.5 0.2 0.8 0.7 0.2 0.2 -2.7 -2.6 -0.1 0.4 0.6 0.8 -0.1 0.4 2.8 2.4 0.3 0.4 2.3 2.1 0.2 0.4 2.4 0.7 1.7 13 14 15 16 7.6 9.2 -1.7 0.5 1.9 1.1 0.2 2.8 1.9 2.2 0.8 17 6.2 3.5 -0.5 3.1 1.4 0.0 8.0 1.2 0.3 6.5 0.8 0.4 5.5 -0.9 0.6 5.8 0.4 -7.5 10.9 2.7 1.7 6.5 0.9 -11.3 7.3 -0.2 0.1 7.4 0.2 -5.5 7.2 -0.8 1.5 6.5 -0.9 -5.2 12.8 8.2 2.5 2.0 1.7 -14.2 6.0 2.2 -0.4 4.2 2.4 -5.6 9.8 -2.3 -0.3 12.4 -0.1 -7.8 3.4 -4.2 0.8 6.8 -2.6 1.3 10.0 3.5 0.3 6.1 0.9 -10.1 18 19 20 21 22 23 17 18 19 20 21 22 23 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (1) Corporate and noncorporate farms. (2) Nonresidential fixed investment, shown in table F.6, line 12. (3) Equity in the Farm Credit System. 20 Z.1, March 7, 2002 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1011.4 1074.4 1143.8 1222.7 1293.2 1234.3 1246.5 1273.4 1294.3 1286.6 1318.4 1 217.0 34.2 552.6 10.9 196.8 235.5 34.6 583.9 10.2 210.3 255.9 34.8 612.5 10.1 230.5 278.7 36.8 651.6 10.1 245.6 296.1 29.1 683.2 10.7 274.2 280.4 37.3 655.7 10.0 250.9 289.3 34.1 662.9 10.1 250.1 293.8 31.8 673.5 10.3 264.0 291.4 30.7 680.4 10.6 281.2 298.2 27.5 683.7 10.8 266.4 301.1 26.4 695.0 10.9 285.0 2 3 4 5 6 Current expenditures, NIPA basis 980.4 1033.7 1101.6 1189.8 1275.8 1199.5 1217.8 1251.1 1273.0 1284.7 1294.5 7 8 9 10 11 12 13 Consumption expenditures Transfer payments to persons Net interest paid - Dividends received by government Subsidies less current surplus of govt. enterprises - Wage accruals less disbursements 766.5 227.6 -0.9 0.3 -12.4 0.0 808.3 235.3 0.4 0.4 -9.9 0.0 858.3 254.0 -0.2 0.4 -10.1 0.0 929.0 270.7 -0.3 0.4 -9.2 0.0 984.2 290.4 -0.8 0.4 2.4 0.0 936.6 272.7 -0.2 0.4 -9.2 0.0 950.0 277.8 -0.2 0.4 -9.4 0.0 966.7 282.9 -0.5 0.4 2.4 0.0 981.3 288.3 -0.8 0.4 4.6 0.0 991.2 292.8 -0.9 0.4 2.0 0.0 997.7 297.6 -0.9 0.4 0.5 0.0 8 9 10 11 12 13 14 Current surplus or deficit (-), NIPA basis 31.0 40.8 42.2 32.9 17.3 34.8 28.7 22.3 21.3 1.9 23.9 14 15 16 + Consumption of fixed capital + Net capital transfers (2) 94.2 35.3 99.5 36.0 106.4 39.7 114.9 44.1 124.2 49.1 116.1 43.9 118.0 45.5 120.2 47.3 121.9 49.7 129.5 49.7 125.2 49.7 15 16 17 = Gross saving and net capital transfers 160.4 176.2 188.3 191.9 190.6 194.8 192.2 189.8 192.9 181.1 198.8 17 18 Gross investment 121.3 227.1 216.2 220.5 192.8 215.3 203.3 190.4 178.6 190.6 211.7 18 2 3 4 5 6 7 Current receipts, NIPA basis 1998 Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Federal grants-in-aid 19 Fixed investment 183.3 191.0 210.2 221.8 239.4 220.6 222.7 233.1 244.2 230.0 250.3 19 20 Net financial investment -62.0 36.1 6.1 -1.3 -46.6 -5.3 -19.4 -42.7 -65.6 -39.4 -38.6 20 21 25.4 146.9 87.5 53.3 85.4 43.8 59.8 85.9 68.1 29.2 158.3 21 22 23 24 Net acq. of financial assets Checkable deposits and currency Time and savings deposits Security RPs 4.4 5.8 3.6 -3.9 12.8 7.2 3.9 10.9 5.0 1.0 9.4 9.7 2.6 6.0 24.1 0.2 7.0 12.0 17.0 28.9 -15.0 2.3 -11.5 9.0 -6.5 1.7 17.2 3.1 -0.1 20.8 11.4 34.0 49.4 22 23 24 25 Credit market instruments 0.1 134.5 43.4 9.2 15.7 -16.4 12.1 41.5 -24.8 -10.4 56.6 25 14.3 -18.5 -17.7 -0.8 28.0 93.5 30.0 63.6 1.9 26.0 -2.5 28.5 7.6 -7.1 -30.6 23.5 1.0 -2.2 -30.8 28.5 -4.0 -21.7 -45.7 24.0 10.0 -4.1 -24.1 20.0 4.0 19.3 -18.5 37.8 -17.2 -18.9 -41.5 22.7 -10.0 -20.4 -48.0 27.6 27.2 11.2 -15.0 26.1 26 27 28 29 -0.7 1.3 3.7 -1.4 10.2 4.1 -1.5 12.6 4.3 0.6 3.7 4.5 0.3 11.9 4.7 3.2 1.6 4.5 -0.8 2.4 4.6 2.1 11.5 4.6 -0.6 7.2 4.7 0.4 14.8 4.8 -0.7 14.1 4.8 30 31 32 26 27 28 29 Open market paper U.S. government securities Treasury Agency 30 31 32 Municipal securities Corporate and foreign bonds Mortgages 33 34 Corporate equities Mutual fund shares 16.8 -7.4 9.4 -12.3 3.5 4.3 -1.2 0.8 22.8 5.1 -4.1 4.5 -5.6 4.0 26.9 9.4 20.5 7.9 21.5 -0.8 22.4 4.0 33 34 35 36 Taxes receivable Miscellaneous assets 3.3 -1.2 9.1 -9.7 8.8 7.7 11.9 12.3 4.3 4.7 9.9 30.8 7.7 10.7 7.6 0.6 6.0 46.0 2.6 -7.6 0.8 -20.3 35 36 37 87.5 110.8 81.4 54.5 132.0 49.2 79.2 128.7 133.6 68.6 196.9 37 38 Credit market instruments 56.1 80.3 52.3 27.2 106.8 23.8 53.7 103.9 108.7 43.0 171.5 38 39 40 41 42 Municipal securities Short-term Other U.S. government loans 57.3 8.3 49.0 -1.2 79.1 -6.3 85.4 1.2 52.7 3.6 49.1 -0.4 28.2 3.2 25.0 -1.0 106.5 23.6 82.9 0.2 25.1 -7.2 32.3 -1.3 53.4 7.1 46.3 0.4 103.4 21.2 82.3 0.4 108.3 20.5 87.7 0.4 42.9 37.3 5.6 0.1 171.4 15.5 155.9 0.1 39 40 41 42 43 44 Net increase in liabilities Trade payables Discrepancy (1) Data for retirement funds are shown in table F.120. (2) Table F.9, line 7. 31.4 30.5 29.1 27.4 25.2 25.4 25.5 24.8 25.0 25.6 25.4 43 39.1 -50.9 -27.9 -28.6 -2.2 -20.5 -11.1 -0.6 14.2 -9.5 -12.8 44 21 Z.1, March 7, 2002 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 6 Current receipts, NIPA basis Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Current expenditures, NIPA basis 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1625.5 1749.7 1872.8 2046.8 2033.3 2064.3 2077.5 2087.4 2091.5 1907.1 2047.0 1 751.8 203.0 93.7 577.0 834.9 204.3 97.4 613.1 903.3 218.3 100.6 650.7 1009.5 234.6 111.2 691.5 1010.1 191.5 111.1 720.6 1019.8 237.6 111.9 695.0 1040.5 219.4 112.7 704.9 1051.4 205.0 112.2 718.8 1060.0 197.3 112.0 722.2 897.2 177.4 110.2 722.3 1031.7 186.4 109.8 719.1 2 3 4 5 1678.8 1705.9 1753.6 1828.3 1909.5 1834.4 1855.1 1882.1 1904.7 1920.7 1930.5 6 7 8 9 10 11 12 Consumption expenditures Transfers payments (net) Grants-in-aid to state and local governments Net interest paid Subsidies less current surplus of govt. enterprises - Wage accruals less disbursements 456.9 717.5 196.8 276.2 31.5 0.0 453.1 730.6 210.3 278.5 33.5 0.0 469.6 746.2 230.5 263.9 43.4 0.0 493.7 779.3 245.6 262.9 46.8 0.0 514.1 831.9 274.2 236.9 52.5 0.0 493.6 780.5 250.9 262.9 46.5 0.0 494.1 802.9 250.1 259.9 48.1 0.0 507.5 811.7 264.0 253.5 45.4 0.0 510.1 823.3 281.2 242.5 47.6 0.0 513.7 838.6 266.4 232.5 69.5 0.0 525.1 853.9 285.0 219.1 47.4 0.0 7 8 9 10 11 12 13 Current surplus or deficit (-), NIPA basis -53.4 43.8 119.2 218.5 123.8 229.9 222.4 205.3 186.8 -13.6 116.5 13 14 15 16 + Consumption of fixed capital - Insurance and pension reserves (1) + Net capital transfers (2) 86.8 3.4 -8.4 88.2 4.4 -3.6 91.7 3.8 -7.3 96.4 1.8 -7.9 99.6 3.3 -12.8 97.0 0.8 -8.1 97.9 3.3 -9.7 98.4 2.8 -8.9 99.4 6.9 -12.7 99.8 0.1 -14.8 100.8 3.2 -14.9 14 15 16 17 = Gross saving and net capital transfers 21.6 124.0 199.7 305.2 207.3 318.1 307.4 292.0 266.6 71.3 199.1 17 18 Gross investment 6.4 101.4 201.9 310.0 141.7 288.7 381.0 49.8 337.3 19.9 159.7 18 81.4 -8.8 86.1 -4.1 94.5 -1.7 96.5 -0.6 101.6 -0.3 93.5 -0.7 100.1 -0.5 97.8 -0.3 99.9 -0.3 102.0 -0.3 106.8 -0.3 19 20 -66.2 19.3 109.1 214.1 40.3 195.8 281.4 -47.7 237.7 -81.9 53.2 21 -9.6 -5.3 76.2 -57.8 77.5 15.8 -77.7 55.4 22.8 184.9 46.7 22 2.5 -0.5 1.0 6.0 -16.7 1.3 -7.1 66.2 0.7 -0.6 -65.1 1.0 5.4 41.1 4.2 -1.5 10.0 2.1 5.3 -71.7 0.4 -1.1 40.1 8.2 5.0 -31.6 5.9 19.2 36.2 7.2 -1.4 119.9 -4.6 23 24 25 5.1 13.5 5.8 7.3 7.4 4.5 10.6 4.6 9.4 3.6 12.0 26 0.0 -4.5 9.6 0.0 -0.8 14.3 0.0 -0.1 5.9 0.0 -0.9 8.2 0.0 -1.1 8.5 0.0 -1.3 5.8 0.0 1.6 9.1 0.0 -2.4 7.0 0.0 -0.6 10.0 0.0 -3.4 6.9 0.0 1.8 10.1 27 28 29 -3.2 -9.0 -5.4 1.5 -7.5 -3.5 4.6 7.0 -0.9 5.3 -4.3 -1.4 7.7 10.4 1.3 4.3 -4.0 0.5 3.7 -26.4 0.4 9.9 -5.7 -0.5 10.0 23.1 1.0 16.0 100.7 2.0 -5.2 -76.4 2.5 30 31 32 56.5 -24.7 -32.9 -271.9 37.1 -180.0 -359.1 103.1 -214.9 266.7 -6.4 33 19 20 Fixed investment Access rights sales 21 Net financial investment 22 Net acq. of financial assets 23 24 25 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 26 Credit market instruments 27 28 29 30 31 32 33 Agency securities Mortgages Other loans and advances Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities 34 35 SDR certificates Treasury currency -0.5 0.5 0.0 0.6 -3.0 1.0 -4.0 2.4 0.0 -0.0 -4.0 4.2 -4.0 -0.0 0.0 -1.1 0.0 1.1 0.0 -0.0 0.0 0.0 34 35 36 Credit market instruments 23.1 -52.6 -71.2 -295.9 -5.6 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 36 37 38 39 40 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages -0.5 23.7 -0.1 -0.0 0.1 -54.7 2.0 0.0 -0.2 -70.8 -0.2 0.0 -1.7 -293.2 -1.0 0.0 5.6 -10.6 -0.5 0.0 -0.9 -222.9 -2.4 0.0 -0.3 -329.9 -1.2 0.0 1.4 -3.5 -2.2 0.0 3.3 -260.5 1.1 0.0 3.9 252.1 -0.4 0.0 13.7 -30.6 -0.7 0.0 37 38 39 40 41 42 43 Trade payables Insurance and pension reserves (3) Miscellaneous liabilities -8.8 42.0 0.3 -8.0 42.5 -7.1 0.7 42.5 -2.9 1.2 22.3 2.0 -11.7 62.2 -7.8 1.8 36.3 7.9 2.1 -28.1 2.3 -10.3 118.1 0.6 -10.9 46.9 4.1 0.7 31.8 -21.4 -26.3 52.1 -14.7 41 42 43 15.2 22.6 -2.2 -4.7 65.6 29.4 -73.6 242.2 -70.7 51.5 39.5 44 -2.2 -12.8 59.4 -55.1 35.0 15.1 -73.4 58.2 -25.8 50.7 56.8 45 44 Discrepancy Memo: 45 Change in cash balance (4) (1) Railroad Retirement Board and federal government life insurance reserves. (2) Table F.9, line 2. (3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7). 22 Z.1, March 7, 2002 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 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 Net transfers to rest of world 1370.8 1055.8 274.3 40.8 1450.7 1116.7 289.6 44.5 1610.2 1240.7 320.6 49.0 1917.6 1466.9 396.3 54.4 1770.0 1380.7 339.8 49.6 1969.1 1511.8 404.7 52.6 1976.5 1511.6 397.9 67.0 1916.5 1481.2 389.4 45.9 1833.2 1427.0 358.6 47.6 1696.4 1315.0 332.4 49.0 1633.9 1299.5 278.7 55.7 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 1247.7 966.4 281.3 1251.1 964.9 286.1 1303.6 989.8 313.8 1487.1 1102.9 384.2 1379.8 1049.5 330.4 1517.7 1131.1 386.6 1523.1 1121.0 402.1 1496.3 1117.4 378.9 1426.5 1079.6 346.9 1341.9 1020.6 321.3 1254.6 980.2 274.4 5 6 7 8 Net capital transfers (1) -0.4 -0.7 3.5 -0.7 -0.8 -0.7 -0.7 -0.7 -0.7 -0.8 -0.8 8 9 Gross saving and net capital transfers (2) 122.7 199.0 310.2 429.8 389.4 450.7 452.7 419.5 406.0 353.7 378.5 9 Net financial investment 272.0 145.5 373.2 444.0 379.5 458.2 455.8 323.0 618.3 147.6 429.1 10 649.8 474.3 782.1 941.8 767.4 949.8 956.0 836.8 789.0 458.4 985.3 11 -0.4 -4.3 29.9 13.1 20.0 -0.1 -27.1 14.8 13.0 -18.8 0.0 -5.7 39.9 15.0 8.0 -0.7 22.3 -8.2 5.7 11.4 -1.0 -6.3 24.0 -15.1 29.3 -0.7 51.1 8.0 -6.4 19.8 -0.7 -39.1 31.3 37.2 -4.3 -0.8 -201.6 11.3 -40.3 99.3 -0.6 1.9 6.7 2.6 13.5 -2.0 -5.3 38.5 -7.7 -36.2 -0.5 179.6 39.3 -15.2 40.4 12 13 14 15 16 10 11 Net acquisition of financial assets 12 13 14 15 16 Gold and SDRs (3) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 17 18 19 20 21 22 23 24 25 26 27 Credit market instruments Open market paper U.S. government securities Official Treasury Agency Private Treasury Agency U.S. corporate bonds (4) Loans to U.S. corporate business 311.3 19.9 189.6 -2.2 -6.7 4.5 191.7 146.4 45.3 84.6 17.3 254.2 37.6 95.4 -3.6 -9.9 6.3 99.0 48.6 50.4 122.2 -1.0 208.8 -13.0 83.8 32.5 12.2 20.4 51.3 -20.5 71.8 160.8 -22.7 279.3 8.7 89.7 30.7 -10.2 40.9 59.0 -52.8 111.8 183.1 -2.2 426.0 8.5 189.0 29.0 11.7 17.3 159.9 15.7 144.2 230.2 -1.6 216.2 -14.3 85.4 21.1 -36.0 57.1 64.3 -50.0 114.4 185.6 -40.6 387.8 65.6 90.4 -21.0 -53.7 32.8 111.4 -41.6 152.9 199.4 32.4 410.6 -4.1 167.5 10.2 -4.1 14.3 157.3 2.6 154.7 280.2 -33.0 349.2 8.6 39.3 -43.4 -83.1 39.7 82.7 -34.7 117.4 284.5 16.7 387.5 -3.4 156.9 62.4 63.2 -0.9 94.5 -37.7 132.3 150.0 84.0 556.8 32.9 392.2 86.9 70.7 16.2 305.3 132.7 172.6 206.1 -74.3 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 U.S. corporate equities Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other 67.8 4.5 0.0 208.0 105.6 102.4 42.0 -7.5 0.0 203.8 178.2 25.6 112.3 -7.5 0.0 411.2 301.0 110.2 193.8 10.4 0.0 427.8 287.7 140.1 124.7 9.4 0.0 176.5 179.4 -2.8 214.9 9.1 0.0 437.8 304.2 133.6 158.2 30.2 0.0 355.6 338.8 16.7 164.4 6.4 0.0 387.6 209.9 177.7 164.3 39.3 0.0 212.1 260.8 -48.7 35.5 0.5 0.0 47.6 105.6 -58.0 134.8 -8.7 0.0 58.9 141.3 -82.4 28 29 30 31 32 33 377.8 328.8 408.9 497.8 387.9 491.5 500.2 513.9 170.6 310.8 556.2 34 0.7 107.7 6.6 6.5 -8.7 61.0 -0.4 120.8 4.7 62.2 0.7 -40.8 4.9 207.4 -1.5 235.5 4.7 -170.2 19.1 83.5 -3.4 100.0 35 36 71.8 3.7 61.4 8.5 -0.8 -0.5 9.8 -1.6 -0.2 43.4 7.8 34.9 6.7 0.8 -0.7 6.7 -1.0 -5.0 27.9 16.3 16.8 0.5 0.2 -3.1 3.5 -4.8 -0.9 67.0 31.7 25.2 11.3 0.5 3.2 7.5 -0.6 -0.7 -41.9 -14.2 -17.9 -7.5 0.8 -7.3 -0.9 0.2 -2.6 88.6 7.0 71.4 11.9 1.8 2.2 7.9 -2.2 0.5 66.8 50.1 9.0 12.2 -0.3 2.5 9.9 -0.8 -3.7 -8.0 -26.5 17.1 13.0 0.4 12.1 0.5 -1.8 -9.9 -52.8 -6.7 -15.9 -31.0 -1.2 -28.3 -1.5 1.0 -0.3 -102.8 -27.6 -78.8 4.4 3.4 1.1 -0.1 -1.6 0.9 -4.1 3.9 6.1 -16.3 0.5 -14.2 -2.6 3.2 -1.1 37 38 39 40 41 42 43 44 45 57.6 5.1 0.0 134.9 1.6 -0.0 104.8 28.6 101.3 -2.4 0.0 173.5 1.6 -0.1 142.5 29.5 114.4 4.3 0.0 210.0 1.5 0.6 155.4 52.5 99.7 1.6 0.0 209.2 1.5 0.0 152.4 55.2 97.3 -0.3 0.0 265.8 1.8 -0.2 166.7 97.5 61.1 -12.7 0.0 394.6 1.3 0.4 166.5 226.4 89.4 9.2 0.0 122.4 1.6 0.6 156.3 -36.1 109.2 -5.8 0.0 184.4 2.1 -0.4 163.8 19.0 220.3 16.1 0.0 152.6 2.0 0.1 164.3 -13.8 23.0 -25.7 0.0 313.6 1.4 0.1 208.2 103.8 36.9 14.3 0.0 412.5 1.6 -0.7 130.6 281.0 46 47 48 49 50 51 52 53 -149.4 53.5 -63.0 -14.2 9.9 -7.5 -3.2 96.5 -212.4 206.1 -50.6 54 -89.4 7.1 40.8 -151.7 -3.5 44.5 -250.9 -6.8 49.0 -364.0 -12.1 54.4 -331.2 -9.4 49.6 -380.7 -18.1 52.6 -390.6 4.2 67.0 -363.8 -10.5 45.9 -347.4 -11.7 47.6 -294.4 -11.1 49.0 -319.3 -4.3 55.7 55 56 57 -123.1 -199.7 -306.7 -430.5 -390.2 -451.4 -453.4 -420.2 -406.7 -354.5 -379.3 58 34 35 36 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits 37 38 39 40 41 42 43 44 45 Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 46 47 48 49 50 51 52 53 Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (4,5) Other 54 55 56 57 58 Discrepancy (FOF basis) (7) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Net transfer payments to foreign = Net foreign investment in U.S. (NIPA basis) (1) Table F.9, line 10. (2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 23 Z.1, March 7, 2002 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 2.7 -2.1 0.2 4.5 4.3 4.6 4.7 4.4 4.4 4.2 4.3 1 2 Fixed nonresidential investment 0.2 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 2 3 Net acquisition of financial assets 38.8 32.8 130.0 -60.9 47.2 19.2 17.9 33.3 53.7 120.7 -18.9 3 4 5 6 Gold and foreign exchange SDR certificates Treasury currency -1.5 -0.5 0.6 0.8 0.0 0.7 -1.6 -3.0 1.7 0.9 -4.0 3.6 0.3 0.0 1.6 2.9 -4.0 3.3 0.3 -4.0 3.3 0.4 0.0 2.5 0.3 0.0 1.6 2.0 0.0 1.4 -1.5 0.0 0.7 4 5 6 7 8 9 Federal Reserve float Fed. Res. loans to domestic banks Security RPs -3.6 2.0 2.3 0.9 -2.0 6.5 -1.9 0.2 110.3 1.1 -0.1 -97.3 -0.9 -0.1 6.9 1.5 -0.6 -27.6 2.1 -1.0 14.5 -2.9 -0.4 -15.1 -2.2 0.5 24.2 -0.7 -0.2 106.7 2.2 -0.2 -88.3 7 8 9 Credit market instruments 38.3 21.1 25.7 33.7 39.9 39.1 -0.9 53.7 26.4 8.7 70.5 10 0.0 38.3 39.8 -1.5 0.0 0.0 21.1 21.4 -0.3 0.0 0.0 25.7 25.8 -0.2 0.0 0.0 33.7 33.7 -0.1 0.0 0.0 39.9 40.0 -0.1 0.0 0.0 39.1 39.2 -0.0 0.0 0.0 -0.9 -0.9 0.0 0.0 0.0 53.7 54.2 -0.5 0.0 0.0 26.4 26.4 0.0 0.0 0.0 8.7 8.7 0.0 0.0 0.0 70.5 70.5 0.0 0.0 11 12 13 14 15 10 11 12 13 14 15 16 17 Acceptances U.S. government securities Treasury Agency Bank loans n.e.c. Miscellaneous assets Net increase in liabilities 1.3 4.9 -1.3 1.1 -0.4 4.5 3.6 -4.9 2.8 2.9 -2.3 16 38.1 32.1 129.6 -61.3 46.7 20.1 6.2 34.3 50.7 119.4 -17.5 17 18 19 Depository institution reserves Vault cash of commercial banks 6.3 -0.2 -4.5 -2.9 -2.3 24.5 -5.0 -22.2 -1.6 2.9 -4.6 -10.9 -10.7 15.7 14.7 -7.6 1.5 3.7 22.5 -3.3 -45.0 18.8 18 19 20 21 22 23 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 29.9 -2.3 0.3 31.9 38.3 0.5 -0.3 38.0 108.7 22.3 -0.1 86.4 -35.3 -22.9 0.1 -12.5 48.2 1.5 -0.2 46.9 23.3 30.4 0.1 -7.2 -4.1 -11.5 0.3 7.1 48.8 5.9 -0.6 43.5 50.2 -17.7 0.1 67.8 84.9 30.1 2.0 52.8 8.9 -12.4 -2.2 23.5 20 21 22 23 24 25 26 Miscellaneous liabilities Federal Reserve Bank stock Other 2.1 0.8 1.3 1.3 0.5 0.8 -1.3 0.5 -1.8 1.1 0.6 0.6 -2.8 0.4 -3.2 12.3 0.3 12.0 5.3 0.3 5.0 -21.6 0.1 -21.8 -4.7 0.5 -5.2 15.3 0.5 14.8 -0.2 0.4 -0.7 24 25 26 1.7 -3.1 -0.7 3.7 3.4 5.0 -7.5 4.9 1.0 2.4 5.2 27 27 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 24 Z.1, March 7, 2002 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 35.5 29.9 47.6 50.6 56.7 47.9 50.7 48.4 49.9 54.0 74.7 1 2 Fixed nonresidential investment 24.3 29.0 28.6 32.4 31.2 32.9 33.0 32.8 31.5 30.7 29.6 2 3 Net acquisition of financial assets 457.3 443.7 343.5 471.2 403.2 596.9 304.3 217.2 304.9 462.0 628.5 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency -0.2 6.8 -0.1 -2.9 -4.6 0.6 24.5 -2.4 0.3 -22.2 -4.0 -0.5 2.9 -2.0 1.1 -10.9 -2.8 -2.6 15.7 -10.1 1.2 -7.6 14.7 0.6 3.7 1.5 -0.6 -3.3 21.6 3.2 18.8 -46.0 1.2 4 5 6 7 Total bank credit 350.0 335.8 295.5 412.3 213.1 396.0 235.0 238.6 47.2 222.6 343.8 7 8 9 10 U.S. government securities Treasury Agency 83.8 8.3 75.5 35.4 -56.1 91.4 48.4 12.7 35.7 -21.9 -44.5 22.6 41.3 -18.8 60.1 -7.2 22.9 -30.1 -43.4 -79.6 36.2 -103.5 -82.8 -20.7 -36.2 39.5 -75.6 190.7 24.4 166.3 114.3 -56.2 170.5 8 9 10 11 12 Municipal securities Corporate and foreign bonds 2.4 27.8 8.2 38.0 5.8 38.8 3.4 57.6 5.9 95.0 1.6 138.0 1.1 96.0 -2.6 52.1 15.5 141.2 3.8 45.9 6.9 140.6 11 12 13 14 15 16 17 18 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 234.7 -0.8 128.2 99.9 -14.2 21.7 253.4 -0.2 145.0 91.7 -3.6 20.5 200.1 0.3 68.9 158.2 -9.2 -18.1 370.4 0.1 114.1 164.1 41.7 50.4 63.1 0.0 -83.4 130.0 15.6 0.8 262.6 -0.1 52.2 127.6 53.9 29.1 177.6 0.7 67.1 20.7 17.8 71.4 280.5 0.1 34.1 158.8 13.7 73.8 -70.6 0.0 -170.0 133.0 54.4 -88.1 -27.1 0.0 -13.6 42.8 -27.3 -29.0 69.5 0.0 -184.3 185.4 21.7 46.6 13 14 15 16 17 18 19 20 Corporate equities Mutual fund shares 0.6 0.8 1.3 -0.4 1.2 1.2 0.3 2.5 0.1 7.8 1.3 -0.3 -1.8 5.4 -1.5 13.6 -0.5 -2.1 5.7 3.8 -3.3 15.9 19 20 -2.8 103.5 -9.3 124.1 -3.1 28.8 -0.7 86.3 -2.9 191.0 -2.7 220.0 -2.9 65.6 0.0 -29.1 -4.0 257.1 -7.4 225.2 -0.1 310.9 21 22 21 22 Customers’ liab. on acceptances (2) Miscellaneous assets 23 Net increase in liabilities 490.5 469.1 284.1 567.4 413.9 743.3 293.6 211.9 279.8 673.2 490.6 23 24 25 26 27 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks -25.8 -1.6 -19.9 -4.3 -24.8 -1.1 3.4 -27.1 -3.8 -1.7 3.5 -5.7 40.7 1.0 17.4 22.3 10.4 -1.0 17.7 -6.3 40.0 1.0 -12.1 51.1 13.0 1.1 51.1 -39.1 -188.1 -3.2 16.7 -201.6 13.8 -1.7 13.6 1.9 0.9 -0.9 7.2 -5.3 214.9 1.9 33.3 179.6 24 25 26 27 28 29 30 31 Checkable deposits Federal government Rest of the world Private domestic -19.8 -0.9 4.8 -23.7 -33.4 -14.6 -1.5 -17.3 3.2 36.4 13.4 -46.6 -85.2 -33.2 -9.5 -42.6 83.5 29.3 0.4 53.8 -60.8 -17.3 4.8 -48.3 -91.4 -62.3 6.0 -35.2 14.3 44.1 2.7 -32.4 -8.7 -14.0 -4.5 9.7 98.4 13.4 3.7 81.2 230.1 73.8 -0.5 156.8 28 29 30 31 32 33 34 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 148.3 107.9 89.0 183.7 72.3 87.0 71.3 119.0 110.6 213.3 94.9 63.6 242.8 28.3 -24.3 213.0 122.6 59.2 334.8 41.8 -137.0 222.2 87.8 34.5 197.7 20.9 -51.9 198.0 -39.4 11.7 353.4 44.2 -91.5 32 33 34 35 Credit market instruments 46.1 72.9 67.2 60.0 54.3 43.4 18.8 148.3 -15.8 59.0 25.6 35 3.3 23.7 19.1 -1.5 27.6 46.9 6.1 20.4 40.6 0.6 32.6 26.8 -8.3 37.3 25.3 4.5 32.7 6.2 3.8 26.5 -11.4 29.8 79.5 39.0 -7.4 9.0 -17.4 -7.6 27.3 39.3 -48.1 33.5 40.2 36 37 38 -27.7 1.4 171.2 -11.2 1.7 120.9 -10.6 1.9 -74.7 -12.5 2.1 190.6 -7.9 2.4 24.3 -2.8 2.2 326.6 -5.2 2.2 116.6 -8.1 2.3 -101.3 -7.9 2.4 129.4 -20.7 2.4 362.8 5.1 2.5 -293.7 39 40 41 44.4 26.2 -40.5 114.4 36.3 161.4 7.0 10.3 -6.8 234.4 -92.9 42 324.3 305.2 308.2 358.4 201.5 363.2 157.0 152.8 133.9 234.8 284.5 43 36 37 38 39 40 41 42 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 43 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21). 25 Z.1, March 7, 2002 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving -7.5 -11.1 -10.3 -5.3 -8.4 -3.6 -4.7 -19.3 -9.8 -4.2 -0.2 1 2 Fixed nonresidential investment 19.5 23.0 22.2 24.7 23.8 25.1 25.2 25.0 24.0 23.5 22.6 2 3 Net acquisition of financial assets 290.8 328.1 344.1 329.2 226.5 344.0 97.4 112.7 177.9 390.6 224.6 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 4.8 -5.7 21.6 -25.2 0.7 -13.0 5.3 6.8 5.6 17.7 -27.2 4 280.7 329.3 313.7 350.5 204.7 316.1 111.1 149.6 185.8 265.7 217.9 5 6 7 8 9 10 11 U.S. government securities Treasury Agency Mortgage pool securities Agency-issued CMOs Other agency securities 54.3 -6.1 60.4 31.1 17.5 11.8 39.6 -42.1 81.6 53.7 8.9 19.1 27.4 -1.9 29.3 -17.8 4.9 42.2 -16.7 -35.0 18.2 14.2 -9.8 13.8 42.0 -31.4 73.4 52.7 56.9 -36.2 -46.5 -6.5 -40.0 -25.8 -41.8 27.5 -65.2 -87.6 22.4 57.3 8.6 -43.6 -135.3 -104.4 -30.9 41.5 15.0 -87.4 26.3 13.8 12.5 61.4 6.8 -55.7 145.6 4.0 141.5 89.9 68.6 -17.0 131.4 -39.1 170.4 18.1 137.0 15.3 6 7 8 9 10 11 12 13 14 15 16 Municipal securities Corporate and foreign bonds Private mortgage pool securities Privately issued CMOs Other bonds 2.4 19.6 -1.2 0.7 20.2 8.2 32.4 0.9 20.3 11.1 5.8 43.3 0.9 5.7 36.7 3.2 52.4 -0.7 8.0 45.2 6.1 64.6 21.2 2.8 40.5 1.5 132.4 3.9 16.1 112.4 1.1 72.8 2.6 21.8 48.4 -1.2 63.0 15.2 4.1 43.7 15.5 49.7 2.9 26.1 20.8 3.9 66.4 -2.5 -40.6 109.5 6.3 79.1 69.2 21.8 -11.9 12 13 14 15 16 17 18 19 20 21 22 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 203.0 -0.6 108.1 105.5 -14.2 4.2 248.2 -0.1 144.3 95.8 -3.6 11.9 234.9 -0.1 92.2 160.6 -9.2 -8.7 308.7 0.2 98.2 161.5 41.7 7.1 84.3 0.0 -64.5 125.9 15.6 7.2 227.6 0.3 59.3 125.8 53.9 -11.6 98.8 1.2 29.2 22.2 17.8 28.5 211.0 0.0 11.1 156.2 13.7 30.0 96.9 0.0 -93.0 129.3 54.4 6.2 40.5 0.0 -5.1 37.6 -27.3 35.3 -11.4 0.0 -171.1 180.5 21.7 -42.6 17 18 19 20 21 22 23 24 Corporate equities Mutual fund shares 0.6 0.8 1.3 -0.4 1.2 1.2 0.3 2.5 0.1 7.8 1.3 -0.3 -1.8 5.4 -1.5 13.6 -0.5 -2.1 5.7 3.8 -3.3 15.9 23 24 -0.2 5.5 -4.6 9.1 -2.5 11.3 -0.7 4.7 -2.3 23.3 -1.9 42.8 -3.7 -15.3 0.4 -44.1 -2.5 -10.9 -5.6 112.8 -1.4 35.4 25 26 359.0 385.2 331.2 468.9 288.4 529.3 129.7 162.4 198.6 646.5 146.3 27 4.2 -3.6 2.0 -6.7 12.6 20.4 0.9 -2.0 -2.6 24.0 36.0 -1.9 0.2 -12.1 49.7 74.6 1.1 -0.1 26.8 46.8 22.9 -0.9 -0.1 16.3 7.6 164.9 1.5 -0.6 146.6 17.3 -60.8 2.1 -1.0 -48.6 -13.2 -49.9 -2.9 -0.4 51.2 -97.8 37.9 -2.2 0.5 -4.6 44.3 -56.8 -0.7 -0.2 39.1 -95.0 160.3 2.2 -0.2 -20.6 179.0 28 29 30 31 32 25 26 27 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities 28 29 30 31 32 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 33 34 35 36 Checkable deposits Federal government Rest of the world Private domestic -21.1 -0.9 4.4 -24.6 -34.4 -14.6 -1.2 -18.6 2.8 36.4 12.8 -46.4 -84.8 -33.2 -9.2 -42.4 82.0 29.3 2.8 49.9 -55.5 -17.3 8.8 -47.0 -95.5 -62.3 3.6 -36.8 16.5 44.1 3.6 -31.1 -11.0 -14.0 6.0 -3.0 97.3 13.4 4.1 79.8 225.2 73.8 -2.4 153.8 33 34 35 36 37 38 39 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 143.9 63.2 63.4 186.3 34.8 66.8 72.4 61.5 128.7 210.4 87.9 12.8 238.5 -25.6 -11.6 215.5 73.7 -33.2 324.3 44.6 -178.1 228.0 17.7 5.3 169.0 25.6 68.3 213.0 -7.1 29.4 344.0 -138.7 -149.4 37 38 39 40 41 42 43 44 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable -0.3 10.7 19.1 3.2 1.4 -4.6 10.5 46.9 3.8 1.7 -2.5 3.7 40.6 3.2 1.9 -0.6 10.6 26.8 4.0 2.1 -2.3 8.3 25.3 7.2 2.4 -1.8 9.2 6.2 3.9 2.2 -3.3 10.1 -11.4 7.9 2.2 0.1 13.9 39.0 3.3 2.3 -2.2 -3.7 -17.4 5.4 2.4 -5.3 11.4 39.3 1.8 2.4 -1.6 11.4 40.2 18.3 2.5 40 41 42 43 44 45 46 47 Miscellaneous liabilities Investment by bank holding companies Other 71.2 40.7 30.5 53.0 55.3 -2.4 -17.1 2.9 -20.0 125.0 53.6 71.4 -58.6 59.9 -118.5 144.2 54.9 89.3 89.5 42.7 46.8 -113.9 65.5 -179.5 -75.7 41.5 -117.2 321.0 102.4 218.6 -365.9 30.1 -395.9 45 46 47 41.1 22.9 -45.5 109.6 29.8 156.6 2.3 5.4 -13.1 228.1 -101.2 48 274.9 312.0 317.6 339.8 187.4 324.8 75.3 107.9 179.7 215.4 246.5 49 48 Discrepancy Memo: 49 Credit market funds advanced (2) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25). 26 Z.1, March 7, 2002 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 5.7 6.6 7.8 9.2 10.1 9.3 9.5 9.7 10.0 10.5 10.1 1 2 Fixed nonresidential investment 4.3 5.5 5.9 7.1 6.9 7.3 7.3 7.2 6.9 6.8 6.5 2 3 Net acquisition of financial assets 96.5 -4.8 -59.5 37.2 67.4 96.8 108.0 -112.4 26.7 -65.2 420.4 3 4 Reserves at Federal Reserve 5 Total bank credit 1.8 -1.9 0.4 -1.0 0.2 -0.7 0.2 0.3 -0.4 0.7 -0.0 4 60.2 1.4 -28.9 67.3 -1.9 74.3 123.3 85.4 -141.4 -45.9 94.1 5 6 7 8 9 10 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 26.8 14.4 12.5 0.0 3.1 -5.5 -10.3 4.8 0.0 5.8 11.8 7.5 4.3 0.0 -5.2 0.0 -0.6 0.6 0.0 7.6 -4.2 13.0 -17.2 0.0 27.8 32.1 29.9 2.2 0.0 2.5 18.2 10.7 7.5 0.0 23.6 37.9 24.5 13.4 0.0 -14.7 -61.0 26.0 -87.0 0.0 94.2 42.3 18.6 23.7 0.0 -20.3 -35.8 -17.1 -18.7 0.0 52.2 6 7 8 9 10 11 12 13 14 15 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 30.3 -0.2 19.2 -6.1 17.5 1.1 -0.1 -1.9 -5.5 8.6 -35.5 0.4 -22.3 -4.2 -9.4 59.7 -0.1 15.8 0.7 43.2 -25.6 0.0 -20.1 0.8 -6.4 39.7 -0.4 0.3 -0.9 40.7 81.6 -0.5 40.1 -0.9 42.9 62.2 0.1 18.2 0.1 43.8 -174.5 0.0 -78.8 -1.5 -94.3 -68.0 0.0 -8.3 4.6 -64.3 77.8 0.0 -11.5 0.1 89.2 11 12 13 14 15 16 17 18 Corporate equities Customers’ liab. on acceptances (2) Miscellaneous assets -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 -2.5 37.0 -4.7 0.4 -0.6 -30.4 -0.0 -29.1 -0.6 69.7 -0.8 24.0 0.7 -16.2 -0.4 -197.8 -1.5 169.9 -1.8 -18.1 1.3 325.0 17 18 19 Net increase in liabilities 98.9 -2.0 -56.4 40.7 71.3 100.4 111.7 -108.6 30.6 -61.2 424.6 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks -30.4 -17.6 -12.7 -55.4 -51.7 -3.7 -43.9 -51.2 7.4 -40.1 -57.1 17.0 -0.8 -20.9 20.2 -92.9 -76.0 -16.9 74.5 -18.3 92.8 -118.0 -86.1 -31.9 26.4 -54.6 81.0 26.5 53.6 -27.1 61.9 3.3 58.6 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 0.8 4.4 44.7 -0.2 -3.6 36.5 0.4 -1.9 56.7 -0.3 1.4 5.6 0.3 2.7 52.3 -5.0 -4.7 46.6 2.8 10.0 -3.4 -2.1 -5.2 70.6 0.0 23.2 -10.2 1.9 -16.5 -33.8 1.4 9.1 182.6 23 24 25 26 27 Federal funds and security RPs (net) Acceptance liabilities 25.6 -2.4 19.7 -4.8 -18.3 -0.4 52.4 -0.0 -12.6 -0.9 92.8 -0.4 49.8 0.7 22.1 -0.8 -120.7 -2.4 -18.4 -1.3 66.8 0.9 26 27 28 29 30 31 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 56.2 7.7 14.3 34.2 5.7 5.5 11.8 -11.5 -49.0 19.1 2.5 -70.5 21.7 9.6 45.6 -33.5 30.3 10.3 -30.8 50.7 64.0 3.3 21.5 39.2 -22.7 12.7 75.0 -110.4 -75.2 1.2 14.6 -91.0 114.1 15.6 -20.2 118.8 -19.6 8.7 -94.9 66.7 101.8 16.0 -22.6 108.5 28 29 30 31 3.8 3.9 5.1 5.6 7.2 5.7 5.9 6.3 7.0 7.8 7.7 32 40.2 -11.9 -20.1 24.0 3.9 32.8 81.1 41.3 -48.6 16.5 6.2 33 32 Discrepancy Memo: 33 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17). 27 Z.1, March 7, 2002 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 37.2 34.2 49.9 46.5 54.8 42.0 45.7 57.8 49.5 47.5 64.6 1 2 Fixed nonresidential investment 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets 64.5 110.6 55.2 100.7 101.0 144.7 104.4 218.1 79.2 140.8 -34.1 3 5.4 -0.9 6.2 -12.2 3.8 -6.7 -3.2 7.3 -2.8 -1.4 12.2 4 0.5 -0.1 0.6 5.0 -0.0 -1.9 -3.1 1.1 -0.7 1.7 6.6 7.9 -1.3 1.2 -1.6 -8.5 -7.9 -0.5 -2.8 -0.9 1.8 0.4 1.4 1.8 0.3 0.6 0.1 0.4 1.7 -9.0 -2.1 -1.1 -1.1 -0.6 -0.5 2.1 -0.3 2.4 0.8 4.3 -0.7 0.7 -1.4 -1.8 -0.2 -0.6 -0.3 -0.3 -0.7 -0.1 6.3 1.4 4.8 8.7 -2.8 5 6 7 8 9 59.0 40.7 25.0 -6.7 111.6 55.3 44.1 12.1 49.0 2.9 17.3 28.9 112.9 53.6 38.4 20.9 97.2 59.9 33.6 3.7 151.4 54.9 50.0 46.6 107.6 42.7 33.5 31.4 210.9 65.5 150.5 -5.2 82.0 41.5 38.5 2.0 142.2 102.4 17.5 22.4 -46.3 30.1 -71.9 -4.5 10 11 12 13 4 5 6 7 8 9 10 11 12 13 Credit market instruments U.S. government securities Treasury Agency Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other 14 Net increase in liabilities 27.4 76.6 5.4 54.4 46.3 102.8 58.8 160.4 29.9 93.5 -98.6 14 15 16 17 Net interbank liabilities To domestic banks To foreign banks 0.3 -0.4 0.8 10.2 9.6 0.6 4.1 8.2 -4.1 6.2 -26.3 32.5 -11.7 -18.7 7.0 -32.1 -141.9 109.8 -0.7 6.9 -7.6 -20.2 -2.6 -17.6 -50.6 -62.8 12.3 31.2 -4.8 36.1 -7.4 -4.7 -2.7 15 16 17 18 Federal funds and security RPs (net) 0.0 0.5 0.1 -1.6 -0.2 -0.4 -8.7 7.0 0.5 0.7 -8.9 18 19 20 21 Credit market instruments Commercial paper Corporate bonds 19.0 6.0 13.0 24.9 7.8 17.1 25.8 9.1 16.7 23.2 1.2 22.0 23.9 -5.1 29.0 30.3 6.8 23.5 22.7 6.3 16.3 96.1 30.5 65.6 9.9 -2.8 12.7 14.9 -1.0 15.9 -25.3 -47.3 22.1 19 20 21 22 23 24 25 Corporate equity issues Miscellaneous liabilities Equity, etc. Other -30.9 39.0 -13.1 52.1 -15.0 56.0 24.7 31.2 -13.8 -10.8 -38.6 27.8 -16.5 43.1 10.3 32.8 -15.1 49.4 -9.1 58.5 -6.7 111.8 27.7 84.1 -13.1 58.7 33.7 25.0 -11.4 88.9 35.1 53.8 -13.3 83.4 -8.5 91.9 -22.5 69.1 24.2 45.0 -13.2 -43.9 -87.3 43.4 22 23 24 25 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 26 26 Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 Fixed nonresidential investment 0.2 0.3 0.2 0.2 0.2 0.3 0.3 0.2 0.2 0.2 0.2 2 3 Net acquisition of financial assets 5.5 9.8 3.7 4.0 8.3 11.4 -5.5 -1.1 21.2 -4.3 17.6 3 4 Checkable deposits and currency -0.1 0.6 0.3 -0.5 1.1 -2.6 1.2 0.6 -0.6 3.2 1.2 4 5 Credit market instruments 3.7 6.0 4.4 6.7 6.4 12.3 3.8 -3.6 5.6 4.2 19.6 5 2.1 0.1 2.0 -0.0 0.1 3.2 -0.7 3.9 -0.1 0.5 2.6 -0.7 3.3 0.1 -0.5 3.3 -1.0 4.3 0.1 0.3 1.7 -0.7 2.5 -0.2 0.8 6.7 -0.6 7.3 0.0 1.3 5.7 -1.7 7.4 0.1 0.3 -8.3 -2.6 -5.7 -1.4 3.0 -0.7 -1.0 0.3 -0.0 -0.9 3.4 2.0 1.3 -0.1 0.5 12.5 -1.4 13.9 0.6 0.6 6 7 8 9 10 0.9 0.1 0.5 0.9 1.1 0.4 0.5 0.6 1.2 1.1 1.0 0.8 0.9 -0.9 4.2 1.6 1.5 1.1 -1.7 -1.0 0.4 0.5 -8.1 10.6 2.1 2.1 3.0 -0.2 0.2 0.4 1.1 2.1 2.8 11 12 13 1.8 3.1 -1.0 -2.1 0.8 1.7 -10.5 1.9 16.2 -11.7 -3.2 14 6 7 8 9 10 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 11 12 13 Bank loans n.e.c. Home mortgages Commercial mortgages 14 15 Miscellaneous assets Net increase in liabilities 16 17 18 Checkable deposits Small time and savings deposits Large time deposits 19 Miscellaneous liabilities 20 Discrepancy 5.1 9.4 3.8 3.4 7.8 10.8 -6.6 -2.3 20.7 -5.6 18.3 15 0.4 -0.0 -0.0 1.2 1.0 1.0 0.0 0.8 0.8 -0.1 1.4 1.4 1.2 1.6 1.6 -0.3 2.3 2.3 1.2 0.5 0.5 -0.1 -0.6 -0.6 2.2 5.4 5.4 -0.8 1.4 1.4 3.5 0.3 0.3 16 17 18 4.7 6.3 2.2 0.7 3.3 6.5 -8.8 -1.0 7.6 -7.7 14.2 19 -0.4 -0.4 0.1 -0.7 -0.6 -0.6 -1.1 -1.2 -0.5 -1.4 0.7 20 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 28 Z.1, March 7, 2002 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 2.9 4.2 7.3 9.1 9.7 9.1 9.3 9.4 9.6 9.9 9.8 1 2 Fixed nonresidential investment 3.5 3.9 3.8 4.3 4.2 4.4 4.4 4.4 4.2 4.1 4.0 2 3 Net acquisition of financial assets -8.4 60.8 63.0 67.2 78.9 82.4 60.9 156.7 72.6 50.4 36.0 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs -0.5 1.0 -0.4 -0.8 0.1 3.2 0.5 5.5 0.1 1.7 -0.1 -4.2 -1.0 -0.4 0.1 4.3 0.5 2.1 0.7 12.5 -1.9 -0.1 -0.8 10.7 -0.5 9.0 1.2 0.7 0.0 -0.2 1.2 27.1 0.0 8.2 2.7 1.3 0.9 0.5 -0.6 15.2 1.0 -0.1 -0.4 6.5 4 5 6 7 8 Credit market instruments -4.7 36.1 68.6 56.5 40.4 62.7 42.5 52.5 57.3 -8.3 60.1 8 9 10 11 12 Open market paper U.S. government securities Treasury Agency -0.3 -3.6 -2.8 -0.8 0.0 -16.1 -4.4 -11.7 0.0 3.7 -0.0 3.7 0.0 -8.1 -1.4 -6.7 0.0 23.5 2.7 20.9 0.0 -2.8 -1.4 -1.5 0.0 3.9 -0.2 4.1 0.0 16.5 -3.0 19.4 0.0 18.9 -2.1 21.0 0.0 -10.9 -3.5 -7.4 0.0 69.7 19.2 50.5 9 10 11 12 13 14 15 16 17 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 0.0 -9.9 3.1 3.5 2.5 0.4 29.9 5.3 12.1 4.4 0.5 23.3 6.5 24.7 9.9 0.2 -2.5 8.7 55.2 3.0 1.3 -25.8 3.6 34.2 3.5 -0.0 -13.2 10.1 62.4 6.3 0.6 8.7 5.7 15.5 8.1 2.9 -54.0 8.2 75.2 3.8 0.3 -11.1 9.6 40.3 -0.7 0.3 -20.3 -0.7 10.5 12.8 1.6 -17.6 -2.6 11.0 -2.0 13 14 15 16 17 0.2 -3.2 1.5 13.8 -0.7 -2.5 0.4 7.4 3.2 19.4 1.5 10.3 0.1 8.0 4.7 71.3 3.0 -0.0 2.3 40.4 2.8 -33.9 18 19 18 19 Corporate equities Miscellaneous assets 20 Net increase in liabilities -9.5 57.6 61.8 66.3 77.0 79.0 62.7 152.7 71.6 48.2 35.6 20 21 22 23 24 Deposits Checkable Small time and savings Large time -25.7 27.1 -64.4 11.7 -2.6 36.1 -54.3 15.7 6.8 37.2 -38.9 8.5 27.5 43.1 -35.5 19.9 45.7 50.6 -31.4 26.5 54.0 40.6 -19.0 32.3 14.3 43.9 -40.7 11.0 98.7 51.1 6.7 40.9 31.8 53.2 -37.6 16.2 60.5 46.3 -30.7 44.8 -8.3 51.8 -64.3 4.2 21 22 23 24 25 Security RPs -1.9 9.5 21.4 -6.1 5.3 24.6 -58.1 1.8 9.9 -59.8 69.2 25 26 27 28 29 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 19.7 0.1 3.5 16.2 52.2 -0.2 10.3 42.1 48.0 0.2 -15.7 63.5 27.3 3.5 7.4 16.3 6.3 -2.6 1.5 7.4 -37.9 2.6 -1.9 -38.6 20.4 11.5 2.7 6.3 62.5 -14.0 4.6 71.9 16.1 14.5 -3.8 5.4 19.2 -1.2 6.7 13.7 -72.5 -9.8 -1.5 -61.3 26 27 28 29 30 31 32 33 Taxes payable Miscellaneous liabilities Investment by parent Other 0.4 -2.1 0.3 -2.4 0.2 -1.6 0.4 -2.1 0.0 -14.4 0.5 -15.0 0.4 17.1 0.7 16.5 -0.7 20.5 0.8 19.7 1.5 36.8 0.7 36.1 1.3 84.8 0.7 84.1 -0.7 -9.5 0.7 -10.3 -0.9 14.7 0.8 14.0 0.1 28.3 0.8 27.5 -1.2 48.4 0.8 47.6 30 31 32 33 -1.6 -2.9 2.2 3.8 3.6 1.3 6.7 1.1 4.4 3.5 5.4 34 34 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 29 Z.1, March 7, 2002 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 5.2 5.4 5.9 6.9 6.5 7.0 7.2 6.6 6.7 6.4 6.3 1 2 Fixed nonresidential investment 2.0 2.5 2.6 3.0 2.9 3.0 3.0 3.0 2.9 2.8 2.7 2 3 Net acquisition of financial assets 23.7 37.7 23.0 26.5 64.4 40.9 29.5 73.8 59.5 79.8 44.6 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.6 0.6 2.0 1.0 6.4 3.4 17.3 -6.8 2.4 -14.2 0.5 -5.3 7.6 8.4 -1.5 -28.7 -0.7 31.8 -30.2 8.6 -22.7 12.7 8.8 16.0 25.5 -7.8 -1.5 22.4 5.0 10.4 -30.3 27.8 -30.9 4 5 6 7 Credit market instruments 16.8 19.0 27.5 30.5 38.6 21.2 33.6 23.2 7.6 61.7 61.8 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency -0.1 -1.4 -1.8 0.4 0.2 4.9 -2.5 7.3 1.5 -0.6 -3.5 2.9 -0.6 -1.8 -1.4 -0.4 1.2 18.8 -0.8 19.6 3.6 -15.8 -1.0 -14.8 -0.0 5.3 -1.5 6.8 -0.4 19.1 -1.0 20.1 1.8 -16.7 -5.7 -11.0 -1.1 36.2 -0.5 36.6 4.3 36.7 3.9 32.8 8 9 10 11 12 13 Home mortgages Consumer credit 10.1 8.2 10.9 3.0 14.1 12.5 16.4 16.5 16.8 1.8 17.2 16.2 16.3 12.0 -0.5 5.0 14.4 8.0 34.1 -7.5 19.2 1.6 12 13 14 15 Mutual fund shares Miscellaneous assets -0.2 3.8 1.2 6.8 -1.1 -16.3 -0.3 15.4 1.5 9.8 -0.2 17.5 0.0 40.1 -0.9 14.0 6.4 29.4 -1.9 -17.8 2.6 13.6 14 15 16 Net increase in liabilities 20.5 34.7 20.8 22.0 60.8 35.7 23.8 69.1 56.6 76.1 41.4 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 20.3 4.1 13.2 2.9 33.6 6.4 23.1 4.1 17.7 2.3 12.3 3.1 22.4 5.9 13.0 3.5 61.1 3.5 48.6 9.0 30.3 1.9 30.5 -2.0 30.6 1.4 16.7 12.4 77.1 15.8 59.4 2.0 44.9 -4.0 34.0 14.9 78.1 5.5 61.8 10.8 44.3 -3.4 39.2 8.4 17 18 19 20 21 22 Other loans and advances Miscellaneous liabilities 0.1 0.1 0.6 0.5 2.2 0.9 0.0 -0.4 1.5 -1.8 1.1 4.3 1.0 -7.8 -0.6 -7.4 0.8 10.8 1.5 -3.5 4.4 -7.2 21 22 -0.0 -0.1 1.1 -0.6 0.0 -1.2 -1.5 -1.2 0.9 -0.2 0.4 23 23 Discrepancy F.116 Bank Personal Trusts and Estates (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets -44.7 -41.6 -8.2 -30.6 -26.5 -30.0 -28.7 -26.6 -23.0 -28.3 -28.1 1 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares -2.9 0.0 1.0 -4.0 6.2 -0.5 -2.1 8.8 8.4 -0.1 0.9 7.5 4.3 -0.0 0.6 3.7 4.1 -0.0 0.3 3.8 3.2 -0.0 0.4 2.8 4.6 -0.0 0.3 4.3 3.8 -0.0 0.5 3.4 4.2 -0.0 0.3 4.0 4.1 -0.0 0.4 3.8 4.2 -0.0 0.2 4.0 2 3 4 5 6 Credit market instruments -25.0 -12.8 27.8 17.1 10.4 17.6 18.1 10.7 13.4 8.8 8.6 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -0.2 -10.1 -5.4 -4.7 -4.5 -4.4 -3.1 -1.4 0.6 5.7 -0.0 5.7 0.6 3.8 -0.8 4.6 -4.0 1.5 -1.6 3.1 0.8 4.2 -0.7 4.9 0.5 4.5 -0.7 5.2 -4.2 1.9 -1.4 3.3 -3.7 2.7 -1.2 3.9 -3.4 0.8 -1.8 2.5 -4.8 0.7 -1.8 2.5 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages -13.3 -0.8 -0.6 -1.1 -2.6 -0.2 10.8 11.3 -0.6 4.7 8.1 -0.1 1.8 11.2 -0.1 5.2 7.6 -0.2 3.0 10.2 -0.1 3.1 10.1 -0.1 2.0 12.4 -0.0 1.4 10.0 -0.1 0.7 12.1 -0.0 11 12 13 -0.5 -14.9 -70.4 27.0 -40.4 -1.5 -20.0 -30.5 -20.0 -20.0 -20.0 -30.5 -20.0 -30.5 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 14 15 -1.4 8.4 -2.5 -1.5 -1.0 -0.2 -0.9 -1.1 -0.7 -1.2 -0.8 16 -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 17 -5.3 -0.2 1.7 0.9 0.2 0.8 0.7 0.5 0.3 0.1 -0.1 18 14 15 Corporate equities Mutual fund shares 16 Miscellaneous assets 17 Net increase in liabilities (2) 18 Discrepancy (1) Includes personal trusts and estates administered by nondeposit noninsured trust companies. (2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector. 30 Z.1, March 7, 2002 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving -5.9 -7.5 -0.2 1.5 1.3 1.6 1.6 1.6 1.6 1.3 0.9 1 2 Fixed nonresidential investment 10.5 11.8 11.1 13.6 13.0 13.8 13.8 13.7 13.1 12.8 12.4 2 3 Net acquisition of financial assets 213.7 187.0 169.3 203.5 256.5 230.3 154.8 259.7 227.0 268.6 270.6 3 4 5 Checkable deposits and currency Money market fund shares 3.8 32.6 -2.7 17.6 0.0 23.4 -0.5 8.5 23.1 43.0 -7.9 11.8 5.2 22.6 51.5 49.5 22.5 48.2 6.5 23.9 11.9 50.3 4 5 6 Credit market instruments 104.8 76.9 53.5 57.9 132.3 74.8 38.8 95.3 124.9 179.3 129.8 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 17.5 -1.4 1.6 -3.0 7.5 -23.7 -14.1 -9.6 2.0 -2.3 -9.3 7.0 -4.5 6.3 -4.6 11.0 -4.8 13.2 -14.8 28.1 -3.1 8.7 -4.1 12.8 -12.2 3.9 -5.4 9.3 -41.1 15.6 -17.3 32.9 -0.2 -0.5 -20.2 19.7 16.8 18.3 -17.8 36.1 5.3 19.5 -4.0 23.5 7 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Policy loans Mortgages 0.1 86.8 3.2 -1.3 1.7 84.5 0.1 6.8 1.7 41.5 -5.0 15.7 -1.0 49.0 2.9 5.2 2.1 114.3 2.7 4.9 -0.9 55.8 5.8 8.5 -1.2 40.2 3.2 4.8 1.6 118.8 4.0 -3.6 3.4 113.1 0.6 8.4 1.7 130.0 5.4 7.2 1.5 95.1 0.8 7.6 11 12 13 14 15 16 Corporate equities Mutual fund shares 86.3 -7.2 115.3 -23.4 111.9 15.0 105.9 11.0 74.9 2.0 97.7 10.1 72.5 9.6 93.6 2.0 64.0 2.0 71.0 2.0 71.0 2.0 15 16 17 Miscellaneous assets -6.7 3.5 -34.6 20.7 -18.9 43.8 6.2 -32.2 -34.6 -14.1 5.5 17 18 Net increase in liabilities 186.0 173.1 152.9 195.1 225.6 210.6 171.4 189.5 215.1 268.3 229.3 18 19 20 21 22 Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) -4.0 0.2 57.6 95.0 -4.7 0.7 46.7 121.9 -6.0 0.7 49.4 91.8 -0.8 -0.7 48.7 142.6 -0.7 0.6 62.4 114.4 -4.9 -0.3 52.7 160.1 -4.8 -0.7 45.5 140.8 -6.8 -2.4 52.0 109.1 -5.0 0.1 50.8 90.4 -10.9 3.5 80.1 152.5 20.1 1.4 66.7 105.7 19 20 21 22 23 24 Taxes payable Miscellaneous liabilities 1.2 36.0 1.2 7.3 1.3 15.7 1.6 3.6 2.0 46.8 1.6 1.4 1.8 -11.2 1.8 35.8 1.9 76.9 2.0 41.1 2.1 33.3 23 24 -44.1 -33.3 -27.7 -20.4 -42.6 -31.8 4.4 -82.3 -23.4 -11.8 -52.7 25 25 Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24). F.118 Other Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.9 3.5 3.3 4.5 -12.7 5.6 4.3 4.4 -8.1 -34.4 -12.8 1 2 Fixed nonresidential investment 8.5 10.5 11.1 11.8 11.1 11.9 11.9 11.7 11.1 10.8 10.6 2 3 Net acquisition of financial assets 37.1 16.5 -12.6 10.0 23.6 8.5 29.9 13.3 13.9 51.5 15.6 3 4 5 Checkable deposits and currency Security RPs 0.3 -0.2 -0.2 7.4 0.2 -14.4 -0.6 10.0 11.3 -9.0 1.4 2.0 2.4 10.0 27.5 -42.0 4.8 -4.6 7.5 20.0 5.2 -9.5 4 5 6 Credit market instruments 25.2 5.8 -3.0 -8.7 5.1 6.2 -11.7 2.1 0.1 5.1 12.9 6 3.8 2.1 1.7 -21.9 -20.8 -1.2 -3.9 -9.7 5.9 0.0 -8.6 8.6 -5.3 -9.7 4.4 4.1 -6.9 10.9 -0.8 -8.8 7.9 -11.5 -15.8 4.3 -2.0 -8.0 6.0 -6.7 -7.5 0.9 -1.0 -7.3 6.3 7 8 9 2.6 18.9 -0.2 16.5 11.6 -0.3 -9.1 10.0 -0.0 -14.9 6.4 -0.3 3.9 6.4 0.1 -9.1 11.9 -0.7 -15.9 5.2 -0.2 4.7 8.8 0.0 -2.0 4.0 0.1 5.8 5.9 0.1 6.9 7.0 0.0 10 11 12 3.0 2.7 6.1 -5.0 1.6 6.9 -1.7 2.0 4.2 0.7 1.0 7.5 5.0 8.4 2.9 -16.4 6.1 9.2 40.4 -16.5 5.3 6.0 12.1 7.6 2.9 9.0 1.6 7.0 11.5 0.4 4.0 1.1 1.9 13 14 15 7 8 9 10 11 12 13 14 15 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Trade receivables Miscellaneous assets 16 Net increase in liabilities -1.2 2.9 6.7 3.7 30.0 19.3 -21.7 15.1 23.6 58.6 22.9 16 17 18 19 Corporate equity issues Taxes payable Miscellaneous liabilities -13.7 1.8 10.7 -4.7 2.0 5.6 -7.8 2.0 12.4 -4.5 2.3 5.9 -0.1 2.7 27.4 -1.0 2.3 17.9 -2.4 2.5 -21.8 -1.8 2.6 14.4 -2.2 2.7 23.1 -6.6 2.8 62.4 10.2 2.9 9.8 17 18 19 -45.8 -20.7 11.5 -13.5 -17.3 4.4 -59.2 -5.5 -9.5 -38.2 -16.1 20 20 Discrepancy 31 Z.1, March 7, 2002 F.119 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.6 0.8 0.8 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1 2 Fixed nonresidential investment 1.5 2.0 1.9 2.3 2.4 2.3 2.4 2.5 2.4 2.4 2.2 2 3 Net acquisition of financial assets -11.4 1.8 2.4 -2.1 3.8 -21.1 -5.4 8.2 -1.1 -4.6 12.6 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1.3 7.5 13.1 0.9 -1.0 28.3 1.9 1.2 1.0 -3.0 11.7 -0.1 0.5 2.4 5.9 0.9 0.8 -3.1 9.0 0.2 1.0 0.2 12.1 1.3 0.2 4.7 9.4 1.3 0.8 -3.2 9.7 -3.5 1.7 -0.4 10.0 1.4 0.7 -3.7 10.3 1.4 -0.2 -5.2 6.1 1.4 4 5 6 7 8 Credit market instruments 47.6 -22.8 25.4 39.9 18.0 56.8 26.1 23.1 25.7 -16.7 39.9 8 9 10 11 12 Open market paper U.S. government securities Treasury Agency 1.2 11.8 4.1 7.7 3.0 -47.7 -31.0 -16.6 3.2 11.0 -0.4 11.4 -1.7 25.3 -0.3 25.6 -1.3 -1.9 -9.4 7.6 1.3 28.4 0.9 27.5 -1.2 16.2 -5.0 21.2 -13.1 0.7 -18.2 18.9 13.8 -19.3 -13.2 -6.1 -15.8 -11.5 -17.4 5.9 9.9 22.7 11.2 11.5 9 10 11 12 13 14 Corporate and foreign bonds Mortgages 33.8 0.7 22.1 -0.3 9.7 1.5 15.0 1.3 20.0 1.2 25.8 1.4 9.9 1.2 34.4 1.2 30.4 0.8 10.2 0.4 5.0 2.3 13 14 -137.8 42.7 -21.0 0.7 -29.1 1.6 -49.9 1.2 -17.1 -4.4 -84.1 -3.0 -27.2 -7.9 -9.6 -0.5 -16.8 -10.7 -13.9 -6.9 -28.2 0.3 15 16 15 16 Corporate equities Mutual fund shares 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 13.5 -1.0 7.1 7.4 14.5 -14.1 21.4 7.2 -5.0 -7.7 1.2 1.5 -3.1 -11.8 1.3 7.4 0.5 -0.9 1.3 0.1 -5.4 -13.3 1.3 6.6 -12.0 -17.3 1.3 4.0 -8.7 -11.7 1.3 1.7 -12.0 2.1 1.3 -15.3 24.1 -0.1 1.3 23.0 -1.5 6.1 1.3 -9.0 17 18 19 20 21 Pension fund reserves (liabilities) (3) -10.4 3.0 3.4 -0.7 5.2 -19.7 -3.9 9.7 0.4 -3.3 13.8 21 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.6 0.7 0.8 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1 2 Fixed nonresidential investment 1.5 1.7 1.7 2.2 2.3 2.3 2.4 2.5 2.4 2.4 2.2 2 3 Net acquisition of financial assets 75.6 60.4 58.8 53.1 22.7 42.8 43.4 19.3 28.9 23.1 19.6 3 4 5 6 Checkable deposits and currency Time and savings deposits Security RPs -2.2 0.1 0.4 4.7 -0.4 8.9 -0.7 -0.3 2.8 -0.1 -0.6 4.3 2.9 0.9 0.8 -1.7 6.9 -6.8 -11.7 -13.5 -1.8 -7.6 -1.0 -8.7 18.7 1.2 17.2 -0.9 -1.2 -2.8 1.3 4.7 -2.5 4 5 6 7 Credit market instruments 67.1 72.1 46.9 54.6 -15.1 37.6 86.1 -70.7 77.0 -74.2 7.3 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency 0.4 31.8 13.4 18.4 8.9 19.9 0.8 19.1 2.8 16.4 -6.6 22.9 4.3 22.1 -15.5 37.6 3.3 -24.5 -9.7 -14.8 -6.8 7.5 -39.2 46.8 -1.8 42.9 -19.8 62.7 -8.7 -29.0 -1.5 -27.5 17.2 94.0 36.3 57.7 -2.8 -148.5 -66.8 -81.6 7.5 -14.7 -6.7 -8.0 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 0.9 33.1 0.9 1.7 35.1 6.5 -0.2 30.4 -2.6 -1.5 29.7 -0.0 -0.6 3.3 3.4 -2.5 37.5 1.9 -2.3 47.3 0.1 0.7 -36.2 2.5 -0.7 -36.2 2.6 -4.2 77.5 3.7 1.8 8.1 4.6 12 13 14 9.4 0.7 -28.2 3.3 -6.2 16.3 -18.4 13.3 16.1 17.1 -3.8 10.6 -49.9 34.3 55.8 51.4 -87.5 2.3 65.2 37.0 31.0 -22.2 15 16 76.5 61.5 59.7 54.4 24.1 44.2 44.9 20.9 30.4 24.5 20.7 17 15 16 17 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 32 Z.1, March 7, 2002 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 0.1 2.6 28.6 22.8 7.4 -2.6 15.7 12.9 12.2 -1.2 33.3 0.1 48.2 4.5 -18.0 43.4 33.1 2.3 77.1 44.0 8.0 14.7 16.9 16.6 62.5 8.8 52.3 69.9 87.1 -24.3 123.9 71.5 -10.1 4.2 -7.3 -5.6 0.8 -27.4 44.7 60.7 54.6 56.8 147.0 49.4 2 3 4 5 6 Credit market instruments 87.5 244.0 182.0 143.0 246.0 256.1 272.7 326.7 166.2 379.1 112.2 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 62.1 -9.5 -4.0 -5.5 78.2 95.0 17.5 77.5 104.7 17.3 0.1 17.1 89.6 -19.1 -13.3 -5.8 30.3 178.5 45.3 133.2 134.2 15.1 -0.1 15.2 105.8 82.3 -10.9 93.2 26.6 286.8 35.5 251.3 17.1 116.6 37.0 79.7 79.9 265.8 68.9 196.8 -2.5 44.6 39.6 5.0 7 8 9 10 11 12 Municipal securities Corporate and foreign bonds 22.5 12.5 26.0 44.8 17.5 42.5 34.3 38.2 36.2 1.1 29.8 77.0 52.5 32.1 14.4 -1.1 39.2 -6.8 54.4 -20.9 36.9 33.2 11 12 14.3 9.6 22.6 12.2 26.1 -61.4 -95.2 36.6 175.1 -90.1 -17.3 13 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 14 13 14 Miscellaneous assets Net share issues (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 8.0 -8.4 6.9 1.7 -2.5 0.2 -1.6 -2.8 -2.2 -2.4 -2.5 1 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 2 3 Security RPs 10.3 13.1 9.9 25.6 -31.7 36.5 1.4 -71.8 -15.3 -27.9 -11.9 3 4 Credit market instruments 80.9 127.3 48.4 21.0 126.1 50.2 57.8 78.1 165.7 103.7 156.8 4 Open market paper U.S. government securities Treasury Agency 10.6 19.5 10.6 8.9 13.1 26.2 4.6 21.6 9.9 12.5 -23.7 36.2 25.6 10.6 6.4 4.2 -31.7 77.9 -8.3 86.2 28.2 9.2 5.9 3.2 16.6 36.9 14.6 22.3 -58.3 55.1 -19.9 75.1 -49.8 134.4 -1.8 136.2 -21.1 70.5 -23.9 94.3 2.2 51.7 12.5 39.2 5 6 7 8 Municipal securities Corporate and foreign bonds 6.5 44.4 22.8 65.2 -3.2 29.2 -8.9 -6.2 21.8 58.2 3.1 9.7 8.6 -4.3 22.0 59.3 16.8 64.3 22.5 31.8 25.7 77.2 9 10 166.8 7.1 143.3 -4.2 136.4 -3.5 189.1 -0.7 109.7 -2.4 185.4 3.0 89.9 0.4 99.1 -8.6 133.8 -1.2 86.5 0.1 119.4 -0.0 11 12 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 13 8.0 -8.4 6.9 1.7 -2.5 0.2 -1.6 -2.8 -2.2 -2.4 -2.5 14 5 6 7 8 9 10 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 14 Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 2 3 4 5 6 7 Net acquisition of financial assets -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 1 Credit market instruments U.S. government securities Municipal securities Corporate and foreign bonds -2.6 -1.2 -0.8 -0.5 5.5 -0.9 1.9 4.5 7.4 -1.3 8.7 -0.0 -8.4 -0.3 -4.6 -3.5 -8.4 -0.3 -4.6 -3.5 -8.4 -0.3 -4.6 -3.5 -8.4 -0.3 -4.6 -3.5 -8.4 -0.3 -4.6 -3.5 -8.4 -0.3 -4.6 -3.5 -8.4 -0.3 -4.6 -3.5 -8.4 -0.3 -4.6 -3.5 2 3 4 5 Corporate equities -5.1 -13.3 -14.9 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 6 -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 7 Net share issues (liabilities) Exchange-traded funds 8 Net acquisition of financial assets (1) 3.4 6.0 12.2 42.4 31.0 14.1 107.0 57.9 11.3 27.9 26.9 8 9 Net share issues (liabilities) 3.4 6.0 12.2 42.4 31.0 14.1 107.0 57.9 11.3 27.9 26.9 9 (1) Corporate equities. 33 Z.1, March 7, 2002 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 1.9 2.1 2.0 1.8 1.8 2.0 1.8 1.8 1.8 1.8 1.9 1 2 Fixed nonresidential investment 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 3 Net acquisition of financial assets 110.8 304.4 316.7 248.8 334.8 278.9 350.3 351.6 275.6 385.7 326.5 3 4 5 Checkable deposits and currency Federal funds and security RPs 1.2 -4.1 2.5 -13.4 7.4 12.7 -9.7 -11.7 1.6 21.9 -0.7 11.4 4.3 -22.5 -0.3 80.4 2.6 -51.7 4.7 51.2 -0.6 7.6 4 5 6 Credit market instruments 106.6 314.6 291.7 250.9 296.2 228.6 318.8 327.8 316.2 265.9 275.1 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -1.1 76.1 7.1 69.0 26.9 162.3 -0.7 163.1 -27.1 184.5 5.8 178.7 16.8 146.2 1.1 145.0 12.0 179.1 0.5 178.6 29.7 188.0 33.5 154.6 33.4 242.8 12.2 230.6 -50.4 220.8 -13.6 234.4 40.5 183.4 20.5 162.9 0.5 177.6 -17.6 195.2 57.3 134.6 12.7 121.9 7 8 9 10 11 12 Municipal securities Corporate and foreign bonds -0.4 5.3 4.1 20.7 1.4 23.7 -1.8 25.8 6.0 28.2 3.0 29.5 -4.5 13.6 4.7 31.7 8.3 48.4 0.2 -1.5 10.8 34.3 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 31.2 -5.3 0.0 36.4 92.3 -1.4 3.3 90.4 113.6 5.1 0.9 107.6 41.3 -3.9 3.1 42.1 40.6 3.0 2.8 34.9 -39.0 -11.1 4.0 -31.9 5.5 6.2 4.3 -5.0 109.3 2.4 -0.8 107.8 -0.6 4.7 5.6 -10.9 62.9 2.0 3.0 58.0 -9.3 2.9 3.3 -15.4 13 14 15 16 17 18 19 20 Mortgages Home Multifamily residential Farm -4.5 -4.2 -1.2 1.0 8.3 5.3 0.8 2.2 -4.3 -10.3 4.8 1.1 22.7 15.8 4.9 2.0 30.4 19.1 6.9 4.4 17.3 11.3 3.3 2.7 28.0 18.5 6.6 2.9 11.6 4.7 4.1 2.8 36.3 22.7 7.5 6.1 26.1 15.3 6.9 3.9 47.3 33.6 9.0 4.8 17 18 19 20 7.1 0.7 5.0 19.2 15.1 39.6 49.6 -56.3 8.5 63.9 44.4 21 21 22 23 24 25 26 27 Miscellaneous assets Net increase in liabilities 106.2 298.6 312.1 241.5 328.6 270.5 339.5 344.4 270.8 381.6 317.8 22 98.4 98.4 0.0 278.3 278.3 0.0 318.2 318.2 0.0 234.1 234.1 0.0 291.4 291.4 0.0 278.1 278.1 0.0 304.5 304.5 0.0 262.3 262.3 0.0 268.3 268.3 0.0 326.2 326.2 0.0 308.8 308.8 0.0 23 24 25 7.8 20.3 -6.0 7.4 37.3 -7.6 35.0 82.1 2.5 55.4 9.0 26 -3.0 -4.1 -3.0 -6.0 -4.9 -6.9 -9.5 -5.9 -3.5 -2.8 -7.3 27 Credit market instruments GSE issues (2) U.S. government loans Miscellaneous liabilities Discrepancy (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., a private company chartered in 1997. (2) Such issues are classified as U.S. government securities. F.125 Federally Related Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 109.3 5.3 -0.0 -0.0 182.1 10.5 0.0 -0.0 264.6 9.2 0.0 -0.0 190.9 8.5 0.0 0.0 321.0 15.6 0.0 0.0 228.9 7.8 0.0 0.0 297.0 12.0 0.0 0.0 157.2 13.1 0.0 0.0 377.7 19.2 0.0 0.0 491.1 13.0 0.0 0.0 258.0 17.2 0.0 0.0 2 3 4 5 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued 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 U.S. government securities. 34 Z.1, March 7, 2002 F.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.9 1.2 1.2 1.1 0.9 1.0 1.0 1.0 0.9 0.9 0.8 1 2 Fixed nonresidential investment 3.1 3.0 -1.7 -2.0 -0.6 -1.7 -1.3 -0.8 -0.9 -0.4 -0.3 2 3 Net acquisition of financial assets 200.1 319.6 226.3 199.3 281.9 158.9 310.2 297.6 174.2 290.3 365.6 3 4 Agency securities (1) 4.4 38.0 40.2 4.3 22.2 0.2 -6.8 44.0 -12.9 29.2 28.4 4 5 6 7 Other loans and advances Student loans Loans to business 32.2 7.8 24.4 27.6 3.8 23.8 9.2 1.5 7.7 21.2 6.5 14.7 12.2 0.6 11.6 -4.5 8.8 -13.2 39.9 -3.3 43.2 -0.7 2.5 -3.2 -23.3 2.0 -25.3 64.4 0.8 63.6 8.6 -2.9 11.4 5 6 7 8 9 10 11 Mortgages (2) Home Multifamily residential Commercial 79.9 54.5 5.0 20.4 156.8 94.5 12.9 49.4 93.1 49.9 8.5 34.7 83.7 44.8 6.5 32.4 149.4 74.7 11.4 63.3 81.4 51.0 4.9 25.6 127.8 60.8 12.6 54.4 110.7 93.9 1.0 15.9 149.9 63.6 10.5 75.7 118.3 44.0 11.4 62.8 218.6 97.2 22.5 98.8 8 9 10 11 12 13 Consumer credit Trade credit 47.2 36.3 59.4 37.9 62.6 21.1 57.1 33.0 72.2 25.9 43.8 38.0 118.1 31.3 115.7 27.8 36.2 24.2 50.4 28.0 86.5 23.5 12 13 202.2 321.4 223.4 196.3 280.4 156.2 307.9 295.8 172.3 289.1 364.4 14 89.4 112.9 125.7 195.7 139.0 84.4 121.0 75.2 103.5 177.0 102.3 53.9 119.9 188.0 84.6 211.2 96.8 75.5 86.0 203.1 146.4 218.0 15 16 14 15 16 Net increase in liabilities Commercial paper Corporate bonds 17 Discrepancy 0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 -0.0 -0.0 17 18 19 Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) 2.1 3.7 1.8 2.9 -2.9 -1.0 -3.1 -2.2 -1.5 -1.0 -2.7 -3.0 -2.3 -3.4 -1.7 -2.4 -1.8 -0.6 -1.2 -1.9 -1.2 0.7 18 19 (1) Federally related mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (4) Included in table F.129. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 26.3 30.1 39.5 43.4 49.2 43.4 46.3 46.0 49.5 52.3 49.2 1 2 Fixed nonresidential investment 27.0 30.9 39.4 38.5 34.8 38.7 38.1 36.8 35.3 33.8 33.2 2 3 Net acquisition of financial assets 47.1 88.8 150.3 134.9 15.0 226.6 33.6 -11.2 45.2 58.5 -32.7 3 4 Checkable deposits and currency 2.1 2.3 2.5 2.6 2.9 2.7 2.7 2.8 2.8 2.9 2.9 4 5 6 7 8 Credit market instruments Other loans and advances Mortgages Consumer credit 23.1 -0.6 11.0 12.6 77.3 36.8 24.7 15.8 97.0 54.2 24.6 18.2 108.0 63.3 26.4 18.2 16.5 -11.4 11.0 16.9 102.8 48.2 23.1 31.5 36.2 23.0 26.2 -13.0 -0.9 -11.2 23.4 -13.0 126.7 99.0 26.8 0.9 -42.0 -76.5 12.1 22.4 -17.9 -57.1 -18.2 57.4 5 6 7 8 Miscellaneous assets 22.0 9.3 50.9 24.3 -4.4 121.2 -5.3 -13.1 -84.4 97.6 -17.7 9 38.7 75.8 138.0 164.9 17.1 244.5 49.7 -20.9 56.6 69.5 -36.6 10 57.8 24.6 28.7 4.5 57.1 30.7 24.2 2.2 70.3 -2.9 64.3 8.9 81.2 8.4 72.2 0.5 -6.9 -81.5 61.1 13.5 98.1 -2.3 94.4 6.1 26.1 51.0 -20.6 -4.3 -72.8 -231.8 126.6 32.3 64.1 14.0 33.3 16.8 21.5 -23.1 54.5 -9.9 -40.6 -85.2 30.0 14.6 11 12 13 14 9 10 Net increase in liabilities 11 12 13 14 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 15 Taxes payable 16 17 18 19 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 20 Discrepancy 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table F.126. 0.8 0.8 0.8 1.0 1.2 1.0 1.0 1.1 1.1 1.2 1.2 15 -20.0 6.6 -7.5 -19.1 17.8 2.6 -12.8 28.0 66.9 11.4 53.5 1.9 82.8 17.6 14.7 50.5 22.9 14.7 -3.2 11.4 145.4 5.2 19.6 120.6 22.5 69.7 10.2 -57.4 50.9 23.6 -21.5 48.8 -8.7 18.6 -15.1 -12.1 46.8 8.8 -6.7 44.7 2.8 8.0 30.5 -35.8 16 17 18 19 -9.2 -13.8 -12.2 34.9 16.7 22.5 24.2 -0.5 25.5 29.5 12.2 20 5.6 -2.2 6.3 5.3 -4.6 3.1 -7.0 -6.9 15.2 -7.7 -19.1 21 35 Z.1, March 7, 2002 F.128 Mortgage Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets -9.1 3.2 0.3 0.2 1.4 -0.5 2.0 1.4 1.1 1.7 1.2 1 2 3 4 Home mortgages Multifamily residential mortgages Commercial mortgages -10.2 1.0 0.0 3.1 0.1 0.0 0.3 0.0 0.0 0.2 0.0 0.0 1.3 0.1 0.0 -0.6 0.0 0.0 1.9 0.0 0.0 1.4 0.1 0.0 1.0 0.1 0.0 1.6 0.1 0.0 1.1 0.1 0.0 2 3 4 -9.1 3.2 0.3 0.2 1.4 -0.5 2.0 1.4 1.1 1.7 1.2 5 -4.6 -4.6 1.6 1.6 0.2 0.2 0.1 0.1 0.7 0.7 -0.3 -0.3 1.0 1.0 0.7 0.7 0.6 0.6 0.8 0.9 0.6 0.6 6 7 5 6 7 Net increase in liabilities Bank loans n.e.c. Investment by parent F.129 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 6.8 8.2 8.1 7.7 8.5 7.9 8.1 8.3 8.6 8.7 8.5 1 2 3 Fixed nonresidential investment Multifamily residential investment 52.0 11.3 64.7 11.4 9.2 1.6 0.4 0.1 0.5 0.1 3.6 0.6 -12.8 -2.3 3.4 0.6 -2.1 -0.4 -0.5 -0.1 1.4 0.3 2 3 4 Net acquisition of financial assets 26.1 6.4 -2.3 -6.3 14.8 0.1 -4.4 5.8 8.0 9.6 35.7 4 5 Checkable deposits and currency 1.1 0.8 0.3 -0.0 0.4 -1.4 2.0 -1.0 2.3 2.4 -2.0 5 6 Credit market instruments 20.2 -5.1 -2.6 -6.3 10.5 -3.6 -2.8 4.0 1.1 7.8 29.0 6 Agency securities Corporate and foreign bonds 9.0 2.1 -8.1 -0.4 1.1 -0.3 0.3 -0.4 11.2 0.7 3.0 -3.1 2.5 -1.4 -2.6 8.6 14.3 -9.0 3.4 3.0 29.8 0.3 7 8 Mortgages Home Multifamily residential Commercial 9.1 6.0 0.9 2.2 3.4 0.8 0.1 2.5 -3.3 -2.4 -0.6 -0.4 -6.2 -4.6 -0.2 -1.4 -1.5 -1.2 -0.8 0.5 -3.5 -1.1 -0.3 -2.0 -3.8 -0.8 -0.7 -2.4 -1.9 -0.4 -0.7 -0.8 -4.2 -0.8 0.2 -3.6 1.3 1.7 0.2 -0.6 -1.1 -5.3 -2.8 7.0 9 10 11 12 7 8 9 10 11 12 13 14 Miscellaneous assets Net increase in liabilities 4.9 10.7 -0.1 0.0 3.9 5.1 -3.6 2.8 4.7 -0.5 8.6 13 92.2 86.4 17.7 3.0 21.0 8.0 -9.6 19.2 2.7 12.7 49.4 14 15 Security RPs 11.2 -9.8 0.5 -3.8 11.7 4.5 -1.8 4.9 7.8 7.3 26.9 15 16 Credit market instruments 39.6 62.7 6.3 2.7 2.8 -2.4 -8.1 -6.1 10.5 -2.4 9.1 16 0.0 14.8 9.9 14.9 0.2 21.7 16.0 24.8 -0.1 8.9 -7.6 5.1 0.0 4.8 -8.3 6.2 -0.1 4.9 -4.1 2.1 -3.4 5.6 -10.6 6.0 0.0 -6.3 -3.7 1.8 -0.2 12.2 -10.6 -7.5 -0.5 -5.9 0.7 16.2 4.4 0.1 -4.9 -1.9 -4.3 13.4 -1.6 1.5 17 18 19 20 32.5 8.8 19.8 13.6 6.6 4.4 2.2 1.8 5.1 1.3 1.4 4.5 3.0 -2.6 1.4 18.9 3.2 -18.9 7.5 0.3 8.5 5.0 21 22 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities 23 Discrepancy 9.5 11.9 17.4 16.6 14.1 11.6 18.0 17.7 5.7 12.4 20.6 23 24 25 26 27 28 Memo: Securitized assets included above Agency securities Home mortgages Multifamily residential mortgages Commercial mortgages 3.7 0.4 3.1 0.2 0.0 2.9 0.1 1.8 0.4 0.6 -1.0 -1.3 0.0 0.1 0.1 -2.2 -0.2 -0.9 -0.5 -0.6 -1.0 1.3 -1.8 -0.4 -0.1 -3.0 -0.5 -2.3 -0.2 -0.1 -3.4 -0.4 -0.2 -1.0 -1.7 -2.4 -0.4 -1.8 -0.1 -0.0 -0.6 -0.9 -1.0 0.5 0.9 -1.9 -0.9 -0.9 -0.1 -0.0 0.7 7.5 -3.4 -2.0 -1.4 24 25 26 27 28 36 Z.1, March 7, 2002 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 1 Gross saving 9.2 5.3 0.8 -1.7 -4.1 -2.3 -5.1 -5.2 -4.3 -3.2 -3.7 1 2 Fixed nonresidential investment 11.8 15.7 18.4 19.8 19.0 20.1 20.1 20.0 19.2 18.8 18.1 2 3 Net acquisition of financial assets 142.8 142.0 79.8 220.4 216.1 287.6 -62.3 -17.7 603.4 493.8 -215.3 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 12 13 14 Open market paper U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets 6.0 3.7 3.3 1.6 16.5 -24.8 38.2 -6.3 33.1 67.1 -27.9 4 14.9 6.8 -34.7 68.9 97.6 152.1 -69.0 289.5 35.4 236.0 -170.4 5 0.6 2.7 7.5 -4.8 2.4 9.2 3.8 21.7 21.2 0.5 -0.1 -18.6 -2.0 -43.4 -58.4 15.0 -1.2 12.0 13.2 37.1 39.4 -2.3 -0.7 19.3 8.6 33.0 19.0 14.1 7.7 48.3 28.8 89.4 59.3 30.1 3.9 30.0 -24.9 -30.2 -34.5 4.3 1.8 -15.7 21.3 217.6 171.1 46.4 5.5 45.3 1.2 -1.9 -86.1 84.2 4.1 32.0 23.9 123.9 187.5 -63.6 9.3 78.9 -12.1 -207.4 -196.7 -10.7 12.0 37.0 6 7 8 9 10 11 2.4 36.8 82.8 -6.0 21.6 115.9 7.7 75.2 28.3 9.6 7.2 133.0 15.1 -40.4 127.3 18.6 14.6 127.1 -14.2 -155.0 137.6 23.9 -166.5 -158.4 41.8 9.7 483.4 -47.8 248.5 -10.0 42.2 -253.5 194.3 12 13 14 15 Net increase in liabilities 141.3 146.2 89.9 235.4 232.5 304.1 -43.3 -1.0 621.2 508.6 -198.7 15 16 17 18 Security RPs (net) Corporate bonds Corporate equity issues 22.7 8.1 -5.9 4.5 7.2 2.5 37.2 -17.2 7.6 56.9 15.6 -4.2 52.6 1.4 6.5 188.8 25.4 -26.1 -68.5 -6.6 0.1 -93.8 -23.9 19.0 222.0 35.7 -8.2 283.1 12.6 29.4 -200.9 -19.0 -14.4 16 17 18 19 20 21 22 23 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 5.7 74.2 52.6 21.7 0.1 -1.0 81.7 61.2 20.5 -0.1 11.9 29.1 47.2 -18.1 0.9 5.1 138.9 88.6 50.4 -0.1 3.2 31.9 31.0 0.8 -0.3 -14.0 83.0 53.9 29.1 0.2 0.0 229.4 158.0 71.4 1.3 -2.7 25.6 -48.2 73.8 -3.6 -7.7 -38.2 49.9 -88.1 0.5 11.3 298.7 327.8 -29.0 0.5 11.8 -158.7 -205.4 46.6 1.6 19 20 21 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 21.6 0.3 75.9 -54.6 44.7 1.7 97.4 -54.3 7.2 3.3 61.8 -57.9 -5.3 1.7 38.6 -45.6 125.2 3.9 64.6 56.8 -0.5 2.3 35.8 -38.7 -219.1 0.5 39.5 -259.1 79.3 4.5 215.5 -140.8 384.4 2.1 9.3 373.0 -110.0 4.7 -1.8 -112.9 147.1 4.1 35.3 107.7 24 25 26 27 14.9 6.6 13.1 28.5 12.1 47.3 20.2 -0.8 32.6 -17.2 34.0 28 -4.1 -6.2 -7.5 -6.5 -6.7 -6.0 -6.2 -8.5 -5.7 -7.2 -5.2 29 256.3 126.8 -15.3 18.5 180.9 48.3 -150.1 -253.1 293.8 1 28 29 Proprietors’ net investment Discrepancy F.131 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 118.2 102.7 2 Money market fund shares 10.4 57.9 48.9 33.5 117.5 87.4 47.3 147.6 124.2 46.8 151.5 2 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 50.4 53.8 -3.4 -15.8 -20.3 4.5 133.0 136.8 -3.8 39.4 39.2 0.1 -132.8 -173.6 40.8 -86.5 -57.6 -28.8 45.7 5.7 40.0 -169.5 -208.2 38.7 -218.6 -257.3 38.7 -184.0 -227.6 43.6 40.9 -1.5 42.4 3 4 5 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 57.3 14.3 43.0 60.7 11.8 48.9 74.4 2.5 71.9 54.0 45.6 8.3 -0.0 -30.8 30.8 17.6 21.5 -3.9 87.8 75.0 12.9 70.2 14.6 55.7 -55.7 -20.2 -35.5 -115.9 -94.9 -21.0 101.3 -22.6 124.0 6 7 8 118.2 102.7 256.3 126.8 -15.3 18.5 180.9 48.3 -150.1 -253.1 293.8 9 79.9 49.4 30.6 40.0 6.0 34.0 91.5 34.1 57.4 -0.4 -2.3 1.9 -53.1 -75.3 22.2 -4.2 5.4 -9.6 -10.4 -21.6 11.2 30.1 -17.1 47.2 -163.6 -188.3 24.7 -150.2 -145.2 -5.0 71.3 49.3 22.0 10 11 12 38.2 -22.6 57.2 3.6 62.8 20.7 70.0 -27.9 164.8 -17.0 16.3 165.6 127.2 54.3 88.7 -15.8 37.8 53.1 63.2 -78.5 22.7 21.8 12.4 -11.5 191.2 98.2 150.4 -57.4 18.2 40.1 -102.1 80.2 13.5 107.9 233.6 -328.0 -102.9 34.3 74.8 -212.1 222.5 30.0 46.5 146.0 13 14 15 16 9 Net increase in liabilities 10 11 12 Credit market instruments Open market paper Corporate bonds 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 37 Z.1, March 7, 2002 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority 2001 Q4 Q1 Q2 Q3 Q4 1.0 6.8 -8.7 0.3 5.7 1.4 5.6 -0.8 5.4 21.2 -2.9 1 0.4 0.1 -0.0 0.7 1.0 0.7 0.7 0.8 0.6 2.0 0.5 2 0.4 -0.0 0.1 -0.0 -0.0 0.0 0.7 -0.0 1.0 -0.0 0.7 0.0 0.7 0.0 0.8 0.0 0.6 -0.0 2.0 0.0 0.5 0.0 3 4 0.7 6.6 -8.7 -0.4 4.7 0.7 4.9 -1.5 4.7 19.1 -3.4 5 -2.9 -1.5 -1.5 1.5 0.8 0.8 -3.3 -1.6 -1.6 1.9 0.9 0.9 0.6 0.3 0.3 5.9 2.9 2.9 0.6 0.3 0.3 0.8 0.4 0.4 0.7 0.3 0.3 4.0 2.0 2.0 -3.0 -1.5 -1.5 6 7 8 3.6 3.6 0.0 5.1 5.1 0.0 -5.5 -5.5 0.0 -2.3 -2.3 0.0 4.1 4.1 0.0 -5.2 -5.2 0.0 4.3 4.3 0.0 -2.3 -2.3 0.0 4.1 4.1 0.0 15.1 15.1 0.0 -0.4 -0.4 0.0 9 10 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings. F.201 SDR Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority -0.5 -0.5 0.0 0.0 -3.0 -3.0 -4.0 -4.0 0.0 0.0 -4.0 -4.0 -4.0 -4.0 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 0.5 0.6 0.6 0.7 1.0 1.7 2.4 3.6 -0.0 1.6 4.2 3.3 -0.0 3.3 -1.1 2.5 1.1 1.6 -0.0 1.4 0.0 0.7 3 4 5 Discrepancy (seigniorage) -0.2 -0.1 -0.7 -1.2 -1.6 0.9 -3.3 -3.6 -0.5 -1.4 -0.7 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 107.7 6.5 61.0 120.8 62.2 -40.8 207.4 235.5 -170.2 83.5 100.0 1 6.5 -5.1 0.1 0.1 7.4 7.4 5.2 -2.3 12.2 7.7 -6.0 48.2 -4.3 -5.6 33.1 -2.6 44.6 8.0 13.3 -61.8 62.5 -6.0 -26.4 87.1 -10.9 1.0 -10.1 5.3 -1.4 0.8 -5.5 4.5 54.6 2 3 4 106.2 -8.5 45.8 70.9 38.9 -90.8 193.4 180.8 -150.2 78.8 46.4 5 38 Z.1, March 7, 2002 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 Net change in liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries 2001 Q4 Q1 Q2 Q3 Q4 -19.7 -32.3 18.4 13.6 11.7 24.4 18.0 -181.0 19.0 20.2 188.6 1 6.1 6.3 -0.2 -7.5 -4.5 -2.9 22.2 -2.3 24.5 -27.1 -5.0 -22.2 1.3 -1.6 2.9 -15.5 -4.6 -10.9 5.0 -10.7 15.7 7.1 14.7 -7.6 5.2 1.5 3.7 19.2 22.5 -3.3 -26.2 -45.0 18.8 2 3 4 -25.8 -1.6 -24.8 -1.1 -3.8 -1.7 40.7 1.0 10.4 -1.0 40.0 1.0 13.0 1.1 -188.1 -3.2 13.8 -1.7 0.9 -0.9 214.9 1.9 5 6 -4.3 -27.1 -5.7 22.3 -6.3 51.1 -39.1 -201.6 1.9 -5.3 179.6 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates -4.2 13.6 46.3 32.7 -32.0 23.0 23.6 0.5 -7.0 48.4 30.0 -18.4 21.8 45.8 75.2 29.5 -3.6 10.4 17.4 7.1 49.5 15.1 23.7 8.6 -40.9 -15.7 26.5 42.1 -207.8 -102.2 -131.2 -29.0 12.7 53.1 47.3 -5.8 -5.7 -95.5 -31.5 64.0 186.3 186.0 185.2 -0.8 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -18.5 -10.7 7.8 -55.7 33.3 88.9 -51.2 14.9 66.1 -56.5 -14.3 42.2 -21.0 -11.6 9.4 -75.4 -119.4 -44.0 -17.7 99.4 117.1 -88.0 118.3 206.3 -52.6 -120.7 -68.1 53.8 44.6 -9.2 3.0 -88.5 -91.5 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates 0.8 0.3 -0.4 0.6 -0.1 -0.7 -4.1 5.5 9.6 32.5 30.9 -1.6 7.0 12.1 5.1 109.8 127.8 18.0 -7.6 10.6 18.2 -17.6 3.1 20.7 12.3 35.1 22.8 36.1 33.1 -3.0 -2.7 -22.9 -20.2 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. 0.2 1.0 -0.9 -5.0 -1.0 -4.0 -1.3 -1.3 -0.0 -0.5 -1.0 0.6 2.7 2.8 -0.0 -1.6 -2.2 0.6 -1.8 -2.4 0.6 -6.2 -4.3 -1.9 10.8 8.8 2.0 -0.4 -0.5 0.2 6.7 7.0 -0.3 18 19 20 -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 21 -6.7 -14.7 5.4 -0.2 -19.9 -2.6 6.0 2.1 0.6 3.4 -12.1 19.6 16.4 -0.3 3.5 26.8 8.4 -8.9 -0.1 17.4 16.3 1.2 -16.9 0.5 17.7 146.6 -20.1 -6.9 -1.0 -12.1 -48.6 45.8 -5.5 0.3 51.1 51.2 27.0 9.9 0.4 16.7 -4.6 -61.9 -78.3 2.9 13.6 39.1 40.2 34.9 -1.8 7.2 -20.6 -0.5 -34.2 0.5 33.3 22 23 24 25 26 -7.4 -0.6 -1.6 10.2 23.7 8.0 8.1 -26.4 3.2 -18.3 -23.8 -142.9 87.2 7.2 -22.0 -2.2 2.7 -60.0 7.8 -6.7 24.4 -4.2 27 28 -12.7 -7.4 5.4 -3.7 -1.6 2.1 7.4 23.7 16.4 17.0 8.1 -8.9 20.2 3.2 -16.9 -16.9 -23.8 -6.9 92.8 87.2 -5.5 -31.9 -22.0 9.9 81.0 2.7 -78.3 -27.1 7.8 34.9 58.6 24.4 -34.2 29 30 31 -0.4 -0.6 -0.2 9.6 10.2 0.6 8.2 8.0 -0.3 -26.3 -26.4 -0.1 -18.7 -18.3 0.5 -141.9 -142.9 -1.0 6.9 7.2 0.3 -2.6 -2.2 0.4 -62.8 -60.0 2.9 -4.8 -6.7 -1.8 -4.7 -4.2 0.5 32 33 34 0.2 -35.6 14.9 -3.8 -6.0 36.6 -33.0 -197.7 5.4 13.0 155.4 35 -4.3 -27.1 -5.7 22.3 -6.3 51.1 -39.1 -201.6 1.9 -5.3 179.6 36 4.5 -8.6 20.5 -26.1 0.3 -14.6 6.1 3.8 3.5 18.3 -24.3 37 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 35 Net change in assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks -1.6 -3.6 2.0 -1.1 0.9 -2.0 -1.7 -1.9 0.2 1.0 1.1 -0.1 -1.0 -0.9 -0.1 1.0 1.5 -0.6 1.1 2.1 -1.0 -3.2 -2.9 -0.4 -1.7 -2.2 0.5 -0.9 -0.7 -0.2 1.9 2.2 -0.2 38 39 40 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 6.6 6.8 -0.2 -7.6 -4.6 -2.9 22.1 -2.4 24.5 -26.1 -4.0 -22.2 0.9 -2.0 2.9 -13.7 -2.8 -10.9 5.5 -10.1 15.7 7.1 14.7 -7.6 5.2 1.5 3.7 18.3 21.6 -3.3 -27.2 -46.0 18.8 41 42 43 -0.5 0.1 0.1 -1.0 0.5 -1.9 -0.5 0.0 0.0 0.9 1.0 44 -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 45 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 39 Z.1, March 7, 2002 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 Net change in liabilities 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 2001 Q4 Q1 Q2 Q3 Q4 41.2 47.4 151.4 -71.5 185.8 5.0 -50.2 130.1 90.7 235.0 287.5 1 29.9 -2.3 0.3 31.9 38.3 0.5 -0.3 38.0 108.7 22.3 -0.1 86.4 -35.3 -22.9 0.1 -12.5 48.2 1.5 -0.2 46.9 23.3 30.4 0.1 -7.2 -4.1 -11.5 0.3 7.1 48.8 5.9 -0.6 43.5 50.2 -17.7 0.1 67.8 84.9 30.1 2.0 52.8 8.9 -12.4 -2.2 23.5 2 3 4 5 -19.8 -0.9 4.8 -23.7 -33.4 -14.6 -1.5 -17.3 3.2 36.4 13.4 -46.6 -85.2 -33.2 -9.5 -42.6 83.5 29.3 0.4 53.8 -60.8 -17.3 4.8 -48.3 -91.4 -62.3 6.0 -35.2 14.3 44.1 2.7 -32.4 -8.7 -14.0 -4.5 9.7 98.4 13.4 3.7 81.2 230.1 73.8 -0.5 156.8 6 7 8 9 27.1 4.1 36.1 6.4 37.2 2.3 43.1 5.9 50.6 3.5 40.6 1.9 43.9 1.4 51.1 15.8 53.2 -4.0 46.3 5.5 51.8 -3.4 10 11 10 11 Savings institutions Credit unions 12 Net change in assets 41.2 47.4 151.4 -71.5 185.8 5.0 -50.2 130.1 90.7 235.0 287.5 12 13 Household sector -38.8 -19.8 -45.0 -56.7 51.2 -116.8 -40.9 56.2 8.5 -16.0 156.2 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 35.1 12.7 22.2 0.2 61.6 27.8 32.1 1.7 62.6 37.0 25.0 0.6 63.6 38.5 25.0 0.2 0.2 -21.0 20.7 0.4 146.9 130.9 15.9 0.2 -18.2 -34.1 15.7 0.2 -49.9 -70.3 20.0 0.4 -16.0 -37.2 20.8 0.4 71.2 50.0 20.9 0.4 -4.7 -26.3 21.3 0.4 14 15 16 17 18 19 State and local governments Federal government 4.4 -0.5 -3.9 -16.7 3.9 66.2 1.0 -65.1 2.6 41.1 0.2 10.0 17.0 -71.7 2.3 40.1 -6.5 -31.6 3.1 36.2 11.4 119.9 18 19 20 21 22 Rest of the world Checkable deposits Currency 29.9 5.1 24.8 14.8 -1.8 16.6 39.9 13.3 26.6 -8.2 -9.3 1.1 24.0 0.2 23.8 8.0 5.0 3.0 31.3 6.4 24.9 11.3 2.1 9.2 6.7 -4.3 11.1 38.5 5.7 32.8 39.3 -2.7 42.0 20 21 22 23 Financial sectors 17.8 11.8 32.0 -16.8 72.5 -48.3 32.0 56.3 125.8 89.6 18.3 23 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates -0.1 1.0 0.6 0.0 0.6 3.2 1.0 -0.5 0.3 1.7 17.3 -0.1 -0.5 -0.4 -14.2 -0.0 1.1 2.1 7.6 -0.0 -2.6 -0.1 -28.7 -0.0 1.2 9.0 -30.2 -0.0 0.6 -0.2 12.7 -0.0 -0.6 8.2 25.5 -0.0 3.2 0.5 22.4 -0.0 1.2 -0.1 -30.3 -0.0 24 25 26 27 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 3.8 0.3 1.3 -2.2 -2.7 -0.2 -1.0 4.7 0.0 0.2 1.0 -0.7 -0.5 -0.6 0.5 -0.1 23.1 11.3 0.8 2.9 -7.9 1.4 1.0 -1.7 5.2 2.4 0.2 -11.7 51.5 27.5 0.8 -7.6 22.5 4.8 1.7 18.7 6.5 7.5 0.7 -0.9 11.9 5.2 -0.2 1.3 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 2.6 1.2 2.1 1.1 6.0 -2.6 2.5 2.3 0.8 3.7 -1.2 7.4 2.5 0.3 3.3 4.5 -9.7 2.6 -0.0 1.6 2.3 1.6 2.9 0.4 16.5 14.7 -0.7 2.7 -1.4 -24.8 8.8 4.3 2.7 2.0 38.2 -24.3 -0.3 2.8 -1.0 -6.3 4.2 2.6 2.8 2.3 33.1 -27.4 4.7 2.9 2.4 67.1 56.8 -0.6 2.9 -2.0 -27.9 32 33 34 35 36 -6.6 -0.5 -8.2 10.7 -5.8 5.0 0.3 13.7 3.7 12.4 -53.0 37 37 Mail float 40 Z.1, March 7, 2002 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 Net change in liabilities 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 219.6 244.5 175.3 309.1 323.9 377.4 376.0 418.9 246.1 245.3 385.1 1 97.1 152.4 44.7 190.7 260.0 224.5 310.8 288.3 194.2 229.1 328.4 2 Small time and savings deposits 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 148.3 143.9 4.4 -0.0 183.7 186.3 -3.6 1.0 71.3 72.4 -1.9 0.8 213.3 210.4 1.4 1.4 242.8 238.5 2.7 1.6 213.0 215.5 -4.7 2.3 334.8 324.3 10.0 0.5 222.2 228.0 -5.2 -0.6 197.7 169.0 23.2 5.4 198.0 213.0 -16.5 1.4 353.4 344.0 9.1 0.3 3 4 5 6 7 8 Savings institutions Credit unions -64.4 13.2 -54.3 23.1 -38.9 12.3 -35.5 13.0 -31.4 48.6 -19.0 30.5 -40.7 16.7 6.7 59.4 -37.6 34.0 -30.7 61.8 -64.3 39.2 7 8 9 Large time deposits (1) 122.5 92.1 130.6 118.4 63.9 152.9 65.2 130.6 51.9 16.3 56.7 9 107.9 63.2 44.7 -0.0 72.3 34.8 36.5 1.0 119.0 61.5 56.7 0.8 94.9 87.9 5.6 1.4 28.3 -25.6 52.3 1.6 122.6 73.7 46.6 2.3 41.8 44.6 -3.4 0.5 87.8 17.7 70.6 -0.6 20.9 25.6 -10.2 5.4 -39.4 -7.1 -33.8 1.4 44.2 -138.7 182.6 0.3 10 11 12 13 11.7 2.9 15.7 4.1 8.5 3.1 19.9 3.5 26.5 9.0 32.3 -2.0 11.0 12.4 40.9 2.0 16.2 14.9 44.8 10.8 4.2 8.4 14 15 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Net change in assets 219.6 244.5 175.3 309.1 323.9 377.4 376.0 418.9 246.1 245.3 385.1 16 17 Household sector 131.9 166.8 98.5 307.0 252.8 339.2 215.3 343.9 259.3 213.4 194.6 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 30.4 19.7 10.7 2.3 -6.8 9.1 26.2 16.2 10.0 1.1 -2.9 4.0 -8.4 -13.7 5.3 12.6 11.4 1.2 40.6 37.5 3.1 -11.5 -16.5 5.0 -12.1 -17.5 5.4 -12.1 -17.6 5.5 2.1 -3.4 5.5 18 19 20 21 22 23 State and local governments Federal government Rest of the world 5.8 1.0 13.1 12.8 1.3 13.0 10.9 0.7 15.0 9.4 1.0 5.7 6.0 4.2 -15.1 7.0 2.1 -6.4 28.9 0.4 37.2 -11.5 8.2 -40.3 1.7 5.9 2.6 -0.1 7.2 -7.7 34.0 -4.6 -15.2 21 22 23 24 Financial sectors 37.5 48.3 24.0 -15.0 84.4 22.9 53.7 130.1 -11.4 44.7 174.2 24 25 26 27 Savings institutions Credit unions Bank personal trusts and estates -0.4 0.6 1.0 0.5 6.4 -2.1 -0.1 -6.8 0.9 0.1 0.5 0.6 0.7 8.4 0.3 -0.8 -0.7 0.4 1.2 8.6 0.3 1.2 8.8 0.5 2.7 -7.8 0.3 -0.6 5.0 0.4 -0.4 27.8 0.2 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds 7.5 0.1 28.6 28.3 -0.4 15.7 -3.0 -0.3 33.3 2.4 -0.6 -18.0 -3.1 0.9 77.1 0.2 6.9 16.9 4.7 -13.5 52.3 -3.2 -1.0 123.9 -0.4 1.2 -7.3 -3.7 -1.2 44.7 -5.2 4.7 147.0 28 29 30 (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 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 1 2 Net purchases 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 2 3 4 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 79.9 20.2 3.7 164.9 26.5 9.7 124.5 23.1 10.0 131.3 40.4 10.0 135.9 97.2 22.1 57.8 63.4 15.7 178.3 87.4 21.6 253.1 130.2 28.0 5.4 112.6 18.0 232.8 31.3 18.8 52.3 114.9 23.6 3 4 5 6 7 8 9 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations -4.0 32.6 13.1 10.4 8.8 17.6 1.9 57.9 7.5 23.4 11.7 48.9 3.7 8.5 5.9 33.5 3.8 43.0 9.0 117.5 2.8 11.8 12.1 87.4 4.3 22.6 9.4 47.3 3.4 49.5 9.7 147.6 4.0 48.2 10.0 124.2 3.8 23.9 10.3 46.8 4.0 50.3 6.1 151.5 6 7 8 9 41 Z.1, March 7, 2002 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 120.9 91.3 169.7 110.7 45.3 277.1 -265.4 -52.6 187.9 242.3 -196.3 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 89.0 63.4 25.6 0.0 87.0 66.8 19.7 0.5 110.6 128.7 -18.3 0.1 63.6 12.8 52.4 -1.6 -24.3 -11.6 -12.6 -0.2 59.2 -33.2 92.8 -0.4 -137.0 -178.1 49.8 -8.7 34.5 5.3 22.1 7.0 -51.9 68.3 -120.7 0.5 11.7 29.4 -18.4 0.7 -91.5 -149.4 66.8 -8.9 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) -1.9 11.2 22.7 9.5 -9.8 4.5 21.4 0.5 37.2 -6.1 -3.8 56.9 5.3 11.7 52.6 24.6 4.5 188.8 -58.1 -1.8 -68.5 1.8 4.9 -93.8 9.9 7.8 222.0 -59.8 7.3 283.1 69.2 26.9 -200.9 6 7 8 57.8 33.6 133.6 -5.1 96.4 106.8 34.9 156.2 -1.6 216.6 14.2 9 9 Net change in liabilities 1998 Net change in assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 0.7 3.6 20.0 -0.4 7.2 -18.8 1.1 5.0 8.0 -0.5 9.7 11.4 -1.0 24.1 29.3 -0.9 12.0 19.8 3.3 -15.0 -4.3 -6.0 9.0 99.3 2.3 17.2 13.5 -2.9 20.8 -36.2 2.6 49.4 40.4 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 33.6 2.3 -0.8 2.0 45.6 6.5 5.5 3.4 119.6 110.3 -4.2 2.4 -25.7 -97.3 4.3 -5.3 44.0 6.9 12.5 -1.5 75.8 -27.6 10.7 31.8 51.0 14.5 0.7 -22.7 53.9 -15.1 27.1 16.0 -34.6 24.2 1.3 -1.5 234.9 106.7 15.2 10.4 -78.3 -88.3 6.5 -30.9 13 14 15 16 -0.2 0.9 0.4 22.8 10.3 -4.1 7.4 1.2 8.9 12.9 13.1 -13.4 -14.4 -0.1 2.8 0.1 9.9 12.7 10.0 0.9 4.3 43.4 25.6 -11.7 -9.0 0.2 0.8 44.0 -31.7 21.9 2.0 1.3 -6.8 16.6 36.5 11.4 10.0 1.3 -1.8 69.9 1.4 -22.5 -42.0 -3.5 -8.7 71.5 -71.8 80.4 -4.6 1.4 17.2 -5.6 -15.3 -51.7 20.0 1.4 -2.8 60.7 -27.9 51.2 -9.5 1.4 -2.5 49.4 -11.9 7.6 17 18 19 20 21 22 63.2 57.7 36.1 115.8 -51.0 170.3 -300.3 -208.8 189.5 25.7 -210.5 23 17 18 19 20 21 22 23 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 Total net issues, all types Commercial paper Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 184.1 193.1 229.9 207.6 -164.4 169.7 199.3 -360.2 -225.5 -179.3 107.6 1 186.8 202.5 232.8 208.2 -161.2 171.9 201.8 -359.5 -220.9 -172.7 108.3 2 13.7 3.7 -2.3 6.0 24.4 7.8 -1.6 9.4 37.4 16.3 8.2 8.1 48.1 31.7 10.9 20.8 -88.3 -14.2 -23.3 9.1 56.1 7.0 -13.8 20.9 -4.0 50.1 1.2 48.9 -199.2 -26.5 -32.8 6.3 -133.4 -6.7 -25.7 19.0 -66.1 -27.6 -25.6 -2.0 45.5 3.9 -9.3 13.2 3 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 169.4 6.0 89.4 24.6 0.0 49.4 170.3 7.8 125.7 30.7 0.2 6.0 179.2 9.1 139.0 -2.9 -0.1 34.1 128.4 1.2 121.0 8.4 0.0 -2.3 -58.7 -5.1 103.5 -81.5 -0.1 -75.3 108.8 6.8 102.3 -2.3 -3.4 5.4 155.7 6.3 119.9 51.0 0.0 -21.6 -133.9 30.5 84.6 -231.8 -0.2 -17.1 -80.8 -2.8 96.8 14.0 -0.5 -188.3 -79.0 -1.0 86.0 -23.1 4.4 -145.2 58.9 -47.3 146.4 -85.2 -4.3 49.3 7 8 9 10 11 12 13 Bankers acceptances (1) -2.7 -9.4 -2.9 -0.7 -3.2 -2.3 -2.5 -0.7 -4.6 -6.6 -0.7 13 14 Net purchases, by sector 184.1 193.1 229.9 207.6 -164.4 169.7 199.3 -360.2 -225.5 -179.3 107.6 14 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 1.5 4.6 14.3 19.9 7.5 3.3 28.0 37.6 4.0 4.3 1.9 -13.0 5.0 3.7 7.6 8.7 -19.4 5.8 1.0 8.5 5.0 24.1 -4.0 -14.3 5.0 -4.1 10.0 65.6 -22.0 -1.5 4.0 -4.1 -18.0 20.2 -17.2 8.6 -15.0 -0.2 -10.0 -3.4 -22.5 4.5 27.2 32.9 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 -0.8 -0.3 -0.1 -0.2 0.0 -0.2 0.0 0.2 -4.5 0.0 0.3 0.0 1.5 0.6 0.0 0.1 0.0 -0.6 0.6 0.0 0.0 0.0 1.2 -4.0 0.0 -0.1 0.0 3.6 0.8 0.0 0.7 0.0 -0.0 0.5 0.0 0.1 0.0 -0.4 -4.2 0.0 0.0 0.0 1.8 -3.7 0.0 0.0 0.0 -1.1 -3.4 0.0 0.0 0.0 4.3 -4.8 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 17.5 1.2 0.4 7.5 3.0 8.9 2.0 3.2 2.8 -4.5 -1.7 4.3 -4.8 -1.3 3.3 -3.1 1.3 -6.8 -12.2 -1.2 -1.8 -41.1 -13.1 -8.7 -0.2 13.8 17.2 16.8 -15.8 -2.8 5.3 9.9 7.5 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 62.1 10.6 -1.1 0.6 53.8 78.2 13.1 26.9 3.8 -20.3 104.7 9.9 -27.1 -2.0 136.8 89.6 25.6 16.8 13.2 39.2 30.3 -31.7 12.0 8.6 -173.6 134.2 28.2 29.7 28.8 -57.6 105.8 16.6 33.4 -24.9 5.7 26.6 -58.3 -50.4 21.3 -208.2 17.1 -49.8 40.5 1.2 -257.3 79.9 -21.1 0.5 23.9 -227.6 -2.5 2.2 57.3 -12.1 -1.5 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 42 Z.1, March 7, 2002 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 2 3 4 5 6 7 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues 2001 Q4 Q1 Q2 Q3 Q4 23.2 -54.6 -71.0 -294.9 -5.0 -223.8 -330.2 -2.1 -257.1 256.0 -16.9 1 -0.5 23.7 0.1 -54.7 -0.2 -70.8 -1.7 -293.2 5.6 -10.6 -0.9 -222.9 -0.3 -329.9 1.4 -3.5 3.3 -260.5 3.9 252.1 13.7 -30.6 2 3 23.2 -54.6 -71.0 -294.9 -5.0 -223.8 -330.2 -2.1 -257.1 256.0 -16.9 4 -161.9 -0.5 -161.4 -58.0 0.1 -58.1 15.3 -0.2 15.5 -179.4 -1.7 -177.7 -23.7 5.6 -29.3 -190.3 -0.9 -189.4 -41.2 -0.3 -40.9 -55.6 1.4 -57.0 -111.2 3.3 -114.5 156.3 3.9 152.4 -84.4 13.7 -98.1 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments -20.2 4.1 -17.7 -3.2 6.1 30.0 -4.0 -3.1 -2.5 -1.6 -10.2 -30.6 0.4 -12.3 -30.8 -3.3 -6.5 -45.7 -19.5 -9.1 -24.1 -1.6 -11.0 -18.5 3.5 -11.0 -41.5 3.3 -13.4 -48.0 -3.6 -13.8 -15.0 8 9 10 11 12 Rest of the world Monetary authority 139.7 39.8 38.7 21.4 -8.3 25.8 -63.0 33.7 27.4 40.0 -86.0 39.2 -95.3 -0.9 -1.5 54.2 -117.8 26.4 25.5 8.7 203.4 70.5 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 8.3 -6.1 14.4 -0.1 0.1 -56.1 -42.1 -10.3 -3.1 -0.7 12.7 -1.9 7.5 7.9 -0.7 -44.5 -35.0 -0.6 -7.9 -1.0 -18.8 -31.4 13.0 0.4 -0.7 22.9 -6.5 29.9 0.1 -0.6 -79.6 -87.6 10.7 -1.1 -1.7 -82.8 -104.4 24.5 -0.3 -2.6 39.5 13.8 26.0 0.7 -1.0 24.4 4.0 18.6 -0.3 2.0 -56.2 -39.1 -17.1 1.4 -1.4 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates -2.8 -1.8 -5.4 -4.4 -2.5 -3.1 -0.0 -3.5 -0.0 -1.4 -1.4 -0.8 2.7 -0.8 -1.6 -1.4 -1.0 -0.7 -0.2 -1.5 -0.7 -3.0 -1.0 -1.4 -2.1 -5.7 -1.2 -3.5 -0.5 -1.8 19.2 3.9 -1.8 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 1.6 2.1 4.1 13.4 -14.1 -20.8 -31.0 0.8 -9.3 -9.7 -0.4 -6.6 -4.6 -8.6 -0.3 -15.5 -14.8 -9.7 -9.4 -9.7 -4.1 -6.9 0.9 -39.2 -5.4 -8.8 -5.0 -19.8 -17.3 -15.8 -18.2 -1.5 -20.2 -8.0 -13.2 36.3 -17.8 -7.5 -17.4 -66.8 -4.0 -7.3 11.2 -6.7 21 22 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers -4.0 10.6 -1.2 7.1 7.5 17.5 4.6 -0.9 -0.7 21.2 0.1 -23.7 -1.3 5.8 -58.4 -13.3 6.4 -0.3 1.1 39.4 45.3 -8.3 -0.3 0.5 19.0 -0.1 5.9 -0.3 33.5 59.3 -10.9 14.6 -0.3 12.2 -34.5 35.5 -19.9 -0.3 -13.6 171.1 37.0 -1.8 -0.3 20.5 -86.1 68.9 -23.9 -0.3 -17.6 187.5 39.6 12.5 -0.3 12.7 -196.7 25 26 27 28 29 23.1 -52.6 -71.2 -295.9 -5.6 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 30 Memo: 30 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 43 Z.1, March 7, 2002 F.210 Agency Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 6 7 8 Net issues Budget agencies Government-sponsored enterprises Federally related mortgage pools Net purchases Household sector Nonfinancial corporate business State and local governments 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 212.8 472.9 591.7 432.5 627.4 512.4 612.4 430.3 666.3 829.9 583.2 1 -0.1 98.4 114.6 2.0 278.3 192.6 -0.2 318.2 273.8 -1.0 234.1 199.4 -0.5 291.4 336.6 -2.4 278.1 236.7 -1.2 304.5 309.1 -2.2 262.3 170.3 1.1 268.3 396.9 -0.4 326.2 504.0 -0.7 308.8 275.2 2 3 4 212.8 472.9 591.7 432.5 627.4 512.4 612.4 430.3 666.3 829.9 583.2 5 9.7 -20.5 -0.8 -19.7 2.6 63.6 85.9 1.9 28.5 4.8 2.8 23.5 -143.9 7.0 28.5 50.9 3.3 24.0 -79.4 -13.5 20.0 -476.3 1.1 37.8 0.6 5.8 22.7 50.1 5.9 27.6 -150.0 15.1 26.1 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 49.8 -1.5 0.0 56.7 -0.3 0.0 92.1 -0.2 0.0 152.7 -0.1 0.0 161.6 -0.1 0.0 171.4 -0.0 0.0 185.7 0.0 0.0 168.9 -0.5 0.0 157.2 0.0 0.0 131.4 0.0 0.0 188.8 0.0 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 75.5 60.4 12.5 0.6 2.0 91.4 81.6 4.8 1.1 3.9 35.7 29.3 4.3 -1.3 3.3 22.6 18.2 0.6 -0.5 4.3 60.1 73.4 -17.2 1.4 2.5 -30.1 -40.0 2.2 0.4 7.3 36.2 22.4 7.5 -1.1 7.4 -20.7 -30.9 13.4 2.4 -5.7 -75.6 12.5 -87.0 -1.4 0.3 166.3 141.5 23.7 -0.3 1.3 170.5 170.4 -18.7 4.8 13.9 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates -0.8 0.4 -4.7 -11.7 7.3 -1.4 3.7 2.9 5.7 -6.7 -0.4 4.6 20.9 19.6 3.1 -1.5 -14.8 4.9 4.1 6.8 5.2 19.4 20.1 3.3 21.0 -11.0 3.9 -7.4 36.6 2.5 50.5 32.8 2.5 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -3.0 1.7 7.7 18.4 -9.6 -1.2 -16.6 19.1 7.0 5.9 11.4 22.9 11.0 8.6 25.6 37.6 28.1 4.4 7.6 -14.8 12.8 10.9 27.5 46.8 9.3 7.9 21.2 62.7 32.9 4.3 18.9 -27.5 19.7 6.0 -6.1 57.7 36.1 0.9 5.9 -81.6 23.5 6.3 11.5 -8.0 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises -5.5 8.9 69.0 77.5 21.6 163.1 17.1 36.2 178.7 -5.8 4.2 145.0 133.2 86.2 178.6 15.2 3.2 154.6 93.2 22.3 230.6 251.3 75.1 234.4 79.7 136.2 162.9 196.8 94.3 195.2 5.0 39.2 121.9 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 4.4 9.0 -4.8 38.0 -8.1 0.5 40.2 1.1 15.0 4.3 0.3 -2.3 22.2 11.2 14.1 0.2 3.0 30.1 -6.8 2.5 4.3 44.0 -2.6 46.4 -12.9 14.3 84.2 29.2 3.4 -63.6 28.4 29.8 -10.7 27 28 29 (1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30. 44 Z.1, March 7, 2002 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 Q1 Q2 Q3 Q4 71.4 96.8 68.2 35.3 120.6 31.0 60.1 110.7 112.4 56.0 203.2 1 2 3 4 State and local governments Short-term (1) Long-term 57.3 8.3 49.0 79.1 -6.3 85.4 52.7 3.6 49.1 28.2 3.2 25.0 106.5 23.6 82.9 25.1 -7.2 32.3 53.4 7.1 46.3 103.4 21.2 82.3 108.3 20.5 87.7 42.9 37.3 5.6 171.4 15.5 155.9 2 3 4 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 10.0 12.0 10.4 5.8 10.8 4.9 4.6 4.9 0.9 12.0 25.4 5 6 7 Net change in liabilities 2001 Q4 Net change in assets 4.2 5.8 5.1 1.4 3.3 1.0 2.1 2.3 3.3 1.1 6.4 6 71.4 96.8 68.2 35.3 120.6 31.0 60.1 110.7 112.4 56.0 203.2 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 52.5 -3.6 0.5 -0.7 17.7 -1.6 0.1 -1.4 40.2 -3.4 0.2 -1.5 15.0 10.3 0.2 0.6 40.7 -2.0 0.2 0.3 32.8 -34.6 0.2 3.2 0.0 21.7 0.2 -0.8 92.5 -36.7 0.2 2.1 20.4 10.2 0.2 -0.6 -38.4 3.2 0.2 0.4 88.1 15.2 0.2 -0.7 8 9 10 11 12 13 14 Commercial banking Savings institutions Bank personal trusts and estates 2.4 0.0 -13.3 8.2 0.4 -1.1 5.8 0.5 10.8 3.4 0.2 4.7 5.9 1.3 1.8 1.6 -0.0 5.2 1.1 0.6 3.0 -2.6 2.9 3.1 15.5 0.3 2.0 3.8 0.3 1.4 6.9 1.6 0.7 12 13 14 15 16 17 Life insurance companies Other insurance companies State and local govt. retirement funds 0.1 2.6 0.9 1.7 16.5 1.7 1.7 -9.1 -0.2 -1.0 -14.9 -1.5 2.1 3.9 -0.6 -0.9 -9.1 -2.5 -1.2 -15.9 -2.3 1.6 4.7 0.7 3.4 -2.0 -0.7 1.7 5.8 -4.2 1.5 6.9 1.8 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 22.5 6.5 -0.8 -0.4 2.4 26.0 22.8 1.9 4.1 -0.1 17.5 -3.2 8.7 1.4 -1.2 34.3 -8.9 -4.6 -1.8 -0.7 36.2 21.8 -4.6 6.0 7.7 29.8 3.1 -4.6 3.0 3.9 52.5 8.6 -4.6 -4.5 1.8 14.4 22.0 -4.6 4.7 5.5 39.2 16.8 -4.6 8.3 4.1 54.4 22.5 -4.6 0.2 9.3 36.9 25.7 -4.6 10.8 12.0 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 430.8 563.7 465.0 402.2 611.6 445.2 388.3 855.5 590.5 400.5 600.1 1 2 3 Nonfinancial corporate business Rest of the world (1) 150.5 61.4 218.7 34.9 229.9 16.8 171.1 25.2 328.2 -17.9 168.8 71.4 175.6 9.0 399.5 17.1 419.5 -15.9 187.9 -78.8 305.9 6.1 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 218.9 23.7 0.1 310.1 27.6 -0.2 218.2 20.4 0.2 205.9 32.6 3.5 301.3 37.3 -2.6 205.0 32.7 2.6 203.7 26.5 11.5 438.9 79.5 -14.0 186.8 9.0 14.5 291.4 27.3 -1.2 288.1 33.5 -9.8 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 112.9 28.7 14.8 8.1 30.6 195.7 24.2 21.7 7.2 34.0 84.4 64.3 8.9 -17.2 57.4 75.2 72.2 4.8 15.6 1.9 177.0 61.1 4.9 1.4 22.2 53.9 94.4 5.6 25.4 -9.6 188.0 -20.6 -6.3 -6.6 11.2 211.2 126.6 12.2 -23.9 47.2 75.5 33.3 -5.9 35.7 24.7 203.1 54.5 0.1 12.6 -5.0 218.0 30.0 13.4 -19.0 22.0 7 8 9 10 11 12 430.8 563.7 465.0 402.2 611.6 445.2 388.3 855.5 590.5 400.5 600.1 12 13 14 15 Net purchases Household sector State and local governments Rest of the world (2) 85.6 1.3 84.6 92.0 10.2 122.2 23.4 12.6 160.8 -21.1 3.7 183.1 -28.6 11.9 230.2 -116.1 1.6 185.6 -91.7 2.4 199.4 250.8 11.5 280.2 -119.2 7.2 284.5 -154.9 14.8 150.0 -91.2 14.1 206.1 13 14 15 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 27.8 -9.9 -0.8 38.0 29.9 -2.6 38.8 23.3 11.3 57.6 -2.5 8.1 95.0 -25.8 11.2 138.0 -13.2 7.6 96.0 8.7 10.2 52.1 -54.0 10.1 141.2 -11.1 12.4 45.9 -20.3 10.0 140.6 -17.6 12.1 16 17 18 19 20 21 22 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 86.8 18.9 33.8 33.1 84.5 11.6 22.1 35.1 41.5 10.0 9.7 30.4 49.0 6.4 15.0 29.7 114.3 6.4 20.0 3.3 55.8 11.9 25.8 37.5 40.2 5.2 9.9 47.3 118.8 8.8 34.4 -36.2 113.1 4.0 30.4 -36.2 130.0 5.9 10.2 77.5 95.1 7.0 5.0 8.1 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds 12.5 44.4 -0.5 44.8 65.2 4.5 42.5 29.2 -0.0 38.2 -6.2 -3.5 1.1 58.2 -3.5 77.0 9.7 -3.5 32.1 -4.3 -3.5 -1.1 59.3 -3.5 -6.8 64.3 -3.5 -20.9 31.8 -3.5 33.2 77.2 -3.5 23 24 25 26 27 28 29 Government-sponsored enterprises REITs Brokers and dealers Funding corporations 5.3 2.1 9.2 -3.4 20.7 -0.4 -18.6 4.5 23.7 -0.3 12.0 -3.8 25.8 -0.4 19.3 0.1 28.2 0.7 48.3 40.8 29.5 -3.1 30.0 -28.8 13.6 -1.4 -15.7 40.0 31.7 8.6 45.3 38.7 48.4 -9.0 32.0 38.7 -1.5 3.0 78.9 43.6 34.3 0.3 37.0 42.4 26 27 28 29 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. 45 Z.1, March 7, 2002 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 Net issues 2 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking Life insurance companies Other insurance companies Closed-end funds Exchange-traded funds REITs Brokers and dealers Net purchases 13 14 15 Household sector State and local governments Rest of the world (3) 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 19 20 21 22 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 23 24 25 26 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 -79.9 -165.8 -34.6 -45.3 67.7 -54.0 -188.2 137.6 132.1 -79.0 80.2 1 -114.4 -267.0 -143.5 -159.7 -55.7 -87.8 -367.5 -25.3 -71.5 -120.8 -5.1 2 57.6 101.3 114.4 99.7 97.3 61.1 89.4 109.2 220.3 23.0 36.9 3 -23.1 -27.7 -4.0 -13.7 -7.7 3.4 32.5 -5.9 -0.1 -11.2 -4.7 -4.7 -7.8 6.0 19.8 2.5 -5.6 -10.6 -6.0 -7.8 -7.5 12.2 6.6 7.6 14.7 -12.5 -0.8 -4.5 -7.9 42.4 2.2 -4.2 26.0 -7.9 -0.7 -0.1 -7.9 31.0 5.1 6.5 -27.3 -2.8 -4.9 -1.0 -7.9 14.1 1.4 -26.1 89.9 -5.2 -4.8 -2.4 -7.9 107.0 3.0 0.1 53.7 -8.1 -6.8 -1.8 -7.9 57.9 1.4 19.0 -16.7 -7.9 -5.0 -2.2 -7.9 11.3 3.2 -8.2 18.8 -20.7 -10.9 -6.6 -7.9 27.9 7.5 29.4 48.5 5.1 20.1 10.2 -7.9 26.9 8.5 -14.4 4 5 6 7 8 9 10 11 -79.9 -165.8 -34.6 -45.3 67.7 -54.0 -188.2 137.6 132.1 -79.0 80.2 12 -293.3 16.8 67.8 -340.7 9.4 42.0 -327.0 3.5 112.3 -498.6 -1.2 193.8 -298.3 22.8 124.7 -459.7 -4.1 214.9 -538.1 -5.6 158.2 -364.1 26.9 164.4 -185.3 20.5 164.3 -320.5 21.5 35.5 -323.3 22.4 134.8 13 14 15 0.6 0.2 -0.5 1.3 1.5 -70.4 1.2 -0.7 -40.4 0.3 0.4 -20.0 0.1 3.2 -20.0 1.3 1.5 -20.0 -1.8 0.1 -20.0 -1.5 4.7 -20.0 -0.5 3.0 -20.0 5.7 2.3 -20.0 -3.3 2.8 -20.0 16 17 18 86.3 3.0 -137.8 9.4 115.3 -5.0 -21.0 -28.2 111.9 -1.7 -29.1 -6.2 105.9 0.7 -49.9 -18.4 74.9 5.0 -17.1 16.1 97.7 -16.4 -84.1 -3.8 72.5 40.4 -27.2 -49.9 93.6 6.0 -9.6 55.8 64.0 2.9 -16.8 -87.5 71.0 7.0 -13.9 65.2 71.0 4.0 -28.2 31.0 19 20 21 22 166.8 -5.1 3.4 2.4 143.3 -13.3 6.0 -6.0 136.4 -14.9 12.2 7.7 189.1 0.5 42.4 9.6 109.7 0.5 31.0 15.1 185.4 0.5 14.1 18.6 89.9 0.5 107.0 -14.2 99.1 0.5 57.9 23.9 133.8 0.5 11.3 41.8 86.5 0.5 27.9 -47.8 119.4 0.5 26.9 42.2 23 24 25 26 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 1 2 Net purchases 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 259.6 -8.2 -7.4 279.5 7.3 -12.3 173.7 -1.8 4.3 252.1 -1.8 0.8 211.5 -1.8 5.1 296.4 -1.8 4.5 170.7 -1.8 4.0 95.0 -1.8 9.4 301.3 -1.8 7.9 188.1 -1.8 -0.8 261.3 -1.8 4.0 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 0.8 -0.2 -14.9 -0.4 1.2 27.0 1.2 -1.1 -1.5 2.5 -0.3 -30.5 7.8 1.5 -20.0 -0.3 -0.2 -30.5 5.4 0.0 -30.5 13.6 -0.9 -20.0 -2.1 6.4 -20.0 3.8 -1.9 -20.0 15.9 2.6 -20.0 6 7 8 -7.2 42.7 -23.4 0.7 15.0 1.6 11.0 1.2 2.0 -4.4 10.1 -3.0 9.6 -7.9 2.0 -0.5 2.0 -10.7 2.0 -6.9 2.0 0.3 9 10 9 10 Life insurance companies Private pension funds 46 Z.1, March 7, 2002 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 Total loans by commercial banking, flow of funds basis 234.7 253.4 200.1 370.4 63.1 262.6 177.6 280.5 -70.6 -27.1 69.5 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit -0.8 99.9 -14.2 21.7 -0.2 91.7 -3.6 20.5 0.3 158.2 -9.2 -18.1 0.1 164.1 41.7 50.4 0.0 130.0 15.6 0.8 -0.1 127.6 53.9 29.1 0.7 20.7 17.8 71.4 0.1 158.8 13.7 73.8 0.0 133.0 54.4 -88.1 0.0 42.8 -27.3 -29.0 0.0 185.4 21.7 46.6 2 3 4 5 6 = Banking sector total bank loans n.e.c. 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 6 108.1 19.2 -0.0 0.9 144.3 -1.9 1.7 0.9 92.2 -22.3 -1.6 0.5 98.2 15.8 -0.9 1.1 -64.5 -20.1 0.3 0.9 59.3 0.3 -9.0 1.6 29.2 40.1 -0.5 -1.7 11.1 18.2 4.3 0.5 -93.0 -78.8 -0.2 2.1 -5.1 -8.3 -0.1 -0.2 -171.1 -11.5 -2.8 1.1 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 12 13 Net change in liabilities 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 13 114.9 114.9 83.2 114.4 -95.0 58.9 71.5 7.1 -184.2 -6.4 -196.5 14 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business 8.0 51.1 43.8 3.5 6.2 81.8 18.9 1.2 -7.3 73.0 17.9 -0.9 8.2 74.3 17.9 2.7 -16.2 -57.6 -13.6 -0.2 4.1 36.3 7.3 -0.8 -2.9 41.5 12.5 8.2 -17.3 8.5 0.7 2.2 -28.1 -102.6 -20.2 -2.3 47.5 -39.6 -14.5 -4.2 -66.6 -96.8 -20.3 3.5 15 16 17 18 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 8.5 -0.8 -0.5 9.8 6.7 0.8 -0.7 6.7 0.5 0.2 -3.1 3.5 11.3 0.5 3.2 7.5 -7.5 0.8 -7.3 -0.9 11.9 1.8 2.2 7.9 12.2 -0.3 2.5 9.9 13.0 0.4 12.1 0.5 -31.0 -1.2 -28.3 -1.5 4.4 3.4 1.1 -0.1 -16.3 0.5 -14.2 -2.6 19 20 21 22 13.3 30.1 -14.2 -0.3 11.6 -6.7 -4.4 27.1 14.3 -7.3 12.2 23 3.5 4.5 -4.6 9.9 10.3 2.2 1.6 16.0 -15.7 8.9 0.2 -7.6 7.4 0.5 0.1 -8.3 1.5 13.5 0.7 -4.1 -1.9 6.1 -0.3 -10.6 2.7 -4.3 1.0 -3.7 4.6 32.3 0.7 -10.6 -3.8 16.8 0.6 0.7 6.7 -9.9 0.8 -4.9 -1.5 14.6 0.6 -1.6 24 25 26 27 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 47 Z.1, March 7, 2002 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 Total other loans and advances 93.2 166.3 158.5 142.7 51.7 -16.8 115.8 83.6 107.9 139.2 -123.8 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 9.6 11.4 -0.3 1.8 -0.5 -1.2 -1.6 0.0 14.4 10.6 -0.1 4.0 -0.3 1.2 -1.0 0.0 5.9 12.6 -0.3 -0.9 -0.3 -0.4 -4.8 0.0 8.2 11.2 -0.4 -1.1 0.1 -1.0 -0.6 0.0 8.5 11.5 -0.2 -3.2 0.0 0.2 0.2 0.0 5.8 11.1 -0.7 -1.2 0.2 -1.3 -2.2 0.0 9.1 10.9 -0.0 -1.6 0.2 0.4 -0.8 0.0 7.0 10.5 0.3 -2.6 0.2 0.4 -1.8 0.0 9.9 11.7 -1.2 -2.2 0.3 0.4 1.0 0.0 6.9 11.4 1.4 -4.1 -0.2 0.1 -1.6 0.0 10.1 12.3 -1.3 -4.0 -0.3 0.1 3.2 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 17.3 17.3 -1.0 -1.0 -22.7 -22.7 -2.2 -2.2 -1.6 -1.6 -40.6 -40.6 32.4 32.4 -33.0 -33.0 16.7 16.7 84.0 84.0 -74.3 -74.3 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world -2.8 -2.6 -0.2 -9.3 -4.3 -5.0 -3.1 -2.2 -0.9 -0.7 -0.0 -0.7 -2.9 -0.3 -2.6 -2.7 -3.2 0.5 -2.9 0.8 -3.7 0.0 9.9 -9.9 -4.0 -3.7 -0.3 -7.4 -8.3 0.9 -0.1 1.0 -1.1 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 3.1 1.6 1.6 5.3 2.7 2.7 6.5 3.2 3.2 8.7 4.3 4.3 3.6 1.8 1.8 10.1 5.0 5.0 5.7 2.8 2.8 8.2 4.1 4.1 9.6 4.8 4.8 -0.7 -0.3 -0.3 -2.6 -1.3 -1.3 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 3.2 0.0 3.2 0.1 -0.0 0.1 -5.1 -0.0 -5.0 2.8 -0.0 2.9 2.7 0.0 2.7 5.8 -0.0 5.8 3.2 -0.0 3.2 4.0 0.0 4.0 0.6 0.0 0.6 5.4 0.0 5.4 0.8 0.0 0.8 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 31.2 -4.4 0.0 0.0 19.1 16.2 0.1 0.2 92.3 -1.2 2.7 0.6 46.9 42.1 0.6 0.7 113.6 5.6 0.0 0.9 40.6 63.5 2.2 0.7 41.3 -4.2 1.5 1.5 26.8 16.3 0.0 -0.7 40.6 2.9 2.7 0.1 25.3 7.4 1.5 0.6 -39.0 -11.4 2.7 1.3 6.2 -38.6 1.1 -0.3 5.5 6.0 2.0 2.3 -11.4 6.3 1.0 -0.7 109.3 2.3 -0.2 -0.6 39.0 71.9 -0.6 -2.4 -0.6 4.8 6.2 -0.5 -17.4 5.4 0.8 0.1 62.9 1.9 2.0 1.0 39.3 13.7 1.5 3.5 -9.3 2.8 2.7 0.5 40.2 -61.3 4.4 1.4 21 22 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Households (1) Nonfinancial corporate business 32.2 7.8 24.4 27.6 3.8 23.8 9.2 1.5 7.7 21.2 6.5 14.7 12.2 0.6 11.6 -4.5 8.8 -13.2 39.9 -3.3 43.2 -0.7 2.5 -3.2 -23.3 2.0 -25.3 64.4 0.8 63.6 8.6 -2.9 11.4 29 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business -0.6 -0.5 -0.1 36.8 33.1 3.7 54.2 48.8 5.4 63.3 57.0 6.3 -11.4 -10.3 -1.1 48.2 43.4 4.8 23.0 20.7 2.3 -11.2 -10.1 -1.1 99.0 89.1 9.9 -76.5 -68.8 -7.6 -57.1 -51.4 -5.7 32 33 34 (1) Student loans. 48 Z.1, March 7, 2002 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in mortgages 337.4 519.2 602.2 575.6 723.2 574.2 552.4 552.2 814.4 766.4 759.8 1 2 3 4 5 Home Multifamily residential Commercial Farm 258.3 12.4 63.5 3.1 388.7 31.7 92.2 6.5 435.0 42.2 119.2 5.8 422.2 38.2 108.7 6.5 532.8 47.2 135.8 7.4 441.6 28.8 97.3 6.5 395.6 41.5 113.3 2.0 434.0 32.9 81.2 4.2 613.1 46.5 142.4 12.4 555.8 55.0 148.8 6.8 528.3 54.5 170.9 6.1 2 3 4 5 337.4 519.2 602.2 575.6 723.2 574.2 552.4 552.2 814.4 766.4 759.8 6 239.2 359.6 399.6 385.4 502.7 402.7 359.5 387.3 596.0 526.3 501.2 7 6 7 Net borrowing Household sector 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 83.3 32.6 47.7 3.1 134.8 20.6 107.7 6.5 197.4 61.9 129.7 5.8 184.0 60.8 116.7 6.5 218.4 81.3 129.8 7.4 165.5 48.5 110.4 6.5 191.1 72.8 116.2 2.0 172.4 47.7 120.5 4.2 202.2 57.6 132.2 12.4 242.0 102.1 133.1 6.8 257.1 117.6 133.4 6.1 8 9 10 11 12 13 Federal government REITs -0.0 14.9 0.0 24.8 0.0 5.1 0.0 6.2 0.0 2.1 0.0 6.0 0.0 1.8 0.0 -7.5 0.0 16.2 0.0 -1.9 0.0 1.5 12 13 14 Net change in assets 337.4 519.2 602.2 575.6 723.2 574.2 552.4 552.2 814.4 766.4 759.8 14 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.1 25.9 -1.6 0.9 -13.0 11.9 -0.3 -7.0 10.0 1.1 -5.0 7.9 0.6 -5.0 6.2 1.0 -5.0 2.3 -2.5 -5.0 6.2 -0.1 -5.0 6.0 3.3 -5.0 5.6 0.8 -5.0 6.9 -1.4 -5.0 6.4 15 16 17 18 19 State and local governments Federal government 3.7 -4.5 4.1 -0.8 4.3 -0.1 4.5 -0.9 4.7 -1.1 4.5 -1.3 4.6 1.6 4.6 -2.4 4.7 -0.6 4.8 -3.4 4.8 1.8 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 99.9 3.5 10.1 -0.6 91.7 12.1 10.9 -0.2 158.2 24.7 14.1 -0.6 164.1 55.2 16.4 -0.1 130.0 34.2 16.8 -0.1 127.6 62.4 17.2 -0.2 20.7 15.5 16.3 -0.1 158.8 75.2 -0.5 -0.1 133.0 40.3 14.4 -0.0 42.8 10.5 34.1 -0.1 185.4 11.0 19.2 -0.0 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -1.3 -0.2 0.7 0.9 6.8 -0.3 -0.3 6.5 15.7 -0.0 1.5 -2.6 5.2 -0.3 1.3 -0.0 4.9 0.1 1.2 3.4 8.5 -0.7 1.4 1.9 4.8 -0.2 1.2 0.1 -3.6 0.0 1.2 2.5 8.4 0.1 0.8 2.6 7.2 0.1 0.4 3.7 7.6 0.0 2.3 4.6 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Federally related mortgage pools ABS issuers -4.5 114.6 79.9 8.3 192.6 156.8 -4.3 273.8 93.1 22.7 199.4 83.7 30.4 336.6 149.4 17.3 236.7 81.4 28.0 309.1 127.8 11.6 170.3 110.7 36.3 396.9 149.9 26.1 504.0 118.3 47.3 275.2 218.6 28 29 30 31 32 33 Finance companies Mortgage companies REITs 11.0 -9.1 9.1 24.7 3.2 3.4 24.6 0.3 -3.3 26.4 0.2 -6.2 11.0 1.4 -1.5 23.1 -0.5 -3.5 26.2 2.0 -3.8 23.4 1.4 -1.9 26.8 1.1 -4.2 12.1 1.7 1.3 -18.2 1.2 -1.1 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 49 Z.1, March 7, 2002 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 258.3 388.7 435.0 422.2 532.8 441.6 395.6 434.0 613.1 555.8 528.3 1 240.4 0.2 17.8 350.2 1.4 37.2 389.2 2.2 43.6 382.3 2.0 38.0 490.7 2.1 40.0 397.6 2.6 41.4 360.0 1.1 34.4 387.5 3.5 42.9 571.1 2.6 39.4 513.4 1.5 40.9 490.8 0.7 36.8 2 3 4 258.3 388.7 435.0 422.2 532.8 441.6 395.6 434.0 613.1 555.8 528.3 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business -1.1 5.3 -0.6 -1.1 -2.7 4.5 -1.1 -1.4 3.8 -1.0 -1.0 3.0 -1.0 -1.0 2.3 -1.0 -1.0 0.9 -1.0 -1.0 2.3 -1.0 -1.0 2.2 -1.0 -1.0 2.1 -1.0 -1.0 2.6 -1.0 -1.0 2.4 6 7 8 9 10 State and local governments Federal government 3.0 -2.0 3.3 -0.3 3.5 -0.4 3.7 -0.7 3.8 -0.6 3.7 -2.0 3.7 -0.4 3.8 -0.4 3.8 -0.6 3.9 -1.0 3.9 -0.3 9 10 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 67.9 7.0 10.1 -0.6 51.1 12.7 10.9 -0.2 82.1 15.1 14.1 -0.6 86.4 46.1 16.4 -0.1 57.8 25.7 16.8 -0.1 68.1 50.2 17.2 -0.2 -34.2 11.0 16.3 -0.1 93.8 57.5 -0.5 -0.1 70.6 31.2 14.4 -0.0 -49.8 1.2 34.1 -0.1 116.5 12.9 19.2 -0.0 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 0.2 0.8 0.6 -0.6 0.1 2.8 -0.7 1.2 -0.9 -1.0 1.2 -0.0 0.3 1.3 1.2 -1.3 1.2 0.7 -0.0 1.1 0.0 -0.1 1.2 0.9 0.5 1.0 0.9 0.3 0.9 1.3 0.4 1.9 1.6 15 16 17 18 19 20 Government-sponsored enterprises Federally related mortgage pools ABS issuers -4.2 109.3 54.5 5.3 182.1 94.5 -10.3 264.6 49.9 15.8 190.9 44.8 19.1 321.0 74.7 11.3 228.9 51.0 18.5 297.0 60.8 4.7 157.2 93.9 22.7 377.7 63.6 15.3 491.1 44.0 33.6 258.0 97.2 18 19 20 21 22 23 Finance companies Mortgage companies REITs 12.6 -10.2 6.0 22.5 3.1 0.8 18.2 0.3 -2.4 22.4 0.2 -4.6 11.5 1.3 -1.2 15.8 -0.6 -1.1 20.3 1.9 -0.8 21.0 1.4 -0.4 27.0 1.0 -0.8 10.7 1.6 1.7 -12.7 1.1 -5.3 21 22 23 78.0 20.1 3.2 3.5 38.6 12.6 60.6 2.9 0.5 0.7 34.0 22.5 56.1 12.6 3.8 3.7 17.7 18.2 97.7 45.3 13.1 7.3 9.6 22.4 71.1 23.6 5.0 4.2 26.8 11.5 95.6 42.9 13.7 9.3 6.4 23.4 96.6 45.1 18.0 2.9 9.2 21.5 62.2 3.2 1.7 2.7 41.6 12.9 95.5 39.5 14.2 3.2 13.6 25.1 79.5 25.8 4.8 12.4 17.6 18.9 47.2 25.9 -0.7 -1.5 34.4 -10.9 24 25 26 27 28 29 6 7 8 24 25 26 27 28 29 Net change in assets 1998 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing 12.4 31.7 42.2 38.2 47.2 28.8 41.5 32.9 46.5 55.0 54.5 1 1.1 6.4 1.1 22.4 1.3 39.3 1.4 34.7 1.5 45.0 1.4 25.3 1.4 39.4 1.5 33.9 1.5 39.7 1.5 54.1 1.5 52.5 2 3 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs -0.0 4.9 0.0 8.2 0.0 1.7 0.0 2.1 0.0 0.7 0.0 2.0 0.0 0.6 0.0 -2.5 0.0 5.4 0.0 -0.6 0.0 0.5 4 5 6 Net change in assets 12.4 31.7 42.2 38.2 47.2 28.8 41.5 32.9 46.5 55.0 54.5 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.1 0.6 -0.5 -0.0 -0.3 4.0 -0.0 -0.2 3.3 -0.0 -0.1 2.6 -0.0 -0.1 2.1 -0.0 -0.1 0.8 -0.0 -0.1 2.1 -0.0 -0.1 2.0 -0.0 -0.1 1.9 -0.0 -0.1 2.3 0.0 -0.1 2.1 7 8 9 10 11 State and local governments Federal government 0.6 -0.9 0.9 -0.3 0.9 -0.0 1.0 0.3 1.0 -0.2 1.0 0.2 1.0 0.5 1.0 -2.4 1.0 0.2 1.0 1.0 1.0 0.5 10 11 12 13 Commercial banking Savings institutions 4.2 -2.0 3.2 -2.5 13.1 2.3 11.7 1.9 7.1 3.2 4.9 3.7 3.2 4.1 8.3 6.4 2.4 2.0 14.0 4.0 3.7 0.4 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds -0.3 -0.0 0.2 1.1 -0.1 1.8 1.1 0.1 -0.7 0.9 0.0 -0.0 0.3 -0.0 0.9 1.3 0.0 0.5 0.8 0.0 0.0 -0.5 0.0 0.7 1.1 -0.1 0.7 0.0 -0.1 1.0 0.4 0.1 1.3 14 15 16 17 18 19 Government-sponsored enterprises Federally related mortgage pools ABS issuers -1.2 5.3 5.0 0.8 10.5 12.9 4.8 9.2 8.5 4.9 8.5 6.5 6.9 15.6 11.4 3.3 7.8 4.9 6.6 12.0 12.6 4.1 13.1 1.0 7.5 19.2 10.5 6.9 13.0 11.4 9.0 17.2 22.5 17 18 19 20 21 22 Finance companies Mortgage companies REITs -0.3 1.0 0.9 -0.3 0.1 0.1 0.2 0.0 -0.6 0.1 0.0 -0.2 -0.2 0.1 -0.8 0.6 0.0 -0.3 -0.6 0.0 -0.7 0.0 0.1 -0.7 -0.1 0.1 0.2 0.2 0.1 0.2 -1.0 0.1 -2.8 20 21 22 7 8 9 50 Z.1, March 7, 2002 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 63.5 92.2 119.2 108.7 135.8 97.3 113.3 81.2 142.4 148.8 170.9 1 -1.2 31.3 23.4 10.0 9.4 18.1 48.1 16.6 10.5 58.5 46.8 3.4 3.1 57.4 44.1 4.2 12.0 77.7 44.8 1.4 5.1 44.5 43.7 4.1 -0.5 70.2 42.4 1.2 -0.2 42.8 43.7 -5.0 24.9 53.5 53.2 10.9 12.9 99.1 38.1 -1.3 10.4 115.3 44.1 1.0 2 3 4 5 63.5 92.2 119.2 108.7 135.8 97.3 113.3 81.2 142.4 148.8 170.9 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.7 20.0 -0.4 0.9 -10.0 3.1 0.7 -5.4 2.6 0.7 -3.8 2.1 0.6 -3.8 1.6 0.6 -3.8 0.6 0.6 -3.8 1.6 0.6 -3.8 1.6 0.6 -3.8 1.5 0.6 -3.8 1.8 0.6 -3.8 1.7 7 8 9 10 11 State and local governments Federal government 0.2 -0.7 -0.1 0.1 -0.1 0.6 -0.1 -0.4 -0.1 -0.1 -0.1 0.5 -0.1 1.5 -0.1 0.7 -0.1 -0.0 -0.1 -3.2 -0.1 1.9 10 11 12 13 Commercial banking Savings institutions 25.7 -1.5 35.3 1.9 60.1 7.2 63.8 7.1 63.6 5.3 53.6 8.5 50.2 0.4 55.4 11.1 58.0 7.1 77.2 5.3 63.6 -2.2 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -1.5 -0.2 -0.1 -0.0 5.2 -0.3 -0.3 1.9 13.8 -0.0 0.3 -1.0 4.7 -0.3 0.1 -0.0 3.9 0.1 -0.1 1.2 7.2 -0.7 0.1 0.7 4.4 -0.2 0.0 0.0 -2.7 0.0 -0.0 0.9 6.2 0.1 -0.2 1.0 6.4 0.1 -0.4 1.4 5.8 0.0 0.3 1.7 14 15 16 17 18 19 20 21 22 Federally related mortgage pools ABS issuers Finance companies Mortgage companies REITs -0.0 20.4 -1.3 0.0 2.2 0.0 49.4 2.5 0.0 2.5 0.0 34.7 6.1 0.0 -0.4 0.0 32.4 3.9 0.0 -1.4 0.0 63.3 -0.3 0.0 0.5 0.0 25.6 6.7 0.0 -2.0 0.0 54.4 6.5 0.0 -2.4 0.0 15.9 2.4 0.0 -0.8 0.0 75.7 -0.1 0.0 -3.6 0.0 62.8 1.3 0.0 -0.6 0.0 98.8 -4.6 0.0 7.0 18 19 20 21 22 7 8 9 Net change in assets 1998 F.221 Farm Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 1 2 Net change in assets 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 2 3 4 Household sector Nonfarm noncorporate business 0.6 -0.1 1.1 0.4 0.2 0.3 1.5 0.3 1.0 0.2 1.3 0.1 -2.1 0.2 0.3 0.2 3.7 0.2 1.1 0.2 -1.1 0.2 3 4 5 6 State and local governments Federal government -0.0 -0.9 -0.0 -0.3 -0.0 -0.2 0.0 -0.1 0.0 -0.2 0.0 -0.0 0.0 -0.1 0.0 -0.2 0.0 -0.1 0.0 -0.2 0.0 -0.3 5 6 7 8 Commercial banking Savings institutions 2.1 0.0 2.0 0.1 2.8 0.1 2.2 0.1 1.5 0.0 1.0 0.0 1.5 0.0 1.3 0.1 2.0 0.1 1.3 -0.0 1.6 -0.2 7 8 9 10 Life insurance companies State and local govt. retirement funds 0.4 0.0 1.1 0.0 1.5 0.0 0.6 0.0 0.4 0.0 1.3 0.0 -0.4 0.0 -0.2 0.0 0.5 0.0 0.5 0.0 1.0 0.0 9 10 11 12 Government-sponsored enterprises Federally related mortgage pools 1.0 -0.0 2.2 -0.0 1.1 -0.0 2.0 0.0 4.4 0.0 2.7 0.0 2.9 0.0 2.8 0.0 6.1 0.0 3.9 0.0 4.8 0.0 11 12 51 Z.1, March 7, 2002 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in liabilities (Households) 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 1 2 Net change in assets 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 2 1.2 0.0 -4.1 0.0 5.4 0.0 2.4 0.0 -14.8 0.0 2.2 0.0 -12.3 0.0 18.9 0.0 -23.4 0.0 -26.4 0.0 -28.2 0.0 3 4 -14.2 2.5 8.2 -3.6 4.4 3.0 -9.2 9.9 12.5 41.7 3.0 16.5 15.6 3.5 1.8 53.9 6.3 16.2 17.8 8.1 12.0 13.7 3.8 5.0 54.4 -0.7 8.0 -27.3 12.8 -7.5 21.7 -2.0 1.6 5 6 7 47.2 12.6 59.4 15.8 62.6 18.2 57.1 18.2 72.2 16.9 43.8 31.5 118.1 -13.0 115.7 -13.0 36.2 0.9 50.4 22.4 86.5 57.4 8 9 3 4 Nonfinancial corporate business Nonfarm noncorporate business 5 6 7 Commercial banking Savings institutions Credit unions 8 9 ABS issuers Finance companies F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 139.7 109.2 222.3 166.8 -26.3 138.8 121.8 25.1 -96.2 -13.4 -20.6 1 8.9 8.7 6.0 5.9 6.1 5.6 3.9 6.9 4.7 6.7 6.0 2 Nonfinancial corporate business Nonfarm noncorporate business Farm business 65.1 31.0 1.4 57.6 23.1 0.8 144.4 25.5 0.4 102.4 22.4 0.9 -59.2 10.2 0.2 119.2 14.3 -0.9 63.3 16.1 1.7 -3.1 12.8 2.4 -134.5 11.2 -0.1 -39.0 9.6 -2.6 -60.0 7.3 0.9 3 4 5 6 7 State and local governments Federal government 31.4 -8.8 30.5 -8.0 29.1 0.7 27.4 1.2 25.2 -11.7 25.4 1.8 25.5 2.1 24.8 -10.3 25.0 -10.9 25.6 0.7 25.4 -26.3 6 7 8 9 Rest of the world Brokers and dealers 5.1 5.7 -2.4 -1.0 4.3 11.9 1.6 5.1 -0.3 3.2 -12.7 -14.0 9.2 0.0 -5.8 -2.7 16.1 -7.7 -25.7 11.3 14.3 11.8 8 9 2 Household sector 3 4 5 10 Net change in trade receivables 168.9 160.5 179.3 196.3 -32.9 149.3 100.3 -2.8 -83.5 9.8 -55.0 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 93.5 35.1 86.3 40.7 113.4 45.8 105.8 40.8 -98.8 14.6 74.9 17.0 24.5 27.1 -79.0 20.0 -183.0 17.0 -59.4 13.2 -73.9 8.2 11 12 13 14 Federal government Rest of the world -3.2 4.5 1.5 -7.5 4.6 -7.5 5.3 10.4 7.7 9.4 4.3 9.1 3.7 30.2 9.9 6.4 10.0 39.3 16.0 0.5 -5.2 -8.7 13 14 15 16 Other insurance companies ABS issuers 2.7 36.3 1.6 37.9 2.0 21.1 1.0 33.0 8.4 25.9 6.1 38.0 -16.5 31.3 12.1 27.8 9.0 24.2 11.5 28.0 1.1 23.5 15 16 -29.2 -51.3 42.9 -29.5 6.6 -10.6 21.5 27.9 -12.7 -23.1 34.4 17 17 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 111.0 103.3 104.3 146.1 -8.6 97.5 74.4 -140.9 -28.5 547.2 -412.2 1 2 3 Household sector Rest of the world 36.8 0.0 21.6 0.0 75.2 0.0 7.2 0.0 -40.4 0.0 14.6 0.0 -155.0 0.0 -166.5 0.0 9.7 0.0 248.5 0.0 -253.5 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 74.2 52.6 4.2 17.5 81.7 61.2 11.9 8.6 29.1 47.2 -8.7 -9.4 138.9 88.6 7.1 43.2 31.9 31.0 7.2 -6.4 83.0 53.9 -11.6 40.7 229.4 158.0 28.5 42.9 25.6 -48.2 30.0 43.8 -38.2 49.9 6.2 -94.3 298.7 327.8 35.3 -64.3 -158.7 -205.4 -42.6 89.2 4 5 6 7 8 Net change in assets 111.0 103.3 104.3 146.1 -8.6 97.5 74.4 -140.9 -28.5 547.2 -412.2 8 9 10 Household sector Rest of the world 52.6 0.0 61.2 0.0 47.2 0.0 88.6 0.0 31.0 0.0 53.9 0.0 158.0 0.0 -48.2 0.0 49.9 0.0 327.8 0.0 -205.4 0.0 9 10 11 12 Commercial banking Brokers and dealers 21.7 36.8 20.5 21.6 -18.1 75.2 50.4 7.2 0.8 -40.4 29.1 14.6 71.4 -155.0 73.8 -166.5 -88.1 9.7 -29.0 248.5 46.6 -253.5 11 12 52 Z.1, March 7, 2002 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 59.3 48.0 50.8 50.2 63.8 53.0 47.3 52.7 53.2 80.2 69.2 1 1.7 57.6 1.3 46.7 1.4 49.4 1.4 48.7 1.4 62.4 0.2 52.7 1.8 45.5 0.6 52.0 2.4 50.8 0.0 80.1 2.5 66.7 2 3 59.3 48.0 50.8 50.2 63.8 53.0 47.3 52.7 53.2 80.2 69.2 4 201.4 227.6 196.1 217.2 204.5 220.7 151.8 257.2 165.6 205.4 189.9 5 40.3 95.0 41.2 121.9 41.1 91.8 20.9 142.6 60.8 114.4 36.1 160.1 -29.9 140.8 117.5 109.1 44.5 90.4 31.7 152.5 49.6 105.7 6 7 Pension fund reserves: 5 Net change in liabilities 6 7 Federal government (1) Life insurance companies 8 9 Private pension funds (2) State and local govt. retirement funds -10.4 76.5 3.0 61.5 3.4 59.7 -0.7 54.4 5.2 24.1 -19.7 44.2 -3.9 44.9 9.7 20.9 0.4 30.4 -3.3 24.5 13.8 20.7 8 9 10 Net change in assets (Households) (3) 201.4 227.6 196.1 217.2 204.5 220.7 151.8 257.2 165.6 205.4 189.9 10 (1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 22.3 21.3 22.3 21.7 13.2 4.1 25.4 6.9 17.1 95.4 -66.6 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 9.3 7.3 4.8 10.7 7.0 8.3 7.0 7.5 0.1 5.8 -9.5 4.8 10.0 5.4 -3.6 7.0 3.2 6.2 80.9 5.5 -80.1 4.4 2 3 4 5 U.S.-chartered commercial banks Savings institutions 1.4 0.4 1.7 0.2 1.9 0.0 2.1 0.4 2.4 -0.7 2.2 1.5 2.2 1.3 2.3 -0.7 2.4 -0.9 2.4 0.1 2.5 -1.2 4 5 6 7 Life insurance companies Other insurance companies 1.2 1.8 1.2 2.0 1.3 2.0 1.6 2.3 2.0 2.7 1.6 2.3 1.8 2.5 1.8 2.6 1.9 2.7 2.0 2.8 2.1 2.9 6 7 8 9 Finance companies Brokers and dealers 0.8 0.1 0.8 -0.1 0.8 0.9 1.0 -0.1 1.2 -0.3 1.0 0.2 1.0 1.3 1.1 -3.6 1.1 0.5 1.2 0.5 1.2 1.6 8 9 -5.7 1.6 15.8 7.6 14.7 5.9 -18.6 1.9 29.1 103.4 -75.6 10 3.3 -9.0 9.1 -7.5 8.8 7.0 11.9 -4.3 4.3 10.4 9.9 -4.0 7.7 -26.4 7.6 -5.7 6.0 23.1 2.6 100.7 0.8 -76.4 11 12 28.0 19.7 6.5 14.1 -1.5 -1.8 44.1 4.9 -12.0 -8.0 9.0 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Investment in Bank Personal Trusts and Estates Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Liab.: Bank personal trusts and estates -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 1 2 Asset: Household sector -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 2 F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers -40.2 -52.3 -15.5 12.8 10.9 32.2 11.6 5.2 29.5 -9.7 18.7 1 -55.1 0.0 14.9 -59.3 0.4 6.6 -21.1 -7.5 13.1 -4.4 -11.3 28.5 4.3 -5.5 12.1 -9.9 -5.2 47.3 5.7 -14.2 20.2 11.7 -5.6 -0.8 4.7 -7.8 32.6 6.1 1.3 -17.2 -5.2 -10.1 34.0 2 3 4 53 Z.1, March 7, 2002 F.229 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 Net change in liabilities 2001 Q4 Q1 Q2 Q3 Q4 493.6 949.1 719.3 1016.6 758.4 1478.3 713.5 485.4 890.3 940.8 717.1 1 0.3 31.6 56.5 -1.4 415.0 74.3 2.1 284.1 50.1 0.1 327.3 46.1 0.1 133.3 27.5 -0.6 471.8 41.1 3.2 340.4 51.1 -3.3 108.6 34.7 -1.0 85.4 25.6 3.2 221.3 27.0 1.5 117.9 22.6 2 3 4 Federal government Rest of the world 0.3 134.9 -7.1 173.5 -2.9 210.0 2.0 209.2 -7.8 265.8 7.9 394.6 2.3 122.4 0.6 184.4 4.1 152.6 -21.4 313.6 -14.7 412.5 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 2.1 171.2 -2.1 0.1 1.3 120.9 -1.6 0.5 -1.3 -74.7 -14.4 0.9 1.1 190.6 17.1 -0.4 -2.8 24.3 20.5 -1.8 12.3 326.6 36.8 4.3 5.3 116.6 84.8 -7.8 -21.6 -101.3 -9.5 -7.4 -4.7 129.4 14.7 10.8 15.3 362.8 28.3 -3.5 -0.2 -293.7 48.4 -7.2 7 8 9 10 11 12 Life insurance companies Other insurance companies 36.0 10.7 7.3 5.6 15.7 12.4 3.6 5.9 46.8 27.4 1.4 17.9 -11.2 -21.8 35.8 14.4 76.9 23.1 41.1 62.4 33.3 9.8 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 7.8 -20.0 -4.6 20.3 17.8 1.6 -6.0 66.9 0.2 7.4 82.8 0.1 37.3 22.9 0.7 -7.6 145.4 -0.3 35.0 22.5 1.0 82.1 50.9 0.7 2.5 -8.7 0.6 55.4 46.8 0.9 9.0 2.8 0.6 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 8.8 21.6 38.2 13.6 44.7 62.8 4.4 7.2 164.8 1.8 -5.3 127.2 1.3 125.2 37.8 4.5 -0.5 22.7 -2.6 -219.1 191.2 18.9 79.3 18.2 -18.9 384.4 13.5 0.3 -110.0 -102.9 5.0 147.1 222.5 16 17 18 733.3 1103.7 1139.3 1301.4 957.4 1467.7 1026.4 666.7 1417.2 815.8 930.0 19 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 5 6 19 Net change in assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 10.3 151.7 56.4 0.4 9.7 437.7 76.3 0.5 12.4 481.4 62.7 0.2 4.7 417.3 51.6 -0.1 19.7 317.4 49.7 2.0 8.4 370.5 56.3 0.8 -11.5 310.9 41.6 -2.7 3.2 288.5 45.1 0.6 25.8 295.3 57.9 2.8 41.4 438.8 49.3 2.3 8.5 246.8 46.5 2.4 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world -1.2 -5.4 208.0 -9.7 -3.5 203.8 7.7 -0.9 411.2 12.3 -1.4 427.8 4.7 1.3 176.5 30.8 0.5 437.8 10.7 0.4 355.6 0.6 -0.5 387.6 46.0 1.0 212.1 -7.6 2.0 47.6 -20.3 2.5 58.9 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 1.3 103.5 -3.2 3.8 -1.4 4.9 124.1 13.8 6.8 8.4 -1.3 28.8 -2.5 -16.3 -2.5 1.1 86.3 7.4 15.4 -1.5 -0.4 191.0 19.4 9.8 -1.0 4.5 220.0 10.3 17.5 -0.2 3.6 65.6 8.0 40.1 -0.9 -4.9 -29.1 71.3 14.0 -1.1 2.8 257.1 -0.0 29.4 -0.7 2.9 225.2 40.4 -17.8 -1.2 -2.3 310.9 -33.9 13.6 -0.8 27 28 29 30 31 32 33 34 35 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -6.7 6.1 13.5 0.7 3.5 6.9 14.5 3.3 -34.6 4.2 -5.0 16.3 20.7 7.5 -3.1 13.3 -18.9 2.9 0.5 17.1 43.8 9.2 -5.4 10.6 6.2 5.3 -12.0 34.3 -32.2 7.6 -8.7 51.4 -34.6 1.6 -12.0 2.3 -14.1 0.4 24.1 37.0 5.5 1.9 -1.5 -22.2 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 14.3 7.1 7.1 9.6 -4.2 0.7 22.6 -3.5 5.0 12.2 -0.7 19.2 26.1 -2.4 15.1 -61.4 3.0 39.6 -95.2 0.4 49.6 36.6 -8.6 -56.3 175.1 -1.2 8.5 -90.1 0.1 63.9 -17.3 -0.0 44.4 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 22.0 4.9 82.8 57.3 9.3 10.7 115.9 60.7 50.9 -0.1 28.3 74.4 24.3 0.0 133.0 54.0 -4.4 3.9 127.3 -0.0 121.2 5.1 127.1 17.6 -5.3 -3.6 137.6 87.8 -13.1 2.8 -158.4 70.2 -84.4 4.7 483.4 -55.7 97.6 -0.5 -10.0 -115.9 -17.7 8.6 194.3 101.3 39 40 41 42 -239.6 -154.6 -420.0 -284.8 -199.0 10.6 -312.9 -181.3 -526.8 125.0 -212.9 43 43 Discrepancy 54 Z.1, March 7, 2002 F.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 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 Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 104.8 40.8 58.0 6.0 142.5 72.4 44.0 26.0 155.4 58.8 73.3 23.3 152.4 49.9 99.7 2.8 166.7 58.0 87.2 21.5 166.5 31.5 99.7 35.3 156.3 48.7 104.3 3.3 163.8 34.2 96.1 33.5 164.3 54.7 84.7 24.8 208.2 95.2 81.5 31.5 130.6 48.0 86.3 -3.7 1 2 3 4 84.3 3.0 1.8 6.1 9.0 0.7 129.1 2.0 0.7 6.9 0.5 3.4 136.2 3.3 2.6 4.2 5.5 3.7 122.0 7.3 1.9 7.5 10.8 3.0 146.8 6.6 2.7 2.9 6.0 1.8 117.9 17.5 3.3 9.2 15.7 2.8 146.2 3.7 -1.4 5.3 -1.1 3.6 138.5 2.2 3.6 7.6 8.2 3.8 143.7 5.5 2.2 1.6 8.2 3.0 195.3 8.6 2.0 0.4 1.6 0.4 109.6 10.1 2.8 1.9 6.0 0.2 5 6 7 8 9 10 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 100.2 0.5 7.7 7.0 5.9 6.6 0.3 -22.6 143.6 0.2 5.5 2.7 1.3 2.6 1.7 20.7 261.8 0.2 19.1 12.3 9.9 11.4 3.3 -17.0 178.6 0.1 9.6 19.1 6.7 17.6 1.7 54.3 88.2 -0.1 10.3 9.3 -0.1 14.7 3.9 53.1 239.0 0.1 3.3 21.9 10.5 5.2 2.3 21.8 108.4 0.1 12.7 42.2 7.0 69.7 0.5 98.2 119.8 -0.3 1.2 14.9 6.0 23.6 4.5 40.1 107.4 0.1 15.6 12.9 -3.8 18.6 2.1 107.9 53.6 -0.2 8.7 0.2 -4.6 8.8 4.7 34.3 72.2 0.0 16.0 9.0 2.0 8.0 4.1 30.0 11 12 13 14 15 16 17 18 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts 105.6 59.5 15.0 31.1 178.2 147.1 2.0 29.1 301.0 225.6 20.0 55.4 287.7 216.7 23.7 47.3 179.4 114.3 4.4 60.7 304.2 149.0 17.0 138.2 338.8 325.7 8.8 4.3 209.9 87.4 9.5 113.0 260.8 194.9 12.0 53.9 105.6 87.4 -17.7 35.9 141.3 87.5 13.8 40.0 19 20 21 22 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.8 1.8 1.3 1.3 1.6 1.6 2.1 2.1 2.0 2.0 1.4 1.4 1.6 1.6 23 24 0.8 0.8 0.5 0.5 0.5 0.5 0.6 0.6 0.4 0.4 0.3 0.3 0.3 0.3 0.1 0.1 0.5 0.5 0.5 0.5 0.4 0.4 25 26 0.7 3.3 5.5 2.2 3.3 1.8 3.8 1.9 3.2 2.6 5.7 27 -1.1 0.0 0.0 0.0 1.3 0.4 0.0 0.0 -0.7 -0.1 0.1 0.0 2.0 1.8 0.1 0.0 -0.6 0.0 -0.0 0.0 3.0 2.7 0.2 0.1 0.0 -0.0 -0.0 0.0 0.8 1.3 0.1 0.0 -0.2 0.3 0.5 0.0 1.5 1.2 0.2 -0.1 0.3 -0.1 0.2 0.0 0.0 0.9 0.1 0.4 1.2 0.1 -0.1 0.0 1.5 0.9 0.1 0.0 -1.3 -0.1 -0.1 0.0 1.3 1.8 0.2 -0.1 1.7 -0.3 0.3 0.0 0.5 1.2 0.1 -0.4 -0.4 -0.1 0.2 0.0 0.7 1.7 0.3 0.1 -0.9 1.5 1.7 0.0 3.3 -0.1 0.2 0.1 28 29 30 31 32 33 34 35 Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises 28 29 30 31 32 33 34 35 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 37 38 39 40 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 40.7 0.3 -3.7 -4.6 32.9 55.3 0.4 -6.4 1.6 48.5 2.9 0.5 26.8 0.2 -10.2 53.6 0.7 7.4 0.1 30.3 59.9 0.8 -1.6 0.7 33.8 54.9 0.7 9.8 -0.3 39.8 42.7 0.7 5.1 1.0 26.7 65.5 0.7 -10.8 0.7 159.8 41.5 0.8 -7.6 0.6 44.8 102.4 0.8 -3.4 0.9 19.2 30.1 0.8 15.3 0.6 -88.6 36 37 38 39 40 41 Asset: Bank holding companies 65.7 99.4 20.2 92.0 93.5 104.9 76.2 216.0 80.0 119.9 -41.9 41 -3.7 -3.7 -6.4 -6.4 26.8 26.8 7.4 7.4 -1.6 -1.6 9.8 9.8 5.1 5.1 -10.8 -10.8 -7.6 -7.6 -3.4 -3.4 15.3 15.3 42 43 NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers 14.3 43.0 11.8 48.9 2.5 71.9 45.6 8.3 -30.8 30.8 21.5 -3.9 75.0 12.9 14.6 55.7 -20.2 -35.5 -94.9 -21.0 -22.6 124.0 44 45 46 Asset: Funding corporations 57.3 60.7 74.4 54.0 -0.0 17.6 87.8 70.2 -55.7 -115.9 101.3 46 (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982. 55 Z.1, March 7, 2002 F.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 2001 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government -0.0 -0.0 -0.1 -0.1 0.6 0.6 0.0 0.0 -0.2 -0.2 0.4 0.4 0.6 0.6 -0.4 -0.4 0.1 0.1 0.1 0.1 -0.7 -0.7 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 0.0 0.0 6.8 6.8 -7.8 -7.8 -0.0 -0.0 8.6 8.6 2.8 2.8 13.8 13.8 51.5 51.5 -15.2 -15.2 12.9 12.9 -14.6 -14.6 5 6 0.3 0.3 -1.4 -1.4 2.1 2.1 0.1 0.1 0.1 0.1 -0.6 -0.6 3.2 3.2 -3.3 -3.3 -1.0 -1.0 3.2 3.2 1.5 1.5 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 Liab.: Life insurance companies Health Policy dividend accumulation 8.3 6.3 2.0 7.9 7.3 0.7 11.4 10.2 1.2 5.0 3.9 1.1 7.2 4.6 2.6 5.3 2.2 3.0 0.6 1.2 -0.6 -0.3 -2.4 2.1 14.5 10.9 3.6 9.3 7.7 1.6 5.2 2.0 3.2 9 10 11 12 Asset: Household sector 8.3 7.9 11.4 5.0 7.2 5.3 0.6 -0.3 14.5 9.3 5.2 12 Policy payables: 13 Liab.: Other insurance companies 4.8 4.3 2.5 -0.8 27.5 7.4 -28.8 8.3 26.9 67.0 7.8 13 14 15 16 17 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 2.0 1.9 0.5 0.4 1.8 1.7 0.4 0.4 1.1 1.0 0.2 0.2 -0.3 -0.3 -0.1 -0.1 12.5 10.9 2.6 1.5 3.1 2.9 0.7 0.7 -12.1 -11.4 -2.7 -2.6 3.5 3.3 0.8 0.8 11.3 10.6 2.6 2.4 32.1 26.5 6.4 2.1 3.3 3.1 0.7 0.7 14 15 16 17 -1.0 -1.0 -14.1 -14.1 -7.7 -7.7 -11.8 -11.8 -0.9 -0.9 -13.3 -13.3 -17.3 -17.3 -11.7 -11.7 2.1 2.1 -0.1 -0.1 6.1 6.1 18 19 7.1 7.1 21.4 21.4 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 20 21 57.2 57.2 70.0 70.0 16.3 16.3 88.7 88.7 63.2 63.2 12.4 12.4 150.4 150.4 -102.1 -102.1 233.6 233.6 74.8 74.8 46.5 46.5 22 23 Unallocated insurance company contracts: 18 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 20 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 22 23 Liab.: Funding corporations Asset: Brokers and dealers 56 Z.1, March 7, 2002 F.232 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1998 1999 2000 2001 2000 Q3 1 Net change in liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 Federal government Rest of the world Monetary authority 2001 Q4 Q1 Q2 Q3 Q4 84.3 374.5 115.4 336.5 208.2 856.2 -80.4 -111.0 180.7 453.3 309.7 1 -75.7 56.0 250.0 74.2 21.0 49.9 147.5 46.0 43.8 27.6 231.5 41.0 230.8 51.0 -12.4 35.0 -23.3 25.5 166.5 27.2 44.4 22.6 2 3 0.3 28.6 1.3 -7.1 29.5 0.8 -2.9 52.5 -1.8 2.0 55.2 0.6 -7.8 97.5 -3.2 7.9 226.4 12.0 2.3 -36.1 5.0 0.6 19.0 -21.8 4.1 -13.8 -5.2 -21.4 103.8 14.8 -14.7 281.0 -0.7 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 108.4 30.5 34.2 39.0 4.7 48.4 -2.4 -11.5 56.0 6.3 -99.2 -20.0 -70.5 -10.8 2.2 81.8 71.4 -33.5 43.1 0.7 -15.1 -118.5 50.7 49.4 3.3 246.8 89.3 39.2 111.8 6.5 -13.8 46.8 -110.4 58.7 -8.8 -182.6 -179.5 -91.0 88.9 -1.0 92.6 -117.2 118.8 83.4 7.6 346.7 218.6 66.7 69.1 -7.7 -317.1 -395.9 108.5 -43.9 14.2 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises -2.4 0.1 21.8 7.1 -2.1 0.5 10.8 10.1 -15.0 0.9 -0.3 -3.7 16.5 -0.4 -8.7 5.2 19.7 -1.8 31.2 25.3 36.1 4.3 -12.5 -12.3 84.1 -7.8 -36.7 17.4 -10.3 -7.4 32.8 28.8 14.0 10.8 47.4 14.5 27.5 -3.5 31.7 39.9 47.6 -7.2 12.9 18.0 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations -19.1 8.8 -54.6 3.6 28.0 13.6 -54.3 -27.9 1.9 4.4 -57.9 165.6 50.5 1.8 -45.6 -15.8 11.4 1.3 56.8 -78.5 120.6 4.5 -38.7 -11.5 -57.4 -2.6 -259.1 -57.4 48.8 18.9 -140.8 80.2 -12.1 -18.9 373.0 -328.0 44.7 0.3 -112.9 -212.1 -35.8 5.0 107.7 146.0 16 17 18 19 323.9 529.1 535.4 621.3 407.2 845.6 232.6 70.2 707.5 328.4 522.6 20 70.4 55.9 -1.2 314.1 75.9 -9.7 317.9 62.4 7.7 288.3 51.7 12.3 161.5 46.8 4.7 239.5 55.7 30.8 169.7 44.2 10.7 158.8 44.4 0.6 146.8 55.7 46.0 220.8 43.1 -7.6 119.8 44.3 -20.3 21 22 23 -7.0 102.4 1.3 -5.0 25.6 4.9 -3.0 110.2 -1.3 -2.9 140.1 1.1 -0.3 -2.8 -0.4 -1.3 133.6 4.5 -1.9 16.7 3.6 -2.2 177.7 -4.9 -1.1 -48.7 2.8 0.5 -58.0 2.9 1.6 -82.4 -2.3 24 25 26 20 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 32.7 0.5 37.0 -6.7 1.8 20.1 4.5 0.4 12.1 3.1 1.9 4.5 -30.4 28.9 -1.0 -14.3 -4.0 -29.1 20.9 -2.1 89.1 14.9 69.7 3.7 0.8 97.4 25.1 24.0 46.6 1.7 -16.1 -20.9 -16.2 31.4 -10.5 -248.8 -47.7 -197.8 -5.2 1.9 170.6 -17.4 169.9 2.0 16.2 95.6 103.1 -18.1 22.4 -11.7 339.0 21.6 325.0 -4.5 -3.2 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates -3.6 3.8 -1.4 5.1 6.7 8.4 2.5 -16.5 -2.5 6.2 15.3 -1.5 9.6 9.6 -1.0 6.6 17.5 -0.2 -6.8 40.0 -0.9 18.0 13.7 -1.1 13.9 29.2 -0.7 25.7 -18.1 -1.2 -19.1 13.4 -0.8 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds -8.8 7.4 0.7 4.1 7.2 3.3 -39.4 1.5 16.3 18.7 7.4 13.3 -21.5 0.1 17.1 40.7 6.6 10.6 4.3 4.0 34.3 -32.4 1.7 51.4 -35.4 -15.3 2.3 -19.5 23.0 37.0 1.1 -9.0 -22.2 35 36 37 38 39 40 Money market mutual funds Mutual funds Government-sponsored enterprises 14.3 7.1 7.1 9.6 -4.2 0.7 22.6 -3.5 5.0 12.2 -0.7 19.2 26.1 -2.4 15.1 -61.4 3.0 39.6 -95.2 0.4 49.6 36.6 -8.6 -56.3 175.1 -1.2 8.5 -90.1 0.1 63.9 -17.3 -0.0 44.4 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 13.0 4.9 24.9 8.8 10.7 42.6 45.4 -0.1 8.3 13.5 0.0 41.4 -10.4 3.9 62.3 105.4 5.1 111.8 -4.2 -3.6 -16.3 -21.2 2.8 -60.0 -92.6 4.7 246.8 96.0 -0.5 -85.2 -23.7 8.6 147.6 41 42 43 -239.6 -154.6 -420.0 -284.8 -199.0 10.6 -312.9 -181.3 -526.8 125.0 -212.9 44 44 Discrepancy 57 Z.1, March 7, 2002 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 All sectors 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 -124.8 -102.6 -226.5 43.7 -59.0 227.1 -146.4 -28.9 -352.3 366.2 -220.8 1 41.3 -21.5 -9.4 -63.7 -8.9 -73.6 24.6 -62.4 -83.1 -49.5 122.0 -57.6 22.2 -56.0 -261.6 -33.1 3.3 -73.4 -43.6 -58.1 -30.5 -33.5 2 3 39.1 15.2 -149.4 -50.9 22.6 53.5 -27.9 -2.2 -63.0 -28.6 -4.7 -14.2 -2.2 65.6 9.9 -20.5 29.4 -7.5 -11.1 -73.6 -3.2 -0.6 242.2 96.5 14.2 -70.7 -212.4 -9.5 51.5 206.1 -12.8 39.5 -50.6 4 5 6 -49.6 -54.7 -50.9 129.0 0.3 161.3 -24.7 -72.3 -13.3 219.8 -133.0 7 Monetary authority Commercial banking 1.7 44.4 -3.1 26.2 -0.7 -40.5 3.7 114.4 3.4 36.3 5.0 161.4 -7.5 7.0 4.9 10.3 1.0 -6.8 2.4 234.4 5.2 -92.9 8 9 10 11 12 Savings institutions Credit unions Bank personal trusts and estates -1.6 -0.0 -5.3 -2.9 -0.1 -0.2 2.2 1.1 1.7 3.8 -0.6 0.9 3.6 0.0 0.2 1.3 -1.2 0.8 6.7 -1.5 0.7 1.1 -1.2 0.5 4.4 0.9 0.3 3.5 -0.2 0.1 5.4 0.4 -0.1 10 11 12 13 14 Life insurance companies Other insurance companies -44.1 -45.8 -33.3 -20.7 -27.7 11.5 -20.4 -13.5 -42.6 -17.3 -31.8 4.4 4.4 -59.2 -82.3 -5.5 -23.4 -9.5 -11.8 -38.2 -52.7 -16.1 13 14 15 16 Mutual funds Government-sponsored enterprises 8.0 -3.0 -8.4 -4.1 6.9 -3.0 1.7 -6.0 -2.5 -4.9 0.2 -6.9 -1.6 -9.5 -2.8 -5.9 -2.2 -3.5 -2.4 -2.8 -2.5 -7.3 15 16 17 18 19 20 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 -9.2 9.5 -4.1 -0.0 -13.8 11.9 -6.2 0.0 -12.2 17.4 -7.5 -0.0 34.9 16.6 -6.5 0.0 16.7 14.1 -6.7 0.0 22.5 11.6 -6.0 -0.0 24.2 18.0 -6.2 0.0 -0.5 17.7 -8.5 -0.0 25.5 5.7 -5.7 -0.0 29.5 12.4 -7.2 -0.0 12.2 20.6 -5.2 17 18 19 20 2 3 Household sector Nonfinancial corporate business 4 5 6 State and local governments Federal government Rest of the world 7 Financial sectors 8 9 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -124.8 -102.6 -226.5 43.7 -59.0 227.1 -146.4 -28.9 -352.3 366.2 -220.8 1 2 3 Treasury currency Foreign deposits -0.2 106.2 -0.1 -8.5 -0.7 45.8 -1.2 70.9 -1.6 38.9 0.9 -90.8 -3.3 193.4 -3.6 180.8 -0.5 -150.2 -1.4 78.8 -0.7 46.4 2 3 4 5 Net interbank transactions Security RPs -19.9 63.2 3.4 57.7 3.5 36.1 17.4 115.8 17.7 -51.0 -12.1 170.3 51.1 -300.3 16.7 -208.8 13.6 189.5 7.2 25.7 33.3 -210.5 4 5 6 7 Mail floats: Federal government Other -2.7 -3.9 2.6 -3.1 -7.4 -0.8 9.0 1.7 -10.3 4.5 3.0 1.9 -2.1 2.4 10.0 3.8 -0.1 3.9 7.3 5.1 -58.5 5.5 6 7 8 9 Trade credit Taxes payable -29.2 28.0 -51.3 19.7 42.9 6.5 -29.5 14.1 6.6 -1.5 -10.6 -1.8 21.5 44.1 27.9 4.9 -12.7 -12.0 -23.1 -8.0 34.4 9.0 8 9 10 Miscellaneous -239.6 -154.6 -420.0 -284.8 -199.0 10.6 -312.9 -181.3 -526.8 125.0 -212.9 10 11 Nonfinancial -26.8 31.7 67.7 130.4 136.7 155.6 159.8 120.7 143.2 149.7 133.1 11 29.7 -2.9 -31.0 -0.7 -72.9 5.2 -130.4 0.0 -136.8 0.0 -155.6 0.0 -159.8 0.0 -120.7 0.0 -143.3 0.0 -149.8 0.0 -133.2 0.0 12 13 12 13 All types Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements 58 Z.1, March 7, 2002 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 1 15244.3 16291.1 17426.4 17656.2 17837.0 18034.7 18317.0 18557.9 18729.4 19036.4 19420.6 2 3 Federal government 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3379.6 3 4 Nonfederal sectors 11439.4 12538.9 13745.3 14002.7 14373.0 14624.5 14931.9 15149.1 15477.9 15716.3 16041.0 4 5556.9 3383.1 1224.0 155.9 1119.5 6022.9 3788.6 1363.7 163.9 1199.8 6540.1 4264.7 1519.1 169.4 1252.1 6606.8 4414.8 1553.1 170.7 1257.3 6771.3 4560.8 1599.1 176.2 1265.7 6937.2 4616.0 1630.3 177.9 1263.1 7113.7 4693.8 1664.8 180.2 1279.3 7184.5 4782.0 1695.5 179.7 1307.5 7358.6 4868.4 1727.9 185.2 1337.8 7526.3 4909.6 1753.9 185.8 1340.6 7724.1 4962.2 1781.1 187.5 1386.1 5 6 7 8 9 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 10 Rest of the world 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 729.2 706.1 704.8 10 11 Financial sectors 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8853.8 9118.3 9370.4 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 309.2 133.4 7.2 168.6 382.1 186.2 2.4 193.5 449.3 228.0 2.0 219.3 463.6 240.3 2.0 221.4 494.7 263.4 2.0 229.3 502.0 263.2 1.9 236.9 509.3 264.8 2.0 242.5 540.3 271.9 1.8 266.5 543.7 273.4 1.4 269.0 554.1 280.3 1.0 272.7 563.5 296.0 1.1 266.4 12 13 14 15 16 17 Savings institutions Credit unions 160.3 0.6 212.4 1.1 260.4 3.4 266.9 2.6 280.7 2.9 276.0 3.1 287.7 3.4 295.1 3.2 294.4 3.5 305.6 3.8 294.0 4.9 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 1.8 995.3 1825.8 1076.6 2.5 1273.6 2018.4 1398.0 3.2 1591.7 2292.2 1621.4 3.0 1618.0 2322.1 1655.8 2.7 1680.2 2355.2 1697.0 2.7 1749.7 2414.3 1742.3 2.5 1825.8 2491.6 1829.6 1.9 1888.7 2534.2 1893.7 1.9 1955.8 2633.4 1942.4 2.8 2037.4 2759.4 2016.7 3.1 2114.5 2828.2 2110.0 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 568.3 16.0 96.1 35.3 372.6 625.5 17.7 158.8 42.5 412.6 695.7 17.8 165.1 25.3 504.0 708.4 17.1 167.9 36.4 507.4 740.8 17.8 170.4 36.2 515.0 761.8 17.7 169.8 42.6 508.7 776.9 17.9 167.8 40.9 503.7 756.2 18.1 166.2 35.0 524.7 769.0 18.2 168.9 43.9 478.6 771.2 18.5 168.3 47.1 433.6 770.0 18.6 170.5 42.3 450.6 22 23 24 25 26 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 27 2945.7 3094.6 3380.9 3300.7 3309.3 3239.4 3188.9 3113.5 3033.7 3014.3 3015.0 28 2030.4 257.5 52.7 605.0 2044.5 241.5 69.1 739.4 2281.3 238.7 78.0 782.8 2209.4 230.8 77.5 782.9 2189.7 246.1 77.6 795.8 2131.9 242.2 76.6 788.7 2069.6 251.4 75.9 792.0 2011.0 225.3 74.7 802.4 1931.7 229.4 73.4 799.1 1924.2 225.0 71.9 793.3 1894.4 242.8 70.1 807.8 29 30 31 32 205.4 2257.3 219.1 2539.8 258.0 2676.2 259.6 2760.7 261.6 2809.9 262.7 2861.7 265.4 3004.6 266.6 3112.9 268.9 3200.1 269.8 3294.3 272.8 3430.6 33 34 15901.8 17634.4 19420.5 19812.3 20152.3 20592.7 21061.9 21465.7 21809.6 22282.3 22777.4 35 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 551.7 36 4031.9 3450.7 516.1 27.4 37.8 4335.7 3761.2 504.2 26.5 43.8 4643.9 4078.9 484.1 32.7 48.3 4725.0 4171.3 482.0 22.1 49.6 4847.4 4295.4 478.1 23.0 51.0 4931.0 4368.2 487.5 21.3 54.0 5002.3 4418.7 508.1 20.5 55.0 5015.7 4424.4 515.0 22.3 54.1 5044.4 4463.2 504.2 21.6 55.5 5096.4 4508.8 509.9 21.3 56.5 5202.8 4605.1 512.0 24.3 61.4 37 38 39 40 41 928.5 305.3 207.0 964.6 324.2 194.1 1033.2 351.7 222.0 1045.8 359.0 226.7 1062.5 370.1 230.2 1082.2 376.0 234.6 1089.7 382.2 239.1 1101.6 386.5 241.8 1116.4 391.8 245.1 1118.4 407.8 247.3 1130.1 420.8 249.5 42 43 44 27 28 29 30 31 32 Total credit market assets held by: Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 Monetary authority 37 38 39 40 41 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 42 43 44 Savings institutions Credit unions Bank personal trusts and estates 45 46 47 48 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 1751.1 515.3 674.6 632.5 1828.0 521.1 651.8 704.6 1886.0 518.2 677.2 751.4 1902.2 515.4 691.2 767.2 1914.1 510.8 696.3 775.1 1935.1 512.4 710.5 784.5 1943.9 509.4 717.1 806.0 1967.2 510.0 722.8 788.3 1996.9 510.0 729.3 807.6 2044.2 511.3 725.1 789.0 2076.2 514.5 735.0 790.9 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools ABS issuers 721.9 901.1 98.3 939.4 1825.8 937.7 965.9 1028.4 103.7 1253.9 2018.4 1219.4 1147.8 1076.8 111.1 1545.6 2292.2 1424.6 1217.1 1058.3 109.0 1584.0 2322.1 1453.8 1159.4 1072.5 106.9 1649.2 2355.2 1486.3 1212.5 1087.1 104.8 1714.3 2414.3 1522.9 1290.9 1097.8 102.7 1803.7 2491.6 1602.9 1403.8 1113.9 100.6 1869.7 2534.2 1660.5 1414.6 1160.3 98.5 1951.1 2633.4 1703.7 1498.0 1188.2 96.4 2019.1 2759.4 1771.2 1536.9 1223.9 94.2 2098.1 2828.2 1859.0 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 568.2 32.1 50.6 182.6 166.7 645.5 35.3 45.5 189.4 152.3 742.5 35.6 42.9 154.7 285.0 776.6 34.1 38.8 194.8 289.4 812.3 35.5 38.2 188.2 337.0 830.0 35.4 37.3 243.3 313.0 850.5 35.9 36.6 223.6 324.4 848.0 36.2 37.6 312.3 291.0 878.5 36.5 37.9 288.4 230.2 859.4 36.9 39.8 366.4 173.8 867.0 37.2 47.1 321.2 193.1 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 59 Z.1, March 7, 2002 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency secur. and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 15244.3 16291.1 17426.4 17656.2 17837.0 18034.7 18317.0 18557.9 18729.4 19036.4 19420.6 1 3804.9 3778.3 26.5 3752.2 3723.7 28.5 3681.0 3652.8 28.3 3653.5 3625.8 27.8 3464.0 3435.7 28.2 3410.2 3382.6 27.6 3385.2 3357.8 27.3 3408.8 3382.1 26.8 3251.4 3224.4 27.0 3320.1 3293.1 27.0 3379.6 3352.8 26.8 2 3 4 11439.4 168.6 1367.5 1610.9 1040.4 825.1 12538.9 193.0 1464.3 1829.6 1148.5 907.2 13745.3 230.3 1532.5 2059.5 1231.2 964.5 14002.7 260.8 1539.2 2106.0 1258.7 1008.3 14373.0 296.8 1551.6 2144.5 1306.9 1037.2 14624.5 307.0 1550.3 2186.7 1311.3 1039.5 14931.9 278.4 1567.8 2230.6 1334.2 1077.1 15149.1 253.2 1597.5 2330.4 1323.9 1083.2 15477.9 223.3 1629.8 2435.3 1292.9 1110.6 15716.3 201.3 1635.3 2482.3 1282.6 1116.8 16041.0 190.1 1688.4 2558.8 1247.3 1096.4 5 6 7 8 9 10 5155.4 3978.3 285.7 801.4 90.0 1271.6 5649.8 4367.0 309.2 877.0 96.6 1346.6 6281.2 4802.0 350.0 1026.9 102.3 1446.1 6392.6 4877.9 357.3 1053.1 104.2 1437.0 6559.6 5003.5 369.2 1080.1 106.8 1476.5 6710.3 5122.6 375.9 1103.4 108.3 1519.6 6850.6 5224.2 386.2 1131.4 108.8 1593.1 6975.6 5317.6 395.0 1153.0 109.9 1585.3 7177.8 5473.6 405.3 1185.9 113.1 1608.1 7378.9 5621.6 419.2 1223.4 114.7 1619.1 7571.8 5757.0 432.7 1265.9 116.2 1688.3 11 12 13 14 15 16 11439.4 5556.9 4763.0 3383.1 1224.0 155.9 1119.5 12538.9 6022.9 5316.2 3788.6 1363.7 163.9 1199.8 13745.3 6540.1 5953.2 4264.7 1519.1 169.4 1252.1 14002.7 6606.8 6138.6 4414.8 1553.1 170.7 1257.3 14373.0 6771.3 6336.1 4560.8 1599.1 176.2 1265.7 14624.5 6937.2 6424.3 4616.0 1630.3 177.9 1263.1 14931.9 7113.7 6538.8 4693.8 1664.8 180.2 1279.3 15149.1 7184.5 6657.1 4782.0 1695.5 179.7 1307.5 15477.9 7358.6 6781.4 4868.4 1727.9 185.2 1337.8 15716.3 7526.3 6849.4 4909.6 1753.9 185.8 1340.6 16041.0 7724.1 6930.9 4962.2 1781.1 187.5 1386.1 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 729.2 706.1 704.8 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 65.1 427.7 52.1 63.0 72.9 462.6 58.9 57.2 89.2 479.4 59.4 51.7 101.6 491.3 63.3 51.7 101.2 484.5 64.7 52.1 109.8 502.4 67.7 51.2 120.9 504.6 70.7 50.5 112.8 508.9 73.9 47.7 110.1 504.9 66.2 47.9 106.3 485.2 67.3 47.3 106.7 486.8 63.2 48.1 25 26 27 28 15852.3 16942.7 18106.0 18364.0 18539.5 18765.7 19063.7 19301.3 19458.5 19742.5 20125.3 29 29 Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 10 11 12 By instrument 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8853.8 9118.3 9370.4 1 Federal government-related Govt.-sponsored enterprise securities Mortgage pool securities U.S. government loans 2821.1 995.3 1825.8 0.0 3292.0 1273.6 2018.4 0.0 3884.0 1591.7 2292.2 0.0 3940.1 1618.0 2322.1 0.0 4035.3 1680.2 2355.2 0.0 4164.0 1749.7 2414.3 0.0 4317.4 1825.8 2491.6 0.0 4422.9 1888.7 2534.2 0.0 4589.2 1955.8 2633.4 0.0 4796.8 2037.4 2759.4 0.0 4942.8 2114.5 2828.2 0.0 2 3 4 5 Private financial sectors Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages 2636.9 745.7 1568.6 77.3 198.5 46.8 3253.2 906.7 1878.7 107.5 288.7 71.6 3745.6 1082.9 2096.9 93.2 395.8 76.7 3829.1 1115.7 2138.8 91.8 404.4 78.5 3958.2 1135.2 2212.0 93.1 436.9 81.0 4026.7 1151.6 2269.7 92.8 430.2 82.5 4139.7 1210.7 2314.8 93.0 438.3 82.9 4234.4 1180.8 2424.3 97.3 450.9 81.1 4264.6 1144.5 2483.9 100.4 450.7 85.1 4321.5 1110.2 2559.2 100.2 467.2 84.6 4427.7 1148.8 2616.1 104.5 473.2 85.0 6 7 8 9 10 11 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8853.8 9118.3 9370.4 12 140.6 168.6 160.3 0.6 188.6 193.5 212.4 1.1 230.0 219.3 260.4 3.4 242.2 221.4 266.9 2.6 265.4 229.3 280.7 2.9 265.2 236.9 276.0 3.1 266.7 242.5 287.7 3.4 273.8 266.5 295.1 3.2 274.7 269.0 294.4 3.5 281.4 272.7 305.6 3.8 297.1 266.4 294.0 4.9 13 14 15 16 1.8 995.3 1825.8 1076.6 2.5 1273.6 2018.4 1398.0 3.2 1591.7 2292.2 1621.4 3.0 1618.0 2322.1 1655.8 2.7 1680.2 2355.2 1697.0 2.7 1749.7 2414.3 1742.3 2.5 1825.8 2491.6 1829.6 1.9 1888.7 2534.2 1893.7 1.9 1955.8 2633.4 1942.4 2.8 2037.4 2759.4 2016.7 3.1 2114.5 2828.2 2110.0 17 18 19 20 35.3 568.3 16.0 96.1 372.6 42.5 625.5 17.7 158.8 412.6 25.3 695.7 17.8 165.1 504.0 36.4 708.4 17.1 167.9 507.4 36.2 740.8 17.8 170.4 515.0 42.6 761.8 17.7 169.8 508.7 40.9 776.9 17.9 167.8 503.7 35.0 756.2 18.1 166.2 524.7 43.9 769.0 18.2 168.9 478.6 47.1 771.2 18.5 168.3 433.6 42.3 770.0 18.6 170.5 450.6 21 22 23 24 25 By sector 13 14 15 16 Commercial banks Bank holding companies Savings institutions Credit unions 17 18 19 20 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 21 22 23 24 25 Brokers and dealers Finance companies Mortgage companies REITs Funding corporations 60 Z.1, March 7, 2002 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 1 2 3 4 5 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds 979.4 6626.0 1367.5 3607.2 1172.6 7044.3 1464.3 4170.8 1402.4 7565.0 1532.5 4635.8 1478.1 7593.6 1539.2 4736.1 1533.3 7499.3 1551.6 4841.0 1568.3 7574.2 1550.3 4958.7 1610.0 7702.6 1567.8 5050.0 1546.8 7831.7 1597.5 5263.7 1477.9 7840.6 1629.8 5424.2 1417.8 8116.8 1635.3 5526.7 1445.6 8322.4 1688.4 5661.6 2 3 4 5 6 7 8 9 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1169.8 1086.6 5202.2 1271.6 1314.9 1253.0 5721.4 1346.6 1383.8 1412.0 6357.9 1446.1 1413.7 1464.4 6471.0 1437.0 1464.6 1526.2 6640.6 1476.5 1471.7 1520.9 6792.8 1519.6 1497.9 1565.9 6933.6 1593.1 1495.1 1581.8 7056.6 1585.3 1459.5 1609.2 7263.0 1608.1 1450.2 1631.3 7463.5 1619.1 1415.1 1617.6 7656.8 1688.3 6 7 8 9 13301.7 2989.4 15577.3 3613.1 19581.2 4538.5 20276.6 4824.0 19396.1 4718.8 19244.2 4781.6 17566.4 4434.6 15311.0 3990.4 16240.7 4259.5 13628.2 3753.1 15186.0 4136.4 10 11 10 11 Total 1998 Memo: Selected claims not included above: Corporate equities Mutual fund shares L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total credit market debt (from table L.4) 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 48.9 9.2 19.3 618.5 219.4 60.1 9.2 19.9 642.3 189.0 50.1 6.2 20.9 703.6 205.3 46.6 6.2 21.4 781.9 122.8 46.0 4.2 22.1 782.8 194.7 44.9 3.2 23.2 772.6 206.0 46.1 2.2 23.2 824.5 222.6 42.8 2.2 22.9 883.4 156.0 43.4 2.2 23.2 840.8 163.9 49.0 2.2 23.2 861.7 177.7 46.8 2.2 23.2 886.7 232.5 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 1286.1 2474.1 713.4 1042.5 822.4 1333.4 2626.5 805.5 1329.7 913.7 1484.8 2671.2 936.1 1578.8 1083.4 1392.9 2728.0 966.5 1666.0 1149.4 1409.7 2738.8 987.4 1627.1 1185.2 1385.7 2790.9 1025.9 1697.8 1238.6 1413.3 2861.9 1054.5 1812.1 1194.1 1405.7 2965.3 1078.0 1994.7 1179.3 1452.0 2992.3 1087.1 2014.8 1205.2 1485.7 3047.0 1090.7 2116.1 1253.1 1599.1 3121.9 1118.4 2240.7 1237.9 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 2989.4 469.1 665.0 7323.4 3613.1 572.3 718.3 8209.0 4538.5 676.6 783.9 9080.2 4824.0 801.1 801.0 9286.6 4718.8 780.3 806.5 9214.2 4781.6 805.8 818.7 9355.5 4434.6 822.7 819.1 9091.4 3990.4 785.4 823.0 8616.3 4259.5 781.5 840.3 8880.4 3753.1 920.0 847.0 8309.3 4136.4 814.1 868.1 8723.5 12 13 14 15 16 17 18 19 Trade payables Taxes payable Investment in bank personal trusts Miscellaneous 1967.3 151.1 942.5 6731.6 2076.5 172.4 1001.0 7653.4 2298.8 194.7 1130.4 8195.4 2321.7 210.1 1158.0 8407.0 2371.6 211.4 1114.4 8627.9 2418.3 214.9 1106.7 9130.2 2465.5 216.4 1019.4 9008.8 2447.3 225.7 929.1 9443.4 2418.9 225.1 964.4 9702.3 2429.1 251.3 859.6 10110.2 2439.3 229.6 912.0 10078.3 16 17 18 19 20 Total liabilities 49803.3 55433.2 61374.6 62824.6 63376.2 64777.1 64853.4 64949.6 66209.6 66446.7 68206.6 20 21 22 23 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 21.1 13301.7 4051.3 21.6 15577.3 4394.4 21.4 19581.2 4663.5 21.4 20276.6 4708.1 21.5 19396.1 4819.5 21.4 19244.2 4873.0 21.6 17566.4 4956.3 21.4 15311.0 5009.1 21.5 16240.7 5038.9 22.0 13628.2 5087.0 21.8 15186.0 5105.5 21 22 23 24 25 26 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -6.3 535.0 -32.2 -6.4 542.8 -27.0 -7.1 588.9 -25.5 -7.6 654.7 -13.9 -7.9 634.2 -11.6 -7.6 611.5 -17.6 -8.5 659.9 -4.3 -9.4 705.1 1.7 -9.5 667.5 5.5 -9.8 687.2 6.0 -10.0 698.8 11.5 24 25 26 172.9 104.2 -1571.2 230.6 122.9 -2372.7 266.7 122.7 -2791.3 405.5 118.7 -2944.2 419.6 134.5 -2985.6 453.5 124.6 -2719.1 382.5 128.5 -3201.2 339.2 114.3 -3096.0 368.7 134.4 -3074.3 369.5 148.5 -2942.8 330.8 99.7 -3308.2 27 28 29 27 28 29 Security RPs Taxes payable Miscellaneous 30 31 32 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit -8.1 26.2 126.8 -3.9 23.1 76.6 -9.9 22.3 120.9 -9.2 18.7 50.2 -5.6 22.5 16.5 -7.8 15.5 9.9 -2.3 24.0 96.1 -1.9 21.1 53.3 -4.8 25.5 25.0 -5.9 19.2 17.2 -14.1 28.6 102.7 30 31 32 33 Totals identified to sectors as assets 67830.0 76840.3 87352.8 89557.7 89396.8 90452.8 89323.1 87163.8 89372.6 86894.9 90580.2 33 61 Z.1, March 7, 2002 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 24226.3 27286.1 31719.2 32550.7 31730.1 31600.3 30149.6 28232.5 29035.9 26998.3 28490.4 1 37.2 623.1 2651.6 605.2 38.3 637.1 2827.5 779.7 43.5 617.8 2936.0 914.2 48.6 616.9 3039.6 994.2 48.6 590.7 3105.6 957.7 48.0 552.2 3187.3 984.0 51.3 586.3 3247.0 1055.5 49.8 591.0 3353.4 1153.0 47.1 582.9 3397.4 1098.4 48.4 570.8 3449.6 1170.6 47.0 658.6 3505.1 1213.5 2 3 4 5 10198.6 11551.9 14533.4 14855.5 14117.8 13745.1 12427.4 10866.4 11342.2 9759.7 10623.0 6 56.1 186.5 532.0 176.6 63.7 186.6 451.9 156.7 67.7 186.4 535.2 243.2 68.9 185.3 478.5 230.0 70.2 184.6 367.1 252.3 71.4 184.3 315.3 266.2 72.7 184.8 301.1 245.0 67.2 184.8 287.5 122.1 62.7 185.5 205.9 121.6 58.9 186.4 237.2 135.4 53.3 190.3 260.1 99.7 7 8 9 10 471.9 531.7 6302.5 1941.2 489.8 623.7 7173.6 2405.8 530.1 645.8 9197.3 3127.7 532.9 637.3 9369.9 3352.5 547.3 688.0 8715.0 3293.3 547.2 665.4 8345.7 3349.6 545.3 636.7 7317.1 3124.7 563.6 699.1 6113.0 2829.2 583.9 682.2 6469.8 3030.7 566.8 646.0 5231.5 2697.5 586.2 608.0 5832.2 2993.2 11 12 13 14 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 632.7 1086.1 3793.6 2476.0 684.7 1248.1 4232.5 2761.9 748.9 1431.0 4702.9 2981.3 765.7 1481.3 4859.5 2981.0 770.6 1476.4 4773.7 3000.0 782.7 1506.0 4819.8 3065.7 782.7 1456.1 4598.9 3072.8 786.5 1414.5 4275.7 2962.6 803.1 1465.6 4415.7 3036.3 809.8 1405.6 4041.9 2899.0 830.3 1507.8 4226.3 3027.2 15 16 17 18 19 20 Investment in bank personal trusts Miscellaneous and other assets 942.5 1179.8 1001.0 1523.3 1130.4 1679.7 1158.0 1750.3 1114.4 1774.5 1106.7 1802.9 1019.4 1852.2 929.1 1850.4 964.4 1882.8 859.6 1983.2 912.0 1939.5 19 20 7722.4 8513.4 9364.8 9545.8 9771.7 9990.7 10185.2 10258.4 10485.8 10755.0 10928.5 21 21 Total liabilities 22 23 24 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 3970.3 923.8 1271.6 4357.6 1010.3 1346.6 4790.5 1112.6 1446.1 4865.9 1132.5 1437.0 4990.9 1158.7 1476.5 5109.4 1181.4 1519.6 5210.7 1200.9 1593.1 5303.3 1222.2 1585.3 5458.6 1252.6 1608.1 5606.2 1283.4 1619.1 5741.4 1310.1 1688.3 22 23 24 25 26 27 Policy loans Security credit Other liabilities (3) 104.6 131.2 1320.8 104.7 152.8 1541.4 100.0 227.9 1687.7 99.6 286.5 1724.3 100.5 270.2 1774.8 102.0 273.9 1804.4 102.8 235.1 1842.6 103.8 193.5 1850.3 104.0 195.9 1866.6 105.3 258.1 1883.0 105.5 194.7 1888.5 25 26 27 (1) Combined statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19). (3) Includes corporate farms. 62 Z.1, March 7, 2002 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 27428.7 30502.9 35064.0 35913.8 35163.8 35068.3 33679.9 31795.5 32607.2 30601.7 32097.5 1 3645.3 3958.4 4141.6 4321.6 4311.9 4372.4 4530.9 4724.8 4692.1 4794.4 4966.6 2 37.2 460.0 2565.9 582.3 38.3 440.2 2732.7 747.1 43.5 395.2 2831.2 871.6 48.6 388.0 2933.8 951.2 48.6 351.0 2997.9 914.4 48.0 308.4 3079.3 936.9 51.3 338.5 3138.2 1003.0 49.8 338.1 3243.4 1093.4 47.1 324.8 3286.0 1034.3 48.4 307.4 3336.8 1101.8 47.0 389.7 3391.0 1138.9 3 4 5 6 2030.4 2044.5 2281.3 2209.4 2189.7 2131.9 2069.6 2011.0 1931.7 1924.2 1894.4 7 8 9 10 11 12 13 Open market paper U.S. government securities Treasury Savings bonds Other Treasury Agency 56.1 864.2 687.6 186.5 501.1 176.6 63.7 758.3 601.6 186.6 415.0 156.7 67.7 931.0 687.8 186.4 501.3 243.2 68.9 862.5 632.5 185.3 447.2 230.0 70.2 776.5 524.2 184.6 339.6 252.3 71.4 739.9 473.7 184.3 289.3 266.2 72.7 707.3 462.2 184.8 277.5 245.0 67.2 573.5 451.4 184.8 266.6 122.1 62.7 494.8 373.2 185.5 187.8 121.6 58.9 544.2 408.8 186.4 222.4 135.4 53.3 538.8 439.1 190.3 248.7 99.7 8 9 10 11 12 13 14 15 16 Municipal securities Corporate and foreign bonds Mortgages 468.8 531.7 109.6 488.3 623.7 110.5 526.6 645.8 110.2 529.4 637.3 111.2 543.7 688.0 111.5 543.5 665.4 111.7 541.6 636.7 111.3 559.8 699.1 111.4 580.2 682.2 111.9 563.0 646.0 112.1 582.3 608.0 112.0 14 15 16 6302.5 1941.2 215.5 665.0 7323.4 942.5 4051.3 311.7 7173.6 2405.8 276.7 718.3 8209.0 1001.0 4394.4 321.4 9197.3 3127.7 323.9 783.9 9080.2 1130.4 4663.5 334.2 9369.9 3352.5 371.2 801.0 9286.6 1158.0 4708.1 335.6 8715.0 3293.3 359.5 806.5 9214.2 1114.4 4819.5 339.6 8345.7 3349.6 372.9 818.7 9355.5 1106.7 4873.0 341.7 7317.1 3124.7 412.4 819.1 9091.4 1019.4 4956.3 338.9 6113.0 2829.2 400.4 823.0 8616.3 929.1 5009.1 339.6 6469.8 3030.7 412.8 840.3 8880.4 964.4 5038.9 346.1 5231.5 2697.5 494.8 847.0 8309.3 859.6 5087.0 356.4 5832.2 2993.2 443.4 868.1 8723.5 912.0 5105.5 358.6 17 18 19 20 21 22 23 24 5824.8 6319.7 6920.1 7046.5 7196.7 7367.5 7507.1 7537.1 7714.6 7946.9 8083.1 25 5556.9 6022.9 6540.1 6606.8 6771.3 6937.2 7113.7 7184.5 7358.6 7526.3 7724.1 26 3818.1 1271.6 114.9 4168.3 1346.6 126.9 4557.4 1446.1 137.3 4624.8 1437.0 138.0 4738.9 1476.5 141.4 4847.0 1519.6 141.9 4939.7 1593.1 143.0 5021.6 1585.3 144.2 5167.0 1608.1 145.3 5304.4 1619.1 147.5 5430.5 1688.3 153.8 27 28 29 66.5 190.7 95.1 72.7 204.0 104.5 65.4 218.9 115.0 69.3 222.8 114.9 71.4 227.4 115.6 67.1 242.1 119.5 73.5 246.3 118.1 63.4 251.1 118.9 59.3 255.9 122.9 65.5 260.8 129.0 57.4 264.1 130.1 30 31 32 131.2 118.0 152.8 126.8 227.9 132.7 286.5 134.5 270.2 136.3 273.9 137.7 235.1 138.6 193.5 140.4 195.9 141.5 258.1 143.2 194.7 144.7 33 34 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.3 19.6 35 17 18 19 20 21 22 23 24 25 26 Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Total liabilities Credit market instruments 27 28 29 Home mortgages (3) Consumer credit Municipal securities 30 31 32 Bank loans n.e.c. Other loans and advances Commercial mortgages 33 34 35 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22). (3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. 63 Z.1, March 7, 2002 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6642.9 7981.9 8893.2 9103.5 9303.6 9490.4 9570.5 9571.0 9685.2 9741.9 9892.4 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 23.1 391.9 205.1 110.7 4.6 30.5 453.6 207.4 146.9 4.2 28.3 516.2 233.6 179.9 5.3 22.2 514.0 222.6 182.4 6.1 26.5 547.2 221.3 183.3 4.2 37.7 590.4 224.5 203.0 4.0 22.2 579.9 234.7 230.3 4.8 15.6 555.2 231.8 269.9 3.3 15.9 565.3 228.8 302.5 3.9 15.5 589.3 225.7 315.0 3.1 16.7 580.0 226.3 349.7 3.8 2 3 4 5 6 7 Credit market instruments 310.3 310.6 316.8 308.3 323.7 318.8 327.3 300.1 302.8 296.8 312.8 7 36.1 65.6 30.6 99.0 78.9 39.4 71.2 27.2 97.9 74.9 43.7 66.0 25.8 101.0 80.3 38.3 68.0 27.4 101.7 72.9 37.3 69.2 39.5 104.2 73.5 44.7 67.6 30.9 103.6 72.1 47.4 57.0 36.3 103.9 82.7 43.2 54.2 27.2 104.1 71.4 46.9 53.7 29.8 104.3 68.0 48.5 52.7 30.7 104.7 60.2 53.2 52.1 34.6 105.1 67.9 8 9 10 11 12 69.1 1571.5 3956.6 91.0 1698.5 5039.2 113.9 1857.7 5641.5 117.5 1940.6 5789.7 111.4 2011.1 5874.8 111.0 2050.2 5951.0 98.8 2004.3 6068.2 85.9 2013.6 6095.6 91.6 1993.2 6181.3 76.3 1997.5 6222.4 84.7 1920.1 6398.4 13 14 15 8526.4 9651.3 10598.0 10847.5 11082.9 11322.0 11484.3 11642.4 11762.1 11924.5 12022.6 16 8 9 10 11 12 13 14 15 16 17 Total financial assets 1998 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 4763.0 5316.2 5953.2 6138.6 6336.1 6424.3 6538.8 6657.1 6781.4 6849.4 6930.9 17 18 19 20 Commercial paper Municipal securities Corporate bonds 168.6 142.0 1610.9 193.0 147.8 1829.6 230.3 152.8 2059.5 260.8 153.3 2106.0 296.8 153.4 2144.5 307.0 153.9 2186.7 278.4 154.2 2230.6 253.2 154.7 2330.4 223.3 155.6 2435.3 201.3 156.2 2482.3 190.1 157.4 2558.8 18 19 20 21 22 23 Bank loans n.e.c. Other loans and advances Mortgages 973.9 625.4 1242.2 1075.9 693.1 1377.0 1165.8 735.9 1608.8 1189.4 776.2 1652.9 1235.5 800.8 1705.1 1244.1 788.7 1743.8 1260.7 822.1 1792.8 1260.5 823.3 1835.1 1233.6 845.7 1887.9 1217.1 847.1 1945.4 1189.9 823.4 2011.3 21 22 23 1158.7 109.0 2495.7 1240.2 124.6 2970.4 1410.5 139.8 3094.6 1419.6 153.7 3135.5 1452.3 154.0 3140.6 1497.1 155.3 3245.4 1536.1 154.3 3255.0 1514.0 162.7 3308.6 1477.7 160.2 3342.8 1483.0 184.1 3408.0 1487.3 160.2 3444.2 24 25 26 24 25 26 Credit market instruments Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 64 Z.1, March 7, 2002 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5808.7 6816.1 7564.2 7743.4 7896.8 8057.9 8112.0 8083.9 8168.9 8199.5 8324.9 1 23.1 228.8 119.4 87.8 4.6 30.5 256.6 112.6 114.3 4.2 28.3 293.6 128.8 137.3 5.3 22.2 285.1 116.8 139.3 6.1 26.5 307.4 113.6 140.0 4.2 37.7 346.6 116.5 155.9 4.0 22.2 332.1 125.9 177.7 4.8 15.6 302.3 121.7 210.3 3.3 15.9 307.1 117.4 238.4 3.9 15.5 325.9 113.0 246.3 3.1 16.7 311.2 112.1 275.0 3.8 2 3 4 5 6 7 8 9 10 11 12 13 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 36.1 34.8 27.4 80.2 78.9 1366.6 69.1 39.4 34.2 25.7 67.3 74.9 1452.9 91.0 43.7 32.1 22.3 60.3 80.3 1566.3 113.9 38.3 36.7 23.9 59.0 72.9 1639.0 117.5 37.3 41.6 35.9 57.8 73.5 1689.9 111.4 44.7 41.6 27.2 56.5 72.1 1724.7 111.0 47.4 33.4 32.7 55.3 82.7 1672.0 98.8 43.2 33.3 23.5 54.0 71.4 1676.4 85.9 46.9 35.6 26.1 52.8 68.0 1651.7 91.6 48.5 37.9 26.9 51.5 60.2 1652.7 76.3 53.2 40.7 30.7 50.3 67.9 1573.2 84.7 7 8 9 10 11 12 13 14 15 16 17 18 19 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 3651.9 932.5 188.1 0.5 23.5 2507.3 4512.5 1048.4 189.8 -0.2 17.1 3257.5 5051.9 1160.4 190.8 -0.8 43.9 3657.6 5186.5 1194.5 191.1 -0.8 53.6 3748.0 5257.6 1220.3 192.5 -1.2 47.5 3798.4 5319.5 1252.3 193.3 -1.1 50.0 3825.0 5427.1 1247.2 190.4 -0.8 51.3 3939.0 5443.0 1284.2 191.3 -6.5 48.6 3925.4 5513.5 1321.9 193.9 -4.2 46.7 3955.2 5541.7 1373.0 200.5 -10.8 45.8 3933.1 5705.5 1395.0 201.3 -8.1 49.7 4067.5 14 15 16 17 18 19 20 6628.8 7457.6 8153.4 8348.1 8507.9 8698.9 8806.1 8921.1 8990.9 9116.3 9177.2 20 21 Credit market instruments 3383.1 3788.6 4264.7 4414.8 4560.8 4616.0 4693.8 4782.0 4868.4 4909.6 4962.2 21 22 23 24 25 Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c. 168.6 142.0 1610.9 692.7 193.0 147.8 1829.6 774.5 230.3 152.8 2059.5 847.5 260.8 153.3 2106.0 868.3 296.8 153.4 2144.5 902.5 307.0 153.9 2186.7 909.0 278.4 154.2 2230.6 921.8 253.2 154.7 2330.4 923.2 223.3 155.6 2435.3 898.7 201.3 156.2 2482.3 886.4 190.1 157.4 2558.8 864.7 22 23 24 25 26 27 28 29 30 31 32 33 Other loans and advances Savings institutions Finance companies Federal government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 507.7 9.4 273.7 8.4 10.8 143.3 62.1 261.2 562.0 12.1 306.8 8.3 6.6 142.3 85.9 281.8 596.5 15.3 355.6 8.0 4.4 119.5 93.6 378.2 632.2 16.7 380.5 7.9 4.9 120.8 101.5 394.2 653.7 17.7 397.7 7.7 4.9 124.8 100.9 410.0 639.9 19.0 398.7 7.6 4.6 112.4 97.6 419.5 669.9 19.7 412.6 7.6 4.3 117.3 108.4 439.0 670.5 20.7 413.2 7.6 6.6 114.8 107.6 450.1 688.8 21.9 433.7 7.3 5.8 118.9 101.3 466.7 694.2 21.8 406.0 7.7 4.3 137.2 117.2 489.3 670.9 21.5 402.3 7.4 4.1 115.7 120.0 520.3 26 27 28 29 30 31 32 33 992.1 59.2 2194.4 749.6 93.5 1351.3 1049.7 64.1 2555.3 804.6 114.9 1635.8 1194.1 71.0 2623.5 945.5 116.1 1561.9 1197.6 82.8 2653.0 960.8 116.4 1575.7 1220.3 80.2 2646.5 1045.5 116.7 1484.3 1261.4 80.4 2741.1 1101.3 117.0 1522.8 1296.5 78.0 2737.9 1112.3 117.4 1508.2 1271.7 84.7 2782.7 1156.1 117.7 1508.9 1231.4 80.6 2810.6 1178.3 118.0 1514.3 1234.6 103.1 2869.0 1186.3 118.3 1564.4 1237.3 78.1 2899.5 1202.2 118.6 1578.7 34 35 36 37 38 39 34 35 36 37 38 39 Total liabilities Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 40 41 Trade receivables net of payables Market value of equities 374.5 9774.6 403.2 11606.7 372.2 15117.0 441.4 15728.0 469.5 14938.7 463.3 14453.6 375.6 12740.8 404.7 10989.1 420.3 11689.9 418.2 9679.2 335.9 10887.2 40 41 42 43 Securities and mortgages Loans and short-term paper 2014.1 1369.0 2259.2 1529.4 2590.5 1674.3 2653.5 1761.3 2707.8 1853.0 2760.1 1855.9 2823.8 1870.0 2935.2 1846.8 3057.5 1810.8 3127.8 1781.9 3236.5 1725.7 42 43 44 45 Total short-term liabilities (3) Total liquid assets (4) 2420.3 631.1 2643.2 708.6 2939.4 805.4 3041.7 786.0 3153.5 818.1 3197.7 885.1 3244.5 875.0 3203.2 839.1 3122.8 882.9 3119.6 893.3 3041.1 928.0 44 45 46 47 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 59.5 40.5 59.6 40.4 60.7 39.3 60.1 39.9 59.4 40.6 59.8 40.2 60.2 39.8 61.4 38.6 62.8 37.2 63.7 36.3 65.2 34.8 46 47 48 Liquid assets/short-term liabilities 26.1 26.8 27.4 25.8 25.9 27.7 27.0 26.2 28.3 28.6 30.5 48 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (4) Sum of lines 2 through 9, plus line 13. 65 Z.1, March 7, 2002 L.103 Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 8 Treasury securities Municipal securities Mortgages Consumer credit 9 10 11 12 13 14 15 16 17 18 19 20 21 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 772.4 1101.8 1264.3 1295.3 1341.5 1367.0 1393.6 1421.9 1450.4 1475.8 1500.2 1 146.2 85.7 22.9 178.3 94.8 32.6 203.3 104.8 42.6 209.6 105.8 43.1 220.4 107.7 43.2 224.4 108.0 47.2 228.3 108.8 52.6 233.3 110.1 59.6 238.5 111.4 64.1 243.8 112.8 68.8 249.1 114.1 74.7 2 3 4 30.8 3.2 18.7 0.0 37.0 1.5 30.7 0.0 33.9 3.5 40.7 0.0 31.3 3.5 42.7 0.0 27.6 3.6 46.5 0.0 25.9 3.6 47.0 0.0 23.7 3.7 48.6 0.0 20.9 3.7 50.1 0.0 18.2 3.8 51.5 0.0 14.8 3.8 53.2 0.0 11.4 3.9 54.8 0.0 5 6 7 8 204.9 259.9 45.2 1.7 213.0 245.6 481.4 45.6 1.6 434.2 291.4 544.1 45.9 1.6 496.6 301.6 557.7 46.0 1.7 510.0 321.2 571.2 46.3 1.6 523.3 325.5 585.3 46.5 1.6 537.2 332.2 595.7 45.8 1.6 548.3 337.2 607.0 46.0 1.6 559.4 341.5 621.5 46.6 1.5 573.3 344.8 633.8 48.2 1.5 584.1 346.8 645.4 48.4 1.9 595.1 9 10 11 12 13 1722.9 2010.2 2255.3 2309.5 2378.1 2424.3 2477.1 2521.4 2564.6 2601.1 2636.9 14 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 1781.1 15 237.3 95.8 890.9 256.3 108.9 998.6 274.2 116.7 1128.3 278.7 119.9 1154.5 287.1 123.7 1188.3 288.9 125.4 1215.9 292.0 127.8 1245.0 292.2 128.2 1275.1 287.2 132.6 1308.2 283.5 128.9 1341.4 278.5 127.9 1374.8 16 17 18 147.8 49.8 301.3 170.9 60.5 415.1 196.4 68.8 471.0 202.9 71.0 482.5 211.2 73.7 494.1 214.8 74.9 504.3 218.8 76.3 517.2 222.0 78.0 525.9 224.8 79.6 532.3 227.2 81.0 539.0 229.0 82.1 544.7 19 20 21 (1) Equity in the Farm Credit System. L.104 Farm Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 61.7 64.0 64.8 64.8 65.3 65.5 64.9 65.1 65.9 66.6 67.3 1 2 Checkable deposits and currency 16.9 18.6 19.2 19.3 19.3 19.4 19.4 19.5 19.6 19.7 19.8 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 44.8 43.3 1.5 45.4 43.7 1.7 45.6 43.9 1.6 45.6 44.0 1.5 46.0 44.4 1.6 46.2 44.5 1.6 45.5 43.9 1.6 45.6 44.1 1.6 46.3 44.7 1.7 46.9 45.2 1.7 47.5 45.4 2.1 3 4 5 174.7 183.5 189.4 189.8 197.0 198.8 201.1 200.0 206.7 207.1 208.6 6 155.9 163.9 169.4 170.7 176.2 177.9 180.2 179.7 185.2 185.8 187.5 7 43.9 21.9 90.0 45.1 22.2 96.6 44.2 22.8 102.3 42.4 24.0 104.2 45.9 23.5 106.8 46.2 23.4 108.3 46.9 24.5 108.8 45.1 24.6 109.9 47.8 24.3 113.1 47.1 24.0 114.7 46.7 24.6 116.2 8 9 10 18.8 19.6 20.0 19.2 20.8 20.9 20.9 20.3 21.5 21.2 21.0 11 6 7 8 9 10 11 Total financial assets Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. 66 Z.1, March 7, 2002 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1033.3 1180.3 1267.8 1278.6 1297.9 1305.8 1321.0 1342.5 1362.4 1366.5 1406.4 1 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 32.2 78.4 151.4 28.3 91.1 158.5 32.1 102.1 163.5 27.2 98.9 176.4 27.0 100.7 174.0 25.7 103.4 177.0 33.2 111.5 173.3 30.2 109.9 175.5 30.2 107.1 179.8 29.6 108.1 185.0 35.8 117.5 197.4 2 3 4 5 Credit market instruments 6 7 8 9 10 11 12 Total financial assets 1998 605.0 739.4 782.8 782.9 795.8 788.7 792.0 802.4 799.1 793.3 807.8 5 Open market paper U.S. government securities Treasury Agency 74.0 354.8 239.3 115.4 102.0 448.3 269.3 179.0 103.9 474.3 266.8 207.5 105.6 470.5 257.2 213.3 110.0 476.4 256.4 220.0 109.0 467.9 241.9 226.0 111.5 467.2 236.2 231.0 112.5 471.9 231.5 240.4 108.2 470.2 224.0 246.1 105.7 461.9 208.9 253.0 112.5 464.9 205.4 259.5 6 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 3.9 51.0 121.3 2.5 61.2 125.4 1.0 73.8 129.8 0.6 75.3 130.9 1.0 76.5 132.0 1.8 76.9 133.1 1.6 77.5 134.3 2.1 80.4 135.4 2.0 82.2 136.6 2.1 85.9 137.8 1.9 89.4 139.0 10 11 12 13 14 Corporate equities Mutual fund shares 79.0 33.6 102.0 21.3 115.0 25.6 113.2 22.9 115.0 24.3 117.6 25.4 115.1 26.4 111.1 28.8 121.1 30.7 111.3 30.5 126.3 31.5 13 14 15 16 Taxes receivable Miscellaneous assets 26.9 27.0 28.1 11.5 33.5 13.1 35.5 21.5 39.0 21.9 42.9 25.0 45.6 24.1 49.1 35.5 50.8 43.6 51.4 57.3 50.1 40.1 15 16 17 1668.5 1779.3 1860.7 1874.1 1888.9 1892.6 1915.2 1949.6 1986.2 1995.4 2047.2 17 18 Credit market instruments 1119.5 1199.8 1252.1 1257.3 1265.7 1263.1 1279.3 1307.5 1337.8 1340.6 1386.1 18 19 20 21 22 Municipal securities Short-term Other U.S. government loans 1110.6 47.5 1063.1 8.9 1189.7 41.2 1148.5 10.1 1242.4 44.8 1197.6 9.7 1247.9 46.4 1201.5 9.3 1256.7 45.2 1211.6 8.9 1254.5 43.5 1211.0 8.6 1270.6 47.9 1222.7 8.7 1298.7 53.7 1244.9 8.8 1328.9 55.7 1273.3 8.9 1331.7 64.9 1266.8 8.9 1377.1 71.6 1305.6 8.9 19 20 21 22 549.0 579.5 608.6 616.9 623.2 629.6 635.9 642.1 648.4 654.8 661.1 23 23 Total liabilities Trade payables (1) Data for employee retirement funds are shown in table L.120. L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 Agency securities Mortgages Other loans and advances Trade receivables Taxes receivable Miscellaneous assets Total liabilities 13 14 SDR certificates Treasury currency 15 Credit market instruments 16 17 18 19 20 21 22 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance and pension reserves Miscellaneous liabilities 437.9 442.9 557.4 537.6 532.4 538.3 506.5 537.2 540.1 565.3 609.2 1 42.0 41.6 3.4 51.0 23.2 4.7 44.4 87.9 5.4 41.3 51.2 5.5 41.0 60.6 5.7 39.7 55.7 6.2 41.0 24.3 6.3 38.7 30.7 8.4 39.5 48.9 9.9 44.6 50.6 11.7 43.1 66.8 10.5 2 3 4 205.4 219.1 258.0 259.6 261.6 262.7 265.4 266.6 268.9 269.8 272.8 5 0.0 45.7 159.7 0.0 44.9 174.2 0.0 77.7 180.3 0.0 76.8 182.8 0.0 76.8 184.7 0.0 76.5 186.2 0.0 76.9 188.6 0.0 76.3 190.3 0.0 76.2 192.8 0.0 75.3 194.5 0.0 75.8 197.1 6 7 8 20.8 20.0 104.8 22.3 21.4 101.2 22.9 38.5 100.3 25.4 55.9 98.7 26.9 37.9 98.7 27.7 47.4 98.8 28.1 42.4 98.9 31.7 62.3 98.8 33.9 39.9 99.1 37.6 51.4 99.6 35.8 79.8 100.2 9 10 11 4546.9 4529.4 4499.3 4463.0 4283.5 4244.7 4225.1 4255.1 4108.5 4190.9 4269.9 12 9.2 19.3 9.2 19.9 6.2 20.9 6.2 21.4 4.2 22.1 3.2 23.2 2.2 23.2 2.2 22.9 2.2 23.2 2.2 23.2 2.2 23.2 13 14 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3379.6 15 186.5 3591.8 26.5 0.0 186.6 3537.1 28.5 0.0 186.4 3466.3 28.3 0.0 185.3 3440.5 27.8 0.0 184.6 3251.1 28.2 0.0 184.3 3198.2 27.6 0.0 184.8 3173.1 27.3 0.0 184.8 3197.3 26.8 0.0 185.5 3038.9 27.0 0.0 186.4 3106.7 27.0 0.0 190.3 3162.5 26.8 0.0 16 17 18 19 72.9 634.0 6.6 64.9 676.5 6.7 65.6 719.0 6.6 67.0 708.2 6.6 67.5 719.2 6.5 68.3 733.3 6.6 66.8 741.3 6.4 64.9 749.8 6.5 63.2 762.1 6.4 63.7 775.4 6.4 55.1 803.6 6.2 20 21 22 67 Z.1, March 7, 2002 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 5 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 14 15 16 Open market paper U.S. government securities Official holdings Treasury Agency Private holdings Treasury Agency U.S. corporate bonds (1) Loans to U.S. corporate business 17 18 19 U.S. corporate equities Trade receivables Security credit 20 21 22 Miscellaneous assets Foreign direct investment in U.S. (2) Other 23 Total liabilities 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4925.7 5672.2 6399.6 6621.6 6851.7 7069.0 7369.1 7614.9 7797.8 7845.0 8191.6 1 173.0 243.6 73.6 90.8 145.9 258.4 86.6 72.0 140.3 298.3 101.6 79.9 83.4 277.8 99.2 75.9 150.3 280.3 99.6 87.5 170.8 282.3 98.0 92.4 162.5 290.1 107.2 91.3 100.2 292.9 97.2 116.2 102.8 294.6 97.8 119.5 110.6 304.3 95.9 110.5 156.2 314.1 92.1 120.6 2 3 4 5 2257.3 2539.8 2676.2 2760.7 2809.9 2861.7 3004.6 3112.9 3200.1 3294.3 3430.6 6 77.8 1498.5 614.5 589.8 24.7 115.3 1622.2 620.3 589.0 31.3 102.3 1633.6 628.9 578.2 50.7 100.0 1674.5 653.2 594.4 58.8 98.2 1679.3 659.6 590.4 69.1 94.6 1700.7 664.8 581.4 83.4 111.0 1772.4 676.9 582.3 94.6 110.0 1814.2 679.4 581.3 98.1 112.1 1824.1 668.6 560.5 108.1 111.3 1863.3 684.2 576.3 107.8 119.5 1961.3 705.9 594.0 111.9 7 8 9 10 11 884.0 662.2 221.8 1001.9 729.7 272.2 1004.6 660.7 344.0 1021.3 651.3 370.0 1019.8 630.8 389.0 1035.8 618.3 417.6 1095.5 639.7 455.8 1134.8 640.3 494.4 1155.5 631.7 523.8 1179.1 622.2 556.9 1255.4 655.4 600.0 12 13 14 537.8 143.3 660.0 142.3 820.8 119.5 865.4 120.8 907.6 124.8 954.0 112.4 1003.9 117.3 1073.9 114.8 1145.0 118.9 1182.5 137.2 1234.1 115.7 15 16 919.5 60.3 0.0 1175.1 51.7 0.0 1537.8 46.8 0.0 1598.2 46.4 0.0 1620.4 47.4 0.0 1724.9 49.6 0.0 1748.3 52.5 0.0 1626.5 54.1 0.0 1738.8 63.9 0.0 1529.8 64.0 0.0 1692.8 61.9 0.0 17 18 19 1107.7 823.1 284.5 1342.6 912.2 430.5 1518.8 1094.4 424.4 1680.1 1131.4 548.8 1756.5 1221.9 534.6 1789.3 1299.2 490.1 1912.4 1369.5 542.9 2215.0 1422.4 792.6 2180.2 1488.1 692.1 2335.6 1516.5 819.1 2323.5 1550.5 772.9 20 21 22 2561.4 2788.9 3072.7 3208.9 3352.2 3622.0 3499.5 3914.9 3936.0 4201.8 4067.8 23 24 25 U.S. official foreign exchange and net IMF position U.S. private deposits 48.9 618.5 60.1 642.3 50.1 703.6 46.6 781.9 46.0 782.8 44.9 772.6 46.1 824.5 42.8 883.4 43.4 840.8 49.0 861.7 46.8 886.7 24 25 26 Credit market instruments 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 729.2 706.1 704.8 26 65.1 427.7 72.9 462.6 89.2 479.4 101.6 491.3 101.2 484.5 109.8 502.4 120.9 504.6 112.8 508.9 110.1 504.9 106.3 485.2 106.7 486.8 27 28 52.1 2.1 13.8 36.3 53.3 9.7 58.9 2.8 13.1 43.0 52.4 4.7 59.4 3.0 10.0 46.5 47.8 3.9 63.3 2.8 11.4 49.1 47.9 3.8 64.7 3.1 12.0 49.5 48.0 4.1 67.7 3.6 12.6 51.5 47.4 3.8 70.7 3.5 13.2 54.0 47.3 3.1 73.9 3.6 16.2 54.1 46.9 0.8 66.2 3.3 9.2 53.7 47.1 0.8 67.3 4.2 9.4 53.7 46.7 0.6 63.2 4.3 5.9 53.1 47.5 0.5 29 30 31 32 33 34 48.7 0.0 46.3 0.0 50.6 0.0 50.0 0.0 53.0 0.0 49.8 0.0 52.1 0.0 50.7 0.0 54.7 0.0 48.3 0.0 51.9 0.0 35 36 1237.4 30.8 2.1 1067.4 137.0 1388.8 32.4 1.9 1196.8 157.7 1588.7 33.9 2.6 1328.0 224.3 1622.5 34.2 2.3 1368.9 217.1 1767.9 34.6 2.3 1404.5 326.4 2023.7 34.9 2.4 1448.1 538.3 1830.1 35.4 2.6 1445.2 346.9 2194.7 35.9 2.5 1489.2 667.1 2267.9 36.4 2.5 1532.4 696.6 2536.6 36.7 2.5 1586.0 911.3 2377.7 37.1 2.4 1613.0 725.1 37 38 39 40 41 1207.8 1476.2 2026.6 2057.4 2010.9 1854.0 1787.0 1574.0 1613.6 1373.9 1503.3 42 27 28 Commercial paper Bonds 29 30 31 32 33 34 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 35 36 Trade payables Security debt 37 38 39 40 41 Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 42 Market value of foreign equities held by U.S. residents (3) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Includes American Depositary Receipts (ADRs). 68 Z.1, March 7, 2002 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 534.0 566.8 696.9 604.1 609.8 608.5 636.0 625.3 638.6 663.6 683.2 1 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 28.0 9.2 25.6 30.7 9.2 26.3 27.1 6.2 28.0 26.8 6.2 29.0 26.5 4.2 30.0 26.6 3.2 30.8 26.6 2.2 31.6 25.5 2.2 32.3 25.4 2.2 32.7 26.3 2.2 33.0 25.5 2.2 33.2 2 3 4 5 6 7 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 0.7 2.0 23.8 1.6 0.0 30.4 -0.2 0.2 140.6 -0.2 0.2 23.7 -0.0 0.5 26.9 0.4 0.4 17.3 0.9 0.1 43.4 0.2 0.0 22.0 -0.4 0.2 23.3 -0.5 0.1 47.9 -0.0 0.0 50.3 5 6 7 8 Credit market instruments 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 551.7 8 0.0 431.4 430.7 0.7 0.0 0.0 452.5 452.1 0.3 0.0 0.0 478.1 478.0 0.2 0.0 0.0 501.9 501.7 0.2 0.0 0.0 505.1 505.0 0.1 0.0 0.0 511.5 511.4 0.1 0.0 0.0 511.8 511.7 0.1 0.0 0.0 523.9 523.9 0.0 0.0 0.0 535.1 535.1 0.0 0.0 0.0 534.1 534.1 0.0 0.0 0.0 551.7 551.7 0.0 0.0 9 10 11 12 13 13.2 16.1 16.8 16.5 16.6 18.3 19.3 19.3 20.2 20.5 20.3 14 528.8 560.9 690.5 596.1 605.7 604.7 629.2 618.8 631.3 655.9 675.9 15 9 10 11 12 13 14 15 Total financial assets 1998 Acceptances U.S. government securities Treasury Agency Bank loans n.e.c. Miscellaneous assets Total liabilities 16 17 Depository institution reserves Vault cash of commercial banks 30.8 45.0 26.3 42.1 24.0 66.5 18.2 35.2 18.5 37.0 17.6 34.5 19.0 44.4 17.8 36.0 18.6 37.2 24.9 36.6 17.5 47.3 16 17 18 19 20 21 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 443.5 5.7 0.5 437.4 481.8 6.2 0.2 475.4 590.4 28.5 0.1 561.8 532.7 4.5 0.2 528.0 540.6 6.3 0.1 534.1 542.9 8.6 0.2 534.1 555.2 5.6 0.3 549.3 556.1 6.1 0.1 549.8 567.3 7.6 0.1 559.5 586.3 10.2 0.6 575.4 603.4 7.1 0.1 596.2 18 19 20 21 22 23 24 Miscellaneous liabilities Federal Reserve Bank stock Other 9.5 5.4 4.0 10.7 6.0 4.8 9.4 6.4 3.0 10.0 6.7 3.3 9.6 6.9 2.8 9.6 6.9 2.7 10.6 7.0 3.6 8.8 7.0 1.8 8.2 7.1 1.0 8.0 7.3 0.8 7.8 7.4 0.4 22 23 24 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 69 Z.1, March 7, 2002 L.109 Commercial Banking (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5174.6 5642.2 5980.3 6037.7 6199.4 6346.8 6462.2 6505.8 6574.0 6689.8 6875.6 1 45.0 29.1 1.4 42.1 24.4 2.0 66.5 22.0 2.2 35.2 16.6 1.9 37.0 16.9 2.1 34.5 16.5 1.4 44.4 18.0 1.7 36.0 16.8 1.9 37.2 17.6 1.7 36.6 23.7 2.5 47.3 16.0 2.8 2 3 4 4144.5 4483.3 4782.0 4882.5 5011.6 5105.9 5194.7 5223.4 5235.4 5280.2 5402.4 5 U.S. government securities Treasury Agency 841.2 270.1 571.2 876.6 214.0 662.6 925.0 226.7 698.3 931.5 215.6 715.9 920.8 201.4 719.4 912.8 200.9 711.8 903.1 182.2 720.9 887.6 171.9 715.7 872.8 176.0 696.8 914.9 176.5 738.4 944.4 163.4 781.0 6 7 8 9 10 Municipal securities Corporate and foreign bonds 96.7 143.1 104.8 181.1 110.7 219.9 111.9 214.1 112.3 219.0 113.4 253.5 114.0 277.5 112.7 290.5 116.2 325.8 117.9 337.3 119.9 372.4 9 10 11 12 13 14 15 16 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 3052.9 2.7 1169.8 1245.3 512.6 122.5 3304.8 1.1 1314.9 1337.0 508.9 142.9 3504.9 1.4 1383.8 1495.2 499.8 124.8 3602.1 1.4 1413.7 1546.5 497.1 143.4 3736.9 1.4 1464.6 1614.1 506.2 150.6 3801.9 1.3 1471.7 1648.1 521.8 159.0 3875.3 1.5 1497.9 1659.3 541.5 175.2 3909.0 0.6 1495.1 1688.1 533.7 191.6 3895.7 0.0 1459.5 1723.3 540.2 172.7 3888.7 0.0 1450.2 1736.1 535.3 167.2 3937.4 0.0 1415.1 1789.3 557.1 176.0 11 12 13 14 15 16 17 18 Corporate equities Mutual fund shares 2.6 8.1 6.8 9.2 10.4 11.1 10.5 12.4 10.5 12.2 11.8 12.5 11.0 13.8 7.7 15.9 8.8 16.0 6.4 15.0 8.0 20.2 17 18 20.6 934.0 11.3 1079.1 8.2 1099.3 8.7 1092.8 9.0 1122.8 8.4 1180.1 7.5 1195.9 7.4 1220.2 6.6 1275.5 4.8 1342.0 4.6 1402.5 19 20 5053.0 5519.3 5831.3 5912.9 6110.2 6282.0 6398.8 6419.5 6483.3 6643.2 6822.9 21 6 7 8 19 20 21 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 22 23 24 25 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 143.5 2.8 -32.2 173.0 120.6 1.7 -27.0 145.9 114.8 -0.0 -25.5 140.3 69.5 0.0 -13.9 83.4 139.2 0.5 -11.6 150.3 153.9 0.7 -17.6 170.8 159.2 1.0 -4.3 162.5 102.1 0.2 1.7 100.2 108.1 -0.2 5.5 102.8 116.1 -0.5 6.0 110.6 167.7 0.0 11.5 156.2 22 23 24 25 26 27 28 29 Checkable deposits Federal government Rest of the world Private domestic 656.4 27.8 31.7 597.0 623.0 13.2 30.2 579.7 626.2 49.6 43.6 533.1 574.9 37.5 29.9 507.4 574.0 48.7 31.4 493.9 537.0 39.3 32.6 465.1 541.0 16.4 34.1 490.5 515.8 22.6 34.8 458.4 538.6 36.5 33.7 468.5 540.3 34.4 34.6 471.2 624.5 45.7 34.5 544.4 26 27 28 29 30 31 32 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1761.5 601.0 552.2 1945.2 673.3 639.2 2016.5 792.3 749.8 2077.5 816.4 777.6 2100.3 833.6 827.4 2156.2 864.5 827.5 2229.8 887.2 813.4 2311.6 900.0 818.3 2342.3 901.3 787.4 2395.4 891.0 779.4 2472.6 915.6 787.5 30 31 32 33 Credit market instruments 309.2 382.1 449.3 463.6 494.7 502.0 509.3 540.3 543.7 554.1 563.5 33 58.5 192.6 58.1 56.9 220.2 104.9 63.1 240.6 145.6 59.7 248.9 155.0 61.7 258.4 174.6 62.9 266.6 172.6 63.6 273.2 172.4 71.2 293.1 176.1 69.4 295.3 179.0 67.5 302.1 184.4 55.3 310.5 197.7 34 35 36 5.4 1023.7 7.1 1128.7 9.0 1073.4 9.5 1124.1 10.0 1131.1 10.6 1230.4 11.1 1247.8 11.7 1219.8 12.3 1249.5 12.9 1354.0 13.5 1277.9 37 38 4031.9 4335.7 4643.9 4725.0 4847.4 4931.0 5002.3 5015.7 5044.4 5096.4 5202.8 39 34 35 36 37 38 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities Memo: 39 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19). 70 Z.1, March 7, 2002 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 9 U.S. government securities Treasury Agency Mortgage pool securities Agency-issued CMOs Other agency securities 10 11 12 13 14 Municipal securities Corporate and foreign bonds Private mortgage pool securities Privately issued CMOs Other bonds 15 16 17 18 19 20 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 21 22 Corporate equities Mutual fund shares 23 24 25 Customers’ liab. on acceptances (1) Miscellaneous assets Total liabilities 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3742.2 4094.2 4433.0 4507.6 4627.6 4700.2 4772.9 4788.5 4830.2 4915.8 5010.1 1 71.2 65.5 87.1 51.4 53.3 50.6 62.0 52.3 54.4 59.7 62.7 2 3512.2 3844.4 4161.3 4263.5 4381.3 4453.3 4512.3 4524.1 4566.4 4618.8 4711.6 3 664.0 166.8 497.2 247.7 107.0 142.4 703.5 124.7 578.8 301.4 115.9 161.5 730.9 122.8 608.1 283.6 120.8 203.7 752.2 125.3 626.9 289.8 120.4 216.8 747.1 116.4 630.7 289.9 119.2 221.6 729.3 108.6 620.7 283.5 108.8 228.5 714.2 87.9 626.3 297.8 111.0 217.6 690.8 72.2 618.6 308.2 114.7 195.7 691.6 69.9 621.7 323.5 116.4 181.8 722.4 65.3 657.1 346.0 133.6 177.6 756.2 56.5 699.7 350.5 167.8 181.4 4 5 6 7 8 9 96.1 85.8 3.0 22.5 60.4 104.4 118.2 3.9 42.8 71.5 110.1 161.5 4.8 48.5 108.2 111.2 156.2 3.5 46.1 106.6 111.7 162.6 2.5 47.0 113.2 112.7 195.7 3.4 51.0 141.3 113.3 214.0 4.1 56.5 153.4 112.3 229.7 7.9 57.5 164.3 115.9 242.1 8.6 64.0 169.5 117.6 258.7 8.0 53.9 196.9 119.5 278.5 25.3 59.3 193.9 10 11 12 13 14 2655.6 2.3 867.9 1208.4 512.6 64.4 2902.4 0.8 1012.2 1304.2 508.9 76.3 3137.3 0.7 1104.4 1464.8 499.8 67.6 3221.1 0.7 1131.9 1515.0 497.1 76.5 3337.1 0.6 1178.7 1581.1 506.2 70.5 3391.2 0.6 1186.5 1614.7 521.8 67.5 3446.0 0.9 1202.6 1626.3 541.5 74.7 3467.8 0.0 1197.5 1654.4 533.7 82.2 3492.0 0.0 1179.3 1688.8 540.2 83.7 3498.7 0.0 1170.6 1700.3 535.3 92.6 3529.3 0.0 1138.1 1752.2 557.1 81.9 15 16 17 18 19 20 2.6 8.1 6.8 9.2 10.4 11.1 10.5 12.4 10.5 12.2 11.8 12.5 11.0 13.8 7.7 15.9 8.8 16.0 6.4 15.0 8.0 20.2 21 22 13.7 145.2 9.1 175.2 6.6 177.9 7.1 185.7 7.3 185.8 6.8 189.6 5.9 192.8 6.0 206.1 5.3 204.1 3.9 233.4 3.6 232.2 23 24 3959.7 4366.8 4687.3 4798.2 4959.9 5073.4 5166.6 5181.8 5228.5 5375.4 5456.8 25 26 27 28 29 30 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 2.9 0.7 2.0 -50.2 50.4 25.1 1.6 0.0 -51.0 74.4 59.1 -0.2 0.2 -65.1 124.1 65.5 -0.2 0.2 -60.4 125.9 104.0 -0.0 0.5 -61.6 165.1 138.3 0.4 0.4 -28.5 166.1 137.4 0.9 0.1 -34.6 170.9 114.1 0.2 0.0 -21.0 134.9 127.2 -0.4 0.2 -24.6 152.1 108.4 -0.5 0.1 -16.8 125.6 159.0 -0.0 0.0 -19.5 178.6 26 27 28 29 30 31 32 33 34 Checkable deposits Federal government Rest of the world Private domestic 640.3 27.8 26.0 586.5 605.9 13.2 24.8 567.9 608.6 49.6 37.6 521.5 558.4 37.5 24.4 496.5 556.5 48.7 25.3 482.5 520.8 39.3 27.5 454.0 523.8 16.4 28.4 479.0 499.1 22.6 29.3 447.2 521.4 36.5 30.8 454.1 522.8 34.4 31.8 456.5 605.8 45.7 31.2 528.9 31 32 33 34 35 36 37 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1738.0 369.3 471.7 1924.4 404.1 538.5 1996.8 465.6 667.3 2058.0 480.4 693.7 2079.7 511.4 721.3 2136.2 530.0 705.5 2207.2 553.5 680.1 2290.4 548.8 678.1 2314.1 551.3 670.3 2370.8 549.1 673.5 2445.7 527.9 666.9 35 36 37 38 39 40 41 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 13.7 61.6 58.1 5.4 9.1 72.1 104.9 7.1 6.6 75.8 145.6 9.0 7.0 78.3 155.0 9.5 7.2 81.6 174.6 10.0 6.8 83.9 172.6 10.6 6.0 86.4 172.4 11.1 6.0 89.9 176.1 11.7 5.4 89.0 179.0 12.3 4.1 91.8 184.4 12.9 3.7 94.7 197.7 13.5 38 39 40 41 42 43 44 Miscellaneous liabilities Investment by bank holding companies Other 598.7 413.6 185.1 675.5 469.0 206.6 653.0 471.9 181.2 692.5 492.1 200.4 713.6 501.0 212.6 768.7 514.8 253.9 788.7 525.4 263.3 767.6 541.8 225.8 758.6 552.2 206.4 857.6 577.8 279.8 741.8 585.3 156.4 42 43 44 3450.7 3761.2 4078.9 4171.3 4295.4 4368.2 4418.7 4424.4 4463.2 4508.8 4605.1 45 Memo: 45 Credit market funds advanced (2) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23). 71 Z.1, March 7, 2002 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 811.3 806.5 747.0 711.4 730.3 766.1 784.2 757.9 759.2 755.3 850.9 1 2.9 1.0 1.4 0.5 0.6 0.4 0.5 0.6 0.5 0.6 0.6 2 567.2 568.6 539.7 547.2 556.4 577.3 607.0 622.9 591.9 583.6 605.1 3 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 157.3 95.1 62.2 0.0 41.3 151.8 84.8 67.0 0.0 47.1 163.6 92.3 71.3 0.0 42.0 157.4 86.9 70.5 0.0 43.0 151.1 81.6 69.5 0.0 43.0 159.1 89.0 70.1 0.0 43.7 163.6 91.7 71.9 0.0 49.6 173.1 97.8 75.3 0.0 45.9 157.9 104.3 53.5 0.0 69.4 168.4 109.0 59.4 0.0 64.4 159.5 104.7 54.8 0.0 77.4 4 5 6 7 8 9 10 11 12 13 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 368.6 0.4 284.0 26.1 58.0 369.7 0.3 282.2 20.6 66.6 334.1 0.6 259.9 16.4 57.2 346.8 0.8 262.2 17.0 66.8 362.3 0.8 263.9 17.5 80.1 374.5 0.7 265.1 17.3 91.5 393.8 0.6 275.7 17.1 100.5 403.9 0.6 276.8 17.1 109.4 364.6 0.0 259.0 16.7 88.9 350.8 0.0 258.3 17.9 74.6 368.2 0.0 256.2 17.9 94.1 9 10 11 12 13 14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 6.9 234.3 2.2 234.6 1.6 204.2 1.6 162.1 1.7 171.5 1.6 186.8 1.6 175.1 1.5 133.0 1.2 165.6 0.9 170.2 1.0 244.2 15 16 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 15 16 17 Customers’ liab. on acceptances (2) Miscellaneous assets 830.8 828.7 772.4 737.7 757.4 794.2 813.1 787.8 790.1 787.3 883.9 17 18 19 20 Total liabilities Net interbank liabilities To foreign banks To domestic banks 148.2 144.4 3.8 92.8 92.7 0.1 49.0 41.5 7.4 -14.7 -22.8 8.1 14.0 3.6 10.4 2.5 -4.3 6.8 8.9 -15.5 24.4 -19.9 -37.4 17.5 -14.4 -55.0 40.6 4.7 -29.8 34.6 7.5 -36.5 44.0 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 8.8 13.1 221.3 8.6 9.5 257.8 9.1 7.5 314.5 8.3 7.2 323.7 9.3 7.7 309.3 8.1 6.5 321.0 8.8 9.0 320.1 8.2 7.7 337.8 8.2 13.5 335.2 8.7 9.4 326.8 9.1 11.7 372.4 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities 80.7 7.2 100.4 2.4 82.1 2.0 83.2 2.0 104.9 2.0 120.9 1.9 134.5 2.0 139.6 1.8 116.3 1.4 104.9 1.0 121.9 1.1 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 351.5 38.8 78.8 233.9 357.2 44.2 90.6 222.4 308.2 63.3 93.0 151.9 328.0 68.4 114.6 145.0 310.2 68.9 114.5 126.7 333.3 69.7 119.9 143.7 330.0 72.9 138.7 118.4 312.6 73.2 142.3 97.1 329.8 77.1 137.3 115.5 331.7 79.2 113.5 138.9 360.2 83.2 107.9 169.1 26 27 28 29 516.1 504.2 484.1 482.0 478.1 487.5 508.1 515.0 504.2 509.9 512.0 30 Memo: 30 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15). 72 Z.1, March 7, 2002 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 8 9 10 11 12 Total financial assets Credit market instruments U.S. government securities Treasury issues Agency Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities 13 14 15 Net interbank liabilities To domestic banks To foreign banks 16 Federal funds and security RPs (net) 17 18 19 Credit market instruments Commercial paper Corporate bonds 20 Miscellaneous liabilities 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 575.3 685.9 741.2 758.8 779.6 815.8 841.9 896.4 916.2 951.4 942.9 1 27.4 26.5 32.7 22.1 23.0 21.3 20.5 22.3 21.6 21.3 24.3 2 9.5 4.0 5.5 15.5 2.4 7.5 0.9 6.6 14.8 4.1 14.1 8.8 5.4 15.9 2.6 5.7 0.9 4.7 14.6 1.9 6.0 1.1 5.0 12.9 4.0 6.2 1.1 5.1 13.3 1.8 5.6 0.8 4.8 13.2 1.6 6.2 0.8 5.4 13.4 2.7 6.0 0.9 5.1 12.9 2.7 5.9 0.8 5.0 12.8 2.6 7.4 1.2 6.2 14.9 1.9 3 4 5 6 7 547.9 413.6 89.9 44.4 659.5 469.0 134.0 56.5 708.5 471.9 151.3 85.4 736.7 492.1 165.0 79.6 756.7 501.0 168.8 86.8 794.5 514.8 181.3 98.4 821.4 525.4 189.7 106.3 874.1 541.8 227.3 105.0 894.6 552.2 237.0 105.5 930.2 577.8 241.3 111.1 918.6 585.3 223.3 110.0 8 9 10 11 218.8 270.6 314.6 319.6 333.6 352.4 358.7 390.0 399.6 417.0 414.1 12 -7.6 14.3 -21.9 2.7 23.9 -21.3 6.7 32.1 -25.4 18.6 38.4 -19.8 21.1 39.6 -18.4 13.1 4.1 9.0 12.9 5.8 7.1 7.9 5.2 2.7 -4.8 -10.6 5.8 3.0 -11.8 14.8 1.2 -12.9 14.1 13 14 15 -0.2 0.4 0.5 0.7 1.2 1.1 -1.1 0.6 0.7 0.9 -1.3 16 168.6 37.6 131.0 193.5 45.4 148.1 219.3 54.5 164.8 221.4 50.8 170.6 229.3 52.4 176.8 236.9 54.1 182.7 242.5 55.7 186.8 266.5 63.4 203.2 269.0 62.7 206.4 272.7 62.4 210.3 266.4 50.6 215.8 17 18 19 57.9 74.1 88.1 78.9 82.1 101.4 104.4 115.0 134.6 140.3 147.8 20 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 45.8 55.5 59.2 59.9 61.8 64.7 63.3 63.0 68.3 67.2 71.6 1 1.4 2.0 2.2 1.9 2.1 1.4 1.7 1.9 1.7 2.5 2.8 2 37.8 43.8 48.3 49.6 51.0 54.0 55.0 54.1 55.5 56.5 61.4 3 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 10.5 4.2 6.3 0.5 0.4 13.8 3.6 10.2 0.5 1.0 16.3 2.8 13.5 0.6 0.5 16.2 2.5 13.7 0.7 0.4 16.5 2.4 14.2 0.7 0.4 18.2 2.2 16.0 0.7 0.7 19.6 1.8 17.8 0.7 0.8 17.6 1.2 16.4 0.4 1.5 17.4 0.9 16.5 0.4 1.3 18.2 1.4 16.8 0.3 1.4 21.4 1.1 20.3 0.5 1.6 4 5 6 7 8 Bank loans n.e.c. Home mortgages Commercial mortgages 15.5 6.4 4.4 16.3 7.5 4.8 16.9 8.1 6.0 17.8 8.4 6.1 18.0 9.0 6.4 18.4 9.4 6.7 18.0 9.1 6.8 18.1 7.1 9.5 18.6 7.6 10.2 18.6 7.6 10.3 18.8 8.2 11.0 9 10 11 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 Miscellaneous assets Total liabilities 6.6 9.7 8.7 8.4 8.8 9.2 6.6 7.1 11.1 8.2 7.4 12 43.7 53.1 56.9 57.5 59.3 62.0 60.4 59.8 65.0 63.6 68.1 13 14 15 16 Checkable deposits Small time and savings deposits Large time deposits 7.3 10.4 10.4 8.5 11.4 11.4 8.5 12.2 12.2 8.2 12.3 12.3 8.2 12.9 12.9 8.1 13.5 13.5 8.4 13.6 13.6 8.4 13.4 13.4 9.0 14.8 14.8 8.8 15.2 15.2 9.6 15.2 15.2 14 15 16 17 Miscellaneous liabilities 15.6 21.9 24.1 24.7 25.3 26.9 24.8 24.5 26.4 24.5 28.0 17 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 73 Z.1, March 7, 2002 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 5 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 6 Credit market instruments 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1028.6 1088.4 1151.4 1160.4 1182.5 1202.9 1218.6 1254.9 1274.0 1287.6 1298.0 1 1.8 15.2 1.0 9.2 1.9 18.4 1.5 14.8 2.0 20.1 1.3 10.6 1.6 16.3 1.9 11.5 1.6 17.5 1.3 12.0 1.1 17.5 1.1 14.7 1.0 19.7 1.4 14.9 1.0 19.6 1.7 21.7 1.0 21.7 2.4 22.0 1.2 21.8 2.3 25.8 1.5 21.8 2.2 27.4 2 3 4 5 928.5 964.6 1033.2 1045.8 1062.5 1082.2 1089.7 1101.6 1116.4 1118.4 1130.1 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 0.0 169.8 14.6 155.3 0.0 153.7 10.2 143.6 0.0 157.4 10.1 147.3 0.0 152.2 9.9 142.2 0.0 149.1 9.1 140.0 0.0 148.4 8.8 139.6 0.0 149.3 8.7 140.6 0.0 153.5 8.0 145.5 0.0 158.2 7.5 150.7 0.0 155.5 6.6 148.9 0.0 172.9 11.4 161.5 7 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 2.1 58.7 18.8 631.8 47.2 2.5 88.6 24.2 644.0 51.6 3.0 112.0 30.7 668.6 61.5 3.1 115.7 33.4 682.4 59.0 3.0 110.6 35.4 703.5 61.0 3.0 107.3 37.9 723.1 62.5 3.2 109.5 39.3 723.8 64.6 3.9 96.0 41.4 741.4 65.5 4.0 93.2 43.8 751.9 65.3 4.1 88.1 43.6 758.6 68.5 4.5 83.7 43.0 758.0 68.0 11 12 13 14 15 23.3 49.7 24.5 62.8 23.8 60.3 23.7 59.5 24.2 63.4 24.4 61.9 24.2 67.7 24.6 84.6 25.6 84.8 27.1 90.9 27.9 87.1 16 17 1001.0 1058.6 1120.4 1129.4 1150.7 1170.4 1186.7 1222.8 1241.4 1253.5 1263.7 18 695.7 149.5 448.2 98.1 693.1 185.6 393.8 113.7 699.9 222.7 354.9 122.2 705.3 234.0 342.2 129.1 707.0 244.7 331.0 131.3 718.4 254.9 324.1 139.4 727.4 265.9 319.4 142.2 750.0 278.7 318.9 152.4 755.5 291.9 307.2 156.4 769.1 303.5 298.0 167.6 773.1 316.5 287.9 168.7 19 20 21 22 16 17 18 Corporate equities Miscellaneous assets Total liabilities 19 20 21 22 Deposits Checkable Small time and savings Large time 23 Security RPs 41.8 51.3 72.7 73.5 75.0 81.2 66.7 67.1 69.6 54.6 71.9 23 24 25 26 27 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 160.3 2.8 19.4 138.0 212.4 2.6 29.7 180.1 260.4 2.7 14.0 243.7 266.9 2.7 20.4 243.8 280.7 2.7 21.3 256.7 276.0 3.4 20.8 251.8 287.7 6.3 21.5 260.0 295.1 2.8 22.6 269.7 294.4 6.4 21.7 266.4 305.6 6.1 23.3 276.1 294.0 3.6 23.0 267.4 24 25 26 27 28 29 30 31 Taxes payable Miscellaneous liabilities Investment by parent Other 1.8 101.4 5.0 96.4 2.0 99.8 5.4 94.4 2.0 85.4 6.0 79.4 1.7 82.0 6.1 75.9 1.8 86.1 6.3 79.8 2.1 92.7 6.4 86.2 2.4 102.5 6.6 95.9 2.3 108.4 6.8 101.6 2.0 119.8 7.0 112.8 2.0 122.1 7.2 114.9 1.7 122.9 7.4 115.6 28 29 30 31 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 74 Z.1, March 7, 2002 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 6 7 8 9 Open market paper U.S. government securities Treasury Agency 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 353.8 391.5 414.5 428.3 429.7 435.6 441.1 466.5 480.7 496.4 505.5 1 8.1 17.0 3.5 9.1 23.4 6.8 26.4 16.6 9.3 26.4 18.8 9.6 24.0 16.6 2.8 17.6 15.2 7.8 12.2 17.1 4.0 15.0 20.9 10.8 18.1 19.0 8.3 25.0 18.7 7.9 19.8 25.5 2.5 2 3 4 305.3 324.2 351.7 359.0 370.1 376.0 382.2 386.5 391.8 407.8 420.8 5 0.2 66.7 15.6 51.0 0.4 71.5 13.1 58.4 1.9 70.9 9.6 61.3 0.8 74.8 9.4 65.4 0.3 74.7 8.8 65.8 1.2 69.5 8.6 60.9 1.2 69.2 8.2 60.9 1.1 76.4 8.0 68.4 1.6 72.8 6.6 66.3 1.3 80.6 6.4 74.1 2.4 88.0 7.4 80.6 6 7 8 9 10 11 Home mortgages Consumer credit 86.0 152.4 96.9 155.4 111.0 167.9 114.1 169.2 119.1 176.0 124.0 181.3 127.4 184.4 126.2 182.8 130.9 186.4 140.2 185.7 144.2 186.2 10 11 12 13 Mutual fund shares Miscellaneous assets 2.4 17.6 3.6 24.3 2.5 8.0 3.2 11.3 2.3 13.9 2.2 16.7 2.2 23.4 2.0 31.2 3.6 39.9 3.1 33.8 3.7 33.2 12 13 320.6 355.3 376.1 388.7 389.5 394.1 398.1 422.3 435.8 450.6 458.9 14 315.4 36.6 264.4 14.4 349.0 43.0 287.5 18.5 366.7 45.4 299.8 21.6 380.7 51.3 308.3 21.1 380.5 50.4 307.6 22.5 383.5 50.9 310.6 22.0 389.1 51.3 312.7 25.1 415.6 55.2 334.8 25.6 426.3 54.2 342.8 29.3 441.3 55.6 353.7 32.0 450.2 54.7 361.3 34.1 15 16 17 18 0.6 4.6 1.1 5.2 3.4 6.0 2.6 5.4 2.9 6.1 3.1 7.5 3.4 5.6 3.2 3.5 3.5 6.0 3.8 5.5 4.9 3.8 19 20 14 Total liabilities 15 16 17 18 Shares/deposits Checkable Small time and savings Large time 19 20 Other loans and advances Miscellaneous liabilities L.116 Bank Personal Trusts and Estates (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Credit market instruments 917.7 976.3 1104.1 1131.4 1087.5 1079.6 992.1 901.7 936.9 832.2 884.6 1 48.2 0.8 10.0 37.4 54.4 0.3 7.8 46.2 62.7 0.3 8.7 53.7 63.8 0.3 9.0 54.5 65.1 0.3 9.2 55.6 65.9 0.3 9.3 56.3 67.0 0.3 9.4 57.4 68.0 0.3 9.5 58.2 69.0 0.2 9.6 59.2 70.1 0.2 9.7 60.2 71.1 0.2 9.7 61.2 2 3 4 5 207.0 194.1 222.0 226.7 230.2 234.6 239.1 241.8 245.1 247.3 249.5 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 21.0 61.2 20.4 40.8 16.5 56.8 17.3 39.4 17.1 62.5 17.3 45.2 17.3 63.3 17.1 46.2 17.4 64.1 16.9 47.2 17.6 65.2 16.7 48.5 17.7 66.3 16.5 49.8 16.7 66.7 16.2 50.6 15.8 67.4 15.8 51.6 14.9 67.6 15.4 52.2 13.7 67.8 14.9 52.8 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 90.7 31.1 3.0 89.5 28.5 2.8 100.3 39.8 2.2 102.1 41.8 2.2 103.0 43.5 2.2 104.3 45.4 2.1 105.0 48.0 2.1 105.8 50.5 2.0 106.3 53.6 2.0 106.7 56.1 2.0 106.8 59.1 2.0 11 12 13 321.0 326.9 314.0 390.8 338.3 460.6 345.1 475.8 323.8 449.2 318.6 441.3 280.0 387.0 239.8 333.4 251.9 352.2 206.2 290.3 225.9 320.0 14 15 14.6 23.0 20.5 20.0 19.3 19.3 19.0 18.7 18.6 18.3 18.1 16 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 17 14 15 Corporate equities Mutual fund shares 16 Miscellaneous assets 17 Total liabilities (2) (1) Includes personal trusts and estates administered by nondeposit noninsured trust companies. (2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector. 75 Z.1, March 7, 2002 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 Checkable deposits and currency Money market fund shares 4 Credit market instruments 5 6 7 8 9 10 11 12 Open market paper U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Policy loans Mortgages 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2514.8 2769.5 3067.9 3155.5 3153.0 3203.9 3135.7 3103.0 3198.5 3135.8 3305.8 1 8.1 92.8 5.4 110.4 5.5 133.8 4.0 135.1 5.6 133.7 3.7 136.6 5.0 142.3 17.8 154.7 23.5 166.7 25.1 172.7 28.1 185.3 2 3 1751.1 1828.0 1886.0 1902.2 1914.1 1935.1 1943.9 1967.2 1996.9 2044.2 2076.2 4 65.9 312.1 85.5 226.7 73.4 288.4 71.3 217.0 75.8 287.1 62.8 224.4 72.0 289.7 61.7 228.0 73.7 290.3 60.5 229.8 75.2 292.5 59.5 233.0 71.2 293.5 58.1 235.4 60.4 297.4 53.8 243.6 58.9 297.2 48.7 248.5 65.5 301.8 44.3 257.5 66.4 306.7 43.3 263.4 5 6 7 8 16.7 1046.0 103.7 206.8 18.4 1130.4 103.8 213.6 20.1 1173.2 99.0 230.8 20.0 1192.5 98.7 229.4 19.6 1198.2 99.6 232.6 19.4 1212.2 101.1 234.7 19.1 1222.2 101.9 235.9 19.5 1252.0 102.9 235.1 20.4 1280.2 103.0 237.1 20.8 1312.7 104.4 238.9 21.2 1336.5 104.6 240.9 9 10 11 12 558.6 38.4 733.2 23.3 964.5 43.3 1027.6 47.8 1007.8 48.6 1023.3 51.1 940.8 48.1 873.2 42.6 926.4 46.1 819.3 39.1 935.2 44.3 13 14 65.7 69.2 34.9 38.7 43.1 54.0 55.6 47.5 38.9 35.3 36.7 15 2359.7 2599.7 2882.8 2963.5 2958.8 3003.1 2942.8 2902.2 2994.5 2939.4 3077.5 16 17 18 19 Other loans and advances Life insurance reserves Pension fund reserves (1) 1.8 632.7 1086.1 2.5 684.7 1248.1 3.2 748.9 1431.0 3.0 765.7 1481.3 2.7 770.6 1476.4 2.7 782.7 1506.0 2.5 782.7 1456.1 1.9 786.5 1414.5 1.9 803.1 1465.6 2.8 809.8 1405.6 3.1 830.3 1507.8 17 18 19 20 21 Taxes payable Miscellaneous liabilities 13.7 625.4 14.9 649.5 16.2 683.5 16.5 697.0 16.9 692.1 17.3 694.3 17.8 683.8 18.2 681.1 18.7 705.2 19.2 701.9 19.7 716.5 20 21 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21). L.118 Other Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Security RPs 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 843.5 879.1 875.9 879.8 877.6 879.3 871.6 851.4 861.8 857.5 881.1 1 4.2 35.2 4.0 42.7 4.3 28.3 3.1 34.8 2.7 35.3 3.1 35.8 3.7 38.3 10.6 27.8 11.8 26.6 13.6 31.6 14.9 29.2 2 3 515.3 521.1 518.2 515.4 510.8 512.4 509.4 510.0 510.0 511.3 514.5 4 U.S. government securities Treasury Agency 161.9 91.1 70.8 140.0 70.4 69.7 136.2 60.6 75.5 135.8 58.3 77.5 135.4 56.0 79.4 136.4 54.3 82.1 136.2 52.1 84.1 133.3 48.1 85.2 132.8 46.1 86.7 131.1 44.2 86.9 130.9 42.4 88.5 5 6 7 Municipal securities Corporate and foreign bonds Commercial mortgages 191.6 159.5 2.2 208.1 171.1 2.0 199.0 181.1 1.9 194.7 182.3 2.5 190.4 183.3 1.8 188.1 186.2 1.7 184.1 187.5 1.6 185.3 189.7 1.6 184.8 190.7 1.7 186.3 192.2 1.7 188.0 193.9 1.7 8 9 10 186.0 59.9 42.8 200.1 61.5 49.7 207.9 63.6 53.8 205.3 66.1 55.1 203.9 67.2 57.7 199.4 68.7 60.0 194.3 64.6 61.4 172.2 67.6 63.3 179.9 69.8 63.7 164.5 72.7 63.8 185.2 73.0 64.2 11 12 13 535.7 543.3 557.7 560.1 565.7 570.7 565.9 570.1 576.6 592.9 596.1 14 13.4 522.3 15.4 527.9 17.4 540.3 17.9 542.2 18.5 547.2 19.0 551.7 19.7 546.3 20.3 549.8 21.0 555.6 21.7 571.2 22.4 573.7 15 16 Corporate equities Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 76 Z.1, March 7, 2002 L.119 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3746.5 4178.3 4645.4 4801.2 4714.5 4759.6 4537.9 4213.7 4352.8 3978.1 4161.5 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6.6 119.4 61.4 27.6 5.7 147.7 63.4 28.8 6.6 144.7 75.1 28.6 6.7 144.6 75.5 28.8 6.9 145.9 75.6 28.9 7.1 146.0 78.6 29.2 7.2 147.1 81.0 29.6 7.4 146.3 83.4 28.7 7.8 146.2 85.9 29.0 8.0 145.3 88.5 29.4 7.9 144.0 90.0 29.7 2 3 4 5 6 Credit market instruments 674.6 651.8 677.2 691.2 696.3 710.5 717.1 722.8 729.3 725.1 735.0 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 31.3 354.9 143.5 211.4 34.3 307.3 112.5 194.8 37.5 318.3 112.1 206.1 35.6 330.3 111.4 218.9 35.7 332.4 112.9 219.5 36.1 339.5 113.1 226.4 35.8 343.6 111.8 231.7 32.5 343.7 107.3 236.4 35.9 338.9 104.0 234.9 32.0 336.0 99.6 236.4 34.5 341.7 102.4 239.3 7 8 9 10 11 12 Corporate and foreign bonds Mortgages 278.7 9.7 300.9 9.3 310.5 10.9 314.0 11.3 316.6 11.6 323.1 11.9 325.5 12.2 334.1 12.5 341.7 12.7 344.3 12.8 345.5 13.4 11 12 1696.4 569.6 1990.7 668.2 2325.7 753.8 2419.2 792.0 2346.0 777.4 2361.6 788.5 2195.1 733.6 1958.9 652.8 2050.7 688.5 1772.7 601.3 1902.3 638.7 13 14 13 14 Corporate equities Mutual fund shares 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 590.9 381.9 93.5 115.4 622.2 384.6 114.9 122.7 633.7 393.5 116.1 124.1 643.2 400.1 116.4 126.6 637.5 391.8 116.7 128.9 638.0 390.4 117.0 130.6 627.3 378.4 117.4 131.6 613.5 363.8 117.7 132.0 615.4 369.2 118.0 128.2 607.9 355.6 118.3 133.9 613.8 363.4 118.6 131.7 15 16 17 18 19 Pension fund reserves (liabilities) (3) 3793.6 4232.5 4702.9 4859.5 4773.7 4819.8 4598.9 4275.7 4415.7 4041.9 4226.3 19 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1817.1 2054.1 2226.8 2236.5 2242.0 2292.0 2289.6 2169.4 2229.5 2077.7 2176.7 1 5.3 2.4 28.6 10.0 2.0 37.5 9.2 1.7 40.4 11.1 2.4 45.4 12.5 2.7 46.8 12.0 4.4 45.1 9.1 1.1 44.7 7.2 0.8 42.5 11.9 1.1 46.8 11.7 0.8 46.1 12.0 2.0 45.5 2 3 4 632.5 704.6 751.4 767.2 775.1 784.5 806.0 788.3 807.6 789.0 790.9 5 Open market paper U.S. government securities Treasury Agency 28.6 340.2 216.9 123.3 37.5 360.1 217.7 142.4 40.4 376.4 211.2 165.3 45.4 371.9 211.1 160.8 46.8 385.9 210.5 175.5 45.1 387.8 200.7 187.2 44.7 398.5 195.7 202.8 42.5 391.3 195.3 196.0 46.8 414.8 204.4 210.4 46.1 377.7 187.7 190.0 48.0 374.0 186.0 188.0 6 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 1.5 244.5 17.6 3.3 279.6 24.1 3.0 310.0 21.5 2.9 325.3 21.7 2.8 318.5 21.0 2.2 327.9 21.5 1.6 339.7 21.5 1.8 330.6 22.1 1.6 321.6 22.8 0.5 341.0 23.7 1.0 343.0 24.9 10 11 12 1084.8 63.5 1233.9 66.1 1343.2 81.0 1331.0 79.4 1322.5 82.3 1360.9 85.0 1335.1 93.5 1224.1 106.4 1255.1 106.9 1113.8 116.2 1215.7 110.6 13 14 1842.0 2085.4 2262.3 2272.8 2280.8 2332.4 2331.5 2212.8 2274.2 2123.6 2223.6 15 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. 77 Z.1, March 7, 2002 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 2240.7 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 23.2 1.5 111.3 126.6 30.6 -1.0 127.0 139.5 42.9 -2.2 160.4 139.6 56.4 -3.0 157.7 158.3 73.5 -3.6 125.1 169.4 75.5 0.0 129.3 172.0 91.1 2.2 142.4 183.0 112.9 -3.9 173.3 205.9 110.4 -2.8 171.5 208.2 110.6 -9.6 182.7 221.5 124.2 4.6 219.5 227.0 2 3 4 5 6 Credit market instruments 721.9 965.9 1147.8 1217.1 1159.4 1212.5 1290.9 1403.8 1414.6 1498.0 1536.9 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 336.0 182.5 86.2 96.3 414.2 277.5 103.6 173.8 519.0 294.7 103.8 190.9 576.0 271.7 98.9 172.7 566.4 236.8 78.8 158.1 589.3 241.7 79.8 161.9 608.6 275.6 90.4 185.2 641.9 344.3 96.3 248.0 638.2 361.3 93.4 267.9 647.2 429.0 111.9 317.1 638.9 454.1 135.7 318.4 7 8 9 10 11 12 Municipal securities Corporate and foreign bonds 167.0 36.4 193.0 81.2 210.4 123.7 225.8 143.6 221.5 134.6 227.6 153.9 244.7 161.9 256.0 161.6 255.2 159.9 267.1 154.7 281.0 163.0 11 12 58.1 67.7 90.4 79.6 103.4 108.5 102.5 102.6 112.8 113.0 128.6 13 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 2240.7 14 13 14 Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 1 57.8 70.9 80.8 82.8 96.9 106.0 106.4 88.4 84.6 77.6 74.7 2 901.1 1028.4 1076.8 1058.3 1072.5 1087.1 1097.8 1113.9 1160.3 1188.2 1223.9 3 4 5 6 7 Open market paper U.S. government securities Treasury Agency 57.8 349.7 136.4 213.3 70.9 375.9 141.0 234.9 80.8 388.4 117.3 271.1 82.8 379.9 115.5 264.4 96.9 387.5 118.6 268.9 106.0 389.7 120.0 269.7 106.4 399.0 123.7 275.3 88.4 412.8 118.7 294.1 80.9 446.4 118.2 328.1 77.6 464.0 112.3 351.7 74.7 476.9 115.4 361.5 4 5 6 7 8 9 Municipal securities Corporate and foreign bonds 219.8 273.8 242.6 339.0 239.4 368.2 232.0 363.5 227.5 360.6 228.3 363.0 230.5 361.9 236.0 376.8 240.2 392.8 245.8 400.8 252.2 420.1 8 9 2018.7 11.8 2506.2 7.7 3376.7 4.2 3680.2 2.7 3546.7 2.6 3585.1 3.4 3226.9 3.5 2786.7 1.3 3013.6 1.0 2486.2 1.1 2836.8 1.1 10 11 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 12 10 11 12 Corporate equities Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 Closed-End and Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Closed-end funds 1 Total financial assets 149.0 151.0 151.0 150.4 146.5 144.5 138.3 131.9 132.1 124.7 126.2 1 2 3 4 5 Credit market instruments U.S. government securities Municipal securities Corporate and foreign bonds 98.3 10.2 59.9 28.1 103.7 9.3 61.8 32.6 111.1 8.0 70.5 32.6 109.0 8.0 69.3 31.7 106.9 7.9 68.2 30.8 104.8 7.8 67.0 30.0 102.7 7.7 65.9 29.1 100.6 7.6 64.7 28.2 98.5 7.6 63.6 27.3 96.4 7.5 62.4 26.5 94.2 7.4 61.3 25.6 2 3 4 5 6 Corporate equities 50.7 47.3 39.9 41.4 39.6 39.7 35.7 31.3 33.7 28.4 31.9 6 6.7 15.6 33.9 36.8 46.1 49.7 65.6 66.0 75.6 64.3 83.0 7 155.7 149.0 6.7 166.6 151.0 15.6 184.9 151.0 33.9 187.2 150.4 36.8 192.6 146.5 46.1 194.2 144.5 49.7 203.9 138.3 65.6 197.9 131.9 66.0 207.7 132.1 75.6 189.1 124.7 64.3 209.1 126.2 83.0 8 9 10 Exchange-traded funds 7 Total financial assets (1) Memo: 8 9 10 Market value of equities Closed-end funds Exchange-traded funds (1) Corporate equities. 78 Z.1, March 7, 2002 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 Checkable deposits and currency Federal funds and security RPs 4 Credit market instruments 5 6 7 8 Open market paper U.S. government securities Treasury Agency 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1099.4 1403.8 1720.6 1752.3 1812.1 1881.8 1969.4 2054.5 2123.4 2219.8 2301.4 1 1.9 90.4 4.4 77.0 11.8 89.7 0.7 90.6 1.2 80.9 1.0 83.7 2.1 78.1 2.0 97.3 2.7 84.4 3.9 97.2 3.7 99.1 2 3 939.4 1253.9 1545.6 1584.0 1649.2 1714.3 1803.7 1869.7 1951.1 2019.1 2098.1 4 34.0 352.4 25.9 326.5 60.9 514.7 25.2 489.6 33.8 699.2 30.9 668.3 38.1 723.5 25.2 698.4 34.8 737.6 20.7 717.0 42.2 784.7 29.0 755.6 50.6 845.4 32.1 813.3 38.0 898.7 28.1 870.6 48.1 944.6 33.2 911.4 48.2 989.0 28.8 960.2 62.5 1022.6 32.0 990.6 5 6 7 8 5.2 47.1 9.2 67.8 10.6 91.5 9.2 94.2 9.1 106.5 9.9 113.9 8.8 117.3 9.9 125.2 12.0 137.3 12.1 137.0 14.8 145.5 9 10 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 260.3 30.9 31.6 197.8 352.6 29.5 34.9 288.2 466.2 34.6 35.8 395.7 472.9 32.4 36.2 404.3 505.4 31.9 36.8 436.6 503.5 36.3 37.4 429.8 514.6 37.8 38.9 437.9 527.9 38.4 39.0 450.5 530.1 39.6 40.1 450.3 547.2 40.1 40.4 466.8 555.2 40.8 41.7 472.7 11 12 13 14 15 16 17 18 Mortgages Home Multifamily residential Farm 240.5 194.3 17.3 28.9 248.7 199.6 18.1 31.0 244.4 189.3 22.9 32.2 246.1 189.8 24.2 32.1 255.7 197.6 25.3 32.8 260.1 200.5 26.2 33.5 267.1 205.1 27.8 34.2 270.0 206.3 28.8 34.9 279.1 211.9 30.7 36.4 285.6 215.8 32.4 37.4 297.4 224.2 34.7 38.6 15 16 17 18 67.8 68.5 73.5 77.0 80.8 82.8 85.5 85.4 85.2 99.7 100.5 19 1070.3 1368.9 1681.1 1711.8 1770.0 1837.6 1922.5 2008.4 2074.3 2169.3 2248.6 20 995.3 995.3 0.0 1273.6 1273.6 0.0 1591.7 1591.7 0.0 1618.0 1618.0 0.0 1680.2 1680.2 0.0 1749.7 1749.7 0.0 1825.8 1825.8 0.0 1888.7 1888.7 0.0 1955.8 1955.8 0.0 2037.4 2037.4 0.0 2114.5 2114.5 0.0 21 22 23 75.1 95.3 89.3 93.8 89.8 87.9 96.7 119.7 118.5 131.9 134.1 24 19 20 Miscellaneous assets Total liabilities 21 22 23 Credit market instruments GSE issues (2) U.S. government loans 24 Miscellaneous liabilities (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., a private company chartered in 1997. (2) Such issues are classified as U.S. government securities. L.125 Federally Related Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 1788.1 37.8 0.0 0.0 1970.2 48.3 0.0 0.0 2234.7 57.5 0.0 0.0 2263.0 59.1 0.0 0.0 2294.1 61.0 0.0 0.0 2351.4 63.0 0.0 0.0 2425.6 66.0 0.0 0.0 2464.9 69.3 0.0 0.0 2559.3 74.1 0.0 0.0 2682.1 77.3 0.0 0.0 2746.6 81.6 0.0 0.0 2 3 4 5 6 Total pool securities (liabilities)(2) 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 6 (1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued 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 U.S. government securities. 79 Z.1, March 7, 2002 L.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total financial assets 1065.8 1385.4 1611.6 1646.9 1689.0 1735.1 1822.9 1887.5 1936.7 2011.2 2104.8 1 2 Agency securities (1) 142.3 180.2 220.4 225.7 226.4 226.4 224.7 235.7 232.5 239.8 246.9 2 3 4 5 Other loans and advances Student loans Loans to business 76.2 14.1 62.1 103.8 17.9 85.9 113.0 19.4 93.6 124.3 22.8 101.5 125.4 24.5 100.9 128.3 30.7 97.6 138.3 29.9 108.4 138.1 30.5 107.6 132.3 31.0 101.3 148.4 31.2 117.2 150.5 30.5 120.0 3 4 5 6 7 8 9 Mortgages (2) Home Multifamily residential Commercial 406.2 310.7 20.9 74.6 563.0 405.2 33.8 124.0 656.1 455.0 42.3 158.8 669.8 463.5 43.2 163.1 687.5 471.9 44.4 171.2 707.9 484.6 45.6 177.6 739.8 499.8 48.8 191.2 767.5 523.3 49.0 195.2 805.0 539.2 51.7 214.1 834.5 550.2 54.5 229.8 889.2 574.5 60.2 254.5 6 7 8 9 Consumer credit Trade receivables 313.1 128.1 372.4 165.9 435.1 187.0 434.0 193.1 447.0 202.7 460.3 212.2 500.1 220.0 519.2 227.0 533.9 233.0 548.5 240.0 572.4 245.9 10 11 1076.6 1398.0 1621.4 1655.8 1697.0 1742.3 1829.6 1893.7 1942.4 2016.7 2110.0 12 256.1 820.5 381.8 1016.2 520.8 1100.6 546.6 1109.1 570.3 1126.7 595.7 1146.6 641.8 1187.8 653.3 1240.4 670.3 1272.2 691.3 1325.4 745.3 1364.8 13 14 10.8 11.1 12.6 13.9 9.7 12.9 8.9 13.0 7.9 12.3 7.3 11.6 6.7 10.7 6.3 10.1 5.8 10.0 5.5 9.5 5.2 9.7 15 16 10 11 12 13 14 15 16 Total liabilities Commercial paper Corporate bonds Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Federally related mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. (4) Included in table L.129. L.127 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 763.9 852.7 1003.0 1038.3 1073.0 1106.3 1137.9 1140.1 1145.4 1136.3 1152.9 1 20.6 22.8 25.3 25.9 26.6 27.2 27.9 28.6 29.3 30.0 30.8 2 2 Checkable deposits and currency 3 4 5 6 Credit market instruments Other loans and advances Mortgages Consumer credit 568.2 304.1 96.5 167.5 645.5 340.9 121.2 183.3 742.5 395.1 145.8 201.5 776.6 422.7 149.1 204.8 812.3 441.9 157.7 212.7 830.0 443.0 165.4 221.5 850.5 458.4 172.3 219.8 848.0 459.1 176.1 212.8 878.5 481.9 182.3 214.3 859.4 451.1 187.4 220.9 867.0 447.0 183.3 236.7 3 4 5 6 7 Miscellaneous assets 175.1 184.4 235.3 235.8 234.1 249.0 259.6 263.5 237.7 246.8 255.2 7 780.8 856.6 994.6 1051.0 1086.1 1123.8 1159.5 1159.3 1167.4 1161.0 1176.7 8 568.3 202.6 341.5 24.2 625.5 233.3 365.6 26.5 695.7 230.4 429.9 35.4 708.4 233.0 446.6 28.8 740.8 224.3 483.7 32.8 761.8 218.8 507.3 35.7 776.9 238.8 502.2 35.9 756.2 180.9 533.8 41.6 769.0 181.6 542.1 45.3 771.2 171.0 555.8 44.5 770.0 157.3 563.3 49.4 9 10 11 12 6.5 7.3 8.1 8.3 8.6 8.8 9.1 9.3 9.6 9.9 10.2 13 206.0 35.7 47.1 123.2 223.8 38.3 34.3 151.2 290.7 49.7 87.8 153.1 334.2 47.8 107.2 179.2 336.7 48.6 95.1 193.0 353.2 49.9 100.0 203.3 373.5 67.3 102.5 203.6 393.7 73.2 97.2 223.3 388.8 77.9 93.4 217.5 379.9 80.1 91.7 208.1 396.5 82.1 99.3 215.1 14 15 16 17 98.8 96.6 102.9 106.6 109.1 109.9 108.2 106.4 110.2 108.3 103.5 18 8 Total liabilities 9 10 11 12 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 13 Taxes payable 14 15 16 17 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 18 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table L.126. 80 Z.1, March 7, 2002 L.128 Mortgage Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 Q1 1 2 3 4 5 6 7 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Total liabilities Bank loans n.e.c. Investment by parent Q2 2001 Q3 Q4 Q1 Q2 Q3 Q4 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 37.2 1 21.8 5.2 5.1 24.9 5.3 5.1 25.2 5.3 5.1 23.7 5.3 5.1 25.1 5.3 5.1 24.9 5.3 5.1 25.4 5.4 5.1 25.8 5.4 5.1 26.0 5.4 5.1 26.4 5.4 5.1 26.7 5.4 5.1 2 3 4 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 37.2 5 16.0 16.0 17.7 17.7 17.8 17.8 17.1 17.1 17.8 17.8 17.7 17.7 17.9 17.9 18.1 18.1 18.2 18.3 18.5 18.5 18.6 18.6 6 7 63.2 63.2 62.1 63.5 65.6 68.0 76.9 1 L.129 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 64.3 70.7 68.4 64.9 3.3 4.1 4.4 4.5 4.2 3.8 4.3 4.1 4.7 5.2 4.8 2 50.6 45.5 42.9 38.8 38.2 37.3 36.6 37.6 37.9 39.8 47.1 3 4 5 Agency securities Corporate and foreign bonds 21.2 6.5 13.1 6.1 14.2 5.7 14.1 5.6 13.1 6.4 13.9 5.7 14.5 5.3 13.9 7.4 17.4 5.2 18.3 5.9 25.8 6.0 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 22.9 14.0 2.1 6.9 26.3 14.8 2.1 9.4 23.0 12.4 1.6 9.0 19.2 8.8 1.4 9.0 18.6 8.3 1.6 8.7 17.8 8.0 1.5 8.2 16.8 7.9 1.3 7.6 16.3 7.8 1.2 7.4 15.3 7.6 1.2 6.5 15.6 8.0 1.3 6.4 15.3 6.6 0.6 8.1 6 7 8 9 10.5 21.2 21.1 21.5 20.8 22.0 21.1 21.8 23.0 22.9 25.0 10 205.6 216.8 216.8 219.0 220.6 217.5 221.9 221.8 223.1 233.3 11 10 Miscellaneous assets 11 Total liabilities 139.0 12 Security RPs 24.9 15.1 15.7 13.0 11.2 12.4 11.9 13.1 15.1 16.9 23.6 12 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Mortgages 96.1 0.0 31.6 17.6 46.8 158.8 0.2 53.4 33.6 71.6 165.1 0.1 62.2 26.0 76.7 167.9 0.1 63.9 25.5 78.5 170.4 1.0 67.2 21.2 81.0 169.8 0.2 68.6 18.6 82.5 167.8 0.2 67.0 17.7 82.9 166.2 0.1 70.0 15.0 81.1 168.9 0.0 68.6 15.2 85.1 168.3 1.1 68.6 14.0 84.6 170.5 0.0 71.9 13.6 85.0 13 14 15 16 17 Miscellaneous liabilities 18.0 31.6 36.0 35.9 37.4 38.5 37.8 42.6 37.8 37.9 39.2 18 11.1 4.9 5.7 0.4 0.0 13.9 5.0 7.5 0.8 0.6 12.9 3.7 7.6 0.9 0.7 13.0 3.8 7.9 0.8 0.6 12.3 3.7 7.3 0.7 0.6 11.6 3.6 6.7 0.7 0.6 10.7 3.5 6.7 0.4 0.1 10.1 3.4 6.2 0.4 0.1 10.0 3.1 6.0 0.5 0.4 9.5 2.9 5.8 0.5 0.4 9.7 4.8 4.9 0.0 0.0 19 20 21 22 23 18 19 20 21 22 23 Memo: Securitized assets included above Agency securities Home mortgages Multifamily residential mortgages Commercial mortgages 81 Z.1, March 7, 2002 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 Open market paper U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets Total liabilities 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 779.2 921.2 1001.0 1132.5 1132.9 1208.6 1221.4 1191.4 1333.3 1462.7 1437.4 1 21.7 25.4 28.7 27.1 27.0 20.8 30.3 28.8 37.0 53.8 46.8 2 182.6 189.4 154.7 194.8 188.2 243.3 223.6 312.3 288.4 366.4 321.2 3 24.3 45.1 -5.3 50.4 13.2 100.0 28.0 66.7 15.8 50.9 13.1 81.4 26.0 23.3 -42.6 66.0 11.9 93.4 30.2 43.8 -6.5 50.3 10.8 110.0 38.2 31.0 -24.1 55.1 9.9 109.1 45.4 70.5 7.8 62.6 10.8 116.6 39.2 60.4 -3.3 63.7 11.3 112.7 44.5 131.2 55.9 75.3 12.7 124.0 44.8 97.9 1.6 96.3 13.7 132.0 50.8 147.9 67.4 80.4 16.0 151.7 47.8 93.5 15.7 77.8 19.0 161.0 4 5 6 7 8 9 51.9 131.2 391.8 54.4 152.8 499.3 66.9 227.9 522.8 74.4 286.5 549.7 74.5 270.2 573.0 81.5 273.9 589.1 77.2 235.1 655.1 76.0 193.5 580.8 89.8 195.9 722.1 66.6 258.1 717.8 82.8 194.7 791.9 10 11 12 729.2 866.2 937.7 1062.6 1061.8 1136.4 1148.0 1117.6 1257.9 1387.9 1361.9 13 14 15 Security RPs (net) Corporate bonds 203.5 35.3 208.1 42.5 245.2 25.3 285.3 36.4 271.6 36.2 317.6 42.6 302.2 40.9 280.8 35.0 333.1 43.9 402.2 47.1 354.8 42.3 14 15 16 17 18 19 20 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 19.9 337.9 215.5 122.5 1.3 18.9 419.6 276.7 142.9 1.3 30.9 448.7 323.9 124.8 2.2 33.8 514.6 371.2 143.4 2.4 39.4 510.0 359.5 150.6 1.7 35.9 531.9 372.9 159.0 1.8 35.9 587.6 412.4 175.2 2.1 35.2 591.9 400.4 191.6 1.2 33.3 585.5 412.8 172.7 1.3 36.1 661.9 494.8 167.2 1.4 39.1 619.4 443.4 176.0 1.8 16 17 18 19 20 21 22 23 24 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 131.1 8.5 254.5 -131.9 175.8 10.1 351.9 -186.2 185.5 15.8 413.7 -244.1 190.1 16.4 416.4 -242.7 202.9 16.8 433.4 -247.4 206.5 17.4 442.4 -253.2 179.3 16.7 452.3 -289.7 173.5 17.8 506.2 -350.4 260.7 18.3 508.5 -266.1 239.1 19.5 508.0 -288.4 304.5 20.5 516.9 -232.9 21 22 23 24 L.131 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 612.7 716.8 972.8 999.4 1052.2 1054.5 1099.6 1120.7 1077.0 1003.4 1085.9 1 2 Money market fund shares 157.9 215.8 264.7 267.3 264.5 286.4 298.2 335.1 366.1 377.8 415.7 2 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 166.7 133.6 33.1 152.3 114.7 37.6 285.0 251.2 33.8 289.4 265.6 23.8 337.0 305.8 31.1 313.0 289.1 23.9 324.4 290.5 33.9 291.0 247.4 43.6 230.2 176.9 53.3 173.8 109.6 64.2 193.1 118.3 74.8 3 4 5 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 288.0 78.8 209.2 348.7 90.6 258.2 423.1 93.0 330.1 442.7 114.6 328.1 450.7 114.5 336.2 455.1 119.9 335.2 477.1 138.7 338.4 494.6 142.3 352.3 480.7 137.3 343.5 451.7 113.5 338.2 477.1 107.9 369.2 6 7 8 612.7 716.8 972.8 999.4 1052.2 1054.5 1099.6 1120.7 1077.0 1003.4 1085.9 9 10 11 12 9 Total liabilities Credit market instruments Open market paper Corporate bonds 372.6 228.5 144.2 412.6 234.4 178.2 504.0 268.5 235.5 507.4 276.2 231.1 515.0 277.9 237.1 508.7 274.1 234.7 503.7 266.2 237.5 524.7 275.4 249.3 478.6 223.1 255.5 433.6 179.4 254.2 450.6 190.9 259.7 10 11 12 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 240.1 -84.6 333.3 -8.6 304.3 -63.9 403.3 -35.1 468.8 -80.9 419.5 130.2 492.0 -64.7 443.9 112.8 537.2 -64.3 467.5 134.0 545.7 -53.6 470.6 128.8 596.0 -26.6 508.2 114.4 596.1 -30.0 482.6 143.5 598.4 2.1 541.0 55.3 569.8 18.2 559.8 -8.1 635.3 26.5 571.4 37.4 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 82 Z.1, March 7, 2002 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 2001 Q3 Q4 Q1 Q2 Q3 Q4 70.0 81.8 71.5 68.0 67.5 66.3 67.6 64.2 64.8 71.0 68.7 1 21.1 21.6 21.4 21.4 21.5 21.4 21.6 21.4 21.5 22.0 21.8 2 10.0 11.0 10.6 11.0 10.3 11.0 10.3 11.0 10.4 11.0 10.3 11.0 10.5 11.0 10.4 11.0 10.4 11.0 10.9 11.0 10.8 11.0 3 4 48.9 60.1 50.1 46.6 46.0 44.9 46.1 42.8 43.4 49.0 46.8 5 Official foreign currency holdings Treasury Monetary authority 30.8 13.8 17.0 36.0 16.2 19.8 32.2 16.0 16.1 28.8 13.0 15.8 30.6 15.0 15.6 31.2 15.6 15.6 31.2 15.6 15.7 29.0 14.5 14.6 28.8 14.3 14.4 30.6 15.2 15.4 29.0 14.4 14.6 6 7 8 Net IMF position Federal government Monetary authority 18.1 18.2 -0.1 24.1 24.2 -0.1 18.0 18.0 -0.1 17.9 18.0 -0.1 15.4 15.5 -0.1 13.7 13.8 -0.1 14.8 14.9 -0.1 13.8 13.9 -0.1 14.6 14.7 -0.1 18.4 18.5 -0.1 17.9 17.9 -0.1 9 10 11 (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 9.2 9.2 9.2 9.2 6.2 6.2 6.2 6.2 4.2 4.2 3.2 3.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 19.3 25.6 19.9 26.3 20.9 28.0 21.4 29.0 22.1 30.0 23.2 30.8 23.2 31.6 22.9 32.3 23.2 32.7 23.2 33.0 23.2 33.2 3 4 5 Discrepancy (seigniorage) -6.3 -6.4 -7.1 -7.6 -7.9 -7.6 -8.5 -9.4 -9.5 -9.8 -10.0 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 618.5 642.3 703.6 781.9 782.8 772.6 824.5 883.4 840.8 861.7 886.7 1 37.2 23.1 23.2 38.3 30.5 30.6 43.5 28.3 42.9 48.6 22.2 56.4 48.6 26.5 73.5 48.0 37.7 75.5 51.3 22.2 91.1 49.8 15.6 112.9 47.1 15.9 110.4 48.4 15.5 110.6 47.0 16.7 124.2 2 3 4 535.0 542.8 588.9 654.7 634.2 611.5 659.9 705.1 667.5 687.2 698.8 5 83 Z.1, March 7, 2002 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries, net 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 219.4 189.0 205.3 122.8 194.7 206.0 222.6 156.0 163.9 177.7 232.5 1 75.8 30.8 45.0 68.4 26.3 42.1 90.6 24.0 66.5 53.4 18.2 35.2 55.5 18.5 37.0 52.1 17.6 34.5 63.4 19.0 44.4 53.9 17.8 36.0 55.8 18.6 37.2 61.6 24.9 36.6 64.8 17.5 47.3 2 3 4 143.5 2.8 120.6 1.7 114.8 -0.0 69.5 0.0 139.2 0.5 153.9 0.7 159.2 1.0 102.1 0.2 108.1 -0.2 116.1 -0.5 167.7 0.0 5 6 173.0 145.9 140.3 83.4 150.3 170.8 162.5 100.2 102.8 110.6 156.2 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 188.8 62.0 173.1 111.1 156.7 85.1 196.7 111.6 149.8 133.5 226.7 93.2 92.7 135.2 236.6 101.4 160.2 174.5 289.4 114.9 180.3 175.0 295.3 120.3 171.6 179.3 302.0 122.7 107.7 142.2 269.2 127.0 113.0 161.5 281.0 119.5 120.7 135.0 273.1 138.1 168.0 189.6 319.4 129.8 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 148.6 99.7 -48.8 92.9 133.0 40.1 41.7 147.9 106.2 -22.7 124.6 147.3 4.1 138.6 134.6 -3.8 108.8 112.5 -14.8 133.6 148.4 -37.2 163.2 200.4 -54.3 133.0 187.3 -29.0 144.2 173.2 -35.8 122.1 157.8 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -21.9 3.0 24.9 -21.3 2.9 24.2 -25.4 8.3 33.8 -19.8 4.6 24.4 -18.4 4.7 23.1 9.0 36.6 27.6 7.1 39.3 32.2 2.7 40.1 37.3 5.8 48.8 43.0 14.8 57.1 42.3 14.1 51.4 37.2 15 16 17 15.8 11.7 4.1 10.8 10.6 0.2 9.5 9.4 0.2 9.4 9.3 0.1 9.9 9.5 0.4 9.5 8.9 0.6 9.0 8.3 0.7 7.5 7.2 0.2 10.2 9.4 0.7 10.1 9.3 0.8 11.8 11.1 0.7 18 19 20 -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 21 -50.2 22.0 53.8 0.3 -32.2 -51.0 29.8 55.9 0.9 -27.0 -65.1 47.4 72.2 0.6 -25.5 -60.4 49.1 62.5 0.5 -13.9 -61.6 53.9 64.8 0.7 -11.6 -28.5 45.3 62.4 0.5 -17.6 -34.6 59.6 63.4 0.6 -4.3 -21.0 66.0 63.6 0.7 1.7 -24.6 52.3 45.5 1.4 5.5 -16.8 60.4 53.5 0.9 6.0 -19.5 59.6 47.0 1.0 11.5 22 23 24 25 26 57.6 14.6 55.9 24.8 79.7 32.8 70.7 38.9 75.1 40.3 69.2 4.6 87.8 6.4 81.2 5.8 86.1 -9.2 88.1 -10.8 91.0 -11.9 27 28 18 19 20 21 22 23 24 25 26 27 28 Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S. To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 3.8 57.6 53.8 0.1 55.9 55.9 7.4 79.7 72.2 8.1 70.7 62.5 10.4 75.1 64.8 6.8 69.2 62.4 24.4 87.8 63.4 17.5 81.2 63.6 40.6 86.1 45.5 34.6 88.1 53.5 44.0 91.0 47.0 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 14.3 14.6 0.3 23.9 24.8 0.9 32.1 32.8 0.6 38.4 38.9 0.5 39.6 40.3 0.7 4.1 4.6 0.5 5.8 6.4 0.6 5.2 5.8 0.7 -10.6 -9.2 1.4 -11.8 -10.8 0.9 -12.9 -11.9 1.0 32 33 34 251.6 215.9 230.8 136.8 206.3 223.6 227.0 154.3 158.4 171.7 221.0 35 173.0 145.9 140.3 83.4 150.3 170.8 162.5 100.2 102.8 110.6 156.2 36 78.6 70.0 90.6 53.4 56.0 52.9 64.4 54.1 55.6 61.1 64.8 37 2.8 0.7 2.0 1.7 1.6 0.0 -0.0 -0.2 0.2 0.0 -0.2 0.2 0.5 -0.0 0.5 0.7 0.4 0.4 1.0 0.9 0.1 0.2 0.2 0.0 -0.2 -0.4 0.2 -0.5 -0.5 0.1 0.0 -0.0 0.0 38 39 40 74.1 29.1 45.0 66.5 24.4 42.1 88.5 22.0 66.5 51.8 16.6 35.2 53.9 16.9 37.0 51.0 16.5 34.5 62.4 18.0 44.4 52.9 16.8 36.0 54.8 17.6 37.2 60.3 23.7 36.6 63.3 16.0 47.3 41 42 43 35 Total assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 1.8 1.9 2.0 1.6 1.6 1.1 1.0 1.0 1.0 1.2 1.5 44 -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 45 84 Z.1, March 7, 2002 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1405.7 1452.0 1485.7 1599.1 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 443.5 5.7 0.5 437.4 481.8 6.2 0.2 475.4 590.4 28.5 0.1 561.8 532.7 4.5 0.2 528.0 540.6 6.3 0.1 534.1 542.9 8.6 0.2 534.1 555.2 5.6 0.3 549.3 556.1 6.1 0.1 549.8 567.3 7.6 0.1 559.5 586.3 10.2 0.6 575.4 603.4 7.1 0.1 596.2 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 656.4 27.8 31.7 597.0 623.0 13.2 30.2 579.7 626.2 49.6 43.6 533.1 574.9 37.5 29.9 507.4 574.0 48.7 31.4 493.9 537.0 39.3 32.6 465.1 541.0 16.4 34.1 490.5 515.8 22.6 34.8 458.4 538.6 36.5 33.7 468.5 540.3 34.4 34.6 471.2 624.5 45.7 34.5 544.4 6 7 8 9 Savings institutions Credit unions 149.5 36.6 185.6 43.0 222.7 45.4 234.0 51.3 244.7 50.4 254.9 50.9 265.9 51.3 278.7 55.2 291.9 54.2 303.5 55.6 316.5 54.7 10 11 10 11 12 Total liabilities 1998 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1405.7 1452.0 1485.7 1599.1 12 13 Total assets Household sector 460.0 440.2 395.2 388.0 351.0 308.4 338.5 338.1 324.8 307.4 389.7 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 391.9 228.8 146.2 16.9 453.6 256.6 178.3 18.6 516.2 293.6 203.3 19.2 514.0 285.1 209.6 19.3 547.2 307.4 220.4 19.3 590.4 346.6 224.4 19.4 579.9 332.1 228.3 19.4 555.2 302.3 233.3 19.5 565.3 307.1 238.5 19.6 589.3 325.9 243.8 19.7 580.0 311.2 249.1 19.8 14 15 16 17 18 19 State and local governments Federal government 32.2 41.6 28.3 23.2 32.1 87.9 27.2 51.2 27.0 60.6 25.7 55.7 33.2 24.3 30.2 30.7 30.2 48.9 29.6 50.6 35.8 66.8 18 19 20 21 22 Rest of the world Checkable deposits Currency 243.6 32.2 211.4 258.4 30.4 228.0 298.3 43.7 254.6 277.8 30.1 247.7 280.3 31.6 248.7 282.3 32.8 249.5 290.1 34.4 255.7 292.9 34.9 258.0 294.6 33.8 260.8 304.3 35.2 269.0 314.1 34.6 279.5 20 21 22 23 Financial sectors 98.7 110.5 142.5 125.1 126.8 115.6 125.7 139.4 167.6 191.3 198.2 23 1.4 15.2 8.1 0.8 2.0 18.4 9.1 0.3 2.2 20.1 26.4 0.3 1.9 16.3 26.4 0.3 2.1 17.5 24.0 0.3 1.4 17.5 17.6 0.3 1.7 19.7 12.2 0.3 1.9 19.6 15.0 0.3 1.7 21.7 18.1 0.2 2.5 21.8 25.0 0.2 2.8 21.8 19.8 0.2 24 25 26 27 8.1 4.2 6.6 5.3 5.4 4.0 5.7 10.0 5.5 4.3 6.6 9.2 4.0 3.1 6.7 11.1 5.6 2.7 6.9 12.5 3.7 3.1 7.1 12.0 5.0 3.7 7.2 9.1 17.8 10.6 7.4 7.2 23.5 11.8 7.8 11.9 25.1 13.6 8.0 11.7 28.1 14.9 7.9 12.0 28 29 30 31 1.5 1.9 20.6 3.3 21.7 -1.0 4.4 22.8 4.1 25.4 -2.2 11.8 25.3 4.4 28.7 -3.0 0.7 25.9 4.5 27.1 -3.6 1.2 26.6 4.2 27.0 0.0 1.0 27.2 3.8 20.8 2.2 2.1 27.9 4.3 30.3 -3.9 2.0 28.6 4.1 28.8 -2.8 2.7 29.3 4.7 37.0 -9.6 3.9 30.0 5.2 53.8 4.6 3.7 30.8 4.8 46.8 32 33 34 35 36 18.1 19.3 12.5 9.5 16.9 7.7 21.7 19.2 20.7 13.3 14.5 37 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 37 Mail float 85 Z.1, March 7, 2002 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 Total liabilities Small time and savings deposits 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3187.5 3432.0 3607.3 3694.5 3726.2 3816.7 3916.4 4043.3 4079.3 4137.7 4240.3 1 2474.1 2626.5 2671.2 2728.0 2738.8 2790.9 2861.9 2965.3 2992.3 3047.0 3121.9 2 1761.5 1738.0 13.1 10.4 1945.2 1924.4 9.5 11.4 2016.5 1996.8 7.5 12.2 2077.5 2058.0 7.2 12.3 2100.3 2079.7 7.7 12.9 2156.2 2136.2 6.5 13.5 2229.8 2207.2 9.0 13.6 2311.6 2290.4 7.7 13.4 2342.3 2314.1 13.5 14.8 2395.4 2370.8 9.4 15.2 2472.6 2445.7 11.7 15.2 3 4 5 6 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 7 8 Savings institutions Credit unions 448.2 264.4 393.8 287.5 354.9 299.8 342.2 308.3 331.0 307.6 324.1 310.6 319.4 312.7 318.9 334.8 307.2 342.8 298.0 353.7 287.9 361.3 7 8 9 Large time deposits (1) 713.4 805.5 936.1 966.5 987.4 1025.9 1054.5 1078.0 1087.1 1090.7 1118.4 9 601.0 369.3 221.3 10.4 673.3 404.1 257.8 11.4 792.3 465.6 314.5 12.2 816.4 480.4 323.7 12.3 833.6 511.4 309.3 12.9 864.5 530.0 321.0 13.5 887.2 553.5 320.1 13.6 900.0 548.8 337.8 13.4 901.3 551.3 335.2 14.8 891.0 549.1 326.8 15.2 915.6 527.9 372.4 15.2 10 11 12 13 98.1 14.4 113.7 18.5 122.2 21.6 129.1 21.1 131.3 22.5 139.4 22.0 142.2 25.1 152.4 25.6 156.4 29.3 167.6 32.0 168.7 34.1 14 15 3187.5 3432.0 3607.3 3694.5 3726.2 3816.7 3916.4 4043.3 4079.3 4137.7 4240.3 16 2565.9 2732.7 2831.2 2933.8 2997.9 3079.3 3138.2 3243.4 3286.0 3336.8 3391.0 17 205.1 119.4 85.7 207.4 112.6 94.8 233.6 128.8 104.8 222.6 116.8 105.8 221.3 113.6 107.7 224.5 116.5 108.0 234.7 125.9 108.8 231.8 121.7 110.1 228.8 117.4 111.4 225.7 113.0 112.8 226.3 112.1 114.1 18 19 20 78.4 3.4 73.6 91.1 4.7 86.6 102.1 5.4 101.6 98.9 5.5 99.2 100.7 5.7 99.6 103.4 6.2 98.0 111.5 6.3 107.2 109.9 8.4 97.2 107.1 9.9 97.8 108.1 11.7 95.9 117.5 10.5 92.1 21 22 23 261.1 309.5 333.5 334.4 300.9 305.3 318.5 352.6 349.8 359.5 402.9 24 1.0 17.0 10.0 1.5 23.4 7.8 1.3 16.6 8.7 1.9 18.8 9.0 1.3 16.6 9.2 1.1 15.2 9.3 1.4 17.1 9.4 1.7 20.9 9.5 2.4 19.0 9.6 2.3 18.7 9.7 2.2 25.5 9.7 25 26 27 119.4 2.4 111.3 147.7 2.0 127.0 144.7 1.7 160.4 144.6 2.4 157.7 145.9 2.7 125.1 146.0 4.4 129.3 147.1 1.1 142.4 146.3 0.8 173.3 146.2 1.1 171.5 145.3 0.8 182.7 144.0 2.0 219.5 28 29 30 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 21 22 23 State and local governments Federal government Rest of the world 24 Financial sectors 25 26 27 Savings institutions Credit unions Bank personal trusts and estates 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds (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 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 2240.7 1 2 3 4 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 582.3 87.8 22.9 747.1 114.3 32.6 871.6 137.3 42.6 951.2 139.3 43.1 914.4 140.0 43.2 936.9 155.9 47.2 1003.0 177.7 52.6 1093.4 210.3 59.6 1034.3 238.4 64.1 1101.8 246.3 68.8 1138.9 275.0 74.7 2 3 4 5 6 7 8 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 37.4 92.8 61.4 157.9 46.2 110.4 63.4 215.8 53.7 133.8 75.1 264.7 54.5 135.1 75.5 267.3 55.6 133.7 75.6 264.5 56.3 136.6 78.6 286.4 57.4 142.3 81.0 298.2 58.2 154.7 83.4 335.1 59.2 166.7 85.9 366.1 60.2 172.7 88.5 377.8 61.2 185.3 90.0 415.7 5 6 7 8 86 Z.1, March 7, 2002 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 822.4 913.7 1083.4 1149.4 1185.2 1238.6 1194.1 1179.3 1205.2 1253.1 1237.9 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 552.2 471.7 80.7 -0.2 639.2 538.5 100.4 0.4 749.8 667.3 82.1 0.5 777.6 693.7 83.2 0.7 827.4 721.3 104.9 1.2 827.5 705.5 120.9 1.1 813.4 680.1 134.5 -1.1 818.3 678.1 139.6 0.6 787.4 670.3 116.3 0.7 779.4 673.5 104.9 0.9 787.5 666.9 121.9 -1.3 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 41.8 24.9 203.5 51.3 15.1 208.1 72.7 15.7 245.2 73.5 13.0 285.3 75.0 11.2 271.6 81.2 12.4 317.6 66.7 11.9 302.2 67.1 13.1 280.8 69.6 15.1 333.1 54.6 16.9 402.2 71.9 23.6 354.8 6 7 8 649.5 683.1 816.8 743.9 765.6 785.1 811.6 840.1 836.5 883.7 907.1 9 9 Total liabilities 1998 Total assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 4.6 151.4 90.8 4.2 158.5 72.0 5.3 163.5 79.9 6.1 176.4 75.9 4.2 174.0 87.5 4.0 177.0 92.4 4.8 173.3 91.3 3.3 175.5 116.2 3.9 179.8 119.5 3.1 185.0 110.5 3.8 197.4 120.6 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 402.7 23.8 9.2 3.5 448.4 30.4 14.8 6.8 568.0 140.6 10.6 9.3 485.6 23.7 11.5 9.6 500.0 26.9 12.0 2.8 511.7 17.3 14.7 7.8 542.3 43.4 14.9 4.0 545.1 22.0 21.7 10.8 533.3 23.3 22.0 8.3 585.0 47.9 25.8 7.9 585.4 50.3 27.4 2.5 13 14 15 16 17 18 19 20 21 22 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 35.2 27.6 28.6 126.6 57.8 90.4 42.7 28.8 37.5 139.5 70.9 77.0 28.3 28.6 40.4 139.6 80.8 89.7 34.8 28.8 45.4 158.3 82.8 90.6 35.3 28.9 46.8 169.4 96.9 80.9 35.8 29.2 45.1 172.0 106.0 83.7 38.3 29.6 44.7 183.0 106.4 78.1 27.8 28.7 42.5 205.9 88.4 97.3 26.6 29.0 46.8 208.2 84.6 84.4 31.6 29.4 46.1 221.5 77.6 97.2 29.2 29.7 45.5 227.0 74.7 99.1 17 18 19 20 21 22 172.9 230.6 266.7 405.5 419.6 453.5 382.5 339.2 368.7 369.5 330.8 23 23 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 1445.6 1 958.5 1161.0 1393.8 1469.1 1524.0 1559.6 1602.1 1539.0 1471.1 1412.7 1440.9 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 168.6 65.1 20.0 45.0 193.0 72.9 18.5 54.4 230.3 89.2 26.7 62.5 260.8 101.6 33.8 67.8 296.8 101.2 35.4 65.9 307.0 109.8 38.7 71.1 278.4 120.9 37.6 83.3 253.2 112.8 27.9 84.9 223.3 110.1 20.5 89.6 201.3 106.3 17.2 89.1 190.1 106.7 14.3 92.4 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 724.8 37.6 256.1 202.6 0.0 228.5 895.2 45.4 381.8 233.3 0.2 234.4 1074.3 54.5 520.8 230.4 0.1 268.5 1106.7 50.8 546.6 233.0 0.1 276.2 1125.9 52.4 570.3 224.3 1.0 277.9 1142.8 54.1 595.7 218.8 0.2 274.1 1202.7 55.7 641.8 238.8 0.2 266.2 1173.0 63.4 653.3 180.9 0.1 275.4 1137.7 62.7 670.3 181.6 0.0 223.1 1105.1 62.4 691.3 171.0 1.1 179.4 1144.1 50.6 745.3 157.3 0.0 190.9 7 8 9 10 11 12 13 Bankers acceptances (1) 20.9 11.5 8.6 9.0 9.3 8.7 7.9 7.8 6.8 5.1 4.8 13 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 1445.6 14 2 3 4 5 6 14 Total outstanding, all types Commercial paper Holdings, by sector 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 56.1 36.1 74.0 77.8 63.7 39.4 102.0 115.3 67.7 43.7 103.9 102.3 68.9 38.3 105.6 100.0 70.2 37.3 110.0 98.2 71.4 44.7 109.0 94.6 72.7 47.4 111.5 111.0 67.2 43.2 112.5 110.0 62.7 46.9 108.2 112.1 58.9 48.5 105.7 111.3 53.3 53.2 112.5 119.5 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 2.7 0.0 0.2 21.0 0.0 1.1 0.0 0.4 16.5 0.0 1.4 0.0 1.9 17.1 0.0 1.4 0.0 0.8 17.3 0.0 1.4 0.0 0.3 17.4 0.0 1.3 0.0 1.2 17.6 0.0 1.5 0.0 1.2 17.7 0.0 0.6 0.0 1.1 16.7 0.0 0.0 0.0 1.6 15.8 0.0 0.0 0.0 1.3 14.9 0.0 0.0 0.0 2.4 13.7 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 65.9 31.3 28.6 73.4 34.3 37.5 75.8 37.5 40.4 72.0 35.6 45.4 73.7 35.7 46.8 75.2 36.1 45.1 71.2 35.8 44.7 60.4 32.5 42.5 58.9 35.9 46.8 65.5 32.0 46.1 66.4 34.5 48.0 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 336.0 57.8 34.0 24.3 133.6 414.2 70.9 60.9 28.0 114.7 519.0 80.8 33.8 26.0 251.2 576.0 82.8 38.1 30.2 265.6 566.4 96.9 34.8 38.2 305.8 589.3 106.0 42.2 45.4 289.1 608.6 106.4 50.6 39.2 290.5 641.9 88.4 38.0 44.5 247.4 638.2 80.9 48.1 44.8 176.9 647.2 77.6 48.2 50.8 109.6 638.9 74.7 62.5 47.8 118.3 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 87 Z.1, March 7, 2002 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 3352.8 1 186.5 3591.8 186.6 3537.1 186.4 3466.3 185.3 3440.5 184.6 3251.1 184.3 3198.2 184.8 3173.1 184.8 3197.3 185.5 3038.9 186.4 3106.7 190.3 3162.5 2 3 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 3352.8 4 Household sector Savings bonds Other Treasury issues 687.6 186.5 501.1 601.6 186.6 415.0 687.8 186.4 501.3 632.5 185.3 447.2 524.2 184.6 339.6 473.7 184.3 289.3 462.2 184.8 277.5 451.4 184.8 266.6 373.2 185.5 187.8 408.8 186.4 222.4 439.1 190.3 248.7 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 26.8 30.8 239.3 23.6 37.0 269.3 19.6 33.9 266.8 21.6 31.3 257.2 23.7 27.6 256.4 22.9 25.9 241.9 18.0 23.7 236.2 17.6 20.9 231.5 18.5 18.2 224.0 19.3 14.8 208.9 18.4 11.4 205.4 8 9 10 11 12 Rest of the world Monetary authority 1252.0 430.7 1318.8 452.1 1238.9 478.0 1245.8 501.7 1221.2 505.0 1199.7 511.4 1222.0 511.7 1221.7 523.9 1192.2 535.1 1198.6 534.1 1249.4 551.7 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 270.1 166.8 95.1 4.0 4.2 214.0 124.7 84.8 0.9 3.6 226.7 122.8 92.3 8.8 2.8 215.6 125.3 86.9 0.9 2.5 201.4 116.4 81.6 1.1 2.4 200.9 108.6 89.0 1.1 2.2 182.2 87.9 91.7 0.8 1.8 171.9 72.2 97.8 0.8 1.2 176.0 69.9 104.3 0.9 0.9 176.5 65.3 109.0 0.8 1.4 163.4 56.5 104.7 1.2 1.1 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates 14.6 15.6 20.4 10.2 13.1 17.3 10.1 9.6 17.3 9.9 9.4 17.1 9.1 8.8 16.9 8.8 8.6 16.7 8.7 8.2 16.5 8.0 8.0 16.2 7.5 6.6 15.8 6.6 6.4 15.4 11.4 7.4 14.9 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 85.5 91.1 143.5 216.9 71.3 70.4 112.5 217.7 62.8 60.6 112.1 211.2 61.7 58.3 111.4 211.1 60.5 56.0 112.9 210.5 59.5 54.3 113.1 200.7 58.1 52.1 111.8 195.7 53.8 48.1 107.3 195.3 48.7 46.1 104.0 204.4 44.3 44.2 99.6 187.7 43.3 42.4 102.4 186.0 21 22 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 86.2 136.4 10.2 25.9 -5.3 103.6 141.0 9.3 25.2 15.8 103.8 117.3 8.0 30.9 -42.6 98.9 115.5 8.0 25.2 -6.5 78.8 118.6 7.9 20.7 -24.1 79.8 120.0 7.8 29.0 7.8 90.4 123.7 7.7 32.1 -3.3 96.3 118.7 7.6 28.1 55.9 93.4 118.2 7.6 33.2 1.6 111.9 112.3 7.5 28.8 67.4 135.7 115.4 7.4 32.0 15.7 25 26 27 28 29 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3379.6 30 2 3 4 5 6 7 Total liabilities 1998 Savings bonds Other Treasury issues Total assets Memo: 30 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12). 88 Z.1, March 7, 2002 L.210 Agency Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Federally related mortgage pools 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2847.6 3320.5 3912.2 3967.8 4063.6 4191.7 4344.8 4449.7 4616.3 4823.7 4969.5 1 26.5 995.3 1825.8 28.5 1273.6 2018.4 28.3 1591.7 2292.2 27.8 1618.0 2322.1 28.2 1680.2 2355.2 27.6 1749.7 2414.3 27.3 1825.8 2491.6 26.8 1888.7 2534.2 27.0 1955.8 2633.4 27.0 2037.4 2759.4 26.8 2114.5 2828.2 2 3 4 2847.6 3320.5 3912.2 3967.8 4063.6 4191.7 4344.8 4449.7 4616.3 4823.7 4969.5 5 Household sector Nonfinancial corporate business State and local governments 176.6 8.0 115.4 156.7 10.6 179.0 243.2 12.5 207.5 230.0 15.0 213.3 252.3 17.9 220.0 266.2 18.7 226.0 245.0 15.4 231.0 122.1 15.6 240.4 121.6 17.1 246.1 135.4 18.6 253.0 99.7 22.3 259.5 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 246.5 0.7 0.0 303.4 0.3 0.0 394.6 0.2 0.0 428.8 0.2 0.0 458.1 0.1 0.0 500.9 0.1 0.0 550.3 0.1 0.0 592.6 0.0 0.0 631.9 0.0 0.0 664.7 0.0 0.0 711.9 0.0 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 571.2 497.2 62.2 5.5 6.3 662.6 578.8 67.0 6.6 10.2 698.3 608.1 71.3 5.4 13.5 715.9 626.9 70.5 4.7 13.7 719.4 630.7 69.5 5.0 14.2 711.8 620.7 70.1 5.1 16.0 720.9 626.3 71.9 4.8 17.8 715.7 618.6 75.3 5.4 16.4 696.8 621.7 53.5 5.1 16.5 738.4 657.1 59.4 5.0 16.8 781.0 699.7 54.8 6.2 20.3 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 155.3 51.0 40.8 143.6 58.4 39.4 147.3 61.3 45.2 142.2 65.4 46.2 140.0 65.8 47.2 139.6 60.9 48.5 140.6 60.9 49.8 145.5 68.4 50.6 150.7 66.3 51.6 148.9 74.1 52.2 161.5 80.6 52.8 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 226.7 70.8 211.4 123.3 217.0 69.7 194.8 142.4 224.4 75.5 206.1 165.3 228.0 77.5 218.9 160.8 229.8 79.4 219.5 175.5 233.0 82.1 226.4 187.2 235.4 84.1 231.7 202.8 243.6 85.2 236.4 196.0 248.5 86.7 234.9 210.4 257.5 86.9 236.4 190.0 263.4 88.5 239.3 188.0 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 96.3 213.3 326.5 173.8 234.9 489.6 190.9 271.1 668.3 172.7 264.4 698.4 158.1 268.9 717.0 161.9 269.7 755.6 185.2 275.3 813.3 248.0 294.1 870.6 267.9 328.1 911.4 317.1 351.7 960.2 318.4 361.5 990.6 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 142.3 21.2 50.4 180.2 13.1 50.9 220.4 14.2 66.0 225.7 14.1 50.3 226.4 13.1 55.1 226.4 13.9 62.6 224.7 14.5 63.7 235.7 13.9 75.3 232.5 17.4 96.3 239.8 18.3 80.4 246.9 25.8 77.8 27 28 29 6 7 8 Total assets 1998 (1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 30. 89 Z.1, March 7, 2002 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 1688.4 1 1110.6 47.5 1063.1 1189.7 41.2 1148.5 1242.4 44.8 1197.6 1247.9 46.4 1201.5 1256.7 45.2 1211.6 1254.5 43.5 1211.0 1270.6 47.9 1222.7 1298.7 53.7 1244.9 1328.9 55.7 1273.3 1331.7 64.9 1266.8 1377.1 71.6 1305.6 2 3 4 114.9 142.0 126.9 147.8 137.3 152.8 138.0 153.3 141.4 153.4 141.9 153.9 143.0 154.2 144.2 154.7 145.3 155.6 147.5 156.2 153.8 157.4 5 6 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 1688.4 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 468.8 27.4 3.2 3.9 488.3 25.7 1.5 2.5 526.6 22.3 3.5 1.0 529.4 23.9 3.5 0.6 543.7 35.9 3.6 1.0 543.5 27.2 3.6 1.8 541.6 32.7 3.7 1.6 559.8 23.5 3.7 2.1 580.2 26.1 3.8 2.0 563.0 26.9 3.8 2.1 582.3 30.7 3.9 1.9 8 9 10 11 12 13 14 Commercial banking Savings institutions Bank personal trusts and estates 96.7 2.1 90.7 104.8 2.5 89.5 110.7 3.0 100.3 111.9 3.1 102.1 112.3 3.0 103.0 113.4 3.0 104.3 114.0 3.2 105.0 112.7 3.9 105.8 116.2 4.0 106.3 117.9 4.1 106.7 119.9 4.5 106.8 12 13 14 15 16 17 Life insurance companies Other insurance companies State and local govt. retirement funds 16.7 191.6 1.5 18.4 208.1 3.3 20.1 199.0 3.0 20.0 194.7 2.9 19.6 190.4 2.8 19.4 188.1 2.2 19.1 184.1 1.6 19.5 185.3 1.8 20.4 184.8 1.6 20.8 186.3 0.5 21.2 188.0 1.0 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 167.0 219.8 59.9 5.2 13.2 193.0 242.6 61.8 9.2 13.1 210.4 239.4 70.5 10.6 11.9 225.8 232.0 69.3 9.2 10.8 221.5 227.5 68.2 9.1 9.9 227.6 228.3 67.0 9.9 10.8 244.7 230.5 65.9 8.8 11.3 256.0 236.0 64.7 9.9 12.7 255.2 240.2 63.6 12.0 13.7 267.1 245.8 62.4 12.1 16.0 281.0 252.2 61.3 14.8 19.0 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5263.7 5424.2 5526.7 5661.6 1 2 3 Nonfinancial corporate business Rest of the world (1) 1610.9 427.7 1829.6 462.6 2059.5 479.4 2106.0 491.3 2144.5 484.5 2186.7 502.4 2230.6 504.6 2330.4 508.9 2435.3 504.9 2482.3 485.2 2558.8 486.8 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 1568.6 192.6 2.8 1878.7 220.2 2.6 2096.9 240.6 2.7 2138.8 248.9 2.7 2212.0 258.4 2.7 2269.7 266.6 3.4 2314.8 273.2 6.3 2424.3 293.1 2.8 2483.9 295.3 6.4 2559.2 302.1 6.1 2616.1 310.5 3.6 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 820.5 341.5 31.6 35.3 144.2 1016.2 365.6 53.4 42.5 178.2 1100.6 429.9 62.2 25.3 235.5 1109.1 446.6 63.9 36.4 231.1 1126.7 483.7 67.2 36.2 237.1 1146.6 507.3 68.6 42.6 234.7 1187.8 502.2 67.0 40.9 237.5 1240.4 533.8 70.0 35.0 249.3 1272.2 542.1 68.6 43.9 255.5 1325.4 555.8 68.6 47.1 254.2 1364.8 563.3 71.9 42.3 259.7 7 8 9 10 11 12 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5263.7 5424.2 5526.7 5661.6 12 13 14 15 Total assets Household sector State and local governments Rest of the world (2) 531.7 51.0 537.8 623.7 61.2 660.0 645.8 73.8 820.8 637.3 75.3 865.4 688.0 76.5 907.6 665.4 76.9 954.0 636.7 77.5 1003.9 699.1 80.4 1073.9 682.2 82.2 1145.0 646.0 85.9 1182.5 608.0 89.4 1234.1 13 14 15 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 143.1 58.7 31.1 181.1 88.6 28.5 219.9 112.0 39.8 214.1 115.7 41.8 219.0 110.6 43.5 253.5 107.3 45.4 277.5 109.5 48.0 290.5 96.0 50.5 325.8 93.2 53.6 337.3 88.1 56.1 372.4 83.7 59.1 16 17 18 19 20 21 22 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 1046.0 159.5 278.7 244.5 1130.4 171.1 300.9 279.6 1173.2 181.1 310.5 310.0 1192.5 182.3 314.0 325.3 1198.2 183.3 316.6 318.5 1212.2 186.2 323.1 327.9 1222.2 187.5 325.5 339.7 1252.0 189.7 334.1 330.6 1280.2 190.7 341.7 321.6 1312.7 192.2 344.3 341.0 1336.5 193.9 345.5 343.0 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds 36.4 273.8 28.1 81.2 339.0 32.6 123.7 368.2 32.6 143.6 363.5 31.7 134.6 360.6 30.8 153.9 363.0 30.0 161.9 361.9 29.1 161.6 376.8 28.2 159.9 392.8 27.3 154.7 400.8 26.5 163.0 420.1 25.6 23 24 25 26 27 28 29 Government-sponsored enterprises REITs Brokers and dealers Funding corporations 47.1 6.5 100.0 33.1 67.8 6.1 81.4 37.6 91.5 5.7 93.4 33.8 94.2 5.6 110.0 23.8 106.5 6.4 109.1 31.1 113.9 5.7 116.6 23.9 117.3 5.3 112.7 33.9 125.2 7.4 124.0 43.6 137.3 5.2 132.0 53.3 137.0 5.9 151.7 64.2 145.5 6.0 161.0 74.8 26 27 28 29 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. 90 Z.1, March 7, 2002 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 13301.7 15577.3 19581.2 20276.6 19396.1 19244.2 17566.4 15311.0 16240.7 13628.2 15186.0 1 2 Nonfinancial corporate business 9774.6 11606.7 15117.0 15728.0 14938.7 14453.6 12740.8 10989.1 11689.9 9679.2 10887.2 2 3 4 Rest of the world (2) Financial corporations 1207.8 2319.3 1476.2 2494.5 2026.6 2437.5 2057.4 2491.2 2010.9 2446.5 1854.0 2936.6 1787.0 3038.7 1574.0 2747.9 1613.6 2937.2 1373.9 2575.1 1503.3 2795.5 3 4 13301.7 15577.3 19581.2 20276.6 19396.1 19244.2 17566.4 15311.0 16240.7 13628.2 15186.0 5 6302.5 79.0 919.5 7173.6 102.0 1175.1 9197.3 115.0 1537.8 9369.9 113.2 1598.2 8715.0 115.0 1620.4 8345.7 117.6 1724.9 7317.1 115.1 1748.3 6113.0 111.1 1626.5 6469.8 121.1 1738.8 5231.5 111.3 1529.8 5832.2 126.3 1692.8 6 7 8 2.6 23.3 321.0 6.8 24.5 314.0 10.4 23.8 338.3 10.5 23.7 345.1 10.5 24.2 323.8 11.8 24.4 318.6 11.0 24.2 280.0 7.7 24.6 239.8 8.8 25.6 251.9 6.4 27.1 206.2 8.0 27.9 225.9 9 10 11 5 6 7 8 Issues at market value 1998 Holdings at market value Household sector State and local governments Rest of the world (3) 9 10 11 Commercial banking Savings institutions Bank personal trusts and estates 12 13 14 15 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 558.6 186.0 1696.4 1084.8 733.2 200.1 1990.7 1233.9 964.5 207.9 2325.7 1343.2 1027.6 205.3 2419.2 1331.0 1007.8 203.9 2346.0 1322.5 1023.3 199.4 2361.6 1360.9 940.8 194.3 2195.1 1335.1 873.2 172.2 1958.9 1224.1 926.4 179.9 2050.7 1255.1 819.3 164.5 1772.7 1113.8 935.2 185.2 1902.3 1215.7 12 13 14 15 16 17 18 19 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 2018.7 50.7 6.7 51.9 2506.2 47.3 15.6 54.4 3376.7 39.9 33.9 66.9 3680.2 41.4 36.8 74.4 3546.7 39.6 46.1 74.5 3585.1 39.7 49.7 81.5 3226.9 35.7 65.6 77.2 2786.7 31.3 66.0 76.0 3013.6 33.7 75.6 89.8 2486.2 28.4 64.3 66.6 2836.8 31.9 83.0 82.8 16 17 18 19 11795.9 13777.0 17195.7 17850.8 17010.6 17008.2 15395.7 13383.7 14239.3 11924.1 13291.8 20 Memo: 20 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 1 2 Holdings at market value 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 1941.2 69.1 33.6 2405.8 91.0 21.3 3127.7 113.9 25.6 3352.5 117.5 22.9 3293.3 111.4 24.3 3349.6 111.0 25.4 3124.7 98.8 26.4 2829.2 85.9 28.8 3030.7 91.6 30.7 2697.5 76.3 30.5 2993.2 84.7 31.5 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 8.1 2.4 326.9 9.2 3.6 390.8 11.1 2.5 460.6 12.4 3.2 475.8 12.2 2.3 449.2 12.5 2.2 441.3 13.8 2.2 387.0 15.9 2.0 333.4 16.0 3.6 352.2 15.0 3.1 290.3 20.2 3.7 320.0 6 7 8 Life insurance companies Private pension funds 38.4 569.6 23.3 668.2 43.3 753.8 47.8 792.0 48.6 777.4 51.1 788.5 48.1 733.6 42.6 652.8 46.1 688.5 39.1 601.3 44.3 638.7 9 10 9 10 91 Z.1, March 7, 2002 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total loans by commercial banking, flow of funds basis 3052.9 3304.8 3504.9 3602.1 3736.9 3801.9 3875.3 3909.0 3895.7 3888.7 3937.4 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 2.7 1245.3 512.6 122.5 1.1 1337.0 508.9 142.9 1.4 1495.2 499.8 124.8 1.4 1546.5 497.1 143.4 1.4 1614.1 506.2 150.6 1.3 1648.1 521.8 159.0 1.5 1659.3 541.5 175.2 0.6 1688.1 533.7 191.6 0.0 1723.3 540.2 172.7 0.0 1736.1 535.3 167.2 0.0 1789.3 557.1 176.0 2 3 4 5 6 = Banking sector total bank loans n.e.c. 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 6 867.9 284.0 2.4 15.5 1012.2 282.2 4.1 16.3 1104.4 259.9 2.6 16.9 1131.9 262.2 1.9 17.8 1178.7 263.9 4.0 18.0 1186.5 265.1 1.8 18.4 1202.6 275.7 1.6 18.0 1197.5 276.8 2.7 18.1 1179.3 259.0 2.7 18.6 1170.6 258.3 2.6 18.6 1138.1 256.2 1.9 18.8 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 12 13 Total liabilities 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 13 1092.5 1207.4 1290.6 1322.0 1371.5 1378.9 1404.9 1397.8 1359.1 1350.0 1310.5 14 66.5 692.7 237.3 43.9 72.7 774.5 256.3 45.1 65.4 847.5 274.2 44.2 69.3 868.3 278.7 42.4 71.4 902.5 287.1 45.9 67.1 909.0 288.9 46.2 73.5 921.8 292.0 46.9 63.4 923.2 292.2 45.1 59.3 898.7 287.2 47.8 65.5 886.4 283.5 47.1 57.4 864.7 278.5 46.7 15 16 17 18 52.1 2.1 13.8 36.3 58.9 2.8 13.1 43.0 59.4 3.0 10.0 46.5 63.3 2.8 11.4 49.1 64.7 3.1 12.0 49.5 67.7 3.6 12.6 51.5 70.7 3.5 13.2 54.0 73.9 3.6 16.2 54.1 66.2 3.3 9.2 53.7 67.3 4.2 9.4 53.7 63.2 4.3 5.9 53.1 19 20 21 22 77.3 107.5 93.2 91.8 93.1 92.8 93.0 97.3 100.4 100.2 104.5 23 19.4 24.2 16.0 17.6 29.7 26.5 17.7 33.6 14.0 35.4 17.8 26.0 20.4 28.8 17.1 25.5 21.3 32.8 17.8 21.2 20.8 35.7 17.7 18.6 21.5 35.9 17.9 17.7 22.6 41.6 18.1 15.0 21.7 45.3 18.2 15.2 23.3 44.5 18.5 14.0 23.0 49.4 18.6 13.6 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Households Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 92 Z.1, March 7, 2002 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total other loans and advances 1086.6 1253.0 1412.0 1464.4 1526.2 1520.9 1565.9 1581.8 1609.2 1631.3 1617.6 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 158.8 41.8 8.4 40.9 5.5 8.9 53.3 0.0 173.3 52.4 8.3 44.8 5.1 10.1 52.4 0.0 179.3 65.0 8.0 43.9 4.9 9.7 47.8 0.0 181.9 68.1 7.9 43.9 4.9 9.3 47.9 0.0 183.8 70.7 7.7 43.5 4.9 8.9 48.0 0.0 185.3 73.5 7.6 43.2 4.9 8.6 47.4 0.0 187.6 76.2 7.6 42.8 5.0 8.7 47.3 0.0 189.4 78.8 7.6 42.2 5.0 8.8 46.9 0.0 191.9 81.8 7.3 41.6 5.1 8.9 47.1 0.0 193.6 84.6 7.7 40.6 5.1 8.9 46.7 0.0 196.1 87.7 7.4 39.6 5.0 8.9 47.5 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 143.3 143.3 142.3 142.3 119.5 119.5 120.8 120.8 124.8 124.8 112.4 112.4 117.3 117.3 114.8 114.8 118.9 118.9 137.2 137.2 115.7 115.7 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 20.6 10.8 9.7 11.3 6.6 4.7 8.2 4.4 3.9 8.7 4.9 3.8 9.0 4.9 4.1 8.4 4.6 3.8 7.5 4.3 3.1 7.4 6.6 0.8 6.6 5.8 0.8 4.8 4.3 0.6 4.6 4.1 0.5 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 18.8 9.4 9.4 24.2 12.1 12.1 30.7 15.3 15.3 33.4 16.7 16.7 35.4 17.7 17.7 37.9 19.0 19.0 39.3 19.7 19.7 41.4 20.7 20.7 43.8 21.9 21.9 43.6 21.8 21.8 43.0 21.5 21.5 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 104.6 1.0 103.7 104.7 0.9 103.8 100.0 0.9 99.0 99.6 0.9 98.7 100.5 0.9 99.6 102.0 0.9 101.1 102.8 0.9 101.9 103.8 0.9 102.9 104.0 0.9 103.0 105.3 0.9 104.4 105.5 0.9 104.6 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 260.3 30.2 15.1 16.5 58.1 138.0 0.6 1.8 352.6 29.0 17.8 17.1 104.9 180.1 1.1 2.5 466.2 34.5 17.9 17.9 145.6 243.7 3.4 3.2 472.9 32.3 17.1 19.1 155.0 243.8 2.6 3.0 505.4 31.7 18.2 18.6 174.6 256.7 2.9 2.7 503.5 35.9 18.9 18.5 172.6 251.8 3.1 2.7 514.6 37.4 19.4 19.5 172.4 260.0 3.4 2.5 527.9 38.0 19.4 19.6 176.1 269.7 3.2 1.9 530.1 39.2 20.9 19.2 179.0 266.4 3.5 1.9 547.2 39.7 21.4 19.0 184.4 276.1 3.8 2.8 555.2 40.4 22.1 19.6 197.7 267.4 4.9 3.1 21 22 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Households (1) Nonfinancial corporate business 76.2 14.1 62.1 103.8 17.9 85.9 113.0 19.4 93.6 124.3 22.8 101.5 125.4 24.5 100.9 128.3 30.7 97.6 138.3 29.9 108.4 138.1 30.5 107.6 132.3 31.0 101.3 148.4 31.2 117.2 150.5 30.5 120.0 29 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 304.1 273.7 30.4 340.9 306.8 34.1 395.1 355.6 39.5 422.7 380.5 42.3 441.9 397.7 44.2 443.0 398.7 44.3 458.4 412.6 45.8 459.1 413.2 45.9 481.9 433.7 48.2 451.1 406.0 45.1 447.0 402.3 44.7 32 33 34 (1) Student loans. 93 Z.1, March 7, 2002 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5202.2 5721.4 6357.9 6471.0 6640.6 6792.8 6933.6 7056.6 7263.0 7463.5 7656.8 1 3978.3 301.1 832.7 90.0 4367.0 332.9 924.9 96.6 4802.0 375.3 1078.3 102.3 4877.9 383.2 1105.7 104.2 5003.5 396.0 1134.4 106.8 5122.6 403.2 1158.7 108.3 5224.2 413.5 1187.0 108.8 5317.6 421.7 1207.3 109.9 5473.6 433.4 1242.9 113.1 5621.6 447.1 1280.1 114.7 5757.0 460.7 1322.8 116.2 2 3 4 5 5202.2 5721.4 6357.9 6471.0 6640.6 6792.8 6933.6 7056.6 7263.0 7463.5 7656.8 6 Household sector 3913.2 4272.8 4672.4 4739.7 4854.5 4966.5 5057.8 5140.5 5290.0 5433.4 5560.5 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 1242.2 261.2 890.9 90.0 1377.0 281.8 998.6 96.6 1608.8 378.2 1128.3 102.3 1652.9 394.2 1154.5 104.2 1705.1 410.0 1188.3 106.8 1743.8 419.5 1215.9 108.3 1792.8 439.0 1245.0 108.8 1835.1 450.1 1275.1 109.9 1887.9 466.7 1308.2 113.1 1945.4 489.3 1341.4 114.7 2011.3 520.3 1374.8 116.2 8 9 10 11 12 13 Federal government REITs 0.0 46.8 0.0 71.6 0.0 76.7 0.0 78.5 0.0 81.0 0.0 82.5 0.0 82.9 0.0 81.1 0.0 85.1 0.0 84.6 0.0 85.0 12 13 5202.2 5721.4 6357.9 6471.0 6640.6 6792.8 6933.6 7056.6 7263.0 7463.5 7656.8 14 7 14 Total liabilities 1998 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 109.6 80.2 18.7 110.5 67.3 30.7 110.2 60.3 40.7 111.2 59.0 42.7 111.5 57.8 46.5 111.7 56.5 47.0 111.3 55.3 48.6 111.4 54.0 50.1 111.9 52.8 51.5 112.1 51.5 53.2 112.0 50.3 54.8 15 16 17 18 19 State and local governments Federal government 121.3 45.7 125.4 44.9 129.8 77.7 130.9 76.8 132.0 76.8 133.1 76.5 134.3 76.9 135.4 76.3 136.6 76.2 137.8 75.3 139.0 75.8 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 1245.3 631.8 86.0 3.0 1337.0 644.0 96.9 2.8 1495.2 668.6 111.0 2.2 1546.5 682.4 114.1 2.2 1614.1 703.5 119.1 2.2 1648.1 723.1 124.0 2.1 1659.3 723.8 127.4 2.1 1688.1 741.4 126.2 2.0 1723.3 751.9 130.9 2.0 1736.1 758.6 140.2 2.0 1789.3 758.0 144.2 2.0 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 206.8 2.2 9.7 17.6 213.6 2.0 9.3 24.1 230.8 1.9 10.9 21.5 229.4 2.5 11.3 21.7 232.6 1.8 11.6 21.0 234.7 1.7 11.9 21.5 235.9 1.6 12.2 21.5 235.1 1.6 12.5 22.1 237.1 1.7 12.7 22.8 238.9 1.7 12.8 23.7 240.9 1.7 13.4 24.9 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Federally related mortgage pools ABS issuers 240.5 1825.8 406.2 248.7 2018.4 563.0 244.4 2292.2 656.1 246.1 2322.1 669.8 255.7 2355.2 687.5 260.1 2414.3 707.9 267.1 2491.6 739.8 270.0 2534.2 767.5 279.1 2633.4 805.0 285.6 2759.4 834.5 297.4 2828.2 889.2 28 29 30 31 32 33 Finance companies Mortgage companies REITs 96.5 32.1 22.9 121.2 35.3 26.3 145.8 35.6 23.0 149.1 34.1 19.2 157.7 35.5 18.6 165.4 35.4 17.8 172.3 35.9 16.8 176.1 36.2 16.3 182.3 36.5 15.3 187.4 36.9 15.6 183.3 37.2 15.3 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 94 Z.1, March 7, 2002 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3978.3 4367.0 4802.0 4877.9 5003.5 5122.6 5224.2 5317.6 5473.6 5621.6 5757.0 1 3818.1 8.0 152.2 4168.3 9.4 189.4 4557.4 11.5 233.0 4624.8 12.0 241.1 4738.9 12.6 252.0 4847.0 13.2 262.4 4939.7 13.5 271.0 5021.6 14.4 281.7 5167.0 15.0 291.5 5304.4 15.4 301.8 5430.5 15.6 311.0 2 3 4 3978.3 4367.0 4802.0 4877.9 5003.5 5122.6 5224.2 5317.6 5473.6 5621.6 5757.0 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 86.5 29.8 7.0 85.3 27.1 11.5 84.2 25.6 15.3 83.9 25.4 16.0 83.7 25.1 17.4 83.4 24.9 17.6 83.2 24.6 18.2 82.9 24.3 18.8 82.7 24.1 19.3 82.4 23.8 20.0 82.2 23.6 20.6 6 7 8 9 10 State and local governments Federal government 65.8 19.1 69.1 18.8 72.6 18.4 73.5 18.3 74.4 18.3 75.3 17.8 76.3 17.7 77.2 17.6 78.2 17.4 79.1 17.2 80.1 17.1 9 10 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 745.5 520.7 86.0 3.0 796.6 533.4 96.9 2.8 878.7 548.5 111.0 2.2 903.8 559.6 114.1 2.2 948.2 578.5 119.1 2.2 967.5 595.0 124.0 2.1 965.2 594.6 127.4 2.1 977.8 607.8 126.2 2.0 997.0 616.0 130.9 2.0 986.8 620.4 140.2 2.0 1022.9 620.3 144.2 2.0 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 7.2 5.7 5.6 6.6 5.8 8.4 5.9 7.0 7.5 5.6 7.4 7.6 5.2 7.6 7.4 4.9 7.9 7.5 4.9 8.2 7.5 4.9 8.5 7.7 5.0 8.8 8.0 5.1 9.0 8.3 5.2 9.5 8.7 15 16 17 18 19 20 Government-sponsored enterprises Federally related mortgage pools ABS issuers 194.3 1788.1 310.7 199.6 1970.2 405.2 189.3 2234.7 455.0 189.8 2263.0 463.5 197.6 2294.1 471.9 200.5 2351.4 484.6 205.1 2425.6 499.8 206.3 2464.9 523.3 211.9 2559.3 539.2 215.8 2682.1 550.2 224.2 2746.6 574.5 18 19 20 21 22 23 Finance companies Mortgage companies REITs 67.5 21.8 14.0 90.0 24.9 14.8 108.2 25.2 12.4 111.8 23.7 8.8 119.4 25.1 8.3 125.2 24.9 8.0 130.6 25.4 7.9 133.8 25.8 7.8 140.1 26.0 7.6 144.8 26.4 8.0 142.1 26.7 6.6 21 22 23 416.2 174.0 55.5 29.0 90.2 67.5 476.7 176.9 55.9 29.7 124.2 90.0 532.8 189.5 59.8 33.4 141.9 108.2 553.1 199.7 62.3 35.7 143.5 111.8 582.4 212.8 64.9 37.7 147.6 119.4 606.3 223.5 68.4 40.0 149.2 125.2 630.5 234.8 72.9 40.7 151.5 130.6 646.0 235.6 73.3 41.4 161.9 133.8 669.9 245.4 76.8 42.2 165.3 140.1 689.7 251.9 78.0 45.3 169.7 144.8 701.5 258.3 77.9 44.9 178.3 142.1 24 25 26 27 28 29 6 7 8 24 25 26 27 28 29 Total assets 1998 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 301.1 332.9 375.3 383.2 396.0 403.2 413.5 421.7 433.4 447.1 460.7 1 22.5 263.2 23.5 285.7 24.7 325.3 25.1 332.2 25.4 343.9 25.7 350.3 25.9 360.2 26.2 368.8 26.5 378.7 26.9 392.3 27.3 405.4 2 3 0.0 15.4 0.0 23.6 0.0 25.3 0.0 25.9 0.0 26.7 0.0 27.2 0.0 27.4 0.0 26.7 0.0 28.1 0.0 27.9 0.0 28.1 4 5 301.1 332.9 375.3 383.2 396.0 403.2 413.5 421.7 433.4 447.1 460.7 6 1.5 1.4 6.2 1.5 1.1 10.2 1.4 0.9 13.5 1.4 0.9 14.2 1.4 0.9 15.4 1.4 0.8 15.6 1.4 0.8 16.1 1.4 0.8 16.6 1.4 0.7 17.1 1.4 0.7 17.7 1.4 0.7 18.2 7 8 9 10 11 State and local governments Federal government 46.5 13.9 47.4 13.6 48.3 13.6 48.6 13.7 48.8 13.8 49.1 13.8 49.3 13.9 49.6 13.3 49.8 13.4 50.1 13.6 50.3 13.7 10 11 12 13 Commercial banking Savings institutions 49.7 59.5 52.9 57.0 66.0 59.4 70.8 58.0 75.7 59.4 76.9 60.3 77.7 61.3 79.8 62.9 80.4 63.4 83.9 64.4 84.9 64.5 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 30.4 1.0 5.0 31.5 0.9 6.7 32.8 1.0 6.0 32.7 1.0 6.1 33.2 1.0 5.9 33.5 1.0 6.0 33.7 1.0 6.0 33.6 1.0 6.2 33.8 1.0 6.4 33.8 0.9 6.6 33.9 1.0 7.0 14 15 16 17 18 19 Government-sponsored enterprises Federally related mortgage pools ABS issuers 17.3 37.8 20.9 18.1 48.3 33.8 22.9 57.5 42.3 24.2 59.1 43.2 25.3 61.0 44.4 26.2 63.0 45.6 27.8 66.0 48.8 28.8 69.3 49.0 30.7 74.1 51.7 32.4 77.3 54.5 34.7 81.6 60.2 17 18 19 20 21 22 Finance companies Mortgage companies REITs 2.8 5.2 2.1 2.5 5.3 2.1 2.8 5.3 1.6 2.8 5.3 1.4 2.9 5.3 1.6 3.1 5.3 1.5 2.9 5.4 1.3 2.9 5.4 1.2 2.9 5.4 1.2 2.9 5.4 1.3 2.7 5.4 0.6 20 21 22 95 Z.1, March 7, 2002 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 8 9 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 832.7 924.9 1078.3 1105.7 1134.4 1158.7 1187.0 1207.3 1242.9 1280.1 1322.8 1 95.1 230.7 475.5 31.4 104.5 248.9 523.5 48.0 115.0 341.9 570.0 51.4 114.9 357.1 581.1 52.6 115.6 372.1 592.4 54.2 119.5 380.6 603.3 55.3 118.1 399.6 613.8 55.6 118.9 409.5 624.6 54.3 122.9 425.1 637.9 57.0 129.0 447.0 647.4 56.7 130.1 477.4 658.4 57.0 2 3 4 5 832.7 924.9 1078.3 1105.7 1134.4 1158.7 1187.0 1207.3 1242.9 1280.1 1322.8 6 5.1 49.1 4.9 6.0 39.1 8.0 6.7 33.7 10.6 6.8 32.8 11.1 7.0 31.8 12.1 7.1 30.8 12.3 7.3 29.9 12.7 7.5 28.9 13.1 7.6 27.9 13.4 7.8 27.0 13.9 7.9 26.0 14.3 7 8 9 7.7 7.8 7.6 7.9 7.5 41.5 7.4 40.6 7.4 40.6 7.4 40.7 7.4 41.1 7.3 41.3 7.3 41.3 7.3 40.5 7.2 41.0 10 11 10 11 State and local governments Federal government 12 13 Commercial banking Savings institutions 423.1 51.3 458.5 53.1 518.6 60.3 539.2 64.3 556.4 65.1 569.8 67.3 582.4 67.4 596.2 70.2 610.7 71.9 630.0 73.2 645.9 72.7 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 158.8 2.2 3.0 7.0 164.0 2.0 2.6 8.9 179.0 1.9 2.9 8.0 178.2 2.5 2.9 8.0 180.9 1.8 3.0 7.8 182.6 1.7 3.0 7.9 183.8 1.6 3.0 8.0 183.1 1.6 3.0 8.2 184.6 1.7 2.9 8.4 186.2 1.7 2.8 8.8 187.7 1.7 2.9 9.2 14 15 16 17 18 19 20 21 22 Federally related mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.0 74.6 26.2 5.1 6.9 0.0 124.0 28.7 5.1 9.4 0.0 158.8 34.8 5.1 9.0 0.0 163.1 34.5 5.1 9.0 0.0 171.2 35.5 5.1 8.7 0.0 177.6 37.1 5.1 8.2 0.0 191.2 38.8 5.1 7.6 0.0 195.2 39.4 5.1 7.4 0.0 214.1 39.3 5.1 6.5 0.0 229.8 39.6 5.1 6.4 0.0 254.5 38.5 5.1 8.1 18 19 20 21 22 L.221 Farm Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 1 2 Total assets 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 2 16.5 0.6 17.7 1.0 17.9 1.3 19.0 1.4 19.4 1.5 19.7 1.5 19.4 1.6 19.6 1.6 20.2 1.6 20.4 1.7 20.4 1.8 3 4 1.4 4.9 1.4 4.5 1.4 4.3 1.4 4.2 1.4 4.2 1.4 4.2 1.4 4.1 1.4 4.1 1.4 4.1 1.4 4.0 1.4 4.0 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 27.0 0.4 29.0 0.4 31.8 0.5 32.7 0.5 33.7 0.5 33.9 0.5 34.0 0.5 34.3 0.6 35.2 0.6 35.4 0.6 35.6 0.5 7 8 9 10 Life insurance companies State and local govt. retirement funds 10.5 0.0 11.5 0.0 13.0 0.0 13.0 0.0 13.4 0.0 13.7 0.0 13.6 0.0 13.5 0.0 13.7 0.0 13.8 0.0 14.0 0.0 9 10 11 12 Government-sponsored enterprises Federally related mortgage pools 28.9 0.0 31.0 0.0 32.2 0.0 32.1 0.0 32.8 0.0 33.5 0.0 34.2 0.0 34.9 0.0 36.4 0.0 37.4 0.0 38.6 0.0 11 12 96 Z.1, March 7, 2002 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total liabilities (Households) 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 1 2 Total assets 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 2 78.9 0.0 74.9 0.0 80.3 0.0 72.9 0.0 73.5 0.0 72.1 0.0 82.7 0.0 71.4 0.0 68.0 0.0 60.2 0.0 67.9 0.0 3 4 3 4 Nonfinancial corporate business Nonfarm noncorporate business 5 6 7 Commercial banking Savings institutions Credit unions 512.6 47.2 152.4 508.9 51.6 155.4 499.8 61.5 167.9 497.1 59.0 169.2 506.2 61.0 176.0 521.8 62.5 181.3 541.5 64.6 184.4 533.7 65.5 182.8 540.2 65.3 186.4 535.3 68.5 185.7 557.1 68.0 186.2 5 6 7 8 9 ABS issuers Finance companies 313.1 167.5 372.4 183.3 435.1 201.5 434.0 204.8 447.0 212.7 460.3 221.5 500.1 219.8 519.2 212.8 533.9 214.3 548.5 220.9 572.4 236.7 8 9 L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1967.3 2076.5 2298.8 2321.7 2371.6 2418.3 2465.5 2447.3 2418.9 2429.1 2439.3 1 2 Household sector 118.0 126.8 132.7 134.5 136.3 137.7 138.6 140.4 141.5 143.2 144.7 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 992.1 147.8 18.8 1049.7 170.9 19.6 1194.1 196.4 20.0 1197.6 202.9 19.2 1220.3 211.2 20.8 1261.4 214.8 20.9 1296.5 218.8 20.9 1271.7 222.0 20.3 1231.4 224.8 21.5 1234.6 227.2 21.2 1237.3 229.0 21.0 3 4 5 6 7 State and local governments Federal government 549.0 72.9 579.5 64.9 608.6 65.6 616.9 67.0 623.2 67.5 629.6 68.3 635.9 66.8 642.1 64.9 648.4 63.2 654.8 63.7 661.1 55.1 6 7 8 9 Rest of the world Brokers and dealers 48.7 19.9 46.3 18.9 50.6 30.9 50.0 33.8 53.0 39.4 49.8 35.9 52.1 35.9 50.7 35.2 54.7 33.3 48.3 36.1 51.9 39.1 8 9 1840.5 2000.0 2177.9 2271.6 2355.2 2408.4 2369.5 2394.0 2393.8 2411.9 2336.6 10 1366.6 204.9 1452.9 245.6 1566.3 291.4 1639.0 301.6 1689.9 321.2 1724.7 325.5 1672.0 332.2 1676.4 337.2 1651.7 341.5 1652.7 344.8 1573.2 346.8 11 12 20.8 60.3 22.3 51.7 22.9 46.8 25.4 46.4 26.9 47.4 27.7 49.6 28.1 52.5 31.7 54.1 33.9 63.9 37.6 64.0 35.8 61.9 13 14 59.9 128.1 61.5 165.9 63.6 187.0 66.1 193.1 67.2 202.7 68.7 212.2 64.6 220.0 67.6 227.0 69.8 233.0 72.7 240.0 73.0 245.9 15 16 126.8 76.6 120.9 50.2 16.5 9.9 96.1 53.3 25.0 17.2 102.7 17 10 Total trade payables Total trade receivables 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 Federal government Rest of the world 15 16 Other insurance companies ABS issuers 17 Discrepancy L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 920.0 814.1 1 2 3 Household sector Rest of the world 131.2 0.0 152.8 0.0 227.9 0.0 286.5 0.0 270.2 0.0 273.9 0.0 235.1 0.0 193.5 0.0 195.9 0.0 258.1 0.0 194.7 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 337.9 215.5 64.4 58.0 419.6 276.7 76.3 66.6 448.7 323.9 67.6 57.2 514.6 371.2 76.5 66.8 510.0 359.5 70.5 80.1 531.9 372.9 67.5 91.5 587.6 412.4 74.7 100.5 591.9 400.4 82.2 109.4 585.5 412.8 83.7 88.9 661.9 494.8 92.6 74.6 619.4 443.4 81.9 94.1 4 5 6 7 8 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 920.0 814.1 8 9 10 Total assets Household sector Rest of the world 215.5 0.0 276.7 0.0 323.9 0.0 371.2 0.0 359.5 0.0 372.9 0.0 412.4 0.0 400.4 0.0 412.8 0.0 494.8 0.0 443.4 0.0 9 10 11 12 Commercial banking Brokers and dealers 122.5 131.2 142.9 152.8 124.8 227.9 143.4 286.5 150.6 270.2 159.0 273.9 175.2 235.1 191.6 193.5 172.7 195.9 167.2 258.1 176.0 194.7 11 12 97 Z.1, March 7, 2002 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Life insurance reserves: 1 Total liabilities 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 847.0 868.1 1 2 3 Federal government Life insurance companies 32.3 632.7 33.6 684.7 35.0 748.9 35.2 765.7 35.9 770.6 36.0 782.7 36.4 782.7 36.6 786.5 37.1 803.1 37.2 809.8 37.8 830.3 2 3 4 Total assets (Households) 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 847.0 868.1 4 7323.4 8209.0 9080.2 9286.6 9214.2 9355.5 9091.4 8616.3 8880.4 8309.3 8723.5 5 Pension fund reserves: 5 Total liabilities 6 7 Federal government (1) Life insurance companies 601.7 1086.1 642.9 1248.1 684.0 1431.0 673.0 1481.3 683.3 1476.4 697.4 1506.0 704.9 1456.1 713.3 1414.5 724.9 1465.6 738.2 1405.6 765.8 1507.8 6 7 8 9 Private pension funds (2) State and local govt. retirement funds 3793.6 1842.0 4232.5 2085.4 4702.9 2262.3 4859.5 2272.8 4773.7 2280.8 4819.8 2332.4 4598.9 2331.5 4275.7 2212.8 4415.7 2274.2 4041.9 2123.6 4226.3 2223.6 8 9 7323.4 8209.0 9080.2 9286.6 9214.2 9355.5 9091.4 8616.3 8880.4 8309.3 8723.5 10 10 Total assets (Households) (3) (1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 151.1 172.4 194.7 210.1 211.4 214.9 216.4 225.7 225.1 251.3 229.6 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 59.2 49.8 64.1 60.5 71.0 68.8 82.8 71.0 80.2 73.7 80.4 74.9 78.0 76.3 84.7 78.0 80.6 79.6 103.1 81.0 78.1 82.1 2 3 4 5 U.S.-chartered commercial banks Savings institutions 5.4 1.8 7.1 2.0 9.0 2.0 9.5 1.7 10.0 1.8 10.6 2.1 11.1 2.4 11.7 2.3 12.3 2.0 12.9 2.0 13.5 1.7 4 5 6 7 Life insurance companies Other insurance companies 13.7 13.4 14.9 15.4 16.2 17.4 16.5 17.9 16.9 18.5 17.3 19.0 17.8 19.7 18.2 20.3 18.7 21.0 19.2 21.7 19.7 22.4 6 7 8 9 Finance companies Brokers and dealers 6.5 1.3 7.3 1.3 8.1 2.2 8.3 2.4 8.6 1.7 8.8 1.8 9.1 2.1 9.3 1.2 9.6 1.3 9.9 1.4 10.2 1.8 8 9 46.9 49.5 72.0 91.4 77.0 90.4 87.9 111.5 90.7 102.8 129.9 10 26.9 20.0 28.1 21.4 33.5 38.5 35.5 55.9 39.0 37.9 42.9 47.4 45.6 42.4 49.1 62.3 50.8 39.9 51.4 51.4 50.1 79.8 11 12 104.2 122.9 122.7 118.7 134.5 124.6 128.5 114.3 134.4 148.5 99.7 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Investment in Bank Personal Trusts and Estates Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Liab.: Bank personal trusts and estates 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 1 2 Asset: Household sector 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 2 98 Z.1, March 7, 2002 L.229 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6731.6 7653.4 8195.4 8407.0 8627.9 9130.2 9008.8 9443.4 9702.3 10110.2 10078.3 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18.6 2194.4 301.3 17.2 2555.3 415.1 19.4 2623.5 471.0 18.7 2653.0 482.5 18.9 2646.5 494.1 18.8 2741.1 504.3 19.6 2737.9 517.2 18.7 2782.7 525.9 18.5 2810.6 532.3 19.3 2869.0 539.0 19.6 2899.5 544.7 2 3 4 5 6 Federal government Rest of the world 6.6 1237.4 6.7 1388.8 6.6 1588.7 6.6 1622.5 6.5 1767.9 6.6 2023.7 6.4 1830.1 6.5 2194.7 6.4 2267.9 6.4 2536.6 6.2 2377.7 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 9.5 1023.7 101.4 4.6 10.7 1128.7 99.8 5.2 9.4 1073.4 85.4 6.0 10.0 1124.1 82.0 5.4 9.6 1131.1 86.1 6.1 9.6 1230.4 92.7 7.5 10.6 1247.8 102.5 5.6 8.8 1219.8 108.4 3.5 8.2 1249.5 119.8 6.0 8.0 1354.0 122.1 5.5 7.8 1277.9 122.9 3.8 7 8 9 10 11 12 Life insurance companies Other insurance companies 625.4 522.3 649.5 527.9 683.5 540.3 697.0 542.2 692.1 547.2 694.3 551.7 683.8 546.3 681.1 549.8 705.2 555.6 701.9 571.2 716.5 573.7 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 75.1 206.0 16.0 95.3 223.8 17.7 89.3 290.7 17.8 93.8 334.2 17.1 89.8 336.7 17.8 87.9 353.2 17.7 96.7 373.5 17.9 119.7 393.7 18.1 118.5 388.8 18.3 131.9 379.9 18.5 134.1 396.5 18.6 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 18.0 131.1 240.1 31.6 175.8 304.3 36.0 185.5 468.8 35.9 190.1 492.0 37.4 202.9 537.2 38.5 206.5 545.7 37.8 179.3 596.0 42.6 173.5 596.1 37.8 260.7 598.4 37.9 239.1 569.8 39.2 304.5 635.3 16 17 18 8302.8 10026.1 10986.6 11351.2 11613.5 11849.3 12210.0 12539.4 12776.6 13052.9 13386.5 19 19 Total liabilities 1998 Total assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 311.7 3651.9 259.9 44.8 321.4 4512.5 481.4 45.4 334.2 5051.9 544.1 45.6 335.6 5186.5 557.7 45.6 339.6 5257.6 571.2 46.0 341.7 5319.5 585.3 46.2 338.9 5427.1 595.7 45.5 339.6 5443.0 607.0 45.6 346.1 5513.5 621.5 46.3 356.4 5541.7 633.8 46.9 358.6 5705.5 645.4 47.5 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world 27.0 104.8 1107.7 11.5 101.2 1342.6 13.1 100.3 1518.8 21.5 98.7 1680.1 21.9 98.7 1756.5 25.0 98.8 1789.3 24.1 98.9 1912.4 35.5 98.8 2215.0 43.6 99.1 2180.2 57.3 99.6 2335.6 40.1 100.2 2323.5 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 13.2 934.0 49.7 17.6 14.6 16.1 1079.1 62.8 24.3 23.0 16.8 1099.3 60.3 8.0 20.5 16.5 1092.8 59.5 11.3 20.0 16.6 1122.8 63.4 13.9 19.3 18.3 1180.1 61.9 16.7 19.3 19.3 1195.9 67.7 23.4 19.0 19.3 1220.2 84.6 31.2 18.7 20.2 1275.5 84.8 39.9 18.6 20.5 1342.0 90.9 33.8 18.3 20.3 1402.5 87.1 33.2 18.1 27 28 29 30 31 32 33 34 35 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 65.7 42.8 590.9 63.5 69.2 49.7 622.2 66.1 34.9 53.8 633.7 81.0 38.7 55.1 643.2 79.4 43.1 57.7 637.5 82.3 54.0 60.0 638.0 85.0 55.6 61.4 627.3 93.5 47.5 63.3 613.5 106.4 38.9 63.7 615.4 106.9 35.3 63.8 607.9 116.2 36.7 64.2 613.8 110.6 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 58.1 11.8 67.8 67.7 7.7 68.5 90.4 4.2 73.5 79.6 2.7 77.0 103.4 2.6 80.8 108.5 3.4 82.8 102.5 3.5 85.5 102.6 1.3 85.4 112.8 1.0 85.2 113.0 1.1 99.7 128.6 1.1 100.5 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 175.1 10.5 391.8 288.0 184.4 21.2 499.3 348.7 235.3 21.1 522.8 423.1 235.8 21.5 549.7 442.7 234.1 20.8 573.0 450.7 249.0 22.0 589.1 455.1 259.6 21.1 655.1 477.1 263.5 21.8 580.8 494.6 237.7 23.0 722.1 480.7 246.8 22.9 717.8 451.7 255.2 25.0 791.9 477.1 39 40 41 42 -1571.2 -2372.7 -2791.3 -2944.2 -2985.6 -2719.1 -3201.2 -3096.0 -3074.3 -2942.8 -3308.2 43 43 Discrepancy 99 Z.1, March 7, 2002 L.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 Q1 Q2 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 Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 1067.4 932.5 44.2 8.6 42.8 35.1 4.2 1196.8 1048.4 46.2 9.4 49.7 35.6 7.5 1328.0 1160.4 49.5 11.9 53.8 41.1 11.2 1368.9 1194.5 51.4 12.9 55.1 43.3 11.7 1404.5 1220.3 52.4 13.3 57.7 48.2 12.6 1448.1 1252.3 56.2 14.2 60.0 52.1 13.3 1445.2 1247.2 56.8 13.8 61.4 51.9 14.2 1489.2 1284.2 58.0 14.7 63.3 53.9 15.1 1532.4 1321.9 59.7 15.3 63.7 56.0 15.8 1586.0 1373.0 61.2 15.8 63.8 56.4 15.9 1613.0 1395.0 63.4 16.5 64.2 57.8 16.0 1 2 3 4 5 6 7 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 749.6 3.9 38.8 25.2 46.2 35.7 8.5 -84.6 804.6 3.5 44.2 27.9 47.5 38.3 10.1 -63.9 945.5 3.4 63.3 40.2 57.4 49.7 15.8 -80.9 960.8 3.4 68.4 40.8 58.3 47.8 16.4 -64.7 1045.5 3.4 68.9 43.2 59.8 48.6 16.8 -64.3 1101.3 3.4 69.7 48.7 62.4 49.9 17.4 -53.6 1112.3 3.5 72.9 59.2 64.1 67.3 16.7 -26.6 1156.1 3.5 73.2 63.0 65.6 73.2 17.8 -30.0 1178.3 3.5 77.1 66.2 64.7 77.9 18.3 2.1 1186.3 3.5 79.2 66.3 63.6 80.1 19.5 18.2 1202.2 3.5 83.2 68.5 64.1 82.1 20.5 26.5 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 823.1 912.2 1094.4 1131.4 1221.9 1299.2 1369.5 1422.4 1488.1 1516.5 1550.5 16 30.8 30.8 32.4 32.4 33.9 33.9 34.2 34.2 34.6 34.6 34.9 34.9 35.4 35.4 35.9 35.9 36.4 36.4 36.7 36.7 37.1 37.1 17 18 5.4 5.4 6.0 6.0 6.4 6.4 6.7 6.7 6.9 6.9 6.9 6.9 7.0 7.0 7.0 7.0 7.1 7.1 7.3 7.3 7.4 7.4 19 20 21.9 25.3 30.8 31.8 31.6 32.0 33.0 28.0 30.7 24.9 29.2 21 0.5 1.7 1.5 0.0 8.0 9.9 0.2 0.2 -0.2 1.6 1.7 0.0 10.0 11.8 0.3 0.2 -0.8 1.6 1.6 0.0 13.0 14.5 0.5 0.3 -0.8 1.7 1.5 0.0 13.4 15.1 0.6 0.3 -1.2 1.6 1.6 0.0 13.4 15.3 0.6 0.3 -1.1 1.6 1.6 0.0 13.4 15.5 0.6 0.4 -0.8 1.6 1.6 0.0 13.8 15.7 0.6 0.4 -6.5 1.6 1.6 0.0 14.1 16.2 0.7 0.3 -4.2 1.5 1.7 0.0 14.2 16.5 0.7 0.2 -10.8 1.5 1.7 0.0 14.4 16.9 0.8 0.3 -8.1 1.9 2.1 0.0 15.2 16.9 0.9 0.3 22 23 24 25 26 27 28 29 Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 413.6 5.0 23.5 16.0 45.3 469.0 5.4 17.1 17.7 93.8 471.9 6.0 43.9 17.8 83.6 492.1 6.1 53.6 17.1 88.3 501.0 6.3 47.5 17.8 97.3 514.8 6.4 50.0 17.7 107.2 525.4 6.6 51.3 17.9 113.9 541.8 6.8 48.6 18.1 153.8 552.2 7.0 46.7 18.3 165.0 577.8 7.2 45.8 18.5 169.8 585.3 7.4 49.7 18.6 147.7 30 31 32 33 34 35 Asset: Bank holding companies 503.5 603.0 623.1 657.1 669.9 696.1 715.1 769.2 789.2 819.1 808.6 35 23.5 23.5 17.1 17.1 43.9 43.9 53.6 53.6 47.5 47.5 50.0 50.0 51.3 51.3 48.6 48.6 46.7 46.7 45.8 45.8 49.7 49.7 36 37 NFC inv. in finance company subs.: 36 37 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 38 39 Liab.: Foreign banking offices in U.S. Brokers and dealers 78.8 209.2 90.6 258.2 93.0 330.1 114.6 328.1 114.5 336.2 119.9 335.2 138.7 338.4 142.3 352.3 137.3 343.5 113.5 338.2 107.9 369.2 38 39 40 Asset: Funding corporations 288.0 348.7 423.1 442.7 450.7 455.1 477.1 494.6 480.7 451.7 477.1 40 100 Z.1, March 7, 2002 L.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 Q1 Q2 2001 Q3 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 2.1 2.1 1.9 1.9 2.6 2.6 2.3 2.3 2.3 2.3 2.4 2.4 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.4 2.4 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 18.0 18.0 24.9 24.9 17.1 17.1 15.1 15.1 12.9 12.9 13.6 13.6 17.0 17.0 29.9 29.9 26.1 26.1 29.3 29.3 25.7 25.7 5 6 18.6 18.6 17.2 17.2 19.4 19.4 18.7 18.7 18.9 18.9 18.8 18.8 19.6 19.6 18.7 18.7 18.5 18.5 19.3 19.3 19.6 19.6 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 Liab.: Life insurance companies Health Policy dividend accumulation 112.2 75.7 36.4 120.1 83.0 37.1 131.9 93.5 38.4 132.8 94.4 38.4 135.4 96.5 38.8 136.7 97.1 39.6 136.8 97.4 39.5 136.8 96.8 40.0 140.4 99.5 40.9 142.7 101.4 41.3 144.0 102.0 42.1 9 10 11 12 Asset: Household sector 112.2 120.1 131.9 132.8 135.4 136.7 136.8 136.8 140.4 142.7 144.0 12 Policy payables: 13 Liab.: Other insurance companies 476.2 480.4 482.9 483.9 487.5 489.3 482.1 484.2 490.9 507.7 509.6 13 14 15 16 17 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 199.5 188.1 45.2 43.3 201.3 189.8 45.6 43.7 202.3 190.8 45.9 43.9 202.7 191.1 46.0 44.0 204.2 192.5 46.3 44.4 205.0 193.3 46.5 44.5 202.0 190.4 45.8 43.9 202.9 191.3 46.0 44.1 205.7 193.9 46.6 44.7 213.7 200.5 48.2 45.2 214.5 201.3 48.4 45.4 14 15 16 17 381.9 381.9 384.6 384.6 393.5 393.5 400.1 400.1 391.8 391.8 390.4 390.4 378.4 378.4 363.8 363.8 369.2 369.2 355.6 355.6 363.4 363.4 18 19 93.5 93.5 114.9 114.9 116.1 116.1 116.4 116.4 116.7 116.7 117.0 117.0 117.4 117.4 117.7 117.7 118.0 118.0 118.3 118.3 118.6 118.6 20 21 333.3 333.3 403.3 403.3 419.5 419.5 443.9 443.9 467.5 467.5 470.6 470.6 508.2 508.2 482.6 482.6 541.0 541.0 559.8 559.8 571.4 571.4 22 23 Unallocated insurance company contracts: 18 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 20 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 22 23 Liab.: Funding corporations Asset: Brokers and dealers 101 Z.1, March 7, 2002 L.232 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total liabilities 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2531.9 2964.7 3028.8 3067.4 3127.3 3469.0 3213.2 3512.3 3584.5 3886.8 3750.9 1 1351.3 297.5 1635.8 411.7 1561.9 467.7 1575.7 479.2 1484.3 490.7 1522.8 500.9 1508.2 513.7 1508.9 522.4 1514.3 528.8 1564.4 535.6 1578.7 541.2 2 3 Federal government Rest of the world Monetary authority 6.6 137.0 4.0 6.7 157.7 4.8 6.6 224.3 3.0 6.6 217.1 3.3 6.5 326.4 2.8 6.6 538.3 2.7 6.4 346.9 3.6 6.5 667.1 1.8 6.4 696.6 1.0 6.4 911.3 0.8 6.2 725.1 0.4 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 492.5 185.1 233.9 57.9 15.6 525.0 206.6 222.4 74.1 21.9 445.2 181.2 151.9 88.1 24.1 449.0 200.4 145.0 78.9 24.7 446.7 212.6 126.7 82.1 25.3 526.0 253.9 143.7 101.4 26.9 510.8 263.3 118.4 104.4 24.8 462.4 225.8 97.1 115.0 24.5 482.9 206.4 115.5 134.6 26.4 583.4 279.8 138.9 140.3 24.5 501.4 156.4 169.1 147.8 28.0 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 96.4 4.6 106.2 35.1 94.4 5.2 116.9 45.2 79.4 6.0 118.0 41.4 75.9 5.4 123.2 47.0 79.8 6.1 121.6 45.4 86.2 7.5 118.5 42.3 95.9 5.6 109.3 46.7 101.6 3.5 117.6 61.7 112.8 6.0 129.4 61.7 114.9 5.5 137.3 77.7 115.6 3.8 140.6 79.2 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 123.2 18.0 -131.9 -8.6 151.2 31.6 -186.2 -35.1 153.1 36.0 -244.1 130.2 179.2 35.9 -242.7 112.8 193.0 37.4 -247.4 134.0 203.3 38.5 -253.2 128.8 203.6 37.8 -289.7 114.4 223.3 42.6 -350.4 143.5 217.5 37.8 -266.1 55.3 208.1 37.9 -288.4 -8.1 215.1 39.2 -232.9 37.4 16 17 18 19 4103.1 5337.4 5820.0 6011.6 6112.9 6188.1 6414.5 6608.4 6658.8 6829.6 7059.1 20 2507.3 213.0 27.0 3257.5 434.2 11.5 3657.6 496.6 13.1 3748.0 510.0 21.5 3798.4 523.3 21.9 3825.0 537.2 25.0 3939.0 548.3 24.1 3925.4 559.4 35.5 3955.2 573.3 43.6 3933.1 584.1 57.3 4067.5 595.1 40.1 21 22 23 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 20 Total assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 71.9 284.5 13.2 66.9 430.5 16.1 63.9 424.4 16.8 62.2 548.8 16.5 61.8 534.6 16.6 61.5 490.1 18.3 61.0 542.9 19.3 60.4 792.6 19.3 60.2 692.1 20.2 60.3 819.1 20.5 60.7 772.9 20.3 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 372.9 87.6 234.3 44.4 6.6 414.0 113.1 234.6 56.5 9.7 407.3 109.0 204.2 85.4 8.7 364.1 114.2 162.1 79.6 8.4 380.3 113.2 171.5 86.8 8.8 407.5 113.1 186.8 98.4 9.2 403.2 115.2 175.1 106.3 6.6 372.0 126.9 133.0 105.0 7.1 405.3 123.1 165.6 105.5 11.1 440.0 150.5 170.2 111.1 8.2 507.8 146.2 244.2 110.0 7.4 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates 21.7 17.3 14.6 26.2 24.0 23.0 28.7 7.5 20.5 29.4 10.7 20.0 35.2 13.3 19.3 32.8 16.1 19.3 34.9 22.8 19.0 38.5 30.5 18.7 42.3 39.2 18.6 44.7 33.0 18.3 44.6 32.3 18.1 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds 38.3 115.4 63.5 42.4 122.7 66.1 3.2 124.1 81.0 6.9 126.6 79.4 10.6 128.9 82.3 20.8 130.6 85.0 21.9 131.6 93.5 13.7 132.0 106.4 4.9 128.2 106.9 0.0 133.9 116.2 0.3 131.7 110.6 35 36 37 38 39 40 Mutual funds Money market mutual funds Government-sponsored enterprises 11.8 58.1 67.8 7.7 67.7 68.5 4.2 90.4 73.5 2.7 79.6 77.0 2.6 103.4 80.8 3.4 108.5 82.8 3.5 102.5 85.5 1.3 102.6 85.4 1.0 112.8 85.2 1.1 113.0 99.7 1.1 128.6 100.5 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 140.0 10.5 54.4 148.8 21.2 88.6 194.2 21.1 92.1 192.5 21.5 94.2 185.9 20.8 93.0 196.9 22.0 105.3 207.7 21.1 132.7 209.6 21.8 83.0 181.7 23.0 165.3 190.4 22.9 142.1 197.3 25.0 204.5 41 42 43 -1571.2 -2372.7 -2791.3 -2944.2 -2985.6 -2719.1 -3201.2 -3096.0 -3074.3 -2942.8 -3308.2 44 44 Discrepancy 102 Z.1, March 7, 2002 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 8 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 39346.3 43287.4 48793.8 49946.8 49611.5 49870.5 48810.2 47294.6 48433.1 46741.4 48395.9 1 11917.5 12784.5 13729.9 14032.9 14447.8 14802.3 15130.3 15499.1 15825.9 16139.7 16298.4 2 9498.1 8557.8 940.3 10259.9 9203.1 1056.8 11064.6 9953.5 1111.1 11322.6 10201.0 1121.6 11684.1 10510.0 1174.0 11993.7 10793.3 1200.5 12281.7 11064.6 1217.1 12592.2 11370.5 1221.7 12884.0 11660.0 1224.0 13167.4 11941.4 1226.0 13263.7 12038.4 1225.3 3 4 5 90.6 2328.8 97.2 2427.4 105.3 2560.0 108.0 2602.4 110.9 2652.8 113.8 2694.8 116.4 2732.2 117.6 2789.3 118.9 2822.9 119.8 2852.5 120.5 2914.2 6 7 27428.7 30502.9 35064.0 35913.8 35163.8 35068.3 33679.9 31795.5 32607.2 30601.7 32097.5 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 3645.3 37.2 460.0 2565.9 582.3 3958.4 38.3 440.2 2732.7 747.1 4141.6 43.5 395.2 2831.2 871.6 4321.6 48.6 388.0 2933.8 951.2 4311.9 48.6 351.0 2997.9 914.4 4372.4 48.0 308.4 3079.3 936.9 4530.9 51.3 338.5 3138.2 1003.0 4724.8 49.8 338.1 3243.4 1093.4 4692.1 47.1 324.8 3286.0 1034.3 4794.4 48.4 307.4 3336.8 1101.8 4966.6 47.0 389.7 3391.0 1138.9 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper U.S. government securities Treasury Savings bonds Other Treasury Agency Municipal securities Corporate and foreign bonds Mortgages 2030.4 56.1 864.2 687.6 186.5 501.1 176.6 468.8 531.7 109.6 2044.5 63.7 758.3 601.6 186.6 415.0 156.7 488.3 623.7 110.5 2281.3 67.7 931.0 687.8 186.4 501.3 243.2 526.6 645.8 110.2 2209.4 68.9 862.5 632.5 185.3 447.2 230.0 529.4 637.3 111.2 2189.7 70.2 776.5 524.2 184.6 339.6 252.3 543.7 688.0 111.5 2131.9 71.4 739.9 473.7 184.3 289.3 266.2 543.5 665.4 111.7 2069.6 72.7 707.3 462.2 184.8 277.5 245.0 541.6 636.7 111.3 2011.0 67.2 573.5 451.4 184.8 266.6 122.1 559.8 699.1 111.4 1931.7 62.7 494.8 373.2 185.5 187.8 121.6 580.2 682.2 111.9 1924.2 58.9 544.2 408.8 186.4 222.4 135.4 563.0 646.0 112.1 1894.4 53.3 538.8 439.1 190.3 248.7 99.7 582.3 608.0 112.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business (6) Miscellaneous assets 6302.5 1941.2 215.5 665.0 7323.4 942.5 4051.3 311.7 7173.6 2405.8 276.7 718.3 8209.0 1001.0 4394.4 321.4 9197.3 3127.7 323.9 783.9 9080.2 1130.4 4663.5 334.2 9369.9 3352.5 371.2 801.0 9286.6 1158.0 4708.1 335.6 8715.0 3293.3 359.5 806.5 9214.2 1114.4 4819.5 339.6 8345.7 3349.6 372.9 818.7 9355.5 1106.7 4873.0 341.7 7317.1 3124.7 412.4 819.1 9091.4 1019.4 4956.3 338.9 6113.0 2829.2 400.4 823.0 8616.3 929.1 5009.1 339.6 6469.8 3030.7 412.8 840.3 8880.4 964.4 5038.9 346.1 5231.5 2697.5 494.8 847.0 8309.3 859.6 5087.0 356.4 5832.2 2993.2 443.4 868.1 8723.5 912.0 5105.5 358.6 24 25 26 27 28 29 30 31 5824.8 6319.7 6920.1 7046.5 7196.7 7367.5 7507.1 7537.1 7714.6 7946.9 8083.1 32 5556.9 3818.1 1271.6 114.9 66.5 190.7 95.1 6022.9 4168.3 1346.6 126.9 72.7 204.0 104.5 6540.1 4557.4 1446.1 137.3 65.4 218.9 115.0 6606.8 4624.8 1437.0 138.0 69.3 222.8 114.9 6771.3 4738.9 1476.5 141.4 71.4 227.4 115.6 6937.2 4847.0 1519.6 141.9 67.1 242.1 119.5 7113.7 4939.7 1593.1 143.0 73.5 246.3 118.1 7184.5 5021.6 1585.3 144.2 63.4 251.1 118.9 7358.6 5167.0 1608.1 145.3 59.3 255.9 122.9 7526.3 5304.4 1619.1 147.5 65.5 260.8 129.0 7724.1 5430.5 1688.3 153.8 57.4 264.1 130.1 33 34 35 36 37 38 39 131.2 118.0 152.8 126.8 227.9 132.7 286.5 134.5 270.2 136.3 273.9 137.7 235.1 138.6 193.5 140.4 195.9 141.5 258.1 143.2 194.7 144.7 40 41 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.3 19.6 42 33521.5 36967.8 41873.7 42900.3 42414.9 42503.0 41303.2 39757.5 40718.5 38794.5 40312.8 43 6712.9 6396.0 188.7 128.2 664.8 7158.6 6826.9 198.3 133.5 709.7 7641.7 7293.8 209.0 138.9 753.7 7794.7 7440.9 213.4 140.4 768.8 7915.3 7558.5 215.5 141.2 779.3 8074.5 7712.9 219.1 142.5 793.3 8227.9 7861.5 222.6 143.7 807.6 8357.3 7987.3 224.7 145.3 825.3 8472.8 8100.9 225.6 146.3 840.0 8599.6 8226.0 226.5 147.1 850.5 8741.6 8365.4 227.8 148.3 856.2 44 45 46 47 48 5968.2 6355.6 6618.0 6859.1 6993.7 7081.3 7189.8 7295.0 7363.2 7576.4 7436.0 49 561.7 581.7 632.7 625.5 606.5 600.2 574.5 545.0 553.0 512.0 542.1 50 4739.7 5034.9 5396.1 5576.2 5771.1 5946.3 6124.9 6349.0 6493.0 6637.0 6607.9 51 55.4 54.7 54.2 54.7 54.9 55.1 55.4 55.8 55.7 55.6 54.9 52 32 Liabilities 33 34 35 36 37 38 39 Credit market instruments Home mortgages (7) Consumer credit Municipal securities (8) Bank loans n.e.c. Other loans and advances Commercial mortgages (8) 40 41 Security credit Trade payables (8) Deferred and unpaid life insurance premiums 42 43 Net worth 44 45 46 47 48 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 49 50 51 52 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (9) Owners’ equity as percentage of household real estate (10) (1) Sector includes farm households. (2) At market value. (3) Includes vacant land and vacant homes for sale. (4) At replacement (current) cost. (5) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. (8) Liabilities of nonprofit organizations. (9) Line 4 less line 34. (10) Line 51 divided by line 4. 103 Z.1, March 7, 2002 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 With tangible assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Assets 13680.6 14967.8 16155.6 16437.0 16884.5 17234.5 17400.2 17367.0 17460.2 17448.1 17526.6 1 7871.9 8151.7 8591.5 8693.6 8987.7 9176.6 9288.2 9283.1 9291.3 9248.6 9201.7 2 4100.9 2641.4 1129.6 4209.7 2771.0 1171.0 4392.0 2942.2 1257.2 4417.9 2999.7 1276.0 4628.3 3058.4 1300.9 4733.4 3122.8 1320.3 4784.0 3170.6 1333.7 4787.3 3186.4 1309.4 4787.6 3212.6 1291.1 4780.3 3207.4 1260.9 4771.7 3201.9 1228.0 3 4 5 5808.7 6816.1 7564.2 7743.4 7896.8 8057.9 8112.0 8083.9 8168.9 8199.5 8324.9 6 23.1 228.8 119.4 87.8 4.6 36.1 34.8 27.4 80.2 78.9 1366.6 69.1 3651.9 30.5 256.6 112.6 114.3 4.2 39.4 34.2 25.7 67.3 74.9 1452.9 91.0 4512.5 28.3 293.6 128.8 137.3 5.3 43.7 32.1 22.3 60.3 80.3 1566.3 113.9 5051.9 22.2 285.1 116.8 139.3 6.1 38.3 36.7 23.9 59.0 72.9 1639.0 117.5 5186.5 26.5 307.4 113.6 140.0 4.2 37.3 41.6 35.9 57.8 73.5 1689.9 111.4 5257.6 37.7 346.6 116.5 155.9 4.0 44.7 41.6 27.2 56.5 72.1 1724.7 111.0 5319.5 22.2 332.1 125.9 177.7 4.8 47.4 33.4 32.7 55.3 82.7 1672.0 98.8 5427.1 15.6 302.3 121.7 210.3 3.3 43.2 33.3 23.5 54.0 71.4 1676.4 85.9 5443.0 15.9 307.1 117.4 238.4 3.9 46.9 35.6 26.1 52.8 68.0 1651.7 91.6 5513.5 15.5 325.9 113.0 246.3 3.1 48.5 37.9 26.9 51.5 60.2 1652.7 76.3 5541.7 16.7 311.2 112.1 275.0 3.8 53.2 40.7 30.7 50.3 67.9 1573.2 84.7 5705.5 7 8 9 10 11 12 13 14 15 16 17 18 19 6628.8 7457.6 8153.4 8348.1 8507.9 8698.9 8806.1 8921.1 8990.9 9116.3 9177.2 20 Tangible assets Real estate (1) Equipment and software (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 21 22 23 24 25 26 27 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c. Other loans and advances Mortgages 3383.1 168.6 142.0 1610.9 692.7 507.7 261.2 3788.6 193.0 147.8 1829.6 774.5 562.0 281.8 4264.7 230.3 152.8 2059.5 847.5 596.5 378.2 4414.8 260.8 153.3 2106.0 868.3 632.2 394.2 4560.8 296.8 153.4 2144.5 902.5 653.7 410.0 4616.0 307.0 153.9 2186.7 909.0 639.9 419.5 4693.8 278.4 154.2 2230.6 921.8 669.9 439.0 4782.0 253.2 154.7 2330.4 923.2 670.5 450.1 4868.4 223.3 155.6 2435.3 898.7 688.8 466.7 4909.6 201.3 156.2 2482.3 886.4 694.2 489.3 4962.2 190.1 157.4 2558.8 864.7 670.9 520.3 21 22 23 24 25 26 27 28 29 30 Trade payables Taxes payable Miscellaneous liabilities 992.1 59.2 2194.4 1049.7 64.1 2555.3 1194.1 71.0 2623.5 1197.6 82.8 2653.0 1220.3 80.2 2646.5 1261.4 80.4 2741.1 1296.5 78.0 2737.9 1271.7 84.7 2782.7 1231.4 80.6 2810.6 1234.6 103.1 2869.0 1237.3 78.1 2899.5 28 29 30 31 Net worth (market value) 7051.9 7510.2 8002.2 8088.9 8376.6 8535.6 8594.1 8445.9 8469.3 8331.8 8349.4 31 86.5 3456.2 91.8 3602.8 97.2 3768.4 98.5 3843.6 99.4 3894.9 100.5 3964.4 101.6 4035.5 103.2 4123.5 104.3 4195.9 105.3 4245.7 106.6 4271.9 32 33 9774.6 48.0 34.6 138.6 11606.7 50.4 32.6 154.5 15117.0 53.3 28.2 188.9 15728.0 54.6 28.1 194.4 14938.7 54.4 30.5 178.3 14453.6 54.1 31.9 169.3 12740.8 54.6 36.8 148.3 10989.1 56.6 43.5 130.1 11689.9 57.5 41.6 138.0 9679.2 58.9 50.7 116.2 10887.2 59.4 45.6 130.4 34 35 36 37 11397.4 12746.7 13851.1 14159.2 14399.9 14689.5 14834.2 14912.3 15050.9 15120.9 15280.4 38 5588.7 2159.6 2330.1 1099.0 5930.5 2288.9 2504.3 1137.3 6286.9 2417.1 2701.3 1168.5 6415.8 2449.8 2756.6 1209.4 6503.1 2479.5 2814.0 1209.5 6631.6 2515.4 2870.9 1245.3 6722.3 2549.6 2924.5 1248.1 6828.3 2588.3 2972.0 1268.0 6882.1 2628.9 3008.1 1245.0 6921.3 2663.6 3031.0 1226.7 6955.5 2692.6 3058.2 1204.7 39 40 41 42 32 33 34 35 36 37 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 38 39 40 41 42 Assets (8) Tangible assets Real estate Equipment and software Inventories 43 Net worth (historical cost) (9) 4768.6 5289.1 5697.7 5811.1 5892.0 5990.7 6028.1 5991.2 6060.0 6004.5 6103.2 43 44 45 46 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 35.6 1923.6 70.9 37.3 2054.0 71.6 39.2 2178.3 74.8 40.0 2210.3 76.0 40.8 2243.7 77.4 41.6 2279.2 77.1 42.6 2315.9 77.9 43.7 2354.8 79.8 44.8 2391.9 80.3 46.1 2426.9 81.8 47.4 2457.9 81.3 44 45 46 (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 21 divided by line 31. (6) Line 21 divided by line 34. (7) Line 34 divided by line 31. (8) Sum of lines 6 and 39. (9) Line 38 less line 20. (10) Line 21 divided by line 43. 104 Z.1, March 7, 2002 B.103 Balance Sheet of Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 Assets Tangible assets 3 4 5 Real estate (1) Residential Nonresidential 6 7 8 Equipment and software (2) Residential (3) Nonresidential 9 Inventories (2) 10 Financial assets 11 12 13 Checkable deposits and currency Time and savings deposits Money market fund shares 14 15 16 17 Treasury securities Municipal securities Mortgages Consumer credit 18 19 20 21 22 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 23 24 25 26 27 28 29 30 31 Liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) 1998 1999 2000 2001 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4899.1 5518.4 6012.5 6102.5 6285.4 6388.2 6515.6 6610.5 6693.6 6790.8 6854.6 1 4126.6 4416.6 4748.2 4807.2 4943.9 5021.2 5122.0 5188.5 5243.2 5315.0 5354.4 2 3626.4 2727.1 899.3 3878.6 2909.6 969.0 4148.3 3150.4 997.9 4224.0 3226.0 998.0 4377.5 3325.1 1052.4 4471.7 3391.5 1080.2 4563.3 3460.5 1102.8 4617.9 3519.3 1098.7 4660.7 3562.1 1098.6 4719.1 3616.6 1102.5 4743.7 3639.7 1104.0 3 4 5 440.8 65.5 375.3 476.3 67.6 408.7 533.7 69.9 463.8 516.0 70.8 445.2 498.0 71.7 426.2 480.0 72.7 407.3 488.5 73.6 414.9 501.7 74.2 427.5 514.5 74.3 440.2 529.5 74.4 455.1 546.1 74.9 471.3 6 7 8 59.5 61.6 66.2 67.2 68.5 69.5 70.2 68.9 68.0 66.4 64.6 9 772.4 1101.8 1264.3 1295.3 1341.5 1367.0 1393.6 1421.9 1450.4 1475.8 1500.2 10 146.2 85.7 22.9 178.3 94.8 32.6 203.3 104.8 42.6 209.6 105.8 43.1 220.4 107.7 43.2 224.4 108.0 47.2 228.3 108.8 52.6 233.3 110.1 59.6 238.5 111.4 64.1 243.8 112.8 68.8 249.1 114.1 74.7 11 12 13 30.8 3.2 18.7 0 37.0 1.5 30.7 0 33.9 3.5 40.7 0 31.3 3.5 42.7 0 27.6 3.6 46.5 0 25.9 3.6 47.0 0 23.7 3.7 48.6 0 20.9 3.7 50.1 0 18.2 3.8 51.5 0 14.8 3.8 53.2 0 11.4 3.9 54.8 0 14 15 16 17 204.9 259.9 45.2 1.7 213.0 245.6 481.4 45.6 1.6 434.2 291.4 544.1 45.9 1.6 496.6 301.6 557.7 46.0 1.7 510.0 321.2 571.2 46.3 1.6 523.3 325.5 585.3 46.5 1.6 537.2 332.2 595.7 45.8 1.6 548.3 337.2 607.0 46.0 1.6 559.4 341.5 621.5 46.6 1.5 573.3 344.8 633.8 48.2 1.5 584.1 346.8 645.4 48.4 1.9 595.1 18 19 20 21 22 1722.9 2010.2 2255.3 2309.5 2378.1 2424.3 2477.1 2521.4 2564.6 2601.1 2636.9 23 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 1781.1 24 237.3 95.8 890.9 256.3 108.9 998.6 274.2 116.7 1128.3 278.7 119.9 1154.5 287.1 123.7 1188.3 288.9 125.4 1215.9 292.0 127.8 1245.0 292.2 128.2 1275.1 287.2 132.6 1308.2 283.5 128.9 1341.4 278.5 127.9 1374.8 25 26 27 147.8 49.8 301.3 170.9 60.5 415.1 196.4 68.8 471.0 202.9 71.0 482.5 211.2 73.7 494.1 214.8 74.9 504.3 218.8 76.3 517.2 222.0 78.0 525.9 224.8 79.6 532.3 227.2 81.0 539.0 229.0 82.1 544.7 28 29 30 3176.1 3508.2 3757.2 3793.0 3907.3 3963.8 4038.5 4089.1 4129.0 4189.7 4217.7 31 1751.5 666.1 1834.1 627.6 1986.8 671.6 2022.4 674.7 2030.1 680.0 1999.2 686.0 1976.1 677.8 1980.2 666.8 1996.6 661.1 2000.2 662.1 1988.7 670.3 32 33 38.5 38.9 40.4 40.9 40.9 41.1 41.2 41.5 41.8 41.9 42.2 34 Memo: 32 33 Replacement-cost value of structures: Residential Nonresidential 34 Debt/net worth (percent) (6) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Line 1 less line 23. Included in table B.100, line 30. (6) Line 24 divided by line 31. 105 Z.1, March 7, 2002 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 1997 1998 1999 2000 Q1 1 2 Change in net worth (1) Net investment Q2 2001 Q3 Q4 Q1 Q2 Q3 Q4 3780.3 3446.2 4906.0 1026.6 -485.4 88.2 -1199.9 -1545.7 961.0 -1923.9 1518.3 1 353.1 490.2 365.0 115.6 -18.5 31.1 139.1 179.5 -49.9 117.5 165.3 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 365.4 980.8 615.4 441.3 1083.2 641.9 482.3 1158.8 676.6 120.7 295.4 174.7 134.1 312.3 178.2 140.0 322.1 182.1 128.5 314.0 185.5 112.4 301.5 189.1 126.5 322.4 195.9 126.3 332.2 205.9 145.0 342.8 197.8 3 4 5 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities -12.3 366.5 378.7 48.9 543.7 494.9 -117.2 482.9 600.1 -5.1 121.2 126.3 -152.5 -2.4 150.2 -108.9 50.9 159.7 10.7 142.3 131.6 67.0 97.1 30.0 -176.4 1.1 177.5 -8.8 223.5 232.3 20.3 156.5 136.2 6 7 8 3563.1 3091.0 4574.1 938.6 -456.4 87.0 -1270.0 -1718.6 1039.0 -2022.2 1362.2 9 457.6 1700.2 186.2 306.0 535.1 1211.8 185.1 395.4 564.6 2350.7 548.2 284.7 209.9 333.7 132.9 54.5 291.3 -548.4 -122.6 104.1 237.4 -264.0 -10.4 44.3 219.5 -902.8 -255.0 77.1 262.0 -1099.5 -329.5 59.8 228.5 408.6 115.7 19.2 206.7 -1168.5 -371.8 50.2 22.9 672.7 242.7 9.0 10 11 12 13 791.9 663.3 690.0 172.9 -145.3 80.0 -328.5 -527.6 226.1 -641.2 355.4 14 121.1 100.3 135.9 34.7 -35.4 -0.4 -80.3 -83.8 41.0 -97.7 59.4 15 -90.2 -109.7 -95.3 -26.8 -14.2 -22.5 -22.8 -6.2 -25.3 -20.4 -12.1 16 -89.4 -0.8 -108.0 -1.7 -94.8 -0.5 -26.6 -0.2 -14.1 -0.1 -22.4 -0.1 -22.6 -0.1 -4.8 -1.4 -24.7 -0.5 -19.9 -0.5 -11.3 -0.7 17 18 -45.7 -25.2 62.1 -0.8 3.6 -7.4 -46.2 -0.3 -2.9 1.2 2.9 19 33521.5 5968.2 36967.8 6355.6 41873.7 6618.0 42900.3 6859.1 42414.9 6993.7 42503.0 7081.3 41303.2 7189.8 39757.5 7295.0 40718.5 7363.2 38794.5 7576.4 40312.8 7436.0 20 21 9 10 11 12 13 14 15 16 17 18 19 Holding gains on assets stated at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Investment in bank personal trusts and estates Holding gains on assets stated at current cost (2) Consumer durable goods Equipment and software Other factors (3) Memo: 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities. (4) Table B.100, line 43. 106 Z.1, March 7, 2002 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 1997 1998 1999 2000 Q1 2001 Q2 Q3 Q4 Q1 Q2 Q3 Q4 With tangible assets valued at either market or replacement cost: 1 2 3 4 5 6 7 8 9 10 Change in net worth (1) 705.9 458.4 492.0 86.7 287.7 159.0 58.5 -148.2 23.4 -137.5 17.6 1 127.8 -28.8 125.0 61.0 26.6 32.3 -13.2 15.4 47.8 -11.8 37.9 2 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 253.3 760.2 489.7 8.5 8.8 284.3 826.5 519.7 18.4 4.1 337.0 892.5 556.7 -2.9 1.7 94.1 231.2 146.0 -8.9 0 98.8 242.5 149.1 -5.7 0.3 91.7 246.9 152.5 2.5 0.2 84.5 239.6 155.2 -0.2 0.1 73.5 225.8 158.3 -6.0 0.1 58.8 214.9 163.1 -7.0 0.1 24.1 206.1 174.4 7.5 0.1 10.9 186.2 165.4 9.9 0.1 3 4 5 6 7 Net financial investment Net acquisition of financial assets - Net increase in liabilities -11.1 272.4 283.5 -46.1 569.9 616.0 -68.5 665.2 733.7 -48.6 163.0 211.7 -10.8 176.2 187.0 -37.5 161.3 198.8 -5.8 102.8 108.5 -51.8 24.1 75.8 6.9 58.8 51.9 -5.7 94.2 99.9 28.2 87.1 58.8 8 9 10 Net investment 11 Net corporate equity issues -114.4 -267.0 -143.5 15.6 -61.4 -22.0 -91.9 -6.3 -17.9 -30.2 -1.3 11 12 13 14 Holding gains on assets stated at market value (2) Real estate Mutual fund shares 396.5 379.0 17.5 60.4 45.8 14.6 121.1 96.3 24.8 9.0 5.1 4.0 191.4 196.9 -5.6 81.3 81.3 -0.0 20.7 32.4 -11.7 -34.6 -22.2 -12.4 -20.6 -26.7 6.2 -43.1 -28.3 -14.8 -16.9 -25.7 8.8 12 13 14 15 16 17 18 19 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 28.3 3.9 -9.6 -15.0 -49.0 57.9 -8.6 -8.9 -13.2 -88.6 132.7 9.7 26.3 -24.2 -120.9 10.5 9.5 1.0 0 0.0 10.2 8.6 1.6 0 -0.0 23.7 14.9 8.7 0 0.0 -17.6 1.6 4.2 -35.2 -11.8 -47.3 -24.1 -24.1 1.0 -0.0 -19.6 -2.3 -16.8 0.1 0.5 -30.9 -20.4 -9.4 0.1 1.1 -21.8 -25.0 3.2 -0.0 -0.0 15 16 17 18 19 20 Other factors (4) 153.3 368.8 113.2 6.1 59.5 21.7 68.6 -81.8 15.7 -51.6 18.4 20 7051.9 7510.2 8002.2 8088.9 8376.6 8535.6 8594.1 8445.9 8469.3 8331.8 8349.4 21 Memo: 21 Net worth outstanding (market value) With tangible assets valued at historical cost: 22 23 Change in net worth (5) Net investment flow 414.4 520.4 408.6 113.4 81.0 98.6 37.5 -36.9 68.8 -55.5 98.7 22 127.8 -28.8 125.0 61.0 26.6 32.3 -13.2 15.4 47.8 -11.8 37.9 23 24 25 26 27 28 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 253.3 760.2 489.7 8.5 8.8 284.3 826.5 519.7 18.4 4.1 337.0 892.5 556.7 -2.9 1.7 94.1 231.2 146.0 -8.9 0 98.8 242.5 149.1 -5.7 0.3 91.7 246.9 152.5 2.5 0.2 84.5 239.6 155.2 -0.2 0.1 73.5 225.8 158.3 -6.0 0.1 58.8 214.9 163.1 -7.0 0.1 24.1 206.1 174.4 7.5 0.1 10.9 186.2 165.4 9.9 0.1 24 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets - Net increase in liabilities -11.1 272.4 283.5 -46.1 569.9 616.0 -68.5 665.2 733.7 -48.6 163.0 211.7 -10.8 176.2 187.0 -37.5 161.3 198.8 -5.8 102.8 108.5 -51.8 24.1 75.8 6.9 58.8 51.9 -5.7 94.2 99.9 28.2 87.1 58.8 29 30 31 32 Net corporate equity issues -114.4 -267.0 -143.5 15.6 -61.4 -22.0 -91.9 -6.3 -17.9 -30.2 -1.3 32 33 Valuation adjustment on reproducible assets (6) -5.2 -0.5 -50.3 16.6 -26.5 16.4 -11.8 11.2 -32.7 -17.8 3.0 33 34 Holding gains on mutual fund shares (2) 17.5 14.6 24.8 4.0 -5.6 -0.0 -11.7 -12.4 6.2 -14.8 8.8 34 35 36 37 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Direct investment abroad - Foreign direct investment in U.S. 34.0 -15.0 -49.0 75.4 -13.2 -88.6 96.7 -24.2 -120.9 -0.0 0 0.0 0.0 0 -0.0 -0.0 0 0.0 -23.4 -35.2 -11.8 1.0 1.0 -0.0 -0.5 0.1 0.5 -1.0 0.1 1.1 0.0 -0.0 -0.0 35 36 37 Other factors (4) 240.3 459.7 212.5 31.8 86.5 50.0 97.5 -52.2 48.0 -10.0 49.0 38 4768.6 5289.1 5697.7 5811.1 5892.0 5990.7 6028.1 5991.2 6060.0 6004.5 6103.2 39 38 Memo: 39 Net worth outstanding (historical cost) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities. (5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38). (6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers of assets. 107 Z.1, March 7, 2002 R.103 Change in Net Worth of Nonfarm Noncorporate Business Billions of dollars; not seasonally adjusted 1997 1998 1999 2000 Q1 1 2 Change in net worth (1) Net investment (2) Q2 2001 Q3 Q4 Q1 Q2 Q3 Q4 220.2 332.0 249.1 35.8 114.4 56.5 74.7 50.6 39.9 60.7 28.0 1 -55.1 -59.3 -21.1 -15.9 9.1 -1.0 3.3 -8.7 8.7 2.1 2.3 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 3.3 121.8 118.5 2.5 127.5 125.0 57.5 190.6 133.1 7.3 42.2 34.9 31.5 66.9 35.4 19.7 55.7 36.0 29.4 66.0 36.6 7.3 44.5 37.2 23.4 62.6 39.2 13.2 51.2 38.0 13.6 52.4 38.7 3 4 5 6 Net acquisition of financial assets 131.1 186.0 160.6 31.0 46.2 25.5 26.6 28.3 28.5 25.4 24.5 6 7 8 9 10 - Net increase in liabilities from: Credit market instruments Trade payables Taxes payable Miscellaneous liabilities 94.7 31.0 7.3 56.5 139.7 23.1 10.7 74.3 155.4 25.5 8.3 50.1 34.1 6.5 2.2 11.5 45.9 8.3 2.8 11.5 31.2 3.6 1.2 10.3 34.5 4.0 1.4 12.8 30.7 3.2 1.8 8.7 32.4 2.8 1.6 6.4 26.0 2.4 1.4 6.8 27.2 1.8 1.1 5.7 7 8 9 10 11 12 13 Holding gains on assets stated at market value (real estate) (3) Residential Nonresidential 281.9 192.2 89.8 279.9 183.0 96.9 247.6 226.6 21.0 70.9 70.4 0.6 139.3 94.1 45.2 80.5 62.0 18.4 71.8 64.9 7.0 48.3 54.4 -6.1 31.0 37.9 -6.9 43.4 48.5 -5.1 14.2 19.5 -5.4 11 12 13 14 15 16 17 Holding gains on assets stated at current cost (3) Residential equipment and software Nonresidential equipment and software Inventories -12.2 -0.9 -10.3 -0.9 1.6 -0.4 3.5 -1.5 21.7 -0.7 20.8 1.6 -20.2 0.1 -20.9 0.5 -34.9 0.1 -35.4 0.4 -23.7 0.1 -24.1 0.3 -1.0 0.1 -1.4 0.2 10.5 -0.1 11.6 -1.0 -0.9 -0.7 0.3 -0.5 12.9 -0.5 14.3 -0.9 11.9 -0.3 12.7 -0.4 14 15 16 17 18 Other factors (4) 5.5 109.9 0.9 1.0 0.8 0.8 0.6 0.5 1.1 2.3 -0.3 18 3176.1 3508.2 3757.2 3793.0 3907.3 3963.8 4038.5 4089.1 4129.0 4189.7 4217.7 19 Memo: 19 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18). (2) Also equal to proprietor’s net investment shown on table F.103, line 29. (3) Calculated as change in amount outstanding during period less net investment during period. (4) Consists of statistical discontinuities. (5) Table B.103, line 31. 108 Z.1, March 7, 2002 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1 Net financial investment 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 6.0 1 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 59.5 2 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 3 4 5 6 7 Credit market instruments 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 40.9 7 34.4 10.9 0.0 6.6 -0.8 -10.4 16.4 0.5 9.7 0.9 6.2 9.4 -0.5 8.2 -0.7 -29.9 9.7 0.0 7.9 -0.1 -3.3 10.0 0.2 5.6 0.9 15.6 7.4 0.3 4.5 0.9 1.2 9.3 0.4 2.4 -0.1 1.3 23.9 0.1 11.9 0.9 6.7 20.3 0.0 11.7 0.6 1.5 13.0 -0.1 8.3 0.6 7.5 17.0 0.1 15.4 0.9 8 9 10 11 12 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 13 14 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 15 16 -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 17 18 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 19 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 20 8 9 10 11 12 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds Mortgages 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 17 18 Equity in noncorporate business Miscellaneous assets (2) 19 20 Net increase in liabilities Credit market instruments 21 22 23 24 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 1.8 0.2 -0.0 5.8 3.5 -5.2 -0.0 13.8 3.3 -1.1 0.3 9.7 4.0 -2.8 0.4 12.9 2.0 2.4 -0.2 5.4 1.4 5.0 0.1 7.7 3.6 6.4 0.1 -7.4 0.7 8.9 -0.1 -9.6 6.6 0.2 0.0 4.7 10.0 4.8 -0.2 -1.2 12.0 2.3 -0.1 9.4 21 22 23 24 25 26 Trade payables Miscellaneous liabilities (2) 2.4 7.1 16.2 5.5 9.3 10.5 9.4 13.7 5.9 14.2 6.0 14.0 5.2 16.0 7.9 28.6 8.0 16.8 8.9 15.8 8.7 21.2 25 26 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. 109 Z.1, March 7, 2002 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 6 Credit market instruments 7 8 9 10 11 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1777.4 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 2 3 4 5 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 6 67.3 82.0 0.1 51.1 2.6 56.9 98.4 0.6 60.8 3.5 63.2 107.8 0.1 69.0 2.8 33.3 117.4 0.2 77.0 2.8 29.9 127.4 0.4 82.6 3.7 45.5 134.8 0.8 87.1 4.6 46.7 144.1 1.1 89.5 4.5 48.0 168.0 1.2 101.4 5.3 54.7 188.3 1.3 113.1 6.0 56.1 201.3 1.2 121.4 6.6 63.7 218.2 1.3 136.8 7.4 7 8 9 10 11 145.8 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 12 13 12 13 Corporate equities Mutual fund shares 14 15 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 14 15 16 17 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 16 17 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 18 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 19 18 19 Liabilities Credit market instruments 20 21 22 23 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.9 15.5 0.3 59.0 83.3 10.3 0.3 72.8 86.6 9.2 0.5 82.5 90.6 6.4 0.9 95.5 92.6 8.8 0.7 100.9 94.0 13.8 0.8 108.5 97.6 19.9 0.9 101.5 98.3 28.8 0.8 91.9 104.9 29.0 0.9 96.6 114.9 34.1 0.7 95.1 126.9 36.4 0.6 104.5 20 21 22 23 24 25 Trade payables Miscellaneous liabilities (2) 41.3 57.9 57.4 63.3 66.8 73.9 76.2 87.6 82.1 101.8 88.1 115.8 93.2 131.8 101.1 160.4 109.1 177.2 118.0 193.0 126.8 214.2 24 25 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 110 Z.1, March 7, 2002 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1997 1 2 3 4 5 1998 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 Current receipts, NIPA basis Personal tax and nontax receipts Corporate profit tax accruals Indirect business tax and nontax accruals Contributions for social insurance 2440.0 968.8 237.2 646.2 587.8 2613.8 1070.5 238.9 681.3 623.3 2786.1 1159.3 253.0 713.1 660.8 3023.9 1288.2 271.5 762.7 701.6 3052.3 1306.2 220.6 794.2 731.3 3047.7 1300.2 274.9 767.6 705.0 3073.9 1329.8 253.5 775.6 715.0 3096.8 1345.2 236.8 785.7 729.1 3104.6 1351.4 228.0 792.4 732.8 2927.3 1195.4 204.9 793.9 733.1 3080.4 1332.8 212.8 804.8 730.0 1 2 3 4 5 6 7 8 9 10 11 12 Current expenditures, NIPA basis Consumption expenditures Transfer payments (net) Net interest paid - Dividends received by government Subsidies less current surplus of govt. enterprises - Wage accruals less disbursements 2462.4 1223.3 945.0 275.3 0.3 19.1 0.0 2529.3 1261.4 965.9 278.8 0.4 23.6 0.0 2624.8 1327.9 1000.1 263.8 0.4 33.3 0.0 2772.5 1422.8 1050.0 262.6 0.4 37.6 0.0 2911.2 1498.3 1122.3 236.1 0.4 54.9 0.0 2783.0 1430.2 1053.2 262.7 0.4 37.3 0.0 2822.8 1444.1 1080.7 259.7 0.4 38.7 0.0 2869.2 1474.2 1094.6 253.0 0.4 47.8 0.0 2896.5 1491.4 1111.6 241.7 0.4 52.2 0.0 2939.0 1504.9 1131.4 231.6 0.4 71.5 0.0 2940.0 1522.8 1151.5 218.2 0.4 47.9 0.0 6 7 8 9 10 11 12 13 14 15 16 Current surplus or deficit (-), NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) + Net capital transfers (3) -22.4 181.0 3.4 26.8 84.6 187.7 4.4 32.4 161.4 198.1 3.8 32.4 251.4 211.4 1.8 36.2 141.1 223.8 3.3 36.3 264.7 213.1 0.8 35.8 251.1 215.9 3.3 35.8 227.6 218.6 2.8 38.4 208.1 221.3 6.9 37.0 -11.7 229.3 0.1 34.8 140.4 226.0 3.2 34.8 13 14 15 16 17 = Gross saving and net capital transfers 182.0 300.2 388.0 497.2 397.9 512.8 499.6 481.8 459.5 252.4 398.0 17 18 19 20 Gross investment Fixed investment Access rights sales 127.7 264.7 -8.8 328.5 277.1 -4.1 418.1 304.6 -1.7 530.5 318.3 -0.6 334.5 341.0 -0.3 504.0 314.1 -0.7 584.3 322.8 -0.5 240.2 330.9 -0.3 515.9 344.1 -0.3 210.4 332.0 -0.3 371.3 357.1 -0.3 18 19 20 -128.2 55.5 115.2 212.8 -6.3 190.5 262.0 -90.4 172.1 -121.3 14.5 21 34.7 110.4 166.5 27.1 193.3 106.7 5.9 159.4 132.0 262.0 219.9 22 2.5 3.8 6.8 3.6 6.0 -20.6 14.1 7.2 -7.1 70.0 11.6 5.0 -0.6 -64.0 10.4 9.7 5.4 43.7 10.2 24.1 -1.5 10.2 9.1 12.0 5.3 -54.7 29.2 -15.0 -1.1 42.4 -3.2 9.0 5.0 -38.1 7.7 17.2 19.2 39.3 7.1 20.8 -1.4 131.3 29.4 49.4 23 24 25 26 21 22 Net financial investment Net acquisition of financial assets 23 24 25 26 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Security RPs 27 28 29 30 31 32 33 Credit market instruments Open market paper U.S. government agency securities (4) Municipal securities Corporate and foreign bonds Mortgages Other loans and advances (5) 24.1 14.3 -0.8 -0.7 1.3 -0.9 10.9 116.8 28.0 63.6 -1.4 10.2 3.3 13.2 52.0 1.9 28.5 -1.5 12.6 4.2 6.2 48.2 7.6 23.5 0.6 3.7 3.7 9.2 53.6 1.0 28.5 0.3 11.9 3.6 8.3 35.2 -4.0 24.0 3.2 1.6 3.2 7.1 46.4 10.0 20.0 -0.8 2.4 6.1 8.7 64.2 4.0 37.8 2.1 11.5 2.3 6.6 25.8 -17.2 22.7 -0.6 7.2 4.1 9.6 41.1 -10.0 27.6 0.4 14.8 1.4 6.9 83.4 27.2 26.1 -0.7 14.1 6.6 10.0 27 28 29 30 31 32 33 34 35 Corporate equities Mutual fund shares 16.8 -7.4 9.4 -12.3 3.5 4.3 -1.2 0.8 22.8 5.1 -4.1 4.5 -5.6 4.0 26.9 9.4 20.5 7.9 21.5 -0.8 22.4 4.0 34 35 36 37 38 Trade receivables Taxes receivable Miscellaneous assets -3.2 -5.7 -6.6 1.5 1.6 -13.3 4.6 15.8 6.8 5.3 7.6 10.9 7.7 14.7 5.9 4.3 5.9 31.2 3.7 -18.6 11.1 9.9 1.9 0.1 10.0 29.1 47.0 16.0 103.4 -5.6 -5.2 -75.6 -17.8 36 37 38 162.9 55.0 51.3 -185.7 199.6 -83.8 -256.1 249.9 -40.1 383.3 205.4 39 39 Net increase in liabilities 40 41 SDR certificates Treasury currency -0.5 0.5 0.0 0.6 -3.0 1.0 -4.0 2.4 0.0 -0.0 -4.0 4.2 -4.0 -0.0 0.0 -1.1 0.0 1.1 0.0 -0.0 0.0 0.0 40 41 42 43 44 45 46 47 Credit market instruments Savings bonds Other Treasury securities (6) Budget agency securities Municipal securities Multifamily residential mortgages 98.1 -0.5 41.4 -0.1 57.3 -0.0 -3.5 0.1 -84.7 2.0 79.1 0.0 -16.0 -0.2 -68.3 -0.2 52.7 0.0 -237.0 -1.7 -262.6 -1.0 28.2 0.0 131.7 5.6 20.2 -0.5 106.5 0.0 -155.4 -0.9 -177.1 -2.4 25.1 0.0 -253.9 -0.3 -305.8 -1.2 53.4 0.0 117.6 1.4 15.0 -2.2 103.4 0.0 -106.2 3.3 -218.9 1.1 108.3 0.0 346.6 3.9 300.1 -0.4 42.9 0.0 168.8 13.7 -15.6 -0.7 171.4 0.0 42 43 44 45 46 47 48 49 50 Trade payables Insurance and pension reserves (7) Miscellaneous liabilities 22.6 42.0 0.3 22.5 42.5 -7.1 29.7 42.5 -2.9 28.6 22.3 2.0 13.5 62.2 -7.8 27.2 36.3 7.9 27.6 -28.1 2.3 14.5 118.1 0.6 14.1 46.9 4.1 26.3 31.8 -21.4 -0.9 52.1 -14.7 48 49 50 54.3 -28.3 -30.1 -33.3 63.4 8.8 -84.7 241.6 -56.5 41.9 26.7 51 -287.1 158.9 -128.2 -192.6 248.0 55.5 -143.3 258.5 115.2 -66.9 279.7 212.8 -199.9 193.7 -6.3 -49.4 239.9 190.5 -71.7 333.7 262.0 -103.3 12.9 -90.4 -136.0 308.1 172.1 -343.7 222.4 -121.3 -216.7 231.2 14.5 52 53 54 51 Discrepancy 52 53 54 Memo: Current surplus less fixed investment (8) Adjustment between NIPA and FOF (9) Items to be financed (10) (1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce. (2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency securities held by state and local government employee retirement funds. (3) Table F.9, line 1. (4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government. (5) Excludes loans to state and local governments. (6) Excludes Treasury securities owed to state and local governments. (7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (8) Line 13 less line 19 (9) Line 14 plus line 16 less sum of lines 15, 20, and 51. (10) Line 52 plus line 53. 111 Z.1, March 7, 2002 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2000 2001 Q3 Q4 Q1 Q2 Q3 Q4 1223.0 1343.8 1548.7 1582.7 1801.2 1593.6 1582.7 1639.4 1669.6 1714.1 1801.2 1 2 3 4 5 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Security RPs 42.0 73.8 81.8 151.4 51.0 51.5 95.8 158.5 44.4 120.1 107.5 163.5 41.0 57.4 117.8 173.3 43.1 102.6 128.1 197.4 39.7 81.4 109.7 177.0 41.0 57.4 117.8 173.3 38.7 60.9 118.3 175.5 39.5 79.1 117.0 179.8 44.6 80.2 119.8 185.0 43.1 102.6 128.1 197.4 2 3 4 5 6 Credit market instruments 562.2 679.1 764.3 812.6 866.3 800.9 812.6 828.7 835.1 845.4 866.3 6 74.0 115.4 3.9 51.0 167.0 150.8 102.0 179.0 2.5 61.2 170.3 164.1 103.9 207.5 1.0 73.8 207.5 170.5 111.5 231.0 1.6 77.5 211.2 179.9 112.5 259.5 1.9 89.4 214.8 188.1 109.0 226.0 1.8 76.9 209.6 177.6 111.5 231.0 1.6 77.5 211.2 179.9 112.5 240.4 2.1 80.4 211.7 181.5 108.2 246.1 2.0 82.2 212.8 183.9 105.7 253.0 2.1 85.9 213.1 185.6 112.5 259.5 1.9 89.4 214.8 188.1 7 8 9 10 11 12 79.0 33.6 102.0 21.3 115.0 25.6 115.1 26.4 126.3 31.5 117.6 25.4 115.1 26.4 111.1 28.8 121.1 30.7 111.3 30.5 126.3 31.5 13 14 20.8 46.9 131.8 22.3 49.5 112.7 22.9 72.0 113.5 28.1 87.9 123.0 35.8 129.9 140.3 27.7 90.4 123.9 28.1 87.9 123.0 31.7 111.5 134.3 33.9 90.7 142.7 37.6 102.8 156.9 35.8 129.9 140.3 15 16 17 5967.1 6029.3 6083.4 5895.4 6102.7 5886.8 5895.4 5964.4 5861.7 5968.5 6102.7 18 9.2 19.3 9.2 19.9 6.2 20.9 2.2 23.2 2.2 23.2 3.2 23.2 2.2 23.2 2.2 22.9 2.2 23.2 2.2 23.2 2.2 23.2 19 20 4676.1 186.5 3352.5 26.5 1110.6 0.0 4672.6 186.6 3267.8 28.5 1189.7 0.0 4656.6 186.4 3199.5 28.3 1242.4 0.0 4419.6 184.8 2936.9 27.3 1270.6 0.0 4551.3 190.3 2957.1 26.8 1377.1 0.0 4422.8 184.3 2956.3 27.6 1254.5 0.0 4419.6 184.8 2936.9 27.3 1270.6 0.0 4476.0 184.8 2965.8 26.8 1298.7 0.0 4356.3 185.5 2814.9 27.0 1328.9 0.0 4442.9 186.4 2897.8 27.0 1331.7 0.0 4551.3 190.3 2957.1 26.8 1377.1 0.0 21 22 23 24 25 26 621.9 634.0 6.6 644.4 676.5 6.7 674.1 719.0 6.6 702.8 741.3 6.4 716.3 803.6 6.2 697.8 733.3 6.6 702.8 741.3 6.4 707.0 749.8 6.5 711.6 762.1 6.4 718.5 775.4 6.4 716.3 803.6 6.2 27 28 29 7 8 9 10 11 12 Total financial assets 1998 Open market paper Agency securities (1) Municipal securities Corporate and foreign bonds Mortgages Other loans and advances (2) 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 20 SDR certificates Treasury currency 21 22 23 24 25 26 Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 27 28 29 Trade payables Insurance and pension reserves Miscellaneous liabilities (1) Holdings by state and local governments may include small amounts of 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. 112 Z.1, March 7, 2002 F.119.b Private Pension Funds: Defined Benefit Plans Billions of dollars 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1 Net acquisition of financial assets 23.9 -3.2 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -48.7 -42.4 -44.3 -38.2 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -1.0 9.6 0.0 0.3 -0.5 -5.5 0.0 -1.7 -0.1 5.5 0.0 1.8 0.0 -9.1 0.0 -1.1 -0.0 6.4 0.0 -0.0 0.8 13.1 0.0 -4.2 0.3 4.8 0.0 -0.2 0.2 10.8 0.0 3.2 0.4 13.3 0.0 0.3 0.6 15.1 0.0 0.6 0.6 4.7 0.0 0.6 0.3 3.6 0.0 1.3 0.5 3.2 0.0 1.4 2 3 4 5 6 Credit market instruments 41.6 32.0 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 -19.6 19.1 20.2 -2.0 6 -2.5 29.7 7.9 21.8 -1.7 21.1 0.6 20.5 1.8 3.9 -8.9 12.8 -1.1 0.4 -11.0 11.5 -0.0 10.4 -5.6 15.9 -4.2 40.8 10.1 30.7 -0.2 6.7 2.0 4.7 3.2 -15.4 -4.6 -10.8 0.3 12.3 3.7 8.6 0.6 -36.9 -20.2 -16.7 0.6 4.8 -1.0 5.8 1.3 16.3 0.2 16.1 -1.1 -5.5 -5.8 0.4 7 8 9 10 8.8 5.6 11.2 1.5 13.8 -6.8 20.8 -3.1 14.0 -1.4 2.7 -3.7 17.4 0.2 3.1 0.1 26.5 0.6 17.0 -0.3 13.0 0.7 2.2 0.3 4.7 -0.1 11 12 -22.4 0.0 0.2 0.4 2.0 1.4 8.7 2.3 6.8 4.4 -3.8 3.7 -51.1 1.9 -55.3 -2.2 -100.9 1.3 -54.6 3.3 -66.8 2.4 -71.1 -0.3 -44.0 0.7 13 14 -4.2 -1.9 4.4 -6.8 -28.0 -6.2 2.8 -24.6 4.1 -2.2 8.2 -1.9 -6.1 -5.0 5.6 -6.7 7.3 -0.6 7.4 0.6 0.1 -5.1 6.2 -1.0 -6.9 -6.0 -0.3 -0.6 11.7 2.3 -0.3 9.7 -1.2 -5.6 3.5 0.9 5.9 -3.8 8.0 1.8 -3.0 -3.6 0.0 0.6 1.8 -4.7 0.0 6.5 2.0 -1.1 0.0 3.1 15 16 17 18 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 Corporate and foreign bonds Mortgages 13 14 Corporate equities Mutual fund shares 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars 1 Net acquisition of financial assets 38.7 32.2 66.3 56.6 56.2 45.8 59.4 45.2 35.7 50.5 44.8 42.2 42.0 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.6 17.9 2.9 1.8 -0.3 1.3 -0.0 0.4 -0.3 0.1 1.0 1.9 -0.1 -8.0 1.0 1.3 0.2 -9.9 6.5 0.9 0.1 -6.3 5.3 -2.0 0.4 -0.2 6.0 0.2 0.4 -5.5 10.8 1.3 0.8 -5.8 13.1 0.6 -1.5 13.3 1.9 0.6 0.4 -7.7 11.7 -0.8 0.3 -1.2 5.9 -0.4 0.3 -6.3 9.0 -1.3 2 3 4 5 6 Credit market instruments 12.2 14.1 15.2 11.9 16.3 7.8 -4.2 4.8 7.9 -3.3 6.3 19.7 20.0 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 1.8 6.0 4.0 2.0 1.3 3.9 1.8 2.1 1.4 6.2 6.1 0.0 0.9 4.3 5.2 -0.9 0.7 2.0 3.8 -1.8 -2.0 20.3 10.2 10.2 0.7 -1.5 0.6 -2.0 2.4 2.1 1.9 0.2 0.9 -0.5 0.4 -0.9 2.5 -10.8 -10.9 0.1 2.6 6.3 0.7 5.6 -3.1 9.0 -0.5 9.5 -0.2 3.6 -3.6 7.2 7 8 9 10 11 12 Corporate and foreign bonds Mortgages 3.4 1.0 8.7 0.1 7.6 0.1 7.3 -0.6 13.8 -0.2 -9.1 -1.4 -3.9 0.5 -0.2 0.5 7.4 0.1 5.1 -0.0 -3.4 0.8 12.8 1.0 15.3 1.3 11 12 -11.5 5.1 0.7 6.2 11.3 9.8 28.8 13.0 15.1 22.4 5.8 20.1 -18.4 43.1 -16.2 25.3 -36.9 41.4 33.5 -2.6 37.7 -0.8 21.2 1.5 26.9 -5.1 13 14 9.7 14.2 2.8 -7.3 9.9 15.9 3.2 -9.2 27.3 23.0 3.9 0.4 8.8 10.6 4.4 -6.2 4.6 12.9 4.9 -13.2 15.0 8.9 5.5 0.6 32.6 23.7 4.4 4.5 24.2 12.2 4.3 7.7 14.7 4.6 3.6 6.5 8.6 -10.3 13.4 5.5 -2.0 -4.0 1.2 0.8 -4.8 -7.0 1.2 1.0 -1.5 0.2 1.3 -3.0 15 16 17 18 13 14 Corporate equities Mutual fund shares 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other (1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars 1 2 3 4 5 6 7 8 Total held at: Commercial banking Saving institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 56.9 89.6 67.4 58.5 49.1 53.0 58.5 52.8 68.5 91.7 112.5 117.0 NA 1 15.6 7.3 1.9 -1.3 9.0 10.6 13.9 21.6 -2.6 3.2 4.4 13.0 10.4 39.6 16.6 -3.8 3.6 7.1 -1.0 41.7 3.2 -0.5 -8.3 0.9 4.9 3.0 38.9 19.5 -2.9 -9.1 -0.3 12.6 6.0 59.4 -16.6 -1.1 -6.3 -0.0 13.2 13.0 13.5 20.9 6.5 -1.9 1.2 11.2 14.0 64.1 -36.5 0.7 -3.9 0.9 10.3 15.0 49.8 -20.0 0.1 -6.0 1.2 47.5 2.0 80.3 -56.5 -0.5 -5.3 0.3 24.6 24.0 84.8 -36.2 -3.4 -3.0 0.9 40.8 22.0 81.9 -26.7 8.9 -2.3 0.4 19.5 1.0 67.3 22.0 NA NA NA NA NA NA NA 2 3 4 5 6 7 8 (1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7). 113 Z.1, March 7, 2002 L.119.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 Corporate and foreign bonds Mortgages 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 921.5 899.9 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.9 2116.9 2026.0 1818.5 1 1.6 56.9 0.0 16.8 1.0 51.3 0.0 15.0 1.0 56.8 0.0 16.9 1.0 47.6 0.0 15.8 1.0 54.1 0.0 15.8 1.8 67.1 0.0 11.6 2.1 71.9 0.0 11.4 2.2 82.7 0.0 14.6 2.6 96.0 0.0 14.9 3.2 111.1 0.0 15.5 3.8 115.8 0.0 16.2 4.1 119.4 0.0 17.5 4.5 122.6 0.0 18.9 2 3 4 5 318.0 349.9 362.7 379.8 402.7 438.3 462.4 453.5 493.1 473.6 492.7 512.9 510.9 6 16.8 184.0 93.0 91.0 15.0 205.1 93.6 111.5 16.9 209.0 84.7 124.3 15.8 209.4 73.7 135.8 15.8 219.8 68.1 151.7 11.6 260.6 78.2 182.4 11.4 267.3 80.2 187.1 14.6 252.0 75.6 176.4 14.9 264.2 79.3 185.0 15.5 227.4 59.1 168.3 16.2 232.1 58.1 174.0 17.5 248.4 58.3 190.1 16.4 243.0 52.4 190.5 7 8 9 10 99.0 18.2 110.1 19.7 123.9 13.0 144.7 9.9 158.7 8.5 161.4 4.7 178.8 4.9 181.9 5.0 208.4 5.6 225.4 5.3 238.4 6.0 240.7 6.3 245.3 6.2 11 12 13 14 Corporate equities Mutual fund shares 358.9 6.8 341.4 6.8 458.6 11.4 484.5 15.6 555.6 22.3 559.9 39.0 699.6 54.8 785.8 63.8 876.0 81.4 986.6 101.0 1157.3 129.0 1046.0 123.7 856.2 107.2 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other 162.7 80.1 14.1 68.4 134.3 73.6 16.9 43.8 144.3 77.3 25.1 41.9 135.5 69.6 30.7 35.2 143.5 69.7 38.0 35.8 158.2 79.2 44.2 34.8 158.3 80.3 43.9 34.2 176.4 88.9 43.6 43.9 182.6 90.7 47.1 44.8 194.9 93.3 55.1 46.6 202.2 99.9 55.1 47.2 202.4 93.6 55.1 53.7 198.0 86.1 55.1 56.8 15 16 17 18 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 712.8 734.6 888.0 971.5 1108.4 1183.8 1462.9 1672.1 1999.8 2292.4 2528.5 2511.9 2343.0 1 2.6 57.8 17.8 8.1 2.3 59.1 17.8 8.5 2.0 59.2 18.8 10.4 2.0 51.1 19.8 11.6 2.2 41.3 26.3 12.6 2.3 35.0 31.6 10.6 2.7 34.7 37.5 10.7 3.1 29.3 48.4 12.1 4.0 23.4 61.4 12.7 2.5 36.7 63.4 13.2 2.9 28.9 75.1 12.5 3.1 27.7 81.0 12.1 3.4 21.4 90.0 10.8 2 3 4 5 107.6 121.7 136.9 148.8 165.2 173.0 168.8 173.6 181.5 178.2 184.5 204.2 224.2 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 10.0 53.8 34.3 19.5 11.3 57.7 36.1 21.6 12.7 63.9 42.2 21.7 13.6 68.2 47.5 20.7 14.3 70.2 51.2 18.9 12.3 90.5 61.4 29.1 13.0 89.0 62.0 27.1 15.4 91.1 63.8 27.3 16.3 90.7 64.3 26.4 18.8 79.9 53.4 26.5 21.3 86.1 54.0 32.1 18.3 95.1 53.6 41.6 18.0 98.7 50.0 48.8 7 8 9 10 11 12 Corporate and foreign bonds Mortgages 38.8 5.1 47.5 5.2 55.1 5.3 62.4 4.7 76.2 4.5 67.1 3.1 63.2 3.6 63.0 4.0 70.4 4.1 75.5 4.1 72.1 4.9 84.9 5.9 100.2 7.2 11 12 13 14 Corporate equities Mutual fund shares 276.6 26.2 264.8 33.7 348.6 55.0 391.5 80.6 463.0 119.9 459.9 166.9 589.6 272.0 678.1 348.5 820.4 488.2 1004.1 567.1 1168.5 624.8 1149.1 609.9 1046.0 531.5 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 216.1 124.6 12.2 79.4 226.8 141.2 15.4 70.2 257.1 167.2 19.3 70.6 266.1 178.0 23.7 64.4 278.0 198.2 28.6 51.3 304.7 218.7 34.1 51.9 346.8 252.0 38.5 56.4 379.1 272.2 42.8 64.1 408.3 291.3 46.4 70.6 427.2 291.3 59.8 76.1 431.5 293.5 61.0 76.9 424.9 284.8 62.2 77.9 415.7 277.3 63.5 74.9 15 16 17 18 (1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total held at: Commercial banking Saving institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 546.0 637.0 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2663.0 2650.0 NA 1 111.0 108.9 24.3 37.9 28.0 93.0 143.0 132.6 106.3 27.5 42.0 41.0 97.9 189.7 149.2 102.5 31.1 49.7 40.0 144.0 259.5 148.6 94.2 32.1 55.6 43.0 189.0 310.5 145.8 85.1 31.8 69.5 49.0 265.7 346.1 144.7 78.9 31.8 78.7 62.0 279.4 380.6 151.1 76.9 33.0 94.3 76.0 386.6 470.1 151.9 73.0 33.8 110.3 91.0 489.0 517.9 152.0 67.0 35.0 160.0 93.0 649.0 572.0 151.4 61.8 35.3 190.1 117.0 809.0 785.4 148.0 58.7 36.2 245.5 139.0 1060.0 975.6 156.9 56.5 36.7 245.5 140.0 1048.0 966.4 NA NA NA NA NA NA NA 2 3 4 5 6 7 8 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7). 114 Flow of Funds Matrix for 2001 Z.1, March 7, 2002 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations 1 2 3 Gross saving and net cap. transfers Capital consumption Net saving (1 less 2) 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Access rights from fed. govt. 11 12 13 Net financial investment Financial uses Financial sources State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S U (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Memo: National Saving and Investment (18) ---- 1118.0 788.8 364.7 ---- 943.0 841.3 101.8 ---- 190.6 124.2 66.4 ---- 207.3 99.6 107.7 ---- 2458.9 1853.8 640.6 ---- 389.4 -389.4 ---- 121.7 112.8 8.9 ---- 2970.0 1966.7 1003.3 ---- 2580.6 1966.7 613.9 1201.1 1298.9 858.2 372.2 68.5 --- -------- 992.5 1071.9 -73.8 1028.4 -58.6 0.3 -------- 192.8 239.4 --239.4 --- -------- 141.7 101.3 --101.6 --0.3 -------- 2528.1 2711.6 858.2 446.0 1437.9 -58.6 0.0 -------- 379.5 ------- -------- 121.4 121.7 -0.1 121.6 --- -------- 3029.0 2833.3 858.2 446.1 1587.6 -58.6 -- -------- -59.0 136.7 ------ 2453.7 2833.3 858.2 446.1 1587.6 -58.6 -- -97.9 478.2 -- --576.0 -79.4 373.1 -- --452.5 -46.6 85.4 -- --132.0 40.3 77.5 -- --37.1 -183.5 1014.1 -- --1197.6 379.5 767.4 -- --387.9 -0.4 2712.4 -- --2712.7 195.6 4493.9 -- --4298.2 -195.6 -195.6 -- -379.5 387.9 767.4 ----4.3 -51.2 252.8 135.9 -- ---------- ----5.6 -0.2 -8.4 119.3 -1.0 ---------- -----2.6 6.0 -24.1 ---------- 5.4 ----41.1 4.2 --- -0.0 -0.0 ------- 5.4 ---9.8 -95.1 254.6 255.2 23.1 -0.0 -0.0 ------- -1.0 ----6.3 24.0 -15.1 -29.3 4.7 --62.2 ------ 0.3 0.0 1.6 33.1 0.3 72.5 84.4 173.4 44.0 ----11.7 185.8 323.9 428.6 45.3 4.7 0.0 1.6 23.3 -6.0 191.6 323.9 428.6 96.4 4.7 0.0 -0.0 62.2 11.7 185.8 323.9 428.6 45.3 ---1.6 38.9 17.7 -5.8 ---51.0 ---------- 14 15 16 17 18 19 20 21 22 Gold and off. fgn. exchange SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Federal agency securities Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit -174.3 -19.4 -23.7 -143.9 40.7 -28.6 --0.6 -- 610.3 ---10.8 --16.2 17.7 502.7 95.2 -14.5 5.8 -11.9 7.0 -1.8 ---1.2 -14.8 391.5 -88.3 --3.3 328.2 -71.4 1.2 218.4 -- 15.7 1.0 -30.8 28.5 0.3 11.9 --4.7 -- 106.8 ---106.5 --0.2 --- 7.4 --0.0 ---8.5 -1.1 -- -5.6 --5.0 -0.5 ----0.0 -- -165.7 -12.6 -66.4 -108.4 39.2 -16.7 -8.5 5.5 -14.8 1103.0 -88.3 -5.0 -0.5 120.6 328.2 -87.5 19.2 721.1 95.2 426.0 8.5 27.4 161.6 -230.2 --1.6 --- -41.9 -14.2 ----17.9 -7.5 -2.4 --- 1716.7 -160.2 34.0 574.2 81.4 398.2 -83.4 44.8 717.7 110.0 916.0 -61.9 -628.0 -301.3 11.6 34.9 2.1 -- 1977.0 -164.4 -5.0 627.4 120.6 611.6 -83.4 51.7 723.2 95.2 1977.0 -164.4 -5.0 627.4 120.6 611.6 -83.4 51.7 723.2 95.2 ----------- ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -298.3 211.5 -31.0 --6.1 -40.4 --1.8 -84.2 -- -55.7 --48.8 -- 22.8 5.1 --- --25.2 -- --7.7 -- ---11.7 -- -275.5 214.8 -76.5 31.0 -55.7 --29.2 -40.4 124.7 -9.4 0.0 97.3 --0.3 0.0 218.5 -13.1 34.3 -39.6 26.0 201.6 3.2 31.9 67.7 201.6 -32.9 -8.6 67.7 201.6 -26.3 -8.6 --6.6 -- ----- 37 38 39 40 41 42 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 63.8 204.5 --26.3 10.9 19.7 -----0.1 -----369.1 --5.9 --1.2 160.8 --4.3 --4.7 ------- --10.4 --1.3 1.4 60.8 ----7.8 63.8 204.5 14.7 -26.3 10.9 394.7 1.4 60.8 5.9 --1.2 153.1 -----176.5 -----265.8 -----386.1 62.4 143.7 7.3 -26.3 12.1 339.5 63.8 204.5 14.7 -26.3 10.9 957.4 63.8 204.5 13.2 -26.3 10.9 758.4 ---1.5 ---199.0 ------- 43 Sector discrepancies (1 less 4) -83.1 -- -49.5 -- -2.2 -- 65.6 -- -69.2 -- 9.9 -- 0.3 -- -59.0 -- -59.0 126.8 General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Flow of Funds Matrix for 2001 Z.1, March 7, 2002 (Billions of dollars; All Sectors -- Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors A L A L A L A L A L A L A L A L (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Total financial assets Total liabilities and equity Total liabilities 32097.5 --- -8083.1 8083.1 9892.4 --- -28084.4 12022.6 1406.4 --- -2047.2 2047.2 609.2 --- -4269.9 4269.9 44005.5 --- -42484.6 26422.8 8191.6 --- -5571.1 4067.8 38383.0 --- -40442.4 37716.0 90580.2 --- -88498.1 68206.6 -2082.1 --- 4 5 6 7 8 9 10 Monetary gold and SDRs IMF Position Official foreign exchange SDR certificates Treasury currency Foreign deposits Interbank claims -----47.0 -- -------- -----16.7 -- -------- -------- -------- 10.8 17.9 14.4 ----- ---2.2 23.2 --- 10.8 17.9 14.4 --63.7 -- ---2.2 23.2 --- ------156.2 -17.9 29.0 --886.7 -- 11.0 -0.1 14.6 2.2 33.2 124.2 64.8 ------232.5 21.8 17.9 29.0 2.2 33.2 187.9 221.0 -17.9 29.0 2.2 23.2 886.7 232.5 -21.8 ----10.0 698.8 11.5 11 12 13 14 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 389.7 3391.0 1138.9 -- ----- 580.0 226.3 349.7 3.8 ----- 35.8 117.5 -197.4 ----- 66.8 10.5 --- ----- 1072.4 3745.3 1488.5 201.2 ----- 314.1 92.1 -120.6 ----- 198.2 402.9 752.2 585.4 1599.1 4240.3 2240.7 1237.9 1584.6 4240.3 2240.7 907.1 1599.1 4240.3 2240.7 1237.9 14.5 --330.8 15 16 17 18 19 20 21 22 23 24 Credit market instruments Open market paper Treasury securities Federal agency securities Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1894.4 53.3 439.1 99.7 582.3 608.0 --112.0 -- 7724.1 ---153.8 -57.4 264.1 5560.5 1688.3 312.8 53.2 29.8 22.3 34.6 ---105.1 67.9 6930.9 190.1 --157.4 2558.8 1189.9 823.4 2011.3 -- 807.8 112.5 205.4 259.5 1.9 89.4 --139.0 -- 1386.1 ---1377.1 --8.9 --- 272.8 --0.0 ---197.1 75.8 -- 3379.6 -3352.8 26.8 ----0.0 -- 3287.8 219.0 674.2 381.6 618.8 697.4 -197.1 431.8 67.9 19420.6 190.1 3352.8 26.8 1688.4 2558.8 1247.3 1096.4 7571.8 1688.3 3430.6 119.5 1249.4 711.9 -1234.1 -115.7 --- 704.8 106.7 ---486.8 63.2 48.1 --- 22777.4 1107.2 1429.2 3876.0 1069.6 3730.2 1415.1 1304.8 7224.9 1620.4 9370.4 1148.8 -4942.8 -2616.1 104.5 473.2 85.0 -- 29495.8 1445.6 3352.8 4969.5 1688.4 5661.6 1415.1 1617.6 7656.8 1688.3 29495.8 1445.6 3352.8 4969.5 1688.4 5661.6 1415.1 1617.6 7656.8 1688.3 ----------- 25 26 27 28 Corporate equities Mutual fund shares Trade credit Security credit 5832.2 2993.2 -443.4 --144.7 194.7 -84.7 1920.1 -- 10887.2 -1487.3 -- 126.3 31.5 --- --661.1 -- --35.8 -- --55.1 -- 5958.5 3109.4 1955.9 443.4 10887.2 -2348.3 194.7 1692.8 -61.9 0.0 1503.3 -51.9 0.0 7534.7 1027.0 318.9 370.7 2795.5 4136.4 39.1 619.4 15186.0 4136.4 2336.6 814.1 15186.0 4136.4 2439.3 814.1 --102.7 -- 29 30 31 32 33 34 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 868.1 8723.5 -912.0 5105.5 358.6 -----19.6 -----6398.4 --160.2 -5174.6 3444.2 --50.1 --40.1 ------- --79.8 --100.2 37.8 765.8 ---6.2 868.1 8723.5 129.9 912.0 5105.5 6897.2 37.8 765.8 160.2 -5174.6 3470.1 -----2323.5 -----2377.7 -----4165.9 830.3 7957.7 69.5 912.0 -69.1 4230.6 868.1 8723.5 129.9 912.0 5105.5 13386.5 868.1 8723.5 229.6 912.0 5105.5 10078.3 --99.7 ---3308.2 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities. 115 116 Z.1, March 7, 2002 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 1 Assets 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 24141.7 25802.6 26863.9 28287.3 29245.6 32302.4 35187.0 39346.3 43287.4 48793.8 48810.2 48395.9 1 2 Tangible assets 9287.8 9413.1 9660.6 9887.0 10209.4 10683.6 11183.3 11917.5 12784.5 13729.9 15130.3 16298.4 2 3 Financial assets 14853.9 16389.6 17203.4 18400.3 19036.2 21618.8 24003.7 27428.7 30502.9 35064.0 33679.9 32097.5 3 4 5 Deposits Credit market instruments 3274.0 1556.3 3269.7 1634.4 3235.4 1684.8 3170.5 1666.4 3125.2 1953.4 3315.4 1927.8 3469.0 2086.8 3645.3 2030.4 3958.4 2044.5 4141.6 2281.3 4530.9 2069.6 4966.6 1894.4 4 5 6 Equity shares at market value 3135.6 4363.2 4896.2 5686.4 5673.2 7622.5 9188.8 11833.7 13814.5 17409.0 15199.6 12932.7 6 7 Directly held 1781.4 2548.7 2869.2 3237.1 3081.7 4160.9 4895.6 6302.5 7173.6 9197.3 7317.1 5832.2 7 8 Indirectly held 1354.2 1814.5 2026.9 2449.3 2591.5 3461.6 4293.2 5531.2 6640.9 8211.7 7882.5 7100.5 8 214.1 57.8 622.7 344.0 278.6 284.6 175.1 271.7 93.8 840.9 463.2 377.7 379.1 229.0 268.7 113.3 930.7 490.8 439.9 428.5 285.7 262.0 163.5 1100.5 565.5 534.9 497.3 426.0 263.6 199.6 1142.0 578.6 563.3 507.6 478.7 365.2 274.7 1501.8 729.9 771.9 678.9 641.1 432.9 373.3 1720.0 825.9 894.1 828.5 938.5 541.7 510.5 2083.4 931.0 1152.4 1084.8 1310.9 585.1 665.4 2487.7 1056.7 1431.0 1233.9 1668.8 681.0 904.4 2956.1 1253.2 1702.9 1343.2 2327.1 561.6 882.8 2829.1 1136.0 1693.1 1335.1 2273.8 445.4 879.5 2507.1 929.8 1577.3 1215.7 2052.8 9 10 11 12 13 14 15 9 10 11 12 13 14 15 Bank personal trusts and estates Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Mutual funds 16 Other 6888.0 7122.3 7386.9 7877.0 8284.4 8753.1 9259.1 9919.3 10685.5 11232.1 11879.7 12303.9 16 17 Liabilities 3746.8 3961.4 4168.4 4440.8 4759.6 5111.0 5445.8 5824.8 6319.7 6920.1 7507.1 8083.1 17 18 Net worth 20394.9 21841.2 22695.5 23846.5 24486.0 27191.4 29741.2 33521.5 36967.8 41873.7 41303.2 40312.8 18 2507.0 3521.0 3976.8 4623.6 4587.0 6213.7 7534.4 9818.0 11523.9 14812.6 12728.5 10787.2 19 13.0 21.1 16.9 26.6 18.2 28.5 20.1 30.9 19.4 29.8 23.6 35.3 26.1 38.3 30.1 43.1 31.9 45.3 35.7 49.6 31.1 45.1 26.7 40.3 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 12 and 14) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 15) could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
@FedFRASER