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F / F Unadj 1/75 May 9, 1975 Flow of Funds, Unadjusted 1st Quarter, 1975 Preliminary Division of Research and Statistics Board of Governors of the Federal Reserve Washington, D.C. 20551 Flow of Funds Accounts, First Quarter 1975 These tables present first preliminary estimates of flow of funds data and revisions for 1974 based on more complete information. The 1974 accounts now reflect commercial bank universe tabulations for December 31 from Call Reports, but numerous other estimates will remain preliminary until final compilations are published for source information. A set of year-end outstanding assets and liabilities will be available in June to replace the tables printed in February. Change in table form. The principal summary table on funds raised— page 2 of the seasonally adjusted set and page 1 in the unadjusted set--has been expanded in three different ways: (1) The top section, on funds raised by nonfinancial sectors, segregates foreign borrowing by form of credit, and the type-rofcredit listing that has appeared for several years in the table now refers only to funds raised by private domes tic nonfinancial sectors. (2) A new middle section lists credit market funds raised by financial sectors both by type of credit and by type of institution. Sponsored credit agencies are shown separately, and the total for them is the same as in the following table, line 11. For private finance the total of debt instruments, line 7, is the same as credit market borrowing in the following table, line 26. (3) A new bottom section gives total net credit market flows by type of instrument, combining funds raised by financial and by nonfinancial sectors. Line 5, U.S. Government securities, thus combines net issues by the Treasury, on-budget, off-budget, and sponsored credit agencies. Each of the totals in this section can be found in the respective transaction tables in the later parts of the publication, where the totals are distributed among borrower sectors as well as sectors advancing funds. The table on Total Claims, page 25 of the seasonally adjusted set and page 23 of the unadjusted, recapitulates sector totals of funds advanced in credit and equity markets. First-quarter figures are based on early indicators and are therefore highly tentative, particularly in the distribution of financial asset holdings among private nonfinancial sectors. The most important information not yet available in these tables are S.E.C. data on net new security issues and current assets and liabilities of corporations. The lack of these data weakens the figures for total credit flows, household investment in securities, and distribution of liquid assets as between households and business. Also missing at the time the accounts were put 9 MAY 1975 FUNDS RAISED IN CREDIT MARKETS FUNDS RAISED IN CREDIT MARKETS SUMMARY OF FUNDS RAISED IN CREDIT MARKETS (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS I 1972 I 1974 | IV I I 1973 I II III IV | IV I I 1975 I FUNDS RAISED BY NONFINANCIAL SECTORS 1 187.365 179.640 2 180.145 175.789 63.424 45.257 60.993 43.670 45.707 43.577 43.312 42.030 53.089 50.868 3 4 5 12.937 11.610 1.327 8.853 -5.994 -5.941 -53 -457 -1.119 662 7.312 6.598 714 9.714 7.739 1.975 11.991 12.020 -29 8 .20 1 652 43.403 43.495 51.454 50.199 30.740 30.149 3.382 -6.187 3.022 -6.431 244 360 4.486 4.852 -366 10.310 10.577 -26 7 18.932 U.S. GOVERNMENT 19.424 PUBLIC DEBT SECURITIES -492 AGENCY ISSUES + MORTGAGES 38.917 -92 39.009 41.144 1.255 39.889 11.808 ALL OTHER NONFINANCIAL SECTORS 591 CORPORATE EQUITIES 11.217 DEBT INSTRUMENTS 52.653 37.336 1.244 -5 51.409 37.341 37.297 1.303 35.994 12.283 621 11.662 22.619 4.063 6.387 12.169 6.605 2.314 2.128 20.895 OEBT CAPITAL INSTRUMENTS 4.200 S. + L. GOVERNMENT SECS. 8.104 CORPORATE BONDS 8.591 MORTGAGES 4.604 HOME MORTGAGES 1.438 OTHER RESIDENTIAL 1.110 COMMERCIAL 1.439 FARM 36.404 51.701 1.587 2.130 34.817 49.571 43.769 45.777 2.221 1.282 42.487 43.556 9 170.123 152.244 48.759 10 7.420 4.097 2.640 11 162.703 148.147 46.119 34.405 1.751 32.654 49.661 2.169 47.492 43.043 43.014 24.958 1.555 1.287 2.213 41.756 40.801 23.403 92.891 24.823 17.371 2.996 19.670 2.563 55.850 19.264 31.606 11.043 7.799 3.394 11.509 4.383 4.936 19.351 2.724 1.452 15.175 8.984 1.774 3.419 998 27.422 3.243 3.047 21.132 12.391 2.935 4.527 1.279 28.044 3.987 2.657 21.400 13.101 2.395 4.726 1.178 21.242 3.755 2.003 15.484 83.511 21.296 20.451 9.635 8.588 1.756 27.097 11.953 10.693 6.435 -1.119 -2.130 12.089 2.984 1.874 28.694 7.763 10.651 21.972 5.952 6.308 360 1.092 6 177.651 167.649 50.487 2.431 7 7.220 3.851 8 170.431 163.798 48.056 12 96.059 13 13.709 14 9.159 15 73.191 16 43.344 17 8.417 18 17.047 19 4.383 97.943 22.922 35.824 -425 8.323 25 170.123 152.244 48.759 26 12.258 16.556 3.083 27 72.815 43.486 24.523 28 29 30 31 102 1.554 28.700 1.568 27.132 58.888 1.120 57.768 29.009 5.110 5.386 18.513 10.485 1.313 4.375 928 19.499 4.127 3.705 11.667 6.332 1.299 3.181 855 4.230 1.578 21.764 4.071 4.192 13.501 8.184 1.966 1.970 1.381 26.826 7.451 8.172 1.243 2.693 17.139 -2.914 3.265 1.168 2.385 34.104 5.853 13.030 1.277 2.240 22.825 4.481 4.199 3.662 3.235 8 .8 6 8 2.220 49.661 2.468 20.572 43.043 43.014 3.934 3.286 19.463 20.880 24.958 3.784 3.667 52.653 4.526 15.536 37.336 4.223 11.168 37.297 4.023 13.115 21.945 2.009 2.119 17.817 17.822 -5 20.159 8.151 1.801 801 2.501 -1.192 7.542 16.857 15.554 6.921 621 1.303 1.581 -87 -475 3.847 -48 -30 -445 3.895 608 734 880 -1.664 -90 1.652 701 629 92.202 7.786 7.278 77.138 73.041 4.097 21.153 899 3.820 16.434 13.794 2.640 19.935 2.086 1.608 16.241 14.490 1.751 26.621 2.833 3.161 20.627 18.458 2.169 19.646 2.070 2.265 15.311 14.024 1.287 18.848 1.628 2.248 14.972 12.759 2.213 17.507 1.600 -596 16.503 14.948 1.555 32.591 3.376 3.254 25.961 24.717 1.244 7.528 1.728 -209 1.937 249 1.044 259 385 1.999 -164 2.163 113 1.075 406 569 2.040 -39 2.079 165 1.116 417 381 726 -5 731 209 -723 683 562 2.763 2.755 504 1.334 737 180 3.742 13 3.729 633 1.488 994 614 6.235 -124 6.359 437 3.337 2.449 136 -366 -5.275 1.709 -1.531 62.032 11.545 43.000 6.596 46.073 -5.628 48.587 4.818 51.380 5.603 33.613 4.913 7.728 991 2.802 2.243 1.692 15.405 -246 15.651 2.197 4.764 7.034 1.656 41 -1.675 -4.582 -200 42 189.040 184.222 43 11.389 16.573 1.122 9.443 ■10.208 2.215 -5.868 6.603 -6.329 1.880 328 1.084 4.229 34.405 2.570 11.900 85.050 8.617 9.282 67.151 59.731 7.420 35 36 37 38 39 40 8 TOTAL FUNOS RAISED BY NONFINANCIAL SECTORS EXCLUDING EQUITIES 52.701 51.581 32.082 30.514 1.668 393 -941 1.939 277 12.283 3.742 390 PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES OEBT INSTRUMENTS OTHER PVT. DOM N-F CREDIT CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 BY BORROWING SECTOR: S. ♦ L. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT CLAIMS EQUITIES FOREIGN CORPORATE EQUITIES DEBT CLAIMS BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER U.S. GOVT. LOANS 28 29 30 31 32 34 35 374 -611 -2.814 -411 MEMO: U.S. GOVT. CASH BALANCE 41 TOTALS NET OF CHANGES IN U.S. GOVT. CASH BALANCES— 52.327 44.014 54.268 31.151 TOTAL FUNDS RAISED 42 -6.561 5.097 13.124 19.343 BY U.S. GOVERNMENT 43 CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS TOTAL CREDIT MARKET FUNOS RAISED BY -2.821 FINANCIAL SECTORS 38.184 9.827 11.571 15.581 17.084 7.763 5.789 13.627 14.498 4.270 19.589 22.080 19.589 21.385 0 695 1.592 1.592 0 2.684 2.684 0 5.874 5.874 0 7.043 7.043 0 3.988 3.988 0 1.796 1.796 0 6.447 6.447 0 8.942 8.832 110 4.895 4.310 585 16.104 2.025 8.235 828 8.887 707 9.707 403 10.041 3.775 1.074 -1.372 3.993 561 7.180 -311 5.556 278 -625 -4.410 1.615 1.497 7 31.598 14.079 2.335 1.398 8 9 -1.213 -1.329 7.216 10 13.489 9.819 137 11 7.168 6.657 12 7.407 2.227 225 2.082 1.630 1.243 8.180 488 229 3.422 3.600 441 9.304 748 586 4.739 506 2.725 5.147 8.967 3.432 429 263 836 -680 -1.348 -116 2.616 -1.606 2.712 3.519 2. 194 4.877 849 3.153 -152 7.491 288 553 6.072 -2.069 2.647 5.278 49 -775 1.676 1.198 3.130 -2.122 -6.025 210 632 -991 29 1.074 -4.710 2.086 -3.869 1.032 -3.640 DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER ♦ RP*S LOANS FROM FHLB *S 7 8 9 10 11 12 38.184 22.080 9.827 1.592 11.571 2.684 15.581 5.874 17.084 7.043 7.763 3.988 5.789 1.796 13.627 6.447 14.498 8.942 4.270 -2.821 1.589 4.89 5 TOTALS RAISED, BY SECTOR SPONSORED CREDIT AGENCIES 13 14 8.235 15 32.410 16.104 554 16 4.515 -1.922 17 2.244 2.437 269 5.084 2.872 -1.457 18 19 1.887 5.962 6.290 20 452 371 115 3.894 4.959 9.419 21 22 6.320 1.156 1.927 -19 1.006 23 -1.586 8.887 3.016 819 1.985 200 109 1.378 1.722 -342 9.707 -727 827 1.423 3.315 111 3.466 1.934 -642 10.041 2.461 948 469 2.976 114 1.321 1.624 128 3.775 -235 -350 1.207 -529 118 3.254 1.040 -730 3.993 7.180 2.443 -1.147 1.164 907 -345 1.686 -662 4.188 100 100 1.533 182 4ft5 930 -572 181 1 51.999 2 3 4 5 32.410 6 812 13 14 51.999 19.589 1.589 1.331 258 -625 -4.410 5.556 937 -4.155 2.289 679 -313 610 635 896 -870 -317 -4.461 3.081 75 88 83 136 2.043 -3.185 -196 -186 -73 186 1.211 1.328 1 SPONSORED CREDIT AGENCIES U.S. GOVT. SECURITIES LOANS FROM U.S. GOVT. 2 3 4 PVT. FINANCIAL SECTORS CORPORATE EQUITIES 5 6 PVT. FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES SAVINGS ♦ LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. 15 16 17 18 19 20 21 22 23 TOTAL FUNDS RAISED. ALL. SECTORS, BY TYPE 1 239.364 217.824 2 -1.586 1.006 3 9.618 4.870 73.251 -19 3.278 56.828 -342 2.636 4 5 6 7 8 9 69.992 14.551 2.996 5.039 19.467 8.586 54.534 58.755 11.558 -97 2.724 3.243 3.960 2.053 15.383 21.695 7.763 1.756 15.079 770 3.502 15.190 1.876 3.994 10 11 12 231.332 211.948 29.374 33.483 13.709 17.371 12.485 23.265 71.907 54.414 9.635 22.922 52.115 11.637 17.183 39.077 13.606 21.097 61.288 -642 3.175 16.506 1.025 4.660 60.852 -730 1.579 37.871 181 1.948 66.328 -572 1.381 57.901 186 0 55.724 1.211 1.541 58.040 60.003 6.607 11.306 3.987 3.755 3.129 3.343 20.699 14.130 7.451 5.952 35.742 5.181 4.127 4.767 11.548 -2.914 65.519 287 5.110 6.111 19.039 5.853 57.715 13.315 4.071 4.634 12.729 4.481 52.972 25.713 14.700 20.257 4.063 4.200 7.753 8.922 8.626 11.098 2.215 -5.868 DEBT INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL GOVT. OBL. CORPORATE ♦ FOREIGN BONDS MORTGAGES CONSUMER CREDIT 4 5 6 7 8 9 3.147 7.039 2.847 22.439 1.657 5.023 4.934 6.799 6.752 8.557 -12.703 -1.889 3.876 6.475 -1.597 BANK LOANS N. E. C. OPEN-MARKET PAPER ♦ RP»S OTHER LOANS 10 11 12 60.396 128 2.228 8.297 4.562 4.807 12.122 4.174 3.722 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 27.919 TOTAL FUNOS RAISED 1.328 INVESTMENT COMPANY SHARES 878 OTHER CORPORATE EQUITIES 1 2 3 9 HAY 1975 HOUSEHOLDS HOUSEHOLDS 3 SECTOR STATEMENTS OF SAVING AND INVESTMENT (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1974 1973 I 1972 I 1974 | IV I II III IV II I III I IV I 1975 1 HOUSEHOLDS. PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS 2 151.330 170.812 33.805 3 903.712 979.731 223. 4 829.364 902.729 204. 5 74.348 77.002 18. 6 11.54015.114 2. 7 944 485 8 27.110 10.747 10. 9 113.942 103.348 32. 10 115.689 129.701 27. 11 229.631 233.049 60. 242.851 258.453 267.801 285.937 267.359 282.208 292.774 308.202 34.518 37.346 41.001 38.465 39.070 42.534 46.616 42.592 42.378 - PERSONAL TAXES ♦ NONTAXES 208.333 221.107 226.800 247.472 228.289 239.674 246.158 265.610 191.711 206.064 207.340 224.249 207.346 224.034 228.553 242.796 225.342 - PERSONAL OUTLAYS = PERSONAL SAVING, NIA BASIS 16.622 15.043 19.460 23.223 20.943 15.640 17.605 22.814 19.622 2.890 ♦ CREDITS FROM GOVT. INSURANCE 4.095 2.485 6.735 1.799 2.306 2.132 4.811 2.291 200 ♦ CAPITAL GAINS DIVIDENDS 52 23 56 354 256 63 140 485 5.170 -2.647 ♦ NET DURABLES IN CONSUMPTION 2.645 3.700 -768 8.496 5.621 8.312 4.681 24.079 28.306 27.276 34.281 22.328 26.131 22.758 32.131 20.065 = NET SAVING ♦ CAPITAL CONSUMPTION 27.953 28.458 29.136 30.142 31.247 32.461 32.976 33.017 33.108 52.032 56.764 56.412 64.423 53.575 58.592 55.734 65.148 53.173 = GROSS SAVING 9 10 11 58.268 GROSS INVESTMENT 36.321 CAPITAL EXPEND.-NET OF SALES 7.753 RESIDENTIAL CONSTRUCTION 27.203 CONSUMER DURABLE GOODS 1.365 NONPROFIT PLANT ♦ EQUIP. 12 13 14 15 16 4 5 6 7 8 52.945 40.395 9.412 29.556 1.427 60.309 43.357 33.612 1.643 59.129 63.257 57.510 59.933 60.131 66.648 42.539 47.841 37.201 40.514 41.968 46.663 7.960 10.175 5.988 8.414 9.239 10.784 31.646 35.496 27.307 32.900 32 .395 34.945 1.543 1.613 1.626 1.480 1.561 1.654 17 61.508 77.876 11.553 18 130.760 120.174 36.655 12.550 23.729 16.952 36.436 16.590 35.284 15.416 35.311 20.309 24.421 19.419 18.163 34.956 27.140 19.985 33.657 21.947 NET FINANCIAL INVESTMENT 17 22.264 NET ACQ. OF FINANCIAL ASSETS 18 19 110.439 85.562 3.978 20 13.054 32.538 14.195 18.756 -7.103 29.685 5.717 28.216 59 33.782 14.381 16.796 -8.014 24.503 19.966 5.734 -2.927 24.297 9.185 14.575 -9.030 DEP. ♦ CR. MKT. 1NSTR. (1) 19 DEMAND DEP. ♦ CURRENCY 20 59.718 37.963 21.755 15.258 5.019 10.239 23.452 11.645 11.807 18.511 9.840 8.671 12.658 11.755 903 13.052 6.271 6.781 21.961 11.585 10.376 15.391 11.008 4.38 3 7.168 7.021 147 15.198 8.349 6.849 28.996 11.232 17.764 TIME ♦ SAVINGS ACCOUNTS 21 AT COMMERCIAL BANKS 22 AT SAVINGS INST. 23 2.407 3.085 3.901 2.223 244 1.001 337 -386 1.711 -1.971 -861 -707 5.457 4.617 776 501 -1.004 567 15.499 10.183 2.300 14 2.617 385 —86 -5.391 -2.270 -9.835 4.031 1.508 1.525 73 -230 -1.162 50 833 CREDIT MKT. INSTRUMENTS 24 U.S. GOVT. SECURITIES 25 S. ♦ L. OBLIGATIONS 26 CORPORATE ♦ FGN. BONDS 27 COMMERCIAL PAPER 28 MORTGAGES 29 INVESTMENT COMPANY SHARES 30 OTHER CORPORATE SHARES 31 12 13 14 15 16 235.640 244.22 2 174.132 166.346 37.537 32.537 130.310 127.547 6.285 6.262 21 67.673 22 39.511 23 28.162 29.712 21.866 20.360 14.779 9.820 4.335 1.059 -2.286 3.464 -1.572 1.125 494 30 31 8 .10 2 2.849 6.349 1.659 3.862 1.281 258 1.330 207 3.822 -3.386 -238 403 3.378 15.725 1.982 11.205 4.646 2.385 -1.169 -2.520 -104 2.148 284 246 -1.586 -6.586 1.006 -2.000 -19 -3.910 -342 -523 -642 -292 128 -317 -730 -5.454 181 721 -572 -624 186 -573 -1.524 1 .2 1 1 1.328 -2.204 7.277 24.359 7.274 31.635 1.701 7.254 1.767 5.686 1.841 7.289 1.857 5.830 1.812 5.554 1.785 4.611 1.674 10.950 1.826 7.189 1.789 8.885 1.791 7.522 -5.294 -1.896 -1.763 -175 265 -257 323 722 2.248 -1.496 -328 379 -1.015 183 402 -160 114 393 -39 -175 541 -1.505 -223 553 -2.118 92 572 -1.632 49 582 -1.788 441 599 18.694 19.895 4.112 3.667 19.463 20.880 8.958 11.681 10.430 346 349 350 5.344 -1.669 6.075 2.10 7 -1.245 -123 1.829 -3.153 615 430 821 865 15.537 15.536 9.145 344 4.847 1.006 -673 867 8.977 11.168 6.216 342 4.524 -43 -824 953 317 13.672 390 13.115 7.446 8.173 338 340 98 5 -4.647 1.230 -1.221 1.696 -2.135 609 691 34 -4.434 -206 35 1.497 36 37 38 39 40 41 42 43 69.252 72.815 44.208 1.408 20.105 2.817 1.800 2.477 42.298 25.102 43.486 24.523 32.492 11.297 358 1.372 6.139 8.687 2.449 948 4.096 -2.954 184 2.941 11.179 11.900 10.554 355 2.043 -287 -1.138 373 19.484 20.572 11.543 354 6.643 45 46 47 -4.570 607 400 -2.172 582 402 295 157 127 -984 152 111 -1.338 152 98 -1.014 152 93 -1.234 151 98 197 149 99 -913 -3.545 -2.717 1.166 -3.935 -6.009 -11.173 1.12 0 494 418 -244 -2.438 145 146 102 99 313 142 -4.397 -1.500 -1.341 102 LIFE INSURANCE RESERVES PENSION FUND RESERVES 32 33 NET INV. IN NONCORP. BUS. 34 SECURITY CREDIT 35 MISCELLANEOUS ASSETS 36 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS SECURITY CREDIT TRADE DEBT MISCELLANEOUS -318 141 104 -5.095 DISCREPANCY 37 38 39 40 41 42 43 44 45 46 47 48 II) EXCLUDES CORPORATE EQUITIES. 7.960 10.175 7.753 2.654 2.666 2.678 6.216 8.173 7.446 -910 -664 -2.371 MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT 49 37.537 32.537 10.263 2.559 50 10.358 10.629 51 44.208 32.492 11.297 52 -17.029 -10.584 -3.593 9.412 2.560 10.554 -3.702 8.102 2.631 11.543 -6.072 9.239 10.784 2.574 2.593 11.681 10.430 -5.016 -2.239 8.414 2.614 8.958 -3.158 5.988 2.695 9.145 -5.852 53 130.310 127.547 54 103.200 116.800 55 27.110 10.747 34.658 24.341 10.317 29.556 24.875 4.681 33.612 25.300 8.312 31.646 26.025 5.621 35.496 27.000 8.496 27.307 28.075 -768 32.900 29.200 3.700 32.395 29.750 2.645 -2.914 5.853 2.146 -2.153 4.481 -1.836 2.215 2.955 -5.868 3.221 - CONSUMER CREDIT = EXCESS NET INVESTMENT 1.365 580 338 447 (C) NONPROFIT PLANT + EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT <B) 34.945 27.203 29.775 29.850 5.170 -2.647 CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 56 57 22.922 4.188 9.63 5 1 .1 1 2 8.588 1.729 1.756 2.925 7.763 549 5.952 -331 7.451 1.045 58 59 60 61 6.285 2.131 1.406 2.746 6.262 2.272 1.372 2.618 1.619 511 358 750 1.427 518 355 554 1.643 527 354 762 1.654 537 350 767 1.561 549 349 663 1.480 558 346 576 1.626 566 344 716 1.613 572 342 699 1.543 576 340 62 7 62 63 14.343 8.226 14.846 7.859 13.146 8.416 14.213 7.978 14.449 6.803 15.310 8.580 13.452 9.384 14.613 9.173 15.071 6.525 15.922 7.151 13.819 8.589 64 25.063 23.414 26.523 24.646 25.110 24.634 25.765 23.248 23.772 22.413 PER CENT OF DISPOSABLE INCOME ADJ. (2): 24.150 21.436 GROSS SAVING 65 19.005 14.272 7.558 7.947 16.712 20.500 12.073 16.146 4.249 11.057 4.369 10.802 19.134 11.240 5.295 5.636 19.179 16.117 8.619 9.100 18.576 15.408 8.163 8.499 19.133 14.122 7.956 8.350 16.143 10.597 1.784 1.591 16.438 14.182 6.303 6.303 16.877 10.914 3.610 4.491 17.298 12.476 5.068 4.861 66 67 68 PER CENT RATIOS: 14.748 EFFECTIVE TAX RATE 8 .0 1 0 SAVING RATE, NIA BASIS 14.642 8.975 127 157 CAPITAL EXPENDITURES ACQUISITION OF FINAN. ASSETS NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING 69 916.196 995.330 227.016 211.109 226.058 228.995 250.034 230.442 246.465 248.666 269.757 248.054 (2) DISPOSABLE INCOME ADJ. (NIA DISPOSABLE INCOME ♦ GOVT. INSURANCE CREDITS ♦ CAPITAL GAINS DIVIO. 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 53 54 55 9 MAY 1975 NONFINANCIAL CORPORATE BUSINESS NONFINANCIAL CORPORATE BUSINESS 5 SECTOR STATEMENTS OF SAVING AND INVESTMENT (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTEO QUARTERLY FLOWS 1974 1973 I 1972 | 1974 | IV | II II III III IV I 1975 I NONFINANCIAL CORPORATE BUSINESS 1 2 3 4 5 6 7 8 9 95.189 109.365 21.038 22.623 25.967 23.141 23.458 24.617 9.804 9.941 10.251 9.244 9.665 11.118 40.528 45.290 6.677 6.895 6.066 5.412 5.533 5.798 23.638 30.604 6.632 7.689 7.539 7.546 9.316 5.728 31.033 33.471 2.955 844 1.147 942 745 3.678 10.598 473 -17.579 -35.080 -1.579 -4.827 -5.515 -3.861 -3.376 -7.807 67.464 72.494 16.158 16.455 16.803 16.960 17.246 17.518 84.596 81.483 20.780 19.919 21.448 21.580 21.649 20.355 70.792 67.648 10 121.509 125.986 11 108.628 115.045 12 103.319 111.779 13 14 15 -539 5.848 12.881 -554 3.820 10.941 12.051 27.448 24.649 23.629 -159 1.179 2.799 16 -50.717 -58.338 -15.397 17 40.888 43.298 12.397 18 19 6 .2 0 0 20 21 22 1 .1 0 0 19.378 26.549 22.571 22.608 -981 944 3.978 18.756 30.972 29.107 26.519 530 2.058 1.865 17.084 15.574 29.099 34.889 28.291 28.659 25.898 28.294 -976 888 1.341 1.505 6.230 808 -7.171 -12.216 -12.015 -19.315 8.426 9.714 12.798 9.950 -265 1.459 1.324 192 1.174 -3.250 971 -1.842 -637 -375 654 1.066 1.656 261 1.844 250 72 322 2.847 -2.079 3.465 -500 250 385 1.326 2.908 293 -35 -442 625 3.136 -669 1.597 17 2.019 4.857 -679 -258 -882 457 4 -1.152 4.183 3.836 2.061 1.349 423 3 742 7.290 1.858 669 783 401 5 198 7.545 748 313 36 393 32 91.605 101.636 33 67.151 77. 138 34 4.097 7.420 35 59.731 73.041 27.794 16.434 2.640 13.794 16.885 16.241 1.751 14.490 25.014 20.627 2.169 18.458 21.965 15.311 1.287 14.024 6.949 13.223 347 -270 1.354 6.577 3.515 -1.813 -137 616 5.241 4.945 23 2.574 -2.777 24 25 26 27 28 29 30 31 2.007 24.080 7.852 3.649 2.568 1.616 19 1.170 20.806 8.099 6 .68 5 -2 0 0 2.612 6 22.349 17.933 14.062 29.037 33.865 29.353 24.161 32.168 29.744 25.205 29.414 27.791 -1.641 837 1.229 724 1.917 59 7 -391 1.697 4.876 3.654 4.493 -1.370 -1.394 3.991 1.653 424 -958 531 -1 1 2.677 2.320 1.960 -1.676 866 6 32.463 25.961 1.244 24.717 25.515 17.817 -5 17.822 22.104 -2.314 16.857 7.542 1.303 621 15.554 6.921 424 5.386 4.845 670 678 3.497 331 4. 192 2.965 984 516 1.465 379 482 8.104 6.387 1.48 3 -220 -784 -1.421 506 658 1.609 695 5.486 2.740 461 1.593 54 5.298 -469 398 902 1.073 397 4 1.648 19.670 10.928 -443 2.249 9. 122 168 2.563 4.547 -127 1.052 3.622 321 1.452 2.476 -785 503 2.758 535 3.047 5.028 424 848 3.756 489 2.657 5.364 710 716 3.938 411 451 2.00 3 3.705 1.635 3.257 -781 -1.313 415 397 3.623 2.551 42 43 4* 45 46 30.629 -176 -123 1.996 325 30.107 3.877 1.278 4.475 1.058 6.916 -1.156 18 582 156 11.036 -1.685 5.139 1.258 -7 561 97 6.630 964 148 9.066 141 -19 t>17 43 5.388 -222 -86 12.693 718 279 355 17 47 48 49 2.323 19.594 2.537 4.410 17.780 2.308 974 2.717 10.162 -2.424 224 351 -2.698 6.497 588 1.4C9 4.359 895 11.162 712 2.358 1.412 1.281 -2.060 6.885 1.677 50 13.804 13.835 8.729 541 2.692 4.496 6.075 -1.994 2.746 51 52 4.486 38.103 3.026 41.084 -5.305 7.099 6.607 7.622 793 14.956 3.186 7.668 -6 .10 0 7.857 8.711 8.566 3.505 15.422 886 1.651 3.425 218 845 2.266 -1.410 718 215 -1.306 1.329 -68 3 4.732 -110 35 61 470 -198 146 934k -3.99 5 1.245 21.554 16.503 1.555 14.948 -200 1.796 9.159 16.125 -432 2.482 14.075 125 -146 37 22.028 GROSS INVESTMENT 22.013 CAPITAL EXPENDITURES FIXED INVESTMENT 23.501 PLANT + EQUIPMENT 25.362 HOME CONSTRUCTION -1.776 -85 MULTI-FAMILY RESIDENTIAL -1.488 CHANGE IN INVENTORIES 1.730 -2.143 -4.106 3.732 3.256 0 76 400 398 4 0 10.390 1.621 1.420 36 37 38 39 40 41 110 13.304 33.731 28.972 29.369 -979 582 4.759 PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS ♦ FOREIGN " Z H PROFITS ♦ INV. VALUATION ADJUSTMENT ♦ CAPITAL CONSUMPTION ALLOW. = GROSS INTERNAL FUNDS 1 2 3 4 5 6 7 6 9 10 11 12 13 14 15 15 NET FINANCIAL INVESTMENT 16 -6.688 -15.932 -15.291 -20.427 NET ACQ. OF FINANCIAL ASSETS 17 1.677 -2.299 14.866 16.531 10.224 2.219 -1.799 5.062 10.123 2.049 1.410 606 1.245 400 400 399 401 5 3 27.741 14.972 2.213 12.759 28.960 30.830 24.958 17.660 6.847 12.098 12.634 10.307 7.707 8.319 6.998 7.901 3.839 6.332 8.961 10.489 1.219 2.918 1.949 2.776 -8.956 -12.202 -6.115 -2.613 17.898 18.33 0 18.748 19.165 20.679 19.535 20.914 21.610 688 140 1.625 373 6.367 1.833 1.826 -400 401 -6 .074 2.596 2.194 18 19 LIQUID ASSETS DEMAND DEP. + CURRENCY TIME DEPOSITS U.S. GOVT. SECURITIES S. ♦ L. OBLIGATIONS COMMERCIAL PAPER SECURITY R.P.'S 20 21 22 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (1) FOREIGN CURRENCIES INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. 25 26 27 2S 29 30 31 NET INCREASE IN LIABILITIES NET FUNDS RMSED IN MKTS. NET NEW EOUITY ISSUES DEBT INSTRUMENTS 23 24 32 33 34 3S TAX-EXEMPT BONDS (2) CORPORATE BONDS (1) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 36 37 38 39 40 41 -3.554 1.544 168 405 95 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 42 43 44 45 46 3.174 4.613 -89 938 -1.547 4.870 -8.309 0 -56 1 PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS LIABILITIES 47 48 49 5.473 7.610 1.754 -10.944 8.38 4 8.712 -418 DISCREPANCY 4.203 MEMO: NET TRADE CREDIT 8.663 PROFITS TAX PAYMENTS 50 51 52 PER CENT RATIOS: 53 53 42.576 41.411 43.939 42.722 42.815 42.366 42.377 41.641 41.774 40.979 41 .297 38.771 EFFFCTIVE TAX RATE 54 143.634 154.616 132.088 133.284 144.404 134.842 161. 157 142.652 163.765 150.258 161.284 101.864 CAPITAL OUTLAYS/INTERNAL FUNDS 54 55 55 49.157 57.975 50.255 54.578 59.595 48.194 36.570 51.479 72.986 60.716 46.111 31.440 CR. MKT. BORROWING/CAP. EXP. U> FOREIGN INVESTMENT EXCLUDES AMOUNTS FINANCED BY BOND ISSUES ABROAD, ANO BOND ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM FINANCIAL SOURCES OF FUNDS ABOVE. (2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. THESE ARE FORMALLY ISSUED BY STATE AND LOCAL GOVERNMENT AUTHORITIES, BUT THEY FINANCE PRIVATE INVESTMENT AND ARE SECURED IN INTEREST AND PRINCIPAL BY THE INDUSTRIAL USER OF THE FUNDS. 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 9 HAY 1975 BANKING SYSTEM 7 BANKING SYSTEM 7 SECTOR STATEMENTS OF SAVING AND INVESTMENT (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 UNADJUSTED QUARTERLY FLOWS I 1972 | 1974 1 IV 1 1973 I II III IV | | 1974 11 I III » IV | 1975 I MONETARY AUTHORITIES 1 132 171 25 27 32 2 4.710 80 537 -1.098 -959 6.150 5.219 931 2.821 75 117 232 1.139 1.258 46 2.115 -190 109 -1.852 47 4.001 3.963 38 964 -13 109 -74 -258 9 7.842 -190 403 -875 -723 9.227 9.265 -38 10 0 0 0 0 11 12 13 7.710 1.413 2.040 4.539 -1.217 948 2.796 -1.045 -174 14 15 16 17 18 19 3.374 6.960 -498 439 -69 223 3.941 6.298 123 78 760 -2.230 3 4 5 6 7 8 1 .2 1 2 1.200 1.278 -78 0 2.088 932 1.226 -2.055 234 -1.231 4.045 255 -9 1.578 140 73 3.914 -1.396 126 49 324 -156 36 39 42 4.306 457 13 0 64 121 988 6' *• 2.752 —3.264 489 3.537 498 3.526 -9 11 37 -306 -4 57 -877 775 -257 -319 62 5.l6l 6f 151 75 1.177 3.610 3.436 174 0 0 4.269 421 6.144 -3.902 2 .0 1 1 1.026 -345 1.350 -976 5.059 1.676 -1.352 0 4.273 -4.177 630 -2.911 -5 63 3.648 -1.329 9 46 -64 245 0 3.023 205 -200 3.018 19 255 —451 -427 119 -143 36 -304 44 46 41 CURRENT SURPLUS 1 5.134 -5.219 159 -163 108 221 1.424 -1.720 1.982 -4.893 1.461 1.336 1.275 827 509 186 0 0 3.123 NET ACQ. OF FINANCIAL ASSETS 2 35 GOLD ♦ FOREIGN EXCHANGE 3 4 136 TREASURY CURR. ♦ SDR CTFS. 44 F.R. FLOAT 5 515 F.R. LOANS TO DOMESTIC BANKS 6 2.393 CREDIT MARKET INSTRUMENTS 7 2.364 U.S. GOVERNMENT SECURITIES 8 29 9 ACCEPTANCES 0 BANK LOANS N.E.C. 10 5.090 3.170 2.152 -5.265 -7.413 1.124 3.082 NET INCREASE IN LIABILITIES 4.477 MEMBER BANK RESERVES -984 VAULT CASH OF COML. BANKS 4.594 -283 472 761 259 26 3.807 -1.014 39 24 102 27 3.100 -367 -181 3.648 -2 1 -2.055 -85 562 79 -726 -277 -49 DEMAND DEPOSITS CURRENCY DUE TO U.S. GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS TAXES PAYABLE MISCELLANEOUS LIABILITIES 11 12 13 14 15 16 17 16 19 COMMERCIAL BANKING (1) 1 2 4.39 5 3.039 3 100.247 4 286 5 83.260 6 86.600 7 -1.273 8 -8.833 7.560 9 10 11 12 927 680 1.154 950 1.173 949 1.261 991 13.491 39.701 -1 2 0 -119 5.576 29.736 9.607 28.452 637 -4.756 -224 -6.106 861 1.3*0 7.726 -55 7.184 8.428 41 -583 624 23.502 -159 1.875 -896 150 1.286 1.337 4.167 1.574 69 8 1.140 755 1.057 717 1.091 729 1.114 786 1.133 807 84.420 32.786 20.262 -453 7 5 62.706 37.037 10.808 64.38 5 33.269 15.068 1.015 8.088 -5.839 -2.608 5.955 -5.968 3.623 2.133 129 27.218 23.204 138 16.110 17.553 -2.701 2.580 29.563 137 30.682 27.978 5.772 3.266 2.506 7.664 3.052 332 2.514 1.766 5.081 2.132 135 1.376 1.438 2.59 4 2.344 14.542 6 25.660 26.001 -1.085 -3.430 2.345 -1 2 1 1.173 937 19.011 5.637 1.104 6.396 5.874 5.743 952 525 2.351 1.915 2 .1 1 1 3.054 2.512 6.839 86 3 302 3.303 2.371 15 61.955 44.359 16 10.608 2.762 17 52.115 39.077 2.520 ie -768 19.438 2.909 15.079 1.450 16.082 1.822 15.190 -930 20.496 4.057 16.506 -67 10.835 3.007 8.297 -469 1.72 2 12.122 698 3.889 -330 3.147 1.072 25.320 2.499 22.439 382 6.512 1.679 4.934 56 0 -3.396 -1.679 0 3.768 56 -4.316 0 -341 0 -1.443 0 2.704 0 -4.031 0 0 -269 -1.219 7. 157 -3.566 15.279 527 1.460 4.125 3.864 -3.286 2.905 1.933 8.155 -3.039 1.840 -2.876 2.018 -396 374 1.524 6.136 324 6.470 3.291 5.322 -4.974 249 31.752 20.337 21.417 -11.203 1.405 515 2 0 .012 -11.718 25.480 6.606 -9 56 7.562 23.162 -4.643 -2.224 -2.419 28.353 13.352 21.828 -14.663 1.65 5 -1.255 20.173 -13.408 13 14 19 20 21 22 23 25.918 5.700 464 10.994 8.760 4.761 3.827 3.453 6.009 7.239 24 97.332 25 12.588 26 - 1 .0 1 0 27 13.598 50.934 20.012 30.316 606 81.913 -927 -5.058 4.131 56.867 28.515 28.165 187 4.825 660 -69 2.123 6.590 1.125 -1 0 1 7.888 2.629 121 -1 0 1 1.284 -1.244 7.959 37.956 7.461 -7.933 -243 -1.097 7.704 -6.836 11.14019.576 11.21414.786 5.358 3.315 10.852 4.249 8.682 -3.771 8.186 8.501 6.870 5.976 8.969 -361 223 95 128 160 14.630 3.950 10.662 18 18.322 11.964 6.338 20 250 250 1.196 2.001 1.424 75 1.177 1.982 6.470 -4.974 -300 165 -450 1.072 63 -3.264 2.018 10.764 8.907 1.773 84 32 33 34 35 36 37 1.216 10.627 -875 -723 6.009 85 1.000 422 2.387 -1.056 -1.098 232 1.139 -959 7.157 -3.566 0 125 500 5.320 -1.852 47 4.125 275 460 1.063 -74 -258 2.905 -290 706 3.172 988 2.752 -3.039 100 0 250 3.012 -877 775 1.524 260 38 39 40 17.471 1.063 16.408 17.361 4.606 12.755 2.024 -814 2.838 3.549 -277 3.826 3.854 693 3.161 8.340 460 7.880 1.728 187 1.541 8.441 3.134 5.307 3.305 148 3.157 4.280 58 5 3.695 41 -1.559 -1.573 -787 415 -1.376 286 -884 97 -1.541 457 20 .210 17.898 5.093 4.305 78 8 1.054 CURRENT SURPLUS 979 PLANT ♦ EQUIPMENT -1.372 NET ACQ. OF FINANCIAL ASSETS -16 DEMAND DEPOSITS ♦ CURRENCY -7.084 TOTAL BANK CREDIT -5.548 CREDIT MARKET INSTRUMENTS 7.413 U.S. GOVT. SECURITIES 6.255 DIRECT 1.158 AGENCY ISSUES 895 28 505 351 3 4 5 6 7 8 9 10 11 12 11 OTHER SECURITIES + tfTGS. S. ♦ L. OBLIGATIONS CORPORATE BONDS HOME MORTGAGES OTHER MORTGAGES 13 14 8.638 -13.856 -1.086 -2.809 C.557 -12.703 1.656 1.167 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER 15 16 17 18 0 0 2.312 -1.536 -6.289 4.137 5.603 3.493 444 1.791 CORPORATE EQUITIES SECURITY CREDIT VAULT CASH + MEM. BANK RES. OTHER INTERBANK CLAIMS MISCELLANEOUS ASSETS 19 20 21 22 23 22.646 - 1 .2 0 1 NET INCREASE IN LIABILITIES 14.208 -15.180 DEMAND DEPOSITS, NET -977 U.S. GOVERNMENT -2.463 16.671 -14.2C3 OTHER 24 25 26 27 13.151 8.481 TIME DEPOSITS 3.694-4.779 LARGE NEGOTIABLE CD *S 9.39213.259 OTHER AT COMMERCIAL BANKS 651 AT FOREIGN BANKING AGS. 28 29 30 31 250 -3.822 -1.720 -4.893 4.137 250 1.779 44 515 444 0 0 1.335 2.466 739 -1.783 4.249 596 -586 CORPORATE EQUITIES CREDIT MARKET DEBT F.R. FLOAT BORROWING AT F.R. BANKS OTHER INTERBANK CLAIMS TAXES PAYABLE 32 33 34 35 36 37 MISCELLANEOUS LIABILITIES LIAB. TO FGN. AFFILIATES CTHER 38 39 40 246 DISCREPANCY (1) CONSISTS OF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES." 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 1 2 41 9 HAY 1975 NONBANK FINANCE SUMMARY 9 NONBANK FINANCE SUMMARY UNADJUSTED QUARTERLY FLOWS 1973 UNADJUSTED QUARTERLY FLOWS | 1972 I 1974 | IV | 1973 I II III PRIVATE NONBANK FINANCI/L 1 2 5.709 1.991 5.678 2.533 3 4 5 87.682 2.007 123 -44 78.840 2.447 6 7 8 9 10 11 12 13 14 15 13.390 72.243 942 3.576 10.865 26.477 15.410 9.043 5.930 0 259 9 SECTOR STATEMENTS OF SAVING AND INVESTMENT CMILLION S OF DOLLARS) IV I I 1974 1 " ~~ „TUT IONS - TOTAL I II III I IV I 637 1.527 638 1.601 438 1.379 278 1.293 718 1.467 509 1.483 745 1.435 561 32.867 23.202 -379 1.771 60 74 652 321 25.313 913 63 17.184 470 21.983 1.003 18.006 -731 22.257 709 14.846 216 23.731 2.253 0 0 0 0 0 0 1.993 18.417 -898 -138 6.715 5.903 3.591 2.312 932 491 16.553 915 593 1.2 0 2 120 6 .1 0 1 6.423 67.717 23.548 1.567 5.477 1.386 1.083 23.059 4.789 13.506 8.936 5.461 10.710 4.764 2.605 9.118 -1.196 1.830 21.271 2.931 698 1.725 7.394 3.154 1.009 4.360 3.339 20.766 -665 565 3.473 9.213 4.609 2.783 788 121 -962 1.674 16.281 -1.586 1.261 2.680 6.760 3.965 2.846 355 84 -1.107 964 146 6.547 13.925 262 1.052 2.987 3.110 3.682 2.405 427 851 15.056 1.693 145 3.242 3.425 2.950 -625 4.226 1 .0 0 2 235 6.656 2.528 2.088 2.363 1.681 -400 -1.696 137 138 252 1.316 318 -288 134 535 -1.936 550 3.380 268 663 -1 .1 2 0 208 680 -1.632 164 1.580 -720 -1.088 144 142 299 1.306 448 141 1.277 19 82.288 28.118 29.511 -404 76.169 32.587 22.014 10.560 8.107 36.024 1.025 406 21.788 12.459 7.618 207 24.609 8.791 6.798 -57 15.468 20.423 -59 6.927 7.974 7.121 -922 368 16.882 11.340 6.687 311 8.463 1.860 115 2.860 556 110 3.539 2.839 1.596 1.243 128 1.437 638 197 441 8.241 848 444 142 3.316 3.491 766 2.725 -836 -357 2.029 -1.004 167 2.227 3.031 -3.900 273 1.751 859 -355 2.052 -404 147 2.391 1.743 -29 199 185 -553 -459 -549 466 155 402 23 20.971 11.692 1.243 24 2.327 25 “1.533 -1.462 133 320 26 4.344 27 8.405 7.434 28 11.452 4.284 777 29 6.657 30 7.168 101 31 -3.444 32 128 7.408 33 -1.702 36 7.080 3.879 52 1 .1 2 0 -4.635 326 2.953 34 -1.676 474 42 -849 21.765 4.467 9.008 -561 6.295 420 5.795 4.075 641 364 178 282 -186 552 -690 -1.38 8 70 40 1 10 4.386 1.409 -1.261 2.243 1.178 1.433 3.950 3.373 797 2.524 1.585 -1.469 2.647 3.153 849 -152 -8 14.263 -960 9.784 28 1.283 CURRENT SURPLUS 431 PHYSICAL INVESTMENT 24.989 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS ♦ CURRENCY -90 TIME DEPOSITS (MSB) 0 S+L SHARES (CREDIT UNION) 552 1.932 3.088 17.691 20.452 8.163 3.680 841 298 6.956 6.446 1.573 1.650 1.556 2.081 714 -1.279 3.185 2.279 16 -4.560 6 58 17 3.865 18 20 21 22 1975 I 23.259 7.167 10.545 1.247 3.277 1.700 59 642 -807 - 1 .0 2 1 32 30 1.041 178 1.871 2.952 839 -178 3.130 1.032 886 463 133 1.547 200 32 -3 -3.840 -4.193 -553 -3.6*0 -319 245 2.452 3 4 5 6 7 CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES S. ♦ L. OBLIGATIONS CORPORATE ♦ FOREIGN BONDS HOME MORTGAGES OTHER MORTGAGES CONSUMER CREDIT OTHER LOANS 13 14 15 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 16 17 18 23.968 NET INCREASE IN LIABILITIES TIME ♦ SAVINGS ACCOUNTS 18.316 INSURANCE + PENSION RESERVES 9.713 CORPORATE EQUITIES (1) 1.365 -7.804 1 2 8 9 10 11 12 19 20 21 22 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OTHER LOANS OPEN-MARKET PAPER FHLB LOANS 23 24 25 26 27 28 29 30 SECURITY CREDIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 31 32 33 -169 DISCREPANCY 34 SAVINGS AND LOAN ASSOCIATIONS 1.780 I 1.681 2 29.231 23.711 594 596 3 4 27.133 21.045 3.292 5 3 6 21.992 13.814 4.920 3.759 7 160 218 8 1.504 2.070 9 10 11 12 397 9.240 500 8.987 484 6.363 435 2 .1 0 0 10.792 -89 10.584 2.718 6.469 1.389 40 -247 297 8 9.801 221 8.927 -690 7.895 1.635 67 653 -280 -342 441 61 1.155 9.313 5.981 3.315 444 146 2.725 -34 51 57 -62 -43 13 14 15 16 17 27.363 20.490 5.962 -1.533 327 7.168 36 875 22.332 15.946 6.290 -1.462 1.095 6.657 60 36 8.900 7.281 1.887 115 529 1.243 18 -88 302 12 10.295 8.879 445 200 101 449 451 452 431 409 389 4.068 495 3.024 1.343 389 CURRENT SURPLUS 9.418 NET ACO. OF FINANCIAL ASSETS DEMAND DEPOSITS ♦ CURRENCY -89 CREDIT MARKET INSTRUMENTS e.570 U.S. GOVERNMENT SECURITIES 5.312 HOME MORTGAGES 2.551 OTHER MORTGAGES 604 CONSUMER CREDIT 103 MISCELLANEOUS ASSETS 937 1 2 4.143 500 2.928 -33 2.345 577 39 715 8.540 -89 7.714 3.324 3.473 930 -13 915 7.572 228 6.793 -584 5.785 1.479 113 551 3.531 -38 3.514 -791 3.344 880 81 55 3.817 3.938 5.168 462 2.976 -529 -690 -1.388 10 513 849 3.153 6 3 494 -825 8.161 8.168 -186 -324 -152 31 624 7.169 2.978 4.188 552 989 2.647 -14 17 3.834 9.205 NET INCREASE IN LIABILITIES 3.168 SAVINGS SHARES -237 5.037 13.050 CREDIT MARKET INSTRUMENTS 3.081 -317 -4.461 MORTGAGE LOANS IN PROCESS 32 -807 -1 .0 2 1 BANK LOANS N.E.C. -853 758 -328 FHLB ADVANCES 3.130 1.032 -3.640 44 TAXES PAYABLE 25 18 MISCELLANEOUS LIABILITIES -904 299 572 13 14 15 16 17 125 73 28 176 DISCREPANCY 18 4.495 -38 4.694 -1.992 5.283 1.319 84 -161 -108 -66 2 46 1 .2 1 2 470 -1 549 155 3 4 5 6 7 b 9 10 11 12 MUTUAL SAVINGS BANKS 1 566 544 117 130 139 146 151 155 142 134 113 2 5.962 186 123 3.761 -237 2.925 -128 60 2.159 136 63 9* -284 784 462 2.321 -319 544 17 -234 -348 1.130 413 0 2.093 208 74 0 0 0 0 0 0 361 5.011 -492 48 -1.092 196 3.70 3 -193 9 1.016 99 1.311 381 51 -151 186 2.969 238 155 111 -73 569 -479 137 46 -318 -36 -448 189 2.695 114 13 -31 160 -218 -54 176 9 132 -113 -4 -92 29 716 24 54 64 687 1.472 -63 1.075 -300 99 509 215 511 81 725 168 -244 249 558 13 14 15 2.597 3.078 231 -76 717 281 -730 1<»9 398 167 361 65 -15 -237 -27 56 42 -219 1.095 -400 -28 16 17 4.734 596 18 -6 6 3 4 5 6 7 8 9 10 11 12 113 CURRENT SURPLUS 3.356 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS ♦ CURRENCY 234 TIME DEPOSITS 0 68 2.705 247 CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS 1 2 3 4 5 6 221 1.427 67 -3 -340 -525 918 737 -42 -26 -557 401 874 490 274 -541 1.258 -162 479 1.235 -81 488 -418 . 422 735 665 33 90 118 -118 5 -113 -241 139 3.120 268 2.324 -403 2.482 260 1.611 366 -523 485 1.164 -515 2 .2 1 0 399 93 -76 5 400 1.276 -25 171 -55 -53 -43 14 16 19 90 3 59 85* 15 318 521 192 5 324 1.786 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS ♦ CURRENCY -26 SAVINGS * LOAN SHARES 552 CREDIT MARKET INSTRUMENTS 1.260 U.S. GOVERNMENT SECURITIES 1.141 HOME MORTGAGES 8 CONSUMER CREDIT 111 3 4 5 42 854 1.786 CREDIT UNION SHARES 8 -6 8 688 868 10 -200 120 985 210 156 66 137 784 349 HOME MORTGAGES OTHER MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP'S MISCELLANEOUS ASSETS 3.480 SAVINGS DEPOSITS -63 MISCELLANEOUS LIABILITIES 174 DISCREPANCY 7 8 9 10 11 12 13 14 15 16 17 18 CREDIT UNIONS 2.894 7 2.696 2.948 -24 259 2.713 197 9 2.507 8 2.894 2.948 1 2 1 3 4 5 -44 2.937 241 6 0 955 13 321 621 119 28 474 1.098 1.199 6 0 120 326 1.030 955 1.098 1.199 652 440 102 12 1.079 50 -1 2 938 146 451 54 -5 402 -59 42 1.090 -44 3 84 -1.107 1.193 1.003 51 -1 0 1 4 0 1.290 952 2 595 962 1.090 -3 -962 96 7 35 -6 595 -2 962 2 964 -4 55 0 (1 ) INCLUDES INVESTMENT COMPANY SHARES. 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 1 2 6 7 9 MAY 1975 FINANCE N.E.C. 11 FINANCE N.E.C. 11 SECTOR STATEMENTS OF SAVING AND INVESTMENT (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 1 —279 UNADJUSTED QUARTERLY FLOWS | 1972 | 1974 | IV I 17 -519 1973 I -301 II III 28 107 IV -113 I I 1974 I II -218 25 III 89 | IV I 121 1975 I -39 CURRENT SURPLUS OF GROUP 1 FINANCE COMPANIES 1 2 3 4 5 6 7 8 9 10 4.197 10.382 230 246 1.372 -1.654 5.898 2.140 2.866 3.481 5.006 64 1.452 2.133 1.357 1.623 63 103 401 1.056 3.660 62 969 1.747 882 1.634 61 400 1.791 -618 3.465 60 9.419 3.894 1.777 1.113 4. )93 -1.016 3.549 3.797 55 76 4.959 1.800 2.203 956 29 1.378 406 635 337 42 3.466 670 2.051 745 -48 1.321 230 1.093 3.254 182 234 471 314 -2.232 2.469 2.180 43 21 -2 40 -1 0 0 1.959 1.546 253 59 -268 -634 1.096 1.629 470 58 57 -139 -1.147 927 1.237 473 633 1.533 171 1.015 347 -36 136 93 -448 491 39 216 71 145 210 1.845 -2.563 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS ♦ CURRENCY 55 56 HOME MORTGAGES -1 0 0 -1.198 610 -1.559 CONSUMER CREDIT 1.279 139 OTHER LOANS (TO BUSINESS) 1 2 3 4 5 6 2.043 -3.185 NET INCREASE IN LIABILITIES 200 CORPORATE BONDS 615 BANK LOANS N.E.C. 649 -2.832 OPEN-MARKET PAPER -553 779 53 TAXES PAYABLE 30 10 15 PHYSICAL INVESTMENT 5 MULTI-FAMILY STRUCTURES NONRESIDENTIAL STRUCTURES 3 7 8 9 REAL ESTATE INVESTMENT TRUSTS 86 732 241 491 975 321 654 328 108 291 96 195 325 107 218 30 340 220 28 58 10 20 228 5.588 1.272 720 2.488 1.108 181 273 276 181 -549 1.599 429 376 760 34 1.431 334 113 693 291 1.609 339 327 597 346 1.538 360 347 630 1 .0 1 0 1.156 -352 1.508 133 44 89 1.927 310 1.617 1.722 440 1.282 128 42 1.934 474 1.460 142 47 95 1.624 126 1.498 13 14 6.320 730 5.590 320 105 215 15 16 17 550 130 4.26 5 3.985 735 -3.020 60 807 640 150 1.144 -140 178 1.119 0 0 1 2 3 4 5 6 7 8 9 10 11 12 0 18 0 110 36 74 86 112 239 -67 568 270 590 185 164 331 -90 3 7 1.040 -310 1.350 40 13 27 21 52 63 7 799 0 0 201 10 269 73 100 121 313 103 -499 10 10 106 35 71 -179 5 2 8 10 -2 1 1 NET ACQ. OF FINANCIAL ASSETS -83 -8 8 -29 -25 -279 -240 -194 930 30 900 70 23 47 485 -89 574 -186 -246 60 32 -73 -47 -26 30 11 21 10 20 170 1.085 55 130 1.295 -595 7 2.382 -1.816 -34 731 -669 27 -143 60 -155 0 0 0 0 0 0 1 0 1 -1 1 HOME MORTGAGES MULTI-FAMILY MORTGAGES COMMERCIAL MORTGAGES MISCELLANEOUS ASSETS -196 NET INCREASE IN LIABILITIES -38 CORPORATE EQUITIES -158 CREDIT MARKET INSTRUMENTS -3 MORTGAGES MULTI-FAMILY RESIDENTIAL -1 COMMERCIAL -2 0 0 CORPORATE BONDS BANK LOANS N.E.C. CPEN-MARKET PAPER MISCELLANEOUS LIABILITIES 1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 OPEN-END INVESTMENT COMPANIES 1 -633 -248 -630 -411 -64 16 -174 -270 12 32 -2 2 2 -2.219 297 758 -164 -649 40 -753 402 -706 -80 144 63 -904 -89 -32 -560 -67 218 -123 1.189 58 4 -2.314 -20 2 5 471 6 7 -872 199 8 -473 1. 395 24 -404 1.775 -255 -1.297 -434 142 -23 292 -34 -195 -377 45 -564 -62 81 -532 389 -549 630 96 -912 -86 -2 2 216 294 -361 -529 -682 625 -301 189 737 -407 -364 -529 486 -35 376 331 -364 409 330 801 358 300 143 -1.586 1.006 -642 128 -730 181 -572 186 -45 7 1.764 8 10 159 1.072 896 17 -2 619 159 -400 -1.696 705 1.337 533 -418 -404 -440 36 -14 1.720 1.743 1.699 44 -23 3 9 -19 -342 120 -88 1 .2 1 1 -170 CURRENT SURPLUS 1.158 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 113 -44 1.089 16 208 865 CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER 1.328 NET SHARE ISSUES 1 2 3 4 5 6 7 8 9 SECURITY BROKERS AND DEALERS 1 2 -3.532 -1.956 30 3.904 -4 -4.616 -892 0 2 -1.017 3 2.993 -3.963 3 5 700 7 3 4 5 404 64 616 -114 -4 248 218 -425 402 63 -4.560 -1.936 1.639 2.148 242 268 1.638 -1.266 -2.230 -647 -317 -1.266 -1 .1 2 0 291 447 65 92 290 -1.632 -395 95 459 31 -395 -720 1.774 -1.420 2.304 -2.996 119 -1.037 412 -540 1.773 -1.419 -1.088 448 620 473 -144 -992 -872 -836 -1.004 -514 -1.161 157 -322 -36 12 3.028 -3.913 3.031 -3.900 2.874 -3.776 -124 157 -13 -3 6 7 8 8 9 -3.456 -1.810 -3.444 -1.702 -3.205 -1.405 -2 39 -297 -108 -1 2 13 10 11 12 121 3.893 -4.620 3.879 -4.635 3.534 -4.404 345 -231 14 15 801 859 1 .1 1 2 -253 -58 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 100 704 -28 8 -309 NET ACO. OF FINANCIAL ASSETS DEMAND DEPOSITS ♦ CURRENCY 11 1 2 -659 -124 707 -173 -658 463 3 4 5 CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT -353 NET INCREASE IN LIABILITIES -319 SECURITY CREDIT -762 FROM BANKS 443 CUSTOMER CREDIT BALANCES -34 TAXES PAYABLE 6 7 8 9 10 11 12 13 9 MAY 1975 MONETARY AND INSURANCE RESERVES 13 MONETARY AND INSURANCE RESERVES 13 GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 UNADJUSTED QUARTERLY FLOWS | 1972 I 1974 | IV I 1973 I II III IV I I 1974 I II III | IV I 1975 I GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1) 1 -209 1.434 -66 -220 -17 13 15 210 358 1.004 -138 2 -9 -9 0 0 0 0 0 0 -9 -9 0 0 0 0 0 0 123 123 20 0 0 0 0 29 29 0 172 87 85 0 0 -65 85 5 -20 0 1.262 -66 -220 -8 13 15 210 329 881 -158 6 -233 -45 -188 -3 -233 -45 -188 0 0 0 0 0 0 0 0 0 1 -1 2 85 152 -241 -1 -2 -82 -152 70 33 35 1.265 1.268 -3 16 13 15 -8 13 5 -13 15 15 209 215 13 0 -6 3 4 7 8 9 10 11 -2 11 5 -2 0 294 TOTAL U.S. RESERVES 1 -27 U.S. GOLD STOCK AND SDR'S 5 U.S. GOVT.— EX. STAB. FUND -32 MONETARY AUTHORITIES (2) 2 321 U.S. FOREIGN EXCHANGE POSITION 14 -3 17 3 4 5 OFFICIAL FGN. CURRENCY HLDGS TREASURY MONETARY AUTHORITIES 6 NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITIES 9 0 84 -1 152 -240 244 240 4 729 722 7 83 91 -8 97 151 -54 103 108 -5 -76 221 167 TOTAL U.S. GOVT. LIABILITY 136 MONETARY AUTHORITIES ASSET 31 UNALLOCATED ASSETS 3 1 307 257 50 7 8 10 11 TREASURY CURRENCY AND SDR CERTIFICATES 1 2 422 403 19 3 822 537 285 88 96 117 109 -2 1 -2 1 193 109 84 64 64 0 77 121 -44 477 57 420 145 1 2 INSURANCE AND PENSION FUND RESERVES 1 2 7.277 7.274 68 68 1.767 17 1.750 1.841 17 1.824 1.857 17 1.840 1.812 17 1.795 1.785 17 1.768 1.874 17 1.857 1.826 17 1.809 1.789 17 1.772 LIFE INSURANCE RESERVES: 1.791 NET CHANGE IN LIABILITIES 17 U.S. GOVERNMENT 1.774 LIFE INSURANCE COMPANIES 3 1.767 1.841 1.857 1.812 1.785 1.874 1.826 1.789 1.791 NET CHANGE IN ASSETS (HH) 4 3 7.209 7.206 1.701 17 1.694 4 7.277 7.274 1.701 5 24.359 2.057 22.302 5.150 8 7.737 9 9.415 10 31.635 2.817 28.818 5.681 10.908 12.229 7.254 831 6.423 1.328 2.976 2.119 5.686 -182 5.868 1.230 2.182 2.456 7.289 2.315 4.974 1.266 1.229 2.479 24.359 31.635 7.254 5.686 7.289 6 7 11 PENSION FUND RESERVES: NET CHANGE IN LIABILITIES U.S. GOVERNMENT INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS S. ♦ L. GOVT., RTR. FUNDS 5.830 -304 6.134 1.305 2.410 2.419 5.554 228 5.326 1.349 1.916 2.061 4.611 -308 4.919 773 2.056 2.090 10.950 3.799 7.151 1.930 2.302 2.919 7.189 -786 7.975 1.432 3.289 3.254 8.773 1.546 3.261 3.966 7.522 -417 7.939 1.592 3.057 3.290 5.830 5.554 4.611 10.950 7.189 8.885 7.522 NET CHANGE IN ASSETS (HH) 8.885 112 1 2 5 6 7 8 9 10 11 INTERBANK CLAIMS 1 7.864 4.831 -3.414 3.780 -4.059 1.796 8.046 3.754 —6.765 4.496 NET CHANGE IN LIABILITIES 1 2 1.413 2.040 -1.217 948 -1.045 -174 1.226 -2.055 234 -1.231 6.144 -3.902 2.0 1 1 1.026 1.350 -976 1.676 -1.352 3.170 2.152 -7.413 1.124 4.477 -984 MONET. AUTH.— MEM. BANK RES. — VAULT CASH 2 1.422 872 7.722 -1.568 -2.476 159 -4.586 5.463 1.252 3.406 -6.613 -91 -2 0 -1.395 65 5 -879 5.606 -3.882 2.881 25 91 -18 1.003 276 559 4 COMMERCIAL BANKING— TOTAL COMMERCIAL BANKS 5 TO MONETARY AUTHORITIES 6 LOANS FROM AFFILIATES 7 LOANS FROM FGN. BK. AG. 8 DEM. DEP. OF FGN. BK. AG 9 TIME DEP. OF FGN. BK. AG 10 727 3 4 5 -713 8.856 4.411 2.085 6 -1.598 7 -410 1.386 8 9 2.570 10 137 5. 100 -2.195 1.908 -981 -2.057 1.371 -185 -1 1 1 -218 -588 4.259 -1.992 339 109 2.320 538 -1.805 531 657 1.084 71 2.573 1.326 -332 -339 394 1.621 -18 701 -1.183 1.783 -1.562 3.740 -3.201 -584 -18 134 201 -1.567 1.432 24 60 11 2.326 3. 192 -1.214 1.782 1.247 -1.082 12 7.864 4.831 3.780 13 -1.598 14 -875 15 -723 -2.057 -1.098 -959 1.371 -1.805 232 -1.852 1.139 47 16 17 18 19 6.888 -4.785 2.923 -2.433 -1.217 -1.045 -174 948 3.192 -1.214 20 9.462 5.779 1.413 2.040 2.326 21 -410 22 4.093 2.570 137 1.386 23 24 25 -185 -3.414 -1 1 1 4.150 -2.241 4.259 -1.992 109 339 -218 -588 -1 0 2 -92 1.401 -346 11 379 550 2.259 -1.727 2 .1 1 0 -713 8.856 -4.059 1.796 8.046 3.754 -8.765 -332 -74 -258 3.740 988 2.752 -102 1.252 75 1.177 3.406 -6.613 1.424 -1.720 1.982 -4.893 5.585 -381 3.242 -2.039 1.226 -2.055 234 -1.231 1.782 1.247 -3.201 63 -3.26* -877 775 -858 5.116 7.073 -2.497 6.144 -3.902 1.026 2 .0 1 1 379 -1.082 1.898 924 1.350 -976 550 531 -339 -584 -18 -92 1.812 1.084 71 657 1.997 1.621 -18 394 -1.373 -1.567 60 134 1.657 1.432 24 1.066 -346 201 559 44 515 -2.152 -4.179 -7.413 1.124 2 .1 1 0 3.937 4.220 4.477 -984 727 -2 0 0 -91 FOREIGN BANKING AGENCIES— DEPOSITS OF BANKS 4.496 NET CHANGE IN ASSETS 6.794 348 3.595 2.583 3.170 1.676 2.152 -1.352 2.259 -1.727 11 12 MONETARY AUTHORITIES F.R. FLOAT LOANS TO MEMBER BANKS 13 14 15 COMMERCIAL BANKING— TOTAL COMMERCIAL BANKS MEMBER BANK RESERVES VAULT CASK DEPOSITS AT FGN. BK. AG. BANK AFFILIATES— LOANS TO AFFILIATE BANKS 16 17 18 19 2.02 7 -283 FOREIGN BANKING AGENCIES 4.302 -3.245 5.606 -3.8*2 2.881 -231 DEMANO DEPOSITS AT BANKS 91 -18 25 3 TIME DEPOSITS AT BANKS 65 5 -879 -55 1.401 -1.395 LOANS TO BANKS (1) LINES 1 + 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF *867 MILLION IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND *710 MILLION IN JANUARY 1972. TRANSACTIONS IN SDR*S ARE IN LINE 2. ALSO EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY HOLDINGS, GOLD, SDR*S, AND IMF POSITION. THESE ALLOCATIONS AND REVALUATIONS ARE INCLUDED IN TABLES ON OUTSTANDINGS. (2) TREASURY GOLD STOCK. 11 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 0 -55 -231 3 3 20 21 22 23 24 25 MAY 1975 U.S. GOVT. SECURITIES 9 U.S. GOVT. SECURITIES U.S. GOVERNMENT SECURITIES MARKET SUMMARY IMILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 11.306 6.598 457 6.141 5.181 3.022 780 2.242 3.357 102 571 2.684 5.844 -164 134 5.874 7.726 333 350 7.043 4.708 475 245 3.988 2.159 359 4 1.796 -932 -930 -2 1.212 11.558 5 -102 -88 -14 3.963 -97 -7 230 240 -10 1.278 6.607 -2 468 468 0 498 11.306 2 753 753 0 3.526 3.621 7.172 -3.551 -46 -2 -44 7.806 -1.660 9.466 -2.837 -2.807 -30 24.845 14.312 -114 1.239 7.372 2.989 911 -936 3.014 9.079 441 3.354 5.284 14.551 11.610 879 10.731 21.635 746 1.300 19.589 21.463 143 -65 21.385 2.94-1 412 937 1.592 29.374 -2 1.349 1.373 -24 9.265 33.483 14.551 -204 -204 0 5.219 340 15 16 -5.713 6.053 17 18.422 18.753 2.700 4.671 11.382 II III 6.607 -1.119 441 -1.560 33.463 12.020 3.027 8.993 19 20 21 22 II -97 11.558 8.201 -5.941 911 891 7.310 -6.852 29.37* 7.739 2.700 5.039 18 1974 1973 I 1972 I 1974 | IV | 18.353 3.027 3.681 11.6*5 4.657 879 3.780 -2 2.794 891 219 1.684 III I IV I 1975 I 287 13.315 14.700 20.257 TOTAL NET ISSUES -6.431 4.852 10.577 19.424 TREASURY ISSUES 822 611 814 715 HOUSEHOLD SAVINGS BONDS -7.253 4.241 9.763 18.709 TREAS. EXCL. SAVINGS BONDS 6.718 241 30 6.447 5.181 287 2 - 1 -787 -202 -787 -202 0 0 -319 3.436 8.463 -269 -100 8.832 4.123 -188 1 4.310 13.315 14.700 10 - 8 369 416 369 416 0 0 1.275 827 833 -298 -200 1.331 OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES (2) 20.257 NET ACQUISITIONS, BY SECTOR U.S. GOVT. (AGENCY SEC.) 3.468 SPONSORED CREDIT AGENCIES 3.468 TREASURY MARKETABLE 0 FHLB SPECIAL ISSUE 2.364 FEDERAL RESERVE SYSTEM -789 1.196 -1.985 2.359 2.361 -2 5.951 3.115 2.836 FOREIGN SHORT-TERM MARKETABLE OTHER -5.707 12.459 11.098 8.482 TOTAL PRIVATE DOMESTIC -53 822 -5.589 4.714 11.416 611 4.239 6.566 -710 -1.729 -2.900 44 325 -1.290 -439 -2.944 -1.035 2.761 3.290 -529 9.925 6.995 3.891 457 2.034 1.400 4.665 780 4.412 -527 2.325 -7.094 814 715 619 -5.104 892 -2.705 -2.270 -9.835 715 814 -4.463 -7.862 1.379 -2.688 PRIVATE DOMESTIC NONFINAN. SAVINGS BONDS (HH) TREAS. EXCL. SVGS. BONDS AGENCY ISSUES 10 11 12 13 14 15 16 17 22 PVT. DOM. NONFIN., BY SEC. HOUSEHOLDS 23 SAVINGS BONDS 24 TREAS. EXCL. SVGS. BONDS 25 AGENCY ISSUES 26 1.659 3.862 780 457 4.108 302 900 -1.026 1.982 822 -3.347 4.507 11.205 611 4.472 6.122 971 921 50 -958 -991 33 424 351 73 -68 3 -585 -98 4.732 4.784 -5 2 1.329 1.499 -170 CORPORATE BUSINESS TREASURY ISSUES AGENCY ISSUES 738 466 272 1.261 811 450 1.761 1.295 466 -2.459 -2.593 134 894 352 542 -137 298 -43 5 1.412 1.259 153 STATE «■ LOCAL GOVERNMENTS 30 TREASURY ISSUES 31 AGENCY ISSUES 32 -1.085 -3.430 2.345 -121 -2.701 2.580 5.772 3.266 2.506 637 -224 861 -4.756 -6.106 1.350 41 -583 624 5.093 4.305 788 7.413 6.255 1.158 COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES 33 34 35 2.931 1.407 1.524 -665 -1.047 382 -1.586 -1.224 -362 262 -234 496 1.693 38 1.655 -898 -572 -326 1.002 836 166 3.680 2.216 1.464 8.163 6.006 2.157 PRIVATE NONBANK FINANCE TREASURY ISSUES AGENCY ISSUES 36 37 38 1.567 484 464 20 2.931 2.718 1.750 968 -665 -690 -650 -40 -1.586 -1.992 -1.610 -382 262 -33 -490 457 1.693 3.324 1.800 1.524 -898 -584 0 -584 1.002 -791 -500 -291 3.680 1.343 850 493 8.163 5.312 3.325 1.987 PVT. NONBANK FIN., BY SECTOR SAVINGS + LOAN ASSNS. TREASURY ISSUES AGENCY ISSUES 39 40 41 42 -193 -319 126 381 -45 426 238 6 232 67 -165 232 -479 -315 -164 -318 -81 -237 114 -84 198 -218 -16 5 -53 -113 -85 -2b 24 15 9 247 120 127 241 223 18 197 121 76 119 48 71 102 69 33 50 57 -7 35 50 -15 5* 47 7 55 45 10 51 41 10 -101 -36 -65 192 71 121 49 50 51 72 -163 235 —4-8 -286 238 -177 -161 -16 94 48 46 26 -108 134 -2 2 -78 56 -26 -25 -1 -149 -195 46 26 -35 61 12 -50 62 52 53 54 638 128 510 1. 129 -122 1.251 584 555 29 308 45 263 -119 -141 22 241 174 67 208 50 158 34 -57 91 -67 -176 109 55 56 57 113 -134 247 553 679 -126 -188 -179 -9 15 11 4 -55 -126 71 -29 -8 8 59 182 69 113 -280 -56 -224 58 59 60 -100 -64 -36 275 23 252 145 144 1 -189 -167 -22 -90 -60 -30 81 64 17 98 99 -1 61 471 24 -23 292 81 120 65 459 20.360 2.700 6.521 11.139 14.779 3.027 770 10.982 2.223 879 782 562 3.901 891 539 2.471 4.617 911 489 3.217 10.183 441 5.191 4.551 27 -1.813 28 -3.029 29 1.216 3. 515 3.559 1.844 1.540 304 -500 -865 365 -442 -782 340 -1.842 -2.303 461 206 1.179 -973 59 -648 707 590 1.458 -868 -607 545 -1.152 -1.186 -643 -543 33 -1.273 34 -8.833 7.560 35 1.015 -2.608 3.623 8.088 5.955 2.133 -5.839 -5.968 129 942 36 37 -1.098 2.040 38 5.477 2.518 2.959 1.567 1.045 522 39 40 41 42 942 3 -1.000 1.003 5.477 3.292 2.150 1.142 43 44 45 -492 -555 63 46 47 48 23 24 25 26 30 31 32 -4 62 248 242 -647 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 43 1.141 1.099 42 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 46 47 48 63 -6 69 86 66 20 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 49 50 51 716 360 356 446 -249 695 530 530 0 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 52 53 54 578 471 107 -52 -45 -7 307 309 -2 96 63 33 S. ♦ L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 55 56 57 -67 -77 10 -176 -200 24 104 -35 139 414 335 79 28 80 -52 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES 58 59 60 -22 -301 -364 331 358 16 119 -1.037 -144 896 533 707 INVESTMENT COS. (TREAS.) SECURITY BROKERS ♦ DEALERS (TREAS.) 62 (1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH AGENCY ISSUES. (2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET DEBT OF FINANCIAL INSTITUTIONS. SPONSORED AGENCY ISSUES INCLUDE GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS. 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 27 28 29 61 9 !i*Y 1975 MORTGAGES, BY TYPE 17 MORTGAGES, BY TYPE 17 MORTGAGE MARKETS BY TYPE OF MORTGAGE (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 UNADJUSTED QUARTERLY FLOWS | 1972 | 1974 | IV I 1973 I II III IV I I 1974 I II III | IV | 1975 I HOME MORTGAGES 1 41.740 30.037 2 44.208 32.492 3 -432 -443 4 -432 -443 _•»o ? 5 -71 6 -1-533 -1.462 9.064 10.554 -785 -785 -21 101 12.812 11.543 424 424 -23 444 7.474 6.143 12.390 8.958 11.681 10.430 710 -781 -1.313 710 -781 -1.313 -3 -21 -6 -690 -1.388 -186 11-010 9.145 670 670 -27 552 7.380 5.504 4.642 NET BORROWING 6.216 7.4^,o HOUSEHOLDS 8.173 984 -784 -1.42! NONFARM NONCORP. BUSINESS 984 -784 -1.421 CORPORATE BUSINESS 3 -80 6 U.S. GOVERNMENT -807 -1.021 32 SAVINGS ♦ LOAN ASSOCIATIONS 9.064 11.136 -917 -1.011 -266 -536 2 0 1.094 1.030 2.351 2.123 12.812 -23 -815 0 1.383 3.054 12.390 -21 260 -1 2.089 3.303 7.474 122 -95 -1 1.824 2.514 6.143 -371 -144 -1 1.858 1.376 11.010 -103 67 0 2.549 2.594 7.380 162 246 0 3.158 1.286 5.504 153 355 1 2.205 1.140 4.642 NET CHANGE IN ASSETS -382 HOUSEHOLDS 1.525 U.S. GOVERNMENT STATE ♦ LOCAL GOVERNMENTS 1 1.574 SPONS. CREDIT AGENCIES (I) 351 COMMERCIAL BANKING 7 8 9 10 11 12 6.034 5.785 249 0 3.515 3.344 167 4 1.273 1.212 56 5 2.769 2.551 210 8 SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 13 14 15 16 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS FINANCE COMPANIES REITS 17 18 19 20 21 11.136 11.297 -127 -127 -22 115 7 41.740 -933 8 9 -1.186 -2 10 6.390 11 12 10.994 30.037 -159 524 0 9.770 6.396 13 24.589 14 21.992 15 2.597 0 16 14.510 13.814 687 9 7.309 6.363 918 28 7.355 6.469 874 12 8.373 7.895 479 -1 6.012 5.283 735 -6 2.849 2.345 509 -5 3.688 3.473 215 0 377 -756 -466 382 -290 -5 1.372 -1.654 1.272 273 -254 -132 -122 1.452 429 -398 -276 -122 103 334 -468 -374 -94 969 339 -12 10 -22 400 360 122 174 -52 -100 239 -180 -196 16 -268 18 5 17 18 19 20 21 -65 150 -49 159 -16 -9 -139 -1.147 73 10 85 472 468 80 4 5 -100 -1.198 5 -83 1 2 3 4 5 6 MULTI-FAMILY RESIDENTIAL MORTGAGES 1 2 3 4 8.522 5.935 2.482 105 7.843 5.550 2.249 44 3.430 2.342 1.052 36 1.816 1.271 503 42 2.982 2.087 848 47 2.398 1.679 716 3 1.326 898 415 13 1.322 902 397 23 2.220 1.542 678 0 1.977 1.450 516 11 2.324 1.656 658 10 1.437 NET BORROWING 932 NONFARM NONCORP. BUSINESS 506 CORPORATE BUSINESS REITS -1 1 2 3 4 5 6 7 8 9 8.522 75 400 2.003 1.154 7.843 -33 1.103 2.398 610 3.*30 798 78 312 455 1.816 -18 122 295 331 2.982 145 19 606 360 2.398 -26 464 579 276 1.326 -26 -205 523 187 1.322 -2 -197 631 114 2.220 166 98 622 237 1.977 -191 380 621 102 2.324 -6 822 524 157 1.437 NET CHANGE IN ASSETS -36 HOUSEHOLDS 582 U.S. GOVERNMENT 272 SPONS. CREDIT AGENCIES (1) -12 COMMERCIAL BANKS 5 6 7 8 9 10 11 12 3.131 1.778 1.353 1.572 1. 160 412 1.186 853 333 741 586 155 1.260 511 749 684 511 173 446 170 276 407 239 168 679 579 100 353 232 121 133 110 23 383 300 83 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 10 11 12 13 14 15 1.145 -106 720 1.597 320 276 363 -138 376 293 -61 113 151 114 327 177 -103 347 524 -56 -67 179 26 164 292 26 100 708 -6 10 418 274 2 314 22 -88 LIFE INSURANCE COMPANIES S. + L. GOVT., RTR. FUNDS REITS 13 14 15 COMMERCIAL MORTGAGES 1 17.262 2 1.408 1.564 3 4 14.075 5 215 11.598 1.372 1.015 9.122 89 4.457 358 403 3.622 74 3.505 355 306 2.758 86 4.622 354 417 3.756 95 4.733 350 438 3.938 7 4.402 349 403 3.623 27 3.228 346 284 2.551 47 4.231 344 389 3.497 1 1.991 342 163 1.465 21 2.148 340 179 1.609 20 1.108 NET BORROWING 338 HOUSEHOLDS 77 NONFARM NONCORP. BUSINESS 695 CORPORATE BUSINESS -2 REITS 1 2 3 4 5 6 7 8 9 17.262 100 0 6.945 11.598 188 0 4.825 4.457 -491 0 1.336 3.505 -164 0 1.591 4.622 38 0 1.882 4.733 47 0 1.957 4.402 179 0 1.515 3.228 -106 0 1.159 4.231 -29 0 1.909 1.991 25 0 1.085 2.148 298 0 672 1.108 NET CHANGE IN ASSETS -102 HOUSEHOLDS U.S. GOVERNMENT 0 348 C O M M E R C IA L B A N K IN G 6 7 8 9 10 11 12 4.872 3.142 1.730 3.633 2.599 1.034 1.650 1.247 403 1.132 803 329 1.619 1.124 495 1.300 808 492 821 407 414 1.032 691 341 1.335 900 435 888 648 240 378 360 18 378 304 74 SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS 10 11 12 13 14 15 2.874 -17 2.488 2.765 6 181 1.214 -12 760 267 -14 693 486 0 597 808 -9 630 1.313 6 568 811 1 331 894 1 121 272 0 -279 788 4 8 513 0 -29 LIFE INSURANCE COMPANIES OTHER INSURANCE COMPANIES REITS 13 14 15 FARM MORTGAGES 1 4.383 4.936 444 998 1.279 1.178 928 855 1.578 1.381 1.122 1.439 NET BORROWING 1 2 3 4 5 6 7 8 4.383 1.252 203 1.964 661 -5 308 4.936 1.129 216 2.792 439 26 334 444 -97 -3 358 124 1 61 998 332 3 484 189 6 -16 1.279 407 20 527 270 -9 64 1.178 38 5 50 474 138 0 131 928 128 130 479 64 -2 129 855 241 54 396 165 2 -3 1.578 250 54 933 198 23 120 1.381 250 54 785 150 0 142 1.122 388 54 678 -74 1 75 1.439 NET CHANGE IN ASSETS 570 HOUSEHOLDS 354 U.S. GOVERNMENT 777 SPONSORED CREDIT AGENCIES -325 COMMERCIAL BANKS -1 MUTUAL SAVINGS BANKS 64 LIFE INSURANCE COMPANIES 2 3 4 5 6 7 8 (1) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED SECURITIES. 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 9 MAY 1975 OTHER LOANS OTHER LOANS 19 19 OPEN-MARKET PAPER AND OTHER LOANS (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 ____ UNADJUSTED | 1972 I 1974 j IV I 1973 1 II III IV OTHER LOANS — 1 28.820 2 11.833 3 2.477 1.221 1.833 6 2.022 7 345 8 3.935 9 I I 1974 I II III I IV I SECTOR 34.703 27.214 2.941 1.940 2.122 10.688 833 8.690 4.272 1.399 184 -159 875 -400 255 644 5.870 1.829 373 402 707 -795 167 975 5.685 2.454 418 569 127 782 -240 798 9.369 2.697 865 177 -152 126 436 1.245 7.896 4.853 821 73 1.151 1.909 -18 917 9.886 5.161 430 372 116 2.567 7.489 4.041 3.231 6.672 3.043 4.725 3.403 441 337 —140 68 1.608 6.680 13.551 6.102 9.113 867 953 1.054 572 387 41 1.369 4.848 -160 483 2.585 2.216 4.586 6.838 691 -58 1.578 1.904 442 2.261 4.438 110 1.376 3.130 491 -669 -2.252 -1.296 585 258 -4.708 2.639 1.032 -3.640 779 -553 60 0 12 13 14 16.987 o 5.535 7.168 3.549 735 -640 6.657 3.797 —3.020 2.873 o 34 1.243 956 640 -260 2.725 745 21 2.722 3.153 -2 799 -330 849 2.469 55 3.292 -152 2.180 -595 578 0 -600 2.647 347 -1.816 15 16 17 18 28.820 3.464 7.815 3.567 34.703 -1.572 2.168 5.611 4.272 5.870 5.685 1.711 -1.971 -1.004 39* 1.711 2.467 654 1.310 276 9.369 2.617 2.310 1.210 7.896 3.822 1.327 771 9.886 -3.386 4.637 676 6.680 -104 644 496 13.551 2.148 736 1.372 4.586 -230 -3.849 3.067 19 8.549 9.305 3.377 -V —469 208 471 -324 -22 717 11 698 —354 -236 1.017 123 736 62 1.072 893 1.500 1.833 1.863 3.271 174 382 —561 534 959 885 3.866 186 —101 —252 891 1.042 3.663 1.432 509 1.167 695 162 1.422 211 10 11 20 21 2? 23 24 25 _ 38 -768 641 2.224 3.065 301 695 931 2.520 775 3.087 5.256 6.622 1.266 46 1.450 —583 -1.593 980 -53 0 1.342 38 —930 717 2.542 1.101 10 0 3.113 -78 —67 70 -553 1.271 190 0 1975 I 0 0 2.279 NET INCREASE IN LIABILITIES 3.575 NONFINANCIAL SECTORS 609 HOUSEHOLDS 362 FARM BUSINESS -140 NONFARM NONCORP. BUSINESS 2.212 CORPORATE BUSINESS -79 STATE ♦ LOCAL GOVERNMENTS 611 REST OF THE WORLD 1 2 * 5 6 7 8 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES COMMERCIAL BANKING SAVINGS ♦ LOAN ASSNS. FINANCE COMPANIES REITS 10 11 12 13 14 2.279 -1.162 1.715 1.274 NET INCREASE IN ASSETS HOUSEHOLDS CORPORATE BUSINESS U.S. GOVERNMENT 15 16 17 18 -3.511 29 1.656 921 1.260 1.004 -907 SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE N-E.C REST OF THE WORLD 19 20 21 22 23 24 25 ET ISSUES, BY TYPE + SECTOR 1 9 OPEN-MARKET PAPER 13.606 770 1.876 1.025 4.562 4.174 7.039 1.657 6.799 -1.889 3.876 3 A 5 5.462 1.863 4.104 -505 3.635 2.575 2.660 -1.600 1.625 114 1.111 400 2.144 756 1.477 -89 1.604 647 896 61 1.146 768 -150 528 568 -308 1.881 -1.005 1.665 96 5 946 -246 1.03V 1.465 434 -860 187 73 427 -313 744 72 853 -181 -700 672 -1.355 -17 6 7 8 9 10 890 -176 381 -555 1.240 -916 3.456 3.877 -1.156 155 -138 -155 1.137 240 -1.420 -2.813 -1.685 63 -1.140 -51 130 141 180 -151 -40 709 110 180 148 271 2.864 1.258 -42 588 1.060 1.972 888 199 1.234 -349 -883 718 -558 -87 -956 3.054 2.740 606 64 -356 -68 7 -469 -38 5 -74 241 2.301 1.544 -62 802 17 11 12 13 14 15 1.994 -249 -126 -123 2.243 9.592 2.558 1.280 1.278 7.034 296 37 19 18 259 -39 -445 -223 -222 406 378 -39 -20 -19 417 933 250 125 125 683 722 -15 -8 -7 737 1.274 280 140 140 994 3.008 559 280 279 2.449 2.861 922 461 461 1.939 2.449 797 399 398 1.652 16 3.291 -3.077 -235 2.584 -1.087 1.774 20 2.128 -1.507 697 1.876 1.025 4.562 4. 174 7.039 1.657 6.799 1.711 -1.971 394 1.711 385 72 1.326 322 -1.004 2.467 3.136 -669 2.617 2.310 654 1.656 3.822 1.327 1.066 261 -3.386 4.637 2.677 1.960 -104 644 2.320 -1.676 46 1.450 -583 -26 -557 38 -930 717 -541 1.258 -78 -67 70 488 -418 -9 -469 20 8 90 118 11 698 -354 -113 -241 62 1.072 89 3 725 168 174 382 -561 -730 169 186 -101 -252 -15 -237 509 1.167 695 1.095 -400 29 1.656 921 137 784 387 -1.818 -377 1.775 -53 6.622 2.256 45 10 -942 389 190 -367 294 -22 -924 -529 123 1.161 737 1.863 -249 486 885 10 409 3.663 -53 5 143 211 759 865 -907 1 11.637 - 17 18 19 20 21 11.637 13.606 3.^64 -1.572 2. 168 7.815 4.945 5.241 2.574 -2.777 22 23 24 25 26 -36 -768 641 -76 717 27 28 29 23 199 301 931 2.520 775 1.075 -300 770 DIRECTLY-PLACED PAPER BANK AFFILIATES FINANCE COMPANIES REITS 2 3 4 5 DEALER-PLACED PAPER CORPORATE BUSINESS BANK AFFILIATES FINANCE COMPANIES REITS 6 7 8 9 10 246 336 168 168 -90 BANKERS* ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 11 12 13 14 15 -4.395 2.029 NONBANK CREDIT TO BANKS IN SECURITY RP *S 16 -1.889 3.876 -230 -1.162 2.148 1.715 736 -3.849 470 146 -198 1.245 934 -3.99 5 HOUSEHOLDS CORPORATE BUSINESS COMMERCIAL PAPER SECURITY RP* S 18 19 20 21 MONETARY AUTHORITIES COMMERCIAL BANKING MUTUAL SAVINGS BANKS COMMERCIAL PAPER SECURITY RP'S 22 23 24 25 26 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES REST OF THE WORLD 27 28 29 OTHER TYPES 1 2 3 2.866 870 1.996 3.481 -99 4 4.475 1.357 77 5 582 1.056 92 964 882 265 617 -618 -472 -146 1.546 985 561 1.096 -529 1.625 473 lie 355 633 -960 1.593 1.279 377 902 139 — 266 405 4 5 6 7 8 9 10 11 3.542 251 119 810 325 345 0 1.692 5.575 205 290 838 1.058 833 695 1.656 653 -42 -54 -47 156 255 0 385 1.308 85 98 241 148 167 0 569 274 27 11 52 43 -240 0 381 1.198 15 -34 182 37 436 0 562 762 124 44 335 97 -18 0 180 674 89 25 -36 -86 68 0 614 487 75 118 301 17 -160 0 136 1.355 55 122 254 54 483 110 277 3.059 -14 25 319 1.073 442 585 629 1.261 95 91 100 95 -79 258 701 12 8.549 9.305 1.266 1.342 3.113 3.377 717 736 3.271 3.866 1.432 -3.511 -83 483 1.032 271 -142 -3.640 705 8 697 13 14 15 1.102 279 7.168 1.650 99 8 6.657 -105 128 1.243 304 597 441 558 -170 2.725 211 13 3.153 29 -161 849 347 541 -152 936 -312 2.647 450 286 3.130 16 17 18 2.226 25 2.201 2.736 36 2.700 226 1 225 288 2 286 391 2 389 850 12 838 697 9 688 341 2 339 792 9 783 898 17 881 1 2 3 LIAB.-HOUSEHOLDS 5 FARM BUSINESS 6 NONFARM NONCORP. 8US. 7 CORPORATE BUSINESS 8 S. ♦ L. GOVERNMENTS 9 SPONS. CREDIT AGENCIES 10 REST OF THE WORLD 11 LIABILITY OFFARM BUSINESS (FICB) 13 NONFARM NONCORP. BUS. (BC) 14 S+L ASSOCIATIONS (FHLB) 15 514 POLICY LOANS (HH LIABILITY) ASSET-U.S. GOVERNMENT 13 LIFE INSURANCE COS. 501 16 17 18 HYPOTHECATED DEP. (HH LIAB.) ASSET-COMMERCIAL BANKS 19 0 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. INANCfc CO. LOANS TO BUSINESS LIAB.-NONCORPORATE BUSINESS CORPORATE BUSINESS 9 MAY 1975 MISCELLANEOUS I 21 MISCELLANEOUS I 21 MISCELLANEOUS FINANCIAL CLAIMS (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 1 1972 1 1974 1 IV I I II III IV 1 1 1974 I II III 1 IV 1 1 2 3 4 465 299 -2.055 1.335 5.769 900 -49 2.466 5 6 7 8 -904 -200 1.010 98 0 0 572 -63 946 997 0 4.049 4.194 127 224 328 12.277 111 351 233 6.928 98 588 54 11.465 93 886 -831 6.015 98 712 181 16.968 99 1.281 -42 9.982 99 1.677 45 7.859 102 -89 -636 7.802 102 -561 1.583 27.808 23.511 2.169 1.300 760 -2.230 17.471 17.361 3.096 108 -156 2.024 7.087 261 324 3.549 6.070 251 -64 3.854 11.259 447 245 8.340 3.392 1.210 255 1.728 10.903 1.015 -304 8.441 5.385 -74 102 3.305 6.758 60 27 4.280 -280 -403 564 1.239 0 1.155 260 752 786 0 51 366 810 802 0 494 485 440 808 0 -825 -515 7 V 805 0 624 -25 198 954 0 17 93 987 955 0 299 400 714 978 0 9 10 11 12 13 875 596 2.736 3.201 0 14 36 268 2.909 3.867 0 5.984 -154 5.603 3.359 21 1.791 TOTAL FINANCE SPONSORED CREDIT AGENCIES COMMERCIAL BANKING 21 22 23 549 -28 233 -25 -194 937 349 235 37 -11 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS 24 25 26 27 28 118 58 1.632 4.727 2.776 1.724 6.213 9.655 323 165 249 3.836 107 10.085 379 195 251 1.858 108 6.594 402 188 247 748 -27 6.023 393 167 244 1.410 769 14.733 541 158 250 2.049 178 10.119 553 230 264 1.621 -361 3.476 572 192 247 1.833 -295 11.700 582 198 244 2.596 153 21 22 23 12.770 1.666 7.239 18.322 -337 15.279 858 -332 527 4.438 -106 3.864 3.859 346 1.933 2.716 577 1.840 1.757 849 -398 7.512 99 6.136 3.975 -632 3.291 851 350 249 24 25 26 27 28 1.504 281 917 55 1.108 2.070 99 926 834 -549 -247 401 246 229 34 297 -162 236 18 291 653 422 228 -69 346 -161 -118 224 153 201 715 139 229 -47 270 915 -244 230 466 -90 551 398 230 162 -25 55 -27 233 231 -240 9.901 1.919 537 3.435 2.320 1.283 4.045 3.837 76 2.583 848 2.622 -3.157 4.871 -8 2.235 -137 4.383 9 10 11 12 13 14 4.495 7.575 ASSNS. BANKS COMPANIES COMPANIES 15 16 17 18 19 20 419 3.346 722 194 248 -679 84 4.328 SAVINGS + LOAN MUTUAL SAVINGS LIFE INSURANCE NONLIFE INSUR. REITS REST OF THE WORLD 15.440 40.028 2.248 778 1.005 8.099 -32 5 29 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING 5.438 NET CHANGE IN ASSETS 599 HOUSEHOLDS 189 FARM BUSINESS 243 NONFARM NONCORP. BUSINESS 3.732 CORPORATE BUSINESS 201 U.S. GOVERNMENT 6.303 15 32.357 1.497 16 17 715 991 18 19 7.852 20 957 30 1975 I 9.545 NET CHANGE IN LIABILITIES 104 HOUSEHOLDS 0 CORPORATE BUSINESS -377 U.S. GOVERNMENT 42.611 402 2.308 950 1 36.685 400 2 2.537 3 4 -363 5 6 7 8 UNADJUSTED QUARTERLY FLOWS 1973 1.943 -2.885 -3.898 REST OF THE WORLD 4.107 UNALLOCATED, NET 29 30 (A) FOREIGN CLAIMS 31 32 33 1.063 350 713 4.606 2.256 2.350 -814 -623 -191 -277 -279 2 693 394 299 460 205 255 187 30 157 3.134 1.650 1.484 148 415 -267 585 —444 1.029 34 3.649 6.685 -258 2.061 669 313 606 1.245 1.420 1.826 35 2.537 36 37 38 39 40 41 348 4.798 2.568 609 175 1.446 2.308 646 851 -200 -971 69 3 1.329 224 115 -271 -882 -31 151 491 351 77 2.904 1.349 30 1.147 378 588 81 412 783 27 -1.148 750 886 2 -78 36 -29 -61 -24 712 188 1.560 400 581 237 342 1.281 114 2.370 400 64 1.873 33 1.677 233 -701 -200 -594 -1.516 1.609 -89 83 -1.396 -400 -378 -10 -608 COMMERCIAL BANK LIABILITY TO FOREIGN AFFILIATES 73 9 -1.783 ASSET-REST OF THE WORLD 635 -1.631 LIAB.-COMMERCIAL BANKS 104 FOREIGN BANKING AGS. -152 2.194 -561 216 578 0 -63 346 29 5 31 32 33 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD 34 DIRECT FOREIGN INVESTMENT IN U.S. 0 LIAB.-CORPORATE BUSINESS 35 U.S. GOVT. EQ. IN IBRD, ETC. 151 LIAB.-REST OF THE WORLD 36 3.256 19 76 50 203 -310 FOREIGN CURR. EXCEPT OFFICIAL L I A B . - R E S T OF T H E W ORLD ASSET-CORPORATE BUSINESS U.S. GOVERNMENT COMMERCIAL BANKS FOREIGN BANKING AGS. 37 38 39 40 41 (B) U. S. GOVERNMENT CLAIMS 42 0 0 0 0 0 0 0 0 0 0 0 43 197 739 104 -257 162 -275 567 282 131 2 324 44 45 565 0 759 0 80 0 218 0 135 0 144 0 68 0 211 0 221 0 188 0 139 0 46 47 48 49 16C 20 19 366 206 34 17 502 49 0 4 27 24 5 3 186 57 8 5 65 51 5 6 82 28 2 5 33 17 7 3 184 88 22 4 107 48 4 6 130 53 1 4 81 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. POSTAL SAVINGS DEPOSITS (LIAB.-U.S. GOVT.) 0 ASSE1-H0USEH0LDS DEPOSITS AT FHLB (ASSET—S+L ASSOCIATIONS) 541 LIAB.-SPONSORED CREDIT AGS. 42 43 95 EQ. IN U.S. GOVT. CREOIT AGS. 4^ 0 U.S. GOVERNMENT 45 PRIVATE 42 FARM BUSINESS (FICB ♦ FLB) 46 0 NONFARM NONCORPORATE (BC) 47 0 CORPORATE BUSINESS (FNMA) 48 53 S+L ASSOCIATIONS (FHLB) 49 9 MAY 1975 TOTAL CLAIMS TOTAL CLAIMS 23 TOTAL FINANCIAL ASSETS AND LIABILITIES (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS I 1972 I 1974 | IV | 1974 1973 II III IV II I III I IV I 1975 I TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1) 1 239.364 217.824 73.251 2 3 4 5 6 7 8 9 10 187.365 9.714 7.528 170.123 72.815 8.617 9.282 67.151 12.258 11 51.999 12 19.589 13 4.515 14 2.244 5.084 15 5.962 16 17 452 9.419 18 19 6.320 20 -1.586 179.640 11.991 15.405 152.244 43.486 7.786 7.278 77.138 16.556 38. 184 9.827 22.080 1.592 554 -1.922 269 2.437 2.872 -1.457 1.887 6.290 371 115 3.894 4.959 1.927 1.156 -19 1.006 21 239.364 217.824 56.828 61.288 63.424 45.257 45.707 12.937 8.853 -5.994 1.728 1.999 2.040 48.759 34.405 49.661 24.523 11.900 20.572 899 2.086 2.833 3.820 1.608 3.161 16.434 16.241 20.627 3.083 2.570 2.468 73.251 5.474 -844 1.055 4.507 756 60.852 37.871 66.328 57.901 55.724 43.312 53.089 -457 7.312 726 2.763 43.043 43.014 19.463 20.880 2.070 1.628 2.265 2.248 15.311 14.972 3.934 3.286 32.082 3.382 3.742 24.958 3.667 1.600 -596 16.503 3.784 52.701 -6.187 6.235 52.653 15.536 3.376 3.254 25.961 4.526 43.403 4.486 1.581 37.336 11.168 2.009 2.119 17.817 4.223 51.454 30.740 10.310 18.932 -475 3.847 37.297 12.283 390 13.115 801 1.801 2.501 -1.192 16.857 7.542 4.023 3.742 5.789 13.627 6.447 1.796 2.443 -1.147 1.164 907 -345 1.686 4.188 -662 100 100 1.533 182 4*5 930 -572 181 14.498 8.942 937 679 635 3.081 88 136 -186 186 4.270 -2.821 1.589 4.89 5 -4.155 2.289 610 -313 -870 896 -317 -4.461 75 83 2.043 -3.185 -73 -196 1.328 1.211 55.724 60.396 11.571 2.684 3.016 819 1.985 200 109 1.378 1.722 -342 15.581 5.874 -727 827 1.423 3.315 111 3.466 1.934 -642 17.084 7.043 2.461 948 469 2.976 114 1.321 1.624 128 7.763 3.988 -235 -350 1.207 -529 118 3.254 1.040 -730 56.828 61.288 60.396 60.852 37.871 66.328 57.901 1.436 7.062 1.542 4.523 77 181 309 3.392 -492 -1.034 16.177 15.310 -99 291 675 6.440 165 1.105 3.880 1.290 7.800 3.751 -160 2.411 1.798 1.867 2.182 176 1.923 -2.414 16.812 15.338 66 461 947 603 22 23 24 25 26 31.115 21.540 1.264 7.872 439 29.554 20.872 939 7.469 274 27 2.982 7.456 468 904 -507 1.982 28 201.771 168.736 29 20.255 24.061 6.150 30 9.227 66.210 2.034 1.258 45.339 3.113 4.001 57.165 5.859 1.200 42.984 6.987 489 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES SAVINGS ♦ LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. 27.919 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: PRIVATE DOM. NONFIN. SECTORS HOUSEHOLDS NONFARM NONCORP. BUSINESS CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS 391 714 2.053 4.298 3.727 59.645 7.173 3.610 35.732 8.799 1.461 45.268 5.255 1.336 21.809 2.580 2.393 U.S. GOVERNMENT FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES FEDERAL RESERVE SYSTEM 17.898 -5.548 15.845 -7.206 -13 -211 1.720 1.931 149 135 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 17.044 3.514 141 1.193 20.779 3.024 745 521 22.384 8.570 2.773 1.260 PRIVATE NONBANK FINANCE SAVINGS * LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 4.642 1.531 2.758 1.089 3.669 2.739 3.253 809 3.729 2.530 4.041 1.212 5.152 2.806 3.225 1.154 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS S. ♦ L. GOVT., RTR. FUND OTHER INSURANCE COS. 194 680 -57 -4.416 1.571 294 -493 1.093 413 -259 341 1.231 1.789 -2.618 -200 15 1.045 1.131 2.042 -783 FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. SECURITY BKRS. + DEALERS 1.589 4.102 3.304 3.083 6.130 86.656 80.895 1.702 3.950 109 64.385 58.087 916 5.005 377 33.269 32.703 334 151 81 15.124 13.178 563 1.464 -81 26.001 25.178 359 546 -82 17.553 27.978 15.548 26.991 -337 1.117 1.187 753 135 137 9.607 8.392 604 589 22 28.452 25.771 468 2.090 123 8.428 8.079 -143 395 97 36 37 38 39 85.633 27.133 5.372 2.937 74.140 21.045 3.899 2.713 29.649 8.987 1.410 621 23.101 10.584 3.155 440 24.105 8.927 1.538 1.079 17.955 4.694 496 967 20.472 2.928 183 451 15.907 7.714 2.884 -4 20.410 6.793 129 1.003 40 41 42 43 15.610 7.243 9.247 4.971 15.987 8.124 12.261 4.542 2.709 2.422 2.056 1.839 4.921 1.969 2.605 1.378 2.905 1.115 2.362 1.206 3.794 1.827 2.296 1.190 3.990 2.332 1.984 1.197 3.947 1.324 2.209 1.432 44 10.136 45 4.480 46 -2.516 1.020 47 3.967 730 922 -50 4.942 1.565 -689 3.787 1.560 1.140 -1.155 -3.496 3.598 1.263 -626 738 1.573 1.337 81 -300 3.405 740 -816 4.078 3.496 12.078 1.099 9.149 -2.432 -747 -2.474 13 14 15 16 17 18 19 20 3.075 -3.747 -399 -6.267 857 363 791 2.674 -57 1.366 56.28 3 28.091 2.834 4.296 3.537 -257 31 32 33 34 35 48 27.919 TOTAL FUNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS U.S. GOVERNMENT FOREIGN PRIVATE DOMESTIC HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS S. ♦ L. GOVERNMENTS REST OF THE WORLD TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS 1 239.364 217.824 73.251 56.828 61.288 60.396 60.852 37.871 66.328 57.901 55.724 27.919 1.262 822 -66 96 -220 88 -8 193 13 64 15 77 210 477 329 97 881 103 -158 145 321 167 2 3 -200 422 4 5 6 7 8 95.014 84.914 66.896 62.900 6.033 15.962 50.934 56.867 28.118 22.014 9 31.636 47.162 21.087 30.884 36.602 8.628 22.093 25.462 -10.948 10.879 11.140 19.576 11.214 10.560 12.459 8.791 9.130 7.687 7.366 -2.006 8.520 1.722 -1.015 11.465 1.773 5.645 906 -160 6.015 8.856 -4.059 38.909 8.955 7.453 15 7.864 4.831 -3.414 16 424.563 409.127 138.222 339 17 18 93 19 -2.250 20 21 22 19 -102 4.328 -8 2 1.814 -850 -27 3.563 -184 285 -21 204 -1.171 848 2.583 23 422.136 405. 173 135.214 3.780 -713 560 -1.271 -4.184 4 5 6 7 e INSURANCE ♦ PENSION RESERVES 9 12.824 9.015 10.674 -3.707 631 6.009 11.526 2.927 -2.676 -39 -1.505 16.968 9.982 -2.904 7.737 3.510 -2.118 7.859 2.068 -2.761 -630 -6.883 888 -1.579 -1.632 -1.788 9.545 7.802 SECURITY CREDIT 10 TRADE DEBT n PROFIT TAXES PAYABLE 12 NONCORP. PROPRIETORS* EQUITY 13 MISCELLANEOUS 14 3.754 -6.765 INTERBANK CLAIMS 6.396 1.796 8.046 9.313 4.496 87.326 101.611 209 1.989 201 164 -1.764 -4.807 -795 3.468 405 448 -3.456 607 101 3.566 2.945 -4 4 0 -727 -1.189 -8 4.871 420 673 2.235 -54 1.264 -137 -5 -748 4.383 -76 -98 5 -3.898 52.413 TOTAL LIABILITIES ABOVE - FLOATS NOT INCL. IN ASSETS -1.277 DEMAND DEPOSITS—U.S. GOVT. -1.006 OTHER -3.005 TRADE CREDIT - LIABILITIES NOT ALLOCATED AS ASSETS 31 TREASURY CURRENCY 269 TAXES PAYABLE 4.107 MISCELLANEOUS 82.843 136.275 86 . 097 99.958 53.294 60 -490 2.661 -3.286 358 1.375 84 -21 674 1.140 2.622 -3.157 DEPOSITS AT FINANCIAL INSTS. BANKING SYSTEM DEMAND DEP. ♦ CURRENCY TIME ♦ SAVINGS DEPOSITS SAVINGS INSTITUTIONS 37.626 11.532 30.459 -6.784 17.308 -15.265 13.151 8.481 7.167 18.316 79.764 140.426 97.688 109.700 101.609 115.566 99.308 108.087 100.333 114.408 TOTALS ALLOCATED TO SECTORS AS ASSETS 11) INCLUDES CORPORATE EQUITIES. 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 1 2 3 34.844 1.588 30.377 2.548 12.055 -8.216 18.322 10.764 4.467 -960 5.907 37.136 10.856 -484 5.966 30.209 -8.820 24.851 -15.114 14.786 5.358 14.630 -59 6.927 11.340 -e.195 -3.912 4.234 -5.667 -2.295 4.554 9.125 458 11 23.748 22.511 4.649 3.367 -3.336 2.659 1.152 12 13 -4.434 -5. 294 -1.896 -1.763 -1.496 4.194 12.277 6.928 14 36.685 42.611 10 PRECEDING TABLE) OTHER LIABILITIES: OFFICIAL FOREIGN EXCHANGE TREASURY CURR. + SDR CTFS. 15 16 17 18 19 20 21 22 23 9 MAY 1975 DISCREPANCIES DISCREPANCIES 25 DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS (MILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1974 1973 I 1972 | 1974 | IV f II III IV II I \ III IV I 1975 I SECTOR DISCREPANCIES 1.265 -838 -1.393 -3.935 -1.341 -4.397 5.473 2.746 -1.994 1.168 -1.420 -156 70 3.250 -2.598 1.015 299 1.917 306 6.412 34 653 1 7.405 3.533 10.677 1.166 -913 -3.545 -2.717 2. 119 2 -6.009 -11.173 6.075 4.496 2.692 8.729 541 3 13.804 13.835 2.239 2.647 -1.542 1.792 3.327 366 5.136 4 479 -2.815 2.767 -512 5 -81 -3.033 -1.445 1.051 -128 565 4.647 -1.334 -3.664 6 -2.176 7 -3.269 -1.109 -34 -10 8 0 0 9 10 -1.559 -1.573 -719 26 0 -787 -489 -1.194 -3 -55 0 0 415 -1.376 474 302 171 -708 525 184 42 57 -55 205 -247 82 -849 -62 -53 -710 73 -97 11 -1.676 -88 12 -66 13 -989 14 -55 15 -478 16 185 -43 -43 420 -19 -130 -475 -1.112 -37 -2 3 0 0 97 -1.541 -282 -1.304 39 -15 0 0 -884 286 -553 -108 14 -276 -26 -157 -459 125 16 -42 3 -83 -94 4.499 -1.164 -1.500 -5.095 7.610 -418 774 582 -3.755 2.125 1.416 1.542 524 -88 0 457 -46 138 0 -586 100 23 0 246 -549 73 19 -909 194 74 464* 28 90 177 189 -18 155 46 3 118 187 -199 402 155 59 -94 -45 327 -169 176 174 -281 244 -482 -838 -54 1.265 -5 4.499 -76 -1.164 31 OTAL, ALL SECTORS HOUSEHOLDS CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS U. S. GOVERNMENT FOREIGN FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS PRIVATE NONBANK FINANCE SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE OTHER INSURANCE FINANCE N.E.C. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 TRANSACTION DISCREPANCIES 1 2 7.405 19 3.533 285 10.677 -21 34 -21 653 84 306 0 6.412 -44 -1.393 420 3 4 339 93 -82 1.814 -27 3.563 560 -1.271 -490 2.661 60 -3.286 209 1.989 164 -1.764 -184 -850 204 -1.171 848 2.583 7.669 -421 -4.184 674 2.622 1.654 1.375 1.140 -3.157 -960 358 -727 4.871 -970 201 -1.189 -8 5.254 -4.807 673 2.235 1.686 5 -2.250 -102 6 7 4.328 4.978 8 -795 448 3.468 -3.456 405 1.264 -137 -4.989 1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 101 -1.277 3.566 -1.006 2.945 -3.005 607 269 -98 5 -748 4.107 4.383 -3.898 -283 2.846 36 OTAL, ALL TYPES TREASURY CURRENCY DEMAND DEPOSIT MAIL FLOATS: U.S. GOVERNMENT OTHER TRADE CREDIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL 1 2 3 4 5 6 7 8
@FedFRASER