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For use at 12:00 p.m., eastern time September 20, 2012 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Second Quarter 2012 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Second Quarter 2012 C Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of 5 percent in the second quarter of 2012, ½ percentage point more than in the first quarter. Household debt rose at an annual rate of 1¼ percent in the second quarter, the largest increase since the first quarter of 2008. Nonetheless, household debt has changed little, on net, since the third quarter of last year. Consumer credit rose at an annual rate of 6¼ percent in the second quarter, the seventh consecutive quarterly increase. Home mortgage debt declined a bit more than 2 percent in the second quarter, continuing the downtrend that commenced in early 2008. Nonfinancial business debt rose at an annual rate of almost 5 percent in the second quarter, after an increase of 3½ percent in the first quarter. Corporate bonds outstanding and business loans increased, while commercial mortgage debt continued to decline. State and local government debt rose at an annual rate of ¾ percent in the second quarter, after five consecutive quarterly declines. Federal government debt rose at an annual rate of almost 11 percent in the second quarter, about 1¾ percentage point less than the average pace during the previous four quarters. At the end of the second quarter of 2012, the level of domestic nonfinancial debt outstanding was $39.1 trillion, of which household debt was $13.0 trillion, nonfinancial business debt was $12.0 trillion, and total government debt was $14.1 trillion. Household net worth—the difference between the value of households’ assets and liabilities—was $62.7 trillion at the end of the second quarter of 2012, about $300 billion less than at the end of the first quarter. In the second quarter, the value of corporate equities and mutual funds owned by households declined close to $600 billion, more than offsetting a $355 billion increase in the value of real estate owned by households. Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates P P State and local govts. 11.1 8.3 11.9 5.5 3.7 Total Households Business Federal 2002 2003 2004 2005 2006 7.3 8.0 9.3 9.2 8.6 10.6 11.8 11.1 11.1 9.8 3.0 2.2 6.7 8.9 10.8 2007 2008 2009 2010 2011 8.5 5.9 3.1 4.1 3.6 6.7 -0.2 -1.7 -2.2 -1.6 13.6 6.1 -2.3 0.8 4.7 5.4 0.7 3.9 2.2 -1.9 4.9 24.2 22.7 20.2 11.4 2011:Q1 Q2 Q3 Q4 2.5 2.6 4.3 4.9 -2.0 -2.7 -1.7 0.1 3.7 5.2 4.2 5.3 -2.8 -2.6 -0.2 -2.1 9.1 8.2 13.7 12.7 2012:Q1 4.4 -0.9 Q2 5.0 1.2 1. Changes shown are on an end-of-period basis. 3.4 4.9 -1.2 0.8 13.7 10.9 7.6 10.9 9.0 7.0 3.9 Table of Contents Title Table Page Flow of Funds Accounts, Second Quarter 2012 1 Availability of Data for Latest Quarter 4 Credit Market Debt Growth by Sector D.1 7 Credit Market Borrowing by Sector D.2 8 Credit Market Debt Outstanding by Sector D.3 9 Flows Table Page Levels Table Page Total Credit Market Borrowing and Lending F.1 10 L.1 64 Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 65 Credit Market Borrowing by Financial Sectors F.3 11 L.3 65 Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 66 Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 66 Distribution of Gross Domestic Product F.6 13 Distribution of National Income F.7 14 Saving and Investment F.8 15 Net Capital Transfers F.9 16 Derivation of Measures of Personal Saving F.10 17 L.10 67 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 18 L.100 68 Nonfinancial Business F.101 19 L.101 69 Nonfinancial Corporate Business F.102 20 L.102 70 Nonfinancial Noncorporate Business F.103 21 L.103 71 State and Local Governments F.104 22 L.104 72 Federal Government F.105 23 L.105 73 Rest of the World F.106 24 L.106 74 Financial Business F.107 25 L.107 75 Monetary Authority F.108 26 L.108 76 Private Depository Institutions F.109 27 L.109 77 U.S.-Chartered Depository Institutions, ex. Credit Unions F.110 28 L.110 78 Foreign Banking Offices in U.S. F.111 29 L.111 79 Banks in U.S.-Affiliated Areas F.112 30 L.112 80 Credit Unions F.113 30 L.113 80 Property-Casualty Insurance Companies F.114 31 L.114 81 Life Insurance Companies F.115 31 L.115 81 Private Pension Funds F.116 32 L.116 82 State and Local Government Employee Retirement Funds F.117 33 L.117 83 Federal Government Retirement Funds F.118 33 L.118 83 Money Market Mutual Funds F.119 34 L.119 84 Mutual Funds F.120 34 L.120 84 Closed-End and Exchange-Traded Funds F.121 34 L.121 84 Government-Sponsored Enterprises F.122 35 L.122 85 Title Sectors Flows Table Page Levels Table Page Agency- and GSE-Backed Mortgage Pools F.123 35 L.123 85 Issuers of Asset-Backed Securities F.124 36 L.124 86 Finance Companies F.125 36 L.125 86 Real Estate Investment Trusts F.126 37 L.126 87 Security Brokers and Dealers F.127 38 L.127 88 Holding Companies F.128 39 L.128 89 Funding Corporations F.129 40 L.129 90 F.200 41 L.200 91 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 41 L.201 91 U.S. Deposits in Foreign Countries F.202 41 L.202 91 Net Interbank Transactions F.203 42 L.203 92 Checkable Deposits and Currency F.204 43 L.204 93 Time and Savings Deposits F.205 44 L.205 94 Money Market Mutual Fund Shares F.206 44 L.206 94 Federal Funds and Security Repurchase Agreements F.207 45 L.207 95 Open Market Paper F.208 46 L.208 96 Treasury Securities F.209 47 L.209 97 Agency- and GSE-Backed Securities F.210 48 L.210 98 Municipal Securities and Loans F.211 49 L.211 99 Corporate and Foreign Bonds F.212 50 L.212 100 Corporate Equities F.213 51 L.213 101 Mutual Fund Shares F.214 51 L.214 101 Depository Institution Loans Not Elsewhere Classified F.215 52 L.215 102 Other Loans and Advances F.216 53 L.216 103 Title Instruments U.S. Official Reserve Assets and SDR Allocations Flows Levels Title Table Page Table Page Total Mortgages F.217 54 L.217 104 Home Mortgages F.218 55 L.218 105 Multifamily Residential Mortgages F.219 55 L.219 105 Commercial Mortgages F.220 56 L.220 106 Farm Mortgages F.221 56 L.221 106 Consumer Credit F.222 57 L.222 107 Trade Credit F.223 57 L.223 107 Life Insurance and Pension Fund Reserves F.225 58 L.225 108 Taxes Payable by Businesses F.226 58 L.226 108 Proprietors' Equity in Noncorporate Business F.227 58 L.227 108 Total Miscellaneous Financial Claims F.228 59 L.228 109 Identified Miscellaneous Financial Claims - Part I F.229 60 L.229 110 Identified Miscellaneous Financial Claims - Part II F.230 61 L.230 111 Unidentified Miscellaneous Financial Claims F.231 62 L.231 112 Sector Discrepancies F.11 63 Instrument Discrepancies F.12 63 Title Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 113 R.100 116 Nonfinancial Corporate Business B.102 114 R.102 117 Nonfarm Noncorporate Business B.103 115 R.103 118 Reconciliation Balance Sheet and Reconciliation Tables Title Flows Table Page Levels Table Page Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail B.100.e 119 Nonprofit Organizations F.100.a 120 L.100.a 121 Consolidated Statement for Federal, State, and Local Governments F.105.c 122 L.105.c 123 Private Pension Funds: Defined Benefit Plans F.116.b 124 L.116.b 125 Private Pension Funds: Defined Contribution Plans F.118.c 124 L.118.c 125 Individual Retirement Accounts (IRAs) F.225.i 124 L.225.i 125 Flow of Funds Matrix for 2011 126 127 1 Flow of Funds Accounts, Second Quarter 2012 This publication presents the Flow of Funds Accounts for 2012:Q2. 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. every five years. Due to the enlarged universe of companies reporting in the 2010 survey, there are sizable discontinuities in 2010:Q4 for most series. 1. Seasonal factors for quarterly flows have been recalculated for the period 2002:Q1 forward. The seasonal factors were generated using the X-12ARIMA/88 seasonal adjustment program from Statistics Canada. 7. The holding companies sector (tables F.128 and L.128) has been expanded beginning in 2012:Q1 to include top-tier savings and loan holding companies (SLHC) required to file the Quarterly Savings and Loan Holding Company Report (FR 2320), which covers SLHCs for whom the savings and loan institution is not their primary business. Mutual stock companies that file this form are excluded because they have no assets or liabilities at the holding company level. Also, a new asset, net transactions with property-casualty insurance company subsidiaries, has been added to the table. 2. The statistics in this publication reflect the annual revisions to the national income and product accounts (NIPAs) from 2009 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 27, 2012, and subsequent information for 2012:Q2 released on August 29, 2012. The August 2012 issue of the Survey of Current Business provides details on the major features of this annual revision. 8. The Treasury securities instrument table (tables F.209 and L.209) has been modified to show additional detail on the composition of Treasury securities held by the monetary authority and rest of the world sectors. Treasury bills, considered shortterm, are now shown separately from other Treasury securities. Data begin in 1945:Q4 for the monetary authority sector and in 1971:Q1 for the rest of the world sector. 3. Data for investment and depreciation flows of all sectors, and capital stocks for the household, nonfarm nonfinancial corporate business, and nonfarm noncorporate business sectors have been revised to reflect updated annual estimates of fixed assets from the BEA. 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, agency- and GSE-backed mortgage pools, the monetary authority, 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. This definition is consistent with the presentation of credit market borrowing and lending on tables F.1 through F.4. Net lending (+) or net borrowing (-) on the individual sector tables and the matrix is defined as net acquisition of financial assets less net increase in liabilities. Release Highlights. Major data revisions, structural changes, and release enhancements introduced this quarter are described below: 4. Revisions to the rest of the world sector (tables F.106 and L.106) reflect new estimates of the balance of payments and the international investment position from the BEA for 2008 through 2011. The new estimates are detailed in the July 2012 issue of the Survey of Current Business. 5. Asset holdings of state and local governments (tables F.104 and L.104) were revised from 2003:Q3 forward based on information from the 2011 Comprehensive Annual Financial Reports of a few large states and a sample of local entities. 6. The finance company sector (tables F.125 and L.125) has been revised from 2010:Q4 forward to incorporate the Federal Reserve 2010 Census of Finance Companies (CFC) and Survey of Finance Companies (SFC). The CFC and SFC are conducted 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 2 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 linkedto 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 flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuityt where “t” is the time period. B B B B B B B B 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 B B B B B 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. B 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 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: www.federalreserve.gov/releases/Z1 This Internet site also provides coded tables and historical annual tables beginning in 1945 that correspond to the tables published in this release. There are also compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), and supplementary tables. In addition, these data, as well as data for the quarterly and annual Integrated Macroeconomic Accounts for the United States tables, are available as customizable download datasets through the Data Download Program (DDP) at the following location: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 An interactive, web-based guide to the Flow of Funds Accounts is available through the Z.1 release page. The tools and descriptions within this guide are designed to help users explore the structure and content of the Z.1 and the Integrated Macroeconomic Accounts. 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 [THIS PAGE INTENTIONALLY LEFT BLANK] 4 Availability of Data for Latest Quarter Available at time of publication U U Major items missing U U 1. National income and product accounts (NIPA) Second estimate, seasonally adjusted, for 2012:Q2. Unadjusted flows since 2010 for the government sectors. Unadjusted flows since 2006 for all other sectors. 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 2012:Q2. The source for nonprofit organizations data (tables F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income. Data for nonprofit organizations are available for 1987 through 2000. 3. Nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2012:Q2; Internal Revenue Service Statistics of Income (IRS/SOI) data through 2010; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2012:Q2. Statistics of Income data since 2010. Corporate farm data for 2012. 4. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2009; bank and finance company loans, and mortgage borrowing through 2012:Q2. Statistics of Income data since 2009. Noncorporate farm data for 2012. 5. State and local governments (tables F.104 and L.104) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2012:Q2; total financial assets through 2009:Q2 from the Census Bureau; breakdown of financial assets through 2011:Q2 from the comprehensive annual financial reports of state and local governments. Total financial assets since 2009:Q2 and selected financial asset detail since 2011:Q2. 6. Federal government (tables F.105 and L.105) Data from the Monthly Treasury Statement of Receipts and Outlays and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2012:Q2. None. 5 7. Rest of the world (U.S. international transactions) (tables F.106 and L.106) Balance of payments data through 2012:Q2. NIPA estimates; data from bank Reports of Condition and from Treasury International Capital System through 2012:Q2. None. 8. Monetary authority (tables F.108 and L.108) All data through 2012:Q2. None. 9. U.S.-chartered depository institutions (tables F.110 and L.110) All data through 2012:Q2. None. 10. Foreign banking offices in U.S. (tables F.111 and L.111) All data through 2012:Q2. None. 11. Banks in U.S.-affiliated areas (tables F.112 and L.112) All data through 2012:Q2 for commercial banks in U.S.-affiliated areas. All data through 2011 for branches of domestic commercial banks located in U.S.-affiliated areas. Data since 2011 for branches of domestic commercial banks located in U.S.-affiliated areas. 12. Credit unions (tables F.113 and L.113) All data through 2012:Q2. None. 13. Property-casualty insurance companies (tables F.114 and L.114) All data through 2012:Q2 None. 14. Life insurance companies (tables F.115 and L.115) All data through 2012:Q2. None. 15. Private pension funds (tables F.116 and L.116) Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2007. Form 5500 data since 2007. 16. State and local government employee retirement funds (tables F.117 and L.117) Detailed data through 2008:Q2 from the Census Bureau; sample data through 2012:Q1 from the Census Bureau. Detailed data since 2008:Q2. 17. Federal government retirement funds (tables F.118 and L.118) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2012:Q2. None. 6 18. Money market mutual funds (tables F.119 and L.119) All data through 2012:Q2. None. 19. Mutual funds (tables F.120 and L.120) All data through 2012:Q2. None. 20. Closed-end funds (tables F.121 and L.121) All data through 2012:Q2. None. 21. Exchange-traded funds (tables F.121 and L.121) All data through 2012:Q2. None. 22. Government-sponsored enterprises (tables F.122 and L.122) Data for Fannie Mae, Freddie Mac, Farmer Mac, FHLB, FICO, FCS, and REFCORP through 2012:Q2. None. 23. Agency- and GSE-backed mortgage pools (tables F.123 and L.123) Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie Mae through 2012:Q2. None. 24. Issuers of asset-backed securities (ABSs) (tables F.124 and L.124) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2012:Q2. None. 25. Finance companies (tables F.125 and L.125) All data through 2012:Q2. None. 26. Real estate investment trusts (REITs) (tables F.126 and L.126) Final data from SNL Financial through 2012:Q2. None. 27. Security brokers and dealers (tables F.127 and L.127) Data for firms filing FOCUS and FOGS reports through 2012:Q2. None. 28. Holding companies (table F.128 and L.128) All data through 2012:Q2. None. 29. Funding corporations (tables F.129 and L.129) Estimates for this sector are largely residuals and are derived from data for other sectors. Z.1, September 20, 2012 7 Domestic financial sectors Foreign D.1 Credit Market Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government 1978 1979 1980 1981 1982 13.8 12.1 9.5 10.3 10.4 16.4 15.0 8.2 7.4 5.6 17.5 16.4 10.9 7.2 4.8 17.5 13.9 1.0 5.5 5.0 13.5 13.5 10.1 13.0 9.9 12.1 11.3 8.5 13.8 10.2 15.4 9.0 6.9 8.0 11.2 9.2 5.8 11.8 11.6 19.7 21.7 23.0 14.9 18.4 13.6 18.7 9.6 14.3 12.2 7.5 1983 1984 1985 1986 1987 12.0 14.8 15.6 11.9 9.1 11.1 12.7 16.1 11.3 10.4 10.2 11.4 14.6 13.7 13.4 12.1 18.4 15.9 9.1 4.8 9.1 16.1 11.0 11.6 7.8 8.3 16.7 12.7 14.1 8.8 11.4 11.4 31.8 10.9 12.0 18.9 16.9 16.5 13.6 8.0 13.3 17.5 19.3 26.2 18.3 8.3 3.7 0.5 4.0 2.5 1988 1989 1990 1991 1992 9.1 7.3 6.5 4.4 4.6 9.8 9.1 7.0 5.1 5.4 11.8 10.9 8.9 7.0 6.5 6.7 6.3 1.9 -1.1 1.1 9.9 6.3 3.6 -2.1 -0.3 10.9 7.4 5.3 -2.1 0.7 6.0 5.3 5.0 9.2 1.5 8.0 7.0 11.0 11.1 10.9 13.1 10.5 8.6 5.9 8.5 2.9 3.8 8.3 4.8 6.9 1993 1994 1995 1996 1997 5.6 5.1 5.0 5.1 5.5 6.0 7.7 7.0 6.7 5.9 5.5 5.6 4.9 6.2 6.1 7.4 15.2 14.4 9.0 5.5 3.1 5.4 6.2 6.0 9.1 5.3 7.1 7.1 6.0 9.5 5.3 -3.9 -5.5 -2.0 4.9 8.3 4.7 4.1 4.0 0.6 9.7 14.0 11.4 12.4 12.0 18.7 -2.4 17.7 15.5 10.6 1998 1999 2000 2001 2002 6.5 6.2 5.0 6.4 7.3 7.6 8.0 9.0 9.6 10.6 8.0 9.4 8.7 10.5 13.2 7.2 7.8 11.4 8.6 5.6 11.5 10.4 9.3 5.9 3.0 10.9 9.5 8.5 4.8 1.2 6.2 3.3 1.4 8.8 11.1 -1.4 -1.9 -8.0 -0.2 7.6 19.4 16.6 10.7 10.6 9.6 5.1 2.4 8.4 -1.4 10.8 2003 2004 2005 2006 2007 8.0 9.3 9.2 8.6 8.5 11.8 11.1 11.1 9.8 6.7 14.5 13.5 13.2 11.1 7.0 5.3 5.6 4.5 5.0 5.9 2.2 6.7 8.9 10.8 13.6 1.7 4.7 6.8 9.1 13.4 8.3 11.9 5.5 3.7 5.4 10.9 9.0 7.0 3.9 4.9 10.7 8.6 9.4 10.3 12.7 4.0 12.4 7.9 22.0 9.0 2008 2009 2010 2011 5.9 3.1 4.1 3.6 -0.2 -1.7 -2.2 -1.6 -0.5 -1.4 -2.9 -2.3 0.8 -4.5 -1.3 3.4 6.1 -2.3 0.8 4.7 4.9 -1.7 3.8 7.2 0.7 3.9 2.2 -1.9 24.2 22.7 20.2 11.4 5.5 -10.6 -6.0 -2.9 -10.6 12.4 3.6 1.6 2006 -- Q1 Q2 Q3 Q4 9.5 9.0 6.7 8.0 11.7 11.1 8.5 6.7 13.8 12.7 9.6 6.5 3.3 5.0 5.3 6.2 10.8 10.1 7.5 13.1 9.0 8.2 4.6 13.2 0.3 4.5 4.7 5.4 7.0 4.0 1.3 3.0 11.1 11.3 7.2 10.3 13.9 12.4 37.0 18.7 2007 -- Q1 Q2 Q3 Q4 8.6 8.3 8.8 7.2 7.7 7.2 6.2 4.9 8.9 7.7 6.0 4.6 4.9 5.5 7.6 5.1 11.2 13.8 14.9 11.8 9.7 14.1 15.9 11.4 6.9 5.9 4.4 4.0 6.6 1.4 5.6 5.5 11.1 10.4 16.9 10.0 12.9 18.2 1.4 3.0 2008 -- Q1 Q2 Q3 Q4 6.3 3.4 7.1 6.1 3.6 -0.4 -1.8 -2.0 2.8 -0.4 -2.1 -2.4 5.5 2.4 -2.4 -2.3 8.9 7.5 5.9 1.8 8.7 6.7 5.1 -1.2 2.0 1.0 0.9 -1.2 10.5 5.9 36.0 37.6 6.1 6.3 6.6 2.7 10.4 -0.0 -28.5 -24.8 2009 -- Q1 Q2 Q3 Q4 4.4 4.5 1.9 1.4 -0.9 -1.1 -2.4 -2.4 0.2 -1.6 -2.3 -1.8 -3.2 -4.7 -4.3 -6.3 -0.5 -2.3 -3.7 -2.7 1.1 -1.8 -4.0 -2.3 2.5 4.8 3.7 4.2 25.6 27.1 18.2 13.2 -10.8 -13.5 -10.3 -8.6 11.3 12.7 15.9 7.6 2010 -- Q1 Q2 Q3 Q4 3.7 3.9 3.9 4.6 -3.3 -1.9 -2.4 -1.3 -4.9 -2.3 -2.7 -2.1 -3.1 -3.5 -0.6 2.2 -0.5 -1.8 2.9 2.5 4.3 0.6 5.9 4.1 2.8 0.4 1.8 3.7 21.9 22.2 15.4 16.0 -8.2 -7.2 -4.3 -5.3 4.8 -3.3 6.3 6.5 2011 -- Q1 Q2 Q3 Q4 2.5 2.6 4.3 4.9 -2.0 -2.7 -1.7 0.1 -2.6 -2.4 -1.8 -2.5 2.7 3.0 1.9 5.9 3.7 5.2 4.2 5.3 6.2 8.4 6.5 7.0 -2.8 -2.6 -0.2 -2.1 9.1 8.2 13.7 12.7 -0.8 -4.8 -2.7 -3.4 14.4 3.5 -6.2 -5.1 2012 -- Q1 Q2 4.4 5.0 -0.9 1.2 -3.3 -2.1 5.7 6.2 3.4 4.9 4.7 6.9 -1.2 0.8 13.7 10.9 -2.8 -5.1 0.4 -3.4 1. Data shown are on an end-of-period basis. 8 Z.1, September 20, 2012 D.2 Credit Market Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1978 1979 1980 1981 1982 389.8 388.2 340.3 406.6 451.3 156.8 166.3 105.3 102.7 84.6 105.7 116.5 90.2 67.0 47.4 46.4 43.3 3.4 19.8 18.8 141.1 159.6 135.4 190.8 163.7 82.7 85.8 72.2 126.1 105.8 39.4 26.6 22.2 27.6 41.7 52.5 35.8 77.4 85.5 161.3 73.6 94.9 75.8 107.8 93.6 24.0 15.0 24.2 23.5 16.0 1983 1984 1985 1986 1987 572.6 790.9 957.7 845.0 721.3 175.3 220.4 313.8 258.1 264.3 105.1 127.3 181.5 198.8 221.5 48.2 81.7 84.0 55.8 32.3 164.8 320.8 254.6 296.7 222.6 93.4 207.1 184.2 229.5 164.6 47.3 52.5 163.6 74.2 90.4 185.2 197.2 225.7 216.0 143.9 104.3 156.2 203.2 330.1 291.8 17.3 8.4 1.2 9.7 6.3 1988 1989 1990 1991 1992 784.4 685.3 658.4 473.4 514.3 270.4 276.8 233.2 183.3 203.2 215.7 224.9 200.1 174.6 173.1 46.6 47.0 15.1 -8.8 9.2 308.5 214.8 131.2 -79.3 -9.3 224.4 166.4 130.9 -53.1 17.1 50.4 47.4 47.1 91.2 16.5 155.1 146.4 246.9 278.2 304.0 249.8 224.8 207.8 153.1 236.5 7.4 10.2 23.9 15.1 24.1 1993 1994 1995 1996 1997 667.3 640.0 653.3 705.6 792.2 239.4 324.3 319.0 324.8 305.0 156.3 166.5 153.6 205.1 215.9 61.4 135.0 147.0 105.7 70.3 113.8 205.4 250.7 256.5 413.3 134.4 191.0 205.3 186.0 311.3 57.9 -45.5 -60.8 -20.5 50.8 256.1 155.9 144.4 144.9 23.1 292.9 464.4 433.6 523.2 570.3 69.8 -11.2 78.3 88.0 69.9 1998 1999 2000 2001 2002 998.0 1012.2 863.9 1158.1 1422.7 414.8 474.5 576.0 665.3 811.2 301.1 379.2 384.4 506.9 704.7 97.1 112.4 176.5 150.6 105.2 569.1 571.6 566.9 393.0 209.4 390.1 377.8 374.5 229.6 57.5 66.8 37.3 16.9 105.5 144.6 -52.6 -71.2 -295.9 -5.6 257.6 1026.5 1052.6 790.9 862.2 881.4 37.2 19.0 63.0 -11.2 93.4 2003 2004 2005 2006 2007 1669.5 2096.4 2321.2 2368.0 2541.0 992.8 1052.7 1170.0 1150.9 856.9 871.7 934.0 1038.7 984.7 687.6 105.9 117.2 100.4 115.2 141.3 160.1 495.1 707.1 935.4 1300.1 86.2 240.4 365.5 520.2 838.5 120.5 186.8 137.2 98.3 146.9 396.0 361.9 306.9 183.4 237.1 1071.0 938.9 1113.1 1339.7 1815.7 43.0 155.3 113.0 332.6 170.3 2008 2009 2010 2011 1906.4 1063.3 1436.9 1325.9 -21.3 -228.8 -295.4 -209.1 -57.1 -145.5 -305.3 -229.3 20.1 -115.8 -30.5 86.4 668.5 -263.3 85.9 525.7 349.7 -129.0 276.0 538.5 20.0 111.5 66.2 -58.6 1239.2 1443.9 1580.2 1067.9 899.1 -1810.5 -939.4 -422.3 -226.2 211.8 75.3 34.8 2006 -- Q1 Q2 Q3 Q4 2637.9 2545.2 1931.5 2357.3 1365.0 1335.7 1056.6 846.2 1225.6 1165.4 912.1 635.7 75.6 115.9 122.9 146.4 936.0 899.7 686.9 1219.2 519.6 482.0 276.3 802.9 6.9 117.3 124.4 144.5 330.1 192.6 63.6 147.3 1432.9 1502.5 985.4 1437.9 209.7 194.2 596.8 329.6 2007 -- Q1 Q2 Q3 Q4 2577.9 2534.3 2744.7 2306.9 991.6 942.8 828.0 665.1 878.9 775.1 618.3 478.1 117.8 132.6 186.2 128.4 1075.9 1357.6 1515.8 1251.3 605.7 905.2 1056.0 787.3 188.1 164.0 122.4 113.0 322.4 69.9 278.5 277.5 1580.5 1544.2 2561.4 1576.8 243.3 350.1 28.3 59.6 2008 -- Q1 Q2 Q3 Q4 2055.4 1119.8 2368.9 2081.6 489.8 -50.1 -243.5 -281.4 294.2 -45.5 -220.9 -256.3 139.8 61.4 -62.1 -58.8 967.4 831.7 664.3 210.8 618.7 490.1 376.7 -86.7 58.0 29.3 26.4 -33.8 540.2 308.9 1921.7 2185.9 984.0 1042.6 1102.4 467.5 221.3 -0.1 -622.8 -503.3 2009 -- Q1 Q2 Q3 Q4 1518.2 1565.5 673.9 495.5 -125.6 -145.8 -319.1 -324.8 21.5 -171.3 -241.2 -190.9 -80.6 -118.5 -107.7 -156.5 -56.5 -265.6 -428.6 -302.5 80.6 -134.4 -295.5 -166.9 72.5 140.3 109.5 123.6 1627.7 1836.5 1312.1 999.2 -1840.8 -2311.3 -1710.4 -1379.7 192.3 224.0 287.9 143.1 2010 -- Q1 Q2 Q3 Q4 1297.9 1385.7 1399.1 1665.0 -441.6 -249.8 -315.6 -174.7 -509.2 -230.6 -271.8 -209.6 -75.9 -85.0 -13.4 52.2 -52.8 -206.6 321.6 281.5 313.9 45.6 436.1 308.2 84.7 11.9 55.6 112.6 1707.6 1830.1 1337.6 1445.6 -1289.3 -1078.1 -624.7 -765.4 99.5 -68.9 132.0 138.6 2011 -- Q1 Q2 Q3 Q4 912.5 952.8 1591.2 1846.9 -264.9 -355.5 -223.1 6.9 -256.6 -238.0 -178.4 -244.2 67.7 77.9 48.2 152.0 411.7 594.4 482.3 614.3 466.7 638.6 500.7 547.8 -85.3 -77.9 -7.0 -64.3 850.9 791.8 1339.0 1290.0 -114.0 -701.7 -386.6 -487.0 319.5 80.5 -144.8 -115.9 2012 -- Q1 Q2 1671.2 1945.9 -121.3 157.3 -323.3 -205.0 148.8 166.4 401.4 582.2 377.6 558.8 -37.0 23.6 1428.1 1182.9 -392.7 -721.4 9.8 -77.7 Z.1, September 20, 2012 9 Domestic financial sectors Foreign D.3 Credit Market Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Total Total 1978 1979 1980 1981 1982 3207.9 3596.3 3944.3 4351.9 4773.1 1111.2 1278.5 1396.0 1505.9 1575.8 708.6 826.7 926.5 998.2 1031.1 311.3 354.6 358.0 377.9 396.7 1179.3 1337.9 1468.9 1653.4 1801.8 761.1 845.9 913.8 1033.6 1124.1 295.6 322.2 344.4 372.1 413.8 621.9 657.7 735.0 820.5 981.8 412.7 508.9 584.7 689.2 785.5 155.7 168.5 193.4 214.0 208.1 1983 1984 1985 1986 1987 5348.6 6134.8 7110.6 7953.0 8656.1 1731.1 1943.1 2277.7 2534.2 2752.5 1116.2 1242.8 1449.6 1648.3 1827.9 444.9 526.6 610.6 666.4 698.6 1989.5 2313.8 2565.1 2860.8 3111.2 1240.5 1451.2 1632.1 1860.6 2053.0 461.1 513.6 677.9 752.1 842.6 1167.0 1364.2 1589.9 1805.9 1949.8 890.1 1054.9 1259.0 1596.6 1899.7 224.1 232.8 242.5 251.9 259.0 1988 1989 1990 1991 1992 9437.0 10139.3 10825.1 11295.2 11812.7 3039.8 3309.2 3571.6 3758.5 3961.7 2054.2 2259.5 2488.8 2667.0 2840.0 745.2 809.3 824.4 815.6 824.8 3399.3 3638.6 3767.9 3681.7 3675.6 2257.3 2448.4 2577.4 2519.7 2540.0 893.0 940.4 987.4 1078.6 1095.1 2104.9 2251.2 2498.1 2776.4 3080.3 2149.5 2402.8 2613.8 2766.8 3018.9 269.8 287.9 318.2 350.4 372.4 1993 1994 1995 1996 1997 12494.8 13141.1 13810.3 14515.9 15306.5 4203.5 4527.0 4846.1 5183.8 5489.4 2998.7 3165.3 3318.9 3537.0 3752.9 886.2 1021.2 1168.2 1273.9 1344.2 3801.8 4014.3 4280.7 4524.2 4935.4 2686.9 2885.0 3106.1 3279.1 3588.3 1153.0 1107.5 1046.7 1026.2 1076.9 3336.5 3492.3 3636.7 3781.7 3804.8 3317.2 3789.7 4226.3 4749.5 5299.7 468.2 443.1 567.6 657.2 723.6 1998 1999 2000 2001 2002 16304.6 17351.4 18225.2 19366.4 20789.1 5902.9 6377.6 6963.5 7627.8 8439.1 4054.0 4430.8 4814.0 5320.9 6025.6 1441.3 1553.6 1741.3 1891.8 1997.0 5505.8 6111.8 6678.7 7055.7 7265.1 3979.7 4391.9 4766.4 4979.9 5037.5 1143.8 1181.0 1197.9 1303.4 1447.9 3752.2 3681.0 3385.1 3379.5 3637.0 6326.2 7376.5 8168.4 9156.8 10038.2 783.2 748.2 814.5 865.4 1072.8 2003 2004 2005 2006 2007 22502.7 25351.0 27672.2 30022.5 32572.5 9462.0 10534.9 11704.9 12839.7 13699.1 6907.0 7855.8 8894.5 9879.2 10566.9 2102.9 2220.1 2320.6 2385.0 2528.8 7439.2 7935.7 8642.9 9576.6 10883.3 5137.8 5379.6 5745.1 6263.6 7108.7 1568.4 2485.4 2622.6 2720.9 2867.8 4033.1 4395.0 4701.9 4885.3 5122.3 10944.5 11898.3 12956.9 14278.6 16224.1 1253.3 1438.8 1513.9 1882.6 2126.3 2008 2009 2010 2011 34478.9 35414.6 36832.0 38163.3 13682.7 13410.5 13137.5 12933.7 10514.7 10369.2 9950.9 9721.6 2548.9 2438.8 2545.3 2631.7 11546.8 11199.4 11243.4 11769.1 7453.5 7240.4 7478.1 8018.1 2887.8 2999.3 3065.5 3006.8 6361.5 7805.4 9385.6 10453.6 17122.9 15708.5 14498.3 14070.6 1708.8 2090.3 2225.3 2276.7 2006 -- Q1 Q2 Q3 Q4 28310.4 28950.3 29433.2 30022.5 12026.9 12364.0 12628.1 12839.7 9200.9 9492.3 9720.3 9879.2 2318.1 2328.4 2359.1 2385.0 8874.8 9100.1 9271.8 9576.6 5872.9 5993.8 6062.9 6263.6 2624.4 2653.7 2684.8 2720.9 4784.4 4832.5 4848.4 4885.3 13298.2 13672.8 13919.1 14278.6 1566.3 1614.9 1764.1 1882.6 2007 -- Q1 Q2 Q3 Q4 30673.5 31307.0 31995.8 32572.5 13087.6 13323.3 13532.8 13699.1 10099.0 10292.7 10447.3 10566.9 2414.4 2447.6 2496.7 2528.8 9852.1 10191.5 10570.4 10883.3 6421.6 6647.9 6911.9 7108.7 2767.9 2808.9 2839.5 2867.8 4965.9 4983.3 5053.0 5122.3 14801.0 15187.0 15829.9 16224.1 1924.0 2011.5 2018.6 2126.3 2008 -- Q1 Q2 Q3 Q4 33086.3 33366.3 33958.5 34478.9 13821.6 13809.0 13753.1 13682.7 10640.4 10629.0 10578.7 10514.7 2563.7 2579.1 2563.6 2548.9 11125.1 11333.0 11494.1 11546.8 7263.3 7385.8 7475.0 7453.5 2882.3 2889.6 2896.2 2887.8 5257.4 5334.6 5815.0 6361.5 16470.1 16730.8 17006.0 17122.9 2181.6 2181.6 2025.6 1708.8 2009 -- Q1 Q2 Q3 Q4 34797.4 35188.7 35357.2 35414.6 13580.7 13544.3 13464.5 13410.5 10520.0 10477.2 10416.9 10369.2 2528.7 2504.9 2477.9 2438.8 11542.3 11475.9 11368.8 11199.4 7483.1 7449.6 7375.8 7240.4 2905.9 2941.0 2968.3 2999.3 6768.5 7227.6 7555.6 7805.4 17115.3 16537.5 16109.9 15708.5 1756.9 1812.8 1884.8 2090.3 2010 -- Q1 Q2 Q3 Q4 35770.3 36116.7 36466.5 36832.0 13312.9 13250.5 13171.6 13137.5 10240.7 10183.1 10115.1 9950.9 2423.4 2402.2 2398.8 2545.3 11204.6 11152.9 11233.3 11243.4 7336.5 7348.2 7457.4 7478.1 3020.4 3023.4 3037.3 3065.5 8232.3 8689.8 9024.2 9385.6 14878.1 14608.6 14452.4 14498.3 2115.7 2098.5 2131.5 2225.3 2011 -- Q1 Q2 Q3 Q4 37060.2 37303.7 37701.5 38163.3 13071.3 12987.8 12932.0 12933.7 9886.7 9827.2 9782.6 9721.6 2562.2 2581.7 2593.7 2631.7 11346.4 11495.0 11615.5 11769.1 7595.1 7755.2 7880.7 8018.1 3044.1 3024.7 3022.9 3006.8 9598.4 9796.3 10131.1 10453.6 14469.8 14289.0 14192.3 14070.6 2305.2 2325.3 2289.1 2276.7 2012 -- Q1 Q2 38576.6 39063.1 12905.7 12945.1 9640.7 9589.5 2668.9 2708.5 11862.7 12008.2 8103.7 8244.5 2997.6 3003.5 10810.6 11106.3 14035.9 13855.6 2282.5 2263.1 1. Data shown are on an end-of-period basis. Total State and local governments 10 Z.1, September 20, 2012 F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 2 Credit market borrowing Domestic nonfinancial sectors Q2 2012 Q3 Q4 Q1 Q2 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 1 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 2 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 856.9 838.5 461.6 -21.3 349.7 318.8 -228.8 -129.0 -134.3 -295.4 276.0 -190.0 -209.1 538.5 -12.8 -264.9 466.7 -54.9 -355.5 638.6 -44.2 -223.1 500.7 -18.4 6.9 547.8 66.5 -121.3 377.6 23.8 157.3 558.8 23.4 3 4 5 6 7 State and local governments Federal government 146.9 237.1 20.0 1239.2 111.5 1443.9 66.2 1580.2 -58.6 1067.9 -85.3 850.9 -77.9 791.8 -7.0 1339.0 -64.3 1290.0 -37.0 1428.1 23.6 1182.9 6 7 8 Rest of the world 170.3 -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 9.8 -77.7 8 9 Financial sectors 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 9 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 222.6 0.0 13.4 -1.1 -0.2 8.3 -292.3 0.0 -14.1 -161.2 0.0 -0.4 -73.8 0.0 -2.0 -78.0 0.0 -9.6 -99.1 0.0 -3.5 -99.2 0.0 3.7 -18.8 0.0 1.6 -41.2 0.0 -5.1 -10.1 0.0 3.3 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.5 282.4 623.3 26.2 271.7 497.0 -6.6 -475.3 415.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 1.8 11.1 243.6 2.4 -479.9 153.0 0.9 -138.3 135.8 1.9 -141.7 128.9 6.6 -274.9 159.6 15.7 -155.0 136.2 13 14 15 16 17 18 ABS issuers Finance companies REITs 351.9 34.9 10.2 -411.1 -79.4 -53.8 -738.7 -156.2 -50.0 -505.7 -174.9 -2.1 -247.0 11.4 28.2 -305.2 21.2 44.5 -229.4 -94.6 16.9 -268.6 129.1 13.9 -184.8 -10.3 37.3 -279.6 -25.2 26.6 -284.4 -123.1 56.3 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations -4.0 151.9 114.5 77.7 97.3 466.4 -49.7 -8.0 -434.8 36.9 -16.5 -65.3 -37.9 -16.5 -64.6 -5.9 83.6 -121.0 -72.7 46.4 58.9 -43.4 -83.6 -37.0 -29.7 -112.2 -159.2 24.9 12.3 3.3 16.5 -360.1 -16.7 19 20 21 22 Credit market lending 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 22 537.2 -110.7 114.0 233.1 -526.5 -515.9 -1005.1 -587.8 2.7 -348.9 432.6 23 501.7 -77.9 10.0 -32.1 -36.4 -10.9 -140.2 7.6 -6.7 157.1 11.5 -3.4 -400.2 -14.5 -0.3 -548.9 2.8 -1.0 -844.3 -2.6 -0.7 -401.7 -61.1 -0.3 194.0 3.0 0.8 -384.7 94.5 0.5 368.6 -22.3 -0.1 24 25 26 97.4 5.9 -116.5 85.2 -42.1 295.4 -17.1 85.0 -110.8 -0.7 -89.0 120.2 -95.9 -61.6 -126.6 1.8 -131.9 -63.1 -90.3 31.1 -14.9 101.4 27 28 23 Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 27 28 State and local governments Federal government 29 Rest of the world 943.8 357.7 142.6 621.0 360.0 372.3 327.1 692.5 47.9 340.6 156.8 29 30 Financial sectors 3046.0 2332.2 -792.0 -281.4 1104.9 1261.6 1009.5 955.1 1193.4 1296.7 557.5 30 -38.3 585.4 201.7 -6.4 35.3 245.4 241.9 100.8 -1.9 39.9 1001.6 -336.7 -285.8 -2.8 33.2 271.5 -176.6 -30.8 -19.3 24.6 376.5 126.9 37.7 -4.9 35.3 935.9 -333.3 26.5 -5.1 48.3 870.9 -118.7 87.9 -9.6 12.7 -77.1 338.3 130.2 -6.1 27.8 -223.8 621.2 -93.7 1.3 52.2 -33.4 214.6 -55.2 -0.6 76.1 -23.5 391.8 -39.4 -4.6 47.6 31 32 33 34 35 5.3 84.8 -15.9 11.6 33.3 139.8 3.9 151.6 27.5 123.6 18.7 151.7 -19.8 98.9 1.3 172.7 110.1 71.3 -31.1 101.8 -0.4 -143.7 36 37 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 36 37 Property-casualty insurance companies Life insurance companies 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 102.5 12.3 12.6 90.6 13.3 23.9 111.6 -8.8 7.4 59.4 -8.2 10.8 49.1 18.3 20.0 34.3 34.2 15.1 29.1 -18.1 16.9 92.3 60.3 33.2 40.6 -3.2 14.9 2.0 32.9 5.5 -27.0 17.5 16.9 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 375.6 271.1 -0.9 13.4 738.6 73.3 -40.7 23.0 -644.0 380.7 10.7 46.0 -410.0 374.3 5.0 29.7 7.2 427.4 -1.2 46.1 -2.3 484.4 6.8 29.7 -84.9 423.8 3.6 43.7 64.6 244.6 -20.8 52.2 51.5 556.9 5.4 58.7 -69.4 788.3 11.1 65.0 -153.4 625.5 5.6 73.7 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 239.0 623.3 242.9 497.0 -337.8 415.3 -328.2 186.9 -199.7 165.3 -36.2 243.6 -279.3 153.0 -261.9 135.8 -221.4 128.9 -179.6 159.6 -298.5 136.2 45 46 47 48 49 ABS issuers Finance companies REITs 349.1 7.1 -19.9 -394.6 -81.9 -68.9 -704.0 -217.6 -8.7 -496.0 -117.7 37.1 -242.8 -47.0 102.9 -312.3 -86.5 207.8 -219.7 -102.8 121.7 -254.2 -58.9 80.3 -185.1 60.1 1.9 -270.5 -58.4 227.8 -272.8 -36.9 91.1 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 219.7 23.2 -49.8 -85.7 13.9 665.6 -192.1 -16.0 -217.2 32.2 22.1 96.4 9.7 3.1 23.9 34.8 30.8 -265.1 -6.1 -1.4 7.7 -100.1 20.7 279.9 110.2 -37.6 73.0 211.0 64.1 35.0 -35.4 -157.9 344.9 50 51 52 (1) Excludes corporate equities and mutual fund shares. 11 Z.1, September 20, 2012 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 Domestic By instrument 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 1 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 11.3 237.5 -0.4 235.9 311.1 7.7 1239.0 0.2 95.3 205.5 -73.1 1443.7 0.1 154.5 387.6 24.5 1579.6 0.7 97.7 422.8 33.4 1066.8 1.1 -52.2 384.6 25.8 849.7 1.2 -66.4 404.3 49.5 791.7 0.2 -69.0 461.2 29.7 1337.1 1.9 -16.6 322.4 28.5 1288.8 1.1 -56.9 350.4 -43.8 1431.5 -3.3 -45.0 470.1 145.9 1182.8 0.1 37.6 370.2 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 228.0 305.5 188.4 67.8 -303.1 -145.7 -51.5 -84.3 71.7 71.1 25.1 -12.9 -91.2 121.8 96.5 80.9 256.4 94.7 286.6 -119.5 393.4 -16.1 8 9 1070.8 724.4 86.9 254.8 4.6 141.3 82.5 -114.3 47.4 127.3 22.0 20.1 -285.0 -199.4 7.8 -89.9 -3.4 -115.8 -522.1 -353.7 -13.2 -164.8 9.7 -30.5 -337.1 -255.2 5.0 -91.8 5.0 86.4 -382.0 -289.9 -0.8 -96.2 5.0 67.7 -389.3 -268.2 -1.1 -125.0 4.9 77.9 -308.8 -200.0 2.6 -116.5 5.0 48.2 -268.1 -262.5 19.1 -29.6 5.0 152.0 -454.1 -341.2 -3.2 -114.6 5.0 148.8 -334.3 -213.5 15.7 -141.5 5.0 166.4 10 11 12 13 14 15 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 16 856.9 1300.1 838.5 461.6 -21.3 668.5 349.7 318.8 -228.8 -263.3 -129.0 -134.3 -295.4 85.9 276.0 -190.0 -209.1 525.7 538.5 -12.8 -264.9 411.7 466.7 -54.9 -355.5 594.4 638.6 -44.2 -223.1 482.3 500.7 -18.4 6.9 614.3 547.8 66.5 -121.3 401.4 377.6 23.8 157.3 582.2 558.8 23.4 17 18 19 20 146.9 237.1 20.0 1239.2 111.5 1443.9 66.2 1580.2 -58.6 1067.9 -85.3 850.9 -77.9 791.8 -7.0 1339.0 -64.3 1290.0 -37.0 1428.1 23.6 1182.9 21 22 170.3 -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 9.8 -77.7 23 -69.3 218.7 24.1 -3.2 -71.0 -158.8 5.1 -1.5 59.4 163.3 -11.2 0.3 -2.7 59.9 17.9 0.2 -53.5 57.8 29.2 1.4 120.2 151.0 47.9 0.5 -51.9 120.2 13.7 -1.5 -256.4 69.2 41.7 0.6 -25.9 -109.4 13.4 6.0 46.7 -73.6 29.0 7.7 -20.3 -106.0 44.8 3.9 24 25 26 27 2711.3 1680.2 1275.1 1512.2 1360.7 1232.0 1033.2 1446.4 1731.1 1681.0 1868.2 28 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 1 -111.4 282.4 623.3 710.9 -125.6 271.7 497.0 -280.5 -448.2 -475.3 415.3 -587.6 -101.7 -233.8 186.9 -583.3 -68.1 -187.2 165.3 -313.0 82.9 11.1 243.6 -350.2 -79.9 -479.9 153.0 -376.4 -51.8 -138.3 135.8 -308.4 -223.6 -141.7 128.9 -217.2 -6.2 -274.9 159.6 -101.6 -34.7 -155.0 136.2 -455.8 2 3 4 5 80.1 225.8 4.7 496.4 33.3 6.8 -435.4 -282.6 3.4 -62.9 -144.7 0.2 31.6 -60.0 9.1 -51.2 -57.3 7.1 158.1 -95.0 18.4 56.1 -84.4 4.2 -36.4 -3.4 6.5 -150.8 -29.2 10.4 -303.4 65.0 26.4 6 7 8 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 9 10 11 12 13 14 15 16 Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 21 22 State and local governments Federal government 23 24 25 26 27 28 Foreign borrowing in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 By instrument 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 9 By sector 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 222.6 0.0 13.4 -1.1 -0.2 8.3 -292.3 0.0 -14.1 -161.2 0.0 -0.4 -73.8 0.0 -2.0 -78.0 0.0 -9.6 -99.1 0.0 -3.5 -99.2 0.0 3.7 -18.8 0.0 1.6 -41.2 0.0 -5.1 -10.1 0.0 3.3 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.5 282.4 623.3 26.2 271.7 497.0 -6.6 -475.3 415.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 1.8 11.1 243.6 2.4 -479.9 153.0 0.9 -138.3 135.8 1.9 -141.7 128.9 6.6 -274.9 159.6 15.7 -155.0 136.2 13 14 15 16 17 18 ABS issuers Finance companies REITs 351.9 34.9 10.2 -411.1 -79.4 -53.8 -738.7 -156.2 -50.0 -505.7 -174.9 -2.1 -247.0 11.4 28.2 -305.2 21.2 44.5 -229.4 -94.6 16.9 -268.6 129.1 13.9 -184.8 -10.3 37.3 -279.6 -25.2 26.6 -284.4 -123.1 56.3 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations -4.0 151.9 114.5 77.7 97.3 466.4 -49.7 -8.0 -434.8 36.9 -16.5 -65.3 -37.9 -16.5 -64.6 -5.9 83.6 -121.0 -72.7 46.4 58.9 -43.4 -83.6 -37.0 -29.7 -112.2 -159.2 24.9 12.3 3.3 16.5 -360.1 -16.7 19 20 21 12 Z.1, September 20, 2012 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 2 3 4 5 6 7 8 9 10 Total Q2 2012 Q3 Q4 Q1 Q2 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -169.4 237.5 905.3 235.9 1240.7 -189.0 1239.0 768.9 95.3 -233.8 -461.9 1443.7 -59.9 154.5 -36.7 -79.9 1579.6 -46.2 97.7 -100.6 -88.2 1066.8 -20.8 -52.2 129.3 228.9 849.7 255.9 -66.4 205.0 -82.3 791.7 -326.7 -69.0 205.0 -278.5 1337.1 -0.5 -16.6 83.2 -221.0 1288.8 -11.7 -56.9 23.8 -3.3 1431.5 -118.7 -45.0 294.9 90.9 1182.8 -18.7 37.6 -191.7 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 332.1 528.1 1075.5 141.3 689.9 99.6 89.3 20.1 -749.7 -428.0 -281.6 -115.8 -96.5 -228.8 -521.9 -30.5 132.5 12.5 -328.0 86.4 21.8 -69.6 -374.8 67.7 80.6 25.2 -370.9 77.9 194.4 -2.9 -304.6 48.2 233.3 97.3 -261.6 152.0 164.9 -141.0 -443.6 148.8 134.7 52.8 -308.0 166.4 7 8 9 10 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares -95.6 295.7 805.8 381.2 185.0 916.3 280.7 -434.5 -22.5 622.4 368.7 11 -460.3 -786.8 264.8 -336.0 315.3 -64.6 -8.1 -278.0 -218.1 -472.7 -36.3 -324.2 -201.4 -510.7 -241.1 -617.5 -393.6 -438.2 -254.2 -344.9 -259.5 -463.9 12 13 147.8 178.7 364.7 -38.5 639.3 31.0 63.7 316.2 490.5 79.1 190.8 389.3 89.0 165.5 403.1 190.9 96.9 952.6 108.6 200.7 482.1 91.2 285.2 -193.4 -34.5 79.2 371.0 59.2 31.5 876.5 83.9 120.5 628.2 14 15 16 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) 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits 0.1 0.0 -0.7 256.0 4.8 0.0 -0.8 -394.3 99.9 3.0 -0.4 -106.0 1.8 0.0 -0.3 25.9 15.9 0.0 0.0 -32.4 14.5 0.0 0.0 203.7 25.1 0.0 0.0 1.6 16.3 0.0 0.0 6.8 7.6 0.0 0.0 -341.9 4.9 0.0 0.0 -124.3 13.2 0.0 0.0 -37.7 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 -53.4 36.7 316.4 283.4 720.9 1823.0 568.4 524.8 -190.6 724.2 -590.9 -7.9 517.2 -141.8 -499.0 -174.4 266.3 298.4 -182.3 -502.9 854.6 234.5 577.3 -204.6 -112.8 2948.8 -488.0 233.5 58.7 -92.4 504.3 515.1 906.3 -19.3 -62.1 312.8 411.9 705.8 -670.6 -319.2 -347.6 499.1 463.7 -187.1 22.5 100.8 -73.4 378.9 -87.5 -207.4 -430.7 303.3 487.3 1.0 -164.4 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables -19.2 -460.3 364.7 202.0 -880.3 264.8 31.0 -169.9 247.8 315.3 490.5 -23.2 -192.5 -8.1 389.3 188.8 -137.0 -218.1 403.1 221.5 121.7 -36.3 952.6 229.1 -290.4 -201.4 482.1 187.7 -695.7 -241.1 -193.4 226.9 316.6 -393.6 371.0 242.4 192.8 -254.2 876.5 392.5 -143.2 -259.5 628.2 72.2 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 276.5 34.2 201.1 -69.3 -397.9 67.0 125.7 -123.8 -95.9 26.5 135.3 -3.4 123.6 17.2 209.0 15.3 97.4 94.1 194.4 13.8 140.4 82.3 203.2 52.6 279.1 87.4 -129.1 -22.7 193.9 119.1 506.2 -9.1 -223.9 87.8 197.5 34.3 177.9 61.9 187.0 18.9 155.0 -7.8 80.7 17.9 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous 18.4 2530.1 -284.1 2195.3 -17.9 -396.7 28.4 1266.8 -13.3 1190.2 -0.1 905.7 -8.0 906.6 -7.9 1608.9 -37.3 1339.7 11.6 890.9 16.1 923.8 19 20 2 3 4 5 21 Total financial sources 9164.6 6466.6 -582.9 2343.4 4117.0 6648.0 3493.6 3031.5 3295.0 3836.3 2802.3 21 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous -1.2 196.5 3.8 -224.8 -36.5 -29.2 -0.8 -347.1 60.7 -600.6 -64.0 1888.9 -4.4 -74.3 29.0 475.6 -32.6 -284.9 -1.1 6.0 -19.4 -71.3 -10.5 491.5 -0.7 23.9 30.1 -113.3 -21.2 -64.8 -1.0 149.4 139.1 -394.5 -1.7 -46.4 -0.7 10.6 -136.8 -172.6 -48.9 -347.7 -0.5 129.9 86.4 -44.2 -70.9 -43.8 -0.5 -194.0 31.9 158.2 36.6 178.8 -0.8 -26.6 38.1 343.2 -62.4 -522.3 -0.6 -1.9 -260.9 -303.0 -7.5 -236.2 22 23 24 25 26 27 28 29 30 31 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 0.0 1.2 -0.1 -26.0 0.0 -3.3 -2.0 26.1 0.0 0.7 -1.0 102.8 0.0 0.0 -1.1 82.4 0.0 -0.1 0.9 26.3 0.0 -52.6 1.0 114.8 0.0 96.7 -0.1 -29.5 0.0 2.2 1.6 -51.8 0.0 -46.8 1.0 71.8 0.0 -46.2 -1.1 149.0 0.0 100.3 -0.3 -53.3 28 29 30 31 32 Totals identified to sectors as assets 9280.9 5508.6 -793.9 1866.8 4235.8 6740.0 4122.5 3022.7 3058.1 3965.5 3565.7 32 13 Z.1, September 20, 2012 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 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 8 9 10 11 12 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 13 14 15 16 17 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 14028.7 14291.5 13973.7 14498.9 15075.7 14814.9 15003.6 15163.2 15321.0 15478.3 15606.1 1 9772.3 10035.5 9845.9 10215.7 10729.0 10566.3 10684.9 10791.2 10873.8 11007.2 11073.7 2 1188.4 2175.5 6408.3 1108.9 2272.8 6653.8 1029.6 2164.8 6651.5 1079.4 2285.5 6850.9 1146.4 2478.4 7104.2 1133.9 2427.5 7004.9 1131.8 2472.4 7080.6 1144.8 2498.7 7147.6 1175.1 2515.0 7183.8 1204.6 2551.3 7251.3 1201.0 2540.9 7331.8 3 4 5 2295.2 2087.6 1549.3 1737.3 1854.9 1755.9 1819.0 1853.8 1991.1 2032.2 2053.0 6 2266.1 2128.7 1703.5 1679.0 1818.3 1722.3 1784.2 1857.8 1909.0 1959.7 1989.0 7 1637.5 120.2 1104.7 225.0 187.5 1656.3 132.0 1130.9 198.4 195.0 1349.3 123.9 903.0 158.0 164.4 1338.4 109.9 918.1 155.6 154.8 1479.6 112.0 1021.5 173.3 172.9 1390.8 101.3 960.2 165.1 164.2 1448.0 108.9 1000.1 170.1 168.8 1519.4 113.9 1048.9 179.3 177.4 1560.1 123.8 1076.7 178.5 181.1 1595.5 119.0 1101.4 187.5 187.6 1616.1 119.7 1115.6 192.7 188.0 8 9 10 11 12 628.7 541.7 15.7 80.5 -9.3 472.4 397.2 5.5 69.6 0.1 354.1 295.5 4.4 54.3 -0.1 340.6 288.9 -1.0 48.0 4.7 338.7 286.4 -2.5 48.6 6.3 331.4 288.0 -5.7 47.5 1.6 336.2 286.7 -2.6 48.2 3.9 338.5 285.8 -5.0 48.4 9.3 348.8 285.2 3.3 50.1 10.3 364.2 298.2 9.3 51.9 4.9 372.9 306.2 8.2 52.1 6.4 13 14 15 16 17 29.1 28.2 0.9 -41.1 -40.2 -0.9 -154.2 -145.3 -8.9 58.4 60.7 -2.3 36.6 39.1 -2.5 33.7 37.6 -3.9 34.8 39.2 -4.4 -4.1 -0.5 -3.6 82.1 80.2 1.9 72.6 71.9 0.7 64.0 64.2 -0.2 18 19 20 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 21 Net U.S. exports of goods and services -713.1 -709.7 -388.7 -511.6 -568.1 -555.4 -572.5 -549.5 -594.8 -615.8 -573.1 21 22 23 Exports - Imports 1661.7 2374.8 1846.8 2556.5 1587.4 1976.2 1844.4 2356.1 2094.2 2662.3 2030.5 2585.9 2092.8 2665.3 2133.3 2682.8 2120.3 2715.1 2157.9 2773.7 2192.9 2766.0 22 23 24 Government consumption expenditures and gross investment 2674.2 2878.1 2967.2 3057.5 3059.8 3048.1 3072.2 3067.7 3051.0 3054.6 3052.5 24 2217.8 848.9 1368.9 2381.0 931.7 1449.2 2460.3 987.0 1473.3 2552.0 1055.8 1496.2 2579.5 1061.5 1518.0 2565.5 1054.2 1511.4 2591.3 1071.0 1520.3 2591.0 1069.0 1522.0 2570.4 1052.0 1518.4 2586.9 1055.6 1531.4 2581.1 1055.0 1526.1 25 26 27 456.5 127.4 329.0 497.2 148.4 348.8 506.9 156.6 350.3 505.5 167.3 338.2 480.2 160.5 319.7 482.6 161.1 321.5 480.9 163.3 317.7 476.8 158.5 318.3 480.5 159.2 321.3 467.6 152.1 315.5 471.4 155.7 315.7 28 29 30 123.3 871.0 747.7 169.2 856.1 686.9 143.5 642.4 498.9 209.3 716.5 507.2 251.9 783.7 531.8 235.3 761.4 526.1 250.0 797.4 547.4 258.3 788.9 530.6 264.0 787.1 523.1 214.9 769.6 554.7 234.6 772.0 537.4 31 32 33 14151.9 14460.7 14117.2 14708.2 15327.5 15050.1 15253.6 15421.5 15585.0 15693.2 15840.6 34 -11.3 -1.7 13.8 -1.3 0.5 -11.2 16.3 14.1 -19.2 -0.0 -9.9 4.4 12.7 -7.1 0.0 -9.2 -2.6 11.5 0.2 -0.0 -9.3 -2.1 11.5 -0.1 -0.1 -9.3 -2.5 11.5 0.3 0.0 -9.3 -2.0 11.5 -0.2 -0.0 -9.3 -1.5 11.5 -0.6 -0.0 -9.2 -2.2 11.4 0.2 -0.2 -9.1 -1.6 11.2 -0.5 0.0 -8.9 -1.9 11.0 -0.2 0.0 35 36 37 38 39 25 26 27 Consumption expenditures (3) Federal State and local 28 29 30 Gross investment (3) Federal State and local Memo: 31 32 33 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 34 Gross National Product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business State and local governments Federal governments Rest of the world (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 14 Z.1, September 20, 2012 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 7 Proprietors’ income with inventory valuation and capital consumption adjustments Rental income of persons (with capital consumption adjustment) 8 Corporate profits with inventory valuation and capital consumption adjustments 6 9 Corporate profits with inventory valuation adjustment 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 12396.4 12609.1 12132.6 12811.4 13358.9 13196.3 13301.1 13390.1 13548.1 13707.2 13791.2 1 7855.9 7402.2 459.9 -6.3 8068.3 7603.2 470.1 -5.0 7799.4 7337.5 456.9 5.0 7970.0 7501.9 468.1 0.0 8295.2 7800.3 494.9 0.0 8236.3 7743.5 492.7 0.0 8286.4 7791.6 494.8 0.0 8318.1 7822.3 495.8 0.0 8340.1 7843.9 496.2 0.0 8495.7 7985.4 510.2 0.0 8562.9 8049.6 513.2 0.0 2 3 4 5 1090.4 1097.9 979.4 1103.4 1157.3 1148.0 1154.7 1161.4 1165.3 1184.3 1197.2 6 143.7 231.6 289.7 349.2 409.7 390.0 404.7 413.8 430.3 445.3 453.4 7 1510.6 1248.4 1342.3 1702.4 1827.0 1723.3 1800.9 1830.5 1953.1 1900.1 1910.5 8 1691.1 1315.5 1443.6 1777.7 1791.6 1679.4 1764.6 1798.8 1923.5 2100.8 2112.4 9 1738.4 1042.0 345.5 350.9 1359.9 831.2 122.2 406.6 1440.5 712.9 374.8 352.8 1816.3 990.5 424.3 401.6 1854.1 1007.0 408.3 438.9 1801.1 963.0 417.6 420.6 1839.7 1037.8 365.6 436.3 1839.3 1010.8 380.8 447.8 1936.4 1016.3 469.1 451.0 2124.5 1240.4 481.2 402.9 2096.5 1232.1 442.2 422.1 10 11 12 13 445.5 293.8 151.7 309.0 227.4 81.6 269.4 177.8 91.6 373.3 222.9 150.4 379.0 246.8 132.2 398.7 244.0 154.7 385.1 253.9 131.2 362.0 248.1 113.9 370.4 241.2 129.2 453.6 304.3 149.3 448.2 303.8 144.4 14 15 16 10 11 12 13 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 14 15 16 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 17 18 19 20 21 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1292.9 794.5 484.6 165.2 144.8 1050.9 786.9 474.1 132.2 180.5 1171.1 554.1 351.7 90.5 111.9 1443.0 600.9 385.7 95.3 119.9 1475.1 697.2 425.3 128.7 143.2 1402.5 677.6 407.3 125.1 145.2 1454.5 687.5 435.8 126.9 124.8 1477.3 705.9 428.6 130.3 147.0 1566.1 717.9 429.7 132.5 155.7 1670.9 727.1 432.8 149.1 145.2 1648.3 748.0 453.4 168.4 126.2 17 18 19 20 21 22 23 24 25 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 498.4 263.6 28.7 206.1 264.0 129.6 -91.7 226.1 617.0 183.4 192.7 240.9 842.1 381.9 178.5 281.7 777.9 334.8 147.3 295.7 724.9 311.6 137.9 275.4 767.1 348.1 107.5 311.5 771.4 334.1 136.6 300.7 848.2 345.5 207.4 295.2 943.7 503.3 182.8 257.6 900.2 474.9 129.5 295.9 22 23 24 25 26 Inventory valuation adjustment -47.2 -44.5 3.2 -38.7 -62.6 -121.7 -75.0 -40.6 -12.9 -23.7 16.0 26 27 28 29 Capital consumption adjustment Domestic nonfinancial Domestic financial -180.5 -158.8 -21.7 -67.1 -31.7 -35.4 -101.3 -55.4 -45.9 -75.2 -34.7 -40.5 35.4 62.7 -27.3 43.9 70.1 -26.2 36.3 63.6 -27.3 31.7 59.3 -27.6 29.6 57.6 -28.0 -200.7 -148.4 -52.3 -202.0 -149.4 -52.6 27 28 29 30 Net interest and miscellaneous payments 31 32 33 34 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 731.6 870.1 640.5 567.9 527.4 551.4 513.8 528.4 515.9 515.6 492.7 30 1027.2 54.6 103.3 -11.8 1038.6 52.9 123.0 -16.0 1023.2 59.7 133.4 -15.6 1055.0 57.0 140.0 -19.5 1097.9 61.6 132.6 -26.5 1084.5 59.6 145.7 -23.1 1099.0 61.9 127.9 -24.4 1098.2 62.4 129.5 -27.5 1109.8 62.7 127.4 -31.1 1128.5 60.8 130.5 -32.0 1135.5 60.9 134.1 -34.1 31 32 33 34 12396.4 12609.1 12132.6 12811.4 13358.9 13196.3 13301.1 13390.1 13548.1 13707.2 13791.2 35 1476.2 291.3 -12.0 1542.9 311.2 -2.4 1542.8 323.5 118.3 1539.9 333.5 23.3 1587.4 349.4 31.9 1561.7 342.6 -50.4 1580.4 347.1 25.1 1596.5 352.4 82.5 1611.0 355.5 70.3 1625.9 359.0 1.1 1640.8 362.7 46.1 36 37 38 123.3 169.2 143.5 209.3 251.9 235.3 250.0 258.3 264.0 214.9 234.6 39 14028.7 14291.5 13973.7 14498.9 15075.7 14814.9 15003.6 15163.2 15321.0 15478.3 15606.1 40 Memo: Calculation of Gross Domestic Product from National Income: (2) 35 National Income, from line 1 above 36 37 38 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 39 Less: Net U.S. income receipts from rest of the world 40 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. 15 Z.1, September 20, 2012 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Gross saving 2047.7 1908.2 1555.8 1770.7 1837.5 1811.2 1800.7 1813.1 1925.0 1945.6 1983.4 1 2 3 4 5 6 7 8 9 10 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 280.2 513.2 270.7 226.3 44.3 242.5 -233.0 -245.2 12.2 54.1 739.8 152.5 237.5 -85.0 587.3 -685.7 -613.5 -72.2 -310.5 1032.0 518.8 324.3 194.5 513.2 -1342.6 -1229.3 -113.2 -102.8 1294.9 728.2 533.1 195.1 566.7 -1397.7 -1308.0 -89.7 -99.3 1240.1 750.7 572.5 178.2 489.4 -1339.4 -1237.4 -102.0 -93.1 1232.9 647.0 519.1 127.9 585.9 -1326.0 -1227.3 -98.7 -126.7 1255.6 728.4 576.1 152.3 527.2 -1382.3 -1307.7 -74.6 -135.8 1214.2 762.6 586.0 176.6 451.6 -1350.0 -1232.0 -118.0 -41.6 1257.5 864.9 608.9 256.0 392.7 -1299.1 -1182.6 -116.5 -39.3 1147.1 719.4 551.6 167.8 427.7 -1186.4 -1058.7 -127.6 -20.0 1187.1 714.2 567.0 147.2 472.9 -1207.1 -1094.5 -112.7 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 1767.5 1476.2 1190.7 840.1 210.1 140.6 285.5 291.3 112.6 178.7 1854.1 1542.9 1248.3 864.3 211.3 172.7 294.6 311.2 120.0 191.2 1866.3 1542.8 1250.0 862.5 211.0 176.6 292.7 323.5 124.8 198.8 1873.4 1539.9 1245.0 860.1 209.9 175.0 294.9 333.5 130.2 203.3 1936.8 1587.4 1285.7 893.7 215.0 177.0 301.7 349.4 137.0 212.4 1904.3 1561.7 1262.7 876.0 211.8 174.9 298.9 342.6 134.7 207.9 1927.4 1580.4 1279.3 888.8 214.0 176.5 301.0 347.1 136.2 210.8 1948.9 1596.5 1293.9 900.3 216.2 177.4 302.6 352.4 138.5 213.9 1966.6 1611.0 1306.8 909.7 218.0 179.1 304.2 355.5 138.7 216.8 1984.9 1625.9 1321.3 920.8 219.8 180.8 304.6 359.0 139.7 219.2 2003.4 1640.8 1334.4 930.4 221.5 182.5 306.4 362.7 141.0 221.7 11 12 13 14 15 16 17 18 19 20 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2035.7 1905.8 1674.1 1794.0 1869.4 1760.8 1825.8 1895.6 1995.3 1946.7 2029.5 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 2751.7 2295.2 1633.3 1162.2 283.7 187.5 661.9 456.5 127.4 329.0 2584.8 2087.6 1558.4 1096.2 267.2 195.0 529.2 497.2 148.4 348.8 2056.2 1549.3 1129.8 762.0 203.4 164.4 419.4 506.9 156.6 350.3 2242.9 1737.3 1338.5 982.4 201.3 154.8 398.8 505.5 167.3 338.2 2335.1 1854.9 1456.5 1064.3 219.3 172.9 398.4 480.2 160.5 319.7 2238.5 1755.9 1366.5 996.2 206.1 164.2 389.4 482.6 161.1 321.5 2300.0 1819.0 1423.4 1041.9 212.6 168.8 395.6 480.9 163.3 317.7 2330.5 1853.8 1454.1 1051.9 224.9 177.4 399.7 476.8 158.5 318.3 2471.6 1991.1 1582.1 1167.2 233.8 181.1 409.0 480.5 159.2 321.3 2499.9 2032.2 1615.0 1188.8 238.7 187.6 417.2 467.6 152.1 315.5 2524.3 2053.0 1627.0 1200.9 238.1 188.0 426.0 471.4 155.7 315.7 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local -0.1 -10.0 -1.7 -1.7 0.0 0.0 -8.3 10.0 55.0 -45.1 -5.4 -71.0 -51.2 12.6 -3.3 -60.5 -19.8 65.6 114.3 -48.7 0.6 -141.8 -85.3 42.6 -6.0 -121.9 -56.6 142.4 196.2 -53.8 0.7 -80.7 -30.6 18.6 -7.8 -41.5 -50.1 81.4 145.4 -64.0 1.7 -70.4 -41.7 -7.8 -1.6 -32.4 -28.7 72.1 133.1 -61.0 0.6 -50.9 -21.8 -7.7 -1.6 -12.5 -29.1 51.5 111.3 -59.7 3.8 -73.4 -43.0 -7.1 -1.6 -34.3 -30.4 77.2 137.4 -60.2 1.6 -68.8 -37.7 -8.4 -1.6 -27.7 -31.1 70.4 131.9 -61.5 0.7 -88.6 -64.5 -7.8 -1.6 -55.2 -24.1 89.3 152.1 -62.8 0.5 -43.6 -25.8 -6.6 -0.3 -18.9 -17.8 44.0 101.4 -57.4 0.5 -22.5 -8.7 -8.3 -0.3 -0.1 -13.8 23.0 82.1 -59.1 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Net lending (+) or net borrowing (-), NIPAs (3) Private Domestic business Nonfinancial corporate business (3) Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local -715.9 -307.8 -182.2 -106.0 -73.6 -2.6 -125.7 -408.1 -315.0 -93.1 -673.6 263.7 -108.8 -9.5 -52.6 -46.7 372.6 -937.3 -756.2 -181.1 -382.7 1285.6 842.6 500.4 13.6 328.6 443.0 -1668.3 -1457.4 -210.9 -449.5 1201.5 688.6 415.4 16.4 256.8 512.9 -1651.0 -1490.5 -160.5 -467.5 1074.8 653.5 441.5 -2.7 214.7 421.3 -1542.3 -1394.1 -148.2 -478.3 1039.2 514.5 356.1 7.3 151.1 524.6 -1517.5 -1365.0 -152.5 -477.9 1115.5 652.5 455.3 3.0 194.2 463.0 -1593.4 -1472.2 -121.2 -436.6 1108.3 722.6 525.3 -7.0 204.4 385.7 -1544.8 -1384.0 -160.9 -477.0 1036.4 724.4 429.4 -14.1 309.1 312.0 -1513.4 -1355.1 -158.3 -553.6 785.5 452.6 291.3 -18.6 179.9 332.9 -1339.1 -1172.5 -166.6 -495.3 843.5 476.4 350.9 -16.3 141.8 367.1 -1338.8 -1191.3 -147.6 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) -12.0 -2.4 118.3 23.3 31.9 -50.4 25.1 82.5 70.3 1.1 46.1 52 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19.1 19.1 10.8 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). 16 Z.1, September 20, 2012 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 Capital transfers paid, by sector By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 114.5 209.6 289.3 205.8 157.3 132.5 158.9 156.3 181.7 144.4 132.1 1 0.0 0.0 0.0 0.0 0.0 0.0 7.6 7.6 7.6 0.0 0.0 0.0 40.4 0.0 0.0 0.0 40.4 0.0 25.8 0.0 0.0 0.0 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to the rest of the world (net) State and local Disaster-related insurance benefits 82.8 82.8 53.7 0.0 0.0 0.0 28.7 0.4 0.0 0.0 161.8 161.8 57.1 2.8 67.7 0.1 33.3 0.8 0.0 0.0 223.9 223.9 62.0 0.0 121.9 8.1 31.3 0.6 0.0 0.0 160.2 160.2 70.7 0.0 41.5 12.3 35.0 0.7 0.0 0.0 142.8 142.8 67.6 0.0 32.4 7.3 33.9 1.6 0.0 0.0 119.3 119.3 66.3 0.0 12.5 6.8 33.0 0.6 0.0 0.0 145.8 145.8 66.8 0.0 34.3 6.7 34.2 3.8 0.0 0.0 142.0 142.0 68.1 0.0 27.7 8.4 36.2 1.6 0.0 0.0 164.4 164.4 69.3 0.0 55.2 7.2 32.2 0.5 0.0 0.0 120.8 120.8 63.9 0.0 18.9 5.3 32.3 0.5 0.0 0.0 104.9 104.9 65.6 0.0 0.1 6.7 32.1 0.5 0.0 0.0 8 9 10 11 12 13 14 15 16 17 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 31.7 26.5 5.3 34.0 28.3 5.8 25.0 20.6 4.4 19.8 15.1 4.7 14.5 9.6 4.9 13.2 8.3 4.9 13.1 8.2 4.9 14.3 9.5 4.9 17.3 12.5 4.8 23.6 18.9 4.7 27.2 22.6 4.6 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 6.2 6.2 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 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 114.5 209.6 289.3 205.8 157.3 132.5 158.9 156.3 181.7 144.4 132.1 24 25 26 27 28 29 30 31 32 33 34 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75.0 68.1 0.4 67.7 3.7 3.6 0.1 3.3 3.3 0.0 130.0 121.9 0.0 121.9 2.1 0.0 2.1 6.0 0.0 6.0 53.8 41.5 0.0 41.5 4.6 0.0 4.6 7.8 0.0 7.8 39.7 32.4 0.0 32.4 5.7 0.0 5.7 1.6 0.0 1.6 19.3 12.5 0.0 12.5 5.2 0.0 5.2 1.6 0.0 1.6 41.0 34.3 0.0 34.3 5.2 0.0 5.2 1.6 0.0 1.6 36.1 27.7 0.0 27.7 6.8 0.0 6.8 1.6 0.0 1.6 62.4 55.2 0.0 55.2 5.6 0.0 5.6 1.6 0.0 1.6 24.1 18.9 0.0 18.9 5.0 0.0 5.0 0.3 0.0 0.3 6.8 0.1 0.0 0.1 6.4 0.0 6.4 0.3 0.0 0.3 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 By government Federal Estate and gift taxes paid by persons State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 85.4 26.5 26.5 58.9 0.0 5.3 53.7 0.0 91.1 28.3 28.3 62.8 0.0 5.8 57.1 0.0 87.1 20.6 20.6 66.5 0.0 4.4 62.0 0.0 90.7 15.1 15.1 75.6 0.0 4.7 70.7 0.2 82.1 9.6 9.6 72.5 0.0 4.9 67.6 0.0 79.5 8.3 8.3 71.2 0.0 4.9 66.3 0.0 79.9 8.2 8.2 71.7 0.0 4.9 66.8 0.0 82.4 9.5 9.5 72.9 0.0 4.9 68.1 0.0 86.6 12.5 12.5 74.1 0.0 4.8 69.3 0.0 87.5 18.9 18.9 68.5 0.0 4.7 63.9 0.0 92.7 22.6 22.6 70.1 0.0 4.6 65.6 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 28.7 0.0 28.7 42.6 9.3 33.3 71.7 0.0 71.7 60.7 0.0 60.7 33.9 0.0 33.9 33.0 0.0 33.0 34.2 0.0 34.2 36.2 0.0 36.2 32.2 0.0 32.2 32.3 0.0 32.3 32.1 0.0 32.1 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.4 0.4 0.0 0.8 0.8 0.0 0.6 0.6 0.0 0.7 0.7 0.0 1.6 1.6 0.0 0.6 0.6 0.0 3.8 3.8 0.0 1.6 1.6 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 46 47 48 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -67.5 -60.5 7.6 -29.7 -29.3 -0.4 -6.9 -3.2 -28.3 -3.7 -3.3 -89.6 -121.9 0.0 -18.2 -18.2 0.0 -87.1 -11.3 -5.3 38.3 -6.0 -28.0 -41.5 0.0 2.4 2.4 0.0 -40.2 -1.5 -2.2 21.2 -7.8 -39.7 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -5.7 -1.6 -19.3 -12.5 0.0 14.6 14.6 0.0 -12.4 -1.1 -13.6 -5.2 -1.6 -41.0 -34.3 0.0 -0.3 -0.3 0.0 -34.0 0.0 0.0 -5.2 -1.6 -36.1 -27.7 0.0 -1.4 -1.4 0.0 -26.3 0.0 0.0 -6.8 -1.6 -62.4 -55.2 0.0 -0.0 -0.0 0.0 -55.1 0.0 0.0 -5.6 -1.6 -24.1 -18.9 0.0 0.0 0.0 0.0 -18.9 0.0 0.0 -5.0 -0.3 -6.8 -0.1 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 -6.4 -0.3 49 50 51 52 53 54 55 56 57 58 59 -2.6 56.3 -58.9 70.6 133.5 -62.8 136.8 203.3 -66.5 69.6 145.2 -75.6 60.7 133.2 -72.5 39.7 110.9 -71.2 65.9 137.6 -71.7 59.6 132.5 -72.9 77.7 151.8 -74.1 33.3 101.9 -68.5 12.2 82.3 -70.1 60 61 62 3.0 -8.6 -46.6 -40.9 -19.4 -19.8 -21.1 -21.8 -14.9 -8.7 -4.9 63 -0.4 5.4 -0.6 -0.7 -1.6 -0.6 -3.8 -1.6 -0.5 -0.5 -0.5 64 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered depository institutions Financial stabilization payments (2) Other (lines 5-27) Government-sponsored enterprises (2) Holding companies (GMAC) (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 63 By persons (lines 18-43) 64 By the rest of the world (lines 21-46) (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts. 17 Z.1, September 20, 2012 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 1504.1 744.6 134.5 380.7 748.5 944.3 252.3 908.7 888.7 1098.3 1324.2 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.4 -7.7 496.0 234.4 -23.7 228.2 203.0 236.2 -6.4 44.4 122.8 -270.4 1.6 -45.4 188.1 -177.5 -1.9 291.9 377.9 -22.0 12.2 107.1 250.2 85.9 0.1 304.2 684.3 55.7 0.4 449.9 176.3 -10.6 -20.5 306.4 400.8 -219.1 -7.5 125.6 451.2 53.4 -2.3 69.6 403.4 7.9 2 3 4 5 -121.5 -10.2 -6.0 -59.1 324.6 42.4 216.3 -842.3 212.8 -144.4 -101.3 -2.4 138.4 89.5 40.7 -218.3 -99.1 8.3 265.9 28.7 -2.8 407.9 -565.3 128.5 -127.8 90.7 305.9 234.0 28.8 -3.3 370.4 1.3 57.3 -287.4 -136.1 203.0 -262.4 -5.3 -2.7 -265.6 -25.3 -61.4 -26.7 -173.9 298.4 212.9 17.7 -4.3 -925.8 332.8 38.3 5.3 20.2 728.7 -943.0 -11.9 -3.8 -606.6 -179.8 -70.4 38.6 -378.2 269.1 -578.5 -18.5 -2.7 58.3 -215.4 -55.1 -161.1 -72.7 -111.3 259.0 -8.4 -0.1 411.8 -38.7 -158.5 10.5 -264.9 307.2 204.0 -25.8 -1.5 393.3 -176.5 -204.5 -366.0 -151.5 736.5 741.2 -18.5 -2.4 846.0 -54.1 -70.5 -314.5 -124.2 479.5 6 7 8 9 10 11 12 13 14 6 7 8 9 10 11 12 13 14 Securities Open market paper U.S. savings bonds Treasury bills and other Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 Life insurance reserves Pension fund reserves 18.0 201.1 61.7 125.7 23.7 135.3 9.0 209.0 86.9 194.4 76.8 203.2 83.6 -129.1 109.5 506.2 77.6 197.5 25.0 187.0 -16.8 80.7 15 16 17 Miscellaneous and other assets 668.4 57.9 -180.9 -38.0 83.7 -3.9 196.5 255.3 -113.0 59.6 40.6 17 18 19 20 21 22 23 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 2063.9 622.2 345.3 1106.8 -11.3 0.9 1826.4 466.8 330.4 1041.3 -11.2 -0.9 1587.9 349.8 281.9 975.1 -9.9 -8.9 1599.8 336.9 265.5 1008.9 -9.2 -2.3 1680.0 335.0 285.2 1071.6 -9.3 -2.5 1648.6 335.5 266.4 1059.9 -9.3 -3.9 1658.3 335.0 279.1 1057.9 -9.3 -4.4 1684.6 334.2 293.1 1070.1 -9.3 -3.6 1728.7 335.3 302.4 1098.3 -9.2 1.9 1774.1 350.0 306.5 1125.9 -9.1 0.7 1784.2 358.3 312.5 1122.6 -8.9 -0.2 18 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1346.1 269.8 202.2 874.0 1412.4 272.2 233.7 906.5 1421.1 266.2 237.5 917.4 1420.6 267.2 237.6 915.8 1454.9 271.0 245.7 938.1 1434.6 266.6 244.3 923.7 1447.1 269.8 245.3 932.0 1463.3 272.6 246.1 944.6 1474.5 275.1 247.2 952.2 1458.4 277.6 246.8 934.0 1471.0 280.1 247.8 943.0 24 25 26 27 28 Net investment in nonfinancial assets (3) 717.8 414.0 166.8 179.3 225.2 214.0 211.1 221.3 254.2 315.7 313.2 28 352.4 143.0 232.8 -11.3 0.9 194.7 96.7 134.8 -11.2 -0.9 83.7 44.4 57.7 -9.9 -8.9 69.7 27.9 93.1 -9.2 -2.3 64.0 39.5 133.4 -9.3 -2.5 68.9 22.1 136.2 -9.3 -3.9 65.1 33.8 125.9 -9.3 -4.4 61.6 47.1 125.5 -9.3 -3.6 60.2 55.2 146.2 -9.2 1.9 72.4 59.7 192.0 -9.1 0.7 78.2 64.7 179.5 -8.9 -0.2 29 30 31 32 33 1491.6 288.8 -279.8 -375.2 -228.9 -141.1 -369.1 -445.0 39.6 69.7 84.8 34 721.6 286.4 141.3 3.6 33.4 305.3 -104.1 230.9 20.1 5.9 -160.7 296.8 -187.0 21.9 -115.8 0.7 38.1 -37.7 -346.9 -94.7 -30.5 3.4 75.2 18.4 -251.8 -49.4 86.4 2.4 -39.7 23.1 -285.2 -61.1 67.7 1.2 150.2 -13.8 -264.1 -74.1 77.9 2.8 -11.5 -100.1 -197.3 -62.7 48.2 3.7 -243.7 6.9 -260.5 0.4 152.0 2.0 -53.6 199.4 -340.2 -76.8 148.8 -0.2 116.8 221.2 -213.4 -70.1 166.4 -1.0 -93.1 296.1 35 36 37 38 39 40 3.0 -11.9 -52.6 -48.7 -21.0 -21.4 -22.7 -23.4 -16.5 -9.1 -5.2 41 29 30 31 32 33 34 35 36 37 38 39 40 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities Home mortgages Other mortgages Consumer credit Policy loans Security credit Other liabilities 41 Net capital transfers paid (4) 42 Personal saving, FOF concept (FOF) 733.4 858.0 528.5 886.5 1181.6 1278.0 809.8 1551.6 1086.8 1335.3 1547.5 42 43 44 - Net investment in consumer durables - Government insurance and pension fund reserves (5) 232.8 0.1 134.8 -0.6 57.7 0.5 93.1 -1.7 133.4 -0.4 136.2 -2.7 125.9 -0.1 125.5 0.5 146.2 0.6 192.0 -2.7 179.5 -0.1 43 44 45 = Personal saving, NIPA concept (FOF) (6) 500.5 723.8 470.4 795.1 1048.5 1144.5 684.0 1425.6 940.0 1146.0 1368.1 45 46 Personal saving, NIPA concept (NIPA) 248.7 592.3 508.2 566.7 489.4 585.9 527.2 451.6 392.7 427.7 472.9 46 47 Difference 251.7 131.5 -37.8 228.4 559.2 558.6 156.8 973.9 547.4 718.4 895.2 47 48 Memo: Disposable personal income 10423.6 11024.5 10722.4 11127.1 11549.3 11484.1 11542.3 11572.6 11598.3 11776.4 11887.7 48 49 50 51 52 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 42) NIPA concept (FOF data) (line 45) NIPA concept (NIPA data) (line 46) Difference (line 47) 7.0 4.8 2.4 2.4 7.8 6.6 5.4 1.2 4.9 4.4 4.7 -0.4 8.0 7.1 5.1 2.1 10.2 9.1 4.2 4.8 11.1 10.0 5.1 4.9 7.0 5.9 4.6 1.4 13.4 12.3 3.9 8.4 9.4 8.1 3.4 4.7 11.3 9.7 3.6 6.1 13.0 11.5 4.0 7.5 49 50 51 52 (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14) and life insurance and pension reserves (lines 15 and 16)). (3) Line 18 less line 24. (4) Table F.9, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 44) plus net investment in nonfinancial assets net of consumer durables (line 28 less line 43) less net increase in liabilities (line 34) plus net capital transfers paid (line 41). Line 46 is disposable personal income (line 48) less personal outlays (table F.100, line 4). 18 Z.1, September 20, 2012 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 11912.3 1488.7 10423.6 10174.9 248.7 12460.2 1435.7 11024.5 10432.2 592.3 11867.0 1144.6 10722.4 10214.3 508.2 12321.9 1194.8 11127.1 10560.4 566.7 12947.3 1398.0 11549.3 11059.9 489.4 12856.5 1372.5 11484.1 10898.1 585.9 12938.9 1396.6 11542.3 11015.1 527.2 12976.3 1403.8 11572.6 11120.9 451.6 13017.4 1419.1 11598.3 11205.6 392.7 13227.1 1450.8 11776.4 11348.7 427.7 13362.4 1474.7 11887.7 11414.9 472.9 1 2 3 4 5 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) 0.1 232.8 1161.8 3.0 -0.6 134.8 1201.2 -8.6 0.5 57.7 1210.1 -46.6 -1.7 93.1 1210.7 -40.9 -0.4 133.4 1239.8 -19.4 -2.7 136.2 1222.6 -19.8 -0.1 125.9 1233.0 -21.1 0.5 125.5 1247.2 -21.8 0.6 146.2 1256.4 -14.9 -2.7 192.0 1238.6 -8.7 -0.1 179.5 1249.4 -4.9 6 7 8 9 10 = Gross saving less net capital transfers paid 1640.4 1936.2 1823.1 1909.7 1881.6 1961.9 1907.2 1846.7 1810.7 1864.3 1906.6 10 11 Gross investment 1892.2 2067.7 1785.2 2138.0 2440.8 2520.5 2063.9 2820.6 2358.1 2582.6 2801.8 11 1757.4 541.7 1106.8 120.2 -11.3 1559.3 397.2 1041.3 132.0 -11.2 1384.6 295.5 975.1 123.9 -9.9 1398.5 288.9 1008.9 109.9 -9.2 1460.7 286.4 1071.6 112.0 -9.3 1439.9 288.0 1059.9 101.3 -9.3 1444.2 286.7 1057.9 108.9 -9.3 1460.5 285.8 1070.1 113.9 -9.3 1498.1 285.2 1098.3 123.8 -9.2 1534.0 298.2 1125.9 119.0 -9.1 1539.6 306.2 1122.6 119.7 -8.9 12 13 14 15 16 17 12 13 14 15 16 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Nonproduced nonfinancial assets 17 Net lending (+) or net borrowing (-) 134.8 508.4 400.7 739.5 980.1 1080.5 619.7 1360.1 860.0 1048.6 1262.2 18 Net acquisition of financial assets 1040.7 351.8 221.1 543.3 744.9 987.6 268.6 901.9 821.4 1058.2 1336.6 18 19 20 21 22 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.4 -74.6 481.1 232.2 -23.7 224.4 204.2 235.1 -6.4 24.0 127.6 -268.7 1.6 -25.6 201.5 -174.7 -1.9 292.3 379.1 -21.8 12.2 111.4 254.0 86.7 0.1 306.9 687.2 56.3 0.4 450.3 177.6 -10.3 -20.5 300.5 397.8 -219.8 -7.5 121.4 449.4 53.0 -2.3 69.0 404.0 8.0 19 20 21 22 23 Credit market instruments 501.7 -32.1 -140.2 157.1 -400.2 -548.9 -844.3 -401.7 194.0 -384.7 368.6 23 -10.2 -68.1 -6.0 -62.1 324.6 42.9 216.3 8.5 -12.3 -101.3 143.5 -2.4 146.0 89.5 41.0 -218.3 12.2 1.4 28.7 410.8 -2.8 413.6 -565.3 128.4 -127.8 -5.3 -9.7 28.8 368.9 -3.3 372.2 1.3 57.5 -287.4 -0.6 -11.3 -5.3 -268.1 -2.7 -265.4 -25.3 -61.4 -26.7 -2.8 -10.7 17.7 -929.6 -4.3 -925.3 332.8 38.3 5.3 -3.8 -9.6 -11.9 -610.0 -3.8 -606.2 -179.8 -70.3 38.6 1.7 -12.6 -18.5 55.8 -2.7 58.5 -215.4 -55.1 -161.1 -0.4 -6.9 -8.4 411.3 -0.1 411.4 -38.7 -158.5 10.5 -8.7 -13.5 -25.8 391.5 -1.5 393.1 -176.5 -204.6 -366.0 12.6 -16.0 -18.5 843.7 -2.4 846.1 -54.1 -70.5 -314.5 -1.6 -15.9 24 25 26 27 28 29 30 31 32 -842.3 212.8 210.8 18.0 201.1 18.4 66.1 -99.1 8.3 -123.8 61.7 125.7 -284.1 55.1 90.7 305.9 -74.1 23.7 135.3 -17.9 21.1 -136.1 203.0 25.7 9.0 209.0 28.4 44.4 -173.9 298.4 58.1 86.9 194.4 -13.3 46.8 20.2 728.7 36.2 76.8 203.2 -0.1 7.2 -378.2 269.1 217.7 83.6 -129.1 -8.0 7.5 -72.7 -111.3 188.7 109.5 506.2 -7.9 73.0 -264.9 307.2 -210.3 77.6 197.5 -37.3 99.7 -151.5 736.5 39.9 25.0 187.0 11.6 -22.0 -124.2 479.5 61.5 -16.8 80.7 16.1 -7.4 33 34 35 36 37 38 39 905.9 -156.6 -179.6 -196.2 -235.2 -93.0 -351.1 -458.3 -38.6 9.6 74.4 40 856.9 -21.3 -228.8 -295.4 -209.1 -264.9 -355.5 -223.1 6.9 -121.3 157.3 41 687.6 141.3 20.6 -9.1 3.2 13.3 -57.1 20.1 8.0 4.6 6.2 -3.0 -145.5 -115.8 6.0 33.0 0.5 -6.9 -305.3 -30.5 -2.3 52.4 2.4 -12.1 -229.3 86.4 -7.8 -53.9 1.9 -6.4 -256.6 67.7 -1.4 -68.9 0.9 -6.5 -238.0 77.9 -4.7 -184.5 2.1 -8.2 -178.4 48.2 -18.5 -69.8 3.7 -8.2 -244.2 152.0 -6.7 107.6 1.1 -2.8 -323.3 148.8 -8.7 70.4 -1.2 -7.2 -205.0 166.4 -18.8 223.6 -0.6 -8.3 42 43 44 45 46 47 33.4 14.6 -160.7 22.2 38.1 16.0 75.2 21.4 -39.7 14.0 150.2 20.0 -11.5 14.0 -243.7 13.6 -53.6 8.5 116.8 6.6 -93.1 2.8 48 49 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 50 -251.7 -131.5 37.8 -228.4 -559.2 -558.6 -156.8 -973.9 -547.4 -718.4 -895.2 51 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 Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (7) Consumer credit Municipal securities Depository institution loans n.e.c. (8) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.9, line 63. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 34) and life insurance and pension reserves (lines 36 and 37). (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23. (8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 17. 19 Z.1, September 20, 2012 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Income before taxes 2208.0 2030.6 1792.6 2206.9 2290.1 2230.7 2316.8 2299.3 2313.7 2561.5 2568.5 1 2 Gross saving less net capital transfers paid 1251.0 1318.9 1364.5 1589.0 1688.1 1573.7 1697.4 1718.7 1762.5 1685.1 1739.1 2 3 Gross investment 1125.1 384.0 1545.4 1332.0 1504.6 1373.7 1484.2 1584.4 1576.0 1646.5 1551.1 3 1453.4 1379.6 969.9 1176.5 1275.3 1198.2 1248.7 1265.9 1388.5 1420.9 1430.7 4 1426.0 96.2 1329.8 1404.4 75.1 1329.3 1119.7 58.8 1060.9 1120.7 47.0 1073.7 1240.8 46.1 1194.7 1167.1 41.8 1125.3 1215.9 45.6 1170.3 1271.6 43.4 1228.1 1308.6 53.4 1255.2 1350.0 61.2 1288.9 1368.6 60.3 1308.3 5 6 7 29.1 -1.7 -41.1 16.3 -154.2 4.4 58.4 -2.6 36.6 -2.1 33.7 -2.5 34.8 -2.0 -4.1 -1.5 82.1 -2.2 72.6 -1.6 64.0 -1.9 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net lending (+) or net borrowing (-) -328.3 -995.6 575.6 155.6 229.2 175.5 235.5 318.5 187.5 225.6 120.5 10 11 Net acquisition of financial assets 1554.3 -506.7 206.5 634.5 845.8 442.1 782.6 1142.3 1016.3 913.9 845.0 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 59.3 -40.7 129.4 -7.5 -25.5 -108.8 -60.7 163.2 -0.9 6.8 160.3 102.1 -70.6 0.7 9.6 136.0 9.1 -159.7 4.2 -7.1 68.6 24.1 -33.0 0.7 28.2 139.9 6.6 -61.0 2.3 -27.0 -22.2 144.3 -47.7 1.0 -14.9 166.4 -40.4 -69.5 -3.5 -14.6 -9.6 -14.2 46.0 3.1 -50.6 20.3 42.6 -72.5 4.1 -1.5 5.6 17.2 -49.1 1.6 12 13 14 15 16 17 Credit market instruments -67.9 -47.2 0.9 8.1 -14.8 1.8 -3.3 -61.4 3.7 95.0 -22.4 17 18 19 20 21 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities -53.2 -4.1 -2.4 0.6 -12.2 -15.4 -2.6 -3.4 -1.3 6.8 4.2 1.1 11.8 3.1 1.6 -3.2 -8.5 -0.4 -0.1 -4.5 19.2 -22.7 -7.4 -18.0 -13.2 -4.3 12.0 -1.3 -35.3 11.6 -9.4 2.7 -4.8 13.8 4.5 -1.6 20.4 21.0 6.9 11.1 -26.1 14.1 -5.3 -5.4 18 19 20 21 22 23 Mortgages Consumer credit -11.0 2.2 -10.7 -3.0 -5.3 -4.6 -2.9 -2.3 -1.6 0.4 -1.9 32.7 -1.8 5.3 -1.6 -29.4 -1.2 -7.0 -1.3 36.9 -1.6 1.8 22 23 -4.8 216.6 1269.1 -16.7 -170.7 -239.3 35.5 -54.9 25.8 11.2 116.2 499.7 -11.2 184.1 634.4 -11.2 122.1 213.4 -11.2 212.3 536.4 -11.2 234.0 942.9 -11.2 168.0 845.0 -11.2 226.6 659.6 -11.2 122.8 782.1 24 25 26 1882.7 488.9 -369.1 478.9 616.6 266.6 547.1 823.9 828.8 688.3 724.5 27 1300.1 668.5 -263.3 85.9 525.7 411.7 594.4 482.3 614.3 401.4 582.2 28 24 25 26 27 28 Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 29 30 31 Commercial paper Municipal securities Corporate bonds 11.3 69.0 311.1 7.7 68.2 205.5 -73.1 37.8 387.6 24.5 34.7 422.8 33.4 15.1 384.6 25.8 20.6 404.3 49.5 14.5 461.2 29.7 10.0 322.4 28.5 15.3 350.4 -43.8 1.2 470.1 145.9 33.9 370.2 29 30 31 32 33 34 Depository institution loans n.e.c. Other loans and advances Mortgages 237.1 301.6 369.9 183.7 60.8 142.7 -336.0 -147.0 -132.6 -103.8 -87.6 -204.7 125.6 68.3 -101.3 94.0 -14.2 -118.8 93.3 119.0 -143.2 166.3 76.2 -122.2 148.8 92.4 -21.1 216.3 -118.8 -123.5 169.8 -16.6 -121.0 32 33 34 -786.8 111.1 -45.8 1288.1 -336.0 -219.3 9.8 661.4 -64.6 -77.7 -9.5 60.2 -278.0 144.1 2.3 496.5 -472.7 176.6 4.5 394.1 -324.2 131.7 21.5 17.2 -510.7 191.7 -14.6 294.2 -617.5 187.2 8.6 778.3 -438.2 195.7 2.6 486.8 -344.9 307.6 -4.7 346.7 -463.9 89.2 18.2 488.2 35 36 37 38 16.0 -295.6 -14.2 28.1 -11.7 8.6 -7.8 -15.1 -32.4 -17.7 10.7 39 126.0 934.9 -180.9 257.0 183.5 200.0 213.2 134.4 186.5 38.6 188.0 40 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities 39 Proprietors’ net investment 40 Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 20 Z.1, September 20, 2012 F.102 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 10 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) - Net capital transfers paid (2) = Total internal funds + IVA Gross investment 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1042.0 293.8 484.6 681.8 945.4 168.5 -47.2 -0.0 1066.8 831.2 227.4 474.1 831.6 961.2 183.9 -44.5 -3.7 1104.4 712.9 177.8 351.7 805.5 988.9 193.8 3.2 38.3 1147.5 990.5 222.9 385.7 823.3 1205.1 226.1 -38.7 21.2 1371.4 1007.0 246.8 425.3 954.9 1289.8 238.5 -62.6 -5.7 1471.4 963.0 244.0 407.3 944.2 1255.8 220.9 -121.7 -5.2 1360.1 1037.8 253.9 435.8 952.5 1300.6 251.0 -75.0 -5.2 1481.7 1010.8 248.1 428.6 957.7 1291.8 243.0 -40.6 -6.8 1501.1 1016.3 241.2 429.7 965.4 1310.9 239.3 -12.9 -5.6 1542.9 1240.4 304.3 432.8 770.9 1274.2 209.5 -23.7 -5.0 1465.0 1232.1 303.8 453.4 779.0 1253.8 241.1 16.0 -6.4 1517.3 1 2 3 4 5 6 7 8 9 940.8 169.5 1328.5 1114.3 1287.9 1160.2 1268.5 1366.7 1356.4 1426.4 1329.3 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 1146.9 1120.4 28.2 -1.7 1112.4 1136.4 -40.2 16.3 766.5 907.4 -145.3 4.4 975.2 917.1 60.7 -2.6 1056.0 1018.9 39.1 -2.1 989.5 954.5 37.6 -2.5 1034.7 997.5 39.2 -2.0 1041.8 1043.8 -0.5 -1.5 1158.0 1079.9 80.2 -2.2 1180.9 1110.7 71.9 -1.6 1186.1 1123.7 64.2 -1.9 11 12 13 14 15 Net lending (+) or net borrowing (-) -206.1 -943.0 562.0 139.2 231.9 170.6 233.8 324.9 198.4 245.5 143.2 15 16 Net acquisition of financial assets 1074.9 -604.0 307.3 769.0 853.9 476.8 806.7 1150.6 981.5 891.5 846.7 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 -7.6 -55.7 127.2 -7.5 -25.5 -112.6 -59.4 162.2 -0.9 6.8 139.8 106.9 -69.0 0.7 9.6 155.8 22.6 -156.9 4.2 -7.1 69.0 25.3 -32.8 0.7 28.2 144.2 10.5 -60.2 2.3 -27.0 -19.5 147.1 -47.1 1.0 -14.9 166.8 -39.1 -69.2 -3.5 -14.6 -15.5 -17.2 45.4 3.1 -50.6 16.2 40.8 -72.9 4.1 -1.5 5.1 17.8 -49.0 1.6 17 18 19 20 21 22 Credit market instruments -77.9 -36.4 7.6 11.5 -14.5 2.8 -2.6 -61.1 3.0 94.5 -22.3 22 -53.2 -7.1 -2.4 1.1 -18.4 2.2 -12.2 -7.9 -2.6 -3.0 -7.7 -3.0 -1.3 12.5 4.2 0.9 -4.1 -4.6 11.8 4.9 1.6 -3.0 -1.5 -2.3 -8.5 -0.2 -0.1 -4.5 -1.5 0.4 19.2 -22.2 -7.4 -17.9 -1.5 32.7 -13.2 -3.9 12.0 -1.3 -1.5 5.3 -35.3 11.8 -9.4 2.7 -1.5 -29.4 -4.8 13.4 4.5 -1.6 -1.5 -7.0 20.4 20.7 6.9 11.0 -1.5 36.9 -26.1 14.2 -5.3 -5.4 -1.5 1.8 23 24 25 26 27 28 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 29 30 Mutual fund shares Trade receivables -4.8 161.9 -16.7 -167.7 35.5 -28.6 11.2 135.2 -11.2 185.8 -11.2 127.6 -11.2 216.3 -11.2 235.8 -11.2 163.6 -11.2 224.1 -11.2 123.6 29 30 31 32 33 34 35 36 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 938.4 307.0 8.3 0.1 -54.8 677.7 -346.8 262.6 10.9 -0.1 -1.1 -619.3 107.5 257.2 -0.9 0.0 -9.3 -139.6 575.9 324.8 3.0 0.1 20.3 227.7 638.6 396.5 15.7 -0.0 9.0 217.4 232.7 412.3 0.6 0.3 49.5 -230.0 549.7 488.0 22.9 -0.3 -2.5 41.5 947.1 257.3 13.9 -0.3 -3.7 679.9 824.9 428.5 25.4 0.1 -7.2 378.2 646.5 426.4 -9.3 0.5 -11.8 240.7 782.6 278.4 3.6 0.7 -8.8 508.9 31 32 33 34 35 36 1281.0 339.0 -254.7 629.9 622.0 306.1 572.9 825.7 783.1 646.0 703.5 37 51.7 13.8 -193.6 -2.0 65.8 142.5 127.9 -116.8 109.5 32.7 94.9 38 -786.8 -336.0 -64.6 -278.0 -472.7 -324.2 -510.7 -617.5 -438.2 -344.9 -463.9 39 838.5 349.7 -129.0 276.0 538.5 466.7 638.6 500.7 547.8 377.6 558.8 40 37 38 Net increase in liabilities Net funds raised in markets 39 Net new equity issues 40 Credit market instruments 41 42 43 44 45 46 Commercial paper Municipal securities (5) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances (6) Mortgages 11.3 69.0 311.1 96.3 287.9 62.8 7.7 68.2 205.5 64.2 48.5 -44.3 -73.1 37.8 387.6 -219.8 -141.7 -119.9 24.5 34.7 422.8 -33.4 -92.2 -80.4 33.4 15.1 384.6 73.4 67.9 -35.9 25.8 20.6 404.3 64.0 -12.4 -35.6 49.5 14.5 461.2 43.0 121.5 -51.2 29.7 10.0 322.4 105.4 82.2 -48.8 28.5 15.3 350.4 81.3 80.2 -8.0 -43.8 1.2 470.1 102.3 -115.0 -37.1 145.9 33.9 370.2 90.0 -30.5 -50.7 41 42 43 44 45 46 47 48 49 50 51 52 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 85.1 -49.6 1193.8 211.6 4.4 977.8 -225.2 3.1 547.3 189.5 0.7 357.0 -85.3 -3.3 27.4 104.7 2.5 -79.8 163.1 7.2 461.6 156.9 -1.3 306.0 179.1 5.0 372.1 206.8 0.2 165.1 146.4 22.9 -5.7 116.0 -0.6 -121.1 191.1 -13.6 267.6 207.3 -0.1 60.4 183.3 9.0 750.1 232.7 0.5 517.0 195.6 1.5 476.4 271.1 1.0 204.3 310.1 -5.4 308.5 108.4 1.3 198.8 99.7 18.4 490.5 112.8 1.3 376.4 47 48 49 50 51 52 53 Discrepancy 126.0 934.9 -180.9 257.0 183.5 200.0 213.2 134.4 186.5 38.6 188.0 53 54 Memo: Financing gap (7) 248.7 195.7 -225.5 -191.3 -171.2 -144.5 -190.9 -209.4 -140.0 -69.7 -83.7 54 (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 21 Z.1, September 20, 2012 F.103 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving = consumption of fixed capital 184.3 211.3 211.0 209.9 215.0 212.0 214.1 216.1 218.0 219.8 221.6 1 2 Gross saving less net capital transfers paid (1) 184.3 214.5 217.0 217.7 216.6 213.6 215.7 217.6 219.6 220.1 221.9 2 3 Gross investment 184.3 214.5 217.0 217.7 216.6 213.6 215.7 217.6 219.6 220.1 221.9 3 306.5 305.6 0.9 267.2 268.0 -0.9 203.4 212.3 -8.9 201.3 203.6 -2.3 219.3 221.8 -2.5 208.7 212.6 -3.9 214.0 218.4 -4.4 224.1 227.7 -3.6 230.6 228.7 1.9 240.0 239.3 0.7 244.6 244.8 -0.2 4 5 6 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 7 Net lending (+) or net borrowing (-) -122.2 -52.6 13.6 16.4 -2.7 4.9 1.7 -6.5 -10.9 -19.9 -22.7 7 8 Net acquisition of financial assets 479.4 97.3 -100.8 -134.5 -8.1 -34.7 -24.1 -8.3 34.8 22.5 -1.7 8 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds 66.9 14.9 2.2 3.8 -1.2 1.0 20.4 -4.8 -1.7 -19.8 -13.5 -2.8 -0.4 -1.2 -0.3 -4.3 -3.9 -0.8 -2.7 -2.8 -0.6 -0.4 -1.3 -0.3 5.9 3.1 0.6 4.1 1.8 0.4 0.6 -0.6 -0.1 9 10 11 12 Credit market instruments 10.0 -10.9 -6.7 -3.4 -0.3 -1.0 -0.7 -0.3 0.8 0.5 -0.1 12 3.0 -0.5 7.4 0.0 -7.5 -0.4 -3.0 0.0 -5.7 0.2 -1.2 0.0 -1.8 -0.2 -1.4 0.0 -0.2 -0.0 -0.1 0.0 -0.5 -0.1 -0.4 0.0 -0.4 -0.0 -0.3 0.0 -0.2 -0.0 -0.1 0.0 0.4 0.0 0.3 0.0 0.2 0.0 0.2 0.0 -0.1 -0.0 -0.1 0.0 13 14 15 16 54.7 330.8 3.7 0.7 326.4 -3.0 107.5 3.4 1.2 102.9 -26.3 -81.7 0.9 -0.0 -82.7 -18.9 -76.2 0.1 0.4 -76.7 -1.7 -4.2 6.3 0.3 -10.7 -5.5 -19.2 1.5 -0.2 -20.6 -4.0 -13.3 8.8 0.5 -22.6 -1.8 -4.3 6.6 0.7 -11.5 4.3 20.1 8.3 0.1 11.7 2.6 13.1 -1.0 0.3 13.9 -0.8 -0.6 5.4 -1.3 -4.7 17 18 19 20 21 601.6 149.9 -114.4 -150.9 -5.3 -39.5 -25.8 -1.8 45.8 42.4 21.0 22 461.6 318.8 -134.3 -190.0 -12.8 -54.9 -44.2 -18.4 66.5 23.8 23.4 23 140.8 13.7 307.1 119.6 12.3 186.9 -116.3 -5.3 -12.7 -70.4 4.7 -124.3 52.2 0.4 -65.4 30.0 -1.8 -83.2 50.3 -2.5 -92.0 61.0 -6.0 -73.3 67.5 12.2 -13.1 114.0 -3.8 -86.4 79.8 13.9 -70.3 24 25 26 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other Net increase in liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages 27 28 29 Trade payables Taxes payable Miscellaneous liabilities 26.0 3.8 94.2 5.8 6.7 114.1 7.6 -6.3 32.7 -19.0 -4.8 34.9 -2.5 -0.4 22.0 -14.7 -1.4 22.9 0.7 -1.0 26.6 3.9 -0.4 28.2 0.1 1.1 10.4 -2.5 0.7 38.2 -10.5 -0.2 -2.4 27 28 29 30 Proprietors’ net investment 16.0 -295.6 -14.2 28.1 -11.7 8.6 -7.8 -15.1 -32.4 -17.7 10.7 30 (1) Net capital transfers paid from table F.9, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. 22 Z.1, September 20, 2012 F.104 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1923.1 1944.8 1961.4 2042.4 2064.4 2073.9 2098.0 2045.2 2040.5 2050.4 2075.4 1 323.1 932.7 57.8 18.9 114.5 485.1 -9.1 334.4 944.6 47.4 19.0 106.8 505.0 -12.3 287.6 931.8 45.5 19.0 95.0 593.6 -11.1 300.6 959.5 44.5 18.4 88.8 643.2 -12.5 322.8 990.4 47.6 18.3 86.4 612.7 -13.8 319.9 982.1 48.3 18.4 86.7 631.7 -13.1 328.1 990.7 45.7 18.4 86.4 642.2 -13.5 321.7 990.1 47.1 18.3 86.6 595.4 -14.1 321.4 998.8 49.3 18.1 86.0 581.6 -14.7 325.9 1015.2 50.1 17.8 85.7 571.1 -15.4 337.8 1020.4 46.3 17.5 86.2 583.4 -16.1 2 3 4 5 6 7 8 Current expenditures, NIPA basis 1910.8 2017.0 2074.6 2132.1 2166.3 2172.6 2172.6 2163.2 2157.0 2178.1 2188.1 9 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 1368.9 433.7 101.1 7.1 0.0 1449.2 456.7 108.1 3.0 0.0 1473.3 495.1 104.8 1.4 0.0 1496.2 528.3 106.0 1.6 0.0 1518.0 538.5 109.2 0.5 0.0 1511.4 552.0 108.3 0.9 0.0 1520.3 542.9 109.0 0.4 0.0 1522.0 531.4 109.3 0.4 0.0 1518.4 527.9 110.3 0.4 0.0 1531.4 534.4 111.9 0.5 0.0 1526.1 548.5 113.1 0.5 0.0 10 11 12 13 14 15 Net saving, NIPA basis 12.2 -72.2 -113.2 -89.7 -102.0 -98.7 -74.6 -118.0 -116.5 -127.6 -112.7 15 16 17 + Consumption of fixed capital - Net capital transfers paid (2) 178.7 -58.9 191.2 -62.8 198.8 -66.5 203.3 -75.6 212.4 -72.5 207.9 -71.2 210.8 -71.7 213.9 -72.9 216.8 -74.1 219.2 -68.5 221.7 -70.1 16 17 18 = Gross saving less net capital transfers paid 249.8 181.8 152.0 189.2 182.9 180.5 207.9 168.8 174.4 160.1 179.2 18 19 Gross investment 270.8 201.8 183.1 210.9 201.6 198.1 227.7 180.8 200.0 186.3 196.1 19 329.0 13.8 348.8 14.1 350.3 12.7 338.2 11.5 319.7 11.5 321.5 11.5 317.7 11.5 318.3 11.5 321.3 11.4 315.5 11.2 315.7 11.0 20 21 2 3 4 5 6 7 8 9 Current receipts, NIPA basis 2008 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net lending (+) or net borrowing (-) 23 Net acq. of financial assets -72.0 -161.1 -179.8 -138.9 -129.5 -134.9 -101.5 -148.9 -132.7 -140.4 -130.6 22 111.9 -102.0 -28.7 -32.7 -147.9 -180.2 -139.3 -115.6 -156.6 -137.0 -66.9 23 24 25 Checkable deposits and currency Time and savings deposits -4.8 36.4 8.5 19.1 19.2 10.8 6.7 -0.4 15.9 18.0 14.8 0.4 23.3 31.4 8.6 11.5 16.9 28.7 -10.2 -0.2 -8.3 31.2 24 25 26 27 Money market fund shares Security RPs 17.3 6.4 5.7 -7.8 12.4 -1.1 8.7 -4.9 -2.7 -8.0 1.8 -10.4 3.2 -9.2 -10.0 -7.9 -5.8 -4.6 -5.4 -4.2 -7.8 -6.2 26 27 28 Credit market instruments 97.4 -116.5 -42.1 -17.1 -110.8 -89.0 -95.9 -126.6 -131.9 -90.3 -14.9 28 -15.8 36.4 43.9 -73.1 -37.2 -4.6 -70.2 30.3 -19.3 -9.8 6.4 -13.5 9.1 -61.9 -45.3 4.3 -51.4 -36.7 5.7 -62.9 -31.8 11.5 -60.0 -53.3 15.1 -73.4 -59.3 15.4 -44.6 -47.9 13.3 17.1 -26.1 29 30 31 1.6 14.2 17.3 0.7 -1.3 -1.0 1.2 6.8 9.1 0.9 2.3 -3.4 -0.2 -6.4 -6.2 0.3 -5.2 -0.3 0.4 -3.6 -3.6 -0.9 -10.7 -13.1 -0.5 -6.2 -7.6 -0.5 -5.7 -7.0 -0.7 -8.4 -10.3 32 33 34 -1.9 1.2 9.8 16.7 16.0 -8.8 -30.8 -9.5 -6.0 -1.6 -24.4 -9.1 -4.4 0.5 41.5 20.6 -36.7 -18.4 -49.5 -39.8 -4.2 -7.7 35 36 -12.5 2.7 -30.5 -21.1 2.2 -18.6 -18.6 -6.7 -9.9 -20.2 -6.3 41.2 -10.0 5.4 -48.0 -20.2 5.8 -49.8 -20.0 2.2 -70.4 0.0 6.6 -60.0 0.0 6.8 -11.7 0.0 12.2 50.4 0.0 4.3 -53.2 37 38 39 183.9 59.2 151.1 106.2 -18.4 -45.3 -37.8 33.2 -23.9 3.4 63.8 40 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 35 36 Corporate equities Mutual fund shares 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 40 Net increase in liabilities 41 Credit market instruments 146.9 20.0 111.5 66.2 -58.6 -85.3 -77.9 -7.0 -64.3 -37.0 23.6 41 42 43 44 45 Municipal securities Short-term (3) Long-term U.S. government loans 146.2 16.8 129.4 0.7 19.2 4.7 14.4 0.8 110.7 7.7 102.9 0.8 65.3 -0.6 66.0 0.9 -59.5 -10.7 -48.8 0.9 -85.7 -11.9 -73.8 0.4 -78.7 -25.9 -52.8 0.8 -8.1 13.8 -21.8 1.1 -65.5 -18.9 -46.6 1.2 -37.6 -3.3 -34.3 0.5 22.5 36.3 -13.8 1.1 42 43 44 45 37.0 39.2 39.6 40.0 40.2 40.0 40.1 40.3 40.4 40.4 40.2 46 -21.0 -20.0 -31.1 -21.7 -18.7 -17.6 -19.7 -12.0 -25.6 -26.2 -16.9 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.117. (2) Table F.9, line 62. (3) Debt with original maturity of 13 months or less. 23 Z.1, September 20, 2012 F.105 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2654.7 2502.2 2226.5 2395.4 2519.6 2509.8 2522.9 2511.3 2534.3 2664.9 2680.6 1 1165.6 94.5 362.8 14.7 945.3 29.8 44.8 -2.7 1101.3 94.0 233.7 18.8 973.1 30.7 54.4 -3.7 857.0 91.4 200.4 14.8 949.1 48.1 70.2 -4.5 894.2 95.5 305.1 15.1 969.8 53.0 69.8 -7.0 1075.2 107.4 304.2 15.9 905.5 55.3 68.8 -12.7 1052.6 102.4 324.8 14.1 900.5 55.7 69.7 -10.0 1068.5 108.3 312.4 14.9 905.1 55.6 69.0 -11.0 1082.0 108.1 287.1 17.0 907.0 55.5 68.1 -13.4 1097.7 110.9 292.5 17.4 909.2 54.5 68.3 -16.4 1124.9 113.3 375.7 15.4 929.3 54.7 68.3 -16.7 1136.9 115.1 372.7 17.0 935.5 53.9 67.6 -18.0 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 2900.0 3115.7 3455.8 3703.4 3757.0 3737.1 3830.6 3743.3 3716.8 3723.6 3775.1 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 848.9 1267.5 423.0 313.2 47.4 0.0 931.7 1401.2 440.7 292.1 49.9 0.0 987.0 1621.4 536.1 253.1 58.3 0.0 1055.8 1725.1 585.8 281.4 55.4 0.0 1061.5 1752.9 556.5 325.0 61.1 0.0 1054.2 1741.0 573.9 309.3 58.8 0.0 1071.0 1748.9 592.9 356.4 61.4 0.0 1069.0 1756.2 536.0 320.1 62.0 0.0 1052.0 1765.5 523.0 314.0 62.2 0.0 1055.6 1786.0 515.0 306.7 60.4 0.0 1055.0 1785.4 525.5 348.7 60.5 0.0 11 12 13 14 15 16 17 Net saving, NIPA basis -245.2 -613.5 -1229.3 -1308.0 -1237.4 -1227.3 -1307.7 -1232.0 -1182.6 -1058.7 -1094.5 17 18 19 20 21 + Consumption of fixed capital - Insurance and pension reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers paid (2) 112.6 0.1 4.7 56.3 120.0 -0.6 4.8 65.8 124.8 0.5 5.0 81.4 130.2 -1.7 4.9 103.7 137.0 -0.4 4.4 100.8 134.7 -2.7 4.4 98.5 136.2 -0.1 4.4 103.3 138.5 0.5 4.5 104.8 138.7 0.6 4.5 96.7 139.7 -2.7 4.6 83.0 141.0 -0.1 4.6 82.2 18 19 20 21 22 = Gross saving less net capital transfers paid -193.8 -563.5 -1191.4 -1284.6 -1205.2 -1192.8 -1279.1 -1203.4 -1145.6 -1003.9 -1040.2 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets -217.8 127.4 -1.3 -650.3 148.4 -19.2 -1146.8 156.6 -7.1 -1224.9 167.3 0.2 -1199.0 160.5 -0.1 -1421.3 161.1 0.3 -292.3 163.3 -0.2 -1901.2 158.5 -0.6 -1181.3 159.2 0.2 -1385.1 152.1 -0.5 -900.0 155.7 -0.2 23 24 25 -344.0 -779.5 -1296.3 -1392.5 -1359.5 -1582.7 -455.4 -2059.1 -1340.8 -1536.7 -1055.5 26 -0.5 571.9 224.2 287.6 -166.0 -633.9 47.1 -230.3 153.1 -52.7 229.4 27 -0.4 25.1 1.2 5.9 0.0 0.0 -2.2 2.1 6.0 0.0 1.2 -35.5 1.9 4.2 313.1 -1.3 85.2 54.4 0.0 6.0 13.5 11.3 256.3 4.2 -61.9 -28.0 51.9 -174.2 0.3 295.4 142.0 0.6 66.0 12.6 74.3 0.6 -21.1 35.9 35.4 1.6 148.9 0.1 85.0 -47.2 0.3 3.5 -1.8 130.2 24.1 -0.7 32.2 -3.5 16.2 -257.6 -0.3 -0.7 -118.1 -0.1 4.8 4.0 108.7 40.0 4.8 29.7 1.9 16.3 -845.7 -2.1 120.2 -43.1 -0.0 8.6 4.9 149.8 33.3 -3.1 48.5 -1.3 24.8 -15.9 1.5 -61.6 -139.1 0.0 -11.8 6.2 83.0 58.0 9.1 24.0 7.2 16.0 -321.2 -0.3 1.8 -132.3 -0.3 7.0 -0.1 127.5 10.2 6.2 55.2 1.8 7.9 152.2 -0.2 -63.1 -158.0 -0.1 15.4 5.2 74.4 58.5 6.8 -9.1 0.1 4.6 -121.6 0.5 31.1 -118.5 -0.1 9.5 4.5 135.8 -20.6 -5.2 69.1 -10.7 13.0 96.5 1.4 101.4 -5.8 -0.0 6.5 1.7 99.0 -16.9 6.9 21.1 6.0 28 29 30 31 32 33 34 35 36 37 38 39 40 343.5 1351.4 1520.5 1680.1 1193.5 948.8 502.5 1828.8 1493.8 1484.0 1284.9 41 0.0 0.0 -0.7 237.1 -6.0 58.8 184.7 -0.4 0.0 29.3 1.2 76.6 33.3 43.3 0.0 0.0 -0.8 1239.2 -2.4 861.6 379.8 0.2 0.0 22.6 1.0 89.5 63.3 26.2 47.6 3.0 -0.4 1443.9 -2.8 -73.3 1519.8 0.1 0.0 -56.2 1.1 81.4 61.9 19.5 0.0 0.0 -0.3 1580.2 -3.3 -19.0 1601.8 0.7 0.0 8.7 0.9 90.6 65.7 24.9 0.0 0.0 0.0 1067.9 -2.7 -249.5 1319.0 1.1 0.0 21.4 1.3 102.9 70.8 32.1 0.0 0.0 0.0 850.9 -4.3 -297.0 1151.0 1.2 0.0 43.2 0.3 54.4 63.8 -9.4 0.0 0.0 0.0 791.8 -3.8 -661.1 1456.6 0.2 0.0 -3.5 1.7 -287.6 -287.0 -0.6 0.0 0.0 0.0 1339.0 -2.7 -215.4 1555.2 1.9 0.0 19.4 1.2 469.2 432.6 36.6 0.0 0.0 0.0 1290.0 -0.1 175.6 1113.3 1.1 0.0 26.3 1.9 175.6 73.6 102.0 0.0 0.0 0.0 1428.1 -1.5 612.6 820.4 -3.3 0.0 18.6 0.5 36.8 55.8 -19.0 0.0 0.0 0.0 1182.9 -2.4 -312.7 1497.9 0.1 0.0 -17.5 1.5 118.0 91.7 26.3 42 43 44 45 46 47 48 49 50 51 52 53 54 55 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 Net lending (+) or net borrowing (-) Net acq. of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) Nonmarketable securities held by pension plans Other 56 Discrepancy 24.1 86.8 -44.6 -59.7 -6.2 228.5 -986.9 697.9 35.7 381.2 -140.2 56 57 Memo: Change in cash balance (6) 27.5 308.6 -173.2 148.9 -258.0 -900.3 82.3 -319.3 105.3 -167.4 198.2 57 (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 61 less line 12. (3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Time and savings deposits (line 30) plus checkable deposit and currency liabilities of the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). 24 Z.1, September 20, 2012 F.106 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1 2 3 4 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Current taxes and trans. payments to rest of world 3248.7 2374.8 747.7 126.2 3381.9 2556.5 686.9 138.4 2612.0 1976.2 498.9 137.0 3009.8 2356.1 507.2 146.5 3343.7 2662.3 531.8 149.6 3269.5 2585.9 526.1 157.5 3364.3 2665.3 547.4 151.6 3357.1 2682.8 530.6 143.8 3383.7 2715.1 523.1 145.5 3480.7 2773.7 554.7 152.3 3459.8 2766.0 537.4 156.3 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 2532.6 1661.7 871.0 2702.9 1846.8 856.1 2229.9 1587.4 642.4 2560.9 1844.4 716.5 2877.9 2094.2 783.7 2791.8 2030.5 761.4 2890.2 2092.8 797.4 2922.2 2133.3 788.9 2907.3 2120.3 787.1 2927.5 2157.9 769.6 2964.9 2192.9 772.0 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.4 716.4 5.4 673.6 -0.6 382.7 -0.7 449.5 -1.6 467.4 -0.6 478.3 -3.8 477.9 -1.6 436.6 -0.5 476.8 -0.5 553.6 -0.5 495.3 8 9 Gross investment Nonproduced nonfinancial assets 618.1 0.5 736.6 -0.0 239.5 0.0 382.7 -0.0 555.1 -0.1 835.7 0.0 450.2 -0.0 681.0 -0.0 253.4 -0.2 658.9 0.0 354.1 0.0 10 11 10 11 12 Net lending (+) or net borrowing (-) 617.6 736.6 239.5 382.7 555.1 835.7 450.2 681.0 253.6 658.9 354.1 12 13 Net acquisition of financial assets 1766.9 584.4 168.2 1148.0 1043.4 1985.9 1234.7 456.2 496.7 685.8 632.0 13 0.0 0.0 -111.4 -5.4 40.3 19.0 -35.2 943.8 -8.3 165.3 98.4 66.8 248.8 236.1 12.7 10.7 424.6 102.7 218.5 38.2 20.8 0.0 638.4 221.2 417.3 0.0 0.0 410.8 64.0 65.5 23.7 -214.0 357.7 -45.1 711.6 548.7 162.9 -228.6 -31.3 -197.3 5.4 -21.4 -64.1 105.1 -2.0 6.5 0.0 -232.8 310.1 -542.9 0.0 47.6 -270.4 -9.2 -43.1 7.2 -146.4 142.6 -41.4 554.4 569.9 -15.5 -226.0 -169.5 -56.6 8.2 -127.7 -24.9 155.6 56.5 6.6 0.0 221.2 150.4 70.7 0.0 0.0 -48.2 29.5 16.9 -7.1 -126.1 621.0 -0.5 739.8 442.0 297.8 -72.3 -96.0 23.7 13.1 -37.0 -22.0 72.5 112.2 19.6 0.0 457.7 205.8 251.8 0.0 0.0 221.4 80.5 36.7 -5.4 51.2 360.0 -0.3 412.1 171.2 240.9 -24.2 -21.2 -2.9 10.9 -80.7 42.1 -37.7 70.5 17.2 0.0 249.0 234.0 15.1 0.0 0.0 1028.5 78.0 62.6 -9.9 231.6 372.3 33.3 393.1 249.1 144.0 -48.2 29.1 -77.3 9.9 -53.8 38.1 14.8 150.6 5.9 0.0 51.4 133.5 -82.1 0.0 0.0 -117.5 78.6 30.3 -9.9 -59.2 327.1 -16.8 434.2 447.5 -13.3 -59.5 -13.4 -46.1 9.9 -89.8 49.1 16.3 130.9 10.4 0.0 827.8 245.1 582.7 0.0 0.0 232.8 76.9 61.6 -1.0 -207.6 692.5 17.3 608.8 118.8 490.0 13.4 -59.7 73.1 12.0 -43.4 84.3 -93.4 -21.4 50.8 0.0 -335.0 252.9 -587.9 0.0 0.0 -258.2 88.6 -7.8 -1.0 240.1 47.9 -34.8 212.1 -130.7 342.8 -2.3 -40.9 38.6 12.0 -136.0 -3.0 -88.6 22.0 1.7 0.0 452.0 304.5 147.5 0.0 0.0 122.3 65.1 -43.9 -1.0 -153.3 340.6 53.9 464.0 373.7 90.3 -24.5 -16.8 -7.7 12.0 -70.1 -94.7 8.9 69.5 15.5 0.0 262.2 88.8 173.4 0.0 0.0 9.3 45.8 67.0 -1.0 -137.4 156.8 -56.2 449.3 364.1 85.2 -50.5 -48.2 -2.3 12.8 -153.0 -45.6 -59.6 47.6 3.9 0.0 499.6 133.9 365.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 1149.3 -152.2 -71.3 765.3 488.2 1150.2 784.5 -224.8 243.1 27.0 277.9 39 0.1 256.0 170.3 -69.3 218.7 24.1 -0.0 8.3 15.8 -3.2 147.8 12.4 0.0 562.7 1.7 23.9 414.0 42.2 80.9 4.8 -394.3 -226.2 -71.0 -158.8 5.1 0.7 2.8 1.6 -1.5 -38.5 -9.9 0.0 511.9 1.4 529.8 329.1 -9.1 -339.3 52.3 -106.0 211.8 59.4 163.3 -11.2 0.6 -5.1 -6.6 0.3 63.7 6.1 0.0 -299.1 1.7 -543.3 289.5 23.5 -70.5 1.8 25.9 75.3 -2.7 59.9 17.9 1.1 11.8 4.9 0.2 79.1 26.6 0.0 556.6 2.3 -10.1 327.9 10.6 225.9 15.9 -32.4 34.8 -53.5 57.8 29.2 -1.7 11.3 19.5 1.4 89.0 -26.8 0.0 407.8 2.6 99.7 419.3 26.4 -140.3 14.5 203.7 319.5 120.2 151.0 47.9 -0.1 24.2 23.8 0.5 190.9 -7.4 0.0 428.9 2.3 -0.6 417.6 -55.1 64.7 25.1 1.6 80.5 -51.9 120.2 13.7 -4.2 13.7 4.1 -1.5 108.6 -58.1 0.0 626.9 5.8 1.1 533.6 257.5 -171.1 16.3 6.8 -144.8 -256.4 69.2 41.7 -0.5 15.6 26.6 0.6 91.2 -21.7 0.0 -172.6 1.7 2.2 281.3 38.5 -496.3 7.6 -341.9 -115.9 -25.9 -109.4 13.4 -2.0 -8.2 23.6 6.0 -34.5 -20.0 0.0 747.8 0.4 396.0 444.8 -135.2 41.7 4.9 -124.3 9.8 46.7 -73.6 29.0 -0.3 2.1 27.3 7.7 59.2 7.0 0.0 70.4 1.5 -213.4 464.4 77.3 -259.3 13.2 -37.7 -77.7 -20.3 -106.0 44.8 -1.6 11.2 35.1 3.9 83.9 -27.2 0.0 323.3 7.0 -74.0 316.9 -60.4 133.7 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 98.3 -63.0 143.2 66.8 -87.7 -357.4 27.7 -244.4 223.4 -105.2 141.2 59 -713.1 123.3 126.2 -716.0 -709.7 169.2 138.4 -679.0 -388.7 143.5 137.0 -382.2 -511.6 209.3 146.5 -448.8 -568.1 251.9 149.6 -465.8 -555.4 235.3 157.5 -477.7 -572.5 250.0 151.6 -474.1 -549.5 258.3 143.8 -434.9 -594.8 264.0 145.5 -476.3 -615.8 214.9 152.3 -553.2 -573.1 234.6 156.3 -494.9 60 61 62 63 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs (net) Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other Net increase in liabilities U.S. official reserve assets U.S. private deposits Credit market instruments Commercial paper Bonds Depository institution loans n.e.c. Official Banks Other Other loans and advances Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (4,5) Investment by holding companies Other Discrepancy (FOF basis) (7) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 64. (2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 63 with the sign reversed minus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 25 Z.1, September 20, 2012 F.107 Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid 208.1 81.7 372.1 370.7 355.6 342.8 317.1 346.2 416.3 360.8 316.2 1 2 Gross investment 286.5 -71.7 213.7 -63.5 22.5 -116.3 53.1 26.2 126.8 65.6 407.1 2 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 178.2 -9.3 187.5 195.1 0.1 195.0 164.3 -0.1 164.4 159.5 4.7 154.8 179.1 6.3 172.9 165.8 1.6 164.2 172.7 3.9 168.8 186.6 9.3 177.4 191.4 10.3 181.1 192.4 4.9 187.6 194.4 6.4 188.0 3 4 5 6 Net lending (+) or net borrowing (-) 108.2 -266.8 49.4 -222.9 -156.7 -282.1 -119.6 -160.4 -64.6 -126.8 212.7 6 7 Net acqisition of financial assets 4807.6 4609.2 -1585.3 -714.0 1915.7 4138.5 1928.8 868.2 727.1 1497.3 589.5 7 0.5 0.0 0.5 43.2 54.2 0.6 0.0 -0.0 2.0 1351.5 0.3 3.0 4.0 -32.2 -349.5 0.3 0.0 0.9 8.7 -106.9 -0.3 0.0 0.7 -47.3 603.0 -1.8 0.0 1.0 14.0 1781.1 0.3 0.0 0.7 18.0 758.6 0.3 0.0 0.5 -108.6 -6.3 -0.2 0.0 0.5 -112.7 -121.2 0.3 0.0 0.8 -39.7 -59.6 0.2 0.0 0.6 -32.0 -179.1 8 9 10 11 12 36.0 81.7 323.1 241.9 72.4 107.4 296.5 -57.0 -27.7 177.6 -179.3 -81.0 -28.0 -111.0 -170.2 5.6 34.1 -84.9 -49.8 -67.6 65.3 -29.5 -110.0 292.7 47.7 -7.7 -63.9 -50.5 27.1 -174.7 -228.4 -432.4 -3.8 -127.7 203.0 -80.3 -101.1 -157.0 -181.6 2.9 -5.4 -32.4 -114.5 301.8 13 14 15 16 3046.0 2332.2 -792.0 -281.4 1104.9 1261.6 1009.5 955.1 1193.4 1296.7 557.5 17 -81.9 108.0 290.5 180.1 585.7 42.8 436.4 860.9 51.6 7.2 -377.7 441.3 604.6 15.6 211.4 -110.2 461.4 83.9 29.4 221.2 -83.2 985.2 192.2 2.9 243.2 154.4 1460.3 58.5 -97.0 258.7 -46.0 1034.7 71.4 -7.7 259.8 -253.4 720.9 396.6 24.6 298.6 -188.0 725.0 242.1 91.6 155.5 -67.2 599.6 241.8 136.9 736.8 178.4 -141.5 123.1 101.4 284.2 18 19 20 21 22 332.1 419.1 1079.5 133.0 689.9 145.5 86.2 11.8 -749.7 -463.8 -288.2 -185.5 -96.5 -209.7 -502.4 -158.4 132.5 -31.6 -313.6 -22.6 21.8 -112.5 -367.8 -114.7 80.6 -13.8 -359.2 -10.4 194.4 -93.8 -282.8 -50.0 233.3 93.7 -244.6 84.6 164.9 -68.4 -423.7 -23.9 134.7 93.6 -282.0 65.6 23 24 25 26 165.5 117.2 -7.4 24.7 52.4 101.4 62.2 72.4 -40.5 47.0 -80.3 93.8 106.9 92.9 -126.7 -70.1 -61.9 71.4 -41.5 121.6 -54.6 120.0 27 28 1.8 65.7 -14.9 -274.2 -38.0 -21.8 -8.6 97.9 -0.8 39.3 9.5 104.2 5.4 61.4 -12.4 5.3 -5.8 -13.6 6.6 138.0 -8.0 93.5 29 30 5.3 770.1 2.8 -405.4 8.2 -264.2 7.3 370.7 5.5 731.3 3.8 -54.3 9.6 1030.1 10.2 -224.2 36.9 473.8 9.0 -67.1 31 32 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 17 Credit market instruments 18 19 20 21 22 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 23 24 25 26 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 27 28 Corporate equities Mutual fund shares 29 30 Trade receivables Security credit 31 32 Life insurance reserves Miscellaneous assets 16.2 614.1 33 Net increase in liabilities 4699.3 4875.9 -1634.6 -491.1 2072.3 4420.6 2048.4 1028.6 791.7 1624.1 376.9 33 34 Net interbank liabilities -53.4 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -430.7 34 35 36 37 38 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 36.7 599.9 720.9 -19.2 568.4 334.2 724.2 -880.3 -7.9 375.4 -499.0 247.8 266.3 116.1 -502.9 -192.5 234.5 372.8 -112.8 -137.0 -488.0 292.2 -92.4 121.7 515.1 887.0 -62.1 -290.4 411.9 35.2 -319.2 -695.7 499.1 276.6 22.5 316.6 -73.4 291.5 -207.4 192.8 303.3 488.3 -164.4 -143.2 35 36 37 38 39 Credit market instruments 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 39 -111.4 905.7 710.9 -125.6 768.7 -280.5 -448.2 -60.1 -587.6 -101.7 -46.9 -583.3 -68.1 -21.9 -313.0 82.9 254.7 -350.2 -79.9 -326.9 -376.4 -51.8 -2.5 -308.4 -223.6 -12.8 -217.2 -6.2 -115.4 -101.6 -34.7 -18.9 -455.8 40 41 42 80.1 225.8 4.7 496.4 33.3 6.8 -435.4 -282.6 3.4 -62.9 -144.7 0.2 31.6 -60.0 9.1 -51.2 -57.3 7.1 158.1 -95.0 18.4 56.1 -84.4 4.2 -36.4 -3.4 6.5 -150.8 -29.2 10.4 -303.4 65.0 26.4 43 44 45 40 41 42 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 43 44 45 Depository institution loans n.e.c. Other loans and advances Mortgages 46 47 Corporate equities Mutual fund shares 178.7 364.7 639.3 31.0 316.2 490.5 190.8 389.3 165.5 403.1 96.9 952.6 200.7 482.1 285.2 -193.4 79.2 371.0 31.5 876.5 120.5 628.2 46 47 48 49 Trade payables Security credit -2.4 243.0 -24.7 -237.3 48.9 -134.0 -52.0 48.4 -3.9 137.0 1.6 -9.8 3.4 290.6 -11.9 437.6 -8.5 -170.3 12.4 61.1 -15.3 248.0 48 49 50 51 Life insurance reserves Pension fund reserves 33.0 201.1 66.0 125.7 25.4 135.3 16.4 209.0 92.8 194.4 82.0 203.2 85.6 -129.1 117.9 506.2 85.9 197.5 61.5 187.0 -9.2 80.7 50 51 52 53 54 Taxes payable Equity in noncorporate business Miscellaneous liabilities -23.5 2.4 601.7 -133.6 11.5 929.4 6.1 -3.6 -234.3 13.0 0.4 120.5 9.2 -1.7 285.9 31.1 -8.7 403.4 -8.1 -0.2 271.3 -17.7 7.2 539.0 31.7 -4.9 -70.1 23.6 29.3 429.6 -0.3 5.4 -13.1 52 53 54 -78.4 153.4 158.4 434.2 333.2 459.1 264.0 319.9 289.5 295.2 -90.9 55 55 Discrepancy (1) Sum of financial sectors shown on tables F.108 through F.129. 26 Z.1, September 20, 2012 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving 1.2 3.0 -0.7 -8.5 -0.3 -16.6 -3.3 8.3 10.4 9.1 0.3 1 2 Fixed nonresidential investment 0.8 0.6 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 2 3 Net acquisition of financial assets 43.1 1319.3 -3.4 186.0 494.0 870.2 925.4 -79.8 260.3 -186.3 -27.4 3 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 0.5 0.0 0.5 0.6 0.0 -0.0 0.3 3.0 4.0 0.3 0.0 0.9 -0.3 0.0 0.7 -1.8 0.0 1.0 0.3 0.0 0.7 0.3 0.0 0.5 -0.2 0.0 0.5 0.3 0.0 0.8 0.2 0.0 0.6 4 5 6 7 Federal Reserve float (2) 0.3 -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 0.0 7 48.6 48.6 0.0 511.1 495.4 15.7 -463.1 -447.4 -15.7 -96.4 -96.4 0.0 -0.0 -0.0 0.0 -0.7 -0.7 0.0 0.2 0.2 0.0 -0.0 -0.0 0.0 0.3 0.3 0.0 -0.8 -0.8 0.0 0.3 0.3 0.0 8 9 10 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 -38.3 245.4 1001.6 271.5 376.5 935.9 870.9 -77.1 -223.8 -33.4 -23.5 12 0.0 -38.3 0.0 0.0 -264.7 19.7 0.0 300.7 1048.5 0.0 244.9 71.4 0.0 642.0 -197.9 0.0 1331.4 -279.8 0.0 1102.7 -176.4 0.0 160.2 -185.6 0.0 -26.5 -149.9 0.0 46.3 -33.6 0.0 -18.6 52.9 13 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 -347.6 47.5 0.0 -45.5 0.1 -16.7 -3.5 -5.9 -323.6 -44.8 -22.8 0.0 0.0 -3.4 -2.2 -2.5 -4.4 -9.4 -67.6 -15.7 0.0 0.0 -21.0 -20.0 -6.7 -4.2 0.0 -115.7 -22.0 0.0 0.0 -6.8 -79.8 -2.6 -4.6 0.0 -55.4 -25.8 0.0 0.0 -10.1 0.0 -17.0 -2.4 0.0 -51.7 -5.8 0.0 0.0 -34.6 0.0 -5.5 -5.8 0.0 -47.4 -9.2 0.0 0.0 -32.4 0.0 -1.6 -4.2 0.0 -46.1 -7.8 0.0 0.0 -7.8 0.0 -27.2 -3.3 0.0 -57.7 -10.1 0.0 0.0 -11.7 0.0 0.0 -36.0 0.0 16 17 18 19 20 21 22 23 24 0.0 25.8 24.0 1.8 0.0 530.2 529.7 0.5 25.1 -493.8 -543.5 49.6 1.3 7.8 -10.2 18.0 -26.4 142.9 99.7 43.1 -105.5 41.1 -0.3 41.4 0.0 51.6 0.0 51.6 0.0 -4.1 2.0 -6.1 0.0 482.9 397.3 85.6 0.0 -152.8 -213.4 60.5 0.0 -5.0 -74.1 69.0 25 26 27 28 39.9 1316.7 -8.0 185.1 493.7 871.1 924.7 -77.9 256.7 -187.6 -27.9 29 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security RPs 12 Credit market instruments 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities 16 17 18 19 20 21 22 23 24 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III) (9) Funding corporations (CPFF) (10) 25 26 27 28 29 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Net increase in liabilities 30 31 Depository institution reserves Vault cash of commercial banks 2.1 3.3 839.2 2.7 117.0 -2.8 -8.9 -2.2 594.2 8.1 1755.7 25.9 755.8 0.7 6.2 -13.1 -140.9 18.8 -49.3 -9.2 -171.8 -7.6 30 31 32 Checkable deposits and currency 17.8 428.2 -117.6 185.0 -122.1 -838.7 168.7 -82.3 263.8 -166.0 244.0 32 33 34 35 36 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 11.4 0.0 11.4 0.0 349.3 0.0 90.0 259.3 -173.8 -0.0 80.5 -254.3 149.0 -0.1 -45.9 195.0 -255.0 -0.0 -55.0 -200.0 -897.0 0.1 -117.3 -779.9 78.5 -0.2 78.8 0.0 -315.6 -0.1 -295.6 -20.0 114.0 0.0 114.0 0.0 -167.7 0.1 -167.7 0.0 195.2 -0.1 195.4 0.0 33 34 35 36 37 38 39 Due to rest of the world Due to government-sponsored enterprises Currency outside banks -0.0 0.9 5.5 1.3 19.4 58.2 1.0 14.0 41.2 0.9 -21.6 56.7 -3.2 51.1 85.0 -12.8 -13.3 84.5 0.9 -11.6 100.8 9.1 150.1 74.2 -10.0 79.3 80.4 0.0 -111.0 112.6 5.8 -27.7 70.7 37 38 39 40 Security RPs 14.4 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 -44.8 40 41 42 43 Miscellaneous liabilities Federal Reserve Bank stock Other 2.5 3.1 -0.7 2.2 2.6 -0.5 6.1 4.6 1.5 29.2 0.9 28.3 -26.7 0.4 -27.1 -81.7 -0.9 -80.8 -33.1 0.8 -33.8 -44.0 -1.9 -42.1 52.0 3.6 48.4 49.9 1.3 48.6 -47.8 0.5 -48.3 41 42 43 -2.8 -0.2 -6.0 -10.0 -1.3 -16.3 -4.6 9.7 6.2 7.2 -0.9 44 44 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table F.203. (3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 27 Z.1, September 20, 2012 F.109 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid (2) -21.3 32.1 88.4 122.1 68.2 72.6 64.9 73.8 61.5 19.4 27.3 1 2 Fixed nonresidential investment 10.3 34.2 30.9 25.0 26.0 24.3 25.1 27.1 27.4 31.1 29.6 2 3 Net lending (+) or net borrowing (-) 80.9 -24.2 -245.4 -213.1 -142.5 -269.8 -116.0 -78.5 -105.5 -326.1 78.7 3 4 Net acquisition of financial assets 939.0 1590.9 -602.7 -272.7 1008.3 1951.1 808.5 1183.5 90.0 162.3 442.4 4 3.3 2.1 2.7 839.2 -2.8 117.0 -2.2 -8.9 8.1 594.2 25.9 1755.7 0.7 755.8 -13.1 6.2 18.8 -140.9 -9.2 -49.3 -7.6 -171.8 5 6 815.9 380.7 -592.1 -202.1 195.0 -263.6 -27.6 490.3 581.0 235.0 395.5 7 -0.5 10.4 -115.8 12.6 232.2 15.3 -20.8 142.2 20.4 -40.8 -15.7 94.7 172.7 3.4 -136.3 0.0 102.9 138.4 29.3 -126.1 0.0 -46.6 133.6 43.5 7.6 0.0 -4.6 178.8 27.2 -99.6 0.0 -103.4 -6.2 29.0 5.7 0.0 -69.2 95.6 68.1 179.8 0.0 -9.1 266.1 49.8 -55.5 0.0 80.8 293.6 46.8 -147.7 0.0 99.7 -84.8 78.9 -13.2 8 9 10 11 12 332.1 0.0 286.3 58.6 199.5 -0.2 -4.5 69.7 -402.1 0.0 -245.2 -63.6 -51.8 0.0 -213.9 -81.0 200.1 0.0 -146.8 3.6 137.5 0.0 -423.0 -79.8 136.0 0.0 -152.8 64.0 246.1 0.0 -13.3 -16.9 280.7 0.0 1.8 47.2 211.0 0.0 -222.1 -27.4 192.5 0.0 22.5 100.0 13 14 15 16 1.4 3.6 0.9 1.3 6.3 14.1 -1.7 -5.6 0.9 -0.5 -9.5 -1.0 16.6 -5.9 3.5 -0.7 -6.8 5.4 8.5 -9.3 3.0 11.3 17 18 32.3 10.9 -113.5 6.4 -59.9 0.8 22.7 4.5 79.0 4.8 -46.0 5.4 72.9 4.3 248.9 3.7 40.0 6.0 21.2 12.4 186.6 4.8 19 20 5 6 Vault cash Reserves at Federal Reserve 7 Credit market instruments 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 14 15 16 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 17 18 Corporate equities Mutual fund shares 19 20 Security credit Life insurance reserves 21 69.4 473.0 -86.0 -79.3 126.8 484.2 -8.3 444.6 -413.5 -46.9 20.6 21 22 Net increase in liabilities 858.1 1615.1 -357.3 -59.6 1150.7 2220.8 924.5 1262.0 195.6 488.4 363.7 22 23 Net interbank liabilities -58.7 981.0 -705.1 -163.3 252.3 1167.2 -252.2 319.7 -225.5 159.3 -251.2 23 24 25 26 Checkable deposits Small time and savings deposits Large time deposits 18.9 316.4 283.4 140.2 524.8 -190.6 109.7 517.2 -141.8 81.3 298.4 -182.3 356.7 577.3 -204.6 350.7 233.5 58.7 346.4 906.3 -19.3 494.2 705.8 -670.6 235.4 463.7 -187.1 92.6 378.9 -87.5 59.3 487.3 1.0 24 25 26 27 Federal funds and security RPs (net) -98.6 -339.6 307.2 -137.2 -80.2 -167.4 -257.9 -44.1 148.6 -198.5 -39.0 27 28 Credit market instruments 236.1 7.0 -306.4 -161.6 -75.7 -87.7 -102.6 -95.5 -17.1 -46.3 -6.7 28 0.0 24.8 211.2 -0.2 0.1 7.1 0.0 -28.5 -278.0 -19.7 6.7 -148.7 7.7 -21.0 -62.5 -14.9 -13.1 -59.7 -0.5 -3.2 -98.9 3.4 -13.1 -85.9 42.7 -54.5 -5.4 -65.0 50.4 -31.7 -9.0 -50.9 53.2 29 30 31 29 30 31 Miscellaneous assets Open market paper Corporate bonds Other loans and advances 32 33 Corporate equity issues Taxes payable (net) 7.5 -15.6 12.1 -86.0 11.6 7.3 11.9 6.6 6.4 10.6 7.0 18.8 9.0 18.4 16.1 13.6 -6.5 -8.5 3.5 7.7 1.3 9.2 32 33 34 35 36 37 38 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other 168.6 -0.8 114.0 43.7 11.7 566.1 24.8 113.6 35.6 392.1 -157.1 16.6 166.8 -73.5 -266.9 186.5 9.3 33.4 -31.5 175.3 308.0 17.9 79.1 -33.7 244.7 640.1 15.6 152.6 69.5 402.5 276.3 15.1 12.8 -62.1 310.5 522.8 35.4 90.4 -133.1 530.1 -207.3 5.6 60.5 -9.2 -264.2 178.6 -26.0 22.3 65.7 116.5 102.6 10.6 191.8 -103.0 3.3 34 35 36 37 38 -112.5 22.1 302.9 310.2 184.7 318.1 155.7 125.2 139.7 314.4 -80.9 39 -1.8 -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 -0.2 40 39 Discrepancy Memo: 40 Consumer leases not included above (3) (1) U.S.-chartered depository institutions (F.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113). (2) Net capital transfers paid from table F.9, line 54. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 28 Z.1, September 20, 2012 F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 Gross saving less net capital transfers paid (1) 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 Vault cash Reserves at Federal Reserve 6 Credit market instruments Q2 2012 Q3 Q4 Q1 Q2 -34.0 22.5 78.9 110.7 54.4 58.9 50.8 59.8 47.9 3.3 13.9 1 2.4 27.1 24.6 20.0 20.1 18.7 19.3 21.1 21.2 24.7 23.1 2 673.3 964.0 -295.0 -357.3 332.3 461.3 487.3 -101.7 482.1 374.0 204.0 3 3.3 1.7 2.7 596.6 -2.8 53.7 -2.2 -89.7 8.1 224.8 25.9 523.9 0.7 627.3 -13.1 -299.8 18.8 47.8 -9.2 32.7 -7.6 -167.2 4 5 585.4 241.9 -336.7 -176.6 126.9 -333.3 -118.7 338.3 621.2 214.6 391.8 6 0.0 5.6 -111.0 -49.1 0.0 -5.9 0.0 -56.1 15.7 -23.7 136.2 153.9 0.0 19.8 0.0 -37.5 -15.7 68.1 168.0 -13.4 0.1 70.1 0.1 111.3 0.0 93.0 110.1 -2.2 -0.2 129.4 -0.4 -16.6 0.0 -43.7 106.9 63.8 4.8 80.3 9.8 -51.8 0.0 -32.9 138.4 19.9 2.0 97.3 4.4 14.7 0.0 -95.5 -8.8 -52.7 3.9 129.5 3.0 -92.5 0.0 -47.2 67.9 69.8 9.9 88.0 16.3 -116.1 0.0 1.0 230.2 218.1 3.7 6.4 15.5 -13.4 0.0 25.7 260.2 210.3 5.2 66.5 13.2 -35.0 0.0 138.2 -123.4 -57.5 6.6 -85.9 26.6 -13.2 7 8 9 10 11 12 13 14 7 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 15 16 17 18 19 20 21 Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 11.9 151.2 11.0 0.0 104.3 0.0 35.8 19.9 -64.1 -25.7 0.0 -43.3 0.0 5.0 2.4 25.9 6.6 1.1 -51.6 -3.8 73.7 30.3 -98.8 -9.7 -6.4 -70.6 -1.4 -10.7 42.6 3.0 -3.1 -2.5 -22.0 2.7 27.8 26.1 -67.7 25.5 -9.1 -34.2 -18.3 -31.5 30.4 -27.5 -24.5 0.5 -27.9 -0.5 24.9 66.7 78.1 -4.0 0.5 -12.4 19.6 74.3 47.4 29.0 -9.3 -1.7 -13.4 10.0 43.4 46.8 -78.3 -1.3 1.4 -47.0 -5.1 -26.3 81.4 -13.4 62.5 -0.3 -14.1 10.2 -71.8 15 16 17 18 19 20 21 22 23 24 25 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 226.6 0.0 243.0 58.1 131.2 0.0 -43.4 70.1 -277.7 0.0 -243.3 -64.5 -35.9 0.0 -205.0 -70.3 156.3 0.0 -145.4 7.1 87.2 0.0 -417.8 -66.6 69.6 0.0 -144.5 57.6 201.9 0.0 -15.5 -13.5 266.6 0.0 -3.7 50.7 231.2 0.0 -223.0 -48.0 212.8 0.0 20.4 75.9 22 23 24 25 1.4 3.6 0.9 1.3 6.3 14.8 -1.8 -5.8 1.0 -0.8 -9.4 -1.6 16.7 -6.4 3.5 -0.5 -6.8 5.3 8.5 -10.3 3.0 11.6 26 27 26 27 Corporate equities Mutual fund shares 28 29 30 Security credit Life insurance reserves Miscellaneous assets 29.3 10.9 37.6 12.8 6.4 101.4 -59.2 0.8 28.1 -5.8 4.5 -80.0 37.3 4.8 -69.8 -0.7 5.4 251.2 44.3 4.3 -80.9 94.9 3.7 -228.8 10.8 6.0 -221.0 -39.4 12.4 164.7 75.8 4.8 -108.1 28 29 30 31 Net increase in liabilities 599.6 992.7 -59.6 -141.7 475.8 719.0 615.5 -21.9 590.5 704.2 131.4 31 130.9 0.3 48.6 24.1 58.0 746.9 -1.5 511.1 71.3 166.1 -534.3 -0.6 -463.1 23.5 -94.1 -213.0 0.7 -96.4 -28.2 -89.0 -229.4 0.8 -0.0 58.3 -288.5 36.9 0.2 -0.7 92.6 -55.2 -366.6 1.9 0.2 -76.8 -291.8 -351.2 0.6 -0.0 147.8 -499.6 -236.6 0.6 0.3 69.8 -307.3 198.9 -0.4 -0.8 45.0 155.1 -379.7 0.0 0.3 -245.2 -134.9 32 33 34 35 36 13.5 14.9 5.0 -6.3 137.9 -39.5 31.2 146.2 94.0 0.3 -28.7 122.4 69.6 -0.1 -3.8 73.5 319.4 -2.7 24.3 297.8 327.9 -1.2 46.1 283.1 339.0 2.4 13.0 323.6 414.6 -3.3 19.7 398.2 196.2 -8.6 18.3 186.4 53.1 -0.2 -6.9 60.2 35.7 1.6 4.8 29.4 37 38 39 40 32 33 34 35 36 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 37 38 39 40 Checkable deposits Federal government Rest of the world Private domestic 41 42 43 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 282.7 4.1 -87.5 480.6 -69.0 -248.1 472.3 -329.8 269.4 271.7 -130.2 -190.3 537.1 -35.3 -114.5 198.7 -58.3 -142.0 858.0 -52.0 -110.6 641.5 -112.1 -269.7 450.1 81.5 64.1 299.5 25.4 -197.8 426.6 104.7 -76.3 41 42 43 44 Credit market instruments 222.6 -1.1 -292.3 -161.2 -73.8 -78.0 -99.1 -99.2 -18.8 -41.2 -10.1 44 0.0 24.8 197.8 0.0 0.1 -1.2 0.0 -28.5 -263.9 -19.7 6.7 -148.3 7.7 -21.0 -60.5 -14.9 -13.1 -50.0 -0.5 -3.2 -95.4 3.4 -13.1 -89.6 42.7 -54.5 -7.0 -65.0 50.4 -26.6 -9.0 -50.9 49.8 45 46 47 45 46 47 Open market paper Corporate bonds Other loans and advances 48 49 Corporate equity issues Taxes payable (net) 7.5 -15.6 12.1 -86.0 11.6 7.3 11.9 6.6 6.4 10.6 7.0 18.8 9.0 18.4 16.1 13.6 -6.5 -8.5 3.5 7.7 1.3 9.2 48 49 50 51 52 Miscellaneous liabilities Investment by holding companies Other 41.3 114.0 -72.7 19.3 113.6 -94.3 242.2 166.8 75.4 193.3 33.4 159.9 55.2 79.1 -23.8 408.1 152.6 255.5 19.2 12.8 6.4 -275.4 90.4 -365.9 69.1 60.5 8.6 355.1 22.3 332.8 20.0 191.8 -171.8 50 51 52 -110.0 24.0 289.7 306.4 177.8 297.9 159.6 118.5 135.2 308.8 -81.8 53 -1.8 -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 -0.2 54 53 Discrepancy Memo: 54 Consumer leases not included above (2) (1) Net capital transfers paid from table F.9, line 54. (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 29 Z.1, September 20, 2012 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving 3.6 2.5 2.5 2.5 3.2 3.2 3.2 3.3 3.3 3.3 3.3 1 2 Fixed nonresidential investment 4.1 2.9 2.6 2.2 2.9 2.7 2.8 2.9 3.0 3.1 3.1 2 3 Net acquisition of financial assets 219.8 576.8 -357.3 69.3 662.2 1388.8 419.4 1242.4 -401.7 -301.7 189.1 3 4 Reserves at Federal Reserve 5 Credit market instruments 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Depository institution loans n.e.c. Other loans and advances Mortgages 14 15 16 Corporate equities Security credit 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 34.6 4 100.8 -285.8 -30.8 37.7 26.5 87.9 130.2 -93.7 -55.2 -39.4 5 0.0 3.6 2.0 0.0 77.0 0.0 5.1 -6.5 0.0 32.1 0.0 22.0 -19.3 0.0 -156.7 0.0 3.5 -4.8 0.0 -11.0 0.0 -0.5 4.0 0.0 0.6 0.0 20.8 19.6 0.0 -53.3 0.0 -10.0 -3.4 0.0 35.6 0.0 -22.0 6.5 0.0 105.0 0.0 9.3 -6.5 0.0 -84.9 0.0 44.5 -6.1 0.0 -72.2 0.0 -42.6 13.0 0.0 0.6 6 7 8 9 10 105.0 0.0 14.1 65.1 -0.2 5.2 -125.4 0.0 -6.4 -16.1 0.0 -2.5 36.1 0.0 -2.6 45.5 0.0 -6.1 69.0 0.0 -3.2 38.1 0.0 2.6 -8.0 0.0 -3.6 -15.0 0.0 -6.4 -10.3 0.0 -0.1 11 12 13 0.0 3.0 0.0 -126.3 0.0 -0.8 0.1 28.5 -0.0 41.6 -0.0 -45.3 -0.2 28.7 0.0 154.0 0.0 29.2 0.0 60.6 0.0 110.8 14 15 14.7 364.3 -115.8 4.9 222.7 247.3 156.3 618.4 -131.2 -179.8 83.1 16 17 Net increase in liabilities 222.9 572.1 -355.9 70.5 666.8 1402.6 418.0 1248.3 -401.6 -297.8 190.0 17 18 19 20 Net interbank liabilities To foreign banks To domestic banks -191.1 -169.4 -21.7 240.4 244.7 -4.3 -158.9 -176.3 17.5 48.2 40.8 7.3 496.8 509.9 -13.1 1062.4 1083.7 -21.4 162.6 174.3 -11.8 751.5 732.4 19.1 10.7 49.1 -38.4 -54.5 -32.7 -21.7 165.1 144.2 20.9 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 2.6 6.9 273.4 1.7 0.1 -123.2 2.6 4.4 173.9 5.7 5.8 -49.6 23.7 13.2 -172.4 -4.4 27.7 112.2 9.8 19.2 33.3 60.0 14.0 -563.0 29.5 -8.0 -271.9 -5.1 36.0 -119.2 17.7 17.5 -109.5 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities -13.6 0.0 -96.3 -0.2 40.3 0.0 52.9 0.0 50.2 0.0 -26.1 0.0 -74.2 0.0 196.8 0.0 104.4 0.0 20.3 0.0 1.4 0.0 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 144.8 -0.8 43.7 101.9 549.5 24.8 35.6 489.1 -418.2 16.6 -73.5 -361.2 7.5 9.3 -31.5 29.6 255.3 17.9 -33.7 271.1 230.9 15.6 69.5 145.8 267.4 15.1 -62.1 314.4 789.0 35.4 -133.1 886.7 -266.2 5.6 -9.2 -262.6 -175.3 -26.0 65.7 -215.0 97.9 10.6 -103.0 190.3 26 27 28 29 2.6 -5.1 1.3 1.6 5.0 14.3 -1.0 6.2 0.3 4.1 1.1 30 30 Miscellaneous assets 0.4 201.7 Discrepancy (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). 30 Z.1, September 20, 2012 F.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets -0.3 -2.9 -7.3 -14.8 -4.1 -5.7 -5.3 12.9 -18.2 -0.5 11.4 3 4 5 6 7 8 9 10 11 12 13 Credit market instruments -6.4 -1.9 -2.8 -19.3 -4.9 -5.1 -9.6 -6.1 1.3 -0.6 -4.6 4 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -1.9 -2.7 0.7 0.1 -0.6 -2.0 0.5 0.0 -0.7 -3.9 0.9 1.5 0.6 -7.7 -0.9 -1.4 -0.0 -8.0 0.9 3.6 0.0 -23.5 1.2 21.1 2.1 -3.7 -1.3 -2.6 -2.6 -2.6 1.4 -2.8 0.4 -2.1 2.4 -1.4 -0.7 1.2 -0.1 0.5 1.9 -1.2 -2.6 -0.8 5 6 7 8 Depository institution loans n.e.c. Home mortgages Commercial mortgages -4.2 4.3 -2.7 -1.7 1.4 0.4 -0.3 -0.3 -0.0 -3.3 -2.5 -4.0 1.1 -2.4 -0.1 -0.1 -5.4 1.5 -0.3 -2.2 -1.5 2.7 -1.1 -1.1 1.9 -0.7 0.8 0.4 -1.0 -0.9 0.3 -1.0 -1.1 9 10 11 6.1 -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 16.0 12 -7.7 -3.4 -1.1 -14.8 -3.1 -2.0 -4.1 11.4 -17.7 -1.4 12.1 13 0.3 1.7 1.1 1.1 -0.6 -1.1 1.1 1.1 -1.0 1.4 -2.9 -2.9 0.9 0.5 -5.2 -5.2 -1.2 2.8 -0.4 -0.4 -3.1 2.2 0.3 0.3 -1.2 3.9 -0.8 -0.8 -1.9 -0.5 -0.1 -0.1 1.2 5.5 -0.9 -0.9 0.5 0.7 -0.8 -0.8 -0.6 11.0 3.4 3.4 14 15 16 17 -11.9 -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 -5.0 18 -7.4 -0.5 6.2 -0.0 1.0 3.7 1.2 -1.5 0.6 -0.9 0.7 19 Miscellaneous assets Net increase in liabilities 14 15 16 17 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits 18 Miscellaneous liabilities 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. F.113 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 9.0 7.0 6.8 8.8 10.5 10.4 10.7 10.6 10.2 12.6 10.0 1 2 Fixed nonresidential investment 3.8 3.9 3.5 2.8 2.9 2.8 2.9 3.0 3.1 3.2 3.2 2 3 Net acquisition of financial assets 46.2 53.0 56.9 30.1 17.8 106.6 -92.9 29.9 27.8 90.5 37.8 3 0.0 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 45.4 -39.1 4 4 Reserves at Federal Reserve 5 Credit market instruments 6 7 8 9 10 11 12 13 14 35.3 39.9 33.2 24.6 35.3 48.3 12.7 27.8 52.2 76.1 47.6 5 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds -0.5 3.0 -4.1 3.9 -0.4 -1.6 14.4 -8.9 0.0 5.3 27.9 -7.0 0.0 5.8 40.8 -15.0 0.0 -2.4 30.6 0.4 0.0 7.5 44.3 0.2 0.0 0.1 9.8 0.2 0.0 2.6 23.8 -0.5 0.0 -19.9 44.5 1.9 0.0 11.3 38.3 2.2 0.0 2.3 26.9 0.5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Consumer credit 4.8 27.7 0.5 4.8 32.0 -0.4 1.3 4.8 0.9 3.5 0.0 -10.7 6.6 3.5 -3.4 4.9 4.8 -13.3 -2.3 -1.4 6.3 3.4 1.8 -3.3 20.2 9.0 -3.4 -5.6 9.2 20.6 -10.3 4.2 24.1 10 11 12 -0.0 11.0 -0.0 8.4 -0.7 6.3 0.2 -8.7 0.3 -26.9 0.6 -13.8 0.6 -88.0 -0.2 36.0 0.1 -41.8 1.0 -31.9 -0.3 29.6 13 14 43.2 53.7 59.2 26.4 11.2 101.2 -104.9 24.2 24.3 83.5 30.2 15 Mutual fund shares Miscellaneous assets 15 Net increase in liabilities 16 Net interbank liabilities 1.1 -5.7 -10.9 0.7 -13.9 71.0 -47.0 -78.7 -0.8 14.3 -36.0 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 31.7 1.1 25.8 4.8 45.1 1.6 43.0 0.5 72.0 11.6 43.4 17.0 34.4 5.5 26.2 2.7 41.5 10.7 27.4 3.4 36.3 25.0 6.7 4.6 23.8 -6.4 29.9 0.3 75.0 20.0 50.4 4.6 30.9 4.1 22.5 4.3 95.3 43.9 44.2 7.2 37.2 -5.1 39.9 2.5 17 18 19 20 21 22 Federal funds and security RPs (net) Other loans and advances 2.6 13.4 4.8 8.3 -2.4 -14.1 0.1 -0.4 -15.9 -2.0 0.6 -9.6 -73.1 -3.5 28.7 3.7 -19.8 1.6 -21.0 -5.1 35.8 3.3 21 22 23 Miscellaneous liabilities -5.6 1.1 14.7 -8.4 1.5 2.9 -5.0 -4.5 12.4 -0.1 -10.2 23 2.3 3.7 5.6 2.3 0.9 2.2 -4.1 1.9 3.7 2.4 -0.8 24 24 Discrepancy 31 Z.1, September 20, 2012 F.114 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid (1) 56.1 30.0 38.3 44.2 48.3 53.6 34.3 44.1 61.1 52.3 37.0 1 2 Fixed nonresidential investment 19.5 19.9 19.8 16.9 18.1 17.3 17.7 18.5 19.0 19.3 19.5 2 3 Net acquisition of financial assets 43.0 25.1 38.4 -38.4 24.6 25.8 -16.3 -1.3 90.4 -25.5 28.7 3 4 5 6 Checkable deposits and currency Money market fund shares Security RPs 12.8 7.2 1.7 -14.8 12.1 0.8 -0.3 -3.2 0.1 5.0 -4.0 -0.7 -8.5 -1.1 -2.0 4.8 8.4 -1.2 7.1 -6.4 -4.7 -39.7 -10.2 -1.3 -6.3 4.0 -0.7 20.2 -13.9 -7.3 0.5 0.3 0.0 4 5 6 7 Credit market instruments 5.3 -15.9 33.3 3.9 27.5 18.7 -19.8 1.3 110.1 -31.1 -0.4 7 -3.1 -38.7 3.8 36.1 5.9 1.3 5.8 -5.6 -11.5 10.6 -15.4 0.2 -9.3 22.9 1.9 -12.6 30.8 -0.5 -1.9 3.2 -0.4 -21.0 24.3 -0.3 -2.4 1.8 6.4 -17.4 38.4 0.8 2.6 6.1 4.1 -24.3 30.4 -0.2 -2.0 -5.3 0.4 -34.5 20.5 1.0 -11.1 -4.8 4.7 -21.7 33.3 1.0 0.9 11.4 16.6 10.8 69.2 1.4 -3.1 -10.2 -2.8 -7.6 -8.3 1.0 0.1 -6.6 0.8 2.2 2.3 0.8 8 9 10 11 12 13 0.5 -0.5 -1.6 17.6 35.1 -0.4 1.3 6.8 -2.4 0.1 -3.7 14.6 -20.9 -0.1 0.8 -22.5 2.3 -0.1 3.4 3.1 1.8 -0.2 2.5 -9.0 -10.3 -0.0 15.2 2.7 27.0 -0.0 2.0 19.6 -9.4 -0.1 -6.1 -1.1 5.3 -0.0 15.8 -14.5 12.2 -0.1 3.6 12.5 14 15 16 17 8 9 10 11 12 13 14 15 16 17 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Mutual fund shares Trade receivables Miscellaneous assets 18 Net increase in liabilities 9.4 14.3 -4.3 3.0 16.9 -2.4 29.1 -20.6 61.5 -19.8 -9.1 18 19 20 21 22 Security RPs Corporate equity issues Taxes payable (net) Miscellaneous liabilities -0.7 -13.2 -2.4 25.8 1.9 0.4 -28.1 40.2 -1.7 -5.3 5.3 -2.6 0.8 -12.7 5.6 9.3 -1.1 -10.7 -4.4 33.1 -3.4 -11.1 8.8 3.3 0.2 2.9 -20.7 46.7 -0.6 -20.7 -25.1 25.8 -0.5 -14.0 19.3 56.7 0.3 -18.1 26.0 -28.0 0.0 -11.3 -20.7 23.0 19 20 21 22 3.1 -0.6 -24.2 68.7 22.4 8.2 61.9 6.3 13.3 38.8 -20.3 23 5.2 -44.8 12.6 10.5 18.0 11.1 17.6 15.4 27.8 20.9 20.4 1 12.5 12.8 13.4 13.7 14.0 14.1 2 23 Discrepancy (1) Net capital transfers paid from table F.9, line 51. F.115 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Fixed nonresidential investment 14.1 14.4 14.2 12.2 13.1 3 Net acquisition of financial assets 240.5 167.1 115.3 189.9 220.4 74.2 188.7 453.5 165.4 197.2 26.1 3 4 5 6 Checkable deposits and currency Money market fund shares Security RPs 2.3 -1.6 0.2 24.4 17.5 5.2 -32.1 -5.5 2.2 1.0 -12.7 0.7 2.0 7.9 -0.8 -18.5 -5.0 -4.8 4.8 -7.3 -3.6 38.1 -3.7 8.0 -16.3 47.4 -2.7 -3.4 -9.7 -3.4 12.9 18.3 0.4 4 5 6 7 Credit market instruments 84.8 11.6 139.8 151.6 123.6 151.7 98.9 172.7 71.3 101.8 -143.7 7 13.1 -17.3 5.5 -3.4 35.1 -16.7 11.5 27.7 5.8 -8.9 23.2 4.0 -11.2 10.5 -1.2 -4.4 6.1 3.3 -10.5 2.2 -3.5 10.6 15.7 1.0 -40.6 18.0 -5.6 -4.0 9.3 -39.6 6.0 1.0 -47.3 8 9 10 4.8 43.1 13.2 22.4 5.7 -45.5 20.3 16.3 26.1 97.6 -12.6 -16.3 39.2 102.9 -0.2 -8.6 9.3 93.4 7.9 15.0 10.7 131.7 -4.0 8.3 8.3 74.6 10.4 17.3 10.3 102.7 16.6 15.8 7.7 64.8 8.4 18.6 4.0 118.6 -7.9 21.4 -7.6 -113.6 3.0 14.9 11 12 13 14 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 15 16 Corporate equities Mutual fund shares 84.1 31.3 81.8 -10.7 33.4 0.0 45.6 1.0 37.7 1.1 32.5 1.0 38.6 1.0 35.3 1.2 44.4 1.2 24.3 1.2 46.4 1.3 15 16 17 Miscellaneous assets 39.5 37.2 -22.5 2.8 48.9 -82.7 56.2 201.9 20.1 86.5 90.5 17 18 Net increase in liabilities 198.7 166.9 30.9 168.1 201.3 95.8 138.9 418.8 151.8 179.5 -29.6 18 19 20 21 Security RPs Corporate equity issues Other loans and advances -1.1 -30.6 14.5 -7.3 -10.7 26.2 -0.5 -0.9 -6.6 -2.2 -4.8 -3.2 0.1 -11.5 1.8 -3.0 -8.7 1.8 2.1 -11.5 2.4 -1.4 -16.0 0.9 2.8 -10.0 1.9 1.6 -11.5 6.6 3.6 -11.9 15.7 19 20 21 22 23 24 25 Life insurance reserves Pension fund reserves (1) Taxes payable (net) Miscellaneous liabilities 33.0 118.6 -3.4 67.6 66.0 65.5 -19.7 46.8 25.4 25.1 -7.0 -4.6 16.4 104.3 2.6 55.1 92.8 88.0 5.2 24.9 82.0 95.0 3.8 -75.1 85.6 96.0 -4.8 -30.9 117.9 110.3 -4.9 212.0 85.9 50.8 26.6 -6.3 61.5 73.0 -14.8 63.2 -9.2 -53.5 13.9 11.8 22 23 24 25 -50.7 -59.4 -86.0 -23.5 -14.2 20.2 -44.9 -32.6 0.5 -10.8 -49.4 26 26 Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). 32 Z.1, September 20, 2012 F.116 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1 2 Fixed nonresidential investment 1.0 0.8 0.6 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 2 3 Net acquisition of financial assets 31.7 -36.8 60.0 61.2 72.0 78.6 86.3 24.1 99.2 88.1 64.4 3 4 5 Checkable deposits and currency Time and savings deposits 0.6 4.6 0.5 0.3 4.2 4.7 4.5 0.2 1.1 0.5 -4.1 -0.2 3.7 2.0 1.6 -1.3 3.1 1.3 -2.9 -0.2 1.7 -1.2 4 5 6 7 Money market fund shares Security RPs 3.4 3.4 2.3 7.3 0.6 3.1 -0.1 -0.1 -0.2 -4.2 -0.2 1.2 -0.2 -17.9 -0.2 1.6 -0.2 -1.7 0.0 13.1 0.0 -1.0 6 7 8 Credit market instruments 102.5 90.6 111.6 59.4 49.1 34.3 29.1 92.3 40.6 2.0 -27.0 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities -4.8 38.7 28.2 10.2 15.4 21.3 -10.5 125.8 -49.0 -8.5 80.3 -11.5 -1.4 45.2 5.1 4.4 31.9 5.0 -2.2 26.5 4.2 -2.6 75.7 12.9 -5.5 46.7 -1.9 3.0 47.6 -40.9 0.9 22.1 -42.5 9 10 11 12 13 Corporate and foreign bonds Mortgages 39.8 0.7 42.7 0.9 42.8 2.6 -2.8 1.9 0.8 -0.5 -5.2 -1.8 1.7 -1.1 8.6 -2.3 -1.9 3.1 -7.0 -0.6 -7.1 -0.4 12 13 -188.3 88.1 -184.6 35.5 -175.6 89.8 -50.5 80.9 -24.0 56.1 -33.0 106.1 -14.8 100.5 -18.5 -51.8 -29.8 69.6 -67.6 139.9 -42.9 114.5 14 15 14 15 Corporate equities Mutual fund shares 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 17.5 26.3 4.4 -13.2 11.3 38.2 0.7 -27.6 21.6 10.1 2.5 9.0 -32.9 -4.4 -1.3 -27.2 -6.2 -0.3 0.2 -6.1 -25.5 -7.4 -0.6 -17.6 -16.1 1.0 -0.1 -17.1 0.4 1.3 0.5 -1.3 16.3 3.8 1.0 11.5 3.7 5.2 1.3 -2.8 20.3 7.1 1.3 11.9 16 17 18 19 20 Pension fund reserves (liabilities) (3) 32.3 -36.4 60.1 61.3 72.1 78.7 86.3 24.1 99.3 88.1 64.5 20 -76.4 108.1 -82.4 45.6 -35.1 95.1 -31.9 93.1 -28.7 100.7 -33.1 111.8 -26.4 112.7 -26.7 50.8 -28.5 127.7 -27.8 115.9 -28.7 93.2 21 22 Memo: 21 22 Net acquisition of financial assets (4) Defined benefit plans Defined contibution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (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 nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. (4) Additional detail on defined benefit plans and defined contribution plans is available on F.116.b and F.116.c. 33 Z.1, September 20, 2012 F.117 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving 0.6 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1 2 Fixed nonresidential investment 2.1 1.4 0.9 0.8 0.9 0.8 0.9 0.9 0.9 1.0 1.0 2 3 Net acquisition of financial assets 0.8 17.0 -28.2 -38.5 -52.3 -48.1 -42.5 -76.0 -42.7 -42.0 -35.2 3 4 5 Checkable deposits and currency Time and savings deposits 4.8 -0.1 -0.2 -0.0 -0.0 -0.0 -0.5 -0.0 1.1 0.0 3.5 0.1 -0.9 -0.0 2.7 0.1 -0.9 -0.0 1.0 0.0 0.4 0.0 4 5 6 7 Money market fund shares Security RPs -1.4 -2.5 1.9 1.8 -0.0 -0.0 -0.4 -0.6 0.9 1.5 2.9 4.7 -0.8 -1.2 2.2 3.6 -0.7 -1.2 0.8 1.4 0.4 0.6 6 7 8 Credit market instruments 12.3 13.3 -8.8 -8.2 18.3 34.2 -18.1 60.3 -3.2 32.9 17.5 8 -4.4 -14.6 23.3 -12.5 4.8 6.3 -2.0 28.1 -30.5 -1.6 11.1 -21.7 1.4 3.3 5.1 4.6 9.2 14.1 -1.2 -4.0 -6.1 3.5 8.4 13.0 -1.2 -0.3 -0.4 1.3 1.5 2.3 0.6 1.2 1.8 9 10 11 -0.8 13.6 -4.7 -1.0 15.9 -0.3 0.0 -4.3 -0.1 0.1 3.8 0.1 -0.1 8.6 -0.1 0.2 7.0 -0.8 -0.1 -6.8 0.0 -0.2 35.2 0.4 -0.0 -1.2 -0.1 19.7 8.3 -0.1 7.8 6.1 -0.0 12 13 14 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 15 16 Corporate equities Mutual fund shares -6.4 -5.2 1.2 -1.1 -17.3 -2.5 -25.8 -3.8 -65.7 -9.6 -82.8 -12.1 -18.6 -2.7 -128.7 -18.8 -32.5 -4.7 -69.1 -10.1 -47.9 -7.0 15 16 17 Miscellaneous assets -0.6 -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.0 0.8 17 2.3 17.7 -28.0 -38.5 -52.3 -48.2 -42.5 -75.9 -42.7 -41.9 -35.2 18 18 Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.118 Federal Government Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 Net acquisition of financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets(2) Pension fund reserves (liabilities) (3) 47.8 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 1 12.6 23.9 7.4 10.8 20.0 15.1 16.9 33.2 14.9 5.5 16.9 2 11.3 -0.2 1.5 24.7 -0.2 -0.5 7.4 0.0 -0.0 10.0 0.6 0.2 17.9 0.7 1.4 14.7 -0.6 0.9 13.5 1.2 2.1 30.3 1.0 1.9 13.0 1.2 0.7 2.5 2.0 1.1 13.1 2.4 1.4 3 4 5 1.9 33.3 -8.4 63.3 8.8 61.9 5.4 65.7 -4.2 70.8 -1.2 63.8 1.2 -287.0 -18.1 432.6 1.4 73.6 6.5 55.8 -3.8 91.7 6 7 47.8 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 34 Z.1, September 20, 2012 F.119 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 43.2 -4.8 63.9 211.3 2.0 5.6 84.6 -63.5 -32.2 10.4 217.9 -62.5 8.7 -3.7 -105.2 -0.5 -47.3 4.9 -88.0 4.6 14.0 38.8 -55.9 -90.2 18.0 14.7 -38.4 116.2 -108.6 -29.2 -152.4 -24.4 -112.7 -4.9 -105.2 16.8 -39.7 -19.8 -136.9 105.0 -32.0 -1.7 -31.1 104.4 2 3 4 5 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 375.6 66.3 95.5 104.5 100.7 8.5 738.6 -56.1 399.5 520.3 23.6 -148.8 -644.0 -108.0 -171.3 -213.2 -93.3 -58.1 -410.0 -116.3 -71.0 -140.1 -66.9 -15.7 7.2 -39.0 107.9 0.9 -37.9 -24.6 -2.3 36.3 98.4 -95.2 -44.6 2.8 -84.9 -17.6 26.8 -44.7 -47.3 -2.1 64.6 -77.7 158.8 120.8 -32.1 -105.1 51.5 -97.1 147.8 22.6 -27.7 5.9 -69.4 30.9 218.6 -278.5 -27.2 -13.2 -153.4 19.5 -110.3 28.3 -51.4 -39.4 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Miscellaneous assets Net share issues (liabilities) 31.8 -43.1 11.3 7.7 5.8 3.2 -87.6 -69.4 177.1 -46.5 -50.6 12 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.120 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 3 Security RPs 4 5 6 7 8 9 10 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 14 Discrepancy 13.4 -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.5 1 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 2 -0.6 -7.4 28.6 -15.8 -28.8 324.3 13.1 -380.4 -72.3 114.4 70.9 3 271.1 -0.4 18.5 66.2 27.8 123.0 36.1 73.3 -62.5 8.7 27.3 17.4 69.9 12.4 380.7 28.6 67.6 46.4 90.6 146.2 1.3 374.3 -13.9 41.9 152.0 46.4 148.7 -0.8 427.4 -26.3 82.3 146.2 16.0 190.3 18.9 484.4 277.4 2.9 9.1 -45.9 192.2 48.7 423.8 8.8 32.9 102.9 20.1 207.2 52.0 244.6 -321.7 138.9 236.6 27.2 181.4 -17.9 556.9 -69.8 154.6 236.2 62.6 180.4 -7.2 788.3 65.1 93.0 208.8 85.6 333.0 2.9 625.5 68.6 48.9 153.3 83.3 275.0 -3.6 4 5 6 7 8 9 10 91.3 2.8 -38.1 3.2 86.3 -5.1 42.8 -12.0 1.7 2.9 133.4 10.5 13.6 31.6 -61.4 3.9 -79.0 -34.6 -76.2 50.1 -68.3 0.0 11 12 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 13 13.4 -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.5 14 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.121 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 2 3 4 5 6 7 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 17.6 -61.8 7.4 -0.0 -2.0 -0.4 7.7 19.6 -35.0 -31.6 14.0 1 -0.9 -1.7 1.9 -1.0 18.4 -40.7 -2.4 -13.4 -24.9 -21.1 10.7 1.2 3.2 6.2 -3.3 5.0 0.7 0.2 4.1 -5.0 -1.2 -0.3 0.9 -1.9 -0.8 6.8 0.6 -3.4 9.7 -7.2 3.6 -0.1 5.2 -1.5 4.0 -20.8 -1.5 -7.6 -11.7 40.4 5.4 -0.1 9.5 -4.0 -40.4 11.1 1.1 2.0 7.9 -42.7 5.6 -0.5 2.3 3.7 8.4 2 3 4 5 6 17.6 -61.8 7.4 -0.0 -2.0 -0.4 7.7 19.6 -35.0 -31.6 14.0 7 150.6 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 8 13.4 6.6 0.6 6.2 137.3 23.0 7.4 1.7 13.9 154.2 46.0 14.7 3.6 27.6 70.5 29.7 9.2 1.7 18.7 88.3 46.1 11.4 1.0 33.6 71.6 29.7 7.2 -0.6 23.1 64.7 43.7 15.6 1.1 27.0 73.2 52.2 17.8 0.4 34.0 31.5 58.7 5.1 3.2 50.4 116.9 65.0 -1.7 4.2 62.5 147.7 73.7 21.1 3.3 49.3 26.4 9 10 11 12 13 150.6 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 35 Z.1, September 20, 2012 F.122 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving 4.8 6.7 9.7 10.6 8.9 9.5 8.8 8.8 8.4 9.1 7.4 1 2 Fixed nonresidential investment 1.3 1.7 0.9 3.3 3.3 3.1 3.2 3.4 3.4 3.5 3.6 2 3 Net acquisition of financial assets 301.4 233.7 -360.7 -314.0 -241.3 -151.4 -477.5 -126.1 -210.2 -322.2 -192.1 3 -2.7 12.8 25.3 39.7 21.9 -28.2 11.1 -42.8 7.6 -36.0 0.3 20.6 9.3 -12.7 -38.1 28.2 -9.3 25.2 -32.7 -2.5 -164.5 5.7 -45.7 -3.4 36.0 6.9 -9.6 -120.8 -9.2 -18.8 41.8 -5.2 126.3 4 5 6 239.0 242.9 -337.8 -328.2 -199.7 -36.2 -279.3 -261.9 -221.4 -179.6 -298.5 7 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 7 Credit market instruments 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities -4.7 1.3 -11.1 14.1 1.2 207.0 3.0 5.1 -27.4 0.2 33.3 -85.1 -3.4 20.2 -18.1 -1.7 13.5 -12.4 -0.8 19.2 -22.6 -0.3 20.8 -0.4 -10.9 27.4 -36.8 -5.2 13.5 -45.0 2.2 -83.4 -21.2 8 9 10 11 12 Municipal securities Corporate and foreign bonds -2.8 -17.4 -2.0 -77.7 -2.2 -33.8 -4.2 -16.9 -3.9 -33.4 -4.3 -36.6 -3.7 -59.0 -3.8 -22.9 -3.7 -15.1 -3.4 -26.4 -3.3 -107.2 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 237.7 0.0 11.9 225.8 38.1 0.0 4.8 33.3 -284.8 0.0 -0.2 -284.6 -144.7 0.0 7.2 -151.9 -64.2 0.0 -3.5 -60.7 -56.3 0.0 1.6 -57.9 -101.9 0.0 -5.5 -96.4 -97.7 0.0 -12.7 -85.0 -1.0 0.0 2.5 -3.5 -23.6 0.0 1.5 -25.1 85.2 0.0 16.3 68.8 13 14 15 16 17 18 19 20 21 22 23 24 25 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 35.9 -9.7 0.0 -9.7 42.3 0.0 42.3 3.3 0.0 62.2 8.8 0.0 8.8 42.5 0.0 42.5 10.9 0.0 2.4 -11.3 0.0 -11.3 14.2 0.0 14.2 -0.5 0.0 -110.8 -119.5 -232.5 113.0 2.0 25.3 -23.3 6.7 0.0 -96.9 -103.5 -108.9 5.5 2.8 24.5 -21.7 3.7 0.0 61.6 59.3 89.3 -29.9 -1.6 23.9 -25.5 3.9 0.0 -110.5 -108.5 -71.5 -37.0 -5.8 23.9 -29.6 3.7 0.0 -157.6 -168.2 -252.3 84.1 7.1 21.3 -14.1 3.5 0.0 -181.3 -196.4 -201.2 4.8 11.4 28.9 -17.6 3.8 0.0 -89.4 -101.3 -38.4 -62.9 8.3 25.4 -17.1 3.5 0.0 -170.9 -171.2 -103.0 -68.2 -3.5 20.5 -24.0 3.8 0.0 17 18 19 20 21 22 23 24 25 27.0 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 -56.4 26 325.6 336.4 -317.1 -263.8 -182.1 -37.4 -463.7 -138.8 -88.3 -246.3 -180.3 27 26 27 Miscellaneous assets Net increase in liabilities 28 Credit market instruments 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 28 29 30 31 32 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 282.4 0.0 282.4 0.0 271.7 0.0 271.7 0.0 -475.3 0.0 -475.3 0.0 -233.8 -207.2 -26.5 0.0 -187.2 -84.4 -102.8 0.0 11.1 113.1 -102.0 0.0 -479.9 -47.6 -432.3 0.0 -138.3 -231.0 92.7 0.0 -141.7 -172.3 30.6 0.0 -274.9 -13.0 -261.9 0.0 -155.0 -82.5 -72.6 0.0 29 30 31 32 33 Corporate equities 25.5 27.6 96.0 38.1 29.2 8.0 27.5 27.1 54.0 22.9 -12.5 33 34 Miscellaneous liabilities 17.7 37.1 62.2 -68.1 -24.0 -56.5 -11.3 -27.7 -0.6 5.7 -12.8 34 27.7 107.8 52.4 57.5 64.8 120.4 19.5 -7.3 126.8 81.5 15.7 35 35 Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.123) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. F.123 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 622.6 -0.7 0.0 1.4 492.2 4.6 0.0 0.1 402.5 13.0 0.0 -0.2 175.8 11.3 0.0 -0.2 148.0 19.4 0.0 -2.1 228.2 17.5 0.0 -2.1 129.7 23.4 0.0 -0.1 126.0 15.9 0.0 -6.0 108.0 21.0 0.0 -0.2 140.8 19.0 0.0 -0.2 102.6 31.8 0.0 1.7 2 3 4 5 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.122). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as agency- and GSE-backed securities. 36 Z.1, September 20, 2012 F.124 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving 0.6 0.5 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 352.4 -410.7 -738.3 -505.5 -247.0 -305.2 -229.4 -268.6 -184.8 -279.6 -284.4 3 24.7 11.6 88.6 -13.6 -23.9 37.9 -18.3 -227.3 -51.1 -13.8 -97.5 -38.9 -10.9 -0.0 -5.4 -16.7 24.3 -93.9 1.6 -5.6 69.4 -19.9 -6.9 -21.8 -8.7 -11.9 24.5 -13.1 -32.7 18.2 -4.4 0.6 8.0 4 5 6 190.1 46.7 21.5 121.9 -354.9 -315.2 -10.8 -28.9 -367.7 -320.5 -5.8 -41.4 -295.4 -241.7 -8.7 -45.1 -218.4 -192.6 -7.7 -18.1 -222.0 -218.2 -2.8 -1.1 -248.1 -196.0 -10.4 -41.6 -202.3 -177.2 -7.7 -17.4 -201.2 -179.1 -9.7 -12.4 -255.5 -178.9 -11.8 -64.9 -264.5 -184.3 -19.1 -61.1 7 8 9 10 34.1 3.4 -40.1 -16.1 -39.6 -34.3 -50.4 -9.5 -8.0 -4.2 -3.9 7.1 -37.0 -9.8 -3.4 -14.4 12.2 0.3 12.7 -9.1 -12.5 -11.6 11 12 4 5 6 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 7 8 9 10 Mortgages (2) Home Multifamily residential Commercial 11 12 Consumer credit Trade credit 13 Net increase in liabilities 351.9 -411.1 -738.7 -505.7 -247.0 -305.2 -229.4 -268.6 -184.8 -279.6 -284.4 13 14 15 Commercial paper Corporate bonds (net) (3) -194.2 546.2 -83.9 -327.2 -266.2 -472.5 -40.3 -465.4 -24.1 -222.9 46.8 -352.1 -42.1 -187.4 10.6 -279.2 -112.0 -72.8 12.4 -292.0 -31.8 -252.5 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 16 -0.5 -17.9 -0.4 -46.7 -0.4 -25.3 -0.2 0.4 0.0 -3.1 0.0 2.7 0.0 -1.4 0.0 -5.5 0.0 -8.2 0.0 1.1 0.0 -20.3 17 18 16 Discrepancy 17 18 Memo: Securitized assets not included above Consumer leases (4) REIT assets (5) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Net issuance less net acquisition of corporate bonds held as assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (5) Included in table F.126. F.125 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 76.1 88.4 90.9 65.5 72.2 77.7 58.7 64.2 88.3 62.6 52.4 1 2 Fixed nonresidential investment 61.9 42.5 14.0 30.7 42.9 41.1 42.0 43.8 44.8 45.6 46.1 2 3 Net acquisition of financial assets 19.9 -59.5 -189.2 -172.6 -19.1 -47.1 -93.0 44.3 19.5 -45.8 -173.7 3 4 5 Checkable deposits and currency Time and savings deposits 0.4 1.2 0.3 0.8 0.5 1.6 -1.7 -5.0 4.3 12.8 9.9 29.6 7.1 21.2 7.8 23.3 -7.6 -22.7 -2.4 -7.1 -9.5 -28.6 4 5 7.1 4.5 24.9 -62.5 40.2 -81.9 3.0 16.9 -84.0 -17.9 -217.6 6.3 -91.0 -50.5 -82.4 -117.7 -19.6 -15.2 -55.9 -27.0 -47.0 0.9 2.4 -32.1 -18.2 -86.5 1.3 -20.4 -36.5 -31.0 -102.8 7.1 -44.1 -28.5 -37.3 -58.9 9.9 9.2 -48.3 -29.8 60.1 -14.8 64.8 -15.0 25.1 -58.4 0.2 -16.6 -32.9 -9.1 -36.9 7.9 9.0 -31.9 -22.0 6 7 8 9 10 6 7 8 9 10 11 12 Credit market instruments Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Net increase in liabilities 11.2 21.4 26.3 -48.1 10.8 -0.0 -18.4 72.1 -10.3 22.1 -98.6 11 26.5 -69.1 -250.2 -184.7 -26.5 -64.6 -107.8 57.7 8.8 -51.4 -180.2 12 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 34.9 -15.1 -2.8 52.8 0.0 -79.4 -22.6 -49.6 -7.1 0.0 -156.2 -38.8 -87.0 -30.4 0.0 -174.9 1.7 -111.7 -64.9 0.0 11.4 22.2 -26.8 15.9 0.0 21.2 82.8 -73.8 12.3 0.0 -94.6 -31.3 -20.2 -43.1 0.0 129.1 23.9 46.3 58.9 0.0 -10.3 13.4 -59.3 35.7 0.0 -25.2 25.6 -33.8 -17.0 0.0 -123.1 -10.7 -86.3 -26.0 0.0 13 14 15 16 17 18 19 20 21 22 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other -1.5 -6.9 -5.6 -13.4 12.0 -0.1 10.4 12.2 -8.4 6.5 -2.8 -91.2 12.8 -32.6 -71.5 0.3 -10.0 18.0 -15.9 -12.1 -0.6 -37.3 10.2 -11.3 -36.2 -2.6 -83.2 9.1 -13.7 -78.6 -1.5 -11.7 11.4 -5.8 -17.2 1.4 -72.8 0.1 -8.7 -64.2 0.5 18.6 20.4 -17.1 15.3 1.2 -27.4 4.5 -28.0 -3.9 -2.1 -55.0 0.2 -20.9 -34.3 18 19 20 21 22 23 Discrepancy 20.8 36.3 15.9 22.6 21.9 19.1 1.9 33.8 32.7 11.5 -0.2 23 24 Memo: Consumer leases not included above (2) 16.9 -11.8 -25.7 -16.5 7.9 3.7 2.8 6.6 18.5 17.9 22.8 24 (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table F.124. 37 Z.1, September 20, 2012 F.126 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency 6 Credit market instruments 7 8 9 10 11 12 13 14 Q2 2012 Q3 Q4 Q1 Q2 -18.0 -11.6 7.3 -0.4 -6.4 -4.5 -9.5 -10.0 -1.8 -6.4 -5.7 1 11.2 -9.3 6.0 0.1 3.8 -0.1 2.9 4.7 2.8 6.3 2.5 1.6 2.8 3.9 2.9 9.3 3.0 10.3 3.1 4.9 3.2 6.4 2 3 -26.1 -67.9 -9.3 41.8 118.3 254.5 112.7 98.5 7.5 266.9 93.7 4 -1.8 1.8 7.9 -2.8 2.1 22.0 -21.5 12.8 -5.1 16.8 -2.8 5 -19.9 -68.9 -8.7 37.1 102.9 207.8 121.7 80.3 1.9 227.8 91.1 6 Agency- and GSE-backed securities Corporate and foreign bonds 23.5 -30.2 0.7 -22.8 15.5 3.8 38.2 5.3 101.4 1.3 189.6 15.1 104.8 6.5 88.8 3.6 22.5 -20.0 219.0 13.9 71.6 8.2 7 8 Mortgages Home Multifamily residential Commercial -13.2 -23.5 0.2 10.1 -46.9 -46.4 -0.9 0.4 -28.0 -21.7 -2.0 -4.3 -6.3 -3.7 -0.4 -2.3 0.2 -0.7 -0.2 1.1 3.1 0.4 -0.5 3.1 10.4 0.3 -0.0 10.1 -12.1 -3.7 -0.1 -8.3 -0.6 0.1 -0.2 -0.4 -5.0 1.8 -0.0 -6.8 11.3 12.3 0.2 -1.2 9 10 11 12 -4.4 -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 22.3 5.4 13 25.7 -56.1 -28.5 71.0 169.0 287.3 169.2 152.4 67.3 321.6 126.7 14 Miscellaneous assets Net increase in liabilities 15 Security RPs -6.2 -12.3 11.1 30.0 94.9 161.9 104.5 95.2 18.0 173.4 81.1 15 16 Credit market instruments 10.2 -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 26.6 56.3 16 17 18 Open market paper Corporate bonds 0.0 0.7 0.0 -60.3 0.0 -41.3 0.0 -0.1 0.0 15.5 0.0 46.4 0.0 0.9 0.0 -9.4 0.0 24.0 0.0 30.0 0.0 24.6 17 18 19 20 Depository institution loans n.e.c. Mortgages 4.8 4.7 -0.3 6.8 -12.1 3.4 -2.2 0.2 3.6 9.1 -9.0 7.1 -2.4 18.4 19.1 4.2 6.8 6.5 -13.9 10.4 5.3 26.4 19 20 17.1 4.6 12.8 -2.7 24.2 -13.8 28.2 14.9 37.5 8.5 64.1 16.7 39.8 8.0 30.7 12.5 15.3 -3.3 59.5 62.2 31.1 -41.8 21 22 31.9 -5.8 -15.6 21.2 35.3 24.2 40.4 31.7 44.7 40.3 17.6 23 -17.9 0.0 -20.2 -0.0 2.4 -46.7 0.0 -40.6 -0.0 -6.1 -25.3 0.0 -25.7 -0.0 0.4 0.4 0.0 1.1 -0.0 -0.7 -3.1 0.0 -0.7 -0.0 -2.3 2.7 0.0 0.6 -0.0 2.2 -1.4 0.0 0.3 -0.0 -1.7 -5.5 0.0 -4.1 -0.0 -1.3 -8.2 0.0 0.3 -0.0 -8.5 1.1 0.0 2.6 -0.0 -1.5 -20.3 0.0 0.3 -0.1 -20.6 24 25 26 27 28 21 22 Corporate equity issues Miscellaneous liabilities 23 Discrepancy 24 25 26 27 28 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 38 Z.1, September 20, 2012 F.127 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Gross saving -20.7 -98.5 37.7 24.9 19.6 25.9 23.2 7.1 22.3 19.9 25.3 1 2 Fixed nonresidential investment 25.7 21.3 25.3 18.2 18.8 17.9 18.4 19.2 19.7 20.1 20.3 2 3 Net acquisition of financial assets 350.3 -874.8 -133.0 -9.1 -121.6 295.6 95.3 -556.1 -321.4 631.3 -69.4 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 24.5 15.1 -29.4 6.2 17.9 -19.3 65.4 27.4 -1.9 10.1 -48.7 4 219.7 -85.7 -192.1 32.2 9.7 34.8 -6.1 -100.1 110.2 211.0 -35.4 5 22.8 7.1 152.2 -0.7 27.3 11.1 -21.4 250.6 -47.5 -11.4 -259.0 3.1 -24.2 -67.6 -131.8 -3.3 47.5 -12.7 -5.3 -28.5 38.9 4.6 35.2 -12.7 5.9 93.3 -2.1 -8.5 -85.9 6.9 13.4 -26.0 13.7 -12.0 51.7 -6.0 10.6 -65.1 85.9 14.3 -60.0 8.3 -7.4 144.2 -31.8 -15.8 -214.9 25.6 7.1 320.2 -76.2 -20.6 -120.2 -0.1 6.3 100.7 3.7 12.8 182.4 -94.9 -36.1 -4.8 84.6 -14.1 -55.1 -10.0 6 7 8 9 10 11 12 13 Corporate equities Security credit 25.4 33.4 -28.5 -160.7 -4.6 38.1 -18.5 75.2 -7.2 -39.7 32.1 150.2 3.4 -11.5 -37.6 -243.7 -26.8 -53.6 21.9 116.8 11.8 -93.1 12 13 14 Miscellaneous assets 47.3 -615.1 54.9 -104.2 -102.4 97.8 44.1 -202.1 -349.3 271.5 96.0 14 15 392.4 -683.2 -206.7 -25.0 -88.2 265.0 138.0 -374.9 -381.0 452.3 -34.8 15 16 Security RPs (net) 75.5 -560.3 -57.5 -66.2 -191.3 122.5 -172.7 -799.6 84.4 229.3 -143.8 16 17 Credit market instruments -4.0 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 17 -4.0 0.0 32.3 45.5 -4.2 -45.5 36.9 0.0 -37.9 0.0 -5.9 0.0 -72.7 0.0 -43.4 0.0 -29.7 0.0 24.9 0.0 16.5 0.0 18 19 32.3 -2.4 120.2 -24.7 -32.4 48.9 -11.1 -52.0 14.6 -3.9 -11.0 1.6 30.8 3.4 134.0 -11.9 -95.5 -8.5 -183.9 12.4 25.1 -15.3 20 21 243.0 210.8 29.3 3.0 -237.3 -123.8 12.8 -126.3 -134.0 -74.1 -59.2 -0.8 48.4 25.7 -5.8 28.5 137.0 58.1 37.3 41.6 -9.8 36.2 -0.7 -45.3 290.6 217.7 44.3 28.7 437.6 188.7 94.9 154.0 -170.3 -210.3 10.8 29.2 61.1 39.9 -39.4 60.6 248.0 61.5 75.8 110.8 22 23 24 25 18 19 Net increase in liabilities Corporate bonds Depository institution loans n.e.c. (1) 20 21 Corporate equity issues Trade payables 22 23 24 25 Security credit Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 26 Taxes payable -0.6 0.3 3.2 -2.1 -1.5 2.3 0.4 -2.6 -6.3 3.5 -0.6 26 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 46.2 9.0 16.4 20.8 -70.7 55.8 104.6 -231.1 18.4 2.1 -166.8 183.1 20.7 11.7 -51.5 60.5 -3.5 10.4 38.6 -52.6 174.0 7.3 115.5 51.2 58.3 17.1 -71.1 112.3 -96.2 17.4 4.9 -118.5 -150.2 -0.2 105.2 -255.2 275.7 8.6 262.8 4.3 -170.2 5.1 -149.8 -25.4 27 28 29 30 31 32 Proprietors’ net investment Discrepancy 2.4 11.5 -3.6 0.4 -1.7 -8.7 -0.2 7.2 -4.9 29.3 5.4 31 -4.3 71.9 -61.4 -9.2 34.2 -22.6 47.5 169.0 -57.0 -179.2 39.6 32 (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 39 Z.1, September 20, 2012 F.128 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving 109.8 80.5 96.8 106.5 142.0 127.4 136.7 149.5 154.4 180.5 161.8 1 2 Fixed nonresidential investment 39.5 52.2 53.3 43.6 45.8 43.7 44.8 46.9 48.0 48.8 49.4 2 3 Net acquisition of financial assets 203.3 289.1 87.3 -4.6 44.6 254.9 159.6 12.1 -248.0 26.7 -211.8 3 4 5 Time and savings deposits Federal funds and security RPs -0.7 -2.6 -0.1 -6.6 -3.9 19.8 -1.3 2.1 2.4 0.2 6.3 33.6 10.0 12.2 1.2 -36.2 -7.9 -8.9 -3.5 -201.3 33.7 0.2 4 5 6 Credit market instruments 23.2 13.9 -16.0 22.1 3.1 30.8 -1.4 20.7 -37.6 64.1 -157.9 6 4.6 -1.3 19.2 0.7 -4.0 15.9 -0.0 2.0 2.7 -7.0 -8.4 -3.2 13.8 -3.2 7.3 4.3 7.1 12.0 -20.1 4.0 -14.2 4.6 8.5 32.0 -28.4 37.1 0.6 -10.6 45.6 47.0 -74.3 2.4 25.6 -40.5 -15.0 -7.7 9.6 -14.4 -9.6 78.5 -120.1 -77.5 38.9 0.8 7 8 9 10 5.3 -1.2 2.1 3.8 2.4 0.2 -0.5 5.9 4.2 24.5 4.3 11 178.2 114.0 0.0 5.3 41.5 -57.5 42.2 32.7 283.1 113.6 0.0 -12.5 -7.3 98.2 -9.1 100.1 85.4 166.8 0.0 9.3 -23.3 -173.1 23.5 82.3 -31.2 33.4 0.0 22.2 -36.2 -27.7 10.6 -33.6 36.5 79.1 0.0 9.3 -20.4 -11.7 26.4 -46.2 184.1 152.6 0.0 7.2 -63.2 88.1 -55.1 54.4 139.3 12.8 0.0 11.6 -3.3 -157.1 257.5 17.9 20.5 90.4 0.0 28.8 -5.0 -50.9 38.5 -81.4 -197.9 60.5 0.0 -10.1 -9.9 72.8 -135.2 -175.9 142.9 22.3 0.0 -2.1 -16.2 256.2 77.3 -194.8 -92.1 191.8 10.1 27.7 -12.1 -150.6 -60.4 -98.6 12 13 14 15 16 17 18 19 128.1 247.9 34.8 -64.6 -50.0 174.3 70.1 -89.9 -354.5 -105.5 -324.7 20 -2.5 -7.0 -0.2 0.2 0.4 1.3 0.8 -0.5 0.1 -0.4 -0.3 21 7 8 9 10 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances 11 Life insurance reserves 12 13 14 15 16 17 18 19 Miscellaneous assets Net transactions with depository institution subsidiaries Net transactions with property-casualty insurance company subsidiaries Net transactions with life insurance company subsidiaries Net transactions with finance company subsidiaries Net transactions with broker and dealer subsidiaries Net transactions with foreign subsidiaries Other 20 Net increase in liabilities 21 Federal funds and security RPs 22 Credit market instruments 23 24 25 Commercial paper Corporate bonds Depository institution loans n.e.c. 151.9 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 -360.1 22 35.0 94.4 22.5 -39.0 123.0 13.3 -18.1 7.8 2.3 3.9 -46.5 26.1 11.1 -91.6 64.0 35.6 8.7 39.3 13.3 -200.1 233.2 -20.9 -86.7 24.1 16.7 -88.1 -40.7 -16.2 110.1 -81.6 -0.7 -124.3 -235.1 23 24 25 26 Corporate equity issues -28.0 321.4 68.6 19.8 2.9 14.9 -22.4 19.8 -0.9 12.7 -15.4 26 27 28 29 Miscellaneous liabilities Equity, etc. Other 6.8 -55.1 61.9 -163.8 63.0 -226.8 -25.6 35.6 -61.2 -68.2 -22.4 -45.8 -36.8 6.9 -43.8 74.5 58.3 16.3 45.3 15.6 29.7 -25.7 34.6 -60.3 -241.6 -80.7 -160.8 -130.1 54.6 -184.6 51.2 32.4 18.8 27 28 29 -4.9 -12.9 -8.9 2.8 1.5 3.1 2.4 0.6 -0.0 -0.5 -0.6 30 30 Discrepancy (1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 40 Z.1, September 20, 2012 F.129 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 383.4 970.3 -430.4 -110.7 -43.2 -390.0 -17.7 -14.0 248.8 -51.5 109.2 1 2 3 Money market fund shares Security RPs 315.6 0.0 262.6 0.0 -171.1 0.1 -153.1 0.0 -57.3 0.0 -116.1 0.0 -49.3 0.0 -216.5 0.0 152.6 0.0 -158.8 0.0 -133.5 0.0 2 3 4 Credit market instruments -49.8 665.6 -217.2 96.4 23.9 -265.1 7.7 279.9 73.0 35.0 344.9 4 -166.1 109.6 6.7 153.3 497.3 15.1 -251.1 43.6 -9.8 46.0 51.9 -1.5 -6.7 32.6 -2.0 -178.1 -74.4 -12.7 -31.2 36.1 2.8 153.3 136.9 -10.2 29.2 31.8 12.0 -161.3 221.3 -25.0 116.8 226.9 1.2 5 6 7 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 0.0 8 117.6 43.7 73.9 42.1 35.6 6.4 -67.2 -73.5 6.3 -55.3 -31.5 -23.8 16.6 -33.7 50.4 96.8 69.5 27.3 23.9 -62.1 86.0 -77.4 -133.1 55.8 23.2 -9.2 32.4 72.3 65.7 6.6 -102.3 -103.0 0.7 9 10 11 383.4 970.3 -430.4 -110.7 -43.2 -390.0 -17.7 -14.0 248.8 -51.5 109.2 12 114.5 466.4 -434.8 -65.3 -64.6 -121.0 58.9 -37.0 -159.2 3.3 -16.7 13 62.9 51.5 0.0 0.0 20.1 1.4 444.9 0.0 -125.1 37.9 -349.6 2.0 -47.4 -3.2 -21.9 7.2 -85.0 71.6 -51.9 0.7 -67.4 39.6 -93.8 0.6 -19.3 106.4 -29.6 1.4 -68.8 77.1 -45.9 0.6 -184.5 63.4 -38.2 0.1 37.0 8.7 -38.3 -4.1 17.6 17.2 -47.6 -3.8 14 15 16 17 0.0 40.0 30.5 3.5 -18.4 -60.4 0.0 -9.2 -3.9 -34.5 0.0 18 268.9 0.6 -2.1 0.0 270.4 463.9 0.6 -353.2 0.0 816.5 -26.0 0.6 -30.2 2.4 1.2 -48.8 0.6 -123.5 7.9 66.2 39.7 0.6 -75.0 1.4 112.7 -208.7 0.6 -95.2 0.6 -114.7 -76.6 0.6 72.8 2.5 -152.5 32.3 0.6 -3.1 2.2 32.6 411.9 0.6 -274.5 0.2 685.6 -20.3 0.6 -27.3 0.2 6.2 125.8 0.6 219.8 0.0 -94.6 19 20 21 22 23 5 6 7 8 9 10 11 12 13 14 15 16 17 Net acquisition of financial assets 2008 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) 18 Corporate equities (5) 19 20 21 22 23 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. 41 Z.1, September 20, 2012 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 Net change in liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Net change in assets Q2 2012 Q3 Q4 Q1 Q2 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 1 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 0.1 0.2 -1.0 1.0 4.8 0.1 3.5 1.3 52.3 48.2 3.4 0.7 1.8 0.0 1.3 0.5 15.9 -1.8 18.1 -0.5 14.5 -7.8 25.7 -3.4 25.1 0.6 23.9 0.5 16.3 0.1 15.6 0.6 7.6 0.1 7.1 0.5 4.9 0.0 4.3 0.6 13.2 0.0 12.7 0.4 3 4 5 6 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 7 -0.4 0.0 0.2 -1.0 0.5 4.2 0.0 0.1 3.5 0.6 51.9 0.0 48.2 3.4 0.3 1.6 0.0 0.0 1.3 0.3 16.2 0.0 -1.8 18.2 -0.2 16.3 0.0 -7.8 25.8 -1.7 24.8 0.0 0.6 23.9 0.3 16.0 0.0 0.1 15.6 0.3 7.9 0.0 0.1 7.5 0.2 4.6 0.0 0.0 4.3 0.3 13.0 0.0 0.0 12.8 0.2 8 9 10 11 12 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 14 15 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 0.5 0.0 0.0 0.5 0.6 0.0 -0.0 0.6 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3 -0.3 0.0 -0.1 -0.2 -1.8 0.0 -0.1 -1.7 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3 -0.2 0.0 -0.5 0.2 0.3 0.0 0.0 0.3 0.2 0.0 -0.0 0.2 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 3.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority -0.7 0.5 -0.8 -0.0 -0.4 4.0 -0.3 0.9 0.0 0.7 0.0 1.0 0.0 0.7 0.0 0.5 0.0 0.5 0.0 0.8 0.0 0.6 3 4 5 Discrepancy (seigniorage) -1.2 -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 -0.6 5 256.0 -394.3 -106.0 25.9 -32.4 203.7 1.6 6.8 -341.9 -124.3 -37.7 1 15.4 0.9 43.2 -23.7 -25.5 2.0 -6.4 6.8 -32.2 1.6 9.6 8.7 -1.9 -7.1 -47.3 12.2 28.2 14.0 0.1 -27.0 18.0 0.4 -14.9 -108.6 -20.5 -14.6 -112.7 -7.5 -50.6 -39.7 -2.3 -1.5 -32.0 2 3 4 196.5 -347.1 -74.3 6.0 23.9 149.4 10.6 129.9 -194.0 -26.6 -1.9 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 42 Z.1, September 20, 2012 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2012 Q2 Q3 Q4 Q1 Q2 -53.4 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -430.7 1 5.4 130.9 -191.1 0.3 1.1 842.0 746.9 240.4 -0.6 -5.7 114.2 -534.3 -158.9 -1.0 -10.9 -11.1 -213.0 48.2 0.9 0.7 602.3 -229.4 496.8 -1.2 -13.9 1781.6 36.9 1062.4 -3.1 71.0 756.5 -366.6 162.6 -1.2 -47.0 -6.9 -351.2 751.5 -1.9 -78.7 -122.1 -236.6 10.7 1.2 -0.8 -58.5 198.9 -54.5 0.5 14.3 -179.4 -379.7 165.1 -0.6 -36.0 2 3 4 5 6 -57.2 1762.3 -619.9 -155.0 824.4 2809.7 641.1 226.5 -379.4 62.7 -169.8 7 -111.4 48.9 5.0 0.4 0.0 410.8 509.6 599.3 238.0 4.7 -270.4 -463.7 50.9 45.1 18.1 -48.2 -95.7 -91.9 66.7 14.1 221.4 0.8 232.9 360.2 9.2 1028.5 -0.5 549.8 1160.3 71.5 -117.5 2.1 627.9 146.7 -18.1 232.8 0.6 -312.9 339.8 -33.8 -258.2 0.9 66.7 -206.0 17.2 122.3 -1.1 23.4 -127.3 45.4 9.3 0.3 -174.9 34.6 -39.1 8 9 10 11 12 3.8 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -260.9 13 Memo: 14 15 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions 3.3 3.3 2.7 2.7 -2.8 -2.8 -2.2 -2.2 8.1 8.1 25.9 25.9 0.7 0.7 -13.1 -13.1 18.8 18.8 -9.2 -9.2 -7.6 -7.6 14 15 16 17 18 19 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 2.1 1.7 0.4 0.0 839.2 596.6 238.0 4.7 117.0 53.7 45.1 18.1 -8.9 -89.7 66.7 14.1 594.2 224.8 360.2 9.2 1755.7 523.9 1160.3 71.5 755.8 627.3 146.7 -18.1 6.2 -299.8 339.8 -33.8 -140.9 47.8 -206.0 17.2 -49.3 32.7 -127.3 45.4 -171.8 -167.2 34.6 -39.1 16 17 18 19 20 21 22 23 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans 48.9 48.9 0.3 48.6 509.6 509.6 -1.5 511.1 -463.7 -463.7 -0.6 -463.1 -95.7 -95.7 0.7 -96.4 0.8 0.8 0.8 -0.0 -0.5 -0.5 0.2 -0.7 2.1 2.1 1.9 0.2 0.6 0.6 0.6 -0.0 0.9 0.9 0.6 0.3 -1.1 -1.1 -0.4 -0.8 0.3 0.3 0.0 0.3 20 21 22 23 24 25 26 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 63.9 64.2 0.3 172.6 131.5 -41.1 -109.3 -21.3 88.0 -83.3 22.7 106.0 -290.0 -218.3 71.7 -55.3 -42.7 12.6 -292.8 -461.5 -168.7 -497.0 -0.7 496.3 -314.8 -368.1 -53.3 142.7 -153.8 -296.5 -132.8 -172.0 -39.2 24 25 26 -168.8 4.5 173.3 244.3 7.4 -236.9 -171.2 2.5 173.7 43.9 96.7 52.7 508.4 193.8 -314.6 1090.1 697.0 -393.1 168.5 -77.2 -245.7 734.6 128.6 -606.0 40.5 26.6 -13.8 -27.7 173.4 201.0 138.3 -127.2 -265.5 27 28 29 6.6 6.0 0.6 6.2 6.6 -0.4 -10.1 -15.2 5.1 8.8 5.7 3.1 -3.0 -1.5 -1.5 6.2 -0.1 6.4 -6.8 -1.0 -5.9 4.8 2.6 2.3 -16.1 -7.5 -8.7 -7.3 -12.3 5.1 -3.7 2.2 -5.9 30 31 32 -111.4 410.8 -270.4 -48.2 221.4 1028.5 -117.5 232.8 -258.2 122.3 9.3 33 24.1 17.7 15.4 -0.3 -1.1 71.3 19.7 -47.3 0.6 5.7 23.5 18.7 -22.2 1.0 10.9 -28.2 -22.7 -1.7 -0.9 -0.7 58.3 45.2 -0.0 1.2 13.9 92.6 96.9 25.7 3.1 -71.0 -76.8 -118.2 -29.6 1.2 47.0 147.8 166.8 -0.1 1.9 78.7 69.8 35.4 4.0 -1.2 0.8 45.0 29.7 6.5 -0.5 -14.3 -245.2 -231.4 -7.1 0.6 36.0 34 35 36 37 38 -6.3 -51.6 -4.7 5.6 -13.1 4.3 -41.3 19.0 -34.4 -15.2 13.8 39 3.8 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -260.9 40 27 28 29 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 30 31 32 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 33 Asset: Rest of the world (1) 34 35 36 37 38 Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 39 40 - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 24 and 27 less line 30. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 40), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 36, 37, 38, and 40. 43 Z.1, September 20, 2012 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 Q3 Q4 Q1 Q2 36.7 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 303.3 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 17.8 11.4 0.9 -0.0 5.5 428.2 349.3 19.4 1.3 58.2 -117.6 -173.8 14.0 1.0 41.2 185.0 149.0 -21.6 0.9 56.7 -122.1 -255.0 51.1 -3.2 85.0 -838.7 -897.0 -13.3 -12.8 84.5 168.7 78.5 -11.6 0.9 100.8 -82.3 -315.6 150.1 9.1 74.2 263.8 114.0 79.3 -10.0 80.4 -166.0 -167.7 -111.0 0.0 112.6 244.0 195.2 -27.7 5.8 70.7 2 3 4 5 6 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 13.5 14.9 5.0 -6.3 137.9 -39.5 31.2 146.2 94.0 0.3 -28.7 122.4 69.6 -0.1 -3.8 73.5 319.4 -2.7 24.3 297.8 327.9 -1.2 46.1 283.1 339.0 2.4 13.0 323.6 414.6 -3.3 19.7 398.2 196.2 -8.6 18.3 186.4 53.1 -0.2 -6.9 60.2 35.7 1.6 4.8 29.4 7 8 9 10 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 2.6 0.3 2.3 1.7 2.4 -0.7 2.6 5.8 -3.2 5.7 4.1 1.7 23.7 4.4 19.3 -4.4 -5.5 1.1 9.8 8.7 1.1 60.0 9.6 50.4 29.5 4.9 24.6 -5.1 -0.3 -4.9 17.7 6.8 10.9 11 12 13 14 Banks in U.S.-affiliated areas 1.7 -1.1 1.4 0.5 2.8 2.2 3.9 -0.5 5.5 0.7 11.0 14 15 Credit unions 1.1 1.6 11.6 5.5 10.7 25.0 -6.4 20.0 4.1 43.9 -5.1 15 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 303.3 16 2 3 4 5 6 Net change in liabilities 2012 Q2 16 Net change in assets 36.7 17 Household sector -74.6 224.4 24.0 -25.6 292.3 111.4 306.9 450.3 300.5 121.4 69.0 17 18 19 20 Nonfinancial business Corporate Noncorporate 59.3 -7.6 66.9 -108.8 -112.6 3.8 160.3 139.8 20.4 136.0 155.8 -19.8 68.6 69.0 -0.4 139.9 144.2 -4.3 -22.2 -19.5 -2.7 166.4 166.8 -0.4 -9.6 -15.5 5.9 20.3 16.2 4.1 5.6 5.1 0.6 18 19 20 21 22 State and local governments Federal government -4.8 25.1 8.5 313.1 19.2 -174.2 6.7 148.9 15.9 -257.6 14.8 -845.7 23.3 -15.9 8.6 -321.2 16.9 152.2 -10.2 -121.6 -8.3 96.5 21 22 23 24 25 Rest of the world Checkable deposits Currency -5.4 5.2 -10.7 64.0 34.8 29.2 -9.2 -21.8 12.6 29.5 1.2 28.3 80.5 25.5 55.0 78.0 27.7 50.3 78.6 22.7 56.0 76.9 38.4 38.5 88.6 13.3 75.3 65.1 -7.1 72.2 45.8 17.4 28.5 23 24 25 26 Financial sectors 36.0 72.4 -27.7 -28.0 34.1 65.3 47.7 27.1 -3.8 -101.1 -5.4 26 12.8 2.3 -14.8 24.4 -0.3 -32.1 5.0 1.0 -8.5 2.0 4.8 -18.5 7.1 4.8 -39.7 38.1 -6.3 -16.3 20.2 -3.4 0.5 12.9 27 28 0.6 4.8 0.5 -0.2 4.2 -0.0 4.5 -0.5 1.1 1.1 -4.1 3.5 3.7 -0.9 1.6 2.7 3.1 -0.9 -2.9 1.0 1.7 0.4 29 30 27 28 Property-casualty insurance companies Life insurance companies 29 30 Private pension funds State and local govt. retirement funds 31 32 Money market mutual funds Government-sponsored enterprises -4.8 -2.7 5.6 39.7 10.4 11.1 -3.7 -36.0 4.9 9.3 38.8 28.2 14.7 -32.7 -29.2 5.7 -4.9 36.0 -19.8 -120.8 -1.7 41.8 31 32 33 34 35 Finance companies REITs Brokers and dealers 0.4 -1.8 24.5 0.3 1.8 15.1 0.5 7.9 -29.4 -1.7 -2.8 6.2 4.3 2.1 17.9 9.9 22.0 -19.3 7.1 -21.5 65.4 7.8 12.8 27.4 -7.6 -5.1 -1.9 -2.4 16.8 10.1 -9.5 -2.8 -48.7 33 34 35 1.0 -5.2 -0.3 -1.1 0.8 -51.6 96.6 3.8 -45.8 -47.4 100.0 36 36 Mail float 44 Z.1, September 20, 2012 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 10 11 Net change in liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 599.9 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 488.3 1 316.4 524.8 517.2 298.4 577.3 233.5 906.3 705.8 463.7 378.9 487.3 2 282.7 6.9 1.1 25.8 480.6 0.1 1.1 43.0 472.3 4.4 -2.9 43.4 271.7 5.8 -5.2 26.2 537.1 13.2 -0.4 27.4 198.7 27.7 0.3 6.7 858.0 19.2 -0.8 29.9 641.5 14.0 -0.1 50.4 450.1 -8.0 -0.9 22.5 299.5 36.0 -0.8 44.2 426.6 17.5 3.4 39.9 3 4 5 6 283.4 -190.6 -141.8 -182.3 -204.6 58.7 -19.3 -670.6 -187.1 -87.5 1.0 7 4.1 273.4 1.1 4.8 -69.0 -123.2 1.1 0.5 -329.8 173.9 -2.9 17.0 -130.2 -49.6 -5.2 2.7 -35.3 -172.4 -0.4 3.4 -58.3 112.2 0.3 4.6 -52.0 33.3 -0.8 0.3 -112.1 -563.0 -0.1 4.6 81.5 -271.9 -0.9 4.3 25.4 -119.2 -0.8 7.2 104.7 -109.5 3.4 2.5 8 9 10 11 12 Net change in assets 599.9 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 488.3 12 13 Household sector 481.1 204.2 127.6 201.5 379.1 254.0 687.2 177.6 397.8 449.4 404.0 13 14 15 16 Nonfinancial business Corporate Noncorporate -40.7 -55.7 14.9 -60.7 -59.4 -1.2 102.1 106.9 -4.8 9.1 22.6 -13.5 24.1 25.3 -1.2 6.6 10.5 -3.9 144.3 147.1 -2.8 -40.4 -39.1 -1.3 -14.2 -17.2 3.1 42.6 40.8 1.8 17.2 17.8 -0.6 14 15 16 17 18 19 State and local governments Federal government Rest of the world 36.4 1.2 40.3 19.1 -1.3 65.5 10.8 0.3 -43.1 -0.4 0.1 16.9 18.0 -0.3 36.7 0.4 -2.1 62.6 31.4 1.5 30.3 11.5 -0.3 61.6 28.7 -0.2 -7.8 -0.2 0.5 -43.9 31.2 1.4 67.0 17 18 19 20 Financial sectors 81.7 107.4 177.6 -111.0 -84.9 -29.5 -7.7 -174.7 -127.7 -157.0 -32.4 20 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 4.6 -0.1 63.9 0.3 -0.0 84.6 4.7 -0.0 217.9 0.2 -0.0 -105.2 0.5 0.0 -88.0 -0.2 0.1 -55.9 2.0 -0.0 -38.4 -1.3 0.1 -152.4 1.3 -0.0 -105.2 -0.2 0.0 -136.9 -1.2 0.0 -31.1 21 22 23 24 25 26 Government-sponsored enterprises Finance companies Holding companies 12.8 1.2 -0.7 21.9 0.8 -0.1 -42.8 1.6 -3.9 0.3 -5.0 -1.3 -12.7 12.8 2.4 -9.3 29.6 6.3 -2.5 21.2 10.0 -45.7 23.3 1.2 6.9 -22.7 -7.9 -9.2 -7.1 -3.5 -5.2 -28.6 33.7 24 25 26 (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 1 2 Net purchases 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 2 232.2 127.2 2.2 235.1 162.2 1.0 -268.7 -69.0 -1.7 -174.7 -156.9 -2.8 -21.8 -32.8 -0.3 86.7 -60.2 -0.8 56.3 -47.1 -0.6 -10.3 -69.2 -0.3 -219.8 45.4 0.6 53.0 -72.9 0.4 8.0 -49.0 -0.1 3 4 5 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Rest of the world 17.3 19.0 5.7 23.7 12.4 7.2 8.7 -7.1 -2.7 -5.4 1.8 -9.9 3.2 -9.9 -10.0 -1.0 -5.8 -1.0 -5.4 -1.0 -7.8 -1.0 6 7 8 9 Property-casualty insurance companies Life insurance companies 7.2 -1.6 12.1 17.5 -3.2 -5.5 -4.0 -12.7 -1.1 7.9 8.4 -5.0 -6.4 -7.3 -10.2 -3.7 4.0 47.4 -13.9 -9.7 0.3 18.3 8 9 10 11 Private pension funds State and local govt. retirement funds 3.4 -1.4 2.3 1.9 0.6 -0.0 -0.1 -0.4 -0.2 0.9 -0.2 2.9 -0.2 -0.8 -0.2 2.2 -0.2 -0.7 0.0 0.8 0.0 0.4 10 11 12 Funding corporations 315.6 262.6 -171.1 -153.1 -57.3 -116.1 -49.3 -216.5 152.6 -158.8 -133.5 12 45 Z.1, September 20, 2012 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 Net change in liabilities 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 -880.3 247.8 -192.5 -137.0 121.7 -290.4 -695.7 316.6 192.8 -143.2 1 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 -44.8 2 -98.6 -87.5 -13.6 2.6 -339.6 -248.1 -96.3 4.8 307.2 269.4 40.3 -2.4 -137.2 -190.3 52.9 0.1 -80.2 -114.5 50.2 -15.9 -167.4 -142.0 -26.1 0.6 -257.9 -110.6 -74.2 -73.1 -44.1 -269.7 196.8 28.7 148.6 64.1 104.4 -19.8 -198.5 -197.8 20.3 -21.0 -39.0 -76.3 1.4 35.8 3 4 5 6 Property-casualty insurance companies Life insurance companies -0.7 -1.1 1.9 -7.3 -1.7 -0.5 0.8 -2.2 -1.1 0.1 -3.4 -3.0 0.2 2.1 -0.6 -1.4 -0.5 2.8 0.3 1.6 0.0 3.6 7 8 REITs Brokers and dealers (net) Holding companies -6.2 75.5 -2.5 -12.3 -560.3 -7.0 11.1 -57.5 -0.2 30.0 -66.2 0.2 94.9 -191.3 0.4 161.9 122.5 1.3 104.5 -172.7 0.8 95.2 -799.6 -0.5 18.0 84.4 0.1 173.4 229.3 -0.4 81.1 -143.8 -0.3 9 10 11 205.6 -279.8 -227.7 -121.2 -23.7 516.2 -117.9 -651.5 158.4 -150.5 159.8 12 -7.5 6.4 -0.9 -7.8 0.7 -1.1 4.2 -4.9 0.7 -8.0 2.3 -10.4 1.0 -9.2 -3.5 -7.9 3.1 -4.6 4.1 -4.2 1.6 -6.2 13 14 -35.2 5.8 -214.0 33.5 -146.4 -80.0 -126.1 0.0 51.2 0.0 231.6 0.0 -59.2 0.0 -207.6 0.0 240.1 0.0 -153.3 0.0 -137.4 0.0 15 16 1.7 0.2 0.8 5.2 0.1 2.2 -0.7 0.7 -2.0 -0.8 -1.2 -4.8 -4.7 -3.6 -1.3 8.0 -0.7 -2.7 -7.3 -3.4 0.0 0.4 17 18 3.4 -2.5 7.3 1.8 3.1 -0.0 -0.1 -0.6 -4.2 1.5 1.2 4.7 -17.9 -1.2 1.6 3.6 -1.7 -1.2 13.1 1.4 -1.0 0.6 19 20 211.3 -0.6 -63.5 -7.4 -62.5 28.6 -0.5 -15.8 4.6 -28.8 -90.2 324.3 116.2 13.1 -24.4 -380.4 16.8 -72.3 105.0 114.4 104.4 70.9 21 22 25.3 -2.6 0.0 -28.2 -6.6 0.0 7.6 19.8 0.1 20.6 2.1 0.0 -38.1 0.2 0.0 25.2 33.6 0.0 -164.5 12.2 0.0 -3.4 -36.2 0.0 -9.6 -8.9 0.0 -18.8 -201.3 0.0 126.3 0.2 0.0 23 24 25 -224.8 -600.6 475.6 -71.3 -113.3 -394.5 -172.6 -44.2 158.2 343.2 -303.0 26 3 4 5 6 Private depository institutions (net) U.S.-chartered depository institutions (net) Foreign banking offices in U.S. (net) Credit unions (net) 7 8 Net change in assets 13 14 Nonfinancial corporate business State and local governments 15 16 Rest of the world (net) Monetary authority 17 18 Property-casualty insurance companies Life insurance companies 19 20 Private pension funds State and local govt. retirement funds 21 22 Money market mutual funds Mutual funds 23 24 25 Government-sponsored enterprises (net) Holding companies Funding corporations 26 2010 14.4 Monetary authority 12 2009 -19.2 2 9 10 11 2008 Discrepancy--unallocated assets 46 Z.1, September 20, 2012 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 Total net issues, all types Commercial paper 3 Nonfinancial corporate business 4 5 6 Foreign issues in U.S. Nonfinancial Financial 7 8 9 10 11 12 13 14 15 16 17 Financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases, by sector 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 -169.4 -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 -3.3 90.9 1 -169.4 -188.8 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 -3.3 90.9 2 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -43.8 145.9 3 -69.3 2.0 -71.3 -71.0 20.7 -91.7 59.4 -15.2 74.5 -2.7 -3.8 1.1 -53.5 -0.5 -53.0 120.2 19.5 100.7 -51.9 17.6 -69.5 -256.4 -27.6 -228.8 -25.9 -11.3 -14.5 46.7 -12.6 59.3 -20.3 32.1 -52.4 4 5 6 -111.4 0.0 -194.2 -15.1 0.0 35.0 62.9 -125.4 0.0 -83.9 -22.6 0.0 -39.0 20.1 -448.2 0.0 -266.2 -38.8 0.0 -18.1 -125.1 -101.7 -19.7 -40.3 1.7 0.0 3.9 -47.4 -68.1 7.7 -24.1 22.2 0.0 11.1 -85.0 82.9 -14.9 46.8 82.8 0.0 35.6 -67.4 -79.9 -0.5 -42.1 -31.3 0.0 13.3 -19.3 -51.8 3.4 10.6 23.9 0.0 -20.9 -68.8 -223.6 42.7 -112.0 13.4 0.0 16.7 -184.5 -6.2 -65.0 12.4 25.6 0.0 -16.2 37.0 -34.7 -9.0 -31.8 -10.7 0.0 -0.7 17.6 7 8 9 10 11 12 13 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.0 0.0 0.0 -0.2 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 15 16 -169.4 -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 -3.3 90.9 17 18 19 Household sector Nonfinancial corporate business -10.2 -53.2 -101.3 -12.2 28.7 -1.3 28.8 11.8 -5.3 -8.5 17.7 19.2 -11.9 -13.2 -18.5 -35.3 -8.4 -4.8 -25.8 20.4 -18.5 -26.1 18 19 20 21 State and local governments Rest of the world -15.8 -8.3 -73.1 -45.1 -70.2 -41.4 -9.8 -0.5 9.1 -0.3 4.3 33.3 5.7 -16.8 11.5 17.3 15.1 -34.8 15.4 53.9 13.3 -56.2 20 21 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 -0.5 0.0 15.7 0.0 -0.4 0.0 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 26 27 Property-casualty insurance companies Life insurance companies -3.1 13.1 5.8 -3.4 -9.3 11.5 -1.9 -8.9 -2.4 -11.2 2.6 -4.4 -2.0 -10.5 -11.1 10.6 0.9 -40.6 -3.1 -4.0 0.1 6.0 26 27 28 29 Private pension funds State and local govt. retirement funds -4.8 -4.4 10.2 -12.5 -10.5 -2.0 -8.5 -1.6 -1.4 1.4 4.4 4.6 -2.2 -1.2 -2.6 3.5 -5.5 -1.2 3.0 1.3 0.9 0.6 28 29 30 31 Money market mutual funds Mutual funds 66.3 -0.4 -56.1 -62.5 -108.0 28.6 -116.3 -13.9 -39.0 -26.3 36.3 277.4 -17.6 8.8 -77.7 -321.7 -97.1 -69.8 30.9 65.1 19.5 68.6 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations -4.7 22.8 -166.1 14.1 -21.4 153.3 3.0 -24.2 -251.1 0.2 -5.3 46.0 -3.4 5.9 -6.7 -1.7 13.4 -178.1 -0.8 10.6 -31.2 -0.3 -7.4 153.3 -10.9 7.1 29.2 -5.2 6.3 -161.3 2.2 -36.1 116.8 32 33 34 (1) Excludes banks’ holdings of own acceptances. 47 Z.1, September 20, 2012 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 Net issues Savings bonds Treasury bills Other Treasury securities Net purchases 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 237.5 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 1 -6.0 58.8 184.7 -2.4 861.6 379.8 -2.8 -73.3 1519.8 -3.3 -19.0 1601.8 -2.7 -249.5 1319.0 -4.3 -297.0 1151.0 -3.8 -661.1 1456.6 -2.7 -215.4 1555.2 -0.1 175.6 1113.3 -1.5 612.6 820.4 -2.4 -312.7 1497.9 2 3 4 237.5 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 5 6 7 8 Household sector Savings bonds Bills and other Treasury securities -68.1 -6.0 -62.1 143.5 -2.4 146.0 410.8 -2.8 413.6 368.9 -3.3 372.2 -268.1 -2.7 -265.4 -929.6 -4.3 -925.3 -610.0 -3.8 -606.2 55.8 -2.7 58.5 411.3 -0.1 411.4 391.5 -1.5 393.1 843.7 -2.4 846.1 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments -7.1 3.0 36.4 -7.9 -7.5 -37.2 12.5 -5.7 30.3 4.9 -1.8 6.4 -0.2 -0.2 -61.9 -22.2 -0.5 -51.4 -3.9 -0.4 -62.9 11.8 -0.2 -60.0 13.4 0.4 -73.4 20.7 0.2 -44.6 14.2 -0.1 17.1 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 165.3 49.4 115.9 711.6 455.3 256.3 554.4 -7.6 562.0 739.8 -40.2 780.0 412.1 -62.0 474.1 393.1 -174.5 567.6 434.2 -32.9 467.1 608.8 -104.7 713.5 212.1 63.9 148.1 464.0 -31.4 495.4 449.3 11.4 437.9 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities -38.3 -49.2 10.9 -264.7 -209.4 -55.3 300.7 0.0 300.7 244.9 0.0 244.9 642.0 0.0 642.0 1331.4 0.0 1331.4 1102.7 0.0 1102.7 160.2 0.0 160.2 -26.5 0.0 -26.5 46.3 0.0 46.3 -18.6 0.0 -18.6 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 5.6 3.6 -1.9 3.0 -23.7 5.1 -0.6 -1.6 68.1 22.0 -0.7 5.3 93.0 3.5 0.6 5.8 -43.7 -0.5 -0.0 -2.4 -32.9 20.8 0.0 7.5 -95.5 -10.0 2.1 0.1 -47.2 -22.0 -2.6 2.6 1.0 9.3 0.4 -19.9 25.7 44.5 -0.7 11.3 138.2 -42.6 1.9 2.3 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies -38.7 -17.3 -5.6 35.1 22.9 27.7 3.2 23.2 1.8 10.5 6.1 6.1 -5.3 2.2 -4.8 15.7 11.4 18.0 -10.2 9.3 -6.6 1.0 22 23 24 25 26 Private pension funds State and local govt. retirement funds Federal government retirement funds 38.7 -14.6 11.3 15.4 4.8 24.7 125.8 28.1 7.4 80.3 11.1 10.0 45.2 3.3 17.9 31.9 9.2 14.7 26.5 -4.0 13.5 75.7 8.4 30.3 46.7 -0.3 13.0 47.6 1.5 2.5 22.1 1.2 13.1 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 95.5 18.5 -1.7 6.6 399.5 8.7 -2.4 7.4 -171.3 67.6 1.2 14.7 -71.0 41.9 0.7 9.2 107.9 82.3 -0.3 11.4 98.4 2.9 0.6 7.2 26.8 32.9 -0.1 15.6 158.8 138.9 -1.5 17.8 147.8 154.6 -0.1 5.1 218.6 93.0 1.1 -1.7 -110.3 48.9 -0.5 21.1 27 28 29 30 31 32 Government-sponsored enterprises ABS issuers 1.3 24.7 1.2 -13.6 5.1 -18.3 33.3 -13.8 20.2 -10.9 13.5 -16.7 19.2 1.6 20.8 -19.9 27.4 -8.7 13.5 -13.1 -83.4 -4.4 31 32 33 34 Brokers and dealers Holding companies 7.1 4.6 250.6 -4.0 -67.6 2.7 -28.5 13.8 93.3 7.1 -26.0 -14.2 -65.1 -28.4 144.2 45.6 320.2 25.6 100.7 9.6 -4.8 -120.1 33 34 237.1 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 35 Memo: 35 Federal government borrowing (1) (1) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11). 48 Z.1, September 20, 2012 F.210 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 6 7 Household sector Nonfinancial corporate business 8 9 State and local governments Federal government 10 11 Rest of the world Monetary authority 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 16 17 Property-casualty insurance companies Life insurance companies 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 24 25 ABS issuers REITs 26 27 Brokers and dealers Holding companies 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 905.3 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 1 -0.4 282.4 623.3 0.2 271.7 497.0 0.1 -475.3 415.3 0.7 -233.8 186.9 1.1 -187.2 165.3 1.2 11.1 243.6 0.2 -479.9 153.0 1.9 -138.3 135.8 1.1 -141.7 128.9 -3.3 -274.9 159.6 0.1 -155.0 136.2 2 3 4 905.3 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 5 324.6 -2.4 89.5 -2.6 -565.3 4.2 1.3 1.6 -25.3 -0.1 332.8 -7.4 -179.8 12.0 -215.4 -9.4 -38.7 4.5 -176.5 6.9 -54.1 -5.3 6 7 43.9 0.0 -4.6 54.4 -19.3 142.0 -13.5 -47.2 -45.3 -118.1 -36.7 -43.1 -31.8 -139.1 -53.3 -132.3 -59.3 -158.0 -47.9 -118.5 -26.1 -5.8 8 9 248.8 0.0 -228.6 19.7 -226.0 1048.5 -72.3 71.4 -24.2 -197.9 -48.2 -279.8 -59.5 -176.4 13.4 -185.6 -2.3 -149.9 -24.5 -33.6 -50.5 52.9 10 11 -111.0 2.0 -2.7 -4.1 136.2 -6.5 -2.0 14.4 168.0 -19.3 -3.9 27.9 110.1 -4.8 -7.7 40.8 106.9 4.0 -8.0 30.6 138.4 19.6 -23.5 44.3 -8.8 -3.4 -3.7 9.8 67.9 6.5 -2.6 23.8 230.2 -6.5 -2.1 44.5 260.2 -6.1 1.2 38.3 -123.4 13.0 -1.2 26.9 12 13 14 15 3.8 5.5 -11.5 -16.7 1.9 5.8 -0.4 4.0 6.4 -1.2 4.1 3.3 0.4 -3.5 4.7 1.0 16.6 -5.6 -2.8 -39.6 0.8 -47.3 16 17 28.2 23.3 -0.2 21.3 6.3 -0.2 -49.0 -30.5 0.0 -11.5 -21.7 0.6 5.1 5.1 0.7 5.0 14.1 -0.6 4.2 -6.1 1.2 12.9 13.0 1.0 -1.9 -0.4 1.2 -40.9 2.3 2.0 -42.5 1.8 2.4 18 19 20 104.5 66.2 -11.1 520.3 27.3 207.0 -213.2 46.4 -27.4 -140.1 152.0 -85.1 0.9 146.2 -18.1 -95.2 9.1 -12.4 -44.7 102.9 -22.6 120.8 236.6 -0.4 22.6 236.2 -36.8 -278.5 208.8 -45.0 28.3 153.3 -21.2 21 22 23 11.6 23.5 -23.9 0.7 -227.3 15.5 -97.5 38.2 -0.0 101.4 24.3 189.6 -5.6 104.8 -6.9 88.8 -11.9 22.5 -32.7 219.0 0.6 71.6 24 25 152.2 -1.3 -47.5 15.9 -131.8 -7.0 38.9 -3.2 -2.1 12.0 13.7 4.6 85.9 37.1 -31.8 47.0 -76.2 -40.5 3.7 -14.4 84.6 -77.5 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 35. 49 Z.1, September 20, 2012 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 Net change in liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 6 7 Net change in assets 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 235.9 95.3 154.5 97.7 -52.2 -66.4 -69.0 -16.6 -56.9 -45.0 37.6 1 146.2 16.8 129.4 19.2 4.7 14.4 110.7 7.7 102.9 65.3 -0.6 66.0 -59.5 -10.7 -48.8 -85.7 -11.9 -73.8 -78.7 -25.9 -52.8 -8.1 13.8 -21.8 -65.5 -18.9 -46.6 -37.6 -3.3 -34.3 22.5 36.3 -13.8 2 3 4 20.6 8.0 6.0 -2.3 -7.8 -1.4 -4.7 -18.5 -6.7 -8.7 -18.8 5 69.0 68.2 37.8 34.7 15.1 20.6 14.5 10.0 15.3 1.2 33.9 6 235.9 95.3 154.5 97.7 -52.2 -66.4 -69.0 -16.6 -56.9 -45.0 37.6 7 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 42.9 1.1 -0.5 41.0 -3.0 -0.4 128.4 0.9 0.2 57.5 -3.0 -0.2 -61.4 -4.5 -0.0 38.3 -17.9 -0.1 -70.3 -1.3 -0.0 -55.1 2.7 -0.0 -158.5 -1.6 0.0 -204.6 11.0 0.0 -70.5 -5.4 -0.0 8 9 10 11 12 State and local governments Rest of the world 1.6 10.7 0.7 5.4 1.2 8.2 0.9 13.1 -0.2 10.9 0.3 9.9 0.4 9.9 -0.9 12.0 -0.5 12.0 -0.5 12.0 -0.7 12.8 11 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 11.9 0.0 0.7 19.9 0.0 0.5 2.4 0.0 0.9 30.3 0.0 -0.9 42.6 0.0 0.9 26.1 0.0 1.2 30.4 0.0 -1.3 66.7 0.0 1.4 47.4 0.0 2.4 46.8 0.0 -0.1 81.4 0.0 -2.6 13 14 15 16 17 18 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 36.1 4.8 -0.8 10.6 5.7 -1.0 -12.6 26.1 0.0 -21.0 39.2 0.1 -17.4 9.3 -0.1 -24.3 10.7 0.2 -34.5 8.3 -0.1 -21.7 10.3 -0.2 10.8 7.7 -0.0 -7.6 4.0 19.7 2.2 -7.6 7.8 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 100.7 27.8 1.9 0.6 23.6 17.4 -13.4 1.7 -93.3 90.6 3.2 3.6 -66.9 46.4 0.2 1.7 -37.9 16.0 0.9 1.0 -44.6 -45.9 -3.4 -0.6 -47.3 20.1 5.2 1.1 -32.1 27.2 -7.6 0.4 -27.7 62.6 9.5 3.2 -27.2 85.6 2.0 4.2 -51.4 83.3 2.3 3.3 19 20 21 22 23 24 Government-sponsored enterprises Brokers and dealers -2.8 -0.7 -2.0 -11.4 -2.2 -3.3 -4.2 4.6 -3.9 -8.5 -4.3 -12.0 -3.7 14.3 -3.8 -15.8 -3.7 -20.6 -3.4 12.8 -3.3 -14.1 23 24 (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). 50 Z.1, September 20, 2012 F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1240.7 -233.8 -36.7 -100.6 129.3 205.0 205.0 83.2 23.8 294.9 -191.7 1 2 3 Nonfinancial corporate business Rest of the world (1) 311.1 218.7 205.5 -158.8 387.6 163.3 422.8 59.9 384.6 57.8 404.3 151.0 461.2 120.2 322.4 69.2 350.4 -109.4 470.1 -73.6 370.2 -106.0 2 3 4 Financial sectors 710.9 -280.5 -587.6 -583.3 -313.0 -350.2 -376.4 -308.4 -217.2 -101.6 -455.8 4 24.8 546.2 -2.8 0.7 0.1 -327.2 -49.6 -60.3 -28.5 -472.5 -87.0 -41.3 6.7 -465.4 -111.7 -0.1 -21.0 -222.9 -26.8 15.5 -13.1 -352.1 -73.8 46.4 -3.2 -187.4 -20.2 0.9 -13.1 -279.2 46.3 -9.4 -54.5 -72.8 -59.3 24.0 50.4 -292.0 -33.8 30.0 -50.9 -252.5 -86.3 24.6 5 6 7 8 -4.0 94.4 51.5 32.3 123.0 1.4 -4.2 7.8 37.9 36.9 -46.5 -3.2 -37.9 -91.6 71.6 -5.9 8.7 39.6 -72.7 -200.1 106.4 -43.4 -86.7 77.1 -29.7 -88.1 63.4 24.9 110.1 8.7 16.5 -124.3 17.2 9 10 11 1240.7 -233.8 -36.7 -100.6 129.3 205.0 205.0 83.2 23.8 294.9 -191.7 12 5 6 7 8 9 10 11 12 Net issues 2008 U.S.-chartered depository institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Holding companies Funding corporations Net purchases 13 14 15 16 Household sector State and local governments Federal government Rest of the world (2) 216.3 14.2 0.0 424.6 -218.3 -1.3 0.0 -21.4 -127.8 6.8 0.6 -127.7 -287.4 2.3 0.3 -37.0 -26.7 -6.4 -0.1 -80.7 5.3 -5.2 -0.0 -53.8 38.6 -3.6 0.0 -89.8 -161.1 -10.7 -0.3 -43.4 10.5 -6.2 -0.1 -136.0 -366.0 -5.7 -0.1 -70.1 -314.5 -8.4 -0.0 -153.0 13 14 15 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 151.2 77.0 0.1 3.9 -64.1 32.1 0.0 -8.9 25.9 -156.7 1.5 -7.0 -98.8 -11.0 -1.4 -15.0 3.0 0.6 3.6 0.4 -67.7 -53.3 21.1 0.2 -27.5 35.6 -2.6 0.2 78.1 105.0 -2.8 -0.5 29.0 -84.9 -1.4 1.9 -78.3 -72.2 0.5 2.2 -13.4 0.6 -0.8 0.5 17 18 19 20 21 22 Property-casualty insurance companies Life insurance companies 5.9 43.1 -15.4 -45.5 30.8 97.6 24.3 102.9 38.4 93.4 30.4 131.7 20.5 74.6 33.3 102.7 69.2 64.8 -8.3 118.6 2.3 -113.6 21 22 23 24 25 Private pension funds State and local govt. retirement funds Federal government retirement funds 39.8 13.6 1.5 42.7 15.9 -0.5 42.8 -4.3 -0.0 -2.8 3.8 0.2 0.8 8.6 1.4 -5.2 7.0 0.9 1.7 -6.8 2.1 8.6 35.2 1.9 -1.9 -1.2 0.7 -7.0 8.3 1.1 -7.1 6.1 1.4 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 8.5 123.0 -1.0 6.2 -148.8 69.9 -24.9 13.9 -58.1 146.2 6.2 27.6 -15.7 148.7 4.1 18.7 -24.6 190.3 -1.9 33.6 2.8 192.2 9.7 23.1 -2.1 207.2 -1.5 27.0 -105.1 181.4 -11.7 34.0 5.9 180.4 -4.0 50.4 -13.2 333.0 7.9 62.5 -39.4 275.0 3.7 49.3 26 27 28 29 30 31 32 Government-sponsored enterprises Finance companies REITs -17.4 4.5 -30.2 -77.7 3.0 -22.8 -33.8 6.3 3.8 -16.9 -19.6 5.3 -33.4 0.9 1.3 -36.6 1.3 15.1 -59.0 7.1 6.5 -22.9 9.9 3.6 -15.1 -14.8 -20.0 -26.4 0.2 13.9 -107.2 7.9 8.2 30 31 32 33 34 35 Brokers and dealers Holding companies Funding corporations 27.3 19.2 109.6 -259.0 -0.0 497.3 47.5 -8.4 43.6 35.2 7.3 51.9 -85.9 -20.1 32.6 51.7 8.5 -74.4 -60.0 0.6 36.1 -214.9 -74.3 136.9 -120.2 -15.0 31.8 182.4 -9.6 221.3 -55.1 38.9 226.9 33 34 35 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. (3) Net issuance less net acquisition of corporate bonds held as assets. 51 Z.1, September 20, 2012 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 Net issues Q1 Q2 264.8 315.3 -8.1 -218.1 -36.3 -201.4 -241.1 -393.6 -254.2 -259.5 1 -336.0 -64.6 -278.0 -472.7 -324.2 -510.7 -617.5 -438.2 -344.9 -463.9 2 Rest of the world (2) 147.8 -38.5 63.7 79.1 89.0 190.9 108.6 91.2 -34.5 59.2 83.9 3 Financial sectors 3 4 15 Q4 -786.8 Nonfinancial corporate business 10 11 12 13 14 2012 Q3 -460.3 2 5 6 7 8 9 Q2 178.7 639.3 316.2 190.8 165.5 96.9 200.7 285.2 79.2 31.5 120.5 4 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 7.5 -13.2 -30.6 17.6 150.6 12.1 0.4 -10.7 -61.8 177.2 11.6 -5.3 -0.9 7.4 116.5 11.9 -12.7 -4.8 -0.0 118.0 6.4 -10.7 -11.5 -2.0 117.6 7.0 -11.1 -8.7 -0.4 94.4 9.0 2.9 -11.5 7.7 116.9 16.1 -20.7 -16.0 19.6 83.7 -6.5 -14.0 -10.0 -35.0 175.6 3.5 -18.1 -11.5 -31.6 212.7 1.3 -11.3 -11.9 14.0 100.2 5 6 7 8 9 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (3) 17.1 25.5 32.3 -28.0 0.0 12.8 27.6 120.2 321.4 40.0 24.2 96.0 -32.4 68.6 30.5 28.2 38.1 -11.1 19.8 3.5 37.5 29.2 14.6 2.9 -18.4 64.1 8.0 -11.0 14.9 -60.4 39.8 27.5 30.8 -22.4 0.0 30.7 27.1 134.0 19.8 -9.2 15.3 54.0 -95.5 -0.9 -3.9 59.5 22.9 -183.9 12.7 -34.5 31.1 -12.5 25.1 -15.4 0.0 10 11 12 13 14 -460.3 264.8 315.3 -8.1 -218.1 -36.3 -201.4 -241.1 -393.6 -254.2 -259.5 15 -842.3 -1.9 0.0 218.5 -99.1 9.8 256.3 105.1 90.7 16.0 0.6 155.6 -136.1 -30.8 24.1 72.5 -173.9 -6.0 40.0 -37.7 20.2 -24.4 33.3 14.8 -378.2 -4.4 58.0 16.3 -72.7 41.5 10.2 -93.4 -264.9 -36.7 58.5 -88.6 -151.5 -49.5 -20.6 8.9 -124.2 -4.2 -16.9 -59.6 16 17 18 19 0.0 1.4 0.0 0.0 0.9 0.0 25.1 6.3 0.0 1.3 -1.8 0.1 -26.4 1.0 -0.0 -105.5 -9.4 -0.0 0.0 16.7 -0.2 0.0 3.5 0.0 0.0 -6.8 0.0 0.0 8.5 0.0 0.0 3.0 0.0 20 21 22 0.5 84.1 35.1 81.8 -2.4 33.4 -20.9 45.6 2.3 37.7 1.8 32.5 -10.3 38.6 27.0 35.3 -9.4 44.4 5.3 24.3 12.2 46.4 23 24 -188.3 -6.4 1.9 -184.6 1.2 -8.4 -175.6 -17.3 8.8 -50.5 -25.8 5.4 -24.0 -65.7 -4.2 -33.0 -82.8 -1.2 -14.8 -18.6 1.2 -18.5 -128.7 -18.1 -29.8 -32.5 1.4 -67.6 -69.1 6.5 -42.9 -47.9 -3.8 25 26 27 91.3 18.4 137.3 -38.1 -21.1 154.2 86.3 -3.3 70.5 42.8 -5.0 88.3 1.7 -0.8 71.6 133.4 -7.2 64.7 13.6 4.0 73.2 -61.4 40.4 31.5 -79.0 -40.4 116.9 -76.2 -42.7 147.7 -68.3 8.4 26.4 28 29 30 25.4 0.0 -28.5 0.0 -4.6 25.1 -18.5 1.3 -7.2 -26.4 32.1 -105.5 3.4 0.0 -37.6 0.0 -26.8 0.0 21.9 0.0 11.8 0.0 31 32 Net purchases 16 17 18 19 Household sector State and local governments Federal government Rest of the world (4) 20 21 22 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 23 24 Property-casualty insurance companies Life insurance companies 25 26 27 Private pension funds State and local govt. retirement funds Federal government retirement funds 28 29 30 Mutual funds Closed-end funds Exchange-traded funds 31 32 Brokers and dealers Funding corporations (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (4) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 1 2 Net purchases 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 2 212.8 -4.8 8.3 -16.7 305.9 35.5 203.0 11.2 298.4 -11.2 728.7 -11.2 269.1 -11.2 -111.3 -11.2 307.2 -11.2 736.5 -11.2 479.5 -11.2 3 4 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 1.2 38.2 16.7 -2.0 -8.8 56.5 -9.5 112.2 -1.6 70.5 -9.1 150.6 0.5 130.9 20.6 -21.4 -18.4 22.0 -39.8 69.5 -7.7 47.6 5 6 7 8 U.S.-chartered depository institutions Credit unions 3.6 -0.0 1.3 -0.0 14.8 -0.7 -5.8 0.2 -0.8 0.3 -1.6 0.6 -6.4 0.6 -0.5 -0.2 5.3 0.1 -10.3 1.0 11.6 -0.3 7 8 9 10 Property-casualty insurance companies Life insurance companies -0.5 31.3 -0.4 -10.7 0.1 0.0 -0.1 1.0 -0.1 1.1 -0.2 1.0 -0.0 1.0 -0.0 1.2 -0.1 1.2 -0.0 1.2 -0.1 1.3 9 10 11 12 Private pension funds State and local govt. retirement funds 88.1 -5.2 35.5 -1.1 89.8 -2.5 80.9 -3.8 56.1 -9.6 106.1 -12.1 100.5 -2.7 -51.8 -18.8 69.6 -4.7 139.9 -10.1 114.5 -7.0 11 12 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 52 Z.1, September 20, 2012 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Net change in liabilities 332.1 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 134.7 1 2 3 4 Household sector Corporate business Noncorporate business -9.1 96.3 140.8 4.6 64.2 119.6 33.0 -219.8 -116.3 52.4 -33.4 -70.4 -53.9 73.4 52.2 -68.9 64.0 30.0 -184.5 43.0 50.3 -69.8 105.4 61.0 107.6 81.3 67.5 70.4 102.3 114.0 223.6 90.0 79.8 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 24.1 -0.0 8.3 15.8 5.1 0.7 2.8 1.6 -11.2 0.6 -5.1 -6.6 17.9 1.1 11.8 4.9 29.2 -1.7 11.3 19.5 47.9 -0.1 24.2 23.8 13.7 -4.2 13.7 4.1 41.7 -0.5 15.6 26.6 13.4 -2.0 -8.2 23.6 29.0 -0.3 2.1 27.3 44.8 -1.6 11.2 35.1 5 6 7 8 9 Financial sectors 80.1 496.4 -435.4 -62.9 31.6 -51.2 158.1 56.1 -36.4 -150.8 -303.4 9 10 11 12 Finance companies REITs Brokers and dealers 52.8 4.8 0.0 -7.1 -0.3 45.5 -30.4 -12.1 -45.5 -64.9 -2.2 0.0 15.9 3.6 0.0 12.3 -9.0 0.0 -43.1 -2.4 0.0 58.9 19.1 0.0 35.7 6.8 0.0 -17.0 -13.9 0.0 -26.0 5.3 0.0 10 11 12 13 14 Holding companies Funding corporations 22.5 0.0 13.3 444.9 2.3 -349.6 26.1 -21.9 64.0 -51.9 39.3 -93.8 233.2 -29.6 24.1 -45.9 -40.7 -38.2 -81.6 -38.3 -235.1 -47.6 13 14 332.1 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 134.7 15 15 Net change in assets 16 Monetary authority (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 0.0 490.4 -347.6 -44.8 -67.6 -115.7 -55.4 -51.7 -47.4 -46.1 -57.7 16 226.6 105.0 -4.2 4.8 131.2 65.1 -1.7 4.8 -277.7 -125.4 -0.3 1.3 -35.9 -16.1 -3.3 3.5 156.3 36.1 1.1 6.6 87.2 45.5 -0.1 4.9 69.6 69.0 -0.3 -2.3 201.9 38.1 2.7 3.4 266.6 -8.0 1.9 20.2 231.2 -15.0 0.4 -5.6 212.8 -10.3 0.3 -10.3 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.108. 53 Z.1, September 20, 2012 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 Total other loans and advances Q2 2012 Q3 Q4 Q1 Q2 528.1 99.6 -428.0 -228.8 12.5 -69.6 25.2 -2.9 97.3 -141.0 52.8 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations -2.2 -0.4 -0.2 1.1 0.7 -3.3 0.0 0.0 0.0 6.1 0.3 4.4 2.1 0.8 -1.5 0.0 0.0 0.0 66.1 -0.2 59.6 3.6 0.8 0.3 0.0 0.0 2.0 3.6 -1.0 -4.3 0.6 0.9 0.2 0.0 0.0 7.2 4.9 -0.5 -0.5 2.9 0.9 1.4 0.0 0.0 0.7 8.7 -0.3 5.3 2.2 0.4 0.5 0.0 0.0 0.6 -11.7 -0.7 -16.2 4.6 0.8 -1.5 0.0 0.0 1.4 7.1 -0.0 3.1 1.7 1.1 0.6 0.0 0.0 0.6 15.4 -0.9 5.9 3.1 1.2 6.0 0.0 0.0 0.1 9.5 -1.1 6.3 0.2 0.5 7.7 0.0 0.0 -4.1 6.5 0.4 6.2 2.6 1.1 0.0 0.0 0.0 -3.8 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 102.7 102.7 -64.1 -64.1 -24.9 -24.9 -22.0 -22.0 42.1 42.1 38.1 38.1 49.1 49.1 84.3 84.3 -3.0 -3.0 -94.7 -94.7 -45.6 -45.6 11 12 13 14 15 16 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 0.0 0.0 -0.1 0.1 0.0 -0.2 -0.2 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 0.7 0.7 0.0 2.0 2.0 0.0 -3.2 -3.2 0.0 4.3 4.3 0.0 4.0 4.0 0.0 32.0 32.0 0.0 -10.6 -10.6 0.0 2.4 2.4 0.0 -7.7 -7.7 0.0 78.5 78.5 0.0 0.8 -3.1 3.9 17 18 19 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 3.6 -0.0 3.6 5.9 -0.0 5.9 0.7 -0.0 0.7 3.4 -0.0 3.4 2.4 -0.0 2.5 1.2 -0.1 1.2 2.8 -0.0 2.8 3.7 -0.0 3.7 2.0 -0.0 2.0 -0.2 -0.0 -0.1 -1.0 -0.0 -1.0 20 21 22 23 24 25 26 27 28 29 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 237.7 0.0 1.9 10.1 197.8 13.4 14.5 38.1 0.0 -3.8 8.5 -1.2 8.3 26.2 -284.8 0.0 -0.4 0.2 -263.9 -14.1 -6.6 -144.7 0.0 1.6 5.6 -148.3 -0.4 -3.2 -64.2 0.0 -0.9 -2.7 -60.5 -2.0 1.8 -56.3 0.0 3.6 -2.0 -50.0 -9.6 1.8 -101.9 0.0 -2.8 -2.7 -95.4 -3.5 2.4 -97.7 0.0 -4.1 -8.6 -89.6 3.7 0.9 -1.0 0.0 -0.1 2.6 -7.0 1.6 1.9 -23.6 0.0 3.9 -2.4 -26.6 -5.1 6.6 85.2 0.0 5.8 10.5 49.8 3.3 15.7 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -4.0 -4.0 -15.6 -15.6 -23.7 -23.7 -4.9 -4.9 -3.9 -3.9 -14.8 -14.8 -0.7 -0.7 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 24.9 22.4 2.5 16.9 15.2 1.7 -91.0 -81.9 -9.1 -15.2 -13.7 -1.5 2.4 2.1 0.2 -20.4 -18.4 -2.0 -44.1 -39.7 -4.4 9.2 8.3 0.9 64.8 58.3 6.5 -16.6 -14.9 -1.7 9.0 8.1 0.9 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 164.6 8.5 9.6 36.1 92.6 11.1 6.7 110.5 12.2 14.3 12.4 53.4 3.1 15.1 -67.1 -5.3 -13.3 1.3 -27.4 -12.7 -9.8 -53.3 -0.6 -3.7 -0.8 -34.0 -12.7 -1.5 24.9 -2.8 5.4 18.9 -1.5 6.9 -2.0 -58.0 -3.8 -5.2 48.7 -79.1 -6.0 -12.7 142.5 1.7 7.6 52.0 70.2 8.3 2.8 -11.8 -0.4 12.9 -17.9 -21.7 25.6 -10.2 26.9 -8.7 6.4 -7.2 24.5 -0.1 12.0 -94.0 12.6 -7.8 2.9 18.2 -94.9 -25.0 -2.0 -1.6 4.0 -3.6 8.0 -10.0 1.2 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 54 Z.1, September 20, 2012 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Net change in mortgages 1075.5 89.3 -281.6 -521.9 -328.0 -374.8 -370.9 -304.6 -261.6 -443.6 -308.0 1 2 3 4 5 Home Multifamily residential Commercial Farm 724.4 84.6 261.8 4.6 -114.3 49.8 131.8 22.0 -199.4 9.5 -88.3 -3.4 -353.7 -12.4 -165.5 9.7 -255.2 4.9 -82.7 5.0 -289.9 -3.1 -86.8 5.0 -268.2 -0.8 -106.9 4.9 -200.0 3.6 -113.2 5.0 -262.5 19.8 -23.9 5.0 -341.2 -5.6 -101.8 5.0 -213.5 13.6 -113.0 5.0 2 3 4 5 6 1075.5 89.3 -281.6 -521.9 -328.0 -374.8 -370.9 -304.6 -261.6 -443.6 -308.0 6 Household sector 700.9 -60.2 -152.4 -317.4 -235.8 -263.2 -246.2 -186.7 -247.0 -330.5 -213.3 7 8 9 10 Nonfinancial business Corporate Noncorporate 369.9 62.8 307.1 142.7 -44.3 186.9 -132.6 -119.9 -12.7 -204.7 -80.4 -124.3 -101.3 -35.9 -65.4 -118.8 -35.6 -83.2 -143.2 -51.2 -92.0 -122.2 -48.8 -73.3 -21.1 -8.0 -13.1 -123.5 -37.1 -86.4 -121.0 -50.7 -70.3 8 9 10 11 12 Federal government REITs 0.0 4.7 0.0 6.8 0.0 3.4 0.0 0.2 0.0 9.1 0.0 7.1 0.0 18.4 0.0 4.2 0.0 6.5 0.0 10.4 0.0 26.4 11 12 13 Net change in assets 1075.5 89.3 -281.6 -521.9 -328.0 -374.8 -370.9 -304.6 -261.6 -443.6 -308.0 13 -12.3 -18.4 7.4 1.4 -7.7 -3.0 -9.7 -4.1 -1.2 -11.3 -1.5 -1.4 -10.7 -1.5 -0.1 -9.6 -1.5 -0.4 -12.6 -1.5 -0.3 -6.9 -1.5 -0.1 -13.5 -1.5 0.3 -16.0 -1.5 0.2 -15.9 -1.5 -0.1 14 15 16 17.3 2.1 -1.0 13.5 9.1 12.6 -3.4 -1.8 -6.2 4.0 -0.3 4.9 -3.6 6.2 -13.1 -0.1 -7.6 5.2 -7.0 4.5 -10.3 1.7 17 18 243.0 14.1 1.6 27.7 -43.4 5.2 1.8 32.0 -243.3 -6.4 -0.3 4.8 -205.0 -2.5 -6.5 0.0 -145.4 -2.6 -2.4 3.5 -417.8 -6.1 -3.9 4.8 -144.5 -3.2 -3.7 -1.4 -15.5 2.6 -2.2 1.8 -3.7 -3.6 0.2 9.0 -223.0 -6.4 -1.9 9.2 20.4 -0.1 -2.1 4.2 19 20 21 22 7 Net borrowing 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17 18 State and local governments Federal government 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 23 24 Property-casualty insurance companies Life insurance companies 1.3 22.4 0.2 16.3 -0.5 -16.3 -0.3 -8.6 0.8 15.0 -0.2 8.3 1.0 17.3 1.0 15.8 1.4 18.6 1.0 21.4 0.8 14.9 23 24 25 26 Private pension funds State and local govt. retirement funds 0.7 -4.7 0.9 -0.3 2.6 -0.1 1.9 0.1 -0.5 -0.1 -1.8 -0.8 -1.1 0.0 -2.3 0.4 3.1 -0.1 -0.6 -0.1 -0.4 -0.0 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 35.9 623.3 62.2 497.0 2.4 415.3 -110.8 186.9 -96.9 165.3 61.6 243.6 -110.5 153.0 -157.6 135.8 -181.3 128.9 -89.4 159.6 -170.9 136.2 27 28 29 30 31 ABS issuers Finance companies REITs 190.1 -62.5 -13.2 -354.9 -84.0 -46.9 -367.7 -50.5 -28.0 -295.4 -55.9 -6.3 -218.4 -32.1 0.2 -222.0 -36.5 3.1 -248.1 -28.5 10.4 -202.3 -48.3 -12.1 -201.2 -15.0 -0.6 -255.5 -32.9 -5.0 -264.5 -31.9 11.3 29 30 31 55 Z.1, September 20, 2012 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 724.4 -114.3 -199.4 -353.7 -255.2 -289.9 -268.2 -200.0 -262.5 -341.2 -213.5 1 687.6 2.9 33.9 -57.1 -10.2 -46.9 -145.5 -12.4 -41.5 -305.3 -6.8 -41.7 -229.3 -3.4 -22.5 -256.6 -4.7 -28.6 -238.0 -4.1 -26.1 -178.4 -2.7 -18.9 -244.2 -2.0 -16.3 -323.3 -1.0 -16.8 -205.0 -0.1 -8.5 2 3 4 724.4 -114.3 -199.4 -353.7 -255.2 -289.9 -268.2 -200.0 -262.5 -341.2 -213.5 5 -12.1 -10.9 2.7 0.4 -4.8 -1.1 -8.0 -2.5 -0.4 -8.0 -0.9 -0.5 -8.0 -0.9 -0.0 -8.0 -0.9 -0.2 -8.0 -0.9 -0.1 -8.0 -0.9 -0.0 -8.0 -0.9 0.1 -8.0 -0.9 0.1 -8.0 -0.9 -0.0 6 7 8 9.2 0.3 -0.4 2.7 4.7 5.7 -2.3 1.8 -3.2 0.9 -0.4 1.8 -1.9 2.4 -6.8 -1.5 -3.9 1.0 -3.6 2.8 -5.3 0.8 9 10 9 10 State and local governments Federal government 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 135.2 0.0 4.3 27.7 -184.4 -1.5 1.4 32.0 -197.0 -6.0 -0.3 4.8 -101.5 0.1 -2.5 0.0 -77.1 0.3 -2.4 3.5 -315.4 -0.1 -5.4 4.8 -72.2 0.1 -2.2 -1.4 61.0 0.8 -1.1 1.8 18.4 0.2 -0.7 9.0 -175.5 0.5 -1.0 9.2 47.9 -0.5 -1.0 4.2 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -0.9 -0.1 -1.7 -0.8 0.1 -0.1 -2.2 0.7 -0.0 -0.7 -0.1 0.0 0.7 -0.3 -0.0 0.1 -0.9 -0.3 0.9 -0.2 0.0 1.2 -0.4 0.1 0.7 0.3 -0.0 0.8 0.3 -0.0 0.7 0.8 -0.0 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -9.7 622.6 8.8 492.2 -11.3 402.5 -119.5 175.8 -103.5 148.0 59.3 228.2 -108.5 129.7 -168.2 126.0 -196.4 108.0 -101.3 140.8 -171.2 102.6 18 19 20 21 22 ABS issuers Finance companies REITs 46.7 -65.4 -23.5 -315.2 -97.3 -46.4 -320.5 -47.8 -21.7 -241.7 -50.0 -3.7 -192.6 -19.8 -0.7 -218.2 -34.8 0.4 -196.0 -10.1 0.3 -177.2 -23.1 -3.7 -179.1 -11.1 0.1 -178.9 -28.2 1.8 -184.3 -11.5 12.3 20 21 22 65.5 81.5 0.0 7.2 -10.2 -13.1 -18.2 22.0 -0.4 4.6 -24.9 -19.5 -82.4 -53.3 -0.6 -4.1 -14.9 -9.6 -90.5 -66.3 0.0 -6.4 -8.6 -9.3 -74.8 -60.1 -0.0 -6.0 -4.7 -4.0 -93.5 -75.7 -0.0 -6.6 -6.3 -5.0 -81.1 -66.4 -0.1 -6.5 -4.7 -3.5 -62.6 -51.2 0.0 -4.5 -3.9 -3.0 -62.0 -47.2 -0.1 -6.5 -3.8 -4.4 -88.7 -72.3 0.1 -9.4 -4.1 -2.9 -70.6 -59.4 -0.2 -5.0 -2.9 -3.2 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 84.6 49.8 9.5 -12.4 4.9 -3.1 -0.8 3.6 19.8 -5.6 13.6 1 2 3 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business 4.3 82.6 2.4 45.1 0.4 7.4 -0.7 -12.6 0.2 4.7 -0.0 -0.7 -0.1 -1.0 0.1 2.5 1.0 18.1 -0.2 -3.1 0.8 14.9 2 3 4 5 Federal government REITs 0.0 -2.3 0.0 2.3 0.0 1.8 0.0 0.8 0.0 -0.1 0.0 -2.3 0.0 0.3 0.0 0.9 0.0 0.8 0.0 -2.4 0.0 -2.1 4 5 6 Net change in assets 84.6 49.8 9.5 -12.4 4.9 -3.1 -0.8 3.6 19.8 -5.6 13.6 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 -0.3 2.6 0.0 -0.1 -1.0 0.0 -0.1 -0.4 0.0 -0.0 -0.5 0.0 -0.0 -0.0 0.0 -0.0 -0.1 0.0 -0.0 -0.1 0.0 -0.0 -0.0 0.0 -0.0 0.1 0.0 -0.0 0.1 0.0 -0.0 -0.0 7 8 9 10 11 State and local governments Federal government 7.2 -0.3 -0.3 0.1 3.7 0.1 -1.3 -0.3 -2.3 -0.3 0.6 -0.2 -1.5 -0.8 -5.3 -0.1 -3.1 -0.0 -2.8 0.0 -4.1 -0.6 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 7.8 0.0 14.9 -0.2 -9.0 -0.4 -12.2 -0.5 -6.6 -0.6 -13.5 0.0 -4.7 -1.3 -6.7 -1.1 -1.3 0.2 -14.6 -5.7 6.8 -0.5 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 5.8 0.1 -1.4 -0.1 0.3 -0.1 -3.2 0.3 -0.0 -1.3 0.4 0.0 2.1 -0.3 -0.0 0.1 -0.2 -0.3 2.7 -0.7 0.0 3.5 -0.8 0.1 2.3 0.5 -0.0 2.5 0.0 -0.0 2.3 1.0 -0.0 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 42.3 -0.7 42.5 4.6 14.2 13.0 2.0 11.3 2.8 19.4 -1.6 17.5 -5.8 23.4 7.1 15.9 11.4 21.0 8.3 19.0 -3.5 31.8 17 18 19 20 21 ABS issuers Finance companies REITs 21.5 -0.1 0.2 -10.8 0.8 -0.9 -5.8 -0.7 -2.0 -8.7 -1.0 -0.4 -7.7 -1.5 -0.2 -2.8 -2.0 -0.5 -10.4 -1.6 -0.0 -7.7 -1.1 -0.1 -9.7 -1.2 -0.2 -11.8 -0.6 -0.0 -19.1 -0.6 0.2 19 20 21 7 8 9 56 Z.1, September 20, 2012 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 261.8 131.8 -88.3 -165.5 -82.7 -86.8 -106.9 -113.2 -23.9 -101.8 -113.0 1 13.3 53.8 187.8 7.0 -3.0 -42.4 172.8 4.5 -6.9 -108.6 25.6 1.6 -12.1 -75.4 -77.4 -0.6 -6.4 -33.4 -52.0 9.2 -6.5 -31.5 -58.3 9.4 -8.2 -47.6 -69.3 18.1 -8.2 -46.9 -61.4 3.3 -2.8 -7.6 -19.2 5.8 -7.2 -36.4 -71.1 12.8 -8.3 -52.0 -81.2 28.5 2 3 4 5 261.8 131.8 -88.3 -165.5 -82.7 -86.8 -106.9 -113.2 -23.9 -101.8 -113.0 6 2.1 -7.3 2.0 0.9 -2.8 -0.8 -0.7 -1.6 -0.3 -2.5 -0.6 -0.4 -4.3 -0.6 -0.0 -3.6 -0.6 -0.1 -4.1 -0.6 -0.1 -4.5 -0.6 -0.0 -5.0 -0.6 0.1 -5.5 -0.6 0.1 -5.9 -0.6 -0.0 7 8 9 1.4 2.1 -0.1 10.4 0.7 6.4 0.3 -3.7 -0.6 3.2 -0.4 3.5 -0.3 4.1 -1.1 1.1 -0.6 3.9 -0.6 1.5 -0.8 1.5 10 11 10 11 State and local governments Federal government 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 98.1 14.1 -2.7 117.4 6.8 0.4 -36.8 0.1 -0.0 -95.1 -2.1 -4.0 -62.9 -2.3 -0.1 -90.0 -6.1 1.5 -68.5 -2.0 -1.5 -71.1 2.9 -1.1 -22.0 -4.0 0.8 -36.8 -1.2 -0.9 -35.3 0.9 -1.1 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 1.3 16.8 0.2 14.9 -0.5 -9.4 -0.3 -6.4 0.8 11.9 -0.2 8.0 1.0 13.5 1.0 10.9 1.4 15.3 1.0 17.9 0.8 11.6 15 16 17 18 Private pension funds State and local govt. retirement funds 0.7 -1.6 0.5 -0.1 1.5 -0.0 1.5 0.0 0.1 -0.0 -0.7 -0.3 -0.2 0.0 -1.1 0.1 2.4 -0.0 -1.0 -0.0 -2.2 -0.0 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 121.9 0.0 -28.9 0.0 -41.4 0.0 -45.1 0.0 -18.1 0.0 -1.1 0.0 -41.6 0.0 -17.4 0.0 -12.4 0.0 -64.9 0.0 -61.1 19 20 21 22 Finance companies REITs 2.9 10.1 12.6 0.4 -2.0 -4.3 -4.9 -2.3 -10.8 1.1 0.4 3.1 -16.8 10.1 -24.0 -8.3 -2.7 -0.4 -4.1 -6.8 -19.7 -1.2 21 22 4.6 22.0 -3.4 9.7 5.0 5.0 4.9 5.0 5.0 5.0 5.0 1 1.8 2.8 6.0 16.1 0.7 -4.1 2.4 7.3 0.6 4.4 0.6 4.4 0.6 4.4 0.6 4.4 0.6 4.4 0.5 4.5 0.5 4.5 2 3 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business 4.6 22.0 -3.4 9.7 5.0 5.0 4.9 5.0 5.0 5.0 5.0 4 5 6 Net change in assets Household sector Nonfinancial noncorporate business -2.3 0.1 0.1 -0.1 -1.0 -0.0 -0.8 -0.0 1.7 -0.0 2.0 -0.0 -0.5 -0.0 5.6 -0.0 -0.5 0.0 -2.6 0.0 -2.0 0.0 5 6 7 8 State and local governments Federal government -0.6 0.1 -0.3 0.2 0.0 0.4 0.0 0.4 0.0 0.3 0.0 -0.2 0.0 0.5 0.0 0.3 0.0 0.4 0.0 0.1 0.0 0.1 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 1.9 0.0 8.8 0.0 -0.5 -0.0 3.8 0.0 1.2 -0.0 1.2 0.0 1.0 0.0 1.2 0.0 1.2 -0.0 3.8 -0.0 1.0 -0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds 0.7 0.0 2.3 0.0 -1.5 0.0 -0.2 0.0 0.2 0.0 0.2 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.3 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.3 1.4 10.9 0.1 -0.5 -0.2 6.7 -0.2 3.7 -2.1 3.9 -2.1 3.7 -0.1 3.5 -6.0 3.8 -0.2 3.5 -0.2 3.8 1.7 13 14 (1) Excludes mortgages on farm houses. 57 Z.1, September 20, 2012 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 1 Net change in liabilities (Households) 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 1 2 Net change in assets 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 2 2.2 0.0 6.0 -3.0 0.0 11.3 -4.6 0.0 74.3 -2.3 0.0 130.2 0.4 0.0 108.7 32.7 0.0 149.8 5.3 0.0 83.0 -29.4 0.0 127.5 -7.0 0.0 74.4 36.9 0.0 135.8 1.8 0.0 99.0 3 4 5 3 4 5 Nonfinancial corporate business Nonfinancial noncorporate business Federal government (1) 6 7 U.S.-chartered depository institutions Credit unions 58.1 0.5 70.1 -0.4 -64.5 0.9 -70.3 -10.7 7.1 -3.4 -66.6 -13.3 57.6 6.3 -13.5 -3.3 50.7 -3.4 -48.0 20.6 75.9 24.1 6 7 Government-sponsored enterprises ABS issuers Finance companies 0.0 34.1 40.2 0.0 -40.1 -17.9 0.0 -39.6 -82.4 0.0 -50.4 -27.0 0.0 -8.0 -18.2 0.0 -3.9 -31.0 0.0 -37.0 -37.3 0.0 -3.4 -29.8 0.0 12.2 25.1 0.0 12.7 -9.1 0.0 -12.5 -22.0 8 9 10 8 9 10 (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 202.0 -169.9 -23.2 188.8 221.5 229.1 187.7 226.9 242.4 392.5 72.2 1 2 Household sector 14.6 22.2 16.0 21.4 14.0 20.0 14.0 13.6 8.5 6.6 2.8 2 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 85.1 26.0 -225.2 5.8 -85.3 7.6 163.1 -19.0 179.1 -2.5 146.4 -14.7 191.1 0.7 183.3 3.9 195.6 0.1 310.1 -2.5 99.7 -10.5 3 4 5 6 State and local governments Federal government 37.0 29.3 39.2 22.6 39.6 -56.2 40.0 8.7 40.2 21.4 40.0 43.2 40.1 -3.5 40.3 19.4 40.4 26.3 40.4 18.6 40.2 -17.5 5 6 7 8 Rest of the world Brokers and dealers 12.4 -2.4 -9.9 -24.7 6.1 48.9 26.6 -52.0 -26.8 -3.9 -7.4 1.6 -58.1 3.4 -21.7 -11.9 -20.0 -8.5 7.0 12.4 -27.2 -15.3 7 8 228.0 -196.0 -126.0 106.4 195.2 114.3 217.2 278.7 170.6 243.5 125.6 9 10 11 9 Nonfinancial corporate business Nonfinancial noncorporate business 161.9 54.7 -167.7 -3.0 -28.6 -26.3 135.2 -18.9 185.8 -1.7 127.6 -5.5 216.3 -4.0 235.8 -1.8 163.6 4.3 224.1 2.6 123.6 -0.8 10 11 12 13 14 State and local governments Federal government Rest of the world -12.5 1.2 20.8 -21.1 4.2 6.5 -18.6 -21.1 6.6 -20.2 -0.7 19.6 -10.0 4.8 17.2 -20.2 -3.1 5.9 -20.0 9.1 10.4 0.0 6.2 50.8 0.0 6.8 1.7 0.0 -5.2 15.5 0.0 6.9 3.9 12 13 14 15 16 Property-casualty insurance companies ABS issuers -1.6 3.4 1.3 -16.1 -3.7 -34.3 0.8 -9.5 3.4 -4.2 2.5 7.1 15.2 -9.8 2.0 -14.4 -6.1 0.3 15.8 -9.1 3.6 -11.6 15 16 -26.0 26.1 102.8 82.4 26.3 114.8 -29.5 -51.8 71.8 149.0 -53.3 17 276.5 -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 1 33.4 0.0 -160.7 0.0 38.1 0.0 75.2 0.0 -39.7 0.0 150.2 0.0 -11.5 0.0 -243.7 0.0 -53.6 0.0 116.8 0.0 -93.1 0.0 2 3 243.0 210.8 29.3 3.0 -237.3 -123.8 12.8 -126.3 -134.0 -74.1 -59.2 -0.8 48.4 25.7 -5.8 28.5 137.0 58.1 37.3 41.6 -9.8 36.2 -0.7 -45.3 290.6 217.7 44.3 28.7 437.6 188.7 94.9 154.0 -170.3 -210.3 10.8 29.2 61.1 39.9 -39.4 60.6 248.0 61.5 75.8 110.8 4 5 6 7 17 Net change in trade receivables Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 8 Net change in assets 276.5 -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 8 9 10 Household sector Rest of the world 210.8 0.0 -123.8 0.0 -74.1 0.0 25.7 0.0 58.1 0.0 36.2 0.0 217.7 0.0 188.7 0.0 -210.3 0.0 39.9 0.0 61.5 0.0 9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. Brokers and dealers 29.3 3.0 33.4 12.8 -126.3 -160.7 -59.2 -0.8 38.1 -5.8 28.5 75.2 37.3 41.6 -39.7 -0.7 -45.3 150.2 44.3 28.7 -11.5 94.9 154.0 -243.7 10.8 29.2 -53.6 -39.4 60.6 116.8 75.8 110.8 -93.1 11 12 13 58 Z.1, September 20, 2012 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 Life insurance reserves: 1 2 3 4 5 6 7 Net change in liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies 34.2 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 1 1.2 33.0 1.0 66.0 1.1 25.4 0.9 16.4 1.3 92.8 0.3 82.0 1.7 85.6 1.2 117.9 1.9 85.9 0.5 61.5 1.5 -9.2 2 3 34.2 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 4 18.0 10.9 5.3 61.7 6.4 -1.2 23.7 0.8 2.1 9.0 4.5 3.8 86.9 4.8 2.4 76.8 5.4 0.2 83.6 4.3 -0.5 109.5 3.7 5.9 77.6 6.0 4.2 25.0 12.4 24.5 -16.8 4.8 4.3 5 6 7 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 8 118.6 32.3 65.5 -36.4 25.1 60.1 104.3 61.3 88.0 72.1 95.0 78.7 96.0 86.3 110.3 24.1 50.8 99.3 73.0 88.1 -53.5 64.5 9 10 2.3 47.8 17.7 78.9 -28.0 78.2 -38.5 81.9 -52.3 86.6 -48.2 77.7 -42.5 -268.9 -75.9 447.7 -42.7 90.0 -41.9 67.9 -35.2 104.9 11 12 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 13 Pension fund reserves: 8 Net change in liabilities 9 10 Life insurance companies Private pension funds (1) 11 12 State and local govt. retirement funds Federal government retirement funds (2) 13 Net change in assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (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 -69.3 -123.8 -3.4 15.3 13.8 52.6 -22.7 -9.1 34.3 18.9 17.9 1 -13.6 -1.0 9.0 -0.4 1.5 1.1 -5.4 0.7 18.4 -0.2 2 3 2 3 Nonfinancial corporate business Nonfinancial noncorporate business -49.6 3.8 3.1 6.7 -3.3 -6.3 7.2 -4.8 5.0 -0.4 22.9 -1.4 4 U.S.-chartered depository institutions -15.6 -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.7 9.2 4 5 6 Property-casualty insurance companies Life insurance companies -2.4 -3.4 -28.1 -19.7 5.3 -7.0 5.6 2.6 -4.4 5.2 8.8 3.8 -20.7 -4.8 -25.1 -4.9 19.3 26.6 26.0 -14.8 -20.7 13.9 5 6 7 8 Finance companies Brokers and dealers -1.5 -0.6 -0.1 0.3 -2.8 3.2 0.3 -2.1 -0.6 -1.5 -2.6 2.3 -1.5 0.4 1.4 -2.6 0.5 -6.3 1.2 3.5 -2.1 -0.6 7 8 -32.7 -59.8 29.2 25.9 35.0 54.3 26.2 61.9 -2.3 81.3 25.4 9 2.7 -35.5 2.2 -61.9 -6.7 35.9 -6.3 32.2 5.4 29.7 5.8 48.5 2.2 24.0 6.6 55.2 6.8 -9.1 12.2 69.1 4.3 21.1 10 11 -36.5 -64.0 -32.6 -10.5 -21.2 -1.7 -48.9 -70.9 36.6 -62.4 -7.5 12 18.4 -284.1 -17.9 28.4 -13.3 -0.1 -8.0 -7.9 -37.3 11.6 16.1 1 16.0 2.4 -295.6 11.5 -14.2 -3.6 28.1 0.4 -11.7 -1.7 8.6 -8.7 -7.8 -0.2 -15.1 7.2 -32.4 -4.9 -17.7 29.3 10.7 5.4 2 3 9 10 11 12 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Total household investment Nonfinancial noncorporate business Brokers and dealers 59 Z.1, September 20, 2012 F.228 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 Net change in liabilities 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 2530.1 2195.3 -396.7 1266.8 1190.2 905.7 906.6 1608.9 1339.7 890.9 923.8 1 1.0 1193.8 94.2 3.2 547.3 114.1 -4.9 27.4 32.7 2.7 461.6 34.9 -0.4 372.1 22.0 1.7 -5.7 22.9 1.9 267.6 26.6 -5.0 750.1 28.2 -0.4 476.4 10.4 7.5 308.5 38.2 7.4 490.5 -2.4 2 3 4 Federal government Rest of the world 76.6 562.7 89.5 511.9 81.4 -299.1 90.6 556.6 102.9 407.8 54.4 428.9 -287.6 626.9 469.2 -172.6 175.6 747.8 36.8 70.4 118.0 323.3 5 6 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2.5 41.3 144.8 -11.9 -5.6 2.2 19.3 549.5 -3.8 1.1 6.1 242.2 -418.2 4.3 14.7 29.2 193.3 7.5 -5.9 -8.4 -26.7 55.2 255.3 -3.9 1.5 -81.7 408.1 230.9 -1.8 2.9 -33.1 19.2 267.4 -5.3 -5.0 -44.0 -275.4 789.0 13.8 -4.5 52.0 69.1 -266.2 -22.6 12.4 49.9 355.1 -175.3 -1.1 -0.1 -47.8 20.0 97.9 -5.0 -10.2 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 25.8 67.6 40.2 46.8 -2.6 -4.6 9.3 55.1 33.1 24.9 3.3 -75.1 46.7 -30.9 25.8 212.0 56.7 -6.3 -28.0 63.2 23.0 11.8 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs 17.7 -6.9 4.6 37.1 10.4 -2.7 62.2 -91.2 -13.8 -68.1 -10.0 14.9 -24.0 -37.3 8.5 -56.5 -83.2 16.7 -11.3 -11.7 8.0 -27.7 -72.8 12.5 -0.6 18.6 -3.3 5.7 -27.4 62.2 -12.8 -55.0 -41.8 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 46.2 6.8 268.9 -70.7 -163.8 463.9 18.4 -25.6 -26.0 20.7 -68.2 -48.8 -3.5 -36.8 39.7 174.0 74.5 -208.7 58.3 45.3 -76.6 -96.2 -25.7 32.3 -150.2 -241.6 411.9 275.7 -130.1 -20.3 -170.2 51.2 125.8 17 18 19 2559.3 306.5 -111.9 775.3 1255.0 952.1 1254.3 1652.7 1160.9 1413.3 1160.0 20 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 20 Net change in assets 21 22 23 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 66.1 938.4 330.8 55.1 -346.8 107.5 21.1 107.5 -81.7 44.4 575.9 -76.2 46.8 638.6 -4.2 7.2 232.7 -19.2 7.5 549.7 -13.3 73.0 947.1 -4.3 99.7 824.9 20.1 -22.0 646.5 13.1 -7.4 782.6 -0.6 21 22 23 24 25 26 State and local governments Federal government Rest of the world -30.5 1.9 638.4 -18.6 -28.0 -232.8 -9.9 35.4 221.2 41.2 -3.5 457.7 -48.0 1.9 249.0 -49.8 -1.3 51.4 -70.4 7.2 827.8 -60.0 1.8 -335.0 -11.7 0.1 452.0 50.4 -10.7 262.2 -53.2 6.0 499.6 24 25 26 27 28 29 30 31 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 25.8 37.6 14.7 6.1 11.0 530.2 101.4 364.3 -1.0 8.4 -493.8 28.1 -115.8 -4.5 6.3 7.8 -80.0 4.9 4.5 -8.7 142.9 -69.8 222.7 0.8 -26.9 41.1 251.2 247.3 -0.6 -13.8 51.6 -80.9 156.3 4.3 -88.0 -4.1 -228.8 618.4 19.0 36.0 482.9 -221.0 -131.2 -19.5 -41.8 -152.8 164.7 -179.8 0.1 -31.9 -5.0 -108.1 83.1 16.0 29.6 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies 17.6 39.5 6.8 37.2 14.6 -22.5 -22.5 2.8 3.1 48.9 -9.0 -82.7 2.7 56.2 19.6 201.9 -1.1 20.1 -14.5 86.5 12.5 90.5 32 33 34 35 36 Private pension funds State and local govt. retirement funds Federal government retirement funds 17.5 -0.6 33.3 11.3 -0.0 63.3 21.6 0.5 61.9 -32.9 0.7 65.7 -6.2 1.2 70.8 -25.5 1.4 63.8 -16.1 -0.1 -287.0 0.4 2.8 432.6 16.3 0.5 73.6 3.7 1.0 55.8 20.3 0.8 91.7 34 35 36 37 38 Money market mutual funds Mutual funds 31.8 2.8 -43.1 3.2 11.3 -5.1 7.7 -12.0 5.8 2.9 3.2 10.5 -87.6 31.6 -69.4 3.9 177.1 -34.6 -46.5 50.1 -50.6 0.0 37 38 39 40 41 Government-sponsored enterprises Finance companies REITs 27.0 11.2 -4.4 -42.6 21.4 -0.8 1.2 26.3 -8.5 29.3 -48.1 7.4 -0.1 10.8 13.3 -159.2 -0.0 24.7 1.5 -18.4 12.5 179.2 72.1 5.4 -22.0 -10.3 10.7 6.3 22.1 22.3 -56.4 -98.6 5.4 39 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 47.3 178.2 117.6 -615.1 283.1 42.1 54.9 85.4 -67.2 -104.2 -31.2 -55.3 -102.4 36.5 16.6 97.8 184.1 96.8 44.1 139.3 23.9 -202.1 20.5 -77.4 -349.3 -197.9 23.2 271.5 142.9 72.3 96.0 -92.1 -102.3 42 43 44 -29.2 1888.9 -284.9 491.5 -64.8 -46.4 -347.7 -43.8 178.8 -522.3 -236.2 45 45 Discrepancy 60 Z.1, September 20, 2012 F.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 414.0 200.9 230.5 -17.3 307.0 32.8 17.6 5.8 26.4 24.4 329.1 127.0 233.1 -31.1 262.6 17.6 6.8 4.6 24.2 13.3 289.5 18.2 229.3 42.0 257.2 -3.4 14.6 2.0 8.1 10.9 327.9 41.1 315.3 -28.5 324.8 3.6 -22.5 2.1 6.5 13.3 419.3 52.4 348.6 18.3 396.5 -1.2 3.1 2.6 10.0 8.4 417.6 8.5 339.0 70.1 412.3 10.7 -9.0 -1.2 -1.3 6.0 533.6 126.9 377.7 29.0 488.0 10.8 2.7 3.8 18.8 9.5 281.3 3.5 335.1 -57.3 257.3 -19.2 19.6 5.2 11.1 7.4 444.8 70.7 342.7 31.4 428.5 -7.2 -1.1 2.6 11.5 10.5 464.4 22.8 326.3 115.2 426.4 9.0 -14.5 2.4 27.9 13.1 316.9 54.2 339.9 -77.2 278.4 4.7 12.5 4.8 7.8 8.7 1 2 3 4 5 6 7 8 9 10 211.6 0.3 -0.8 7.1 -1.0 -5.6 9.0 0.6 221.2 142.3 48.2 30.7 189.5 -0.2 24.8 14.9 12.5 12.2 55.8 0.6 310.1 255.7 39.1 15.2 104.7 0.1 16.6 2.4 11.1 12.8 2.1 0.6 150.4 126.8 21.7 2.0 156.9 0.1 9.3 3.0 6.3 18.0 11.7 0.6 205.8 131.6 67.5 6.7 206.8 0.2 17.9 -2.1 -10.0 10.2 10.4 0.6 234.0 93.2 87.4 53.4 116.0 -0.1 15.6 5.3 -20.4 9.1 7.3 0.6 133.5 30.3 97.9 5.2 207.3 0.2 15.1 -6.2 -0.2 11.4 17.1 0.6 245.1 121.9 100.7 22.5 232.7 0.4 35.4 -4.2 -29.5 0.1 17.4 0.6 252.9 102.2 68.9 81.8 271.1 0.1 5.6 -3.2 10.0 20.4 -0.2 0.6 304.5 118.5 82.0 104.0 108.4 0.1 -26.0 -1.1 -6.3 4.5 8.6 0.6 88.8 8.1 103.2 -22.5 112.8 -0.4 10.6 7.0 -2.0 0.2 5.1 0.6 133.9 46.5 63.3 24.1 11 12 13 14 15 16 17 18 19 20 21 22 1.7 1.7 1.4 1.4 1.7 1.7 2.3 2.3 2.6 2.6 2.3 2.3 5.8 5.8 1.7 1.7 0.4 0.4 1.5 1.5 7.0 7.0 23 24 3.1 3.1 2.6 2.6 4.6 4.6 0.9 0.9 0.4 0.4 -0.9 -0.9 0.8 0.8 -1.9 -1.9 3.6 3.6 1.3 1.3 0.5 0.5 25 26 9.1 0.1 0.7 0.0 7.0 0.6 0.6 -4.2 -0.1 1.2 0.0 -6.5 0.3 1.0 0.0 0.0 -0.0 0.0 0.7 -0.4 -0.3 -2.7 0.1 0.4 0.0 -3.0 -0.2 -0.0 -5.9 -0.0 0.3 0.0 -6.1 0.7 -0.8 -1.6 0.3 -0.2 0.0 -2.0 0.1 0.1 -17.7 -0.3 0.5 0.0 -16.5 -0.7 -0.7 -2.9 -0.3 0.7 0.0 -3.4 0.1 0.0 -1.6 0.1 0.1 0.0 -2.6 3.3 -2.4 -2.6 0.5 0.3 0.0 -3.1 -0.1 -0.1 -3.2 0.7 -1.3 0.0 -3.3 0.5 0.2 27 28 29 30 31 32 33 114.0 0.0 5.3 41.5 -57.5 42.2 145.5 113.6 0.0 -12.5 -7.3 98.2 -9.1 183.0 166.8 0.0 9.3 -23.3 -173.1 23.5 3.1 33.4 0.0 22.2 -36.2 -27.7 10.6 2.4 79.1 0.0 9.3 -20.4 -11.7 26.4 82.7 152.6 0.0 7.2 -63.2 88.1 -55.1 129.7 12.8 0.0 11.6 -3.3 -157.1 257.5 121.4 90.4 0.0 28.8 -5.0 -50.9 38.5 101.9 60.5 0.0 -10.1 -9.9 72.8 -135.2 -22.0 22.3 0.0 -2.1 -16.2 256.2 77.3 337.6 191.8 10.1 27.7 -12.1 -150.6 -60.4 6.5 34 35 36 37 38 39 40 -54.8 -54.8 -1.1 -1.1 -9.3 -9.3 20.3 20.3 9.0 9.0 49.5 49.5 -2.5 -2.5 -3.7 -3.7 -7.2 -7.2 -11.8 -11.8 -8.8 -8.8 41 42 43.7 73.9 117.6 35.6 6.4 42.1 -73.5 6.3 -67.2 -31.5 -23.8 -55.3 -33.7 50.4 16.6 69.5 27.3 96.8 -62.1 86.0 23.9 -133.1 55.8 -77.4 -9.2 32.4 23.2 65.7 6.6 72.3 -103.0 0.7 -102.3 43 44 45 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1.2 1.2 7.9 4.0 4.0 1.4 0.7 0.7 0.6 0.3 0.3 2.5 1.3 1.3 2.2 1.1 1.1 0.2 0.1 0.1 0.2 0.1 0.1 0.0 0.0 0.0 46 47 48 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 19 20 21 22 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations Asset: Rest of the world Equity Reinvested earnings Intercompany accounts Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: 27 28 29 30 31 32 33 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) Holding company net transactions with subsidiaries: 34 35 36 37 38 39 40 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world Asset: Holding companies NFC investment in finance company subsidiaries: 41 42 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 43 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 46 47 48 Liab.: Funding corporations Asset: Households (2) Federal government (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-are not available before 1982. (2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 61 Z.1, September 20, 2012 F.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 23.9 -0.1 24.0 529.8 0.0 529.7 -543.3 0.2 -543.5 -10.1 0.1 -10.2 99.7 -0.1 99.7 -0.6 -0.3 -0.3 1.1 1.1 0.0 2.2 0.2 2.0 396.0 -1.3 397.3 -213.4 -0.1 -213.4 -74.0 0.1 -74.1 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 1.9 1.9 -5.4 -5.4 0.4 0.4 -1.5 -1.5 -1.8 -1.8 2.4 2.4 -3.6 -3.6 8.6 8.6 -14.8 -14.8 17.1 17.1 -15.2 -15.2 6 7 1.0 1.0 3.2 3.2 -4.9 -4.9 2.7 2.7 -0.4 -0.4 1.7 1.7 1.9 1.9 -5.0 -5.0 -0.4 -0.4 7.5 7.5 7.4 7.4 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 15.5 13.5 0.2 1.8 17.6 19.5 -3.4 1.5 8.4 9.7 -1.1 -0.1 14.8 14.7 0.4 -0.4 14.4 15.2 -1.8 0.9 11.2 7.1 0.9 3.3 10.4 17.5 -5.2 -2.0 26.5 24.5 -0.6 2.6 9.5 11.8 -2.2 -0.2 -0.9 -4.2 0.8 2.5 -15.7 -19.2 1.5 1.9 10 11 12 13 14 Asset: Household sector 15.5 17.6 8.4 14.8 14.4 11.2 10.4 26.5 9.5 -0.9 -15.7 14 18.7 25.4 -5.0 6.3 35.2 -2.0 52.9 29.9 59.9 -27.0 5.9 15 6.7 8.3 3.7 11.0 10.9 3.4 -5.1 -0.9 0.9 3.2 3.0 0.1 13.2 15.7 6.3 -4.0 0.6 1.5 21.2 22.9 8.8 9.5 13.9 6.6 26.2 25.4 8.3 -16.6 -9.3 -1.0 -3.1 3.6 5.4 16 17 18 26.3 26.3 38.2 38.2 10.1 10.1 -4.4 -4.4 -0.3 -0.3 -7.4 -7.4 1.0 1.0 1.3 1.3 3.8 3.8 5.2 5.2 7.1 7.1 19 20 4.4 4.4 0.7 0.7 2.5 2.5 -1.3 -1.3 0.2 0.2 -0.6 -0.6 -0.1 -0.1 0.5 0.5 1.0 1.0 1.3 1.3 1.3 1.3 21 22 -2.1 -2.1 -353.2 -353.2 -30.2 -30.2 -123.5 -123.5 -75.0 -75.0 -95.2 -95.2 72.8 72.8 -3.1 -3.1 -274.5 -274.5 -27.3 -27.3 219.8 219.8 23 24 33.3 33.3 63.3 63.3 61.9 61.9 65.7 65.7 70.8 70.8 63.8 63.8 -287.0 -287.0 432.6 432.6 73.6 73.6 55.8 55.8 91.7 91.7 25 26 43.9 43.9 26.5 26.5 16.6 16.6 22.5 22.5 18.5 18.5 -0.3 -0.3 -25.4 -25.4 35.9 35.9 63.9 63.9 -4.6 -4.6 11.4 11.4 27 28 Policy payables: 15 Liab.: Property-casualty insurance companies 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 27 28 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 62 Z.1, September 20, 2012 F.231 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 Net change in liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government Rest of the world 6 7 8 9 10 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 11 12 13 14 Life insurance companies Government-sponsored enterprises Finance companies REITs 15 16 17 Brokers and dealers Holding companies Funding corporations 18 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1505.8 986.5 -288.4 786.2 268.9 105.2 169.5 525.4 275.6 125.6 333.5 1 977.8 93.9 357.0 114.3 -79.8 32.6 306.0 34.8 165.1 21.9 -121.1 23.0 60.4 26.4 517.0 27.8 204.3 10.3 198.8 38.1 376.4 -2.0 2 3 -0.6 80.9 -0.3 -339.3 2.9 -70.5 2.4 225.9 13.6 -140.3 -9.1 64.7 24.7 -171.1 0.6 -496.3 38.1 41.7 -14.4 -259.3 14.9 133.7 4 5 -0.7 -72.7 101.9 -11.9 -5.6 -0.5 -94.3 489.1 -3.8 1.1 1.5 75.4 -361.2 4.3 14.7 28.3 159.9 29.6 -5.9 -8.4 -27.1 -23.8 271.1 -3.9 1.5 -80.8 255.5 145.8 -1.8 2.9 -33.8 6.4 314.4 -5.3 -5.0 -42.1 -365.9 886.7 13.8 -4.5 48.4 8.6 -262.6 -22.6 12.4 48.6 332.8 -215.0 -1.1 -0.1 -48.3 -171.8 190.3 -5.0 -10.2 6 7 8 9 10 21.4 6.7 12.0 4.6 -9.0 46.7 6.5 -2.7 -43.5 61.8 -71.5 -13.8 16.1 -63.9 -12.1 14.9 11.5 -16.2 -36.2 8.5 -65.8 -57.3 -78.6 16.7 -53.6 10.1 -17.2 8.0 185.0 -33.4 -64.2 12.5 -19.4 15.7 15.3 -3.3 67.3 -8.7 -3.9 62.2 -5.2 5.6 -34.3 -41.8 11 12 13 14 20.8 6.8 270.4 -231.1 -163.8 816.5 183.1 -25.6 1.2 60.5 -68.2 66.2 -52.6 -36.8 112.7 51.2 74.5 -114.7 112.3 45.3 -152.5 -118.5 -25.7 32.6 -255.2 -241.6 685.6 4.3 -130.1 6.2 -25.4 51.2 -94.6 15 16 17 1535.0 -902.4 -3.6 294.7 333.7 151.6 517.2 569.2 96.8 647.9 569.7 18 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 677.7 326.4 -619.3 102.9 -139.6 -82.7 227.7 -76.7 217.4 -10.7 -230.0 -20.6 41.5 -22.6 679.9 -11.5 378.2 11.7 240.7 13.9 508.9 -4.7 19 20 21 22 State and local governments Federal government -30.5 0.4 -18.6 -29.4 -9.9 32.3 41.2 -9.8 -48.0 -1.3 -49.8 -3.6 -70.4 -1.0 -60.0 -1.2 -11.7 0.8 50.4 -12.2 -53.2 -1.1 21 22 23 Rest of the world 417.3 -542.9 70.7 251.8 15.1 -82.1 582.7 -587.9 147.5 173.4 365.7 23 24 25 26 27 28 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1.8 -7.2 14.7 6.1 10.4 0.5 93.1 364.3 -1.0 8.1 49.6 25.8 -115.8 -4.5 6.7 18.0 -79.9 4.9 4.5 -8.5 43.1 -61.0 222.7 0.8 -27.6 41.4 241.0 247.3 -0.6 -13.8 51.6 -72.3 156.3 4.3 -87.3 -6.1 -212.9 618.4 19.0 36.0 85.6 -200.0 -131.2 -19.5 -45.1 60.5 140.5 -179.8 0.1 -31.8 69.0 -94.9 83.1 16.0 29.1 24 25 26 27 28 29 30 31 Life insurance companies Private pension funds State and local govt. retirement funds 32.1 -13.2 -0.6 28.5 -27.6 -0.0 -19.3 9.0 0.5 -2.0 -27.2 0.7 47.5 -6.1 1.2 -83.3 -17.6 1.4 51.3 -17.1 -0.1 201.7 -1.3 2.8 20.2 11.5 0.5 76.7 -2.8 1.0 78.1 11.9 0.8 29 30 31 32 33 Money market mutual funds Mutual funds 31.8 2.8 -43.1 3.2 11.3 -5.1 7.7 -12.0 5.8 2.9 3.2 10.5 -87.6 31.6 -69.4 3.9 177.1 -34.6 -46.5 50.1 -50.6 0.0 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs 27.0 -15.2 -4.4 -42.6 -2.8 -0.8 1.2 18.2 -8.5 29.3 -54.6 7.4 -0.1 0.8 13.3 -159.2 1.2 24.7 1.5 -37.2 12.5 179.2 61.0 5.4 -22.0 -21.8 10.7 6.3 -5.7 22.3 -56.4 -106.4 5.4 34 35 36 37 38 Brokers and dealers Holding companies 24.9 32.7 -275.1 100.1 74.3 82.3 5.9 -33.6 -35.7 -46.2 187.0 54.4 -38.2 17.9 -206.3 -81.4 -85.4 -175.9 285.7 -194.8 -132.5 -98.6 37 38 -29.2 1888.9 -284.9 491.5 -64.8 -46.4 -347.7 -43.8 178.8 -522.3 -236.2 39 39 Net change in assets 2008 Discrepancy 63 Z.1, September 20, 2012 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2011 Q1 1 All sectors 2012 Q3 Q4 Q1 Q2 -102.8 960.6 82.7 448.3 -155.1 -46.0 -658.5 -78.2 162.2 -134.8 -814.0 1 -251.7 126.0 -131.5 934.9 37.8 -180.9 -228.4 257.0 -559.2 183.5 -558.6 200.0 -156.8 213.2 -973.9 134.4 -547.4 186.5 -718.4 38.6 -895.2 188.0 2 3 -21.0 24.1 -20.0 86.8 -31.1 -44.6 -21.7 -59.7 -18.7 -6.2 -17.6 228.5 -19.7 -986.9 -12.0 697.9 -25.6 35.7 -26.2 381.2 -16.9 -140.2 4 5 Rest of the world 98.3 -63.0 143.2 66.8 -87.7 -357.4 27.7 -244.4 223.4 -105.2 141.2 6 Financial sectors -78.4 153.4 158.4 434.2 333.2 459.1 264.0 319.9 289.5 295.2 -90.9 7 -2.8 -0.2 -6.0 -10.0 -1.3 -16.3 -4.6 9.7 6.2 7.2 -0.9 8 -110.0 2.6 -7.4 2.3 24.0 -5.1 -0.5 3.7 289.7 1.3 6.2 5.6 306.4 1.6 -0.0 2.3 177.8 5.0 1.0 0.9 297.9 14.3 3.7 2.2 159.6 -1.0 1.2 -4.1 118.5 6.2 -1.5 1.9 135.2 0.3 0.6 3.7 308.8 4.1 -0.9 2.4 -81.8 1.1 0.7 -0.8 9 10 11 12 3.1 -50.7 -0.6 -59.4 -24.2 -86.0 68.7 -23.5 22.4 -14.2 8.2 20.2 61.9 -44.9 6.3 -32.6 13.3 0.5 38.8 -10.8 -20.3 -49.4 13 14 2 3 Household sector Nonfinancial corporate business 4 5 State and local governments Federal government 6 7 8 Q2 Monetary authority 9 10 11 12 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 13 14 Property-casualty insurance companies Life insurance companies 15 16 Mutual funds Government-sponsored enterprises 13.4 27.7 -5.7 107.8 -10.6 52.4 -6.2 57.5 -16.2 64.8 -15.2 120.4 -15.6 19.5 -16.4 -7.3 -17.5 126.8 -8.0 81.5 -11.5 15.7 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs 0.0 20.8 31.9 0.0 36.3 -5.8 0.0 15.9 -15.6 0.0 22.6 21.2 0.0 21.9 35.3 0.0 19.1 24.2 0.0 1.9 40.4 -0.0 33.8 31.7 0.0 32.7 44.7 0.0 11.5 40.3 0.0 -0.2 17.6 17 18 19 20 21 Brokers and dealers Holding companies -4.3 -4.9 71.9 -12.9 -61.4 -8.9 -9.2 2.8 34.2 1.5 -22.6 3.1 47.5 2.4 169.0 0.6 -57.0 -0.0 -179.2 -0.5 39.6 -0.6 20 21 -102.8 960.6 82.7 448.3 -155.1 -46.0 -658.5 -78.2 162.2 -134.8 -814.0 1 -1.2 196.5 -0.8 -347.1 -4.4 -74.3 -1.1 6.0 -0.7 23.9 -1.0 149.4 -0.7 10.6 -0.5 129.9 -0.5 -194.0 -0.8 -26.6 -0.6 -1.9 2 3 3.8 -224.8 60.7 -600.6 29.0 475.6 -19.4 -71.3 30.1 -113.3 139.1 -394.5 -136.8 -172.6 86.4 -44.2 31.9 158.2 38.1 343.2 -260.9 -303.0 4 5 1.0 0.0 1.2 -0.1 -5.2 0.0 -3.3 -2.0 -0.3 0.0 0.7 -1.0 -1.1 0.0 0.0 -1.1 0.8 0.0 -0.1 0.9 -51.6 0.0 -52.6 1.0 96.6 0.0 96.7 -0.1 3.8 0.0 2.2 1.6 -45.8 0.0 -46.8 1.0 -47.4 0.0 -46.2 -1.1 100.0 0.0 100.3 -0.3 6 7 8 9 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security RPs 6 7 8 9 Mail floats State and local governments Federal government Private domestic 10 11 Trade credit Taxes payable -26.0 -36.5 26.1 -64.0 102.8 -32.6 82.4 -10.5 26.3 -21.2 114.8 -1.7 -29.5 -48.9 -51.8 -70.9 71.8 36.6 149.0 -62.4 -53.3 -7.5 10 11 12 Miscellaneous -29.2 1888.9 -284.9 491.5 -64.8 -46.4 -347.7 -43.8 178.8 -522.3 -236.2 12 13 Nonfinancial 13.5 2.6 -128.2 -28.3 -36.3 46.0 -29.5 -87.0 -74.8 -5.7 -50.7 13 -12.0 -6.3 4.7 -2.4 -5.0 4.8 118.3 5.0 5.0 23.3 0.0 4.9 31.9 0.0 4.4 -50.4 0.0 4.4 25.1 0.0 4.4 82.5 0.0 4.5 70.3 0.0 4.5 1.1 0.0 4.6 46.1 0.0 4.6 14 15 16 14 15 16 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements Contr. for govt. soc. insur., U.S. affiliated areas 64 Z.1, September 20, 2012 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Federal government 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 46183.7 50922.9 53310.5 53213.4 53555.6 53804.4 53779.6 54130.1 54510.5 54868.6 55031.3 1 30022.5 32572.5 34478.9 35414.6 36832.0 37065.4 37179.2 37662.3 38163.3 38580.6 38924.3 2 12839.7 6263.6 3313.0 13699.1 7108.7 3774.6 13682.7 7453.5 4093.4 13410.5 7240.4 3959.0 13137.5 7478.1 3765.3 13020.9 7603.3 3749.5 12935.6 7753.8 3738.2 12912.6 7887.0 3733.0 12933.7 8018.1 3751.0 12857.5 8114.6 3757.7 12895.5 8228.2 3762.0 3 4 5 2720.9 4885.3 2867.8 5122.3 2887.8 6361.5 2999.3 7805.4 3065.5 9385.6 3045.7 9645.9 3013.0 9738.6 3002.2 10127.6 3006.8 10453.6 2998.9 10851.9 2988.6 11050.1 6 7 8 Rest of the world 1882.6 2126.3 1708.8 2090.3 2225.3 2304.8 2326.8 2290.1 2276.7 2288.3 2268.7 8 9 Financial sectors 14278.6 16224.1 17122.9 15708.5 14498.3 14434.2 14273.6 14177.7 14070.6 13999.7 13838.2 9 768.3 0.5 18.9 990.9 0.5 32.3 989.8 0.0 40.6 717.4 0.0 26.5 942.4 0.0 26.1 906.6 0.0 23.7 887.9 0.0 22.8 868.0 0.0 23.7 868.7 0.0 24.2 840.8 0.0 22.9 844.7 0.0 23.7 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.2 2627.8 3841.1 28.7 2910.2 4464.4 54.9 3181.9 4961.4 48.3 2706.6 5376.7 45.1 6434.5 1139.5 45.5 6437.3 1187.0 46.2 6317.3 1236.0 46.4 6282.7 1277.3 46.8 6247.3 1304.8 48.5 6178.6 1329.9 52.4 6139.8 1377.3 13 14 15 16 17 18 ABS issuers Finance companies REITs 4179.9 1144.2 411.0 4534.4 1279.6 421.2 4123.3 1200.3 367.4 3308.2 1044.1 317.4 2243.3 1268.8 315.2 2162.4 1268.2 326.4 2110.1 1253.1 330.6 2044.3 1276.6 334.1 1996.2 1274.8 343.4 1922.1 1263.6 350.1 1856.0 1247.7 364.1 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 68.8 558.7 645.3 64.8 710.6 786.4 142.6 807.9 1252.8 92.9 1253.7 816.8 129.7 1237.2 716.4 128.2 1258.1 690.8 110.1 1269.7 689.9 99.2 1248.8 676.5 91.8 1220.8 651.8 98.0 1303.9 641.3 102.1 1213.9 616.3 19 20 21 46183.7 50922.9 53310.5 53213.4 53555.6 53804.4 53779.6 54130.1 54510.5 54868.6 55031.3 22 6498.8 7129.5 6953.5 7466.2 7906.0 7832.5 7519.2 7455.5 7125.9 7057.4 7100.7 23 22 23 Total credit market assets held by: Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 4361.2 328.3 96.7 4956.5 250.4 106.7 4858.9 214.0 95.8 5117.4 221.6 89.1 5477.5 236.8 85.7 5405.2 225.7 85.5 5135.4 227.2 85.3 5115.8 216.3 85.2 4823.7 222.3 85.4 4755.4 234.7 85.5 4788.4 230.3 85.5 24 25 26 27 28 State and local governments Federal government 1437.4 275.2 1534.8 281.1 1418.3 366.4 1376.2 661.8 1359.1 746.9 1337.9 778.2 1314.3 757.0 1276.5 761.6 1248.3 746.2 1226.6 755.1 1222.7 773.8 27 28 29 Rest of the world 6199.7 7272.6 7504.6 7723.4 8497.0 8600.0 8666.0 8837.2 9127.4 9222.5 9247.3 29 30 Financial sectors 33485.2 36520.8 38852.4 38023.7 37152.6 37371.9 37594.4 37837.4 38257.2 38588.7 38683.3 30 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 778.9 8628.6 761.6 99.3 622.6 740.6 9201.0 963.3 92.8 657.9 986.0 9442.9 1063.8 90.9 697.8 1987.7 9131.1 777.9 88.1 731.0 2259.2 9341.5 747.1 68.9 755.6 2479.2 9211.3 757.6 67.6 765.4 2700.4 9185.9 773.4 65.2 774.3 2686.1 9299.0 804.4 63.7 781.6 2635.6 9468.4 784.9 64.0 790.8 2613.4 9462.8 775.5 63.9 807.7 2610.9 9564.5 760.4 62.7 825.3 31 32 33 34 35 36 37 Property-casualty insurance companies Life insurance companies 864.1 2786.4 869.3 2871.2 853.4 2882.8 886.7 3022.6 890.6 3174.2 895.2 3211.1 890.3 3237.3 890.6 3284.3 918.1 3297.9 910.4 3322.4 910.3 3288.0 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 758.3 808.0 86.8 860.8 820.3 99.4 951.4 833.5 123.3 1063.0 824.7 130.8 1122.4 816.5 141.6 1130.9 825.0 145.3 1138.2 820.5 149.6 1161.3 835.6 157.9 1171.4 834.8 161.6 1172.0 843.0 163.0 1165.2 847.4 167.2 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 1560.8 1932.0 171.8 20.7 1936.4 2203.1 170.9 34.1 2675.0 2276.4 130.3 57.1 2031.0 2657.2 140.9 103.0 1621.0 3031.4 145.9 132.7 1582.4 3160.9 147.6 140.1 1521.0 3267.8 148.5 151.1 1527.2 3317.9 143.3 164.1 1628.2 3458.9 144.7 178.8 1569.7 3666.3 147.4 195.1 1493.9 3821.8 148.8 213.5 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2590.5 3841.1 2829.5 4464.4 3037.5 4961.4 2699.7 5376.7 6333.1 1139.5 6327.9 1187.0 6252.4 1236.0 6176.5 1277.3 6133.4 1304.8 6095.8 1329.9 6014.0 1377.3 45 46 47 48 49 ABS issuers Finance companies REITs 4068.1 1809.2 266.4 4419.7 1816.3 246.5 4025.1 1734.4 177.6 3244.6 1516.7 168.9 2191.5 1443.9 206.0 2108.8 1422.0 258.0 2058.9 1395.0 288.4 1996.7 1389.0 308.5 1948.7 1396.9 308.9 1876.8 1384.0 365.9 1813.6 1372.8 388.6 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 583.4 36.0 410.8 803.1 59.1 361.0 717.4 73.0 1061.3 525.3 75.8 840.3 557.5 97.9 934.7 556.8 105.7 886.0 549.6 105.3 885.3 511.2 110.5 950.8 567.2 101.1 958.3 610.7 223.0 990.1 600.5 183.5 1053.2 50 51 52 (1) Excludes corporate equities and mutual fund shares. 65 Z.1, September 20, 2012 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 Domestic By instrument 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 30022.5 32572.5 34478.9 35414.6 36832.0 37065.4 37179.2 37662.3 38163.3 38580.6 38924.3 1 30022.5 32572.5 34478.9 35414.6 36832.0 37065.4 37179.2 37662.3 38163.3 38580.6 38924.3 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 112.5 4861.7 23.5 3212.2 3364.4 123.8 5099.2 23.1 3448.1 3675.5 131.5 6338.2 23.3 3543.4 3881.0 58.4 7781.9 23.5 3697.9 4268.6 82.9 9361.5 24.2 3795.6 4691.4 110.5 9621.4 24.5 3778.6 4792.4 106.9 9714.1 24.5 3750.5 4907.8 124.7 10102.6 25.0 3733.6 4988.3 116.3 10428.3 25.3 3743.4 5076.0 127.6 10827.5 24.4 3732.1 5193.5 132.1 11025.6 24.5 3726.4 5286.0 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 1429.7 1314.9 1664.2 1620.4 1852.6 1688.2 1500.2 1458.4 1465.5 1302.5 1457.4 1301.8 1435.5 1334.6 1468.7 1353.5 1542.6 1373.7 1585.7 1357.0 1684.8 1352.8 8 9 13318.5 10469.8 680.6 2060.2 108.0 2385.0 14389.4 11194.2 767.5 2315.0 112.7 2528.8 14471.8 11088.3 819.4 2429.4 134.7 2548.9 14186.8 10888.9 827.2 2339.4 131.3 2438.8 13563.1 10422.2 815.1 2184.8 141.0 2545.3 13466.4 10347.7 814.9 2161.6 142.2 2512.3 13371.1 10282.0 814.7 2131.0 143.5 2534.2 13287.3 10223.8 815.3 2103.5 144.7 2578.6 13226.1 10167.1 820.1 2092.9 146.0 2631.7 13113.8 10081.0 819.3 2066.3 147.2 2619.0 13031.0 10028.0 823.2 2031.3 148.5 2661.1 10 11 12 13 14 15 30022.5 32572.5 34478.9 35414.6 36832.0 37065.4 37179.2 37662.3 38163.3 38580.6 38924.3 16 12839.7 9576.6 6263.6 3313.0 13699.1 10883.3 7108.7 3774.6 13682.7 11546.8 7453.5 4093.4 13410.5 11199.4 7240.4 3959.0 13137.5 11243.4 7478.1 3765.3 13020.9 11352.9 7603.3 3749.5 12935.6 11492.0 7753.8 3738.2 12912.6 11619.9 7887.0 3733.0 12933.7 11769.1 8018.1 3751.0 12857.5 11872.2 8114.6 3757.7 12895.5 11990.2 8228.2 3762.0 17 18 19 20 2720.9 4885.3 2867.8 5122.3 2887.8 6361.5 2999.3 7805.4 3065.5 9385.6 3045.7 9645.9 3013.0 9738.6 3002.2 10127.6 3006.8 10453.6 2998.9 10851.9 2988.6 11050.1 21 22 1882.6 2126.3 1708.8 2090.3 2225.3 2304.8 2326.8 2290.1 2276.7 2288.3 2268.7 23 482.3 1275.5 98.3 26.6 413.0 1587.1 102.8 23.4 342.0 1237.3 107.9 21.6 401.3 1570.3 96.8 21.9 398.6 1689.5 115.1 22.1 428.2 1727.2 127.1 22.2 417.2 1757.3 130.5 21.9 352.5 1774.6 140.9 22.0 345.1 1763.8 144.3 23.5 362.6 1745.3 153.6 26.7 357.4 1718.8 164.8 27.7 24 25 26 27 31905.1 34698.8 36187.6 37504.9 39057.4 39370.1 39506.0 39952.4 40440.0 40868.9 41193.0 28 10 11 12 13 14 15 16 Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 21 22 State and local governments Federal government 23 24 25 26 27 28 Foreign credit market debt held in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 By instrument 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 9 By sector 14278.6 16224.1 17122.9 15708.5 14498.3 14434.2 14273.6 14177.7 14070.6 13999.7 13838.2 1 1363.2 2627.8 3841.1 5440.1 1251.8 2910.2 4464.4 6280.7 1125.8 3181.9 4961.4 6000.3 677.6 2706.6 5376.7 5738.1 575.9 6434.5 1139.5 5334.5 592.5 6437.3 1187.0 5245.9 557.5 6317.3 1236.0 5158.5 527.2 6282.7 1277.3 5093.1 507.8 6247.3 1304.8 5021.4 504.2 6178.6 1329.9 5056.2 472.6 6139.8 1377.3 4951.8 2 3 4 5 213.0 641.4 152.1 293.1 867.1 156.7 789.5 900.5 163.5 424.7 617.9 166.9 373.7 473.2 167.1 360.1 442.5 168.9 406.0 424.8 173.5 414.2 408.7 174.5 399.9 413.1 176.2 362.6 389.5 178.8 299.1 412.2 185.4 6 7 8 14278.6 16224.1 17122.9 15708.5 14498.3 14434.2 14273.6 14177.7 14070.6 13999.7 13838.2 9 768.3 0.5 18.9 990.9 0.5 32.3 989.8 0.0 40.6 717.4 0.0 26.5 942.4 0.0 26.1 906.6 0.0 23.7 887.9 0.0 22.8 868.0 0.0 23.7 868.7 0.0 24.2 840.8 0.0 22.9 844.7 0.0 23.7 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.2 2627.8 3841.1 28.7 2910.2 4464.4 54.9 3181.9 4961.4 48.3 2706.6 5376.7 45.1 6434.5 1139.5 45.5 6437.3 1187.0 46.2 6317.3 1236.0 46.4 6282.7 1277.3 46.8 6247.3 1304.8 48.5 6178.6 1329.9 52.4 6139.8 1377.3 13 14 15 16 17 18 ABS issuers Finance companies REITs 4179.9 1144.2 411.0 4534.4 1279.6 421.2 4123.3 1200.3 367.4 3308.2 1044.1 317.4 2243.3 1268.8 315.2 2162.4 1268.2 326.4 2110.1 1253.1 330.6 2044.3 1276.6 334.1 1996.2 1274.8 343.4 1922.1 1263.6 350.1 1856.0 1247.7 364.1 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 68.8 558.7 645.3 64.8 710.6 786.4 142.6 807.9 1252.8 92.9 1253.7 816.8 129.7 1237.2 716.4 128.2 1258.1 690.8 110.1 1269.7 689.9 99.2 1248.8 676.5 91.8 1220.8 651.8 98.0 1303.9 641.3 102.1 1213.9 616.3 19 20 21 66 Z.1, September 20, 2012 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 46183.7 50922.9 53310.5 53213.4 53555.6 53804.4 53779.6 54130.1 54510.5 54868.6 55031.3 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1958.0 4861.7 6492.4 3212.2 10080.0 1788.6 5099.2 7397.7 3448.1 11543.4 1599.3 6338.2 8166.7 3543.4 11118.5 1137.4 7781.9 8106.8 3697.9 11577.0 1057.5 9361.5 7598.2 3795.6 11715.3 1131.2 9621.4 7648.7 3778.6 11765.6 1081.6 9714.1 7577.8 3750.5 11823.5 1004.4 10102.6 7585.0 3733.6 11856.0 969.2 10428.3 7577.4 3743.4 11861.1 994.4 10827.5 7533.0 3732.1 11995.0 962.0 11025.6 7541.7 3726.4 11956.6 2 3 4 5 6 7 8 9 10 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 1741.0 1982.9 13470.6 2385.0 2060.1 2511.0 14546.1 2528.8 2750.0 2610.2 14635.3 2548.9 2021.7 2098.1 14353.7 2438.8 1954.3 1797.8 13730.2 2545.3 1944.6 1766.6 13635.3 2512.3 1972.1 1781.3 13544.6 2534.2 2023.9 1784.2 13461.8 2578.6 2086.8 1810.3 13402.2 2631.7 2101.9 1773.2 13292.6 2619.0 2148.8 1792.7 13216.4 2661.1 7 8 9 10 11 12 Memo: Selected claims not included above: Corporate equities Mutual fund shares 24339.3 7068.3 25580.9 7829.0 15640.5 5435.3 20123.2 6961.6 23410.8 7934.5 25100.7 8471.9 25125.6 8570.5 21061.5 7532.8 22824.9 8000.5 25533.2 8851.1 24222.9 8627.0 11 12 2 3 4 5 6 Total 2007 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) 46183.7 50922.9 53310.5 53213.4 53555.6 53804.4 53779.6 54130.1 54510.5 54868.6 55031.3 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 62.2 2.2 28.1 1085.0 190.3 67.3 2.2 27.4 1340.9 136.3 74.2 2.2 26.6 946.7 1922.9 175.1 5.2 26.2 840.6 1325.5 175.8 5.2 25.9 866.5 1147.7 184.3 5.2 25.9 917.5 1847.7 189.3 5.2 25.9 917.9 2025.2 186.4 5.2 25.9 919.6 2081.0 183.8 5.2 25.9 834.1 1984.6 184.5 5.2 25.9 803.0 1985.6 181.7 5.2 25.9 793.6 1945.9 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 1507.3 4945.1 2050.8 2312.1 2137.7 1532.9 5224.5 2382.2 3033.1 2118.5 2101.3 5749.3 2191.6 3757.3 1238.2 2093.4 6326.5 1989.8 3258.3 1488.4 2359.8 6624.9 1807.5 2755.3 1272.3 2193.3 6741.5 1811.8 2679.4 1312.7 2314.6 6898.8 1815.3 2637.8 1258.2 2403.7 7065.7 1658.4 2578.4 1102.1 2594.3 7202.2 1603.0 2642.5 1140.7 2520.5 7410.5 1504.3 2535.4 1187.7 2591.8 7460.4 1512.6 2467.9 1165.1 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 7068.3 1249.9 1163.7 12750.6 7829.0 1526.4 1201.5 13390.7 5435.3 1128.5 1179.8 10409.6 6961.6 1091.2 1242.1 11915.0 7934.5 1214.8 1278.3 13090.9 8471.9 1258.1 1302.8 13511.3 8570.5 1323.8 1317.5 13434.8 7532.8 1380.9 1320.3 12453.9 8000.5 1312.1 1352.0 13152.4 8851.1 1375.5 1381.5 13954.6 8627.0 1410.2 1370.8 13656.2 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 3195.9 237.0 15692.9 3398.0 167.7 17539.8 3228.1 44.0 20072.8 3204.9 40.6 19982.0 3393.7 50.7 20661.0 3441.1 75.9 20339.3 3506.8 63.8 20219.7 3557.0 65.3 21547.7 3615.2 64.7 21048.6 3702.6 76.5 21022.8 3740.8 73.2 21604.6 16 17 18 19 Total liabilities 101862.8 111841.3 112818.7 115179.7 118220.4 119923.9 120304.6 120014.3 121272.3 123395.9 123664.3 19 20 21 22 + Financial assets not included in liabilities: Gold Corporate equities Household equity in noncorp. bus. 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions 2 3 4 5 6 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 32 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 33 Totals identified to sectors as assets 11.0 24339.3 9204.3 11.0 25580.9 9341.1 11.0 15640.5 7733.4 11.0 20123.2 6480.6 11.0 23410.8 7018.5 11.0 25100.7 7184.1 11.0 25125.6 7247.3 11.0 21061.5 7365.0 11.0 22824.9 7525.3 11.0 25533.2 7603.9 11.0 24222.9 7691.9 20 21 22 -10.1 886.3 -45.0 -11.3 1082.9 -41.8 -12.1 735.8 -17.5 -16.5 661.5 5.1 -17.6 667.5 -17.7 -17.9 704.8 -1.3 -18.0 707.5 4.4 -18.2 739.9 9.9 -18.3 691.4 -5.3 -18.5 684.8 -8.7 -18.6 684.3 -14.2 23 24 25 885.0 -48.1 -6631.6 651.2 -174.8 -7366.1 60.2 -345.3 -5126.5 447.6 -375.5 -5497.9 346.4 -398.2 -5580.2 277.1 -382.3 -5779.3 264.1 -403.1 -6175.0 239.7 -397.7 -5946.1 238.5 -409.3 -6592.9 342.0 -402.9 -6951.2 288.5 -413.1 -6755.5 26 27 28 0.0 0.1 7.4 234.8 0.0 2.8 7.3 208.8 0.0 1.2 5.3 234.9 0.0 2.0 4.2 337.7 0.0 2.5 3.2 423.9 0.0 2.6 3.3 380.3 0.0 3.5 3.4 343.6 0.0 1.7 3.9 344.7 0.0 2.5 4.1 450.2 0.0 2.9 3.7 411.9 0.0 3.4 3.8 368.7 29 30 31 32 140138.7 152415.4 140667.6 146226.3 153231.1 157032.5 157958.1 153474.1 157272.6 162480.2 161442.8 33 67 Z.1, September 20, 2012 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 43282.0 46349.0 38736.6 42747.9 45971.8 47620.0 47623.3 44749.5 46213.2 48537.9 47707.2 1 65.2 694.6 5766.8 1186.6 80.5 675.9 6273.9 1421.0 56.9 869.0 6476.8 1657.2 50.5 913.4 6585.2 1386.8 52.1 856.7 6739.4 1209.3 55.1 854.9 6833.1 1178.0 55.1 922.0 6953.3 1165.8 55.2 1017.8 7020.0 1183.6 50.1 1148.7 7117.3 1187.2 48.3 1135.7 7226.7 1145.3 47.7 1146.6 7274.1 1120.9 2 3 4 5 18131.3 19130.6 13874.3 16617.5 18753.7 19891.9 19733.9 17599.7 18136.5 19583.5 19021.9 6 117.5 202.4 209.0 425.5 107.3 196.4 64.9 680.0 6.0 194.0 38.4 716.3 34.6 191.2 583.1 122.5 63.4 187.9 897.3 122.7 67.9 186.8 738.4 196.4 64.9 186.0 516.8 163.2 60.3 185.1 590.8 125.8 58.2 185.2 439.3 77.5 51.7 184.7 594.6 8.4 47.1 184.3 738.1 6.5 7 8 9 10 7 8 9 10 Open market paper U.S. savings bonds Treasury bills and other Treasury securities Agency- and GSE-backed securities 11 12 Municipal securities Corporate and foreign bonds 1684.3 1653.5 1726.8 2118.4 1767.4 2052.8 1896.0 2213.1 1953.2 2185.8 1965.8 2186.2 1940.7 2202.6 1920.4 2174.1 1891.8 2118.1 1845.2 2017.9 1814.9 1948.9 11 12 13 14 Corporate equities (2) Mutual fund shares 9645.0 4194.1 9631.6 4605.3 5759.5 3340.0 7419.7 4157.3 8736.7 4606.6 9592.3 4958.2 9645.2 5014.6 8142.0 4401.3 8720.8 4645.8 9691.5 5189.3 9216.3 5065.7 13 14 1055.2 12750.6 2332.4 6120.5 4297.6 1076.8 13390.7 2450.8 6444.8 4495.1 1049.8 10409.6 2184.6 4588.0 3637.0 1109.2 11915.0 2323.0 5507.4 4084.7 1137.2 13090.9 2504.7 6136.6 4449.5 1160.3 13511.3 2589.1 6367.7 4554.4 1174.1 13434.8 2611.0 6366.3 4457.5 1174.5 12453.9 2519.6 5734.7 4199.7 1203.6 13152.4 2556.6 6118.2 4477.6 1214.0 13954.6 2633.6 6597.5 4723.5 1201.1 13656.2 2579.1 6427.6 4649.5 15 16 17 18 19 3631.8 4299.6 4342.9 4170.3 4132.6 4135.5 4184.3 4244.8 4217.2 4230.0 4238.8 20 18118.2 19612.0 19905.9 19583.6 19227.5 19142.0 19053.6 18975.1 19004.1 18975.2 18993.5 21 10430.4 2015.4 2385.0 11151.9 2301.9 2528.8 11055.6 2529.9 2548.9 10868.6 2551.8 2438.8 10408.7 2456.0 2545.3 10335.3 2440.2 2512.3 10270.6 2421.2 2534.2 10213.1 2405.1 2578.6 10156.9 2404.8 2631.7 10071.1 2385.0 2619.0 10018.1 2366.9 2661.1 22 23 24 110.9 292.1 2884.4 114.5 325.5 3189.4 120.4 164.8 3486.3 121.1 203.0 3400.4 124.5 278.2 3414.9 124.8 315.7 3413.6 125.5 312.8 3389.2 126.4 251.9 3400.0 126.9 238.5 3445.3 126.9 267.7 3505.4 126.6 244.5 3576.3 25 26 27 15 16 17 18 19 Life insurance reserves Pension fund reserves Life insurance companies Private pension funds Governments 20 Miscellaneous and other assets 21 Total liabilities 22 23 24 Home mortgages Other mortgages Consumer credit 25 26 27 Policy loans Security credit Other liabilities (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18). 68 Z.1, September 20, 2012 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 8 9 10 11 12 Open market paper Treasury securities Savings bonds Bills and other Treasury securities Agency- and GSE-backed securities 13 14 15 16 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 49360.0 52082.6 42767.3 45624.1 49518.7 51339.5 51412.3 48659.7 50275.4 52668.1 51925.6 1 6847.9 7502.0 8107.1 7969.1 7926.7 7992.5 8169.1 8350.0 8574.4 8625.4 8658.6 2 65.2 245.8 5422.4 1114.5 80.5 160.2 5914.6 1346.7 56.9 349.6 6118.8 1581.8 50.5 373.6 6231.9 1313.1 52.1 336.7 6399.5 1138.4 55.1 335.9 6494.2 1107.2 55.1 403.6 6615.1 1095.2 55.2 499.5 6682.2 1113.1 50.1 629.0 6778.7 1116.6 48.3 614.9 6887.6 1074.6 47.7 625.6 6935.1 1050.2 3 4 5 6 4361.2 4956.5 4858.9 5117.4 5477.5 5405.2 5135.4 5115.8 4823.7 4755.4 4788.4 7 117.5 355.1 202.4 152.7 425.5 107.3 202.0 196.4 5.6 680.0 6.0 180.6 194.0 -13.4 716.3 34.6 728.2 191.2 537.0 122.5 63.4 1040.9 187.9 853.0 122.7 67.9 880.9 186.8 694.1 196.4 64.9 658.6 186.0 472.6 163.2 60.3 731.8 185.1 546.7 125.8 58.2 580.3 185.2 395.1 77.5 51.7 735.1 184.7 550.4 8.4 47.1 878.2 184.3 693.9 6.5 8 9 10 11 12 1678.6 1653.5 9.1 122.1 1721.5 2118.4 17.6 109.8 1762.5 2052.8 29.7 111.1 1890.9 2213.1 26.8 101.4 1948.3 2185.8 26.2 90.1 1961.0 2186.2 25.2 87.7 1935.8 2202.6 25.7 84.6 1915.5 2174.1 25.5 82.8 1887.0 2118.1 23.4 79.5 1840.3 2017.9 26.5 75.5 1810.0 1948.9 26.1 71.5 13 14 15 16 17 18 Corporate equities (3) Mutual fund shares 9645.0 4194.1 9631.6 4605.3 5759.5 3340.0 7419.7 4157.3 8736.7 4606.6 9592.3 4958.2 9645.2 5014.6 8142.0 4401.3 8720.8 4645.8 9691.5 5189.3 9216.3 5065.7 17 18 19 20 21 Security credit Life insurance reserves Pension fund reserves 655.7 1055.2 12750.6 866.4 1076.8 13390.7 742.7 1049.8 10409.6 668.6 1109.2 11915.0 694.3 1137.2 13090.9 703.3 1160.3 13511.3 757.7 1174.1 13434.8 804.9 1174.5 12453.9 752.3 1203.6 13152.4 762.3 1214.0 13954.6 777.7 1201.1 13656.2 19 20 21 22 23 Equity in noncorporate business Miscellaneous assets 9204.3 646.1 9341.1 712.2 7733.4 766.3 6480.6 787.1 7018.5 830.5 7184.1 832.3 7247.3 834.1 7365.0 852.3 7525.3 877.2 7603.9 871.7 7691.9 869.8 22 23 13354.5 14263.0 14111.3 13888.3 13714.5 13641.0 13556.7 13474.9 13484.7 13441.2 13458.5 24 12839.7 13699.1 13682.7 13410.5 13137.5 13020.9 12935.6 12912.6 12933.7 12857.5 12895.5 25 9879.2 2385.0 230.1 10566.9 2528.8 250.7 10514.7 2548.9 258.7 10369.2 2438.8 264.6 9950.9 2545.3 262.3 9884.7 2512.3 261.9 9826.5 2534.2 260.7 9773.7 2578.6 256.1 9721.6 2631.7 254.4 9640.0 2619.0 252.3 9589.1 2661.1 247.6 26 27 28 30.9 123.8 190.7 21.8 127.0 204.0 26.4 133.2 200.9 10.2 133.7 194.0 61.0 136.1 181.9 45.3 136.4 180.3 -1.0 136.9 178.3 -9.8 137.8 176.2 12.4 138.1 175.5 34.8 137.8 173.7 88.5 137.6 171.6 29 30 31 292.1 199.9 325.5 214.5 164.8 236.7 203.0 252.7 278.2 274.1 315.7 279.1 312.8 282.6 251.9 286.0 238.5 288.2 267.7 289.8 244.5 290.5 32 33 22.8 23.9 27.0 22.1 24.7 25.2 25.6 24.4 24.3 26.2 28.0 34 24 25 Total liabilities Credit market instruments 26 27 28 Home mortgages (4) Consumer credit Municipal securities 29 30 31 Depository institution loans n.e.c. (5) Other loans and advances Commercial mortgages 32 33 34 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 18) and life insurance and pension reserves (lines 20 and 21). (4) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (5) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.108, line 15. 69 Z.1, September 20, 2012 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 15784.0 17358.0 16630.8 16932.5 17633.8 17738.9 17938.3 18134.3 18475.3 18732.3 18929.5 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 49.3 599.6 841.4 493.4 15.5 50.3 658.8 800.7 622.8 8.1 24.7 550.0 740.0 786.0 7.2 31.5 710.3 842.1 715.4 7.9 41.1 846.3 851.2 555.7 12.1 48.2 881.3 852.9 540.5 12.7 41.4 875.7 889.0 528.5 12.9 37.7 917.3 878.9 511.2 12.0 34.0 914.9 875.3 522.7 12.8 21.4 920.0 886.0 504.5 13.8 21.0 921.4 890.3 492.3 14.2 2 3 4 5 6 7 Credit market instruments 425.0 357.1 309.8 310.7 322.5 311.2 312.5 301.6 307.8 320.2 315.8 7 122.7 101.8 15.2 33.9 69.5 97.7 12.8 34.5 57.3 82.3 10.2 31.1 56.0 89.1 14.3 32.2 67.8 92.2 15.9 29.0 70.6 86.5 14.1 24.5 70.2 85.5 17.1 24.2 57.8 88.4 14.8 24.9 59.2 91.8 15.9 24.5 63.9 97.1 17.6 27.2 58.8 100.6 16.3 25.9 8 9 10 11 94.5 57.0 83.5 59.3 72.8 56.3 67.5 51.7 64.5 53.1 64.0 51.5 63.6 52.0 63.2 52.6 62.9 53.5 62.5 51.9 62.2 52.1 12 13 173.1 2561.4 178.0 2778.0 106.2 2607.3 161.9 2552.4 186.6 2664.9 190.2 2757.0 186.6 2858.6 162.9 2895.5 167.5 2849.0 177.3 2968.4 166.6 3048.2 14 15 10625.3 11904.3 11499.7 11600.4 12153.3 12145.1 12233.0 12417.3 12791.3 12920.7 13059.8 16 16585.1 18264.9 19019.6 18593.8 18877.8 18876.3 18943.1 19100.5 19266.6 19386.0 19506.8 17 9576.6 10883.3 11546.8 11199.4 11243.4 11352.9 11492.0 11619.9 11769.1 11872.2 11990.2 18 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 12 13 Mortgages Consumer credit 14 15 Mutual fund shares Trade receivables 16 Miscellaneous assets 17 18 Total liabilities Credit market instruments 19 20 21 Commercial paper Municipal securities Corporate bonds 112.5 272.4 3364.4 123.8 341.5 3675.5 131.5 409.7 3881.0 58.4 447.5 4268.6 82.9 482.3 4691.4 110.5 485.4 4792.4 106.9 491.4 4907.8 124.7 490.3 4988.3 116.3 497.4 5076.0 127.6 496.3 5193.5 132.1 506.0 5286.0 19 20 21 22 23 24 Depository institution loans n.e.c. Other loans and advances Mortgages 1398.7 1179.9 3248.6 1642.4 1481.5 3618.5 1826.1 1542.3 3756.3 1490.1 1311.1 3623.6 1404.6 1152.0 3430.3 1412.1 1150.9 3401.5 1436.6 1183.0 3366.3 1478.5 1200.8 3337.4 1530.2 1220.3 3329.0 1550.9 1203.9 3300.2 1596.3 1199.5 3270.3 22 23 24 25 26 Trade payables Taxes payable 2161.7 181.1 2272.8 135.3 2053.5 145.1 1975.8 135.6 2119.9 137.9 2139.0 155.4 2198.7 145.1 2239.9 151.0 2296.5 142.5 2357.3 153.9 2391.2 150.7 25 26 27 Miscellaneous liabilities 4665.7 4973.5 5274.2 5283.0 5376.5 5229.0 5107.3 5089.6 5058.5 5002.5 4974.8 27 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 70 Z.1, September 20, 2012 L.102 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 12667.6 13762.1 12937.7 13340.1 14176.0 14289.7 14495.0 14693.1 15025.3 15276.7 15474.2 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 49.3 150.8 497.0 421.3 15.5 50.3 143.2 441.3 548.5 8.1 24.7 30.6 381.9 710.6 7.2 31.5 170.5 488.8 641.7 7.9 41.1 326.3 511.4 484.8 12.1 48.2 362.3 514.0 469.8 12.7 41.4 357.4 550.8 458.0 12.9 37.7 399.1 541.0 440.7 12.0 34.0 395.2 536.7 452.0 12.8 21.4 399.2 546.9 433.8 13.8 21.0 400.4 551.3 421.6 14.2 2 3 4 5 6 7 Credit market instruments 328.3 250.4 214.0 221.6 236.8 225.7 227.2 216.3 222.3 234.7 230.3 7 122.7 45.5 15.2 28.1 69.5 38.3 12.8 29.2 57.3 30.5 10.2 26.2 56.0 43.0 14.3 27.1 67.8 47.8 15.9 24.1 70.6 42.3 14.1 19.6 70.2 41.3 17.1 19.3 57.8 44.3 14.8 20.0 59.2 47.6 15.9 19.6 63.9 52.8 17.6 22.4 58.8 56.3 16.3 21.0 8 9 10 11 59.8 57.0 41.4 59.3 33.6 56.3 29.5 51.7 28.0 53.1 27.7 51.5 27.3 52.0 26.9 52.6 26.5 53.5 26.2 51.9 25.8 52.1 12 13 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 12 13 Mortgages Consumer credit 14 15 Mutual fund shares Trade receivables 173.1 2090.5 178.0 2252.4 106.2 2084.6 161.9 2056.0 186.6 2187.4 190.2 2280.9 186.6 2383.5 162.9 2420.9 167.5 2373.3 177.3 2492.0 166.6 2572.0 14 15 16 17 18 19 20 21 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 8941.7 2440.7 291.6 0.6 140.1 6068.7 9890.0 2892.9 299.9 0.7 81.5 6615.0 9377.9 3011.1 311.1 0.4 80.5 5974.8 9560.4 3219.1 310.2 0.5 71.2 5959.4 10189.5 3434.7 313.2 0.6 62.5 6378.5 10186.0 3544.1 313.3 0.7 74.9 6253.0 10277.2 3674.7 319.0 0.6 74.3 6208.6 10462.5 3752.0 322.4 0.5 73.3 6314.2 10831.5 3794.6 328.7 0.5 71.5 6636.1 10957.6 3908.0 326.4 0.7 68.6 6653.9 11096.7 3987.1 327.5 0.6 66.4 6715.2 16 17 18 19 20 21 11821.5 12916.0 13225.0 12898.5 13364.8 13375.3 13446.2 13600.4 13747.2 13852.0 13971.8 22 22 Total liabilities 23 Credit market instruments 6263.6 7108.7 7453.5 7240.4 7478.1 7603.3 7753.8 7887.0 8018.1 8114.6 8228.2 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 112.5 272.4 3364.4 123.8 341.5 3675.5 131.5 409.7 3881.0 58.4 447.5 4268.6 82.9 482.3 4691.4 110.5 485.4 4792.4 106.9 491.4 4907.8 124.7 490.3 4988.3 116.3 497.4 5076.0 127.6 496.3 5193.5 132.1 506.0 5286.0 24 25 26 27 28 29 Depository institution loans n.e.c. Other loans and advances (3) Mortgages 613.0 1028.5 872.7 715.9 1316.5 935.5 780.0 1364.9 886.3 560.3 1139.1 766.5 545.2 977.9 698.5 548.8 975.2 690.9 557.9 1010.6 679.2 583.8 1030.8 669.1 618.4 1045.7 664.4 611.9 1027.6 657.7 636.6 1021.6 646.0 27 28 29 30 31 Trade payables Taxes payable 1812.9 85.4 1897.9 35.8 1672.8 39.0 1587.5 35.7 1750.6 42.9 1771.5 60.7 1830.3 50.6 1870.1 56.7 1928.6 47.8 1991.2 59.1 2027.7 55.9 30 31 32 33 34 35 Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 3659.6 1722.7 42.8 1894.1 3873.5 1961.9 47.2 1864.3 4059.8 2050.3 47.9 1961.6 4034.8 1986.4 50.5 1997.9 4093.2 2119.9 49.2 1924.1 3939.8 2149.6 49.0 1741.2 3811.4 2203.8 49.0 1558.6 3786.6 2267.1 49.1 1470.4 3752.6 2361.1 49.4 1342.2 3687.2 2389.4 49.7 1248.1 3660.0 2421.6 50.0 1188.4 32 33 34 35 277.6 14602.3 354.4 15730.7 411.9 10016.6 468.5 12494.7 436.8 14422.8 509.4 15459.5 553.2 15379.5 550.8 13061.8 444.7 14516.7 500.8 16117.9 544.3 15574.9 36 37 Memo: 36 37 Trade receivables net of payables Market value of equities 38 39 Securities and mortgages Loans and short-term paper 4509.5 1754.1 4952.5 2156.2 5177.0 2276.5 5482.6 1757.8 5872.1 1606.0 5968.8 1634.6 6078.4 1675.4 6147.7 1739.3 6237.7 1780.4 6347.5 1767.1 6438.0 1790.2 38 39 40 41 Total short-term liabilities (4) Total liquid assets (5) 3652.4 1518.5 4089.9 1519.1 3988.2 1385.2 3381.0 1642.6 3399.5 1718.0 3466.8 1743.7 3556.3 1755.0 3666.0 1730.1 3756.8 1740.5 3817.4 1749.1 3873.8 1727.6 40 41 42 43 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 72.0 28.0 69.7 30.3 69.5 30.5 75.7 24.3 78.5 21.5 78.5 21.5 78.4 21.6 77.9 22.1 77.8 22.2 78.2 21.8 78.2 21.8 42 43 44 Liquid assets/short-term liabilities 41.6 37.1 34.7 48.6 50.5 50.3 49.3 47.2 46.3 45.8 44.6 44 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (5) Sum of lines 2 through 6, lines 8 through 11, and line 14. 71 Z.1, September 20, 2012 L.103 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Equity in the Farm Credit System. 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 3116.5 3595.9 3693.2 3592.3 3457.8 3449.2 3443.2 3441.2 3450.0 3455.7 3455.3 1 448.8 344.4 72.2 515.6 359.3 74.3 519.4 358.1 75.4 539.8 353.3 73.7 520.0 339.9 70.9 519.0 338.9 70.7 518.3 338.2 70.6 518.2 337.9 70.5 519.8 338.6 70.7 520.8 339.1 70.7 521.0 338.9 70.7 2 3 4 96.7 106.7 95.8 89.1 85.7 85.5 85.3 85.2 85.4 85.5 85.5 5 56.3 5.8 34.6 0.0 59.3 5.3 42.1 0.0 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 44.4 4.9 36.5 0.0 44.3 4.9 36.4 0.0 44.2 4.9 36.3 0.0 44.1 4.9 36.2 0.0 44.2 4.9 36.3 0.0 44.3 4.9 36.4 0.0 44.3 4.9 36.4 0.0 6 7 8 9 470.9 1683.5 103.6 4.3 1575.6 525.6 2014.3 107.3 5.0 1902.0 522.7 2121.8 111.5 6.4 2003.9 496.3 2040.0 112.4 6.3 1921.3 477.4 1963.8 112.6 6.7 1844.6 476.1 1959.1 113.0 6.7 1839.4 475.1 1955.8 115.2 6.8 1833.8 474.6 1954.8 116.9 7.0 1830.9 475.7 1959.8 119.0 7.0 1833.8 476.3 1963.1 118.8 7.1 1837.3 476.1 1963.0 119.9 7.0 1836.1 10 11 12 13 14 4763.6 5349.0 5794.6 5695.3 5513.0 5501.0 5496.9 5500.1 5519.4 5533.9 5535.0 15 3313.0 3774.6 4093.4 3959.0 3765.3 3749.5 3738.2 3733.0 3751.0 3757.7 3762.0 16 785.7 151.4 2375.9 926.5 165.1 2683.0 1046.1 177.4 2869.9 929.8 172.0 2857.2 859.4 174.1 2731.8 863.3 175.7 2710.6 878.6 172.4 2687.1 894.7 170.0 2668.3 911.7 174.7 2664.6 939.0 176.2 2642.4 959.7 177.9 2624.3 17 18 19 348.9 95.7 1006.1 374.9 99.5 1100.0 380.7 106.2 1214.3 388.3 99.9 1248.1 369.3 95.1 1283.3 367.5 94.7 1289.2 368.3 94.5 1295.9 369.9 94.4 1302.9 367.9 94.6 1305.8 366.1 94.8 1315.4 363.5 94.8 1314.8 20 21 22 72 Z.1, September 20, 2012 L.104 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2295.4 2516.7 2426.5 2463.7 2447.9 2411.7 2376.7 2324.0 2302.2 2282.4 2261.9 1 2 3 Checkable deposits and currency Time and savings deposits 61.9 209.6 57.1 245.9 65.6 265.1 84.9 275.9 91.5 275.5 90.0 278.8 95.4 274.4 94.2 279.9 107.4 293.5 104.7 311.3 102.6 306.1 2 3 4 5 Money market fund shares Security RPs 99.3 126.5 116.6 132.8 122.3 125.0 134.7 123.9 143.5 119.0 143.9 116.4 144.7 114.1 142.2 112.2 140.8 111.0 139.4 110.0 137.5 108.4 4 5 6 Credit market instruments 1437.4 1534.8 1418.3 1376.2 1359.1 1337.9 1314.3 1276.5 1248.3 1226.6 1222.7 6 Open market paper Treasury securities Agency- and GSE-backed securities 155.1 551.7 423.7 139.3 588.1 467.6 66.2 551.0 462.9 -4.1 581.3 443.6 -13.8 587.7 430.1 -12.8 575.9 420.9 -11.4 560.5 413.0 -8.5 539.3 399.6 -4.7 525.8 384.8 -0.9 515.4 372.9 2.5 519.5 366.3 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 7.9 135.0 164.0 9.5 149.1 181.2 10.1 147.9 180.2 11.4 154.7 189.3 12.3 157.0 185.9 12.4 155.7 185.8 12.5 154.8 184.9 12.3 152.1 181.7 12.1 150.6 179.8 12.0 149.1 178.0 11.8 147.0 175.4 10 11 12 88.4 34.0 94.5 38.4 66.1 38.8 96.0 41.3 78.2 37.7 76.5 37.5 75.0 37.5 73.6 36.7 72.7 36.3 69.5 30.9 65.9 27.9 13 14 82.4 189.0 -33.0 69.9 237.5 -10.9 48.8 269.8 6.6 30.2 280.9 19.4 10.0 298.0 35.4 5.0 303.5 22.1 0.0 308.2 13.2 0.0 300.4 8.3 0.0 307.5 -15.3 0.0 309.0 -19.0 0.0 311.9 -21.1 15 16 17 3237.3 3421.3 3480.4 3631.6 3737.8 3728.0 3705.4 3704.6 3719.4 3721.5 3721.2 18 7 8 9 10 11 12 Total financial assets 2007 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 Credit market instruments 2720.9 2867.8 2887.8 2999.3 3065.5 3045.7 3013.0 3002.2 3006.8 2998.9 2988.6 19 20 21 22 23 Municipal securities Short-term (2) Long-term U.S. government loans 2709.7 34.3 2675.4 11.2 2855.9 51.2 2804.7 11.9 2875.0 55.9 2819.2 12.7 2985.7 63.6 2922.1 13.5 3051.1 63.0 2988.1 14.4 3031.2 60.1 2971.0 14.5 2998.3 37.6 2960.7 14.7 2987.2 48.0 2939.2 15.0 2991.6 52.3 2939.3 15.3 2983.5 51.9 2931.7 15.4 2972.9 43.3 2929.5 15.7 20 21 22 23 516.4 553.5 592.7 632.3 672.3 682.3 692.4 702.4 712.5 722.6 732.7 24 24 Trade payables (1) Data for employee retirement funds are shown in table L.117. (2) Debt with original maturity of 13 months or less. 73 Z.1, September 20, 2012 L.105 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (1) Corporate equities (2) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 16 17 18 SDR allocations SDR certificates Treasury currency 19 Credit market instruments 20 21 22 23 24 Savings bonds Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages 25 26 Trade payables Insurance reserves 27 28 29 Miscellaneous liabilities (3) Nonmarketable securities held by pension plans Other 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 636.6 681.2 1261.5 1343.9 1571.4 1394.9 1409.5 1336.6 1350.9 1311.2 1378.7 1 34.5 32.9 1.7 36.4 56.5 2.8 41.9 368.0 1.6 94.6 193.6 1.9 95.4 342.1 2.0 102.1 117.5 1.5 105.9 135.5 1.7 105.0 57.6 1.8 103.9 84.3 1.7 104.5 42.0 2.0 103.1 89.3 2.2 2 3 4 275.2 281.1 366.4 661.8 746.9 778.2 757.0 761.6 746.2 755.1 773.8 5 0.0 0.0 108.0 80.3 86.9 0.0 0.0 105.8 82.4 93.0 54.4 0.0 111.8 95.8 104.3 196.4 0.6 177.9 108.4 178.6 149.2 0.9 181.4 106.6 308.8 138.4 0.9 183.6 107.8 347.5 103.7 0.9 180.6 109.3 362.4 70.6 0.8 182.4 109.3 398.5 31.1 0.8 186.3 110.6 417.4 1.5 0.8 188.6 111.7 452.6 0.0 0.8 190.2 112.2 470.7 6 7 8 9 10 0.0 59.4 96.1 136.8 0.0 60.6 105.0 138.7 188.7 64.7 119.4 110.8 67.4 43.6 135.1 145.8 49.9 42.9 150.8 141.4 55.1 44.7 154.8 141.0 61.1 47.0 158.7 142.7 56.7 48.2 162.6 143.1 57.5 47.7 166.5 143.1 47.7 49.0 170.5 140.5 43.4 50.6 174.4 141.9 11 12 13 14 6193.2 6537.4 7888.4 9405.9 11082.3 11344.6 11351.4 11859.3 12261.6 12652.9 12863.5 15 7.4 2.2 28.1 7.7 2.2 27.4 7.5 2.2 26.6 55.4 5.2 26.2 54.4 5.2 25.9 56.0 5.2 25.9 56.5 5.2 25.9 55.2 5.2 25.9 54.2 5.2 25.9 54.7 5.2 25.9 53.6 5.2 25.9 16 17 18 4885.3 5122.3 6361.5 7805.4 9385.6 9645.9 9738.6 10127.6 10453.6 10851.9 11050.1 19 202.4 940.8 3718.6 23.5 0.0 196.4 999.5 3903.3 23.1 0.0 194.0 1861.2 4283.0 23.3 0.0 191.2 1787.9 5802.8 23.5 0.0 187.9 1768.9 7404.7 24.2 0.0 186.8 1694.7 7739.9 24.5 0.0 186.0 1529.4 7998.7 24.5 0.0 185.1 1475.6 8442.0 25.0 0.0 185.2 1519.5 8723.7 25.3 0.0 184.7 1672.6 8970.1 24.4 0.0 184.3 1594.4 9246.9 24.5 0.0 20 21 22 23 24 208.9 44.2 238.2 45.4 260.8 46.4 204.6 47.5 213.3 48.4 228.1 48.5 234.3 48.9 238.1 49.2 234.7 49.7 244.8 49.8 248.9 50.2 25 26 1017.2 918.7 98.6 1094.2 952.0 142.2 1183.5 1015.3 168.2 1261.6 1077.2 184.4 1349.4 1142.9 206.5 1335.1 1128.8 206.3 1242.0 1042.1 199.9 1358.1 1149.3 208.8 1438.3 1213.7 224.6 1420.6 1197.2 223.4 1429.6 1203.5 226.1 27 28 29 (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 74 Z.1, September 20, 2012 L.106 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 14067.7 16037.6 15239.6 15806.6 17405.5 17953.1 18189.1 18416.5 18801.8 19022.2 19100.3 1 2 3 4 SDR allocations Net interbank assets U.S. checkable deposits and currency 7.4 165.1 311.6 7.7 53.7 306.1 7.5 464.5 370.1 55.4 194.0 361.0 54.4 145.9 390.5 56.0 390.0 410.0 56.5 370.2 429.6 55.2 423.7 448.8 54.2 367.3 471.0 54.7 388.6 487.2 53.6 397.1 498.7 2 3 4 5 6 7 U.S. time deposits Money market fund shares Security RPs (net) 167.4 27.0 364.6 207.6 46.0 338.4 273.1 69.7 114.9 230.0 76.9 31.0 246.9 69.8 -96.1 262.6 67.3 -38.2 270.2 64.8 -53.0 285.6 64.6 -104.9 283.6 64.3 -44.9 272.6 64.1 -83.2 289.4 63.8 -117.6 5 6 7 8 Credit market instruments 6199.7 7272.6 7504.6 7723.4 8497.0 8600.0 8666.0 8837.2 9127.4 9222.5 9247.3 8 9 Open market paper 286.3 278.1 232.9 191.5 191.0 199.3 195.1 199.4 190.7 204.2 190.1 9 10 11 12 Treasury securities Official Private 2126.2 1558.3 567.9 2376.4 1736.7 639.8 3253.0 2400.5 852.5 3670.6 2879.6 791.0 4466.6 3364.8 1101.8 4577.9 3421.0 1156.9 4664.7 3525.4 1139.3 4813.7 3553.5 1260.2 5071.1 3653.1 1418.1 5200.0 3738.1 1461.9 5292.3 3823.0 1469.2 10 11 12 13 14 15 Agency- and GSE-backed securities Official Private 1263.6 695.2 568.4 1582.4 954.3 628.0 1406.9 940.5 466.4 1154.9 749.0 405.9 1084.0 661.2 422.8 1072.0 668.5 403.5 1057.1 665.1 392.0 1060.5 650.2 410.2 1079.9 648.2 431.7 1073.8 644.0 429.8 1061.2 631.9 429.2 13 14 15 16 17 18 Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 34.4 2320.5 168.8 45.1 2719.1 271.5 50.5 2354.0 207.3 58.7 2465.3 182.5 71.7 2523.3 160.4 74.2 2509.8 166.7 76.7 2487.4 185.1 79.7 2476.5 207.4 82.7 2500.5 202.5 85.7 2482.9 176.0 88.9 2444.7 170.2 16 17 18 19 20 21 22 U.S. corporate equities Mutual fund shares Trade receivables Security credit 2448.1 316.8 62.8 0.0 2812.2 373.5 83.6 0.0 1806.6 256.2 90.1 0.0 2477.2 363.6 96.7 0.0 2962.1 513.8 116.3 0.0 3161.2 569.6 116.2 0.0 3165.2 599.8 118.3 0.0 2693.0 527.2 132.3 0.0 2973.6 559.9 133.5 0.0 3376.4 619.5 136.9 0.0 3246.9 603.8 139.0 0.0 19 20 21 22 23 24 25 Miscellaneous assets Foreign direct investment in U.S. (2) Other 3997.4 2154.1 1843.3 4536.2 2345.9 2190.2 4282.3 2397.4 1884.9 4197.4 2398.2 1799.2 4505.0 2597.7 1907.3 4358.5 2631.9 1726.5 4501.4 2695.7 1805.7 5053.9 2764.0 2289.9 4811.8 2908.8 1903.0 4482.8 2932.2 1550.6 4678.4 2969.7 1708.7 23 24 25 7322.3 8704.4 8844.2 9079.9 9807.3 9813.5 9814.1 10786.6 10080.6 9702.7 10241.9 26 26 Total liabilities 27 28 U.S. official reserve assets (3) U.S. private deposits 54.9 1085.0 59.5 1340.9 66.6 946.7 119.7 840.6 121.4 866.5 128.3 917.5 132.8 917.9 131.3 919.6 129.6 834.1 129.8 803.0 128.1 793.6 27 28 29 Credit market instruments 1882.6 2126.3 1708.8 2090.3 2225.3 2304.8 2326.8 2290.1 2276.7 2288.3 2268.7 29 482.3 1275.5 413.0 1587.1 342.0 1237.3 401.3 1570.3 398.6 1689.5 428.2 1727.2 417.2 1757.3 352.5 1774.6 345.1 1763.8 362.6 1745.3 357.4 1718.8 30 31 98.3 1.9 21.9 74.4 26.6 102.8 1.9 30.2 70.8 23.4 107.9 2.6 33.0 72.4 21.6 96.8 3.2 27.9 65.8 21.9 115.1 4.3 39.7 71.2 22.1 127.1 4.2 45.7 77.1 22.2 130.5 3.2 49.1 78.2 21.9 140.9 3.1 53.0 84.8 22.0 144.3 2.6 51.0 90.7 23.5 153.6 2.5 51.6 99.5 26.7 164.8 2.2 54.4 108.3 27.7 32 33 34 35 36 60.7 0.0 73.1 0.0 63.2 0.0 69.3 0.0 95.9 0.0 94.1 0.0 79.5 0.0 74.1 0.0 69.1 0.0 70.8 0.0 64.0 0.0 37 38 4239.1 45.3 0.6 2948.2 68.4 1176.7 5104.6 46.9 24.5 3553.1 110.6 1369.5 6059.0 48.3 554.2 3748.5 101.5 1606.4 5959.9 50.0 10.9 4029.5 125.1 1744.5 6498.1 52.3 0.8 4306.8 135.6 2002.5 6369.0 52.9 0.7 4419.1 121.9 1774.4 6357.1 54.3 1.0 4560.7 186.2 1554.9 7371.5 54.7 1.5 4642.9 195.9 2476.5 6771.1 54.9 100.5 4681.6 162.1 1772.1 6410.8 55.2 47.2 4806.0 181.4 1321.0 6987.4 57.0 28.7 4894.4 166.3 1841.1 39 40 41 42 43 44 4329.0 5248.0 2748.4 3995.3 4646.9 4992.6 5126.0 4207.6 4158.2 4596.6 4047.6 45 30 31 Commercial paper Bonds 32 33 34 35 36 Depository institution loans n.e.c. Official Banks Other Other loans and advances 37 38 Trade payables Security debt 39 40 41 42 43 44 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (1,2) Investment by holding companies Other Memo: 45 Market value of foreign equities held by U.S. residents (4) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). 75 Z.1, September 20, 2012 L.107 Financial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 Total financial assets U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 7 8 9 10 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 11 Credit market instruments 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17 18 19 20 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 21 22 Corporate equities Mutual fund shares 23 24 Trade receivables Security credit 25 26 Life insurance reserves Miscellaneous assets 27 Total liabilities 28 Net interbank liabilities 29 30 31 32 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 33 Credit market instruments 34 35 36 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 37 38 39 Depository institution loans n.e.c. Other loans and advances Mortgages 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 57995.0 63739.4 62341.9 64055.5 64653.8 66194.3 66632.3 64603.1 66067.0 68463.8 67846.7 1 31.4 2.2 38.2 84.1 70.1 34.2 2.2 38.7 127.3 124.4 35.7 2.2 38.7 129.3 1475.9 36.2 5.2 42.7 97.1 1126.4 37.0 5.2 43.5 105.9 1019.6 37.2 5.2 43.8 109.4 1459.0 37.9 5.2 44.0 113.9 1650.6 37.4 5.2 44.1 86.7 1647.4 36.8 5.2 44.2 58.5 1622.6 36.4 5.2 44.4 48.6 1605.7 36.1 5.2 44.5 40.6 1563.0 2 3 4 5 6 248.0 353.4 578.0 746.1 284.1 435.1 901.0 988.0 391.5 542.5 1197.5 930.9 363.8 734.5 1018.2 878.1 347.1 657.3 848.0 890.8 352.8 663.2 820.5 944.6 367.8 663.7 804.5 920.0 380.6 595.8 747.4 843.2 381.2 572.4 798.2 823.2 344.9 555.3 752.8 805.2 346.9 549.9 724.2 871.6 7 8 9 10 33485.2 36520.8 38852.4 38023.7 37152.6 37371.9 37594.4 37837.4 38257.2 38588.7 38683.3 11 1276.4 1727.0 4364.6 1457.5 5971.0 1194.5 1835.0 4655.0 1637.6 6556.7 1237.0 2271.4 5516.0 1689.2 6563.9 859.3 2712.8 6175.0 1704.8 6743.4 749.1 3174.1 5796.1 1734.2 6848.4 806.2 3500.2 5806.9 1706.5 6913.0 762.8 3744.8 5823.7 1701.3 6977.9 695.4 3929.5 5913.8 1701.3 7052.4 665.9 4159.3 5988.3 1737.1 7091.3 675.4 4279.8 6058.9 1766.8 7344.2 663.5 4235.0 6091.3 1789.8 7415.2 12 13 14 15 16 1741.0 1697.0 13009.8 2241.0 2060.1 2116.1 14089.2 2376.5 2750.0 2261.3 14175.4 2388.3 2021.7 1711.0 13887.2 2208.6 1954.3 1429.8 13283.1 2183.4 1944.6 1391.1 13190.0 2113.4 1972.1 1389.9 13102.1 2119.8 2023.9 1368.9 13024.9 2127.5 2086.8 1398.2 12969.5 2160.8 2101.9 1382.1 12864.9 2114.6 2148.8 1406.2 12795.1 2138.3 17 18 19 20 12157.7 2350.2 13042.6 2633.8 7819.6 1694.1 10062.9 2237.4 11584.0 2589.8 12215.6 2716.3 12179.1 2732.1 10096.3 2404.7 11000.3 2591.0 12348.1 2834.1 11650.4 2763.1 21 22 195.2 594.3 197.1 660.0 182.2 385.8 144.2 422.6 135.6 520.5 138.0 554.8 139.3 566.1 136.2 576.0 134.8 559.8 136.4 613.3 134.4 632.5 23 24 108.6 6952.1 124.7 7625.4 130.0 8533.5 132.8 8729.6 141.1 8575.7 142.5 8619.6 143.4 8670.2 145.8 9018.8 148.4 9033.2 167.5 9577.3 169.7 9631.3 25 26 55170.3 60650.2 59474.6 60580.2 61000.7 62520.4 62933.9 61088.4 62459.4 64491.6 63872.3 27 190.3 136.3 1922.9 1325.5 1147.7 1847.7 2025.2 2081.0 1984.6 1985.6 1945.9 28 1507.3 6995.8 2312.1 2137.7 1532.9 7606.7 3033.1 2118.5 2101.3 7940.9 3757.3 1238.2 2093.4 8316.3 3258.3 1488.4 2359.8 8432.4 2755.3 1272.3 2193.3 8553.3 2679.4 1312.7 2314.6 8714.0 2637.8 1258.2 2403.7 8724.0 2578.4 1102.1 2594.3 8805.2 2642.5 1140.7 2520.5 8914.8 2535.4 1187.7 2591.8 8973.0 2467.9 1165.1 29 30 31 32 14278.6 16224.1 17122.9 15708.5 14498.3 14434.2 14273.6 14177.7 14070.6 13999.7 13838.2 33 1363.2 6468.9 5440.1 1251.8 7374.6 6280.7 1125.8 8143.4 6000.3 677.6 8083.3 5738.1 575.9 7574.0 5334.5 592.5 7624.3 5245.9 557.5 7553.3 5158.5 527.2 7560.0 5093.1 507.8 7552.1 5021.4 504.2 7508.5 5056.2 472.6 7517.2 4951.8 34 35 36 213.0 641.4 152.1 293.1 867.1 156.7 789.5 900.5 163.5 424.7 617.9 166.9 373.7 473.2 167.1 360.1 442.5 168.9 406.0 424.8 173.5 414.2 408.7 174.5 399.9 413.1 176.2 362.6 389.5 178.8 299.1 412.2 185.4 37 38 39 7068.3 48.3 957.8 7829.0 45.8 1200.9 5435.3 21.2 963.6 6961.6 70.1 888.2 7934.5 18.1 936.6 8471.9 18.5 942.3 8570.5 19.3 1011.0 7532.8 16.4 1128.9 8000.5 14.2 1073.6 8851.1 17.3 1107.8 8627.0 13.5 1165.7 40 41 42 40 41 42 Mutual fund shares Trade payables Security credit 43 44 Life insurance reserves Pension fund reserves 1119.5 12750.6 1156.1 13390.7 1133.4 10409.6 1194.5 11915.0 1229.9 13090.9 1254.3 13511.3 1268.6 13434.8 1271.1 12453.9 1302.3 13152.4 1331.6 13954.6 1320.6 13656.2 43 44 45 46 Taxes payable Miscellaneous liabilities 55.9 5748.1 32.4 6343.6 -101.1 7529.1 -95.0 7455.4 -87.3 7412.2 -79.5 7381.1 -81.3 7487.6 -85.7 7704.1 -77.8 7756.4 -77.4 8162.7 -77.5 8184.8 45 46 5408.0 9.8 4602.2 11.6 2875.4 9.5 3633.2 12.1 4341.1 13.8 4648.7 15.4 4620.1 15.1 3792.2 13.6 4150.0 13.0 4818.7 18.1 4600.4 18.2 47 48 Memo: 47 48 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.108 through L.129. 76 Z.1, September 20, 2012 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 908.2 951.3 2270.6 2267.2 2453.2 2656.8 2891.6 2876.7 2947.2 2886.7 2883.3 1 2 3 4 U.S. official reserve assets SDR certificates Treasury currency 31.4 2.2 38.2 34.2 2.2 38.7 35.7 2.2 38.7 36.2 5.2 42.7 37.0 5.2 43.5 37.2 5.2 43.8 37.9 5.2 44.0 37.4 5.2 44.1 36.8 5.2 44.2 36.4 5.2 44.4 36.1 5.2 44.5 2 3 4 5 Federal Reserve float (2) -0.3 -0.0 -1.5 -2.1 -1.4 -1.4 -0.9 -0.8 -0.6 -0.7 -0.7 5 6 7 8 Interbank loans (2) Discount window (3) AMLF (4) 0.1 0.1 0.0 48.6 48.6 0.0 559.7 544.0 15.7 96.6 96.6 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.2 0.2 0.0 0.0 0.0 0.0 0.1 0.1 0.0 6 7 8 9 Security RPs 40.8 46.5 80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 778.9 740.6 986.0 1987.7 2259.2 2479.2 2700.4 2686.1 2635.6 2613.4 2610.9 10 0.0 778.9 0.0 0.0 740.6 0.0 0.0 475.9 19.7 0.0 776.6 1068.3 0.0 1021.5 1139.6 0.0 1340.4 1069.7 0.0 1619.5 1025.6 0.0 1664.7 979.2 0.0 1663.4 941.7 0.0 1661.1 933.3 0.0 1659.9 946.5 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 142.8 47.5 0.0 0.0 29.2 22.2 16.0 18.5 9.4 98.1 24.7 0.0 0.0 25.8 20.0 13.5 14.1 0.0 69.1 19.2 0.0 0.0 24.1 0.0 12.8 12.9 0.0 55.3 12.8 0.0 0.0 21.6 0.0 8.6 12.3 0.0 42.3 11.3 0.0 0.0 13.0 0.0 7.2 10.9 0.0 30.5 9.0 0.0 0.0 4.9 0.0 6.8 9.8 0.0 19.0 7.1 0.0 0.0 2.9 0.0 0.0 9.0 0.0 4.5 4.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 16 17 18 19 20 21 22 0.0 17.0 0.0 17.0 0.0 40.5 24.0 16.5 0.0 569.8 553.7 16.1 25.1 75.9 10.3 65.6 26.4 83.1 0.1 83.0 0.0 92.8 0.0 92.8 0.0 105.0 0.0 105.0 0.0 104.6 0.5 104.1 0.0 225.8 99.8 126.0 0.0 188.1 46.5 141.6 0.0 187.2 28.0 159.3 23 24 25 26 892.9 932.8 2249.6 2241.6 2426.7 2630.5 2865.1 2850.7 2920.3 2859.5 2856.0 27 18.7 51.7 20.8 55.0 860.0 57.7 977.0 54.9 968.1 52.7 1407.0 53.3 1595.9 55.4 1597.5 50.6 1562.3 60.8 1549.9 56.5 1507.0 56.6 28 29 774.3 792.1 1220.3 1102.7 1287.8 1078.7 1116.4 1090.8 1165.7 1122.7 1178.4 30 5.0 0.3 4.7 0.0 16.4 0.3 16.1 0.0 365.7 0.3 106.1 259.3 191.9 0.2 186.6 5.0 340.9 0.2 140.8 200.0 116.4 0.2 111.2 5.0 135.3 0.1 130.1 5.0 56.4 0.1 56.3 0.0 85.9 0.1 85.7 0.0 43.6 0.2 43.5 0.0 91.5 0.1 91.4 0.0 31 32 33 34 0.1 0.8 768.5 0.1 1.7 773.9 1.4 21.1 832.2 2.4 35.1 873.3 3.4 13.5 930.0 0.1 10.2 952.0 0.4 7.3 973.5 2.6 44.8 987.0 0.2 64.6 1015.0 0.2 36.9 1042.1 1.6 29.9 1055.3 35 36 37 10 Total financial assets 2007 Credit market instruments 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities 14 15 16 17 18 19 20 21 22 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III)(9) Funding corporations (CPFF) (10) 23 24 25 26 27 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Total liabilities 28 29 Depository institution reserves Vault cash of depository institutions 30 Checkable deposits and currency 31 32 33 34 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 35 36 37 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 38 Security RPs 29.6 44.0 88.4 77.7 59.7 62.2 70.3 84.1 99.9 96.7 85.5 38 39 40 41 Miscellaneous liabilities Federal Reserve Bank stock Other 18.5 15.3 3.2 21.0 18.5 2.5 23.1 21.1 2.1 29.2 25.6 3.6 58.4 26.5 31.9 29.3 26.3 3.1 27.0 26.5 0.5 27.7 26.0 1.7 31.7 26.9 4.8 33.7 27.2 6.5 28.5 27.3 1.1 39 40 41 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table L.203. (3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 77 Z.1, September 20, 2012 L.109 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 12362.1 14114.6 13425.0 13543.2 13920.2 14169.9 14565.0 14634.9 14520.5 14696.7 1 51.7 18.7 55.0 20.8 57.7 860.0 54.9 977.0 52.7 968.1 53.3 1407.0 55.4 1595.9 50.6 1597.5 60.8 1562.3 56.5 1549.9 56.6 1507.0 2 3 10112.1 10915.0 11295.5 10728.2 10913.1 10801.9 10798.9 10948.7 11108.1 11109.9 11212.8 4 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1.0 112.3 1373.9 191.4 886.9 0.4 122.7 1258.2 204.0 1119.1 15.7 101.9 1400.3 224.4 1078.2 0.0 196.6 1580.0 227.8 932.6 0.0 299.5 1718.1 257.1 787.0 0.0 305.1 1766.7 262.7 762.1 0.0 270.4 1767.1 269.8 763.5 0.0 273.3 1787.5 286.7 808.5 0.0 252.9 1851.7 300.7 794.6 0.0 280.6 1929.2 310.6 757.7 0.0 295.7 1909.7 330.2 754.4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 1741.0 0.4 4732.3 1072.8 2060.1 0.5 5018.6 1131.5 2259.5 0.0 5014.2 1201.2 1878.9 0.0 4768.9 1143.4 1856.3 0.0 4583.0 1412.0 1875.5 0.0 4468.0 1361.8 1916.8 0.0 4430.6 1380.6 1981.5 0.0 4424.2 1387.0 2056.4 0.0 4436.2 1415.6 2082.9 0.0 4370.3 1378.7 2144.2 0.0 4373.8 1404.8 10 11 12 13 79.8 26.6 88.8 31.6 33.8 21.6 63.6 47.4 73.6 46.5 78.0 48.8 80.9 46.8 58.7 38.4 67.4 43.4 80.4 48.8 75.0 49.3 14 15 Vault cash Reserves at Federal Reserve 4 Credit market instruments 10 11 12 13 2008 11367.8 2 3 5 6 7 8 9 2007 14 15 Corporate equities Mutual fund shares 16 17 Security credit Life insurance reserves 302.2 93.4 334.5 104.3 221.0 110.7 219.6 111.5 242.3 116.0 239.0 117.3 253.3 118.4 324.1 119.3 321.3 120.8 345.5 133.8 388.1 135.0 16 17 18 Miscellaneous assets 683.3 812.2 1514.3 1222.7 1130.9 1174.9 1220.3 1427.7 1350.8 1195.7 1273.0 18 10975.2 11893.5 13621.7 13222.9 13498.0 13945.0 14213.4 14640.2 14708.0 14769.5 14934.3 19 119.9 60.6 1005.2 293.6 127.0 387.4 373.9 432.9 361.5 379.2 382.3 20 732.9 4945.1 2050.8 740.8 5224.5 2382.2 881.0 5749.3 2191.6 990.7 6326.5 1989.8 1072.0 6624.9 1807.5 1114.6 6741.5 1811.8 1198.1 6898.8 1815.3 1312.9 7065.7 1658.4 1428.6 7202.2 1603.0 1397.7 7410.5 1504.3 1413.4 7460.4 1512.6 21 22 23 19 Total liabilities 20 Net interbank liabilities 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 24 Federal funds and security RPs (net) 905.7 807.1 467.5 835.8 674.9 651.2 600.9 616.3 600.1 568.2 567.6 24 25 Credit market instruments 787.6 1023.7 1030.4 743.9 968.6 930.3 910.7 891.8 892.8 863.7 868.4 25 0.5 159.9 627.2 0.5 184.8 838.4 0.0 184.8 845.6 0.0 176.3 567.6 112.9 436.8 418.9 109.2 433.5 387.7 109.0 432.7 369.0 109.9 429.4 352.5 120.6 415.8 356.4 104.3 427.2 332.2 102.1 414.4 351.9 26 27 28 28.0 12.4 -73.6 -66.2 -59.6 -54.9 -50.3 -46.9 -49.1 -52.6 -50.3 29 1405.3 135.4 1142.9 197.3 -70.4 1642.2 94.2 1256.9 241.0 50.1 2370.3 71.7 1370.5 276.6 651.4 2108.8 107.7 1599.5 203.1 198.5 2282.8 114.8 1632.8 171.6 363.7 2363.1 118.7 1671.0 188.9 384.5 2466.1 122.4 1674.2 173.4 496.1 2709.3 131.3 1696.8 140.1 741.0 2668.8 153.1 1711.9 137.8 666.0 2698.6 146.6 1785.1 154.3 612.6 2780.0 149.2 1833.1 128.5 669.2 30 31 32 33 34 0.0 11.2 9.5 6.9 6.2 6.1 6.1 6.2 6.0 6.0 5.9 35 26 27 28 Open market paper Corporate bonds Other loans and advances 29 Taxes payable (net) 30 31 32 33 34 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other Memo: 35 Consumer leases not included above (2) (1) U.S.-chartered depository institutions (L.110), foreign banking offices (L.111), banks in U.S.-affiliated areas (L.112), and credit unions (L.113). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. 78 Z.1, September 20, 2012 L.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 Vault cash Reserves at Federal Reserve 4 Credit market instruments 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 13 14 15 16 17 18 19 Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 20 21 22 23 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 24 25 Corporate equities Mutual fund shares 26 27 28 Security credit Life insurance reserves Miscellaneous assets 29 Total liabilities 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 9784.8 10513.4 11639.0 11257.1 11290.8 11309.2 11452.8 11557.3 11706.4 11656.3 11747.6 1 51.7 18.1 55.0 19.8 57.7 616.4 54.9 670.1 52.7 580.4 53.3 711.4 55.4 868.2 50.6 793.3 60.8 805.2 56.5 813.4 56.6 771.6 2 3 8628.6 9201.0 9442.9 9131.1 9341.5 9211.3 9185.9 9299.0 9468.4 9462.8 9564.5 4 0.0 74.4 1217.3 746.1 0.0 179.9 0.0 291.2 0.0 80.1 1106.3 697.1 0.0 174.1 0.0 235.1 15.7 56.4 1242.5 851.0 0.0 193.9 0.0 197.6 0.0 124.5 1417.4 837.5 3.6 264.0 4.0 308.4 0.0 217.5 1527.2 835.3 3.3 393.4 3.6 291.5 0.0 216.1 1561.8 840.3 3.8 417.8 4.7 295.2 0.0 183.3 1559.6 827.1 4.8 450.1 5.5 272.0 0.0 191.7 1576.6 844.6 7.3 472.2 9.6 243.0 0.0 173.9 1634.1 899.1 8.2 473.8 13.4 239.6 0.0 187.8 1699.2 946.8 14.4 482.0 25.1 230.9 0.0 212.5 1668.3 932.4 16.0 460.5 31.8 227.6 5 6 7 8 9 10 11 12 190.1 563.4 43.7 0.0 224.6 0.0 295.1 202.0 714.6 54.7 0.0 328.9 0.0 330.9 221.9 650.5 29.0 0.0 285.6 0.0 335.9 224.3 667.1 16.2 17.8 202.9 26.0 404.1 254.6 548.9 6.5 11.4 132.3 24.7 374.0 259.9 532.0 12.9 9.1 123.8 20.1 366.1 267.3 525.1 6.8 9.2 116.8 20.0 372.3 283.8 544.6 5.8 9.3 113.7 24.9 390.9 297.3 551.8 3.5 8.9 110.4 27.4 401.8 307.2 532.3 3.1 9.3 97.4 27.3 395.2 327.4 528.9 18.8 9.2 93.8 29.9 377.2 13 14 15 16 17 18 19 1331.1 0.0 4415.7 836.7 1544.6 0.0 4658.6 894.9 1675.8 0.0 4615.2 965.0 1419.6 0.0 4371.9 906.3 1412.9 0.0 4194.9 1185.5 1415.5 0.0 4082.5 1143.6 1445.0 0.0 4045.9 1159.8 1501.0 0.0 4038.2 1163.1 1569.2 0.0 4049.6 1192.6 1596.2 0.0 3984.5 1155.7 1666.5 0.0 3986.4 1174.5 20 21 22 23 79.8 24.5 88.8 29.6 33.8 19.6 63.6 46.1 73.6 45.0 78.0 47.1 80.9 45.0 58.7 36.6 67.4 41.7 80.4 46.7 75.0 47.3 24 25 116.5 93.4 772.0 145.9 104.3 869.1 158.6 110.7 1199.2 158.0 111.5 1021.7 152.3 116.0 929.3 152.1 117.3 938.7 163.2 118.4 935.8 186.9 119.3 1012.8 189.6 120.8 952.6 190.8 133.8 871.8 209.8 135.0 887.9 26 27 28 9446.4 10106.2 11212.0 11110.9 11304.0 11389.4 11554.7 11691.3 11839.0 11965.8 12047.2 29 30 31 32 33 34 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 397.2 -0.3 0.1 -22.9 420.3 527.5 -0.0 48.6 0.6 478.3 1238.0 -1.5 559.7 35.4 644.4 697.2 -2.1 96.6 52.4 550.3 480.9 -1.4 0.2 20.8 461.3 480.7 -1.4 0.1 34.7 447.3 410.3 -0.9 0.1 51.2 359.9 323.4 -0.8 0.1 66.8 257.3 233.7 -0.6 0.2 61.4 172.8 281.3 -0.7 0.0 69.6 212.4 224.3 -0.7 0.1 63.6 161.3 30 31 32 33 34 35 36 37 38 Checkable deposits Federal government Rest of the world Private domestic 637.1 28.0 26.8 582.3 639.6 42.9 31.7 564.9 777.5 3.5 62.9 711.1 871.6 3.8 34.3 833.5 941.1 3.6 30.4 907.0 978.0 3.6 42.0 932.4 1059.7 3.7 45.2 1010.8 1154.6 3.0 50.2 1101.4 1260.5 1.0 54.7 1204.8 1219.8 1.3 53.0 1165.4 1229.6 1.2 54.2 1174.1 35 36 37 38 39 40 41 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 4418.3 1326.0 670.9 4664.0 1378.2 583.4 5144.6 1309.2 335.3 5617.0 979.4 665.6 5888.6 849.1 451.7 5980.1 824.2 426.8 6130.7 819.4 407.0 6293.3 802.1 361.6 6425.7 813.9 342.6 6598.7 743.4 301.3 6638.9 777.6 285.2 39 40 41 42 Credit market instruments 768.3 990.9 989.8 717.4 942.4 906.6 887.9 868.0 868.7 840.8 844.7 42 0.0 159.9 608.3 0.0 184.8 806.1 0.0 184.8 805.0 0.0 176.3 541.1 112.9 436.8 392.8 109.2 433.5 364.0 109.0 432.7 346.1 109.9 429.4 328.7 120.6 415.8 332.3 104.3 427.2 309.3 102.1 414.4 328.2 43 44 45 28.0 12.4 -73.6 -66.2 -59.6 -54.9 -50.3 -46.9 -49.1 -52.6 -50.3 46 1200.6 1142.9 57.7 1310.2 1256.9 53.3 1491.2 1370.5 120.6 1628.9 1599.5 29.4 1809.8 1632.8 177.0 1847.9 1671.0 176.9 1890.0 1674.2 215.8 1935.2 1696.8 238.4 1943.0 1711.9 231.1 2033.2 1785.1 248.1 2097.2 1833.1 264.2 47 48 49 0.0 11.2 9.5 6.9 6.2 6.1 6.1 6.2 6.0 6.0 5.9 50 43 44 45 Open market paper Corporate bonds Other loans and advances 46 Taxes payable (net) 47 48 49 Miscellaneous liabilities Investment by holding companies Other Memo: 50 Consumer leases not included above (1) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. 79 Z.1, September 20, 2012 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1048.0 1624.8 1267.5 1336.7 1668.0 1793.1 2078.8 1999.0 1909.6 1976.7 1 1.0 239.0 284.1 350.8 640.8 677.5 762.5 711.0 679.1 687.8 2 761.6 963.3 1063.8 777.9 747.1 757.6 773.4 804.4 784.9 775.5 760.4 3 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 26.8 55.1 0.0 292.5 0.0 30.4 57.1 0.0 369.5 0.0 35.5 50.6 0.0 401.6 0.0 57.5 31.3 0.0 244.9 0.0 60.9 26.5 0.0 233.9 0.0 66.1 31.4 0.0 220.6 0.0 63.6 30.6 0.0 229.5 0.0 58.1 32.2 0.0 255.7 0.0 60.5 30.6 0.0 234.5 0.0 71.6 29.0 0.0 216.4 0.0 61.0 32.3 0.0 216.6 4 5 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 361.8 0.4 24.9 466.8 0.5 39.0 531.9 0.0 44.2 406.5 0.0 37.8 390.4 0.0 35.4 405.7 0.0 33.8 416.7 0.0 33.0 424.7 0.0 33.7 426.6 0.0 32.8 427.2 0.0 31.2 419.3 0.0 31.2 9 10 11 0.0 185.6 0.0 188.6 0.0 62.3 0.0 61.6 0.1 90.1 0.0 86.9 0.0 90.1 0.0 137.2 0.0 131.7 0.0 154.7 0.0 178.3 12 13 -119.6 -104.9 259.7 143.9 148.7 182.6 252.0 374.8 371.4 300.2 350.3 14 844.6 1067.5 1639.6 1283.7 1354.1 1688.9 1813.6 2100.8 2020.9 1932.5 1999.9 15 -213.0 -255.3 42.2 -404.1 -424.6 20.5 -163.7 -179.9 16.2 -322.5 -356.2 33.7 -274.4 -315.4 41.0 -16.7 -57.4 40.6 42.4 10.4 32.1 203.8 166.3 37.4 222.4 194.5 27.9 202.7 176.2 26.5 261.8 235.8 26.0 16 17 18 3 Credit market instruments 12 13 Corporate equities Security credit 14 Miscellaneous assets 15 2009 0.6 Reserves at Federal Reserve 9 10 11 2008 828.2 2 4 5 6 7 8 2007 Total liabilities 16 17 18 Net interbank liabilities To foreign banks To domestic banks 19 20 21 Checkable deposits Small time and savings deposits Large time deposits 9.3 18.6 634.5 11.8 25.5 907.9 13.5 25.6 784.7 16.1 29.9 958.6 21.9 35.7 909.0 20.7 42.6 937.1 23.2 47.4 945.4 38.2 50.9 804.6 45.6 48.9 736.6 44.3 57.9 706.8 48.7 62.3 679.5 19 20 21 22 23 Federal funds and security RPs (net) Open market paper (2) 239.9 0.5 226.3 0.5 130.0 0.0 170.3 0.0 223.2 0.0 224.4 0.0 212.7 0.0 265.6 0.0 273.4 0.0 287.8 0.0 295.3 0.0 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 154.8 135.4 197.3 -177.9 299.6 94.2 241.0 -35.6 849.4 71.7 276.6 501.1 431.3 107.7 203.1 120.5 438.7 114.8 171.6 152.4 480.7 118.7 188.9 173.1 542.4 122.4 173.4 246.5 737.6 131.3 140.1 466.2 694.0 153.1 137.8 403.1 633.0 146.6 154.3 332.2 652.3 149.2 128.5 374.6 24 25 26 27 (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) Bankers’ acceptances. 80 Z.1, September 20, 2012 L.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 2011 Q1 1 2 Total financial assets Credit market instruments Q2 2012 Q3 Q4 Q1 Q2 105.2 104.9 102.0 94.7 79.9 78.5 77.1 80.4 75.8 75.7 78.5 1 99.3 92.8 90.9 88.1 68.9 67.6 65.2 63.7 64.0 63.9 62.7 2 3 4 5 6 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3.7 29.0 1.3 0.4 1.8 26.3 2.0 0.5 1.2 24.4 2.5 0.5 0.5 20.5 3.5 2.0 1.1 12.8 2.5 0.6 1.1 6.9 2.8 5.9 1.6 6.0 2.5 5.2 0.9 5.4 2.8 4.5 1.0 4.8 3.4 4.2 0.9 5.1 3.4 4.3 1.3 4.8 2.8 4.1 3 4 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Commercial mortgages 25.6 17.2 22.0 21.4 21.5 19.3 19.7 22.9 19.7 19.4 22.6 19.6 16.1 20.1 15.7 16.0 18.8 16.1 16.0 18.2 15.7 16.6 17.9 15.4 17.1 17.8 15.6 17.2 17.5 15.4 17.3 17.3 15.1 7 8 9 5.9 12.1 11.1 6.5 11.0 10.9 11.9 16.7 11.8 11.8 15.8 10 10 11 Miscellaneous assets 102.1 94.4 91.0 90.0 75.2 74.7 73.6 76.5 72.1 71.7 74.7 11 12 13 14 15 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -2.9 14.0 25.2 25.2 -2.6 15.7 26.3 26.3 -3.2 14.6 27.4 27.4 -4.2 16.1 24.5 24.5 -3.3 16.6 19.3 19.3 -4.1 17.1 19.4 19.4 -4.4 18.1 19.2 19.2 -4.9 18.0 19.2 19.2 -4.6 19.4 18.9 18.9 -4.4 19.5 18.7 18.7 -4.6 22.3 19.6 19.6 12 13 14 15 16 Miscellaneous liabilities 40.7 28.8 24.9 29.2 23.3 22.9 21.6 25.0 19.4 19.1 17.9 16 (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. L.113 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Reserves at Federal Reserve 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Depository institution loans n.e.c. Home mortgages Consumer credit Mutual fund shares Miscellaneous assets Total liabilities 649.6 695.8 748.8 805.7 835.8 864.6 846.9 848.5 853.7 879.0 893.9 1 0.0 0.0 4.7 22.8 36.9 54.7 50.2 41.8 46.1 57.4 47.6 2 622.6 657.9 697.8 731.0 755.6 765.4 774.3 781.6 790.8 807.7 825.3 3 1.0 7.4 72.5 30.6 0.4 10.4 68.4 34.6 0.0 8.8 82.9 25.7 0.0 14.2 110.8 18.6 0.0 20.0 151.6 3.7 0.0 21.8 166.6 3.7 0.0 21.9 170.9 3.8 0.0 22.5 173.4 3.6 0.0 17.5 182.2 4.1 0.0 20.4 195.8 4.7 0.0 20.9 204.3 4.8 4 5 6 7 22.5 252.5 236.1 27.3 280.2 236.6 32.1 312.2 236.2 33.4 316.9 237.1 36.9 317.0 226.5 38.3 316.8 218.1 39.2 317.8 220.9 39.2 318.9 223.9 43.5 320.5 223.0 42.2 321.6 223.0 41.1 323.8 230.3 8 9 10 2.1 24.9 2.1 35.9 2.0 44.3 1.3 50.6 1.5 41.9 1.7 42.8 1.8 20.5 1.8 23.4 1.8 15.0 2.0 11.8 2.0 19.0 11 12 582.2 625.4 679.0 738.3 764.7 792.1 771.5 771.7 776.0 799.5 812.5 13 14 Net interbank liabilities -61.4 -60.3 -65.9 -76.9 -76.2 -72.5 -74.5 -89.4 -90.1 -100.3 -99.3 14 15 16 17 18 Shares/deposits Checkable Small time and savings Large time 620.6 72.6 483.0 65.0 652.3 73.7 508.7 69.9 697.4 75.3 551.7 70.4 769.4 86.9 655.1 27.3 803.8 92.4 681.3 30.1 829.3 98.7 699.4 31.2 829.8 97.1 701.4 31.3 836.8 102.1 702.3 32.4 845.3 103.1 708.7 33.5 884.6 114.1 735.2 35.3 888.4 112.8 739.6 35.9 15 16 17 18 19 20 Federal funds and security RPs (net) Other loans and advances -5.1 18.9 -2.5 32.3 2.3 40.6 -0.1 26.5 -0.0 26.1 0.0 23.7 -18.8 22.8 -10.9 23.7 -15.9 24.2 -20.9 22.9 -12.9 23.7 19 20 21 Miscellaneous liabilities 9.2 3.6 4.7 19.4 11.0 11.6 12.2 11.5 12.4 13.2 12.6 21 81 Z.1, September 20, 2012 L.114 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security RPs 5 Credit market instruments 6 7 8 9 10 11 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1335.8 1385.8 1305.5 1377.1 1373.7 1383.3 1379.3 1354.8 1391.6 1408.7 1408.1 1 29.9 13.5 1.9 42.7 20.7 3.6 27.9 32.8 4.4 27.6 29.6 4.5 32.6 25.6 3.8 33.8 27.7 3.5 35.6 26.1 2.3 25.7 23.6 2.0 24.1 24.6 1.8 29.1 21.1 0.0 29.3 21.2 0.0 2 3 4 864.1 869.3 853.4 886.7 890.6 895.2 890.3 890.6 918.1 910.4 910.3 5 Open market paper Treasury securities Agency- and GSE-backed securities 16.4 110.0 122.0 13.3 71.3 125.8 19.1 65.6 114.3 9.8 88.5 116.2 7.9 91.7 115.8 8.5 93.3 116.8 8.0 91.9 116.9 5.3 90.7 118.1 5.5 93.6 122.2 4.7 91.0 121.5 4.7 89.3 121.7 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 335.2 277.0 3.5 371.3 282.9 4.8 381.9 267.5 5.0 369.4 298.3 4.4 348.4 322.6 4.1 342.3 330.2 4.1 333.7 335.4 4.3 328.3 343.7 4.6 331.0 361.0 4.9 329.1 358.9 5.2 329.6 359.5 5.4 9 10 11 12 13 Corporate equities Mutual fund shares 227.0 6.9 236.2 6.8 193.3 4.4 219.8 5.3 219.2 5.7 222.7 5.8 220.2 5.8 203.4 5.2 224.4 5.5 248.9 5.7 244.4 5.5 12 13 14 15 Trade receivables Miscellaneous assets 87.0 105.5 85.4 121.1 86.7 102.6 83.0 120.6 83.8 112.3 84.4 110.1 88.2 110.7 88.7 115.7 87.2 105.9 91.1 102.3 92.0 105.4 14 15 826.3 818.6 792.3 804.3 823.1 825.3 831.8 831.8 855.2 881.9 882.5 16 1.2 9.4 815.7 0.5 7.0 811.1 2.4 -21.1 811.0 0.6 -15.8 819.5 1.5 -10.1 831.8 0.6 -7.9 832.6 0.6 -13.1 844.3 0.5 -19.4 850.7 0.4 -14.5 869.4 0.5 -8.0 889.5 0.5 -13.2 895.2 17 18 19 4685.3 4949.7 4515.5 4823.9 5176.3 5276.4 5320.1 5232.5 5340.0 5502.2 5437.9 1 56.1 23.3 2.6 58.3 21.6 2.7 82.8 39.2 8.0 50.7 33.7 10.2 51.7 21.0 10.9 47.0 19.7 9.7 48.2 17.9 8.8 57.8 17.0 10.8 53.7 28.8 10.1 52.9 26.4 9.2 56.1 31.0 9.3 2 3 4 2786.4 2871.2 2882.8 3022.6 3174.2 3211.1 3237.3 3284.3 3297.9 3322.4 3288.0 5 28.7 87.9 377.4 41.7 70.6 382.9 38.3 105.7 366.2 49.8 133.5 371.9 40.9 156.6 376.0 40.1 158.2 376.8 38.7 158.7 375.9 43.3 162.6 376.1 29.7 167.1 374.7 29.0 169.5 364.8 31.8 169.7 353.0 6 7 8 36.6 1819.5 132.6 303.8 41.4 1862.6 145.8 326.2 47.1 1817.0 166.1 342.4 73.1 1927.2 140.9 326.1 112.3 2030.2 140.7 317.5 115.0 2063.1 139.7 318.2 117.1 2081.8 142.4 322.8 119.6 2107.4 146.5 328.6 121.6 2123.6 148.6 332.5 122.6 2153.3 146.6 336.7 120.7 2124.8 147.4 340.5 9 10 11 12 1364.8 148.8 1464.6 188.4 1001.7 121.0 1208.5 140.8 1402.6 155.7 1490.0 158.7 1496.1 158.5 1322.2 142.9 1390.2 150.1 1501.0 159.1 1446.7 153.2 13 14 303.3 342.9 380.1 357.6 360.3 340.1 353.3 397.6 409.3 431.2 453.6 15 4412.0 4661.7 4266.5 4532.5 4850.8 4957.6 4985.0 4897.3 5001.3 5156.5 5085.2 16 16 17 18 19 Total liabilities Security RPs Taxes payable (net) Miscellaneous liabilities L.115 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security RPs 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities 17 18 Security RPs Other loans and advances 21.2 14.2 20.2 28.7 12.9 54.9 12.4 48.3 10.3 45.1 9.5 45.5 10.0 46.2 9.7 46.4 10.4 46.8 10.8 48.5 11.7 52.4 17 18 19 20 Life insurance reserves Pension fund reserves (1) 1119.5 2332.4 1156.1 2450.8 1133.4 2184.6 1194.5 2323.0 1229.9 2504.7 1254.3 2589.1 1268.6 2611.0 1271.1 2519.6 1302.3 2556.6 1331.6 2633.6 1320.6 2579.1 19 20 21 22 Taxes payable (net) Miscellaneous liabilities -1.3 925.9 -4.7 1010.6 -24.4 905.0 -31.4 985.6 -28.8 1089.7 -27.9 1087.0 -29.1 1078.3 -30.3 1080.9 -23.6 1108.8 -27.3 1159.3 -23.9 1145.2 21 22 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 22). 82 Z.1, September 20, 2012 L.116 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 6082.8 6410.6 4552.7 5471.0 6100.1 6331.2 6329.7 5698.2 6081.6 6560.9 6391.1 1 2 3 Checkable deposits and currency Time and savings deposits 11.2 63.1 11.8 67.7 12.3 67.9 16.4 72.7 20.9 72.8 19.9 72.8 20.8 73.3 21.2 73.0 22.0 73.3 21.2 73.3 21.7 73.0 2 3 4 5 Money market fund shares Security RPs 90.1 22.4 93.5 25.8 95.7 33.1 96.4 36.2 96.3 36.1 96.2 36.4 96.2 31.9 96.1 32.3 96.1 31.9 96.1 35.1 96.1 34.9 4 5 6 Credit market instruments 758.3 860.8 951.4 1063.0 1122.4 1130.9 1138.2 1161.3 1171.4 1172.0 1165.2 6 Open market paper Treasury securities Agency- and GSE-backed securities 31.7 130.8 268.6 26.9 169.5 296.8 37.2 184.9 318.1 26.7 310.7 269.1 18.2 391.0 257.6 19.3 399.0 258.8 18.7 405.6 259.9 18.1 424.5 263.1 16.7 436.2 262.6 17.5 448.1 252.4 17.7 453.6 241.8 7 8 9 Corporate and foreign bonds Mortgages 317.6 9.5 357.4 10.2 400.1 11.1 442.9 13.6 440.1 15.5 438.8 15.0 439.2 14.8 441.4 14.2 440.9 15.0 439.2 14.8 437.4 14.7 10 11 2724.8 1880.4 2673.3 2110.6 1599.7 1366.0 1835.7 1817.3 2081.1 2121.1 2185.3 2230.7 2164.7 2250.6 1815.5 1995.1 2005.1 2144.6 2245.6 2344.7 2148.1 2291.3 12 13 7 8 9 10 11 Total financial assets 2007 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 532.5 387.9 42.8 101.8 567.1 431.3 47.2 88.6 426.5 317.6 47.9 61.0 533.3 412.8 50.5 70.0 549.4 457.5 49.2 42.8 559.0 471.6 49.0 38.4 554.0 471.0 49.0 34.1 503.8 420.9 49.1 33.8 537.3 451.3 49.4 36.6 573.0 487.3 49.7 35.9 561.0 472.1 50.0 38.9 14 15 16 17 18 Pension fund reserves (liabilities) (3) 6120.5 6444.8 4588.0 5507.4 6136.6 6367.7 6366.3 5734.7 6118.2 6597.5 6427.6 18 2529.5 3553.3 2596.0 3814.5 1853.5 2699.2 2104.7 3366.3 2264.3 3835.7 2322.7 4008.5 2309.7 4020.0 2102.9 3595.3 2206.4 3875.2 2341.3 4219.7 2281.4 4109.7 19 20 Memo: 19 20 Total financial assets (4) Defined benefit plans Defined contibution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (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 nonfinancial and financial assets. These liabilities are assets of the household sector. (4) Additional detail on defined benefit plans and defined contribution plans is available on L.116.b and L.116.c. 83 Z.1, September 20, 2012 L.117 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 3089.8 3198.8 2324.5 2673.7 2931.5 3034.2 3013.2 2661.1 2849.1 3081.5 2993.0 1 2 3 Checkable deposits and currency Time and savings deposits 13.1 0.8 17.9 0.7 17.8 0.7 17.7 0.7 17.3 0.7 18.1 0.7 17.9 0.7 18.6 0.8 18.4 0.7 18.6 0.8 18.7 0.8 2 3 4 5 Money market fund shares Security RPs 13.8 24.1 12.4 21.7 14.3 23.5 14.3 23.5 13.9 22.8 14.7 24.0 14.5 23.7 15.0 24.6 14.8 24.3 15.0 24.6 15.1 24.8 4 5 6 Credit market instruments 808.0 820.3 833.5 824.7 816.5 825.0 820.5 835.6 834.8 843.0 847.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 42.8 156.2 307.8 38.4 141.6 331.1 25.9 146.4 337.5 24.0 174.5 306.9 22.4 185.6 285.2 23.5 187.9 288.7 23.2 186.9 287.2 24.1 189.0 290.4 23.8 188.9 290.3 24.1 189.3 290.9 24.3 189.6 291.4 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 3.3 283.4 14.4 2.4 297.0 9.7 1.4 312.9 9.4 1.5 308.6 9.3 1.6 312.4 9.4 1.6 314.1 9.2 1.6 312.4 9.2 1.5 321.2 9.3 1.5 320.9 9.3 6.4 323.0 9.3 8.4 324.5 9.3 10 11 12 1926.1 287.5 2013.7 296.4 1237.9 181.1 1549.8 226.7 1782.5 260.8 1861.9 272.4 1848.2 270.4 1525.4 223.2 1690.6 247.3 1885.3 275.8 1803.7 263.9 13 14 16.3 15.7 15.7 16.2 17.0 17.3 17.3 18.0 18.1 18.4 18.6 15 3156.6 3297.9 2414.7 2759.8 3024.0 3131.3 3116.3 2771.4 2967.9 3210.0 3132.4 16 7 8 9 10 11 12 Total financial assets 2007 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Pension fund reserves (liabilities) (1) (1) Equal to the value of nonfinancial and financial assets. These liabilities are assets of the household sector. L.118 Federal Government Retirement Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets (2) Pension fund reserves (liabilities) (3) 1141.1 1197.1 1222.3 1324.9 1425.5 1423.1 1341.2 1428.2 1509.7 1513.4 1517.1 1 86.8 99.4 123.3 130.8 141.6 145.3 149.6 157.9 161.6 163.0 167.2 2 76.4 5.6 4.8 87.7 5.4 6.3 112.4 5.2 5.8 119.8 5.2 5.8 129.8 5.8 5.9 133.5 5.7 6.2 136.9 6.0 6.7 144.5 6.2 7.2 147.7 6.5 7.4 148.4 7.0 7.6 151.6 7.6 8.0 3 4 5 135.6 918.7 145.8 952.0 83.7 1015.3 116.9 1077.2 141.0 1142.9 149.0 1128.8 149.5 1042.1 121.0 1149.3 134.4 1213.7 153.2 1197.2 146.4 1203.5 6 7 1141.1 1197.1 1222.3 1324.9 1425.5 1423.1 1341.2 1428.2 1509.7 1513.4 1517.1 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 84 Z.1, September 20, 2012 L.119 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2312.1 3033.1 3757.3 3258.3 2755.3 2679.4 2637.8 2578.4 2642.5 2535.4 2467.9 1 84.1 6.7 206.7 394.6 127.3 1.9 270.6 605.9 129.3 7.5 355.2 542.4 97.1 17.9 573.2 479.9 105.9 14.2 468.0 479.4 109.4 13.3 467.3 437.5 113.9 20.1 460.1 454.5 86.7 18.8 397.8 479.7 58.5 19.1 380.1 484.0 48.6 3.2 360.3 491.4 40.6 6.0 355.2 508.4 2 3 4 5 1560.8 1936.4 2675.0 2031.0 1621.0 1582.4 1521.0 1527.2 1628.2 1569.7 1493.9 6 608.3 82.7 131.4 370.3 368.3 674.6 178.1 235.9 471.0 376.8 618.5 577.7 756.2 494.6 228.0 510.5 406.4 543.0 401.3 169.9 394.2 335.4 402.8 334.4 154.2 395.5 337.5 373.4 321.0 154.9 359.4 341.3 359.8 306.1 154.4 349.5 373.5 384.1 292.0 128.1 355.1 443.3 403.7 296.5 129.6 355.5 473.8 327.3 286.8 126.3 326.5 444.6 334.6 271.8 116.5 7 8 9 10 11 59.2 90.9 47.9 59.1 66.9 69.5 68.1 68.3 72.7 62.3 63.8 12 2312.1 3033.1 3757.3 3258.3 2755.3 2679.4 2637.8 2578.4 2642.5 2535.4 2467.9 13 8570.5 7532.8 8000.5 8851.1 8627.0 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). L.120 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 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 7068.3 7829.0 5435.3 6961.6 7934.5 8471.9 132.8 132.2 124.7 153.3 137.5 218.5 221.8 126.7 108.7 137.2 155.0 2 1932.0 2203.1 2276.4 2657.2 3031.4 3160.9 3267.8 3317.9 3458.9 3666.3 3821.8 3 114.5 160.7 499.1 344.4 767.0 46.3 114.1 179.2 565.4 372.2 889.9 82.4 51.6 187.9 592.7 389.6 959.9 94.8 80.2 255.5 639.1 480.2 1126.8 75.4 66.3 297.4 791.1 526.6 1275.4 74.6 144.0 298.2 793.4 515.1 1323.5 86.7 147.2 306.4 819.1 520.1 1375.3 99.7 55.7 341.1 878.3 526.9 1420.7 95.3 40.0 379.7 937.4 542.6 1465.8 93.5 66.6 403.0 989.6 564.0 1549.0 94.2 82.8 415.2 1027.9 584.8 1617.8 93.3 4 5 6 7 8 9 4989.6 14.0 5476.9 16.8 3014.1 20.0 4136.2 14.9 4762.7 2.9 5087.0 5.5 5067.4 13.4 4073.8 14.4 4427.2 5.7 5029.3 18.2 4632.0 18.3 10 11 7068.3 7829.0 5435.3 6961.6 7934.5 8471.9 8570.5 7532.8 8000.5 8851.1 8627.0 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). L.121 Closed-End and Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Closed-end funds 1 2 3 4 5 6 7 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 293.3 315.8 202.4 228.9 243.1 248.5 249.9 238.9 241.0 245.1 245.0 1 171.8 7.4 89.4 75.1 121.5 170.9 5.6 91.3 74.0 144.9 130.3 3.2 77.9 49.2 72.2 140.9 4.4 81.1 55.4 87.9 145.9 5.1 81.3 59.5 97.2 147.6 5.3 80.4 61.9 100.9 148.5 5.2 81.8 61.5 101.4 143.3 4.9 79.8 58.6 95.5 144.7 4.8 82.2 57.6 96.3 147.4 5.1 82.7 59.6 97.7 148.8 5.0 83.3 60.5 96.2 2 3 4 5 6 293.3 315.8 202.4 228.9 243.1 248.5 249.9 238.9 241.0 245.1 245.0 7 422.8 607.8 531.1 773.1 986.8 1049.2 1070.6 947.1 1042.6 1185.4 1157.9 8 20.7 13.1 0.0 7.6 402.0 34.1 19.7 0.6 13.8 573.7 57.1 27.1 2.3 27.7 474.0 103.0 41.8 5.9 55.4 670.0 132.7 51.0 7.6 74.1 854.1 140.1 52.8 7.5 79.9 909.1 151.1 56.7 7.7 86.6 919.5 164.1 61.1 7.8 95.1 783.0 178.8 62.4 8.6 107.7 863.8 195.1 62.0 9.7 123.4 990.4 213.5 67.3 10.5 135.7 944.5 9 10 11 12 13 422.8 607.8 531.1 773.1 986.8 1049.2 1070.6 947.1 1042.6 1185.4 1157.9 14 Exchange-traded funds 8 9 10 11 12 13 14 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 85 Z.1, September 20, 2012 L.122 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 5 Credit market instruments 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2872.9 3174.3 3407.9 3047.3 6721.1 6687.1 6562.0 6520.1 6479.8 6406.5 6351.4 1 16.4 33.9 117.4 13.7 46.6 142.7 88.3 68.5 114.5 99.4 25.7 122.1 63.4 26.1 150.0 70.4 23.7 156.3 62.3 23.1 115.1 63.7 11.7 114.3 72.7 13.4 111.9 42.5 11.1 107.2 52.9 9.8 138.7 2 3 4 2590.5 2829.5 3037.5 2699.7 6333.1 6327.9 6252.4 6176.5 6133.4 6095.8 6014.0 5 Open market paper Treasury securities Agency- and GSE-backed securities 32.4 14.2 714.0 27.7 15.5 702.9 6.8 16.8 910.0 9.7 21.9 924.5 9.9 55.2 377.0 9.5 58.5 373.9 9.3 63.3 368.2 9.2 68.5 368.1 6.5 75.4 358.9 5.2 78.8 347.7 5.7 57.9 342.4 6 7 8 9 10 Municipal securities Corporate and foreign bonds 36.1 481.7 33.3 464.4 31.3 386.6 29.1 310.8 24.9 293.9 23.8 284.7 22.9 270.0 22.0 264.3 21.0 260.5 20.2 253.9 19.4 227.1 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 704.9 0.0 63.5 641.4 942.6 0.0 75.5 867.1 980.7 0.0 80.3 900.5 695.9 0.0 80.0 615.9 551.3 0.0 87.3 464.0 522.8 0.0 89.6 433.2 500.2 0.0 85.1 415.1 479.8 0.0 81.0 398.9 487.0 0.0 83.8 403.3 467.3 0.0 86.6 380.7 491.3 0.0 87.0 404.3 11 12 13 14 15 Mortgages 607.2 643.1 705.3 707.7 5021.0 5054.6 5018.4 4964.6 4924.0 4922.8 4870.2 15 6 7 8 16 17 18 Home Consolidated trusts (2) Other 457.6 0.0 457.6 447.9 0.0 447.9 456.6 0.0 456.6 445.3 0.0 445.3 4699.3 4141.0 558.3 4732.3 4170.5 561.9 4696.7 4146.4 550.3 4640.2 4085.3 555.0 4595.9 4032.1 563.8 4591.6 4033.8 557.9 4539.0 3998.2 540.8 16 17 18 19 20 21 Multifamily residential Consolidated trusts (2) Other 105.4 0.0 105.4 147.7 0.0 147.7 190.2 0.0 190.2 204.4 0.0 204.4 256.5 75.4 181.1 256.1 81.4 174.7 254.6 87.3 167.3 256.4 92.6 163.7 259.2 99.9 159.4 261.3 106.2 155.1 260.4 111.3 149.1 19 20 21 22 44.2 47.6 58.5 58.0 65.2 66.2 67.1 68.0 68.9 69.8 70.8 22 23 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 Miscellaneous assets 114.7 141.7 99.1 100.3 148.6 108.8 109.2 154.0 148.5 150.1 135.9 24 2781.2 3081.3 3390.2 2977.0 6589.1 6577.8 6455.0 6413.5 6377.9 6310.6 6268.7 25 25 Farm Total liabilities 26 Credit market instruments 2627.8 2910.2 3181.9 2706.6 6434.5 6437.3 6317.3 6282.7 6247.3 6178.6 6139.8 26 27 28 29 30 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 2627.8 0.0 2627.8 0.0 2910.2 0.0 2910.2 0.0 3181.9 0.0 3181.9 0.0 2706.6 0.0 2706.6 0.0 6434.5 4216.4 2218.1 0.0 6437.3 4251.8 2185.5 0.0 6317.3 4233.7 2083.6 0.0 6282.7 4177.9 2104.8 0.0 6247.3 4132.0 2115.4 0.0 6178.6 4140.0 2038.6 0.0 6139.8 4109.6 2030.3 0.0 27 28 29 30 153.4 171.1 208.2 270.4 154.6 140.5 137.7 130.7 130.6 132.0 128.8 31 31 Miscellaneous liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.123) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. L.123 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 3841.1 4464.4 4961.4 5376.7 1139.5 1187.0 1236.0 1277.3 1304.8 1329.9 1377.3 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 3749.1 88.8 0.0 3.2 4371.8 88.1 0.0 4.5 4864.0 92.8 0.0 4.7 5266.5 105.7 0.0 4.5 1068.8 66.9 0.0 3.8 1112.5 71.3 0.0 3.2 1155.7 77.1 0.0 3.2 1194.5 81.1 0.0 1.7 1216.8 86.4 0.0 1.7 1237.2 91.1 0.0 1.6 1276.2 99.1 0.0 2.0 2 3 4 5 6 Total pool securities (liabilities)(2) 3841.1 4464.4 4961.4 5376.7 1139.5 1187.0 1236.0 1277.3 1304.8 1329.9 1377.3 6 (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.122). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. 86 Z.1, September 20, 2012 L.124 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 14 15 16 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Memo: Securitized assets not included above Consumer leases (4) REIT assets (5) Securitized liabilities not included above Commercial paper (6) 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 4176.3 4531.3 4120.6 3305.8 2243.3 2162.4 2110.1 2044.3 1996.2 1922.1 1856.0 1 61.1 350.1 253.4 85.8 361.7 341.9 72.2 337.8 379.8 53.9 110.5 252.2 40.1 12.9 167.8 35.9 16.9 144.3 36.3 15.0 161.7 31.4 13.5 156.3 29.2 12.9 162.4 25.9 1.5 166.9 24.8 1.4 168.9 2 3 4 2767.2 2153.0 102.5 511.7 2957.3 2199.7 124.0 633.6 2602.4 1884.5 113.2 604.7 2234.7 1564.0 107.4 563.3 1907.6 1290.6 98.7 518.3 1854.2 1236.0 98.0 520.2 1792.7 1187.0 95.4 510.3 1741.8 1142.7 93.5 505.6 1689.2 1097.9 91.1 500.2 1628.5 1053.2 88.1 487.2 1562.6 1007.2 83.3 472.1 5 6 7 8 636.3 108.3 673.0 111.7 632.9 95.5 593.3 61.3 63.0 51.8 57.5 53.6 53.3 51.1 53.8 47.5 55.0 47.6 54.0 45.3 55.9 42.4 9 10 4179.9 4534.4 4123.3 3308.2 2243.3 2162.4 2110.1 2044.3 1996.2 1922.1 1856.0 11 837.4 3342.6 643.1 3891.3 559.3 3564.1 293.1 3015.1 120.2 2123.1 128.3 2034.1 116.2 1993.9 108.5 1935.7 96.0 1900.2 97.7 1824.4 85.2 1770.9 12 13 3.6 110.0 3.1 92.1 2.7 45.4 2.3 20.1 0.0 20.5 0.0 21.2 0.0 20.9 0.0 19.5 0.0 17.4 0.0 17.7 0.0 12.6 14 15 0.0 0.0 0.0 0.0 112.9 109.2 109.0 109.9 120.6 104.3 102.1 16 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Liabilities net of assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (5) Included in table L.126. (6) Included in table L.110 line 43. L.125 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Time and savings deposits 4 Credit market instruments 5 6 7 8 9 10 11 Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments 1891.3 1911.2 1851.7 1662.5 1632.5 1615.3 1594.5 1619.9 1613.4 1597.3 1556.4 1 15.8 47.4 16.2 48.6 16.5 49.4 17.0 51.0 26.6 79.8 29.1 87.2 30.8 92.4 32.8 98.3 30.9 92.6 30.3 90.8 27.9 83.7 2 3 1809.2 1816.3 1734.4 1516.7 1443.9 1422.0 1395.0 1389.0 1396.9 1384.0 1372.8 4 184.8 498.0 594.4 531.9 189.4 523.0 531.9 572.1 192.4 539.9 447.9 554.3 198.6 448.9 397.4 471.9 84.3 407.7 243.6 708.4 84.6 406.3 236.9 694.2 86.4 394.7 228.0 685.9 88.8 395.4 218.0 686.8 85.1 410.0 211.5 690.2 85.2 410.2 206.7 681.9 87.2 410.4 197.6 677.7 5 6 7 8 18.9 30.1 51.5 77.8 82.2 77.0 76.3 99.8 93.1 92.2 72.1 9 1876.8 1949.6 1880.5 1630.3 1593.3 1571.7 1547.2 1575.9 1566.8 1549.3 1506.7 10 1144.2 1279.6 1200.3 1044.1 1268.8 1268.2 1253.1 1276.6 1274.8 1263.6 1247.7 11 12 13 14 15 Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 165.3 849.7 129.2 0.0 123.5 974.1 182.0 0.0 100.9 924.5 174.9 0.0 62.1 837.5 144.5 0.0 98.8 1078.4 91.5 0.0 114.4 1060.0 93.8 0.0 108.7 1054.9 89.4 0.0 111.8 1066.5 98.3 0.0 121.0 1051.7 102.1 0.0 122.8 1043.2 97.5 0.0 122.5 1021.6 103.5 0.0 12 13 14 15 16 17 18 19 20 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 17.0 715.7 51.1 338.5 326.0 15.5 654.4 68.6 321.4 264.4 15.4 664.8 78.1 313.0 273.7 12.7 573.6 90.0 280.5 203.1 7.7 316.8 103.1 180.8 33.0 7.0 296.4 105.4 177.4 13.7 6.8 287.3 108.2 175.9 3.1 7.2 292.1 108.2 173.7 10.2 7.3 284.7 116.4 169.4 -1.1 7.6 278.1 117.5 162.5 -1.9 7.1 252.0 117.6 157.2 -22.8 16 17 18 19 20 106.0 122.9 111.1 85.4 111.8 112.8 113.5 115.1 119.7 124.2 129.9 21 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table L.124. 87 Z.1, September 20, 2012 L.126 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 Miscellaneous assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 344.5 318.5 250.6 241.2 283.0 346.6 374.8 399.4 401.3 468.0 491.4 1 18.4 16.6 18.4 26.3 23.5 29.0 23.7 26.9 25.6 29.8 29.1 2 266.4 246.5 177.6 168.9 206.0 258.0 288.4 308.5 308.9 365.9 388.6 3 65.4 64.6 88.9 34.4 89.6 11.7 105.1 15.5 143.3 20.8 190.7 24.6 216.9 26.2 239.1 27.1 244.7 22.1 299.4 25.6 317.3 27.6 4 5 136.3 104.2 5.0 27.1 123.1 80.7 5.2 37.3 76.3 34.3 4.3 37.7 48.3 12.6 2.3 33.4 41.9 8.9 1.9 31.2 42.7 9.0 1.8 31.9 45.3 9.0 1.8 34.5 42.3 8.1 1.8 32.4 42.1 8.1 1.7 32.3 40.9 8.6 1.7 30.6 43.7 11.7 1.7 30.3 6 7 8 9 59.7 55.4 54.6 46.1 53.5 59.6 62.8 64.1 66.8 72.4 73.7 10 11 Total liabilities 571.8 580.5 511.6 458.8 501.7 557.4 589.8 620.2 633.2 698.7 722.6 11 12 Security RPs 97.9 91.7 79.4 90.4 120.5 160.9 187.1 210.9 215.4 258.7 279.0 12 13 Credit market instruments 411.0 421.2 367.4 317.4 315.2 326.4 330.6 334.1 343.4 350.1 364.1 13 14 15 Open market paper Corporate bonds 0.0 230.6 0.0 231.3 0.0 171.0 0.0 129.8 0.0 129.7 0.0 141.3 0.0 141.5 0.0 139.2 0.0 145.1 0.0 152.6 0.0 158.8 14 15 16 17 Depository institution loans n.e.c. Mortgages 28.4 152.1 33.2 156.7 32.8 163.5 20.7 166.9 18.5 167.1 16.2 168.9 15.6 173.5 20.4 174.5 22.1 176.2 18.6 178.8 20.0 185.4 16 17 63.0 67.6 64.9 51.1 66.0 70.1 72.1 75.3 74.4 90.0 79.5 18 110.0 0.0 92.7 0.4 17.0 92.1 0.0 72.4 0.4 19.3 45.4 0.0 31.8 0.4 13.2 20.1 0.0 6.1 0.4 13.7 20.5 0.0 7.2 0.4 13.0 21.2 0.0 7.3 0.4 13.5 20.9 0.0 7.4 0.3 13.1 19.5 0.0 6.4 0.3 12.8 17.4 0.0 6.5 0.3 10.7 17.7 0.0 7.1 0.3 10.3 12.6 0.0 7.2 0.3 5.1 19 20 21 22 23 18 19 20 21 22 23 Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 88 Z.1, September 20, 2012 L.127 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2741.7 3092.0 2217.2 2084.2 2075.1 2101.8 2128.3 1980.6 1953.5 2063.8 2052.9 1 80.5 105.0 120.1 90.7 96.9 92.1 108.4 115.3 114.8 117.4 105.2 2 583.4 803.1 717.4 525.3 557.5 556.8 549.6 511.2 567.2 610.7 600.5 3 4 5 6 Open market paper Treasury securities Agency- and GSE-backed securities 64.3 -67.0 138.0 87.1 -60.0 290.2 65.7 190.6 242.6 41.5 123.0 110.9 36.2 94.5 149.8 39.6 78.5 153.2 42.2 56.6 174.7 40.4 79.3 166.8 42.1 187.8 147.7 43.7 203.8 148.7 34.7 201.2 169.8 4 5 6 7 8 9 Municipal securities Corporate and foreign bonds Other loans and advances 50.9 355.5 41.7 50.1 382.8 52.8 38.7 123.8 55.9 35.4 154.4 60.1 40.0 189.5 47.4 37.0 202.5 45.9 40.6 187.5 48.0 36.6 133.8 54.4 31.5 103.7 54.3 34.7 149.3 30.6 31.2 135.5 28.1 7 8 9 186.4 292.1 224.8 325.5 109.2 164.8 124.2 203.0 117.2 278.2 131.7 315.7 131.3 312.8 97.8 251.9 100.9 238.5 116.3 267.7 113.5 244.5 10 11 1599.4 1633.7 1105.7 1141.0 1025.3 1005.5 1026.2 1004.5 932.0 951.8 989.3 12 2669.1 3019.4 2158.1 1977.7 1975.8 1999.8 2029.3 1891.6 1873.8 1978.0 1968.1 13 1071.8 1147.3 586.9 470.9 404.7 427.1 387.9 179.5 213.3 251.7 219.9 14 68.8 64.8 142.6 92.9 129.7 128.2 110.1 99.2 91.8 98.0 102.1 15 68.8 0.0 64.8 0.0 97.1 45.5 92.9 0.0 129.7 0.0 128.2 0.0 110.1 0.0 99.2 0.0 91.8 0.0 98.0 0.0 102.1 0.0 16 17 48.3 45.8 21.2 70.1 18.1 18.5 19.3 16.4 14.2 17.3 13.5 18 957.8 655.7 116.5 185.6 1200.9 866.4 145.9 188.6 963.6 742.7 158.6 62.3 888.2 668.6 158.0 61.6 936.6 694.3 152.3 90.1 942.3 703.3 152.1 86.9 1011.0 757.7 163.2 90.1 1128.9 804.9 186.9 137.2 1073.6 752.3 189.6 131.7 1107.8 762.3 190.8 154.7 1165.7 777.7 209.8 178.3 19 20 21 22 2.8 2.2 2.5 5.7 3.6 4.2 4.3 3.7 2.1 3.0 2.8 23 519.5 61.0 551.0 -92.5 558.4 62.6 567.5 -71.7 441.4 72.1 672.1 -302.8 450.0 64.4 1119.3 -733.7 483.1 88.5 1122.6 -728.1 479.4 90.4 1151.5 -762.5 496.6 94.6 1133.7 -731.8 463.9 99.0 1135.0 -770.1 478.8 98.1 1161.3 -780.6 500.2 100.3 1349.4 -949.5 464.0 101.5 1312.0 -949.5 24 25 26 27 10 11 Corporate equities Security credit 12 Miscellaneous assets 13 Total liabilities 14 Security RPs (net) 15 Credit market instruments 16 17 Corporate bonds Depository institution loans n.e.c. (1) 18 Trade payables 19 20 21 22 Security credit Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 23 Taxes payable 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 89 Z.1, September 20, 2012 L.128 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 Time and savings deposits Federal funds and security RPs 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Life insurance reserves Miscellaneous assets Net transactions with depository subsidiaries Net transactions with property-casualty insurance company subsidiaries Net transactions with life insurance company subsidiaries Net transactions with finance company subsidiaries Net transactions with broker and dealer subsidiaries Net transactions with foreign subsidiaries Other Total liabilities 19 Federal funds and security RPs 20 Credit market instruments 21 22 23 24 Commercial paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1937.9 2141.3 2430.3 3317.2 3312.7 3376.4 3416.3 3419.3 3357.3 4094.8 4041.8 1 1.6 9.5 0.8 6.9 0.7 0.3 11.2 48.2 10.0 50.3 11.5 58.7 14.0 61.7 14.3 52.7 12.4 50.5 19.1 0.3 27.5 0.3 2 3 36.0 59.1 73.0 75.8 97.9 105.7 105.3 110.5 101.1 223.0 183.5 4 2.5 11.2 16.7 5.6 7.1 9.9 35.9 6.3 3.1 25.8 35.8 8.2 5.8 24.3 31.1 14.6 19.6 21.1 38.3 18.9 16.1 22.2 40.5 26.9 9.0 31.5 40.6 24.2 20.4 43.2 22.0 24.8 26.8 33.1 18.3 22.9 39.6 45.7 84.6 53.1 9.6 26.3 94.3 53.3 5 6 7 8 15.2 20.5 19.3 21.4 25.1 25.1 25.0 26.5 27.6 33.7 34.8 9 1875.8 1142.9 0.0 38.3 198.5 114.5 68.4 313.2 2054.0 1256.9 0.0 43.7 239.9 57.0 110.6 345.9 2337.0 1370.5 0.0 31.2 232.6 155.2 101.5 446.0 3160.6 1599.5 0.0 40.5 209.3 596.1 125.1 590.3 3129.4 1632.8 0.0 62.7 118.3 623.2 135.6 556.7 3175.4 1671.0 0.0 64.5 102.5 645.3 121.9 570.3 3210.2 1674.2 0.0 67.4 101.7 606.0 186.2 574.8 3215.3 1696.8 0.0 74.6 100.4 593.3 195.9 554.4 3165.9 1711.9 0.0 72.0 97.9 611.5 162.1 510.4 3818.8 1785.1 27.1 159.5 93.9 798.0 181.4 773.7 3795.7 1833.1 29.6 166.5 90.9 760.3 166.3 749.1 10 11 12 13 14 15 16 17 863.4 1046.6 1231.5 1802.2 1760.0 1789.1 1802.7 1771.5 1703.1 2037.7 1948.4 18 10.3 7.7 0.7 0.6 0.8 1.1 1.3 1.2 1.2 1.1 1.1 19 558.7 710.6 807.9 1253.7 1237.2 1258.1 1269.7 1248.8 1220.8 1303.9 1213.9 20 81.7 421.5 55.4 116.7 516.0 77.9 77.7 638.9 91.3 60.8 1028.7 164.2 64.7 982.2 190.3 73.6 984.4 200.1 76.9 934.3 258.4 71.7 912.7 264.4 75.9 890.6 254.3 87.2 982.3 234.5 87.0 951.2 175.7 21 22 23 294.4 328.3 422.9 548.0 522.0 529.8 531.6 521.5 481.1 732.6 733.5 24 (1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 90 Z.1, September 20, 2012 L.129 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1482.0 1865.3 2870.3 2436.1 2323.4 2243.6 2236.5 2228.5 2279.9 2290.1 2294.3 1 2 3 Money market fund shares Security RPs 437.3 0.0 752.8 0.0 1015.5 0.0 844.3 0.1 691.3 0.1 662.2 0.1 649.9 0.1 595.8 0.1 633.9 0.1 594.2 0.1 560.9 0.1 2 3 4 Credit market instruments 410.8 361.0 1061.3 840.3 934.7 886.0 885.3 950.8 958.3 990.1 1053.2 4 336.4 60.4 14.1 170.2 170.0 20.8 358.2 667.3 35.9 107.1 710.2 22.9 153.1 760.1 21.4 126.3 741.5 18.3 116.0 750.4 19.0 149.9 784.5 16.4 146.4 792.4 19.4 129.2 847.7 13.2 135.3 904.3 13.5 5 6 7 0.0 0.0 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 8 633.9 197.3 436.5 751.5 241.0 510.5 793.5 276.6 516.9 726.3 203.1 523.2 671.0 171.6 499.4 695.2 188.9 506.3 701.2 173.4 527.7 681.8 140.1 541.7 687.6 137.8 549.8 705.7 154.3 551.4 680.1 128.5 551.6 9 10 11 1482.0 1865.3 2870.3 2436.1 2323.4 2243.6 2236.5 2228.5 2279.9 2290.1 2294.3 12 645.3 786.4 1252.8 816.8 716.4 690.8 689.9 676.5 651.8 641.3 616.3 13 278.3 367.0 0.0 0.0 367.9 418.5 0.0 0.0 388.0 419.9 444.9 0.0 261.7 457.8 95.3 2.0 179.3 454.6 73.4 9.2 167.0 464.5 49.9 9.3 146.6 491.1 42.5 9.7 125.3 510.4 31.0 9.8 94.3 526.2 21.5 9.8 92.2 528.4 11.9 8.8 75.8 532.7 0.0 7.9 14 15 16 17 836.7 9.0 1242.3 0.0 -414.6 1078.9 9.6 1240.2 0.0 -170.9 1617.5 10.2 887.0 0.0 720.3 1619.3 10.8 856.8 1.8 749.9 1607.0 11.4 733.4 7.7 854.6 1552.8 11.6 709.6 7.8 823.9 1546.6 11.7 727.8 8.3 798.8 1551.9 11.9 727.0 8.7 804.4 1628.1 12.0 658.4 8.8 948.9 1648.8 12.2 651.5 8.8 976.3 1678.0 12.3 706.5 8.7 950.4 18 19 20 21 22 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Total financial assets 2007 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. 91 Z.1, September 20, 2012 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Total assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 Rest of the world: SDR allocations 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 18 Discrepancy: monetary gold 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 62.2 67.3 74.2 175.1 175.8 184.3 189.3 186.4 183.8 184.5 181.7 1 7.4 7.7 7.5 55.4 54.4 56.0 56.5 55.2 54.2 54.7 53.6 2 54.9 8.9 5.0 40.9 59.5 9.5 4.2 45.8 66.6 9.3 7.7 49.6 119.7 57.8 11.4 50.5 121.4 56.8 12.5 52.1 128.3 56.5 19.3 52.4 132.8 57.2 21.7 53.8 131.3 55.9 22.7 52.8 129.6 55.0 22.8 51.9 129.8 55.5 23.2 51.1 128.1 54.3 23.2 50.5 3 4 5 6 73.3 78.3 85.2 186.1 186.8 195.3 200.4 197.5 194.9 195.5 192.7 7 34.5 0.0 8.9 5.2 20.5 36.4 0.0 9.5 4.4 22.5 41.9 0.0 9.3 7.8 24.8 94.6 0.0 57.8 11.5 25.2 95.4 0.0 56.8 12.6 26.0 102.1 0.0 56.5 19.5 26.1 105.9 0.0 57.2 21.9 26.8 105.0 0.0 55.9 22.8 26.3 103.9 0.0 55.0 23.0 25.8 104.5 0.0 55.5 23.5 25.5 103.1 0.0 54.3 23.5 25.2 8 9 10 11 12 7.4 7.7 7.5 55.4 54.4 56.0 56.5 55.2 54.2 54.7 53.6 13 31.4 11.0 -0.1 20.5 34.2 11.0 -0.1 23.3 35.7 11.0 -0.1 24.8 36.2 11.0 -0.1 25.3 37.0 11.0 -0.1 26.1 37.2 11.0 -0.2 26.3 37.9 11.0 -0.2 27.0 37.4 11.0 -0.1 26.5 36.8 11.0 -0.3 26.0 36.4 11.0 -0.3 25.6 36.1 11.0 -0.3 25.3 14 15 16 17 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 28.1 38.2 27.4 38.7 26.6 38.7 26.2 42.7 25.9 43.5 25.9 43.8 25.9 44.0 25.9 44.1 25.9 44.2 25.9 44.4 25.9 44.5 3 4 5 Discrepancy (seigniorage) -10.1 -11.3 -12.1 -16.5 -17.6 -17.9 -18.0 -18.2 -18.3 -18.5 -18.6 5 1085.0 1340.9 946.7 840.6 866.5 917.5 917.9 919.6 834.1 803.0 793.6 1 65.2 49.3 84.1 80.5 50.3 127.3 56.9 24.7 129.3 50.5 31.5 97.1 52.1 41.1 105.9 55.1 48.2 109.4 55.1 41.4 113.9 55.2 37.7 86.7 50.1 34.0 58.5 48.3 21.4 48.6 47.7 21.0 40.6 2 3 4 886.3 1082.9 735.8 661.5 667.5 704.8 707.5 739.9 691.4 684.8 684.3 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 92 Z.1, September 20, 2012 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 9 10 11 12 13 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 190.3 136.3 1922.9 1325.5 1147.7 1847.7 2025.2 2081.0 1984.6 1985.6 1945.9 1 70.4 397.2 -213.0 -2.9 -61.4 75.8 527.5 -404.1 -2.6 -60.3 917.7 1238.0 -163.7 -3.2 -65.9 1031.9 697.2 -322.5 -4.2 -76.9 1020.8 480.9 -274.4 -3.3 -76.2 1460.3 480.7 -16.7 -4.1 -72.5 1651.4 410.3 42.4 -4.4 -74.5 1648.1 323.4 203.8 -4.9 -89.4 1623.1 233.7 222.4 -4.6 -90.1 1606.4 281.3 202.7 -4.4 -100.3 1563.6 224.3 261.8 -4.6 -99.3 2 3 4 5 6 235.2 178.1 1940.4 1320.5 1165.5 1848.9 2020.8 2071.1 1989.9 1994.3 1960.1 7 165.1 -0.3 69.8 0.6 0.0 53.7 48.6 74.8 1.0 0.0 464.5 558.2 674.1 239.0 4.7 194.0 94.5 725.0 284.1 22.8 145.9 -1.2 633.1 350.8 36.9 390.0 -1.3 764.7 640.8 54.7 370.2 -0.8 923.6 677.5 50.2 423.7 -0.7 843.9 762.5 41.8 367.3 -0.4 866.0 711.0 46.1 388.6 -0.7 869.9 679.1 57.4 397.1 -0.6 828.2 687.8 47.6 8 9 10 11 12 -45.0 -41.8 -17.5 5.1 -17.7 -1.3 4.4 9.9 -5.3 -8.7 -14.2 13 Memo: 14 15 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions 51.7 51.7 55.0 55.0 57.7 57.7 54.9 54.9 52.7 52.7 53.3 53.3 55.4 55.4 50.6 50.6 60.8 60.8 56.5 56.5 56.6 56.6 14 15 16 17 18 19 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 18.7 18.1 0.6 0.0 20.8 19.8 1.0 0.0 860.0 616.4 239.0 4.7 977.0 670.1 284.1 22.8 968.1 580.4 350.8 36.9 1407.0 711.4 640.8 54.7 1595.9 868.2 677.5 50.2 1597.5 793.3 762.5 41.8 1562.3 805.2 711.0 46.1 1549.9 813.4 679.1 57.4 1507.0 771.6 687.8 47.6 16 17 18 19 20 21 22 23 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks -0.3 -0.3 -0.3 0.1 48.6 48.6 -0.0 48.6 558.2 558.2 -1.5 559.7 94.5 94.5 -2.1 96.6 -1.2 -1.2 -1.4 0.2 -1.3 -1.3 -1.4 0.1 -0.8 -0.8 -0.9 0.1 -0.7 -0.7 -0.8 0.1 -0.4 -0.4 -0.6 0.2 -0.7 -0.7 -0.7 0.0 -0.6 -0.6 -0.7 0.1 20 21 22 23 24 25 26 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 432.3 586.4 154.2 496.2 650.7 154.5 668.8 782.2 113.3 559.6 760.8 201.3 476.2 783.5 307.3 462.2 772.8 310.6 374.5 657.5 282.9 272.6 657.3 384.7 186.2 565.3 379.0 222.8 526.8 304.0 172.2 483.8 311.6 24 25 26 -255.2 524.5 779.7 -424.0 529.0 953.0 -179.6 536.4 716.1 -350.9 538.9 889.8 -306.9 635.6 942.5 -47.3 809.9 857.1 19.0 790.6 771.6 175.5 822.7 647.2 201.5 829.4 627.9 184.4 872.7 688.3 242.6 840.9 598.3 27 28 29 12.0 11.9 0.1 18.6 17.9 0.7 24.7 24.5 0.3 14.6 9.3 5.4 23.4 14.9 8.5 25.0 14.9 10.1 23.3 14.7 8.6 24.5 15.3 9.2 20.4 13.4 7.0 18.7 10.4 8.3 17.7 10.9 6.8 30 31 32 27 28 29 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 30 31 32 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 33 Asset: Rest of the world (1) 165.1 53.7 464.5 194.0 145.9 390.0 370.2 423.7 367.3 388.6 397.1 33 34 35 36 37 38 Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -22.9 117.1 97.8 2.9 61.4 0.6 134.3 113.2 2.6 60.3 35.4 117.5 65.8 3.2 65.9 52.4 129.8 43.7 4.2 76.9 20.8 103.7 41.9 3.3 76.2 34.7 126.7 51.4 4.1 72.5 51.2 131.2 47.9 4.4 74.5 66.8 149.8 45.6 4.9 89.4 61.4 131.2 41.9 4.6 90.1 69.6 143.4 47.3 4.4 100.3 63.6 138.9 49.3 4.6 99.3 34 35 36 37 38 140.0 133.7 82.1 77.4 82.9 92.0 80.0 83.0 69.8 73.8 75.3 39 -45.0 -41.8 -17.5 5.1 -17.7 -1.3 4.4 9.9 -5.3 -8.7 -14.2 40 39 40 - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 24 and 27 less line 30. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 40), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 36, 37, 38, and 40. 93 Z.1, September 20, 2012 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1507.3 1532.9 2101.3 2093.4 2359.8 2193.3 2314.6 2403.7 2594.3 2520.5 2591.8 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 774.3 5.0 0.8 0.1 768.5 792.1 16.4 1.7 0.1 773.9 1220.3 365.7 21.1 1.4 832.2 1102.7 191.9 35.1 2.4 873.3 1287.8 340.9 13.5 3.4 930.0 1078.7 116.4 10.2 0.1 952.0 1116.4 135.3 7.3 0.4 973.5 1090.8 56.4 44.8 2.6 987.0 1165.7 85.9 64.6 0.2 1015.0 1122.7 43.6 36.9 0.2 1042.1 1178.4 91.5 29.9 1.6 1055.3 2 3 4 5 6 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 637.1 28.0 26.8 582.3 639.6 42.9 31.7 564.9 777.5 3.5 62.9 711.1 871.6 3.8 34.3 833.5 941.1 3.6 30.4 907.0 978.0 3.6 42.0 932.4 1059.7 3.7 45.2 1010.8 1154.6 3.0 50.2 1101.4 1260.5 1.0 54.7 1204.8 1219.8 1.3 53.0 1165.4 1229.6 1.2 54.2 1174.1 7 8 9 10 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 9.3 2.1 7.2 11.8 2.3 9.5 13.5 4.7 8.8 16.1 10.5 5.6 21.9 14.6 7.3 20.7 13.2 7.6 23.2 15.3 7.9 38.2 17.8 20.5 45.6 19.0 26.6 44.3 18.9 25.4 48.7 20.6 28.1 11 12 13 14 Banks in U.S.-affiliated areas 14.0 15.7 14.6 16.1 16.6 17.1 18.1 18.0 19.4 19.5 22.3 14 15 Credit unions 72.6 73.7 75.3 86.9 92.4 98.7 97.1 102.1 103.1 114.1 112.8 15 1507.3 1532.9 2101.3 2093.4 2359.8 2193.3 2314.6 2403.7 2594.3 2520.5 2591.8 16 2 3 4 5 6 16 Total liabilities 2007 Total assets 17 Household sector 245.8 160.2 349.6 373.6 336.7 335.9 403.6 499.5 629.0 614.9 625.6 17 18 19 20 Nonfinancial business Corporate Noncorporate 599.6 150.8 448.8 658.8 143.2 515.6 550.0 30.6 519.4 710.3 170.5 539.8 846.3 326.3 520.0 881.3 362.3 519.0 875.7 357.4 518.3 917.3 399.1 518.2 914.9 395.2 519.8 920.0 399.2 520.8 921.4 400.4 521.0 18 19 20 21 22 State and local governments Federal government 61.9 32.9 57.1 56.5 65.6 368.0 84.9 193.6 91.5 342.1 90.0 117.5 95.4 135.5 94.2 57.6 107.4 84.3 104.7 42.0 102.6 89.3 21 22 23 24 25 Rest of the world Checkable deposits Currency 311.6 28.9 282.6 306.1 34.2 272.0 370.1 69.0 301.1 361.0 47.2 313.8 390.5 48.4 342.1 410.0 55.3 354.7 429.6 61.0 368.7 448.8 70.6 378.3 471.0 73.9 397.1 487.2 72.1 415.1 498.7 76.4 422.3 23 24 25 26 Financial sectors 248.0 284.1 391.5 363.8 347.1 352.8 367.8 380.6 381.2 344.9 346.9 26 27 28 Property-casualty insurance companies Life insurance companies 29.9 56.1 42.7 58.3 27.9 82.8 27.6 50.7 32.6 51.7 33.8 47.0 35.6 48.2 25.7 57.8 24.1 53.7 29.1 52.9 29.3 56.1 27 28 29 30 Private pension funds State and local govt. retirement funds 11.2 13.1 11.8 17.9 12.3 17.8 16.4 17.7 20.9 17.3 19.9 18.1 20.8 17.9 21.2 18.6 22.0 18.4 21.2 18.6 21.7 18.7 29 30 31 32 Money market mutual funds Government-sponsored enterprises 6.7 16.4 1.9 13.7 7.5 88.3 17.9 99.4 14.2 63.4 13.3 70.4 20.1 62.3 18.8 63.7 19.1 72.7 3.2 42.5 6.0 52.9 31 32 33 34 35 Finance companies REITs Brokers and dealers 15.8 18.4 80.5 16.2 16.6 105.0 16.5 18.4 120.1 17.0 26.3 90.7 26.6 23.5 96.9 29.1 29.0 92.1 30.8 23.7 108.4 32.8 26.9 115.3 30.9 25.6 114.8 30.3 29.8 117.4 27.9 29.1 105.2 33 34 35 7.5 10.0 6.4 6.3 5.7 5.9 7.0 5.6 6.5 6.6 7.2 36 36 Mail float 94 Z.1, September 20, 2012 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 9 10 11 12 Total liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 6995.8 7606.7 7940.9 8316.3 8432.4 8553.3 8714.0 8724.0 8805.2 8914.8 8973.0 1 4945.1 5224.5 5749.3 6326.5 6624.9 6741.5 6898.8 7065.7 7202.2 7410.5 7460.4 2 4418.3 18.6 25.2 483.0 4664.0 25.5 26.3 508.7 5144.6 25.6 27.4 551.7 5617.0 29.9 24.5 655.1 5888.6 35.7 19.3 681.3 5980.1 42.6 19.4 699.4 6130.7 47.4 19.2 701.4 6293.3 50.9 19.2 702.3 6425.7 48.9 18.9 708.7 6598.7 57.9 18.7 735.2 6638.9 62.3 19.6 739.6 3 4 5 6 2050.8 2382.2 2191.6 1989.8 1807.5 1811.8 1815.3 1658.4 1603.0 1504.3 1512.6 7 1326.0 634.5 25.2 65.0 1378.2 907.9 26.3 69.9 1309.2 784.7 27.4 70.4 979.4 958.6 24.5 27.3 849.1 909.0 19.3 30.1 824.2 937.1 19.4 31.2 819.4 945.4 19.2 31.3 802.1 804.6 19.2 32.4 813.9 736.6 18.9 33.5 743.4 706.8 18.7 35.3 777.6 679.5 19.6 35.9 8 9 10 11 6995.8 7606.7 7940.9 8316.3 8432.4 8553.3 8714.0 8724.0 8805.2 8914.8 8973.0 12 5422.4 5914.6 6118.8 6231.9 6399.5 6494.2 6615.1 6682.2 6778.7 6887.6 6935.1 13 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 841.4 497.0 344.4 800.7 441.3 359.3 740.0 381.9 358.1 842.1 488.8 353.3 851.2 511.4 339.9 852.9 514.0 338.9 889.0 550.8 338.2 878.9 541.0 337.9 875.3 536.7 338.6 886.0 546.9 339.1 890.3 551.3 338.9 14 15 16 17 18 19 State and local governments Federal government Rest of the world 209.6 1.7 167.4 245.9 2.8 207.6 265.1 1.6 273.1 275.9 1.9 230.0 275.5 2.0 246.9 278.8 1.5 262.6 274.4 1.7 270.2 279.9 1.8 285.6 293.5 1.7 283.6 311.3 2.0 272.6 306.1 2.2 289.4 17 18 19 20 Financial sectors 353.4 435.1 542.5 734.5 657.3 663.2 663.7 595.8 572.4 555.3 549.9 20 63.1 0.8 206.7 67.7 0.7 270.6 67.9 0.7 355.2 72.7 0.7 573.2 72.8 0.7 468.0 72.8 0.7 467.3 73.3 0.7 460.1 73.0 0.8 397.8 73.3 0.7 380.1 73.3 0.8 360.3 73.0 0.8 355.2 21 22 23 33.9 47.4 1.6 46.6 48.6 0.8 68.5 49.4 0.7 25.7 51.0 11.2 26.1 79.8 10.0 23.7 87.2 11.5 23.1 92.4 14.0 11.7 98.3 14.3 13.4 92.6 12.4 11.1 90.8 19.1 9.8 83.7 27.5 24 25 26 2312.1 3033.1 3757.3 3258.3 2755.3 2679.4 2637.8 2578.4 2642.5 2535.4 2467.9 1 1114.5 421.3 72.2 1346.7 548.5 74.3 1581.8 710.6 75.4 1313.1 641.7 73.7 1138.4 484.8 70.9 1107.2 469.8 70.7 1095.2 458.0 70.6 1113.1 440.7 70.5 1116.6 452.0 70.7 1074.6 433.8 70.7 1050.2 421.6 70.7 2 3 4 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 24 25 26 Government-sponsored enterprises Finance companies Holding companies (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total assets 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Rest of the world 99.3 27.0 116.6 46.0 122.3 69.7 134.7 76.9 143.5 69.8 143.9 67.3 144.7 64.8 142.2 64.6 140.8 64.3 139.4 64.1 137.5 63.8 5 6 7 8 Property-casualty insurance companies Life insurance companies 13.5 23.3 20.7 21.6 32.8 39.2 29.6 33.7 25.6 21.0 27.7 19.7 26.1 17.9 23.6 17.0 24.6 28.8 21.1 26.4 21.2 31.0 7 8 9 10 Private pension funds State and local govt. retirement funds 90.1 13.8 93.5 12.4 95.7 14.3 96.4 14.3 96.3 13.9 96.2 14.7 96.2 14.5 96.1 15.0 96.1 14.8 96.1 15.0 96.1 15.1 9 10 11 Funding corporations 437.3 752.8 1015.5 844.3 691.3 662.2 649.9 595.8 633.9 594.2 560.9 11 95 Z.1, September 20, 2012 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total liabilities 2 Monetary authority 3 4 5 6 Private depository institutions (net) U.S.-chartered depository institutions (net) Foreign banking offices in U.S. (net) Credit unions (net) 7 8 Property-casualty insurance companies Life insurance companies 9 10 11 12 REITs Brokers and dealers (net) Holding companies Total assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2137.7 2118.5 1238.2 1488.4 1272.3 1312.7 1258.2 1102.1 1140.7 1187.7 1165.1 1 29.6 44.0 88.4 77.7 59.7 62.2 70.3 84.1 99.9 96.7 85.5 2 905.7 670.9 239.9 -5.1 807.1 583.4 226.3 -2.5 467.5 335.3 130.0 2.3 835.8 665.6 170.3 -0.1 674.9 451.7 223.2 -0.0 651.2 426.8 224.4 0.0 600.9 407.0 212.7 -18.8 616.3 361.6 265.6 -10.9 600.1 342.6 273.4 -15.9 568.2 301.3 287.8 -20.9 567.6 285.2 295.3 -12.9 3 4 5 6 1.2 21.2 0.5 20.2 2.4 12.9 0.6 12.4 1.5 10.3 0.6 9.5 0.6 10.0 0.5 9.7 0.4 10.4 0.5 10.8 0.5 11.7 7 8 97.9 1071.8 10.3 91.7 1147.3 7.7 79.4 586.9 0.7 90.4 470.9 0.6 120.5 404.7 0.8 160.9 427.1 1.1 187.1 387.9 1.3 210.9 179.5 1.2 215.4 213.3 1.2 258.7 251.7 1.1 279.0 219.9 1.1 9 10 11 1252.7 1467.3 1178.0 1040.9 925.9 1035.5 994.1 862.5 902.2 845.8 876.7 12 13 14 Nonfinancial corporate business State and local governments 15.5 126.5 8.1 132.8 7.2 125.0 7.9 123.9 12.1 119.0 12.7 116.4 12.9 114.1 12.0 112.2 12.8 111.0 13.8 110.0 14.2 108.4 13 14 15 16 Rest of the world (net) Monetary authority 364.6 40.8 338.4 46.5 114.9 80.0 31.0 0.0 -96.1 0.0 -38.2 0.0 -53.0 0.0 -104.9 0.0 -44.9 0.0 -83.2 0.0 -117.6 0.0 15 16 17 18 Property-casualty insurance companies Life insurance companies 1.9 2.6 3.6 2.7 4.4 8.0 4.5 10.2 3.8 10.9 3.5 9.7 2.3 8.8 2.0 10.8 1.8 10.1 0.0 9.2 0.0 9.3 17 18 19 20 Private pension funds State and local govt. retirement funds 22.4 24.1 25.8 21.7 33.1 23.5 36.2 23.5 36.1 22.8 36.4 24.0 31.9 23.7 32.3 24.6 31.9 24.3 35.1 24.6 34.9 24.8 19 20 21 22 Money market mutual funds Mutual funds 394.6 132.8 605.9 132.2 542.4 124.7 479.9 153.3 479.4 137.5 437.5 218.5 454.5 221.8 479.7 126.7 484.0 108.7 491.4 137.2 508.4 155.0 21 22 23 24 25 Government-sponsored enterprises (net) Holding companies Funding corporations 117.4 9.5 0.0 142.7 6.9 0.0 114.5 0.3 0.0 122.1 48.2 0.1 150.0 50.3 0.1 156.3 58.7 0.1 115.1 61.7 0.1 114.3 52.7 0.1 111.9 50.5 0.1 107.2 0.3 0.1 138.7 0.3 0.1 23 24 25 885.0 651.2 60.2 447.6 346.4 277.1 264.1 239.7 238.5 342.0 288.5 26 26 Discrepancy--unallocated assets 96 Z.1, September 20, 2012 L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 Total outstanding, all types Commercial paper 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1958.0 1788.6 1599.3 1137.4 1057.5 1131.2 1081.6 1004.4 969.2 994.4 962.0 1 1957.5 1788.1 1599.3 1137.4 1057.5 1131.2 1081.6 1004.4 969.2 994.4 962.0 2 3 Nonfinancial corporate business 112.5 123.8 131.5 58.4 82.9 110.5 106.9 124.7 116.3 127.6 132.1 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial 482.3 27.0 455.3 413.0 29.0 384.0 342.0 49.7 292.3 401.3 34.5 366.8 398.6 30.6 368.0 428.2 35.1 393.2 417.2 41.4 375.8 352.5 34.0 318.6 345.1 30.2 314.9 362.6 32.8 329.8 357.4 40.7 316.7 4 5 6 1362.7 0.0 837.4 165.3 0.0 81.7 278.3 1251.3 0.0 643.1 123.5 0.0 116.7 367.9 1125.8 0.0 559.3 100.9 0.0 77.7 388.0 677.6 0.0 293.1 62.1 0.0 60.8 261.7 575.9 112.9 120.2 98.8 0.0 64.7 179.3 592.5 109.2 128.3 114.4 0.0 73.6 167.0 557.5 109.0 116.2 108.7 0.0 76.9 146.6 527.2 109.9 108.5 111.8 0.0 71.7 125.3 507.8 120.6 96.0 121.0 0.0 75.9 94.3 504.2 104.3 97.7 122.8 0.0 87.2 92.2 472.6 102.1 85.2 122.5 0.0 87.0 75.8 7 8 9 10 11 12 13 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.0 0.5 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 7 8 9 10 11 12 13 14 15 16 17 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. 1958.0 1788.6 1599.3 1137.4 1057.5 1131.2 1081.6 1004.4 969.2 994.4 962.0 17 18 19 Holdings, by sector Household sector Nonfinancial corporate business 117.5 122.7 107.3 69.5 6.0 57.3 34.6 56.0 63.4 67.8 67.9 70.6 64.9 70.2 60.3 57.8 58.2 59.2 51.7 63.9 47.1 58.8 18 19 20 21 State and local governments Rest of the world 155.1 286.3 139.3 278.1 66.2 232.9 -4.1 191.5 -13.8 191.0 -12.8 199.3 -11.4 195.1 -8.5 199.4 -4.7 190.7 -0.9 204.2 2.5 190.1 20 21 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 1.0 0.0 0.0 0.0 0.4 0.0 15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 26 27 Property-casualty insurance companies Life insurance companies 16.4 28.7 13.3 41.7 19.1 38.3 9.8 49.8 7.9 40.9 8.5 40.1 8.0 38.7 5.3 43.3 5.5 29.7 4.7 29.0 4.7 31.8 26 27 28 29 Private pension funds State and local govt. retirement funds 31.7 42.8 26.9 38.4 37.2 25.9 26.7 24.0 18.2 22.4 19.3 23.5 18.7 23.2 18.1 24.1 16.7 23.8 17.5 24.1 17.7 24.3 28 29 30 31 Money market mutual funds Mutual funds 608.3 114.5 674.6 114.1 618.5 51.6 510.5 80.2 394.2 66.3 395.5 144.0 359.4 147.2 349.5 55.7 355.1 40.0 355.5 66.6 326.5 82.8 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 32.4 64.3 336.4 27.7 87.1 170.2 6.8 65.7 358.2 9.7 41.5 107.1 9.9 36.2 153.1 9.5 39.6 126.3 9.3 42.2 116.0 9.2 40.4 149.9 6.5 42.1 146.4 5.2 43.7 129.2 5.7 34.7 135.3 32 33 34 (1) Excludes banks’ holdings of own acceptances. 97 Z.1, September 20, 2012 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 Total liabilities Savings bonds Treasury bills Other Treasury securities Total assets 2007 2008 2009 2010 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 4861.7 5099.2 6338.2 7781.9 9361.5 9621.4 9714.1 10102.6 10428.3 10827.5 11025.6 1 202.4 940.8 3718.6 196.4 999.5 3903.3 194.0 1861.2 4283.0 191.2 1787.9 5802.8 187.9 1768.9 7404.7 186.8 1694.7 7739.9 186.0 1529.4 7998.7 185.1 1475.6 8442.0 185.2 1519.5 8723.7 184.7 1672.6 8970.1 184.3 1594.4 9246.9 2 3 4 4861.7 5099.2 6338.2 7781.9 9361.5 9621.4 9714.1 10102.6 10428.3 10827.5 11025.6 5 6 7 8 Household sector Savings bonds Bills and other Treasury securities 355.1 202.4 152.7 202.0 196.4 5.6 180.6 194.0 -13.4 728.2 191.2 537.0 1040.9 187.9 853.0 880.9 186.8 694.1 658.6 186.0 472.6 731.8 185.1 546.7 580.3 185.2 395.1 735.1 184.7 550.4 878.2 184.3 693.9 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 45.5 56.3 551.7 38.3 59.3 588.1 30.5 51.8 551.0 43.0 46.1 581.3 47.8 44.4 587.7 42.3 44.3 575.9 41.3 44.2 560.5 44.3 44.1 539.3 47.6 44.2 525.8 52.8 44.3 515.4 56.3 44.3 519.5 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 2126.2 250.9 1875.3 2376.4 300.5 2075.9 3253.0 758.0 2495.0 3670.6 750.4 2920.2 4466.6 710.3 3756.3 4577.9 664.9 3913.0 4664.7 641.4 4023.3 4813.7 635.2 4178.5 5071.1 648.2 4422.9 5200.0 634.9 4565.2 5292.3 628.7 4663.6 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities 778.9 277.0 501.9 740.6 227.8 512.8 475.9 18.4 457.5 776.6 18.4 758.2 1021.5 18.4 1003.1 1340.4 18.4 1322.0 1619.5 18.4 1601.1 1664.7 18.4 1646.2 1663.4 18.4 1645.0 1661.1 18.4 1642.7 1659.9 18.4 1641.5 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 74.4 26.8 3.7 7.4 80.1 30.4 1.8 10.4 56.4 35.5 1.2 8.8 124.5 57.5 0.5 14.2 217.5 60.9 1.1 20.0 216.1 66.1 1.1 21.8 183.3 63.6 1.6 21.9 191.7 58.1 0.9 22.5 173.9 60.5 1.0 17.5 187.8 71.6 0.9 20.4 212.5 61.0 1.3 20.9 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies 110.0 87.9 71.3 70.6 65.6 105.7 88.5 133.5 91.7 156.6 93.3 158.2 91.9 158.7 90.7 162.6 93.6 167.1 91.0 169.5 89.3 169.7 22 23 24 25 26 Private pension funds State and local govt. retirement funds Federal government retirement funds 130.8 156.2 76.4 169.5 141.6 87.7 184.9 146.4 112.4 310.7 174.5 119.8 391.0 185.6 129.8 399.0 187.9 133.5 405.6 186.9 136.9 424.5 189.0 144.5 436.2 188.9 147.7 448.1 189.3 148.4 453.6 189.6 151.6 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 82.7 160.7 7.4 13.1 178.1 179.2 5.6 19.7 577.7 187.9 3.2 27.1 406.4 255.5 4.4 41.8 335.4 297.4 5.1 51.0 337.5 298.2 5.3 52.8 341.3 306.4 5.2 56.7 373.5 341.1 4.9 61.1 443.3 379.7 4.8 62.4 473.8 403.0 5.1 62.0 444.6 415.2 5.0 67.3 27 28 29 30 31 32 Government-sponsored enterprises ABS issuers 14.2 61.1 15.5 85.8 16.8 72.2 21.9 53.9 55.2 40.1 58.5 35.9 63.3 36.3 68.5 31.4 75.4 29.2 78.8 25.9 57.9 24.8 31 32 33 34 Brokers and dealers Holding companies -67.0 2.5 -60.0 7.1 190.6 3.1 123.0 5.8 94.5 19.6 78.5 16.1 56.6 9.0 79.3 20.4 187.8 26.8 203.8 39.6 201.2 9.6 33 34 4885.3 5122.3 6361.5 7805.4 9385.6 9645.9 9738.6 10127.6 10453.6 10851.9 11050.1 35 Memo: 35 Federal government debt (1) (1) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11). 98 Z.1, September 20, 2012 L.210 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 6492.4 7397.7 8166.7 8106.8 7598.2 7648.7 7577.8 7585.0 7577.4 7533.0 7541.7 1 23.5 2627.8 3841.1 23.1 2910.2 4464.4 23.3 3181.9 4961.4 23.5 2706.6 5376.7 24.2 6434.5 1139.5 24.5 6437.3 1187.0 24.5 6317.3 1236.0 25.0 6282.7 1277.3 25.3 6247.3 1304.8 24.4 6178.6 1329.9 24.5 6139.8 1377.3 2 3 4 6492.4 7397.7 8166.7 8106.8 7598.2 7648.7 7577.8 7585.0 7577.4 7533.0 7541.7 5 6 7 Household sector Nonfinancial corporate business 425.5 15.2 680.0 12.8 716.3 10.2 122.5 14.3 122.7 15.9 196.4 14.1 163.2 17.1 125.8 14.8 77.5 15.9 8.4 17.6 6.5 16.3 6 7 8 9 State and local governments Federal government 423.7 0.0 467.6 0.0 462.9 54.4 443.6 196.4 430.1 149.2 420.9 138.4 413.0 103.7 399.6 70.6 384.8 31.1 372.9 1.5 366.3 0.0 8 9 10 11 Rest of the world Monetary authority 1263.6 0.0 1582.4 0.0 1406.9 19.7 1154.9 1068.3 1084.0 1139.6 1072.0 1069.7 1057.1 1025.6 1060.5 979.2 1079.9 941.7 1073.8 933.3 1061.2 946.5 10 11 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1217.3 55.1 29.0 72.5 1106.3 57.1 26.3 68.4 1242.5 50.6 24.4 82.9 1417.4 31.3 20.5 110.8 1527.2 26.5 12.8 151.6 1561.8 31.4 6.9 166.6 1559.6 30.6 6.0 170.9 1576.6 32.2 5.4 173.4 1634.1 30.6 4.8 182.2 1699.2 29.0 5.1 195.8 1668.3 32.3 4.8 204.3 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies 122.0 377.4 125.8 382.9 114.3 366.2 116.2 371.9 115.8 376.0 116.8 376.8 116.9 375.9 118.1 376.1 122.2 374.7 121.5 364.8 121.7 353.0 16 17 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 268.6 307.8 5.6 296.8 331.1 5.4 318.1 337.5 5.2 269.1 306.9 5.2 257.6 285.2 5.8 258.8 288.7 5.7 259.9 287.2 6.0 263.1 290.4 6.2 262.6 290.3 6.5 252.4 290.9 7.0 241.8 291.4 7.6 18 19 20 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 131.4 499.1 714.0 235.9 565.4 702.9 756.2 592.7 910.0 543.0 639.1 924.5 402.8 791.1 377.0 373.4 793.4 373.9 359.8 819.1 368.2 384.1 878.3 368.1 403.7 937.4 358.9 327.3 989.6 347.7 334.6 1027.9 342.4 21 22 23 24 25 ABS issuers REITs 350.1 65.4 361.7 88.9 337.8 89.6 110.5 105.1 12.9 143.3 16.9 190.7 15.0 216.9 13.5 239.1 12.9 244.7 1.5 299.4 1.4 317.3 24 25 26 27 Brokers and dealers Holding companies 138.0 11.2 290.2 9.9 242.6 25.8 110.9 24.3 149.8 21.1 153.2 22.2 174.7 31.5 166.8 43.2 147.7 33.1 148.7 45.7 169.8 26.3 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mac, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 35. 99 Z.1, September 20, 2012 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 3212.2 3448.1 3543.4 3697.9 3795.6 3778.6 3750.5 3733.6 3743.4 3732.1 3726.4 1 2709.7 34.3 2675.4 2855.9 51.2 2804.7 2875.0 55.9 2819.2 2985.7 63.6 2922.1 3051.1 63.0 2988.1 3031.2 60.1 2971.0 2998.3 37.6 2960.7 2987.2 48.0 2939.2 2991.6 52.3 2939.3 2983.5 51.9 2931.7 2972.9 43.3 2929.5 2 3 4 230.1 272.4 250.7 341.5 258.7 409.7 264.6 447.5 262.3 482.3 261.9 485.4 260.7 491.4 256.1 490.3 254.4 497.4 252.3 496.3 247.6 506.0 5 6 3212.2 3448.1 3543.4 3697.9 3795.6 3778.6 3750.5 3733.6 3743.4 3732.1 3726.4 7 1678.6 28.1 5.8 1721.5 29.2 5.3 1762.5 26.2 4.9 1890.9 27.1 5.1 1948.3 24.1 4.9 1961.0 19.6 4.9 1935.8 19.3 4.9 1915.5 20.0 4.9 1887.0 19.6 4.9 1840.3 22.4 4.9 1810.0 21.0 4.9 8 9 10 7.9 34.4 9.5 45.1 10.1 50.5 11.4 58.7 12.3 71.7 12.4 74.2 12.5 76.7 12.3 79.7 12.1 82.7 12.0 85.7 11.8 88.9 11 12 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 State and local governments Rest of the world 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 190.1 0.0 1.3 202.0 0.0 2.0 221.9 0.0 2.5 224.3 0.0 3.5 254.6 0.0 2.5 259.9 0.0 2.8 267.3 0.0 2.5 283.8 0.0 2.8 297.3 0.0 3.4 307.2 0.0 3.4 327.4 0.0 2.8 13 14 15 16 17 18 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 335.2 36.6 3.3 371.3 41.4 2.4 381.9 47.1 1.4 369.4 73.1 1.5 348.4 112.3 1.6 342.3 115.0 1.6 333.7 117.1 1.6 328.3 119.6 1.5 331.0 121.6 1.5 329.1 122.6 6.4 329.6 120.7 8.4 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 370.3 344.4 89.4 0.0 471.0 372.2 91.3 0.6 494.6 389.6 77.9 2.3 401.3 480.2 81.1 5.9 334.4 526.6 81.3 7.6 321.0 515.1 80.4 7.5 306.1 520.1 81.8 7.7 292.0 526.9 79.8 7.8 296.5 542.6 82.2 8.6 286.8 564.0 82.7 9.7 271.8 584.8 83.3 10.5 19 20 21 22 23 24 Government-sponsored enterprises Brokers and dealers 36.1 50.9 33.3 50.1 31.3 38.7 29.1 35.4 24.9 40.0 23.8 37.0 22.9 40.6 22.0 36.6 21.0 31.5 20.2 34.7 19.4 31.2 23 24 (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). 100 Z.1, September 20, 2012 L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 10080.0 11543.4 11118.5 11577.0 11715.3 11765.6 11823.5 11856.0 11861.1 11995.0 11956.6 1 2 3 Nonfinancial corporate business Rest of the world (1) 3364.4 1275.5 3675.5 1587.1 3881.0 1237.3 4268.6 1570.3 4691.4 1689.5 4792.4 1727.2 4907.8 1757.3 4988.3 1774.6 5076.0 1763.8 5193.5 1745.3 5286.0 1718.8 2 3 4 Financial sectors 5440.1 6280.7 6000.3 5738.1 5334.5 5245.9 5158.5 5093.1 5021.4 5056.2 4951.8 4 159.9 3342.6 849.7 230.6 184.8 3891.3 974.1 231.3 184.8 3564.1 924.5 171.0 176.3 3015.1 837.5 129.8 436.8 2123.1 1078.4 129.7 433.5 2034.1 1060.0 141.3 432.7 1993.9 1054.9 141.5 429.4 1935.7 1066.5 139.2 415.8 1900.2 1051.7 145.1 427.2 1824.4 1043.2 152.6 414.4 1770.9 1021.6 158.8 5 6 7 8 68.8 421.5 367.0 64.8 516.0 418.5 97.1 638.9 419.9 92.9 1028.7 457.8 129.7 982.2 454.6 128.2 984.4 464.5 110.1 934.3 491.1 99.2 912.7 510.4 91.8 890.6 526.2 98.0 982.3 528.4 102.1 951.2 532.7 9 10 11 10080.0 11543.4 11118.5 11577.0 11715.3 11765.6 11823.5 11856.0 11861.1 11995.0 11956.6 12 1653.5 135.0 0.0 2320.5 2118.4 149.1 0.0 2719.1 2052.8 147.9 0.0 2354.0 2213.1 154.7 0.6 2465.3 2185.8 157.0 0.9 2523.3 2186.2 155.7 0.9 2509.8 2202.6 154.8 0.9 2487.4 2174.1 152.1 0.8 2476.5 2118.1 150.6 0.8 2500.5 2017.9 149.1 0.8 2482.9 1948.9 147.0 0.8 2444.7 13 14 15 16 563.4 292.5 0.4 30.6 714.6 369.5 0.5 34.6 650.5 401.6 0.5 25.7 667.1 244.9 2.0 18.6 548.9 233.9 0.6 3.7 532.0 220.6 5.9 3.7 525.1 229.5 5.2 3.8 544.6 255.7 4.5 3.6 551.8 234.5 4.2 4.1 532.3 216.4 4.3 4.7 528.9 216.6 4.1 4.8 17 18 19 20 277.0 1819.5 282.9 1862.6 267.5 1817.0 298.3 1927.2 322.6 2030.2 330.2 2063.1 335.4 2081.8 343.7 2107.4 361.0 2123.6 358.9 2153.3 359.5 2124.8 21 22 5 6 7 8 9 10 11 12 Total liabilities 2007 U.S.-chartered depository institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Holding companies Funding corporations Total assets 13 14 15 16 Household sector State and local governments Federal government Rest of the world (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 21 22 Property-casualty insurance companies Life insurance companies 23 24 25 Private pension funds State and local govt. retirement funds Federal government retirement funds 317.6 283.4 4.8 357.4 297.0 6.3 400.1 312.9 5.8 442.9 308.6 5.8 440.1 312.4 5.9 438.8 314.1 6.2 439.2 312.4 6.7 441.4 321.2 7.2 440.9 320.9 7.4 439.2 323.0 7.6 437.4 324.5 8.0 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 368.3 767.0 75.1 7.6 376.8 889.9 74.0 13.8 228.0 959.9 49.2 27.7 169.9 1126.8 55.4 55.4 154.2 1275.4 59.5 74.1 154.9 1323.5 61.9 79.9 154.4 1375.3 61.5 86.6 128.1 1420.7 58.6 95.1 129.6 1465.8 57.6 107.7 126.3 1549.0 59.6 123.4 116.5 1617.8 60.5 135.7 26 27 28 29 30 31 32 Government-sponsored enterprises Finance companies REITs 481.7 184.8 64.6 464.4 189.4 34.4 386.6 192.4 11.7 310.8 198.6 15.5 293.9 84.3 20.8 284.7 84.6 24.6 270.0 86.4 26.2 264.3 88.8 27.1 260.5 85.1 22.1 253.9 85.2 25.6 227.1 87.2 27.6 30 31 32 33 34 35 Brokers and dealers Holding companies Funding corporations 355.5 16.7 60.4 382.8 35.9 170.0 123.8 35.8 667.3 154.4 31.1 710.2 189.5 38.3 760.1 202.5 40.5 741.5 187.5 40.6 750.4 133.8 22.0 784.5 103.7 18.3 792.4 149.3 84.6 847.7 135.5 94.3 904.3 33 34 35 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. (3) Liabilities net of assets. 101 Z.1, September 20, 2012 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Issues at market value 2 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 Financial corporations Holdings at market value Household sector State and local governments Federal government Rest of the world (3) 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 24339.3 25580.9 15640.5 20123.2 23410.8 25100.7 25125.6 21061.5 22824.9 25533.2 24222.9 1 14602.3 15730.7 10016.6 12494.7 14422.8 15459.5 15379.5 13061.8 14516.7 16117.9 15574.9 2 4329.0 5248.0 2748.4 3995.3 4646.9 4992.6 5126.0 4207.6 4158.2 4596.6 4047.6 3 5408.0 4602.2 2875.4 3633.2 4341.1 4648.7 4620.1 3792.2 4150.0 4818.7 4600.4 4 24339.3 25580.9 15640.5 20123.2 23410.8 25100.7 25125.6 21061.5 22824.9 25533.2 24222.9 5 9645.0 88.4 0.0 2448.1 9631.6 94.5 0.0 2812.2 5759.5 66.1 188.7 1806.6 7419.7 96.0 67.4 2477.2 8736.7 78.2 49.9 2962.1 9592.3 76.5 55.1 3161.2 9645.2 75.0 61.1 3165.2 8142.0 73.6 56.7 2693.0 8720.8 72.7 57.5 2973.6 9691.5 69.5 47.7 3376.4 9216.3 65.9 43.4 3246.9 6 7 8 9 0.0 79.8 0.0 0.0 88.8 0.0 0.0 33.8 0.0 25.1 63.6 0.0 26.4 73.6 0.1 0.0 78.0 0.0 0.0 80.9 0.0 0.0 58.7 0.0 0.0 67.4 0.0 0.0 80.4 0.0 0.0 75.0 0.0 10 11 12 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 13 14 Property-casualty insurance companies Life insurance companies 227.0 1364.8 236.2 1464.6 193.3 1001.7 219.8 1208.5 219.2 1402.6 222.7 1490.0 220.2 1496.1 203.4 1322.2 224.4 1390.2 248.9 1501.0 244.4 1446.7 13 14 15 16 17 Private pension funds State and local govt. retirement funds Federal government retirement funds 2724.8 1926.1 135.6 2673.3 2013.7 145.8 1599.7 1237.9 83.7 1835.7 1549.8 116.9 2081.1 1782.5 141.0 2185.3 1861.9 149.0 2164.7 1848.2 149.5 1815.5 1525.4 121.0 2005.1 1690.6 134.4 2245.6 1885.3 153.2 2148.1 1803.7 146.4 15 16 17 18 19 20 Mutual funds Closed-end funds Exchange-traded funds 4989.6 121.5 402.0 5476.9 144.9 573.7 3014.1 72.2 474.0 4136.2 87.9 670.0 4762.7 97.2 854.1 5087.0 100.9 909.1 5067.4 101.4 919.5 4073.8 95.5 783.0 4427.2 96.3 863.8 5029.3 97.7 990.4 4632.0 96.2 944.5 18 19 20 21 22 Brokers and dealers Funding corporations 186.4 0.0 224.8 0.0 109.2 0.0 124.2 25.1 117.2 26.4 131.7 0.0 131.3 0.0 97.8 0.0 100.9 0.0 116.3 0.0 113.5 0.0 21 22 18993.6 19064.6 12009.6 14937.3 17376.2 18665.7 18546.3 15615.5 17313.9 19402.9 18701.8 23 Memo: 23 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 11, 12, 13, 19, 20, 21, and 22; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 7068.3 7829.0 5435.3 6961.6 7934.5 8471.9 8570.5 7532.8 8000.5 8851.1 8627.0 1 2 Holdings at market value 7068.3 7829.0 5435.3 6961.6 7934.5 8471.9 8570.5 7532.8 8000.5 8851.1 8627.0 2 4194.1 173.1 4605.3 178.0 3340.0 106.2 4157.3 161.9 4606.6 186.6 4958.2 190.2 5014.6 186.6 4401.3 162.9 4645.8 167.5 5189.3 177.3 5065.7 166.6 3 4 34.0 316.8 38.4 373.5 38.8 256.2 41.3 363.6 37.7 513.8 37.5 569.6 37.5 599.8 36.7 527.2 36.3 559.9 30.9 619.5 27.9 603.8 5 6 24.5 2.1 29.6 2.1 19.6 2.0 46.1 1.3 45.0 1.5 47.1 1.7 45.0 1.8 36.6 1.8 41.7 1.8 46.7 2.0 47.3 2.0 7 8 6.9 148.8 6.8 188.4 4.4 121.0 5.3 140.8 5.7 155.7 5.8 158.7 5.8 158.5 5.2 142.9 5.5 150.1 5.7 159.1 5.5 153.2 9 10 1880.4 287.5 2110.6 296.4 1366.0 181.1 1817.3 226.7 2121.1 260.8 2230.7 272.4 2250.6 270.4 1995.1 223.2 2144.6 247.3 2344.7 275.8 2291.3 263.9 11 12 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 7 8 U.S.-chartered depository institutions Credit unions 9 10 Property-casualty insurance companies Life insurance companies 11 12 Private pension funds State and local govt. retirement funds (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 102 Z.1, September 20, 2012 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total liabilities 2 3 4 Household sector Corporate business Noncorporate business 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 9 Financial sectors 10 11 12 Finance companies REITs Brokers and dealers 13 14 Holding companies Funding corporations 15 Total assets 16 Monetary authority (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1741.0 2060.1 2750.0 2021.7 1954.3 1944.6 1972.1 2023.9 2086.8 2101.9 2148.8 1 30.9 613.0 785.7 21.8 715.9 926.5 26.4 780.0 1046.1 10.2 560.3 929.8 61.0 545.2 859.4 45.3 548.8 863.3 -1.0 557.9 878.6 -9.8 583.8 894.7 12.4 618.4 911.7 34.8 611.9 939.0 88.5 636.6 959.7 2 3 4 98.3 1.9 21.9 74.4 102.8 1.9 30.2 70.8 107.9 2.6 33.0 72.4 96.8 3.2 27.9 65.8 115.1 4.3 39.7 71.2 127.1 4.2 45.7 77.1 130.5 3.2 49.1 78.2 140.9 3.1 53.0 84.8 144.3 2.6 51.0 90.7 153.6 2.5 51.6 99.5 164.8 2.2 54.4 108.3 5 6 7 8 213.0 293.1 789.5 424.7 373.7 360.1 406.0 414.2 399.9 362.6 299.1 9 129.2 28.4 0.0 182.0 33.2 0.0 174.9 32.8 45.5 144.5 20.7 0.0 91.5 18.5 0.0 93.8 16.2 0.0 89.4 15.6 0.0 98.3 20.4 0.0 102.1 22.1 0.0 97.5 18.6 0.0 103.5 20.0 0.0 10 11 12 55.4 0.0 77.9 0.0 91.3 444.9 164.2 95.3 190.3 73.4 200.1 49.9 258.4 42.5 264.4 31.0 254.3 21.5 234.5 11.9 175.7 0.0 13 14 1741.0 2060.1 2750.0 2021.7 1954.3 1944.6 1972.1 2023.9 2086.8 2101.9 2148.8 15 0.0 0.0 490.4 142.8 98.1 69.1 55.3 42.3 30.5 19.0 4.5 16 1331.1 361.8 25.6 22.5 1544.6 466.8 21.4 27.3 1675.8 531.9 19.7 32.1 1419.6 406.5 19.4 33.4 1412.9 390.4 16.1 36.9 1415.5 405.7 16.0 38.3 1445.0 416.7 16.0 39.2 1501.0 424.7 16.6 39.2 1569.2 426.6 17.1 43.5 1596.2 427.2 17.2 42.2 1666.5 419.3 17.3 41.1 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.108. 103 Z.1, September 20, 2012 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total other loans and advances 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1982.9 2511.0 2610.2 2098.1 1797.8 1766.6 1781.3 1784.2 1810.3 1773.2 1792.7 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations 107.3 12.9 11.2 45.7 11.2 26.4 0.0 0.0 0.0 105.2 12.5 10.9 46.8 11.9 23.1 0.0 0.0 0.0 111.3 12.8 15.3 48.9 12.7 21.6 0.0 0.0 0.0 177.4 12.6 74.9 52.4 13.5 21.9 0.0 0.0 2.0 180.9 11.6 70.6 53.0 14.4 22.1 0.0 0.0 9.2 183.1 11.6 71.9 53.6 14.5 22.2 0.0 0.0 9.3 180.2 11.4 67.8 54.7 14.7 21.9 0.0 0.0 9.7 181.9 11.4 68.6 55.1 15.0 22.0 0.0 0.0 9.8 185.8 11.2 70.1 55.9 15.3 23.5 0.0 0.0 9.8 188.2 10.9 71.7 55.9 15.4 25.4 0.0 0.0 8.8 189.8 11.0 73.3 56.5 15.7 25.5 0.0 0.0 7.9 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 168.8 168.8 271.5 271.5 207.3 207.3 182.5 182.5 160.4 160.4 166.7 166.7 185.1 185.1 207.4 207.4 202.5 202.5 176.0 176.0 170.2 170.2 11 12 13 14 15 16 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 0.0 0.4 0.3 0.2 0.0 0.5 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 5.6 5.6 0.0 6.3 6.3 0.0 8.2 8.2 0.0 14.6 14.6 0.0 18.9 18.9 0.0 26.9 26.9 0.0 24.2 24.2 0.0 24.8 24.8 0.0 22.9 22.9 0.0 53.1 51.8 1.3 53.3 51.1 2.3 17 18 19 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 110.9 0.6 110.2 114.5 0.6 113.9 120.4 0.6 119.8 121.1 0.5 120.6 124.5 0.5 124.0 124.8 0.5 124.3 125.5 0.5 125.0 126.4 0.5 125.9 126.9 0.5 126.5 126.9 0.4 126.4 126.6 0.4 126.2 20 21 22 23 24 25 26 27 28 29 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 704.9 0.0 7.6 55.9 608.3 18.9 14.2 942.6 0.0 9.5 66.0 806.1 32.3 28.7 980.7 0.0 5.8 74.5 805.0 40.6 54.9 695.9 0.0 5.3 74.7 541.1 26.5 48.3 551.3 0.0 6.9 80.3 392.8 26.1 45.1 522.8 0.0 8.1 81.5 364.0 23.7 45.5 500.2 0.0 6.8 78.3 346.1 22.8 46.2 479.8 0.0 5.7 75.3 328.7 23.7 46.4 487.0 0.0 6.0 77.7 332.3 24.2 46.8 467.3 0.0 7.3 79.3 309.3 22.9 48.5 491.3 0.0 6.6 80.4 328.2 23.7 52.4 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 97.7 97.7 93.7 93.7 78.1 78.1 54.4 54.4 4.0 4.0 0.3 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 498.0 448.2 49.8 523.0 470.7 52.3 539.9 485.9 54.0 448.9 404.0 44.9 407.7 366.9 40.8 406.3 365.7 40.6 394.7 355.3 39.5 395.4 355.9 39.5 410.0 369.0 41.0 410.2 369.2 41.0 410.4 369.3 41.0 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 289.2 9.1 22.4 46.3 155.7 41.7 14.1 453.8 17.6 31.9 82.4 248.3 52.8 20.8 564.3 29.7 46.3 94.8 301.7 55.9 35.9 403.4 26.8 20.4 75.4 197.8 60.1 22.9 350.2 26.2 16.7 74.6 163.8 47.4 21.4 335.7 25.2 15.4 86.7 144.1 45.9 18.3 371.3 25.7 17.3 99.7 161.6 48.0 19.0 368.3 25.5 20.6 95.3 156.2 54.4 16.4 375.1 23.4 22.2 93.5 162.3 54.3 19.4 351.6 26.5 20.2 94.2 166.8 30.6 13.2 351.1 26.1 21.2 93.3 168.8 28.1 13.5 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 104 Z.1, September 20, 2012 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 Total mortgages Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 13 Total assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 13470.6 14546.1 14635.3 14353.7 13730.2 13635.3 13544.6 13461.8 13402.2 13292.6 13216.4 1 10469.8 705.7 2187.1 108.0 11194.2 790.3 2449.0 112.7 11088.3 844.5 2567.8 134.7 10888.9 854.0 2479.5 131.3 10422.2 842.8 2324.2 141.0 10347.7 842.0 2303.4 142.2 10282.0 841.8 2277.3 143.5 10223.8 842.7 2250.6 144.7 10167.1 847.7 2241.5 146.0 10081.0 846.3 2218.1 147.2 10028.0 849.7 2190.2 148.5 2 3 4 5 13470.6 14546.1 14635.3 14353.7 13730.2 13635.3 13544.6 13461.8 13402.2 13292.6 13216.4 6 10069.9 10770.8 10715.6 10563.2 10132.8 10065.0 10004.7 9949.9 9897.1 9813.7 9760.7 7 3248.6 872.7 2375.9 3618.5 935.5 2683.0 3756.3 886.3 2869.9 3623.6 766.5 2857.2 3430.3 698.5 2731.8 3401.5 690.9 2710.6 3366.3 679.2 2687.1 3337.4 669.1 2668.3 3329.0 664.4 2664.6 3300.2 657.7 2642.4 3270.3 646.0 2624.3 8 9 10 0.0 152.1 0.0 156.7 0.0 163.5 0.0 166.9 0.0 167.1 0.0 168.9 0.0 173.5 0.0 174.5 0.0 176.2 0.0 178.8 0.0 185.4 11 12 13470.6 14546.1 14635.3 14353.7 13730.2 13635.3 13544.6 13461.8 13402.2 13292.6 13216.4 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 122.1 59.8 34.6 109.8 41.4 42.1 111.1 33.6 39.1 101.4 29.5 37.9 90.1 28.0 36.5 87.7 27.7 36.4 84.6 27.3 36.3 82.8 26.9 36.2 79.5 26.5 36.3 75.5 26.2 36.4 71.5 25.8 36.4 14 15 16 17 18 State and local governments Federal government 164.0 80.3 181.2 82.4 180.2 95.8 189.3 108.4 185.9 106.6 185.8 107.8 184.9 109.3 181.7 109.3 179.8 110.6 178.0 111.7 175.4 112.2 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4415.7 24.9 39.2 252.5 4658.6 39.0 40.8 280.2 4615.2 44.2 42.6 312.2 4371.9 37.8 42.3 316.9 4194.9 35.4 35.8 317.0 4082.5 33.8 34.8 316.8 4045.9 33.0 33.9 317.8 4038.2 33.7 33.4 318.9 4049.6 32.8 33.4 320.5 3984.5 31.2 32.9 321.6 3986.4 31.2 32.4 323.8 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 3.5 303.8 4.8 326.2 5.0 342.4 4.4 326.1 4.1 317.5 4.1 318.2 4.3 322.8 4.6 328.6 4.9 332.5 5.2 336.7 5.4 340.5 23 24 25 26 Private pension funds State and local govt. retirement funds 9.5 14.4 10.2 9.7 11.1 9.4 13.6 9.3 15.5 9.4 15.0 9.2 14.8 9.2 14.2 9.3 15.0 9.3 14.8 9.3 14.7 9.3 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 607.2 3841.1 643.1 4464.4 705.3 4961.4 707.7 5376.7 5021.0 1139.5 5054.6 1187.0 5018.4 1236.0 4964.6 1277.3 4924.0 1304.8 4922.8 1329.9 4870.2 1377.3 27 28 29 30 31 ABS issuers Finance companies REITs 2767.2 594.4 136.3 2957.3 531.9 123.1 2602.4 447.9 76.3 2234.7 397.4 48.3 1907.6 243.6 41.9 1854.2 236.9 42.7 1792.7 228.0 45.3 1741.8 218.0 42.3 1689.2 211.5 42.1 1628.5 206.7 40.9 1562.6 197.6 43.7 29 30 31 105 Z.1, September 20, 2012 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 10469.8 11194.2 11088.3 10888.9 10422.2 10347.7 10282.0 10223.8 10167.1 10081.0 10028.0 1 9879.2 39.4 551.2 10566.9 42.2 585.1 10514.7 32.7 540.9 10369.2 20.3 499.4 9950.9 13.6 457.8 9884.7 12.4 450.7 9826.5 11.4 444.1 9773.7 10.7 439.4 9721.6 10.2 435.3 9640.0 9.9 431.1 9589.1 9.9 429.0 2 3 4 10469.8 11194.2 11088.3 10888.9 10422.2 10347.7 10282.0 10223.8 10167.1 10081.0 10028.0 5 102.9 35.9 12.7 90.8 25.0 15.4 91.2 20.2 14.3 83.2 17.7 13.9 75.2 16.8 13.3 73.2 16.6 13.3 71.2 16.4 13.3 69.2 16.1 13.3 67.2 15.9 13.3 65.2 15.7 13.3 63.2 15.5 13.3 6 7 8 83.6 13.3 92.8 13.7 92.5 16.4 97.2 22.1 94.8 23.9 94.7 24.3 94.2 24.9 92.6 24.5 91.6 24.8 90.7 25.5 89.4 25.7 9 10 9 10 State and local governments Federal government 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2932.7 0.0 17.2 252.5 3068.0 0.0 21.5 280.2 2883.6 7.0 22.9 312.2 2686.6 0.9 22.6 316.9 2612.0 1.1 20.1 317.0 2525.2 1.1 18.8 316.8 2506.7 1.1 18.2 317.8 2518.1 1.3 17.9 318.9 2535.0 1.3 17.8 320.5 2481.8 1.4 17.5 321.6 2490.6 1.3 17.3 323.8 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 10.3 1.3 5.2 9.4 1.2 3.5 8.6 1.3 3.4 6.4 2.0 3.3 5.6 1.9 3.4 5.6 1.7 3.3 5.9 1.7 3.3 6.2 1.6 3.4 6.4 1.6 3.3 6.5 1.7 3.3 6.7 1.9 3.3 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 457.6 3749.1 447.9 4371.8 456.6 4864.0 445.3 5266.5 4699.3 1068.8 4732.3 1112.5 4696.7 1155.7 4640.2 1194.5 4595.9 1216.8 4591.6 1237.2 4539.0 1276.2 18 19 20 21 22 ABS issuers Finance companies REITs 2153.0 538.1 104.2 2199.7 472.7 80.7 1884.5 375.4 34.3 1564.0 327.7 12.6 1290.6 169.5 8.9 1236.0 163.3 9.0 1187.0 159.0 9.0 1142.7 155.2 8.1 1097.9 149.7 8.1 1053.2 146.1 8.6 1007.2 142.1 11.7 20 21 22 1066.8 791.2 0.0 86.9 81.1 107.6 1132.3 872.7 0.0 94.1 70.9 94.5 1115.3 894.7 0.8 98.7 46.0 75.1 1032.9 841.4 0.3 94.6 31.1 65.5 928.1 783.3 0.3 88.2 22.5 33.9 904.8 764.4 0.3 86.6 20.9 32.7 884.5 747.8 0.3 84.9 19.7 31.8 868.8 735.0 0.3 83.8 18.7 31.0 853.3 723.1 0.3 82.2 17.8 29.9 831.1 705.1 0.3 79.8 16.8 29.2 813.5 690.2 0.2 78.6 16.0 28.4 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 790.3 844.5 854.0 842.8 842.0 841.8 842.7 847.7 846.3 849.7 1 34.0 646.5 38.4 729.1 41.0 778.5 41.4 785.8 40.8 774.4 40.7 774.2 40.7 773.9 40.8 774.5 41.0 779.1 41.0 778.3 41.2 782.0 2 3 0.0 25.1 0.0 22.7 0.0 25.1 0.0 26.8 0.0 27.7 0.0 27.1 0.0 27.2 0.0 27.4 0.0 27.6 0.0 27.0 0.0 26.5 4 5 705.7 790.3 844.5 854.0 842.8 842.0 841.8 842.7 847.7 846.3 849.7 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.9 11.7 0.0 0.6 14.3 0.0 0.5 13.3 0.0 0.5 12.9 0.0 0.4 12.4 0.0 0.4 12.4 0.0 0.4 12.3 0.0 0.4 12.3 0.0 0.4 12.3 0.0 0.4 12.4 0.0 0.4 12.4 7 8 9 10 11 State and local governments Federal government 65.6 14.8 72.8 14.4 72.5 14.5 76.2 14.7 74.9 14.4 75.0 14.3 74.6 14.1 73.3 14.1 72.6 14.1 71.8 14.1 70.8 13.9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 253.3 0.0 261.1 0.0 276.0 4.3 267.0 4.0 254.9 3.5 251.5 3.5 250.3 3.2 248.7 2.9 248.3 2.9 244.7 1.5 246.4 1.4 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 46.1 2.0 4.3 51.8 2.1 2.9 51.8 2.4 2.8 48.5 2.7 2.8 47.2 3.1 2.8 47.3 3.1 2.8 47.9 2.9 2.8 48.8 2.7 2.8 49.4 2.9 2.8 50.0 2.9 2.8 50.6 3.1 2.8 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 105.4 88.8 147.7 88.1 190.2 92.8 204.4 105.7 256.5 66.9 256.1 71.3 254.6 77.1 256.4 81.1 259.2 86.4 261.3 91.1 260.4 99.1 17 18 19 20 21 ABS issuers Finance companies REITs 102.5 5.1 5.0 124.0 5.1 5.2 113.2 5.8 4.3 107.4 5.1 2.3 98.7 5.1 1.9 98.0 4.6 1.8 95.4 4.2 1.8 93.5 3.9 1.8 91.1 3.6 1.7 88.1 3.5 1.7 83.3 3.3 1.7 19 20 21 7 8 9 Total assets 705.7 106 Z.1, September 20, 2012 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2187.1 2449.0 2567.8 2479.5 2324.2 2303.4 2277.3 2250.6 2241.5 2218.1 2190.2 1 190.7 778.3 1091.2 127.0 204.0 832.1 1278.9 134.0 200.9 783.8 1444.6 138.4 194.0 675.2 1470.2 140.1 181.9 611.1 1391.7 139.4 180.3 604.1 1377.2 141.8 178.3 592.9 1359.8 146.3 176.2 582.8 1344.5 147.1 175.5 577.7 1339.7 148.6 173.7 570.7 1321.9 151.8 171.6 558.1 1301.6 158.9 2 3 4 5 2187.1 2449.0 2567.8 2479.5 2324.2 2303.4 2277.3 2250.6 2241.5 2218.1 2190.2 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17.0 23.0 9.5 19.1 15.8 11.5 20.0 13.0 10.7 19.2 11.4 10.4 16.7 10.8 10.0 15.8 10.7 10.0 14.8 10.5 10.0 13.6 10.4 9.9 12.4 10.2 10.0 11.0 10.1 10.0 9.6 9.9 10.0 7 8 9 10 11 State and local governments Federal government 13.1 48.9 14.6 51.0 14.5 61.4 15.2 67.8 15.5 64.1 15.4 64.9 15.3 66.0 15.1 66.3 14.9 67.2 14.8 67.6 14.6 68.0 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1188.7 24.9 22.0 1286.8 39.0 19.3 1404.2 32.8 19.7 1367.4 32.9 19.6 1273.2 30.8 15.7 1250.7 29.2 16.1 1233.6 28.7 15.7 1215.8 29.5 15.4 1210.3 28.5 15.6 1201.1 28.2 15.4 1192.3 28.4 15.1 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 3.5 235.4 4.8 252.2 5.0 267.1 4.4 257.7 4.1 251.3 4.1 252.0 4.3 255.6 4.6 260.2 4.9 263.2 5.2 266.5 5.4 269.6 15 16 17 18 Private pension funds State and local govt. retirement funds 6.2 4.9 6.8 3.3 7.4 3.2 8.9 3.2 10.4 3.2 10.2 3.1 10.2 3.1 9.9 3.2 10.5 3.2 10.2 3.1 9.7 3.1 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 511.7 0.0 633.6 0.0 604.7 0.0 563.3 0.0 518.3 0.0 520.2 0.0 510.3 0.0 505.6 0.0 500.2 0.0 487.2 0.0 472.1 19 20 21 22 Finance companies REITs 51.1 27.1 54.0 37.3 66.6 37.7 64.6 33.4 68.9 31.2 69.0 31.9 64.8 34.5 58.8 32.4 58.2 32.3 57.1 30.6 52.2 30.3 21 22 108.0 112.7 134.7 131.3 141.0 142.2 143.5 144.7 146.0 147.2 148.5 1 21.0 87.0 22.8 89.9 28.8 105.9 29.6 101.7 33.1 107.9 33.7 108.6 34.3 109.2 34.9 109.9 35.5 110.5 36.1 111.1 36.8 111.7 2 3 7 8 9 Total assets 2007 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 108.0 112.7 134.7 131.3 141.0 142.2 143.5 144.7 146.0 147.2 148.5 4 5 6 Total assets Household sector Nonfinancial noncorporate business 2.2 0.7 -0.0 0.8 -0.0 0.8 -1.0 0.8 -1.8 0.7 -1.3 0.7 -1.4 0.7 -0.0 0.7 -0.1 0.7 -0.8 0.7 -1.3 0.7 5 6 7 8 State and local governments Federal government 1.6 3.2 1.0 3.3 0.7 3.5 0.7 3.9 0.7 4.3 0.7 4.2 0.7 4.3 0.7 4.4 0.7 4.5 0.7 4.6 0.7 4.6 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 40.9 0.0 42.8 0.0 51.5 0.1 51.0 0.0 54.8 0.0 55.1 0.0 55.3 0.0 55.7 0.0 56.0 0.0 56.9 0.0 57.2 0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds 12.0 0.0 12.8 0.0 15.0 0.0 13.5 0.0 13.3 0.0 13.3 0.0 13.4 0.0 13.5 0.0 13.5 0.0 13.6 0.0 13.7 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 44.2 3.2 47.6 4.5 58.5 4.7 58.0 4.5 65.2 3.8 66.2 3.2 67.1 3.2 68.0 1.7 68.9 1.7 69.8 1.6 70.8 2.0 13 14 (1) Excludes mortgages on farm houses. 107 Z.1, September 20, 2012 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1 Total liabilities (Households) 2385.0 2528.8 2548.9 2438.8 2545.3 2512.3 2534.2 2578.6 2631.7 2619.0 2661.1 1 2 Total assets 2385.0 2528.8 2548.9 2438.8 2545.3 2512.3 2534.2 2578.6 2631.7 2619.0 2661.1 2 57.0 0.0 86.9 59.3 0.0 93.0 56.3 0.0 104.3 51.7 0.0 178.6 53.1 0.0 308.8 51.5 0.0 347.5 52.0 0.0 362.4 52.6 0.0 398.5 53.5 0.0 417.4 51.9 0.0 452.6 52.1 0.0 470.7 3 4 5 3 4 5 Nonfinancial corporate business Nonfinancial noncorporate business Federal government (1) 6 7 U.S.-chartered depository institutions Credit unions 836.7 236.1 894.9 236.6 965.0 236.2 906.3 237.1 1185.5 226.5 1143.6 218.1 1159.8 220.9 1163.1 223.9 1192.6 223.0 1155.7 223.0 1174.5 230.3 6 7 Government-sponsored enterprises ABS issuers Finance companies 0.0 636.3 531.9 0.0 673.0 572.1 0.0 632.9 554.3 0.0 593.3 471.9 0.0 63.0 708.4 0.0 57.5 694.2 0.0 53.3 685.9 0.0 53.8 686.8 0.0 55.0 690.2 0.0 54.0 681.9 0.0 55.9 677.7 8 9 10 8 9 10 (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total trade payables 2 Household sector 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Federal government 7 8 Rest of the world Brokers and dealers 9 Total trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 State and local governments Federal government Rest of the world 15 16 Property-casualty insurance companies ABS issuers 17 Discrepancy 3195.9 3398.0 3228.1 3204.9 3393.7 3441.1 3506.8 3557.0 3615.2 3702.6 3740.8 1 199.9 214.5 236.7 252.7 274.1 279.1 282.6 286.0 288.2 289.8 290.5 2 1812.9 348.9 1897.9 374.9 1672.8 380.7 1587.5 388.3 1750.6 369.3 1771.5 367.5 1830.3 368.3 1870.1 369.9 1928.6 367.9 1991.2 366.1 2027.7 363.5 3 4 516.4 208.9 553.5 238.2 592.7 260.8 632.3 204.6 672.3 213.3 682.3 228.1 692.4 234.3 702.4 238.1 712.5 234.7 722.6 244.8 732.7 248.9 5 6 60.7 48.3 73.1 45.8 63.2 21.2 69.3 70.1 95.9 18.1 94.1 18.5 79.5 19.3 74.1 16.4 69.1 14.2 70.8 17.3 64.0 13.5 7 8 2961.1 3189.2 2993.1 2867.1 2969.8 3060.8 3163.2 3212.3 3165.0 3290.7 3372.2 9 2090.5 470.9 2252.4 525.6 2084.6 522.7 2056.0 496.3 2187.4 477.4 2280.9 476.1 2383.5 475.1 2420.9 474.6 2373.3 475.7 2492.0 476.3 2572.0 476.1 10 11 82.4 59.4 62.8 69.9 60.6 83.6 48.8 64.7 90.1 30.2 43.6 96.7 10.0 42.9 116.3 5.0 44.7 116.2 0.0 47.0 118.3 0.0 48.2 132.3 0.0 47.7 133.5 0.0 49.0 136.9 0.0 50.6 139.0 12 13 14 87.0 108.3 85.4 111.7 86.7 95.5 83.0 61.3 83.8 51.8 84.4 53.6 88.2 51.1 88.7 47.5 87.2 47.6 91.1 45.3 92.0 42.4 15 16 234.8 208.8 234.9 337.7 423.9 380.3 343.6 344.7 450.2 411.9 368.7 17 1249.9 1526.4 1128.5 1091.2 1214.8 1258.1 1323.8 1380.9 1312.1 1375.5 1410.2 1 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Household sector Rest of the world 292.1 0.0 325.5 0.0 164.8 0.0 203.0 0.0 278.2 0.0 315.7 0.0 312.8 0.0 251.9 0.0 238.5 0.0 267.7 0.0 244.5 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 957.8 655.7 116.5 185.6 1200.9 866.4 145.9 188.6 963.6 742.7 158.6 62.3 888.2 668.6 158.0 61.6 936.6 694.3 152.3 90.1 942.3 703.3 152.1 86.9 1011.0 757.7 163.2 90.1 1128.9 804.9 186.9 137.2 1073.6 752.3 189.6 131.7 1107.8 762.3 190.8 154.7 1165.7 777.7 209.8 178.3 4 5 6 7 8 1249.9 1526.4 1128.5 1091.2 1214.8 1258.1 1323.8 1380.9 1312.1 1375.5 1410.2 8 9 10 Total assets Household sector Rest of the world 655.7 0.0 866.4 0.0 742.7 0.0 668.6 0.0 694.3 0.0 703.3 0.0 757.7 0.0 804.9 0.0 752.3 0.0 762.3 0.0 777.7 0.0 9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. Brokers and dealers 116.5 185.6 292.1 145.9 188.6 325.5 158.6 62.3 164.8 158.0 61.6 203.0 152.3 90.1 278.2 152.1 86.9 315.7 163.2 90.1 312.8 186.9 137.2 251.9 189.6 131.7 238.5 190.8 154.7 267.7 209.8 178.3 244.5 11 12 13 108 Z.1, September 20, 2012 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Life insurance reserves: 1 2 3 4 5 6 7 Total liabilities 1163.7 1201.5 1179.8 1242.1 1278.3 1302.8 1317.5 1320.3 1352.0 1381.5 1370.8 1 44.2 1119.5 45.4 1156.1 46.4 1133.4 47.5 1194.5 48.4 1229.9 48.5 1254.3 48.9 1268.6 49.2 1271.1 49.7 1302.3 49.8 1331.6 50.2 1320.6 2 3 1163.7 1201.5 1179.8 1242.1 1278.3 1302.8 1317.5 1320.3 1352.0 1381.5 1370.8 4 1055.2 93.4 15.2 1076.8 104.3 20.5 1049.8 110.7 19.3 1109.2 111.5 21.4 1137.2 116.0 25.1 1160.3 117.3 25.1 1174.1 118.4 25.0 1174.5 119.3 26.5 1203.6 120.8 27.6 1214.0 133.8 33.7 1201.1 135.0 34.8 5 6 7 12750.6 13390.7 10409.6 11915.0 13090.9 13511.3 13434.8 12453.9 13152.4 13954.6 13656.2 8 Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies Pension fund reserves: 8 Total liabilities 9 10 Life insurance companies Private pension funds (1) 2332.4 6120.5 2450.8 6444.8 2184.6 4588.0 2323.0 5507.4 2504.7 6136.6 2589.1 6367.7 2611.0 6366.3 2519.6 5734.7 2556.6 6118.2 2633.6 6597.5 2579.1 6427.6 9 10 11 12 State and local govt. retirement funds Federal government retirement funds (2) 3156.6 1141.1 3297.9 1197.1 2414.7 1222.3 2759.8 1324.9 3024.0 1425.5 3131.3 1423.1 3116.3 1341.2 2771.4 1428.2 2967.9 1509.7 3210.0 1513.4 3132.4 1517.1 11 12 12750.6 13390.7 10409.6 11915.0 13090.9 13511.3 13434.8 12453.9 13152.4 13954.6 13656.2 13 13 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (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 237.0 167.7 44.0 40.6 50.7 75.9 63.8 65.3 64.7 76.5 73.2 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 85.4 95.7 35.8 99.5 39.0 106.2 35.7 99.9 42.9 95.1 60.7 94.7 50.6 94.5 56.7 94.4 47.8 94.6 59.1 94.8 55.9 94.8 2 3 4 U.S.-chartered depository institutions 28.0 12.4 -73.6 -66.2 -59.6 -54.9 -50.3 -46.9 -49.1 -52.6 -50.3 4 5 6 Property-casualty insurance companies Life insurance companies 9.4 -1.3 7.0 -4.7 -21.1 -24.4 -15.8 -31.4 -10.1 -28.8 -7.9 -27.9 -13.1 -29.1 -19.4 -30.3 -14.5 -23.6 -8.0 -27.3 -13.2 -23.9 5 6 7 8 Finance companies Brokers and dealers 17.0 2.8 15.5 2.2 15.4 2.5 12.7 5.7 7.7 3.6 7.0 4.2 6.8 4.3 7.2 3.7 7.3 2.1 7.6 3.0 7.1 2.8 7 8 285.1 342.5 389.3 416.1 448.9 458.2 466.8 463.0 474.0 479.5 486.2 9 189.0 96.1 237.5 105.0 269.8 119.4 280.9 135.1 298.0 150.8 303.5 154.8 308.2 158.7 300.4 162.6 307.5 166.5 309.0 170.5 311.9 174.4 10 11 -48.1 -174.8 -345.3 -375.5 -398.2 -382.3 -403.1 -397.7 -409.3 -402.9 -413.1 12 9204.3 9341.1 7733.4 6480.6 7018.5 7184.1 7247.3 7365.0 7525.3 7603.9 7691.9 1 9194.5 9.8 9329.5 11.6 7723.9 9.5 6468.5 12.1 7004.7 13.8 7168.7 15.4 7232.2 15.1 7351.4 13.6 7512.3 13.0 7585.8 18.1 7673.7 18.2 2 3 9 10 11 12 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 Total household equity Nonfinancial noncorporate business Brokers and dealers 109 Z.1, September 20, 2012 L.228 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 15692.9 17539.8 20072.8 19982.0 20661.0 20339.3 20219.7 21547.7 21048.6 21022.8 21604.6 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 22.8 3659.6 1006.1 23.9 3873.5 1100.0 27.0 4059.8 1214.3 22.1 4034.8 1248.1 24.7 4093.2 1283.3 25.2 3939.8 1289.2 25.6 3811.4 1295.9 24.4 3786.6 1302.9 24.3 3752.6 1305.8 26.2 3687.2 1315.4 28.0 3660.0 1314.8 2 3 4 5 6 Federal government Rest of the world 1017.2 4239.1 1094.2 5104.6 1183.5 6059.0 1261.6 5959.9 1349.4 6498.1 1335.1 6369.0 1242.0 6357.1 1358.1 7371.5 1438.3 6771.1 1420.6 6410.8 1429.6 6987.4 5 6 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 18.5 1200.6 154.8 40.7 9.2 21.0 1310.2 299.6 28.8 3.6 23.1 1491.2 849.4 24.9 4.7 29.2 1628.9 431.3 29.2 19.4 58.4 1809.8 438.7 23.3 11.0 29.3 1847.9 480.7 22.9 11.6 27.0 1890.0 542.4 21.6 12.2 27.7 1935.2 737.6 25.0 11.5 31.7 1943.0 694.0 19.4 12.4 33.7 2033.2 633.0 19.1 13.2 28.5 2097.2 652.3 17.9 12.6 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 815.7 925.9 811.1 1010.6 811.0 905.0 819.5 985.6 831.8 1089.7 832.6 1087.0 844.3 1078.3 850.7 1080.9 869.4 1108.8 889.5 1159.3 895.2 1145.2 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs 153.4 715.7 63.0 171.1 654.4 67.6 208.2 664.8 64.9 270.4 573.6 51.1 154.6 316.8 66.0 140.5 296.4 70.1 137.7 287.3 72.1 130.7 292.1 75.3 130.6 284.7 74.4 132.0 278.1 90.0 128.8 252.0 79.5 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 519.5 294.4 836.7 558.4 328.3 1078.9 441.4 422.9 1617.5 450.0 548.0 1619.3 483.1 522.0 1607.0 479.4 529.8 1552.8 496.6 531.6 1546.6 463.9 521.5 1551.9 478.8 481.1 1628.1 500.2 732.6 1648.8 464.0 733.5 1678.0 17 18 19 22324.6 24905.9 25199.2 25479.8 26241.2 26118.7 26394.7 27493.7 27641.4 27974.0 28360.1 20 20 Total liabilities 2007 Total assets 21 22 23 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 646.1 8941.7 1683.5 712.2 9890.0 2014.3 766.3 9377.9 2121.8 787.1 9560.4 2040.0 830.5 10189.5 1963.8 832.3 10186.0 1959.1 834.1 10277.2 1955.8 852.3 10462.5 1954.8 877.2 10831.5 1959.8 871.7 10957.6 1963.1 869.8 11096.7 1963.0 21 22 23 24 25 26 State and local governments Federal government Rest of the world -33.0 136.8 3997.4 -10.9 138.7 4536.2 6.6 110.8 4282.3 19.4 145.8 4197.4 35.4 141.4 4505.0 22.1 141.0 4358.5 13.2 142.7 4501.4 8.3 143.1 5053.9 -15.3 143.1 4811.8 -19.0 140.5 4482.8 -21.1 141.9 4678.4 24 25 26 27 28 29 30 31 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 17.0 772.0 -119.6 5.9 24.9 40.5 869.1 -104.9 12.1 35.9 569.8 1199.2 259.7 11.1 44.3 75.9 1021.7 143.9 6.5 50.6 83.1 929.3 148.7 11.0 41.9 92.8 938.7 182.6 10.9 42.8 105.0 935.8 252.0 11.9 20.5 104.6 1012.8 374.8 16.7 23.4 225.8 952.6 371.4 11.8 15.0 188.1 871.8 300.2 11.8 11.8 187.2 887.9 350.3 15.8 19.0 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies 105.5 303.3 121.1 342.9 102.6 380.1 120.6 357.6 112.3 360.3 110.1 340.1 110.7 353.3 115.7 397.6 105.9 409.3 102.3 431.2 105.4 453.6 32 33 34 35 36 Private pension funds State and local govt. retirement funds Federal government retirement funds 532.5 16.3 918.7 567.1 15.7 952.0 426.5 15.7 1015.3 533.3 16.2 1077.2 549.4 17.0 1142.9 559.0 17.3 1128.8 554.0 17.3 1042.1 503.8 18.0 1149.3 537.3 18.1 1213.7 573.0 18.4 1197.2 561.0 18.6 1203.5 34 35 36 37 38 Money market mutual funds Mutual funds 59.2 14.0 90.9 16.8 47.9 20.0 59.1 14.9 66.9 2.9 69.5 5.5 68.1 13.4 68.3 14.4 72.7 5.7 62.3 18.2 63.8 18.3 37 38 39 40 41 Government-sponsored enterprises Finance companies REITs 114.7 18.9 59.7 141.7 30.1 55.4 99.1 51.5 54.6 100.3 77.8 46.1 148.6 82.2 53.5 108.8 77.0 59.6 109.2 76.3 62.8 154.0 99.8 64.1 148.5 93.1 66.8 150.1 92.2 72.4 135.9 72.1 73.7 39 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 1599.4 1875.8 633.9 1633.7 2054.0 751.5 1105.7 2337.0 793.5 1141.0 3160.6 726.3 1025.3 3129.4 671.0 1005.5 3175.4 695.2 1026.2 3210.2 701.2 1004.5 3215.3 681.8 932.0 3165.9 687.6 951.8 3818.8 705.7 989.3 3795.7 680.1 42 43 44 -6631.6 -7366.1 -5126.5 -5497.9 -5580.2 -5779.3 -6175.0 -5946.1 -6592.9 -6951.2 -6755.5 45 45 Discrepancy 110 Z.1, September 20, 2012 L.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 2948.2 2440.7 95.9 105.5 20.0 42.0 244.1 3553.1 2892.9 150.3 121.1 25.6 177.9 185.3 3748.5 3011.1 201.5 102.6 25.0 221.0 187.4 4029.5 3219.1 257.6 120.6 28.1 187.3 216.8 4306.8 3434.7 273.9 112.3 44.6 210.5 230.8 4419.1 3544.1 278.1 110.1 44.3 210.2 232.3 4560.7 3674.7 280.5 110.7 45.2 214.9 234.7 4642.9 3752.0 274.5 115.7 46.5 217.7 236.5 4681.6 3794.6 270.9 105.9 54.8 217.2 238.1 4806.0 3908.0 274.7 102.3 55.4 224.2 241.4 4894.4 3987.1 275.5 105.4 56.6 226.1 243.6 1 2 3 4 5 6 7 1722.7 3.6 135.4 99.9 71.3 51.1 61.0 9.0 2154.1 1961.9 3.6 94.2 76.6 68.7 68.6 62.6 9.6 2345.9 2050.3 3.6 71.7 51.2 60.3 78.1 72.1 10.2 2397.4 1986.4 4.8 107.7 64.7 69.4 90.0 64.4 10.8 2398.2 2119.9 5.1 114.8 70.6 84.2 103.1 88.5 11.4 2597.7 2149.6 5.4 118.7 71.9 79.1 105.4 90.4 11.6 2631.9 2203.8 5.4 122.4 70.4 79.1 108.2 94.6 11.7 2695.7 2267.1 5.5 131.3 69.3 71.7 108.2 99.0 11.9 2764.0 2361.1 5.8 153.1 73.0 89.2 116.4 98.1 12.0 2908.8 2389.4 5.8 146.6 72.8 87.6 117.5 100.3 12.2 2932.2 2421.6 5.7 149.2 74.5 87.2 117.6 101.5 12.3 2969.7 8 9 10 11 12 13 14 15 16 45.3 45.3 46.9 46.9 48.3 48.3 50.0 50.0 52.3 52.3 52.9 52.9 54.3 54.3 54.7 54.7 54.9 54.9 55.2 55.2 57.0 57.0 17 18 15.3 15.3 18.5 18.5 21.1 21.1 25.6 25.6 26.5 26.5 26.3 26.3 26.5 26.5 26.0 26.0 26.9 26.9 27.2 27.2 27.3 27.3 19 20 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 16 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations Asset: Rest of the world Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 46.9 56.0 51.8 51.8 49.0 48.6 44.2 43.5 43.1 42.4 41.6 21 22 23 24 25 26 27 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.6 4.3 0.0 38.5 1.9 1.6 0.7 5.0 0.0 45.5 2.5 2.2 0.4 6.4 0.0 39.0 2.8 3.2 0.5 6.3 0.0 39.7 2.4 2.9 0.6 6.7 0.0 36.7 2.2 2.9 0.7 6.7 0.0 36.2 2.2 2.9 0.6 6.8 0.0 32.1 2.0 2.7 0.5 7.0 0.0 31.2 2.0 2.7 0.5 7.0 0.0 30.6 2.9 2.1 0.7 7.1 0.0 29.8 2.8 2.1 0.6 7.0 0.0 29.0 2.9 2.1 22 23 24 25 26 27 Holding company net transactions with subsidiaries: 28 29 30 31 32 33 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 1142.9 0.0 38.3 198.5 114.5 68.4 1256.9 0.0 43.7 239.9 57.0 110.6 1370.5 0.0 31.2 232.6 155.2 101.5 1599.5 0.0 40.5 209.3 596.1 125.1 1632.8 0.0 62.7 118.3 623.2 135.6 1671.0 0.0 64.5 102.5 645.3 121.9 1674.2 0.0 67.4 101.7 606.0 186.2 1696.8 0.0 74.6 100.4 593.3 195.9 1711.9 0.0 72.0 97.9 611.5 162.1 1785.1 27.1 159.5 93.9 798.0 181.4 1833.1 29.6 166.5 90.9 760.3 166.3 28 29 30 31 32 33 34 Asset: Holding companies 1562.6 1708.1 1891.0 2570.3 2572.7 2605.1 2635.5 2660.9 2655.4 3045.1 3046.7 34 140.1 140.1 81.5 81.5 80.5 80.5 71.2 71.2 62.5 62.5 74.9 74.9 74.3 74.3 73.3 73.3 71.5 71.5 68.6 68.6 66.4 66.4 35 36 NFC investment in finance company subsidiaries: 35 36 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 37 38 Liab.: Foreign banking offices in U.S. Brokers and dealers 197.3 436.5 241.0 510.5 276.6 516.9 203.1 523.2 171.6 499.4 188.9 506.3 173.4 527.7 140.1 541.7 137.8 549.8 154.3 551.4 128.5 551.6 37 38 39 Asset: Funding corporations 633.9 751.5 793.5 726.3 671.0 695.2 701.2 681.8 687.6 705.7 680.1 39 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.9 0.9 7.7 3.8 3.8 7.8 3.9 3.9 8.3 4.1 4.1 8.7 4.4 4.4 8.8 4.4 4.4 8.8 4.4 4.4 8.7 4.4 4.4 40 41 42 Equity investment under Public-Private Inv. Program: 40 41 42 Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 111 Z.1, September 20, 2012 L.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 2011 Q1 Q2 2012 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 0.6 0.6 0.0 24.5 0.5 24.0 554.2 0.5 553.7 10.9 0.7 10.3 0.8 0.8 0.1 0.7 0.7 0.0 1.0 1.0 0.0 1.5 1.0 0.5 100.5 0.7 99.8 47.2 0.7 46.5 28.7 0.7 28.0 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 19.0 19.0 20.9 20.9 15.5 15.5 15.9 15.9 14.4 14.4 15.0 15.0 14.1 14.1 16.3 16.3 12.6 12.6 16.8 16.8 13.0 13.0 6 7 22.8 22.8 23.9 23.9 27.0 27.0 22.1 22.1 24.7 24.7 25.2 25.2 25.6 25.6 24.4 24.4 24.3 24.3 26.2 26.2 28.0 28.0 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 232.1 149.8 43.5 38.8 247.6 163.3 43.7 40.6 265.2 182.7 40.4 42.1 273.6 192.4 39.2 42.0 288.4 207.1 39.7 41.6 291.2 208.9 39.9 42.4 293.8 213.2 38.6 41.9 300.4 219.4 38.5 42.6 302.8 222.3 37.9 42.6 302.6 221.3 38.1 43.2 298.6 216.5 38.5 43.7 10 11 12 13 14 Asset: Household sector 232.1 247.6 265.2 273.6 288.4 291.2 293.8 300.4 302.8 302.6 298.6 14 Policy payables: 15 Liab.: Property-casualty insurance companies 715.8 734.5 759.9 754.8 761.2 760.7 773.9 781.4 796.4 789.6 791.1 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 320.5 291.6 103.6 327.3 299.9 107.3 337.3 311.1 111.5 332.2 310.2 112.4 335.4 313.2 112.6 334.4 313.3 113.0 339.7 319.0 115.2 342.1 322.4 116.9 348.6 328.7 119.0 344.4 326.4 118.8 343.7 327.5 119.9 16 17 18 387.9 387.9 431.3 431.3 317.6 317.6 412.8 412.8 457.5 457.5 471.6 471.6 471.0 471.0 420.9 420.9 451.3 451.3 487.3 487.3 472.1 472.1 19 20 42.8 42.8 47.2 47.2 47.9 47.9 50.5 50.5 49.2 49.2 49.0 49.0 49.0 49.0 49.1 49.1 49.4 49.4 49.7 49.7 50.0 50.0 21 22 1242.3 1242.3 1240.2 1240.2 887.0 887.0 856.8 856.8 733.4 733.4 709.6 709.6 727.8 727.8 727.0 727.0 658.4 658.4 651.5 651.5 706.5 706.5 23 24 918.7 918.7 952.0 952.0 1015.3 1015.3 1077.2 1077.2 1142.9 1142.9 1128.8 1128.8 1042.1 1042.1 1149.3 1149.3 1213.7 1213.7 1197.2 1197.2 1203.5 1203.5 25 26 93.5 93.5 137.3 137.3 163.8 163.8 180.4 180.4 202.9 202.9 202.8 202.8 196.5 196.5 205.4 205.4 221.4 221.4 220.3 220.3 223.1 223.1 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 27 28 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 112 Z.1, September 20, 2012 L.231 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 4471.3 5119.0 6987.3 6402.2 6639.4 6123.0 5824.4 6916.0 6079.4 5543.2 5998.1 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 1894.1 1002.5 1864.3 1096.4 1961.6 1210.7 1997.9 1243.3 1924.1 1278.1 1741.2 1283.9 1558.6 1290.5 1470.4 1297.4 1342.2 1300.0 1248.1 1309.6 1188.4 1309.1 2 3 4 5 Federal government Rest of the world 5.1 1176.7 4.9 1369.5 4.3 1606.4 4.0 1744.5 3.6 2002.5 3.5 1774.4 3.4 1554.9 3.3 2476.5 3.2 1772.1 3.1 1321.0 3.0 1841.1 4 5 6 7 8 9 10 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 3.2 57.7 -177.9 40.7 9.2 2.5 53.3 -35.6 28.8 3.6 2.1 120.6 501.1 24.9 4.7 3.6 29.4 120.5 29.2 19.4 31.9 177.0 152.4 23.3 11.0 3.1 176.9 173.1 22.9 11.6 0.5 215.8 246.5 21.6 12.2 1.7 238.4 466.2 25.0 11.5 4.8 231.1 403.1 19.4 12.4 6.5 248.1 332.2 19.1 13.2 1.1 264.2 374.6 17.9 12.6 6 7 8 9 10 11 12 13 14 Life insurance companies Government-sponsored enterprises Finance companies REITs 196.3 87.6 326.0 63.0 219.3 94.3 264.4 67.6 230.8 141.0 273.7 64.9 189.3 202.8 203.1 51.1 196.9 91.2 33.0 66.0 180.5 76.8 13.7 70.1 167.1 79.4 3.1 72.1 213.3 71.0 10.2 75.3 193.4 74.9 -1.1 74.4 122.2 72.8 -1.9 90.0 120.9 74.1 -22.8 79.5 11 12 13 14 15 16 17 Brokers and dealers Holding companies Funding corporations -92.5 294.4 -414.6 -71.7 328.3 -170.9 -302.8 422.9 720.3 -733.7 548.0 749.9 -728.1 522.0 854.6 -762.5 529.8 823.9 -731.8 531.6 798.8 -770.1 521.5 804.4 -780.6 481.1 948.9 -949.5 732.6 976.3 -949.5 733.5 950.4 15 16 17 11102.9 12485.1 12113.8 11900.1 12219.6 11902.3 11999.4 12862.0 12672.2 12494.4 12753.5 18 6068.7 1575.6 6615.0 1902.0 5974.8 2003.9 5959.4 1921.3 6378.5 1844.6 6253.0 1839.4 6208.6 1833.8 6314.2 1830.9 6636.1 1833.8 6653.9 1837.3 6715.2 1836.1 19 20 -33.0 91.0 -10.9 91.4 6.6 62.0 19.4 94.3 35.4 84.5 22.1 83.6 13.2 83.3 8.3 83.0 -15.3 83.2 -19.0 80.2 -21.1 79.9 21 22 18 Total liabilities 2007 Total assets 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 State and local governments Federal government 23 Rest of the world 1843.3 2190.2 1884.9 1799.2 1907.3 1726.5 1805.7 2289.9 1903.0 1550.6 1708.7 23 24 25 26 27 28 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 17.0 603.3 -119.6 5.9 23.0 16.5 634.0 -104.9 12.1 33.4 16.1 922.2 259.7 11.1 41.5 65.6 682.9 143.9 6.5 48.2 83.0 577.8 148.7 11.0 39.7 92.8 583.0 182.6 10.9 40.6 105.0 582.7 252.0 11.9 18.5 104.1 664.7 374.8 16.7 21.4 126.0 611.7 371.4 11.8 12.1 141.6 523.3 300.2 11.8 9.0 159.3 543.0 350.3 15.8 16.1 24 25 26 27 28 29 30 31 Life insurance companies Private pension funds State and local govt. retirement funds 258.9 101.8 16.3 291.2 88.6 15.7 324.9 61.0 15.7 304.5 70.0 16.2 288.2 42.8 17.0 267.8 38.4 17.3 279.8 34.1 17.3 324.0 33.8 18.0 328.1 36.6 18.1 347.6 35.9 18.4 366.9 38.9 18.6 29 30 31 32 33 Mutual funds Money market mutual funds 14.0 59.2 16.8 90.9 20.0 47.9 14.9 59.1 2.9 66.9 5.5 69.5 13.4 68.1 14.4 68.3 5.7 72.7 18.2 62.3 18.3 63.8 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs 114.7 -23.1 59.7 141.7 -147.8 55.4 99.1 -169.5 54.6 100.3 -109.5 46.1 148.6 -128.3 53.5 108.8 -133.1 59.6 109.2 -138.6 62.8 154.0 -117.8 64.1 148.5 -124.2 66.8 150.1 -132.0 72.4 135.9 -154.1 73.7 34 35 36 37 38 Brokers and dealers Holding companies 113.0 313.2 208.1 345.9 31.3 446.0 67.5 590.3 61.1 556.7 63.6 570.3 63.7 574.8 40.9 554.4 35.5 510.4 58.8 773.7 39.2 749.1 37 38 -6631.6 -7366.1 -5126.5 -5497.9 -5580.2 -5779.3 -6175.0 -5946.1 -6592.9 -6951.2 -6755.5 39 39 Discrepancy 113 Z.1, September 20, 2012 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 78927.7 80320.1 67567.8 69391.8 72967.0 74656.7 74704.4 71998.0 73595.1 76431.6 76126.9 1 29567.7 28237.5 24800.5 23767.6 23448.3 23317.3 23292.1 23338.3 23319.7 23763.5 24201.2 2 25030.8 22717.9 2312.9 23507.2 20843.7 2663.5 19950.1 17557.6 2392.6 18891.3 17153.9 1737.4 18559.3 16591.1 1968.3 18387.7 16353.0 2034.8 18299.9 16275.3 2024.6 18308.7 16269.7 2039.0 18270.0 16134.1 2135.9 18663.3 16509.2 2154.0 19056.5 16864.4 2192.0 3 4 5 243.2 4293.6 262.0 4468.3 283.6 4566.8 294.8 4581.6 304.9 4584.1 307.5 4622.1 310.6 4681.6 314.0 4715.6 317.5 4732.2 322.0 4778.2 325.7 4819.0 6 7 49360.0 52082.6 42767.3 45624.1 49518.7 51339.5 51412.3 48659.7 50275.4 52668.1 51925.6 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6847.9 65.2 245.8 5422.4 1114.5 7502.0 80.5 160.2 5914.6 1346.7 8107.1 56.9 349.6 6118.8 1581.8 7969.1 50.5 373.6 6231.9 1313.1 7926.7 52.1 336.7 6399.5 1138.4 7992.5 55.1 335.9 6494.2 1107.2 8169.1 55.1 403.6 6615.1 1095.2 8350.0 55.2 499.5 6682.2 1113.1 8574.4 50.1 629.0 6778.7 1116.6 8625.4 48.3 614.9 6887.6 1074.6 8658.6 47.7 625.6 6935.1 1050.2 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages 4361.2 117.5 355.1 202.4 152.7 425.5 1678.6 1653.5 9.1 122.1 4956.5 107.3 202.0 196.4 5.6 680.0 1721.5 2118.4 17.6 109.8 4858.9 6.0 180.6 194.0 -13.4 716.3 1762.5 2052.8 29.7 111.1 5117.4 34.6 728.2 191.2 537.0 122.5 1890.9 2213.1 26.8 101.4 5477.5 63.4 1040.9 187.9 853.0 122.7 1948.3 2185.8 26.2 90.1 5405.2 67.9 880.9 186.8 694.1 196.4 1961.0 2186.2 25.2 87.7 5135.4 64.9 658.6 186.0 472.6 163.2 1935.8 2202.6 25.7 84.6 5115.8 60.3 731.8 185.1 546.7 125.8 1915.5 2174.1 25.5 82.8 4823.7 58.2 580.3 185.2 395.1 77.5 1887.0 2118.1 23.4 79.5 4755.4 51.7 735.1 184.7 550.4 8.4 1840.3 2017.9 26.5 75.5 4788.4 47.1 878.2 184.3 693.9 6.5 1810.0 1948.9 26.1 71.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (7) Miscellaneous assets 9645.0 4194.1 655.7 1055.2 12750.6 9204.3 646.1 9631.6 4605.3 866.4 1076.8 13390.7 9341.1 712.2 5759.5 3340.0 742.7 1049.8 10409.6 7733.4 766.3 7419.7 4157.3 668.6 1109.2 11915.0 6480.6 787.1 8736.7 4606.6 694.3 1137.2 13090.9 7018.5 830.5 9592.3 4958.2 703.3 1160.3 13511.3 7184.1 832.3 9645.2 5014.6 757.7 1174.1 13434.8 7247.3 834.1 8142.0 4401.3 804.9 1174.5 12453.9 7365.0 852.3 8720.8 4645.8 752.3 1203.6 13152.4 7525.3 877.2 9691.5 5189.3 762.3 1214.0 13954.6 7603.9 871.7 9216.3 5065.7 777.7 1201.1 13656.2 7691.9 869.8 24 25 26 27 28 29 30 13354.5 14263.0 14111.3 13888.3 13714.5 13641.0 13556.7 13474.9 13484.7 13441.2 13458.5 31 12839.7 9879.2 2385.0 230.1 30.9 123.8 190.7 13699.1 10566.9 2528.8 250.7 21.8 127.0 204.0 13682.7 10514.7 2548.9 258.7 26.4 133.2 200.9 13410.5 10369.2 2438.8 264.6 10.2 133.7 194.0 13137.5 9950.9 2545.3 262.3 61.0 136.1 181.9 13020.9 9884.7 2512.3 261.9 45.3 136.4 180.3 12935.6 9826.5 2534.2 260.7 -1.0 136.9 178.3 12912.6 9773.7 2578.6 256.1 -9.8 137.8 176.2 12933.7 9721.6 2631.7 254.4 12.4 138.1 175.5 12857.5 9640.0 2619.0 252.3 34.8 137.8 173.7 12895.5 9589.1 2661.1 247.6 88.5 137.6 171.6 32 33 34 35 36 37 38 292.1 199.9 325.5 214.5 164.8 236.7 203.0 252.7 278.2 274.1 315.7 279.1 312.8 282.6 251.9 286.0 238.5 288.2 267.7 289.8 244.5 290.5 39 40 22.8 23.9 27.0 22.1 24.7 25.2 25.6 24.4 24.3 26.2 28.0 41 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (8) Consumer credit Municipal securities (9) Depository institution loans n.e.c. Other loans and advances Commercial mortgages (9) 39 40 Security credit Trade payables (9) Deferred and unpaid life insurance premiums 41 42 Net worth 65573.2 66057.1 53456.5 55503.4 59252.5 61015.8 61147.6 58523.0 60110.4 62990.3 62668.4 42 43 44 45 46 Memo: Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 14440.6 14229.3 211.3 1318.9 14660.2 14445.1 215.1 1404.7 14410.4 14195.4 215.0 1489.5 14132.3 13918.5 213.8 1439.0 14215.5 14002.9 212.6 1450.8 14205.7 13994.3 211.4 1461.2 14275.3 14063.9 211.5 1477.9 14329.6 14118.3 211.3 1491.9 14363.4 14152.6 210.8 1502.3 14317.7 14108.6 209.2 1506.4 14368.3 14159.4 208.9 1512.6 43 44 45 46 9915.7 10423.6 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11887.7 47 661.3 633.7 484.9 517.6 532.5 531.3 529.8 505.7 518.3 534.9 527.2 48 12838.7 10276.9 7042.9 6784.7 6640.2 6468.3 6448.8 6496.0 6412.6 6869.3 7275.3 49 56.5 49.3 40.1 39.6 40.0 39.6 39.6 39.9 39.7 41.6 43.1 50 47 48 49 50 Disposable personal income (SAAR) Household net worth as percentage of disposable personal income (SAAR) Owners’ equity in household real estate (10) Owners’ equity as percentage of household real estate (11) (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Net worth of nonfinancial noncorporate business (table B.103, line 32) and owners’ equity in unincorporated security brokers and dealers. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (9) Liabilities of nonprofit organizations. (10) Line 4 less line 33. (11) Line 49 divided by line 4. 114 Z.1, September 20, 2012 B.102 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 With nonfinancial assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Assets Nonfinancial 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 Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 27381.9 30517.3 28861.4 26187.8 28267.3 28811.7 29028.9 29307.8 30143.0 30567.0 30974.2 1 14714.4 16755.2 15923.8 12847.6 14091.3 14521.9 14533.9 14614.7 15117.7 15290.4 15500.0 2 9166.8 3851.0 1696.5 10910.1 4012.2 1832.9 9946.3 4190.8 1786.6 7053.2 4124.6 1669.8 8081.8 4182.1 1827.4 8405.4 4211.1 1905.5 8352.0 4245.8 1936.1 8388.2 4279.4 1947.2 8837.0 4313.6 1967.1 8930.9 4358.7 2000.8 9115.9 4391.3 1992.9 3 4 5 12667.6 13762.1 12937.7 13340.1 14176.0 14289.7 14495.0 14693.1 15025.3 15276.7 15474.2 6 49.3 150.8 497.0 421.3 15.5 122.7 45.5 15.2 28.1 59.8 57.0 2090.5 173.1 8941.7 50.3 143.2 441.3 548.5 8.1 69.5 38.3 12.8 29.2 41.4 59.3 2252.4 178.0 9890.0 24.7 30.6 381.9 710.6 7.2 57.3 30.5 10.2 26.2 33.6 56.3 2084.6 106.2 9377.9 31.5 170.5 488.8 641.7 7.9 56.0 43.0 14.3 27.1 29.5 51.7 2056.0 161.9 9560.4 41.1 326.3 511.4 484.8 12.1 67.8 47.8 15.9 24.1 28.0 53.1 2187.4 186.6 10189.5 48.2 362.3 514.0 469.8 12.7 70.6 42.3 14.1 19.6 27.7 51.5 2280.9 190.2 10186.0 41.4 357.4 550.8 458.0 12.9 70.2 41.3 17.1 19.3 27.3 52.0 2383.5 186.6 10277.2 37.7 399.1 541.0 440.7 12.0 57.8 44.3 14.8 20.0 26.9 52.6 2420.9 162.9 10462.5 34.0 395.2 536.7 452.0 12.8 59.2 47.6 15.9 19.6 26.5 53.5 2373.3 167.5 10831.5 21.4 399.2 546.9 433.8 13.8 63.9 52.8 17.6 22.4 26.2 51.9 2492.0 177.3 10957.6 21.0 400.4 551.3 421.6 14.2 58.8 56.3 16.3 21.0 25.8 52.1 2572.0 166.6 11096.7 7 8 9 10 11 12 13 14 15 16 17 18 19 20 11821.5 12916.0 13225.0 12898.5 13364.8 13375.3 13446.2 13600.4 13747.2 13852.0 13971.8 21 22 23 24 25 26 27 28 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances Mortgages 6263.6 112.5 272.4 3364.4 613.0 1028.5 872.7 7108.7 123.8 341.5 3675.5 715.9 1316.5 935.5 7453.5 131.5 409.7 3881.0 780.0 1364.9 886.3 7240.4 58.4 447.5 4268.6 560.3 1139.1 766.5 7478.1 82.9 482.3 4691.4 545.2 977.9 698.5 7603.3 110.5 485.4 4792.4 548.8 975.2 690.9 7753.8 106.9 491.4 4907.8 557.9 1010.6 679.2 7887.0 124.7 490.3 4988.3 583.8 1030.8 669.1 8018.1 116.3 497.4 5076.0 618.4 1045.7 664.4 8114.6 127.6 496.3 5193.5 611.9 1027.6 657.7 8228.2 132.1 506.0 5286.0 636.6 1021.6 646.0 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1812.9 85.4 3659.6 1897.9 35.8 3873.5 1672.8 39.0 4059.8 1587.5 35.7 4034.8 1750.6 42.9 4093.2 1771.5 60.7 3939.8 1830.3 50.6 3811.4 1870.1 56.7 3786.6 1928.6 47.8 3752.6 1991.2 59.1 3687.2 2027.7 55.9 3660.0 29 30 31 32 Net worth (market value) 15560.4 17601.4 15636.4 13289.3 14902.5 15436.3 15582.7 15707.4 16395.8 16715.0 17002.4 32 33 34 35 36 37 38 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) 164.8 6249.6 14602.3 40.3 42.9 93.8 170.8 6644.8 15730.7 40.4 45.2 89.4 172.7 7203.6 10016.6 47.7 74.4 64.1 173.7 6894.2 12494.7 54.5 57.9 94.0 173.3 7147.1 14422.8 50.2 51.8 96.8 172.2 7225.3 15459.5 49.3 49.2 100.2 172.0 7336.1 15379.5 49.8 50.4 98.7 171.6 7435.4 13061.8 50.2 60.4 83.2 171.0 7516.7 14516.7 48.9 55.2 88.5 169.5 7566.5 16117.9 48.5 50.3 96.4 169.1 7627.3 15574.9 48.4 52.8 91.6 33 34 35 36 37 38 21311.5 22897.4 22451.5 22884.2 24049.7 24332.1 24648.1 24953.8 25380.4 25794.4 26077.5 39 8643.9 3555.5 3474.3 1614.2 9135.4 3841.6 3630.1 1663.6 9513.9 4145.8 3738.5 1629.5 9544.1 4336.5 3714.8 1492.7 9873.7 4526.7 3755.5 1591.4 10042.4 4588.5 3775.7 1678.1 10153.1 4633.8 3797.9 1721.4 10260.7 4675.1 3826.1 1759.5 10355.0 4739.6 3857.1 1758.3 10517.7 4793.7 3889.4 1834.6 10603.3 4844.8 3922.2 1836.3 40 41 42 43 With nonfinancial assets stated at historical cost: 39 40 41 42 43 Assets (8) Nonfinancial assets Real estate Equipment and software Inventories 44 Net worth (historical cost) (9) 9490.0 9981.5 9226.6 9985.8 10684.8 10956.8 11202.0 11353.4 11633.2 11942.3 12105.7 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 68.7 3082.0 66.0 73.1 3330.7 71.2 76.6 3624.8 80.8 78.8 3811.3 72.5 80.4 3951.8 70.0 80.8 3984.5 69.4 81.1 4023.3 69.2 81.5 4066.4 69.5 81.9 4112.5 68.9 82.4 4161.1 67.9 82.8 4210.7 68.0 45 46 47 (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 22 divided by line 32. (6) Line 22 divided by line 35. (7) Line 35 divided by line 32. (8) Sum of lines 6 and 40. (9) Line 39 less line 21. (10) Line 22 divided by line 44. 115 Z.1, September 20, 2012 B.103 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Assets 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 13958.1 14678.4 13518.5 12163.8 12517.7 12669.7 12729.1 12851.5 13031.6 13119.7 13208.7 1 2 Nonfinancial assets 10841.7 11082.5 9825.4 8571.5 9059.9 9220.5 9285.9 9410.3 9581.6 9664.1 9753.4 2 3 4 5 Real estate (1) Residential Nonresidential 9984.0 6238.7 3745.3 10170.5 5870.0 4300.5 8885.9 4930.2 3955.7 7657.0 4531.3 3125.6 8104.3 4651.8 3452.5 8228.3 4678.8 3549.5 8281.0 4722.6 3558.3 8398.9 4803.2 3595.7 8568.4 4833.6 3734.8 8662.7 4892.1 3770.6 8774.7 4933.2 3841.5 3 4 5 6 7 8 Equipment and software (2) Residential (3) Nonresidential 637.1 46.2 591.0 667.4 47.4 619.9 701.7 48.7 653.0 694.6 46.1 648.6 702.2 44.3 657.9 717.1 44.2 672.9 729.9 44.7 685.2 732.9 45.6 687.3 730.8 46.1 684.7 716.0 47.3 668.7 695.9 47.5 648.4 6 7 8 9 Inventories (2) 220.6 244.6 237.7 219.9 253.4 275.1 275.1 278.5 282.4 285.4 282.8 9 10 Financial assets 3116.5 3595.9 3693.2 3592.3 3457.8 3449.2 3443.2 3441.2 3450.0 3455.7 3455.3 10 448.8 344.4 72.2 515.6 359.3 74.3 519.4 358.1 75.4 539.8 353.3 73.7 520.0 339.9 70.9 519.0 338.9 70.7 518.3 338.2 70.6 518.2 337.9 70.5 519.8 338.6 70.7 520.8 339.1 70.7 521.0 338.9 70.7 11 12 13 96.7 106.7 95.8 89.1 85.7 85.5 85.3 85.2 85.4 85.5 85.5 14 56.3 5.8 34.6 0.0 59.3 5.3 42.1 0.0 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 44.4 4.9 36.5 0.0 44.3 4.9 36.4 0.0 44.2 4.9 36.3 0.0 44.1 4.9 36.2 0.0 44.2 4.9 36.3 0.0 44.3 4.9 36.4 0.0 44.3 4.9 36.4 0.0 15 16 17 18 470.9 1683.5 103.6 4.3 1575.6 525.6 2014.3 107.3 5.0 1902.0 522.7 2121.8 111.5 6.4 2003.9 496.3 2040.0 112.4 6.3 1921.3 477.4 1963.8 112.6 6.7 1844.6 476.1 1959.1 113.0 6.7 1839.4 475.1 1955.8 115.2 6.8 1833.8 474.6 1954.8 116.9 7.0 1830.9 475.7 1959.8 119.0 7.0 1833.8 476.3 1963.1 118.8 7.1 1837.3 476.1 1963.0 119.9 7.0 1836.1 19 20 21 22 23 4763.6 5349.0 5794.6 5695.3 5513.0 5501.0 5496.9 5500.1 5519.4 5533.9 5535.0 24 3313.0 3774.6 4093.4 3959.0 3765.3 3749.5 3738.2 3733.0 3751.0 3757.7 3762.0 25 785.7 151.4 2375.9 926.5 165.1 2683.0 1046.1 177.4 2869.9 929.8 172.0 2857.2 859.4 174.1 2731.8 863.3 175.7 2710.6 878.6 172.4 2687.1 894.7 170.0 2668.3 911.7 174.7 2664.6 939.0 176.2 2642.4 959.7 177.9 2624.3 26 27 28 348.9 95.7 1006.1 374.9 99.5 1100.0 380.7 106.2 1214.3 388.3 99.9 1248.1 369.3 95.1 1283.3 367.5 94.7 1289.2 368.3 94.5 1295.9 369.9 94.4 1302.9 367.9 94.6 1305.8 366.1 94.8 1315.4 363.5 94.8 1314.8 29 30 31 9194.5 9329.5 7723.9 6468.5 7004.7 7168.7 7232.2 7351.4 7512.3 7585.8 7673.7 32 3025.2 1515.0 3072.5 1594.6 3047.3 1691.6 3017.4 1599.8 3004.3 1612.0 2987.9 1632.0 2987.8 1651.6 2984.0 1663.1 2975.5 1666.8 2949.9 1659.1 2943.8 1652.2 33 34 36.0 40.5 53.0 61.2 53.8 52.3 51.7 50.8 49.9 49.5 49.0 35 11 12 13 Checkable deposits and currency Time and savings deposits Money market fund shares 14 Credit market instruments 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other Liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) Memo: 33 34 Replacement-cost value of structures: Residential Nonresidential 35 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 24. Included in table B.100, line 29. (6) Line 25 divided by line 32. 116 Z.1, September 20, 2012 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2006 2007 2008 2009 2010 2011 Q1 1 2 Change in net worth (1) Net investment Q2 2012 Q3 Q4 Q1 Q2 4409.6 483.9 -12600.6 2047.0 3749.1 1763.3 131.9 -2624.6 1587.3 2880.0 -322.0 1 280.9 730.4 866.6 575.1 927.4 284.6 50.7 491.5 374.2 270.3 223.8 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 733.1 1843.1 1110.0 595.6 1757.4 1161.8 358.1 1559.3 1201.2 174.5 1384.6 1210.1 187.9 1398.5 1210.7 -13.2 292.5 305.7 43.8 352.0 308.3 84.6 396.4 311.8 105.7 419.8 314.1 -1.7 308.0 309.6 60.6 373.0 312.4 3 4 5 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -452.2 772.4 1224.6 134.8 1040.7 905.9 508.4 351.8 -156.6 400.7 221.1 -179.6 739.5 543.3 -196.2 297.8 224.2 -73.6 6.9 -82.7 -89.6 406.9 325.1 -81.8 268.5 278.3 9.8 272.0 226.2 -45.8 163.2 180.4 17.2 6 7 8 4104.8 -284.3 -13328.9 1084.3 2784.5 1477.4 58.9 -3118.8 1490.2 2687.2 -541.3 9 399.2 2132.1 354.3 265.1 954.1 0.0 -1872.5 828.9 198.3 118.4 442.6 0.0 -3763.2 -3773.0 -1273.6 -1323.6 -3195.4 0.0 -1167.1 1569.5 511.4 -1234.9 1405.8 -0.3 -409.1 1453.0 246.3 509.4 985.8 -1.0 -119.1 870.0 141.6 181.3 403.6 -0.0 -96.4 160.7 -25.1 56.3 -36.4 -0.1 -41.0 -1501.8 -557.5 115.1 -1133.5 -0.1 -101.1 629.1 181.8 167.4 612.9 -0.0 447.5 1027.3 330.4 92.1 789.9 -0.0 381.7 -430.2 -256.6 74.5 -310.6 -0.0 10 11 12 13 14 15 -35.9 -52.1 -32.5 -43.9 -89.2 5.0 29.0 3.3 -20.5 -0.6 -3.5 16 9 10 11 12 13 14 15 16 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Equity investment under PPIP Holding gains on assets at current cost (2) 17 18 Consumer durable goods Equipment and software -43.2 7.3 -58.1 5.9 -36.3 3.8 -42.9 -1.1 -90.6 1.3 4.0 1.0 28.0 1.0 2.7 0.6 -20.0 -0.5 -2.0 1.4 -4.0 0.6 17 18 19 Other volume changes (3) 59.8 90.0 -105.8 431.4 126.4 -3.7 -6.7 -0.5 -256.6 -77.0 -1.0 19 65573.2 9915.7 66057.1 10423.6 53456.5 11024.5 55503.4 10722.4 59252.5 11127.1 61015.8 11484.1 61147.6 11542.3 58523.0 11572.6 60110.4 11598.3 62990.3 11776.4 62668.4 11887.7 20 21 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 volume changes (line 19). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.100, line 42. 117 Z.1, September 20, 2012 R.102 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2006 1 2 Change in net worth (1) Net investment 2007 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 1472.8 2040.9 -1964.9 -2347.1 1613.2 533.9 146.4 124.7 688.4 319.2 287.4 1 -363.4 -639.4 -985.3 399.8 17.1 -17.0 -10.8 -30.5 43.8 7.6 -16.2 2 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 340.7 1102.5 799.8 -38.0 353.5 1146.9 840.6 -47.2 293.6 1112.4 863.2 -44.5 -97.6 766.5 861.0 3.2 155.9 975.2 857.9 -38.7 57.3 247.4 218.5 -28.5 51.5 258.7 222.2 -15.1 46.5 260.5 224.6 -10.6 70.9 289.5 227.0 -8.4 68.9 295.2 229.8 -3.5 55.8 296.5 232.1 8.6 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -138.4 700.9 839.3 -206.1 1074.9 1281.0 -943.0 -604.0 339.0 562.0 307.3 -254.7 139.2 769.0 629.9 6.7 83.6 76.8 65.4 208.1 142.7 77.4 283.7 206.3 82.4 278.6 196.2 24.9 186.8 161.9 43.9 219.1 175.2 7 8 9 Net corporate equity issues -565.7 -786.8 -336.0 -64.6 -278.0 -81.0 -127.7 -154.4 -109.6 -86.2 -116.0 10 10 11 12 13 Holding gains on assets at market value (2) Real estate Mutual fund shares 882.8 1566.2 -1206.4 -2962.2 951.4 294.8 -72.2 2.1 418.8 78.5 152.5 11 867.6 15.2 1556.5 9.7 -1151.3 -55.1 -2982.5 20.2 937.9 13.6 288.4 6.4 -71.4 -0.8 23.1 -20.9 411.4 7.4 65.9 12.6 160.4 -7.9 12 13 14 Holding gains on assets less liabilities at current cost (2) 181.5 229.8 9.7 139.3 18.8 57.7 27.2 15.1 -67.2 34.4 -6.1 14 15 16 17 18 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 137.7 10.2 15.9 -17.7 51.4 60.9 145.1 27.7 103.4 -50.5 -144.4 -101.2 -11.6 31.6 -49.2 -168.5 46.3 58.3 -109.2 -23.4 17.2 40.2 0.0 -0.3 21.4 5.7 0.0 0.0 14.5 0.6 0.0 0.0 12.6 -8.5 -36.6 34.7 22.3 12.1 0.0 0.0 9.2 -15.3 0.0 0.0 15 16 17 18 19 Other volume changes (4) 771.9 884.4 217.1 76.0 625.8 198.3 202.2 138.0 293.1 198.7 157.3 19 15560.4 17601.4 15636.4 13289.3 14902.5 15436.3 15582.7 15707.4 16395.8 16715.0 17002.4 20 Memo: 20 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 19). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.102, line 32. 118 Z.1, September 20, 2012 R.103 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2006 2007 2008 2009 2010 2011 Q1 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities Q2 2012 Q3 Q4 Q1 Q2 327.6 135.0 -1605.5 -1255.4 536.2 163.9 63.6 119.2 160.8 73.6 87.9 1 0.0 0.0 -3.3 -6.0 -7.8 -0.4 -0.4 -0.4 -0.4 -0.1 -0.1 2 67.4 16.0 -292.3 -8.2 35.8 -13.1 7.4 1.2 -5.5 -20.6 12.2 3 131.0 293.3 162.3 122.2 306.5 184.3 55.9 267.2 211.3 -7.6 203.4 211.0 -8.6 201.3 209.9 -16.5 36.5 53.0 9.4 63.0 53.5 6.6 60.6 54.0 4.8 59.3 54.5 -11.3 43.6 54.9 15.6 71.0 55.4 4 5 6 -131.0 519.8 650.8 -122.2 479.4 601.6 -52.6 97.3 149.9 13.6 -100.8 -114.4 16.4 -134.5 -150.9 16.9 -8.7 -25.6 -9.0 -6.0 3.0 -6.2 -2.1 4.1 -4.4 8.7 13.1 11.4 5.6 -5.8 -15.5 -0.4 15.1 7 8 9 10 Proprietor’s net investment (2) 67.4 16.0 -295.6 -14.2 28.1 -13.5 7.0 0.8 -5.9 -20.7 12.1 10 11 Holding gains on real estate (3) 291.3 130.8 -1319.6 -1232.6 461.2 134.6 53.8 116.2 170.3 102.6 111.1 11 -45.2 336.5 -389.7 520.5 -946.2 -373.4 -395.3 -837.2 130.8 330.4 29.4 105.2 46.3 7.5 83.3 32.9 32.7 137.6 60.8 41.8 43.7 67.4 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) -31.0 -12.2 11.0 -13.7 35.8 42.5 2.2 1.7 -3.9 -8.9 -37.3 14 15 16 17 Residential equipment and software Nonresidential equipment and software Inventories 1.2 -36.5 4.3 -0.4 -34.9 23.1 0.2 16.7 -6.0 -2.9 -1.9 -8.9 -2.5 2.4 35.8 -0.7 20.4 22.7 0.2 0.9 1.0 0.7 -3.4 4.3 0.6 -7.9 3.4 1.4 -13.1 2.8 0.4 -35.3 -2.5 15 16 17 -0.1 0.3 -1.3 5.1 11.2 0.3 0.6 0.6 0.3 0.5 2.1 18 9194.5 9329.5 7723.9 6468.5 7004.7 7168.7 7232.2 7351.4 7512.3 7585.8 7673.7 19 18 Other volume changes (4) Memo: 19 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 18). (2) Shown on table F.103, line 30. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 32. 119 Z.1, September 20, 2012 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 2006 2007 2008 2009 2010 2011 Q1 1 Assets 2012 Q2 Q3 Q4 Q1 Q2 78927.7 80320.1 67567.8 69391.8 72967.0 74656.7 74704.4 71998.0 73595.1 76431.6 76126.9 1 2 Nonfinancial assets 29567.7 28237.5 24800.5 23767.6 23448.3 23317.3 23292.1 23338.3 23319.7 23763.5 24201.2 2 3 Financial assets 49360.0 52082.6 42767.3 45624.1 49518.7 51339.5 51412.3 48659.7 50275.4 52668.1 51925.6 3 6847.9 4361.2 7502.0 4956.5 8107.1 4858.9 7969.1 5117.4 7926.7 5477.5 7992.5 5405.2 8169.1 5135.4 8350.0 5115.8 8574.4 4823.7 8625.4 4755.4 8658.6 4788.4 4 5 20360.7 20947.4 12462.6 15967.1 18505.0 19954.8 19956.4 16669.5 18028.8 20115.2 19092.1 6 9645.0 9631.6 5759.5 7419.7 8736.7 9592.3 9645.2 8142.0 8720.8 9691.5 9216.3 7 10715.7 11315.8 6703.1 8547.4 9768.3 10362.5 10311.3 8527.5 9308.0 10423.6 9875.9 8 1334.7 4155.6 1729.9 2425.7 2129.0 135.6 2960.7 1466.8 4260.5 1660.7 2599.8 2221.0 145.8 3221.7 956.9 2471.9 903.5 1568.5 1338.3 83.7 1852.2 1220.3 3055.6 975.2 2080.3 1684.5 116.9 2470.1 1420.5 3502.6 1069.7 2432.9 1939.0 141.0 2765.1 1511.6 3699.4 1117.8 2581.6 2025.4 149.0 2977.1 1512.1 3676.7 1103.4 2573.4 2008.0 149.5 2964.9 1274.5 3105.6 913.7 2191.9 1646.1 121.0 2380.2 1395.7 3379.6 1000.3 2379.3 1827.5 134.4 2570.8 1487.9 3791.9 1111.6 2680.3 2042.0 153.2 2948.6 1433.1 3631.1 1054.1 2577.0 1945.4 146.4 2719.9 9 10 11 12 13 14 15 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 8 Indirectly held 9 10 11 12 13 14 15 Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 16 Other 17790.2 18676.7 17338.7 16570.5 17609.6 17986.9 18151.3 18524.3 18848.6 19172.1 19386.5 16 17 Liabilities 13354.5 14263.0 14111.3 13888.3 13714.5 13641.0 13556.7 13474.9 13484.7 13441.2 13458.5 17 18 Net worth 65573.2 66057.1 53456.5 55503.4 59252.5 61015.8 61147.6 58523.0 60110.4 62990.3 62668.4 18 16482.8 17047.7 10210.3 13295.7 15483.8 16799.0 16833.1 14100.2 15190.6 16950.2 16082.0 19 25.8 41.2 26.1 40.2 18.4 29.1 23.0 35.0 25.4 37.4 26.7 38.9 26.7 38.8 23.2 34.3 24.5 35.9 26.3 38.2 25.1 36.8 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 11, 13 and part of line 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. 120 Z.1, September 20, 2012 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 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 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 7 Credit market instruments 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 1.5 1.6 -0.0 4.4 3.2 1.4 -0.0 7.2 3.0 1.4 0.3 7.2 3.8 1.6 0.4 8.6 2.4 1.2 -0.2 6.6 1.1 2.0 0.1 10.7 3.2 -0.2 0.1 -0.8 0.2 -0.1 -0.1 -0.6 6.1 0.8 0.0 4.1 7.1 0.6 -0.2 3.1 11.8 1.9 -0.1 9.9 10.4 0.5 0.1 2.5 5.8 2.2 -0.3 11.6 22 23 24 25 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 18 19 Equity in noncorporate business Miscellaneous assets (2) 20 21 22 23 24 25 26 27 Net increase in liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. 121 Z.1, September 20, 2012 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 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 79.6 11.8 0.3 62.7 82.7 13.1 0.3 70.0 85.7 14.5 0.5 77.2 89.5 16.1 0.9 85.8 91.9 17.3 0.7 92.3 93.0 19.3 0.8 103.0 96.1 19.2 0.9 102.2 96.4 19.1 0.8 101.6 102.4 19.8 0.9 105.7 109.6 20.4 0.7 108.8 121.3 22.3 0.6 118.7 131.7 22.7 0.7 121.2 137.5 24.9 0.4 132.8 21 22 23 24 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 19 20 21 22 23 24 25 26 Liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 122 Z.1, September 20, 2012 F.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 4197.0 1488.7 1027.2 420.6 14.7 964.2 144.2 149.2 -11.8 4051.6 1435.7 1038.6 281.0 18.8 992.1 137.5 163.9 -16.0 3705.3 1144.6 1023.2 245.9 14.8 968.1 143.1 181.2 -15.6 3906.8 1194.8 1055.0 349.5 15.1 988.2 141.8 181.9 -19.5 4086.1 1398.0 1097.9 351.8 15.9 923.8 141.7 183.7 -26.5 4065.7 1372.5 1084.5 373.1 14.1 918.9 142.4 183.4 -23.1 4093.2 1396.6 1099.0 358.1 14.9 923.6 142.0 183.6 -24.4 4076.4 1403.8 1098.2 334.2 17.0 925.3 142.1 183.4 -27.5 4109.2 1419.1 1109.8 341.8 17.4 927.3 140.5 184.4 -31.1 4260.1 1450.8 1128.5 425.9 15.4 947.1 140.3 184.2 -32.0 4289.2 1474.7 1135.5 419.0 17.0 953.0 140.1 184.1 -34.1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 4430.0 2217.8 1701.2 42.2 414.3 54.6 0.0 4737.3 2381.0 1857.9 45.3 400.2 52.9 0.0 5047.9 2460.3 2116.5 53.5 357.9 59.7 0.0 5304.4 2552.0 2253.4 54.7 387.4 57.0 0.0 5425.5 2579.5 2291.4 58.7 434.2 61.6 0.0 5391.7 2565.5 2292.9 55.9 417.7 59.6 0.0 5475.6 2591.3 2291.8 65.3 465.3 61.9 0.0 5426.4 2591.0 2287.6 56.0 429.5 62.4 0.0 5408.3 2570.4 2293.4 57.5 424.4 62.7 0.0 5446.5 2586.9 2320.4 59.7 418.6 60.8 0.0 5496.3 2581.1 2333.9 58.6 461.8 60.9 0.0 10 11 12 13 14 15 16 17 18 19 20 21 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers (2) -233.0 291.3 0.1 4.7 -2.6 -685.7 311.2 -0.6 4.8 3.0 -1342.6 323.5 0.5 5.0 14.9 -1397.7 333.5 -1.7 4.9 28.1 -1339.4 349.4 -0.4 4.4 28.3 -1326.0 342.6 -2.7 4.4 27.2 -1382.3 347.1 -0.1 4.4 31.6 -1350.0 352.4 0.5 4.5 31.9 -1299.1 355.5 0.6 4.5 22.6 -1186.4 359.0 -2.7 4.6 14.5 -1207.1 362.7 -0.1 4.6 12.1 17 18 19 20 21 22 = Gross saving less net capital transfers 56.1 -381.7 -1039.3 -1095.4 -1022.3 -1012.3 -1071.2 -1034.5 -971.2 -843.8 -861.1 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets 53.0 456.5 12.5 -448.5 497.2 -5.1 -963.6 506.9 5.6 -1014.1 505.5 11.8 -997.4 480.2 11.4 -1223.2 482.6 11.8 -64.6 480.9 11.3 -1720.4 476.8 10.8 -981.3 480.5 11.6 -1198.8 467.6 10.7 -703.9 471.4 10.8 23 24 25 -416.0 74.3 -0.4 20.4 37.6 17.3 6.4 -940.6 506.3 4.2 321.6 17.9 5.7 -7.8 -1476.1 164.3 51.9 -155.0 11.2 12.4 -1.1 -1531.4 247.7 1.6 155.5 -0.4 8.7 -4.9 -1489.0 -252.9 16.2 -241.7 17.7 -2.7 -8.0 -1717.6 -763.2 16.3 -830.9 -1.6 1.8 -10.4 -556.9 -30.0 24.8 7.4 32.9 3.2 -9.2 -2208.0 -287.0 16.0 -312.6 11.1 -10.0 -7.9 -1473.4 68.7 7.9 169.2 28.5 -5.8 -4.6 -1677.1 -145.7 4.6 -131.9 0.3 -5.4 -4.2 -1186.1 144.4 13.0 88.2 32.6 -7.8 -6.2 26 27 28 29 30 31 32 66.3 -15.8 43.9 1.6 14.2 19.3 6.0 -2.9 -1.9 1.2 -11.3 -32.7 -28.5 5.0 -73.1 49.8 0.7 -1.3 12.5 11.3 5.2 266.1 16.7 -16.9 -59.8 -46.6 222.2 -70.2 122.7 1.2 7.4 21.7 74.3 65.2 16.6 -8.8 -39.7 29.2 25.4 60.7 -9.8 -60.7 0.9 2.6 -5.2 130.2 2.7 -6.8 -9.5 -20.9 25.9 37.8 -50.4 9.1 -163.4 -0.2 -6.5 -2.1 108.7 4.0 34.0 -1.6 -5.3 35.0 -46.0 82.1 4.3 -79.8 0.3 -5.2 4.5 149.8 8.2 8.9 -9.1 -23.3 54.3 -51.2 -95.3 5.7 -170.9 0.4 -3.6 2.6 83.0 -12.5 53.6 0.5 -10.9 26.2 -63.2 -65.7 11.5 -185.7 -0.9 -10.9 -13.2 127.5 6.0 51.6 20.6 6.2 61.9 -58.2 -122.8 15.1 -217.2 -0.5 -6.3 -2.4 74.4 14.1 21.8 -18.4 6.8 -2.3 -11.6 -15.1 15.4 -166.4 -0.5 -5.8 -2.6 135.8 8.9 -70.1 -39.8 -5.2 81.3 39.7 68.3 13.3 -31.9 -0.7 -8.4 -8.5 99.0 5.4 -21.1 -7.7 6.9 25.4 -47.2 33 34 35 36 37 38 39 40 41 42 43 44 45 490.3 0.0 0.0 -0.7 346.9 -6.0 207.0 -0.4 146.2 0.0 66.4 1.2 76.6 1446.9 0.0 0.0 -0.8 1295.5 -2.4 1278.6 0.2 19.2 0.0 61.8 1.0 89.5 1640.5 47.6 3.0 -0.4 1524.2 -2.8 1416.2 0.1 110.7 0.0 -16.5 1.1 81.4 1779.1 0.0 0.0 -0.3 1639.2 -3.3 1576.5 0.7 65.3 0.0 48.7 0.9 90.6 1236.1 0.0 0.0 0.0 1070.4 -2.7 1131.5 1.1 -59.5 0.0 61.6 1.3 102.9 954.5 0.0 0.0 0.0 816.6 -4.3 905.4 1.2 -85.7 0.0 83.2 0.3 54.4 526.8 0.0 0.0 0.0 776.1 -3.8 858.4 0.2 -78.7 0.0 36.7 1.7 -287.6 1921.1 0.0 0.0 0.0 1391.0 -2.7 1399.8 1.9 -8.1 0.0 59.7 1.2 469.2 1542.1 0.0 0.0 0.0 1297.9 -0.1 1362.4 1.1 -65.5 0.0 66.7 1.9 175.6 1531.5 0.0 0.0 0.0 1435.2 -1.5 1477.6 -3.3 -37.6 0.0 59.0 0.5 36.8 1330.5 0.0 0.0 0.0 1188.3 -2.4 1168.0 0.1 22.5 0.0 22.7 1.5 118.0 46 47 48 49 50 51 52 53 54 55 56 57 58 3.1 66.8 -75.7 -81.4 -24.9 210.9 -1006.6 685.9 10.1 355.0 -157.1 59 -689.5 273.4 -416.0 -1182.9 242.2 -940.6 -1849.5 373.3 -1476.1 -1903.2 371.8 -1531.4 -1819.6 330.6 -1489.0 -1808.5 90.9 -1717.6 -1863.3 1306.4 -556.9 -1826.8 -381.2 -2208.0 -1779.6 306.2 -1473.4 -1654.0 -23.1 -1677.1 -1678.5 492.4 -1186.1 60 61 62 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 Net lending (+) or net borrowing (-) Net acquisition of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Open market paper Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (4) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Treasury bills and other Treasury securities (4) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) 59 Discrepancy 60 61 62 Memo: Net govt. saving less fixed investment (6) Adjustment between NIPA and FOF (7) Items to be financed (8) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (2) Table F.9, line 60 less line 12. (3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (4) Excludes transactions with state and local governments. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Line 17 less line 24. (7) Line 18 less the sum of lines 19, 20, 21, 25, and 59. (8) Line 60 plus line 61. 123 Z.1, September 20, 2012 L.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 Total financial assets 2 3 4 5 6 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 15 16 Corporate equities Mutual fund shares 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 20 Total liabilities 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2597.9 3124.3 3212.7 3417.2 3112.1 3216.2 3211.0 3106.3 3112.1 3062.8 3105.4 1 36.4 113.6 248.8 116.6 132.8 41.9 433.6 266.6 122.3 125.0 94.6 278.5 277.8 134.7 123.9 95.4 433.6 277.4 143.5 119.0 103.9 191.7 295.2 140.8 111.0 102.1 207.5 280.4 143.9 116.4 105.9 230.8 276.0 144.7 114.1 105.0 151.8 281.7 142.2 112.2 103.9 191.7 295.2 140.8 111.0 104.5 146.7 313.3 139.4 110.0 103.1 192.0 308.3 137.5 108.4 2 3 4 5 6 1215.9 1221.0 1443.2 1503.9 1453.4 1525.7 1496.1 1483.8 1453.4 1450.9 1461.3 7 139.3 467.6 9.5 149.1 263.6 93.0 93.9 66.2 517.4 10.1 147.9 276.0 104.3 99.1 -4.1 640.0 11.4 155.2 297.7 178.6 164.3 -13.8 579.3 12.3 157.8 292.5 308.8 167.0 -4.7 415.9 12.1 151.4 290.4 417.4 171.0 -12.8 559.4 12.4 156.6 293.6 347.5 169.1 -11.4 516.6 12.5 155.7 294.3 362.4 165.9 -8.5 470.2 12.3 152.9 291.0 398.5 167.4 -4.7 415.9 12.1 151.4 290.4 417.4 171.0 -0.9 374.3 12.0 149.9 289.7 452.6 173.2 2.5 366.3 11.8 147.8 287.6 470.7 174.6 8 9 10 11 12 13 14 94.5 38.4 254.8 38.8 163.3 41.3 128.1 37.7 130.2 36.3 131.6 37.5 136.0 37.5 130.2 36.7 130.2 36.3 117.1 30.9 109.3 27.9 15 16 130.5 342.5 127.9 113.6 389.3 117.4 73.9 416.1 165.3 53.0 448.9 176.7 47.7 474.0 127.8 49.7 458.2 163.2 47.0 466.8 156.0 48.2 463.0 151.5 47.7 474.0 127.8 49.0 479.5 121.5 50.6 486.2 120.9 17 18 19 9358.7 10805.2 12442.6 14218.0 15439.9 14482.3 14481.6 15009.6 15439.9 15843.6 16049.6 20 7.7 2.2 27.4 7.5 2.2 26.6 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 56.0 5.2 25.9 56.5 5.2 25.9 55.2 5.2 25.9 54.2 5.2 25.9 54.7 5.2 25.9 53.6 5.2 25.9 21 22 23 21 22 23 SDR allocations SDR certificates Treasury currency 24 25 26 27 28 29 Credit market instruments Savings bonds Treasury bills and other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 7390.1 196.4 4314.7 23.1 2855.9 0.0 8685.6 194.0 5593.2 23.3 2875.0 0.0 10209.8 191.2 7009.4 23.5 2985.7 0.0 11849.0 187.9 8585.9 24.2 3051.1 0.0 12919.4 185.2 9717.4 25.3 2991.6 0.0 12101.2 186.8 8858.8 24.5 3031.2 0.0 12176.4 186.0 8967.6 24.5 2998.3 0.0 12575.5 185.1 9378.2 25.0 2987.2 0.0 12919.4 185.2 9717.4 25.3 2991.6 0.0 13320.0 184.7 10127.3 24.4 2983.5 0.0 13503.4 184.3 10321.7 24.5 2972.9 0.0 24 25 26 27 28 29 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) 791.7 45.4 1094.2 853.4 46.4 1183.5 836.9 47.5 1261.6 885.6 48.4 1349.4 947.2 49.7 1438.3 910.4 48.5 1335.1 926.6 48.9 1242.0 940.5 49.2 1358.1 947.2 49.7 1438.3 967.4 49.8 1420.6 981.6 50.2 1429.6 30 31 32 (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 124 Z.1, September 20, 2012 F.116.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 Net acquisition of 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 11 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 -76.4 -82.4 -35.1 -31.9 -28.7 -33.1 -26.4 -26.7 -28.5 -27.8 -28.7 1 0.2 1.6 0.0 0.2 0.1 1.1 0.0 0.1 2.8 3.3 0.0 -0.0 3.1 -0.0 0.0 -1.1 0.7 0.5 0.0 -0.7 -4.3 0.3 0.0 0.4 2.2 2.4 0.0 -1.0 1.3 -0.9 0.0 -2.3 3.4 0.1 0.0 0.4 -2.0 0.0 0.0 0.9 0.9 -0.4 0.0 0.2 2 3 4 5 84.8 71.8 114.1 29.9 1.0 -5.1 -15.1 25.9 -1.6 -3.8 -22.6 6 Open market paper Treasury securities Agency- and GSE-backed securities -4.5 32.8 26.7 10.1 10.1 13.7 -4.1 97.9 -23.4 -2.2 44.5 -10.9 -0.5 19.9 -8.6 1.1 15.3 -5.2 -1.0 3.3 -13.0 -1.5 35.8 -3.9 -0.8 25.1 -12.1 0.2 26.7 -23.9 -0.7 11.2 -17.6 7 8 9 Corporate and foreign bonds Mortgages 30.3 -0.5 38.2 -0.3 44.6 -0.9 -1.2 -0.3 -9.6 -0.1 -16.1 -0.2 -4.2 -0.1 -4.4 -0.1 -13.7 -0.1 -6.7 -0.2 -15.3 -0.1 10 11 -209.0 20.1 -171.1 15.5 -159.6 -5.2 -59.7 -2.1 -37.3 5.1 -47.1 26.1 -31.3 12.5 -29.4 -19.8 -41.3 1.6 -54.5 19.9 -34.3 14.5 12 13 25.6 29.0 -0.2 -3.1 0.0 24.0 -0.1 -23.9 9.6 5.6 -0.4 4.4 -2.0 -1.9 -0.9 0.8 2.0 1.6 0.7 -0.3 -3.4 -5.0 -0.0 1.6 3.8 4.0 -0.0 -0.2 -1.5 3.0 1.0 -5.5 9.0 4.3 1.8 2.9 11.6 6.6 1.7 3.3 12.9 7.9 1.9 3.1 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 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.116.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of 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 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 108.1 45.6 95.1 93.1 100.7 111.8 112.7 50.8 127.7 115.9 93.2 1 0.4 3.0 3.4 3.1 0.3 -0.8 2.3 7.2 1.4 1.4 0.6 3.1 1.4 0.2 -0.1 0.9 0.4 -0.0 -0.2 -3.6 0.2 -0.5 -0.2 0.8 1.5 -0.4 -0.2 -16.9 0.2 -0.4 -0.2 3.9 -0.3 1.2 -0.2 -2.0 -0.9 -0.2 0.0 12.2 0.8 -0.8 0.0 -1.1 2 3 4 5 17.7 18.9 -2.5 29.4 48.0 39.4 44.2 66.4 42.2 5.8 -4.4 6 -0.3 5.9 1.4 0.2 5.3 7.7 -6.4 27.9 -25.7 -6.3 35.8 -0.6 -0.9 25.3 13.6 3.4 16.6 10.2 -1.1 23.2 17.2 -1.1 39.8 16.8 -4.7 21.6 10.3 2.8 20.8 -17.0 1.6 10.9 -24.9 7 8 9 9.5 1.2 4.5 1.2 -1.8 3.5 -1.6 2.2 10.4 -0.4 10.9 -1.7 5.9 -1.0 13.1 -2.2 11.8 3.2 -0.4 -0.4 8.3 -0.3 10 11 20.7 68.0 -13.6 20.0 -16.0 95.0 9.2 83.0 13.3 51.0 14.1 80.0 16.5 88.0 10.9 -32.0 11.5 68.0 -13.1 120.0 -8.5 100.0 12 13 -8.1 -2.7 4.7 -10.1 11.3 14.2 0.8 -3.7 12.0 4.5 2.9 4.6 -30.9 -2.5 -0.4 -28.0 -8.2 -1.9 -0.5 -5.8 -22.1 -2.3 -0.6 -19.2 -19.9 -3.0 -0.1 -16.9 1.9 -1.8 -0.5 4.2 7.3 -0.4 -0.8 8.5 -8.0 -1.4 -0.4 -6.2 7.3 -0.8 -0.6 8.8 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 275.7 247.5 198.6 88.7 20.1 -140.0 168.0 100.0 -47.6 -72.6 ND 1 22.2 5.0 17.9 45.0 118.5 67.0 44.2 7.2 28.9 48.0 -118.7 237.8 30.7 8.7 -6.0 -42.0 149.8 57.4 26.6 3.0 11.9 -23.0 122.1 -51.9 20.3 1.3 4.6 9.0 49.7 -64.8 9.0 1.1 -5.1 -20.0 133.0 -258.0 28.0 1.4 17.8 20.0 106.5 -5.8 47.1 1.7 36.0 44.0 -121.1 92.3 -2.8 0.8 -30.2 -8.0 80.3 -87.7 12.4 3.1 6.1 -32.0 186.1 -248.3 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (F.100). IRA assets are not included in pension 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) and from the money market fund sector (line 6). 125 Z.1, September 20, 2012 L.116.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 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 11 2008 2009 2010 2011 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 2596.0 1853.5 2104.7 2264.3 2206.4 2322.7 2309.7 2102.9 2206.4 2341.3 2281.4 1 5.8 44.0 0.0 5.6 5.9 45.0 0.0 5.8 8.7 48.3 0.0 5.7 11.8 48.3 0.0 4.7 12.4 48.7 0.0 4.0 10.7 48.4 0.0 4.8 11.2 48.9 0.0 4.5 11.6 48.7 0.0 3.9 12.4 48.7 0.0 4.0 11.9 48.7 0.0 4.2 12.2 48.7 0.0 4.3 2 3 4 5 587.6 659.3 773.4 803.3 804.3 802.0 798.3 804.7 804.3 803.4 797.7 6 Open market paper Treasury securities Agency- and GSE-backed securities 1.0 104.6 227.8 11.0 114.8 241.5 6.9 212.7 218.2 4.8 257.1 207.3 4.2 277.0 198.7 5.0 260.9 206.0 4.8 261.8 202.8 4.4 270.7 201.8 4.2 277.0 198.7 4.3 283.7 192.8 4.1 286.5 188.4 7 8 9 Corporate and foreign bonds Mortgages 250.6 3.6 288.7 3.2 333.3 2.3 332.1 2.0 322.5 1.9 328.1 2.0 327.0 1.9 325.9 1.9 322.5 1.9 320.8 1.8 317.0 1.8 10 11 1423.8 338.6 777.1 228.0 805.2 286.3 878.8 318.1 829.9 308.0 916.4 335.5 903.9 337.3 754.5 294.5 829.9 308.0 920.3 336.7 877.7 328.5 12 13 190.7 154.2 1.4 35.1 132.4 119.9 1.3 11.3 177.1 160.5 0.9 15.7 199.4 182.9 0.0 16.5 199.1 182.1 0.7 16.2 204.9 188.0 0.0 16.9 205.5 188.6 0.0 16.9 185.0 169.2 0.3 15.5 199.1 182.1 0.7 16.2 216.0 197.8 1.2 17.0 212.3 192.9 1.6 17.8 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 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. L.116.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 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 3814.5 2699.2 3366.3 3835.7 3875.2 4008.5 4020.0 3595.3 3875.2 4219.7 4109.7 1 6.0 23.7 93.5 20.1 6.4 22.9 95.7 27.3 7.7 24.3 96.4 30.5 9.1 24.6 96.3 31.4 9.5 24.6 96.1 27.9 9.2 24.4 96.2 31.6 9.5 24.3 96.2 27.4 9.6 24.2 96.1 28.4 9.5 24.6 96.1 27.9 9.3 24.5 96.1 30.9 9.5 24.3 96.1 30.6 2 3 4 5 273.3 292.1 289.6 319.1 367.1 328.9 340.0 356.5 367.1 368.6 367.5 6 26.0 64.9 68.9 26.1 70.2 76.6 19.7 98.1 50.9 13.4 133.9 50.3 12.5 159.2 63.9 14.2 138.0 52.8 14.0 143.8 57.1 13.7 153.8 61.3 12.5 159.2 63.9 13.2 164.4 59.7 13.6 167.1 53.4 7 8 9 106.9 6.6 111.4 7.8 109.6 11.3 108.0 13.5 118.4 13.1 110.7 13.1 112.2 12.8 115.5 12.3 118.4 13.1 118.3 13.0 120.4 12.9 10 11 1249.5 1772.0 822.7 1138.0 1030.6 1531.0 1202.3 1803.0 1175.2 1836.6 1269.0 1895.1 1260.8 1913.3 1061.0 1700.6 1175.2 1836.6 1325.3 2008.1 1270.3 1962.8 12 13 376.4 277.1 45.8 53.4 294.1 197.7 46.7 49.7 356.2 252.3 49.6 54.3 350.0 274.6 49.1 26.3 338.2 269.2 48.6 20.4 354.1 283.6 49.0 21.5 348.5 282.3 49.0 17.3 318.8 251.7 48.8 18.3 338.2 269.2 48.6 20.4 357.0 289.6 48.5 18.9 348.7 279.2 48.4 21.1 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. 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 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 4748.0 3681.0 4363.0 4839.0 4872.0 5025.0 5079.0 4658.0 4872.0 5229.0 ND 1 281.8 58.2 426.0 224.0 1987.0 1770.9 326.0 65.5 381.6 272.0 1269.0 1366.9 356.7 74.2 405.5 230.0 1659.0 1637.6 383.3 77.2 436.0 207.0 1922.0 1813.5 403.6 78.5 446.0 216.0 1892.0 1835.9 385.6 77.5 446.0 202.0 2021.0 1892.9 392.6 77.9 450.0 207.0 2039.0 1912.6 404.3 78.3 439.0 218.0 1780.0 1738.4 403.6 78.5 446.0 216.0 1892.0 1835.9 406.7 79.3 461.0 208.0 2081.0 1993.0 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension 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) and from the money market fund sector (line 6). 126 Flow of Funds Matrix for 2011 Z.1, September 20, 2012 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Domestic Financial Sectors Rest of the World Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) ---- 1881.6 1239.8 641.8 ---- 1688.1 1107.3 580.7 ---- 182.9 212.4 -29.5 ---- -1205.2 137.0 -1342.2 ---- 2547.4 2696.5 -149.2 ---- 355.6 178.4 177.2 ---- 467.4 -467.4 ---- 3370.4 2874.9 495.5 ---- 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 2440.8 1460.7 1071.6 286.4 112.0 --9.3 -------- 1504.6 1275.3 -46.1 1194.7 36.6 -2.1 -------- 201.6 331.1 -6.8 312.9 -11.5 -------- -1199.0 160.5 -2.0 158.6 --0.1 -------- 2948.0 3227.6 1071.6 341.3 1778.1 36.6 0.1 -------- 22.5 179.1 -6.3 172.9 --- -------- 555.1 -0.1 -----0.1 -------- 3525.5 3406.7 1071.6 347.5 1951.0 36.6 -- -------- -155.1 -36.3 ------ 11 12 13 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 980.1 744.9 -- ---235.2 229.2 845.8 -- --616.6 -129.5 -147.9 -- ---18.4 -1359.5 -166.0 -- --1193.5 -279.7 1276.8 -- --1556.4 -156.7 1915.7 -- --2072.3 555.1 1043.4 -- --488.2 118.8 4235.8 -- --4117.0 -118.8 --- ----1.9 -292.3 379.1 -21.8 -- ---------- ----7.1 -68.6 24.1 -33.0 0.7 ---------- -----15.9 18.0 -2.7 -8.0 ---------- 16.2 -----257.6 -0.3 --- 0.0 0.0 0.0 ------- 16.2 ---9.0 -119.2 421.0 -57.5 -7.3 0.0 0.0 0.0 ------- -0.3 0.0 0.7 -47.3 603.0 34.1 -84.9 -49.8 -67.6 ----854.6 234.5 372.8 -112.8 -137.0 0.0 ---221.4 80.5 36.7 -5.4 51.2 15.9 ---32.4 ------ 15.9 0.0 0.7 -56.4 824.4 233.8 372.8 -112.8 -23.7 15.9 0.0 0.0 -32.4 854.6 234.5 372.8 -112.8 -137.0 ---0.7 23.9 30.1 0.8 ---113.3 14 15 16 17 18 19 20 21 22 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit -400.2 -5.3 -268.1 -25.3 -61.4 -26.7 --2.8 -10.7 -- -209.1 ----7.8 --53.9 1.9 -235.8 86.4 -14.8 -8.5 -0.4 -0.1 -4.5 ----1.6 0.4 525.7 33.4 --15.1 384.6 125.6 68.3 -101.3 -- -110.8 9.1 -61.9 -45.3 -0.2 -6.4 ---6.2 -- -58.6 ----59.5 --0.9 --- -0.7 ---118.1 --0.1 -4.8 4.0 108.7 1067.9 -1066.8 1.1 ----0.0 -- -526.5 -4.7 -330.5 -188.8 -66.1 -33.2 -2.0 -14.4 109.1 1325.9 33.4 1066.8 1.1 -52.2 384.6 71.7 71.1 -337.1 86.4 1104.9 -83.2 985.2 192.2 2.9 243.2 132.5 -31.6 -313.6 -22.6 -422.3 -68.1 --21.9 --313.0 31.6 -60.0 9.1 -- 360.0 -0.3 412.1 -24.2 10.9 -80.7 -42.1 --- 34.8 -53.5 ---57.8 29.2 1.4 --- 938.4 -88.2 1066.8 -20.8 -52.2 129.3 132.5 12.5 -328.0 86.4 938.4 -88.2 1066.8 -20.8 -52.2 129.3 132.5 12.5 -328.0 86.4 ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -173.9 298.4 -58.1 --14.0 -39.7 --11.2 184.1 -- -472.7 -176.6 -- -6.0 -1.6 -10.0 -- --40.2 -- 40.0 -4.8 -- --21.4 -- -139.9 285.6 178.8 58.1 -472.7 -252.2 -39.7 -40.5 47.0 -0.8 39.3 165.5 403.1 -3.9 137.0 -37.7 70.5 17.2 0.0 89.0 --26.8 0.0 -218.1 403.1 195.2 97.4 -218.1 403.1 221.5 97.4 --26.3 -- 37 38 39 40 41 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 86.9 194.4 --13.3 46.8 -----0.4 ----634.4 --4.5 -11.7 394.1 --5.4 --48.0 ------ --29.7 -1.9 1.3 ---102.9 86.9 194.4 35.0 -13.3 635.2 1.3 -4.5 -11.7 496.6 7.3 ---370.7 92.8 194.4 9.2 -1.7 285.9 ----249.0 ----407.8 94.1 194.4 35.0 -13.3 1255.0 94.1 194.4 13.8 -13.3 1190.2 ---21.2 --64.8 42 Sector discrepancies (1 less 4) -559.2 -- 183.5 -- -18.7 -- -6.2 -- -400.6 -- 333.2 -- -87.7 -- -155.1 -- -155.1 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 2011 Z.1, September 20, 2012 (Billions of dollars; All Sectors -- Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Domestic Financial Sectors Rest of the World 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 50275.4 --- -13484.7 13484.7 18475.3 --- -41295.5 19266.6 2302.2 --- -3719.4 3719.4 1350.9 --- -12261.6 12261.6 72403.8 --- -70761.2 48732.2 66067.0 --- -66622.4 62459.4 18801.8 --- -14238.9 10080.6 157272.6 --- -151622.5 121272.3 -5650.1 --- 4 5 6 7 8 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims ---50.1 -- ------ ---34.0 -- ------ ------ ------ 103.9 ----- 54.2 5.2 25.9 --- 103.9 --84.2 -- 54.2 5.2 25.9 --- 36.8 5.2 44.2 58.5 1622.6 ----1984.6 54.2 ---367.3 129.6 --834.1 -- 194.9 5.2 44.2 142.7 1989.9 183.8 5.2 25.9 834.1 1984.6 -11.0 --18.3 691.4 -5.3 9 10 11 12 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 629.0 6778.7 1116.6 -- ----- 914.9 875.3 522.7 12.8 ----- 107.4 293.5 140.8 111.0 ----- 84.3 1.7 --- ----- 1735.6 7949.2 1780.0 123.8 ----- 381.2 572.4 798.2 823.2 2594.3 8805.2 2642.5 1140.7 471.0 283.6 64.3 -44.9 ----- 2587.7 8805.2 2642.5 902.2 2594.3 8805.2 2642.5 1140.7 6.5 --238.5 13 14 15 16 17 18 19 20 21 22 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit 4823.7 58.2 580.3 77.5 1887.0 2118.1 -23.4 79.5 -- 12933.7 ---254.4 -12.4 138.1 9897.1 2631.7 307.8 59.2 91.8 15.9 24.5 ---62.9 53.5 11769.1 116.3 --497.4 5076.0 1530.2 1220.3 3329.0 -- 1248.3 -4.7 525.8 384.8 12.1 150.6 --179.8 -- 3006.8 ---2991.6 --15.3 --- 746.2 --31.1 -0.8 -186.3 110.6 417.4 10453.6 -10428.3 25.3 ----0.0 -- 7125.9 112.7 1197.8 509.2 1923.6 2269.4 -209.6 432.7 470.9 38163.3 116.3 10428.3 25.3 3743.4 5076.0 1542.6 1373.7 13226.1 2631.7 38257.2 665.9 4159.3 5988.3 1737.1 7091.3 2086.8 1398.2 12969.5 2160.8 14070.6 507.8 -7552.1 -5021.4 399.9 413.1 176.2 -- 9127.4 190.7 5071.1 1079.9 82.7 2500.5 -202.5 --- 2276.7 345.1 ---1763.8 144.3 23.5 --- 54510.5 969.2 10428.3 7577.4 3743.4 11861.1 2086.8 1810.3 13402.2 2631.7 54510.5 969.2 10428.3 7577.4 3743.4 11861.1 2086.8 1810.3 13402.2 2631.7 ----------- 23 24 25 26 Corporate equities Mutual fund shares Trade credit Security credit 8720.8 4645.8 -752.3 --288.2 238.5 -167.5 2849.0 -- 14516.7 -2296.5 -- 72.7 36.3 0.0 -- --712.5 -- 57.5 -47.7 -- --234.7 -- 8851.0 4849.6 2896.7 752.3 14516.7 -3531.9 238.5 11000.3 2591.0 134.8 559.8 4150.0 8000.5 14.2 1073.6 2973.6 559.9 133.5 0.0 4158.2 -69.1 0.0 22824.9 8000.5 3165.0 1312.1 22824.9 8000.5 3615.2 1312.1 --450.2 -- 27 28 29 30 31 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 1203.6 13152.4 -7525.3 877.2 ----24.3 ----12791.3 --142.5 7512.3 5058.5 --307.5 --15.3 ------ --166.5 -143.1 49.7 ---1438.3 1203.6 13152.4 474.0 7525.3 13796.4 49.7 -142.5 7512.3 6521.1 148.4 ---9033.2 1302.3 13152.4 -77.8 13.0 7756.4 ----4811.8 ----6771.1 1352.0 13152.4 474.0 7525.3 27641.4 1352.0 13152.4 64.7 7525.3 21048.6 ---409.3 --6592.9 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 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. 127
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