60

Z.1, March 13, 1998

L.1 Credit Market Debt Outstanding (1)
Billions of dollars; levels, not seasonally adjusted
1993

1
2

Total credit market debt owed by:
Domestic nonfinancial sectors

3

Federal government

4

Nonfederal sectors

5
6
7
8
9

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

16142.6

17182.2

18408.5

18696.1

19039.9

19356.2

19735.0

19981.2

20288.9

20596.3

21118.9

1

12431.6

13013.0

13717.2

13913.2

14065.4

14241.9

14436.9

14602.1

14727.9

14913.9

15194.1

2

3336.5

3492.3

3636.7

3717.2

3693.8

3733.1

3781.8

3829.8

3760.6

3771.2

3804.9

3

9095.1

9520.7

10080.4

10196.0

10371.6

10508.8

10655.1

10772.3

10967.3

11142.7

11389.2

4

4157.0
2519.9
1118.5
137.9
1161.8

4482.5
2657.7
1121.8
142.2
1116.5

4850.7
2869.2
1147.9
145.1
1067.6

4911.3
2916.0
1158.5
142.8
1067.4

4991.3
2993.7
1167.8
148.2
1070.7

5101.0
3028.4
1174.1
149.5
1055.7

5204.6
3042.4
1189.3
149.9
1068.9

5240.0
3104.9
1200.9
148.3
1078.1

5340.5
3160.4
1217.6
153.4
1095.4

5439.4
3209.7
1233.0
155.4
1105.2

5571.5
3282.8
1250.1
156.2
1128.7

5
6
7
8
9

10

Rest of the world

385.8

371.8

442.9

453.6

462.6

490.2

513.4

517.8

531.6

548.7

558.8

10

11

Financial sectors

3325.3

3797.3

4248.4

4329.3

4511.9

4624.1

4784.7

4861.4

5029.4

5133.7

5366.0

11

208.0
68.6
16.0
123.4

228.1
81.0
13.4
133.6

250.6
92.2
10.4
148.0

241.8
90.4
10.0
141.4

253.0
95.8
8.8
148.4

256.8
98.8
8.9
149.1

263.6
103.9
9.6
150.0

266.9
105.6
9.7
151.6

286.8
115.4
10.3
161.1

294.6
120.8
9.2
164.6

309.7
133.8
7.2
168.6

12
13
14
15

99.6
0.2

112.4
0.5

115.0
0.4

117.8
0.4

128.3
0.3

134.8
0.4

140.5
0.4

136.3
0.4

144.3
0.4

149.8
0.5

160.3
0.6

16
17

0.2
528.5
1356.8
485.3

0.6
700.6
1472.1
554.1

0.5
806.5
1570.3
687.0

1.1
814.4
1599.7
717.3

1.2
846.1
1643.3
756.6

1.1
866.1
1679.0
781.2

1.6
896.9
1711.4
819.1

1.8
894.7
1740.0
829.8

1.8
944.2
1762.1
852.5

1.9
955.8
1790.7
908.8

1.8
995.9
1825.8
998.4

18
19
20
21

385.1
30.2
17.4
33.7
180.3

433.7
18.7
31.1
34.3
211.0

483.9
19.1
37.1
29.3
248.6

491.1
24.1
39.1
21.4
261.3

506.3
28.1
42.0
24.6
282.0

513.7
28.5
45.4
26.1
291.0

529.8
31.5
49.9
27.3
312.7

528.4
33.0
54.9
26.6
348.6

557.8
34.3
60.0
35.3
350.0

532.7
35.2
66.7
33.6
363.4

554.5
36.4
73.7
35.3
373.8

22
23
24
25
26

16142.6

17182.2

18408.5

18696.1

19039.9

19356.2

19735.0

19981.2

20288.9

20596.3

21118.9

27

2724.1

2998.6

2877.8

2851.2

2936.2

2896.5

2905.0

2825.6

2785.6

2725.9

2753.7

28

1630.6
271.5
37.0
784.9

1941.9
289.2
37.6
729.9

1904.9
286.8
37.9
648.1

1864.9
273.6
38.0
674.8

1934.5
285.7
38.1
677.8

1941.3
273.8
38.2
643.2

1964.5
291.0
38.3
611.1

1911.7
281.8
38.5
593.6

1873.7
272.3
38.6
600.9

1829.4
277.1
38.8
580.5

1826.9
296.3
39.0
591.5

29
30
31
32

231.9
1147.8

204.4
1254.8

204.2
1563.1

199.3
1656.7

199.2
1722.2

197.5
1844.8

196.5
1953.6

196.9
2051.1

198.3
2125.3

199.1
2227.3

201.4
2270.0

33
34

12038.8

12724.3

13763.4

13989.0

14182.3

14417.4

14679.9

14907.6

15179.7

15443.9

15893.8

35

336.7

368.2

380.8

379.6

386.3

386.2

393.1

397.1

412.4

412.7

431.4

36

3090.8
2721.5
326.0
17.5
25.8

3254.3
2869.6
337.1
18.4
29.2

3520.1
3056.1
412.6
18.0
33.4

3541.6
3068.8
422.2
16.8
33.9

3590.8
3101.3
437.1
18.1
34.3

3643.3
3135.3
454.2
19.3
34.5

3707.7
3175.8
475.8
22.0
34.1

3775.7
3218.1
499.5
22.5
35.6

3856.8
3295.2
501.8
23.8
36.1

3912.9
3351.9
501.0
22.5
37.5

4031.9
3450.8
515.4
27.4
38.3

37
38
39
40
41

914.1
218.7
240.9

920.8
246.8
248.0

913.3
263.0
229.2

921.8
267.0
228.3

932.7
276.9
229.4

945.2
282.6
231.3

933.2
288.5
233.1

931.9
291.2
235.2

937.8
299.2
237.4

927.3
303.6
239.7

925.5
304.2
242.3

42
43
44

12
13
14
15

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

16
17

Savings institutions
Credit unions

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

27
28
29
30
31
32

Total credit market assets held by:
Domestic nonfederal nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

33
34

Federal government
Rest of the world

35

Financial sectors

36

Monetary authority

37
38
39
40
41

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

42
43
44

Savings institutions
Credit unions
Bank personal trusts and estates

45
46
47
48

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

1416.0
422.7
611.4
433.5

1482.6
446.4
656.9
455.8

1581.8
468.7
718.3
483.3

1596.2
473.1
735.0
493.6

1596.7
480.7
746.7
509.8

1627.0
484.2
757.1
517.7

1654.3
491.2
764.8
529.2

1680.2
491.2
777.9
531.6

1724.1
498.1
792.5
542.7

1750.4
506.2
809.1
562.0

1775.4
514.4
831.7
577.5

45
46
47
48

49
50
51
52
53
54

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

429.0
725.9
89.7
545.5
1356.8
455.1

459.0
718.8
86.0
663.3
1472.1
516.8

545.5
771.3
96.4
748.0
1570.3
627.9

595.6
795.9
97.0
755.8
1599.7
653.3

594.7
809.0
97.6
758.9
1643.3
686.0

606.6
818.3
98.1
779.3
1679.0
704.1

634.3
820.2
98.7
813.6
1711.4
729.7

659.0
838.3
99.3
824.3
1740.0
734.5

656.5
860.6
99.7
854.8
1762.1
753.5

678.7
889.2
99.7
868.7
1790.7
783.1

718.8
894.8
99.5
908.6
1825.8
859.5

49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

427.9
60.4
8.6
137.5
117.8

476.2
36.5
13.3
93.3
109.3

526.2
33.0
15.5
183.4
87.3

530.3
46.0
16.3
156.2
106.7

539.9
39.3
17.2
138.2
108.1

538.3
40.2
18.0
147.1
113.9

544.5
41.2
19.0
167.7
104.5

552.4
41.1
20.3
164.1
122.5

553.1
43.6
21.5
161.2
112.0

564.4
45.4
22.8
165.1
112.3

566.7
47.9
24.0
183.6
130.3

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

61

Z.1, March 13, 1998

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; levels, not seasonally adjusted
1993

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Domestic

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

12431.6

13013.0

13717.2

13913.2

14065.4

14241.9

14436.9

14602.1

14727.9

14913.9

15194.1

1

Federal government
Treasury securities
Budget agency secur. and mortgages

3336.5
3309.9
26.6

3492.3
3465.6
26.7

3636.7
3608.5
28.2

3717.2
3689.6
27.6

3693.8
3665.5
28.2

3733.1
3705.7
27.4

3781.8
3755.1
26.6

3829.8
3803.5
26.3

3760.6
3734.3
26.3

3771.2
3745.1
26.1

3804.9
3778.3
26.5

2
3
4

Nonfederal, by instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c.
Other loans and advances

9095.1
117.8
1377.5
1229.7
684.8
629.3

9520.7
139.2
1341.7
1253.0
759.9
669.6

10080.4
157.4
1293.5
1326.3
861.9
736.9

10196.0
174.2
1291.4
1341.5
871.6
746.4

10371.6
181.7
1297.9
1359.4
889.2
757.3

10508.8
173.0
1281.7
1376.4
919.2
769.4

10655.1
156.4
1296.0
1398.8
928.2
770.6

10772.3
168.7
1305.2
1418.7
963.8
782.9

10967.3
179.3
1326.7
1440.2
996.5
786.9

11142.7
176.6
1338.9
1470.9
998.5
801.3

11389.2
168.6
1366.2
1489.5
1035.8
836.5

5
6
7
8
9
10

4196.9
3178.4
266.4
671.3
80.7
859.0

4373.4
3357.5
268.4
664.5
83.0
983.9

4581.7
3533.3
279.2
684.7
84.6
1122.8

4657.7
3598.1
282.7
692.0
85.0
1113.2

4741.6
3633.7
290.8
731.0
86.2
1144.5

4815.7
3704.1
293.8
731.1
86.7
1173.5

4893.4
3761.7
300.7
743.9
87.1
1211.6

4946.6
3806.6
303.4
749.0
87.7
1186.4

5032.7
3870.1
308.7
765.2
88.7
1205.0

5129.1
3946.7
312.5
780.2
89.8
1227.3

5227.2
4019.2
321.6
796.0
90.3
1265.4

11
12
13
14
15
16

9095.1
4157.0
3776.3
2519.9
1118.5
137.9
1161.8

9520.7
4482.5
3921.7
2657.7
1121.8
142.2
1116.5

10080.4
4850.7
4162.2
2869.2
1147.9
145.1
1067.6

10196.0
4911.3
4217.3
2916.0
1158.5
142.8
1067.4

10371.6
4991.3
4309.6
2993.7
1167.8
148.2
1070.7

10508.8
5101.0
4352.1
3028.4
1174.1
149.5
1055.7

10655.1
5204.6
4381.7
3042.4
1189.3
149.9
1068.9

10772.3
5240.0
4454.2
3104.9
1200.9
148.3
1078.1

10967.3
5340.5
4531.4
3160.4
1217.6
153.4
1095.4

11142.7
5439.4
4598.0
3209.7
1233.0
155.4
1105.2

11389.2
5571.5
4689.0
3282.8
1250.1
156.2
1128.7

17
18
19
20
21
22
23

Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
Nonfederal, by sector
Household sector
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local governments

24

Foreign credit market debt
held in U.S.

385.8

371.8

442.9

453.6

462.6

490.2

513.4

517.8

531.6

548.7

558.8

24

25
26
27
28

Commercial paper
Bonds
Bank loans n.e.c.
Other loans and advances

68.8
230.1
24.6
62.3

42.7
242.3
26.1
60.8

56.2
291.9
34.6
60.2

52.5
303.8
36.8
60.6

54.5
306.7
40.5
60.9

65.8
321.7
41.7
61.0

67.5
341.3
43.7
61.0

69.3
344.1
43.5
60.9

71.3
352.7
46.4
61.2

64.3
376.3
48.2
59.9

65.1
382.6
52.1
59.0

25
26
27
28

12817.3

13384.9

14160.1

14366.8

14528.0

14732.1

14950.3

15119.8

15259.5

15462.6

15752.9

29

29

Domestic and foreign

L.3 Credit Market Debt Owed by Financial Sectors
Billions of dollars; levels, not seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12

By instrument

3325.3

3797.3

4248.4

4329.3

4511.9

4624.1

4784.7

4861.4

5029.4

5133.7

5366.0

1

Federal government-related
Govt.-sponsored enterprise securities
Mortgage pool securities
U.S. government loans

1885.2
523.7
1356.8
4.8

2172.7
700.6
1472.1
0.0

2376.8
806.5
1570.3
0.0

2414.0
814.4
1599.7
0.0

2489.4
846.1
1643.3
0.0

2545.1
866.1
1679.0
0.0

2608.3
896.9
1711.4
0.0

2634.7
894.7
1740.0
0.0

2706.2
944.2
1762.1
0.0

2746.5
955.8
1790.7
0.0

2821.7
995.9
1825.8
0.0

2
3
4
5

Private financial sectors
Open market paper
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages

1440.0
393.4
866.2
62.6
108.9
8.9

1624.6
441.6
983.9
48.9
131.6
18.7

1871.5
486.9
1172.0
53.1
135.0
24.6

1915.3
490.9
1205.7
58.6
133.6
26.5

2022.5
517.3
1265.2
63.9
146.8
29.2

2079.0
538.6
1288.8
64.2
155.1
32.4

2176.4
579.1
1328.5
69.8
162.9
36.0

2226.7
623.0
1334.4
71.3
157.9
40.0

2323.2
642.5
1390.7
72.9
173.7
43.5

2387.2
684.7
1396.0
76.5
183.0
47.0

2544.3
745.7
1466.3
83.4
198.9
50.0

6
7
8
9
10
11

3325.3

3797.3

4248.4

4329.3

4511.9

4624.1

4784.7

4861.4

5029.4

5133.7

5366.0

12

84.6
123.4
99.6
0.2

94.5
133.6
112.4
0.5

102.6
148.0
115.0
0.4

100.5
141.4
117.8
0.4

104.6
148.4
128.3
0.3

107.7
149.1
134.8
0.4

113.6
150.0
140.5
0.4

115.3
151.6
136.3
0.4

125.7
161.1
144.3
0.4

130.0
164.6
149.8
0.5

141.0
168.6
160.3
0.6

13
14
15
16

0.2
528.5
1356.8
485.3

0.6
700.6
1472.1
554.1

0.5
806.5
1570.3
687.0

1.1
814.4
1599.7
717.3

1.2
846.1
1643.3
756.6

1.1
866.1
1679.0
781.2

1.6
896.9
1711.4
819.1

1.8
894.7
1740.0
829.8

1.8
944.2
1762.1
852.5

1.9
955.8
1790.7
908.8

1.8
995.9
1825.8
998.4

17
18
19
20

33.7
385.1
30.2
17.4
180.3

34.3
433.7
18.7
31.1
211.0

29.3
483.9
19.1
37.1
248.6

21.4
491.1
24.1
39.1
261.3

24.6
506.3
28.1
42.0
282.0

26.1
513.7
28.5
45.4
291.0

27.3
529.8
31.5
49.9
312.7

26.6
528.4
33.0
54.9
348.6

35.3
557.8
34.3
60.0
350.0

33.6
532.7
35.2
66.7
363.4

35.3
554.5
36.4
73.7
373.8

21
22
23
24
25

By sector

13
14
15
16

Commercial banks
Bank holding companies
Savings institutions
Credit unions

17
18
19
20

Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

21
22
23
24
25

Brokers and dealers
Finance companies
Mortgage companies
REITs
Funding corporations

62

Z.1, March 13, 1998

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

16142.6

17182.2

18408.5

18696.1

19039.9

19356.2

19735.0

19981.2

20288.9

20596.3

21118.9

1

2
3
4
5

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds

580.0
5216.9
1377.5
2326.0

623.5
5665.0
1341.7
2479.1

700.4
6013.6
1293.5
2790.3

717.6
6131.2
1291.4
2851.1

753.6
6183.1
1297.9
2931.3

777.4
6278.2
1281.7
2986.8

803.0
6390.0
1296.0
3068.7

861.1
6464.5
1305.2
3097.2

893.1
6466.8
1326.7
3183.6

925.7
6517.7
1338.9
3243.2

979.4
6626.5
1366.2
3338.4

2
3
4
5

6
7
8
9

Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

772.0
805.3
4205.8
859.0

834.9
862.0
4392.1
983.9

949.6
932.1
4606.3
1122.8

966.9
940.5
4684.2
1113.2

993.7
965.0
4770.8
1144.5

1025.0
985.4
4848.1
1173.5

1041.7
994.5
4929.4
1211.6

1078.6
1001.7
4986.6
1186.4

1115.7
1021.8
5076.2
1205.0

1123.1
1044.2
5176.1
1227.3

1171.3
1094.4
5277.2
1265.4

6
7
8
9

6257.6
1375.4

6237.9
1477.3

8331.3
1852.8

8809.7
1997.0

9105.0
2129.9

9340.5
2211.6

10061.1
2342.4

10072.3
2411.5

11719.8
2719.6

12804.6
2977.0

12958.6
3013.5

10
11

10
11

Total

1994

Memo:
Selected claims not included above:
Corporate equities
Mutual fund shares

L.5 Total Liabilities and Their Relation to Total Financial Assets
Billions of dollars; levels, not seasonally adjusted

1

Total credit market debt
(from table L.4)

16142.6

17182.2

18408.5

18696.1

19039.9

19356.2

19735.0

19981.2

20288.9

20596.3

21118.9

1

2
3
4
5
6

Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits
Net interbank liabilities

53.4
8.0
17.0
271.8
189.3

53.2
8.0
17.6
324.6
280.1

63.7
10.2
18.2
359.2
290.7

62.1
10.2
18.2
384.4
266.6

61.4
10.2
18.2
385.2
250.0

54.3
9.7
18.8
415.1
225.8

53.7
9.7
18.2
438.1
240.8

46.3
9.2
18.3
485.2
210.2

46.7
9.2
18.3
489.9
197.1

46.1
9.2
18.7
516.2
186.9

48.9
9.2
18.2
527.0
198.9

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

1251.7
2223.1
391.7
559.6
471.3

1242.0
2183.2
411.2
602.9
549.5

1229.3
2279.7
476.9
745.3
660.0

1183.3
2342.4
493.6
816.9
666.0

1212.3
2340.2
511.1
809.5
692.0

1220.8
2357.9
557.2
838.1
687.6

1245.1
2377.0
590.9
891.1
700.3

1220.0
2427.1
606.0
950.8
713.3

1265.3
2432.3
646.7
952.4
765.1

1234.2
2437.0
696.1
1005.1
792.5

1286.2
2475.5
711.4
1048.7
814.3

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

1375.4
279.0
470.8
4662.0

1477.3
279.0
505.3
4880.1

1852.8
305.7
550.2
5600.5

1997.0
326.9
554.5
5767.8

2129.9
318.6
562.3
5901.1

2211.6
317.8
577.1
6030.9

2342.4
358.1
593.8
6313.8

2411.5
380.0
603.7
6414.7

2719.6
414.8
623.1
6940.1

2977.0
432.2
638.8
7325.1

3013.5
461.9
650.8
7453.9

12
13
14
15

16
17
18
19

Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

1047.8
98.8
691.3
5144.1

1141.5
101.4
699.4
5402.7

1246.7
106.0
767.4
5792.0

1234.6
116.2
793.7
5954.5

1269.7
113.4
811.7
5943.3

1263.0
117.9
829.0
6031.6

1314.8
120.0
872.0
6163.8

1300.6
133.2
890.4
6344.1

1322.2
128.9
969.7
6276.2

1351.3
137.5
1035.2
6394.0

1390.5
140.1
1050.7
6441.0

16
17
18
19

35348.6

37341.4

40762.9

41684.9

42379.7

43120.4

44378.5

45146.0

46506.6

47829.3

48859.7

20

20

Total liabilities

21
22
23

+ Financial assets not included in
liabilities:
Gold and SDRs
Corporate equities
Household equity in noncorp. bus.

20.1
6257.6
3218.8

21.1
6237.9
3419.1

22.1
8331.3
3625.4

22.1
8809.7
3670.1

22.0
9105.0
3727.1

21.2
9340.5
3792.1

21.4
10061.1
3836.5

20.9
10072.3
3914.9

21.1
11719.8
4052.3

21.0
12804.6
4111.8

21.1
12958.6
4087.6

21
22
23

24
25
26

- Liabilities not identified as assets:
Treasury currency
Foreign deposits
Net interbank transactions

-5.1
233.2
-4.7

-5.4
276.2
-6.5

-5.8
301.2
-9.0

-6.1
319.5
-2.6

-6.3
326.1
-8.0

-6.0
347.7
-11.6

-6.8
354.1
-10.6

-6.9
398.6
-1.6

-7.0
396.0
-8.1

-6.8
415.6
-22.1

-7.4
422.4
-28.3

24
25
26

-1.5
40.8
-867.0

67.8
48.8
-977.7

103.9
60.8
-1092.2

104.2
45.8
-1105.5

125.5
61.0
-1222.4

113.4
67.7
-1300.4

135.8
73.2
-1414.2

110.9
70.6
-1382.7

153.4
72.5
-1439.6

164.8
82.3
-1448.0

187.9
93.2
-1631.2

27
28
29

27
28
29

Security RPs
Taxes payable
Miscellaneous

30
31
32

- Floats not included in assets:
Checkable deposits: Federal govt.
Other
Trade credit

5.6
40.7
-245.3

3.4
38.0
-245.8

3.1
34.2
-274.9

-0.0
29.6
-328.3

-3.4
31.8
-338.5

-1.7
23.1
-377.8

-1.6
30.1
-308.7

-9.7
25.6
-363.8

-6.8
27.9
-390.0

-7.8
19.5
-419.9

-8.1
26.2
-353.2

30
31
32

33

Totals identified to sectors as assets

45648.4

47820.7

53620.4

55130.3

56268.0

57419.8

59446.2

60313.1

63501.4

65989.1

67225.5

33

63

Z.1, March 13, 1998

L.9 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

15770.4

16263.4

18557.6

19125.4

19495.9

19836.3

20646.6

20751.8

22332.1

23432.5

23744.2

1

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

15.8
673.3
2291.1
341.8

18.8
649.1
2287.3
355.3

23.4
609.9
2443.6
455.7

26.0
589.7
2515.1
509.2

27.7
583.3
2530.7
489.4

31.7
576.9
2571.0
503.8

35.5
571.6
2614.3
534.9

39.7
565.3
2666.2
584.5

43.5
564.1
2699.2
572.1

46.5
537.8
2747.7
615.6

49.3
547.7
2802.0
641.4

2
3
4
5

6

Securities

5731.1

5942.2

7129.8

7373.7

7593.0

7701.4

8069.0

7928.6

8834.2

9381.5

9415.9

6

45.5
171.9
316.4
120.2

46.7
179.9
496.3
267.3

59.9
185.0
420.4
289.9

61.2
185.8
406.1
269.5

63.9
186.5
380.0
333.5

73.2
186.8
361.9
385.4

82.6
187.0
370.3
413.8

94.5
186.5
324.4
435.7

104.4
186.3
227.1
468.4

113.1
186.2
190.2
475.1

122.6
186.5
133.7
499.8

7
8
9
10

552.6
312.9
3220.7
990.9

502.2
348.8
3048.9
1052.1

445.7
408.3
4065.6
1255.0

436.0
411.3
4245.0
1358.7

440.0
436.8
4294.8
1457.5

426.4
414.9
4337.2
1515.7

423.1
396.1
4604.4
1591.6

422.4
358.1
4525.6
1581.5

439.1
359.5
5281.7
1767.8

439.1
338.1
5709.9
1929.8

448.9
349.3
5737.6
1937.5

11
12
13
14

457.2
836.4
2216.3
1622.9

491.5
884.5
2317.2
1692.2

536.3
997.6
2682.0
1934.8

540.8
1014.6
2765.1
2001.8

548.3
1025.8
2839.6
2049.7

563.4
1045.6
2901.5
2097.5

580.1
1083.6
3062.2
2181.6

590.3
1111.9
3100.5
2215.8

609.1
1192.1
3355.4
2406.6

625.1
1239.6
3563.4
2535.9

636.8
1268.4
3602.9
2596.7

15
16
17
18

691.3
893.2

699.4
925.8

767.4
977.1

793.7
995.6

811.7
996.7

829.0
1014.6

872.0
1041.8

890.4
1058.6

969.7
1086.1

1035.2
1104.2

1050.7
1132.5

19
20

5820.3

6168.6

6592.8

6675.1

6778.7

6897.2

7026.5

7081.3

7221.1

7358.8

7515.4

21

3160.4
844.1
859.0

3338.8
820.3
983.9

3514.0
815.9
1122.8

3578.6
823.2
1113.2

3614.1
830.5
1144.5

3684.3
831.7
1173.5

3741.8
847.2
1211.6

3786.5
850.8
1186.4

3849.9
861.2
1205.0

3926.2
871.6
1227.3

3998.5
883.0
1265.4

22
23
24

78.6
76.1
802.1

86.4
75.1
864.1

96.9
78.6
964.6

98.7
89.1
972.2

99.9
89.9
999.8

102.9
86.9
1017.8

101.4
94.4
1030.1

102.9
101.1
1053.7

104.6
110.5
1089.8

105.4
127.5
1100.9

106.8
128.7
1132.9

25
26
27

7
8
9
10

Open market paper
U.S. savings bonds
Other Treasury securities
Agency securities

11
12
13
14

Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

15
16
17
18

Private life insurance reserves
Private insured pension reserves
Private noninsured pension reserves
Govt. insurance and pension reserves

19
20

Investment in bank personal trusts
Miscellaneous assets

21

Total liabilities

22
23
24

Mortgage debt on nonfarm homes
Other mortgage debt (3)
Consumer credit

25
26
27

Policy loans
Security credit
Other liabilities (3)

(1) Combined statement for household sector, nonfarm noncorporate business, and farm business.
(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19).
(3) Includes corporate farms.

64

Z.1, March 13, 1998

L.100 Households and Nonprofit Organizations (1)
Billions of dollars; levels, not seasonally adjusted
1993

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

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

18411.8

19059.2

21528.0

22133.6

22553.9

22952.0

23795.3

23970.7

25679.5

26831.5

27108.7

1

3160.4

3133.9

3346.1

3451.5

3440.6

3490.7

3561.5

3658.6

3679.3

3745.4

3834.8

2

15.8
570.8
2235.9
337.9

18.8
539.8
2223.9
351.3

23.4
497.2
2373.9
451.6

26.0
476.1
2444.3
505.0

27.7
468.8
2458.8
485.2

31.7
461.5
2498.0
499.5

35.5
455.3
2540.2
530.6

39.7
447.7
2591.0
580.1

43.5
445.3
2622.8
567.7

46.5
417.8
2670.0
611.1

49.3
426.1
2722.8
636.7

3
4
5
6

1630.6

1941.9

1904.9

1864.9

1934.5

1941.3

1964.5

1911.7

1873.7

1829.4

1826.9

7

8
9
10
11
12
13

Open market paper
U.S. government securities
Treasury
Savings bonds
Other Treasury
Agency

45.5
595.3
475.0
171.9
303.1
120.2

46.7
929.6
662.2
179.9
482.3
267.3

59.9
880.9
591.0
185.0
406.0
289.9

61.2
847.0
577.4
185.8
391.6
269.5

63.9
885.4
551.8
186.5
365.3
333.5

73.2
919.3
533.9
186.8
347.1
385.4

82.6
956.3
542.4
187.0
355.4
413.8

94.5
931.6
495.9
186.5
309.4
435.7

104.4
866.6
398.2
186.3
211.9
468.4

113.1
836.0
360.9
186.2
174.7
475.1

122.6
804.3
304.5
186.5
118.1
499.8

8
9
10
11
12
13

14
15
16

Municipal securities
Corporate and foreign bonds
Mortgages

552.6
312.9
124.4

502.2
348.8
114.7

445.7
408.3
110.1

436.0
411.3
109.4

440.0
436.8
108.5

426.4
414.9
107.5

423.1
396.1
106.4

422.4
358.1
105.2

439.1
359.5
104.2

439.1
338.1
103.1

448.9
349.3
101.8

14
15
16

17
18
19
20
21

Corporate equities (2)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

3220.7
990.9
102.3
470.8
4662.0

3048.9
1052.1
109.0
505.3
4880.1

4065.6
1255.0
127.6
550.2
5600.5

4245.0
1358.7
140.9
554.5
5767.8

4294.8
1457.5
136.8
562.3
5901.1

4337.2
1515.7
145.2
577.1
6030.9

4604.4
1591.6
162.9
593.8
6313.8

4525.6
1581.5
171.9
603.7
6414.7

5281.7
1767.8
189.0
623.1
6940.1

5709.9
1929.8
193.1
638.8
7325.1

5737.6
1937.5
210.7
650.8
7453.9

17
18
19
20
21

22
23
24

Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets

691.3
3218.8
264.1

699.4
3419.1
269.5

767.4
3625.4
285.4

793.7
3670.1
286.5

811.7
3727.1
287.5

829.0
3792.1
292.8

872.0
3836.5
294.3

890.4
3914.9
297.6

969.7
4052.3
302.8

1035.2
4111.8
312.8

1050.7
4087.6
318.0

22
23
24

4339.2

4668.3

5049.3

5119.8

5203.5

5310.3

5420.7

5462.9

5575.6

5692.0

5827.1

25

4157.0

4482.5

4850.7

4911.3

4991.3

5101.0

5204.6

5240.0

5340.5

5439.4

5571.5

26

2924.5
859.0
111.1

3097.7
983.9
125.6

3275.0
1122.8
139.4

3340.6
1113.2
142.8

3376.4
1144.5
149.1

3446.5
1173.5
153.3

3504.0
1211.6
158.5

3548.9
1186.4
163.4

3612.0
1205.0
171.8

3686.9
1227.3
178.7

3757.6
1265.4
187.5

27
28
29

27.4
126.6
108.5

40.0
133.7
101.5

55.7
160.3
97.5

53.0
161.5
100.2

54.2
165.4
101.8

55.9
170.2
101.5

52.1
172.7
105.6

57.8
179.5
104.0

64.1
183.8
103.7

52.3
188.8
105.5

61.2
193.5
106.4

30
31
32

76.1
89.8

75.1
94.0

78.6
102.4

89.1
101.8

89.9
104.7

86.9
104.6

94.4
103.9

101.1
103.4

110.5
105.6

127.5
105.6

128.7
106.8

33
34

16.3

16.8

17.5

17.6

17.7

17.8

17.9

18.4

19.0

19.5

20.1

35

25
26

Total liabilities
Credit market instruments

27
28
29

Home mortgages
Consumer credit
Municipal securities

30
31
32

Bank loans n.e.c.
Other loans and advances
Commercial mortgages

33
34
35

Security credit
Trade payables
Deferred and unpaid
life insurance premiums

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).

65

Z.1, March 13, 1998

L.101 Nonfinancial Business (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

4859.5

5185.2

5630.4

5738.7

5843.6

5962.5

6082.7

6160.2

6273.9

6372.3

6472.3

1

2
3
4
5
6

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

12.9
305.6
129.3
48.7
2.5

14.0
330.9
130.9
56.2
2.2

15.0
351.7
135.6
81.1
2.4

17.7
341.9
133.5
84.0
2.4

17.2
349.9
139.7
84.7
4.2

18.2
364.8
147.4
86.0
4.6

25.4
382.3
142.8
88.5
3.8

26.2
374.4
136.5
91.7
3.6

30.1
383.5
145.2
93.5
3.1

31.1
393.9
141.7
98.6
4.1

32.2
414.8
144.7
103.0
5.8

2
3
4
5
6

7

Credit market instruments

308.5

326.8

324.7

311.6

323.9

312.0

329.3

320.2

311.0

316.0

335.3

7

19.4
81.2
54.7
76.0
77.2

18.8
84.7
56.7
80.0
86.6

19.9
79.4
55.4
85.0
85.1

17.2
78.4
52.4
87.0
76.7

20.5
86.9
55.9
88.5
72.0

23.0
80.6
49.5
90.4
68.5

30.7
80.7
47.7
92.4
77.7

25.8
84.6
45.4
94.4
70.0

24.8
73.4
48.5
96.4
68.0

27.4
76.3
45.2
98.4
68.7

34.1
80.0
42.0
100.4
78.9

8
9
10
11
12

29.8
1138.0
2884.2

31.1
1224.0
3069.2

45.7
1334.4
3339.8

49.3
1367.9
3430.4

51.4
1410.8
3461.7

53.4
1432.9
3543.3

58.6
1403.8
3648.2

62.1
1432.1
3713.4

73.1
1474.9
3759.6

80.0
1507.8
3799.1

81.8
1466.3
3888.5

13
14
15

6869.7

7127.6

7565.5

7675.5

7790.1

7876.0

7981.6

8066.1

8181.2

8290.7

8392.1

16

8
9
10
11
12
13
14
15
16
17

Total financial assets

1994

Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Total liabilities

3776.3

3921.7

4162.2

4217.3

4309.6

4352.1

4381.7

4454.2

4531.4

4598.0

4689.0

17

18
19
20

Commercial paper
Municipal securities
Corporate bonds

117.8
113.9
1229.7

139.2
108.8
1253.0

157.4
96.3
1326.3

174.2
91.0
1341.5

181.7
87.9
1359.4

173.0
82.7
1376.4

156.4
78.8
1398.8

168.7
72.6
1418.7

179.3
68.6
1440.2

176.6
63.9
1470.9

168.6
58.9
1489.5

18
19
20

21
22
23

Bank loans n.e.c.
Other loans and advances
Mortgages

657.4
493.5
1163.9

719.8
526.7
1174.1

806.2
566.8
1209.3

818.6
575.1
1216.9

835.0
582.0
1263.5

863.3
589.1
1267.6

876.0
587.8
1283.8

906.0
594.5
1293.7

932.4
594.0
1316.9

946.2
603.6
1336.7

974.7
634.1
1363.2

21
22
23

797.6
74.5
2221.3

883.3
74.9
2247.7

965.3
75.7
2362.4

954.4
84.9
2418.9

984.1
81.4
2415.0

974.4
85.1
2464.4

1025.1
86.1
2488.8

1004.7
98.5
2508.7

1022.7
93.3
2533.8

1042.4
100.5
2549.8

1081.2
101.8
2520.0

24
25
26

24
25
26

Credit market instruments

Trade payables
Taxes payable
Miscellaneous liabilities

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.

66

Z.1, March 13, 1998

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; levels, not seasonally adjusted
1993

1
2
3
4
5
6

Total financial assets
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

4289.0

4567.3

4975.5

5076.7

5174.2

5285.7

5398.3

5467.3

5572.0

5660.9

5750.5

1

12.9
203.1
74.1
44.8
2.5

14.0
221.6
67.5
52.2
2.2

15.0
239.0
65.9
77.0
2.4

17.7
228.3
62.7
79.9
2.4

17.2
235.4
67.8
80.5
4.2

18.2
249.4
74.4
81.8
4.6

25.4
266.0
68.7
84.2
3.8

26.2
256.9
61.2
87.4
3.6

30.1
264.7
68.8
89.1
3.1

31.1
273.8
64.0
94.0
4.1

32.2
293.2
65.5
98.3
5.8

2
3
4
5
6

7
8
9
10
11
12
13

Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

19.4
67.9
54.7
52.3
77.2
1035.0
29.8

18.8
70.7
56.7
56.4
86.6
1107.0
31.1

19.9
65.0
55.4
61.5
85.1
1205.9
45.7

17.2
63.9
52.4
63.5
76.7
1237.4
49.3

20.5
72.2
55.9
65.0
72.0
1278.3
51.4

23.0
65.8
49.5
67.0
68.5
1298.3
53.4

30.7
65.8
47.7
69.0
77.7
1267.2
58.6

25.8
69.6
45.4
71.0
70.0
1293.2
62.1

24.8
58.1
48.5
73.0
68.0
1333.9
73.1

27.4
60.9
45.2
75.0
68.7
1364.5
80.0

34.1
64.3
42.0
77.0
78.9
1320.6
81.8

7
8
9
10
11
12
13

14
15
16
17
18
19

Miscellaneous assets
U.S. direct investment abroad (1)
Insurance receivables
Equity in GSEs
Investment in finance company subs.
Other

2615.3
598.4
169.7
1.9
17.8
1827.6

2782.6
670.3
177.5
2.0
20.9
1912.0

3037.7
749.9
180.7
2.0
25.5
2079.6

3125.5
774.2
180.7
2.4
25.3
2142.9

3153.6
787.4
180.4
2.8
28.1
2154.9

3231.9
805.8
179.7
3.4
28.9
2214.1

3333.4
815.3
178.8
4.2
30.2
2305.1

3394.8
839.0
177.5
5.1
30.5
2342.8

3437.0
865.4
175.8
6.2
30.0
2359.6

3472.1
889.0
173.9
7.4
30.8
2371.0

3556.8
906.9
171.6
8.8
32.3
2437.2

14
15
16
17
18
19

20

5388.6

5627.4

6022.0

6120.3

6215.0

6289.1

6375.8

6447.7

6535.7

6623.9

6703.8

20

21

Credit market instruments

2519.9

2657.7

2869.2

2916.0

2993.7

3028.4

3042.4

3104.9

3160.4

3209.7

3282.8

21

22
23
24
25

Commercial paper
Municipal securities (2)
Corporate bonds (1)
Bank loans n.e.c.

117.8
113.9
1229.7
477.6

139.2
108.8
1253.0
521.0

157.4
96.3
1326.3
583.7

174.2
91.0
1341.5
593.2

181.7
87.9
1359.4
600.8

173.0
82.7
1376.4
622.6

156.4
78.8
1398.8
631.5

168.7
72.6
1418.7
657.6

179.3
68.6
1440.2
673.9

176.6
63.9
1470.9
681.9

168.6
58.9
1489.5
705.1

22
23
24
25

26
27
28
29
30
31
32
33

Other loans and advances
Savings institutions
Finance companies
Federal government
Acceptance liabilities to banks
Rest of the world
ABS issuers
Mortgages

388.4
5.4
224.1
8.1
17.1
114.2
19.5
192.5

421.4
5.1
247.4
8.0
15.0
122.1
23.7
214.3

453.7
6.4
271.4
10.0
14.2
122.1
29.6
251.8

460.2
6.9
273.2
9.6
13.7
126.6
30.2
255.8

466.8
7.2
275.1
9.1
13.1
126.7
35.6
297.0

474.1
8.0
271.3
8.7
13.5
139.6
33.0
299.7

472.4
7.9
278.5
8.7
13.4
126.2
37.7
304.4

478.0
8.4
283.7
8.5
13.5
130.7
33.2
309.3

476.8
8.6
280.5
8.5
14.1
130.9
34.2
321.6

484.9
9.2
287.6
8.4
13.5
133.9
32.3
331.3

515.0
9.4
286.9
8.4
10.8
138.6
60.9
345.7

26
27
28
29
30
31
32
33

719.3
40.7
2108.7
497.8
21.9
1589.0

796.5
40.3
2132.8
543.3
22.0
1567.5

870.3
40.3
2242.2
587.9
25.8
1628.5

858.0
49.3
2297.0
603.3
26.7
1666.9

884.8
45.6
2291.0
630.4
27.7
1632.9

873.3
49.1
2338.2
644.8
28.6
1664.8

923.0
49.9
2360.5
647.3
29.6
1683.6

901.9
62.1
2378.7
669.9
30.5
1678.3

916.3
56.8
2402.3
686.2
31.5
1684.6

933.7
63.8
2416.7
691.1
32.4
1693.2

970.3
64.9
2385.8
709.4
33.4
1643.0

34
35
36
37
38
39

34
35
36
37
38
39

Total liabilities

Trade payables
Taxes payable
Miscellaneous liabilities
Foreign direct investment in U.S.
Pension fund contributions payable
Other
Memo:

40
41

Trade receivables net of payables
Market value of equities

315.8
4126.0

310.4
4141.8

335.6
5481.1

379.4
5774.3

393.5
5995.3

424.9
6027.8

344.2
6367.4

391.3
6283.4

417.6
7286.7

430.8
7881.2

350.3
7793.7

40
41

42
43

Securities and mortgages
Loans and short-term paper

1536.1
983.8

1576.1
1081.6

1674.4
1194.8

1688.4
1227.6

1744.3
1249.3

1758.8
1269.7

1782.0
1260.4

1800.6
1304.4

1830.3
1330.1

1866.1
1343.5

1894.1
1388.7

42
43

44
45

Total short-term liabilities (3)
Total liquid assets (4)

1743.8
509.2

1918.4
534.7

2105.4
585.3

2134.9
573.7

2179.7
605.4

2192.1
620.0

2233.2
650.9

2268.4
638.2

2303.1
660.2

2341.0
680.6

2423.9
717.1

44
45

46
47

Analytical measures (percent)
Long-term debt/credit market debt
Short-term debt/credit market debt

61.0
39.0

59.3
40.7

58.4
41.6

57.9
42.1

58.3
41.7

58.1
41.9

58.6
41.4

58.0
42.0

57.9
42.1

58.1
41.9

57.7
42.3

46
47

48

Liquid assets/short-term liabilities

29.2

27.9

27.8

26.9

27.8

28.3

29.1

28.1

28.7

29.1

29.6

48

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.
(4) Sum of lines 2 through 9, plus line 13.

67

Z.1, March 13, 1998

L.103 Nonfarm Noncorporate Business
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

513.9

557.6

592.4

598.8

605.4

612.1

619.6

627.0

634.7

642.9

652.0

1

2
3
4

Checkable deposits and currency
Time and savings deposits
Money market fund shares

87.2
55.2
3.9

92.3
63.4
4.0

96.1
69.7
4.1

97.2
70.8
4.1

98.2
71.9
4.2

99.3
73.0
4.3

100.4
74.1
4.3

101.5
75.2
4.4

102.6
76.4
4.5

103.8
77.7
4.6

105.2
79.2
4.7

2
3
4

5
6
7

Treasury securities
Mortgages
Consumer credit

13.3
23.7
0.0

14.0
23.6
0.0

14.4
23.5
0.0

14.5
23.5
0.0

14.6
23.5
0.0

14.8
23.4
0.0

14.9
23.4
0.0

15.1
23.4
0.0

15.2
23.4
0.0

15.4
23.4
0.0

15.7
23.4
0.0

5
6
7

103.0
227.6
40.8
0.8
186.1

117.0
243.3
46.8
0.9
195.6

128.5
256.1
51.8
1.0
203.3

130.5
258.2
52.5
1.0
204.7

132.6
260.5
53.3
1.0
206.2

134.6
262.8
54.0
1.0
207.8

136.7
265.9
54.8
1.7
209.4

138.8
268.6
55.8
1.7
211.2

141.0
271.6
56.8
1.6
213.2

143.3
274.8
57.8
1.6
215.4

145.7
278.3
58.9
1.6
217.9

8
9
10
11
12

1329.0

1342.9

1382.2

1396.2

1409.2

1419.4

1438.4

1453.6

1473.7

1492.5

1512.8

13

1118.5

1121.8

1147.9

1158.5

1167.8

1174.1

1189.3

1200.9

1217.6

1233.0

1250.1

14

143.0
84.8
890.7

160.2
84.7
876.9

182.7
92.3
872.9

187.8
94.6
876.1

193.3
94.2
880.3

199.1
93.8
881.2

204.1
93.0
892.2

210.1
94.1
896.7

215.9
95.0
906.7

220.4
96.9
915.7

225.6
97.2
927.2

15
16
17

64.1
33.8
112.5

71.6
34.6
114.9

78.8
35.4
120.2

80.2
35.6
122.0

81.7
35.8
124.0

83.1
36.0
126.1

84.6
36.2
128.3

86.2
36.4
130.0

88.0
36.6
131.5

89.7
36.7
133.0

91.6
36.9
134.2

18
19
20

56.6

60.2

62.6

63.2

63.9

64.7

64.9

66.0

67.2

68.4

69.8

1

8
9
10
11
12
13
14
15
16
17
18
19
20

Total financial assets

1994

Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (1)
Other
Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

2

Checkable deposits and currency

15.3

17.0

16.6

16.4

16.3

16.1

16.0

16.1

16.2

16.2

16.4

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

41.3
39.1
2.2

43.3
41.1
2.2

46.0
43.8
2.2

46.8
44.6
2.1

47.7
45.5
2.2

48.6
46.4
2.1

48.9
47.4
1.5

49.9
48.4
1.5

51.0
49.5
1.6

52.2
50.6
1.6

53.4
51.7
1.6

3
4
5

152.1

157.4

161.3

159.1

165.9

167.5

167.4

164.9

171.8

174.4

175.5

6

137.9

142.2

145.1

142.8

148.2

149.5

149.9

148.3

153.4

155.4

156.2

7

36.8
20.3
80.7

38.7
20.6
83.0

39.7
20.8
84.6

37.6
20.3
85.0

40.9
21.1
86.2

41.5
21.3
86.7

40.4
22.4
87.1

38.2
22.4
87.7

42.6
22.2
88.7

43.9
21.8
89.8

43.9
21.9
90.3

8
9
10

14.2

15.2

16.2

16.2

17.7

17.9

17.4

16.5

18.4

19.0

19.3

11

6
7
8
9
10
11

Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables

(1) Corporate and noncorporate farms.
(2) Equity in the Farm Credit System.

68

Z.1, March 13, 1998

L.105 State and Local Governments (1)
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996
Q1

1

1997
Q3

Q4

Q1

Q2

Q3

Q4

1083.4

1025.8

976.1

990.8

1006.6

994.4

982.9

985.2

999.6

1005.6

1028.3

1

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

28.3
46.5
133.7

31.6
52.9
118.6

34.4
62.4
102.7

30.3
66.8
104.6

30.8
67.5
105.4

29.9
69.0
103.2

31.7
70.7
101.8

30.0
70.7
104.9

31.3
72.7
103.7

31.8
75.9
108.1

33.3
78.7
110.4

2
3
4

5

Credit market instruments

6
7
8
9
10
11
12

Total financial assets

Q2

784.9

729.9

648.1

674.8

677.8

643.2

611.1

593.6

600.9

580.5

591.5

5

Open market paper
U.S. government securities
Treasury
Agency

17.9
622.8
447.8
175.0

22.3
556.6
370.0
186.6

34.9
455.3
293.8
161.5

39.4
477.5
297.9
179.6

41.8
476.4
301.9
174.4

44.4
439.0
296.2
142.8

45.1
403.2
292.0
111.2

43.7
387.0
285.6
101.4

46.4
391.9
290.3
101.6

47.1
367.9
277.7
90.2

49.2
374.8
279.3
95.4

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

9.5
26.5
108.3

8.6
31.9
110.5

5.1
39.0
113.8

3.1
40.6
114.3

2.1
42.7
114.9

2.0
41.9
115.9

1.9
43.2
117.6

1.9
42.7
118.3

1.9
41.3
119.4

2.0
43.0
120.5

1.5
44.5
121.5

10
11
12

13
14

Corporate equities
Mutual fund shares

9.3
21.3

10.6
29.1

26.2
35.0

33.7
35.8

40.9
36.0

43.1
36.5

49.6
37.0

51.8
37.6

70.2
38.2

77.7
38.9

79.9
39.6

13
14

15
16

Taxes receivable
Miscellaneous assets

39.1
20.1

34.0
19.0

27.9
39.4

27.3
17.6

27.5
20.7

27.2
42.2

26.1
54.9

25.9
70.7

26.5
56.0

27.0
65.8

26.9
68.0

15
16

17

1190.2

1145.5

1098.8

1098.4

1102.4

1087.7

1101.7

1111.5

1128.9

1138.9

1162.8

17

18

Credit market instruments

1161.8

1116.5

1067.6

1067.4

1070.7

1055.7

1068.9

1078.1

1095.4

1105.2

1128.7

18

19
20
21
22

Municipal securities
Short-term
Other
U.S. government loans

1152.6
33.8
1118.7
9.2

1107.2
31.7
1075.6
9.3

1057.8
32.9
1024.9
9.8

1057.6
34.3
1023.3
9.8

1060.8
32.7
1028.2
9.8

1045.6
36.0
1009.6
10.0

1058.7
39.1
1019.6
10.1

1069.2
40.2
1029.0
8.9

1086.4
37.6
1048.7
9.0

1096.3
41.8
1054.5
8.9

1119.8
46.2
1073.6
8.9

19
20
21
22

28.4

29.0

31.2

31.0

31.8

32.0

32.8

33.4

33.5

33.7

34.1

23

488.7

437.1

438.5

460.3

461.4

454.5

437.7

446.6

459.4

446.3

437.7

1

40.2
52.2
0.8

41.4
27.8
0.7

53.8
22.2
0.9

53.3
24.2
1.0

52.9
42.8
4.3

45.1
47.5
3.3

44.9
38.3
2.4

38.3
40.0
2.4

38.9
57.8
3.3

38.6
49.3
2.8

42.0
41.6
3.4

2
3
4

231.9

204.4

204.2

199.3

199.2

197.5

196.5

196.9

198.3

199.1

201.4

5

0.0
85.0
146.9

0.0
71.0
133.4

0.0
57.8
146.4

0.0
55.6
143.7

0.0
54.6
144.6

0.0
52.2
145.3

0.0
50.3
146.2

0.0
48.0
148.8

0.0
47.4
150.9

0.0
46.3
152.9

0.0
45.7
155.7

6
7
8

28.4
18.9
116.2

24.7
18.6
119.5

23.1
17.3
117.1

23.9
43.0
115.6

22.7
24.8
114.7

23.3
23.0
114.9

24.3
20.7
110.6

24.7
36.6
107.7

25.4
29.9
105.9

24.7
28.2
103.6

25.7
20.0
103.7

9
10
11

3799.1

3984.0

4152.7

4242.0

4231.6

4289.3

4345.6

4387.7

4330.7

4358.2

4397.8

12

8.0
17.0

8.0
17.6

10.2
18.2

10.2
18.2

10.2
18.2

9.7
18.8

9.7
18.2

9.2
18.3

9.2
18.3

9.2
18.7

9.2
18.2

13
14

3336.5

3492.3

3636.7

3717.2

3693.8

3733.1

3781.8

3829.8

3760.6

3771.2

3804.9

15

171.9
3138.0
26.6
0.0

179.9
3285.6
26.7
0.0

185.0
3423.5
28.2
0.0

185.8
3503.7
27.6
0.0

186.5
3479.1
28.2
0.0

186.8
3518.9
27.4
0.0

187.0
3568.1
26.6
0.0

186.5
3617.0
26.3
0.0

186.3
3547.9
26.3
0.0

186.2
3558.9
26.1
0.0

186.5
3591.8
26.5
0.0

16
17
18
19

86.1
344.7
6.8

86.5
372.7
6.8

92.2
388.7
6.7

93.3
396.6
6.6

94.9
407.3
7.3

96.7
423.9
7.2

95.8
432.8
7.3

97.2
426.6
6.6

99.8
436.1
6.7

99.9
455.0
4.2

98.0
463.6
4.0

20
21
22

23

Total liabilities

Trade payables

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

2
3
4

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits

5

Credit market instruments

6
7
8
9
10
11
12

Agency securities
Mortgages
Other loans and advances
Trade receivables
Taxes receivable
Miscellaneous assets
Total liabilities

13
14

SDR certificates
Treasury currency

15

Credit market instruments

16
17
18
19
20
21
22

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages
Trade payables
Insurance and pension reserves
Miscellaneous liabilities

69

Z.1, March 13, 1998

L.107 Rest of the World
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2
3
4
5

Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

6

Credit market instruments

7
8
9
10
11
12
13
14
15
16

Open market paper
U.S. government securities
Official holdings
Treasury
Agency
Private holdings
Treasury
Agency
U.S. corporate bonds (1)
Loans to U.S. corporate business

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2704.8

2904.9

3465.9

3643.7

3746.7

3913.4

4151.8

4285.4

4328.4

4545.9

4654.2

1

125.4
178.2
54.7
58.6

218.2
203.5
56.3
46.6

229.3
216.8
49.6
67.6

210.0
213.3
52.3
72.5

197.2
221.8
50.7
76.4

175.9
227.4
57.5
76.5

177.3
236.7
60.6
70.9

149.4
241.2
63.0
84.2

141.1
247.9
65.9
84.7

148.6
253.3
68.4
89.8

148.6
266.9
68.1
77.7

2
3
4
5

1147.8

1254.8

1563.1

1656.7

1722.2

1844.8

1953.6

2051.1

2125.3

2227.3

2270.0

6

18.8
741.5
388.3
371.2
17.1

24.9
796.5
415.0
393.4
21.6

43.4
1028.1
498.9
471.5
27.4

31.0
1111.1
554.6
527.1
27.5

42.3
1146.3
552.4
523.7
28.7

47.5
1228.6
579.1
549.2
29.9

54.5
1325.1
610.2
579.0
31.2

46.9
1404.3
634.1
602.2
31.9

57.2
1447.5
622.7
590.1
32.5

72.7
1505.7
632.0
596.8
35.2

75.0
1524.7
607.2
571.9
35.3

7
8
9
10
11

353.1
253.9
99.2

381.5
266.7
114.8

529.2
389.4
139.8

556.6
402.4
154.2

593.9
434.0
159.8

649.4
477.4
172.0

714.9
530.6
184.3

770.1
578.4
191.8

824.8
623.4
201.4

873.7
659.8
213.9

917.5
693.6
223.9

12
13
14

273.3
114.2

311.4
122.1

369.5
122.1

388.0
126.6

406.9
126.7

429.0
139.6

447.7
126.2

469.3
130.7

489.7
130.9

515.1
133.9

531.7
138.6

15
16

17
18
19

U.S. corporate equities
Trade receivables
Security credit

373.5
47.5
0.0

368.9
50.6
0.0

509.0
51.2
0.0

544.2
52.1
0.0

565.1
52.1
0.0

576.7
55.2
0.0

623.0
57.5
0.0

639.5
59.4
0.0

764.6
60.3
0.0

845.3
61.1
0.0

881.7
61.0
0.0

17
18
19

20
21
22

Miscellaneous assets
Foreign direct investment in U.S. (2)
Other

719.0
550.9
168.1

706.1
585.0
121.1

779.3
654.5
124.8

842.5
670.2
172.4

861.2
688.1
173.1

899.4
714.6
184.8

972.3
729.1
243.2

997.6
759.4
238.2

838.6
786.5
52.1

852.0
813.0
39.0

880.1
837.0
43.2

20
21
22

1574.2

1702.3

1940.3

2052.2

2043.9

2082.3

2194.3

2322.2

2234.5

2286.1

2266.6

23

23

Total liabilities

24
25

U.S. official foreign exchange
and net IMF position
U.S. private deposits

53.4
271.8

53.2
324.6

63.7
359.2

62.1
384.4

61.4
385.2

54.3
415.1

53.7
438.1

46.3
485.2

46.7
489.9

46.1
516.2

48.9
527.0

24
25

26

Credit market instruments

385.8

371.8

442.9

453.6

462.6

490.2

513.4

517.8

531.6

548.7

558.8

26

68.8
230.1

42.7
242.3

56.2
291.9

52.5
303.8

54.5
306.7

65.8
321.7

67.5
341.3

69.3
344.1

71.3
352.7

64.3
376.3

65.1
382.6

27
28

24.6
2.4
8.8
13.5
54.1
8.2

26.1
2.2
8.8
15.2
52.9
7.9

34.6
2.6
10.9
21.1
52.1
8.2

36.8
2.2
12.2
22.4
51.7
8.9

40.5
3.3
13.1
24.1
52.0
9.0

41.7
3.2
12.7
25.8
51.4
9.5

43.7
2.9
14.3
26.5
51.0
9.9

43.5
2.0
13.8
27.7
50.6
10.3

46.4
2.0
13.5
30.9
50.5
10.8

48.2
2.2
13.2
32.8
49.6
10.3

52.1
2.1
13.8
36.3
49.3
9.7

29
30
31
32
33
34

35.9
0.0

39.5
0.0

45.3
0.0

42.5
0.0

41.2
0.0

40.8
0.0

43.0
0.0

44.2
0.0

44.3
0.0

46.1
0.0

50.5
0.0

35
36

827.4
25.0
1.9
714.8
85.7

913.1
26.4
2.1
797.8
86.8

1029.2
27.9
1.9
884.3
115.0

1109.6
28.3
2.1
908.5
170.6

1093.5
28.7
1.8
933.6
129.3

1081.9
29.1
1.7
945.8
105.2

1146.1
29.7
1.8
970.8
143.8

1228.7
30.1
1.8
999.6
197.2

1122.0
30.5
1.8
1038.1
51.5

1129.0
31.0
1.8
1062.3
33.9

1081.4
31.3
1.8
1090.2
-41.9

37
38
39
40
41

543.9

586.6

699.1

741.0

785.5

832.6

875.5

901.2

1058.9

1154.1

1183.9

42

27
28

Commercial paper
Bonds

29
30
31
32
33
34

Bank loans n.e.c.
Official
Banks
Other
U.S. government loans
Acceptance liabilities to banks

35
36

Trade payables
Security debt

37
38
39
40
41

Miscellaneous liabilities
U.S. equity in IBRD, etc.
U.S. government deposits
U.S. direct investment abroad (1,2)
Other
Memo:

42

Market value of foreign equities
held by U.S. residents (3)

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Direct investment is valued on a current-cost basis.
(3) Includes American Depositary Receipts (ADRs).

70

Z.1, March 13, 1998

L.108 Monetary Authority (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

423.8

452.1

471.9

459.8

469.2

472.0

495.2

486.0

507.6

502.2

534.0

1

2
3
4

Gold and foreign exchange
SDR certificates
Treasury currency

33.3
8.0
22.1

33.0
8.0
23.0

32.1
10.2
24.0

30.9
10.2
24.3

30.5
10.2
24.5

30.4
9.7
24.8

30.2
9.7
25.0

28.9
9.2
25.2

28.9
9.2
25.3

28.5
9.2
25.5

28.0
9.2
25.6

2
3
4

5
6
7

Federal Reserve float
Fed. Res. loans to domestic banks
Security RPs

0.9
0.1
13.2

-0.7
0.2
10.6

0.1
0.1
13.9

0.0
0.0
4.9

-0.2
0.6
7.1

0.6
1.7
8.4

4.3
0.1
21.6

-0.5
4.0
11.6

0.5
1.9
16.6

-0.3
0.3
13.9

0.7
2.0
23.8

5
6
7

8

Credit market instruments

336.7

368.2

380.8

379.6

386.3

386.2

393.1

397.1

412.4

412.7

431.4

8

0.0
336.7
332.0
4.6
0.0

0.0
368.2
364.5
3.6
0.0

0.0
380.8
378.2
2.6
0.0

0.0
379.6
377.1
2.5
0.0

0.0
386.3
383.9
2.4
0.0

0.0
386.2
383.9
2.3
0.0

0.0
393.1
390.9
2.2
0.0

0.0
397.1
395.1
2.0
0.0

0.0
412.4
410.9
1.5
0.0

0.0
412.7
411.8
0.9
0.0

0.0
431.4
430.7
0.7
0.0

9
10
11
12
13

9.6

9.8

10.7

9.8

10.2

10.2

11.2

10.6

12.8

12.3

13.2

14

420.4

448.4

467.9

455.3

464.5

467.3

490.7

480.6

502.1

495.9

528.8

15

9
10
11
12
13
14
15

Total financial assets

1994

Acceptances
U.S. government securities
Treasury
Agency
Bank loans n.e.c.
Miscellaneous assets
Total liabilities

16
17

Depository institution reserves
Vault cash of commercial banks

35.0
32.7

30.8
38.1

29.6
40.6

24.7
34.4

24.6
35.7

21.0
38.2

24.5
45.2

21.8
37.2

23.2
38.4

21.8
38.5

30.8
45.0

16
17

18
19
20
21

Checkable deposits and currency
Due to federal government
Due to rest of the world
Currency outside banks

348.2
15.2
0.4
332.6

373.5
7.5
0.3
365.7

390.5
6.2
0.5
383.7

389.6
7.3
0.4
381.9

397.5
8.0
0.4
389.1

400.7
8.0
0.5
392.2

413.9
8.0
0.5
405.5

414.9
6.3
1.3
407.4

432.5
16.7
0.6
415.2

428.3
7.9
0.7
419.7

444.0
5.7
1.0
437.4

18
19
20
21

22
23
24

Miscellaneous liabilities
Federal Reserve Bank stock
Other

4.6
3.4
1.2

6.0
3.7
2.3

7.3
4.0
3.3

6.6
4.0
2.6

6.7
4.1
2.6

7.4
4.5
2.8

7.1
4.6
2.5

6.7
4.8
1.9

8.0
5.1
2.9

7.2
5.2
2.0

8.9
5.4
3.5

22
23
24

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

71

Z.1, March 13, 1998

L.109 Commercial Banking (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

6
7
8

U.S. government securities
Treasury
Agency

9
10

Municipal securities
Corporate and foreign bonds

11
12
13
14
15
16

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

17
18

Corporate equities
Mutual fund shares

19
20
21

Customers’ liab. on acceptances (2)
Miscellaneous assets
Total liabilities

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3875.9

4150.1

4487.6

4503.5

4564.7

4606.6

4705.3

4786.8

4910.3

4990.4

5179.2

1

32.7
31.5
1.0

38.1
28.0
1.4

40.6
26.9
1.6

34.4
22.0
1.4

35.7
22.1
1.5

38.2
18.7
1.4

45.2
22.3
1.4

37.2
19.8
1.4

38.4
21.4
1.4

38.5
20.0
1.4

45.0
29.1
1.4

2
3
4

3174.4

3331.2

3604.6

3623.5

3668.7

3714.2

3794.5

3868.2

3957.4

4010.5

4144.5

5

745.4
322.2
423.2

719.1
290.4
428.7

746.1
278.7
467.5

755.3
284.0
471.3

753.9
280.2
473.7

750.8
275.0
475.9

757.5
261.8
495.7

792.9
282.5
510.4

788.9
265.9
523.0

799.7
261.8
537.9

840.7
269.8
571.0

6
7
8

99.2
98.2

97.6
102.5

93.4
110.9

93.0
109.7

92.7
110.4

92.7
110.7

94.2
112.3

94.0
118.8

94.3
122.6

96.2
132.4

96.7
143.1

9
10

2223.5
7.3
772.0
947.8
395.7
100.7

2407.1
5.8
834.9
1012.7
458.8
94.9

2646.9
5.7
949.6
1090.2
502.0
99.5

2657.8
6.1
966.9
1097.6
490.4
96.8

2703.7
4.9
993.7
1109.9
503.3
91.9

2751.7
4.4
1025.0
1123.2
513.4
85.7

2821.1
6.5
1041.7
1145.4
526.8
100.8

2853.2
3.2
1078.6
1160.1
504.3
107.0

2941.3
3.1
1115.7
1196.5
510.7
115.3

2972.5
3.1
1123.1
1227.1
507.5
111.6

3053.3
2.7
1171.3
1244.2
512.6
122.5

11
12
13
14
15
16

4.3
3.9

2.9
2.0

5.0
2.3

5.2
2.5

5.6
2.3

6.1
2.2

6.8
2.6

2.3
7.1

1.9
8.3

1.9
7.9

2.6
8.1

17
18

25.3
611.1

22.9
728.4

22.3
791.6

22.6
799.6

22.1
814.8

23.1
810.9

23.4
818.6

23.8
836.4

24.9
866.8

23.8
896.3

20.6
938.5

19
20

3750.3

4049.0

4333.2

4330.2

4407.0

4441.4

4547.4

4633.5

4755.0

4842.9

5051.6

21

22
23
24
25

Net interbank liabilities
To monetary authority
To domestic banks (3)
To foreign banks

121.7
1.0
-4.7
125.4

211.2
-0.5
-6.5
218.2

220.5
0.2
-9.0
229.3

207.5
0.1
-2.6
210.0

189.7
0.4
-8.0
197.2

166.6
2.3
-11.6
175.9

171.1
4.4
-10.6
177.3

151.2
3.5
-1.6
149.4

135.4
2.4
-8.1
141.1

126.6
0.1
-22.1
148.6

123.1
2.8
-28.3
148.6

22
23
24
25

26
27
28
29

Checkable deposits
Federal government
Rest of the world
Private domestic

788.4
42.6
21.3
724.5

756.7
23.8
23.2
709.8

710.8
19.0
24.0
667.8

659.3
16.8
23.1
619.4

673.2
31.4
27.1
614.8

672.3
37.8
25.1
609.4

676.3
28.7
26.6
621.0

642.0
24.0
26.9
591.1

661.1
34.2
29.4
597.4

626.8
33.5
28.1
565.1

656.4
27.8
31.6
597.1

26
27
28
29

30
31
32

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

1377.2
311.7
313.7

1376.2
333.0
391.8

1490.1
387.8
422.2

1548.7
402.4
428.2

1557.9
420.1
450.0

1575.2
458.8
451.5

1613.2
493.1
463.2

1666.7
505.0
477.0

1684.4
543.6
498.4

1716.0
590.0
516.2

1761.6
600.9
552.0

30
31
32

33

Credit market instruments

208.0

228.1

250.6

241.8

253.0

256.8

263.6

266.9

286.8

294.6

309.7

33

51.9
134.9
21.2

55.0
142.6
30.5

52.8
161.1
36.7

53.4
155.9
32.4

56.7
161.6
34.8

56.5
164.2
36.1

55.7
168.9
39.0

56.1
171.8
39.0

59.8
180.7
46.4

58.5
184.8
51.3

58.5
192.7
58.5

34
35
36

1.2
628.4

1.9
750.1

2.8
848.4

3.1
839.1

3.4
859.7

3.7
856.6

4.0
863.0

4.3
920.3

4.7
940.5

5.0
967.7

5.4
1042.5

37
38

3090.8

3254.3

3520.1

3541.6

3590.8

3643.3

3707.7

3775.7

3856.8

3912.9

4031.9

39

34
35
36
37
38

Open market paper
Corporate bonds
Other loans and advances
Taxes payable
Miscellaneous liabilities
Memo:

39

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table L.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).

72

Z.1, March 13, 1998

L.110 U.S.-Chartered Commercial Banks
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2

Vault cash and reserves at Federal Reserve

3

Total bank credit

4
5
6
7
8
9

U.S. government securities
Treasury
Agency
Mortgage pool securities
Agency-issued CMOs
Other agency securities

10
11
12
13
14

Municipal securities
Corporate and foreign bonds
Private mortgage pool securities
Privately issued CMOs
Other bonds

15
16
17
18
19
20

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

21
22

Corporate equities
Mutual fund shares

23
24
25

Customers’ liab. on acceptances (1)
Miscellaneous assets
Total liabilities

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2916.5

3113.2

3315.5

3316.2

3352.3

3383.9

3439.5

3490.4

3563.1

3621.3

3742.2

1

63.2

65.2

66.6

56.0

57.2

56.3

66.3

56.3

58.8

57.9

71.2

2

2780.9

2921.4

3116.3

3126.7

3155.1

3186.6

3231.5

3278.9

3353.4

3412.3

3512.3

3

671.3
275.0
396.3
173.2
133.8
89.3

646.1
248.0
398.1
182.2
119.4
96.5

629.1
207.6
421.5
195.1
101.0
125.3

631.9
208.4
423.4
204.7
97.3
121.4

624.8
200.1
424.7
209.5
90.9
124.2

618.8
195.2
423.6
208.0
89.8
125.8

609.7
173.0
436.7
216.6
89.5
130.7

626.1
180.1
446.0
223.9
92.4
129.7

627.7
172.4
455.3
228.4
93.2
133.7

631.0
163.2
467.8
235.9
96.9
135.0

663.9
166.8
497.1
247.7
107.0
142.4

4
5
6
7
8
9

98.9
66.6
4.7
19.8
42.1

97.0
66.0
3.6
21.5
40.9

92.7
69.3
4.5
24.9
39.8

92.2
69.4
4.4
25.9
39.1

91.9
68.7
4.2
25.4
39.0

92.1
66.3
4.4
22.2
39.7

93.7
64.8
4.2
21.8
38.9

93.5
67.4
3.5
21.3
42.5

93.8
70.0
3.4
20.6
46.0

95.7
78.6
3.2
21.7
53.7

96.1
85.8
3.0
22.5
60.3

10
11
12
13
14

1935.9
4.9
578.4
895.5
395.7
61.4

2107.4
3.6
624.6
963.7
458.8
56.8

2317.9
3.9
701.6
1045.4
502.0
65.1

2325.6
4.1
713.7
1054.3
490.4
63.0

2361.7
3.4
728.2
1067.5
503.3
59.4

2401.1
3.0
746.6
1080.7
513.4
57.4

2453.9
4.2
759.8
1102.9
526.8
60.2

2482.5
2.7
790.6
1119.1
504.3
65.9

2551.7
2.6
817.4
1158.0
510.7
63.0

2597.2
2.7
832.6
1189.0
507.5
65.4

2655.7
2.3
869.1
1207.3
512.6
64.4

15
16
17
18
19
20

4.3
3.9

2.9
2.0

5.0
2.3

5.2
2.5

5.6
2.3

6.1
2.2

6.8
2.6

2.3
7.1

1.9
8.3

1.9
7.9

2.6
8.1

21
22

10.1
62.2

9.9
116.7

12.3
120.3

12.8
120.8

13.5
126.6

14.5
126.6

13.9
127.7

14.5
140.8

15.0
136.0

14.7
136.3

13.7
145.0

23
24

3036.3

3271.5

3457.6

3441.1

3503.4

3530.6

3598.7

3654.3

3735.0

3808.4

3953.7

25

26
27
28
29
30

Net interbank liabilities
Federal Reserve float
Borrowing from Federal Reserve banks
To domestic banks
To foreign banks

-19.4
0.9
0.1
-19.9
-0.5

60.5
-0.7
0.2
-13.3
74.3

54.4
0.1
0.1
-20.0
74.1

22.2
0.0
0.0
-39.9
62.0

13.4
-0.2
0.6
-38.5
51.4

-7.1
0.6
1.7
-44.2
34.8

0.4
4.3
0.1
-41.8
37.8

-7.6
-0.5
4.0
-43.7
32.7

1.0
0.5
1.9
-44.6
43.2

-7.4
-0.3
0.3
-52.3
44.9

-3.0
0.7
2.0
-45.5
39.8

26
27
28
29
30

31
32
33
34

Checkable deposits
Federal government
Rest of the world
Private domestic

773.9
42.6
15.6
715.7

741.7
23.8
17.1
700.9

695.8
19.0
18.0
658.7

644.5
16.8
17.5
610.1

658.0
31.4
20.8
605.9

657.8
37.8
19.6
600.4

661.4
28.7
21.3
611.4

627.2
24.0
21.6
581.5

645.3
34.2
23.5
587.5

611.8
33.5
22.6
555.7

640.2
27.8
25.8
586.6

31
32
33
34

35
36
37

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

1358.6
196.1
279.8

1357.9
214.0
351.4

1471.3
256.5
379.6

1530.0
266.6
387.1

1539.5
279.2
397.0

1557.1
296.5
404.8

1594.2
306.1
408.2

1637.1
314.2
418.0

1657.7
329.1
433.3

1692.7
360.9
455.2

1738.2
369.2
471.5

35
36
37

38
39
40
41

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

10.2
37.1
21.2
1.2

10.0
40.6
30.5
1.9

12.3
43.3
36.7
2.8

12.8
45.1
32.4
3.1

13.4
47.6
34.8
3.4

14.4
48.3
36.1
3.7

14.0
50.9
39.0
4.0

14.5
52.1
39.0
4.3

15.1
53.9
46.4
4.7

14.8
54.7
51.3
5.0

13.7
61.6
58.5
5.4

38
39
40
41

42
43
44

Miscellaneous liabilities
Investment by bank holding companies
Other

377.6
286.6
91.0

463.0
304.2
158.9

505.0
344.3
160.7

497.2
348.4
148.7

517.1
361.9
155.2

519.1
365.3
153.9

520.6
372.9
147.7

555.4
387.1
168.3

548.6
399.3
149.3

569.2
410.0
159.2

598.4
413.6
184.7

42
43
44

2721.5

2869.6

3056.1

3068.8

3101.3

3135.3

3175.8

3218.1

3295.2

3351.9

3450.8

45

Memo:
45

Credit market funds advanced (2)

(1) Included in other loans and advances (table L.216).
(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).

73

Z.1, March 13, 1998

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2

Reserves at Federal Reserve

3

Total bank credit

4
5
6
7
8

U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds

9
10
11
12
13

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Security credit

14

Corporate equities

15
16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets
Total liabilities

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

542.2

589.7

666.3

673.9

681.8

687.4

714.8

731.2

761.4

766.3

816.6

1

1.0

1.0

0.8

0.5

0.6

0.6

1.1

0.7

1.0

0.6

2.9

2

350.2

362.3

436.9

446.2

461.1

473.8

507.0

531.3

544.2

538.1

566.5

3

57.6
36.1
21.5
0.0
23.8

55.7
32.7
23.0
0.0
28.9

99.6
62.3
37.3
0.0
33.5

106.9
67.8
39.1
0.0
32.6

112.5
72.0
40.5
0.0
32.8

115.2
71.9
43.4
0.0
34.9

130.4
80.7
49.7
0.0
36.6

148.8
94.0
54.8
0.0
38.8

143.2
85.8
57.5
0.0
38.6

150.8
90.5
60.3
0.0
39.6

156.6
94.6
62.0
0.0
41.3

4
5
6
7
8

268.8
2.4
182.0
45.1
39.3

277.7
2.2
197.2
40.3
38.1

303.9
1.7
232.6
35.1
34.4

306.6
2.0
237.7
33.2
33.8

315.7
1.5
249.4
32.3
32.6

323.7
1.4
261.8
32.2
28.3

339.9
2.3
264.8
32.2
40.6

343.7
0.5
271.3
30.8
41.1

362.3
0.5
281.2
28.3
52.3

347.6
0.4
273.4
27.6
46.2

368.6
0.4
284.0
26.1
58.0

9
10
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

14

15.1
175.9

13.0
213.5

10.1
218.5

9.8
217.5

8.6
211.5

8.6
204.3

9.4
197.2

9.3
190.0

9.9
206.3

9.0
218.6

6.9
240.2

15
16

553.7

602.8

681.3

689.4

697.8

704.0

731.9

748.9

779.7

785.2

836.1

17

18
19
20

Net interbank liabilities
To foreign banks
To domestic banks

151.2
132.7
18.5

162.4
158.5
3.9

181.0
173.6
7.5

190.2
167.6
22.6

179.8
162.4
17.5

179.0
159.1
19.8

178.6
162.1
16.5

165.3
133.9
31.3

144.4
118.9
25.5

142.5
125.6
16.9

133.7
130.7
3.0

18
19
20

21
22
23

Checkable deposits
Small time and savings deposits
Large time deposits

8.3
10.4
107.4

8.8
9.3
110.0

8.7
8.5
121.0

8.6
8.3
125.4

8.7
7.7
130.2

8.0
7.6
151.8

8.0
8.7
176.6

8.0
19.4
180.7

8.9
16.8
204.6

8.3
13.1
218.9

8.9
13.0
221.3

21
22
23

24
25

Federal funds and security RPs (net)
Acceptance liabilities

34.7
16.0

41.4
13.4

43.2
10.4

41.5
10.0

53.4
8.8

46.9
8.9

55.1
9.6

59.0
9.7

65.3
10.3

61.0
9.2

80.7
7.2

24
25

26
27
28
29

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

225.7
24.0
44.5
157.1

257.6
26.3
44.1
187.3

308.5
32.9
50.7
224.9

305.4
33.7
52.7
219.0

309.2
31.2
52.9
225.2

301.8
32.0
59.4
210.4

295.2
30.9
64.5
199.9

306.8
31.4
79.4
196.1

329.3
34.2
74.3
220.8

332.2
35.6
82.9
213.7

371.3
38.6
78.8
253.9

26
27
28
29

326.0

337.1

412.6

422.2

437.1

454.2

475.8

499.5

501.8

501.0

515.4

30

Memo:
30

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table L.216).
(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).

74

Z.1, March 13, 1998

L.112 Bank Holding Companies
Billions of dollars; levels, not seasonally adjusted
1993

1
2
3
4
5
6
7
8
9
10
11
12

Total financial assets

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

387.9

414.1

466.8

474.2

490.9

494.9

510.8

523.2

543.0

558.6

575.3

1

17.5

18.4

18.0

16.8

18.1

19.3

22.0

22.5

23.8

22.5

27.4

2

8.4
5.3
3.1
7.2
1.9

9.4
4.6
4.8
7.1
1.8

8.1
3.4
4.7
7.7
2.3

7.5
2.8
4.7
7.3
1.9

7.6
2.8
4.8
8.5
2.0

8.0
3.3
4.7
9.2
2.1

9.0
4.0
4.9
10.5
2.5

8.1
3.6
4.6
12.3
2.1

8.1
2.9
5.2
13.6
2.0

7.0
2.7
4.4
13.7
1.8

9.5
4.0
5.5
15.5
2.4

3
4
5
6
7

370.4
286.6
56.3
27.5

395.8
304.2
56.4
35.2

448.7
344.3
64.7
39.8

457.4
348.4
68.2
40.8

472.8
361.9
71.0
39.8

475.6
365.3
69.1
41.3

488.9
372.9
64.9
51.1

500.7
387.1
72.9
40.8

519.2
399.3
75.4
44.6

536.1
410.0
81.2
44.9

547.9
413.6
89.9
44.4

8
9
10
11

132.2

143.0

157.1

162.4

167.9

168.5

178.3

190.2

199.4

207.0

218.8

12

-10.0
-3.3
-6.8

-11.7
2.9
-14.6

-14.9
3.5
-18.5

-4.9
14.6
-19.6

-3.6
13.0
-16.6

-5.3
12.7
-18.0

-7.9
14.7
-22.6

-6.4
10.8
-17.2

-10.0
11.0
-20.9

-8.6
13.3
-21.9

-7.6
14.3
-21.9

13
14
15

-0.8

-0.9

-0.5

-0.4

-0.4

-0.3

-0.2

0.0

-0.1

-0.1

-0.2

16

123.4
25.6
97.7

133.6
31.6
102.0

148.0
30.1
117.9

141.4
30.6
110.8

148.4
34.4
114.0

149.1
33.2
116.0

150.0
32.0
118.0

151.6
31.8
119.7

161.1
34.4
126.7

164.6
34.5
130.0

168.6
37.6
131.0

17
18
19

19.6

22.0

24.6

26.3

23.5

24.9

36.3

45.0

48.4

51.1

57.9

20

29.4

33.1

39.0

39.1

39.8

40.3

40.3

41.9

42.8

44.2

45.1

1

1.0

1.4

1.6

1.4

1.5

1.4

1.4

1.4

1.4

1.4

1.4

2

25.8

29.2

33.4

33.9

34.3

34.5

34.1

35.6

36.1

37.5

38.3

3

U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds

8.1
5.8
2.3
0.2
0.6

7.9
5.1
2.8
0.6
0.5

9.4
5.4
4.0
0.7
0.4

9.0
5.1
4.0
0.7
0.4

9.0
5.3
3.7
0.7
0.3

8.8
4.7
4.2
0.6
0.3

8.4
4.1
4.3
0.5
0.3

9.9
4.7
5.1
0.5
0.3

9.9
4.8
5.1
0.5
0.3

10.8
5.3
5.5
0.4
0.4

10.7
4.4
6.3
0.5
0.5

4
5
6
7
8

Bank loans n.e.c.
Home mortgages
Commercial mortgages

9.7
4.1
3.1

11.3
4.8
4.0

13.1
5.7
4.0

13.7
5.8
4.2

14.2
6.1
4.1

14.5
6.4
3.9

14.6
6.3
3.9

14.7
6.2
4.1

15.1
6.1
4.2

15.4
6.2
4.3

15.8
6.4
4.4

9
10
11

Credit market instruments
U.S. government securities
Treasury issues
Agency
Corporate and foreign bonds
Bank loans n.e.c.
Miscellaneous assets
Investment in bank subsidiaries
Investment in nonbank subsidiaries
Other
Total liabilities

13
14
15

Net interbank liabilities
To domestic banks
To foreign banks

16

Federal funds and security RPs (net)

17
18
19

Credit market instruments
Commercial paper
Corporate bonds

20

Miscellaneous liabilities

L.113 Banks in U.S.-Affiliated Areas (1)
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12
13

Miscellaneous assets
Total liabilities

2.6

2.4

4.0

3.8

3.9

4.4

4.8

4.9

5.3

5.3

5.3

12

28.2

31.7

37.2

37.3

37.9

38.4

38.6

40.2

40.9

42.2

43.0

13

14
15
16

Checkable deposits
Small time and savings deposits
Large time deposits

6.1
8.2
8.2

6.2
9.0
9.0

6.4
10.2
10.2

6.2
10.5
10.4

6.5
10.8
10.8

6.5
10.5
10.5

6.9
10.4
10.4

6.8
10.1
10.1

7.0
9.9
9.9

6.7
10.2
10.2

7.3
10.4
10.4

14
15
16

17

Miscellaneous liabilities

5.6

7.4

10.3

10.2

9.9

10.7

10.9

13.1

14.2

15.2

14.9

17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

75

Z.1, March 13, 1998

L.114 Savings Institutions (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2
3
4
5

Reserves at Federal Reserve
Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

6

Credit market instruments

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1020.2

1008.6

1012.8

1017.6

1024.5

1055.7

1031.7

1019.4

1029.7

1020.7

1025.4

1

3.4
15.4
3.0
10.6

2.8
13.9
1.3
6.5

2.7
15.5
1.1
11.2

2.7
13.9
1.0
11.2

2.5
13.6
1.0
9.3

2.3
14.3
1.4
9.9

2.3
14.2
1.4
10.0

2.1
13.1
1.4
9.4

1.8
13.6
1.3
9.8

1.8
14.2
1.2
8.5

1.7
15.3
1.0
9.2

2
3
4
5

914.1

920.8

913.3

921.8

932.7

945.2

933.2

931.9

937.8

927.3

925.5

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

0.3
175.5
28.2
147.3

0.1
187.0
27.1
159.9

0.2
183.0
18.4
164.6

0.2
182.6
18.8
163.8

0.2
184.5
19.5
165.1

0.2
178.0
17.7
160.3

0.3
173.4
17.4
156.1

0.0
173.1
17.0
156.1

0.0
175.9
16.3
159.6

0.0
170.1
15.3
154.8

0.0
169.3
14.6
154.8

7
8
9
10

11
12
13
14
15

Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit

2.1
89.1
10.8
598.4
37.9

2.0
86.7
10.3
596.2
38.5

2.0
78.5
12.8
596.8
40.1

2.0
79.9
13.9
602.6
40.7

2.0
78.1
14.4
611.5
42.1

2.1
76.3
16.0
627.8
44.9

2.1
68.6
15.7
628.3
44.7

1.9
67.9
16.7
626.4
45.9

2.0
67.2
17.2
629.1
46.5

2.1
58.5
18.5
629.8
48.5

2.1
58.4
18.7
629.7
47.2

11
12
13
14
15

12.5
61.0

10.4
53.0

14.3
54.7

15.9
51.0

16.1
49.3

16.4
66.2

17.8
52.9

17.9
43.7

21.2
44.0

22.6
45.0

23.4
49.3

16
17

1016.1

998.3

995.1

998.9

1006.2

1036.9

1010.5

998.3

1004.1

992.8

997.6

18

785.4
88.3
624.1
73.0

733.6
83.0
579.7
71.0

727.9
97.1
550.7
80.1

728.1
103.4
543.0
81.7

720.6
109.0
530.5
81.1

737.1
115.3
533.7
88.1

721.4
122.4
512.5
86.4

718.5
128.9
501.0
88.5

711.7
136.4
485.0
90.3

697.1
142.3
461.5
93.3

694.2
149.5
447.3
97.4

19
20
21
22

16
17
18

Corporate equities
Miscellaneous assets
Total liabilities

19
20
21
22

Deposits
Checkable
Small time and savings
Large time

23

Security RPs

26.1

44.5

44.5

45.1

50.0

46.5

43.7

45.6

45.9

46.7

41.5

23

24
25
26
27

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Other loans and advances

99.6
3.9
8.4
87.3

112.4
3.1
9.3
100.0

115.0
3.1
14.6
97.4

117.8
2.9
15.2
99.7

128.3
3.1
14.8
110.5

134.8
2.7
14.5
117.6

140.5
2.7
15.9
121.9

136.3
2.6
17.0
116.7

144.3
2.6
16.7
125.0

149.8
2.8
17.6
129.4

160.3
2.8
19.4
138.0

24
25
26
27

28
29
30
31

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

1.9
103.0
4.4
98.5

1.0
106.7
4.4
102.3

1.6
106.1
4.5
101.6

1.7
106.4
4.5
101.8

1.3
105.9
4.6
101.3

1.4
117.1
4.6
112.5

1.4
103.5
4.7
98.8

1.4
96.4
4.8
91.7

1.5
100.7
4.8
95.9

1.7
97.4
4.9
92.5

1.8
99.8
5.0
94.8

28
29
30
31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.

76

Z.1, March 13, 1998

L.115 Credit Unions
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2
3
4

Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

5

Credit market instruments

6
7
8
9

Open market paper
U.S. government securities
Treasury
Agency

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

281.7

293.6

310.7

323.9

327.7

326.0

330.1

341.7

348.0

349.2

354.9

1

6.5
25.6
8.5

6.5
16.7
6.2

7.4
17.1
6.4

8.0
19.1
10.4

7.6
17.9
7.1

6.8
17.6
2.5

7.5
16.4
1.4

7.9
18.4
8.4

7.6
17.3
4.2

7.0
16.8
3.8

7.5
20.0
3.5

2
3
4

218.7

246.8

263.0

267.0

276.9

282.6

288.5

291.2

299.2

303.6

304.2

5

2.2
58.9
22.6
36.3

2.1
62.9
22.1
40.9

0.6
64.1
18.3
45.7

0.3
67.2
19.3
47.9

0.3
69.2
19.1
50.1

0.2
68.4
18.2
50.2

0.3
68.1
17.4
50.7

0.2
69.7
17.8
51.9

0.4
70.6
17.8
52.9

0.2
68.3
15.8
52.5

0.2
64.1
15.7
48.4

6
7
8
9

10
11

Home mortgages
Consumer credit

56.0
101.6

62.1
119.6

66.5
131.9

68.0
131.5

71.3
136.1

73.1
140.9

76.0
144.1

77.4
143.9

80.6
147.6

84.4
150.7

86.2
153.7

10
11

12
13

Mutual fund shares
Miscellaneous assets

4.2
18.2

2.6
14.8

2.8
13.9

2.9
16.6

2.9
15.3

2.7
13.7

2.6
13.7

2.6
13.3

2.5
17.0

2.5
15.4

2.5
17.3

12
13

260.8

270.3

283.7

296.2

299.4

297.0

300.1

311.1

316.4

316.6

321.5

14

255.5
26.8
221.8
6.9

263.4
28.8
227.3
7.3

278.8
30.9
238.9
9.0

291.2
31.0
250.7
9.5

294.3
32.6
251.8
9.9

291.8
32.5
249.0
10.3

295.1
32.5
251.2
11.4

306.0
34.2
259.4
12.4

311.0
35.3
262.9
12.8

309.1
36.7
259.6
12.8

315.9
36.3
266.6
13.0

15
16
17
18

0.2
5.1

0.5
6.4

0.4
4.5

0.4
4.6

0.3
4.8

0.4
4.8

0.4
4.6

0.4
4.7

0.4
5.0

0.5
7.0

0.6
5.0

19
20

660.9

670.0

740.0

766.2

783.6

800.1

841.9

858.7

936.1

999.2

1012.0

1

39.5
0.8
9.4
29.3

41.4
0.5
11.0
29.9

42.6
0.5
10.0
32.0

44.1
0.6
9.7
33.8

46.2
0.6
9.4
36.2

48.6
0.6
9.1
38.9

51.0
0.6
8.9
41.4

53.5
0.7
8.8
44.0

56.0
0.7
8.8
46.6

58.6
0.7
8.8
49.1

61.3
0.8
9.0
51.6

2
3
4
5

240.9

248.0

229.2

228.3

229.4

231.3

233.1

235.2

237.4

239.7

242.3

6

19.5
73.1
40.4
32.7

23.0
72.0
39.8
32.2

23.3
66.7
36.5
30.2

23.2
67.0
36.7
30.3

23.1
68.2
37.4
30.7

22.9
69.7
38.4
31.3

22.9
71.2
39.4
31.8

22.9
72.8
40.4
32.4

23.0
74.5
40.3
34.2

23.2
76.3
40.3
36.0

23.5
78.1
39.4
38.7

7
8
9
10

108.9
35.8
3.6

114.2
35.3
3.4

103.1
32.2
3.9

102.3
31.9
3.8

102.6
31.8
3.7

103.3
31.8
3.6

103.7
31.8
3.6

104.1
31.7
3.7

104.4
31.6
3.8

104.6
31.5
4.1

104.8
31.4
4.4

11
12
13

181.0
183.5

167.3
200.4

202.9
253.5

208.7
272.7

208.6
285.8

208.3
296.9

219.0
322.8

218.8
334.2

243.1
381.6

261.2
420.9

259.3
429.5

14
15

16.0

12.9

11.9

12.5

13.6

14.9

16.0

17.0

18.0

18.8

19.5

16

691.3

699.4

767.4

793.7

811.7

829.0

872.0

890.4

969.7

1035.2

1050.7

17

14

Total liabilities

15
16
17
18

Shares/deposits
Checkable
Small time and savings
Large time

19
20

Other loans and advances
Miscellaneous liabilities

L.116 Bank Personal Trusts and Estates (1)
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

2
3
4
5

Deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

6

Credit market instruments

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

14
15

Corporate equities
Mutual fund shares

16

Miscellaneous assets

17

Total liabilities (2)

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.
(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.

77

Z.1, March 13, 1998

L.117 Life Insurance Companies
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

1997

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1884.1

2086.8

2121.0

2147.8

2199.2

2271.7

2320.3

2435.4

2529.7

2581.4

1

5.6
16.2

5.2
22.8

5.0
26.7

4.9
30.5

4.7
34.4

4.3
40.7

3.5
44.7

4.0
50.9

3.7
54.0

4.1
56.5

2
3

1416.0

1482.6

1581.8

1596.2

1596.7

1627.0

1654.3

1680.2

1724.1

1750.4

1775.4

4

Open market paper
U.S. government securities
Treasury
Agency

46.9
332.8
110.0
222.8

52.8
341.2
107.1
234.1

45.5
351.0
108.1
242.9

54.2
344.9
105.8
239.1

56.6
335.3
100.7
234.6

54.6
344.2
101.8
242.4

48.4
337.4
93.2
244.1

55.3
336.3
93.2
243.1

58.1
339.6
93.8
245.8

64.6
346.0
96.7
249.3

68.3
349.5
96.9
252.6

5
6
7
8

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

14.7
719.5
77.7
224.4

12.8
779.4
85.5
210.9

11.9
870.1
95.9
207.5

12.3
879.6
97.8
207.4

12.1
885.5
99.0
208.2

12.4
909.7
101.9
204.1

13.4
949.3
100.5
205.4

13.5
966.6
101.9
206.5

13.7
1000.9
103.7
208.1

14.1
1011.8
104.4
209.4

15.2
1025.7
105.9
210.8

9
10
11
12

226.0
25.9

272.2
9.6

344.2
27.7

361.5
31.0

380.9
33.8

398.9
36.5

437.5
40.0

454.7
41.0

509.9
49.0

563.0
55.7

582.2
57.5

13
14

75.7

97.9

105.1

100.6

101.0

97.8

94.8

96.3

97.5

103.0

105.7

15

4

Credit market instruments

13
14

Corporate equities
Mutual fund shares

15

Miscellaneous assets

16

1996
Q1

5.2
31.5

Checkable deposits and currency
Money market fund shares

9
10
11
12

1995

1780.2

2
3

5
6
7
8

1994

1677.8

1773.5

1953.9

1975.9

1999.8

2040.7

2115.6

2155.2

2266.9

2345.5

2395.8

16

17
18
19

Total liabilities
Other loans and advances
Life insurance reserves
Pension fund reserves (1)

0.2
457.2
836.4

0.6
491.5
884.5

0.5
536.3
997.6

1.1
540.8
1014.6

1.2
548.3
1025.8

1.1
563.4
1045.6

1.6
580.1
1083.6

1.8
590.3
1111.9

1.8
609.1
1192.1

1.9
625.1
1239.6

1.8
636.8
1268.4

17
18
19

20
21

Taxes payable
Miscellaneous liabilities

9.4
374.6

10.4
386.6

11.0
408.6

11.1
408.3

11.3
413.2

11.4
419.2

11.6
438.7

11.7
439.5

11.9
452.0

12.0
466.9

12.2
476.6

20
21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

2
3

Checkable deposits and currency
Security RPs

4

Credit market instruments

5
6
7
8
9
10
11
12
13
14
15
16

642.5

678.9

741.2

751.1

758.0

768.8

780.0

791.1

813.2

831.4

844.5

1

5.2
31.7

5.0
29.4

4.9
37.5

4.8
39.6

3.8
33.8

4.1
36.8

3.9
35.4

4.2
38.1

4.1
36.6

4.2
37.5

4.1
37.4

2
3

422.7

446.4

468.7

473.1

480.7

484.2

491.2

491.2

498.1

506.2

514.4

4

U.S. government securities
Treasury
Agency

169.0
124.5
44.5

178.7
133.0
45.8

181.6
133.4
48.2

181.8
133.6
48.3

176.5
128.8
47.7

173.1
125.0
48.1

171.8
120.9
51.0

172.1
121.1
51.1

173.5
123.9
49.6

176.4
126.0
50.4

179.2
128.0
51.2

5
6
7

Municipal securities
Corporate and foreign bonds
Commercial mortgages

146.1
103.1
4.5

153.8
110.1
3.8

161.0
123.3
2.8

163.0
125.7
2.6

167.0
134.6
2.6

168.2
140.4
2.5

175.4
141.6
2.4

175.7
140.8
2.5

178.5
143.8
2.4

181.4
146.1
2.4

184.4
148.5
2.3

8
9
10

103.4
50.7
28.8

112.1
52.9
33.0

134.2
57.3
38.7

136.0
58.4
39.3

140.3
59.5
39.9

143.2
59.6
40.9

148.6
57.2
43.7

151.3
61.3
45.1

166.6
61.8
46.0

174.0
61.9
47.6

176.9
62.6
49.0

11
12
13

463.1

479.7

510.6

514.7

516.8

522.9

524.5

528.3

530.9

539.1

543.9

14

7.0
456.1

7.9
471.9

8.8
501.9

9.0
505.7

9.2
507.5

9.4
513.4

9.7
514.8

9.9
518.4

10.1
520.8

10.3
528.8

10.6
533.4

15
16

Corporate equities
Trade receivables
Miscellaneous assets
Total liabilities
Taxes payable
Miscellaneous liabilities

78

Z.1, March 13, 1998

L.119 Private Pension Funds (1)
Billions of dollars; levels, not seasonally adjusted
1993

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

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2193.4

2291.8

2657.3

2740.5

2814.6

2876.5

3036.8

3075.2

3330.4

3538.4

3577.8

1

3.0
69.0
26.3
38.1

3.2
64.5
31.6
37.6

3.1
49.4
37.5
37.6

3.1
46.8
39.2
38.4

3.1
43.5
39.4
39.1

3.1
40.2
40.1
39.5

3.0
37.6
42.3
40.6

3.0
34.2
40.9
40.8

3.0
31.2
41.6
40.8

3.0
28.6
41.2
41.6

2.9
25.9
43.1
41.9

2
3
4
5

611.4

656.9

718.3

735.0

746.7

757.1

764.8

777.9

792.5

809.1

831.7

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

38.1
350.5
239.6
110.9

37.6
400.4
271.2
129.2

37.6
433.5
292.2
141.3

38.4
441.5
297.2
144.3

39.1
446.4
300.3
146.1

39.5
450.7
303.2
147.5

40.6
452.8
304.7
148.2

40.8
458.7
308.4
150.4

40.8
465.5
312.7
152.9

41.6
472.7
317.1
155.7

41.9
483.8
323.9
159.9

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

0.6
207.8
14.5

0.7
200.0
18.0

0.8
227.1
19.3

0.8
234.4
19.9

0.8
240.0
20.3

0.8
245.3
20.7

0.9
249.6
20.9

0.9
256.1
21.4

0.9
263.3
22.0

0.9
271.2
22.6

1.0
281.7
23.3

11
12
13

14
15

Corporate equities
Mutual fund shares

937.7
116.0

940.5
150.4

1179.4
230.7

1233.7
244.2

1278.6
260.2

1328.9
267.7

1447.3
287.2

1428.1
345.6

1619.7
399.1

1769.2
441.3

1765.4
457.0

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

391.9
206.6
21.9
163.4

407.0
210.0
22.0
175.0

401.1
215.2
25.8
160.1

400.2
214.1
26.7
159.3

404.0
217.4
27.7
158.9

399.9
219.5
28.6
151.8

413.9
231.4
29.6
153.0

404.8
228.7
30.5
145.5

402.5
232.1
31.5
138.9

404.4
236.5
32.4
135.4

409.9
241.3
33.4
135.2

16
17
18
19

20

Pension fund reserves (liabilities) (3)

2216.3

2317.2

2682.0

2765.1

2839.6

2901.5

3062.2

3100.5

3355.4

3563.4

3602.9

20

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

1255.9

1294.3

1517.9

1575.1

1610.6

1641.2

1714.9

1753.6

1935.5

2046.6

2099.7

1

6.5
8.5
20.5

5.1
4.9
26.2

3.1
4.0
32.5

3.2
4.7
30.8

4.0
3.7
32.7

3.0
4.0
32.4

3.6
4.2
33.2

2.7
7.4
33.3

3.9
4.0
38.4

3.5
3.8
34.7

4.2
2.1
35.1

2
3
4

433.5

455.8

483.3

493.6

509.8

517.7

529.2

531.6

542.7

562.0

577.5

5

Open market paper
U.S. government securities
Treasury
Agency

20.5
231.2
163.0
68.2

26.2
246.3
171.0
75.2

32.5
270.8
175.8
95.0

30.8
280.1
181.2
98.8

32.7
294.4
191.0
103.4

32.4
293.6
189.4
104.2

33.2
298.5
190.5
108.0

33.3
302.0
192.5
109.5

38.4
303.1
197.9
105.2

34.7
316.1
209.1
107.0

35.1
321.8
213.6
108.2

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

0.7
166.5
14.5

0.4
167.7
15.2

0.5
163.5
15.9

0.8
165.8
16.1

0.4
166.0
16.3

0.5
174.6
16.5

0.6
180.2
16.7

0.5
178.9
16.9

0.5
183.5
17.2

1.0
192.8
17.4

0.9
202.0
17.6

10
11
12

531.0
256.0

542.6
259.6

753.5
241.5

808.2
234.6

838.4
221.9

877.0
207.0

955.7
189.1

985.3
193.2

1153.7
192.7

1254.3
188.4

1295.2
185.7

13
14

1278.2

1319.5

1546.1

1605.3

1642.4

1673.6

1748.8

1789.1

1970.5

2080.9

2133.1

15

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

5

Credit market instruments

6
7
8
9
10
11
12
13
14
15

Corporate equities
Miscellaneous assets
Pension fund reserves (liabilities) (1)

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

79

Z.1, March 13, 1998

L.121 Money Market Mutual Funds (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Security RPs

6

Credit market instruments

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

559.6

602.9

745.3

816.9

809.5

838.1

891.1

950.8

952.4

1005.1

1048.7

1

10.0
-1.2
31.9
66.4

15.7
-2.5
31.4
68.8

19.7
-3.5
52.3
87.8

21.2
-2.9
56.6
96.7

14.1
-2.7
54.6
98.2

17.5
-3.6
67.4
100.7

23.1
-1.1
82.7
103.8

20.6
-0.4
99.4
119.0

20.2
-0.4
106.4
113.6

23.0
-2.2
115.0
124.6

23.2
1.5
111.3
126.6

2
3
4
5

429.0

459.0

545.5

595.6

594.7

606.6

634.3

659.0

656.5

678.7

718.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

164.4
147.2
79.4
67.8

187.2
143.3
66.1
77.2

235.5
160.8
70.0
90.8

248.0
182.0
85.7
96.2

262.8
170.2
80.6
89.6

265.2
178.2
83.6
94.6

273.9
192.0
90.2
101.8

302.7
174.2
82.2
92.1

308.9
168.1
74.8
93.3

323.6
163.5
75.0
88.5

336.0
182.5
86.2
96.3

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

105.6
11.7

113.4
15.2

127.7
21.5

141.0
24.6

136.7
25.0

138.6
24.6

144.5
23.9

155.7
26.4

151.8
27.7

158.9
32.7

167.0
33.4

11
12

23.7

30.6

43.4

49.7

50.5

49.5

48.3

53.2

56.0

65.9

67.3

13

559.6

602.9

745.3

816.9

809.5

838.1

891.1

950.8

952.4

1005.1

1048.7

14

13
14

Miscellaneous assets
Total shares outstanding (liabilities)

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

2

Security RPs

3

Credit market instruments

1375.4

1477.3

1852.8

1997.0

2129.9

2211.6

2342.4

2411.5

2719.6

2977.0

3013.5

1

38.7

43.1

50.2

46.4

49.8

56.1

47.5

53.0

58.1

58.4

61.9

2

725.9

718.8

771.3

795.9

809.0

818.3

820.2

838.3

860.6

889.2

894.8

3

4
5
6
7

Open market paper
U.S. government securities
Treasury
Agency

38.7
306.6
200.9
105.7

43.1
296.2
194.1
102.1

50.2
315.1
205.3
109.9

49.4
328.9
213.4
115.5

49.8
331.0
214.6
116.4

56.1
329.1
213.5
115.6

47.2
330.2
214.2
116.1

53.0
335.6
217.3
118.2

58.1
340.2
220.0
120.1

58.4
350.9
226.4
124.5

56.9
341.8
219.0
122.9

4
5
6
7

8
9

Municipal securities
Corporate and foreign bonds

211.3
169.3

207.0
172.4

210.2
195.7

212.1
205.5

212.6
215.6

213.0
220.2

213.3
229.5

214.2
235.4

215.1
247.2

218.0
261.9

222.3
273.8

8
9

607.4
3.3

709.6
5.9

1024.9
6.3

1149.6
5.1

1263.0
8.1

1334.1
3.0

1470.0
4.7

1514.7
5.5

1793.6
7.4

2020.8
8.6

2049.4
7.4

10
11

1375.4

1477.3

1852.8

1997.0

2129.9

2211.6

2342.4

2411.5

2719.6

2977.0

3013.5

12

10
11
12

Corporate equities
Miscellaneous assets
Total shares outstanding (liabilities)

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End Funds
Billions of dollars; levels, not seasonally adjusted
1
2
3
4
5
6

Total financial assets
Credit market instruments
U.S. government securities
Municipal securities
Corporate and foreign bonds
Corporate equities

116.1

117.8

134.4

136.8

138.2

139.6

142.3

142.6

149.5

153.7

153.7

1

89.7

86.0

96.4

97.0

97.6

98.1

98.7

99.3

99.7

99.7

99.5

2

13.7
51.8
24.2

12.8
53.4
19.8

11.2
59.6
25.6

11.3
59.8
25.9

11.3
60.0
26.3

11.3
60.2
26.6

11.4
60.4
26.9

11.4
60.6
27.4

11.2
60.8
27.6

11.0
61.0
27.8

10.6
61.2
27.7

3
4
5

26.5

31.9

38.0

39.8

40.7

41.5

43.6

43.2

49.8

54.0

54.2

6

116.1

117.8

134.4

136.8

138.2

139.6

142.3

142.6

149.5

153.7

153.7

7

Memo:
7

Market value of equities

80

Z.1, March 13, 1998

L.124 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2
3

Checkable deposits and currency
Federal funds and security RPs

4

Credit market instruments

5
6
7
8

Open market paper
U.S. government securities
Treasury
Agency

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

631.1

781.8

896.9

906.8

934.0

954.9

988.6

993.9

1038.5

1055.1

1098.8

1

2.1
50.3

1.3
85.8

1.5
106.3

1.0
104.0

0.7
103.4

0.6
103.5

0.7
94.5

0.9
96.1

2.9
102.2

1.9
102.6

1.9
93.1

2
3

545.5

663.3

748.0

755.8

758.9

779.3

813.6

824.3

854.8

868.7

908.6

4

11.9
116.9
51.6
65.3

26.3
180.3
51.9
128.4

25.5
243.8
58.0
185.8

24.5
254.0
54.2
199.8

23.6
246.6
34.5
212.0

24.6
260.4
34.5
225.9

35.1
264.2
18.8
245.4

40.6
279.2
19.1
260.1

42.2
295.1
13.5
281.6

29.3
319.4
21.7
297.8

32.5
330.2
15.6
314.6

5
6
7
8

2.6
11.1

3.4
19.5

4.4
25.0

3.9
23.1

4.2
20.2

4.1
19.5

4.1
30.6

4.4
29.8

3.8
29.8

3.5
24.4

5.2
33.4

9
10

9
10

Municipal securities
Corporate and foreign bonds

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

162.0
33.4
25.4
103.1

189.1
37.0
26.3
125.9

200.3
37.9
30.2
132.3

199.8
36.9
31.5
131.4

213.0
36.3
31.8
144.9

220.2
35.6
31.3
153.3

229.1
36.2
31.6
161.4

223.3
34.9
31.7
156.6

238.3
33.5
32.4
172.4

246.9
32.4
32.7
181.8

260.7
31.3
31.6
197.8

11
12
13
14

15
16
17
18

Mortgages
Home
Multifamily residential
Farm

241.0
196.7
17.5
26.8

244.6
199.3
18.4
26.9

249.0
203.2
19.0
26.8

250.5
204.3
19.0
27.2

251.3
204.8
18.9
27.6

250.6
204.0
18.8
27.8

250.7
204.3
18.6
27.9

247.2
201.0
18.2
27.9

245.5
199.6
17.8
28.2

245.1
199.1
17.5
28.6

246.8
200.7
17.3
28.8

15
16
17
18

33.2

31.5

41.2

46.1

71.0

71.6

79.8

72.6

78.5

81.8

95.2

19

614.4

761.7

873.6

882.8

909.5

930.1

966.7

972.3

1016.9

1035.0

1078.4

20

528.5
523.7
4.8

700.6
700.6
0.0

806.5
806.5
0.0

814.4
814.4
0.0

846.1
846.1
0.0

866.1
866.1
0.0

896.9
896.9
0.0

894.7
894.7
0.0

944.2
944.2
0.0

955.8
955.8
0.0

995.9
995.9
0.0

21
22
23

85.9

61.1

67.1

68.4

63.4

64.0

69.8

77.7

72.7

79.2

82.5

24

19
20

Miscellaneous assets
Total liabilities

21
22
23

Credit market instruments
GSE issues (2)
U.S. government loans

24

Miscellaneous liabilities

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution
Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.
(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)
Billions of dollars; levels, not seasonally adjusted
1

1356.8

1472.1

1570.3

1599.7

1643.3

1679.0

1711.4

1740.0

1762.1

1790.7

1825.8

1

2
3
4

Total financial assets
Home mortgages
Multifamily residential mortgages
Farm mortgages

1334.3
22.5
0.0

1449.7
22.4
0.0

1543.4
26.9
0.0

1571.9
27.8
0.0

1614.3
28.9
0.0

1648.3
30.7
0.0

1678.9
32.5
0.0

1706.3
33.7
0.0

1726.9
35.2
0.0

1754.2
36.5
0.0

1788.0
37.8
0.0

2
3
4

5

Total pool securities (liabilities)(2)

1356.8

1472.1

1570.3

1599.7

1643.3

1679.0

1711.4

1740.0

1762.1

1790.7

1825.8

5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately
issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.
(2) Such issues are classified as U.S. government securities.

81

Z.1, March 13, 1998

L.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total financial assets

483.4

552.0

683.6

714.0

749.1

773.8

810.3

821.4

843.3

898.8

987.5

1

2

Agency securities (1)

86.2

86.9

89.2

86.0

80.3

74.6

60.8

51.0

41.9

24.9

14.1

2

3
4
5

Other loans and advances
Student loans
Loans to business

19.5
0.0
19.5

23.7
0.0
23.7

30.6
1.0
29.6

32.7
2.5
30.2

39.6
4.0
35.6

38.0
5.0
33.0

44.0
6.3
37.7

41.2
8.0
33.2

44.2
10.0
34.2

44.4
12.1
32.3

75.5
14.6
60.9

3
4
5

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

219.0
184.8
8.7
25.5

260.2
208.5
14.9
36.8

296.5
227.8
21.3
47.4

313.2
237.6
24.5
51.1

329.0
247.6
26.8
54.5

340.4
255.9
28.1
56.3

359.1
261.9
33.7
63.5

373.7
271.1
35.6
67.0

391.8
279.5
39.0
73.3

420.2
299.4
42.0
78.8

456.8
318.0
48.3
90.5

6
7
8
9

Consumer credit
Trade receivables

130.5
28.4

146.1
35.2

211.6
55.7

221.4
60.6

237.2
63.1

251.2
69.7

265.8
80.7

268.5
86.9

275.6
89.8

293.5
115.7

313.1
128.1

10
11

485.3

554.1

687.0

717.3

756.6

781.2

819.1

829.8

852.5

908.8

998.4

12

51.6
433.8

63.9
490.2

101.2
585.8

110.2
607.1

114.7
642.0

126.8
654.5

146.7
672.4

158.1
671.7

163.3
689.3

210.4
698.4

256.1
742.2

13
14

1.9

2.2

3.5

3.3

7.6

7.4

8.7

8.4

9.2

10.0

10.8

15

10
11
12
13
14

15

Total liabilities
Commercial paper
Corporate bonds
Memo:
Securitized consumer leases
not included above (3)

(1) Federally related mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a tangible asset.

L.127 Finance Companies (1)
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

557.4

599.7

672.3

678.0

688.4

692.6

714.6

720.5

736.9

731.5

759.4

1

13.3

14.9

16.6

17.1

17.5

18.0

18.5

19.0

19.5

20.0

20.6

2

2

Checkable deposits and currency

3
4
5
6

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

427.9
249.0
62.7
116.1

476.2
274.9
66.9
134.4

526.2
301.6
72.4
152.1

530.3
303.5
74.3
152.5

539.9
305.7
80.4
153.9

538.3
301.4
82.2
154.6

544.5
309.5
82.7
152.4

552.4
315.2
83.4
153.8

553.1
311.7
84.8
156.7

564.4
319.5
86.4
158.4

566.7
318.8
87.9
160.0

3
4
5
6

7

Miscellaneous assets

116.1

108.5

129.6

130.7

130.9

136.3

151.5

149.0

164.3

147.1

172.1

7

554.2

618.5

691.2

695.6

708.9

714.2

741.0

747.1

761.1

755.6

777.8

8

385.1
149.1
215.6
20.4

433.7
171.6
247.4
14.8

483.9
168.6
300.0
15.3

491.1
168.2
307.5
15.4

506.3
169.6
319.0
17.7

513.7
173.1
322.3
18.3

529.8
177.6
332.5
19.7

528.4
185.3
324.6
18.4

557.8
193.7
345.3
18.8

532.7
189.6
322.8
20.4

554.5
201.5
328.9
24.1

9
10
11
12

3.3

4.1

5.1

5.3

5.6

5.8

6.0

6.3

6.5

6.7

7.0

13

165.8
33.8
35.6
96.4

180.6
35.9
41.8
102.9

202.2
52.4
51.1
98.8

199.2
49.3
50.5
99.3

197.1
51.2
56.3
89.6

194.6
56.8
57.9
80.0

205.2
63.3
60.3
81.6

212.5
75.6
61.0
75.9

196.8
85.1
60.0
51.7

216.2
92.4
61.6
62.1

216.4
96.6
64.7
55.1

14
15
16
17

49.3

67.5

80.8

83.4

86.7

89.9

92.5

95.6

98.5

96.1

96.8

18

8

Total liabilities

9
10
11
12

Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

13

Taxes payable

14
15
16
17

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent
Other

18

Memo:
Consumer leases not included above (2)

(1) Includes retail captive finance companies.
(2) See footnote (3), table L.126.

82

Z.1, March 13, 1998

L.128 Mortgage Companies
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996
Q1

1
2
3
4
5
6
7

Total financial assets
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Total liabilities
Bank loans n.e.c.
Investment by parent

Q2

1997
Q3

Q4

Q1

Q2

Q3

Q4

60.4

36.5

33.0

46.0

39.3

40.2

41.2

41.1

43.6

45.4

47.9

1

52.2
3.1
5.1

28.3
3.1
5.1

23.8
4.2
5.1

36.7
4.2
5.1

29.8
4.4
5.1

31.0
4.1
5.1

32.0
4.1
5.1

31.2
4.9
5.1

33.7
4.9
5.1

35.2
5.2
5.1

37.2
5.6
5.1

2
3
4

60.4

36.5

33.0

46.0

39.3

40.2

41.2

41.1

43.6

45.4

47.9

5

30.2
30.2

18.7
17.7

19.1
13.9

24.1
21.9

28.1
11.2

28.5
11.6

31.5
9.7

33.0
8.1

34.3
9.4

35.2
10.3

36.4
11.5

6
7

L.129 Real Estate Investment Trusts (REITs)
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

17.4

22.1

25.5

25.7

26.1

26.5

27.1

27.6

28.3

29.6

31.2

1

2
3
4
5

Mortgages
Home
Multifamily residential
Commercial

8.6
0.9
5.6
2.1

13.3
1.5
8.7
3.2

15.5
1.7
10.1
3.7

16.3
1.8
10.7
3.9

17.2
1.9
11.2
4.1

18.0
2.0
11.8
4.3

19.0
2.1
12.4
4.5

20.3
2.2
13.2
4.8

21.5
2.4
14.0
5.1

22.8
2.5
14.8
5.4

24.0
2.6
15.7
5.7

2
3
4
5

6

Miscellaneous assets

8.8

8.7

10.0

9.4

8.9

8.4

8.1

7.4

6.8

6.9

7.2

6

24.7

46.1

54.6

57.3

61.1

65.5

70.7

75.8

81.1

88.3

95.8

7

7

Total liabilities

8

Security RPs

9
10
11
12
13

Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.
Mortgages

14

Miscellaneous liabilities

5.0

9.7

10.9

11.2

11.5

12.0

12.5

12.6

12.8

13.1

13.5

8

17.4
0.6
4.3
3.6
8.9

31.1
0.0
6.3
6.0
18.7

37.1
0.0
8.3
4.2
24.6

39.1
0.0
8.8
3.8
26.5

42.0
0.0
9.4
3.4
29.2

45.4
0.0
10.2
2.8
32.4

49.9
0.0
11.2
2.7
36.0

54.9
0.0
12.0
2.9
40.0

60.0
0.0
13.4
3.1
43.5

66.7
0.0
16.4
3.3
47.0

73.7
0.0
20.2
3.5
50.0

9
10
11
12
13

2.3

5.3

6.6

7.0

7.5

8.1

8.3

8.3

8.3

8.4

8.5

14

83

Z.1, March 13, 1998

L.130 Security Brokers and Dealers
Billions of dollars; levels, not seasonally adjusted
1993

1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12
13

Open market paper
U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets
Total liabilities

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

478.8

454.7

568.1

569.4

565.3

583.1

636.4

651.3

719.9

751.3

776.8

1

12.3

12.0

13.7

12.9

15.3

15.3

15.7

14.9

18.1

19.0

21.2

2

137.5

93.3

183.4

156.2

138.2

147.1

167.7

164.1

161.2

165.1

183.6

3

14.9
32.5
-28.3
60.8
17.1
73.0

11.2
2.3
-42.7
45.0
15.5
64.4

22.1
72.3
18.3
54.0
12.7
76.4

16.8
55.2
5.2
50.0
8.9
75.3

19.9
34.1
-14.1
48.2
8.8
75.3

18.1
42.5
-4.0
46.5
7.9
78.6

23.7
42.4
-12.8
55.2
10.8
90.9

25.2
30.9
-22.9
53.8
10.0
97.9

26.0
26.6
-27.1
53.7
11.4
97.2

24.5
23.6
-42.8
66.4
11.0
105.9

24.3
45.4
-5.0
50.4
13.2
100.7

4
5
6
7
8
9

24.2
76.1
228.6

20.1
75.1
254.2

34.2
78.6
258.2

28.2
89.1
283.0

31.9
89.9
290.0

29.1
86.9
304.7

37.9
94.4
320.7

39.1
101.1
332.1

44.0
110.5
386.1

50.8
127.5
389.0

50.8
128.7
392.5

10
11
12

441.9

420.9

535.4

534.8

530.5

547.2

596.5

608.4

674.9

703.7

729.0

13

14
15

Security RPs (net)
Corporate bonds

126.4
33.7

103.4
34.3

182.4
29.3

181.5
21.4

180.4
24.6

177.6
26.1

180.9
27.3

178.0
26.6

208.1
35.3

216.5
33.6

207.2
35.3

14
15

16
17
18
19
20

Trade payables
Security credit
Customer credit balances (HH)
From banks
Taxes payable

10.1
202.9
102.3
100.7
1.4

9.1
203.9
109.0
94.9
1.2

10.3
227.1
127.6
99.5
1.1

11.6
237.8
140.9
96.8
1.1

13.0
228.8
136.8
91.9
1.2

14.5
230.8
145.2
85.7
1.1

14.3
263.7
162.9
100.8
1.3

17.6
278.9
171.9
107.0
1.0

16.4
304.3
189.0
115.3
0.9

23.6
304.7
193.1
111.6
1.1

19.9
333.2
210.7
122.5
1.3

16
17
18
19
20

21
22
23
24

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

67.4
5.0
84.7
-22.3

69.0
5.8
110.3
-47.2

85.3
11.0
135.4
-61.2

81.4
11.2
143.1
-72.8

82.4
11.3
164.8
-93.7

97.1
11.3
168.6
-82.8

109.1
7.8
186.7
-85.3

106.3
8.0
209.9
-111.6

110.1
8.0
213.3
-111.2

124.2
9.5
230.4
-115.7

132.0
9.7
246.3
-124.0

21
22
23
24

329.2

368.0

373.0

414.3

432.2

457.4

482.8

531.5

520.5

541.6

572.2

1

86.0

117.8

120.2

128.3

133.4

139.3

147.5

149.2

152.1

151.2

157.9

2

L.131 Funding Corporations (1)
Billions of dollars; levels, not seasonally adjusted
1

Total financial assets

2

Money market fund shares

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

117.8
113.8
4.0

109.3
95.3
14.0

87.3
63.6
23.8

106.7
76.9
29.8

108.1
72.1
36.0

113.9
71.0
42.8

104.5
58.0
46.5

122.5
72.9
49.6

112.0
61.4
50.6

112.3
62.2
50.1

130.3
77.1
53.1

3
4
5

6
7
8

Miscellaneous assets (2)
Investment in foreign banking offices
Investment in brokers and dealers

125.4
44.5
80.8

141.0
44.1
96.9

165.5
50.7
114.8

179.3
52.7
126.6

190.6
52.9
137.8

204.2
59.4
144.8

230.7
64.5
166.3

259.8
79.4
180.4

256.4
74.3
182.1

278.1
82.9
195.2

284.0
78.8
205.2

6
7
8

329.2

368.0

373.0

414.3

432.2

457.4

482.8

531.5

520.5

541.6

572.2

9

10
11
12

9

Total liabilities
Credit market instruments
Open market paper
Corporate bonds

180.3
140.3
40.0

211.0
151.1
60.0

248.6
164.2
84.4

261.3
159.1
102.2

282.0
176.4
105.6

291.0
182.2
108.8

312.7
199.1
113.6

348.6
223.6
125.0

350.0
225.7
124.3

363.4
226.3
137.2

373.8
229.6
144.2

10
11
12

13
14
15
16

Miscellaneous liabilities
Foreign direct investment in U.S.
Securities loaned (net)
Other

148.9
-54.9
197.1
6.7

157.0
-70.1
221.7
5.4

124.4
-83.1
216.2
-8.6

153.0
-82.0
242.6
-7.6

150.2
-91.4
249.5
-7.9

166.4
-86.7
265.2
-12.1

170.0
-82.0
276.1
-24.0

182.9
-88.8
288.5
-16.8

170.5
-93.5
339.2
-75.2

178.2
-85.3
336.2
-72.7

198.4
-89.8
335.9
-47.8

13
14
15
16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.
(2) Due from affiliated companies.

84

Z.1, March 13, 1998

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996
Q1

1
2
3
4
5
6
7
8
9
10
11

Total U.S. reserves
U.S. gold stock and SDRs
Federal govt.: Exchange Stab. Fund
Monetary authority (2)
U.S. foreign exchange position

Q2

1997
Q3

Q4

Q1

Q2

Q3

Q4

73.4

74.3

85.8

84.2

83.4

75.5

75.1

67.2

67.8

67.1

70.0

1

20.1

21.1

22.1

22.1

22.0

21.2

21.4

20.9

21.1

21.0

21.1

2

9.0
11.1

10.0
11.1

11.0
11.1

11.0
11.1

11.0
11.1

10.2
11.1

10.3
11.0

9.9
11.1

10.0
11.1

10.0
11.1

10.0
11.0

3
4

53.4

53.2

63.7

62.1

61.4

54.3

53.7

46.3

46.7

46.1

48.9

5

Official foreign currency holdings
Treasury
Monetary authority

41.5
19.2
22.3

41.2
19.2
22.0

49.1
28.0
21.1

46.9
26.9
20.0

46.1
26.5
19.6

38.9
19.4
19.5

38.3
19.0
19.3

32.4
14.5
18.0

32.9
15.0
18.0

32.1
14.5
17.6

30.8
13.8
17.0

6
7
8

Net IMF position
Federal government
Monetary authority

11.8
11.9
-0.1

12.0
12.1
-0.1

14.6
14.7
-0.1

15.2
15.3
-0.1

15.3
15.4
-0.1

15.4
15.5
-0.1

15.4
15.5
-0.1

13.8
13.9
-0.1

13.8
13.9
-0.1

14.0
14.1
-0.1

18.1
18.2
-0.1

9
10
11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of
foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.
(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency
Billions of dollars; levels, not seasonally adjusted
SDR certificates:
1
2

Liab: Federal government
Asset: Monetary authority

8.0
8.0

8.0
8.0

10.2
10.2

10.2
10.2

10.2
10.2

9.7
9.7

9.7
9.7

9.2
9.2

9.2
9.2

9.2
9.2

9.2
9.2

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

17.0
22.1

17.6
23.0

18.2
24.0

18.2
24.3

18.2
24.5

18.8
24.8

18.2
25.0

18.3
25.2

18.3
25.3

18.7
25.5

18.2
25.6

3
4

5

Discrepancy (seigniorage)

-5.1

-5.4

-5.8

-6.1

-6.3

-6.0

-6.8

-6.9

-7.0

-6.8

-7.4

5

271.8

324.6

359.2

384.4

385.2

415.1

438.1

485.2

489.9

516.2

527.0

1

15.8
12.9
10.0

18.8
14.0
15.7

23.4
15.0
19.7

26.0
17.7
21.2

27.7
17.2
14.1

31.7
18.2
17.5

35.5
25.4
23.1

39.7
26.2
20.6

43.5
30.1
20.2

46.5
31.1
23.0

49.3
32.2
23.2

2
3
4

233.2

276.2

301.2

319.5

326.1

347.7

354.1

398.6

396.0

415.6

422.4

5

L.202 U.S. Deposits in Foreign Countries
Billions of dollars; levels, 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

85

Z.1, March 13, 1998

L.203 Net Interbank Transactions
Billions of dollars; levels, not seasonally adjusted
1993

1

Total liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries, net

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

189.3

280.1

290.7

266.6

250.0

225.8

240.8

210.2

197.1

186.9

198.9

1

67.6
35.0
32.7

68.9
30.8
38.1

70.2
29.6
40.6

59.1
24.7
34.4

60.3
24.6
35.7

59.2
21.0
38.2

69.7
24.5
45.2

59.0
21.8
37.2

61.6
23.2
38.4

60.3
21.8
38.5

75.8
30.8
45.0

2
3
4

121.7
1.0

211.2
-0.5

220.5
0.2

207.5
0.1

189.7
0.4

166.6
2.3

171.1
4.4

151.2
3.5

135.4
2.4

126.6
0.1

123.1
2.8

5
6

125.4

218.2

229.3

210.0

197.2

175.9

177.3

149.4

141.1

148.6

148.6

7

8
9
10
11

Liabilities, net
U.S.-chartered commercial banks
Due to foreign affiliates
- Due from foreign affiliates

135.4
7.9
90.8
82.9

229.0
82.3
143.4
61.1

239.7
79.6
128.7
49.1

223.3
69.5
113.3
43.8

209.5
59.6
110.9
51.3

191.3
45.7
115.5
69.8

192.9
48.5
126.8
78.4

173.8
51.3
133.6
82.3

162.8
60.0
139.2
79.2

168.0
60.7
138.4
77.8

168.8
55.9
182.8
126.9

8
9
10
11

12
13
14

Foreign banking offices in U.S.
Due to foreign affiliates
- Due from foreign affiliates

134.3
83.0
-51.3

161.4
84.3
-77.0

178.6
99.9
-78.7

173.4
95.5
-77.9

166.4
94.9
-71.5

163.6
93.7
-70.0

167.1
110.4
-56.6

139.7
110.4
-29.3

123.7
109.8
-13.8

129.3
98.7
-30.6

134.8
79.9
-54.9

12
13
14

15
16
17

Bank holding companies
Due to foreign affiliates
- Due from foreign affiliates

-6.8
6.6
13.3

-14.6
4.1
18.7

-18.5
3.0
21.4

-19.6
2.5
22.0

-16.6
3.0
19.5

-18.0
2.5
20.6

-22.6
2.7
25.3

-17.2
2.4
19.6

-20.9
2.3
23.3

-21.9
3.2
25.1

-21.9
3.0
24.9

15
16
17

10.0
8.4
1.6

10.8
8.0
2.9

10.4
5.4
5.0

13.3
7.4
5.8

12.3
8.2
4.1

15.4
10.9
4.5

15.6
10.6
5.0

24.4
18.6
5.8

21.6
16.9
4.8

19.4
15.8
3.6

20.2
16.1
4.1

18
19
20

-4.7

-6.5

-9.0

-2.6

-8.0

-11.6

-10.6

-1.6

-8.1

-22.1

-28.3

21

-19.9
44.8
48.2
1.3
-4.7

-13.3
50.7
56.3
0.9
-6.5

-20.0
43.3
51.5
0.8
-9.0

-39.9
40.3
42.1
0.8
-2.6

-38.5
38.1
45.3
0.8
-8.0

-44.2
31.1
41.8
1.0
-11.6

-41.8
38.3
48.4
0.5
-10.6

-43.7
43.4
43.7
1.3
-1.6

-44.6
41.8
48.7
1.2
-8.1

-52.3
28.7
49.6
1.2
-22.1

-45.5
26.6
54.6
0.3
-28.3

22
23
24
25
26

66.7
-1.9

60.2
3.8

58.9
4.4

64.7
15.5

62.8
13.8

61.6
13.7

64.9
15.2

75.1
12.1

74.3
12.1

66.5
14.6

57.5
14.6

27
28

18
19
20
21
22
23
24
25
26

27
28

Less: Deposits at foreign banks
U.S. chartered commercial banks
Foreign banking offices in U.S.
To U.S. banking, net
U.S.-chartered commercial banks
Liabilities
To foreign offices in U.S.
To bank holding companies
Unallocated
Less, due from:
Foreign offices in U.S.
Bank holding companies

29
30
31

Foreign banking offices in U.S.
Due to U.S. banks
- Due from U.S. banks

18.5
66.7
48.2

3.9
60.2
56.3

7.5
58.9
51.5

22.6
64.7
42.1

17.5
62.8
45.3

19.8
61.6
41.8

16.5
64.9
48.4

31.3
75.1
43.7

25.5
74.3
48.7

16.9
66.5
49.6

3.0
57.5
54.6

29
30
31

32
33
34

Bank holding companies
Due to U.S. banks
- Due from U.S. banks

-3.3
-1.9
1.3

2.9
3.8
0.9

3.5
4.4
0.8

14.6
15.5
0.8

13.0
13.8
0.8

12.7
13.7
1.0

14.7
15.2
0.5

10.8
12.1
1.3

11.0
12.1
1.2

13.3
14.6
1.2

14.3
14.6
0.3

32
33
34

194.1

286.6

299.7

269.2

257.9

237.4

251.4

211.9

205.1

209.0

227.2

35

125.4

218.2

229.3

210.0

197.2

175.9

177.3

149.4

141.1

148.6

148.6

36

68.6

68.4

70.4

59.2

60.7

61.5

74.1

62.5

64.0

60.4

78.6

37

1.0
0.9
0.1

-0.5
-0.7
0.2

0.2
0.1
0.1

0.1
0.0
0.0

0.4
-0.2
0.6

2.3
0.6
1.7

4.4
4.3
0.1

3.5
-0.5
4.0

2.4
0.5
1.9

0.1
-0.3
0.3

2.8
0.7
2.0

38
39
40

64.2
31.5
32.7

66.1
28.0
38.1

67.5
26.9
40.6

56.4
22.0
34.4

57.8
22.1
35.7

56.9
18.7
38.2

67.5
22.3
45.2

56.9
19.8
37.2

59.8
21.4
38.4

58.5
20.0
38.5

74.2
29.1
45.0

41
42
43

35

Total assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

44
45

Savings insts.: Reserves at Fed. Res.
Discrepancy--floats, etc.

3.4

2.8

2.7

2.7

2.5

2.3

2.3

2.1

1.8

1.8

1.7

44

-4.7

-6.5

-9.0

-2.6

-8.0

-11.6

-10.6

-1.6

-8.1

-22.1

-28.3

45

86

Z.1, March 13, 1998

L.204 Checkable Deposits and Currency
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1251.7

1242.0

1229.3

1183.3

1212.3

1220.8

1245.1

1220.0

1265.3

1234.2

1286.2

1

2
3
4
5

Monetary authority
Federal government cash and deposits
Deposits due to foreign
Currency outside banks

348.2
15.2
0.4
332.6

373.5
7.5
0.3
365.7

390.5
6.2
0.5
383.7

389.6
7.3
0.4
381.9

397.5
8.0
0.4
389.1

400.7
8.0
0.5
392.2

413.9
8.0
0.5
405.5

414.9
6.3
1.3
407.4

432.5
16.7
0.6
415.2

428.3
7.9
0.7
419.7

444.0
5.7
1.0
437.4

2
3
4
5

6
7
8
9

Commercial banking
Federal government deposits
Deposits due to foreign
Private domestic deposits

788.4
42.6
21.3
724.5

756.7
23.8
23.2
709.8

710.8
19.0
24.0
667.8

659.3
16.8
23.1
619.4

673.2
31.4
27.1
614.8

672.3
37.8
25.1
609.4

676.3
28.7
26.6
621.0

642.0
24.0
26.9
591.1

661.1
34.2
29.4
597.4

626.8
33.5
28.1
565.1

656.4
27.8
31.6
597.1

6
7
8
9

88.3
26.8

83.0
28.8

97.1
30.9

103.4
31.0

109.0
32.6

115.3
32.5

122.4
32.5

128.9
34.2

136.4
35.3

142.3
36.7

149.5
36.3

10
11

10
11
12

Total liabilities

1994

Savings institutions
Credit unions

1251.7

1242.0

1229.3

1183.3

1212.3

1220.8

1245.1

1220.0

1265.3

1234.2

1286.2

12

13

Total assets
Household sector

570.8

539.8

497.2

476.1

468.8

461.5

455.3

447.7

445.3

417.8

426.1

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

305.6
203.1
87.2
15.3

330.9
221.6
92.3
17.0

351.7
239.0
96.1
16.6

341.9
228.3
97.2
16.4

349.9
235.4
98.2
16.3

364.8
249.4
99.3
16.1

382.3
266.0
100.4
16.0

374.4
256.9
101.5
16.1

383.5
264.7
102.6
16.2

393.9
273.8
103.8
16.2

414.8
293.2
105.2
16.4

14
15
16
17

18
19

State and local governments
Federal government

28.3
52.2

31.6
27.8

34.4
22.2

30.3
24.2

30.8
42.8

29.9
47.5

31.7
38.3

30.0
40.0

31.3
57.8

31.8
49.3

33.3
41.6

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

178.2
21.6
156.6

203.5
23.5
180.0

216.8
24.5
192.3

213.3
23.4
189.9

221.8
27.4
194.4

227.4
25.6
201.8

236.7
27.1
209.6

241.2
28.1
213.1

247.9
30.0
217.9

253.3
28.8
224.5

266.9
32.5
234.4

20
21
22

23

Financial sectors

70.1

67.0

69.7

68.0

69.8

68.4

72.4

70.8

78.4

76.5

85.4

23

1.0
15.4
6.5
0.8

1.4
13.9
6.5
0.5

1.6
15.5
7.4
0.5

1.4
13.9
8.0
0.6

1.5
13.6
7.6
0.6

1.4
14.3
6.8
0.6

1.4
14.2
7.5
0.6

1.4
13.1
7.9
0.7

1.4
13.6
7.6
0.7

1.4
14.2
7.0
0.7

1.4
15.3
7.5
0.8

24
25
26
27

5.2
5.2
3.0
6.5

5.6
5.0
3.2
5.1

5.2
4.9
3.1
3.1

5.0
4.8
3.1
3.2

4.9
3.8
3.1
4.0

4.7
4.1
3.1
3.0

4.3
3.9
3.0
3.6

3.5
4.2
3.0
2.7

4.0
4.1
3.0
3.9

3.7
4.2
3.0
3.5

4.1
4.1
2.9
4.2

28
29
30
31

-1.2
2.1
13.3
12.3

-2.5
1.3
14.9
12.0

-3.5
1.5
16.6
13.7

-2.9
1.0
17.1
12.9

-2.7
0.7
17.5
15.3

-3.6
0.6
18.0
15.3

-1.1
0.7
18.5
15.7

-0.4
0.9
19.0
14.9

-0.4
2.9
19.5
18.1

-2.2
1.9
20.0
19.0

1.5
1.9
20.6
21.2

32
33
34
35

46.4

41.4

37.2

29.5

28.4

21.4

28.5

15.9

21.1

11.7

18.1

36

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

28
29
30
31

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

32
33
34
35

Money market mutual funds
Government-sponsored enterprises
Finance companies
Brokers and dealers

36

Mail float

87

Z.1, March 13, 1998

L.205 Time and Savings Deposits
Billions of dollars; levels, not seasonally adjusted
1993

1
2

Total liabilities
Small time and savings deposits

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2614.8

2594.4

2756.6

2836.0

2851.3

2915.1

2967.9

3033.1

3079.0

3133.1

3186.9

1

2223.1

2183.2

2279.7

2342.4

2340.2

2357.9

2377.0

2427.1

2432.3

2437.0

2475.5

2

1377.2
1358.6
10.4
8.2

1376.2
1357.9
9.3
9.0

1490.1
1471.3
8.5
10.2

1548.7
1530.0
8.3
10.5

1557.9
1539.5
7.7
10.8

1575.2
1557.1
7.6
10.5

1613.2
1594.2
8.7
10.4

1666.7
1637.1
19.4
10.1

1684.4
1657.7
16.8
9.9

1716.0
1692.7
13.1
10.2

1761.6
1738.2
13.0
10.4

3
4
5
6

3
4
5
6

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

7
8

Savings institutions
Credit unions

624.1
221.8

579.7
227.3

550.7
238.9

543.0
250.7

530.5
251.8

533.7
249.0

512.5
251.2

501.0
259.4

485.0
262.9

461.5
259.6

447.3
266.6

7
8

9

Large time deposits (1)

391.7

411.2

476.9

493.6

511.1

557.2

590.9

606.0

646.7

696.1

711.4

9

311.7
196.1
107.4
8.2

333.0
214.0
110.0
9.0

387.8
256.5
121.0
10.2

402.4
266.6
125.4
10.4

420.1
279.2
130.2
10.8

458.8
296.5
151.8
10.5

493.1
306.1
176.6
10.4

505.0
314.2
180.7
10.1

543.6
329.1
204.6
9.9

590.0
360.9
218.9
10.2

600.9
369.2
221.3
10.4

10
11
12
13

73.0
6.9

71.0
7.3

80.1
9.0

81.7
9.5

81.1
9.9

88.1
10.3

86.4
11.4

88.5
12.4

90.3
12.8

93.3
12.8

97.4
13.0

14
15

2614.8

2594.4

2756.6

2836.0

2851.3

2915.1

2967.9

3033.1

3079.0

3133.1

3186.9

16

2235.9

2223.9

2373.9

2444.3

2458.8

2498.0

2540.2

2591.0

2622.8

2670.0

2722.8

17

129.3
74.1
55.2

130.9
67.5
63.4

135.6
65.9
69.7

133.5
62.7
70.8

139.7
67.8
71.9

147.4
74.4
73.0

142.8
68.7
74.1

136.5
61.2
75.2

145.2
68.8
76.4

141.7
64.0
77.7

144.7
65.5
79.2

18
19
20

46.5
0.8
54.7

52.9
0.7
56.3

62.4
0.9
49.6

66.8
1.0
52.3

67.5
4.3
50.7

69.0
3.3
57.5

70.7
2.4
60.6

70.7
2.4
63.0

72.7
3.3
65.9

75.9
2.8
68.4

78.7
3.4
68.1

21
22
23

147.5

129.8

134.0

137.9

130.2

139.7

151.2

169.6

169.1

174.3

169.2

24

10
11
12
13

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

14
15

Savings institutions
Credit unions

16

Total assets

17

Household sector

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

21
22
23

State and local governments
Federal government
Rest of the world

24

Financial sectors

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

3.0
25.6
9.4

1.3
16.7
11.0

1.1
17.1
10.0

1.0
19.1
9.7

1.0
17.9
9.4

1.4
17.6
9.1

1.4
16.4
8.9

1.4
18.4
8.8

1.3
17.3
8.8

1.2
16.8
8.8

1.0
20.0
9.0

25
26
27

28
29
30

Private pension funds
State and local govt. retirement funds
Money market mutual funds

69.0
8.5
31.9

64.5
4.9
31.4

49.4
4.0
52.3

46.8
4.7
56.6

43.5
3.7
54.6

40.2
4.0
67.4

37.6
4.2
82.7

34.2
7.4
99.4

31.2
4.0
106.4

28.6
3.8
115.0

25.9
2.1
111.3

28
29
30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares
Billions of dollars; levels, not seasonally adjusted
1

559.6

602.9

745.3

816.9

809.5

838.1

891.1

950.8

952.4

1005.1

1048.7

1

2
3
4

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

337.9
44.8
3.9

351.3
52.2
4.0

451.6
77.0
4.1

505.0
79.9
4.1

485.2
80.5
4.2

499.5
81.8
4.3

530.6
84.2
4.3

580.1
87.4
4.4

567.7
89.1
4.5

611.1
94.0
4.6

636.7
98.3
4.7

2
3
4

5
6
7
8

Bank personal trusts and estates
Life insurance companies
Private pension funds
Funding corporations

29.3
31.5
26.3
86.0

29.9
16.2
31.6
117.8

32.0
22.8
37.5
120.2

33.8
26.7
39.2
128.3

36.2
30.5
39.4
133.4

38.9
34.4
40.1
139.3

41.4
40.7
42.3
147.5

44.0
44.7
40.9
149.2

46.6
50.9
41.6
152.1

49.1
54.0
41.2
151.2

51.6
56.5
43.1
157.9

5
6
7
8

88

Z.1, March 13, 1998

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

471.3

549.5

660.0

666.0

692.0

687.6

700.3

713.3

765.1

792.5

814.3

1

2
3
4
5

Commercial banking (net)
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

313.7
279.8
34.7
-0.8

391.8
351.4
41.4
-0.9

422.2
379.6
43.2
-0.5

428.2
387.1
41.5
-0.4

450.0
397.0
53.4
-0.4

451.5
404.8
46.9
-0.3

463.2
408.2
55.1
-0.2

477.0
418.0
59.0
0.0

498.4
433.3
65.3
-0.1

516.2
455.2
61.0
-0.1

552.0
471.5
80.7
-0.2

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

26.1
5.0
126.4

44.5
9.7
103.4

44.5
10.9
182.4

45.1
11.2
181.5

50.0
11.5
180.4

46.5
12.0
177.6

43.7
12.5
180.9

45.6
12.6
178.0

45.9
12.8
208.1

46.7
13.1
216.5

41.5
13.5
207.2

6
7
8

472.8

481.7

556.1

561.8

566.6

574.1

564.5

602.4

611.8

627.7

626.4

9

9

Total liabilities

1994

Total assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

2.5
133.7
58.6

2.2
118.6
46.6

2.4
102.7
67.6

2.4
104.6
72.5

4.2
105.4
76.4

4.6
103.2
76.5

3.8
101.8
70.9

3.6
104.9
84.2

3.1
103.7
84.7

4.1
108.1
89.8

5.8
110.4
77.7

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

277.9
13.2
10.6
8.5

314.2
10.6
6.5
6.2

383.4
13.9
11.2
6.4

382.4
4.9
11.2
10.4

380.5
7.1
9.3
7.1

389.9
8.4
9.9
2.5

388.0
21.6
10.0
1.4

409.6
11.6
9.4
8.4

420.3
16.6
9.8
4.2

425.6
13.9
8.5
3.8

432.6
23.8
9.2
3.5

13
14
15
16

17
18
19
20
21
22

Other insurance companies
Private pension funds
State and local govt. retirement funds
Money market mutual funds
Mutual funds
Government-sponsored enterprises

31.7
38.1
20.5
66.4
38.7
50.3

29.4
37.6
26.2
68.8
43.1
85.8

37.5
37.6
32.5
87.8
50.2
106.3

39.6
38.4
30.8
96.7
46.4
104.0

33.8
39.1
32.7
98.2
49.8
103.4

36.8
39.5
32.4
100.7
56.1
103.5

35.4
40.6
33.2
103.8
47.5
94.5

38.1
40.8
33.3
119.0
53.0
96.1

36.6
40.8
38.4
113.6
58.1
102.2

37.5
41.6
34.7
124.6
58.4
102.6

37.4
41.9
35.1
126.6
61.9
93.1

17
18
19
20
21
22

-1.5

67.8

103.9

104.2

125.5

113.4

135.8

110.9

153.4

164.8

187.9

23

580.0

623.5

700.4

717.6

753.6

777.4

803.0

861.1

893.1

925.7

979.4

1

553.8

600.1

677.7

694.7

731.3

754.0

779.4

836.8

867.7

901.7

958.5

2

Nonfinancial corporate business
Foreign issues in U.S.
Nonfinancial
Financial

117.8
68.8
27.5
41.3

139.2
42.7
15.2
27.5

157.4
56.2
20.6
35.6

174.2
52.5
16.5
36.0

181.7
54.5
15.1
39.4

173.0
65.8
18.3
47.5

156.4
67.5
18.7
48.8

168.7
69.3
15.9
53.4

179.3
71.3
15.7
55.6

176.6
64.3
19.8
44.6

168.6
65.1
20.0
45.0

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

367.1
25.6
51.6
149.1
0.6
140.3

418.2
31.6
63.9
171.6
0.0
151.1

464.2
30.1
101.2
168.6
0.0
164.2

468.0
30.6
110.2
168.2
0.0
159.1

495.1
34.4
114.7
169.6
0.0
176.4

515.2
33.2
126.8
173.1
0.0
182.2

555.5
32.0
146.7
177.6
0.0
199.1

598.8
31.8
158.1
185.3
0.0
223.6

617.0
34.4
163.3
193.7
0.0
225.7

660.7
34.5
210.4
189.6
0.0
226.3

724.8
37.6
256.1
201.5
0.0
229.6

7
8
9
10
11
12

13

Bankers acceptances (1)

26.3

23.4

22.6

22.9

22.2

23.3

23.6

24.2

25.4

24.0

20.9

13

580.0

623.5

700.4

717.6

753.6

777.4

803.0

861.1

893.1

925.7

979.4

14

23

Discrepancy--unallocated assets

L.208 Open Market Paper
Billions of dollars; levels, not seasonally adjusted
1
2
3
4
5
6

14

Total outstanding, all types
Commercial paper

Holdings, by sector

15
16
17
18

Household sector
Nonfinancial corporate business
State and local governments
Rest of the world

45.5
19.4
17.9
18.8

46.7
18.8
22.3
24.9

59.9
19.9
34.9
43.4

61.2
17.2
39.4
31.0

63.9
20.5
41.8
42.3

73.2
23.0
44.4
47.5

82.6
30.7
45.1
54.5

94.5
25.8
43.7
46.9

104.4
24.8
46.4
57.2

113.1
27.4
47.1
72.7

122.6
34.1
49.2
75.0

15
16
17
18

19
20
21
22
23

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions
Bank personal trusts and estates

0.0
7.3
0.3
2.2
19.5

0.0
5.8
0.1
2.1
23.0

0.0
5.7
0.2
0.6
23.3

0.0
6.1
0.2
0.3
23.2

0.0
4.9
0.2
0.3
23.1

0.0
4.4
0.2
0.2
22.9

0.0
6.5
0.3
0.3
22.9

0.0
3.2
0.0
0.2
22.9

0.0
3.1
0.0
0.4
23.0

0.0
3.1
0.0
0.2
23.2

0.0
2.7
0.0
0.2
23.5

19
20
21
22
23

24
25
26

Life insurance companies
Private pension funds
State and local govt. retirement funds

46.9
38.1
20.5

52.8
37.6
26.2

45.5
37.6
32.5

54.2
38.4
30.8

56.6
39.1
32.7

54.6
39.5
32.4

48.4
40.6
33.2

55.3
40.8
33.3

58.1
40.8
38.4

64.6
41.6
34.7

68.3
41.9
35.1

24
25
26

27
28
29
30
31

Money market mutual funds
Mutual funds
Government-sponsored enterprises
Brokers and dealers
Funding corporations

164.4
38.7
11.9
14.9
113.8

187.2
43.1
26.3
11.2
95.3

235.5
50.2
25.5
22.1
63.6

248.0
49.4
24.5
16.8
76.9

262.8
49.8
23.6
19.9
72.1

265.2
56.1
24.6
18.1
71.0

273.9
47.2
35.1
23.7
58.0

302.7
53.0
40.6
25.2
72.9

308.9
58.1
42.2
26.0
61.4

323.6
58.4
29.3
24.5
62.2

336.0
56.9
32.5
24.3
77.1

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

89

Z.1, March 13, 1998

L.209 Treasury Securities
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3309.9

3465.6

3608.5

3689.6

3665.5

3705.7

3755.1

3803.5

3734.3

3745.1

3778.3

1

171.9
3138.0

179.9
3285.6

185.0
3423.5

185.8
3503.7

186.5
3479.1

186.8
3518.9

187.0
3568.1

186.5
3617.0

186.3
3547.9

186.2
3558.9

186.5
3591.8

2
3

3309.9

3465.6

3608.5

3689.6

3665.5

3705.7

3755.1

3803.5

3734.3

3745.1

3778.3

4

Household sector
Savings bonds
Other Treasury issues

475.0
171.9
303.1

662.2
179.9
482.3

591.0
185.0
406.0

577.4
185.8
391.6

551.8
186.5
365.3

533.9
186.8
347.1

542.4
187.0
355.4

495.9
186.5
309.4

398.2
186.3
211.9

360.9
186.2
174.7

304.5
186.5
118.1

5
6
7

8
9
10

Nonfarm noncorporate business
Nonfinancial corporate business
State and local governments

13.3
48.8
447.8

14.0
50.8
370.0

14.4
46.1
293.8

14.5
46.8
297.9

14.6
51.5
301.9

14.8
42.6
296.2

14.9
38.4
292.0

15.1
51.4
285.6

15.2
44.9
290.3

15.4
49.4
277.7

15.7
54.3
279.3

8
9
10

11
12

Rest of the world
Monetary authority

625.1
332.0

660.1
364.5

860.9
378.2

929.5
377.1

957.8
383.9

1026.6
383.9

1109.5
390.9

1180.6
395.1

1213.6
410.9

1256.6
411.8

1265.6
430.7

11
12

13
14
15
16
17

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

322.2
275.0
36.1
5.3
5.8

290.4
248.0
32.7
4.6
5.1

278.7
207.6
62.3
3.4
5.4

284.0
208.4
67.8
2.8
5.1

280.2
200.1
72.0
2.8
5.3

275.0
195.2
71.9
3.3
4.7

261.8
173.0
80.7
4.0
4.1

282.5
180.1
94.0
3.6
4.7

265.9
172.4
85.8
2.9
4.8

261.8
163.2
90.5
2.7
5.3

269.8
166.8
94.6
4.0
4.4

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

28.2
22.6
40.4

27.1
22.1
39.8

18.4
18.3
36.5

18.8
19.3
36.7

19.5
19.1
37.4

17.7
18.2
38.4

17.4
17.4
39.4

17.0
17.8
40.4

16.3
17.8
40.3

15.3
15.8
40.3

14.6
15.7
39.4

18
19
20

21
22
23
24

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

110.0
124.5
239.6
163.0

107.1
133.0
271.2
171.0

108.1
133.4
292.2
175.8

105.8
133.6
297.2
181.2

100.7
128.8
300.3
191.0

101.8
125.0
303.2
189.4

93.2
120.9
304.7
190.5

93.2
121.1
308.4
192.5

93.8
123.9
312.7
197.9

96.7
126.0
317.1
209.1

96.9
128.0
323.9
213.6

21
22
23
24

25
26
27
28
29

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Brokers and dealers

79.4
200.9
13.7
51.6
-28.3

66.1
194.1
12.8
51.9
-42.7

70.0
205.3
11.2
58.0
18.3

85.7
213.4
11.3
54.2
5.2

80.6
214.6
11.3
34.5
-14.1

83.6
213.5
11.3
34.5
-4.0

90.2
214.2
11.4
18.8
-12.8

82.2
217.3
11.4
19.1
-22.9

74.8
220.0
11.2
13.5
-27.1

75.0
226.4
11.0
21.7
-42.8

86.2
219.0
10.6
15.6
-5.0

25
26
27
28
29

3336.5

3492.3

3636.7

3717.2

3693.8

3733.1

3781.8

3829.8

3760.6

3771.2

3804.9

30

2
3
4
5
6
7

Total liabilities

1994

Savings bonds
Other Treasury issues
Total assets

Memo:
30

Federal government debt (1)

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).

90

Z.1, March 13, 1998

L.210 Agency Securities (1)
Billions of dollars; levels, not seasonally adjusted
1993

1
2
3
4
5

Total liabilities
Budget agencies
Government-sponsored enterprises
Federally related mortgage pools

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1907.0

2199.5

2405.0

2441.7

2517.6

2572.5

2634.9

2661.0

2732.6

2772.6

2848.2

1

26.6
523.7
1356.8

26.7
700.6
1472.1

28.2
806.5
1570.3

27.6
814.4
1599.7

28.2
846.1
1643.3

27.4
866.1
1679.0

26.6
896.9
1711.4

26.3
894.7
1740.0

26.3
944.2
1762.1

26.1
955.8
1790.7

26.5
995.9
1825.8

2
3
4

1907.0

2199.5

2405.0

2441.7

2517.6

2572.5

2634.9

2661.0

2732.6

2772.6

2848.2

5

Household sector
Nonfinancial corporate business
State and local governments

120.2
19.1
175.0

267.3
19.9
186.6

289.9
18.9
161.5

269.5
17.0
179.6

333.5
20.7
174.4

385.4
23.2
142.8

413.8
27.3
111.2

435.7
18.2
101.4

468.4
13.2
101.6

475.1
11.5
90.2

499.8
10.0
95.4

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
116.4
4.6

0.0
136.4
3.6

0.0
167.2
2.6

0.0
181.6
2.5

0.0
188.6
2.4

0.0
201.9
2.3

0.0
215.6
2.2

0.0
223.7
2.0

0.0
233.9
1.5

0.0
249.1
0.9

0.0
259.2
0.7

9
10
11

12
13
14
15
16

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

423.2
396.3
21.5
3.1
2.3

428.7
398.1
23.0
4.8
2.8

467.5
421.5
37.3
4.7
4.0

471.3
423.4
39.1
4.7
4.0

473.7
424.7
40.5
4.8
3.7

475.9
423.6
43.4
4.7
4.2

495.7
436.7
49.7
4.9
4.3

510.4
446.0
54.8
4.6
5.1

523.0
455.3
57.5
5.2
5.1

537.9
467.8
60.3
4.4
5.5

571.0
497.1
62.0
5.5
6.3

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

147.3
36.3
32.7

159.9
40.9
32.2

164.6
45.7
30.2

163.8
47.9
30.3

165.1
50.1
30.7

160.3
50.2
31.3

156.1
50.7
31.8

156.1
51.9
32.4

159.6
52.9
34.2

154.8
52.5
36.0

154.8
48.4
38.7

17
18
19

20
21
22
23

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

222.8
44.5
110.9
68.2

234.1
45.8
129.2
75.2

242.9
48.2
141.3
95.0

239.1
48.3
144.3
98.8

234.6
47.7
146.1
103.4

242.4
48.1
147.5
104.2

244.1
51.0
148.2
108.0

243.1
51.1
150.4
109.5

245.8
49.6
152.9
105.2

249.3
50.4
155.7
107.0

252.6
51.2
159.9
108.2

20
21
22
23

24
25
26
27
28

Money market mutual funds
Mutual funds
Government-sponsored enterprises
ABS issuers
Brokers and dealers

67.8
105.7
65.3
86.2
60.8

77.2
102.1
128.4
86.9
45.0

90.8
109.9
185.8
89.2
54.0

96.2
115.5
199.8
86.0
50.0

89.6
116.4
212.0
80.3
48.2

94.6
115.6
225.9
74.6
46.5

101.8
116.1
245.4
60.8
55.2

92.1
118.2
260.1
51.0
53.8

93.3
120.1
281.6
41.9
53.7

88.5
124.5
297.8
24.9
66.4

96.3
122.9
314.6
14.1
50.4

24
25
26
27
28

6
7
8

Total assets

1994

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;
and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.

91

Z.1, March 13, 1998

L.211 Municipal Securities and Loans
Billions of dollars; levels, not seasonally adjusted
1993

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

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1377.5

1341.7

1293.5

1291.4

1297.9

1281.7

1296.0

1305.2

1326.7

1338.9

1366.2

1

1152.6
33.8
1118.7

1107.2
31.7
1075.6

1057.8
32.9
1024.9

1057.6
34.3
1023.3

1060.8
32.7
1028.2

1045.6
36.0
1009.6

1058.7
39.1
1019.6

1069.2
40.2
1029.0

1086.4
37.6
1048.7

1096.3
41.8
1054.5

1119.8
46.2
1073.6

2
3
4

111.1
113.9

125.6
108.8

139.4
96.3

142.8
91.0

149.1
87.9

153.3
82.7

158.5
78.8

163.4
72.6

171.8
68.6

178.7
63.9

187.5
58.9

5
6

1377.5

1341.7

1293.5

1291.4

1297.9

1281.7

1296.0

1305.2

1326.7

1338.9

1366.2

7

8
9
10

Household sector
Nonfinancial corporate business
State and local governments

552.6
54.7
9.5

502.2
56.7
8.6

445.7
55.4
5.1

436.0
52.4
3.1

440.0
55.9
2.1

426.4
49.5
2.0

423.1
47.7
1.9

422.4
45.4
1.9

439.1
48.5
1.9

439.1
45.2
2.0

448.9
42.0
1.5

8
9
10

11
12
13

Commercial banking
Savings institutions
Bank personal trusts and estates

99.2
2.1
108.9

97.6
2.0
114.2

93.4
2.0
103.1

93.0
2.0
102.3

92.7
2.0
102.6

92.7
2.1
103.3

94.2
2.1
103.7

94.0
1.9
104.1

94.3
2.0
104.4

96.2
2.1
104.6

96.7
2.1
104.8

11
12
13

14
15
16
17

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

14.7
146.1
0.6
0.7

12.8
153.8
0.7
0.4

11.9
161.0
0.8
0.5

12.3
163.0
0.8
0.8

12.1
167.0
0.8
0.4

12.4
168.2
0.8
0.5

13.4
175.4
0.9
0.6

13.5
175.7
0.9
0.5

13.7
178.5
0.9
0.5

14.1
181.4
0.9
1.0

15.2
184.4
1.0
0.9

14
15
16
17

18
19
20

Money market mutual funds
Mutual funds
Closed-end funds

105.6
211.3
51.8

113.4
207.0
53.4

127.7
210.2
59.6

141.0
212.1
59.8

136.7
212.6
60.0

138.6
213.0
60.2

144.5
213.3
60.4

155.7
214.2
60.6

151.8
215.1
60.8

158.9
218.0
61.0

167.0
222.3
61.2

18
19
20

21
22

Government-sponsored enterprises
Brokers and dealers

2.6
17.1

3.4
15.5

4.4
12.7

3.9
8.9

4.2
8.8

4.1
7.9

4.1
10.8

4.4
10.0

3.8
11.4

3.5
11.0

5.2
13.2

21
22

(1) Debt with original maturity of 13 months or less.
(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds
Billions of dollars; levels, not seasonally adjusted
1

Total liabilities

2326.0

2479.1

2790.3

2851.1

2931.3

2986.8

3068.7

3097.2

3183.6

3243.2

3338.4

1

1229.7
230.1

1253.0
242.3

1326.3
291.9

1341.5
303.8

1359.4
306.7

1376.4
321.7

1398.8
341.3

1418.7
344.1

1440.2
352.7

1470.9
376.3

1489.5
382.6

2
3

2
3

Nonfinancial corporate business
Rest of the world (1)

4
5
6

Financial sectors
Commercial banking
Savings institutions

866.2
134.9
3.9

983.9
142.6
3.1

1172.0
161.1
3.1

1205.7
155.9
2.9

1265.2
161.6
3.1

1288.8
164.2
2.7

1328.5
168.9
2.7

1334.4
171.8
2.6

1390.7
180.7
2.6

1396.0
184.8
2.8

1466.3
192.7
2.8

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

433.8
215.6
4.3
33.7
40.0

490.2
247.4
6.3
34.3
60.0

585.8
300.0
8.3
29.3
84.4

607.1
307.5
8.8
21.4
102.2

642.0
319.0
9.4
24.6
105.6

654.5
322.3
10.2
26.1
108.8

672.4
332.5
11.2
27.3
113.6

671.7
324.6
12.0
26.6
125.0

689.3
345.3
13.4
35.3
124.3

698.4
322.8
16.4
33.6
137.2

742.2
328.9
20.2
35.3
144.2

7
8
9
10
11

2326.0

2479.1

2790.3

2851.1

2931.3

2986.8

3068.7

3097.2

3183.6

3243.2

3338.4

12

312.9
26.5
273.3

348.8
31.9
311.4

408.3
39.0
369.5

411.3
40.6
388.0

436.8
42.7
406.9

414.9
41.9
429.0

396.1
43.2
447.7

358.1
42.7
469.3

359.5
41.3
489.7

338.1
43.0
515.1

349.3
44.5
531.7

13
14
15

98.2
89.1
35.8

102.5
86.7
35.3

110.9
78.5
32.2

109.7
79.9
31.9

110.4
78.1
31.8

110.7
76.3
31.8

112.3
68.6
31.8

118.8
67.9
31.7

122.6
67.2
31.6

132.4
58.5
31.5

143.1
58.4
31.4

16
17
18

12

Total assets

13
14
15

Household sector
State and local governments
Rest of the world (2)

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

19
20
21
22

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

719.5
103.1
207.8
166.5

779.4
110.1
200.0
167.7

870.1
123.3
227.1
163.5

879.6
125.7
234.4
165.8

885.5
134.6
240.0
166.0

909.7
140.4
245.3
174.6

949.3
141.6
249.6
180.2

966.6
140.8
256.1
178.9

1000.9
143.8
263.3
183.5

1011.8
146.1
271.2
192.8

1025.7
148.5
281.7
202.0

19
20
21
22

23
24
25

Money market mutual funds
Mutual funds
Closed-end funds

11.7
169.3
24.2

15.2
172.4
19.8

21.5
195.7
25.6

24.6
205.5
25.9

25.0
215.6
26.3

24.6
220.2
26.6

23.9
229.5
26.9

26.4
235.4
27.4

27.7
247.2
27.6

32.7
261.9
27.8

33.4
273.8
27.7

23
24
25

26
27
28

Government-sponsored enterprises
Brokers and dealers
Funding corporations

11.1
73.0
4.0

19.5
64.4
14.0

25.0
76.4
23.8

23.1
75.3
29.8

20.2
75.3
36.0

19.5
78.6
42.8

30.6
90.9
46.5

29.8
97.9
49.6

29.8
97.2
50.6

24.4
105.9
50.1

33.4
100.7
53.1

26
27
28

(1) Holdings of foreign issues by U.S. residents.
(2) Holdings of U.S. issues by foreign residents.

92

Z.1, March 13, 1998

L.213 Corporate Equities (1)
Billions of dollars; levels, not seasonally adjusted
1993

1

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

6257.6

6237.9

8331.3

8809.7

9105.0

9340.5

10061.1

10072.3

11719.8

12804.6

12958.6

1

2

Nonfinancial corporate business

4126.0

4141.8

5481.1

5774.3

5995.3

6027.8

6367.4

6283.4

7286.7

7881.2

7793.7

2

3
4

Rest of the world (2)
Financial corporations

543.9
1587.7

586.6
1509.4

699.1
2151.2

741.0
2294.3

785.5
2324.3

832.6
2480.1

875.5
2818.3

901.2
2887.7

1058.9
3374.2

1154.1
3769.3

1183.9
3981.0

3
4

5
6
7
8

Issues at market value

1994

Holdings at market value
Household sector
State and local governments
Rest of the world (3)

6257.6

6237.9

8331.3

8809.7

9105.0

9340.5

10061.1

10072.3

11719.8

12804.6

12958.6

5

3220.7
9.3
373.5

3048.9
10.6
368.9

4065.6
26.2
509.0

4245.0
33.7
544.2

4294.8
40.9
565.1

4337.2
43.1
576.7

4604.4
49.6
623.0

4525.6
51.8
639.5

5281.7
70.2
764.6

5709.9
77.7
845.3

5737.6
79.9
881.7

6
7
8

9
10
11

Commercial banking
Savings institutions
Bank personal trusts and estates

4.3
12.5
181.0

2.9
10.4
167.3

5.0
14.3
202.9

5.2
15.9
208.7

5.6
16.1
208.6

6.1
16.4
208.3

6.8
17.8
219.0

2.3
17.9
218.8

1.9
21.2
243.1

1.9
22.6
261.2

2.6
23.4
259.3

9
10
11

12
13
14
15

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

226.0
103.4
937.7
531.0

272.2
112.1
940.5
542.6

344.2
134.2
1179.4
753.5

361.5
136.0
1233.7
808.2

380.9
140.3
1278.6
838.4

398.9
143.2
1328.9
877.0

437.5
148.6
1447.3
955.7

454.7
151.3
1428.1
985.3

509.9
166.6
1619.7
1153.7

563.0
174.0
1769.2
1254.3

582.2
176.9
1765.4
1295.2

12
13
14
15

16
17
18

Mutual funds
Closed-end funds
Brokers and dealers

607.4
26.5
24.2

709.6
31.9
20.1

1024.9
38.0
34.2

1149.6
39.8
28.2

1263.0
40.7
31.9

1334.1
41.5
29.1

1470.0
43.6
37.9

1514.7
43.2
39.1

1793.6
49.8
44.0

2020.8
54.0
50.8

2049.4
54.2
50.8

16
17
18

5555.3

5484.3

7421.0

7859.5

8101.0

8288.0

8948.8

8935.2

10398.6

11369.9

11490.2

19

Memo:
19

Market value of domestic corporations (4)

(1) Excludes mutual fund shares shown on table L.214.
(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Holdings of U.S. issues by foreign residents.
(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares
Billions of dollars; levels, not seasonally adjusted
1

Shares at market value

1375.4

1477.3

1852.8

1997.0

2129.9

2211.6

2342.4

2411.5

2719.6

2977.0

3013.5

1

2

Holdings at market value

1375.4

1477.3

1852.8

1997.0

2129.9

2211.6

2342.4

2411.5

2719.6

2977.0

3013.5

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

990.9
29.8
21.3

1052.1
31.1
29.1

1255.0
45.7
35.0

1358.7
49.3
35.8

1457.5
51.4
36.0

1515.7
53.4
36.5

1591.6
58.6
37.0

1581.5
62.1
37.6

1767.8
73.1
38.2

1929.8
80.0
38.9

1937.5
81.8
39.6

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

3.9
4.2
183.5

2.0
2.6
200.4

2.3
2.8
253.5

2.5
2.9
272.7

2.3
2.9
285.8

2.2
2.7
296.9

2.6
2.6
322.8

7.1
2.6
334.2

8.3
2.5
381.6

7.9
2.5
420.9

8.1
2.5
429.5

6
7
8

Life insurance companies
Private pension funds

25.9
116.0

9.6
150.4

27.7
230.7

31.0
244.2

33.8
260.2

36.5
267.7

40.0
287.2

41.0
345.6

49.0
399.1

55.7
441.3

57.5
457.0

9
10

9
10

93

Z.1, March 13, 1998

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total loans by commercial
banking, flow of funds basis

2223.5

2407.1

2646.9

2657.8

2703.7

2751.7

2821.1

2853.2

2941.3

2972.5

3053.3

1

2
3
4
5

- Loans elsewhere classified:
Open market paper
Mortgages
Consumer credit
Security credit

7.3
947.8
395.7
100.7

5.8
1012.7
458.8
94.9

5.7
1090.2
502.0
99.5

6.1
1097.6
490.4
96.8

4.9
1109.9
503.3
91.9

4.4
1123.2
513.4
85.7

6.5
1145.4
526.8
100.8

3.2
1160.1
504.3
107.0

3.1
1196.5
510.7
115.3

3.1
1227.1
507.5
111.6

2.7
1244.2
512.6
122.5

2
3
4
5

6

= Banking sector total bank loans n.e.c.

772.0

834.9

949.6

966.9

993.7

1025.0

1041.7

1078.6

1115.7

1123.1

1171.3

6

578.4
182.0
1.9
9.7

624.6
197.2
1.8
11.3

701.6
232.6
2.3
13.1

713.7
237.7
1.9
13.7

728.2
249.4
2.0
14.2

746.6
261.8
2.1
14.5

759.8
264.8
2.5
14.6

790.6
271.3
2.1
14.7

817.4
281.2
2.0
15.1

832.6
273.4
1.8
15.4

869.1
284.0
2.4
15.8

7
8
9
10

7
8
9
10

U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

11

+ Loans from Federal Reserve banks

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

12

= Total bank loans n.e.c.

772.0

834.9

949.6

966.9

993.7

1025.0

1041.7

1078.6

1115.7

1123.1

1171.3

12

13

Total liabilities

772.0

834.9

949.6

966.9

993.7

1025.0

1041.7

1078.6

1115.7

1123.1

1171.3

13

709.4

786.0

896.5

908.4

929.7

960.9

971.8

1007.3

1042.9

1046.7

1087.9

14

27.4
477.6
143.0
36.8

40.0
521.0
160.2
38.7

55.7
583.7
182.7
39.7

53.0
593.2
187.8
37.6

54.2
600.8
193.3
40.9

55.9
622.6
199.1
41.5

52.1
631.5
204.1
40.4

57.8
657.6
210.1
38.2

64.1
673.9
215.9
42.6

52.3
681.9
220.4
43.9

61.2
705.1
225.6
43.9

15
16
17
18

24.6
2.4
8.8
13.5

26.1
2.2
8.8
15.2

34.6
2.6
10.9
21.1

36.8
2.2
12.2
22.4

40.5
3.3
13.1
24.1

41.7
3.2
12.7
25.8

43.7
2.9
14.3
26.5

43.5
2.0
13.8
27.7

46.4
2.0
13.5
30.9

48.2
2.2
13.2
32.8

52.1
2.1
13.8
36.3

19
20
21
22

62.6

48.9

53.1

58.6

63.9

64.2

69.8

71.3

72.9

76.5

83.4

23

8.4
20.4
30.2
3.6

9.3
14.8
18.7
6.0

14.6
15.3
19.1
4.2

15.2
15.4
24.1
3.8

14.8
17.7
28.1
3.4

14.5
18.3
28.5
2.8

15.9
19.7
31.5
2.7

17.0
18.4
33.0
2.9

16.7
18.8
34.3
3.1

17.6
20.4
35.2
3.3

19.4
24.1
36.4
3.5

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Households
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

94

Z.1, March 13, 1998

L.216 Other Loans and Advances
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total other loans and advances

805.3

862.0

932.1

940.5

965.0

985.4

994.5

1001.7

1021.8

1044.2

1094.4

1

2
3
4
5
6
7
8
9

U.S. government loans
Liab.: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Rest of the world
Government-sponsored enterprises

146.0
20.3
8.1
40.7
8.7
9.2
54.1
4.8

132.6
16.0
8.0
38.2
8.2
9.3
52.9
0.0

145.5
27.3
10.0
39.4
7.0
9.8
52.1
0.0

142.7
25.6
9.6
39.5
6.6
9.8
51.7
0.0

143.7
27.1
9.1
39.5
6.2
9.8
52.0
0.0

144.3
28.6
8.7
39.5
6.1
10.0
51.4
0.0

145.3
30.4
8.7
39.1
5.9
10.1
51.0
0.0

147.9
34.9
8.5
39.1
5.8
8.9
50.6
0.0

149.9
37.0
8.5
39.3
5.7
9.0
50.5
0.0

151.9
40.1
8.4
39.3
5.6
8.9
49.6
0.0

154.7
41.8
8.4
40.9
5.5
8.9
49.3
0.0

2
3
4
5
6
7
8
9

10
11

Foreign loans to U.S. corporate business
Liab.: Nonfinancial corporate business

114.2
114.2

122.1
122.1

122.1
122.1

126.6
126.6

126.7
126.7

139.6
139.6

126.2
126.2

130.7
130.7

130.9
130.9

133.9
133.9

138.6
138.6

10
11

12
13
14

Customers’ liability on acceptances
outstanding (bank asset)
Liab.: Nonfinancial corporate business
Rest of the world

25.3
17.1
8.2

22.9
15.0
7.9

22.3
14.2
8.2

22.6
13.7
8.9

22.1
13.1
9.0

23.1
13.5
9.5

23.4
13.4
9.9

23.8
13.5
10.3

24.9
14.1
10.8

23.8
13.5
10.3

20.6
10.8
9.7

12
13
14

15
16
17

Savings institution loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

10.8
5.4
5.4

10.3
5.1
5.1

12.8
6.4
6.4

13.9
6.9
6.9

14.4
7.2
7.2

16.0
8.0
8.0

15.7
7.9
7.9

16.7
8.4
8.4

17.2
8.6
8.6

18.5
9.2
9.2

18.7
9.4
9.4

15
16
17

18
19
20

Policy loans (Household liability)
Asset: Federal government
Life insurance companies

78.6
0.9
77.7

86.4
0.9
85.5

96.9
0.9
95.9

98.7
0.9
97.8

99.9
0.9
99.0

102.9
1.0
101.9

101.4
1.0
100.5

102.9
1.0
101.9

104.6
1.0
103.7

105.4
0.9
104.4

106.8
0.9
105.9

18
19
20

21
22
23
24
25
26
27
28

Government-sponsored enterprise loans
Liab.: Household sector (SLMA)
Noncorporate business (FCS)
Farm business (FCS)
Commercial banks (FHLB and SLMA)
Savings institutions (FHLB and SLMA)
Credit unions (FHLB)
Life insurance companies (FHLB)

162.0
27.6
13.9
11.6
21.2
87.3
0.2
0.2

189.1
31.3
13.9
12.4
30.5
100.0
0.5
0.6

200.3
35.2
16.4
13.8
36.7
97.4
0.4
0.5

199.8
34.7
17.8
13.7
32.4
99.7
0.4
1.1

213.0
34.4
16.9
14.9
34.8
110.5
0.3
1.2

220.2
33.8
16.1
15.2
36.1
117.6
0.4
1.1

229.1
34.6
15.1
16.5
39.0
121.9
0.4
1.6

223.3
33.7
15.1
16.6
39.0
116.7
0.4
1.8

238.3
32.2
16.0
16.5
46.4
125.0
0.4
1.8

246.9
31.2
16.5
16.2
51.3
129.4
0.5
1.9

260.7
30.2
15.1
16.5
58.5
138.0
0.6
1.8

21
22
23
24
25
26
27
28

29
30
31

Securitized loans held by ABS issuers
Liab.: Households (1)
Nonfinancial corporate business

19.5
0.0
19.5

23.7
0.0
23.7

30.6
1.0
29.6

32.7
2.5
30.2

39.6
4.0
35.6

38.0
5.0
33.0

44.0
6.3
37.7

41.2
8.0
33.2

44.2
10.0
34.2

44.4
12.1
32.3

75.5
14.6
60.9

29
30
31

32
33
34

Finance company loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

249.0
224.1
24.9

274.9
247.4
27.5

301.6
271.4
30.2

303.5
273.2
30.4

305.7
275.1
30.6

301.4
271.3
30.1

309.5
278.5
30.9

315.2
283.7
31.5

311.7
280.5
31.2

319.5
287.6
32.0

318.8
286.9
31.9

32
33
34

(1) Student loans.

95

Z.1, March 13, 1998

L.217 Total Mortgages
Billions of dollars; levels, not seasonally adjusted
1993

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

4205.8

4392.1

4606.3

4684.2

4770.8

4848.1

4929.4

4986.6

5076.2

5176.1

5277.2

1

3178.4
269.4
677.3
80.7

3357.5
274.6
677.0
83.0

3533.3
287.3
701.2
84.6

3598.1
291.4
709.7
85.0

3633.7
300.4
750.5
86.2

3704.1
304.5
752.8
86.7

3761.7
312.6
768.0
87.1

3806.6
316.6
775.8
87.7

3870.1
323.1
794.3
88.7

3946.7
328.0
811.7
89.8

4019.2
338.1
829.5
90.3

2
3
4
5

4205.8

4392.1

4606.3

4684.2

4770.8

4848.1

4929.4

4986.6

5076.2

5176.1

5277.2

6

Household sector

3033.0

3199.2

3372.5

3440.8

3478.1

3548.0

3609.7

3652.9

3715.7

3792.4

3863.9

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

1163.9
192.5
890.7
80.7

1174.1
214.3
876.9
83.0

1209.3
251.8
872.9
84.6

1216.9
255.8
876.1
85.0

1263.5
297.0
880.3
86.2

1267.6
299.7
881.2
86.7

1283.8
304.4
892.2
87.1

1293.7
309.3
896.7
87.7

1316.9
321.6
906.7
88.7

1336.7
331.3
915.7
89.8

1363.2
345.7
927.2
90.3

8
9
10
11

12
13

Federal government
REITs

0.0
8.9

0.0
18.7

0.0
24.6

0.0
26.5

0.0
29.2

0.0
32.4

0.0
36.0

0.0
40.0

0.0
43.5

0.0
47.0

0.0
50.0

12
13

4205.8

4392.1

4606.3

4684.2

4770.8

4848.1

4929.4

4986.6

5076.2

5176.1

5277.2

14

7

14

Total liabilities

1994

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

124.4
52.3
23.7

114.7
56.4
23.6

110.1
61.5
23.5

109.4
63.5
23.5

108.5
65.0
23.5

107.5
67.0
23.4

106.4
69.0
23.4

105.2
71.0
23.4

104.2
73.0
23.4

103.1
75.0
23.4

101.8
77.0
23.4

15
16
17

18
19

State and local governments
Federal government

108.3
85.0

110.5
71.0

113.8
57.8

114.3
55.6

114.9
54.6

115.9
52.2

117.6
50.3

118.3
48.0

119.4
47.4

120.5
46.3

121.5
45.7

18
19

20
21
22
23

Commercial banking
Savings institutions (1)
Credit unions
Bank personal trusts and estates

947.8
598.4
56.0
3.6

1012.7
596.2
62.1
3.4

1090.2
596.8
66.5
3.9

1097.6
602.6
68.0
3.8

1109.9
611.5
71.3
3.7

1123.2
627.8
73.1
3.6

1145.4
628.3
76.0
3.6

1160.1
626.4
77.4
3.7

1196.5
629.1
80.6
3.8

1227.1
629.8
84.4
4.1

1244.2
629.7
86.2
4.4

20
21
22
23

24
25
26
27

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

224.4
4.5
14.5
14.5

210.9
3.8
18.0
15.2

207.5
2.8
19.3
15.9

207.4
2.6
19.9
16.1

208.2
2.6
20.3
16.3

204.1
2.5
20.7
16.5

205.4
2.4
20.9
16.7

206.5
2.5
21.4
16.9

208.1
2.4
22.0
17.2

209.4
2.4
22.6
17.4

210.8
2.3
23.3
17.6

24
25
26
27

28
29
30

Government-sponsored enterprises (1)
Federally related mortgage pools
ABS issuers

241.0
1356.8
219.0

244.6
1472.1
260.2

249.0
1570.3
296.5

250.5
1599.7
313.2

251.3
1643.3
329.0

250.6
1679.0
340.4

250.7
1711.4
359.1

247.2
1740.0
373.7

245.5
1762.1
391.8

245.1
1790.7
420.2

246.8
1825.8
456.8

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

62.7
60.4
8.6

66.9
36.5
13.3

72.4
33.0
15.5

74.3
46.0
16.3

80.4
39.3
17.2

82.2
40.2
18.0

82.7
41.2
19.0

83.4
41.1
20.3

84.8
43.6
21.5

86.4
45.4
22.8

87.9
47.9
24.0

31
32
33

(1) FHLB loans to savings institutions are included in other loans and advances.

96

Z.1, March 13, 1998

L.218 Home Mortgages (1)
Billions of dollars; levels, not seasonally adjusted
1993

1
2
3
4
5
6
7
8

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

9
10

State and local governments
Federal government

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

15
16
17

Life insurance companies
Private pension funds
State and local govt. retirement funds

18
19
20

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

21
22
23

Finance companies
Mortgage companies
REITs

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3178.4

3357.5

3533.3

3598.1

3633.7

3704.1

3761.7

3806.6

3870.1

3946.7

4019.2

1

2924.5
18.1
235.9

3097.7
18.7
241.1

3275.0
19.3
239.0

3340.6
19.5
238.0

3376.4
19.6
237.8

3446.5
19.8
237.8

3504.0
19.9
237.7

3548.9
20.1
237.5

3612.0
20.3
237.9

3686.9
20.5
239.3

3757.6
20.7
240.9

2
3
4

3178.4

3357.5

3533.3

3598.1

3633.7

3704.1

3761.7

3806.6

3870.1

3946.7

4019.2

5

105.2
36.9
9.7

94.9
38.5
9.7

87.4
41.3
9.6

86.7
42.0
9.6

85.9
42.8
9.6

85.0
43.7
9.6

84.3
44.5
9.6

83.4
45.4
9.6

82.6
46.1
9.6

81.8
46.8
9.6

80.9
47.4
9.6

6
7
8

56.3
33.0

57.3
29.1

60.5
24.1

60.8
22.6

61.2
22.1

62.0
21.2

62.8
21.2

63.4
19.8

64.1
19.8

64.8
20.5

65.5
20.5

9
10

560.8
470.0
56.0
3.6

615.9
477.6
62.1
3.4

669.4
482.4
66.5
3.9

672.0
489.6
68.0
3.8

677.0
498.0
71.3
3.7

685.0
513.6
73.1
3.6

698.5
513.7
76.0
3.6

708.8
513.4
77.4
3.7

733.7
516.5
80.6
3.8

752.0
518.2
84.4
4.1

762.4
519.0
86.2
4.4

11
12
13
14

8.6
3.2
3.5

7.0
4.0
3.9

7.3
4.3
4.4

7.3
4.4
4.6

7.3
4.5
4.7

6.2
4.6
4.8

6.8
4.6
5.0

6.8
4.7
5.1

6.8
4.8
5.3

7.1
5.0
5.5

7.2
5.1
5.6

15
16
17

196.7
1334.3
184.8

199.3
1449.7
208.5

203.2
1543.4
227.8

204.3
1571.9
237.6

204.8
1614.3
247.6

204.0
1648.3
255.9

204.3
1678.9
261.9

201.0
1706.3
271.1

199.6
1726.9
279.5

199.1
1754.2
299.4

200.7
1788.0
318.0

18
19
20

62.7
52.2
0.9

66.9
28.3
1.5

72.4
23.8
1.7

74.3
36.7
1.8

47.3
29.8
1.9

50.4
31.0
2.0

52.1
32.0
2.1

53.3
31.2
2.2

54.5
33.7
2.4

56.6
35.2
2.5

59.0
37.2
2.6

21
22
23

269.4

274.6

287.3

291.4

300.4

304.5

312.6

316.6

323.1

328.0

338.1

1

19.9
246.6

20.5
248.0

21.1
258.1

21.2
261.5

21.4
269.4

21.6
272.2

21.7
279.0

21.9
281.5

22.1
286.7

22.3
290.2

22.5
299.1

2
3

0.0
3.0

0.0
6.2

0.0
8.1

0.0
8.7

0.0
9.6

0.0
10.7

0.0
11.9

0.0
13.2

0.0
14.4

0.0
15.5

0.0
16.5

4
5

269.4

274.6

287.3

291.4

300.4

304.5

312.6

316.6

323.1

328.0

338.1

6

1.4
0.1
7.0

1.6
0.3
7.0

2.2
0.5
6.9

2.1
0.7
6.9

2.1
0.9
6.9

2.0
1.2
6.9

1.9
1.5
6.9

1.7
1.7
6.9

1.6
2.1
6.9

1.4
2.4
6.9

1.5
2.5
6.9

7
8
9

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages
Billions of dollars; levels, not seasonally adjusted
1

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

6
7
8
9

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

10
11

State and local governments
Federal government

42.8
24.6

43.5
22.0

44.1
17.3

44.4
16.9

44.6
16.8

45.0
15.9

45.9
14.8

45.9
14.1

46.1
13.9

46.4
12.6

46.6
12.6

10
11

12
13

Commercial banking
Savings institutions

38.7
67.4

39.3
64.3

43.8
62.0

44.7
60.6

45.4
60.7

46.4
61.3

46.7
61.6

47.6
60.6

49.1
60.1

49.6
60.3

51.1
59.5

12
13

14
15
16

Life insurance companies
Private pension funds
State and local govt. retirement funds

25.4
0.7
4.1

23.9
0.9
4.3

23.4
1.0
4.5

23.4
1.0
4.6

23.5
1.0
4.6

23.2
1.0
4.7

23.2
1.0
4.7

23.3
1.1
4.8

23.5
1.1
4.9

23.6
1.1
4.9

23.8
1.2
5.0

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

17.5
22.5
8.7

18.4
22.4
14.9

19.0
26.9
21.3

19.0
27.8
24.5

18.9
28.9
26.8

18.8
30.7
28.1

18.6
32.5
33.7

18.2
33.7
35.6

17.8
35.2
39.0

17.5
36.5
42.0

17.3
37.8
48.3

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.0
3.1
5.6

0.0
3.1
8.7

0.0
4.2
10.1

0.0
4.2
10.7

3.6
4.4
11.2

3.5
4.1
11.8

3.1
4.1
12.4

3.1
4.9
13.2

3.1
4.9
14.0

2.7
5.2
14.8

2.9
5.6
15.7

20
21
22

97

Z.1, March 13, 1998

L.220 Commercial Mortgages
Billions of dollars; levels, not seasonally adjusted
1993

1
2
3
4
5
6

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

677.3

677.0

701.2

709.7

750.5

752.8

768.0

775.8

794.3

811.7

829.5

1

108.5
154.5
408.2
6.0

101.5
175.1
387.8
12.5

97.5
211.5
375.7
16.5

100.2
215.2
376.6
17.8

101.8
256.0
373.2
19.6

101.5
258.4
371.2
21.7

105.6
262.8
375.5
24.1

104.0
267.4
377.7
26.8

103.7
279.2
382.2
29.1

105.5
288.5
386.2
31.5

106.4
302.4
387.2
33.5

2
3
4
5

677.3

677.0

701.2

709.7

750.5

752.8

768.0

775.8

794.3

811.7

829.5

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

3.9
15.3
6.1

3.6
17.5
6.0

5.1
19.7
6.0

5.0
20.7
6.0

4.8
21.3
6.0

4.6
22.1
6.0

4.3
23.1
6.0

4.1
23.8
6.0

3.7
24.9
6.0

3.4
25.8
6.0

2.8
27.1
6.0

7
8
9

10
11

State and local governments
Federal government

7.7
20.5

8.3
13.2

7.7
10.2

7.8
10.0

7.7
9.8

7.5
9.3

7.5
8.5

7.7
8.5

7.9
8.4

8.0
8.2

8.1
7.9

10
11

12
13

Commercial banking
Savings institutions

327.5
60.8

335.0
53.9

353.1
52.1

356.9
52.1

363.0
52.5

367.0
52.6

375.3
52.7

378.5
52.0

387.7
52.1

398.6
50.9

403.7
50.9

12
13

14
15
16
17

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

180.9
4.5
10.6
7.0

170.4
3.8
13.2
7.0

167.1
2.8
14.1
7.0

167.0
2.6
14.5
7.0

167.8
2.6
14.8
7.0

165.1
2.5
15.1
7.0

165.4
2.4
15.3
7.0

166.3
2.5
15.7
7.0

167.5
2.4
16.0
7.0

168.4
2.4
16.5
7.0

169.4
2.3
17.0
7.0

14
15
16
17

18
19
20
21

ABS issuers
Finance companies
Mortgage companies
REITs

25.5
0.0
5.1
2.1

36.8
0.0
5.1
3.2

47.4
0.0
5.1
3.7

51.1
0.0
5.1
3.9

54.5
29.5
5.1
4.1

56.3
28.3
5.1
4.3

63.5
27.4
5.1
4.5

67.0
26.9
5.1
4.8

73.3
27.2
5.1
5.1

78.8
27.2
5.1
5.4

90.5
26.0
5.1
5.7

18
19
20
21

7
8
9

Total assets

1994

L.221 Farm Mortgages
Billions of dollars; levels, not seasonally adjusted
1

Total liabilities (Farm business)

80.7

83.0

84.6

85.0

86.2

86.7

87.1

87.7

88.7

89.8

90.3

1

2

Total assets

80.7

83.0

84.6

85.0

86.2

86.7

87.1

87.7

88.7

89.8

90.3

2

13.9
0.9

14.6
0.9

15.5
0.9

15.6
0.9

15.8
0.9

15.9
0.9

16.0
0.9

16.1
0.9

16.3
0.9

16.5
0.9

16.6
0.9

3
4

1.5
7.0

1.4
6.7

1.4
6.2

1.4
6.1

1.4
6.0

1.4
5.9

1.4
5.8

1.4
5.6

1.4
5.3

1.4
4.9

1.4
4.9

5
6

20.9
0.3

22.6
0.3

23.8
0.3

23.9
0.3

24.6
0.3

24.8
0.3

24.9
0.3

25.2
0.3

26.1
0.3

26.8
0.3

27.0
0.4

7
8

9.5
0.0

9.6
0.0

9.6
0.0

9.6
0.0

9.6
0.0

9.7
0.0

10.0
0.0

10.1
0.0

10.2
0.0

10.4
0.0

10.5
0.0

9
10

26.8
0.0

26.9
0.0

26.8
0.0

27.2
0.0

27.6
0.0

27.8
0.0

27.9
0.0

27.9
0.0

28.2
0.0

28.6
0.0

28.8
0.0

11
12

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

9
10

Life insurance companies
State and local govt. retirement funds

11
12

Government-sponsored enterprises
Federally related mortgage pools

98

Z.1, March 13, 1998

L.222 Consumer Credit
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total liabilities (Households)

859.0

983.9

1122.8

1113.2

1144.5

1173.5

1211.6

1186.4

1205.0

1227.3

1265.4

1

2

Total assets

859.0

983.9

1122.8

1113.2

1144.5

1173.5

1211.6

1186.4

1205.0

1227.3

1265.4

2

77.2
0.0

86.6
0.0

85.1
0.0

76.7
0.0

72.0
0.0

68.5
0.0

77.7
0.0

70.0
0.0

68.0
0.0

68.7
0.0

78.9
0.0

3
4

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

5
6
7

Commercial banking
Savings institutions
Credit unions

395.7
37.9
101.6

458.8
38.5
119.6

502.0
40.1
131.9

490.4
40.7
131.5

503.3
42.1
136.1

513.4
44.9
140.9

526.8
44.7
144.1

504.3
45.9
143.9

510.7
46.5
147.6

507.5
48.5
150.7

512.6
47.2
153.7

5
6
7

8
9

ABS issuers
Finance companies

130.5
116.1

146.1
134.4

211.6
152.1

221.4
152.5

237.2
153.9

251.2
154.6

265.8
152.4

268.5
153.8

275.6
156.7

293.5
158.4

313.1
160.0

8
9

1047.8

1141.5

1246.7

1234.6

1269.7

1263.0

1314.8

1300.6

1322.2

1351.3

1390.5

1

89.8

94.0

102.4

101.8

104.7

104.6

103.9

103.4

105.6

105.6

106.8

2

719.3
64.1
14.2

796.5
71.6
15.2

870.3
78.8
16.2

858.0
80.2
16.2

884.8
81.7
17.7

873.3
83.1
17.9

923.0
84.6
17.4

901.9
86.2
16.5

916.3
88.0
18.4

933.7
89.7
19.0

970.3
91.6
19.3

3
4
5

L.223 Trade Credit
Billions of dollars; levels, not seasonally adjusted
1

Total trade payables

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

28.4
86.1

29.0
86.5

31.2
92.2

31.0
93.3

31.8
94.9

32.0
96.7

32.8
95.8

33.4
97.2

33.5
99.8

33.7
99.9

34.1
98.0

6
7

8
9

Rest of the world
Brokers and dealers

35.9
10.1

39.5
9.1

45.3
10.3

42.5
11.6

41.2
13.0

40.8
14.5

43.0
14.3

44.2
17.6

44.3
16.4

46.1
23.6

50.5
19.9

8
9

1293.1

1387.3

1521.6

1562.9

1608.2

1640.7

1623.6

1664.4

1712.2

1771.2

1743.7

10

1035.0
103.0

1107.0
117.0

1205.9
128.5

1237.4
130.5

1278.3
132.6

1298.3
134.6

1267.2
136.7

1293.2
138.8

1333.9
141.0

1364.5
143.3

1320.6
145.7

11
12

10

Total trade receivables

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14

Federal government
Rest of the world

28.4
47.5

24.7
50.6

23.1
51.2

23.9
52.1

22.7
52.1

23.3
55.2

24.3
57.5

24.7
59.4

25.4
60.3

24.7
61.1

25.7
61.0

13
14

15
16

Other insurance companies
ABS issuers

50.7
28.4

52.9
35.2

57.3
55.7

58.4
60.6

59.5
63.1

59.6
69.7

57.2
80.7

61.3
86.9

61.8
89.8

61.9
115.7

62.6
128.1

15
16

-245.3

-245.8

-274.9

-328.3

-338.5

-377.8

-308.7

-363.8

-390.0

-419.9

-353.2

17

279.0

279.0

305.7

326.9

318.6

317.8

358.1

380.0

414.8

432.2

461.9

1

76.1
0.0

75.1
0.0

78.6
0.0

89.1
0.0

89.9
0.0

86.9
0.0

94.4
0.0

101.1
0.0

110.5
0.0

127.5
0.0

128.7
0.0

2
3

202.9
102.3
61.4
39.3

203.9
109.0
56.8
38.1

227.1
127.6
65.1
34.4

237.8
140.9
63.0
33.8

228.8
136.8
59.4
32.6

230.8
145.2
57.4
28.3

263.7
162.9
60.2
40.6

278.9
171.9
65.9
41.1

304.3
189.0
63.0
52.3

304.7
193.1
65.4
46.2

333.2
210.7
64.4
58.0

4
5
6
7

17

Discrepancy

L.224 Security Credit
Billions of dollars; levels, not seasonally adjusted
1

Total liabilities

2
3

Household sector
Rest of the world

4
5
6
7

Brokers and dealers
Customer credit balances (HH)
From U.S.-chartered commercial banks
From foreign banking offices in U.S.

8

279.0

279.0

305.7

326.9

318.6

317.8

358.1

380.0

414.8

432.2

461.9

8

9
10

Total assets
Household sector
Rest of the world

102.3
0.0

109.0
0.0

127.6
0.0

140.9
0.0

136.8
0.0

145.2
0.0

162.9
0.0

171.9
0.0

189.0
0.0

193.1
0.0

210.7
0.0

9
10

11
12

Commercial banking
Brokers and dealers

100.7
76.1

94.9
75.1

99.5
78.6

96.8
89.1

91.9
89.9

85.7
86.9

100.8
94.4

107.0
101.1

115.3
110.5

111.6
127.5

122.5
128.7

11
12

99

Z.1, March 13, 1998

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Life insurance reserves:
1

Total liabilities

470.8

505.3

550.2

554.5

562.3

577.1

593.8

603.7

623.1

638.8

650.8

1

2
3

Federal government
Life insurance companies

13.6
457.2

13.8
491.5

13.9
536.3

13.7
540.8

14.0
548.3

13.7
563.4

13.7
580.1

13.4
590.3

14.0
609.1

13.7
625.1

14.0
636.8

2
3

4

Total assets (Households)

470.8

505.3

550.2

554.5

562.3

577.1

593.8

603.7

623.1

638.8

650.8

4

4662.0

4880.1

5600.5

5767.8

5901.1

6030.9

6313.8

6414.7

6940.1

7325.1

7453.9

5

331.1
836.4

358.9
884.5

374.8
997.6

382.9
1014.6

393.2
1025.8

410.2
1045.6

419.2
1083.6

413.2
1111.9

422.1
1192.1

441.2
1239.6

449.6
1268.4

6
7

2216.3
1278.2

2317.2
1319.5

2682.0
1546.1

2765.1
1605.3

2839.6
1642.4

2901.5
1673.6

3062.2
1748.8

3100.5
1789.1

3355.4
1970.5

3563.4
2080.9

3602.9
2133.1

8
9

4662.0

4880.1

5600.5

5767.8

5901.1

6030.9

6313.8

6414.7

6940.1

7325.1

7453.9

10

Pension fund reserves:
5

Total liabilities

6
7

Federal government
Life insurance companies

8
9

Private pension funds (1)
State and local govt. retirement funds

10

Total assets (Households)

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses
Billions of dollars; levels, not seasonally adjusted
1

Total taxes payable by all businesses

98.8

101.4

106.0

116.2

113.4

117.9

120.0

133.2

128.9

137.5

140.1

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

40.7
33.8

40.3
34.6

40.3
35.4

49.3
35.6

45.6
35.8

49.1
36.0

49.9
36.2

62.1
36.4

56.8
36.6

63.8
36.7

64.9
36.9

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

1.2
1.9

1.9
1.0

2.8
1.6

3.1
1.7

3.4
1.3

3.7
1.4

4.0
1.4

4.3
1.4

4.7
1.5

5.0
1.7

5.4
1.8

4
5

6
7

Life insurance companies
Other insurance companies

9.4
7.0

10.4
7.9

11.0
8.8

11.1
9.0

11.3
9.2

11.4
9.4

11.6
9.7

11.7
9.9

11.9
10.1

12.0
10.3

12.2
10.6

6
7

8
9

Finance companies
Brokers and dealers

3.3
1.4

4.1
1.2

5.1
1.1

5.3
1.1

5.6
1.2

5.8
1.1

6.0
1.3

6.3
1.0

6.5
0.9

6.7
1.1

7.0
1.3

8
9

58.0

52.6

45.2

70.4

52.3

50.2

46.8

62.5

56.4

55.2

46.9

10

39.1
18.9

34.0
18.6

27.9
17.3

27.3
43.0

27.5
24.8

27.2
23.0

26.1
20.7

25.9
36.6

26.5
29.9

27.0
28.2

26.9
20.0

11
12

40.8

48.8

60.8

45.8

61.0

67.7

73.2

70.6

72.5

82.3

93.2

13

10
11
12
13

Total business taxes receivable
State and local governments
Federal government
Discrepancy

L.227 Investment in Bank Personal Trusts and Estates
Billions of dollars; levels, not seasonally adjusted
1

Liab.: Bank personal trusts and estates

691.3

699.4

767.4

793.7

811.7

829.0

872.0

890.4

969.7

1035.2

1050.7

1

2

Asset: Household sector

691.3

699.4

767.4

793.7

811.7

829.0

872.0

890.4

969.7

1035.2

1050.7

2

100

Z.1, March 13, 1998

L.229 Total Miscellaneous Financial Claims
Billions of dollars; levels, not seasonally adjusted
1993

1

Total liabilities

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

5144.1

5402.7

5792.0

5954.5

5943.3

6031.6

6163.8

6344.1

6276.2

6394.0

6441.0

1

16.3
2108.7
112.5

16.8
2132.8
114.9

17.5
2242.2
120.2

17.6
2297.0
122.0

17.7
2291.0
124.0

17.8
2338.2
126.1

17.9
2360.5
128.3

18.4
2378.7
130.0

19.0
2402.3
131.5

19.5
2416.7
133.0

20.1
2385.8
134.2

2
3
4

Federal government
Rest of the world

6.8
827.4

6.8
913.1

6.7
1029.2

6.6
1109.6

7.3
1093.5

7.2
1081.9

7.3
1146.1

6.6
1228.7

6.7
1122.0

4.2
1129.0

4.0
1081.4

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

4.6
628.4
103.0
5.1

6.0
750.1
106.7
6.4

7.3
848.4
106.1
4.5

6.6
839.1
106.4
4.6

6.7
859.7
105.9
4.8

7.4
856.6
117.1
4.8

7.1
863.0
103.5
4.6

6.7
920.3
96.4
4.7

8.0
940.5
100.7
5.0

7.2
967.7
97.4
7.0

8.9
1042.5
99.8
5.0

7
8
9
10

11
12

Life insurance companies
Other insurance companies

374.6
456.1

386.6
471.9

408.6
501.9

408.3
505.7

413.2
507.5

419.2
513.4

438.7
514.8

439.5
518.4

452.0
520.8

466.9
528.8

476.6
533.4

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

85.9
165.8
30.2

61.1
180.6
17.7

67.1
202.2
13.9

68.4
199.2
21.9

63.4
197.1
11.2

64.0
194.6
11.6

69.8
205.2
9.7

77.7
212.5
8.1

72.7
196.8
9.4

79.2
216.2
10.3

82.5
216.4
11.5

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

2.3
67.4
148.9

5.3
69.0
157.0

6.6
85.3
124.4

7.0
81.4
153.0

7.5
82.4
150.2

8.1
97.1
166.4

8.3
109.1
170.0

8.3
106.3
182.9

8.3
110.1
170.5

8.4
124.2
178.2

8.5
132.0
198.4

16
17
18

6011.1

6380.4

6884.2

7060.0

7165.7

7332.0

7578.0

7726.8

7715.9

7841.9

8072.2

19

264.1
2615.3
227.6
41.3

269.5
2782.6
243.3
43.3

285.4
3037.7
256.1
46.0

286.5
3125.5
258.2
46.8

287.5
3153.6
260.5
47.7

292.8
3231.9
262.8
48.6

294.3
3333.4
265.9
48.9

297.6
3394.8
268.6
49.9

302.8
3437.0
271.6
51.0

312.8
3472.1
274.8
52.2

318.0
3556.8
278.3
53.4

20
21
22
23

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

5
6

19

Total assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

24
25
26

State and local governments
Federal government
Rest of the world

20.1
116.2
719.0

19.0
119.5
706.1

39.4
117.1
779.3

17.6
115.6
842.5

20.7
114.7
861.2

42.2
114.9
899.4

54.9
110.6
972.3

70.7
107.7
997.6

56.0
105.9
838.6

65.8
103.6
852.0

68.0
103.7
880.1

24
25
26

27
28
29
30
31

Monetary authority
Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

9.6
611.1
61.0
18.2
16.0

9.8
728.4
53.0
14.8
12.9

10.7
791.6
54.7
13.9
11.9

9.8
799.6
51.0
16.6
12.5

10.2
814.8
49.3
15.3
13.6

10.2
810.9
66.2
13.7
14.9

11.2
818.6
52.9
13.7
16.0

10.6
836.4
43.7
13.3
17.0

12.8
866.8
44.0
17.0
18.0

12.3
896.3
45.0
15.4
18.8

13.2
938.5
49.3
17.3
19.5

27
28
29
30
31

32
33
34
35

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

75.7
28.8
391.9
256.0

97.9
33.0
407.0
259.6

105.1
38.7
401.1
241.5

100.6
39.3
400.2
234.6

101.0
39.9
404.0
221.9

97.8
40.9
399.9
207.0

94.8
43.7
413.9
189.1

96.3
45.1
404.8
193.2

97.5
46.0
402.5
192.7

103.0
47.6
404.4
188.4

105.7
49.0
409.9
185.7

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

23.7
3.3
33.2

30.6
5.9
31.5

43.4
6.3
41.2

49.7
5.1
46.1

50.5
8.1
71.0

49.5
3.0
71.6

48.3
4.7
79.8

53.2
5.5
72.6

56.0
7.4
78.5

65.9
8.6
81.8

67.3
7.4
95.2

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

116.1
8.8
228.6
125.4

108.5
8.7
254.2
141.0

129.6
10.0
258.2
165.5

130.7
9.4
283.0
179.3

130.9
8.9
290.0
190.6

136.3
8.4
304.7
204.2

151.5
8.1
320.7
230.7

149.0
7.4
332.1
259.8

164.3
6.8
386.1
256.4

147.1
6.9
389.0
278.1

172.1
7.2
392.5
284.0

39
40
41
42

-867.0

-977.7

-1092.2

-1105.5

-1222.4

-1300.4

-1414.2

-1382.7

-1439.6

-1448.0

-1631.2

43

43

Discrepancy

101

Z.1, March 13, 1998

L.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

U.S. direct investment abroad:
1
2
3
4
5
6
7

Liab.: Rest of the world
Asset: Nonfinancial corporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers

714.8
598.4
33.8
4.9
28.8
44.6
4.3

797.8
670.3
37.7
5.0
33.0
45.8
5.8

884.3
749.9
39.4
5.5
38.7
41.2
9.6

908.5
774.2
39.9
5.7
39.3
39.0
10.4

933.6
787.4
40.3
5.9
39.9
48.5
11.7

945.8
805.8
41.5
6.1
40.9
39.0
12.6

970.8
815.3
44.7
6.6
43.7
46.0
14.6

999.6
839.0
45.5
6.9
45.1
48.2
14.8

1038.1
865.4
46.5
7.0
46.0
57.9
15.3

1062.3
889.0
48.3
6.9
47.6
54.6
15.9

1090.2
906.9
49.5
7.3
49.0
60.5
17.1

1
2
3
4
5
6
7

Foreign direct investment in U.S.:
8
9
10
11
12
13
14
15

Liab.: Nonfinancial corporate business
Nonfarm noncorporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers
Funding corporations

497.8
5.2
24.0
13.1
26.7
33.8
5.0
-54.9

543.3
4.8
26.3
10.9
27.9
35.9
5.8
-70.1

587.9
2.4
32.9
13.9
37.1
52.4
11.0
-83.1

603.3
2.1
33.7
14.3
38.2
49.3
11.2
-82.0

630.4
2.1
31.2
14.7
38.6
51.2
11.3
-91.4

644.8
2.1
32.0
15.2
39.3
56.8
11.3
-86.7

647.3
2.1
30.9
16.1
43.5
63.3
7.8
-82.0

669.9
2.1
31.4
16.7
44.6
75.6
8.0
-88.8

686.2
2.1
34.2
18.8
45.7
85.1
8.0
-93.5

691.1
2.1
35.6
19.6
48.2
92.4
9.5
-85.3

709.4
2.1
38.6
20.1
50.2
96.6
9.7
-89.8

8
9
10
11
12
13
14
15

16

Asset: Rest of the world

550.9

585.0

654.5

670.2

688.1

714.6

729.1

759.4

786.5

813.0

837.0

16

25.0
25.0

26.4
26.4

27.9
27.9

28.3
28.3

28.7
28.7

29.1
29.1

29.7
29.7

30.1
30.1

30.5
30.5

31.0
31.0

31.3
31.3

17
18

3.4
3.4

3.7
3.7

4.0
4.0

4.0
4.0

4.1
4.1

4.5
4.5

4.6
4.6

4.8
4.8

5.1
5.1

5.2
5.2

5.4
5.4

19
20

16.3

18.2

20.3

20.8

21.7

22.7

23.9

25.4

27.0

28.6

30.3

21

1.9
0.8
2.2
0.0
2.7
8.7
0.1
0.0

2.0
0.9
2.2
0.0
4.3
8.6
0.1
0.1

2.0
1.0
2.2
0.0
5.8
9.1
0.2
0.1

2.4
1.0
2.1
0.0
6.0
9.0
0.2
0.1

2.8
1.0
2.2
0.0
6.2
9.4
0.2
0.1

3.4
1.0
2.1
0.0
6.3
9.5
0.2
0.1

4.2
1.7
1.5
0.0
6.7
9.5
0.2
0.2

5.1
1.7
1.5
0.0
7.1
9.7
0.2
0.2

6.2
1.6
1.6
0.0
7.6
9.7
0.2
0.2

7.4
1.6
1.6
0.0
8.0
9.3
0.4
0.4

8.8
1.6
1.6
0.0
8.0
9.9
0.2
0.2

22
23
24
25
26
27
28
29

Federal government equity in IBRD, etc.:
17
18

Liab.: Rest of the world
Asset: Federal government
Federal Reserve Bank stock:

19
20

Liab.: Monetary authority
Asset: Commercial banking
Equity in government-sponsored enterprises:

21

Liab.: Government-sponsored enterprises

22
23
24
25
26
27
28
29

Asset: Nonfin. corporate business (FNMA)
Nonfarm noncorporate (BC)
Farm business (FICB and FLB)
Federal government
Commercial banks (FHLB)
Savings institutions (FHLB)
Credit unions (FHLB)
Life insurance companies (FHLB)
BHC investment in subsidiaries:

30
31
32
33
34

Liab.: Commercial banking
Savings institutions
Finance companies
Mortgage companies
Brokers and dealers

286.6
4.4
17.8
30.2
3.8

304.2
4.4
20.9
17.7
13.4

344.3
4.5
25.5
13.9
20.7

348.4
4.5
25.3
21.9
16.5

361.9
4.6
28.1
11.2
27.1

365.3
4.6
28.9
11.6
23.8

372.9
4.7
30.2
9.7
20.4

387.1
4.8
30.5
8.1
29.5

399.3
4.8
30.0
9.4
31.2

410.0
4.9
30.8
10.3
35.2

413.6
5.0
32.3
11.5
41.1

30
31
32
33
34

35

Asset: Bank holding companies

342.9

360.6

408.9

416.6

432.9

434.3

437.8

459.9

474.6

491.2

503.5

35

17.8
17.8

20.9
20.9

25.5
25.5

25.3
25.3

28.1
28.1

28.9
28.9

30.2
30.2

30.5
30.5

30.0
30.0

30.8
30.8

32.3
32.3

36
37

44.5
80.8

44.1
96.9

50.7
114.8

52.7
126.6

52.9
137.8

59.4
144.8

64.5
166.3

79.4
180.4

74.3
182.1

82.9
195.2

78.8
205.2

38
39

125.4

141.0

165.5

179.3

190.6

204.2

230.7

259.8

256.4

278.1

284.0

40

NFC inv. in finance company subs.:
36
37

Liab.: Finance companies
Asset: Nonfinancial corporate business
Funding corp. investment in subs.:

38
39

Liab.: Foreign banking offices in U.S.
Brokers and dealers

40

Asset: Funding corporations

102

Z.1, March 13, 1998

L.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; levels, not seasonally adjusted
1993

1994

1995

1996
Q1

Q2

1997
Q3

Q4

Q1

Q2

Q3

Q4

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

1.9
1.9

2.1
2.1

1.9
1.9

2.1
2.1

1.8
1.8

1.7
1.7

1.8
1.8

1.8
1.8

1.8
1.8

1.8
1.8

1.8
1.8

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

23.7
23.7

16.0
16.0

19.3
19.3

17.5
17.5

14.9
14.9

15.4
15.4

18.0
18.0

15.2
15.2

13.0
13.0

15.3
15.3

18.0
18.0

5
6

16.3
16.3

16.8
16.8

17.5
17.5

17.6
17.6

17.7
17.7

17.8
17.8

17.9
17.9

18.4
18.4

19.0
19.0

19.5
19.5

20.1
20.1

7
8

Postal Savings System deposits:
3
4

Liab.: Federal government
Asset: Household sector
Deposits at Federal Home Loan Banks:

5
6

Liab.: Government-sponsored enterprises
Asset: Savings institutions
Deferred and unpaid life insurance premiums:

7
8

Liab.: Household sector
Asset: Life insurance companies
Life insurance company reserves:

9
10
11

Liab.: Life insurance companies
Health
Policy dividend accumulation

84.2
51.4
32.8

90.9
58.0
32.9

96.9
63.2
33.7

96.9
63.2
33.7

97.7
64.0
33.7

98.9
65.1
33.8

103.9
69.4
34.5

105.4
70.8
34.6

109.8
74.3
35.4

114.4
78.3
36.1

117.1
80.1
37.0

9
10
11

12

Asset: Household sector

84.2

90.9

96.9

96.9

97.7

98.9

103.9

105.4

109.8

114.4

117.1

12

Policy payables:
13

Liab.: Other insurance companies

429.4

444.0

464.8

467.5

468.9

474.2

471.4

473.8

475.1

480.6

483.2

13

14
15
16
17

Asset: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

179.9
169.7
40.8
39.1

178.7
177.5
46.8
41.1

188.5
180.7
51.8
43.8

189.6
180.7
52.5
44.6

189.8
180.4
53.3
45.5

194.0
179.7
54.0
46.4

190.4
178.8
54.8
47.4

192.1
177.5
55.8
48.4

193.0
175.8
56.8
49.5

198.4
173.9
57.8
50.6

200.9
171.6
58.9
51.7

14
15
16
17

206.6
206.6

210.0
210.0

215.2
215.2

214.1
214.1

217.4
217.4

219.5
219.5

231.4
231.4

228.7
228.7

232.1
232.1

236.5
236.5

241.3
241.3

18
19

21.9
21.9

22.0
22.0

25.8
25.8

26.7
26.7

27.7
27.7

28.6
28.6

29.6
29.6

30.5
30.5

31.5
31.5

32.4
32.4

33.4
33.4

20
21

197.1
197.1

221.7
221.7

216.2
216.2

242.6
242.6

249.5
249.5

265.2
265.2

276.1
276.1

288.5
288.5

339.2
339.2

336.2
336.2

335.9
335.9

22
23

Unallocated insurance company contracts:
18
19

Liab.: Life insurance companies
Asset: Private pension funds
Pension fund contributions payable:

20
21

Liab.: Nonfinancial corporate business
Asset: Private pension funds
Securities borrowed (net):

22
23

Liab.: Funding corporations
Asset: Brokers and dealers

103

Z.1, March 13, 1998

L.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; levels, not seasonally adjusted
1993

1

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

1994

1995

1996

1997

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2366.6

2425.8

2543.6

2616.4

2519.8

2526.1

2557.1

2612.1

2406.3

2416.9

2376.1

1

1589.0
107.3

1567.5
110.0

1628.5
117.8

1666.9
119.9

1632.9
122.0

1664.8
124.1

1683.6
126.2

1678.3
127.9

1684.6
129.4

1693.2
130.9

1643.0
132.1

2
3

6.8
85.7
1.2

6.8
86.8
2.3

6.7
115.0
3.3

6.6
170.6
2.6

7.3
129.3
2.6

7.2
105.2
2.8

7.3
143.8
2.5

6.6
197.2
1.9

6.7
51.5
2.9

4.2
33.9
2.0

4.0
-41.9
3.5

4
5
6

7
8
9
10
11

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

273.2
91.0
157.1
19.6
5.6

375.6
158.9
187.3
22.0
7.4

420.5
160.7
224.9
24.6
10.3

404.3
148.7
219.0
26.3
10.2

413.7
155.2
225.2
23.5
9.9

399.8
153.9
210.4
24.9
10.7

394.7
147.7
199.9
36.3
10.9

422.5
168.3
196.1
45.0
13.1

432.7
149.3
220.8
48.4
14.2

439.3
159.2
213.7
51.1
15.2

511.4
184.7
253.9
57.9
14.9

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

98.5
5.1
70.7
45.8

102.3
6.4
74.7
26.8

101.6
4.5
82.5
27.6

101.8
4.6
82.9
30.1

101.3
4.8
83.4
26.9

112.5
4.8
85.7
26.0

98.8
4.6
87.3
28.0

91.7
4.7
88.7
37.0

95.9
5.0
91.4
32.7

92.5
7.0
96.5
35.3

94.8
5.0
98.1
34.2

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

96.4
2.3
-22.3
6.7

102.9
5.3
-47.2
5.4

98.8
6.6
-61.2
-8.6

99.3
7.0
-72.8
-7.6

89.6
7.5
-93.7
-7.9

80.0
8.1
-82.8
-12.1

81.6
8.3
-85.3
-24.0

75.9
8.3
-111.6
-16.8

51.7
8.3
-111.2
-75.2

62.1
8.4
-115.7
-72.7

55.1
8.5
-124.0
-47.8

16
17
18
19

3233.5

3403.4

3635.8

3721.9

3742.2

3826.5

3971.3

3994.8

3846.0

3864.9

4007.3

20

1827.6
186.1
20.1

1912.0
195.6
19.0

2079.6
203.3
39.4

2142.9
204.7
17.6

2154.9
206.2
20.7

2214.1
207.8
42.2

2305.1
209.4
54.9

2342.8
211.2
70.7

2359.6
213.2
56.0

2371.0
215.4
65.8

2437.2
217.9
68.0

21
22
23

20

Total assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

89.3
168.1
9.6

91.1
121.1
9.8

87.2
124.8
10.7

85.2
172.4
9.8

84.2
173.1
10.2

84.0
184.8
10.2

79.1
243.2
11.2

75.7
238.2
10.6

73.5
52.1
12.8

70.8
39.0
12.3

70.6
43.2
13.2

24
25
26

27
28
29
30
31

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

228.3
22.3
175.9
27.5
2.6

322.1
71.0
213.5
35.2
2.4

333.5
71.2
218.5
39.8
4.0

332.9
70.8
217.5
40.8
3.8

331.2
76.0
211.5
39.8
3.9

324.3
74.3
204.3
41.3
4.4

324.9
71.8
197.2
51.1
4.8

319.1
83.4
190.0
40.8
4.9

333.0
76.8
206.3
44.6
5.3

343.6
74.8
218.6
44.9
5.3

372.1
82.1
240.2
44.4
5.3

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

28.6
18.1
16.0

28.4
14.7
12.9

26.4
13.8
11.9

24.6
16.4
12.5

25.1
15.1
13.6

41.3
13.6
14.9

25.3
13.6
16.0

18.8
13.1
17.0

21.3
16.8
18.0

20.4
15.0
18.8

21.3
17.0
19.5

32
33
34

35
36
37

Life insurance companies
Private pension funds
State and local govt. retirement funds

54.5
163.4
256.0

76.0
175.0
259.6

82.0
160.1
241.5

77.1
159.3
234.6

77.3
158.9
221.9

73.8
151.8
207.0

70.2
153.0
189.1

70.8
145.5
193.2

71.3
138.9
192.7

76.2
135.4
188.4

78.2
135.2
185.7

35
36
37

38
39
40

Mutual funds
Money market mutual funds
Government-sponsored enterprises

3.3
23.7
33.2

5.9
30.6
31.5

6.3
43.4
41.2

5.1
49.7
46.1

8.1
50.5
71.0

3.0
49.5
71.6

4.7
48.3
79.8

5.5
53.2
72.6

7.4
56.0
78.5

8.6
65.9
81.8

7.4
67.3
95.2

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

71.5
8.8
27.2

62.7
8.7
26.7

88.3
10.0
32.3

91.7
9.4
30.1

82.4
8.9
28.8

97.3
8.4
26.8

105.6
8.1
30.0

100.8
7.4
28.7

106.4
6.8
31.6

92.6
6.9
36.9

111.6
7.2
39.5

41
42
43

-867.0

-977.7

-1092.2

-1105.5

-1222.4

-1300.4

-1414.2

-1382.7

-1439.6

-1448.0

-1631.2

44

44

Discrepancy