For use at 12:00 p.m.

, eastern time
Friday
March 10, 2000

FEDERAL RESERVE statistical release
Z.1

Flow of Funds Accounts
of the United States
Flows and Outstandings
Fourth Quarter 1999

Board of Governors of the Federal Reserve System, Washington DC 20551

Flow of Funds Summary Statistics
Fourth Quarter 1999
Domestic nonfinancial debt grew at a 6-1/2
percent annual rate in the fourth quarter of 1999. The
pace of borrowing by households and businesses
continued strong, and the paydown of federal
government debt slowed in the fourth quarter as the
Treasury sought to build its cash holdings as a
precaution against potential disruptions at the turn of
the century. On balance for the year, federal debt
held by the public contracted 2 percent and on a
not-seasonally-adjusted basis was down about $150
billion at year end, or roughly 4 percent from its peak
in early 1998. Household and business sector debt
expanded 9-1/2 percent and 10-1/2 percent
respectively in 1999.

in the fourth quarter. Bond issuance by nonfinancial
firms declined from the rapid pace earlier in the year,
but borrowing from banks picked up a bit. Growth of
state and local government debt slowed to a 2-1/2
percent rate in the fourth quarter; for the year as a
whole, state and local government debt increased
about 4-1/2 percent.
The level of domestic nonfinancial debt
outstanding was $17.4 trillion at the end of the fourth
quarter of 1999. Debt of nonfederal sectors was
$13.7 trillion, and federal debt was $3.7 trillion.
Figures for the growth and level of debt are
found in tables D.1 through D.3. Tables that show
financial flows, amounts outstanding, and selected
sector balance sheets are included in the remaining
pages of this release.

In the fourth quarter, household debt rose at an
8-1/2 percent pace, accounted for by large increases
in both home mortgage debt and consumer credit.
Business debt expanded at a 9-1/2 percent annual rate

Growth of Domestic Nonfinancial Debt 1
Percentage changes; quarterly data are seasonally adjusted annual rates
Nonfederal
Total

Federal

Total

Households

Business

State and
local govts.

1993
1994
1995
1996
1997
1998
1999

4.9
4.6
5.5
5.4
5.4
6.6
6.8

8.3
4.7
4.1
4.0
0.6
-1.4
-1.9

3.7
4.5
6.0
5.9
7.0
9.3
9.4

5.4
7.7
7.9
7.4
6.4
8.7
9.4

1.4
3.7
6.8
5.7
8.2
10.5
10.6

6.0
-4.0
-4.6
-0.6
5.3
7.2
4.4

1998:Q1
:Q2
:Q3
:Q4

7.0
6.7
5.6
6.6

-0.4
-0.7
-3.0
-1.4

9.5
9.1
8.4
9.1

8.6
7.6
8.4
9.1

10.7
11.2
8.9
9.6

8.4
7.2
6.0
6.4

1999:Q1
:Q2
:Q3
:Q4

7.9
5.3
7.0
6.5

-2.0
-3.0
-2.2
-0.5

10.8
7.7
9.6
8.4

9.5
8.6
9.9
8.4

13.1
7.7
10.2
9.6

7.3
2.9
4.6
2.5

1. Changes shown are on an end-of-period basis and may differ from month-average data in the H.6 release.

Table of Contents

Title

Table

Page

Flow of Funds Accounts, Fourth Quarter 1999

1

Availability of Data for Latest Quarter

3

Debt Growth by Sector

D.1

6

Borrowing by Sector

D.2

7

Debt Outstanding by Sector

D.3

8

Flows
Table
Page

Levels
Table
Page

Total Net Borrowing and Lending in Credit Markets

F.1

9

L.1

58

Credit Market Borrowing by Nonfinancial Sectors

F.2

10

L.2

59

Credit Market Borrowing by Financial Sectors

F.3

10

L.3

59

Credit Market Borrowing, All Sectors, by Instrument

F.4

11

L.4

60

Total Liabilities and Their Relation to Total Financial Assets

F.5

11

L.5

60

Distribution of Gross Domestic Product

F.6

12

Distribution of National Income

F.7

13

Gross Saving and Investment

F.8

14

Derivation of Measures of Personal Saving

F.9

15

L.9

61

Title

Summaries

Flows
Table
Page

Levels
Table
Page

Households and Nonprofit Organizations

F.100

16

L.100

62

Nonfinancial Business

F.101

17

L.101

63

Nonfarm Nonfinancial Corporate Business

F.102

18

L.102

64

Nonfarm Noncorporate Business

F.103

19

L.103

65

Farm Business

F.104

19

L.104

65

State and Local Governments

F.105

20

L.105

66

Federal Government

F.106

21

L.106

66

Rest of the World

F.107

22

L.107

67

Monetary Authority

F.108

23

L.108

68

Commercial Banking

F.109

24

L.109

69

U.S.-Chartered Commercial Banks

F.110

25

L.110

70

Foreign Banking Offices in U.S.

F.111

26

L.111

71

Bank Holding Companies

F.112

27

L.112

72

Banks in U.S.-Affiliated Areas

F.113

27

L.113

72

Savings Institutions

F.114

28

L.114

73

Credit Unions

F.115

29

L.115

74

Bank Personal Trusts and Estates

F.116

29

L.116

74

Life Insurance Companies

F.117

30

L.117

75

Other Insurance Companies

F.118

30

L.118

75

Private Pension Funds

F.119

31

L.119

76

State and Local Government Employee Retirement Funds

F.120

31

L.120

76

Money Market Mutual Funds

F.121

32

L.121

77

Title

Sectors

Title

Flows
Table
Page

Levels
Table
Page

Mutual Funds

F.122

32

L.122

77

Closed-End Funds

F.123

32

L.123

77

Government-Sponsored Enterprises

F.124

33

L.124

78

Federally Related Mortgage Pools

F.125

33

L.125

78

Issuers of Asset-Backed Securities

F.126

34

L.126

79

Finance Companies

F.127

34

L.127

79

Mortgage Companies

F.128

35

L.128

80

Real Estate Investment Trusts

F.129

35

L.129

80

Security Brokers and Dealers

F.130

36

L.130

81

Funding Corporations

F.131

36

L.131

81

Gold and Official Foreign Exchange Holdings

F.200

37

L.200

82

SDR Certificates and Treasury Currency

F.201

37

L.201

82

U.S. Deposits in Foreign Countries

F.202

37

L.202

82

Net Interbank Transactions

F.203

38

L.203

83

Checkable Deposits and Currency

F.204

39

L.204

84

Time and Savings Deposits

F.205

40

L.205

85

Money Market Mutual Fund Shares

F.206

40

L.206

85

Federal Funds and Security Repurchase Agreements

F.207

41

L.207

86

Open Market Paper

F.208

41

L.208

86

Treasury Securities

F.209

42

L.209

87

Instruments

Title

Flows
Table
Page

Levels
Table
Page

Agency Securities

F.210

43

L.210

88

Municipal Securities and Loans

F.211

44

L.211

89

Corporate and Foreign Bonds

F.212

44

L.212

89

Corporate Equities

F.213

45

L.213

90

Mutual Fund Shares

F.214

45

L.214

90

Bank Loans Not Elsewhere Classified

F.215

46

L.215

91

Other Loans and Advances

F.216

47

L.216

92

Total Mortgages

F.217

48

L.217

93

Home Mortgages

F.218

49

L.218

94

Multifamily Residential Mortgages

F.219

49

L.219

94

Commercial Mortgages

F.220

50

L.220

95

Farm Mortgages

F.221

50

L.221

95

Consumer Credit

F.222

51

L.222

96

Trade Credit

F.223

51

L.223

96

Security Credit

F.224

51

L.224

96

Life Insurance and Pension Fund Reserves

F.225

52

L.225

97

Taxes Payable by Businesses

F.226

52

L.226

97

Investment in Bank Personal Trusts

F.227

52

L.227

97

Proprietors’ Equity in Noncorporate Business

F.228

52

Total Miscellaneous Financial Claims

F.229

53

L.229

98

Identified Miscellaneous Financial Claims - Part I

F.230

54

L.230

99

Identified Miscellaneous Financial Claims - Part II

F.231

55

L.231

100

Unidentified Miscellaneous Financial Claims

F.232

56

L.232

101

Sector Discrepancies

F.10

57

Instrument Discrepancies

F.11

57

Balance
Sheet
Table
Page

Table

Page

Households and Nonprofit Organizations

B.100

102

R.100

104

Nonfarm Nonfinancial Corporate Business

B.102

103

R.102

105

Title

Flows
Table
Page

Levels
Table
Page

F.100.a

106

L.100.a

107

Consolidated Statement for Federal, State, and Local Governments F.106.c

108

L.106.c

109

Private Pension Funds: Defined Benefit Plans

F.119.b

110

L.119.b

111

Private Pension Funds: Defined Contribution Plans

F.119.c

110

L.119.c

111

Title

Reconciliation

Balance Sheet and Reconciliation Tables

Supplementary Tables
Nonprofit Organizations

Flow of Funds Matrix for 1999
Balance Sheet of Households and Nonprofit Organizations
with Equity Detail

112

113

B.100.e

114

1

Flow of Funds Accounts, Fourth Quarter 1999

This publication presents the flow of funds
accounts for 1999:Q4.
Data revisions and other changes. The statistics
shown in these tables reflect the use of new or revised
source data. Most significant revisions appear in
recent quarters; however, new source information
resulted in changes to data for earlier periods. The
revisions include the following:
1.
Multifamily and commercial mortgage
lending and outstandings of issuers of asset-backed
securities (tables F.126 and L.126) have been revised
from 1985:Q2 forward to reflect more complete
information on the value of commercial-mortgagebacked securities (CMBS) outstanding.
2.
Undistributed corporate profits of financial
sectors, which are a component of sector gross saving,
(tables F.108 through F.130) have been revised from
1959:Q1 forward. Revisions prior to 1959 in the
national income and product accounts have not yet
been made available by the Department of Commerce.
Explanatory notes for tables D.1, D.2, and D.3.
Domestic debt comprises credit market funds
borrowed by U.S. entities from both domestic and
foreign sources, while foreign debt represents amounts
borrowed by foreign financial and nonfinancial
entities in U.S. markets only. Financial sectors consist
of government-sponsored enterprises, federally related
mortgage pools, and private financial institutions.
Credit market debt consists of debt securities,
mortgages, bank loans, commercial paper, consumer
credit, U.S. government loans, and other loans and
advances; it excludes trade debt, loans for the purpose
of carrying securities, and funds raised from equity
sources.
Growth rates in table D.1 are calculated by
dividing seasonally adjusted flows from table D.2 by
seasonally adjusted levels at the end of the previous
period from table D.3. Seasonally adjusted levels in
flow of funds statistics are derived by carrying forward
year-end levels by seasonally adjusted flows. Growth
rates calculated from changes in unadjusted levels

printed in table L.2 can differ from those in table D.1.
Relation of Flows to Outstandings. Estimates of
financial assets and liabilities outstanding are linked to
data on flows. However, figures on outstandings
contain discontinuities or breaks in series that could
affect analysis of particular relationships over time.
Specifically, outstandings in the flow of funds
accounts are related to the flows in the following way:
Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t
where At@ is the time period.

Discontinuities result from changes in
valuation, breaks in source data, and changes in
definitions. For most series, the value of the
discontinuity is zero for nearly all time periods.
However, in a few instances, the discontinuity is
nonzero for almost all time periods, or is quite large in
a particular quarter, such as a period when there is a
sharp increase or decrease in equity prices or a major
break in source data.
The discontinuities in a series can distort
estimated rates of growth in assets and liabilities
between periods. In order to minimize these
distortions, percentage changes in assets and liabilities
in flow of funds releases should be calculated in the
following manner:
Percentage change t = (Flow t / Outstanding t-1) * 100

Preliminary Estimates. Figures shown for the most
recent quarter in these tables are based on preliminary
and incomplete information. A summary list of the
principal sources of information available when the
latest quarter’s data were compiled is provided in a
table following this introduction. The distinction
between Aavailable@ data and Amissing@ data is not
between final and preliminary versions of data, but
rather between those source estimates that are fully
ready when the latest quarterly publication is compiled
and those that are not yet completed. However, the
items that are shown as available are, in general, also
preliminary in the sense that they are subject to
revision by source agencies.

2
Margins of Uncertainty. Flow of funds statistics are
subject to uncertainties resulting from measurement
errors in source data, incompatibilities among data
from different sources, potential revisions in both
financial and nonfinancial series, and incomplete data
in parts of the accounts. The size of these
uncertainties cannot be quantified in precise statistical
terms, but allowance for them is explicitly made
throughout the accounts by the inclusion of
Adiscrepancies @ for various sectors and instrument
types. A discrepancy for a sector is the difference
between its measured sources of funds and its
measured uses of funds. For an instrument category,
a discrepancy is the difference between measured
funds borrowed through the financial instrument and
measured funds lent through that instrument. The size
of such discrepancies relative to the main asset or
liability components is one indication of the quality of
source data, especially on an annual basis. For
quarterly data, differences in seasonal adjustment
procedures for financial and nonfinancial components
of the accounts sometimes result in discrepancies that
cancel in annual data.
Availability of Data. Flow of funds statistics are
updated about ten weeks following the end of a
quarter. This publicationCthe Z.1 release Cis available
from the Board’s Publications Services. Flow of funds
data are also available electronically through the
Internet at the following location:
http://www.federalreserve.gov/releases/Z1
The Internet site also provides quarterly data
beginning in 1952, organized in compressed files that
correspond to the tables published in this release.
There are separate files for seasonally adjusted flows,
unadjusted flows, quarterly outstandings, balance
sheets, quarterly debt (tables D.1, D.2, and D.3), and
monthly data from January 1955 onward for the debt
aggregate published in the Board’s H.6 statistical
release, AMoney Stock and Debt Measures. @

Subscription Information. The Federal Reserve
Board charges for subscriptions to all statistical
releases. Inquiries for releases should be directed to:
Publications Services, Stop 127
Board of Governors
of the Federal Reserve System
20th Street and Constitution Avenue, N.W.
Washington, DC 20551
(202) 452-3244

3

Availability of Data for Latest Quarter

Available at time of publication

Major items missing

1. National income and
product accounts (NIPA)

Preliminary estimates, seasonally
adjusted, for 1999:Q4; unadjusted
flows based on former seasonal
factors.

Revised unadjusted flows.

2. Households and nonprofit
organizations sector
(tables F.100 and L.100)

Estimates for this sector are largely residuals and are derived from data
for other sectors. Availability of data depends on schedules for other
sectors. Data for consumer credit, which are estimated directly, are
available through 1999:Q4. The source for nonprofit organizations data
(tables F.100.a and L.100.a) is the Internal Revenue Service Statistics of
Income. Data for nonprofit organizations are available for 1987 through
1996.

3. Nonfarm nonfinancial
corporate business
(tables F.102 and L.102)

Quarterly Financial Report (QFR)
of the Census Bureau through
1999:Q3; Internal Revenue Service
Statistics of Income data through
1996; securities offerings,
mortgages, bank loans, commercial
paper, and other loans through
1999:Q4.

Statistics of Income data since
1996; QFR data for 1999:Q4.

4. Nonfarm noncorporate
business
(tables F.103 and L.103)

Internal Revenue Service Statistics
of Income data through 1996; bank
and finance company loans and
mortgage borrowing through
1999:Q4.

Statistics of Income data since
1996.

5. Farm business
(tables F.104 and L.104)

Mortgages, bank loans, loans from
government-sponsored enterprises,
U.S. government loans to farms,
and equity in government-sponsored
enterprises through 1999:Q4;
preliminary data for checkable
deposits and currency and trade
payables through 1999.

Revised data for consumption of
fixed capital and undistributed
profits since 1997.

4
6. State and local
governments
(tables F.105 and L.105)

Gross offerings and retirements of
municipal securities, deposits at
banks, and nonmarketable U.S.
government securities issues
through 1999:Q4; selected financial
assets through 1998:Q3 from the
comprehensive annual financial
reports of state and local
governments that account for most
of the holdings of the sector, and
data from Standard & Poor’s on
local government investment pools.

Selected financial asset items
since 1998:Q3.

7. Federal government
(tables F.106 and L.106)

Data from the Monthly Treasury
Statement of Receipts and Outlays
through 1999:Q4; Federal Financing
Bank data and Treasury data for
loan programs through 1999:Q3.

Federal Financing Bank data and
Treasury data for loan programs
for 1999:Q4.

8. Rest of the world
(U.S. international
transactions)
(tables F.107 and L.107)

Balance of payments data through
1999:Q3; NIPA estimates, data
from bank Reports of Condition,
and Treasury International Capital
System data through 1999:Q4.

Balance of payments data for
1999:Q4.

9. Monetary authority
(tables F.108 and L.108)

All data through 1999:Q4.

None.

10. Commercial banking
(tables F.109 through F.113
and tables L.109 through
L.113)

All data through 1999:Q4 for
U.S.-chartered commercial banks,
foreign banking offices in the U.S.,
bank holding companies, and
commercial banks in U.S.-affiliated
areas.

Data since 1998 for branches of
domestic commercial banks
located in U.S.-affiliated areas.

11. Savings institutions
(tables F.114 and L.114)

All data through 1999:Q4.

None.

12. Credit unions
(tables F.115 and L.115)

All data through 1999:Q4.

None.

13. Bank personal trusts and
estates
(tables F.116 and L.116)

All data through 1998.

Data since 1998:Q4.

14. Life insurance companies
(tables F.117 and L.117)

All data through 1999:Q3;
preliminary data for 1999:Q4.

Final data for 1999:Q4.

15. Other insurance companies
(tables F.118 and L.118)

All data through 1999:Q3;
preliminary data for 1999:Q4.

Final data for 1999:Q4.

5
16. Private pension funds
(including FERS
Thrift Savings Plan)
(tables F. 119 and L.119)

Quarterly data through 1999:Q4;
Internal Revenue Service/
Department of Labor/Pension
Benefit Guaranty Corporation
Form 5500 data through 1995.

Form 5500 data since 1995.

17. State and local government
employee retirement funds
(tables F.120 and L.120)

All data through 1999:Q3.

Data for 1999:Q4.

18. Money market mutual
funds
(tables F.121 and L.121)

All data through 1999:Q4.

None.

19. Mutual funds
(tables F.122 and L.122)

All data through 1999:Q4.

None.

20. Closed-end funds
(tables F.123 and L.123)

All data through 1998.

Data since 1998.

21. Government-sponsored
enterprises
(tables F.124 and L.124)

Balance sheet data for FHLBs,
Fannie Mae, Freddie Mac, FCS,
FICO, REFCORP, and Sallie Mae
through 1999:Q4.

None.

22. Federally related mortgage
pools
(tables F.125 and L.125)

All data through 1999:Q4.

None.

23. Issuers of asset-backed
securities (ABSs)
(tables F.126 and L.126)

All data from Trepp/PSA
Information Services of the
Muller Data Corporation and data
for private mortgage pools,
consumer credit, business loans,
student loans, consumer leases, and
trade credit securitization through
1999:Q4.

None.

24. Finance companies
(tables F.127 and L.127)

All data through 1999:Q4.

None.

25. Mortgage companies
(tables F.128 and L.128)

Mortgage data through 1998:Q1.

Data since 1998:Q1.

26. Real estate investment
trusts (REITs)
(tables F.129 and L.129)

Preliminary data from SNL REIT
DataSource through 1999:Q4.

Final data for 1999:Q4.

27. Security brokers and
dealers
(tables F.130 and L.130)

Data for firms filing FOCUS and
FOGS reports through 1999:Q4.

None.

28. Funding corporations
(tables F.131 and L.131)

Estimates for this sector are largely residuals and are derived from data
for other sectors.

6

Z.1, March 10, 2000

D.1 Debt Growth by Sector 1
In percent; quarterly figures are seasonally adjusted annual rates

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1962
1963
1964
1965
1966

6.9
6.8
7.3
7.1
6.7

2.8
1.5
2.4
0.6
1.4

8.8
9.1
9.3
9.6
8.5

8.8
9.9
9.8
8.7
6.1

8.2
8.8
8.3
7.6
5.1

9.3
12.3
12.2
11.6
6.1

9.1
9.1
9.6
11.2
11.7

7.9
7.7
9.2
11.4
12.4

7.7
6.5
7.2
7.9
6.7

13.1
18.3
13.6
16.8
17.7

8.2
11.7
12.9
7.2
5.1

1967
1968
1969
1970
1971

7.2
8.0
7.2
6.9
9.5

4.9
4.5
-1.1
4.2
8.3

7.9
9.0
9.7
7.6
9.8

5.1
7.8
7.1
4.0
8.9

5.0
6.1
5.8
3.7
8.0

5.0
9.9
8.3
3.4
11.7

11.2
10.7
12.1
10.5
10.3

11.8
11.2
12.1
10.5
8.1

6.7
7.5
9.6
8.7
10.9

-0.4
15.7
32.8
14.5
8.7

9.8
6.3
6.9
5.7
9.7

1972
1973
1974
1975
1976

10.0
10.7
9.2
9.3
10.8

4.6
2.0
3.4
23.9
15.6

11.4
12.9
10.5
6.3
9.6

11.2
12.2
7.7
8.0
11.6

11.0
11.2
7.8
8.9
13.1

13.1
13.3
4.6
3.8
10.6

12.5
14.9
13.8
5.2
8.3

10.1
17.7
12.1
3.7
7.7

8.4
7.8
6.9
5.4
8.4

17.2
28.9
23.1
0.8
9.0

7.9
10.3
20.5
17.4
21.5

1977
1978
1979
1980
1981

12.8
13.8
12.2
9.5
10.4

11.0
9.2
5.8
11.8
11.6

13.3
15.0
13.7
9.0
10.1

16.1
16.8
14.6
8.0
7.1

17.4
17.4
15.3
10.3
6.4

15.5
17.4
13.8
0.6
5.0

12.1
13.3
14.1
10.5
13.3

12.2
12.0
11.6
8.6
14.0

8.4
15.4
9.0
6.9
8.0

18.9
22.1
22.1
14.5
18.2

11.6
18.6
9.5
14.0
11.9

1982
1983
1984
1985
1986

10.1
12.0
14.7
15.7
11.8

19.7
18.9
16.9
16.5
13.6

7.9
10.2
14.1
15.4
11.3

5.4
11.3
12.6
15.2
11.1

4.4
10.4
11.3
13.1
13.2

4.6
12.8
18.3
15.9
9.0

9.3
9.0
16.1
12.0
11.6

9.2
8.2
16.9
13.0
14.2

11.2
11.4
11.4
31.8
10.9

13.6
13.4
17.9
19.5
26.1

7.2
8.2
3.7
0.5
4.1

1987
1988
1989
1990
1991

9.0
9.1
7.3
6.5
4.3

8.0
8.0
7.0
11.0
11.1

9.3
9.4
7.4
5.2
2.2

11.8
9.0
8.4
7.3
4.5

15.8
10.5
9.7
9.3
6.1

4.6
6.3
6.0
1.5
-1.3

6.5
10.5
6.9
3.3
-1.6

8.0
11.8
8.2
5.3
-1.8

12.0
6.4
5.6
5.0
8.6

18.3
13.1
10.5
8.9
6.5

2.6
3.0
4.0
9.1
5.3

1992
1993
1994
1995
1996

4.6
4.9
4.6
5.5
5.4

10.9
8.3
4.7
4.1
4.0

2.6
3.7
4.5
6.0
5.9

4.5
5.4
7.7
7.9
7.4

5.3
4.5
6.0
5.8
7.4

0.8
7.3
14.5
14.1
7.9

0.8
1.4
3.7
6.8
5.7

1.8
1.8
5.2
8.7
5.3

2.2
6.0
-4.0
-4.6
-0.6

8.8
9.7
14.0
11.9
12.8

8.0
22.1
-3.6
19.2
17.5

1997
1998
1999

5.4
6.6
6.8

0.6
-1.4
-1.9

7.0
9.3
9.4

6.4
8.7
9.4

6.7
9.7
10.4

4.3
5.4
7.3

8.2
10.5
10.6

9.2
11.9
11.7

5.3
7.2
4.4

13.5
19.6
16.7

11.1
5.9
3.0

1994 -- Q1
Q2
Q3
Q4

4.6
3.8
4.8
4.8

4.9
4.0
5.0
4.6

4.5
3.7
4.7
4.9

7.1
6.8
7.8
8.2

5.9
5.0
6.1
6.6

11.6
14.8
14.5
14.3

3.4
3.3
3.7
4.3

5.1
4.6
5.0
5.8

-1.4
-6.0
-3.2
-5.5

15.4
11.2
11.4
15.2

-22.3
-7.5
4.0
12.0

1995 -- Q1
Q2
Q3
Q4

5.7
6.5
4.8
4.5

5.3
6.9
2.6
1.4

5.9
6.3
5.6
5.6

7.5
7.6
8.6
7.0

5.3
5.6
6.9
4.7

14.3
14.0
13.9
11.5

7.2
7.7
5.3
6.2

9.5
10.3
6.5
7.3

-5.2
-4.3
-6.1
-3.1

8.1
10.9
11.9
14.6

18.5
12.1
22.2
19.1

1996 -- Q1
Q2
Q3
Q4

5.9
5.3
5.3
4.5

5.9
3.0
4.4
2.5

5.9
6.2
5.6
5.3

8.0
7.8
7.3
5.8

8.1
7.0
7.3
6.6

10.1
9.7
6.8
4.2

5.4
6.2
5.8
5.1

4.6
5.7
5.9
4.4

-1.6
-1.3
-3.2
3.5

9.0
15.8
9.9
14.3

11.9
10.1
24.9
19.1

1997 -- Q1
Q2
Q3
Q4

4.7
4.5
5.8
6.0

1.8
-0.4
1.2
-0.1

5.7
6.2
7.4
8.1

6.7
5.6
6.9
5.8

6.1
5.2
9.7
5.0

5.2
4.6
3.9
3.4

5.6
7.5
8.0
10.8

6.3
8.0
8.6
12.6

1.8
4.1
7.0
7.9

7.5
13.2
12.5
18.5

5.7
12.2
16.9
8.0

1998 -- Q1
Q2
Q3
Q4

7.0
6.7
5.6
6.6

-0.4
-0.7
-3.0
-1.4

9.5
9.1
8.4
9.1

8.6
7.6
8.4
9.1

10.0
7.4
9.5
10.6

4.7
4.9
6.1
5.3

10.7
11.2
8.9
9.6

12.2
13.0
9.8
10.7

8.4
7.2
6.0
6.4

17.1
17.4
17.8
21.0

16.7
16.5
-3.2
-6.3

1999 -- Q1
Q2
Q3
Q4

7.9
5.3
7.0
6.5

-2.0
-3.0
-2.2
-0.5

10.8
7.7
9.6
8.4

9.5
8.6
9.9
8.4

10.0
9.9
11.3
8.8

9.9
4.6
5.6
8.3

13.1
7.7
10.2
9.6

15.7
8.0
11.1
9.9

7.3
2.9
4.6
2.5

18.6
14.9
15.2
14.4

2.8
-6.0
10.4
5.0

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.

Z.1, March 10, 2000

7

D.2 Borrowing by Sector
Billions of dollars; quarterly figures are seasonally adjusted annual rates

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1962
1963
1964
1965
1966

52.8
55.5
64.1
67.1
67.3

6.9
3.8
6.1
1.6
3.6

46.0
51.7
58.1
65.5
63.7

19.7
24.1
26.4
25.9
19.8

12.0
14.0
14.5
14.6
10.6

5.9
8.5
9.5
10.1
5.9

20.3
22.0
25.3
32.1
37.0

12.6
13.3
16.8
22.6
27.1

6.0
5.5
6.4
7.6
6.9

4.6
7.2
6.3
8.9
11.0

2.1
3.2
4.0
2.5
1.9

1967
1968
1969
1970
1971

77.2
91.6
88.9
91.3
135.3

12.9
12.5
-3.2
12.1
24.9

64.2
79.0
92.1
79.3
110.5

17.6
28.8
28.0
16.9
39.7

11.1
14.2
14.3
9.8
22.0

5.1
10.8
9.9
4.4
15.6

39.3
41.5
51.9
50.3
54.4

28.7
30.3
36.4
35.1
29.8

7.3
8.8
12.1
12.1
16.4

-0.3
11.4
27.6
16.2
11.1

3.9
2.7
3.2
2.8
5.1

1972
1973
1974
1975
1976

156.1
184.0
175.0
193.5
244.8

15.0
6.9
11.9
85.6
69.2

141.1
177.0
163.1
107.8
175.6

54.7
66.2
47.3
52.9
83.2

32.8
37.2
29.0
35.7
57.8

19.5
22.5
8.9
7.8
22.0

72.4
96.8
102.3
43.8
73.9

40.1
76.6
60.3
20.5
44.0

14.0
14.1
13.4
11.1
18.5

23.9
47.0
48.5
2.1
23.5

4.4
6.3
13.8
14.1
20.5

1977
1978
1979
1980
1981

321.2
390.7
391.9
343.7
410.0

56.3
52.5
35.8
77.4
85.5

264.8
338.2
356.1
266.3
324.5

129.2
156.9
159.7
101.1
97.5

87.3
102.6
106.3
83.0
58.0

35.4
46.0
42.7
2.3
17.7

115.8
141.9
169.8
143.0
199.4

74.8
82.4
88.4
72.9
127.7

19.9
39.4
26.6
22.2
27.6

53.6
74.7
91.1
73.2
105.1

13.5
24.0
15.0
24.2
23.5

1982
1983
1984
1985
1986

439.9
573.7
791.1
964.0
844.3

161.3
185.2
197.2
225.7
216.0

278.6
388.5
593.9
738.3
628.3

79.3
174.6
215.0
291.9
248.6

42.8
104.1
123.3
159.7
186.3

17.2
50.0
80.7
82.8
54.4

157.6
166.6
326.3
282.8
305.5

94.9
92.0
207.8
186.4
228.9

41.7
47.3
52.5
163.6
74.2

93.0
104.5
157.7
205.0
327.8

16.0
17.3
8.4
1.2
9.7

1987
1988
1989
1990
1991

720.0
786.6
687.5
657.0
465.3

143.9
155.1
146.4
246.9
278.2

576.1
631.5
541.2
410.1
187.0

294.6
246.1
254.0
239.4
161.1

252.3
190.0
195.7
206.4
150.4

30.4
43.4
44.2
11.9
-10.7

191.0
331.4
237.1
123.5
-59.4

147.7
237.6
182.2
127.0
-45.8

90.4
54.0
50.1
47.2
85.4

291.6
249.2
225.0
213.4
170.9

6.3
7.4
10.2
23.9
15.1

1992
1993
1994
1995
1996

524.1
582.9
568.0
712.0
735.6

304.0
256.1
155.9
144.4
145.0

220.1
326.8
412.2
567.6
590.6

166.5
209.4
316.3
350.9
354.0

139.2
125.1
174.6
176.9
241.0

6.1
58.4
124.9
138.9
88.8

29.5
51.2
142.2
268.2
243.4

45.5
45.4
134.5
234.7
154.9

24.1
66.2
-46.2
-51.5
-6.8

244.0
294.4
468.4
453.9
548.9

24.1
69.8
-13.9
71.1
77.2

1997
1998
1999

775.8
1011.3
1105.9

23.1
-52.6
-71.8

752.7
1063.9
1177.8

327.3
471.9
556.6

231.3
359.8
421.7

52.5
67.6
96.8

369.4
511.7
568.5

285.7
405.7
444.0

56.1
80.3
52.7

652.2
1068.8
1090.9

57.6
33.6
18.3

1994 -- Q1
Q2
Q3
Q4

568.1
474.6
607.1
622.2

162.5
133.6
169.0
158.3

405.7
341.1
438.1
463.8

291.9
285.2
331.6
356.3

169.9
145.7
182.6
200.2

99.5
130.6
133.3
136.2

129.7
125.8
143.0
170.0

130.2
119.9
132.5
155.5

-16.0
-69.9
-36.6
-62.5

516.2
391.0
408.3
558.2

-85.9
-27.2
14.3
43.2

1995 -- Q1
Q2
Q3
Q4

745.1
854.1
640.6
608.3

186.4
245.5
94.5
51.3

558.7
608.6
546.1
557.0

331.4
344.9
396.6
330.7

161.8
175.8
218.6
151.4

140.8
143.1
146.4
125.2

285.7
311.6
216.2
259.2

257.9
286.7
183.4
210.8

-58.5
-47.8
-66.7
-33.0

309.6
426.9
477.8
601.4

68.4
46.7
88.7
80.5

1996 -- Q1
Q2
Q3
Q4

808.1
740.5
744.2
649.7

213.6
109.6
162.3
94.5

594.5
630.9
581.9
555.3

384.5
379.0
359.9
292.5

262.6
233.3
244.6
223.4

113.2
111.7
79.8
50.4

227.3
265.5
255.6
225.4

135.6
169.7
178.8
135.5

-17.4
-13.6
-33.6
37.4

385.7
690.5
452.1
667.5

52.5
46.0
116.1
94.3

1997 -- Q1
Q2
Q3
Q4

681.2
660.0
858.2
903.9

68.1
-15.8
45.6
-5.5

613.0
675.8
812.6
909.4

340.3
291.5
364.5
312.8

211.6
183.3
346.5
183.6

63.0
55.9
48.1
43.1

254.0
340.6
372.5
510.4

197.5
252.4
277.8
415.2

18.7
43.7
75.7
86.2

363.7
649.6
634.0
961.6

29.7
64.1
91.8
44.8

1998 -- Q1
Q2
Q3
Q4

1066.7
1033.7
888.2
1056.5

-14.5
-28.4
-113.5
-54.1

1081.2
1062.0
1001.7
1110.7

465.1
420.3
473.4
528.6

370.9
281.2
366.8
420.3

58.9
62.1
79.6
69.9

521.9
559.8
458.3
507.0

416.4
456.9
353.4
396.1

94.2
82.0
70.0
75.1

931.3
988.9
1056.3
1298.7

95.0
97.9
-19.6
-38.9

1999 -- Q1
Q2
Q3
Q4

1276.6
871.5
1168.2
1107.4

-75.2
-112.2
-83.1
-16.9

1351.8
983.7
1251.3
1124.3

558.6
519.4
614.6
533.8

405.6
413.1
482.4
385.9

131.5
62.4
77.3
115.9

705.8
428.6
579.7
559.8

597.5
315.3
449.9
413.4

87.4
35.7
57.0
30.7

1213.1
1016.1
1078.0
1056.5

17.0
-36.8
62.2
30.8

8

Z.1, March 10, 2000

D.3 Debt Outstanding by Sector 1
Billions of dollars; quarterly figures are seasonally adjusted
Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Total

Corporate

State and
local
governments

Business

Domestic
financial
sectors

Total

Federal
government

Total
nonfederal

1962
1963
1964
1965
1966

820.6
876.0
939.9
1007.1
1074.6

250.0
253.8
259.9
261.5
265.1

570.5
622.1
680.0
745.6
809.5

245.1
270.9
299.1
326.6
348.4

159.1
174.8
191.1
207.3
219.8

69.3
77.9
87.4
97.5
103.4

241.6
262.0
285.3
315.7
351.1

171.4
183.0
197.8
218.7
244.1

83.8
89.2
95.6
103.2
110.0

39.4
46.6
53.0
61.9
72.9

27.5
30.8
35.0
37.5
39.5

1967
1968
1969
1970
1971

1151.6
1242.7
1332.0
1422.3
1557.5

278.1
290.6
287.4
299.5
324.4

873.6
952.1
1044.6
1122.8
1233.1

367.4
397.4
426.8
445.3
487.1

232.3
247.4
262.7
274.2
297.2

108.6
119.3
129.2
133.7
149.2

388.8
428.6
479.5
527.2
579.2

271.3
299.9
335.3
367.4
395.6

117.4
126.1
138.3
150.3
166.7

72.6
84.0
111.5
127.8
138.9

43.3
46.1
49.2
52.1
56.6

1972
1973
1974
1975
1976

1713.5
1898.0
2072.3
2264.7
2508.3

339.4
346.3
358.2
443.9
513.1

1374.1
1551.7
1714.1
1820.8
1995.3

544.5
614.1
663.5
715.3
802.3

332.5
371.4
402.5
439.9
500.3

168.8
193.0
201.9
207.0
229.0

649.0
742.8
842.4
886.2
955.2

433.0
497.0
554.6
575.2
614.3

180.7
194.8
208.2
219.4
237.8

162.8
209.8
258.3
260.4
283.9

61.1
67.4
81.2
95.6
116.0

1977
1978
1979
1980
1981

2829.6
3214.5
3606.5
3957.9
4366.4

569.4
621.9
657.7
735.0
820.5

2260.2
2592.6
2948.9
3222.9
3545.9

934.6
1094.1
1258.5
1374.1
1480.8

590.8
697.3
809.1
904.6
971.9

264.4
310.4
353.1
355.4
373.1

1069.5
1203.0
1368.2
1504.3
1693.0

687.6
761.6
845.4
911.6
1028.6

256.2
295.6
322.2
344.4
372.1

337.8
412.5
504.9
578.1
682.4

129.4
157.6
172.9
197.2
220.7

1982
1983
1984
1985
1986

4788.3
5364.9
6151.2
7133.3
7975.1

981.8
1167.0
1364.2
1589.9
1805.9

3806.5
4197.9
4787.0
5543.5
6169.3

1547.7
1706.2
1918.4
2235.9
2489.0

1002.4
1090.5
1217.9
1407.7
1600.0

390.3
440.3
521.0
603.8
658.2

1845.0
2030.6
2355.0
2629.6
2928.1

1117.9
1228.8
1434.8
1613.1
1835.0

413.8
461.1
513.6
677.9
752.1

778.1
882.8
1052.4
1258.3
1593.6

210.4
227.7
235.5
236.7
238.3

1987
1988
1989
1990
1991

8678.6
9461.7
10166.3
10850.6
11312.5

1949.8
2104.9
2251.2
2498.1
2776.4

6728.8
7356.8
7915.0
8352.4
8536.2

2743.3
3011.3
3280.8
3554.3
3723.0

1816.0
2021.5
2220.7
2461.2
2619.2

688.6
732.0
793.3
805.1
794.5

3144.5
3450.5
3689.1
3805.8
3735.5

2008.0
2218.3
2402.2
2522.5
2470.6

841.0
895.0
945.1
992.3
1077.7

1896.5
2145.8
2399.3
2615.8
2786.7

245.1
252.4
262.3
286.0
301.2

1992
1993
1994
1995
1996

11839.8
12437.5
13011.8
13723.8
14459.4

3080.3
3336.5
3492.3
3636.7
3781.8

8759.5
9101.1
9519.5
10087.1
10677.7

3893.3
4108.0
4427.0
4782.8
5108.0

2762.2
2892.6
3070.2
3252.0
3464.3

800.6
859.0
983.9
1122.8
1211.6

3764.4
3825.1
3970.8
4234.1
4506.2

2513.8
2568.7
2706.8
2936.6
3120.2

1101.8
1167.9
1121.7
1070.2
1063.4

3046.3
3346.1
3822.2
4278.8
4827.7

316.0
385.8
370.3
441.4
518.7

1997
1998
1999

15233.8
16245.0
17385.6

3804.9
3752.2
3680.4

11428.9
12492.8
13705.2

5438.0
5909.9
6466.8

3697.9
4057.8
4479.6

1264.1
1331.7
1428.5

4871.4
5383.1
5985.9

3401.7
3807.3
4285.7

1119.5
1199.8
1252.5

5446.8
6515.6
7606.6

570.1
603.7
622.0

1994 -- Q1
Q2
Q3
Q4

12585.8
12704.5
12856.2
13011.8

3377.1
3410.5
3452.7
3492.3

9208.7
9294.0
9403.5
9519.5

4181.4
4253.5
4337.2
4427.0

2935.8
2973.0
3019.5
3070.2

883.9
916.6
949.9
983.9

3863.4
3894.0
3929.0
3970.8

2607.1
2636.3
2668.6
2706.8

1163.9
1146.5
1137.3
1121.7

3482.8
3580.6
3682.7
3822.2

364.2
357.4
361.0
370.3

1995 -- Q1
Q2
Q3
Q4

13198.1
13411.6
13571.8
13723.8

3538.9
3600.3
3623.9
3636.7

9659.2
9811.3
9947.8
10087.1

4511.1
4598.4
4698.7
4782.8

3111.9
3157.0
3212.8
3252.0

1019.1
1054.9
1091.5
1122.8

4041.0
4117.8
4170.6
4234.1

2770.1
2840.6
2885.2
2936.6

1107.1
1095.1
1078.4
1070.2

3902.2
4009.0
4128.4
4278.8

387.5
399.1
421.3
441.4

1996 -- Q1
Q2
Q3
Q4

13925.8
14111.0
14297.0
14459.4

3690.2
3717.6
3758.1
3781.8

10235.7
10393.4
10538.9
10677.7

4880.1
4942.4
5033.6
5108.0

3318.9
3344.7
3407.1
3464.3

1151.1
1179.0
1199.0
1211.6

4289.7
4388.6
4451.2
4506.2

2969.3
3044.2
3087.7
3120.2

1065.8
1062.5
1054.1
1063.4

4375.2
4547.8
4660.8
4827.7

454.5
466.0
495.1
518.7

1997 -- Q1
Q2
Q3
Q4

14629.7
14794.8
15007.8
15233.8

3798.8
3794.9
3806.2
3804.9

10830.9
10999.9
11201.5
11428.9

5194.8
5268.7
5359.8
5438.0

3518.6
3565.5
3652.1
3697.9

1227.3
1241.3
1253.3
1264.1

4568.1
4652.2
4743.8
4871.4

3167.9
3230.0
3297.9
3401.7

1068.1
1079.0
1097.9
1119.5

4918.6
5081.0
5206.4
5446.8

526.0
542.1
558.9
570.1

1998 -- Q1
Q2
Q3
Q4

15500.4
15758.8
15980.9
16245.0

3801.2
3794.2
3765.8
3752.2

11699.2
11964.7
12215.1
12492.8

5554.3
5659.4
5777.8
5909.9

3790.7
3861.0
3952.7
4057.8

1278.8
1294.4
1314.3
1331.7

5001.9
5141.8
5256.4
5383.1

3505.8
3620.0
3708.3
3807.3

1143.0
1163.5
1181.0
1199.8

5679.6
5926.9
6191.0
6515.6

593.9
618.3
613.4
603.7

1999 -- Q1
Q2
Q3
Q4

16565.9
16783.8
17108.8
17385.6

3733.4
3705.4
3684.6
3680.4

12832.5
13078.4
13424.2
13705.2

6049.9
6179.8
6333.5
6466.8

4159.2
4262.5
4383.1
4479.6

1364.6
1380.2
1399.6
1428.5

5560.9
5668.1
5845.9
5985.9

3958.1
4036.9
4182.3
4285.7

1221.6
1230.6
1244.8
1252.5

6818.9
7072.9
7342.4
7606.6

607.9
598.7
614.3
622.0

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.

Foreign

9

Z.1, March 10, 2000

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1
2

Total net borrowing
Domestic nonfinancial sectors

3

Federal government

4

Nonfederal sectors

5
6
7
8
9

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

1999
Q4

Q1

Q2

Q3

Q4

1237.0

1361.8

1485.6

2113.7

2215.2

1924.9

2316.4

2506.6

1850.9

2308.5

2194.7

1

712.0

735.6

775.8

1011.3

1105.9

888.2

1056.5

1276.6

871.5

1168.2

1107.4

2

144.4

145.0

23.1

-52.6

-71.8

-113.5

-54.1

-75.2

-112.2

-83.1

-16.9

3

567.6

590.6

752.7

1063.9

1177.8

1001.7

1110.7

1351.8

983.7

1251.3

1124.3

4

350.9
234.7
30.6
2.9
-51.5

354.0
154.9
83.8
4.8
-6.8

327.3
285.7
77.4
6.2
56.1

471.9
405.7
98.4
7.7
80.3

556.6
444.0
119.2
5.2
52.7

473.4
353.4
97.6
7.3
70.0

528.6
396.1
103.3
7.5
75.1

558.6
597.5
101.6
6.6
87.4

519.4
315.3
114.2
-1.0
35.7

614.6
449.9
120.2
9.7
57.0

533.8
413.4
140.8
5.6
30.7

5
6
7
8
9

10

Rest of the world

71.1

77.2

57.6

33.6

18.3

-19.6

-38.9

17.0

-36.8

62.2

30.8

10

11

Financial sectors

453.9

548.9

652.2

1068.8

1090.9

1056.3

1298.7

1213.1

1016.1

1078.0

1056.5

11

12
13
14
15

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

22.5
11.2
-3.1
14.4

13.0
11.7
-0.7
2.0

46.1
29.5
-2.4
19.0

72.9
52.8
-4.8
24.9

69.4
43.9
-0.4
25.9

61.7
41.5
-2.2
22.5

66.3
80.8
-3.9
-10.6

31.1
-3.5
-1.7
36.3

72.7
61.0
-0.0
11.7

111.3
87.2
-1.5
25.6

62.7
31.2
1.6
29.9

12
13
14
15

16
17

Savings institutions
Credit unions

2.6
-0.1

25.5
0.1

19.7
0.1

52.2
0.6

45.8
2.2

63.7
1.0

103.2
0.4

58.0
1.5

58.6
1.4

55.2
2.8

11.5
3.3

16
17

18
19
20
21

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

-0.1
105.9
98.2
142.4

1.1
90.4
141.1
153.9

0.2
98.4
114.5
200.7

0.7
278.3
192.6
316.3

0.7
318.2
273.8
237.6

1.6
294.0
261.7
294.2

1.8
510.5
162.8
335.7

3.3
193.0
399.2
299.4

3.0
304.7
274.3
309.2

1.1
407.1
245.9
227.4

-4.4
367.9
176.0
114.3

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

50.2
-2.2
4.5
-5.0
34.9

45.9
4.1
11.9
-2.0
64.1

48.7
-4.6
39.6
8.1
80.7

43.0
1.6
62.7
7.2
40.7

56.3
0.2
7.9
-17.2
96.1

-12.0
2.3
79.3
-2.6
11.2

17.8
3.0
44.0
12.4
40.9

71.2
-4.6
25.6
-31.1
166.5

88.4
5.1
-19.7
-17.4
-63.8

-22.6
-6.1
7.9
16.9
31.2

88.2
6.2
17.7
-37.3
250.5

22
23
24
25
26

1237.0

1361.8

1485.6

2113.7

2215.2

1924.9

2316.4

2506.6

1850.9

2308.5

2194.7

27

-98.4

15.1

-79.2

35.1

238.3

27.9

-304.3

398.8

351.3

147.9

55.0

28

-3.0
-8.8
4.7
-91.4

63.4
-10.2
-4.3
-33.7

-76.5
-2.3
-0.6
0.1

-64.0
-0.3
0
99.5

179.3
33.2
-0.1
25.9

-106.6
8.9
0
125.7

-425.4
29.3
0
91.7

347.4
-1.1
0.4
52.2

280.9
17.3
-0.2
53.3

147.9
34.6
-0.6
-33.9

-59.1
82.1
0.0
32.0

29
30
31
32

-0.2
273.9

-7.4
414.4

5.1
310.7

13.5
249.3

12.0
224.8

13.8
60.8

11.7
390.7

17.0
253.3

6.9
37.4

11.4
371.3

12.9
237.3

33
34

1061.7

939.7

1249.0

1815.8

1740.0

1822.3

2218.3

1837.5

1455.2

1777.8

1889.5

35

12.7

12.3

38.3

21.1

25.7

41.6

3.5

71.8

62.4

34.1

-65.7

36

265.9
186.5
75.4
-0.3
4.2

187.5
119.6
63.3
3.9
0.7

324.3
274.9
40.2
5.4
3.7

305.2
312.0
-11.9
-0.9
6.0

308.2
317.6
-20.1
6.2
4.5

250.1
309.2
-68.1
6.0
2.9

531.5
540.2
-12.1
-7.4
10.7

68.9
134.1
-54.9
-6.0
-4.4

135.4
231.5
-105.7
0.4
9.2

435.5
410.7
30.6
-12.4
6.6

592.8
494.2
49.5
42.6
6.6

37
38
39
40
41

-7.6
16.2
-8.3

19.9
25.5
-7.7

-4.7
16.8
-25.0

36.3
19.0
-12.8

68.6
31.1
-8.4

17.9
21.0
-16.0

113.3
16.0
-13.5

102.7
34.7
-7.6

88.8
32.1
-8.4

60.9
36.6
-8.6

22.0
21.2
-9.1

42
43
44

27
28
29
30
31
32

Total net lending
Domestic nonfederal nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

33
34

Federal government
Rest of the world

35

Financial sectors

36

Monetary authority

37
38
39
40
41

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

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

100.0
21.5
56.0
33.6

69.6
22.5
52.3
37.3

104.8
25.2
65.5
63.8

76.9
20.4
118.7
66.0

72.6
-5.0
90.2
47.8

65.6
-7.7
95.5
68.7

86.0
67.6
174.5
49.5

82.2
-19.7
60.6
76.5

84.0
26.7
150.0
27.3

52.9
-14.4
45.4
38.4

71.3
-12.6
104.9
49.1

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

86.5
52.5
10.5
86.7
98.2
120.6

88.8
48.9
4.7
84.2
141.1
123.6

87.5
80.9
-2.9
94.3
114.5
162.3

244.0
124.8
4.5
260.8
192.6
276.7

182.0
51.2
4.3
242.1
273.8
219.4

255.5
92.9
4.5
264.7
261.7
248.7

353.1
103.5
4.5
429.5
162.8
312.7

227.6
103.0
4.4
157.2
399.2
281.8

-92.6
121.0
4.4
259.2
274.3
292.4

232.1
-20.2
4.3
287.5
245.9
218.9

360.8
1.1
4.3
264.6
176.0
84.5

49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

49.9
-3.4
1.4
90.1
-21.2

18.4
8.2
4.4
-15.7
14.0

21.9
-9.1
20.2
14.9
55.6

51.9
3.2
-5.1
6.8
5.0

95.8
0.3
-2.6
-31.7
74.6

79.5
4.5
-11.3
146.0
-61.4

75.3
6.0
-40.8
-226.1
9.4

92.2
-9.1
1.7
88.0
21.5

79.6
10.2
-2.2
-193.7
104.4

94.7
-12.1
-2.7
16.3
32.4

116.9
12.3
-7.3
-37.4
140.0

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, March 10, 2000

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

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

Domestic

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

712.0

735.6

775.8

1011.3

1105.9

888.2

1056.5

1276.6

871.5

1168.2

1107.4

1

Federal government
Treasury securities
Budget agency securities and mortgages

144.4
142.9
1.5

145.0
146.6
-1.6

23.1
23.2
-0.1

-52.6
-54.6
2.0

-71.8
-71.6
-0.2

-113.5
-113.1
-0.4

-54.1
-66.3
12.2

-75.2
-73.7
-1.5

-112.2
-112.8
0.6

-83.1
-83.2
0.0

-16.9
-16.9
0.0

2
3
4

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

567.6
18.1
-48.2
91.1
103.7
67.2

590.6
-0.9
2.6
116.3
70.5
33.5

752.7
13.7
71.4
150.5
106.5
69.1

1063.9
24.4
96.8
218.7
108.2
74.3

1177.8
37.4
68.2
229.9
82.2
71.3

1001.7
85.6
82.9
108.0
107.8
77.7

1110.7
-43.0
89.6
193.2
120.9
102.5

1351.8
58.3
100.7
274.0
70.0
154.1

983.7
-2.6
48.0
287.6
22.2
-14.3

1251.3
49.8
77.0
202.8
112.8
78.9

1124.3
44.0
47.0
155.2
123.7
66.6

5
6
7
8
9
10

196.7
180.4
5.5
9.3
1.6
138.9

280.0
245.3
9.3
22.9
2.6
88.8

289.0
237.6
7.7
40.6
3.2
52.5

473.9
367.9
19.2
80.5
6.2
67.6

592.0
431.8
38.5
115.7
6.2
96.8

460.2
375.2
13.2
66.3
5.5
79.6

577.5
429.1
25.9
113.9
8.6
69.9

563.1
414.9
32.4
112.1
3.6
131.5

580.4
422.9
32.0
116.6
9.0
62.4

652.8
492.8
43.7
109.1
7.2
77.3

571.9
396.4
45.7
124.9
4.9
115.9

11
12
13
14
15
16

567.6
350.9
268.2
234.7
30.6
2.9
-51.5

590.6
354.0
243.4
154.9
83.8
4.8
-6.8

752.7
327.3
369.4
285.7
77.4
6.2
56.1

1063.9
471.9
511.7
405.7
98.4
7.7
80.3

1177.8
556.6
568.5
444.0
119.2
5.2
52.7

1001.7
473.4
458.3
353.4
97.6
7.3
70.0

1110.7
528.6
507.0
396.1
103.3
7.5
75.1

1351.8
558.6
705.8
597.5
101.6
6.6
87.4

983.7
519.4
428.6
315.3
114.2
-1.0
35.7

1251.3
614.6
579.7
449.9
120.2
9.7
57.0

1124.3
533.8
559.8
413.4
140.8
5.6
30.7

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 borrowing in U.S.

71.1

77.2

57.6

33.6

18.3

-19.6

-38.9

17.0

-36.8

62.2

30.8

24

25
26
27
28

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

13.5
49.7
8.5
-0.5

11.3
55.8
9.1
1.0

3.7
47.2
8.5
-1.8

7.8
25.1
6.7
-6.0

16.3
2.4
0.6
-0.9

6.2
-27.2
3.6
-2.2

-4.7
-34.2
9.8
-9.7

18.0
0.9
0.9
-2.8

-27.5
-12.6
5.6
-2.3

41.1
29.4
-6.6
-1.6

33.6
-8.2
2.4
3.0

25
26
27
28

783.1

812.9

833.4

1044.9

1124.2

868.6

1017.7

1293.5

834.8

1230.4

1138.2

29

29

Domestic and foreign

F.3 Credit Market Borrowing by Financial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7
8
9
10
11
12

By instrument

453.9

548.9

652.2

1068.8

1090.9

1056.3

1298.7

1213.1

1016.1

1078.0

1056.5

1

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

204.1
105.9
98.2
0

231.5
90.4
141.1
0

212.8
98.4
114.5
0

470.9
278.3
192.6
0

592.0
318.2
273.8
0

555.8
294.0
261.7
0

673.3
510.5
162.8
0

592.2
193.0
399.2
0

578.9
304.7
274.3
0

653.0
407.1
245.9
0

543.9
367.9
176.0
0

2
3
4
5

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

249.8
42.7
195.9
2.5
3.4
5.3

317.5
92.2
176.9
12.6
27.9
7.9

439.4
166.7
209.0
13.2
35.6
14.9

597.9
161.0
291.8
30.1
90.2
24.8

498.9
176.2
220.3
-13.7
107.1
9.0

500.5
141.0
177.4
60.2
82.3
39.6

625.4
130.7
281.9
12.4
169.9
30.6

620.9
78.3
489.7
-8.8
41.6
20.1

437.2
57.8
263.2
10.5
117.9
-12.3

425.1
89.8
184.9
-6.2
147.2
9.4

512.6
478.9
-56.8
-50.1
121.8
18.8

6
7
8
9
10
11

453.9

548.9

652.2

1068.8

1090.9

1056.3

1298.7

1213.1

1016.1

1078.0

1056.5

12

By sector

13
14
15
16

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

22.5
11.2
-3.1
14.4

13.0
11.7
-0.7
2.0

46.1
29.5
-2.4
19.0

72.9
52.8
-4.8
24.9

69.4
43.9
-0.4
25.9

61.7
41.5
-2.2
22.5

66.3
80.8
-3.9
-10.6

31.1
-3.5
-1.7
36.3

72.7
61.0
-0.0
11.7

111.3
87.2
-1.5
25.6

62.7
31.2
1.6
29.9

13
14
15
16

17
18

Savings institutions
Credit unions

2.6
-0.1

25.5
0.1

19.7
0.1

52.2
0.6

45.8
2.2

63.7
1.0

103.2
0.4

58.0
1.5

58.6
1.4

55.2
2.8

11.5
3.3

17
18

19
20
21
22

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

-0.1
105.9
98.2
142.4

1.1
90.4
141.1
153.9

0.2
98.4
114.5
200.7

0.7
278.3
192.6
316.3

0.7
318.2
273.8
237.6

1.6
294.0
261.7
294.2

1.8
510.5
162.8
335.7

3.3
193.0
399.2
299.4

3.0
304.7
274.3
309.2

1.1
407.1
245.9
227.4

-4.4
367.9
176.0
114.3

19
20
21
22

23
24
25
26
27

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

50.2
-2.2
4.5
-5.0
34.9

45.9
4.1
11.9
-2.0
64.1

48.7
-4.6
39.6
8.1
80.7

43.0
1.6
62.7
7.2
40.7

56.3
0.2
7.9
-17.2
96.1

-12.0
2.3
79.3
-2.6
11.2

17.8
3.0
44.0
12.4
40.9

71.2
-4.6
25.6
-31.1
166.5

88.4
5.1
-19.7
-17.4
-63.8

-22.6
-6.1
7.9
16.9
31.2

88.2
6.2
17.7
-37.3
250.5

23
24
25
26
27

11

Z.1, March 10, 2000

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1

Total

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1237.0

1361.8

1485.6

2113.7

2215.2

1924.9

2316.4

2506.6

1850.9

2308.5

2194.7

1

2
3
4
5

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

74.3
348.5
-48.2
336.7

102.6
376.5
2.6
348.9

184.1
235.9
71.4
406.7

193.1
418.3
96.8
535.6

229.9
520.1
68.2
452.5

232.7
442.3
82.9
258.2

83.0
619.1
89.6
440.9

154.6
517.0
100.7
764.6

27.7
466.8
48.0
538.2

180.6
569.8
77.0
417.1

556.5
527.0
47.0
90.3

2
3
4
5

6
7
8
9

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

114.7
70.1
202.0
138.9

92.1
62.5
287.9
88.8

128.2
102.8
303.9
52.5

145.0
158.5
498.6
67.6

69.1
177.5
601.1
96.8

171.6
157.8
499.8
79.6

143.0
262.7
608.1
69.9

62.1
192.9
583.2
131.5

38.3
101.3
568.2
62.4

100.0
224.5
662.1
77.3

75.9
191.4
590.7
115.9

6
7
8
9

131.5

209.1

165.6

76.5

123.5

-166.6

-3.5

135.4

143.3

47.7

167.7

10

-16.0
-58.3

-28.5
-69.5

-99.6
-114.4

-198.1
-267.0

-67.8
-142.7

-340.0
-308.4

-228.3
-491.3

-117.9
-52.2

-64.9
-338.2

-79.1
-138.6

-9.2
-41.6

11
12

50.4
-8.1
147.4

60.0
-19.0
237.6

42.0
-27.1
265.1

77.8
-8.9
274.6

94.5
-19.7
191.3

-32.8
1.1
173.4

317.4
-54.5
224.8

-33.4
-32.3
253.3

270.9
2.4
208.2

76.7
-17.2
126.8

64.0
-31.6
176.9

13
14
15

Memo:
Funds raised through corporate equities and mutual fund shares
10
11
12
13
14
15

Total net issues
Corporate equities
Nonfinancial
Foreign shares purchased by
U.S. residents
Financial
Mutual fund shares

F.5 Total Liabilities and Their Relation to Total Financial Assets
Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5

Net flows through credit markets
(from table F.4, line 1)
Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits

1237.0

1361.8

1485.6

2113.7

2215.2

1924.9

2316.4

2506.6

1850.9

2308.5

2194.7

1

8.8
2.2
0.6
35.3

-6.3
-0.5
0.1
85.9

0.7
-0.5
-0.0
106.8

6.6
0
-0.0
-0.2

-8.4
-3.0
-0.0
58.7

8.9
0
1.7
84.9

8.6
0
-2.3
-131.9

-14.0
-4.0
0
127.7

-5.4
0
2.1
99.3

-8.5
-4.0
2.0
63.6

-5.5
-4.0
-4.1
-55.9

2
3
4
5

6
7
8
9
10

Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares

10.0
-12.7
96.6
65.6
142.3

-51.6
15.8
97.2
114.0
145.8

-19.7
41.5
97.1
122.5
157.6

-32.3
47.6
152.4
92.1
285.5

12.1
151.6
45.3
130.3
250.6

44.7
-24.9
144.7
81.8
367.9

-118.9
72.8
281.2
104.4
313.1

49.5
61.1
-68.0
-5.9
204.9

90.6
10.1
100.0
42.6
100.5

-36.0
141.0
144.7
105.2
180.3

-55.4
394.2
4.3
379.2
516.7

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

110.5
-16.0
147.4
128.9

41.4
-28.5
237.6
114.8

120.9
-99.6
265.1
125.9

91.3
-198.1
274.6
27.9

171.5
-67.8
191.3
165.8

274.8
-340.0
173.4
57.9

-181.8
-228.3
224.8
-56.9

253.3
-117.9
253.3
144.8

-27.9
-64.9
208.2
237.1

114.6
-79.1
126.8
190.8

345.7
-9.2
176.9
90.4

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

26.7
45.8
235.1
6.2

52.4
44.5
246.9
16.0

111.0
59.3
304.0
16.8

103.3
53.3
290.4
12.5

93.5
51.3
322.2
11.5

149.5
51.7
279.2
27.5

-25.7
59.0
314.8
8.4

-66.6
40.8
286.1
-8.0

139.9
59.6
324.4
41.8

29.5
41.5
305.0
-1.8

271.1
63.2
373.5
14.0

15
16
17
18

19
20
21

Investment in bank personal trusts
Noncorporate proprietors’ equity
Miscellaneous

4.0
65.6
453.6

-8.6
5.1
508.1

-56.3
9.9
527.5

-48.0
-19.9
710.0

-31.1
-9.9
598.8

-51.2
-64.0
749.8

-48.8
16.3
577.8

-32.0
10.1
129.4

-25.9
16.0
1223.6

-34.3
-47.4
360.0

-32.3
-18.5
682.3

19
20
21

2793.5

2992.0

3376.2

3962.7

4349.4

3943.2

3502.8

3751.3

4422.5

3902.2

5321.4

22

-0.5
25.1
-3.1

-0.9
59.6
-3.3

-0.6
106.8
-19.9

-0.7
-8.1
3.4

-1.7
44.9
0.7

1.1
69.9
22.3

-3.4
-156.5
-52.8

-1.5
62.7
58.7

0.6
83.5
-1.7

0.2
19.9
-1.0

-6.3
13.6
-53.1

23
24
25

20.2
21.1
-179.5

4.5
22.8
-37.3

62.3
26.8
-214.7

54.1
17.6
-58.3

41.5
-4.7
-407.0

153.8
28.2
-70.6

-11.0
19.1
0.7

209.4
-15.4
-408.9

67.5
4.8
-568.0

43.0
2.4
-539.2

-153.9
-10.1
-112.4

26
27
28

-6.0
-3.8
15.6

0.5
-4.0
-21.2

-2.7
-3.9
33.2

2.6
-3.1
-30.9

-7.2
-0.8
36.8

32.4
-3.6
-65.0

14.0
-1.8
-20.2

-1.8
-1.9
45.8

-41.4
-1.0
-9.9

23.0
-0.5
71.7

-8.7
0.1
39.7

29
30
31

2904.5

2971.4

3388.8

3986.1

4646.9

3774.7

3714.5

3804.3

4888.1

4282.6

5612.6

32

22

Total financial sources

23
24
25

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

26
27
28

Security RPs
Taxes payable
Miscellaneous

29
30
31

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

32

Totals identified to sectors
as assets

12

Z.1, March 10, 2000

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1
2
3
4
5
6
7

Gross Domestic Product (GDP)
Personal consumption expenditures (2)
Durable goods (3)
Nondurable goods
Services
Gross private domestic investment
Fixed investment

1999
Q4

Q1

Q2

Q3

Q4

7400.5

7813.2

8300.7

8759.9

9254.7

8797.9

8947.5

9072.7

9146.2

9297.9

9501.8

1

4969.0

5237.5

5524.4

5848.6

6257.5

5889.6

5973.7

6090.8

6200.8

6303.7

6434.2

2

589.7
1497.3
2882.0

616.5
1574.1
3047.0

642.9
1641.7
3239.8

698.2
1708.9
3441.5

758.6
1842.8
3656.1

696.9
1716.6
3476.1

722.8
1742.9
3508.0

739.0
1787.8
3564.0

751.6
1824.9
3624.3

761.8
1853.9
3688.0

782.0
1904.3
3747.9

3
4
5

1143.8

1242.7

1383.7

1531.2

1622.9

1535.3

1580.3

1594.3

1585.4

1635.1

1677.0

6

1110.7

1212.7

1315.4

1460.0

1577.7

1461.7

1508.9

1543.3

1567.8

1594.3

1605.8

7

8
9
10
11
12
13

Nonresidential
Household sector (nonprofit organizations)
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
Financial corporations

825.1
33.8
585.4
83.1
22.5
100.3

899.5
37.4
649.8
72.6
23.8
115.8

986.1
43.6
685.3
72.0
25.4
159.8

1091.4
46.4
757.4
72.7
26.7
188.2

1166.6
48.9
842.9
102.2
25.6
146.9

1087.2
46.1
746.4
67.4
26.7
200.5

1121.4
47.3
792.7
81.5
24.4
175.5

1139.9
48.0
805.8
92.7
26.6
166.7

1155.4
48.7
857.9
114.1
25.4
109.3

1181.6
49.3
851.2
102.2
25.1
153.8

1189.2
49.5
856.9
99.8
25.4
157.7

8
9
10
11
12
13

14
15
16
17
18

Residential
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

285.6
245.8
2.1
35.0
2.7

313.3
270.4
2.3
36.1
4.4

329.2
279.3
2.5
36.2
11.3

368.6
313.7
2.8
40.7
11.4

411.2
359.4
3.2
46.5
2.0

374.5
316.7
2.8
41.4
13.6

387.5
333.5
2.9
42.8
8.3

403.4
349.4
3.0
44.6
6.4

412.4
367.4
3.1
45.7
-3.8

412.7
359.3
3.2
47.6
2.5

416.6
362.2
3.3
48.1
3.0

14
15
16
17
18

33.1
40.1
2.1
-9.2

30.0
21.0
1.1
7.9

68.3
62.3
3.3
2.8

71.2
67.3
3.5
0.3

45.2
39.6
2.1
3.5

73.6
71.0
3.7
-1.1

71.4
53.4
2.8
15.2

51.0
38.9
2.0
10.1

17.6
12.2
0.6
4.8

40.8
38.1
2.0
0.7

71.2
69.4
3.7
-1.8

19
20
21
22

19
20
21
22

Change in private inventories
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

23

Net U.S. exports of goods and services

-84.3

-89.0

-88.3

-149.5

-255.4

-165.7

-161.3

-201.6

-245.8

-278.1

-296.4

23

24
25

Exports
- Imports

818.6
902.8

874.2
963.1

968.0
1056.3

966.4
1115.9

997.5
1252.9

949.1
1114.8

981.8
1143.1

966.9
1168.5

978.2
1224.0

1008.5
1286.6

1036.2
1332.6

24
25

26

Government consumption expenditures and
gross investment

1372.1

1422.0

1481.0

1529.7

1629.7

1538.7

1554.8

1589.2

1605.8

1637.2

1687.0

26

1133.9
439.2
694.7

1171.8
445.3
726.5

1222.9
457.0
765.9

1261.0
453.5
807.5

1332.1
474.8
857.3

1265.2
451.4
813.8

1282.2
460.0
822.2

1299.4
467.0
832.4

1313.6
465.2
848.4

1341.5
475.0
866.5

1374.2
492.0
882.2

27
28
29

238.2
82.3
155.8

250.2
86.3
163.8

258.1
80.8
177.3

268.7
85.2
183.5

297.6
95.8
201.9

273.5
88.3
185.2

272.6
86.7
185.9

289.8
90.4
199.4

292.2
96.4
195.8

295.7
94.9
200.8

312.8
101.3
211.5

30
31
32

20.3
232.3
211.9

18.1
245.6
227.5

4.2
282.6
278.4

-10.0
285.2
295.2

-15.2
304.0
319.1

-25.6
276.4
302.0

-17.1
280.8
297.9

-14.4
283.8
298.2

-14.3
296.1
310.4

-15.5
307.7
323.2

-16.0
328.5
344.5

33
34
35

7420.9

7831.3

8305.0

8749.9

9239.5

8772.3

8930.4

9058.3

9131.9

9282.4

9485.8

36

27
28
29

Consumption expenditures (4)
Federal
State and local

30
31
32

Gross investment (4)
Federal
State and local
Memo:

33
34
35

Net U.S. income receipts from rest of the world
U.S. income receipts
- U.S. income payments

36

Gross National Product (GNP) =
GDP + net U.S. income receipts

(1) This table corresponds to NIPA table 1.1 in the Survey of Current Business, Department of Commerce.
(2) Component of personal outlays, found on table F.100, line 4.
(3) Considered investment rather than current expenditure in the flow of funds accounts; added back to NIPA-based personal saving in the calculation of gross saving.
(4) Government inventory investment is included in consumption expenditures.

13

Z.1, March 10, 2000

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2
3
4
5

National Income
Compensation of employees
Wages and other labor income
Employer social insurance contributions
Wage accruals less disbursements

9

Proprietors’ income with inventory
valuation and capital consumption adjustments
Nonfarm
Farm
Rental income of persons (with capital
consumption adjustment)

10

Corporate profits with inventory
valuation and capital consumption adjustments

6
7
8

11

Corporate profits with inventory
valuation adjustment

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

5876.3

6210.0

6634.9

7036.6

7497.0

7087.2

7193.9

7334.3

7423.0

7521.9

7708.5

1

4202.5
3921.6
264.5
16.4

4395.4
4116.4
275.4
3.6

4675.8
4389.8
290.2
-4.1

5011.4
4701.9
306.0
3.5

5331.9
5008.2
323.7
0

5053.6
4742.0
308.1
3.5

5134.7
4819.4
311.8
3.5

5217.4
4899.1
318.3
0

5287.1
4965.6
321.5
0

5373.5
5047.8
325.7
0

5448.8
5119.7
329.1
0

2
3
4
5

497.7
475.5
22.2

544.8
510.5
34.3

578.6
549.1
29.5

606.1
581.1
25.1

658.5
627.1
31.5

606.5
583.6
22.9

637.1
596.0
41.1

640.0
607.5
32.5

655.3
621.2
34.1

654.0
633.0
21.0

684.8
646.6
38.2

6
7
8

118.0

129.7

130.1

137.4

145.9

139.3

147.0

148.6

148.8

139.0

147.1

9

668.3

753.8

837.9

846.0

894.0

843.8

834.3

882.0

875.4

879.1

940.0

10

650.2

729.4

803.2

802.8

842.1

799.9

787.4

831.4

822.2

827.0

888.0

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

668.5
421.6
0.5
92.0
154.3

726.4
459.5
0.7
100.9
165.3

795.9
502.8
0.8
108.1
184.2

781.9
489.6
0.9
100.1
191.3

854.3
539.9
0.9
106.9
206.6

780.1
503.1
0.9
86.6
189.5

766.6
478.8
0.9
98.3
188.6

818.1
507.6
0.9
104.3
205.3

835.8
533.3
0.9
103.3
198.3

853.7
541.0
0.9
108.1
203.7

909.7
577.7
0.8
111.9
219.2

12
13
14
15
16

17
18
19
20

Less:
Profits tax liability
Domestic nonfinancial
Farm
Financial

211.0
136.3
0.4
74.2

223.7
149.6
0.5
73.6

238.3
158.3
0.5
79.4

240.3
152.0
0.5
87.8

259.9
168.5
0.6
90.8

244.3
156.6
0.5
87.2

235.6
148.3
0.5
86.8

248.0
157.4
0.5
90.1

254.4
166.3
0.6
87.5

259.4
168.7
0.6
90.1

277.6
181.5
0.6
95.5

17
18
19
20

21
22
23
24
25
26

Equals:
Profits after tax
Dividends
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

457.5
254.2
178.3
1.1
32.6
42.3

502.7
297.7
200.8
1.2
40.4
55.4

557.6
333.7
218.5
1.3
49.0
64.9

541.6
348.6
244.1
1.3
34.0
69.3

594.4
364.7
258.9
1.4
31.7
72.8

535.8
348.4
241.6
1.3
37.6
67.9

531.0
352.2
255.6
1.3
24.1
71.2

570.1
356.4
240.2
1.3
48.0
66.9

581.4
361.5
266.5
1.4
19.3
74.3

594.3
367.3
263.2
1.4
29.4
73.3

632.1
373.5
265.5
1.4
30.0
76.6

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

203.3
107.0
-1.0
59.5
37.8

205.0
109.2
-1.0
60.5
36.4

223.9
125.9
-1.0
59.1
39.9

193.0
93.6
-0.9
66.1
34.3

229.7
112.5
-1.0
75.2
43.1

187.4
104.9
-0.9
49.0
34.4

178.8
74.9
-0.9
74.2
30.6

213.7
110.1
-1.0
56.3
48.3

219.9
100.4
-1.0
84.0
36.5

227.0
109.1
-1.1
78.7
40.3

258.6
130.7
-1.1
81.9
47.1

27
28
29
30
31

32

Inventory valuation adjustment

-18.3

3.1

7.4

20.9

-12.3

19.8

20.8

13.3

-13.6

-26.7

-21.7

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Financial

18.1
38.2
0.2
-20.3

24.4
45.6
0.2
-21.4

34.7
51.6
0.3
-17.2

43.3
63.3
0.3
-20.3

52.0
73.4
0.3
-21.8

43.9
64.5
0.3
-20.9

46.9
67.1
0.3
-20.5

50.6
70.3
0.3
-20.0

53.2
73.8
0.3
-20.9

52.1
73.8
0.3
-22.0

52.0
75.8
0.3
-24.1

33
34
35
36

389.8

386.3

412.5

435.7

466.7

444.0

440.8

446.3

456.4

476.3

487.8

37

5876.3

6210.0

6634.9

7036.6

7497.0

7087.2

7193.9

7334.3

7423.0

7521.9

7708.5

38

37

Net interest
Memo:
Calculation of Gross Domestic Product
from National Income: (2)

38

National Income, from line 1 above

39
40
41
42
43
44

Plus:
Business transfer payments to persons
Business transfer payments to rest of the world
Indirect business tax and nontax accruals
Private consumption of fixed capital
Government consumption of fixed capital
Statistical discrepancy

25.8
7.7
594.6
744.1
168.2
26.4

26.4
8.1
620.0
782.1
174.3
33.1

27.9
9.0
645.8
829.2
180.5
-3.2

28.8
9.3
676.9
880.8
186.2
-47.8

29.6
9.8
716.1
945.2
196.0
-127.9

28.8
9.3
676.7
888.3
186.9
-88.0

29.0
9.6
697.8
904.8
189.2
-62.6

29.3
9.5
696.6
916.7
192.0
-99.1

29.5
9.8
706.8
931.8
194.5
-135.6

29.7
9.8
718.3
963.7
197.2
-140.9

29.9
10.1
743.6
968.6
200.2
-135.4

39
40
41
42
43
44

45
46

Less:
Subsidies less current surplus of
government enterprises
Net U.S. income receipts from rest of the world

22.2
20.3

22.6
18.1

19.0
4.2

20.8
-10.0

26.4
-15.2

16.9
-25.6

31.3
-17.1

21.0
-14.4

27.9
-14.3

17.3
-15.5

39.7
-16.0

45
46

47

Equals:
Gross Domestic Product

7400.5

7813.2

8300.7

8759.9

9254.7

8797.9

8947.5

9072.7

9146.2

9297.9

9501.8

47

(1) This table corresponds to NIPA table 1.14 in the Survey of Current Business, Department of Commerce.
(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.

14

Z.1, March 10, 2000

F.8 Gross Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2
3
4
5
6
7
8
9
10
11

Gross saving

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1257.6

1349.1

1521.3

1646.2

1733.3

1664.2

1685.5

1727.5

1709.5

1735.4

1760.2

1

1266.0

1290.3

1362.1

1371.3

1370.3

1367.8

1382.4

1389.3

1359.2

1355.6

1377.1

2

Personal saving

302.4

272.1

271.1

229.9

155.6

224.9

227.6

195.0

167.9

139.5

119.6

3

Undistributed corporate profits
Nonfinancial corp. inventory valuation adjustment
Corporate capital consumption adjustment
Private consumption of fixed capital
Corporate
Noncorporate
Wage accruals less disbursements

203.3
-18.3
18.1
744.1
512.6
231.5
16.4

205.0
3.1
24.4
782.1
543.6
238.5
3.6

223.9
7.4
34.7
829.2
579.4
249.8
-4.1

193.0
20.9
43.3
880.8
619.2
261.5
3.5

229.7
-12.3
52.0
945.2
666.3
278.9
0

187.4
19.8
43.9
888.3
625.0
263.3
3.5

178.8
20.8
46.9
904.8
637.1
267.7
3.5

213.7
13.3
50.6
916.7
645.8
271.0
0

219.9
-13.6
53.2
931.8
657.2
274.6
0

227.0
-26.7
52.1
963.7
676.5
287.2
0

258.6
-21.7
52.0
968.6
685.8
282.8
0

4
5
6
7
8
9
10

Gross private saving

-8.5

58.8

159.2

274.9

363.0

296.4

303.1

338.2

350.3

379.8

383.1

11

12
13
14

Federal
Consumption of fixed capital
Current surplus or deficit (-), NIPA

-108.0
84.0
-192.0

-51.6
85.3
-136.9

37.9
86.6
-48.7

134.4
87.4
47.0

206.8
90.9
115.9

147.1
87.5
59.6

147.9
88.1
59.8

187.2
89.6
97.6

208.3
90.2
118.1

225.0
91.2
133.8

206.7
92.4
114.3

12
13
14

15
16
17

State and local
Consumption of fixed capital
Current surplus or deficit (-), NIPA

99.5
84.2
15.4

110.4
89.0
21.4

121.4
94.0
27.4

140.6
98.8
41.8

156.2
105.1
51.1

149.3
99.4
49.9

155.2
101.1
54.1

151.0
102.4
48.6

142.0
104.3
37.7

154.8
106.0
48.8

176.4
107.8
68.6

15
16
17

1284.0

1382.2

1518.1

1598.4

1605.4

1576.2

1622.9

1628.4

1573.9

1594.5

1624.8

18

1143.8

1242.7

1383.7

1531.2

1622.9

1535.3

1580.3

1594.3

1585.4

1635.1

1677.0

19

18
19

Gross government saving

Gross investment
Gross private domestic investment

20

Fixed investment

1110.7

1212.7

1315.4

1460.0

1577.7

1461.7

1508.9

1543.3

1567.8

1594.3

1605.8

20

21
22

Nonresidential
Residential

825.1
285.6

899.5
313.3

986.1
329.2

1091.4
368.6

1166.6
411.2

1087.2
374.5

1121.4
387.5

1139.9
403.4

1155.4
412.4

1181.6
412.7

1189.2
416.6

21
22

23

Change in private inventories

33.1

30.0

68.3

71.2

45.2

73.6

71.4

51.0

17.6

40.8

71.2

23

24

Gross government investment

238.2

250.2

258.1

268.7

297.6

273.5

272.6

289.8

292.2

295.7

312.8

24

25

Net foreign investment in U.S.

-97.9

-110.7

-123.7

-201.4

-315.1

-232.6

-230.0

-255.7

-303.7

-336.3

-365.0

25

26.4

33.1

-3.2

-47.8

-127.9

-88.0

-62.6

-99.1

-135.6

-140.9

-135.4

26

26

Statistical discrepancy (line 18 less line 1)

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.

15

Z.1, March 10, 2000

F.9 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Net acquisition of financial assets

485.6

499.4

406.7

559.7

606.0

496.8

509.9

388.4

681.5

544.7

809.4

1

2
3
4
5

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

4.6
-53.9
173.2
98.8

12.4
-50.7
175.7
56.6

6.3
5.0
176.8
89.7

-0.3
24.8
204.4
144.3

3.5
-12.8
95.6
100.9

-8.5
-3.0
113.2
204.0

2.9
159.9
385.4
140.1

8.2
-64.7
-118.2
76.0

6.4
-43.4
147.9
33.5

4.1
-5.9
216.7
84.1

-4.6
62.8
135.9
209.7

2
3
4
5

6

Securities

-129.4

-104.1

-325.6

-258.8

-54.3

-256.8

-625.5

171.2

45.2

-196.3

-237.3

6

1.3
-48.0
-43.5
95.0
-228.8
94.7

7.4
27.7
-22.2
49.3
-347.2
180.8

3.6
-194.2
44.9
68.9
-507.1
258.4

4.2
-141.2
11.8
60.3
-455.3
261.4

5.3
106.0
52.1
14.8
-380.1
147.6

4.0
-24.6
16.1
-102.6
-356.3
206.6

4.8
-405.1
-15.9
-9.7
-406.5
206.9

4.7
-112.7
91.9
363.9
-392.0
215.3

5.3
219.3
32.0
21.3
-391.4
158.7

5.5
102.7
63.6
-25.1
-426.8
83.9

5.9
214.8
20.7
-300.8
-310.3
132.4

7
8
9
10
11
12

7
8
9
10
11
12

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

13
14

Life insurance reserves
Pension fund reserves

45.8
235.1

44.5
246.9

59.3
304.0

53.3
290.4

51.3
322.2

51.7
279.2

59.0
314.8

40.8
286.1

59.6
324.4

41.5
305.0

63.2
373.5

13
14

15
16

Investment in bank personal trusts
Miscellaneous assets

4.0
107.3

-8.6
126.7

-56.3
147.5

-48.0
149.7

-31.1
130.9

-51.2
168.2

-48.8
122.1

-32.0
21.0

-25.9
133.9

-34.3
129.9

-32.3
238.6

15
16

17
18
19
20
21

Gross investment in tangible assets
Residential fixed investment
Other fixed assets (3)
Consumer durables
Inventories (3)

1002.8
245.8
174.4
589.7
-7.1

1065.8
270.4
170.0
616.5
9.0

1105.4
279.3
177.2
642.9
6.0

1202.3
313.7
186.5
698.2
3.9

1346.9
359.4
223.3
758.6
5.5

1197.9
316.7
181.7
696.9
2.6

1270.3
333.5
196.0
722.8
18.0

1312.5
349.4
212.0
739.0
12.1

1358.4
367.4
234.0
751.6
5.4

1348.1
359.3
224.3
761.8
2.7

1368.7
362.2
222.7
782.0
1.9

17
18
19
20
21

22
23
24
25

Consumption of fixed capital
Residential fixed investment
Other fixed assets (3)
Consumer durables

691.0
90.4
142.4
458.2

710.0
93.2
149.2
467.6

735.2
98.7
155.3
481.2

772.6
103.2
161.5
507.8

813.9
108.0
172.0
533.9

779.8
103.8
162.4
513.6

784.3
105.0
165.6
513.6

792.7
106.2
167.1
519.5

803.4
107.5
170.0
525.8

829.0
108.8
176.3
543.8

830.5
109.4
174.5
546.6

22
23
24
25

26

Net investment in tangible assets (4)

311.7

355.8

370.2

429.7

533.0

418.1

486.1

519.8

555.0

519.1

538.2

26

155.3
31.9
131.5
-7.1

177.2
20.8
148.9
9.0

180.6
21.9
161.7
6.0

210.5
24.9
190.4
3.9

251.5
51.3
224.7
5.5

212.9
19.3
183.3
2.6

228.5
30.4
209.2
18.0

243.2
44.9
219.5
12.1

259.8
63.9
225.8
5.4

250.5
48.0
218.0
2.7

252.8
48.2
235.4
1.9

27
28
29
30

409.8

491.3

468.9

614.5

769.3

584.6

663.2

714.0

747.0

767.1

849.2

31

179.5
-6.1
138.9
10.5
3.5
83.5

244.4
57.1
88.8
4.5
15.8
80.8

236.6
52.2
52.5
3.2
36.8
87.7

366.8
79.7
67.6
0.1
21.6
78.7

430.5
109.0
96.8
-4.1
69.7
67.5

374.0
78.8
79.6
2.0
-9.8
60.0

427.9
78.1
69.9
-6.2
14.8
78.6

413.7
91.4
131.5
-17.7
31.6
63.4

421.6
108.4
62.4
-2.8
95.3
61.9

491.5
108.5
77.3
1.3
5.7
82.8

395.1
127.5
115.9
2.7
146.1
61.8

32
33
34
35
36
37

27
28
29
30
31
32
33
34
35
36
37

Residential fixed investment
Other fixed assets (3)
Consumer durables
Inventories (3)
Net increase in liabilities
Mortgage debt on nonfarm homes
Other mortgage debt (3)
Consumer credit
Policy loans
Security credit
Other liabilities (3)

38

Personal saving, with consumer durables (FOF)

387.5

363.9

308.0

374.9

369.7

330.3

332.7

194.2

489.5

296.7

498.5

38

39

Less net investment in consumer durables

131.5

148.9

161.7

190.4

224.7

183.3

209.2

219.5

225.8

218.0

235.4

39

40

= Personal saving, without consumer durables (FOF) (5)

256.0

215.0

146.3

184.5

145.0

147.0

123.6

-25.3

263.7

78.7

263.1

40

41

Personal saving (NIPA, excludes consumer durables)

302.4

272.1

271.1

229.9

155.6

224.9

227.6

195.0

167.9

139.5

119.6

41

42

Difference (6)

-46.4

-57.1

-124.8

-45.4

-10.7

-77.9

-104.0

-220.3

95.8

-60.8

143.5

42

43

Memo:
Disposable personal income

5422.6

5677.7

5982.8

6286.5

6639.4

6325.3

6417.8

6505.4

6593.2

6671.0

6786.5

43

44
45
46
47

Personal saving as a percentage of disposable personal income:
With consumer durables (FOF) (line 38)
Without consumer durables (FOF) (line 40)
Without consumer durables (NIPA) (line 41)
Difference (line 42)

7.1
4.7
5.6
-0.9

6.4
3.8
4.8
-1.0

5.1
2.4
4.5
-2.1

6.0
2.9
3.7
-0.7

5.6
2.2
2.3
-0.2

5.2
2.3
3.6
-1.2

5.2
1.9
3.5
-1.6

3.0
-0.4
3.0
-3.4

7.4
4.0
2.5
1.5

4.4
1.2
2.1
-0.9

7.3
3.9
1.8
2.1

44
45
46
47

(1) Consolidated 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 12), life insurance and pension reserves (lines 13 and 14), and bank personal trusts (line 15).
(3) Includes corporate farms.
(4) Line 17 less line 22.
(5) Line 40 and 41 are conceptually equivalent but measure saving using different data. Line 40 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 26 less line 39) less net increase in liabilities (line 31). Line 41 is disposable personal income (line 43) less personal outlays (table F.100, line 4).
(6) Household sector discrepancy with sign reversed.

16

Z.1, March 10, 2000

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1
2
3
4
5

Personal income
- Personal taxes and nontax payments
= Disposable personal income
- Personal outlays
= Personal saving, NIPA (2)

6200.9
778.4
5422.6
5120.2
302.4

6547.4
869.7
5677.7
5405.6
272.1

6951.1
968.3
5982.8
5711.7
271.1

7359.0
1072.5
6286.5
6056.7
229.9

7791.2
1151.8
6639.4
6483.7
155.6

7413.6
1088.3
6325.3
6100.4
224.9

7530.8
1113.0
6417.8
6190.2
227.6

7630.2
1124.8
6505.4
6310.4
195.0

7732.6
1139.4
6593.2
6425.3
167.9

7831.4
1160.4
6671.0
6531.5
139.5

7969.6
1183.1
6786.5
6666.9
119.6

1
2
3
4
5

6
7
8
9

+ Government insurance and pension reserves (3)
+ Net investment in consumer durables
+ Consumption of fixed capital
= Gross saving

3.6
131.5
571.7
1009.2

3.4
148.9
584.6
1009.1

3.4
161.7
605.1
1041.2

4.4
190.4
637.3
1062.0

3.8
224.7
667.1
1051.3

1.9
183.3
643.8
1053.9

5.1
209.2
645.4
1087.3

3.2
219.5
652.7
1070.4

4.5
225.8
660.7
1058.9

2.7
218.0
675.8
1035.9

5.0
235.4
679.3
1039.2

6
7
8
9

960.0

949.3

913.7

1012.8

1037.5

974.7

978.7

847.6

1150.9

973.2

1178.6

10

10

Gross investment

11
12
13
14

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

869.3
245.8
589.7
33.8

924.3
270.4
616.5
37.4

965.8
279.3
642.9
43.6

1058.3
313.7
698.2
46.4

1167.0
359.4
758.6
48.9

1059.7
316.7
696.9
46.1

1103.5
333.5
722.8
47.3

1136.4
349.4
739.0
48.0

1167.7
367.4
751.6
48.7

1170.5
359.3
761.8
49.3

1193.7
362.2
782.0
49.5

11
12
13
14

15

Net financial investment

90.7

25.1

-52.1

-45.5

-129.4

-85.0

-124.8

-288.8

-16.8

-197.2

-15.1

15

16

Net acquisition of financial assets

455.1

404.3

320.4

452.2

505.5

381.2

415.9

307.7

606.9

429.6

677.6

16

17
18
19
20

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

4.6
-58.7
164.5
97.9

12.4
-59.1
165.0
56.1

6.3
-0.4
171.5
88.5

-0.3
16.1
199.3
142.9

3.5
-19.6
89.4
99.5

-8.5
-12.4
107.2
202.6

2.9
151.0
381.8
138.7

8.2
-70.9
-123.8
74.6

6.4
-50.3
142.3
32.1

4.1
-12.7
210.3
82.7

-4.6
55.5
128.9
208.3

17
18
19
20

21

Credit market instruments

-3.0

63.4

-76.5

-64.0

179.3

-106.6

-425.4

347.4

280.9

147.9

-59.1

21

1.3
-49.6
-41.9
5.1
-46.9
-7.8
-43.5
95.0
-6.1

7.4
28.9
-57.0
2.0
-59.0
85.9
-22.2
49.3
-0.0

3.6
-193.4
-198.5
-0.5
-198.0
5.1
44.9
68.9
-0.5

4.2
-140.6
-92.9
0.1
-93.0
-47.7
11.8
60.3
0.2

5.3
106.7
-43.9
-0.2
-43.7
150.6
52.1
14.8
0.3

4.0
-24.0
-144.7
0.5
-145.2
120.7
16.1
-102.6
-0.2

4.8
-404.5
-331.1
1.8
-332.8
-73.4
-15.9
-9.7
-0.0

4.7
-112.5
-299.9
-0.0
-299.8
187.3
91.9
363.9
-0.7

5.3
220.1
99.6
0.0
99.6
120.5
32.0
21.3
2.1

5.5
103.9
-110.1
-0.4
-109.7
213.9
63.6
-25.1
0.1

5.9
215.4
134.9
-0.3
135.2
80.5
20.7
-300.8
-0.2

22
23
24
25
26
27
28
29
30

-228.8
94.7
18.6
45.8
235.1
4.0
65.6
14.8

-347.2
180.8
35.3
44.5
246.9
-8.6
5.1
9.7

-507.1
258.4
52.6
59.3
304.0
-56.3
9.9
10.3

-455.3
261.4
61.2
53.3
290.4
-48.0
-19.9
15.3

-380.1
147.6
41.9
51.3
322.2
-31.1
-9.9
11.7

-356.3
206.6
117.9
51.7
279.2
-51.2
-64.0
15.0

-406.5
206.9
-4.6
59.0
314.8
-48.8
16.3
29.9

-392.0
215.3
-57.4
40.8
286.1
-32.0
10.1
1.2

-391.4
158.7
41.1
59.6
324.4
-25.9
16.0
13.2

-426.8
83.9
50.5
41.5
305.0
-34.3
-47.4
25.1

-310.3
132.4
133.5
63.2
373.5
-32.3
-18.5
7.2

31
32
33
34
35
36
37
38

364.4

379.3

372.5

497.7

634.9

466.2

540.8

596.5

623.7

626.8

692.7

39

350.9

354.0

327.3

471.9

556.6

473.4

528.6

558.6

519.4

614.6

533.8

40

176.9
138.9
0.7
17.4
26.6
-9.6

241.0
88.8
6.6
0.6
12.4
4.7

231.3
52.5
10.0
8.1
18.1
7.4

359.8
67.6
12.0
6.3
13.3
12.9

421.7
96.8
10.4
-7.8
15.1
20.3

366.8
79.6
7.4
-16.5
15.1
20.9

420.3
69.9
10.9
14.3
10.7
2.6

405.6
131.5
7.0
-14.7
10.8
18.4

413.1
62.4
9.0
0.0
14.6
20.3

482.4
77.3
13.9
-5.7
28.1
18.7

385.9
115.9
11.8
-10.9
7.1
24.0

41
42
43
44
45
46

3.5
9.3

15.8
8.7

36.8
8.1

21.6
5.7

69.7
7.1

-9.8
4.7

14.8
1.9

31.6
1.4

95.3
8.6

5.7
6.3

146.1
11.9

47
48

22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49

Open market paper
U.S. government securities
Treasury
Savings bonds
Other
Agency
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities (4)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets
Net increase in liabilities
Credit market instruments
Home mortgages
Consumer credit
Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages
Security credit
Trade payables
Deferred and unpaid
life insurance premiums

0.7

0.8

0.3

-1.4

1.6

-2.1

-4.6

4.9

0.3

0.2

1.0

49

49.3

59.7

127.5

49.1

13.8

79.1

108.6

222.8

-92.0

62.7

-139.4

50

51
52
53
54
55

Memo:
Net physical investment:
(A) Residential construction expenditures
- Consumption of fixed capital
= Net investment
- Home mortgages
= Excess net investment

245.8
90.4
155.3
176.9
-21.6

270.4
93.2
177.2
241.0
-63.8

279.3
98.7
180.6
231.3
-50.6

313.7
103.2
210.5
359.8
-149.3

359.4
108.0
251.5
421.7
-170.3

316.7
103.8
212.9
366.8
-153.9

333.5
105.0
228.5
420.3
-191.9

349.4
106.2
243.2
405.6
-162.4

367.4
107.5
259.8
413.1
-153.3

359.3
108.8
250.5
482.4
-231.9

362.2
109.4
252.8
385.9
-133.1

51
52
53
54
55

56
57
58
59
60

(B) Consumer durable goods expenditures
- Consumption of fixed capital
= Net investment
- Consumer credit
= Excess net investment

589.7
458.2
131.5
138.9
-7.4

616.5
467.6
148.9
88.8
60.1

642.9
481.2
161.7
52.5
109.1

698.2
507.8
190.4
67.6
122.8

758.6
533.9
224.7
96.8
127.9

696.9
513.6
183.3
79.6
103.7

722.8
513.6
209.2
69.9
139.3

739.0
519.5
219.5
131.5
88.0

751.6
525.8
225.8
62.4
163.4

761.8
543.8
218.0
77.3
140.7

782.0
546.6
235.4
115.9
119.6

56
57
58
59
60

50

Discrepancy

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) See table F.9 for derivation of alternative measures of personal saving.
(3) Railroad Retirement Board and federal government life insurance reserves.
(4) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).

17

Z.1, March 10, 2000

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Income before taxes

972.4

1058.8

1131.3

1150.8

1257.3

1166.0

1178.0

1211.2

1251.0

1248.2

1318.8

1

2

Gross saving

740.4

803.0

862.0

897.8

951.5

897.4

909.5

930.2

935.9

952.8

987.8

2

3

Gross investment

763.7

777.5

829.7

874.2

943.7

946.7

847.5

928.2

921.6

960.4

964.4

3

768.7

819.5

898.6

975.5

1067.4

967.4

1017.5

1025.5

1065.1

1073.7

1105.2

4

728.1
37.1
690.9

784.7
38.4
746.2

821.3
38.6
782.7

900.2
43.5
856.7

1020.5
49.7
970.8

884.8
44.3
840.6

944.4
45.7
898.7

972.8
47.6
925.2

1046.2
48.9
997.4

1029.4
50.9
978.5

1033.4
51.4
982.1

5
6
7

33.1
7.6

30.0
4.8

68.3
8.9

71.2
4.1

45.2
1.8

73.6
9.0

71.4
1.7

51.0
1.7

17.6
1.3

40.8
3.6

71.2
0.6

8
9

4

Capital expenditures

5
6
7

Fixed investment
Residential
Nonresidential

8
9

Change in inventories
Access rights from federal government

10

-5.1

-42.0

-68.9

-101.3

-123.8

-20.7

-170.0

-97.3

-143.5

-113.4

-140.8

10

11

Net acquisition of financial assets

482.0

461.3

365.8

346.0

698.0

419.8

160.7

753.3

639.7

705.0

694.0

11

12
13
14
15
16

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

1.6
36.1
-15.8
25.7
0.3

10.5
45.3
11.4
10.4
1.5

-6.3
-1.6
11.4
25.1
0.6

0.8
25.1
-2.0
46.5
-1.2

-2.0
54.9
21.5
37.4
0.1

-5.9
45.8
10.1
44.2
2.0

15.9
-93.8
-47.6
72.2
2.4

15.2
148.3
3.7
26.8
2.5

-8.1
-11.7
-0.0
24.7
-3.9

4.9
28.2
15.0
15.1
6.9

-19.9
55.0
67.2
83.0
-5.0

12
13
14
15
16

17

Credit market instruments

-4.1

-14.5

-2.8

-0.3

33.1

8.9

29.3

-0.7

17.2

34.0

82.1

17

1.3
11.4
-19.9
4.7
-1.6

11.4
-6.1
-5.8
-6.7
-7.3

3.8
-9.1
5.1
-3.7
1.2

-8.0
9.4
5.8
-3.4
-4.1

18.8
14.6
-2.3
-3.4
5.4

-2.2
27.1
-8.2
-3.4
-4.4

-12.0
50.3
5.9
-3.4
-11.6

15.0
-34.3
-16.6
-3.4
38.6

27.9
18.8
-21.3
-3.4
-4.8

3.6
20.4
22.6
-3.4
-9.2

28.8
53.4
6.1
-3.4
-2.8

18
19
20
21
22

4.6
90.3
343.3

3.3
104.3
289.2

-8.2
53.3
294.4

7.3
25.1
244.8

8.0
108.2
436.7

7.3
79.8
227.6

7.3
-26.1
201.2

8.0
86.8
462.8

7.9
218.6
395.1

8.0
97.4
495.5

8.0
30.2
393.4

23
24
25

487.0

503.3

434.6

447.3

821.8

440.5

330.7

850.6

783.2

818.3

834.8

26

268.2

243.4

369.4

511.7

568.5

458.3

507.0

705.8

428.6

579.7

559.8

27

18
19
20
21
22
23
24
25
26
27

Net financial investment

Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Net increase in liabilities
Credit market instruments

28
29
30

Commercial paper
Municipal securities
Corporate bonds

18.1
3.1
91.1

-0.9
3.1
116.3

13.7
4.2
150.5

24.4
5.8
218.7

37.4
5.1
229.9

85.6
5.4
108.0

-43.0
3.6
193.2

58.3
6.6
274.0

-2.6
3.5
287.6

49.8
5.9
202.8

44.0
4.2
155.2

28
29
30

31
32
33

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

86.3
40.2
29.4

69.9
20.8
34.4

98.4
52.2
50.3

102.0
59.8
101.1

90.0
56.2
150.0

124.3
62.6
72.4

106.6
91.9
154.6

84.7
143.0
139.1

22.1
-29.0
147.1

118.5
51.0
151.7

134.6
59.7
162.0

31
32
33

-58.3
88.1
1.3
136.9

-69.5
71.5
11.1
253.9

-114.4
75.7
11.3
100.2

-267.0
-2.1
7.2
220.7

-142.7
109.7
5.3
298.2

-308.4
11.7
23.1
288.2

-491.3
-68.3
1.1
389.2

-52.2
118.7
-13.1
94.4

-338.2
152.4
36.8
496.4

-138.6
136.9
-8.8
276.7

-41.6
30.7
6.5
325.4

34
35
36
37

34
35
36
37
38
39

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities
Proprietors’ net investment
Discrepancy

50.9

-7.3

-7.5

-23.4

-17.3

-32.5

-7.0

-2.9

7.3

-27.6

-46.0

38

-23.3

25.4

32.3

23.5

7.9

-49.3

62.0

2.0

14.2

-7.6

23.4

39

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

18

Z.1, March 10, 2000

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1
2
3
4
5
6
7
8

Profits before tax (book)
- Profit tax accruals
- Dividends
+ Consumption of fixed capital
= U.S. internal funds, book
+ Foreign earnings retained abroad
+ Inventory valuation adjustment (IVA)
= Total internal funds + IVA

421.6
136.3
178.3
473.6
580.6
59.5
-18.3
621.8

459.5
149.6
200.8
505.8
614.9
60.5
3.1
678.4

502.8
158.3
218.5
540.1
666.1
59.1
7.4
732.5

489.6
152.0
244.1
582.6
676.2
66.1
20.9
763.1

539.9
168.5
258.9
630.0
742.5
75.2
-12.3
805.5

503.1
156.6
241.6
588.3
693.2
49.0
19.8
762.0

478.8
148.3
255.6
601.4
676.2
74.2
20.8
771.2

507.6
157.4
240.2
611.1
721.2
56.3
13.3
790.8

533.3
166.3
266.5
623.1
723.5
84.0
-13.6
793.9

541.0
168.7
263.2
639.2
748.3
78.7
-26.7
800.3

577.7
181.5
265.5
646.4
777.1
81.9
-21.7
837.4

1
2
3
4
5
6
7
8

9

Gross investment

645.0

653.0

700.3

739.6

797.6

811.3

709.3

788.8

779.7

807.9

814.0

9

635.2
587.5
40.1
7.6

678.1
652.2
21.0
4.8

759.0
687.7
62.3
8.9

831.5
760.1
67.3
4.1

887.5
846.1
39.6
1.8

829.2
749.2
71.0
9.0

850.7
795.6
53.4
1.7

849.3
808.8
38.9
1.7

874.4
861.0
12.2
1.3

896.1
854.4
38.1
3.6

930.1
860.2
69.4
0.6

10
11
12
13

9.8

-25.1

-58.7

-91.9

-89.9

-17.9

-141.5

-60.5

-94.8

-88.2

-116.1

14

10
11
12
13

Capital expenditures
Fixed investment (1)
Inventory change + IVA
Access rights from federal government

14

Net financial investment

15

Net acquisition of financial assets

400.6

373.4

286.9

261.8

614.8

336.7

73.7

675.5

557.9

617.5

608.1

15

16
17
18
19
20

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

1.6
31.3
-24.5
24.8
0.3

10.5
36.8
0.7
9.9
1.5

-6.3
-7.0
6.2
23.9
0.6

0.8
16.4
-7.1
45.1
-1.2

-2.0
48.2
15.3
36.0
0.1

-5.9
36.5
4.1
42.8
2.0

15.9
-102.8
-51.2
70.8
2.4

15.2
142.1
-1.9
25.4
2.5

-8.1
-18.6
-5.6
23.3
-3.9

4.9
21.4
8.6
13.7
6.9

-19.9
47.6
60.2
81.6
-5.0

16
17
18
19
20

21
22
23
24
25
26
27

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

1.3
9.8
-19.9
1.6
-1.6
78.0
4.6

11.4
-4.9
-5.8
-3.6
-7.3
88.1
3.3

3.8
-8.3
5.1
-4.0
1.2
36.6
-8.2

-8.0
10.0
5.8
-4.0
-4.1
9.0
7.3

18.8
15.3
-2.3
-4.0
5.4
90.4
8.0

-2.2
27.7
-8.2
-4.0
-4.4
64.8
7.3

-12.0
50.9
5.9
-4.0
-11.6
-42.7
7.3

15.0
-34.1
-16.6
-4.0
38.6
70.0
8.0

27.9
19.6
-21.3
-4.0
-4.8
201.2
7.9

3.6
21.6
22.6
-4.0
-9.2
79.0
8.0

28.8
54.0
6.1
-4.0
-2.8
11.4
8.0

21
22
23
24
25
26
27

28
29
30
31
32
33

Miscellaneous assets
U.S. direct investment abroad (2)
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

293.4
91.1
8.2
-0.2
4.6
189.6

232.8
77.6
2.6
-0.2
4.6
148.3

243.6
90.2
1.9
-1.1
2.2
150.5

191.9
113.9
6.9
-0.7
-1.4
73.2

385.5
132.7
0.4
-0.6
22.0
231.0

176.3
70.8
5.3
-2.6
-3.5
106.3

144.8
103.5
14.2
-0.0
7.0
20.1

415.3
149.8
-4.8
0.2
5.7
264.4

344.3
111.7
6.2
-0.9
1.6
225.7

440.3
157.7
6.1
-0.9
38.1
239.3

342.1
112.7
-6.0
-0.7
42.6
193.5

28
29
30
31
32
33

390.8

398.5

345.6

353.8

704.7

354.6

215.2

736.0

652.7

705.7

724.3

34

176.4
-58.3
234.7
18.1
3.1
91.1
66.8

85.4
-69.5
154.9
-0.9
3.1
116.3
39.4

171.3
-114.4
285.7
13.7
4.2
150.5
68.7

138.7
-267.0
405.7
24.4
5.8
218.7
82.3

301.4
-142.7
444.0
37.4
5.1
229.9
72.2

45.0
-308.4
353.4
85.6
5.4
108.0
104.5

-95.2
-491.3
396.1
-43.0
3.6
193.2
88.2

545.3
-52.2
597.5
58.3
6.6
274.0
64.0

-22.9
-338.2
315.3
-2.6
3.5
287.6
11.1

311.3
-138.6
449.9
49.8
5.9
202.8
99.2

371.8
-41.6
413.4
44.0
4.2
155.2
114.3

35
36
37
38
39
40
41

34
35
36
37
38
39
40
41

Net increase in liabilities
Net funds raised in markets
Net new equity issues
Credit market instruments
Commercial paper
Municipal securities (3)
Corporate bonds (2)
Bank loans n.e.c.

42
43
44
45
46
47
48
49

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

32.3
1.2
24.0
1.9
-0.8
0.0
5.9
23.3

18.5
1.5
7.1
-1.3
-0.7
3.9
8.1
-21.4

48.5
1.6
8.1
-0.3
-2.6
17.3
24.4
0.2

47.3
2.7
26.1
-0.1
-4.3
-1.0
23.8
27.3

47.0
3.2
52.8
-0.3
-2.2
-25.0
18.5
52.6

42.6
3.7
26.5
-0.4
-0.7
-2.5
16.0
7.3

82.6
4.2
24.1
0.2
-1.7
-1.6
57.5
71.5

136.6
2.4
50.9
-0.5
-3.8
67.3
20.3
57.9

-34.6
3.4
37.7
-0.3
-3.9
-94.9
23.4
50.4

39.4
2.4
59.7
-0.2
-2.6
-27.3
7.4
52.8

46.3
4.8
62.8
-0.4
1.6
-45.2
22.7
49.2

42
43
44
45
46
47
48
49

50
51
52
53
54
55

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

81.0
-0.0
133.5
55.4
3.7
74.4

49.5
9.6
254.0
74.5
3.8
175.7

63.5
9.3
101.5
110.1
3.8
-12.4

-12.4
4.7
222.7
163.1
3.8
55.8

103.2
2.8
297.2
232.8
3.8
60.6

-0.2
20.6
289.2
23.4
3.8
262.0

-78.4
-1.4
390.3
473.6
3.8
-87.1

112.6
-15.6
93.7
106.6
3.8
-16.7

145.2
34.3
496.1
369.6
3.8
122.7

130.4
-11.3
275.2
105.0
3.8
166.4

24.8
4.0
323.7
351.1
3.8
-31.2

50
51
52
53
54
55

-23.3

25.4

32.3

23.5

7.9

-49.3

62.0

2.0

14.2

-7.6

23.4

56

-3.0
72.9

38.6
60.1

-26.8
85.6

21.4
134.5

-12.8
157.3

65.0
116.2

35.7
153.7

-42.5
114.8

56.0
164.6

-51.4
174.5

-13.4
174.7

57
58

112.6
35.9
75.1

109.8
22.9
55.1

112.8
38.0
60.0

119.9
50.0
34.2

121.2
49.4
67.9

116.8
43.7
12.7

122.7
47.7
-24.0

115.9
71.5
91.3

122.7
35.5
-7.3

123.3
48.8
69.2

122.5
43.4
89.9

59
60
61

56

Discrepancy

57
58

Memo:
Trade receivables net of trade payables
Financing gap (4)

59
60
61

Analytical measures (percent)
Capital outlays (5)/U.S. internal funds
Credit market borrowing/capital outlays (5)
Net funds raised/credit market borrowing

(1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.
(2) 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.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Capital expenditures (line 10) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).

19

Z.1, March 10, 2000

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

3

Gross investment

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

528.6
97.6

565.0
102.7

599.1
106.9

636.1
110.9

685.9
121.3

640.0
111.5

658.1
114.1

671.1
115.0

683.6
117.3

686.2
127.5

702.9
125.4

1
2

97.6

102.7

106.9

110.9

121.3

111.5

114.1

115.0

117.3

127.5

125.4

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

120.2
118.1
2.1

109.8
108.7
1.1

111.4
108.1
3.3

117.0
113.4
3.5

150.8
148.8
2.1

112.6
108.8
3.7

127.1
124.3
2.8

139.4
137.3
2.0

160.5
159.8
0.6

151.9
149.9
2.0

151.5
147.9
3.7

4
5
6

7

Net financial investment

-22.6

-7.1

-4.6

-6.1

-29.5

-1.1

-13.1

-24.4

-43.2

-24.3

-26.1

7

8

Net acquisition of financial assets

79.0

88.0

78.2

80.5

83.9

79.6

82.3

80.0

80.9

86.8

87.9

8

9
10
11
12
13
14
15
16
17
18
19

Checkable deposits and currency
Time and savings deposits
Money market mutual funds
Treasury securities
Mortgages
Consumer credit
Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)
Other

4.3
8.7
0.9
1.6
3.1
0
12.3
48.1
2.0
0.0
46.1

8.5
10.7
0.6
-1.2
-3.2
0
16.2
56.4
0.6
0.7
55.1

5.1
5.3
1.2
-0.8
0.3
0
16.7
50.4
0.5
0
49.9

6.8
5.1
1.4
-0.6
0.6
0
16.1
51.1
1.7
-0.1
49.6

7.6
6.1
1.4
-0.7
0.6
0
17.8
51.0
0.1
-0.0
50.9

7.4
6.0
1.4
-0.6
0.6
0
15.0
49.8
1.3
-0.3
48.8

7.0
3.6
1.4
-0.6
0.6
0
16.6
53.7
3.4
-0.5
50.8

7.0
5.6
1.4
-0.2
0.6
0
16.8
48.8
-1.2
0.2
49.8

7.7
5.6
1.4
-0.8
0.6
0
17.4
49.0
1.5
-0.3
47.8

7.6
6.4
1.4
-1.2
0.6
0
18.3
53.7
1.5
-0.1
52.3

8.1
7.0
1.4
-0.6
0.6
0
18.8
52.6
-1.4
0.2
53.9

9
10
11
12
13
14
15
16
17
18
19

101.6

95.1

82.7

86.6

113.4

80.6

95.4

104.4

124.1

111.1

114.0

20

30.6
18.5
7.6
4.5
6.2
1.3
3.4
60.1

83.8
29.8
0.7
53.2
20.8
1.6
-0.1
-10.9

77.4
26.2
4.2
47.0
10.8
1.9
-1.3
-6.2

98.4
18.5
12.3
67.6
9.5
2.5
-2.0
-21.8

119.2
18.7
9.2
91.2
6.0
2.5
1.0
-15.3

97.6
18.5
19.5
59.6
9.7
2.5
-1.0
-28.1

103.3
20.5
8.2
74.6
9.7
2.5
-1.1
-19.1

101.6
20.0
4.0
77.6
6.7
2.5
0.6
-7.1

114.2
17.0
9.5
87.7
7.5
2.5
0.3
-0.4

120.2
17.8
10.7
91.7
5.1
2.5
1.4
-18.1

140.8
20.2
12.7
107.9
4.8
2.5
1.7
-35.9

21
22
23
24
25
26
27
28

20
21
22
23
24
25
26
27
28

Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Proprietors’ net investment

(1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.
(2) Equity in the Farm Credit System.

F.104 Farm Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5

Proprietors’ net income with IVA and CCAdj
Net saving (corporate)
Consumption of fixed capital
Corporate
Noncorporate

22.2
-0.7
21.7
2.3
19.4

34.3
-0.8
22.6
2.5
20.1

29.5
-0.7
23.3
2.8
20.5

25.1
-0.6
24.4
2.9
21.5

31.5
-0.7
25.5
3.0
22.5

22.9
-0.6
24.5
2.9
21.6

41.1
-0.6
24.8
3.0
21.8

32.5
-0.7
25.1
3.0
22.1

34.1
-0.7
25.4
3.0
22.4

21.0
-0.8
25.7
3.1
22.6

38.2
-0.8
25.8
3.1
22.8

1
2
3
4
5

6

Gross saving

21.0

21.8

22.6

23.7

24.8

23.9

24.2

24.4

24.7

25.0

25.0

6

7

Gross investment

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

11

Net financial investment

21.0

21.8

22.6

23.7

24.8

23.9

24.2

24.4

24.7

25.0

25.0

7

13.3
22.5
-9.2

31.6
23.8
7.9

28.2
25.4
2.8

27.0
26.7
0.3

29.1
25.6
3.5

25.6
26.7
-1.1

39.6
24.4
15.2

36.7
26.6
10.1

30.2
25.4
4.8

25.8
25.1
0.7

23.6
25.4
-1.8

8
9
10

7.7

-9.8

-5.6

-3.3

-4.3

-1.8

-15.4

-12.4

-5.5

-0.9

1.4

11

12

Net acquisition of financial assets

2.3

-0.1

0.7

3.7

-0.7

3.5

4.6

-2.2

0.9

0.7

-2.1

12

13
14
15
16

Checkable deposits and currency
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (3)

0.5
1.8
1.9
-0.1

-0.0
-0.1
0.6
-0.6

0.2
0.4
0.4
0

1.9
1.7
1.6
0.1

-0.8
0.2
0.1
0.1

1.9
1.5
1.2
0.3

1.9
2.7
3.3
-0.6

-0.8
-1.3
-1.1
-0.2

-0.8
1.7
1.4
0.3

-0.8
1.5
1.4
0.1

-0.8
-1.3
-1.4
0.1

13
14
15
16

-5.3

9.7

6.3

6.9

3.7

5.2

20.0

10.2

6.5

1.5

-3.5

17

2.9
1.1
0.3
1.6
1.0
-9.2

4.8
0.6
1.6
2.6
1.3
3.7

6.2
3.5
-0.5
3.2
1.4
-1.3

7.7
1.2
0.3
6.2
0.8
-1.6

5.2
-0.9
-0.0
6.2
0.4
-1.9

7.3
1.3
0.6
5.5
2.3
-4.3

7.5
-2.1
1.1
8.6
0.4
12.1

6.6
0.7
2.3
3.6
-0.6
4.2

-1.0
-6.0
-4.0
9.0
-0.2
7.7

9.7
1.6
0.9
7.2
1.4
-9.5

5.6
0.1
0.6
4.9
1.0
-10.1

18
19
20
21
22
23

17
18
19
20
21
22
23

Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Proprietors’ net investment

(1) Corporate and noncorporate farms.
(2) Nonresidential fixed investment, shown in table F.6, line 12.
(3) Equity in the Farm Credit System.

20

Z.1, March 10, 2000

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

917.9

960.4

1009.0

1070.3

1139.9

1085.3

1101.1

1110.0

1117.1

1148.0

1185.2

1

186.6
31.7
501.6
13.6
184.5

199.6
33.0
524.9
12.4
190.4

217.4
34.0
550.9
11.0
195.7

236.9
33.8
579.6
10.7
209.3

251.9
36.9
614.7
11.1
225.4

241.0
34.4
579.0
10.7
220.2

244.9
33.1
598.2
10.7
214.2

246.9
35.4
597.1
10.7
219.9

247.3
36.4
606.8
10.9
215.7

252.4
37.0
616.8
11.2
230.6

261.0
38.5
638.6
11.5
235.6

2
3
4
5
6

Current expenditures, NIPA basis

902.5

939.0

981.6

1028.5

1088.9

1035.4

1047.0

1061.4

1079.4

1099.2

1116.6

7

8
9
10
11
12
13

Consumption expenditures
Transfer payments to persons
Net interest paid
- Dividends received by government
Subsidies less current surplus of govt. enterprises
- Wage accruals less disbursements

694.7
217.8
0.5
0.3
-10.2
0

726.5
224.4
0.9
0.3
-12.5
0

765.9
228.0
-0.6
0.3
-11.4
0

807.5
234.8
-2.1
0.3
-11.3
0

857.3
244.6
-0.9
0.4
-11.8
0

813.8
235.7
-2.2
0.3
-11.6
0

822.2
238.5
-1.8
0.3
-11.6
0

832.4
241.9
-1.0
0.3
-11.6
0

848.4
243.6
-0.7
0.3
-11.6
0

866.5
245.3
-0.6
0.3
-11.7
0

882.2
247.5
-0.6
0.3
-12.2
0

8
9
10
11
12
13

14

Current surplus or deficit (-), NIPA basis

15.4

21.4

27.4

41.8

51.1

49.9

54.1

48.6

37.7

48.8

68.6

14

15

+ Consumption of fixed capital

84.2

89.0

94.0

98.8

105.1

99.4

101.1

102.4

104.3

106.0

107.8

15

16

= Gross saving

99.5

110.4

121.4

140.6

156.2

149.3

155.2

151.0

142.0

154.8

176.4

16

17

Gross investment

146.4

153.6

115.3

189.6

198.2

161.2

202.6

172.2

234.5

189.5

196.6

17

155.8

163.8

177.3

183.5

201.9

185.2

185.9

199.4

195.8

200.8

211.5

18

-9.4

-10.3

-62.0

6.1

-3.6

-24.0

16.7

-27.2

38.7

-11.3

-14.9

19

-31.7

13.8

25.4

116.9

80.0

77.7

121.7

90.3

100.5

79.6

49.5

20

3.4
6.6
-3.0

-5.5
10.6
32.1

4.4
5.8
3.6

-3.9
12.8
7.2

3.5
8.0
5.0

-2.9
9.4
16.0

-4.2
10.6
2.2

9.6
-3.4
32.0

-10.0
1.4
-11.1

14.4
16.7
11.5

0.1
17.1
-12.5

21
22
23

-91.4

-33.7

0.1

99.5

25.9

125.7

91.7

52.2

53.3

-33.9

32.0

24

17.1
-115.3
-80.2
-35.1

20.3
-68.1
-32.8
-35.3

14.3
-18.5
-17.7
-0.8

18.0
73.5
30.0
43.6

9.4
6.0
-2.5
8.5

40.6
89.7
39.7
50.0

16.0
65.7
9.7
56.0

16.0
26.3
14.3
12.0

4.9
36.0
18.7
17.3

-2.9
-39.6
-22.3
-17.3

19.7
1.3
-20.7
22.0

25
26
27
28

-3.5
7.1
3.3

-0.5
10.7
3.8

-0.7
1.3
3.7

-1.4
5.2
4.1

-1.5
7.6
4.3

-1.0
-7.7
4.2

-1.0
6.8
4.2

-1.6
7.2
4.2

-1.1
9.3
4.3

-1.7
5.9
4.3

-1.5
8.1
4.4

29
30
31

2
3
4
5
6
7

Current receipts, NIPA basis

1996

Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Federal grants-in-aid

18

Fixed investment

19

Net financial investment

20

Net acq. of financial assets

21
22
23

Checkable deposits and currency
Time and savings deposits
Security RPs

24

Credit market instruments

25
26
27
28

Open market paper
U.S. government securities
Treasury
Agency

29
30
31

Municipal securities
Corporate and foreign bonds
Mortgages

32
33

Corporate equities
Mutual fund shares

12.1
5.9

14.5
6.0

16.8
-7.4

9.7
-7.3

13.1
4.3

-0.9
-26.0

1.8
-4.5

14.1
-4.1

12.5
8.6

12.7
6.3

13.0
6.3

32
33

34
35

Taxes receivable
Miscellaneous assets

-8.3
42.9

-5.3
-4.8

-2.2
4.3

0.1
-1.1

5.2
15.1

1.0
-44.5

0.3
23.8

3.0
-13.0

4.4
41.3

5.5
46.4

7.5
-13.9

34
35

-22.3

24.1

87.5

110.8

83.6

101.7

105.0

117.5

61.8

90.8

64.4

36

36

Net increase in liabilities

37

Credit market instruments

-51.5

-6.8

56.1

80.3

52.7

70.0

75.1

87.4

35.7

57.0

30.7

37

38
39
40
41

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

-51.9
1.2
-53.2
0.5

-7.2
6.3
-13.4
0.4

57.3
8.3
49.0
-1.2

79.1
-6.3
85.4
1.2

52.7
3.6
49.1
0.0

70.1
-19.2
89.3
-0.1

75.2
-1.2
76.4
-0.1

87.1
2.9
84.3
0.3

35.6
6.8
28.8
0.1

57.2
3.3
53.9
-0.2

30.9
1.4
29.6
-0.2

38
39
40
41

29.2

30.9

31.4

30.5

30.9

31.6

29.9

30.1

26.1

33.9

33.7

42

-46.9

-43.2

6.1

-49.1

-42.0

-11.9

-47.4

-21.2

-92.5

-34.7

-20.2

43

42
43

Trade payables
Discrepancy

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

21

Z.1, March 10, 2000

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2
3
4
5
6

Current receipts, NIPA basis
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Current expenditures, NIPA basis

7
8
9
10
11
12

Consumption expenditures
Transfers payments (net)
Grants-in-aid to state and local governments
Net interest paid
Subsidies less current surplus of govt. enterprises
- Wage accruals less disbursements

13

Current surplus or deficit (-), NIPA basis

14
15

+ Consumption of fixed capital
- Insurance and pension reserves (1)

16

= Gross saving

17

Gross investment

18
19

Fixed investment
Access rights sales

20

Net financial investment

21

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1383.7

1499.1

1627.2

1750.6

1871.5

1770.3

1793.3

1826.5

1853.0

1883.1

1924.2

1

591.8
179.3
93.0
519.6

670.0
190.6
95.1
543.4

750.9
204.2
94.9
577.2

835.6
206.4
97.3
611.2

899.9
223.0
101.4
647.2

847.3
209.9
97.7
615.4

868.1
202.5
99.6
623.1

877.9
212.6
99.5
636.5

892.1
218.0
100.0
642.9

908.0
222.4
101.5
651.2

922.1
239.1
105.0
658.0

2
3
4
5

1575.7

1636.0

1675.9

1703.6

1755.6

1710.7

1733.5

1728.9

1734.9

1749.3

1809.9

6

439.2
652.1
184.5
267.5
32.4
0

445.3
691.7
190.4
273.6
35.1
0

457.0
716.6
195.7
276.3
30.4
0

453.5
730.5
209.3
278.3
32.1
0

474.8
754.4
225.4
262.7
38.2
0

451.4
731.0
220.2
279.6
28.5
0

460.0
742.1
214.2
274.3
42.9
0

467.0
743.4
219.9
266.0
32.6
0

465.2
749.7
215.7
264.8
39.5
0

475.0
754.8
230.6
259.9
29.0
0

492.0
769.7
235.6
260.7
51.9
0

7
8
9
10
11
12

-192.0

-136.9

-48.7

47.0

115.9

59.6

59.8

97.6

118.1

133.8

114.3

13

84.0
3.6

85.3
3.4

86.6
3.4

87.4
4.4

90.9
3.8

87.5
1.9

88.1
5.1

89.6
3.2

90.2
4.5

91.2
2.7

92.4
5.0

14
15

-111.6

-55.0

34.5

130.0

202.9

145.2

142.8

184.0

203.8

222.3

201.7

16

-97.9

-121.9

-2.8

96.0

212.9

77.5

49.0

184.0

234.2

196.7

236.8

17

82.3
-7.6

86.3
-4.8

80.8
-8.9

85.2
-4.1

95.8
-1.8

88.3
-9.0

86.7
-1.7

90.4
-1.7

96.4
-1.3

94.9
-3.6

101.3
-0.6

18
19

-172.6

-203.4

-74.7

14.9

119.0

-1.9

-36.0

95.3

139.1

105.3

136.1

20

-3.8

-4.9

-10.0

-3.1

84.0

-79.9

-46.8

41.6

81.6

47.5

165.0

21

22
23
24

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

6.4
-0.0
0.3

-2.9
11.0
1.4

2.5
-0.5
1.0

6.0
-16.7
1.3

-7.0
66.0
0.7

7.8
-107.7
1.3

9.0
-46.1
4.7

-9.3
31.9
-3.4

-4.8
43.0
0.8

-8.1
47.2
2.1

-5.7
141.9
3.2

22
23
24

25

Credit market instruments

-0.2

-7.4

5.1

13.5

12.0

13.8

11.7

17.0

6.9

11.4

12.9

25

0
-13.2
13.0

0
-7.5
0.1

0
-4.5
9.6

0
-0.9
14.4

0
0.1
11.9

0
-1.3
15.1

0
0.3
11.4

0
-1.4
18.4

0
-0.3
7.1

0
1.6
9.8

0
0.5
12.4

26
27
28

-1.6
-6.6
-2.1

0.9
-1.5
-6.4

-3.2
-7.8
-7.0

1.5
-5.2
-3.5

2.2
11.0
-0.9

10.4
-1.6
-3.9

-8.0
-11.0
-7.1

1.4
4.5
-0.4

4.9
32.6
-1.9

7.1
-9.7
-2.5

-4.9
16.7
0.9

29
30
31

168.9

198.4

64.7

-18.0

-35.0

-78.0

-10.8

-53.6

-57.5

-57.8

28.9

32

2.2
0.6

-0.5
0.1

-0.5
-0.0

0
-0.0

-3.0
-0.0

0
1.7

0
-2.3

-4.0
0

0
2.1

-4.0
2.0

-4.0
-4.1

33
34

144.4

145.0

23.1

-52.6

-71.8

-113.5

-54.1

-75.2

-112.2

-83.1

-16.9

35

26
27
28
29
30
31
32

Net acq. of financial assets

1996

Agency securities
Mortgages
Other loans and advances
Trade receivables
Taxes receivable
Miscellaneous assets
Net increase in liabilities

33
34

SDR certificates
Treasury currency

35

Credit market instruments

36
37
38
39

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages

5.1
137.9
1.5
0

2.0
144.6
-1.6
-0.0

-0.5
23.7
-0.1
-0.0

0.1
-54.7
2.0
0

-0.2
-71.4
-0.2
0

0.5
-113.6
-0.4
0

1.8
-68.1
12.2
0

-0.0
-73.7
-1.5
0

0.0
-112.8
0.6
0

-0.4
-82.8
0.0
0

-0.3
-16.5
0.0
0

36
37
38
39

40
41
42

Trade payables
Insurance and pension reserves (2)
Miscellaneous liabilities

-4.6
21.8
4.5

1.3
55.7
-3.2

-0.1
42.0
0.2

-2.7
42.5
-5.1

0.2
42.5
-2.8

2.0
43.6
-11.8

-5.4
50.3
0.7

-2.5
37.2
-9.2

5.4
41.9
5.3

-1.4
42.9
-14.1

-0.9
48.1
6.6

40
41
42

-13.7

66.9

37.2

34.0

-10.0

67.8

93.8

0.0

-30.4

25.6

-35.1

43

-5.7

12.9

-2.2

-12.8

59.4

-73.9

-27.5

26.6

2.4

72.3

136.4

44

43

Discrepancy
Memo:

44

Change in cash balance (3)

(1) Railroad Retirement Board and federal government life insurance reserves.
(2) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
(3) Time and savings deposits (line 24) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

22

Z.1, March 10, 2000

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1
2
3
4

Foreign income from U.S.
U.S. imports
U.S. income payments to rest of world
Net transfers to rest of world

1148.8
902.8
211.9
34.0

1230.4
963.1
227.5
39.8

1374.3
1056.3
278.4
39.6

1453.0
1115.9
295.2
41.9

1616.5
1252.9
319.1
44.5

1458.1
1114.8
302.0
41.3

1492.6
1143.1
297.9
51.6

1506.4
1168.5
298.2
39.7

1578.0
1224.0
310.4
43.6

1652.5
1286.6
323.2
42.7

1729.7
1332.6
344.5
52.6

1
2
3
4

5
6
7

Foreign outlays to U.S.
U.S. exports
U.S. income receipts from rest of world

1050.8
818.6
232.3

1119.7
874.2
245.6

1250.6
968.0
282.6

1251.6
966.4
285.2

1301.4
997.5
304.0

1225.5
949.1
276.4

1262.6
981.8
280.8

1250.7
966.9
283.8

1274.3
978.2
296.1

1316.2
1008.5
307.7

1364.7
1036.2
328.5

5
6
7

8

Gross saving (1)

97.9

110.7

123.7

201.4

315.1

232.6

230.0

255.7

303.7

336.3

365.0

8

9

Net financial investment

137.2

194.8

286.7

210.4

386.9

126.4

397.5

295.5

478.9

423.3

349.6

9

448.2

545.6

642.2

472.3

729.2

227.8

447.2

492.5

1109.3

801.4

513.8

10

-0.8
11.1
13.4
-6.6
21.0

0.4
-52.0
19.9
10.9
3.2

-0.4
-4.3
29.9
13.1
20.0

-0.1
-27.1
14.6
13.0
-18.8

0.0
-9.1
35.7
18.4
14.9

0.8
18.5
18.3
35.7
-56.6

-0.9
-41.0
8.2
-1.1
-76.2

2.3
-20.6
15.2
-5.5
57.3

-0.8
84.8
33.9
1.5
-12.3

-0.7
-36.3
51.9
19.3
-5.6

-0.7
-64.3
42.0
58.4
20.3

11
12
13
14
15

10

Net acquisition of financial assets

11
12
13
14
15

Gold and SDRs (2)
Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

16
17
18
19
20
21
22
23
24
25
26

Credit market instruments
Open market paper
U.S. government securities
Official
Treasury
Agency
Private
Treasury
Agency
U.S. corporate bonds (3)
Loans to U.S. corporate business

273.9
18.6
197.2
72.7
69.0
3.7
124.5
99.5
25.0
58.1
0.0

414.4
14.4
312.4
120.7
115.7
5.0
191.7
155.0
36.7
83.7
3.9

310.7
19.9
189.6
-2.2
-6.7
4.5
191.7
146.4
45.3
84.0
17.3

249.3
37.0
90.9
-3.6
-10.0
6.3
94.5
46.2
48.3
122.4
-1.0

224.8
7.9
84.5
31.9
12.4
19.5
52.6
-22.0
74.6
157.5
-25.0

60.8
93.3
-124.0
-123.6
-131.2
7.6
-0.4
-5.8
5.4
94.0
-2.5

390.7
-2.1
270.9
133.6
127.3
6.2
137.3
97.6
39.8
123.5
-1.6

253.3
-15.6
64.1
27.2
3.2
24.0
37.0
-35.1
72.1
137.5
67.3

37.4
-40.1
42.9
-3.7
-26.8
23.2
46.5
-21.6
68.2
129.5
-94.9

371.3
17.8
182.4
59.2
51.5
7.7
123.1
38.9
84.3
198.4
-27.3

237.3
69.5
48.5
44.7
21.7
22.9
3.8
-70.0
73.8
164.5
-45.2

16
17
18
19
20
21
22
23
24
25
26

27
28
29
30
31
32

U.S. corporate equities
Trade receivables
Security credit
Miscellaneous assets
Foreign direct investment in U.S. (4)
Other

16.6
-0.2
0
119.8
59.6
60.2

11.1
5.9
0
131.6
89.0
42.6

66.8
3.5
0
203.0
109.3
93.7

43.8
-7.3
0
205.0
193.4
11.6

96.2
-4.7
0
352.8
300.5
52.3

-29.0
-2.3
0
181.7
99.6
82.0

30.6
-21.8
0
158.7
482.0
-323.3

37.0
-18.9
0
172.5
91.8
80.7

116.6
-3.2
0
851.3
617.5
233.8

90.7
0.6
0
310.2
177.9
132.3

140.6
2.8
0
77.4
316.3
-238.9

27
28
29
30
31
32

310.9

350.8

355.5

261.9

342.4

101.4

49.8

197.0

630.3

378.0

164.2

33

8.8
35.3

-6.3
85.9

0.7
106.8

6.6
-0.2

-8.4
58.7

8.9
84.9

8.6
-131.9

-14.0
127.7

-5.4
99.3

-8.5
63.6

-5.5
-55.9

34
35

71.1
13.5
49.7
8.5
0.4
2.1
5.9
-0.8
0.3

77.2
11.3
55.8
9.1
0.3
3.4
5.4
-0.7
1.8

57.6
3.7
47.2
8.5
-0.8
-0.5
9.8
-1.6
-0.2

33.6
7.8
25.1
6.7
0.8
-0.7
6.7
-1.0
-5.0

18.3
16.3
2.4
0.6
0.2
-3.1
3.5
-0.0
-0.9

-19.6
6.2
-27.2
3.6
-0.5
-4.0
8.1
-1.8
-0.3

-38.9
-4.7
-34.2
9.8
3.1
-2.9
9.5
-0.9
-8.8

17.0
18.0
0.9
0.9
0.3
-2.2
2.7
-2.5
-0.2

-36.8
-27.5
-12.6
5.6
-0.4
4.9
1.1
-0.7
-1.6

62.2
41.1
29.4
-6.6
0.7
-10.4
3.1
1.0
-2.5

30.8
33.6
-8.2
2.4
0.1
-4.7
7.0
2.1
0.9

36
37
38
39
40
41
42
43
44

50.4
5.8
0
139.6
1.5
0.3
99.5
38.3

60.0
-1.7
0
135.6
1.8
-0.1
92.7
41.2

42.0
5.1
0
143.3
1.6
-0.0
110.0
31.8

77.8
-2.4
0
146.5
1.6
-0.1
132.8
12.2

94.5
6.2
0
173.1
1.5
0.5
149.7
21.4

-32.8
4.1
0
55.9
1.7
-0.6
86.3
-31.5

317.4
-3.6
0
-101.8
1.4
-0.2
123.1
-226.0

-33.4
-4.9
0
104.7
1.6
0.5
165.5
-62.9

270.9
-4.7
0
307.0
1.8
0.4
126.3
178.5

76.7
22.1
0
162.0
1.3
0.4
178.1
-17.9

64.0
12.3
0
118.5
1.1
0.6
130.1
-13.3

45
46
47
48
49
50
51
52

-39.3

-84.1

-163.0

-9.0

-71.8

106.2

-167.5

-39.8

-175.2

-87.0

15.4

53

-84.3
20.3
34.0

-89.0
18.1
39.8

-88.3
4.2
39.6

-149.5
-10.0
41.9

-255.4
-15.2
44.5

-165.7
-25.6
41.3

-161.3
-17.1
51.6

-201.6
-14.4
39.7

-245.8
-14.3
43.6

-278.1
-15.5
42.7

-296.4
-16.0
52.6

54
55
56

-97.9

-110.7

-123.7

-201.4

-315.1

-232.6

-230.0

-255.7

-303.7

-336.3

-365.0

57

33
34
35

Net increase in liabilities
U.S. official foreign exchange
and net IMF position
U.S. private deposits

36
37
38
39
40
41
42
43
44

Credit market instruments
Commercial paper
Bonds
Bank loans n.e.c.
Official
Banks
Other
U.S. government loans
Acceptance liabilities to banks

45
46
47
48
49
50
51
52

Foreign corporate equities (5)
Trade payables
Security debt
Miscellaneous liabilities
U.S. equity in IBRD, etc.
U.S. government deposits
U.S. direct investment abroad (3,4)
Other

53

54
55
56
57

Discrepancy (FOF basis) (6)
Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (7)
- Net transfer payments to foreign
= Net foreign investment in U.S.
(NIPA basis)

(1) Line 1 minus line 5; also equal to line 57 with the sign reversed.
(2) U.S. net sales, sign reversed.
(3) 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.
(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.
(5) Includes American Depositary Receipts (ADRs).
(6) Balance of payments discrepancy adjusted to NIPA concepts.
(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

23

Z.1, March 10, 2000

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

-1.2

1.6

2.6

-2.1

-1.3

-2.1

-2.1

-1.3

-1.3

-1.3

-1.3

1

2

Fixed nonresidential investment

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

19.8

23.3

38.8

32.8

130.1

35.1

43.4

34.7

34.5

87.9

363.2

3

3.2
2.2
1.0

-3.8
-0.5
1.0

-1.5
-0.5
0.6

0.8
0
0.7

-1.4
-3.0
1.7

0.3
0
0.6

0.4
0
1.1

-7.0
-4.0
1.5

0.1
0
1.5

0.3
-4.0
1.8

0.9
-4.0
2.2

4
5
6
7
8
9

4
5
6

Gold and foreign exchange
SDR certificates
Treasury currency

7
8
9

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

0.8
-0.1
3.3

4.2
-0.1
7.7

-3.6
2.0
2.3

0.9
-2.0
6.5

-1.9
0.2
110.3

-10.6
0.4
-4.2

11.5
-4.2
23.3

-10.1
0.9
-5.1

4.6
-0.1
-35.5

-0.8
1.0
50.6

-1.2
-1.0
431.0

Credit market instruments

12.7

12.3

38.3

21.1

25.7

41.6

3.5

71.8

62.4

34.1

-65.7

10

0
12.7
13.7
-1.0
0

0
12.3
12.7
-0.4
0

0
38.3
39.8
-1.5
0

0
21.1
21.4
-0.3
0

0
25.7
25.8
-0.2
0

0
41.6
42.1
-0.5
0

0
3.5
3.8
-0.3
0

0
71.8
71.9
-0.1
0

0
62.4
62.7
-0.2
0

0
34.1
34.2
-0.1
0

0
-65.7
-65.5
-0.2
0

11
12
13
14
15

10
11
12
13
14
15
16
17

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

-3.2

2.4

1.2

4.9

-1.5

7.1

7.8

-13.4

1.5

4.8

1.0

16

19.5

22.8

38.1

32.0

129.6

32.4

48.1

33.1

33.0

85.0

367.2

17

18
19

Depository institution reserves
Vault cash of commercial banks

-1.2
2.4

-5.1
4.6

6.3
-0.2

-4.5
-2.9

-2.3
24.5

13.9
0.3

-19.8
-12.5

2.5
18.1

-2.0
5.0

3.9
-2.9

-13.4
77.6

18
19

20
21
22
23

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

17.0
-1.2
0.2
18.0

23.5
1.7
-0.1
21.8

30.1
-2.3
0.5
31.9

38.5
0.5
0.0
38.0

109.0
22.3
0.3
86.4

39.3
-12.1
0.9
50.5

62.2
8.5
-0.4
54.1

34.6
-0.2
0.3
34.5

2.7
-44.0
1.3
45.3

101.5
42.8
-0.3
59.0

297.3
90.7
-0.3
206.9

20
21
22
23

24
25
26

Miscellaneous liabilities
Federal Reserve Bank stock
Other

1.3
0.3
1.0

-0.2
0.6
-0.9

1.8
0.8
1.0

1.0
0.5
0.5

-1.6
0.5
-2.1

-21.1
0.5
-21.6

18.2
0.2
18.1

-22.1
0.7
-22.8

27.4
0.6
26.8

-17.5
0.2
-17.7

5.7
0.4
5.3

24
25
26

-1.8

0.9

1.6

-3.1

-2.1

-5.1

2.2

-3.2

-3.1

-4.5

2.5

27

27

Discrepancy

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

24

Z.1, March 10, 2000

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Gross saving

31.9

28.4

36.9

41.6

53.0

41.7

40.7

57.0

46.1

52.2

56.9

1

2

Fixed nonresidential investment

20.0

20.1

21.4

24.7

27.6

24.8

25.8

26.3

26.3

28.8

29.0

2

3

Net acquisition of financial assets

335.7

216.6

457.3

443.7

357.3

572.6

491.9

101.5

349.5

358.8

619.6

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

2.4
-1.1
0.2

4.6
-4.6
-0.2

-0.2
6.8
-0.1

-2.9
-4.6
0.6

24.5
-1.9
0.2

0.3
14.1
-0.5

-12.5
-20.3
2.4

18.1
3.0
-1.5

5.0
-2.1
-1.4

-2.9
4.4
1.6

77.6
-13.0
2.3

4
5
6

7

Total bank credit

273.4

189.9

350.0

335.8

295.2

298.3

508.9

33.0

141.6

417.7

588.7

7

27.0
-11.7
38.7

11.3
-16.9
28.2

83.8
8.3
75.5

35.4
-56.1
91.4

48.2
12.4
35.8

-26.0
-159.4
133.4

144.4
-19.1
163.5

46.0
2.0
44.0

2.4
-8.3
10.7

95.9
24.2
71.8

48.6
31.9
16.7

8
9
10

-4.2
8.4

0.9
1.4

2.4
27.8

8.2
38.0

5.8
38.9

11.8
30.8

11.2
66.8

10.1
-66.4

4.1
94.1

6.4
45.5

2.7
82.4

11
12

239.8
-0.1
114.7
77.5
43.2
4.6

174.2
0.8
92.1
55.2
24.8
1.3

234.7
-0.8
128.2
99.9
-14.2
21.7

253.4
-0.2
145.0
91.7
-3.6
20.5

200.2
0.2
69.1
158.2
-9.2
-18.1

275.9
-0.7
171.6
53.0
10.6
41.5

283.6
0.6
143.0
169.9
6.0
-35.9

42.4
-0.7
62.1
15.8
6.1
-40.8

43.9
-0.5
38.3
78.4
-75.7
3.5

266.2
1.1
100.0
228.2
-36.5
-26.7

448.3
1.0
75.9
310.3
69.4
-8.4

13
14
15
16
17
18

2.1
0.3

1.8
0.3

0.6
0.8

1.3
-0.4

0.9
1.2

2.1
3.7

-0.5
3.4

1.6
-0.8

-3.7
0.8

4.4
-0.7

1.3
5.3

19
20

-0.6
61.4

1.0
25.9

-2.8
103.5

-9.3
124.1

-3.1
42.4

-1.0
261.5

-10.5
23.9

-4.0
52.9

-5.6
211.9

-5.1
-56.9

2.4
-38.4

21
22

8
9
10

U.S. government securities
Treasury
Agency

11
12

Municipal securities
Corporate and foreign bonds

13
14
15
16
17
18

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

19
20

Corporate equities
Mutual fund shares

21
22

Customers’ liab. on acceptances (2)
Miscellaneous assets

23

Net increase in liabilities

300.6

203.7

490.5

469.1

295.2

685.9

402.3

60.8

362.3

186.4

571.3

23

24
25
26
27

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

8.7
0.7
-3.1
11.1

-51.2
4.1
-3.3
-52.0

-25.8
-1.6
-19.9
-4.3

-24.8
-1.1
3.4
-27.1

-10.0
-1.7
0.7
-9.1

30.5
-10.2
22.3
18.5

-86.5
7.3
-52.8
-41.0

28.9
-9.2
58.7
-20.6

87.6
4.5
-1.7
84.8

-37.0
0.2
-1.0
-36.3

-119.7
-2.2
-53.1
-64.3

24
25
26
27

28
29
30
31

Checkable deposits
Federal government
Rest of the world
Private domestic

-45.9
-4.7
0.8
-42.0

-34.6
9.7
2.6
-46.9

-19.8
-0.9
4.6
-23.5

-33.4
-14.6
-2.0
-16.8

3.1
36.4
13.1
-46.4

-91.4
-63.1
-11.7
-16.6

-55.4
-40.6
-16.4
1.6

-2.7
30.3
5.1
-38.1

-36.5
45.5
20.3
-102.4

4.2
27.4
33.4
-56.5

47.5
42.5
-6.5
11.6

28
29
30
31

32
33
34

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

113.9
54.8
30.4

123.1
105.3
41.0

148.3
107.9
89.0

183.7
72.3
87.0

71.0
118.7
110.6

160.8
61.4
164.1

292.3
74.2
33.9

-6.4
-10.0
112.1

120.4
29.0
27.4

140.4
97.3
129.4

29.4
358.5
173.6

32
33
34

35

Credit market instruments

22.5

13.0

46.1

72.9

69.4

61.7

66.3

31.1

72.7

111.3

62.7

35

-2.2
18.5
6.2

2.9
7.8
2.3

3.3
23.7
19.1

-1.5
27.6
46.9

6.1
20.5
42.8

7.1
20.8
33.8

-28.4
23.2
71.5

-1.1
35.2
-3.0

6.3
6.2
60.1

-18.4
43.4
86.3

37.8
-3.0
27.9

36
37
38

-8.7
0.9
124.0

-14.3
1.2
20.1

-27.7
1.4
171.2

-11.2
1.7
120.9

-10.5
1.9
-59.0

-9.1
1.7
306.0

-13.3
1.7
89.0

-14.7
1.8
-79.2

3.2
1.9
56.7

-31.1
1.9
-230.0

0.5
2.0
16.7

39
40
41

-23.3

-4.6

48.7

42.3

-36.7

130.2

-74.7

-10.0

32.7

-149.0

-20.5

42

265.9

187.5

324.3

305.2

308.2

250.1

531.5

68.9

135.4

435.5

592.8

43

36
37
38
39
40
41
42

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

43

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table F.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).

25

Z.1, March 10, 2000

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

4.0

-8.6

-2.6

5.1

0.7

8.3

2.5

19.5

-13.2

-9.2

5.5

1

2

Fixed nonresidential investment

17.3

17.0

17.9

20.9

23.6

21.1

21.9

22.4

22.3

24.8

24.9

2

3

Net acquisition of financial assets

200.5

122.8

290.8

328.1

344.6

343.1

489.0

127.5

324.9

381.7

544.2

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

6
7
8
9
10
11

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

12
13
14
15
16

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

17
18
19
20
21
22

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

23
24

Corporate equities
Mutual fund shares

25
26
27

Customers’ liab. on acceptances (1)
Miscellaneous assets
Net increase in liabilities

1.5

-0.3

4.8

-5.7

22.1

18.1

-33.7

23.0

0.3

4.3

60.9

4

194.8

115.2

280.7

329.3

313.5

315.1

564.5

115.2

248.6

380.5

509.5

5

-17.1
-40.4
23.4
12.9
-18.4
28.8

-19.4
-34.7
15.3
21.4
-11.5
5.4

54.3
-6.1
60.4
31.1
17.5
11.8

39.6
-42.1
81.6
53.7
8.9
19.1

27.4
-1.9
29.3
-17.8
4.9
42.2

61.4
-84.7
146.1
106.5
45.5
-5.9

137.8
-11.8
149.6
131.3
-22.0
40.3

38.6
2.4
36.2
-55.3
31.1
60.4

31.8
-1.0
32.8
-17.2
-9.4
59.4

42.9
-5.3
48.2
6.4
11.9
30.0

-3.6
-3.7
0.1
-5.0
-13.9
19.0

6
7
8
9
10
11

-4.3
3.3
0.9
3.5
-1.1

1.0
-4.5
-0.4
-3.1
-1.0

2.4
19.6
-1.2
0.7
20.2

8.2
32.4
0.9
20.3
11.1

5.7
43.4
0.9
5.7
36.7

11.8
14.9
-1.2
10.7
5.3

11.2
62.1
-7.2
30.8
38.4

9.6
-43.8
5.0
6.1
-54.9

4.0
94.5
-4.3
2.0
96.8

6.6
54.5
-1.6
7.6
48.6

2.7
68.2
4.7
7.2
56.4

12
13
14
15
16

210.5
0.3
77.0
81.7
43.2
8.3

136.0
0.3
58.2
57.5
24.8
-4.8

203.0
-0.6
108.1
105.5
-14.2
4.2

248.2
-0.1
144.3
95.8
-3.6
11.9

234.8
-0.1
92.4
160.4
-9.2
-8.7

221.3
-0.2
157.1
52.1
10.6
1.7

350.5
0.5
152.5
176.9
6.0
14.6

110.0
-0.5
101.5
26.0
6.1
-23.0

121.2
-0.6
101.5
79.5
-75.7
16.5

272.7
0.4
119.8
226.3
-36.5
-37.4

435.5
0.2
47.0
310.0
69.4
9.0

17
18
19
20
21
22

2.1
0.3

1.8
0.3

0.6
0.8

1.3
-0.4

0.9
1.2

2.1
3.7

-0.5
3.4

1.6
-0.8

-3.7
0.8

4.4
-0.7

1.3
5.3

23
24

2.4
1.8

1.6
6.2

-0.2
5.5

-4.6
9.1

-2.5
11.4

1.6
8.3

-6.7
-35.0

-3.3
-7.4

-3.4
79.4

-3.5
0.3

0.4
-26.6

25
26

189.7

142.6

359.0

385.2

328.9

484.6

432.4

117.6

391.5

265.3

541.4

27

-6.8
0.8
-0.1
-7.3
-0.2

-55.7
4.2
-0.1
-23.5
-36.3

4.2
-3.6
2.0
-6.7
12.6

20.4
0.9
-2.0
-2.6
24.1

28.0
-1.9
0.2
-11.7
41.4

129.9
-10.6
0.4
18.1
121.9

-98.3
11.5
-4.2
-36.6
-69.0

67.8
-10.1
0.9
52.4
24.5

94.9
4.6
-0.1
0.7
89.6

-27.6
-0.8
1.0
-36.0
8.2

-22.9
-1.2
-1.0
-63.8
43.1

28
29
30
31
32

28
29
30
31
32

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

33
34
35
36

Checkable deposits
Federal government
Rest of the world
Private domestic

-46.0
-4.7
0.9
-42.1

-34.4
9.7
3.3
-47.4

-21.1
-0.9
4.2
-24.3

-34.4
-14.6
-1.7
-18.1

2.8
36.4
12.5
-46.1

-89.6
-63.1
-11.4
-15.1

-59.7
-40.6
-15.3
-3.9

-1.2
30.3
3.2
-34.6

-34.3
45.5
22.8
-102.6

4.3
27.4
33.5
-56.6

42.6
42.5
-9.5
9.7

33
34
35
36

37
38
39

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

113.4
42.6
28.2

122.8
49.5
28.7

143.9
63.2
63.4

186.3
34.8
66.8

72.4
61.5
128.8

179.0
2.2
87.6

292.9
63.7
124.5

-2.4
5.2
114.1

126.9
39.9
33.9

138.7
69.5
158.1

26.4
131.4
209.1

37
38
39

40
41
42
43
44

Acceptance liabilities
Corporate bonds
Other loans and advances
Corporate equity issues
Taxes payable

2.3
2.7
6.2
2.6
0.9

1.7
7.7
2.3
3.2
1.2

-0.3
10.7
19.1
3.2
1.4

-4.6
10.5
46.9
3.8
1.7

-2.5
3.7
42.8
3.2
1.9

1.5
6.2
33.8
2.6
1.7

-6.3
15.7
71.5
6.7
1.7

-3.5
2.9
-3.0
1.7
1.8

-3.5
4.3
60.1
2.6
1.9

-3.7
4.6
86.3
-2.9
1.9

0.5
2.9
27.9
11.4
2.0

40
41
42
43
44

45
46
47

Miscellaneous liabilities
Investment by bank holding companies
Other

43.6
40.1
3.5

15.6
28.6
-13.0

71.2
40.7
30.5

53.0
55.3
-2.4

-13.7
8.5
-22.2

129.8
53.5
76.3

19.9
38.9
-19.0

-65.9
29.8
-95.7

64.9
-10.2
75.1

-163.8
6.9
-170.7

110.1
7.7
102.4

45
46
47

-24.0

-5.8

47.8

41.1

-38.6

128.7

-76.1

-12.8

31.1

-150.4

-22.2

48

186.5

119.6

274.9

312.0

317.6

309.2

540.2

134.1

231.5

410.7

494.2

49

48

Discrepancy
Memo:

49

Credit market funds advanced (2)

(1) Included in other loans and advances (table F.216).
(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).

26

Z.1, March 10, 2000

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

1.7

1.8

2.0

2.1

2.2

2.1

2.2

2.2

2.2

2.2

2.3

1

2

Fixed nonresidential investment

2.3

2.6

3.0

3.3

3.5

3.2

3.3

3.4

3.4

3.5

3.5

2

3

Net acquisition of financial assets

76.6

48.5

96.5

-4.9

-48.0

154.5

-129.5

-119.4

-49.8

-56.9

34.2

3

4

Reserves at Federal Reserve

-0.1

0.3

1.8

-1.9

0.4

-3.7

0.9

-1.8

2.6

-2.8

3.8

4

5

Total bank credit

74.7

70.0

60.2

1.4

-28.9

-25.7

-58.9

-71.9

-116.7

43.0

30.0

5

6
7
8
9
10

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

43.9
29.6
14.3
0
4.6

30.9
18.4
12.4
0
3.2

26.8
14.4
12.5
0
3.1

-5.5
-10.3
4.8
0
5.8

11.8
7.4
4.4
0
-5.2

-86.6
-69.5
-17.1
0
8.9

-2.0
-6.3
4.3
0
18.8

9.4
1.0
8.4
0
-18.5

-26.0
-7.4
-18.6
0
-5.4

50.2
32.0
18.2
0
-9.0

13.7
4.1
9.6
0
12.2

6
7
8
9
10

11
12
13
14
15

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

26.2
-0.4
35.4
-5.1
-3.7

36.0
0.5
32.2
-2.9
6.2

30.3
-0.2
19.2
-6.1
17.5

1.1
-0.1
-1.9
-5.5
8.6

-35.6
0.4
-22.3
-4.2
-9.4

51.9
-0.5
13.5
-0.7
39.7

-75.7
0.1
-17.1
-8.2
-50.5

-62.9
-0.2
-35.3
-9.7
-17.8

-85.2
0.0
-67.3
-4.9
-13.1

1.8
0.7
-9.4
-0.2
10.7

4.0
0.9
22.7
-2.1
-17.4

11
12
13
14
15

16
17
18

Corporate equities
Customers’ liab. on acceptances (2)
Miscellaneous assets

0.0

-0.0

-0.0

0

0

0

0

0

0

0

0

16

-2.9
5.0

-0.6
-21.2

-2.5
37.0

-4.7
0.3

-0.6
-18.9

-2.6
186.5

-3.7
-67.8

-0.7
-44.9

-2.1
66.4

-1.7
-95.3

2.1
-1.6

17
18

19

Net increase in liabilities

78.5

50.6

98.9

-2.1

-44.8

157.3

-126.5

-116.4

-46.7

-53.7

37.5

19

20
21
22

Net interbank liabilities
To foreign banks
To domestic banks

18.7
15.1
3.6

-2.5
-11.5
9.0

-30.4
-17.6
-12.7

-55.4
-51.7
-3.7

-42.0
-46.2
4.2

-120.4
-113.3
-7.1

7.0
42.7
-35.7

-56.8
-57.7
0.9

-39.1
-32.2
-6.9

-11.4
-39.8
28.3

-60.7
-55.1
-5.6

20
21
22

23
24
25

Checkable deposits
Small time and savings deposits
Large time deposits

-0.1
-0.7
11.0

-0.7
0.1
55.6

0.8
4.4
44.7

-0.2
-3.6
36.5

0.4
-1.9
56.7

-2.1
-19.4
58.0

1.2
-1.2
9.9

1.1
-1.6
-12.8

-4.3
-7.6
-12.0

1.2
0.4
26.4

3.5
1.1
225.2

23
24
25

26
27

Federal funds and security RPs (net)
Acceptance liabilities

1.8
-3.1

12.0
-0.7

25.6
-2.4

19.7
-4.8

-18.3
-0.4

75.8
-2.2

-72.4
-3.9

-1.7
-1.7

-5.8
-0.0

-27.6
-1.5

-38.0
1.6

26
27

28
29
30
31

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

50.9
6.6
6.7
37.6

-13.3
-0.1
13.7
-26.9

56.2
6.7
14.3
35.2

5.7
5.7
11.8
-11.8

-39.2
34.7
2.5
-76.4

167.5
20.1
40.7
106.8

-67.1
2.1
4.4
-73.6

-42.9
2.8
-3.1
-42.6

22.1
55.5
-5.3
-28.2

-41.0
4.7
56.0
-101.7

-95.1
75.9
-37.8
-133.2

28
29
30
31

1.2

1.3

1.4

1.7

1.9

1.7

1.9

1.8

1.9

1.9

2.0

32

75.4

63.3

40.2

-11.9

-20.1

-68.1

-12.1

-54.9

-105.7

30.6

49.5

33

32

Discrepancy
Memo:

33

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table F.216).
(3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17).

27

Z.1, March 10, 2000

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Gross saving

26.1

35.1

37.3

34.3

50.0

31.2

35.9

35.2

57.0

59.0

49.0

1

2

Fixed nonresidential investment

0.4

0.4

0.3

0.4

0.4

0.4

0.4

0.4

0.4

0.4

0.4

2

3

Net acquisition of financial assets

52.6

44.0

64.5

110.6

55.1

70.4

110.8

99.3

64.8

25.0

31.3

3

-0.3

3.9

5.4

-0.9

6.2

6.0

-7.4

-6.0

0.4

-12.4

42.6

4

-1.3
-1.2
-0.2
0.6
0.4

0.9
0.6
0.3
2.8
0.2

0.5
-0.1
0.6
5.0
-0.0

-1.9
-3.1
1.1
-0.7
1.7

6.6
7.9
-1.3
1.2
-1.6

-0.4
-2.8
2.5
6.3
0.0

0.6
-0.2
0.9
-15.2
7.2

-1.2
0.9
-2.1
-2.6
-2.1

-7.8
0.0
-7.8
5.7
2.5

-1.8
-1.1
-0.7
0.2
-10.8

37.1
31.6
5.6
1.3
4.2

5
6
7
8
9

53.0
40.1
8.2
4.6

40.1
28.6
0.3
11.3

59.0
40.7
25.0
-6.7

111.6
55.3
44.1
12.1

48.9
8.5
17.1
23.3

64.4
53.5
19.8
-9.0

118.1
38.9
48.5
30.7

105.3
29.8
74.1
1.4

64.4
-10.2
57.1
17.6

37.4
6.9
-25.4
55.9

-11.3
7.7
-37.2
18.2

10
11
12
13

4
5
6
7
8
9
10
11
12
13

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

14

Net increase in liabilities

26.8

9.2

27.4

76.6

5.3

39.4

75.1

64.3

8.1

-33.7

-17.4

14

15
16
17

Net interbank liabilities
To domestic banks
To foreign banks

-3.2
0.6
-3.8

7.0
11.2
-4.1

0.3
-0.4
0.8

10.2
9.6
0.6

4.0
8.2
-4.3

21.0
11.2
9.8

4.8
19.6
-14.8

17.9
5.4
12.5

31.8
4.5
27.4

2.0
6.7
-4.7

-36.0
16.3
-52.3

15
16
17

18

Federal funds and security RPs (net)

0.4

0.4

0.0

0.5

0.1

0.8

-18.2

-0.3

-0.7

-1.1

2.5

18

19
20
21

Credit market instruments
Commercial paper
Corporate bonds

14.4
-1.4
15.8

2.0
1.9
0.1

19.0
6.0
13.0

24.9
7.8
17.1

25.9
9.1
16.8

22.5
7.9
14.6

-10.6
-18.2
7.6

36.3
4.0
32.2

11.7
9.8
2.0

25.6
-13.2
38.8

29.9
35.7
-5.8

19
20
21

22
23
24
25

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-11.3
26.6
12.7
13.9

-17.5
17.3
-11.9
29.2

-30.9
39.0
-13.1
52.1

-15.0
56.0
24.7
31.2

-13.7
-10.9
-39.2
28.3

-11.7
6.8
-4.1
10.9

-20.0
119.1
72.6
46.5

-16.4
26.8
9.2
17.6

0.6
-35.4
-40.9
5.4

-28.2
-32.1
-58.1
26.0

-10.9
-2.9
-67.1
64.2

22
23
24
25

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

26

26

Discrepancy

F.113 Banks in U.S.-Affiliated Areas (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

1

2

Fixed nonresidential investment

0.1

0.1

0.1

0.1

0.2

0.1

0.1

0.1

0.2

0.2

0.2

2

3

Net acquisition of financial assets

5.9

1.3

5.5

9.8

5.6

4.6

21.7

-5.9

9.5

8.9

10.0

3

4

Checkable deposits and currency

0.2

-0.2

-0.1

0.6

0.2

-0.5

2.4

-1.5

-1.4

1.6

2.3

4

5

Credit market instruments

4.2

0.7

3.7

6.0

4.5

2.9

10.7

-4.4

9.2

6.6

6.6

5

6
7
8
9
10

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

1.5
0.2
1.3
0.1
-0.1

-1.0
-1.3
0.2
-0.1
-0.1

2.1
0.1
2.0
-0.0
0.1

3.2
-0.7
3.9
-0.1
0.5

2.4
-0.9
3.3
0.1
-0.5

-0.4
-2.4
2.0
0.0
0.7

7.9
-0.8
8.7
0.0
1.2

-0.7
-2.3
1.6
0.4
-1.5

4.4
0.1
4.3
0.1
-0.7

4.6
-1.5
6.0
-0.2
-0.2

1.4
-0.0
1.4
0.0
0.6

6
7
8
9
10

11
12
13

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

1.8
1.0
-0.0

1.4
0.6
-0.1

0.9
0.1
0.5

0.9
1.1
0.4

0.5
0.7
1.2

1.0
0.9
0.7

0.5
0.6
0.5

-2.0
-2.1
1.5

1.6
2.4
1.5

0.3
1.1
1.0

2.1
1.5
0.9

11
12
13

1.6

0.8

1.8

3.1

0.9

2.3

8.5

-0.0

1.6

0.7

1.1

14

14
15

Miscellaneous assets

5.5

1.4

5.1

9.4

5.8

4.6

21.4

-4.7

9.4

8.5

9.9

15

16
17
18

Checkable deposits
Small time and savings deposits
Large time deposits

0.2
1.2
1.2

0.5
0.2
0.2

0.4
-0.0
-0.0

1.2
1.0
1.0

-0.1
0.5
0.5

0.3
1.2
1.2

3.1
0.6
0.6

-2.6
-2.4
-2.4

2.1
1.1
1.1

-1.2
1.4
1.4

1.4
1.9
1.9

16
17
18

19

Miscellaneous liabilities

2.9

0.6

4.7

6.3

4.9

1.8

17.1

2.8

5.1

6.9

4.6

19

-0.4

0.0

-0.4

-0.4

0.1

-0.1

-0.4

1.2

-0.1

-0.4

-0.2

20

20

Net increase in liabilities

Discrepancy

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

28

Z.1, March 10, 2000

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

7.1

3.5

4.7

4.7

6.0

5.3

4.6

5.4

5.5

6.4

6.8

1

2

Fixed nonresidential investment

6.8

7.4

7.7

9.2

9.8

9.3

9.7

9.9

9.7

9.7

9.8

2

3

Net acquisition of financial assets

0.9

16.1

-8.4

60.8

63.0

65.8

132.4

86.5

54.8

83.7

27.0

3

4
5
6
7

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

-0.1
1.6
-0.2
4.8

-0.5
-1.3
0.3
-1.2

-0.5
1.0
-0.4
-0.8

0.1
3.2
0.5
5.5

-0.4
2.2
-0.1
-4.2

-0.2
-0.2
-0.1
5.5

0.4
10.8
0.4
-3.7

-0.6
-13.5
-0.3
4.5

0.0
4.8
-0.3
-13.6

-0.6
2.6
0.0
-1.0

-0.4
15.2
0.1
-6.7

4
5
6
7

8

Credit market instruments

-7.6

19.9

-4.7

36.3

68.6

17.9

113.3

102.7

88.8

60.9

22.0

8

9
10
11
12

Open market paper
U.S. government securities
Treasury
Agency

0.0
-4.1
-8.7
4.7

0.1
-9.5
-1.0
-8.5

-0.3
-3.6
-2.8
-0.8

0
-16.1
-4.4
-11.7

0
3.7
-0.0
3.7

-0.0
-23.3
-6.0
-17.3

0
-11.4
-3.8
-7.6

0
18.5
1.7
16.7

0
-2.3
0.1
-2.4

0
-4.1
-0.7
-3.4

0
2.7
-1.2
3.9

9
10
11
12

13
14
15
16
17

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

-0.0
-8.2
2.5
0.6
1.6

0.1
-9.9
3.0
31.6
4.6

0.0
-9.9
3.1
3.5
2.5

0.4
29.9
5.3
12.3
4.4

0.5
23.2
6.5
24.7
9.9

1.1
33.0
7.5
-8.3
7.9

1.0
60.3
8.3
49.9
5.2

1.0
62.9
4.8
7.5
8.0

0.7
22.0
6.7
47.4
14.2

0.1
-14.6
4.8
63.1
11.6

0.3
22.7
9.6
-19.2
5.9

13
14
15
16
17

0.7
1.7

0.6
-1.8

0.2
-3.2

1.5
13.6

-0.7
-2.5

2.5
40.4

1.4
9.8

-1.2
-5.1

-0.2
-24.6

-1.4
23.2

0.2
-3.4

18
19

18
19

Corporate equities
Miscellaneous assets

20

Net increase in liabilities

-3.2

15.4

-9.5

57.6

61.8

62.3

129.8

83.9

54.0

83.1

26.2

20

21
22
23
24

Deposits
Checkable
Small time and savings
Large time

-5.7
14.1
-29.0
9.2

-6.5
25.4
-38.1
6.3

-25.7
27.1
-64.4
11.7

-2.6
36.1
-54.3
15.7

6.8
37.2
-38.9
8.5

1.7
31.4
-47.7
18.0

28.8
44.6
-40.0
24.2

-44.1
29.8
-73.9
-0.1

8.7
43.3
-44.1
9.5

21.8
35.9
-17.8
3.8

40.6
39.6
-19.9
20.9

21
22
23
24

25

Security RPs

-0.0

-0.9

-1.9

9.5

21.4

-1.4

14.6

50.6

7.2

24.6

3.1

25

26
27
28
29

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

2.6
-0.0
5.2
-2.6

25.5
-0.4
1.4
24.5

19.7
0.1
3.5
16.2

52.2
-0.2
10.3
42.1

45.8
0.2
-15.7
61.3

63.7
-0.5
18.4
45.8

103.2
-0.1
7.0
96.3

58.0
0.9
17.3
39.8

58.6
-0.5
5.6
53.5

55.2
1.4
-3.2
57.0

11.5
-1.2
-82.4
95.1

26
27
28
29

30
31
32
33

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.5
-0.6
0.1
-0.7

-0.1
-2.5
0.2
-2.7

0.4
-2.1
0.3
-2.4

0.2
-1.6
0.4
-2.1

0.0
-12.2
0.5
-12.8

0.5
-2.1
0.4
-2.6

0.3
-17.1
0.5
-17.6

-0.1
19.5
0.5
19.0

-0.5
-20.0
0.5
-20.5

1.3
-19.9
0.6
-20.4

-0.5
-28.6
0.6
-29.2

30
31
32
33

-3.8

-4.5

-4.1

-7.7

-4.9

-7.4

-7.7

-7.1

-5.0

-3.8

-3.8

34

34

Discrepancy

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

29

Z.1, March 10, 2000

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

7.5

8.2

7.5

8.1

9.0

8.4

8.4

8.6

8.6

9.2

9.5

1

2

Fixed nonresidential investment

3.8

4.3

4.8

5.7

6.6

5.8

6.0

6.2

6.1

7.0

7.0

2

3

Net acquisition of financial assets

17.1

19.5

23.7

37.7

23.6

33.6

58.1

20.6

29.5

31.3

13.2

3

4
5
6

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

0.9
0.4
0.2

0.1
-0.7
-4.9

0.6
0.6
2.0

1.0
6.4
3.4

5.9
-2.3
2.4

0.5
3.3
-5.5

3.5
13.7
6.9

-1.1
4.3
-19.0

0.9
2.7
4.8

13.9
-16.5
1.2

9.9
0.4
22.8

4
5
6

7

Credit market instruments

16.2

25.5

16.8

19.0

31.1

21.0

16.0

34.7

32.1

36.6

21.2

7

8
9
10
11

Open market paper
U.S. government securities
Treasury
Agency

-1.6
1.1
-3.8
4.9

-0.3
4.1
-0.9
4.9

-0.1
-1.4
-1.8
0.4

0.2
4.9
-2.5
7.3

1.5
0.1
-4.6
4.7

2.6
5.2
-3.7
8.9

-2.8
5.6
-1.6
7.2

-0.2
11.3
-4.1
15.3

2.0
9.2
1.5
7.7

0
-1.8
-9.3
7.6

4.1
-18.4
-6.6
-11.8

8
9
10
11

12
13

Home mortgages
Consumer credit

4.4
12.3

9.5
12.2

10.1
8.2

10.9
3.0

14.7
14.9

9.9
3.3

10.6
2.6

10.5
13.2

16.6
4.3

19.5
18.8

12.3
23.3

12
13

14
15

Mutual fund shares
Miscellaneous assets

0.2
-0.8

-0.3
-0.2

-0.2
3.8

1.2
6.8

-1.1
-12.5

-0.2
14.5

2.1
15.9

0.5
1.3

0.5
-11.5

0.5
-4.4

-5.8
-35.4

14
15

16

Net increase in liabilities

13.4

16.4

20.5

34.7

21.3

29.6

56.1

18.5

27.8

27.9

11.0

16

17
18
19
20

Shares/deposits
Checkable
Small time and savings
Large time

15.4
2.1
11.6
1.7

16.3
1.6
12.3
2.4

20.3
4.1
13.2
2.9

33.6
6.4
23.1
4.1

18.6
2.3
13.2
3.1

29.6
-4.2
31.5
2.3

56.2
21.4
28.9
5.9

15.9
-0.5
12.2
4.2

28.5
0.6
23.6
4.2

25.7
-0.6
22.1
4.2

4.3
9.8
-5.2
-0.2

17
18
19
20

21
22

Other loans and advances
Miscellaneous liabilities

-0.1
-1.9

0.1
0.0

0.1
0.1

0.6
0.5

2.2
0.5

1.0
-1.1

0.4
-0.6

1.5
1.1

1.4
-2.0

2.8
-0.6

3.3
3.4

21
22

0.1

0.9

-0.5

-0.5

0.1

-1.4

0.3

0.2

0.8

-1.1

0.3

23

23

Discrepancy

F.116 Bank Personal Trusts and Estates (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

5.3

-10.7

-51.1

-47.8

-30.8

-50.9

-48.6

-31.9

-25.5

-33.9

-31.7

1

2
3
4
5

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

3.3
0.1
-0.5
3.7

6.4
0.3
-1.6
7.8

-2.9
0.0
1.0
-4.0

6.2
-0.5
-2.1
8.8

3.5
0.1
1.1
2.3

6.2
-0.5
-2.1
8.8

6.2
-0.5
-2.1
8.8

-0.1
0.0
0.7
-0.8

2.9
0.1
0.8
2.0

4.9
0.1
0.8
4.0

6.5
0.3
1.9
4.2

2
3
4
5

6

Credit market instruments

-8.3

-7.7

-25.0

-12.8

-8.4

-16.0

-13.5

-7.6

-8.4

-8.6

-9.1

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

0.7
-1.2
-1.1
-0.1

-2.6
0.5
0.8
-0.3

-0.2
-10.1
-5.8
-4.3

-4.5
-4.4
-2.9
-1.5

-0.4
-5.6
-4.7
-0.9

-4.5
-7.6
-6.1
-1.5

-4.5
-5.1
-3.6
-1.5

-0.4
-4.0
-3.2
-0.8

-0.4
-5.2
-4.0
-1.2

-0.2
-6.4
-5.6
-0.8

-0.8
-6.8
-5.9
-0.9

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

-5.9
-1.7
-0.1

-4.3
-1.7
0.3

-13.3
-0.8
-0.6

-1.1
-2.6
-0.2

-1.1
-1.3
-0.0

-1.1
-2.6
-0.2

-1.1
-2.6
-0.2

-1.6
-1.6
-0.0

-1.2
-1.6
-0.0

-0.8
-1.2
-0.0

-0.7
-0.9
0.0

11
12
13

1.6
9.5

-17.3
3.9

-14.5
-7.2

-59.0
9.4

-35.9
8.7

-59.0
9.4

-59.0
9.2

-32.0
8.0

-30.4
8.4

-42.0
9.2

-39.0
9.0

14
15

-0.9

3.9

-1.4

8.4

1.3

8.4

8.4

-0.2

2.0

2.6

0.9

16

4.0

-8.6

-56.3

-48.0

-31.1

-51.2

-48.8

-32.0

-25.9

-34.3

-32.3

17

-1.3

2.1

-5.3

-0.2

-0.4

-0.2

-0.2

-0.1

-0.4

-0.4

-0.6

18

14
15

Corporate equities
Mutual fund shares

16

Miscellaneous assets

17

Net increase in liabilities (2)

18

Discrepancy

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

30

Z.1, March 10, 2000

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

10.0

13.0

6.1

6.2

7.6

6.1

5.2

6.6

6.9

8.5

8.6

1

2

Fixed nonresidential investment

27.1

26.0

31.1

35.0

37.6

34.9

36.1

36.5

36.8

38.4

38.7

2

3

Net acquisition of financial assets

145.5

125.4

213.7

189.3

197.3

189.8

187.0

169.9

193.9

189.4

236.0

3

4
5

Checkable deposits and currency
Money market fund shares

-0.5
6.6

-0.9
39.1

3.8
32.6

-2.7
18.7

0.2
32.3

-1.6
19.8

4.0
20.3

-10.9
42.1

5.2
15.6

-0.3
10.3

6.9
61.2

4
5

6

Credit market instruments

100.0

69.6

104.8

76.9

72.6

65.6

86.0

82.2

84.0

52.9

71.3

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-7.3
9.8
1.0
8.7

2.9
-13.6
-14.9
1.3

17.5
-1.4
1.6
-3.0

7.5
-23.7
-14.1
-9.6

1.1
-9.3
-7.6
-1.7

17.7
-27.1
-15.0
-12.1

13.8
-27.0
-15.5
-11.4

-24.2
-0.2
-1.9
1.7

-8.9
-7.9
-8.8
0.9

7.8
-21.1
-13.6
-7.5

29.8
-8.0
-6.0
-2.0

7
8
9
10

11
12
13
14

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

-0.9
90.7
10.4
-2.6

1.5
79.2
4.5
-5.0

0.1
86.8
3.2
-1.3

1.7
84.5
0.1
6.8

-0.2
71.1
-4.1
14.0

1.5
73.0
2.0
-1.5

1.6
78.6
-6.2
25.1

1.8
106.5
-17.7
15.9

-3.1
84.3
-2.8
22.3

0.3
58.0
1.3
6.6

0.2
35.4
2.7
11.1

11
12
13
14

18.6
13.5

46.7
2.4

86.3
-7.2

107.4
-28.2

96.6
-8.0

93.2
-28.2

109.0
-28.2

89.9
-8.0

95.6
-8.0

105.6
-8.0

95.1
-8.0

15
16

7.2

-31.4

-6.7

17.1

3.6

41.0

-4.2

-25.4

1.5

28.9

9.5

17

15
16

Corporate equities
Mutual fund shares

17

Miscellaneous assets

18

Net increase in liabilities

118.9

92.1

186.0

175.3

182.6

156.2

175.1

160.9

179.0

175.2

215.2

18

19
20
21
22

Corporate equity issues
Other loans and advances
Life insurance reserves
Pension fund reserves (1)

-3.6
-0.1
44.8
61.0

-8.8
1.1
43.8
43.9

-4.0
0.2
57.6
98.3

-4.7
0.7
52.0
91.3

-5.1
0.7
49.9
113.6

-4.4
1.6
51.7
89.5

-13.2
1.8
57.1
93.5

-4.5
3.3
40.2
101.6

-3.2
3.0
56.9
114.8

-6.8
1.1
41.2
110.4

-6.0
-4.4
61.2
127.4

19
20
21
22

23
24

Taxes payable
Miscellaneous liabilities

1.6
15.1

1.6
10.5

1.7
32.3

1.6
34.5

1.5
22.1

1.6
16.3

1.5
34.3

1.5
18.9

1.5
6.0

1.4
27.9

1.4
35.6

23
24

-43.7

-46.3

-52.6

-42.8

-44.7

-62.3

-42.7

-38.9

-44.9

-44.1

-50.9

25

25

Discrepancy

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

3.2

1.6

4.0

-4.2

-4.7

-5.5

-5.5

-3.5

-4.6

-5.0

-5.5

1

2

Fixed nonresidential investment

6.5

7.2

7.8

9.3

10.6

9.4

9.8

10.1

9.9

11.3

11.3

2

3

Net acquisition of financial assets

37.0

16.2

36.4

29.9

-14.3

28.2

59.5

-2.3

-9.5

-7.9

-37.7

3

4
5

Checkable deposits and currency
Security RPs

-0.2
8.1

-0.9
-2.1

0.3
-0.2

0.2
7.6

-0.4
-12.5

0.8
20.1

2.3
2.7

-3.2
1.7

0.8
-41.5

-1.0
7.4

1.7
-17.6

4
5

6

Credit market instruments

21.5

22.5

25.2

20.4

-5.0

-7.7

67.6

-19.7

26.7

-14.4

-12.6

6

2.8
0.5
2.3

-9.7
-12.6
2.8

3.8
2.1
1.7

-15.3
-18.0
2.6

-1.2
-0.8
-0.4

-23.1
-22.0
-1.1

-2.9
-11.9
9.0

-2.3
-1.1
-1.2

7.2
3.7
3.5

-4.1
-2.1
-2.1

-5.3
-3.7
-1.7

7
8
9

7.0
12.7
-1.0

14.4
18.3
-0.4

2.6
18.9
-0.2

19.2
16.7
-0.2

-1.9
-1.9
-0.1

8.6
7.8
-1.0

37.7
32.2
0.5

-11.7
-5.5
-0.2

10.5
8.9
0.1

-5.7
-4.8
0.2

-0.8
-6.0
-0.4

10
11
12

-0.6
4.4
3.8

-6.8
-0.1
3.6

3.0
2.7
5.4

-5.2
1.6
5.3

-1.8
2.2
3.2

7.2
2.6
5.1

-12.6
-9.9
9.3

2.8
9.7
6.3

-5.4
7.0
3.0

-5.8
2.3
3.6

1.3
-10.4
-0.1

13
14
15

7
8
9
10
11
12
13
14
15

U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds
Commercial mortgages
Corporate equities
Trade receivables
Miscellaneous assets

16

Net increase in liabilities

21.8

8.7

-2.1

18.8

10.9

7.0

34.5

-14.6

26.0

31.6

0.4

16

17
18
19

Corporate equity issues
Taxes payable
Miscellaneous liabilities

-2.2
1.2
22.8

-4.8
1.2
12.3

-13.7
1.2
10.5

-4.7
1.2
22.3

-8.4
1.1
18.1

-9.0
1.2
14.8

-10.2
1.2
43.6

-7.6
1.1
-8.1

-9.8
1.1
34.7

-8.0
1.1
38.5

-8.0
1.1
7.3

17
18
19

-18.5

-13.1

-42.3

-24.6

9.9

-36.1

-40.4

-25.9

21.0

23.2

21.4

20

20

Discrepancy

31

Z.1, March 10, 2000

F.119 Private Pension Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

0.5

0.5

0.4

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

1

2

Fixed nonresidential investment

0.8

0.8

0.9

0.9

0.9

0.9

0.9

0.9

0.9

0.9

0.9

2

3

Net acquisition of financial assets

90.6

87.2

88.6

96.3

108.9

89.9

114.6

88.4

108.6

95.0

143.5

3

4
5
6
7

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

0.7
-9.4
6.0
5.5

-0.1
-14.3
5.2
2.5

-0.1
-13.2
5.0
1.9

-0.2
0.2
10.7
8.2

-0.2
2.9
30.2
2.2

-0.2
12.1
30.9
19.3

0.1
-6.6
4.7
0.9

-0.2
2.0
26.8
11.4

-0.3
4.6
-2.6
-1.1

-0.2
0.9
49.2
0.2

-0.3
4.3
47.4
-1.6

4
5
6
7

8

Credit market instruments

56.0

52.3

65.5

118.7

90.2

95.5

174.5

60.6

150.0

45.4

104.9

8

6.1
42.9
18.7
24.2

3.5
25.7
12.6
13.1

2.2
33.1
15.0
18.1

10.3
59.2
13.9
45.3

13.4
39.7
14.7
25.0

21.7
36.7
13.5
23.2

5.8
98.8
39.6
59.2

11.8
20.1
7.6
12.4

10.5
78.0
26.7
51.4

11.5
12.4
6.5
5.9

19.7
48.3
18.2
30.1

9
10
11
12

0.1
5.6
1.4

0.1
21.2
1.8

0.1
27.7
2.4

0.2
45.4
3.7

0.1
34.6
2.5

0.0
34.9
2.2

0.3
63.9
5.7

0.1
27.2
1.5

0.2
56.5
4.8

0.0
20.5
1.0

0.1
34.2
2.5

13
14
15

9
10
11
12

Open market paper
U.S. government securities
Treasury
Agency

13
14
15

Municipal securities
Corporate and foreign bonds
Mortgages

16
17

Corporate equities
Mutual fund shares

5.9
18.6

-9.6
41.1

-16.1
36.2

-52.7
31.2

-80.3
30.8

-74.3
0.7

-47.7
28.4

-56.2
34.4

-77.3
31.3

-46.4
27.6

-141.4
29.7

16
17

18
19
20
21

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

7.2
-0.7
3.7
4.3

10.1
-2.5
3.8
8.8

9.4
-4.3
3.8
10.0

-19.8
-1.3
3.8
-22.3

33.1
-3.8
3.8
33.0

5.9
15.5
3.8
-13.4

-39.5
-12.9
3.8
-30.5

9.5
-6.4
3.8
12.1

4.0
-6.2
3.8
6.4

18.2
8.8
3.8
5.5

100.6
-11.3
3.8
108.1

18
19
20
21

22

Pension fund reserves (liabilities) (3)

90.8

87.5

89.0

96.7

109.3

90.3

115.0

88.9

109.0

95.4

144.0

22

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

0.8

0.8

0.9

0.9

0.9

0.9

0.9

0.9

0.9

0.9

1.0

1

2

Fixed nonresidential investment

1.2

1.4

1.6

1.7

1.8

1.7

1.7

1.7

1.7

1.8

1.8

2

3

Net acquisition of financial assets

62.1

59.9

75.6

60.4

57.4

55.1

56.9

58.3

60.6

55.6

55.2

3

4
5
6

Checkable deposits and currency
Time and savings deposits
Security RPs

-2.5
2.0
3.7

3.3
-2.2
-3.3

-2.2
0.1
0.4

4.7
-0.4
8.9

-0.4
2.7
-0.3

0.6
0.4
9.9

8.9
1.1
-3.1

-9.5
0.7
14.0

7.4
-2.1
-0.5

-8.3
0.6
-2.4

8.7
11.4
-12.2

4
5
6

7

Credit market instruments

33.6

37.3

63.8

66.0

47.8

68.7

49.5

76.5

27.3

38.4

49.1

7

3.7
22.9
-0.4
23.2

-3.3
17.3
11.8
5.5

0.4
31.8
13.4
18.4

8.9
19.9
0.8
19.1

7.6
13.4
-5.4
18.8

9.9
12.8
-14.3
27.1

-3.1
31.3
26.2
5.1

14.0
30.8
2.7
28.0

-0.5
23.8
16.5
7.3

-2.4
-12.8
-24.2
11.4

19.1
11.9
-16.7
28.6

8
9
10
11

0.7
5.6
0.7

-1.4
23.8
0.8

0.6
30.1
0.9

1.2
35.1
1.0

0.2
25.6
1.1

3.4
41.6
1.0

0.4
19.9
1.0

1.1
29.5
1.0

-1.2
4.1
1.1

0.8
51.7
1.1

0.0
16.9
1.1

12
13
14

65.3
-39.9

88.1
-63.2

100.7
-87.3

88.0
-106.7

93.4
-85.8

79.7
-104.2

50.3
-49.8

92.5
-116.0

101.4
-72.9

131.7
-104.5

48.0
-49.8

15
16

62.5

60.5

76.4

61.2

58.3

55.9

57.7

59.1

61.4

56.4

56.0

17

8
9
10
11

Open market paper
U.S. government securities
Treasury
Agency

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

15
16
17

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

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

32

Z.1, March 10, 2000

F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Net acquisition of financial assets

142.3

145.8

157.6

285.5

250.6

367.9

313.1

204.9

100.5

180.3

516.7

1

2
3
4
5

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

4.0
-1.0
20.9
19.0

3.4
2.4
30.4
16.0

0.1
2.6
28.6
22.8

7.4
-2.6
15.7
12.9

12.2
-1.2
33.3
0.1

29.4
-7.4
49.3
64.8

5.7
3.7
30.9
-69.5

41.6
-20.1
51.1
-34.8

17.6
17.2
-9.1
24.1

34.7
-22.2
0.8
-8.2

-45.0
20.4
90.5
19.3

2
3
4
5

6

Credit market instruments

86.5

88.8

87.5

244.0

182.0

255.5

353.1

227.6

-92.6

232.1

360.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

48.4
17.5
3.8
13.7

38.4
31.3
20.3
11.0

62.1
-9.5
-4.0
-5.5

78.2
95.0
17.5
77.5

104.7
17.3
0.1
17.1

55.5
116.4
3.8
112.6

72.1
254.3
45.4
208.9

202.1
-15.4
32.3
-47.7

-38.1
-90.4
-69.9
-20.4

124.1
34.4
22.2
12.1

130.8
140.4
15.9
124.5

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

14.3
6.4

16.8
2.4

22.5
12.5

26.0
44.8

17.5
42.5

33.0
50.7

25.7
1.0

14.0
26.8

3.8
32.0

7.8
65.9

44.3
45.3

11
12

12.8

4.8

16.0

7.9

24.2

-23.7

-10.8

-60.4

143.3

-56.9

70.6

13

142.3

145.8

157.6

285.5

250.6

367.9

313.1

204.9

100.5

180.3

516.7

14

13
14

Miscellaneous assets
Net share issues (liabilities)

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

F.122 Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

2

Net acquisition of financial assets

9.3

5.6

7.3

10.5

11.0

10.8

11.6

11.0

11.0

11.0

11.0

1

147.4

237.6

265.1

274.6

191.3

173.4

224.8

253.3

208.2

126.8

176.9

2

7.1

-2.7

10.3

10.4

4.0

53.4

-48.3

5.8

3.9

4.9

1.5

3

52.5

48.9

80.9

124.8

51.2

92.9

103.5

103.0

121.0

-20.2

1.1

4

Open market paper
U.S. government securities
Treasury
Agency

7.1
18.9
11.2
7.7

-3.1
15.1
8.9
6.2

10.6
19.5
11.0
8.4

10.4
26.1
5.2
21.0

4.0
19.0
8.3
10.7

39.1
17.6
-2.7
20.3

-24.8
19.9
10.2
9.7

9.0
33.4
17.1
16.3

-8.0
65.5
31.9
33.5

-11.1
-22.4
-15.7
-6.8

26.1
-0.5
-0.3
-0.3

5
6
7
8

Municipal securities
Corporate and foreign bonds

3.2
23.3

3.1
33.8

6.5
44.4

22.8
65.5

-1.1
29.3

11.5
24.7

33.9
74.5

20.4
40.2

12.9
50.6

-10.8
24.1

-26.9
2.4

9
10

87.4
0.5

193.0
-1.7

166.8
7.1

143.3
-3.9

136.9
-0.8

20.5
6.6

164.3
5.3

115.5
29.0

114.6
-31.3

145.2
-3.1

172.1
2.2

11
12

147.4

237.6

265.1

274.6

191.3

173.4

224.8

253.3

208.2

126.8

176.9

13

9.3

5.6

7.3

10.5

11.0

10.8

11.6

11.0

11.0

11.0

11.0

14

54.6

101.1

183.2

165.0

214.3

155.2

289.0

111.0

146.7

180.2

419.4

15

3

Security RPs

4

Credit market instruments

5
6
7
8
9
10
11
12

Corporate equities
Miscellaneous assets

13

Net share issues (liabilities)

14

Discrepancy
Memo:

15

Capital gains dividends

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

F.123 Closed-End Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7

Net acquisition of financial asssets
Credit market instruments
U.S. government securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Net share issues (liabilities)

5.9

3.2

-8.3

-10.6

-9.2

-10.6

-10.6

-9.6

-9.6

-8.9

-8.6

1

10.5

4.7

-2.9

4.5

4.3

4.5

4.5

4.4

4.4

4.3

4.3

2

-1.5
6.2
5.8

0.2
2.1
2.4

-1.3
-0.9
-0.7

-0.9
0.8
4.6

-0.8
0.8
4.3

-0.9
0.8
4.6

-0.9
0.8
4.6

-0.8
0.8
4.4

-0.8
0.8
4.4

-0.7
0.8
4.2

-0.7
0.8
4.2

3
4
5

-4.6

-1.5

-5.4

-15.1

-13.5

-15.1

-15.1

-14.0

-14.0

-13.2

-12.8

6

5.9

3.2

-8.3

-10.6

-9.2

-10.6

-10.6

-9.6

-9.6

-8.9

-8.6

7

33

Z.1, March 10, 2000

F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

1.8

1.8

2.0

2.2

2.4

2.3

2.2

2.2

2.3

2.4

2.7

1

2

Fixed nonresidential investment

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

2

3

Net acquisition of financial assets

115.1

91.7

110.8

304.9

315.7

307.7

550.7

169.8

290.1

399.0

403.9

3

4
5

Checkable deposits and currency
Federal funds and security RPs

0.2
20.5

-0.8
-11.8

1.2
-4.1

2.5
-13.4

7.0
7.8

0.7
-3.7

9.4
-8.4

-6.5
-26.3

-2.4
-8.7

2.0
5.9

35.2
60.1

4
5

6

Credit market instruments

86.7

84.2

94.3

260.8

242.1

264.7

429.5

157.2

259.2

287.5

264.6

6

-0.8
63.4
6.1
57.4

9.6
46.7
-12.9
59.6

-1.1
69.1
7.1
62.0

26.9
132.5
-0.7
133.2

-22.7
156.2
10.6
145.6

6.5
146.5
15.7
130.7

25.8
207.7
24.5
183.1

-103.0
228.4
18.7
209.6

-11.0
158.8
-10.0
168.8

6.0
119.4
3.4
116.0

17.1
118.2
30.2
88.0

7
8
9
10

1.0
5.5

-0.3
5.6

-0.8
0.3

1.3
0.5

0.3
-2.0

7.8
9.1

-4.7
-0.0

-6.0
4.6

3.0
-15.6

-0.5
-6.5

4.8
9.6

11
12

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

11
12

Municipal securities
Corporate and foreign bonds

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

11.2
0.9
3.9
6.4

28.8
-1.7
1.4
29.1

31.2
-5.3
0
36.4

92.3
-1.4
3.3
90.4

114.1
5.1
1.4
107.6

93.7
4.6
6.9
82.3

179.1
6.2
2.8
170.1

49.6
7.2
0.2
42.2

124.1
5.0
-0.0
119.1

166.1
15.9
3.0
147.1

116.5
-7.6
2.3
121.8

13
14
15
16

17
18
19
20

Mortgages
Home
Multifamily residential
Farm

6.4
5.9
0.6
-0.1

-6.1
-6.7
-0.5
1.1

-4.5
-4.2
-1.2
1.0

7.3
4.4
0.8
2.2

-3.8
-11.1
5.7
1.6

1.1
-2.5
1.1
2.5

21.7
13.7
4.3
3.7

-16.5
-22.0
4.9
0.5

-0.2
-10.3
8.1
2.0

3.0
-6.3
7.2
2.1

-1.5
-5.8
2.7
1.6

17
18
19
20

7.7

20.0

19.4

55.1

58.8

46.0

120.2

45.5

42.0

103.6

44.0

21

21
22
23
24
25
26
27

Miscellaneous assets
Net increase in liabilities
Credit market instruments
GSE issues (2)
U.S. government loans

111.8

90.7

106.2

298.6

312.2

301.0

534.1

167.0

291.4

392.7

397.7

22

105.9
105.9
0

90.4
90.4
0

98.4
98.4
0

278.3
278.3
0

318.2
318.2
0

294.0
294.0
0

510.5
510.5
0

193.0
193.0
0

304.7
304.7
0

407.1
407.1
0

367.9
367.9
0

23
24
25

5.8

0.3

7.8

20.3

-6.0

6.9

23.7

-25.9

-13.3

-14.4

29.8

26

-1.9

0.4

-3.1

-4.6

-1.6

-4.9

-14.9

-1.0

3.1

-4.4

-4.0

27

Miscellaneous liabilities
Discrepancy

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

F.125 Federally Related Mortgage Pools (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

98.2

141.1

114.5

192.6

273.8

261.7

162.8

399.2

274.3

245.9

176.0

1

2
3
4

Home mortgages
Multifamily residential mortgages
Farm mortgages

93.7
4.5
-0.0

135.5
5.6
-0.0

109.2
5.3
-0.0

182.1
10.5
-0.0

264.6
9.2
-0.0

245.0
16.7
0

148.1
14.7
-0.0

389.7
9.5
0

265.9
8.3
0

237.5
8.4
-0.0

165.3
10.7
0

2
3
4

98.2

141.1

114.5

192.6

273.8

261.7

162.8

399.2

274.3

245.9

176.0

5

5

Net increase in pool securities (liabilities)(2)

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

34

Z.1, March 10, 2000

F.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Gross saving

0.3

0.7

0.9

1.2

1.2

1.4

1.3

1.2

1.3

1.2

1.2

1

2

Fixed nonresidential investment

1.6

6.0

3.1

3.0

-1.7

14.6

-4.8

-1.2

-1.6

-1.9

-2.1

2

3

Net acquisition of financial assets

141.1

148.6

198.6

314.5

240.5

281.1

341.8

301.8

312.1

230.5

117.5

3

4

Agency securities (1)

23.0

4.7

3.7

38.0

45.1

47.8

70.5

71.5

68.6

42.6

-2.4

4

5
6
7

Other loans and advances
Student loans
Loans to business

6.9
1.0
5.9

13.3
5.3
8.1

32.2
7.8
24.4

27.6
3.8
23.8

18.6
0.1
18.5

13.6
-2.4
16.0

55.5
-2.0
57.5

17.9
-2.4
20.3

24.6
1.2
23.4

8.6
1.2
7.4

23.1
0.4
22.7

5
6
7

8
9
10
11

Mortgages (2)
Home
Multifamily residential
Commercial

25.1
18.4
1.7
5.0

51.4
34.9
3.9
12.6

79.1
53.0
4.0
22.1

151.7
91.1
12.0
48.6

93.1
51.9
7.6
33.6

142.6
111.8
7.8
23.0

149.2
74.8
10.6
63.8

133.2
79.6
11.0
42.6

98.3
69.2
6.6
22.5

70.4
28.9
6.2
35.4

70.5
30.1
6.6
33.8

8
9
10
11

12
13

Consumer credit
Trade credit

65.6
20.5

54.2
25.0

47.2
36.3

59.4
37.9

62.6
21.1

44.8
32.4

37.6
29.0

59.2
20.0

100.9
19.7

97.2
11.7

-6.8
33.0

12
13

142.4

153.9

200.7

316.3

237.6

294.2

335.7

299.4

309.2

227.4

114.3

14

37.3
105.1

45.4
108.5

89.4
111.4

125.7
190.7

139.0
98.6

129.0
165.2

121.4
214.3

91.8
207.6

136.9
172.3

155.1
72.3

172.2
-58.0

15
16

0

0

0

0

0

0

0

0

0

0

0

17

1.3
-1.3

5.3
-0.3

2.1
3.7

1.8
2.9

-2.9
-1.5

13.1
2.2

-6.1
-1.2

-2.4
-1.9

-2.9
-1.8

-3.1
-0.8

-3.3
-1.7

18
19

14
15
16

Net increase in liabilities
Commercial paper
Corporate bonds

17

Discrepancy

18
19

Memo:
Securitized assets not included above
Consumer leases (3)
REIT assets (4)

(1) Federally related mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
(4) Included in table F.129.

F.127 Finance Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

19.9

23.9

25.7

26.3

27.8

27.2

26.6

27.2

27.3

28.6

28.1

1

2

Fixed nonresidential investment

21.5

20.2

24.2

27.7

35.1

16.1

36.4

33.4

34.5

36.1

36.4

2

3

Net acquisition of financial assets

72.7

42.2

52.8

70.2

128.6

-14.4

144.9

184.4

92.6

82.2

155.0

3

4

Checkable deposits and currency

1.7

1.9

2.1

2.3

2.5

2.3

2.3

2.4

2.4

2.5

2.5

4

5
6
7
8

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

49.9
26.7
5.6
17.7

18.4
7.9
10.2
0.3

21.9
9.0
5.3
7.6

51.9
29.0
14.4
8.5

95.8
58.6
24.1
13.1

79.5
29.4
32.7
17.4

75.3
26.7
18.5
30.1

92.2
56.5
29.2
6.5

79.6
41.9
14.0
23.7

94.7
66.3
33.1
-4.7

116.9
69.8
20.2
26.9

5
6
7
8

Miscellaneous assets

21.0

22.0

28.9

16.1

30.3

-96.2

67.3

89.8

10.5

-15.0

35.6

9

72.7

49.8

46.6

61.6

118.6

-3.0

100.8

140.4

105.6

37.2

191.3

10

50.2
-2.9
52.6
0.5

45.9
9.0
32.5
4.4

48.7
23.9
20.3
4.4

43.0
30.0
10.9
2.1

56.3
-7.6
55.1
8.8

-12.0
22.0
-44.6
10.6

17.8
7.3
8.6
1.8

71.2
-34.7
107.9
-2.0

88.4
21.9
65.4
1.0

-22.6
-82.7
52.4
7.6

88.2
65.0
-5.4
28.6

11
12
13
14

9
10

Net increase in liabilities

11
12
13
14

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

15

Taxes payable

16
17
18
19

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

0.7

0.8

0.8

0.8

0.7

0.8

0.7

0.7

0.7

0.7

0.7

15

21.8
2.8
9.3
9.8

3.2
5.1
9.3
-11.2

-2.8
6.8
4.3
-14.0

17.8
5.0
-2.9
15.7

61.6
17.1
44.0
0.6

8.2
-11.2
-7.1
26.6

82.3
13.9
14.1
54.3

68.5
-5.6
11.4
62.7

16.5
20.5
3.2
-7.1

59.1
12.6
76.3
-29.8

102.4
40.8
85.1
-23.5

16
17
18
19

20

Discrepancy

-1.6

11.4

-4.8

-10.0

-17.2

22.4

-53.9

-50.2

5.8

-52.5

28.0

20

21

Memo:
Consumer leases not included above (2)

13.4

11.7

4.3

-3.5

5.0

-8.6

-6.2

2.5

6.8

9.8

0.7

21

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

35

Z.1, March 10, 2000

F.128 Mortgage Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

1

Net acquisition of financial assets

-3.4

8.2

-9.1

3.2

0.3

4.5

6.0

-9.1

10.2

-12.1

12.3

1

2
3
4

Home mortgages
Multifamily residential mortgages
Commercial mortgages

-4.5
1.1
0

8.2
-0.1
0

-10.2
1.0
0

3.1
0.1
0

0.3
0.0
0

4.0
0.5
0

6.0
0
0

-9.2
0.0
0

10.0
0.2
0

-12.0
-0.1
0

12.3
0
0

2
3
4

-3.4

8.2

-9.1

3.2

0.3

4.5

6.0

-9.1

10.2

-12.1

12.3

5

-2.2
-1.2

4.1
4.1

-4.6
-4.6

1.6
1.6

0.2
0.2

2.3
2.3

3.0
3.0

-4.6
-4.6

5.1
5.1

-6.1
-6.1

6.2
6.2

6
7

5
6
7

Net increase in liabilities
Bank loans n.e.c.
Investment by parent

F.129 Real Estate Investment Trusts (REITs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

3.0

4.1

7.0

9.1

10.4

10.4

10.1

9.7

10.5

10.5

10.9

1

2
3

Fixed nonresidential investment
Multifamily residential investment

7.0
2.7

17.8
4.4

52.0
11.3

64.7
11.4

11.5
2.0

76.9
13.6

47.1
8.3

36.2
6.4

-21.6
-3.8

14.2
2.5

17.2
3.0

2
3

4

Net acquisition of financial assets

2.3

4.9

26.1

6.4

-3.5

-9.4

-39.8

1.8

-7.0

-1.8

-6.9

4

5

Checkable deposits and currency

0

2.2

1.1

0.8

0.2

-4.0

0.9

-1.3

-0.2

2.6

-0.4

5

6

Credit market instruments

1.4

4.4

20.2

-5.1

-2.6

-11.3

-40.8

1.7

-2.2

-2.7

-7.3

6

Agency securities
Corporate and foreign bonds

-0.2
0.8

3.2
1.4

9.0
2.1

-8.1
-0.4

1.2
-0.9

-11.0
-3.0

-20.7
-6.4

7.2
-1.9

-0.2
-0.2

-1.1
-1.2

-1.1
-0.4

7
8

Mortgages
Home
Multifamily residential
Commercial

0.8
1.9
-0.6
-0.5

-0.3
1.1
-0.4
-1.0

9.1
6.0
0.9
2.2

3.4
0.8
0.1
2.5

-2.9
-2.6
-0.3
0.0

2.8
-1.1
0.6
3.2

-13.7
-12.9
-1.0
0.2

-3.6
-5.9
-0.4
2.7

-1.9
-1.3
-0.4
-0.2

-0.4
0.5
-0.4
-0.5

-5.8
-3.8
-0.1
-1.9

9
10
11
12

7
8
9
10
11
12
13
14

Miscellaneous assets
Net increase in liabilities

1.0

-1.7

4.9

10.7

-1.0

5.8

0.2

1.4

-4.5

-1.7

0.8

13

15.8

29.5

92.2

86.4

18.6

85.3

23.4

42.7

-18.0

31.2

18.8

14

15

Security RPs

1.2

2.8

11.2

-9.8

0.3

-13.0

-38.9

4.0

0.7

-2.2

-1.3

15

16

Credit market instruments

4.5

11.9

39.6

62.7

7.9

79.3

44.0

25.6

-19.7

7.9

17.7

16

-0.0
0.2
-1.0
5.3

0.0
1.3
2.7
7.9

0.0
14.8
9.9
14.9

0.2
21.7
16.0
24.8

-0.0
5.9
-7.0
9.0

0.7
9.9
29.0
39.6

0.0
12.9
0.5
30.6

0.0
25.0
-19.5
20.1

-0.0
-6.2
-1.3
-12.3

-0.1
3.2
-4.5
9.4

0
1.4
-2.5
18.8

17
18
19
20

8.7
1.4

12.3
2.5

32.5
8.8

19.8
13.6

6.5
4.0

7.0
12.0

9.0
9.3

5.8
7.2

6.2
-5.2

12.6
12.9

1.3
1.1

21
22

6.7

6.6

9.7

12.8

19.0

14.7

18.0

8.0

24.9

26.7

16.2

23

-1.3
-2.3
0.9
0
0

-0.3
0.3
-0.8
0.3
0

3.7
0.4
3.1
0.2
0.0

2.9
0.1
1.8
0.4
0.6

-1.5
-1.3
-0.2
-0.0
0.0

2.2
2.2
-2.1
0.5
1.6

-1.2
-1.8
1.9
-0.3
-1.0

-1.9
-2.2
-0.6
0.5
0.5

-1.8
-1.5
-0.1
-0.2
-0.1

-0.8
-1.0
0.5
-0.2
-0.1

-1.7
-0.5
-0.8
-0.2
-0.2

24
25
26
27
28

17
18
19
20
21
22

Open market paper
Corporate bonds
Bank loans n.e.c.
Mortgages
Corporate equity issues
Miscellaneous liabilities

23

Discrepancy

24
25
26
27
28

Memo:
Securitized assets included above
Agency securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

36

Z.1, March 10, 2000

F.130 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

4

Checkable deposits and currency

5

Credit market instruments

6
7
8
9
10
11
12
13
14

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

Q4

Q1

Q2

Q3

Q4

-0.6

0.8

3.4

5.8

6.0

4.6

5.6

5.5

5.6

6.3

6.7

1

3.5

4.1

4.6

5.5

6.4

5.6

5.9

6.0

5.9

6.8

6.8

2

113.4

68.2

142.8

142.0

78.1

290.5

-274.1

-109.3

103.2

6.7

311.7

3

1.7

1.9

6.0

3.7

3.0

14.8

-2.2

-3.7

13.1

-3.7

6.0

4

90.1

-15.7

14.9

6.8

-31.7

146.0

-226.1

88.0

-193.7

16.3

-37.4

5

10.9
70.0
61.0
9.0
-2.7
12.0

1.6
-29.9
-31.1
1.2
-1.9
14.5

0.6
2.7
7.5
-4.8
2.4
9.2

3.8
21.7
21.2
0.5
-0.1
-18.6

-0.4
-44.3
-59.3
15.0
-1.1
14.0

20.5
167.9
269.5
-101.7
-2.4
-40.0

-21.5
-131.6
-89.1
-42.4
-6.2
-66.8

3.2
57.3
129.5
-72.2
-3.1
30.7

-0.2
-220.2
-227.6
7.4
7.9
18.8

2.2
38.5
-51.7
90.1
-6.0
-18.4

-6.7
-52.6
-87.4
34.8
-3.2
25.1

6
7
8
9
10
11

7.7
3.5
10.3

-1.9
15.8
68.2

2.4
36.8
82.8

-6.0
21.6
115.9

7.4
69.7
29.8

-10.7
-9.8
150.3

-44.5
14.8
-16.1

23.9
31.6
-249.0

16.9
95.3
171.6

-33.9
5.7
22.3

22.7
146.1
174.3

12
13
14

15

Net increase in liabilities

117.4

71.4

143.9

142.1

78.6

292.2

-273.5

-109.3

103.6

7.7

312.3

15

16
17
18

Security RPs (net)
Corporate bonds
Corporate equity issues

79.0
-5.0
-8.1

-1.5
-2.0
-6.5

22.7
8.1
-5.9

4.5
7.2
2.5

39.1
-17.2
7.0

125.1
-2.6
27.1

-191.5
12.4
-16.3

86.6
-31.1
-1.7

-63.2
-17.4
15.5

-37.1
16.9
25.0

170.3
-37.3
-10.9

16
17
18

19
20
21
22
23

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

1.1
23.1
18.6
4.6
-0.1

4.0
36.6
35.3
1.3
0.1

5.7
74.2
52.6
21.7
0.1

-1.0
81.7
61.2
20.5
-0.1

11.8
23.8
41.9
-18.1
0.9

3.7
159.4
117.9
41.5
-1.2

-11.4
-40.6
-4.6
-35.9
1.9

2.0
-98.2
-57.4
-40.8
0.1

49.4
44.5
41.1
3.5
0.4

-7.0
23.8
50.5
-26.7
0.4

2.9
125.1
133.5
-8.4
2.8

19
20
21
22
23

24
25
26
27

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

12.6
1.5
22.5
-11.4

28.4
1.3
42.9
-15.8

21.8
0.4
66.0
-44.7

43.8
0.7
84.3
-41.2

5.8
0.8
60.0
-55.0

12.2
0.6
56.1
-44.4

-51.3
0.1
56.6
-107.9

-79.9
-0.0
224.4
-304.3

65.6
0.9
101.3
-36.6

5.5
0.7
-54.3
59.0

31.9
1.4
-31.6
62.0

24
25
26
27

14.7

12.4

17.4

3.5

7.3

-31.5

23.3

12.9

8.7

-19.8

27.4

28

-0.1

-0.1

-0.2

0.3

0.1

0.6

0.4

-0.5

0.1

0.5

0.5

29

191.5

76.3

100.7

205.8

179.3

111.1

269.8

1

28
29

Proprietors’ net investment
Discrepancy

F.131 Funding Corporations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

2

Money market fund shares

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

6
7
8

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

9

Net increase in liabilities

10
11
12

Credit market instruments
Open market paper
Corporate bonds

13
14
15
16

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

5.7

106.5

119.3

115.3

2.4

27.3

10.4

57.9

48.9

61.6

68.4

35.4

28.7

18.9

112.6

2

-21.2
-30.9
9.8

14.0
1.2
12.8

55.6
51.6
4.1

5.0
0.5
4.5

74.6
79.4
-4.8

-61.4
-71.2
9.8

9.4
15.0
-5.6

21.5
22.9
-1.4

104.4
84.6
19.8

32.4
17.8
14.6

140.0
192.3
-52.3

3
4
5

24.5
6.7
17.8

65.2
13.7
51.5

53.3
14.3
38.9

52.5
11.8
40.8

68.0
2.5
65.5

76.1
40.7
35.4

22.9
4.4
18.6

148.9
-3.1
152.0

46.1
-5.3
51.4

59.8
56.0
3.8

17.2
-37.8
55.0

6
7
8

5.7

106.5

119.3

115.3

191.5

76.3

100.7

205.8

179.3

111.1

269.8

9

34.9
10.5
24.4

64.1
34.9
29.2

80.7
50.1
30.6

40.7
6.7
34.0

96.1
38.7
57.4

11.2
-17.8
29.0

40.9
30.4
10.5

166.5
22.4
144.2

-63.8
-107.3
43.4

31.2
35.9
-4.7

250.5
203.9
46.6

10
11
12

-29.2
-10.4
-5.5
-13.3

42.4
1.1
59.9
-18.6

38.7
-27.4
57.2
8.8

74.6
11.8
70.0
-7.1

95.4
-28.1
19.3
104.1

65.1
64.9
140.3
-140.0

59.8
-18.0
-57.5
135.3

39.3
-17.6
-173.2
230.2

243.1
110.0
107.8
25.3

79.9
28.6
53.0
-1.7

19.3
-233.3
89.8
162.8

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.

37

Z.1, March 10, 2000

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1
2
3
4
5
6
7
8
9
10
11

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

1999
Q4

Q1

Q2

Q3

Q4

9.6

-6.7

1.0

6.8

-8.4

8.1

9.5

-16.3

-4.6

-7.8

-4.8

1

0.8

-0.4

0.4

0.1

-0.0

-0.8

0.9

-2.3

0.8

0.7

0.7

2

0.8
-0.0

-0.4
-0.0

0.4
-0.0

0.1
-0.0

-0.0
0.0

-0.7
-0.0

0.9
0.0

-2.3
0.0

0.8
-0.0

0.7
0.0

0.7
0.0

3
4

8.8

-6.3

0.7

6.6

-8.4

8.9

8.6

-14.0

-5.4

-8.5

-5.5

5

Official foreign currency holdings
Treasury
Monetary authority

6.3
3.2
3.2

-7.6
-3.8
-3.8

-2.9
-1.5
-1.5

1.5
0.8
0.8

-2.9
-1.4
-1.4

0.5
0.3
0.3

0.9
0.4
0.4

-14.0
-7.0
-7.0

0.3
0.1
0.1

0.5
0.3
0.3

1.7
0.9
0.9

6
7
8

Net IMF position
Federal government
Monetary authority

2.5
2.5
0.0

1.3
1.3
0.0

3.6
3.6
0.0

5.1
5.1
0

-5.5
-5.5
0

8.3
8.3
0

7.7
7.7
0

-0.0
-0.0
0

-5.7
-5.7
0

-9.1
-9.1
0

-7.2
-7.2
0

9
10
11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table
are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
SDR certificates:
1
2

Liab: Federal government
Asset: Monetary authority

2.2
2.2

-0.5
-0.5

-0.5
-0.5

0
0

-3.0
-3.0

0
0

0
0

-4.0
-4.0

0
0

-4.0
-4.0

-4.0
-4.0

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

0.6
1.0

0.1
1.0

-0.0
0.6

-0.0
0.7

-0.0
1.7

1.7
0.6

-2.3
1.1

0
1.5

2.1
1.5

2.0
1.8

-4.1
2.2

3
4

5

Discrepancy (seigniorage)

-0.5

-0.9

-0.6

-0.7

-1.7

1.1

-3.4

-1.5

0.6

0.2

-6.3

5

F.202 U.S. Deposits in Foreign Countries
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

2
3
4
5

Total rest of the world liability
Held by:
Household sector
Nonfinancial corporate business
Money market mutual funds
Discrepancy--unallocated assets

35.3

85.9

106.8

-0.2

58.7

84.9

-131.9

127.7

99.3

63.6

-55.9

1

4.6
1.6
4.0

12.4
10.5
3.4

6.3
-6.3
0.1

-0.3
0.8
7.4

3.5
-2.0
12.2

-8.5
-5.9
29.4

2.9
15.9
5.7

8.2
15.2
41.6

6.4
-8.1
17.6

4.1
4.9
34.7

-4.6
-19.9
-45.0

2
3
4

25.1

59.6

106.8

-8.1

44.9

69.9

-156.5

62.7

83.5

19.9

13.6

5

38

Z.1, March 10, 2000

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1

Net change in liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries

1999
Q4

Q1

Q2

Q3

Q4

10.0

-51.6

-19.7

-32.3

12.1

44.7

-118.9

49.5

90.6

-36.0

-55.4

1

1.3
-1.2
2.4

-0.5
-5.1
4.6

6.1
6.3
-0.2

-7.5
-4.5
-2.9

22.2
-2.3
24.5

14.2
13.9
0.3

-32.4
-19.8
-12.5

20.6
2.5
18.1

3.0
-2.0
5.0

0.9
3.9
-2.9

64.2
-13.4
77.6

2
3
4

8.7
0.7

-51.2
4.1

-25.8
-1.6

-24.8
-1.1

-10.0
-1.7

30.5
-10.2

-86.5
7.3

28.9
-9.2

87.6
4.5

-37.0
0.2

-119.7
-2.2

5
6

11.1

-52.0

-4.3

-27.1

-9.1

18.5

-41.0

-20.6

84.8

-36.3

-64.3

7

8
9
10
11

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

10.7
-2.7
-14.7
-12.0

-46.8
-31.1
-1.9
29.2

-4.2
13.6
46.3
32.7

-32.1
23.0
23.6
0.5

-10.4
40.1
38.3
-1.8

8.7
112.6
34.1
-78.5

-33.1
-60.7
49.4
110.2

-23.6
21.8
-15.4
-37.2

86.0
90.5
57.7
-32.8

-36.0
8.6
7.8
-0.9

-68.0
39.4
103.2
63.8

8
9
10
11

12
13
14

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

17.3
15.5
-1.7

-11.5
10.6
22.1

-18.5
-10.7
7.8

-55.7
33.3
89.0

-46.2
8.4
54.6

-113.7
12.2
125.9

42.5
32.5
-9.9

-58.0
-18.0
40.0

-31.9
59.5
91.4

-39.9
-44.2
-4.3

-55.1
36.2
91.3

12
13
14

15
16
17

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

-3.8
-1.1
2.7

-4.1
-0.2
3.9

0.8
0.3
-0.4

0.6
-0.1
-0.7

-4.3
5.5
9.7

9.8
1.5
-8.3

-14.8
-3.0
11.7

12.5
-0.4
-13.0

27.4
18.5
-8.9

-4.7
1.8
6.5

-52.3
2.0
54.3

15
16
17

18
19
20

Less: Deposits at foreign banks
U.S.-chartered commercial banks
Foreign banking offices in U.S.

-0.4
-2.5
2.1

5.2
5.2
-0.0

0.2
1.0
-0.9

-5.0
-1.0
-4.0

-1.3
-1.3
-0.0

-9.8
-9.3
-0.5

8.0
8.2
-0.3

-3.0
-2.7
-0.3

1.3
0.9
0.4

0.3
0.4
-0.1

-3.7
-3.7
0

18
19
20

-3.1

-3.3

-19.9

3.4

0.7

22.3

-52.8

58.7

-1.7

-1.0

-53.1

21

-7.3
-8.1
-4.9
-0.1
-3.1

-23.5
-6.6
-3.0
-0.3
-3.3

-6.7
-14.7
5.4
-0.2
-19.9

-2.6
6.0
2.1
0.6
3.4

-11.7
20.1
19.6
-0.3
0.7

18.1
67.5
45.5
-0.3
22.3

-36.6
-90.7
-37.5
-0.4
-52.8

52.4
77.5
19.3
-0.4
58.7

0.7
-5.0
-11.1
7.7
-1.7

-36.0
-4.8
4.9
-8.7
-1.0

-63.8
12.6
65.3
0.4
-53.1

22
23
24
25
26

-1.3
0.5

6.0
10.9

-7.4
-0.6

-1.6
10.2

23.8
8.0

38.4
11.0

-73.2
19.1

20.2
4.9

-17.9
12.2

33.2
-2.0

59.7
16.7

27
28

21
22
23
24
25
26

27
28

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

29
30
31

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

3.6
-1.3
-4.9

9.0
6.0
-3.0

-12.7
-7.4
5.4

-3.7
-1.6
2.1

4.2
23.8
19.6

-7.1
38.4
45.5

-35.7
-73.2
-37.5

0.9
20.2
19.3

-6.9
-17.9
-11.1

28.3
33.2
4.9

-5.6
59.7
65.3

29
30
31

32
33
34

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

0.6
0.5
-0.1

11.2
10.9
-0.3

-0.4
-0.6
-0.2

9.6
10.2
0.6

8.2
8.0
-0.3

11.2
11.0
-0.3

19.6
19.1
-0.4

5.4
4.9
-0.4

4.5
12.2
7.7

6.7
-2.0
-8.7

16.3
16.7
0.4

32
33
34

13.1

-48.3

0.2

-35.7

11.4

22.5

-66.1

-9.2

92.3

-35.1

-2.3

35

11.1

-52.0

-4.3

-27.1

-9.1

18.5

-41.0

-20.6

84.8

-36.3

-64.3

36

2.0

3.7

4.5

-8.6

20.5

4.0

-25.1

11.4

7.5

1.2

62.0

37

35

Net change in assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

0.7
0.8
-0.1

4.1
4.2
-0.1

-1.6
-3.6
2.0

-1.1
0.9
-2.0

-1.7
-1.9
0.2

-10.2
-10.6
0.4

7.3
11.5
-4.2

-9.2
-10.1
0.9

4.5
4.6
-0.1

0.2
-0.8
1.0

-2.2
-1.2
-1.0

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

1.4
-1.1
2.4

-0.0
-4.6
4.6

6.6
6.8
-0.2

-7.6
-4.6
-2.9

22.6
-1.9
24.5

14.4
14.1
0.3

-32.8
-20.3
-12.5

21.1
3.0
18.1

2.9
-2.1
5.0

1.5
4.4
-2.9

64.7
-13.0
77.6

41
42
43

Savings insts.: Reserves at Fed. Res.

-0.1

-0.5

-0.5

0.1

-0.4

-0.2

0.4

-0.6

0.0

-0.6

-0.4

44

-3.1

-3.3

-19.9

3.4

0.7

22.3

-52.8

58.7

-1.7

-1.0

-53.1

45

44
45

Discrepancy--floats, etc.

39

Z.1, March 10, 2000

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1

Net change in liabilities

2
3
4
5

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

6
7
8
9

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

1999
Q4

Q1

Q2

Q3

Q4

-12.7

15.8

41.5

47.6

151.6

-24.9

72.8

61.1

10.1

141.0

394.2

1

17.0
-1.2
0.2
18.0

23.5
1.7
-0.1
21.8

30.1
-2.3
0.5
31.9

38.5
0.5
0.0
38.0

109.0
22.3
0.3
86.4

39.3
-12.1
0.9
50.5

62.2
8.5
-0.4
54.1

34.6
-0.2
0.3
34.5

2.7
-44.0
1.3
45.3

101.5
42.8
-0.3
59.0

297.3
90.7
-0.3
206.9

2
3
4
5

-45.9
-4.7
0.8
-42.0

-34.6
9.7
2.6
-46.9

-19.8
-0.9
4.6
-23.5

-33.4
-14.6
-2.0
-16.8

3.1
36.4
13.1
-46.4

-91.4
-63.1
-11.7
-16.6

-55.4
-40.6
-16.4
1.6

-2.7
30.3
5.1
-38.1

-36.5
45.5
20.3
-102.4

4.2
27.4
33.4
-56.5

47.5
42.5
-6.5
11.6

6
7
8
9

14.1
2.1

25.4
1.6

27.1
4.1

36.1
6.4

37.2
2.3

31.4
-4.2

44.6
21.4

29.8
-0.5

43.3
0.6

35.9
-0.6

39.6
9.8

10
11

10
11

Savings institutions
Credit unions

12

Net change in assets

-12.7

15.8

41.5

47.6

151.6

-24.9

72.8

61.1

10.1

141.0

394.2

12

13

Household sector

-58.7

-59.1

-0.4

16.1

-19.6

-12.4

151.0

-70.9

-50.3

-12.7

55.5

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

36.1
31.3
4.3
0.5

45.3
36.8
8.5
-0.0

-1.6
-7.0
5.1
0.2

25.1
16.4
6.8
1.9

54.9
48.2
7.6
-0.8

45.8
36.5
7.4
1.9

-93.8
-102.8
7.0
1.9

148.3
142.1
7.0
-0.8

-11.7
-18.6
7.7
-0.8

28.2
21.4
7.6
-0.8

55.0
47.6
8.1
-0.8

14
15
16
17

18
19

State and local governments
Federal government

3.4
-0.0

-5.5
11.0

4.4
-0.5

-3.9
-16.7

3.5
66.0

-2.9
-107.7

-4.2
-46.1

9.6
31.9

-10.0
43.0

14.4
47.2

0.1
141.9

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

13.4
1.1
12.3

19.9
2.6
17.4

29.9
5.1
24.8

14.6
-2.0
16.6

35.7
13.3
22.4

18.3
-10.8
29.1

8.2
-16.8
25.0

15.2
5.4
9.8

33.9
21.6
12.2

51.9
33.1
18.8

42.0
-6.8
48.9

20
21
22

23

Financial sectors

3.0

7.9

16.4

13.0

19.1

5.2

45.6

-69.2

47.6

-10.5

108.4

23

0.2
1.6
0.9
0.1

-0.2
-1.3
0.1
0.3

-0.1
1.0
0.6
0.0

0.6
3.2
1.0
-0.5

0.2
2.2
5.9
0.1

-0.5
-0.2
0.5
-0.5

2.4
10.8
3.5
-0.5

-1.5
-13.5
-1.1
0.0

-1.4
4.8
0.9
0.1

1.6
2.6
13.9
0.1

2.3
15.2
9.9
0.3

24
25
26
27

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

-0.5
-0.2
0.7
-2.5

-0.9
-0.9
-0.1
3.3

3.8
0.3
-0.1
-2.2

-2.7
0.2
-0.2
4.7

0.2
-0.4
-0.2
-0.4

-1.6
0.8
-0.2
0.6

4.0
2.3
0.1
8.9

-10.9
-3.2
-0.2
-9.5

5.2
0.8
-0.3
7.4

-0.3
-1.0
-0.2
-8.3

6.9
1.7
-0.3
8.7

28
29
30
31

32
33
34
35
36

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

-1.0
0.2
1.7
0
1.7

2.4
-0.8
1.9
2.2
1.9

2.6
1.2
2.1
1.1
6.0

-2.6
2.5
2.3
0.8
3.7

-1.2
7.0
2.5
0.2
3.0

-7.4
0.7
2.3
-4.0
14.8

3.7
9.4
2.3
0.9
-2.2

-20.1
-6.5
2.4
-1.3
-3.7

17.2
-2.4
2.4
-0.2
13.1

-22.2
2.0
2.5
2.6
-3.7

20.4
35.2
2.5
-0.4
6.0

32
33
34
35
36

-9.8

-3.6

-6.6

-0.5

-8.0

28.8

12.2

-3.7

-42.4

22.5

-8.6

37

37

Mail float

40

Z.1, March 10, 2000

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2

Net change in liabilities

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

162.2

211.3

219.6

244.5

175.6

226.4

385.6

-73.9

142.6

250.0

383.5

1

96.6

97.2

97.1

152.4

45.3

144.7

281.2

-68.0

100.0

144.7

4.3

2

Small time and savings deposits

3
4
5
6

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

113.9
113.4
-0.7
1.2

123.1
122.8
0.1
0.2

148.3
143.9
4.4
-0.0

183.7
186.3
-3.6
1.0

71.0
72.4
-1.9
0.5

160.8
179.0
-19.4
1.2

292.3
292.9
-1.2
0.6

-6.4
-2.4
-1.6
-2.4

120.4
126.9
-7.6
1.1

140.4
138.7
0.4
1.4

29.4
26.4
1.1
1.9

3
4
5
6

7
8

Savings institutions
Credit unions

-29.0
11.6

-38.1
12.3

-64.4
13.2

-54.3
23.1

-38.9
13.2

-47.7
31.5

-40.0
28.9

-73.9
12.2

-44.1
23.6

-17.8
22.1

-19.9
-5.2

7
8

9

Large time deposits (1)

65.6

114.0

122.5

92.1

130.3

81.8

104.4

-5.9

42.6

105.2

379.2

9

54.8
42.6
11.0
1.2

105.3
49.5
55.6
0.2

107.9
63.2
44.7
-0.0

72.3
34.8
36.5
1.0

118.7
61.5
56.7
0.5

61.4
2.2
58.0
1.2

74.2
63.7
9.9
0.6

-10.0
5.2
-12.8
-2.4

29.0
39.9
-12.0
1.1

97.3
69.5
26.4
1.4

358.5
131.4
225.2
1.9

10
11
12
13

9.2
1.7

6.3
2.4

11.7
2.9

15.7
4.1

8.5
3.1

18.0
2.3

24.2
5.9

-0.1
4.2

9.5
4.2

3.8
4.2

20.9
-0.2

14
15

10
11
12
13

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

14
15

Savings institutions
Credit unions

16

Net change in assets

162.2

211.3

219.6

244.5

175.6

226.4

385.6

-73.9

142.6

250.0

383.5

16

17

Household sector

164.5

165.0

171.5

199.3

89.4

107.2

381.8

-123.8

142.3

210.3

128.9

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

-15.8
-24.5
8.7

11.4
0.7
10.7

11.4
6.2
5.3

-2.0
-7.1
5.1

21.5
15.3
6.1

10.1
4.1
6.0

-47.6
-51.2
3.6

3.7
-1.9
5.6

-0.0
-5.6
5.6

15.0
8.6
6.4

67.2
60.2
7.0

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

6.6
0.3
-6.6

10.6
1.4
10.9

5.8
1.0
13.1

12.8
1.3
13.0

8.0
0.7
18.4

9.4
1.3
35.7

10.6
4.7
-1.1

-3.4
-3.4
-5.5

1.4
0.8
1.5

16.7
2.1
19.3

17.1
3.2
58.4

21
22
23

24

Financial sectors

13.3

11.9

16.8

20.2

37.6

62.8

37.2

58.5

-3.4

-13.4

108.7

24

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

-0.2
0.4
-0.5

0.3
-0.7
-1.6

-0.4
0.6
1.0

0.5
6.4
-2.1

-0.1
-2.3
1.1

-0.1
3.3
-2.1

0.4
13.7
-2.1

-0.3
4.3
0.7

-0.3
2.7
0.8

0.0
-16.5
0.8

0.1
0.4
1.9

25
26
27

28
29
30

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

-9.4
2.0
20.9

-14.3
-2.2
30.4

-13.2
0.1
28.6

0.2
-0.4
15.7

2.9
2.7
33.3

12.1
0.4
49.3

-6.6
1.1
30.9

2.0
0.7
51.1

4.6
-2.1
-9.1

0.9
0.6
0.8

4.3
11.4
90.5

28
29
30

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

F.206 Money Market Mutual Fund Shares
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

142.3

145.8

157.6

285.5

250.6

367.9

313.1

204.9

100.5

180.3

516.7

1

2

Net purchases

142.3

145.8

157.6

285.5

250.6

367.9

313.1

204.9

100.5

180.3

516.7

2

3
4
5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

97.9
24.8
0.9

56.1
9.9
0.6

88.5
23.9
1.2

142.9
45.1
1.4

99.5
36.0
1.4

202.6
42.8
1.4

138.7
70.8
1.4

74.6
25.4
1.4

32.1
23.3
1.4

82.7
13.7
1.4

208.3
81.6
1.4

3
4
5

6
7
8
9

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

3.7
6.6
6.0
2.4

7.8
39.1
5.2
27.3

-4.0
32.6
5.0
10.4

8.8
18.7
10.7
57.9

2.3
32.3
30.2
48.9

8.8
19.8
30.9
61.6

8.8
20.3
4.7
68.4

-0.8
42.1
26.8
35.4

2.0
15.6
-2.6
28.7

4.0
10.3
49.2
18.9

4.2
61.2
47.4
112.6

6
7
8
9

41

Z.1, March 10, 2000

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

110.5

41.4

120.9

91.3

171.5

274.8

-181.8

253.3

-27.9

114.6

345.7

1

2
3
4
5

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

30.4
28.2
1.8
0.4

41.0
28.7
12.0
0.4

89.0
63.4
25.6
0.0

87.0
66.8
19.7
0.5

110.6
128.8
-18.3
0.1

164.1
87.6
75.8
0.8

33.9
124.5
-72.4
-18.2

112.1
114.1
-1.7
-0.3

27.4
33.9
-5.8
-0.7

129.4
158.1
-27.6
-1.1

173.6
209.1
-38.0
2.5

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

-0.0
1.2
79.0

-0.9
2.8
-1.5

-1.9
11.2
22.7

9.5
-9.8
4.5

21.4
0.3
39.1

-1.4
-13.0
125.1

14.6
-38.9
-191.5

50.6
4.0
86.6

7.2
0.7
-63.2

24.6
-2.2
-37.1

3.1
-1.3
170.3

6
7
8

90.4

37.0

58.7

37.2

130.0

121.0

-170.8

44.0

-95.4

71.6

499.6

9

9

Net change in liabilities

1996

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

0.3
-3.0
21.0

1.5
32.1
3.2

0.6
3.6
20.0

-1.2
7.2
-18.8

0.1
5.0
14.9

2.0
16.0
-56.6

2.4
2.2
-76.2

2.5
32.0
57.3

-3.9
-11.1
-12.3

6.9
11.5
-5.6

-5.0
-12.5
20.3

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

72.1
3.3
4.8
0.2

0.2
7.7
-1.2
-4.9

34.6
2.3
-0.8
2.0

50.1
6.5
5.5
3.4

109.9
110.3
-4.2
2.4

159.6
-4.2
5.5
-5.5

-99.2
23.3
-3.7
6.9

-47.8
-5.1
4.5
-19.0

-68.1
-35.5
-13.6
4.8

58.8
50.6
-1.0
1.2

496.8
431.0
-6.7
22.8

13
14
15
16

8.1
5.5
3.7
19.0
7.1
20.5

-2.1
2.5
-3.3
16.0
-2.7
-11.8

-0.2
1.9
0.4
22.8
10.3
-4.1

7.6
8.2
8.9
12.9
10.4
-13.4

-12.5
2.2
-0.3
0.1
4.0
7.8

20.1
19.3
9.9
64.8
53.4
-3.7

2.7
0.9
-3.1
-69.5
-48.3
-8.4

1.7
11.4
14.0
-34.8
5.8
-26.3

-41.5
-1.1
-0.5
24.1
3.9
-8.7

7.4
0.2
-2.4
-8.2
4.9
5.9

-17.6
-1.6
-12.2
19.3
1.5
60.1

17
18
19
20
21
22

20.2

4.5

62.3

54.1

41.5

153.8

-11.0

209.4

67.5

43.0

-153.9

23

17
18
19
20
21
22
23

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

F.208 Open Market Paper
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

74.3

102.6

184.1

193.1

229.9

232.7

83.0

154.6

27.7

180.6

556.5

1

75.1

101.6

186.8

202.5

232.8

233.5

93.3

159.8

31.2

185.9

554.5

2

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

18.1
13.5
5.4
8.1

-0.9
11.3
-1.9
13.2

13.7
3.7
-2.3
6.0

24.4
7.8
-1.6
9.4

37.4
16.3
8.2
8.1

85.6
6.2
4.3
1.8

-43.0
-4.7
-17.0
12.2

58.3
18.0
1.1
16.9

-2.6
-27.5
-4.5
-23.0

49.8
41.1
22.1
19.0

44.0
33.6
14.2
19.3

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

43.4
-1.4
37.3
-2.9
-0.0
10.5

91.3
1.9
45.4
9.0
0.0
34.9

169.4
6.0
89.4
23.9
0.0
50.1

170.3
7.8
125.7
30.0
0.2
6.7

179.2
9.1
139.0
-7.6
-0.0
38.7

141.7
7.9
129.0
22.0
0.7
-17.8

141.0
-18.2
121.4
7.3
0.0
30.4

83.4
4.0
91.8
-34.7
0.0
22.4

61.3
9.8
136.9
21.9
-0.0
-107.3

95.0
-13.2
155.1
-82.7
-0.1
35.9

476.8
35.7
172.2
65.0
0
203.9

7
8
9
10
11
12

13

Bankers acceptances (1)

-0.8

1.0

-2.7

-9.4

-2.9

-0.7

-10.3

-5.1

-3.5

-5.2

2.1

13

14

Net purchases, by sector

74.3

102.6

184.1

193.1

229.9

232.7

83.0

154.6

27.7

180.6

556.5

14

2
3
4
5
6

Total net issues, all types
Commercial paper

15
16
17
18

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

1.3
1.3
17.1
18.6

7.4
11.4
20.3
14.4

3.6
3.8
14.3
19.9

4.2
-8.0
18.0
37.0

5.3
18.8
9.4
7.9

4.0
-2.2
40.6
93.3

4.8
-12.0
16.0
-2.1

4.7
15.0
16.0
-15.6

5.3
27.9
4.9
-40.1

5.5
3.6
-2.9
17.8

5.9
28.8
19.7
69.5

15
16
17
18

19
20
21
22
23

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

0
-0.1
0.0
-1.6
0.7

0
0.8
0.1
-0.3
-2.6

0
-0.8
-0.3
-0.1
-0.2

0
-0.2
0
0.2
-4.5

0
0.2
0
1.5
-0.4

0
-0.7
-0.0
2.6
-4.5

0
0.6
0
-2.8
-4.5

0
-0.7
0
-0.2
-0.4

0
-0.5
0
2.0
-0.4

0
1.1
0
0
-0.2

0
1.0
0
4.1
-0.8

19
20
21
22
23

24
25
26

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

-7.3
6.1
3.7

2.9
3.5
-3.3

17.5
2.2
0.4

7.5
10.3
8.9

1.1
13.4
7.6

17.7
21.7
9.9

13.8
5.8
-3.1

-24.2
11.8
14.0

-8.9
10.5
-0.5

7.8
11.5
-2.4

29.8
19.7
19.1

24
25
26

27
28
29
30
31

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

48.4
7.1
-0.8
10.9
-30.9

38.4
-3.1
9.6
1.6
1.2

62.1
10.6
-1.1
0.6
51.6

78.2
10.4
26.9
3.8
0.5

104.7
4.0
-22.7
-0.4
79.4

55.5
39.1
6.5
20.5
-71.2

72.1
-24.8
25.8
-21.5
15.0

202.1
9.0
-103.0
3.2
22.9

-38.1
-8.0
-11.0
-0.2
84.6

124.1
-11.1
6.0
2.2
17.8

130.8
26.1
17.1
-6.7
192.3

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, March 10, 2000

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1

Q1

Q2

Q3

Q4

142.9

146.6

23.2

-54.6

-71.6

-113.1

-66.3

-73.7

-112.8

-83.2

-16.9

1

5.1
137.9

2.0
144.6

-0.5
23.7

0.1
-54.7

-0.2
-71.4

0.5
-113.6

1.8
-68.1

-0.0
-73.7

0.0
-112.8

-0.4
-82.8

-0.3
-16.5

2
3

142.9

146.6

23.2

-54.6

-71.6

-113.1

-66.3

-73.7

-112.8

-83.2

-16.9

4

Household sector
Savings bonds
Other Treasury issues

-41.9
5.1
-46.9

-57.0
2.0
-59.0

-198.5
-0.5
-198.0

-92.9
0.1
-93.0

-43.9
-0.2
-43.7

-144.7
0.5
-145.2

-331.1
1.8
-332.8

-299.9
-0.0
-299.8

99.6
0.0
99.6

-110.1
-0.4
-109.7

134.9
-0.3
135.2

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

6.3
1.6
-80.2

-10.0
-1.2
-32.8

10.4
-0.8
-17.7

-7.6
-0.6
30.0

-3.9
-0.7
-2.5

15.0
-0.6
39.7

26.5
-0.6
9.7

-28.6
-0.2
14.3

4.5
-0.8
18.7

-6.9
-1.2
-22.3

15.5
-0.6
-20.7

8
9
10

11
12

Rest of the world
Monetary authority

168.5
13.7

270.7
12.7

139.7
39.8

36.2
21.4

-9.6
25.8

-137.0
42.1

224.9
3.8

-31.9
71.9

-48.5
62.7

90.4
34.2

-48.2
-65.5

11
12

13
14
15
16
17

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

-11.7
-40.4
29.6
-1.2
0.2

-16.9
-34.7
18.4
0.6
-1.3

8.3
-6.1
14.4
-0.1
0.1

-56.1
-42.1
-10.3
-3.1
-0.7

12.4
-1.9
7.4
7.9
-0.9

-159.4
-84.7
-69.5
-2.8
-2.4

-19.1
-11.8
-6.3
-0.2
-0.8

2.0
2.4
1.0
0.9
-2.3

-8.3
-1.0
-7.4
0.0
0.1

24.2
-5.3
32.0
-1.1
-1.5

31.9
-3.7
4.1
31.6
-0.0

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

-8.7
-3.8
-1.1

-1.0
-0.9
0.8

-2.8
-1.8
-5.8

-4.4
-2.5
-2.9

-0.0
-4.6
-4.7

-6.0
-3.7
-6.1

-3.8
-1.6
-3.6

1.7
-4.1
-3.2

0.1
1.5
-4.0

-0.7
-9.3
-5.6

-1.2
-6.6
-5.9

18
19
20

21
22
23
24

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

1.0
0.5
18.7
-0.4

-14.9
-12.6
12.6
11.8

1.6
2.1
15.0
13.4

-14.1
-18.0
13.9
0.8

-7.6
-0.8
14.7
-5.4

-15.0
-22.0
13.5
-14.3

-15.5
-11.9
39.6
26.2

-1.9
-1.1
7.6
2.7

-8.8
3.7
26.7
16.5

-13.6
-2.1
6.5
-24.2

-6.0
-3.7
18.2
-16.7

21
22
23
24

25
26
27
28
29

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

3.8
11.2
-1.5
6.1
61.0

20.3
8.9
0.2
-12.9
-31.1

-4.0
11.0
-1.3
7.1
7.5

17.5
5.2
-0.9
-0.7
21.2

0.1
8.3
-0.8
10.6
-59.3

3.8
-2.7
-0.9
15.7
269.5

45.4
10.2
-0.9
24.5
-89.1

32.3
17.1
-0.8
18.7
129.5

-69.9
31.9
-0.8
-10.0
-227.6

22.2
-15.7
-0.7
3.4
-51.7

15.9
-0.3
-0.7
30.2
-87.4

25
26
27
28
29

144.4

145.0

23.1

-52.6

-71.8

-113.5

-54.1

-75.2

-112.2

-83.1

-16.9

30

2
3
4
5
6
7

Net issues

1999
Q4

Savings bonds
Other Treasury issues
Net purchases

Memo:
30

Federal government borrowing (1)

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).

43

Z.1, March 10, 2000

F.210 Agency Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2
3
4
5
6
7
8

Net issues
Budget agencies
Government-sponsored enterprises
Federally related mortgage pools
Net purchases
Household sector
Nonfinancial corporate business
State and local governments

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

205.6

229.9

212.7

472.9

591.8

555.4

685.5

590.7

579.5

653.0

543.9

1

1.5
105.9
98.2

-1.6
90.4
141.1

-0.1
98.4
114.5

2.0
278.3
192.6

-0.2
318.2
273.8

-0.4
294.0
261.7

12.2
510.5
162.8

-1.5
193.0
399.2

0.6
304.7
274.3

0.0
407.1
245.9

0.0
367.9
176.0

2
3
4

205.6

229.9

212.7

472.9

591.8

555.4

685.5

590.7

579.5

653.0

543.9

5

-7.8
3.5
-35.1

85.9
5.1
-35.3

5.1
-18.7
-0.8

-47.7
17.6
43.6

150.6
19.1
8.5

120.7
12.7
50.0

-73.4
24.5
56.0

187.3
-5.5
12.0

120.5
15.0
17.3

213.9
28.5
-17.3

80.5
38.6
22.0

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0
28.7
-1.0

0
41.7
-0.4

0
49.8
-1.5

0
54.7
-0.3

0
94.0
-0.2

0
13.0
-0.5

0
46.0
-0.3

0
96.1
-0.1

0
91.3
-0.2

0
92.0
-0.1

0
96.7
-0.2

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

38.7
23.4
14.3
-0.2
1.3

28.2
15.3
12.4
0.3
0.2

75.5
60.4
12.5
0.6
2.0

91.4
81.6
4.8
1.1
3.9

35.8
29.3
4.4
-1.3
3.3

133.4
146.1
-17.1
2.5
2.0

163.5
149.6
4.3
0.9
8.7

44.0
36.2
8.4
-2.1
1.6

10.7
32.8
-18.6
-7.8
4.3

71.8
48.2
18.2
-0.7
6.0

16.7
0.1
9.6
5.6
1.4

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

4.7
4.9
-0.1

-8.5
4.9
-0.3

-0.8
0.4
-4.3

-11.7
7.3
-1.5

3.7
4.7
-0.9

-17.3
8.9
-1.5

-7.6
7.2
-1.5

16.7
15.3
-0.8

-2.4
7.7
-1.2

-3.4
7.6
-0.8

3.9
-11.8
-0.9

17
18
19

20
21
22
23

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

8.7
2.3
24.2
23.2

1.3
2.8
13.1
5.5

-3.0
1.7
18.1
18.4

-9.6
2.6
45.3
19.1

-1.7
-0.4
25.0
18.8

-12.1
-1.1
23.2
27.1

-11.4
9.0
59.2
5.1

1.7
-1.2
12.4
28.0

0.9
3.5
51.4
7.3

-7.5
-2.1
5.9
11.4

-2.0
-1.7
30.1
28.6

20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

13.7
7.7
57.4

11.0
6.2
59.6

-5.5
8.4
62.0

77.5
21.0
133.2

17.1
10.7
145.6

112.6
20.3
130.7

208.9
9.7
183.1

-47.7
16.3
209.6

-20.4
33.5
168.8

12.1
-6.8
116.0

124.5
-0.3
88.0

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

23.0
-0.2
9.0

4.7
3.2
1.2

3.7
9.0
-4.8

38.0
-8.1
0.5

45.1
1.2
15.0

47.8
-11.0
-101.7

70.5
-20.7
-42.4

71.5
7.2
-72.2

68.6
-0.2
7.4

42.6
-1.1
90.1

-2.4
-1.1
34.8

27
28
29

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

44

Z.1, March 10, 2000

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1

Net change in liabilities

2
3
4

State and local governments
Short-term (1)
Long-term

5

Nonprofit organizations (2)
Nonfinancial corporate business
(industrial revenue bonds)

6
7

Net change in assets

1999
Q4

Q1

Q2

Q3

Q4

-48.2

2.6

71.4

96.8

68.2

82.9

89.6

100.7

48.0

77.0

47.0

1

-51.9
1.2
-53.2

-7.2
6.3
-13.4

57.3
8.3
49.0

79.1
-6.3
85.4

52.7
3.6
49.1

70.1
-19.2
89.3

75.2
-1.2
76.4

87.1
2.9
84.3

35.6
6.8
28.8

57.2
3.3
53.9

30.9
1.4
29.6

2
3
4

0.7

6.6

10.0

12.0

10.4

7.4

10.9

7.0

9.0

13.9

11.8

5

3.1

3.1

4.2

5.8

5.1

5.4

3.6

6.6

3.5

5.9

4.2

6

-48.2

2.6

71.4

96.8

68.2

82.9

89.6

100.7

48.0

77.0

47.0

7

8
9
10

Household sector
Nonfinancial corporate business
State and local governments

-43.5
-19.9
-3.5

-22.2
-5.8
-0.5

44.9
5.1
-0.7

11.8
5.8
-1.4

52.1
-2.3
-1.5

16.1
-8.2
-1.0

-15.9
5.9
-1.0

91.9
-16.6
-1.6

32.0
-21.3
-1.1

63.6
22.6
-1.7

20.7
6.1
-1.5

8
9
10

11
12
13

Commercial banking
Savings institutions
Bank personal trusts and estates

-4.2
-0.0
-5.9

0.9
0.1
-4.3

2.4
0.0
-13.3

8.2
0.4
-1.1

5.8
0.5
-1.1

11.8
1.1
-1.1

11.2
1.0
-1.1

10.1
1.0
-1.6

4.1
0.7
-1.2

6.4
0.1
-0.8

2.7
0.3
-0.7

11
12
13

14
15
16
17

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

-0.9
7.0
0.1
0.7

1.5
14.4
0.1
-1.4

0.1
2.6
0.1
0.6

1.7
19.2
0.2
1.2

-0.2
-1.9
0.1
0.2

1.5
8.6
0.0
3.4

1.6
37.7
0.3
0.4

1.8
-11.7
0.1
1.1

-3.1
10.5
0.2
-1.2

0.3
-5.7
0.0
0.8

0.2
-0.8
0.1
0.0

14
15
16
17

18
19
20
21
22

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

14.3
3.2
6.2
1.0
-2.7

16.8
3.1
2.1
-0.3
-1.9

22.5
6.5
-0.9
-0.8
2.4

26.0
22.8
0.8
1.3
-0.1

17.5
-1.1
0.8
0.3
-1.1

33.0
11.5
0.8
7.8
-2.4

25.7
33.9
0.8
-4.7
-6.2

14.0
20.4
0.8
-6.0
-3.1

3.8
12.9
0.8
3.0
7.9

7.8
-10.8
0.8
-0.5
-6.0

44.3
-26.9
0.8
4.8
-3.2

18
19
20
21
22

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

F.212 Corporate and Foreign Bonds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

336.7

348.9

406.7

535.6

452.5

258.2

440.9

764.6

538.2

417.1

90.3

1

91.1
49.7

116.3
55.8

150.5
47.2

218.7
25.1

229.9
2.4

108.0
-27.2

193.2
-34.2

274.0
0.9

287.6
-12.6

202.8
29.4

155.2
-8.2

2
3

2
3

Nonfinancial corporate business
Rest of the world (1)

4
5
6

Financial sectors
Commercial banking
Savings institutions

195.9
18.5
-0.0

176.9
7.8
-0.4

209.0
23.7
0.1

291.8
27.6
-0.2

220.3
20.5
0.2

177.4
20.8
-0.5

281.9
23.2
-0.1

489.7
35.2
0.9

263.2
6.2
-0.5

184.9
43.4
1.4

-56.8
-3.0
-1.2

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

105.1
52.6
0.2
-5.0
24.4

108.5
32.5
1.3
-2.0
29.2

111.4
20.3
14.8
8.1
30.6

190.7
10.9
21.7
7.2
34.0

98.6
55.1
5.9
-17.2
57.4

165.2
-44.6
9.9
-2.6
29.0

214.3
8.6
12.9
12.4
10.5

207.6
107.9
25.0
-31.1
144.2

172.3
65.4
-6.2
-17.4
43.4

72.3
52.4
3.2
16.9
-4.7

-58.0
-5.4
1.4
-37.3
46.6

7
8
9
10
11

12

336.7

348.9

406.7

535.6

452.5

258.2

440.9

764.6

538.2

417.1

90.3

12

13
14
15

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

95.0
7.1
58.1

49.3
10.7
83.7

68.9
1.3
84.0

60.3
5.2
122.4

14.8
7.6
157.5

-102.6
-7.7
94.0

-9.7
6.8
123.5

363.9
7.2
137.5

21.3
9.3
129.5

-25.1
5.9
198.4

-300.8
8.1
164.5

13
14
15

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

8.4
-8.2
-1.7

1.4
-9.9
-1.7

27.8
-9.9
-0.8

38.0
29.9
-2.6

38.9
23.2
-1.3

30.8
33.0
-2.6

66.8
60.3
-2.6

-66.4
62.9
-1.6

94.1
22.0
-1.6

45.5
-14.6
-1.2

82.4
22.7
-0.9

16
17
18

19
20
21
22

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

90.7
12.7
5.6
5.6

79.2
18.3
21.2
23.8

86.8
18.9
27.7
30.1

84.5
16.7
45.4
35.1

71.1
-1.9
34.6
25.6

73.0
7.8
34.9
41.6

78.6
32.2
63.9
19.9

106.5
-5.5
27.2
29.5

84.3
8.9
56.5
4.1

58.0
-4.8
20.5
51.7

35.4
-6.0
34.2
16.9

19
20
21
22

23
24
25

Money market mutual funds
Mutual funds
Closed-end funds

6.4
23.3
5.8

2.4
33.8
2.4

12.5
44.4
-0.7

44.8
65.5
4.6

42.5
29.3
4.3

50.7
24.7
4.6

1.0
74.5
4.6

26.8
40.2
4.4

32.0
50.6
4.4

65.9
24.1
4.2

45.3
2.4
4.2

23
24
25

26
27
28
29

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

5.5
0.8
12.0
9.8

5.6
1.4
14.5
12.8

0.3
2.1
9.2
4.1

0.5
-0.4
-18.6
4.5

-2.0
-0.9
14.0
-4.8

9.1
-3.0
-40.0
9.8

-0.0
-6.4
-66.8
-5.6

4.6
-1.9
30.7
-1.4

-15.6
-0.2
18.8
19.8

-6.5
-1.2
-18.4
14.6

9.6
-0.4
25.1
-52.3

26
27
28
29

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

45

Z.1, March 10, 2000

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1

Net issues

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

-28.5

-99.6

-198.1

-67.8

-340.0

-228.3

-117.9

-64.9

-79.1

-9.2

1

-58.3

-69.5

-114.4

-267.0

-142.7

-308.4

-491.3

-52.2

-338.2

-138.6

-41.6

2

Rest of the world (2)

50.4

60.0

42.0

77.8

94.5

-32.8

317.4

-33.4

270.9

76.7

64.0

3

Financial sectors
Commercial banking
Life insurance companies
Other insurance companies
Closed-end funds
REITs
Brokers and dealers

-8.1
-8.7
-3.6
-2.2
5.9
8.7
-8.1

-19.0
-14.3
-8.8
-4.8
3.2
12.3
-6.5

-27.1
-27.7
-4.0
-13.7
-8.3
32.5
-5.9

-8.9
-11.2
-4.7
-4.7
-10.6
19.8
2.5

-19.7
-10.5
-5.1
-8.4
-9.2
6.5
7.0

1.1
-9.1
-4.4
-9.0
-10.6
7.0
27.1

-54.5
-13.3
-13.2
-10.2
-10.6
9.0
-16.3

-32.3
-14.7
-4.5
-7.6
-9.6
5.8
-1.7

2.4
3.2
-3.2
-9.8
-9.6
6.2
15.5

-17.2
-31.1
-6.8
-8.0
-8.9
12.6
25.0

-31.6
0.5
-6.0
-8.0
-8.6
1.3
-10.9

4
5
6
7
8
9
10

Nonfinancial corporate business

3

11

1997

-16.0

2

4
5
6
7
8
9
10

1996

Net purchases

-16.0

-28.5

-99.6

-198.1

-67.8

-340.0

-228.3

-117.9

-64.9

-79.1

-9.2

11

-228.8
12.1
16.6

-347.2
14.5
11.1

-507.1
16.8
66.8

-455.3
9.7
43.8

-380.1
13.1
96.2

-356.3
-0.9
-29.0

-406.5
1.8
30.6

-392.0
14.1
37.0

-391.4
12.5
116.6

-426.8
12.7
90.7

-310.3
13.0
140.6

12
13
14

2.1
0.7
1.6

1.8
0.6
-17.3

0.6
0.2
-14.5

1.3
1.5
-59.0

0.9
-0.7
-35.9

2.1
2.5
-59.0

-0.5
1.4
-59.0

1.6
-1.2
-32.0

-3.7
-0.2
-30.4

4.4
-1.4
-42.0

1.3
0.2
-39.0

15
16
17

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

18.6
-0.6
5.9
65.3

46.7
-6.8
-9.6
88.1

86.3
3.0
-16.1
100.7

107.4
-5.2
-52.7
88.0

96.6
-1.8
-80.3
93.4

93.2
7.2
-74.3
79.7

109.0
-12.6
-47.7
50.3

89.9
2.8
-56.2
92.5

95.6
-5.4
-77.3
101.4

105.6
-5.8
-46.4
131.7

95.1
1.3
-141.4
48.0

18
19
20
21

Mutual funds
Closed-end funds
Brokers and dealers

87.4
-4.6
7.7

193.0
-1.5
-1.9

166.8
-5.4
2.4

143.3
-15.1
-6.0

136.9
-13.5
7.4

20.5
-15.1
-10.7

164.3
-15.1
-44.5

115.5
-14.0
23.9

114.6
-14.0
16.9

145.2
-13.2
-33.9

172.1
-12.8
22.7

22
23
24

12
13
14

Household sector
State and local governments
Rest of the world (3)

15
16
17

Commercial banking
Savings institutions
Bank personal trusts and estates

18
19
20
21
22
23
24

(1) Excludes mutual fund shares shown on table F.214.
(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

147.4

237.6

265.1

274.6

191.3

173.4

224.8

253.3

208.2

126.8

176.9

1

2

Net purchases

147.4

237.6

265.1

274.6

191.3

173.4

224.8

253.3

208.2

126.8

176.9

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

94.7
4.6
5.9

180.8
3.3
6.0

258.4
-8.2
-7.4

261.4
7.3
-7.3

147.6
8.0
4.3

206.6
7.3
-26.0

206.9
7.3
-4.5

215.3
8.0
-4.1

158.7
7.9
8.6

83.9
8.0
6.3

132.4
8.0
6.3

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

0.3
0.2
9.5

0.3
-0.3
3.9

0.8
-0.2
-7.2

-0.4
1.2
9.4

1.2
-1.1
8.7

3.7
-0.2
9.4

3.4
2.1
9.2

-0.8
0.5
8.0

0.8
0.5
8.4

-0.7
0.5
9.2

5.3
-5.8
9.0

6
7
8

13.5
18.6

2.4
41.1

-7.2
36.2

-28.2
31.2

-8.0
30.8

-28.2
0.7

-28.2
28.4

-8.0
34.4

-8.0
31.3

-8.0
27.6

-8.0
29.7

9
10

9
10

Life insurance companies
Private pension funds

46

Z.1, March 10, 2000

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Total loans by commercial
banking, flow of funds basis

239.8

174.2

234.7

253.4

200.2

275.9

283.6

42.4

43.9

266.2

448.3

1

2
3
4
5

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

-0.1
77.5
43.2
4.6

0.8
55.2
24.8
1.3

-0.8
99.9
-14.2
21.7

-0.2
91.7
-3.6
20.5

0.2
158.2
-9.2
-18.1

-0.7
53.0
10.6
41.5

0.6
169.9
6.0
-35.9

-0.7
15.8
6.1
-40.8

-0.5
78.4
-75.7
3.5

1.1
228.2
-36.5
-26.7

1.0
310.3
69.4
-8.4

2
3
4
5

6

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

114.7

92.1

128.2

145.0

69.1

171.6

143.0

62.1

38.3

100.0

75.9

6

77.0
35.4
0.4
1.8

58.2
32.2
0.2
1.4

108.1
19.2
-0.0
0.9

144.3
-1.9
1.7
0.9

92.4
-22.3
-1.6
0.5

157.1
13.5
0.0
1.0

152.5
-17.1
7.2
0.5

101.5
-35.3
-2.1
-2.0

101.5
-67.3
2.5
1.6

119.8
-9.4
-10.8
0.3

47.0
22.7
4.2
2.1

7
8
9
10

7
8
9
10

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

11

+ Loans from Federal Reserve banks

0

0

0

0

0

0

0

0

0

0

0

11

12

= Total bank loans n.e.c.

114.7

92.1

128.2

145.0

69.1

171.6

143.0

62.1

38.3

100.0

75.9

12

13

Net change in liabilities

114.7

92.1

128.2

145.0

69.1

171.6

143.0

62.1

38.3

100.0

75.9

13

112.2

79.5

115.0

115.0

82.8

111.4

130.7

70.9

27.8

106.2

126.1

14

17.4
66.8
18.5
1.1

0.6
39.4
29.8
0.6

8.1
68.7
26.2
3.5

6.3
82.3
18.5
1.2

-7.8
72.2
18.7
-0.9

-16.5
104.5
18.5
1.3

14.3
88.2
20.5
-2.1

-14.7
64.0
20.0
0.7

0.0
11.1
17.0
-6.0

-5.7
99.2
17.8
1.6

-10.9
114.3
20.2
0.1

15
16
17
18

8.5
0.4
2.1
5.9

9.1
0.3
3.4
5.4

8.5
-0.8
-0.5
9.8

6.7
0.8
-0.7
6.7

0.6
0.2
-3.1
3.5

3.6
-0.5
-4.0
8.1

9.8
3.1
-2.9
9.5

0.9
0.3
-2.2
2.7

5.6
-0.4
4.9
1.1

-6.6
0.7
-10.4
3.1

2.4
0.1
-4.7
7.0

19
20
21
22

2.5

12.6

13.2

30.1

-13.7

60.2

12.4

-8.8

10.5

-6.2

-50.1

23

5.2
0.5
-2.2
-1.0

1.4
4.4
4.1
2.7

3.5
4.4
-4.6
9.9

10.3
2.1
1.6
16.0

-15.7
8.8
0.2
-7.0

18.4
10.6
2.3
29.0

7.0
1.8
3.0
0.5

17.3
-2.0
-4.6
-19.5

5.6
1.0
5.1
-1.3

-3.2
7.6
-6.1
-4.5

-82.4
28.6
6.2
-2.5

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Household sector
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

47

Z.1, March 10, 2000

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Total other loans and advances

70.1

62.5

102.8

158.5

177.5

157.8

262.7

192.9

101.3

224.5

191.4

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

13.0
11.3
1.9
1.2
-1.2
0.5
-0.8
0

0.0
3.1
-1.3
-0.3
-1.1
0.4
-0.7
0

9.6
11.4
-0.3
1.8
-0.5
-1.2
-1.6
0

14.4
10.6
-0.1
4.0
-0.3
1.2
-1.0
0

11.9
13.6
-0.3
-1.0
-0.2
0.0
-0.0
0

15.1
10.9
-0.4
6.8
-0.3
-0.1
-1.8
0

11.4
12.5
0.2
0.1
-0.4
-0.1
-0.9
0

18.4
23.0
-0.5
-1.2
-0.7
0.3
-2.5
0

7.1
10.0
-0.3
-1.8
-0.2
0.1
-0.7
0

9.8
9.7
-0.2
-0.5
-0.0
-0.2
1.0
0

12.4
11.6
-0.4
-0.7
-0.1
-0.2
2.1
0

2
3
4
5
6
7
8
9

10
11

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

0.0
0.0

3.9
3.9

17.3
17.3

-1.0
-1.0

-25.0
-25.0

-2.5
-2.5

-1.6
-1.6

67.3
67.3

-94.9
-94.9

-27.3
-27.3

-45.2
-45.2

10
11

12
13
14

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

-0.6
-0.8
0.3

1.0
-0.7
1.8

-2.8
-2.6
-0.2

-9.3
-4.3
-5.0

-3.1
-2.2
-0.9

-1.0
-0.7
-0.3

-10.5
-1.7
-8.8

-4.0
-3.8
-0.2

-5.6
-3.9
-1.6

-5.1
-2.6
-2.5

2.4
1.6
0.9

12
13
14

15
16
17

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

2.5
1.2
1.2

3.0
1.5
1.5

3.1
1.6
1.6

5.3
2.7
2.7

6.5
3.2
3.2

7.5
3.7
3.7

8.3
4.2
4.2

4.8
2.4
2.4

6.7
3.4
3.4

4.8
2.4
2.4

9.6
4.8
4.8

15
16
17

18
19
20

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

10.5
0.1
10.4

4.5
0.0
4.5

3.2
-0.0
3.2

0.1
-0.0
0.1

-4.1
0.0
-4.1

2.0
-0.0
2.0

-6.2
-0.0
-6.2

-17.7
0.0
-17.7

-2.8
0.0
-2.8

1.3
0.0
1.3

2.7
0.0
2.7

18
19
20

21
22
23
24
25
26
27
28

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

11.2
3.9
2.5
1.4
6.2
-2.6
-0.1
-0.1

28.8
-0.6
-1.2
2.7
2.3
24.5
0.1
1.1

31.2
-4.4
0
0
19.1
16.2
0.1
0.2

92.3
-1.2
2.7
0.6
46.9
42.1
0.6
0.7

114.1
5.6
1.2
0.2
42.8
61.3
2.2
0.7

93.7
4.6
6.0
0.9
33.8
45.8
1.0
1.6

179.1
6.3
1.4
1.4
71.5
96.3
0.4
1.8

49.6
7.8
-2.8
3.0
-3.0
39.8
1.5
3.3

124.1
6.2
3.8
-3.8
60.1
53.5
1.4
3.0

166.1
15.9
2.1
0.9
86.3
57.0
2.8
1.1

116.5
-7.7
1.5
0.8
27.9
95.1
3.3
-4.4

21
22
23
24
25
26
27
28

29
30
31

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

6.9
1.0
5.9

13.3
5.3
8.1

32.2
7.8
24.4

27.6
3.8
23.8

18.6
0.1
18.5

13.6
-2.4
16.0

55.5
-2.0
57.5

17.9
-2.4
20.3

24.6
1.2
23.4

8.6
1.2
7.4

23.1
0.4
22.7

29
30
31

32
33
34

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

26.7
24.0
2.7

7.9
7.1
0.8

9.0
8.1
0.9

29.0
26.1
2.9

58.6
52.8
5.9

29.4
26.5
2.9

26.7
24.1
2.7

56.5
50.9
5.7

41.9
37.7
4.2

66.3
59.7
6.6

69.8
62.8
7.0

32
33
34

(1) Student loans.

48

Z.1, March 10, 2000

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Net change in mortgages

202.0

287.9

303.9

498.6

601.1

499.8

608.1

583.2

568.2

662.1

590.7

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

180.4
7.2
12.9
1.6

245.3
11.9
28.2
2.6

237.6
12.6
50.6
3.2

367.9
27.4
97.1
6.2

431.8
41.4
121.7
6.2

375.2
26.3
92.8
5.5

429.1
36.0
134.4
8.6

414.9
39.1
125.6
3.6

422.9
27.9
108.4
9.0

492.8
46.8
115.4
7.2

396.4
51.9
137.5
4.9

2
3
4
5

202.0

287.9

303.9

498.6

601.1

499.8

608.1

583.2

568.2

662.1

590.7

6

167.3

245.6

238.7

372.7

442.1

387.8

422.9

423.9

433.4

501.1

409.9

7

29.4
23.3
4.5
1.6

34.4
-21.4
53.2
2.6

50.3
0.2
47.0
3.2

101.1
27.3
67.6
6.2

150.0
52.6
91.2
6.2

72.4
7.3
59.6
5.5

154.6
71.5
74.6
8.6

139.1
57.9
77.6
3.6

147.1
50.4
87.7
9.0

151.7
52.8
91.7
7.2

162.0
49.2
107.9
4.9

8
9
10
11

6
7

Net borrowing
Household sector

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

12
13

Federal government
REITs

0
5.3

-0.0
7.9

-0.0
14.9

0
24.8

0
9.0

0
39.6

0
30.6

0
20.1

0
-12.3

0
9.4

0
18.8

12
13

14

Net change in assets

202.0

287.9

303.9

498.6

601.1

499.8

608.1

583.2

568.2

662.1

590.7

14

-6.1
1.6
3.1

-0.0
-3.6
-3.2

-0.5
-4.0
0.3

0.2
-4.0
0.6

0.3
-4.0
0.6

-0.2
-4.0
0.6

-0.0
-4.0
0.6

-0.7
-4.0
0.6

2.1
-4.0
0.6

0.1
-4.0
0.6

-0.2
-4.0
0.6

15
16
17

3.3
-13.2

3.8
-7.5

3.7
-4.5

4.1
-0.9

4.3
0.1

4.2
-1.3

4.2
0.3

4.2
-1.4

4.3
-0.3

4.3
1.6

4.4
0.5

18
19

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

18
19

State and local governments
Federal government

20
21
22
23

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

77.5
0.6
4.4
-0.1

55.2
31.6
9.5
0.3

99.9
3.5
10.1
-0.6

91.7
12.3
10.9
-0.2

158.2
24.7
14.7
-0.0

53.0
-8.3
9.9
-0.2

169.9
49.9
10.6
-0.2

15.8
7.5
10.5
-0.0

78.4
47.4
16.6
-0.0

228.2
63.1
19.5
-0.0

310.3
-19.2
12.3
0.0

20
21
22
23

24
25
26
27

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

-2.6
-1.0
1.4
0.7

-5.0
-0.4
1.8
0.8

-1.3
-0.2
2.4
0.9

6.8
-0.2
3.7
1.0

14.0
-0.1
2.5
1.1

-1.5
-1.0
2.2
1.0

25.1
0.5
5.7
1.0

15.9
-0.2
1.5
1.0

22.3
0.1
4.8
1.1

6.6
0.2
1.0
1.1

11.1
-0.4
2.5
1.1

24
25
26
27

28
29
30

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

6.4
98.2
25.1

-6.1
141.1
51.4

-4.5
114.5
79.1

7.3
192.6
151.7

-3.8
273.8
93.1

1.1
261.7
142.6

21.7
162.8
149.2

-16.5
399.2
133.2

-0.2
274.3
98.3

3.0
245.9
70.4

-1.5
176.0
70.5

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

5.6
-3.4
0.8

10.2
8.2
-0.3

5.3
-9.1
9.1

14.4
3.2
3.4

24.1
0.3
-2.9

32.7
4.5
2.8

18.5
6.0
-13.7

29.2
-9.1
-3.6

14.0
10.2
-1.9

33.1
-12.1
-0.4

20.2
12.3
-5.8

31
32
33

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

49

Z.1, March 10, 2000

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

180.4

245.3

237.6

367.9

431.8

375.2

429.1

414.9

422.9

492.8

396.4

1

176.9
0.9
2.6

241.0
0.9
3.4

231.3
1.0
5.3

359.8
1.1
7.0

421.7
1.3
8.8

366.8
1.1
7.2

420.3
1.2
7.6

405.6
1.2
8.2

413.1
1.2
8.5

482.4
1.3
9.1

385.9
1.3
9.2

2
3
4

180.4

245.3

237.6

367.9

431.8

375.2

429.1

414.9

422.9

492.8

396.4

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-7.7
1.1
1.2

-1.2
-9.3
-1.3

-1.1
-8.0
-0.5

-1.1
-7.2
-0.4

-1.1
0.3
-0.4

-1.1
-12.5
-0.4

-1.1
-0.3
-0.4

-1.1
-0.8
-0.4

-1.1
-0.2
-0.4

-1.1
0.9
-0.4

-1.1
1.3
-0.4

6
7
8

9
10

State and local governments
Federal government

3.2
-5.0

2.3
-2.9

3.0
-2.1

3.3
-0.3

3.5
-0.3

3.3
-0.4

3.4
0.6

3.4
-1.0

3.5
-0.9

3.5
1.3

3.6
-0.3

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

56.6
4.7
4.4
-0.1

31.1
31.4
9.5
0.3

67.9
7.0
10.1
-0.6

51.1
12.7
10.9
-0.2

82.2
15.2
14.7
-0.0

-2.1
-1.0
9.9
-0.2

109.3
42.9
10.6
-0.2

-41.0
1.2
10.5
-0.0

12.7
47.6
16.6
-0.0

145.7
46.4
19.5
-0.0

211.5
-34.6
12.3
0.0

11
12
13
14

15
16
17

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

0.4
0.3
0.5

-1.9
0.4
0.6

0.2
0.5
0.6

-0.6
0.8
0.7

0.7
0.5
0.8

-0.9
0.5
0.7

-0.0
1.2
0.7

1.5
0.3
0.8

1.4
1.1
0.8

0.6
0.2
0.8

-0.6
0.6
0.8

15
16
17

18
19
20

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

5.9
93.7
18.4

-6.7
135.5
34.9

-4.2
109.2
53.0

4.4
182.1
91.1

-11.1
264.6
51.9

-2.5
245.0
111.8

13.7
148.1
74.8

-22.0
389.7
79.6

-10.3
265.9
69.2

-6.3
237.5
28.9

-5.8
165.3
30.1

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

5.6
-4.5
1.9

13.4
8.2
1.1

6.9
-10.2
6.0

16.8
3.1
0.8

12.5
0.3
-2.6

22.3
4.0
-1.1

32.6
6.0
-12.9

9.3
-9.2
-5.9

8.4
10.0
-1.3

26.9
-12.0
0.5

5.3
12.3
-3.8

21
22
23

6
7
8

Net change in assets

1996

(1) Mortgages on 1-4 family structures.

F.219 Multifamily Residential Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net borrowing

7.2

11.9

12.6

27.4

41.4

26.3

36.0

39.1

27.9

46.8

51.9

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

0.9
4.6

0.9
8.3

1.0
6.7

1.1
18.1

1.3
37.2

1.1
12.1

1.2
24.7

1.2
31.2

1.2
30.7

1.3
42.4

1.3
44.4

2
3

4
5

Federal government
REITs

0
1.8

-0.0
2.6

-0.0
4.9

0
8.2

0
3.0

0
13.1

0
10.1

0
6.6

0
-4.0

0
3.1

0
6.2

4
5

6

Net change in assets

7.2

11.9

12.6

27.4

41.4

26.3

36.0

39.1

27.9

46.8

51.9

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.3
-0.8
1.0

-0.1
0.7
-0.9

-0.1
0.6
0.4

-0.0
0.9
0.5

-0.0
-1.2
0.5

-0.0
2.7
0.5

-0.0
-0.2
0.5

-0.0
-0.2
0.5

-0.0
-0.8
0.5

-0.0
-1.8
0.5

-0.0
-2.1
0.5

7
8
9

10
11

State and local governments
Federal government

0.6
-4.7

1.8
-2.5

0.6
-0.9

0.9
-0.3

0.9
0.0

1.0
-0.7

0.9
-0.2

0.9
-0.1

1.0
0.1

0.9
0.1

1.0
-0.0

10
11

12
13

Commercial banking
Savings institutions

4.6
-2.4

2.9
-0.4

4.2
-2.0

3.2
-2.5

13.1
2.3

3.9
-8.8

2.7
0.5

13.2
-0.2

9.6
-6.8

15.5
9.0

14.2
7.4

12
13

14
15
16

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

0.9
0.1
0.2

2.0
0.1
0.2

-0.3
0.1
0.2

1.1
0.2
0.3

0.7
0.1
0.3

-0.2
0.1
0.3

3.8
0.3
0.3

-0.9
0.1
0.3

1.1
0.2
0.3

0.8
0.1
0.3

1.8
0.1
0.3

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

0.6
4.5
1.7

-0.5
5.6
3.9

-1.2
5.3
4.0

0.8
10.5
12.0

5.7
9.2
7.6

1.1
16.7
7.8

4.3
14.7
10.6

4.9
9.5
11.0

8.1
8.3
6.6

7.2
8.4
6.2

2.7
10.7
6.6

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0
1.1
-0.6

-0.6
-0.1
-0.4

-0.2
1.0
0.9

-0.2
0.1
0.1

2.4
0.0
-0.3

0.7
0.5
0.6

-1.1
0
-1.0

0.4
0.0
-0.4

-0.0
0.2
-0.4

0.3
-0.1
-0.4

8.9
0
-0.1

20
21
22

7
8
9

50

Z.1, March 10, 2000

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1
2
3
4
5
6
7
8
9

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs
Net change in assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

12.9

28.2

50.6

97.1

121.7

92.8

134.4

125.6

108.4

115.4

137.5

1

-9.6
21.6
-2.8
3.6

4.7
-23.3
41.5
5.3

7.4
-1.8
35.0
10.0

12.9
25.1
42.5
16.6

20.3
50.0
45.3
6.0

20.9
5.1
40.3
26.5

2.6
69.1
42.2
20.5

18.4
55.5
38.2
13.5

20.3
47.9
48.5
-8.2

18.7
50.2
40.2
6.3

24.0
46.6
54.3
12.6

2
3
4
5

12.9

28.2

50.6

97.1

121.7

92.8

134.4

125.6

108.4

115.4

137.5

6

0.6
1.2
0.9

0.6
5.1
-0.8

0.2
3.4
0.3

0.3
2.3
0.4

0.3
-3.1
0.4

0.3
5.9
0.4

0.3
-3.5
0.4

0.3
-3.0
0.4

0.3
-3.0
0.4

0.3
-3.1
0.4

0.3
-3.2
0.4

7
8
9

10
11

State and local governments
Federal government

-0.5
-3.1

-0.2
-1.7

0.2
-0.6

-0.1
0.1

-0.1
0.6

-0.1
0.1

-0.1
0.2

-0.1
0.1

-0.1
0.4

-0.1
0.7

-0.1
1.1

10
11

12
13

Commercial banking
Savings institutions

15.0
-1.8

20.2
0.6

25.7
-1.5

35.3
2.1

60.0
7.2

49.6
1.4

55.7
6.5

41.3
6.4

53.5
6.6

63.3
7.7

82.0
7.9

12
13

14
15
16
17

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

-4.0
-1.0
1.0
0.0

-5.6
-0.4
1.3
-0.0

-1.5
-0.2
1.7
-0.0

5.2
-0.2
2.7
-0.0

11.9
-0.1
1.8
-0.0

-1.1
-1.0
1.6
-0.0

19.3
0.5
4.1
-0.0

14.5
-0.2
1.1
-0.0

18.8
0.1
3.5
-0.0

4.3
0.2
0.7
-0.0

9.8
-0.4
1.9
-0.0

14
15
16
17

18
19
20
21

ABS issuers
Finance companies
Mortgage companies
REITs

5.0
0
0
-0.5

12.6
-2.6
0
-1.0

22.1
-1.4
0
2.2

48.6
-2.1
0
2.5

33.6
9.3
0
0.0

23.0
9.8
0
3.2

63.8
-13.0
0
0.2

42.6
19.5
0
2.7

22.5
5.7
0
-0.2

35.4
6.0
0
-0.5

33.8
6.0
0
-1.9

18
19
20
21

F.221 Farm Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net borrowing (Farm business)

1.6

2.6

3.2

6.2

6.2

5.5

8.6

3.6

9.0

7.2

4.9

1

2

Net change in assets

1.6

2.6

3.2

6.2

6.2

5.5

8.6

3.6

9.0

7.2

4.9

2

0.8
0.1

0.6
-0.2

0.5
0.1

1.1
0.1

1.2
0.1

0.7
0.1

0.8
0.1

0.2
0.1

3.0
0.1

0.9
0.1

0.6
0.1

3
4

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

-0.0
-0.5

-0.1
-0.5

-0.0
-0.9

-0.0
-0.3

-0.0
-0.2

0
-0.3

-0.0
-0.4

0
-0.4

-0.0
0.2

0
-0.5

-0.0
-0.3

5
6

7
8

Commercial banking
Savings institutions

1.3
-0.0

1.1
0.0

2.1
0.0

2.0
0.1

2.8
0.1

1.7
0.1

2.3
0.0

2.3
0.1

2.6
0.0

3.6
0.1

2.7
0.1

7
8

0.1
0

0.5
0

0.4
0

1.1
0

0.7
0

0.7
0

2.1
0

0.9
0

1.0
0

0.9
0

0.1
0

9
10

-0.1
-0.0

1.1
-0.0

1.0
-0.0

2.2
-0.0

1.6
-0.0

2.5
0

3.7
-0.0

0.5
0

2.0
0

2.1
-0.0

1.6
0

11
12

9
10

Life insurance companies
State and local govt. retirement funds

11
12

Government-sponsored enterprises
Federally related mortgage pools

51

Z.1, March 10, 2000

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1

Net change in liabilities (Households)

138.9

88.8

52.5

67.6

96.8

79.6

69.9

131.5

62.4

77.3

115.9

1

2

Net change in assets

138.9

88.8

52.5

67.6

96.8

79.6

69.9

131.5

62.4

77.3

115.9

2

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

-1.6
0

-7.3
0

1.2
0

-4.1
0

5.4
0

-4.4
0

-11.6
0

38.6
0

-4.8
0

-9.2
0

-2.8
0

3
4

5
6
7

Commercial banking
Savings institutions
Credit unions

43.2
1.6
12.3

24.8
4.6
12.2

-14.2
2.5
8.2

-3.6
4.4
3.0

-9.2
9.9
14.9

10.6
7.9
3.3

6.0
5.2
2.6

6.1
8.0
13.2

-75.7
14.2
4.3

-36.5
11.6
18.8

69.4
5.9
23.3

5
6
7

8
9

ABS issuers
Finance companies

65.6
17.7

54.2
0.3

47.2
7.6

59.4
8.5

62.6
13.1

44.8
17.4

37.6
30.1

59.2
6.5

100.9
23.7

97.2
-4.7

-6.8
26.9

8
9

F.223 Trade Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in trade payables

128.9

114.8

125.9

27.9

165.8

57.9

-56.9

144.8

237.1

190.8

90.4

1

9.3

8.7

8.1

5.7

7.1

4.7

1.9

1.4

8.6

6.3

11.9

2

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

81.0
6.2
1.0

49.5
20.8
1.3

63.5
10.8
1.4

-12.4
9.5
0.8

103.2
6.0
0.4

-0.2
9.7
2.3

-78.4
9.7
0.4

112.6
6.7
-0.6

145.2
7.5
-0.2

130.4
5.1
1.4

24.8
4.8
1.0

3
4
5

6
7

State and local governments
Federal government

29.2
-4.6

30.9
1.3

31.4
-0.1

30.5
-2.7

30.9
0.2

31.6
2.0

29.9
-5.4

30.1
-2.5

26.1
5.4

33.9
-1.4

33.7
-0.9

6
7

8
9

Rest of the world
Brokers and dealers

5.8
1.1

-1.7
4.0

5.1
5.7

-2.4
-1.0

6.2
11.8

4.1
3.7

-3.6
-11.4

-4.9
2.0

-4.7
49.4

22.1
-7.0

12.3
2.9

8
9

2

Household sector

3
4
5

10

Net change in trade receivables

113.3

136.0

92.6

58.8

129.0

122.9

-36.8

99.1

247.0

119.1

50.8

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

78.0
12.3

88.1
16.2

36.6
16.7

9.0
16.1

90.4
17.8

64.8
15.0

-42.7
16.6

70.0
16.8

201.2
17.4

79.0
18.3

11.4
18.8

11
12

13
14

Federal government
Rest of the world

-1.6
-0.2

0.9
5.9

-3.2
3.5

1.5
-7.3

2.2
-4.7

10.4
-2.3

-8.0
-21.8

1.4
-18.9

4.9
-3.2

7.1
0.6

-4.9
2.8

13
14

15
16

Other insurance companies
ABS issuers

4.4
20.5

-0.1
25.0

2.7
36.3

1.6
37.9

2.2
21.1

2.6
32.4

-9.9
29.0

9.7
20.0

7.0
19.7

2.3
11.7

-10.4
33.0

15
16

15.6

-21.2

33.2

-30.9

36.8

-65.0

-20.2

45.8

-9.9

71.7

39.7

17

17

Discrepancy

F.224 Security Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in liabilities

2
3

Household sector
Rest of the world

4
5
6
7

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

26.7

52.4

111.0

103.3

93.5

149.5

-25.7

-66.6

139.9

29.5

271.1

1

3.5
0

15.8
0

36.8
0

21.6
0

69.7
0

-9.8
0

14.8
0

31.6
0

95.3
0

5.7
0

146.1
0

2
3

23.1
18.6
8.3
-3.7

36.6
35.3
-4.8
6.2

74.2
52.6
4.2
17.5

81.7
61.2
11.9
8.6

23.8
41.9
-8.7
-9.4

159.4
117.9
1.7
39.7

-40.6
-4.6
14.6
-50.5

-98.2
-57.4
-23.0
-17.8

44.5
41.1
16.5
-13.1

23.8
50.5
-37.4
10.7

125.1
133.5
9.0
-17.4

4
5
6
7

8

Net change in assets

26.7

52.4

111.0

103.3

93.5

149.5

-25.7

-66.6

139.9

29.5

271.1

8

9
10

Household sector
Rest of the world

18.6
0

35.3
0

52.6
0

61.2
0

41.9
0

117.9
0

-4.6
0

-57.4
0

41.1
0

50.5
0

133.5
0

9
10

11
12

Commercial banking
Brokers and dealers

4.6
3.5

1.3
15.8

21.7
36.8

20.5
21.6

-18.1
69.7

41.5
-9.8

-35.9
14.8

-40.8
31.6

3.5
95.3

-26.7
5.7

-8.4
146.1

11
12

52

Z.1, March 10, 2000

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

Life insurance reserves:
1
2
3
4

Net change in liabilities
Federal government
Life insurance companies
Net change in assets (Households)

45.8

44.5

59.3

53.3

51.3

51.7

59.0

40.8

59.6

41.5

63.2

1

1.0
44.8

0.6
43.8

1.7
57.6

1.3
52.0

1.4
49.9

0.0
51.7

1.8
57.1

0.7
40.2

2.7
56.9

0.2
41.2

2.0
61.2

2
3

45.8

44.5

59.3

53.3

51.3

51.7

59.0

40.8

59.6

41.5

63.2

4

235.1

246.9

304.0

290.4

322.2

279.2

314.8

286.1

324.4

305.0

373.5

5

Pension fund reserves:
5

Net change in liabilities

6
7

Federal government (1)
Life insurance companies

20.8
61.0

55.1
43.9

40.3
98.3

41.2
91.3

41.1
113.6

43.6
89.5

48.5
93.5

36.6
101.6

39.2
114.8

42.7
110.4

46.1
127.4

6
7

8
9

Private pension funds (2)
State and local govt. retirement funds

90.8
62.5

87.5
60.5

89.0
76.4

96.7
61.2

109.3
58.3

90.3
55.9

115.0
57.7

88.9
59.1

109.0
61.4

95.4
56.4

144.0
56.0

8
9

235.1

246.9

304.0

290.4

322.2

279.2

314.8

286.1

324.4

305.0

373.5

10

10

Net change in assets (Households)

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.
(2) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in taxes payable by all
businesses

6.2

16.0

16.8

12.5

11.5

27.5

8.4

-8.0

41.8

-1.8

14.0

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

-0.0
1.3

9.6
1.6

9.3
1.9

4.7
2.5

2.8
2.5

20.6
2.5

-1.4
2.5

-15.6
2.5

34.3
2.5

-11.3
2.5

4.0
2.5

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

0.9
0.5

1.2
-0.1

1.4
0.4

1.7
0.2

1.9
0.0

1.7
0.5

1.7
0.3

1.8
-0.1

1.9
-0.5

1.9
1.3

2.0
-0.5

4
5

6
7

Life insurance companies
Other insurance companies

1.6
1.2

1.6
1.2

1.7
1.2

1.6
1.2

1.5
1.1

1.6
1.2

1.5
1.2

1.5
1.1

1.5
1.1

1.4
1.1

1.4
1.1

6
7

8
9

Finance companies
Brokers and dealers

0.7
-0.1

0.8
0.1

0.8
0.1

0.8
-0.1

0.7
0.9

0.8
-1.2

0.7
1.9

0.7
0.1

0.7
0.4

0.7
0.4

0.7
2.8

8
9

-14.9

-6.9

-10.0

-5.1

16.2

-0.7

-10.8

7.4

37.0

-4.2

24.2

10

-8.3
-6.6

-5.3
-1.5

-2.2
-7.8

0.1
-5.2

5.2
11.0

1.0
-1.6

0.3
-11.0

3.0
4.5

4.4
32.6

5.5
-9.7

7.5
16.7

11
12

21.1

22.8

26.8

17.6

-4.7

28.2

19.1

-15.4

4.8

2.4

-10.1

13

10
11
12
13

Net change in business taxes receivable
State and local governments
Federal government
Discrepancy

F.227 Investment in Bank Personal Trusts and Estates
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Liab.: Bank personal trusts and estates

4.0

-8.6

-56.3

-48.0

-31.1

-51.2

-48.8

-32.0

-25.9

-34.3

-32.3

1

2

Asset: Household sector

4.0

-8.6

-56.3

-48.0

-31.1

-51.2

-48.8

-32.0

-25.9

-34.3

-32.3

2

F.228 Proprietors’ Equity in Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4

Total household investment
Nonfarm noncorporate business
Farm business
Brokers and dealers

65.6

5.1

9.9

-19.9

-9.9

-64.0

16.3

10.1

16.0

-47.4

-18.5

1

60.1
-9.2
14.7

-10.9
3.7
12.4

-6.2
-1.3
17.4

-21.8
-1.6
3.5

-15.3
-1.9
7.3

-28.1
-4.3
-31.5

-19.1
12.1
23.3

-7.1
4.2
12.9

-0.4
7.7
8.7

-18.1
-9.5
-19.8

-35.9
-10.1
27.4

2
3
4

53

Z.1, March 10, 2000

F.229 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

453.6

508.1

527.5

710.0

598.8

749.8

577.8

129.4

1223.6

360.0

682.3

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.7
133.5
3.4

0.8
254.0
-0.1

0.3
101.5
-1.3

-1.4
222.7
-2.0

1.6
297.2
1.0

-2.1
289.2
-1.0

-4.6
390.3
-1.1

4.9
93.7
0.6

0.3
496.1
0.3

0.2
275.2
1.4

1.0
323.7
1.7

2
3
4

5
6

Federal government
Rest of the world

4.5
139.6

-3.2
135.6

0.2
143.3

-5.1
146.5

-2.8
173.1

-11.8
55.9

0.7
-101.8

-9.2
104.7

5.3
307.0

-14.1
162.0

6.6
118.5

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

1.3
124.0
-0.6
-1.9

-0.2
20.1
-2.5
0.0

1.8
171.2
-2.1
0.1

1.0
120.9
-1.6
0.5

-1.6
-59.0
-12.2
0.5

-21.1
306.0
-2.1
-1.1

18.2
89.0
-17.1
-0.6

-22.1
-79.2
19.5
1.1

27.4
56.7
-20.0
-2.0

-17.5
-230.0
-19.9
-0.6

5.7
16.7
-28.6
3.4

7
8
9
10

11
12

Life insurance companies
Other insurance companies

15.1
22.8

10.5
12.3

32.3
10.5

34.5
22.3

22.1
18.1

16.3
14.8

34.3
43.6

18.9
-8.1

6.0
34.7

27.9
38.5

35.6
7.3

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

5.8
21.8
-1.2

0.3
3.2
4.1

7.8
-2.8
-4.6

20.3
17.8
1.6

-6.0
61.6
0.2

6.9
8.2
2.3

23.7
82.3
3.0

-25.9
68.5
-4.6

-13.3
16.5
5.1

-14.4
59.1
-6.1

29.8
102.4
6.2

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

1.4
12.6
-29.2

2.5
28.4
42.4

8.8
21.8
38.7

13.6
43.8
74.6

4.0
5.8
95.4

12.0
12.2
65.1

9.3
-51.3
59.8

7.2
-79.9
39.3

-5.2
65.6
243.1

12.9
5.5
79.9

1.1
31.9
19.3

16
17
18

633.0

545.4

742.2

768.3

1005.9

820.4

577.0

538.3

1791.6

899.2

794.7

19

19

Net change in liabilities

1996

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

14.8
293.4
48.1
1.8

9.7
232.8
56.4
-0.1

10.3
243.6
50.4
0.4

15.3
191.9
51.1
1.7

11.7
385.5
51.0
0.2

15.0
176.3
49.8
1.5

29.9
144.8
53.7
2.7

1.2
415.3
48.8
-1.3

13.2
344.3
49.0
1.7

25.1
440.3
53.7
1.5

7.2
342.1
52.6
-1.3

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

42.9
-2.1
119.8

-4.8
-6.4
131.6

4.3
-7.0
203.0

-1.1
-3.5
205.0

15.1
-0.9
352.8

-44.5
-3.9
181.7

23.8
-7.1
158.7

-13.0
-0.4
172.5

41.3
-1.9
851.3

46.4
-2.5
310.2

-13.9
0.9
77.4

24
25
26

27
28
29
30
31

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

-3.2
61.4
1.7
-0.8
-0.9

2.4
25.9
-1.8
-0.2
3.9

1.2
103.5
-3.2
3.8
-1.4

4.9
124.1
13.6
6.8
8.4

-1.5
42.4
-2.5
-12.5
1.3

7.1
261.5
40.4
14.5
8.4

7.8
23.9
9.8
15.9
8.4

-13.4
52.9
-5.1
1.3
-0.2

1.5
211.9
-24.6
-11.5
2.0

4.8
-56.9
23.2
-4.4
2.6

1.0
-38.4
-3.4
-35.4
0.9

27
28
29
30
31

32
33
34
35

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

7.2
3.8
7.2
-39.9

-31.4
3.6
10.1
-63.2

-6.7
5.4
9.4
-87.3

17.1
5.3
-19.8
-106.7

3.6
3.2
33.1
-85.8

41.0
5.1
5.9
-104.2

-4.2
9.3
-39.5
-49.8

-25.4
6.3
9.5
-116.0

1.5
3.0
4.0
-72.9

28.9
3.6
18.2
-104.5

9.5
-0.1
100.6
-49.8

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

12.8
0.5
7.7

4.8
-1.7
20.0

16.0
7.1
19.4

7.9
-3.9
55.1

24.2
-0.8
58.8

-23.7
6.6
46.0

-10.8
5.3
120.2

-60.4
29.0
45.5

143.3
-31.3
42.0

-56.9
-3.1
103.6

70.6
2.2
44.0

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

21.0
1.0
10.3
24.5

22.0
-1.7
68.2
65.2

28.9
4.9
82.8
53.3

16.1
10.7
115.9
52.5

30.3
-1.0
29.8
68.0

-96.2
5.8
150.3
76.1

67.3
0.2
-16.1
22.9

89.8
1.4
-249.0
148.9

10.5
-4.5
171.6
46.1

-15.0
-1.7
22.3
59.8

35.6
0.8
174.3
17.2

39
40
41
42

-179.5

-37.3

-214.7

-58.3

-407.0

-70.6

0.7

-408.9

-568.0

-539.2

-112.4

43

43

Discrepancy

54

Z.1, March 10, 2000

F.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

U.S. direct investment abroad (1):
1
2
3
4
5
6
7
8
9
10

Liab.: Rest of the world
Equity
Reinvested earnings
Intercompany accounts

99.5
40.5
54.6
4.4

92.7
27.5
55.5
9.7

110.0
43.9
61.6
4.4

132.8
60.3
61.5
11.0

149.7
65.6
73.2
11.0

86.3
55.1
46.2
-14.9

123.1
52.5
57.7
12.9

165.5
79.2
55.4
30.9

126.3
31.7
78.3
16.2

178.1
95.0
83.8
-0.6

130.1
56.4
76.4
-2.7

1
2
3
4

Asset: Nonfinancial corporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers

91.1
1.6
0.4
3.8
2.5
0.1

77.6
3.5
0.8
3.6
7.3
-0.1

90.2
2.9
1.8
5.4
9.1
0.5

113.9
0.9
2.1
5.3
7.8
2.8

132.7
5.2
0.4
3.2
5.8
2.5

70.8
-5.4
-1.4
5.1
12.9
4.4

103.5
2.1
3.7
9.3
1.7
2.8

149.8
3.2
0.9
6.3
1.6
3.7

111.7
6.4
0.1
3.0
4.6
0.6

157.7
4.0
1.1
3.6
7.5
4.1

112.7
7.1
-0.7
-0.1
9.4
1.7

5
6
7
8
9
10

55.4
-0.1
6.6
1.8
2.0
2.8
1.5
-10.4

74.5
0.3
-0.1
1.0
5.7
5.1
1.3
1.1

110.1
0.5
6.7
6.4
5.7
6.8
0.4
-27.4

163.1
0.2
5.7
2.0
4.8
5.0
0.7
11.8

232.8
0.3
34.7
25.9
17.2
17.1
0.8
-28.1

23.4
-0.1
20.1
0.7
1.3
-11.2
0.6
64.9

473.6
0.3
2.1
2.5
7.6
13.9
0.1
-18.0

106.6
0.4
2.8
1.2
4.0
-5.6
-0.0
-17.6

369.6
0.2
55.5
41.7
19.0
20.5
0.9
110.0

105.0
0.3
4.7
2.9
23.1
12.6
0.7
28.6

351.1
0.2
75.9
57.6
22.5
40.8
1.4
-233.3

11
12
13
14
15
16
17
18

59.6
47.9
10.3
1.5

89.0
63.7
11.0
14.3

109.3
64.7
20.3
24.3

193.4
154.2
12.8
26.4

300.5
241.0
21.2
38.3

99.6
90.9
17.6
-9.0

482.0
433.3
4.5
44.2

91.8
31.6
20.6
39.6

617.5
565.5
16.9
35.1

177.9
107.6
28.2
42.2

316.3
259.6
20.5
36.2

19
20
21
22

1.5
1.5

1.8
1.8

1.6
1.6

1.6
1.6

1.5
1.5

1.7
1.7

1.4
1.4

1.6
1.6

1.8
1.8

1.3
1.3

1.1
1.1

23
24

0.3
0.3

0.6
0.6

0.8
0.8

0.5
0.5

0.5
0.5

0.5
0.5

0.2
0.2

0.7
0.7

0.6
0.6

0.2
0.2

0.4
0.4

25
26

1.8

1.2

0.7

3.3

5.6

0.7

5.2

6.0

2.6

6.1

7.7

27

-0.2
0.0
-0.1
0
1.6
0.4
0.1
-0.0

-0.2
0.7
-0.6
0
0.8
0.5
0.0
0.1

-1.1
0
0
0
1.3
0.4
0.0
0.0

-0.7
-0.1
0.1
0
2.0
1.8
0.1
0.0

-0.6
-0.0
0.1
0
3.2
2.5
0.2
0.1

-2.6
-0.3
0.3
0
2.0
1.0
0.2
0.1

-0.0
-0.5
-0.6
0
3.4
2.8
0.1
0.1

0.2
0.2
-0.2
0
2.4
2.9
0.4
0.2

-0.9
-0.3
0.3
0
1.9
1.1
0.2
0.1

-0.9
-0.1
0.1
0
4.4
2.2
0.1
0.2

-0.7
0.2
0.1
0
4.1
3.9
0.2
-0.1

28
29
30
31
32
33
34
35

Foreign direct investment in U.S. (1):
11
12
13
14
15
16
17
18

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

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts
Federal government equity in IBRD, etc.:

23
24

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

25
26

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

27

Liab.: Government-sponsored enterprises

28
29
30
31
32
33
34
35

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

36
37
38
39
40

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

40.1
0.1
4.6
-1.2
4.7

28.6
0.2
4.6
4.1
-8.6

40.7
0.3
2.2
-4.6
27.0

55.3
0.4
-1.4
1.6
43.5

8.5
0.5
22.0
0.2
-5.6

53.5
0.4
-3.5
2.3
20.7

38.9
0.5
7.0
3.0
38.0

29.8
0.5
5.7
-4.6
72.5

-10.2
0.5
1.6
5.1
49.9

6.9
0.6
38.1
-6.1
-58.0

7.7
0.6
42.6
6.2
-86.5

36
37
38
39
40

41

Asset: Bank holding companies

48.3

28.9

65.7

99.4

25.7

73.4

87.4

103.9

46.9

-18.5

-29.5

41

4.6
4.6

4.6
4.6

2.2
2.2

-1.4
-1.4

22.0
22.0

-3.5
-3.5

7.0
7.0

5.7
5.7

1.6
1.6

38.1
38.1

42.6
42.6

42
43

NFC investment in finance company subs.:
42
43

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

44
45

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

6.7
17.8

13.7
51.5

14.3
38.9

11.8
40.8

2.5
65.5

40.7
35.4

4.4
18.6

-3.1
152.0

-5.3
51.4

56.0
3.8

-37.8
55.0

44
45

46

Asset: Funding corporations

24.5

65.2

53.3

52.5

68.0

76.1

22.9

148.9

46.1

59.8

17.2

46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.

55

Z.1, March 10, 2000

F.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1999
Q4

Q1

Q2

Q3

Q4

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

0.3
0.3

-0.1
-0.1

-0.0
-0.0

-0.1
-0.1

0.5
0.5

-0.6
-0.6

-0.2
-0.2

0.5
0.5

0.4
0.4

0.4
0.4

0.6
0.6

1
2

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

3
4

3.3
3.3

-1.2
-1.2

0
0

6.8
6.8

-7.8
-7.8

4.7
4.7

8.3
8.3

-13.5
-13.5

-16.7
-16.7

-5.8
-5.8

4.8
4.8

5
6

0.7
0.7

0.8
0.8

0.3
0.3

-1.4
-1.4

1.6
1.6

-2.1
-2.1

-4.6
-4.6

4.9
4.9

0.3
0.3

0.2
0.2

1.0
1.0

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

6.1
5.2
0.8

7.0
6.2
0.8

8.3
6.3
2.0

7.9
7.3
0.7

11.3
9.9
1.4

9.4
8.3
1.1

14.8
15.1
-0.3

6.3
5.2
1.1

6.7
5.6
1.0

18.6
17.0
1.6

13.5
11.7
1.9

9
10
11

12

Asset: Household sector

6.1

7.0

8.3

7.9

11.3

9.4

14.8

6.3

6.7

18.6

13.5

12

20.8

6.6

4.8

17.5

0.9

13.5

36.0

-12.1

15.7

15.4

-15.2

13

8.7
8.2
2.0
1.9

2.7
2.6
0.6
0.6

2.0
1.9
0.5
0.4

7.3
6.9
1.7
1.6

0.4
0.4
0.1
0.1

5.7
5.3
1.3
1.2

15.1
14.2
3.4
3.3

-5.1
-4.8
-1.2
-1.1

6.6
6.2
1.5
1.4

6.4
6.1
1.5
1.4

-6.4
-6.0
-1.4
-1.4

14
15
16
17

-0.7
-0.7

-2.5
-2.5

-4.3
-4.3

-1.3
-1.3

-3.8
-3.8

15.5
15.5

-12.9
-12.9

-6.4
-6.4

-6.2
-6.2

8.8
8.8

-11.3
-11.3

18
19

3.7
3.7

3.8
3.8

3.8
3.8

3.8
3.8

3.8
3.8

3.8
3.8

3.8
3.8

3.8
3.8

3.8
3.8

3.8
3.8

3.8
3.8

20
21

-5.5
-5.5

59.9
59.9

57.2
57.2

70.0
70.0

19.3
19.3

140.3
140.3

-57.5
-57.5

-173.2
-173.2

107.8
107.8

53.0
53.0

89.8
89.8

22
23

Policy payables:
13

Liab.: Other insurance companies

14
15
16
17

Asset: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
Unallocated insurance company contracts:

18
19

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

20
21

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

22
23

Liab.: Funding corporations
Asset: Brokers and dealers

56

Z.1, March 10, 2000

F.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

184.8

149.8

114.0

124.7

-0.5

230.5

-139.2

-204.8

268.5

-177.5

109.4

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

74.4
3.4

175.7
-0.4

-12.4
-1.8

55.8
-2.2

60.6
0.7

262.0
-0.9

-87.1
-1.3

-16.7
0.3

122.7
0.1

166.4
1.1

-31.2
1.5

2
3

4
5
6

Federal government
Rest of the world
Monetary authority

4.5
38.3
1.0

-3.2
41.2
-0.9

0.2
31.8
1.0

-5.1
12.2
0.5

-2.8
21.4
-2.1

-11.8
-31.5
-21.6

0.7
-226.0
18.1

-9.2
-62.9
-22.8

5.3
178.5
26.8

-14.1
-17.9
-17.7

6.6
-13.3
5.3

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

70.6
3.5
37.6
26.6
2.9

-22.1
-13.0
-26.9
17.3
0.6

109.4
30.5
35.2
39.0
4.7

48.1
-2.4
-11.8
56.0
6.3

-104.7
-22.2
-76.4
-10.9
4.9

191.8
76.3
106.8
6.8
1.8

43.6
-19.0
-73.6
119.1
17.1

-108.7
-95.7
-42.6
26.8
2.8

16.6
75.1
-28.2
-35.4
5.1

-297.6
-170.7
-101.7
-32.1
6.9

-29.1
102.4
-133.2
-2.9
4.6

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

-0.7
-1.9
7.9
0.8

-2.7
0.0
4.9
0.3

-2.4
0.1
21.9
7.1

-2.1
0.5
25.9
10.1

-12.8
0.5
-11.2
-3.7

-2.6
-1.1
-9.4
1.5

-17.6
-0.6
29.9
10.1

19.0
1.1
17.8
-18.4

-20.5
-2.0
-36.1
0.8

-20.4
-0.6
-2.4
-14.7

-29.2
3.4
-24.2
17.3

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

9.8
1.4
-11.4
-13.3

-11.2
2.5
-15.8
-18.6

-14.0
8.8
-44.7
8.8

15.7
13.6
-41.2
-7.1

0.6
4.0
-55.0
104.1

26.6
12.0
-44.4
-140.0

54.3
9.3
-107.9
135.3

62.7
7.2
-304.3
230.2

-7.1
-5.2
-36.6
25.3

-29.8
12.9
59.0
-1.7

-23.5
1.1
62.0
162.8

16
17
18
19

364.3

187.1

328.7

183.0

406.6

301.1

-139.9

204.1

836.5

361.7

221.8

20

189.6
46.1
42.9

148.3
55.1
-4.8

150.5
49.9
4.3

73.2
49.6
-1.1

231.0
50.9
15.1

106.3
48.8
-44.5

20.1
50.8
23.8

264.4
49.8
-13.0

225.7
47.8
41.3

239.3
52.3
46.4

193.5
53.9
-13.9

21
22
23

20

Net change in liabilities

1996

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

-3.8
60.2
-3.2

-8.1
42.6
2.4

-8.5
93.7
1.2

-5.0
11.6
4.9

-2.9
52.3
-1.5

-5.0
82.0
7.1

-8.2
-323.3
7.8

-2.4
80.7
-13.4

-4.1
233.8
1.5

-4.2
132.3
4.8

-0.8
-238.9
1.0

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

9.6
-1.6
5.0
4.6
1.6

-7.9
1.3
-21.2
11.3
0.8

32.7
0.5
37.0
-6.7
1.8

21.2
5.6
0.3
12.1
3.1

7.9
2.6
-18.9
23.3
0.9

191.1
11.3
186.5
-9.0
2.3

-69.2
-40.7
-67.8
30.7
8.5

-57.2
-13.7
-44.9
1.4
-0.0

156.1
70.5
66.4
17.6
1.6

-46.9
-8.3
-95.3
55.9
0.7

-20.5
-38.2
-1.6
18.2
1.1

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

-2.0
-0.9
-0.9

-1.1
-0.2
3.9

-3.6
3.8
-1.4

4.9
6.7
8.4

2.8
-12.7
1.3

34.6
14.3
8.4

-1.3
15.8
8.4

5.6
1.0
-0.2

-9.0
-11.7
2.0

26.7
-4.6
2.6

-12.0
-35.6
0.9

32
33
34

35
36
37

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

6.1
4.3
-39.9

-33.1
8.8
-63.2

-8.8
10.0
-87.3

16.4
-22.3
-106.7

1.5
33.0
-85.8

44.3
-13.4
-104.2

-3.4
-30.5
-49.8

-31.5
12.1
-116.0

1.0
6.4
-72.9

27.3
5.5
-104.5

9.2
108.1
-49.8

35
36
37

38
39
40

Money market mutual funds
Mutual funds
Government-sponsored enterprises

12.8
0.5
7.7

4.8
-1.7
20.0

16.0
7.1
19.4

7.9
-3.9
55.1

24.2
-0.8
58.8

-23.7
6.6
46.0

-10.8
5.3
120.2

-60.4
29.0
45.5

143.3
-31.3
42.0

-56.9
-3.1
103.6

70.6
2.2
44.0

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

18.6
1.0
15.7

14.6
-1.7
8.4

19.8
4.9
25.1

8.3
10.7
43.1

24.5
-1.0
7.9

-109.0
5.8
5.6

65.6
0.2
38.6

88.3
1.4
-79.5

5.9
-4.5
63.2

-22.5
-1.7
-34.9

26.2
0.8
82.8

41
42
43

-179.5

-37.3

-214.7

-58.3

-407.0

-70.6

0.7

-408.9

-568.0

-539.2

-112.4

44

44

Discrepancy

57

Z.1, March 10, 2000

F.10 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

-153.8

-16.1

-5.4

20.9

-169.7

253.0

-152.6

46.1

-329.9

-239.5

-155.7

1

2
3

Household sector
Nonfinancial corporate business

49.3
-23.3

59.7
25.4

127.5
32.3

49.1
23.5

13.8
7.9

79.1
-49.3

108.6
62.0

222.8
2.0

-92.0
14.2

62.7
-7.6

-139.4
23.4

2
3

4
5
6

State and local governments
Federal government
Rest of the world

-46.9
-13.7
-39.3

-43.2
66.9
-84.1

6.1
37.2
-163.0

-49.1
34.0
-9.0

-42.0
-10.0
-71.8

-11.9
67.8
106.2

-47.4
93.8
-167.5

-21.2
0.0
-39.8

-92.5
-30.4
-175.2

-34.7
25.6
-87.0

-20.2
-35.1
15.4

4
5
6

7

Financial sectors

-79.9

-40.9

-45.5

-27.8

-67.5

61.1

-202.1

-117.6

46.0

-198.5

0.2

7

-1.8
-23.3

0.9
-4.6

1.6
48.7

-3.1
42.3

-2.1
-36.7

-5.1
130.2

2.2
-74.7

-3.2
-10.0

-3.1
32.7

-4.5
-149.0

2.5
-20.5

8
9

-3.8
0.1
-1.3

-4.5
0.9
2.1

-4.1
-0.5
-5.3

-7.7
-0.5
-0.2

-4.9
0.1
-0.4

-7.4
-1.4
-0.2

-7.7
0.3
-0.2

-7.1
0.2
-0.1

-5.0
0.8
-0.4

-3.8
-1.1
-0.4

-3.8
0.3
-0.6

10
11
12

-43.7
-18.5

-46.3
-13.1

-52.6
-42.3

-42.8
-24.6

-44.7
9.9

-62.3
-36.1

-42.7
-40.4

-38.9
-25.9

-44.9
21.0

-44.1
23.2

-50.9
21.4

13
14

8
9

All sectors

1996

Monetary authority
Commercial banking

10
11
12

Savings institutions
Credit unions
Bank personal trusts and estates

13
14

Life insurance companies
Other insurance companies

15
16

Mutual funds
Government-sponsored enterprises

9.3
-1.9

5.6
0.4

7.3
-3.1

10.5
-4.6

11.0
-1.6

10.8
-4.9

11.6
-14.9

11.0
-1.0

11.0
3.1

11.0
-4.4

11.0
-4.0

15
16

17
18
19
20

Issuers of asset-backed securities
Finance companies
REITs
Brokers and dealers

0
-1.6
6.7
-0.1

0
11.4
6.6
-0.1

0
-4.8
9.7
-0.2

0
-10.0
12.8
0.3

0
-17.2
19.0
0.1

0
22.4
14.7
0.6

0
-53.9
18.0
0.4

0
-50.2
8.0
-0.5

0
5.8
24.9
0.1

0
-52.5
26.7
0.5

0
28.0
16.2
0.5

17
18
19
20

F.11 Instrument Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

-153.8

-16.1

-5.4

20.9

-169.7

253.0

-152.6

46.1

-329.9

-239.5

-155.7

1

2
3

Treasury currency
Foreign deposits

-0.5
25.1

-0.9
59.6

-0.6
106.8

-0.7
-8.1

-1.7
44.9

1.1
69.9

-3.4
-156.5

-1.5
62.7

0.6
83.5

0.2
19.9

-6.3
13.6

2
3

4
5

Net interbank transactions
Security RPs

-3.1
20.2

-3.3
4.5

-19.9
62.3

3.4
54.1

0.7
41.5

22.3
153.8

-52.8
-11.0

58.7
209.4

-1.7
67.5

-1.0
43.0

-53.1
-153.9

4
5

6
7

Mail floats:
Federal government
Other

-6.0
-3.8

0.5
-4.0

-2.7
-3.9

2.6
-3.1

-7.2
-0.8

32.4
-3.6

14.0
-1.8

-1.8
-1.9

-41.4
-1.0

23.0
-0.5

-8.7
0.1

6
7

8
9

Trade credit
Taxes payable

15.6
21.1

-21.2
22.8

33.2
26.8

-30.9
17.6

36.8
-4.7

-65.0
28.2

-20.2
19.1

45.8
-15.4

-9.9
4.8

71.7
2.4

39.7
-10.1

8
9

10

Miscellaneous

-179.5

-37.3

-214.7

-58.3

-407.0

-70.6

0.7

-408.9

-568.0

-539.2

-112.4

10

11

Nonfinancial

-42.8

-36.7

7.3

44.3

127.9

84.5

59.1

99.1

135.6

140.9

135.4

11

26.4
16.4

33.1
3.6

-3.2
-4.1

-47.8
3.5

-127.9
0

-88.0
3.5

-62.6
3.5

-99.1
0

-135.6
0

-140.9
0

-135.4
0

12
13

12
13

All types

Nonfinancial components (sign reversed):
Statistical discrepancy (NIPA)
Private wage accruals less disbursements

58

Z.1, March 10, 2000

L.1 Credit Market Debt Outstanding (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1
2

Total credit market debt owed by:
Domestic nonfinancial sectors

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

18444.0

19805.8

21250.7

21754.3

22254.2

22730.0

23364.4

23974.3

24402.2

25011.2

25614.2

1

13723.8

14459.4

15233.8

15492.6

15710.4

15921.7

16245.0

16557.5

16730.6

17048.8

17385.6

2

3

Federal government

3636.7

3781.8

3804.9

3830.8

3749.0

3720.2

3752.2

3759.7

3651.7

3632.7

3680.4

3

4

Nonfederal sectors

10087.1

10677.7

11428.9

11661.9

11961.4

12201.5

12492.8

12797.8

13078.9

13416.1

13705.2

4

4782.8
2936.6
1152.4
145.1
1070.2

5108.0
3120.2
1236.1
149.9
1063.4

5438.0
3401.7
1313.6
156.1
1119.5

5499.7
3524.7
1337.9
155.3
1144.3

5618.8
3649.0
1361.8
161.0
1170.8

5752.1
3722.1
1385.5
163.1
1178.8

5909.9
3807.3
1411.9
163.8
1199.8

5993.0
3981.8
1437.4
162.4
1223.2

6136.7
4071.9
1466.0
166.1
1238.2

6306.1
4203.6
1495.3
168.7
1242.4

6466.8
4285.7
1531.1
169.1
1252.5

5
6
7
8
9

5
6
7
8
9

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

10

Rest of the world

441.4

518.7

570.1

591.6

617.1

612.8

603.7

607.8

598.2

614.7

622.0

10

11

Financial sectors

4278.8

4827.7

5446.8

5670.1

5926.8

6195.5

6515.6

6809.0

7073.3

7347.6

7606.6

11

12
13
14
15

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

250.6
92.2
10.4
148.0

263.6
103.9
9.6
150.0

309.2
133.4
7.2
168.6

329.9
143.2
5.5
181.2

350.2
155.6
4.0
190.5

365.7
166.0
3.5
196.1

382.1
186.2
2.4
193.5

390.0
185.3
2.1
202.6

408.2
200.6
2.1
205.5

436.1
222.4
1.8
211.9

451.5
230.2
2.0
219.4

12
13
14
15

16
17

Savings institutions
Credit unions

115.0
0.4

140.5
0.4

160.3
0.6

162.9
0.7

170.7
0.8

186.6
1.0

212.4
1.1

226.9
1.5

241.6
1.8

255.4
2.5

258.3
3.4

16
17

18
19
20
21

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

0.5
806.5
1570.3
712.5

1.6
896.9
1711.4
866.4

1.8
995.3
1825.8
1078.2

1.8
1030.9
1847.1
1142.9

1.6
1072.5
1908.9
1230.4

2.0
1146.0
1975.7
1307.0

2.5
1273.6
2018.4
1394.6

3.3
1321.8
2112.3
1463.1

4.0
1398.0
2182.7
1539.9

4.3
1499.8
2246.1
1599.8

3.2
1591.7
2292.3
1632.1

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

483.9
16.5
44.6
29.3
248.6

529.8
20.6
56.5
27.3
312.7

554.5
16.0
96.1
35.3
373.7

571.9
23.4
111.9
35.1
411.6

596.9
16.3
128.0
40.1
410.5

589.4
16.9
147.8
39.4
417.9

597.5
17.7
158.8
42.5
414.4

614.4
16.5
165.2
34.8
459.1

639.2
17.8
160.3
30.4
449.5

628.5
16.3
162.2
34.6
462.0

653.8
17.8
166.7
25.3
510.5

22
23
24
25
26

18444.0

19805.8

21250.7

21754.3

22254.2

22730.0

23364.4

23974.3

24402.2

25011.2

25614.2

27

2846.3

2906.7

2783.8

2764.8

2837.8

2850.6

2790.6

2877.6

2918.4

2964.9

3021.4

28

1885.0
280.4
42.3
638.6

1993.7
270.2
38.0
604.8

1873.5
268.0
37.4
605.0

1871.8
249.6
37.4
606.0

1910.3
238.5
37.4
651.6

1889.0
243.2
37.4
681.1

1781.1
267.6
37.4
704.4

1878.2
244.9
37.5
717.1

1898.9
249.6
37.5
732.3

1944.2
261.4
37.3
721.9

1960.4
300.9
37.3
722.8

29
30
31
32

202.7
1531.1

195.3
1926.6

200.4
2256.8

204.3
2317.1

207.5
2396.0

210.9
2412.2

213.9
2534.3

218.1
2601.8

219.8
2609.8

255.6
2703.5

258.8
2736.7

33
34

13863.9

14777.2

16009.8

16468.1

16812.9

17256.3

17825.6

18276.7

18654.2

19087.3

19597.3

35

380.8

393.1

431.4

433.8

440.3

446.5

452.5

466.0

485.1

489.3

478.1

36

3520.1
3056.1
412.6
18.0
33.4

3707.7
3175.8
475.8
22.0
34.1

4031.9
3450.7
516.1
27.4
37.8

4093.4
3505.1
517.9
31.2
39.2

4136.4
3543.6
525.6
26.8
40.4

4195.7
3616.2
510.1
28.3
41.1

4335.7
3761.2
504.2
26.5
43.8

4338.4
3782.9
487.8
25.0
42.7

4383.4
3847.6
465.7
25.1
45.0

4488.3
3944.3
475.3
22.0
46.7

4643.9
4078.9
484.0
32.6
48.3

37
38
39
40
41

913.3
263.0
239.7

933.2
288.5
232.0

928.5
305.3
207.0

931.3
306.7
204.3

930.8
315.1
201.5

939.3
320.5
197.5

964.8
324.2
194.1

990.8
330.2
192.2

1011.4
341.0
190.1

1030.8
350.2
188.0

1033.4
355.3
185.7

42
43
44

27
28
29
30
31
32

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

33
34

Federal government
Rest of the world

35

Financial sectors

36

Monetary authority

37
38
39
40
41

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

42
43
44

Savings institutions
Credit unions
Bank personal trusts and estates

45
46
47
48

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

1587.5
468.7
716.9
531.0

1657.0
491.2
769.2
568.2

1751.1
515.3
834.7
632.0

1777.3
521.1
853.4
648.9

1793.2
520.8
885.9
668.5

1810.6
518.8
909.8
685.7

1828.0
535.7
953.4
698.0

1853.7
530.8
968.5
717.2

1874.7
537.5
1006.0
724.0

1889.2
533.9
1017.4
733.6

1902.7
530.7
1043.6
745.8

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

545.5
771.3
96.4
750.0
1570.3
653.4

634.3
820.2
101.1
807.9
1711.4
777.0

721.9
901.1
98.3
902.2
1825.8
939.3

775.0
940.0
99.4
951.4
1847.1
989.2

815.9
979.1
100.5
989.4
1908.9
1068.9

869.9
1005.9
101.7
1055.4
1975.7
1134.2

965.9
1025.9
102.8
1163.0
2018.4
1216.0

1036.2
1050.8
103.9
1201.9
2112.3
1280.1

1001.8
1084.0
105.0
1267.0
2182.7
1352.7

1049.7
1083.0
106.1
1338.6
2246.1
1410.5

1147.8
1077.1
107.1
1405.1
2292.3
1435.4

49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

526.2
33.0
26.0
183.4
87.4

544.5
41.2
30.4
167.7
101.4

566.4
32.1
50.6
182.6
152.3

572.0
46.8
57.0
242.7
177.5

579.0
32.7
58.5
209.4
178.3

592.7
33.8
55.7
245.9
161.3

618.4
35.3
45.5
189.4
158.7

639.9
33.0
45.9
211.4
173.5

660.9
35.6
45.3
162.9
202.9

678.2
32.5
44.7
167.0
210.3

714.2
35.6
42.8
157.7
263.0

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

59

Z.1, March 10, 2000

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

Domestic
Federal government
Treasury securities
Budget agency secur. and mortgages
Nonfederal, by instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
Nonfederal, by sector
Household sector
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local governments

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

13723.8

14459.4

15233.8

15492.6

15710.4

15921.7

16245.0

16557.5

16730.6

17048.8

17385.6

1

3636.7
3608.5
28.2

3781.8
3755.1
26.6

3804.9
3778.3
26.5

3830.8
3804.8
25.9

3749.0
3723.4
25.6

3720.2
3694.7
25.5

3752.2
3723.7
28.5

3759.7
3731.6
28.1

3651.7
3623.4
28.3

3632.7
3604.5
28.3

3680.4
3652.1
28.3

2
3
4

10087.1
157.4
1293.5
1344.1
863.6
736.9

10677.7
156.4
1296.0
1460.4
934.1
770.4

11428.9
168.6
1367.5
1610.9
1040.5
839.5

11661.9
193.1
1397.1
1680.6
1047.9
863.5

11961.4
202.5
1429.3
1754.3
1097.6
873.1

12201.5
216.9
1439.9
1781.3
1120.6
886.8

12492.8
193.0
1464.3
1829.6
1148.8
913.8

12797.8
223.9
1491.0
1898.1
1165.2
957.5

13078.9
232.4
1510.0
1970.0
1178.5
953.5

13416.1
239.3
1518.6
2020.7
1202.9
967.1

13705.2
230.3
1532.5
2059.5
1231.0
985.4

5
6
7
8
9
10

4568.8
3510.4
265.5
708.5
84.6
1122.8

4848.9
3721.9
278.4
761.4
87.1
1211.6

5137.8
3959.5
286.1
801.9
90.3
1264.1

5243.7
4043.1
290.6
818.8
91.3
1236.0

5347.9
4122.0
295.5
837.4
93.0
1256.8

5469.5
4222.4
298.8
853.9
94.4
1286.6

5611.7
4327.5
305.3
882.4
96.5
1331.7

5742.9
4420.2
313.6
911.7
97.4
1319.3

5894.2
4532.1
321.6
940.8
99.6
1340.4

6097.4
4662.4
332.6
1001.0
101.4
1370.1

6238.1
4759.2
344.0
1032.2
102.7
1428.5

11
12
13
14
15
16

10087.1
4782.8
4234.1
2936.6
1152.4
145.1
1070.2

10677.7
5108.0
4506.2
3120.2
1236.1
149.9
1063.4

11428.9
5438.0
4871.4
3401.7
1313.6
156.1
1119.5

11661.9
5499.7
5017.9
3524.7
1337.9
155.3
1144.3

11961.4
5618.8
5171.8
3649.0
1361.8
161.0
1170.8

12201.5
5752.1
5270.7
3722.1
1385.5
163.1
1178.8

12492.8
5909.9
5383.1
3807.3
1411.9
163.8
1199.8

12797.8
5993.0
5581.7
3981.8
1437.4
162.4
1223.2

13078.9
6136.7
5704.0
4071.9
1466.0
166.1
1238.2

13416.1
6306.1
5867.6
4203.6
1495.3
168.7
1242.4

13705.2
6466.8
5985.9
4285.7
1531.1
169.1
1252.5

17
18
19
20
21
22
23

24

Foreign credit market debt
held in U.S.

441.4

518.7

570.1

591.6

617.1

612.8

603.7

607.8

598.2

614.7

622.0

24

25
26
27
28

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

56.2
291.9
34.6
58.8

67.5
347.7
43.7
59.8

65.1
394.9
52.1
58.0

76.7
405.6
53.4
55.9

71.4
435.4
55.5
54.8

74.0
428.6
56.4
53.8

72.9
420.0
58.9
52.0

77.2
420.2
59.1
51.3

70.1
417.1
60.5
50.5

81.8
424.4
58.8
49.7

89.2
422.4
59.4
51.0

25
26
27
28

14165.2

14978.1

15803.9

16084.2

16327.4

16534.4

16848.7

17165.3

17328.8

17663.6

18007.6

29

29

Domestic and foreign

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

By instrument

4278.8

4827.7

5446.8

5670.1

5926.8

6195.5

6515.6

6809.0

7073.3

7347.6

7606.6

1

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

2376.8
806.5
1570.3
0.0

2608.3
896.9
1711.4
0.0

2821.1
995.3
1825.8
0.0

2878.0
1030.9
1847.1
0.0

2981.4
1072.5
1908.9
0.0

3121.7
1146.0
1975.7
0.0

3292.0
1273.6
2018.4
0.0

3434.1
1321.8
2112.3
0.0

3580.7
1398.0
2182.7
0.0

3745.9
1499.8
2246.1
0.0

3884.0
1591.7
2292.3
0.0

2
3
4
5

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

1901.9
486.9
1204.7
51.4
135.0
24.1

2219.4
579.1
1381.5
64.0
162.9
31.9

2625.7
745.7
1557.5
77.2
198.5
46.8

2792.1
804.9
1640.8
90.6
206.6
49.1

2945.4
838.9
1738.7
88.2
225.6
54.1

3073.8
874.2
1786.2
103.2
246.2
64.0

3223.6
906.7
1849.4
107.2
288.7
71.6

3374.9
926.4
1968.6
104.1
299.1
76.6

3492.6
940.9
2042.8
106.8
328.6
73.6

3601.8
963.4
2091.9
105.2
365.4
75.9

3722.6
1082.9
2069.6
93.6
395.8
80.6

6
7
8
9
10
11

4278.8

4827.7

5446.8

5670.1

5926.8

6195.5

6515.6

6809.0

7073.3

7347.6

7606.6

12

102.6
148.0
115.0
0.4

113.6
150.0
140.5
0.4

140.6
168.6
160.3
0.6

148.7
181.2
162.9
0.7

159.6
190.5
170.7
0.8

169.6
196.1
186.6
1.0

188.6
193.5
212.4
1.1

187.5
202.6
226.9
1.5

202.7
205.5
241.6
1.8

224.2
211.9
255.4
2.5

232.2
219.4
258.3
3.4

13
14
15
16

0.5
806.5
1570.3
712.5

1.6
896.9
1711.4
866.4

1.8
995.3
1825.8
1078.2

1.8
1030.9
1847.1
1142.9

1.6
1072.5
1908.9
1230.4

2.0
1146.0
1975.7
1307.0

2.5
1273.6
2018.4
1394.6

3.3
1321.8
2112.3
1463.1

4.0
1398.0
2182.7
1539.9

4.3
1499.8
2246.1
1599.8

3.2
1591.7
2292.3
1632.1

17
18
19
20

29.3
483.9
16.5
44.6
248.6

27.3
529.8
20.6
56.5
312.7

35.3
554.5
16.0
96.1
373.7

35.1
571.9
23.4
111.9
411.6

40.1
596.9
16.3
128.0
410.5

39.4
589.4
16.9
147.8
417.9

42.5
597.5
17.7
158.8
414.4

34.8
614.4
16.5
165.2
459.1

30.4
639.2
17.8
160.3
449.5

34.6
628.5
16.3
162.2
462.0

25.3
653.8
17.8
166.7
510.5

21
22
23
24
25

By sector

13
14
15
16

Commercial banks
Bank holding companies
Savings institutions
Credit unions

17
18
19
20

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

21
22
23
24
25

Brokers and dealers
Finance companies
Mortgage companies
REITs
Funding corporations

60

Z.1, March 10, 2000

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

18444.0

19805.8

21250.7

21754.3

22254.2

22730.0

23364.4

23974.3

24402.2

25011.2

25614.2

1

2
3
4
5

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

700.4
6013.6
1293.5
2840.7

803.0
6390.0
1296.0
3189.6

979.4
6626.0
1367.5
3563.3

1074.8
6708.7
1397.1
3727.0

1112.7
6730.3
1429.3
3928.3

1165.1
6841.9
1439.9
3996.0

1172.6
7044.3
1464.3
4098.9

1227.6
7193.8
1491.0
4286.9

1243.3
7232.4
1510.0
4429.9

1284.5
7378.6
1518.6
4536.9

1402.4
7564.4
1532.5
4551.5

2
3
4
5

6
7
8
9

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

949.6
930.6
4592.9
1122.8

1041.7
993.1
4880.8
1211.6

1169.8
1095.9
5184.7
1264.1

1191.9
1126.1
5292.8
1236.0

1241.3
1153.6
5402.0
1256.8

1280.3
1186.8
5533.5
1286.6

1314.9
1254.4
5683.3
1331.7

1328.3
1307.8
5819.6
1319.3

1345.7
1332.6
5967.8
1340.4

1366.9
1382.2
6173.3
1370.1

1383.9
1432.2
6318.7
1428.5

6
7
8
9

8495.7
1852.8

10255.8
2342.4

13181.4
2989.4

14842.1
3339.3

14987.0
3438.4

13121.2
3137.3

15413.4
3610.5

15893.6
3758.4

17018.0
4049.4

16008.3
3933.6

18876.7
4515.3

10
11

10
11

Total

1996

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; amounts outstanding end of period, not seasonally adjusted

1

Total credit market debt
(from table L.4)

18444.0

19805.8

21250.7

21754.3

22254.2

22730.0

23364.4

23974.3

24402.2

25011.2

25614.2

1

2
3
4
5
6

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

63.7
10.2
18.2
418.8
290.7

53.7
9.7
18.3
516.1
240.8

48.9
9.2
18.3
618.8
219.4

48.2
9.2
18.4
607.2
179.6

50.1
9.2
18.4
630.4
189.2

54.5
9.2
18.8
651.7
198.9

60.1
9.2
18.3
639.9
188.9

53.6
8.2
18.3
671.8
181.8

50.9
8.2
18.8
696.6
203.2

52.1
7.2
19.3
712.5
195.8

50.1
6.2
18.3
698.5
199.1

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

1229.3
2279.7
476.9
745.3
660.0

1245.1
2377.0
590.9
891.1
701.5

1286.6
2474.1
713.4
1048.7
822.4

1259.2
2525.4
760.9
1130.7
882.1

1320.7
2531.0
754.0
1153.7
892.1

1282.3
2553.8
776.5
1249.7
960.5

1334.2
2626.5
805.5
1334.2
913.7

1311.4
2637.6
804.3
1416.0
980.3

1354.1
2644.6
809.0
1398.1
970.8

1354.9
2666.6
837.5
1449.6
999.3

1485.8
2671.8
935.8
1584.8
1085.2

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

1852.8
305.7
566.2
5767.8

2342.4
358.1
610.6
6642.5

2989.4
469.1
665.0
7894.4

3339.3
504.9
677.3
8583.1

3438.4
539.6
690.6
8730.8

3137.3
573.6
703.5
8116.5

3610.5
572.3
718.3
9079.2

3758.4
552.7
730.9
9267.0

4049.4
589.3
745.8
9729.0

3933.6
593.2
756.2
9487.5

4515.3
665.8
772.0
10360.4

12
13
14
15

16
17
18
19

Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

1698.0
107.6
803.0
5645.8

1812.8
123.6
871.7
6119.6

1938.6
140.4
942.5
6698.5

1940.8
151.7
1002.7
6775.3

1933.9
144.6
999.8
6860.2

1953.0
155.0
908.6
7041.3

1966.5
152.8
1001.0
7147.3

1970.0
159.6
1012.5
7162.6

2028.8
162.1
1059.8
7311.5

2082.0
165.5
998.3
7255.7

2132.3
164.4
1116.6
7542.8

16
17
18
19

41383.6

45331.1

50248.3

52150.4

53140.9

53074.8

55542.8

56671.4

58232.1

58577.8

61619.3

20

20

Total liabilities

21
22
23

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

22.1
8495.7
3640.4

21.4
10255.8
3833.2

21.1
13181.4
4171.8

21.2
14842.1
4213.6

21.0
14987.0
4284.7

21.2
13121.2
4331.3

21.6
15413.4
4395.3

20.7
15893.6
4404.7

20.8
17018.0
4488.7

21.3
16008.3
4543.3

21.4
18876.7
4630.3

21
22
23

24
25
26

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

-5.8
360.2
-9.0

-6.7
431.4
-10.6

-7.3
534.0
-32.2

-7.4
510.1
-21.2

-7.4
547.6
-17.1

-7.2
565.1
-15.4

-8.0
547.2
-27.0

-8.4
562.8
-11.3

-8.2
583.7
-10.6

-8.2
588.7
-13.0

-9.7
592.1
-28.2

24
25
26

86.4
62.4
-1000.3

90.9
76.7
-1318.8

153.1
93.5
-1636.8

180.2
89.6
-1827.5

171.6
95.8
-1907.9

216.8
102.2
-1959.4

207.2
103.4
-2213.3

263.6
90.6
-2382.4

276.8
111.8
-2510.0

294.0
94.4
-2974.4

248.7
92.4
-2953.8

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

3.1
34.2
198.2

-1.6
30.1
176.7

-8.1
26.2
199.5

-10.4
21.4
163.4

-16.1
24.2
119.4

-12.0
15.7
98.9

-3.9
23.1
168.0

-7.2
18.9
123.4

-12.4
22.1
105.0

-10.2
14.5
119.8

-9.8
22.3
204.8

30
31
32

33

Totals identified to sectors as assets

53812.5

59973.5

68300.6

72128.9

73423.6

71543.7

76576.3

78340.3

81201.2

81045.3

86988.9

33

61

Z.1, March 10, 2000

L.9 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

Total financial assets

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

18915.8

21162.3

24351.5

26113.8

26387.6

24869.8

27165.8

27840.8

28965.9

28294.6

31373.0

1

2
3
4
5

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

23.4
618.2
2460.1
454.1

35.5
567.5
2635.8
510.8

41.8
572.5
2812.6
602.2

46.3
554.8
2899.1
652.4

42.9
551.9
2897.8
650.2

40.8
534.9
2915.0
705.2

41.5
597.3
3017.0
746.5

43.5
572.7
3012.2
796.1

45.1
566.6
3028.1
761.5

46.1
546.3
3070.7
788.9

45.0
584.4
3112.6
847.3

2
3
4
5

6

Securities

7177.8

8126.7

9525.1

10364.0

10456.6

9528.5

10524.4

10963.4

11558.1

11092.9

12976.4

6

48.0
185.0
530.5
122.3

55.4
187.0
515.3
208.5

59.0
186.5
338.6
209.5

60.0
186.2
346.5
148.9

61.0
186.0
324.1
145.0

62.0
185.9
297.4
177.7

63.2
186.6
216.9
161.6

64.4
186.5
167.5
201.4

65.7
186.5
117.5
232.8

67.1
186.2
103.0
289.5

68.5
186.4
172.5
312.1

7
8
9
10

457.7
447.6
4121.6
1265.0

435.6
496.9
4642.1
1586.0

463.6
520.9
5689.6
2057.3

468.4
566.4
6279.4
2308.2

485.2
613.4
6261.6
2380.3

479.2
591.0
5540.1
2195.3

475.4
581.2
6338.7
2500.7

493.2
669.0
6575.4
2605.9

517.1
682.8
6950.5
2805.3

522.3
679.3
6495.2
2750.4

527.5
596.1
8008.9
3104.3

11
12
13
14

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

536.3
1002.0
2776.9
2018.8

580.1
1094.8
3176.9
2401.3

632.7
1233.5
3728.1
2965.1

644.8
1303.7
4069.8
3242.1

657.5
1319.6
4128.2
3316.1

670.4
1271.0
3804.6
3074.0

684.7
1356.2
4354.7
3401.9

697.2
1400.2
4427.7
3472.9

711.4
1455.9
4647.0
3660.5

721.7
1432.6
4523.9
3565.4

737.0
1577.6
5021.0
3796.7

15
16
17
18

19
20

Investment in bank personal trusts
Miscellaneous assets

803.0
1045.3

871.7
1161.1

942.5
1295.5

1002.7
1334.1

999.8
1367.0

908.6
1416.8

1001.0
1440.8

1012.5
1442.4

1059.8
1471.9

998.3
1507.7

1116.6
1558.4

19
20

6513.8

6977.3

7448.9

7542.0

7710.6

7871.5

8061.9

8222.6

8429.0

8637.1

8831.5

21

3491.1
818.8
1122.8

3702.0
880.6
1211.6

3938.8
934.8
1264.1

4022.1
953.2
1236.0

4100.8
973.5
1256.8

4200.9
994.1
1286.6

4305.7
1014.4
1331.7

4398.2
1036.9
1319.3

4509.8
1062.4
1340.4

4639.7
1090.6
1370.1

4736.2
1123.4
1428.5

22
23
24

96.9
78.6
905.6

101.4
94.4
987.3

104.6
131.2
1075.4

104.8
140.1
1085.8

105.8
151.5
1122.2

106.3
149.1
1134.7

104.7
152.8
1152.5

100.6
160.7
1207.0

99.9
184.5
1232.0

100.2
185.9
1250.6

100.9
222.4
1220.1

25
26
27

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.

62

Z.1, March 10, 2000

L.100 Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

21833.7

24183.6

27628.3

29411.4

29735.6

28243.8

30583.0

31248.7

32438.9

31802.1

34948.3

1

3365.5

3539.6

3807.2

3927.4

3913.3

3962.2

4165.1

4184.1

4157.4

4204.6

4337.9

2

23.4
504.9
2388.0
449.2

35.5
445.8
2553.0
505.3

41.8
445.4
2724.5
595.5

46.3
425.9
2809.8
645.4

42.9
420.7
2807.0
642.8

40.8
401.3
2822.7
697.5

41.5
461.5
2923.8
738.4

43.5
435.3
2917.6
787.6

45.1
427.5
2932.1
752.7

46.1
405.5
2973.1
779.8

45.0
441.8
3013.2
837.8

3
4
5
6

1885.0

1993.7

1873.5

1871.8

1910.3

1889.0

1781.1

1878.2

1898.9

1944.2

1960.4

7

8
9
10
11
12
13

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

48.0
822.2
699.9
185.0
514.9
122.3

55.4
896.3
687.9
187.0
500.9
208.5

59.0
721.0
511.5
186.5
325.0
209.5

60.0
668.1
519.2
186.2
333.1
148.9

61.0
641.7
496.7
186.0
310.8
145.0

62.0
647.8
470.1
185.9
284.2
177.7

63.2
552.1
390.5
186.6
203.9
161.6

64.4
542.5
341.0
186.5
154.5
201.4

65.7
524.1
291.3
186.5
104.8
232.8

67.1
566.2
276.7
186.2
90.5
289.5

68.5
658.8
346.7
186.4
160.2
312.1

8
9
10
11
12
13

14
15
16

Municipal securities
Corporate and foreign bonds
Mortgages

457.7
447.6
109.5

435.6
496.9
109.4

463.6
520.9
108.9

468.4
566.4
108.9

485.2
613.4
109.0

479.2
591.0
109.0

475.4
581.2
109.2

493.2
669.0
109.1

517.1
682.8
109.3

522.3
679.3
109.4

527.5
596.1
109.5

14
15
16

17
18
19
20
21

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

4121.6
1265.0
127.6
566.2
5767.8

4642.1
1586.0
162.9
610.6
6642.5

5689.6
2057.3
215.5
665.0
7894.4

6279.4
2308.2
233.3
677.3
8583.1

6261.6
2380.3
248.4
690.6
8730.8

5540.1
2195.3
277.8
703.5
8116.5

6338.7
2500.7
276.7
718.3
9079.2

6575.4
2605.9
262.3
730.9
9267.0

6950.5
2805.3
272.6
745.8
9729.0

6495.2
2750.4
285.2
756.2
9487.5

8008.9
3104.3
318.6
772.0
10360.4

17
18
19
20
21

22
23
24

Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets

803.0
3640.4
291.7

871.7
3833.2
301.4

942.5
4171.8
311.7

1002.7
4213.6
314.7

999.8
4284.7
315.7

908.6
4331.3
319.5

1001.0
4395.3
326.9

1012.5
4404.7
327.6

1059.8
4488.7
330.9

998.3
4543.3
337.2

1116.6
4630.3
339.0

22
23
24

4982.2

5332.7

5707.8

5777.9

5913.2

6044.7

6205.6

6298.2

6468.0

6640.4

6840.9

25

4782.8

5108.0

5438.0

5499.7

5618.8

5752.1

5909.9

5993.0

6136.7

6306.1

6466.8

26

3252.0
1122.8
98.3

3464.3
1211.6
104.9

3697.9
1264.1
114.9

3779.6
1236.0
119.1

3856.6
1256.8
123.1

3954.9
1286.6
124.2

4057.8
1331.7
126.9

4148.3
1319.3
128.9

4257.7
1340.4
131.7

4385.4
1370.1
134.4

4479.6
1428.5
137.3

27
28
29

57.4
160.3
91.9

58.0
172.7
96.6

66.6
190.7
103.7

65.1
193.7
106.1

75.7
197.6
109.1

69.9
201.3
115.1

72.9
204.0
116.6

68.7
207.0
120.8

71.9
210.6
124.3

68.5
217.7
130.0

65.1
219.4
136.9

30
31
32

78.6
103.3

94.4
111.9

131.2
120.0

140.1
119.5

151.5
124.0

149.1
125.2

152.8
125.7

160.7
126.0

184.5
128.2

185.9
129.8

222.4
132.7

33
34

17.5

18.3

18.6

18.6

18.9

18.4

17.2

18.5

18.6

18.6

18.9

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).

63

Z.1, March 10, 2000

L.101 Nonfinancial Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

5440.5

5997.7

6559.7

6691.0

6803.1

6863.7

6975.3

7155.6

7358.6

7508.7

7687.3

1

2
3
4
5
6

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

15.6
366.2
115.0
81.9
2.4

26.1
411.5
126.4
92.3
3.9

19.8
409.8
137.9
117.4
4.5

22.5
412.0
142.5
129.4
3.4

18.1
432.3
145.2
134.8
2.1

16.6
450.3
147.8
145.9
2.6

20.6
434.9
135.9
163.9
3.2

24.4
453.9
136.8
170.6
3.8

22.4
454.7
136.8
176.8
2.9

23.6
469.3
140.5
180.6
4.6

18.6
489.9
157.3
201.3
3.4

2
3
4
5
6

7

Credit market instruments

322.7

308.2

305.4

287.0

275.9

280.6

305.0

282.4

287.1

298.8

338.2

7

20.1
96.1
36.8
84.6
85.1

31.5
90.0
31.0
77.9
77.7

35.3
80.9
36.1
74.2
78.9

29.5
71.4
40.1
73.3
72.7

24.8
70.9
42.5
72.5
65.3

25.4
77.6
40.4
71.6
65.5

27.3
90.2
41.9
70.8
74.9

25.9
81.7
37.7
69.9
67.1

31.2
86.3
32.4
69.1
68.0

33.6
91.4
38.1
68.2
67.5

46.1
104.8
39.6
67.4
80.3

8
9
10
11
12

45.7
1314.2
3176.7

59.9
1418.5
3550.9

69.1
1471.8
4024.1

79.4
1492.1
4122.6

82.5
1521.0
4191.1

74.2
1550.4
4195.3

91.0
1496.9
4323.9

96.1
1540.7
4446.9

98.1
1611.3
4568.7

93.3
1645.0
4653.1

112.0
1605.1
4761.5

13
14
15

7541.2

8125.7

8752.6

8874.5

8997.6

9066.1

9226.0

9481.8

9706.3

9883.0

10053.5

16

8
9
10
11
12
13
14
15
16
17

Total financial assets

1996

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

4234.1

4506.2

4871.4

5017.9

5171.8

5270.7

5383.1

5581.7

5704.0

5867.6

5985.9

17

18
19
20

Commercial paper
Municipal securities
Corporate bonds

157.4
134.8
1344.1

156.4
137.9
1460.4

168.6
142.0
1610.9

193.1
143.8
1680.6

202.5
145.5
1754.3

216.9
147.0
1781.3

193.0
147.8
1829.6

223.9
149.1
1898.1

232.4
150.3
1970.0

239.3
152.0
2020.7

230.3
152.8
2059.5

18
19
20

21
22
23

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

806.2
566.8
1224.9

876.0
587.6
1288.0

973.9
639.8
1336.2

982.8
659.6
1358.0

1021.9
665.5
1382.2

1050.7
675.3
1399.5

1075.9
699.7
1437.3

1096.4
740.3
1473.9

1106.6
732.7
1512.2

1134.4
739.3
1582.0

1165.9
755.8
1621.6

21
22
23

971.5
76.2
2259.4

1043.0
87.3
2489.1

1118.7
98.6
2663.9

1114.3
109.1
2633.2

1097.1
100.6
2628.2

1104.3
109.8
2581.3

1116.6
105.9
2620.5

1113.1
111.3
2675.7

1149.9
112.6
2739.9

1189.3
114.2
2711.8

1226.2
111.2
2730.1

24
25
26

24
25
26

Credit market instruments

Trade payables
Taxes payable
Miscellaneous liabilities

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

64

Z.1, March 10, 2000

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

4719.4

5188.6

5671.9

5782.5

5873.5

5913.4

6003.3

6164.1

6346.7

6474.9

6632.0

1

15.6
252.9
42.9
77.0
2.4

26.1
289.8
43.6
86.9
3.9

19.8
282.7
49.8
110.7
4.5

22.5
283.1
53.2
122.3
3.4

18.1
301.0
54.4
127.4
2.1

16.6
316.7
55.5
138.1
2.6

20.6
299.1
42.7
155.8
3.2

24.4
316.5
42.2
162.2
3.8

22.4
315.6
40.8
168.0
2.9

23.6
328.5
43.0
171.4
4.6

18.6
347.3
58.0
191.8
3.4

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

20.1
80.5
36.8
57.9
85.1
1184.9
45.7

31.5
75.6
31.0
54.4
77.7
1273.1
59.9

35.3
67.3
36.1
50.4
78.9
1309.7
69.1

29.5
58.0
40.1
49.4
72.7
1326.0
79.4

24.8
57.6
42.5
48.4
65.3
1350.7
82.5

25.4
64.5
40.4
47.4
65.5
1376.3
74.2

27.3
77.2
41.9
46.4
74.9
1318.7
91.0

25.9
68.7
37.7
45.4
67.1
1358.3
96.1

31.2
73.6
32.4
44.4
68.0
1424.5
98.1

33.6
79.0
38.1
43.4
67.5
1453.7
93.3

46.1
92.5
39.6
42.4
80.3
1409.1
112.0

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

2817.4
736.4
183.6
1.8
25.5
1870.1

3135.2
816.9
186.2
1.6
30.2
2100.4

3557.6
867.3
188.1
0.5
32.3
2469.5

3643.0
904.4
189.7
0.5
32.3
2516.1

3698.8
942.0
190.1
0.4
30.0
2536.2

3690.1
961.0
191.4
-0.2
29.1
2508.8

3804.6
973.2
195.0
-0.2
30.9
2605.7

3915.8
1014.0
193.8
-0.2
32.3
2675.8

4024.8
1043.2
195.3
-0.4
32.7
2754.0

4095.4
1083.6
196.9
-0.6
42.2
2773.3

4191.0
1105.9
195.4
-0.8
52.9
2837.7

14
15
16
17
18
19

20

6009.5

6481.1

7011.5

7110.3

7200.2

7239.3

7369.7

7557.4

7745.3

7886.3

8062.8

20

21

Credit market instruments

2936.6

3120.2

3401.7

3524.7

3649.0

3722.1

3807.3

3981.8

4071.9

4203.6

4285.7

21

22
23
24
25

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

157.4
134.8
1344.1
587.7

156.4
137.9
1460.4
627.2

168.6
142.0
1610.9
695.4

193.1
143.8
1680.6
701.8

202.5
145.5
1754.3
732.3

216.9
147.0
1781.3
755.6

193.0
147.8
1829.6
777.6

223.9
149.1
1898.1
795.7

232.4
150.3
1970.0
799.5

239.3
152.0
2020.7
822.0

230.3
152.8
2059.5
849.7

22
23
24
25

26
27
28
29
30
31
32
33

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

453.7
6.4
271.4
10.0
14.2
122.1
29.6
258.9

472.2
7.9
278.5
8.7
13.4
126.0
37.7
266.2

520.6
9.4
286.7
8.4
10.8
143.3
62.1
264.3

537.0
9.9
293.3
8.5
8.8
148.8
67.7
268.4

540.9
10.1
301.4
8.4
7.3
146.2
67.5
273.6

546.7
11.0
301.6
8.3
7.8
146.5
71.5
274.6

567.9
12.1
312.8
8.3
6.6
142.3
85.9
291.6

607.2
12.7
326.5
8.2
5.6
163.2
91.0
307.9

597.8
13.5
336.4
8.1
4.8
138.1
96.8
322.0

602.6
14.1
344.7
8.1
4.8
132.2
98.7
367.1

614.9
15.3
365.6
8.0
4.4
117.3
104.4
378.5

26
27
28
29
30
31
32
33

877.5
40.3
2155.1
580.5
25.7
1549.0

927.0
49.9
2384.0
627.4
29.5
1727.1

990.5
59.2
2560.1
697.2
33.3
1829.6

984.4
69.0
2532.2
731.1
34.2
1766.9

963.7
59.9
2527.6
747.5
35.2
1744.9

967.6
68.6
2481.0
759.2
36.1
1685.7

978.1
64.0
2520.4
778.2
37.1
1705.1

973.9
68.8
2532.9
765.3
38.0
1729.7

1007.6
69.4
2596.4
864.2
39.0
1693.2

1045.2
70.4
2567.0
895.2
39.9
1631.9

1081.3
66.8
2629.0
1021.0
40.9
1567.1

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

307.4
6435.0

346.1
7618.6

319.2
9661.1

341.6
10925.6

387.0
11050.4

408.7
9810.6

340.6
11561.0

384.4
11935.0

416.9
12816.7

408.5
12095.0

327.8
14774.0

40
41

42
43

Securities and mortgages
Loans and short-term paper

1737.8
1198.8

1864.5
1255.8

2017.1
1384.6

2092.8
1431.9

2173.3
1475.7

2202.8
1519.2

2268.9
1538.4

2355.1
1626.7

2442.2
1629.6

2539.8
1663.9

2590.8
1694.9

42
43

44
45

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

2116.6
574.0

2232.6
648.3

2434.3
675.3

2485.3
691.5

2499.2
710.5

2555.4
734.0

2580.5
758.8

2669.4
777.6

2706.7
784.9

2779.5
815.0

2843.0
909.2

44
45

46
47

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

59.2
40.8

59.8
40.2

59.3
40.7

59.4
40.6

59.6
40.4

59.2
40.8

59.6
40.4

59.1
40.9

60.0
40.0

60.4
39.6

60.5
39.5

46
47

48

Liquid assets/short-term liabilities

27.1

29.0

27.7

27.8

28.4

28.7

29.4

29.1

29.0

29.3

32.0

48

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

65

Z.1, March 10, 2000

L.103 Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

660.0

748.0

826.1

845.8

866.1

886.0

906.6

926.6

946.9

968.6

990.5

1

2
3
4

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

96.6
72.1
4.9

105.1
82.8
5.5

110.2
88.1
6.7

111.6
89.3
7.1

113.4
90.8
7.4

115.3
92.3
7.8

117.0
93.2
8.1

118.8
94.6
8.5

120.7
96.0
8.8

122.6
97.6
9.2

124.6
99.3
9.5

2
3
4

5
6
7

Treasury securities
Mortgages
Consumer credit

15.6
26.7
0.0

14.4
23.5
0.0

13.6
23.8
0.0

13.5
24.0
0.0

13.3
24.1
0.0

13.2
24.3
0.0

13.0
24.4
0.0

13.0
24.6
0.0

12.8
24.7
0.0

12.5
24.9
0.0

12.3
25.0
0.0

5
6
7

129.3
314.8
44.2
1.0
269.7

145.5
371.2
44.8
1.7
324.8

162.2
421.6
45.2
1.7
374.7

166.1
434.4
45.6
1.6
387.2

170.3
446.8
45.7
1.8
399.4

174.1
459.3
46.0
1.7
411.6

178.2
472.7
46.9
1.6
424.3

182.4
484.9
46.6
1.6
436.7

186.8
497.2
47.0
1.6
448.7

191.3
510.6
47.3
1.5
461.7

196.0
523.7
47.0
1.6
475.2

8
9
10
11
12

1370.3

1477.3

1566.1

1590.8

1617.1

1643.6

1672.9

1743.3

1775.2

1807.7

1801.6

13

1152.4

1236.1

1313.6

1337.9

1361.8

1385.5

1411.9

1437.4

1466.0

1495.3

1531.1

14

178.7
92.3
881.4

208.5
93.0
934.6

234.7
97.3
981.6

238.8
100.9
998.3

243.5
102.7
1015.7

248.1
106.9
1030.6

253.2
109.5
1049.2

258.2
110.6
1068.6

262.5
113.1
1090.5

266.9
115.0
1113.5

271.9
118.7
1140.4

15
16
17

77.8
35.9
104.3

98.6
37.5
105.1

109.4
39.4
103.8

111.9
40.0
101.0

114.1
40.7
100.6

116.5
41.3
100.3

118.9
41.9
100.2

120.6
42.5
142.8

122.4
43.2
143.6

123.7
43.8
144.8

124.9
44.4
101.1

18
19
20

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

Total financial assets

1996

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; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

61.2

61.1

61.7

62.7

63.4

64.3

65.4

64.9

65.1

65.3

64.8

1

2

Checkable deposits and currency

16.7

16.7

16.9

17.4

17.9

18.4

18.8

18.6

18.4

18.2

18.0

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

44.5
42.3
2.2

44.4
42.9
1.5

44.8
43.3
1.5

45.3
43.7
1.6

45.5
43.8
1.7

45.9
44.1
1.8

46.6
44.9
1.7

46.2
44.6
1.6

46.7
45.0
1.7

47.0
45.4
1.7

46.7
45.0
1.7

3
4
5

161.3

167.4

175.0

173.3

180.3

183.2

183.4

181.1

185.9

189.0

189.1

6

145.1

149.9

156.1

155.3

161.0

163.1

163.8

162.4

166.1

168.7

169.1

7

39.7
20.8
84.6

40.4
22.4
87.1

43.9
21.9
90.3

42.1
21.8
91.3

46.1
21.8
93.0

47.0
21.7
94.4

45.1
22.2
96.5

42.6
22.5
97.4

44.6
21.8
99.6

45.5
21.8
101.4

44.2
22.2
102.7

8
9
10

16.2

17.4

18.8

18.1

19.4

20.1

19.6

18.7

19.8

20.4

20.0

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.

66

Z.1, March 10, 2000

L.105 State and Local Governments (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

994.1

1007.9

1033.3

1062.7

1102.0

1119.4

1150.3

1172.5

1199.5

1217.5

1230.3

1

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

33.3
62.0
115.7

27.8
72.6
147.8

32.2
78.4
151.4

27.3
84.8
160.0

28.9
85.8
154.0

26.8
88.2
158.0

28.3
91.1
158.5

27.4
92.6
166.5

27.1
90.3
163.8

29.2
94.5
166.6

31.8
99.1
163.5

2
3
4

5

Credit market instruments

6
7
8
9
10
11
12

Total financial assets

1996

638.6

604.8

605.0

606.0

651.6

681.1

704.4

717.1

732.3

721.9

722.8

5

Open market paper
U.S. government securities
Treasury
Agency

39.4
441.3
289.8
151.5

59.7
373.2
257.0
116.2

74.0
354.8
239.3
115.4

79.3
348.4
238.1
110.2

77.8
391.0
258.5
132.5

88.0
411.4
266.4
145.0

92.0
428.3
269.3
159.0

96.0
434.5
272.5
162.0

97.2
445.4
279.1
166.3

96.5
433.6
271.6
162.0

93.9
434.3
266.8
167.5

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

5.1
39.0
113.8

4.6
49.7
117.6

3.9
51.0
121.3

3.5
52.5
122.3

3.0
56.4
123.3

2.8
54.5
124.4

2.5
56.2
125.4

2.1
58.0
126.5

1.8
60.3
127.6

1.4
61.8
128.7

1.0
63.8
129.8

10
11
12

13
14

Corporate equities
Mutual fund shares

26.2
35.0

46.8
41.0

79.0
33.6

90.5
31.5

98.9
33.9

86.0
27.4

102.0
26.3

106.9
25.3

117.9
27.4

111.0
29.0

125.0
30.6

13
14

15
16

Taxes receivable
Miscellaneous assets

27.9
55.4

26.1
41.0

26.9
27.0

27.6
35.1

28.6
20.2

28.8
23.1

28.1
11.5

28.5
8.2

30.3
10.5

32.7
32.6

33.5
24.0

15
16

17

1556.9

1581.0

1668.5

1700.8

1734.9

1750.8

1779.3

1810.2

1831.7

1844.4

1862.9

17

18

Credit market instruments

1070.2

1063.4

1119.5

1144.3

1170.8

1178.8

1199.8

1223.2

1238.2

1242.4

1252.5

18

19
20
21
22

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

1060.4
32.9
1027.5
9.8

1053.3
39.1
1014.1
10.1

1110.6
47.5
1063.1
8.9

1134.1
48.4
1085.8
10.2

1160.7
42.9
1117.8
10.1

1168.7
39.3
1129.4
10.1

1189.7
41.2
1148.5
10.1

1213.0
42.1
1170.9
10.2

1228.0
40.0
1188.1
10.2

1232.3
41.7
1190.6
10.1

1242.4
44.8
1197.6
10.1

19
20
21
22

486.7

517.6

549.0

556.5

564.1

572.0

579.5

587.0

593.5

602.0

610.4

23

23

Total liabilities

Trade payables

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

L.106 Federal Government
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8
9
10
11
12

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

13
14

SDR certificates
Treasury currency

15

Credit market instruments

16
17
18
19
20
21
22

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

437.7

436.9

432.4

447.4

482.5

458.7

437.2

464.4

475.7

533.1

559.3

1

53.8
22.2
0.9

44.9
38.3
2.4

42.0
41.6
3.4

41.7
37.9
3.0

42.8
82.9
3.2

46.3
47.1
3.6

51.0
23.2
4.7

48.2
29.1
3.9

45.9
61.2
4.1

46.4
62.9
4.6

44.4
87.9
5.4

2
3
4

202.7

195.3

200.4

204.3

207.5

210.9

213.9

218.1

219.8

255.6

258.8

5

0.0
57.8
145.0

0.0
50.3
145.0

0.0
45.7
154.6

0.0
45.5
158.8

0.0
45.1
162.4

0.0
44.8
166.1

0.0
44.9
169.0

0.0
44.6
173.6

0.0
44.5
175.4

0.0
77.8
177.8

0.0
77.9
180.9

6
7
8

23.1
17.3
117.7

24.0
20.7
111.3

20.8
20.0
104.3

22.5
34.5
103.6

22.3
20.2
103.5

24.3
24.0
102.5

22.3
21.4
100.8

23.8
40.5
100.7

24.5
20.0
100.2

25.7
38.4
99.6

24.4
38.5
99.8

9
10
11

4289.1

4491.4

4555.3

4569.6

4499.5

4486.9

4542.5

4538.5

4444.0

4439.5

4510.2

12

10.2
18.2

9.7
18.3

9.2
18.3

9.2
18.4

9.2
18.4

9.2
18.8

9.2
18.3

8.2
18.3

8.2
18.8

7.2
19.3

6.2
18.3

13
14

3636.7

3781.8

3804.9

3830.8

3749.0

3720.2

3752.2

3759.7

3651.7

3632.7

3680.4

15

185.0
3423.5
28.2
0.0

187.0
3568.1
26.6
0.0

186.5
3591.8
26.5
0.0

186.2
3618.7
25.9
0.0

186.0
3537.4
25.6
0.0

185.9
3508.8
25.5
0.0

186.6
3537.1
28.5
0.0

186.5
3545.0
28.1
0.0

186.5
3436.9
28.3
0.0

186.2
3418.2
28.3
0.0

186.4
3465.7
28.3
0.0

16
17
18
19

81.1
536.2
6.7

82.4
591.9
7.3

82.4
634.0
6.6

81.8
622.9
6.6

81.7
634.6
6.6

82.6
649.4
6.7

79.6
676.5
6.7

79.4
666.3
6.7

81.6
677.1
6.7

81.6
691.9
6.7

79.8
719.0
6.6

20
21
22

67

Z.1, March 10, 2000

L.107 Rest of the World
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3430.2

4132.1

4862.1

4997.9

5158.0

5186.1

5618.2

5715.1

5908.6

6155.3

6304.8

1

229.3
193.8
49.6
67.6

177.3
213.7
60.6
70.9

173.0
243.6
73.6
90.8

137.1
245.5
78.2
112.2

141.8
251.6
78.0
105.2

149.6
256.1
86.9
91.0

145.9
258.2
86.6
72.0

132.7
262.0
85.2
86.3

150.6
270.4
85.6
83.3

145.5
283.4
90.4
81.9

136.8
293.9
105.0
86.9

2
3
4
5

1531.1

1926.6

2256.8

2317.1

2396.0

2412.2

2534.3

2601.8

2609.8

2703.5

2736.7

6

43.4
996.1
497.8
482.8
15.0

57.9
1289.5
610.5
590.7
19.8

77.8
1498.5
614.5
589.8
24.7

74.5
1529.8
628.5
601.1
27.3

92.0
1552.7
608.4
580.8
27.6

115.3
1521.7
577.5
548.0
29.5

114.8
1617.7
620.2
589.0
31.3

110.8
1633.7
627.0
589.8
37.3

100.8
1644.5
626.1
583.1
43.0

105.3
1690.1
640.9
596.0
45.0

100.2
1702.2
652.1
601.4
50.7

7
8
9
10
11

498.3
358.5
139.8

679.0
502.6
176.5

884.0
662.2
221.8

901.3
659.7
241.6

944.3
685.4
258.8

944.2
684.0
260.2

997.5
727.3
270.1

1006.7
718.6
288.1

1018.3
713.2
305.2

1049.1
722.9
326.3

1050.1
705.4
344.7

12
13
14

369.5
122.1

453.2
126.0

537.2
143.3

564.0
148.8

605.2
146.2

628.7
146.5

659.6
142.3

694.0
163.2

726.4
138.1

775.9
132.2

817.1
117.3

15
16

17
18
19

U.S. corporate equities
Trade receivables
Security credit

527.6
49.5
0.0

656.8
55.7
0.0

919.5
58.5
0.0

1059.0
57.1
0.0

1084.3
57.3
0.0

937.9
56.7
0.0

1115.4
51.9
0.0

1139.2
47.1
0.0

1252.4
46.4
0.0

1168.1
46.5
0.0

1203.3
47.2
0.0

17
18
19

20
21
22

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

781.7
619.4
162.3

970.6
674.3
296.3

1046.3
764.0
282.3

991.6
790.9
200.7

1043.9
812.7
231.2

1195.6
838.8
356.8

1354.0
878.7
475.3

1360.7
901.4
459.3

1410.2
1056.8
353.4

1636.0
1102.3
533.7

1695.0
1179.3
515.8

20
21
22

1958.1

2243.9

2481.7

2430.3

2572.7

2699.0

2669.4

2688.8

2690.6

2688.7

2824.0

23

23

Total liabilities

24
25

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

63.7
418.8

53.7
516.1

48.9
618.8

48.2
607.2

50.1
630.4

54.5
651.7

60.1
639.9

53.6
671.8

50.9
696.6

52.1
712.5

50.1
698.5

24
25

26

Credit market instruments

441.4

518.7

570.1

591.6

617.1

612.8

603.7

607.8

598.2

614.7

622.0

26

56.2
291.9

67.5
347.7

65.1
394.9

76.7
405.6

71.4
435.4

74.0
428.6

72.9
420.0

77.2
420.2

70.1
417.1

81.8
424.4

89.2
422.4

27
28

34.6
2.6
10.9
21.1
50.6
8.2

43.7
2.9
14.3
26.5
49.9
9.9

52.1
2.1
13.8
36.3
48.2
9.7

53.4
2.3
13.1
38.0
47.9
8.0

55.5
2.2
14.8
38.6
47.9
6.9

56.4
2.0
13.8
40.6
47.5
6.3

58.9
2.8
13.1
43.0
47.2
4.7

59.1
2.9
12.5
43.6
46.6
4.7

60.5
2.8
13.8
43.9
46.4
4.1

58.8
3.0
11.2
44.7
46.7
3.1

59.4
3.0
10.0
46.5
47.2
3.9

29
30
31
32
33
34

45.3
0.0

43.6
0.0

48.7
0.0

49.1
0.0

46.1
0.0

47.2
0.0

46.3
0.0

45.0
0.0

43.9
0.0

49.4
0.0

52.4
0.0

35
36

988.8
28.0
2.5
843.3
115.0

1111.8
29.8
2.4
940.2
139.4

1195.2
31.4
2.4
1004.2
157.3

1134.2
31.8
2.4
1044.8
55.2

1228.9
32.2
2.4
1089.3
105.0

1332.9
32.6
2.3
1112.3
185.7

1319.4
33.0
2.2
1123.4
160.8

1310.5
33.3
2.3
1168.4
106.4

1301.0
33.8
2.4
1201.3
63.4

1260.0
34.1
2.5
1246.9
-23.5

1400.9
34.4
2.7
1273.1
90.7

37
38
39
40
41

776.8

1002.9

1201.0

1350.2

1310.1

1210.1

1407.1

1429.3

1564.7

1667.2

1683.2

42

27
28

Commercial paper
Bonds

29
30
31
32
33
34

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

35
36

Trade payables
Security debt

37
38
39
40
41

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

42

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

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

68

Z.1, March 10, 2000

L.108 Monetary Authority (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

471.9

495.2

534.0

519.6

541.2

540.5

566.8

560.3

577.2

589.9

696.9

1

2
3
4

Gold and foreign exchange
SDR certificates
Treasury currency

32.1
10.2
24.0

30.2
9.7
25.0

28.0
9.2
25.6

27.7
9.2
25.7

28.3
9.2
25.9

29.4
9.2
26.0

30.7
9.2
26.3

26.1
8.2
26.6

25.8
8.2
27.0

27.1
7.2
27.5

27.1
6.2
28.0

2
3
4

5
6
7

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

0.1
0.1
13.9

4.3
0.1
21.6

0.7
2.0
23.8

1.5
0.0
8.3

1.4
1.0
20.5

-1.2
1.1
14.2

1.6
0.0
30.4

-0.9
0.2
18.3

0.3
0.2
14.3

0.1
0.5
22.1

-0.2
0.2
140.6

5
6
7

8

Credit market instruments

380.8

393.1

431.4

433.8

440.3

446.5

452.5

466.0

485.1

489.3

478.1

8

0.0
380.8
378.2
2.6
0.0

0.0
393.1
390.9
2.2
0.0

0.0
431.4
430.7
0.7
0.0

0.0
433.8
433.2
0.6
0.0

0.0
440.3
439.8
0.5
0.0

0.0
446.5
446.0
0.4
0.0

0.0
452.5
452.1
0.3
0.0

0.0
466.0
465.7
0.3
0.0

0.0
485.1
484.9
0.3
0.0

0.0
489.3
489.0
0.2
0.0

0.0
478.1
478.0
0.2
0.0

9
10
11
12
13

10.7

11.2

13.2

13.4

14.6

15.4

16.1

15.6

16.4

16.3

16.8

14

467.9

490.7

528.8

514.0

534.8

533.4

560.8

553.9

570.5

582.5

690.4

15

9
10
11
12
13
14
15

Total financial assets

1996

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

29.6
40.6

24.5
45.2

30.8
45.0

24.4
37.8

23.7
38.4

25.7
39.2

26.3
42.1

22.5
38.5

22.2
40.6

21.7
41.0

24.0
66.5

16
17

18
19
20
21

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

390.5
6.2
0.5
383.7

413.9
8.0
0.5
405.5

444.0
5.7
1.0
437.4

443.8
5.8
0.8
437.2

464.7
18.3
0.9
445.5

461.2
5.0
1.1
455.0

482.6
6.2
1.0
475.4

485.8
5.5
1.1
479.2

499.7
6.8
1.4
491.5

511.2
6.7
1.3
503.1

591.6
28.5
1.3
561.8

18
19
20
21

22
23
24

Miscellaneous liabilities
Federal Reserve Bank stock
Other

7.3
4.0
3.3

7.1
4.6
2.5

8.9
5.4
3.5

8.0
5.5
2.5

8.0
5.8
2.2

7.3
5.9
1.4

9.9
6.0
3.9

7.0
6.1
0.9

8.1
6.3
1.8

8.6
6.3
2.3

8.3
6.4
1.8

22
23
24

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

69

Z.1, March 10, 2000

L.109 Commercial Banking (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

4493.8

4710.4

5174.6

5245.6

5332.2

5492.3

5642.1

5638.3

5704.6

5807.3

5994.1

1

40.6
26.9
1.6

45.2
22.3
1.4

45.0
29.1
1.4

37.8
22.6
1.3

38.4
21.8
1.5

39.2
23.9
1.4

42.1
24.4
2.0

38.5
20.8
1.6

40.6
20.4
1.3

41.0
20.1
1.7

66.5
22.5
2.2

2
3
4

3604.6

3794.5

4144.5

4220.0

4274.5

4338.8

4483.3

4474.5

4525.1

4618.7

4781.7

5

U.S. government securities
Treasury
Agency

746.1
278.7
467.5

757.5
261.8
495.7

841.2
270.1
571.2

871.6
278.4
593.2

852.0
263.6
588.4

841.5
219.8
621.7

876.6
214.0
662.6

897.4
223.8
673.6

893.8
217.5
676.3

912.9
218.7
694.2

924.8
226.5
698.4

6
7
8

9
10

Municipal securities
Corporate and foreign bonds

93.4
110.9

94.2
112.3

96.7
143.1

95.8
153.4

98.3
156.6

101.5
164.3

104.8
181.1

106.5
164.4

107.6
188.0

109.4
199.3

110.7
219.9

9
10

11
12
13
14
15
16

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

2646.9
5.7
949.6
1090.2
502.0
99.5

2821.1
6.5
1041.7
1145.4
526.8
100.8

3052.9
2.7
1169.8
1245.3
512.6
122.5

3087.3
1.1
1191.9
1270.6
492.1
131.6

3154.9
1.1
1241.3
1281.4
491.4
139.7

3220.9
0.9
1280.3
1295.2
497.9
146.7

3304.8
1.1
1314.9
1337.0
508.9
142.9

3289.6
0.9
1328.3
1336.6
494.0
129.7

3317.4
0.8
1345.7
1360.8
477.8
132.3

3380.9
1.1
1366.9
1418.3
472.5
122.1

3505.0
1.3
1383.9
1495.2
499.8
124.8

11
12
13
14
15
16

17
18

Corporate equities
Mutual fund shares

5.0
2.3

6.8
2.6

2.6
8.1

4.9
7.1

5.6
7.0

3.6
7.0

6.8
9.2

7.5
9.1

8.4
10.0

7.3
8.9

10.1
11.1

17
18

22.3
797.8

23.4
823.7

20.6
934.0

16.8
947.0

14.2
981.8

14.1
1074.8

11.3
1079.0

10.2
1092.6

9.0
1108.4

7.9
1118.0

8.2
1112.8

19
20

4333.2

4547.4

5053.0

5126.6

5215.1

5395.3

5519.2

5494.6

5573.2

5639.5

5843.0

21

6
7
8

19
20
21

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

22
23
24
25

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

220.5
0.2
-9.0
229.3

171.1
4.4
-10.6
177.3

143.5
2.8
-32.2
173.0

117.4
1.5
-21.2
137.1

127.1
2.4
-17.1
141.8

134.0
-0.2
-15.4
149.6

120.6
1.7
-27.0
145.9

120.7
-0.6
-11.3
132.7

140.5
0.5
-10.6
150.6

133.1
0.5
-13.0
145.5

108.5
-0.0
-28.2
136.8

22
23
24
25

26
27
28
29

Checkable deposits
Federal government
Rest of the world
Private domestic

710.8
19.0
24.0
667.8

676.3
28.7
26.6
621.0

656.4
27.8
31.2
597.5

616.8
21.7
32.7
562.4

650.7
48.5
36.2
566.0

609.0
30.0
33.3
545.7

623.0
13.2
29.2
580.7

589.6
16.4
30.5
542.7

607.5
42.0
35.5
529.9

588.0
46.0
43.9
498.1

626.1
49.6
42.3
534.3

26
27
28
29

30
31
32

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

1490.1
387.8
422.2

1613.2
493.1
463.2

1761.5
601.0
552.2

1814.7
645.3
576.6

1832.0
634.4
589.6

1869.0
651.9
626.9

1945.2
673.3
639.2

1958.5
671.1
667.5

1973.0
672.3
673.5

2004.6
698.8
702.2

2016.2
792.0
749.9

30
31
32

33

Credit market instruments

250.6

263.6

309.2

329.9

350.2

365.7

382.1

390.0

408.2

436.1

451.5

33

52.8
161.1
36.7

55.7
168.9
39.0

58.5
192.6
58.1

58.9
205.0
66.1

62.3
209.2
78.6

64.2
214.4
87.1

56.9
220.2
104.9

56.8
229.0
104.2

58.4
230.6
119.2

53.9
241.4
140.8

63.1
240.7
147.8

34
35
36

2.8
848.4

4.0
863.0

5.4
1023.7

5.8
1020.1

6.2
1025.0

6.6
1132.1

7.1
1128.7

7.5
1089.5

8.0
1090.2

8.5
1068.3

9.0
1089.8

37
38

3520.1

3707.7

4031.9

4093.4

4136.4

4195.7

4335.7

4338.4

4383.4

4488.3

4643.9

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).

70

Z.1, March 10, 2000

L.110 U.S.-Chartered Commercial Banks
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3321.7

3444.5

3742.2

3795.4

3845.9

3939.3

4094.2

4095.7

4160.8

4258.7

4433.4

1

66.6

66.3

71.2

59.5

58.6

62.4

65.5

58.8

59.8

60.6

87.6

2

3116.3

3231.5

3512.2

3577.0

3618.0

3688.6

3844.4

3861.8

3933.2

4019.3

4161.1

3

629.1
207.6
421.5
195.1
101.0
125.3

609.7
173.0
436.7
216.6
89.5
130.7

664.0
166.8
497.2
247.7
107.0
142.4

682.2
171.9
510.3
257.6
108.1
144.6

658.7
153.9
504.9
241.9
110.0
152.9

670.0
128.7
541.4
268.5
121.4
151.5

703.5
124.7
578.8
301.4
115.9
161.5

722.4
134.6
587.8
287.5
123.6
176.6

726.2
130.2
596.0
283.3
121.3
191.5

732.0
124.0
608.1
284.9
124.2
199.0

730.9
122.8
608.1
283.6
120.8
203.7

4
5
6
7
8
9

92.7
69.3
4.5
24.9
39.8

93.7
64.8
4.2
21.8
38.9

96.1
85.8
3.0
22.5
60.4

95.2
91.8
3.1
28.7
60.0

97.8
98.9
6.0
32.4
60.6

101.0
102.6
5.7
35.1
61.9

104.4
118.2
3.9
42.8
71.5

105.9
107.2
5.1
44.3
57.8

107.0
130.8
4.1
44.8
82.0

108.8
144.5
3.7
46.7
94.1

110.1
161.5
4.8
48.5
108.2

10
11
12
13
14

2317.9
3.9
701.6
1045.4
502.0
65.1

2453.9
4.2
759.8
1102.9
526.8
60.2

2655.6
2.3
867.9
1208.4
512.6
64.4

2695.9
0.8
895.7
1235.7
492.1
71.6

2749.9
0.8
938.5
1247.0
491.4
72.2

2804.4
0.7
972.6
1260.6
497.9
72.6

2902.4
0.8
1012.2
1304.2
508.9
76.3

2909.6
0.7
1038.1
1306.3
494.0
70.5

2950.9
0.5
1067.1
1330.8
477.8
74.7

3017.8
0.7
1091.5
1387.8
472.5
65.3

3137.2
0.7
1104.7
1464.6
499.8
67.6

15
16
17
18
19
20

5.0
2.3

6.8
2.6

2.6
8.1

4.9
7.1

5.6
7.0

3.6
7.0

6.8
9.2

7.5
9.1

8.4
10.0

7.3
8.9

10.1
11.1

21
22

12.3
126.6

13.9
132.8

13.7
145.2

11.6
147.2

10.4
158.9

10.8
177.6

9.1
175.2

8.2
166.9

7.4
160.5

6.5
172.3

6.6
178.1

23
24

3457.6

3598.7

3959.7

4026.7

4091.8

4211.3

4366.8

4357.4

4438.1

4499.1

4685.1

25

26
27
28
29
30

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

54.4
0.1
0.1
-20.0
74.1

0.4
4.3
0.1
-41.8
37.8

2.9
0.7
2.0
-50.2
50.4

8.2
1.5
0.0
-53.3
59.9

7.6
1.4
1.0
-53.8
59.0

31.2
-1.2
1.1
-51.8
83.2

25.1
1.6
0.0
-51.0
74.4

30.9
-0.9
0.2
-46.4
77.9

54.6
0.3
0.2
-45.7
99.7

39.7
0.1
0.5
-56.0
95.1

51.2
-0.2
0.2
-64.6
115.8

26
27
28
29
30

31
32
33
34

Checkable deposits
Federal government
Rest of the world
Private domestic

695.8
19.0
18.0
658.7

661.4
28.7
21.3
611.4

640.3
27.8
25.5
587.0

601.0
21.7
26.9
552.4

634.2
48.5
30.5
555.2

592.9
30.0
27.6
535.3

605.9
13.2
23.8
568.9

572.9
16.4
24.6
531.9

591.3
42.0
30.3
518.9

571.7
46.0
38.7
487.1

608.7
49.6
36.3
522.9

31
32
33
34

35
36
37

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

1471.3
256.5
379.6

1594.2
306.1
408.2

1738.0
369.3
471.7

1791.8
390.1
486.3

1806.5
382.7
482.2

1848.0
385.3
509.4

1924.4
404.1
538.5

1938.7
405.7
569.4

1954.8
409.6
571.4

1986.0
429.2
616.7

1996.8
465.6
667.3

35
36
37

38
39
40
41

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

12.3
43.3
36.7
2.8

14.0
50.9
39.0
4.0

13.7
61.6
58.1
5.4

11.6
65.6
66.1
5.8

10.3
66.7
78.6
6.2

10.7
68.2
87.1
6.6

9.1
72.1
104.9
7.1

8.3
72.9
104.2
7.5

7.4
74.0
119.2
8.0

6.5
75.1
140.8
8.5

6.6
75.8
147.8
9.0

38
39
40
41

42
43
44

Miscellaneous liabilities
Investment by bank holding companies
Other

505.0
344.3
160.7

520.6
372.9
147.7

598.7
413.6
185.1

600.3
430.3
170.0

616.9
445.9
171.0

671.9
459.2
212.6

675.5
469.0
206.6

647.1
476.4
170.7

647.9
473.9
174.0

624.9
475.6
149.4

656.4
477.5
178.9

42
43
44

3056.1

3175.8

3450.7

3505.1

3543.6

3616.2

3761.2

3782.9

3847.6

3944.3

4078.9

45

Memo:
45

Credit market funds advanced (2)

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

71

Z.1, March 10, 2000

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

666.3

714.8

811.3

793.8

796.7

844.6

806.4

777.8

760.4

756.7

758.4

1

0.8

1.1

2.9

0.9

1.7

0.8

1.0

0.5

1.2

0.5

1.4

2

436.9

507.0

567.2

572.6

589.2

580.7

568.6

545.0

521.7

530.7

539.7

3

99.6
62.3
37.3
0.0
33.5

130.4
80.7
49.7
0.0
36.6

157.3
95.1
62.2
0.0
41.3

167.0
99.7
67.3
0.0
43.4

173.9
103.7
70.2
0.0
40.2

152.3
86.4
65.9
0.0
42.5

151.8
84.8
67.0
0.0
47.1

154.1
85.0
69.1
0.0
42.5

147.6
83.2
64.4
0.0
41.2

160.2
91.2
69.0
0.0
38.9

163.6
92.2
71.4
0.0
42.0

4
5
6
7
8

303.9
1.7
232.6
35.1
34.4

339.9
2.3
264.8
32.2
40.6

368.6
0.4
284.0
26.1
58.0

362.2
0.3
278.2
23.7
60.0

375.1
0.4
284.5
22.8
67.5

386.0
0.2
289.1
22.6
74.1

369.7
0.3
282.2
20.6
66.6

348.4
0.2
270.8
18.1
59.2

332.9
0.3
258.1
16.9
57.6

331.6
0.4
257.6
16.9
56.8

334.1
0.6
259.9
16.4
57.2

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

10.1
218.5

9.4
197.2

6.9
234.3

5.2
215.1

3.9
201.9

3.4
259.7

2.2
234.6

2.0
230.3

1.6
235.9

1.4
224.1

1.6
215.7

15
16

681.3

731.9

830.8

814.0

817.6

866.1

828.7

800.9

784.2

781.3

783.9

17

18
19
20

Net interbank liabilities
To foreign banks
To domestic banks

181.0
173.6
7.5

178.6
162.1
16.5

148.2
144.4
3.8

116.1
98.0
18.2

123.3
102.8
20.5

101.4
84.0
17.3

92.8
92.7
0.1

82.7
72.9
9.8

70.9
62.1
8.7

77.8
62.9
14.9

50.7
46.5
4.3

18
19
20

21
22
23

Checkable deposits
Small time and savings deposits
Large time deposits

8.7
8.5
121.0

8.0
8.7
176.6

8.8
13.1
221.3

8.3
12.3
244.5

8.8
14.6
240.9

8.3
9.8
255.4

8.6
9.5
257.8

8.9
9.1
254.6

7.8
7.2
251.6

8.1
7.3
258.2

9.0
7.5
314.5

21
22
23

24
25

Federal funds and security RPs (net)
Acceptance liabilities

43.2
10.4

55.1
9.6

80.7
7.2

89.3
5.5

102.7
4.0

112.6
3.5

100.4
2.4

97.9
2.1

102.0
2.1

85.6
1.8

82.1
2.0

24
25

26
27
28
29

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

308.5
32.7
50.7
225.1

295.2
30.3
64.5
200.5

351.5
37.3
78.8
235.4

337.9
37.7
87.5
212.7

323.3
37.5
79.3
206.5

375.2
42.5
89.5
243.2

357.2
44.6
90.6
222.0

345.5
45.3
89.8
210.4

342.5
59.2
88.5
194.9

342.4
60.4
102.5
179.5

318.0
73.1
93.0
151.8

26
27
28
29

412.6

475.8

516.1

517.9

525.6

510.1

504.2

487.8

465.7

475.3

484.0

30

Memo:
30

Credit market funds advanced (3)

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

72

Z.1, March 10, 2000

L.112 Bank Holding Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

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

13
14
15

Net interbank liabilities
To domestic banks
To foreign banks

16

Federal funds and security RPs (net)

17
18
19

Credit market instruments
Commercial paper
Corporate bonds

20

Miscellaneous liabilities

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

466.8

510.8

575.3

609.2

640.7

658.3

685.9

710.8

727.0

733.2

741.1

1

18.0

22.0

27.4

31.2

26.8

28.3

26.5

25.0

25.1

22.0

32.6

2

8.1
3.4
4.7
7.7
2.3

9.0
4.0
4.9
10.5
2.5

9.5
4.0
5.5
15.5
2.4

10.9
2.3
8.6
17.7
2.6

7.5
1.7
5.8
17.0
2.3

7.4
1.0
6.4
18.6
2.3

7.5
0.9
6.6
14.8
4.1

7.2
1.1
6.1
14.1
3.6

5.3
1.2
4.1
15.6
4.2

4.8
0.9
4.0
15.6
1.5

14.1
8.8
5.4
15.9
2.6

3
4
5
6
7

448.7
344.3
64.7
39.8

488.9
372.9
64.9
51.1

547.9
413.6
89.9
44.4

578.0
430.3
99.2
48.5

613.9
445.9
116.9
51.1

629.9
459.2
121.9
48.8

659.5
469.0
134.0
56.5

685.8
476.4
152.5
56.9

701.9
473.9
166.8
61.3

711.2
475.6
160.4
75.2

708.4
477.5
151.1
79.8

8
9
10
11

157.1

178.3

218.8

240.8

259.1

270.0

270.6

284.4

296.6

302.7

315.2

12

-14.9
3.5
-18.5

-7.9
14.7
-22.6

-7.6
14.3
-21.9

-6.9
13.9
-20.8

-3.8
16.2
-20.0

1.5
19.0
-17.6

2.7
23.9
-21.3

7.1
25.3
-18.1

15.1
26.4
-11.3

15.6
28.1
-12.5

6.6
32.1
-25.5

13
14
15

-0.5

-0.2

-0.2

0.9

4.7

4.9

0.4

0.3

0.1

-0.1

0.5

16

148.0
30.1
117.9

150.0
32.0
118.0

168.6
37.6
131.0

181.2
41.8
139.4

190.5
48.0
142.5

196.1
50.0
146.2

193.5
45.4
148.1

202.6
46.4
156.1

205.5
48.9
156.6

211.9
45.6
166.3

219.4
54.5
164.9

17
18
19

24.6

36.3

57.9

65.6

67.7

67.5

74.1

74.4

75.9

75.4

88.7

20

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

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12
13

U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c.
Home mortgages
Commercial mortgages
Miscellaneous assets
Total liabilities

39.0

40.3

45.8

47.2

49.0

50.1

55.5

54.1

56.4

58.7

61.2

1

1.6

1.4

1.4

1.3

1.5

1.4

2.0

1.6

1.3

1.7

2.2

2

33.4

34.1

37.8

39.2

40.4

41.1

43.8

42.7

45.0

46.7

48.3

3

9.4
5.4
4.0
0.7
0.4

8.4
4.1
4.3
0.5
0.3

10.5
4.2
6.3
0.5
0.4

11.6
4.6
7.0
0.6
0.4

11.9
4.3
7.5
0.5
0.5

11.8
3.7
8.0
0.5
0.7

13.8
3.6
10.2
0.5
1.0

13.6
3.0
10.6
0.6
0.6

14.7
3.0
11.7
0.6
0.4

15.8
2.6
13.2
0.6
0.3

16.2
2.6
13.5
0.6
0.5

4
5
6
7
8

13.1
5.7
4.0

14.6
6.3
3.9

15.5
6.4
4.4

15.4
6.7
4.5

16.0
7.1
4.5

16.2
7.3
4.7

16.3
7.5
4.8

15.8
6.9
5.2

16.2
7.5
5.6

16.3
7.8
5.8

16.8
8.2
6.1

9
10
11

4.0

4.8

6.6

6.7

7.0

7.6

9.7

9.7

10.1

10.3

10.6

12

37.2

38.6

43.7

45.1

46.6

47.8

53.1

51.9

54.3

56.4

58.9

13

14
15
16

Checkable deposits
Small time and savings deposits
Large time deposits

6.4
10.2
10.2

6.9
10.4
10.4

7.3
10.4
10.4

7.5
10.7
10.7

7.7
10.9
10.9

7.8
11.2
11.2

8.5
11.4
11.4

7.9
10.7
10.7

8.4
11.0
11.0

8.1
11.4
11.4

8.4
11.9
11.9

14
15
16

17

Miscellaneous liabilities

10.3

10.9

15.6

16.3

17.1

17.6

21.9

22.6

23.8

25.6

26.7

17

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

73

Z.1, March 10, 2000

L.114 Savings Institutions (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1012.8

1031.7

1028.6

1043.2

1046.1

1056.7

1088.4

1111.0

1127.8

1145.9

1151.4

1

2.7
15.5
1.1
11.2

2.3
14.2
1.4
10.0

1.8
15.2
1.0
9.2

1.9
15.8
1.1
11.9

1.8
15.8
1.4
14.3

1.8
15.7
1.4
15.7

1.9
18.4
1.5
14.8

1.7
15.0
1.4
15.9

1.7
16.2
1.3
12.5

1.6
16.9
1.3
12.3

1.5
20.7
1.3
10.6

2
3
4
5

913.3

933.2

928.5

931.3

930.8

939.3

964.8

990.8

1011.4

1030.8

1033.4

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

0.2
183.0
18.4
164.6

0.3
173.4
17.4
156.1

0.0
169.8
14.6
155.3

0.0
167.5
14.8
152.6

0.0
162.4
12.6
149.8

0.0
156.6
11.1
145.5

0.0
153.7
10.2
143.6

0.0
158.3
10.6
147.7

0.0
157.8
10.6
147.1

0.0
156.7
10.4
146.3

0.0
157.4
10.1
147.3

7
8
9
10

11
12
13
14
15

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

2.0
78.5
12.8
596.8
40.1

2.1
68.6
15.7
628.3
44.7

2.1
58.7
18.8
631.8
47.2

1.7
58.0
19.8
637.2
47.1

2.0
65.3
20.2
632.6
48.3

2.3
73.6
22.1
634.5
50.3

2.5
88.6
24.2
644.2
51.6

2.7
104.4
25.4
646.4
53.6

2.9
109.9
27.0
656.7
57.2

2.9
106.2
28.2
676.6
60.1

3.0
111.9
30.7
668.9
61.5

11
12
13
14
15

14.3
54.7

17.8
52.9

23.3
49.7

26.5
54.7

26.9
55.0

24.0
58.9

24.5
62.6

25.1
61.0

24.9
59.7

24.2
58.9

23.8
60.2

16
17

995.1

1010.5

1001.0

1012.1

1014.4

1027.7

1058.6

1079.6

1096.4

1114.7

1120.4

18

727.9
97.1
550.7
80.1

721.4
122.4
512.5
86.4

695.7
149.5
448.2
98.1

696.6
158.1
437.3
101.2

690.3
166.6
420.6
103.2

685.8
174.4
403.7
107.7

693.1
185.6
393.8
113.7

688.7
193.0
381.9
113.7

688.9
203.9
368.9
116.1

689.2
212.8
359.4
117.0

699.9
222.7
354.9
122.2

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

44.5

43.7

41.8

45.4

48.0

47.6

51.3

64.0

65.8

71.9

72.7

23

24
25
26
27

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

115.0
3.1
14.6
97.4

140.5
2.7
15.9
121.9

160.3
2.8
19.4
138.0

162.9
2.6
22.3
138.1

170.7
2.7
23.4
144.6

186.6
2.6
27.9
156.1

212.4
2.6
29.7
180.1

226.9
2.8
34.0
190.1

241.6
2.7
35.4
203.5

255.4
3.0
34.6
217.7

258.3
2.7
14.0
241.5

24
25
26
27

28
29
30
31

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

1.6
106.1
4.5
101.6

1.4
103.5
4.7
98.8

1.8
101.4
5.0
96.4

1.7
105.5
5.1
100.4

1.8
103.5
5.2
98.3

1.9
105.6
5.3
100.3

2.0
99.8
5.4
94.4

1.9
98.1
5.5
92.6

1.8
98.3
5.7
92.6

2.1
96.0
5.8
90.2

2.0
87.6
6.0
81.6

28
29
30
31

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

74

Z.1, March 10, 2000

L.115 Credit Unions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

310.7

330.1

353.8

367.8

374.6

377.9

391.5

402.8

410.3

412.5

415.1

1

7.4
17.1
6.4

7.5
16.4
1.4

8.1
17.0
3.5

8.4
18.6
9.8

8.1
20.1
10.1

7.6
20.6
6.2

9.1
23.4
6.8

9.2
25.8
7.3

9.0
26.2
7.1

11.8
21.7
4.6

15.0
21.1
9.3

2
3
4

263.0

288.5

305.3

306.7

315.1

320.5

324.2

330.2

341.0

350.2

355.3

5

0.6
64.1
18.3
45.7

0.3
68.1
17.4
50.7

0.2
66.7
15.6
51.0

0.1
68.2
15.0
53.2

0.5
70.4
14.5
55.9

1.1
70.6
13.5
57.0

0.4
71.5
13.1
58.4

0.3
75.4
12.1
63.2

0.8
78.3
12.5
65.8

0.8
76.6
10.2
66.4

1.9
71.6
8.5
63.1

6
7
8
9

10
11

Home mortgages
Consumer credit

66.5
131.9

76.0
144.1

86.0
152.4

87.7
150.7

91.8
152.4

94.5
154.3

96.9
155.4

98.7
155.8

103.7
158.2

108.7
164.1

111.6
170.3

10
11

12
13

Mutual fund shares
Miscellaneous assets

2.8
13.9

2.6
13.7

2.4
17.6

2.8
21.5

3.1
18.0

3.1
19.8

3.6
24.3

3.8
26.5

3.9
23.0

4.0
20.2

2.5
11.8

12
13

283.7

300.1

320.6

334.1

339.9

342.2

355.3

366.1

373.1

374.5

376.6

14

278.8
30.9
238.9
9.0

295.1
32.5
251.2
11.4

315.4
36.6
264.4
14.4

328.4
40.6
273.4
14.5

333.6
38.7
278.4
16.4

335.8
37.7
281.1
17.0

349.0
43.0
287.5
18.5

359.6
42.9
297.2
19.5

366.3
43.1
302.7
20.6

367.1
42.9
302.6
21.6

367.6
45.4
300.7
21.6

15
16
17
18

0.4
4.5

0.4
4.6

0.6
4.6

0.7
5.0

0.8
5.5

1.0
5.4

1.1
5.2

1.5
5.0

1.8
5.0

2.5
4.9

3.4
5.6

19
20

14

Total liabilities

15
16
17
18

Shares/deposits
Checkable
Small time and savings
Large time

19
20

Other loans and advances
Miscellaneous liabilities

L.116 Bank Personal Trusts and Estates (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3
4
5

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

6

Credit market instruments

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)

774.9

841.6

917.7

977.9

975.1

883.9

976.3

987.9

1035.3

973.9

1092.3

1

44.7
0.5
10.5
33.6

51.1
0.8
9.0
41.4

48.2
0.8
10.0
37.4

49.7
0.7
9.4
39.6

51.3
0.6
8.9
41.8

52.8
0.5
8.4
44.0

54.4
0.3
7.8
46.2

54.4
0.4
8.0
46.0

55.1
0.4
8.2
46.5

56.3
0.4
8.4
47.5

57.9
0.5
8.9
48.6

2
3
4
5

239.7

232.0

207.0

204.3

201.5

197.5

194.1

192.2

190.1

188.0

185.7

6

23.7
70.8
38.7
32.1

21.1
71.3
39.5
31.8

21.0
61.2
33.7
27.5

19.9
60.7
33.5
27.1

18.7
59.9
33.2
26.7

17.6
58.0
31.7
26.4

16.5
56.8
30.8
26.0

16.4
55.8
30.0
25.8

16.3
54.5
29.0
25.5

16.3
52.9
27.6
25.3

16.1
51.2
26.1
25.1

7
8
9
10

108.3
33.6
3.3

104.0
31.9
3.6

90.7
31.1
3.0

90.4
30.5
3.0

90.1
29.8
2.9

89.8
29.2
2.9

89.5
28.5
2.8

89.1
28.1
2.8

88.8
27.7
2.8

88.6
27.4
2.8

88.4
27.2
2.8

11
12
13

224.9
253.5

248.9
293.6

305.5
342.4

330.0
377.1

320.6
382.9

266.3
346.4

307.7
397.1

310.3
408.0

325.9
440.7

293.0
412.5

335.8
488.6

14
15

12.1

16.0

14.6

16.7

18.8

20.9

23.0

23.0

23.5

24.2

24.4

16

803.0

871.7

942.5

1002.7

999.8

908.6

1001.0

1012.5

1059.8

998.3

1116.6

17

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

75

Z.1, March 10, 2000

L.117 Life Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

Total financial assets

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2246.3

2514.8

2629.8

2678.5

2640.6

2769.5

2839.2

2923.1

2915.6

3104.5

1

5.2
22.8

4.3
61.9

8.1
92.8

3.5
99.0

4.8
101.5

4.4
106.4

5.4
111.5

2.7
122.0

4.0
125.9

3.9
128.5

5.7
143.8

2
3

1587.5

1657.0

1751.1

1777.3

1793.2

1810.6

1828.0

1853.7

1874.7

1889.2

1902.7

4

Open market paper
U.S. government securities
Treasury
Agency

45.5
351.0
108.1
242.9

48.4
337.4
93.2
244.1

65.9
312.1
85.5
226.7

68.3
308.2
82.5
225.7

68.6
301.9
79.0
222.9

74.0
295.1
75.2
219.9

73.4
288.4
71.3
217.0

70.7
288.3
70.9
217.5

68.6
286.3
68.7
217.7

71.7
281.1
65.3
215.8

74.9
279.1
63.8
215.3

5
6
7
8

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

11.9
870.1
95.9
213.1

13.4
949.3
100.5
208.2

16.7
1046.0
103.7
206.8

17.2
1073.3
103.9
206.5

17.6
1092.6
104.8
207.7

18.0
1110.8
105.3
207.4

18.4
1130.4
103.8
213.6

18.8
1157.1
99.7
219.1

18.0
1178.2
99.0
224.6

18.1
1192.7
99.3
226.3

18.2
1201.5
100.0
229.1

9
10
11
12

Checkable deposits and currency
Money market fund shares

4

Credit market instruments

9
10
11
12

1997

2063.6

2
3

5
6
7
8

1996

13
14

Corporate equities
Mutual fund shares

315.4
27.7

414.1
35.3

558.6
38.4

640.9
36.3

675.5
29.8

616.1
19.1

723.1
18.6

766.8
17.2

824.8
16.5

796.3
13.4

951.9
13.7

13
14

15

Miscellaneous assets

105.1

73.7

65.7

72.7

73.7

83.9

82.9

76.8

77.2

84.4

86.8

15

16

1953.9

2115.6

2359.7

2466.5

2511.6

2475.7

2599.7

2665.4

2743.8

2737.5

2922.0

16

17
18
19

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

0.5
536.3
1002.0

1.6
580.1
1094.8

1.8
632.7
1233.5

1.8
644.8
1303.7

1.6
657.5
1319.6

2.0
670.4
1271.0

2.5
684.7
1356.2

3.3
697.2
1400.2

4.0
711.4
1455.9

4.3
721.7
1432.6

3.2
737.0
1577.6

17
18
19

20
21

Taxes payable
Miscellaneous liabilities

12.0
403.2

13.6
425.5

15.3
476.4

15.7
500.5

16.1
516.8

16.5
515.8

16.8
539.4

17.2
547.5

17.6
554.9

17.9
560.9

18.3
585.8

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; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3

Checkable deposits and currency
Security RPs

4

Credit market instruments

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

740.3

770.0

840.6

863.9

869.1

851.9

890.4

889.3

894.9

880.0

890.9

1

4.9
37.5

3.9
35.4

4.2
35.2

3.7
36.2

3.6
37.1

3.8
42.1

4.4
42.8

3.6
43.3

3.8
32.9

3.5
34.7

3.9
30.4

2
3

468.7

491.2

515.3

521.1

520.8

518.8

535.7

530.8

537.5

533.9

530.7

4

U.S. government securities
Treasury
Agency

181.6
133.4
48.2

171.8
120.9
51.0

161.9
91.1
70.8

158.5
86.9
71.6

153.1
81.6
71.5

147.3
76.1
71.2

146.6
73.2
73.5

146.0
72.9
73.2

147.8
73.8
74.0

146.8
73.3
73.5

145.5
72.4
73.1

5
6
7

Municipal securities
Corporate and foreign bonds
Commercial mortgages

161.0
123.3
2.8

175.4
141.6
2.4

191.6
159.5
2.2

196.6
163.8
2.2

199.3
166.2
2.2

201.4
168.2
1.9

210.9
176.2
2.0

207.9
174.8
2.0

210.6
177.1
2.0

209.1
175.9
2.1

208.9
174.3
2.0

8
9
10

134.2
57.3
37.8

148.6
57.2
33.6

186.0
59.9
39.9

199.9
62.6
40.3

202.6
63.4
41.7

180.2
64.0
42.9

201.4
61.6
44.5

201.6
64.0
46.1

208.1
65.7
46.8

193.8
66.3
47.7

214.5
63.7
47.7

11
12
13

510.7

520.1

532.7

538.7

541.0

545.0

561.8

560.1

569.0

578.9

581.0

14

9.0
501.6

10.2
509.9

11.5
521.2

11.8
526.9

12.1
529.0

12.4
532.7

12.7
549.2

12.9
547.1

13.2
555.8

13.5
565.4

13.8
567.3

15
16

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

76

Z.1, March 10, 2000

L.119 Private Pension Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2755.1

3154.6

3705.6

4046.7

4104.6

3781.0

4331.2

4404.6

4624.1

4500.8

4997.9

1

4.0
55.5
37.5
43.1

4.0
41.2
42.7
45.6

3.8
28.0
47.7
47.5

3.8
27.6
48.6
48.9

3.7
26.8
49.5
50.7

3.7
29.8
57.2
55.5

3.7
28.2
58.4
55.7

3.6
28.7
65.1
58.6

3.6
29.8
64.4
58.3

3.5
30.0
76.7
58.3

3.5
31.1
88.6
57.9

2
3
4
5

716.9

769.2

834.7

853.4

885.9

909.8

953.4

968.5

1006.0

1017.4

1043.6

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

45.4
444.4
176.5
267.9

49.0
470.1
189.2
281.0

51.2
503.2
204.1
299.1

52.6
511.8
198.7
313.1

54.6
528.6
204.8
323.8

60.0
537.8
208.2
329.6

61.4
562.5
218.1
344.4

64.4
567.5
220.0
347.5

67.0
587.0
226.6
360.4

69.9
590.1
228.3
361.8

74.8
602.2
232.8
369.4

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

0.9
206.8
19.4

0.9
228.0
21.2

1.1
255.7
23.6

1.1
263.6
24.2

1.1
276.3
25.3

1.1
285.1
25.8

1.2
301.0
27.2

1.2
307.8
27.6

1.3
321.9
28.8

1.3
327.1
29.1

1.3
335.6
29.7

11
12
13

1238.4
220.7

1490.9
321.4

1863.9
438.0

2116.7
496.9

2129.2
518.8

1840.1
464.8

2232.3
564.1

2228.7
593.1

2344.4
647.6

2211.9
622.1

2499.7
752.4

14
15

14
15

Corporate equities
Mutual fund shares

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

438.9
210.8
25.7
202.4

439.6
220.2
29.5
189.9

441.9
234.5
33.3
174.1

450.8
243.1
34.2
173.4

440.1
251.1
35.2
153.8

420.2
249.8
36.1
134.2

435.6
261.7
37.1
136.8

458.3
261.6
38.0
158.7

470.0
266.0
39.0
165.0

480.8
267.3
39.9
173.6

521.2
280.4
40.9
199.9

16
17
18
19

20

Pension fund reserves (liabilities) (3)

2776.9

3176.9

3728.1

4069.8

4128.2

3804.6

4354.7

4427.7

4647.0

4523.9

5021.0

20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

1464.6

1789.6

2307.6

2594.7

2655.7

2398.1

2697.7

2778.4

2954.1

2843.6

3047.2

1

4.2
4.5
31.5

7.5
2.3
28.2

5.3
2.4
28.6

6.7
1.7
36.9

7.6
1.6
35.8

7.7
1.7
38.3

10.0
2.0
37.5

7.6
2.2
41.0

9.5
1.7
40.9

7.4
1.8
40.3

9.6
4.7
37.3

2
3
4

531.0

568.2

632.0

648.9

668.5

685.7

698.0

717.2

724.0

733.6

745.8

5

Open market paper
U.S. government securities
Treasury
Agency

31.5
291.1
191.7
99.4

28.2
308.4
203.5
104.9

28.6
340.2
216.9
123.3

36.9
338.3
211.9
126.4

35.8
349.1
214.8
134.3

38.3
352.2
211.2
141.1

37.5
360.1
217.7
142.4

41.0
367.8
218.4
149.4

40.9
373.7
222.5
151.2

40.3
370.5
216.5
154.0

45.1
373.5
212.3
161.2

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

1.8
190.6
15.9

0.5
214.4
16.7

1.1
244.5
17.6

1.2
254.7
17.8

1.3
264.2
18.1

2.2
274.6
18.3

2.3
279.6
18.6

2.5
287.0
18.8

2.2
288.0
19.1

2.4
300.9
19.4

2.5
305.2
19.6

10
11
12

791.1
102.4

1031.6
151.8

1431.7
207.6

1640.9
259.6

1674.4
267.7

1476.9
187.7

1758.4
191.9

1805.4
205.1

1960.8
217.3

1840.6
219.9

2042.4
207.5

13
14

1482.5

1809.4

2331.1

2619.1

2681.5

2424.6

2725.4

2806.6

2983.4

2873.4

3077.7

15

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

5

Credit market instruments

6
7
8
9
10
11
12
13
14
15

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

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

77

Z.1, March 10, 2000

L.121 Money Market Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

745.3

891.1

1048.7

1130.7

1153.7

1249.7

1334.2

1416.0

1398.1

1449.6

1584.8

1

19.7
-3.5
52.3
87.8

23.1
-1.1
82.7
103.8

23.2
1.5
111.3
126.6

28.3
3.5
109.6
136.3

21.9
-0.1
107.0
143.7

29.2
-2.0
119.3
160.6

30.6
-1.0
127.0
139.5

41.0
-6.1
139.8
135.5

45.4
-1.8
137.5
139.3

54.1
-7.3
137.7
138.3

42.9
-2.2
160.4
139.6

2
3
4
5

545.5

634.3

721.9

775.0

815.9

869.9

965.9

1036.2

1001.8

1049.7

1147.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

235.5
160.8
70.0
90.8

273.9
192.0
90.2
101.8

336.0
182.5
86.2
96.3

371.2
179.1
83.3
95.8

395.5
174.8
81.3
93.5

399.5
204.1
82.5
121.6

414.2
277.5
103.6
173.8

474.2
270.0
108.1
161.9

468.9
240.8
84.0
156.8

490.0
249.4
89.6
159.8

519.0
294.7
103.8
190.9

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

127.7
21.5

144.5
23.9

167.0
36.4

179.9
44.9

177.4
68.3

185.3
80.9

193.0
81.2

204.1
87.9

196.1
95.9

198.0
112.4

210.4
123.7

11
12

43.4

48.3

64.3

78.0

65.3

72.6

72.2

69.5

75.9

77.2

96.3

13

745.3

891.1

1048.7

1130.7

1153.7

1249.7

1334.2

1416.0

1398.1

1449.6

1584.8

14

13
14

Miscellaneous assets
Total shares outstanding (liabilities)

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

L.122 Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2

Security RPs

3

Credit market instruments

1852.8

2342.4

2989.4

3339.3

3438.4

3137.3

3610.5

3758.4

4049.4

3933.6

4515.3

1

50.2

47.5

57.8

51.3

66.9

80.3

68.2

69.6

70.6

71.8

72.2

2

771.3

820.2

901.1

940.0

979.1

1005.9

1025.9

1050.8

1084.0

1083.0

1077.1

3

4
5
6
7

Open market paper
U.S. government securities
Treasury
Agency

50.2
315.1
205.3
109.9

47.2
330.2
214.2
116.1

57.8
349.7
225.2
124.5

51.9
367.1
231.9
135.2

66.9
366.5
228.5
137.9

80.3
370.9
227.8
143.0

68.2
375.8
230.4
145.5

69.6
384.2
234.7
149.5

70.6
400.6
242.6
157.9

71.8
395.0
238.7
156.2

72.2
394.8
238.7
156.2

4
5
6
7

8
9

Municipal securities
Corporate and foreign bonds

210.2
195.7

213.3
229.5

219.8
273.8

224.6
296.4

231.2
314.5

234.1
320.7

242.6
339.3

247.7
349.3

250.9
362.0

248.2
368.0

241.5
368.6

8
9

1024.9
6.3

1470.0
4.7

2018.7
11.8

2340.0
8.0

2387.5
5.0

2044.5
6.6

2508.5
7.9

2622.8
15.2

2887.4
7.4

2772.2
6.6

3358.9
7.1

10
11

1852.8

2342.4

2989.4

3339.3

3438.4

3137.3

3610.5

3758.4

4049.4

3933.6

4515.3

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; amounts outstanding end of period, 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

134.4

144.7

149.4

149.8

153.6

151.9

143.0

146.9

147.7

145.5

143.3

1

96.4

101.1

98.3

99.4

100.5

101.7

102.8

103.9

105.0

106.1

107.1

2

11.2
59.6
25.6

11.4
61.7
28.1

10.1
60.8
27.3

9.9
61.0
28.5

9.6
61.2
29.6

9.4
61.5
30.8

9.2
61.7
31.9

9.0
61.9
33.0

8.8
62.1
34.1

8.6
62.3
35.2

8.4
62.4
36.2

3
4
5

38.0

43.6

51.1

50.4

53.1

50.2

40.2

43.0

42.7

39.4

36.2

6

134.4

144.7

149.4

149.8

153.6

151.9

143.0

146.9

147.7

145.5

143.3

7

Memo:
7

Market value of equities

78

Z.1, March 10, 2000

L.124 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

896.9

988.6

1099.4

1150.2

1189.7

1266.7

1404.4

1446.8

1519.3

1619.1

1720.0

1

2
3

Checkable deposits and currency
Federal funds and security RPs

1.5
106.3

0.7
94.5

1.9
90.4

1.6
86.7

1.9
80.0

2.1
79.1

4.4
77.0

2.8
70.4

2.2
68.3

2.7
69.7

11.5
84.8

2
3

4

Credit market instruments

750.0

807.9

902.2

951.4

989.4

1055.4

1163.0

1201.9

1267.0

1338.6

1405.1

4

25.5
243.8
58.0
185.8

35.1
264.2
18.8
245.4

34.0
333.3
25.9
307.4

64.1
348.3
12.0
336.3

52.8
377.2
15.1
362.1

54.5
413.8
19.0
394.8

60.9
465.8
25.2
440.6

35.2
522.9
29.8
493.0

32.4
562.5
27.3
535.2

33.9
592.4
28.2
564.2

38.2
621.9
35.7
586.2

5
6
7
8

4.4
25.0

4.1
30.6

3.3
30.9

3.4
26.5

3.8
29.1

5.7
31.4

4.6
31.4

3.1
32.5

3.8
28.7

3.7
27.0

4.9
29.4

9
10

5
6
7
8

Total financial assets

1996

Open market paper
U.S. government securities
Treasury
Agency

9
10

Municipal securities
Corporate and foreign bonds

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

200.3
37.9
30.2
132.3

229.1
36.2
31.6
161.4

260.3
30.9
31.6
197.8

267.8
29.1
32.7
205.9

284.4
26.8
32.5
225.1

307.6
27.9
34.0
245.7

352.6
29.5
34.9
288.2

364.6
31.3
34.6
298.8

396.0
32.5
34.9
328.5

437.2
36.5
35.4
365.3

466.6
34.6
36.3
395.7

11
12
13
14

15
16
17
18

Mortgages
Home
Multifamily residential
Farm

251.0
205.2
19.0
26.8

244.9
198.5
18.6
27.9

240.4
194.3
17.3
28.9

241.4
195.5
16.7
29.2

242.0
195.8
16.7
29.5

242.3
195.2
17.0
30.1

247.7
198.6
18.1
31.0

243.6
193.2
19.3
31.2

243.6
190.6
21.3
31.7

244.3
189.0
23.1
32.2

243.9
187.6
23.8
32.6

15
16
17
18

39.2

85.5

104.9

110.5

118.4

130.1

160.0

171.7

181.9

208.0

218.7

19

873.4

964.1

1070.3

1121.1

1160.2

1235.4

1368.9

1410.7

1483.5

1581.7

1681.1

20

806.5
806.5
0.0

896.9
896.9
0.0

995.3
995.3
0.0

1030.9
1030.9
0.0

1072.5
1072.5
0.0

1146.0
1146.0
0.0

1273.6
1273.6
0.0

1321.8
1321.8
0.0

1398.0
1398.0
0.0

1499.8
1499.8
0.0

1591.7
1591.7
0.0

21
22
23

66.9

67.2

75.1

90.2

87.7

89.4

95.3

88.9

85.5

81.9

89.4

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; amounts outstanding end of period, not seasonally adjusted
1

1570.3

1711.4

1825.8

1847.1

1908.9

1975.7

2018.4

2112.3

2182.7

2246.1

2292.3

1

2
3
4

Total financial assets
Home mortgages
Multifamily residential mortgages
Farm mortgages

1543.4
26.9
0.0

1678.9
32.5
0.0

1788.1
37.8
0.0

1808.1
39.0
0.0

1868.5
40.4
0.0

1931.1
44.6
0.0

1970.2
48.3
0.0

2061.6
50.6
0.0

2130.0
52.7
0.0

2191.3
54.8
0.0

2234.8
57.5
0.0

2
3
4

5

Total pool securities (liabilities)(2)

1570.3

1711.4

1825.8

1847.1

1908.9

1975.7

2018.4

2112.3

2182.7

2246.1

2292.3

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.

79

Z.1, March 10, 2000

L.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total financial assets

709.1

857.7

1067.4

1132.4

1219.5

1292.8

1381.9

1451.0

1528.6

1589.3

1622.4

1

2

Agency securities (1)

132.8

137.4

141.2

145.1

149.6

161.5

179.2

197.0

214.2

224.8

224.3

2

3
4
5

Other loans and advances
Student loans
Loans to business

30.6
1.0
29.6

44.0
6.3
37.7

76.2
14.1
62.1

84.3
16.6
67.7

86.5
19.0
67.5

89.9
18.4
71.5

103.8
17.9
85.9

108.3
17.3
91.0

114.4
17.6
96.8

116.6
17.9
98.7

122.4
18.0
104.4

3
4
5

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

278.3
224.3
12.0
42.0

329.8
259.3
15.9
54.7

408.9
312.3
19.8
76.8

443.0
331.4
23.1
88.5

487.6
356.7
27.2
103.7

523.3
384.7
29.2
109.5

560.6
403.4
31.8
125.4

593.9
423.3
34.5
136.1

618.4
440.6
36.2
141.7

636.0
447.8
37.8
150.5

653.7
455.3
39.4
159.0

6
7
8
9

Consumer credit
Trade receivables

211.6
55.7

265.8
80.7

313.1
128.1

316.8
143.2

345.1
150.6

359.4
158.7

372.4
165.9

380.9
170.9

405.6
175.8

433.0
178.8

435.1
187.0

10
11

712.5

866.4

1078.2

1142.9

1230.4

1307.0

1394.6

1463.1

1539.9

1599.8

1632.1

12

101.2
611.3

146.7
719.7

256.1
822.1

284.8
858.1

308.3
922.0

340.5
966.5

381.8
1012.8

401.6
1061.5

426.9
1113.0

466.0
1133.8

520.8
1111.3

13
14

3.5
7.6

8.7
7.4

10.8
11.1

10.5
11.3

10.9
13.7

14.2
14.2

12.7
13.9

12.0
13.5

11.3
13.0

10.6
12.8

9.7
12.4

15
16

10
11
12
13
14

15
16

Total liabilities
Commercial paper
Corporate bonds
Memo:
Securitized assets not included above
Consumer leases (3)
REIT assets (4)

(1) Federally related mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a tangible asset.
(4) Included in table L.129.

L.127 Finance Companies (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

672.3

714.6

757.4

778.7

795.4

780.3

827.6

871.1

898.0

906.0

956.2

1

16.6

18.5

20.6

21.1

21.7

22.2

22.8

23.4

24.0

24.6

25.3

2

2

Checkable deposits and currency

3
4
5
6

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

526.2
301.6
72.4
152.1

544.5
309.5
82.7
152.4

566.4
318.5
87.9
160.0

572.0
325.9
89.6
156.5

579.0
334.9
89.9
154.3

592.7
335.1
98.5
159.1

618.4
347.5
102.3
168.5

639.9
362.8
109.2
167.8

660.9
373.7
113.5
173.6

678.2
383.0
122.3
173.0

714.2
406.2
126.5
181.6

3
4
5
6

7

Miscellaneous assets

129.6

151.5

170.4

185.6

194.7

165.3

186.5

207.8

213.1

203.2

216.7

7

691.2

741.0

777.6

799.6

815.2

802.9

839.2

871.6

901.9

898.6

957.8

8

483.9
168.6
300.0
15.3

529.8
177.6
332.5
19.7

554.5
201.5
328.8
24.1

571.9
211.7
338.2
22.0

596.9
225.9
348.7
22.3

589.4
226.9
337.6
24.9

597.5
231.5
339.7
26.3

614.4
222.9
366.7
24.8

639.2
231.0
383.1
25.1

628.5
205.3
396.2
27.0

653.8
223.9
394.8
35.1

9
10
11
12

4.9

5.6

6.4

6.6

6.8

7.0

7.2

7.3

7.5

7.7

7.9

13

202.4
24.8
51.1
126.5

205.6
29.7
60.3
115.6

216.7
35.3
64.7
116.8

221.2
37.5
64.6
119.1

211.5
39.6
60.0
111.8

206.5
36.8
58.3
111.4

234.6
40.5
61.8
132.2

249.9
39.1
64.6
146.1

255.2
44.3
65.4
145.5

262.4
47.4
84.5
130.5

296.2
53.9
105.8
136.5

14
15
16
17

80.8

92.5

96.8

95.2

97.0

94.9

93.3

93.9

95.6

98.1

98.3

18

8

Total liabilities

9
10
11
12

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

13

Taxes payable

14
15
16
17

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

18

Memo:
Consumer leases not included above (2)

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

80

Z.1, March 10, 2000

L.128 Mortgage Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998
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

1999
Q3

Q4

Q1

Q2

Q3

Q4

33.0

41.2

32.1

46.8

32.7

33.8

35.3

33.0

35.6

32.5

35.6

1

23.8
4.2
5.1

32.0
4.1
5.1

21.8
5.2
5.1

36.4
5.3
5.1

22.4
5.2
5.1

23.4
5.3
5.1

24.9
5.3
5.1

22.6
5.3
5.1

25.1
5.4
5.1

22.1
5.3
5.1

25.2
5.3
5.1

2
3
4

33.0

41.2

32.1

46.8

32.7

33.8

35.3

33.0

35.6

32.5

35.6

5

16.5
16.5

20.6
20.6

16.0
16.0

23.4
23.4

16.3
16.3

16.9
16.9

17.7
17.7

16.5
16.5

17.8
17.8

16.3
16.3

17.8
17.8

6
7

83.0

80.7

70.7

71.2

69.4

69.0

67.3

1

L.129 Real Estate Investment Trusts (REITs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5

Agency securities
Corporate and foreign bonds

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

10

Miscellaneous assets

33.3

38.2

64.3

78.6

0.0

2.2

3.3

4.6

4.8

3.9

4.1

3.8

3.7

4.4

4.3

2

26.0

30.4

50.6

57.0

58.5

55.7

45.5

45.9

45.3

44.7

42.8

3

9.0
2.9

12.2
4.3

21.2
6.5

23.2
8.0

21.1
8.4

18.3
7.7

13.1
6.1

14.9
5.6

14.9
5.5

14.6
5.2

14.3
5.1

4
5

14.1
6.9
1.6
5.6

13.8
8.0
1.2
4.6

22.9
14.0
2.1
6.9

25.7
15.6
2.2
8.0

29.0
18.3
2.2
8.5

29.7
18.0
2.4
9.3

26.3
14.8
2.1
9.4

25.4
13.3
2.0
10.0

24.9
13.0
1.9
10.0

24.8
13.1
1.8
9.9

23.4
12.2
1.8
9.4

6
7
8
9

7.3

5.6

10.5

17.1

19.7

21.1

21.2

21.5

20.4

20.0

20.2

10

164.4

182.4

202.0

205.6

214.8

208.7

213.3

217.7

11

11

Total liabilities

62.2

79.4

139.0

12

Security RPs

10.9

13.7

24.9

30.0

28.1

24.9

15.1

16.1

16.3

15.8

15.4

12

13
14
15
16
17

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

44.6
0.0
15.5
5.0
24.1

56.5
0.0
16.8
7.8
31.9

96.1
0.0
31.6
17.6
46.8

111.9
0.1
39.8
22.9
49.1

128.0
0.0
47.7
26.2
54.1

147.8
0.2
50.1
33.5
64.0

158.8
0.2
53.4
33.6
71.6

165.2
0.2
59.6
28.7
76.6

160.3
0.2
58.1
28.4
73.6

162.2
0.2
58.9
27.3
75.9

166.7
0.2
59.2
26.6
80.6

13
14
15
16
17

6.7

9.2

18.0

22.5

26.3

29.3

31.6

33.4

32.1

35.3

35.6

18

7.6
4.2
3.5
0.0
0.0

7.4
4.5
2.6
0.3
0.0

11.1
4.9
5.7
0.4
0.0

11.3
5.2
5.4
0.5
0.2

13.7
4.9
7.6
0.7
0.5

14.2
5.4
7.1
0.9
0.9

13.9
5.0
7.5
0.8
0.6

13.5
4.4
7.4
0.9
0.7

13.0
4.0
7.4
0.9
0.7

12.8
3.8
7.5
0.8
0.7

12.4
3.7
7.3
0.8
0.7

19
20
21
22
23

18

19
20
21
22
23

Miscellaneous liabilities
Memo:
Securitized assets included above
Agency securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

81

Z.1, March 10, 2000

L.130 Security Brokers and Dealers
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

568.1

636.4

779.2

918.1

917.1

989.7

921.2

893.9

919.7

921.4

999.3

1

13.7

15.7

21.7

24.9

22.2

25.9

25.4

24.5

27.7

26.8

28.3

2

183.4

167.7

182.6

242.7

209.4

245.9

189.4

211.4

162.9

167.0

157.7

3

22.1
72.3
18.3
54.0
12.7
76.4

23.7
42.4
-12.8
55.2
10.8
90.9

24.3
45.1
-5.3
50.4
13.2
100.0

25.1
99.8
31.9
67.9
12.4
105.4

28.3
57.7
-29.3
86.9
15.3
108.1

33.4
99.6
38.1
61.5
14.7
98.1

28.0
66.7
15.8
50.9
13.1
81.4

28.8
81.1
48.2
32.9
12.4
89.1

28.8
26.0
-8.7
34.7
14.3
93.8

29.3
35.6
-21.6
57.3
12.8
89.2

27.7
22.5
-43.5
66.0
12.1
95.5

4
5
6
7
8
9

34.2
78.6
258.2

37.9
94.4
320.7

51.9
131.2
391.8

62.8
140.1
447.6

66.7
151.5
467.3

55.4
149.1
513.4

54.4
152.8
499.3

61.0
160.7
436.4

69.8
184.5
474.8

55.3
185.9
486.3

66.4
222.4
524.5

10
11
12

535.5

597.5

729.6

864.1

861.6

935.8

865.8

835.7

855.5

856.2

930.1

13

14
15

Security RPs (net)
Corporate bonds

182.4
29.3

180.9
27.3

203.5
35.3

230.1
35.1

226.5
40.1

261.1
39.4

208.1
42.5

232.7
34.8

215.2
30.4

209.4
34.6

247.2
25.3

14
15

16
17
18
19
20

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

10.3
227.1
127.6
99.5
1.1

14.3
263.7
162.9
100.8
1.3

19.9
337.9
215.5
122.5
1.3

19.5
364.9
233.3
131.6
1.1

20.9
388.0
248.4
139.7
1.1

21.8
424.5
277.8
146.7
0.8

18.9
419.6
276.7
142.9
1.3

19.4
392.0
262.3
129.7
1.3

31.8
404.9
272.6
132.3
1.4

30.0
407.3
285.2
122.1
1.5

30.8
443.4
318.6
124.8
2.2

16
17
18
19
20

21
22
23
24

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

85.4
11.1
132.9
-58.6

110.1
8.8
175.7
-74.4

131.5
8.9
241.7
-119.1

213.4
9.4
262.4
-58.4

185.1
9.4
297.8
-122.2

188.1
9.6
311.8
-133.3

175.5
9.8
326.0
-160.3

155.5
9.8
382.1
-236.3

171.9
10.0
407.4
-245.5

173.3
10.2
393.8
-230.7

181.2
10.5
385.9
-215.2

21
22
23
24

L.131 Funding Corporations (1)
Billions of dollars; amounts outstanding end of period, 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

6
7
8

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

9

Total liabilities

373.1

479.6

594.2

657.7

673.4

690.7

711.0

771.9

820.0

847.0

932.2

1

120.2

147.5

157.9

168.7

183.3

198.7

215.8

224.6

231.8

236.6

264.7

2

87.4
63.6
23.8

101.4
64.8
36.5

152.3
111.7
40.6

177.5
140.4
37.1

178.3
134.3
44.0

161.3
114.8
46.5

158.7
113.6
45.1

173.5
128.8
44.8

202.9
153.2
49.7

210.3
156.9
53.3

263.0
222.7
40.3

3
4
5

165.5
50.7
114.8

230.7
64.5
166.3

284.0
78.8
205.2

311.5
87.5
224.0

311.8
79.3
232.5

330.8
89.5
241.3

336.5
90.6
246.0

373.7
89.8
283.9

385.3
88.5
296.8

400.2
102.5
297.7

404.5
93.0
311.5

6
7
8

373.1

479.6

594.2

657.7

673.4

690.7

711.0

771.9

820.0

847.0

932.2

9

10
11
12

Credit market instruments
Open market paper
Corporate bonds

248.6
164.2
84.4

312.7
199.1
113.6

373.7
229.6
144.2

411.6
249.5
162.1

410.5
242.3
168.3

417.9
242.4
175.5

414.4
236.3
178.2

459.1
244.9
214.2

449.5
224.4
225.1

462.0
238.1
223.9

510.5
275.0
235.5

10
11
12

13
14
15
16

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

124.5
-83.1
216.2
-8.6

166.8
-82.0
276.1
-27.2

220.5
-89.7
333.3
-23.1

246.1
-100.1
354.1
-7.9

262.8
-98.8
382.5
-20.9

272.8
-87.1
417.6
-57.7

296.6
-77.9
403.3
-28.8

312.8
-85.4
359.9
38.2

370.5
-64.2
386.9
47.8

385.1
-61.8
400.1
46.7

421.6
-106.0
422.6
105.1

13
14
15
16

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

82

Z.1, March 10, 2000

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998
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

1999
Q3

Q4

Q1

Q2

Q3

Q4

85.8

75.1

70.0

69.4

71.2

75.7

81.8

74.4

71.7

73.4

71.5

1

22.1

21.4

21.1

21.2

21.0

21.2

21.6

20.7

20.8

21.3

21.4

2

11.0
11.1

10.3
11.0

10.0
11.0

10.1
11.0

10.0
11.0

10.1
11.0

10.6
11.0

9.7
11.0

9.7
11.0

10.3
11.0

10.3
11.0

3
4

63.7

53.7

48.9

48.2

50.1

54.5

60.1

53.6

50.9

52.1

50.1

5

Official foreign currency holdings
Treasury
Monetary authority

49.1
28.0
21.1

38.3
19.0
19.3

30.8
13.8
17.0

30.2
13.5
16.7

31.2
13.8
17.4

32.9
14.4
18.4

36.0
16.2
19.8

30.4
15.2
15.2

29.5
14.7
14.8

32.1
16.0
16.1

32.2
16.0
16.1

6
7
8

Net IMF position
Federal government
Monetary authority

14.6
14.7
-0.1

15.4
15.5
-0.1

18.1
18.2
-0.1

18.0
18.1
-0.1

18.9
19.0
-0.1

21.6
21.7
-0.1

24.1
24.2
-0.1

23.2
23.3
-0.1

21.5
21.6
-0.1

20.0
20.1
-0.1

18.0
18.0
-0.1

9
10
11

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

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

Liab: Federal government
Asset: Monetary authority

10.2
10.2

9.7
9.7

9.2
9.2

9.2
9.2

9.2
9.2

9.2
9.2

9.2
9.2

8.2
8.2

8.2
8.2

7.2
7.2

6.2
6.2

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

18.2
24.0

18.3
25.0

18.3
25.6

18.4
25.7

18.4
25.9

18.8
26.0

18.3
26.3

18.3
26.6

18.8
27.0

19.3
27.5

18.3
28.0

3
4

5

Discrepancy (seigniorage)

-5.8

-6.7

-7.3

-7.4

-7.4

-7.2

-8.0

-8.4

-8.2

-8.2

-9.7

5

L.202 U.S. Deposits in Foreign Countries
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

2
3
4
5

Total rest of the world liability
Held by:
Household sector
Nonfinancial corporate business
Money market mutual funds
Discrepancy--unallocated assets

418.8

516.1

618.8

607.2

630.4

651.7

639.9

671.8

696.6

712.5

698.5

1

23.4
15.6
19.7

35.5
26.1
23.1

41.8
19.8
23.2

46.3
22.5
28.3

42.9
18.1
21.9

40.8
16.6
29.2

41.5
20.6
30.6

43.5
24.4
41.0

45.1
22.4
45.4

46.1
23.6
54.1

45.0
18.6
42.9

2
3
4

360.2

431.4

534.0

510.1

547.6

565.1

547.2

562.8

583.7

588.7

592.1

5

83

Z.1, March 10, 2000

L.203 Net Interbank Transactions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

290.7

240.8

219.4

179.6

189.2

198.9

188.9

181.8

203.2

195.8

199.1

1

70.2
29.6
40.6

69.7
24.5
45.2

75.8
30.8
45.0

62.2
24.4
37.8

62.1
23.7
38.4

64.9
25.7
39.2

68.4
26.3
42.1

61.1
22.5
38.5

62.7
22.2
40.6

62.7
21.7
41.0

90.6
24.0
66.5

2
3
4

220.5
0.2

171.1
4.4

143.5
2.8

117.4
1.5

127.1
2.4

134.0
-0.2

120.6
1.7

120.7
-0.6

140.5
0.5

133.1
0.5

108.5
-0.0

5
6

229.3

177.3

173.0

137.1

141.8

149.6

145.9

132.7

150.6

145.5

136.8

7

8
9
10
11

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

239.7
79.6
128.7
49.1

192.9
48.5
126.8
78.4

188.8
62.0
173.1
111.1

148.5
71.0
167.0
96.0

153.1
69.9
175.8
105.9

158.5
91.8
184.3
92.6

156.7
85.1
196.7
111.6

142.7
87.8
192.8
105.0

161.0
109.9
207.3
97.4

156.0
105.4
209.2
103.8

146.3
125.2
235.0
109.8

8
9
10
11

12
13
14

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

178.6
99.9
-78.7

167.1
110.4
-56.6

148.6
99.7
-48.8

98.3
80.0
-18.3

103.2
121.8
18.6

84.3
124.9
40.6

92.9
133.0
40.2

73.0
128.5
55.5

62.3
143.4
81.1

63.1
132.3
69.3

46.6
141.4
94.8

12
13
14

15
16
17

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

-18.5
3.0
21.4

-22.6
2.7
25.3

-21.9
3.0
24.9

-20.8
3.5
24.3

-20.0
3.3
23.3

-17.6
3.7
21.2

-21.3
2.9
24.2

-18.1
2.8
20.9

-11.3
7.4
18.7

-12.5
7.9
20.3

-25.5
8.3
33.9

15
16
17

10.4
5.4
5.0

15.6
10.6
5.0

15.8
11.7
4.1

11.4
11.1
0.3

11.3
10.9
0.4

8.8
8.6
0.2

10.8
10.6
0.2

10.1
10.0
0.1

10.4
10.2
0.2

10.5
10.3
0.2

9.5
9.4
0.2

18
19
20

-9.0

-10.6

-32.2

-21.2

-17.1

-15.4

-27.0

-11.3

-10.6

-13.0

-28.2

21

-20.0
43.3
51.5
0.8
-9.0

-41.8
38.3
48.4
0.5
-10.6

-50.2
22.0
53.8
0.3
-32.2

-53.3
23.7
44.1
0.8
-21.2

-53.8
33.8
49.8
1.1
-17.1

-51.8
47.0
61.4
1.0
-15.4

-51.0
29.8
55.9
0.9
-27.0

-46.4
43.6
54.1
0.8
-11.3

-45.7
45.8
53.6
2.7
-10.6

-56.0
42.5
55.0
0.5
-13.0

-64.6
47.9
75.5
0.6
-28.2

22
23
24
25
26

58.9
4.4

64.9
15.2

57.6
14.6

62.3
14.7

70.3
17.3

78.8
20.0

55.9
24.8

63.9
26.0

62.3
29.1

69.9
28.6

79.7
32.8

27
28

7.5
58.9
51.5

16.5
64.9
48.4

3.8
57.6
53.8

18.2
62.3
44.1

20.5
70.3
49.8

17.3
78.8
61.4

0.1
55.9
55.9

9.8
63.9
54.1

8.7
62.3
53.6

14.9
69.9
55.0

4.3
79.7
75.5

29
30
31

3.5
4.4
0.8

14.7
15.2
0.5

14.3
14.6
0.3

13.9
14.7
0.8

16.2
17.3
1.1

19.0
20.0
1.0

23.9
24.8
0.9

25.3
26.0
0.8

26.4
29.1
2.7

28.1
28.6
0.5

32.1
32.8
0.6

32
33
34

299.7

251.4

251.6

200.9

206.3

214.4

215.9

193.1

213.8

208.8

227.3

35

229.3

177.3

173.0

137.1

141.8

149.6

145.9

132.7

150.6

145.5

136.8

36

70.4

74.1

78.6

63.8

64.4

64.7

70.0

60.5

63.2

63.2

90.5

37

0.2
0.1
0.1

4.4
4.3
0.1

2.8
0.7
2.0

1.5
1.5
0.0

2.4
1.4
1.0

-0.2
-1.2
1.1

1.7
1.6
0.0

-0.6
-0.9
0.2

0.5
0.3
0.2

0.5
0.1
0.5

-0.0
-0.2
0.2

38
39
40

67.5
26.9
40.6

67.5
22.3
45.2

74.1
29.1
45.0

60.4
22.6
37.8

60.3
21.8
38.4

63.1
23.9
39.2

66.5
24.4
42.1

59.3
20.8
38.5

61.0
20.4
40.6

61.1
20.1
41.0

89.1
22.5
66.5

41
42
43

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

32
33
34

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

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.

2.7

2.3

1.8

1.9

1.8

1.8

1.9

1.7

1.7

1.6

1.5

44

-9.0

-10.6

-32.2

-21.2

-17.1

-15.4

-27.0

-11.3

-10.6

-13.0

-28.2

45

84

Z.1, March 10, 2000

L.204 Checkable Deposits and Currency
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1229.3

1245.1

1286.6

1259.2

1320.7

1282.3

1334.2

1311.4

1354.1

1354.9

1485.8

1

2
3
4
5

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

390.5
6.2
0.5
383.7

413.9
8.0
0.5
405.5

444.0
5.7
1.0
437.4

443.8
5.8
0.8
437.2

464.7
18.3
0.9
445.5

461.2
5.0
1.1
455.0

482.6
6.2
1.0
475.4

485.8
5.5
1.1
479.2

499.7
6.8
1.4
491.5

511.2
6.7
1.3
503.1

591.6
28.5
1.3
561.8

2
3
4
5

6
7
8
9

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

710.8
19.0
24.0
667.8

676.3
28.7
26.6
621.0

656.4
27.8
31.2
597.5

616.8
21.7
32.7
562.4

650.7
48.5
36.2
566.0

609.0
30.0
33.3
545.7

623.0
13.2
29.2
580.7

589.6
16.4
30.5
542.7

607.5
42.0
35.5
529.9

588.0
46.0
43.9
498.1

626.1
49.6
42.3
534.3

6
7
8
9

97.1
30.9

122.4
32.5

149.5
36.6

158.1
40.6

166.6
38.7

174.4
37.7

185.6
43.0

193.0
42.9

203.9
43.1

212.8
42.9

222.7
45.4

10
11

10
11
12

Total liabilities

1996

Savings institutions
Credit unions

1229.3

1245.1

1286.6

1259.2

1320.7

1282.3

1334.2

1311.4

1354.1

1354.9

1485.8

12

13

Total assets
Household sector

504.9

445.8

445.4

425.9

420.7

401.3

461.5

435.3

427.5

405.5

441.8

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

366.2
252.9
96.6
16.7

411.5
289.8
105.1
16.7

409.8
282.7
110.2
16.9

412.0
283.1
111.6
17.4

432.3
301.0
113.4
17.9

450.3
316.7
115.3
18.4

434.9
299.1
117.0
18.8

453.9
316.5
118.8
18.6

454.7
315.6
120.7
18.4

469.3
328.5
122.6
18.2

489.9
347.3
124.6
18.0

14
15
16
17

18
19

State and local governments
Federal government

33.3
22.2

27.8
38.3

32.2
41.6

27.3
37.9

28.9
82.9

26.8
47.1

28.3
23.2

27.4
29.1

27.1
61.2

29.2
62.9

31.8
87.9

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

193.8
24.5
169.2

213.7
27.1
186.6

243.6
32.2
211.4

245.5
33.4
212.1

251.6
37.1
214.5

256.1
34.4
221.8

258.2
30.2
228.0

262.0
31.5
230.4

270.4
36.9
233.5

283.4
45.2
238.2

293.9
43.5
250.4

20
21
22

23

Financial sectors

71.7

79.5

96.0

99.6

96.2

96.9

108.9

92.0

103.5

100.2

128.0

23

1.6
15.5
7.4
0.5

1.4
14.2
7.5
0.8

1.4
15.2
8.1
0.8

1.3
15.8
8.4
0.7

1.5
15.8
8.1
0.6

1.4
15.7
7.6
0.5

2.0
18.4
9.1
0.3

1.6
15.0
9.2
0.4

1.3
16.2
9.0
0.4

1.7
16.9
11.8
0.4

2.2
20.7
15.0
0.5

24
25
26
27

5.2
4.9
4.0
4.2

4.3
3.9
4.0
7.5

8.1
4.2
3.8
5.3

3.5
3.7
3.8
6.7

4.8
3.6
3.7
7.6

4.4
3.8
3.7
7.7

5.4
4.4
3.7
10.0

2.7
3.6
3.6
7.6

4.0
3.8
3.6
9.5

3.9
3.5
3.5
7.4

5.7
3.9
3.5
9.6

28
29
30
31

-3.5
1.5
16.6
0.0
13.7

-1.1
0.7
18.5
2.2
15.7

1.5
1.9
20.6
3.3
21.7

3.5
1.6
21.1
4.6
24.9

-0.1
1.9
21.7
4.8
22.2

-2.0
2.1
22.2
3.9
25.9

-1.0
4.4
22.8
4.1
25.4

-6.1
2.8
23.4
3.8
24.5

-1.8
2.2
24.0
3.7
27.7

-7.3
2.7
24.6
4.4
26.8

-2.2
11.5
25.3
4.3
28.3

32
33
34
35
36

37.2

28.5

18.1

11.0

8.1

3.7

19.3

11.7

9.7

4.3

12.5

37

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

28
29
30
31

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

32
33
34
35
36

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

37

Mail float

85

Z.1, March 10, 2000

L.205 Time and Savings Deposits
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1
2

Total liabilities
Small time and savings deposits

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2756.6

2967.9

3187.5

3286.3

3285.0

3330.3

3432.0

3441.9

3453.5

3504.1

3607.6

1

2279.7

2377.0

2474.1

2525.4

2531.0

2553.8

2626.5

2637.6

2644.6

2666.6

2671.8

2

1490.1
1471.3
8.5
10.2

1613.2
1594.2
8.7
10.4

1761.5
1738.0
13.1
10.4

1814.7
1791.8
12.3
10.7

1832.0
1806.5
14.6
10.9

1869.0
1848.0
9.8
11.2

1945.2
1924.4
9.5
11.4

1958.5
1938.7
9.1
10.7

1973.0
1954.8
7.2
11.0

2004.6
1986.0
7.3
11.4

2016.2
1996.8
7.5
11.9

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

550.7
238.9

512.5
251.2

448.2
264.4

437.3
273.4

420.6
278.4

403.7
281.1

393.8
287.5

381.9
297.2

368.9
302.7

359.4
302.6

354.9
300.7

7
8

9

Large time deposits (1)

476.9

590.9

713.4

760.9

754.0

776.5

805.5

804.3

809.0

837.5

935.8

9

387.8
256.5
121.0
10.2

493.1
306.1
176.6
10.4

601.0
369.3
221.3
10.4

645.3
390.1
244.5
10.7

634.4
382.7
240.9
10.9

651.9
385.3
255.4
11.2

673.3
404.1
257.8
11.4

671.1
405.7
254.6
10.7

672.3
409.6
251.6
11.0

698.8
429.2
258.2
11.4

792.0
465.6
314.5
11.9

10
11
12
13

80.1
9.0

86.4
11.4

98.1
14.4

101.2
14.5

103.2
16.4

107.7
17.0

113.7
18.5

113.7
19.5

116.1
20.6

117.0
21.6

122.2
21.6

14
15

2756.6

2967.9

3187.5

3286.3

3285.0

3330.3

3432.0

3441.9

3453.5

3504.1

3607.6

16

2388.0

2553.0

2724.5

2809.8

2807.0

2822.7

2923.8

2917.6

2932.1

2973.1

3013.2

17

115.0
42.9
72.1

126.4
43.6
82.8

137.9
49.8
88.1

142.5
53.2
89.3

145.2
54.4
90.8

147.8
55.5
92.3

135.9
42.7
93.2

136.8
42.2
94.6

136.8
40.8
96.0

140.5
43.0
97.6

157.3
58.0
99.3

18
19
20

62.0
0.9
49.6

72.6
2.4
60.6

78.4
3.4
73.6

84.8
3.0
78.2

85.8
3.2
78.0

88.2
3.6
86.9

91.1
4.7
86.6

92.6
3.9
85.2

90.3
4.1
85.6

94.5
4.6
90.4

99.1
5.4
105.0

21
22
23

141.0

152.9

169.7

168.0

165.8

181.3

189.9

205.9

204.7

200.9

227.5

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

1.1
17.1
10.5

1.4
16.4
9.0

1.0
17.0
10.0

1.1
18.6
9.4

1.4
20.1
8.9

1.4
20.6
8.4

1.5
23.4
7.8

1.4
25.8
8.0

1.3
26.2
8.2

1.3
21.7
8.4

1.3
21.1
8.9

25
26
27

28
29
30

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

55.5
4.5
52.3

41.2
2.3
82.7

28.0
2.4
111.3

27.6
1.7
109.6

26.8
1.6
107.0

29.8
1.7
119.3

28.2
2.0
127.0

28.7
2.2
139.8

29.8
1.7
137.5

30.0
1.8
137.7

31.1
4.7
160.4

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; amounts outstanding end of period, not seasonally adjusted
1

745.3

891.1

1048.7

1130.7

1153.7

1249.7

1334.2

1416.0

1398.1

1449.6

1584.8

1

2
3
4

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

449.2
77.0
4.9

505.3
86.9
5.5

595.5
110.7
6.7

645.4
122.3
7.1

642.8
127.4
7.4

697.5
138.1
7.8

738.4
155.8
8.1

787.6
162.2
8.5

752.7
168.0
8.8

779.8
171.4
9.2

837.8
191.8
9.5

2
3
4

5
6
7
8

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

33.6
22.8
37.5
120.2

41.4
61.9
42.7
147.5

37.4
92.8
47.7
157.9

39.6
99.0
48.6
168.7

41.8
101.5
49.5
183.3

44.0
106.4
57.2
198.7

46.2
111.5
58.4
215.8

46.0
122.0
65.1
224.6

46.5
125.9
64.4
231.8

47.5
128.5
76.7
236.6

48.6
143.8
88.6
264.7

5
6
7
8

86

Z.1, March 10, 2000

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

660.0

701.5

822.4

882.1

892.1

960.5

913.7

980.3

970.8

999.3

1085.2

1

2
3
4
5

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

422.2
379.6
43.2
-0.5

463.2
408.2
55.1
-0.2

552.2
471.7
80.7
-0.2

576.6
486.3
89.3
0.9

589.6
482.2
102.7
4.7

626.9
509.4
112.6
4.9

639.2
538.5
100.4
0.4

667.5
569.4
97.9
0.3

673.5
571.4
102.0
0.1

702.2
616.7
85.6
-0.1

749.9
667.3
82.1
0.5

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

44.5
10.9
182.4

43.7
13.7
180.9

41.8
24.9
203.5

45.4
30.0
230.1

48.0
28.1
226.5

47.6
24.9
261.1

51.3
15.1
208.1

64.0
16.1
232.7

65.8
16.3
215.2

71.9
15.8
209.4

72.7
15.4
247.2

6
7
8

573.7

610.6

669.3

701.9

720.6

743.7

706.5

716.7

694.0

705.3

836.5

9

9

Total liabilities

1996

Total assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

2.4
115.7
67.6

3.9
147.8
70.9

4.5
151.4
90.8

3.4
160.0
112.2

2.1
154.0
105.2

2.6
158.0
91.0

3.2
158.5
72.0

3.8
166.5
86.3

2.9
163.8
83.3

4.6
166.6
81.9

3.4
163.5
86.9

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

387.9
13.9
11.2
6.4

388.1
21.6
10.0
1.4

422.6
23.8
9.2
3.5

426.3
8.3
11.9
9.8

459.2
20.5
14.3
10.1

492.1
14.2
15.7
6.2

472.7
30.4
14.8
6.8

460.0
18.3
15.9
7.3

444.1
14.3
12.5
7.1

452.2
22.1
12.3
4.6

582.7
140.6
10.6
9.3

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

37.5
43.1
31.5
87.8
50.2
106.3

35.4
45.6
28.2
103.8
47.5
94.5

35.2
47.5
28.6
126.6
57.8
90.4

36.2
48.9
36.9
136.3
51.3
86.7

37.1
50.7
35.8
143.7
66.9
80.0

42.1
55.5
38.3
160.6
80.3
79.1

42.8
55.7
37.5
139.5
68.2
77.0

43.3
58.6
41.0
135.5
69.6
70.4

32.9
58.3
40.9
139.3
70.6
68.3

34.7
58.3
40.3
138.3
71.8
69.7

30.4
57.9
37.3
139.6
72.2
84.8

17
18
19
20
21
22

86.4

90.9

153.1

180.2

171.6

216.8

207.2

263.6

276.8

294.0

248.7

23

23

Discrepancy--unallocated assets

L.208 Open Market Paper
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

700.4

803.0

979.4

1074.8

1112.7

1165.1

1172.6

1227.6

1243.3

1284.5

1402.4

1

677.7

779.4

958.5

1057.7

1098.4

1150.8

1161.0

1217.2

1233.8

1276.2

1393.8

2

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

157.4
56.2
20.6
35.6

156.4
67.5
18.7
48.8

168.6
65.1
20.0
45.0

193.1
76.7
19.8
56.9

202.5
71.4
20.5
50.9

216.9
74.0
22.6
51.4

193.0
72.9
18.5
54.4

223.9
77.2
18.6
58.7

232.4
70.1
17.2
52.9

239.3
81.8
24.1
57.7

230.3
89.2
26.7
62.5

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

464.2
30.1
101.2
168.6
0.0
164.2

555.5
32.0
146.7
177.6
0.0
199.1

724.8
37.6
256.1
201.5
0.0
229.6

787.9
41.8
284.8
211.7
0.1
249.5

824.5
48.0
308.3
225.9
0.0
242.3

859.9
50.0
340.5
226.9
0.2
242.4

895.2
45.4
381.8
231.5
0.2
236.3

916.0
46.4
401.6
222.9
0.2
244.9

931.4
48.9
426.9
231.0
0.2
224.4

955.1
45.6
466.0
205.3
0.2
238.1

1074.3
54.5
520.8
223.9
0.2
275.0

7
8
9
10
11
12

13

Bankers acceptances (1)

22.6

23.6

20.9

17.1

14.3

14.3

11.5

10.4

9.5

8.3

8.6

13

700.4

803.0

979.4

1074.8

1112.7

1165.1

1172.6

1227.6

1243.3

1284.5

1402.4

14

2
3
4
5
6

14

Total outstanding, all types
Commercial paper

Holdings, by sector

15
16
17
18

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

48.0
20.1
39.4
43.4

55.4
31.5
59.7
57.9

59.0
35.3
74.0
77.8

60.0
29.5
79.3
74.5

61.0
24.8
77.8
92.0

62.0
25.4
88.0
115.3

63.2
27.3
92.0
114.8

64.4
25.9
96.0
110.8

65.7
31.2
97.2
100.8

67.1
33.6
96.5
105.3

68.5
46.1
93.9
100.2

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
5.7
0.2
0.6
23.7

0.0
6.5
0.3
0.3
21.1

0.0
2.7
0.0
0.2
21.0

0.0
1.1
0.0
0.1
19.9

0.0
1.1
0.0
0.5
18.7

0.0
0.9
0.0
1.1
17.6

0.0
1.1
0.0
0.4
16.5

0.0
0.9
0.0
0.3
16.4

0.0
0.8
0.0
0.8
16.3

0.0
1.1
0.0
0.8
16.3

0.0
1.3
0.0
1.9
16.1

19
20
21
22
23

24
25
26

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

45.5
45.4
31.5

48.4
49.0
28.2

65.9
51.2
28.6

68.3
52.6
36.9

68.6
54.6
35.8

74.0
60.0
38.3

73.4
61.4
37.5

70.7
64.4
41.0

68.6
67.0
40.9

71.7
69.9
40.3

74.9
74.8
45.1

24
25
26

27
28
29
30
31

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

235.5
50.2
25.5
22.1
63.6

273.9
47.2
35.1
23.7
64.8

336.0
57.8
34.0
24.3
111.7

371.2
51.9
64.1
25.1
140.4

395.5
66.9
52.8
28.3
134.3

399.5
80.3
54.5
33.4
114.8

414.2
68.2
60.9
28.0
113.6

474.2
69.6
35.2
28.8
128.8

468.9
70.6
32.4
28.8
153.2

490.0
71.8
33.9
29.3
156.9

519.0
72.2
38.2
27.7
222.7

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

87

Z.1, March 10, 2000

L.209 Treasury Securities
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3608.5

3755.1

3778.3

3804.8

3723.4

3694.7

3723.7

3731.6

3623.4

3604.5

3652.1

1

185.0
3423.5

187.0
3568.1

186.5
3591.8

186.2
3618.7

186.0
3537.4

185.9
3508.8

186.6
3537.1

186.5
3545.0

186.5
3436.9

186.2
3418.2

186.4
3465.7

2
3

3608.5

3755.1

3778.3

3804.8

3723.4

3694.7

3723.7

3731.6

3623.4

3604.5

3652.1

4

Household sector
Savings bonds
Other Treasury issues

699.9
185.0
514.9

687.9
187.0
500.9

511.5
186.5
325.0

519.2
186.2
333.1

496.7
186.0
310.8

470.1
185.9
284.2

390.5
186.6
203.9

341.0
186.5
154.5

291.3
186.5
104.8

276.7
186.2
90.5

346.7
186.4
160.2

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

57.1
15.6
289.8

47.1
14.4
257.0

57.5
13.6
239.3

49.3
13.5
238.1

39.5
13.3
258.5

43.3
13.2
266.4

49.9
13.0
269.3

42.7
13.0
272.5

43.9
12.8
279.1

42.1
12.5
271.6

46.0
12.3
266.8

8
9
10

11
12

Rest of the world
Monetary authority

841.3
378.2

1093.3
390.9

1252.0
430.7

1260.8
433.2

1266.2
439.8

1232.0
446.0

1316.3
452.1

1308.4
465.7

1296.2
484.9

1318.8
489.0

1306.8
478.0

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

278.7
207.6
62.3
3.4
5.4

261.8
173.0
80.7
4.0
4.1

270.1
166.8
95.1
4.0
4.2

278.4
171.9
99.7
2.3
4.6

263.6
153.9
103.7
1.7
4.3

219.8
128.7
86.4
1.0
3.7

214.0
124.7
84.8
0.9
3.6

223.8
134.6
85.0
1.1
3.0

217.5
130.2
83.2
1.2
3.0

218.7
124.0
91.2
0.9
2.6

226.5
122.8
92.2
8.8
2.6

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

18.4
18.3
38.7

17.4
17.4
39.5

14.6
15.6
33.7

14.8
15.0
33.5

12.6
14.5
33.2

11.1
13.5
31.7

10.2
13.1
30.8

10.6
12.1
30.0

10.6
12.5
29.0

10.4
10.2
27.6

10.1
8.5
26.1

18
19
20

21
22
23
24

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

108.1
133.4
176.5
191.7

93.2
120.9
189.2
203.5

85.5
91.1
204.1
216.9

82.5
86.9
198.7
211.9

79.0
81.6
204.8
214.8

75.2
76.1
208.2
211.2

71.3
73.2
218.1
217.7

70.9
72.9
220.0
218.4

68.7
73.8
226.6
222.5

65.3
73.3
228.3
216.5

63.8
72.4
232.8
212.3

21
22
23
24

25
26
27
28
29

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

70.0
205.3
11.2
58.0
18.3

90.2
214.2
11.4
18.8
-12.8

86.2
225.2
10.1
25.9
-5.3

83.3
231.9
9.9
12.0
31.9

81.3
228.5
9.6
15.1
-29.3

82.5
227.8
9.4
19.0
38.1

103.6
230.4
9.2
25.2
15.8

108.1
234.7
9.0
29.8
48.2

84.0
242.6
8.8
27.3
-8.7

89.6
238.7
8.6
28.2
-21.6

103.8
238.7
8.4
35.7
-43.5

25
26
27
28
29

3636.7

3781.8

3804.9

3830.8

3749.0

3720.2

3752.2

3759.7

3651.7

3632.7

3680.4

30

2
3
4
5
6
7

Total liabilities

1996

Savings bonds
Other Treasury issues
Total assets

Memo:
30

Federal government debt (1)

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

88

Z.1, March 10, 2000

L.210 Agency Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1
2
3
4
5

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

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2405.0

2634.9

2847.6

2903.9

3006.9

3147.2

3320.5

3462.2

3609.0

3774.1

3912.3

1

28.2
806.5
1570.3

26.6
896.9
1711.4

26.5
995.3
1825.8

25.9
1030.9
1847.1

25.6
1072.5
1908.9

25.5
1146.0
1975.7

28.5
1273.6
2018.4

28.1
1321.8
2112.3

28.3
1398.0
2182.7

28.3
1499.8
2246.1

28.3
1591.7
2292.3

2
3
4

2405.0

2634.9

2847.6

2903.9

3006.9

3147.2

3320.5

3462.2

3609.0

3774.1

3912.3

5

Household sector
Nonfinancial corporate business
State and local governments

122.3
23.4
151.5

208.5
28.5
116.2

209.5
9.7
115.4

148.9
8.7
110.2

145.0
18.0
132.5

177.7
21.2
145.0

161.6
27.3
159.0

201.4
26.0
162.0

232.8
29.7
166.3

289.5
36.8
162.0

312.1
46.5
167.5

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
154.8
2.6

0.0
196.3
2.2

0.0
246.5
0.7

0.0
269.0
0.6

0.0
286.4
0.5

0.0
289.7
0.4

0.0
301.4
0.3

0.0
325.4
0.3

0.0
348.2
0.3

0.0
371.2
0.2

0.0
395.4
0.2

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

467.5
421.5
37.3
4.7
4.0

495.7
436.7
49.7
4.9
4.3

571.2
497.2
62.2
5.5
6.3

593.2
510.3
67.3
8.6
7.0

588.4
504.9
70.2
5.8
7.5

621.7
541.4
65.9
6.4
8.0

662.6
578.8
67.0
6.6
10.2

673.6
587.8
69.1
6.1
10.6

676.3
596.0
64.4
4.1
11.7

694.2
608.1
69.0
4.0
13.2

698.4
608.1
71.4
5.4
13.5

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

164.6
45.7
32.1

156.1
50.7
31.8

155.3
51.0
27.5

152.6
53.2
27.1

149.8
55.9
26.7

145.5
57.0
26.4

143.6
58.4
26.0

147.7
63.2
25.8

147.1
65.8
25.5

146.3
66.4
25.3

147.3
63.1
25.1

17
18
19

20
21
22
23

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

242.9
48.2
267.9
99.4

244.1
51.0
281.0
104.9

226.7
70.8
299.1
123.3

225.7
71.6
313.1
126.4

222.9
71.5
323.8
134.3

219.9
71.2
329.6
141.1

217.0
73.5
344.4
142.4

217.5
73.2
347.5
149.4

217.7
74.0
360.4
151.2

215.8
73.5
361.8
154.0

215.3
73.1
369.4
161.2

20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

90.8
109.9
185.8

101.8
116.1
245.4

96.3
124.5
307.4

95.8
135.2
336.3

93.5
137.9
362.1

121.6
143.0
394.8

173.8
145.5
440.6

161.9
149.5
493.0

156.8
157.9
535.2

159.8
156.2
564.2

190.9
156.2
586.2

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

132.8
9.0
54.0

137.4
12.2
55.2

141.2
21.2
50.4

145.1
23.2
67.9

149.6
21.1
86.9

161.5
18.3
61.5

179.2
13.1
50.9

197.0
14.9
32.9

214.2
14.9
34.7

224.8
14.6
57.3

224.3
14.3
66.0

27
28
29

6
7
8

Total assets

1996

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

89

Z.1, March 10, 2000

L.211 Municipal Securities and Loans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

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

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1293.5

1296.0

1367.5

1397.1

1429.3

1439.9

1464.3

1491.0

1510.0

1518.6

1532.5

1

1060.4
32.9
1027.5

1053.3
39.1
1014.1

1110.6
47.5
1063.1

1134.1
48.4
1085.8

1160.7
42.9
1117.8

1168.7
39.3
1129.4

1189.7
41.2
1148.5

1213.0
42.1
1170.9

1228.0
40.0
1188.1

1232.3
41.7
1190.6

1242.4
44.8
1197.6

2
3
4

98.3
134.8

104.9
137.9

114.9
142.0

119.1
143.8

123.1
145.5

124.2
147.0

126.9
147.8

128.9
149.1

131.7
150.3

134.4
152.0

137.3
152.8

5
6

1293.5

1296.0

1367.5

1397.1

1429.3

1439.9

1464.3

1491.0

1510.0

1518.6

1532.5

7

8
9
10

Household sector
Nonfinancial corporate business
State and local governments

457.7
36.8
5.1

435.6
31.0
4.6

463.6
36.1
3.9

468.4
40.1
3.5

485.2
42.5
3.0

479.2
40.4
2.8

475.4
41.9
2.5

493.2
37.7
2.1

517.1
32.4
1.8

522.3
38.1
1.4

527.5
39.6
1.0

8
9
10

11
12
13

Commercial banking
Savings institutions
Bank personal trusts and estates

93.4
2.0
108.3

94.2
2.1
104.0

96.7
2.1
90.7

95.8
1.7
90.4

98.3
2.0
90.1

101.5
2.3
89.8

104.8
2.5
89.5

106.5
2.7
89.1

107.6
2.9
88.8

109.4
2.9
88.6

110.7
3.0
88.4

11
12
13

14
15
16
17

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

11.9
161.0
0.9
1.8

13.4
175.4
0.9
0.5

16.7
191.6
1.1
1.1

17.2
196.6
1.1
1.2

17.6
199.3
1.1
1.3

18.0
201.4
1.1
2.2

18.4
210.9
1.2
2.3

18.8
207.9
1.2
2.5

18.0
210.6
1.3
2.2

18.1
209.1
1.3
2.4

18.2
208.9
1.3
2.5

14
15
16
17

18
19
20
21
22

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

127.7
210.2
59.6
4.4
12.7

144.5
213.3
61.7
4.1
10.8

167.0
219.8
60.8
3.3
13.2

179.9
224.6
61.0
3.4
12.4

177.4
231.2
61.2
3.8
15.3

185.3
234.1
61.5
5.7
14.7

193.0
242.6
61.7
4.6
13.1

204.1
247.7
61.9
3.1
12.4

196.1
250.9
62.1
3.8
14.3

198.0
248.2
62.3
3.7
12.8

210.4
241.5
62.4
4.9
12.1

18
19
20
21
22

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

L.212 Corporate and Foreign Bonds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities

2840.7

3189.6

3563.3

3727.0

3928.3

3996.0

4098.9

4286.9

4429.9

4536.9

4551.5

1

2
3

Nonfinancial corporate business
Rest of the world (1)

1344.1
291.9

1460.4
347.7

1610.9
394.9

1680.6
405.6

1754.3
435.4

1781.3
428.6

1829.6
420.0

1898.1
420.2

1970.0
417.1

2020.7
424.4

2059.5
422.4

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

1204.7
161.1
3.1

1381.5
168.9
2.7

1557.5
192.6
2.8

1640.8
205.0
2.6

1738.7
209.2
2.7

1786.2
214.4
2.6

1849.4
220.2
2.6

1968.6
229.0
2.8

2042.8
230.6
2.7

2091.9
241.4
3.0

2069.6
240.7
2.7

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

611.3
300.0
15.5
29.3
84.4

719.7
332.5
16.8
27.3
113.6

822.1
328.8
31.6
35.3
144.2

858.1
338.2
39.8
35.1
162.1

922.0
348.7
47.7
40.1
168.3

966.5
337.6
50.1
39.4
175.5

1012.8
339.7
53.4
42.5
178.2

1061.5
366.7
59.6
34.8
214.2

1113.0
383.1
58.1
30.4
225.1

1133.8
396.2
58.9
34.6
223.9

1111.3
394.8
59.2
25.3
235.5

7
8
9
10
11

12

2840.7

3189.6

3563.3

3727.0

3928.3

3996.0

4098.9

4286.9

4429.9

4536.9

4551.5

12

13
14
15

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

447.6
39.0
369.5

496.9
49.7
453.2

520.9
51.0
537.2

566.4
52.5
564.0

613.4
56.4
605.2

591.0
54.5
628.7

581.2
56.2
659.6

669.0
58.0
694.0

682.8
60.3
726.4

679.3
61.8
775.9

596.1
63.8
817.1

13
14
15

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

110.9
78.5
33.6

112.3
68.6
31.9

143.1
58.7
31.1

153.4
58.0
30.5

156.6
65.3
29.8

164.3
73.6
29.2

181.1
88.6
28.5

164.4
104.4
28.1

188.0
109.9
27.7

199.3
106.2
27.4

219.9
111.9
27.2

16
17
18

19
20
21
22

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

870.1
123.3
206.8
190.6

949.3
141.6
228.0
214.4

1046.0
159.5
255.7
244.5

1073.3
163.8
263.6
254.7

1092.6
166.2
276.3
264.2

1110.8
168.2
285.1
274.6

1130.4
176.2
301.0
279.6

1157.1
174.8
307.8
287.0

1178.2
177.1
321.9
288.0

1192.7
175.9
327.1
300.9

1201.5
174.3
335.6
305.2

19
20
21
22

23
24
25

Money market mutual funds
Mutual funds
Closed-end funds

21.5
195.7
25.6

23.9
229.5
28.1

36.4
273.8
27.3

44.9
296.4
28.5

68.3
314.5
29.6

80.9
320.7
30.8

81.2
339.3
31.9

87.9
349.3
33.0

95.9
362.0
34.1

112.4
368.0
35.2

123.7
368.6
36.2

23
24
25

26
27
28
29

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

25.0
2.9
76.4
23.8

30.6
4.3
90.9
36.5

30.9
6.5
100.0
40.6

26.5
8.0
105.4
37.1

29.1
8.4
108.1
44.0

31.4
7.7
98.1
46.5

31.4
6.1
81.4
45.1

32.5
5.6
89.1
44.8

28.7
5.5
93.8
49.7

27.0
5.2
89.2
53.3

29.4
5.1
95.5
40.3

26
27
28
29

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

90

Z.1, March 10, 2000

L.213 Corporate Equities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

8495.7

10255.8

13181.4

14842.1

14987.0

13121.2

15413.4

15893.6

17018.0

16008.3

18876.7

1

2

Nonfinancial corporate business

6435.0

7618.6

9661.1

10925.6

11050.4

9810.6

11561.0

11935.0

12816.7

12095.0

14774.0

2

3
4

Rest of the world (2)
Financial corporations

776.8
1284.0

1002.9
1634.3

1201.0
2319.3

1350.2
2566.2

1310.1
2626.5

1210.1
2100.6

1407.1
2445.2

1429.3
2529.3

1564.7
2636.5

1667.2
2246.1

1683.2
2419.5

3
4

5
6
7
8

Issues at market value

1996

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

8495.7

10255.8

13181.4

14842.1

14987.0

13121.2

15413.4

15893.6

17018.0

16008.3

18876.7

5

4121.6
26.2
527.6

4642.1
46.8
656.8

5689.6
79.0
919.5

6279.4
90.5
1059.0

6261.6
98.9
1084.3

5540.1
86.0
937.9

6338.7
102.0
1115.4

6575.4
106.9
1139.2

6950.5
117.9
1252.4

6495.2
111.0
1168.1

8008.9
125.0
1203.3

6
7
8

5.0
14.3
224.9

6.8
17.8
248.9

2.6
23.3
305.5

4.9
26.5
330.0

5.6
26.9
320.6

3.6
24.0
266.3

6.8
24.5
307.7

7.5
25.1
310.3

8.4
24.9
325.9

7.3
24.2
293.0

10.1
23.8
335.8

9
10
11

9
10
11

Commercial banking
Savings institutions
Bank personal trusts and estates

12
13
14
15

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

315.4
134.2
1238.4
791.1

414.1
148.6
1490.9
1031.6

558.6
186.0
1863.9
1431.7

640.9
199.9
2116.7
1640.9

675.5
202.6
2129.2
1674.4

616.1
180.2
1840.1
1476.9

723.1
201.4
2232.3
1758.4

766.8
201.6
2228.7
1805.4

824.8
208.1
2344.4
1960.8

796.3
193.8
2211.9
1840.6

951.9
214.5
2499.7
2042.4

12
13
14
15

16
17
18

Mutual funds
Closed-end funds
Brokers and dealers

1024.9
38.0
34.2

1470.0
43.6
37.9

2018.7
51.1
51.9

2340.0
50.4
62.8

2387.5
53.1
66.7

2044.5
50.2
55.4

2508.5
40.2
54.4

2622.8
43.0
61.0

2887.4
42.7
69.8

2772.2
39.4
55.3

3358.9
36.2
66.4

16
17
18

7507.6

9016.0

11688.8

13173.8

13348.9

11621.8

13703.4

14151.3

15124.3

14045.3

16866.3

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; amounts outstanding end of period, not seasonally adjusted
1

Shares at market value

1852.8

2342.4

2989.4

3339.3

3438.4

3137.3

3610.5

3758.4

4049.4

3933.6

4515.3

1

2

Holdings at market value

1852.8

2342.4

2989.4

3339.3

3438.4

3137.3

3610.5

3758.4

4049.4

3933.6

4515.3

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

1265.0
45.7
35.0

1586.0
59.9
41.0

2057.3
69.1
33.6

2308.2
79.4
31.5

2380.3
82.5
33.9

2195.3
74.2
27.4

2500.7
91.0
26.3

2605.9
96.1
25.3

2805.3
98.1
27.4

2750.4
93.3
29.0

3104.3
112.0
30.6

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

2.3
2.8
253.5

2.6
2.6
293.6

8.1
2.4
342.4

7.1
2.8
377.1

7.0
3.1
382.9

7.0
3.1
346.4

9.2
3.6
397.1

9.1
3.8
408.0

10.0
3.9
440.7

8.9
4.0
412.5

11.1
2.5
488.6

6
7
8

Life insurance companies
Private pension funds

27.7
220.7

35.3
321.4

38.4
438.0

36.3
496.9

29.8
518.8

19.1
464.8

18.6
564.1

17.2
593.1

16.5
647.6

13.4
622.1

13.7
752.4

9
10

9
10

91

Z.1, March 10, 2000

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total loans by commercial
banking, flow of funds basis

2646.9

2821.1

3052.9

3087.3

3154.9

3220.9

3304.8

3289.6

3317.4

3380.9

3505.0

1

2
3
4
5

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

5.7
1090.2
502.0
99.5

6.5
1145.4
526.8
100.8

2.7
1245.3
512.6
122.5

1.1
1270.6
492.1
131.6

1.1
1281.4
491.4
139.7

0.9
1295.2
497.9
146.7

1.1
1337.0
508.9
142.9

0.9
1336.6
494.0
129.7

0.8
1360.8
477.8
132.3

1.1
1418.3
472.5
122.1

1.3
1495.2
499.8
124.8

2
3
4
5

6

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

949.6

1041.7

1169.8

1191.9

1241.3

1280.3

1314.9

1328.3

1345.7

1366.9

1383.9

6

701.6
232.6
2.3
13.1

759.8
264.8
2.5
14.6

867.9
284.0
2.4
15.5

895.7
278.2
2.6
15.4

938.5
284.5
2.3
16.0

972.6
289.1
2.3
16.2

1012.2
282.2
4.1
16.3

1038.1
270.8
3.6
15.8

1067.1
258.1
4.2
16.2

1091.5
257.6
1.5
16.3

1104.7
259.9
2.6
16.8

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.

949.6

1041.7

1169.8

1191.9

1241.3

1280.3

1314.9

1328.3

1345.7

1366.9

1383.9

12

13

Total liabilities

949.6

1041.7

1169.8

1191.9

1241.3

1280.3

1314.9

1328.3

1345.7

1366.9

1383.9

13

898.2

977.7

1092.7

1101.3

1153.1

1177.0

1207.6

1224.2

1239.0

1261.7

1290.4

14

57.4
587.7
178.7
39.7

58.0
627.2
208.5
40.4

66.6
695.4
234.7
43.9

65.1
701.8
238.8
42.1

75.7
732.3
243.5
46.1

69.9
755.6
248.1
47.0

72.9
777.6
253.2
45.1

68.7
795.7
258.2
42.6

71.9
799.5
262.5
44.6

68.5
822.0
266.9
45.5

65.1
849.7
271.9
44.2

15
16
17
18

34.6
2.6
10.9
21.1

43.7
2.9
14.3
26.5

52.1
2.1
13.8
36.3

53.4
2.3
13.1
38.0

55.5
2.2
14.8
38.6

56.4
2.0
13.8
40.6

58.9
2.8
13.1
43.0

59.1
2.9
12.5
43.6

60.5
2.8
13.8
43.9

58.8
3.0
11.2
44.7

59.4
3.0
10.0
46.5

19
20
21
22

51.4

64.0

77.2

90.6

88.2

103.2

107.2

104.1

106.8

105.2

93.6

23

14.6
15.3
16.5
5.0

15.9
19.7
20.6
7.8

19.4
24.1
16.0
17.6

22.3
22.0
23.4
22.9

23.4
22.3
16.3
26.2

27.9
24.9
16.9
33.5

29.7
26.3
17.7
33.6

34.0
24.8
16.5
28.7

35.4
25.1
17.8
28.4

34.6
27.0
16.3
27.3

14.0
35.1
17.8
26.6

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Households
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

92

Z.1, March 10, 2000

L.216 Other Loans and Advances
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total other loans and advances

930.6

993.1

1095.9

1126.1

1153.6

1186.8

1254.4

1307.8

1332.6

1382.2

1432.2

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

144.0
27.3
10.0
39.4
7.0
9.8
50.6
0.0

144.1
30.4
8.7
39.1
5.9
10.1
49.9
0.0

153.7
41.8
8.4
40.9
5.5
8.9
48.2
0.0

157.9
43.9
8.5
42.1
5.4
10.2
47.9
0.0

161.4
46.6
8.4
43.1
5.3
10.1
47.9
0.0

165.2
49.3
8.3
44.8
5.2
10.1
47.5
0.0

168.0
52.4
8.3
44.8
5.1
10.1
47.2
0.0

172.6
58.2
8.2
44.5
5.0
10.2
46.6
0.0

174.4
60.7
8.1
44.1
4.9
10.2
46.4
0.0

176.9
63.1
8.1
44.0
4.9
10.1
46.7
0.0

180.0
66.0
8.0
43.8
4.9
10.1
47.2
0.0

2
3
4
5
6
7
8
9

10
11

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

122.1
122.1

126.0
126.0

143.3
143.3

148.8
148.8

146.2
146.2

146.5
146.5

142.3
142.3

163.2
163.2

138.1
138.1

132.2
132.2

117.3
117.3

10
11

12
13
14

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

22.3
14.2
8.2

23.4
13.4
9.9

20.6
10.8
9.7

16.8
8.8
8.0

14.2
7.3
6.9

14.1
7.8
6.3

11.3
6.6
4.7

10.2
5.6
4.7

9.0
4.8
4.1

7.9
4.8
3.1

8.2
4.4
3.9

12
13
14

15
16
17

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

12.8
6.4
6.4

15.7
7.9
7.9

18.8
9.4
9.4

19.8
9.9
9.9

20.2
10.1
10.1

22.1
11.0
11.0

24.2
12.1
12.1

25.4
12.7
12.7

27.0
13.5
13.5

28.2
14.1
14.1

30.7
15.3
15.3

15
16
17

18
19
20

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

96.9
0.9
95.9

101.4
1.0
100.5

104.6
0.9
103.7

104.8
0.9
103.9

105.8
0.9
104.8

106.3
0.9
105.3

104.7
0.9
103.8

100.6
0.9
99.7

99.9
0.9
99.0

100.2
0.9
99.3

100.9
0.9
100.0

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)

200.3
35.2
16.4
13.8
36.7
97.4
0.4
0.5

229.1
34.6
15.1
16.5
39.0
121.9
0.4
1.6

260.3
30.2
15.1
16.5
58.1
138.0
0.6
1.8

267.8
28.4
16.3
16.4
66.1
138.1
0.7
1.8

284.4
26.2
16.0
16.5
78.6
144.6
0.8
1.6

307.6
27.4
17.5
16.5
87.1
156.1
1.0
2.0

352.6
29.0
17.8
17.1
104.9
180.1
1.1
2.5

364.6
30.9
17.1
17.5
104.2
190.1
1.5
3.3

396.0
32.5
18.1
16.9
119.2
203.5
1.8
4.0

437.2
36.4
18.6
16.8
140.8
217.7
2.5
4.3

466.6
34.5
19.0
17.3
147.8
241.5
3.4
3.2

21
22
23
24
25
26
27
28

29
30
31

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

30.6
1.0
29.6

44.0
6.3
37.7

76.2
14.1
62.1

84.3
16.6
67.7

86.5
19.0
67.5

89.9
18.4
71.5

103.8
17.9
85.9

108.3
17.3
91.0

114.4
17.6
96.8

116.6
17.9
98.7

122.4
18.0
104.4

29
30
31

32
33
34

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

301.6
271.4
30.2

309.5
278.5
30.9

318.5
286.7
31.9

325.9
293.3
32.6

334.9
301.4
33.5

335.1
301.6
33.5

347.5
312.8
34.8

362.8
326.5
36.3

373.7
336.4
37.4

383.0
344.7
38.3

406.2
365.6
40.6

32
33
34

(1) Student loans.

93

Z.1, March 10, 2000

L.217 Total Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

4592.9

4880.8

5184.7

5292.8

5402.0

5533.5

5683.3

5819.6

5967.8

6173.3

6318.7

1

3510.4
273.4
724.6
84.6

3721.9
288.9
782.8
87.1

3959.5
301.5
833.3
90.3

4043.1
306.8
851.6
91.3

4122.0
313.4
873.6
93.0

4222.4
319.9
896.8
94.4

4327.5
328.9
930.4
96.5

4420.2
338.9
963.0
97.4

4532.1
345.9
990.1
99.6

4662.4
357.6
1051.9
101.4

4759.2
370.6
1086.2
102.7

2
3
4
5

4592.9

4880.8

5184.7

5292.8

5402.0

5533.5

5683.3

5819.6

5967.8

6173.3

6318.7

6

Household sector

3344.0

3560.9

3801.7

3885.7

3965.7

4070.0

4174.4

4269.1

4382.0

4515.4

4616.5

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

1224.9
258.9
881.4
84.6

1288.0
266.2
934.6
87.1

1336.2
264.3
981.6
90.3

1358.0
268.4
998.3
91.3

1382.2
273.6
1015.7
93.0

1399.5
274.6
1030.6
94.4

1437.3
291.6
1049.2
96.5

1473.9
307.9
1068.6
97.4

1512.2
322.0
1090.5
99.6

1582.0
367.1
1113.5
101.4

1621.6
378.5
1140.4
102.7

8
9
10
11

12
13

Federal government
REITs

0.0
24.1

0.0
31.9

0.0
46.8

0.0
49.1

0.0
54.1

0.0
64.0

0.0
71.6

0.0
76.6

0.0
73.6

0.0
75.9

0.0
80.6

12
13

4592.9

4880.8

5184.7

5292.8

5402.0

5533.5

5683.3

5819.6

5967.8

6173.3

6318.7

14

7

14

Total liabilities

1996

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

109.5
57.9
26.7

109.4
54.4
23.5

108.9
50.4
23.8

108.9
49.4
24.0

109.0
48.4
24.1

109.0
47.4
24.3

109.2
46.4
24.4

109.1
45.4
24.6

109.3
44.4
24.7

109.4
43.4
24.9

109.5
42.4
25.0

15
16
17

18
19

State and local governments
Federal government

113.8
57.8

117.6
50.3

121.3
45.7

122.3
45.5

123.3
45.1

124.4
44.8

125.4
44.9

126.5
44.6

127.6
44.5

128.7
77.8

129.8
77.9

18
19

20
21
22
23

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

1090.2
596.8
66.5
3.3

1145.4
628.3
76.0
3.6

1245.3
631.8
86.0
3.0

1270.6
637.2
87.7
3.0

1281.4
632.6
91.8
2.9

1295.2
634.5
94.5
2.9

1337.0
644.2
96.9
2.8

1336.6
646.4
98.7
2.8

1360.8
656.7
103.7
2.8

1418.3
676.6
108.7
2.8

1495.2
668.9
111.6
2.8

20
21
22
23

24
25
26
27

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

213.1
2.8
19.4
15.9

208.2
2.4
21.2
16.7

206.8
2.2
23.6
17.6

206.5
2.2
24.2
17.8

207.7
2.2
25.3
18.1

207.4
1.9
25.8
18.3

213.6
2.0
27.2
18.6

219.1
2.0
27.6
18.8

224.6
2.0
28.8
19.1

226.3
2.1
29.1
19.4

229.1
2.0
29.7
19.6

24
25
26
27

28
29
30

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

251.0
1570.3
278.3

244.9
1711.4
329.8

240.4
1825.8
408.9

241.4
1847.1
443.0

242.0
1908.9
487.6

242.3
1975.7
523.3

247.7
2018.4
560.6

243.6
2112.3
593.9

243.6
2182.7
618.4

244.3
2246.1
636.0

243.9
2292.3
653.7

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

72.4
33.0
14.1

82.7
41.2
13.8

87.9
32.1
22.9

89.6
46.8
25.7

89.9
32.7
29.0

98.5
33.8
29.7

102.3
35.3
26.3

109.2
33.0
25.4

113.5
35.6
24.9

122.3
32.5
24.8

126.5
35.6
23.4

31
32
33

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

94

Z.1, March 10, 2000

L.218 Home Mortgages (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1
2
3
4
5

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

3510.4

3721.9

3959.5

4043.1

4122.0

4222.4

4327.5

4420.2

4532.1

4662.4

4759.2

1

3252.0
19.3
239.0

3464.3
19.9
237.7

3697.9
20.7
240.9

3779.6
21.0
242.5

3856.6
21.2
244.2

3954.9
21.5
246.0

4057.8
21.8
247.9

4148.3
22.0
249.9

4257.7
22.3
252.1

4385.4
22.6
254.3

4479.6
23.0
256.7

2
3
4

3510.4

3721.9

3959.5

4043.1

4122.0

4222.4

4327.5

4420.2

4532.1

4662.4

4759.2

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

88.8
33.8
10.8

87.6
24.5
9.6

86.5
16.5
9.1

86.2
14.5
9.0

85.9
12.5
8.9

85.6
9.3
8.8

85.3
9.3
8.7

85.1
9.1
8.6

84.8
9.0
8.5

84.5
9.3
8.5

84.2
9.6
8.4

6
7
8

9
10

State and local governments
Federal government

60.5
24.1

62.8
21.2

65.8
19.1

66.6
18.9

67.4
18.8

68.2
18.7

69.1
18.8

70.0
18.5

70.8
18.3

71.7
18.6

72.6
18.5

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

646.5
482.4
66.5
3.3

677.6
513.7
76.0
3.6

745.5
520.7
86.0
3.0

764.0
526.7
87.7
3.0

769.7
521.7
91.8
2.9

769.7
525.4
94.5
2.9

796.6
533.4
96.9
2.8

782.1
534.1
98.7
2.8

789.5
544.4
103.7
2.8

826.4
560.1
108.7
2.8

878.8
548.5
111.6
2.8

11
12
13
14

15
16
17

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

8.9
4.3
4.4

7.0
4.7
5.0

7.2
5.2
5.6

7.0
5.3
5.8

6.8
5.6
6.0

6.6
5.7
6.1

6.6
6.0
6.3

7.0
6.1
6.5

7.3
6.3
6.7

7.4
6.4
6.9

7.3
6.5
7.1

15
16
17

18
19
20

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

205.2
1543.4
224.3

198.5
1678.9
259.3

194.3
1788.1
312.3

195.5
1808.1
331.4

195.8
1868.5
356.7

195.2
1931.1
384.7

198.6
1970.2
403.4

193.2
2061.6
423.3

190.6
2130.0
440.6

189.0
2191.3
447.8

187.6
2234.8
455.3

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

72.4
23.8
6.9

52.1
32.0
8.0

59.0
21.8
14.0

61.5
36.4
15.6

62.3
22.4
18.3

68.4
23.4
18.0

75.7
24.9
14.8

77.7
22.6
13.3

80.5
25.1
13.0

87.7
22.1
13.1

88.2
25.2
12.2

21
22
23

6
7
8

Total assets

1996

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

6
7
8
9

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

273.4

288.9

301.5

306.8

313.4

319.9

328.9

338.9

345.9

357.6

370.6

1

21.1
244.4

21.7
256.7

22.5
263.5

22.8
267.8

23.0
272.5

23.3
275.6

23.5
281.8

23.8
289.8

24.1
297.6

24.4
308.2

24.7
319.3

2
3

0.0
7.9

0.0
10.5

0.0
15.4

0.0
16.2

0.0
17.8

0.0
21.1

0.0
23.6

0.0
25.3

0.0
24.3

0.0
25.1

0.0
26.6

4
5

273.4

288.9

301.5

306.8

313.4

319.9

328.9

338.9

345.9

357.6

370.6

6

1.6
0.1
7.9

1.5
0.8
7.0

1.5
1.4
7.4

1.5
1.5
7.5

1.5
1.7
7.6

1.5
2.4
7.7

1.5
2.3
7.8

1.5
2.3
8.0

1.4
2.1
8.1

1.4
1.6
8.2

1.4
1.1
8.3

7
8
9

10
11

State and local governments
Federal government

44.1
17.3

45.9
14.8

46.5
13.9

46.7
13.9

46.9
13.8

47.2
13.7

47.4
13.6

47.6
13.6

47.9
13.6

48.1
13.6

48.3
13.6

10
11

12
13

Commercial banking
Savings institutions

42.5
62.0

45.5
61.6

49.7
59.5

50.8
59.3

51.2
59.1

52.2
56.9

52.9
57.0

56.2
57.0

58.6
55.3

62.4
57.5

66.0
59.4

12
13

14
15
16

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

28.7
1.0
4.5

30.8
1.1
4.7

30.4
1.2
5.0

30.4
1.2
5.0

30.6
1.3
5.1

30.6
1.3
5.2

31.5
1.4
5.2

31.5
1.4
5.3

31.8
1.4
5.4

32.0
1.5
5.4

32.5
1.5
5.5

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

19.0
26.9
12.0

18.6
32.5
15.9

17.3
37.8
19.8

16.7
39.0
23.1

16.7
40.4
27.2

17.0
44.6
29.2

18.1
48.3
31.8

19.3
50.6
34.5

21.3
52.7
36.2

23.1
54.8
37.8

23.8
57.5
39.4

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.0
4.2
1.6

3.1
4.1
1.2

2.9
5.2
2.1

2.7
5.3
2.2

2.8
5.2
2.2

3.0
5.3
2.4

2.7
5.3
2.1

2.8
5.3
2.0

2.8
5.4
1.9

2.9
5.3
1.8

5.1
5.3
1.8

20
21
22

95

Z.1, March 10, 2000

L.220 Commercial Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1
2
3
4
5
6

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

724.6

782.8

833.3

851.6

873.6

896.8

930.4

963.0

990.1

1051.9

1086.2

1

91.9
218.6
398.0
16.1

96.6
224.6
440.2
21.4

103.7
221.0
477.2
31.4

106.1
224.6
488.0
32.9

109.1
229.3
498.9
36.2

115.1
229.8
509.0
42.9

116.6
246.3
519.5
48.0

120.8
262.0
528.9
51.3

124.3
275.6
540.9
49.3

130.0
320.1
551.0
50.9

136.9
330.8
564.5
54.0

2
3
4
5

724.6

782.8

833.3

851.6

873.6

896.8

930.4

963.0

990.1

1051.9

1086.2

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

3.7
24.0
6.9

4.3
29.1
6.1

4.5
32.5
6.4

4.6
33.3
6.5

4.6
34.2
6.6

4.7
35.6
6.7

4.8
34.8
6.8

4.8
34.0
6.9

4.9
33.3
7.0

5.0
32.5
7.1

5.0
31.7
7.2

7
8
9

10
11

State and local governments
Federal government

7.7
10.2

7.5
8.5

7.7
7.9

7.7
7.9

7.7
7.9

7.6
7.9

7.6
8.0

7.6
8.0

7.5
8.1

7.5
41.2

7.5
41.5

10
11

12
13

Commercial banking
Savings institutions

377.3
52.1

397.5
52.7

423.1
51.3

428.4
50.9

432.2
51.4

444.6
51.7

458.5
53.3

468.8
54.9

482.2
56.6

498.0
58.5

518.5
60.5

12
13

14
15
16
17

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

165.9
2.8
14.2
7.0

160.3
2.4
15.5
7.0

158.8
2.2
17.2
7.0

158.5
2.2
17.7
7.0

159.5
2.2
18.4
7.0

159.2
1.9
18.8
7.0

164.0
2.0
19.9
7.0

168.9
2.0
20.2
7.0

173.6
2.0
21.0
7.0

174.6
2.1
21.2
7.0

177.1
2.0
21.7
7.0

14
15
16
17

18
19
20
21

ABS issuers
Finance companies
Mortgage companies
REITs

42.0
0.0
5.1
5.6

54.7
27.4
5.1
4.6

76.8
26.0
5.1
6.9

88.5
25.4
5.1
8.0

103.7
24.7
5.1
8.5

109.5
27.1
5.1
9.3

125.4
23.9
5.1
9.4

136.1
28.8
5.1
10.0

141.7
30.2
5.1
10.0

150.5
31.7
5.1
9.9

159.0
33.2
5.1
9.4

18
19
20
21

7
8
9

Total assets

1996

L.221 Farm Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities (Farm business)

84.6

87.1

90.3

91.3

93.0

94.4

96.5

97.4

99.6

101.4

102.7

1

2

Total assets

84.6

87.1

90.3

91.3

93.0

94.4

96.5

97.4

99.6

101.4

102.7

2

15.3
1.0

15.9
0.9

16.5
0.9

16.7
0.9

17.0
1.0

17.2
1.0

17.6
1.0

17.8
1.0

18.2
1.0

18.5
1.1

18.8
1.1

3
4

1.4
6.2

1.4
5.8

1.4
4.9

1.4
4.7

1.4
4.6

1.4
4.6

1.4
4.5

1.4
4.4

1.4
4.4

1.4
4.3

1.4
4.3

5
6

23.8
0.3

24.9
0.3

27.0
0.4

27.5
0.4

28.3
0.4

28.7
0.4

29.0
0.4

29.5
0.4

30.5
0.4

31.4
0.5

31.8
0.5

7
8

9.7
0.0

10.1
0.0

10.5
0.0

10.6
0.0

10.8
0.0

11.0
0.0

11.5
0.0

11.7
0.0

12.0
0.0

12.2
0.0

12.2
0.0

9
10

26.8
0.0

27.9
0.0

28.9
0.0

29.2
0.0

29.5
0.0

30.1
0.0

31.0
0.0

31.2
0.0

31.7
0.0

32.2
0.0

32.6
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

96

Z.1, March 10, 2000

L.222 Consumer Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1

Total liabilities (Households)

1122.8

1211.6

1264.1

1236.0

1256.8

1286.6

1331.7

1319.3

1340.4

1370.1

1428.5

1

2

Total assets

1122.8

1211.6

1264.1

1236.0

1256.8

1286.6

1331.7

1319.3

1340.4

1370.1

1428.5

2

85.1
0.0

77.7
0.0

78.9
0.0

72.7
0.0

65.3
0.0

65.5
0.0

74.9
0.0

67.1
0.0

68.0
0.0

67.5
0.0

80.3
0.0

3
4

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

5
6
7

Commercial banking
Savings institutions
Credit unions

502.0
40.1
131.9

526.8
44.7
144.1

512.6
47.2
152.4

492.1
47.1
150.7

491.4
48.3
152.4

497.9
50.3
154.3

508.9
51.6
155.4

494.0
53.6
155.8

477.8
57.2
158.2

472.5
60.1
164.1

499.8
61.5
170.3

5
6
7

8
9

ABS issuers
Finance companies

211.6
152.1

265.8
152.4

313.1
160.0

316.8
156.5

345.1
154.3

359.4
159.1

372.4
168.5

380.9
167.8

405.6
173.6

433.0
173.0

435.1
181.6

8
9

L.223 Trade Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

1698.0

1812.8

1938.6

1940.8

1933.9

1953.0

1966.5

1970.0

2028.8

2082.0

2132.3

1

2

Household sector

103.3

111.9

120.0

119.5

124.0

125.2

125.7

126.0

128.2

129.8

132.7

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

877.5
77.8
16.2

927.0
98.6
17.4

990.5
109.4
18.8

984.4
111.9
18.1

963.7
114.1
19.4

967.6
116.5
20.1

978.1
118.9
19.6

973.9
120.6
18.7

1007.6
122.4
19.8

1045.2
123.7
20.4

1081.3
124.9
20.0

3
4
5

6
7

State and local governments
Federal government

486.7
81.1

517.6
82.4

549.0
82.4

556.5
81.8

564.1
81.7

572.0
82.6

579.5
79.6

587.0
79.4

593.5
81.6

602.0
81.6

610.4
79.8

6
7

8
9

Rest of the world
Brokers and dealers

45.3
10.3

43.6
14.3

48.7
19.9

49.1
19.5

46.1
20.9

47.2
21.8

46.3
18.9

45.0
19.4

43.9
31.8

49.4
30.0

52.4
30.8

8
9

1499.8

1636.1

1739.1

1777.4

1814.5

1854.1

1798.5

1846.6

1923.7

1962.3

1927.5

10

1184.9
129.3

1273.1
145.5

1309.7
162.2

1326.0
166.1

1350.7
170.3

1376.3
174.1

1318.7
178.2

1358.3
182.4

1424.5
186.8

1453.7
191.3

1409.1
196.0

11
12

10

Total trade payables

Total trade receivables

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14

Federal government
Rest of the world

23.1
49.5

24.0
55.7

20.8
58.5

22.5
57.1

22.3
57.3

24.3
56.7

22.3
51.9

23.8
47.1

24.5
46.4

25.7
46.5

24.4
47.2

13
14

15
16

Other insurance companies
ABS issuers

57.3
55.7

57.2
80.7

59.9
128.1

62.6
143.2

63.4
150.6

64.0
158.7

61.6
165.9

64.0
170.9

65.7
175.8

66.3
178.8

63.7
187.0

15
16

198.2

176.7

199.5

163.4

119.4

98.9

168.0

123.4

105.0

119.8

204.8

17

17

Discrepancy

L.224 Security Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities

2
3

Household sector
Rest of the world

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

Total assets

9
10

Household sector
Rest of the world

11
12

Commercial banking
Brokers and dealers

305.7

358.1

469.1

504.9

539.6

573.6

572.3

552.7

589.3

593.2

665.8

1

78.6
0.0

94.4
0.0

131.2
0.0

140.1
0.0

151.5
0.0

149.1
0.0

152.8
0.0

160.7
0.0

184.5
0.0

185.9
0.0

222.4
0.0

2
3

227.1
127.6
65.1
34.4

263.7
162.9
60.2
40.6

337.9
215.5
64.4
58.0

364.9
233.3
71.6
60.0

388.0
248.4
72.2
67.5

424.5
277.8
72.6
74.1

419.6
276.7
76.3
66.6

392.0
262.3
70.5
59.2

404.9
272.6
74.7
57.6

407.3
285.2
65.3
56.8

443.4
318.6
67.6
57.2

4
5
6
7

305.7

358.1

469.1

504.9

539.6

573.6

572.3

552.7

589.3

593.2

665.8

8

127.6
0.0

162.9
0.0

215.5
0.0

233.3
0.0

248.4
0.0

277.8
0.0

276.7
0.0

262.3
0.0

272.6
0.0

285.2
0.0

318.6
0.0

9
10

99.5
78.6

100.8
94.4

122.5
131.2

131.6
140.1

139.7
151.5

146.7
149.1

142.9
152.8

129.7
160.7

132.3
184.5

122.1
185.9

124.8
222.4

11
12

97

Z.1, March 10, 2000

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Life insurance reserves:
1

Total liabilities

566.2

610.6

665.0

677.3

690.6

703.5

718.3

730.9

745.8

756.2

772.0

1

2
3

Federal government
Life insurance companies

29.9
536.3

30.5
580.1

32.3
632.7

32.4
644.8

33.1
657.5

33.1
670.4

33.6
684.7

33.7
697.2

34.4
711.4

34.5
721.7

35.0
737.0

2
3

4

Total assets (Households)

566.2

610.6

665.0

677.3

690.6

703.5

718.3

730.9

745.8

756.2

772.0

4

5767.8

6642.5

7894.4

8583.1

8730.8

8116.5

9079.2

9267.0

9729.0

9487.5

10360.4

5

Pension fund reserves:
5

Total liabilities

6
7

Federal government (1)
Life insurance companies

506.3
1002.0

561.4
1094.8

601.7
1233.5

590.5
1303.7

601.5
1319.6

616.3
1271.0

642.9
1356.2

632.6
1400.2

642.7
1455.9

657.5
1432.6

684.0
1577.6

6
7

8
9

Private pension funds (2)
State and local govt. retirement funds

2776.9
1482.5

3176.9
1809.4

3728.1
2331.1

4069.8
2619.1

4128.2
2681.5

3804.6
2424.6

4354.7
2725.4

4427.7
2806.6

4647.0
2983.4

4523.9
2873.4

5021.0
3077.7

8
9

5767.8

6642.5

7894.4

8583.1

8730.8

8116.5

9079.2

9267.0

9729.0

9487.5

10360.4

10

10

Total assets (Households)

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.
(2) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total taxes payable by all businesses

107.6

123.6

140.4

151.7

144.6

155.0

152.8

159.6

162.1

165.5

164.4

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

40.3
35.9

49.9
37.5

59.2
39.4

69.0
40.0

59.9
40.7

68.6
41.3

64.0
41.9

68.8
42.5

69.4
43.2

70.4
43.8

66.8
44.4

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

2.8
1.6

4.0
1.4

5.4
1.8

5.8
1.7

6.2
1.8

6.6
1.9

7.1
2.0

7.5
1.9

8.0
1.8

8.5
2.1

9.0
2.0

4
5

6
7

Life insurance companies
Other insurance companies

12.0
9.0

13.6
10.2

15.3
11.5

15.7
11.8

16.1
12.1

16.5
12.4

16.8
12.7

17.2
12.9

17.6
13.2

17.9
13.5

18.3
13.8

6
7

8
9

Finance companies
Brokers and dealers

4.9
1.1

5.6
1.3

6.4
1.3

6.6
1.1

6.8
1.1

7.0
0.8

7.2
1.3

7.3
1.3

7.5
1.4

7.7
1.5

7.9
2.2

8
9

45.2

46.8

46.9

62.1

48.8

52.8

49.5

69.0

50.2

71.1

72.0

10

27.9
17.3

26.1
20.7

26.9
20.0

27.6
34.5

28.6
20.2

28.8
24.0

28.1
21.4

28.5
40.5

30.3
20.0

32.7
38.4

33.5
38.5

11
12

62.4

76.7

93.5

89.6

95.8

102.2

103.4

90.6

111.8

94.4

92.4

13

10
11
12
13

Total business taxes receivable
State and local governments
Federal government
Discrepancy

L.227 Investment in Bank Personal Trusts and Estates
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Liab.: Bank personal trusts and estates

803.0

871.7

942.5

1002.7

999.8

908.6

1001.0

1012.5

1059.8

998.3

1116.6

1

2

Asset: Household sector

803.0

871.7

942.5

1002.7

999.8

908.6

1001.0

1012.5

1059.8

998.3

1116.6

2

98

Z.1, March 10, 2000

L.229 Total Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

Total liabilities

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

5645.8

6119.6

6698.5

6775.3

6860.2

7041.3

7147.3

7162.6

7311.5

7255.7

7542.8

1

17.5
2155.1
104.3

18.3
2384.0
105.1

18.6
2560.1
103.8

18.6
2532.2
101.0

18.9
2527.6
100.6

18.4
2481.0
100.3

17.2
2520.4
100.2

18.5
2532.9
142.8

18.6
2596.4
143.6

18.6
2567.0
144.8

18.9
2629.0
101.1

2
3
4

Federal government
Rest of the world

6.7
988.8

7.3
1111.8

6.6
1195.2

6.6
1134.2

6.6
1228.9

6.7
1332.9

6.7
1319.4

6.7
1310.5

6.7
1301.0

6.7
1260.0

6.6
1400.9

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

7.3
848.4
106.1
4.5

7.1
863.0
103.5
4.6

8.9
1023.7
101.4
4.6

8.0
1020.1
105.5
5.0

8.0
1025.0
103.5
5.5

7.3
1132.1
105.6
5.4

9.9
1128.7
99.8
5.2

7.0
1089.5
98.1
5.0

8.1
1090.2
98.3
5.0

8.6
1068.3
96.0
4.9

8.3
1089.8
87.6
5.6

7
8
9
10

11
12

Life insurance companies
Other insurance companies

403.2
501.6

425.5
509.9

476.4
521.2

500.5
526.9

516.8
529.0

515.8
532.7

539.4
549.2

547.5
547.1

554.9
555.8

560.9
565.4

585.8
567.3

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

66.9
202.4
16.5

67.2
205.6
20.6

75.1
216.7
16.0

90.2
221.2
23.4

87.7
211.5
16.3

89.4
206.5
16.9

95.3
234.6
17.7

88.9
249.9
16.5

85.5
255.2
17.8

81.9
262.4
16.3

89.4
296.2
17.8

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

6.7
85.4
124.5

9.2
110.1
166.8

18.0
131.5
220.5

22.5
213.4
246.1

26.3
185.1
262.8

29.3
188.1
272.8

31.6
175.5
296.6

33.4
155.5
312.8

32.1
171.9
370.5

35.3
173.3
385.1

35.6
181.2
421.6

16
17
18

6646.1

7438.4

8335.3

8602.8

8768.0

9000.7

9360.6

9545.0

9821.4

10230.1

10496.5

19

291.7
2817.4
314.8
44.5

301.4
3135.2
371.2
44.4

311.7
3557.6
421.6
44.8

314.7
3643.0
434.4
45.3

315.7
3698.8
446.8
45.5

319.5
3690.1
459.3
45.9

326.9
3804.6
472.7
46.6

327.6
3915.8
484.9
46.2

330.9
4024.8
497.2
46.7

337.2
4095.4
510.6
47.0

339.0
4191.0
523.7
46.7

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

55.4
117.7
781.7

41.0
111.3
970.6

27.0
104.3
1046.3

35.1
103.6
991.6

20.2
103.5
1043.9

23.1
102.5
1195.6

11.5
100.8
1354.0

8.2
100.7
1360.7

10.5
100.2
1410.2

32.6
99.6
1636.0

24.0
99.8
1695.0

24
25
26

27
28
29
30
31

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

10.7
797.8
54.7
13.9
12.1

11.2
823.7
52.9
13.7
16.0

13.2
934.0
49.7
17.6
14.6

13.4
947.0
54.7
21.5
16.7

14.6
981.8
55.0
18.0
18.8

15.4
1074.8
58.9
19.8
20.9

16.1
1079.0
62.6
24.3
23.0

15.6
1092.6
61.0
26.5
23.0

16.4
1108.4
59.7
23.0
23.5

16.3
1118.0
58.9
20.2
24.2

16.8
1112.8
60.2
11.8
24.4

27
28
29
30
31

32
33
34
35

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

105.1
37.8
438.9
102.4

73.7
33.6
439.6
151.8

65.7
39.9
441.9
207.6

72.7
40.3
450.8
259.6

73.7
41.7
440.1
267.7

83.9
42.9
420.2
187.7

82.9
44.5
435.6
191.9

76.8
46.1
458.3
205.1

77.2
46.8
470.0
217.3

84.4
47.7
480.8
219.9

86.8
47.7
521.2
207.5

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

43.4
6.3
39.2

48.3
4.7
85.5

64.3
11.8
104.9

78.0
8.0
110.5

65.3
5.0
118.4

72.6
6.6
130.1

72.2
7.9
160.0

69.5
15.2
171.7

75.9
7.4
181.9

77.2
6.6
208.0

96.3
7.1
218.7

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

129.6
7.3
258.2
165.5

151.5
5.6
320.7
230.7

170.4
10.5
391.8
284.0

185.6
17.1
447.6
311.5

194.7
19.7
467.3
311.8

165.3
21.1
513.4
330.8

186.5
21.2
499.3
336.5

207.8
21.5
436.4
373.7

213.1
20.4
474.8
385.3

203.2
20.0
486.3
400.2

216.7
20.2
524.5
404.5

39
40
41
42

-1000.3

-1318.8

-1636.8

-1827.5

-1907.9

-1959.4

-2213.3

-2382.4

-2510.0

-2974.4

-2953.8

43

43

Discrepancy

99

Z.1, March 10, 2000

L.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998

1999

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

843.3
736.4
37.9
5.6
37.8
22.8
2.8

940.2
816.9
42.8
6.6
33.6
27.9
12.4

1004.2
867.3
43.7
8.7
39.9
35.3
9.4

1044.8
904.4
45.0
9.2
40.3
36.0
10.0

1089.3
942.0
45.7
10.2
41.7
39.4
10.4

1112.3
961.0
44.4
9.8
42.9
42.6
11.5

1123.4
973.2
45.1
10.8
44.5
43.2
6.5

1168.4
1014.0
46.1
11.1
46.1
43.6
7.5

1201.3
1043.2
47.8
11.1
46.8
44.8
7.6

1246.9
1083.6
48.8
11.4
47.7
46.7
8.6

1273.1
1105.9
50.3
11.2
47.7
49.0
9.0

1
2
3
4
5
6
7

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

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

580.5
2.8
32.7
13.8
36.8
24.8
11.1
-83.1

627.4
4.0
30.3
17.6
38.5
29.7
8.8
-82.0

697.2
4.5
37.3
25.5
45.1
35.3
8.9
-89.7

731.1
2.9
37.7
25.7
46.8
37.5
9.4
-100.1

747.5
3.0
37.5
26.7
47.7
39.6
9.4
-98.8

759.2
3.0
42.5
26.8
48.0
36.8
9.6
-87.1

778.2
3.1
44.6
24.8
55.5
40.5
9.8
-77.9

765.3
45.7
45.3
25.2
56.5
39.1
9.8
-85.4

864.2
46.4
59.2
35.6
61.3
44.3
10.0
-64.2

895.2
47.4
60.4
36.3
67.1
47.4
10.2
-61.8

1021.0
3.4
73.1
50.7
72.7
53.9
10.5
-106.0

8
9
10
11
12
13
14
15

16

Asset: Rest of the world

619.4

674.3

764.0

790.9

812.7

838.8

878.7

901.4

1056.8

1102.3

1179.3

16

28.0
28.0

29.8
29.8

31.4
31.4

31.8
31.8

32.2
32.2

32.6
32.6

33.0
33.0

33.3
33.3

33.8
33.8

34.1
34.1

34.4
34.4

17
18

4.0
4.0

4.6
4.6

5.4
5.4

5.5
5.5

5.8
5.8

5.9
5.9

6.0
6.0

6.1
6.1

6.3
6.3

6.3
6.3

6.4
6.4

19
20

20.1

21.3

21.9

23.3

23.8

24.0

25.3

26.8

27.4

28.9

30.9

21

1.8
1.0
2.2
0.0
5.8
9.1
0.2
0.1

1.6
1.7
1.5
0.0
6.7
9.5
0.2
0.2

0.5
1.7
1.5
0.0
8.0
9.9
0.2
0.2

0.5
1.6
1.6
0.0
8.5
10.7
0.2
0.2

0.4
1.8
1.7
0.0
8.7
10.8
0.3
0.2

-0.2
1.7
1.8
0.0
9.2
11.1
0.3
0.2

-0.2
1.6
1.7
0.0
10.0
11.8
0.3
0.2

-0.2
1.6
1.6
0.0
10.6
12.5
0.4
0.3

-0.4
1.6
1.7
0.0
11.1
12.8
0.5
0.3

-0.6
1.5
1.7
0.0
12.2
13.3
0.5
0.4

-0.8
1.6
1.7
0.0
13.2
14.3
0.5
0.3

22
23
24
25
26
27
28
29

Federal government equity in IBRD, etc.:
17
18

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

19
20

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

21

Liab.: Government-sponsored enterprises

22
23
24
25
26
27
28
29

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

30
31
32
33
34

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

344.3
4.5
25.5
16.5
18.1

372.9
4.7
30.2
20.6
9.5

413.6
5.0
32.3
16.0
36.5

430.3
5.1
32.3
23.4
38.4

445.9
5.2
30.0
16.3
65.3

459.2
5.3
29.1
16.9
70.5

469.0
5.4
30.9
17.7
80.0

476.4
5.5
32.3
16.5
98.1

473.9
5.7
32.7
17.8
110.6

475.6
5.8
42.2
16.3
96.1

477.5
6.0
52.9
17.8
74.5

30
31
32
33
34

35

Asset: Bank holding companies

408.9

437.8

503.5

529.5

562.8

581.1

603.0

628.9

640.6

636.0

628.6

35

25.5
25.5

30.2
30.2

32.3
32.3

32.3
32.3

30.0
30.0

29.1
29.1

30.9
30.9

32.3
32.3

32.7
32.7

42.2
42.2

52.9
52.9

36
37

NFC inv. in finance company subs.:
36
37

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

38
39

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

50.7
114.8

64.5
166.3

78.8
205.2

87.5
224.0

79.3
232.5

89.5
241.3

90.6
246.0

89.8
283.9

88.5
296.8

102.5
297.7

93.0
311.5

38
39

40

Asset: Funding corporations

165.5

230.7

284.0

311.5

311.8

330.8

336.5

373.7

385.3

400.2

404.5

40

100

Z.1, March 10, 2000

L.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1996

1997

1998
Q1

Q2

1999
Q3

Q4

Q1

Q2

Q3

Q4

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

2.5
2.5

2.4
2.4

2.4
2.4

2.4
2.4

2.4
2.4

2.3
2.3

2.2
2.2

2.3
2.3

2.4
2.4

2.5
2.5

2.7
2.7

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

19.3
19.3

18.0
18.0

18.0
18.0

22.3
22.3

21.6
21.6

22.8
22.8

24.9
24.9

21.5
21.5

17.3
17.3

15.9
15.9

17.1
17.1

5
6

17.5
17.5

18.3
18.3

18.6
18.6

18.6
18.6

18.9
18.9

18.4
18.4

17.2
17.2

18.5
18.5

18.6
18.6

18.6
18.6

18.9
18.9

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

96.9
63.2
33.7

103.9
69.4
34.5

112.2
75.7
36.4

113.5
76.7
36.8

114.1
77.1
36.9

116.4
79.2
37.2

120.1
83.0
37.1

122.0
84.6
37.5

123.7
86.0
37.7

128.4
90.2
38.1

131.8
93.2
38.6

9
10
11

12

Asset: Household sector

96.9

103.9

112.2

113.5

114.1

116.4

120.1

122.0

123.7

128.4

131.8

12

Policy payables:
13

Liab.: Other insurance companies

464.8

471.4

476.2

480.1

481.3

484.7

493.6

490.6

494.5

498.4

494.6

13

14
15
16
17

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

194.7
183.6
44.2
42.3

197.5
186.2
44.8
42.9

199.5
188.1
45.2
43.3

201.2
189.7
45.6
43.7

201.7
190.1
45.7
43.8

203.1
191.4
46.0
44.1

206.8
195.0
46.9
44.9

205.6
193.8
46.6
44.6

207.2
195.3
47.0
45.0

208.8
196.9
47.3
45.4

207.2
195.4
47.0
45.0

14
15
16
17

210.8
210.8

220.2
220.2

234.5
234.5

243.1
243.1

251.1
251.1

249.8
249.8

261.7
261.7

261.6
261.6

266.0
266.0

267.3
267.3

280.4
280.4

18
19

25.7
25.7

29.5
29.5

33.3
33.3

34.2
34.2

35.2
35.2

36.1
36.1

37.1
37.1

38.0
38.0

39.0
39.0

39.9
39.9

40.9
40.9

20
21

216.2
216.2

276.1
276.1

333.3
333.3

354.1
354.1

382.5
382.5

417.6
417.6

403.3
403.3

359.9
359.9

386.9
386.9

400.1
400.1

422.6
422.6

22
23

Unallocated insurance company contracts:
18
19

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

20
21

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

22
23

Liab.: Funding corporations
Asset: Brokers and dealers

101

Z.1, March 10, 2000

L.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

Total liabilities

1996

1997

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2477.6

2610.9

2823.3

2737.4

2684.8

2738.6

2750.5

2677.0

2578.8

2387.5

2523.8

1

1549.0
101.5

1727.1
101.1

1829.6
99.3

1766.9
98.0

1744.9
97.6

1685.7
97.4

1705.1
97.0

1729.7
97.1

1693.2
97.1

1631.9
97.4

1567.1
97.8

2
3

Federal government
Rest of the world
Monetary authority

6.7
115.0
3.3

7.3
139.4
2.5

6.6
157.3
3.5

6.6
55.2
2.5

6.6
105.0
2.2

6.7
185.7
1.4

6.7
160.8
3.9

6.7
106.4
0.9

6.7
63.4
1.8

6.7
-23.5
2.3

6.6
90.7
1.8

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

420.7
160.7
225.1
24.6
10.3

395.4
147.7
200.5
36.3
10.9

493.9
185.1
235.4
57.9
15.6

464.6
170.0
212.7
65.6
16.3

462.3
171.0
206.5
67.7
17.1

540.9
212.6
243.2
67.5
17.6

524.6
206.6
222.0
74.1
21.9

478.0
170.7
210.4
74.4
22.6

468.7
174.0
194.9
75.9
23.8

429.8
149.4
179.5
75.4
25.6

446.2
178.9
151.8
88.7
26.7

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

101.6
4.5
81.6
27.6

98.8
4.6
83.8
28.0

96.4
4.6
104.3
35.1

100.4
5.0
118.2
44.5

98.3
5.5
125.0
42.3

100.3
5.4
122.7
42.7

94.4
5.2
132.8
45.2

92.6
5.0
138.6
40.6

92.6
5.0
129.6
40.8

90.2
4.9
129.0
37.1

81.6
5.6
122.9
41.4

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

126.5
6.7
-58.6
-8.6

115.6
9.2
-74.4
-27.2

116.8
18.0
-119.1
-23.1

119.1
22.5
-58.4
-7.9

111.8
26.3
-122.2
-20.9

111.4
29.3
-133.3
-57.7

132.2
31.6
-160.3
-28.8

146.1
33.4
-236.3
38.2

145.5
32.1
-245.5
47.8

130.5
35.3
-230.7
46.7

136.5
35.6
-215.2
105.1

16
17
18
19

3477.9

3929.7

4460.1

4564.9

4592.7

4698.0

4963.8

5059.4

5088.8

5362.0

5477.5

20

1870.1
269.7
55.4

2100.4
324.8
41.0

2469.5
374.7
27.0

2516.1
387.2
35.1

2536.2
399.4
20.2

2508.8
411.6
23.1

2605.7
424.3
11.5

2675.8
436.7
8.2

2754.0
448.7
10.5

2773.3
461.7
32.6

2837.7
475.2
24.0

21
22
23

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

20

Total assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

87.2
162.3
10.7

79.1
296.3
11.2

70.6
282.3
13.2

69.5
200.7
13.4

68.9
231.2
14.6

67.6
356.8
15.4

65.6
475.3
16.1

65.0
459.3
15.6

64.0
353.4
16.4

62.9
533.7
16.3

62.7
515.8
16.8

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

341.2
78.9
218.5
39.8
4.0

331.8
78.7
197.2
51.1
4.8

373.4
88.1
234.3
44.4
6.6

358.6
88.3
215.1
48.5
6.7

358.8
98.7
201.9
51.1
7.0

434.2
118.0
259.7
48.8
7.6

415.0
114.2
234.6
56.5
9.7

400.9
104.0
230.3
56.9
9.7

402.6
95.3
235.9
61.3
10.1

414.6
104.9
224.1
75.2
10.3

414.3
108.2
215.7
79.8
10.6

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

26.4
13.8
12.1

25.3
13.6
16.0

21.7
17.3
14.6

21.6
21.3
16.7

22.6
17.8
18.8

25.0
19.5
20.9

26.0
24.0
23.0

27.0
26.1
23.0

29.6
22.6
23.5

29.7
19.7
24.2

28.8
11.3
24.4

32
33
34

35
36
37

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

81.9
202.4
102.4

48.7
189.9
151.8

38.2
174.1
207.6

44.8
173.4
259.6

44.5
153.8
267.7

55.5
134.2
187.7

54.6
136.8
191.9

46.9
158.7
205.1

47.2
165.0
217.3

54.0
173.6
219.9

56.3
199.9
207.5

35
36
37

38
39
40

Mutual funds
Money market mutual funds
Government-sponsored enterprises

6.3
43.4
39.2

4.7
48.3
85.5

11.8
64.3
104.9

8.0
78.0
110.5

5.0
65.3
118.4

6.6
72.6
130.1

7.9
72.2
160.0

15.2
69.5
171.7

7.4
75.9
181.9

6.6
77.2
208.0

7.1
96.3
218.7

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

106.8
7.3
39.2

123.7
5.6
32.2

135.1
10.5
49.2

149.6
17.1
83.6

155.3
19.7
74.4

122.7
21.1
84.3

143.2
21.2
89.5

164.1
21.5
69.0

168.3
20.4
80.3

156.5
20.0
77.5

167.7
20.2
92.8

41
42
43

-1000.3

-1318.8

-1636.8

-1827.5

-1907.9

-1959.4

-2213.3

-2382.4

-2510.0

-2974.4

-2953.8

44

44

Discrepancy

102

Z.1, March 10, 2000

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1
2
3
4
5
6
7
8

Assets
Tangible assets
Real estate
Households (2,3)
Nonprofit organizations
Equipment and software owned by
nonprofit organizations (4)
Consumer durable goods (4)
Financial assets

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

23560.7

24290.1

25920.3

27000.3

28428.9

29476.6

32610.4

35483.2

39697.0

43508.8

48889.1

1

9112.6

9326.7

9469.9

9729.7

9975.0

10307.7

10776.7

11299.5

12068.6

12925.8

13940.9

2

7296.0
6494.9
801.1

7405.1
6608.5
796.6

7477.0
6716.0
761.0

7664.2
6948.8
715.4

7804.8
7105.0
699.9

8017.7
7281.9
735.8

8398.0
7631.1
766.9

8832.9
8031.2
801.7

9516.9
8620.4
896.5

10237.7
9242.8
994.9

11088.4
10029.6
1058.8

3
4
5

48.5
1768.0

52.6
1869.1

56.6
1936.3

62.0
2003.5

67.0
2103.2

72.2
2217.8

74.0
2304.8

77.6
2389.1

81.5
2470.2

84.2
2603.8

89.9
2762.6

6
7

14448.2

14963.4

16450.5

17270.6

18453.9

19168.9

21833.7

24183.6

27628.3

30583.0

34948.3

8

9
10
11
12
13

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

3205.8
11.9
427.3
2428.6
338.0

3264.5
13.4
408.8
2477.3
364.9

3267.3
14.6
449.8
2423.5
379.5

3249.6
15.6
546.7
2348.8
338.6

3182.8
15.8
593.4
2235.8
337.9

3157.3
18.8
563.6
2223.5
351.3

3365.5
23.4
504.9
2388.0
449.2

3539.6
35.5
445.8
2553.0
505.3

3807.2
41.8
445.4
2724.5
595.5

4165.1
41.5
461.5
2923.8
738.4

4337.9
45.0
441.8
3013.2
837.8

9
10
11
12
13

14
15
16
17
18
19
20
21
22
23

Credit market instruments
Open market paper
U.S. government securities
Treasury
Savings bonds
Other Treasury
Agency
Municipal securities
Corporate and foreign bonds
Mortgages

1288.3
56.9
399.5
362.0
117.7
244.3
37.5
547.2
150.2
134.5

1502.8
63.2
528.7
461.6
126.2
335.4
67.1
574.5
192.3
144.2

1612.1
33.3
530.8
481.9
138.1
343.8
48.9
613.9
289.0
145.2

1655.8
29.9
611.7
550.3
157.3
393.0
61.4
585.6
291.9
136.8

1637.2
45.5
591.0
585.0
171.9
413.1
5.9
551.9
322.5
126.3

1930.0
46.7
913.1
782.0
179.9
602.0
131.2
501.5
353.1
115.6

1885.0
48.0
822.2
699.9
185.0
514.9
122.3
457.7
447.6
109.5

1993.7
55.4
896.3
687.9
187.0
500.9
208.5
435.6
496.9
109.4

1873.5
59.0
721.0
511.5
186.5
325.0
209.5
463.6
520.9
108.9

1781.1
63.2
552.1
390.5
186.6
203.9
161.6
475.4
581.2
109.2

1960.4
68.5
658.8
346.7
186.4
160.2
312.1
527.5
596.1
109.5

14
15
16
17
18
19
20
21
22
23

24
25
26
27
28

Corporate equities (2)
Mutual fund shares (5)
Security credit
Life insurance reserves
Pension fund reserves

1963.6
469.1
53.2
365.3
3200.5

1806.5
467.8
62.4
391.7
3461.8

2570.9
586.6
87.0
418.6
3864.4

2873.2
727.9
76.2
447.7
4203.4

3242.1
990.9
102.3
484.8
4674.8

3070.9
1052.1
109.0
520.3
4948.1

4121.6
1265.0
127.6
566.2
5767.8

4642.1
1586.0
162.9
610.6
6642.5

5689.6
2057.3
215.5
665.0
7894.4

6338.7
2500.7
276.7
718.3
9079.2

8008.9
3104.3
318.6
772.0
10360.4

24
25
26
27
28

29
30
31

Investment in bank personal trusts
Equity in noncorporate business (6)
Miscellaneous assets

541.4
3154.8
206.2

551.7
3229.6
224.4

639.3
3170.2
234.1

660.6
3125.0
251.0

691.3
3183.6
264.1

699.4
3404.9
276.9

803.0
3640.4
291.7

871.7
3833.2
301.4

942.5
4171.8
311.7

1001.0
4395.3
326.9

1116.6
4630.3
339.0

29
30
31

3397.3

3678.5

3871.5

4045.0

4290.2

4612.8

4982.2

5332.7

5707.8

6205.6

6840.9

32

3280.8
2220.7
793.3
83.3
20.4
90.3
72.8

3554.3
2461.2
805.1
86.6
17.9
100.9
82.5

3723.0
2619.2
794.5
90.6
13.1
110.2
95.5

3893.3
2762.2
800.6
92.6
17.6
119.5
100.9

4108.0
2892.6
859.0
94.0
27.4
126.6
108.5

4427.0
3070.2
983.9
97.6
40.0
133.7
101.5

4782.8
3252.0
1122.8
98.3
57.4
160.3
91.9

5108.0
3464.3
1211.6
104.9
58.0
172.7
96.6

5438.0
3697.9
1264.1
114.9
66.6
190.7
103.7

5909.9
4057.8
1331.7
126.9
72.9
204.0
116.6

6466.8
4479.6
1428.5
137.3
65.1
219.4
136.9

33
34
35
36
37
38
39

42.5
57.6

38.8
68.9

55.1
77.7

53.5
82.5

76.1
89.8

75.1
94.0

78.6
103.3

94.4
111.9

131.2
120.0

152.8
125.7

222.4
132.7

40
41

16.4

16.5

15.7

15.8

16.3

16.8

17.5

18.3

18.6

17.2

18.9

42

20163.4

20611.6

22048.8

22955.3

24138.6

24863.8

27628.2

30150.5

33989.2

37303.2

42048.2

43

4408.5
4151.4
146.9
110.2
444.3

4607.3
4343.1
151.2
113.0
465.0

4710.0
4445.9
152.0
112.1
474.9

4985.5
4713.9
156.8
114.8
493.3

5328.8
5049.6
162.2
117.0
521.6

5749.9
5459.0
170.7
120.2
551.5

6021.2
5724.7
175.1
121.5
572.4

6365.2
6061.1
180.0
124.1
598.1

6714.4
6403.1
184.7
126.6
633.5

7095.9
6779.3
187.6
129.0
660.7

7594.3
7268.6
192.6
133.1
692.0

44
45
46
47
48

4016.3

4293.5

4474.8

4754.6

4935.3

5165.5

5422.6

5677.7

5982.8

6286.5

6639.4

49

502.0

480.1

492.7

482.8

489.1

481.3

509.5

531.0

568.1

593.4

633.3

50

4274.2

4147.3

4096.9

4186.6

4212.4

4211.7

4379.0

4566.9

4922.5

5185.0

5550.0

51

65.8

62.8

61.0

60.2

59.3

57.8

57.4

56.9

57.1

56.1

55.3

52

32

Liabilities

33
34
35
36
37
38
39

Credit market instruments
Home mortgages
Consumer credit
Municipal securities (7)
Bank loans n.e.c.
Other loans and advances
Commercial mortgages (7)

40
41

Security credit
Trade payables (7)
Deferred and unpaid
life insurance premiums

42
43

Net worth

44
45
46
47
48

Memo:
Replacement-cost value of structures:
Residential
Households
Farm households
Nonprofit organizations
Nonresidential (nonprofits)

49
50
51
52

Disposable personal income
Household net worth as percentage of
disposable personal income
Owners’ equity in household real
estate (8)
Owners’ equity as percentage of
household real estate (9)

(1) Sector includes farm households.
(2) At market value.
(3) Includes vacant land and vacant homes for sale.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.
(7) Liabilities of nonprofit organizations.
(8) Line 4 less line 34.
(9) Line 51 divided by line 4.

103

Z.1, March 10, 2000

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

With tangible assets stated at either market value or replacement cost:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Assets
Tangible assets
Real estate (1)
Equipment and software (2)
Inventories (2)
Financial assets
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs
Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares (1)
Miscellaneous assets
Liabilities

9547.0

9758.2

9735.9

9723.0

10070.0

10690.8

11493.8

12266.3

13338.8

14251.4

15379.6

1

6194.5

6313.9

6189.4

6037.0

6055.4

6430.1

6774.5

7077.7

7666.9

8248.1

8747.6

2

3471.9
1853.6
869.0

3440.5
1972.0
901.5

3254.5
2047.6
887.3

3011.8
2123.2
902.0

2900.7
2220.2
934.5

3073.8
2349.3
1007.0

3203.2
2501.5
1069.8

3353.9
2633.1
1090.7

3756.2
2770.4
1140.3

4202.9
2865.2
1180.0

4411.2
3086.7
1249.7

3
4
5

3352.6

3444.3

3546.5

3685.9

4014.6

4260.8

4719.4

5188.6

5671.9

6003.3

6632.0

6

13.3
151.1
89.7
16.2
2.8
14.3
60.6
32.4
54.4
63.8
938.0
11.7
1904.4

13.2
166.8
73.4
26.3
2.1
13.8
40.9
24.7
52.8
67.1
967.2
9.7
1986.2

15.0
182.5
66.8
31.5
1.6
14.7
48.5
44.8
59.0
63.0
961.4
14.8
2042.8

14.3
189.4
51.8
47.3
5.1
17.0
69.2
45.8
60.0
65.7
988.9
21.1
2110.1

12.9
203.1
74.1
44.8
2.5
19.4
67.9
54.7
52.3
77.2
1035.0
29.8
2340.8

14.0
221.6
67.5
52.2
2.2
18.8
70.7
56.7
56.4
86.6
1107.0
31.1
2476.1

15.6
252.9
42.9
77.0
2.4
20.1
80.5
36.8
57.9
85.1
1184.9
45.7
2817.4

26.1
289.8
43.6
86.9
3.9
31.5
75.6
31.0
54.4
77.7
1273.1
59.9
3135.2

19.8
282.7
49.8
110.7
4.5
35.3
67.3
36.1
50.4
78.9
1309.7
69.1
3557.6

20.6
299.1
42.7
155.8
3.2
27.3
77.2
41.9
46.4
74.9
1318.7
91.0
3804.6

18.6
347.3
58.0
191.8
3.4
46.1
92.5
39.6
42.4
80.3
1409.1
112.0
4191.0

7
8
9
10
11
12
13
14
15
16
17
18
19

4532.7

4729.4

4829.8

5109.7

5388.6

5627.4

6009.5

6481.1

7011.5

7369.7

8062.8

20

21
22
23
24
25
26
27

Credit market instruments
Commercial paper
Municipal securities (3)
Corporate bonds (4)
Bank loans n.e.c.
Other loans and advances
Mortgages

2402.2
107.1
115.5
961.1
542.8
418.9
256.8

2522.5
116.9
115.2
1008.2
545.5
473.1
263.7

2470.6
98.5
114.0
1086.9
507.7
410.2
253.3

2513.8
107.1
118.3
1154.5
488.4
412.6
232.9

2568.7
117.8
124.9
1229.7
477.6
388.4
230.3

2706.8
139.2
131.7
1253.0
521.0
421.4
240.5

2936.6
157.4
134.8
1344.1
587.7
453.7
258.9

3120.2
156.4
137.9
1460.4
627.2
472.2
266.2

3401.7
168.6
142.0
1610.9
695.4
520.6
264.3

3807.3
193.0
147.8
1829.6
777.6
567.9
291.6

4285.7
230.3
152.8
2059.5
849.7
614.9
378.5

21
22
23
24
25
26
27

28
29
30

Trade payables
Taxes payable
Miscellaneous liabilities

597.9
38.3
1494.3

626.3
38.3
1542.3

649.4
28.9
1680.9

682.8
35.3
1877.8

719.3
40.7
2059.9

796.5
40.3
2083.7

877.5
40.3
2155.1

927.0
49.9
2384.0

990.5
59.2
2560.1

978.1
64.0
2520.4

1081.3
66.8
2629.0

28
29
30

31

Net worth (market value)

5014.3

5028.8

4906.1

4613.2

4681.4

5063.5

5484.3

5785.3

6327.2

6881.6

7316.8

31

67.1
2468.4

68.6
2568.6

69.4
2598.6

72.3
2672.8

74.0
2812.5

76.1
2963.9

78.3
3093.5

81.5
3239.7

84.3
3414.6

87.3
3547.8

91.5
3693.1

32
33

3145.3
47.9
76.4
62.7

2967.1
50.2
85.0
59.0

4014.0
50.4
61.5
81.8

4370.1
54.5
57.5
94.7

4851.6
54.9
52.9
103.6

4811.9
53.5
56.3
95.0

6435.0
53.5
45.6
117.3

7618.6
53.9
41.0
131.7

9661.1
53.8
35.2
152.7

11561.0
55.3
32.9
168.0

14774.0
58.6
29.0
201.9

34
35
36
37

7155.7

7441.3

7687.8

8015.7

8563.4

9077.2

9818.2

10609.6

11421.1

12113.0

13193.7

38

3803.2
1478.7
1460.6
863.9

3997.1
1566.2
1555.5
875.4

4141.4
1634.5
1640.1
866.8

4329.7
1694.2
1733.0
902.5

4548.8
1763.8
1844.4
940.6

4816.4
1837.1
1983.4
996.0

5098.9
1920.9
2146.5
1031.5

5420.9
2025.1
2328.2
1067.7

5749.3
2106.7
2526.2
1116.4

6109.7
2207.7
2772.9
1129.1

6561.6
2319.7
3076.2
1165.7

39
40
41
42

32
33
34
35
36
37

Memo:
Replacement-cost value of structures:
Residential
Nonresidential
Market value of equities outstanding
(includes corporate farm equities)
Debt/net worth (percent) (5)
Debt/equities (percent) (6)
Equities/net worth (percent) (7)
With tangible assets stated at historical cost:

38
39
40
41
42

Assets (8)
Tangible assets
Real estate
Equipment and software
Inventories

43

Net worth (historical cost) (9)

2623.0

2711.9

2858.1

2905.9

3174.8

3449.8

3808.7

4128.5

4409.6

4743.2

5130.8

43

44
45
46

Memo:
Historical-cost value of structures:
Residential
Nonresidential
Debt/net worth (percent) (10)

26.1
1290.5
91.6

27.2
1361.4
93.0

28.2
1424.9
86.4

29.3
1480.0
86.5

29.8
1543.2
80.9

30.6
1609.4
78.5

32.5
1693.4
77.1

34.0
1792.5
75.6

35.6
1892.9
77.1

37.3
1993.5
80.3

39.2
2101.9
83.5

44
45
46

(1) At market value.
(2) At replacement (current) cost.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Line 21 divided by line 31.
(6) Line 21 divided by line 34.
(7) Line 34 divided by line 31.
(8) Sum of lines 6 and 39.
(9) Line 38 less line 20.
(10) Line 21 divided by line 43.

104

Z.1, March 10, 2000

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
1989

1
2

Change in net worth (1)
Net investment

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

1814.1

448.2

1437.2

906.5

1183.3

725.1

2764.5

2522.3

3838.7

3314.0

4745.1

1

409.6

588.8

389.1

488.1

446.7

475.5

388.3

364.7

308.7

375.5

370.4

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

250.4
688.3
437.9

217.9
675.8
457.9

155.7
634.4
478.7

195.2
697.0
501.8

250.4
767.6
517.2

290.7
841.6
550.9

297.6
869.3
571.7

339.6
924.3
584.6

360.8
965.8
605.1

421.0
1058.3
637.3

499.9
1167.0
667.1

3
4
5

6
7
8

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

159.2
429.1
269.9

370.8
617.9
247.1

233.4
418.8
185.5

292.9
462.6
169.7

196.3
436.3
240.0

184.7
504.6
319.9

90.7
455.1
364.4

25.1
404.3
379.3

-52.1
320.4
372.5

-45.5
452.2
497.7

-129.4
505.5
634.9

6
7
8

1427.0

-105.3

990.5

436.8

753.3

235.3

2470.7

2158.7

3635.7

3030.5

4447.9

9

465.2
466.6
36.5
154.9

11.8
-117.4
-28.8
41.0

-16.4
818.2
15.4
-83.8

81.1
307.9
7.5
-81.8

1.1
431.7
57.8
29.6

57.4
16.3
-6.1
158.6

218.9
1279.6
118.2
169.9

258.1
867.6
140.1
187.7

469.3
1554.7
212.9
328.7

499.8
1104.4
182.0
243.4

588.5
2050.2
456.1
245.0

10
11
12
13

251.8

10.8

187.0

93.8

203.3

18.7

584.5

627.8

943.0

894.4

961.4

14

51.8

-22.6

70.1

28.4

29.8

-9.7

99.6

77.4

127.1

106.5

146.8

15

6.6

7.0

12.8

-6.5

3.6

-3.5

-45.6

-64.5

-82.0

-60.9

-67.9

16

5.7
0.9

5.6
1.4

12.2
0.6

-7.1
0.6

2.9
0.7

-4.7
1.2

-44.5
-1.1

-64.6
0.1

-80.5
-1.5

-56.8
-4.1

-65.9
-2.0

17
18

-29.0

-42.3

44.9

-12.0

-20.4

17.9

-48.9

63.4

-23.6

-31.1

-5.4

19

20163.4
4016.3

20611.6
4293.5

22048.8
4474.8

22955.3
4754.6

24138.6
4935.3

24863.8
5165.5

27628.2
5422.6

30150.5
5677.7

33989.2
5982.8

37303.2
6286.5

42048.2
6639.4

20
21

9
10
11
12
13
14
15

16
17
18
19

Holding gains on assets stated
at market value (2)
Real estate
Corporate equities
Mutual fund shares
Equity in noncorporate business
Life insurance and
pension fund reserves
Investment in bank personal
trusts and estates
Holding gains on assets stated
at current cost (2)
Consumer durable goods
Equipment and software
Other factors (3)
Memo:

20
21

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.
(4) Table B.100, line 43.

105

Z.1, March 10, 2000

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

With tangible assets valued at either market or replacement cost:
1
2
3
4
5
6
7
8
9
10
11

Change in net worth (1)

202.5

14.5

-122.6

-292.9

68.2

382.1

420.9

300.9

542.0

554.4

435.1

1

-186.2

-32.9

67.1

62.9

233.0

137.9

162.0

115.5

81.0

-71.7

108.9

2

116.0
421.9
322.0
-16.3
0.2

105.7
430.5
337.5
-12.9
0.2

54.4
413.2
354.0
4.9
-0.1

72.9
438.6
368.5
-2.9
0

116.4
497.3
385.0
-4.0
0.0

173.1
573.3
412.6
-12.4
0

210.5
635.2
435.4
-18.3
7.6

210.0
678.1
460.1
3.1
4.8

254.2
759.0
488.5
7.4
8.9

287.3
831.5
519.3
20.9
4.1

341.4
887.5
556.5
-12.3
1.8

3
4
5
6
7

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-178.0
169.4
347.4

-75.6
107.9
183.5

-5.5
61.5
67.1

-37.0
124.4
161.3

95.3
313.3
217.9

9.6
251.2
241.6

9.8
400.6
390.8

-25.1
373.4
398.5

-58.7
286.9
345.6

-91.9
261.8
353.8

-89.9
614.8
704.7

8
9
10

Corporate equity issues

Net investment flow
Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Access rights from fed. government

-124.2

-63.0

18.3

27.0

21.3

-44.9

-58.3

-69.5

-114.4

-267.0

-142.7

11

12
13
14

Holding gains on assets stated
at market value (2)
Real estate
Mutual fund shares

143.4
140.9
2.5

-87.1
-86.1
-1.0

-218.7
-221.4
2.7

-270.0
-271.3
1.3

-146.5
-148.3
1.8

135.1
135.9
-0.8

94.6
84.6
10.0

97.3
86.4
10.9

380.5
363.0
17.5

402.9
388.4
14.6

157.8
144.7
13.1

12
13
14

15
16
17
18
19

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Equipment and software
Inventories (3)
Direct investment abroad
- Foreign direct investment in U.S.

23.9
33.5
-0.4
-15.3
-6.1

77.2
45.6
8.0
18.9
-4.8

-7.0
13.3
-10.1
-17.3
-7.1

-28.2
0.3
2.3
-35.4
-4.6

-36.6
-4.9
2.8
-37.7
-3.2

0.7
-5.3
10.9
-5.8
-0.9

1.2
-15.0
4.4
-2.1
-14.0

-35.4
-68.7
2.9
2.9
-27.5

-82.8
-77.9
-5.4
-39.8
-40.3

-106.4
-173.8
-6.7
-8.0
-82.1

-103.1
-110.9
17.9
0.0
10.0

15
16
17
18
19

20

Other factors (4)

221.4

57.3

36.0

-57.7

18.3

108.5

163.1

123.6

163.3

329.5

271.6

20

5014.3

5028.8

4906.1

4613.2

4681.4

5063.5

5484.3

5785.3

6327.2

6881.6

7316.8

21

Memo:
21

Net worth outstanding (market value)

With tangible assets valued at historical cost:
22
23

Change in net worth (5)
Net investment flow

67.3

88.9

146.1

47.9

268.8

275.1

358.9

319.8

281.1

333.6

387.6

22

-186.2

-32.9

67.1

62.9

233.0

137.9

162.0

115.5

81.0

-71.7

108.9

23

116.0
421.9
322.0
-16.3
0.2

105.7
430.5
337.5
-12.9
0.2

54.4
413.2
354.0
4.9
-0.1

72.9
438.6
368.5
-2.9
0

116.4
497.3
385.0
-4.0
0.0

173.1
573.3
412.6
-12.4
0

210.5
635.2
435.4
-18.3
7.6

210.0
678.1
460.1
3.1
4.8

254.2
759.0
488.5
7.4
8.9

287.3
831.5
519.3
20.9
4.1

341.4
887.5
556.5
-12.3
1.8

24
25
26
27
28

24
25
26
27
28

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Access rights from fed. government

29
30
31

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-178.0
169.4
347.4

-75.6
107.9
183.5

-5.5
61.5
67.1

-37.0
124.4
161.3

95.3
313.3
217.9

9.6
251.2
241.6

9.8
400.6
390.8

-25.1
373.4
398.5

-58.7
286.9
345.6

-91.9
261.8
353.8

-89.9
614.8
704.7

29
30
31

32

Corporate equity issues

-124.2

-63.0

18.3

27.0

21.3

-44.9

-58.3

-69.5

-114.4

-267.0

-142.7

32

33

Valuation adjustment on
reproducible assets (6)

-26.9

-25.7

-18.0

5.9

-15.5

-32.9

-55.6

-24.5

-41.0

-75.5

-61.4

33

34

Holding gains on mutual fund shares (2)

2.5

-1.0

2.7

1.3

1.8

-0.8

10.0

10.9

17.5

14.6

13.1

34

35
36
37

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Direct investment abroad
- Foreign direct investment in U.S.

-9.2
-15.3
-6.1

23.6
18.9
-4.8

-10.2
-17.3
-7.1

-30.8
-35.4
-4.6

-34.5
-37.7
-3.2

-4.8
-5.8
-0.9

11.8
-2.1
-14.0

30.4
2.9
-27.5

0.5
-39.8
-40.3

74.1
-8.0
-82.1

-10.0
0.0
10.0

35
36
37

Other factors (4)

287.0

125.0

104.6

8.6

84.0

175.7

230.7

187.5

223.1

392.2

337.1

38

2623.0

2711.9

2858.1

2905.9

3174.8

3449.8

3808.7

4128.5

4409.6

4743.2

5130.8

39

38

Memo:
39

Net worth outstanding (historical cost)

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Before inventory valuation adjustment.
(4) Consists of estimates of land purchases and statistical discontinuities.
(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).
(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers
of assets.

106

Z.1, March 10, 2000

F.100.a Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1988

1989

1990

1991

1992

1993

1994

1995

1996

1

Net financial investment

44.1

24.6

19.3

26.6

26.4

7.0

38.4

40.6

74.5

1

2

Net acquisition of financial assets

71.0

69.3

55.9

79.3

65.8

54.9

69.9

101.6

138.1

2

3
4
5
6

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs (2)

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

10.9
1.1
11.3
2.1

3
4
5
6

7

Credit market instruments

51.6

22.6

23.4

-7.5

34.9

45.3

23.4

70.5

85.1

7

34.4
11.5
-0.0
6.6
-0.8

-10.4
18.6
1.9
11.5
0.9

6.2
10.5
-1.9
9.3
-0.7

-29.9
14.2
0.1
8.2
-0.1

-3.3
18.2
-0.1
19.3
0.9

15.6
19.6
2.2
6.9
0.9

1.2
16.2
0.4
5.8
-0.1

1.3
43.0
0.8
24.5
0.9

7.4
45.2
0.7
31.3
0.5

8
9
10
11
12

7.8
-0.2

10.3
1.3

16.1
0.9

-0.6
1.4

4.9
3.0

1.3
-3.2

31.2
2.0

-22.5
-1.6

-12.0
-0.0

13
14

2.8
2.8

2.8
2.8

2.6
2.6

2.0
2.0

1.1
1.1

0.8
1.8

2.0
2.1

1.5
1.6

3.4
3.5

15
16

-0.1
18.6

-3.9
21.0

-6.0
24.5

15.2
20.5

10.6
1.2

7.0
15.0

0.2
10.1

10.2
38.0

8.4
24.4

17
18

26.9

44.6

36.7

52.7

39.4

47.8

31.4

61.0

63.6

19

7.8

12.0

12.2

14.5

9.6

14.2

2.8

-0.1

11.5

20

8
9
10
11
12

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

13
14

Corporate equities
Mutual fund shares

15
16

Security credit
Trade receivables (2)

17
18

Equity in noncorporate business
Miscellaneous assets (2)

19
20

Net increase in liabilities
Credit market instruments

21
22
23
24

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

1.8
0.2
-0.0
5.8

3.5
-5.2
-0.0
13.8

3.3
-1.1
0.3
9.7

4.0
-2.8
0.4
12.9

2.0
2.4
-0.2
5.4

1.4
5.0
0.1
7.7

3.6
6.4
0.1
-7.4

0.7
8.9
-0.1
-9.6

6.6
0.2
0.0
4.7

21
22
23
24

25
26

Trade payables
Miscellaneous liabilities (2)

2.5
16.7

16.1
16.5

11.3
13.1

8.8
29.4

4.7
25.1

7.4
26.3

4.2
24.5

9.3
51.8

8.7
43.4

25
26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.
(2) Not included in table F.100.

Z.1, March 10, 2000

107

L.100.a Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total financial assets

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs (2)

6

Credit market instruments

7
8
9
10
11

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

1988

1989

1990

1991

1992

1993

1994

1995

1996

541.5

649.0

688.0

796.5

868.5

941.3

1003.6

1187.6

1387.4

1

17.0
1.5
15.9
1.7

15.9
6.8
20.8
4.8

17.3
0.6
19.6
2.5

21.3
11.1
52.5
1.3

22.5
8.7
56.5
7.3

24.1
7.1
42.7
7.8

21.6
7.3
43.8
8.0

23.9
7.5
45.1
8.2

34.8
8.6
56.3
10.3

2
3
4
5

201.4

224.0

247.4

240.0

274.9

320.2

343.6

414.1

499.2

6

67.3
97.3
0.0
34.2
2.6

56.9
115.9
1.9
45.7
3.5

63.2
126.4
0.0
55.0
2.8

33.3
140.6
0.2
63.2
2.8

29.9
158.8
0.1
82.5
3.7

45.5
178.4
2.3
89.4
4.6

46.7
194.6
2.7
95.2
4.5

48.0
237.6
3.4
119.7
5.3

55.4
282.8
4.1
151.0
5.9

7
8
9
10
11

122.0
12.7

167.2
17.3

167.8
16.9

192.6
22.2

201.8
27.1

219.0
26.0

243.4
27.1

295.0
33.9

338.3
40.3

12
13

12
13

Corporate equities
Mutual fund shares

14
15

Security credit
Trade receivables (2)

25.7
25.7

28.5
28.5

31.1
31.1

33.1
33.1

34.3
34.3

35.0
36.1

37.1
38.1

38.6
39.7

42.0
43.2

14
15

16
17

Equity in noncorporate business
Miscellaneous assets (2)

26.1
92.0

22.2
112.9

16.2
137.4

31.4
158.0

42.0
159.2

49.0
174.2

49.2
184.3

59.4
222.2

67.8
246.7

16
17

323.2

367.8

404.5

457.2

496.6

544.4

575.8

636.8

700.4

18

154.7

166.7

178.9

193.4

203.0

217.1

219.9

219.8

231.4

19

18
19

Liabilities
Credit market instruments

20
21
22
23

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

79.9
15.5
0.3
59.0

83.3
10.3
0.3
72.8

86.6
9.2
0.5
82.5

90.6
6.4
0.9
95.5

92.6
8.8
0.7
100.9

94.0
13.8
0.8
108.5

97.6
19.9
0.9
101.5

98.3
28.8
0.8
91.9

104.9
29.0
0.9
96.6

20
21
22
23

24
25

Trade payables
Miscellaneous liabilities (2)

41.5
127.0

57.6
143.5

68.9
156.7

77.7
186.1

82.5
211.1

89.8
237.4

94.0
261.9

103.3
313.7

111.9
357.1

24
25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.
(2) Not included in table L.100.

108

Z.1, March 10, 2000

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1995

1996

1997

1998

1999

1998
Q3

1
2
3
4
5
6

Current receipts, NIPA basis
Personal tax and nontax receipts
Corporate profit tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance

1999
Q4

Q1

Q2

Q3

Q4

2117.1

2269.1

2440.5

2611.6

2786.1

2635.4

2680.2

2716.6

2754.4

2800.5

2873.8

1

778.4
211.0
594.6
533.2

869.7
223.7
620.0
555.8

968.3
238.3
645.8
588.2

1072.5
240.3
676.9
622.0

1151.8
259.9
716.1
658.2

1088.3
244.3
676.7
626.1

1113.0
235.6
697.8
633.8

1124.8
248.0
696.6
647.2

1139.4
254.4
706.8
653.8

1160.4
259.4
718.3
662.4

1183.1
277.6
743.6
669.5

2
3
4
5

Current expenditures, NIPA basis

2293.8

2384.6

2461.8

2522.9

2619.1

2525.9

2566.3

2570.4

2598.6

2617.9

2690.9

6

7
8
9
10
11
12

Consumption expenditures
Transfer payments (net)
Net interest paid
- Dividends received by government
Subsidies less current surplus of govt. enterprises
- Wage accruals less disbursements

1133.9
869.9
268.0
0.3
22.2
0.0

1171.8
916.0
274.5
0.3
22.6
0.0

1222.9
944.5
275.7
0.3
19.0
0.0

1261.0
965.2
276.3
0.3
20.8
0.0

1332.1
999.1
261.9
0.4
26.4
0.0

1265.2
966.7
277.4
0.3
16.9
0.0

1282.2
980.6
272.5
0.3
31.3
0.0

1299.4
985.3
265.0
0.3
21.0
0.0

1313.6
993.3
264.1
0.3
27.9
0.0

1341.5
1000.1
259.3
0.3
17.3
0.0

1374.2
1017.2
260.1
0.3
39.7
0.0

7
8
9
10
11
12

13

Current surplus or deficit (-), NIPA basis

-176.6

-115.5

-21.3

88.8

167.0

109.5

113.9

146.2

155.8

182.6

182.9

13

14
15

+ Consumption of fixed capital
- Insurance and pension fund reserves (2)

168.2
3.6

174.3
3.4

180.5
3.4

186.2
4.4

196.0
3.8

186.9
1.9

189.2
5.1

192.0
3.2

194.5
4.5

197.2
2.7

200.2
5.0

14
15

16

= Gross saving

-12.1

55.4

155.8

270.6

359.1

294.5

298.0

335.0

345.8

377.1

378.1

16

17

Gross investment

18
19

Fixed investment
Access rights sales

20

Net financial investment

21

Net acquisition of financial assets

22
23
24
25

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

26
27
28
29
30
31
32

Credit market instruments
Open market paper
U.S. government agency securities (3)
Municipal securities
Corporate and foreign bonds
Mortgages
Other loans and advances (4)

33
34

Corporate equities
Mutual fund shares

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

38

Net increase in liabilities

48.5

31.7

112.5

285.6

411.2

238.7

251.6

356.3

468.7

386.2

433.4

17

238.2
-7.6

250.2
-4.8

258.1
-8.9

268.7
-4.1

297.6
-1.8

273.5
-9.0

272.6
-1.7

289.8
-1.7

292.2
-1.3

295.7
-3.6

312.8
-0.6

18
19

-182.0

-213.6

-136.7

21.0

115.3

-25.8

-19.3

68.1

177.8

94.1

121.2

20

44.3

41.3

34.4

82.7

166.4

-41.8

65.3

117.4

163.3

149.6

235.4

21

6.4
3.4
6.9
-3.0

-2.9
5.4
12.0
32.1

2.5
3.8
6.8
3.6

6.0
-20.6
14.1
7.2

-7.0
69.5
8.6
5.0

7.8
-110.6
10.6
16.0

9.0
-50.3
15.3
2.2

-9.3
41.4
-6.8
32.0

-4.8
33.0
2.3
-11.1

-8.1
61.6
18.8
11.5

-5.7
142.0
20.3
-12.5

22
23
24
25

-11.8
17.1
-35.1
-3.5
7.1
-9.9
12.6

-8.7
20.3
-35.3
-0.5
10.7
-3.7
-0.3

24.1
14.3
-0.8
-0.7
1.3
-0.8
10.9

81.8
18.0
43.6
-1.4
5.2
3.3
13.2

40.4
9.4
8.5
-1.5
7.6
4.4
11.9

99.9
40.6
50.0
-1.0
-7.7
2.9
15.2

93.8
16.0
56.0
-1.0
6.8
4.5
11.5

54.5
16.0
12.0
-1.6
7.2
2.9
18.1

41.4
4.9
17.3
-1.1
9.3
4.0
7.0

-0.1
-2.9
-17.3
-1.7
5.9
5.9
10.0

65.8
19.7
22.0
-1.5
8.1
4.9
12.6

26
27
28
29
30
31
32

12.1
5.9

14.5
6.0

16.8
-7.4

9.7
-7.3

13.1
4.3

-0.9
-26.0

1.8
-4.5

14.1
-4.1

12.5
8.6

12.7
6.3

13.0
6.3

33
34

-1.6
-14.9
40.8

0.9
-6.9
-11.2

-3.2
-10.0
-2.7

1.5
-5.1
-4.6

2.2
16.2
14.2

10.4
-0.7
-48.5

-8.0
-10.8
16.7

1.4
7.4
-13.4

4.9
37.0
39.5

7.1
-4.2
43.9

-4.9
24.2
-13.0

35
36
37

226.3

255.0

171.1

61.7

51.1

-16.0

84.5

49.3

-14.5

55.5

114.2

38

2.2
0.6

-0.5
0.1

-0.5
-0.0

0.0
-0.0

-3.0
-0.0

0.0
1.7

0.0
-2.3

-4.0
0.0

0.0
2.1

-4.0
2.0

-4.0
-4.1

39
40

39
40

SDR certificates
Treasury currency

41
42
43
44
45
46

Credit market instruments
Savings bonds
Other Treasury securities (5)
Budget agency securities
Municipal securities
Multifamily residential mortgages

172.7
5.1
218.1
1.5
-51.9
0.0

170.6
2.0
177.4
-1.6
-7.2
-0.0

98.1
-0.5
41.4
-0.1
57.3
-0.0

-3.5
0.1
-84.7
2.0
79.1
0.0

-16.6
-0.2
-68.9
-0.2
52.7
0.0

-83.1
0.5
-153.3
-0.4
70.1
0.0

11.3
1.8
-77.8
12.2
75.2
0.0

-2.4
-0.0
-88.0
-1.5
87.1
0.0

-95.3
0.0
-131.4
0.6
35.6
0.0

-3.7
-0.4
-60.5
0.0
57.2
0.0

34.8
-0.3
4.2
0.0
30.9
0.0

41
42
43
44
45
46

47
48
49

Trade payables
Insurance and pension reserves (6)
Miscellaneous liabilities

24.6
21.8
4.5

32.2
55.7
-3.2

31.3
42.0
0.2

27.7
42.5
-5.1

31.1
42.5
-2.8

33.6
43.6
-11.8

24.5
50.3
0.7

27.6
37.2
-9.2

31.5
41.9
5.3

32.5
42.9
-14.1

32.7
48.1
6.6

47
48
49

-60.6

23.7

43.4

-15.1

-52.0

55.8

46.4

-21.2

-122.9

-9.1

-55.3

50

50

Discrepancy

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.
(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and
agency securities held by state and local government employee retirement funds.
(3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.
(4) Excludes loans to state and local governments.
(5) Excludes Treasury securities owed to state and local governments.
(6) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

109

Z.1, March 10, 2000

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1995

1

1997

1998

1999

1998

1999

Q3

Q4

Q1

Q2

Q3

Q4

1132.2

1177.7

1217.5

1308.1

1512.7

1301.6

1308.1

1354.2

1386.0

1468.8

1512.7

1

2
3
4
5

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

53.8
55.5
62.9
115.7

44.9
66.1
74.9
147.8

42.0
73.8
81.8
151.4

51.0
51.5
95.8
158.5

44.4
119.7
104.5
163.5

46.3
73.9
91.8
158.0

51.0
51.5
95.8
158.5

48.2
56.5
96.4
166.5

45.9
88.3
94.3
163.8

46.4
92.1
99.0
166.6

44.4
119.7
104.5
163.5

2
3
4
5

6

Credit market instruments

541.7

533.0

557.1

638.9

704.8

615.5

638.9

652.6

662.9

695.8

704.8

6

39.4
151.5
5.1
39.0
171.6
135.2

59.7
116.2
4.6
49.7
167.9
134.9

74.0
115.4
3.9
51.0
167.1
145.7

92.0
159.0
2.5
56.2
170.3
158.9

93.9
167.5
1.0
63.8
207.7
170.8

88.0
145.0
2.8
54.5
169.2
156.0

92.0
159.0
2.5
56.2
170.3
158.9

96.0
162.0
2.1
58.0
171.1
163.4

97.2
166.3
1.8
60.3
172.0
165.2

96.5
162.0
1.4
61.8
206.4
167.7

93.9
167.5
1.0
63.8
207.7
170.8

7
8
9
10
11
12

26.2
35.0

46.8
41.0

79.0
33.6

102.0
26.3

125.0
30.6

86.0
27.4

102.0
26.3

106.9
25.3

117.9
27.4

111.0
29.0

125.0
30.6

13
14

23.1
45.2
173.1

24.0
46.8
152.3

20.8
46.9
131.3

22.3
49.5
112.2

24.4
72.0
123.8

24.3
52.8
125.7

22.3
49.5
112.2

23.8
69.0
108.9

24.5
50.2
110.7

25.7
71.1
132.2

24.4
72.0
123.8

15
16
17

5546.4

5805.2

5975.5

6042.3

6096.2

5961.1

6042.3

6066.1

5986.5

6002.1

6096.2

18

10.2
18.2

9.7
18.3

9.2
18.3

9.2
18.3

6.2
18.3

9.2
18.8

9.2
18.3

8.2
18.3

8.2
18.8

7.2
19.3

6.2
18.3

19
20

4407.4
185.0
3133.7
28.2
1060.4
0.0

4578.0
187.0
3311.1
26.6
1053.3
0.0

4676.1
186.5
3352.5
26.5
1110.6
0.0

4672.6
186.6
3267.8
28.5
1189.7
0.0

4656.0
186.4
3198.9
28.3
1242.4
0.0

4622.4
185.9
3242.4
25.5
1168.7
0.0

4672.6
186.6
3267.8
28.5
1189.7
0.0

4700.2
186.5
3272.6
28.1
1213.0
0.0

4600.6
186.5
3157.9
28.3
1228.0
0.0

4593.4
186.2
3146.6
28.3
1232.3
0.0

4656.0
186.4
3198.9
28.3
1242.4
0.0

21
22
23
24
25
26

567.8
536.2
6.7

600.0
591.9
7.3

631.3
634.0
6.6

659.1
676.5
6.7

690.1
719.0
6.6

654.6
649.4
6.7

659.1
676.5
6.7

666.4
666.3
6.7

675.1
677.1
6.7

683.6
691.9
6.7

690.1
719.0
6.6

27
28
29

7
8
9
10
11
12

Total financial assets

1996

Open market paper
Agency securities (1)
Municipal securities
Corporate and foreign bonds
Mortgages
Other loans and advances (2)

13
14

Corporate equities
Mutual fund shares

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

18

Total liabilities

19
20

SDR certificates
Treasury currency

21
22
23
24
25
26

Credit market instruments
Savings bonds
Other Treasury securities (3)
Budget agency securities
Municipal securities
Multifamily residential mortgages

27
28
29

Trade payables
Insurance and pension reserves
Miscellaneous liabilities

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.
(2) Excludes loans to state and local governments.
(3) Excludes Treasury securities owed to state and local governments.

110

Z.1, March 10, 2000

F.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

1

Net acquisition of financial assets

13.2

-0.8

2.9

1.5

4.0

18.5

-1.1

10.6

4.1

-2.3

-6.5

-12.5

1

2
3
4
5

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

1.9
-4.7
0.0
2.0

-1.0
4.6
0.0
1.9

-0.5
-10.5
0.0
-0.1

-0.1
0.5
0.0
3.5

0.0
-14.1
0.0
0.6

-0.1
1.4
0.0
2.2

0.3
2.7
0.0
-0.8

0.7
-0.2
0.0
3.4

-0.0
-4.5
0.0
2.3

-0.0
-5.4
0.0
1.7

-0.0
5.5
0.0
8.5

-0.0
4.5
0.0
7.0

2
3
4
5

6

Credit market instruments

28.3

43.3

33.6

14.5

18.8

25.6

11.6

28.3

19.2

30.1

73.2

47.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-3.5
16.4
2.1
14.3

-0.8
34.7
9.6
25.1

-0.1
26.1
2.2
23.9

3.5
8.9
-7.2
16.2

0.6
5.4
-9.4
14.8

2.2
15.4
-3.9
19.3

-0.8
13.8
1.1
12.6

3.4
22.7
6.8
15.9

2.3
5.8
1.7
4.0

1.7
12.2
3.7
8.5

8.5
33.0
9.9
23.1

7.0
20.0
7.0
13.0

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

-0.5
9.9
5.9

0.1
3.8
5.6

-0.0
6.2
1.5

0.0
8.8
-6.8

-0.0
15.8
-3.1

0.0
9.0
-0.9

0.1
-1.6
0.1

0.1
1.5
0.6

0.0
10.6
0.5

0.0
15.5
0.8

0.1
29.8
1.7

0.0
19.6
1.2

11
12
13

-2.9
-0.6

-32.4
0.0

-9.8
0.4

-8.0
1.4

-1.3
2.3

-3.2
4.4

-11.3
3.7

-10.9
3.1

-16.3
6.7

-28.4
6.3

-58.2
5.9

-82.1
6.0

14
15

-10.7
-15.2
-1.6
6.0

-17.2
-1.9
-0.6
-14.8

-10.2
-6.2
-2.2
-1.8

-10.2
-2.2
3.2
-11.2

-2.3
-5.0
0.6
2.2

-11.9
-0.6
1.9
-13.1

-7.3
-5.1
-0.6
-1.6

-13.8
-1.1
3.0
-15.7

-3.1
-0.7
2.4
-4.8

-6.5
-1.8
2.4
-7.1

-41.3
-2.8
2.4
-40.9

4.4
-6.9
2.4
8.9

16
17
18
19

14
15

Corporate equities
Mutual fund shares

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

44.3

40.7

56.2

66.7

73.9

81.5

82.0

80.0

83.1

90.9

102.8

116.8

1

2
3
4
5

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

0.9
14.4
2.0
0.6

0.6
17.9
2.9
1.8

-0.3
1.3
-0.0
0.4

-0.3
0.1
1.0
1.9

-0.1
-8.0
1.0
1.3

0.2
-9.9
6.5
1.4

-0.1
-7.0
5.3
0.3

0.1
-9.2
6.0
2.1

-0.0
-9.7
5.2
0.2

-0.1
-7.7
5.0
0.2

-0.1
-5.4
10.7
-0.3

-0.2
-1.6
30.2
-4.7

2
3
4
5

6

Credit market instruments

-3.0

18.9

20.7

21.9

18.6

24.5

34.5

27.7

33.1

35.4

45.5

37.9

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-2.2
2.2
0.1
2.1

1.8
12.6
5.6
7.0

1.3
10.6
3.5
7.1

1.4
12.8
7.8
5.0

0.9
11.0
6.9
4.1

1.2
8.7
5.4
3.2

0.3
36.6
19.9
16.6

2.7
20.2
11.9
8.4

1.2
19.9
10.9
9.0

0.5
20.9
11.3
9.6

1.7
26.2
4.0
22.2

6.4
19.7
7.7
12.0

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

0.0
-5.7
2.6

0.0
3.4
1.0

0.0
8.7
0.1

0.0
7.6
0.1

0.0
7.3
-0.6

0.0
13.8
0.8

0.1
-5.9
3.4

0.1
4.1
0.7

0.1
10.5
1.4

0.1
12.3
1.6

0.1
15.6
1.9

0.1
10.5
1.3

11
12
13

14
15

Corporate equities
Mutual fund shares

8.4
-1.2

-6.5
0.1

5.7
1.2

16.3
4.8

33.8
8.0

20.1
17.4

9.6
16.3

16.7
15.5

6.8
34.4

12.3
29.9

5.6
25.3

1.8
24.8

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

22.0
14.1
-1.7
9.6

5.0
2.5
-0.5
3.0

27.2
4.2
-0.1
23.1

21.0
11.3
0.6
9.1

19.3
-1.1
1.0
19.4

21.3
1.2
1.1
19.0

23.0
0.2
0.7
22.2

21.0
0.4
0.6
20.0

13.2
-1.8
1.4
13.5

15.9
-2.5
1.4
17.0

21.5
1.5
1.4
18.6

28.6
3.1
1.4
24.1

16
17
18
19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

111

Z.1, March 10, 2000

L.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

810.4

909.2

878.5

1019.3

1037.5

1142.8

1159.3

1342.4

1525.3

1772.7

2132.5

2459.7

1

2.5
46.0
0.0
16.9

1.6
50.6
0.0
18.8

1.0
40.1
0.0
18.8

1.0
40.5
0.0
22.3

1.0
26.4
0.0
22.9

1.0
27.8
0.0
25.0

1.2
30.6
0.0
24.2

1.9
30.3
0.0
27.6

1.9
25.8
0.0
29.9

1.8
20.4
0.0
31.6

1.8
25.9
0.0
40.2

1.8
30.4
0.0
47.1

2
3
4
5

276.9

320.2

353.8

368.3

387.0

412.7

424.2

452.5

471.7

501.8

575.0

622.8

6

19.7
155.6
85.6
70.0

18.8
190.2
95.1
95.1

18.8
216.3
97.3
119.0

22.3
225.3
90.1
135.2

22.9
230.7
80.7
150.0

25.0
246.1
76.8
169.2

24.2
259.8
77.9
181.9

27.6
282.5
84.8
197.8

29.9
288.3
86.5
201.8

31.6
300.4
90.1
210.3

40.2
333.5
100.0
233.4

47.1
353.5
107.0
246.4

7
8
9
10

0.1
88.9
12.6

0.2
92.7
18.2

0.1
98.9
19.7

0.1
107.6
13.0

0.1
123.5
9.9

0.1
132.5
9.0

0.2
130.9
9.1

0.3
132.4
9.7

0.3
143.1
10.2

0.3
158.5
10.9

0.4
188.3
12.7

0.4
207.9
13.9

11
12
13

14
15

Corporate equities
Mutual fund shares

298.1
6.5

346.4
6.8

318.9
6.8

426.1
11.4

442.0
15.6

503.1
22.3

499.5
26.0

625.8
34.4

761.7
53.7

947.8
79.5

1177.1
110.3

1353.5
146.5

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

163.4
78.2
8.4
76.9

164.8
80.1
7.9
76.8

139.1
73.6
5.7
59.8

149.7
77.3
8.8
63.6

142.5
69.6
9.4
63.6

150.8
69.7
11.3
69.8

153.5
66.1
10.7
76.8

169.7
67.3
13.7
88.7

180.5
75.2
16.1
89.2

189.7
86.7
18.5
84.6

202.3
106.4
20.9
75.1

257.7
114.3
23.3
120.1

16
17
18
19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

595.1

713.2

730.0

888.4

972.0

1109.3

1192.8

1412.7

1629.4

1933.0

2198.7

2533.7

1

2
3
4
5

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

2.0
39.9
14.8
6.2

2.6
57.8
17.8
8.1

2.3
59.1
17.8
8.5

2.0
59.2
18.8
10.4

2.0
51.1
19.8
11.6

2.2
41.3
26.3
13.1

2.0
34.3
31.6
13.4

2.1
25.1
37.5
15.5

2.1
15.4
42.7
15.7

2.0
7.6
47.7
15.9

1.9
2.3
58.4
15.5

1.7
0.7
88.6
10.8

2
3
4
5

6

Credit market instruments

97.5

116.4

137.1

159.0

177.6

202.1

236.6

264.4

297.5

332.9

378.4

416.3

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

8.2
49.5
30.7
18.7

10.0
62.1
36.3
25.8

11.3
72.7
39.8
32.9

12.7
85.5
47.6
37.9

13.6
96.5
54.5
42.0

14.8
105.2
60.0
45.2

15.1
141.7
79.9
61.8

17.8
161.9
91.8
70.2

19.0
181.9
102.7
79.2

19.5
202.8
114.0
88.8

21.3
229.0
118.0
111.0

27.7
248.7
125.8
122.9

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

0.4
35.4
4.0

0.4
38.8
5.1

0.4
47.5
5.2

0.4
55.1
5.3

0.4
62.4
4.7

0.4
76.2
5.5

0.5
70.3
9.0

0.6
74.3
9.7

0.7
84.9
11.0

0.8
97.1
12.6

0.9
112.7
14.6

0.9
123.2
15.8

11
12
13

14
15

Corporate equities
Mutual fund shares

215.9
15.6

282.9
19.9

276.1
22.5

364.8
38.7

412.8
59.3

489.3
93.6

496.8
124.4

612.6
186.3

729.2
267.7

916.1
358.5

1055.2
453.8

1146.2
605.9

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

203.1
105.8
8.5
88.8

207.8
110.0
8.0
89.8

206.8
115.0
7.9
83.9

235.5
129.3
8.5
97.7

237.8
128.4
9.5
99.9

241.5
136.9
10.6
94.0

253.6
143.9
11.3
98.4

269.2
143.5
12.0
113.7

259.1
145.1
13.4
100.7

252.2
147.9
14.8
89.6

233.3
155.4
16.2
61.7

263.5
166.1
17.6
79.8

16
17
18
19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

112

Flow of Funds Matrix for 1999

Z.1, March 10, 2000

(Billions of dollars; All Sectors -- Flows)

Households
and Nonprofit
Organizations

1
2
3

Gross saving
Capital consumption
Net saving (1 less 2)

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Memo:
National
Saving and
Investment

(18)

----

1051.3
667.1
384.2

----

951.5
703.4
248.2

----

156.2
105.1
51.1

----

202.9
90.9
112.1

----

2361.9
1566.4
795.5

----

315.1
-315.1

----

130.0
108.7
21.3

----

2807.0
1675.1
1131.9

----

2491.9
1675.1
816.8

4
5
6
7
8
9
10

Gross investment (5 plus 11)
Capital expenditures
Consumer durables
Residential
Nonresidential
Inventory change
Access rights from fed. govt.

1037.5
1167.0
758.6
359.4
48.9
---

--------

943.7
1067.4
-49.7
970.8
45.2
1.8

--------

198.2
201.9
--201.9
---

--------

212.9
94.0
--95.8
--1.8

--------

2392.3
2530.2
758.6
409.1
1317.3
45.2
0.0

--------

386.9
-------

--------

197.5
148.9
-2.0
146.9
---

--------

2976.6
2679.1
758.6
411.2
1464.2
45.2
--

--------

-169.7
127.9
------

2292.3
2679.1
758.6
411.2
1464.2
45.2
--

11
12
13

Net financial investment
Financial uses
Financial sources

-129.4
505.5
--

--634.9

-123.8
698.0
--

--821.8

-3.6
80.0
--

--83.6

119.0
84.0
--

---35.0

-137.9
1367.4
--

--1505.3

386.9
729.2
--

--342.4

48.6
2550.3
--

--2501.7

297.5
4646.9
--

--4349.4

-297.5
-297.5
--

-386.9
342.4
729.2

14
15
16
17
18
19
20
21
22

Gold and off. fgn. exchange
SDR certificates
Treasury currency
Foreign deposits
Interbank claims
Checkable dep. and currency
Time and savings deposits
Money market fund shares
Fed. funds and security RPs

---3.5
--19.6
89.4
99.5
--

----------

----2.0
-54.9
21.5
37.4
0.1

----------

-----3.5
8.0
-5.0

----------

-7.0
----66.0
0.7
---

--3.0
-0.0
-------

-7.0
--1.5
-104.8
119.5
136.9
5.1

--3.0
-0.0
-------

0.0
----9.1
35.7
18.4
-14.9

-8.4
--58.7
------

-1.4
-3.0
1.7
12.2
20.5
19.1
37.6
113.8
109.9

----12.1
151.6
175.6
250.6
171.5

-8.4
-3.0
1.7
13.7
11.4
159.6
175.6
250.6
130.0

-8.4
-3.0
-0.0
58.7
12.1
151.6
175.6
250.6
171.5

---1.7
44.9
0.7
-8.0
--41.5

----------

23
24
25
26
27
28
29
30
31
32

Credit market instruments
Open market paper
Treasury securities
Federal agency securities
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

179.3
5.3
-43.9
150.6
52.1
14.8
--0.3
--

556.6
---10.4
--7.8
15.1
442.1
96.8

33.1
18.8
-4.6
19.1
-2.3
----3.4
5.4

568.5
37.4
--5.1
229.9
90.0
56.2
150.0
--

25.9
9.4
-2.5
8.5
-1.5
7.6
--4.3
--

52.7
---52.7
--0.0
---

12.0
--0.0
---11.9
0.1
--

-71.8
--71.6
-0.2
----0.0
--

250.3
33.6
-51.0
178.2
48.3
22.5
-11.9
1.3
5.4

1105.9
37.4
-71.6
-0.2
68.2
229.9
82.2
71.3
592.0
96.8

224.8
7.9
-9.6
94.0
-157.5
--25.0
---

18.3
16.3
---2.4
0.6
-0.9
---

1740.0
188.4
-11.1
319.5
19.9
272.6
69.1
190.6
599.7
91.3

1090.9
176.2
-592.0
-220.3
-13.7
107.1
9.0
--

2215.2
229.9
-71.6
591.8
68.2
452.5
69.1
177.5
601.1
96.8

2215.2
229.9
-71.6
591.8
68.2
452.5
69.1
177.5
601.1
96.8

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-380.1
147.6
-41.9

--7.1
69.7

-8.0
108.2
--

-142.7
-109.7
--

13.1
4.3
---

--30.9
--

--2.2
--

--0.2
--

-367.0
159.8
110.4
41.9

-142.7
-147.8
69.7

96.2
--4.7
0.0

94.5
-6.2
0.0

203.0
31.5
23.2
51.6

-19.7
191.3
11.8
23.8

-67.8
191.3
129.0
93.5

-67.8
191.3
165.8
93.5

--36.8
--

-----

37
38
39
40
41
42

Life insurance reserves
Pension fund reserves
Taxes payable
Inv. in bank personal trusts
Equity in noncorp. business
Miscellaneous

51.3
322.2
--31.1
-9.9
11.7

-----1.6

-----436.7

--5.3
--17.3
298.2

--5.2
--15.1

-------

--11.0
---0.9

1.4
41.1
----2.8

51.3
322.2
16.2
-31.1
-9.9
462.5

1.4
41.1
5.3
--17.3
297.0

-----352.8

-----173.1

-----190.5

49.9
281.1
6.2
-31.1
7.3
128.8

51.3
322.2
16.2
-31.1
-9.9
1005.9

51.3
322.2
11.5
-31.1
-9.9
598.8

---4.7
---407.0

-------

43

Sector discrepancies (1 less 4)

13.8

--

7.9

--

-42.0

--

-10.0

--

-30.4

--

-71.8

--

-67.5

--

-169.7

--

-169.7

199.6

General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.

Flow of Funds Matrix for 1999

Z.1, March 10, 2000

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

A

L

A

L

A

L

A

L

A

L

A

L

A

L

A

L

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1
2
3

Total financial assets
Total liabilities and equity
Total liabilities

34948.3
---

-6840.9
6840.9

7687.3
---

-29458.0
10053.5

1230.3
---

-1862.9
1862.9

559.3
---

-4510.2
4510.2

44425.1
---

-42671.9
23267.4

6304.8
---

-4507.2
2824.0

36259.0
---

-37947.2
35527.9

86988.9
---

-85126.3
61619.3

-1862.6
---

4
5
6
7
8
9
10

Monetary gold and SDRs
IMF Position
Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits
Interbank claims

-----45.0
--

--------

-----18.6
--

--------

--------

--------

10.3
18.0
16.0
-----

---6.2
18.3
---

10.3
18.0
16.0
--63.6
--

---6.2
18.3
---

------136.8

-18.0
32.2
--698.5
--

11.0
-0.1
16.1
6.2
28.0
42.9
90.5

------199.1

21.4
18.0
32.2
6.2
28.0
106.5
227.3

-18.0
32.2
6.2
18.3
698.5
199.1

-21.4
----9.7
592.1
-28.2

11
12
13
14

Checkable dep. and currency
Time and savings deposits
Money market fund shares
Fed. funds and security RPs

441.8
3013.2
837.8
--

-----

489.9
157.3
201.3
3.4

-----

31.8
99.1
-163.5

-----

87.9
5.4
---

-----

1051.4
3275.0
1039.1
166.9

-----

293.9
105.0
-86.9

-----

128.0
227.5
545.6
582.7

1485.8
3607.6
1584.8
1085.2

1473.3
3607.6
1584.8
836.5

1485.8
3607.6
1584.8
1085.2

12.5
--248.7

15
16
17
18
19
20
21
22
23
24

Credit market instruments
Open market paper
Treasury securities
Federal agency securities
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

1960.4
68.5
346.7
312.1
527.5
596.1
--109.5
--

6466.8
---137.3
-65.1
219.4
4616.5
1428.5

338.2
46.1
58.3
46.5
39.6
---67.4
80.3

5985.9
230.3
--152.8
2059.5
1165.9
755.8
1621.6
--

722.8
93.9
266.8
167.5
1.0
63.8
--129.8
--

1252.5
---1242.4
--10.1
---

258.8
--0.0
---180.9
77.9
--

3680.4
-3652.1
28.3
----0.0
--

3280.2
208.6
671.7
526.1
568.1
659.9
-180.9
384.5
80.3

17385.6
230.3
3652.1
28.3
1532.5
2059.5
1231.0
985.4
6238.1
1428.5

2736.7
100.2
1306.8
395.4
-817.1
-117.3
---

622.0
89.2
---422.4
59.4
51.0
---

19597.3
1093.7
1673.6
2990.7
964.3
3074.5
1383.9
1134.0
5934.2
1348.2

7606.6
1082.9
-3884.0
-2069.6
93.6
395.8
80.6
--

25614.2
1402.4
3652.1
3912.3
1532.5
4551.5
1383.9
1432.2
6318.7
1428.5

25614.2
1402.4
3652.1
3912.3
1532.5
4551.5
1383.9
1432.2
6318.7
1428.5

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

8008.9
3104.3
-318.6

--132.7
222.4

-112.0
1605.1
--

14774.0
-1226.2
--

125.0
30.6
---

--610.4
--

--24.4
--

--79.8
--

8133.9
3246.9
1629.5
318.6

14774.0
-2049.1
222.4

1203.3
-47.2
0.0

1683.2
-52.4
0.0

9539.5
1268.4
250.7
347.2

2419.5
4515.3
30.8
443.4

18876.7
4515.3
1927.5
665.8

18876.7
4515.3
2132.3
665.8

--204.8
--

29
30
31
32
33
34

Life insurance reserves
Pension fund reserves
Taxes payable
Inv. in bank personal trusts
Equity in noncorp. business
Miscellaneous

772.0
10360.4
-1116.6
4630.3
339.0

-----18.9

-----4761.5

--111.2
-4630.5
2730.1

--33.5
--24.0

-------

--38.5
--99.8

35.0
684.0
---6.6

772.0
10360.4
72.0
1116.6
4630.3
5224.3

35.0
684.0
111.2
-4630.5
2755.6

-----1695.0

-----1400.9

-----3577.2

737.0
9676.4
53.2
1116.6
-0.2
3386.3

772.0
10360.4
72.0
1116.6
4630.3
10496.5

772.0
10360.4
164.4
1116.6
4630.3
7542.8

--92.4
---2953.8

General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is
the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention,
such instruments are financial assets without corresponding liabilities.

113

114

Z.1, March 10, 2000

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Assets

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

23560.7

24290.1

25920.3

27000.3

28428.9

29476.6

32610.4

35483.2

39697.0

43508.8

48889.1

1

2

Tangible assets

9112.6

9326.7

9469.9

9729.7

9975.0

10307.7

10776.7

11299.5

12068.6

12925.8

13940.9

2

3

Financial assets

14448.2

14963.4

16450.5

17270.6

18453.9

19168.9

21833.7

24183.6

27628.3

30583.0

34948.3

3

4
5

Deposits
Credit market instruments

3205.8
1288.3

3264.5
1502.8

3267.3
1612.1

3249.6
1655.8

3182.8
1637.2

3157.3
1930.0

3365.5
1885.0

3539.6
1993.7

3807.2
1873.5

4165.1
1781.1

4337.9
1960.4

4
5

6

Equity shares at market value

2754.5

2551.5

3557.6

3989.6

4629.1

4581.5

6148.7

7293.0

9207.6

10572.6

13331.5

6

1963.6

1806.5

2570.9

2873.2

3242.1

3070.9

4121.6

4642.1

5689.6

6338.7

8008.9

7

791.0
231.9
68.4
291.4
199.3

745.0
214.1
66.8
284.7
179.4

986.7
271.7
99.1
380.4
235.5

1116.4
268.7
116.6
436.8
294.3

1387.0
262.0
156.7
530.6
437.6

1510.7
263.6
185.2
556.6
505.3

2027.1
365.2
246.5
715.6
699.8

2650.9
433.2
325.2
897.2
995.3

3518.0
536.7
433.8
1158.2
1389.3

4233.9
583.6
542.4
1370.5
1737.4

5322.7
699.2
717.3
1596.9
2309.2

8
9
10
11
12

7
8
9
10
11
12

Directly held
Indirectly held
Bank personal trusts and estates
Life insurance companies
Private pension funds
Mutual funds

13

Other

7199.5

7644.5

8013.4

8375.5

9004.7

9500.1

10434.5

11357.4

12740.1

14064.1

15318.5

13

14

Liabilities

3397.3

3678.5

3871.5

4045.0

4290.2

4612.8

4982.2

5332.7

5707.8

6205.6

6840.9

14

Net worth

20163.4

20611.6

22048.8

22955.3

24138.6

24863.8

27628.2

30150.5

33989.2

37303.2

42048.2

15

10.5
17.1

13.7
21.6

14.8
23.1

16.3
25.1

15.5
23.9

18.9
28.2

20.6
30.2

23.2
33.3

24.3
34.6

27.3
38.1

16
17

15

16
17

Memo: Equity shares (line 6) as a percent of
Total assets (line 1)
Financial assets (line 3)

11.7
19.1

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.
In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13).
Prior to 1985, all pension assets are assumed to have been in defined benefit plans.