For use at 12:00 p.m.

, eastern time
Friday
September 15, 2000

FEDERAL RESERVE statistical release
Z.1

Flow of Funds Accounts
of the United States
Flows and Outstandings
Second Quarter 2000

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

Flow of Funds Summary Statistics
Second Quarter 2000
Growth of domestic nonfinancial debt in the
second quarter remained steady at a 5-1/2 percent
annual rate as somewhat faster growth in household
and business debt was offset by a larger paydown in
federal government debt.
Federal debt fell at an 11-1/2 percent annual rate
in the second quarter, the largest quarterly decline on
record. From its peak in early 1998, federal debt held
by the public has dropped $367 billion, or around 91/2 percent.
Household debt strengthened to a 9-1/2 percent
rate in the second quarter, at the high end of the
growth rates recorded in the past couple of years.
Home mortgage borrowing was up sharply, and
growth of consumer credit also was brisk. Businesses
stepped up their borrowing last quarter, and debt of
nonfinancial firms accelerated to a 12 percent rate.

Corporate borrowing was boosted by a further large
increase in capital spending relative to cash flow and
by a substantial rise in retirements of equity. State and
local government debt growth edged up to a stillmodest 2 percent rate in the second quarter; net
borrowing by this sector has been held down by a
dearth of advance-refunding issues and bulging tax
receipts, as well as by large retirements.
The level of domestic nonfinancial debt
outstanding was $17.9 trillion at the end of the second
quarter. Debt of nonfederal sectors was $14.4 trillion,
and federal debt was $3.5 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.

1

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

Federal

Total

Households

Business

State and
local govts.

1993
1994
1995
1996
1997
1998
1999

4.9
4.5
5.5
5.3
5.6
6.8
6.9

8.3
4.7
4.1
4.0
0.6
-1.4
-1.9

3.7
4.4
6.0
5.8
7.3
9.6
9.5

5.3
7.6
7.9
7.3
6.5
8.8
9.2

1.4
3.6
6.8
5.8
8.7
11.0
11.0

6.0
-4.0
-4.6
-0.6
5.3
7.2
4.4

1999:Q1
:Q2
:Q3
:Q4

7.8
5.7
6.9
6.4

-2.2
-2.6
-1.9
-0.9

10.9
8.1
9.5
8.4

9.4
8.6
9.5
8.0

13.4
8.5
10.5
9.9

6.6
3.6
4.3
2.7

2000:Q1
:Q2

5.4
5.6

-5.9
-11.4

8.4
10.0

8.2
9.6

10.4
12.1

0.3
2.0

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, Second Quarter 2000

1

Availability of Data for Latest Quarter

3

Debt Growth by Sector

D.1

6

Borrowing by Sector

D.2

7

Debt Outstanding by Sector

D.3

8

Flows
Table
Page

Levels
Table
Page

Total Net Borrowing and Lending in Credit Markets

F.1

9

L.1

58

Credit Market Borrowing by Nonfinancial Sectors

F.2

10

L.2

59

Credit Market Borrowing by Financial Sectors

F.3

10

L.3

59

Credit Market Borrowing, All Sectors, by Instrument

F.4

11

L.4

60

Total Liabilities and Its Relation to Total Financial Assets

F.5

11

L.5

60

Distribution of Gross Domestic Product

F.6

12

Distribution of National Income

F.7

13

Gross Saving and Investment

F.8

14

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

108

L.106.c

109

Title

Reconciliation

Balance Sheet and Reconciliation Tables

Supplementary Tables
Nonprofit Organizations
Consolidated Statement for Federal, State, and Local Governments

F.106.c

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

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, Second Quarter 2000
An updated version of the Guide to the Flow of Funds Accounts has been published by the Federal
Reserve Board to replace the 1993 edition. The 1,200-page Guide, in two volumes, explains in detail
how the U.S. financial accounts are prepared and the principles underlying the accounts. The Guide
can be purchased for $20.00 from the Board’s Publications Services at the address shown on the next
page; Publications Services accepts orders accompanied by checks as well as credit card orders. The
Internet site for this release at the location shown on the next page contains a link to an order form for
the Guide that can be mailed or faxed to Publications Services.

This publication presents the flow of funds
accounts for 2000:Q2.
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.
Seasonal factors for quarterly financial flows
have been recalculated for the period from 1990:Q1
onward. The factors were generated using the Statistics
Canada X-11-ARIMA/88 seasonal adjustment program.
2.
Revisions to the rest of the world sector (tables
F.107 and L.107) reflect new estimates of the balance of
payments from the Department of Commerce for the
period 1982-1999. The revisions are detailed in the July
2000 Survey of Current Business. Among other
information, the revisions reflect final results from the
benchmark survey conducted by the Department of the
Treasury and the Federal Reserve System of the level of
U.S. portfolio investment in long-term foreign securities
as of the end of 1997.
3.
In the private pension funds sector (tables
F.119 and L.119), data have been revised to reflect
figures
from
the
U.S.
Internal Revenue
Service/Department of Labor/Pension Benefit Guaranty
Corporation Form 5500 filed for plan year 1996. The
allocation of assets within the private pension funds
sector has also been revised from 1988 forward based
on newly available data for assets held in pooled
accounts (such as master trusts and common and
collective trusts) and improved methods for allocating
assets in small plans (5500C filers).

4.
Mortgages held by government-sponsored
enterprises (tables F.124 and L.124) have been revised
from 1997:Q4 forward to reflect the addition of
mortgages held by Federal Home Loan Banks. The
mortgages held are primarily single-family loans.
5.
The statistics in this publication reflect the
annual revisions to the national income and product
accounts for 1997 forward released by the Department
of Commerce on July 28, 2000, and subsequent
information for 2000:Q2 released on August 25, 2000.
The August 2000 issue of the Survey of Current
Business details the major features of the annual revision
of the national income and product accounts.
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.

2

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

Discontinuities result from changes in
valuation, breaks in source data, and changes in
definitions.
For most series, the value of the
discontinuity is zero for nearly all time periods.
However, in a few instances, the discontinuity is
nonzero for almost all time periods, or is quite large in a
particular quarter, such as a period when there is a sharp
increase or decrease in equity prices or a major break in
source data.
The discontinuities in a series can distort
estimated rates of growth in assets and liabilities
between periods. In order to minimize these distortions,
percentage changes in assets and liabilities in flow of
funds releases should be calculated as:
Percentage change t = (Flow t / Outstanding t-1) * 100
Preliminary Estimates. Figures shown for the most
recent quarter in these tables are based on preliminary
and incomplete information. A summary list of the
principal sources of information available when the
latest quarter’s data were compiled is provided in a table
following this introduction. The distinction between
“available” data and “missing” data is not between final
and preliminary versions of data, but rather between
those source estimates that are fully ready when the
latest quarterly publication is compiled and those that
are not yet completed. However, the items that are
shown as available are, in general, also preliminary in
the sense that they are subject to revision by source
agencies.
Margins of Uncertainty. Flow of funds statistics are
subject to uncertainties resulting from measurement
errors in source data, incompatibilities among data from
different sources, potential revisions in both financial
and nonfinancial series, and incomplete data in parts of
the accounts. The size of these uncertainties cannot be

quantified in precise statistical terms, but allowance for
them is explicitly made throughout the accounts by the
inclusion of “discrepancies” for various sectors and
instrument types. A discrepancy for a sector is the
difference between its measured sources of funds and its
measured uses of funds. For an instrument category, a
discrepancy is the difference between measured funds
borrowed through the financial instrument and
measured funds lent through that instrument. The size
of such discrepancies relative to the main asset or
liability components is one indication of the quality of
source data, especially on an annual basis. For quarterly
data, differences in seasonal adjustment procedures for
financial and nonfinancial components of the accounts
sometimes result in discrepancies that cancel in annual
data.
Availability of Data. Flow of funds statistics are
updated about ten weeks following the end of a quarter.
This publicationthe Z.1 releaseis available from the
Board's Publications Services. Flow of funds data are
also available electronically through the Internet at the
following location:
http://www.federalreserve.gov/releases/Z1
The Internet site also provides quarterly data beginning
in 1952, organized in compressed files that correspond
to the tables published in this release. There are files for
quarterly data for seasonally adjusted flows, unadjusted
flows, outstandings, balance sheets, and debt (tables
D.1, D.2, and D.3). There is a separate file for monthly
data from January 1955 onward for the debt aggregate
published in the Board's H.6 statistical release, “Money
Stock and Debt Measures.”
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 2000:Q2.

Unadjusted flows since 1998.

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 2000:Q2. The source for nonprofit organizations data (tables
F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income.
Data for nonprofit organizations are available for 1987 through 1996.

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

Quarterly Financial Report (QFR) of
the Census Bureau through 2000:Q1;
Internal Revenue Service Statistics of
Income data through 1997; securities
offerings, mortgages, bank loans,
commercial paper, and other loans
through 2000:Q2.

Statistics of Income data since
1997; QFR data for 2000:Q2.

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

Internal Revenue Service Statistics of
Income data through 1997; bank and
finance company loans and mortgage
borrowing through 2000:Q2.

Statistics of Income data since
1997.

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 2000:Q2;
preliminary data for checkable
deposits and currency and trade
payables through 1999.

Revised data for consumption of
fixed capital and undistributed
profits since 1998.

4

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

Gross offerings and retirements of
municipal securities, deposits at
banks, and nonmarketable U.S.
government security issues through
2000:Q2; selected financial assets
through 1999:Q2 from the
comprehensive annual financial
reports of state and local
governments that account for most of
the holdings of the sector, and data
from Standard & Poor’s on local
government investment pools.

Selected financial asset items since
1999:Q2.

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

Data from the Monthly Treasury
Statement of Receipts and Outlays
through 2000:Q2; data from the
Federal Financing Bank through
2000:Q1; Treasury data for loan
programs through 2000:Q1.

Federal Financing Bank data and
Treasury data for loan programs
for 2000:Q2.

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

Balance of payments data through
2000:Q2; NIPA estimates, data from
bank Reports of Condition, and
Treasury International Capital
System data through 2000:Q2.

None.

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

All data through 2000:Q2.

None.

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

All data through 2000:Q2 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 1999 for branches of
domestic commercial banks
located in U.S.-affiliated areas.

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

All data through 2000:Q2.

None.

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

All data through 2000:Q2.

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 2000:Q1;
preliminary data for 2000:Q2.

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

All data through 2000:Q1;
preliminary data for 2000:Q2.

Final data for 2000:Q2.

Final data for 2000:Q2.

5

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

Quarterly data through 2000:Q2;
Internal Revenue Service/Department
of Labor/Pension Benefit Guaranty
Corporation Form 5500 data through
1996.

Form 5500 data since 1996.

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

All data through 2000:Q1.

Data for 2000:Q2.

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

All data through 2000:Q2.

None.

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

All data through 2000:Q2.

None.

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

All data through 1999.

Data since 1999.

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 2000:Q2.

None.

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

All data through 2000:Q2.

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 2000:Q2.

None.

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

All data through 2000:Q2.

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)

Data from SNL REIT DataSource
through 2000:Q2.

None.

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

Data for firms filing FOCUS and
FOGS reports through 2000:Q2.

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, September 15, 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

1964
1965
1966
1967
1968

7.3
7.1
6.7
7.3
7.9

2.4
0.6
1.4
4.9
4.5

9.3
9.6
8.5
8.1
8.9

9.8
8.7
6.1
5.2
7.7

8.3
7.7
5.1
5.1
6.1

12.2
11.6
6.1
5.0
9.9

9.6
11.2
11.7
11.3
10.5

9.2
11.4
12.3
12.0
10.9

7.2
7.9
6.7
6.7
7.5

13.6
16.8
17.7
-1.8
17.3

12.9
7.2
5.1
9.8
6.3

1969
1970
1971
1972
1973

7.2
6.9
9.5
10.0
10.7

-1.1
4.2
8.3
4.6
2.0

9.7
7.6
9.8
11.4
12.9

7.1
4.0
8.9
11.2
12.2

5.8
3.8
8.1
11.1
11.2

8.3
3.4
11.7
13.1
13.3

12.1
10.5
10.3
12.5
14.9

12.1
10.5
8.1
10.1
17.7

9.6
8.7
10.9
8.4
7.8

32.8
14.5
8.7
17.2
28.9

6.9
5.7
9.7
7.9
10.3

1974
1975
1976
1977
1978

9.2
9.3
10.8
12.8
13.8

3.4
23.9
15.6
11.0
9.2

10.5
6.3
9.6
13.3
15.0

7.7
8.0
11.6
16.1
16.8

7.8
8.9
13.1
17.5
17.4

4.6
3.8
10.6
15.5
17.4

13.8
5.2
8.3
12.1
13.3

12.1
3.7
7.6
12.2
12.0

6.9
5.4
8.4
8.4
15.4

23.1
0.8
9.0
18.9
22.1

20.5
17.4
21.5
11.6
18.6

1979
1980
1981
1982
1983

12.2
9.5
10.4
10.1
12.0

5.8
11.8
11.6
19.7
18.9

13.7
9.0
10.1
7.9
10.2

14.6
8.0
7.1
5.4
11.3

15.3
10.3
6.4
4.4
10.4

13.8
0.6
5.0
4.6
12.8

14.1
10.4
13.3
9.3
9.0

11.6
8.6
14.0
9.2
8.2

9.0
6.9
8.0
11.2
11.4

22.1
14.5
18.2
13.6
13.4

9.5
14.0
11.9
7.2
8.2

1984
1985
1986
1987
1988

14.7
15.7
11.8
9.0
9.1

16.9
16.5
13.6
8.0
8.0

14.1
15.4
11.3
9.3
9.4

12.6
15.2
11.1
11.8
9.0

11.3
13.1
13.2
15.8
10.5

18.3
15.9
9.0
4.6
6.3

16.1
12.0
11.6
6.5
10.5

16.9
13.0
14.2
8.0
11.8

11.4
31.8
10.9
12.0
6.4

17.9
19.5
26.1
18.3
13.1

3.6
0.5
4.1
2.6
3.0

1989
1990
1991
1992
1993

7.3
6.5
4.3
4.6
4.9

7.0
11.0
11.1
10.9
8.3

7.4
5.2
2.2
2.6
3.7

8.4
7.3
4.5
4.5
5.3

9.7
9.3
6.1
5.3
4.4

6.0
1.5
-1.3
0.8
7.3

6.9
3.3
-1.6
0.8
1.4

8.2
5.3
-1.8
1.9
1.8

5.6
5.0
8.6
2.2
6.0

10.5
8.8
6.5
8.8
9.7

4.0
9.0
5.2
7.9
21.9

1994
1995
1996
1997
1998

4.5
5.5
5.3
5.6
6.8

4.7
4.1
4.0
0.6
-1.4

4.4
6.0
5.8
7.3
9.6

7.6
7.9
7.3
6.5
8.8

5.9
5.7
7.2
6.9
10.0

14.5
14.1
7.9
4.3
5.4

3.6
6.8
5.8
8.7
11.0

5.0
8.8
5.4
8.7
12.4

-4.0
-4.6
-0.6
5.3
7.2

14.0
11.9
12.8
13.5
19.7

-3.6
20.9
19.5
13.2
7.1

1999

6.9

-1.9

9.5

9.2

10.1

7.1

11.0

12.7

4.4

16.7

3.9

1995 -- Q1
Q2
Q3
Q4

5.8
6.5
4.7
4.5

5.4
6.9
2.6
1.4

5.9
6.4
5.5
5.6

7.4
7.8
8.5
6.9

5.0
5.9
6.8
4.6

14.3
14.0
13.9
11.5

7.4
7.7
5.3
6.2

9.8
10.4
6.5
7.3

-5.2
-4.7
-6.1
-2.6

8.9
10.6
11.8
14.2

18.9
13.8
23.9
21.4

1996 -- Q1
Q2
Q3
Q4

5.9
5.4
5.2
4.4

5.9
3.0
4.4
2.5

5.9
6.2
5.5
5.1

8.0
7.9
7.1
5.4

7.9
7.2
7.1
6.1

10.1
9.7
6.8
4.2

5.5
6.3
5.9
5.0

4.8
5.8
6.0
4.4

-1.8
-1.5
-3.0
3.9

9.8
15.3
9.9
13.8

13.7
10.5
27.1
21.7

1997 -- Q1
Q2
Q3
Q4

5.0
4.8
6.0
6.1

1.8
-0.4
1.3
-0.3

6.1
6.6
7.6
8.2

7.1
5.8
6.8
5.7

6.5
5.6
9.6
5.0

5.2
4.6
3.9
3.4

6.1
8.1
8.5
11.1

5.9
7.7
8.2
12.0

1.3
4.2
7.1
8.1

8.5
12.7
12.4
18.2

6.2
13.9
21.4
9.4

1998 -- Q1
Q2
Q3
Q4

7.2
7.1
5.8
6.7

-0.5
-0.6
-2.8
-1.7

9.8
9.5
8.5
9.2

9.0
7.9
8.3
9.1

10.4
7.9
9.4
10.7

4.7
4.9
6.1
5.3

11.1
11.8
9.2
10.0

12.7
13.7
10.0
11.0

7.8
7.6
6.0
6.5

17.8
17.0
17.9
20.9

17.7
16.2
-1.8
-3.9

1999 -- Q1
Q2
Q3
Q4

7.8
5.7
6.9
6.4

-2.2
-2.6
-1.9
-0.9

10.9
8.1
9.5
8.4

9.4
8.6
9.5
8.0

9.6
10.1
10.7
8.6

9.8
4.5
5.5
7.8

13.4
8.5
10.5
9.9

16.5
9.4
11.6
10.9

6.6
3.6
4.3
2.7

18.8
14.6
15.0
14.5

4.7
-3.7
11.8
2.6

2000 -- Q1
Q2

5.4
5.6

-5.9
-11.4

8.4
10.0

8.2
9.6

7.2
10.5

10.0
9.0

10.4
12.1

11.7
13.9

0.3
2.0

8.1
10.9

17.3
-1.5

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, September 15, 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

1964
1965
1966
1967
1968

64.1
67.1
67.3
78.2
90.6

6.1
1.6
3.6
12.9
12.5

58.1
65.5
63.7
65.2
78.0

26.5
25.9
19.9
18.2
28.4

14.5
14.6
10.6
11.2
14.3

9.5
10.1
5.9
5.1
10.8

25.2
32.0
36.9
39.7
40.9

16.7
22.5
27.0
29.2
29.8

6.4
7.6
6.9
7.3
8.8

6.3
8.9
11.0
-1.3
12.4

4.0
2.5
1.9
3.9
2.7

1969
1970
1971
1972
1973

88.9
91.3
135.3
156.1
184.0

-3.2
12.1
24.9
15.0
6.9

92.1
79.3
110.5
141.1
177.0

28.1
17.0
39.7
54.8
66.2

14.4
9.9
22.1
32.9
37.3

9.9
4.4
15.6
19.5
22.5

51.8
50.2
54.3
72.3
96.7

36.3
35.0
29.7
40.0
76.6

12.1
12.1
16.4
14.0
14.1

27.6
16.2
11.1
23.9
47.0

3.2
2.8
5.1
4.4
6.3

1974
1975
1976
1977
1978

175.0
193.5
244.8
321.2
390.7

11.9
85.6
69.2
56.3
52.5

163.1
107.8
175.6
264.8
338.2

47.4
52.9
83.3
129.3
156.9

29.1
35.7
57.8
87.3
102.6

8.9
7.8
22.0
35.4
46.0

102.3
43.8
73.9
115.7
141.9

60.3
20.5
44.0
74.8
82.4

13.4
11.1
18.5
19.9
39.4

48.5
2.1
23.5
53.6
74.7

13.8
14.1
20.5
13.5
24.0

1979
1980
1981
1982
1983

391.9
343.7
410.0
439.9
573.7

35.8
77.4
85.5
161.3
185.2

356.1
266.3
324.5
278.6
388.5

159.7
101.2
97.5
79.3
174.6

106.4
83.1
58.0
42.8
104.1

42.7
2.3
17.7
17.2
50.0

169.8
143.0
199.4
157.6
166.5

88.4
72.9
127.7
94.8
91.9

26.6
22.2
27.6
41.7
47.3

91.1
73.2
105.1
93.0
104.5

15.0
24.2
23.5
16.0
17.3

1984
1985
1986
1987
1988

791.1
964.0
844.3
720.0
786.6

197.2
225.7
216.0
143.9
155.1

593.9
738.3
628.3
576.1
631.5

215.0
292.0
248.6
294.7
246.1

123.3
159.7
186.4
252.4
190.0

80.7
82.8
54.4
30.4
43.4

326.3
282.8
305.5
190.9
331.4

207.8
186.4
228.9
147.7
237.6

52.5
163.6
74.2
90.4
54.0

157.7
205.0
327.8
291.6
249.2

8.4
1.2
9.7
6.3
7.4

1989
1990
1991
1992
1993

687.5
657.0
465.3
524.2
581.3

146.4
246.9
278.2
304.0
256.1

541.2
410.1
187.0
220.2
325.2

254.0
239.4
161.2
165.9
207.1

195.7
206.4
150.4
138.6
122.8

44.2
11.9
-10.7
6.1
58.4

237.0
123.6
-59.5
30.2
51.9

182.1
127.0
-45.8
46.2
46.1

50.1
47.2
85.4
24.1
66.2

225.0
211.6
170.9
244.0
294.4

10.2
23.9
15.1
24.1
69.8

1994
1995
1996
1997
1998

559.3
711.3
731.4
804.3
1042.9

155.9
144.4
145.0
23.1
-52.6

403.4
566.9
586.3
781.2
1095.5

313.4
348.8
347.6
333.4
480.5

171.7
174.8
234.6
237.3
368.4

124.9
138.9
88.8
52.5
67.6

136.3
269.5
245.5
391.8
534.7

128.7
236.1
157.0
270.6
417.2

-46.2
-51.5
-6.8
56.1
80.3

468.4
453.9
545.8
653.7
1073.9

-13.9
78.5
88.4
71.8
43.3

1999

1121.0

-71.2

1192.2

543.4

411.2

94.4

596.5

480.2

52.3

1087.9

25.3

1995 -- Q1
Q2
Q3
Q4

747.8
857.6
634.9
604.9

188.9
243.6
93.4
51.9

558.9
614.0
541.6
553.0

326.0
353.9
391.0
324.4

153.3
184.6
214.1
147.3

140.8
143.1
146.4
125.2

291.2
312.2
217.6
257.2

263.2
287.3
184.8
208.9

-58.3
-52.1
-67.1
-28.5

340.7
413.3
473.3
588.5

70.7
54.4
97.1
91.9

1996 -- Q1
Q2
Q3
Q4

809.8
747.5
737.7
630.4

214.3
109.3
162.6
93.9

595.6
638.2
575.2
536.5

383.8
385.1
350.1
271.5

255.7
240.5
236.0
206.3

113.2
111.7
79.8
50.4

231.3
269.5
257.3
224.0

140.1
172.9
181.0
134.0

-19.6
-16.3
-32.2
40.9

420.8
668.8
450.8
642.9

62.1
49.4
130.3
111.8

1997 -- Q1
Q2
Q3
Q4

720.5
702.9
883.9
909.9

67.6
-14.4
50.5
-11.3

652.9
717.3
833.4
921.3

362.8
304.0
361.2
305.5

225.7
197.9
344.3
181.4

63.0
55.9
48.1
43.1

276.0
368.7
395.2
527.2

183.2
241.4
263.7
394.1

14.1
44.6
77.0
88.6

411.0
623.4
630.8
949.6

33.3
76.3
121.6
55.8

1998 -- Q1
Q2
Q3
Q4

1101.3
1095.4
909.1
1065.8

-18.4
-21.2
-105.7
-65.2

1119.7
1116.6
1014.8
1131.0

488.1
437.6
469.6
526.7

383.4
301.8
363.6
424.9

58.9
62.1
79.6
69.9

543.8
592.7
475.1
527.4

428.6
475.9
359.3
404.9

87.8
86.3
70.2
76.9

968.5
968.7
1062.6
1295.7

107.3
103.1
-11.7
-25.6

1999 -- Q1
Q2
Q3
Q4

1278.3
939.4
1170.7
1095.5

-83.4
-98.5
-71.4
-31.5

1361.8
1037.9
1242.2
1126.9

554.6
520.7
588.5
509.6

389.9
419.2
458.5
377.3

130.5
61.4
76.2
109.5

727.4
473.5
601.3
583.7

626.3
372.0
467.2
455.4

79.8
43.6
52.5
33.6

1228.8
995.3
1064.2
1063.4

30.7
-24.5
77.3
17.6

2000 -- Q1
Q2

947.3
994.4

-215.5
-414.0

1162.9
1408.4

531.4
635.4

322.6
477.1

143.1
131.8

627.7
747.9

503.4
615.5

3.8
25.0

618.3
842.9

116.9
-10.5

8

Z.1, September 15, 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

1964
1965
1966
1967
1968

939.9
1007.1
1074.6
1152.6
1242.7

259.9
261.5
265.1
278.1
290.6

680.0
745.6
809.5
874.6
952.1

299.1
326.6
348.4
367.9
397.4

191.1
207.3
219.8
232.3
247.4

87.4
97.5
103.4
108.6
119.3

285.3
315.7
351.1
389.3
428.6

197.8
218.7
244.1
271.8
299.9

95.6
103.2
110.0
117.4
126.1

53.0
61.9
72.9
71.6
84.0

35.0
37.5
39.5
43.3
46.1

1969
1970
1971
1972
1973

1332.0
1422.3
1557.5
1713.5
1898.0

287.4
299.5
324.4
339.4
346.3

1044.6
1122.8
1233.1
1374.1
1551.7

426.8
445.3
487.1
544.5
614.1

262.7
274.2
297.2
332.5
371.4

129.2
133.7
149.2
168.8
193.0

479.5
527.2
579.2
649.0
742.8

335.3
367.4
395.6
433.0
497.0

138.3
150.3
166.7
180.7
194.8

111.5
127.8
138.9
162.8
209.8

49.2
52.1
56.6
61.1
67.4

1974
1975
1976
1977
1978

2072.3
2264.7
2508.3
2829.6
3214.5

358.2
443.9
513.1
569.4
621.9

1714.1
1820.8
1995.3
2260.2
2592.6

663.5
715.3
802.3
934.6
1094.1

402.5
439.9
500.4
590.8
697.3

201.9
207.0
229.0
264.4
310.4

842.4
886.2
955.2
1069.5
1203.0

554.6
575.2
614.2
687.6
761.6

208.2
219.4
237.8
256.2
295.6

258.3
260.4
283.9
337.8
412.5

81.2
95.6
116.0
129.4
157.6

1979
1980
1981
1982
1983

3606.5
3957.9
4366.4
4788.3
5364.9

657.7
735.0
820.5
981.8
1167.0

2948.9
3222.9
3545.9
3806.5
4197.9

1258.5
1374.1
1480.8
1547.7
1706.2

809.1
904.6
971.9
1002.4
1090.5

353.1
355.4
373.1
390.3
440.3

1368.2
1504.3
1693.0
1845.0
2030.5

845.4
911.6
1028.6
1117.9
1228.8

322.2
344.4
372.1
413.8
461.1

504.9
578.1
682.4
778.1
882.8

172.9
197.2
220.7
212.6
229.8

1984
1985
1986
1987
1988

6151.2
7133.3
7975.1
8678.6
9461.7

1364.2
1589.9
1805.9
1949.8
2104.9

4787.0
5543.5
6169.3
6728.8
7356.8

1918.4
2235.9
2489.0
2743.3
3011.3

1217.9
1407.7
1600.0
1816.0
2021.5

521.0
603.8
658.2
688.6
732.0

2355.0
2629.6
2928.1
3144.5
3450.5

1434.8
1613.1
1835.0
2008.0
2218.3

513.6
677.9
752.1
841.0
895.0

1052.4
1258.3
1593.6
1896.5
2145.8

238.0
239.3
241.0
247.4
254.8

1989
1990
1991
1992
1993

10166.3
10850.6
11312.5
11839.9
12436.0

2251.2
2498.1
2776.4
3080.3
3336.5

7915.0
8352.4
8536.2
8759.6
9099.6

3280.8
3554.3
3723.0
3893.3
4108.0

2220.7
2461.2
2619.2
2762.2
2892.6

793.3
805.1
794.5
800.6
859.0

3689.1
3805.8
3735.5
3764.5
3823.6

2402.2
2522.5
2470.6
2513.9
2567.2

945.1
992.3
1077.7
1101.8
1167.9

2399.3
2615.8
2786.7
3046.3
3346.1

265.0
288.9
304.0
318.8
388.6

1994
1995
1996
1997
1998

13001.5
13712.9
14444.2
15247.0
16289.9

3492.3
3636.7
3781.8
3804.9
3752.2

9509.2
10076.1
10662.5
11442.1
12537.7

4426.7
4782.9
5105.3
5442.8
5924.6

3070.0
3252.2
3461.6
3702.7
4072.5

983.9
1122.8
1211.6
1264.1
1331.7

3960.8
4223.0
4493.7
4879.9
5413.3

2696.8
2925.5
3107.7
3372.7
3788.5

1121.7
1070.2
1063.4
1119.5
1199.8

3822.2
4278.8
4824.6
5445.2
6519.1

375.0
453.7
542.2
608.0
651.4

1999

17445.6

3681.0

13764.5

6469.1

4484.6

1426.2

6043.3

4302.2

1252.1

7607.0

676.9

1995 -- Q1
Q2
Q3
Q4

13188.5
13402.9
13561.6
13712.9

3539.5
3600.4
3623.8
3636.7

9649.0
9802.5
9937.8
10076.1

4510.1
4600.3
4699.8
4782.9

3110.1
3158.0
3213.3
3252.2

1019.1
1054.9
1091.5
1122.8

4031.8
4108.1
4160.7
4223.0

2760.8
2830.9
2875.3
2925.5

1107.1
1094.1
1077.3
1070.2

3910.0
4013.3
4131.6
4278.8

392.6
406.2
430.5
453.7

1996 -- Q1
Q2
Q3
Q4

13915.3
14102.2
14286.6
14444.2

3690.3
3717.6
3758.3
3781.8

10225.0
10384.5
10528.3
10662.5

4880.9
4945.6
5035.2
5105.3

3318.1
3346.6
3407.8
3461.6

1151.1
1179.0
1199.0
1211.6

4278.8
4377.8
4440.0
4493.7

2958.5
3033.3
3076.4
3107.7

1065.3
1061.2
1053.2
1063.4

4384.0
4551.2
4663.9
4824.6

469.2
481.5
514.1
542.2

1997 -- Q1
Q2
Q3
Q4

14624.3
14800.1
15019.5
15247.0

3798.7
3795.1
3807.7
3804.9

10825.7
11005.0
11211.8
11442.1

5198.0
5275.4
5366.1
5442.8

3519.8
3570.6
3657.0
3702.7

1227.3
1241.3
1253.3
1264.1

4560.7
4651.5
4748.4
4879.9

3151.5
3210.4
3274.5
3372.7

1066.9
1078.1
1097.3
1119.5

4927.4
5083.2
5207.8
5445.2

550.5
569.6
593.9
608.0

1998 -- Q1
Q2
Q3
Q4

15522.3
15796.2
16023.5
16289.9

3800.3
3795.0
3768.5
3752.2

11722.1
12001.2
12254.9
12537.7

5565.1
5674.9
5792.6
5924.6

3798.9
3874.6
3965.9
4072.5

1278.8
1294.4
1314.3
1331.7

5015.5
5163.4
5281.8
5413.3

3479.5
3598.2
3687.6
3788.5

1141.4
1163.0
1180.6
1199.8

5687.3
5929.5
6195.2
6519.1

634.8
660.6
657.7
651.4

1999 -- Q1
Q2
Q3
Q4

16611.2
16846.1
17171.7
17445.6

3731.4
3706.8
3688.9
3681.0

12879.9
13139.3
13482.8
13764.5

6063.9
6194.4
6341.7
6469.1

4170.3
4275.4
4390.2
4484.6

1364.4
1379.7
1398.8
1426.2

5596.3
5714.3
5897.4
6043.3

3946.2
4038.9
4188.4
4302.2

1219.7
1230.6
1243.7
1252.1

6826.3
7075.1
7341.2
7607.0

659.1
653.0
672.3
676.9

2000 -- Q1
Q2

17682.4
17931.0

3627.2
3523.7

14055.3
14407.3

6602.1
6760.9

4565.3
4684.5

1461.9
1494.9

6200.1
6387.1

4428.0
4581.9

1253.1
1259.3

7761.6
7972.3

706.1
703.5

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, September 15, 2000

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

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1243.8

1365.6

1529.8

2160.1

2234.2

2537.8

1910.2

2312.3

2176.5

1682.6

1826.7

1

711.3

731.4

804.3

1042.9

1121.0

1278.3

939.4

1170.7

1095.5

947.3

994.4

2

144.4

145.0

23.1

-52.6

-71.2

-83.4

-98.5

-71.4

-31.5

-215.5

-414.0

3

566.9

586.3

781.2

1095.5

1192.2

1361.8

1037.9

1242.2

1126.9

1162.9

1408.4

4

348.8
236.1
30.6
2.9
-51.5

347.6
157.0
83.8
4.8
-6.8

333.4
270.6
115.0
6.2
56.1

480.5
417.2
109.8
7.7
80.3

543.4
480.2
111.1
5.2
52.3

554.6
626.3
96.2
4.9
79.8

520.7
372.0
99.8
1.7
43.6

588.5
467.2
125.5
8.5
52.5

509.6
455.4
122.7
5.6
33.6

531.4
503.4
109.5
14.7
3.8

635.4
615.5
120.8
11.6
25.0

5
6
7
8
9

10

Rest of the world

78.5

88.4

71.8

43.3

25.3

30.7

-24.5

77.3

17.6

116.9

-10.5

10

11

Financial sectors

453.9

545.8

653.7

1073.9

1087.9

1228.8

995.3

1064.2

1063.4

618.3

842.9

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

67.2
41.8
-0.4
25.8

46.1
11.0
-1.2
36.3

61.5
50.3
-0.5
11.7

107.0
83.1
-1.5
25.4

54.1
22.6
1.6
29.9

72.4
64.5
-0.4
8.3

115.1
83.7
-0.2
31.6

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

48.0
2.2

75.2
1.5

59.2
1.4

51.9
2.8

5.8
3.3

40.6
-2.9

56.3
0.9

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
150.8

0.2
98.4
114.5
202.2

0.7
278.3
192.6
321.4

0.7
318.2
273.8
234.0

3.3
193.0
396.6
289.7

3.0
304.7
271.9
301.5

1.1
407.1
244.5
220.5

-4.4
367.9
182.4
124.2

-0.7
104.9
144.3
166.0

-1.1
234.8
121.6
193.2

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

62.4
0.2
6.3
-17.2
92.2

77.0
-4.6
25.6
-31.1
156.5

90.5
5.1
-19.7
-17.4
-66.2

-17.2
-6.1
7.9
16.9
27.9

99.2
6.2
11.3
-37.3
250.6

52.3
-3.0
11.5
44.4
-11.4

157.6
2.7
9.8
-0.7
-47.4

22
23
24
25
26

1243.8

1365.6

1529.8

2160.1

2234.2

2537.8

1910.2

2312.3

2176.5

1682.6

1826.7

27

-61.3

80.5

17.1

131.8

296.6

507.8

380.4

268.7

29.3

-104.3

263.4

28

34.1
-8.8
4.7
-91.4

128.7
-10.2
-4.3
-33.7

31.8
-12.7
-2.1
0.1

-16.7
14.0
0.1
134.5

222.4
29.3
1.5
43.4

305.5
67.0
2.8
132.5

280.3
17.8
1.2
81.0

265.1
45.2
0.8
-42.4

38.5
-13.0
1.4
2.4

-172.9
63.8
2.6
2.3

180.7
38.5
2.8
41.4

29
30
31
32

-0.2
273.9

-7.4
414.4

5.1
311.3

13.5
254.2

5.8
210.6

17.0
256.9

6.7
61.6

11.2
385.3

-11.8
138.7

6.2
334.9

8.2
185.6

33
34

1031.4

878.1

1196.3

1760.6

1721.2

1756.2

1461.5

1647.0

2020.3

1445.7

1369.5

35

12.7

12.3

38.3

21.1

25.7

64.5

59.8

20.6

-42.2

103.4

-3.9

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
4.4

68.1
131.5
-53.1
-6.0
-4.4

166.6
259.4
-102.5
0.4
9.2

449.4
421.9
33.2
-12.4
6.6

548.7
457.7
42.0
42.6
6.3

377.1
409.2
4.8
-42.2
5.4

484.7
505.8
-29.9
3.5
5.4

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

68.7
27.5
-8.4

111.0
30.9
-7.6

85.3
32.7
-8.4

58.1
27.5
-8.6

20.2
18.8
-9.1

50.2
39.9
-9.5

72.9
40.7
-9.9

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
20.2
33.6

69.6
22.5
-5.8
37.3

104.8
25.2
19.5
63.8

76.9
20.4
57.8
71.5

53.5
-4.2
57.5
49.9

78.4
-19.7
57.5
76.0

68.2
26.7
86.6
25.1

36.8
-14.4
32.0
40.0

30.7
-9.4
54.0
58.2

57.2
-14.0
46.1
55.3

54.1
-13.6
0.2
17.1

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
120.5

87.5
80.9
-2.9
94.3
114.5
163.8

244.0
124.8
4.5
261.7
192.6
281.7

182.0
47.2
3.1
235.6
273.8
215.8

215.7
97.4
3.1
189.1
396.6
272.1

-67.0
117.2
3.1
251.5
271.9
284.8

224.8
-13.0
3.1
280.7
244.5
212.0

354.5
-12.7
3.1
221.0
182.4
94.4

208.8
-80.8
3.1
138.2
144.3
145.3

-156.2
55.0
3.1
215.1
121.6
158.7

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
-15.7

18.4
8.2
4.4
-15.7
13.6

21.9
-9.1
20.2
14.9
47.4

51.9
3.2
-5.1
6.8
-1.0

94.9
0.3
-2.6
-30.8
123.6

85.3
-9.1
1.7
34.6
10.5

88.1
10.2
-2.2
-119.7
81.1

91.7
-12.1
-2.7
-22.2
-1.1

114.4
12.3
-7.0
-15.9
403.8

132.9
-6.0
-16.3
106.9
-36.3

145.5
5.5
-2.5
33.8
147.5

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

711.3

731.4

804.3

1042.9

1121.0

1278.3

939.4

1170.7

1095.5

947.3

994.4

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

-71.2
-71.0
-0.2

-83.4
-81.9
-1.5

-98.5
-99.1
0.6

-71.4
-71.5
0.0

-31.5
-31.5
0.0

-215.5
-213.5
-2.1

-414.0
-415.8
1.8

2
3
4

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

566.9
18.1
-48.2
91.1
103.7
67.2

586.3
-0.9
2.6
116.3
70.5
33.5

781.2
13.7
71.4
150.5
106.5
69.1

1095.5
24.4
96.8
218.7
108.2
74.3

1192.2
37.4
68.2
229.9
82.7
71.2

1361.8
58.3
92.1
274.0
86.0
148.0

1037.9
-2.6
56.8
287.6
24.0
2.3

1242.2
49.8
71.3
202.8
112.3
79.2

1126.9
44.0
52.5
155.2
108.6
55.4

1162.9
36.2
8.9
186.2
131.9
162.1

1408.4
116.9
34.0
153.8
159.7
144.6

5
6
7
8
9
10

196.0
180.7
5.8
7.9
1.6
138.9

275.7
242.5
9.4
21.3
2.6
88.8

317.5
252.3
8.3
53.7
3.2
52.5

505.5
386.9
20.3
92.0
6.2
67.6

608.4
432.9
40.2
129.9
5.5
94.4

572.8
411.8
35.5
122.0
3.6
130.5

608.4
440.8
33.1
125.6
9.0
61.4

650.7
480.0
44.2
119.4
7.0
76.2

601.7
398.9
47.9
152.4
2.5
109.5

494.5
346.2
31.5
109.9
6.9
143.1

667.6
500.6
36.6
118.5
11.9
131.8

11
12
13
14
15
16

566.9
348.8
269.5
236.1
30.6
2.9
-51.5

586.3
347.6
245.5
157.0
83.8
4.8
-6.8

781.2
333.4
391.8
270.6
115.0
6.2
56.1

1095.5
480.5
534.7
417.2
109.8
7.7
80.3

1192.2
543.4
596.5
480.2
111.1
5.2
52.3

1361.8
554.6
727.4
626.3
96.2
4.9
79.8

1037.9
520.7
473.5
372.0
99.8
1.7
43.6

1242.2
588.5
601.3
467.2
125.5
8.5
52.5

1126.9
509.6
583.7
455.4
122.7
5.6
33.6

1162.9
531.4
627.7
503.4
109.5
14.7
3.8

1408.4
635.4
747.9
615.5
120.8
11.6
25.0

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.

78.5

88.4

71.8

43.3

25.3

30.7

-24.5

77.3

17.6

116.9

-10.5

24

25
26
27
28

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

13.5
57.1
8.5
-0.5

11.3
67.0
9.1
1.0

3.7
61.4
8.5
-1.8

7.8
34.8
6.7
-6.0

16.3
14.2
0.5
-5.7

18.0
15.4
0.9
-3.5

-27.5
0.2
5.6
-2.8

41.1
44.0
-6.6
-1.1

33.6
-2.7
2.3
-15.5

56.7
45.7
15.4
-0.9

10.9
-29.6
6.1
2.0

25
26
27
28

789.8

819.8

876.1

1086.2

1146.3

1309.1

914.9

1248.1

1113.1

1064.2

983.8

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

545.8

653.7

1073.9

1087.9

1228.8

995.3

1064.2

1063.4

618.3

842.9

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

589.5
193.0
396.6
0

576.6
304.7
271.9
0

651.6
407.1
244.5
0

550.3
367.9
182.4
0

249.2
104.9
144.3
0

356.4
234.8
121.6
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

314.4
92.2
173.8
12.6
27.9
7.9

440.9
166.7
210.5
13.2
35.6
14.9

603.0
161.0
296.9
30.1
90.2
24.8

495.9
176.2
221.8
-14.3
107.1
5.1

639.2
78.7
473.8
-6.7
73.3
20.1

418.8
57.3
254.8
11.0
107.9
-12.3

412.6
89.9
179.5
-5.9
139.8
9.4

513.0
479.0
-21.0
-55.6
107.5
3.2

369.2
130.9
166.5
0.3
64.4
7.0

486.5
77.4
268.1
8.8
122.3
10.0

6
7
8
9
10
11

453.9

545.8

653.7

1073.9

1087.9

1228.8

995.3

1064.2

1063.4

618.3

842.9

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

67.2
41.8
-0.4
25.8

46.1
11.0
-1.2
36.3

61.5
50.3
-0.5
11.7

107.0
83.1
-1.5
25.4

54.1
22.6
1.6
29.9

72.4
64.5
-0.4
8.3

115.1
83.7
-0.2
31.6

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

48.0
2.2

75.2
1.5

59.2
1.4

51.9
2.8

5.8
3.3

40.6
-2.9

56.3
0.9

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
150.8

0.2
98.4
114.5
202.2

0.7
278.3
192.6
321.4

0.7
318.2
273.8
234.0

3.3
193.0
396.6
289.7

3.0
304.7
271.9
301.5

1.1
407.1
244.5
220.5

-4.4
367.9
182.4
124.2

-0.7
104.9
144.3
166.0

-1.1
234.8
121.6
193.2

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

62.4
0.2
6.3
-17.2
92.2

77.0
-4.6
25.6
-31.1
156.5

90.5
5.1
-19.7
-17.4
-66.2

-17.2
-6.1
7.9
16.9
27.9

99.2
6.2
11.3
-37.3
250.6

52.3
-3.0
11.5
44.4
-11.4

157.6
2.7
9.8
-0.7
-47.4

23
24
25
26
27

11

Z.1, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1243.8

1365.6

1529.8

2160.1

2234.2

2537.8

1910.2

2312.3

2176.5

1682.6

1826.7

1

2
3
4
5

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

74.3
348.5
-48.2
344.1

102.6
376.5
2.6
357.0

184.1
235.9
71.4
422.4

193.1
418.3
96.8
550.4

229.9
520.8
68.2
465.9

155.1
506.1
92.1
763.1

27.2
478.1
56.8
542.6

180.7
580.1
71.3
426.3

556.6
518.9
52.5
131.5

223.7
33.6
8.9
398.4

205.1
-57.6
34.0
392.3

2
3
4
5

6
7
8
9

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

114.7
70.1
201.3
138.9

92.1
62.5
283.6
88.8

128.2
102.8
332.4
52.5

145.0
158.5
530.3
67.6

68.9
172.6
613.5
94.4

80.1
217.8
593.0
130.5

40.6
107.5
596.2
61.4

99.8
217.9
660.0
76.2

55.2
147.3
604.9
109.5

147.7
225.7
501.5
143.1

174.6
268.9
677.6
131.8

6
7
8
9

131.5

231.9

181.2

100.0

156.5

154.2

178.5

120.4

172.8

414.3

125.4

10

-16.0
-58.3

-5.7
-69.5

-83.9
-114.4

-174.6
-267.0

-31.8
-143.5

-86.4
-52.1

-33.9
-338.4

-7.0
-128.4

-0.0
-55.0

105.2
62.8

-123.0
-248.0

11
12

50.4
-8.1
147.4

82.8
-19.0
237.6

57.6
-27.1
265.1

101.2
-8.9
274.6

114.4
-2.7
188.3

-19.8
-14.5
240.6

284.4
20.2
212.4

121.7
-0.3
127.5

71.3
-16.3
172.8

63.3
-20.8
309.0

135.0
-10.0
248.4

13
14
15

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

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

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets
Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5

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

1243.8

1365.6

1529.8

2160.1

2234.2

2537.8

1910.2

2312.3

2176.5

1682.6

1826.7

1

8.8
2.2
0.6
35.3

-6.3
-0.5
0.1
85.9

0.7
-0.5
-0.0
108.9

6.6
0
-0.0
2.0

-8.7
-3.0
-0.0
86.5

-14.0
-4.0
0
113.7

-5.4
0
2.1
110.1

-8.5
-4.0
2.0
69.4

-7.0
-4.0
-4.1
52.7

1.5
0
2.2
258.5

-8.8
-8.0
-2.3
-1.1

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
-12.8
96.6
65.6
141.2

-51.6
15.7
97.2
114.0
145.4

-19.7
41.2
97.1
122.5
155.9

-32.3
47.4
152.4
92.1
287.2

16.3
151.4
44.7
130.6
249.1

48.3
63.6
-74.8
18.0
221.3

93.4
37.5
106.6
42.4
115.3

-33.5
139.3
119.1
102.7
174.3

-43.3
365.2
28.0
359.4
485.5

-75.8
-219.1
109.1
149.2
241.0

202.0
-61.1
132.2
108.5
48.2

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
-5.7
237.6
114.1

120.9
-83.9
265.1
131.2

91.3
-174.6
274.6
27.0

171.7
-31.8
188.3
182.2

258.0
-86.4
240.6
121.7

-26.1
-33.9
212.4
253.3

135.9
-7.0
127.5
216.9

319.0
-0.0
172.8
137.0

276.1
105.2
309.0
213.7

134.8
-123.0
248.4
213.2

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

26.7
45.8
171.0
6.2

52.4
44.5
163.0
16.0

111.0
59.3
278.8
15.6

103.3
48.0
248.7
11.8

93.5
50.8
253.7
15.4

-62.2
55.4
204.5
-2.1

139.7
42.1
248.8
42.5

18.9
48.1
266.7
-1.1

277.8
57.6
294.6
22.5

566.3
38.0
258.0
24.8

-138.6
44.3
240.8
24.7

15
16
17
18

19
20
21

Investment in bank personal trusts
Noncorporate proprietors’ equity
Miscellaneous

4.0
34.6
489.4

-8.6
-3.4
525.7

-56.3
-43.7
499.6

-48.0
-46.7
836.2

-31.1
-22.1
698.3

-32.0
-19.2
398.5

-25.9
4.1
1393.1

-34.3
-71.2
499.2

-32.3
-2.2
502.2

-40.4
-27.4
1024.6

-41.0
-28.7
879.9

19
20
21

2739.7

2942.6

3333.6

4086.9

4469.8

3986.7

4662.0

4072.6

5157.9

4897.2

3691.2

22

-0.5
25.1
-3.1

-0.9
59.6
-3.3

-0.6
107.4
-19.9

-0.7
-6.4
3.4

-1.7
66.4
3.5

-1.5
49.3
49.7

0.6
96.1
-4.8

0.2
26.4
-7.0

-6.3
93.9
-23.7

-1.8
179.0
24.4

-6.2
-67.2
-4.1

23
24
25

25.7
21.1
-180.9

4.1
22.9
-88.1

64.3
27.9
-82.0

61.4
13.7
-54.3

32.1
3.0
-340.2

213.5
-9.1
-533.0

54.3
20.1
-289.9

77.8
1.5
-466.9

-217.3
-0.7
-71.3

550.0
10.0
-340.3

-11.5
-0.3
-250.2

26
27
28

-6.0
-3.8
15.6

0.5
-4.0
-21.2

-2.7
-3.9
-29.4

2.6
-3.1
-42.1

-7.4
-0.8
49.8

-2.1
-2.1
45.6

-27.0
-0.9
-18.1

8.6
-0.3
60.4

-9.2
0.0
111.4

28.7
0.6
2.7

-2.6
1.5
10.8

29
30
31

2846.6

2973.1

3272.5

4112.5

4665.2

4176.3

4831.5

4371.9

5281.1

4443.9

4021.1

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

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

Q2

2000
Q3

Q4

Q1

Q2

7400.5

7813.2

8318.5

8790.2

9299.2

9104.5

9191.7

9341.0

9559.6

9752.7

9942.9

1

4969.0

5237.5

5529.3

5850.9

6268.7

6095.3

6213.2

6319.9

6446.2

6621.7

6707.1

2

589.7
1497.3
2882.0

616.5
1574.1
3047.0

642.6
1641.6
3245.2

693.9
1707.6
3449.4

761.3
1845.5
3661.9

733.9
1786.4
3575.0

756.3
1825.4
3631.5

767.2
1860.0
3692.7

787.6
1910.1
3748.5

826.3
1963.8
3831.6

814.4
1997.1
3895.6

3
4
5

1143.8

1242.7

1390.5

1549.9

1650.1

1609.8

1608.0

1659.1

1723.7

1755.7

1852.8

6

1110.7

1212.7

1327.7

1472.9

1606.8

1560.6

1593.4

1622.4

1651.0

1725.8

1779.8

7

8
9
10
11
12
13

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

825.1
41.2
615.9
52.9
22.4
92.6

899.5
43.6
656.5
61.8
23.8
113.8

999.4
51.7
715.7
52.1
27.5
152.4

1107.5
55.7
768.0
69.1
29.3
185.5

1203.1
58.7
861.2
114.5
27.6
141.1

1165.3
57.7
824.0
92.2
28.9
162.5

1188.0
58.1
870.0
122.3
28.0
109.6

1216.8
58.7
865.8
117.7
26.6
148.0

1242.2
60.2
885.0
125.8
26.9
144.4

1308.5
63.7
933.0
133.2
29.6
149.0

1359.9
65.7
961.0
144.1
31.0
158.2

8
9
10
11
12
13

14
15
16
17
18

Residential
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

285.6
237.7
2.3
43.0
2.7

313.3
258.6
2.4
47.9
4.4

328.3
273.4
2.2
41.3
11.3

365.4
306.3
2.5
45.2
11.4

403.8
349.4
2.7
50.0
1.6

395.3
337.3
2.7
49.0
6.4

405.4
356.3
2.7
50.2
-3.8

405.6
350.1
2.7
50.2
2.5

408.8
354.0
2.8
50.6
1.4

417.3
362.1
2.8
51.7
0.7

419.9
363.9
2.8
52.0
1.2

14
15
16
17
18

33.1
40.1
2.1
-9.2

30.0
21.0
1.1
7.9

62.9
57.0
3.0
2.9

77.0
72.6
3.8
0.6

43.3
41.4
2.2
-0.3

49.2
44.7
2.4
2.2

14.6
12.7
0.7
1.2

36.7
39.9
2.1
-5.3

72.7
68.2
3.6
0.9

29.9
30.8
1.6
-2.5

73.0
69.4
3.7
-0.1

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

-89.4

-151.5

-254.0

-196.1

-240.4

-280.5

-299.1

-335.2

-360.0

23

24
25

Exports
- Imports

818.6
902.8

874.2
963.1

966.4
1055.8

966.0
1117.5

990.2
1244.2

957.3
1153.4

973.0
1213.4

999.5
1280.0

1031.0
1330.1

1051.9
1387.1

1090.8
1450.8

24
25

26

Government consumption expenditures and
gross investment

1372.1

1422.0

1488.0

1541.0

1634.4

1595.5

1610.9

1642.5

1688.8

1710.5

1743.0

26

1133.9
439.2
694.7

1171.8
445.3
726.5

1223.3
456.9
766.5

1262.1
453.7
808.4

1325.7
470.8
855.0

1296.6
464.5
832.1

1307.4
460.2
847.2

1334.4
471.3
863.1

1364.4
487.0
877.4

1376.2
478.7
897.5

1410.4
499.1
911.3

27
28
29

238.2
82.3
155.8

250.2
86.3
163.8

264.7
81.4
183.3

278.9
86.9
192.0

308.7
97.9
210.9

298.9
89.6
209.3

303.5
98.1
205.4

308.1
99.1
209.0

324.4
104.6
219.8

334.3
101.4
232.9

332.6
105.4
227.2

30
31
32

20.3
232.3
211.9

18.1
245.6
227.5

7.1
281.3
274.3

-3.5
285.4
288.9

-11.0
305.9
316.9

-7.3
281.9
289.2

-9.7
295.9
305.6

-13.6
314.4
328.0

-13.4
331.2
344.6

-7.7
350.9
358.6

-10.5
370.3
380.8

33
34
35

7420.9

7831.3

8325.5

8786.7

9288.2

9097.2

9182.0

9327.4

9546.2

9745.0

9932.4

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, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

5876.8

6210.2

6618.5

7038.1

7469.7

7312.5

7392.4

7493.1

7680.7

7833.4

7972.4

1

4202.5
3921.6
264.5
16.4

4395.4
4116.4
275.4
3.6

4651.3
4364.3
290.0
-2.9

4984.2
4676.2
305.9
2.1

5299.8
4971.0
323.6
5.2

5181.5
4859.3
317.0
5.2

5255.4
4929.0
321.2
5.2

5341.0
5009.9
325.9
5.2

5421.2
5085.8
330.2
5.2

5512.2
5174.4
337.8
0

5597.7
5255.3
342.4
0

2
3
4
5

497.7
475.5
22.2

544.8
510.5
34.3

581.2
551.5
29.7

620.7
595.3
25.5

663.5
638.2
25.3

644.1
619.1
25.0

660.4
631.4
29.0

659.7
644.2
15.5

689.6
657.9
31.7

693.9
674.8
19.1

708.5
686.8
21.7

6
7
8

118.0

129.7

128.4

135.5

143.4

144.9

145.7

136.6

146.2

145.6

141.9

9

668.8

754.0

833.8

815.0

855.9

851.9

836.8

842.0

893.1

936.3

964.0

10

650.2

729.4

800.8

775.2

813.8

809.0

795.6

799.3

851.5

895.7

928.8

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

668.5
421.6
0.6
92.0
154.3

726.4
458.8
1.4
100.9
165.3

792.4
494.4
1.7
110.7
185.7

758.2
488.2
1.7
103.5
164.8

822.9
537.7
1.8
111.4
172.1

797.6
515.4
1.7
107.2
173.3

804.5
536.3
1.8
105.9
160.5

819.0
538.0
1.8
111.9
167.3

870.7
561.2
1.8
120.5
187.2

920.7
598.0
1.8
128.9
192.0

942.2
619.8
1.9
131.5
189.0

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

237.2
157.9
0.5
78.9

244.6
158.9
0.5
85.2

255.9
166.1
0.5
89.3

247.8
158.0
0.5
89.3

250.8
166.7
0.5
83.6

254.2
166.6
0.5
87.1

270.8
173.0
0.5
97.3

286.3
185.5
0.5
100.3

292.9
193.4
0.6
99.0

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
200.9
1.0
40.4
55.4

555.2
335.2
216.8
1.3
51.4
65.8

513.6
351.5
239.1
1.4
39.1
71.9

567.1
370.7
249.4
1.5
41.8
78.1

549.8
361.1
236.1
1.5
50.9
72.6

553.7
367.2
254.8
1.5
31.5
79.4

564.8
373.9
250.6
1.5
42.8
79.0

599.9
380.6
256.0
1.5
41.9
81.2

634.4
387.3
260.9
1.6
42.0
82.8

649.3
393.0
260.8
1.6
47.9
82.7

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
108.3
-0.1
60.5
36.4

220.0
119.7
-0.1
59.3
41.0

162.1
90.1
-0.2
64.4
7.7

196.4
122.2
-0.2
69.6
4.7

188.7
121.2
-0.2
56.3
11.4

186.5
114.8
-0.2
74.4
-2.5

190.9
120.8
-0.2
69.1
1.2

219.3
132.2
-0.2
78.6
8.7

247.1
151.6
-0.3
86.9
8.9

256.3
165.7
-0.3
83.6
7.3

27
28
29
30
31

32

Inventory valuation adjustment

-18.3

3.1

8.5

17.0

-9.1

11.4

-8.9

-19.7

-19.2

-25.0

-13.4

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Financial

18.6
37.5
1.2
-20.1

24.6
44.7
1.1
-21.2

32.9
50.1
1.0
-18.2

39.9
52.4
1.2
-13.7

42.1
56.8
1.2
-15.9

42.9
56.8
1.2
-15.1

41.2
55.7
1.2
-15.7

42.7
57.6
1.3
-16.2

41.6
56.9
1.3
-16.6

40.6
56.6
1.3
-17.3

35.2
52.9
1.3
-19.0

33
34
35
36

389.8

386.3

423.9

482.8

507.2

490.1

494.1

513.8

530.6

545.4

560.3

37

5876.8

6210.2

6618.5

7038.1

7469.7

7312.5

7392.4

7493.1

7680.7

7833.4

7972.4

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
743.6
168.2
26.4

26.4
8.1
620.0
782.0
174.3
33.0

27.9
8.9
646.2
832.4
181.0
29.8

28.7
9.3
679.5
889.4
188.0
-24.8

29.8
9.9
718.1
961.4
199.6
-71.8

29.4
9.5
697.2
930.3
194.6
-53.4

29.6
9.7
708.0
951.0
197.8
-76.8

29.9
10.0
721.6
980.8
201.1
-89.6

30.1
10.5
745.5
983.5
204.9
-67.6

30.4
11.0
756.0
1005.6
209.9
-77.8

30.6
10.8
763.5
1029.2
214.8
-64.3

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

19.1
7.1

21.5
-3.5

28.4
-11.0

22.9
-7.3

29.7
-9.7

19.5
-13.6

41.4
-13.4

23.5
-7.7

24.6
-10.5

45
46

47

Equals:
Gross Domestic Product

7400.5

7813.2

8318.5

8790.2

9299.2

9104.5

9191.7

9341.0

9559.6

9752.7

9942.9

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, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1257.6

1349.1

1502.3

1654.4

1717.6

1715.3

1691.9

1717.0

1746.2

1777.1

1830.4

1

1266.0

1290.3

1343.8

1375.8

1343.5

1383.0

1338.5

1321.1

1331.3

1279.2

1323.6

2

Personal saving

302.4

272.1

252.9

265.4

147.5

204.5

163.5

121.2

100.9

10.9

16.3

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
18.6
743.6
512.2
231.5
16.4

205.0
3.1
24.6
782.0
543.5
238.5
3.6

220.0
8.5
32.9
832.4
581.6
250.9
-2.9

162.1
17.0
39.9
889.4
624.3
265.1
2.1

196.4
-9.1
42.1
961.4
676.9
284.5
5.2

188.7
11.4
42.9
930.3
654.4
276.0
5.2

186.5
-8.9
41.2
951.0
670.7
280.3
5.2

190.9
-19.7
42.7
980.8
687.7
293.1
5.2

219.3
-19.2
41.6
983.5
694.8
288.7
5.2

247.1
-25.0
40.6
1005.6
711.5
294.1
0

256.3
-13.4
35.2
1029.2
730.6
298.7
0

4
5
6
7
8
9
10

Gross private saving

-8.5

58.8

158.6

278.7

374.1

332.3

353.4

395.9

414.9

497.9

506.8

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

33.4
86.8
-53.4

137.4
88.4
49.0

217.3
92.8
124.5

180.7
90.9
89.8

209.5
92.0
117.5

240.8
93.4
147.4

238.4
95.0
143.4

333.2
97.2
236.0

337.0
99.1
237.9

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

125.1
94.2
31.0

141.3
99.6
41.7

156.8
106.8
50.0

151.6
103.7
47.9

143.9
105.8
38.1

155.1
107.7
47.4

176.5
109.9
66.6

164.7
112.7
52.0

169.8
115.7
54.1

15
16
17

1284.0

1382.2

1532.1

1629.7

1645.7

1661.9

1615.1

1627.4

1678.6

1699.3

1766.1

18

1143.8

1242.7

1390.5

1549.9

1650.1

1609.8

1608.0

1659.1

1723.7

1755.7

1852.8

19

18
19

Gross government saving

Gross investment
Gross private domestic investment

20

Fixed investment

1110.7

1212.7

1327.7

1472.9

1606.8

1560.6

1593.4

1622.4

1651.0

1725.8

1779.8

20

21
22

Nonresidential
Residential

825.1
285.6

899.5
313.3

999.4
328.3

1107.5
365.4

1203.1
403.8

1165.3
395.3

1188.0
405.4

1216.8
405.6

1242.2
408.8

1308.5
417.3

1359.9
419.9

21
22

23

Change in private inventories

33.1

30.0

62.9

77.0

43.3

49.2

14.6

36.7

72.7

29.9

73.0

23

24

Gross government investment

238.2

250.2

264.7

278.9

308.7

298.9

303.5

308.1

324.4

334.3

332.6

24

25

Net foreign investment in U.S.

-97.9

-110.7

-123.1

-199.1

-313.1

-246.8

-296.4

-339.8

-369.5

-390.7

-419.3

25

26.4

33.0

29.8

-24.8

-71.8

-53.4

-76.8

-89.6

-67.6

-77.8

-64.3

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, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

480.3

550.6

483.3

651.0

598.3

513.3

605.1

609.8

665.2

553.9

503.0

1

2
3
4
5

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

4.6
-54.0
159.2
97.7

12.4
-51.7
155.0
50.5

6.5
-35.2
170.7
74.9

0.1
58.2
200.8
155.4

5.2
-23.6
126.8
120.6

6.8
23.3
-87.0
129.2

6.6
-72.1
156.9
66.1

4.2
-11.3
199.5
67.8

3.2
-34.3
237.7
219.1

16.5
14.7
302.1
211.2

-0.1
-89.9
332.2
67.7

2
3
4
5

6

Securities

-55.3

58.8

-173.8

-157.6

-20.0

201.4

62.5

-46.1

-297.8

-532.1

-34.2

6

1.3
-10.5
-43.4
94.4
-165.5
68.3

7.4
66.6
-22.1
75.7
-247.6
178.8

5.6
-137.7
53.7
110.0
-463.2
257.7

4.2
-137.6
15.4
101.1
-401.2
260.4

5.3
112.2
53.4
52.6
-365.0
121.4

4.7
-184.9
71.4
416.2
-278.6
172.6

5.3
170.6
35.7
67.0
-375.3
159.2

5.5
157.4
48.5
53.5
-361.3
50.3

5.9
305.6
58.2
-326.1
-444.8
103.6

6.2
-217.5
9.2
27.0
-605.0
248.0

6.5
-3.6
23.5
150.2
-421.7
210.9

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
171.0

44.5
163.0

59.3
278.8

48.0
248.7

50.8
253.7

55.4
204.5

42.1
248.8

48.1
266.7

57.6
294.6

38.0
258.0

44.3
240.8

13
14

15
16

Investment in bank personal trusts
Miscellaneous and other assets

4.0
107.3

-8.6
126.7

-56.3
158.3

-48.0
145.4

-31.1
116.1

-32.0
11.6

-25.9
120.2

-34.3
115.3

-32.3
217.3

-40.4
285.9

-41.0
-16.8

15
16

17
18
19
20
21

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

979.8
237.7
159.5
589.7
-7.1

1061.1
258.6
177.1
616.5
9.0

1094.6
273.4
172.7
642.6
5.9

1204.0
306.3
199.3
693.9
4.4

1363.4
349.4
250.8
761.3
1.9

1303.5
337.3
227.8
733.9
4.6

1373.0
356.3
258.6
756.3
1.9

1367.3
350.1
253.2
767.2
-3.2

1409.5
354.0
263.5
787.6
4.5

1465.6
362.1
278.1
826.3
-0.9

1474.6
363.9
292.8
814.4
3.6

17
18
19
20
21

22
23
24
25

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

709.3
90.4
154.6
464.4

729.6
93.0
161.3
475.4

757.5
98.4
172.1
487.0

789.4
103.3
183.5
502.6

852.1
111.7
197.1
543.3

825.3
108.1
191.6
525.7

842.1
110.5
194.2
537.4

871.0
114.0
202.8
554.2

870.0
114.3
199.9
555.8

889.0
116.8
203.9
568.2

908.3
119.6
207.2
581.6

22
23
24
25

26

Net investment in tangible assets (4)

270.5

331.5

337.0

414.5

511.3

478.2

531.0

496.3

539.6

576.6

566.3

26

147.3
5.0
125.3
-7.1

165.6
15.8
141.1
9.0

175.0
0.6
155.5
5.9

202.9
15.8
191.4
4.4

237.7
53.6
218.0
1.9

229.2
36.2
208.2
4.6

245.8
64.4
218.9
1.9

236.2
50.4
213.0
-3.2

239.7
63.5
231.8
4.5

245.2
74.2
258.1
-0.9

244.3
85.6
232.8
3.6

27
28
29
30

407.7

485.0

534.3

645.3

758.8

712.0

747.5

755.7

819.9

940.0

710.9

31

179.8
-8.5
138.9
10.5
3.5
83.5

241.5
53.6
88.8
4.5
15.8
80.8

251.4
83.7
52.5
3.2
36.8
106.7

385.9
79.3
67.6
0.1
21.6
90.7

431.8
89.9
94.4
-5.1
69.7
78.0

410.7
74.3
130.5
-17.8
31.6
82.8

439.7
83.6
61.4
-2.8
95.3
70.3

478.9
99.1
76.2
1.3
5.7
94.4

397.8
102.7
109.5
-0.9
146.1
64.7

345.0
76.6
143.1
-1.3
260.0
116.6

499.5
94.5
131.8
3.9
-84.1
65.3

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)

343.2

397.1

286.0

420.2

350.8

279.5

388.6

350.4

384.9

190.4

358.4

38

39

Less net investment in consumer durables

125.3

141.1

155.5

191.4

218.0

208.2

218.9

213.0

231.8

258.1

232.8

39

40

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

217.9

256.0

130.4

228.8

132.8

71.2

169.7

137.4

153.0

-67.6

125.6

40

41

Personal saving (NIPA, excludes consumer durables)

302.4

272.1

252.9

265.4

147.5

204.5

163.5

121.2

100.9

10.9

16.3

41

42

Difference (6)

-84.5

-16.1

-122.5

-36.6

-14.7

-133.3

6.2

16.2

52.1

-78.5

109.3

42

43

Memo:
Disposable personal income

5422.6

5677.7

5968.2

6320.1

6637.6

6514.9

6596.3

6664.5

6774.9

6866.4

6962.0

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)

6.3
4.0
5.6
-1.6

7.0
4.5
4.8
-0.3

4.8
2.2
4.2
-2.1

6.6
3.6
4.2
-0.6

5.3
2.0
2.2
-0.2

4.3
1.1
3.1
-2.0

5.9
2.6
2.5
0.1

5.3
2.1
1.8
0.2

5.7
2.3
1.5
0.8

2.8
-1.0
0.2
-1.1

5.1
1.8
0.2
1.6

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, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

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

6937.0
968.8
5968.2
5715.3
252.9

7391.0
1070.9
6320.1
6054.7
265.4

7789.7
1152.0
6637.6
6490.1
147.5

7628.1
1113.2
6514.9
6310.4
204.5

7729.7
1133.4
6596.3
6432.8
163.5

7828.5
1164.0
6664.5
6543.3
121.2

7972.3
1197.4
6774.9
6674.0
100.9

8105.8
1239.4
6866.4
6855.5
10.9

8233.6
1271.6
6962.0
6945.7
16.3

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
125.3
582.2
1013.5

3.4
141.1
596.6
1013.2

3.4
155.5
615.0
1026.9

4.4
191.4
637.4
1098.5

3.8
218.0
689.0
1058.3

3.2
208.2
666.7
1082.6

4.7
218.9
681.5
1068.7

2.6
213.0
702.9
1039.7

4.8
231.8
704.8
1042.4

-0.3
258.1
720.7
989.3

2.6
232.8
737.6
989.3

6
7
8
9

925.1

992.8

900.1

1056.6

1038.8

945.2

1069.1

1052.2

1088.6

910.1

1094.9

10

10

Gross investment

11
12
13
14

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

868.6
237.7
589.7
41.2

918.7
258.6
616.5
43.6

967.7
273.4
642.6
51.7

1055.9
306.3
693.9
55.7

1169.3
349.4
761.3
58.7

1128.9
337.3
733.9
57.7

1170.6
356.3
756.3
58.1

1176.0
350.1
767.2
58.7

1201.8
354.0
787.6
60.2

1252.0
362.1
826.3
63.7

1244.0
363.9
814.4
65.7

11
12
13
14

15

Net financial investment

56.5

74.1

-67.6

0.7

-130.6

-183.7

-101.5

-123.8

-113.1

-342.0

-149.1

15

16

Net acquisition of financial assets

418.9

446.9

311.0

507.0

491.7

408.7

523.5

476.9

557.6

453.6

409.7

16

17
18
19
20

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

4.6
-58.8
150.5
96.8

12.4
-60.1
144.3
50.0

6.5
-47.2
150.0
74.3

0.1
46.3
184.8
154.9

5.2
-31.8
114.7
120.1

6.8
16.7
-95.7
128.9

6.6
-80.7
144.5
65.6

4.2
-19.8
186.2
67.4

3.2
-43.4
223.8
218.7

16.5
7.5
297.1
210.8

-0.1
-98.1
322.2
67.3

17
18
19
20

21

Credit market instruments

34.1

128.7

31.8

-16.7

222.4

305.5

280.3

265.1

38.5

-172.9

180.7

21

1.3
-12.1
-25.8
5.1
-30.9
13.7
-43.4
94.4
-6.1

7.4
67.8
-41.6
2.0
-43.7
109.5
-22.1
75.7
-0.0

5.6
-137.1
-156.3
-0.5
-155.8
19.3
53.7
110.0
-0.4

4.2
-137.7
-102.9
0.1
-103.0
-34.9
15.4
101.1
0.3

5.3
111.6
-27.4
-0.2
-27.3
139.0
53.4
52.6
-0.6

4.7
-186.1
-260.6
0.5
-261.1
74.4
71.4
416.2
-0.6

5.3
170.2
65.4
0.2
65.2
104.8
35.7
67.0
2.2

5.5
157.4
-74.1
-0.5
-73.6
231.5
48.5
53.5
0.2

5.9
304.9
159.5
-0.9
160.5
145.4
58.2
-326.1
-4.4

6.2
-218.4
-257.8
-3.6
-254.2
39.4
9.2
27.0
3.1

6.5
-4.8
-181.5
-2.2
-179.3
176.7
23.5
150.2
5.3

22
23
24
25
26
27
28
29
30

-165.5
68.3
18.6
45.8
171.0
4.0
34.6
14.8

-247.6
178.8
35.3
44.5
163.0
-8.6
-3.4
9.7

-463.2
257.7
52.6
59.3
278.8
-56.3
-43.7
10.3

-401.2
260.4
61.2
48.0
248.7
-48.0
-46.7
15.3

-365.0
121.4
42.0
50.8
253.7
-31.1
-22.1
11.6

-278.6
172.6
-57.4
55.4
204.5
-32.0
-19.2
1.2

-375.3
159.2
41.1
42.1
248.8
-25.9
4.1
13.2

-361.3
50.3
50.5
48.1
266.7
-34.3
-71.2
25.1

-444.8
103.6
133.6
57.6
294.6
-32.3
-2.2
6.7

-605.0
248.0
217.3
38.0
258.0
-40.4
-27.4
6.1

-421.7
210.9
-76.4
44.3
240.8
-41.0
-28.7
9.4

31
32
33
34
35
36
37
38

362.3

372.9

378.5

506.3

622.2

592.5

625.0

600.7

670.7

795.6

558.8

39

348.8

347.6

333.4

480.5

543.4

554.6

520.7

588.5

509.6

531.4

635.4

40

174.8
138.9
0.7
17.4
26.6
-9.6

234.6
88.8
6.6
0.6
12.4
4.7

237.3
52.5
10.0
8.1
18.1
7.4

368.4
67.6
12.0
6.3
13.3
12.9

411.2
94.4
10.4
-7.2
14.6
20.0

389.9
130.5
7.2
0.5
10.6
15.9

419.2
61.4
9.0
-5.1
14.5
21.7

458.5
76.2
13.4
-2.9
28.1
15.1

377.3
109.5
12.1
-21.5
5.0
27.2

322.6
143.1
2.2
34.5
15.8
13.3

477.1
131.8
11.2
-18.4
12.1
21.6

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

31.6
1.4

95.3
8.6

5.7
6.3

146.1
11.9

260.0
7.1

-84.1
7.0

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
50

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 (5)
Consumer credit
Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages
Security credit
Trade payables
Deferred and unpaid
life insurance premiums
Discrepancy

0.7

0.8

0.3

-1.4

2.1

4.9

0.3

0.2

3.2

-2.9

0.4

49

88.4

20.5

126.8

41.9

19.6

137.5

-0.5

-12.5

-46.3

79.2

-105.6

50

(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).
(5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.

17

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Income before taxes

976.5

1062.8

1131.8

1165.8

1261.2

1219.5

1257.4

1254.9

1312.8

1353.1

1388.0

1

2

Gross saving

747.3

810.0

870.7

900.2

969.4

952.2

958.3

972.3

994.8

1032.9

1069.2

2

3

Gross investment

826.0

823.5

794.1

875.8

928.4

904.5

915.6

938.1

955.3

996.8

1030.6

3

777.1

827.1

910.7

995.1

1101.0

1047.6

1089.2

1103.3

1164.1

1180.6

1265.1

4

736.5
45.2
691.3

792.3
50.2
742.1

838.9
43.5
795.4

914.0
47.7
866.3

1056.0
52.7
1003.3

996.7
51.6
945.1

1073.3
52.9
1020.4

1063.0
53.0
1010.1

1091.0
53.4
1037.6

1150.3
54.5
1095.8

1190.9
54.8
1136.0

5
6
7

33.1
7.6

30.0
4.8

62.9
8.9

77.0
4.1

43.3
1.7

49.2
1.7

14.6
1.3

36.7
3.6

72.7
0.4

29.9
0.4

73.0
1.2

8
9

4

Capital expenditures

5
6
7

Fixed investment
Residential
Nonresidential

8
9

Change in inventories
Access rights from federal government

10

48.9

-3.6

-116.6

-119.4

-172.7

-143.0

-173.6

-165.2

-208.8

-183.8

-234.5

10

11

Net acquisition of financial assets

504.9

491.2

261.5

441.4

725.8

826.6

807.6

724.2

544.9

917.5

485.6

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

-5.1
42.7
13.5
24.5
0.7

0.8
-6.1
11.1
45.6
-1.3

2.6
48.8
13.7
36.3
0.9

15.9
67.9
-3.6
24.6
1.5

-10.2
37.3
21.3
1.2
-4.3

4.2
17.6
18.9
28.3
7.6

0.6
72.3
18.1
91.1
-1.2

8.8
63.7
-10.9
8.0
2.7

-2.1
70.2
26.6
-7.7
2.1

12
13
14
15
16

17

Credit market instruments

-4.1

-14.5

-14.8

14.0

30.8

69.8

19.0

46.0

-11.6

66.4

41.3

17

1.3
11.4
-19.9
4.7
-1.6

11.4
-6.1
-5.8
-6.7
-7.3

4.6
-41.3
-3.6
24.4
1.2

-5.2
1.0
2.3
19.9
-4.1

12.6
-2.1
-1.1
16.0
5.4

20.9
2.9
-8.0
16.5
37.4

37.2
-4.2
-19.0
15.8
-10.7

10.3
-1.7
33.4
15.8
-11.8

-18.1
-5.3
-10.8
15.8
6.9

8.2
3.3
-0.1
11.7
43.3

18.1
18.1
7.5
11.6
-14.0

18
19
20
21
22

4.6
90.3
366.2

3.3
104.3
319.1

-8.2
120.5
87.9

7.3
35.7
334.2

-1.8
112.6
481.9

-1.8
62.9
589.3

-1.8
244.6
500.5

-1.8
140.2
463.3

-1.8
2.8
374.7

-1.8
177.1
603.6

-1.8
157.7
199.4

23
24
25

456.0

494.8

378.1

560.8

898.5

969.6

981.2

889.4

753.7

1101.4

720.1

26

269.5

245.5

391.8

534.7

596.5

727.4

473.5

601.3

583.7

627.7

747.9

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

58.3
5.5
274.0

-2.6
4.3
287.6

49.8
5.2
202.8

44.0
5.2
155.2

36.2
1.3
186.2

116.9
0.3
153.8

28
29
30

31
32
33

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

86.3
40.2
30.8

69.9
20.8
36.5

98.4
52.2
72.7

102.0
59.8
124.1

90.0
57.0
177.2

85.5
137.1
167.1

29.1
-12.4
167.5

115.2
51.3
177.0

130.1
52.0
197.2

97.4
148.0
158.6

178.1
129.9
168.9

31
32
33

-58.3
88.1
1.3
135.5

-69.5
71.5
11.1
251.8

-114.4
90.0
10.0
61.9

-267.0
-2.7
6.3
339.1

-143.5
129.6
8.8
336.3

-52.1
97.1
-7.5
235.9

-338.4
172.0
36.9
642.9

-128.4
165.6
-8.8
311.2

-55.0
83.9
14.6
155.0

62.8
162.1
19.2
273.3

-248.0
151.8
21.7
73.1

34
35
36
37

19.9

-15.8

-61.2

-49.7

-29.2

-31.2

-5.8

-51.5

-28.4

-43.7

-26.4

38

-78.7

-13.6

76.6

24.4

41.0

47.7

42.7

34.3

39.5

36.2

38.6

39

34
35
36
37
38
39

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

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

18

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

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
471.8
578.8
59.5
-18.3
619.9

458.8
149.6
200.9
504.2
612.5
60.5
3.1
676.0

494.4
157.9
216.8
539.8
659.5
59.3
8.5
727.3

488.2
158.9
239.1
575.6
665.7
64.4
17.0
747.1

537.7
166.1
249.4
622.5
744.8
69.6
-9.1
805.3

515.4
158.0
236.1
603.7
724.9
56.3
11.4
792.6

536.3
166.7
254.8
616.4
731.2
74.4
-8.9
796.7

538.0
166.6
250.6
633.0
753.8
69.1
-19.7
803.2

561.2
173.0
256.0
637.0
769.3
78.6
-19.2
828.7

598.0
185.5
260.9
650.1
801.6
86.9
-25.0
863.5

619.8
193.4
260.8
661.5
827.2
83.6
-13.4
897.4

1
2
3
4
5
6
7
8

9

Gross investment

698.6

689.6

650.7

722.7

764.2

744.9

754.0

768.9

789.2

827.4

858.8

9

665.9
618.2
40.1
7.6

684.7
658.9
21.0
4.8

783.8
717.9
57.0
8.9

847.1
770.4
72.6
4.1

907.0
863.9
41.4
1.7

873.0
826.7
44.7
1.7

886.8
872.8
12.7
1.3

912.0
868.5
39.9
3.6

956.3
887.8
68.2
0.4

967.0
935.9
30.8
0.4

1034.4
963.8
69.4
1.2

10
11
12
13

32.7

4.8

-133.1

-124.3

-142.8

-128.1

-132.8

-143.1

-167.2

-139.7

-175.7

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

423.6

403.3

150.3

347.1

648.4

753.2

731.8

642.8

465.8

860.9

418.7

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

-5.1
30.7
-7.3
23.9
0.7

0.8
-18.0
-5.0
45.1
-1.3

2.6
40.6
1.6
35.9
0.9

15.9
61.4
-12.3
24.3
1.5

-10.2
28.7
8.9
0.7
-4.3

4.2
9.1
5.6
27.8
7.6

0.6
63.2
4.3
90.6
-1.2

8.8
56.5
-15.9
7.6
2.7

-2.1
62.0
16.6
-8.1
2.1

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

4.6
-40.8
-3.6
25.9
1.2
93.5
-8.2

-5.2
0.9
2.3
20.0
-4.1
14.7
7.3

12.6
-2.6
-1.1
15.0
5.4
96.0
-1.8

20.9
1.7
-8.0
15.0
37.4
50.7
-1.8

37.2
-4.6
-19.0
15.0
-10.7
227.3
-1.8

10.3
-1.7
33.4
15.0
-11.8
122.0
-1.8

-18.1
-6.0
-10.8
15.0
6.9
-15.9
-1.8

8.2
2.5
-0.1
10.0
43.3
164.3
-1.8

18.1
17.0
7.5
10.0
-14.0
142.7
-1.8

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

316.3
90.3
8.2
-0.2
4.6
213.3

262.7
76.8
2.6
-0.2
4.6
178.9

34.9
84.5
1.9
-1.1
2.2
-52.5

289.5
128.3
6.9
-0.7
-1.4
156.4

443.4
137.3
0.2
-0.6
31.0
275.4

546.7
157.0
-4.8
0.2
5.7
388.6

464.7
117.1
6.2
-0.9
1.6
340.7

423.1
147.7
6.1
-0.9
38.1
232.1

339.1
127.4
-6.8
-0.7
78.7
140.4

574.9
132.1
2.1
-0.1
42.6
398.2

168.9
102.3
1.3
-1.5
-16.6
83.5

28
29
30
31
32
33

390.8

398.5

283.5

471.5

791.2

881.3

864.5

785.9

633.0

1000.6

594.4

34

177.7
-58.3
236.1
18.1
3.1
91.1
66.8

87.5
-69.5
157.0
-0.9
3.1
116.3
39.4

156.2
-114.4
270.6
13.7
4.2
150.5
71.4

150.2
-267.0
417.2
24.4
5.8
218.7
80.9

336.7
-143.5
480.2
37.4
5.1
229.9
72.9

574.2
-52.1
626.3
58.3
5.5
274.0
68.8

33.6
-338.4
372.0
-2.6
4.3
287.6
17.0

338.8
-128.4
467.2
49.8
5.2
202.8
96.6

400.4
-55.0
455.4
44.0
5.2
155.2
109.3

566.2
62.8
503.4
36.2
1.3
186.2
76.7

367.5
-248.0
615.5
116.9
0.3
153.8
157.2

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
24.7

18.5
1.5
7.1
-1.3
-0.7
3.9
8.1
-19.3

48.5
1.6
8.1
-0.3
-2.6
17.3
24.4
-17.7

47.3
2.7
26.1
-0.1
-4.3
-1.0
23.8
40.2

48.3
3.2
51.9
-0.3
-2.2
-22.7
18.4
86.7

131.9
2.4
46.2
-0.5
-3.3
66.7
20.3
87.8

-19.5
3.4
38.3
-0.3
-3.6
-80.8
23.4
85.2

40.2
2.4
58.1
-0.2
-2.7
-24.8
7.4
72.6

40.5
4.8
64.8
-0.4
0.8
-52.1
22.4
101.2

130.1
5.6
95.6
-0.6
3.1
-2.5
29.0
72.9

113.7
4.1
73.2
0.6
-0.8
6.1
30.6
73.6

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
132.1
53.6
4.1
74.5

49.5
9.6
251.9
72.0
4.1
175.8

65.1
9.3
52.9
105.4
1.8
-54.3

-14.6
4.8
331.0
161.8
1.8
167.4

119.5
6.7
328.3
246.4
1.0
80.9

88.4
-9.8
228.6
106.7
0.9
120.9

160.4
34.9
635.7
334.5
0.9
300.2

155.4
-10.8
302.5
154.9
1.0
146.6

73.7
12.5
146.4
389.4
1.0
-244.0

152.6
16.7
265.2
71.4
1.0
192.8

142.2
19.3
65.4
199.0
1.0
-134.6

50
51
52
53
54
55

56

Discrepancy

-78.7

-13.6

76.6

24.4

41.0

47.7

42.7

34.3

39.5

36.2

38.6

56

57
58

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

-3.0
105.4

38.6
69.2

28.4
115.8

29.3
164.4

-23.5
171.3

-37.7
136.7

66.8
164.5

-33.4
177.9

-89.6
206.3

11.8
190.4

0.4
220.6

57
58

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

118.2
34.5
75.3

111.3
23.0
55.7

117.6
34.9
57.7

124.7
50.3
36.0

123.0
52.4
70.1

118.9
72.7
91.7

122.5
41.5
9.0

123.6
50.1
72.5

126.8
46.7
87.9

123.8
50.7
112.5

126.7
58.7
59.7

59
60
61

(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, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

532.8
105.6

569.7
110.8

607.7
119.6

652.2
128.3

698.1
137.8

679.1
134.1

692.1
135.6

701.4
142.3

720.0
139.2

736.0
141.5

746.5
143.3

1
2

3

Gross investment

105.6

110.8

119.6

128.3

137.8

134.1

135.6

142.3

139.2

141.5

143.3

3

98.0
95.9
2.1

110.8
109.7
1.1

96.4
93.4
3.0

118.1
114.3
3.8

166.7
164.5
2.2

143.5
141.1
2.4

173.2
172.5
0.7

170.1
168.0
2.1

180.0
176.4
3.6

186.4
184.8
1.6

199.7
196.1
3.7

4
5
6

7.6

-0.0

23.1

10.2

-28.9

-9.4

-37.6

-27.8

-40.8

-44.9

-56.4

7

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

7

Net financial investment

8

Net acquisition of financial assets

79.0

88.0

110.5

90.6

78.2

75.5

74.9

80.7

81.9

57.3

67.1

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

11.8
20.8
0.6
-0.6
-1.5
0
27.0
52.6
0.5
0
52.1

10.0
16.1
0.5
0.1
-0.1
0
21.0
43.0
1.7
-0.1
41.4

9.0
12.1
0.4
0.6
1.0
0
16.6
38.6
0.0
0.0
38.5

7.4
8.7
0.4
1.3
1.5
0
12.3
44.0
-1.2
0.2
45.0

9.5
12.4
0.5
0.4
0.8
0
17.3
34.0
1.5
-0.3
32.8

9.4
13.3
0.5
0.0
0.8
0
18.2
38.7
1.5
-0.1
37.3

9.9
13.9
0.5
0.6
0.8
0
18.7
37.6
-1.6
0.3
38.9

8.0
5.0
0.4
0.9
1.7
0
12.8
28.5
0.5
0.4
27.6

9.0
10.0
0.4
1.1
1.6
0
15.0
30.0
0.3
-0.3
30.0

9
10
11
12
13
14
15
16
17
18
19

71.4

88.0

87.4

80.4

107.1

84.9

112.5

108.5

122.6

102.1

123.6

20

30.6
18.5
7.6
4.5
6.2
1.3
3.4
30.0

83.8
29.8
0.7
53.2
20.8
1.6
-0.1
-18.1

115.0
23.5
4.2
87.3
23.5
0.7
9.1
-60.8

109.8
19.9
12.3
77.7
11.1
1.5
8.1
-50.1

111.1
17.9
8.1
85.0
9.8
2.1
8.0
-23.8

96.2
17.1
3.5
75.7
9.2
2.3
7.3
-30.2

99.8
16.9
9.6
73.4
11.6
2.0
7.3
-8.2

125.5
17.6
10.5
97.4
9.3
2.0
8.8
-37.1

122.7
20.1
9.0
93.6
9.0
2.0
8.6
-19.7

109.5
18.0
12.7
78.8
8.6
2.5
8.1
-26.6

120.8
20.0
17.4
83.4
7.6
2.5
7.7
-15.0

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
0.2
21.6
3.2
18.4

34.3
1.0
22.3
3.2
19.1

29.7
0.9
22.9
3.2
19.7

25.5
1.0
23.7
3.6
20.1

25.3
1.0
25.3
3.8
21.5

25.0
1.0
24.6
3.7
20.9

29.0
1.0
25.0
3.8
21.2

15.5
1.1
25.8
3.9
22.0

31.7
1.1
25.9
3.9
22.0

19.1
1.0
26.8
4.0
22.8

21.7
1.1
27.4
4.1
23.3

1
2
3
4
5

6

Gross saving

21.8

23.2

23.9

24.7

26.4

25.6

26.0

26.9

27.0

27.8

28.5

6

7

Gross investment

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

11

Net financial investment

21.8

23.2

23.9

24.7

26.4

25.6

26.0

26.9

27.0

27.8

28.5

7

13.2
22.4
-9.2

31.6
23.8
7.9

30.4
27.5
2.9

29.9
29.3
0.6

27.3
27.6
-0.3

31.1
28.9
2.2

29.2
28.0
1.2

21.3
26.6
-5.3

27.8
26.9
0.9

27.1
29.6
-2.5

30.9
31.0
-0.1

8
9
10

8.6

-8.4

-6.6

-5.2

-1.0

-5.6

-3.2

5.6

-0.8

0.7

-2.4

11

12

Net acquisition of financial assets

2.3

-0.1

0.7

3.7

-0.8

-2.2

0.9

0.7

-2.7

-0.7

-0.3

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
-0.0
0.0
-0.0

-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
-1.9
-1.6
-0.3

-0.8
0.1
0.5
-0.3

-0.8
0.6
0.3
0.3

13
14
15
16

-6.2

8.3

7.3

8.9

0.2

3.4

4.1

-5.0

-1.9

-1.4

2.1

17

2.9
1.1
0.3
1.6
1.0
-10.1

4.8
0.6
1.6
2.6
1.3
2.3

6.2
3.5
-0.5
3.2
1.4
-0.3

7.7
1.2
0.3
6.2
0.8
0.4

5.2
-0.9
0.6
5.5
0.4
-5.4

4.9
-0.4
1.7
3.6
-0.5
-1.0

1.7
-4.8
-2.4
9.0
-0.0
2.4

8.5
1.0
0.5
7.0
0.9
-14.4

5.6
0.6
2.6
2.5
1.2
-8.7

14.7
2.6
5.2
6.9
0.9
-17.0

11.6
0.9
-1.2
11.9
2.0
-11.4

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, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

917.9

960.4

1011.4

1072.3

1142.7

1111.9

1120.9

1150.3

1187.6

1195.9

1215.7

1

186.6
31.7
501.6
13.6
184.5

199.6
33.0
524.9
12.4
190.4

217.0
34.2
552.6
10.9
196.8

235.0
35.1
583.1
10.0
209.1

249.7
36.5
617.6
9.5
229.3

244.5
35.5
599.3
9.6
223.0

244.9
35.9
609.1
9.6
221.4

250.3
36.3
620.2
9.5
234.0

259.2
38.5
641.6
9.5
238.8

261.4
40.6
649.2
9.7
235.0

268.3
41.6
655.0
9.9
240.9

2
3
4
5
6

Current expenditures, NIPA basis

902.5

939.0

980.4

1030.6

1092.7

1064.0

1082.8

1102.9

1121.0

1143.9

1161.6

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

766.5
227.6
-0.9
0.3
-12.4
0

808.4
234.1
-0.6
0.4
-10.9
0

855.0
252.0
-2.9
0.4
-11.0
0

832.1
245.4
-2.1
0.4
-11.0
0

847.2
249.7
-2.7
0.4
-11.0
0

863.1
254.5
-3.3
0.4
-11.0
0

877.4
258.5
-3.6
0.4
-10.9
0

897.5
261.6
-4.2
0.4
-10.6
0

911.3
265.6
-4.5
0.4
-10.4
0

8
9
10
11
12
13

14

Current surplus or deficit (-), NIPA basis

15.4

21.4

31.0

41.7

50.0

47.9

38.1

47.4

66.6

52.0

54.1

14

15

+ Consumption of fixed capital

84.2

89.0

94.2

99.6

106.8

103.7

105.8

107.7

109.9

112.7

115.7

15

16

= Gross saving

99.5

110.4

125.1

141.3

156.8

151.6

143.9

155.1

176.5

164.7

169.8

16

17

Gross investment

146.4

153.6

121.3

228.1

216.9

230.1

203.9

198.6

235.0

250.8

243.8

17

155.8

163.8

183.3

192.0

210.9

209.3

205.4

209.0

219.8

232.9

227.2

18

-9.4

-10.3

-62.0

36.1

6.1

20.8

-1.5

-10.4

15.2

17.9

16.6

19

-31.7

13.8

25.4

146.9

87.5

130.6

68.2

71.1

79.9

54.9

67.0

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

3.9
10.9
5.0

9.8
-2.0
32.0

-9.0
2.9
-11.1

5.0
15.8
11.5

9.6
27.1
-12.5

-6.2
-19.5
51.3

1.0
21.8
10.6

21
22
23

-91.4

-33.7

0.1

134.5

43.4

132.5

81.0

-42.4

2.4

2.3

41.4

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

28.0
93.5
30.0
63.6

1.9
26.0
-2.5
28.5

16.0
106.6
14.6
92.0

4.9
53.7
16.4
37.3

-2.9
-58.1
-20.7
-37.3

-10.3
1.7
-20.3
22.0

6.9
-13.4
-36.5
23.1

17.5
13.2
-13.7
26.9

25
26
27
28

-3.5
7.1
3.3

-0.5
10.7
3.8

-0.7
1.3
3.7

-1.4
10.2
4.1

-1.5
12.6
4.3

-1.6
7.2
4.2

-1.1
19.3
4.3

-1.7
15.9
4.3

-1.5
8.1
4.4

-1.7
6.1
4.4

1.6
4.7
4.5

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

9.4
-12.3

3.5
4.3

-25.9
-4.1

-4.6
8.6

27.6
6.3

16.9
6.3

4.4
-10.7

-19.2
-9.4

32
33

34
35

Taxes receivable
Miscellaneous assets

-8.3
42.9

-5.3
-4.8

-3.3
5.4

0.4
-1.0

4.4
12.1

2.8
-14.5

3.5
-3.2

4.3
42.9

7.0
23.1

9.9
23.4

11.5
9.3

34
35

-22.3

24.1

87.5

110.8

81.4

109.8

69.7

81.5

64.7

37.0

50.4

36

36

Net increase in liabilities

37

Credit market instruments

-51.5

-6.8

56.1

80.3

52.3

79.8

43.6

52.5

33.6

3.8

25.0

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
-0.4

79.5
2.3
77.2
0.3

43.5
6.6
36.9
0.1

52.6
2.9
49.7
-0.2

35.2
2.4
32.8
-1.6

5.4
6.5
-1.1
-1.6

22.4
9.7
12.8
2.6

38
39
40
41

29.2

30.9

31.4

30.5

29.1

30.1

26.1

29.1

31.1

33.2

25.4

42

-46.9

-43.2

3.8

-86.8

-60.2

-78.5

-60.0

-43.5

-58.5

-86.1

-74.0

43

42
43

Trade payables
Discrepancy

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

21

Z.1, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1383.7

1499.1

1625.5

1754.0

1874.6

1817.5

1849.7

1890.4

1941.0

2012.0

2054.1

1

591.8
179.3
93.0
519.6

670.0
190.6
95.1
543.4

751.8
203.0
93.7
577.0

836.0
209.5
96.4
612.1

902.3
219.4
100.5
652.5

868.7
212.3
97.9
638.6

888.5
214.9
98.9
647.4

913.7
217.9
101.4
657.4

938.2
232.3
103.9
666.6

978.0
245.7
106.8
681.5

1003.3
251.3
108.5
691.0

2
3
4
5

1575.7

1636.0

1678.8

1704.9

1750.1

1727.7

1732.2

1743.0

1797.6

1776.0

1816.2

6

439.2
652.1
184.5
267.5
32.4
0

445.3
691.7
190.4
273.6
35.1
0

456.9
717.5
196.8
276.2
31.5
0

453.7
731.0
209.1
278.8
32.4
0

470.8
746.0
229.3
264.7
39.4
0

464.5
738.6
223.0
267.7
33.9
0

460.2
742.8
221.4
267.1
40.7
0

471.3
745.0
234.0
262.2
30.5
0

487.0
757.7
238.8
261.8
52.3
0

478.7
763.2
235.0
265.0
34.1
0

499.1
779.2
240.9
262.0
35.0
0

7
8
9
10
11
12

-192.0

-136.9

-53.4

49.0

124.5

89.8

117.5

147.4

143.4

236.0

237.9

13

84.0
3.6

85.3
3.4

86.8
3.4

88.4
4.4

92.8
3.8

90.9
3.2

92.0
4.7

93.4
2.6

95.0
4.8

97.2
-0.3

99.1
2.6

14
15

-111.6

-55.0

30.0

133.0

213.5

177.5

204.8

238.2

233.6

333.5

334.4

16

-97.9

-121.2

5.4

101.0

207.7

182.0

203.4

204.6

240.7

122.1

457.8

17

82.3
-7.6

86.3
-4.8

81.4
-8.9

86.9
-4.1

97.9
-1.7

89.6
-1.7

98.1
-1.3

99.1
-3.6

104.6
-0.4

101.4
-0.4

105.4
-1.2

18
19

-172.6

-202.7

-67.0

18.1

111.6

94.1

106.6

109.0

136.4

21.1

353.5

20

-3.8

-4.9

-11.2

-0.1

77.3

34.0

59.8

63.7

151.7

-155.7

-26.4

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

-7.1
66.2
0.7

-9.2
24.0
-3.4

-4.8
34.8
0.8

-8.1
62.4
2.1

-6.2
143.5
3.2

1.9
-165.5
0.4

-8.3
-44.6
1.0

22
23
24

25

Credit market instruments

-0.2

-7.4

5.1

13.5

5.8

17.0

6.7

11.2

-11.8

6.2

8.2

25

0
-13.2
13.0

0
-7.5
0.1

0
-4.5
9.6

0
-0.9
14.3

0
-0.1
5.9

0
-1.4
18.4

0
-0.4
7.1

0
1.5
9.6

0
-0.1
-11.7

0
-3.9
10.1

0
0.2
8.1

26
27
28

-1.6
-6.6
-2.1

0.9
-1.6
-6.4

-3.2
-9.0
-7.0

1.5
-2.2
-3.5

4.6
8.1
-0.9

2.0
4.1
-0.4

5.2
18.8
-1.9

5.5
-6.9
-2.4

5.7
16.2
1.0

3.2
4.9
-6.7

4.7
13.5
-1.0

29
30
31

168.9

197.8

55.8

-18.2

-34.3

-60.1

-46.9

-45.3

15.3

-176.7

-379.9

32

2.2
0.6

-0.5
0.1

-0.5
-0.0

0
-0.0

-3.0
-0.0

-4.0
0

0
2.1

-4.0
2.0

-4.0
-4.1

0
2.2

-8.0
-2.3

33
34

144.4

145.0

23.1

-52.6

-71.2

-83.4

-98.5

-71.4

-31.5

-215.5

-414.0

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
-70.8
-0.2
0

0.5
-82.4
-1.5
0

0.2
-99.3
0.6
0

-0.5
-71.0
0.0
0

-0.9
-30.5
0.0
0

-3.6
-209.9
-2.1
0

-2.2
-413.6
1.8
0

36
37
38
39

40
41
42

Trade payables
Insurance and pension reserves (2)
Miscellaneous liabilities

-4.6
21.8
4.5

0.7
55.7
-3.2

-9.0
42.0
0.2

-3.0
42.5
-5.1

0.3
42.5
-2.8

-4.0
40.6
-9.2

1.9
42.3
5.3

0.9
41.4
-14.1

2.3
45.8
6.6

3.3
41.0
-7.6

-4.8
43.7
5.4

40
41
42

-13.7

66.3

24.6

32.1

5.8

-4.6

1.3

33.6

-7.1

211.4

-123.3

43

-5.7

12.9

-2.2

-12.8

59.4

18.5

8.6

73.1

137.5

-136.5

-46.2

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, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1
2
3
4

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

1148.8
902.8
211.9
34.0

1230.4
963.1
227.5
39.8

1370.8
1055.8
274.3
40.8

1450.5
1117.5
288.9
44.1

1609.2
1244.2
316.9
48.1

1486.0
1153.4
289.2
43.4

1565.3
1213.4
305.6
46.3

1653.7
1280.0
328.0
45.7

1731.7
1330.1
344.6
57.0

1793.5
1387.1
358.6
47.8

1880.4
1450.8
380.8
48.8

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

1247.7
966.4
281.3

1251.4
966.0
285.4

1296.1
990.2
305.9

1239.2
957.3
281.9

1268.9
973.0
295.9

1313.9
999.5
314.4

1362.2
1031.0
331.2

1402.8
1051.9
350.9

1461.1
1090.8
370.3

5
6
7

8

Gross saving (1)

97.9

110.7

123.1

199.1

313.1

246.8

296.4

339.8

369.5

390.7

419.3

8

9

Net financial investment

113.7

158.5

268.4

147.4

319.9

325.5

405.3

285.9

262.8

231.0

597.0

9

446.3

542.4

647.5

452.1

714.0

599.2

1051.7

778.3

426.8

979.9

890.1

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
14.8
13.0
-18.8

-0.0
-7.8
40.0
15.0
14.8

2.2
-6.4
15.2
-5.5
57.3

-0.7
88.7
33.9
-10.5
-12.3

-0.7
-24.6
51.9
24.2
-5.6

-0.9
-89.0
58.9
51.7
19.9

-0.7
3.3
-81.9
-9.3
-16.9

-0.7
197.7
9.6
1.3
49.4

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

311.3
19.9
189.6
-2.2
-6.7
4.5
191.7
146.4
45.3
84.6
17.3

254.2
37.6
95.4
-3.6
-9.9
6.3
99.0
48.6
50.4
122.2
-1.0

210.6
-13.1
85.8
32.5
12.2
20.4
53.3
-20.5
73.7
160.6
-22.7

256.9
-18.0
69.5
27.2
3.2
24.0
42.4
-30.0
72.4
138.6
66.7

61.6
-33.4
42.9
-3.7
-26.8
23.2
46.5
-21.6
68.2
132.9
-80.8

385.3
22.4
182.4
59.2
51.9
7.3
123.2
38.6
84.6
205.4
-24.8

138.7
-23.3
48.4
47.4
20.5
26.9
1.0
-68.8
69.7
165.6
-52.1

334.9
-9.4
166.5
97.2
64.8
32.4
69.3
-37.0
106.3
180.3
-2.5

185.6
-7.1
16.3
25.3
-16.0
41.3
-9.1
-82.6
73.6
170.3
6.1

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
118.0
57.8
60.2

11.1
5.3
0
129.1
86.5
42.6

67.8
4.3
0
205.8
106.0
99.8

41.9
-7.6
0
181.8
186.3
-4.5

98.1
-7.9
0
351.3
275.5
75.8

40.7
-18.5
0
257.3
107.1
150.2

120.2
-5.0
0
775.8
575.2
200.6

93.2
-3.3
0
257.9
222.3
35.7

138.1
-4.9
0
114.2
197.6
-83.3

246.8
-4.6
0
508.3
195.8
312.4

105.9
-3.1
0
344.3
318.8
25.5

27
28
29
30
31
32

332.6

383.9

379.1

304.7

394.1

273.6

646.4

492.4

164.0

748.9

293.1

33

8.8
35.3

-6.3
85.9

0.7
108.9

6.6
2.0

-8.7
86.5

-14.0
113.7

-5.4
110.1

-8.5
69.4

-7.0
52.7

1.5
258.5

-8.8
-1.1

34
35

78.5
13.5
57.1
8.5
0.4
2.1
5.9
-0.8
0.3

88.4
11.3
67.0
9.1
0.3
3.4
5.4
-0.7
1.8

71.8
3.7
61.4
8.5
-0.8
-0.5
9.8
-1.6
-0.2

43.3
7.8
34.8
6.7
0.8
-0.7
6.7
-1.0
-5.0

25.3
16.3
14.2
0.5
0.2
-3.1
3.5
-4.8
-0.9

30.7
18.0
15.4
0.9
0.3
-2.2
2.7
-2.5
-1.0

-24.5
-27.5
0.2
5.6
-0.4
4.9
1.1
-0.7
-2.1

77.3
41.1
44.0
-6.6
0.7
-10.4
3.1
1.0
-2.0

17.6
33.6
-2.7
2.3
0.1
-4.8
7.0
-17.1
1.5

116.9
56.7
45.7
15.4
-0.8
5.7
10.6
0.3
-1.2

-10.5
10.9
-29.6
6.1
1.2
2.8
2.1
0.4
1.6

36
37
38
39
40
41
42
43
44

50.4
5.8
0
153.8
1.5
0.3
98.8
53.3

82.8
-1.7
0
134.8
1.8
-0.1
91.9
41.1

57.6
5.1
0
135.1
1.6
-0.0
105.0
28.5

101.2
-2.4
0
153.9
1.6
-0.1
146.1
6.5

114.4
4.3
0
172.3
1.5
0.6
150.9
19.3

-19.8
-4.9
0
167.9
1.6
0.5
164.4
1.4

284.4
-4.7
0
286.5
1.8
0.4
131.8
152.4

121.7
22.1
0
210.4
1.3
0.5
174.2
34.4

71.3
4.8
0
24.5
1.1
1.1
133.1
-110.8

63.3
-4.2
0
312.9
1.4
-1.2
171.9
140.9

135.0
12.3
0
166.3
1.6
0.2
150.0
14.5

45
46
47
48
49
50
51
52

-15.8

-47.8

-145.3

51.7

-6.8

-78.7

-108.9

53.9

106.7

159.7

-177.7

53

-84.3
20.3
34.0

-89.0
18.1
39.8

-89.4
7.1
40.8

-151.5
-3.5
44.1

-254.0
-11.0
48.1

-196.1
-7.3
43.4

-240.4
-9.7
46.3

-280.5
-13.6
45.7

-299.1
-13.4
57.0

-335.2
-7.7
47.8

-360.0
-10.5
48.8

54
55
56

-97.9

-110.7

-123.1

-199.1

-313.1

-246.8

-296.4

-339.8

-369.5

-390.7

-419.3

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

-1.2

1.7

2.6

-2.1

-1.3

-1.3

-1.3

-1.3

-1.3

-1.3

-1.3

1

2

Fixed nonresidential investment

0.4

0.3

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

2

3

Net acquisition of financial assets

19.8

23.3

38.8

32.8

130.0

33.1

43.6

75.4

368.1

-310.6

2.1

3

3.2
2.2
1.0

-3.8
-0.5
1.0

-1.5
-0.5
0.6

0.8
0
0.7

-1.6
-3.0
1.7

-7.0
-4.0
1.5

0.1
0
1.5

0.3
-4.0
1.8

0.1
-4.0
2.2

0.3
0
4.0

0.2
-8.0
3.9

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

-10.1
0.9
0.6

4.6
-0.1
-23.7

-0.8
1.0
51.7

-1.2
-1.0
412.4

0.1
0.0
-415.4

0.8
1.1
9.0

Credit market instruments

12.7

12.3

38.3

21.1

25.7

64.5

59.8

20.6

-42.2

103.4

-3.9

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
64.5
64.6
-0.1
0

0
59.8
60.0
-0.2
0

0
20.6
20.7
-0.1
0

0
-42.2
-42.0
-0.2
0

0
103.4
103.5
-0.1
0

0
-3.9
-3.8
-0.0
0

11
12
13
14
15

10
11
12
13
14
15
16
17

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

-3.2

2.4

1.3

4.9

-1.3

-13.4

1.5

4.8

1.7

-2.9

-1.0

16

19.5

22.8

38.1

32.1

129.6

31.5

42.1

72.5

372.2

-316.8

17.8

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

1.7
12.6

-1.1
6.2

-1.0
-1.1

-8.6
80.2

-4.9
-98.7

0.5
6.0

18
19

20
21
22
23

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

16.9
-1.2
0.1
18.0

23.3
1.7
-0.2
21.8

29.9
-2.3
0.3
31.9

38.3
0.5
-0.3
38.0

108.7
22.3
-0.1
86.4

41.5
-1.2
0.1
42.5

19.5
-33.2
1.0
51.7

94.9
39.3
-0.7
56.3

278.8
84.5
-0.7
195.0

-203.0
-97.0
0.2
-106.2

-0.6
-29.8
-0.1
29.3

20
21
22
23

24
25
26

Miscellaneous liabilities
Federal Reserve Bank stock
Other

1.4
0.3
1.1

-0.1
0.6
-0.7

2.1
0.8
1.3

1.3
0.5
0.8

-1.3
0.5
-1.8

-24.3
0.7
-24.9

17.6
0.6
16.9

-20.3
0.2
-20.5

21.8
0.4
21.4

-10.2
1.2
-11.4

12.0
0.5
11.5

24
25
26

-1.8

0.8

1.7

-3.0

-1.9

-3.1

-2.9

-4.3

2.6

-7.7

14.2

27

27

Discrepancy

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

24

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Gross saving

32.4

28.5

37.0

31.9

37.3

42.8

30.0

35.1

41.3

42.9

40.3

1

2

Fixed nonresidential investment

18.2

22.4

26.6

30.9

33.6

32.5

33.1

33.9

34.7

36.5

37.9

2

3

Net acquisition of financial assets

335.7

216.6

457.3

443.7

352.5

96.8

315.4

418.8

579.1

252.5

780.0

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
-2.4
0.3

12.6
2.2
-1.5

6.2
-1.3
-1.4

-1.1
-0.9
1.6

80.2
-9.7
2.4

-98.7
-3.1
-1.3

6.0
0.4
0.6

4
5
6

7

Total bank credit

273.4

189.9

350.0

335.8

295.5

36.8

172.6

420.5

552.0

470.3

506.4

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

48.4
12.7
35.7

37.9
-6.1
44.0

7.2
-3.5
10.7

109.9
38.1
71.8

38.7
22.4
16.3

-19.5
-90.1
70.6

-21.4
-34.6
13.2

8
9
10

-4.2
8.4

0.9
1.4

2.4
27.8

8.2
38.0

5.8
38.8

10.4
-66.4

5.0
94.1

4.8
45.5

3.2
82.2

8.8
-22.9

2.6
19.3

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

200.1
0.3
68.9
158.2
-9.2
-18.1

54.0
-0.7
80.1
9.3
1.7
-36.4

69.3
-0.5
40.6
91.6
-65.7
3.3

256.7
1.1
99.8
225.8
-32.7
-37.3

420.3
1.1
55.2
305.9
60.0
-2.0

497.9
0.4
147.7
213.5
47.3
89.1

505.4
-0.4
174.6
267.5
41.8
22.0

13
14
15
16
17
18

2.1
0.3

1.8
0.3

0.6
0.8

1.3
-0.4

1.2
1.2

1.6
-0.8

-3.7
0.8

4.4
-0.7

2.4
5.2

0.8
5.1

0.7
-0.1

19
20

-0.6
61.4

1.0
25.9

-2.8
103.5

-9.3
124.1

-3.1
37.8

-4.3
51.1

-5.6
144.8

-4.8
3.4

2.3
-48.1

1.9
-116.5

0.8
265.7

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

288.4

47.3

373.5

228.9

503.8

421.9

994.6

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

-5.9
-1.7
3.5
-7.8

34.1
-9.2
49.7
-6.4

88.4
4.5
-4.8
88.7

-31.4
0.2
-7.0
-24.6

-114.9
-2.2
-23.7
-89.0

27.8
0.1
24.4
3.3

195.5
1.9
-4.1
197.7

24
25
26
27

28
29
30
31

Checkable deposits
Federal government
Rest of the world
Private domestic

-45.9
-4.7
0.9
-42.1

-34.6
9.7
2.8
-47.1

-19.8
-0.9
4.8
-23.7

-33.4
-14.6
-1.5
-17.3

3.2
36.4
13.4
-46.6

-7.2
23.1
5.3
-35.6

-26.0
41.0
20.6
-87.7

9.2
31.7
33.8
-56.4

36.9
49.7
-6.1
-6.8

-85.0
-39.9
-54.7
9.6

-99.9
-17.4
5.8
-88.2

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

71.3
119.0
110.6

-26.4
13.8
121.2

125.7
28.7
28.9

122.4
94.8
140.1

63.6
338.8
152.1

158.5
123.9
120.4

162.6
93.8
204.7

32
33
34

35

Credit market instruments

22.5

13.0

46.1

72.9

67.2

46.1

61.5

107.0

54.1

72.4

115.1

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
20.4
40.6

-0.7
35.2
11.6

5.7
6.2
49.5

-18.4
43.1
82.3

37.9
-3.0
19.2

-13.6
33.1
52.8

7.4
38.0
69.7

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

-10.6
1.9
-68.3

-14.7
1.8
-121.4

3.2
1.9
61.2

-31.1
1.9
-183.9

0.3
2.0
-29.0

-26.1
2.1
27.9

-16.0
2.1
336.6

39
40
41

-20.9

-6.9

43.7

26.4

-60.4

-39.3

55.0

-188.7

-68.6

175.9

217.0

42

265.9

187.5

324.3

305.2

308.2

68.1

166.6

449.4

548.7

377.1

484.7

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

2000

Q2

Q3

Q4

Q1

Q2

1

Gross saving

1.8

-11.6

-5.9

-8.9

-19.8

-1.4

-32.1

-29.7

-16.1

-15.0

-16.4

1

2

Fixed nonresidential investment

15.0

18.3

21.4

24.5

26.7

25.8

26.3

27.0

27.5

29.0

30.1

2

3

Net acquisition of financial assets

200.5

122.8

290.8

328.1

344.1

114.0

313.2

419.6

529.7

327.8

547.0

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

21.6

16.6

2.3

0.9

66.7

-97.9

5.8

4

194.8

115.2

280.7

329.3

313.7

112.6

276.5

391.7

474.0

449.1

481.3

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

30.4
-5.8
36.2
-55.3
31.1
60.4

36.6
3.8
32.8
-17.2
-9.4
59.4

56.9
8.7
48.2
6.4
11.9
30.0

-14.3
-14.3
0.1
-5.1
-13.9
19.0

39.4
-35.9
75.3
24.7
-1.5
52.2

1.5
-13.8
15.2
0.5
-4.6
19.3

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

5.8
43.3
0.9
5.7
36.7

10.0
-43.8
5.0
6.1
-54.9

4.9
94.5
-4.3
2.0
96.8

5.0
54.5
-1.6
7.6
48.6

3.2
68.2
4.7
7.2
56.4

8.3
-21.4
-5.3
-9.5
-6.6

2.6
25.9
-4.2
3.7
26.4

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

234.9
-0.1
92.2
160.6
-9.2
-8.7

115.2
-0.5
117.5
19.5
1.7
-23.0

143.4
-0.6
100.5
92.7
-65.7
16.5

271.6
0.4
117.4
223.9
-32.7
-37.4

409.2
0.3
33.6
306.4
60.0
9.0

416.8
-0.1
124.7
209.1
47.3
35.8

450.8
-0.4
171.9
261.7
41.8
-24.2

17
18
19
20
21
22

2.1
0.3

1.8
0.3

0.6
0.8

1.3
-0.4

1.2
1.2

1.6
-0.8

-3.7
0.8

4.4
-0.7

2.4
5.2

0.8
5.1

0.7
-0.1

23
24

2.4
1.8

1.6
6.2

-0.2
5.5

-4.6
9.1

-2.5
11.3

-3.3
-11.9

-3.4
37.8

-3.5
30.5

0.4
-11.4

1.8
-25.2

0.8
59.1

25
26

189.7

142.6

359.0

385.2

326.5

97.4

423.2

284.3

501.2

544.6

807.4

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
24.0

31.3
-1.9
0.2
-12.1
45.0

56.3
-10.1
0.9
34.4
31.1

119.7
4.6
-0.1
0.9
114.3

-38.4
-0.8
1.0
-35.4
-3.2

-12.3
-1.2
-1.0
-48.1
38.0

106.0
0.1
0.0
38.3
67.6

221.7
0.8
1.1
-4.8
224.6

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
1.0
-42.2

-34.4
9.7
3.5
-47.5

-21.1
-0.9
4.4
-24.6

-34.4
-14.6
-1.2
-18.6

2.8
36.4
12.8
-46.5

-5.6
23.1
3.4
-32.1

-23.8
41.0
23.1
-87.9

9.2
31.7
34.0
-56.5

31.4
49.7
-9.1
-9.3

-80.4
-39.9
-52.8
12.3

-104.1
-17.4
3.4
-90.1

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
128.7

-22.4
29.0
127.6

132.2
39.6
34.5

120.6
67.0
167.8

59.3
110.4
185.1

159.4
86.7
112.7

158.3
148.9
136.9

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
40.6
3.2
1.9

-3.5
2.9
11.6
1.7
1.8

-3.5
4.3
49.5
2.6
1.9

-3.7
4.6
82.3
-2.9
1.9

0.5
2.9
19.2
11.4
2.0

1.7
9.9
52.8
2.2
2.1

0.9
13.1
69.7
2.1
2.1

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

-17.1
2.9
-20.0

-102.1
29.8
-131.8

66.3
-10.2
76.5

-124.0
6.8
-130.8

91.3
-14.8
106.1

91.4
80.8
10.7

157.8
36.0
121.8

45
46
47

-24.0

-10.1

40.9

23.5

-64.1

-43.8

51.6

-191.9

-72.1

172.8

213.9

48

186.5

119.6

274.9

312.0

317.6

131.5

259.4

421.9

457.7

409.2

505.8

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, September 15, 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

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

4.5

4.9

5.6

6.5

7.0

6.8

6.9

7.2

7.2

7.3

7.5

1

2

Fixed nonresidential investment

2.7

3.6

4.7

5.9

6.4

6.2

6.3

6.5

6.6

6.9

7.2

2

3

Net acquisition of financial assets

76.6

48.5

96.5

-4.8

-50.4

-110.5

-72.1

-34.7

15.9

-142.7

143.5

3

4

Reserves at Federal Reserve

-0.1

0.3

1.8

-1.9

0.4

-1.8

2.6

-2.8

3.8

-3.9

0.6

4

5

Total bank credit

74.7

70.0

60.2

1.4

-28.9

-65.5

-113.5

34.5

29.1

58.0

16.3

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
7.5
4.3
0
-5.2

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
4.5
9.2
0
12.2

-24.7
-21.5
-3.1
0
4.4

-25.4
-20.9
-4.6
0
-0.0

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

-35.5
0.4
-22.3
-4.2
-9.4

-56.4
-0.2
-33.3
-9.7
-13.4

-82.1
0.0
-64.0
-4.9
-13.3

-6.6
0.7
-7.1
-0.2
0.0

3.1
0.9
15.3
-2.1
-11.0

78.3
0.5
22.0
2.5
53.3

41.8
0.1
-6.7
2.2
46.2

11
12
13
14
15

16
17
18

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

0.0

-0.0

-0.0

0

0

0

0

0

0

0

0

16

-2.9
5.0

-0.6
-21.2

-2.5
37.0

-4.7
0.4

-0.6
-21.3

-0.9
-42.2

-2.2
40.9

-1.3
-65.1

2.0
-18.9

0.1
-196.9

-0.0
126.6

17
18

19

Net increase in liabilities

78.5

50.6

98.9

-2.0

-47.2

-107.5

-69.1

-31.5

19.2

-139.3

147.0

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

-41.2
-48.6
7.4

-40.2
-50.0
9.9

-63.2
-53.0
-10.2

5.1
-16.6
21.7

-66.6
-74.7
8.1

-120.0
-93.8
-26.2

-34.7
-35.4
0.7

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

1.1
-1.6
-12.8

-4.3
-7.6
-12.0

1.2
0.4
26.4

3.8
1.0
225.2

-3.2
-1.3
36.7

4.2
1.8
-57.6

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

-6.1
-1.2

-4.9
-0.5

-26.7
-1.5

-35.5
1.6

6.9
-0.4

66.0
-0.2

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
7.7
14.3
34.2

5.7
4.7
11.8
-10.7

-42.5
18.4
2.5
-63.3

-46.8
0.8
-3.1
-44.5

23.4
54.0
-5.3
-25.3

-36.4
1.8
56.0
-94.1

-110.3
17.0
-37.8
-89.5

-58.0
21.8
86.1
-166.0

167.5
4.4
-0.1
163.2

28
29
30
31

3.7

3.4

3.4

3.4

3.8

3.6

3.7

3.9

3.9

3.8

3.8

32

75.4

63.3

40.2

-11.9

-20.1

-53.1

-102.5

33.2

42.0

4.8

-29.9

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, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Gross saving

25.9

35.0

37.2

34.2

49.9

37.2

55.0

57.4

50.0

50.4

49.0

1

2

Fixed nonresidential investment

0.3

0.3

0.3

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.3

2

3

Net acquisition of financial assets

52.6

44.0

64.5

110.6

55.1

99.3

64.8

25.0

31.3

64.7

81.9

3

-0.3

3.9

5.4

-0.9

6.2

-6.0

0.4

-12.4

42.6

-42.2

3.5

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

-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

-33.8
-31.4
-2.4
-5.5
-2.9

1.5
0.6
0.9
-6.6
8.6

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
2.9
17.2
28.9

105.3
29.8
74.1
1.4

64.4
-10.2
57.1
17.6

37.3
6.8
-25.4
55.9

-11.4
-14.8
-37.1
40.5

106.9
80.8
49.3
-23.2

78.4
36.0
13.6
28.8

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

62.2

10.0

-32.4

-18.7

14.4

33.0

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

17.9
5.4
12.5

31.8
4.5
27.4

2.0
6.7
-4.7

-36.0
16.4
-52.3

41.8
12.3
29.5

8.5
-0.0
8.5

15
16
17

18

Federal funds and security RPs (net)

0.4

0.4

0.0

0.5

0.1

-0.3

-0.7

-1.1

2.6

0.8

1.8

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

25.8
9.1
16.7

36.3
4.0
32.2

11.7
9.8
2.0

25.4
-13.2
38.5

29.9
35.7
-5.8

8.3
-14.9
23.2

31.6
6.7
24.9

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

-13.8
-10.8
-38.6
27.8

-16.4
24.7
7.0
17.6

0.6
-33.6
-39.0
5.4

-28.2
-30.5
-56.8
26.3

-11.2
-4.0
-65.8
61.8

-28.3
-8.3
0.2
-8.5

-18.1
9.1
-21.6
30.7

22
23
24
25

-0.2

-0.2

-0.2

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.2

-0.2

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

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

1

2

Fixed nonresidential investment

0.1

0.2

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

5.9

1.3

5.5

9.8

3.7

-5.9

9.5

8.9

2.2

2.7

7.6

3

4

Checkable deposits and currency

0.2

-0.2

-0.1

0.6

0.3

-1.5

-1.4

1.6

2.4

-1.3

0.6

4

5

Credit market instruments

4.2

0.7

3.7

6.0

4.4

-4.4

9.2

6.6

6.3

5.4

5.4

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

2.6
-0.7
3.3
0.1
-0.5

-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

2.1
0.7
1.4
0.0
0.4

-0.4
-1.2
0.8
0.5
-0.4

1.1
-0.5
1.6
-0.0
0.0

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
0.6
1.2

-2.0
-2.1
1.5

1.6
2.4
1.5

0.3
1.1
1.0

2.2
1.0
0.6

3.8
1.4
0.4

0.8
2.2
1.3

11
12
13

1.6

0.8

1.8

3.1

-1.0

-0.0

1.6

0.7

-6.4

-1.4

1.6

14

14
15

Miscellaneous assets

5.5

1.4

5.1

9.4

3.8

-4.7

9.4

8.5

2.1

2.2

7.2

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
0.8
0.8

-2.6
-2.4
-2.4

2.1
1.1
1.1

-1.2
1.4
1.4

1.7
3.2
3.2

-1.4
0.4
0.4

0.0
2.5
2.5

16
17
18

19

Miscellaneous liabilities

2.9

0.6

4.7

6.3

2.2

2.8

5.1

6.9

-6.1

2.8

2.3

19

-0.4

0.0

-0.4

-0.4

0.1

1.1

-0.2

-0.5

-0.2

-0.6

-0.5

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

4.6

0.5

1.1

0.2

0.7

0.5

0.6

0.7

1.0

1.1

1.4

1

2

Fixed nonresidential investment

3.0

3.5

3.8

4.2

4.6

4.4

4.5

4.6

4.7

5.0

5.2

2

3

Net acquisition of financial assets

0.9

16.1

-8.4

60.8

63.0

85.3

69.7

74.7

22.3

39.1

87.4

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

0.1
1.7
-0.1
-4.2

-0.5
-13.6
-0.3
4.5

0.2
4.6
-0.3
-13.6

-0.1
2.1
0.0
-1.0

1.1
13.7
0.1
-6.7

-1.8
-15.3
2.4
3.7

0.1
4.7
-2.4
2.0

4
5
6
7

8

Credit market instruments

-7.6

19.9

-4.7

36.3

68.7

111.0

85.3

58.1

20.2

50.2

72.9

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
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

0
-21.0
-0.8
-20.2

0
-12.4
-3.3
-9.1

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
23.3
6.5
24.7
9.9

1.0
62.9
4.8
15.9
8.0

0.7
22.0
6.7
43.9
14.2

0.1
-14.6
4.8
60.4
11.6

0.3
23.0
9.6
-21.3
5.9

0.3
15.0
11.2
55.0
-10.2

-0.2
-20.5
8.1
90.0
7.9

13
14
15
16
17

0.7
1.7

0.6
-1.8

0.2
-3.2

1.5
13.6

-0.7
-2.6

-1.2
-14.6

-0.2
-6.3

-1.4
17.0

0.2
-6.4

1.5
-1.6

-1.3
11.3

18
19

18
19

Corporate equities
Miscellaneous assets

20

Net increase in liabilities

-3.2

15.4

-9.5

57.6

61.8

82.8

68.8

74.2

21.4

37.1

87.1

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

-30.8
29.8
-60.6
-0.1

9.8
43.3
-43.0
9.5

19.2
35.9
-20.5
3.8

28.9
39.6
-31.6
20.9

11.6
45.2
-60.9
27.3

16.4
42.8
-35.5
9.0

21
22
23
24

25

Security RPs

-0.0

-0.9

-1.9

9.5

21.4

50.6

7.2

24.6

3.3

3.2

6.0

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

48.0
0.2
-15.7
63.5

75.2
0.9
17.3
56.9

59.2
-0.5
5.6
54.1

51.9
1.4
-3.2
53.7

5.8
-1.2
-82.4
89.4

40.6
-0.0
25.4
15.3

56.3
0.0
3.5
52.8

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
-14.4
0.5
-15.0

-0.1
-12.1
0.5
-12.6

-0.5
-6.8
0.5
-7.3

1.3
-22.8
0.6
-23.3

-0.5
-16.1
0.6
-16.7

-1.4
-16.9
0.6
-17.5

0.3
8.3
0.6
7.6

30
31
32
33

-2.5

-3.6

-3.8

-7.2

-5.0

-6.5

-4.7

-4.5

-4.5

-5.9

-4.0

34

34

Discrepancy

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

29

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

5.9

6.3

5.2

5.4

5.5

5.5

5.5

5.5

5.7

5.6

5.7

1

2

Fixed nonresidential investment

1.4

1.9

2.2

2.7

2.9

2.8

2.9

2.9

3.0

3.2

3.3

2

3

Net acquisition of financial assets

17.1

19.5

23.7

37.7

23.0

20.2

30.5

26.5

15.0

33.9

14.0

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

17.3
-6.8
2.4

0.7
4.9
-16.3

2.1
2.4
3.2

28.9
-23.6
4.0

37.4
-10.7
18.9

1.8
5.6
-16.7

-5.1
-5.5
-23.6

4
5
6

7

Credit market instruments

16.2

25.5

16.8

19.0

27.5

30.9

32.7

27.5

18.8

39.9

40.7

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
-0.6
-3.5
2.9

-0.2
8.1
-4.1
12.2

2.0
10.0
1.5
8.4

0
-4.4
-6.8
2.3

4.1
-16.1
-4.8
-11.3

-4.1
8.7
0.1
8.6

-2.0
1.0
-2.2
3.1

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

14.1
12.5

10.2
12.8

16.2
4.5

13.4
18.5

16.5
14.3

17.9
17.4

19.3
22.4

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
-16.3

0.5
-0.5

0.5
-10.4

0.5
-10.7

-5.8
-43.6

2.7
0.7

-3.8
11.4

14
15

16

Net increase in liabilities

13.4

16.4

20.5

34.7

20.8

18.0

28.7

23.6

12.8

29.3

11.4

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

17.7
2.3
12.3
3.1

15.8
-0.5
12.1
4.2

28.7
0.6
23.9
4.2

20.7
-0.6
17.2
4.2

5.6
9.9
-4.0
-0.2

33.3
23.7
11.5
-2.0

7.3
-3.5
5.0
5.7

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
0.9

1.5
0.7

1.4
-1.3

2.8
0.1

3.3
3.9

-2.9
-1.1

0.9
3.2

21
22

0.8

1.4

-0.3

-0.3

0.4

0.6

0.9

-0.4

0.5

-2.2

-0.1

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

-31.9

-25.5

-33.9

-31.7

-39.7

-40.2

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

-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

6.5
0.3
1.9
4.3

8.4
0.5
2.7
5.2

2
3
4
5

6

Credit market instruments

-8.3

-7.7

-25.0

-12.8

-8.4

-7.6

-8.4

-8.6

-9.1

-9.5

-9.9

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

-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

-0.6
-8.1
-7.3
-0.7

-1.0
-8.6
-7.9
-0.7

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

-1.6
-1.6
-0.0

-1.2
-1.6
-0.0

-0.8
-1.2
-0.0

-0.7
-0.9
0.0

-0.3
-0.6
0.0

-0.1
-0.2
0.1

11
12
13

1.6
9.5

-17.3
3.9

-14.5
-7.2

-59.0
9.4

-35.9
8.7

-32.0
8.0

-30.4
8.4

-42.0
9.2

-39.0
9.0

-47.5
8.4

-48.5
8.6

14
15

-0.9

3.9

-1.4

8.4

1.3

-0.2

2.0

2.6

0.9

2.4

1.2

16

4.0

-8.6

-56.3

-48.0

-31.1

-32.0

-25.9

-34.3

-32.3

-40.4

-41.0

17

-1.3

2.1

-5.3

-0.2

-0.4

-0.1

-0.4

-0.4

-0.6

-0.7

-0.8

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

-1.1

2.6

-7.0

-8.5

-8.5

-8.8

-8.6

-8.4

-8.4

-8.2

-8.0

1

2

Fixed nonresidential investment

14.7

11.4

11.8

12.1

13.2

12.8

13.0

13.4

13.6

14.4

14.9

2

3

Net acquisition of financial assets

145.5

125.4

213.7

187.0

169.3

191.7

194.2

197.2

93.9

213.3

175.7

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
17.6

0.0
23.4

-10.9
22.3

5.2
16.6

-0.3
41.3

6.1
13.5

-5.6
5.3

6.8
-5.7

4
5

6

Credit market instruments

100.0

69.6

104.8

76.9

53.5

78.4

68.2

36.8

30.7

57.2

54.1

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

2.0
-2.3
-9.3
7.0

-17.9
8.8
-6.9
15.7

-4.6
-0.4
-9.2
8.8

6.2
-6.4
-10.6
4.2

24.3
-11.2
-10.4
-0.8

-14.0
13.2
-1.7
14.9

16.7
-9.8
-10.3
0.5

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

1.7
41.5
-5.0
15.7

2.5
87.3
-17.8
15.6

1.9
51.8
-2.8
22.3

1.5
27.6
1.3
6.6

0.9
-0.8
-0.9
18.4

1.1
64.5
-1.3
-6.2

0.3
35.4
3.9
7.5

11
12
13
14

18.6
13.5

46.7
2.4

86.3
-7.2

115.3
-23.4

111.9
15.0

117.0
15.0

120.6
15.0

111.9
15.0

98.2
15.0

102.4
12.0

119.7
12.4

15
16

7.2

-31.4

-6.7

3.5

-34.6

-30.0

-31.5

-7.4

-69.5

42.0

-11.6

17

15
16

Corporate equities
Mutual fund shares

17

Miscellaneous assets

18

Net increase in liabilities

118.9

92.1

186.0

173.1

152.9

186.0

175.0

184.6

66.1

181.9

168.4

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
43.7

-8.8
1.1
43.8
23.1

-4.0
0.2
57.6
71.7

-4.7
0.7
46.7
85.5

-6.0
0.7
49.4
70.0

-4.5
3.3
54.7
65.0

-3.2
3.0
39.4
78.5

-6.8
1.1
47.8
82.2

-9.5
-4.4
55.6
54.3

-6.2
-0.7
36.9
89.3

11.9
-1.1
41.7
89.0

19
20
21
22

23
24

Taxes payable
Miscellaneous liabilities

1.6
32.4

1.6
31.3

1.7
58.8

1.8
43.2

1.8
37.0

1.6
65.9

1.9
55.4

1.9
58.4

1.8
-31.7

1.8
60.9

1.7
25.2

23
24

-42.5

-42.1

-46.6

-34.7

-38.1

-27.4

-40.9

-34.3

-49.9

-53.9

-30.1

25

25

Discrepancy

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

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

Gross saving

3.6

1.9

4.0

-2.5

-3.7

-2.5

-3.5

-4.4

-4.5

-5.6

-6.0

1

2

Fixed nonresidential investment

11.3

7.6

9.4

10.3

11.4

11.0

11.3

11.6

11.8

12.4

13.0

2

3

Net acquisition of financial assets

37.0

16.2

37.1

32.1

-13.5

-2.2

-10.5

-1.3

-40.0

13.3

-7.8

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

0.1
-14.2

-3.2
1.7

0.8
-41.5

-1.0
7.4

3.7
-24.7

-4.5
25.7

-1.1
2.6

4
5

6

Credit market instruments

21.5

22.5

25.2

20.4

-4.2

-19.7

26.7

-14.4

-9.4

-14.0

-13.6

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

-4.8
-10.7
5.8

-9.0
-12.7
3.7

3.5
-6.7
10.2

-7.7
-12.0
4.3

-6.1
-11.2
5.1

-2.8
-3.0
0.3

-4.3
-2.1
-2.2

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

-9.7
10.4
-0.0

-15.7
5.3
-0.2

2.3
20.8
0.1

-13.8
6.8
0.2

-11.6
8.6
-0.2

-8.4
-5.4
2.5

-6.4
-3.1
0.1

10
11
12

-0.6
4.4
3.8

-6.8
-0.1
3.6

3.0
2.7
6.1

-5.2
1.6
7.5

-2.1
2.0
5.0

2.8
9.7
6.4

-5.4
7.0
1.9

-5.8
2.3
10.1

-0.1
-10.9
1.4

-9.6
11.1
4.8

-11.5
4.8
11.1

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

-1.8

15.6

4.9

-10.0

22.0

23.0

-15.3

-7.7

10.0

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
10.7

-4.7
1.2
19.2

-7.8
1.1
11.6

-6.8
1.1
-4.4

-9.0
1.1
29.9

-7.1
1.1
28.9

-8.3
1.1
-8.1

-13.1
1.1
4.4

-9.2
1.0
18.2

17
18
19

-22.9

-13.2

-44.2

-29.3

3.3

-21.2

17.7

8.3

8.3

-39.0

-1.2

20

20

Discrepancy

31

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

0.3

0.3

0.3

0.4

0.4

0.4

0.4

0.4

0.4

0.5

0.5

1

2

Fixed nonresidential investment

0.7

0.8

0.9

1.1

1.1

1.2

1.1

1.1

1.2

1.2

1.3

2

3

Net acquisition of financial assets

43.5

23.4

89.6

59.4

81.6

39.2

67.9

81.0

138.4

65.9

54.3

3

4
5
6
7

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

0.7
4.5
6.0
-0.0

0.8
6.5
10.8
2.8

2.1
6.3
18.1
-0.2

0.3
1.6
2.4
0.9

2.0
-6.9
18.0
0.4

1.3
-3.6
11.0
-0.3

0.0
-1.8
1.1
1.1

1.6
-5.2
14.4
0.4

5.0
-16.8
45.5
0.5

0.5
-1.3
2.1
0.5

0.5
4.9
0.3
0.5

4
5
6
7

8

Credit market instruments

20.2

-5.8

19.5

57.8

57.5

57.5

86.6

32.0

54.0

46.1

0.2

8

0.5
5.3
2.6
2.7

3.9
-13.2
-2.7
-10.5

0.1
9.0
3.2
5.8

2.8
38.5
15.3
23.2

3.7
44.1
13.5
30.7

1.8
37.2
13.6
23.6

4.1
61.7
16.9
44.8

1.2
32.9
7.8
25.0

7.8
44.7
15.5
29.3

-7.6
41.1
13.9
27.1

0.4
0.6
2.8
-2.3

9
10
11
12

13.6
0.6

2.9
0.6

9.3
1.1

14.5
2.1

7.4
2.2

16.6
1.8

18.2
2.6

-4.4
2.3

-0.7
2.1

10.2
2.4

-2.5
1.8

13
14

-57.5
45.0

-69.3
43.1

-21.5
36.8

-68.9
32.4

-49.9
40.8

-103.6
51.4

-57.7
21.7

-16.1
48.7

-22.3
41.4

-54.1
45.3

-6.2
31.7

15
16

9
10
11
12

Open market paper
U.S. government securities
Treasury
Agency

13
14

Corporate and foreign bonds
Mortgages

15
16

Corporate equities
Mutual fund shares

17
18
19
20

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

24.6
16.6
4.1
3.9

34.6
18.3
4.1
12.2

28.5
22.2
1.8
4.5

32.7
22.4
1.8
8.6

19.7
14.2
1.0
4.6

25.6
20.9
0.9
3.8

16.8
12.2
0.9
3.6

5.2
-0.2
1.0
4.4

31.2
23.7
1.0
6.5

26.8
20.8
1.0
5.1

22.3
7.0
1.0
14.3

17
18
19
20

21

Pension fund reserves (liabilities) (3)

43.8

23.9

90.1

60.1

82.4

39.9

68.6

81.7

139.2

66.7

55.1

21

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

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

Gross saving

0.5

0.6

0.7

0.8

0.9

0.8

0.8

0.9

0.9

0.9

0.9

1

2

Fixed nonresidential investment

1.1

1.6

1.8

2.3

2.3

2.3

2.3

2.3

2.3

2.5

2.5

2

3

Net acquisition of financial assets

62.1

59.9

75.6

60.4

58.8

58.3

60.6

60.2

55.9

60.7

54.0

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

-0.7
-0.3
2.8

-9.5
0.7
14.0

7.4
-2.1
-0.5

-0.3
1.9
-6.6

-0.6
-1.7
4.5

7.4
2.9
20.1

-4.3
-1.6
2.4

4
5
6

7

Credit market instruments

33.6

37.3

63.8

71.5

49.9

76.0

25.1

40.0

58.2

55.3

17.1

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

2.8
13.4
-4.6
17.9

14.0
30.8
2.7
28.0

-0.5
23.8
16.5
7.3

-6.6
-9.2
-20.8
11.6

4.5
8.1
-16.7
24.7

20.1
-6.2
-8.3
2.1

2.4
-3.6
-8.4
4.8

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
6.5

0.8
35.4
-2.6

1.1
29.5
0.6

-1.2
4.1
-1.1

3.5
58.7
-6.4

-0.3
49.4
-3.4

-0.5
41.1
0.9

-1.7
22.8
-2.9

12
13
14

65.3
-39.9

71.1
-46.2

76.7
-63.3

68.0
-92.3

58.4
-51.3

50.5
-73.5

61.4
-30.7

68.5
-43.3

53.1
-57.6

39.1
-64.0

44.0
-3.6

15
16

62.7

60.9

76.7

61.9

60.2

59.8

62.1

61.6

57.4

62.2

55.6

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, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

141.2

145.4

155.9

287.2

249.1

221.3

115.3

174.3

485.5

241.0

48.2

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

41.6
-20.1
51.1
-30.2

17.6
17.2
-9.1
22.1

34.7
-22.2
0.8
-16.3

-45.0
20.4
90.5
24.9

54.1
-3.2
-10.8
61.7

68.3
-2.4
-130.3
51.2

2
3
4
5

6

Credit market instruments

86.5

88.8

87.5

244.0

182.0

215.7

-67.0

224.8

354.5

208.8

-156.2

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

189.1
-17.1
30.6
-47.7

-21.3
-84.5
-64.1
-20.4

118.2
34.5
22.3
12.1

133.0
136.1
11.7
124.5

173.5
-78.9
-6.0
-72.9

-36.8
-106.5
-48.0
-58.5

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

16.9
26.8

6.6
32.0

6.2
65.9

40.1
45.3

34.4
79.7

23.3
-36.1

11
12

11.6

4.4

14.3

9.6

22.6

-36.8

134.6

-47.5

40.2

-69.6

217.6

13

141.2

145.4

155.9

287.2

249.1

221.3

115.3

174.3

485.5

241.0

48.2

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

-4.5

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

1

147.4

237.6

265.1

274.6

188.3

240.6

212.4

127.5

172.8

309.0

248.4

2

7.1

-2.7

10.3

10.4

8.5

5.9

8.9

-0.9

20.3

6.1

79.0

3

52.5

48.9

80.9

124.8

47.2

97.4

117.2

-13.0

-12.7

-80.8

55.0

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

8.5
12.5
6.4
6.1

3.7
34.5
17.5
17.0

-5.8
61.8
30.1
31.7

-11.0
-16.2
-7.7
-8.5

47.3
-30.0
-14.1
-15.9

5.8
-39.3
-18.3
-21.1

62.1
0.8
0.4
0.4

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

-3.2
29.3

19.1
40.2

10.6
50.5

-9.8
24.1

-32.4
2.4

-28.3
-19.0

-16.7
8.8

9
10

87.4
0.5

193.0
-1.7

166.8
7.1

143.3
-3.9

136.9
-4.4

114.1
23.3

120.0
-33.6

143.6
-2.3

170.0
-4.7

387.9
-4.1

113.2
1.3

11
12

147.4

237.6

265.1

274.6

188.3

240.6

212.4

127.5

172.8

309.0

248.4

13

9.3

5.6

7.3

-4.5

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

14

54.6

101.1

183.2

165.0

237.5

154.2

159.2

184.8

451.5

164.8

170.7

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

7.4

7.4

7.4

7.4

7.4

7.4

7.4

1

10.5

4.7

-2.9

4.5

3.1

3.1

3.1

3.1

3.1

3.1

3.1

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

-1.2
5.7
-1.4

-1.2
5.7
-1.4

-1.2
5.7
-1.4

-1.2
5.7
-1.4

-1.2
5.7
-1.4

-1.2
5.7
-1.4

-1.2
5.7
-1.4

3
4
5

-4.6

-1.5

-5.4

-15.1

4.3

4.3

4.3

4.3

4.3

4.3

4.3

6

5.9

3.2

-8.3

-10.6

7.4

7.4

7.4

7.4

7.4

7.4

7.4

7

33

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

1.7

1.7

1.9

2.1

2.3

2.1

2.2

2.3

2.6

2.7

3.0

1

2

Fixed nonresidential investment

0.2

0.3

0.3

0.4

0.4

0.4

0.4

0.4

0.4

0.5

0.5

2

3

Net acquisition of financial assets

115.1

91.7

110.8

304.4

316.7

170.2

294.0

399.0

403.8

126.8

220.1

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

7.4
12.7

-6.5
-26.3

-2.4
-8.7

2.0
5.9

36.4
80.0

-44.2
3.4

2.1
-39.0

4
5

6

Credit market instruments

86.7

84.2

94.3

261.7

235.6

189.1

251.5

280.7

221.0

138.2

215.1

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

-27.1
149.9
5.8
144.1

-103.0
228.4
18.7
209.6

-11.0
158.8
-10.0
168.8

6.0
119.4
3.4
116.0

-0.4
93.0
11.0
82.0

17.0
62.3
-23.2
85.4

-23.8
36.4
-13.3
49.7

7
8
9
10

1.0
5.5

-0.3
5.6

-0.8
0.3

1.3
0.5

0.3
3.2

-6.0
4.6

3.0
-15.6

-0.5
-6.5

4.7
30.2

-6.8
1.3

-1.4
34.6

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

113.6
5.1
0.9
107.6

80.7
7.2
-0.4
73.9

115.6
5.0
1.5
109.1

158.5
15.9
2.8
139.7

99.5
-7.6
-0.4
107.5

57.6
-8.8
2.1
64.3

123.2
-2.4
3.3
122.4

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

8.3
5.3
0.8
2.2

-4.3
-10.3
4.8
1.1

-15.7
-21.4
5.2
0.5

0.6
-9.7
8.3
2.0

3.7
-5.8
7.5
2.1

-6.0
-4.2
-1.6
-0.1

6.8
1.8
5.2
-0.2

46.0
38.6
4.8
2.6

17
18
19
20

7.7

20.0

19.4

53.6

61.1

13.9

53.6

110.4

66.5

29.4

41.9

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

312.1

167.0

291.4

392.7

397.4

122.9

213.7

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

193.0
193.0
0

304.7
304.7
0

407.1
407.1
0

367.9
367.9
0

104.9
104.9
0

234.8
234.8
0

23
24
25

5.8

0.3

7.8

20.3

-6.0

-25.9

-13.3

-14.4

29.5

18.0

-21.1

26

-1.8

0.5

-3.0

-4.1

-2.7

-1.4

-0.9

-4.4

-4.2

-1.7

-3.9

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 USA Education, Inc., a private company chartered in 1997.
(2) Such issues are classified as U.S. government securities.

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

Net acquisition of financial assets

98.2

141.1

114.5

192.6

273.8

396.6

271.9

244.5

182.4

144.3

121.6

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

387.1
9.5
0

263.5
8.3
0

236.2
8.4
-0.0

171.7
10.7
0

137.8
6.5
0

113.9
7.7
0

2
3
4

98.2

141.1

114.5

192.6

273.8

396.6

271.9

244.5

182.4

144.3

121.6

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

0.3

0.7

0.9

1.2

1.2

1.2

1.3

1.2

1.2

1.1

1.1

1

2

Fixed nonresidential investment

1.6

6.0

3.1

3.0

-1.7

-1.2

-1.6

-1.9

-2.1

-2.5

-2.6

2

3

Net acquisition of financial assets

141.1

145.5

200.1

319.6

236.9

292.2

304.4

223.6

127.5

169.6

197.1

3

4

Agency securities (1)

23.0

4.7

3.7

39.7

42.3

64.8

68.7

39.6

-3.8

13.8

10.1

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

19.9
1.5
18.4

17.9
-2.4
20.3

24.6
1.2
23.4

8.6
1.2
7.4

28.4
6.0
22.4

42.6
13.6
29.0

37.4
6.8
30.6

5
6
7

8
9
10
11

Mortgages (2)
Home
Multifamily residential
Commercial

25.1
18.4
2.2
4.6

48.3
31.8
4.1
12.4

80.6
54.5
5.0
21.1

155.1
94.5
12.4
48.2

91.0
49.9
8.2
32.9

126.0
72.4
13.2
40.4

98.2
69.2
7.0
22.0

70.6
28.9
6.3
35.5

69.0
29.0
6.4
33.7

62.3
34.0
5.4
22.9

66.6
33.4
4.5
28.7

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

63.4
20.0

93.2
19.7

93.1
11.7

0.7
33.0

26.7
24.2

44.5
38.4

12
13

142.4

150.8

202.2

321.4

234.0

289.7

301.5

220.5

124.2

166.0

193.2

14

37.3
105.1

45.4
105.4

89.4
112.9

125.7
195.8

139.0
95.0

98.1
191.6

137.7
163.9

153.3
67.2

166.9
-42.7

126.1
39.9

132.2
61.0

15
16

0

0

0

0

0

0

0

0

0

-0.0

-0.1

17

1.3
-1.3

5.3
-0.3

2.1
3.7

1.8
2.9

-2.9
-1.0

-2.4
-1.9

-2.9
-1.8

-3.1
-0.8

-3.3
0.4

-3.6
0.6

-3.9
-2.9

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

20.6

25.0

27.3

30.9

32.2

31.6

31.4

32.9

32.7

33.4

34.0

1

2

Fixed nonresidential investment

22.3

28.1

27.1

36.5

45.5

42.2

45.8

46.7

47.4

51.6

54.7

2

3

Net acquisition of financial assets

72.7

42.2

52.8

70.2

145.8

158.8

104.0

114.1

206.3

114.1

140.6

3

4

Checkable deposits and currency

1.7

1.9

2.1

2.3

2.5

2.4

2.4

2.5

2.5

2.6

2.6

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

94.9
57.6
24.2
13.1

85.3
51.3
26.8
7.2

88.1
42.6
19.7
25.9

91.7
64.6
29.6
-2.5

114.4
72.1
20.8
21.6

132.9
106.2
8.0
18.7

145.5
81.3
35.1
29.2

5
6
7
8

Miscellaneous assets

21.0

22.0

28.9

16.1

48.5

71.1

13.4

19.9

89.3

-21.4

-7.6

9

72.7

49.8

46.6

61.6

135.9

114.8

117.0

69.1

242.5

195.6

146.4

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

62.4
-3.7
57.2
8.8

77.0
-31.0
107.9
0.1

90.5
23.5
65.4
1.5

-17.2
-77.5
52.4
7.9

99.2
70.4
3.2
25.7

52.3
12.2
60.1
-19.9

157.6
5.5
132.7
19.5

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

0.9

0.9

0.8

0.9

0.9

0.9

0.9

0.8

15

21.8
2.8
9.3
9.8

3.2
5.1
9.3
-11.2

-2.9
6.6
4.3
-13.8

17.7
1.1
-2.9
19.5

72.6
7.6
62.1
2.9

37.0
-4.1
11.4
29.8

25.7
17.9
3.2
4.6

85.4
6.8
76.3
2.3

142.5
10.0
157.4
-24.9

142.3
5.5
85.2
51.7

-12.0
6.1
-33.2
15.1

16
17
18
19

20

Discrepancy

-1.6

4.5

-6.0

-14.3

-23.3

-54.5

-1.4

-58.9

21.5

63.2

-14.8

20

21

Memo:
Consumer leases not included above (2)

13.4

11.7

4.3

-3.5

5.0

2.5

6.8

9.8

0.7

13.7

8.7

21

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

35

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

2000

Q2

Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

-3.4

8.2

-9.1

3.2

0.3

-9.1

10.2

-12.1

12.3

-6.0

5.5

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

-9.2
0.0
0

10.0
0.2
0

-12.0
-0.1
0

12.3
0
0

-6.0
0
0

5.5
0
0

2
3
4

-3.4

8.2

-9.1

3.2

0.3

-9.1

10.2

-12.1

12.3

-6.0

5.5

5

-2.2
-1.2

4.1
4.1

-4.6
-4.6

1.6
1.6

0.2
0.2

-4.6
-4.6

5.1
5.1

-6.1
-6.1

6.2
6.2

-3.0
-3.0

2.7
2.7

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

9.7

10.5

10.5

10.9

11.1

11.2

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

9.2
1.6

36.2
6.4

-21.6
-3.8

14.2
2.5

8.1
1.4

4.1
0.7

6.6
1.2

2
3

4

Net acquisition of financial assets

2.3

4.9

26.1

6.4

-2.3

1.8

-7.0

-1.8

-2.4

-14.1

-6.9

4

5

Checkable deposits and currency

0

2.2

1.1

0.8

0.3

-1.3

-0.2

2.6

0.1

0.4

-1.2

5

6

Credit market instruments

1.4

4.4

20.2

-5.1

-2.6

1.7

-2.2

-2.7

-7.0

-16.3

-2.5

6

Agency securities
Corporate and foreign bonds

-0.2
0.8

3.2
1.4

9.0
2.1

-8.1
-0.4

1.1
-0.3

7.2
-1.9

-0.2
-0.2

-1.1
-1.2

-1.6
2.0

-0.4
-0.7

-3.8
3.5

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

-3.3
-2.4
-0.6
-0.4

-3.6
-5.9
-0.4
2.7

-1.9
-1.3
-0.4
-0.2

-0.4
0.5
-0.4
-0.5

-7.3
-2.8
-1.1
-3.5

-15.2
-14.4
-0.8
0

-2.2
-1.9
0.9
-1.2

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

-0.1

1.4

-4.5

-1.7

4.5

1.7

-3.2

13

15.8

29.5

92.2

86.4

17.7

42.7

-18.0

30.8

15.5

2.8

10.6

14

15

Security RPs

1.2

2.8

11.2

-9.8

0.5

4.0

0.7

-2.2

-0.4

-10.7

-7.2

15

16

Credit market instruments

4.5

11.9

39.6

62.7

6.3

25.6

-19.7

7.9

11.3

11.5

9.8

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

-0.1
8.9
-7.6
5.1

0.0
25.0
-19.5
20.1

-0.0
-6.2
-1.3
-12.3

-0.1
3.2
-4.5
9.4

-0.2
13.4
-5.1
3.2

0
6.6
-2.1
7.0

3.5
13.2
-16.9
10.0

17
18
19
20

8.7
1.4

12.3
2.5

32.5
8.8

19.8
13.6

6.6
4.4

5.8
7.2

6.2
-5.2

12.3
12.9

1.9
2.7

2.6
-0.6

2.0
6.0

21
22

6.7

6.6

9.7

12.8

19.6

8.0

24.9

26.4

19.3

23.2

20.9

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

-1.0
-1.3
0.0
0.1
0.1

-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

0.4
-0.5
0.3
0.4
0.2

0.6
0.5
1.2
-0.6
-0.5

-2.9
-0.4
-2.3
-0.1
-0.0

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Gross saving

2.3

3.9

6.6

9.1

9.2

8.8

9.0

9.3

9.6

9.8

10.2

1

2

Fixed nonresidential investment

10.8

12.1

13.2

17.0

18.4

17.8

18.2

18.6

19.0

20.0

20.8

2

3

Net acquisition of financial assets

113.4

68.2

142.8

142.0

78.3

12.2

106.4

5.0

189.7

721.8

-75.2

3

4

Checkable deposits and currency

5

Credit market instruments

6
7
8
9
10
11
12
13
14

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

1.7

1.9

6.0

3.7

3.0

-3.7

13.1

-3.7

6.1

-4.6

-2.0

4

90.1

-15.7

14.9

6.8

-30.8

34.6

-119.7

-22.2

-15.9

106.9

33.8

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
-44.4
-59.4
15.0
-1.1
15.0

3.2
3.9
76.1
-72.2
-3.1
30.7

-0.2
-146.2
-153.6
7.4
7.9
18.8

2.2
-0.1
-90.2
90.1
-6.0
-18.4

-6.7
-35.1
-69.7
34.6
-3.2
29.2

17.8
30.6
93.0
-62.5
-4.6
63.2

24.4
26.3
7.0
19.2
-4.1
-12.8

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

7.5
69.7
29.0

23.9
31.6
-74.2

16.9
95.3
100.8

-33.9
5.7
59.0

22.9
146.1
30.5

34.3
260.0
325.2

-2.3
-84.1
-20.6

12
13
14

15

Net increase in liabilities

117.4

71.4

143.9

142.1

78.8

12.1

106.8

5.9

190.5

722.3

-74.3

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

39.2
-17.2
7.7

82.2
-31.1
-1.7

-63.0
-17.4
15.5

-26.5
16.9
25.0

163.9
-37.3
-8.1

163.1
44.4
14.6

-68.8
-0.7
-6.0

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
23.9
42.0
-18.1
0.9

2.0
-93.8
-57.4
-36.4
0.1

49.4
44.3
41.1
3.3
0.4

-7.0
13.2
50.5
-37.3
0.4

3.0
131.7
133.6
-2.0
2.7

12.1
306.4
217.3
89.1
1.1

21.6
-54.5
-76.4
22.0
-3.0

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

21.6
0.3
66.0
-44.7

44.2
1.1
84.3
-41.2

5.5
0.2
51.0
-45.7

42.5
0.9
224.4
-182.9

67.7
-0.2
101.3
-33.4

3.6
0.6
-54.3
57.2

-91.7
-0.5
-67.6
-23.6

164.3
5.7
0.4
158.2

39.4
3.0
59.6
-23.2

24
25
26
27

14.7

12.4

17.5

3.0

7.1

12.0

9.9

-19.7

26.2

16.3

-2.3

28

-4.4

-5.0

-5.6

-7.8

-8.7

-9.0

-8.8

-8.4

-8.6

-9.7

-9.7

29

240.5

194.8

156.0

77.6

533.6

51.5

168.9

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

11.3

106.1

111.1

109.4

2.4

27.3

10.4

57.9

48.9

35.4

28.7

18.9

112.6

10.5

-11.2

2

-15.7
-25.4
9.8

13.6
0.8
12.8

47.4
50.8
-3.4

-1.0
-5.5
4.5

123.6
127.4
-3.8

10.5
41.9
-31.4

81.1
51.3
29.8

-1.1
28.3
-29.4

403.8
388.1
15.7

-36.3
3.6
-40.0

147.5
128.1
19.4

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

148.9
-3.1
152.0

46.1
-5.3
51.4

59.8
56.0
3.8

17.2
-37.8
55.0

77.4
86.1
-8.8

32.6
-0.1
32.7

6
7
8

11.3

106.1

111.1

109.4

240.5

194.8

156.0

77.6

533.6

51.5

168.9

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

92.2
34.8
57.4

156.5
12.3
144.2

-66.2
-109.6
43.4

27.9
32.5
-4.7

250.6
204.0
46.6

-11.4
6.1
-17.6

-47.4
-71.2
23.8

10
11
12

-23.7
-10.4
-5.5
-7.7

42.0
1.1
59.9
-19.0

30.4
-27.4
57.2
0.6

68.7
11.8
70.0
-13.1

148.3
-24.2
19.4
153.1

38.3
-7.6
-173.2
219.1

222.1
112.3
107.8
2.0

49.8
31.9
53.0
-35.2

283.0
-233.4
90.0
426.5

62.9
88.8
110.5
-136.3

216.3
80.0
67.3
69.0

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, September 15, 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

1999
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

2000
Q3

Q4

Q1

Q2

9.6

-6.7

1.0

6.8

-8.7

-16.2

-4.6

-7.8

-6.1

2.2

-8.1

1

0.8

-0.4

0.4

0.1

0.0

-2.2

0.7

0.7

0.9

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

-2.2
0.0

0.8
-0.0

0.7
0.0

0.9
0.0

0.7
0

0.7
-0.0

3
4

8.8

-6.3

0.7

6.6

-8.7

-14.0

-5.4

-8.5

-7.0

1.5

-8.8

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

-3.3
-1.6
-1.6

-14.0
-7.0
-7.0

0.3
0.1
0.1

0.5
0.3
0.3

0.2
0.1
0.1

0.5
0.3
0.3

0.5
0.3
0.3

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

-0.0
-0.0
0

-5.7
-5.7
0

-9.1
-9.1
0

-7.2
-7.2
0

0.9
0.9
0

-9.3
-9.3
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

-4.0
-4.0

0
0

-4.0
-4.0

-4.0
-4.0

0
0

-8.0
-8.0

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

0
1.5

2.1
1.5

2.0
1.8

-4.1
2.2

2.2
4.0

-2.3
3.9

3
4

5

Discrepancy (seigniorage)

-0.5

-0.9

-0.6

-0.7

-1.7

-1.5

0.6

0.2

-6.3

-1.8

-6.2

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

108.9

2.0

86.5

113.7

110.1

69.4

52.7

258.5

-1.1

1

4.6
1.6
4.0

12.4
10.5
3.4

6.5
-5.1
0.1

0.1
0.8
7.4

5.2
2.6
12.2

6.8
15.9
41.6

6.6
-10.2
17.6

4.2
4.2
34.7

3.2
0.6
-45.0

16.5
8.8
54.1

-0.1
-2.1
68.3

2
3
4

25.1

59.6

107.4

-6.4

66.4

49.3

96.1

26.4

93.9

179.0

-67.2

5

38

Z.1, September 15, 2000

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

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

10.0

-51.6

-19.7

-32.3

16.3

48.3

93.4

-33.5

-43.3

-75.8

202.0

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

14.3
1.7
12.6

5.1
-1.1
6.2

-2.1
-1.0
-1.1

71.6
-8.6
80.2

-103.6
-4.9
-98.7

6.4
0.5
6.0

2
3
4

8.7
0.7

-51.2
4.1

-25.8
-1.6

-24.8
-1.1

-5.9
-1.7

34.1
-9.2

88.4
4.5

-31.4
0.2

-114.9
-2.2

27.8
0.1

195.5
1.9

5
6

11.1

-52.0

-4.3

-27.1

-7.8

-6.4

88.7

-24.6

-89.0

3.3

197.7

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

-32.0
23.0
23.6
0.5

-9.1
43.8
42.2
-1.5

-9.4
28.4
-15.4
-43.8

90.0
115.2
71.9
-43.3

-24.3
-2.8
2.2
5.0

-92.7
34.3
110.2
75.9

2.7
67.2
15.7
-51.5

199.9
225.5
219.8
-5.8

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
88.9

-48.6
8.4
57.0

-50.3
-17.1
33.2

-52.6
59.5
112.1

-16.8
-44.2
-27.4

-74.7
35.5
110.2

-94.1
45.4
139.5

-34.1
-100.0
-65.9

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

12.5
-0.4
-13.0

27.4
18.5
-8.9

-4.7
1.8
6.5

-52.3
2.0
54.3

29.5
-2.3
-31.9

8.5
5.0
-3.5

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

-3.0
-2.7
-0.3

1.3
0.9
0.4

0.3
0.4
-0.1

-3.7
-3.7
0

-0.7
-0.4
-0.2

2.2
0.9
1.3

18
19
20

-3.1

-3.3

-19.9

3.4

3.5

49.7

-4.8

-7.0

-23.7

24.4

-4.1

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

-12.1
19.6
16.4
-0.3
3.5

34.4
66.4
17.2
-0.4
49.7

0.9
-6.5
-9.4
7.7
-4.8

-35.4
-9.8
5.9
-8.7
-7.0

-48.1
28.5
51.8
0.4
-23.7

38.3
10.1
-13.7
-0.6
24.4

-4.8
-0.9
2.3
1.0
-4.1

22
23
24
25
26

-1.3
0.5

6.0
10.9

-7.4
-0.6

-1.6
10.2

23.7
8.0

27.0
4.9

-19.6
12.2

27.6
-2.0

59.9
16.7

-40.0
11.7

3.0
1.0

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

7.4
23.7
16.4

9.9
27.0
17.2

-10.2
-19.6
-9.4

21.7
27.6
5.9

8.1
59.9
51.8

-26.2
-40.0
-13.7

0.7
3.0
2.3

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

5.4
4.9
-0.4

4.5
12.2
7.7

6.7
-2.0
-8.7

16.4
16.7
0.4

12.3
11.7
-0.6

-0.0
1.0
1.0

32
33
34

13.1

-48.3

0.2

-35.6

12.7

-1.3

98.3

-26.5

-19.6

-100.2

206.1

35

11.1

-52.0

-4.3

-27.1

-7.8

-6.4

88.7

-24.6

-89.0

3.3

197.7

36

2.0

3.7

4.5

-8.6

20.5

5.1

9.6

-1.9

69.4

-103.5

8.4

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

-9.2
-10.1
0.9

4.5
4.6
-0.1

0.2
-0.8
1.0

-2.2
-1.2
-1.0

0.1
0.1
0.0

1.9
0.8
1.1

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

22.1
-2.4
24.5

14.8
2.2
12.6

4.9
-1.3
6.2

-2.0
-0.9
-1.1

70.5
-9.7
80.2

-101.9
-3.1
-98.7

6.4
0.4
6.0

41
42
43

Savings insts.: Reserves at Fed. Res.

-0.1

-0.5

-0.5

0.1

0.1

-0.5

0.2

-0.1

1.1

-1.8

0.1

44

-3.1

-3.3

-19.9

3.4

3.5

49.7

-4.8

-7.0

-23.7

24.4

-4.1

45

44
45

Discrepancy--floats, etc.

39

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

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

2000

Q2

Q3

Q4

Q1

Q2

-12.8

15.7

41.2

47.4

151.4

63.6

37.5

139.3

365.2

-219.1

-61.1

1

16.9
-1.2
0.1
18.0

23.3
1.7
-0.2
21.8

29.9
-2.3
0.3
31.9

38.3
0.5
-0.3
38.0

108.7
22.3
-0.1
86.4

41.5
-1.2
0.1
42.5

19.5
-33.2
1.0
51.7

94.9
39.3
-0.7
56.3

278.8
84.5
-0.7
195.0

-203.0
-97.0
0.2
-106.2

-0.6
-29.8
-0.1
29.3

2
3
4
5

-45.9
-4.7
0.9
-42.1

-34.6
9.7
2.8
-47.1

-19.8
-0.9
4.8
-23.7

-33.4
-14.6
-1.5
-17.3

3.2
36.4
13.4
-46.6

-7.2
23.1
5.3
-35.6

-26.0
41.0
20.6
-87.7

9.2
31.7
33.8
-56.4

36.9
49.7
-6.1
-6.8

-85.0
-39.9
-54.7
9.6

-99.9
-17.4
5.8
-88.2

6
7
8
9

14.1
2.1

25.4
1.6

27.1
4.1

36.1
6.4

37.2
2.3

29.8
-0.5

43.3
0.6

35.9
-0.6

39.6
9.9

45.2
23.7

42.8
-3.5

10
11

10
11

Savings institutions
Credit unions

12

Net change in assets

-12.8

15.7

41.2

47.4

151.4

63.6

37.5

139.3

365.2

-219.1

-61.1

12

13

Household sector

-58.8

-60.1

-47.2

46.3

-31.8

16.7

-80.7

-19.8

-43.4

7.5

-98.1

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

42.7
30.7
11.8
0.2

-6.1
-18.0
10.0
1.9

48.8
40.6
9.0
-0.8

67.9
61.4
7.4
-0.8

37.3
28.7
9.5
-0.8

17.6
9.1
9.4
-0.8

72.3
63.2
9.9
-0.8

63.7
56.5
8.0
-0.8

70.2
62.0
9.0
-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

3.9
66.2

9.8
24.0

-9.0
34.8

5.0
62.4

9.6
143.5

-6.2
-165.5

1.0
-44.6

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

14.8
-1.8
16.6

40.0
13.4
26.6

15.2
5.4
9.8

33.9
21.6
12.2

51.9
33.1
18.8

58.9
-6.7
65.6

-81.9
-54.5
-27.4

9.6
5.7
4.0

20
21
22

23

Financial sectors

2.9

8.7

18.6

13.4

32.6

-65.9

49.1

13.8

133.5

-65.9

1.9

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

0.3
1.7
17.3
0.1

-1.5
-13.6
0.7
0.0

-1.4
4.6
2.1
0.1

1.6
2.1
28.9
0.1

2.4
13.7
37.4
0.3

-1.3
-15.3
1.8
0.3

0.6
4.7
-5.1
0.5

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
0.8
3.3

3.8
0.3
2.1
-2.2

-2.7
0.2
0.3
4.7

0.0
0.1
2.0
-0.7

-10.9
-3.2
1.3
-9.5

5.2
0.8
0.0
7.4

-0.3
-1.0
1.6
-0.3

6.1
3.7
5.0
-0.6

-5.6
-4.5
0.5
7.4

6.8
-1.1
0.5
-4.3

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
7.4
2.5
0.3
3.0

-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
36.4
2.5
0.1
6.1

-3.2
-44.2
2.6
0.4
-4.6

-2.4
2.1
2.6
-1.2
-2.0

32
33
34
35
36

-9.8

-3.6

-6.6

-0.5

-8.2

-4.2

-27.9

8.4

-9.2

29.3

-1.2

37

37

Mail float

40

Z.1, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

162.2

211.3

219.6

244.5

175.3

-56.9

148.9

221.8

387.4

258.3

240.7

1

96.6

97.2

97.1

152.4

44.7

-74.8

106.6

119.1

28.0

109.1

132.2

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

71.3
72.4
-1.9
0.8

-26.4
-22.4
-1.6
-2.4

125.7
132.2
-7.6
1.1

122.4
120.6
0.4
1.4

63.6
59.3
1.0
3.2

158.5
159.4
-1.3
0.4

162.6
158.3
1.8
2.5

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
12.3

-60.6
12.1

-43.0
23.9

-20.5
17.2

-31.6
-4.0

-60.9
11.5

-35.5
5.0

7
8

9

Large time deposits (1)

65.6

114.0

122.5

92.1

130.6

18.0

42.4

102.7

359.4

149.2

108.5

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

119.0
61.5
56.7
0.8

13.8
29.0
-12.8
-2.4

28.7
39.6
-12.0
1.1

94.8
67.0
26.4
1.4

338.8
110.4
225.2
3.2

123.9
86.7
36.7
0.4

93.8
148.9
-57.6
2.5

10
11
12
13

9.2
1.7

6.3
2.4

11.7
2.9

15.7
4.1

8.5
3.1

-0.1
4.2

9.5
4.2

3.8
4.2

20.9
-0.2

27.3
-2.0

9.0
5.7

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

175.3

-56.9

148.9

221.8

387.4

258.3

240.7

16

17

Household sector

150.5

144.3

150.0

184.8

114.7

-95.7

144.5

186.2

223.8

297.1

322.2

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

-15.8
-24.5
8.7

11.4
0.7
10.7

13.5
-7.3
20.8

11.1
-5.0
16.1

13.7
1.6
12.1

-3.6
-12.3
8.7

21.3
8.9
12.4

18.9
5.6
13.3

18.1
4.3
13.9

-10.9
-15.9
5.0

26.6
16.6
10.0

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

10.9
0.7
15.0

-2.0
-3.4
-5.5

2.9
0.8
-10.5

15.8
2.1
24.2

27.1
3.2
51.7

-19.5
0.4
-9.3

21.8
1.0
1.3

21
22
23

24

Financial sectors

27.2

32.7

36.3

21.7

20.3

53.4

-10.1

-25.4

63.3

0.6

-132.2

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
-6.8
1.1

-0.3
4.9
0.7

-0.3
2.4
0.8

0.0
-23.6
0.8

0.1
-10.7
1.9

2.4
5.6
1.9

-2.4
-5.5
2.7

25
26
27

28
29
30

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

4.5
2.0
20.9

6.5
-2.2
30.4

6.3
0.1
28.6

1.6
-0.4
15.7

-6.9
-0.3
33.3

-3.6
0.7
51.1

-1.8
-2.1
-9.1

-5.2
1.9
0.8

-16.8
-1.7
90.5

-1.3
2.9
-10.8

4.9
-1.6
-130.3

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

141.2

145.4

155.9

287.2

249.1

221.3

115.3

174.3

485.5

241.0

48.2

1

2

Net purchases

141.2

145.4

155.9

287.2

249.1

221.3

115.3

174.3

485.5

241.0

48.2

2

3
4
5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

96.8
24.8
0.9

50.0
9.9
0.6

74.3
23.9
0.6

154.9
45.1
0.5

120.1
35.9
0.4

128.9
24.3
0.4

65.6
0.7
0.5

67.4
27.8
0.5

218.7
90.6
0.5

210.8
7.6
0.4

67.3
-8.1
0.4

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
10.8
27.3

-4.0
32.6
18.1
10.4

8.8
17.6
2.4
57.9

2.3
23.4
18.0
48.9

-0.8
22.3
11.0
35.4

2.0
16.6
1.1
28.7

4.0
41.3
14.4
18.9

4.2
13.5
45.5
112.6

4.3
5.3
2.1
10.5

5.2
-5.7
0.3
-11.2

6
7
8
9

41

Z.1, September 15, 2000

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

1

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

110.5

41.4

120.9

91.3

171.7

258.0

-26.1

135.9

319.0

276.1

134.8

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
128.7
-18.3
0.1

121.2
127.6
-6.1
-0.3

28.9
34.5
-4.9
-0.7

140.1
167.8
-26.7
-1.1

152.1
185.1
-35.5
2.6

120.4
112.7
6.9
0.8

204.7
136.9
66.0
1.8

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
0.5
39.2

50.6
4.0
82.2

7.2
0.7
-63.0

24.6
-2.2
-26.5

3.3
-0.4
163.9

3.2
-10.7
163.1

6.0
-7.2
-68.8

6
7
8

84.9

37.3

56.7

29.9

139.6

44.5

-80.5

58.2

536.2

-273.9

146.3

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

0.7
3.6
20.0

-1.3
7.2
-18.8

0.9
5.0
14.8

1.5
32.0
57.3

-4.3
-11.1
-12.3

7.6
11.5
-5.6

-1.2
-12.5
19.9

2.7
51.3
-16.9

2.1
10.6
49.4

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

66.5
3.3
4.8
0.2

0.5
7.7
-1.2
-4.9

32.5
2.3
-0.8
2.0

42.8
6.5
5.5
3.4

118.9
110.3
-4.2
2.4

-46.3
0.6
4.5
-16.3

-52.8
-23.7
-13.6
3.2

44.7
51.7
-1.0
4.0

530.1
412.4
-6.7
18.9

-310.9
-415.4
3.7
-16.7

84.1
9.0
2.0
-23.6

13
14
15
16

8.1
-0.0
3.7
19.0
7.1
20.5

-2.1
2.8
-3.3
16.0
-2.7
-11.8

-0.2
-0.2
0.4
22.8
10.3
-4.1

7.6
0.9
8.9
12.9
10.4
-13.4

-14.2
0.4
2.8
0.1
8.5
12.7

1.7
-0.3
14.0
-30.2
5.9
-26.3

-41.5
1.1
-0.5
22.1
8.9
-8.7

7.4
0.4
-6.6
-16.3
-0.9
5.9

-24.7
0.5
4.5
24.9
20.3
80.0

25.7
0.5
20.1
61.7
6.1
3.4

2.6
0.5
2.4
51.2
79.0
-39.0

17
18
19
20
21
22

25.7

4.1

64.3

61.4

32.1

213.5

54.3

77.8

-217.3

550.0

-11.5

23

17
18
19
20
21
22
23

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

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

74.3

102.6

184.1

193.1

229.9

155.1

27.2

180.7

556.6

223.7

205.1

1

75.1

101.6

186.8

202.5

232.8

159.8

31.2

185.9

554.5

222.4

204.4

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

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

36.2
56.7
35.5
21.2

116.9
10.9
18.5
-7.6

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
-3.7
-0.1
34.8

83.4
4.0
98.1
-31.0
0.0
12.3

61.3
9.8
137.7
23.5
-0.0
-109.6

95.0
-13.2
153.3
-77.5
-0.1
32.5

476.8
35.7
166.9
70.4
-0.2
204.0

129.5
-14.9
126.1
12.2
0
6.1

76.7
6.7
132.2
5.5
3.5
-71.2

7
8
9
10
11
12

13

Bankers acceptances (1)

-0.8

1.0

-2.7

-9.4

-2.9

-4.7

-4.0

-5.2

2.1

1.3

0.7

13

14

Net purchases, by sector

74.3

102.6

184.1

193.1

229.9

155.1

27.2

180.7

556.6

223.7

205.1

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

5.6
4.6
14.3
19.9

4.2
-5.2
28.0
37.6

5.3
12.6
1.9
-13.1

4.7
20.9
16.0
-18.0

5.3
37.2
4.9
-33.4

5.5
10.3
-2.9
22.4

5.9
-18.1
-10.3
-23.3

6.2
8.2
6.9
-9.4

6.5
18.1
17.5
-7.1

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
0.3
0
1.5
-0.4

0
-0.7
0
-0.2
-0.4

0
-0.5
0
2.0
-0.4

0
1.1
0
0
-0.2

0
1.1
0
4.1
-0.8

0
0.4
0
-4.1
-0.6

0
-0.4
0
-2.0
-1.0

19
20
21
22
23

24
25
26

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

-7.3
0.5
3.7

2.9
3.9
-3.3

17.5
0.1
0.4

7.5
2.8
8.9

2.0
3.7
2.8

-17.9
1.8
14.0

-4.6
4.1
-0.5

6.2
1.2
-6.6

24.3
7.8
4.5

-14.0
-7.6
20.1

16.7
0.4
2.4

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
-25.4

38.4
-3.1
9.6
1.6
0.8

62.1
10.6
-1.1
0.6
50.8

78.2
10.4
26.9
3.8
-5.5

104.7
8.5
-27.1
-0.4
127.4

189.1
3.7
-103.0
3.2
41.9

-21.3
-5.8
-11.0
-0.2
51.3

118.2
-11.0
6.0
2.2
28.3

133.0
47.3
-0.4
-6.7
388.1

173.5
5.8
17.0
17.8
3.6

-36.8
62.1
-23.8
24.4
128.1

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, September 15, 2000

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

1

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

142.9

146.6

23.2

-54.6

-71.0

-81.9

-99.1

-71.5

-31.5

-213.5

-415.8

1

5.1
137.9

2.0
144.6

-0.5
23.7

0.1
-54.7

-0.2
-70.8

0.5
-82.4

0.2
-99.3

-0.5
-71.0

-0.9
-30.5

-3.6
-209.9

-2.2
-413.6

2
3

142.9

146.6

23.2

-54.6

-71.0

-81.9

-99.1

-71.5

-31.5

-213.5

-415.8

4

Household sector
Savings bonds
Other Treasury issues

-25.8
5.1
-30.9

-41.6
2.0
-43.7

-156.3
-0.5
-155.8

-102.9
0.1
-103.0

-27.4
-0.2
-27.3

-260.6
0.5
-261.1

65.4
0.2
65.2

-74.1
-0.5
-73.6

159.5
-0.9
160.5

-257.8
-3.6
-254.2

-181.5
-2.2
-179.3

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

-20.2
-0.6
-17.7

-2.2
0.1
30.0

-4.5
0.6
-2.5

-1.7
1.3
14.6

-5.9
0.4
16.4

-3.9
0.0
-20.7

-6.4
0.6
-20.3

1.5
0.9
-36.5

1.8
1.1
-13.7

8
9
10

11
12

Rest of the world
Monetary authority

168.5
13.7

270.7
12.7

139.7
39.8

38.7
21.4

-8.3
25.8

-26.8
64.6

-48.5
60.0

90.4
20.7

-48.3
-42.0

27.8
103.5

-98.6
-3.8

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

12.7
-1.9
7.5
7.9
-0.7

-6.1
-5.8
1.0
0.9
-2.3

-3.5
3.8
-7.4
0.0
0.1

38.1
8.7
32.0
-1.1
-1.5

22.4
-14.3
4.5
31.6
0.7

-90.1
-35.9
-21.5
-31.4
-1.2

-34.6
-13.8
-20.9
0.6
-0.5

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
-3.5
-4.7

1.7
-4.1
-3.2

0.1
1.5
-4.0

-0.7
-6.8
-5.6

-1.2
-4.8
-5.9

-0.8
0.1
-7.3

-3.3
-2.2
-7.9

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
2.6
-0.4

-14.9
-12.6
-2.7
11.8

1.6
2.1
3.2
13.4

-14.1
-18.0
15.3
0.8

-9.3
-10.7
13.5
-4.6

-6.9
-12.7
13.6
2.7

-9.2
-6.7
16.9
16.5

-10.6
-12.0
7.8
-20.8

-10.4
-11.2
15.5
-16.7

-1.7
-3.0
13.9
-8.3

-10.3
-2.1
2.8
-8.4

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
6.4
-1.2
5.8
-59.4

30.6
17.5
-1.2
18.7
76.1

-64.1
30.1
-1.2
-10.0
-153.6

22.3
-7.7
-1.2
3.4
-90.2

11.7
-14.1
-1.2
11.0
-69.7

-6.0
-18.3
-1.2
-23.2
93.0

-48.0
0.4
-1.2
-13.3
7.0

25
26
27
28
29

144.4

145.0

23.1

-52.6

-71.2

-83.4

-98.5

-71.4

-31.5

-215.5

-414.0

30

2
3
4
5
6
7

Net issues

1996

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, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

205.6

229.9

212.7

472.9

591.8

588.0

577.2

651.6

550.3

247.1

358.2

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

-1.5
193.0
396.6

0.6
304.7
271.9

0.0
407.1
244.5

0.0
367.9
182.4

-2.1
104.9
144.3

1.8
234.8
121.6

2
3
4

205.6

229.9

212.7

472.9

591.8

588.0

577.2

651.6

550.3

247.1

358.2

5

13.7
3.5
-35.1

109.5
5.1
-35.3

19.3
-20.5
-0.8

-34.9
3.1
63.6

139.0
1.8
28.5

74.4
3.4
92.0

104.8
1.3
37.3

231.5
2.2
-37.3

145.4
0.4
22.0

39.4
1.0
23.1

176.7
15.2
26.9

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
56.7
-0.3

0
94.1
-0.2

0
96.4
-0.1

0
91.3
-0.2

0
92.0
-0.1

0
96.7
-0.2

0
138.7
-0.1

0
114.9
-0.0

9
10
11

12
13
14
15
16

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

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

35.7
29.3
4.3
-1.3
3.3

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

16.3
0.1
9.2
5.6
1.4

70.6
75.3
-3.1
-2.4
0.8

13.2
15.2
-4.6
0.9
1.6

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
2.9
-0.9

16.7
12.2
-0.8

-2.4
8.4
-1.2

-3.4
2.3
-0.8

3.9
-11.3
-0.9

-20.2
8.6
-0.7

-9.1
3.1
-0.7

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
2.7
23.2

1.3
2.8
-10.5
5.5

-3.0
1.7
5.8
18.4

-9.6
2.6
23.2
19.1

7.0
5.8
30.7
17.9

15.7
3.7
23.6
28.0

8.8
10.2
44.8
7.3

4.2
4.3
25.0
11.6

-0.8
5.1
29.3
24.7

14.9
0.3
27.1
2.1

0.5
-2.2
-2.3
4.8

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
6.1
144.1

-47.7
17.0
209.6

-20.4
31.7
168.8

12.1
-8.5
116.0

124.5
-15.9
82.0

-72.9
-21.1
85.4

-58.5
0.4
49.7

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

39.7
-8.1
0.5

42.3
1.1
15.0

64.8
7.2
-72.2

68.7
-0.2
7.4

39.6
-1.1
90.1

-3.8
-1.6
34.6

13.8
-0.4
-62.5

10.1
-3.8
19.2

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

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

Q2

2000
Q3

Q4

Q1

Q2

-48.2

2.6

71.4

96.8

68.2

92.1

56.8

71.3

52.5

8.9

34.0

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

79.5
2.3
77.2

43.5
6.6
36.9

52.6
2.9
49.7

35.2
2.4
32.8

5.4
6.5
-1.1

22.4
9.7
12.8

2
3
4

0.7

6.6

10.0

12.0

10.4

7.2

9.0

13.4

12.1

2.2

11.2

5

3.1

3.1

4.2

5.8

5.1

5.5

4.3

5.2

5.2

1.3

0.3

6

-48.2

2.6

71.4

96.8

68.2

92.1

56.8

71.3

52.5

8.9

34.0

7

8
9
10

Household sector
Nonfinancial corporate business
State and local governments

-43.4
-19.9
-3.5

-22.1
-5.8
-0.5

53.7
-3.6
-0.7

15.4
2.3
-1.4

53.4
-1.1
-1.5

71.4
-8.0
-1.6

35.7
-19.0
-1.1

48.5
33.4
-1.7

58.2
-10.8
-1.5

9.2
-0.1
-1.7

23.5
7.5
1.6

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

10.4
1.0
-1.6

5.0
0.7
-1.2

4.8
0.1
-0.8

3.2
0.3
-0.7

8.8
0.3
-0.3

2.6
-0.2
-0.1

11
12
13

14
15
16

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

-0.9
7.0
0.7

1.5
14.4
-1.4

0.1
2.6
0.6

1.7
19.2
1.2

1.7
-9.7
0.8

2.5
-15.7
1.1

1.9
2.3
-1.2

1.5
-13.8
3.5

0.9
-11.6
-0.3

1.1
-8.4
-0.5

0.3
-6.4
-1.7

14
15
16

17
18
19
20
21

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
-3.2
5.7
0.3
-1.1

16.9
19.1
5.7
-6.0
-3.1

6.6
10.6
5.7
3.0
7.9

6.2
-9.8
5.7
-0.5
-6.0

40.1
-32.4
5.7
4.7
-3.2

34.4
-28.3
5.7
-6.8
-4.6

23.3
-16.7
5.7
-1.4
-4.1

17
18
19
20
21

(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

344.1

357.0

422.4

550.4

465.9

763.1

542.6

426.3

131.5

398.4

392.3

1

91.1
57.1

116.3
67.0

150.5
61.4

218.7
34.8

229.9
14.2

274.0
15.4

287.6
0.2

202.8
44.0

155.2
-2.7

186.2
45.7

153.8
-29.6

2
3

Financial sectors
Commercial banking
Savings institutions

195.9
18.5
-0.0

173.8
7.8
-0.4

210.5
23.7
0.1

296.9
27.6
-0.2

221.8
20.4
0.2

473.8
35.2
0.9

254.8
6.2
-0.5

179.5
43.1
1.4

-21.0
-3.0
-1.2

166.5
33.1
-0.0

268.1
38.0
0.0

4
5
6

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

105.1
52.6
0.2
-5.0
24.4

105.4
32.5
1.3
-2.0
29.2

112.9
20.3
14.8
8.1
30.6

195.8
10.9
21.7
7.2
34.0

95.0
57.2
8.9
-17.2
57.4

191.6
107.9
25.0
-31.1
144.2

163.9
65.4
-6.2
-17.4
43.4

67.2
52.4
3.2
16.9
-4.7

-42.7
3.2
13.4
-37.3
46.6

39.9
60.1
6.6
44.4
-17.6

61.0
132.7
13.2
-0.7
23.8

7
8
9
10
11

2
3

Nonfinancial corporate business
Rest of the world (1)

4
5
6
7
8
9
10
11
12

344.1

357.0

422.4

550.4

465.9

763.1

542.6

426.3

131.5

398.4

392.3

12

13
14
15

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

94.4
7.1
58.1

75.7
10.7
83.7

110.0
1.3
84.6

101.1
10.2
122.2

52.6
12.6
160.6

416.2
7.2
138.6

67.0
19.3
132.9

53.5
15.9
205.4

-326.1
8.1
165.6

27.0
6.1
180.3

150.2
4.7
170.3

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

38.8
23.3
-1.3

-66.4
62.9
-1.6

94.1
22.0
-1.6

45.5
-14.6
-1.2

82.2
23.0
-0.9

-22.9
15.0
-0.6

19.3
-20.5
-0.2

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
13.6
5.6

79.2
18.3
2.9
23.8

86.8
18.9
9.3
30.1

84.5
16.7
14.5
35.1

41.5
10.4
7.4
35.4

87.3
5.3
16.6
29.5

51.8
20.8
18.2
4.1

27.6
6.8
-4.4
58.7

-0.8
8.6
-0.7
49.4

64.5
-5.4
10.2
41.1

35.4
-3.1
-2.5
22.8

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
-1.4

26.8
40.2
-1.4

32.0
50.5
-1.4

65.9
24.1
-1.4

45.3
2.4
-1.4

79.7
-19.0
-1.4

-36.1
8.8
-1.4

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
-3.4

0.5
-0.4
-18.6
4.5

3.2
-0.3
15.0
-3.8

4.6
-1.9
30.7
-31.4

-15.6
-0.2
18.8
29.8

-6.5
-1.2
-18.4
-29.4

30.2
2.0
29.2
15.7

1.3
-0.7
63.2
-40.0

34.6
3.5
-12.8
19.4

26
27
28
29

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

45

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

1

Net issues

Q4

Q1

Q2

-5.7

-83.9

-174.6

-31.8

-86.4

-33.9

-7.0

-0.0

105.2

-123.0

1

-58.3

-69.5

-114.4

-267.0

-143.5

-52.1

-338.4

-128.4

-55.0

62.8

-248.0

2

Rest of the world (2)

50.4

82.8

57.6

101.2

114.4

-19.8

284.4

121.7

71.3

63.3

135.0

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

-2.7
-10.6
-6.0
-7.8
7.4
6.6
7.7

-14.5
-14.7
-4.5
-6.8
7.4
5.8
-1.7

20.2
3.2
-3.2
-9.0
7.4
6.2
15.5

-0.3
-31.1
-6.8
-7.1
7.4
12.3
25.0

-16.3
0.3
-9.5
-8.3
7.4
1.9
-8.1

-20.8
-26.1
-6.2
-13.1
7.4
2.6
14.6

-10.0
-16.0
11.9
-9.2
7.4
2.0
-6.0

4
5
6
7
8
9
10

Nonfinancial corporate business

3

11

2000
Q3

-16.0

2

4
5
6
7
8
9
10

Q2

Net purchases

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

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

22
23
24

Mutual funds
Closed-end funds
Brokers and dealers

-16.0

-5.7

-83.9

-174.6

-31.8

-86.4

-33.9

-7.0

-0.0

105.2

-123.0

11

-165.5
12.1
16.6

-247.6
14.5
11.1

-463.2
16.8
67.8

-401.2
9.4
41.9

-365.0
3.5
98.1

-278.6
-25.9
40.7

-375.3
-4.6
120.2

-361.3
27.6
93.2

-444.8
16.9
138.1

-605.0
4.4
246.8

-421.7
-19.2
105.9

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

1.2
-0.7
-35.9

1.6
-1.2
-32.0

-3.7
-0.2
-30.4

4.4
-1.4
-42.0

2.4
0.2
-39.0

0.8
1.5
-47.5

0.7
-1.3
-48.5

15
16
17

18.6
-0.6
-57.5
65.3

46.7
-6.8
-69.3
71.1

86.3
3.0
-21.5
76.7

115.3
-5.2
-68.9
68.0

111.9
-2.1
-49.9
58.4

117.0
2.8
-103.6
50.5

120.6
-5.4
-57.7
61.4

111.9
-5.8
-16.1
68.5

98.2
-0.1
-22.3
53.1

102.4
-9.6
-54.1
39.1

119.7
-11.5
-6.2
44.0

18
19
20
21

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
4.3
7.5

114.1
4.3
23.9

120.0
4.3
16.9

143.6
4.3
-33.9

170.0
4.3
22.9

387.9
4.3
34.3

113.2
4.3
-2.3

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

188.3

240.6

212.4

127.5

172.8

309.0

248.4

1

2

Net purchases

147.4

237.6

265.1

274.6

188.3

240.6

212.4

127.5

172.8

309.0

248.4

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

68.3
4.6
5.9

178.8
3.3
6.0

257.7
-8.2
-7.4

260.4
7.3
-12.3

121.4
-1.8
4.3

172.6
-1.8
-4.1

159.2
-1.8
8.6

50.3
-1.8
6.3

103.6
-1.8
6.3

248.0
-1.8
-10.7

210.9
-1.8
-9.4

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

-0.8
0.5
8.0

0.8
0.5
8.4

-0.7
0.5
9.2

5.2
-5.8
9.0

5.1
2.7
8.4

-0.1
-3.8
8.6

6
7
8

13.5
45.0

2.4
43.1

-7.2
36.8

-23.4
32.4

15.0
40.8

15.0
51.4

15.0
21.7

15.0
48.7

15.0
41.4

12.0
45.3

12.4
31.7

9
10

9
10

Life insurance companies
Private pension funds

46

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Total loans by commercial
banking, flow of funds basis

239.8

174.2

234.7

253.4

200.1

54.0

69.3

256.7

420.3

497.9

505.4

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

0.3
158.2
-9.2
-18.1

-0.7
9.3
1.7
-36.4

-0.5
91.6
-65.7
3.3

1.1
225.8
-32.7
-37.3

1.1
305.9
60.0
-2.0

0.4
213.5
47.3
89.1

-0.4
267.5
41.8
22.0

2
3
4
5

6

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

114.7

92.1

128.2

145.0

68.9

80.1

40.6

99.8

55.2

147.7

174.6

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

92.2
-22.3
-1.6
0.5

117.5
-33.3
-2.1
-2.0

100.5
-64.0
2.5
1.6

117.4
-7.1
-10.8
0.3

33.6
15.3
4.2
2.2

124.7
22.0
-2.9
3.8

171.9
-6.7
8.6
0.8

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

11

12

= Total bank loans n.e.c.

114.7

92.1

128.2

145.0

68.9

80.1

40.6

99.8

55.2

147.7

174.6

12

13

Net change in liabilities

114.7

92.1

128.2

145.0

68.9

80.1

40.6

99.8

55.2

147.7

174.6

13

112.2

79.5

115.0

115.0

83.3

86.8

29.6

105.7

110.9

147.3

165.8

14

17.4
66.8
18.5
1.1

0.6
39.4
29.8
0.6

8.1
71.4
23.5
3.5

6.3
80.9
19.9
1.2

-7.2
72.9
17.9
-0.9

0.5
68.8
17.1
-0.4

-5.1
17.0
16.9
-4.8

-2.9
96.6
17.6
1.0

-21.5
109.3
20.1
0.6

34.5
76.7
18.0
2.6

-18.4
157.2
20.0
0.9

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

0.5
0.2
-3.1
3.5

0.9
0.3
-2.2
2.7

5.6
-0.4
4.9
1.1

-6.6
0.7
-10.4
3.1

2.3
0.1
-4.8
7.0

15.4
-0.8
5.7
10.6

6.1
1.2
2.8
2.1

19
20
21
22

2.5

12.6

13.2

30.1

-14.3

-6.7

11.0

-5.9

-55.6

0.3

8.8

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
-7.6

17.3
0.1
-4.6
-19.5

5.6
1.5
5.1
-1.3

-3.2
7.9
-6.1
-4.5

-82.4
25.7
6.2
-5.1

25.4
-19.9
-3.0
-2.1

3.5
19.5
2.7
-16.9

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, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Total other loans and advances

70.1

62.5

102.8

158.5

172.6

217.8

107.5

217.9

147.3

225.7

268.9

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

5.9
12.6
-0.3
-0.9
-0.3
-0.4
-4.8
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

9.6
9.7
-0.2
-0.5
-0.2
-0.2
1.0
0

-11.6
7.5
-0.4
-0.1
-0.1
-1.6
-17.1
0

10.1
12.4
-0.6
-0.3
-0.1
-1.6
0.3
0

8.1
3.7
0.6
0.6
0.1
2.6
0.4
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

-22.7
-22.7

66.7
66.7

-80.8
-80.8

-24.8
-24.8

-52.1
-52.1

-2.5
-2.5

6.1
6.1

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

-4.3
-3.3
-1.0

-5.6
-3.6
-2.1

-4.8
-2.7
-2.0

2.3
0.8
1.5

1.9
3.1
-1.2

0.8
-0.8
1.6

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

4.8
2.4
2.4

6.7
3.4
3.4

4.8
2.4
2.4

9.6
4.8
4.8

11.2
5.6
5.6

8.1
4.1
4.1

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
3.2

0.1
-0.0
0.1

-5.1
-0.0
-5.0

-17.8
-0.0
-17.8

-2.8
-0.0
-2.8

1.3
-0.0
1.3

-0.9
-0.0
-0.9

-1.3
-0.0
-1.3

3.9
-0.0
3.9

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

113.6
5.6
0.0
0.9
40.6
63.5
2.2
0.7

80.7
7.8
-2.8
2.4
11.6
56.9
1.5
3.3

115.6
6.2
3.8
-2.3
49.5
54.1
1.4
3.0

158.5
15.9
2.1
0.7
82.3
53.7
2.8
1.1

99.5
-7.6
-3.0
2.6
19.2
89.4
3.3
-4.4

57.6
-8.9
-3.2
5.2
52.8
15.3
-2.9
-0.7

123.2
-2.4
4.6
-1.4
69.7
52.8
0.9
-1.1

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

19.9
1.5
18.4

17.9
-2.4
20.3

24.6
1.2
23.4

8.6
1.2
7.4

28.4
6.0
22.4

42.6
13.6
29.0

37.4
6.8
30.6

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

57.6
51.9
5.8

51.3
46.2
5.1

42.6
38.3
4.3

64.6
58.1
6.5

72.1
64.8
7.2

106.2
95.6
10.6

81.3
73.2
8.1

32
33
34

(1) Student loans.

48

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Net change in mortgages

201.3

283.6

332.4

530.3

613.5

593.0

596.2

660.0

604.9

501.5

677.6

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

180.7
7.6
11.4
1.6

242.5
12.0
26.6
2.6

252.3
13.3
63.6
3.2

386.9
28.5
108.7
6.2

432.9
41.8
133.3
5.5

411.8
42.1
135.5
3.6

440.8
29.0
117.4
9.0

480.0
47.3
125.7
7.0

398.9
49.0
154.6
2.5

346.2
33.8
114.6
6.9

500.6
39.9
125.1
11.9

2
3
4
5

201.3

283.6

332.4

530.3

613.5

593.0

596.2

660.0

604.9

501.5

677.6

6

165.2

239.3

244.7

381.4

431.2

405.8

440.9

473.7

404.5

335.9

498.7

7

30.8
24.7
4.5
1.6

36.5
-19.3
53.2
2.6

72.7
-17.7
87.3
3.2

124.1
40.2
77.7
6.2

177.2
86.7
85.0
5.5

167.1
87.8
75.7
3.6

167.5
85.2
73.4
9.0

177.0
72.6
97.4
7.0

197.2
101.2
93.6
2.5

158.6
72.9
78.8
6.9

168.9
73.6
83.4
11.9

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
5.1

0
20.1

0
-12.3

0
9.4

0
3.2

0
7.0

0
10.0

12
13

14

Net change in assets

201.3

283.6

332.4

530.3

613.5

593.0

596.2

660.0

604.9

501.5

677.6

14

-6.1
1.6
3.1

-0.0
-3.6
-3.2

-0.4
25.9
-1.5

0.3
20.0
-0.1

-0.6
15.0
1.0

-0.6
15.0
1.5

2.2
15.0
0.8

0.2
15.0
0.8

-4.4
15.0
0.8

3.1
10.0
1.7

5.3
10.0
1.6

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
-1.4

4.3
-0.4

4.3
1.5

4.4
-0.1

4.4
-3.9

4.5
0.2

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
14.1
-0.0

9.3
15.9
10.2
-0.0

91.6
43.9
16.2
-0.0

225.8
60.4
13.4
-0.0

305.9
-21.3
16.5
0.0

213.5
55.0
17.9
0.0

267.5
90.0
19.3
0.1

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
0.6
0.7

-5.0
-0.4
0.6
0.8

-1.3
-0.2
1.1
0.9

6.8
-0.2
2.1
6.5

15.7
-0.0
2.2
-2.6

15.6
-0.2
1.8
0.6

22.3
0.1
2.6
-1.1

6.6
0.2
2.3
-6.4

18.4
-0.2
2.1
-3.4

-6.2
2.5
2.4
0.9

7.5
0.1
1.8
-2.9

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
48.3

-4.5
114.5
80.6

8.3
192.6
155.1

-4.3
273.8
91.0

-15.7
396.6
126.0

0.6
271.9
98.2

3.7
244.5
70.6

-6.0
182.4
69.0

6.8
144.3
62.3

46.0
121.6
66.6

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

24.2
0.3
-3.3

26.8
-9.1
-3.6

19.7
10.2
-1.9

29.6
-12.1
-0.4

20.8
12.3
-7.3

8.0
-6.0
-15.2

35.1
5.5
-2.2

31
32
33

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

49

Z.1, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

180.7

242.5

252.3

386.9

432.9

411.8

440.8

480.0

398.9

346.2

500.6

1

174.8
0.9
5.0

234.6
0.9
6.9

237.3
0.9
14.1

368.4
1.0
17.5

411.2
1.1
20.6

389.9
1.1
20.8

419.2
1.1
20.4

458.5
1.1
20.4

377.3
1.1
20.6

322.6
1.1
22.5

477.1
1.1
22.4

2
3
4

180.7

242.5

252.3

386.9

432.9

411.8

440.8

480.0

398.9

346.2

500.6

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-7.7
1.1
1.2

-1.2
-9.3
-1.3

-1.1
5.3
-1.0

-1.1
4.4
-0.1

-1.1
4.4
0.4

-1.1
4.4
0.6

-1.1
4.4
0.3

-1.1
4.4
0.3

-1.1
4.4
0.3

-1.1
4.4
0.6

-1.0
3.8
0.6

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
-0.4

3.4
-1.0

3.5
-0.9

3.5
1.3

3.6
-1.0

3.6
-0.3

3.6
-0.1

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

82.1
15.1
14.1
-0.0

-47.4
9.6
10.2
-0.0

25.8
44.1
16.2
-0.0

143.6
43.6
13.4
-0.0

206.4
-36.7
16.5
0.0

108.4
50.1
17.9
0.0

174.7
79.2
19.3
0.1

11
12
13
14

15
16
17

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

0.4
0.7
0.5

-1.9
0.7
0.6

0.2
0.9
0.6

-0.6
1.4
2.8

-0.7
1.7
-0.9

1.5
1.4
0.2

1.4
1.8
-0.4

0.6
1.7
-2.3

-6.0
1.7
-1.2

-0.2
1.9
0.3

0.2
1.7
-1.0

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
31.8

-4.2
109.2
54.5

5.3
182.1
94.5

-10.3
264.6
49.9

-21.4
387.1
72.4

-9.7
263.5
69.2

-5.8
236.2
28.9

-4.2
171.7
29.0

1.8
137.8
34.0

38.6
113.9
33.4

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
-2.4

6.9
-9.2
-5.9

14.0
10.0
-1.3

23.3
-12.0
0.5

5.9
12.3
-2.8

7.5
-6.0
-14.4

30.1
5.5
-1.9

21
22
23

24.9
10.3
1.1
2.0
8.2
3.3

46.0
13.8
1.7
2.6
18.5
9.4

72.3
20.1
3.2
3.5
38.6
6.9

54.9
2.9
0.5
0.7
34.0
16.8

50.4
12.6
3.8
3.7
17.7
12.5

25.6
-3.4
2.7
2.2
16.4
7.7

42.9
-4.6
9.4
1.0
25.6
11.5

86.0
28.1
2.7
8.2
18.4
28.7

46.9
30.3
0.5
3.4
10.4
2.3

76.8
41.1
10.3
10.6
6.4
8.5

111.3
52.2
10.5
4.8
16.4
27.4

24
25
26
27
28
29

6
7
8

24
25
26
27
28
29

Net change in assets

1996

Memo:
Home equity loans included above (2)
Commercial banking
Savings institutions
Credit unions
ABS issuers
Finance companies

(1) Mortgages on 1-4 family properties.
(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

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

Net borrowing

7.6

12.0

13.3

28.5

41.8

42.1

29.0

47.3

49.0

33.8

39.9

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

0.9
4.9

0.9
8.4

0.9
7.5

1.0
19.3

1.1
39.1

1.1
34.4

1.1
32.0

1.1
43.1

1.1
46.8

1.1
30.4

1.1
35.5

2
3

4
5

Federal government
REITs

0
1.8

-0.0
2.6

-0.0
4.9

0
8.2

0
1.7

0
6.6

0
-4.0

0
3.1

0
1.1

0
2.3

0
3.3

4
5

6

Net change in assets

7.6

12.0

13.3

28.5

41.8

42.1

29.0

47.3

49.0

33.8

39.9

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
0.1

-0.0
0.6
-0.0

-0.0
0.6
0.3

-0.0
0.6
0.5

-0.0
0.6
0.2

-0.0
0.6
0.2

-0.0
0.6
0.2

-0.0
0.6
0.6

-0.0
0.6
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

0.9
-0.1

1.0
0.1

0.9
0.1

1.0
-0.1

1.0
0.3

1.0
0.2

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

13.2
-0.2

9.6
-6.8

15.5
9.0

14.3
7.4

19.1
-5.4

12.7
5.3

12
13

14
15
16

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

0.9
-0.0
0.2

2.0
-0.0
0.2

-0.3
0.0
0.2

1.1
0.2
1.8

1.1
0.1
-0.7

-1.0
0.1
0.2

1.1
0.2
-0.3

0.8
0.1
-1.8

3.3
0.1
-0.9

-0.9
0.1
0.2

1.1
0.0
-0.8

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

0.6
4.5
2.2

-0.5
5.6
4.1

-1.2
5.3
5.0

0.8
10.5
12.4

4.8
9.2
8.2

5.2
9.5
13.2

8.3
8.3
7.0

7.5
8.4
6.3

-1.6
10.7
6.4

5.2
6.5
5.4

4.8
7.7
4.5

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
-0.6

0.4
0.0
-0.4

-0.0
0.2
-0.4

0.3
-0.1
-0.4

8.9
0
-1.1

1.9
0
-0.8

1.3
0
0.9

20
21
22

7
8
9

50

Z.1, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

11.4

26.6

63.6

108.7

133.3

135.5

117.4

125.7

154.6

114.6

125.1

1

-9.6
22.9
-5.5
3.6

4.7
-21.2
37.9
5.3

7.4
-19.4
65.7
10.0

12.9
38.3
40.9
16.6

20.0
84.5
25.4
3.4

15.9
85.7
20.4
13.5

21.7
83.0
21.0
-8.2

15.1
70.4
33.9
6.3

27.2
99.0
26.2
2.1

13.3
70.6
25.9
4.7

21.6
71.4
25.5
6.7

2
3
4
5

11.4

26.6

63.6

108.7

133.3

135.5

117.4

125.7

154.6

114.6

125.1

6

0.6
1.2
0.9

0.6
5.1
-0.8

0.2
20.0
-0.6

0.3
15.0
-0.0

0.3
10.0
0.2

0.3
10.0
0.4

0.3
10.0
0.2

0.3
10.0
0.2

0.3
10.0
0.2

0.3
5.0
0.5

0.3
5.6
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
0.4

-0.1
0.7

-0.1
1.1

-0.1
-3.5

-0.1
0.1

10
11

12
13

Commercial banking
Savings institutions

15.0
-1.8

20.2
0.6

25.7
-1.5

35.3
2.1

60.1
7.2

41.3
6.4

53.5
6.6

63.3
7.7

82.3
8.0

82.4
10.2

77.3
5.4

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
-0.0
0.0

-5.6
-0.4
-0.0
-0.0

-1.5
-0.2
0.1
-0.0

5.2
-0.2
0.5
1.9

13.8
-0.0
0.4
-1.0

14.3
-0.2
0.3
0.2

18.8
0.1
0.6
-0.4

4.3
0.2
0.4
-2.4

17.9
-0.2
0.3
-1.3

-4.7
2.5
0.4
0.3

5.9
0.1
0.0
-1.1

14
15
16
17

18
19
20
21

ABS issuers
Finance companies
Mortgage companies
REITs

4.6
0
0
-0.5

12.4
-2.6
0
-1.0

21.1
-1.4
0
2.2

48.2
-2.1
0
2.5

32.9
9.3
0
-0.4

40.4
19.5
0
2.7

22.0
5.7
0
-0.2

35.5
6.0
0
-0.5

33.7
6.0
0
-3.5

22.9
-1.5
0
0

28.7
3.6
0
-1.2

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

5.5

3.6

9.0

7.0

2.5

6.9

11.9

1

2

Net change in assets

1.6

2.6

3.2

6.2

5.5

3.6

9.0

7.0

2.5

6.9

11.9

2

0.8
0.1

0.6
-0.2

0.6
0.0

1.1
0.1

0.2
0.1

0.3
0.1

3.1
0.1

1.1
0.1

-3.5
0.1

4.0
0.1

6.0
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
-0.4

-0.0
0.1

0
-0.5

-0.0
-0.2

0
-0.3

-0.0
-0.1

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

2.2
0.1

2.7
0.0

3.3
0.1

2.9
0.1

3.7
0.1

2.8
0.1

7
8

0.1
0

0.5
0

0.4
0

1.1
0

1.5
0

0.8
0

1.0
0

0.9
0

3.2
0

-0.4
0

0.4
0

9
10

-0.1
-0.0

1.1
-0.0

1.0
-0.0

2.2
-0.0

1.1
-0.0

0.5
0

2.0
0

2.1
-0.0

-0.1
0

-0.2
0

2.6
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, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1

Net change in liabilities (Households)

138.9

88.8

52.5

67.6

94.4

130.5

61.4

76.2

109.5

143.1

131.8

1

2

Net change in assets

138.9

88.8

52.5

67.6

94.4

130.5

61.4

76.2

109.5

143.1

131.8

2

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

-1.6
0

-7.3
0

1.2
0

-4.1
0

5.4
0

37.4
0

-10.7
0

-11.8
0

6.9
0

43.3
0

-14.0
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
12.5

1.7
8.0
12.8

-65.7
14.2
4.5

-32.7
11.6
18.5

60.0
5.9
14.3

47.3
-10.2
17.4

41.8
7.9
22.4

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

63.4
7.2

93.2
25.9

93.1
-2.5

0.7
21.6

26.7
18.7

44.5
29.2

8
9

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

Net change in trade payables

128.9

114.1

131.2

27.0

182.2

121.7

253.3

216.9

137.0

213.7

213.2

1

9.3

8.7

8.1

5.7

7.1

1.4

8.6

6.3

11.9

7.1

7.0

2

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

81.0
6.2
1.0

49.5
20.8
1.3

65.1
23.5
1.4

-14.6
11.1
0.8

119.5
9.8
0.4

88.4
9.2
-0.5

160.4
11.6
-0.0

155.4
9.3
0.9

73.7
9.0
1.2

152.6
8.6
0.9

142.2
7.6
2.0

3
4
5

6
7

State and local governments
Federal government

29.2
-4.6

30.9
0.7

31.4
-9.0

30.5
-3.0

29.1
0.3

30.1
-4.0

26.1
1.9

29.1
0.9

31.1
2.3

33.2
3.3

25.4
-4.8

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

4.3
11.8

-4.9
2.0

-4.7
49.4

22.1
-7.0

4.8
3.0

-4.2
12.1

12.3
21.6

8
9

2

Household sector

3
4
5

10

Net change in trade receivables

113.3

135.3

160.6

69.1

132.4

76.1

271.3

156.5

25.6

211.1

202.4

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

78.0
12.3

88.1
16.2

93.5
27.0

14.7
21.0

96.0
16.6

50.7
12.3

227.3
17.3

122.0
18.2

-15.9
18.7

164.3
12.8

142.7
15.0

11
12

13
14

Federal government
Rest of the world

-1.6
-0.2

0.9
5.3

-3.2
4.3

1.5
-7.6

4.6
-7.9

2.0
-18.5

5.2
-5.0

5.5
-3.3

5.7
-4.9

3.2
-4.6

4.7
-3.1

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

2.0
21.1

9.7
20.0

7.0
19.7

2.3
11.7

-10.9
33.0

11.1
24.2

4.8
38.4

15
16

15.6

-21.2

-29.4

-42.1

49.8

45.6

-18.1

60.4

111.4

2.7

10.8

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

-62.2

139.7

18.9

277.8

566.3

-138.6

1

3.5
0

15.8
0

36.8
0

21.6
0

69.7
0

31.6
0

95.3
0

5.7
0

146.1
0

260.0
0

-84.1
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

23.9
42.0
-8.7
-9.4

-93.8
-57.4
-23.0
-13.4

44.3
41.1
16.5
-13.3

13.2
50.5
-37.4
0.0

131.7
133.6
9.0
-11.0

306.4
217.3
35.8
53.3

-54.5
-76.4
-24.2
46.2

4
5
6
7

8

Net change in assets

26.7

52.4

111.0

103.3

93.5

-62.2

139.7

18.9

277.8

566.3

-138.6

8

9
10

Household sector
Rest of the world

18.6
0

35.3
0

52.6
0

61.2
0

42.0
0

-57.4
0

41.1
0

50.5
0

133.6
0

217.3
0

-76.4
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

-36.4
31.6

3.3
95.3

-37.3
5.7

-2.0
146.1

89.1
260.0

22.0
-84.1

11
12

52

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

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

48.0

50.8

55.4

42.1

48.1

57.6

38.0

44.3

1

1.0
44.8

0.6
43.8

1.7
57.6

1.3
46.7

1.4
49.4

0.7
54.7

2.7
39.4

0.2
47.8

2.0
55.6

1.2
36.9

2.6
41.7

2
3

45.8

44.5

59.3

48.0

50.8

55.4

42.1

48.1

57.6

38.0

44.3

4

171.0

163.0

278.8

248.7

253.7

204.5

248.8

266.7

294.6

258.0

240.8

5

Pension fund reserves:
5

Net change in liabilities

6
7

Federal government (1)
Life insurance companies

20.8
43.7

55.1
23.1

40.3
71.7

41.2
85.5

41.1
70.0

39.9
65.0

39.6
78.5

41.2
82.2

43.8
54.3

39.8
89.3

41.1
89.0

6
7

8
9

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

43.8
62.7

23.9
60.9

90.1
76.7

60.1
61.9

82.4
60.2

39.9
59.8

68.6
62.1

81.7
61.6

139.2
57.4

66.7
62.2

55.1
55.6

8
9

171.0

163.0

278.8

248.7

253.7

204.5

248.8

266.7

294.6

258.0

240.8

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

15.6

11.8

15.4

-2.1

42.5

-1.1

22.5

24.8

24.7

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

-0.0
1.3

9.6
1.6

9.3
0.7

4.8
1.5

6.7
2.1

-9.8
2.3

34.9
2.0

-10.8
2.0

12.5
2.0

16.7
2.5

19.3
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

1.8
-0.1

1.9
-0.5

1.9
1.3

2.0
-0.5

2.1
-1.4

2.1
0.3

4
5

6
7

Life insurance companies
Other insurance companies

1.6
1.2

1.6
1.2

1.7
1.2

1.8
1.2

1.8
1.1

1.6
1.1

1.9
1.1

1.9
1.1

1.8
1.1

1.8
1.1

1.7
1.0

6
7

8
9

Finance companies
Brokers and dealers

0.7
-0.1

0.8
0.1

0.8
0.1

0.9
-0.1

0.9
0.9

0.8
0.1

0.9
0.4

0.9
0.4

0.9
2.7

0.9
1.1

0.8
-3.0

8
9

-14.9

-6.9

-12.3

-1.8

12.5

7.0

22.3

-2.6

23.2

14.8

25.0

10

-8.3
-6.6

-5.3
-1.6

-3.3
-9.0

0.4
-2.2

4.4
8.1

2.8
4.1

3.5
18.8

4.3
-6.9

7.0
16.2

9.9
4.9

11.5
13.5

11
12

21.1

22.9

27.9

13.7

3.0

-9.1

20.1

1.5

-0.7

10.0

-0.3

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

-32.0

-25.9

-34.3

-32.3

-40.4

-41.0

1

2

Asset: Household sector

4.0

-8.6

-56.3

-48.0

-31.1

-32.0

-25.9

-34.3

-32.3

-40.4

-41.0

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

34.6

-3.4

-43.7

-46.7

-22.1

-19.2

4.1

-71.2

-2.2

-27.4

-28.7

1

30.0
-10.1
14.7

-18.1
2.3
12.4

-60.8
-0.3
17.5

-50.1
0.4
3.0

-23.8
-5.4
7.1

-30.2
-1.0
12.0

-8.2
2.4
9.9

-37.1
-14.4
-19.7

-19.7
-8.7
26.2

-26.6
-17.0
16.3

-15.0
-11.4
-2.3

2
3
4

53

Z.1, September 15, 2000

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

1

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

489.4

525.7

499.6

836.2

698.3

398.5

1393.1

499.2

502.2

1024.6

879.9

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.7
132.1
3.4

0.8
251.9
-0.1

0.3
52.9
9.1

-1.4
331.0
8.1

2.1
328.3
8.0

4.9
228.6
7.3

0.3
635.7
7.3

0.2
302.5
8.8

3.2
146.4
8.6

-2.9
265.2
8.1

0.4
65.4
7.7

2
3
4

5
6

Federal government
Rest of the world

4.5
153.8

-3.2
134.8

0.2
135.1

-5.1
153.9

-2.8
172.3

-9.2
167.9

5.3
286.5

-14.1
210.4

6.6
24.5

-7.6
312.9

5.4
166.3

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

1.4
124.0
-0.6
-1.9

-0.1
20.1
-2.5
0.0

2.1
171.2
-2.1
0.1

1.3
120.9
-1.6
0.5

-1.3
-68.3
-14.4
0.9

-24.3
-121.4
-12.1
0.7

17.6
61.2
-6.8
-1.3

-20.3
-183.9
-22.8
0.1

21.8
-29.0
-16.1
3.9

-10.2
27.9
-16.9
-1.1

12.0
336.6
8.3
3.2

7
8
9
10

11
12

Life insurance companies
Other insurance companies

32.4
22.8

31.3
12.3

58.8
10.7

43.2
19.2

37.0
11.6

65.9
-4.4

55.4
29.9

58.4
28.9

-31.7
-8.1

60.9
4.4

25.2
18.2

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
-2.9
-4.6

20.3
17.7
1.6

-6.0
72.6
0.2

-25.9
37.0
-4.6

-13.3
25.7
5.1

-14.4
85.4
-6.1

29.5
142.5
6.2

18.0
142.3
-3.0

-21.1
-12.0
2.7

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

1.4
12.6
-23.7

2.5
28.4
42.0

8.8
21.6
30.4

13.6
44.2
68.7

4.4
5.5
148.3

7.2
42.5
38.3

-5.2
67.7
222.1

12.9
3.6
49.8

2.7
-91.7
283.0

-0.6
164.3
62.9

6.0
39.4
216.3

16
17
18

670.3

613.8

581.6

890.5

1038.5

931.5

1682.9

966.1

573.5

1364.9

1130.2

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
316.3
48.1
1.8

9.7
262.7
56.4
-0.1

10.3
34.9
52.6
0.4

15.3
289.5
43.0
1.7

11.6
443.4
38.6
-0.0

1.2
546.7
44.0
-1.3

13.2
464.7
34.0
1.7

25.1
423.1
38.7
1.5

6.7
339.1
37.6
-1.9

6.1
574.9
28.5
0.1

9.4
168.9
30.0
0.6

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

42.9
-2.1
118.0

-4.8
-6.4
129.1

5.4
-7.0
205.8

-1.0
-3.5
181.8

12.1
-0.9
351.3

-14.5
-0.4
257.3

-3.2
-1.9
775.8

42.9
-2.4
257.9

23.1
1.0
114.2

23.4
-6.7
508.3

9.3
-1.0
344.3

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

1.3
103.5
-3.2
3.8
-1.4

4.9
124.1
13.6
6.8
8.4

-1.3
37.8
-2.6
-16.3
1.3

-13.4
51.1
-14.6
-0.5
-0.2

1.5
144.8
-6.3
-10.4
2.0

4.8
3.4
17.0
-10.7
2.6

1.7
-48.1
-6.4
-43.6
0.9

-2.9
-116.5
-1.6
0.7
2.4

-1.0
265.7
11.3
11.4
1.2

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
24.6
-39.9

-31.4
3.6
34.6
-46.2

-6.7
6.1
28.5
-63.3

3.5
7.5
32.7
-92.3

-34.6
5.0
19.7
-51.3

-30.0
6.4
25.6
-73.5

-31.5
1.9
16.8
-30.7

-7.4
10.1
5.2
-43.3

-69.5
1.4
31.2
-57.6

42.0
4.8
26.8
-64.0

-11.6
11.1
22.3
-3.6

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

11.6
0.5
7.7

4.4
-1.7
20.0

14.3
7.1
19.4

9.6
-3.9
53.6

22.6
-4.4
61.1

-36.8
23.3
13.9

134.6
-33.6
53.6

-47.5
-2.3
110.4

40.2
-4.7
66.5

-69.6
-4.1
29.4

217.6
1.3
41.9

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

48.5
-0.1
29.0
68.0

71.1
1.4
-74.2
148.9

13.4
-4.5
100.8
46.1

19.9
-1.7
59.0
59.8

89.3
4.5
30.5
17.2

-21.4
1.7
325.2
77.4

-7.6
-3.2
-20.6
32.6

39
40
41
42

-180.9

-88.1

-82.0

-54.3

-340.2

-533.0

-289.9

-466.9

-71.3

-340.3

-250.2

43

43

Discrepancy

54

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

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

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

98.8
40.5
53.9
4.4

91.9
27.5
54.7
9.7

105.0
40.8
58.2
6.0

146.1
73.3
47.6
25.1

150.9
52.1
69.6
29.2

164.4
61.9
50.0
52.6

131.8
34.3
70.5
27.1

174.2
85.8
74.4
14.0

133.1
26.4
83.7
23.0

171.9
37.6
91.7
42.5

150.0
71.3
96.4
-17.8

1
2
3
4

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

90.3
1.6
0.4
3.8
2.5
0.1

76.8
3.5
0.8
3.6
7.3
-0.1

84.5
3.0
1.8
6.1
9.0
0.7

128.3
1.0
1.3
7.5
5.9
2.0

137.3
3.9
1.5
5.0
2.2
1.0

157.0
3.9
1.2
6.4
-5.5
1.4

117.1
3.7
1.1
1.9
8.1
-0.0

147.7
3.1
2.4
10.1
9.9
0.9

127.4
4.8
1.5
1.4
-3.8
1.8

132.1
5.9
1.2
4.8
26.2
1.7

102.3
4.4
1.4
11.1
22.5
8.3

5
6
7
8
9
10

53.6
-0.1
6.6
1.8
2.0
2.8
1.5
-10.4

72.0
0.3
-0.1
1.0
5.7
5.1
1.3
1.1

105.4
0.5
7.7
7.0
5.9
6.6
0.3
-27.4

161.8
0.3
4.7
3.8
1.7
1.1
1.1
11.8

246.4
0.1
18.4
15.9
11.2
7.6
0.2
-24.2

106.7
-0.1
0.8
2.7
7.7
-4.1
0.9
-7.6

334.5
0.0
54.0
42.5
14.2
17.9
-0.2
112.3

154.9
0.5
1.8
12.2
13.6
6.8
0.6
31.9

389.4
0.0
17.0
6.0
9.1
10.0
-0.5
-233.4

71.4
0.2
21.8
3.1
-0.8
5.5
5.7
88.8

199.0
0.1
4.4
11.3
15.0
6.1
3.0
80.0

11
12
13
14
15
16
17
18

57.8
47.9
8.4
1.5

86.5
63.7
8.5
14.3

106.0
63.7
16.6
25.8

186.3
151.7
3.8
30.7

275.5
212.1
23.2
40.2

107.1
25.1
15.8
66.2

575.2
533.8
18.8
22.6

222.3
134.9
28.7
58.6

197.6
154.7
29.3
13.6

195.8
110.0
28.2
57.6

318.8
248.2
31.2
39.5

19
20
21
22

1.5
1.5

1.8
1.8

1.6
1.6

1.6
1.6

1.5
1.5

1.6
1.6

1.8
1.8

1.3
1.3

1.1
1.1

1.4
1.4

1.6
1.6

23
24

0.3
0.3

0.6
0.6

0.8
0.8

0.5
0.5

0.5
0.5

0.7
0.7

0.6
0.6

0.2
0.2

0.4
0.4

1.2
1.2

0.5
0.5

25
26

1.8

1.2

0.7

3.3

5.5

6.0

2.6

6.1

7.4

4.0

-0.9

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
-0.0
0
3.0
2.7
0.2
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
0.3
-0.3
0
3.3
4.7
0.2
-0.1

-0.1
0.4
-0.3
0
1.7
2.6
0.1
-0.3

-1.5
-0.3
0.3
0
0.0
0.5
0.1
0

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

2.9
0.5
31.0
0.2
-14.6

29.8
0.5
5.7
-4.6
72.5

-10.2
0.5
1.6
5.1
49.9

6.8
0.6
38.1
-6.1
-58.0

-14.8
0.6
78.7
6.2
-122.5

80.8
0.6
42.6
-3.0
9.1

36.0
0.6
-16.6
2.7
26.9

36
37
38
39
40

41

Asset: Bank holding companies

48.3

28.9

65.7

99.4

20.1

103.9

46.9

-18.6

-51.9

130.1

49.6

41

4.6
4.6

4.6
4.6

2.2
2.2

-1.4
-1.4

31.0
31.0

5.7
5.7

1.6
1.6

38.1
38.1

78.7
78.7

42.6
42.6

-16.6
-16.6

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

-3.1
152.0

-5.3
51.4

56.0
3.8

-37.8
55.0

86.1
-8.8

-0.1
32.7

44
45

46

Asset: Funding corporations

24.5

65.2

53.3

52.5

68.0

148.9

46.1

59.8

17.2

77.4

32.6

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, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

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

0.6
0.6

0.5
0.5

0.4
0.4

0.5
0.5

1.1
1.1

-1.2
-1.2

0.2
0.2

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

-13.5
-13.5

-16.7
-16.7

-5.8
-5.8

4.8
4.8

-8.1
-8.1

-8.7
-8.7

5
6

0.7
0.7

0.8
0.8

0.3
0.3

-1.4
-1.4

2.1
2.1

4.9
4.9

0.3
0.3

0.2
0.2

3.2
3.2

-2.9
-2.9

0.4
0.4

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

11.4
10.2
1.2

6.3
5.2
1.1

6.7
5.6
1.0

18.6
17.0
1.6

13.9
12.9
1.0

3.9
3.8
0.0

8.1
7.0
1.1

9
10
11

12

Asset: Household sector

6.1

7.0

8.3

7.9

11.4

6.3

6.7

18.6

13.9

3.9

8.1

12

20.8

6.6

4.8

17.5

0.4

-12.1

15.7

15.4

-17.2

5.2

3.2

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

0.2
0.2
0.0
0.0

-5.1
-4.8
-1.2
-1.1

6.6
6.2
1.5
1.4

6.4
6.1
1.5
1.4

-7.2
-6.8
-1.6
-1.6

2.2
2.1
0.5
0.5

1.4
1.3
0.3
0.3

14
15
16
17

16.6
16.6

18.3
18.3

22.2
22.2

22.4
22.4

14.2
14.2

20.9
20.9

12.2
12.2

-0.2
-0.2

23.7
23.7

20.8
20.8

7.0
7.0

18
19

4.1
4.1

4.1
4.1

1.8
1.8

1.8
1.8

1.0
1.0

0.9
0.9

0.9
0.9

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

20
21

-5.5
-5.5

59.9
59.9

57.2
57.2

70.0
70.0

19.4
19.4

-173.2
-173.2

107.8
107.8

53.0
53.0

90.0
90.0

110.5
110.5

67.3
67.3

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, September 15, 2000

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

1

1997

1998

1999

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

205.5

149.7

69.8

223.0

104.0

25.6

459.1

-66.9

-1.8

271.0

265.8

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

74.5
3.4

175.8
-0.4

-54.3
8.5

167.4
7.9

80.9
7.9

120.9
7.4

300.2
7.2

146.6
8.3

-244.0
8.6

192.8
7.9

-134.6
7.7

2
3

4
5
6

Federal government
Rest of the world
Monetary authority

4.5
53.3
1.1

-3.2
41.1
-0.7

0.2
28.5
1.3

-5.1
6.5
0.8

-2.8
19.3
-1.8

-9.2
1.4
-24.9

5.3
152.4
16.9

-14.1
34.4
-20.5

6.6
-110.8
21.4

-7.6
140.9
-11.4

5.4
14.5
11.5

4
5
6

7
8
9
10
11

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

70.6
3.5
37.6
26.6
2.9

-22.1
-13.0
-26.9
17.3
0.6

108.4
30.5
34.2
39.0
4.7

49.2
-2.4
-10.7
56.0
6.3

-92.0
-20.0
-63.3
-10.8
2.2

-148.8
-131.8
-44.5
24.7
2.8

22.7
76.5
-25.3
-33.6
5.1

-248.5
-130.8
-94.1
-30.5
6.9

6.6
106.1
-89.5
-4.0
-6.1

-160.8
10.7
-166.0
-8.3
2.8

296.3
121.8
163.2
9.1
2.3

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
21.3
7.1

-2.1
0.5
9.1
10.1

-15.0
0.9
-4.4
-3.7

-12.6
0.7
36.0
-18.4

-7.3
-1.3
-5.9
0.8

-23.3
0.1
27.7
-14.7

-16.7
3.9
-75.3
17.3

-17.5
-1.1
33.1
22.0

7.6
3.2
-1.2
-11.5

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

9.8
1.4
-11.4
-7.7

-11.2
2.5
-15.8
-19.0

-13.8
8.8
-44.7
0.6

19.5
13.6
-41.2
-13.1

2.9
4.4
-45.7
153.1

29.8
7.2
-182.9
219.1

4.6
-5.2
-33.4
2.0

2.3
12.9
57.2
-35.2

-24.9
2.7
-23.6
426.5

51.7
-0.6
158.2
-136.3

15.1
6.0
-23.2
69.0

16
17
18
19

386.4

237.8

151.8

277.3

444.3

558.6

748.9

400.1

69.5

611.3

516.0

20

213.3
46.1
42.9

178.9
55.1
-4.8

-52.5
52.1
5.4

156.4
41.4
-1.0

275.4
38.5
12.1

388.6
45.0
-14.5

340.7
32.8
-3.2

232.1
37.3
42.9

140.4
38.9
23.1

398.2
27.6
23.4

83.5
30.0
9.3

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
99.8
1.3

-5.0
-4.5
4.9

-3.0
75.8
-1.3

-2.4
150.2
-13.4

-4.1
200.6
1.5

-4.2
35.7
4.8

-1.2
-83.3
1.7

-6.9
312.4
-2.9

-2.8
25.5
-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

21.1
5.5
0.4
12.1
3.1

10.4
3.9
-21.3
28.9
-1.0

-59.7
-18.9
-42.2
1.4
-0.0

91.7
31.6
40.9
17.6
1.6

14.3
22.8
-65.1
55.9
0.7

-4.6
-19.8
-18.9
40.5
-6.4

-255.5
-34.1
-196.9
-23.2
-1.4

211.2
54.2
126.6
28.8
1.6

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

2.5
-16.5
1.3

-4.0
-0.9
-0.2

9.3
-10.7
2.0

20.6
-10.8
2.6

-15.9
-43.8
0.9

4.0
0.6
2.4

19.5
11.3
1.2

32
33
34

35
36
37

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

6.1
3.9
-39.9

-33.1
12.2
-46.2

-8.8
4.5
-63.3

3.6
8.6
-92.3

-38.4
4.6
-51.3

-36.4
3.8
-73.5

-33.0
3.6
-30.7

-10.2
4.4
-43.3

-74.1
6.5
-57.6

44.0
5.1
-64.0

-13.5
14.3
-3.6

35
36
37

38
39
40

Money market mutual funds
Mutual funds
Government-sponsored enterprises

11.6
0.5
7.7

4.4
-1.7
20.0

14.3
7.1
19.4

9.6
-3.9
53.6

22.6
-4.4
61.1

-36.8
23.3
13.9

134.6
-33.6
53.6

-47.5
-2.3
110.4

40.2
-4.7
66.5

-69.6
-4.1
29.4

217.6
1.3
41.9

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

18.6
1.0
15.7

14.6
-1.7
8.4

19.9
4.9
24.9

10.1
10.7
43.9

46.3
-0.1
8.6

76.6
1.4
97.6

5.3
-4.5
-7.0

10.0
-1.7
5.1

93.2
4.5
-61.3

-47.6
1.7
213.1

-30.1
-3.2
-96.2

41
42
43

-180.9

-88.1

-82.0

-54.3

-340.2

-533.0

-289.9

-466.9

-71.3

-340.3

-250.2

44

44

Discrepancy

57

Z.1, September 15, 2000

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

1996

1997

1998

1999

1999
Q1

1

2000
Q3

Q4

Q1

Q2

-149.6

-67.2

34.2

-2.9

-128.7

-141.4

-97.9

-214.9

-60.8

531.0

-265.5

1

2
3

Household sector
Nonfinancial corporate business

88.4
-78.7

20.5
-13.6

126.8
76.6

41.9
24.4

19.6
41.0

137.5
47.7

-0.5
42.7

-12.5
34.3

-46.3
39.5

79.2
36.2

-105.6
38.6

2
3

4
5
6

State and local governments
Federal government
Rest of the world

-46.9
-13.7
-15.8

-43.2
66.3
-47.8

3.8
24.6
-145.3

-86.8
32.1
51.7

-60.2
5.8
-6.8

-78.5
-4.6
-78.7

-60.0
1.3
-108.9

-43.5
33.6
53.9

-58.5
-7.1
106.7

-86.1
211.4
159.7

-74.0
-123.3
-177.7

4
5
6

7

Financial sectors

-83.0

-49.4

-52.4

-66.1

-128.3

-164.8

27.5

-280.7

-95.2

130.5

176.5

7

-1.8
-20.9

0.8
-6.9

1.7
43.7

-3.0
26.4

-1.9
-60.4

-3.1
-39.3

-2.9
55.0

-4.3
-188.7

2.6
-68.6

-7.7
175.9

14.2
217.0

8
9

-2.5
0.8
-1.3

-3.6
1.4
2.1

-3.8
-0.3
-5.3

-7.2
-0.3
-0.2

-5.0
0.4
-0.4

-6.5
0.6
-0.1

-4.7
0.9
-0.4

-4.5
-0.4
-0.4

-4.5
0.5
-0.6

-5.9
-2.2
-0.7

-4.0
-0.1
-0.8

10
11
12

-42.5
-22.9

-42.1
-13.2

-46.6
-44.2

-34.7
-29.3

-38.1
3.3

-27.4
-21.2

-40.9
17.7

-34.3
8.3

-49.9
8.3

-53.9
-39.0

-30.1
-1.2

13
14

8
9

All sectors

Q2

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
-1.8

5.6
0.5

7.3
-3.0

-4.5
-4.1

-11.0
-2.7

-11.0
-1.4

-11.0
-0.9

-11.0
-4.4

-11.0
-4.2

-11.0
-1.7

-11.0
-3.9

15
16

17
18
19
20

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

0
-1.6
6.7
-4.4

0
4.5
6.6
-5.0

0
-6.0
9.7
-5.6

0
-14.3
12.8
-7.8

0
-23.3
19.6
-8.7

0
-54.5
8.0
-9.0

0
-1.4
24.9
-8.8

0
-58.9
26.4
-8.4

0
21.5
19.3
-8.6

-0.0
63.2
23.2
-9.7

-0.1
-14.8
20.9
-9.7

17
18
19
20

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

-149.6

-67.2

34.2

-2.9

-128.7

-141.4

-97.9

-214.9

-60.8

531.0

-265.5

1

2
3

Treasury currency
Foreign deposits

-0.5
25.1

-0.9
59.6

-0.6
107.4

-0.7
-6.4

-1.7
66.4

-1.5
49.3

0.6
96.1

0.2
26.4

-6.3
93.9

-1.8
179.0

-6.2
-67.2

2
3

4
5

Net interbank transactions
Security RPs

-3.1
25.7

-3.3
4.1

-19.9
64.3

3.4
61.4

3.5
32.1

49.7
213.5

-4.8
54.3

-7.0
77.8

-23.7
-217.3

24.4
550.0

-4.1
-11.5

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

-7.4
-0.8

-2.1
-2.1

-27.0
-0.9

8.6
-0.3

-9.2
0.0

28.7
0.6

-2.6
1.5

6
7

8
9

Trade credit
Taxes payable

15.6
21.1

-21.2
22.9

-29.4
27.9

-42.1
13.7

49.8
3.0

45.6
-9.1

-18.1
20.1

60.4
1.5

111.4
-0.7

2.7
10.0

10.8
-0.3

8
9

10

Miscellaneous

-180.9

-88.1

-82.0

-54.3

-340.2

-533.0

-289.9

-466.9

-71.3

-340.3

-250.2

10

11

Nonfinancial

-42.8

-36.6

-26.9

22.7

66.7

48.2

71.6

84.4

62.4

77.8

64.3

11

26.4
16.4

33.0
3.6

29.8
-2.9

-24.8
2.1

-71.8
5.2

-53.4
5.2

-76.8
5.2

-89.6
5.2

-67.6
5.2

-77.8
0

-64.3
0

12
13

12
13

All types

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

58

Z.1, September 15, 2000

L.1 Credit Market Debt Outstanding (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1
2

Total credit market debt owed by:
Domestic nonfinancial sectors

3

Federal government

4

Nonfederal sectors

5
6
7
8
9

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

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

17198.7

18445.3

19811.0

21300.2

23460.4

24073.7

24511.1

25125.3

25729.5

26129.2

26534.9

1

13001.5

13712.9

14444.2

15247.0

16289.9

16605.6

16785.1

17105.5

17445.6

17680.1

17865.1

2

3492.3

3636.7

3781.8

3804.9

3752.2

3759.7

3651.7

3632.7

3681.0

3653.5

3464.0

3

9509.2

10076.1

10662.5

11442.1

12537.7

12845.9

13133.4

13472.8

13764.5

14026.6

14401.2

4

4426.7
2696.8
1121.8
142.2
1121.7

4782.9
2925.5
1152.4
145.1
1070.2

5105.3
3107.7
1236.1
149.9
1063.4

5442.8
3372.7
1351.1
156.1
1119.5

5924.6
3788.5
1460.9
163.8
1199.8

6004.8
3970.3
1485.2
162.4
1223.2

6147.2
4071.6
1510.2
166.1
1238.2

6313.3
4207.6
1540.9
168.6
1242.4

6469.1
4302.2
1572.0
169.0
1252.1

6541.9
4457.6
1599.7
170.1
1257.3

6710.9
4617.5
1629.9
176.1
1266.7

5
6
7
8
9

10

Rest of the world

375.0

453.7

542.2

608.0

651.4

659.2

652.7

672.9

676.9

704.6

698.9

10

11

Financial sectors

3822.2

4278.8

4824.6

5445.2

6519.1

6809.0

7073.3

7346.8

7607.0

7744.5

7970.9

11

12
13
14
15

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

228.1
81.0
13.4
133.6

250.6
92.2
10.4
148.0

263.6
103.9
9.6
150.0

309.2
133.4
7.2
168.6

382.1
186.2
2.4
193.5

390.0
185.3
2.1
202.6

408.2
200.6
2.1
205.5

436.0
222.4
1.8
211.8

449.3
228.0
2.0
219.3

463.6
240.3
2.0
221.4

495.2
263.9
2.0
229.3

12
13
14
15

16
17

Savings institutions
Credit unions

112.4
0.5

115.0
0.4

140.5
0.4

160.3
0.6

212.4
1.1

226.9
1.5

241.6
1.8

255.4
2.5

260.4
3.4

266.9
2.6

280.0
2.9

16
17

18
19
20
21

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

0.6
700.6
1472.1
570.1

0.5
806.5
1570.3
712.5

1.6
896.9
1711.4
863.3

1.8
995.3
1825.8
1076.6

2.5
1273.6
2018.4
1398.0

3.3
1321.8
2112.3
1463.1

4.0
1398.0
2182.7
1539.9

4.3
1499.8
2246.1
1599.1

3.2
1591.7
2292.3
1632.0

3.0
1618.0
2322.3
1665.8

2.7
1676.7
2355.4
1716.0

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

433.7
18.7
40.0
34.3
211.0

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

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

659.9
17.8
165.1
25.3
506.6

670.7
17.1
167.9
36.4
510.1

712.7
17.8
170.4
36.2
505.1

22
23
24
25
26

17198.7

18445.3

19811.0

21300.2

23460.4

24073.7

24511.1

25125.3

25729.5

26129.2

26534.9

27

3008.9

2905.5

3031.3

3004.7

3108.2

3208.2

3277.3

3343.4

3474.9

3418.7

3459.0

28

1952.2
289.2
37.6
729.9

1944.3
280.4
42.3
638.6

2118.3
270.2
38.0
604.8

2106.4
257.5
35.9
605.0

2061.4
271.5
35.9
739.4

2133.5
266.1
36.6
772.1

2172.2
273.3
36.9
794.8

2235.9
288.4
37.1
781.9

2353.9
300.7
37.5
782.8

2304.6
293.0
38.1
782.9

2319.1
305.2
38.8
795.8

29
30
31
32

207.6
1216.0

207.5
1531.1

200.2
1926.6

205.5
2257.3

219.1
2539.8

223.3
2608.3

225.0
2621.3

260.7
2718.1

258.0
2678.0

259.6
2765.9

261.6
2809.7

33
34

12766.3

13801.1

14652.9

15832.7

17593.3

18033.8

18387.5

18803.0

19318.6

19685.1

20004.6

35

368.2

380.8

393.1

431.4

452.5

466.0

485.1

489.3

478.1

501.9

505.1

36

3254.3
2869.6
337.1
18.4
29.2

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

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
484.1
32.7
48.3

4725.0
4171.3
482.0
22.1
49.6

4847.4
4295.4
478.1
23.0
51.0

37
38
39
40
41

920.8
246.8
248.0

913.3
263.0
239.7

933.2
288.5
232.0

928.5
305.3
207.0

964.8
324.2
194.1

990.8
330.2
192.2

1011.4
341.0
190.1

1030.8
348.5
188.0

1033.4
351.7
185.7

1044.5
360.0
183.3

1061.7
372.9
180.8

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

1487.5
446.4
612.9
497.4

1587.5
468.7
633.1
531.0

1657.0
491.2
627.3
568.2

1751.1
515.3
646.8
632.0

1828.0
535.7
704.7
703.6

1853.5
530.8
719.0
722.6

1869.6
537.5
740.7
728.9

1880.4
533.9
748.7
738.9

1886.0
531.6
762.2
753.4

1901.5
528.0
773.7
767.2

1913.9
524.6
773.8
771.5

45
46
47
48

49
50
51
52
53
54

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

459.0
718.8
86.0
663.3
1472.1
532.8

545.5
771.3
96.4
750.0
1570.3
653.4

634.3
820.2
101.1
807.9
1711.4
773.9

721.9
901.1
98.3
902.2
1825.8
937.7

965.9
1025.9
102.8
1163.9
2018.4
1219.4

1036.2
1050.8
103.6
1203.1
2112.3
1280.1

1001.8
1083.7
104.3
1268.4
2182.7
1352.7

1049.7
1083.0
105.1
1340.2
2246.1
1409.8

1147.8
1073.1
105.9
1399.5
2292.3
1435.3

1217.1
1053.0
106.7
1426.4
2322.3
1463.9

1159.4
1070.9
107.4
1481.7
2355.4
1505.4

49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

476.2
36.5
24.6
93.3
121.4

526.2
33.0
26.0
183.4
108.4

544.5
41.2
30.4
167.7
122.0

566.4
32.1
50.6
182.6
164.7

618.4
35.3
45.5
189.4
165.2

639.9
33.0
45.9
211.4
174.1

660.9
35.6
45.3
162.9
201.4

678.2
32.5
44.7
167.0
200.1

713.3
35.6
42.9
158.6
288.4

747.0
34.1
38.8
201.1
289.6

782.2
35.5
38.2
188.2
328.5

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

59

Z.1, September 15, 2000

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

Domestic

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

13001.5

13712.9

14444.2

15247.0

16289.9

16605.6

16785.1

17105.5

17445.6

17680.1

17865.1

1

Federal government
Treasury securities
Budget agency secur. and mortgages

3492.3
3465.6
26.7

3636.7
3608.5
28.2

3781.8
3755.1
26.6

3804.9
3778.3
26.5

3752.2
3723.7
28.5

3759.7
3731.6
28.1

3651.7
3623.4
28.3

3632.7
3604.5
28.3

3681.0
3652.8
28.3

3653.5
3625.8
27.8

3464.0
3435.7
28.2

2
3
4

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

9509.2
139.2
1341.7
1253.0
759.9
669.6

10076.1
157.4
1293.5
1344.1
863.6
736.9

10662.5
156.4
1296.0
1460.4
934.1
770.4

11442.1
168.6
1367.5
1610.9
1040.5
839.5

12537.7
193.0
1464.3
1829.6
1148.8
913.8

12845.9
223.9
1491.0
1898.1
1165.2
957.4

13133.4
232.4
1510.0
1970.0
1178.5
956.0

13472.8
239.3
1518.6
2020.7
1202.9
969.8

13764.5
230.3
1532.5
2059.5
1231.5
985.3

14026.6
260.8
1539.2
2106.0
1259.1
1032.4

14401.2
296.8
1551.6
2144.5
1306.4
1066.2

5
6
7
8
9
10

4361.9
3329.7
259.7
689.5
83.0
983.9

4557.9
3510.5
265.5
697.3
84.6
1122.8

4833.6
3719.2
278.6
748.7
87.1
1211.6

5151.1
3971.5
286.9
802.3
90.3
1264.1

5656.6
4358.4
307.3
894.4
96.5
1331.7

5791.1
4451.2
316.4
926.1
97.4
1319.3

5946.2
4564.4
324.6
957.5
99.6
1340.4

6151.4
4694.1
335.7
1020.3
101.4
1370.1

6299.4
4791.3
347.7
1058.4
102.0
1426.2

6412.8
4867.7
355.5
1085.8
103.7
1416.2

6582.1
4995.2
364.7
1115.5
106.7
1453.6

11
12
13
14
15
16

9509.2
4426.7
3960.8
2696.8
1121.8
142.2
1121.7

10076.1
4782.9
4223.0
2925.5
1152.4
145.1
1070.2

10662.5
5105.3
4493.7
3107.7
1236.1
149.9
1063.4

11442.1
5442.8
4879.9
3372.7
1351.1
156.1
1119.5

12537.7
5924.6
5413.3
3788.5
1460.9
163.8
1199.8

12845.9
6004.8
5617.9
3970.3
1485.2
162.4
1223.2

13133.4
6147.2
5748.0
4071.6
1510.2
166.1
1238.2

13472.8
6313.3
5917.1
4207.6
1540.9
168.6
1242.4

13764.5
6469.1
6043.3
4302.2
1572.0
169.0
1252.1

14026.6
6541.9
6227.4
4457.6
1599.7
170.1
1257.3

14401.2
6710.9
6423.6
4617.5
1629.9
176.1
1266.7

17
18
19
20
21
22
23

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

24

Foreign credit market debt
held in U.S.

375.0

453.7

542.2

608.0

651.4

659.2

652.7

672.9

676.9

704.6

698.9

24

25
26
27
28

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

42.7
242.3
26.1
63.9

56.2
299.4
34.6
63.6

67.5
366.3
43.7
64.7

65.1
427.7
52.1
63.0

72.9
462.5
58.9
57.2

77.2
466.3
59.1
56.5

70.1
466.4
60.5
55.8

81.8
477.4
58.8
55.0

89.2
476.7
59.4
51.7

101.6
488.1
63.3
51.7

101.2
480.7
64.8
52.1

25
26
27
28

13376.5

14166.5

14986.4

15855.0

16941.3

17264.7

17437.8

17778.5

18122.5

18384.7

18564.0

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

3822.2

4278.8

4824.6

5445.2

6519.1

6809.0

7073.3

7346.8

7607.0

7744.5

7970.9

1

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

2172.7
700.6
1472.1
0.0

2376.8
806.5
1570.3
0.0

2608.3
896.9
1711.4
0.0

2821.1
995.3
1825.8
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

3940.3
1618.0
2322.3
0.0

4032.0
1676.7
2355.4
0.0

2
3
4
5

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

1649.5
441.6
1008.8
48.9
131.6
18.7

1901.9
486.9
1204.7
51.4
135.0
24.1

2216.3
579.1
1378.4
64.0
162.9
31.9

2624.1
745.7
1555.9
77.2
198.5
46.8

3227.1
906.7
1852.8
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

3601.0
963.4
2091.1
105.2
365.4
75.9

3723.0
1082.9
2074.6
92.9
395.8
76.7

3804.2
1115.7
2114.2
91.4
404.4
78.5

3938.9
1135.2
2192.5
93.6
436.7
81.0

6
7
8
9
10
11

3822.2

4278.8

4824.6

5445.2

6519.1

6809.0

7073.3

7346.8

7607.0

7744.5

7970.9

12

94.5
133.6
112.4
0.5

102.6
148.0
115.0
0.4

113.6
150.0
140.5
0.4

140.6
168.6
160.3
0.6

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
211.8
255.4
2.5

230.0
219.3
260.4
3.4

242.2
221.4
266.9
2.6

265.9
229.3
280.0
2.9

13
14
15
16

0.6
700.6
1472.1
570.1

0.5
806.5
1570.3
712.5

1.6
896.9
1711.4
863.3

1.8
995.3
1825.8
1076.6

2.5
1273.6
2018.4
1398.0

3.3
1321.8
2112.3
1463.1

4.0
1398.0
2182.7
1539.9

4.3
1499.8
2246.1
1599.1

3.2
1591.7
2292.3
1632.0

3.0
1618.0
2322.3
1665.8

2.7
1676.7
2355.4
1716.0

17
18
19
20

34.3
433.7
18.7
40.0
211.0

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

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
659.9
17.8
165.1
506.6

36.4
670.7
17.1
167.9
510.1

36.2
712.7
17.8
170.4
505.1

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, September 15, 2000

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

17198.7

18445.3

19811.0

21300.2

23460.4

24073.7

24511.1

25125.3

25729.5

26129.2

26534.9

1

2
3
4
5

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

623.5
5665.0
1341.7
2504.0

700.4
6013.6
1293.5
2848.1

803.0
6390.0
1296.0
3205.1

979.4
6626.0
1367.5
3594.5

1172.6
7044.3
1464.3
4144.9

1227.6
7193.8
1491.0
4333.0

1243.3
7232.4
1510.0
4479.2

1284.5
7378.6
1518.6
4589.1

1402.4
7565.0
1532.5
4610.8

1478.1
7593.8
1539.2
4708.3

1533.3
7496.0
1551.6
4817.7

2
3
4
5

6
7
8
9

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

834.9
865.1
4380.6
983.9

949.6
935.4
4581.9
1122.8

1041.7
998.0
4865.5
1211.6

1169.8
1101.0
5197.9
1264.1

1314.9
1259.6
5728.2
1331.7

1328.3
1313.0
5867.7
1319.3

1345.7
1340.3
6019.8
1340.4

1366.9
1390.1
6227.3
1370.1

1383.8
1432.7
6376.1
1426.2

1413.7
1488.5
6491.3
1416.2

1464.7
1555.0
6663.1
1453.6

6
7
8
9

6333.3
1477.3

8495.7
1852.8

10255.8
2342.4

13201.3
2989.4

15427.8
3610.5

15919.1
3758.1

17060.4
4049.1

16214.9
3931.5

19576.3
4553.4

20231.8
4864.5

19298.5
4740.7

10
11

10
11

Total

1995

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

L.5 Total Liabilities and Its Relation to Total Financial Assets
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total credit market debt
(from table L.4)

17198.7

18445.3

19811.0

21300.2

23460.4

24073.7

24511.1

25125.3

25729.5

26129.2

26534.9

1

2
3
4
5
6

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

53.2
8.0
17.6
373.9
280.1

63.7
10.2
18.2
418.8
290.7

53.7
9.7
18.3
521.7
240.8

48.9
9.2
18.3
619.7
219.4

60.1
9.2
18.3
639.0
189.0

53.6
8.2
18.3
667.4
182.0

50.9
8.2
18.8
694.9
207.1

52.1
7.2
19.3
712.3
198.9

50.1
6.2
18.3
725.8
203.2

49.4
6.2
18.8
790.4
165.6

46.5
4.2
18.1
790.2
219.5

2
3
4
5
6

7
8
9
10
11

Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security RPs

1242.0
2183.2
411.2
600.1
549.5

1229.1
2279.7
476.9
741.3
660.0

1244.8
2377.0
590.9
886.7
701.5

1286.1
2474.1
713.4
1042.5
822.4

1333.4
2626.5
805.5
1329.7
913.7

1310.5
2637.6
804.3
1411.7
980.3

1353.1
2644.6
809.0
1393.5
970.8

1353.8
2665.9
837.5
1444.9
999.3

1484.8
2671.2
936.1
1578.8
1085.4

1392.9
2729.2
966.5
1666.0
1155.8

1410.7
2740.5
987.4
1627.1
1186.2

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

1477.3
279.0
520.3
4980.7

1852.8
305.7
566.2
5812.7

2342.4
358.1
610.6
6548.4

2989.4
469.1
665.0
7817.1

3610.5
572.3
718.3
8912.7

3758.1
552.7
735.9
9064.9

4049.1
589.3
749.8
9479.5

3931.5
593.2
756.2
9150.5

4553.4
665.9
783.9
9999.4

4864.5
803.7
796.9
10227.4

4740.7
770.8
802.8
10139.0

12
13
14
15

16
17
18
19

Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

1569.1
101.4
699.4
5439.9

1698.0
107.6
803.0
5838.0

1812.1
123.6
871.7
6231.3

1943.3
139.2
942.5
6571.9

1970.3
151.0
1001.0
7133.9

1973.9
158.2
1012.5
7131.6

2038.1
160.6
1059.8
7310.8

2098.4
165.3
998.3
7318.7

2152.6
166.4
1116.6
7638.2

2179.6
180.3
1135.2
7851.6

2233.3
178.0
1085.0
8059.6

16
17
18
19

37984.8

41617.9

45354.2

50091.7

55454.8

56535.3

58099.0

58428.7

61565.7

63109.3

63574.5

20

20

Total liabilities

21
22
23

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

21.1
6333.3
3433.4

22.1
8495.7
3671.6

21.4
10255.8
3876.6

21.1
13201.3
4151.1

21.6
15427.8
4400.8

20.7
15919.1
4460.5

20.8
17060.4
4523.0

21.3
16214.9
4582.8

21.4
19576.3
4643.5

21.4
20231.8
4695.1

21.5
19298.5
4764.9

21
22
23

24
25
26

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

-5.4
325.4
-6.5

-5.8
360.2
-9.0

-6.7
437.0
-10.6

-7.3
538.3
-32.2

-8.0
548.2
-27.0

-8.4
560.5
-11.3

-8.2
584.5
-10.6

-8.2
591.1
-13.2

-9.7
614.9
-25.5

-10.2
659.7
-13.9

-11.9
642.9
-11.5

24
25
26

81.7
48.8
-810.3

107.4
62.4
-1167.5

111.5
76.7
-1630.7

175.8
92.3
-1996.0

237.2
101.5
-2539.2

296.7
89.2
-2755.0

308.2
110.3
-2824.4

327.7
94.2
-3133.2

269.3
94.5
-3008.0

413.4
88.9
-3149.6

408.8
101.1
-3169.7

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

3.4
38.0
180.1

3.1
34.2
196.8

-1.6
30.1
174.6

-8.1
26.2
135.5

-3.9
23.1
94.5

-7.2
18.9
56.3

-12.4
22.1
30.8

-10.2
14.5
44.7

-9.9
22.3
141.7

-6.5
18.7
92.6

-5.2
22.5
73.1

30
31
32

33

Totals identified to sectors as assets

47917.2

54225.6

60327.7

68540.7

76878.6

78696.0

81502.8

81340.1

87717.2

89964.3

89609.3

33

61

Z.1, September 15, 2000

L.9 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total financial assets

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

16344.8

18830.4

21094.3

24351.2

27204.9

27860.2

28945.5

28380.8

31791.8

32572.8

31695.9

1

2
3
4
5

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

18.8
671.3
2249.7
352.5

23.4
617.3
2409.0
450.1

35.5
565.6
2563.9
500.7

37.2
530.4
2734.7
577.3

38.3
588.6
2935.5
732.7

40.0
587.3
2934.7
791.6

41.7
557.1
2951.5
761.1

42.7
540.9
2996.8
785.9

43.5
565.0
3062.2
853.2

47.7
562.6
3158.5
933.0

47.7
525.9
3216.8
899.0

2
3
4
5

6

Securities

5894.6

7102.0

8233.8

9733.4

10824.5

11241.7

11868.8

11602.9

13816.8

14099.6

13378.1

6

46.7
179.9
634.5
163.3

48.0
185.0
565.0
175.9

55.4
187.0
565.1
285.6

61.0
186.5
430.9
300.8

65.2
186.6
299.9
265.7

66.4
186.5
244.5
276.8

67.7
186.5
202.9
305.1

69.1
186.2
185.6
366.1

70.5
186.4
344.1
405.3

72.1
185.3
286.2
407.1

73.7
184.6
183.8
453.5

7
8
9
10

502.2
324.1
3047.4
996.7

458.6
418.0
4081.5
1170.1

436.5
493.6
4717.8
1492.7

473.4
558.7
5810.3
1911.8

488.8
659.8
6514.5
2343.8

504.4
759.9
6748.2
2454.9

527.9
787.2
7136.8
2654.8

530.0
803.9
6857.6
2604.4

542.2
711.1
8542.5
3014.5

543.4
715.8
8643.2
3246.5

563.4
764.7
7998.5
3155.9

11
12
13
14

491.5
796.6
2498.5
1714.4

536.3
883.4
2941.3
2017.9

580.1
953.9
3261.2
2363.8

632.7
1059.7
3911.6
2878.1

684.7
1181.8
4436.7
3327.7

702.2
1208.5
4502.5
3387.6

715.4
1250.0
4704.6
3559.4

721.7
1231.6
4538.4
3415.0

748.9
1336.8
5014.1
3683.4

761.6
1379.3
5192.1
3691.3

766.9
1365.5
5078.0
3731.4

15
16
17
18

699.4
957.4

803.0
1046.8

871.7
1164.0

942.5
1313.8

1001.0
1453.4

1012.5
1451.5

1059.8
1476.3

998.3
1506.6

1116.6
1551.2

1135.2
1611.8

1085.0
1601.5

19
20

6100.8

6513.9

6974.6

7512.3

8158.6

8274.8

8478.2

8686.2

8918.5

9090.1

9282.2

21

3311.1
820.3
983.9

3491.2
818.8
1122.8

3699.3
880.6
1211.6

3950.8
967.8
1264.1

4336.7
1048.5
1331.7

4429.2
1067.6
1319.3

4542.1
1086.9
1340.4

4671.5
1113.8
1370.1

4768.3
1139.4
1426.2

4844.4
1158.8
1416.2

4971.6
1180.4
1453.6

22
23
24

86.4
75.1
824.1

96.9
78.6
905.6

101.4
94.4
987.3

104.6
131.2
1093.8

104.7
152.8
1184.2

100.6
160.7
1197.5

99.9
184.5
1224.4

100.2
185.9
1244.8

100.0
222.4
1262.3

99.6
287.4
1283.6

100.6
266.4
1309.5

25
26
27

7
8
9
10

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

11
12
13
14

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

15
16
17
18

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

19
20

Investment in bank personal trusts
Miscellaneous and other assets

21

Total liabilities

22
23
24

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

25
26
27

Policy loans
Security credit
Other liabilities (3)

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

62

Z.1, September 15, 2000

L.100 Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

19132.3

21778.0

24156.2

27567.5

30579.4

31278.3

32409.6

31887.7

35343.1

36168.4

35350.9

1

3116.5

3309.5

3455.7

3636.1

4023.3

4077.9

4030.3

4079.6

4231.5

4406.1

4389.0

2

18.8
562.8
2186.3
348.5

23.4
504.0
2336.9
445.2

35.5
443.9
2481.1
495.2

37.2
396.7
2631.1
571.2

38.3
443.0
2815.8
726.1

40.0
440.0
2812.9
785.0

41.7
407.7
2826.6
754.3

42.7
389.3
2868.6
779.0

43.5
411.2
2930.5
846.2

47.7
407.0
3025.6
925.9

47.7
368.2
3081.4
891.7

3
4
5
6

1952.2

1944.3

2118.3

2106.4

2061.4

2133.5

2172.2

2235.9

2353.9

2304.6

2319.1

7

8
9
10
11
12
13

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

46.7
963.7
800.4
179.9
620.5
163.3

48.0
910.2
734.3
185.0
549.4
175.9

55.4
1023.3
737.7
187.0
550.7
285.6

61.0
904.3
603.5
186.5
417.0
300.8

65.2
738.3
472.6
186.6
286.0
265.7

66.4
693.6
416.8
186.5
230.2
276.8

67.7
680.0
375.0
186.5
188.5
305.1

69.1
723.5
357.4
186.2
171.2
366.1

70.5
921.3
516.0
186.4
329.6
405.3

72.1
863.8
456.7
185.3
271.4
407.1

73.7
806.9
353.4
184.6
168.8
453.5

8
9
10
11
12
13

14
15
16

Municipal securities
Corporate and foreign bonds
Mortgages

502.2
324.1
115.6

458.6
418.0
109.5

436.5
493.6
109.4

473.4
558.7
109.0

488.8
659.8
109.3

504.4
759.9
109.2

527.9
787.2
109.4

530.0
803.9
109.4

542.2
711.1
108.6

543.4
715.8
109.5

563.4
764.7
110.5

14
15
16

3047.4
996.7
109.0
520.3
4980.7
699.4
3433.4
276.9

4081.5
1170.1
127.6
566.2
5812.7
803.0
3671.6
291.7

4717.8
1492.7
162.9
610.6
6548.4
871.7
3876.6
301.4

5810.3
1911.8
215.5
665.0
7817.1
942.5
4151.1
311.7

6514.5
2343.8
276.7
718.3
8912.7
1001.0
4400.8
326.9

6748.2
2454.9
262.3
735.9
9064.9
1012.5
4460.5
327.6

7136.8
2654.8
272.6
749.8
9479.5
1059.8
4523.0
330.9

6857.6
2604.4
285.2
756.2
9150.5
998.3
4582.8
337.2

8542.5
3014.5
318.6
783.9
9999.4
1116.6
4643.5
338.9

8643.2
3246.5
373.0
796.9
10227.4
1135.2
4695.1
340.4

7998.5
3155.9
353.9
802.8
10139.0
1085.0
4764.9
342.7

17
18
19
20
21
22
23
24

4612.6

4982.3

5330.0

5712.6

6220.2

6310.0

6478.5

6647.6

6843.7

6982.6

7132.3

25

4426.7

4782.9

5105.3

5442.8

5924.6

6004.8

6147.2

6313.3

6469.1

6541.9

6710.9

26

3070.0
983.9
97.6

3252.2
1122.8
98.3

3461.6
1211.6
104.9

3702.7
1264.1
114.9

4072.5
1331.7
126.9

4160.1
1319.3
128.9

4268.3
1340.4
131.7

4392.7
1370.1
134.4

4484.6
1426.2
137.3

4555.2
1416.2
138.0

4676.7
1453.6
141.4

27
28
29

40.0
133.7
101.5

57.4
160.3
91.9

58.0
172.7
96.6

66.6
190.7
103.7

72.9
204.0
116.6

68.7
207.0
120.8

71.9
210.6
124.3

68.5
217.6
130.0

65.7
218.9
136.6

69.6
222.8
140.1

69.8
225.8
143.5

30
31
32

75.1
94.0

78.6
103.3

94.4
111.9

131.2
120.0

152.8
125.7

160.7
126.0

184.5
128.2

185.9
129.8

222.4
132.7

287.4
134.5

266.4
136.3

33
34

16.8

17.5

18.3

18.6

17.2

18.5

18.6

18.6

19.4

18.7

18.8

35

17
18
19
20
21
22
23
24
25
26

Corporate equities (2)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets
Total liabilities
Credit market instruments

27
28
29

Home mortgages (3)
Consumer credit
Municipal securities

30
31
32

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

33
34
35

Security credit
Trade payables
Deferred and unpaid
life insurance premiums

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) 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).
(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

63

Z.1, September 15, 2000

L.101 Nonfinancial Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

5119.2

5682.1

6269.1

6726.9

7237.9

7436.1

7679.2

7832.1

8042.1

8264.0

8378.9

1

2
3
4
5
6

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

14.0
330.1
130.9
56.2
2.2

15.6
366.2
115.0
81.9
2.4

26.1
411.5
126.4
92.3
3.9

21.0
454.2
139.9
116.8
4.6

21.8
448.1
150.9
162.4
3.3

25.8
443.5
150.0
168.6
3.7

23.3
468.7
155.4
168.9
2.6

24.3
475.5
160.1
175.9
4.5

24.5
496.9
164.6
198.7
4.2

26.7
491.0
161.9
200.7
4.8

26.1
526.6
168.6
198.8
5.4

2
3
4
5
6

7

Credit market instruments

326.8

322.7

308.2

293.4

307.4

302.7

310.3

325.5

338.2

331.1

344.0

7

18.8
84.7
56.7
80.0
86.6

20.1
96.1
36.8
84.6
85.1

31.5
90.0
31.0
77.9
77.7

36.1
48.7
27.4
102.3
78.9

30.9
49.7
29.7
122.2
74.9

31.1
50.4
27.7
126.3
67.1

39.6
49.4
23.0
130.3
68.0

43.6
49.0
31.3
134.2
67.5

43.5
47.6
28.6
138.2
80.3

40.1
48.5
28.6
141.1
72.9

43.8
53.0
30.5
144.0
72.8

8
9
10
11
12

31.1
1224.0
3004.1

45.7
1314.2
3418.3

59.9
1418.5
3822.3

69.1
1539.0
4089.0

91.0
1574.7
4478.2

95.1
1612.1
4634.6

101.8
1695.7
4752.8

94.3
1738.3
4833.7

113.9
1687.3
5013.8

117.5
1753.9
5176.4

121.1
1816.6
5171.7

13
14
15

7115.6

7541.2

8023.2

8428.5

9021.4

9258.2

9505.2

9733.0

9913.5

10182.1

10359.3

16

8
9
10
11
12
13
14
15
16
17

Total financial assets

1995

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

3960.8

4223.0

4493.7

4879.9

5413.3

5617.9

5748.0

5917.1

6043.3

6227.4

6423.6

17

18
19
20

Commercial paper
Municipal securities
Corporate bonds

139.2
131.7
1253.0

157.4
134.8
1344.1

156.4
137.9
1460.4

168.6
142.0
1610.9

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

260.8
153.3
2106.0

296.8
153.4
2144.5

18
19
20

21
22
23

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

719.8
526.7
1190.4

806.2
566.8
1213.8

876.0
587.6
1275.5

973.9
639.8
1344.6

1075.9
699.7
1467.5

1096.4
740.3
1510.1

1106.6
735.2
1553.6

1134.4
742.0
1628.8

1165.8
756.7
1678.2

1189.4
800.3
1717.6

1236.6
830.4
1761.9

21
22
23

883.3
74.9
2196.6

971.5
76.2
2270.5

1043.0
87.3
2399.1

1133.0
97.4
2318.3

1130.3
103.7
2374.2

1127.2
109.5
2403.5

1170.0
110.5
2476.8

1217.2
113.4
2485.4

1259.9
112.5
2497.9

1273.6
125.0
2556.2

1310.8
121.9
2503.0

24
25
26

24
25
26

Credit market instruments

Trade payables
Taxes payable
Miscellaneous liabilities

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

64

Z.1, September 15, 2000

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

4479.4

4960.9

5460.1

5806.7

6223.4

6403.3

6627.5

6760.0

6950.2

7157.9

7256.1

1

14.0
221.6
67.5
52.2
2.2

15.6
252.9
42.9
77.0
2.4

26.1
289.8
43.6
86.9
3.9

21.0
320.5
36.3
110.7
4.6

21.8
302.5
31.3
155.8
3.3

25.8
296.2
28.2
161.9
3.7

23.3
319.3
30.5
162.1
2.6

24.3
323.9
31.9
169.0
4.5

24.5
343.1
33.0
191.7
4.2

26.7
335.4
29.0
193.6
4.8

26.1
368.9
33.1
191.5
5.4

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

18.8
70.7
56.7
56.4
86.6
1107.0
31.1

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

36.1
34.8
27.4
80.2
78.9
1366.6
69.1

30.9
35.7
29.7
100.2
74.9
1381.3
91.0

31.1
36.1
27.7
104.0
67.1
1415.6
95.1

39.6
35.0
23.0
107.7
68.0
1494.9
101.8

43.6
34.6
31.3
111.5
67.5
1533.0
94.3

43.5
33.1
28.6
115.2
80.3
1477.3
113.9

40.1
33.7
28.6
117.7
72.9
1540.7
117.5

43.8
37.9
30.5
120.3
72.8
1599.7
121.1

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

2694.7
685.6
175.4
2.0
20.9
1810.9

3059.0
778.7
183.6
1.8
25.5
2069.4

3406.7
863.2
186.2
1.6
30.2
2325.6

3620.4
923.8
188.1
0.5
32.3
2475.7

3964.9
1047.8
195.0
-0.2
30.9
2691.5

4110.6
1089.7
193.8
-0.2
32.3
2795.0

4219.8
1120.6
195.3
-0.4
32.7
2871.6

4290.7
1159.1
196.9
-0.6
42.2
2893.1

4461.9
1159.8
195.2
-0.8
61.9
3045.8

4617.3
1195.2
195.7
-0.8
72.6
3154.6

4605.0
1222.9
196.0
-1.2
68.4
3118.9

14
15
16
17
18
19

20

5627.4

6009.5

6378.6

6628.8

7083.1

7293.4

7505.4

7694.5

7838.7

8074.6

8209.5

20

21

Credit market instruments

2696.8

2925.5

3107.7

3372.7

3788.5

3970.3

4071.6

4207.6

4302.2

4457.6

4617.5

21

22
23
24
25

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

139.2
131.7
1253.0
521.0

157.4
134.8
1344.1
587.7

156.4
137.9
1460.4
627.2

168.6
142.0
1610.9
698.1

193.0
147.8
1829.6
778.9

223.9
149.1
1898.1
797.7

232.4
150.3
1970.0
801.6

239.3
152.0
2020.7
824.1

230.3
152.8
2059.5
851.8

260.8
153.3
2106.0
872.8

296.8
153.4
2144.5
911.4

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

421.4
5.1
247.4
8.0
15.0
122.1
23.7
230.5

453.7
6.4
271.4
10.0
14.2
122.1
29.6
247.9

472.2
7.9
278.5
8.7
13.4
126.0
37.7
253.7

520.6
9.4
286.7
8.4
10.8
143.3
62.1
232.5

567.9
12.1
312.8
8.3
6.6
142.3
85.9
271.4

607.2
12.7
326.5
8.2
5.6
163.2
91.0
294.3

600.3
13.5
336.4
8.1
4.8
140.6
96.8
317.2

605.3
14.1
344.7
8.1
4.8
134.9
98.7
366.2

616.2
15.3
364.6
8.0
4.4
119.5
104.3
391.6

655.2
16.7
391.1
7.9
4.9
123.1
111.5
409.6

681.4
17.7
409.6
8.0
4.9
122.0
119.2
430.1

26
27
28
29
30
31
32
33

796.5
40.3
2093.7
592.2
78.3
1423.2

877.5
40.3
2166.2
641.1
82.4
1442.7

927.0
49.9
2294.0
696.3
86.4
1511.2

992.1
59.2
2204.8
756.9
88.2
1359.7

977.5
64.1
2253.0
836.1
90.0
1326.9

973.2
69.3
2280.6
868.5
90.2
1321.8

1012.0
69.8
2352.0
959.9
90.5
1301.6

1056.3
72.2
2358.4
1004.8
90.7
1262.9

1097.0
70.8
2368.7
1011.2
91.0
1266.5

1109.3
82.6
2425.0
1035.5
91.2
1298.3

1143.0
79.0
2369.9
1092.8
91.4
1185.7

34
35
36
37
38
39

34
35
36
37
38
39

Total liabilities

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

40
41

Trade receivables net of payables
Market value of equities

310.4
4811.9

307.4
6435.0

346.1
7618.6

374.5
9674.2

403.8
11457.1

442.4
11834.8

482.9
12719.4

476.7
12199.9

380.4
15112.1

431.4
15683.0

456.6
14853.7

40
41

42
43

Securities and mortgages
Loans and short-term paper

1615.2
1081.6

1726.7
1198.8

1851.9
1255.8

1985.3
1387.3

2248.7
1539.8

2341.5
1628.8

2437.4
1634.2

2538.8
1668.8

2603.9
1698.3

2668.9
1788.8

2727.9
1889.6

42
43

44
45

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

1918.4
534.7

2116.6
574.0

2232.6
648.3

2438.6
660.6

2581.3
702.1

2671.4
705.9

2716.0
737.0

2797.2
757.4

2866.0
815.4

2980.7
809.3

3111.6
858.3

44
45

46
47

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

59.9
40.1

59.0
41.0

59.6
40.4

58.9
41.1

59.4
40.6

59.0
41.0

59.9
40.1

60.3
39.7

60.5
39.5

59.9
40.1

59.1
40.9

46
47

48

Liquid assets/short-term liabilities

27.9

27.1

29.0

27.1

27.2

26.4

27.1

27.1

28.5

27.2

27.6

48

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

65

Z.1, September 15, 2000

L.103 Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

581.0

660.0

748.0

858.5

949.1

968.0

986.7

1006.9

1027.3

1041.6

1058.4

1

2
3
4

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

92.3
63.4
4.0

96.6
72.1
4.9

105.1
82.8
5.5

116.8
103.6
6.1

126.8
119.6
6.6

128.7
121.8
6.7

131.0
124.9
6.8

133.4
128.2
6.9

135.8
131.7
7.0

137.8
132.9
7.1

140.1
135.4
7.2

2
3
4

5
6
7

Treasury securities
Mortgages
Consumer credit

14.0
23.6
0.0

15.6
26.7
0.0

14.4
23.5
0.0

13.8
22.0
0.0

14.0
22.0
0.0

14.3
22.3
0.0

14.4
22.5
0.0

14.4
22.7
0.0

14.6
22.9
0.0

14.8
23.3
0.0

15.1
23.7
0.0

5
6
7

117.0
266.7
42.2
0.9
223.6

129.3
314.8
44.2
1.0
269.7

145.5
371.2
44.8
1.7
324.8

172.4
423.8
45.2
1.7
376.9

193.4
466.8
46.9
1.6
418.3

196.5
477.8
46.6
1.6
429.5

200.8
486.3
47.0
1.6
437.7

205.3
495.9
47.3
1.5
447.1

210.0
505.3
46.9
1.6
456.8

213.2
512.5
47.1
1.7
463.7

217.0
520.0
47.1
1.6
471.2

8
9
10
11
12

1330.9

1370.3

1477.3

1624.8

1754.9

1783.9

1814.1

1849.8

1885.8

1918.3

1952.9

13

1121.8

1152.4

1236.1

1351.1

1460.9

1485.2

1510.2

1540.9

1572.0

1599.7

1629.9

14

160.2
84.7
876.9

178.7
92.3
881.4

208.5
93.0
934.6

232.0
97.3
1021.9

251.9
109.5
1099.6

256.1
110.6
1118.5

260.4
113.1
1136.8

264.8
115.0
1161.2

269.8
117.7
1184.5

274.3
121.1
1204.2

279.3
125.5
1225.1

15
16
17

71.6
34.6
102.9

77.8
35.9
104.3

98.6
37.5
105.1

122.1
38.1
113.5

133.2
39.6
121.2

135.5
40.2
123.0

138.4
40.7
124.8

140.7
41.2
127.0

143.0
41.7
129.1

145.1
42.3
131.2

147.0
42.9
133.1

18
19
20

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

Total financial assets

1995

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

58.8

61.2

61.1

61.7

65.4

64.9

65.1

65.3

64.6

64.4

64.4

1

2

Checkable deposits and currency

16.2

16.7

16.7

16.9

18.8

18.6

18.4

18.2

18.0

17.8

17.6

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

42.6
40.4
2.2

44.5
42.3
2.2

44.4
42.9
1.5

44.8
43.3
1.5

46.6
44.9
1.7

46.2
44.6
1.6

46.7
45.0
1.7

47.0
45.4
1.7

46.6
45.0
1.6

46.6
45.1
1.5

46.7
45.2
1.6

3
4
5

157.4

161.3

167.4

175.0

183.4

180.9

185.7

188.8

189.0

189.3

196.9

6

142.2

145.1

149.9

156.1

163.8

162.4

166.1

168.6

169.0

170.1

176.1

7

38.7
20.6
83.0

39.7
20.8
84.6

40.4
22.4
87.1

43.9
21.9
90.3

45.1
22.2
96.5

42.6
22.5
97.4

44.6
21.8
99.6

45.5
21.7
101.4

44.2
22.8
102.0

42.4
24.0
103.7

45.9
23.5
106.7

8
9
10

15.2

16.2

17.4

18.8

19.6

18.5

19.6

20.2

20.0

19.2

20.8

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, September 15, 2000

L.105 State and Local Governments (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1025.8

994.1

1007.9

1033.3

1180.3

1212.5

1232.0

1247.5

1267.8

1281.1

1300.4

1

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

30.0
55.3
118.6

33.3
62.0
115.7

27.8
72.6
147.8

32.2
78.4
151.4

28.3
91.1
158.5

27.4
92.6
166.5

27.1
90.3
163.8

27.2
94.1
166.6

32.1
102.1
163.5

27.2
98.9
176.4

29.5
101.4
179.0

2
3
4

5

Credit market instruments

6
7
8
9
10
11
12

Total financial assets

1995

729.9

638.6

604.8

605.0

739.4

772.1

794.8

781.9

782.8

782.9

795.8

5

Open market paper
U.S. government securities
Treasury
Agency

22.3
556.6
370.0
186.6

39.4
441.3
289.8
151.5

59.7
373.2
257.0
116.2

74.0
354.8
239.3
115.4

102.0
448.3
269.3
179.0

106.0
474.5
272.5
202.0

107.2
490.4
279.1
211.3

106.5
473.6
271.6
202.0

103.9
474.3
266.8
207.5

105.6
470.5
257.2
213.3

110.0
476.4
256.4
220.0

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

8.6
31.9
110.5

5.1
39.0
113.8

4.6
49.7
117.6

3.9
51.0
121.3

2.5
61.2
125.4

2.1
63.0
126.5

1.8
67.8
127.6

1.4
71.8
128.7

1.0
73.8
129.8

0.6
75.3
130.9

1.0
76.5
132.0

10
11
12

13
14

Corporate equities
Mutual fund shares

10.6
29.1

26.2
35.0

46.8
41.0

79.0
33.6

102.0
21.3

96.9
20.3

102.9
22.4

101.0
24.0

115.0
25.6

115.7
22.9

110.0
20.5

13
14

15
16

Taxes receivable
Miscellaneous assets

34.0
18.2

27.9
55.4

26.1
41.0

26.9
27.0

28.1
11.5

28.5
8.2

30.3
0.5

32.7
19.9

33.5
13.1

35.5
21.5

39.0
25.1

15
16

17

1579.2

1556.9

1581.0

1668.5

1779.3

1810.2

1831.7

1843.2

1860.7

1874.1

1889.9

17

18

Credit market instruments

1121.7

1070.2

1063.4

1119.5

1199.8

1223.2

1238.2

1242.4

1252.1

1257.3

1266.7

18

19
20
21
22

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

1112.4
31.7
1080.7
9.3

1060.4
32.9
1027.5
9.8

1053.3
39.1
1014.1
10.1

1110.6
47.5
1063.1
8.9

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
9.7

1247.9
46.4
1201.5
9.3

1256.7
45.2
1211.6
10.0

19
20
21
22

457.5

486.7

517.6

549.0

579.5

587.0

593.5

600.8

608.6

616.9

623.2

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

439.6

441.6

440.9

436.6

441.6

468.7

480.1

537.4

560.1

539.6

533.3

1

41.4
27.8
0.7

53.8
22.2
0.9

44.9
38.3
2.4

42.0
41.6
3.4

51.0
23.2
4.7

48.2
29.1
3.9

45.9
61.2
4.1

46.4
62.9
4.6

44.5
87.9
5.4

44.0
48.5
5.5

41.5
60.2
5.7

2
3
4

207.6

207.5

200.2

205.5

219.1

223.3

225.0

260.7

258.0

259.6

261.6

5

0.0
71.0
136.6

0.0
57.8
149.7

0.0
50.3
149.9

0.0
45.7
159.7

0.0
44.9
174.2

0.0
44.6
178.8

0.0
44.5
180.6

0.0
77.8
183.0

0.0
77.7
180.3

0.0
76.8
182.8

0.0
76.8
184.8

6
7
8

24.7
18.6
119.0

23.1
17.3
116.9

24.0
20.7
110.5

20.8
20.0
103.5

22.3
21.4
99.9

23.8
40.5
99.8

24.5
20.0
99.4

25.7
38.4
98.8

26.8
38.5
99.1

28.8
55.9
97.4

29.3
37.9
97.1

9
10
11

4124.9

4289.1

4490.7

4545.7

4532.6

4528.3

4433.3

4429.1

4501.1

4464.6

4283.3

12

8.0
17.6

10.2
18.2

9.7
18.3

9.2
18.3

9.2
18.3

8.2
18.3

8.2
18.8

7.2
19.3

6.2
18.3

6.2
18.8

4.2
18.1

13
14

3492.3

3636.7

3781.8

3804.9

3752.2

3759.7

3651.7

3632.7

3681.0

3653.5

3464.0

15

179.9
3285.6
26.7
0.0

185.0
3423.5
28.2
0.0

187.0
3568.1
26.6
0.0

186.5
3591.8
26.5
0.0

186.6
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
3466.3
28.3
0.0

185.3
3440.5
27.8
0.0

184.6
3251.1
28.2
0.0

16
17
18
19

85.7
514.4
6.8

81.1
536.2
6.7

81.8
591.9
7.3

72.8
634.0
6.6

69.7
676.5
6.7

69.2
666.3
6.7

70.8
677.1
6.7

71.3
691.9
6.7

70.0
719.0
6.6

71.3
708.2
6.6

71.2
719.2
6.5

20
21
22

67

Z.1, September 15, 2000

L.107 Rest of the World
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

2909.6

3490.9

4200.3

4914.3

5642.7

5755.0

5952.0

6180.2

6344.3

6560.4

6768.1

1

218.2
180.4
56.3
46.6

229.3
193.8
49.6
67.6

177.3
213.7
60.6
70.9

173.0
243.6
73.6
90.8

145.9
258.4
86.6
72.0

132.8
262.2
85.2
86.3

154.5
270.7
82.6
83.3

148.8
283.6
88.6
81.9

138.1
298.3
101.6
86.8

126.1
277.9
99.2
82.6

175.0
280.3
99.6
95.0

2
3
4
5

1216.0

1531.1

1926.6

2257.3

2539.8

2608.3

2621.3

2718.1

2678.0

2765.9

2809.7

6

24.9
757.7
407.2
396.9
10.3

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

115.3
1622.2
620.3
589.0
31.3

110.8
1639.6
627.1
589.8
37.3

102.5
1650.3
626.2
583.1
43.0

108.1
1695.9
641.0
596.1
44.9

102.3
1635.5
628.9
578.2
50.7

99.9
1677.2
653.2
594.4
58.8

98.2
1681.2
659.5
590.4
69.1

7
8
9
10
11

350.5
235.7
114.8

498.3
358.5
139.8

679.0
502.6
176.5

884.0
662.2
221.8

1001.9
729.7
272.2

1012.5
722.2
290.3

1024.1
716.8
307.3

1054.9
726.5
328.5

1006.6
660.7
345.9

1024.0
651.5
372.5

1021.7
630.8
390.9

12
13
14

311.4
122.1

369.5
122.1

453.2
126.0

537.8
143.3

660.0
142.3

694.6
163.2

727.9
140.6

779.2
134.9

820.6
119.5

865.7
123.1

908.3
122.0

15
16

17
18
19

U.S. corporate equities
Trade receivables
Security credit

397.7
52.3
0.0

527.6
51.0
0.0

656.8
57.1
0.0

919.5
60.1
0.0

1175.1
51.4
0.0

1200.6
46.7
0.0

1319.3
45.5
0.0

1229.9
44.6
0.0

1523.3
46.0
0.0

1578.9
44.9
0.0

1593.7
44.1
0.0

17
18
19

20
21
22

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

742.2
618.0
124.2

840.9
680.1
160.8

1037.4
743.2
294.2

1096.4
825.3
271.0

1313.5
928.6
384.9

1332.8
955.5
377.3

1375.0
1100.1
274.9

1584.5
1156.4
428.2

1472.1
1125.2
346.9

1585.0
1174.3
410.7

1670.7
1254.7
416.0

20
21
22

1743.0

2011.7

2312.9

2552.1

2776.3

2796.7

2814.1

2856.2

3030.0

3163.0

3301.1

23

23

Total liabilities

24
25

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

53.2
373.9

63.7
418.8

53.7
521.7

48.9
619.7

60.1
639.0

53.6
667.4

50.9
694.9

52.1
712.3

50.1
725.8

49.4
790.4

46.5
790.2

24
25

26

Credit market instruments

375.0

453.7

542.2

608.0

651.4

659.2

652.7

672.9

676.9

704.6

698.9

26

42.7
242.3

56.2
299.4

67.5
366.3

65.1
427.7

72.9
462.5

77.2
466.3

70.1
466.4

81.8
477.4

89.2
476.7

101.6
488.1

101.2
480.7

27
28

26.1
2.2
8.8
15.2
56.0
7.9

34.6
2.6
10.9
21.1
55.4
8.2

43.7
2.9
14.3
26.5
54.8
9.9

52.1
2.1
13.8
36.3
53.3
9.7

58.9
2.8
13.1
43.0
52.4
4.7

59.1
2.9
12.5
43.6
51.8
4.7

60.5
2.8
13.8
43.9
51.6
4.1

58.8
3.0
11.2
44.7
51.9
3.1

59.4
3.0
10.0
46.5
47.8
3.9

63.3
2.8
11.4
49.1
47.9
3.8

64.8
3.1
12.1
49.6
48.0
4.1

29
30
31
32
33
34

39.5
0.0

45.3
0.0

43.6
0.0

48.7
0.0

46.3
0.0

45.0
0.0

43.9
0.0

49.4
0.0

50.6
0.0

49.5
0.0

52.6
0.0

35
36

901.3
25.9
2.0
786.6
86.8

1030.2
27.4
2.3
885.5
115.0

1151.7
29.2
2.1
986.5
133.8

1226.9
30.8
2.1
1058.7
135.2

1379.5
32.4
1.9
1207.1
138.1

1371.5
32.8
2.0
1251.2
85.4

1371.7
33.3
2.2
1286.1
50.2

1369.6
33.6
2.3
1331.0
2.7

1526.6
33.9
2.6
1331.2
159.0

1569.0
34.2
2.3
1377.0
155.5

1713.0
34.6
2.3
1416.9
259.2

37
38
39
40
41

627.5

776.8

1002.9

1207.8

1476.2

1503.2

1645.5

1722.7

2026.6

2057.5

1998.4

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, September 15, 2000

L.108 Monetary Authority (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

452.1

471.9

495.2

534.0

566.8

560.3

577.3

590.0

696.9

604.1

609.8

1

2
3
4

Gold and foreign exchange
SDR certificates
Treasury currency

33.0
8.0
23.0

32.1
10.2
24.0

30.2
9.7
25.0

28.0
9.2
25.6

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

26.8
6.2
29.0

26.5
4.2
30.0

2
3
4

5
6
7

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

-0.7
0.2
10.6

0.1
0.1
13.9

4.3
0.1
21.6

0.7
2.0
23.8

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

-0.2
0.2
23.7

-0.0
0.5
26.9

5
6
7

8

Credit market instruments

368.2

380.8

393.1

431.4

452.5

466.0

485.1

489.3

478.1

501.9

505.1

8

0.0
368.2
364.5
3.6
0.0

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
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

0.0
501.9
501.7
0.2
0.0

0.0
505.1
505.0
0.1
0.0

9
10
11
12
13

9.8

10.7

11.2

13.2

16.1

15.6

16.4

16.4

16.8

16.5

16.6

14

448.4

467.9

490.7

528.8

560.9

553.9

570.5

582.5

690.5

596.1

605.7

15

9
10
11
12
13
14
15

Total financial assets

1995

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

16
17

Depository institution reserves
Vault cash of commercial banks

30.8
38.1

29.6
40.6

24.5
45.2

30.8
45.0

26.3
42.1

22.5
38.5

22.2
40.6

21.7
41.0

24.0
66.5

18.2
35.2

18.5
37.0

16
17

18
19
20
21

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

373.5
7.5
0.3
365.7

390.3
6.2
0.4
383.7

413.6
8.0
0.2
405.5

443.5
5.7
0.5
437.4

481.8
6.2
0.2
475.4

485.0
5.5
0.2
479.2

498.7
6.8
0.5
491.5

510.1
6.7
0.3
503.1

590.4
28.5
0.1
561.8

532.7
4.5
0.2
528.0

540.6
6.3
0.1
534.1

18
19
20
21

22
23
24

Miscellaneous liabilities
Federal Reserve Bank stock
Other

6.0
3.7
2.3

7.4
4.0
3.5

7.4
4.6
2.8

9.5
5.4
4.0

10.7
6.0
4.8

7.9
6.1
1.8

9.1
6.3
2.8

9.7
6.3
3.4

9.4
6.4
3.0

10.0
6.7
3.3

9.6
6.9
2.8

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, September 15, 2000

L.109 Commercial Banking (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

4159.7

4493.8

4710.4

5174.6

5642.2

5638.2

5704.6

5807.2

5989.3

6044.4

6224.1

1

38.1
28.0
1.4

40.6
26.9
1.6

45.2
22.3
1.4

45.0
29.1
1.4

42.1
24.4
2.0

38.5
20.8
1.6

40.6
20.4
1.3

41.0
19.9
1.7

66.5
22.0
2.2

35.2
16.6
1.9

37.0
16.9
2.1

2
3
4

3331.2

3604.6

3794.5

4144.5

4483.3

4474.5

4525.1

4618.7

4782.0

4882.5

5011.6

5

U.S. government securities
Treasury
Agency

719.1
290.4
428.7

746.1
278.7
467.5

757.5
261.8
495.7

841.2
270.1
571.2

876.6
214.0
662.6

897.4
223.8
673.6

893.8
217.5
676.3

912.9
218.7
694.2

925.0
226.7
698.3

931.5
215.6
715.9

920.8
201.5
719.2

6
7
8

9
10

Municipal securities
Corporate and foreign bonds

97.6
102.5

93.4
110.9

94.2
112.3

96.7
143.1

104.8
181.1

106.5
164.4

107.6
188.0

109.4
199.3

110.7
219.9

111.9
214.1

112.3
219.0

9
10

11
12
13
14
15
16

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

2407.1
5.8
834.9
1012.7
458.8
94.9

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

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

3504.9
1.4
1383.8
1495.2
499.8
124.8

3602.1
1.4
1413.7
1546.5
497.1
143.4

3736.9
1.4
1464.7
1614.0
506.2
150.6

11
12
13
14
15
16

17
18

Corporate equities
Mutual fund shares

2.9
2.0

5.0
2.3

6.8
2.6

2.6
8.1

6.8
9.2

7.5
9.1

8.4
10.0

7.3
8.9

10.4
11.1

10.5
12.4

10.4
12.2

17
18

22.9
738.0

22.3
797.8

23.4
823.7

20.6
934.0

11.3
1079.1

10.2
1092.5

9.0
1108.4

7.9
1118.0

8.2
1108.3

8.7
1099.5

9.0
1147.5

19
20

4048.9

4333.2

4547.4

5053.0

5519.3

5494.5

5576.8

5642.4

5835.6

5927.4

6157.2

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

211.2
-0.5
-6.5
218.2

220.5
0.2
-9.0
229.3

171.1
4.4
-10.6
177.3

143.5
2.8
-32.2
173.0

120.6
1.7
-27.0
145.9

120.9
-0.6
-11.3
132.8

144.4
0.5
-10.6
154.5

136.2
0.5
-13.2
148.8

112.6
-0.0
-25.5
138.1

112.2
0.0
-13.9
126.1

164.0
0.5
-11.5
175.0

22
23
24
25

26
27
28
29

Checkable deposits
Federal government
Rest of the world
Private domestic

756.7
23.8
23.2
709.8

710.8
19.0
24.1
667.7

676.3
28.7
26.9
620.7

656.4
27.8
31.7
597.0

623.0
13.2
30.2
579.7

589.6
16.4
31.5
541.7

607.5
42.0
36.7
528.7

588.0
46.0
45.1
496.8

626.2
49.6
43.6
533.0

574.9
37.5
30.0
507.4

575.0
48.7
31.4
494.9

26
27
28
29

30
31
32

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

1376.2
333.0
391.8

1490.1
387.8
422.2

1613.2
493.1
463.2

1761.5
601.0
552.2

1945.2
673.3
639.2

1958.5
671.1
667.5

1973.0
672.3
673.5

2004.6
698.8
702.2

2016.5
792.3
749.8

2077.5
816.4
777.6

2099.3
833.6
827.1

30
31
32

33

Credit market instruments

228.1

250.6

263.6

309.2

382.1

390.0

408.2

436.0

449.3

463.6

495.2

33

55.0
142.6
30.5

52.8
161.1
36.7

55.7
168.9
39.0

58.5
192.6
58.1

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
240.6
145.6

59.7
248.9
155.0

61.7
258.4
175.0

34
35
36

1.9
750.1

2.8
848.4

4.0
863.0

5.4
1023.7

7.1
1128.7

7.5
1089.3

8.0
1090.0

8.5
1068.1

9.0
1079.9

9.5
1095.9

10.0
1153.0

37
38

3254.3

3520.1

3707.7

4031.9

4335.7

4338.4

4383.4

4488.3

4643.9

4725.0

4847.4

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, September 15, 2000

L.110 U.S.-Chartered Commercial Banks
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

3122.9

3321.7

3444.5

3742.2

4094.2

4095.7

4160.8

4258.6

4433.0

4507.6

4627.7

1

65.2

66.6

66.3

71.2

65.5

58.8

59.7

60.5

87.1

51.4

53.3

2

2921.4

3116.3

3231.5

3512.2

3844.4

3861.8

3933.2

4019.3

4161.3

4263.5

4381.2

3

646.1
248.0
398.1
182.2
119.4
96.5

629.1
207.6
421.5
195.1
101.0
125.3

609.7
173.0
436.7
216.6
89.5
130.7

664.0
166.8
497.2
247.7
107.0
142.4

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

752.2
125.3
626.9
289.8
120.4
216.8

747.1
116.4
630.7
289.9
119.2
221.6

4
5
6
7
8
9

97.0
66.0
3.6
21.5
40.9

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

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

111.2
156.2
3.5
46.1
106.6

111.7
162.6
2.5
47.0
113.2

10
11
12
13
14

2107.4
3.6
624.6
963.7
458.8
56.8

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

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

3137.3
0.7
1104.4
1464.8
499.8
67.6

3221.1
0.7
1131.9
1515.0
497.1
76.5

3337.2
0.6
1178.8
1581.1
506.2
70.5

15
16
17
18
19
20

2.9
2.0

5.0
2.3

6.8
2.6

2.6
8.1

6.8
9.2

7.5
9.1

8.4
10.0

7.3
8.9

10.4
11.1

10.5
12.4

10.4
12.2

21
22

9.9
126.4

12.3
126.6

13.9
132.8

13.7
145.2

9.1
175.2

8.2
166.9

7.4
160.5

6.5
172.3

6.6
177.9

7.1
185.7

7.3
185.9

23
24

3271.5

3457.6

3598.7

3959.7

4366.8

4357.4

4441.7

4502.0

4682.7

4805.9

4982.2

25

26
27
28
29
30

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

60.5
-0.7
0.2
-13.3
74.3

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

25.1
1.6
0.0
-51.0
74.4

30.9
-0.9
0.2
-46.4
77.9

58.2
0.3
0.2
-45.7
103.4

42.5
0.1
0.5
-56.1
98.1

54.4
-0.2
0.2
-65.1
119.5

73.3
-0.2
0.2
-57.3
130.5

126.6
-0.0
0.5
-57.0
183.1

26
27
28
29
30

31
32
33
34

Checkable deposits
Federal government
Rest of the world
Private domestic

741.7
23.8
17.1
700.8

695.8
19.0
18.1
658.6

661.4
28.7
21.6
611.1

640.3
27.8
26.0
586.5

605.9
13.2
24.8
567.9

572.9
16.4
25.7
530.8

591.3
42.0
31.4
517.8

571.7
46.0
39.9
485.8

608.6
49.6
37.7
521.4

558.4
37.5
24.5
496.5

557.5
48.7
25.3
483.5

31
32
33
34

35
36
37

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

1357.9
214.0
351.4

1471.3
256.5
379.6

1594.2
306.1
408.2

1738.0
369.3
471.7

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

2058.0
480.4
693.7

2078.8
511.4
721.0

35
36
37

38
39
40
41

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

10.0
40.6
30.5
1.9

12.3
43.3
36.7
2.8

14.0
50.9
39.0
4.0

13.7
61.6
58.1
5.4

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
145.6
9.0

7.0
78.3
155.0
9.5

7.2
81.6
175.0
10.0

38
39
40
41

42
43
44

Miscellaneous liabilities
Investment by bank holding companies
Other

463.0
304.2
158.9

505.0
344.3
160.7

520.6
372.9
147.7

598.7
413.6
185.1

675.5
469.0
206.6

647.1
476.4
170.7

647.9
473.9
174.0

624.9
475.6
149.4

653.0
471.9
181.2

692.5
492.1
200.4

713.1
501.0
212.1

42
43
44

2869.6

3056.1

3175.8

3450.7

3761.2

3782.9

3847.6

3944.3

4078.9

4171.3

4295.4

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, September 15, 2000

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

589.7

666.3

714.8

811.3

806.5

777.7

760.4

756.7

756.1

719.7

756.8

1

1.0

0.8

1.1

2.9

1.0

0.5

1.2

0.5

1.4

0.5

0.6

2

362.3

436.9

507.0

567.2

568.6

545.0

521.7

530.7

539.7

547.2

556.4

3

55.7
32.7
23.0
0.0
28.9

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

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
92.3
71.3
0.0
42.0

157.4
86.9
70.5
0.0
43.0

151.1
81.7
69.4
0.0
43.0

4
5
6
7
8

277.7
2.2
197.2
40.3
38.1

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

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

346.8
0.8
262.2
17.0
66.8

362.3
0.8
263.9
17.5
80.1

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

13.0
213.5

10.1
218.5

9.4
197.2

6.9
234.3

2.2
234.6

2.0
230.2

1.6
235.9

1.4
224.1

1.6
213.3

1.6
170.4

1.7
198.1

15
16

602.8

681.3

731.9

830.8

828.7

800.8

784.2

781.3

781.5

746.0

784.0

17

18
19
20

Net interbank liabilities
To foreign banks
To domestic banks

162.3
158.5
3.9

181.0
173.6
7.5

178.6
162.1
16.5

148.2
144.4
3.8

92.8
92.7
0.1

82.9
73.1
9.8

71.1
62.4
8.7

78.1
63.1
14.9

51.6
44.2
7.4

21.9
13.7
8.1

18.2
7.9
10.2

18
19
20

21
22
23

Checkable deposits
Small time and savings deposits
Large time deposits

8.8
9.3
110.0

8.7
8.5
121.0

8.0
8.7
176.6

8.8
13.1
221.3

8.6
9.5
257.8

8.9
9.1
254.6

7.8
7.2
251.6

8.1
7.3
258.2

9.1
7.5
314.5

8.3
7.2
323.7

9.3
7.7
309.3

21
22
23

24
25

Federal funds and security RPs (net)
Acceptance liabilities

41.4
13.4

43.2
10.4

55.1
9.6

80.7
7.2

100.4
2.4

97.9
2.1

102.0
2.1

85.6
1.8

82.1
2.0

83.2
2.0

104.9
2.0

24
25

26
27
28
29

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

257.6
26.3
44.1
187.3

308.5
32.7
50.7
225.1

295.2
30.3
64.5
200.5

351.5
38.8
78.8
233.9

357.2
43.7
90.6
223.0

345.3
43.9
89.8
211.6

342.3
57.3
88.5
196.5

342.2
57.8
102.5
181.9

314.7
60.0
93.0
161.6

299.7
65.5
114.6
119.7

332.6
66.6
114.5
151.4

26
27
28
29

337.1

412.6

475.8

516.1

504.2

487.8

465.7

475.3

484.1

482.0

478.1

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, September 15, 2000

L.112 Bank Holding Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

414.1

466.8

510.8

575.3

685.9

710.8

727.0

733.2

741.0

757.2

777.7

1

18.4

18.0

22.0

27.4

26.5

25.0

25.1

22.0

32.7

22.1

23.0

2

9.4
4.6
4.8
7.1
1.8

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

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

5.7
0.9
4.7
14.6
1.9

6.0
1.1
5.0
12.9
4.0

3
4
5
6
7

395.8
304.2
56.4
35.2

448.7
344.3
64.7
39.8

488.9
372.9
64.9
51.1

547.9
413.6
89.9
44.4

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
471.9
151.2
85.4

735.1
492.1
163.5
79.6

754.7
501.0
166.9
86.8

8
9
10
11

143.0

157.1

178.3

218.8

270.6

284.4

296.6

302.7

314.5

318.0

331.7

12

-11.7
2.9
-14.6

-14.9
3.5
-18.5

-7.9
14.7
-22.6

-7.6
14.3
-21.9

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

17.1
35.2
-18.2

19.2
35.2
-16.0

13
14
15

-0.9

-0.5

-0.2

-0.2

0.4

0.3

0.1

-0.1

0.5

0.7

1.2

16

133.6
31.6
102.0

148.0
30.1
117.9

150.0
32.0
118.0

168.6
37.6
131.0

193.5
45.4
148.1

202.6
46.4
156.1

205.5
48.9
156.6

211.8
45.6
166.3

219.3
54.5
164.8

221.4
50.8
170.6

229.3
52.4
176.8

17
18
19

22.0

24.6

36.3

57.9

74.1

74.4

75.9

75.5

88.1

78.9

82.1

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

33.1

39.0

40.3

45.8

55.5

54.1

56.4

58.7

59.2

59.9

61.8

1

1.4

1.6

1.4

1.4

2.0

1.6

1.3

1.7

2.2

1.9

2.1

2

29.2

33.4

34.1

37.8

43.8

42.7

45.0

46.7

48.3

49.6

51.0

3

7.9
5.1
2.8
0.6
0.5

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

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

16.3
2.8
13.5
0.6
0.5

16.2
2.5
13.7
0.7
0.4

16.5
2.4
14.2
0.7
0.4

4
5
6
7
8

11.3
4.8
4.0

13.1
5.7
4.0

14.6
6.3
3.9

15.5
6.4
4.4

16.3
7.5
4.8

15.8
6.9
5.2

16.2
7.5
5.6

16.3
7.8
5.8

16.9
8.1
6.0

17.8
8.4
6.1

18.0
9.0
6.4

9
10
11

2.4

4.0

4.8

6.6

9.7

9.7

10.1

10.3

8.7

8.4

8.8

12

31.7

37.2

38.6

43.7

53.1

51.9

54.3

56.4

56.9

57.5

59.3

13

14
15
16

Checkable deposits
Small time and savings deposits
Large time deposits

6.2
9.0
9.0

6.4
10.2
10.2

6.9
10.4
10.4

7.3
10.4
10.4

8.5
11.4
11.4

7.9
10.7
10.7

8.4
11.0
11.0

8.1
11.4
11.4

8.5
12.2
12.2

8.2
12.3
12.3

8.2
12.9
12.9

14
15
16

17

Miscellaneous liabilities

7.4

10.3

10.9

15.6

21.9

22.6

23.8

25.6

24.1

24.7

25.3

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, September 15, 2000

L.114 Savings Institutions (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1008.6

1012.8

1031.7

1028.6

1088.4

1111.0

1127.8

1145.9

1151.4

1160.4

1182.5

1

2.8
13.9
1.3
6.5

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
18.4
1.5
14.8

1.7
15.0
1.4
15.9

1.8
16.2
1.3
12.5

1.7
16.7
1.3
12.3

2.0
20.1
1.3
10.6

1.6
16.3
1.9
11.5

1.6
17.5
1.3
12.0

2
3
4
5

920.8

913.3

933.2

928.5

964.8

990.8

1011.4

1030.8

1033.4

1044.5

1061.7

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

0.1
187.0
27.1
159.9

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
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

0.0
152.2
9.9
142.2

0.0
149.1
9.1
140.0

7
8
9
10

11
12
13
14
15

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

2.0
86.7
10.3
596.2
38.5

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

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
112.0
30.7
668.9
61.5

3.1
115.7
33.4
681.1
59.0

3.0
110.6
35.5
702.6
61.0

11
12
13
14
15

10.4
53.0

14.3
54.7

17.8
52.9

23.3
49.7

24.5
62.6

25.1
61.0

24.9
59.7

24.2
58.9

23.8
60.1

23.7
60.8

24.2
64.2

16
17

998.3

995.1

1010.5

1001.0

1058.6

1079.6

1096.4

1114.7

1120.4

1129.4

1150.7

18

733.6
83.0
579.7
71.0

727.9
97.1
550.7
80.1

721.4
122.4
512.5
86.4

695.7
149.5
448.2
98.1

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

705.3
234.0
342.2
129.1

707.0
244.7
331.0
131.3

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

44.5

43.7

41.8

51.3

64.0

65.8

71.9

72.7

73.5

75.0

23

24
25
26
27

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

112.4
3.1
9.3
100.0

115.0
3.1
14.6
97.4

140.5
2.7
15.9
121.9

160.3
2.8
19.4
138.0

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

260.4
2.7
14.0
243.7

266.9
2.7
20.4
243.8

280.0
2.7
21.3
256.0

24
25
26
27

28
29
30
31

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

1.0
106.7
4.4
102.3

1.6
106.1
4.5
101.6

1.4
103.5
4.7
98.8

1.8
101.4
5.0
96.4

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
85.4
6.0
79.4

1.7
82.0
6.1
75.9

1.8
86.8
6.3
80.5

28
29
30
31

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

74

Z.1, September 15, 2000

L.115 Credit Unions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

293.6

310.7

330.1

353.8

391.5

402.8

410.3

411.9

414.5

429.6

432.7

1

6.5
16.7
6.2

7.4
17.1
6.4

7.5
16.4
1.4

8.1
17.0
3.5

9.1
23.4
6.8

9.2
25.8
7.3

9.0
26.2
7.1

15.6
19.3
4.6

26.4
16.6
9.3

26.6
19.3
9.6

24.5
17.7
2.8

2
3
4

246.8

263.0

288.5

305.3

324.2

330.2

341.0

348.5

351.7

360.0

372.9

5

2.1
62.9
22.1
40.9

0.6
64.1
18.3
45.7

0.3
68.1
17.4
50.7

0.2
66.7
15.6
51.0

0.4
71.5
13.1
58.4

0.3
75.4
12.1
63.2

0.8
78.3
12.5
65.8

0.8
76.2
10.8
65.4

1.9
70.9
9.6
61.3

0.8
75.1
9.6
65.4

0.3
75.8
9.1
66.7

6
7
8
9

10
11

Home mortgages
Consumer credit

62.1
119.6

66.5
131.9

76.0
144.1

86.0
152.4

96.9
155.4

98.7
155.8

103.7
158.2

107.3
164.1

111.0
167.9

114.6
169.5

120.5
176.3

10
11

12
13

Mutual fund shares
Miscellaneous assets

2.6
14.8

2.8
13.9

2.6
13.7

2.4
17.6

3.6
24.3

3.8
26.5

3.9
23.0

4.0
19.8

2.5
8.0

3.2
10.9

2.3
12.6

12
13

270.3

283.7

300.1

320.6

355.3

366.1

373.1

374.0

376.1

390.0

392.5

14

263.4
28.8
227.3
7.3

278.8
30.9
238.9
9.0

295.1
32.5
251.2
11.4

315.4
36.6
264.4
14.4

349.0
43.0
287.5
18.5

359.6
42.9
297.2
19.5

366.3
43.1
302.7
20.6

366.4
42.9
301.9
21.6

366.7
45.4
299.8
21.6

381.9
51.3
309.5
21.1

383.1
50.4
310.2
22.5

15
16
17
18

0.5
6.4

0.4
4.5

0.4
4.6

0.6
4.6

1.1
5.2

1.5
5.0

1.8
5.0

2.5
5.1

3.4
6.0

2.6
5.5

2.9
6.5

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)

670.0

774.9

841.6

917.7

976.3

987.9

1035.3

973.9

1092.3

1111.2

1061.1

1

41.4
0.5
11.0
29.9

44.7
0.5
10.5
33.6

51.1
0.8
9.0
41.4

48.2
0.8
10.0
37.4

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

59.5
0.5
9.3
49.6

61.6
0.7
10.0
50.9

2
3
4
5

248.0

239.7

232.0

207.0

194.1

192.2

190.1

188.0

185.7

183.3

180.8

6

23.0
72.0
39.8
32.2

23.7
70.8
38.7
32.1

21.1
71.3
39.5
31.8

21.0
61.2
33.7
27.5

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

15.9
49.2
24.3
24.9

15.7
47.0
22.3
24.7

7
8
9
10

114.2
35.3
3.4

108.3
33.6
3.3

104.0
31.9
3.6

90.7
31.1
3.0

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

88.4
27.1
2.8

88.3
27.0
2.9

11
12
13

167.3
200.4

224.9
253.5

248.9
293.6

305.5
342.4

307.7
397.1

310.3
408.0

325.9
440.7

293.0
412.5

335.8
488.6

335.5
507.9

307.4
485.9

14
15

12.9

12.1

16.0

14.6

23.0

23.0

23.5

24.2

24.4

25.0

25.3

16

699.4

803.0

871.7

942.5

1001.0

1012.5

1059.8

998.3

1116.6

1135.2

1085.0

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, September 15, 2000

L.117 Life Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total financial assets

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

2063.6

2246.3

2514.8

2769.5

2839.2

2923.1

2915.6

3067.9

3155.5

3151.9

1

5.2
22.8

4.3
61.9

8.1
92.8

5.4
110.4

2.7
115.9

4.0
120.1

3.9
130.4

5.5
133.8

4.0
135.1

5.8
133.7

2
3

1487.5

1587.5

1657.0

1751.1

1828.0

1853.5

1869.6

1880.4

1886.0

1901.5

1913.9

4

Open market paper
U.S. government securities
Treasury
Agency

52.8
341.2
107.1
234.1

45.5
351.0
108.1
242.9

48.4
337.4
93.2
244.1

65.9
312.1
85.5
226.7

73.4
288.4
71.3
217.0

70.7
291.6
70.3
221.3

68.6
291.5
68.0
223.5

71.7
289.9
65.3
224.6

75.8
287.1
62.8
224.4

73.5
290.4
62.3
228.1

76.5
287.9
59.7
228.2

5
6
7
8

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

12.8
779.4
85.5
215.8

11.9
870.1
95.9
213.1

13.4
949.3
100.5
208.2

16.7
1046.0
103.7
206.8

18.4
1130.4
103.8
213.6

19.0
1153.6
99.6
219.0

19.5
1166.5
98.9
224.5

19.9
1173.4
99.3
226.2

20.1
1173.2
99.0
230.8

20.4
1189.4
98.7
229.2

20.4
1198.2
99.7
231.1

9
10
11
12

246.1
9.6

315.4
27.7

414.1
35.3

558.6
38.4

733.2
23.3

777.0
28.0

841.5
33.8

813.4
35.2

964.5
43.3

1021.6
47.8

1007.4
48.6

13
14

97.9

105.1

73.7

65.7

69.2

62.0

54.1

52.3

34.9

45.4

42.5

15

4

Credit market instruments

13
14

Corporate equities
Mutual fund shares

15

Miscellaneous assets

16

1997

5.6
16.2

Checkable deposits and currency
Money market fund shares

9
10
11
12

1996

1862.9

2
3

5
6
7
8

1995

1773.5

1953.9

2115.6

2359.7

2599.7

2665.4

2743.8

2737.5

2882.8

2961.8

2955.1

16

17
18
19

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

0.6
491.5
796.6

0.5
536.3
883.4

1.6
580.1
953.9

1.8
632.7
1059.7

2.5
684.7
1181.8

3.3
702.2
1208.5

4.0
715.4
1250.0

4.3
721.7
1231.6

3.2
748.9
1336.8

3.0
761.6
1379.3

2.7
766.9
1365.5

17
18
19

20
21

Taxes payable
Miscellaneous liabilities

10.4
474.5

12.0
521.8

13.6
566.4

15.3
650.2

17.1
713.6

17.5
733.9

17.9
756.5

18.4
761.5

18.9
775.0

19.3
798.6

19.8
800.2

20
21

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3

Checkable deposits and currency
Security RPs

4

Credit market instruments

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

678.1

740.3

770.0

843.5

893.7

892.7

897.9

884.7

889.7

893.0

884.2

1

5.0
29.4

4.9
37.5

3.9
35.4

4.2
35.2

4.4
42.8

3.6
43.3

3.8
32.9

3.5
34.7

4.5
28.6

3.3
35.0

3.0
35.6

2
3

446.4

468.7

491.2

515.3

535.7

530.8

537.5

533.9

531.6

528.0

524.6

4

U.S. government securities
Treasury
Agency

178.7
133.0
45.8

181.6
133.4
48.2

171.8
120.9
51.0

161.9
91.1
70.8

146.6
73.2
73.5

144.4
70.0
74.4

145.3
68.3
76.9

143.3
65.3
78.0

141.8
62.5
79.3

141.1
61.7
79.4

140.0
61.2
78.8

5
6
7

Municipal securities
Corporate and foreign bonds
Commercial mortgages

153.8
110.1
3.8

161.0
123.3
2.8

175.4
141.6
2.4

191.6
159.5
2.2

210.9
176.2
2.0

206.9
177.5
2.0

207.5
182.7
2.0

204.1
184.4
2.1

201.2
186.6
2.0

199.1
185.2
2.7

197.5
184.4
2.7

8
9
10

112.1
52.9
32.2

134.2
57.3
37.8

148.6
57.2
33.6

186.0
59.9
42.8

201.4
61.6
47.8

201.6
64.0
49.4

208.1
65.7
49.9

193.8
66.3
52.4

209.3
63.6
52.3

206.8
66.4
53.5

197.1
67.5
56.2

11
12
13

479.7

510.7

520.1

533.8

553.1

552.3

560.0

567.5

563.4

564.8

569.6

14

7.9
471.9

9.0
501.6

10.2
509.9

11.5
522.3

12.7
540.4

12.9
539.3

13.2
546.8

13.5
554.0

13.8
549.7

14.0
550.8

14.3
555.3

15
16

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

76

Z.1, September 15, 2000

L.119 Private Pension Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total financial assets

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

2461.4

2900.7

3217.2

3863.9

4385.1

4450.1

4651.4

4484.4

4959.3

5137.2

5054.6

1

2
3
4
5

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

4.0
102.1
31.6
22.2

4.8
106.6
37.5
22.1

5.6
113.1
48.4
25.0

7.6
119.4
66.4
24.8

7.9
121.1
68.9
25.7

8.2
120.2
71.6
25.6

8.2
119.7
71.9
25.9

8.7
118.4
75.5
26.0

9.9
114.2
86.9
26.1

10.0
113.9
87.4
26.2

10.2
115.1
87.5
26.3

2
3
4
5

6

Credit market instruments

612.9

633.1

627.3

646.8

704.7

719.0

740.7

748.7

762.2

773.7

773.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

23.9
351.1
139.4
211.6

24.4
356.4
142.0
214.4

28.3
343.2
139.3
203.8

28.4
352.2
142.5
209.6

31.2
390.7
157.8
232.9

31.7
400.0
161.2
238.8

32.7
415.4
165.5
250.0

33.0
423.7
167.4
256.2

35.0
434.8
171.3
263.5

33.1
445.1
174.8
270.3

33.2
445.2
175.5
269.8

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

230.2
7.8

243.8
8.4

246.8
9.1

256.0
10.2

270.5
12.3

274.6
12.7

279.2
13.4

278.1
13.9

277.9
14.5

280.5
15.1

279.8
15.5

11
12

1019.8
205.9

1278.6
315.6

1432.9
414.7

1811.6
583.5

2079.0
721.2

2101.3
739.0

2225.1
781.8

2089.2
748.2

2407.2
853.8

2505.5
906.4

2432.7
894.1

13
14

13
14

Corporate equities
Mutual fund shares

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

462.9
297.9
78.3
86.7

502.4
329.4
82.4
90.6

550.3
361.1
86.4
102.8

603.8
408.3
88.2
107.3

656.7
450.9
90.0
115.8

665.2
458.1
90.2
116.8

678.1
469.9
90.5
117.7

669.8
460.3
90.7
118.8

699.0
487.6
91.0
120.4

714.1
501.2
91.2
121.7

715.0
498.3
91.4
125.3

15
16
17
18

19

Pension fund reserves (liabilities) (3)

2498.5

2941.3

3261.2

3911.6

4436.7

4502.5

4704.6

4538.4

5014.1

5192.1

5078.0

19

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

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

Total financial assets

1184.9

1464.6

1751.9

2219.2

2619.9

2689.0

2848.6

2688.3

2928.9

2946.6

2974.7

1

6.7
2.5
27.8

4.2
4.5
31.5

7.5
2.3
28.2

5.3
2.4
28.6

10.0
2.0
37.5

7.6
2.2
41.0

9.5
1.7
40.9

9.4
2.1
39.3

9.2
1.7
40.4

11.1
2.4
45.4

10.0
2.0
46.0

2
3
4

497.4

531.0

568.2

632.0

703.6

722.6

728.9

738.9

753.4

767.2

771.5

5

Open market paper
U.S. government securities
Treasury
Agency

27.8
268.3
192.1
76.1

31.5
291.1
191.7
99.4

28.2
308.4
203.5
104.9

28.6
340.2
216.9
123.3

37.5
360.1
217.7
142.4

41.0
367.8
218.4
149.4

40.9
373.7
222.5
151.2

39.3
371.4
217.3
154.1

40.4
373.4
213.2
160.3

45.4
371.9
211.1
160.8

46.0
371.0
209.0
162.0

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

1.1
185.0
15.2

1.8
190.6
15.9

0.5
214.4
16.7

1.1
244.5
17.6

2.3
279.6
24.1

2.5
287.0
24.2

2.2
288.0
24.0

3.1
302.7
22.4

3.0
315.0
21.5

2.9
325.3
21.7

2.5
331.0
21.0

10
11
12

557.4
93.0

791.1
102.4

1013.9
131.8

1383.2
167.6

1680.6
186.3

1716.0
199.6

1855.2
212.5

1726.4
172.3

1916.6
207.7

1920.2
200.3

1911.8
233.4

13
14

1200.0

1481.7

1771.9

2244.1

2651.2

2721.3

2882.2

2723.1

2964.4

2983.1

3012.2

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, September 15, 2000

L.121 Money Market Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

600.1

741.3

886.7

1042.5

1329.7

1411.7

1393.5

1444.9

1578.8

1666.0

1627.1

1

15.7
-2.5
31.4
68.8

19.7
-3.5
52.3
87.8

23.1
-1.1
82.7
103.8

23.2
1.5
111.3
126.6

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

56.4
-3.0
157.7
158.3

73.5
-3.6
125.1
169.4

2
3
4
5

459.0

545.5

634.3

721.9

965.9

1036.2

1001.8

1049.7

1147.8

1217.1

1159.4

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

187.2
143.3
66.1
77.2

235.5
160.8
70.0
90.8

273.9
192.0
90.2
101.8

336.0
182.5
86.2
96.3

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

576.0
271.7
98.9
172.7

566.4
236.8
78.8
158.1

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

113.4
15.2

127.7
21.5

144.5
23.9

167.0
36.4

193.0
81.2

204.1
87.9

196.1
95.9

198.0
112.4

210.4
123.7

225.8
143.6

221.5
134.6

11
12

27.8

39.4

43.8

58.1

67.7

65.2

71.2

72.4

90.4

79.6

103.4

13

600.1

741.3

886.7

1042.5

1329.7

1411.7

1393.5

1444.9

1578.8

1666.0

1627.1

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

1477.3

1852.8

2342.4

2989.4

3610.5

3758.1

4049.1

3931.5

4553.4

4864.5

4740.7

1

43.1

50.2

47.5

57.8

68.2

69.7

71.9

71.7

76.7

78.3

98.0

2

718.8

771.3

820.2

901.1

1025.9

1050.8

1083.7

1083.0

1073.1

1053.0

1070.9

3

4
5
6
7

Open market paper
U.S. government securities
Treasury
Agency

43.1
296.2
194.1
102.1

50.2
315.1
205.3
109.9

47.2
330.2
214.2
116.1

57.8
349.7
225.2
124.5

68.2
375.8
230.4
145.5

69.7
384.5
234.8
149.7

71.9
399.9
242.3
157.6

71.7
395.9
240.4
155.5

76.7
388.3
236.8
151.5

78.3
378.5
232.3
146.2

98.0
378.7
232.4
146.4

4
5
6
7

8
9

Municipal securities
Corporate and foreign bonds

207.0
172.4

210.2
195.7

213.3
229.5

219.8
273.8

242.6
339.3

247.3
349.3

250.0
362.0

247.5
368.0

239.4
368.6

232.3
363.9

228.2
366.1

8
9

709.6
5.9

1024.9
6.3

1470.0
4.7

2018.7
11.8

2508.5
7.9

2623.9
13.7

2888.2
5.3

2772.1
4.7

3400.0
3.6

3730.7
2.5

3568.9
2.8

10
11

1477.3

1852.8

2342.4

2989.4

3610.5

3758.1

4049.1

3931.5

4553.4

4864.5

4740.7

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

117.8

134.4

144.7

149.4

143.0

153.2

158.7

156.8

167.5

171.5

170.1

1

86.0

96.4

101.1

98.3

102.8

103.6

104.3

105.1

105.9

106.7

107.4

2

12.8
53.4
19.8

11.2
59.6
25.6

11.4
61.7
28.1

10.1
60.8
27.3

9.2
61.7
31.9

8.9
63.1
31.6

8.6
64.5
31.2

8.3
66.0
30.9

8.0
67.4
30.5

7.7
68.8
30.2

7.4
70.2
29.8

3
4
5

31.9

38.0

43.6

51.1

40.2

49.6

54.4

51.7

61.6

64.8

62.6

6

117.8

134.4

144.7

149.4

143.0

153.2

158.7

156.8

167.5

171.5

170.1

7

Memo:
7

Market value of equities

78

Z.1, September 15, 2000

L.124 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total financial assets

2
3

Checkable deposits and currency
Federal funds and security RPs

4

Credit market instruments

5
6
7
8

Open market paper
U.S. government securities
Treasury
Agency

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

781.8

896.9

988.6

1099.4

1403.8

1446.4

1519.9

1619.6

1720.6

1752.3

1807.3

1

1.3
85.8

1.5
106.3

0.7
94.5

1.9
90.4

4.4
77.0

2.8
70.4

2.2
68.3

2.7
69.7

11.8
89.7

0.7
90.6

1.2
80.9

2
3

663.3

750.0

807.9

902.2

1163.9

1203.1

1268.4

1340.2

1399.5

1426.4

1481.7

4

26.3
180.3
51.9
128.4

25.5
243.8
58.0
185.8

35.1
264.2
18.8
245.4

34.0
333.3
25.9
307.4

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

33.8
615.6
30.9
584.7

38.1
631.2
25.2
606.1

32.1
640.3
21.8
618.5

5
6
7
8

3.4
19.5

4.4
25.0

4.1
30.6

3.3
30.9

4.6
31.4

3.1
32.5

3.8
28.7

3.7
27.0

4.9
34.6

3.2
34.9

2.9
43.6

9
10

9
10

Municipal securities
Corporate and foreign bonds

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

189.1
37.0
26.3
125.9

200.3
37.9
30.2
132.3

229.1
36.2
31.6
161.4

260.3
30.9
31.6
197.8

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

466.2
34.6
35.8
395.7

472.9
32.4
36.2
404.3

505.2
31.8
36.8
436.6

11
12
13
14

15
16
17
18

Mortgages
Home
Multifamily residential
Farm

244.6
199.3
18.4
26.9

251.0
205.2
19.0
26.8

244.9
198.5
18.6
27.9

240.5
194.3
17.3
28.9

248.7
199.6
18.1
31.0

244.8
194.3
19.4
31.2

244.9
191.8
21.4
31.7

245.9
190.4
23.3
32.2

244.4
189.3
22.9
32.2

246.1
189.8
24.2
32.1

257.6
199.4
25.4
32.8

15
16
17
18

31.5

39.2

85.5

104.9

158.5

170.1

181.1

207.0

219.6

234.6

243.5

19

761.7

873.4

964.1

1070.3

1368.9

1410.7

1483.5

1581.7

1681.1

1711.8

1765.2

20

700.6
700.6
0.0

806.5
806.5
0.0

896.9
896.9
0.0

995.3
995.3
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

1618.0
1618.0
0.0

1676.7
1676.7
0.0

21
22
23

61.1

66.9

67.2

75.1

95.3

88.9

85.5

81.9

89.3

93.8

88.5

24

19
20

Miscellaneous assets
Total liabilities

21
22
23

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

24

Miscellaneous liabilities

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

L.125 Federally Related Mortgage Pools (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

1472.1

1570.3

1711.4

1825.8

2018.4

2112.3

2182.7

2246.1

2292.3

2322.3

2355.4

1

2
3
4

Total financial assets
Home mortgages
Multifamily residential mortgages
Farm mortgages

1449.7
22.4
0.0

1543.4
26.9
0.0

1678.9
32.5
0.0

1788.1
37.8
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

2263.2
59.1
0.0

2294.3
61.0
0.0

2
3
4

5

Total pool securities (liabilities)(2)

1472.1

1570.3

1711.4

1825.8

2018.4

2112.3

2182.7

2246.1

2292.3

2322.3

2355.4

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, September 15, 2000

L.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Total financial assets

567.9

709.1

854.6

1065.8

1385.4

1451.0

1528.6

1588.6

1622.3

1657.0

1708.1

1

2

Agency securities (1)

109.8

132.8

137.4

141.1

180.8

197.0

214.2

224.1

223.2

226.6

229.1

2

3
4
5

Other loans and advances
Student loans
Loans to business

23.7
0.0
23.7

30.6
1.0
29.6

44.0
6.3
37.7

76.2
14.1
62.1

103.8
17.9
85.9

108.3
17.3
91.0

114.4
17.6
96.8

116.6
17.9
98.7

123.7
19.4
104.3

134.3
22.8
111.5

143.7
24.5
119.2

3
4
5

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

253.2
206.0
9.9
37.4

278.3
224.3
12.0
42.0

326.7
256.2
16.1
54.4

407.3
310.7
21.2
75.5

562.4
405.2
33.5
123.7

593.9
423.3
36.8
133.8

618.4
440.6
38.6
139.3

636.1
447.8
40.1
148.2

653.3
455.0
41.7
156.6

668.9
463.5
43.1
162.3

685.6
471.9
44.2
169.5

6
7
8
9

Consumer credit
Trade receivables

146.1
35.2

211.6
55.7

265.8
80.7

313.1
128.1

372.4
165.9

380.9
170.9

405.6
175.8

433.0
178.8

435.1
187.0

434.0
193.1

447.0
202.7

10
11

570.1

712.5

863.3

1076.6

1398.0

1463.1

1539.9

1599.1

1632.0

1665.8

1716.0

12

63.9
506.1

101.2
611.3

146.7
716.6

256.1
820.5

381.8
1016.2

401.6
1061.5

426.9
1113.0

466.0
1133.1

520.8
1111.2

546.6
1119.2

570.3
1145.7

13
14

2.2
9.0

3.5
7.6

8.7
7.4

10.8
11.1

12.7
13.9

12.0
13.5

11.3
13.0

10.6
12.8

9.7
12.9

8.8
13.0

7.9
12.3

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

599.7

672.3

714.6

757.4

827.6

871.1

898.0

906.0

973.5

1007.7

1043.2

1

14.9

16.6

18.5

20.6

22.8

23.4

24.0

24.6

25.3

25.9

26.6

2

2

Checkable deposits and currency

3
4
5
6

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

476.2
274.9
66.9
134.4

526.2
301.6
72.4
152.1

544.5
309.5
82.7
152.4

566.4
318.5
87.9
160.0

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

713.3
405.2
126.5
181.6

747.0
434.6
128.8
183.7

782.2
455.1
136.9
190.3

3
4
5
6

7

Miscellaneous assets

108.5

129.6

151.5

170.4

186.5

207.8

213.1

203.2

234.9

234.7

234.4

7

618.5

691.2

741.0

777.6

839.2

871.6

901.9

898.6

975.1

1029.7

1066.6

8

433.7
171.6
247.4
14.8

483.9
168.6
300.0
15.3

529.8
177.6
332.5
19.7

554.5
201.5
328.8
24.1

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

659.9
227.9
397.0
35.1

670.7
230.2
412.0
28.5

712.7
234.2
445.1
33.3

9
10
11
12

4.1

4.9

5.6

6.4

7.3

7.5

7.7

7.9

8.2

8.4

8.6

13

180.6
20.0
41.8
118.8

202.4
24.8
51.1
126.5

205.6
29.7
60.3
115.6

216.7
35.7
64.7
116.3

234.4
35.3
61.8
137.4

249.7
34.2
64.6
150.9

255.0
38.7
65.4
150.9

262.1
40.4
84.5
137.2

307.1
40.3
123.8
142.9

350.6
41.7
145.1
163.7

345.4
43.2
136.8
165.3

14
15
16
17

67.5

80.8

92.5

96.8

93.3

93.9

95.6

98.1

98.3

101.7

103.9

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, September 15, 2000

L.128 Mortgage Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
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

2000
Q3

Q4

Q1

Q2

36.5

33.0

41.2

32.1

35.3

33.0

35.6

32.5

35.6

34.1

35.5

1

28.3
3.1
5.1

23.8
4.2
5.1

32.0
4.1
5.1

21.8
5.2
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

23.7
5.3
5.1

25.1
5.3
5.1

2
3
4

36.5

33.0

41.2

32.1

35.3

33.0

35.6

32.5

35.6

34.1

35.5

5

18.7
17.7

16.5
16.5

20.6
20.6

16.0
16.0

17.7
17.7

16.5
16.5

17.8
17.8

16.3
16.3

17.8
17.8

17.1
17.1

17.8
17.8

6
7

70.7

71.2

69.4

69.0

68.4

64.9

63.2

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

11

Total liabilities

12

Security RPs

13
14
15
16
17

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

18

19
20
21
22
23

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

31.0

33.3

38.2

64.3

0.0

0.0

2.2

3.3

4.1

3.8

3.7

4.4

4.4

4.5

4.2

2

24.6

26.0

30.4

50.6

45.5

45.9

45.3

44.7

42.9

38.8

38.2

3

9.2
2.1

9.0
2.9

12.2
4.3

21.2
6.5

13.1
6.1

14.9
5.6

14.9
5.5

14.6
5.2

14.2
5.7

14.1
5.6

13.1
6.4

4
5

13.3
5.1
2.1
6.1

14.1
6.9
1.6
5.6

13.8
8.0
1.2
4.6

22.9
14.0
2.1
6.9

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

23.0
12.4
1.6
9.0

19.2
8.8
1.4
9.0

18.6
8.3
1.6
8.7

6
7
8
9

6.4

7.3

5.6

10.5

21.2

21.5

20.4

20.0

21.1

21.5

20.8

10

55.1

62.2

79.4

139.0

205.6

214.8

208.7

213.3

216.8

216.8

219.0

11

9.7

10.9

13.7

24.9

15.1

16.1

16.3

15.8

15.7

13.0

11.2

12

40.0
0.0
15.3
6.0
18.7

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

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

165.1
0.1
62.2
26.0
76.7

167.9
0.1
63.9
25.5
78.5

170.4
1.0
67.2
21.2
81.0

13
14
15
16
17

5.3

6.7

9.2

18.0

31.6

33.4

32.1

35.3

36.0

35.9

37.4

18

9.0
6.4
2.5
0.0
0.0

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

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

12.9
3.7
7.6
0.9
0.7

13.0
3.8
7.9
0.8
0.6

12.3
3.7
7.3
0.7
0.6

19
20
21
22
23

81

Z.1, September 15, 2000

L.130 Security Brokers and Dealers
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

454.7

568.1

636.4

779.2

921.2

893.9

919.7

921.4

999.5

1148.1

1126.7

1

2

Checkable deposits and currency

12.0

13.7

15.7

21.7

25.4

24.5

27.7

26.8

28.4

27.2

26.7

2

3

Credit market instruments

93.3

183.4

167.7

182.6

189.4

211.4

162.9

167.0

158.6

201.1

188.2

3

11.2
2.3
-42.7
45.0
15.5
64.4

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

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
22.4
-43.5
65.9
12.0
96.5

32.1
45.8
-4.5
50.3
10.9
112.3

38.2
31.1
-24.0
55.1
9.9
109.1

4
5
6
7
8
9

20.1
75.1
254.2

34.2
78.6
258.2

37.9
94.4
320.7

51.9
131.2
391.8

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
523.7

74.7
287.4
557.7

73.6
266.4
571.7

10
11
12

420.9

535.5

597.5

729.2

866.1

836.2

855.7

856.3

930.1

1071.1

1052.0

13

4
5
6
7
8
9
10
11
12
13

Total financial assets

1995

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

14
15

Security RPs (net)
Corporate bonds

103.4
34.3

182.4
29.3

180.9
27.3

203.5
35.3

208.1
42.5

232.7
34.8

215.2
30.4

209.4
34.6

247.2
25.3

291.7
36.4

272.8
36.2

14
15

16
17
18
19
20

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

9.1
203.9
109.0
94.9
1.2

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

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

33.8
516.3
373.0
143.4
2.5

39.2
504.4
353.9
150.6
1.7

16
17
18
19
20

21
22
23
24

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

69.0
5.8
110.3
-47.2

85.4
11.1
132.9
-58.6

110.1
8.8
175.7
-74.4

131.1
8.5
241.7
-119.1

175.7
10.0
326.0
-160.3

156.0
10.2
382.1
-236.3

172.1
10.2
407.4
-245.5

173.4
10.3
393.8
-230.7

181.2
10.2
376.9
-205.9

190.4
11.6
377.0
-198.2

197.7
12.4
391.9
-206.7

21
22
23
24

L.131 Funding Corporations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

380.2

394.1

500.2

606.6

717.5

772.4

818.5

836.8

957.7

980.8

1025.0

1

2

Money market fund shares

117.8

120.2

147.5

157.9

215.8

224.6

231.8

236.6

264.7

267.3

264.5

2

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

121.4
107.4
14.0

108.4
84.6
23.8

122.0
85.5
36.5

164.7
131.6
33.1

165.2
127.6
37.6

174.1
144.3
29.8

201.4
164.2
37.2

200.1
170.2
29.8

288.4
254.7
33.8

289.6
265.8
23.8

328.5
299.9
28.6

3
4
5

6
7
8

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

141.0
44.1
96.9

165.5
50.7
114.8

230.7
64.5
166.3

284.0
78.8
205.2

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

423.9
114.6
309.3

432.0
114.5
317.5

6
7
8

380.2

394.1

500.2

606.6

717.5

772.4

818.5

836.8

957.7

980.8

1025.0

9

10
11
12

9

Total liabilities
Credit market instruments
Open market paper
Corporate bonds

211.0
151.1
60.0

248.6
164.2
84.4

312.7
199.1
113.6

373.7
229.6
144.2

414.4
236.3
178.2

459.1
244.9
214.2

449.5
224.4
225.1

462.0
238.1
223.9

506.6
271.1
235.5

510.1
279.0
231.1

505.1
268.0
237.1

10
11
12

13
14
15
16

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

169.1
-70.1
221.7
17.5

145.5
-83.1
216.2
12.4

187.5
-82.0
276.1
-6.6

232.9
-89.7
333.3
-10.6

303.0
-77.9
403.3
-22.3

313.3
-85.4
359.9
38.8

369.0
-64.2
386.9
46.3

374.9
-61.8
400.1
36.5

451.0
-102.1
422.6
130.5

470.7
-86.3
450.3
106.7

520.0
-73.1
467.1
125.9

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, September 15, 2000

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
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

2000
Q3

Q4

Q1

Q2

74.3

85.8

75.1

70.0

81.8

74.4

71.7

73.4

71.6

70.8

68.0

1

21.1

22.1

21.4

21.1

21.6

20.7

20.8

21.3

21.4

21.4

21.5

2

10.0
11.1

11.0
11.1

10.3
11.0

10.0
11.0

10.6
11.0

9.7
11.0

9.7
11.0

10.3
11.0

10.4
11.0

10.3
11.0

10.4
11.0

3
4

53.2

63.7

53.7

48.9

60.1

53.6

50.9

52.1

50.1

49.4

46.5

5

Official foreign currency holdings
Treasury
Monetary authority

41.2
19.2
22.0

49.1
28.0
21.1

38.3
19.0
19.3

30.8
13.8
17.0

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

31.5
15.7
15.8

31.0
15.5
15.6

6
7
8

Net IMF position
Federal government
Monetary authority

12.0
12.1
-0.1

14.6
14.7
-0.1

15.4
15.5
-0.1

18.1
18.2
-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

17.9
18.0
-0.1

15.4
15.5
-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

8.0
8.0

10.2
10.2

9.7
9.7

9.2
9.2

9.2
9.2

8.2
8.2

8.2
8.2

7.2
7.2

6.2
6.2

6.2
6.2

4.2
4.2

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

17.6
23.0

18.2
24.0

18.3
25.0

18.3
25.6

18.3
26.3

18.3
26.6

18.8
27.0

19.3
27.5

18.3
28.0

18.8
29.0

18.1
30.0

3
4

5

Discrepancy (seigniorage)

-5.4

-5.8

-6.7

-7.3

-8.0

-8.4

-8.2

-8.2

-9.7

-10.2

-11.9

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

373.9

418.8

521.7

619.7

639.0

667.4

694.9

712.3

725.8

790.4

790.2

1

18.8
14.0
15.7

23.4
15.6
19.7

35.5
26.1
23.1

37.2
21.0
23.2

38.3
21.8
30.6

40.0
25.8
41.0

41.7
23.3
45.4

42.7
24.3
54.1

43.5
24.5
42.9

47.7
26.7
56.4

47.7
26.1
73.5

2
3
4

325.4

360.2

437.0

538.3

548.2

560.5

584.5

591.1

614.9

659.7

642.9

5

83

Z.1, September 15, 2000

L.203 Net Interbank Transactions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

280.1

290.7

240.8

219.4

189.0

182.0

207.1

198.9

203.2

165.6

219.5

1

68.9
30.8
38.1

70.2
29.6
40.6

69.7
24.5
45.2

75.8
30.8
45.0

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

53.4
18.2
35.2

55.5
18.5
37.0

2
3
4

211.2
-0.5

220.5
0.2

171.1
4.4

143.5
2.8

120.6
1.7

120.9
-0.6

144.4
0.5

136.2
0.5

112.6
-0.0

112.2
0.0

164.0
0.5

5
6

218.2

229.3

177.3

173.0

145.9

132.8

154.5

148.8

138.1

126.1

175.0

7

8
9
10
11

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

229.0
82.3
143.4
61.1

239.7
79.6
128.7
49.1

192.9
48.5
126.8
78.4

188.8
62.0
173.1
111.1

156.7
85.1
196.7
111.6

142.9
87.8
192.8
105.0

164.9
113.6
210.8
97.3

159.3
108.4
211.4
102.9

147.6
128.8
238.9
110.1

135.5
139.8
242.8
103.1

184.9
192.6
297.8
105.2

8
9
10
11

12
13
14

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

161.3
84.3
-77.0

178.6
99.9
-78.7

167.1
110.4
-56.6

148.6
99.7
-48.8

92.9
133.0
40.1

73.2
128.7
55.6

62.6
143.6
81.0

63.3
132.6
69.3

44.3
141.4
97.1

13.8
152.8
139.0

8.4
127.8
119.4

12
13
14

15
16
17

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

-14.6
4.1
18.7

-18.5
3.0
21.4

-22.6
2.7
25.3

-21.9
3.0
24.9

-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

-18.2
7.8
25.9

-16.0
9.0
25.0

15
16
17

10.8
8.0
2.9

10.4
5.4
5.0

15.6
10.6
5.0

15.8
11.7
4.1

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

9.4
9.3
0.1

9.9
9.5
0.4

18
19
20

-6.5

-9.0

-10.6

-32.2

-27.0

-11.3

-10.6

-13.2

-25.5

-13.9

-11.5

21

-13.3
50.7
56.3
0.9
-6.5

-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

-51.0
29.8
55.9
0.9
-27.0

-46.4
43.6
54.1
0.8
-11.3

-45.7
45.7
53.6
2.7
-10.6

-56.1
42.4
55.0
0.5
-13.2

-65.1
47.4
72.2
0.6
-25.5

-57.3
49.1
62.5
0.5
-13.9

-57.0
54.1
64.9
0.7
-11.5

22
23
24
25
26

60.2
3.8

58.9
4.4

64.9
15.2

57.6
14.6

55.9
24.8

63.9
26.0

62.3
29.1

69.9
28.6

79.7
32.8

70.7
35.7

75.1
35.9

27
28

3.9
60.2
56.3

7.5
58.9
51.5

16.5
64.9
48.4

3.8
57.6
53.8

0.1
55.9
55.9

9.8
63.9
54.1

8.7
62.3
53.6

14.9
69.9
55.0

7.4
79.7
72.2

8.1
70.7
62.5

10.2
75.1
64.9

29
30
31

2.9
3.8
0.9

3.5
4.4
0.8

14.7
15.2
0.5

14.3
14.6
0.3

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

35.2
35.7
0.5

35.2
35.9
0.7

32
33
34

286.6

299.7

251.4

251.6

215.9

193.3

217.7

212.1

228.7

179.5

231.0

35

218.2

229.3

177.3

173.0

145.9

132.8

154.5

148.8

138.1

126.1

175.0

36

68.4

70.4

74.1

78.6

70.0

60.5

63.2

63.2

90.6

53.4

56.0

37

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

-0.5
-0.7
0.2

0.2
0.1
0.1

4.4
4.3
0.1

2.8
0.7
2.0

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

0.0
-0.2
0.2

0.5
-0.0
0.5

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

66.1
28.0
38.1

67.5
26.9
40.6

67.5
22.3
45.2

74.1
29.1
45.0

66.5
24.4
42.1

59.3
20.8
38.5

60.9
20.4
40.6

60.9
19.9
41.0

88.5
22.0
66.5

51.8
16.6
35.2

53.9
16.9
37.0

41
42
43

44
45

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

2.8

2.7

2.3

1.8

1.9

1.7

1.8

1.7

2.0

1.6

1.6

44

-6.5

-9.0

-10.6

-32.2

-27.0

-11.3

-10.6

-13.2

-25.5

-13.9

-11.5

45

84

Z.1, September 15, 2000

L.204 Checkable Deposits and Currency
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1242.0

1229.1

1244.8

1286.1

1333.4

1310.5

1353.1

1353.8

1484.8

1392.9

1410.7

1

2
3
4
5

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

373.5
7.5
0.3
365.7

390.3
6.2
0.4
383.7

413.6
8.0
0.2
405.5

443.5
5.7
0.5
437.4

481.8
6.2
0.2
475.4

485.0
5.5
0.2
479.2

498.7
6.8
0.5
491.5

510.1
6.7
0.3
503.1

590.4
28.5
0.1
561.8

532.7
4.5
0.2
528.0

540.6
6.3
0.1
534.1

2
3
4
5

6
7
8
9

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

756.7
23.8
23.2
709.8

710.8
19.0
24.1
667.7

676.3
28.7
26.9
620.7

656.4
27.8
31.7
597.0

623.0
13.2
30.2
579.7

589.6
16.4
31.5
541.7

607.5
42.0
36.7
528.7

588.0
46.0
45.1
496.8

626.2
49.6
43.6
533.0

574.9
37.5
30.0
507.4

575.0
48.7
31.4
494.9

6
7
8
9

83.0
28.8

97.1
30.9

122.4
32.5

149.5
36.6

185.6
43.0

193.0
42.9

203.9
43.1

212.8
42.9

222.7
45.4

234.0
51.3

244.7
50.4

10
11

10
11
12

Total liabilities

1995

Savings institutions
Credit unions

1242.0

1229.1

1244.8

1286.1

1333.4

1310.5

1353.1

1353.8

1484.8

1392.9

1410.7

12

13

Total assets
Household sector

562.8

504.0

443.9

396.7

443.0

440.0

407.7

389.3

411.2

407.0

368.2

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

330.1
221.6
92.3
16.2

366.2
252.9
96.6
16.7

411.5
289.8
105.1
16.7

454.2
320.5
116.8
16.9

448.1
302.5
126.8
18.8

443.5
296.2
128.7
18.6

468.7
319.3
131.0
18.4

475.5
323.9
133.4
18.2

496.9
343.1
135.8
18.0

491.0
335.4
137.8
17.8

526.6
368.9
140.1
17.6

14
15
16
17

18
19

State and local governments
Federal government

30.0
27.8

33.3
22.2

27.8
38.3

32.2
41.6

28.3
23.2

27.4
29.1

27.1
61.2

27.2
62.9

32.1
87.9

27.2
48.5

29.5
60.2

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

180.4
23.5
156.9

193.8
24.5
169.2

213.7
27.1
186.6

243.6
32.2
211.4

258.4
30.4
228.0

262.2
31.7
230.4

270.7
37.2
233.5

283.6
45.4
238.2

298.3
43.8
254.6

277.9
30.1
247.7

280.3
31.5
248.7

20
21
22

23

Financial sectors

69.4

72.4

81.1

99.7

113.2

96.6

108.1

111.0

145.8

129.1

128.7

23

1.4
13.9
6.5
0.5

1.6
15.5
7.4
0.5

1.4
14.2
7.5
0.8

1.4
15.2
8.1
0.8

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
16.7
15.6
0.4

2.2
20.1
26.4
0.5

1.9
16.3
26.6
0.5

2.1
17.5
24.5
0.7

24
25
26
27

5.6
5.0
4.0
6.7

5.2
4.9
4.8
4.2

4.3
3.9
5.6
7.5

8.1
4.2
7.6
5.3

5.4
4.4
7.9
10.0

2.7
3.6
8.2
7.6

4.0
3.8
8.2
9.5

3.9
3.5
8.7
9.4

5.5
4.5
9.9
9.2

4.0
3.3
10.0
11.1

5.8
3.0
10.2
10.0

28
29
30
31

-2.5
1.3
14.9
0.0
12.0

-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

-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
11.8
25.3
4.4
28.4

-3.0
0.7
25.9
4.5
27.2

-3.6
1.2
26.6
4.2
26.7

32
33
34
35
36

41.4

37.2

28.5

18.1

19.3

11.7

9.7

4.3

12.5

12.3

17.3

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, September 15, 2000

L.205 Time and Savings Deposits
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1
2

Total liabilities
Small time and savings deposits

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

2594.4

2756.6

2967.9

3187.5

3432.0

3441.9

3453.5

3503.4

3607.3

3695.7

3727.9

1

2183.2

2279.7

2377.0

2474.1

2626.5

2637.6

2644.6

2665.9

2671.2

2729.2

2740.5

2

1376.2
1357.9
9.3
9.0

1490.1
1471.3
8.5
10.2

1613.2
1594.2
8.7
10.4

1761.5
1738.0
13.1
10.4

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

2016.5
1996.8
7.5
12.2

2077.5
2058.0
7.2
12.3

2099.3
2078.8
7.7
12.9

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

579.7
227.3

550.7
238.9

512.5
251.2

448.2
264.4

393.8
287.5

381.9
297.2

368.9
302.7

359.4
301.9

354.9
299.8

342.2
309.5

331.0
310.2

7
8

9

Large time deposits (1)

411.2

476.9

590.9

713.4

805.5

804.3

809.0

837.5

936.1

966.5

987.4

9

333.0
214.0
110.0
9.0

387.8
256.5
121.0
10.2

493.1
306.1
176.6
10.4

601.0
369.3
221.3
10.4

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

792.3
465.6
314.5
12.2

816.4
480.4
323.7
12.3

833.6
511.4
309.3
12.9

10
11
12
13

71.0
7.3

80.1
9.0

86.4
11.4

98.1
14.4

113.7
18.5

113.7
19.5

116.1
20.6

117.0
21.6

122.2
21.6

129.1
21.1

131.3
22.5

14
15

2594.4

2756.6

2967.9

3187.5

3432.0

3441.9

3453.5

3503.4

3607.3

3695.7

3727.9

16

2186.3

2336.9

2481.1

2631.1

2815.8

2812.9

2826.6

2868.6

2930.5

3025.6

3081.4

17

130.9
67.5
63.4

115.0
42.9
72.1

126.4
43.6
82.8

139.9
36.3
103.6

150.9
31.3
119.6

150.0
28.2
121.8

155.4
30.5
124.9

160.1
31.9
128.2

164.6
33.0
131.7

161.9
29.0
132.9

168.6
33.1
135.4

18
19
20

55.3
0.7
56.3

62.0
0.9
49.6

72.6
2.4
60.6

78.4
3.4
73.6

91.1
4.7
86.6

92.6
3.9
85.2

90.3
4.1
82.6

94.1
4.6
88.6

102.1
5.4
101.6

98.9
5.5
99.2

101.4
5.7
99.6

21
22
23

165.0

192.2

224.9

261.1

282.8

297.3

294.6

287.3

303.1

304.5

271.2

24

1.3
16.7
11.0

1.1
17.1
10.5

1.4
16.4
9.0

1.0
17.0
10.0

1.5
23.4
7.8

1.4
25.8
8.0

1.3
26.2
8.2

1.3
19.3
8.4

1.3
16.6
8.9

1.9
19.3
9.3

1.3
17.7
10.0

25
26
27

102.1
2.5
31.4

106.6
4.5
52.3

113.1
2.3
82.7

119.4
2.4
111.3

121.1
2.0
127.0

120.2
2.2
139.8

119.7
1.7
137.5

118.4
2.1
137.7

114.2
1.7
160.4

113.9
2.4
157.7

115.1
2.0
125.1

28
29
30

10
11
12
13

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

14
15

Savings institutions
Credit unions

16

Total assets

17

Household sector

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

21
22
23

State and local governments
Federal government
Rest of the world

24

Financial sectors

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

28
29
30

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

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

L.206 Money Market Mutual Fund Shares
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

600.1

741.3

886.7

1042.5

1329.7

1411.7

1393.5

1444.9

1578.8

1666.0

1627.1

1

2
3
4

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

348.5
52.2
4.0

445.2
77.0
4.9

495.2
86.9
5.5

571.2
110.7
6.1

726.1
155.8
6.6

785.0
161.9
6.7

754.3
162.1
6.8

779.0
169.0
6.9

846.2
191.7
7.0

925.9
193.6
7.1

891.7
191.5
7.2

2
3
4

5
6
7
8

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

29.9
16.2
31.6
117.8

33.6
22.8
37.5
120.2

41.4
61.9
48.4
147.5

37.4
92.8
66.4
157.9

46.2
110.4
68.9
215.8

46.0
115.9
71.6
224.6

46.5
120.1
71.9
231.8

47.5
130.4
75.5
236.6

48.6
133.8
86.9
264.7

49.6
135.1
87.4
267.3

50.9
133.7
87.5
264.5

5
6
7
8

86

Z.1, September 15, 2000

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

549.5

660.0

701.5

822.4

913.7

980.3

970.8

999.3

1085.4

1155.8

1186.2

1

2
3
4
5

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

391.8
351.4
41.4
-0.9

422.2
379.6
43.2
-0.5

463.2
408.2
55.1
-0.2

552.2
471.7
80.7
-0.2

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

749.8
667.3
82.1
0.5

777.6
693.7
83.2
0.7

827.1
721.0
104.9
1.2

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

44.5
9.7
103.4

44.5
10.9
182.4

43.7
13.7
180.9

41.8
24.9
203.5

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
15.7
247.2

73.5
13.0
291.7

75.0
11.2
272.8

6
7
8

467.8

552.7

590.0

646.6

676.5

683.6

662.6

671.6

816.2

742.4

777.3

9

9

Total liabilities

1995

Total assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

2.2
118.6
46.6

2.4
115.7
67.6

3.9
147.8
70.9

4.6
151.4
90.8

3.3
158.5
72.0

3.7
166.5
86.3

2.6
163.8
83.3

4.5
166.6
81.9

4.2
163.5
86.8

4.8
176.4
82.6

5.4
179.0
95.0

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

300.4
10.6
6.5
6.2

366.9
13.9
11.2
6.4

367.4
21.6
10.0
1.4

399.9
23.8
9.2
3.5

442.7
30.4
14.8
6.8

427.1
18.3
15.9
7.3

413.0
14.3
12.5
7.1

418.6
22.1
12.3
4.6

561.6
140.6
10.6
9.3

478.6
23.7
11.5
9.6

498.0
26.9
12.0
2.8

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

29.4
22.2
27.8
68.8
43.1
85.8

37.5
22.1
31.5
87.8
50.2
106.3

35.4
25.0
28.2
103.8
47.5
94.5

35.2
24.8
28.6
126.6
57.8
90.4

42.8
25.7
37.5
139.5
68.2
77.0

43.3
25.6
41.0
135.5
69.7
70.4

32.9
25.9
40.9
139.3
71.9
68.3

34.7
26.0
39.3
138.3
71.7
69.7

28.6
26.1
40.4
139.6
76.7
89.7

35.0
26.2
45.4
158.3
78.3
90.6

35.6
26.3
46.0
169.4
98.0
80.9

17
18
19
20
21
22

81.7

107.4

111.5

175.8

237.2

296.7

308.2

327.7

269.3

413.4

408.8

23

23

Discrepancy--unallocated assets

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

623.5

700.4

803.0

979.4

1172.6

1227.6

1243.3

1284.5

1402.4

1478.1

1533.3

1

600.1

677.7

779.4

958.5

1161.0

1217.2

1233.8

1276.2

1393.8

1469.1

1524.0

2

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

139.2
42.7
15.2
27.5

157.4
56.2
20.6
35.6

156.4
67.5
18.7
48.8

168.6
65.1
20.0
45.0

193.0
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

260.8
101.6
33.8
67.8

296.8
101.2
35.4
65.9

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

418.2
31.6
63.9
171.6
0.0
151.1

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

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
227.9
0.1
271.1

1106.7
50.8
546.6
230.2
0.1
279.0

1125.9
52.4
570.3
234.2
1.0
268.0

7
8
9
10
11
12

13

Bankers acceptances (1)

23.4

22.6

23.6

20.9

11.5

10.4

9.5

8.3

8.6

9.0

9.3

13

623.5

700.4

803.0

979.4

1172.6

1227.6

1243.3

1284.5

1402.4

1478.1

1533.3

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

46.7
18.8
22.3
24.9

48.0
20.1
39.4
43.4

55.4
31.5
59.7
57.9

61.0
36.1
74.0
77.8

65.2
30.9
102.0
115.3

66.4
31.1
106.0
110.8

67.7
39.6
107.2
102.5

69.1
43.6
106.5
108.1

70.5
43.5
103.9
102.3

72.1
40.1
105.6
99.9

73.7
43.8
110.0
98.2

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
5.8
0.1
2.1
23.0

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
0.4
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
1.4
0.0
1.9
16.1

0.0
1.4
0.0
0.8
15.9

0.0
1.4
0.0
0.3
15.7

19
20
21
22
23

24
25
26

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

52.8
23.9
27.8

45.5
24.4
31.5

48.4
28.3
28.2

65.9
28.4
28.6

73.4
31.2
37.5

70.7
31.7
41.0

68.6
32.7
40.9

71.7
33.0
39.3

75.8
35.0
40.4

73.5
33.1
45.4

76.5
33.2
46.0

24
25
26

27
28
29
30
31

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

187.2
43.1
26.3
11.2
107.4

235.5
50.2
25.5
22.1
84.6

273.9
47.2
35.1
23.7
85.5

336.0
57.8
34.0
24.3
131.6

414.2
68.2
60.9
28.0
127.6

474.2
69.7
35.2
28.8
144.3

468.9
71.9
32.4
28.8
164.2

490.0
71.7
33.9
29.3
170.2

519.0
76.7
33.8
27.7
254.7

576.0
78.3
38.1
32.1
265.8

566.4
98.0
32.1
38.2
299.9

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

87

Z.1, September 15, 2000

L.209 Treasury Securities
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

3465.6

3608.5

3755.1

3778.3

3723.7

3731.6

3623.4

3604.5

3652.8

3625.8

3435.7

1

179.9
3285.6

185.0
3423.5

187.0
3568.1

186.5
3591.8

186.6
3537.1

186.5
3545.0

186.5
3436.9

186.2
3418.2

186.4
3466.3

185.3
3440.5

184.6
3251.1

2
3

3465.6

3608.5

3755.1

3778.3

3723.7

3731.6

3623.4

3604.5

3652.8

3625.8

3435.7

4

Household sector
Savings bonds
Other Treasury issues

800.4
179.9
620.5

734.3
185.0
549.4

737.7
187.0
550.7

603.5
186.5
417.0

472.6
186.6
286.0

416.8
186.5
230.2

375.0
186.5
188.5

357.4
186.2
171.2

516.0
186.4
329.6

456.7
185.3
271.4

353.4
184.6
168.8

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

50.8
14.0
370.0

57.1
15.6
289.8

47.1
14.4
257.0

26.8
13.8
239.3

24.6
14.0
269.3

24.2
14.3
272.5

22.7
14.4
279.1

21.8
14.4
271.6

20.2
14.6
266.8

20.5
14.8
257.2

21.0
15.1
256.4

8
9
10

11
12

Rest of the world
Monetary authority

632.6
364.5

841.3
378.2

1093.3
390.9

1252.0
430.7

1318.8
452.1

1312.1
465.7

1299.9
484.9

1322.5
489.0

1238.9
478.0

1245.9
501.7

1221.2
505.0

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

290.4
248.0
32.7
4.6
5.1

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

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

226.7
122.8
92.3
8.8
2.8

215.6
125.3
86.9
0.9
2.5

201.5
116.4
81.7
1.1
2.4

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

27.1
22.1
39.8

18.4
18.3
38.7

17.4
17.4
39.5

14.6
15.6
33.7

10.2
13.1
30.8

10.6
12.1
30.0

10.6
12.5
29.0

10.4
10.8
27.6

10.1
9.6
26.1

9.9
9.6
24.3

9.1
9.1
22.3

18
19
20

21
22
23
24

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

107.1
133.0
139.4
192.1

108.1
133.4
142.0
191.7

93.2
120.9
139.3
203.5

85.5
91.1
142.5
216.9

71.3
73.2
157.8
217.7

70.3
70.0
161.2
218.4

68.0
68.3
165.5
222.5

65.3
65.3
167.4
217.3

62.8
62.5
171.3
213.2

62.3
61.7
174.8
211.1

59.7
61.2
175.5
209.0

21
22
23
24

25
26
27
28
29

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

66.1
194.1
12.8
51.9
-42.7

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

103.6
230.4
9.2
25.2
15.8

108.1
234.8
8.9
29.8
48.2

84.0
242.3
8.6
27.3
-8.7

89.6
240.4
8.3
28.2
-21.6

103.8
236.8
8.0
30.9
-43.5

98.9
232.3
7.7
25.2
-4.5

78.8
232.4
7.4
21.8
-24.0

25
26
27
28
29

3492.3

3636.7

3781.8

3804.9

3752.2

3759.7

3651.7

3632.7

3681.0

3653.5

3464.0

30

2
3
4
5
6
7

Total liabilities

1995

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, September 15, 2000

L.210 Agency Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1
2
3
4
5

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

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

2199.5

2405.0

2634.9

2847.6

3320.5

3462.2

3609.0

3774.1

3912.3

3968.0

4060.2

1

26.7
700.6
1472.1

28.2
806.5
1570.3

26.6
896.9
1711.4

26.5
995.3
1825.8

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

27.8
1618.0
2322.3

28.2
1676.7
2355.4

2
3
4

2199.5

2405.0

2634.9

2847.6

3320.5

3462.2

3609.0

3774.1

3912.3

3968.0

4060.2

5

Household sector
Nonfinancial corporate business
State and local governments

163.3
19.9
186.6

175.9
23.4
151.5

285.6
28.5
116.2

300.8
8.0
115.4

265.7
11.1
179.0

276.8
11.9
202.0

305.1
12.2
211.3

366.1
12.8
202.0

405.3
12.9
207.5

407.1
13.1
213.3

453.5
16.9
220.0

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
125.1
3.6

0.0
154.8
2.6

0.0
196.3
2.2

0.0
246.5
0.7

0.0
303.4
0.3

0.0
327.5
0.3

0.0
350.4
0.3

0.0
373.4
0.2

0.0
396.6
0.2

0.0
431.3
0.2

0.0
460.0
0.1

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

428.7
398.1
23.0
4.8
2.8

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

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

698.3
608.1
71.3
5.4
13.5

715.9
626.9
70.5
4.7
13.7

719.2
630.7
69.4
5.0
14.2

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

159.9
40.9
32.2

164.6
45.7
32.1

156.1
50.7
31.8

155.3
51.0
27.5

143.6
58.4
26.0

147.7
63.2
25.8

147.1
65.8
25.5

146.3
65.4
25.3

147.3
61.3
25.1

142.2
65.4
24.9

140.0
66.7
24.7

17
18
19

20
21
22
23

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

234.1
45.8
211.6
76.1

242.9
48.2
214.4
99.4

244.1
51.0
203.8
104.9

226.7
70.8
209.6
123.3

217.0
73.5
232.9
142.4

221.3
74.4
238.8
149.4

223.5
76.9
250.0
151.2

224.6
78.0
256.2
154.1

224.4
79.3
263.5
160.3

228.1
79.4
270.3
160.8

228.2
78.8
269.8
162.0

20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

77.2
102.1
128.4

90.8
109.9
185.8

101.8
116.1
245.4

96.3
124.5
307.4

173.8
145.5
440.6

161.9
149.7
493.0

156.8
157.6
535.2

159.8
155.5
564.2

190.9
151.5
584.7

172.7
146.2
606.1

158.1
146.4
618.5

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

109.8
9.2
45.0

132.8
9.0
54.0

137.4
12.2
55.2

141.1
21.2
50.4

180.8
13.1
50.9

197.0
14.9
32.9

214.2
14.9
34.7

224.1
14.6
57.3

223.2
14.2
65.9

226.6
14.1
50.3

229.1
13.1
55.1

27
28
29

6
7
8

Total assets

1995

(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, September 15, 2000

L.211 Municipal Securities and Loans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1341.7

1293.5

1296.0

1367.5

1464.3

1491.0

1510.0

1518.6

1532.5

1539.2

1551.6

1

1112.4
31.7
1080.7

1060.4
32.9
1027.5

1053.3
39.1
1014.1

1110.6
47.5
1063.1

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

1247.9
46.4
1201.5

1256.7
45.2
1211.6

2
3
4

97.6
131.7

98.3
134.8

104.9
137.9

114.9
142.0

126.9
147.8

128.9
149.1

131.7
150.3

134.4
152.0

137.3
152.8

138.0
153.3

141.4
153.4

5
6

1341.7

1293.5

1296.0

1367.5

1464.3

1491.0

1510.0

1518.6

1532.5

1539.2

1551.6

7

8
9
10

Household sector
Nonfinancial corporate business
State and local governments

502.2
56.7
8.6

458.6
36.8
5.1

436.5
31.0
4.6

473.4
27.4
3.9

488.8
29.7
2.5

504.4
27.7
2.1

527.9
23.0
1.8

530.0
31.3
1.4

542.2
28.6
1.0

543.4
28.6
0.6

563.4
30.5
1.0

8
9
10

11
12
13

Commercial banking
Savings institutions
Bank personal trusts and estates

97.6
2.0
114.2

93.4
2.0
108.3

94.2
2.1
104.0

96.7
2.1
90.7

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

111.9
3.1
88.4

112.3
3.0
88.3

11
12
13

14
15
16

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

12.8
153.8
1.1

11.9
161.0
1.8

13.4
175.4
0.5

16.7
191.6
1.1

18.4
210.9
2.3

19.0
206.9
2.5

19.5
207.5
2.2

19.9
204.1
3.1

20.1
201.2
3.0

20.4
199.1
2.9

20.4
197.5
2.5

14
15
16

17
18
19
20
21

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

113.4
207.0
53.4
3.4
15.5

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

193.0
242.6
61.7
4.6
13.1

204.1
247.3
63.1
3.1
12.4

196.1
250.0
64.5
3.8
14.3

198.0
247.5
66.0
3.7
12.8

210.4
239.4
67.4
4.9
12.0

225.8
232.3
68.8
3.2
10.9

221.5
228.2
70.2
2.9
9.9

17
18
19
20
21

(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

2504.0

2848.1

3205.1

3594.5

4144.9

4333.0

4479.2

4589.1

4610.8

4708.3

4817.7

1

2
3

Nonfinancial corporate business
Rest of the world (1)

1253.0
242.3

1344.1
299.4

1460.4
366.3

1610.9
427.7

1829.6
462.5

1898.1
466.3

1970.0
466.4

2020.7
477.4

2059.5
476.7

2106.0
488.1

2144.5
480.7

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

1008.8
142.6
3.1

1204.7
161.1
3.1

1378.4
168.9
2.7

1555.9
192.6
2.8

1852.8
220.2
2.6

1968.6
229.0
2.8

2042.8
230.6
2.7

2091.1
241.4
3.0

2074.6
240.6
2.7

2114.2
248.9
2.7

2192.5
258.4
2.7

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

506.1
247.4
15.3
34.3
60.0

611.3
300.0
15.5
29.3
84.4

716.6
332.5
16.8
27.3
113.6

820.5
328.8
31.6
35.3
144.2

1016.2
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

1133.1
396.2
58.9
34.6
223.9

1111.2
397.0
62.2
25.3
235.5

1119.2
412.0
63.9
36.4
231.1

1145.7
445.1
67.2
36.2
237.1

7
8
9
10
11

12

Total liabilities

2504.0

2848.1

3205.1

3594.5

4144.9

4333.0

4479.2

4589.1

4610.8

4708.3

4817.7

12

13
14
15

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

324.1
31.9
311.4

418.0
39.0
369.5

493.6
49.7
453.2

558.7
51.0
537.8

659.8
61.2
660.0

759.9
63.0
694.6

787.2
67.8
727.9

803.9
71.8
779.2

711.1
73.8
820.6

715.8
75.3
865.7

764.7
76.5
908.3

13
14
15

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

102.5
86.7
35.3

110.9
78.5
33.6

112.3
68.6
31.9

143.1
58.7
31.1

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
112.0
27.2

214.1
115.7
27.1

219.0
110.6
27.0

16
17
18

19
20
21
22

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

779.4
110.1
230.2
185.0

870.1
123.3
243.8
190.6

949.3
141.6
246.8
214.4

1046.0
159.5
256.0
244.5

1130.4
176.2
270.5
279.6

1153.6
177.5
274.6
287.0

1166.5
182.7
279.2
288.0

1173.4
184.4
278.1
302.7

1173.2
186.6
277.9
315.0

1189.4
185.2
280.5
325.3

1198.2
184.4
279.8
331.0

19
20
21
22

23
24
25

Money market mutual funds
Mutual funds
Closed-end funds

15.2
172.4
19.8

21.5
195.7
25.6

23.9
229.5
28.1

36.4
273.8
27.3

81.2
339.3
31.9

87.9
349.3
31.6

95.9
362.0
31.2

112.4
368.0
30.9

123.7
368.6
30.5

143.6
363.9
30.2

134.6
366.1
29.8

23
24
25

26
27
28
29

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

19.5
2.1
64.4
14.0

25.0
2.9
76.4
23.8

30.6
4.3
90.9
36.5

30.9
6.5
100.0
33.1

31.4
6.1
81.4
37.6

32.5
5.6
89.1
29.8

28.7
5.5
93.8
37.2

27.0
5.2
89.2
29.8

34.6
5.7
96.5
33.8

34.9
5.6
112.3
23.8

43.6
6.4
109.1
28.6

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, September 15, 2000

L.213 Corporate Equities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Issues at market value

2

Nonfinancial corporate business

3
4

Rest of the world (2)
Financial corporations

5
6
7
8

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

9
10
11

Commercial banking
Savings institutions
Bank personal trusts and estates

12
13
14
15

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

16
17
18

Mutual funds
Closed-end funds
Brokers and dealers

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

6333.3

8495.7

10255.8

13201.3

15427.8

15919.1

17060.4

16214.9

19576.3

20231.8

19298.5

1

4811.9

6435.0

7618.6

9674.2

11457.1

11834.8

12719.4

12199.9

15112.1

15683.0

14853.7

2

627.5
893.9

776.8
1284.0

1002.9
1634.3

1207.8
2319.3

1476.2
2494.5

1503.2
2581.0

1645.5
2695.4

1722.7
2292.2

2026.6
2437.5

2057.5
2491.2

1998.4
2446.5

3
4

6333.3

8495.7

10255.8

13201.3

15427.8

15919.1

17060.4

16214.9

19576.3

20231.8

19298.5

5

3047.4
10.6
397.7

4081.5
26.2
527.6

4717.8
46.8
656.8

5810.3
79.0
919.5

6514.5
102.0
1175.1

6748.2
96.9
1200.6

7136.8
102.9
1319.3

6857.6
101.0
1229.9

8542.5
115.0
1523.3

8643.2
115.7
1578.9

7998.5
110.0
1593.7

6
7
8

2.9
10.4
167.3

5.0
14.3
224.9

6.8
17.8
248.9

2.6
23.3
305.5

6.8
24.5
307.7

7.5
25.1
310.3

8.4
24.9
325.9

7.3
24.2
293.0

10.4
23.8
335.8

10.5
23.7
335.5

10.4
24.2
307.4

9
10
11

246.1
112.1
1019.8
557.4

315.4
134.2
1278.6
791.1

414.1
148.6
1432.9
1013.9

558.6
186.0
1811.6
1383.2

733.2
201.4
2079.0
1680.6

777.0
201.6
2101.3
1716.0

841.5
208.1
2225.1
1855.2

813.4
193.8
2089.2
1726.4

964.5
209.3
2407.2
1916.6

1021.6
206.8
2505.5
1920.2

1007.4
197.1
2432.7
1911.8

12
13
14
15

709.6
31.9
20.1

1024.9
38.0
34.2

1470.0
43.6
37.9

2018.7
51.1
51.9

2508.5
40.2
54.4

2623.9
49.6
61.0

2888.2
54.4
69.8

2772.1
51.7
55.3

3400.0
61.6
66.4

3730.7
64.8
74.7

3568.9
62.6
73.6

16
17
18

5538.8

7507.6

9016.0

11701.9

13648.8

14096.1

15074.2

14184.0

17202.0

17817.4

16956.4

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

1477.3

1852.8

2342.4

2989.4

3610.5

3758.1

4049.1

3931.5

4553.4

4864.5

4740.7

1

2

Holdings at market value

1477.3

1852.8

2342.4

2989.4

3610.5

3758.1

4049.1

3931.5

4553.4

4864.5

4740.7

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

996.7
31.1
29.1

1170.1
45.7
35.0

1492.7
59.9
41.0

1911.8
69.1
33.6

2343.8
91.0
21.3

2454.9
95.1
20.3

2654.8
101.8
22.4

2604.4
94.3
24.0

3014.5
113.9
25.6

3246.5
117.5
22.9

3155.9
121.1
20.5

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

2.0
2.6
200.4

2.3
2.8
253.5

2.6
2.6
293.6

8.1
2.4
342.4

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

12.4
3.2
507.9

12.2
2.3
485.9

6
7
8

Life insurance companies
Private pension funds

9.6
205.9

27.7
315.6

35.3
414.7

38.4
583.5

23.3
721.2

28.0
739.0

33.8
781.8

35.2
748.2

43.3
853.8

47.8
906.4

48.6
894.1

9
10

9
10

91

Z.1, September 15, 2000

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Total loans by commercial
banking, flow of funds basis

2407.1

2646.9

2821.1

3052.9

3304.8

3289.6

3317.4

3380.9

3504.9

3602.1

3736.9

1

2
3
4
5

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

5.8
1012.7
458.8
94.9

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
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

1.4
1495.2
499.8
124.8

1.4
1546.5
497.1
143.4

1.4
1614.0
506.2
150.6

2
3
4
5

6

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

834.9

949.6

1041.7

1169.8

1314.9

1328.3

1345.7

1366.9

1383.8

1413.7

1464.7

6

624.6
197.2
1.8
11.3

701.6
232.6
2.3
13.1

759.8
264.8
2.5
14.6

867.9
284.0
2.4
15.5

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

1104.4
259.9
2.6
16.9

1131.9
262.2
1.9
17.8

1178.8
263.9
4.0
18.0

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.

834.9

949.6

1041.7

1169.8

1314.9

1328.3

1345.7

1366.9

1383.8

1413.7

1464.7

12

13

Total liabilities

834.9

949.6

1041.7

1169.8

1314.9

1328.3

1345.7

1366.9

1383.8

1413.7

1464.7

13

786.0

898.2

977.7

1092.7

1207.6

1224.2

1239.0

1261.7

1290.9

1322.3

1371.2

14

40.0
521.0
160.2
38.7

57.4
587.7
178.7
39.7

58.0
627.2
208.5
40.4

66.6
698.1
232.0
43.9

72.9
778.9
251.9
45.1

68.7
797.7
256.1
42.6

71.9
801.6
260.4
44.6

68.5
824.1
264.8
45.5

65.7
851.8
269.8
44.2

69.6
872.8
274.3
42.4

69.8
911.4
279.3
45.9

15
16
17
18

26.1
2.2
8.8
15.2

34.6
2.6
10.9
21.1

43.7
2.9
14.3
26.5

52.1
2.1
13.8
36.3

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

63.3
2.8
11.4
49.1

64.8
3.1
12.1
49.6

19
20
21
22

48.9

51.4

64.0

77.2

107.2

104.1

106.8

105.2

92.9

91.4

93.6

23

9.3
14.8
18.7
6.0

14.6
15.3
16.5
5.0

15.9
19.7
20.6
7.8

19.4
24.1
16.0
17.6

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
26.0

20.4
28.5
17.1
25.5

21.3
33.3
17.8
21.2

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, September 15, 2000

L.216 Other Loans and Advances
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Total other loans and advances

865.1

935.4

998.0

1101.0

1259.6

1313.0

1340.3

1390.1

1432.7

1488.5

1555.0

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

135.7
16.0
8.0
38.2
8.2
9.3
56.0
0.0

148.8
27.3
10.0
39.4
7.0
9.8
55.4
0.0

149.0
30.4
8.7
39.1
5.9
10.1
54.8
0.0

158.8
41.8
8.4
40.9
5.5
8.9
53.3
0.0

173.3
52.4
8.3
44.8
5.1
10.1
52.4
0.0

177.9
58.2
8.2
44.5
5.0
10.2
51.8
0.0

179.6
60.7
8.1
44.1
4.9
10.2
51.6
0.0

182.1
63.1
8.1
44.0
4.9
10.1
51.9
0.0

179.3
65.0
8.0
43.9
4.9
9.7
47.8
0.0

181.9
68.1
7.9
43.9
4.9
9.3
47.9
0.0

183.9
69.0
8.0
44.0
4.9
10.0
48.0
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

122.1
122.1

126.0
126.0

143.3
143.3

142.3
142.3

163.2
163.2

140.6
140.6

134.9
134.9

119.5
119.5

123.1
123.1

122.0
122.0

10
11

12
13
14

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

22.9
15.0
7.9

22.3
14.2
8.2

23.4
13.4
9.9

20.6
10.8
9.7

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

8.7
4.9
3.8

9.0
4.9
4.1

12
13
14

15
16
17

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

10.3
5.1
5.1

12.8
6.4
6.4

15.7
7.9
7.9

18.8
9.4
9.4

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

33.4
16.7
16.7

35.5
17.7
17.7

15
16
17

18
19
20

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

86.4
0.9
85.5

96.9
0.9
95.9

101.4
1.0
100.5

104.6
1.0
103.7

104.7
0.9
103.8

100.6
0.9
99.6

99.9
0.9
98.9

100.2
0.9
99.3

100.0
0.9
99.0

99.6
0.9
98.7

100.6
0.9
99.7

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)

189.1
31.3
13.9
12.4
30.5
100.0
0.5
0.6

200.3
35.2
16.4
13.8
36.7
97.4
0.4
0.5

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

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

466.2
34.5
17.9
17.9
145.6
243.7
3.4
3.2

472.9
32.3
17.1
19.1
155.0
243.8
2.6
3.0

505.2
31.7
18.2
18.6
175.0
256.0
2.9
2.7

21
22
23
24
25
26
27
28

29
30
31

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

23.7
0.0
23.7

30.6
1.0
29.6

44.0
6.3
37.7

76.2
14.1
62.1

103.8
17.9
85.9

108.3
17.3
91.0

114.4
17.6
96.8

116.6
17.9
98.7

123.7
19.4
104.3

134.3
22.8
111.5

143.7
24.5
119.2

29
30
31

32
33
34

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

274.9
247.4
27.5

301.6
271.4
30.2

309.5
278.5
30.9

318.5
286.7
31.9

347.5
312.8
34.8

362.8
326.5
36.3

373.7
336.4
37.4

383.0
344.7
38.3

405.2
364.6
40.5

434.6
391.1
43.5

455.1
409.6
45.5

32
33
34

(1) Student loans.

93

Z.1, September 15, 2000

L.217 Total Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

4380.6

4581.9

4865.5

5197.9

5728.2

5867.7

6019.8

6227.3

6376.1

6491.3

6663.1

1

3329.7
265.9
702.0
83.0

3510.5
273.5
713.4
84.6

3719.2
289.1
770.0
87.1

3971.5
302.4
833.7
90.3

4358.4
330.9
942.3
96.5

4451.2
341.7
977.4
97.4

4564.4
348.9
1006.8
99.6

4694.1
360.7
1071.1
101.4

4791.3
373.0
1109.8
102.0

4867.7
381.4
1138.4
103.7

4995.2
391.4
1169.7
106.7

2
3
4
5

4380.6

4581.9

4865.5

5197.9

5728.2

5867.7

6019.8

6227.3

6376.1

6491.3

6663.1

6

Household sector

3171.5

3344.1

3558.1

3806.4

4189.1

4280.9

4392.6

4522.7

4621.2

4695.2

4820.2

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

1190.4
230.5
876.9
83.0

1213.8
247.9
881.4
84.6

1275.5
253.7
934.6
87.1

1344.6
232.5
1021.9
90.3

1467.5
271.4
1099.6
96.5

1510.1
294.3
1118.5
97.4

1553.6
317.2
1136.8
99.6

1628.8
366.2
1161.2
101.4

1678.2
391.6
1184.5
102.0

1717.6
409.6
1204.2
103.7

1761.9
430.1
1225.1
106.7

8
9
10
11

12
13

Federal government
REITs

0.0
18.7

0.0
24.1

0.0
31.9

0.0
46.8

0.0
71.6

0.0
76.6

0.0
73.6

0.0
75.9

0.0
76.7

0.0
78.5

0.0
81.0

12
13

4380.6

4581.9

4865.5

5197.9

5728.2

5867.7

6019.8

6227.3

6376.1

6491.3

6663.1

14

7

14

Total liabilities

1995

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

115.6
56.4
23.6

109.5
57.9
26.7

109.4
54.4
23.5

109.0
80.2
22.0

109.3
100.2
22.0

109.2
104.0
22.3

109.4
107.7
22.5

109.4
111.5
22.7

108.6
115.2
22.9

109.5
117.7
23.3

110.5
120.3
23.7

15
16
17

18
19

State and local governments
Federal government

110.5
71.0

113.8
57.8

117.6
50.3

121.3
45.7

125.4
44.9

126.5
44.6

127.6
44.5

128.7
77.8

129.8
77.7

130.9
76.8

132.0
76.8

18
19

20
21
22
23

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

1012.7
596.2
62.1
3.4

1090.2
596.8
66.5
3.3

1145.4
628.3
76.0
3.6

1245.3
631.8
86.0
3.0

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
107.3
2.8

1495.2
668.9
111.0
2.8

1546.5
681.1
114.6
2.8

1614.0
702.6
120.5
2.9

20
21
22
23

24
25
26
27

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

215.8
3.8
7.8
15.2

213.1
2.8
8.4
15.9

208.2
2.4
9.1
16.7

206.8
2.2
10.2
17.6

213.6
2.0
12.3
24.1

219.0
2.0
12.7
24.2

224.5
2.0
13.4
24.0

226.2
2.1
13.9
22.4

230.8
2.0
14.5
21.5

229.2
2.7
15.1
21.7

231.1
2.7
15.5
21.0

24
25
26
27

28
29
30

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

244.6
1472.1
253.2

251.0
1570.3
278.3

244.9
1711.4
326.7

240.5
1825.8
407.3

248.7
2018.4
562.4

244.8
2112.3
593.9

244.9
2182.7
618.4

245.9
2246.1
636.1

244.4
2292.3
653.3

246.1
2322.3
668.9

257.6
2355.4
685.6

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

66.9
36.5
13.3

72.4
33.0
14.1

82.7
41.2
13.8

87.9
32.1
22.9

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
23.0

128.8
34.1
19.2

136.9
35.5
18.6

31
32
33

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

94

Z.1, September 15, 2000

L.218 Home Mortgages (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1
2
3
4
5

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

3329.7

3510.5

3719.2

3971.5

4358.4

4451.2

4564.4

4694.1

4791.3

4867.7

4995.2

1

3070.0
18.7
241.1

3252.2
19.3
239.0

3461.6
19.9
237.7

3702.7
20.7
248.1

4072.5
21.8
264.2

4160.1
22.0
269.1

4268.3
22.3
273.9

4392.7
22.6
278.8

4484.6
23.0
283.8

4555.2
23.3
289.2

4676.7
23.6
294.9

2
3
4

3329.7

3510.5

3719.2

3971.5

4358.4

4451.2

4564.4

4694.1

4791.3

4867.7

4995.2

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

96.5
32.7
9.7

88.8
33.8
10.8

87.6
24.5
9.6

86.5
29.8
8.6

85.3
34.2
8.6

85.1
35.3
8.7

84.8
36.4
8.8

84.5
37.5
8.9

84.2
38.6
8.9

83.9
39.7
9.1

83.7
40.6
9.2

6
7
8

9
10

State and local governments
Federal government

57.3
29.1

60.5
24.1

62.8
21.2

65.8
19.1

69.1
18.8

70.0
18.5

70.8
18.3

71.7
18.6

72.6
18.4

73.5
18.3

74.4
18.3

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

590.0
477.6
62.1
3.4

646.5
482.4
66.5
3.3

677.6
513.7
76.0
3.6

745.5
520.7
86.0
3.0

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
107.3
2.8

878.7
548.5
111.0
2.8

903.8
559.6
114.6
2.8

947.8
578.3
120.5
2.9

11
12
13
14

15
16
17

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

8.5
3.7
3.9

8.9
4.4
4.4

7.0
5.0
5.0

7.2
6.0
5.6

6.6
7.4
8.4

7.0
7.8
8.5

7.3
8.2
8.4

7.4
8.6
7.8

5.9
9.1
7.5

5.9
9.5
7.6

5.9
10.0
7.4

15
16
17

18
19
20

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

199.3
1449.7
206.0

205.2
1543.4
224.3

198.5
1678.9
256.2

194.3
1788.1
310.7

199.6
1970.2
405.2

194.3
2061.6
423.3

191.8
2130.0
440.6

190.4
2191.3
447.8

189.3
2234.8
455.0

189.8
2263.2
463.5

199.4
2294.3
471.9

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

66.9
28.3
5.1

72.4
23.8
6.9

52.1
32.0
8.0

59.0
21.8
14.0

75.7
24.9
14.8

77.7
22.6
13.3

80.5
25.1
13.0

87.7
22.1
13.1

88.3
25.2
12.4

90.4
23.7
8.8

97.2
25.1
8.3

21
22
23

264.4
129.7
49.4
20.9
24.9
39.5

289.3
140.0
50.5
22.9
33.1
42.7

335.3
153.8
52.3
25.5
51.6
52.1

407.6
174.0
55.5
29.0
90.2
59.0

462.5
176.9
55.9
29.7
124.2
75.7

468.9
176.0
56.6
30.3
128.3
77.7

479.6
174.9
59.0
30.5
134.7
80.5

501.1
181.9
59.6
32.6
139.3
87.7

512.8
189.5
59.8
33.4
141.9
88.3

532.0
199.7
62.3
36.1
143.5
90.4

559.8
212.8
64.9
37.3
147.6
97.2

24
25
26
27
28
29

6
7
8

24
25
26
27
28
29

Total assets

1995

Memo:
Home equity loans included above (2)
Commercial banking
Savings institutions
Credit unions
ABS issuers
Finance companies

(1) Mortgages on 1-4 family properties.
(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

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

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

6
7
8
9

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

265.9

273.5

289.1

302.4

330.9

341.7

348.9

360.7

373.0

381.4

391.4

1

20.5
239.3

21.1
244.5

21.7
256.9

22.5
264.4

23.5
283.7

23.8
292.5

24.1
300.5

24.4
311.3

24.7
322.9

25.1
330.4

25.4
339.3

2
3

0.0
6.2

0.0
7.9

0.0
10.5

0.0
15.4

0.0
23.6

0.0
25.3

0.0
24.3

0.0
25.1

0.0
25.3

0.0
25.9

0.0
26.7

4
5

265.9

273.5

289.1

302.4

330.9

341.7

348.9

360.7

373.0

381.4

391.4

6

1.3
0.9
7.0

1.6
0.1
7.9

1.5
0.8
7.0

1.5
1.4
7.0

1.5
2.0
7.0

1.5
2.1
7.1

1.4
2.3
7.2

1.4
2.4
7.3

1.4
2.6
7.3

1.4
2.7
7.5

1.4
2.9
7.6

7
8
9

10
11

State and local governments
Federal government

43.5
22.0

44.1
17.3

45.9
14.8

46.5
13.9

47.4
13.6

47.6
13.6

47.9
13.6

48.1
13.6

48.3
13.6

48.6
13.7

48.8
13.8

10
11

12
13

Commercial banking
Savings institutions

37.9
64.3

42.5
62.0

45.5
61.6

49.7
59.5

52.9
57.0

56.2
57.0

58.6
55.3

62.4
57.5

66.0
59.4

70.8
58.0

74.0
59.4

12
13

14
15
16

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

27.8
1.0
4.3

28.7
1.0
4.5

30.8
1.0
4.7

30.4
1.1
5.0

31.5
1.2
6.7

31.5
1.2
6.8

31.8
1.3
6.7

32.0
1.3
6.3

32.8
1.3
6.0

32.6
1.4
6.1

32.9
1.4
5.9

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

18.4
22.4
9.9

19.0
26.9
12.0

18.6
32.5
16.1

17.3
37.8
21.2

18.1
48.3
33.5

19.4
50.6
36.8

21.4
52.7
38.6

23.3
54.8
40.1

22.9
57.5
41.7

24.2
59.1
43.1

25.4
61.0
44.2

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.0
3.1
2.1

0.0
4.2
1.6

3.1
4.1
1.2

2.9
5.2
2.1

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
1.6

5.6
5.3
1.4

5.9
5.3
1.6

20
21
22

95

Z.1, September 15, 2000

L.220 Commercial Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

1
2
3
4
5
6

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2000
Q3

Q4

Q1

Q2

702.0

713.4

770.0

833.7

942.3

977.4

1006.8

1071.1

1109.8

1138.4

1169.7

1

101.5
191.4
396.6
12.5

91.9
207.5
397.9
16.1

96.6
212.1
440.0
21.4

103.7
189.2
509.4
31.4

116.6
226.1
551.6
48.0

120.8
248.4
556.8
51.3

124.3
270.8
562.4
49.3

130.0
319.2
571.1
50.9

136.6
343.9
577.9
51.4

140.1
361.2
584.6
52.6

143.5
381.1
590.9
54.2

2
3
4
5

702.0

713.4

770.0

833.7

942.3

977.4

1006.8

1071.1

1109.8

1138.4

1169.7

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

3.1
22.8
6.0

3.7
24.0
6.9

4.3
29.1
6.1

4.5
49.1
5.5

4.8
64.1
5.5

4.8
66.6
5.5

4.9
69.1
5.6

5.0
71.6
5.6

5.0
74.1
5.7

5.1
75.3
5.8

5.2
76.8
5.9

7
8
9

10
11

State and local governments
Federal government

8.3
13.2

7.7
10.2

7.5
8.5

7.7
7.9

7.6
8.0

7.6
8.0

7.5
8.1

7.5
41.2

7.5
41.5

7.4
40.6

7.4
40.6

10
11

12
13

Commercial banking
Savings institutions

362.3
53.9

377.3
52.1

397.5
52.7

423.1
51.3

458.5
53.3

468.8
54.9

482.2
56.6

498.0
58.5

518.6
60.5

539.2
63.0

558.5
64.4

12
13

14
15
16
17

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

169.8
3.8
3.1
7.0

165.9
2.8
3.0
7.0

160.3
2.4
3.0
7.0

158.8
2.2
3.2
7.0

164.0
2.0
3.6
8.9

168.8
2.0
3.7
9.0

173.5
2.0
3.9
8.9

174.6
2.1
4.0
8.3

179.0
2.0
4.0
8.0

177.9
2.7
4.1
8.0

179.3
2.7
4.1
7.8

14
15
16
17

18
19
20
21

ABS issuers
Finance companies
Mortgage companies
REITs

37.4
0.0
5.1
6.1

42.0
0.0
5.1
5.6

54.4
27.4
5.1
4.6

75.5
26.0
5.1
6.9

123.7
23.9
5.1
9.4

133.8
28.8
5.1
10.0

139.3
30.2
5.1
10.0

148.2
31.7
5.1
9.9

156.6
33.2
5.1
9.0

162.3
32.8
5.1
9.0

169.5
33.7
5.1
8.7

18
19
20
21

7
8
9

Total assets

Q2

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

Total liabilities (Farm business)

83.0

84.6

87.1

90.3

96.5

97.4

99.6

101.4

102.0

103.7

106.7

1

2

Total assets

83.0

84.6

87.1

90.3

96.5

97.4

99.6

101.4

102.0

103.7

106.7

2

14.6
0.9

15.3
1.0

15.9
0.9

16.5
0.9

17.7
0.9

17.9
0.9

18.3
0.9

18.5
1.0

17.9
1.0

19.0
1.0

20.2
1.0

3
4

1.4
6.7

1.4
6.2

1.4
5.8

1.4
4.9

1.4
4.5

1.4
4.4

1.4
4.4

1.4
4.3

1.4
4.3

1.4
4.2

1.4
4.2

5
6

22.6
0.3

23.8
0.3

24.9
0.3

27.0
0.4

29.0
0.4

29.5
0.4

30.5
0.4

31.4
0.5

31.8
0.5

32.7
0.5

33.7
0.5

7
8

9.6
0.0

9.7
0.0

10.1
0.0

10.5
0.0

11.5
0.0

11.7
0.0

12.0
0.0

12.2
0.0

13.0
0.0

12.9
0.0

13.0
0.0

9
10

26.9
0.0

26.8
0.0

27.9
0.0

28.9
0.0

31.0
0.0

31.2
0.0

31.7
0.0

32.2
0.0

32.2
0.0

32.1
0.0

32.8
0.0

11
12

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

9
10

Life insurance companies
State and local govt. retirement funds

11
12

Government-sponsored enterprises
Federally related mortgage pools

96

Z.1, September 15, 2000

L.222 Consumer Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

1

Total liabilities (Households)

983.9

1122.8

1211.6

1264.1

1331.7

1319.3

1340.4

1370.1

1426.2

1416.2

1453.6

1

2

Total assets

983.9

1122.8

1211.6

1264.1

1331.7

1319.3

1340.4

1370.1

1426.2

1416.2

1453.6

2

86.6
0.0

85.1
0.0

77.7
0.0

78.9
0.0

74.9
0.0

67.1
0.0

68.0
0.0

67.5
0.0

80.3
0.0

72.9
0.0

72.8
0.0

3
4

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

5
6
7

Commercial banking
Savings institutions
Credit unions

458.8
38.5
119.6

502.0
40.1
131.9

526.8
44.7
144.1

512.6
47.2
152.4

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
167.9

497.1
59.0
169.5

506.2
61.0
176.3

5
6
7

8
9

ABS issuers
Finance companies

146.1
134.4

211.6
152.1

265.8
152.4

313.1
160.0

372.4
168.5

380.9
167.8

405.6
173.6

433.0
173.0

435.1
181.6

434.0
183.7

447.0
190.3

8
9

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

Total trade payables

1569.1

1698.0

1812.1

1943.3

1970.3

1973.9

2038.1

2098.4

2152.6

2179.6

2233.3

1

94.0

103.3

111.9

120.0

125.7

126.0

128.2

129.8

132.7

134.5

136.3

2

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

796.5
71.6
15.2

877.5
77.8
16.2

927.0
98.6
17.4

992.1
122.1
18.8

977.5
133.2
19.6

973.2
135.5
18.5

1012.0
138.4
19.6

1056.3
140.7
20.2

1097.0
143.0
20.0

1109.3
145.1
19.2

1143.0
147.0
20.8

3
4
5

6
7

State and local governments
Federal government

457.5
85.7

486.7
81.1

517.6
81.8

549.0
72.8

579.5
69.7

587.0
69.2

593.5
70.8

600.8
71.3

608.6
70.0

616.9
71.3

623.2
71.2

6
7

8
9

Rest of the world
Brokers and dealers

39.5
9.1

45.3
10.3

43.6
14.3

48.7
19.9

46.3
18.9

45.0
19.4

43.9
31.8

49.4
30.0

50.6
30.8

49.5
33.8

52.6
39.2

8
9

1389.0

1501.2

1637.5

1807.8

1875.8

1917.6

2007.2

2053.7

2010.8

2087.0

2160.3

10

1107.0
117.0

1184.9
129.3

1273.1
145.5

1366.6
172.4

1381.3
193.4

1415.6
196.5

1494.9
200.8

1533.0
205.3

1477.3
210.0

1540.7
213.2

1599.7
217.0

11
12

2

Household sector

3
4
5

10

Total trade receivables

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14

Federal government
Rest of the world

24.7
52.3

23.1
51.0

24.0
57.1

20.8
60.1

22.3
51.4

23.8
46.7

24.5
45.5

25.7
44.6

26.8
46.0

28.8
44.9

29.3
44.1

13
14

15
16

Other insurance companies
ABS issuers

52.9
35.2

57.3
55.7

57.2
80.7

59.9
128.1

61.6
165.9

64.0
170.9

65.7
175.8

66.3
178.8

63.6
187.0

66.4
193.1

67.5
202.7

15
16

180.1

196.8

174.6

135.5

94.5

56.3

30.8

44.7

141.7

92.6

73.1

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

279.0

305.7

358.1

469.1

572.3

552.7

589.3

593.2

665.9

803.7

770.8

1

75.1
0.0

78.6
0.0

94.4
0.0

131.2
0.0

152.8
0.0

160.7
0.0

184.5
0.0

185.9
0.0

222.4
0.0

287.4
0.0

266.4
0.0

2
3

203.9
109.0
56.8
38.1

227.1
127.6
65.1
34.4

263.7
162.9
60.2
40.6

337.9
215.5
64.4
58.0

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

516.3
373.0
76.5
66.8

504.4
353.9
70.5
80.1

4
5
6
7

279.0

305.7

358.1

469.1

572.3

552.7

589.3

593.2

665.9

803.7

770.8

8

109.0
0.0

127.6
0.0

162.9
0.0

215.5
0.0

276.7
0.0

262.3
0.0

272.6
0.0

285.2
0.0

318.6
0.0

373.0
0.0

353.9
0.0

9
10

94.9
75.1

99.5
78.6

100.8
94.4

122.5
131.2

142.9
152.8

129.7
160.7

132.3
184.5

122.1
185.9

124.8
222.4

143.4
287.4

150.6
266.4

11
12

97

Z.1, September 15, 2000

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

Life insurance reserves:
1

Total liabilities

520.3

566.2

610.6

665.0

718.3

735.9

749.8

756.2

783.9

796.9

802.8

1

2
3

Federal government
Life insurance companies

28.9
491.5

29.9
536.3

30.5
580.1

32.3
632.7

33.6
684.7

33.7
702.2

34.4
715.4

34.5
721.7

35.0
748.9

35.2
761.6

35.9
766.9

2
3

4

Total assets (Households)

520.3

566.2

610.6

665.0

718.3

735.9

749.8

756.2

783.9

796.9

802.8

4

4980.7

5812.7

6548.4

7817.1

8912.7

9064.9

9479.5

9150.5

9999.4

10227.4

10139.0

5

485.5
796.6

506.3
883.4

561.4
953.9

601.7
1059.7

642.9
1181.8

632.6
1208.5

642.7
1250.0

657.5
1231.6

684.0
1336.8

673.0
1379.3

683.3
1365.5

6
7

2498.5
1200.0

2941.3
1481.7

3261.2
1771.9

3911.6
2244.1

4436.7
2651.2

4502.5
2721.3

4704.6
2882.2

4538.4
2723.1

5014.1
2964.4

5192.1
2983.1

5078.0
3012.2

8
9

4980.7

5812.7

6548.4

7817.1

8912.7

9064.9

9479.5

9150.5

9999.4

10227.4

10139.0

10

Pension fund reserves:
5

Total liabilities

6
7

Federal government (1)
Life insurance companies

8
9

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

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

101.4

107.6

123.6

139.2

151.0

158.2

160.6

165.3

166.4

180.3

178.0

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

40.3
34.6

40.3
35.9

49.9
37.5

59.2
38.1

64.1
39.6

69.3
40.2

69.8
40.7

72.2
41.2

70.8
41.7

82.6
42.3

79.0
42.9

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

1.9
1.0

2.8
1.6

4.0
1.4

5.4
1.8

7.1
2.0

7.5
1.9

8.0
1.8

8.5
2.1

9.0
2.0

9.5
1.7

10.0
1.8

4
5

6
7

Life insurance companies
Other insurance companies

10.4
7.9

12.0
9.0

13.6
10.2

15.3
11.5

17.1
12.7

17.5
12.9

17.9
13.2

18.4
13.5

18.9
13.8

19.3
14.0

19.8
14.3

6
7

8
9

Finance companies
Brokers and dealers

4.1
1.2

4.9
1.1

5.6
1.3

6.4
1.3

7.3
1.3

7.5
1.3

7.7
1.4

7.9
1.5

8.2
2.2

8.4
2.5

8.6
1.7

8
9

52.6

45.2

46.8

46.9

49.5

69.0

50.2

71.1

72.0

91.4

77.0

10

34.0
18.6

27.9
17.3

26.1
20.7

26.9
20.0

28.1
21.4

28.5
40.5

30.3
20.0

32.7
38.4

33.5
38.5

35.5
55.9

39.0
37.9

11
12

48.8

62.4

76.7

92.3

101.5

89.2

110.3

94.2

94.5

88.9

101.1

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

699.4

803.0

871.7

942.5

1001.0

1012.5

1059.8

998.3

1116.6

1135.2

1085.0

1

2

Asset: Household sector

699.4

803.0

871.7

942.5

1001.0

1012.5

1059.8

998.3

1116.6

1135.2

1085.0

2

98

Z.1, September 15, 2000

L.229 Total Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total liabilities

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

5439.9

5838.0

6231.3

6571.9

7133.9

7131.6

7310.8

7318.7

7638.2

7851.6

8059.6

1

16.8
2093.7
102.9

17.5
2166.2
104.3

18.3
2294.0
105.1

18.6
2204.8
113.5

17.2
2253.0
121.2

18.5
2280.6
123.0

18.6
2352.0
124.8

18.6
2358.4
127.0

19.4
2368.7
129.1

18.7
2425.0
131.2

18.8
2369.9
133.1

2
3
4

Federal government
Rest of the world

6.8
901.3

6.7
1030.2

7.3
1151.7

6.6
1226.9

6.7
1379.5

6.7
1371.5

6.7
1371.7

6.7
1369.6

6.6
1526.6

6.6
1569.0

6.5
1713.0

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

6.0
750.1
106.7
6.4

7.4
848.4
106.1
4.5

7.4
863.0
103.5
4.6

9.5
1023.7
101.4
4.6

10.7
1128.7
99.8
5.2

7.9
1089.3
98.1
5.0

9.1
1090.0
98.3
5.0

9.7
1068.1
96.0
5.1

9.4
1079.9
85.4
6.0

10.0
1095.9
82.0
5.5

9.6
1153.0
86.8
6.5

7
8
9
10

11
12

Life insurance companies
Other insurance companies

474.5
471.9

521.8
501.6

566.4
509.9

650.2
522.3

713.6
540.4

733.9
539.3

756.5
546.8

761.5
554.0

775.0
549.7

798.6
550.8

800.2
555.3

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

61.1
180.6
17.7

66.9
202.4
16.5

67.2
205.6
20.6

75.1
216.7
16.0

95.3
234.4
17.7

88.9
249.7
16.5

85.5
255.0
17.8

81.9
262.1
16.3

89.3
307.1
17.8

93.8
350.6
17.1

88.5
345.4
17.8

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

5.3
69.0
169.1

6.7
85.4
145.5

9.2
110.1
187.5

18.0
131.1
232.9

31.6
175.7
303.0

33.4
156.0
313.3

32.1
172.1
369.0

35.3
173.4
374.9

36.0
181.2
451.0

35.9
190.4
470.7

37.4
197.7
520.0

16
17
18

6250.2

7005.6

7862.0

8568.0

9673.1

9886.6

10135.3

10452.0

10646.2

11001.2

11229.2

19

276.9
2694.7
266.7
42.6

291.7
3059.0
314.8
44.5

301.4
3406.7
371.2
44.4

311.7
3620.4
423.8
44.8

326.9
3964.9
466.8
46.6

327.6
4110.6
477.8
46.2

330.9
4219.8
486.3
46.7

337.2
4290.7
495.9
47.0

338.9
4461.9
505.3
46.6

340.4
4617.3
512.5
46.6

342.7
4605.0
520.0
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

18.2
119.0
742.2

55.4
116.9
840.9

41.0
110.5
1037.4

27.0
103.5
1096.4

11.5
99.9
1313.5

8.2
99.8
1332.8

0.5
99.4
1375.0

19.9
98.8
1584.5

13.1
99.1
1472.1

21.5
97.4
1585.0

25.1
97.1
1670.7

24
25
26

27
28
29
30
31

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

9.8
738.0
53.0
14.8
12.9

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

16.1
1079.1
62.6
24.3
23.0

15.6
1092.5
61.0
26.5
23.0

16.4
1108.4
59.7
23.0
23.5

16.4
1118.0
58.9
19.8
24.2

16.8
1108.3
60.1
8.0
24.4

16.5
1099.5
60.8
10.9
25.0

16.6
1147.5
64.2
12.6
25.3

27
28
29
30
31

32
33
34
35

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

97.9
32.2
462.9
93.0

105.1
37.8
502.4
102.4

73.7
33.6
550.3
131.8

65.7
42.8
603.8
167.6

69.2
47.8
656.7
186.3

62.0
49.4
665.2
199.6

54.1
49.9
678.1
212.5

52.3
52.4
669.8
172.3

34.9
52.3
699.0
207.7

45.4
53.5
714.1
200.3

42.5
56.2
715.0
233.4

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

27.8
5.9
31.5

39.4
6.3
39.2

43.8
4.7
85.5

58.1
11.8
104.9

67.7
7.9
158.5

65.2
13.7
170.1

71.2
5.3
181.1

72.4
4.7
207.0

90.4
3.6
219.6

79.6
2.5
234.6

103.4
2.8
243.5

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

108.5
6.4
254.2
141.0

129.6
7.3
258.2
165.5

151.5
5.6
320.7
230.7

170.4
10.5
391.8
284.0

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

234.9
21.1
523.7
404.5

234.7
21.5
557.7
423.9

234.4
20.8
571.7
432.0

39
40
41
42

-810.3

-1167.5

-1630.7

-1996.0

-2539.2

-2755.0

-2824.4

-3133.2

-3008.0

-3149.6

-3169.7

43

43

Discrepancy

99

Z.1, September 15, 2000

L.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

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

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

786.6
685.6
35.6
4.8
32.2
25.9
2.6

885.5
778.7
37.9
5.6
37.8
22.8
2.8

986.5
863.2
42.8
6.6
33.6
27.9
12.4

1058.7
923.8
44.2
8.6
42.8
35.1
4.2

1207.1
1047.8
43.0
11.1
47.8
51.7
5.7

1251.2
1089.7
44.3
11.4
49.4
50.3
6.1

1286.1
1120.6
45.6
11.7
49.9
52.3
6.1

1331.0
1159.1
46.1
12.3
52.4
54.8
6.3

1331.2
1159.8
31.9
13.4
52.3
67.1
6.6

1377.0
1195.2
33.9
13.7
53.5
73.7
7.0

1416.9
1222.9
35.3
14.1
56.2
79.3
9.1

1
2
3
4
5
6
7

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

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

592.2
4.8
26.3
10.9
27.9
20.0
5.8
-70.1

641.1
2.8
32.7
13.8
36.8
24.8
11.1
-83.1

696.3
4.0
30.3
17.6
38.5
29.7
8.8
-82.0

756.9
3.9
38.8
25.2
46.2
35.7
8.5
-89.7

836.1
3.7
43.7
31.0
46.8
35.3
10.0
-77.9

868.5
3.6
43.9
31.7
48.7
34.2
10.2
-85.4

959.9
3.6
57.3
42.3
52.3
38.7
10.2
-64.2

1004.8
3.7
57.8
45.3
55.7
40.4
10.3
-61.8

1011.2
3.7
60.0
46.2
55.6
40.3
10.2
-102.1

1035.5
3.8
65.5
46.9
55.4
41.7
11.6
-86.3

1092.8
3.8
66.6
49.8
59.1
43.2
12.4
-73.1

8
9
10
11
12
13
14
15

16

Asset: Rest of the world

618.0

680.1

743.2

825.3

928.6

955.5

1100.1

1156.4

1125.2

1174.3

1254.7

16

25.9
25.9

27.4
27.4

29.2
29.2

30.8
30.8

32.4
32.4

32.8
32.8

33.3
33.3

33.6
33.6

33.9
33.9

34.2
34.2

34.6
34.6

17
18

3.7
3.7

4.0
4.0

4.6
4.6

5.4
5.4

6.0
6.0

6.1
6.1

6.3
6.3

6.3
6.3

6.4
6.4

6.7
6.7

6.9
6.9

19
20

18.2

20.1

21.3

21.9

25.3

26.8

27.4

28.9

30.8

31.8

31.6

21

2.0
0.9
2.2
0.0
4.3
8.6
0.1
0.1

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

-0.2
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
1.6
0.0
13.0
14.5
0.5
0.3

-0.8
1.7
1.5
0.0
13.4
15.1
0.6
0.3

-1.2
1.6
1.6
0.0
13.4
15.2
0.6
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

304.2
4.4
20.9
17.7
13.4

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

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

471.9
6.0
61.9
17.8
65.5

492.1
6.1
72.6
17.1
67.7

501.0
6.3
68.4
17.8
74.5

30
31
32
33
34

35

Asset: Bank holding companies

360.6

408.9

437.8

503.5

603.0

628.9

640.6

636.0

623.0

655.5

668.0

35

20.9
20.9

25.5
25.5

30.2
30.2

32.3
32.3

30.9
30.9

32.3
32.3

32.7
32.7

42.2
42.2

61.9
61.9

72.6
72.6

68.4
68.4

36
37

44.1
96.9

50.7
114.8

64.5
166.3

78.8
205.2

90.6
246.0

89.8
283.9

88.5
296.8

102.5
297.7

93.0
311.5

114.6
309.3

114.5
317.5

38
39

141.0

165.5

230.7

284.0

336.5

373.7

385.3

400.2

404.5

423.9

432.0

40

NFC inv. in finance company subs.:
36
37

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

38
39

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

40

Asset: Funding corporations

100

Z.1, September 15, 2000

L.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

2.0
2.0

2.3
2.3

2.1
2.1

2.1
2.1

1.9
1.9

2.0
2.0

2.2
2.2

2.3
2.3

2.6
2.6

2.3
2.3

2.3
2.3

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

16.0
16.0

19.3
19.3

18.0
18.0

18.0
18.0

24.9
24.9

21.5
21.5

17.3
17.3

15.9
15.9

17.1
17.1

15.1
15.1

12.9
12.9

5
6

16.8
16.8

17.5
17.5

18.3
18.3

18.6
18.6

17.2
17.2

18.5
18.5

18.6
18.6

18.6
18.6

19.4
19.4

18.7
18.7

18.8
18.8

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

90.9
58.0
32.9

96.9
63.2
33.7

103.9
69.4
34.5

112.2
75.7
36.4

120.1
83.0
37.1

122.0
84.6
37.5

123.7
86.0
37.7

128.4
90.2
38.1

131.9
93.5
38.4

132.8
94.4
38.4

134.8
96.2
38.7

9
10
11

12

Asset: Household sector

90.9

96.9

103.9

112.2

120.1

122.0

123.7

128.4

131.9

132.8

134.8

12

Policy payables:
13

Liab.: Other insurance companies

444.0

464.8

471.4

476.2

493.6

490.6

494.5

498.4

494.1

495.4

496.2

13

14
15
16
17

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

186.0
175.4
42.2
40.4

194.7
183.6
44.2
42.3

197.5
186.2
44.8
42.9

199.5
188.1
45.2
43.3

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

207.0
195.2
46.9
45.0

207.6
195.7
47.1
45.1

207.9
196.0
47.1
45.2

14
15
16
17

297.9
297.9

329.4
329.4

361.1
361.1

408.3
408.3

450.9
450.9

458.1
458.1

469.9
469.9

460.3
460.3

487.6
487.6

501.2
501.2

498.3
498.3

18
19

78.3
78.3

82.4
82.4

86.4
86.4

88.2
88.2

90.0
90.0

90.2
90.2

90.5
90.5

90.7
90.7

91.0
91.0

91.2
91.2

91.4
91.4

20
21

221.7
221.7

216.2
216.2

276.1
276.1

333.3
333.3

403.3
403.3

359.9
359.9

386.9
386.9

400.1
400.1

422.6
422.6

450.3
450.3

467.1
467.1

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, September 15, 2000

L.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

2297.5

2392.4

2410.5

2353.0

2362.3

2261.1

2195.5

2069.4

2355.1

2368.7

2424.7

1

1423.2
98.0

1442.7
101.5

1511.2
101.1

1359.7
109.6

1326.9
117.5

1321.8
119.4

1301.6
121.2

1262.9
123.2

1266.5
125.4

1298.3
127.4

1185.7
129.3

2
3

6.8
86.8
2.3

6.7
115.0
3.5

7.3
133.8
2.8

6.6
135.2
4.0

6.7
138.1
4.8

6.7
85.4
1.8

6.7
50.2
2.8

6.7
2.7
3.4

6.6
159.0
3.0

6.6
155.5
3.3

6.5
259.2
2.8

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

375.6
158.9
187.3
22.0
7.4

420.7
160.7
225.1
24.6
10.3

395.4
147.7
200.5
36.3
10.9

492.5
185.1
233.9
57.9
15.6

525.5
206.6
223.0
74.1
21.9

479.3
170.7
211.6
74.4
22.6

470.3
174.0
196.5
75.9
23.8

432.3
149.4
181.9
75.5
25.6

455.0
181.2
161.6
88.1
24.1

423.7
200.4
119.7
78.9
24.7

470.9
212.1
151.4
82.1
25.3

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

102.3
6.4
74.7
26.8

101.6
4.5
81.6
27.6

98.8
4.6
83.8
28.0

96.4
4.6
104.5
35.1

94.4
5.2
111.6
45.2

92.6
5.0
122.0
40.6

92.6
5.0
120.5
40.8

90.2
5.1
127.5
37.1

79.4
6.0
109.3
41.4

75.9
5.5
117.6
47.0

80.5
6.5
117.3
44.1

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

118.8
5.3
-47.2
17.5

126.5
6.7
-58.6
12.4

115.6
9.2
-74.4
-6.6

116.3
18.0
-119.1
-10.6

137.4
31.6
-160.3
-22.3

150.9
33.4
-236.3
38.8

150.9
32.1
-245.5
46.3

137.2
35.3
-230.7
36.5

142.9
36.0
-205.9
130.5

163.7
35.9
-198.2
106.7

165.3
37.4
-206.7
125.9

16
17
18
19

3107.8

3559.9

4041.2

4349.1

4901.5

5016.1

5019.9

5202.6

5363.1

5518.3

5594.4

20

1810.9
223.6
18.2

2069.4
269.7
55.4

2325.6
324.8
41.0

2475.7
376.9
27.0

2691.5
418.3
11.5

2795.0
429.5
8.2

2871.6
437.7
0.5

2893.1
447.1
19.9

3045.8
456.8
13.1

3154.6
463.7
21.5

3118.9
471.2
25.1

21
22
23

20

Total assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

91.1
124.2
9.8

87.2
160.8
10.7

79.1
294.2
11.2

70.6
271.0
13.2

65.6
384.9
16.1

65.0
377.3
15.6

64.0
274.9
16.4

62.9
428.2
16.4

62.6
346.9
16.8

60.9
410.7
16.5

60.2
416.0
16.6

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

333.8
82.8
213.5
35.2
2.4

341.2
78.9
218.5
39.8
4.0

331.8
78.7
197.2
51.1
4.8

372.9
87.6
234.3
44.4
6.6

417.2
116.3
234.6
56.5
9.7

402.6
105.8
230.2
56.9
9.7

404.8
97.5
235.9
61.3
10.1

417.4
107.7
224.1
75.2
10.3

433.9
126.5
213.3
85.4
8.7

390.0
131.6
170.4
79.6
8.4

423.9
130.3
198.1
86.8
8.8

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

28.4
14.7
12.9

26.4
13.8
12.1

25.3
13.6
16.0

21.7
17.3
14.6

26.0
24.0
23.0

27.0
26.1
23.0

29.6
22.6
23.5

29.7
19.3
24.2

28.5
7.5
24.4

30.7
10.3
25.0

36.1
12.0
25.3

32
33
34

35
36
37

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

76.2
86.7
93.0

81.9
90.6
102.4

48.7
102.8
131.8

38.3
107.3
167.6

40.7
115.8
186.3

31.8
116.8
199.6

23.5
117.7
212.5

21.0
118.8
172.3

1.7
120.4
207.7

12.7
121.7
200.3

9.3
125.3
233.4

35
36
37

38
39
40

Mutual funds
Money market mutual funds
Government-sponsored enterprises

5.9
27.8
31.5

6.3
39.4
39.2

4.7
43.8
85.5

11.8
58.1
104.9

7.9
67.7
158.5

13.7
65.2
170.1

5.3
71.2
181.1

4.7
72.4
207.0

3.6
90.4
219.6

2.5
79.6
234.6

2.8
103.4
243.5

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

82.7
6.4
30.0

106.8
7.3
39.2

123.7
5.6
32.2

135.3
10.5
54.4

134.8
21.2
90.3

157.5
21.5
70.3

160.8
20.4
81.8

148.4
20.0
79.8

167.8
21.1
94.4

161.1
21.5
100.4

155.1
20.8
95.5

41
42
43

-810.3

-1167.5

-1630.7

-1996.0

-2539.2

-2755.0

-2824.4

-3133.2

-3008.0

-3149.6

-3169.7

44

44

Discrepancy

102

Z.1, September 15, 2000

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

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

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

29361.3

32475.3

35347.7

39488.1

43359.1

44239.4

45648.3

45423.5

49177.5

50221.6

49698.8

1

10229.0

10697.3

11191.6

11920.6

12779.7

12961.1

13238.7

13535.8

13834.4

14053.2

14347.9

2

8039.2
7280.7
758.5

8425.6
7630.0
795.6

8846.8
8011.6
835.2

9507.1
8566.5
940.7

10267.4
9210.6
1056.8

10430.9
9360.4
1070.5

10663.1
9571.3
1091.8

10918.3
9811.8
1106.5

11149.4
10037.1
1112.3

11337.1
10214.5
1122.6

11573.7
10439.3
1134.4

3
4
5

79.1
2110.7

83.0
2188.7

85.6
2259.2

89.0
2324.5

93.5
2418.8

94.7
2435.5

95.8
2479.8

96.8
2520.8

98.1
2586.9

100.3
2615.7

102.9
2671.3

6
7

19132.3

21778.0

24156.2

27567.5

30579.4

31278.3

32409.6

31887.7

35343.1

36168.4

35350.9

8

9
10
11
12
13

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

3116.5
18.8
562.8
2186.3
348.5

3309.5
23.4
504.0
2336.9
445.2

3455.7
35.5
443.9
2481.1
495.2

3636.1
37.2
396.7
2631.1
571.2

4023.3
38.3
443.0
2815.8
726.1

4077.9
40.0
440.0
2812.9
785.0

4030.3
41.7
407.7
2826.6
754.3

4079.6
42.7
389.3
2868.6
779.0

4231.5
43.5
411.2
2930.5
846.2

4406.1
47.7
407.0
3025.6
925.9

4389.0
47.7
368.2
3081.4
891.7

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

1952.2
46.7
963.7
800.4
179.9
620.5
163.3
502.2
324.1
115.6

1944.3
48.0
910.2
734.3
185.0
549.4
175.9
458.6
418.0
109.5

2118.3
55.4
1023.3
737.7
187.0
550.7
285.6
436.5
493.6
109.4

2106.4
61.0
904.3
603.5
186.5
417.0
300.8
473.4
558.7
109.0

2061.4
65.2
738.3
472.6
186.6
286.0
265.7
488.8
659.8
109.3

2133.5
66.4
693.6
416.8
186.5
230.2
276.8
504.4
759.9
109.2

2172.2
67.7
680.0
375.0
186.5
188.5
305.1
527.9
787.2
109.4

2235.9
69.1
723.5
357.4
186.2
171.2
366.1
530.0
803.9
109.4

2353.9
70.5
921.3
516.0
186.4
329.6
405.3
542.2
711.1
108.6

2304.6
72.1
863.8
456.7
185.3
271.4
407.1
543.4
715.8
109.5

2319.1
73.7
806.9
353.4
184.6
168.8
453.5
563.4
764.7
110.5

14
15
16
17
18
19
20
21
22
23

24
25
26
27
28
29
30
31

Corporate equities (2)
Mutual fund shares (5)
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business (6)
Miscellaneous assets

3047.4
996.7
109.0
520.3
4980.7
699.4
3433.4
276.9

4081.5
1170.1
127.6
566.2
5812.7
803.0
3671.6
291.7

4717.8
1492.7
162.9
610.6
6548.4
871.7
3876.6
301.4

5810.3
1911.8
215.5
665.0
7817.1
942.5
4151.1
311.7

6514.5
2343.8
276.7
718.3
8912.7
1001.0
4400.8
326.9

6748.2
2454.9
262.3
735.9
9064.9
1012.5
4460.5
327.6

7136.8
2654.8
272.6
749.8
9479.5
1059.8
4523.0
330.9

6857.6
2604.4
285.2
756.2
9150.5
998.3
4582.8
337.2

8542.5
3014.5
318.6
783.9
9999.4
1116.6
4643.5
338.9

8643.2
3246.5
373.0
796.9
10227.4
1135.2
4695.1
340.4

7998.5
3155.9
353.9
802.8
10139.0
1085.0
4764.9
342.7

24
25
26
27
28
29
30
31

4612.6

4982.3

5330.0

5712.6

6220.2

6310.0

6478.5

6647.6

6843.7

6982.6

7132.3

32

4426.7
3070.0
983.9
97.6
40.0
133.7
101.5

4782.9
3252.2
1122.8
98.3
57.4
160.3
91.9

5105.3
3461.6
1211.6
104.9
58.0
172.7
96.6

5442.8
3702.7
1264.1
114.9
66.6
190.7
103.7

5924.6
4072.5
1331.7
126.9
72.9
204.0
116.6

6004.8
4160.1
1319.3
128.9
68.7
207.0
120.8

6147.2
4268.3
1340.4
131.7
71.9
210.6
124.3

6313.3
4392.7
1370.1
134.4
68.5
217.6
130.0

6469.1
4484.6
1426.2
137.3
65.7
218.9
136.6

6541.9
4555.2
1416.2
138.0
69.6
222.8
140.1

6710.9
4676.7
1453.6
141.4
69.8
225.8
143.5

33
34
35
36
37
38
39

75.1
94.0

78.6
103.3

94.4
111.9

131.2
120.0

152.8
125.7

160.7
126.0

184.5
128.2

185.9
129.8

222.4
132.7

287.4
134.5

266.4
136.3

40
41

16.8

17.5

18.3

18.6

17.2

18.5

18.6

18.6

19.4

18.7

18.8

42

24748.7

27493.0

30017.8

33775.5

37138.8

37929.4

39169.9

38775.9

42333.8

43239.0

42566.5

43

5748.2
5459.1
169.6
119.6
572.0

6012.5
5717.7
174.0
120.8
596.2

6352.4
6049.9
178.9
123.7
624.2

6705.7
6394.2
184.4
127.1
663.2

7168.0
6842.5
191.9
133.6
706.6

7283.3
6953.9
194.5
134.9
716.3

7426.6
7093.2
197.1
136.3
723.4

7561.1
7224.5
199.3
137.3
732.9

7676.7
7337.4
201.2
138.0
744.0

7816.8
7472.8
204.3
139.7
757.6

7929.0
7582.5
206.2
140.4
769.7

44
45
46
47
48

5165.5

5422.6

5677.7

5968.2

6320.1

6514.9

6596.3

6664.5

6774.9

6866.4

6962.0

49

479.1

507.0

528.7

565.9

587.6

582.2

593.8

581.8

624.9

629.7

611.4

50

4210.7

4377.8

4550.0

4863.8

5138.1

5200.3

5303.0

5419.1

5552.5

5659.3

5762.5

51

57.8

57.4

56.8

56.8

55.8

55.6

55.4

55.2

55.3

55.4

55.2

52

32

Liabilities

33
34
35
36
37
38
39

Credit market instruments
Home mortgages (7)
Consumer credit
Municipal securities (8)
Bank loans n.e.c.
Other loans and advances
Commercial mortgages (8)

40
41

Security credit
Trade payables (8)
Deferred and unpaid
life insurance premiums

42
43

Net worth

44
45
46
47
48

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

49
50
51
52

Disposable personal income
Household net worth as percentage of
disposable personal income
Owners’ equity in household real
estate (9)
Owners’ equity as percentage of
household real estate (10)

(1) Sector includes farm households.
(2) At market value.
(3) Includes vacant land and vacant homes for sale.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.
(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
(8) Liabilities of nonprofit organizations.
(9) Line 4 less line 34.
(10) Line 51 divided by line 4.

103

Z.1, September 15, 2000

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1995

1996

1997

1998

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

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

10818.1

11646.6

12443.6

13396.8

14472.7

14731.5

15091.2

15327.8

15591.0

15891.7

16314.7

1

6338.7

6685.7

6983.5

7590.1

8249.3

8328.2

8463.8

8567.8

8640.8

8733.8

9058.6

2

3091.4
2240.3
1007.0

3226.4
2389.6
1069.8

3377.6
2515.2
1090.7

3805.2
2644.6
1140.3

4270.2
2799.1
1180.0

4310.3
2833.8
1184.1

4395.4
2870.1
1198.2

4442.1
2900.8
1224.9

4443.6
2948.4
1248.8

4467.4
2997.3
1269.0

4686.0
3080.3
1292.3

3
4
5

4479.4

4960.9

5460.1

5806.7

6223.4

6403.3

6627.5

6760.0

6950.2

7157.9

7256.1

6

14.0
221.6
67.5
52.2
2.2
18.8
70.7
56.7
56.4
86.6
1107.0
31.1
2694.7

15.6
252.9
42.9
77.0
2.4
20.1
80.5
36.8
57.9
85.1
1184.9
45.7
3059.0

26.1
289.8
43.6
86.9
3.9
31.5
75.6
31.0
54.4
77.7
1273.1
59.9
3406.7

21.0
320.5
36.3
110.7
4.6
36.1
34.8
27.4
80.2
78.9
1366.6
69.1
3620.4

21.8
302.5
31.3
155.8
3.3
30.9
35.7
29.7
100.2
74.9
1381.3
91.0
3964.9

25.8
296.2
28.2
161.9
3.7
31.1
36.1
27.7
104.0
67.1
1415.6
95.1
4110.6

23.3
319.3
30.5
162.1
2.6
39.6
35.0
23.0
107.7
68.0
1494.9
101.8
4219.8

24.3
323.9
31.9
169.0
4.5
43.6
34.6
31.3
111.5
67.5
1533.0
94.3
4290.7

24.5
343.1
33.0
191.7
4.2
43.5
33.1
28.6
115.2
80.3
1477.3
113.9
4461.9

26.7
335.4
29.0
193.6
4.8
40.1
33.7
28.6
117.7
72.9
1540.7
117.5
4617.3

26.1
368.9
33.1
191.5
5.4
43.8
37.9
30.5
120.3
72.8
1599.7
121.1
4605.0

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

5627.4

6009.5

6378.6

6628.8

7083.1

7293.4

7505.4

7694.5

7838.7

8074.6

8209.5

20

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

21
22
23
24
25
26
27

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

2696.8
139.2
131.7
1253.0
521.0
421.4
230.5

2925.5
157.4
134.8
1344.1
587.7
453.7
247.9

3107.7
156.4
137.9
1460.4
627.2
472.2
253.7

3372.7
168.6
142.0
1610.9
698.1
520.6
232.5

3788.5
193.0
147.8
1829.6
778.9
567.9
271.4

3970.3
223.9
149.1
1898.1
797.7
607.2
294.3

4071.6
232.4
150.3
1970.0
801.6
600.3
317.2

4207.6
239.3
152.0
2020.7
824.1
605.3
366.2

4302.2
230.3
152.8
2059.5
851.8
616.2
391.6

4457.6
260.8
153.3
2106.0
872.8
655.2
409.6

4617.5
296.8
153.4
2144.5
911.4
681.4
430.1

21
22
23
24
25
26
27

28
29
30

Trade payables
Taxes payable
Miscellaneous liabilities

796.5
40.3
2093.7

877.5
40.3
2166.2

927.0
49.9
2294.0

992.1
59.2
2204.8

977.5
64.1
2253.0

973.2
69.3
2280.6

1012.0
69.8
2352.0

1056.3
72.2
2358.4

1097.0
70.8
2368.7

1109.3
82.6
2425.0

1143.0
79.0
2369.9

28
29
30

31

Net worth (market value)

5190.7

5637.1

6065.0

6768.0

7389.6

7438.1

7585.8

7633.3

7752.3

7817.1

8105.2

31

76.0
2954.7

78.2
3091.5

81.6
3249.1

85.4
3416.1

91.7
3573.9

92.7
3599.0

93.8
3638.9

95.1
3692.2

95.9
3743.1

97.0
3793.7

98.1
3860.5

32
33

4811.9
52.0
56.0
92.7

6435.0
51.9
45.5
114.2

7618.6
51.2
40.8
125.6

9674.2
49.8
34.9
142.9

11457.1
51.3
33.1
155.0

11834.8
53.4
33.5
159.1

12719.4
53.7
32.0
167.7

12199.9
55.1
34.5
159.8

15112.1
55.5
28.5
194.9

15683.0
57.0
28.4
200.6

14853.7
57.0
31.1
183.3

34
35
36
37

9193.0

9940.6

10735.2

11394.2

12129.4

12405.7

12711.9

12950.3

13226.4

13559.6

13791.0

38

4713.6
1854.4
1863.2
996.0

4979.7
1937.3
2010.9
1031.5

5275.1
2044.3
2163.1
1067.7

5587.4
2156.4
2332.1
1099.0

5906.0
2271.5
2520.5
1114.0

6002.5
2296.4
2572.7
1133.4

6084.4
2324.9
2627.0
1132.5

6190.3
2356.0
2684.1
1150.1

6276.2
2385.2
2743.1
1147.9

6401.6
2408.2
2808.2
1185.2

6534.9
2434.8
2878.3
1221.8

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)

3565.6

3931.1

4356.6

4765.4

5046.3

5112.3

5206.4

5255.8

5387.7

5485.0

5581.6

43

44
45
46

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

30.6
1626.7
75.6

32.5
1709.9
74.4

34.0
1810.8
71.3

35.6
1920.4
70.8

37.3
2036.6
75.1

37.8
2059.2
77.7

38.1
2088.1
78.2

38.7
2120.3
80.1

39.2
2149.0
79.9

40.0
2172.3
81.3

40.8
2197.2
82.7

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, September 15, 2000

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

1
2

Change in net worth (1)
Net investment

Q2

2000
Q3

Q4

Q1

Q2

695.9

2744.3

2524.7

3757.8

3363.3

790.6

1240.4

-394.0

3557.9

905.3

-672.6

1

414.2

342.9

396.2

285.1

419.2

96.8

-14.6

74.9

192.7

65.5

-26.6

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

278.9
840.3
561.5

286.4
868.6
582.2

322.1
918.7
596.6

352.6
967.7
615.0

418.5
1055.9
637.4

76.4
243.1
166.7

126.4
296.8
170.4

129.0
304.7
175.7

148.5
324.7
176.2

89.2
269.3
180.2

129.4
313.8
184.4

3
4
5

6
7
8

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

135.4
452.3
317.0

56.5
418.9
362.3

74.1
446.9
372.9

-67.6
311.0
378.5

0.7
507.0
506.3

20.4
109.4
89.0

-141.0
27.2
168.2

-54.1
114.9
169.0

44.2
240.2
196.0

-23.7
115.1
138.8

-156.0
-6.2
149.8

6
7
8

280.7

2496.9

2139.3

3613.3

3070.5

714.2

1268.2

-457.6

3304.9

852.0

-640.2

9

67.9
22.8
-31.6
171.8

228.1
1199.6
105.1
203.6

253.1
883.9
143.8
208.4

466.1
1555.6
161.4
318.2

538.5
1105.5
171.6
296.4

122.6
313.0
57.6
76.1

164.0
487.0
151.8
56.0

179.2
-193.8
-60.6
76.2

162.2
1786.7
400.4
56.4

141.8
262.2
159.7
71.5

171.1
-534.8
-152.0
69.3

10
11
12
13

59.5

661.0

572.7

984.9

852.2

125.2

355.5

-405.7

772.8

188.1

-153.9

14

-9.7

99.6

77.4

127.1

106.5

19.5

53.8

-52.9

126.4

28.8

-40.0

15

-15.5

-45.6

-71.0

-91.0

-98.0

-15.2

-12.5

-12.4

-11.9

-12.7

-4.0

16

-16.5
1.0

-47.2
1.6

-70.7
-0.4

-90.2
-0.8

-97.0
-1.0

-14.9
-0.4

-11.9
-0.6

-11.7
-0.7

-11.4
-0.5

-12.9
0.2

-4.3
0.3

17
18

16.5

-50.0

60.3

-49.6

-28.4

-5.1

-0.6

1.2

72.2

0.4

-1.7

19

24748.7
5165.5

27493.0
5422.6

30017.8
5677.7

33775.5
5968.2

37138.8
6320.1

37929.4
6514.9

39169.9
6596.3

38775.9
6664.5

42333.8
6774.9

43239.0
6866.4

42566.5
6962.0

20
21

9
10
11
12
13
14
15

16
17
18
19

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

20
21

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Consists of 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, September 15, 2000

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
1994

1995

1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

Q2

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)

400.1

446.4

427.9

703.0

621.6

48.5

147.7

47.6

119.0

64.8

288.1

1

181.8

216.7

152.7

29.1

-88.5

11.1

-20.3

19.9

51.8

56.7

16.8

2

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

193.6
593.0
411.9
-12.5
0

242.3
665.9
434.3
-18.3
7.6

217.3
684.7
459.5
3.1
4.8

276.6
783.8
489.7
8.5
8.9

302.8
847.1
523.2
17.0
4.1

77.7
218.2
136.7
3.4
0.4

84.4
221.7
140.2
-3.2
0.3

88.6
228.0
143.8
-5.3
0.9

97.9
239.1
145.0
-4.0
0.1

97.9
241.8
148.4
-4.6
0.1

109.4
258.6
152.2
-3.2
0.3

3
4
5
6
7

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

33.2
274.8
241.6

32.7
423.6
390.8

4.8
403.3
398.5

-133.1
150.3
283.5

-124.3
347.1
471.5

-53.6
166.8
220.3

-20.2
196.0
216.1

-36.6
159.8
196.5

-32.4
125.8
158.2

-57.0
193.2
250.2

-30.6
118.0
148.6

8
9
10

Corporate equity issues

-44.9

-58.3

-69.5

-114.4

-267.0

-13.0

-84.6

-32.1

-13.8

15.7

-62.0

11

131.1
131.9
-0.8

95.1
85.2
10.0

91.5
80.6
10.9

379.1
361.6
17.5

423.6
409.0
14.6

25.2
20.6
4.6

69.1
62.0
7.1

25.2
32.2
-7.0

3.9
-16.2
20.1

8.2
4.2
4.0

204.1
199.9
4.1

12
13
14

Net investment flow

12
13
14

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

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.

30.6
26.5
10.8
-0.1
6.7

29.1
17.2
4.4
2.8
-4.7

20.0
-7.5
2.9
7.7
-16.9

-11.7
-33.7
1.1
-23.9
-44.8

28.5
-33.9
-15.9
-4.3
-82.6

-21.3
-17.5
-3.7
0
0.1

-10.2
-17.9
7.7
0
-0.0

-15.0
-26.4
11.4
0
0.0

37.5
-11.4
2.8
-25.2
-71.4

-8.3
-16.2
7.9
0
0

14.7
12.0
2.7
0
0.0

15
16
17
18
19

20

Other factors (4)

56.5

105.5

163.8

306.5

258.1

33.5

109.1

17.6

25.8

8.2

52.6

20

5190.7

5637.1

6065.0

6768.0

7389.6

7438.1

7585.8

7633.3

7752.3

7817.1

8105.2

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

280.9

365.5

425.5

408.8

281.0

66.0

94.1

49.4

131.9

97.2

96.6

22

181.8

216.7

152.7

29.1

-88.5

11.1

-20.3

19.9

51.8

56.7

16.8

23

24
25
26
27
28

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

193.6
593.0
411.9
-12.5
0

242.3
665.9
434.3
-18.3
7.6

217.3
684.7
459.5
3.1
4.8

276.6
783.8
489.7
8.5
8.9

302.8
847.1
523.2
17.0
4.1

77.7
218.2
136.7
3.4
0.4

84.4
221.7
140.2
-3.2
0.3

88.6
228.0
143.8
-5.3
0.9

97.9
239.1
145.0
-4.0
0.1

97.9
241.8
148.4
-4.6
0.1

109.4
258.6
152.2
-3.2
0.3

24
25
26
27
28

29
30
31

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

33.2
274.8
241.6

32.7
423.6
390.8

4.8
403.3
398.5

-133.1
150.3
283.5

-124.3
347.1
471.5

-53.6
166.8
220.3

-20.2
196.0
216.1

-36.6
159.8
196.5

-32.4
125.8
158.2

-57.0
193.2
250.2

-30.6
118.0
148.6

29
30
31

32

Corporate equity issues

-44.9

-58.3

-69.5

-114.4

-267.0

-13.0

-84.6

-32.1

-13.8

15.7

-62.0

32

33

Valuation adjustment on
reproducible assets (6)

-18.9

-43.0

8.1

-29.9

-45.8

-1.0

-21.4

-0.6

-31.6

7.8

0.5

33

34

Holding gains on mutual fund shares (2)

-0.8

10.0

10.9

17.5

14.6

4.6

7.1

-7.0

20.1

4.0

4.1

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.

-6.7
-0.1
6.7

7.4
2.8
-4.7

24.6
7.7
-16.9

20.9
-23.9
-44.8

78.3
-4.3
-82.6

-0.1
0
0.1

0.0
0
-0.0

-0.0
0
0.0

46.1
-25.2
-71.4

0
0
0

-0.0
0
0.0

35
36
37

125.5

174.4

229.2

371.2

322.5

51.4

128.7

37.1

45.5

28.8

75.1

38

3565.6

3931.1

4356.6

4765.4

5046.3

5112.3

5206.4

5255.8

5387.7

5485.0

5581.6

39

38

Other factors (4)
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, September 15, 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, September 15, 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, September 15, 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

1999
Q1

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

Q2

2000
Q3

Q4

Q1

Q2

2117.1

2269.1

2440.0

2617.2

2788.0

2706.4

2749.2

2806.7

2889.8

2972.9

3028.9

1

778.4
211.0
594.6
533.2

869.7
223.7
620.0
555.8

968.8
237.2
646.2
587.8

1070.9
244.6
679.5
622.1

1152.0
255.9
718.1
662.0

1113.2
247.8
697.2
648.2

1133.4
250.8
708.0
657.0

1164.0
254.2
721.6
666.9

1197.4
270.8
745.5
676.1

1239.4
286.3
756.0
691.2

1271.6
292.9
763.5
700.9

2
3
4
5

Current expenditures, NIPA basis

2293.8

2384.6

2462.4

2526.5

2613.5

2568.7

2593.6

2611.9

2679.8

2684.9

2736.9

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

1223.3
945.0
275.3
0.3
19.1
0.0

1262.1
965.1
278.2
0.4
21.5
0.0

1325.7
998.0
261.8
0.4
28.4
0.0

1296.6
984.0
265.6
0.4
22.9
0.0

1307.4
992.5
264.4
0.4
29.7
0.0

1334.4
999.5
258.9
0.4
19.5
0.0

1364.4
1016.2
258.2
0.4
41.4
0.0

1376.2
1024.8
260.8
0.4
23.5
0.0

1410.4
1044.8
257.5
0.4
24.6
0.0

7
8
9
10
11
12

13

Current surplus or deficit (-), NIPA basis

-176.6

-115.5

-22.4

90.7

174.5

137.7

155.6

194.8

210.0

288.0

292.0

13

14
15

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

168.2
3.6

174.3
3.4

181.0
3.4

188.0
4.4

199.6
3.8

194.6
3.2

197.8
4.7

201.1
2.6

204.9
4.8

209.9
-0.3

214.8
2.6

14
15

16

= Gross saving

-12.1

55.4

155.2

274.3

370.3

329.1

348.7

393.3

410.1

498.2

504.2

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

32.3

126.7

329.1

424.6

412.2

407.4

403.2

475.7

372.8

701.5

17

238.2
-7.6

250.2
-4.8

264.7
-8.9

278.9
-4.1

308.7
-1.7

298.9
-1.7

303.5
-1.3

308.1
-3.6

324.4
-0.4

334.3
-0.4

332.6
-1.2

18
19

-182.0

-213.0

-129.0

54.3

117.6

114.9

105.2

98.6

151.7

38.9

370.1

20

44.3

41.3

33.1

115.7

167.6

149.8

111.5

155.8

253.5

-62.7

51.7

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

-7.1
70.0
11.6
5.0

-9.2
33.9
-5.5
32.0

-4.8
25.8
3.7
-11.1

-8.1
67.4
17.9
11.5

-6.2
153.1
30.4
-12.5

1.9
-171.7
-19.2
51.3

-8.3
-43.6
22.8
10.6

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

116.8
28.0
63.6
-1.4
10.2
3.3
13.2

52.0
1.9
28.5
-1.5
12.6
4.2
6.2

134.5
16.0
92.0
-1.6
7.2
2.9
18.1

71.3
4.9
37.3
-1.1
19.3
3.9
7.0

-10.3
-2.9
-37.3
-1.7
15.9
5.9
9.8

12.6
-10.3
22.0
-1.5
8.1
4.3
-10.0

46.6
6.9
23.1
-1.7
6.1
0.6
11.7

60.8
17.5
26.9
1.6
4.7
4.7
5.5

26
27
28
29
30
31
32

12.1
5.9

14.5
6.0

16.8
-7.4

9.4
-12.3

3.5
4.3

-25.9
-4.1

-4.6
8.6

27.6
6.3

16.9
6.3

4.4
-10.7

-19.2
-9.4

33
34

-1.6
-14.9
40.8

0.9
-6.9
-11.2

-3.2
-12.3
-1.6

1.5
-1.8
-4.5

4.6
12.5
11.2

2.0
7.0
-14.8

5.2
22.3
-5.0

5.5
-2.6
40.6

5.7
23.2
24.2

3.2
14.8
16.7

4.7
25.0
8.3

35
36
37

226.3

254.3

162.2

61.4

50.0

34.9

6.3

57.1

101.9

-101.6

-318.4

38

2.2
0.6

-0.5
0.1

-0.5
-0.0

0.0
-0.0

-3.0
-0.0

-4.0
0.0

0.0
2.1

-4.0
2.0

-4.0
-4.1

0.0
2.2

-8.0
-2.3

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

-16.0
-0.2
-68.3
-0.2
52.7
0.0

-18.6
0.5
-97.1
-1.5
79.5
0.0

-71.4
0.2
-115.7
0.6
43.5
0.0

1.9
-0.5
-50.3
0.0
52.6
0.0

24.1
-0.9
-10.2
0.0
35.2
0.0

-173.7
-3.6
-173.4
-2.1
5.4
0.0

-377.8
-2.2
-399.9
1.8
22.4
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

31.6
55.7
-3.2

22.4
42.0
0.2

27.5
42.5
-5.1

29.4
42.5
-2.8

26.1
40.6
-9.2

28.0
42.3
5.3

29.9
41.4
-14.1

33.4
45.8
6.6

36.5
41.0
-7.6

20.5
43.7
5.4

47
48
49

-60.6

23.1

28.5

-54.8

-54.3

-83.1

-58.7

-9.9

-65.6

125.4

-197.3

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, September 15, 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

1999

2000

Q1

Q2

Q3

Q4

Q1

Q2

1136.2

1181.7

1221.7

1342.5

1551.4

1398.6

1422.9

1503.2

1551.4

1554.0

1567.3

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

44.5
120.1
107.5
163.5

48.2
56.5
96.4
166.5

45.9
88.3
94.3
163.8

46.4
90.1
98.7
166.6

44.5
120.1
107.5
163.5

44.0
75.7
104.4
176.4

41.5
89.6
107.1
179.0

2
3
4
5

6

Credit market instruments

546.5

537.9

562.2

679.1

764.3

712.8

730.6

760.9

764.3

775.9

791.1

6

39.4
151.5
5.1
39.0
171.6
140.0

59.7
116.2
4.6
49.7
167.9
139.8

74.0
115.4
3.9
51.0
167.1
150.8

102.0
179.0
2.5
61.2
170.3
164.1

103.9
207.5
1.0
73.8
207.5
170.5

106.0
202.0
2.1
63.0
171.1
168.6

107.2
211.3
1.8
67.8
172.0
170.4

106.5
202.0
1.4
71.8
206.4
172.8

103.9
207.5
1.0
73.8
207.5
170.5

105.6
213.3
0.6
75.3
207.6
173.4

110.0
220.0
1.0
76.5
208.8
174.8

7
8
9
10
11
12

26.2
35.0

46.8
41.0

79.0
33.6

102.0
21.3

115.0
25.6

96.9
20.3

102.9
22.4

101.0
24.0

115.0
25.6

115.7
22.9

110.0
20.5

13
14

23.1
45.2
172.3

24.0
46.8
151.4

20.8
46.9
130.5

22.3
49.5
111.4

26.8
72.0
112.2

23.8
69.0
108.1

24.5
50.2
99.9

25.7
71.1
118.6

26.8
72.0
112.2

28.8
91.4
118.9

29.3
77.0
122.2

15
16
17

5546.4

5804.6

5965.9

6032.5

6085.2

6055.9

5975.7

5990.6

6085.2

6072.2

5906.9

18

10.2
18.2

9.7
18.3

9.2
18.3

9.2
18.3

6.2
18.3

8.2
18.3

8.2
18.8

7.2
19.3

6.2
18.3

6.2
18.8

4.2
18.1

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

4656.6
186.4
3199.5
28.3
1242.4
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

4656.6
186.4
3199.5
28.3
1242.4
0.0

4644.2
185.3
3183.3
27.8
1247.9
0.0

4464.4
184.6
2994.8
28.2
1256.7
0.0

21
22
23
24
25
26

567.8
536.2
6.7

599.3
591.9
7.3

621.8
634.0
6.6

649.2
676.5
6.7

678.6
719.0
6.6

656.2
666.3
6.7

664.3
677.1
6.7

672.1
691.9
6.7

678.6
719.0
6.6

688.1
708.2
6.6

694.4
719.2
6.5

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, September 15, 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

22.3

23.9

-3.2

27.5

11.8

47.8

47.4

-27.0

-52.0

-4.2

-11.9

2.8

1

2
3
4
5

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

1.9
-3.5
0.0
1.6

-1.0
9.6
0.0
0.3

-0.5
-5.5
0.0
-1.7

-0.1
5.5
0.0
1.8

0.0
-9.1
0.0
-1.1

-0.0
6.4
0.0
-0.0

0.8
13.1
0.0
-4.2

0.3
4.8
0.0
-0.2

0.2
11.5
0.0
2.7

0.9
3.6
0.0
-0.2

0.1
0.6
0.0
-0.3

0.9
5.3
0.0
1.1

2
3
4
5

6

Credit market instruments

28.3

41.6

32.0

12.8

17.1

22.9

37.7

24.3

-9.4

20.3

44.7

53.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-3.9
15.2
1.7
13.5

-2.5
29.7
7.9
21.8

-1.7
21.1
0.6
20.5

1.8
3.9
-8.9
12.8

-1.1
0.4
-11.0
11.5

-0.0
10.4
-5.6
15.9

-4.2
41.2
10.2
31.0

-0.2
6.8
2.0
4.8

2.7
-15.4
-4.6
-10.8

-0.2
9.6
2.9
6.7

-0.3
32.7
11.3
21.4

1.1
41.5
12.4
29.0

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

11.2
5.9

8.8
5.6

11.2
1.5

13.8
-6.8

20.8
-3.1

14.0
-1.4

4.4
-3.7

17.6
0.2

3.1
0.2

10.6
0.3

11.2
1.1

10.3
0.9

11
12

-0.4
-0.6

-22.4
0.0

0.2
0.4

2.0
1.4

8.7
2.3

6.8
4.4

-3.8
3.7

-51.1
1.9

-65.4
-1.6

-32.3
1.3

-59.5
1.8

-65.8
2.4

13
14

-5.1
-15.2
-0.3
10.4

-4.2
-1.9
4.4
-6.8

-28.0
-6.2
2.8
-24.6

4.1
-2.2
8.2
-1.9

-6.1
-5.0
5.6
-6.7

7.3
-0.6
7.4
0.6

0.1
-5.1
6.2
-1.0

-6.9
-6.0
-0.3
-0.6

10.0
2.3
-0.3
8.0

2.2
2.7
0.0
-0.6

0.7
1.6
0.0
-0.9

5.2
1.8
0.0
3.4

15
16
17
18

13
14

Corporate equities
Mutual fund shares

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

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

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

Net acquisition of financial assets

46.7

38.7

32.2

66.3

56.6

56.2

45.2

70.5

75.5

93.8

71.3

78.8

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
0.9

0.1
-6.3
5.3
-2.0

0.4
-0.2
6.0
0.2

0.5
-5.0
10.8
0.2

1.2
2.7
18.1
0.0

0.2
1.0
2.4
1.2

1.1
-12.2
18.0
-0.7

2
3
4
5

6

Credit market instruments

-4.7

12.2

14.1

15.2

11.9

16.3

7.3

-4.2

3.6

-0.8

13.2

3.7

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-2.2
0.5
-0.3
0.9

1.8
6.0
4.0
2.0

1.3
3.9
1.8
2.1

1.4
6.2
6.1
0.0

0.9
4.3
5.2
-0.9

0.7
2.0
3.8
-1.8

-2.0
19.9
9.9
10.0

0.7
-1.4
0.6
-2.0

1.2
2.1
1.9
0.2

0.3
-0.6
0.3
-0.9

3.1
5.8
4.0
1.9

2.6
2.7
1.0
1.6

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

-5.7
2.6

3.4
1.0

8.7
0.1

7.6
0.1

7.3
-0.6

13.8
-0.2

-9.2
-1.4

-3.9
0.5

-0.2
0.5

-1.4
0.8

3.2
1.0

-2.9
1.3

11
12

7.2
0.1

-11.5
5.1

0.7
6.2

11.3
9.8

28.8
13.0

15.1
22.4

5.8
20.1

-6.3
43.2

-4.0
44.7

10.8
35.6

-9.3
30.6

15.9
38.4

13
14

26.2
17.0
-0.9
10.1

9.7
14.2
2.8
-7.3

9.9
15.9
3.2
-9.2

27.3
23.0
3.9
0.4

8.8
10.6
4.4
-6.2

4.6
12.9
4.9
-13.2

15.0
8.9
5.5
0.6

31.5
22.6
4.4
4.5

24.6
16.0
4.3
4.2

26.3
19.5
1.7
5.1

32.0
20.8
1.8
9.4

14.5
12.4
0.9
1.2

15
16
17
18

13
14

Corporate equities
Mutual fund shares

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

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

111

Z.1, September 15, 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

Corporate and foreign bonds
Mortgages

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

812.8

921.5

899.9

1051.7

1079.9

1195.1

1278.1

1462.9

1557.1

1767.3

1952.3

2241.2

1

2.5
47.3
0.0
16.5

1.6
56.9
0.0
16.8

1.0
51.3
0.0
15.0

1.0
56.8
0.0
16.9

1.0
47.6
0.0
15.8

1.0
54.1
0.0
15.8

1.8
67.1
0.0
11.6

2.1
71.9
0.0
11.4

2.3
83.4
0.0
14.1

3.2
87.0
0.0
13.9

3.3
87.6
0.0
13.6

4.2
92.9
0.0
14.7

2
3
4
5

276.4

318.0

349.9

362.7

379.8

402.7

440.5

464.8

455.4

475.8

520.5

574.2

6

19.2
154.3
85.1
69.2

16.8
184.0
93.0
91.0

15.0
205.1
93.6
111.5

16.9
209.0
84.7
124.3

15.8
209.4
73.7
135.8

15.8
219.8
68.1
151.7

11.6
261.0
78.3
182.7

11.4
267.8
80.3
187.5

14.1
252.4
75.7
176.7

13.9
262.0
78.6
183.4

13.6
294.7
89.9
204.8

14.7
336.2
102.4
233.8

7
8
9
10

90.2
12.6

99.0
18.2

110.1
19.7

123.9
13.0

144.7
9.9

158.7
8.5

163.2
4.7

180.7
4.9

183.9
5.1

194.5
5.4

205.7
6.4

216.0
7.4

11
12

13
14

Corporate equities
Mutual fund shares

300.6
6.5

358.9
6.8

341.4
6.8

458.6
11.4

484.5
15.6

555.6
22.3

559.9
39.0

699.6
54.8

763.8
63.5

922.0
80.9

1036.2
98.8

1219.6
126.3

13
14

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

163.0
78.2
9.7
75.2

162.7
80.1
14.1
68.4

134.3
73.6
16.9
43.8

144.3
77.3
25.1
41.9

135.5
69.6
30.7
35.2

143.5
69.7
38.0
35.8

158.2
79.2
44.2
34.8

158.3
80.3
43.9
34.2

174.7
88.9
43.6
42.2

184.5
99.3
43.6
41.6

192.4
108.1
43.6
40.7

209.4
121.7
43.6
44.1

15
16
17
18

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

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

Total financial assets

594.7

712.8

734.6

888.0

971.5

1108.4

1183.3

1437.7

1660.0

2096.6

2432.7

2718.1

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
12.6

2.3
35.0
31.6
10.6

2.7
34.7
37.5
10.7

3.2
29.7
48.4
10.9

4.4
32.5
66.4
10.9

4.6
33.5
68.9
12.1

5.8
21.3
86.9
11.4

2
3
4
5

6

Credit market instruments

95.5

107.6

121.7

136.9

148.8

165.2

172.4

168.3

171.9

171.0

184.2

187.9

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

8.2
47.8
30.3
17.5

10.0
53.8
34.3
19.5

11.3
57.7
36.1
21.6

12.7
63.9
42.2
21.7

13.6
68.2
47.5
20.7

14.3
70.2
51.2
18.9

12.3
90.0
61.1
28.9

13.0
88.6
61.7
26.9

14.3
90.7
63.6
27.1

14.6
90.1
63.9
26.2

17.7
96.0
67.9
28.1

20.3
98.6
68.9
29.7

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

35.4
4.0

38.8
5.1

47.5
5.2

55.1
5.3

62.4
4.7

76.2
4.5

67.0
3.1

63.1
3.6

62.9
4.0

61.5
4.8

64.8
5.8

61.9
7.1

11
12

13
14

Corporate equities
Mutual fund shares

214.6
16.9

276.6
26.2

264.8
33.7

348.6
55.0

391.5
80.6

463.0
119.9

459.9
166.9

579.0
260.8

669.1
351.2

889.6
502.5

1042.8
622.4

1187.6
727.6

13
14

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

204.8
108.7
9.3
86.7

216.1
124.6
12.2
79.4

226.8
141.2
15.4
70.2

257.1
167.2
19.3
70.6

266.1
178.0
23.7
64.4

278.0
198.2
28.6
51.3

304.7
218.7
34.1
51.9

344.0
249.2
38.5
56.4

375.6
272.2
42.8
60.6

419.2
309.0
44.6
65.7

464.3
342.8
46.4
75.1

489.6
366.0
47.3
76.4

15
16
17
18

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

112

Flow of Funds Matrix for 1999

Z.1, September 15, 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)

----

1058.3
689.0
369.3

----

969.4
728.9
240.5

----

156.8
106.8
50.0

----

213.5
92.8
120.7

----

2398.1
1617.5
780.6

----

313.1
-313.1

----

75.6
86.8
-11.2

----

2786.8
1704.3
1082.5

----

2473.6
1704.3
769.4

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.

1038.8
1169.3
761.3
349.4
58.7
---

--------

928.4
1101.0
-52.7
1003.3
43.3
1.7

--------

216.9
210.9
--210.9
---

--------

207.7
96.1
--97.9
--1.7

--------

2391.8
2577.4
761.3
402.2
1370.7
43.3
0.0

--------

319.9
-------

--------

203.9
142.7
-1.6
141.1
---

--------

2915.5
2720.1
761.3
403.8
1511.8
43.3
--

--------

-128.7
66.7
------

2400.2
2720.1
761.3
403.8
1511.8
43.3
--

11
12
13

Net financial investment
Financial uses
Financial sources

-130.6
491.7
--

--622.2

-172.7
725.8
--

--898.5

6.1
87.5
--

--81.4

111.6
77.3
--

---34.3

-185.6
1382.3
--

--1567.9

319.9
714.0
--

--394.1

61.1
2569.0
--

--2507.8

195.4
4665.2
--

--4469.8

-195.4
-195.4
--

-319.9
394.1
714.0

14
15
16
17
18
19
20
21
22

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

---5.2
--31.8
114.7
120.1
--

----------

---2.6
-48.8
13.7
36.3
0.9

----------

-----3.9
10.9
-5.0

----------

-7.1
----66.2
0.7
---

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

-7.1
--7.8
-87.0
140.0
156.4
5.9

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

-0.0
----7.8
40.0
15.0
-14.8

-8.7
--86.5
------

-1.6
-3.0
1.7
12.2
20.5
32.6
20.3
92.7
118.9

----16.3
151.4
175.3
249.1
171.7

-8.7
-3.0
1.7
20.1
12.7
159.6
175.3
249.1
139.6

-8.7
-3.0
-0.0
86.5
16.3
151.4
175.3
249.1
171.7

---1.7
66.4
3.5
-8.2
--32.1

----------

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

222.4
5.3
-27.4
139.0
53.4
52.6
---0.6
--

543.4
---10.4
--7.2
14.6
431.2
94.4

30.8
12.6
-3.9
1.8
-1.1
---16.0
5.4

596.5
37.4
--5.1
229.9
90.0
57.0
177.2
--

43.4
1.9
-2.5
28.5
-1.5
12.6
--4.3
--

52.3
---52.7
---0.4
---

5.8
--0.0
---5.9
-0.1
--

-71.2
--71.0
-0.2
----0.0
--

302.3
19.8
-33.8
169.4
50.9
65.2
-5.9
19.6
5.4

1121.0
37.4
-71.0
-0.2
68.2
229.9
82.7
71.2
608.4
94.4

210.6
-13.1
-8.3
94.1
-160.6
--22.7
---

25.3
16.3
---14.2
0.5
-5.7
---

1721.2
223.1
-28.9
328.3
17.3
240.0
68.9
189.5
594.0
89.0

1087.9
176.2
-592.0
-221.8
-14.3
107.1
5.1
--

2234.2
229.9
-71.0
591.8
68.2
465.9
68.9
172.6
613.5
94.4

2234.2
229.9
-71.0
591.8
68.2
465.9
68.9
172.6
613.5
94.4

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-365.0
121.4
-42.0

--7.1
69.7

--1.8
112.6
--

-143.5
-129.6
--

3.5
4.3
---

--29.1
--

--4.6
--

--0.3
--

-361.5
123.9
117.2
42.0

-143.5
-166.1
69.7

98.1
--7.9
0.0

114.4
-4.3
0.0

231.6
64.5
23.1
51.6

-2.7
188.3
11.8
23.9

-31.8
188.3
132.4
93.5

-31.8
188.3
182.2
93.5

--49.8
--

-----

37
38
39
40
41
42

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

50.8
253.7
--31.1
-22.1
11.6

-----2.1

-----481.9

--8.8
--29.2
336.3

--4.4
--12.1

-------

--8.1
---0.9

1.4
41.1
----2.8

50.8
253.7
12.5
-31.1
-22.1
504.7

1.4
41.1
8.8
--29.2
335.6

-----351.3

-----172.3

-----182.5

49.4
212.5
6.6
-31.1
7.1
190.4

50.8
253.7
12.5
-31.1
-22.1
1038.5

50.8
253.7
15.4
-31.1
-22.1
698.3

--3.0
---340.2

-------

43

Sector discrepancies (1 less 4)

19.6

--

41.0

--

-60.2

--

5.8

--

6.3

--

-6.8

--

-128.3

--

-128.7

--

-128.7

73.4

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, September 15, 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

35343.1
---

-6843.7
6843.7

8042.1
---

-29668.8
9913.5

1267.8
---

-1860.7
1860.7

560.1
---

-4501.1
4501.1

45213.2
---

-42874.3
23119.0

6344.3
---

-5056.6
3030.0

36159.8
---

-37854.5
35416.7

87717.2
---

-85785.5
61565.7

-1931.7
---

4
5
6
7
8
9
10

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

-----43.5
--

--------

-----24.5
--

--------

--------

--------

10.4
18.0
16.0
-----

---6.2
18.3
---

10.4
18.0
16.0
--68.0
--

---6.2
18.3
---

------138.1

-18.0
32.2
--725.8
--

11.0
-0.1
16.1
6.2
28.0
42.9
90.6

------203.2

21.4
18.0
32.2
6.2
28.0
110.9
228.7

-18.0
32.2
6.2
18.3
725.8
203.2

-21.4
----9.7
614.9
-25.5

11
12
13
14

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

411.2
2930.5
846.2
--

-----

496.9
164.6
198.7
4.2

-----

32.1
102.1
-163.5

-----

87.9
5.4
---

-----

1028.1
3202.6
1044.9
167.7

-----

298.3
101.6
-86.8

-----

145.8
303.1
533.9
561.6

1484.8
3607.3
1578.8
1085.4

1472.3
3607.3
1578.8
816.2

1484.8
3607.3
1578.8
1085.4

12.5
--269.3

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

2353.9
70.5
516.0
405.3
542.2
711.1
--108.6
--

6469.1
---137.3
-65.7
218.9
4621.2
1426.2

338.2
43.5
34.7
12.9
28.6
---138.2
80.3

6043.3
230.3
--152.8
2059.5
1165.8
756.7
1678.2
--

782.8
103.9
266.8
207.5
1.0
73.8
--129.8
--

1252.1
---1242.4
--9.7
---

258.0
--0.0
---180.3
77.7
--

3681.0
-3652.8
28.3
----0.0
--

3732.9
217.9
817.5
625.7
571.9
784.9
-180.3
454.3
80.3

17445.6
230.3
3652.8
28.3
1532.5
2059.5
1231.5
985.3
6299.4
1426.2

2678.0
102.3
1238.9
396.6
-820.6
-119.5
---

676.9
89.2
---476.7
59.4
51.7
---

19318.6
1082.2
1596.3
2890.0
960.6
3005.2
1383.8
1132.9
5921.8
1345.8

7607.0
1082.9
-3884.0
-2074.6
92.9
395.8
76.7
--

25729.5
1402.4
3652.8
3912.3
1532.5
4610.8
1383.8
1432.7
6376.1
1426.2

25729.5
1402.4
3652.8
3912.3
1532.5
4610.8
1383.8
1432.7
6376.1
1426.2

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

8542.5
3014.5
-318.6

--132.7
222.4

-113.9
1687.3
--

15112.1
-1259.9
--

115.0
25.6
---

--608.6
--

--26.8
--

--70.0
--

8657.5
3154.0
1714.2
318.6

15112.1
-2071.2
222.4

1523.3
-46.0
0.0

2026.6
-50.6
0.0

9395.5
1399.3
250.6
347.2

2437.5
4553.4
30.8
443.4

19576.3
4553.4
2010.8
665.9

19576.3
4553.4
2152.6
665.9

--141.7
--

29
30
31
32
33
34

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

783.9
9999.4
-1116.6
4643.5
338.9

-----19.4

-----5013.8

--112.5
-4643.2
2497.9

--33.5
--13.1

-------

--38.5
--99.1

35.0
684.0
---6.6

783.9
9999.4
72.0
1116.6
4643.5
5464.9

35.0
684.0
112.5
-4643.2
2523.8

-----1472.1

-----1526.6

-----3709.2

748.9
9315.3
54.0
1116.6
0.2
3587.8

783.9
9999.4
72.0
1116.6
4643.5
10646.2

783.9
9999.4
166.4
1116.6
4643.5
7638.2

--94.5
---3008.0

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, September 15, 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

23597.3

24305.4

25889.3

26938.7

28343.1

29361.3

32475.3

35347.7

39488.1

43359.1

49177.5

1

2

Tangible assets

9124.4

9326.3

9447.3

9686.8

9908.4

10229.0

10697.3

11191.6

11920.6

12779.7

13834.4

2

3

Financial assets

14473.0

14979.1

16442.0

17251.9

18434.6

19132.3

21778.0

24156.2

27567.5

30579.4

35343.1

3

4
5

Deposits
Credit market instruments

3199.5
1297.2

3253.3
1518.3

3251.1
1634.4

3228.4
1684.8

3156.5
1672.8

3116.5
1952.2

3309.5
1944.3

3455.7
2118.3

3636.1
2106.4

4023.3
2061.4

4231.5
2353.9

4
5

6

Equity shares at market value

2740.9

2527.2

3521.6

3942.1

4569.2

4503.0

6044.7

7275.2

9260.3

10706.8

13902.6

6

1957.3

1795.3

2554.7

2852.0

3215.9

3047.4

4081.5

4717.8

5810.3

6514.5

8542.5

7

783.5
231.9
67.2
287.8
196.7

731.9
214.1
65.0
277.7
175.1

966.9
271.7
95.6
370.7
229.0

1090.1
268.7
111.7
424.1
285.7

1353.3
262.0
149.3
516.0
426.0

1455.7
263.6
173.4
540.0
478.7

1963.2
365.2
227.5
723.3
647.3

2557.4
433.2
297.9
889.5
936.8

3450.0
536.7
393.4
1228.9
1291.0

4192.3
583.6
505.0
1475.2
1628.5

5360.1
700.6
677.7
1730.9
2250.9

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

7235.4

7680.4

8035.0

8396.6

9036.1

9560.7

10479.5

11307.0

12564.7

13787.9

14855.2

13

14

Liabilities

3397.3

3678.5

3871.5

4045.0

4290.2

4612.6

4982.3

5330.0

5712.6

6220.2

6843.7

14

Net worth

20200.0

20626.9

22017.8

22893.7

24052.9

24748.7

27493.0

30017.8

33775.5

37138.8

42333.8

15

10.4
16.9

13.6
21.4

14.6
22.9

16.1
24.8

15.3
23.5

18.6
27.8

20.6
30.1

23.5
33.6

24.7
35.0

28.3
39.3

16
17

15

16
17

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

11.6
18.9

(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.