For use at 12:00 p.m.

, eastern time
Friday
December 7, 2001

FEDERAL RESERVE statistical release
Z.1

Flow of Funds Accounts
of the United States
Flows and Outstandings
Third Quarter 2001

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

Flow of Funds Summary Statistics
Third Quarter 2001

Domestic nonfinancial debt grew at a
seasonally adjusted annual rate of 6-3/4 percent in the
third quarter of 2001, faster than in the first half of the
year. Increased borrowing by the federal government
more than offset a reduction in borrowing by the
nonfederal sectors.
Federal government debt rose at a 7-3/4
percent annual rate in the third quarter, the first
quarter that federal debt has grown since 1997.
However, even with the expansion in the third quarter,
federal debt was $65 billion less than at the beginning
of this year and about $510 billion below the peak in
early 1998.
Household debt increased at about an 8-1/4
percent annual rate in the third quarter. Growth of

home mortgage debt slowed but still grew at a robust
9-3/4 percent pace. Consumer credit decelerated
further to a 1-1/4 percent rate, the slowest rate since
1992. In the nonfinancial business sector, debt growth
declined to about a 5-1/4 percent rate. Net borrowing
in the bond market decreased markedly and
commercial paper outstanding and bank loans to
businesses continued to contract. State and local
government debt slowed to a 3-1/4 percent rate, as the
issuance of advance-refunding bonds and borrowing
for new capital projects were reduced.
The level of domestic nonfinancial debt
outstanding was $19.1 trillion at the end of the third
quarter. Debt of nonfederal sectors was $15.8 trillion,
and federal debt was $3.4 trillion.

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.

1994
1995
1996
1997
1998
1999
2000

4.5
5.4
5.4
5.6
6.9
6.8
5.0

4.7
4.1
4.0
0.6
-1.4
-1.9
-8.0

4.5
5.9
5.8
7.3
9.6
9.3
8.5

7.4
7.4
7.0
6.4
8.4
8.6
8.5

3.7
7.2
6.2
9.0
11.6
11.3
9.9

-4.0
-4.6
-0.6
5.3
7.2
4.4
2.2

2000:Q1
:Q2
:Q3
:Q4

5.5
5.5
4.4
4.3

-5.9
-11.3
-6.4
-9.6

8.5
9.9
7.1
7.5

8.1
9.4
8.1
7.4

10.6
12.2
7.0
8.4

1.0
1.5
1.9
4.2

2001:Q1
:Q2
:Q3

5.5
5.5
6.8

-0.1
-7.6
7.7

6.8
8.4
6.6

7.8
9.3
8.3

5.4
7.5
5.3

8.1
8.3
3.2

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, Third Quarter 2001

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

Net Capital Transfers

F.9

14

Derivation of Measures of Personal Saving

F.10

15

L.10

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 and Exchange-Traded 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.11

57

Instrument Discrepancies

F.12

57

Balance
Sheet
Table
Page

Table

Page

Households and Nonprofit Organizations

B.100

102

R.100

105

Nonfarm Nonfinancial Corporate Business

B.102

103

R.102

106

Title

Reconciliation

Balance Sheet and Reconciliation Tables

Nonfarm Noncorporate Business

B.103

104

R.10 3

107

Flows
Table
Page

Levels
Table
Page

Nonprofit Organizations

F.100.a

108

L.100.a

109

Consolidated Statement for Federal, State, and Local Governments

F.106.c

110

L.106.c

111

Private Pension Funds: Defined Benefit Plans

F.119.b

112

L.119.b

113

Private Pension Funds: Defined Contribution Plans

F.119.c

112

L.119.c

113

Individual Retirement Accounts (IRAs)

F.225.i

112

L.225.i

113

Title

Supplementary Tables

Flow of Funds Matrix for 2000
Balance Sheet of Households and Nonprofit Organizations
with Equity Detail

114

115

B.100.e

116

1

Flow of Funds Accounts, Third Quarter 2001
This publication presents the flow of funds
accounts for 2001:Q3.
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.
Balance sheet and reconciliation tables for
the nonfarm noncorporate business sector (tables
B.103 and R.103) have been added. Published data
are available beginning in 1945.
2.
Exchange-traded funds (ETFs) are now shown
on tables F.123 and L.123. An ETF is an investment
company registered with the Securities and Exchange
Commission whose shares are listed on the stock
exchanges. Source data for ETFs are from the
Investment Company Institute and are available
beginning in January 1993.
3.
Data for investment and depreciation flows
of all sectors have been revised beginning in 1998
to reflect updated annual estimates of reproducible
tangible wealth published by the Bureau of
Economic Analysis of the Department of Commerce.
4.
Data for the finance company sector (tables
F.127 and L.127) have been revised beginning in
1996:Q3 as the result of benchmarking to the 2000
quinquennial finance company survey. The 2000
survey covered asset and liability information as of June
30, 2000.
Explanatory notes for tables D.1, D.2, and D.3.
Domestic debt comprises credit market funds borrowed
by U.S. entities from both domestic and foreign
sources, while foreign debt represents amounts
borrowed by foreign financial and nonfinancial entities
in U.S. markets only. Financial sectors consist of
government-sponsored enterprises, federally related
mortgage pools, and private financial institutions.
Credit market debt consists of debt securities,
mortgages, bank loans, commercial paper, consumer
credit, U.S. government loans, and other loans and

advances; it excludes trade debt, loans for the purpose
of carrying securities, and funds raised from equity
sources.
Growth rates in table D.1 are calculated by
dividing seasonally adjusted flows from table D.2 by
seasonally adjusted levels at the end of the previous
period from table D.3. Seasonally adjusted levels in
flow of funds statistics are derived by carrying forward
year-end levels by seasonally adjusted flows. Growth
rates calculated from changes in unadjusted levels
printed in table L.2 can differ from those in table D.1.
Relation of Flows to Outstandings. Estimates of
financial assets and liabilities outstanding are linked to
data on flows. However, figures on outstandings
contain discontinuities or breaks in series that could
affect analysis of particular relationships over time.
Specifically, outstandings in the flow of funds accounts
are related to the flows in the following way:
Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t
where “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

2

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.”
A Guide to the Flow of Funds Accounts is available.
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. Publications Services accepts orders
accompanied by checks as well as credit card orders.
The Internet site for this release at the location shown
above contains a link to an order form for the Guide
that can be mailed or faxed to Publications Services.
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 2001:Q3.

Unadjusted flows since 2000.

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
2001:Q3. 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 1998.

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

Quarterly Financial Report (QFR) of
the Census Bureau through 2001:Q2;
Internal Revenue Service Statistics of
Income data through 1998; securities
offerings, mortgages, bank loans,
commercial paper, and other loans
through 2001:Q3.

Statistics of Income data since
1998; QFR data for 2001:Q3.

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

Internal Revenue Service Statistics of
Income data through 1998; bank and
finance company loans and mortgage
borrowing through 2001:Q3.

Statistics of Income data since
1998.

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 2001:Q3;
preliminary data for checkable
deposits and currency and trade
payables through 2000.

Consumption of fixed capital and
undistributed profits since 2000.

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
2001:Q3; 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 2001:Q3; Treasury data for
loan programs through 2001:Q3.

None.

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

Balance of payments data through
2001:Q2; NIPA estimates; data from
bank Reports of Condition and
Treasury International Capital System
through 2001:Q3.

Balance of payments data for
2001:Q3.

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

All data through 2001:Q3.

None.

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

All data through 2001:Q3 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 2000 for branches of
domestic commercial banks
located in U.S.-affiliated areas.

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

All data through 2001:Q3.

None.

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

All data through 2001:Q3.

None.

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

All data through 1999.

Data since 1999.

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

All data through 2001:Q2.

Data for 2001:Q3.

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

All data through 2001:Q2.

Data for 2001:Q3.

5

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

Quarterly data through 2001:Q3;
Internal Revenue Service/Department
of Labor/Pension Benefit Guaranty
Corporation Form 5500 data through
1997.

Form 5500 data since 1997.

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

All data through 2001:Q2.

Data for 2001:Q3.

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

All data through 2001:Q3.

None.

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

All data through 2001:Q3.

None.

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

All data through 2000.

Data since 2000.

21. Exchange-traded funds
(tables F.122 and L.122)

All data through 2001:Q3.

None.

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

Data for FHLBs, Fannie Mae, Freddie
Mac, FCS, FICO, REFCORP, and
Sallie Mae through 2001:Q3.

None.

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

All data through 2001:Q3.

None.

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

All data for private mortgage pools,
consumer credit, business loans,
student loans, consumer leases, and
trade credit securitization through
2001:Q3.

None.

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

All data through 2001:Q3.

None.

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

Mortgage data through 1998:Q1.

Data since 1998:Q1.

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

Data from SNL REIT DataSource
through 2001:Q3.

None

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

Data for firms filing FOCUS and
FOGS reports through 2001:Q3.

None.

29. 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, December 7, 2001

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

1966
1967
1968
1969
1970

6.7
7.3
7.9
7.2
6.9

1.4
4.9
4.5
-1.1
4.2

8.5
8.1
8.9
9.7
7.6

6.6
5.7
8.2
7.7
4.4

5.9
5.8
7.0
6.9
4.5

6.1
5.0
9.9
8.3
3.4

11.4
11.1
10.1
11.6
10.3

11.9
11.6
10.3
11.4
12.9

6.7
6.7
7.5
9.6
8.7

17.7
-1.8
17.3
32.8
14.5

5.1
9.8
6.3
6.9
5.7

1971
1972
1973
1974
1975

9.5
10.0
10.7
9.2
9.3

8.3
4.6
2.0
3.4
23.9

9.8
11.4
12.9
10.5
6.3

9.2
11.3
12.4
8.8
8.3

8.6
11.2
11.7
9.6
9.3

11.7
13.1
13.3
4.6
3.8

10.1
12.4
14.7
13.0
4.9

7.7
9.9
17.5
11.5
3.4

10.9
8.4
7.8
6.9
5.4

8.7
17.2
28.9
23.6
0.8

9.7
7.9
10.3
20.5
17.4

1976
1977
1978
1979
1980

10.8
12.8
13.8
12.2
9.5

15.6
11.0
9.2
5.8
11.8

9.6
13.3
15.0
13.7
9.0

11.4
15.5
16.8
15.2
8.6

12.7
16.5
17.3
16.2
11.0

10.6
15.5
17.4
13.8
0.6

8.4
12.5
13.2
13.6
10.0

7.4
12.0
11.6
11.1
8.3

8.4
8.4
15.4
9.0
6.9

9.0
18.9
22.1
22.1
14.5

21.5
11.6
18.6
9.5
14.0

1981
1982
1983
1984
1985

10.4
10.1
12.0
14.7
15.7

11.6
19.7
18.9
16.9
16.5

10.1
7.9
10.2
14.1
15.4

7.7
5.6
11.2
12.6
15.8

7.3
4.8
10.3
11.3
14.1

5.0
4.6
12.8
18.3
15.9

12.8
9.2
9.0
16.2
11.4

13.5
9.0
8.0
16.6
12.6

8.0
11.2
11.4
11.4
31.8

18.2
13.6
13.4
17.9
19.4

11.9
7.2
8.2
3.6
0.5

1986
1987
1988
1989
1990

11.9
9.0
9.1
7.3
6.5

13.6
8.0
8.0
7.0
11.0

11.4
9.3
9.4
7.4
5.2

11.5
10.5
9.9
9.4
7.2

13.7
13.5
11.8
11.1
9.0

9.0
4.6
6.3
6.0
1.5

11.4
7.6
9.8
6.0
3.4

13.8
8.7
10.9
7.1
5.4

10.9
12.0
6.4
5.6
5.0

26.2
18.2
13.2
10.5
8.8

4.1
2.6
3.0
4.0
9.0

1991
1992
1993
1994
1995

4.3
4.6
4.9
4.5
5.4

11.1
10.9
8.3
4.7
4.1

2.2
2.6
3.7
4.5
5.9

5.1
5.3
6.0
7.4
7.4

6.9
6.5
5.4
5.7
5.1

-1.3
0.8
7.3
14.5
14.1

-2.3
-0.2
0.4
3.7
7.2

-2.1
1.0
1.4
4.9
8.5

8.6
2.2
6.0
-4.0
-4.6

6.5
8.8
9.7
14.0
11.9

5.2
7.9
21.9
-3.6
20.9

1996
1997
1998
1999
2000

5.4
5.6
6.9
6.8
5.0

4.0
0.6
-1.4
-1.9
-8.0

5.8
7.3
9.6
9.3
8.5

7.0
6.4
8.4
8.6
8.5

6.8
6.7
9.2
9.3
8.4

8.1
4.7
5.9
7.4
9.6

6.2
9.0
11.6
11.3
9.9

6.2
9.5
12.0
11.6
10.1

-0.6
5.3
7.2
4.4
2.2

12.9
13.7
19.9
16.6
10.7

19.5
13.2
7.1
4.3
9.9

1996 -- Q1
Q2
Q3
Q4

5.9
5.4
5.3
4.3

5.9
3.0
4.4
2.5

5.9
6.3
5.7
5.0

7.5
7.5
6.8
5.6

7.4
6.7
6.4
6.0

10.2
9.8
7.1
4.5

6.0
6.9
6.5
4.5

6.3
7.2
6.2
4.5

-1.8
-1.3
-3.2
3.9

9.5
16.3
10.3
13.0

13.6
10.6
27.1
21.8

1997 -- Q1
Q2
Q3
Q4

5.0
4.9
6.1
5.8

1.8
-0.4
1.3
-0.2

6.1
6.8
7.8
7.9

6.8
6.0
7.2
4.9

6.7
5.8
9.1
4.6

5.4
5.2
4.3
3.8

6.3
8.2
8.8
11.6

6.1
8.3
9.6
12.6

1.6
4.3
7.1
7.7

8.2
14.0
12.8
17.3

6.2
13.8
21.4
9.4

1998 -- Q1
Q2
Q3
Q4

7.2
7.2
5.8
6.7

-0.5
-0.5
-2.9
-1.6

9.7
9.7
8.5
9.3

8.8
7.9
7.9
8.0

10.0
7.4
8.6
9.6

4.7
7.5
6.4
4.5

11.1
12.3
9.8
11.4

12.0
13.4
9.3
11.4

8.4
7.5
6.0
6.0

17.4
18.4
18.5
20.0

17.7
16.2
-1.7
-4.0

1999 -- Q1
Q2
Q3
Q4

7.7
5.6
7.1
5.9

-2.3
-2.6
-2.0
-0.8

10.7
8.0
9.7
7.7

9.1
8.2
9.0
7.0

9.3
9.4
10.0
7.5

9.7
5.3
5.5
8.3

13.3
8.7
11.7
9.7

15.0
8.5
11.7
9.4

7.3
3.5
4.3
2.2

18.5
15.4
15.6
13.0

4.8
-3.6
12.4
3.4

2000 -- Q1
Q2
Q3
Q4

5.5
5.5
4.4
4.3

-5.9
-11.3
-6.4
-9.6

8.5
9.9
7.1
7.5

8.1
9.4
8.1
7.4

7.2
9.6
8.4
7.4

10.4
9.6
8.4
8.7

10.6
12.2
7.0
8.4

11.2
12.5
6.7
8.5

1.0
1.5
1.9
4.2

8.0
11.5
9.9
11.7

17.7
-1.1
12.5
9.2

2001 -- Q1
Q2
Q3

5.5
5.5
6.8

-0.1
-7.6
7.7

6.8
8.4
6.6

7.8
9.3
8.3

7.8
11.5
9.7

10.0
4.5
1.3

5.4
7.5
5.3

4.8
7.5
5.1

8.1
8.3
3.2

10.2
9.2
12.2

-0.9
-7.7
-17.4

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, December 7, 2001

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

1966
1967
1968
1969
1970

67.3
78.2
90.6
88.9
91.3

3.6
12.9
12.5
-3.2
12.1

63.7
65.2
78.0
92.1
79.3

22.2
20.4
31.3
31.8
19.7

13.0
13.4
17.2
18.1
12.6

5.9
5.1
10.8
9.9
4.4

34.6
37.5
37.9
48.1
47.5

24.7
27.0
26.8
32.6
40.9

6.9
7.3
8.8
12.1
12.1

11.0
-1.3
12.4
27.6
16.2

1.9
3.9
2.7
3.2
2.8

1971
1972
1973
1974
1975

135.3
156.1
183.9
175.1
193.5

24.9
15.0
6.9
11.9
85.6

110.5
141.0
176.9
163.2
107.8

42.4
57.0
69.6
55.4
56.9

24.7
35.1
40.7
37.2
39.7

15.6
19.5
22.5
8.9
7.8

51.7
70.1
93.3
94.3
39.8

28.0
38.4
74.8
56.5
18.6

16.4
14.0
14.1
13.4
11.1

11.1
23.9
47.0
49.6
2.1

5.1
4.4
6.3
13.8
14.1

1976
1977
1978
1979
1980

244.8
321.2
390.7
391.9
343.7

69.2
56.3
52.5
35.8
77.4

175.6
264.8
338.2
356.1
266.3

84.4
128.4
159.9
169.0
109.7

58.9
86.5
105.6
115.7
91.6

22.0
35.4
46.0
42.7
2.3

72.7
116.6
138.8
160.5
134.4

42.2
72.8
79.1
84.3
69.7

18.5
19.9
39.4
26.6
22.2

23.5
53.6
74.7
91.1
73.2

20.5
13.5
24.0
15.0
24.2

1981
1982
1983
1984
1985

410.0
439.9
573.6
791.2
963.0

85.5
161.3
185.2
197.2
225.7

324.5
278.6
388.4
594.0
737.3

107.5
85.1
177.6
219.6
309.4

68.0
48.6
107.1
127.9
177.2

17.7
17.2
50.0
80.7
82.8

189.4
151.8
163.4
321.8
264.3

122.7
92.4
88.7
203.7
179.6

27.6
41.7
47.3
52.5
163.6

105.1
93.0
104.4
157.8
204.0

23.5
16.0
17.3
8.4
1.2

1986
1987
1988
1989
1990

845.3
719.0
787.6
687.5
657.0

216.0
143.9
155.1
146.4
246.9

629.3
575.1
632.5
541.2
410.1

262.1
266.5
273.2
287.3
240.3

199.8
224.3
217.0
229.0
207.3

54.4
30.4
43.4
44.2
11.9

293.0
218.1
305.3
203.8
122.6

222.5
159.4
220.1
156.5
128.8

74.2
90.4
54.0
50.1
47.2

328.8
290.6
250.2
225.0
211.6

9.7
6.3
7.4
10.2
23.9

1991
1992
1993
1994
1995

465.3
524.2
579.4
561.1
705.9

278.2
304.0
256.1
155.9
144.4

187.1
220.2
323.3
405.3
561.5

186.1
202.7
240.8
314.5
339.3

175.4
175.4
156.5
172.9
165.3

-10.7
6.1
58.4
124.9
138.9

-84.4
-6.6
16.3
137.0
273.7

-53.7
24.6
34.4
124.6
224.9

85.4
24.1
66.2
-46.2
-51.5

170.9
244.0
294.4
468.3
454.0

15.1
24.1
69.8
-13.9
78.5

1996
1997
1998
1999
2000

733.6
805.5
1048.8
1099.8
873.4

145.0
23.1
-52.6
-71.2
-295.9

588.6
782.4
1101.5
1171.1
1169.2

343.8
332.7
467.2
517.1
554.9

228.4
240.4
351.4
389.5
382.6

91.3
57.5
75.0
99.5
139.0

251.6
393.6
554.0
601.6
587.2

179.4
292.7
406.3
440.8
430.6

-6.8
56.1
80.3
52.3
27.2

550.1
662.2
1087.2
1084.4
815.6

88.4
71.8
43.4
27.9
67.0

1996 -- Q1
Q2
Q3
Q4

807.7
757.9
750.0
619.0

213.7
109.2
162.0
95.2

594.0
648.7
588.0
523.9

369.1
374.8
343.7
287.8

249.7
229.8
222.4
211.5

114.4
112.9
84.1
53.7

244.7
287.6
278.5
195.5

182.5
211.1
187.3
136.7

-19.8
-13.7
-34.2
40.6

406.8
714.3
469.6
609.5

61.7
49.6
130.4
111.8

1997 -- Q1
Q2
Q3
Q4

717.8
716.7
909.1
878.4

67.1
-15.0
48.4
-8.1

650.7
731.7
860.7
886.5

356.5
320.8
387.4
266.3

241.5
209.6
336.8
173.6

65.1
64.2
53.1
47.6

277.2
364.9
397.1
535.2

190.2
260.4
307.1
413.1

17.0
46.1
76.2
84.9

397.1
690.1
655.1
906.7

33.6
76.1
121.7
55.7

1998 -- Q1
Q2
Q3
Q4

1092.3
1113.2
915.4
1074.5

-19.8
-20.2
-109.6
-61.0

1112.1
1133.4
1025.0
1135.4

488.6
446.1
459.6
474.4

381.2
289.8
343.4
391.1

59.2
96.8
83.4
60.4

528.9
602.0
495.3
589.8

406.4
465.4
333.8
419.5

94.6
85.4
70.0
71.3

952.0
1046.0
1102.7
1248.0

107.9
103.1
-11.2
-26.3

1999 -- Q1
Q2
Q3
Q4

1257.7
928.7
1202.7
1010.3

-85.1
-95.4
-74.3
-30.0

1342.8
1024.1
1277.0
1040.3

547.9
505.3
568.3
446.9

386.6
399.0
437.6
334.6

130.1
73.6
76.9
117.5

707.4
476.6
656.3
566.2

568.0
333.4
471.6
390.0

87.6
42.2
52.4
27.2

1208.5
1053.5
1112.0
963.7

31.5
-23.6
81.1
22.8

2000 -- Q1
Q2
Q3
Q4

951.1
978.2
792.0
772.1

-217.2
-408.7
-226.2
-331.3

1168.4
1386.9
1018.2
1103.5

526.9
624.3
554.5
514.0

327.5
444.6
397.9
360.3

149.9
142.1
128.2
135.6

628.5
744.4
440.0
535.8

479.7
550.2
303.7
388.8

12.9
18.2
23.8
53.7

608.0
897.1
794.0
963.1

120.3
-7.9
88.6
66.8

2001 -- Q1
Q2
Q3

1006.5
1018.6
1275.5

-4.3
-256.0
255.7

1010.9
1274.6
1019.8

554.4
671.2
616.2

387.8
581.0
502.3

159.9
73.6
21.3

352.6
494.7
360.6

225.2
354.3
248.9

103.9
108.7
43.0

864.2
795.7
1086.3

-6.9
-57.2
-126.8

8

Z.1, December 7, 2001

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

Domestic
financial
sectors

339.1
376.6
413.8
462.0
512.3

232.1
259.1
285.1
317.8
361.1

110.0
117.4
126.1
138.3
150.3

72.9
71.6
84.0
111.5
127.8

39.5
43.3
46.1
49.2
52.1

149.2
168.8
193.0
201.9
207.0

563.3
633.3
725.9
819.8
861.4

389.1
427.5
492.1
548.1
568.5

166.7
180.7
194.8
208.2
219.4

138.9
162.8
209.8
258.3
260.4

56.6
61.1
67.4
81.2
95.6

524.0
610.5
716.0
833.3
934.5

229.0
264.4
310.4
353.1
355.4

931.5
1049.8
1184.2
1344.0
1474.5

608.1
682.6
757.2
840.7
906.6

237.8
256.2
295.6
322.2
344.4

283.9
337.8
412.5
504.9
578.1

116.0
129.4
157.6
172.9
197.2

1516.2
1586.6
1744.2
1956.2
2286.4

1007.2
1041.3
1128.5
1255.7
1458.2

373.1
390.3
440.3
521.0
603.8

1657.6
1806.1
1992.4
2317.2
2578.1

1023.0
1112.1
1223.7
1430.4
1606.7

372.1
413.8
461.1
513.6
677.9

682.4
778.1
882.7
1052.4
1257.3

220.7
212.6
229.8
238.0
239.3

6169.3
6727.8
7356.8
7915.0
8352.4

2546.9
2767.4
3057.6
3355.3
3624.7

1657.9
1840.2
2067.8
2295.1
2531.7

658.2
688.6
732.0
793.3
805.1

2870.2
3119.3
3404.2
3614.6
3735.4

1828.2
2018.7
2216.2
2379.7
2506.6

752.1
841.0
895.0
945.2
992.3

1593.6
1895.5
2145.8
2399.3
2615.8

241.0
247.4
254.8
265.0
288.9

2776.4
3080.3
3336.5
3492.3
3636.7

8536.2
8759.6
9097.7
9509.2
10070.7

3814.4
4017.1
4260.3
4574.5
4913.8

2710.6
2886.0
3044.9
3217.8
3383.0

794.5
800.6
859.0
983.9
1122.8

3644.1
3640.7
3669.4
3813.0
4086.7

2450.8
2477.0
2523.9
2655.0
2879.9

1077.7
1101.8
1167.9
1121.7
1070.2

2786.7
3046.3
3346.1
3822.1
4278.8

304.0
318.8
388.6
375.0
453.7

14441.1
15245.1
16293.9
17428.5
18320.9

3781.8
3804.9
3752.2
3681.0
3385.2

10659.4
11440.2
12541.7
13747.4
14935.7

5223.9
5556.9
6024.1
6541.5
7115.5

3577.7
3818.1
4169.5
4558.9
4941.5

1214.1
1271.6
1346.6
1446.1
1593.1

4372.0
4763.8
5317.8
5953.8
6540.9

3093.0
3383.9
3790.2
4265.3
4695.9

1063.4
1119.5
1199.8
1252.1
1279.3

4828.8
5458.0
6545.2
7629.6
8457.1

542.2
608.0
651.5
679.6
746.7

1996 -- Q1
Q2
Q3
Q4

13909.4
14098.9
14286.4
14441.1

3690.2
3717.5
3758.0
3781.8

10219.2
10381.4
10528.4
10659.4

5006.1
5066.1
5152.0
5223.9

3445.5
3469.2
3524.8
3577.7

1151.4
1179.6
1200.7
1214.1

4147.9
4253.5
4323.1
4372.0

2925.5
3012.0
3058.8
3093.0

1065.3
1061.8
1053.3
1063.4

4380.5
4559.0
4676.5
4828.8

469.1
481.5
514.1
542.2

1997 -- Q1
Q2
Q3
Q4

14620.6
14799.7
15025.5
15245.1

3798.5
3794.8
3806.9
3804.9

10822.0
11005.0
11218.6
11440.2

5313.3
5393.5
5490.4
5556.9

3638.1
3690.5
3774.7
3818.1

1230.4
1246.4
1259.7
1271.6

4441.0
4532.3
4630.0
4763.8

3140.3
3205.4
3280.6
3383.9

1067.7
1079.2
1098.2
1119.5

4928.1
5100.6
5231.3
5458.0

550.6
569.6
593.9
608.0

1998 -- Q1
Q2
Q3
Q4

15518.2
15796.5
16025.3
16293.9

3799.9
3794.9
3767.5
3752.2

11718.2
12001.6
12257.8
12541.7

5679.1
5790.6
5905.5
6024.1

3913.4
3985.8
4071.7
4169.5

1286.4
1310.6
1331.5
1346.6

4896.0
5046.5
5170.3
5317.8

3485.5
3601.8
3685.3
3790.2

1143.1
1164.5
1182.0
1199.8

5696.0
5957.5
6233.2
6545.2

635.0
660.7
657.9
651.5

1999 -- Q1
Q2
Q3
Q4

16610.1
16842.3
17175.9
17428.5

3731.0
3707.1
3688.5
3681.0

12879.1
13135.2
13487.3
13747.4

6161.4
6287.7
6429.8
6541.5

4266.1
4365.9
4475.3
4558.9

1379.1
1397.5
1416.8
1446.1

5496.1
5615.2
5812.2
5953.8

3933.6
4017.0
4167.8
4265.3

1221.7
1232.2
1245.3
1252.1

6847.3
7110.7
7388.7
7629.6

659.4
653.5
673.8
679.6

2000 -- Q1
Q2
Q3
Q4

17666.2
17910.8
18119.9
18320.9

3626.7
3524.6
3468.0
3385.2

14039.5
14386.2
14651.9
14935.7

6673.2
6829.3
6979.0
7115.5

4640.8
4751.9
4851.4
4941.5

1483.6
1519.1
1551.2
1593.1

6110.9
6297.0
6407.0
6540.9

4385.3
4522.8
4598.7
4695.9

1255.4
1259.9
1265.9
1279.3

7781.6
8005.9
8208.4
8457.1

709.7
707.7
729.9
746.7

2001 -- Q1
Q2
Q3

18572.5
18827.7
19146.6

3384.1
3320.1
3384.0

15188.4
15507.7
15762.6

7254.1
7421.9
7575.9

5038.4
5183.7
5309.2

1633.0
1651.4
1656.7

6629.1
6753.4
6843.5

4752.2
4841.4
4903.6

1305.3
1332.4
1343.2

8670.5
8869.4
9141.0

745.0
730.7
699.0

Total

Federal
government

Total
nonfederal

1966
1967
1968
1969
1970

1074.6
1152.6
1242.7
1332.0
1422.3

265.1
278.1
290.6
287.4
299.5

809.5
874.6
952.1
1044.6
1122.8

360.3
380.6
412.2
444.4
460.2

231.8
245.0
262.1
280.2
289.0

103.4
108.6
119.3
129.2
133.7

1971
1972
1973
1974
1975

1557.5
1713.5
1897.9
2072.3
2264.7

324.4
339.4
346.3
358.2
443.9

1233.1
1374.1
1551.6
1714.1
1820.8

503.1
560.1
630.8
686.1
740.1

313.1
348.2
388.1
425.1
464.7

1976
1977
1978
1979
1980

2508.3
2829.6
3214.5
3606.5
3957.9

513.1
569.4
621.9
657.7
735.0

1995.3
2260.2
2592.6
2948.9
3222.9

825.9
954.2
1112.8
1282.7
1404.0

1981
1982
1983
1984
1985

4366.4
4788.3
5364.8
6151.2
7132.3

820.5
981.8
1167.0
1364.2
1589.9

3545.9
3806.5
4197.8
4787.0
5542.5

1986
1987
1988
1989
1990

7975.1
8677.6
9461.7
10166.3
10850.6

1805.9
1949.8
2104.9
2251.2
2498.1

1991
1992
1993
1994
1995

11312.5
11839.9
12434.1
13001.5
13707.5

1996
1997
1998
1999
2000

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

Business

Foreign

9

Z.1, December 7, 2001

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

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

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

1

805.5

1048.8

1099.8

873.4

951.1

978.2

792.0

772.1

1006.5

1018.6

1275.5

2

23.1

-52.6

-71.2

-295.9

-217.2

-408.7

-226.2

-331.3

-4.3

-256.0

255.7

3

782.4

1101.5

1171.1

1169.2

1168.4

1386.9

1018.2

1103.5

1010.9

1274.6

1019.8

4

332.7
292.7
94.7
6.2
56.1

467.2
406.3
139.7
8.0
80.3

517.1
440.8
155.4
5.5
52.3

554.9
430.6
145.7
10.9
27.2

526.9
479.7
135.0
13.8
12.9

624.3
550.2
184.5
9.7
18.2

554.5
303.7
129.1
7.2
23.8

514.0
388.8
134.2
12.8
53.7

554.4
225.2
121.3
6.0
103.9

671.2
354.3
130.6
9.8
108.7

616.2
248.9
108.6
3.1
43.0

5
6
7
8
9

10

Rest of the world

71.8

43.4

27.9

67.0

120.3

-7.9

88.6

66.8

-6.9

-57.2

-126.8

10

11

Financial sectors

662.2

1087.2

1084.4

815.6

608.0

897.1

794.0

963.1

864.2

795.7

1086.3

11

12
13
14
15

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

46.1
29.5
-2.4
19.0

72.9
52.8
-4.8
24.9

67.2
41.8
-0.4
25.8

60.0
36.8
-0.0
23.2

78.3
70.2
-0.2
8.3

99.3
67.9
-0.3
31.7

43.4
13.6
-0.4
30.3

18.8
-4.5
0.7
22.7

148.3
52.9
-0.8
96.1

-15.8
-23.3
-2.4
9.9

69.8
52.0
-1.3
19.1

12
13
14
15

16
17

Savings institutions
Credit unions

19.7
0.1

52.2
0.6

48.0
2.2

27.3
0.0

57.5
-2.9

69.0
0.9

-37.9
1.1

20.4
1.0

62.5
-0.6

16.1
0.8

12.6
1.5

16
17

18
19
20
21

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

0.2
98.4
114.6
202.2

0.7
278.3
192.6
321.4

0.7
318.2
273.8
223.4

-0.7
234.1
199.4
196.3

-0.7
104.9
119.5
175.0

-1.1
248.9
132.2
146.0

-0.3
278.1
236.7
156.2

-0.7
304.5
309.1
307.9

-2.4
262.3
170.3
295.8

0.1
268.3
406.5
172.3

3.5
328.0
492.6
303.2

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

57.8
-4.6
39.6
8.1
79.9

57.1
1.6
62.7
7.2
40.0

70.3
0.2
6.3
-17.2
91.5

81.2
0.1
2.7
15.6
-0.4

61.1
-3.0
11.5
44.4
-37.5

139.4
2.7
9.8
-0.7
50.6

98.1
-0.3
-2.4
25.4
-4.2

26.1
1.0
-8.1
-6.6
-10.4

-72.8
0.7
-6.1
-23.9
30.1

64.1
0.6
10.5
35.7
-163.6

22.1
0.8
-10.2
12.3
-150.0

22
23
24
25
26

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

27

-21.3

99.5

196.3

-152.6

-218.5

90.3

-255.1

-227.2

-171.6

-153.8

-178.8

28

-11.8
-12.7
3.0
0.1

-37.1
-16.0
18.1
134.5

148.6
-2.8
7.1
43.4

-170.0
10.3
-2.1
9.2

-274.4
56.8
-2.1
1.2

-10.4
60.4
0.4
39.9

-183.3
-51.4
-4.0
-16.4

-212.1
-24.5
-2.7
12.1

-172.5
4.1
-4.8
1.5

-140.5
16.6
-5.2
-24.8

-118.5
-23.7
-6.2
-30.4

29
30
31
32

5.1
311.3

13.5
254.2

5.8
208.8

7.3
279.3

6.5
315.2

7.7
197.9

4.5
216.2

10.6
387.8

4.6
411.2

4.0
349.6

1.0
381.9

33
34

1244.5

1812.1

1801.3

1621.8

1576.1

1571.4

1709.0

1630.7

1619.7

1557.4

2030.9

35

38.3

21.1

25.7

33.7

102.0

-5.4

39.1

-0.9

53.7

26.4

8.7

36

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

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

358.4
339.8
24.0
-12.2
6.7

415.8
448.2
4.5
-42.2
5.4

497.4
510.9
-22.3
3.5
5.4

363.2
324.8
32.8
-6.7
12.3

157.0
75.3
81.1
-3.2
3.8

152.8
107.9
41.3
7.3
-3.6

133.9
179.7
-48.6
-2.8
5.6

234.8
215.4
16.5
-1.4
4.2

37
38
39
40
41

42
43
44

Savings institutions
Credit unions
Bank personal trusts and estates

-4.7
16.8
-25.0

36.1
19.0
-12.8

68.6
27.5
27.8

56.5
30.5
17.1

55.6
35.7
18.9

65.0
31.6
13.8

62.7
21.2
17.6

42.5
33.6
18.1

52.5
23.2
10.7

57.3
7.6
13.4

-6.0
61.7
8.8

42
43
44

45
46
47
48

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

104.8
25.2
47.6
67.1

76.9
5.8
56.4
72.1

53.5
-3.0
45.0
46.9

57.9
-8.7
41.3
54.6

65.0
-11.2
46.8
63.3

52.9
-18.1
24.7
31.5

74.8
6.2
64.9
37.6

38.8
-11.7
28.7
86.1

95.3
2.1
26.1
-70.7

124.9
0.1
-7.1
53.4

162.4
9.0
-0.9
18.5

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

87.5
80.9
-2.6
106.6
114.6
163.8

244.0
124.8
5.5
314.6
192.6
281.7

182.0
47.2
7.4
291.7
273.8
205.2

148.9
26.8
-8.4
240.9
199.4
166.4

161.5
-66.9
-8.4
205.4
119.5
154.2

-118.2
63.1
-8.4
250.9
132.2
111.4

256.1
50.1
-8.4
188.6
236.7
120.9

296.0
60.8
-8.4
318.8
309.1
278.9

303.4
69.4
-8.4
347.8
170.3
269.8

166.2
165.1
-8.4
296.2
406.5
150.0

379.1
123.9
-8.4
267.7
492.6
276.4

49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

23.1
-9.1
20.2
14.9
50.4

77.3
3.2
-5.1
6.8
-12.9

97.0
0.3
-2.6
-34.7
133.8

108.0
0.2
-6.3
68.9
35.9

145.4
-6.0
-16.3
102.9
-7.2

147.6
5.5
-2.5
89.8
206.8

102.8
-0.5
-3.6
152.1
-73.0

36.2
2.0
-2.8
-69.0
17.0

-0.9
1.4
4.0
289.5
-172.5

126.7
1.1
1.1
35.4
-192.4

-42.1
1.7
7.7
250.1
-214.6

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, December 7, 2001

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

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

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

Q2

Q3

Q4

Q1

2001
Q2

Q3

805.5

1048.8

1099.8

873.4

951.1

978.2

792.0

772.1

1006.5

1018.6

1275.5

1

23.1
23.2
-0.1

-52.6
-54.6
2.0

-71.2
-71.0
-0.2

-295.9
-294.9
-1.0

-217.2
-215.2
-2.1

-408.7
-410.5
1.8

-226.2
-223.8
-2.4

-331.3
-330.2
-1.2

-4.3
-2.1
-2.2

-256.0
-257.1
1.1

255.7
256.0
-0.4

2
3
4

782.4
13.7
71.4
150.5
106.4
59.5

1101.5
24.4
96.8
218.7
108.1
82.1

1171.1
37.4
68.2
229.9
82.6
57.1

1169.2
48.1
35.3
171.1
103.1
101.5

1168.4
29.8
20.0
186.2
139.5
140.1

1386.9
110.4
30.1
153.8
166.5
124.2

1018.2
56.1
31.0
168.8
47.0
16.5

1103.5
-4.0
60.1
175.6
59.3
125.2

1010.9
-207.2
110.7
400.9
-5.9
-12.0

1274.6
-141.5
112.4
428.0
-153.2
117.7

1019.8
-74.1
56.0
187.7
-9.9
78.4

5
6
7
8
9
10

323.3
258.3
7.5
54.4
3.1
57.5

496.4
389.9
23.8
76.1
6.5
75.0

596.3
435.2
40.5
114.8
5.8
99.5

571.2
422.5
37.0
105.2
6.5
139.0

502.9
361.9
29.2
104.4
7.4
149.9

659.6
490.3
48.0
111.2
10.1
142.1

570.7
441.9
28.8
93.4
6.5
128.2

551.6
395.9
41.7
112.0
2.0
135.6

564.6
434.3
39.3
86.8
4.2
159.9

837.7
622.9
55.5
146.8
12.4
73.6

760.6
544.7
57.7
151.6
6.5
21.3

11
12
13
14
15
16

782.4
332.7
393.6
292.7
94.7
6.2
56.1

1101.5
467.2
554.0
406.3
139.7
8.0
80.3

1171.1
517.1
601.6
440.8
155.4
5.5
52.3

1169.2
554.9
587.2
430.6
145.7
10.9
27.2

1168.4
526.9
628.5
479.7
135.0
13.8
12.9

1386.9
624.3
744.4
550.2
184.5
9.7
18.2

1018.2
554.5
440.0
303.7
129.1
7.2
23.8

1103.5
514.0
535.8
388.8
134.2
12.8
53.7

1010.9
554.4
352.6
225.2
121.3
6.0
103.9

1274.6
671.2
494.7
354.3
130.6
9.8
108.7

1019.8
616.2
360.6
248.9
108.6
3.1
43.0

17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

71.8

43.4

27.9

67.0

120.3

-7.9

88.6

66.8

-6.9

-57.2

-126.8

24

25
26
27
28

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

3.7
61.4
8.5
-1.8

7.8
34.9
6.7
-6.0

16.3
16.8
0.5
-5.7

31.7
25.2
11.3
-1.3

57.8
47.6
15.4
-0.5

12.0
-27.3
5.7
1.7

7.0
71.4
11.9
-1.7

50.1
9.0
12.2
-4.6

-25.4
17.1
13.0
-11.6

-5.6
-15.9
-31.0
-4.7

-26.5
-101.4
4.4
-3.4

25
26
27
28

877.3

1092.2

1127.8

940.3

1071.4

970.3

880.6

838.9

999.6

961.5

1148.7

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

662.2

1087.2

1084.4

815.6

608.0

897.1

794.0

963.1

864.2

795.7

1086.3

1

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

212.9
98.4
114.6
0.0

470.9
278.3
192.6
0.0

592.0
318.2
273.8
0.0

433.5
234.1
199.4
0.0

224.4
104.9
119.5
0.0

381.1
248.9
132.2
0.0

514.8
278.1
236.7
0.0

613.6
304.5
309.1
0.0

432.6
262.3
170.3
0.0

674.8
268.3
406.5
0.0

820.6
328.0
492.6
0.0

2
3
4
5

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

449.3
166.7
218.9
13.3
35.6
14.9

616.3
161.0
310.1
30.1
90.2
24.8

492.5
176.2
218.2
-14.2
107.1
5.1

382.1
127.7
205.9
-0.3
42.5
6.2

383.6
114.6
171.8
3.2
87.0
7.0

516.1
136.7
243.3
6.9
119.2
10.0

279.2
106.5
205.0
-6.7
-31.6
6.0

349.5
153.2
203.7
-4.4
-4.8
1.8

431.7
-134.6
438.9
27.1
107.8
-7.5

120.9
-85.4
186.8
14.3
-11.0
16.2

265.7
-85.6
309.6
-8.1
58.0
-8.2

6
7
8
9
10
11

662.2

1087.2

1084.4

815.6

608.0

897.1

794.0

963.1

864.2

795.7

1086.3

12

By sector

13
14
15
16

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

46.1
29.5
-2.4
19.0

72.9
52.8
-4.8
24.9

67.2
41.8
-0.4
25.8

60.0
36.8
-0.0
23.2

78.3
70.2
-0.2
8.3

99.3
67.9
-0.3
31.7

43.4
13.6
-0.4
30.3

18.8
-4.5
0.7
22.7

148.3
52.9
-0.8
96.1

-15.8
-23.3
-2.4
9.9

69.8
52.0
-1.3
19.1

13
14
15
16

17
18

Savings institutions
Credit unions

19.7
0.1

52.2
0.6

48.0
2.2

27.3
0.0

57.5
-2.9

69.0
0.9

-37.9
1.1

20.4
1.0

62.5
-0.6

16.1
0.8

12.6
1.5

17
18

19
20
21
22

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

0.2
98.4
114.6
202.2

0.7
278.3
192.6
321.4

0.7
318.2
273.8
223.4

-0.7
234.1
199.4
196.3

-0.7
104.9
119.5
175.0

-1.1
248.9
132.2
146.0

-0.3
278.1
236.7
156.2

-0.7
304.5
309.1
307.9

-2.4
262.3
170.3
295.8

0.1
268.3
406.5
172.3

3.5
328.0
492.6
303.2

19
20
21
22

23
24
25
26
27

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

57.8
-4.6
39.6
8.1
79.9

57.1
1.6
62.7
7.2
40.0

70.3
0.2
6.3
-17.2
91.5

81.2
0.1
2.7
15.6
-0.4

61.1
-3.0
11.5
44.4
-37.5

139.4
2.7
9.8
-0.7
50.6

98.1
-0.3
-2.4
25.4
-4.2

26.1
1.0
-8.1
-6.6
-10.4

-72.8
0.7
-6.1
-23.9
30.1

64.1
0.6
10.5
35.7
-163.6

22.1
0.8
-10.2
12.3
-150.0

23
24
25
26
27

11

Z.1, December 7, 2001

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

Total

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

1

2
3
4
5

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

184.1
236.0
71.4
430.8

193.1
418.3
96.8
563.7

229.9
520.7
68.2
465.0

207.6
137.6
35.3
402.2

202.1
7.2
20.0
405.6

259.1
-27.6
30.1
369.8

169.7
288.6
31.0
445.2

199.3
282.2
60.1
388.3

-367.2
428.2
110.7
856.9

-232.5
418.8
112.4
598.9

-186.3
1076.3
56.0
395.9

2
3
4
5

6
7
8
9

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

128.2
93.2
338.2
57.5

145.0
166.3
521.2
75.0

68.9
158.5
601.4
99.5

114.1
142.7
577.4
139.0

158.0
226.6
509.9
149.9

179.2
245.1
669.6
142.1

52.2
-16.8
576.7
128.2

67.1
115.8
553.5
135.6

34.1
84.2
557.1
159.9

-170.0
102.0
853.9
73.6

-13.6
133.0
752.3
21.3

6
7
8
9

185.2

108.8

153.7

207.7

390.1

209.9

245.6

-14.8

233.7

387.5

88.9

10

-79.9
-114.4

-165.8
-267.0

-34.6
-143.5

-36.2
-150.6

82.8
61.2

-22.2
-245.2

-33.8
-67.6

-171.5
-350.8

137.3
-25.6

119.5
-72.6

-80.9
-118.5

11
12

57.6
-23.1
265.1

101.3
-0.1
274.6

114.4
-5.6
188.3

99.7
14.7
243.9

62.6
-41.0
307.3

185.9
37.2
232.0

61.1
-27.3
279.4

89.4
89.8
156.7

109.2
53.7
96.4

208.8
-16.7
268.0

10.9
26.7
169.8

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

Net flows through credit markets
(from table F.4, line 1)

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

1

Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits

0.7
-0.5
0.5
107.7

6.6
0.0
0.6
6.5

-8.7
-3.0
1.0
61.0

-0.4
-4.0
2.4
120.8

1.5
0.0
2.2
313.3

-8.8
-8.0
3.2
3.4

0.7
-4.0
4.2
-40.8

4.9
-4.0
-0.0
207.4

-1.5
0.0
-1.1
235.5

4.7
0.0
1.1
-146.5

19.1
0.0
-0.0
15.4

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

-19.7
41.2
97.1
122.5
155.9

-32.3
47.4
152.4
92.1
287.2

17.6
151.4
44.7
130.6
249.1

-20.3
-71.5
190.7
118.4
233.3

-72.9
-206.8
104.6
154.1
239.7

151.9
-33.8
123.0
101.2
71.5

-170.6
5.0
224.5
152.9
250.9

10.6
-50.2
310.8
65.2
371.1

-45.7
90.3
288.3
130.6
621.4

19.3
100.8
194.2
51.9
322.5

19.7
245.3
229.2
14.9
367.7

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

120.9
-79.9
265.1
139.7

91.3
-165.8
274.6
109.2

169.7
-34.6
188.3
222.3

110.7
-36.2
243.9
166.1

275.8
82.8
307.3
193.6

155.1
-22.2
232.0
212.9

277.1
-33.8
279.4
138.5

-265.4
-171.5
156.7
119.3

-12.8
137.3
96.4
-16.2

177.7
119.5
268.0
-100.0

262.2
-80.9
169.8
-81.4

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

111.0
59.3
201.4
22.3

103.3
48.0
202.1
21.3

104.3
50.8
184.4
22.3

146.1
50.2
215.9
21.7

507.8
54.9
206.9
31.0

-95.3
45.6
260.7
26.5

97.5
53.0
227.0
3.3

74.4
47.3
168.8
26.0

-140.9
52.7
255.5
3.3

-28.5
53.2
168.7
16.3

485.8
56.5
192.9
114.4

15
16
17
18

19
20
21

Investment in bank personal trusts
Noncorporate proprietors’ equity
Miscellaneous

-49.9
-70.9
492.8

-41.8
-80.6
986.8

-6.5
-64.8
749.8

-29.7
-46.2
1030.2

-28.4
-63.4
904.3

-33.1
-45.0
1084.0

-29.2
-26.7
1399.2

-28.0
-49.7
733.1

-26.1
-48.5
500.7

-22.7
-25.1
789.8

-28.2
-60.2
571.8

19
20
21

3256.8

4288.2

4441.8

4197.9

4687.7

4092.3

4482.8

3528.8

3983.1

3722.3

4749.2

22

-0.2
106.2
-19.9

-0.1
-8.5
3.4

-0.7
45.8
3.5

-1.2
70.2
17.4

-1.8
263.1
25.3

-0.7
-82.2
5.4

0.9
-100.2
-12.1

-3.3
200.3
51.1

-3.6
181.5
16.7

-0.5
-121.2
13.6

-0.7
24.8
8.3

23
24
25

63.2
28.0
-245.5

60.6
19.7
-127.4

30.0
6.5
-418.9

111.1
14.1
-369.2

567.2
9.5
-501.0

51.9
4.8
-353.3

126.5
-2.6
-232.2

-301.4
44.6
-390.1

-161.7
4.4
27.3

171.9
-9.7
-477.6

36.6
12.9
-87.0

26
27
28

-2.7
-3.9
-29.2

2.6
-3.1
-51.3

-7.4
-0.8
42.9

9.0
1.7
-34.0

18.7
1.0
-71.8

16.3
1.4
-36.5

3.0
1.9
-51.9

-2.1
2.4
24.3

-29.8
3.8
2.0

10.1
3.9
32.3

18.5
5.1
-10.7

29
30
31

3360.7

4392.3

4740.8

4378.9

4377.5

4485.3

4749.6

3903.1

3942.5

4099.7

4741.5

32

2
3
4
5

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, December 7, 2001

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

1
2
3
4
5
6
7

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

Q2

Q3

Q4

Q1

2001
Q2

Q3

8318.4

8781.6

9268.6

9872.9

9668.6

9857.6

9937.5

10028.0

10141.6

10202.6

10229.7

1

5529.3

5856.0

6250.2

6728.4

6581.9

6674.9

6785.5

6871.4

6977.6

7044.6

7059.2

2

642.5
1641.6
3245.2

693.2
1708.5
3454.3

760.9
1831.3
3657.9

819.6
1989.6
3919.2

820.7
1942.5
3818.7

813.8
1978.3
3882.8

825.4
2012.4
3947.7

818.7
2025.1
4027.5

838.1
2047.1
4092.4

844.7
2062.3
4137.6

840.3
2057.3
4161.6

3
4
5

1390.5

1538.8

1636.8

1767.5

1708.9

1792.3

1788.4

1780.3

1722.7

1669.9

1623.0

6

1327.7

1465.6

1578.2

1718.1

1678.0

1717.0

1735.9

1741.6

1748.2

1706.4

1679.2

7

8
9
10
11
12
13

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

999.4
55.6
710.2
48.9
27.5
157.2

1101.3
62.1
774.2
56.9
29.4
178.7

1174.6
64.7
854.4
98.7
25.8
131.0

1293.1
71.4
929.8
128.6
28.1
135.1

1250.9
68.4
906.6
114.2
27.1
134.6

1288.3
70.6
917.4
131.8
27.7
140.7

1314.9
72.8
953.9
119.3
29.1
139.7

1318.2
73.7
941.5
148.9
28.6
125.4

1311.2
74.0
948.4
123.1
28.5
137.3

1260.2
72.1
903.2
134.2
28.4
122.5

1228.5
68.0
884.3
135.8
31.2
109.1

8
9
10
11
12
13

14
15
16
17
18

Residential
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

328.3
275.0
2.7
39.3
11.3

364.4
310.5
2.7
39.7
11.4

403.6
354.9
3.0
44.0
1.6

425.1
375.4
3.2
46.4
0.1

427.1
376.6
3.2
46.6
0.7

428.7
377.5
3.2
46.8
1.2

421.0
371.3
3.2
45.9
0.6

423.4
376.3
3.2
46.2
-2.3

437.0
385.4
3.3
47.7
0.6

446.2
394.1
3.8
48.6
-0.4

450.7
399.6
3.8
49.1
-1.8

14
15
16
17
18

62.9
57.0
3.0
2.9

73.1
68.6
3.6
0.9

58.6
57.1
3.0
-1.5

49.4
48.6
2.6
-1.8

30.9
35.5
1.9
-6.5

75.3
70.3
3.7
1.3

52.5
52.5
2.8
-2.8

38.7
35.9
1.9
0.9

-25.5
-24.9
-1.3
0.7

-36.5
-33.5
-1.8
-1.2

-56.2
-51.5
-2.7
-2.0

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

-89.4

-151.7

-250.9

-364.0

-333.9

-350.7

-380.7

-390.6

-363.8

-347.4

-292.2

23

24
25

Exports
- Imports

966.4
1055.8

964.9
1116.7

989.8
1240.7

1102.9
1466.9

1059.7
1393.6

1099.7
1450.4

1131.1
1511.8

1121.0
1511.6

1117.4
1481.2

1079.6
1427.0

1023.7
1315.9

24
25

26

Government consumption expenditures and
gross investment

1488.0

1538.5

1632.6

1741.0

1711.7

1741.1

1744.3

1766.9

1805.1

1835.5

1839.7

26

1223.3
456.9
766.5

1261.4
453.1
808.3

1327.9
469.6
858.3

1422.8
493.7
929.0

1390.6
483.4
907.2

1426.1
503.8
922.3

1430.2
493.6
936.6

1444.1
494.1
950.0

1474.2
507.5
966.7

1491.4
510.1
981.3

1504.2
512.7
991.5

27
28
29

264.7
81.4
183.3

277.1
86.1
191.0

304.6
94.5
210.2

318.3
96.5
221.8

321.1
95.1
226.0

315.0
97.2
217.8

314.1
93.5
220.6

322.8
100.1
222.7

330.9
97.8
233.1

344.1
99.9
244.2

335.5
101.8
233.7

30
31
32

7.1
281.3
274.3

-3.5
286.1
289.6

-6.8
313.8
320.6

-12.1
384.2
396.3

-18.0
360.1
378.1

-16.6
387.9
404.5

-18.1
386.6
404.7

4.2
402.1
397.9

-10.5
378.9
389.4

-11.7
346.9
358.6

-7.0
322.2
329.2

33
34
35

8325.5

8778.1

9261.9

9860.8

9650.6

9841.0

9919.4

10032.2

10131.1

10190.9

10222.7

36

27
28
29

Consumption expenditures (3)
Federal
State and local

30
31
32

Gross investment (3)
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) Government inventory investment is included in consumption expenditures.

13

Z.1, December 7, 2001

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

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

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

6618.5

7041.5

7462.3

7980.8

7783.8

7959.3

8046.4

8133.9

8169.7

8208.0

8189.3

1

4651.3
4364.3
290.0
-2.9

4989.8
4683.5
307.0
-0.7

5310.8
4981.9
323.7
5.2

5715.2
5371.3
343.9
0.0

5562.9
5225.6
337.3
0.0

5669.8
5328.0
341.8
0.0

5759.2
5413.6
345.6
0.0

5869.0
5518.1
350.9
0.0

5955.7
5598.7
357.0
0.0

6010.9
5652.1
358.8
0.0

6039.0
5680.0
359.0
0.0

2
3
4
5

581.2
551.5
29.7

623.8
598.2
25.6

672.0
645.4
26.6

715.0
684.4
30.6

697.5
671.0
26.5

717.9
685.4
32.5

719.2
687.6
31.6

725.2
693.5
31.7

735.2
705.4
29.8

745.3
716.6
28.7

753.0
720.8
32.2

6
7
8

128.4

138.6

147.7

141.6

144.9

141.4

138.3

141.7

139.6

139.0

143.6

9

833.8

777.4

825.3

876.4

857.6

896.0

894.4

857.4

789.8

759.8

696.7

10

800.9

739.4

773.6

833.0

808.4

850.5

854.0

819.0

753.8

729.5

683.4

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

792.4
494.5
1.6
110.7
185.7

721.1
457.5
2.8
102.3
158.5

776.4
467.8
3.0
114.6
191.0

845.4
500.9
3.3
136.8
204.4

832.2
498.6
3.1
120.4
210.0

865.3
532.8
3.2
128.9
200.4

857.6
510.3
3.3
141.0
203.0

826.3
461.9
3.4
156.7
204.3

755.7
410.0
3.5
140.0
202.2

738.3
407.4
3.6
144.0
183.3

680.1
379.2
3.6
142.9
154.4

12
13
14
15
16

17
18
19
20

Less:
Profits tax liability
Domestic nonfinancial
Farm
Financial

237.2
157.9
0.5
78.9

238.9
154.1
0.5
84.3

253.0
170.4
0.5
82.1

271.5
186.0
0.6
84.9

277.0
190.0
0.6
86.4

280.4
196.6
0.6
83.2

274.9
189.7
0.6
84.6

253.5
167.7
0.5
85.3

236.8
152.0
0.5
84.3

228.0
150.7
0.5
76.8

206.0
139.6
0.4
66.0

17
18
19
20

21
22
23
24
25
26

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

555.2
335.2
216.4
1.7
51.4
65.8

482.2
348.7
239.7
2.5
39.5
67.0

523.4
343.5
237.3
2.6
39.2
64.3

573.9
379.6
266.1
2.9
37.7
73.0

555.2
361.5
258.4
2.8
30.1
70.2

584.9
373.7
253.6
2.9
47.7
69.5

582.7
386.2
273.0
3.0
35.1
75.1

572.8
397.0
279.1
3.1
37.7
77.1

518.9
405.2
297.8
3.1
22.0
82.3

510.3
412.3
291.1
3.2
37.6
80.4

474.1
420.4
310.5
3.2
21.1
85.6

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

220.0
120.2
-0.6
59.3
41.0

133.5
63.7
-0.2
62.8
7.3

179.9
60.1
-0.2
75.4
44.6

194.3
48.8
-0.2
99.1
46.6

193.7
50.2
-0.2
90.3
53.4

211.2
82.5
-0.2
81.2
47.7

196.5
47.5
-0.2
105.9
43.3

175.8
15.1
-0.2
119.0
41.9

113.7
-39.8
-0.1
118.0
35.6

98.0
-34.4
-0.1
106.4
26.1

53.7
-70.8
-0.1
121.8
2.8

27
28
29
30
31

32

Inventory valuation adjustment

8.5

18.4

-2.9

-12.4

-23.8

-14.8

-3.6

-7.3

-1.9

-8.8

3.3

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Financial

32.9
50.0
1.1
-18.2

38.0
50.4
1.5
-13.9

51.7
60.8
1.7
-10.8

43.4
56.4
1.8
-14.9

49.2
60.1
1.8
-12.7

45.5
57.8
1.8
-14.1

40.4
54.4
1.9
-15.8

38.4
53.5
1.9
-17.0

36.0
51.3
1.9
-17.2

30.3
46.2
2.0
-17.9

13.3
28.7
2.0
-17.4

33
34
35
36

423.9

511.9

506.5

532.7

520.9

534.1

535.3

540.6

549.4

553.0

557.0

37

6618.5

7041.5

7462.3

7980.8

7783.8

7959.3

8046.4

8133.9

8169.7

8208.0

8189.3

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

27.9
8.9
646.2
832.4
181.0
29.7

28.7
9.3
681.3
884.3
187.7
-31.0

31.2
10.2
713.1
953.3
198.1
-72.9

33.1
10.9
762.7
1029.9
211.4
-130.4

32.4
10.9
749.4
998.6
206.5
-93.5

32.8
11.2
758.3
1019.0
209.9
-112.6

33.3
10.7
767.6
1041.2
213.1
-155.6

33.8
10.6
775.6
1060.9
215.9
-159.8

34.3
10.0
785.7
1081.3
218.6
-120.7

34.8
9.7
792.4
1120.2
221.3
-143.3

35.3
9.3
794.7
1177.0
229.4
-140.5

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

19.1
7.1

23.6
-3.5

33.3
-6.8

37.6
-12.1

37.5
-18.0

36.9
-16.6

37.3
-18.1

38.7
4.2

47.8
-10.5

52.2
-11.7

71.8
-7.0

45
46

47

Equals:
Gross Domestic Product

8318.4

8781.6

9268.6

9872.9

9668.6

9857.6

9937.5

10028.0

10141.6

10202.6

10229.7

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, December 7, 2001

F.8 Gross Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6
7
8
9
10
11

Gross saving

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1502.3

1647.2

1707.6

1785.6

1723.7

1802.5

1806.7

1809.5

1754.1

1750.6

1753.2

1

1343.8

1375.0

1348.1

1322.9

1271.1

1349.0

1328.9

1342.5

1307.9

1321.2

1531.7

2

Personal saving

252.9

301.5

160.8

67.6

53.4

88.1

54.4

74.7

78.8

81.5

284.4

3

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

220.0
8.5
32.9
832.4
581.6
250.9
-2.9

133.5
18.4
38.0
884.3
620.2
264.2
-0.7

179.9
-2.9
51.7
953.3
669.2
284.1
5.2

194.3
-12.4
43.4
1029.9
727.1
302.9
0.0

193.7
-23.8
49.2
998.6
703.6
295.0
0.0

211.2
-14.8
45.5
1019.0
719.1
299.9
0.0

196.5
-3.6
40.4
1041.2
736.0
305.2
0.0

175.8
-7.3
38.4
1060.9
749.7
311.3
0.0

113.7
-1.9
36.0
1081.3
763.8
317.5
0.0

98.0
-8.8
30.3
1120.2
785.6
334.6
0.0

53.7
3.3
13.3
1177.0
847.0
329.9
0.0

4
5
6
7
8
9
10

Gross private saving

158.6

272.3

359.5

462.7

452.6

453.5

477.8

467.0

446.2

429.4

221.5

11

12
13
14

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

33.4
86.8
-53.4

132.0
88.2
43.8

210.9
91.7
119.2

314.9
96.4
218.5

307.7
94.9
212.8

304.8
95.9
208.9

326.9
97.0
229.9

320.3
97.9
222.4

303.7
98.4
205.3

286.2
99.4
186.8

89.7
99.9
-10.2

12
13
14

15
16
17

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

125.1
94.2
31.0

140.2
99.5
40.8

148.6
106.4
42.2

147.8
114.9
32.9

144.9
111.6
33.3

148.7
114.0
34.7

150.9
116.1
34.8

146.7
118.0
28.7

142.5
120.2
22.3

143.2
121.9
21.3

131.8
129.5
2.3

15
16
17

1532.1

1616.2

1634.7

1655.2

1630.2

1689.9

1651.1

1649.7

1633.4

1607.3

1612.7

18

1390.5

1538.8

1636.8

1767.5

1708.9

1792.3

1788.4

1780.3

1722.7

1669.9

1623.0

19

18
19

Gross government saving

Gross investment
Gross private domestic investment

20

Fixed investment

1327.7

1465.6

1578.2

1718.1

1678.0

1717.0

1735.9

1741.6

1748.2

1706.4

1679.2

20

21
22

Nonresidential
Residential

999.4
328.3

1101.3
364.4

1174.6
403.6

1293.1
425.1

1250.9
427.1

1288.3
428.7

1314.9
421.0

1318.2
423.4

1311.2
437.0

1260.2
446.2

1228.5
450.7

21
22

23

Change in private inventories

62.9

73.1

58.6

49.4

30.9

75.3

52.5

38.7

-25.5

-36.5

-56.2

23

24

Gross government investment

264.7

277.1

304.6

318.3

321.1

315.0

314.1

322.8

330.9

344.1

335.5

24

25

Net foreign investment in U.S.

-123.1

-199.7

-306.7

-430.5

-399.8

-417.4

-451.4

-453.4

-420.2

-406.7

-345.8

25

29.7

-31.0

-72.9

-130.4

-93.5

-112.6

-155.6

-159.8

-120.7

-143.3

-140.5

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.

F.9 Net Capital Transfers (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Capital transfers received by government (net)

26.8

32.4

32.4

36.2

37.0

36.2

35.8

35.8

38.4

37.0

34.9

1

2

Federal

-8.4

-3.6

-7.3

-7.9

-6.3

-7.7

-8.1

-9.7

-8.9

-12.7

-14.8

2

3
4
5
6

Estate and gift taxes paid by persons
- Capital transfers paid to the rest of the world (net)
- Federal investment grants to state and local govts.
- Investment grants to business

20.6
0.2
28.8
0.0

25.2
0.0
28.8
0.0

28.8
4.2
31.9
0.0

28.1
0.0
36.0
0.0

29.1
0.0
35.3
0.0

28.2
0.0
35.9
0.0

27.7
0.1
35.7
0.0

27.6
0.0
37.3
0.0

30.1
0.0
38.9
0.0

28.7
0.0
41.3
0.0

26.5
0.0
41.3
0.0

3
4
5
6

7

State and local

35.3

36.0

39.7

44.1

43.2

43.9

43.9

45.5

47.3

49.7

49.7

7

8
9

Estate and gift taxes paid by persons
+ Federal investment grants to state and local govts.

6.5
28.8

7.2
28.8

7.8
31.9

8.1
36.0

7.9
35.3

8.0
35.9

8.1
35.7

8.2
37.3

8.3
38.9

8.3
41.3

8.4
41.3

8
9

-0.4

-0.7

3.5

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.8

10

0.2
0.6

0.0
0.7

4.2
0.7

0.0
0.7

0.0
0.7

0.0
0.7

0.1
0.7

0.0
0.7

0.0
0.7

0.0
0.8

0.0
0.8

11
12

10

Capital transfers received by the rest of the world (net)

11
12

Capital transfers received from U.S. government (net)
- Immigrants’ transfers received by persons (net)

(1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce.

15

Z.1, December 7, 2001

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net acquisition of financial assets

559.3

761.9

675.0

489.1

647.9

596.3

457.8

254.2

575.9

634.9

984.3

1

2
3
4
5

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

6.5
-11.3
142.6
83.5

0.1
5.5
202.7
174.5

5.2
-17.3
109.5
134.5

7.7
-17.9
309.2
141.3

20.0
71.0
336.8
211.1

0.2
-64.3
348.4
80.8

-2.6
-61.1
340.2
73.5

13.3
-17.3
211.6
200.0

-6.0
84.0
346.8
281.0

-16.0
92.2
272.4
-16.6

-10.0
116.5
206.4
250.9

2
3
4
5

6

Securities

-41.0

-37.0

23.2

-410.8

-556.0

-179.5

-330.1

-577.7

-439.7

-78.1

-170.3

6

1.5
-147.3
53.0
85.6
-293.4
259.6

7.5
-153.9
17.8
96.8
-248.7
243.4

4.0
78.0
40.4
23.6
-264.4
141.7

5.0
-175.3
14.8
-25.6
-459.5
229.8

5.0
-294.8
30.6
-28.7
-554.9
286.8

5.0
-161.2
-4.4
132.9
-367.5
215.6

5.0
-113.3
32.6
-114.9
-410.6
271.1

5.0
-132.0
0.1
-91.6
-504.9
145.6

-22.0
-507.2
92.7
253.4
-324.0
67.4

-18.0
10.0
0.4
-147.0
-185.4
261.9

-15.0
28.9
-48.8
-97.5
-199.9
162.0

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

59.3
201.4

48.0
202.1

50.8
184.4

50.2
215.9

54.9
206.9

45.6
260.7

53.0
227.0

47.3
168.8

52.7
255.5

53.2
168.7

56.5
192.9

13
14

15
16

Investment in bank personal trusts
Miscellaneous and other assets

-49.9
168.1

-41.8
207.9

-6.5
191.2

-29.7
223.1

-28.4
331.6

-33.1
137.4

-29.2
187.0

-28.0
236.3

-26.1
27.7

-22.7
181.8

-28.2
369.4

15
16

17
18
19
20
21

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

1103.6
314.2
132.0
651.5
5.9

1212.3
350.2
148.4
709.2
4.5

1365.5
398.9
189.3
775.8
1.5

1486.3
421.8
228.1
835.7
0.8

1465.0
423.2
209.7
836.7
-4.6

1489.2
424.3
230.2
829.7
5.0

1479.9
417.2
221.2
841.5
-0.0

1511.2
422.5
251.2
834.7
2.8

1496.2
433.1
225.6
838.1
-0.6

1519.2
442.8
234.7
844.7
-3.0

1519.3
448.7
235.0
840.3
-4.7

17
18
19
20
21

22
23
24
25

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

756.9
140.1
129.8
487.0

791.1
146.1
138.6
506.4

856.0
151.5
157.4
547.2

922.6
163.2
168.3
591.2

895.5
158.4
163.9
573.2

913.1
161.5
166.6
584.9

932.3
164.9
169.7
597.6

949.7
167.9
172.8
608.9

967.6
171.1
175.8
620.7

1009.0
179.3
182.1
647.7

1030.9
188.9
178.6
663.5

22
23
24
25

26

Net investment in tangible assets (4)

346.7

421.2

509.4

563.7

569.5

576.1

547.7

561.5

528.6

510.1

488.4

26

174.1
2.2
164.5
5.9

204.1
9.8
202.8
4.5

247.4
31.9
228.6
1.5

258.6
59.8
244.5
0.8

264.8
45.8
263.5
-4.6

262.8
63.6
244.8
5.0

252.3
51.5
243.9
-0.0

254.5
78.4
225.8
2.8

262.1
49.7
217.4
-0.6

263.5
52.6
197.0
-3.0

259.8
56.5
176.8
-4.7

27
28
29
30

575.8

752.7

845.5

801.6

995.9

853.4

769.6

587.4

571.9

875.0

1001.3

31

258.1
31.8
57.5
3.2
36.8
188.4

388.5
86.5
75.0
0.1
21.6
181.0

433.1
102.3
99.5
-5.1
75.2
140.5

420.5
88.3
139.0
2.8
7.2
143.7

359.9
76.2
149.9
-1.3
234.2
177.1

488.1
113.3
142.1
3.6
-64.9
171.1

439.3
80.6
128.2
5.8
14.6
101.2

394.7
83.3
135.6
3.2
-155.0
125.5

430.8
81.5
159.9
4.0
-166.5
62.2

620.3
130.1
73.6
0.6
9.7
40.6

543.2
111.2
21.3
4.3
228.2
93.1

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

Net capital transfers (5)

-26.4

-31.7

-35.9

-35.5

-36.3

-35.4

-35.1

-35.1

-37.6

-36.2

-34.1

38

39

Personal saving, with consumer durables (FOF)

356.6

462.1

374.8

286.6

257.8

354.5

270.9

263.4

570.3

306.3

505.5

39

40

Less net investment in consumer durables

164.5

202.8

228.6

244.5

263.5

244.8

243.9

225.8

217.4

197.0

176.8

40

41

= Personal saving, without consumer durables (FOF) (6)

192.1

259.3

146.2

42.1

-5.8

109.7

27.0

37.6

352.8

109.3

328.7

41

42

Personal saving (NIPA, excludes consumer durables)

252.9

301.5

160.8

67.6

53.4

88.1

54.4

74.7

78.8

81.5

284.4

42

43

Difference

-60.8

-42.2

-14.7

-25.5

-59.2

21.6

-27.4

-37.1

274.0

27.8

44.3

43

44

Memo:
Disposable personal income

5968.2

6355.6

6618.0

7031.0

6859.1

6993.7

7081.3

7189.8

7295.0

7363.2

7577.0

44

45
46
47
48

Personal saving as a percentage of disposable personal income:
With consumer durables (FOF) (line 39)
Without consumer durables (FOF) (line 41)
Without consumer durables (NIPA) (line 42)
Difference (line 43)

6.0
3.2
4.2
-1.0

7.3
4.1
4.7
-0.7

5.7
2.2
2.4
-0.2

4.1
0.6
1.0
-0.4

3.8
-0.1
0.8
-0.9

5.1
1.6
1.3
0.3

3.8
0.4
0.8
-0.4

3.7
0.5
1.0
-0.5

7.8
4.8
1.1
3.8

4.2
1.5
1.1
0.4

6.7
4.3
3.8
0.6

45
46
47
48

(1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded 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) Table F.9, line 12 less lines 3 and 8.
(6) Line 41 and 42 are conceptually equivalent but measure saving using different data. Line 41 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4).

16

Z.1, December 7, 2001

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5

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

6
7
8
9

+ Government insurance and pension reserves (3)
+ Net investment in consumer durables
+ Consumption of fixed capital
+ Net capital transfers (4)

10

= Gross saving and net capital transfers

11

Gross investment

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

6937.0
968.8
5968.2
5715.3
252.9

7426.0
1070.5
6355.6
6054.1
301.5

7777.3
1159.3
6618.0
6457.2
160.8

8319.1
1288.2
7031.0
6963.3
67.6

8104.4
1245.3
6859.1
6805.7
53.4

8271.0
1277.3
6993.7
6905.6
88.1

8381.5
1300.2
7081.3
7026.9
54.4

8519.6
1329.8
7189.8
7115.1
74.7

8640.2
1345.2
7295.0
7216.2
78.8

8714.6
1351.4
7363.2
7281.7
81.5

8772.5
1195.5
7577.0
7292.6
284.4

1
2
3
4
5

3.4
164.5
615.4
-26.4

4.4
202.8
642.8
-31.7

3.8
228.6
694.7
-35.9

1.8
244.5
750.5
-35.5

0.3
263.5
727.7
-36.3

2.7
244.8
742.6
-35.4

0.8
243.9
758.7
-35.1

3.3
225.8
773.1
-35.1

2.8
217.4
787.9
-37.6

6.9
197.0
822.1
-36.2

0.1
176.8
843.2
-34.1

6
7
8
9

1009.8

1119.9

1052.1

1028.9

1008.6

1042.7

1022.7

1041.7

1049.4

1071.2

1270.3

10

945.0

1071.9

1032.1

1000.1

947.6

1060.1

992.9

999.7

1318.8

1090.3

1312.6

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

982.0
275.0
651.5
55.6

1081.7
310.5
709.2
62.1

1195.4
354.9
775.8
64.7

1282.5
375.4
835.7
71.4

1281.7
376.6
836.7
68.4

1277.9
377.5
829.7
70.6

1285.6
371.3
841.5
72.8

1284.7
376.3
834.7
73.7

1297.5
385.4
838.1
74.0

1310.9
394.1
844.7
72.1

1307.9
399.6
840.3
68.0

12
13
14
15

16

Net financial investment

-37.0

-9.8

-163.3

-282.4

-334.1

-217.8

-292.7

-285.0

21.3

-220.6

4.7

16

17

Net acquisition of financial assets

341.7

486.3

437.1

285.7

431.2

349.3

281.3

81.1

412.8

464.0

857.8

17

18
19
20
21

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

6.5
-33.7
131.9
79.9

0.1
-28.6
193.6
164.9

5.2
-41.5
99.5
124.5

7.7
-42.3
305.2
131.3

20.0
46.9
332.8
209.1

0.2
-106.9
340.7
80.1

-2.6
-76.5
339.1
57.8

13.3
-32.5
208.4
178.3

-6.0
64.5
341.8
253.0

-16.0
71.8
267.0
-44.6

-10.0
98.1
200.9
242.2

18
19
20
21

22

Credit market instruments

-11.8

-37.1

148.6

-170.0

-274.4

-10.4

-183.3

-212.1

-172.5

-140.5

-118.5

22

1.5
-151.4
-162.4
-0.5
-161.9
11.0
52.5
85.6
0.1

7.5
-160.1
-85.2
0.1
-85.4
-74.8
17.8
96.8
0.9

4.0
81.1
-1.3
-0.2
-1.2
82.4
40.2
23.6
-0.3

5.0
-165.1
-153.7
-1.7
-152.0
-11.4
14.6
-25.6
1.1

5.0
-284.6
-226.8
-3.5
-223.3
-57.8
30.4
-28.7
3.5

5.0
-146.2
-221.5
-2.1
-219.5
75.3
-4.6
132.9
2.4

5.0
-106.8
-134.8
-0.9
-133.9
28.1
32.4
-114.9
1.0

5.0
-122.9
-31.5
-0.3
-31.3
-91.3
-0.1
-91.6
-2.5

-22.0
-496.2
-73.8
1.4
-75.2
-422.5
92.5
253.4
-0.1

-18.0
21.0
-109.9
3.3
-113.2
131.0
0.2
-147.0
3.3

-15.0
42.3
81.3
3.9
77.3
-39.0
-49.0
-97.5
0.7

23
24
25
26
27
28
29
30
31

-293.4
259.6
52.6
59.3
201.4
-49.9
-70.9
10.3

-248.7
243.4
61.2
48.0
202.1
-41.8
-80.6
9.7

-264.4
141.7
47.2
50.8
184.4
-6.5
-64.8
12.4

-459.5
229.8
88.6
50.2
215.9
-29.7
-46.2
4.7

-554.9
286.8
189.4
54.9
206.9
-28.4
-63.4
5.5

-367.5
215.6
-47.1
45.6
260.7
-33.1
-45.0
16.3

-410.6
271.1
53.9
53.0
227.0
-29.2
-26.7
8.4

-504.9
145.6
158.0
47.3
168.8
-28.0
-49.7
-11.5

-324.0
67.4
-48.2
52.7
255.5
-26.1
-48.5
3.2

-185.4
261.9
49.9
53.2
168.7
-22.7
-25.1
25.8

-199.9
162.0
285.6
56.5
192.9
-28.2
-60.2
36.3

32
33
34
35
36
37
38
39

378.7

496.1

600.4

568.1

765.3

567.1

574.0

366.1

391.5

684.7

853.1

40

332.7

467.2

517.1

554.9

526.9

624.3

554.5

514.0

554.4

671.2

616.2

41

240.4
57.5
10.0
8.0
18.1
-1.2

351.4
75.0
12.0
6.2
13.3
9.4

389.5
99.5
10.4
-7.3
14.6
10.5

382.6
139.0
5.8
8.2
16.4
3.1

327.5
149.9
3.3
34.1
15.8
-3.6

444.6
142.1
10.2
-2.6
18.6
11.4

397.9
128.2
4.9
4.1
14.3
5.1

360.3
135.6
4.6
-2.9
16.8
-0.5

387.8
159.9
4.9
-17.3
19.3
-0.2

581.0
73.6
0.9
-28.1
19.1
24.9

502.3
21.3
12.0
48.3
19.8
12.5

42
43
44
45
46
47

36.8
8.9

21.6
8.7

75.2
6.0

7.2
5.9

234.2
7.1

-64.9
7.0

14.6
5.6

-155.0
3.9

-166.5
6.9

9.7
4.7

228.2
6.7

48
49

0.3

-1.4

2.1

0.1

-2.9

0.8

-0.6

3.2

-3.3

-1.0

2.0

50

64.8

48.0

20.0

28.9

61.0

-17.4

29.8

42.0

-269.4

-19.0

-42.2

51

23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

Open market paper
U.S. government securities
Treasury
Savings bonds
Other
Agency
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities (5)
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 (6)
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

(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.10 for derivation of alternative measures of personal saving.
(3) Railroad Retirement Board and federal government life insurance reserves.
(4) Table F.9, line 12 less lines 3 and 8.
(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 33), life insurance and pension reserves (lines 35 and 36), and bank personal trusts (line 37).
(6) 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, December 7, 2001

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1

Income before taxes

1134.1

1140.7

1200.7

1274.2

1255.9

1309.0

1286.5

1245.5

1202.8

1209.0

1193.3

1

2

Gross saving and net capital transfers

869.6

864.0

912.8

968.1

929.8

974.8

988.8

979.0

941.5

950.1

969.9

2

3

Gross investment

909.6

953.2

1010.6

1059.4

1014.7

1069.8

1082.3

1070.9

1018.8

988.4

1017.2

3

900.2

980.2

1086.3

1186.1

1128.6

1203.4

1204.6

1207.6

1125.7

1082.0

1048.4

4

828.6
42.0
786.6

903.0
42.5
860.5

1026.0
47.1
979.0

1136.1
49.6
1086.6

1097.7
49.8
1047.9

1126.9
50.0
1076.9

1151.5
49.1
1102.4

1168.4
49.4
1119.0

1150.9
51.0
1099.9

1118.2
52.4
1065.8

1104.3
53.0
1051.3

5
6
7

62.9
8.8

73.1
4.1

58.6
1.7

49.4
0.6

30.9
0.0

75.3
1.2

52.5
0.7

38.7
0.5

-25.5
0.3

-36.5
0.3

-56.2
0.3

8
9

4

Capital expenditures

5
6
7

Fixed investment
Residential
Nonresidential

8
9

Change in inventories
Access rights from federal government

10

9.4

-27.1

-75.7

-126.6

-113.9

-133.6

-122.3

-136.7

-106.9

-93.6

-31.2

10

11

Net acquisition of financial assets

404.2

758.3

825.2

751.3

870.0

839.2

791.5

504.5

333.6

124.1

216.0

11

12
13
14
15
16

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

-5.1
30.0
30.4
23.9
0.7

7.4
69.2
2.3
36.1
-0.4

-2.3
59.0
26.2
33.1
1.1

-5.4
49.1
9.1
50.4
-0.5

-24.0
23.4
-43.8
9.9
3.1

17.2
93.4
-5.2
3.6
-7.7

54.0
106.4
13.7
79.0
-0.9

-68.7
-26.8
71.5
109.1
3.3

-27.1
-58.3
-32.0
158.2
-6.0

0.9
-79.9
-19.0
140.6
2.4

-0.1
-35.9
-0.0
40.1
-5.6

12
13
14
15
16

17

Credit market instruments

-9.7

2.2

4.3

8.2

54.7

60.8

-55.4

-27.2

-0.7

11.4

-29.9

17

4.6
-36.6
-3.1
24.3
1.2

3.3
5.5
-1.5
-1.1
-4.1

4.3
-5.2
-3.2
3.0
5.4

0.3
-8.3
10.9
2.9
2.4

-6.1
8.1
6.5
2.9
43.3

0.8
4.7
48.1
10.2
-3.1

7.6
-4.0
-32.9
-2.7
-23.5

-1.1
-41.9
22.0
1.2
-7.3

11.5
-11.5
-36.5
1.0
34.8

14.0
-8.7
30.9
0.6
-25.4

-13.5
12.5
13.5
1.9
-44.3

18
19
20
21
22

-8.2
128.6
213.6

7.3
127.0
507.1

-1.8
159.2
546.5

-1.8
150.4
491.9

-1.8
226.7
621.8

-1.8
195.4
483.5

-1.8
133.0
463.5

-1.8
46.4
398.7

-1.8
-74.3
375.6

-1.8
-176.3
245.8

-1.8
-109.7
359.1

23
24
25

394.8

785.4

901.0

877.9

984.0

972.8

913.8

641.2

440.4

217.7

247.2

26

393.6

554.0

601.6

587.2

628.5

744.4

440.0

535.8

352.6

494.7

360.6

27

13.7
4.2
150.5

24.4
5.8
218.7

37.4
5.1
229.9

48.1
1.4
171.1

29.8
2.2
186.2

110.4
0.1
153.8

56.1
1.0
168.8

-4.0
2.1
175.6

-207.2
2.3
400.9

-141.5
3.3
428.0

-74.1
1.1
187.7

28
29
30

98.4
42.6
84.2

102.0
67.6
135.6

90.0
42.9
196.4

94.9
86.2
185.5

105.4
125.9
179.0

169.2
107.2
203.6

42.9
3.6
167.7

62.2
108.0
191.9

11.4
-31.8
177.0

-125.1
98.2
231.8

-58.2
58.4
245.8

31
32
33

-114.4
97.5
16.6
87.3

-267.0
81.5
15.6
488.6

-143.5
170.3
15.3
335.1

-150.6
124.9
14.4
376.8

61.2
140.7
25.0
222.0

-245.2
148.1
22.2
364.8

-67.6
132.0
-5.6
489.1

-350.8
78.6
16.0
431.5

-25.6
-28.5
-0.1
189.7

-72.6
-121.6
8.7
-33.9

-118.5
-116.8
105.5
55.6

34
35
36
37

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

31
32
33

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

34
35
36
37
38
39

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

-85.8

-87.2

-77.9

-74.7

-93.4

-61.5

-74.0

-69.8

-47.7

-57.6

-39.4

38

-40.0

-89.2

-97.8

-91.3

-84.9

-95.0

-93.6

-91.9

-77.3

-38.3

-47.3

39

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

18

Z.1, December 7, 2001

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6
7
8
9
10

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

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)
+ Net capital transfers (1)
= Total internal funds + IVA

494.5
157.9
216.4
539.7
659.9
59.3
8.5
0.0
727.6

457.5
154.1
239.7
569.6
633.3
62.8
18.4
0.0
714.4

467.8
170.4
237.3
617.3
677.4
75.4
-2.9
0.0
750.0

500.9
186.0
266.1
658.8
707.6
99.1
-12.4
0.0
794.4

498.6
190.0
258.4
643.7
693.9
90.3
-23.8
0.0
760.4

532.8
196.6
253.6
653.8
736.3
81.2
-14.8
0.0
802.7

510.3
189.7
273.0
663.8
711.3
105.9
-3.6
0.0
813.6

461.9
167.7
279.1
673.8
689.0
119.0
-7.3
0.0
800.7

410.0
152.0
297.8
683.8
644.0
118.0
-1.9
0.0
760.1

407.4
150.7
291.1
698.0
663.6
106.4
-8.8
0.0
761.2

379.2
139.6
310.5
725.9
655.1
121.8
3.3
0.0
780.2

1
2
3
4
5
6
7
8
9

Gross investment

767.6

803.6

847.8

885.7

845.3

897.7

907.2

892.6

837.4

799.5

827.5

10

11
12
13
14

Capital expenditures
Fixed investment (2)
Inventory change + IVA
Access rights from federal government

778.6
712.9
57.0
8.8

849.6
776.9
68.6
4.1

916.2
857.5
57.1
1.7

982.2
933.0
48.6
0.6

945.3
909.8
35.5
0.0

992.1
920.6
70.3
1.2

1010.3
957.1
52.5
0.7

981.1
944.7
35.9
0.5

927.1
951.7
-24.9
0.3

873.7
907.0
-33.5
0.3

837.0
888.1
-51.5
0.3

11
12
13
14

15

Net financial investment

-11.1

-46.1

-68.5

-96.5

-100.0

-94.3

-103.1

-88.5

-89.6

-74.2

-9.5

15

16

Net acquisition of financial assets

272.4

569.9

665.2

622.7

746.7

653.7

689.1

401.2

218.1

10.8

128.8

16

17
18
19
20
21

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

-5.1
7.6
19.7
20.2
0.7

7.4
35.2
-6.8
26.5
-0.4

-2.3
34.8
16.2
23.1
1.1

-5.4
24.7
5.1
40.4
-0.5

-24.0
-0.8
-47.8
7.9
3.1

17.2
50.8
-12.9
2.9
-7.7

54.0
90.9
12.6
63.4
-0.9

-68.7
-42.0
68.4
87.4
3.3

-27.1
-77.8
-37.0
130.2
-6.0

0.9
-100.2
-24.4
112.6
2.4

-0.1
-54.3
-5.5
31.3
-5.6

17
18
19
20
21

22
23
24
25
26
27
28

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

4.6
-40.8
-3.6
25.9
1.2
93.5
-8.2

3.3
-0.6
-1.6
-13.0
-4.1
86.3
7.3

4.3
-2.1
-3.4
-7.0
5.4
113.4
-1.8

0.3
1.9
10.7
-5.0
2.4
109.6
-1.8

-6.1
18.3
6.3
-5.0
43.3
185.9
-1.8

0.8
19.7
47.9
-5.0
-3.1
117.1
-1.8

7.6
2.5
-33.1
-5.0
-23.5
116.0
-1.8

-1.1
-32.9
21.8
-5.0
-7.3
19.3
-1.8

11.5
-0.5
-36.7
-5.0
34.8
-94.3
-1.8

14.0
2.3
30.7
-5.0
-25.4
-190.3
-1.8

-13.5
25.9
13.3
-5.0
-44.3
-122.9
-1.8

22
23
24
25
26
27
28

29
30
31
32
33
34

Miscellaneous assets
U.S. direct investment abroad (3)
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

156.8
84.3
1.9
-1.1
-3.7
75.4

430.3
129.1
1.7
-0.7
-6.4
306.7

483.6
136.2
1.0
-0.6
26.8
320.2

440.3
122.0
-0.3
0.0
7.4
311.3

567.3
128.5
1.5
-0.1
38.7
398.6

427.7
95.2
5.7
-1.5
-24.2
352.5

406.4
117.9
2.9
0.3
9.8
275.4

359.9
146.2
-11.4
1.2
5.1
218.8

327.9
138.5
3.3
-1.3
-10.8
198.2

195.1
121.9
10.6
1.7
-7.6
68.5

311.5
83.3
36.4
-0.4
-5.2
197.4

29
30
31
32
33
34

283.5

616.0

733.7

719.2

846.7

748.0

792.3

489.7

307.8

85.0

138.3

35

178.3
-114.4
292.7
13.7
4.2
150.5
51.1

139.3
-267.0
406.3
24.4
5.8
218.7
81.8

297.3
-143.5
440.8
37.4
5.1
229.9
73.0

280.0
-150.6
430.6
48.1
1.4
171.1
74.3

540.9
61.2
479.7
29.8
2.2
186.2
84.9

305.0
-245.2
550.2
110.4
0.1
153.8
134.5

236.1
-67.6
303.7
56.1
1.0
168.8
36.3

38.0
-350.8
388.8
-4.0
2.1
175.6
41.5

199.6
-25.6
225.2
-207.2
2.3
400.9
8.5

281.7
-72.6
354.3
-141.5
3.3
428.0
-102.6

130.4
-118.5
248.9
-74.1
1.1
187.7
-39.6

36
37
38
39
40
41
42

35
36
37
38
39
40
41
42

Net increase in liabilities
Net funds raised in markets
Net new equity issues
Credit market instruments
Commercial paper
Municipal securities (4)
Corporate bonds (3)
Bank loans n.e.c.

43
44
45
46
47
48
49
50

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

39.8
1.6
-0.5
-0.3
-2.6
17.3
24.4
33.4

54.3
2.7
33.1
-0.1
-4.3
-1.0
23.8
21.4

34.5
3.2
48.8
-0.3
-2.2
-22.7
7.7
61.0

73.4
4.3
57.0
-0.4
-0.0
-2.2
14.7
62.3

109.8
5.6
88.3
-0.6
2.8
-17.6
31.3
66.9

93.2
3.9
75.6
-0.4
-0.6
16.9
-2.3
58.1

-9.2
5.0
43.4
-0.7
-3.2
-40.6
-13.2
50.8

100.0
2.8
20.7
-0.0
0.8
32.4
43.2
73.6

-31.5
4.1
-10.1
0.3
9.9
-32.4
-3.2
52.3

79.9
4.8
89.1
-1.2
-3.7
16.2
-25.3
87.2

67.7
-0.3
-68.8
1.4
-8.3
80.1
63.6
106.2

43
44
45
46
47
48
49
50

51
52
53
54
55
56

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

65.1
9.3
30.8
100.2
7.1
-76.5

57.6
4.8
414.2
143.6
1.9
268.7

144.4
7.0
285.1
261.8
1.0
22.2

101.6
6.9
330.7
178.6
1.0
151.1

113.7
16.3
175.9
8.8
1.0
166.0

113.3
11.1
318.7
358.0
1.0
-40.4

118.5
-10.4
448.0
239.0
1.0
208.0

60.8
10.6
380.4
108.4
1.0
270.9

-42.8
-4.1
155.0
119.8
1.0
34.2

-132.7
5.5
-69.5
115.3
1.0
-185.8

-123.8
103.0
28.6
43.9
1.0
-16.3

51
52
53
54
55
56

57

Discrepancy

-40.0

-89.2

-97.8

-91.3

-84.9

-95.0

-93.6

-91.9

-77.3

-38.3

-47.3

57

58

Memo:
Financing gap (5)

110.3

198.0

241.7

286.9

275.2

270.5

302.6

299.5

284.9

218.9

178.6

58

(1) Table F.9, line 6.
(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.
(3) 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.
(4) 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.
(5) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

19

Z.1, December 7, 2001

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

609.9
118.5

657.6
124.4

706.3
136.0

742.7
144.7

730.7
141.2

743.7
143.4

744.6
145.8

751.9
148.4

763.0
150.8

772.9
157.4

781.9
157.7

1
2

3

Gross investment

118.5

124.4

136.0

144.7

141.2

143.4

145.8

148.4

150.8

157.4

157.7

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

91.1
88.1
3.0

100.3
96.7
3.6

145.8
142.8
3.0

177.5
174.9
2.6

162.7
160.8
1.9

182.3
178.6
3.7

168.0
165.2
2.8

197.0
195.1
1.9

169.5
170.8
-1.3

181.1
182.9
-1.8

182.2
184.9
-2.7

4
5
6

7

Net financial investment

27.4

24.1

-9.8

-32.8

-21.5

-38.9

-22.2

-48.6

-18.7

-23.7

-24.5

7

8

Net acquisition of financial assets

131.1

186.0

160.6

129.3

124.1

184.8

102.0

106.5

115.3

110.9

84.9

8

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

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

22.2
10.7
3.7
4.1
0.5
-1.6
0.0
35.1
56.4
0.5
0.0
55.9

32.1
9.1
9.7
6.1
0.1
11.9
0.0
40.7
76.3
0.4
-0.1
75.9

25.0
10.0
10.0
-3.1
0.2
10.0
0.0
45.8
62.7
0.2
0.0
62.4

25.0
4.0
10.0
-10.2
0.2
7.9
0.0
40.8
51.6
-0.1
-0.0
51.7

25.0
4.0
2.0
-10.2
0.2
7.9
0.0
40.8
54.4
0.4
0.4
53.7

43.4
7.7
0.7
-15.0
0.2
15.2
0.0
78.3
54.2
1.4
-0.3
53.2

15.9
1.2
15.7
-6.5
0.2
2.3
0.0
17.0
56.3
0.7
-0.1
55.7

15.7
3.1
21.6
-9.1
0.2
6.2
0.0
27.1
41.6
-2.7
0.1
44.2

20.0
5.0
28.0
-11.0
0.2
6.0
0.0
20.0
47.1
0.8
-0.1
46.4

20.8
5.4
28.0
-11.0
0.2
5.6
0.0
14.0
47.9
2.6
-0.3
45.7

18.9
5.5
8.8
-13.4
0.2
6.9
0.0
13.2
44.8
6.8
-0.1
38.1

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

103.7

161.8

170.4

162.1

145.6

223.7

124.2

155.0

134.0

134.6

109.4

21

94.7
43.8
3.3
47.7
31.0
7.3
56.5
-85.8

139.7
18.9
13.0
107.7
23.1
10.7
74.3
-86.0

155.4
17.9
7.8
129.7
25.5
8.3
50.1
-68.8

145.7
17.9
11.1
116.7
22.4
7.5
46.1
-59.6

135.0
18.3
11.9
104.8
26.0
8.7
46.1
-70.2

184.5
33.4
15.7
135.4
33.2
11.1
46.2
-51.2

129.1
7.3
11.4
110.4
14.3
4.8
41.1
-65.1

134.2
12.5
5.5
116.2
16.1
5.4
51.1
-51.8

121.3
0.7
0.1
120.5
12.8
4.0
34.7
-38.9

130.6
-20.2
18.6
132.2
11.2
3.2
35.6
-46.0

108.6
-14.5
-10.0
133.1
9.6
2.5
27.0
-38.3

22
23
24
25
26
27
28
29

21
22
23
24
25
26
27
28
29

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

29.7
0.6
23.0
3.3
19.7

25.6
1.3
23.9
3.9
19.9

26.6
1.5
25.4
4.2
21.2

30.6
1.6
27.4
4.5
22.9

26.5
1.5
26.6
4.4
22.2

32.5
1.6
27.1
4.5
22.6

31.6
1.6
27.7
4.6
23.1

31.7
1.7
28.2
4.7
23.6

29.8
1.8
28.8
4.8
24.0

28.7
1.9
29.6
4.9
24.7

32.2
2.0
30.1
5.0
25.1

1
2
3
4
5

6

Gross saving

23.5

25.2

26.9

29.0

28.1

28.7

29.3

29.9

30.6

31.5

32.0

6

7

Gross investment

23.5

25.2

26.9

29.0

28.1

28.7

29.3

29.9

30.6

31.5

32.0

7

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

30.4
27.5
2.9

30.3
29.4
0.9

24.3
25.8
-1.5

26.4
28.1
-1.8

20.6
27.1
-6.5

29.0
27.7
1.3

26.3
29.1
-2.8

29.5
28.6
0.9

29.2
28.5
0.7

27.2
28.4
-1.2

29.2
31.2
-2.0

8
9
10

11

Net financial investment

-6.9

-5.1

2.6

2.7

7.5

-0.3

3.0

0.4

1.4

4.3

2.8

11

12

Net acquisition of financial assets

0.7

2.5

-0.6

-0.7

-0.8

0.8

0.4

-3.2

0.1

2.4

2.3

12

13
14
15
16

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

0.2
0.4
0.4
0.0

1.9
0.5
0.4
0.1

-0.8
0.2
0.2
-0.0

-0.6
-0.1
-0.1
-0.0

-0.8
0.0
0.3
-0.3

-0.8
1.6
1.3
0.3

-0.4
0.8
0.7
0.2

-0.5
-2.7
-2.6
-0.1

-0.5
0.6
0.8
-0.1

-0.4
2.8
2.4
0.3

-0.5
2.7
2.5
0.2

13
14
15
16

7.6

7.6

-3.2

-3.4

-8.3

1.1

-2.6

-3.6

-1.3

-2.0

-0.6

17

6.2
3.5
-0.5
3.1
1.4
0.0

8.0
1.2
0.3
6.5
0.8
-1.2

5.5
-0.9
0.6
5.8
0.4
-9.0

10.9
2.7
1.7
6.5
0.9
-15.1

13.8
2.2
4.2
7.4
1.1
-23.3

9.7
1.2
-1.6
10.1
1.6
-10.3

7.2
-0.8
1.5
6.5
-0.9
-8.9

12.8
8.2
2.5
2.0
1.7
-18.1

6.0
2.2
-0.4
4.2
1.5
-8.8

9.8
-2.3
-0.3
12.4
-0.2
-11.6

3.1
-4.2
0.8
6.5
-2.5
-1.1

18
19
20
21
22
23

17
18
19
20
21
22
23

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

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

20

Z.1, December 7, 2001

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1011.4

1074.4

1143.8

1222.7

1194.5

1215.4

1234.3

1246.5

1273.4

1294.3

1287.3

1

217.0
34.2
552.6
10.9
196.8

235.5
34.6
583.9
10.2
210.3

255.9
34.8
612.5
10.1
230.5

278.7
36.8
651.6
10.1
245.6

268.7
37.7
640.8
10.1
237.2

276.2
38.2
646.8
10.0
244.2

280.4
37.3
655.7
10.0
250.9

289.3
34.1
662.9
10.1
250.1

293.8
31.8
673.5
10.3
264.0

291.4
30.7
680.4
10.6
281.2

298.3
27.7
684.1
10.8
266.4

2
3
4
5
6

Current expenditures, NIPA basis

980.4

1033.7

1101.6

1189.8

1161.2

1180.7

1199.5

1217.8

1251.1

1273.0

1285.0

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

766.5
227.6
-0.9
0.3
-12.4
0.0

808.3
235.3
0.4
0.4
-9.9
0.0

858.3
254.0
-0.2
0.4
-10.1
0.0

929.0
270.7
-0.3
0.4
-9.2
0.0

907.2
263.9
-0.3
0.4
-9.2
0.0

922.3
268.3
-0.4
0.4
-9.1
0.0

936.6
272.7
-0.2
0.4
-9.2
0.0

950.0
277.8
-0.2
0.4
-9.4
0.0

966.7
282.9
-0.5
0.4
2.4
0.0

981.3
288.3
-0.8
0.4
4.6
0.0

991.5
292.8
-0.9
0.4
2.0
0.0

8
9
10
11
12
13

14

Current surplus or deficit (-), NIPA basis

31.0

40.8

42.2

32.9

33.3

34.7

34.8

28.7

22.3

21.3

2.3

14

15
16

+ Consumption of fixed capital
+ Net capital transfers (2)

94.2
35.3

99.5
36.0

106.4
39.7

114.9
44.1

111.6
43.2

114.0
43.9

116.1
43.9

118.0
45.5

120.2
47.3

121.9
49.7

129.5
49.7

15
16

17

= Gross saving and net capital transfers

160.4

176.2

188.3

191.9

188.1

192.6

194.8

192.2

189.8

192.9

181.5

17

18

Gross investment

121.3

227.1

216.2

220.5

223.7

239.7

215.3

203.3

170.4

178.6

194.3

18

2
3
4
5
6
7

Current receipts, NIPA basis

1998

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

19

Fixed investment

183.3

191.0

210.2

221.8

226.0

217.8

220.6

222.7

233.1

244.2

233.7

19

20

Net financial investment

-62.0

36.1

6.1

-1.3

-2.3

21.9

-5.3

-19.4

-62.7

-65.6

-39.4

20

21

25.4

146.9

87.5

53.3

43.9

65.5

43.8

59.8

65.9

68.1

29.2

21

22
23
24

Net acq. of financial assets
Checkable deposits and currency
Time and savings deposits
Security RPs

4.4
5.8
3.6

-3.9
12.8
7.2

3.9
10.9
5.0

1.0
9.4
9.7

-5.9
-18.4
51.3

-7.2
20.3
-9.4

0.2
7.0
12.0

17.0
28.9
-15.0

2.3
-11.5
19.0

-6.5
1.7
17.2

-0.1
-2.9
40.8

22
23
24

25

Credit market instruments

0.1

134.5

43.4

9.2

1.2

39.9

-16.4

12.1

1.5

-24.8

-30.4

25

14.3
-18.5
-17.7
-0.8

28.0
93.5
30.0
63.6

1.9
26.0
-2.5
28.5

7.6
-7.1
-30.6
23.5

6.9
-14.4
-37.5
23.1

17.5
11.7
-15.2
26.9

-4.0
-21.7
-45.7
24.0

10.0
-4.1
-24.1
20.0

4.0
-20.7
-48.5
27.8

-17.2
-18.9
-41.5
22.7

20.0
-70.4
-98.0
27.6

26
27
28
29

-0.7
1.3
3.7

-1.4
10.2
4.1

-1.5
12.6
4.3

0.6
3.7
4.5

-1.7
6.1
4.4

1.6
4.7
4.5

3.2
1.6
4.5

-0.8
2.4
4.6

2.1
11.5
4.6

-0.6
7.2
4.7

0.4
14.8
4.8

30
31
32

26
27
28
29

Open market paper
U.S. government securities
Treasury
Agency

30
31
32

Municipal securities
Corporate and foreign bonds
Mortgages

33
34

Corporate equities
Mutual fund shares

16.8
-7.4

9.4
-12.3

3.5
4.3

-1.2
0.8

-5.6
-10.7

10.7
5.6

-4.1
4.5

-5.6
4.0

16.9
9.4

21.0
7.9

20.3
-0.8

33
34

35
36

Taxes receivable
Miscellaneous assets

3.3
-1.2

9.1
-9.7

8.8
7.7

11.9
12.3

13.3
18.7

16.6
-10.9

9.9
30.8

7.7
10.7

4.6
23.6

3.0
48.6

-0.2
2.5

35
36

37

87.5

110.8

81.4

54.5

46.2

43.6

49.2

79.2

128.7

133.6

68.6

37

38

Credit market instruments

56.1

80.3

52.3

27.2

12.9

18.2

23.8

53.7

103.9

108.7

43.0

38

39
40
41
42

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

57.3
8.3
49.0
-1.2

79.1
-6.3
85.4
1.2

52.7
3.6
49.1
-0.4

28.2
3.2
25.0
-1.0

14.5
4.4
10.1
-1.6

19.8
8.4
11.5
-1.6

25.1
-7.2
32.3
-1.3

53.4
7.1
46.3
0.4

103.4
21.2
82.3
0.4

108.3
20.5
87.7
0.4

42.9
37.3
5.6
0.1

39
40
41
42

43
44

Net increase in liabilities

Trade payables
Discrepancy

(1) Data for retirement funds are shown in table F.120.
(2) Table F.9, line 7.

31.4

30.5

29.1

27.4

33.2

25.4

25.4

25.5

24.8

25.0

25.6

43

39.1

-50.9

-27.9

-28.6

-35.6

-47.1

-20.5

-11.1

19.4

14.2

-12.8

44

21

Z.1, December 7, 2001

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

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

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1625.5

1749.7

1872.8

2046.8

2003.0

2042.4

2064.3

2077.5

2087.4

2091.5

1908.6

1

751.8
203.0
93.7
577.0

834.9
204.3
97.4
613.1

903.3
218.3
100.6
650.7

1009.5
234.6
111.2
691.5

976.6
239.3
108.6
678.5

1001.1
242.2
111.5
687.6

1019.8
237.6
111.9
695.0

1040.5
219.4
112.7
704.9

1051.4
205.0
112.2
718.8

1060.0
197.3
112.0
722.2

897.2
178.3
110.6
722.5

2
3
4
5

1678.8

1705.9

1753.6

1828.3

1790.2

1833.5

1834.4

1855.1

1882.1

1904.7

1918.8

6

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

456.9
717.5
196.8
276.2
31.5
0.0

453.1
730.6
210.3
278.5
33.5
0.0

469.6
746.2
230.5
263.9
43.4
0.0

493.7
779.3
245.6
262.9
46.8
0.0

483.4
758.7
237.2
264.2
46.7
0.0

503.8
775.1
244.2
264.4
46.0
0.0

493.6
780.5
250.9
262.9
46.5
0.0

494.1
802.9
250.1
259.9
48.1
0.0

507.5
811.7
264.0
253.5
45.4
0.0

510.1
823.3
281.2
242.5
47.6
0.0

512.7
837.4
266.4
232.5
69.8
0.0

7
8
9
10
11
12

13

Current surplus or deficit (-), NIPA basis

-53.4

43.8

119.2

218.5

212.8

208.9

229.9

222.4

205.3

186.8

-10.2

13

14
15
16

+ Consumption of fixed capital
- Insurance and pension reserves (1)
+ Net capital transfers (2)

86.8
3.4
-8.4

88.2
4.4
-3.6

91.7
3.8
-7.3

96.4
1.8
-7.9

94.9
0.3
-6.3

95.9
2.7
-7.7

97.0
0.8
-8.1

97.9
3.3
-9.7

98.4
2.8
-8.9

99.4
6.9
-12.7

99.9
0.1
-14.8

14
15
16

17

= Gross saving and net capital transfers

21.6

124.0

199.7

305.2

301.2

294.4

318.1

307.4

292.0

266.6

74.8

17

18

Gross investment

6.4

101.4

201.9

309.9

151.5

418.8

288.2

381.0

50.5

338.3

28.7

18

81.4
-8.8

86.1
-4.1

94.5
-1.7

96.5
-0.6

95.1
0.0

97.2
-1.2

93.5
-0.7

100.1
-0.5

97.8
-0.3

99.9
-0.3

101.8
-0.3

19
20

-66.2

19.3

109.1

214.0

56.4

322.8

195.4

281.4

-47.0

238.7

-72.8

21

-9.6

-5.3

76.2

-57.8

-123.8

-45.6

15.8

-77.7

55.4

22.7

179.5

22

2.5
-0.5
1.0

6.0
-16.7
1.3

-7.1
66.2
0.7

-0.6
-65.1
1.0

1.9
-140.3
0.4

-8.3
-58.3
1.0

-1.5
10.0
2.1

5.3
-71.7
0.4

-1.2
40.1
8.2

5.0
-31.6
5.9

19.2
36.2
7.2

23
24
25

5.1

13.5

5.8

7.3

6.5

7.7

4.5

10.6

4.6

4.0

1.0

26

0.0
-4.5
9.6

0.0
-0.8
14.3

0.0
-0.1
5.9

0.0
-0.9
8.2

0.0
-3.8
10.3

0.0
0.1
7.6

0.0
-1.3
5.8

0.0
1.6
9.1

0.0
-2.4
7.0

0.0
-0.6
4.6

0.0
-3.4
4.4

27
28
29

-3.2
-9.0
-5.4

1.5
-7.5
-3.5

4.6
7.0
-0.9

5.3
-4.3
-1.4

6.0
8.2
-6.6

7.2
5.1
0.1

4.3
-4.0
0.5

3.7
-26.4
0.4

9.9
-5.7
-0.5

10.0
23.1
6.3

7.4
101.6
6.9

30
31
32

56.5

-24.7

-32.9

-271.8

-180.2

-368.4

-179.6

-359.1

102.4

-216.0

252.2

33

19
20

Fixed investment
Access rights sales

21

Net financial investment

22

Net acq. of financial assets

23
24
25

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

26

Credit market instruments

27
28
29
30
31
32
33

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

34
35

SDR certificates
Treasury currency

-0.5
0.5

0.0
0.6

-3.0
1.0

-4.0
2.4

0.0
2.2

-8.0
3.2

-4.0
4.2

-4.0
-0.0

0.0
-1.1

0.0
1.1

0.0
-0.0

34
35

36

Credit market instruments

23.1

-52.6

-71.2

-295.9

-217.2

-408.7

-226.2

-331.3

-4.3

-256.0

255.7

36

37
38
39
40

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages

-0.5
23.7
-0.1
-0.0

0.1
-54.7
2.0
0.0

-0.2
-70.8
-0.2
0.0

-1.7
-293.2
-1.0
0.0

-3.5
-211.7
-2.1
0.0

-2.1
-408.5
1.8
0.0

-0.9
-222.9
-2.4
0.0

-0.3
-329.9
-1.2
0.0

1.4
-3.5
-2.2
0.0

3.3
-260.5
1.1
0.0

3.9
252.1
-0.4
0.0

37
38
39
40

41
42
43

Trade payables
Insurance and pension reserves (3)
Miscellaneous liabilities

-8.8
42.0
0.3

-8.0
42.5
-7.1

0.7
42.5
-2.9

1.3
22.3
2.0

3.2
39.3
-7.6

-2.2
41.9
5.4

2.2
36.3
7.9

2.1
-28.1
2.3

-11.0
118.1
0.6

-12.0
46.9
4.1

-13.8
31.8
-21.4

41
42
43

15.2

22.6

-2.2

-4.6

149.7

-124.4

29.8

-73.6

241.5

-71.7

46.1

44

-2.2

-12.8

59.4

-55.1

-121.2

-41.1

15.1

-73.4

18.4

-15.6

61.9

45

44

Discrepancy
Memo:

45

Change in cash balance (4)

(1) Railroad Retirement Board and federal government life insurance reserves.
(2) Table F.9, line 2.
(3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
(4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

22

Z.1, December 7, 2001

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

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

1370.8
1055.8
274.3
40.8

1450.7
1116.7
289.6
44.5

1610.2
1240.7
320.6
49.0

1917.6
1466.9
396.3
54.4

1819.6
1393.6
378.1
47.9

1905.0
1450.4
404.5
50.1

1969.1
1511.8
404.7
52.6

1976.5
1511.6
397.9
67.0

1916.5
1481.2
389.4
45.9

1833.2
1427.0
358.6
47.6

1691.7
1315.9
329.2
46.6

1
2
3
4

5
6
7

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

1247.7
966.4
281.3

1251.1
964.9
286.1

1303.6
989.8
313.8

1487.1
1102.9
384.2

1419.8
1059.7
360.1

1487.6
1099.7
387.9

1517.7
1131.1
386.6

1523.1
1121.0
402.1

1496.3
1117.4
378.9

1426.5
1079.6
346.9

1345.9
1023.7
322.2

5
6
7

8

Net capital transfers (1)

-0.4

-0.7

3.5

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.8

8

9

Gross saving and net capital transfers (2)

122.7

199.0

310.2

429.8

399.1

416.7

450.7

452.7

419.5

406.0

345.0

9

Net financial investment

272.0

145.5

373.2

444.0

235.4

626.4

458.2

455.8

323.0

499.4

376.8

10

649.8

474.3

783.2

940.5

980.0

940.9

886.2

954.7

837.5

678.6

435.4

11

-0.4
-4.3
29.9
13.1
20.0

-0.1
-27.1
14.8
13.0
-18.8

0.0
-6.5
39.9
15.0
14.8

-0.7
-11.5
-8.2
5.7
5.1

-0.7
5.9
-81.9
-9.5
-43.2

-0.7
138.4
9.8
1.4
48.5

-0.7
-143.9
8.0
-6.4
20.6

-0.7
-46.6
31.3
37.2
-5.6

-0.8
-66.3
11.3
-40.3
97.1

-0.6
2.2
7.1
2.6
13.5

-2.0
-7.4
38.5
-7.7
-36.2

12
13
14
15
16

10
11

Net acquisition of financial assets

12
13
14
15
16

Gold and SDRs (3)
Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

17
18
19
20
21
22
23
24
25
26
27

Credit market instruments
Open market paper
U.S. government securities
Official
Treasury
Agency
Private
Treasury
Agency
U.S. corporate bonds (4)
Loans to U.S. corporate business

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

208.8
-13.0
83.8
32.5
12.2
20.4
51.3
-20.5
71.8
160.8
-22.7

279.3
8.7
89.7
30.7
-10.2
40.9
59.0
-52.8
111.8
183.1
-2.2

315.2
-9.4
163.9
97.2
64.8
32.4
66.6
-37.4
104.0
178.3
-17.6

197.9
-7.2
19.1
25.3
-16.0
41.3
-6.2
-82.2
76.0
169.1
16.9

216.2
-14.3
85.4
21.1
-36.0
57.1
64.3
-50.0
114.4
185.6
-40.6

387.8
65.6
90.4
-21.0
-53.7
32.8
111.4
-41.6
152.9
199.4
32.4

411.2
-4.1
167.5
10.2
-4.1
14.3
157.3
2.6
154.7
280.2
-32.4

349.6
12.8
40.9
-43.4
-83.1
39.7
84.3
-33.1
117.4
279.6
16.2

381.9
-9.7
161.9
67.5
68.2
-0.7
94.4
-37.8
132.3
149.7
80.1

17
18
19
20
21
22
23
24
25
26
27

28
29
30
31
32
33

U.S. corporate equities
Trade receivables
Security credit
Miscellaneous assets
Foreign direct investment in U.S. (5)
Other

67.8
4.5
0.0
208.0
105.6
102.4

42.0
-7.5
0.0
203.8
178.2
25.6

112.3
-7.5
0.0
406.4
301.0
105.4

193.8
10.4
0.0
466.6
287.7
179.0

266.2
-1.6
0.0
529.5
146.0
383.5

136.1
3.9
0.0
405.5
361.6
43.9

214.9
9.1
0.0
568.5
304.2
264.3

158.2
30.2
0.0
363.0
338.8
24.2

164.4
6.4
0.0
254.5
209.9
44.6

137.8
-4.6
0.0
171.0
268.7
-97.7

37.2
-6.8
0.0
37.8
95.9
-58.1

28
29
30
31
32
33

377.8

328.8

410.0

496.5

744.6

314.5

428.0

498.9

514.5

179.1

58.6

34

0.7
107.7

6.6
6.5

-8.7
61.0

-0.4
120.8

1.5
313.3

-8.8
3.4

0.7
-40.8

4.9
207.4

-1.5
235.5

4.7
-146.5

19.1
15.4

35
36

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

43.4
7.8
34.9
6.7
0.8
-0.7
6.7
-1.0
-5.0

27.9
16.3
16.8
0.5
0.2
-3.1
3.5
-4.8
-0.9

67.0
31.7
25.2
11.3
0.5
3.2
7.5
-0.6
-0.7

120.3
57.8
47.6
15.4
-0.8
5.7
10.6
0.3
-0.8

-7.9
12.0
-27.3
5.7
1.4
2.6
1.7
0.4
1.2

88.6
7.0
71.4
11.9
1.8
2.2
7.9
-2.2
0.5

66.8
50.1
9.0
12.2
-0.3
2.5
9.9
-0.8
-3.7

-6.9
-25.4
17.1
13.0
0.4
12.1
0.5
-1.8
-9.9

-57.2
-5.6
-15.9
-31.0
-1.2
-28.3
-1.5
-4.3
-0.3

-126.8
-26.5
-101.4
4.4
3.4
1.1
-0.1
-4.2
0.9

37
38
39
40
41
42
43
44
45

57.6
5.1
0.0
134.9
1.6
-0.0
104.8
28.6

101.3
-2.4
0.0
173.5
1.6
-0.1
142.5
29.5

114.4
4.3
0.0
211.1
1.5
0.6
155.4
53.6

99.7
1.6
0.0
207.9
1.5
0.0
152.4
53.9

62.6
-2.4
0.0
249.3
1.4
-1.2
153.6
95.6

185.9
12.1
0.0
129.8
1.6
0.2
133.4
-5.4

61.1
-12.7
0.0
331.1
1.3
0.4
166.5
162.8

89.4
9.2
0.0
121.1
1.6
0.6
156.3
-37.4

109.2
-5.8
0.0
184.0
2.1
-0.4
163.8
18.5

208.8
11.5
0.0
157.6
7.4
0.0
142.4
7.8

10.9
6.3
0.0
133.6
7.2
-0.7
96.3
30.9

46
47
48
49
50
51
52
53

-149.4

53.5

-63.0

-14.2

163.7

-209.7

-7.5

-3.2

96.5

-93.5

-31.8

54

-89.4
7.1
40.8

-151.7
-3.5
44.5

-250.9
-6.8
49.0

-364.0
-12.1
54.4

-333.9
-18.0
47.9

-350.7
-16.6
50.1

-380.7
-18.1
52.6

-390.6
4.2
67.0

-363.8
-10.5
45.9

-347.4
-11.7
47.6

-292.2
-7.0
46.6

55
56
57

-123.1

-199.7

-306.7

-430.5

-399.8

-417.4

-451.4

-453.4

-420.2

-406.7

-345.8

58

34
35
36

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

37
38
39
40
41
42
43
44
45

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

46
47
48
49
50
51
52
53

Foreign corporate equities (6)
Trade payables
Security debt
Miscellaneous liabilities
U.S. equity in IBRD, etc.
U.S. government deposits
U.S. direct investment abroad (4,5)
Other

54

55
56
57
58

Discrepancy (FOF basis) (7)
Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (8)
- Net transfer payments to foreign
= Net foreign investment in U.S.
(NIPA basis)

(1) Table F.9, line 10.
(2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8.
(3) U.S. net sales, sign reversed.
(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.
(6) Includes American Depositary Receipts (ADRs).
(7) Balance of payments discrepancy adjusted to NIPA concepts.
(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

23

Z.1, December 7, 2001

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

2.7

-2.1

0.2

4.5

4.4

4.5

4.6

4.7

4.4

4.4

4.2

1

2

Fixed nonresidential investment

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.4

0.4

2

3

Net acquisition of financial assets

38.8

32.8

130.0

-60.9

-299.3

18.5

19.2

17.9

33.3

53.7

120.6

3

4
5
6

Gold and foreign exchange
SDR certificates
Treasury currency

-1.5
-0.5
0.6

0.8
0.0
0.7

-1.6
-3.0
1.7

0.9
-4.0
3.6

0.3
0.0
4.0

0.2
-8.0
3.9

2.9
-4.0
3.3

0.3
-4.0
3.3

0.4
0.0
2.5

0.3
0.0
1.6

2.0
0.0
0.7

4
5
6

7
8
9

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

-3.6
2.0
2.3

0.9
-2.0
6.5

-1.9
0.2
110.3

1.1
-0.1
-97.3

0.1
0.0
-402.8

0.8
1.1
26.9

1.5
-0.6
-27.6

2.1
-1.0
14.5

-2.9
-0.4
-15.1

-2.2
0.5
24.2

-0.2
-0.2
106.7

7
8
9

Credit market instruments

38.3

21.1

25.7

33.7

102.0

-5.4

39.1

-0.9

53.7

26.4

8.7

10

0.0
38.3
39.8
-1.5
0.0

0.0
21.1
21.4
-0.3
0.0

0.0
25.7
25.8
-0.2
0.0

0.0
33.7
33.7
-0.1
0.0

0.0
102.0
102.1
-0.1
0.0

0.0
-5.4
-5.4
-0.0
0.0

0.0
39.1
39.2
-0.0
0.0

0.0
-0.9
-0.9
0.0
0.0

0.0
53.7
54.2
-0.5
0.0

0.0
26.4
26.4
0.0
0.0

0.0
8.7
8.7
0.0
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

1.3

4.9

-1.3

1.1

-2.8

-1.0

4.5

3.6

-4.9

2.8

2.9

16

38.1

32.1

129.6

-61.3

-305.6

34.2

20.1

6.2

34.3

50.7

119.2

17

18
19

Depository institution reserves
Vault cash of commercial banks

6.3
-0.2

-4.5
-2.9

-2.3
24.5

-5.0
-22.2

-5.1
-99.1

0.4
5.7

-4.6
-10.9

-10.7
15.7

14.7
-7.6

1.5
3.7

22.5
-3.3

18
19

20
21
22
23

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

29.9
-2.3
0.3
31.9

38.3
0.5
-0.3
38.0

108.7
22.3
-0.1
86.4

-35.3
-22.9
0.1
-12.5

-187.8
-91.0
0.2
-97.0

27.5
-19.5
-0.1
47.1

23.3
30.4
0.1
-7.2

-4.1
-11.5
0.3
7.1

48.8
5.9
-0.6
43.5

50.2
-17.7
0.1
67.8

84.2
30.1
2.0
52.1

20
21
22
23

24
25
26

Miscellaneous liabilities
Federal Reserve Bank stock
Other

2.1
0.8
1.3

1.3
0.5
0.8

-1.3
0.5
-1.8

1.1
0.6
0.6

-13.5
1.2
-14.8

0.5
0.5
-0.0

12.3
0.3
12.0

5.3
0.3
5.0

-21.6
0.1
-21.8

-4.7
0.5
-5.2

15.8
0.5
15.3

24
25
26

1.7

-3.1

-0.6

3.8

-2.2

19.8

5.1

-7.4

5.0

1.0

2.4

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, December 7, 2001

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

35.5

29.9

47.9

51.2

53.1

51.9

48.5

51.2

49.0

50.6

56.6

1

2

Fixed nonresidential investment

26.2

30.2

32.4

35.7

34.6

35.6

36.3

36.3

36.0

34.6

33.7

2

3

Net acquisition of financial assets

457.3

443.7

352.5

487.8

356.1

707.5

566.3

321.2

115.1

305.0

456.9

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

-0.2
6.8
-0.1

-2.9
-4.6
0.6

24.5
-2.4
0.3

-22.2
-4.0
-0.5

-99.1
-3.3
-1.3

5.7
0.4
0.6

-10.9
-2.8
-2.6

15.7
-10.1
1.2

-7.6
14.7
0.6

3.7
1.5
-0.6

-3.3
21.6
3.2

4
5
6

7

Total bank credit

350.0

335.8

295.5

412.3

503.9

514.3

396.0

235.0

238.6

47.2

223.7

7

8
9
10

U.S. government securities
Treasury
Agency

83.8
8.3
75.5

35.4
-56.1
91.4

48.4
12.7
35.7

-21.9
-44.5
22.6

-15.7
-86.3
70.6

-21.3
-35.1
13.8

-7.2
22.9
-30.1

-43.4
-79.6
36.2

-103.5
-82.8
-20.7

-36.2
39.5
-75.6

188.3
22.1
166.2

8
9
10

11
12

Municipal securities
Corporate and foreign bonds

2.4
27.8

8.2
38.0

5.8
38.8

3.4
57.6

7.6
-22.9

3.1
19.3

1.6
138.0

1.1
96.0

-2.6
52.1

15.5
141.2

3.8
48.3

11
12

13
14
15
16
17
18

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

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

370.4
0.1
114.1
164.1
41.7
50.4

529.0
0.4
158.0
247.0
39.5
84.2

512.4
-0.4
179.2
261.1
55.7
16.8

262.6
-0.1
52.2
127.6
53.9
29.1

177.6
0.7
67.1
20.7
17.8
71.4

280.5
0.1
34.1
158.8
13.7
73.8

-70.6
0.0
-170.0
133.0
54.4
-88.1

-26.0
0.0
-13.6
42.8
-27.3
-27.9

13
14
15
16
17
18

19
20

Corporate equities
Mutual fund shares

0.6
0.8

1.3
-0.4

1.2
1.2

0.3
2.5

0.8
5.1

0.9
-0.1

1.3
-0.3

-1.8
5.4

-1.5
13.6

-0.5
-2.1

5.6
3.8

19
20

-2.8
103.5

-9.3
124.1

-3.1
37.8

-0.7
102.9

2.0
-46.1

0.7
185.7

-2.7
189.4

-2.9
82.5

0.0
-131.2

-4.0
257.1

-7.4
219.0

21
22

21
22

Customers’ liab. on acceptances (2)
Miscellaneous assets

23

Net increase in liabilities

490.5

469.1

289.7

527.7

461.3

860.8

515.1

273.6

344.8

279.9

678.3

23

24
25
26
27

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

-25.8
-1.6
-19.9
-4.3

-24.8
-1.1
3.4
-27.1

-4.6
-1.7
3.5
-6.5

6.9
1.0
17.4
-11.5

31.3
0.1
25.3
5.9

145.7
1.9
5.4
138.4

-155.0
1.0
-12.1
-143.9

5.6
1.1
51.1
-46.6

-52.8
-3.2
16.7
-66.3

14.1
-1.7
13.6
2.2

0.4
-0.5
8.3
-7.4

24
25
26
27

28
29
30
31

Checkable deposits
Federal government
Rest of the world
Private domestic

-19.8
-0.9
4.8
-23.7

-33.4
-14.6
-1.5
-17.3

3.2
36.4
13.4
-46.6

-85.2
-33.2
-9.5
-42.6

-87.9
-30.5
-54.7
-2.7

-100.7
-22.6
5.9
-84.1

-60.8
-17.3
4.8
-48.3

-91.4
-62.3
6.0
-35.2

-25.5
4.3
2.7
-32.4

1.4
-3.8
-4.1
9.4

109.3
24.6
3.7
81.0

28
29
30
31

32
33
34

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

148.3
107.9
89.0

183.7
72.3
87.0

71.3
119.0
110.6

213.3
94.9
63.6

145.6
128.8
133.1

159.7
86.5
198.9

213.0
122.6
59.2

334.8
41.8
-137.0

222.2
87.8
74.3

197.7
20.9
-62.1

198.0
-40.8
23.7

32
33
34

35

Credit market instruments

46.1

72.9

67.2

60.0

78.3

99.3

43.4

18.8

148.3

-15.8

69.8

35

3.3
23.7
19.1

-1.5
27.6
46.9

6.1
20.4
40.6

0.6
32.6
26.8

-13.4
33.1
58.6

7.3
38.1
53.9

4.5
32.7
6.2

3.8
26.5
-11.4

29.8
79.5
39.0

-7.4
9.0
-17.4

-7.6
31.5
45.9

36
37
38

-27.7
1.4
171.2

-11.2
1.7
120.9

-10.6
1.9
-68.3

-12.5
2.1
184.7

-26.1
2.1
56.0

-16.0
2.1
285.3

-2.8
2.2
293.3

-5.2
2.2
104.1

-8.1
2.3
-103.7

-7.9
2.4
129.2

-20.6
2.4
336.0

39
40
41

42.4

25.1

-47.4

55.4

123.7

169.6

-39.0

-32.6

242.7

-9.1

244.3

42

324.3

305.2

308.2

358.4

415.8

497.4

363.2

157.0

152.8

133.9

234.8

43

36
37
38
39
40
41
42

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

43

Credit market funds advanced (4)

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

25

Z.1, December 7, 2001

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

-7.5

-11.1

-9.4

-3.3

-5.7

-3.1

-1.5

-2.7

-17.2

-7.5

3.4

1

2

Fixed nonresidential investment

21.1

23.9

25.7

28.3

27.4

28.2

28.8

28.8

28.5

27.4

26.7

2

3

Net acquisition of financial assets

290.8

328.1

344.1

329.2

355.5

520.1

344.0

97.4

112.7

177.9

390.6

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

4.8

-5.7

21.6

-25.2

-98.5

5.5

-13.0

5.3

6.8

5.6

17.7

4

280.7

329.3

313.7

350.5

488.1

486.6

316.1

111.1

149.6

185.8

265.7

5

6
7
8
9
10
11

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

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

-16.7
-35.0
18.2
14.2
-9.8
13.8

43.2
-32.2
75.3
24.7
-1.5
52.2

1.6
-13.7
15.3
0.5
-4.6
19.3

-46.5
-6.5
-40.0
-25.8
-41.8
27.5

-65.2
-87.6
22.4
57.3
8.6
-43.6

-135.3
-104.4
-30.9
41.5
15.0
-87.4

26.3
13.8
12.5
61.4
6.8
-55.7

145.6
4.0
141.5
89.9
68.6
-17.0

6
7
8
9
10
11

12
13
14
15
16

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

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

3.2
52.4
-0.7
8.0
45.2

7.1
-21.4
-5.3
-9.5
-6.6

3.2
25.9
-4.2
3.7
26.4

1.5
132.4
3.9
16.1
112.4

1.1
72.8
2.6
21.8
48.4

-1.2
63.0
15.2
4.1
43.7

15.5
49.7
2.9
26.1
20.8

3.9
66.4
-2.5
-40.6
109.5

12
13
14
15
16

17
18
19
20
21
22

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

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

308.7
0.2
98.2
161.5
41.7
7.1

453.2
-0.1
135.5
242.6
39.5
35.8

455.2
-0.4
168.8
255.3
55.7
-24.2

227.6
0.3
59.3
125.8
53.9
-11.6

98.8
1.2
29.2
22.2
17.8
28.5

211.0
0.0
11.1
156.2
13.7
30.0

96.9
0.0
-93.0
129.3
54.4
6.2

40.5
0.0
-5.1
37.6
-27.3
35.3

17
18
19
20
21
22

23
24

Corporate equities
Mutual fund shares

0.6
0.8

1.3
-0.4

1.2
1.2

0.3
2.5

0.8
5.1

0.9
-0.1

1.3
-0.3

-1.8
5.4

-1.5
13.6

-0.5
-2.1

5.6
3.8

23
24

-0.2
5.5

-4.6
9.1

-2.5
11.3

-0.7
4.7

1.8
-35.9

0.8
27.1

-1.9
42.8

-3.7
-15.3

0.4
-44.1

-2.5
-10.9

-5.6
112.8

25
26

359.0

385.2

327.8

412.6

508.7

717.3

331.7

92.8

397.4

198.7

653.5

27

4.2
-3.6
2.0
-6.7
12.6

20.4
0.9
-2.0
-2.6
24.0

32.6
-1.9
0.2
-12.1
46.3

18.3
1.1
-0.1
-12.5
29.8

31.2
0.1
0.0
-11.6
42.7

172.5
0.8
1.1
1.9
168.6

-32.7
1.5
-0.6
18.8
-52.5

-97.6
2.1
-1.0
-59.2
-39.5

185.1
-2.9
-0.4
208.3
-20.0

38.0
-2.2
0.5
-4.6
44.3

-50.0
-0.2
-0.2
42.0
-91.6

28
29
30
31
32

25
26
27

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

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

-21.1
-0.9
4.4
-24.6

-34.4
-14.6
-1.2
-18.6

2.8
36.4
12.8
-46.4

-84.8
-33.2
-9.2
-42.4

-83.3
-30.5
-52.8
-0.0

-105.0
-22.6
3.6
-86.0

-55.5
-17.3
8.8
-47.0

-95.5
-62.3
3.6
-36.8

-23.3
4.3
3.6
-31.1

-0.8
-3.8
6.3
-3.3

108.0
24.6
4.1
79.3

33
34
35
36

37
38
39

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

143.9
63.2
63.4

186.3
34.8
66.8

72.4
61.5
128.7

210.4
87.9
12.8

146.6
91.7
124.6

155.3
141.6
137.8

215.5
73.7
-33.2

324.3
44.6
-178.1

228.0
17.7
45.1

169.0
25.6
58.1

213.1
-7.3
41.0

37
38
39

40
41
42
43
44

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

-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

-0.6
10.6
26.8
4.0
2.1

1.7
9.9
58.6
2.2
2.1

0.9
13.1
53.9
2.1
2.1

-1.8
9.2
6.2
3.9
2.2

-3.3
10.1
-11.4
7.9
2.2

0.1
13.9
39.0
3.3
2.3

-2.2
-3.7
-17.4
5.4
2.4

-5.3
11.4
45.9
1.8
2.4

40
41
42
43
44

45
46
47

Miscellaneous liabilities
Investment by bank holding companies
Other

71.2
40.7
30.5

53.0
55.3
-2.4

-17.1
2.9
-20.0

125.0
53.6
71.4

123.4
80.8
42.6

143.0
35.9
107.0

144.2
54.9
89.3

89.5
42.7
46.8

-113.9
65.5
-179.5

-75.7
41.5
-117.2

292.3
102.4
189.9

45
46
47

39.6

22.0

-51.4

51.8

120.1

165.9

-42.7

-36.1

239.0

-14.1

239.6

48

274.9

312.0

317.6

339.8

448.2

510.9

324.8

75.3

107.9

179.7

215.4

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, December 7, 2001

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

5.7

6.6

7.2

7.7

7.5

7.7

7.8

8.0

8.1

8.5

8.7

1

2

Fixed nonresidential investment

4.6

5.7

6.1

6.8

6.6

6.8

6.9

6.9

6.8

6.6

6.4

2

3

Net acquisition of financial assets

96.5

-4.8

-50.4

29.8

-150.3

109.3

60.2

100.1

-119.4

26.7

-67.6

3

4

Reserves at Federal Reserve

5

Total bank credit

1.8

-1.9

0.4

-1.0

-3.9

0.6

-0.7

0.2

0.3

-0.4

0.7

4

60.2

1.4

-28.9

67.3

52.7

18.9

74.3

123.3

85.4

-141.4

-44.8

5

6
7
8
9
10

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

26.8
14.4
12.5
0.0
3.1

-5.5
-10.3
4.8
0.0
5.8

11.8
7.5
4.3
0.0
-5.2

0.0
-0.6
0.6
0.0
7.6

-24.7
-21.5
-3.1
0.0
4.4

-25.4
-21.5
-4.0
0.0
-0.0

32.1
29.9
2.2
0.0
2.5

18.2
10.7
7.5
0.0
23.6

37.9
24.5
13.4
0.0
-14.7

-61.0
26.0
-87.0
0.0
94.2

39.9
16.4
23.6
0.0
-17.9

6
7
8
9
10

11
12
13
14
15

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

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

59.7
-0.1
15.8
0.7
43.2

73.0
0.5
21.6
2.5
48.4

44.3
0.1
1.0
2.2
41.0

39.7
-0.4
0.3
-0.9
40.7

81.6
-0.5
40.1
-0.9
42.9

62.2
0.1
18.2
0.1
43.8

-174.5
0.0
-78.8
-1.5
-94.3

-66.9
0.0
-8.2
4.6
-63.2

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

0.0

0.0

0.0

0.0

16

-2.5
37.0

-4.7
0.4

-0.6
-21.3

-0.0
-36.5

0.2
-199.2

-0.2
90.0

-0.8
-12.7

0.7
-24.1

-0.4
-204.8

-1.5
169.9

-1.8
-21.6

17
18

19

Net increase in liabilities

98.9

-2.0

-47.2

33.4

-146.9

112.8

63.8

103.8

-115.6

30.6

-63.5

19

20
21
22

Net interbank liabilities
To foreign banks
To domestic banks

-30.4
-17.6
-12.7

-55.4
-51.7
-3.7

-41.2
-48.6
7.4

-41.6
-58.5
17.0

-125.2
-118.8
-6.4

-23.9
-22.3
-1.6

-96.3
-79.4
-16.9

79.1
-13.7
92.8

-122.5
-90.6
-31.9

26.7
-54.4
81.0

22.8
48.1
-25.3

20
21
22

23
24
25

Checkable deposits
Small time and savings deposits
Large time deposits

0.8
4.4
44.7

-0.2
-3.6
36.5

0.4
-1.9
56.7

-0.3
1.4
5.6

-3.2
-1.3
36.7

4.2
1.8
-57.6

-5.0
-4.7
46.6

2.8
10.0
-3.4

-2.1
-5.2
70.6

0.0
23.2
-10.2

2.1
-16.6
-35.0

23
24
25

26
27

Federal funds and security RPs (net)
Acceptance liabilities

25.6
-2.4

19.7
-4.8

-18.3
-0.4

52.4
-0.0

7.6
-0.2

59.3
-0.3

92.8
-0.4

49.8
0.7

22.1
-0.8

-120.7
-2.4

-18.1
-1.3

26
27

28
29
30
31

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

56.2
7.7
14.3
34.2

5.7
5.5
11.8
-11.5

-42.5
19.1
2.5
-64.1

15.9
9.6
45.6
-39.4

-61.3
20.4
86.1
-167.8

129.2
1.9
-0.1
127.3

30.8
3.3
21.5
6.0

-35.3
12.7
75.0
-123.0

-77.7
1.2
14.6
-93.5

113.8
15.6
-20.2
118.5

-17.6
8.7
-94.9
68.7

28
29
30
31

3.5

3.7

4.2

4.5

4.3

4.4

4.6

4.8

5.1

5.8

6.3

32

40.2

-11.9

-20.1

24.0

4.5

-22.3

32.8

81.1

41.3

-48.6

16.5

33

32

Discrepancy
Memo:

33

Credit market funds advanced (3)

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

27

Z.1, December 7, 2001

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

37.2

34.2

49.9

46.5

51.0

47.1

42.0

45.7

57.8

49.5

44.3

1

2

Fixed nonresidential investment

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

64.5

110.6

55.1

124.6

148.2

70.4

150.8

129.2

123.0

79.2

138.1

3

5.4

-0.9

6.2

-12.2

-42.2

3.5

-6.7

-3.2

7.3

-2.8

-1.4

4

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

-8.5
-7.9
-0.5
-2.8
-0.9

-33.8
-31.4
-2.4
-5.5
-2.9

1.5
0.6
0.9
-6.6
8.6

0.6
0.1
0.4
1.7
-9.0

-2.1
-1.1
-1.1
-0.6
-0.5

2.1
-0.3
2.4
0.8
4.3

-0.7
0.7
-1.4
-1.8
-0.2

-0.6
-0.3
-0.3
-0.7
-0.1

5
6
7
8
9

59.0
40.7
25.0
-6.7

111.6
55.3
44.1
12.1

48.9
2.9
17.2
28.9

136.8
53.6
62.3
20.9

190.4
80.8
132.8
-23.2

67.0
35.9
2.2
28.8

157.5
54.9
56.0
46.6

132.4
42.7
58.3
31.4

115.7
65.5
55.3
-5.2

82.0
41.5
38.5
2.0

139.5
102.4
14.8
22.3

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

27.4

76.6

5.3

78.3

97.3

23.4

108.9

83.6

65.3

29.9

93.9

14

15
16
17

Net interbank liabilities
To domestic banks
To foreign banks

0.3
-0.4
0.8

10.2
9.6
0.6

4.0
8.2
-4.3

30.1
12.9
17.2

125.3
43.3
82.0

-2.9
5.0
-7.9

-26.0
-14.1
-12.0

24.1
17.5
6.6

-115.4
-159.7
44.3

-50.6
-62.8
12.3

27.6
-8.5
36.1

15
16
17

18

Federal funds and security RPs (net)

0.0

0.5

0.1

-1.6

0.8

1.8

-0.4

-8.7

7.0

0.5

0.7

18

19
20
21

Credit market instruments
Commercial paper
Corporate bonds

19.0
6.0
13.0

24.9
7.8
17.1

25.8
9.1
16.7

23.2
1.2
22.0

8.3
-14.9
23.2

31.7
6.7
25.0

30.3
6.8
23.5

22.7
6.3
16.3

96.1
30.5
65.6

9.9
-2.8
12.7

19.1
-0.9
20.1

19
20
21

22
23
24
25

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-30.9
39.0
-13.1
52.1

-15.0
56.0
24.7
31.2

-13.8
-10.8
-38.6
27.8

-16.5
43.1
10.3
32.8

-28.3
-8.9
-0.4
-8.5

-18.1
10.9
-19.9
30.7

-6.7
111.8
27.7
84.1

-13.1
58.7
33.7
25.0

-11.4
88.9
35.1
53.8

-13.3
83.4
-8.5
91.9

-22.4
68.9
24.2
44.7

22
23
24
25

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-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

0.2

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

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

5.5

9.8

3.7

4.0

2.7

7.6

11.4

-5.5

-1.1

21.2

-4.3

3

4

Checkable deposits and currency

-0.1

0.6

0.3

-0.5

-1.3

0.6

-2.6

1.2

0.6

-0.6

3.2

4

5

Credit market instruments

3.7

6.0

4.4

6.7

5.4

5.4

12.3

3.8

-3.6

5.6

4.2

5

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

3.3
-1.0
4.3
0.1
0.3

-0.4
-1.2
0.8
0.5
-0.4

1.1
-0.5
1.6
-0.0
0.0

6.7
-0.6
7.3
0.0
1.3

5.7
-1.7
7.4
0.1
0.3

-8.3
-2.6
-5.7
-1.4
3.0

-0.7
-1.0
0.3
-0.0
-0.9

3.4
2.0
1.3
-0.1
0.5

6
7
8
9
10

0.9
0.1
0.5

0.9
1.1
0.4

0.5
0.6
1.2

1.1
1.0
0.8

3.8
1.4
0.4

0.8
2.2
1.3

1.6
1.5
1.1

-1.7
-1.0
0.4

0.5
-8.1
10.6

2.1
2.1
3.0

-0.2
0.2
0.4

11
12
13

1.8

3.1

-1.0

-2.1

-1.4

1.6

1.7

-10.5

1.9

16.2

-11.7

14

6
7
8
9
10

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

11
12
13

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

14
15

Miscellaneous assets
Net increase in liabilities

16
17
18

Checkable deposits
Small time and savings deposits
Large time deposits

19

Miscellaneous liabilities

20

Discrepancy

5.1

9.4

3.8

3.4

2.2

7.2

10.8

-6.6

-2.3

20.7

-5.6

15

0.4
-0.0
-0.0

1.2
1.0
1.0

0.0
0.8
0.8

-0.1
1.4
1.4

-1.4
0.4
0.4

0.0
2.5
2.5

-0.3
2.3
2.3

1.2
0.5
0.5

-0.1
-0.6
-0.6

2.2
5.4
5.4

-0.8
1.4
1.4

16
17
18

4.7

6.3

2.2

0.7

2.8

2.3

6.5

-8.8

-1.0

7.6

-7.7

19

-0.4

-0.4

0.1

-0.7

-0.6

-0.5

-0.7

-1.1

-1.2

-0.6

-1.5

20

(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, December 7, 2001

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

2.9

4.2

7.3

9.1

8.8

9.3

9.2

9.3

9.4

9.6

9.9

1

2

Fixed nonresidential investment

3.8

4.1

4.4

4.8

4.7

4.8

4.9

4.9

4.9

4.2

4.1

2

3

Net acquisition of financial assets

-8.4

60.8

63.0

67.2

42.9

82.6

82.4

60.9

156.7

72.6

50.5

3

4
5
6
7

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

-0.5
1.0
-0.4
-0.8

0.1
3.2
0.5
5.5

0.1
1.7
-0.1
-4.2

-1.0
-0.4
0.1
4.3

-1.8
-15.3
2.4
3.7

0.1
4.7
-2.4
2.0

-1.9
-0.1
-0.8
10.7

-0.5
9.0
1.2
0.7

0.0
-0.2
1.2
27.1

0.0
8.2
2.7
1.3

0.9
0.5
-0.7
15.2

4
5
6
7

8

Credit market instruments

-4.7

36.1

68.6

56.5

55.6

65.0

62.7

42.5

52.5

57.3

-6.0

8

9
10
11
12

Open market paper
U.S. government securities
Treasury
Agency

-0.3
-3.6
-2.8
-0.8

0.0
-16.1
-4.4
-11.7

0.0
3.7
-0.0
3.7

0.0
-8.1
-1.4
-6.7

0.0
-21.0
-0.8
-20.2

0.0
-12.4
-3.3
-9.1

0.0
-2.8
-1.4
-1.5

0.0
3.9
-0.2
4.1

0.0
16.5
-3.0
19.4

0.0
18.9
-2.1
21.0

0.0
-11.0
-3.5
-7.4

9
10
11
12

13
14
15
16
17

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

0.0
-9.9
3.1
3.5
2.5

0.4
29.9
5.3
12.1
4.4

0.5
23.3
6.5
24.7
9.9

0.2
-2.5
8.7
55.2
3.0

0.3
15.0
11.2
60.3
-10.2

-0.2
-20.5
7.8
82.4
7.9

-0.0
-13.2
10.1
62.4
6.3

0.6
8.7
5.7
15.5
8.1

2.9
-54.0
8.2
75.2
3.8

0.3
-11.1
9.6
40.3
-0.7

0.3
-20.2
-0.6
10.5
14.9

13
14
15
16
17

0.2
-3.2

1.5
13.8

-0.7
-2.5

0.4
7.4

1.5
-3.1

-1.3
14.5

1.5
10.3

0.1
8.0

4.7
71.3

3.0
-0.0

2.4
38.2

18
19

18
19

Corporate equities
Miscellaneous assets

20

Net increase in liabilities

-9.5

57.6

61.8

66.3

41.0

82.4

79.0

62.7

152.7

71.6

48.3

20

21
22
23
24

Deposits
Checkable
Small time and savings
Large time

-25.7
27.1
-64.4
11.7

-2.6
36.1
-54.3
15.7

6.8
37.2
-38.9
8.5

27.5
43.1
-35.5
19.9

25.1
45.2
-47.4
27.3

16.8
42.8
-35.1
9.0

54.0
40.6
-19.0
32.3

14.3
43.9
-40.7
11.0

98.7
51.1
6.7
40.9

31.8
53.2
-37.6
16.2

60.6
46.3
-30.6
44.9

21
22
23
24

25

Security RPs

-1.9

9.5

21.4

-6.1

3.2

6.0

24.6

-58.1

1.8

9.9

-59.8

25

26
27
28
29

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

19.7
0.1
3.5
16.2

52.2
-0.2
10.3
42.1

48.0
0.2
-15.7
63.5

27.3
3.5
7.4
16.3

57.5
-0.0
25.4
32.1

69.0
0.0
3.5
65.5

-37.9
2.6
-1.9
-38.6

20.4
11.5
2.7
6.3

62.5
-14.0
4.6
71.9

16.1
14.5
-3.8
5.4

12.6
-1.2
6.7
7.2

26
27
28
29

30
31
32
33

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.4
-2.1
0.3
-2.4

0.2
-1.6
0.4
-2.1

0.0
-14.4
0.5
-15.0

0.4
17.1
0.7
16.5

-1.4
-43.5
0.6
-44.1

0.3
-9.6
0.6
-10.2

1.5
36.8
0.7
36.1

1.3
84.8
0.7
84.1

-0.7
-9.5
0.7
-10.3

-0.9
14.7
0.8
14.0

0.1
34.8
0.8
34.0

30
31
32
33

-1.9

-3.0

1.7

3.4

2.1

4.2

0.9

6.2

0.6

4.4

3.5

34

34

Discrepancy

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

29

Z.1, December 7, 2001

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

5.2

5.4

5.9

6.7

6.4

6.6

6.9

7.0

6.4

6.7

6.4

1

2

Fixed nonresidential investment

2.2

2.6

2.8

3.1

3.0

3.1

3.1

3.1

3.1

2.9

2.8

2

3

Net acquisition of financial assets

23.7

37.7

23.0

26.5

28.3

7.5

40.9

29.5

73.8

59.5

79.8

3

4
5
6

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

0.6
0.6
2.0

1.0
6.4
3.4

17.3
-6.8
2.4

-14.2
0.5
-5.3

1.1
2.6
-11.4

0.9
-8.7
-18.9

-28.7
-0.7
31.8

-30.2
8.6
-22.7

12.7
8.8
16.0

25.5
-7.8
-1.5

22.4
5.0
10.4

4
5
6

7

Credit market instruments

16.8

19.0

27.5

30.5

35.7

31.6

21.2

33.6

23.2

7.6

61.7

7

8
9
10
11

Open market paper
U.S. government securities
Treasury
Agency

-0.1
-1.4
-1.8
0.4

0.2
4.9
-2.5
7.3

1.5
-0.6
-3.5
2.9

-0.6
-1.8
-1.4
-0.4

-4.1
6.7
-1.0
7.7

-2.0
-3.2
-2.1
-1.1

3.6
-15.8
-1.0
-14.8

-0.0
5.3
-1.5
6.8

-0.4
19.1
-1.0
20.1

1.8
-16.7
-5.7
-11.0

-1.1
36.2
-0.5
36.6

8
9
10
11

12
13

Home mortgages
Consumer credit

10.1
8.2

10.9
3.0

14.1
12.5

16.4
16.5

16.2
16.9

15.8
20.9

17.2
16.2

16.3
12.0

-0.5
5.0

14.4
8.0

34.1
-7.5

12
13

14
15

Mutual fund shares
Miscellaneous assets

-0.2
3.8

1.2
6.8

-1.1
-16.3

-0.3
15.4

2.7
-2.4

-3.8
6.3

-0.2
17.5

0.0
40.1

-0.9
14.0

6.4
29.4

-1.9
-17.8

14
15

16

Net increase in liabilities

20.5

34.7

20.8

22.0

23.6

4.9

35.7

23.8

69.1

56.6

76.1

16

17
18
19
20

Shares/deposits
Checkable
Small time and savings
Large time

20.3
4.1
13.2
2.9

33.6
6.4
23.1
4.1

17.7
2.3
12.3
3.1

22.4
5.9
13.0
3.5

28.1
23.7
6.4
-2.0

0.7
-3.5
-1.6
5.7

30.3
1.9
30.5
-2.0

30.6
1.4
16.7
12.4

77.1
15.8
59.4
2.0

44.9
-4.0
34.0
14.9

78.1
5.5
61.8
10.8

17
18
19
20

21
22

Other loans and advances
Miscellaneous liabilities

0.1
0.1

0.6
0.5

2.2
0.9

0.0
-0.4

-2.9
-1.5

0.9
3.3

1.1
4.3

1.0
-7.8

-0.6
-7.4

0.8
10.8

1.5
-3.5

21
22

-0.2

-0.2

0.8

-0.9

-1.3

1.0

-1.5

-1.8

-1.4

0.9

-0.2

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

-44.7

-41.6

-8.2

-30.6

-29.5

-34.3

-30.0

-28.7

-26.6

-23.0

-28.3

1

2
3
4
5

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

-2.9
0.0
1.0
-4.0

6.2
-0.5
-2.1
8.8

8.4
-0.1
0.9
7.5

4.3
-0.0
0.6
3.7

4.2
-0.0
1.0
3.2

5.2
-0.0
0.8
4.4

3.2
-0.0
0.4
2.8

4.6
-0.0
0.3
4.3

3.8
-0.0
0.5
3.4

4.2
-0.0
0.3
4.0

4.1
-0.0
0.4
3.8

2
3
4
5

6

Credit market instruments

-25.0

-12.8

27.8

17.1

18.9

13.8

17.6

18.1

10.7

13.4

8.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-0.2
-10.1
-5.4
-4.7

-4.5
-4.4
-3.1
-1.4

0.6
5.7
-0.0
5.7

0.6
3.8
-0.8
4.6

0.7
3.2
-0.9
4.0

0.4
3.4
-0.9
4.3

0.8
4.2
-0.7
4.9

0.5
4.5
-0.7
5.2

-4.2
1.9
-1.4
3.3

-3.7
2.7
-1.2
3.9

-3.4
0.8
-1.8
2.5

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

-13.3
-0.8
-0.6

-1.1
-2.6
-0.2

10.8
11.3
-0.6

4.7
8.1
-0.1

7.2
8.0
-0.1

3.6
6.6
-0.2

5.2
7.6
-0.2

3.0
10.2
-0.1

3.1
10.1
-0.1

2.0
12.4
-0.0

1.4
10.0
-0.1

11
12
13

-0.5
-14.9

-70.4
27.0

-40.4
-1.5

-20.0
-30.5

-20.0
-30.5

-20.0
-30.5

-20.0
-30.5

-20.0
-30.5

-20.0
-20.0

-20.0
-20.0

-20.0
-20.0

14
15

-1.4

8.4

-2.5

-1.5

-2.1

-2.8

-0.2

-0.9

-1.1

-0.7

-1.2

16

-49.9

-41.8

-6.5

-29.7

-28.4

-33.1

-29.2

-28.0

-26.1

-22.7

-28.2

17

-5.3

-0.2

1.7

0.9

1.1

1.2

0.8

0.7

0.5

0.3

0.1

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, December 7, 2001

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

-5.9

-7.5

0.2

1.3

0.8

1.5

1.4

1.3

1.3

1.2

0.5

1

2

Fixed nonresidential investment

11.4

12.1

13.0

14.3

13.9

14.3

14.5

14.5

14.4

13.2

12.8

2

3

Net acquisition of financial assets

213.7

187.0

169.3

203.5

218.3

210.6

230.3

154.8

259.7

227.0

282.3

3

4
5

Checkable deposits and currency
Money market fund shares

3.8
32.6

-2.7
17.6

0.0
23.4

-0.5
8.5

-5.6
5.3

6.4
-5.7

-7.9
11.8

5.2
22.6

51.5
89.5

22.5
88.2

4.4
24.5

4
5

6

Credit market instruments

104.8

76.9

53.5

57.9

65.0

52.9

74.8

38.8

95.3

124.9

162.4

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

17.5
-1.4
1.6
-3.0

7.5
-23.7
-14.1
-9.6

2.0
-2.3
-9.3
7.0

-4.5
6.3
-4.6
11.0

-15.1
10.5
-4.0
14.6

12.2
2.3
-5.0
7.3

-3.1
8.7
-4.1
12.8

-12.2
3.9
-5.4
9.3

-41.1
15.6
-17.3
32.9

-0.2
-0.5
-20.2
19.7

18.6
16.1
-18.0
34.2

7
8
9
10

11
12
13
14

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

0.1
86.8
3.2
-1.3

1.7
84.5
0.1
6.8

1.7
41.5
-5.0
15.7

-1.0
49.0
2.9
5.2

-0.5
76.9
-1.3
-5.7

-1.4
23.1
3.6
13.0

-0.9
55.8
5.8
8.5

-1.2
40.2
3.2
4.8

1.6
118.8
4.0
-3.6

3.4
113.1
0.6
8.4

1.5
118.9
4.3
3.1

11
12
13
14

15
16

Corporate equities
Mutual fund shares

86.3
-7.2

115.3
-23.4

111.9
15.0

105.9
11.0

126.4
12.0

127.1
12.4

97.7
10.1

72.5
9.6

93.6
2.0

64.0
2.0

74.7
2.0

15
16

17

Miscellaneous assets

-6.7

3.5

-34.6

20.7

15.2

17.6

43.8

6.2

-72.2

-74.6

14.3

17

18

Net increase in liabilities

186.0

173.1

152.9

195.1

188.9

209.5

210.6

171.4

189.5

215.1

275.6

18

19
20
21
22

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

-4.0
0.2
57.6
95.0

-4.7
0.7
46.7
86.4

-6.0
0.7
49.4
70.7

-0.8
-0.7
48.7
121.8

-6.2
-0.7
53.7
104.2

12.9
-1.1
43.0
132.3

-4.9
-0.3
52.7
132.1

-4.8
-0.7
45.5
118.6

-6.8
-2.4
52.0
94.3

-5.0
0.1
50.8
77.0

-4.4
3.5
56.5
119.0

19
20
21
22

23
24

Taxes payable
Miscellaneous liabilities

1.2
36.0

1.2
42.8

1.3
36.8

1.6
24.5

1.4
36.5

1.6
20.9

1.6
29.5

1.8
11.0

1.8
50.6

1.9
90.3

2.0
99.0

23
24

-45.0

-33.6

-29.2

-21.4

-42.4

-13.9

-32.8

3.4

-83.3

-23.9

-19.1

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

0.9

3.5

3.0

4.6

3.9

4.6

5.7

4.3

4.5

-8.1

-34.5

1

2

Fixed nonresidential investment

9.3

10.8

11.8

12.9

12.6

13.0

13.1

13.1

12.8

11.2

10.8

2

3

Net acquisition of financial assets

37.1

16.5

-12.6

10.0

16.2

-14.7

8.5

29.9

13.3

19.2

48.6

3

4
5

Checkable deposits and currency
Security RPs

0.3
-0.2

-0.2
7.4

0.2
-14.4

-0.6
10.0

-4.5
26.1

-1.7
1.9

1.4
2.0

2.4
10.0

27.5
-42.0

4.8
-4.6

5.5
17.3

4
5

6

Credit market instruments

25.2

5.8

-3.0

-8.7

-11.2

-18.1

6.2

-11.7

2.1

0.1

9.0

6

3.8
2.1
1.7

-21.9
-20.8
-1.2

-3.9
-9.7
5.9

0.0
-8.6
8.6

-1.4
-9.2
7.9

-1.8
-9.3
7.5

4.1
-6.9
10.9

-0.8
-8.8
7.9

-11.5
-15.8
4.3

-2.0
-8.0
6.0

-1.7
-7.2
5.5

7
8
9

2.6
18.9
-0.2

16.5
11.6
-0.3

-9.1
10.0
-0.0

-14.9
6.4
-0.3

-17.0
4.7
2.5

-17.5
4.0
-2.8

-9.1
11.9
-0.7

-15.9
5.2
-0.2

4.7
8.8
0.0

-2.0
4.0
0.1

1.3
9.4
0.1

10
11
12

3.0
2.7
6.1

-5.0
1.6
6.9

-1.7
2.0
4.2

0.7
1.0
7.5

-9.3
10.0
5.2

-11.8
4.5
10.5

-16.4
6.1
9.2

40.4
-16.5
5.3

6.0
12.1
7.6

2.9
14.4
1.6

6.0
10.4
0.4

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

-1.2

2.9

6.7

3.7

-3.7

20.8

19.3

-21.7

15.1

23.6

67.6

16

17
18
19

Corporate equity issues
Taxes payable
Miscellaneous liabilities

-13.7
1.8
10.7

-4.7
2.0
5.6

-7.8
2.0
12.4

-4.5
2.3
5.9

-13.1
2.0
7.4

-1.5
2.2
20.1

-1.0
2.3
17.9

-2.4
2.5
-21.8

-1.8
2.6
14.4

-2.2
2.7
23.1

-2.4
2.8
67.3

17
18
19

-46.7

-21.0

10.5

-14.6

-28.5

27.2

3.3

-60.3

-6.5

-14.8

-26.3

20

20

Discrepancy

31

Z.1, December 7, 2001

F.119 Private Pension Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

0.6

0.7

0.8

0.8

0.8

0.8

0.9

0.9

0.9

0.9

1.0

1

2

Fixed nonresidential investment

1.5

1.9

1.9

2.1

2.0

2.1

2.2

2.2

2.3

2.3

2.3

2

3

Net acquisition of financial assets

-11.4

11.8

11.6

17.6

1.7

21.3

13.5

34.1

21.6

19.4

9.1

3

4
5
6
7

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

1.3
7.5
13.1
0.9

0.2
1.5
1.9
1.0

1.2
-4.0
11.7
0.4

0.7
2.0
5.9
0.9

0.5
-0.7
1.8
0.5

0.5
5.4
0.3
0.5

1.3
-0.8
12.1
1.3

0.4
4.0
9.4
1.3

1.0
-3.9
9.7
-3.6

1.9
-1.2
10.0
1.3

0.9
-4.4
10.3
1.4

4
5
6
7

8

Credit market instruments

47.6

56.4

45.0

41.3

46.8

24.7

64.9

28.7

26.1

-7.1

-0.9

8

9
10
11
12

Open market paper
U.S. government securities
Treasury
Agency

1.2
11.8
4.1
7.7

2.9
34.6
-4.4
39.0

3.7
30.0
-0.6
30.6

-1.8
26.9
-0.8
27.7

-7.6
39.2
-3.1
42.3

0.4
12.7
7.3
5.4

1.2
36.8
0.3
36.6

-1.2
18.8
-7.7
26.5

-13.2
3.1
-26.2
29.3

-5.5
-33.4
-14.7
-18.7

3.4
-16.5
-19.1
2.6

9
10
11
12

13
14

Corporate and foreign bonds
Mortgages

33.8
0.7

17.1
1.9

9.3
1.9

14.5
1.7

13.2
2.1

10.2
1.4

25.1
1.7

9.6
1.4

34.7
1.5

30.7
1.0

11.7
0.5

13
14

-137.8
42.7

-113.0
31.7

-92.2
30.7

-81.8
32.4

-106.2
43.7

-62.4
34.8

-114.4
26.6

-44.2
24.5

-40.5
26.8

-23.8
13.8

-56.4
26.6

15
16

15
16

Corporate equities
Mutual fund shares

17
18
19
20

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

13.5
-1.0
7.1
7.4

32.0
21.4
1.9
8.7

18.9
13.4
1.0
4.5

16.3
9.1
1.0
6.2

15.3
9.4
1.0
4.9

17.5
7.2
1.0
9.3

22.5
14.8
1.0
6.7

10.0
4.9
1.0
4.1

6.0
3.2
1.0
1.8

24.4
15.5
1.0
7.9

31.6
30.6
1.0
-0.0

17
18
19
20

21

Pension fund reserves (liabilities) (3)

-10.4

13.0

12.7

18.9

2.9

22.6

14.8

35.4

23.1

20.8

10.5

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

0.6

0.7

0.7

0.8

0.8

0.8

0.8

0.8

0.8

1.0

1.0

1

2

Fixed nonresidential investment

1.5

1.8

1.8

2.0

1.9

1.9

2.0

2.1

2.2

2.5

2.4

2

3

Net acquisition of financial assets

75.6

60.4

58.8

53.1

60.7

65.4

42.8

43.4

19.3

25.0

30.4

3

4
5
6

Checkable deposits and currency
Time and savings deposits
Security RPs

-2.2
0.1
0.4

4.7
-0.4
8.9

-0.7
-0.3
2.8

-0.1
-0.6
4.3

7.4
2.9
20.1

5.5
1.3
5.8

-1.7
6.9
-6.8

-11.7
-13.5
-1.8

-7.6
-1.0
-8.7

18.7
1.2
17.2

2.4
1.5
4.7

4
5
6

7

Credit market instruments

67.1

72.1

46.9

54.6

63.3

31.5

37.6

86.1

-70.7

53.4

18.5

7

8
9
10
11

Open market paper
U.S. government securities
Treasury
Agency

0.4
31.8
13.4
18.4

8.9
19.9
0.8
19.1

2.8
16.4
-6.6
22.9

4.3
22.1
-15.5
37.6

20.1
-18.2
-0.3
-17.9

5.8
56.2
-2.5
58.7

-6.8
7.5
-39.2
46.8

-1.8
42.9
-19.8
62.7

-8.7
-29.0
-1.5
-27.5

17.2
27.4
7.0
20.4

4.7
-8.6
-20.3
11.7

8
9
10
11

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

0.9
33.1
0.9

1.7
35.1
6.5

-0.2
30.4
-2.6

-1.5
29.7
-0.0

-0.5
61.1
0.9

-0.4
-27.2
-2.9

-2.5
37.5
1.9

-2.3
47.3
0.1

0.7
-36.2
2.5

-0.7
6.9
2.6

0.0
18.6
3.7

12
13
14

9.4
0.7

-28.2
3.3

-6.2
16.3

-18.4
13.3

-27.9
-5.0

8.0
13.3

-3.8
10.6

-49.9
34.3

55.8
51.4

-67.8
2.3

-6.0
9.3

15
16

76.5

61.5

59.8

54.2

61.8

66.5

44.0

44.7

20.7

26.5

31.8

17

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, December 7, 2001

F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net acquisition of financial assets

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

1

2
3
4
5

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

0.1
2.6
28.6
22.8

7.4
-2.6
15.7
12.9

12.2
-1.2
33.3
0.1

48.2
4.5
-23.8
43.4

54.1
-3.2
-10.8
55.1

68.3
-2.4
-130.3
31.9

8.0
14.7
16.9
16.6

62.5
8.8
29.0
69.9

87.1
-24.4
147.1
71.5

-10.1
4.2
-7.3
-5.6

0.8
-27.4
44.7
60.7

2
3
4
5

6

Credit market instruments

87.5

244.0

182.0

148.9

161.5

-118.2

256.1

296.0

303.4

166.2

379.1

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

62.1
-9.5
-4.0
-5.5

78.2
95.0
17.5
77.5

104.7
17.3
0.1
17.1

95.5
-19.1
-13.3
-5.8

131.5
-80.4
-7.5
-72.9

-13.0
-93.3
-34.8
-58.5

134.2
15.1
-0.1
15.2

129.1
82.3
-10.9
93.2

3.3
286.8
35.5
251.3

17.1
116.6
37.0
79.7

79.9
265.8
68.9
196.8

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

22.5
12.5

26.0
44.8

17.5
42.5

34.3
38.2

30.8
79.7

24.2
-36.1

29.8
77.0

52.6
32.1

14.3
-1.1

39.2
-6.8

54.4
-20.9

11
12

14.3

9.6

22.6

12.2

-17.1

222.3

-61.4

-95.2

36.7

175.1

-90.1

13

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

14

13
14

Miscellaneous assets
Net share issues (liabilities)

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

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

Gross saving

2

Net acquisition of financial assets

8.0

-8.4

6.9

1.7

7.6

0.5

0.2

-1.6

-2.8

-2.2

-2.4

1

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

2

3

Security RPs

10.3

10.4

8.5

26.7

2.6

60.6

39.6

3.8

-67.0

-28.0

-41.0

3

4

Credit market instruments

80.9

124.8

47.2

26.8

-66.9

63.1

50.1

60.8

69.4

165.1

123.9

4

Open market paper
U.S. government securities
Treasury
Agency

10.6
19.5
11.0
8.4

10.4
26.1
5.2
21.0

8.5
12.5
-6.8
19.3

26.7
10.3
-9.2
19.5

13.2
-32.8
-28.4
-4.4

43.2
29.1
-5.6
34.7

31.3
7.7
-10.3
17.9

19.0
37.3
7.6
29.7

-53.5
43.1
17.7
25.4

-61.7
148.2
53.4
94.8

-34.9
101.8
44.7
57.1

5
6
7
8

Municipal securities
Corporate and foreign bonds

6.5
44.4

22.8
65.5

-3.2
29.3

-8.9
-1.3

-28.3
-19.0

-17.9
8.7

2.0
9.2

8.5
-4.0

22.0
57.8

16.6
62.1

23.6
33.4

9
10

166.8
7.1

143.3
-3.9

136.9
-4.3

190.9
-0.5

378.2
-6.6

108.4
-0.0

186.9
2.9

90.3
1.8

99.6
-5.6

134.8
-3.8

86.4
0.5

11
12

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

13

8.0

-8.4

6.9

1.7

7.6

0.5

0.2

-1.6

-2.8

-2.2

-2.4

14

5
6
7
8
9
10
11
12

Corporate equities
Miscellaneous assets

13

Net share issues (liabilities)

14

Discrepancy

(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 and Exchange-Traded Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Closed-end funds
1
2
3
4
5
6
7

Net acquisition of financial assets

-7.7

-7.8

-7.5

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

1

Credit market instruments
U.S. government securities
Municipal securities
Corporate and foreign bonds

-2.6
-1.2
-0.8
-0.5

5.5
-0.9
1.9
4.5

7.4
-1.3
8.7
-0.0

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

2
3
4
5

Corporate equities

-5.1

-13.3

-14.9

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

6

-7.7

-7.8

-7.5

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

7

Net share issues (liabilities)
Exchange-traded funds

8

Net acquisition of financial assets (1)

3.4

6.0

12.2

42.4

2.1

46.3

14.1

107.0

57.9

11.3

27.9

8

9

Net share issues (liabilities)

3.4

6.0

12.2

42.4

2.1

46.3

14.1

107.0

57.9

11.3

27.9

9

(1) Corporate equities.

33

Z.1, December 7, 2001

F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

1.9

2.1

2.0

1.7

1.7

1.7

1.9

1.7

1.8

1.8

1.8

1

2

Fixed nonresidential investment

0.3

0.4

0.4

0.4

0.4

0.4

0.4

0.4

0.5

0.5

0.5

2

3

Net acquisition of financial assets

110.8

304.4

316.7

248.8

126.8

239.2

278.9

350.3

351.6

275.6

387.9

3

4
5

Checkable deposits and currency
Federal funds and security RPs

1.2
-4.1

2.5
-13.4

7.4
12.7

-9.7
-1.7

-44.2
3.4

2.1
-39.0

-0.7
51.4

4.3
-22.5

-0.3
60.4

2.6
-31.7

4.7
51.3

4
5

6

Credit market instruments

106.6

314.6

291.7

240.9

205.4

250.9

188.6

318.8

347.8

296.2

267.7

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-1.1
76.1
7.1
69.0

26.9
162.3
-0.7
163.1

-27.1
184.5
5.8
178.7

16.8
136.2
-8.9
145.0

17.0
97.3
-23.2
120.5

-13.1
56.4
-18.0
74.4

29.7
148.0
-6.5
154.6

33.4
242.8
12.2
230.6

-48.9
239.3
4.9
234.4

40.5
163.4
0.5
162.9

0.6
177.7
-17.5
195.2

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

-0.4
5.3

4.1
20.7

1.4
23.7

-1.8
25.8

-5.7
11.0

-0.1
49.1

3.0
29.5

-4.5
13.6

4.7
31.7

8.3
48.4

0.3
-1.3

11
12

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

31.2
-5.3
0.0
36.4

92.3
-1.4
3.3
90.4

113.6
5.1
0.9
107.6

41.3
-3.9
3.1
42.1

79.0
-8.8
0.9
86.9

119.9
-1.8
3.2
118.5

-39.0
-11.1
4.0
-31.9

5.5
6.2
4.3
-5.0

109.3
2.4
-0.8
107.8

-0.6
4.7
5.6
-10.9

64.4
3.4
3.0
58.0

13
14
15
16

17
18
19
20

Mortgages
Home
Multifamily residential
Farm

-4.5
-4.2
-1.2
1.0

8.3
5.3
0.8
2.2

-4.3
-10.3
4.8
1.1

22.7
15.8
4.9
2.0

6.8
1.8
5.2
-0.2

38.6
31.4
4.6
2.6

17.3
11.3
3.3
2.7

28.0
18.5
6.6
2.9

11.6
4.7
4.1
2.8

36.3
22.7
7.5
6.1

26.1
15.3
6.9
3.9

17
18
19
20

7.1

0.7

5.0

19.2

-37.9

25.3

39.6

49.6

-56.3

8.5

64.3

21

21
22
23
24
25
26
27

Miscellaneous assets
Net increase in liabilities

106.2

298.6

312.1

241.5

122.9

233.0

270.5

339.5

344.4

270.8

386.1

22

98.4
98.4
0.0

278.3
278.3
0.0

318.2
318.2
0.0

234.1
234.1
0.0

104.9
104.9
0.0

248.9
248.9
0.0

278.1
278.1
0.0

304.5
304.5
0.0

262.3
262.3
0.0

268.3
268.3
0.0

328.0
328.0
0.0

23
24
25

7.8

20.3

-6.0

7.4

18.0

-15.8

-7.6

35.0

82.1

2.5

58.1

26

-3.0

-4.1

-3.0

-6.0

-2.7

-5.0

-6.9

-9.5

-5.9

-3.5

-0.5

27

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

114.6

192.6

273.8

199.4

119.5

132.2

236.7

309.1

170.3

406.5

492.6

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

109.3
5.3
-0.0
-0.0

182.1
10.5
0.0
-0.0

264.6
9.2
0.0
-0.0

190.9
8.5
0.0
0.0

113.0
6.5
0.0
0.0

124.5
7.7
0.0
0.0

228.9
7.8
0.0
0.0

297.0
12.0
0.0
0.0

157.2
13.1
0.0
0.0

387.3
19.2
0.0
0.0

479.6
13.0
0.0
0.0

2
3
4
5

114.6

192.6

273.8

199.4

119.5

132.2

236.7

309.1

170.3

406.5

492.6

6

6

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, December 7, 2001

F.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

0.9

1.2

1.2

1.1

1.1

1.1

1.0

1.0

1.0

0.9

0.9

1

2

Fixed nonresidential investment

3.1

3.0

-1.7

-2.0

-2.4

-2.6

-1.7

-1.3

-0.8

-0.9

-0.4

2

3

Net acquisition of financial assets

200.1

319.6

226.3

199.3

178.4

149.7

158.9

310.2

297.6

174.2

304.4

3

4

Agency securities (1)

3.6

38.2

41.3

2.8

21.6

-0.7

-1.9

-7.6

39.5

-42.6

29.0

4

5
6
7

Other loans and advances
Student loans
Loans to business

32.2
7.8
24.4

27.6
3.8
23.8

9.2
1.5
7.7

21.2
6.5
14.7

44.9
13.6
31.3

4.6
6.8
-2.3

-4.5
8.8
-13.2

39.9
-3.3
43.2

-0.7
2.5
-3.2

-23.3
2.0
-25.3

64.4
0.8
63.6

5
6
7

8
9
10
11

Mortgages (2)
Home
Multifamily residential
Commercial

80.7
54.5
5.0
21.3

156.5
94.5
12.8
49.2

92.0
49.9
8.5
33.6

85.2
44.8
7.3
33.1

54.4
34.0
3.4
17.1

74.2
33.5
5.4
35.3

83.5
51.0
6.9
25.7

128.6
60.8
13.5
54.3

115.3
93.9
4.9
16.5

179.6
63.6
24.9
91.1

119.8
44.0
11.3
64.5

8
9
10
11

12
13

Consumer credit
Trade credit

47.2
36.3

59.4
37.9

62.6
21.1

57.1
33.0

33.3
24.2

33.4
38.4

43.8
38.0

118.1
31.3

115.7
27.8

36.2
24.2

63.2
28.0

12
13

202.2

321.4

223.4

196.3

175.0

146.0

156.2

307.9

295.8

172.3

303.2

14

89.4
112.9

125.7
195.7

139.0
84.4

121.0
75.2

136.5
38.4

125.5
20.6

102.3
53.9

119.9
188.0

84.6
211.2

96.8
75.5

86.0
217.2

15
16

14
15
16

Net increase in liabilities
Commercial paper
Corporate bonds

17

Discrepancy

0.0

-0.0

-0.0

0.0

-0.0

-0.0

0.0

0.0

0.0

-0.0

-0.0

17

18
19

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

2.1
3.7

1.8
2.9

-2.9
-1.0

-3.1
-2.2

-3.5
0.6

-3.7
-2.9

-2.7
-3.0

-2.3
-3.4

-1.7
-2.4

-1.8
-0.6

-1.2
-1.9

18
19

(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

26.3

30.6

37.6

39.8

37.4

39.3

39.7

42.6

42.2

45.8

46.9

1

2

Fixed nonresidential investment

31.1

28.6

35.1

39.6

38.8

39.9

39.1

40.7

36.6

34.6

31.2

2

3

Net acquisition of financial assets

47.1

88.8

150.3

134.9

125.8

153.7

226.6

33.6

-11.2

45.2

56.0

3

4

Checkable deposits and currency

2.1

2.3

2.5

2.6

2.6

2.6

2.7

2.7

2.8

2.8

2.9

4

5
6
7
8

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

23.1
-0.6
11.0
12.6

77.3
36.8
24.7
15.8

97.0
54.2
24.6
18.2

108.0
63.3
26.4
18.2

145.4
98.1
20.0
27.2

147.6
84.0
36.4
27.2

102.8
48.2
23.1
31.5

36.2
23.0
26.2
-13.0

-0.9
-11.2
23.4
-13.0

126.7
99.0
26.8
0.9

-42.1
-76.5
12.1
22.2

5
6
7
8

Miscellaneous assets

22.0

9.3

50.9

24.3

-22.1

3.5

121.2

-5.3

-13.1

-84.4

95.2

9

38.7

75.8

138.0

164.9

210.3

155.3

244.5

49.7

-20.9

56.6

66.8

10

57.8
24.6
28.7
4.5

57.1
30.7
24.2
2.2

70.3
-2.9
64.3
8.9

81.2
8.4
72.2
0.5

61.1
11.4
66.8
-17.1

139.4
-26.5
148.3
17.6

98.1
-2.3
94.4
6.1

26.1
51.0
-20.6
-4.3

-72.8
-231.8
126.6
32.3

64.1
14.0
33.3
16.8

22.1
-23.1
55.0
-9.9

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

20

Discrepancy

21

Memo:
Consumer leases not included above (2)

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

0.8

0.8

0.8

1.0

0.9

0.9

1.0

1.0

1.1

1.1

1.2

15

-20.0
6.6
-7.5
-19.1

17.8
2.6
-12.8
28.0

66.9
11.4
53.5
1.9

82.8
17.6
14.7
50.5

148.4
-7.6
77.5
78.5

15.0
3.1
-48.4
60.3

145.4
5.2
19.6
120.6

22.5
69.7
10.2
-57.4

50.9
23.6
-21.5
48.8

-8.7
18.6
-15.1
-12.1

43.5
8.8
-10.3
45.0

16
17
18
19

-13.3

-11.1

-9.9

30.1

83.1

1.0

18.5

17.9

-4.1

22.7

26.5

20

5.6

-2.2

6.3

5.3

15.0

10.0

3.1

-7.0

-6.9

15.2

-7.7

21

35

Z.1, December 7, 2001

F.128 Mortgage Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net acquisition of financial assets

-9.1

3.2

0.3

0.2

-6.0

5.5

-0.5

2.0

1.4

1.1

1.7

1

2
3
4

Home mortgages
Multifamily residential mortgages
Commercial mortgages

-10.2
1.0
0.0

3.1
0.1
0.0

0.3
0.0
0.0

0.2
0.0
0.0

-6.0
0.0
0.0

5.5
0.0
0.0

-0.6
0.0
0.0

1.9
0.0
0.0

1.4
0.1
0.0

1.0
0.1
0.0

1.6
0.1
0.0

2
3
4

-9.1

3.2

0.3

0.2

-6.0

5.5

-0.5

2.0

1.4

1.1

1.7

5

-4.6
-4.6

1.6
1.6

0.2
0.2

0.1
0.1

-3.0
-3.0

2.7
2.7

-0.3
-0.3

1.0
1.0

0.7
0.7

0.6
0.6

0.8
0.9

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

6.8

8.2

8.1

7.7

7.3

7.6

7.9

8.1

8.3

8.6

8.7

1

2
3

Fixed nonresidential investment
Multifamily residential investment

52.0
11.3

64.7
11.4

9.2
1.6

0.4
0.1

4.1
0.7

6.6
1.2

3.6
0.6

-12.8
-2.3

3.4
0.6

-2.1
-0.4

-10.4
-1.8

2
3

4

Net acquisition of financial assets

26.1

6.4

-2.3

-6.3

-14.1

-6.9

0.1

-4.4

5.8

8.0

8.9

4

5

Checkable deposits and currency

1.1

0.8

0.3

-0.0

0.4

-1.2

-1.4

2.0

-1.0

2.3

2.3

5

6

Credit market instruments

20.2

-5.1

-2.6

-6.3

-16.3

-2.5

-3.6

-2.8

4.0

1.1

7.7

6

Agency securities
Corporate and foreign bonds

9.0
2.1

-8.1
-0.4

1.1
-0.3

0.3
-0.4

-0.4
-0.7

-3.8
3.5

3.0
-3.1

2.5
-1.4

-2.6
8.6

14.3
-9.0

3.4
3.0

7
8

Mortgages
Home
Multifamily residential
Commercial

9.1
6.0
0.9
2.2

3.4
0.8
0.1
2.5

-3.3
-2.4
-0.6
-0.4

-6.2
-4.6
-0.2
-1.4

-15.2
-14.4
-0.8
0.0

-2.2
-1.9
0.9
-1.2

-3.5
-1.1
-0.3
-2.0

-3.8
-0.8
-0.7
-2.4

-1.9
-0.4
-0.7
-0.8

-4.2
-0.8
0.2
-3.6

1.3
1.7
0.2
-0.6

9
10
11
12

7
8
9
10
11
12
13
14

Miscellaneous assets
Net increase in liabilities

4.9

10.7

-0.1

0.0

1.7

-3.2

5.1

-3.6

2.8

4.7

-1.1

13

92.2

86.4

17.7

3.0

2.8

10.6

8.0

-9.6

19.2

2.7

3.4

14

15

Security RPs

11.2

-9.8

0.5

-3.8

-10.7

-7.2

4.5

-1.8

4.9

7.8

7.3

15

16

Credit market instruments

39.6

62.7

6.3

2.7

11.5

9.8

-2.4

-8.1

-6.1

10.5

-10.2

16

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
4.8
-8.3
6.2

0.0
6.6
-2.1
7.0

3.5
13.2
-16.9
10.0

-3.4
5.6
-10.6
6.0

0.0
-6.3
-3.7
1.8

-0.2
12.2
-10.6
-7.5

-0.5
-5.9
0.7
16.2

4.4
-0.5
-5.8
-8.2

17
18
19
20

32.5
8.8

19.8
13.6

6.6
4.4

2.2
1.8

2.6
-0.6

2.0
6.0

1.4
4.5

3.0
-2.6

1.4
18.9

3.2
-18.9

7.5
-1.2

21
22

17
18
19
20
21
22

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

23

Discrepancy

9.5

11.9

17.4

16.6

19.4

17.3

11.6

18.0

17.7

5.7

15.5

23

24
25
26
27
28

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

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

-2.2
-0.2
-0.9
-0.5
-0.6

0.6
0.5
1.2
-0.6
-0.5

-2.9
-0.4
-2.3
-0.1
-0.0

-3.0
-0.5
-2.3
-0.2
-0.1

-3.4
-0.4
-0.2
-1.0
-1.7

-2.4
-0.4
-1.8
-0.1
-0.0

-0.6
-0.9
-1.0
0.5
0.9

-1.9
-0.9
-0.9
-0.1
-0.0

24
25
26
27
28

36

Z.1, December 7, 2001

F.130 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

9.2

5.3

-0.0

-3.3

-0.7

-1.7

-3.9

-6.7

-6.9

-6.0

-3.3

1

2

Fixed nonresidential investment

14.5

18.1

19.5

21.4

20.8

21.4

21.8

21.8

21.6

19.2

18.7

2

3

Net acquisition of financial assets

142.8

142.0

79.8

220.4

627.7

28.5

287.6

-62.3

-17.7

603.4

448.0

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

6.0

3.7

3.3

1.6

-6.4

-0.6

-24.8

38.2

-6.3

33.1

63.3

4

14.9

6.8

-34.7

68.9

102.9

89.8

152.1

-69.0

289.5

35.4

250.1

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

-2.0
-43.4
-58.4
15.0
-1.2
12.0

13.2
37.1
39.4
-2.3
-0.7
19.3

16.9
24.1
86.8
-62.7
-4.4
66.3

32.1
65.2
46.0
19.2
-3.9
-3.5

28.8
89.4
59.3
30.1
3.9
30.0

-24.9
-30.2
-34.5
4.3
1.8
-15.7

21.3
217.6
171.1
46.4
5.5
45.3

1.2
-1.9
-86.1
84.2
4.1
32.0

22.4
140.2
203.8
-63.6
9.3
78.1

6
7
8
9
10
11

2.4
36.8
82.8

-6.0
21.6
115.9

7.7
75.2
28.3

9.6
7.2
133.0

31.1
234.2
266.0

2.8
-64.9
1.4

18.6
14.6
127.1

-14.2
-155.0
137.6

23.9
-166.5
-158.4

41.8
9.7
483.4

-59.8
228.2
-33.7

12
13
14

15

Net increase in liabilities

141.3

146.2

89.9

235.4

638.9

41.8

304.1

-43.3

-1.0

621.2

462.5

15

16
17
18

Security RPs (net)
Corporate bonds
Corporate equity issues

22.7
8.1
-5.9

4.5
7.2
2.5

37.2
-17.2
7.6

56.9
15.6
-4.2

150.2
44.4
7.6

-42.7
-0.7
1.4

188.8
25.4
-26.1

-68.5
-6.6
0.1

-93.8
-23.9
19.0

222.0
35.7
-8.2

291.1
12.3
26.6

16
17
18

19
20
21
22
23

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

5.7
74.2
52.6
21.7
0.1

-1.0
81.7
61.2
20.5
-0.1

11.9
29.1
47.2
-18.1
0.9

5.1
138.9
88.6
50.4
-0.1

11.6
273.6
189.4
84.2
1.0

22.6
-30.3
-47.1
16.8
-2.8

-14.0
83.0
53.9
29.1
0.2

0.0
229.4
158.0
71.4
1.3

-2.7
25.6
-48.2
73.8
-3.6

-7.7
-38.2
49.9
-88.1
0.5

10.6
257.6
285.6
-27.9
0.4

19
20
21
22
23

24
25
26
27

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

21.6
0.3
75.9
-54.6

44.7
1.7
97.4
-54.3

7.2
3.3
61.6
-57.7

-5.3
1.7
62.5
-69.5

120.4
2.3
88.6
29.4

77.9
1.6
55.2
21.0

-0.5
2.3
41.9
-44.7

-219.1
0.5
64.3
-283.9

79.3
4.5
120.3
-45.6

384.4
2.1
9.3
373.0

-115.3
4.7
-2.3
-117.7

24
25
26
27

14.9

6.6

13.1

28.5

30.1

16.5

47.3

20.2

-0.8

32.6

-20.8

28

-6.8

-8.7

-9.5

-9.7

-10.3

-9.7

-9.2

-9.5

-11.7

-7.4

-7.6

29

257.1

123.3

81.6

227.6

32.0

152.2

5.3

-123.9

-283.4

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

118.2

105.6

2

Money market fund shares

10.4

57.9

48.9

33.5

10.5

-11.2

87.4

47.3

107.6

124.2

46.8

2

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

50.4
53.8
-3.4

-12.9
-17.4
4.5

133.8
137.6
-3.8

35.9
35.8
0.1

-7.2
32.8
-40.0

206.8
177.4
29.4

-73.0
-44.2
-28.8

17.0
-23.0
40.0

-172.5
-211.2
38.7

-192.4
-231.1
38.7

-214.6
-258.1
43.6

3
4
5

6
7
8

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

57.3
14.3
43.0

60.7
11.8
48.9

74.4
2.5
71.9

54.0
45.6
8.3

78.3
86.1
-7.8

32.1
-0.1
32.2

17.6
21.5
-3.9

87.8
75.0
12.9

70.2
14.6
55.7

-55.7
-20.2
-35.5

-115.6
-94.9
-20.7

6
7
8

118.2

105.6

257.1

123.3

81.6

227.6

32.0

152.2

5.3

-123.9

-283.4

9

79.9
49.4
30.6

40.0
6.0
34.0

91.5
34.1
57.4

-0.4
-2.3
1.9

-37.5
-19.9
-17.6

50.6
26.9
23.8

-4.2
5.4
-9.6

-10.4
-21.6
11.2

30.1
-17.1
47.2

-163.6
-188.3
24.7

-150.0
-145.3
-4.7

10
11
12

38.2
-22.6
57.2
3.6

65.7
20.7
70.0
-25.0

165.7
-17.0
16.3
166.4

123.7
54.3
88.7
-19.3

119.1
115.8
97.4
-94.1

177.0
-18.6
94.3
101.2

36.2
21.8
12.4
2.0

162.6
98.2
150.4
-86.1

-24.8
40.1
-102.1
37.2

39.7
107.9
233.6
-301.8

-133.4
34.4
68.5
-236.3

13
14
15
16

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

(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, December 7, 2001

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
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
Official foreign currency holdings
Treasury
Monetary authority
Net IMF position
Federal government
Monetary authority

Q2

Q3

Q4

Q1

2001
Q2

Q3

1.0

6.8

-8.7

0.3

2.2

-8.1

1.4

5.6

-0.8

5.4

21.2

1

0.4

0.1

-0.0

0.7

0.7

0.7

0.7

0.7

0.8

0.6

2.0

2

0.4
-0.0

0.1
-0.0

-0.0
0.0

0.7
-0.0

0.7
0.0

0.7
-0.0

0.7
0.0

0.7
0.0

0.8
0.0

0.6
-0.0

2.0
0.0

3
4

0.7

6.6

-8.7

-0.4

1.5

-8.8

0.7

4.9

-1.5

4.7

19.1

5

-2.9
-1.5
-1.5

1.5
0.8
0.8

-3.3
-1.6
-1.6

1.9
0.9
0.9

0.5
0.3
0.3

0.5
0.3
0.3

5.9
2.9
2.9

0.6
0.3
0.3

0.8
0.4
0.4

0.7
0.3
0.3

4.0
2.0
2.0

6
7
8

3.6
3.6
0.0

5.1
5.1
0.0

-5.5
-5.5
0.0

-2.3
-2.3
0.0

0.9
0.9
0.0

-9.3
-9.3
0.0

-5.2
-5.2
0.0

4.3
4.3
0.0

-2.3
-2.3
0.0

4.1
4.1
0.0

15.1
15.1
0.0

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

-0.5
-0.5

0.0
0.0

-3.0
-3.0

-4.0
-4.0

0.0
0.0

-8.0
-8.0

-4.0
-4.0

-4.0
-4.0

0.0
0.0

0.0
0.0

0.0
0.0

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

0.5
0.6

0.6
0.7

1.0
1.7

2.4
3.6

2.2
4.0

3.2
3.9

4.2
3.3

-0.0
3.3

-1.1
2.5

1.1
1.6

-0.0
0.7

3
4

5

Discrepancy (seigniorage)

-0.2

-0.1

-0.7

-1.2

-1.8

-0.7

0.9

-3.3

-3.6

-0.5

-0.7

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

107.7

6.5

61.0

120.8

313.3

3.4

-40.8

207.4

235.5

-146.5

15.4

1

6.5
-5.1
0.1

0.1
7.4
7.4

5.2
-2.3
12.2

7.7
-5.4
48.2

20.0
-24.0
54.1

0.2
17.2
68.3

-2.6
54.0
8.0

13.3
-68.7
62.5

-6.0
-27.1
87.1

-16.0
0.9
-10.1

-10.0
-0.1
0.8

2
3
4

106.2

-8.5

45.8

70.2

263.1

-82.2

-100.2

200.3

181.5

-121.2

24.8

5

38

Z.1, December 7, 2001

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

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

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

-19.7

-32.3

17.6

-20.3

-72.9

151.9

-170.6

10.6

-45.7

19.3

19.7

1

6.1
6.3
-0.2

-7.5
-4.5
-2.9

22.2
-2.3
24.5

-27.1
-5.0
-22.2

-104.2
-5.1
-99.1

6.2
0.4
5.7

-15.5
-4.6
-10.9

5.0
-10.7
15.7

7.1
14.7
-7.6

5.2
1.5
3.7

19.2
22.5
-3.3

2
3
4

-25.8
-1.6

-24.8
-1.1

-4.6
-1.7

6.9
1.0

31.3
0.1

145.7
1.9

-155.0
1.0

5.6
1.1

-52.8
-3.2

14.1
-1.7

0.4
-0.5

5
6

-4.3

-27.1

-6.5

-11.5

5.9

138.4

-143.9

-46.6

-66.3

2.2

-7.4

7

8
9
10
11

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

-4.2
13.6
46.3
32.7

-32.0
23.0
23.6
0.5

-7.8
45.0
34.5
-10.5

-12.0
28.8
76.2
47.4

5.2
42.3
67.8
25.5

140.6
169.5
232.3
62.8

-145.5
-54.7
-9.1
45.6

-48.4
-41.9
13.8
55.8

-72.5
-24.3
-159.1
-134.8

13.1
53.2
49.1
-4.0

-7.7
-92.1
-28.0
64.1

8
9
10
11

12
13
14

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

-18.5
-10.7
7.8

-55.7
33.3
88.9

-48.6
8.4
57.0

-58.0
-8.4
49.6

-119.1
41.4
160.5

-21.0
-100.9
-79.8

-78.8
-86.2
-7.4

-13.1
112.0
125.1

-92.6
120.7
213.2

-52.3
-120.4
-68.1

48.3
42.6
-5.7

12
13
14

15
16
17

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

0.8
0.3
-0.4

0.6
-0.1
-0.7

-4.3
5.5
9.7

17.2
-8.3
-25.5

82.0
-33.4
-115.4

-7.9
0.0
7.9

-12.0
0.0
12.0

6.6
0.0
-6.6

44.3
160.2
115.9

12.3
35.1
22.8

36.1
33.1
-3.0

15
16
17

18
19
20

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

0.2
1.0
-0.9

-5.0
-1.0
-4.0

-1.3
-1.3
-0.0

-0.5
-1.0
0.6

-0.7
-0.4
-0.2

2.2
0.9
1.3

-1.6
-2.2
0.6

-1.8
-2.4
0.6

-6.2
-4.3
-1.9

10.8
8.8
2.0

-0.4
-0.5
0.2

18
19
20

-19.9

3.4

3.5

17.4

25.3

5.4

-12.1

51.1

16.7

13.6

8.3

21

-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

-12.5
8.4
-8.9
-0.1
17.4

-11.6
-2.5
-27.2
-0.6
25.3

1.9
10.5
4.2
1.0
5.4

18.8
-20.1
-6.9
-1.0
-12.1

-59.2
45.8
-5.5
0.3
51.1

208.3
27.0
9.9
0.4
16.7

-4.6
-61.9
-78.3
2.9
13.6

42.0
40.3
33.8
-1.8
8.3

22
23
24
25
26

-7.4
-0.6

-1.6
10.2

23.7
8.0

8.1
12.9

-33.5
42.7

2.6
6.0

-23.8
-15.0

87.2
17.7

-22.0
-159.3

2.7
-60.0

8.5
-10.3

27
28

-12.7
-7.4
5.4

-3.7
-1.6
2.1

7.4
23.7
16.4

17.0
8.1
-8.9

-6.4
-33.5
-27.2

-1.6
2.6
4.2

-16.9
-23.8
-6.9

92.8
87.2
-5.5

-31.9
-22.0
9.9

81.0
2.7
-78.3

-25.3
8.5
33.8

29
30
31

-0.4
-0.6
-0.2

9.6
10.2
0.6

8.2
8.0
-0.3

12.9
12.9
-0.1

43.3
42.7
-0.6

5.0
6.0
1.0

-14.1
-15.0
-1.0

17.5
17.7
0.3

-159.7
-159.3
0.4

-62.8
-60.0
2.9

-8.5
-10.3
-1.8

32
33
34

0.2

-35.6

14.0

-37.7

-98.2

146.5

-158.4

-40.5

-62.4

5.8

11.4

35

-4.3

-27.1

-6.5

-11.5

5.9

138.4

-143.9

-46.6

-66.3

2.2

-7.4

36

4.5

-8.6

20.5

-26.1

-104.1

8.1

-14.6

6.1

3.8

3.5

18.8

37

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

32
33
34

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

35

Net change in assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

-1.6
-3.6
2.0

-1.1
0.9
-2.0

-1.7
-1.9
0.2

1.0
1.1
-0.1

0.1
0.1
0.0

1.9
0.8
1.1

1.0
1.5
-0.6

1.1
2.1
-1.0

-3.2
-2.9
-0.4

-1.7
-2.2
0.5

-0.5
-0.2
-0.2

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

6.6
6.8
-0.2

-7.6
-4.6
-2.9

22.1
-2.4
24.5

-26.1
-4.0
-22.2

-102.4
-3.3
-99.1

6.1
0.4
5.7

-13.7
-2.8
-10.9

5.5
-10.1
15.7

7.1
14.7
-7.6

5.2
1.5
3.7

18.3
21.6
-3.3

41
42
43

-0.5

0.1

0.1

-1.0

-1.8

0.1

-1.9

-0.5

0.0

0.0

0.9

44

-19.9

3.4

3.5

17.4

25.3

5.4

-12.1

51.1

16.7

13.6

8.3

45

44
45

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

39

Z.1, December 7, 2001

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
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

Q2

Q3

Q4

Q1

2001
Q2

Q3

41.2

47.4

151.4

-71.5

-206.8

-33.8

5.0

-50.2

90.3

100.8

245.3

1

29.9
-2.3
0.3
31.9

38.3
0.5
-0.3
38.0

108.7
22.3
-0.1
86.4

-35.3
-22.9
0.1
-12.5

-187.8
-91.0
0.2
-97.0

27.5
-19.5
-0.1
47.1

23.3
30.4
0.1
-7.2

-4.1
-11.5
0.3
7.1

48.8
5.9
-0.6
43.5

50.2
-17.7
0.1
67.8

84.2
30.1
2.0
52.1

2
3
4
5

-19.8
-0.9
4.8
-23.7

-33.4
-14.6
-1.5
-17.3

3.2
36.4
13.4
-46.6

-85.2
-33.2
-9.5
-42.6

-87.9
-30.5
-54.7
-2.7

-100.7
-22.6
5.9
-84.1

-60.8
-17.3
4.8
-48.3

-91.4
-62.3
6.0
-35.2

-25.5
4.3
2.7
-32.4

1.4
-3.8
-4.1
9.4

109.3
24.6
3.7
81.0

6
7
8
9

27.1
4.1

36.1
6.4

37.2
2.3

43.1
5.9

45.2
23.7

42.8
-3.5

40.6
1.9

43.9
1.4

51.1
15.8

53.2
-4.0

46.3
5.5

10
11

10
11

Savings institutions
Credit unions

12

Net change in assets

41.2

47.4

151.4

-71.5

-206.8

-33.8

5.0

-50.2

90.3

100.8

245.3

12

13

Household sector

-33.7

-28.6

-41.5

-42.3

46.9

-106.9

-76.5

-32.5

64.5

71.8

98.1

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

30.0
7.6
22.2
0.2

69.2
35.2
32.1
1.9

59.0
34.8
25.0
-0.8

49.1
24.7
25.0
-0.6

23.4
-0.8
25.0
-0.8

93.4
50.8
43.4
-0.8

106.4
90.9
15.9
-0.4

-26.8
-42.0
15.7
-0.5

-58.3
-77.8
20.0
-0.5

-79.9
-100.2
20.8
-0.4

-35.9
-54.3
18.9
-0.5

14
15
16
17

18
19

State and local governments
Federal government

4.4
-0.5

-3.9
-16.7

3.9
66.2

1.0
-65.1

-5.9
-140.3

-7.2
-58.3

0.2
10.0

17.0
-71.7

2.3
40.1

-6.5
-31.6

-0.1
36.2

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

29.9
5.1
24.8

14.8
-1.8
16.6

39.9
13.3
26.6

-8.2
-9.3
1.1

-81.9
-54.5
-27.4

9.8
5.9
4.0

8.0
5.0
3.0

31.3
6.4
24.9

11.3
2.1
9.2

7.1
-4.0
11.1

38.5
5.7
32.8

20
21
22

23

Financial sectors

17.8

13.0

32.2

-16.7

-68.6

17.7

-48.1

32.2

56.4

126.0

85.1

23

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

-0.1
1.0
0.6
0.0

0.6
3.2
1.0
-0.5

0.3
1.7
17.3
-0.1

-0.5
-0.4
-14.2
-0.0

-1.3
-15.3
1.1
-0.0

0.6
4.7
0.9
-0.0

-2.6
-0.1
-28.7
-0.0

1.2
9.0
-30.2
-0.0

0.6
-0.2
12.7
-0.0

-0.6
8.2
25.5
-0.0

3.2
0.5
22.4
-0.0

24
25
26
27

28
29
30
31

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

3.8
0.3
1.3
-2.2

-2.7
-0.2
0.2
4.7

0.0
0.2
1.2
-0.7

-0.5
-0.6
0.7
-0.1

-5.6
-4.5
0.5
7.4

6.4
-1.7
0.5
5.5

-7.9
1.4
1.3
-1.7

5.2
2.4
0.4
-11.7

51.5
27.5
1.0
-7.6

22.5
4.8
1.9
18.7

4.4
5.5
0.9
2.4

28
29
30
31

32
33
34
35
36

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

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
3.3

4.5
-9.7
2.6
-0.0
1.6

-3.2
-44.2
2.6
0.4
-6.4

-2.4
2.1
2.6
-1.2
-0.6

14.7
-0.7
2.7
-1.4
-24.8

8.8
4.3
2.7
2.0
38.2

-24.4
-0.3
2.8
-1.0
-6.3

4.2
2.6
2.8
2.3
33.1

-27.4
4.7
2.9
2.3
63.3

32
33
34
35
36

-6.6

-0.5

-8.2

10.7

19.7

17.7

5.0

0.3

-26.1

13.9

23.6

37

37

Mail float

40

Z.1, December 7, 2001

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2

Net change in liabilities

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

219.6

244.5

175.3

309.1

258.7

224.2

377.4

376.0

418.9

246.1

244.1

1

97.1

152.4

44.7

190.7

104.6

123.0

224.5

310.8

288.3

194.2

229.2

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

148.3
143.9
4.4
-0.0

183.7
186.3
-3.6
1.0

71.3
72.4
-1.9
0.8

213.3
210.4
1.4
1.4

145.6
146.6
-1.3
0.4

159.7
155.3
1.8
2.5

213.0
215.5
-4.7
2.3

334.8
324.3
10.0
0.5

222.2
228.0
-5.2
-0.6

197.7
169.0
23.2
5.4

198.0
213.1
-16.6
1.4

3
4
5
6

7
8

Savings institutions
Credit unions

-64.4
13.2

-54.3
23.1

-38.9
12.3

-35.5
13.0

-47.4
6.4

-35.1
-1.6

-19.0
30.5

-40.7
16.7

6.7
59.4

-37.6
34.0

-30.6
61.8

7
8

9

Large time deposits (1)

122.5

92.1

130.6

118.4

154.1

101.2

152.9

65.2

130.6

51.9

14.9

9

107.9
63.2
44.7
-0.0

72.3
34.8
36.5
1.0

119.0
61.5
56.7
0.8

94.9
87.9
5.6
1.4

128.8
91.7
36.7
0.4

86.5
141.6
-57.6
2.5

122.6
73.7
46.6
2.3

41.8
44.6
-3.4
0.5

87.8
17.7
70.6
-0.6

20.9
25.6
-10.2
5.4

-40.8
-7.3
-35.0
1.4

10
11
12
13

11.7
2.9

15.7
4.1

8.5
3.1

19.9
3.5

27.3
-2.0

9.0
5.7

32.3
-2.0

11.0
12.4

40.9
2.0

16.2
14.9

44.9
10.8

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

219.6

244.5

175.3

309.1

258.7

224.2

377.4

376.0

418.9

246.1

244.1

16

17

Household sector

131.9

193.6

99.5

305.2

332.8

340.7

339.1

208.4

341.8

267.0

200.9

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

30.4
19.7
10.7

2.3
-6.8
9.1

26.2
16.2
10.0

9.1
5.1
4.0

-43.8
-47.8
4.0

-5.2
-12.9
7.7

13.7
12.6
1.2

71.5
68.4
3.1

-32.0
-37.0
5.0

-19.0
-24.4
5.4

-0.0
-5.5
5.5

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

5.8
1.0
13.1

12.8
1.3
13.0

10.9
0.7
15.0

9.4
1.0
5.7

-18.4
0.4
-9.5

20.3
1.0
1.4

7.0
2.1
-6.4

28.9
0.4
37.2

-11.5
8.2
-40.3

1.7
5.9
2.6

-2.9
7.2
-7.7

21
22
23

24

Financial sectors

37.5

21.5

23.0

-21.3

-2.7

-134.0

21.9

29.7

152.7

-12.1

46.5

24

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

-0.4
0.6
1.0

0.5
6.4
-2.1

-0.1
-6.8
0.9

0.1
0.5
0.6

2.4
2.6
1.0

-2.4
-8.7
0.8

-0.8
-0.7
0.4

1.2
8.6
0.3

1.2
8.8
0.5

2.7
-7.8
0.3

-0.7
5.0
0.4

25
26
27

28
29
30

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

7.5
0.1
28.6

1.5
-0.4
15.7

-4.0
-0.3
33.3

2.0
-0.6
-23.8

-0.7
2.9
-10.8

5.4
1.3
-130.3

-0.8
6.9
16.9

4.0
-13.5
29.0

-3.9
-1.0
147.1

-1.2
1.2
-7.3

-4.4
1.5
44.7

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

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

1

2

Net purchases

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

2

3
4
5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

79.9
20.2
3.7

164.9
26.5
9.7

124.5
23.1
10.0

131.3
40.4
10.0

209.1
7.9
2.0

80.1
2.9
0.7

57.8
63.4
15.7

178.3
87.4
21.6

253.0
130.2
28.0

-44.6
112.6
28.0

242.2
31.3
8.8

3
4
5

6
7
8
9

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

-4.0
32.6
13.1
10.4

8.8
17.6
1.9
57.9

7.5
23.4
11.7
48.9

3.7
8.5
5.9
33.5

3.2
5.3
1.8
10.5

4.4
-5.7
0.3
-11.2

2.8
11.8
12.1
87.4

4.3
22.6
9.4
47.3

3.4
89.5
9.7
107.6

4.0
88.2
10.0
124.2

3.8
24.5
10.3
46.8

6
7
8
9

41

Z.1, December 7, 2001

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

120.9

91.3

169.7

110.7

275.8

155.1

277.1

-265.4

-12.8

177.7

262.2

1

2
3
4
5

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

89.0
63.4
25.6
0.0

87.0
66.8
19.7
0.5

110.6
128.7
-18.3
0.1

63.6
12.8
52.4
-1.6

133.1
124.6
7.6
0.8

198.9
137.8
59.3
1.8

59.2
-33.2
92.8
-0.4

-137.0
-178.1
49.8
-8.7

74.3
45.1
22.1
7.0

-62.1
58.1
-120.7
0.5

23.7
41.0
-18.1
0.7

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

-1.9
11.2
22.7

9.5
-9.8
4.5

21.4
0.5
37.2

-6.1
-3.8
56.9

3.2
-10.7
150.2

6.0
-7.2
-42.7

24.6
4.5
188.8

-58.1
-1.8
-68.5

1.8
4.9
-93.8

9.9
7.8
222.0

-59.8
7.3
291.1

6
7
8

57.8

30.7

139.7

-0.4

-291.4

103.2

150.6

36.0

148.8

5.8

225.6

9

9

Net change in liabilities

1998

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

0.7
3.6
20.0

-0.4
7.2
-18.8

1.1
5.0
14.8

-0.5
9.7
5.1

3.1
51.3
-43.2

-7.7
-9.4
48.5

-0.9
12.0
20.6

3.3
-15.0
-5.6

-6.0
19.0
97.1

2.4
17.2
13.5

-5.6
40.8
-36.2

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

33.6
2.3
-0.8
2.0

42.7
6.5
5.5
3.4

118.7
110.3
-4.2
2.4

-14.6
-97.3
4.3
-5.3

-302.6
-402.8
3.7
-11.4

71.8
26.9
2.0
-18.9

118.9
-27.6
10.7
31.8

53.3
14.5
0.7
-22.7

38.7
-15.1
27.1
16.0

-27.3
24.2
1.3
-1.5

226.6
106.7
15.2
10.4

13
14
15
16

-0.2
0.9
0.4
22.8
10.3
-4.1

7.4
1.0
8.9
12.9
10.4
-13.4

-14.4
0.4
2.8
0.1
8.5
12.7

10.0
0.9
4.3
43.4
26.7
-1.7

26.1
0.5
20.1
55.1
2.6
3.4

1.9
0.5
5.8
31.9
60.6
-39.0

2.0
1.3
-6.8
16.6
39.6
51.4

10.0
1.3
-1.8
69.9
3.8
-22.5

-42.0
-3.6
-8.7
71.5
-67.0
60.4

-4.6
1.3
17.2
-5.6
-28.0
-31.7

17.3
1.4
4.7
60.7
-41.0
51.3

17
18
19
20
21
22

63.2

60.6

30.0

111.1

567.2

51.9

126.5

-301.4

-161.7

171.9

36.6

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
2
3
4
5
6

Total net issues, all types
Commercial paper
Nonfinancial corporate business
Foreign issues in U.S.
Nonfinancial
Financial

184.1

193.1

229.9

207.6

202.1

259.1

169.7

199.3

-367.2

-232.5

-186.3

1

186.8

202.5

232.8

208.2

200.6

258.5

171.9

201.8

-366.5

-227.9

-179.7

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

48.1
31.7
10.9
20.8

29.8
57.8
36.6
21.2

110.4
12.0
19.7
-7.6

56.1
7.0
-13.8
20.9

-4.0
50.1
1.2
48.9

-207.2
-25.4
-31.7
6.3

-141.5
-5.6
-24.6
19.0

-74.1
-26.5
-24.5
-2.0

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

169.4
6.0
89.4
24.6
0.0
49.4

170.3
7.8
125.7
30.7
0.2
6.0

179.2
9.1
139.0
-2.9
-0.1
34.1

128.4
1.2
121.0
8.4
0.0
-2.3

113.1
-14.9
136.5
11.4
0.0
-19.9

136.0
6.7
125.5
-26.5
3.5
26.9

108.8
6.8
102.3
-2.3
-3.4
5.4

155.7
6.3
119.9
51.0
0.0
-21.6

-133.9
30.5
84.6
-231.8
-0.2
-17.1

-80.8
-2.8
96.8
14.0
-0.5
-188.3

-79.0
-0.9
86.0
-23.1
4.4
-145.3

7
8
9
10
11
12

13

Bankers acceptances (1)

-2.7

-9.4

-2.9

-0.7

1.5

0.6

-2.3

-2.5

-0.7

-4.6

-6.6

13

14

Net purchases, by sector

184.1

193.1

229.9

207.6

202.1

259.1

169.7

199.3

-367.2

-232.5

-186.3

14

15
16
17
18

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

1.5
4.6
14.3
19.9

7.5
3.3
28.0
37.6

4.0
4.3
1.9
-13.0

5.0
0.3
7.6
8.7

5.0
-6.1
6.9
-9.4

5.0
0.8
17.5
-7.2

5.0
7.6
-4.0
-14.3

5.0
-1.1
10.0
65.6

-22.0
11.5
4.0
-4.1

-18.0
14.0
-17.2
12.8

-15.0
-13.5
20.0
-9.7

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
-0.8
-0.3
-0.1
-0.2

0.0
-0.2
0.0
0.2
-4.5

0.0
0.3
0.0
1.5
0.6

0.0
0.1
0.0
-0.6
0.6

0.0
0.4
0.0
-4.1
0.7

0.0
-0.4
0.0
-2.0
0.4

0.0
-0.1
0.0
3.6
0.8

0.0
0.7
0.0
-0.0
0.5

0.0
0.1
0.0
-0.4
-4.2

0.0
0.0
0.0
1.8
-3.7

0.0
0.0
0.0
-1.1
-3.4

19
20
21
22
23

24
25
26

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

17.5
1.2
0.4

7.5
2.9
8.9

2.0
3.7
2.8

-4.5
-1.8
4.3

-15.1
-7.6
20.1

12.2
0.4
5.8

-3.1
1.2
-6.8

-12.2
-1.2
-1.8

-41.1
-13.2
-8.7

-0.2
-5.5
17.2

18.6
3.4
4.7

24
25
26

27
28
29
30
31

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

62.1
10.6
-1.1
0.6
53.8

78.2
10.4
26.9
3.8
-17.4

104.7
8.5
-27.1
-2.0
137.6

95.5
26.7
16.8
13.2
35.8

131.5
13.2
17.0
16.9
32.8

-13.0
43.2
-13.1
32.1
177.4

134.2
31.3
29.7
28.8
-44.2

129.1
19.0
33.4
-24.9
-23.0

3.3
-53.5
-48.9
21.3
-211.2

17.1
-61.7
40.5
1.2
-231.1

79.9
-34.9
0.6
22.4
-258.1

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, December 7, 2001

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6
7

Net issues
Savings bonds
Other Treasury issues
Net purchases
Household sector
Savings bonds
Other Treasury issues

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

23.2

-54.6

-71.0

-294.9

-215.2

-410.5

-223.8

-330.2

-2.1

-257.1

256.0

1

-0.5
23.7

0.1
-54.7

-0.2
-70.8

-1.7
-293.2

-3.5
-211.7

-2.1
-408.5

-0.9
-222.9

-0.3
-329.9

1.4
-3.5

3.3
-260.5

3.9
252.1

2
3

23.2

-54.6

-71.0

-294.9

-215.2

-410.5

-223.8

-330.2

-2.1

-257.1

256.0

4

-162.4
-0.5
-161.9

-85.2
0.1
-85.4

-1.3
-0.2
-1.2

-153.7
-1.7
-152.0

-226.8
-3.5
-223.3

-221.5
-2.1
-219.5

-134.8
-0.9
-133.9

-31.5
-0.3
-31.3

-73.8
1.4
-75.2

-109.9
3.3
-113.2

81.3
3.9
77.3

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

-20.2
4.1
-17.7

-3.2
6.1
30.0

-4.0
-3.1
-2.5

-1.2
-10.2
-30.6

8.2
-10.2
-37.5

8.3
-15.0
-15.2

-1.9
-6.5
-45.7

-19.4
-9.1
-24.1

-1.6
-11.0
-48.5

-3.8
-11.0
-41.5

-4.3
-13.4
-98.0

8
9
10

11
12

Rest of the world
Monetary authority

139.7
39.8

38.7
21.4

-8.3
25.8

-63.0
33.7

27.4
102.1

-98.2
-5.4

-86.0
39.2

-95.3
-0.9

-1.5
54.2

-116.2
26.4

30.3
8.7

11
12

13
14
15
16
17

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

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

-44.5
-35.0
-0.6
-7.9
-1.0

-86.3
-32.2
-21.5
-31.4
-1.2

-35.1
-13.7
-21.5
0.6
-0.5

22.9
-6.5
29.9
0.1
-0.6

-79.6
-87.6
10.7
-1.1
-1.7

-82.8
-104.4
24.5
-0.3
-2.6

39.5
13.8
26.0
0.7
-1.0

22.1
4.0
16.4
-0.3
2.0

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

-2.8
-1.8
-5.4

-4.4
-2.5
-3.1

-0.0
-3.5
-0.0

-1.4
-1.4
-0.8

-0.8
-1.0
-0.9

-3.3
-2.1
-0.9

-1.4
-1.0
-0.7

-0.2
-1.5
-0.7

-3.0
-1.0
-1.4

-2.1
-5.7
-1.2

-3.5
-0.5
-1.8

18
19
20

21
22
23
24

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

1.6
2.1
4.1
13.4

-14.1
-20.8
-4.4
0.8

-9.3
-9.7
-0.6
-6.6

-4.6
-8.6
-0.8
-15.5

-4.0
-9.2
-3.1
-0.3

-5.0
-9.3
7.3
-2.5

-4.1
-6.9
0.3
-39.2

-5.4
-8.8
-7.7
-19.8

-17.3
-15.8
-26.2
-1.5

-20.2
-8.0
-14.7
7.0

-18.0
-7.2
-19.1
-20.3

21
22
23
24

25
26
27
28
29

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

-4.0
11.0
-1.2
7.1
7.5

17.5
5.2
-0.9
-0.7
21.2

0.1
-6.8
-1.3
5.8
-58.4

-13.3
-9.2
-0.3
-8.9
39.4

-7.5
-28.4
-0.3
-23.2
86.8

-34.8
-5.6
-0.3
-18.0
46.0

-0.1
-10.3
-0.3
-6.5
59.3

-10.9
7.6
-0.3
12.2
-34.5

35.5
17.7
-0.3
4.9
171.1

37.0
53.4
-0.3
0.5
-86.1

68.9
44.7
-0.3
-17.5
203.8

25
26
27
28
29

23.1

-52.6

-71.2

-295.9

-217.2

-408.7

-226.2

-331.3

-4.3

-256.0

255.7

30

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, December 7, 2001

F.210 Agency Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

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

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

212.8

472.9

591.7

432.5

222.4

382.9

512.4

612.4

430.3

675.9

820.3

1

-0.1
98.4
114.6

2.0
278.3
192.6

-0.2
318.2
273.8

-1.0
234.1
199.4

-2.1
104.9
119.5

1.8
248.9
132.2

-2.4
278.1
236.7

-1.2
304.5
309.1

-2.2
262.3
170.3

1.1
268.3
406.5

-0.4
328.0
492.6

2
3
4

212.8

472.9

591.7

432.5

222.4

382.9

512.4

612.4

430.3

675.9

820.3

5

11.0
-20.5
-0.8

-74.8
2.6
63.6

82.4
1.9
28.5

-11.4
3.1
23.5

-57.8
10.1
23.1

75.3
11.4
26.9

28.1
4.5
24.0

-91.3
-13.4
20.0

-422.5
1.1
27.8

131.0
6.1
22.7

-39.0
30.1
27.6

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
49.8
-1.5

0.0
56.7
-0.3

0.0
92.1
-0.2

0.0
152.7
-0.1

0.0
136.5
-0.1

0.0
117.3
-0.0

0.0
171.4
-0.0

0.0
185.7
0.0

0.0
168.9
-0.5

0.0
157.2
0.0

0.0
131.6
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

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

22.6
18.2
0.6
-0.5
4.3

70.6
75.3
-3.1
-2.4
0.8

13.8
15.3
-4.0
0.9
1.6

-30.1
-40.0
2.2
0.4
7.3

36.2
22.4
7.5
-1.1
7.4

-20.7
-30.9
13.4
2.4
-5.7

-75.6
12.5
-87.0
-1.4
0.3

166.2
141.5
23.6
-0.3
1.3

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

-0.8
0.4
-4.7

-11.7
7.3
-1.4

3.7
2.9
5.7

-6.7
-0.4
4.6

-20.2
7.7
4.0

-9.1
-1.1
4.3

-1.5
-14.8
4.9

4.1
6.8
5.2

19.4
20.1
3.3

21.0
-11.0
3.9

-7.4
36.6
2.5

17
18
19

20
21
22
23

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

-3.0
1.7
7.7
18.4

-9.6
-1.2
39.0
19.1

7.0
5.9
30.6
22.9

11.0
8.6
27.7
37.6

14.6
7.9
42.3
-17.9

7.3
7.5
5.4
58.7

12.8
10.9
36.6
46.8

9.3
7.9
26.5
62.7

32.9
4.3
29.3
-27.5

19.7
6.0
-18.7
20.4

34.2
5.5
2.6
11.7

20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-5.5
8.4
69.0

77.5
21.0
163.1

17.1
19.3
178.7

-5.8
19.5
145.0

-72.9
-4.4
120.5

-58.5
34.7
74.4

15.2
17.9
154.6

93.2
29.7
230.6

251.3
25.4
234.4

79.7
94.8
162.9

196.8
57.1
195.2

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

3.6
9.0
-4.8

38.2
-8.1
0.5

41.3
1.1
15.0

2.8
0.3
-2.3

21.6
-0.4
-62.7

-0.7
-3.8
19.2

-1.9
3.0
30.1

-7.6
2.5
4.3

39.5
-2.6
46.4

-42.6
14.3
84.2

29.0
3.4
-63.6

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, December 7, 2001

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

71.4

96.8

68.2

35.3

20.0

30.1

31.0

60.1

110.7

112.4

56.0

1

2
3
4

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

57.3
8.3
49.0

79.1
-6.3
85.4

52.7
3.6
49.1

28.2
3.2
25.0

14.5
4.4
10.1

19.8
8.4
11.5

25.1
-7.2
32.3

53.4
7.1
46.3

103.4
21.2
82.3

108.3
20.5
87.7

42.9
37.3
5.6

2
3
4

5

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

10.0

12.0

10.4

5.8

3.3

10.2

4.9

4.6

4.9

0.9

12.0

5

6
7

Net change in liabilities

1998

Net change in assets

4.2

5.8

5.1

1.4

2.2

0.1

1.0

2.1

2.3

3.3

1.1

6

71.4

96.8

68.2

35.3

20.0

30.1

31.0

60.1

110.7

112.4

56.0

7

8
9
10
11

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

52.5
-3.6
0.5
-0.7

17.8
-1.6
0.1
-1.4

40.2
-3.4
0.2
-1.5

14.6
10.7
0.2
0.6

30.4
6.3
0.2
-1.7

-4.6
47.9
0.2
1.6

32.4
-33.1
0.2
3.2

-0.1
21.8
0.2
-0.8

92.5
-36.7
0.2
2.1

0.2
30.7
0.2
-0.6

-49.0
13.3
0.2
0.4

8
9
10
11

12
13
14

Commercial banking
Savings institutions
Bank personal trusts and estates

2.4
0.0
-13.3

8.2
0.4
-1.1

5.8
0.5
10.8

3.4
0.2
4.7

7.6
0.3
7.2

3.1
-0.2
3.6

1.6
-0.0
5.2

1.1
0.6
3.0

-2.6
2.9
3.1

15.5
0.3
2.0

3.8
0.3
1.4

12
13
14

15
16
17

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

0.1
2.6
0.9

1.7
16.5
1.7

1.7
-9.1
-0.2

-1.0
-14.9
-1.5

-0.5
-17.0
-0.5

-1.4
-17.5
-0.4

-0.9
-9.1
-2.5

-1.2
-15.9
-2.3

1.6
4.7
0.7

3.4
-2.0
-0.7

1.5
1.3
0.0

15
16
17

18
19
20
21
22

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

22.5
6.5
-0.8
-0.4
2.4

26.0
22.8
1.9
4.1
-0.1

17.5
-3.2
8.7
1.4
-1.2

34.3
-8.9
-4.6
-1.8
-0.7

30.8
-28.3
-4.6
-5.7
-4.4

24.2
-17.9
-4.6
-0.1
-3.9

29.8
2.0
-4.6
3.0
3.9

52.6
8.5
-4.6
-4.5
1.8

14.3
22.0
-4.6
4.7
5.5

39.2
16.6
-4.6
8.3
4.1

54.4
23.6
-4.6
0.3
9.3

18
19
20
21
22

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

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

Net issues

430.8

563.7

465.0

402.2

405.6

369.8

445.2

388.3

856.9

598.9

395.9

1

2
3

Nonfinancial corporate business
Rest of the world (1)

150.5
61.4

218.7
34.9

229.9
16.8

171.1
25.2

186.2
47.6

153.8
-27.3

168.8
71.4

175.6
9.0

400.9
17.1

428.0
-15.9

187.7
-101.4

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

218.9
23.7
0.1

310.1
27.6
-0.2

218.2
20.4
0.2

205.9
32.6
3.5

171.8
33.1
-0.0

243.3
38.1
0.0

205.0
32.7
2.6

203.7
26.5
11.5

438.9
79.5
-14.0

186.8
9.0
14.5

309.6
31.5
-1.2

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

112.9
28.7
14.8
8.1
30.6

195.7
24.2
21.7
7.2
34.0

84.4
64.3
8.9
-17.2
57.4

75.2
72.2
4.8
15.6
1.9

38.4
66.8
6.6
44.4
-17.6

20.6
148.3
13.2
-0.7
23.8

53.9
94.4
5.6
25.4
-9.6

188.0
-20.6
-6.3
-6.6
11.2

211.2
126.6
12.2
-23.9
47.2

75.5
33.3
-5.9
35.7
24.7

217.2
55.0
-0.5
12.3
-4.7

7
8
9
10
11

12

430.8

563.7

465.0

402.2

405.6

369.8

445.2

388.3

856.9

598.9

395.9

12

13
14
15

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

85.6
1.3
84.6

96.8
10.2
122.2

23.6
12.6
160.8

-25.6
3.7
183.1

-28.7
6.1
178.3

132.9
4.7
169.1

-114.9
1.6
185.6

-91.6
2.4
199.4

253.4
11.5
280.2

-147.0
7.2
279.6

-97.5
14.8
149.7

13
14
15

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

27.8
-9.9
-0.8

38.0
29.9
-2.6

38.8
23.3
11.3

57.6
-2.5
8.1

-22.9
15.0
8.0

19.3
-20.5
6.6

138.0
-13.2
7.6

96.0
8.7
10.2

52.1
-54.0
10.1

141.2
-11.1
12.4

48.3
-20.2
10.0

16
17
18

19
20
21
22

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

86.8
18.9
33.8
33.1

84.5
11.6
17.1
35.1

41.5
10.0
9.3
30.4

49.0
6.4
14.5
29.7

76.9
4.7
13.2
61.1

23.1
4.0
10.2
-27.2

55.8
11.9
25.1
37.5

40.2
5.2
9.6
47.3

118.8
8.8
34.7
-36.2

113.1
4.0
30.7
6.9

118.9
9.4
11.7
18.6

19
20
21
22

23
24
25

Money market mutual funds
Mutual funds
Closed-end funds

12.5
44.4
-0.5

44.8
65.5
4.5

42.5
29.3
-0.0

38.2
-1.3
-3.5

79.7
-19.0
-3.5

-36.1
8.7
-3.5

77.0
9.2
-3.5

32.1
-4.0
-3.5

-1.1
57.8
-3.5

-6.8
62.1
-3.5

-20.9
33.4
-3.5

23
24
25

26
27
28
29

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

5.3
2.1
9.2
-3.4

20.7
-0.4
-18.6
4.5

23.7
-0.3
12.0
-3.8

25.8
-0.4
19.3
0.1

11.0
-0.7
66.3
-40.0

49.1
3.5
-3.5
29.4

29.5
-3.1
30.0
-28.8

13.6
-1.4
-15.7
40.0

31.7
8.6
45.3
38.7

48.4
-9.0
32.0
38.7

-1.3
3.0
78.1
43.6

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, December 7, 2001

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

1

Net issues

2

Nonfinancial corporate business

3

Rest of the world (2)

4
5
6
7
8
9
10
11
12

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

13
14
15

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

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

19
20
21
22

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

23
24
25
26

Mutual funds
Closed-end funds
Exchange-traded funds
Brokers and dealers

Q2

Q3

Q4

Q1

2001
Q2

Q3

-79.9

-165.8

-34.6

-36.2

82.8

-22.2

-33.8

-171.5

137.3

119.5

-80.9

1

-114.4

-267.0

-143.5

-150.6

61.2

-245.2

-67.6

-350.8

-25.6

-72.6

-118.5

2

57.6

101.3

114.4

99.7

62.6

185.9

61.1

89.4

109.2

208.8

10.9

3

-23.1
-27.7
-4.0
-13.7
-7.7
3.4
32.5
-5.9

-0.1
-11.2
-4.7
-4.7
-7.8
6.0
19.8
2.5

-5.6
-10.6
-6.0
-7.8
-7.5
12.2
6.6
7.6

14.7
-12.5
-0.8
-4.5
-7.9
42.4
2.2
-4.2

-41.0
-26.1
-6.2
-13.1
-7.9
2.1
2.6
7.6

37.2
-16.0
12.9
-1.5
-7.9
46.3
2.0
1.4

-27.3
-2.8
-4.9
-1.0
-7.9
14.1
1.4
-26.1

89.8
-5.2
-4.8
-2.4
-7.9
107.0
3.0
0.1

53.7
-8.1
-6.8
-1.8
-7.9
57.9
1.4
19.0

-16.7
-7.9
-5.0
-2.2
-7.9
11.3
3.2
-8.2

26.7
-20.6
-4.4
-2.4
-7.9
27.9
7.5
26.6

4
5
6
7
8
9
10
11

-79.9

-165.8

-34.6

-36.2

82.8

-22.2

-33.8

-171.5

137.3

119.5

-80.9

12

-293.4
16.8
67.8

-248.7
9.4
42.0

-264.4
3.5
112.3

-459.5
-1.2
193.8

-554.9
-5.6
266.2

-367.5
10.7
136.1

-410.6
-4.1
214.9

-504.9
-5.6
158.2

-324.0
16.9
164.4

-185.4
21.0
137.8

-199.9
20.3
37.2

13
14
15

0.6
0.2
-0.5

1.3
1.5
-70.4

1.2
-0.7
-40.4

0.3
0.4
-20.0

0.8
1.5
-20.0

0.9
-1.3
-20.0

1.3
1.5
-20.0

-1.8
0.1
-20.0

-1.5
4.7
-20.0

-0.5
3.0
-20.0

5.6
2.4
-20.0

16
17
18

86.3
3.0
-137.8
9.4

115.3
-5.0
-113.0
-28.2

111.9
-1.7
-92.2
-6.2

105.9
0.7
-81.8
-18.4

126.4
-9.3
-106.2
-27.9

127.1
-11.8
-62.4
8.0

97.7
-16.4
-114.4
-3.8

72.5
40.4
-44.2
-49.9

93.6
6.0
-40.5
55.8

64.0
2.9
-23.8
-67.8

74.7
6.0
-56.4
-6.0

19
20
21
22

166.8
-5.1
3.4
2.4

143.3
-13.3
6.0
-6.0

136.9
-14.9
12.2
7.7

190.9
0.5
42.4
9.6

378.2
0.5
2.1
31.1

108.4
0.5
46.3
2.8

186.9
0.5
14.1
18.6

90.3
0.5
107.0
-14.2

99.6
0.5
57.9
23.9

134.8
0.5
11.3
41.8

86.4
0.5
27.9
-59.8

23
24
25
26

(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

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

1

2

Net purchases

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

259.6
-8.2
-7.4

243.4
7.3
-12.3

141.7
-1.8
4.3

229.8
-1.8
0.8

286.8
-1.8
-10.7

215.6
-1.8
5.6

271.1
-1.8
4.5

145.6
-1.8
4.0

67.4
-1.8
9.4

261.9
-1.8
7.9

162.0
-1.8
-0.8

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

0.8
-0.2
-14.9

-0.4
1.2
27.0

1.2
-1.1
-1.5

2.5
-0.3
-30.5

5.1
2.7
-30.5

-0.1
-3.8
-30.5

-0.3
-0.2
-30.5

5.4
0.0
-30.5

13.6
-0.9
-20.0

-2.1
6.4
-20.0

3.8
-1.9
-20.0

6
7
8

-7.2
42.7

-23.4
31.7

15.0
30.7

11.0
32.4

12.0
43.7

12.4
34.8

10.1
26.6

9.6
24.5

2.0
26.8

2.0
13.8

2.0
26.6

9
10

9
10

Life insurance companies
Private pension funds

46

Z.1, December 7, 2001

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Total loans by commercial
banking, flow of funds basis

234.7

253.4

200.1

370.4

529.0

512.4

262.6

177.6

280.5

-70.6

-26.0

1

2
3
4
5

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

-0.8
99.9
-14.2
21.7

-0.2
91.7
-3.6
20.5

0.3
158.2
-9.2
-18.1

0.1
164.1
41.7
50.4

0.4
247.0
39.5
84.2

-0.4
261.1
55.7
16.8

-0.1
127.6
53.9
29.1

0.7
20.7
17.8
71.4

0.1
158.8
13.7
73.8

0.0
133.0
54.4
-88.1

0.0
42.8
-27.3
-27.9

2
3
4
5

6

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

128.2

145.0

68.9

114.1

158.0

179.2

52.2

67.1

34.1

-170.0

-13.6

6

108.1
19.2
-0.0
0.9

144.3
-1.9
1.7
0.9

92.2
-22.3
-1.6
0.5

98.2
15.8
-0.9
1.1

135.5
21.6
-2.9
3.8

168.8
1.0
8.6
0.8

59.3
0.3
-9.0
1.6

29.2
40.1
-0.5
-1.7

11.1
18.2
4.3
0.5

-93.0
-78.8
-0.2
2.1

-5.1
-8.2
-0.1
-0.2

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.

128.2

145.0

68.9

114.1

158.0

179.2

52.2

67.1

34.1

-170.0

-13.6

12

13

Net change in liabilities

128.2

145.0

68.9

114.1

158.0

179.2

52.2

67.1

34.1

-170.0

-13.6

13

114.9

114.9

83.2

114.4

154.9

172.2

58.9

71.5

7.1

-184.2

-5.5

14

14

Nonfinancial sectors

15
16
17
18

Household sector
Corporate business
Nonfarm noncorporate business
Farm business

8.0
51.1
43.8
3.5

6.2
81.8
18.9
1.2

-7.3
73.0
17.9
-0.9

8.2
74.3
17.9
2.7

34.1
84.9
18.3
2.2

-2.6
134.5
33.4
1.2

4.1
36.3
7.3
-0.8

-2.9
41.5
12.5
8.2

-17.3
8.5
0.7
2.2

-28.1
-102.6
-20.2
-2.3

48.3
-39.6
-14.5
-4.2

15
16
17
18

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

8.5
-0.8
-0.5
9.8

6.7
0.8
-0.7
6.7

0.5
0.2
-3.1
3.5

11.3
0.5
3.2
7.5

15.4
-0.8
5.7
10.6

5.7
1.4
2.6
1.7

11.9
1.8
2.2
7.9

12.2
-0.3
2.5
9.9

13.0
0.4
12.1
0.5

-31.0
-1.2
-28.3
-1.5

4.4
3.4
1.1
-0.1

19
20
21
22

13.3

30.1

-14.2

-0.3

3.2

6.9

-6.7

-4.4

27.1

14.3

-8.1

23

3.5
4.5
-4.6
9.9

10.3
2.2
1.6
16.0

-15.7
8.9
0.2
-7.6

7.4
0.5
0.1
-8.3

25.4
-17.1
-3.0
-2.1

3.5
17.6
2.7
-16.9

-1.9
6.1
-0.3
-10.6

2.7
-4.3
1.0
-3.7

4.6
32.3
0.7
-10.6

-3.8
16.8
0.6
0.7

6.7
-9.9
0.8
-5.8

24
25
26
27

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

47

Z.1, December 7, 2001

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Total other loans and advances

93.2

166.3

158.5

142.7

226.6

245.1

-16.8

115.8

84.2

102.0

133.0

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

9.6
11.4
-0.3
1.8
-0.5
-1.2
-1.6
0.0

14.4
10.6
-0.1
4.0
-0.3
1.2
-1.0
0.0

5.9
12.6
-0.3
-0.9
-0.3
-0.4
-4.8
0.0

8.2
11.2
-0.4
-1.1
0.1
-1.0
-0.6
0.0

10.3
12.4
-0.6
-0.3
0.2
-1.6
0.3
0.0

7.6
10.7
-0.4
-1.3
-0.2
-1.6
0.4
0.0

5.8
11.1
-0.7
-1.2
0.2
-1.3
-2.2
0.0

9.1
10.9
-0.0
-1.6
0.2
0.4
-0.8
0.0

7.0
10.5
0.3
-2.6
0.2
0.4
-1.8
0.0

4.6
11.7
-1.2
-2.2
0.3
0.4
-4.3
0.0

4.4
11.4
1.4
-4.1
-0.2
0.1
-4.2
0.0

2
3
4
5
6
7
8
9

10
11

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

17.3
17.3

-1.0
-1.0

-22.7
-22.7

-2.2
-2.2

-17.6
-17.6

16.9
16.9

-40.6
-40.6

32.4
32.4

-32.4
-32.4

16.2
16.2

80.1
80.1

10
11

12
13
14

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

-2.8
-2.6
-0.2

-9.3
-4.3
-5.0

-3.1
-2.2
-0.9

-0.7
-0.0
-0.7

2.0
2.8
-0.8

0.7
-0.6
1.2

-2.7
-3.2
0.5

-2.9
0.8
-3.7

0.0
9.9
-9.9

-4.0
-3.7
-0.3

-7.4
-8.3
0.9

12
13
14

15
16
17

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

3.1
1.6
1.6

5.3
2.7
2.7

6.5
3.2
3.2

8.7
4.3
4.3

11.2
5.6
5.6

7.8
3.9
3.9

10.1
5.0
5.0

5.7
2.8
2.8

8.2
4.1
4.1

9.6
4.8
4.8

-0.6
-0.3
-0.3

15
16
17

18
19
20

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

3.2
0.0
3.2

0.1
-0.0
0.1

-5.1
-0.0
-5.0

2.8
-0.0
2.9

-1.3
-0.0
-1.3

3.6
-0.0
3.6

5.8
-0.0
5.8

3.2
-0.0
3.2

4.0
0.0
4.0

0.6
0.0
0.6

4.3
0.0
4.3

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)

31.2
-4.4
0.0
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

41.3
-4.2
1.5
1.5
26.8
16.3
0.0
-0.7

79.0
-8.9
-3.2
4.1
58.6
32.1
-2.9
-0.7

119.9
-2.5
4.6
-1.4
53.9
65.5
0.9
-1.1

-39.0
-11.4
2.7
1.3
6.2
-38.6
1.1
-0.3

5.5
6.0
2.0
2.3
-11.4
6.3
1.0
-0.7

109.3
2.3
-0.2
-0.6
39.0
71.9
-0.6
-2.4

-0.6
4.8
6.2
-0.5
-17.4
5.4
0.8
0.1

64.4
3.3
2.0
1.0
45.9
7.2
1.5
3.5

21
22
23
24
25
26
27
28

29
30
31

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

32.2
7.8
24.4

27.6
3.8
23.8

9.2
1.5
7.7

21.2
6.5
14.7

44.9
13.6
31.3

4.6
6.8
-2.3

-4.5
8.8
-13.2

39.9
-3.3
43.2

-0.7
2.5
-3.2

-23.3
2.0
-25.3

64.4
0.8
63.6

29
30
31

32
33
34

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

-0.6
-0.5
-0.1

36.8
33.1
3.7

54.2
48.8
5.4

63.3
57.0
6.3

98.1
88.3
9.8

84.0
75.6
8.4

48.2
43.4
4.8

23.0
20.7
2.3

-11.2
-10.1
-1.1

99.0
89.1
9.9

-76.5
-68.8
-7.6

32
33
34

(1) Student loans.

48

Z.1, December 7, 2001

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net change in mortgages

338.2

521.2

601.4

577.4

509.9

669.6

576.7

553.5

557.1

853.9

752.3

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

258.3
12.4
64.4
3.1

389.9
31.9
92.8
6.5

435.2
42.2
118.2
5.8

422.5
39.0
109.4
6.5

361.9
31.6
109.1
7.4

490.3
51.3
117.8
10.1

441.9
30.8
97.5
6.5

395.9
42.3
113.2
2.0

434.3
36.9
81.8
4.2

622.9
60.9
157.7
12.4

544.7
55.0
146.1
6.5

2
3
4
5

338.2

521.2

601.4

577.4

509.9

669.6

576.7

553.5

557.1

853.9

752.3

6

239.2

360.8

399.9

385.7

323.9

456.0

403.0

359.8

387.6

605.8

514.8

7

6
7

Net borrowing
Household sector

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

84.2
33.4
47.7
3.1

135.6
21.4
107.7
6.5

196.4
61.0
129.7
5.8

185.5
62.3
116.7
6.5

179.0
66.9
104.8
7.4

203.6
58.1
135.4
10.1

167.7
50.8
110.4
6.5

191.9
73.6
116.2
2.0

177.0
52.3
120.5
4.2

231.8
87.2
132.2
12.4

245.8
106.2
133.1
6.5

8
9
10
11

12
13

Federal government
REITs

-0.0
14.9

0.0
24.8

0.0
5.1

0.0
6.2

0.0
7.0

0.0
10.0

0.0
6.0

0.0
1.8

0.0
-7.5

0.0
16.2

0.0
-8.2

12
13

14

Net change in assets

338.2

521.2

601.4

577.4

509.9

669.6

576.7

553.5

557.1

853.9

752.3

14

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.1
25.9
-1.6

0.9
-13.0
11.9

-0.3
-7.0
10.0

1.1
-5.0
7.9

3.5
-5.0
7.9

2.4
-5.0
15.2

1.0
-5.0
2.3

-2.5
-5.0
6.2

-0.1
-5.0
6.0

3.3
-5.0
5.6

0.7
-5.0
6.9

15
16
17

18
19

State and local governments
Federal government

3.7
-4.5

4.1
-0.8

4.3
-0.1

4.5
-0.9

4.4
-3.8

4.5
0.1

4.5
-1.3

4.6
1.6

4.6
-2.4

4.7
-0.6

4.8
-3.4

18
19

20
21
22
23

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

99.9
3.5
10.1
-0.6

91.7
12.1
10.9
-0.2

158.2
24.7
14.1
-0.6

164.1
55.2
16.4
-0.1

247.0
60.3
16.2
-0.1

261.1
82.4
15.8
-0.2

127.6
62.4
17.2
-0.2

20.7
15.5
16.3
-0.1

158.8
75.2
-0.5
-0.1

133.0
40.3
14.4
-0.0

42.8
10.5
34.1
-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

-1.3
-0.2
0.7
0.9

6.8
-0.3
1.9
6.5

15.7
-0.0
1.9
-2.6

5.2
-0.3
1.7
-0.0

-5.7
2.5
2.1
0.9

13.0
-2.8
1.4
-2.9

8.5
-0.7
1.7
1.9

4.8
-0.2
1.4
0.1

-3.6
0.0
1.5
2.5

8.4
0.1
1.0
2.6

3.1
0.1
0.5
3.7

24
25
26
27

28
29
30

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

-4.5
114.6
80.7

8.3
192.6
156.5

-4.3
273.8
92.0

22.7
199.4
85.2

6.8
119.5
54.4

38.6
132.2
74.2

17.3
236.7
83.5

28.0
309.1
128.6

11.6
170.3
115.3

36.3
406.5
179.6

26.1
492.6
119.8

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

11.0
-9.1
9.1

24.7
3.2
3.4

24.6
0.3
-3.3

26.4
0.2
-6.2

20.0
-6.0
-15.2

36.4
5.5
-2.2

23.1
-0.5
-3.5

26.2
2.0
-3.8

23.4
1.4
-1.9

26.8
1.1
-4.2

12.1
1.7
1.3

31
32
33

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

49

Z.1, December 7, 2001

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

258.3

389.9

435.2

422.5

361.9

490.3

441.9

395.9

434.3

622.9

544.7

1

240.4
0.2
17.8

351.4
1.4
37.2

389.5
2.2
43.6

382.6
2.0
38.0

327.5
2.0
32.4

444.6
2.2
43.6

397.9
2.6
41.4

360.3
1.1
34.4

387.8
3.5
42.9

581.0
2.6
39.4

502.3
1.5
40.9

2
3
4

258.3

389.9

435.2

422.5

361.9

490.3

441.9

395.9

434.3

622.9

544.7

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-1.1
5.3
-0.6

-1.1
-2.7
4.5

-1.1
-1.4
3.8

-1.0
-1.0
3.0

-1.1
-1.0
3.0

-1.0
-1.0
5.7

-1.0
-1.0
0.9

-1.0
-1.0
2.3

-1.0
-1.0
2.2

-1.0
-1.0
2.1

-1.0
-1.0
2.6

6
7
8

9
10

State and local governments
Federal government

3.0
-2.0

3.3
-0.3

3.5
-0.4

3.7
-0.7

3.6
-0.3

3.6
-0.2

3.7
-2.0

3.7
-0.4

3.8
-0.4

3.8
-0.6

3.9
-1.0

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

67.9
7.0
10.1
-0.6

51.1
12.7
10.9
-0.2

82.1
15.1
14.1
-0.6

86.4
46.1
16.4
-0.1

142.1
49.4
16.2
-0.1

169.8
73.7
15.8
-0.2

68.1
50.2
17.2
-0.2

-34.2
11.0
16.3
-0.1

93.8
57.5
-0.5
-0.1

70.6
31.2
14.4
-0.0

-49.8
1.4
34.1
-0.1

11
12
13
14

15
16
17

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

0.2
0.8
0.6

-0.6
1.3
2.8

-0.7
1.4
-0.9

-1.0
1.5
-0.0

-1.5
1.6
0.3

-1.3
1.3
-1.0

-1.3
1.5
0.7

-0.0
1.4
0.0

-0.1
1.5
0.9

0.5
1.3
0.9

0.1
1.1
1.3

15
16
17

18
19
20

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

-4.2
109.3
54.5

5.3
182.1
94.5

-10.3
264.6
49.9

15.8
190.9
44.8

1.8
113.0
34.0

31.4
124.5
33.5

11.3
228.9
51.0

18.5
297.0
60.8

4.7
157.2
93.9

22.7
387.3
63.6

15.3
479.6
44.0

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

12.6
-10.2
6.0

22.5
3.1
0.8

18.2
0.3
-2.4

22.4
0.2
-4.6

21.2
-6.0
-14.4

32.2
5.5
-1.9

15.8
-0.6
-1.1

20.3
1.9
-0.8

21.0
1.4
-0.4

27.0
1.0
-0.8

10.7
1.6
1.7

21
22
23

78.0
20.1
3.2
3.5
38.6
12.6

60.6
2.9
0.5
0.7
34.0
22.5

56.1
12.6
3.8
3.7
17.7
18.2

97.7
45.3
13.1
7.3
9.6
22.4

81.2
41.1
10.3
9.3
6.4
14.2

117.2
52.2
10.5
7.7
16.4
30.4

95.6
42.9
13.7
9.3
6.4
23.4

96.6
45.1
18.0
2.9
9.2
21.5

62.2
3.2
1.7
2.7
41.6
12.9

95.5
39.5
14.2
3.2
13.6
25.1

79.5
25.8
4.8
12.4
17.6
18.9

24
25
26
27
28
29

6
7
8

24
25
26
27
28
29

Net change in assets

1998

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

12.4

31.9

42.2

39.0

31.6

51.3

30.8

42.3

36.9

60.9

55.0

1

1.1
6.4

1.1
22.7

1.2
39.3

1.3
35.7

1.3
27.9

1.3
46.7

1.3
27.6

1.3
40.5

1.3
38.0

1.5
54.0

1.5
56.2

2
3

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

-0.0
4.9

0.0
8.2

0.0
1.7

0.0
2.1

0.0
2.3

0.0
3.3

0.0
2.0

0.0
0.6

0.0
-2.5

0.0
5.4

0.0
-2.7

4
5

6

Net change in assets

12.4

31.9

42.2

39.0

31.6

51.3

30.8

42.3

36.9

60.9

55.0

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-0.1
0.6
-0.5

-0.0
-0.3
4.0

-0.0
-0.2
3.3

-0.0
-0.1
2.6

-0.0
-0.1
2.6

-0.0
-0.1
5.0

-0.0
-0.1
0.8

-0.0
-0.1
2.1

-0.0
-0.1
2.0

-0.0
-0.1
1.9

-0.0
-0.1
2.3

7
8
9

10
11

State and local governments
Federal government

0.6
-0.9

0.9
-0.3

0.9
-0.0

1.0
0.3

1.0
0.3

1.0
0.2

1.0
0.2

1.0
0.5

1.0
-2.4

1.0
0.2

1.0
1.0

10
11

12
13

Commercial banking
Savings institutions

4.2
-2.0

3.2
-2.5

13.1
2.3

11.7
1.9

19.1
-5.4

19.7
5.3

4.9
3.7

3.2
4.1

8.3
6.4

2.4
2.0

14.0
3.8

12
13

14
15
16

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

-0.3
-0.0
0.2

1.1
0.1
1.8

1.1
0.1
-0.7

0.9
0.0
-0.0

-0.7
0.1
0.2

2.0
0.0
-0.8

1.3
0.1
0.5

0.8
0.0
0.0

-0.5
-0.0
0.7

1.1
-0.1
0.7

0.4
-0.2
1.0

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

-1.2
5.3
5.0

0.8
10.5
12.8

4.8
9.2
8.5

4.9
8.5
7.3

5.2
6.5
3.4

4.6
7.7
5.4

3.3
7.8
6.9

6.6
12.0
13.5

4.1
13.1
4.9

7.5
19.2
24.9

6.9
13.0
11.3

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

-0.3
1.0
0.9

-0.3
0.1
0.1

0.2
0.0
-0.6

0.1
0.0
-0.2

0.2
0.0
-0.8

0.3
0.0
0.9

0.6
0.0
-0.3

-0.6
0.0
-0.7

0.0
0.1
-0.7

-0.1
0.1
0.2

0.2
0.1
0.2

20
21
22

7
8
9

50

Z.1, December 7, 2001

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

64.4

92.8

118.2

109.4

109.1

117.8

97.5

113.2

81.8

157.7

146.1

1

-1.2
32.2
23.4
10.0

9.4
18.9
47.9
16.6

10.5
57.6
46.8
3.4

3.1
59.1
43.1
4.2

-3.6
63.6
44.4
4.7

11.4
54.7
45.1
6.7

5.1
46.9
41.4
4.1

-0.5
71.2
41.4
1.2

-0.2
47.5
39.5
-5.0

24.9
83.1
38.8
10.9

12.5
103.1
36.0
-5.5

2
3
4
5

64.4

92.8

118.2

109.4

109.1

117.8

97.5

113.2

81.8

157.7

146.1

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.7
20.0
-0.4

0.9
-10.0
3.1

0.7
-5.4
2.6

0.7
-3.8
2.1

0.7
-3.8
2.1

0.7
-3.8
4.0

0.6
-3.8
0.6

0.6
-3.8
1.6

0.6
-3.8
1.6

0.6
-3.8
1.5

0.6
-3.8
1.8

7
8
9

10
11

State and local governments
Federal government

0.2
-0.7

-0.1
0.1

-0.1
0.6

-0.1
-0.4

-0.1
-3.5

-0.1
0.1

-0.1
0.5

-0.1
1.5

-0.1
0.7

-0.1
-0.0

-0.1
-3.2

10
11

12
13

Commercial banking
Savings institutions

25.7
-1.5

35.3
1.9

60.1
7.2

63.8
7.1

82.4
16.2

68.9
3.3

53.6
8.5

50.2
0.4

55.4
11.1

58.0
7.1

77.2
5.2

12
13

14
15
16
17

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

-1.5
-0.2
-0.1
-0.0

5.2
-0.3
0.4
1.9

13.8
-0.0
0.4
-1.0

4.7
-0.3
0.1
-0.0

-3.6
2.5
0.4
0.3

10.8
-2.8
0.0
-1.1

7.2
-0.7
0.2
0.7

4.4
-0.2
0.0
0.0

-2.7
0.0
-0.0
0.9

6.2
0.1
-0.2
1.0

2.3
0.1
-0.5
1.4

14
15
16
17

18
19
20
21
22

Federally related mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

-0.0
21.3
-1.3
0.0
2.2

0.0
49.2
2.5
0.0
2.5

0.0
33.6
6.1
0.0
-0.4

0.0
33.1
3.9
0.0
-1.4

0.0
17.1
-1.4
0.0
0.0

0.0
35.3
3.9
0.0
-1.2

0.0
25.7
6.7
0.0
-2.0

0.0
54.3
6.5
0.0
-2.4

0.0
16.5
2.4
0.0
-0.8

0.0
91.1
-0.1
0.0
-3.6

0.0
64.5
1.3
0.0
-0.6

18
19
20
21
22

7
8
9

Net change in assets

1998

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

Net borrowing (Farm business)

3.1

6.5

5.8

6.5

7.4

10.1

6.5

2.0

4.2

12.4

6.5

1

2

Net change in assets

3.1

6.5

5.8

6.5

7.4

10.1

6.5

2.0

4.2

12.4

6.5

2

3
4

Household sector
Nonfarm noncorporate business

0.6
-0.1

1.1
0.4

0.2
0.3

1.5
0.3

4.0
0.3

2.8
0.5

1.3
0.1

-2.1
0.2

0.3
0.2

3.7
0.2

1.1
0.2

3
4

5
6

State and local governments
Federal government

-0.0
-0.9

-0.0
-0.3

-0.0
-0.2

0.0
-0.1

0.0
-0.3

-0.0
-0.1

0.0
-0.0

0.0
-0.1

0.0
-0.2

0.0
-0.1

0.0
-0.2

5
6

7
8

Commercial banking
Savings institutions

2.1
0.0

2.0
0.1

2.8
0.1

2.2
0.1

3.5
0.1

2.7
0.1

1.0
0.0

1.5
0.0

1.3
0.1

2.0
0.1

1.3
-0.0

7
8

9
10

Life insurance companies
State and local govt. retirement funds

0.4
0.0

1.1
0.0

1.5
0.0

0.6
0.0

0.0
0.0

1.5
0.0

1.3
0.0

-0.4
0.0

-0.2
0.0

0.5
0.0

0.2
0.0

9
10

11
12

Government-sponsored enterprises
Federally related mortgage pools

1.0
-0.0

2.2
-0.0

1.1
-0.0

2.0
0.0

-0.2
0.0

2.6
0.0

2.7
0.0

2.9
0.0

2.8
0.0

6.1
0.0

3.9
0.0

11
12

51

Z.1, December 7, 2001

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net change in liabilities (Households)

57.5

75.0

99.5

139.0

149.9

142.1

128.2

135.6

159.9

73.6

21.3

1

2

Net change in assets

57.5

75.0

99.5

139.0

149.9

142.1

128.2

135.6

159.9

73.6

21.3

2

1.2
0.0

-4.1
0.0

5.4
0.0

2.4
0.0

43.3
0.0

-3.1
0.0

-23.5
0.0

-7.3
0.0

34.8
0.0

-25.4
0.0

-44.3
0.0

3
4

-14.2
2.5
8.2

-3.6
4.4
3.0

-9.2
9.9
12.5

41.7
3.0
16.5

39.5
-10.2
16.9

55.7
7.9
20.9

53.9
6.3
16.2

17.8
8.1
12.0

13.7
3.8
5.0

54.4
-0.7
8.0

-27.3
14.9
-7.5

5
6
7

47.2
12.6

59.4
15.8

62.6
18.2

57.1
18.2

33.3
27.2

33.4
27.2

43.8
31.5

118.1
-13.0

115.7
-13.0

36.2
0.9

63.2
22.2

8
9

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

5
6
7

Commercial banking
Savings institutions
Credit unions

8
9

ABS issuers
Finance companies

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

Net change in trade payables

139.7

109.2

222.3

166.1

193.6

212.9

138.5

119.3

-16.2

-100.0

-81.4

1

8.9

8.7

6.0

5.9

7.1

7.0

5.6

3.9

6.9

4.7

6.7

2

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

65.1
31.0
1.4

57.6
23.1
0.8

144.4
25.5
0.4

101.6
22.4
0.9

113.7
26.0
1.1

113.3
33.2
1.6

118.5
14.3
-0.9

60.8
16.1
1.7

-42.8
12.8
1.5

-132.7
11.2
-0.2

-123.8
9.6
-2.5

3
4
5

6
7

State and local governments
Federal government

31.4
-8.8

30.5
-8.0

29.1
0.7

27.4
1.3

33.2
3.2

25.4
-2.2

25.4
2.2

25.5
2.1

24.8
-11.0

25.0
-12.0

25.6
-13.8

6
7

8
9

Rest of the world
Brokers and dealers

5.1
5.7

-2.4
-1.0

4.3
11.9

1.6
5.1

-2.4
11.6

12.1
22.6

-12.7
-14.0

9.2
0.0

-5.8
-2.7

11.5
-7.7

6.3
10.6

8
9

2

Household sector

3
4
5

10

Net change in trade receivables

168.9

160.5

179.3

200.1

265.4

249.4

190.5

95.0

-18.1

-132.3

-70.7

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

93.5
35.1

86.3
40.7

113.4
45.8

109.6
40.8

185.9
40.8

117.1
78.3

116.0
17.0

19.3
27.1

-94.3
20.0

-190.3
14.0

-122.9
13.2

11
12

13
14

Federal government
Rest of the world

-3.2
4.5

1.5
-7.5

4.6
-7.5

5.3
10.4

6.0
-1.6

7.2
3.9

4.3
9.1

3.7
30.2

9.9
6.4

10.0
-4.6

7.4
-6.8

13
14

15
16

Other insurance companies
ABS issuers

2.7
36.3

1.6
37.9

2.0
21.1

1.0
33.0

10.0
24.2

4.5
38.4

6.1
38.0

-16.5
31.3

12.1
27.8

14.4
24.2

10.4
28.0

15
16

-29.2

-51.3

42.9

-34.0

-71.8

-36.5

-51.9

24.3

2.0

32.3

-10.7

17

17

Discrepancy

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

Net change in liabilities

111.0

103.3

104.3

146.1

507.8

-95.3

97.5

74.4

-140.9

-28.5

485.8

1

2
3

Household sector
Rest of the world

36.8
0.0

21.6
0.0

75.2
0.0

7.2
0.0

234.2
0.0

-64.9
0.0

14.6
0.0

-155.0
0.0

-166.5
0.0

9.7
0.0

228.2
0.0

2
3

4
5
6
7

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

74.2
52.6
4.2
17.5

81.7
61.2
11.9
8.6

29.1
47.2
-8.7
-9.4

138.9
88.6
7.1
43.2

273.6
189.4
35.8
48.4

-30.3
-47.1
-24.2
41.0

83.0
53.9
-11.6
40.7

229.4
158.0
28.5
42.9

25.6
-48.2
30.0
43.8

-38.2
49.9
6.2
-94.3

257.6
285.6
35.3
-63.2

4
5
6
7

8

Net change in assets

111.0

103.3

104.3

146.1

507.8

-95.3

97.5

74.4

-140.9

-28.5

485.8

8

9
10

Household sector
Rest of the world

52.6
0.0

61.2
0.0

47.2
0.0

88.6
0.0

189.4
0.0

-47.1
0.0

53.9
0.0

158.0
0.0

-48.2
0.0

49.9
0.0

285.6
0.0

9
10

11
12

Commercial banking
Brokers and dealers

21.7
36.8

20.5
21.6

-18.1
75.2

50.4
7.2

84.2
234.2

16.8
-64.9

29.1
14.6

71.4
-155.0

73.8
-166.5

-88.1
9.7

-27.9
228.2

11
12

52

Z.1, December 7, 2001

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

Life insurance reserves:
1
2
3
4

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

59.3

48.0

50.8

50.2

54.9

45.6

53.0

47.3

52.7

53.2

56.5

1

1.7
57.6

1.3
46.7

1.4
49.4

1.4
48.7

1.2
53.7

2.6
43.0

0.2
52.7

1.8
45.5

0.6
52.0

2.4
50.8

0.0
56.5

2
3

59.3

48.0

50.8

50.2

54.9

45.6

53.0

47.3

52.7

53.2

56.5

4

201.4

202.1

184.4

215.9

206.9

260.7

227.0

168.8

255.5

168.7

192.9

5

40.3
95.0

41.2
86.4

41.1
70.7

20.9
121.8

38.1
104.2

39.3
132.3

36.1
132.1

-29.9
118.6

117.5
94.3

44.5
77.0

31.7
119.0

6
7

Pension fund reserves:
5

Net change in liabilities

6
7

Federal government (1)
Life insurance companies

8
9

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

-10.4
76.5

13.0
61.5

12.7
59.8

18.9
54.2

2.9
61.8

22.6
66.5

14.8
44.0

35.4
44.7

23.1
20.7

20.8
26.5

10.5
31.8

8
9

10

Net change in assets (Households) (3)

201.4

202.1

184.4

215.9

206.9

260.7

227.0

168.8

255.5

168.7

192.9

10

(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.
(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

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

Net change in taxes payable by all
businesses

22.3

21.3

22.3

21.7

31.0

26.5

3.3

26.0

3.3

16.3

114.4

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

9.3
7.3

4.8
10.7

7.0
8.3

6.9
7.5

16.3
8.7

11.1
11.1

-10.4
4.8

10.6
5.4

-4.1
4.0

5.5
3.2

103.0
2.5

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

1.4
0.4

1.7
0.2

1.9
0.0

2.1
0.4

2.1
-1.4

2.1
0.3

2.2
1.5

2.2
1.3

2.3
-0.7

2.4
-0.9

2.4
0.1

4
5

6
7

Life insurance companies
Other insurance companies

1.2
1.8

1.2
2.0

1.3
2.0

1.6
2.3

1.4
2.0

1.6
2.2

1.6
2.3

1.8
2.5

1.8
2.6

1.9
2.7

2.0
2.8

6
7

8
9

Finance companies
Brokers and dealers

0.8
0.1

0.8
-0.1

0.8
0.9

1.0
-0.1

0.9
1.0

0.9
-2.8

1.0
0.2

1.0
1.3

1.1
-3.6

1.1
0.5

1.2
0.4

8
9

-5.7

1.6

15.8

7.6

21.5

21.7

5.9

-18.6

-1.1

26.1

101.5

10

3.3
-9.0

9.1
-7.5

8.8
7.0

11.9
-4.3

13.3
8.2

16.6
5.1

9.9
-4.0

7.7
-26.4

4.6
-5.7

3.0
23.1

-0.2
101.6

11
12

28.0

19.7

6.5

14.1

9.5

4.8

-2.6

44.6

4.4

-9.7

12.9

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

-49.9

-41.8

-6.5

-29.7

-28.4

-33.1

-29.2

-28.0

-26.1

-22.7

-28.2

1

2

Asset: Household sector

-49.9

-41.8

-6.5

-29.7

-28.4

-33.1

-29.2

-28.0

-26.1

-22.7

-28.2

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

-70.9

-80.6

-64.8

-46.2

-63.4

-45.0

-26.7

-49.7

-48.5

-25.1

-60.2

1

-85.8
0.0
14.9

-86.0
-1.2
6.6

-68.8
-9.0
13.1

-59.6
-15.1
28.5

-70.2
-23.3
30.1

-51.2
-10.3
16.5

-65.1
-8.9
47.3

-51.8
-18.1
20.2

-38.9
-8.8
-0.8

-46.0
-11.6
32.6

-38.3
-1.1
-20.8

2
3
4

53

Z.1, December 7, 2001

F.229 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

Net change in liabilities

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

492.8

986.8

749.8

1030.2

904.3

1084.0

1399.2

733.1

500.7

789.8

571.8

1

0.3
30.8
56.5

-1.4
414.2
74.3

2.1
285.1
50.1

0.1
330.7
46.1

-2.9
175.9
46.1

0.8
318.7
46.2

-0.6
448.0
41.1

3.2
380.4
51.1

-3.3
155.0
34.7

-1.0
-69.5
35.6

2.0
28.6
27.0

2
3
4

Federal government
Rest of the world

0.3
134.9

-7.1
173.5

-2.9
211.1

2.0
207.9

-7.6
249.3

5.4
129.8

7.9
331.1

2.3
121.1

0.6
184.0

4.1
157.6

-21.4
133.6

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

2.1
171.2
-2.1
0.1

1.3
120.9
-1.6
0.5

-1.3
-68.3
-14.4
0.9

1.1
184.7
17.1
-0.4

-13.5
56.0
-43.5
-1.5

0.5
285.3
-9.6
3.3

12.3
293.3
36.8
4.3

5.3
104.1
84.8
-7.8

-21.6
-103.7
-9.5
-7.4

-4.7
129.2
14.7
10.8

15.8
336.0
34.8
-3.5

7
8
9
10

11
12

Life insurance companies
Other insurance companies

36.0
10.7

42.8
5.6

36.8
12.4

24.5
5.9

36.5
7.4

20.9
20.1

29.5
17.9

11.0
-21.8

50.6
14.4

90.3
23.1

99.0
67.3

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

7.8
-20.0
-4.6

20.3
17.8
1.6

-6.0
66.9
0.2

7.4
82.8
0.1

18.0
148.4
-3.0

-15.8
15.0
2.7

-7.6
145.4
-0.3

35.0
22.5
1.0

82.1
50.9
0.7

2.5
-8.7
0.6

58.1
43.5
0.9

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

8.8
21.6
38.2

13.6
44.7
65.7

4.4
7.2
165.7

1.8
-5.3
123.7

-0.6
120.4
119.1

6.0
77.9
177.0

4.5
-0.5
36.2

-2.6
-219.1
162.6

18.9
79.3
-24.8

-18.9
384.4
39.7

-1.2
-115.3
-133.4

16
17
18

738.3

1114.2

1168.7

1399.3

1405.4

1437.3

1631.4

1123.2

473.5

1267.4

658.8

19

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

5
6

19

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

10.3
156.8
56.4
0.4

9.7
430.3
76.3
0.5

12.4
483.6
62.7
0.2

4.7
440.3
51.6
-0.1

5.5
567.3
54.4
0.0

16.3
427.7
54.2
1.6

8.4
406.4
56.3
0.8

-11.5
359.9
41.6
-2.7

3.2
327.9
47.1
0.6

25.8
195.1
47.9
2.8

36.3
311.5
44.8
2.7

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

-1.2
-5.4
208.0

-9.7
-3.5
203.8

7.7
-0.9
406.4

12.3
-1.4
466.6

18.7
-6.6
529.5

-10.9
0.1
405.5

30.8
0.5
568.5

10.7
0.4
363.0

23.6
-0.5
254.5

48.6
6.3
171.0

2.5
6.9
37.8

24
25
26

27
28
29
30
31

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

1.3
103.5
-3.2
3.8
-1.4

4.9
124.1
13.8
6.8
8.4

-1.3
37.8
-2.5
-16.3
-2.5

1.1
102.9
7.4
15.4
-1.5

-2.8
-46.1
-3.1
-2.4
-2.1

-1.0
185.7
14.5
6.3
-2.8

4.5
189.4
10.3
17.5
-0.2

3.6
82.5
8.0
40.1
-0.9

-4.9
-131.2
71.3
14.0
-1.1

2.8
257.1
-0.0
29.4
-0.7

2.9
219.0
38.2
-17.8
-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

-6.7
6.1
13.5
0.7

3.5
6.9
32.0
3.3

-34.6
4.2
18.9
16.3

20.7
7.5
16.3
13.3

15.2
5.2
15.3
-5.0

17.6
10.5
17.5
13.3

43.8
9.2
22.5
10.6

6.2
5.3
10.0
34.3

-72.2
7.6
6.0
51.4

-74.6
1.6
24.4
2.3

14.3
0.4
31.6
9.3

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

14.3
7.1
7.1

9.6
-3.9
0.7

22.6
-4.3
5.0

12.2
-0.5
19.2

-17.1
-6.6
-37.9

222.3
-0.0
25.3

-61.4
2.9
39.6

-95.2
1.8
49.6

36.7
-5.6
-56.3

175.1
-3.8
8.5

-90.1
0.5
64.3

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

22.0
4.9
82.8
57.3

9.3
10.7
115.9
60.7

50.9
-0.1
28.3
74.4

24.3
0.0
133.0
54.0

-22.1
1.7
266.0
78.3

3.5
-3.2
1.4
32.1

121.2
5.1
127.1
17.6

-5.3
-3.6
137.6
87.8

-13.1
2.8
-158.4
70.2

-84.4
4.7
483.4
-55.7

95.2
-1.1
-33.7
-115.6

39
40
41
42

-245.5

-127.4

-418.9

-369.2

-501.0

-353.3

-232.2

-390.1

27.3

-477.6

-87.0

43

43

Discrepancy

54

Z.1, December 7, 2001

F.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

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

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

104.8
40.8
58.0
6.0

142.5
72.4
44.0
26.0

155.4
58.8
73.3
23.3

152.4
49.9
99.7
2.8

153.6
62.1
96.3
-4.9

133.4
57.3
98.5
-22.4

166.5
31.5
99.7
35.3

156.3
48.7
104.3
3.3

163.8
34.2
96.1
33.5

142.4
54.5
89.7
-1.8

96.3
54.4
28.6
13.3

1
2
3
4

84.3
3.0
1.8
6.1
9.0
0.7

129.1
2.0
0.7
6.9
0.5
3.4

136.2
3.3
2.6
4.2
5.5
3.7

122.0
7.3
1.9
7.5
10.8
3.0

128.5
5.2
3.7
5.2
9.0
1.9

95.2
2.9
1.9
10.5
19.5
3.5

117.9
17.5
3.3
9.2
15.7
2.8

146.2
3.7
-1.4
5.3
-1.1
3.6

138.5
2.2
3.6
7.6
8.2
3.8

121.9
5.5
2.2
1.6
8.2
3.0

83.3
8.6
2.0
0.4
1.6
0.4

5
6
7
8
9
10

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

100.2
0.5
7.7
7.0
5.9
6.6
0.3
-22.6

143.6
0.2
5.5
2.7
1.3
2.6
1.7
20.7

261.8
0.2
19.1
12.3
9.9
11.4
3.3
-17.0

178.6
0.1
9.6
19.1
6.7
17.6
1.7
54.3

8.8
0.1
20.4
2.6
3.6
-7.6
2.3
115.8

358.0
0.2
1.9
9.5
5.8
3.1
1.6
-18.6

239.0
0.1
3.3
21.9
10.5
5.2
2.3
21.8

108.4
0.1
12.7
42.2
7.0
69.7
0.5
98.2

119.8
-0.3
1.2
14.9
6.0
23.6
4.5
40.1

115.3
0.1
15.6
12.9
-3.8
18.6
2.1
107.9

43.9
-0.2
8.7
0.2
-4.6
8.8
4.7
34.4

11
12
13
14
15
16
17
18

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts

105.6
59.5
15.0
31.1

178.2
147.1
2.0
29.1

301.0
225.6
20.0
55.4

287.7
216.7
23.7
47.3

146.0
100.0
28.6
17.4

361.6
292.2
40.2
29.2

304.2
149.0
17.0
138.2

338.8
325.7
8.8
4.3

209.9
87.4
9.5
113.0

268.7
225.4
15.3
28.0

95.9
51.6
20.3
24.0

19
20
21
22

1.6
1.6

1.6
1.6

1.5
1.5

1.5
1.5

1.4
1.4

1.6
1.6

1.3
1.3

1.6
1.6

2.1
2.1

7.4
7.4

7.2
7.2

23
24

0.8
0.8

0.5
0.5

0.5
0.5

0.6
0.6

1.2
1.2

0.5
0.5

0.3
0.3

0.3
0.3

0.1
0.1

0.5
0.5

0.5
0.5

25
26

0.7

3.3

5.5

2.2

4.0

-0.9

1.8

3.8

1.9

3.2

2.6

27

-1.1
0.0
0.0
0.0
1.3
0.4
0.0
0.0

-0.7
-0.1
0.1
0.0
2.0
1.8
0.1
0.0

-0.6
0.0
-0.0
0.0
3.0
2.7
0.2
0.1

0.0
-0.0
-0.0
0.0
0.8
1.3
0.1
0.0

-0.1
0.4
-0.3
0.0
1.7
2.6
0.1
-0.3

-1.5
-0.3
0.3
0.0
-0.2
0.7
0.1
0.0

0.3
-0.1
0.2
0.0
0.0
0.9
0.1
0.4

1.2
0.1
-0.1
0.0
1.5
0.9
0.1
0.0

-1.3
-0.1
-0.1
0.0
1.3
1.8
0.2
-0.1

1.7
-0.3
0.3
0.0
0.5
1.2
0.1
-0.4

-0.4
-0.1
0.2
0.0
0.7
1.7
0.4
0.1

28
29
30
31
32
33
34
35

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

40.7
0.3
-3.7
-4.6
32.9

55.3
0.4
-6.4
1.6
48.5

2.9
0.5
26.8
0.2
-10.3

53.6
0.7
7.4
0.1
54.2

80.8
0.6
38.7
-3.0
96.5

35.9
0.6
-24.2
2.7
23.1

54.9
0.7
9.8
-0.3
45.8

42.7
0.7
5.1
1.0
51.5

65.5
0.7
-10.8
0.7
64.6

41.5
0.8
-7.6
0.6
44.8

102.4
0.8
-5.2
0.9
18.4

36
37
38
39
40

41

Asset: Bank holding companies

65.7

99.4

20.1

115.9

213.6

38.2

110.9

101.0

120.9

80.0

117.2

41

-3.7
-3.7

-6.4
-6.4

26.8
26.8

7.4
7.4

38.7
38.7

-24.2
-24.2

9.8
9.8

5.1
5.1

-10.8
-10.8

-7.6
-7.6

-5.2
-5.2

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

14.3
43.0

11.8
48.9

2.5
71.9

45.6
8.3

86.1
-7.8

-0.1
32.2

21.5
-3.9

75.0
12.9

14.6
55.7

-20.2
-35.5

-94.9
-20.7

44
45

46

Asset: Funding corporations

57.3

60.7

74.4

54.0

78.3

32.1

17.6

87.8

70.2

-55.7

-115.6

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, December 7, 2001

F.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

-0.0
-0.0

-0.1
-0.1

0.6
0.6

0.0
0.0

-1.2
-1.2

0.2
0.2

0.4
0.4

0.6
0.6

-0.4
-0.4

0.0
0.0

-0.7
-0.7

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

0.0
0.0

6.8
6.8

-7.8
-7.8

-0.0
-0.0

-8.1
-8.1

-8.7
-8.7

2.8
2.8

13.8
13.8

51.5
51.5

-15.2
-15.2

12.9
12.9

5
6

0.3
0.3

-1.4
-1.4

2.1
2.1

0.1
0.1

-2.9
-2.9

0.8
0.8

-0.6
-0.6

3.2
3.2

-3.3
-3.3

-1.0
-1.0

2.0
2.0

7
8

Postal Savings System deposits:
3
4

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

5
6

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

7
8

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

9
10
11

Liab.: Life insurance companies
Health
Policy dividend accumulation

8.3
6.3
2.0

7.9
7.3
0.7

11.4
10.2
1.2

5.0
3.9
1.1

3.9
3.8
0.0

10.3
8.4
1.8

5.3
2.2
3.0

0.6
1.2
-0.6

-0.3
-2.4
2.1

14.5
10.9
3.6

10.2
8.7
1.5

9
10
11

12

Asset: Household sector

8.3

7.9

11.4

5.0

3.9

10.3

5.3

0.6

-0.3

14.5

10.2

12

Policy payables:
13

Liab.: Other insurance companies

4.8

4.3

2.5

-0.8

3.8

14.3

7.4

-28.8

8.3

26.9

71.9

13

14
15
16
17

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

2.0
1.9
0.5
0.4

1.8
1.7
0.4
0.4

1.1
1.0
0.2
0.2

-0.3
-0.3
-0.1
-0.1

1.6
1.5
0.4
0.3

6.0
5.7
1.4
1.3

3.1
2.9
0.7
0.7

-12.1
-11.4
-2.7
-2.6

3.5
3.3
0.8
0.8

11.3
10.6
2.6
2.4

26.1
36.4
6.8
2.5

14
15
16
17

-1.0
-1.0

21.4
21.4

13.4
13.4

9.1
9.1

9.4
9.4

7.2
7.2

14.8
14.8

4.9
4.9

3.2
3.2

15.5
15.5

30.6
30.6

18
19

7.1
7.1

1.9
1.9

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

20
21

57.2
57.2

70.0
70.0

16.3
16.3

88.7
88.7

97.4
97.4

94.3
94.3

12.4
12.4

150.4
150.4

-102.1
-102.1

233.6
233.6

68.5
68.5

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

56

Z.1, December 7, 2001

F.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

83.4

396.1

125.2

305.6

164.1

422.4

743.3

-107.5

-15.2

75.7

176.5

1

-76.5
56.0

268.7
74.2

22.2
49.9

151.1
46.0

166.0
46.0

-40.4
46.0

208.0
41.0

270.9
51.0

34.2
35.0

-185.8
35.5

-16.3
27.2

2
3

0.3
28.6
1.3

-7.1
29.5
0.8

-2.9
53.6
-1.8

2.0
53.9
0.6

-7.6
95.6
-14.8

5.4
-5.4
-0.0

7.9
162.8
12.0

2.3
-37.4
5.0

0.6
18.5
-21.8

4.1
7.8
-5.2

-21.4
30.9
15.3

4
5
6

7
8
9
10
11

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

108.4
30.5
34.2
39.0
4.7

48.4
-2.4
-11.5
56.0
6.3

-92.7
-20.0
-64.1
-10.8
2.2

75.9
71.4
-39.4
43.1
0.7

-131.3
42.6
-167.8
-8.9
2.8

247.5
107.0
127.3
10.9
2.3

213.6
89.3
6.0
111.8
6.5

-26.3
46.8
-123.0
58.7
-8.8

-185.0
-179.5
-93.5
88.9
-1.0

92.4
-117.2
118.5
83.4
7.6

319.8
189.9
68.7
68.9
-7.7

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

-2.4
0.1
21.8
7.1

-2.1
0.5
10.8
10.1

-15.0
0.9
-0.3
-3.7

16.5
-0.4
-8.7
5.2

-44.1
-1.5
20.6
22.0

-10.2
3.3
-6.1
-6.2

36.1
4.3
-12.5
-12.3

84.1
-7.8
-36.7
17.4

-10.3
-7.4
32.8
28.8

14.0
10.8
47.4
14.5

34.0
-3.5
57.9
42.6

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

-19.1
8.8
-54.6
3.6

28.0
13.6
-54.3
-25.0

1.9
4.4
-57.7
166.4

50.5
1.8
-69.5
-19.3

78.5
-0.6
29.4
-94.1

60.3
6.0
21.0
101.2

120.6
4.5
-44.7
2.0

-57.4
-2.6
-283.9
-86.1

48.8
18.9
-45.6
37.2

-12.1
-18.9
373.0
-301.8

45.0
-1.2
-117.7
-236.3

16
17
18
19

328.9

523.5

544.1

674.7

665.1

775.7

975.4

282.6

-42.4

553.3

263.5

20

75.4
55.9
-1.2

306.7
75.9
-9.7

320.2
62.4
7.7

311.3
51.7
12.3

398.6
53.7
18.7

352.5
53.2
-10.9

275.4
55.7
30.8

218.8
44.2
10.7

198.2
46.4
23.6

68.5
45.7
48.6

197.4
38.1
2.5

21
22
23

-7.0
102.4
1.3

-5.0
25.6
4.9

-3.0
105.4
-1.3

-2.9
179.0
1.1

-6.8
383.5
-2.8

-1.8
43.9
-1.0

-1.3
264.3
4.5

-1.9
24.2
3.6

-2.2
44.6
-4.9

-1.1
-97.7
2.8

0.5
-58.1
2.9

24
25
26

20

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

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

32.7
0.5
37.0
-6.7
1.8

20.1
4.5
0.4
12.1
3.1

11.0
4.5
-21.3
28.9
-1.0

-21.7
-4.0
-36.5
20.9
-2.1

-267.9
-44.2
-199.2
-23.2
-1.4

144.4
23.9
90.0
28.8
1.6

60.7
25.1
-12.7
46.6
1.7

-24.0
-20.9
-24.1
31.4
-10.5

-255.8
-47.7
-204.8
-5.2
1.9

170.6
-17.4
169.9
2.0
16.2

92.1
103.1
-21.6
22.3
-11.7

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

-3.6
3.8
-1.4

5.1
6.7
8.4

2.5
-16.5
-2.5

6.2
15.3
-1.5

2.4
-2.5
-2.1

22.6
6.2
-2.8

6.6
17.5
-0.2

-6.8
40.0
-0.9

18.0
13.7
-1.1

13.9
29.2
-0.7

23.6
-18.1
-1.2

32
33
34

35
36
37

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

-8.8
7.4
0.7

4.1
8.7
3.3

-39.4
4.5
16.3

18.7
6.2
13.3

14.8
4.9
-5.0

14.9
9.3
13.3

40.7
6.7
10.6

4.3
4.1
34.3

-72.4
1.8
51.4

-75.4
7.9
2.3

10.2
-0.0
9.3

35
36
37

38
39
40

Money market mutual funds
Mutual funds
Government-sponsored enterprises

14.3
7.1
7.1

9.6
-3.9
0.7

22.6
-4.3
5.0

12.2
-0.5
19.2

-17.1
-6.6
-37.9

222.3
-0.0
25.3

-61.4
2.9
39.6

-95.2
1.8
49.6

36.7
-5.6
-56.3

175.1
-3.8
8.5

-90.1
0.5
64.3

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

13.0
4.9
24.9

8.8
10.7
42.6

45.4
-0.1
8.3

13.5
0.0
41.4

-31.1
1.7
166.7

-16.0
-3.2
-96.5

105.4
5.1
111.8

-4.2
-3.6
-16.3

-21.2
2.8
-60.0

-92.6
4.7
246.8

93.6
-1.1
-102.6

41
42
43

-245.5

-127.4

-418.9

-369.2

-501.0

-353.3

-232.2

-390.1

27.3

-477.6

-87.0

44

44

Discrepancy

57

Z.1, December 7, 2001

F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

All sectors

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

-130.7

-72.4

-231.4

-50.6

403.6

-280.4

-111.2

-214.4

161.3

-234.2

148.3

1

64.8
-40.0

48.0
-89.2

20.0
-97.8

28.9
-91.3

61.0
-84.9

-17.4
-95.0

29.8
-93.6

42.0
-91.9

-269.4
-77.3

-19.0
-38.3

-42.2
-47.3

2
3

39.1
15.2
-149.4

-50.9
22.6
53.5

-27.9
-2.2
-63.0

-28.6
-4.6
-14.2

-35.6
149.7
163.7

-47.1
-124.4
-209.7

-20.5
29.8
-7.5

-11.1
-73.6
-3.2

19.4
241.5
96.5

14.2
-71.7
-93.5

-12.8
46.1
-31.8

4
5
6

-60.5

-56.4

-60.5

59.3

149.7

213.3

-49.2

-76.6

150.6

-25.9

236.3

7

Monetary authority
Commercial banking

1.7
42.4

-3.1
25.1

-0.6
-47.4

3.8
55.4

-2.2
123.7

19.8
169.6

5.1
-39.0

-7.4
-32.6

5.0
242.7

1.0
-9.1

2.4
244.3

8
9

10
11
12

Savings institutions
Credit unions
Bank personal trusts and estates

-1.9
-0.2
-5.3

-3.0
-0.2
-0.2

1.7
0.8
1.7

3.4
-0.9
0.9

2.1
-1.3
1.1

4.2
1.0
1.2

0.9
-1.5
0.8

6.2
-1.8
0.7

0.6
-1.4
0.5

4.4
0.9
0.3

3.5
-0.2
0.1

10
11
12

13
14

Life insurance companies
Other insurance companies

-45.0
-46.7

-33.6
-21.0

-29.2
10.5

-21.4
-14.6

-42.4
-28.5

-13.9
27.2

-32.8
3.3

3.4
-60.3

-83.3
-6.5

-23.9
-14.8

-19.1
-26.3

13
14

15
16

Mutual funds
Government-sponsored enterprises

8.0
-3.0

-8.4
-4.1

6.9
-3.0

1.7
-6.0

7.6
-2.7

0.5
-5.0

0.2
-6.9

-1.6
-9.5

-2.8
-5.9

-2.2
-3.5

-2.4
-0.5

15
16

17
18
19
20

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

0.0
-13.3
9.5
-6.8

-0.0
-11.1
11.9
-8.7

-0.0
-9.9
17.4
-9.5

0.0
30.1
16.6
-9.7

-0.0
83.1
19.4
-10.3

-0.0
1.0
17.3
-9.7

0.0
18.5
11.6
-9.2

0.0
17.9
18.0
-9.5

0.0
-4.1
17.7
-11.7

-0.0
22.7
5.7
-7.4

-0.0
26.5
15.5
-7.6

17
18
19
20

2
3

Household sector
Nonfinancial corporate business

4
5
6

State and local governments
Federal government
Rest of the world

7

Financial sectors

8
9

F.12 Instrument Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

-130.7

-72.4

-231.4

-50.6

403.6

-280.4

-111.2

-214.4

161.3

-234.2

148.3

1

2
3

Treasury currency
Foreign deposits

-0.2
106.2

-0.1
-8.5

-0.7
45.8

-1.2
70.2

-1.8
263.1

-0.7
-82.2

0.9
-100.2

-3.3
200.3

-3.6
181.5

-0.5
-121.2

-0.7
24.8

2
3

4
5

Net interbank transactions
Security RPs

-19.9
63.2

3.4
60.6

3.5
30.0

17.4
111.1

25.3
567.2

5.4
51.9

-12.1
126.5

51.1
-301.4

16.7
-161.7

13.6
171.9

8.3
36.6

4
5

6
7

Mail floats:
Federal government
Other

-2.7
-3.9

2.6
-3.1

-7.4
-0.8

9.0
1.7

18.7
1.0

16.3
1.4

3.0
1.9

-2.1
2.4

-29.8
3.8

10.1
3.9

18.5
5.1

6
7

8
9

Trade credit
Taxes payable

-29.2
28.0

-51.3
19.7

42.9
6.5

-34.0
14.1

-71.8
9.5

-36.5
4.8

-51.9
-2.6

24.3
44.6

2.0
4.4

32.3
-9.7

-10.7
12.9

8
9

10

Miscellaneous

-245.5

-127.4

-418.9

-369.2

-501.0

-353.3

-232.2

-390.1

27.3

-477.6

-87.0

10

11

Nonfinancial

-26.8

31.7

67.7

130.4

93.5

112.6

155.6

159.8

120.7

143.2

140.6

11

29.7
-2.9

-31.0
-0.7

-72.9
5.2

-130.4
0.0

-93.5
0.0

-112.6
0.0

-155.6
0.0

-159.8
0.0

-120.7
0.0

-143.3
0.0

-140.5
0.0

12
13

12
13

All types

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

58

Z.1, December 7, 2001

L.1 Credit Market Debt Outstanding (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2

Total credit market debt owed by:
Domestic nonfinancial sectors

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

19812.1

21311.1

23490.6

25737.7

26135.3

26535.9

26960.1

27524.7

27964.2

28330.8

28874.3

1

14441.1

15245.1

16293.9

17428.5

17658.2

17839.9

18038.3

18320.9

18563.5

18746.8

19054.8

2

3

Federal government

3781.8

3804.9

3752.2

3681.0

3653.5

3464.0

3410.2

3385.2

3408.8

3251.4

3320.1

3

4

Nonfederal sectors

10659.4

11440.2

12541.7

13747.4

14004.7

14376.0

14628.1

14935.7

15154.7

15495.3

15734.8

4

5223.9
3093.0
1129.3
149.7
1063.4

5556.9
3383.9
1224.0
155.9
1119.5

6024.1
3790.2
1363.7
163.9
1199.8

6541.5
4265.3
1519.1
169.4
1252.1

6608.3
4415.3
1553.1
170.7
1257.3

6772.9
4562.2
1599.1
176.2
1265.7

6938.9
4618.0
1630.3
177.9
1263.1

7115.5
4695.9
1664.8
180.2
1279.3

7186.3
4785.7
1695.5
179.7
1307.5

7362.9
4881.5
1727.9
185.2
1337.8

7531.7
4922.8
1753.9
185.8
1340.6

5
6
7
8
9

5
6
7
8
9

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

10

Rest of the world

542.2

608.0

651.5

679.6

707.9

702.5

731.0

746.7

743.4

727.8

698.5

10

11

Financial sectors

4828.8

5458.0

6545.2

7629.6

7769.2

7993.5

8190.8

8457.1

8657.3

8856.2

9121.0

11

12
13
14
15

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

263.6
103.9
9.6
150.0

309.2
133.4
7.2
168.6

382.1
186.2
2.4
193.5

449.3
228.0
2.0
219.3

463.6
240.3
2.0
221.4

494.7
263.4
2.0
229.3

502.0
263.2
1.9
236.9

509.3
264.8
2.0
242.5

540.3
271.9
1.8
266.5

543.7
273.4
1.4
269.0

556.8
282.0
1.0
273.8

12
13
14
15

16
17

Savings institutions
Credit unions

140.5
0.4

160.3
0.6

212.4
1.1

260.4
3.4

266.9
2.6

280.7
2.9

276.0
3.1

287.7
3.4

295.1
3.2

294.4
3.5

303.9
3.8

16
17

18
19
20
21

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

1.6
896.9
1711.3
863.3

1.8
995.3
1825.8
1076.6

2.5
1273.6
2018.4
1398.0

3.2
1591.7
2292.2
1621.4

3.0
1618.0
2322.1
1655.8

2.7
1680.2
2355.2
1697.0

2.7
1749.7
2414.3
1742.3

2.5
1825.8
2491.6
1829.6

1.9
1888.7
2534.2
1893.7

1.9
1955.8
2635.8
1942.4

2.8
2037.8
2759.0
2020.2

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

534.5
20.6
56.5
27.3
312.4

568.3
16.0
96.1
35.3
372.6

625.5
17.7
158.8
42.5
412.6

695.7
17.8
165.1
25.3
504.0

708.4
17.1
167.9
36.4
507.4

740.8
17.8
170.4
36.2
515.0

761.8
17.7
169.8
42.6
508.7

776.9
17.9
167.8
40.9
503.7

756.2
18.1
166.2
35.0
524.7

769.0
18.2
168.9
43.9
478.6

771.3
18.5
166.3
47.0
433.6

22
23
24
25
26

19812.1

21311.1

23490.6

25737.7

26135.3

26535.9

26960.1

27524.7

27964.2

28330.8

28874.3

27

3011.5

2946.5

3017.7

3284.1

3205.6

3209.3

3144.7

3094.4

3021.4

2964.3

2914.0

28

2086.8
270.2
49.7
604.8

2031.3
257.5
52.7
605.0

1967.7
241.5
69.1
739.4

2184.5
238.7
78.0
782.8

2114.4
230.8
77.5
782.9

2089.7
246.1
77.6
795.8

2040.3
239.0
76.6
788.7

1977.4
249.1
75.9
792.0

1928.0
226.3
74.7
792.4

1869.6
232.1
73.4
789.1

1832.7
231.1
71.9
778.3

29
30
31
32

200.2
1926.6

205.4
2257.3

219.1
2539.8

258.0
2676.2

259.6
2760.7

261.6
2809.9

262.7
2861.7

265.4
3004.6

266.6
3113.0

267.6
3200.4

267.8
3293.2

33
34

14673.8

15901.8

17714.0

19519.4

19909.4

20255.2

20691.0

21160.3

21563.2

21898.6

22399.3

35

393.1

431.4

452.5

478.1

501.9

505.1

511.5

511.8

523.9

535.1

534.1

36

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

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

4931.0
4368.2
487.5
21.3
54.0

5002.3
4418.7
508.1
20.5
55.0

5015.7
4424.4
515.0
22.3
54.1

5044.4
4463.2
504.2
21.6
55.5

5096.5
4508.8
509.9
21.3
56.5

37
38
39
40
41

933.2
288.5
232.0

928.5
305.3
207.0

964.6
324.2
194.1

1033.2
351.7
222.0

1045.8
359.0
226.7

1062.5
370.1
230.2

1082.2
376.0
234.6

1089.7
382.2
239.1

1101.6
386.5
241.8

1116.4
391.8
245.1

1119.0
407.8
247.3

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

1657.0
491.2
627.0
565.4

1751.1
515.3
674.6
632.5

1828.0
521.1
731.0
704.6

1886.0
518.2
775.9
751.4

1902.2
515.4
787.6
767.2

1914.1
510.8
793.8
775.1

1935.1
512.4
810.0
784.5

1943.9
509.4
817.2
806.0

1967.2
510.0
823.7
788.3

1996.9
510.0
822.0
801.7

2040.0
512.3
821.7
806.3

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

634.3
820.2
100.8
832.8
1711.3
773.9

721.9
901.1
98.3
939.4
1825.8
937.7

965.9
1025.9
103.7
1253.9
2018.4
1219.4

1147.8
1073.1
111.1
1545.6
2292.2
1424.6

1217.1
1053.7
109.0
1584.0
2322.1
1453.8

1159.4
1073.9
106.9
1649.2
2355.2
1486.3

1212.5
1088.5
104.8
1704.3
2414.3
1522.9

1296.7
1099.9
102.7
1793.7
2491.6
1602.9

1403.8
1113.8
100.6
1864.7
2534.2
1660.5

1414.6
1160.1
98.5
1941.1
2635.8
1703.7

1498.0
1193.0
96.4
2009.5
2759.0
1774.7

49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

545.1
41.2
30.4
167.7
121.0

568.2
32.1
50.6
182.6
166.7

645.5
35.3
45.5
189.4
155.3

742.5
35.6
42.9
154.7
288.8

776.6
34.1
38.8
194.8
294.5

812.3
35.5
38.2
188.2
341.0

830.0
35.4
37.3
243.3
320.4

850.5
35.9
36.6
223.6
324.7

848.0
36.2
37.6
312.3
292.7

878.5
36.5
37.9
288.4
240.1

859.4
36.9
39.8
369.9
177.8

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

59

Z.1, December 7, 2001

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

14441.1

15245.1

16293.9

17428.5

17658.2

17839.9

18038.3

18320.9

18563.5

18746.8

19054.8

1

3781.8
3755.1
26.6

3804.9
3778.3
26.5

3752.2
3723.7
28.5

3681.0
3652.8
28.3

3653.5
3625.8
27.8

3464.0
3435.7
28.2

3410.2
3382.6
27.6

3385.2
3357.8
27.3

3408.8
3382.1
26.8

3251.4
3224.4
27.0

3320.1
3293.1
27.0

2
3
4

10659.4
156.4
1296.0
1460.4
934.0
765.6

11440.2
168.6
1367.5
1610.9
1040.4
825.1

12541.7
193.0
1464.3
1829.6
1148.5
907.2

13747.4
230.3
1532.5
2059.5
1231.2
964.5

14004.7
260.8
1539.2
2106.0
1258.7
1008.3

14376.0
296.8
1551.6
2144.5
1306.9
1037.2

14628.1
307.0
1550.3
2186.7
1311.3
1039.5

14935.7
278.4
1567.8
2230.6
1334.2
1077.1

15154.7
253.2
1597.5
2330.8
1323.9
1083.4

15495.3
223.3
1629.8
2437.8
1292.9
1110.6

15734.8
201.3
1635.3
2484.7
1282.9
1116.0

5
6
7
8
9
10

4832.9
3720.0
278.2
747.8
86.9
1214.1

5156.2
3978.3
285.7
802.2
90.0
1271.6

5652.6
4368.2
309.5
878.3
96.6
1346.6

6283.3
4803.4
350.2
1027.3
102.3
1446.1

6394.6
4879.4
357.5
1053.4
104.2
1437.0

6562.6
5005.1
369.5
1081.2
106.8
1476.5

6713.9
5124.3
376.7
1104.5
108.3
1519.6

6854.5
5225.9
387.2
1132.5
108.8
1593.1

6980.6
5319.5
397.0
1154.2
109.9
1585.3

7192.8
5477.9
410.9
1190.9
113.1
1608.1

7391.9
5623.1
425.3
1228.9
114.6
1622.8

11
12
13
14
15
16

10659.4
5223.9
4372.0
3093.0
1129.3
149.7
1063.4

11440.2
5556.9
4763.8
3383.9
1224.0
155.9
1119.5

12541.7
6024.1
5317.8
3790.2
1363.7
163.9
1199.8

13747.4
6541.5
5953.8
4265.3
1519.1
169.4
1252.1

14004.7
6608.3
6139.1
4415.3
1553.1
170.7
1257.3

14376.0
6772.9
6337.4
4562.2
1599.1
176.2
1265.7

14628.1
6938.9
6426.2
4618.0
1630.3
177.9
1263.1

14935.7
7115.5
6540.9
4695.9
1664.8
180.2
1279.3

15154.7
7186.3
6660.9
4785.7
1695.5
179.7
1307.5

15495.3
7362.9
6794.6
4881.5
1727.9
185.2
1337.8

15734.8
7531.7
6862.4
4922.8
1753.9
185.8
1340.6

17
18
19
20
21
22
23

24

Foreign credit market debt
held in U.S.

542.2

608.0

651.5

679.6

707.9

702.5

731.0

746.7

743.4

727.8

698.5

24

25
26
27
28

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

67.5
366.3
43.7
64.7

65.1
427.7
52.1
63.0

72.9
462.6
58.9
57.2

89.2
479.4
59.4
51.7

101.6
491.3
63.3
51.7

101.2
484.5
64.7
52.1

109.8
502.4
67.7
51.2

120.9
504.6
70.7
50.5

112.8
508.9
73.9
47.7

110.1
504.9
66.2
46.6

106.3
479.6
67.3
45.3

25
26
27
28

14983.3

15853.1

16945.4

18108.1

18366.1

18542.5

18769.3

19067.6

19306.9

19474.6

19753.3

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

4828.8

5458.0

6545.2

7629.6

7769.2

7993.5

8190.8

8457.1

8657.3

8856.2

9121.0

1

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

2608.2
896.9
1711.3
0.0

2821.1
995.3
1825.8
0.0

3292.0
1273.6
2018.4
0.0

3884.0
1591.7
2292.2
0.0

3940.1
1618.0
2322.1
0.0

4035.3
1680.2
2355.2
0.0

4164.0
1749.7
2414.3
0.0

4317.4
1825.8
2491.6
0.0

4422.9
1888.7
2534.2
0.0

4591.6
1955.8
2635.8
0.0

4796.8
2037.8
2759.0
0.0

2
3
4
5

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

2220.6
579.1
1382.7
64.0
162.9
31.9

2636.9
745.7
1568.6
77.3
198.5
46.8

3253.2
906.7
1878.7
107.5
288.7
71.6

3745.6
1082.9
2096.9
93.2
395.8
76.7

3829.1
1115.7
2138.8
91.8
404.4
78.5

3958.1
1135.2
2212.0
93.1
436.9
81.0

4026.7
1151.6
2269.7
92.8
430.2
82.5

4139.7
1210.7
2314.8
93.0
438.3
82.9

4234.4
1180.8
2424.3
97.3
450.9
81.1

4264.6
1144.5
2483.9
100.4
450.7
85.1

4324.3
1110.2
2563.8
100.0
467.2
83.0

6
7
8
9
10
11

4828.8

5458.0

6545.2

7629.6

7769.2

7993.5

8190.8

8457.1

8657.3

8856.2

9121.0

12

113.6
150.0
140.5
0.4

140.6
168.6
160.3
0.6

188.6
193.5
212.4
1.1

230.0
219.3
260.4
3.4

242.2
221.4
266.9
2.6

265.4
229.3
280.7
2.9

265.2
236.9
276.0
3.1

266.7
242.5
287.7
3.4

273.8
266.5
295.1
3.2

274.7
269.0
294.4
3.5

283.0
273.8
303.9
3.8

13
14
15
16

1.6
896.9
1711.3
863.3

1.8
995.3
1825.8
1076.6

2.5
1273.6
2018.4
1398.0

3.2
1591.7
2292.2
1621.4

3.0
1618.0
2322.1
1655.8

2.7
1680.2
2355.2
1697.0

2.7
1749.7
2414.3
1742.3

2.5
1825.8
2491.6
1829.6

1.9
1888.7
2534.2
1893.7

1.9
1955.8
2635.8
1942.4

2.8
2037.8
2759.0
2020.2

17
18
19
20

27.3
534.5
20.6
56.5
312.4

35.3
568.3
16.0
96.1
372.6

42.5
625.5
17.7
158.8
412.6

25.3
695.7
17.8
165.1
504.0

36.4
708.4
17.1
167.9
507.4

36.2
740.8
17.8
170.4
515.0

42.6
761.8
17.7
169.8
508.7

40.9
776.9
17.9
167.8
503.7

35.0
756.2
18.1
166.2
524.7

43.9
769.0
18.2
168.9
478.6

47.0
771.3
18.5
166.3
433.6

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, December 7, 2001

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

19812.1

21311.1

23490.6

25737.7

26135.3

26535.9

26960.1

27524.7

27964.2

28330.8

28874.3

1

2
3
4
5

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

803.0
6389.9
1296.0
3209.4

979.4
6626.0
1367.5
3607.2

1172.6
7044.3
1464.3
4170.8

1402.4
7565.0
1532.5
4635.8

1478.1
7593.6
1539.2
4736.1

1533.3
7499.3
1551.6
4841.0

1568.3
7574.2
1550.3
4958.7

1610.0
7702.6
1567.8
5050.0

1546.8
7831.7
1597.5
5264.0

1477.9
7843.0
1629.8
5426.6

1417.8
8116.8
1635.3
5528.1

2
3
4
5

6
7
8
9

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

1041.7
993.2
4864.8
1214.1

1169.8
1086.6
5203.0
1271.6

1314.9
1253.0
5724.2
1346.6

1383.8
1412.0
6360.0
1446.1

1413.7
1464.4
6473.1
1437.0

1464.6
1526.2
6643.5
1476.5

1471.7
1520.9
6796.4
1519.6

1497.9
1565.9
6937.4
1593.1

1495.1
1582.0
7061.7
1585.3

1459.5
1607.9
7277.9
1608.1

1450.2
1628.5
7474.9
1622.8

6
7
8
9

10281.6
2342.4

13301.7
2989.4

15577.3
3610.5

19581.2
4553.4

20276.3
4863.3

19395.9
4759.6

19249.0
4814.4

17566.4
4457.2

15311.6
3999.8

16239.1
4275.3

13625.2
3705.2

10
11

10
11

Total

1997

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)

19812.1

21311.1

23490.6

25737.7

26135.3

26535.9

26960.1

27524.7

27964.2

28330.8

28874.3

1

2
3
4
5
6

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

53.7
9.7
18.9
521.7
240.8

48.9
9.2
19.3
618.5
219.4

60.1
9.2
19.9
642.3
189.0

50.1
6.2
20.9
703.6
204.5

46.6
6.2
21.4
781.9
169.7

46.0
4.2
22.1
782.8
210.6

44.9
3.2
23.2
772.6
173.2

46.1
2.2
23.2
824.5
188.0

42.8
2.2
22.9
883.4
155.1

43.4
2.2
23.2
846.8
163.1

49.0
2.2
23.2
850.6
176.8

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

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

1484.8
2671.2
936.1
1578.8
1083.4

1392.9
2728.0
966.5
1666.0
1149.4

1409.7
2738.8
987.4
1627.1
1185.2

1385.7
2790.9
1025.9
1697.8
1238.6

1413.3
2861.9
1054.5
1812.1
1194.1

1385.2
2965.3
1078.0
1994.7
1199.7

1416.8
2992.3
1087.1
2014.8
1240.5

1453.0
3047.1
1090.4
2116.1
1287.8

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

2342.4
358.1
610.6
6325.1

2989.4
469.1
665.0
7323.4

3610.5
572.3
718.3
8193.7

4553.4
676.6
783.9
9041.7

4863.3
801.1
801.0
9237.9

4759.6
780.3
806.5
9166.7

4814.4
805.8
818.7
9307.9

4457.2
822.7
819.1
9054.8

3999.8
785.4
823.0
8588.9

4275.3
781.5
840.3
8849.7

3705.2
904.6
841.5
8281.0

12
13
14
15

16
17
18
19

Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

1827.6
128.8
871.3
6387.1

1967.3
151.1
942.5
6730.7

2076.5
172.4
1001.0
7692.9

2298.8
194.7
1130.4
8269.8

2321.7
210.1
1158.0
8464.3

2371.6
211.4
1114.4
8731.9

2418.2
214.7
1106.7
9221.0

2464.9
216.4
1019.4
9104.9

2436.3
224.8
929.1
9536.4

2406.9
224.0
964.4
9763.7

2412.2
254.9
859.6
10222.5

16
17
18
19

20

Total liabilities

45308.7

49803.3

55457.6

61426.6

62921.3

63492.5

64823.6

64903.9

65017.3

66266.6

66452.1

20

21
22
23

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

21.4
10281.6
3786.6

21.1
13301.7
4051.0

21.6
15577.3
4394.1

21.4
19581.2
4623.6

21.4
20276.3
4652.1

21.5
19395.9
4745.9

21.4
19249.0
4782.7

21.6
17566.4
4850.2

21.4
15311.6
4882.4

21.5
16239.1
4893.8

22.0
13625.2
4897.1

21
22
23

24
25
26

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

-6.1
434.9
-10.6

-6.3
535.0
-32.2

-6.4
542.8
-27.0

-7.1
588.9
-25.5

-7.6
654.7
-13.9

-7.9
634.2
-11.6

-7.6
609.1
-17.6

-8.5
659.3
-4.3

-9.4
704.6
1.7

-9.5
674.3
5.5

-9.7
680.5
6.3

24
25
26

109.8
81.9
-1226.5

172.9
104.2
-1548.9

233.5
122.9
-2323.1

263.6
122.7
-2740.5

410.5
118.7
-2908.3

423.0
134.5
-2939.4

446.0
124.4
-2727.8

374.6
128.4
-3224.6

353.7
113.3
-3066.2

396.2
133.2
-3040.8

394.1
152.1
-2760.7

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

-1.6
30.1
165.7

-8.1
26.2
126.8

-3.9
23.1
76.6

-9.9
22.3
120.9

-9.2
18.7
50.2

-5.6
22.5
16.5

-7.8
15.5
6.0

-2.3
24.0
91.6

-22.3
21.1
38.4

-40.1
25.5
21.8

-38.4
19.2
35.7

30
31
32

33

Totals identified to sectors as assets

59820.7

67807.3

76812.0

87317.3

89557.3

89389.6

90436.5

89303.8

87097.8

89254.8

86517.1

33

61

Z.1, December 7, 2001

L.10 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

20898.0

24204.0

27231.5

31666.2

32499.0

31677.1

31572.9

30119.0

28215.9

29036.0

26982.9

1

2
3
4
5

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

35.5
611.2
2509.0
519.9

37.2
600.0
2651.6
605.2

38.3
605.4
2854.4
779.7

43.5
588.1
2963.9
914.2

48.6
593.3
3067.5
994.2

48.6
562.8
3133.5
957.7

48.0
534.2
3215.1
984.0

51.3
570.2
3273.1
1055.6

49.8
576.8
3379.1
1153.0

45.8
584.4
3424.9
1088.4

43.3
600.1
3474.0
1160.4

2
3
4
5

6

Securities

8397.6

10199.4

11517.4

14520.8

14848.3

14112.5

13755.7

12423.7

10866.1

11358.0

9755.8

6

54.7
187.0
578.7
259.4

56.1
186.5
443.1
266.2

63.7
186.6
335.8
191.2

67.7
186.4
402.4
274.2

68.9
185.3
351.2
257.5

70.2
184.6
243.9
275.7

71.4
184.3
205.9
283.9

72.7
184.8
194.1
259.8

67.2
184.8
175.6
150.3

62.7
185.5
94.3
182.4

58.9
186.4
106.8
174.0

7
8
9
10

435.8
491.0
4895.6
1495.4

471.9
531.7
6302.5
1941.2

489.8
628.5
7259.7
2362.0

530.1
650.8
9342.8
3066.3

532.6
642.5
9507.6
3302.7

546.9
688.1
8862.9
3240.1

546.7
665.9
8518.0
3279.5

544.9
637.1
7487.1
3043.2

563.2
700.3
6285.5
2739.3

578.4
676.4
6643.8
2934.5

558.7
654.5
5471.8
2544.7

11
12
13
14

7
8
9
10

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

11
12
13
14

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

15
16
17
18

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

580.1
953.9
3295.2
2106.5

632.7
1086.1
3793.6
2476.0

684.7
1209.9
4255.4
2761.9

748.9
1367.3
4728.0
2981.3

765.7
1414.2
4877.9
2981.0

770.6
1403.2
4799.4
3000.0

782.7
1424.9
4853.3
3065.7

782.7
1373.8
4644.6
3072.8

786.5
1335.8
4327.0
2962.6

803.1
1379.8
4471.8
3035.3

804.3
1319.8
4099.2
2899.2

15
16
17
18

19
20

Investment in bank personal trusts
Miscellaneous and other assets

871.3
1017.6

942.5
1179.8

1001.0
1523.3

1130.4
1679.7

1158.0
1750.3

1114.4
1774.4

1106.7
1802.6

1019.4
1851.8

929.1
1850.2

964.4
1880.1

859.6
1967.2

19
20

7147.0

7722.4

8514.6

9366.2

9547.4

9773.3

9992.3

10187.0

10259.3

10490.8

10755.0

21

21

Total liabilities

22
23
24

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

3712.2
892.3
1214.1

3970.3
923.8
1271.6

4358.8
1010.3
1346.6

4791.9
1112.6
1446.1

4867.4
1132.5
1437.0

4992.5
1158.7
1476.5

5111.1
1181.4
1519.6

5212.4
1200.9
1593.1

5305.1
1222.2
1585.3

5462.9
1252.6
1608.1

5607.7
1283.2
1622.8

22
23
24

25
26
27

Policy loans
Security credit
Other liabilities (3)

101.4
94.4
1132.6

104.6
131.2
1320.8

104.7
152.8
1541.4

100.0
227.9
1687.7

99.6
286.5
1724.3

100.5
270.2
1774.8

102.0
273.9
1804.4

102.8
235.1
1842.6

103.8
193.5
1849.3

104.0
195.9
1867.4

105.0
253.0
1883.2

25
26
27

(1) Combined statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded 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, December 7, 2001

L.100 Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

23976.5

27406.1

30447.9

34972.3

35807.7

35039.0

34952.6

33545.6

31654.8

32464.9

30403.8

1

3440.7

3622.2

3953.3

4141.0

4327.3

4313.6

4384.2

4543.1

4738.4

4709.8

4835.9

2

35.5
470.6
2434.0
500.7

37.2
436.8
2565.9
582.3

38.3
408.3
2759.6
747.1

43.5
366.8
2859.1
871.6

48.6
365.9
2961.7
951.2

48.6
324.8
3025.8
914.4

48.0
292.3
3107.1
936.9

51.3
324.5
3164.3
1003.0

49.8
326.2
3269.0
1093.4

45.8
328.7
3313.5
1021.8

43.3
339.8
3361.2
1091.7

3
4
5
6

2086.8

2031.3

1967.7

2184.5

2114.4

2089.7

2040.3

1977.4

1928.0

1869.6

1832.7

7

8
9
10
11
12
13

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

54.7
998.4
739.1
187.0
552.1
259.4

56.1
865.0
598.8
186.5
412.3
266.2

63.7
676.7
485.5
186.6
298.9
191.2

67.7
829.2
555.0
186.4
368.6
274.2

68.9
762.7
505.1
185.3
319.9
257.5

70.2
676.6
400.9
184.6
216.3
275.7

71.4
648.2
364.3
184.3
179.9
283.9

72.7
615.0
355.2
184.8
170.5
259.8

67.2
489.8
339.4
184.8
154.7
150.3

62.7
444.0
261.6
185.5
76.2
182.4

58.9
452.4
278.4
186.4
92.0
174.0

8
9
10
11
12
13

14
15
16

Municipal securities
Corporate and foreign bonds
Mortgages

433.2
491.0
109.5

468.8
531.7
109.6

488.3
628.5
110.5

526.6
650.8
110.2

529.1
642.5
111.2

543.4
688.1
111.5

543.1
665.9
111.7

541.2
637.1
111.3

559.4
700.3
111.4

574.7
676.4
111.9

554.8
654.5
112.0

14
15
16

4895.6
1495.4
162.9
610.6
6325.1
871.3
3786.6
301.4

6302.5
1941.2
215.5
665.0
7323.4
942.5
4051.0
311.7

7259.7
2362.0
276.7
718.3
8193.7
1001.0
4394.1
321.4

9342.8
3066.3
323.9
783.9
9041.7
1130.4
4623.6
334.2

9507.6
3302.7
371.2
801.0
9237.9
1158.0
4652.1
335.6

8862.9
3240.1
359.5
806.5
9166.7
1114.4
4745.9
339.6

8518.0
3279.5
372.9
818.7
9307.9
1106.7
4782.7
341.7

7487.1
3043.2
412.4
819.1
9054.8
1019.4
4850.2
338.9

6285.5
2739.3
400.4
823.0
8588.9
929.1
4882.4
339.6

6643.8
2934.5
412.8
840.3
8849.7
964.4
4893.8
346.1

5471.8
2544.7
484.2
841.5
8281.0
859.6
4897.1
355.2

17
18
19
20
21
22
23
24

5445.8

5824.8

6320.9

6921.6

7048.0

7198.2

7369.2

7508.8

7538.9

7718.9

7946.9

25

5223.9

5556.9

6024.1

6541.5

6608.3

6772.9

6938.9

7115.5

7186.3

7362.9

7531.7

26

3577.7
1214.1
104.9

3818.1
1271.6
114.9

4169.5
1346.6
126.9

4558.9
1446.1
137.3

4626.3
1437.0
138.0

4740.5
1476.5
141.4

4848.7
1519.6
141.9

4941.5
1593.1
143.0

5023.4
1585.3
144.2

5171.3
1608.1
145.3

5305.9
1622.8
147.5

27
28
29

58.0
172.7
96.6

66.5
190.7
95.1

72.7
204.0
104.5

65.4
218.9
115.0

69.3
222.8
114.9

71.4
227.4
115.6

67.1
242.1
119.5

73.5
246.3
118.1

63.4
251.1
118.9

59.3
255.9
122.9

65.7
260.9
128.9

30
31
32

94.4
109.1

131.2
118.0

152.8
126.8

227.9
132.7

286.5
134.5

270.2
136.3

273.9
137.7

235.1
138.6

193.5
140.4

195.9
141.5

253.0
143.2

33
34

18.3

18.6

17.2

19.4

18.7

18.9

18.8

19.6

18.7

18.5

19.0

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) Directly held and those in closed-end and exchange-traded 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, December 7, 2001

L.101 Nonfinancial Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

6160.1

6642.9

7982.2

8892.0

9102.1

9301.9

9490.9

9587.8

9594.6

9664.8

9596.0

1

2
3
4
5
6

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

28.2
385.0
174.7
86.9
3.9

23.1
415.1
205.1
110.7
4.6

30.5
484.3
207.4
146.9
4.2

28.3
543.3
233.6
179.9
5.3

22.2
534.8
222.6
182.4
6.1

26.5
572.0
221.3
183.3
4.2

40.0
605.0
224.8
203.0
4.0

22.9
592.4
242.7
230.3
4.8

16.1
565.6
234.7
269.9
3.3

16.3
559.7
229.9
305.0
3.9

16.3
556.9
229.9
315.0
2.5

2
3
4
5
6

7

Credit market instruments

319.9

310.3

310.6

316.8

308.3

323.7

315.7

325.0

301.0

305.6

302.9

7

31.5
102.3
33.6
74.7
77.7

36.1
65.6
30.6
99.0
78.9

39.4
71.2
27.2
97.9
74.9

43.7
66.0
25.8
101.0
80.3

38.3
68.0
27.4
101.7
72.9

37.3
69.2
39.5
104.2
73.5

40.6
68.2
31.3
103.6
72.1

44.0
57.7
36.8
103.9
82.7

43.0
54.8
27.6
104.1
71.4

45.3
52.6
35.4
104.3
68.0

43.5
55.8
38.7
104.7
60.2

8
9
10
11
12

59.9
1442.9
3658.8

69.1
1571.5
3933.5

91.0
1698.5
5008.7

113.9
1857.7
5613.3

117.5
1940.6
5767.5

111.4
2011.1
5848.3

111.0
2054.0
5933.4

98.8
2008.1
6063.0

85.9
2017.5
6100.7

91.6
1994.0
6158.8

76.3
1978.0
6118.1

13
14
15

8079.8

8526.4

9651.3

10598.0

10847.5

11082.9

11322.0

11498.6

11656.9

11748.9

11819.2

16

8
9
10
11
12
13
14
15
16
17

Total financial assets

1997

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

4372.0

4763.8

5317.8

5953.8

6139.1

6337.4

6426.2

6540.9

6660.9

6794.6

6862.4

17

18
19
20

Commercial paper
Municipal securities
Corporate bonds

156.4
137.9
1460.4

168.6
142.0
1610.9

193.0
147.8
1829.6

230.3
152.8
2059.5

260.8
153.3
2106.0

296.8
153.4
2144.5

307.0
153.9
2186.7

278.4
154.2
2230.6

253.2
154.7
2330.8

223.3
155.6
2437.8

201.3
156.2
2484.7

18
19
20

21
22
23

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

876.0
582.8
1158.5

973.9
625.4
1243.0

1075.9
693.1
1378.6

1165.8
735.9
1609.4

1189.4
776.2
1653.4

1235.5
800.8
1706.4

1244.1
788.7
1745.7

1260.7
822.1
1794.9

1260.5
823.4
1838.3

1233.6
845.7
1898.5

1217.1
846.2
1957.0

21
22
23

1061.3
92.4
2554.1

1158.7
109.0
2494.9

1240.2
124.6
2968.8

1410.5
139.8
3093.9

1419.6
153.7
3135.0

1452.3
154.0
3139.2

1496.9
155.1
3243.9

1535.3
154.2
3268.1

1503.1
161.8
3331.2

1467.2
159.0
3328.1

1463.3
187.7
3305.7

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, December 7, 2001

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

5457.7

5808.7

6816.1

7564.2

7743.4

7896.8

8060.3

8131.3

8109.3

8151.2

8060.6

1

28.2
244.3
99.7
67.6
3.9

23.1
251.9
119.4
87.8
4.6

30.5
287.1
112.6
114.3
4.2

28.3
321.9
128.8
137.3
5.3

22.2
307.3
116.8
139.3
6.1

26.5
333.9
113.6
140.0
4.2

40.0
363.1
116.8
155.9
4.0

22.9
346.6
133.9
177.7
4.8

16.1
315.0
124.6
210.3
3.3

16.3
304.0
118.5
238.4
3.9

16.3
296.7
117.1
246.3
2.5

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

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

39.4
34.2
25.7
67.3
74.9
1452.9
91.0

43.7
32.1
22.3
60.3
80.3
1566.3
113.9

38.3
36.7
23.9
59.0
72.9
1639.0
117.5

37.3
41.6
35.9
57.8
73.5
1689.9
111.4

40.6
42.3
27.6
56.5
72.1
1728.6
111.0

44.0
34.0
33.1
55.3
82.7
1675.8
98.8

43.0
33.9
23.9
54.0
71.4
1680.3
85.9

45.3
34.5
31.6
52.8
68.0
1653.3
91.6

43.5
41.0
34.9
51.5
60.2
1633.9
76.3

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

3410.8
863.2
186.2
1.6
27.3
2332.6

3628.7
932.5
188.1
0.5
23.5
2484.1

4482.0
1048.4
189.8
-0.2
17.1
3226.9

5023.6
1160.4
190.8
-0.8
43.9
3629.3

5164.3
1194.5
191.1
-0.8
53.6
3725.8

5231.1
1220.3
192.5
-1.2
47.5
3771.9

5301.9
1252.3
193.3
-1.1
50.0
3807.5

5421.8
1247.2
190.4
-0.8
51.3
3933.7

5447.6
1284.2
191.3
-6.5
48.6
3930.0

5493.0
1316.5
193.9
-4.2
46.7
3940.1

5440.4
1339.5
203.0
-10.8
45.4
3863.3

14
15
16
17
18
19

20

6378.6

6628.8

7457.6

8153.4

8348.1

8507.9

8698.9

8820.5

8936.6

8976.9

9011.2

20

21

Credit market instruments

3093.0

3383.9

3790.2

4265.3

4415.3

4562.2

4618.0

4695.9

4785.7

4881.5

4922.8

21

22
23
24
25

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

156.4
137.9
1460.4
642.1

168.6
142.0
1610.9
692.7

193.0
147.8
1829.6
774.5

230.3
152.8
2059.5
847.5

260.8
153.3
2106.0
868.3

296.8
153.4
2144.5
902.5

307.0
153.9
2186.7
909.0

278.4
154.2
2230.6
921.8

253.2
154.7
2330.8
923.2

223.3
155.6
2437.8
898.7

201.3
156.2
2484.7
886.5

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

467.9
7.9
274.2
8.7
13.4
126.0
37.7
228.4

507.7
9.4
273.7
8.4
10.8
143.3
62.1
262.1

562.0
12.1
306.8
8.3
6.6
142.3
85.9
283.4

596.5
15.3
355.6
8.0
4.4
119.5
93.6
378.8

632.2
16.7
380.5
7.9
4.9
120.8
101.5
394.7

653.7
17.7
397.7
7.7
4.9
124.8
100.9
411.4

639.9
19.0
398.7
7.6
4.6
112.4
97.6
421.4

669.9
19.7
412.6
7.6
4.3
117.3
108.4
441.1

670.6
20.7
413.2
7.6
6.6
114.9
107.6
453.3

688.8
21.9
433.7
7.3
5.8
118.9
101.3
477.3

693.2
21.8
406.0
7.7
4.3
136.2
117.2
501.0

26
27
28
29
30
31
32
33

927.0
49.9
2308.7
698.4
86.4
1523.9

992.1
59.2
2193.6
749.6
93.5
1350.5

1049.7
64.1
2553.7
804.6
95.4
1653.6

1194.1
71.0
2622.9
945.5
96.4
1581.0

1197.6
82.8
2652.5
960.8
96.7
1595.0

1220.3
80.2
2645.1
1045.5
96.9
1502.7

1261.2
80.1
2739.5
1101.3
97.2
1541.1

1295.7
77.9
2751.0
1112.3
97.4
1541.2

1261.0
84.5
2805.3
1156.1
97.7
1551.5

1221.2
81.0
2793.3
1180.2
97.9
1515.1

1215.2
109.0
2764.2
1184.6
98.2
1481.4

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

346.1
7644.4

374.5
9774.6

403.2
11606.7

372.2
15117.0

441.4
15727.7

469.5
14938.5

467.3
14458.4

380.2
12740.8

419.3
10989.6

432.1
11691.2

418.8
9681.6

40
41

42
43

Securities and mortgages
Loans and short-term paper

1826.6
1266.4

2014.9
1369.0

2260.8
1529.4

2591.1
1674.3

2654.0
1761.3

2709.2
1853.0

2762.0
1855.9

2825.9
1870.0

2938.8
1847.0

3070.7
1810.8

3141.9
1780.9

42
43

44
45

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

2243.3
641.7

2420.3
654.3

2643.2
739.1

2939.4
833.7

3041.7
808.2

3153.5
844.6

3197.3
901.2

3243.6
895.8

3192.5
856.0

3112.9
884.1

3105.1
874.5

44
45

46
47

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

59.1
40.9

59.5
40.5

59.6
40.4

60.7
39.3

60.1
39.9

59.4
40.6

59.8
40.2

60.2
39.8

61.4
38.6

62.9
37.1

63.8
36.2

46
47

48

Liquid assets/short-term liabilities

28.6

27.0

28.0

28.4

26.6

26.8

28.2

27.6

26.8

28.4

28.2

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, December 7, 2001

L.103 Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

2
3
4

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

5
6
7
8

Treasury securities
Municipal securities
Mortgages
Consumer credit

9
10
11
12
13
14
15
16
17
18
19
20
21

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

641.3

772.4

1101.8

1264.3

1295.3

1341.5

1367.0

1393.6

1422.4

1450.2

1471.4

1

124.0
75.0
19.2

146.2
85.7
22.9

178.3
94.8
32.6

203.3
104.8
42.6

209.6
105.8
43.1

220.4
107.7
43.2

224.4
108.0
47.2

228.3
108.8
52.6

233.3
110.1
59.6

238.5
111.4
66.6

243.3
112.8
68.8

2
3
4

26.7
2.6
20.4
0.0

30.8
3.2
18.7
0.0

37.0
1.5
30.7
0.0

33.9
3.5
40.7
0.0

31.3
3.5
42.7
0.0

27.6
3.6
46.5
0.0

25.9
3.6
47.0
0.0

23.7
3.7
48.6
0.0

20.9
3.7
50.1
0.0

18.2
3.8
51.5
0.0

14.8
3.8
53.2
0.0

5
6
7
8

169.8
203.5
44.8
1.7
157.1

204.9
259.9
45.2
1.7
213.0

245.6
481.4
45.6
1.6
434.2

291.4
544.1
45.9
1.6
496.6

301.6
557.7
46.0
1.7
510.0

321.2
571.2
46.3
1.6
523.3

325.5
585.3
46.5
1.6
537.2

332.2
595.7
45.8
1.6
548.3

337.2
607.5
46.0
1.6
559.9

340.7
619.5
46.6
1.5
571.3

344.0
630.7
48.3
1.5
580.8

9
10
11
12
13

1534.1

1722.9

2010.2

2255.3

2309.5

2378.1

2424.3

2477.1

2520.6

2565.6

2601.3

14

1129.3

1224.0

1363.7

1519.1

1553.1

1599.1

1630.3

1664.8

1695.5

1727.9

1753.9

15

193.6
92.5
843.2

237.3
95.8
890.9

256.3
108.9
998.6

274.2
116.7
1128.3

278.7
119.9
1154.5

287.1
123.7
1188.3

288.9
125.4
1215.9

292.0
127.8
1245.0

292.2
128.2
1275.1

287.2
132.6
1308.2

283.5
128.9
1341.4

16
17
18

116.8
42.5
245.5

147.8
49.8
301.3

170.9
60.5
415.1

196.4
68.8
471.0

202.9
71.0
482.5

211.2
73.7
494.1

214.8
74.9
504.3

218.8
76.3
517.2

222.0
77.3
525.9

224.8
78.1
534.8

227.2
78.7
541.5

19
20
21

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

61.1

61.7

64.2

63.6

63.4

63.6

63.7

62.9

62.9

63.5

64.0

1

2

Checkable deposits and currency

16.7

16.9

18.8

18.0

17.8

17.6

17.5

17.4

17.2

17.1

17.0

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

44.4
42.9
1.5

44.8
43.3
1.5

45.4
43.7
1.7

45.6
43.9
1.6

45.6
44.0
1.5

46.0
44.4
1.6

46.2
44.5
1.6

45.5
43.9
1.6

45.6
44.1
1.6

46.3
44.7
1.7

47.0
45.3
1.7

3
4
5

167.1

174.7

183.5

189.4

189.8

197.0

198.8

201.1

199.7

206.4

206.8

6

149.7

155.9

163.9

169.4

170.7

176.2

177.9

180.2

179.7

185.2

185.8

7

40.4
22.4
86.9

43.9
21.9
90.0

45.1
22.2
96.6

44.2
22.8
102.3

42.4
24.0
104.2

45.9
23.5
106.8

46.2
23.4
108.3

46.9
24.5
108.8

45.1
24.6
109.9

47.8
24.3
113.1

47.1
24.0
114.6

8
9
10

17.4

18.8

19.6

20.0

19.2

20.8

20.9

20.9

20.1

21.3

21.0

11

6
7
8
9
10
11

Total financial assets

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, December 7, 2001

L.105 State and Local Governments (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1007.9

1033.3

1180.3

1267.8

1278.6

1297.9

1305.8

1321.0

1337.5

1357.4

1361.5

1

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

27.8
72.6
147.8

32.2
78.4
151.4

28.3
91.1
158.5

32.1
102.1
163.5

27.2
98.9
176.4

27.0
100.7
174.0

25.7
103.4
177.0

33.2
111.5
173.3

30.2
109.9
178.0

30.2
107.1
182.3

28.8
107.4
192.5

2
3
4

5

Credit market instruments

6
7
8
9
10
11
12

Total financial assets

1997

604.8

605.0

739.4

782.8

782.9

795.8

788.7

792.0

792.4

789.1

778.3

5

Open market paper
U.S. government securities
Treasury
Agency

59.7
373.2
257.0
116.2

74.0
354.8
239.3
115.4

102.0
448.3
269.3
179.0

103.9
474.3
266.8
207.5

105.6
470.5
257.2
213.3

110.0
476.4
256.4
220.0

109.0
467.9
241.9
226.0

111.5
467.2
236.2
231.0

112.5
461.9
224.0
237.9

108.2
460.2
216.5
243.6

113.2
439.4
188.9
250.5

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

4.6
49.7
117.6

3.9
51.0
121.3

2.5
61.2
125.4

1.0
73.8
129.8

0.6
75.3
130.9

1.0
76.5
132.0

1.8
76.9
133.1

1.6
77.5
134.3

2.1
80.4
135.4

2.0
82.2
136.6

2.1
85.9
137.8

10
11
12

13
14

Corporate equities
Mutual fund shares

46.8
41.0

79.0
33.6

102.0
21.3

115.0
25.6

113.2
22.9

115.0
24.3

117.6
25.4

115.1
26.4

108.6
28.8

118.6
30.7

108.8
30.5

13
14

15
16

Taxes receivable
Miscellaneous assets

26.1
41.0

26.9
27.0

28.1
11.5

33.5
13.1

35.5
21.5

39.0
21.9

42.9
25.0

45.6
24.1

49.1
40.5

50.8
48.6

51.4
63.8

15
16

17

1581.0

1668.5

1779.3

1860.7

1874.1

1888.9

1892.6

1915.2

1949.6

1986.2

1995.4

17

18

Credit market instruments

1063.4

1119.5

1199.8

1252.1

1257.3

1265.7

1263.1

1279.3

1307.5

1337.8

1340.6

18

19
20
21
22

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

1053.3
39.1
1014.1
10.1

1110.6
47.5
1063.1
8.9

1189.7
41.2
1148.5
10.1

1242.4
44.8
1197.6
9.7

1247.9
46.4
1201.5
9.3

1256.7
45.2
1211.6
8.9

1254.5
43.5
1211.0
8.6

1270.6
47.9
1222.7
8.7

1298.7
53.7
1244.9
8.8

1328.9
55.7
1273.3
8.9

1331.7
64.9
1266.8
8.9

19
20
21
22

517.6

549.0

579.5

608.6

616.9

623.2

629.6

635.9

642.1

648.4

654.8

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

440.7

437.9

442.9

557.4

537.6

532.4

538.3

506.5

537.2

540.0

561.7

1

44.9
38.3
2.4

42.0
41.6
3.4

51.0
23.2
4.7

44.4
87.9
5.4

41.3
51.2
5.5

41.0
60.6
5.7

39.7
55.7
6.2

41.0
24.3
6.3

38.7
30.7
8.4

39.5
48.9
9.9

44.6
50.6
11.7

2
3
4

200.2

205.4

219.1

258.0

259.6

261.6

262.7

265.4

266.6

267.6

267.8

5

0.0
50.3
149.9

0.0
45.7
159.7

0.0
44.9
174.2

0.0
77.7
180.3

0.0
76.8
182.8

0.0
76.8
184.7

0.0
76.5
186.2

0.0
76.9
188.6

0.0
76.3
190.3

0.0
76.2
191.4

0.0
75.3
192.5

6
7
8

24.0
20.7
110.2

20.8
20.0
104.8

22.3
21.4
101.2

22.9
38.5
100.3

25.4
55.9
98.7

26.9
37.9
98.7

27.7
47.4
98.8

28.1
42.4
98.9

31.7
62.3
98.8

33.9
39.9
100.4

33.4
51.4
102.1

9
10
11

4491.3

4546.9

4529.4

4499.3

4463.0

4283.5

4244.8

4225.2

4255.1

4108.1

4187.0

12

9.7
18.9

9.2
19.3

9.2
19.9

6.2
20.9

6.2
21.4

4.2
22.1

3.2
23.2

2.2
23.2

2.2
22.9

2.2
23.2

2.2
23.2

13
14

3781.8

3804.9

3752.2

3681.0

3653.5

3464.0

3410.2

3385.2

3408.8

3251.4

3320.1

15

187.0
3568.1
26.6
0.0

186.5
3591.8
26.5
0.0

186.6
3537.1
28.5
0.0

186.4
3466.3
28.3
0.0

185.3
3440.5
27.8
0.0

184.6
3251.1
28.2
0.0

184.3
3198.2
27.6
0.0

184.8
3173.1
27.3
0.0

184.8
3197.3
26.8
0.0

185.5
3038.9
27.0
0.0

186.4
3106.7
27.0
0.0

16
17
18
19

81.8
591.9
7.3

72.9
634.0
6.6

64.9
676.5
6.7

65.6
719.0
6.6

67.0
708.2
6.6

67.5
719.2
6.5

68.4
733.3
6.6

66.9
741.3
6.4

64.8
749.8
6.5

62.9
762.1
6.4

59.7
775.4
6.4

20
21
22

67

Z.1, December 7, 2001

L.107 Rest of the World
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

17
18
19

U.S. corporate equities
Trade receivables
Security credit

20
21
22

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

23

Total liabilities

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

4202.8

4925.7

5672.2

6400.8

6634.5

6867.8

7069.1

7368.9

7614.9

7769.4

7812.0

1

177.3
213.7
60.6
70.9

173.0
243.6
73.6
90.8

145.9
258.4
86.6
72.0

139.4
298.3
101.6
86.8

130.2
277.8
99.2
76.0

166.2
280.3
99.6
88.1

138.0
282.3
98.0
93.3

127.9
290.1
107.2
91.9

99.4
292.9
97.2
116.2

102.1
294.7
97.8
119.5

109.4
304.3
95.9
110.5

2
3
4
5

1926.6

2257.3

2539.8

2676.2

2760.7

2809.9

2861.7

3004.6

3113.0

3200.4

3293.2

6

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

102.3
1633.6
628.9
578.2
50.7

100.0
1674.5
653.2
594.4
58.8

98.2
1679.3
659.6
590.4
69.1

94.6
1700.7
664.8
581.4
83.4

111.0
1772.4
676.9
582.3
94.6

110.0
1814.2
679.4
581.3
98.1

113.2
1824.5
668.6
560.5
108.1

110.7
1864.9
685.5
577.6
107.9

7
8
9
10
11

679.0
502.6
176.5

884.0
662.2
221.8

1001.9
729.7
272.2

1004.6
660.7
344.0

1021.3
651.3
370.0

1019.8
630.8
389.0

1035.8
618.3
417.6

1095.5
639.7
455.8

1134.8
640.3
494.4

1155.9
632.1
523.8

1179.5
622.6
556.9

12
13
14

453.2
126.0

537.8
143.3

660.0
142.3

820.8
119.5

865.4
120.8

907.6
124.8

954.0
112.4

1003.9
117.3

1073.9
114.9

1143.8
118.9

1181.2
136.2

15
16

656.8
57.1
0.0

919.5
60.3
0.0

1175.1
51.7
0.0

1537.8
46.8
0.0

1598.2
46.4
0.0

1620.4
47.4
0.0

1724.9
49.6
0.0

1748.3
52.5
0.0

1626.5
54.1
0.0

1732.2
53.0
0.0

1524.4
51.2
0.0

17
18
19

1039.9
745.6
294.3

1107.7
823.1
284.5

1342.6
912.2
430.5

1513.9
1094.4
419.5

1646.0
1131.4
514.7

1755.9
1221.9
534.0

1821.4
1299.2
522.2

1946.4
1369.5
576.9

2215.6
1422.4
793.3

2169.8
1490.0
679.8

2323.1
1514.9
808.2

20
21
22

2316.8

2561.4

2788.9

3073.8

3221.7

3368.3

3622.2

3499.3

3914.9

3930.0

4319.5

23

24
25

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

53.7
521.7

48.9
618.5

60.1
642.3

50.1
703.6

46.6
781.9

46.0
782.8

44.9
772.6

46.1
824.5

42.8
883.4

43.4
846.8

49.0
850.6

24
25

26

Credit market instruments

542.2

608.0

651.5

679.6

707.9

702.5

731.0

746.7

743.4

727.8

698.5

26

67.5
366.3

65.1
427.7

72.9
462.6

89.2
479.4

101.6
491.3

101.2
484.5

109.8
502.4

120.9
504.6

112.8
508.9

110.1
504.9

106.3
479.6

27
28

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

59.4
3.0
10.0
46.5
47.8
3.9

63.3
2.8
11.4
49.1
47.9
3.8

64.7
3.1
12.0
49.5
48.0
4.1

67.7
3.6
12.6
51.5
47.4
3.8

70.7
3.5
13.2
54.0
47.3
3.1

73.9
3.6
16.2
54.1
46.9
0.8

66.2
3.3
9.2
53.7
45.8
0.8

67.3
4.2
9.4
53.7
44.7
0.6

29
30
31
32
33
34

43.6
0.0

48.7
0.0

46.3
0.0

50.6
0.0

50.0
0.0

53.0
0.0

49.8
0.0

52.1
0.0

50.7
0.0

53.6
0.0

55.2
0.0

35
36

1155.6
29.2
2.1
986.5
137.7

1237.4
30.8
2.1
1067.4
137.0

1388.8
32.4
1.9
1196.8
157.7

1589.9
33.9
2.6
1328.0
225.5

1635.3
34.2
2.3
1368.9
230.0

1783.9
34.6
2.3
1404.5
342.5

2023.9
34.9
2.4
1448.1
538.4

1829.9
35.4
2.6
1445.2
346.8

2194.7
35.9
2.5
1489.2
667.1

2258.4
37.7
2.5
1526.9
691.3

2666.2
39.5
2.3
1552.5
1071.9

37
38
39
40
41

1002.9

1207.8

1476.2

2026.6

2057.4

2010.9

1854.0

1787.0

1574.0

1610.7

1368.4

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, December 7, 2001

L.108 Monetary Authority (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

495.2

534.0

566.8

696.9

604.1

609.8

608.5

636.0

625.3

638.6

663.5

1

2
3
4

Gold and foreign exchange
SDR certificates
Treasury currency

30.2
9.7
25.0

28.0
9.2
25.6

30.7
9.2
26.3

27.1
6.2
28.0

26.8
6.2
29.0

26.5
4.2
30.0

26.6
3.2
30.8

26.6
2.2
31.6

25.5
2.2
32.3

25.4
2.2
32.7

26.3
2.2
32.9

2
3
4

5
6
7

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

4.3
0.1
21.6

0.7
2.0
23.8

1.6
0.0
30.4

-0.2
0.2
140.6

-0.2
0.2
23.7

-0.0
0.5
26.9

0.4
0.4
17.3

0.9
0.1
43.4

0.2
0.0
22.0

-0.4
0.2
23.3

-0.4
0.1
47.9

5
6
7

8

Credit market instruments

393.1

431.4

452.5

478.1

501.9

505.1

511.5

511.8

523.9

535.1

534.1

8

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
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

0.0
511.5
511.4
0.1
0.0

0.0
511.8
511.7
0.1
0.0

0.0
523.9
523.9
0.0
0.0

0.0
535.1
535.1
0.0
0.0

0.0
534.1
534.1
0.0
0.0

9
10
11
12
13

11.2

13.2

16.1

16.8

16.5

16.6

18.3

19.3

19.3

20.2

20.5

14

490.7

528.8

560.9

690.5

596.1

605.7

604.7

629.2

618.8

631.3

655.9

15

9
10
11
12
13
14
15

Total financial assets

1997

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

24.5
45.2

30.8
45.0

26.3
42.1

24.0
66.5

18.2
35.2

18.5
37.0

17.6
34.5

19.0
44.4

17.8
36.0

18.6
37.2

24.9
36.6

16
17

18
19
20
21

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

413.6
8.0
0.2
405.5

443.5
5.7
0.5
437.4

481.8
6.2
0.2
475.4

590.4
28.5
0.1
561.8

532.7
4.5
0.2
528.0

540.6
6.3
0.1
534.1

542.9
8.6
0.2
534.1

555.2
5.6
0.3
549.3

556.1
6.1
0.1
549.8

567.3
7.6
0.1
559.5

586.1
10.2
0.6
575.3

18
19
20
21

22
23
24

Miscellaneous liabilities
Federal Reserve Bank stock
Other

7.4
4.6
2.8

9.5
5.4
4.0

10.7
6.0
4.8

9.4
6.4
3.0

10.0
6.7
3.3

9.6
6.9
2.8

9.6
6.9
2.7

10.6
7.0
3.6

8.8
7.0
1.8

8.2
7.1
1.0

8.2
7.3
0.9

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, December 7, 2001

L.109 Commercial Banking (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

4710.4

5174.6

5642.2

5989.3

6065.7

6228.3

6368.1

6487.8

6505.8

6574.0

6688.6

1

45.2
22.3
1.4

45.0
29.1
1.4

42.1
24.4
2.0

66.5
22.0
2.2

35.2
16.6
1.9

37.0
16.9
2.1

34.5
16.5
1.4

44.4
18.0
1.7

36.0
16.8
1.9

37.2
17.6
1.7

36.6
23.7
2.5

2
3
4

3794.5

4144.5

4483.3

4782.0

4882.5

5011.6

5105.9

5194.7

5223.4

5235.4

5280.4

5

U.S. government securities
Treasury
Agency

757.5
261.8
495.7

841.2
270.1
571.2

876.6
214.0
662.6

925.0
226.7
698.3

931.5
215.6
715.9

920.8
201.4
719.4

912.8
200.9
711.8

903.1
182.2
720.9

887.6
171.9
715.7

872.8
176.0
696.8

914.3
175.9
738.3

6
7
8

9
10

Municipal securities
Corporate and foreign bonds

94.2
112.3

96.7
143.1

104.8
181.1

110.7
219.9

111.9
214.1

112.3
219.0

113.4
253.5

114.0
277.5

112.7
290.5

116.2
325.8

117.9
337.9

9
10

11
12
13
14
15
16

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

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

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
1464.6
1614.1
506.2
150.6

3801.9
1.3
1471.7
1648.1
521.8
159.0

3875.3
1.5
1497.9
1659.3
541.5
175.2

3909.0
0.6
1495.1
1688.1
533.7
191.6

3895.7
0.0
1459.5
1723.3
540.2
172.7

3889.0
0.0
1450.2
1736.1
535.3
167.4

11
12
13
14
15
16

17
18

Corporate equities
Mutual fund shares

6.8
2.6

2.6
8.1

6.8
9.2

10.4
11.1

10.5
12.4

10.5
12.2

11.8
12.5

11.0
13.8

7.7
15.9

8.8
16.0

6.4
15.0

17
18

23.4
823.7

20.6
934.0

11.3
1079.1

8.2
1108.3

8.7
1120.8

9.0
1151.7

8.4
1201.4

7.5
1221.5

7.4
1220.2

6.6
1275.5

4.8
1340.4

19
20

4547.4

5053.0

5519.3

5836.9

5932.5

6138.2

6253.0

6364.7

6418.6

6482.4

6643.6

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

171.1
4.4
-10.6
177.3

143.5
2.8
-32.2
173.0

120.6
1.7
-27.0
145.9

113.9
-0.0
-25.5
139.4

116.3
0.0
-13.9
130.2

155.1
0.5
-11.6
166.2

121.1
0.7
-17.6
138.0

124.6
1.0
-4.3
127.9

101.3
0.2
1.7
99.4

107.3
-0.2
5.5
102.1

115.3
-0.3
6.3
109.4

22
23
24
25

26
27
28
29

Checkable deposits
Federal government
Rest of the world
Private domestic

676.3
28.7
26.9
620.7

656.4
27.8
31.7
597.0

623.0
13.2
30.2
579.7

626.2
49.6
43.6
533.1

574.9
37.5
29.9
507.4

574.0
48.7
31.4
493.9

537.0
39.3
32.6
465.1

541.0
16.4
34.1
490.5

495.3
2.2
34.8
458.4

503.4
1.2
33.8
468.4

507.7
1.9
34.7
471.1

26
27
28
29

30
31
32

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

1613.2
493.1
463.2

1761.5
601.0
552.2

1945.2
673.3
639.2

2016.5
792.3
749.8

2077.5
816.4
777.6

2100.3
833.6
827.4

2156.2
864.5
827.5

2229.8
887.2
813.4

2311.6
900.0
838.7

2342.3
901.3
822.7

2395.4
890.7
812.1

30
31
32

33

Credit market instruments

263.6

309.2

382.1

449.3

463.6

494.7

502.0

509.3

540.3

543.7

556.8

33

55.7
168.9
39.0

58.5
192.6
58.1

56.9
220.2
104.9

63.1
240.6
145.6

59.7
248.9
155.0

61.7
258.4
174.6

62.9
266.6
172.6

63.6
273.2
172.4

71.2
293.1
176.1

69.4
295.3
179.0

67.5
303.2
186.1

34
35
36

4.0
863.0

5.4
1023.7

7.1
1128.7

9.0
1079.9

9.5
1096.8

10.0
1143.2

10.6
1234.1

11.1
1248.4

11.7
1219.7

12.3
1249.4

12.9
1352.7

37
38

3707.7

4031.9

4335.7

4643.9

4725.0

4847.4

4931.0

5002.3

5015.7

5044.4

5096.5

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, December 7, 2001

L.110 U.S.-Chartered Commercial Banks
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

3444.5

3742.2

4094.2

4433.0

4507.6

4627.6

4700.2

4772.9

4788.5

4830.2

4915.8

1

66.3

71.2

65.5

87.1

51.4

53.3

50.6

62.0

52.3

54.4

59.7

2

3231.5

3512.2

3844.4

4161.3

4263.5

4381.3

4453.3

4512.3

4524.1

4566.4

4618.8

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

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

729.3
108.6
620.7
283.5
108.8
228.5

714.2
87.9
626.3
297.8
111.0
217.6

690.8
72.2
618.6
308.2
114.7
195.7

691.6
69.9
621.7
323.5
116.4
181.8

722.4
65.3
657.1
346.0
133.6
177.6

4
5
6
7
8
9

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

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

112.7
195.7
3.4
51.0
141.3

113.3
214.0
4.1
56.5
153.4

112.3
229.7
7.9
57.5
164.3

115.9
242.1
8.6
64.0
169.5

117.6
258.7
8.0
53.9
196.9

10
11
12
13
14

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

3137.3
0.7
1104.4
1464.8
499.8
67.6

3221.1
0.7
1131.9
1515.0
497.1
76.5

3337.1
0.6
1178.7
1581.1
506.2
70.5

3391.2
0.6
1186.5
1614.7
521.8
67.5

3446.0
0.9
1202.6
1626.3
541.5
74.7

3467.8
0.0
1197.5
1654.4
533.7
82.2

3492.0
0.0
1179.3
1688.8
540.2
83.7

3498.7
0.0
1170.7
1700.3
535.3
92.6

15
16
17
18
19
20

6.8
2.6

2.6
8.1

6.8
9.2

10.4
11.1

10.5
12.4

10.5
12.2

11.8
12.5

11.0
13.8

7.7
15.9

8.8
16.0

6.4
15.0

21
22

13.9
132.8

13.7
145.2

9.1
175.2

6.6
177.9

7.1
185.7

7.3
185.8

6.8
189.6

5.9
192.8

6.0
206.1

5.3
204.1

3.9
233.4

23
24

3598.7

3959.7

4366.8

4684.0

4789.8

4958.9

5023.0

5107.0

5181.0

5227.7

5376.3

25

26
27
28
29
30

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

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

55.7
-0.2
0.2
-65.1
120.8

57.1
-0.2
0.2
-65.0
122.1

103.0
-0.0
0.5
-66.2
168.7

87.9
0.4
0.4
-65.1
152.3

77.8
0.9
0.1
-73.8
150.6

113.2
0.2
0.0
-21.0
134.1

126.3
-0.4
0.2
-24.6
151.2

109.2
-0.4
0.1
-16.1
125.6

26
27
28
29
30

31
32
33
34

Checkable deposits
Federal government
Rest of the world
Private domestic

661.4
28.7
21.6
611.1

640.3
27.8
26.0
586.5

605.9
13.2
24.8
567.9

608.6
49.6
37.6
521.5

558.4
37.5
24.4
496.5

556.5
48.7
25.3
482.5

520.8
39.3
27.5
454.0

523.8
16.4
28.4
479.0

478.7
2.2
29.3
447.2

486.1
1.2
30.9
454.0

490.2
1.9
31.9
456.3

31
32
33
34

35
36
37

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

1594.2
306.1
408.2

1738.0
369.3
471.7

1924.4
404.1
538.5

1996.8
465.6
667.3

2058.0
480.4
693.7

2079.7
511.4
721.3

2136.2
530.0
705.5

2207.2
553.5
680.1

2290.4
548.8
698.5

2314.1
551.3
705.6

2370.9
549.0
706.2

35
36
37

38
39
40
41

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

14.0
50.9
39.0
4.0

13.7
61.6
58.1
5.4

9.1
72.1
104.9
7.1

6.6
75.8
145.6
9.0

7.0
78.3
155.0
9.5

7.2
81.6
174.6
10.0

6.8
83.9
172.6
10.6

6.0
86.4
172.4
11.1

6.0
89.9
176.1
11.7

5.4
89.0
179.0
12.3

4.1
91.8
186.1
12.9

38
39
40
41

42
43
44

Miscellaneous liabilities
Investment by bank holding companies
Other

520.6
372.9
147.7

598.7
413.6
185.1

675.5
469.0
206.6

653.0
471.9
181.2

692.5
492.1
200.4

713.6
501.0
212.6

768.7
514.8
253.9

788.7
525.4
263.3

767.6
541.8
225.8

758.6
552.2
206.4

856.0
577.8
278.2

42
43
44

3175.8

3450.7

3761.2

4078.9

4171.3

4295.4

4368.2

4418.7

4424.4

4463.2

4508.8

45

Memo:
45

Credit market funds advanced (2)

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

71

Z.1, December 7, 2001

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

714.8

811.3

806.5

756.1

720.1

743.2

769.9

785.9

757.9

759.2

754.7

1

1.1

2.9

1.0

1.4

0.5

0.6

0.4

0.5

0.6

0.5

0.6

2

507.0

567.2

568.6

539.7

547.2

556.4

577.3

607.0

622.9

591.9

583.9

3

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

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

163.6
92.3
71.3
0.0
42.0

157.4
86.9
70.5
0.0
43.0

151.1
81.6
69.5
0.0
43.0

159.1
89.0
70.1
0.0
43.7

163.6
91.7
71.9
0.0
49.6

173.1
97.8
75.3
0.0
45.9

157.9
104.3
53.5
0.0
69.4

167.8
108.4
59.4
0.0
64.9

4
5
6
7
8

9
10
11
12
13

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

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

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

374.5
0.7
265.1
17.3
91.5

393.8
0.6
275.7
17.1
100.5

403.9
0.6
276.8
17.1
109.4

364.6
0.0
259.0
16.7
88.9

351.1
0.0
258.3
17.9
74.9

9
10
11
12
13

14

Corporate equities

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

14

9.4
197.2

6.9
234.3

2.2
234.6

1.6
213.3

1.6
170.7

1.7
184.4

1.6
190.5

1.6
176.8

1.5
133.0

1.2
165.6

0.9
169.4

15
16

2

Reserves at Federal Reserve

3

Total bank credit

4
5
6
7
8

15
16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets

731.9

830.8

828.7

781.5

746.3

770.3

797.9

814.9

787.8

790.1

786.7

17

18
19
20

Total liabilities
Net interbank liabilities
To foreign banks
To domestic banks

178.6
162.1
16.5

148.2
144.4
3.8

92.8
92.7
0.1

51.6
44.2
7.4

21.3
13.1
8.1

14.9
4.5
10.4

2.5
-4.3
6.8

10.1
-14.4
24.4

-19.8
-37.4
17.5

-14.3
-54.9
40.6

3.9
-31.1
35.0

18
19
20

21
22
23

Checkable deposits
Small time and savings deposits
Large time deposits

8.0
8.7
176.6

8.8
13.1
221.3

8.6
9.5
257.8

9.1
7.5
314.5

8.3
7.2
323.7

9.3
7.7
309.3

8.1
6.5
321.0

8.8
9.0
320.1

8.2
7.7
337.8

8.2
13.5
335.2

8.8
9.3
326.5

21
22
23

24
25

Federal funds and security RPs (net)
Acceptance liabilities

55.1
9.6

80.7
7.2

100.4
2.4

82.1
2.0

83.2
2.0

104.9
2.0

120.9
1.9

134.5
2.0

139.6
1.8

116.3
1.4

105.0
1.0

24
25

26
27
28
29

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

295.2
30.3
64.5
200.5

351.5
38.8
78.8
233.9

357.2
44.2
90.6
222.4

314.7
63.3
93.0
158.4

300.7
68.4
114.6
117.7

322.2
68.9
114.5
138.8

337.0
69.7
119.9
147.4

330.5
72.9
138.7
119.0

312.6
73.2
142.3
97.1

329.7
77.1
137.3
115.4

332.1
79.2
113.5
139.3

26
27
28
29

475.8

516.1

504.2

484.1

482.0

478.1

487.5

508.1

515.0

504.2

509.9

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, December 7, 2001

L.112 Bank Holding Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

510.8

575.3

685.9

741.0

778.1

795.7

833.4

865.7

896.4

916.2

950.8

1

22.0

27.4

26.5

32.7

22.1

23.0

21.3

20.5

22.3

21.6

21.3

2

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

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

6.2
1.1
5.1
13.3
1.8

5.6
0.8
4.8
13.2
1.6

6.2
0.8
5.4
13.4
2.7

6.0
0.9
5.1
12.9
2.7

5.8
0.8
5.0
12.8
2.6

3
4
5
6
7

488.9
372.9
64.9
51.1

547.9
413.6
89.9
44.4

659.5
469.0
134.0
56.5

708.4
471.9
151.2
85.4

756.0
492.1
184.4
79.6

772.7
501.0
184.9
86.8

812.1
514.8
198.9
98.4

845.2
525.4
213.5
106.3

874.1
541.8
227.3
105.0

894.6
552.2
237.0
105.5

929.5
577.8
240.7
111.1

8
9
10
11

178.3

218.8

270.6

314.5

338.9

349.7

370.0

382.5

390.0

399.6

417.1

12

-7.9
14.7
-22.6

-7.6
14.3
-21.9

2.7
23.9
-21.3

6.6
32.1
-25.5

37.9
43.0
-5.0

37.2
44.2
-7.0

30.7
40.7
-10.0

36.7
45.1
-8.4

7.9
5.2
2.7

-4.8
-10.6
5.8

2.1
-12.7
14.8

13
14
15

-0.2

-0.2

0.4

0.5

0.7

1.2

1.1

-1.1

0.6

0.7

0.9

16

150.0
32.0
118.0

168.6
37.6
131.0

193.5
45.4
148.1

219.3
54.5
164.8

221.4
50.8
170.6

229.3
52.4
176.8

236.9
54.1
182.7

242.5
55.7
186.8

266.5
63.4
203.2

269.0
62.7
206.4

273.8
62.4
211.4

17
18
19

36.3

57.9

74.1

88.1

78.9

82.1

101.4

104.4

115.0

134.6

140.2

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

40.3

45.8

55.5

59.2

59.9

61.8

64.7

63.3

63.0

68.3

67.2

1

1.4

1.4

2.0

2.2

1.9

2.1

1.4

1.7

1.9

1.7

2.5

2

34.1

37.8

43.8

48.3

49.6

51.0

54.0

55.0

54.1

55.5

56.5

3

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

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

18.2
2.2
16.0
0.7
0.7

19.6
1.8
17.8
0.7
0.8

17.6
1.2
16.4
0.4
1.5

17.4
0.9
16.5
0.4
1.3

18.2
1.4
16.8
0.3
1.4

4
5
6
7
8

14.6
6.3
3.9

15.5
6.4
4.4

16.3
7.5
4.8

16.9
8.1
6.0

17.8
8.4
6.1

18.0
9.0
6.4

18.4
9.4
6.7

18.0
9.1
6.8

18.1
7.1
9.5

18.6
7.6
10.2

18.6
7.6
10.3

9
10
11

4.8

6.6

9.7

8.7

8.4

8.8

9.2

6.6

7.1

11.1

8.2

12

38.6

43.7

53.1

56.9

57.5

59.3

62.0

60.4

59.8

65.0

63.6

13

14
15
16

Checkable deposits
Small time and savings deposits
Large time deposits

6.9
10.4
10.4

7.3
10.4
10.4

8.5
11.4
11.4

8.5
12.2
12.2

8.2
12.3
12.3

8.2
12.9
12.9

8.1
13.5
13.5

8.4
13.6
13.6

8.4
13.4
13.4

9.0
14.8
14.8

8.8
15.2
15.2

14
15
16

17

Miscellaneous liabilities

10.9

15.6

21.9

24.1

24.7

25.3

26.9

24.8

24.5

26.4

24.5

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, December 7, 2001

L.114 Savings Institutions (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1031.7

1028.6

1088.4

1151.4

1160.4

1182.5

1202.9

1218.6

1254.9

1274.0

1287.6

1

2.3
14.2
1.4
10.0

1.8
15.2
1.0
9.2

1.9
18.4
1.5
14.8

2.0
20.1
1.3
10.6

1.6
16.3
1.9
11.5

1.6
17.5
1.3
12.0

1.1
17.5
1.1
14.7

1.0
19.7
1.4
14.9

1.0
19.6
1.7
21.7

1.0
21.7
2.4
22.0

1.2
21.8
2.2
25.8

2
3
4
5

933.2

928.5

964.6

1033.2

1045.8

1062.5

1082.2

1089.7

1101.6

1116.4

1119.0

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

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
157.4
10.1
147.3

0.0
152.2
9.9
142.2

0.0
149.1
9.1
140.0

0.0
148.4
8.8
139.6

0.0
149.3
8.7
140.6

0.0
153.5
8.0
145.5

0.0
158.2
7.5
150.7

0.0
155.4
6.6
148.9

7
8
9
10

11
12
13
14
15

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

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
644.0
51.6

3.0
112.0
30.7
668.6
61.5

3.1
115.7
33.4
682.4
59.0

3.0
110.6
35.4
703.5
61.0

3.0
107.3
37.9
723.1
62.5

3.2
109.5
39.3
723.8
64.6

3.9
96.0
41.4
741.4
65.5

4.0
93.2
43.8
751.9
65.3

4.1
88.1
43.6
758.6
69.1

11
12
13
14
15

17.8
52.9

23.3
49.7

24.5
62.8

23.8
60.3

23.7
59.5

24.2
63.4

24.4
61.9

24.2
67.7

24.6
84.6

25.6
84.8

27.1
90.4

16
17

1010.5

1001.0

1058.6

1120.4

1129.4

1150.7

1170.4

1186.7

1222.8

1241.4

1253.5

18

721.4
122.4
512.5
86.4

695.7
149.5
448.2
98.1

693.1
185.6
393.8
113.7

699.9
222.7
354.9
122.2

705.3
234.0
342.2
129.1

707.0
244.7
331.0
131.3

718.4
254.9
324.1
139.4

727.4
265.9
319.4
142.2

750.0
278.7
318.9
152.4

755.5
291.9
307.2
156.4

769.2
303.5
298.0
167.6

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

43.7

41.8

51.3

72.7

73.5

75.0

81.2

66.7

67.1

69.6

54.6

23

24
25
26
27

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

140.5
2.7
15.9
121.9

160.3
2.8
19.4
138.0

212.4
2.6
29.7
180.1

260.4
2.7
14.0
243.7

266.9
2.7
20.4
243.8

280.7
2.7
21.3
256.7

276.0
3.4
20.8
251.8

287.7
6.3
21.5
260.0

295.1
2.8
22.6
269.7

294.4
6.4
21.7
266.4

303.9
6.1
23.3
274.5

24
25
26
27

28
29
30
31

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

1.4
103.5
4.7
98.8

1.8
101.4
5.0
96.4

2.0
99.8
5.4
94.4

2.0
85.4
6.0
79.4

1.7
82.0
6.1
75.9

1.8
86.1
6.3
79.8

2.1
92.7
6.4
86.2

2.4
102.5
6.6
95.9

2.3
108.4
6.8
101.6

2.0
119.8
7.0
112.8

2.0
123.7
7.2
116.6

28
29
30
31

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

74

Z.1, December 7, 2001

L.115 Credit Unions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

330.1

353.8

391.5

414.5

428.3

429.7

435.6

441.1

466.5

480.7

496.4

1

7.5
16.4
1.4

8.1
17.0
3.5

9.1
23.4
6.8

26.4
16.6
9.3

26.4
18.8
9.6

24.0
16.6
2.8

17.6
15.2
7.8

12.2
17.1
4.0

15.0
20.9
10.8

18.1
19.0
8.3

25.0
18.7
7.9

2
3
4

288.5

305.3

324.2

351.7

359.0

370.1

376.0

382.2

386.5

391.8

407.8

5

0.3
68.1
17.4
50.7

0.2
66.7
15.6
51.0

0.4
71.5
13.1
58.4

1.9
70.9
9.6
61.3

0.8
74.8
9.4
65.4

0.3
74.7
8.8
65.8

1.2
69.5
8.6
60.9

1.2
69.2
8.2
60.9

1.1
76.4
8.0
68.4

1.6
72.8
6.6
66.3

1.3
80.6
6.4
74.1

6
7
8
9

10
11

Home mortgages
Consumer credit

76.0
144.1

86.0
152.4

96.9
155.4

111.0
167.9

114.1
169.2

119.1
176.0

124.0
181.3

127.4
184.4

126.2
182.8

130.9
186.4

140.2
185.7

10
11

12
13

Mutual fund shares
Miscellaneous assets

2.6
13.7

2.4
17.6

3.6
24.3

2.5
8.0

3.2
11.3

2.3
13.9

2.2
16.7

2.2
23.4

2.0
31.2

3.6
39.9

3.1
33.8

12
13

300.1

320.6

355.3

376.1

388.7

389.5

394.1

398.1

422.3

435.8

450.6

14

295.1
32.5
251.2
11.4

315.4
36.6
264.4
14.4

349.0
43.0
287.5
18.5

366.7
45.4
299.8
21.6

380.7
51.3
308.3
21.1

380.5
50.4
307.6
22.5

383.5
50.9
310.6
22.0

389.1
51.3
312.7
25.1

415.6
55.2
334.8
25.6

426.3
54.2
342.8
29.3

441.3
55.6
353.7
32.0

15
16
17
18

0.4
4.6

0.6
4.6

1.1
5.2

3.4
6.0

2.6
5.4

2.9
6.1

3.1
7.5

3.4
5.6

3.2
3.5

3.5
6.0

3.8
5.5

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)

841.2

917.7

976.3

1104.1

1131.4

1087.5

1079.6

992.1

901.7

936.9

832.2

1

51.1
0.8
9.0
41.4

48.2
0.8
10.0
37.4

54.4
0.3
7.8
46.2

62.7
0.3
8.7
53.7

63.8
0.3
9.0
54.5

65.1
0.3
9.2
55.6

65.9
0.3
9.3
56.3

67.0
0.3
9.4
57.4

68.0
0.3
9.5
58.2

69.0
0.2
9.6
59.2

70.1
0.2
9.7
60.2

2
3
4
5

232.0

207.0

194.1

222.0

226.7

230.2

234.6

239.1

241.8

245.1

247.3

6

21.1
71.3
25.7
45.6

21.0
61.2
20.4
40.8

16.5
56.8
17.3
39.4

17.1
62.5
17.3
45.2

17.3
63.3
17.1
46.2

17.4
64.1
16.9
47.2

17.6
65.2
16.7
48.5

17.7
66.3
16.5
49.8

16.7
66.7
16.2
50.6

15.8
67.4
15.8
51.6

14.9
67.6
15.4
52.2

7
8
9
10

104.0
31.9
3.6

90.7
31.1
3.0

89.5
28.5
2.8

100.3
39.8
2.2

102.1
41.8
2.2

103.0
43.5
2.2

104.3
45.4
2.1

105.0
48.0
2.1

105.8
50.5
2.0

106.3
53.6
2.0

106.7
56.1
2.0

11
12
13

248.9
293.2

321.0
326.9

314.0
390.8

338.3
460.6

345.1
475.8

323.8
449.2

318.6
441.3

280.0
387.0

239.8
333.4

251.9
352.2

206.2
290.3

14
15

16.0

14.6

23.0

20.5

20.0

19.3

19.3

19.0

18.7

18.6

18.3

16

871.3

942.5

1001.0

1130.4

1158.0

1114.4

1106.7

1019.4

929.1

964.4

859.6

17

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

75

Z.1, December 7, 2001

L.117 Life Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

2514.8

2769.5

3067.9

3155.5

3153.0

3203.9

3135.7

3103.0

3198.5

3139.8

1

8.1
92.8

5.4
110.4

5.5
133.8

4.0
135.1

5.6
133.7

3.7
136.6

5.0
142.3

17.8
164.7

23.5
186.7

24.6
192.9

2
3

1657.0

1751.1

1828.0

1886.0

1902.2

1914.1

1935.1

1943.9

1967.2

1996.9

2040.0

4

Open market paper
U.S. government securities
Treasury
Agency

48.4
337.4
93.2
244.1

65.9
312.1
85.5
226.7

73.4
288.4
71.3
217.0

75.8
287.1
62.8
224.4

72.0
289.7
61.7
228.0

73.7
290.3
60.5
229.8

75.2
292.5
59.5
233.0

71.2
293.5
58.1
235.4

60.4
297.4
53.8
243.6

58.9
297.2
48.7
248.5

66.0
301.3
44.2
257.0

5
6
7
8

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

13.4
949.3
100.5
208.2

16.7
1046.0
103.7
206.8

18.4
1130.4
103.8
213.6

20.1
1173.2
99.0
230.8

20.0
1192.5
98.7
229.4

19.6
1198.2
99.6
232.6

19.4
1212.2
101.1
234.7

19.1
1222.2
101.9
235.9

19.5
1252.0
102.9
235.1

20.4
1280.2
103.0
237.1

20.7
1310.0
104.1
237.9

9
10
11
12

414.1
35.3

558.6
38.4

733.2
23.3

964.5
43.3

1027.6
47.8

1007.8
48.6

1023.3
51.1

940.8
48.1

873.2
42.6

926.4
46.1

820.8
39.1

13
14

73.7

65.7

69.2

34.9

38.7

43.1

54.0

55.6

37.5

18.9

22.5

15

4

Credit market instruments

13
14

Corporate equities
Mutual fund shares

15

Miscellaneous assets

16

1999

4.3
61.9

Checkable deposits and currency
Money market fund shares

9
10
11
12

1998

2246.3

2
3

5
6
7
8

1997

2115.6

2359.7

2599.7

2882.8

2963.5

2958.8

3003.1

2942.8

2902.2

2994.5

2939.6

16

17
18
19

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

1.6
580.1
953.9

1.8
632.7
1086.1

2.5
684.7
1209.9

3.2
748.9
1367.3

3.0
765.7
1414.2

2.7
770.6
1403.2

2.7
782.7
1424.9

2.5
782.7
1373.8

1.9
786.5
1335.8

1.9
803.1
1379.8

2.8
804.3
1319.8

17
18
19

20
21

Taxes payable
Miscellaneous liabilities

12.5
567.5

13.7
625.4

14.9
687.7

16.2
747.2

16.5
764.1

16.9
765.3

17.3
775.4

17.8
766.1

18.2
759.8

18.7
791.0

19.2
793.5

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

770.0

843.5

879.1

875.9

879.8

877.6

879.3

871.6

851.4

863.1

863.5

1

3.9
35.4

4.2
35.2

4.0
42.7

4.3
28.3

3.1
34.8

2.7
35.3

3.1
35.8

3.7
38.3

10.6
27.8

11.8
26.6

13.1
30.9

2
3

491.2

515.3

521.1

518.2

515.4

510.8

512.4

509.4

510.0

510.0

512.3

4

U.S. government securities
Treasury
Agency

171.8
120.9
51.0

161.9
91.1
70.8

140.0
70.4
69.7

136.2
60.6
75.5

135.8
58.3
77.5

135.4
56.0
79.4

136.4
54.3
82.1

136.2
52.1
84.1

133.3
48.1
85.2

132.8
46.1
86.7

132.4
44.3
88.1

5
6
7

Municipal securities
Corporate and foreign bonds
Commercial mortgages

175.4
141.6
2.4

191.6
159.5
2.2

208.1
171.1
2.0

199.0
181.1
1.9

194.7
182.3
2.5

190.4
183.3
1.8

188.1
186.2
1.7

184.1
187.5
1.6

185.3
189.7
1.6

184.8
190.7
1.7

185.1
193.1
1.7

8
9
10

148.6
57.2
33.6

186.0
59.9
42.8

200.1
61.5
49.7

207.9
63.6
53.8

205.3
66.1
55.1

203.9
67.2
57.7

199.4
68.7
60.0

194.3
64.6
61.4

172.2
67.6
63.3

179.9
71.2
63.7

169.6
73.8
63.8

11
12
13

521.4

535.7

543.3

557.7

560.1

565.7

570.7

565.9

570.1

576.6

594.1

14

11.6
509.9

13.4
522.3

15.4
527.9

17.4
540.3

17.9
542.2

18.5
547.2

19.0
551.7

19.7
546.3

20.3
549.8

21.0
555.6

21.7
572.4

15
16

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

76

Z.1, December 7, 2001

L.119 Private Pension Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

3251.1

3746.5

4204.5

4674.0

4823.1

4743.8

4796.8

4587.2

4268.8

4412.7

4039.3

1

2
3
4
5

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

5.4
111.9
48.4
26.7

6.6
119.4
61.4
27.6

6.9
120.9
63.4
28.6

8.0
116.9
75.1
29.0

8.2
116.7
75.5
29.1

8.3
118.0
75.6
29.2

8.6
117.8
78.6
29.5

8.7
118.8
81.0
29.9

8.9
117.9
83.4
29.0

9.4
117.6
85.9
29.3

9.7
116.5
88.5
29.6

2
3
4
5

6

Credit market instruments

627.0

674.6

731.0

775.9

787.6

793.8

810.0

817.2

823.7

822.0

821.7

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

30.1
343.1
139.4
203.7

31.3
354.9
143.5
211.4

34.1
389.5
139.1
250.3

37.8
419.5
138.5
280.9

35.9
429.3
137.8
291.5

36.0
432.4
139.6
292.9

36.3
441.7
139.7
302.0

36.0
446.4
137.7
308.6

32.8
447.1
131.2
315.9

31.4
438.8
127.5
311.3

32.2
434.7
122.7
311.9

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

244.9
9.0

278.7
9.7

295.8
11.5

305.1
13.5

308.4
14.0

311.0
14.3

317.3
14.8

319.7
15.1

328.3
15.5

336.0
15.8

338.9
15.9

11
12

1463.9
412.3

1696.4
569.6

1902.2
709.3

2156.9
830.1

2231.2
881.1

2153.2
871.5

2158.3
891.4

2001.1
837.6

1778.5
752.0

1858.0
800.4

1591.3
706.2

13
14

13
14

Corporate equities
Mutual fund shares

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

555.5
361.1
86.4
108.0

590.9
381.9
93.5
115.4

642.3
422.8
95.4
124.1

682.1
457.1
96.4
128.6

693.7
467.2
96.7
129.8

694.1
465.0
96.9
132.1

702.5
471.5
97.2
133.8

692.9
460.7
97.4
134.8

675.5
442.5
97.7
135.3

690.2
455.0
97.9
137.3

675.8
440.4
98.2
137.2

15
16
17
18

19

Pension fund reserves (liabilities) (3)

3295.2

3793.6

4255.4

4728.0

4877.9

4799.4

4853.3

4644.6

4327.0

4471.8

4099.2

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

1494.6

1817.1

2054.1

2226.8

2236.5

2242.0

2292.0

2289.6

2169.4

2228.6

2077.9

1

7.5
2.3
28.2

5.3
2.4
28.6

10.0
2.0
37.5

9.2
1.7
40.4

11.1
2.4
45.4

12.5
2.7
46.8

12.0
4.4
45.1

9.1
1.1
44.7

7.2
0.8
42.5

11.9
1.1
46.8

12.5
1.5
48.0

2
3
4

565.4

632.5

704.6

751.4

767.2

775.1

784.5

806.0

788.3

801.7

806.3

5

Open market paper
U.S. government securities
Treasury
Agency

28.2
308.4
203.5
104.9

28.6
340.2
216.9
123.3

37.5
360.1
217.7
142.4

40.4
376.4
211.2
165.3

45.4
371.9
211.1
160.8

46.8
385.9
210.5
175.5

45.1
387.8
200.7
187.2

44.7
398.5
195.7
202.8

42.5
391.3
195.3
196.0

46.8
398.1
197.1
201.1

48.0
396.0
192.0
204.0

6
7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

0.6
211.4
16.7

1.5
244.5
17.6

3.3
279.6
24.1

3.0
310.0
21.5

2.9
325.3
21.7

2.8
318.5
21.0

2.2
327.9
21.5

1.6
339.7
21.5

1.8
330.6
22.1

1.6
332.4
22.8

1.6
337.0
23.7

10
11
12

828.5
62.8

1084.8
63.5

1233.9
66.1

1343.2
81.0

1331.0
79.4

1322.5
82.3

1360.9
85.0

1335.1
93.5

1224.1
106.4

1260.0
106.9

1100.3
109.3

13
14

1514.6

1842.0

2085.4

2262.3

2272.8

2280.8

2332.4

2331.5

2212.8

2273.2

2123.8

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, December 7, 2001

L.121 Money Market Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

886.7

1042.5

1329.7

1578.8

1666.0

1627.1

1697.8

1812.1

1994.7

2014.8

2116.1

1

2
3
4
5

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

23.1
-1.1
82.7
103.8

23.2
1.5
111.3
126.6

30.6
-1.0
127.0
139.5

42.9
-2.2
160.4
139.6

56.4
-3.0
157.7
158.3

73.5
-3.6
125.1
169.4

75.5
0.0
129.3
172.0

91.1
2.2
136.6
183.0

112.9
-3.9
173.3
205.9

110.4
-2.8
171.5
208.2

110.6
-9.6
182.7
221.5

2
3
4
5

6

Credit market instruments

634.3

721.9

965.9

1147.8

1217.1

1159.4

1212.5

1296.7

1403.8

1414.6

1498.0

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

273.9
192.0
90.2
101.8

336.0
182.5
86.2
96.3

414.2
277.5
103.6
173.8

519.0
294.7
103.8
190.9

576.0
271.7
98.9
172.7

566.4
236.8
78.8
158.1

589.3
241.7
79.8
161.9

614.4
275.6
90.4
185.2

641.9
344.3
96.3
248.0

638.2
361.3
93.4
267.9

647.2
429.0
111.9
317.1

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

144.5
23.9

167.0
36.4

193.0
81.2

210.4
123.7

225.8
143.6

221.5
134.6

227.6
153.9

244.8
161.9

256.0
161.6

255.2
159.9

267.1
154.7

11
12

43.8

58.1

67.7

90.4

79.6

103.4

108.5

102.5

102.6

112.8

113.0

13

886.7

1042.5

1329.7

1578.8

1666.0

1627.1

1697.8

1812.1

1994.7

2014.8

2116.1

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

2342.4

2989.4

3610.5

4553.4

4863.3

4759.6

4814.4

4457.2

3999.8

4275.3

3705.2

1

47.5

57.8

68.2

76.7

77.4

92.5

102.4

103.4

86.6

79.6

69.4

2

820.2

901.1

1025.9

1073.1

1053.7

1073.9

1088.5

1099.9

1113.8

1160.1

1193.0

3

4
5
6
7

Open market paper
U.S. government securities
Treasury
Agency

47.2
330.2
214.2
116.1

57.8
349.7
225.2
124.5

68.2
375.8
230.4
145.5

76.7
388.4
223.6
164.7

77.4
380.2
216.5
163.6

92.5
387.4
215.1
172.3

102.4
389.3
212.5
176.8

103.4
398.7
214.4
184.2

86.6
409.4
218.9
190.6

76.2
446.5
232.2
214.3

69.4
471.9
243.4
228.5

4
5
6
7

8
9

Municipal securities
Corporate and foreign bonds

213.3
229.5

219.8
273.8

242.6
339.3

239.4
368.6

232.3
363.9

227.9
366.0

228.4
368.3

230.5
367.3

236.0
381.8

240.1
397.3

246.0
405.6

8
9

1470.0
4.7

2018.7
11.8

2508.5
7.9

3400.0
3.6

3730.2
1.9

3591.3
1.9

3620.9
2.6

3250.8
3.1

2797.6
1.7

3034.8
0.7

2442.0
0.9

10
11

2342.4

2989.4

3610.5

4553.4

4863.3

4759.6

4814.4

4457.2

3999.8

4275.3

3705.2

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 and Exchange-Traded Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Closed-end funds
1

Total financial assets

2
3
4
5

Credit market instruments
U.S. government securities
Municipal securities
Corporate and foreign bonds

6

Corporate equities

144.4

149.0

151.0

151.0

150.4

146.5

144.5

138.3

131.9

132.1

124.7

1

100.8
11.4
60.8
28.6

98.3
10.2
59.9
28.1

103.7
9.3
61.8
32.6

111.1
8.0
70.5
32.6

109.0
8.0
69.3
31.7

106.9
7.9
68.2
30.8

104.8
7.8
67.0
30.0

102.7
7.7
65.9
29.1

100.6
7.6
64.7
28.2

98.5
7.6
63.6
27.3

96.4
7.5
62.4
26.5

2
3
4
5

43.6

50.7

47.3

39.9

41.4

39.6

39.7

35.7

31.3

33.7

28.4

6

2.4

6.7

15.6

33.9

36.8

46.1

49.7

65.6

66.0

75.6

64.3

7

146.8
144.4
2.4

155.7
149.0
6.7

166.6
151.0
15.6

184.9
151.0
33.9

187.2
150.4
36.8

192.6
146.5
46.1

194.2
144.5
49.7

203.9
138.3
65.6

197.9
131.9
66.0

207.7
132.1
75.6

189.1
124.7
64.3

8
9
10

Exchange-traded funds
7

Total financial assets (1)
Memo:

8
9
10

Market value of equities
Closed-end funds
Exchange-traded funds

(1) Corporate equities.

78

Z.1, December 7, 2001

L.124 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

988.6

1099.4

1403.8

1720.6

1752.3

1812.1

1881.8

1969.4

2054.5

2123.4

2220.3

1

0.7
94.5

1.9
90.4

4.4
77.0

11.8
89.7

0.7
90.6

1.2
80.9

1.0
93.7

2.1
88.1

2.0
102.3

2.7
94.4

3.9
107.2

2
3

832.8

939.4

1253.9

1545.6

1584.0

1649.2

1704.3

1793.7

1864.7

1941.1

2009.5

4

35.1
276.3
18.8
257.6

34.0
352.4
25.9
326.5

60.9
514.7
25.2
489.6

33.8
699.2
30.9
668.3

38.1
723.5
25.2
698.4

34.8
737.6
20.7
717.0

42.2
774.7
19.0
755.6

50.6
835.4
22.1
813.3

38.0
893.7
23.1
870.6

48.1
934.6
23.2
911.4

48.2
979.0
18.9
960.2

5
6
7
8

5.6
41.8

5.2
47.1

9.2
67.8

10.6
91.5

9.2
94.2

9.1
106.5

9.9
113.9

8.8
117.3

9.9
125.2

12.0
137.3

12.1
137.0

9
10

9
10

Municipal securities
Corporate and foreign bonds

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

229.1
36.2
31.6
161.4

260.3
30.9
31.6
197.8

352.6
29.5
34.9
288.2

466.2
34.6
35.8
395.7

472.9
32.4
36.2
404.3

505.4
31.9
36.8
436.6

503.5
36.3
37.4
429.8

514.6
37.8
38.9
437.9

527.9
38.4
39.0
450.5

530.1
39.6
40.1
450.3

547.6
40.4
40.4
466.8

11
12
13
14

15
16
17
18

Mortgages
Home
Multifamily residential
Farm

244.9
198.5
18.6
27.9

240.5
194.3
17.3
28.9

248.7
199.6
18.1
31.0

244.4
189.3
22.9
32.2

246.1
189.8
24.2
32.1

255.7
197.6
25.3
32.8

260.1
200.5
26.2
33.5

267.1
205.1
27.8
34.2

270.0
206.3
28.8
34.9

279.1
211.9
30.7
36.4

285.6
215.8
32.4
37.4

15
16
17
18

60.6

67.8

68.5

73.5

77.0

80.8

82.8

85.5

85.4

85.2

99.8

19

964.1

1070.3

1368.9

1681.1

1711.8

1770.0

1837.6

1922.5

2008.4

2074.3

2170.4

20

896.9
896.9
0.0

995.3
995.3
0.0

1273.6
1273.6
0.0

1591.7
1591.7
0.0

1618.0
1618.0
0.0

1680.2
1680.2
0.0

1749.7
1749.7
0.0

1825.8
1825.8
0.0

1888.7
1888.7
0.0

1955.8
1955.8
0.0

2037.8
2037.8
0.0

21
22
23

67.2

75.1

95.3

89.3

93.8

89.8

87.9

96.7

119.7

118.5

132.6

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

1711.3

1825.8

2018.4

2292.2

2322.1

2355.2

2414.3

2491.6

2534.2

2635.8

2759.0

1

2
3
4
5

Total financial assets
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

1678.8
32.5
0.0
0.0

1788.1
37.8
0.0
0.0

1970.2
48.3
0.0
0.0

2234.7
57.5
0.0
0.0

2263.0
59.1
0.0
0.0

2294.1
61.0
0.0
0.0

2351.4
63.0
0.0
0.0

2425.6
66.0
0.0
0.0

2464.9
69.3
0.0
0.0

2561.7
74.1
0.0
0.0

2681.6
77.3
0.0
0.0

2
3
4
5

6

Total pool securities (liabilities)(2)

1711.3

1825.8

2018.4

2292.2

2322.1

2355.2

2414.3

2491.6

2534.2

2635.8

2759.0

6

(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, December 7, 2001

L.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1

Total financial assets

854.6

1065.8

1385.4

1611.6

1646.9

1689.0

1735.1

1822.9

1887.5

1936.7

2014.7

1

2

Agency securities (1)

137.8

141.5

179.7

221.0

226.4

226.2

225.7

223.8

233.7

223.0

230.3

2

3
4
5

Other loans and advances
Student loans
Loans to business

44.0
6.3
37.7

76.2
14.1
62.1

103.8
17.9
85.9

113.0
19.4
93.6

124.3
22.8
101.5

125.4
24.5
100.9

128.3
30.7
97.6

138.3
29.9
108.4

138.1
30.5
107.6

132.3
31.0
101.3

148.4
31.2
117.2

3
4
5

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

326.3
256.2
15.9
54.2

407.0
310.7
20.9
75.4

563.5
405.2
33.8
124.6

655.5
455.0
42.2
158.3

669.1
463.5
43.1
162.6

687.7
471.9
44.4
171.4

708.6
484.6
46.1
177.8

740.7
499.8
49.5
191.4

769.5
523.3
50.7
195.5

814.4
539.2
57.0
218.3

844.4
550.2
59.8
234.4

6
7
8
9

Consumer credit
Trade receivables

265.8
80.7

313.1
128.1

372.4
165.9

435.1
187.0

434.0
193.1

447.0
202.7

460.3
212.2

500.1
220.0

519.2
227.0

533.9
233.0

551.7
240.0

10
11

863.3

1076.6

1398.0

1621.4

1655.8

1697.0

1742.3

1829.6

1893.7

1942.4

2020.2

12

146.7
716.6

256.1
820.5

381.8
1016.2

520.8
1100.6

546.6
1109.1

570.3
1126.7

595.7
1146.6

641.8
1187.8

653.3
1240.4

670.3
1272.2

691.3
1328.9

13
14

8.7
7.4

10.8
11.1

12.6
13.9

9.7
12.9

8.9
13.0

7.9
12.3

7.3
11.6

6.7
10.7

6.3
10.1

5.8
10.0

5.5
9.5

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

716.7

763.9

852.7

1003.0

1038.3

1073.0

1106.3

1137.9

1140.1

1145.4

1135.6

1

18.5

20.6

22.8

25.3

25.9

26.6

27.2

27.9

28.6

29.3

30.0

2

2

Checkable deposits and currency

3
4
5
6

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

545.1
304.7
85.5
154.9

568.2
304.1
96.5
167.5

645.5
340.9
121.2
183.3

742.5
395.1
145.8
201.5

776.6
422.7
149.1
204.8

812.3
441.9
157.7
212.7

830.0
443.0
165.4
221.5

850.5
458.4
172.3
219.8

848.0
459.1
176.1
212.8

878.5
481.9
182.3
214.3

859.4
451.1
187.4
220.8

3
4
5
6

7

Miscellaneous assets

153.1

175.1

184.4

235.3

235.8

234.1

249.0

259.6

263.5

237.7

246.2

7

742.1

780.8

856.6

994.6

1051.0

1086.1

1123.8

1159.5

1159.3

1167.4

1160.3

8

534.5
178.0
336.8
19.7

568.3
202.6
341.5
24.2

625.5
233.3
365.6
26.5

695.7
230.4
429.9
35.4

708.4
233.0
446.6
28.8

740.8
224.3
483.7
32.8

761.8
218.8
507.3
35.7

776.9
238.8
502.2
35.9

756.2
180.9
533.8
41.6

769.0
181.6
542.1
45.3

771.3
171.0
555.9
44.5

9
10
11
12

5.7

6.5

7.3

8.1

8.3

8.6

8.8

9.1

9.3

9.6

9.9

13

202.0
29.7
54.6
117.8

206.0
35.7
47.1
123.2

223.8
38.3
34.3
151.2

290.7
49.7
87.8
153.1

334.2
47.8
107.2
179.2

336.7
48.6
95.1
193.0

353.2
49.9
100.0
203.3

373.5
67.3
102.5
203.6

393.7
73.2
97.2
223.3

388.8
77.9
93.4
217.5

379.1
80.1
90.8
208.2

14
15
16
17

93.2

98.8

96.6

102.9

106.6

109.1

109.9

108.2

106.4

110.2

108.3

18

8

Total liabilities

9
10
11
12

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

13

Taxes payable

14
15
16
17

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

18

Memo:
Consumer leases not included above (2)

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

80

Z.1, December 7, 2001

L.128 Mortgage Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999

2000
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

Q3

Q4

Q1

2001
Q2

Q3

41.2

32.1

35.3

35.6

34.1

35.5

35.4

35.9

36.2

36.5

36.9

1

32.0
4.1
5.1

21.8
5.2
5.1

24.9
5.3
5.1

25.2
5.3
5.1

23.7
5.3
5.1

25.1
5.3
5.1

24.9
5.3
5.1

25.4
5.4
5.1

25.8
5.4
5.1

26.0
5.4
5.1

26.4
5.4
5.1

2
3
4

41.2

32.1

35.3

35.6

34.1

35.5

35.4

35.9

36.2

36.5

36.9

5

20.6
20.6

16.0
16.0

17.7
17.7

17.8
17.8

17.1
17.1

17.8
17.8

17.7
17.7

17.9
17.9

18.1
18.1

18.2
18.3

18.5
18.5

6
7

64.9

63.2

63.2

62.1

63.5

65.6

67.8

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

38.2

64.3

70.7

68.4

2.2

3.3

4.1

4.4

4.5

4.2

3.8

4.3

4.1

4.7

5.2

2

30.4

50.6

45.5

42.9

38.8

38.2

37.3

36.6

37.6

37.9

39.8

3

4
5

Agency securities
Corporate and foreign bonds

12.2
4.3

21.2
6.5

13.1
6.1

14.2
5.7

14.1
5.6

13.1
6.4

13.9
5.7

14.5
5.3

13.9
7.4

17.4
5.2

18.3
5.9

4
5

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

13.8
8.0
1.2
4.6

22.9
14.0
2.1
6.9

26.3
14.8
2.1
9.4

23.0
12.4
1.6
9.0

19.2
8.8
1.4
9.0

18.6
8.3
1.6
8.7

17.8
8.0
1.5
8.2

16.8
7.9
1.3
7.6

16.3
7.8
1.2
7.4

15.3
7.6
1.2
6.5

15.6
8.0
1.3
6.3

6
7
8
9

5.6

10.5

21.2

21.1

21.5

20.8

22.0

21.1

21.8

23.0

22.7

10

205.6

216.8

216.8

219.0

220.6

217.5

221.9

221.8

220.8

11

10

Miscellaneous assets

11

Total liabilities

79.4

139.0

12

Security RPs

13.7

24.9

15.1

15.7

13.0

11.2

12.4

11.9

13.1

15.1

16.9

12

13
14
15
16
17

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

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

165.1
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

169.8
0.2
68.6
18.6
82.5

167.8
0.2
67.0
17.7
82.9

166.2
0.1
70.0
15.0
81.1

168.9
0.0
68.6
15.2
85.1

166.3
1.1
68.4
13.7
83.0

13
14
15
16
17

9.2

18.0

31.6

36.0

35.9

37.4

38.5

37.8

42.6

37.8

37.5

18

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

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

11.6
3.6
6.7
0.7
0.6

10.7
3.5
6.7
0.4
0.1

10.1
3.4
6.2
0.4
0.1

10.0
3.1
6.0
0.5
0.4

9.5
2.9
5.8
0.5
0.4

19
20
21
22
23

18

19
20
21
22
23

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

81

Z.1, December 7, 2001

L.130 Security Brokers and Dealers
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12
13

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

636.4

779.2

921.2

1001.0

1132.5

1132.9

1208.6

1221.4

1191.4

1333.3

1451.2

1

15.7

21.7

25.4

28.7

27.1

27.0

20.8

30.3

28.8

37.0

52.8

2

167.7

182.6

189.4

154.7

194.8

188.2

243.3

223.6

312.3

288.4

369.9

3

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

26.0
23.3
-42.6
66.0
11.9
93.4

30.2
43.8
-6.5
50.3
10.8
110.0

38.2
31.0
-24.1
55.1
9.9
109.1

45.4
70.5
7.8
62.6
10.8
116.6

39.2
60.4
-3.3
63.7
11.3
112.7

44.5
131.2
55.9
75.3
12.7
124.0

44.8
97.9
1.6
96.3
13.7
132.0

50.4
151.9
71.5
80.4
16.0
151.5

4
5
6
7
8
9

37.9
94.4
320.7

51.9
131.2
391.8

54.4
152.8
499.3

66.9
227.9
522.8

74.4
286.5
549.7

74.5
270.2
573.0

81.5
273.9
589.1

77.2
235.1
655.1

76.0
193.5
580.8

89.8
195.9
722.1

63.6
253.0
711.9

10
11
12

597.5

729.2

866.2

937.7

1062.6

1061.8

1136.4

1148.0

1117.6

1257.9

1377.9

13

14
15

Security RPs (net)
Corporate bonds

180.9
27.3

203.5
35.3

208.1
42.5

245.2
25.3

285.3
36.4

271.6
36.2

317.6
42.6

302.2
40.9

280.8
35.0

333.1
43.9

404.2
47.0

14
15

16
17
18
19
20

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

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

30.9
448.7
323.9
124.8
2.2

33.8
514.6
371.2
143.4
2.4

39.4
510.0
359.5
150.6
1.7

35.9
531.9
372.9
159.0
1.8

35.9
587.6
412.4
175.2
2.1

35.2
591.9
400.4
191.6
1.2

33.3
585.5
412.8
172.7
1.3

36.0
651.7
484.2
167.4
1.4

16
17
18
19
20

21
22
23
24

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

110.1
8.8
178.6
-77.3

131.1
8.5
254.5
-131.9

175.8
10.1
351.9
-186.2

185.5
15.8
413.6
-243.9

190.1
16.4
435.7
-262.0

202.9
16.8
449.5
-263.5

206.5
17.4
460.0
-270.8

179.3
16.7
476.1
-313.5

173.5
17.8
506.2
-350.4

260.7
18.3
508.5
-266.1

237.7
19.5
507.9
-289.6

21
22
23
24

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

Total financial assets

499.2

612.7

719.8

976.6

1004.5

1056.3

1061.9

1099.9

1112.4

1077.0

997.5

1

2

Money market fund shares

147.5

157.9

215.8

264.7

267.3

264.5

286.4

298.2

325.1

356.1

367.8

2

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

121.0
84.5
36.5

166.7
133.6
33.1

155.3
117.7
37.6

288.8
255.0
33.8

294.5
270.7
23.8

341.0
309.9
31.1

320.4
296.5
23.9

324.7
290.7
33.9

292.7
249.1
43.6

240.1
186.9
53.3

177.8
113.7
64.2

3
4
5

6
7
8

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

230.7
64.5
166.3

288.0
78.8
209.2

348.7
90.6
258.2

423.1
93.0
330.1

442.7
114.6
328.1

450.7
114.5
336.2

455.1
119.9
335.2

477.1
138.7
338.4

494.6
142.3
352.3

480.7
137.3
343.5

451.8
113.5
338.3

6
7
8

499.2

612.7

719.8

976.6

1004.5

1056.3

1061.9

1099.9

1112.4

1077.0

997.5

9

10
11
12

9

Total liabilities
Credit market instruments
Open market paper
Corporate bonds

312.4
198.8
113.6

372.6
228.5
144.2

412.6
234.4
178.2

504.0
268.5
235.5

507.4
276.2
231.1

515.0
277.9
237.1

508.7
274.1
234.7

503.7
266.2
237.5

524.7
275.4
249.3

478.6
223.1
255.5

433.6
179.3
254.3

10
11
12

13
14
15
16

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

186.9
-81.6
276.1
-7.6

240.1
-84.6
333.3
-8.6

307.2
-63.9
403.3
-32.2

472.5
-80.9
419.5
133.9

497.2
-64.7
443.9
117.9

541.3
-64.3
467.5
138.1

553.2
-53.6
470.6
136.2

596.3
-26.6
508.2
114.7

587.7
-30.0
482.6
135.1

598.4
2.1
541.0
55.2

563.9
18.2
558.2
-12.5

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, December 7, 2001

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999

2000
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

Q3

Q4

Q1

2001
Q2

Q3

75.1

70.0

81.8

71.5

68.0

67.5

66.3

67.6

64.2

64.8

71.0

1

21.4

21.1

21.6

21.4

21.4

21.5

21.4

21.6

21.4

21.5

22.0

2

10.3
11.0

10.0
11.0

10.6
11.0

10.3
11.0

10.3
11.0

10.4
11.0

10.3
11.0

10.5
11.0

10.4
11.0

10.4
11.0

10.9
11.0

3
4

53.7

48.9

60.1

50.1

46.6

46.0

44.9

46.1

42.8

43.4

49.0

5

Official foreign currency holdings
Treasury
Monetary authority

38.3
19.0
19.3

30.8
13.8
17.0

36.0
16.2
19.8

32.2
16.0
16.1

28.8
13.0
15.8

30.6
15.0
15.6

31.2
15.6
15.6

31.2
15.6
15.7

29.0
14.5
14.6

28.8
14.3
14.4

30.6
15.2
15.4

6
7
8

Net IMF position
Federal government
Monetary authority

15.4
15.5
-0.1

18.1
18.2
-0.1

24.1
24.2
-0.1

18.0
18.0
-0.1

17.9
18.0
-0.1

15.4
15.5
-0.1

13.7
13.8
-0.1

14.8
14.9
-0.1

13.8
13.9
-0.1

14.6
14.7
-0.1

18.4
18.5
-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

9.7
9.7

9.2
9.2

9.2
9.2

6.2
6.2

6.2
6.2

4.2
4.2

3.2
3.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

18.9
25.0

19.3
25.6

19.9
26.3

20.9
28.0

21.4
29.0

22.1
30.0

23.2
30.8

23.2
31.6

22.9
32.3

23.2
32.7

23.2
32.9

3
4

5

Discrepancy (seigniorage)

-6.1

-6.3

-6.4

-7.1

-7.6

-7.9

-7.6

-8.5

-9.4

-9.5

-9.7

5

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

2
3
4
5

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

521.7

618.5

642.3

703.6

781.9

782.8

772.6

824.5

883.4

846.8

850.6

1

35.5
28.2
23.1

37.2
23.1
23.2

38.3
30.5
30.6

43.5
28.3
42.9

48.6
22.2
56.4

48.6
26.5
73.5

48.0
40.0
75.5

51.3
22.9
91.1

49.8
16.1
112.9

45.8
16.3
110.4

43.3
16.3
110.6

2
3
4

434.9

535.0

542.8

588.9

654.7

634.2

609.1

659.3

704.6

674.3

680.5

5

83

Z.1, December 7, 2001

L.203 Net Interbank Transactions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

240.8

219.4

189.0

204.5

169.7

210.6

173.2

188.0

155.1

163.1

176.8

1

69.7
24.5
45.2

75.8
30.8
45.0

68.4
26.3
42.1

90.6
24.0
66.5

53.4
18.2
35.2

55.5
18.5
37.0

52.1
17.6
34.5

63.4
19.0
44.4

53.9
17.8
36.0

55.8
18.6
37.2

61.6
24.9
36.6

2
3
4

171.1
4.4

143.5
2.8

120.6
1.7

113.9
-0.0

116.3
0.0

155.1
0.5

121.1
0.7

124.6
1.0

101.3
0.2

107.3
-0.2

115.3
-0.3

5
6

177.3

173.0

145.9

139.4

130.2

166.2

138.0

127.9

99.4

102.1

109.4

7

8
9
10
11

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

192.9
48.5
126.8
78.4

188.8
62.0
173.1
111.1

156.7
85.1
196.7
111.6

148.9
130.1
231.2
101.1

139.5
131.4
248.1
116.8

176.1
178.2
306.2
128.0

147.5
161.2
304.0
142.7

136.9
158.9
307.4
148.5

106.9
141.3
267.6
126.3

112.3
160.6
279.9
119.3

119.4
135.0
272.9
138.0

8
9
10
11

12
13
14

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

167.1
110.4
-56.6

148.6
99.7
-48.8

92.9
133.0
40.1

44.4
141.5
97.1

13.2
151.8
138.6

4.9
126.6
121.7

-3.8
105.1
108.8

-13.6
133.1
146.7

-37.1
163.2
200.4

-54.2
133.1
187.3

-30.3
143.8
174.1

12
13
14

15
16
17

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

-22.6
2.7
25.3

-21.9
3.0
24.9

-21.3
2.9
24.2

-25.5
8.3
33.9

-5.0
0.0
5.0

-7.0
0.0
7.0

-10.0
0.0
10.0

-8.4
0.0
8.4

2.7
40.1
37.3

5.8
48.8
43.0

14.8
57.1
42.3

15
16
17

15.6
10.6
5.0

15.8
11.7
4.1

10.8
10.6
0.2

9.5
9.4
0.2

9.4
9.3
0.1

9.9
9.5
0.4

9.5
8.9
0.6

9.0
8.3
0.7

7.5
7.2
0.2

10.2
9.4
0.7

10.1
9.3
0.8

18
19
20

-10.6

-32.2

-27.0

-25.5

-13.9

-11.6

-17.6

-4.3

1.7

5.5

6.3

21

-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

-65.1
47.4
72.2
0.6
-25.5

-65.0
49.1
62.5
0.5
-13.9

-66.2
53.9
64.8
0.7
-11.6

-65.1
45.3
62.4
0.5
-17.6

-73.8
59.6
63.4
0.6
-4.3

-21.0
66.0
63.6
0.7
1.7

-24.6
52.3
45.5
1.4
5.5

-16.1
60.4
53.3
0.9
6.3

22
23
24
25
26

64.9
15.2

57.6
14.6

55.9
24.8

79.7
32.8

70.7
43.5

75.1
45.0

69.2
41.2

87.8
45.6

81.2
5.8

86.1
-9.2

88.3
-11.8

27
28

18
19
20
21
22
23
24
25
26

27
28

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

29
30
31

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

16.5
64.9
48.4

3.8
57.6
53.8

0.1
55.9
55.9

7.4
79.7
72.2

8.1
70.7
62.5

10.4
75.1
64.8

6.8
69.2
62.4

24.4
87.8
63.4

17.5
81.2
63.6

40.6
86.1
45.5

35.0
88.3
53.3

29
30
31

32
33
34

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

14.7
15.2
0.5

14.3
14.6
0.3

23.9
24.8
0.9

32.1
32.8
0.6

43.0
43.5
0.5

44.2
45.0
0.7

40.7
41.2
0.5

45.1
45.6
0.6

5.2
5.8
0.7

-10.6
-9.2
1.4

-12.7
-11.8
0.9

32
33
34

251.4

251.6

215.9

230.0

183.6

222.2

190.8

192.3

153.5

157.7

170.6

35

177.3

173.0

145.9

139.4

130.2

166.2

138.0

127.9

99.4

102.1

109.4

36

74.1

78.6

70.0

90.6

53.4

56.0

52.9

64.4

54.1

55.6

61.2

37

4.4
4.3
0.1

2.8
0.7
2.0

1.7
1.6
0.0

-0.0
-0.2
0.2

0.0
-0.2
0.2

0.5
-0.0
0.5

0.7
0.4
0.4

1.0
0.9
0.1

0.2
0.2
0.0

-0.2
-0.4
0.2

-0.3
-0.4
0.1

38
39
40

67.5
22.3
45.2

74.1
29.1
45.0

66.5
24.4
42.1

88.5
22.0
66.5

51.8
16.6
35.2

53.9
16.9
37.0

51.0
16.5
34.5

62.4
18.0
44.4

52.9
16.8
36.0

54.8
17.6
37.2

60.3
23.7
36.6

41
42
43

35

Total assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

44
45

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

2.3

1.8

1.9

2.0

1.6

1.6

1.1

1.0

1.0

1.0

1.2

44

-10.6

-32.2

-27.0

-25.5

-13.9

-11.6

-17.6

-4.3

1.7

5.5

6.3

45

84

Z.1, December 7, 2001

L.204 Checkable Deposits and Currency
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1244.8

1286.1

1333.4

1484.8

1392.9

1409.7

1385.7

1413.3

1385.2

1416.8

1453.0

1

2
3
4
5

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

413.6
8.0
0.2
405.5

443.5
5.7
0.5
437.4

481.8
6.2
0.2
475.4

590.4
28.5
0.1
561.8

532.7
4.5
0.2
528.0

540.6
6.3
0.1
534.1

542.9
8.6
0.2
534.1

555.2
5.6
0.3
549.3

556.1
6.1
0.1
549.8

567.3
7.6
0.1
559.5

586.1
10.2
0.6
575.3

2
3
4
5

6
7
8
9

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

676.3
28.7
26.9
620.7

656.4
27.8
31.7
597.0

623.0
13.2
30.2
579.7

626.2
49.6
43.6
533.1

574.9
37.5
29.9
507.4

574.0
48.7
31.4
493.9

537.0
39.3
32.6
465.1

541.0
16.4
34.1
490.5

495.3
2.2
34.8
458.4

503.4
1.2
33.8
468.4

507.7
1.9
34.7
471.1

6
7
8
9

Savings institutions
Credit unions

122.4
32.5

149.5
36.6

185.6
43.0

222.7
45.4

234.0
51.3

244.7
50.4

254.9
50.9

265.9
51.3

278.7
55.2

291.9
54.2

303.5
55.6

10
11

10
11
12

Total liabilities

1997

1244.8

1286.1

1333.4

1484.8

1392.9

1409.7

1385.7

1413.3

1385.2

1416.8

1453.0

12

13

Total assets
Household sector

470.6

436.8

408.3

366.8

365.9

324.8

292.3

324.5

326.2

328.7

339.8

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

385.0
244.3
124.0
16.7

415.1
251.9
146.2
16.9

484.3
287.1
178.3
18.8

543.3
321.9
203.3
18.0

534.8
307.3
209.6
17.8

572.0
333.9
220.4
17.6

605.0
363.1
224.4
17.5

592.4
346.6
228.3
17.4

565.6
315.0
233.3
17.2

559.7
304.0
238.5
17.1

556.9
296.7
243.3
17.0

14
15
16
17

18
19

State and local governments
Federal government

27.8
38.3

32.2
41.6

28.3
23.2

32.1
87.9

27.2
51.2

27.0
60.6

25.7
55.7

33.2
24.3

30.2
30.7

30.2
48.9

28.8
50.6

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

213.7
27.1
186.6

243.6
32.2
211.4

258.4
30.4
228.0

298.3
43.7
254.6

277.8
30.1
247.7

280.3
31.6
248.7

282.3
32.8
249.5

290.1
34.4
255.7

292.9
34.9
258.0

294.7
33.9
260.8

304.3
35.3
269.0

20
21
22

23

Financial sectors

80.9

98.7

111.7

143.9

126.5

128.3

117.1

127.2

140.9

169.2

191.8

23

1.4
14.2
7.5
0.8

1.4
15.2
8.1
0.8

2.0
18.4
9.1
0.3

2.2
20.1
26.4
0.3

1.9
16.3
26.4
0.3

2.1
17.5
24.0
0.3

1.4
17.5
17.6
0.3

1.7
19.7
12.2
0.3

1.9
19.6
15.0
0.3

1.7
21.7
18.1
0.2

2.5
21.8
25.0
0.2

24
25
26
27

4.3
3.9
5.4
7.5

8.1
4.2
6.6
5.3

5.4
4.0
6.9
10.0

5.5
4.3
8.0
9.2

4.0
3.1
8.2
11.1

5.6
2.7
8.3
12.5

3.7
3.1
8.6
12.0

5.0
3.7
8.7
9.1

17.8
10.6
8.9
7.2

23.5
11.8
9.4
11.9

24.6
13.1
9.7
12.5

28
29
30
31

-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

-2.2
11.8
25.3
4.4
28.7

-3.0
0.7
25.9
4.5
27.1

-3.6
1.2
26.6
4.2
27.0

0.0
1.0
27.2
3.8
20.8

2.2
2.1
27.9
4.3
30.3

-3.9
2.0
28.6
4.1
28.8

-2.8
2.7
29.3
4.7
37.0

-9.6
3.9
30.0
5.2
52.8

32
33
34
35
36

28.5

18.1

19.3

12.5

9.5

16.9

7.7

21.7

-1.2

-14.6

-19.2

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, December 7, 2001

L.205 Time and Savings Deposits
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2

Total liabilities
Small time and savings deposits

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

2967.9

3187.5

3432.0

3607.3

3694.5

3726.2

3816.7

3916.4

4043.3

4079.3

4137.4

1

2377.0

2474.1

2626.5

2671.2

2728.0

2738.8

2790.9

2861.9

2965.3

2992.3

3047.1

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

2016.5
1996.8
7.5
12.2

2077.5
2058.0
7.2
12.3

2100.3
2079.7
7.7
12.9

2156.2
2136.2
6.5
13.5

2229.8
2207.2
9.0
13.6

2311.6
2290.4
7.7
13.4

2342.3
2314.1
13.5
14.8

2395.4
2370.9
9.3
15.2

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

512.5
251.2

448.2
264.4

393.8
287.5

354.9
299.8

342.2
308.3

331.0
307.6

324.1
310.6

319.4
312.7

318.9
334.8

307.2
342.8

298.0
353.7

7
8

9

Large time deposits (1)

590.9

713.4

805.5

936.1

966.5

987.4

1025.9

1054.5

1078.0

1087.1

1090.4

9

493.1
306.1
176.6
10.4

601.0
369.3
221.3
10.4

673.3
404.1
257.8
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

864.5
530.0
321.0
13.5

887.2
553.5
320.1
13.6

900.0
548.8
337.8
13.4

901.3
551.3
335.2
14.8

890.7
549.0
326.5
15.2

10
11
12
13

86.4
11.4

98.1
14.4

113.7
18.5

122.2
21.6

129.1
21.1

131.3
22.5

139.4
22.0

142.2
25.1

152.4
25.6

156.4
29.3

167.6
32.0

14
15

2967.9

3187.5

3432.0

3607.3

3694.5

3726.2

3816.7

3916.4

4043.3

4079.3

4137.4

16

2434.0

2565.9

2759.6

2859.1

2961.7

3025.8

3107.1

3164.3

3269.0

3313.5

3361.2

17

174.7
99.7
75.0

205.1
119.4
85.7

207.4
112.6
94.8

233.6
128.8
104.8

222.6
116.8
105.8

221.3
113.6
107.7

224.8
116.8
108.0

242.7
133.9
108.8

234.7
124.6
110.1

229.9
118.5
111.4

229.9
117.1
112.8

18
19
20

72.6
2.4
60.6

78.4
3.4
73.6

91.1
4.7
86.6

102.1
5.4
101.6

98.9
5.5
99.2

100.7
5.7
99.6

103.4
6.2
98.0

111.5
6.3
107.2

109.9
8.4
97.2

107.1
9.9
97.8

107.4
11.7
95.9

21
22
23

223.7

261.1

282.6

305.6

306.5

273.0

277.2

284.4

324.2

321.1

331.3

24

1.4
16.4
9.0

1.0
17.0
10.0

1.5
23.4
7.8

1.3
16.6
8.7

1.9
18.8
9.0

1.3
16.6
9.2

1.1
15.2
9.3

1.4
17.1
9.4

1.7
20.9
9.5

2.4
19.0
9.6

2.2
18.7
9.7

25
26
27

111.9
2.3
82.7

119.4
2.4
111.3

120.9
2.0
127.0

116.9
1.7
160.4

116.7
2.4
157.7

118.0
2.7
125.1

117.8
4.4
129.3

118.8
1.1
136.6

117.9
0.8
173.3

117.6
1.1
171.5

116.5
1.5
182.7

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

886.7

1042.5

1329.7

1578.8

1666.0

1627.1

1697.8

1812.1

1994.7

2014.8

2116.1

1

2
3
4

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

500.7
67.6
19.2

582.3
87.8
22.9

747.1
114.3
32.6

871.6
137.3
42.6

951.2
139.3
43.1

914.4
140.0
43.2

936.9
155.9
47.2

1003.0
177.7
52.6

1093.4
210.3
59.6

1021.8
238.4
66.6

1091.7
246.3
68.8

2
3
4

5
6
7
8

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

41.4
61.9
48.4
147.5

37.4
92.8
61.4
157.9

46.2
110.4
63.4
215.8

53.7
133.8
75.1
264.7

54.5
135.1
75.5
267.3

55.6
133.7
75.6
264.5

56.3
136.6
78.6
286.4

57.4
142.3
81.0
298.2

58.2
164.7
83.4
325.1

59.2
186.7
85.9
356.1

60.2
192.9
88.5
367.8

5
6
7
8

86

Z.1, December 7, 2001

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

701.5

822.4

913.7

1083.4

1149.4

1185.2

1238.6

1194.1

1199.7

1240.5

1287.8

1

2
3
4
5

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

463.2
408.2
55.1
-0.2

552.2
471.7
80.7
-0.2

639.2
538.5
100.4
0.4

749.8
667.3
82.1
0.5

777.6
693.7
83.2
0.7

827.4
721.3
104.9
1.2

827.5
705.5
120.9
1.1

813.4
680.1
134.5
-1.1

838.7
698.5
139.6
0.6

822.7
705.6
116.3
0.7

812.1
706.2
105.0
0.9

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

43.7
13.7
180.9

41.8
24.9
203.5

51.3
15.1
208.1

72.7
15.7
245.2

73.5
13.0
285.3

75.0
11.2
271.6

81.2
12.4
317.6

66.7
11.9
302.2

67.1
13.1
280.8

69.6
15.1
333.1

54.6
16.9
404.2

6
7
8

591.7

649.5

680.2

819.9

738.9

762.2

792.7

819.5

846.1

844.3

893.7

9

9

Total liabilities

1997

Total assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

3.9
147.8
70.9

4.6
151.4
90.8

4.2
158.5
72.0

5.3
163.5
86.8

6.1
176.4
76.0

4.2
174.0
88.1

4.0
177.0
93.3

4.8
173.3
91.9

3.3
178.0
116.2

3.9
182.3
119.5

2.5
192.5
110.5

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

369.2
21.6
10.0
1.4

402.7
23.8
9.2
3.5

445.4
30.4
14.8
6.8

564.2
140.6
10.6
9.3

480.4
23.7
11.5
9.6

495.9
26.9
12.0
2.8

518.4
17.3
14.7
7.8

549.5
43.4
14.9
4.0

548.6
22.0
21.7
10.8

538.6
23.3
22.0
8.3

588.2
47.9
25.8
7.9

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

35.4
26.7
28.2
103.8
47.5
94.5

35.2
27.6
28.6
126.6
57.8
90.4

42.7
28.6
37.5
139.5
68.2
77.0

28.3
29.0
40.4
139.6
76.7
89.7

34.8
29.1
45.4
158.3
77.4
90.6

35.3
29.2
46.8
169.4
92.5
80.9

35.8
29.5
45.1
172.0
102.4
93.7

38.3
29.9
44.7
183.0
103.4
88.1

27.8
29.0
42.5
205.9
86.6
102.3

26.6
29.3
46.8
208.2
79.6
94.4

30.9
29.6
48.0
221.5
69.4
107.2

17
18
19
20
21
22

109.8

172.9

233.5

263.6

410.5

423.0

446.0

374.6

353.7

396.2

394.1

23

23

Discrepancy--unallocated assets

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

803.0

979.4

1172.6

1402.4

1478.1

1533.3

1568.3

1610.0

1546.8

1477.9

1417.8

1

779.4

958.5

1161.0

1393.8

1469.1

1524.0

1559.6

1602.1

1539.0

1471.1

1412.7

2

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

156.4
67.5
18.7
48.8

168.6
65.1
20.0
45.0

193.0
72.9
18.5
54.4

230.3
89.2
26.7
62.5

260.8
101.6
33.8
67.8

296.8
101.2
35.4
65.9

307.0
109.8
38.7
71.1

278.4
120.9
37.6
83.3

253.2
112.8
27.9
84.9

223.3
110.1
20.5
89.6

201.3
106.3
17.2
89.1

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

555.5
32.0
146.7
178.0
0.0
198.8

724.8
37.6
256.1
202.6
0.0
228.5

895.2
45.4
381.8
233.3
0.2
234.4

1074.3
54.5
520.8
230.4
0.1
268.5

1106.7
50.8
546.6
233.0
0.1
276.2

1125.9
52.4
570.3
224.3
1.0
277.9

1142.8
54.1
595.7
218.8
0.2
274.1

1202.7
55.7
641.8
238.8
0.2
266.2

1173.0
63.4
653.3
180.9
0.1
275.4

1137.7
62.7
670.3
181.6
0.0
223.1

1105.1
62.4
691.3
171.0
1.1
179.3

7
8
9
10
11
12

13

Bankers acceptances (1)

23.6

20.9

11.5

8.6

9.0

9.3

8.7

7.9

7.8

6.8

5.1

13

803.0

979.4

1172.6

1402.4

1478.1

1533.3

1568.3

1610.0

1546.8

1477.9

1417.8

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

54.7
31.5
59.7
57.9

56.1
36.1
74.0
77.8

63.7
39.4
102.0
115.3

67.7
43.7
103.9
102.3

68.9
38.3
105.6
100.0

70.2
37.3
110.0
98.2

71.4
40.6
109.0
94.6

72.7
44.0
111.5
111.0

67.2
43.0
112.5
110.0

62.7
45.3
108.2
113.2

58.9
43.5
113.2
110.7

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
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
1.4
0.0
1.9
17.1

0.0
1.4
0.0
0.8
17.3

0.0
1.4
0.0
0.3
17.4

0.0
1.3
0.0
1.2
17.6

0.0
1.5
0.0
1.2
17.7

0.0
0.6
0.0
1.1
16.7

0.0
0.0
0.0
1.6
15.8

0.0
0.0
0.0
1.3
14.9

19
20
21
22
23

24
25
26

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

48.4
30.1
28.2

65.9
31.3
28.6

73.4
34.1
37.5

75.8
37.8
40.4

72.0
35.9
45.4

73.7
36.0
46.8

75.2
36.3
45.1

71.2
36.0
44.7

60.4
32.8
42.5

58.9
31.4
46.8

66.0
32.2
48.0

24
25
26

27
28
29
30
31

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

273.9
47.2
35.1
23.7
84.5

336.0
57.8
34.0
24.3
133.6

414.2
68.2
60.9
28.0
117.7

519.0
76.7
33.8
26.0
255.0

576.0
77.4
38.1
30.2
270.7

566.4
92.5
34.8
38.2
309.9

589.3
102.4
42.2
45.4
296.5

614.4
103.4
50.6
39.2
290.7

641.9
86.6
38.0
44.5
249.1

638.2
76.2
48.1
44.8
186.9

647.2
69.4
48.2
50.4
113.7

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

87

Z.1, December 7, 2001

L.209 Treasury Securities
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

3755.1

3778.3

3723.7

3652.8

3625.8

3435.7

3382.6

3357.8

3382.1

3224.4

3293.1

1

187.0
3568.1

186.5
3591.8

186.6
3537.1

186.4
3466.3

185.3
3440.5

184.6
3251.1

184.3
3198.2

184.8
3173.1

184.8
3197.3

185.5
3038.9

186.4
3106.7

2
3

3755.1

3778.3

3723.7

3652.8

3625.8

3435.7

3382.6

3357.8

3382.1

3224.4

3293.1

4

Household sector
Savings bonds
Other Treasury issues

739.1
187.0
552.1

598.8
186.5
412.3

485.5
186.6
298.9

555.0
186.4
368.6

505.1
185.3
319.9

400.9
184.6
216.3

364.3
184.3
179.9

355.2
184.8
170.5

339.4
184.8
154.7

261.6
185.5
76.2

278.4
186.4
92.0

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

47.1
26.7
257.0

26.8
30.8
239.3

23.6
37.0
269.3

19.6
33.9
266.8

21.6
31.3
257.2

23.7
27.6
256.4

23.2
25.9
241.9

18.4
23.7
236.2

18.0
20.9
224.0

17.0
18.2
216.5

16.0
14.8
188.9

8
9
10

11
12

Rest of the world
Monetary authority

1093.3
390.9

1252.0
430.7

1318.8
452.1

1238.9
478.0

1245.8
501.7

1221.2
505.0

1199.7
511.4

1222.0
511.7

1221.7
523.9

1192.6
535.1

1200.2
534.1

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

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

226.7
122.8
92.3
8.8
2.8

215.6
125.3
86.9
0.9
2.5

201.4
116.4
81.6
1.1
2.4

200.9
108.6
89.0
1.1
2.2

182.2
87.9
91.7
0.8
1.8

171.9
72.2
97.8
0.8
1.2

176.0
69.9
104.3
0.9
0.9

175.9
65.3
108.4
0.8
1.4

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

17.4
17.4
25.7

14.6
15.6
20.4

10.2
13.1
17.3

10.1
9.6
17.3

9.9
9.4
17.1

9.1
8.8
16.9

8.8
8.6
16.7

8.7
8.2
16.5

8.0
8.0
16.2

7.5
6.6
15.8

6.6
6.4
15.4

18
19
20

21
22
23
24

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

93.2
120.9
139.4
203.5

85.5
91.1
143.5
216.9

71.3
70.4
139.1
217.7

62.8
60.6
138.5
211.2

61.7
58.3
137.8
211.1

60.5
56.0
139.6
210.5

59.5
54.3
139.7
200.7

58.1
52.1
137.7
195.7

53.8
48.1
131.2
195.3

48.7
46.1
127.5
197.1

44.2
44.3
122.7
192.0

21
22
23
24

25
26
27
28
29

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

90.2
214.2
11.4
18.8
-12.8

86.2
225.2
10.2
25.9
-5.3

103.6
230.4
9.3
25.2
15.8

103.8
223.6
8.0
30.9
-42.6

98.9
216.5
8.0
25.2
-6.5

78.8
215.1
7.9
20.7
-24.1

79.8
212.5
7.8
19.0
7.8

90.4
214.4
7.7
22.1
-3.3

96.3
218.9
7.6
23.1
55.9

93.4
232.2
7.6
23.2
1.6

111.9
243.4
7.5
18.9
71.5

25
26
27
28
29

3781.8

3804.9

3752.2

3681.0

3653.5

3464.0

3410.2

3385.2

3408.8

3251.4

3320.1

30

2
3
4
5
6
7

Total liabilities

1997

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, December 7, 2001

L.210 Agency Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2
3
4
5

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

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

2634.8

2847.6

3320.5

3912.2

3967.8

4063.6

4191.7

4344.8

4449.7

4618.7

4823.7

1

26.6
896.9
1711.3

26.5
995.3
1825.8

28.5
1273.6
2018.4

28.3
1591.7
2292.2

27.8
1618.0
2322.1

28.2
1680.2
2355.2

27.6
1749.7
2414.3

27.3
1825.8
2491.6

26.8
1888.7
2534.2

27.0
1955.8
2635.8

27.0
2037.8
2759.0

2
3
4

2634.8

2847.6

3320.5

3912.2

3967.8

4063.6

4191.7

4344.8

4449.7

4618.7

4823.7

5

Household sector
Nonfinancial corporate business
State and local governments

259.4
28.5
116.2

266.2
8.0
115.4

191.2
10.6
179.0

274.2
12.5
207.5

257.5
15.0
213.3

275.7
17.9
220.0

283.9
19.0
226.0

259.8
15.7
231.0

150.3
15.9
237.9

182.4
17.5
243.6

174.0
25.0
250.5

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
196.3
2.2

0.0
246.5
0.7

0.0
303.4
0.3

0.0
394.6
0.2

0.0
428.8
0.2

0.0
458.1
0.1

0.0
500.9
0.1

0.0
550.3
0.1

0.0
592.6
0.0

0.0
631.9
0.0

0.0
664.8
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

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

698.3
608.1
71.3
5.4
13.5

715.9
626.9
70.5
4.7
13.7

719.4
630.7
69.5
5.0
14.2

711.8
620.7
70.1
5.1
16.0

720.9
626.3
71.9
4.8
17.8

715.7
618.6
75.3
5.4
16.4

696.8
621.7
53.5
5.1
16.5

738.3
657.1
59.4
5.0
16.8

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

156.1
50.7
45.6

155.3
51.0
40.8

143.6
58.4
39.4

147.3
61.3
45.2

142.2
65.4
46.2

140.0
65.8
47.2

139.6
60.9
48.5

140.6
60.9
49.8

145.5
68.4
50.6

150.7
66.3
51.6

148.9
74.1
52.2

17
18
19

20
21
22
23

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

244.1
51.0
203.7
104.9

226.7
70.8
211.4
123.3

217.0
69.7
250.3
142.4

224.4
75.5
280.9
165.3

228.0
77.5
291.5
160.8

229.8
79.4
292.9
175.5

233.0
82.1
302.0
187.2

235.4
84.1
308.6
202.8

243.6
85.2
315.9
196.0

248.5
86.7
311.3
201.1

257.0
88.1
311.9
204.0

20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

101.8
116.1
257.6

96.3
124.5
326.5

173.8
145.5
489.6

190.9
164.7
668.3

172.7
163.6
698.4

158.1
172.3
717.0

161.9
176.8
755.6

185.2
184.2
813.3

248.0
190.6
870.6

267.9
214.3
911.4

317.1
228.5
960.2

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

137.8
12.2
55.2

141.5
21.2
50.4

179.7
13.1
50.9

221.0
14.2
66.0

226.4
14.1
50.3

226.2
13.1
55.1

225.7
13.9
62.6

223.8
14.5
63.7

233.7
13.9
75.3

223.0
17.4
96.3

230.3
18.3
80.4

27
28
29

6
7
8

Total assets

1997

(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, December 7, 2001

L.211 Municipal Securities and Loans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1296.0

1367.5

1464.3

1532.5

1539.2

1551.6

1550.3

1567.8

1597.5

1629.8

1635.3

1

1053.3
39.1
1014.1

1110.6
47.5
1063.1

1189.7
41.2
1148.5

1242.4
44.8
1197.6

1247.9
46.4
1201.5

1256.7
45.2
1211.6

1254.5
43.5
1211.0

1270.6
47.9
1222.7

1298.7
53.7
1244.9

1328.9
55.7
1273.3

1331.7
64.9
1266.8

2
3
4

104.9
137.9

114.9
142.0

126.9
147.8

137.3
152.8

138.0
153.3

141.4
153.4

141.9
153.9

143.0
154.2

144.2
154.7

145.3
155.6

147.5
156.2

5
6

1296.0

1367.5

1464.3

1532.5

1539.2

1551.6

1550.3

1567.8

1597.5

1629.8

1635.3

7

8
9
10
11

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

433.2
31.0
2.6
4.6

468.8
27.4
3.2
3.9

488.3
25.7
1.5
2.5

526.6
22.3
3.5
1.0

529.1
23.9
3.5
0.6

543.4
35.9
3.6
1.0

543.1
27.6
3.6
1.8

541.2
33.1
3.7
1.6

559.4
23.9
3.7
2.1

574.7
31.6
3.8
2.0

554.8
34.9
3.8
2.1

8
9
10
11

12
13
14

Commercial banking
Savings institutions
Bank personal trusts and estates

94.2
2.1
104.0

96.7
2.1
90.7

104.8
2.5
89.5

110.7
3.0
100.3

111.9
3.1
102.1

112.3
3.0
103.0

113.4
3.0
104.3

114.0
3.2
105.0

112.7
3.9
105.8

116.2
4.0
106.3

117.9
4.1
106.7

12
13
14

15
16
17

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

13.4
175.4
0.6

16.7
191.6
1.5

18.4
208.1
3.3

20.1
199.0
3.0

20.0
194.7
2.9

19.6
190.4
2.8

19.4
188.1
2.2

19.1
184.1
1.6

19.5
185.3
1.8

20.4
184.8
1.6

20.7
185.1
1.6

15
16
17

18
19
20
21
22

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

144.5
213.3
60.8
5.6
10.8

167.0
219.8
59.9
5.2
13.2

193.0
242.6
61.8
9.2
13.1

210.4
239.4
70.5
10.6
11.9

225.8
232.3
69.3
9.2
10.8

221.5
227.9
68.2
9.1
9.9

227.6
228.4
67.0
9.9
10.8

244.8
230.5
65.9
8.8
11.3

256.0
236.0
64.7
9.9
12.7

255.2
240.1
63.6
12.0
13.7

267.1
246.0
62.4
12.1
16.0

18
19
20
21
22

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

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

Total liabilities

3209.4

3607.2

4170.8

4635.8

4736.1

4841.0

4958.7

5050.0

5264.0

5426.6

5528.1

1

2
3

Nonfinancial corporate business
Rest of the world (1)

1460.4
366.3

1610.9
427.7

1829.6
462.6

2059.5
479.4

2106.0
491.3

2144.5
484.5

2186.7
502.4

2230.6
504.6

2330.8
508.9

2437.8
504.9

2484.7
479.6

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

1382.7
168.9
2.7

1568.6
192.6
2.8

1878.7
220.2
2.6

2096.9
240.6
2.7

2138.8
248.9
2.7

2212.0
258.4
2.7

2269.7
266.6
3.4

2314.8
273.2
6.3

2424.3
293.1
2.8

2483.9
295.3
6.4

2563.8
303.2
6.1

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

716.6
336.8
16.8
27.3
113.6

820.5
341.5
31.6
35.3
144.2

1016.2
365.6
53.4
42.5
178.2

1100.6
429.9
62.2
25.3
235.5

1109.1
446.6
63.9
36.4
231.1

1126.7
483.7
67.2
36.2
237.1

1146.6
507.3
68.6
42.6
234.7

1187.8
502.2
67.0
40.9
237.5

1240.4
533.8
70.0
35.0
249.3

1272.2
542.1
68.6
43.9
255.5

1328.9
555.9
68.4
47.0
254.3

7
8
9
10
11

12

3209.4

3607.2

4170.8

4635.8

4736.1

4841.0

4958.7

5050.0

5264.0

5426.6

5528.1

12

13
14
15

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

491.0
49.7
453.2

531.7
51.0
537.8

628.5
61.2
660.0

650.8
73.8
820.8

642.5
75.3
865.4

688.1
76.5
907.6

665.9
76.9
954.0

637.1
77.5
1003.9

700.3
80.4
1073.9

676.4
82.2
1143.8

654.5
85.9
1181.2

13
14
15

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

112.3
68.6
31.9

143.1
58.7
31.1

181.1
88.6
28.5

219.9
112.0
39.8

214.1
115.7
41.8

219.0
110.6
43.5

253.5
107.3
45.4

277.5
109.5
48.0

290.5
96.0
50.5

325.8
93.2
53.6

337.9
88.1
56.1

16
17
18

19
20
21
22

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

949.3
141.6
244.9
211.4

1046.0
159.5
278.7
244.5

1130.4
171.1
295.8
279.6

1173.2
181.1
305.1
310.0

1192.5
182.3
308.4
325.3

1198.2
183.3
311.0
318.5

1212.2
186.2
317.3
327.9

1222.2
187.5
319.7
339.7

1252.0
189.7
328.3
330.6

1280.2
190.7
336.0
332.4

1310.0
193.1
338.9
337.0

19
20
21
22

23
24
25

Money market mutual funds
Mutual funds
Closed-end funds

23.9
229.5
28.6

36.4
273.8
28.1

81.2
339.3
32.6

123.7
368.6
32.6

143.6
363.9
31.7

134.6
366.0
30.8

153.9
368.3
30.0

161.9
367.3
29.1

161.6
381.8
28.2

159.9
397.3
27.3

154.7
405.6
26.5

23
24
25

26
27
28
29

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

41.8
4.3
90.9
36.5

47.1
6.5
100.0
33.1

67.8
6.1
81.4
37.6

91.5
5.7
93.4
33.8

94.2
5.6
110.0
23.8

106.5
6.4
109.1
31.1

113.9
5.7
116.6
23.9

117.3
5.3
112.7
33.9

125.2
7.4
124.0
43.6

137.3
5.2
132.0
53.3

137.0
5.9
151.5
64.2

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, December 7, 2001

L.213 Corporate Equities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

10281.6

13301.7

15577.3

19581.2

20276.3

19395.9

19249.0

17566.4

15311.6

16239.1

13625.2

1

2

Nonfinancial corporate business

7644.4

9774.6

11606.7

15117.0

15727.7

14938.5

14458.4

12740.8

10989.6

11691.2

9681.6

2

3
4

Rest of the world (2)
Financial corporations

1002.9
1634.3

1207.8
2319.3

1476.2
2494.5

2026.6
2437.5

2057.4
2491.2

2010.9
2446.5

1854.0
2936.6

1787.0
3038.7

1574.0
2747.9

1610.7
2937.2

1368.4
2575.1

3
4

10281.6

13301.7

15577.3

19581.2

20276.3

19395.9

19249.0

17566.4

15311.6

16239.1

13625.2

5

4895.6
46.8
656.8

6302.5
79.0
919.5

7259.7
102.0
1175.1

9342.8
115.0
1537.8

9507.6
113.2
1598.2

8862.9
115.0
1620.4

8518.0
117.6
1724.9

7487.1
115.1
1748.3

6285.5
108.6
1626.5

6643.8
118.6
1732.2

5471.8
108.8
1524.4

6
7
8

6.8
17.8
248.9

2.6
23.3
321.0

6.8
24.5
314.0

10.4
23.8
338.3

10.5
23.7
345.1

10.5
24.2
323.8

11.8
24.4
318.6

11.0
24.2
280.0

7.7
24.6
239.8

8.8
25.6
251.9

6.4
27.1
206.2

9
10
11

5
6
7
8

Issues at market value

1997

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

414.1
148.6
1463.9
828.5

558.6
186.0
1696.4
1084.8

733.2
200.1
1902.2
1233.9

964.5
207.9
2156.9
1343.2

1027.6
205.3
2231.2
1331.0

1007.8
203.9
2153.2
1322.5

1023.3
199.4
2158.3
1360.9

940.8
194.3
2001.1
1335.1

873.2
172.2
1778.5
1224.1

926.4
179.9
1858.0
1260.0

820.8
169.6
1591.3
1100.3

12
13
14
15

16
17
18
19

Mutual funds
Closed-end funds
Exchange-traded funds
Brokers and dealers

1470.0
43.6
2.4
37.9

2018.7
50.7
6.7
51.9

2508.5
47.3
15.6
54.4

3400.0
39.9
33.9
66.9

3730.2
41.4
36.8
74.4

3591.3
39.6
46.1
74.5

3620.9
39.7
49.7
81.5

3250.8
35.7
65.6
77.2

2797.6
31.3
66.0
76.0

3034.8
33.7
75.6
89.8

2442.0
28.4
64.3
63.6

16
17
18
19

9039.4

11795.9

13777.0

17195.7

17850.5

17010.3

17013.0

15395.7

13384.3

14240.6

11924.4

20

Memo:
20

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

2342.4

2989.4

3610.5

4553.4

4863.3

4759.6

4814.4

4457.2

3999.8

4275.3

3705.2

1

2

Holdings at market value

2342.4

2989.4

3610.5

4553.4

4863.3

4759.6

4814.4

4457.2

3999.8

4275.3

3705.2

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

1495.4
59.9
41.0

1941.2
69.1
33.6

2362.0
91.0
21.3

3066.3
113.9
25.6

3302.7
117.5
22.9

3240.1
111.4
24.3

3279.5
111.0
25.4

3043.2
98.8
26.4

2739.3
85.9
28.8

2934.5
91.6
30.7

2544.7
76.3
30.5

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

2.6
2.6
293.2

8.1
2.4
326.9

9.2
3.6
390.8

11.1
2.5
460.6

12.4
3.2
475.8

12.2
2.3
449.2

12.5
2.2
441.3

13.8
2.2
387.0

15.9
2.0
333.4

16.0
3.6
352.2

15.0
3.1
290.3

6
7
8

Life insurance companies
Private pension funds

35.3
412.3

38.4
569.6

23.3
709.3

43.3
830.1

47.8
881.1

48.6
871.5

51.1
891.4

48.1
837.6

42.6
752.0

46.1
800.4

39.1
706.2

9
10

9
10

91

Z.1, December 7, 2001

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1

Total loans by commercial
banking, flow of funds basis

2821.1

3052.9

3304.8

3504.9

3602.1

3736.9

3801.9

3875.3

3909.0

3895.7

3889.0

1

2
3
4
5

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

6.5
1145.4
526.8
100.8

2.7
1245.3
512.6
122.5

1.1
1337.0
508.9
142.9

1.4
1495.2
499.8
124.8

1.4
1546.5
497.1
143.4

1.4
1614.1
506.2
150.6

1.3
1648.1
521.8
159.0

1.5
1659.3
541.5
175.2

0.6
1688.1
533.7
191.6

0.0
1723.3
540.2
172.7

0.0
1736.1
535.3
167.4

2
3
4
5

6

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

1041.7

1169.8

1314.9

1383.8

1413.7

1464.6

1471.7

1497.9

1495.1

1459.5

1450.2

6

759.8
264.8
2.5
14.6

867.9
284.0
2.4
15.5

1012.2
282.2
4.1
16.3

1104.4
259.9
2.6
16.9

1131.9
262.2
1.9
17.8

1178.7
263.9
4.0
18.0

1186.5
265.1
1.8
18.4

1202.6
275.7
1.6
18.0

1197.5
276.8
2.7
18.1

1179.3
259.0
2.7
18.6

1170.7
258.3
2.6
18.6

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.

1041.7

1169.8

1314.9

1383.8

1413.7

1464.6

1471.7

1497.9

1495.1

1459.5

1450.2

12

13

Total liabilities

1041.7

1169.8

1314.9

1383.8

1413.7

1464.6

1471.7

1497.9

1495.1

1459.5

1450.2

13

977.7

1092.5

1207.4

1290.6

1322.0

1371.5

1378.9

1404.9

1397.8

1359.1

1350.2

14

58.0
642.1
193.6
40.4

66.5
692.7
237.3
43.9

72.7
774.5
256.3
45.1

65.4
847.5
274.2
44.2

69.3
868.3
278.7
42.4

71.4
902.5
287.1
45.9

67.1
909.0
288.9
46.2

73.5
921.8
292.0
46.9

63.4
923.2
292.2
45.1

59.3
898.7
287.2
47.8

65.7
886.5
283.5
47.1

15
16
17
18

43.7
2.9
14.3
26.5

52.1
2.1
13.8
36.3

58.9
2.8
13.1
43.0

59.4
3.0
10.0
46.5

63.3
2.8
11.4
49.1

64.7
3.1
12.0
49.5

67.7
3.6
12.6
51.5

70.7
3.5
13.2
54.0

73.9
3.6
16.2
54.1

66.2
3.3
9.2
53.7

67.3
4.2
9.4
53.7

19
20
21
22

64.0

77.3

107.5

93.2

91.8

93.1

92.8

93.0

97.3

100.4

100.0

23

15.9
19.7
20.6
7.8

19.4
24.2
16.0
17.6

29.7
26.5
17.7
33.6

14.0
35.4
17.8
26.0

20.4
28.8
17.1
25.5

21.3
32.8
17.8
21.2

20.8
35.7
17.7
18.6

21.5
35.9
17.9
17.7

22.6
41.6
18.1
15.0

21.7
45.3
18.2
15.2

23.3
44.5
18.5
13.7

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, December 7, 2001

L.216 Other Loans and Advances
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1

Total other loans and advances

993.2

1086.6

1253.0

1412.0

1464.4

1526.2

1520.9

1565.9

1582.0

1607.9

1628.5

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

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

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

183.8
70.7
7.7
43.5
4.9
8.9
48.0
0.0

185.3
73.5
7.6
43.2
4.9
8.6
47.4
0.0

187.6
76.2
7.6
42.8
5.0
8.7
47.3
0.0

189.4
78.8
7.6
42.2
5.0
8.8
46.9
0.0

190.5
81.8
7.3
41.6
5.1
8.9
45.8
0.0

191.6
84.6
7.7
40.6
5.1
8.9
44.7
0.0

2
3
4
5
6
7
8
9

10
11

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

126.0
126.0

143.3
143.3

142.3
142.3

119.5
119.5

120.8
120.8

124.8
124.8

112.4
112.4

117.3
117.3

114.9
114.9

118.9
118.9

136.2
136.2

10
11

12
13
14

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

23.4
13.4
9.9

20.6
10.8
9.7

11.3
6.6
4.7

8.2
4.4
3.9

8.7
4.9
3.8

9.0
4.9
4.1

8.4
4.6
3.8

7.5
4.3
3.1

7.4
6.6
0.8

6.6
5.8
0.8

4.8
4.3
0.6

12
13
14

15
16
17

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

15.7
7.9
7.9

18.8
9.4
9.4

24.2
12.1
12.1

30.7
15.3
15.3

33.4
16.7
16.7

35.4
17.7
17.7

37.9
19.0
19.0

39.3
19.7
19.7

41.4
20.7
20.7

43.8
21.9
21.9

43.6
21.8
21.8

15
16
17

18
19
20

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

101.4
1.0
100.5

104.6
1.0
103.7

104.7
0.9
103.8

100.0
0.9
99.0

99.6
0.9
98.7

100.5
0.9
99.6

102.0
0.9
101.1

102.8
0.9
101.9

103.8
0.9
102.9

104.0
0.9
103.0

105.0
0.9
104.1

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)

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

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

505.4
31.7
18.2
18.6
174.6
256.7
2.9
2.7

503.5
35.9
18.9
18.5
172.6
251.8
3.1
2.7

514.6
37.4
19.4
19.5
172.4
260.0
3.4
2.5

527.9
38.0
19.4
19.6
176.1
269.7
3.2
1.9

530.1
39.2
20.9
19.2
179.0
266.4
3.5
1.9

547.6
40.0
21.4
19.0
186.1
274.5
3.8
2.8

21
22
23
24
25
26
27
28

29
30
31

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

44.0
6.3
37.7

76.2
14.1
62.1

103.8
17.9
85.9

113.0
19.4
93.6

124.3
22.8
101.5

125.4
24.5
100.9

128.3
30.7
97.6

138.3
29.9
108.4

138.1
30.5
107.6

132.3
31.0
101.3

148.4
31.2
117.2

29
30
31

32
33
34

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

304.7
274.2
30.5

304.1
273.7
30.4

340.9
306.8
34.1

395.1
355.6
39.5

422.7
380.5
42.3

441.9
397.7
44.2

443.0
398.7
44.3

458.4
412.6
45.8

459.1
413.2
45.9

481.9
433.7
48.2

451.1
406.0
45.1

32
33
34

(1) Student loans.

93

Z.1, December 7, 2001

L.217 Total Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

4864.8

5203.0

5724.2

6360.0

6473.1

6643.5

6796.4

6937.4

7061.7

7277.9

7474.9

1

3720.0
288.7
769.2
86.9

3978.3
301.1
833.6
90.0

4368.2
333.1
926.3
96.6

4803.4
375.5
1078.7
102.3

4879.4
383.4
1106.0
104.2

5005.1
396.3
1135.4
106.8

5124.3
404.0
1159.8
108.3

5225.9
414.5
1188.1
108.8

5319.5
423.8
1208.5
109.9

5477.9
439.0
1248.0
113.1

5623.1
452.7
1284.5
114.6

2
3
4
5

4864.8

5203.0

5724.2

6360.0

6473.1

6643.5

6796.4

6937.4

7061.7

7277.9

7474.9

6

Household sector

3674.3

3913.2

4274.0

4673.9

4741.2

4856.1

4968.2

5059.5

5142.3

5294.3

5434.8

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

1158.5
228.4
843.2
86.9

1243.0
262.1
890.9
90.0

1378.6
283.4
998.6
96.6

1609.4
378.8
1128.3
102.3

1653.4
394.7
1154.5
104.2

1706.4
411.4
1188.3
106.8

1745.7
421.4
1215.9
108.3

1794.9
441.1
1245.0
108.8

1838.3
453.3
1275.1
109.9

1898.5
477.3
1308.2
113.1

1957.0
501.0
1341.4
114.6

8
9
10
11

12
13

Federal government
REITs

0.0
31.9

0.0
46.8

0.0
71.6

0.0
76.7

0.0
78.5

0.0
81.0

0.0
82.5

0.0
82.9

0.0
81.1

0.0
85.1

0.0
83.0

12
13

4864.8

5203.0

5724.2

6360.0

6473.1

6643.5

6796.4

6937.4

7061.7

7277.9

7474.9

14

7

14

Total liabilities

1997

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

109.5
54.4
20.4

109.6
80.2
18.7

110.5
67.3
30.7

110.2
60.3
40.7

111.2
59.0
42.7

111.5
57.8
46.5

111.7
56.5
47.0

111.3
55.3
48.6

111.4
54.0
50.1

111.9
52.8
51.5

112.0
51.5
53.2

15
16
17

18
19

State and local governments
Federal government

117.6
50.3

121.3
45.7

125.4
44.9

129.8
77.7

130.9
76.8

132.0
76.8

133.1
76.5

134.3
76.9

135.4
76.3

136.6
76.2

137.8
75.3

18
19

20
21
22
23

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

1145.4
628.3
76.0
3.6

1245.3
631.8
86.0
3.0

1337.0
644.0
96.9
2.8

1495.2
668.6
111.0
2.2

1546.5
682.4
114.1
2.2

1614.1
703.5
119.1
2.2

1648.1
723.1
124.0
2.1

1659.3
723.8
127.4
2.1

1688.1
741.4
126.2
2.0

1723.3
751.9
130.9
2.0

1736.1
758.6
140.2
2.0

20
21
22
23

24
25
26
27

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

208.2
2.4
9.0
16.7

206.8
2.2
9.7
17.6

213.6
2.0
11.5
24.1

230.8
1.9
13.5
21.5

229.4
2.5
14.0
21.7

232.6
1.8
14.3
21.0

234.7
1.7
14.8
21.5

235.9
1.6
15.1
21.5

235.1
1.6
15.5
22.1

237.1
1.7
15.8
22.8

237.9
1.7
15.9
23.7

24
25
26
27

28
29
30

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

244.9
1711.3
326.3

240.5
1825.8
407.0

248.7
2018.4
563.5

244.4
2292.2
655.5

246.1
2322.1
669.1

255.7
2355.2
687.7

260.1
2414.3
708.6

267.1
2491.6
740.7

270.0
2534.2
769.5

279.1
2635.8
814.4

285.6
2759.0
844.4

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

85.5
41.2
13.8

96.5
32.1
22.9

121.2
35.3
26.3

145.8
35.6
23.0

149.1
34.1
19.2

157.7
35.5
18.6

165.4
35.4
17.8

172.3
35.9
16.8

176.1
36.2
16.3

182.3
36.5
15.3

187.4
36.9
15.6

31
32
33

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

94

Z.1, December 7, 2001

L.218 Home Mortgages (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2
3
4
5

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

3720.0

3978.3

4368.2

4803.4

4879.4

5005.1

5124.3

5225.9

5319.5

5477.9

5623.1

1

3577.7
7.8
134.4

3818.1
8.0
152.2

4169.5
9.4
189.4

4558.9
11.5
233.0

4626.3
12.0
241.1

4740.5
12.6
252.0

4848.7
13.2
262.4

4941.5
13.5
271.0

5023.4
14.4
281.7

5171.3
15.0
291.5

5305.9
15.4
301.8

2
3
4

3720.0

3978.3

4368.2

4803.4

4879.4

5005.1

5124.3

5225.9

5319.5

5477.9

5623.1

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

87.6
24.5
7.6

86.5
29.8
7.0

85.3
27.1
11.5

84.2
25.6
15.3

83.9
25.4
16.0

83.7
25.1
17.4

83.4
24.9
17.6

83.2
24.6
18.2

82.9
24.3
18.8

82.7
24.1
19.3

82.4
23.8
20.0

6
7
8

9
10

State and local governments
Federal government

62.8
21.2

65.8
19.1

69.1
18.8

72.6
18.4

73.5
18.3

74.4
18.3

75.3
17.8

76.3
17.7

77.2
17.6

78.2
17.4

79.1
17.2

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

677.6
513.7
76.0
3.6

745.5
520.7
86.0
3.0

796.6
533.4
96.9
2.8

878.7
548.5
111.0
2.2

903.8
559.6
114.1
2.2

948.2
578.5
119.1
2.2

967.5
595.0
124.0
2.1

965.2
594.6
127.4
2.1

977.8
607.8
126.2
2.0

997.0
616.0
130.9
2.0

986.8
620.5
140.2
2.0

11
12
13
14

15
16
17

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

7.0
5.0
5.0

7.2
5.7
5.6

6.6
7.0
8.4

5.9
8.5
7.5

5.6
8.9
7.6

5.2
9.2
7.4

4.9
9.6
7.5

4.9
10.0
7.5

4.9
10.3
7.7

5.0
10.7
8.0

5.0
10.9
8.3

15
16
17

18
19
20

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

198.5
1678.8
256.2

194.3
1788.1
310.7

199.6
1970.2
405.2

189.3
2234.7
455.0

189.8
2263.0
463.5

197.6
2294.1
471.9

200.5
2351.4
484.6

205.1
2425.6
499.8

206.3
2464.9
523.3

211.9
2561.7
539.2

215.8
2681.6
550.2

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

55.0
32.0
8.0

67.5
21.8
14.0

90.0
24.9
14.8

108.2
25.2
12.4

111.8
23.7
8.8

119.4
25.1
8.3

125.2
24.9
8.0

130.6
25.4
7.9

133.8
25.8
7.8

140.1
26.0
7.6

144.8
26.4
8.0

21
22
23

338.1
153.8
52.3
25.5
51.6
55.0

416.2
174.0
55.5
29.0
90.2
67.5

476.7
176.9
55.9
29.7
124.2
90.0

532.8
189.5
59.8
33.4
141.9
108.2

553.1
199.7
62.3
35.7
143.5
111.8

582.4
212.8
64.9
37.7
147.6
119.4

606.3
223.5
68.4
40.0
149.2
125.2

630.5
234.8
72.9
40.7
151.5
130.6

646.0
235.6
73.3
41.4
161.9
133.8

669.9
245.4
76.8
42.2
165.3
140.1

689.7
251.9
78.0
45.3
169.7
144.8

24
25
26
27
28
29

6
7
8

24
25
26
27
28
29

Total assets

1997

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

288.7

301.1

333.1

375.5

383.4

396.3

404.0

414.5

423.8

439.0

452.7

1

21.7
256.4

22.5
263.2

23.5
285.9

24.7
325.5

25.1
332.4

25.4
344.2

25.7
351.1

25.9
361.2

26.2
370.8

26.5
384.4

26.9
398.4

2
3

0.0
10.5

0.0
15.4

0.0
23.6

0.0
25.3

0.0
25.9

0.0
26.7

0.0
27.2

0.0
27.4

0.0
26.7

0.0
28.1

0.0
27.4

4
5

288.7

301.1

333.1

375.5

383.4

396.3

404.0

414.5

423.8

439.0

452.7

6

1.5
0.8
6.8

1.5
1.4
6.2

1.5
1.1
10.2

1.4
0.9
13.5

1.4
0.9
14.2

1.4
0.9
15.4

1.4
0.8
15.6

1.4
0.8
16.1

1.4
0.8
16.6

1.4
0.7
17.1

1.4
0.7
17.7

7
8
9

10
11

State and local governments
Federal government

45.9
14.8

46.5
13.9

47.4
13.6

48.3
13.6

48.6
13.7

48.8
13.8

49.1
13.8

49.3
13.9

49.6
13.3

49.8
13.4

50.1
13.6

10
11

12
13

Commercial banking
Savings institutions

45.5
61.6

49.7
59.5

52.9
57.0

66.0
59.4

70.8
58.0

75.7
59.4

76.9
60.3

77.7
61.3

79.8
62.9

80.4
63.4

83.9
64.4

12
13

14
15
16

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

30.8
1.0
4.7

30.4
1.0
5.0

31.5
1.1
6.7

32.8
1.2
6.0

32.7
1.3
6.1

33.2
1.3
5.9

33.5
1.3
6.0

33.7
1.3
6.0

33.6
1.3
6.2

33.8
1.3
6.4

33.9
1.2
6.6

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

18.6
32.5
15.9

17.3
37.8
20.9

18.1
48.3
33.8

22.9
57.5
42.2

24.2
59.1
43.1

25.3
61.0
44.4

26.2
63.0
46.1

27.8
66.0
49.5

28.8
69.3
50.7

30.7
74.1
57.0

32.4
77.3
59.8

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

3.1
4.1
1.2

2.8
5.2
2.1

2.5
5.3
2.1

2.8
5.3
1.6

2.8
5.3
1.4

2.9
5.3
1.6

3.1
5.3
1.5

2.9
5.4
1.3

2.9
5.4
1.2

2.9
5.4
1.2

2.9
5.4
1.3

20
21
22

95

Z.1, December 7, 2001

L.220 Commercial Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2
3
4
5
6
7
8
9

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

769.2

833.6

926.3

1078.7

1106.0

1135.4

1159.8

1188.1

1208.5

1248.0

1284.5

1

96.6
198.9
452.3
21.4

95.1
231.6
475.5
31.4

104.5
250.5
523.3
48.0

115.0
342.5
569.8
51.4

114.9
357.6
580.9
52.6

115.6
373.4
592.1
54.2

119.5
382.6
602.5
55.3

118.1
401.7
612.8
55.6

118.9
412.7
622.6
54.3

122.9
435.7
632.3
57.0

128.9
458.7
641.2
55.6

2
3
4
5

769.2

833.6

926.3

1078.7

1106.0

1135.4

1159.8

1188.1

1208.5

1248.0

1284.5

6

4.4
29.1
5.3

5.1
49.1
4.9

6.0
39.1
8.0

6.7
33.7
10.6

6.8
32.8
11.1

7.0
31.8
12.1

7.1
30.8
12.3

7.3
29.9
12.7

7.5
28.9
13.1

7.6
27.9
13.4

7.8
27.0
13.9

7
8
9

7.5
8.5

7.7
7.8

7.6
7.9

7.5
41.5

7.4
40.6

7.4
40.6

7.4
40.7

7.4
41.1

7.3
41.3

7.3
41.3

7.3
40.5

10
11

10
11

State and local governments
Federal government

12
13

Commercial banking
Savings institutions

397.5
52.7

423.1
51.3

458.5
53.1

518.6
60.3

539.2
64.3

556.4
65.1

569.8
67.3

582.4
67.4

596.2
70.2

610.7
71.9

630.0
73.2

12
13

14
15
16
17

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

160.3
2.4
3.0
7.0

158.8
2.2
3.0
7.0

164.0
2.0
3.4
8.9

179.0
1.9
3.7
8.0

178.2
2.5
3.8
8.0

180.9
1.8
3.8
7.8

182.6
1.7
3.9
7.9

183.8
1.6
3.9
8.0

183.1
1.6
3.9
8.2

184.6
1.7
3.8
8.4

185.2
1.7
3.7
8.8

14
15
16
17

18
19
20
21
22

Federally related mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

0.0
54.2
27.5
5.1
4.6

0.0
75.4
26.2
5.1
6.9

0.0
124.6
28.7
5.1
9.4

0.0
158.3
34.8
5.1
9.0

0.0
162.6
34.5
5.1
9.0

0.0
171.4
35.5
5.1
8.7

0.0
177.8
37.1
5.1
8.2

0.0
191.4
38.8
5.1
7.6

0.0
195.5
39.4
5.1
7.4

0.0
218.3
39.3
5.1
6.5

0.0
234.4
39.6
5.1
6.3

18
19
20
21
22

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

Total liabilities (Farm business)

86.9

90.0

96.6

102.3

104.2

106.8

108.3

108.8

109.9

113.1

114.6

1

2

Total assets

86.9

90.0

96.6

102.3

104.2

106.8

108.3

108.8

109.9

113.1

114.6

2

15.9
0.7

16.5
0.6

17.7
1.0

17.9
1.3

19.0
1.4

19.4
1.5

19.7
1.5

19.4
1.6

19.6
1.6

20.2
1.6

20.4
1.7

3
4

1.4
5.8

1.4
4.9

1.4
4.5

1.4
4.3

1.4
4.2

1.4
4.2

1.4
4.2

1.4
4.1

1.4
4.1

1.4
4.1

1.4
4.0

5
6

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

24.9
0.3

27.0
0.4

29.0
0.4

31.8
0.5

32.7
0.5

33.7
0.5

33.9
0.5

34.0
0.5

34.3
0.6

35.2
0.6

35.4
0.6

7
8

9
10

Life insurance companies
State and local govt. retirement funds

10.1
0.0

10.5
0.0

11.5
0.0

13.0
0.0

13.0
0.0

13.4
0.0

13.7
0.0

13.6
0.0

13.5
0.0

13.7
0.0

13.7
0.0

9
10

11
12

Government-sponsored enterprises
Federally related mortgage pools

27.9
0.0

28.9
0.0

31.0
0.0

32.2
0.0

32.1
0.0

32.8
0.0

33.5
0.0

34.2
0.0

34.9
0.0

36.4
0.0

37.4
0.0

11
12

96

Z.1, December 7, 2001

L.222 Consumer Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1

Total liabilities (Households)

1214.1

1271.6

1346.6

1446.1

1437.0

1476.5

1519.6

1593.1

1585.3

1608.1

1622.8

1

2

Total assets

1214.1

1271.6

1346.6

1446.1

1437.0

1476.5

1519.6

1593.1

1585.3

1608.1

1622.8

2

77.7
0.0

78.9
0.0

74.9
0.0

80.3
0.0

72.9
0.0

73.5
0.0

72.1
0.0

82.7
0.0

71.4
0.0

68.0
0.0

60.2
0.0

3
4

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

5
6
7

Commercial banking
Savings institutions
Credit unions

526.8
44.7
144.1

512.6
47.2
152.4

508.9
51.6
155.4

499.8
61.5
167.9

497.1
59.0
169.2

506.2
61.0
176.0

521.8
62.5
181.3

541.5
64.6
184.4

533.7
65.5
182.8

540.2
65.3
186.4

535.3
69.1
185.7

5
6
7

8
9

ABS issuers
Finance companies

265.8
154.9

313.1
167.5

372.4
183.3

435.1
201.5

434.0
204.8

447.0
212.7

460.3
221.5

500.1
219.8

519.2
212.8

533.9
214.3

551.7
220.8

8
9

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

1827.6

1967.3

2076.5

2298.8

2321.7

2371.6

2418.2

2464.9

2436.3

2406.9

2412.2

1

2

Household sector

109.1

118.0

126.8

132.7

134.5

136.3

137.7

138.6

140.4

141.5

143.2

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

927.0
116.8
17.4

992.1
147.8
18.8

1049.7
170.9
19.6

1194.1
196.4
20.0

1197.6
202.9
19.2

1220.3
211.2
20.8

1261.2
214.8
20.9

1295.7
218.8
20.9

1261.0
222.0
20.1

1221.2
224.8
21.3

1215.2
227.2
21.0

3
4
5

6
7

State and local governments
Federal government

517.6
81.8

549.0
72.9

579.5
64.9

608.6
65.6

616.9
67.0

623.2
67.5

629.6
68.4

635.9
66.9

642.1
64.8

648.4
62.9

654.8
59.7

6
7

8
9

Rest of the world
Brokers and dealers

43.6
14.3

48.7
19.9

46.3
18.9

50.6
30.9

50.0
33.8

53.0
39.4

49.8
35.9

52.1
35.9

50.7
35.2

53.6
33.3

55.2
36.0

8
9

1661.9

1840.5

2000.0

2177.9

2271.6

2355.2

2412.2

2373.3

2397.9

2385.1

2376.5

10

1273.1
169.8

1366.6
204.9

1452.9
245.6

1566.3
291.4

1639.0
301.6

1689.9
321.2

1728.6
325.5

1675.8
332.2

1680.3
337.2

1653.3
340.7

1633.9
344.0

11
12

10

Total trade payables

Total trade receivables

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14

Federal government
Rest of the world

24.0
57.1

20.8
60.3

22.3
51.7

22.9
46.8

25.4
46.4

26.9
47.4

27.7
49.6

28.1
52.5

31.7
54.1

33.9
53.0

33.4
51.2

13
14

15
16

Other insurance companies
ABS issuers

57.2
80.7

59.9
128.1

61.5
165.9

63.6
187.0

66.1
193.1

67.2
202.7

68.7
212.2

64.6
220.0

67.6
227.0

71.2
233.0

73.8
240.0

15
16

165.7

126.8

76.6

120.9

50.2

16.5

6.0

91.6

38.4

21.8

35.7

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

358.1

469.1

572.3

676.6

801.1

780.3

805.8

822.7

785.4

781.5

904.6

1

94.4
0.0

131.2
0.0

152.8
0.0

227.9
0.0

286.5
0.0

270.2
0.0

273.9
0.0

235.1
0.0

193.5
0.0

195.9
0.0

253.0
0.0

2
3

263.7
162.9
60.2
40.6

337.9
215.5
64.4
58.0

419.6
276.7
76.3
66.6

448.7
323.9
67.6
57.2

514.6
371.2
76.5
66.8

510.0
359.5
70.5
80.1

531.9
372.9
67.5
91.5

587.6
412.4
74.7
100.5

591.9
400.4
82.2
109.4

585.5
412.8
83.7
88.9

651.7
484.2
92.6
74.9

4
5
6
7

358.1

469.1

572.3

676.6

801.1

780.3

805.8

822.7

785.4

781.5

904.6

8

9
10

Household sector
Rest of the world

162.9
0.0

215.5
0.0

276.7
0.0

323.9
0.0

371.2
0.0

359.5
0.0

372.9
0.0

412.4
0.0

400.4
0.0

412.8
0.0

484.2
0.0

9
10

11
12

Commercial banking
Brokers and dealers

100.8
94.4

122.5
131.2

142.9
152.8

124.8
227.9

143.4
286.5

150.6
270.2

159.0
273.9

175.2
235.1

191.6
193.5

172.7
195.9

167.4
253.0

11
12

97

Z.1, December 7, 2001

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

Life insurance reserves:
1

Total liabilities

610.6

665.0

718.3

783.9

801.0

806.5

818.7

819.1

823.0

840.3

841.5

1

2
3

Federal government
Life insurance companies

30.5
580.1

32.3
632.7

33.6
684.7

35.0
748.9

35.2
765.7

35.9
770.6

36.0
782.7

36.4
782.7

36.6
786.5

37.1
803.1

37.2
804.3

2
3

4

Total assets (Households)

610.6

665.0

718.3

783.9

801.0

806.5

818.7

819.1

823.0

840.3

841.5

4

6325.1

7323.4

8193.7

9041.7

9237.9

9166.7

9307.9

9054.8

8588.9

8849.7

8281.0

5

561.4
953.9

601.7
1086.1

642.9
1209.9

684.0
1367.3

673.0
1414.2

683.3
1403.2

697.4
1424.9

704.9
1373.8

713.3
1335.8

724.9
1379.8

738.2
1319.8

6
7

3295.2
1514.6

3793.6
1842.0

4255.4
2085.4

4728.0
2262.3

4877.9
2272.8

4799.4
2280.8

4853.3
2332.4

4644.6
2331.5

4327.0
2212.8

4471.8
2273.2

4099.2
2123.8

8
9

6325.1

7323.4

8193.7

9041.7

9237.9

9166.7

9307.9

9054.8

8588.9

8849.7

8281.0

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) (3)

(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.
(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

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

Total taxes payable by all businesses

128.8

151.1

172.4

194.7

210.1

211.4

214.7

216.4

224.8

224.0

254.9

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

49.9
42.5

59.2
49.8

64.1
60.5

71.0
68.8

82.8
71.0

80.2
73.7

80.1
74.9

77.9
76.3

84.5
77.3

81.0
78.1

109.0
78.7

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

4.0
1.4

5.4
1.8

7.1
2.0

9.0
2.0

9.5
1.7

10.0
1.8

10.6
2.1

11.1
2.4

11.7
2.3

12.3
2.0

12.9
2.0

4
5

6
7

Life insurance companies
Other insurance companies

12.5
11.6

13.7
13.4

14.9
15.4

16.2
17.4

16.5
17.9

16.9
18.5

17.3
19.0

17.8
19.7

18.2
20.3

18.7
21.0

19.2
21.7

6
7

8
9

Finance companies
Brokers and dealers

5.7
1.3

6.5
1.3

7.3
1.3

8.1
2.2

8.3
2.4

8.6
1.7

8.8
1.8

9.1
2.1

9.3
1.2

9.6
1.3

9.9
1.4

8
9

46.8

46.9

49.5

72.0

91.4

77.0

90.4

87.9

111.5

90.7

102.8

10

26.1
20.7

26.9
20.0

28.1
21.4

33.5
38.5

35.5
55.9

39.0
37.9

42.9
47.4

45.6
42.4

49.1
62.3

50.8
39.9

51.4
51.4

11
12

81.9

104.2

122.9

122.7

118.7

134.5

124.4

128.4

113.3

133.2

152.1

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

871.3

942.5

1001.0

1130.4

1158.0

1114.4

1106.7

1019.4

929.1

964.4

859.6

1

2

Asset: Household sector

871.3

942.5

1001.0

1130.4

1158.0

1114.4

1106.7

1019.4

929.1

964.4

859.6

2

98

Z.1, December 7, 2001

L.229 Total Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

6387.1

6730.7

7692.9

8269.8

8464.3

8731.9

9221.0

9104.9

9536.4

9763.7

10222.5

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

18.3
2308.7
245.5

18.6
2193.6
301.3

17.2
2553.7
415.1

19.4
2622.9
471.0

18.7
2652.5
482.5

18.9
2645.1
494.1

18.8
2739.5
504.3

19.6
2751.0
517.2

18.7
2805.3
525.9

18.5
2793.3
534.8

19.0
2764.2
541.5

2
3
4

5
6

Federal government
Rest of the world

7.3
1155.6

6.6
1237.4

6.7
1388.8

6.6
1589.9

6.6
1635.3

6.5
1783.9

6.6
2023.9

6.4
1829.9

6.5
2194.7

6.4
2258.4

6.4
2666.2

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

7.4
863.0
103.5
4.6

9.5
1023.7
101.4
4.6

10.7
1128.7
99.8
5.2

9.4
1079.9
85.4
6.0

10.0
1096.8
82.0
5.4

9.6
1143.2
86.1
6.1

9.6
1234.1
92.7
7.5

10.6
1248.4
102.5
5.6

8.8
1219.7
108.4
3.5

8.2
1249.4
119.8
6.0

8.2
1352.7
123.7
5.5

7
8
9
10

11
12

Life insurance companies
Other insurance companies

567.5
509.9

625.4
522.3

687.7
527.9

747.2
540.3

764.1
542.2

765.3
547.2

775.4
551.7

766.1
546.3

759.8
549.8

791.0
555.6

793.5
572.4

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

67.2
202.0
20.6

75.1
206.0
16.0

95.3
223.8
17.7

89.3
290.7
17.8

93.8
334.2
17.1

89.8
336.7
17.8

87.9
353.2
17.7

96.7
373.5
17.9

119.7
393.7
18.1

118.5
388.8
18.3

132.6
379.1
18.5

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

9.2
110.1
186.9

18.0
131.1
240.1

31.6
175.8
307.2

36.0
185.5
472.5

35.9
190.1
497.2

37.4
202.9
541.3

38.5
206.5
553.2

37.8
179.3
596.3

42.6
173.5
587.7

37.8
260.7
598.4

37.5
237.7
563.9

16
17
18

7613.6

8279.6

10016.0

11010.3

11372.7

11671.3

11948.9

12329.4

12602.5

12804.6

12983.2

19

19

Total liabilities

1997

Total assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

301.4
3410.8
203.5
44.4

311.7
3628.7
259.9
44.8

321.4
4482.0
481.4
45.4

334.2
5023.6
544.1
45.6

335.6
5164.3
557.7
45.6

339.6
5231.1
571.2
46.0

341.7
5301.9
585.3
46.2

338.9
5421.8
595.7
45.5

339.6
5447.6
607.5
45.6

346.1
5493.0
619.5
46.3

355.2
5440.4
630.7
47.0

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

41.0
110.2
1039.9

27.0
104.8
1107.7

11.5
101.2
1342.6

13.1
100.3
1513.9

21.5
98.7
1646.0

21.9
98.7
1755.9

25.0
98.8
1821.4

24.1
98.9
1946.4

40.5
98.8
2215.6

48.6
100.4
2169.8

63.8
102.1
2323.1

24
25
26

27
28
29
30
31

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

11.2
823.7
52.9
13.7
16.0

13.2
934.0
49.7
17.6
14.6

16.1
1079.1
62.8
24.3
23.0

16.8
1108.3
60.3
8.0
20.5

16.5
1120.8
59.5
11.3
20.0

16.6
1151.7
63.4
13.9
19.3

18.3
1201.4
61.9
16.7
19.3

19.3
1221.5
67.7
23.4
19.0

19.3
1220.2
84.6
31.2
18.7

20.2
1275.5
84.8
39.9
18.6

20.5
1340.4
90.4
33.8
18.3

27
28
29
30
31

32
33
34
35

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

73.7
33.6
555.5
62.8

65.7
42.8
590.9
63.5

69.2
49.7
642.3
66.1

34.9
53.8
682.1
81.0

38.7
55.1
693.7
79.4

43.1
57.7
694.1
82.3

54.0
60.0
702.5
85.0

55.6
61.4
692.9
93.5

37.5
63.3
675.5
106.4

18.9
63.7
690.2
106.9

22.5
63.8
675.8
109.3

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

43.8
4.7
60.6

58.1
11.8
67.8

67.7
7.9
68.5

90.4
3.6
73.5

79.6
1.9
77.0

103.4
1.9
80.8

108.5
2.6
82.8

102.5
3.1
85.5

102.6
1.7
85.4

112.8
0.7
85.2

113.0
0.9
99.8

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

153.1
5.6
320.7
230.7

175.1
10.5
391.8
288.0

184.4
21.2
499.3
348.7

235.3
21.1
522.8
423.1

235.8
21.5
549.7
442.7

234.1
20.8
573.0
450.7

249.0
22.0
589.1
455.1

259.6
21.1
655.1
477.1

263.5
21.8
580.8
494.6

237.7
23.0
722.1
480.7

246.2
22.7
711.9
451.8

39
40
41
42

-1226.5

-1548.9

-2323.1

-2740.5

-2908.3

-2939.4

-2727.8

-3224.6

-3066.2

-3040.8

-2760.7

43

43

Discrepancy

99

Z.1, December 7, 2001

L.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

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

986.5
863.2
42.8
6.6
33.6
27.9
12.4

1067.4
932.5
44.2
8.6
42.8
35.1
4.2

1196.8
1048.4
46.2
9.4
49.7
35.6
7.5

1328.0
1160.4
49.5
11.9
53.8
41.1
11.2

1368.9
1194.5
51.4
12.9
55.1
43.3
11.7

1404.5
1220.3
52.4
13.3
57.7
48.2
12.6

1448.1
1252.3
56.2
14.2
60.0
52.1
13.3

1445.2
1247.2
56.8
13.8
61.4
51.9
14.2

1489.2
1284.2
58.0
14.7
63.3
53.9
15.1

1526.9
1316.5
59.7
15.3
63.7
56.0
15.8

1552.5
1339.5
61.2
15.8
63.8
56.4
15.9

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

698.4
4.0
30.3
17.6
38.5
29.7
8.8
-81.6

749.6
3.9
38.8
25.2
46.2
35.7
8.5
-84.6

804.6
3.5
44.2
27.9
47.5
38.3
10.1
-63.9

945.5
3.4
63.3
40.2
57.4
49.7
15.8
-80.9

960.8
3.4
68.4
40.8
58.3
47.8
16.4
-64.7

1045.5
3.4
68.9
43.2
59.8
48.6
16.8
-64.3

1101.3
3.4
69.7
48.7
62.4
49.9
17.4
-53.6

1112.3
3.5
72.9
59.2
64.1
67.3
16.7
-26.6

1156.1
3.5
73.2
63.0
65.6
73.2
17.8
-30.0

1180.2
3.5
77.1
66.2
64.7
77.9
18.3
2.1

1184.6
3.5
79.2
66.3
63.6
80.1
19.5
18.2

8
9
10
11
12
13
14
15

16

Asset: Rest of the world

745.6

823.1

912.2

1094.4

1131.4

1221.9

1299.2

1369.5

1422.4

1490.0

1514.9

16

29.2
29.2

30.8
30.8

32.4
32.4

33.9
33.9

34.2
34.2

34.6
34.6

34.9
34.9

35.4
35.4

35.9
35.9

37.7
37.7

39.5
39.5

17
18

4.6
4.6

5.4
5.4

6.0
6.0

6.4
6.4

6.7
6.7

6.9
6.9

6.9
6.9

7.0
7.0

7.0
7.0

7.1
7.1

7.3
7.3

19
20

21.3

21.9

25.3

30.8

31.8

31.6

32.0

33.0

28.0

30.7

24.9

21

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

-0.8
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
15.3
0.6
0.3

-1.1
1.6
1.6
0.0
13.4
15.5
0.6
0.4

-0.8
1.6
1.6
0.0
13.8
15.7
0.6
0.4

-6.5
1.6
1.6
0.0
14.1
16.2
0.7
0.3

-4.2
1.5
1.7
0.0
14.2
16.5
0.7
0.2

-10.8
1.5
1.7
0.0
14.4
16.9
0.8
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

372.9
4.7
27.3
20.6
12.3

413.6
5.0
23.5
16.0
45.3

469.0
5.4
17.1
17.7
93.8

471.9
6.0
43.9
17.8
83.5

492.1
6.1
53.6
17.1
107.6

501.0
6.3
47.5
17.8
113.4

514.8
6.4
50.0
17.7
124.8

525.4
6.6
51.3
17.9
137.7

541.8
6.8
48.6
18.1
153.8

552.2
7.0
46.7
18.3
165.0

577.8
7.2
45.4
18.5
169.6

30
31
32
33
34

35

Asset: Bank holding companies

437.8

503.5

603.0

623.0

676.4

686.0

713.7

738.9

769.2

789.2

818.5

35

27.3
27.3

23.5
23.5

17.1
17.1

43.9
43.9

53.6
53.6

47.5
47.5

50.0
50.0

51.3
51.3

48.6
48.6

46.7
46.7

45.4
45.4

36
37

NFC inv. in finance company subs.:
36
37

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

38
39

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

64.5
166.3

78.8
209.2

90.6
258.2

93.0
330.1

114.6
328.1

114.5
336.2

119.9
335.2

138.7
338.4

142.3
352.3

137.3
343.5

113.5
338.3

38
39

40

Asset: Funding corporations

230.7

288.0

348.7

423.1

442.7

450.7

455.1

477.1

494.6

480.7

451.8

40

100

Z.1, December 7, 2001

L.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

2.1
2.1

2.1
2.1

1.9
1.9

2.6
2.6

2.3
2.3

2.3
2.3

2.4
2.4

2.6
2.6

2.5
2.5

2.5
2.5

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

18.0
18.0

18.0
18.0

24.9
24.9

17.1
17.1

15.1
15.1

12.9
12.9

13.6
13.6

17.0
17.0

29.9
29.9

26.1
26.1

29.3
29.3

5
6

18.3
18.3

18.6
18.6

17.2
17.2

19.4
19.4

18.7
18.7

18.9
18.9

18.8
18.8

19.6
19.6

18.7
18.7

18.5
18.5

19.0
19.0

7
8

Postal Savings System deposits:
3
4

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

5
6

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

7
8

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

9
10
11

Liab.: Life insurance companies
Health
Policy dividend accumulation

103.9
69.4
34.5

112.2
75.7
36.4

120.1
83.0
37.1

131.9
93.5
38.4

132.8
94.4
38.4

135.4
96.5
38.8

136.7
97.1
39.6

136.8
97.4
39.5

136.8
96.8
40.0

140.4
99.5
40.9

142.9
101.7
41.3

9
10
11

12

Asset: Household sector

103.9

112.2

120.1

131.9

132.8

135.4

136.7

136.8

136.8

140.4

142.9

12

Policy payables:
13

Liab.: Other insurance companies

471.4

476.2

480.4

482.9

483.9

487.5

489.3

482.1

484.2

490.9

508.9

13

14
15
16
17

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

197.5
186.2
44.8
42.9

199.5
188.1
45.2
43.3

201.3
189.8
45.6
43.7

202.3
190.8
45.9
43.9

202.7
191.1
46.0
44.0

204.2
192.5
46.3
44.4

205.0
193.3
46.5
44.5

202.0
190.4
45.8
43.9

202.9
191.3
46.0
44.1

205.7
193.9
46.6
44.7

212.2
203.0
48.3
45.3

14
15
16
17

361.1
361.1

381.9
381.9

422.8
422.8

457.1
457.1

467.2
467.2

465.0
465.0

471.5
471.5

460.7
460.7

442.5
442.5

455.0
455.0

440.4
440.4

18
19

86.4
86.4

93.5
93.5

95.4
95.4

96.4
96.4

96.7
96.7

96.9
96.9

97.2
97.2

97.4
97.4

97.7
97.7

97.9
97.9

98.2
98.2

20
21

276.1
276.1

333.3
333.3

403.3
403.3

419.5
419.5

443.9
443.9

467.5
467.5

470.6
470.6

508.2
508.2

482.6
482.6

541.0
541.0

558.2
558.2

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, December 7, 2001

L.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

Total liabilities

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

2566.8

2531.1

2985.5

3059.3

3058.1

3161.9

3481.1

3223.2

3546.6

3582.4

3968.6

1

1523.9
241.5

1350.5
297.5

1653.6
411.7

1581.0
467.7

1595.0
479.2

1502.7
490.7

1541.1
500.9

1541.2
513.7

1551.5
522.4

1515.1
531.3

1481.4
538.1

2
3

Federal government
Rest of the world
Monetary authority

7.3
137.7
2.8

6.6
137.0
4.0

6.7
157.7
4.8

6.6
225.5
3.0

6.6
230.0
3.3

6.5
342.5
2.8

6.6
538.4
2.7

6.4
346.8
3.6

6.5
667.1
1.8

6.4
691.3
1.0

6.4
1071.9
0.9

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

395.4
147.7
200.5
36.3
10.9

492.5
185.1
233.9
57.9
15.6

525.0
206.6
222.4
74.1
21.9

451.7
181.2
158.4
88.1
24.1

421.8
200.4
117.7
78.9
24.7

458.7
212.6
138.8
82.1
25.3

529.7
253.9
147.4
101.4
26.9

511.4
263.3
119.0
104.4
24.8

462.4
225.8
97.1
115.0
24.5

482.8
206.4
115.4
134.6
26.4

582.1
278.2
139.3
140.2
24.5

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

98.8
4.6
84.9
28.0

96.4
4.6
106.2
35.1

94.4
5.2
116.9
45.2

79.4
6.0
118.0
41.4

75.9
5.4
123.2
47.0

79.8
6.1
121.6
45.4

86.2
7.5
118.5
42.3

95.9
5.6
109.3
46.7

101.6
3.5
117.6
61.7

112.8
6.0
129.4
61.7

116.6
5.5
143.9
78.4

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

117.8
9.2
-77.3
-7.6

123.2
18.0
-131.9
-8.6

151.2
31.6
-186.2
-32.2

153.1
36.0
-243.9
133.9

179.2
35.9
-262.0
117.9

193.0
37.4
-263.5
138.1

203.3
38.5
-270.8
136.2

203.6
37.8
-313.5
114.7

223.3
42.6
-350.4
135.1

217.5
37.8
-266.1
55.2

208.2
37.5
-289.6
-12.5

16
17
18
19

3793.3

4080.0

5308.6

5799.9

5966.5

6101.2

6208.9

6447.7

6612.7

6623.2

6729.3

20

2332.6
157.1
41.0

2484.1
213.0
27.0

3226.9
434.2
11.5

3629.3
496.6
13.1

3725.8
510.0
21.5

3771.9
523.3
21.9

3807.5
537.2
25.0

3933.7
548.3
24.1

3930.0
559.9
40.5

3940.1
571.3
48.6

3863.3
580.8
63.8

21
22
23

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

20

Total assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

78.8
294.3
11.2

71.9
284.5
13.2

66.9
430.5
16.1

63.9
419.5
16.8

62.2
514.7
16.5

61.8
534.0
16.6

61.5
522.2
18.3

61.0
576.9
19.3

60.4
793.3
19.3

60.2
679.8
20.2

60.3
808.2
20.5

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

331.8
78.7
197.2
51.1
4.8

372.9
87.6
234.3
44.4
6.6

414.0
113.1
234.6
56.5
9.7

416.4
109.0
213.3
85.4
8.7

372.8
114.2
170.7
79.6
8.4

393.2
113.2
184.4
86.8
8.8

411.2
113.1
190.5
98.4
9.2

404.9
115.2
176.8
106.3
6.6

372.0
126.9
133.0
105.0
7.1

405.3
123.1
165.6
105.5
11.1

439.1
150.5
169.4
111.1
8.2

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

25.3
13.6
16.0

21.7
17.3
14.6

26.2
24.0
23.0

28.7
7.5
20.5

29.4
10.7
20.0

35.2
13.3
19.3

32.8
16.1
19.3

34.9
22.8
19.0

38.5
30.5
18.7

42.3
39.2
18.6

44.1
33.0
18.3

32
33
34

35
36
37

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

48.7
108.0
62.8

38.3
115.4
63.5

42.4
124.1
66.1

3.2
128.6
81.0

6.9
129.8
79.4

10.6
132.1
82.3

20.8
133.8
85.0

21.9
134.8
93.5

3.7
135.3
106.4

-15.1
137.3
106.9

-12.6
137.2
109.3

35
36
37

38
39
40

Mutual funds
Money market mutual funds
Government-sponsored enterprises

4.7
43.8
60.6

11.8
58.1
67.8

7.9
67.7
68.5

3.6
90.4
73.5

1.9
79.6
77.0

1.9
103.4
80.8

2.6
108.5
82.8

3.1
102.5
85.5

1.7
102.6
85.4

0.7
112.8
85.2

0.9
113.0
99.8

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

125.3
5.6
32.2

140.0
10.5
54.4

148.8
21.2
88.6

194.2
21.1
92.1

192.5
21.5
94.2

185.9
20.8
93.0

196.9
22.0
105.3

207.7
21.1
132.7

209.6
21.8
83.0

181.7
23.0
165.3

189.8
22.7
137.8

41
42
43

-1226.5

-1548.9

-2323.1

-2740.5

-2908.3

-2939.4

-2727.8

-3224.6

-3066.2

-3040.8

-2760.7

44

44

Discrepancy

102

Z.1, December 7, 2001

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

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

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

35165.6

39326.0

43244.3

48768.3

49929.4

49592.9

49880.5

48828.9

47268.0

48412.2

46648.1

1

11189.2

11919.9

12796.4

13796.0

14121.7

14553.9

14927.9

15283.3

15613.3

15947.4

16244.3

2

8844.4
8009.9
834.5

9500.5
8560.1
940.4

10268.3
9209.9
1058.5

11086.4
9971.1
1115.3

11355.4
10228.8
1126.6

11728.9
10548.9
1180.0

12054.0
10846.5
1207.5

12358.6
11133.5
1225.1

12638.4
11408.5
1229.9

12947.0
11714.2
1232.9

13219.0
11984.8
1234.2

3
4
5

85.6
2259.2

90.6
2328.8

97.3
2430.8

105.2
2604.5

107.9
2658.4

110.7
2714.3

113.7
2760.2

116.1
2808.6

117.2
2857.6

118.9
2881.4

119.9
2905.5

6
7

23976.5

27406.1

30447.9

34972.3

35807.7

35039.0

34952.6

33545.6

31654.8

32464.9

30403.8

8

9
10
11
12
13

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

3440.7
35.5
470.6
2434.0
500.7

3622.2
37.2
436.8
2565.9
582.3

3953.3
38.3
408.3
2759.6
747.1

4141.0
43.5
366.8
2859.1
871.6

4327.3
48.6
365.9
2961.7
951.2

4313.6
48.6
324.8
3025.8
914.4

4384.2
48.0
292.3
3107.1
936.9

4543.1
51.3
324.5
3164.3
1003.0

4738.4
49.8
326.2
3269.0
1093.4

4709.8
45.8
328.7
3313.5
1021.8

4835.9
43.3
339.8
3361.2
1091.7

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

2086.8
54.7
998.4
739.1
187.0
552.1
259.4
433.2
491.0
109.5

2031.3
56.1
865.0
598.8
186.5
412.3
266.2
468.8
531.7
109.6

1967.7
63.7
676.7
485.5
186.6
298.9
191.2
488.3
628.5
110.5

2184.5
67.7
829.2
555.0
186.4
368.6
274.2
526.6
650.8
110.2

2114.4
68.9
762.7
505.1
185.3
319.9
257.5
529.1
642.5
111.2

2089.7
70.2
676.6
400.9
184.6
216.3
275.7
543.4
688.1
111.5

2040.3
71.4
648.2
364.3
184.3
179.9
283.9
543.1
665.9
111.7

1977.4
72.7
615.0
355.2
184.8
170.5
259.8
541.2
637.1
111.3

1928.0
67.2
489.8
339.4
184.8
154.7
150.3
559.4
700.3
111.4

1869.6
62.7
444.0
261.6
185.5
76.2
182.4
574.7
676.4
111.9

1832.7
58.9
452.4
278.4
186.4
92.0
174.0
554.8
654.5
112.0

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

4895.6
1495.4
162.9
610.6
6325.1
871.3
3786.6
301.4

6302.5
1941.2
215.5
665.0
7323.4
942.5
4051.0
311.7

7259.7
2362.0
276.7
718.3
8193.7
1001.0
4394.1
321.4

9342.8
3066.3
323.9
783.9
9041.7
1130.4
4623.6
334.2

9507.6
3302.7
371.2
801.0
9237.9
1158.0
4652.1
335.6

8862.9
3240.1
359.5
806.5
9166.7
1114.4
4745.9
339.6

8518.0
3279.5
372.9
818.7
9307.9
1106.7
4782.7
341.7

7487.1
3043.2
412.4
819.1
9054.8
1019.4
4850.2
338.9

6285.5
2739.3
400.4
823.0
8588.9
929.1
4882.4
339.6

6643.8
2934.5
412.8
840.3
8849.7
964.4
4893.8
346.1

5471.8
2544.7
484.2
841.5
8281.0
859.6
4897.1
355.2

24
25
26
27
28
29
30
31

5445.8

5824.8

6320.9

6921.6

7048.0

7198.2

7369.2

7508.8

7538.9

7718.9

7946.9

32

5223.9
3577.7
1214.1
104.9
58.0
172.7
96.6

5556.9
3818.1
1271.6
114.9
66.5
190.7
95.1

6024.1
4169.5
1346.6
126.9
72.7
204.0
104.5

6541.5
4558.9
1446.1
137.3
65.4
218.9
115.0

6608.3
4626.3
1437.0
138.0
69.3
222.8
114.9

6772.9
4740.5
1476.5
141.4
71.4
227.4
115.6

6938.9
4848.7
1519.6
141.9
67.1
242.1
119.5

7115.5
4941.5
1593.1
143.0
73.5
246.3
118.1

7186.3
5023.4
1585.3
144.2
63.4
251.1
118.9

7362.9
5171.3
1608.1
145.3
59.3
255.9
122.9

7531.7
5305.9
1622.8
147.5
65.7
260.9
128.9

33
34
35
36
37
38
39

94.4
109.1

131.2
118.0

152.8
126.8

227.9
132.7

286.5
134.5

270.2
136.3

273.9
137.7

235.1
138.6

193.5
140.4

195.9
141.5

253.0
143.2

40
41

18.3

18.6

17.2

19.4

18.7

18.9

18.8

19.6

18.7

18.5

19.0

42

29719.9

33501.2

36923.4

41846.7

42881.4

42394.6

42511.4

41320.1

39729.1

40693.4

38701.2

43

6352.4
6049.9
178.9
123.7
624.2

6712.9
6396.0
188.7
128.2
664.8

7158.5
6826.9
198.0
133.5
710.9

7662.8
7321.0
203.8
138.1
751.9

7859.6
7511.5
207.4
140.7
767.7

7968.9
7619.4
208.1
141.4
778.9

8114.3
7762.2
209.5
142.5
793.6

8247.3
7892.9
210.8
143.6
808.7

8379.2
8021.5
212.7
145.1
827.2

8484.2
8112.2
225.6
146.3
840.0

8593.5
8220.7
226.0
146.8
849.1

44
45
46
47
48

5677.7

5968.2

6355.6

6618.0

6859.1

6993.7

7081.3

7189.8

7295.0

7363.2

7577.0

49

523.4

561.3

581.0

632.3

625.2

606.2

600.3

574.7

544.6

552.7

510.8

50

4432.2

4742.0

5040.4

5412.2

5602.5

5808.3

5997.8

6192.1

6385.2

6542.8

6678.9

51

55.3

55.4

54.7

54.3

54.8

55.1

55.3

55.6

56.0

55.9

55.7

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) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in 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, December 7, 2001

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1997

1998

1999
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

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

12724.6

13680.6

14998.1

16166.9

16448.2

16897.0

17248.7

17431.9

17404.3

17450.0

17342.1

1

7266.8

7871.9

8181.9

8602.8

8704.8

9000.2

9188.4

9300.5

9295.0

9298.8

9281.6

2

3660.9
2515.2
1090.7

4100.9
2641.4
1129.6

4220.9
2790.0
1171.0

4403.3
2942.2
1257.2

4429.1
2999.7
1276.0

4640.9
3058.4
1300.9

4745.3
3122.8
1320.3

4796.2
3170.6
1333.7

4799.2
3186.4
1309.4

4795.1
3212.6
1291.1

4795.9
3207.4
1278.3

3
4
5

5457.7

5808.7

6816.1

7564.2

7743.4

7896.8

8060.3

8131.3

8109.3

8151.2

8060.6

6

28.2
244.3
99.7
67.6
3.9
31.5
75.6
31.0
54.4
77.7
1273.1
59.9
3410.8

23.1
251.9
119.4
87.8
4.6
36.1
34.8
27.4
80.2
78.9
1366.6
69.1
3628.7

30.5
287.1
112.6
114.3
4.2
39.4
34.2
25.7
67.3
74.9
1452.9
91.0
4482.0

28.3
321.9
128.8
137.3
5.3
43.7
32.1
22.3
60.3
80.3
1566.3
113.9
5023.6

22.2
307.3
116.8
139.3
6.1
38.3
36.7
23.9
59.0
72.9
1639.0
117.5
5164.3

26.5
333.9
113.6
140.0
4.2
37.3
41.6
35.9
57.8
73.5
1689.9
111.4
5231.1

40.0
363.1
116.8
155.9
4.0
40.6
42.3
27.6
56.5
72.1
1728.6
111.0
5301.9

22.9
346.6
133.9
177.7
4.8
44.0
34.0
33.1
55.3
82.7
1675.8
98.8
5421.8

16.1
315.0
124.6
210.3
3.3
43.0
33.9
23.9
54.0
71.4
1680.3
85.9
5447.6

16.3
304.0
118.5
238.4
3.9
45.3
34.5
31.6
52.8
68.0
1653.3
91.6
5493.0

16.3
296.7
117.1
246.3
2.5
43.5
41.0
34.9
51.5
60.2
1633.9
76.3
5440.4

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

6378.6

6628.8

7457.6

8153.4

8348.1

8507.9

8698.9

8820.5

8936.6

8976.9

9011.2

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

3093.0
156.4
137.9
1460.4
642.1
467.9
228.4

3383.9
168.6
142.0
1610.9
692.7
507.7
262.1

3790.2
193.0
147.8
1829.6
774.5
562.0
283.4

4265.3
230.3
152.8
2059.5
847.5
596.5
378.8

4415.3
260.8
153.3
2106.0
868.3
632.2
394.7

4562.2
296.8
153.4
2144.5
902.5
653.7
411.4

4618.0
307.0
153.9
2186.7
909.0
639.9
421.4

4695.9
278.4
154.2
2230.6
921.8
669.9
441.1

4785.7
253.2
154.7
2330.8
923.2
670.6
453.3

4881.5
223.3
155.6
2437.8
898.7
688.8
477.3

4922.8
201.3
156.2
2484.7
886.5
693.2
501.0

21
22
23
24
25
26
27

28
29
30

Trade payables
Taxes payable
Miscellaneous liabilities

927.0
49.9
2308.7

992.1
59.2
2193.6

1049.7
64.1
2553.7

1194.1
71.0
2622.9

1197.6
82.8
2652.5

1220.3
80.2
2645.1

1261.2
80.1
2739.5

1295.7
77.9
2751.0

1261.0
84.5
2805.3

1221.2
81.0
2793.3

1215.2
109.0
2764.2

28
29
30

31

Net worth (market value)

6346.0

7051.9

7540.5

8013.6

8100.1

8389.1

8549.9

8611.4

8467.7

8473.1

8331.0

31

81.6
3249.1

86.5
3456.2

91.7
3602.0

96.4
3790.6

98.7
3865.5

99.6
3916.8

100.8
3986.1

101.9
4057.1

103.4
4145.5

104.3
4195.9

105.1
4238.7

32
33

7644.4
48.7
40.5
120.5

9774.6
48.0
34.6
138.6

11606.7
50.3
32.7
153.9

15117.0
53.2
28.2
188.6

15727.7
54.5
28.1
194.2

14938.5
54.4
30.5
178.1

14458.4
54.0
31.9
169.1

12740.8
54.5
36.9
148.0

10989.6
56.5
43.5
129.8

11691.2
57.6
41.8
138.0

9681.6
59.1
50.8
116.2

34
35
36
37

10732.8

11397.4

12754.8

13871.2

14183.1

14428.1

14723.7

14889.4

14975.8

15033.0

15075.3

38

5275.1
2044.3
2163.1
1067.7

5588.7
2159.6
2330.1
1099.0

5938.7
2288.2
2513.1
1137.3

6307.0
2417.3
2721.2
1168.5

6439.7
2450.5
2779.8
1209.4

6531.3
2480.9
2840.9
1209.5

6663.4
2517.4
2901.7
1244.3

6758.0
2552.3
2959.1
1246.6

6866.4
2591.8
3010.2
1264.4

6881.8
2628.1
3008.1
1245.7

7014.7
2663.2
3030.9
1320.6

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)

4354.2

4768.7

5297.2

5717.8

5835.0

5920.2

6024.8

6068.9

6039.2

6056.1

6064.1

43

44
45
46

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

34.0
1810.8
71.0

35.6
1923.6
71.0

37.3
2053.4
71.6

39.2
2178.5
74.6

40.0
2211.1
75.7

40.8
2245.1
77.1

41.6
2281.2
76.6

42.6
2318.6
77.4

43.7
2358.3
79.2

44.8
2391.9
80.6

46.1
2426.5
81.2

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, December 7, 2001

B.103 Balance Sheet of Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1
2

Assets
Tangible assets

3
4
5

Real estate (1)
Residential
Nonresidential

6
7
8

Equipment and software (2)
Residential (3)
Nonresidential

9

Inventories (2)

10

Financial assets

11
12
13

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

14
15
16
17

Treasury securities
Municipal securities
Mortgages
Consumer credit

18
19
20
21
22

Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (4)
Other

23
24
25
26
27
28
29
30
31

Liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Net worth (5)

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

4491.1

4898.7

5517.0

5987.5

6069.5

6243.7

6338.1

6458.7

6537.8

6614.5

6672.2

1

3849.7

4126.3

4415.2

4723.3

4774.2

4902.2

4971.1

5065.1

5115.4

5164.3

5200.8

2

3361.2
2534.9
826.2

3615.9
2727.6
888.3

3866.9
2911.8
955.1

4116.8
3139.5
977.3

4185.8
3210.9
974.9

4331.6
3305.8
1025.7

4419.4
3368.9
1050.4

4504.9
3434.7
1070.2

4544.5
3483.0
1061.5

4581.9
3519.7
1062.2

4619.8
3551.0
1068.8

3
4
5

431.2
74.3
356.9

450.9
75.6
375.3

486.7
77.7
409.0

540.3
77.6
462.7

521.2
77.7
443.5

502.1
77.9
424.2

482.2
77.9
404.3

490.0
78.0
412.0

502.0
78.2
423.8

514.5
74.3
440.2

529.3
74.4
454.9

6
7
8

57.4

59.5

61.6

66.2

67.2

68.5

69.5

70.2

68.9

68.0

51.7

9

641.3

772.4

1101.8

1264.3

1295.3

1341.5

1367.0

1393.6

1422.4

1450.2

1471.4

10

124.0
75.0
19.2

146.2
85.7
22.9

178.3
94.8
32.6

203.3
104.8
42.6

209.6
105.8
43.1

220.4
107.7
43.2

224.4
108.0
47.2

228.3
108.8
52.6

233.3
110.1
59.6

238.5
111.4
66.6

243.3
112.8
68.8

11
12
13

26.7
2.6
20.4
0

30.8
3.2
18.7
0

37.0
1.5
30.7
0

33.9
3.5
40.7
0

31.3
3.5
42.7
0

27.6
3.6
46.5
0

25.9
3.6
47.0
0

23.7
3.7
48.6
0

20.9
3.7
50.1
0

18.2
3.8
51.5
0

14.8
3.8
53.2
0

14
15
16
17

169.8
203.5
44.8
1.7
157.1

204.9
259.9
45.2
1.7
213.0

245.6
481.4
45.6
1.6
434.2

291.4
544.1
45.9
1.6
496.6

301.6
557.7
46.0
1.7
510.0

321.2
571.2
46.3
1.6
523.3

325.5
585.3
46.5
1.6
537.2

332.2
595.7
45.8
1.6
548.3

337.2
607.5
46.0
1.6
559.9

340.7
619.5
46.6
1.5
571.3

344.0
630.7
48.3
1.5
580.8

18
19
20
21
22

1534.1

1722.9

2010.2

2255.3

2309.5

2378.1

2424.3

2477.1

2520.6

2565.6

2601.3

23

1129.3

1224.0

1363.7

1519.1

1553.1

1599.1

1630.3

1664.8

1695.5

1727.9

1753.9

24

193.6
92.5
843.2

237.3
95.8
890.9

256.3
108.9
998.6

274.2
116.7
1128.3

278.7
119.9
1154.5

287.1
123.7
1188.3

288.9
125.4
1215.9

292.0
127.8
1245.0

292.2
128.2
1275.1

287.2
132.6
1308.2

283.5
128.9
1341.4

25
26
27

116.8
42.5
245.5

147.8
49.8
301.3

170.9
60.5
415.1

196.4
68.8
471.0

202.9
71.0
482.5

211.2
73.7
494.1

214.8
74.9
504.3

218.8
76.3
517.2

222.0
77.3
525.9

224.8
78.1
534.8

227.2
78.7
541.5

28
29
30

2957.0

3175.8

3506.8

3732.3

3759.9

3865.6

3913.7

3981.6

4017.2

4048.9

4070.9

31

1711.9
709.2

1751.5
666.1

1834.3
626.5

1965.7
674.9

1957.5
677.6

1976.5
682.3

1959.4
687.9

1956.7
679.2

1958.4
667.7

1985.2
661.1

2006.3
663.8

32
33

38.2

38.5

38.9

40.7

41.3

41.4

41.7

41.8

42.2

42.7

43.1

34

Memo:

32
33

Replacement-cost value of structures:
Residential
Nonresidential

34

Debt/net worth (percent) (6)

(1) At market value.
(2) At replacement (current) cost.
(3) Durable goods in rental properties.
(4) Equity in the Farm Credit System.
(5) Line 1 less line 23. Included in table B.100, line 30.
(6) Line 24 divided by line 31.

105

Z.1, December 7, 2001

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
1996

1997

1998

1999

2000
Q1

1
2

Change in net worth (1)
Net investment

Q2

Q3

Q4

Q1

2001
Q2

Q3

2530.3

3781.3

3422.2

4923.3

1034.7

-486.8

116.8

-1191.3

-1591.0

964.3

-1992.2

1

403.1

329.6

429.1

337.5

105.4

-31.9

44.3

131.8

164.9

-48.7

114.0

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

310.6
907.2
596.6

366.6
982.0
615.4

438.9
1081.7
642.8

500.7
1195.4
694.7

123.1
305.0
181.9

136.3
322.0
185.6

142.0
331.7
189.7

130.4
323.7
193.3

104.2
301.2
197.0

123.0
328.5
205.5

131.0
341.7
210.8

3
4
5

6
7
8

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

92.5
461.0
368.5

-37.0
341.7
378.7

-9.8
486.3
496.1

-163.3
437.1
600.4

-17.7
108.7
126.4

-168.3
-18.1
150.2

-97.7
62.1
159.8

1.4
133.0
131.7

60.7
90.8
30.1

-171.7
8.3
179.9

-17.0
211.1
228.0

6
7
8

2113.5

3594.3

3121.6

4580.9

942.1

-452.9

94.8

-1268.4

-1748.6

1040.6

-2085.9

9

246.9
927.3
141.0
219.2

459.6
1700.2
186.2
335.3

540.6
1206.0
177.4
423.7

562.3
2347.5
562.6
294.2

215.4
316.2
154.7
52.7

297.7
-547.2
-126.5
101.1

247.2
-251.8
-20.9
42.3

230.5
-913.4
-260.1
76.7

231.8
-1107.0
-331.0
59.4

238.8
410.2
119.2
9.3

186.2
-1132.4
-421.9
15.2

10
11
12
13

505.5

791.9

673.6

678.4

168.5

-142.7

78.4

-321.8

-518.0

222.1

-635.3

14

73.6

121.1

100.3

135.9

34.7

-35.4

-0.4

-80.3

-83.8

41.0

-97.7

15

-55.1

-96.9

-103.2

-57.2

-12.0

-5.5

-14.9

-8.5

-6.7

-25.6

-20.6

16

-53.6
-1.5

-94.9
-2.0

-100.8
-2.4

-54.9
-2.3

-11.9
-0.1

-5.4
-0.2

-15.0
0.1

-8.1
-0.4

-5.3
-1.4

-25.4
-0.2

-20.2
-0.4

17
18

68.8

-45.7

-25.2

62.2

-0.8

3.6

-7.4

-46.2

-0.6

-2.0

0.3

19

29719.9
5677.7

33501.2
5968.2

36923.4
6355.6

41846.7
6618.0

42881.4
6859.1

42394.6
6993.7

42511.4
7081.3

41320.1
7189.8

39729.1
7295.0

40693.4
7363.2

38701.2
7577.0

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 the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.
(4) Table B.100, line 43.

106

Z.1, December 7, 2001

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
1996

1997

1998

1999

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

With tangible assets valued at either market or replacement cost:
1

620.0

705.9

488.6

473.1

86.5

289.0

160.8

61.5

-143.6

5.4

-142.1

1

206.4

146.2

-5.1

148.9

66.0

32.3

46.3

-0.1

20.5

36.2

-7.5

2

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

220.3
687.7
459.5
3.1
4.8

271.7
778.6
489.7
8.5
8.8

308.0
849.6
519.2
18.4
4.1

360.9
916.2
556.5
-2.9
1.7

99.3
236.3
145.9
-8.9
0

104.4
248.0
149.0
-5.7
0.3

97.6
252.6
152.4
2.5
0.2

90.3
245.3
155.1
-0.2
0.1

73.8
231.8
158.1
-0.2
0.1

59.9
218.4
162.9
-4.5
0.1

34.8
209.2
174.3
0.0
0.1

3
4
5
6
7

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

55.5
454.0
398.5

-11.1
272.4
283.5

-46.1
569.9
616.0

-68.5
665.2
733.7

-48.6
163.0
211.7

-10.8
176.2
187.0

-34.4
163.7
198.1

-2.7
119.8
122.4

-46.9
30.1
76.9

-5.5
15.7
21.3

-12.7
21.9
34.6

8
9
10

11

Net corporate equity issues

-69.5

-114.4

-267.0

-143.5

15.3

-61.3

-16.9

-87.7

-6.4

-18.2

-29.6

11

12
13
14

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

289.9
279.0
10.9

396.0
378.6
17.5

70.3
55.8
14.6

121.6
96.8
24.8

9.0
5.0
4.0

192.8
198.3
-5.6

80.7
80.7
-0.0

21.1
32.8
-11.7

-35.0
-22.6
-12.4

-24.1
-30.3
6.2

-35.5
-20.7
-14.8

12
13
14

15
16
17
18
19

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

8.1
-17.0
2.9
7.7
-14.5

-12.1
-36.5
-9.6
-15.0
-49.0

28.1
-38.4
-8.9
-13.2
-88.6

57.9
-65.0
26.3
-24.2
-120.9

-2.3
-3.3
1.0
0
0.0

-2.9
-4.6
1.6
0
-0.0

10.4
1.6
8.7
0
0.0

-30.9
-11.7
4.2
-35.2
-11.8

-55.5
-37.2
-18.3
0
0.0

-27.3
-13.0
-14.4
0
0.0

-30.6
-30.7
0.1
0
0.0

15
16
17
18
19

20

Other factors (4)

115.6

175.7

395.2

144.7

13.8

66.8

23.4

71.4

-73.7

20.5

-68.5

20

6346.0

7051.9

7540.5

8013.6

8100.1

8389.1

8549.9

8611.4

8467.7

8473.1

8331.0

21

2
3
4
5
6
7
8
9
10

Change in net worth (1)
Net investment

Memo:
21

Net worth outstanding (market value)

With tangible assets valued at historical cost:
22
23

Change in net worth (5)
Net investment flow

425.6

414.4

528.5

420.6

117.2

85.2

104.6

44.1

-29.7

16.9

8.0

22

206.4

146.2

-5.1

148.9

66.0

32.3

46.3

-0.1

20.5

36.2

-7.5

23

24
25
26
27
28

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

220.3
687.7
459.5
3.1
4.8

271.7
778.6
489.7
8.5
8.8

308.0
849.6
519.2
18.4
4.1

360.9
916.2
556.5
-2.9
1.7

99.3
236.3
145.9
-8.9
0

104.4
248.0
149.0
-5.7
0.3

97.6
252.6
152.4
2.5
0.2

90.3
245.3
155.1
-0.2
0.1

73.8
231.8
158.1
-0.2
0.1

59.9
218.4
162.9
-4.5
0.1

34.8
209.2
174.3
0.0
0.1

24
25
26
27
28

29
30
31

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

55.5
454.0
398.5

-11.1
272.4
283.5

-46.1
569.9
616.0

-68.5
665.2
733.7

-48.6
163.0
211.7

-10.8
176.2
187.0

-34.4
163.7
198.1

-2.7
119.8
122.4

-46.9
30.1
76.9

-5.5
15.7
21.3

-12.7
21.9
34.6

29
30
31

32

Net corporate equity issues

-69.5

-114.4

-267.0

-143.5

15.3

-61.3

-16.9

-87.7

-6.4

-18.2

-29.6

32

5.1

-23.6

-15.6

-62.0

15.3

-27.8

14.3

-13.5

13.4

-71.2

64.3

33

10.9

17.5

14.6

24.8

4.0

-5.6

-0.0

-11.7

-12.4

6.2

-14.8

34

33

Valuation adjustment on
reproducible assets (6)

34

Holding gains on mutual fund shares (2)

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.

22.2
7.7
-14.5

34.0
-15.0
-49.0

75.4
-13.2
-88.6

96.7
-24.2
-120.9

-0.0
0
0.0

0.0
0
-0.0

-0.0
0
0.0

-23.4
-35.2
-11.8

-0.0
0
0.0

-0.0
0
0.0

-0.0
0
0.0

35
36
37

Other factors (4)

181.0

240.3

459.2

212.2

31.9

86.2

44.1

92.7

-51.2

45.7

-34.0

38

4354.2

4768.7

5297.2

5717.8

5835.0

5920.2

6024.8

6068.9

6039.2

6056.1

6064.1

39

38

Memo:
39

Net worth outstanding (historical cost)

(1) Sum of net investment (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 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.

107

Z.1, December 7, 2001

R.103 Change in Net Worth of Nonfarm Noncorporate Business
Billions of dollars; not seasonally adjusted
1996

1997

1998

1999

2000
Q1

1
2

Change in net worth (1)
Net investment (2)

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

6

Net acquisition of financial assets

Q2

Q3

Q4

Q1

2001
Q2

Q3

155.5

218.8

331.0

225.5

27.7

105.6

48.2

67.9

35.6

31.7

22.0

1

-45.7

-85.8

-86.0

-68.8

-29.2

-4.6

-14.8

-11.0

-28.0

1.1

-6.2

2

-8.5
102.2
110.8

-27.4
91.1
118.5

-24.1
100.3
124.4

9.8
145.8
136.0

-5.9
29.4
35.3

17.8
53.6
35.8

5.9
42.4
36.5

15.0
52.1
37.1

-13.2
24.5
37.7

18.3
57.6
39.3

8.4
47.8
39.4

3
4
5

95.4

131.1

186.0

160.6

31.0

46.2

25.5

26.6

28.8

27.7

21.2

6

7
8
9
10

- Net increase in liabilities from:
Credit market instruments
Trade payables
Taxes payable
Miscellaneous liabilities

67.3
30.6
4.9
29.7

94.7
31.0
7.3
56.5

139.7
23.1
10.7
74.3

155.4
25.5
8.3
50.1

34.1
6.5
2.2
11.5

45.9
8.3
2.8
11.5

31.2
3.6
1.2
10.3

34.5
4.0
1.4
12.8

30.7
3.2
1.0
8.7

32.4
2.8
0.8
8.9

26.0
2.4
0.6
6.8

7
8
9
10

11
12
13

Holding gains on assets stated
at market value (real estate) (3)
Residential
Nonresidential

165.8
145.7
20.1

281.3
192.5
88.7

279.5
183.9
95.6

247.3
226.6
20.7

71.6
71.0
0.5

139.0
94.8
44.2

81.4
63.4
18.0

73.1
66.4
6.8

42.9
48.8
-5.9

29.8
36.5
-6.8

24.4
31.1
-6.7

11
12
13

14
15
16
17

Holding gains on assets stated
at current cost (3)
Residential equipment and software
Nonresidential equipment and software
Inventories

33.1
1.7
31.4
-0.0

18.7
-0.0
19.7
-0.9

29.2
0.6
30.1
-1.5

53.3
-1.7
53.5
1.6

-14.1
-0.4
-14.3
0.5

-27.9
-0.2
-28.2
0.4

-17.5
-0.4
-17.4
0.3

6.9
-0.2
6.9
0.2

21.8
-0.1
23.0
-1.0

0.5
-4.6
5.7
-0.5

2.0
-0.5
18.1
-15.6

14
15
16
17

18

Other factors (4)

2.3

4.6

108.2

-6.4

-0.6

-0.8

-0.9

-1.1

-1.2

0.3

1.8

18

2957.0

3175.8

3506.8

3732.3

3759.9

3865.6

3913.7

3981.6

4017.2

4048.9

4070.9

19

Memo:
19

Net worth outstanding (5)

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).
(2) Also equal to proprietor’s net investment shown on table F.103, line 29.
(3) Calculated as change in amount outstanding during period less net investment during period.
(4) Consists of statistical discontinuities.
(5) Table B.103, line 31.

108

Z.1, December 7, 2001

F.100.a Nonprofit Organizations (1)
Billions of dollars
1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1

Net financial investment

49.7

37.5

22.2

14.0

25.8

14.3

49.0

47.8

86.2

9.3

6.0

1

2

Net acquisition of financial assets

67.1

71.1

54.3

51.6

55.5

48.5

73.0

84.3

122.5

47.5

59.5

2

3
4
5
6

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

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

8.3
1.1
9.4
1.4

2.9
0.3
-1.8
0.0

3.1
1.1
7.1
1.3

3
4
5
6

7

Credit market instruments

51.1

17.2

22.7

-12.3

13.4

28.8

13.1

38.1

39.3

23.3

40.9

7

34.4
10.9
0.0
6.6
-0.8

-10.4
16.4
0.5
9.7
0.9

6.2
9.4
-0.5
8.2
-0.7

-29.9
9.7
0.0
7.9
-0.1

-3.3
10.0
0.2
5.6
0.9

15.6
7.4
0.3
4.5
0.9

1.2
9.3
0.4
2.4
-0.1

1.3
23.9
0.1
11.9
0.9

6.7
20.3
0.0
11.7
0.6

1.5
13.0
-0.1
8.3
0.6

7.5
17.0
0.1
15.4
0.9

8
9
10
11
12

5.2
-1.0

16.1
2.6

15.0
1.2

-18.6
-3.3

18.6
0.7

8.9
-0.7

45.1
1.5

-10.4
1.3

21.0
2.4

-30.6
-1.0

-40.7
0.4

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

3.7
2.6

4.6
4.6

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

9.7
38.3

12.5
24.7

17
18

17.3

33.6

32.1

37.6

29.7

34.1

24.0

36.4

36.3

38.2

53.5

19

7.8

12.0

12.2

14.5

9.6

14.2

2.8

-0.1

11.5

13.4

23.6

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

10.0
4.8
-0.2
-1.2

12.0
2.3
-0.1
9.4

21
22
23
24

25
26

Trade payables
Miscellaneous liabilities (2)

2.4
7.1

16.2
5.5

9.3
10.5

9.4
13.7

5.9
14.2

6.0
14.0

5.2
16.0

7.9
28.6

8.0
16.8

8.9
15.8

8.7
21.2

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.

109

Z.1, December 7, 2001

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

1997

1998

564.4

679.6

711.7

802.8

867.4

937.6

1002.5

1190.3

1392.9

1586.3

1777.4

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

32.1
8.6
54.5
9.6

35.0
8.9
52.7
9.6

38.1
10.0
59.8
10.9

2
3
4
5

203.1

220.3

242.9

230.6

244.0

272.8

285.9

324.0

363.3

386.6

427.5

6

67.3
82.0
0.1
51.1
2.6

56.9
98.4
0.6
60.8
3.5

63.2
107.8
0.1
69.0
2.8

33.3
117.4
0.2
77.0
2.8

29.9
127.4
0.4
82.6
3.7

45.5
134.8
0.8
87.1
4.6

46.7
144.1
1.1
89.5
4.5

48.0
168.0
1.2
101.4
5.3

54.7
188.3
1.3
113.1
6.0

56.1
201.3
1.2
121.4
6.6

63.7
218.2
1.3
136.8
7.4

7
8
9
10
11

145.8
10.2

203.0
15.8

197.5
15.3

214.6
15.9

241.1
17.7

270.2
18.5

308.2
19.0

397.1
24.6

494.7
30.4

604.9
34.5

692.0
38.7

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

45.8
45.8

50.3
50.3

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

77.5
285.0

90.0
309.7

16
17

253.8

287.5

319.5

357.1

386.8

421.0

444.9

481.4

517.7

555.8

609.3

18

154.7

166.7

178.9

193.4

203.0

217.1

219.9

219.8

231.4

244.8

268.4

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

114.9
34.1
0.7
95.1

126.9
36.4
0.6
104.5

20
21
22
23

24
25

Trade payables
Miscellaneous liabilities (2)

41.3
57.9

57.4
63.3

66.8
73.9

76.2
87.6

82.1
101.8

88.1
115.8

93.2
131.8

101.1
160.4

109.1
177.2

118.0
193.0

126.8
214.2

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.

110

Z.1, December 7, 2001

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

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

2440.0
968.8
237.2
646.2
587.8

2613.8
1070.5
238.9
681.3
623.3

2786.1
1159.3
253.0
713.1
660.8

3023.9
1288.2
271.5
762.7
701.6

2960.3
1245.3
277.0
749.4
688.6

3013.6
1277.3
280.4
758.3
697.6

3047.7
1300.2
274.9
767.6
705.0

3073.9
1329.8
253.5
775.6
715.0

3096.8
1345.2
236.8
785.7
729.1

3104.6
1351.4
228.0
792.4
732.8

2929.5
1195.5
206.0
794.7
733.3

1
2
3
4
5

6
7
8
9
10
11
12

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

2462.4
1223.3
945.0
275.3
0.3
19.1
0.0

2529.3
1261.4
965.9
278.8
0.4
23.6
0.0

2624.8
1327.9
1000.1
263.8
0.4
33.3
0.0

2772.5
1422.8
1050.0
262.6
0.4
37.6
0.0

2714.2
1390.6
1022.6
263.9
0.4
37.5
0.0

2770.0
1426.1
1043.4
264.0
0.4
36.9
0.0

2783.0
1430.2
1053.2
262.7
0.4
37.3
0.0

2822.8
1444.1
1080.7
259.7
0.4
38.7
0.0

2869.2
1474.2
1094.6
253.0
0.4
47.8
0.0

2896.5
1491.4
1111.6
241.7
0.4
52.2
0.0

2937.4
1504.2
1130.2
231.6
0.4
71.8
0.0

6
7
8
9
10
11
12

13
14
15
16

Current surplus or deficit (-), NIPA basis
+ Consumption of fixed capital
- Insurance and pension fund reserves (2)
+ Net capital transfers (3)

-22.4
181.0
3.4
26.8

84.6
187.7
4.4
32.4

161.4
198.1
3.8
32.4

251.4
211.4
1.8
36.2

246.1
206.5
0.3
37.0

243.6
209.9
2.7
36.2

264.7
213.1
0.8
35.8

251.1
215.9
3.3
35.8

227.6
218.6
2.8
38.4

208.1
221.3
6.9
37.0

-7.9
229.4
0.1
34.9

13
14
15
16

17

= Gross saving and net capital transfers

182.0

300.2

388.0

497.2

489.3

487.0

512.8

499.6

481.8

459.5

256.3

17

18
19
20

Gross investment
Fixed investment
Access rights sales

127.7
264.7
-8.8

328.5
277.1
-4.1

418.1
304.6
-1.7

530.4
318.3
-0.6

375.2
321.1
0.0

658.6
315.0
-1.2

503.5
314.1
-0.7

584.3
322.8
-0.5

220.9
330.9
-0.3

516.9
344.1
-0.3

223.0
335.5
-0.3

18
19
20

-128.2

55.5

115.2

212.7

54.1

344.7

190.1

262.0

-109.7

173.1

-112.2

21

34.7

110.4

166.5

27.1

-40.9

36.8

106.7

5.9

169.4

131.9

306.6

22

2.5
3.8
6.8
3.6

6.0
-20.6
14.1
7.2

-7.1
70.0
11.6
5.0

-0.6
-64.0
10.4
9.7

1.9
-146.2
-18.1
51.3

-8.3
-65.6
21.3
-9.4

-1.5
10.2
9.1
12.0

5.3
-54.7
29.2
-15.0

-1.2
42.4
-3.2
19.0

5.0
-38.1
7.7
17.2

19.2
36.0
4.4
40.8

23
24
25
26

21
22

Net financial investment
Net acquisition of financial assets

23
24
25
26

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

27
28
29
30
31
32
33

Credit market instruments
Open market paper
U.S. government agency securities (4)
Municipal securities
Corporate and foreign bonds
Mortgages
Other loans and advances (5)

24.1
14.3
-0.8
-0.7
1.3
-0.9
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

48.2
7.6
23.5
0.6
3.7
3.7
9.2

46.9
6.9
23.1
-1.7
6.1
0.7
11.9

64.5
17.5
26.9
1.6
4.7
4.6
9.2

35.2
-4.0
24.0
3.2
1.6
3.2
7.1

46.4
10.0
20.0
-0.8
2.4
6.1
8.7

54.2
4.0
27.8
2.1
11.5
2.3
6.6

20.4
-17.2
22.7
-0.6
7.2
4.1
4.2

68.6
20.0
27.6
0.4
14.8
1.4
4.3

27
28
29
30
31
32
33

34
35

Corporate equities
Mutual fund shares

16.8
-7.4

9.4
-12.3

3.5
4.3

-1.2
0.8

-5.6
-10.7

10.7
5.6

-4.1
4.5

-5.6
4.0

16.9
9.4

21.0
7.9

20.3
-0.8

34
35

36
37
38

Trade receivables
Taxes receivable
Miscellaneous assets

-3.2
-5.7
-6.6

1.5
1.6
-13.3

4.6
15.8
6.8

5.3
7.6
10.9

6.0
21.5
12.1

7.2
21.7
-10.8

4.3
5.9
31.2

3.7
-18.6
11.1

9.9
-1.1
23.1

10.0
26.1
54.8

7.4
101.5
9.4

36
37
38

162.9

55.0

51.3

-185.6

-94.9

-308.0

-83.4

-256.1

279.1

-41.2

418.8

39

39

Net increase in liabilities

40
41

SDR certificates
Treasury currency

-0.5
0.5

0.0
0.6

-3.0
1.0

-4.0
2.4

0.0
2.2

-8.0
3.2

-4.0
4.2

-4.0
-0.0

0.0
-1.1

0.0
1.1

0.0
-0.0

40
41

42
43
44
45
46
47

Credit market instruments
Savings bonds
Other Treasury securities (6)
Budget agency securities
Municipal securities
Multifamily residential mortgages

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

-237.0
-1.7
-262.6
-1.0
28.2
0.0

-165.2
-3.5
-174.2
-2.1
14.5
0.0

-373.7
-2.1
-393.3
1.8
19.8
0.0

-155.4
-0.9
-177.1
-2.4
25.1
0.0

-253.9
-0.3
-305.8
-1.2
53.4
0.0

147.6
1.4
45.0
-2.2
103.4
0.0

-106.2
3.3
-218.9
1.1
108.3
0.0

396.6
3.9
350.1
-0.4
42.9
0.0

42
43
44
45
46
47

48
49
50

Trade payables
Insurance and pension reserves (7)
Miscellaneous liabilities

22.6
42.0
0.3

22.5
42.5
-7.1

29.7
42.5
-2.9

28.7
22.3
2.0

36.5
39.3
-7.6

23.2
41.9
5.4

27.6
36.3
7.9

27.6
-28.1
2.3

13.8
118.1
0.6

13.0
46.9
4.1

11.8
31.8
-21.4

48
49
50

54.3

-28.3

-30.1

-33.2

114.1

-171.6

9.3

-84.7

260.9

-57.5

33.3

51

-287.1
158.9
-128.2

-192.6
248.0
55.5

-143.3
258.5
115.2

-66.9
279.6
212.7

-75.0
129.1
54.1

-71.4
416.1
344.7

-49.4
239.5
190.1

-71.7
333.7
262.0

-103.3
-6.4
-109.7

-136.0
309.1
173.1

-343.4
231.2
-112.2

52
53
54

51

Discrepancy

52
53
54

Memo:
Current surplus less fixed investment (8)
Adjustment between NIPA and FOF (9)
Items to be financed (10)

(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) Table F.9, line 1.
(4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.
(5) Excludes loans to state and local governments.
(6) Excludes Treasury securities owed to state and local governments.
(7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
(8) Line 13 less line 19
(9) Line 14 plus line 16 less sum of lines 15, 20, and 51.
(10) Line 52 plus line 53.

111

Z.1, December 7, 2001

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1997

1

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1223.0

1343.8

1548.7

1582.7

1549.6

1565.0

1593.6

1582.7

1641.9

1672.0

1725.5

1

2
3
4
5

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

42.0
73.8
81.8
151.4

51.0
51.5
95.8
158.5

44.4
120.1
107.5
163.5

41.0
57.4
117.8
173.3

41.3
78.4
104.4
176.4

41.0
87.6
106.5
174.0

39.7
81.4
109.7
177.0

41.0
57.4
117.8
173.3

38.7
60.9
118.3
178.0

39.5
79.1
117.0
182.3

44.6
79.3
119.1
192.5

2
3
4
5

6

Credit market instruments

562.2

679.1

764.3

812.6

776.0

792.1

800.9

812.6

826.2

831.3

848.4

6

74.0
115.4
3.9
51.0
167.0
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

111.5
231.0
1.6
77.5
211.2
179.9

105.6
213.3
0.6
75.3
207.7
173.5

110.0
220.0
1.0
76.5
208.8
175.8

109.0
226.0
1.8
76.9
209.6
177.6

111.5
231.0
1.6
77.5
211.2
179.9

112.5
237.9
2.1
80.4
211.7
181.5

108.2
243.6
2.0
82.2
212.8
182.5

113.2
250.5
2.1
85.9
213.1
183.6

7
8
9
10
11
12

79.0
33.6

102.0
21.3

115.0
25.6

115.1
26.4

113.2
22.9

115.0
24.3

117.6
25.4

115.1
26.4

108.6
28.8

118.6
30.7

108.8
30.5

13
14

20.8
46.9
131.8

22.3
49.5
112.7

22.9
72.0
113.5

28.1
87.9
123.0

25.4
91.4
120.2

26.9
77.0
120.7

27.7
90.4
123.9

28.1
87.9
123.0

31.7
111.5
139.3

33.9
90.7
149.0

33.4
102.8
165.9

15
16
17

5967.1

6029.3

6083.4

5895.6

6070.5

5907.1

5886.9

5895.6

5971.9

5868.9

5984.6

18

9.2
19.3

9.2
19.9

6.2
20.9

2.2
23.2

6.2
21.4

4.2
22.1

3.2
23.2

2.2
23.2

2.2
22.9

2.2
23.2

2.2
23.2

19
20

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

4419.6
184.8
2936.9
27.3
1270.6
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

4422.8
184.3
2956.3
27.6
1254.5
0.0

4419.6
184.8
2936.9
27.3
1270.6
0.0

4483.5
184.8
2973.3
26.8
1298.7
0.0

4363.8
185.5
2822.4
27.0
1328.9
0.0

4462.9
186.4
2917.8
27.0
1331.7
0.0

21
22
23
24
25
26

621.9
634.0
6.6

644.4
676.5
6.7

674.1
719.0
6.6

702.9
741.3
6.4

683.9
708.2
6.6

690.7
719.2
6.5

697.9
733.3
6.6

702.9
741.3
6.4

707.0
749.8
6.5

711.2
762.1
6.4

714.5
775.4
6.4

27
28
29

7
8
9
10
11
12

Total financial assets

1998

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.

112

Z.1, December 7, 2001

F.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars
1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

1

Net acquisition of financial assets

22.3

23.9

-3.2

27.5

11.8

47.8

45.2

-27.2

-40.6

-47.0

-32.4

-23.9

-36.0

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
10.8
0.0
3.2

0.4
13.3
0.0
0.3

0.1
0.9
0.0
-0.3

0.5
4.3
0.0
1.2

0.3
3.4
0.0
1.3

2
3
4
5

6

Credit market instruments

28.3

41.6

32.0

12.8

17.1

22.9

35.6

24.1

-8.9

39.7

43.4

39.2

18.8

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
40.8
10.1
30.7

-0.2
6.7
2.0
4.7

3.2
-15.4
-4.6
-10.8

0.3
12.3
3.7
8.6

-0.3
28.7
-1.8
30.5

1.2
24.5
-0.1
24.6

1.3
15.0
0.2
14.8

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

2.7
-3.7

17.4
0.2

3.1
0.1

26.5
0.6

13.9
1.1

12.6
0.9

2.1
0.4

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

-55.3
-2.2

-100.9
1.3

-78.8
1.8

-77.0
2.4

-67.0
-0.3

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

11.7
2.3
-0.3
9.7

-1.2
-5.6
3.5
0.9

0.6
1.6
0.0
-1.0

5.5
1.9
0.0
3.6

7.6
2.4
0.0
5.2

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
1

Net acquisition of financial assets

46.7

38.7

32.2

66.3

56.6

56.2

45.8

59.4

45.2

35.7

44.1

35.5

53.6

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

0.4
-5.5
10.8
1.3

0.8
-5.8
13.1
0.6

0.1
0.5
1.9
1.3

0.7
-8.3
11.7
-0.8

0.4
-1.5
5.9
-0.4

2
3
4
5

6

Credit market instruments

-4.7

12.2

14.1

15.2

11.9

16.3

7.8

-4.2

4.8

7.9

13.0

5.7

22.5

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
20.3
10.2
10.2

0.7
-1.5
0.6
-2.0

2.4
2.1
1.9
0.2

0.9
-0.5
0.4
-0.9

3.2
5.8
-2.6
8.4

2.5
5.5
-0.5
6.0

-3.1
11.8
-1.0
12.9

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

-9.1
-1.4

-3.9
0.5

-0.2
0.5

7.4
0.1

3.2
0.8

-3.3
1.0

12.4
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

-18.4
43.1

-16.2
25.3

-36.9
41.4

-34.2
30.0

-15.2
28.3

-14.8
32.7

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

32.6
23.7
4.4
4.5

24.2
12.2
4.3
7.7

14.7
4.6
3.6
6.5

31.4
19.8
1.9
9.7

13.4
11.6
1.0
0.9

8.8
6.7
1.0
1.1

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.

F.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars
1
2
3
4
5
6
7
8

Total held at:
Commercial banking
Saving institutions
Credit unions
Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

50.4

56.9

89.6

67.4

58.5

49.1

53.0

58.5

52.8

68.5

91.7

112.5

117.0

1

11.1
12.0
1.5
8.0
5.0
8.0
4.7

15.6
7.3
1.9
-1.3
9.0
10.6
13.9

21.6
-2.6
3.2
4.4
13.0
10.4
39.6

16.6
-3.8
3.6
7.1
-1.0
41.7
3.2

-0.5
-8.3
0.9
4.9
3.0
38.9
19.5

-2.9
-9.1
-0.3
12.6
6.0
59.4
-16.6

-1.1
-6.3
-0.0
13.2
13.0
13.5
20.9

6.5
-1.9
1.2
11.2
14.0
64.1
-36.5

0.7
-3.9
0.9
10.3
15.0
49.8
-20.0

0.1
-6.0
1.2
47.5
2.0
80.3
-56.5

-0.5
-5.3
0.3
24.6
24.0
84.8
-36.2

-3.4
-3.0
0.9
41.4
22.0
81.9
-27.3

8.9
-2.3
0.4
10.1
1.0
67.3
31.4

2
3
4
5
6
7
8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)
include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).

113

Z.1, December 7, 2001

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

2000

812.8

921.5

899.9

1051.7

1079.9

1195.1

1276.0

1460.5

1579.0

1746.8

1900.8

2143.0

2061.6

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

2.2
82.7
0.0
14.6

2.6
96.0
0.0
14.9

2.7
97.0
0.0
14.6

3.2
101.2
0.0
15.8

3.5
104.7
0.0
17.1

2
3
4
5

276.4

318.0

349.9

362.7

379.8

402.7

438.3

462.4

453.5

493.1

536.5

575.8

594.6

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
260.6
78.2
182.4

11.4
267.3
80.2
187.1

14.6
252.0
75.6
176.4

14.9
264.2
79.3
185.0

14.6
293.0
77.5
215.5

15.8
317.5
77.4
240.1

17.1
332.6
77.6
254.9

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

161.4
4.7

178.8
4.9

181.9
5.0

208.4
5.6

222.3
6.7

234.9
7.6

237.0
8.0

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

785.8
63.8

876.0
81.4

960.9
99.4

1114.0
126.9

1008.6
121.8

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

176.4
88.9
43.6
43.9

182.6
90.7
47.1
44.8

189.7
98.8
47.1
43.8

206.0
111.4
47.2
47.4

211.3
111.6
47.2
52.6

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

1183.8

1462.9

1672.1

1999.8

2303.7

2531.0

2525.7

1

2
3
4
5

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

2.0
39.9
14.8
6.2

2.6
57.8
17.8
8.1

2.3
59.1
17.8
8.5

2.0
59.2
18.8
10.4

2.0
51.1
19.8
11.6

2.2
41.3
26.3
12.6

2.3
35.0
31.6
10.6

2.7
34.7
37.5
10.7

3.1
29.3
48.4
12.1

4.0
23.4
61.4
12.7

4.1
24.0
63.4
14.0

4.8
15.6
75.1
13.1

5.2
14.2
81.0
12.7

2
3
4
5

6

Credit market instruments

95.5

107.6

121.7

136.9

148.8

165.2

173.0

168.8

173.6

181.5

194.4

200.2

222.6

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
90.5
61.4
29.1

13.0
89.0
62.0
27.1

15.4
91.1
63.8
27.3

16.3
90.7
64.3
26.4

19.5
96.5
61.7
34.8

22.0
102.0
61.1
40.8

18.9
113.8
60.1
53.7

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

67.1
3.1

63.2
3.6

63.0
4.0

70.4
4.1

73.5
4.9

70.3
5.9

82.7
7.2

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

589.6
272.0

678.1
348.5

820.4
488.2

941.3
609.9

1042.9
703.1

992.5
715.9

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

346.8
252.0
38.5
56.4

379.1
272.2
42.8
64.1

408.3
291.3
46.4
70.6

452.6
324.0
48.3
80.3

476.2
345.7
49.3
81.2

481.6
349.1
50.3
82.2

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.

L.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7
8

Total held at:
Commercial banking
Saving institutions
Credit unions
Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

452.0

546.0

637.0

776.0

873.0

993.0

1056.0

1288.0

1467.0

1728.0

2150.0

2663.0

2650.0

1

95.4
101.6
22.4
38.9
19.0
73.4
101.3

111.0
108.9
24.3
37.9
28.0
93.0
143.0

132.6
106.3
27.5
42.0
41.0
97.9
189.7

149.2
102.5
31.1
49.7
40.0
144.0
259.5

148.6
94.2
32.1
55.6
43.0
189.0
310.5

145.8
85.1
31.8
69.5
49.0
265.7
346.1

144.7
78.9
31.8
78.7
62.0
279.4
380.6

151.1
76.9
33.0
94.3
76.0
386.6
470.1

151.9
73.0
33.8
110.3
91.0
489.0
517.9

152.0
67.0
35.0
160.0
93.0
649.0
572.0

151.4
61.8
35.3
190.1
117.0
809.0
785.4

148.0
58.7
36.2
245.5
139.0
1060.0
975.6

156.9
56.5
36.7
245.8
140.0
1048.0
966.1

2
3
4
5
6
7
8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories
(lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).

114

Flow of Funds Matrix for 2000

Z.1, December 7, 2001

(Billions of dollars; All Sectors -- Flows)

Households
and Nonprofit
Organizations

1
2
3

Gross saving and net cap. transfers
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)

----

1028.9
750.5
313.9

----

968.1
774.5
193.6

----

191.9
114.9
77.0

----

305.2
96.4
208.8

----

2494.2
1736.3
793.3

----

429.8
-429.8

----

127.8
96.1
31.7

----

3051.8
1832.4
1219.3

----

2622.0
1832.4
789.5

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.

1000.1
1282.5
835.7
375.4
71.4
---

--------

1059.4
1186.1
-49.6
1086.6
49.4
0.6

--------

220.5
221.8
--221.8
---

--------

309.9
95.9
--96.5
--0.6

--------

2589.9
2786.2
835.7
425.0
1476.2
49.4
0.0

--------

444.0
-------

--------

68.5
135.2
-0.1
135.1
---

--------

3102.4
2921.4
819.6
425.1
1611.3
49.4
--

--------

-50.6
130.4
------

2477.4
2921.4
819.6
425.1
1611.3
49.4
--

11
12
13

Net financial investment
Financial uses
Financial sources

-282.4
285.7
--

--568.1

-126.6
751.3
--

--877.9

-1.3
53.3
--

--54.5

214.0
-57.8
--

---271.8

-196.3
1032.5
--

--1228.8

444.0
940.5
--

--496.5

-66.7
2405.9
--

--2472.6

181.0
4378.9
--

--4197.9

-181.0
-181.0
--

-444.0
496.5
940.5

---7.7
--42.3
305.2
131.3
--

----------

----5.4
-49.1
9.1
50.4
-0.5

----------

-----1.0
9.4
-9.7

----------

-0.6
-----65.1
1.0
---

--4.0
2.4
-------

-0.6
--2.3
--57.2
324.7
181.8
9.2

--4.0
2.4
-------

-0.7
----11.5
-8.2
5.7
-5.1

-0.4
--120.8
------

0.9
-4.0
3.6
48.2
-26.1
-16.7
-21.3
51.6
-14.6

-----20.3
-71.5
309.1
233.3
110.7

-0.4
-4.0
3.6
50.6
-37.7
-82.1
309.1
233.3
-0.4

-0.4
-4.0
2.4
120.8
-20.3
-71.5
309.1
233.3
110.7

---1.2
70.2
17.4
10.7
--111.1

----------

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

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

-170.0
5.0
-153.7
-11.4
14.6
-25.6
--1.1
--

554.9
---5.8
-8.2
16.4
385.7
139.0

8.2
0.3
-11.4
3.1
10.9
---2.9
2.4

587.2
48.1
--1.4
171.1
94.9
86.2
185.5
--

9.2
7.6
-30.6
23.5
0.6
3.7
--4.5
--

27.2
---28.2
---1.0
---

7.3
--0.0
---8.2
-0.9
--

-295.9
--294.9
-1.0
----0.0
--

-145.3
12.9
-195.7
15.2
26.1
-21.9
-8.2
7.7
2.4

873.4
48.1
-294.9
-1.0
35.3
171.1
103.1
101.5
571.2
139.0

279.3
8.7
-63.0
152.7
-183.1
--2.2
---

67.0
31.7
---25.2
11.3
-1.3
---

1621.8
186.0
-36.2
264.6
9.3
241.0
114.1
136.7
569.8
136.6

815.6
127.7
-433.5
-205.9
-0.3
42.5
6.2
--

1755.9
207.6
-294.9
432.5
35.3
402.2
114.1
142.7
577.4
139.0

1755.9
207.6
-294.9
432.5
35.3
402.2
114.1
142.7
577.4
139.0

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-459.5
229.8
-88.6

--5.9
7.2

--1.8
150.4
--

-150.6
-124.9
--

-1.2
0.8
---

--27.4
--

--5.3
--

--1.3
--

-460.6
228.8
155.7
88.6

-150.6
-159.5
7.2

193.8
-10.4
0.0

99.7
-1.6
0.0

230.6
15.1
34.0
57.6

14.7
243.9
5.1
138.9

-36.2
243.9
200.1
146.1

-36.2
243.9
166.1
146.1

---34.0
--

-----

37
38
39
40
41
42

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

50.2
215.9
--29.7
-46.2
4.7

-----0.1

-----491.9

--14.4
--74.7
376.8

--11.9
--12.3

-------

---4.3
---1.4

1.4
20.9
---2.0

50.2
215.9
7.6
-29.7
-46.2
507.4

1.4
20.9
14.4
--74.7
378.9

-----466.6

-----207.9

-----425.3

48.7
195.0
7.3
-29.7
28.5
443.4

50.2
215.9
7.6
-29.7
-46.2
1399.3

50.2
215.9
21.7
-29.7
-46.2
1030.2

--14.1
---369.2

-------

43

Sector discrepancies (1 less 4)

28.9

--

-91.3

--

-28.6

--

-4.6

--

-95.7

--

-14.2

--

59.3

--

-50.6

--

-50.6

144.5

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 2000

Z.1, December 7, 2001

(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

33545.6
---

-7508.8
7508.8

9587.8
---

-29122.4
11498.6

1321.0
---

-1915.2
1915.2

506.5
---

-4225.2
4225.2

44960.9
---

-42771.6
25147.8

7368.9
---

-5286.3
3499.3

36974.0
---

-39262.6
36256.7

89303.8
---

-87320.5
64903.9

-1983.3
---

4
5
6
7
8
9
10

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

-----51.3
--

--------

-----22.9
--

--------

--------

--------

10.5
14.9
15.6
-----

---2.2
23.2
---

10.5
14.9
15.6
--74.1
--

---2.2
23.2
---

------127.9

-14.8
31.2
--824.5
--

11.0
-0.1
15.7
2.2
31.6
91.1
64.4

------188.0

21.6
14.8
31.2
2.2
31.6
165.2
192.3

-14.8
31.2
2.2
23.2
824.5
188.0

-21.6
----8.5
659.3
-4.3

11
12
13
14

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

324.5
3164.3
1003.0
--

-----

592.4
242.7
230.3
4.8

-----

33.2
111.5
-173.3

-----

24.3
6.3
---

-----

974.3
3524.8
1233.3
178.0

-----

290.1
107.2
-91.9

-----

127.2
284.4
578.8
549.5

1413.3
3916.4
1812.1
1194.1

1391.6
3916.4
1812.1
819.5

1413.3
3916.4
1812.1
1194.1

21.7
--374.6

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

1977.4
72.7
355.2
259.8
541.2
637.1
--111.3
--

7115.5
---143.0
-73.5
246.3
5059.5
1593.1

325.0
44.0
42.0
15.7
36.8
---103.9
82.7

6540.9
278.4
--154.2
2230.6
1260.7
822.1
1794.9
--

792.0
111.5
236.2
231.0
1.6
77.5
--134.3
--

1279.3
---1270.6
--8.7
---

265.4
--0.0
---188.6
76.9
--

3385.2
-3357.8
27.3
----0.0
--

3359.8
228.2
633.4
506.5
579.6
714.6
-188.6
426.4
82.7

18320.9
278.4
3357.8
27.3
1567.8
2230.6
1334.2
1077.1
6854.5
1593.1

3004.6
111.0
1222.0
550.3
-1003.9
-117.3
---

746.7
120.9
---504.6
70.7
50.5
---

21160.3
1270.8
1502.4
3288.0
988.2
3331.5
1497.9
1260.0
6511.1
1510.4

8457.1
1210.7
-4317.4
-2314.8
93.0
438.3
82.9
--

27524.7
1610.0
3357.8
4344.8
1567.8
5050.0
1497.9
1565.9
6937.4
1593.1

27524.7
1610.0
3357.8
4344.8
1567.8
5050.0
1497.9
1565.9
6937.4
1593.1

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

7487.1
3043.2
-412.4

--138.6
235.1

-98.8
2008.1
--

12740.8
-1535.3
--

115.1
26.4
---

--635.9
--

--28.1
--

--66.9
--

7602.2
3168.4
2036.2
412.4

12740.8
-2376.8
235.1

1748.3
-52.5
0.0

1787.0
-52.1
0.0

8215.9
1288.7
284.6
410.3

3038.7
4457.2
35.9
587.6

17566.4
4457.2
2373.3
822.7

17566.4
4457.2
2464.9
822.7

--91.6
--

29
30
31
32
33
34

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

819.1
9054.8
-1019.4
4850.2
338.9

-----19.6

-----6063.0

--154.2
-4883.0
3268.1

--45.6
--24.1

-------

--42.4
--98.9

36.4
704.9
---6.4

819.1
9054.8
87.9
1019.4
4850.2
6524.8

36.4
704.9
154.2
-4883.0
3294.1

-----1946.4

-----1829.9

-----3858.3

782.7
8349.9
62.1
1019.4
-32.8
3980.9

819.1
9054.8
87.9
1019.4
4850.2
12329.4

819.1
9054.8
216.4
1019.4
4850.2
9104.9

--128.4
---3224.6

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.

115

116

Z.1, December 7, 2001

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

2000

23551.1

24173.9

25827.5

26879.9

28298.8

29252.8

32300.5

35165.6

39326.0

43244.3

48768.3

48828.9

1

2

Tangible assets

9124.4

9326.1

9447.2

9686.6

9908.2

10228.5

10696.7

11189.2

11919.9

12796.4

13796.0

15283.3

2

3

Financial assets

14426.7

14847.7

16380.3

17193.4

18390.7

19024.3

21603.8

23976.5

27406.1

30447.9

34972.3

33545.6

3

4
5

Deposits
Credit market instruments

3212.3
1316.2

3259.3
1556.3

3253.3
1634.4

3219.6
1684.8

3156.0
1666.4

3109.6
1953.4

3298.0
1927.8

3440.7
2086.8

3622.2
2031.3

3953.3
1967.7

4141.0
2184.5

4543.1
1977.4

4
5

6

Equity shares at market value

3361.7

3135.6

4363.2

4896.2

5686.4

5673.2

7622.5

9188.8

11833.7

13784.0

17348.3

15121.0

6

7

Directly held

1946.5

1781.4

2548.7

2869.2

3237.1

3081.7

4160.9

4895.6

6302.5

7259.7

9342.8

7487.1

7

8

Indirectly held

1415.2

1354.2

1814.5

2026.9

2449.3

2591.5

3461.6

4293.2

5531.2

6524.2

8005.4

7633.8

8

231.9
59.3
649.6
361.8
287.8
277.8
196.7

214.1
57.8
622.7
344.0
278.6
284.6
175.1

271.7
93.8
840.9
463.2
377.7
379.1
229.0

268.7
113.3
930.7
490.8
439.9
428.5
285.7

262.0
163.5
1100.5
565.5
534.9
497.3
426.0

263.6
199.6
1142.0
578.6
563.3
507.6
478.7

365.2
274.7
1501.8
729.9
771.9
678.9
641.1

432.9
373.3
1720.0
825.9
894.1
828.5
938.5

541.7
510.5
2083.4
931.0
1152.4
1084.8
1310.9

585.5
665.4
2398.2
1030.0
1368.3
1233.9
1641.1

682.2
904.4
2786.1
1208.8
1577.3
1343.2
2289.6

562.3
882.8
2634.0
1097.4
1536.6
1335.1
2219.6

9
10
11
12
13
14
15

9
10
11
12
13
14
15

Bank personal trusts and estates
Life insurance companies
Private pension funds
Defined benefit plans
Defined contribution plans
State and local govt. retirement funds
Mutual funds

16

Other

6536.5

6896.5

7129.5

7392.8

7881.9

8288.1

8755.5

9260.1

9918.9

10742.9

11298.5

11904.2

16

17

Liabilities

3471.6

3746.8

3961.4

4168.4

4440.8

4759.6

5111.0

5445.8

5824.8

6320.9

6921.6

7508.8

17

18

Net worth

20079.4

20427.1

21866.1

22711.5

23858.1

24493.2

27189.5

29719.9

33501.2

36923.4

41846.7

41320.1

18

2722.1

2507.0

3521.0

3976.8

4623.6

4587.0

6213.7

7534.4

9818.0

11520.1

14796.3

12688.4

19

14.3
23.3

13.0
21.1

16.9
26.6

18.2
28.5

20.1
30.9

19.4
29.8

23.6
35.3

26.1
38.3

30.1
43.2

31.9
45.3

35.6
49.6

31.0
45.1

20
21

Memo:
19

20
21

Equity shares excluding defined benefit plans
(line 6 minus lines 12 and 14)
Equity shares (line 6) as a percent of
Total assets (line 1)
Financial assets (line 3)

(1) Estimates of equity shares (lines 7 through 15) could differ from other sources owing to alternative definitions of ownership of equity by households.
Prior to 1985, all pension assets are assumed to have been in defined benefit plans.