May 2006

Statistical Supplement
to the Federal Reserve

BULLETIN

The Statistical Supplement to the Federal Reserve Bulletin (ISSN 1547-6863) is published by the Board of
Governors of the Federal Reserve System, Washington, DC 20551, and may be obtained from Publications
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POSTMASTER: Send address changes to Statistical Supplement to the Federal Reserve Bulletin, PUBLICATIONS FULFILLMENT, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC
20551.

Volume 3

Number 5

May 2006

Statistical Supplement
to the Federal Reserve

BULLETIN

Board of Governors of the Federal Reserve System, Washington, D.C.

ii

Publications Committee
Rosanna Pianalto Cameron, Chair Scott G. Alvarez Sandra Braunstein Marianne M. Emerson
Jennifer J. Johnson
Karen H. Johnson
Stephen R. Malphrus Vincent R. Reinhart
Louise L. Roseman Richard Spillenkothen David J. Stockton

The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic
Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members.

Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month’s
issue of the Federal Reserve Bulletin
Published monthly, the Statistical Supplement is
designed as a compact source of economic and financial data. All statistical series are published with the
same frequency that they had in the Bulletin, and the
numbering system for the tables remains the same.

Subscription information for the Statistical Supplement is on the inside front cover. For subscription
information about the Bulletin, contact Publications
Fulfillment at (202) 452-3245, or send an e-mail to
publications-bog@frb.gov.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886.

iv

Federal Reserve Bulletin Statistical Supplement

May 2006

Financial and Business Statistics:
Table of Contents
These tables reflect the data available as of the second
week of May 2006.
3 SYMBOLS AND ABBREVIATIONS

DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Reserves of depository institutions and Reserve Bank
credit
6 Reserves and borrowings—Depository
institutions

Policy Instruments
7 Federal Reserve Bank interest rates
8 Reserve requirements of depository institutions
9 Federal Reserve open market transactions

Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. Treasury—
Types and ownership
26 U.S. government securities
dealers—Transactions
27 U.S. government securities dealers—
Positions and financing
28 Federal and federally sponsored credit
agencies—Debt outstanding

Securities Markets and Corporate Finance
29 New security issues—Tax-exempt state and local
governments and U.S. corporations
30 Open-end investment companies—Net sales
and assets
30 Domestic finance companies—Assets and liabilities
31 Domestic finance companies—Owned and managed
receivables

Federal Reserve Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities

Monetary and Credit Aggregates
12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures

Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
21

All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
Memo items

Financial Markets
22 Commercial paper outstanding
22 Prime rate charged by banks on short-term
business loans
23 Interest rates—Money and capital markets
24 Stock market—Selected statistics

Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding

Consumer Credit
34 Total outstanding
34 Terms

Flow of Funds
35
37
38
39

Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities

DOMESTIC NONFINANCIAL STATISTICS
Selected Measures
40 Output, capacity, and capacity utilization
42 Industrial production—Indexes and gross value

2

Federal Reserve Bulletin Statistical Supplement

INTERNATIONAL STATISTICS
Summary Statistics
44 U.S. international transactions
44 U.S. reserve assets
45 Foreign official assets held at Federal Reserve
Banks
45 Selected U.S. liabilities to foreign official
institutions

May 2006

Interest and Exchange Rates
56 Foreign exchange rates
57 GUIDE TO SPECIAL TABLES

SPECIAL TABLES
58 Terms of lending at commercial banks,
February 6–10, 2006
64 Assets and liabilities of U.S. branches and
agencies of foreign banks, December 31, 2005

Reported by Banks in the United States
45
46
48
49

Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks’ own claims on foreigners
Banks’ own and domestic customers’ claims on
foreigners

68 INDEX TO STATISTICAL TABLES
70 FEDERAL RESERVE BOARD PUBLICATIONS
72 ANTICIPATED SCHEDULE OF RELEASE DATES FOR

PERIODIC STATISTICAL RELEASES
Reported by Nonbanking Business
Enterprises in the United States
50 Liabilities to foreigners
52 Claims on foreigners

Securities Holdings and Transactions
54 Foreign transactions in securities
55 Marketable U.S. Treasury bonds and
notes—Foreign transactions

74 PUBLICATIONS OF INTEREST
75 FEDERAL RESERVE STATISTICAL RELEASES

AVAILABLE ON THE COMMERCE DEPARTMENT’S
ECONOMIC BULLETIN BOARD

3

Symbols and Abbreviations
c
e
n.a.
n.e.c.
p
r

*
0
...
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
G-7
G-10
GDP

Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
Group of Seven
Group of Ten
Gross domestic product

GNMA
GSE
HUD
IBF
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
STRIPS
TIIS
TIPS
VA

Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International banking facility
International Monetary Fund
Interest-only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal-only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Separate trading of registered interest and principal
of securities
See TIPS
Treasury inflation-protected securities (formerly
TIIS, or Treasury inflation-indexed securities)
Department of Veterans Affairs

GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
‘‘U.S. government securities’’ may include guaranteed issues

of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury.
‘‘State and local government’’ also includes municipalities,
special districts, and other political subdivisions.

4

Federal Reserve Bulletin Statistical Supplement

1.10

May 2006

RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1
2005

2005

2006

Monetary or credit aggregate
Q1

Q2

Q3

Q4

Oct.

Nov.

Dec.

Jan.

Feb.

Reserves of depository institutions2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonborrowed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Monetary base3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.9r
3.3r
2.7r
3.0r

−3.2
−3.2
−4.3
2.9

−7.5r
−9.0r
−9.2r
3.3

−4.8r
−5.8r
−3.3r
4.2r

−19.8r
−16.7r
−18.6r
3.1r

−4.5r
−1.8r
−.3r
5.1r

.9r
−3.3r
−.2r
4.7r

−18.2r
−4.8r
−16.7r
8.4r

1.7
−1.4
3.3
6.9

Concepts of money4
5 M1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 M2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 M3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.2
3.6
5.6

−.3
2.5
6.0

−.6
4.4
7.8

.8
5.1
9.3

1.7
5.3
9.8

.7
4.0
5.6

−1.2
5.1
9.0

12.4r
11.2
10.5

−5.4
4.1
6.5

Nontransaction components
8 In M25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 In M3 only6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.5
10.0

3.2
13.3

5.7
14.9

6.2
17.7

6.3
18.6

4.8
8.7

6.7
16.6

10.8r
9.5

6.6
11.7

1
2
3
4

Time and savings deposits
Commercial banks
Savings, including MMDAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Small time7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Large time8,9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thrift institutions
13 Savings, including MMDAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Small time7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Large time8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.0
14.4
31.0

2.8
19.1
22.9

5.6
19.8
12.3

6.5
8.9
21.4

6.3
−3.5
24.0

3.9r
11.2
4.3

9.6
15.1
22.8

7.2r
16.2
31.6

1.6
20.2
16.5

−2.1
15.5
44.2

−6.5
21.7
45.5

−2.9r
19.7
33.1

−3.5
28.6r
36.0

−2.4
46.8
43.9

−2.8
22.7
32.2

−6.5
9.7r
4.2

11.8r
16.4
25.0

8.8
19.7
−3.1

Money market mutual funds
16 Retail10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 Institution-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−4.4
−6.1

−2.9
2.4

−1.1
11.7

4.8
12.1

7.2
12.9

3.6
1.4

2.7
16.8

16.2
14.8

4.7
−2.9

Repurchase agreements and Eurodollars
18 Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Eurodollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−14.3
24.4

11.8
7.0

22.5
11.5

22.3
7.9

25.2
−1.4

21.8
10.3

19.4
3.7

−34.0
−14.4

37.0
14.3

10
11
12

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the ‘‘Report of
Transaction Accounts, Other Deposits and Vault Cash’’ and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of M1 plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.

M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted separately.
7. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
10. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.

Money Stock and Bank Credit
1.11

5

RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1
Millions of dollars
Average of
daily figures
Factor

2005

Average of daily figures for week ending on date indicated

2006

2006

Dec.

Jan.

Feb.

Jan. 11

Jan. 18

Jan. 25

Feb. 1

Feb. 8

Feb. 15

Feb. 22

818,569
744,193
744,193
271,270
449,595
19,983
3,344
0
34,411
172
101
0
71
1,330
38,463
11,041
2,200
36,540

817,188
745,675
745,675
272,270
449,685
20,416
3,304
0
30,774
104
74
0
30
564
40,071
11,043
2,200
36,540

815,080
750,949
750,949
273,597
451,998
22,196
3,158
0
25,071
53
21
2
30
38
38,969
11,044
2,200
37,290

815,870
744,249
744,249
271,410
449,118
20,367
3,354
0
30,393
39
16
0
23
1,295
39,894
11,043
2,200
36,540

816,432
745,519
745,519
272,655
449,118
20,431
3,315
0
29,571
321
292
0
29
840
40,181
11,043
2,200
36,540

811,957
745,928
745,928
272,834
449,389
20,431
3,274
0
25,643
39
10
0
28
109
40,239
11,043
2,200
36,539

814,346
748,672
748,672
272,837
451,671
20,936
3,229
0
25,393
40
11
0
29
−182
40,423
11,043
2,200
36,539

809,103
748,827
748,827
272,857
450,580
22,196
3,194
0
20,036
33
5
0
28
−120
40,328
11,044
2,200
36,858

815,840
750,625
750,625
273,431
451,830
22,196
3,168
0
24,357
98
66
0
32
579
40,181
11,044
2,200
37,176

815,807
751,487
751,487
274,142
452,009
22,196
3,141
0
27,536
45
5
8
32
−477
37,216
11,044
2,200
37,495

784,379
27,642
27,642
0
201

784,908
25,108
25,108
0
208

787,001
23,473
23,473
0
196

786,749
25,148
25,148
0
203

784,844
24,569
24,569
0
210

782,063
23,576
23,576
0
209

781,020
23,811
23,811
0
215

784,452
23,278
23,278
0
206

786,568
22,396
22,396
0
198

789,472
23,786
23,786
0
191

14,399
5,135
100
8,745
8,738
7
420
32,573
9,156

14,505
4,942
84
9,002
9,002
0
478
31,365
10,876

13,783
5,155
85
8,268
8,268
0
275
31,811
9,350

14,538
4,795
82
9,374
9,374
0
287
31,464
7,551

14,549
4,810
88
9,373
9,373
0
278
31,420
10,622

14,478
5,314
82
8,710
8,710
0
372
31,429
9,985

14,184
5,117
83
8,710
8,710
0
274
31,486
13,413

14,216
5,360
83
8,472
8,472
0
302
31,277
5,776

14,045
5,224
91
8,472
8,472
0
259
31,790
11,264

13,373
5,005
84
8,015
8,015
0
269
32,014
7,710

Supplying Reserve Funds
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Reserve Bank credit outstanding . . . . . . . . . . . . . . . .
Securities held outright . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury2 . . . . . . . . . . . . . . . . . . . . . . . . . .
Bills3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes and bonds, nominal3 . . . . . . . . . . . . . .
Notes and bonds, inflation-indexed3 . . . . . . .
Inflation compensation4 . . . . . . . . . . . . . . . . .
Federal agency3 . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase agreements5 . . . . . . . . . . . . . . . . . . . .
Loans to depository institutions . . . . . . . . . . . . . . .
Primary credit . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary credit . . . . . . . . . . . . . . . . . . . . . . . .
Seasonal credit . . . . . . . . . . . . . . . . . . . . . . . . . .
Float . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Federal Reserve assets . . . . . . . . . . . . . . . . .
Gold stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special drawing rights certificate account . . . . . . . . .
Treasury currency outstanding . . . . . . . . . . . . . . . . .

19
20
21
22
23
24

Currency in circulation . . . . . . . . . . . . . . . . . . . . . . .
Reverse repurchase agreements6 . . . . . . . . . . . . . . . .
Foreign official and international accounts . . . . . .
Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury cash holdings . . . . . . . . . . . . . . . . . . . . . . .
Deposits with Federal Reserve Banks, other than
reserve balances . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury, general account . . . . . . . . . . . . . . .
Foreign official . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Service-related . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required clearing balances . . . . . . . . . . . . . . . .
Adjustments to compensate for float . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities and capital . . . . . . . . . . . . . . . . . . . .
Reserve balances with Federal Reserve Banks7 . . . .

Absorbing Reserve Funds

25
26
27
28
29
30
31
32

End-of-month figures

Wednesday figures

Dec.

Jan.

Feb.

Jan. 11

Jan. 18

Jan. 25

Feb. 1

Feb. 8

Feb. 15

Feb. 22

831,230
744,215
744,215
271,270
449,595
19,983
3,366
0
46,750
72
6
0
65
885
39,308
11,043
2,200
36,540

816,689
748,824
748,824
272,834
450,580
22,196
3,213
0
25,750
40
11
0
29
1,791
40,284
11,044
2,200
36,539

825,348
754,676
754,676
274,142
455,227
22,196
3,111
0
31,500
38
12
0
26
1,463
37,671
11,044
2,200
37,813

810,652
744,479
744,479
271,585
449,118
20,431
3,345
0
25,000
79
55
0
24
935
40,159
11,043
2,200
36,540

815,467
745,685
745,685
272,834
449,118
20,431
3,302
0
23,250
2,056
2,026
0
31
4,608
39,868
11,043
2,200
36,540

811,280
746,588
746,588
272,834
450,065
20,431
3,258
0
25,000
30
2
0
28
−782
40,443
11,043
2,200
36,539

813,154
748,840
748,840
272,854
450,580
22,196
3,210
0
23,000
55
30
0
25
1,050
40,208
11,044
2,200
36,539

809,660
748,828
748,828
272,868
450,580
22,196
3,184
0
19,500
41
9
0
31
875
40,417
11,044
2,200
36,858

817,902
751,327
751,327
274,142
451,830
22,196
3,158
0
29,750
464
430
0
33
−629
36,991
11,044
2,200
37,176

821,535
752,549
752,549
274,142
453,078
22,196
3,133
0
29,000
103
14
59
30
2,525
37,358
11,044
2,200
37,495

794,014
30,505
30,505
0
202

782,356
24,019
24,019
0
216

789,289
24,802
24,802
0
185

785,044
25,020
25,020
0
211

784,779
24,729
24,729
0
207

782,011
21,691
21,691
0
216

783,704
23,180
23,180
0
208

786,841
22,678
22,678
0
199

788,399
22,695
22,695
0
193

789,798
24,510
24,510
0
185

15,451
4,573
83
8,651
8,651
0
2,144
30,466
10,375

14,680
5,606
83
8,710
8,710
0
281
31,667
13,535

13,401
5,024
82
8,015
8,015
0
279
32,510
16,220

14,247
4,465
81
9,374
9,374
0
327
31,206
4,707

15,176
5,429
78
9,371
9,371
0
298
30,907
9,451

14,432
5,266
81
8,710
8,710
0
374
31,272
11,441

14,209
5,095
83
8,710
8,710
0
321
30,948
10,689

12,782
3,973
82
8,472
8,472
0
256
31,144
6,119

13,959
5,125
101
8,472
8,472
0
262
31,583
11,493

12,694
4,334
88
8,015
8,015
0
257
31,739
13,350

Supplying Reserve Funds
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Reserve Bank credit outstanding . . . . . . . . . . . . . . . .
Securities held outright . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury2 . . . . . . . . . . . . . . . . . . . . . . . . . .
Bills3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes and bonds, nominal3 . . . . . . . . . . . . . .
Notes and bonds, inflation-indexed3 . . . . . . .
Inflation compensation4 . . . . . . . . . . . . . . . . .
Federal agency3 . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase agreements5 . . . . . . . . . . . . . . . . . . . .
Loans to depository institutions . . . . . . . . . . . . . . .
Primary credit . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary credit . . . . . . . . . . . . . . . . . . . . . . . .
Seasonal credit . . . . . . . . . . . . . . . . . . . . . . . . . .
Float . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Federal Reserve assets . . . . . . . . . . . . . . . . .
Gold stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special drawing rights certificate account . . . . . . . . .
Treasury currency outstanding . . . . . . . . . . . . . . . . .

19
20
21
22
23
24

Currency in circulation . . . . . . . . . . . . . . . . . . . . . . .
Reverse repurchase agreements6 . . . . . . . . . . . . . . . .
Foreign official and international accounts . . . . . .
Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury cash holdings . . . . . . . . . . . . . . . . . . . . . . .
Deposits with Federal Reserve Banks, other than
reserve balances . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury, general account . . . . . . . . . . . . . . .
Foreign official . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Service-related . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required clearing balances . . . . . . . . . . . . . . . .
Adjustments to compensate for float . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities and capital . . . . . . . . . . . . . . . . . . . .
Reserve balances with Federal Reserve Banks7 . . . .

Absorbing Reserve Funds

25
26
27
28
29
30
31
32

Note: Some of the data in this table appears in the Board’s H.4.1 (503) weekly statistical
release, available at www.federalreserve.gov/releases.
1. Amounts of vault cash held as reserves are shown in table 1.12, line 2.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.

5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
7. Excludes required clearing balances and adjustments to compensate for float.

6

Federal Reserve Bulletin Statistical Supplement

1.12

RESERVES AND BORROWINGS

May 2006

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

1
2
3
4
5
6
7
8
9
10
11

Reserve balances with Reserve Banks2 . . . . . . . . . . . . . .
Total vault cash3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Applied vault cash4 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Surplus vault cash5 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total reserves6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess reserve balances at Reserve Banks7 . . . . . . . . .
Total borrowing at Reserve Banks . . . . . . . . . . . . . . . . . .
Primary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Seasonal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2003

2004

2005

2005

2006

Dec.

Dec.

Dec.

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

10,863
44,063
32,086
11,976
42,949
41,906
1,043
46
17
0
29

12,046
47,264
34,800
12,463
46,847
44,938
1,909
63
11
0
52

9,541
51,302
35,368
15,934
44,909
42,960
1,949
169
97
0
72

10,346
48,159
34,516
13,643
44,862
43,238
1,623
362
63
3
297

11,140
47,282
34,472
12,809
45,612
43,568
2,044
332
12
5
315

9,630
49,515
34,483
15,032
44,113
42,216
1,897
284
35
29
220

9,500
49,202
34,497
14,705
43,997
42,201
1,796
126
20
0
106

9,541
51,302
35,368
15,934
44,909
42,960
1,949
169
97
0
72

10,382
52,040
36,904
15,136
47,287
45,846
1,440
110
78
0
32

9,450
53,260
35,243
18,017
44,693
43,139
1,555
53
21
2
30

Biweekly averages of daily figures for two-week periods ending on dates indicated
2005

1
2
3
4
5
6
7
8
9
10
11

Reserve balances with Reserve Banks2 . . . . . . . . . . . . . .
Total vault cash3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Applied vault cash4 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Surplus vault cash5 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total reserves6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess reserve balances at Reserve Banks7 . . . . . . . . .
Total borrowing at Reserve Banks . . . . . . . . . . . . . . . . . .
Primary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secondary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Seasonal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2006

Oct. 26

Nov. 9

Nov. 23

Dec. 7

Dec. 21

Jan. 4

Jan. 18

Feb. 1

Feb. 15

Mar. 1

9,933
49,438
35,963
13,475
45,895
44,180
1,715
224
25
0
199

9,404
48,765
34,453
14,312
43,857
42,405
1,452
137
4
0
132

9,427
49,695
34,421
15,275
43,847
41,754
2,093
135
35
0
100

9,769
48,779
34,707
14,073
44,476
42,834
1,642
95
12
0
83

8,693
51,590
34,302
17,289
42,995
41,242
1,752
259
188
0
71

10,569
52,666
37,324
15,342
47,893
45,455
2,438
95
29
0
66

9,089
50,156
33,738
16,418
42,827
41,581
1,246
180
154
0
26

11,718
53,877
40,185
13,692
51,903
50,561
1,342
40
11
0
29

8,522
55,184
33,427
21,757
41,949
40,432
1,517
66
36
0
30

10,276
51,140
36,819
14,322
47,094
45,483
1,611
40
6
4
30

1. Data in this table also appear in the Board’s H.3 (502) weekly statistical release,
available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally
adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet ‘‘as-of’’ adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates
refer to the maintenance periods in which the vault cash can be used to satisfy reserve
requirements.

4. All vault cash held during the lagged computation period by ‘‘bound’’ institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by ‘‘nonbound’’ institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).

Policy Instruments
1.14

7

FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Primary credit1

Federal Reserve
Bank

Boston . . . . . . . . . .
New York . . . . . . . .
Philadelphia . . . . . .
Cleveland . . . . . . . .
Richmond . . . . . . . .
Atlanta . . . . . . . . . .
Chicago . . . . . . . . .
St. Louis . . . . . . . . .
Minneapolis . . . . . .
Kansas City . . . . . .
Dallas . . . . . . . . . . .
San Francisco . . . . .

Secondary credit2

Seasonal credit3

On
5/19/06

Effective date

Previous rate

On
5/19/06

Effective date

Previous rate

On
5/19/06

Effective date

Previous rate

6.00

5/10/06
5/10/06
5/10/06
5/10/06
5/10/06
5/10/06

5.75

6.50

5/10/06
5/10/06
5/10/06
5/10/06
5/10/06
5/10/06

6.25

4.95

5/11/06

4.90

6.25

4.95

5/11/06

4.90

5/10/06
5/11/06
5/10/06
5/11/06
5/10/06
5/10/06

6.00

5.75

6.50

5/10/06
5/11/06
5/10/06
5/11/06
5/10/06
5/10/06

Range of rates for primary credit
Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2.25

2.25

2003—June 25 . . . . . . . . . . . . .
26 . . . . . . . . . . . . .

2.00–2.25
2.00

2.00
2.00

2004—June 30 . . . . . . . . . . . . .
July 1 . . . . . . . . . . . . .
Aug. 10 . . . . . . . . . . . . .
11 . . . . . . . . . . . . .
Sept. 21 . . . . . . . . . . . . .
22 . . . . . . . . . . . . .
Nov. 10 . . . . . . . . . . . . .
12 . . . . . . . . . . . . .
Dec. 14 . . . . . . . . . . . . .
15 . . . . . . . . . . . . .

2.00–2.25
2.25
2.25–2.50
2.50
2.50–2.75
2.75
2.75–3.00
3.00
3.00–3.25
3.25

2.25
2.25
2.50
2.50
2.75
2.75
3.00
3.00
3.25
3.25

2005—Feb.

3.25–3.50

3.50

Effective date

In effect Jan. 9, 2003 . . . . . . . . . . .
(beginning of program)

2 .............

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2005—Feb. 3 . . . . . . . . . . . . .
Mar. 22 . . . . . . . . . . . . .
24 . . . . . . . . . . . . .
May 3 . . . . . . . . . . . . .
4 .............
June 30 . . . . . . . . . . . . .
July 1 . . . . . . . . . . . . .
Aug. 9 . . . . . . . . . . . . .
10 . . . . . . . . . . . . .
Sept. 20 . . . . . . . . . . . . .
22 . . . . . . . . . . . . .
Nov. 1 . . . . . . . . . . . . .
2 .............
Dec. 13 . . . . . . . . . . . . .
14 . . . . . . . . . . . . .

3.50
3.50–3.75
3.75
3.75–4.00
4.00
4.00–4.25
4.25
4.25–4.50
4.50
4.50–4.75
4.75
4.75–5.00
5.00
5.00–5.25
5.25

3.50
3.75
3.75
4.00
4.00
4.25
4.25
4.50
4.50
4.75
4.75
5.00
5.00
5.25
5.25

2006—Jan. 31 . . . . . . . . . . . . .
Feb. 2 . . . . . . . . . . . . .

5.25–5.50
5.50

5.50
5.50

Effective date

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.50–5.75
5.75
5.75–6.00
6.00

5.75
5.75
6.00
6.00

6.00

6.00

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............

3.25–3.50
3.25
3.00–3.25
3.00
2.50–3.00
2.50
2.00–2.50
2.00
1.50–2.00
1.50
1.25–1.50
1.25

3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25

2002—Nov. 6 . . . . . . . . . . . . .
7 .............

0.75–1.25
0.75

0.75
0.75

In effect Jan. 8, 2003 . . . . . . . . .
(end of program)

0.75

0.75

Effective date

2006—Mar. 28
30
May 10
11

.............
.............
.............
.............

In effect May 19, 2006 . . . . . . .

Range of rates for adjustment credit in recent years4

Effective date

In effect Dec. 31, 1995 . . . . . . . . . .

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.25

5.25

1996—Jan. 31 . . . . . . . . . . . . .
Feb. 3 . . . . . . . . . . . . .

5.00–5.25
5.00

5.00
5.00

1998—Oct. 15
16
Nov. 17
19

.............
.............
.............
.............

4.75–5.00
4.75
4.50–4.75
4.50

4.75
4.75
4.50
4.50

1999—Aug. 24
26
Nov. 16
18

.............
.............
.............
.............

4.50–4.75
4.75
4.75–5.00
5.00

4.75
4.75
4.75
5.00

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

.............
.............
.............
.............
.............
.............

5.00–5.25
5.25
5.25–5.50
5.50
5.50–6.00
6.00

5.25
5.25
5.50
5.50
5.50
6.00

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............

5.75–6.00
5.50–5.75
5.50
5.00−5.50
5.00
4.50–5.00
4.50
4.00–4.50
4.00
3.50–4.00
3.50

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

Effective date

2000—Feb.

2
4
Mar. 21
23
May 16
19

2001—Jan.

Feb.
Mar.
Apr.
May

3
4
5
31
1
20
21
18
20
15
17

1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The
discount rate on seasonal credit takes into account rates charged on market sources of funds

Effective date

2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13

and ordinarily is reestablished on the first business day of each two-week reserve maintenance
period.
4. Was available until January 8, 2003, to help depository institutions meet temporary
needs for funds that could not be met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors: Banking and Monetary Statistics,
1914–1941, and 1941–1970; the Annual Statistical Digest, 1970–1979, 1980–1989, and
1990–1995; and the Statistical Digest, 1996–2000. See also the Board’s Statistics: Releases
and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm.

8
1.15

Federal Reserve Bulletin Statistical Supplement

May 2006

RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirement
Type of liability

Net transaction accounts1
1 $0 million–$7.8 million2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 More than $7.8 million–$48.3 million3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 More than $48.3 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Percentage of
liabilities

Effective date

0
3
10

12/22/05
12/22/05
12/22/05

4 Nonpersonal time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

12/27/90

5 Eurocurrency liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

12/27/90

Note: Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement
corporations.
1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS)
accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts,
ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net
transaction accounts are total transaction accounts less amounts due from other depository
institutions and less cash items in the process of collection.

For a more detailed description of these deposit types, see Form FR 2900 at
www.federalreserve.gov/boarddocs/reportforms.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the ‘‘exemption amount’’ ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year’s (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the ‘‘low reserve tranche.’’ By statute, the upper limit of the low reserve tranche is
adjusted each year by 80 percent of the previous year’s (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.

Policy Instruments
1.17

9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars
2005
Type of transaction
and maturity

2003

2004

2006

2005
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

U.S. Treasury Securities2

1
2
3
4
5

Outright transactions
Treasury bills
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For new bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Others within one year
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
One to five years
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Five to ten years
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
More than ten years
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All maturities
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18,150
0
738,886
738,886
0

18,138
0
821,685
821,685
0

8,300
0
871,661
871,661
0

0
0
68,438
68,438
0

2,751
0
66,899
66,899
0

1,992
0
87,522
87,522
0

1,023
0
68,397
68,397
0

489
0
65,570
65,570
0

0
0
80,886
80,886
0

1,563
0
67,302
67,302
0

6,565
0
96,433
−103,153
0

7,994
0
103,380
−118,373
0

2,894
0
109,557
−108,098
2,795

0
0
0
0
0

1,298
0
26,261
−18,253
757

0
0
7,999
−6,585
0

500
0
11,700
−6,551
0

1,096
0
14,200
−15,297
189

0
0
0
0
0

0
0
13,599
−13,594
1,321

7,814
0
−76,364
97,256

17,249
0
−84,844
110,819

11,309
0
−91,121
97,723

0
0
0
0

1,390
0
−20,702
16,781

3,635
0
−7,999
6,585

1,693
0
−11,700
6,551

1,096
0
−11,240
13,077

0
0
0
0

2,809
0
−13,599
11,830

4,107
0
−11,131
5,897

5,763
0
−8,012
7,554

3,626
0
−7,041
7,375

0
0
0
0

988
0
−2,919
1,472

130
0
0
0

0
0
0
0

800
0
266
2,221

0
0
0
0

1,505
0
0
0

220
0
−8,938
0

1,364
0
−10,524
0

2,007
0
−11,395
3,000

0
0
0
0

0
0
−2,640
0

90
0
0
0

902
0
0
0

0
0
−3,227
0

0
0
0
0

205
0
0
1,765

36,856
0
0

50,507
0
0

28,136
0
2,795

0
0
0

6,427
0
757

5,847
0
0

4,118
0
0

3,481
0
189

0
0
0

6,082
0
1,321

36,856

50,507

25,341

0

5,670

5,847

4,118

3,292

0

4,761

Outright transactions
27 Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29 Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
10

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

30 Net change in federal agency obligations . . . . . . . . . . . .

−10

0

0

0

0

0

0

0

0

0

Repurchase agreements3
31 Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,522,888
32 Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,518,638

1,876,900
1,887,650

2,097,050
2,083,300

201,750
200,750

200,750
200,750

187,300
197,050

145,250
147,000

140,750
129,500

223,000
211,500

185,750
206,750

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Reverse repurchase agreements4
35 Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,942,131
36 Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,946,691

5,621,153
5,626,285

6,421,223
6,420,945

531,351
532,647

555,779
554,786

523,085
523,518

509,449
508,709

505,101
508,976

581,376
581,826

504,837
498,351

37 Net change in temporary transactions . . . . . . . . . . . . . . .

−310

−15,882

14,028

−297

993

−10,183

−1,010

7,375

11,050

−14,514

38 Total net change in System Open Market Account . .

36,536

34,626

39,369

−297

6,662

−4,336

3,108

10,667

11,050

−9,752

6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

26 Net change in U.S. Treasury securities . . . . . . . . . . . . . .
Federal Agency Obligations

Temporary Transactions

Matched sale–purchase agreements
33 Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34 Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities.

3. Cash value of agreements, which are collateralized by U.S. government and federal
agency obligations.
4. Cash value of agreements, which are collateralized by U.S. Treasury securities.

10

Federal Reserve Bulletin Statistical Supplement

1.18

FEDERAL RESERVE BANKS

May 2006

Condition and Federal Reserve Note Statements1

Millions of dollars
Wednesday
Account

End of month

2006
Jan. 25

Feb. 1

Feb. 8

2005
Feb. 15

Feb. 22

Dec.

2006
Jan.

Feb.

Consolidated condition statement
Assets
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special drawing rights certificate account . . . . . . . . . . . . . . . . . .
Coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities, repurchase agreements, and loans . . . . . . . . . . . . . . .
Securities held outright . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bills3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes and bonds, nominal3 . . . . . . . . . . . . . . . . . . . . . . .
Notes and bonds, inflation-indexed3 . . . . . . . . . . . . . . . .
Inflation compensation4 . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal agency3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase agreements5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Items in process of collection . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank premises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Denominated in foreign currencies6 . . . . . . . . . . . . . . . . . . . .
All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,039
2,200
770
771,618
746,588
746,588
272,834
450,065
20,431
3,258
0
25,000
30
5,586
1,823
38,622
19,475
19,147

11,040
2,200
810
771,896
748,840
748,840
272,854
450,580
22,196
3,210
0
23,000
55
8,508
1,824
38,386
19,186
19,200

11,040
2,200
830
768,369
748,828
748,828
272,868
450,580
22,196
3,184
0
19,500
41
7,625
1,824
38,609
18,990
19,619

11,040
2,200
846
781,540
751,327
751,327
274,142
451,830
22,196
3,158
0
29,750
464
5,544
1,820
35,205
19,000
16,205

11,040
2,200
841
781,652
752,549
752,549
274,142
453,078
22,196
3,133
0
29,000
103
10,442
1,820
35,541
18,986
16,555

11,039
2,200
686
791,036
744,215
744,215
271,270
449,595
19,983
3,366
0
46,750
72
5,930
1,823
37,496
18,928
18,568

11,040
2,200
808
774,614
748,824
748,824
272,834
450,580
22,196
3,213
0
25,750
40
9,270
1,826
38,459
19,313
19,146

11,040
2,200
830
786,214
754,676
754,676
274,142
455,227
22,196
3,111
0
31,500
38
8,605
1,821
35,853
19,195
16,658

19 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

831,659

834,663

830,497

838,195

843,536

850,211

838,217

846,564

Federal Reserve notes, net of F.R. Bank holdings . . . . . . . . . . . .
Reverse repurchase agreements8 . . . . . . . . . . . . . . . . . . . . . . . . .
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury, general account . . . . . . . . . . . . . . . . . . . . . . . .
Foreign official . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred availability cash items . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities and accrued dividends9 . . . . . . . . . . . . . . . . . . .

746,453
21,691
25,845
20,123
5,266
81
374
6,398
4,036

748,178
23,180
24,905
19,406
5,095
83
321
7,453
4,102

751,007
22,678
18,924
14,613
3,973
82
256
6,744
4,196

752,258
22,695
25,518
20,030
5,125
101
262
6,142
4,249

753,325
24,510
26,048
21,369
4,334
88
257
7,915
4,326

758,358
30,505
25,843
19,043
4,573
83
2,144
5,039
4,014

746,837
24,019
28,220
22,250
5,606
83
281
7,474
4,155

752,486
24,802
29,627
24,241
5,024
82
279
7,140
4,414

29 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

804,424

807,818

803,549

810,861

816,123

823,759

810,705

818,468

30 Capital paid in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32 Other capital accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,551
12,901
783

13,558
12,879
408

13,573
12,884
491

13,715
12,901
718

13,716
12,901
796

13,536
12,916
0

13,558
12,901
1,053

13,738
12,901
1,457

33 Total capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,235

26,845

26,948

27,334

27,413

26,452

27,512

28,095

Memo
Marketable securities held in custody for foreign official
and international accounts3,10 . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities lent to dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,541,330
1,103,406
437,924
2,916

1,542,207
1,103,969
438,238
4,448

1,545,598
1,106,768
438,830
2,018

1,571,376
1,121,049
450,327
1,916

1,575,902
1,127,880
448,023
4,685

1,523,963
1,095,984
427,979
3,776

1,539,384
1,100,762
438,623
5,239

1,582,711
1,127,775
454,936
3,772

Liabilities
20
21
22
23
24
25
26
27
28

Capital Accounts

34
35
36
37

Federal Reserve notes and collateral statement
38 Federal Reserve notes outstanding . . . . . . . . . . . . . . . . . . . . . . .
39 Less: Notes held by F.R. Banks not
subject to collateralization . . . . . . . . . . . . . . . . . . . . . . .
40
Federal Reserve notes to be collateralized . . . . . . . . . . . . .
41 Collateral held against Federal Reserve notes . . . . . . . . . . . . . . .
42 Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43 Special drawing rights certificate account . . . . . . . . . . . . . . . .
44 U.S. Treasury and agency securities pledged11 . . . . . . . . . . . .
45 Other assets pledged . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Memo
46 Total U.S. Treasury and agency securities11 . . . . . . . . . . . . . . . .
47 Less: face value of securities under reverse repurchase
agreements12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
U.S. Treasury and agency securities
eligible to be pledged . . . . . . . . . . . . . . . . . . . . . . . . .

910,139

909,157

909,967

910,879

910,875

906,510

909,286

911,359

163,686
746,453
746,453
11,039
2,200
733,214
0

160,979
748,178
748,178
11,040
2,200
734,938
0

158,960
751,007
751,007
11,040
2,200
737,768
0

158,621
752,258
752,258
11,040
2,200
739,018
0

157,550
753,325
753,325
11,040
2,200
740,085
0

148,152
758,358
758,358
11,039
2,200
745,119
0

162,449
746,837
746,837
11,040
2,200
733,597
0

158,874
752,486
752,486
11,040
2,200
739,246
0

771,588

771,840

768,328

781,077

781,549

790,965

774,574

786,176

21,714

23,206

22,704

22,721

24,540

30,559

24,049

24,836

749,875

748,635

745,624

758,355

757,009

760,406

750,525

761,340

1. Some of the data in this table also appear in the Board’s H.4.1 (503) weekly statistical
release, which is available at www.federalreserve.gov/releases.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Valued daily at market exchange rates.

7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
9. Includes exchange-translation account reflecting the daily revaluation at market
exchange rates of foreign exchange commitments.
10. Includes U.S. Treasury STRIPs and other zero coupon bonds at face value.
11. Includes face value of U.S. Treasury and agency securities held outright, compensation
to adjust for the effect of inflation on the original face value of inflation-indexed securities,
and cash value of repurchase agreements.
12. Face value of agreements, which are fully collateralized by U.S. Treasury securities.

Federal Reserve Banks
1.19

FEDERAL RESERVE BANKS

11

Maturity Distribution of Loans and Securities

Millions of dollars
Wednesday
Type of holding and maturity

End of month

2006
Jan. 25

Feb. 1

2005

Feb. 8

Feb. 15

Feb. 22

2006

Dec.

Jan.

Feb.

1 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30

55

41

464

103

72

40

38

2 Within 15 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 16 days to 90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 91 days to 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30
0
0

35
20
0

18
23
0

464
0
0

103
0
0

61
11
0

37
3
0

37
1
0

5 Total U.S. Treasury securities1 . . . . . . . . . . . . . . . . . . . . . . .

746,588

748,840

748,828

751,327

752,549

744,215

748,824

754,676

59,347
156,150
188,864
208,279
56,577
77,371

54,102
162,842
186,158
209,981
56,647
79,111

53,466
163,504
186,142
209,974
56,643
79,099

57,839
166,494
180,520
212,648
53,056
80,769

57,558
166,743
180,550
213,888
54,931
78,879

41,010
172,264
186,283
210,745
56,699
77,215

37,634
179,289
186,158
209,982
56,648
79,112

32,595
183,177
190,677
213,481
54,952
79,793

6
7
8
9
10
11

Within 15 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 days to 90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91 days to 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Over 1 year to 5 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Over 5 years to 10 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Over 10 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12 Total federal agency securities . . . . . . . . . . . . . . . . . . . . . . .

0

0

0

0

0

0

0

0

13
14
15
16
17
18

Within 15 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 days to 90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91 days to 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Over 1 year to 5 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Over 5 years to 10 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Over 10 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

19 Total repurchase agreements2 . . . . . . . . . . . . . . . . . . . . . . . .

25,000

23,000

19,500

29,750

29,000

46,750

25,750

31,500

20 Within 15 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 16 days to 90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25,000
0

23,000
0

19,500
0

29,750
0

29,000
0

46,750
0

25,750
0

31,500
0

22 Total reverse repurchase agreements2 . . . . . . . . . . . . . . . . .

21,691

23,180

22,678

22,695

24,510

30,505

24,019

24,802

23 Within 15 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 16 days to 90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21,691
0

23,180
0

22,678
0

22,695
0

24,510
0

30,505
0

24,019
0

24,802
0

Note: Components may not sum to totals because of rounding.
1. Includes the original face value of inflation-indexed securities and compensation that
adjusts for the effect of inflation on the original face value of such securities.

2. Cash value of agreements classified by remaining maturity of the agreements.

12

Federal Reserve Bulletin Statistical Supplement

May 2006

1.20

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2005
Item

2002
Dec.

2003
Dec.

2004
Dec.

2005
Dec.r

Julyr

Aug.r

Sept.r

2006
Oct.r

Nov.r

Dec.r

Jan.r

Feb.

44.94
44.66
43.05
780.20

44.78
44.65
42.98
783.51

44.81
44.64
42.86
786.59

44.13
44.02
42.69
792.08

44.19
44.14
42.64
796.60

Seasonally adjusted
Adjusted for
Changes in Reserve Requirements2
1
2
3
4

Total reserves3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.36r
Nonborrowed reserves4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.28r
Required reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.35r
Monetary base5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681.46r

42.70r
42.65r
41.66r
720.13r

46.62r
46.56r
44.72r
758.99r

44.81
44.64
42.86
786.59

45.79
45.37
44.06
772.69

44.68
44.32
43.06
774.83

45.70
45.37
43.65
778.20

Not seasonally adjusted
5
6
7
8

Total reserves6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.13
Nonborrowed reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.05
Required reserves7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.12
Monetary base8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686.23

42.45
42.41
41.41
725.21

46.52
46.46
44.61
764.66

44.67
44.50
42.72
792.87

46.31
45.89
44.57
773.64

44.66
44.30
43.04
773.62

45.40
45.07
43.35
776.94

43.87
43.59
41.97
777.64

43.71
43.59
41.92
783.31

44.67
44.50
42.72
792.87

47.22
47.11
45.77
795.33

44.71
44.65
43.15
796.21

42.95
42.90
41.91
737.62
1.04
.05

46.85
46.78
44.94
774.77
1.91
.06

44.91
44.74
42.96
801.80
1.95
.17

46.47
46.04
44.73
782.49
1.74
.43

44.86
44.50
43.24
782.66
1.62
.36

45.61
45.28
43.57
785.66
2.04
.33

44.11
43.83
42.22
786.53
1.90
.28

44.00
43.87
42.20
792.31
1.80
.13

44.91
44.74
42.96
801.80
1.95
.17

47.29
47.18
45.85
804.40
1.44
.11

44.69
44.64
43.14
804.46
1.56
.05

Not Adjusted for
Changes in Reserve Requirements9
9
10
11
12
13
14

Total reserves10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.27
Nonborrowed reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.19
Required reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.26
Monetary base11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 697.15
Excess reserves12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.01
Borrowings from the Federal Reserve . . . . . . . . . . . . . . . . . . . . .
.08

1. Latest monthly and biweekly figures are available from the Board’s H.3 (502) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 and estimates of the effect on required reserves of changes in reserve requirements are
available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or ‘‘breaks,’’ associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 14).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the ‘‘Report of
Transaction Accounts, Other Deposits and Vault Cash’’ and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess
reserves (line 13).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves

would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the ‘‘Report of Transaction Accounts, Other Deposits and Vault Cash’’ and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the ‘‘Report of Transaction Accounts, Other Deposits and Vault
Cash’’ and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11).

Monetary and Credit Aggregates
1.21

13

MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures
2005
Item

2002
Dec.

2003
Dec.

2004
Dec.

2006

2005
Dec.
Nov.

Dec.

Jan.

Feb.

Seasonally adjusted
Measures2
1 M1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 M2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 M3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,219.0
5,800.6
8,568.0

1,304.2
6,079.6
8,872.3

1,372.1
6,421.9
9,433.0

1,368.8
6,675.8r
10,154.0

1,370.2
6,647.6
10,078.5

1,368.8
6,675.8r
10,154.0

1,383.0r
6,738.0r
10,242.8

1,376.8
6,761.3
10,298.7

M1 components
Currency3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Travelers checks4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Demand deposits5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other checkable deposits6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

626.2
7.8
306.0
279.1

662.3
7.7
324.6
309.5

697.3
7.6
340.3
327.0

723.5
7.3
320.5r
317.4

720.2
7.3
323.4
319.4

723.5
7.3
320.5r
317.4

729.4
7.2
326.8r
319.6r

733.7
7.1
319.4
316.7

Nontransaction components
8 In M27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 In M3 only8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,581.5
2,767.4

4,775.4
2,792.7

5,049.7
3,011.1

5,307.0r
3,478.5

5,277.4
3,431.0

5,307.0r
3,478.5

5,354.9
3,506.0

5,384.4
3,540.2

Commercial banks
10 Savings deposits, including MMDAs . . . . . . . . . . . . . . . . . . . . .
11 Small time deposits9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Large time deposits10,11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,060.9
590.1
698.2

2,337.9
536.4
764.5

2,632.2
545.2
909.3

2,771.0
637.5
1,122.9

2,748.9r
629.6
1,102.0

2,771.0
637.5
1,122.9

2,787.7r
646.1
1,152.5

2,791.5
657.0
1,168.3

Thrift institutions
13 Savings deposits, including MMDAs . . . . . . . . . . . . . . . . . . . . .
14 Small time deposits9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Large time deposits10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

717.9
302.4
117.5

831.5
273.4
120.7

887.5
271.6
161.5

851.2r
336.5r
230.7

855.8r
333.8
229.9

851.2r
336.5r
230.7

859.6r
341.1r
235.5

865.9
346.7
234.9

Money market mutual funds
16 Retail12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 Institution-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

910.2
1,247.7

796.2
1,117.5

713.3
1,068.7

710.9
1,136.8

709.3
1,121.1

710.9
1,136.8

720.5
1,150.8

723.3
1,148.0

Repurchase agreements and Eurodollars
18 Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Eurodollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

473.4
230.7

494.8
295.3

492.6
379.1

564.3
423.9

555.3
422.6

564.3
423.9

548.3
418.8

565.2
423.8

4
5
6
7

Not seasonally adjusted
Measures2
20 M1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 M2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 M3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,245.0
5,832.3
8,633.5

1,332.1
6,112.0
8,927.8

1,401.3
6,456.7
9,482.2

1,396.8
6,713.4r
10,201.4

1,368.2
6,660.9r
10,077.2

1,396.8
6,713.4r
10,201.4

1,377.9r
6,707.9r
10,221.9

1,363.1
6,718.2
10,276.1

M1 components
Currency3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Travelers checks4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Demand deposits5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other checkable deposits6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

630.3
7.7
323.3
283.8

666.7
7.6
342.8
315.0

702.4
7.5
358.8
332.6

729.0
7.2
337.7r
322.9r

720.4
7.1
324.1
316.7r

729.0
7.2
337.7r
322.9r

727.3
7.2
322.0
321.5

733.5
7.0
312.3
310.2

Nontransaction components
27 In M27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 In M3 only8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,587.2
2,801.3

4,779.9
2,815.9

5,055.4
3,025.4

5,316.6r
3,488.3

5,292.6
3,416.4

5,316.6r
3,488.3

5,329.9r
3,515.2

5,355.1
3,560.7

Commercial banks
29 Savings deposits, including MMDAs . . . . . . . . . . . . . . . . . . . . .
30 Small time deposits9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 Large time deposits10,11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,061.6
590.2
697.4

2,337.9
536.2
760.9

2,633.4
544.9
903.3

2,775.3
636.9
1,114.4

2,760.7
629.1r
1,090.8

2,775.3
636.9
1,114.4

2,765.4r
645.4
1,142.4

2,766.3
656.6
1,161.3

Thrift institutions
32 Savings deposits, including MMDAs . . . . . . . . . . . . . . . . . . . . .
33 Small time deposits9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34 Large time deposits10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

718.2
302.4
117.3

831.5
273.3
120.1

887.9
271.4
160.4

852.5r
336.2r
228.9

859.5r
333.6
227.6

852.5r
336.2r
228.9

852.7r
340.7
233.5

858.1
346.4
233.5

Money market mutual funds
35 Retail12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Institution-only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

914.8
1,281.3

800.9
1,144.4

717.9
1,090.6

715.7
1,156.8

709.8
1,123.2

715.7
1,156.8

725.7
1,174.1

727.8
1,161.4

Repurchase agreements and Eurodollars
37 Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38 Eurodollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

476.4
228.8

497.6
292.8

494.6
376.6

566.1
422.0

553.1
421.9

566.1
422.0

541.1
424.1

574.3
430.2

23
24
25
26

Footnotes appear on following page.

14

Federal Reserve Bulletin Statistical Supplement

May 2006

NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board’s H.6 (508) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of M1 plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks

and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations (excluding those amounts held by
depository institutions, the U.S. government, and foreign banks and official institutions) less
cash items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted.
9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and
Keogh accounts at commercial banks and thrift institutions are subtracted from small time
deposits.
10. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
12. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks

15

Assets and Liabilities1

Billions of dollars
Monthly averages
Account

2005
Apr.

Wednesday figures

2005
Oct.

Nov.

2006
Dec.

Jan.r

Feb.

2006
r

Mar.

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Other securities . . . . . . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Revolving home equity . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

7,113.6
2,044.9
1,194.3r
850.6r
5,068.7r
975.6
2,683.7
423.0
2,260.7r
711.1
223.9
474.3
287.8
321.8
680.5

7,421.8r
2,068.8r
1,159.2r
909.6r
5,353.0
1,025.3
2,866.4
436.8
2,429.6
708.9
241.8
510.7
291.6
316.7r
704.9r

7,438.9r
2,057.0r
1,141.8r
915.2r
5,381.9
1,033.4
2,878.9
436.7
2,442.1
709.3
246.6
513.7
306.5
308.8
707.1r

7,480.8r
2,040.9r
1,133.5r
907.4r
5,440.0r
1,044.9r
2,904.1r
436.1
2,468.0r
704.5
261.5
524.9r
278.2r
311.1
705.7r

7,538.6
2,052.3
1,143.7
908.5
5,486.3
1,066.4
2,929.3
434.7
2,494.5
708.2
252.6
529.9
286.7
317.2
726.3

7,630.6r
2,096.4r
1,178.0r
918.4r
5,534.3
1,075.2r
2,952.4r
432.7
2,519.7r
709.6
260.8
536.3
284.7
313.9r
759.8r

7,694.3
2,108.5
1,182.2
926.4
5,585.8
1,081.1
2,977.4
434.0
2,543.4
721.4
267.3
538.6
291.7
317.9
758.8

7,792.6
2,163.3
1,193.6
969.7
5,629.3
1,099.3
2,999.3
430.3
2,568.9
727.3
260.1
543.3
286.9
311.8
772.9

7,736.6
2,113.5
1,167.4
946.2
5,623.0
1,093.9
2,991.7
431.9
2,559.8
722.8
277.4
537.2
287.0
311.0
757.1

7,761.6
2,158.9
1,201.5
957.4
5,602.8
1,086.9
2,989.0
431.3
2,557.8
727.0
258.9
540.9
297.6
309.7
776.0

7,796.0
2,175.7
1,202.9
972.7
5,620.3
1,098.9
3,003.0
430.4
2,572.6
728.9
248.0
541.4
271.9
308.0
769.1

7,826.5
2,174.4
1,193.7
980.7
5,652.0
1,107.6
3,004.9
429.2
2,575.7
729.3
260.6
549.5
293.8
322.3
781.8

16 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

8,335.5

8,666.6

8,692.9

8,707.2

8,801.2

8,921.9

8,995.0

9,096.0

9,023.8

9,077.0

9,076.8

9,156.2

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

5,499.7
674.1
4,825.6
1,293.0
3,532.6
1,618.3
378.8
1,239.5
26.5
509.5

5,693.3
654.9
5,038.4
1,412.9r
3,625.5r
1,675.7
351.0
1,324.7
93.0
500.9

5,716.1
667.3
5,048.8
1,408.7r
3,640.1r
1,701.4
368.5
1,333.0
75.3
501.8

5,731.4
655.9
5,075.5
1,417.7r
3,657.8r
1,720.6
360.5
1,360.1
72.6
495.2

5,770.2
652.5
5,117.8
1,432.7
3,685.0
1,732.3
378.1
1,354.3
73.9
488.4

5,798.1
654.4r
5,143.6r
1,455.5r
3,688.1r
1,768.3
367.5
1,400.8
54.9
500.2

5,879.5
678.0
5,201.4
1,507.8
3,693.6
1,788.6
372.4
1,416.2
44.8
503.4

5,948.6
665.1
5,283.5
1,539.0
3,744.6
1,770.6
366.9
1,403.7
59.0
549.9

5,930.8
624.3
5,306.5
1,528.5
3,778.0
1,761.7
361.9
1,399.7
24.0
530.6

5,954.3
624.5
5,329.7
1,537.9
3,791.8
1,772.7
379.7
1,393.0
21.1
561.4

5,955.7
675.2
5,280.5
1,534.1
3,746.4
1,740.2
351.7
1,388.5
83.1
546.5

5,947.1
724.1
5,223.0
1,543.9
3,679.0
1,792.1
366.7
1,425.3
95.6
548.1

27 Total liabilities . . . . . . . . . . . . . . . . . . .

7,653.9

7,962.9

7,994.6

8,019.8

8,064.9

8,121.5

8,216.2

8,328.1

8,247.2

8,309.5

8,325.5

8,382.8

28 Residual (assets less liabilities)8 . . . . . .

681.6

703.7

698.3

687.4

736.3

800.4

778.8

767.9

776.6

767.5

751.3

773.4

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

17
18
19
20
21
22
23
24
25
26

Not seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Other securities . . . . . . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Revolving home equity . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Credit cards and related plans . .
Other . . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

7,093.1
2,040.9
1,197.5r
843.4r
5,052.2
980.4
2,671.6
421.6
2,249.9r
702.6
304.9
397.7
225.5
472.1
296.1
317.3
678.7

7,435.3r
2,066.9r
1,154.3r
912.6r
5,368.3r
1,023.6
2,875.7
437.9
2,437.8r
711.5
302.9
408.6
244.1
513.4
288.5
322.2
708.3r

7,476.7r
2,066.5r
1,150.3r
916.2r
5,410.2
1,033.3
2,897.5
436.8
2,460.8
714.0
309.1
404.9
251.8
513.6
309.8
318.6
709.7r

7,528.6r
2,049.5r
1,137.3r
912.2r
5,479.2r
1,045.3
2,914.3r
434.9
2,479.3
716.6r
319.9
396.7
273.3
529.7
280.9r
330.4
707.2r

7,550.2
2,056.1
1,139.3
916.9
5,494.1
1,061.7
2,928.3
432.7
2,495.6
721.7
317.7
404.0
255.6
526.8
282.2
326.5
727.1

7,613.4r
2,092.1r
1,172.1r
920.0r
5,521.4r
1,075.0r
2,946.3r
433.0
2,513.3r
714.7
305.0
409.7
259.2
526.1
280.8
311.2r
754.7r

7,656.1
2,096.4
1,175.4
921.0
5,559.7
1,084.7
2,960.5
430.7
2,529.7
714.8
295.4
419.4
266.6
533.2
296.6
305.8
754.0

7,770.3
2,157.3
1,196.2
961.1
5,613.0
1,104.8
2,986.0
428.9
2,557.1
718.6
297.7
420.9
262.6
540.9
295.7
307.2
770.9

7,691.3
2,103.8
1,167.3
936.4
5,587.5
1,098.4
2,973.2
427.6
2,545.5
711.5
291.6
420.0
265.1
539.3
305.7
303.7
761.5

7,725.4
2,149.5
1,201.3
948.1
5,576.0
1,089.1
2,973.4
427.8
2,545.6
716.2
295.2
421.0
260.5
536.8
314.3
303.3
773.3

7,786.5
2,169.0
1,204.2
964.8
5,617.5
1,106.8
2,988.9
429.5
2,559.4
720.7
298.9
421.8
260.9
540.2
282.7
308.3
765.7

7,808.6
2,169.8
1,198.7
971.1
5,638.8
1,112.8
2,994.1
430.0
2,564.2
723.1
302.3
420.8
265.0
543.7
288.3
313.6
774.4

46 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

8,317.2

8,686.3

8,746.6

8,778.6

8,818.6

8,892.6r

8,944.5

9,076.2

8,994.4

9,048.6

9,075.2

9,116.8

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

5,518.9
680.8
4,838.2
1,299.6
3,538.5
1,624.8
383.2
1,241.6
10.1
488.2

5,686.0
653.8
5,032.2
1,394.6r
3,637.6r
1,672.7
351.1
1,321.7
99.8
508.0

5,727.1
673.4
5,053.7
1,398.2r
3,655.5r
1,694.0
366.4
1,327.6
87.0
514.5

5,758.6
692.3
5,066.3
1,415.5r
3,650.8r
1,705.8
359.2
1,346.6
81.8
505.0

5,770.4
664.9
5,105.4
1,445.3
3,660.2
1,729.4
375.3
1,354.0
79.7
494.1

5,802.2
646.6
5,155.6
1,468.2r
3,687.4r
1,766.8
365.3
1,401.5
61.6
506.5

5,873.9
668.9
5,205.0
1,511.7
3,693.3
1,774.6
373.6
1,401.0
37.3
495.0

5,969.5
671.6
5,297.9
1,545.9
3,752.0
1,777.3
371.0
1,406.3
38.4
527.4

5,978.1
629.6
5,348.5
1,532.7
3,815.7
1,746.0
365.3
1,380.7
2.4
507.9

6,002.7
634.6
5,368.1
1,541.7
3,826.4
1,758.4
382.5
1,375.9
−6.3
529.0

5,984.7
692.3
5,292.4
1,540.0
3,752.5
1,750.8
356.8
1,394.0
56.7
518.7

5,920.2
719.8
5,200.5
1,554.2
3,646.2
1,816.4
371.0
1,445.4
83.8
535.4

57 Total liabilities . . . . . . . . . . . . . . . . . . .

7,642.1

7,966.5

8,022.7

8,051.1

8,073.5

8,137.1

8,180.8

8,312.6

8,234.3

8,283.8

8,310.9

8,355.9

58 Residual (assets less liabilities)8 . . . . . .

675.2

719.8

723.9

727.4

745.1

755.5

763.7

763.5

760.1

764.7

764.3

760.8

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

47
48
49
50
51
52
53
54
55
56

Footnotes appear on p. 21.

16

Federal Reserve Bulletin Statistical Supplement

1.26

COMMERCIAL BANKS IN THE UNITED STATES

May 2006

Assets and Liabilities1—Continued

B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account

2005
Apr.

Wednesday figures

2005
Oct.

Nov.

2006
Dec.

Jan.r

Feb.

2006
r

Mar.

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Other securities . . . . . . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Revolving home equity . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

6,406.8
1,734.0
1,108.3
625.7
4,672.8
824.2
2,665.2r
423.0
2,242.3
711.1
104.7
367.5
242.9
258.7
645.6

6,627.9
1,712.4
1,075.5
636.9
4,915.5
861.1
2,846.5
436.8
2,409.7
708.9
104.4
394.5
244.4
260.4
664.9

6,633.2
1,697.1r
1,059.1
638.1
4,936.1
869.0
2,858.2
436.7
2,421.5
709.3
109.1
390.4
260.9
254.4
665.5

6,673.4r
1,689.5
1,053.4
636.1r
4,983.9r
876.6
2,883.6r
436.1
2,447.5r
704.5
121.5
397.7
236.9r
260.8
667.4r

6,732.7
1,711.8
1,069.6
642.3
5,020.8
892.5
2,909.9
434.7
2,475.1
708.2
112.4
397.8
246.0
266.9
691.8

6,818.6r
1,760.3r
1,102.2r
658.1r
5,058.3
899.4r
2,932.9r
432.7
2,500.1r
709.6
114.3
402.1
242.9
265.3r
722.4

6,873.7
1,771.3
1,105.9
665.4
5,102.4
905.6
2,957.4
434.0
2,523.4
721.4
113.2
404.8
246.5
268.3
721.8

6,952.1
1,814.0
1,118.2
695.8
5,138.1
918.1
2,978.6
430.3
2,548.2
727.3
105.3
408.9
241.5
265.3
731.9

6,892.9
1,772.7
1,092.6
680.2
5,120.1
913.5
2,971.2
431.9
2,539.3
722.8
110.3
402.3
241.8
264.0
719.4

6,930.3
1,816.9
1,126.3
690.6
5,113.4
908.1
2,968.3
431.3
2,537.0
727.0
102.7
407.2
255.0
260.9
736.3

6,964.7
1,827.2
1,128.8
698.4
5,137.5
917.9
2,982.2
430.4
2,551.8
728.9
101.0
407.5
226.7
262.4
730.0

6,981.4
1,819.8
1,117.8
702.0
5,161.6
924.4
2,984.2
429.2
2,555.0
729.3
107.5
416.2
248.0
276.4
735.9

16 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

7,486.3

7,729.6

7,746.1

7,770.4

7,870.3

7,982.6

8,043.1

8,123.2

8,050.6

8,115.0

8,116.1

8,174.0

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

4,910.8
660.0
4,250.9
736.0
3,514.9
1,254.9
329.8
925.1
230.5
415.2

5,062.9r
643.1r
4,419.8
804.0r
3,615.8r
1,296.3
300.4
995.9
271.7
386.1

5,103.7
655.2
4,448.5
815.1r
3,633.4r
1,294.8
309.5
985.3
257.3
385.4

5,128.6
643.5
4,485.1
829.2r
3,655.9r
1,300.3
301.0
999.3
263.4
384.0

5,164.0
639.6
4,524.4
841.3
3,683.1
1,305.8
314.8
990.9
282.9
388.1

5,184.6r
640.5
4,544.1r
857.9r
3,686.2r
1,336.7
308.7
1,028.0r
269.5
398.0

5,228.9
664.4
4,564.5
875.8
3,688.7
1,358.8
311.9
1,046.9
275.8
406.6

5,274.8
652.4
4,622.3
896.1
3,726.2
1,355.9
312.6
1,043.3
288.8
442.1

5,257.6
611.6
4,646.0
886.4
3,759.6
1,336.1
309.0
1,027.1
261.8
429.8

5,279.7
611.5
4,668.2
895.8
3,772.4
1,346.9
314.7
1,032.2
266.3
458.6

5,283.7
662.0
4,621.7
892.7
3,729.0
1,339.5
301.1
1,038.4
295.1
442.4

5,274.6
711.4
4,563.2
899.7
3,663.5
1,385.3
315.7
1,069.6
318.0
434.4

27 Total liabilities . . . . . . . . . . . . . . . . . . .

6,811.5

7,017.0

7,041.1

7,076.2r

7,140.8

7,188.8

7,270.1

7,361.6

7,285.3

7,351.5

7,360.6

7,412.3

674.8

712.6

705.0

694.2r

729.4

793.8

773.0

761.6

765.4

763.4

755.5

761.7

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

17
18
19
20
21
22
23
24
25
26

8

28 Residual (assets less liabilities) . . . . . .

Not seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Other securities . . . . . . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Revolving home equity . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . .
Other residential . . . . . . . . . . .
Commercial . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Credit cards and related plans . .
Other . . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

6,380.8
1,729.9
1,111.5
618.5
4,650.8
827.9
2,653.1
421.6
2,231.5
1,115.9r
1,115.6r
702.6
304.9
397.7
103.1
364.1
251.2
254.8
645.3

6,645.1r
1,710.5
1,070.7
639.8
4,934.7
861.5
2,855.9
437.9
2,418.0
1,201.7r
1,216.3r
711.5
302.9
408.6
108.0
397.8
241.3
264.8
669.6

6,670.5
1,706.6
1,067.5
639.2
4,963.9
869.7
2,876.9
436.8
2,440.1
1,213.3r
1,226.8r
714.0
309.1
404.9
110.4
392.9
264.2
264.2
668.9

6,714.9r
1,698.1
1,057.2
640.9
5,016.8
875.9
2,893.8r
434.9
2,458.8
1,217.9r
1,241.0r
716.6r
319.9
396.7
126.7
403.9
239.6r
278.3
668.3r

6,741.0
1,715.7
1,065.1
650.6
5,025.3
887.1
2,908.8
432.7
2,476.1
1,219.8
1,256.3
721.7
317.7
404.0
111.4
396.2
241.4
276.6
690.3

6,799.4r
1,756.0r
1,096.3r
659.7r
5,043.4
897.2r
2,926.8r
433.0
2,493.8r
1,225.1r
1,268.7r
714.7
305.0
409.7
110.0
394.7
238.9
263.3r
715.2

6,831.5
1,759.2
1,099.0
660.1
5,072.4
906.7
2,940.5
430.7
2,509.7
1,233.0
1,276.8
714.8
295.4
419.4
110.7
399.8
251.5
257.9
716.9

6,922.9
1,808.0
1,120.7
687.3
5,114.9
922.2
2,965.3
428.9
2,536.4
1,247.1
1,289.3
718.6
297.7
420.9
103.7
405.0
250.4
261.2
731.5

6,851.8
1,763.0
1,092.5
670.4
5,088.8
915.9
2,952.7
427.6
2,525.1
1,245.4
1,279.7
711.5
291.6
420.0
105.1
403.6
260.5
257.7
724.8

6,889.7
1,807.5
1,126.2
681.3
5,082.2
909.3
2,952.7
427.8
2,524.8
1,240.0
1,284.8
716.2
295.2
421.0
101.9
402.1
271.7
255.3
735.4

6,939.7
1,820.5
1,130.1
690.4
5,119.2
923.8
2,968.1
429.5
2,538.6
1,248.0
1,290.6
720.7
298.9
421.8
102.7
404.0
237.5
262.8
728.6

6,953.4
1,815.1
1,122.8
692.3
5,138.2
928.8
2,973.4
430.0
2,543.5
1,249.2
1,294.3
723.1
302.3
420.8
104.4
408.5
242.4
268.1
730.3

48 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

7,464.5

7,753.3r

7,800.0

7,833.1

7,882.3

7,949.8

7,990.2

8,098.4

8,027.5

8,084.8

8,101.0

8,126.5

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

4,918.3
666.9
4,251.4
730.9
3,520.5
1,261.5
334.3
927.3
216.6
395.7

5,076.5
641.9
4,434.6
806.3r
3,628.2r
1,293.3
300.5
992.9
275.7
390.8

5,129.7
661.4r
4,468.3
819.3r
3,649.0r
1,287.4
307.4
979.9
266.1
395.7

5,159.3
679.5
4,479.8
831.0r
3,648.8r
1,285.4
299.7
985.8
271.0
392.6

5,156.3
651.7
4,504.5
846.3
3,658.3
1,302.8
312.1
990.7
287.9
393.1

5,180.7
632.6r
4,548.0r
862.6r
3,685.4r
1,335.2
306.6
1,028.6
276.6
404.6r

5,216.7
655.7
4,561.0
872.7
3,688.3
1,344.8
313.0
1,031.8
269.0
398.8

5,282.0
659.2
4,622.9
889.6
3,733.3
1,362.6
316.7
1,045.8
271.4
421.7

5,296.4
617.1
4,679.2
882.1
3,797.1
1,320.4
312.4
1,008.1
243.9
409.5

5,318.3
622.0
4,696.3
889.7
3,806.6
1,332.6
317.5
1,015.2
243.0
428.9

5,299.2
679.4
4,619.8
885.1
3,734.7
1,350.1
306.2
1,043.9
273.0
417.3

5,229.4
707.4
4,522.0
891.7
3,630.2
1,409.6
320.0
1,089.6
307.1
422.4

59 Total liabilities . . . . . . . . . . . . . . . . . . .

6,792.1

7,036.3

7,078.9

7,108.4

7,140.0

7,197.1

7,229.2

7,337.7

7,270.2

7,322.8

7,339.6

7,368.5

60 Residual (assets less liabilities)8 . . . . . .

672.3

717.0

721.1

724.6

742.3

752.7

760.9

760.7

757.3

761.9

761.5

758.0

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

49
50
51
52
53
54
55
56
57
58

Footnotes appear on p. 21.

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

17

Assets and Liabilities1—Continued

C. Large domestically chartered commercial banks
Billions of dollars
Monthly averages
Account

2005
Apr.

Wednesday figures

2005
Oct.

Nov.

2006
Dec.

Jan.

Feb.

2006
Mar.

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Seasonally adjusted
Assets
1 Bank credit . . . . . . . . . . . . . . . . . . . . . . .
2 Securities in bank credit . . . . . . . . . .
3
Treasury and Agency securities2 . .
4
Trading account . . . . . . . . . . . . .
5
Investment account . . . . . . . . . .
6
Mortgage-backed . . . . . . . . . .
7
Other . . . . . . . . . . . . . . . . . . .
8
Other securities . . . . . . . . . . . . . . .
9
Trading account . . . . . . . . . . . . .
10
Investment account . . . . . . . . . .
11
State and local government . .
12
Other . . . . . . . . . . . . . . . . . . .
13 Loans and leases in bank credit3 . . . .
14
Commercial and industrial . . . . . . .
15
Real estate . . . . . . . . . . . . . . . . . . .
16
Revolving home equity . . . . . . .
17
Other . . . . . . . . . . . . . . . . . . . . .
18
Other residential . . . . . . . . . . .
19
Commercial . . . . . . . . . . . . . .
20
Consumer . . . . . . . . . . . . . . . . . . . .
21
Security4 . . . . . . . . . . . . . . . . . . . . .
22
Federal funds sold to and
repurchase agreements
with broker–dealers . . . . . .
23
Other . . . . . . . . . . . . . . . . . . . . .
24
State and local government . . . . . .
25
Agricultural . . . . . . . . . . . . . . . . . .
26
Federal funds sold to and
repurchase agreements with
others . . . . . . . . . . . . . . . . . . .
27
All other loans . . . . . . . . . . . . . . . .
28
Lease-financing receivables . . . . . .
29 Interbank loans . . . . . . . . . . . . . . . . . . . .
30 Federal funds sold to and
repurchase agreements with
commercial banks . . . . . . . . . . .
31 Other . . . . . . . . . . . . . . . . . . . . . . . . .
32 Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
33 Other assets6 . . . . . . . . . . . . . . . . . . . . . .

3,568.9
1,011.6
611.6
47.8
563.8
465.0
98.8
400.0
208.1
192.0
36.1
155.9
2,557.2
487.3
1,319.1
299.6
1,019.5
641.0
378.5
389.1
96.6

3,678.1
1,009.9
588.3
41.1
547.2
445.1
102.0
421.6
203.9
217.7
37.5
180.2
2,668.1
501.8
1,401.2
305.7
1,095.5
686.7
408.8
385.5
93.9

3,669.5
996.7
572.6
41.6
530.9
435.7
95.2
424.1
203.8
220.4
37.9
182.5
2,672.8
505.7
1,406.2
304.8
1,101.5
692.4
409.1
382.5
98.2

3,703.0
996.6
571.3
32.0
539.2
447.3
91.9
425.3
199.9
225.4
38.6
186.8
2,706.4
513.4
1,416.7
304.5
1,112.2
698.6r
413.6r
376.7
111.1

3,727.8r
1,013.7r
586.4
34.9
551.5
469.6
81.9
427.3r
203.1r
224.2
39.5
184.7
2,714.1
523.7
1,424.8
306.2
1,118.6
698.5r
420.1r
378.3
101.3

3,794.8r
1,056.3r
616.3
42.2
574.1
494.0
80.1
440.0r
207.3r
232.7
41.0
191.7
2,738.5
527.8
1,435.2
304.3
1,130.9
705.5r
425.4r
383.7
103.2

3,826.3r
1,073.7r
627.2
39.4
587.9
507.5
80.4
446.5r
205.9r
240.6
42.4
198.2
2,752.5r
530.3
1,434.9r
305.7
1,129.2r
705.0r
424.2r
395.6
101.8

3,882.6
1,117.8
640.6
43.2
597.4
512.2
85.3
477.2
228.8
248.5
43.6
204.8
2,764.8
538.5
1,440.4
304.2
1,136.2
711.5
424.7
398.7
93.6

3,830.6
1,078.0
616.1
34.3
581.8
499.7
82.0
461.9
214.0
247.9
43.1
204.8
2,752.7
535.4
1,434.9
305.3
1,129.6
708.5
421.1
395.7
99.2

3,868.7
1,120.8
648.5
47.3
601.2
515.8
85.4
472.3
223.6
248.7
43.1
205.5
2,747.9
529.8
1,435.4
304.9
1,130.5
708.0
422.5
398.3
91.4

3,893.2
1,129.5
650.6
44.7
605.9
518.7
87.2
478.9
231.3
247.6
43.5
204.1
2,763.7
537.9
1,445.9
304.1
1,141.7
715.0
426.7
398.8
89.1

3,910.0
1,124.6
641.2
42.9
598.3
512.7
85.6
483.4
235.1
248.3
44.4
204.0
2,785.4
544.1
1,446.1
303.5
1,142.7
716.3
426.4
400.9
95.0

81.6
15.0
17.0
9.2

77.2
16.7
18.5
9.7

80.8
17.4
18.8
9.7

93.7
17.4
18.9
9.9

84.1
17.2
18.9
9.8

84.8
18.4
19.1
9.8

84.1
17.7
18.9
9.7

75.4
18.2
18.9
9.6

80.6
18.5
18.7
9.6

73.2
18.2
18.7
9.6

71.5
17.6
19.0
9.6

76.6
18.5
19.1
9.6

22.1
124.5
92.4
172.0

31.8
134.9
90.7
150.8

18.7
142.1
90.9
159.5

22.2
146.3
91.3
148.9

21.1
145.4
90.8
150.7

18.1
150.3
91.2
144.0

19.9
150.2
91.2
142.6

23.2
151.0
90.9
138.0

21.5
146.7
90.9
140.8

21.6
152.0
90.9
153.9

21.3
151.2
90.9
123.7

27.6
152.2
90.8
137.2

108.3
63.7
146.6
459.2

86.3
64.5
141.8
465.1

95.3
64.2
137.5
462.9

84.0
64.9
144.9
459.6

82.7
68.0
145.5r
470.1

72.6
71.4
142.4r
480.0

71.2
71.4
146.7r
474.5

75.0
63.0
146.4
479.7

69.3
71.5
144.6
468.8

88.2
65.6
140.3
481.2

64.9
58.8
144.3
481.0

77.7
59.5
156.6
487.4

34 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

4,311.9

4,401.4r

4,395.4

4,422.7

4,461.7

4,528.9r

4,557.2r

4,613.7

4,551.9

4,611.1

4,609.2

4,658.2

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

2,504.6
313.4
2,191.2
348.9
1,842.3
755.5
162.6
592.9
224.9
344.1

2,548.9
298.7
2,250.1
374.9
1,875.3
781.1
135.6
645.5
256.2
313.2

2,574.3
303.5
2,270.8
380.3
1,890.5
776.9
139.7
637.2
243.8
311.4

2,604.7
307.4
2,297.3
398.1
1,899.2
784.5
136.6
647.9
249.3
310.7

2,613.9
302.8
2,311.0
403.3
1,907.7
779.4
145.6
633.8
264.4
311.2

2,605.3
297.9
2,307.3
412.1
1,895.2
809.6
145.5
664.1
249.8
317.5

2,635.0r
312.8r
2,322.2
423.3
1,898.9
830.0
146.8
683.2
257.3
325.3r

2,663.3
302.8
2,360.5
440.4
1,920.1
831.2
149.4
681.8
270.0
360.9

2,653.5
278.0
2,375.6
432.4
1,943.2
820.1
149.1
671.0
243.4
348.3

2,665.3
277.7
2,387.6
440.6
1,946.9
833.6
153.5
680.1
249.7
377.2

2,671.2
315.9
2,355.3
438.2
1,917.1
819.2
142.3
676.9
274.2
361.2

2,659.5
341.2
2,318.4
442.0
1,876.3
847.9
149.2
698.7
298.1
354.0

45 Total liabilities . . . . . . . . . . . . . . . . . . .

3,829.1

3,899.4

3,906.4

3,949.1

3,968.8

3,982.2

4,047.5r

4,125.4

4,065.3

4,125.8

4,125.7

4,159.5

492.9

546.7r

509.7

488.4

486.6

485.2

483.5

498.7

35
36
37
38
39
40
41
42
43
44

8

46 Residual (assets less liabilities) . . . . . .
Footnotes appear on p. 21.

482.8

502.0

489.0

473.6

18

Federal Reserve Bulletin Statistical Supplement

1.26

COMMERCIAL BANKS IN THE UNITED STATES

May 2006

Assets and Liabilities1—Continued

C. Large domestically chartered commercial banks—Continued
Billions of dollars
Monthly averages
Account

2005
Apr.

Wednesday figures

2005
Oct.

Nov.

2006
Dec.

Jan.

Feb.

2006
Mar.

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Not seasonally adjusted
Assets
47 Bank credit . . . . . . . . . . . . . . . . . . . . . .
48 Securities in bank credit . . . . . . . . .
49
Treasury and Agency securities2 .
50
Trading account . . . . . . . . . . . .
51
Investment account . . . . . . . . .
52
Mortgage-backed . . . . . . . . .
53
Other . . . . . . . . . . . . . . . . . .
54
Other securities . . . . . . . . . . . . . .
55
Trading account . . . . . . . . . . . .
56
Investment account . . . . . . . . .
57
State and local government .
58
Other . . . . . . . . . . . . . . . . . .
59 Loans and leases in bank credit3 . . .
60
Commercial and industrial . . . . . .
61
Real estate . . . . . . . . . . . . . . . . . .
62
Revolving home equity . . . . . .
63
Other . . . . . . . . . . . . . . . . . . . .
64
Other residential . . . . . . . . . .
65
Commercial . . . . . . . . . . . . .
66
Consumer . . . . . . . . . . . . . . . . . . .
67
Credit cards and related plans .
68
Other . . . . . . . . . . . . . . . . . . . .
69 Security4 . . . . . . . . . . . . . . . . . . . . . .
70
Federal funds sold to and
repurchase agreements
with broker–dealers . . . . .
71
Other . . . . . . . . . . . . . . . . . . . .
72
State and local government . . . . .
73
Agricultural . . . . . . . . . . . . . . . . .
74
Federal funds sold to and
repurchase agreements
with others . . . . . . . . . . . . . .
75
All other loans . . . . . . . . . . . . . . .
76
Lease-financing receivables . . . . .
77 Interbank loans . . . . . . . . . . . . . . . . . . .
78 Federal funds sold to and
repurchase agreements
with commercial banks . . . . . .
79 Other . . . . . . . . . . . . . . . . . . . . . . . .
80 Cash assets5 . . . . . . . . . . . . . . . . . . . . .
81 Other assets6 . . . . . . . . . . . . . . . . . . . . .

3,553.2
1,004.1
611.2
48.1
563.1
463.7
99.4
392.8
204.3
188.5
35.4
153.1
2,549.2
489.4
1,316.1
298.6
1,017.5
639.7
377.8
385.7
146.0
239.7
95.0

3,685.5
1,009.2
584.6
40.4
544.2
444.2
100.1
424.6
205.4
219.2
37.8
181.4
2,676.4
503.0
1,402.2
306.1
1,096.0
687.0
409.0
385.8
142.0
243.9
97.5

3,690.0
1,007.5
582.3
42.0
540.3
444.1
96.1
425.2
204.3
220.9
38.0
182.9
2,682.5
507.6
1,410.4
304.9
1,105.5
694.9
410.5
383.1
142.2
240.9
99.3

3,725.2
1,002.3
572.2
32.1
540.1
448.2
92.0
430.1
202.2
227.9
39.0
188.9
2,722.9
512.5
1,418.8
303.8
1,115.0
700.3r
414.7r
380.8
147.9
232.9
116.3

3,732.4r
1,018.3r
582.6
34.7
547.9
466.5
81.4
435.7r
207.1r
228.6
40.3
188.3
2,714.1
519.0
1,422.9
304.7
1,118.2
698.3r
419.9r
385.0
146.7
238.3
100.5

3,777.4r
1,052.6r
611.0
42.5
568.5
487.8
80.6
441.6r
208.0r
233.6
41.2
192.4
2,724.8
525.6
1,429.7
304.9
1,124.9
701.8r
423.1r
386.8
143.7
243.1
99.0

3,791.2r
1,055.9r
614.7
39.0
575.7
496.1
79.6
441.2r
203.5r
237.7
41.9
195.8
2,735.3r
530.8
1,425.9r
303.1
1,122.7r
701.0r
421.7r
393.3
138.6
254.8
98.9

3,864.9
1,108.6
639.9
43.4
596.5
510.7
85.8
468.7
224.7
244.0
42.8
201.2
2,756.3
540.9
1,437.2
303.1
1,134.1
710.2
423.9
395.2
138.4
256.9
92.0

3,801.8
1,062.8
610.7
34.4
576.3
494.0
82.3
452.2
209.5
242.7
42.1
200.5
2,739.0
537.6
1,427.9
302.1
1,125.8
706.2
419.7
391.3
135.2
256.0
93.2

3,839.7
1,106.7
643.6
47.5
596.1
510.3
85.8
463.0
219.2
243.8
42.3
201.5
2,733.0
530.2
1,430.5
302.1
1,128.4
706.7
421.7
394.1
137.1
256.9
90.0

3,878.7
1,119.5
648.5
45.0
603.6
515.8
87.8
470.9
227.4
243.5
42.7
200.8
2,759.2
541.5
1,441.9
303.5
1,138.4
712.9
425.5
395.5
138.3
257.2
90.8

3,893.8
1,117.6
643.8
43.2
600.7
514.5
86.1
473.7
230.4
243.4
43.5
199.9
2,776.2
546.0
1,444.7
304.0
1,140.7
715.0
425.7
398.2
141.2
257.0
92.8

80.2
14.8
17.0
9.1

80.2
17.3
18.5
9.7

81.7
17.6
18.8
9.8

98.1
18.2
18.9
10.0

83.4
17.1
18.9
9.9

81.3
17.6
19.1
9.7

81.7
17.2
18.9
9.6

74.1
17.9
18.9
9.5

75.8
17.4
18.7
9.5

72.1
17.9
18.7
9.5

72.9
17.9
19.0
9.5

74.8
18.0
19.1
9.5

22.1
122.6
92.2
176.8

31.8
136.5
91.3
146.6

18.7
143.6
91.2
161.1

22.2
152.1
91.2
152.0

21.1
145.6
91.2
150.2

18.1
145.8
91.0
139.9

19.9
147.0
90.9
142.1

23.2
148.6
90.7
141.8

21.5
148.4
90.9
144.8

21.6
147.6
90.8
156.4

21.3
149.0
90.7
128.7

27.6
147.7
90.5
139.4

111.3
65.5
145.6
458.8

84.0
62.7
144.6
469.8

96.3
64.9
143.4
466.3

85.8
66.2
157.7
460.5

82.4
67.8
153.9r
468.7

70.6
69.3
142.4r
472.7

71.0
71.1
141.2r
469.7

77.1
64.7
145.3
479.3

71.3
73.5
140.7
474.3

89.7
66.7
137.6
480.4

67.5
61.2
147.5
479.5

78.9
60.5
153.6
481.7

82 Total assets7 . . . . . . . . . . . . . . . . . . . . .

4,299.7

4,412.6

4,426.9

4,461.7r

4,472.7

4,499.7

4,511.0r

4,598.5

4,528.8

4,581.2

4,601.7

4,635.7

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . .
Other liabilities . . . . . . . . . . . . . . . . . .

2,507.7
319.6
2,188.1
343.7
1,844.4
762.1
167.1
595.1
210.9
324.7

2,560.2
296.2
2,264.0
377.2
1,886.8
778.2
135.7
642.5
260.1
317.9

2,588.0
306.3
2,281.8
384.4
1,897.3
769.5
137.6
631.8
252.6
321.8

2,622.6
330.7r
2,291.9
399.9
1,892.0
769.6
135.3
634.4
256.9
319.4

2,612.0
311.2
2,300.8
408.3
1,892.5
776.4
142.8
633.6
269.3
316.2

2,612.0
294.5
2,317.4
416.8
1,900.7
808.1
143.3
664.8
257.0
324.2

2,624.3
308.4
2,315.9
420.2
1,895.7
816.0
148.0
668.0
250.5
317.4r

2,666.0
308.8
2,357.1
433.8
1,923.3
837.9
153.5
684.3
252.5
340.5

2,670.8
281.3
2,389.5
428.1
1,961.4
804.5
152.4
652.0
225.5
328.0

2,684.1
284.2
2,399.9
434.5
1,965.4
819.3
156.3
663.1
226.4
347.5

2,681.3
329.6
2,351.7
430.6
1,921.1
829.8
147.4
682.4
252.1
336.2

2,632.7
342.6
2,290.1
434.0
1,856.0
872.2
153.5
718.7
287.2
342.0

93 Total liabilities . . . . . . . . . . . . . . . . . .

3,805.4

3,916.5

3,931.9

3,968.5

3,973.9

4,001.2

4,008.2r

4,096.9

4,028.8

4,077.4

4,099.4

4,134.2

496.2

495.1r

493.2

498.8

498.5

502.9r

501.6

500.0

503.8

502.3

501.5

83
84
85
86
87
88
89
90
91
92

8

94 Residual (assets less liabilities) . . . . .
Footnotes appear on p. 21.

494.3

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

19

Assets and Liabilities1—Continued

D. Small domestically chartered commercial banks
Billions of dollars
Monthly averages
Account

2005
Apr.

Wednesday figures

2005
Oct.

Nov.

2006
Dec.

Jan.

Feb.

2006
Mar.

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Other securities . . . . . . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Revolving home equity . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

2,839.2r
723.7
498.0
225.6
2,115.6
337.0
1,346.1
123.4
1,222.7r
322.0
8.1
102.4
70.9
112.1
186.4

2,950.0
702.6r
487.4
215.2
2,247.3
359.4
1,445.3
131.0
1,314.2
323.4
10.5
108.7
93.6
118.6
199.8

2,962.2
698.9
484.9
214.0
2,263.3
363.3
1,452.0
132.0
1,320.0
326.8
10.9
110.2
101.4
116.9
202.6

2,969.4r
692.0
481.2
210.8
2,277.5r
363.2
1,466.9r
131.6
1,335.3r
327.8
10.4
109.2
88.0r
115.9
207.8r

3,004.0
697.4
482.4r
214.9
2,306.7
368.9r
1,485.0r
128.5
1,356.5r
329.9
11.2
111.7
95.2
121.4
221.7r

3,025.2
705.5
487.3r
218.1r
2,319.8
371.6r
1,497.6r
128.4
1,369.3r
325.9
11.1
113.5
98.8
122.9
242.5

3,051.7r
701.9
482.9r
218.9r
2,349.8r
375.2r
1,522.4r
128.3
1,394.2r
325.8
11.5
114.9
103.9
121.7r
247.2r

3,070.7
697.3
478.7
218.6
2,373.4
379.6
1,538.2
126.2
1,412.0
328.5
11.7
115.3
103.5
118.9
252.2

3,065.0
697.5
479.3
218.3
2,367.5
378.1
1,536.3
126.5
1,409.8
327.1
11.1
114.8
100.9
119.4
250.6

3,063.8
698.3
480.0
218.3
2,365.5
378.3
1,532.9
126.4
1,406.5
328.7
11.3
114.3
101.1
120.6
255.1

3,072.7
698.9
479.4
219.5
2,373.8
380.0
1,536.3
126.3
1,410.0
330.1
11.9
115.5
103.0
118.1
249.0

3,071.6
695.3
476.7
218.6
2,376.2
380.2
1,538.1
125.8
1,412.3
328.5
12.5
117.0
110.7
119.9
248.6

16 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

3,175.7r

3,328.4r

3,349.1

3,346.7r

3,407.8

3,455.2

3,490.1

3,510.6

3,501.5

3,506.1

3,508.1

3,515.9

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

2,406.3
346.6
2,059.7
387.2
1,672.5
499.4
167.2
332.2
5.7
71.0

2,514.1
344.4
2,169.7
429.1r
1,740.6r
515.1
164.8
350.4
15.5
72.9

2,529.4r
351.7r
2,177.7
434.9r
1,742.8r
517.9
169.8
348.1
13.5
74.0

2,523.9
336.2
2,187.7
431.1r
1,756.6r
515.8
164.4
351.4
14.1
73.3

2,550.1r
336.8
2,213.3r
438.0r
1,775.4r
526.4
169.3
357.1
18.6
76.9

2,579.4
342.5r
2,236.8
445.8r
1,791.0r
527.1r
163.3
363.8
19.6
80.5

2,593.9
351.5
2,242.3
452.5r
1,789.8r
528.8
165.1
363.8r
18.5
81.4

2,611.5
349.6
2,261.8
455.8
1,806.1
524.7
163.2
361.5
18.8
81.2

2,604.1
333.6
2,270.4
454.0
1,816.4
516.0
159.9
356.0
18.4
81.5

2,614.4
333.8
2,280.6
455.1
1,825.4
513.3
161.2
352.1
16.6
81.4

2,612.6
346.2
2,266.4
454.5
1,811.9
520.3
158.8
361.5
20.8
81.2

2,615.1
370.3
2,244.8
457.7
1,787.2
537.4
166.5
370.9
19.9
80.4

27 Total liabilities . . . . . . . . . . . . . . . . . . .

2,982.4

3,117.7

3,134.7r

3,127.1

3,172.0

3,206.6

3,222.5

3,236.2

3,219.9

3,225.7

3,234.9

3,252.8

193.4

210.8

214.4

219.6

235.8

248.6

267.6

274.4

281.5

280.4

273.2

263.1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

17
18
19
20
21
22
23
24
25
26

8

28 Residual (assets less liabilities) . . . . . .

Not seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Other securities . . . . . . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Revolving home equity . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . .
Other residential . . . . . . . . . . .
Commercial . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Credit cards and related plans . .
Other . . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

2,827.5
725.9
500.2
225.6
2,101.6r
338.5
1,337.0
123.0
1,214.0
476.2r
737.8r
316.9
158.9
158.0
8.1
101.2
74.4
109.2
186.4

2,959.6
701.3
486.1
215.2
2,258.3
358.5
1,453.7
131.8
1,321.9r
514.6r
807.3r
325.7
161.0
164.7
10.5
109.9
94.6
120.2
199.8

2,980.5
699.1
485.2
214.0
2,281.4
362.1
1,466.5
131.8
1,334.6
518.4r
816.3r
330.9
166.9
164.0
11.1
110.8
103.1
120.8
202.6

2,989.7
695.8
485.0
210.8
2,293.9
363.3
1,475.0r
131.1
1,343.8
517.5r
826.3r
335.7
172.0
163.8
10.4
109.5
87.6r
120.6r
207.8r

3,008.6
697.5
482.5r
214.9
2,311.2
368.1r
1,486.0r
128.0
1,357.9r
521.6r
836.4r
336.7
171.1
165.7
10.8
109.5r
91.3r
122.7
221.7r

3,022.0
703.4
485.3r
218.1r
2,318.6
371.6r
1,497.0r
128.1
1,368.9r
523.3r
845.6r
327.9
161.4
166.6
11.1
111.0
99.0
120.9
242.5

3,040.3r
703.2
484.3r
218.9r
2,337.1r
375.9r
1,514.6r
127.6
1,387.0r
532.0
855.0r
321.4
156.8
164.6
11.7
113.4
109.3
116.7
247.2r

3,058.0
699.4
480.8
218.6
2,358.5
381.3
1,528.1
125.8
1,402.2
536.9
865.3
323.4
159.3
164.1
11.7
114.0
108.6
115.9
252.2

3,050.0
700.1
481.9
218.3
2,349.8
378.3
1,524.8
125.6
1,399.2
539.2
860.0
320.3
156.3
164.0
11.9
114.6
115.7
117.0
250.6

3,050.0
700.9
482.6
218.3
2,349.2
379.1
1,522.2
125.7
1,396.5
533.4
863.1
322.1
158.0
164.1
12.0
113.8
115.3
117.7
255.1

3,061.0
701.0
481.5
219.5
2,360.0
382.2
1,526.2
126.0
1,400.2
535.1
865.2
325.2
160.7
164.6
11.9
114.5
108.7
115.2
249.0

3,059.6
697.6
479.0
218.6
2,362.0
382.8
1,528.7
125.9
1,402.8
534.2
868.6
324.9
161.1
163.8
11.5
114.1
103.0
114.4
248.6

48 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

3,164.7

3,340.7

3,373.0r

3,371.4

3,409.7

3,450.2

3,479.2

3,499.9

3,498.7

3,503.6

3,499.3

3,490.8

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Large time . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

2,410.6
347.3
2,063.3
387.2
1,676.1
499.4
167.2
332.2
5.7
71.0

2,516.3
345.7
2,170.6
429.1r
1,741.5r
515.1
164.8
350.4
15.5
72.9

2,541.7
355.2
2,186.5
434.9r
1,751.7r
517.9
169.8
348.1
13.5
74.0

2,536.7r
348.8r
2,187.9
431.1r
1,756.8r
515.8
164.4
351.4
14.1
73.3

2,544.3
340.5r
2,203.7r
438.0r
1,765.8r
526.4
169.3
357.1
18.6
76.9

2,568.7
338.1
2,230.6
445.8r
1,784.8r
527.1r
163.3
363.8
19.6
80.5

2,592.4
347.3
2,245.1
452.5r
1,792.5r
528.8
165.1
363.8r
18.5
81.4

2,616.1
350.3
2,265.7
455.8
1,810.0
524.7
163.2
361.5
18.8
81.2

2,625.6
335.8
2,289.8
454.0
1,835.7
516.0
159.9
356.0
18.4
81.5

2,634.1
337.8
2,296.4
455.1
1,841.2
513.3
161.2
352.1
16.6
81.4

2,617.9
349.8
2,268.0
454.5
1,813.5
520.3
158.8
361.5
20.8
81.2

2,596.7
364.8
2,231.9
457.7
1,774.2
537.4
166.5
370.9
19.9
80.4

59 Total liabilities . . . . . . . . . . . . . . . . . . .

2,986.7

3,119.9

3,147.0

3,140.0

3,166.1

3,195.9

3,221.1r

3,240.8

3,241.4

3,245.5

3,240.2

3,234.4

178.0

220.8r

243.5

254.2r

258.1

259.1

257.3

258.1

259.2

256.5

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

49
50
51
52
53
54
55
56
57
58

60 Residual (assets less

liabilities)8

Footnotes appear on p. 21.

......

226.0

231.4

20

Federal Reserve Bulletin Statistical Supplement

1.26

COMMERCIAL BANKS IN THE UNITED STATES

May 2006

Assets and Liabilities1—Continued

E. Foreign-related institutions
Billions of dollars
Monthly averages
Account

2005
Apr.

Wednesday figures

2005
Oct.

Nov.

2006
Dec.

Jan.

Feb.

2006
Mar.

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Other securities . . . . . . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

706.9
310.9
86.0r
224.9r
395.9
151.4
18.5
119.2
106.8
44.9
63.1
34.8

794.0r
356.4r
83.7r
272.8r
437.5
164.1
19.9
137.4
116.2
47.2
56.3
39.9r

805.7r
359.9r
82.8r
277.1r
445.8
164.4
20.6
137.5
123.3
45.6
54.5
41.6r

807.4r
351.4r
80.1r
271.3r
456.0
168.3
20.5
140.1
127.2
41.3
50.3
38.3r

805.9r
340.4r
74.2r
266.3r
465.5
173.8
19.4
140.1
132.1
40.8
50.3
34.5r

812.0r
336.1r
75.8r
260.3r
476.0
175.8
19.5
146.5
134.2
41.8
48.5
37.3r

820.7r
337.2r
76.3r
260.9r
483.4r
175.6
20.0
154.1
133.8
45.2
49.5
37.1r

840.4
349.3
75.4
273.9
491.1
181.2
20.7
154.8
134.4
45.4
46.5
41.0

843.7
340.8
74.8
266.0
502.9
180.4
20.5
167.1
134.9
45.2
47.0
37.8

831.4
341.9
75.1
266.8
489.4
178.8
20.7
156.2
133.7
42.6
48.7
39.8

831.3
348.5
74.1
274.3
482.8
181.0
20.8
147.1
133.9
45.3
45.6
39.0

845.1
354.7
75.9
278.7
490.4
183.2
20.7
153.2
133.3
45.9
45.9
45.8

13 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

849.3

937.0

946.8

936.8

931.0

939.3

952.0

972.8

973.2

962.0

960.7

982.2

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

588.9
14.1
574.7
363.3
49.0
314.4
−204.1
94.3

630.3
11.7
618.6
379.4
50.6
328.8
−178.7
114.8

612.4
12.1
600.3
406.7
59.0
347.7
−182.0
116.4

602.8
12.3
590.5
420.3
59.6
360.8
−190.8
111.2

606.2
12.8
593.4
426.5
63.2
363.3
−209.1
100.3

613.4
13.9
599.5
431.6
58.8
372.9
−214.6
102.2

650.6
13.7
636.9
429.8r
60.5r
369.2
−231.0
96.8

673.9
12.7
661.2
414.7
54.3
360.4
−229.8
107.8

673.2
12.7
660.5
425.6
52.9
372.7
−237.8
100.8

674.6
13.0
661.6
425.8
65.1
360.7
−245.2
102.8

671.9
13.2
658.8
400.8
50.6
350.1
−212.0
104.2

672.4
12.6
659.8
406.8
51.0
355.8
−222.4
113.7

22 Total liabilities . . . . . . . . . . . . . . . . . . .

842.5

945.9

953.5

943.6

924.1

932.7

946.2

966.5

961.9

958.0

964.8

970.5

23 Residual (assets less liabilities)8 . . . . . .

6.8

−8.9

−6.7

−6.7

6.9

6.6

5.8

6.3

11.3

4.0

−4.2

11.7

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

14
15
16
17
18
19
20
21

Not seasonally adjusted
Assets
Bank credit . . . . . . . . . . . . . . . . . . . . . . .
Securities in bank credit . . . . . . . . . .
Treasury and Agency securities2 . .
Trading account . . . . . . . . . . . . .
Investment account . . . . . . . . . .
Other securities . . . . . . . . . . . . . . .
Trading account . . . . . . . . . . . . .
Investment account . . . . . . . . . .
Loans and leases in bank credit3 . . . .
Commercial and industrial . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

712.3
310.9
86.0r
31.2r
54.8
224.9r
126.7r
98.2
401.4
152.5
18.5
122.4
108.0
44.9
62.5
33.5

790.1r
356.4r
83.7r
24.2r
59.5
272.8r
161.6r
111.2
433.7
162.1
19.9
136.1
115.6
47.2
57.4
38.8r

806.2r
359.9r
82.8r
24.4r
58.3
277.1r
163.3r
113.8
446.3
163.6
20.6
141.4
120.7
45.6
54.5
40.8r

813.7r
351.4r
80.1r
22.2r
57.9
271.3r
161.4r
109.9
462.3
169.5
20.5
146.6
125.8
41.3
52.1
38.9r

809.2r
340.4r
74.2r
20.3r
53.9
266.3r
160.2r
106.0
468.8
174.6
19.4
144.2
130.5
40.8
49.9
36.8r

814.1r
336.1r
75.8r
25.5r
50.3
260.3r
156.6r
103.6
478.0
177.9
19.5
149.1
131.4
41.8
47.9
39.5r

824.6r
337.2r
76.3r
27.8
48.5
260.9r
156.7r
104.2
487.3r
178.0
20.0
155.9
133.4
45.2
47.9
37.1r

847.4
349.3
75.4
25.0
50.4
273.9
169.9
103.9
498.1
182.6
20.7
159.0
135.9
45.4
46.0
39.4

839.5
340.8
74.8
25.1
49.7
266.0
163.7
102.3
498.7
182.5
20.5
160.0
135.7
45.2
46.0
36.6

835.7
341.9
75.1
25.2
49.9
266.8
164.3
102.5
493.8
179.7
20.7
158.5
134.7
42.6
48.0
37.9

846.8
348.5
74.1
24.1
50.0
274.3
170.9
103.5
498.3
183.1
20.8
158.2
136.2
45.3
45.6
37.1

855.2
354.7
75.9
24.8
51.1
278.7
173.1
105.6
500.5
184.0
20.7
160.6
135.2
45.9
45.6
44.1

40 Total assets7 . . . . . . . . . . . . . . . . . . . . . .

852.8

933.0

946.6

945.5

936.3

942.8

954.3r

977.8

966.9

963.8

974.2

990.2

Liabilities
Deposits . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction . . . . . . . . . . . . . . . . . . . . .
Nontransaction . . . . . . . . . . . . . . . . . .
Borrowings . . . . . . . . . . . . . . . . . . . . . . .
From banks in the U.S. . . . . . . . . . . .
From others . . . . . . . . . . . . . . . . . . . .
Net due to related foreign offices . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . .

600.6
13.9
586.8
363.3
49.0
314.4
−206.5
92.5

609.5
11.8
597.6
379.4
50.6
328.8
−175.9
117.1

597.4
12.0
585.4
406.7
59.0
347.7
−179.0
118.8

599.2
12.8
586.4
420.3
59.6
360.8
−189.2
112.3

614.1
13.2
600.9
426.5
63.2
363.3
−208.2
101.0

621.5
14.0
607.5
431.6
58.8
372.9
−215.0
101.9

657.2
13.2
644.0
429.8r
60.5r
369.2
−231.7
96.3

687.5
12.4
675.0
414.7
54.3
360.4
−232.9
105.7

681.7
12.5
669.2
425.6
52.9
372.7
−241.5
98.3

684.4
12.7
671.8
425.8
65.1
360.7
−249.3
100.0

685.5
12.8
672.7
400.8
50.6
350.1
−216.3
101.4

690.9
12.4
678.5
406.8
51.0
355.8
−223.3
113.0

49 Total liabilities . . . . . . . . . . . . . . . . . . .

849.9

930.2

943.8

942.7

933.5

940.0

951.5r

975.0

964.1

961.0

971.4

987.4

2.8

2.8

2.8

2.8

2.8

2.8

2.8

2.8

2.8

2.8

2.8

2.8

24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

41
42
43
44
45
46
47
48

8

50 Residual (assets less liabilities) . . . . . .
Footnotes appear on p. 21.

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

21

Assets and Liabilities1—Continued

F. Memo items
Billions of dollars
Monthly averages
Account

2005
Apr.

Wednesday figures

2005
Oct.

Nov.

2006
Dec.

Jan.

Feb.

2006
Mar.

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Not seasonally adjusted

89.3

90.8

91.7

86.2

91.1

94.1

89.7

108.5

95.8

103.2

111.3

113.6

80.3
546.8
427.2
119.6

82.2
545.4
414.7
130.7

80.6
549.2
415.1
134.1

76.2
550.6r
415.0r
135.6r

82.0
557.6r
425.0r
132.6r

82.5
576.1r
446.7r
129.4r

79.1
585.6
456.2
129.4

96.6
601.4
472.8
128.6

85.6
584.4
455.6
128.9

91.2
601.1
472.2
128.9

100.0
606.5
478.1
128.4

100.6
604.4
476.9
127.5

7
8
9
10

Memo
Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items9 . . . . . . . . . . . . . . . . . . . . . . .
Revaluation losses on off-balancesheet items9 . . . . . . . . . . . . . . . . . .
Mortgage-backed securities10 . . . . . . . .
Pass-through . . . . . . . . . . . . . . . . . . . .
CMO, REMIC, and other . . . . . . . . .
Net unrealized gains (losses) on
available-for-sale securities11 . . . . .
Securitized consumer loans12 . . . . . . . . .
Credit cards and related plans . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . .
Securitized business loans12 . . . . . . . . . .

−2.7
145.1
127.0
18.1
5.7

−10.1
151.2r
131.0r
20.2
3.2

−12.1
155.0r
132.9r
22.1
3.1

−10.1
164.1r
134.8r
29.3
3.0

−7.7
165.8r
136.2r
29.6
3.0

−8.9
164.8r
135.4r
29.4
3.0

−10.9
166.5r
136.8r
29.7
3.0

−16.0
166.8
137.9
28.9
3.0

−13.8
168.6
139.5
29.1
3.0

−15.7
166.7
137.7
29.0
3.0

−15.9
166.3
137.4
28.9
3.0

−17.0
166.1
137.3
28.8
3.0

11
12
13
14

Small domestically chartered
commercial banks, adjusted for
mergers
Mortgage-backed securities10 . . . . . . . .
Securitized consumer loans12 . . . . . . . . .
Credit cards and related plans . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . .

342.3
213.5
203.6
10.0

330.1
201.9
192.0
9.9

328.3
198.1
188.2
9.8

328.7
203.1
193.3
9.8

332.2
202.0
192.3
9.7

334.6
205.1
195.5
9.6

332.8
204.8
195.2
9.6

332.0
203.6
194.0
9.6

332.9
204.5
194.8
9.7

332.5
203.7
194.0
9.6

331.9
203.3
193.6
9.7

331.0
203.5
194.1
9.4

52.4

70.7

71.5

66.8

61.2

59.7

57.2

63.4

59.2

59.4

64.2

64.5

62.6
.2

78.0
.2

79.9
.2

74.5
.2

67.8
.1

65.3
.1

63.0
.1

69.5
.1

65.5
.1

64.7
.1

69.5
.1

71.2
.1

1
2
3
4
5
6

Foreign-related institutions
15 Revaluation gains on off-balancesheet items9 . . . . . . . . . . . . . . . . . .
16 Revaluation losses on off-balancesheet items9 . . . . . . . . . . . . . . . . . .
17 Securitized business loans12 . . . . . . . . . .

Notes: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board’s H.8
statistical release, ‘‘Assets and Liabilities of Commercial Banks in the United States,’’ which
is available at www.federalreserve.gov/releases. Table 1.27, ‘‘Assets and Liabilities of Large
Weekly Reporting Commercial Banks,’’ and table 1.28, ‘‘Large Weekly Reporting U.S.
Branches and Agencies of Foreign Banks,’’ are no longer being published in the Statistical
Supplement. Instead, abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and
agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related
institutions and are included in table 1.26, part E. These data are break adjusted.
1. Covers the following types of institutions in the fifty states and the District of Columbia:
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related
institutions). Excludes international banking facilities. Data are Wednesday values or pro rata
averages of Wednesday values. Large domestic banks constitute a universe; data for small
domestic banks and foreign-related institutions are estimates based on weekly samples and on
quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of
assets and liabilities.
The data for large and small domestic banks presented on pp. 17–19 are adjusted to remove
the estimated effects of mergers between these two groups. The adjustment for mergers
changes past levels to make them comparable with current levels. Estimated quantities of
balance sheet items acquired in mergers are removed from past data for the bank group that
contained the acquired bank and put into past data for the group containing the acquiring
bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio
procedure is used to adjust past levels.

2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of
U.S. government agencies and U.S. government-sponsored enterprises.
3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in ‘‘Interbank loans.’’
4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
5. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
6. Excludes the due-from position with related foreign offices, which is included in ‘‘Net
due to related foreign offices.’’
7. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
8. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
The fair market value of derivative contracts in a gain position is included in ‘‘Other
securities, trading account.’’ The fair value of derivative contracts in a loss position is
included in ‘‘Other liabilities.’’
10. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
12. Total amount outstanding.

22
1.32

Federal Reserve Bulletin Statistical Supplement

May 2006

COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December

2005

2006

Item
2001
1 All issuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,442,842
2 Financial companies1 . . . . . . . . . . . . . . . . . . . . .
3 Nonfinancial companies2 . . . . . . . . . . . . . . . . . .

563,428
216,448

2002

2003

2004

2005

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

1,341,226

1,260,745

1,375,717

1,631,009

1,567,976

1,577,964

1,604,026

1,638,298

1,631,009

1,672,657

522,863
147,689

519,731
103,982

595,249
119,727

667,321
132,207

664,879
138,702

674,266
137,852

669,566
156,664

668,550
155,587

667,321
132,207

681,727
140,561

1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal, and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.

1.33

PRIME RATE CHARGED BY BANKS

2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.

Short-Term Business Loans1

Percent per year
Date of change
2001—Jan. 4
Feb. 1
Mar. 21
Apr. 19
May 16
June 28
Aug. 22
Sept. 18
Oct. 3
Nov. 7
Dec. 12

Rate

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............

9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50
5.00
4.75

2002—Nov. 7 . . . . . . . . . . . . . .

4.25

2003—June 27 . . . . . . . . . . . . . .

4.00

2004—June 30
Aug. 10
Sept. 21
Nov. 10
Dec. 14

..............
..............
..............
..............
..............

4.25
4.50
4.75
5.00
5.25

2005—Feb. 2
Mar. 22
May 3
June 30
Aug. 9
Sept. 20
Nov. 1
Dec. 13

..............
..............
..............
..............
..............
..............
..............
..............

5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25

2006—Jan. 31 . . . . . . . . . . . . . .
Mar. 28 . . . . . . . . . . . . . .

7.50
7.75

Period
2002
2003
2004
2005

.....................
.....................
.....................
.....................

2003—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

................
................
................
................
................
................
................
................
...............
................
................
................

Average
rate
4.67
4.12
4.34
6.19
4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00
4.00
4.00
4.00

1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call

Period
2004—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

................
................
................
................
................
................
................
................
...............
................
................
................

Average
rate
4.00
4.00
4.00
4.00
4.00
4.01
4.25
4.43
4.58
4.75
4.93
5.15

Period
2005—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Average
rate

................
................
................
................
................
................
................
................
...............
................
................
................

5.25
5.49
5.58
5.75
5.98
6.01
6.25
6.44
6.59
6.75
7.00
7.15

2006—Jan. . . . . . . . . . . . . . . . .
Feb. . . . . . . . . . . . . . . . .
Mar. . . . . . . . . . . . . . . . .

7.26
7.50
7.53

Report. Data in this table also appear in the Board’s H.15 (519) weekly statistical release,
available on the Board’s website, www.federalreserve.gov/releases.

Financial Markets
1.35

INTEREST RATES

23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2005
Item

2003

2004

2006

2006, week ending

2005
Nov.

Dec.

Jan.

Feb.

Jan. 27

Feb. 3

Feb. 10

Feb. 17

Feb. 24

Money Market Instruments
1 Federal funds1,2,3 . . . . . . . . . . . . . . . . . . . . . . . .
2 Discount window primary credit2,4 . . . . . . . . . .

1.13
n.a.

1.35
2.34

3.22
4.19

4.00
5.00

4.16
5.15

4.29
5.26

4.49
5.50

4.26
5.25

4.44
5.32

4.50
5.50

4.49
5.50

4.49
5.50

3
4
5

Commercial paper3,5,6
Nonfinancial
1-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.11
1.11
1.11

1.38
1.40
1.41

3.22
3.23
3.42

4.01
4.07
4.23

4.23
4.23
n.a.

4.36
4.37
n.a.

4.47
4.50
4.55

4.44
4.42
n.a.

4.46
n.a.
n.a.

4.46
4.48
n.a.

4.46
4.49
4.55

4.50
n.a.
n.a.

6
7
8

Financial
1-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.12
1.13
1.13

1.41
1.46
1.52

3.27
3.36
3.44

4.04
4.16
4.23

4.25
4.32
4.37

4.37
4.43
4.48

4.50
4.57
4.63

4.45
4.49
4.53

4.49
4.52
4.56

4.49
4.55
4.60

4.50
4.57
4.64

4.51
4.61
4.68

9
10
11

Certificates of deposit, secondary market3,7
1-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.15
1.15
1.17

1.45
1.57
1.74

3.34
3.51
3.73

4.11
4.31
4.52

4.32
4.45
4.62

4.45
4.56
4.69

4.55
4.72
4.88

4.51
4.60
4.72

4.54
4.65
4.79

4.55
4.69
4.86

4.54
4.72
4.90

4.55
4.76
4.93

12 Eurodollar deposits, 3-month3,8 . . . . . . . . . . . . .

1.14

1.55

3.51

4.34

4.47

4.59

4.75

4.63

4.68

4.72

4.75

4.78

U.S. Treasury bills
Secondary market3,5
13 4-week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 3-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 6-month . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.00
1.01
1.05

1.24
1.37
1.58

2.94
3.15
3.39

3.84
3.88
4.15

3.61
3.89
4.18

4.03
4.24
4.31

4.31
4.43
4.52

4.07
4.32
4.37

4.23
4.37
4.45

4.26
4.40
4.51

4.32
4.44
4.53

4.36
4.47
4.55

1.24
1.65
2.10
2.97
3.52
4.01
4.96

1.89
2.38
2.78
3.43
3.87
4.27
5.04

3.62
3.85
3.93
4.05
4.15
4.29
4.64

4.33
4.42
4.43
4.45
4.48
4.54
4.83

4.35
4.40
4.39
4.39
4.41
4.47
4.73

4.45
4.40
4.35
4.35
4.37
4.42
4.65

4.68
4.67
4.64
4.57
4.56
4.57
4.73

4.50
4.44
4.39
4.38
4.40
4.46
4.69

4.60
4.57
4.52
4.49
4.51
4.55
4.75

4.67
4.64
4.61
4.54
4.55
4.56
4.73

4.70
4.69
4.67
4.59
4.58
4.59
4.76

4.72
4.71
4.69
4.61
4.58
4.56
4.70

4.52
5.20
4.75

4.50
5.09
4.68

4.28
4.86
4.40

4.42
4.96
4.57

4.46
4.93
4.46

4.27
4.73
4.37

4.33
4.80
4.41

4.22
4.68
4.42

4.38
4.84
4.43

4.33
4.78
4.42

4.38
4.83
4.42

4.23
4.73
4.36

26 Seasoned issues, all industries12 . . . . . . . . . . . .

6.24

6.00

5.57

5.80

5.76

5.69

5.74

5.73

5.78

5.75

5.77

5.71

Rating group
Aaa13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A.....................................
Baa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.66
6.14
6.38
6.76

5.63
5.91
6.08
6.39

5.23
5.37
5.59
6.06

5.42
5.55
5.83
6.39

5.37
5.50
5.84
6.32

5.29
5.45
5.79
6.24

5.35
5.51
5.85
6.27

5.33
5.49
5.84
6.26

5.39
5.54
5.88
6.31

5.34
5.51
5.86
6.28

5.37
5.53
5.87
6.30

5.32
5.47
5.80
6.23

Memo
Dividend–price ratio14
31 Common stocks . . . . . . . . . . . . . . . . . . . . . . . . .

1.72

1.66

1.89

1.77

1.77

1.76

1.80

1.76

1.81

1.79

1.78

1.80

U.S. Treasury Notes and Bonds
16
17
18
19
20
21
22

Constant maturities9
1-year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2-year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3-year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5-year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7-year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10-year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20-year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and Local Notes and Bonds

Moody’s series10
23 Aaa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Baa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 Bond Buyer series11 . . . . . . . . . . . . . . . . . . . . . .
Corporate Bonds

27
28
29
30

Note: Some of the data in this table also appear in the Board’s H.15 (519) weekly
statistical release, available at www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve’s primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/
default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical
series for the rate on adjustment credit is available at www.federalreserve.gov/releases/h15/
data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board’s Commercial Paper
webpages (www.federalreserve.gov/releases/cp) for more information.

7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. General obligation bonds based on Thursday figures; Moody’s Investors Service.
11. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody’s
Al rating. Based on Thursday figures.
12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody’s Investors
Service. Based on yields to maturity on selected long-term bonds.
13. Effective December 7, 2001, the Moody’s Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
14. Standard & Poor’s corporate series. Common stock ratio is based on the 500 stocks in
the price index.
Source: U.S. Department of the Treasury.

24

Federal Reserve Bulletin Statistical Supplement

1.36

STOCK MARKET

May 2006

Selected Statistics
2005

Indicator

2003

2004

2006

2005
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Prices and trading volume (averages of daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) . . . . . . . . . . . . . . . . .
2 Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Transportation . . . . . . . . . . . . . . . . . . . . . . . .
4 Utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,456.00
634.11
437.37
238.05
566.74

6,614.10
741.19
521.11
271.45
657.07

7,351.19
n.a.
n.a.
n.a.
n.a.

7,389.23
n.a.
n.a.
n.a.
n.a.

7,482.93
n.a.
n.a.
n.a.
n.a.

7,584.49
n.a.
n.a.
n.a.
n.a.

7,373.23
n.a.
n.a.
n.a.
n.a.

7,585.75
n.a.
n.a.
n.a.
n.a.

7,787.22
n.a.
n.a.
n.a.
n.a.

8,007.35
n.a.
n.a.
n.a.
n.a.

8,044.86
n.a.
n.a.
n.a.
n.a.

8,174.34
n.a.
n.a.
n.a.
n.a.

6 Standard & Poor’s Corporation
(1941–43 = 10)1 . . . . . . . . . . . . . . . . . . . . .

965.23

1,130.65

1,207.23

1,222.24

1,224.27

1,225.91

1,191.96

1,237.37

1,262.07

1,278.72

1,276.65

1,293.74

7 American Stock Exchange
(Aug. 31, 1973 = 50)2 . . . . . . . . . . . . . . . .

943.44

1,260.02

1,567.52

1,556.30

1,625.17

1,711.66

1,640.08

1,694.64

1,752.65

1,815.91

1,828.06

1,902.69

Volume of trading (thousands of shares)
8 New York Stock Exchange . . . . . . . . . . . . . . . . 1,361,043 1,403,376 1,542,724 1,430,294 1,387,088 1,626,430 1,779,200 1,576,379 1,508,647 1,808,726 1,660,932 1,728,333
9 American Stock Exchange . . . . . . . . . . . . . . . . .
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker–dealers3 . . . . . . . . . . 173,220

203,790

221,660

210,940

208,660

217,760

212,540

219,020

221,660

232,190

222,780

236,670

Free credit balances at brokers4
11 Margin accounts5 . . . . . . . . . . . . . . . . . . . . . . . .
12 Cash accounts . . . . . . . . . . . . . . . . . . . . . . . . . .

117,850
93,580

119,710
88,730

99,000
74,130

99,050
75,910

106,730
79,310

113,110
77,550

110,610
78,330

119,710
88,730

115,220
83,250

117,970
81,600

119,360
82,750

92,560
84,920

Margin requirements (percent of market value and effective date)6

13 Margin stocks . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Convertible bonds . . . . . . . . . . . . . . . . . . . . . . .
15 Short sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mar. 11, 1968

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

1. In July 1976 a financial group made up of banks and insurance companies was added to
the group of stocks on which the index is based. The index is now based on 400 industrial
stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and
40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker–dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.

6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry ‘‘margin securities’’ (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.

Federal Finance
1.40

25

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2003

2004

2005

Item
Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

1 Federal debt outstanding . . . . . . . . . . . . . . . . . . . . . . . . . .

7,023.4

7,156.2

7,298.6

7,403.2

7,620.4

7,801.0

7,860.2

7,956.3

8,194.3

2 Public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Held by public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Held by agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,998.0
4,044.1
2,954.5

7,131.1
4,176.7
2,954.4

7,274.3
4,218.7
3,055.6

7,379.0
4,303.4
3,075.7

7,596.1
4,406.4
3,189.8

7,776.9
4,572.4
3,204.5

7,836.5
4,527.6
3,308.9

7,932.7
4,601.6
3,331.1

8,170.4
4,714.6
3,455.8

5 Agency securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Held by public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Held by agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25.4
24.9
.5

25.1
25.1
.0

24.2
24.2
.0

24.2
23.7
.4

24.3
23.9
.4

24.1
24.1
.0

23.7
23.7
.0

23.6
23.6
.0

23.8
23.8
.0

8 Debt subject to statutory limit . . . . . . . . . . . . . . . . . . . . . .

6,952.9

7,088.6

7,229.3

7,333.4

7,535.6

7,715.5

7,778.1

7,871.0

8,107.0

9 Public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Other debt1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,952.6
.3

7,088.5
.1

7,229.2
.1

7,333.2
.2

7,535.5
.2

7,715.4
.1

7,778.0
.1

7,870.9
.1

8,106.9
.2

Memo
11 Statutory debt limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,384.0

7,384.0

7,384.0

7,384.0

8,184.0

8,184.0

8,184.0

8,184.0

8,184.0

1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.

1.41

GROSS PUBLIC DEBT OF U.S. TREASURY

Source: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Monthly Treasury Statement.

Types and Ownership

Billions of dollars, end of period
2005
Type and holder

2002

2003

2004

2005
Q1

Q2

Q3

Q4

1 Total gross public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,405.7

6,998.0

7,596.1

8,170.4

7,776.9

7,836.5

7,932.7

8,170.4

By type
Interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Marketable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inflation-indexed notes and bonds1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonmarketable2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local government series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign issues3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government account series4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
3,186.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3

6,982.0
3,575.1
928.8
1,905.7
564.3
176.2
3,406.9
149.2
9.7
9.7
.0
192.2
3,007.0
16.0

7,578.5
3,959.7
1,003.2
2,157.1
539.5
245.9
3,618.8
160.7
5.9
5.9
.0
191.7
3,230.6
17.6

8,117.0
4,184.0
963.9
2,326.8
516.6
328.7
3,986.5
235.6
3.8
3.8
.0
191.2
3,506.6
53.4

7,759.9
4,103.7
1,059.1
2,226.6
537.2
266.8
3,656.2
179.0
6.1
6.1
.0
192.2
3,248.9
17.0

7,818.0
4,031.0
923.4
2,273.0
529.9
290.6
3,787.0
206.7
3.0
3.0
.0
190.9
3,356.3
18.5

7,913.7
4,084.8
914.3
2,328.7
520.6
307.1
3,828.9
225.3
3.1
3.1
.0
190.0
3,380.6
19.0

8,117.0
4,184.0
963.9
2,326.8
516.6
328.7
3,986.5
235.6
3.8
3.8
.0
191.2
3,506.6
53.4

2,757.8
629.4
3,018.5
222.8
278.8
139.7
351.5

2,955.1
666.7
3,377.9
154.0
279.6
136.5
358.8

3,189.1
717.8
3,667.1
128.1
253.1
149.2
385.8

3,455.8
744.2
3,970.6
117.2
254.1
160.6
455.0

3,206.6
717.3
3,855.4
142.1
262.3
153.3
407.5

3,311.6
724.7
3,803.0
127.2
249.1
154.6
429.3

3,334.1
736.4
3,864.9
125.0
248.1
158.2
446.5

3,455.8
744.2
3,970.6
117.2
254.1
160.6
455.0

194.9
278.8
134.7
144.1
1,246.8
323.4

203.8
288.2
140.8
147.4
1,538.1
452.6

204.4
295.7
151.0
144.7
1,942.0
307.8

205.1
281.8
162.0
119.8
2,180.0
n.a.

204.2
280.9
153.8
127.1
1,982.2
407.4

204.2
287.7
157.6
130.1
2,030.0
303.5

203.6
283.9
161.3
122.6
2,069.0
311.5

205.1
281.8
162.0
119.8
2,180.0
n.a.

2
3
4
5
6
7
8
9
10
11
12
13
14
15

By holder5
16 U.S. Treasury and other federal agencies and trust funds . . . . . . . . . . . . . . . .
17 Federal Reserve Banks6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 Private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 Insurance companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 State and local treasuries7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Individuals
23 Savings bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Pension funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Private . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
State and Local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27 Foreign and international8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Other miscellaneous investors7,9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of
1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table
1.18.
7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from ‘‘Other miscellaneous investors’’ and added to ‘‘State
and local treasuries.’’ The data shown here have been revised accordingly.

8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds.
Excludes Treasury securities held under repurchase agreements in custody accounts at the
Federal Reserve Bank of New York.
9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and noncorporate businesses, and other investors.
Sources: Data by type of security, U.S. Treasury Department, Monthly Statement of the
Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow
of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin,
unless otherwise noted.

26

Federal Reserve Bulletin Statistical Supplement

1.42

U.S. GOVERNMENT SECURITIES DEALERS

May 2006

Transactions1

Millions of dollars, daily averages
2005

2006

2005

Jan.

Dec. 28

2006, week ending

Item
Nov.
By type of security
1 U.S. Treasury bills . . . . . . . . . . . . . . . . .
Treasury coupon securities by maturity
2 Three years or less . . . . . . . . . . . . . . .
3 More than three but less than or
equal to six years . . . . . . . . . . .
4 More than six but less than or equal
to eleven years . . . . . . . . . . . . .
5 More than eleven . . . . . . . . . . . . . . . .
6 Inflation-protected2 . . . . . . . . . . . . . .

Dec.

Jan. 4

Jan. 11

Jan. 18

Jan. 25

Feb. 1

Feb. 8

Feb. 15

Feb. 22

51,090

53,710

46,950

52,762

57,416

43,472

46,841

42,628

51,578

47,325

42,298

52,318

192,049r

158,095r

205,684r

113,422

211,002

194,514

171,297

218,469

235,453

232,437

199,795

210,932

139,633r

111,064r

138,981r

69,507

89,537

173,535

144,113

128,980

127,940

141,408

139,389

118,274

140,233r
28,747r
9,312

94,316r
20,800r
5,665

121,641r
31,714r
11,039r

59,997
19,032
2,584

89,353
24,427
4,182

119,375
29,759
7,763

119,908
30,184
13,072

133,729
31,426
11,878

127,351
40,213
15,480

128,197
50,111
8,247

145,260
52,063
6,590

96,225
25,959
8,107

69,313

67,594

63,214

62,905

69,449

60,733

62,958

57,247

70,912

66,106

57,966

60,923

5,671

7,003

9,920r

4,738

5,852

8,708

13,010

7,870

12,941

10,575

6,776

9,454

4,638

3,779

5,185r

1,459

2,346

7,251

6,792

3,546

4,465

4,831

9,538

4,254

2,388
536

1,537
338

2,773
298

866
112

1,678
246

2,111
375

5,812
286

2,171
203

1,860
356

2,534
897

4,272
256

1,972
1,068

11

Federal agency and governmentsponsored enterprises
Discount notes . . . . . . . . . . . . . . . . . .
Coupon securities by maturity
Three years or less . . . . . . . . . . . . .
More than three years but less than
or equal to six years . . . . . . . .
More than six years but less than
or equal to eleven years . . . .
More than eleven years . . . . . . . . .

12

Mortgage-backed . . . . . . . . . . . . . . . .

268,891

216,103r

258,543

82,260

217,448

448,636

195,576

171,539

213,197

362,696

278,730

193,572

Corporate securities
13 One year or less . . . . . . . . . . . . . . . . .
14 More than one year . . . . . . . . . . . . . .

173,985
19,961

185,230
19,131r

189,422
24,225

168,420
13,127

174,653
11,079

186,243
26,891

196,116
19,624

189,146
28,409

194,429
26,837

174,721
21,920

171,539
24,381

196,648
20,198

239,062

190,107

237,264

134,142

202,928

245,331

217,834

241,053

259,044

258,838

253,299

222,426

5,166
60,415
560

5,229
47,833
339

6,600
61,168
606

3,514
22,833
88

5,375
40,396
322

7,271
93,534
607

7,636
49,842
494

5,293
52,048
743

6,969
53,823
685

7,223
82,547
568

5,879
72,274
694

6,370
46,440
614

322,001r

253,542r

318,745r

183,161

272,988

323,087

307,581

326,057

338,971

348,887

332,097

289,388

77,381
208,476
193,385

75,021
168,271r
204,023r

74,791r
197,375
213,041

66,566
59,427
181,459

74,198
177,052
185,411

71,908
355,101
212,527

81,222
145,733
215,246

65,745
119,491
216,812

83,566
159,374
220,581

77,720
280,149
196,074

72,928
206,456
195,226

71,303
147,133
216,232

7
8
9
10

15
16
17
18
19
20
21
22

By type of counterparty
With interdealer broker
U.S. Treasury . . . . . . . . . . . . . . . . . . .
Federal agency and governmentsponsored enterprises . . . . . . . . .
Mortgage-backed . . . . . . . . . . . . . . . .
Corporate . . . . . . . . . . . . . . . . . . . . . .
With other
U.S. Treasury . . . . . . . . . . . . . . . . . . .
Federal agency and governmentsponsored enterprises . . . . . . . . .
Mortgage-backed . . . . . . . . . . . . . . . .
Corporate . . . . . . . . . . . . . . . . . . . . . .

Note: Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html)
under the Primary Dealer heading.
1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgage-

backed, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at
principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio.

Federal Finance
1.43

U.S. GOVERNMENT SECURITIES DEALERS

27

Positions and Financing1

Millions of dollars
2005

2006

2005, week
ending

Jan.

Dec. 28

2006, week ending

Item, by type of security
Nov.

Dec.

Jan. 4

Jan. 11

Jan. 18

Jan. 25

Feb. 1

Feb. 8

Feb. 15

Net outright positions

2

10,674

25,642

−5,489

11,881

10,644

−2,221

−9,084

−10,517

−9,999

−1,797

3,270

−48,100

−47,602

−42,542

−46,208

−44,250

−40,600

−45,066

−37,183

−46,974

−36,852

−46,607

−46,390

−42,206

−41,375

−38,729

−43,848

−38,790

−41,004

−42,305

−42,092

−42,651

−37,755

−27,219
−10,773
1,606

−29,774
−10,822
525

−37,597
−11,375
288

−30,220
−9,043
208

−29,615
−9,413
75

−32,652
−12,557
−444

−36,396
−10,203
60

−41,511
−11,093
679

−45,522
−13,001
1,094

−39,892
−12,075
1,155

−39,352
−10,053
944

50,353

49,834

49,293

41,188

46,216

50,644

50,403

48,657

49,215

49,098

46,652

27,242

27,005

29,611

25,797

25,944

28,340

31,672

27,667

33,403

35,497

36,888

12,538

9,815

12,072

10,951

9,971

10,660

12,790

12,247

14,076

13,068

11,284

2,011
4,598

1,785
5,063

599
5,359

1,806
5,231

926
5,212

−103
5,404

1,457
5,454

551
5,302

256
5,359

1,096
5,031

1,877
5,006

12 Mortgage-backed . . . . . . . . . . . . . . . . . . . .

18,924

13,222

11,971

16,028

10,741

9,083

13,526

12,701

13,497

11,698

13,336

Corporate securities
13 One year or less . . . . . . . . . . . . . . . . . . .
14 More than one year . . . . . . . . . . . . . . . .

38,830
140,269

41,402
148,561

39,449
147,371

32,187
155,168

31,819
156,985

34,029
151,140

41,980
148,204

44,277
142,839

42,271
140,882

34,914
140,313

42,372
134,607

1 U.S. Treasury bills . . . . . . . . . . . . . . . . . . .
Treasury coupon securities by maturity
2 Three years or less . . . . . . . . . . . . . . . . .
3 More than three years but less than
or equal to six years . . . . . . . . . . .
4 More than six but less than
or equal to eleven years . . . . . . . .
5 More than eleven . . . . . . . . . . . . . . . . . .
6 Inflation-protected . . . . . . . . . . . . . . . . .

7
8
9
10
11

Federal agency and governmentsponsored enterprises
Discount notes . . . . . . . . . . . . . . . . . . . .
Coupon securities, by maturity
Three years or less . . . . . . . . . . . . . . .
More than three years but less than
or equal to six years . . . . . . . . . .
More than six but less than
or equal to eleven years . . . . . .
More than eleven . . . . . . . . . . . . . . . .

Financing3
Securities in, U.S. Treasury
15 Overnight and continuing . . . . . . . . . . . . . 1,164,093
16 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,364,186
Federal agency and governmentsponsored enterprises
17 Overnight and continuing . . . . . . . . . . . . .
159,993
18 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
240,013
Mortgage-backed securities
19 Overnight and continuing . . . . . . . . . . . . .
106,109
20 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
412,678
Corporate securities
21 Overnight and continuing . . . . . . . . . . . . .
108,408
22 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96,637
Memo
Reverse repurchase agreements
23 Overnight and continuing . . . . . . . . . . . . .
752,551
24 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,769,310
Securities out, U.S. Treasury
25 Overnight and continuing . . . . . . . . . . . . . 1,122,688
26 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,189,421
Federal agency and governmentsponsored enterprises
27 Overnight and continuing . . . . . . . . . . . . .
300,403
28 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
174,550
Mortgage-backed securities
29 Overnight and continuing . . . . . . . . . . . . .
519,731
30 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
261,053
Corporate securities
31 Overnight and continuing . . . . . . . . . . . . .
250,712
32 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62,483
Memo
Repurchase agreements
33 Overnight and continuing . . . . . . . . . . . . . 1,928,515
34 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,614,497

1,155,589
1,426,954

1,182,966
1,098,745

1,148,605
1,524,268

1,178,292
1,004,645

1,142,518
1,081,642

1,191,861
1,089,270

1,195,460
1,142,643

1,208,317
1,141,272

1,195,305
1,250,314

1,245,402
1,151,140

163,191
228,429

158,404
215,725

157,073
232,115

151,676
210,108

152,748
216,335

160,216
213,172

158,560
219,006

167,194
217,908

160,665
228,650

148,463
232,224

95,215
408,338

103,132
380,033

71,764
421,221

95,194
370,391

110,654
379,674

106,105
377,108

93,662
389,311

107,228
379,467

105,231
385,607

95,301
400,364

111,185
92,078

112,873
93,464

110,469
92,736

111,797
92,167

112,410
93,597

114,039
94,176

114,336
93,429

111,065
93,386

111,701
95,012

110,229
94,112

738,216
1,803,926

754,595
1,407,148

715,803
1,907,616

760,254
1,305,464

719,703
1,391,659

763,515
1,387,320

751,234
1,457,348

785,044
1,457,576

761,840
1,574,395

794,528
1,496,481

1,152,377
1,232,735

1,174,763
886,633

1,148,416
1,322,951

1,178,311
788,327

1,148,658
865,047

1,184,377
877,441

1,183,184
930,303

1,181,810
937,128

1,162,104
1,063,130

1,226,348
954,581

315,989
161,471

297,967
143,737

294,501
164,983

285,932
140,820

296,027
142,611

304,393
134,026

299,412
146,922

299,069
154,609

305,880
165,140

289,297
168,545

520,055
252,129

539,724
229,291

508,078
257,359

517,286
227,228

519,281
239,421

556,302
227,021

555,245
227,702

541,085
223,348

541,059
218,739

561,216
227,475

255,755
56,332

262,134
55,147

258,734
53,528

252,862
56,110

255,192
57,353

266,580
55,526

265,692
56,372

267,075
50,060

253,034
57,711

246,370
57,670

1,977,104
1,621,354

2,004,038
1,232,261

1,942,962
1,718,716

1,958,628
1,138,193

1,941,546
1,221,475

2,042,657
1,210,218

2,039,816
1,277,517

2,020,420
1,280,472

1,991,011
1,414,066

2,052,526
1,315,772

Note: Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the
Primary Dealer heading.
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.

2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-protected securities (TIPS) are reported in actual funds paid or received, except for
pledged securities. TIPS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).

28
1.44

Federal Reserve Bulletin Statistical Supplement

May 2006

FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period
2005
Agency

2002

2003

2004

2005
Aug.

Sept.

Oct.

Nov.

Dec.

1 Federal and federally sponsored agencies . . . . . . . . . . . . . . . . . . . . . 2,351,039

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2 Federal agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Defense Department1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Export–Import Bank2,3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Federal Housing Administration4 . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Government National Mortgage Association certificates of
participation5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Postal Service6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Tennessee Valley Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 United States Railway Association6 . . . . . . . . . . . . . . . . . . . . . . . . .

n.a.
26,828

25,412
6
n.a.
290

24,267
6
n.a.
207

23,843
6
n.a.
161

23,576
6
n.a.
143

23,643
6
n.a.
146

23,511
6
n.a.
149

23,649
6
n.a.
149

23,843
6
n.a.
161

n.a.
n.a.
270
n.a.

n.a.
n.a.
25,406
n.a.

n.a.
n.a.
24,261
n.a.

n.a.
n.a.
23,837
n.a.

n.a.
n.a.
23,570
n.a.

n.a.
n.a.
23,637
n.a.

n.a.
n.a.
23,505
n.a.

n.a.
n.a.
23,643
n.a.

n.a.
n.a.
23,837
n.a.

10 Federally sponsored agencies7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,351,037
11 Federal Home Loan Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
674,841
12 Federal Home Loan Mortgage Corporation . . . . . . . . . . . . . . . . . . .
648,894
13 Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . . . .
851,000
85,088
14 Farm Credit Banks8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Student Loan Marketing Association9 . . . . . . . . . . . . . . . . . . . . . . . .
47,900
8,170
16 Financing Corporation10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,261
17 Farm Credit Financial Assistance Corporation11 . . . . . . . . . . . . . . . .
18 Resolution Funding Corporation12 . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,996

2,645,667
745,226
744,800
961,732
92,151
58,500
8,170
1,261
29,996

n.a.
854,815
733,400
949,510
97,266
78,121
8,170
1,261
29,996

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
890,756
742,300
791,668
107,136
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
748,939
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

37,017

30,811

27,948

28,325

45,820

27,716

27,861

28,091

28,325

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
14,489
22,528

n.a.
16,127
14,684

16,961
n.a.
10,987

18,515
n.a.
9,810

18,038
n.a.
27,782

18,198
n.a.
9,518

18,086
n.a.
9,775

18,234
n.a.
9,857

18,515
n.a.
9,810

Memo
19 Federal Financing Bank debt13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
21
22
23
24

Lending to federal and federally sponsored agencies
Export–Import Bank3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Postal Service6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Student Loan Marketing Association . . . . . . . . . . . . . . . . . . . . . . . . . .
Tennessee Valley Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United States Railway Association6 . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other lending14
25 Farmers Home Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 Rural Electrification Administration . . . . . . . . . . . . . . . . . . . . . . . . . . .
27 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2
6

1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners’ assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.

10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.

Securities Markets and Corporate Finance
1.45

NEW SECURITY ISSUES

29

State and Local Governments

Millions of dollars
2005
Type of issue or issuer,
or use

2003

1 All issues, new and refunding1 . . . . . . . . . . . . . . . . . . . . . .

2004

2006

2005r
July

Aug.

Sept.r

Oct.r

Nov.r

Dec.r

Jan.r

Feb.

384,311

357,875

409,459

34,729

33,938r

32,444

27,304

39,288

31,879

19,751

24,031

By type of issue
2 General obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,056
3 Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,204

130,471
227,404

145,956
263,503

10,584
24,145

11,103
22,835r

12,531
19,913

5,883
21,421

10,283
29,006

8,562
23,317

7,422
12,330

9,195
14,836

By type of issuer
4 State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,795
5 Special district or statutory authority2 . . . . . . . . . . . . . . . . . . 253,536
6 Municipality, county, or township . . . . . . . . . . . . . . . . . . . . . 78,962

47,365
234,237
76,273

31,568
297,030
80,862

1,735
27,057
5,937

1,837
23,878r
8,223

4,734
21,132
6,578

790
21,766
4,748

2,925
30,698
5,665

2,210
23,047
6,621

1,170
14,106
4,476

1,684
18,734
3,612

7 Issues for new capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,697

228,357

223,858

17,369r

20,021r

17,091

17,019

24,497

20,713

12,279

15,435

65,426
20,546
9,242
n.a.
19,050
80,438

70,902
25,261
9,943
n.a.
18,644
60,884

8,732r
985
413
n.a.
1,307
3,880

5,590
4,345
1,448
n.a.
901
5,273r

3,908
2,205
1,472
n.a.
1,468
5,508

4,915
1,929
721
n.a.
2,418
3,281

7,190
2,202
617
n.a.
1,848
9,478

6,538
1,384
1,152
n.a.
1,675
5,502

3,617
1,890
250
n.a.
1,555
3,104

3,272
1,803
401
n.a.
2,051
6,252

8
9
10
11
12
13

By use of proceeds
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Utilities and conservation . . . . . . . . . . . . . . . . . . . . . . . . . . .
Social welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Industrial aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

70,394
23,809
10,251
n.a.
22,339
97,736

1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.

1.46

NEW SECURITY ISSUES

Source: Securities Data Company beginning January 1990; Investment Dealer’s Digest
before then.

U.S. Corporations

Millions of dollars
2005
Type of issue, offering,
or issuer

2003

2004

2006

2005
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

1 All issues1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,815,569

2,070,680

2,438,989

264,143

172,969

227,934

235,682

184,688

217,135

242,978

186,975

2 Bonds2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,692,260

1,923,094

2,323,735

250,164

168,045

215,978

217,950

176,725

209,117

232,645

178,937

By type of offering
3 Sold in the United States . . . . . . . . . . . . . . . . . . 1,579,311
4 Sold abroad . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112,949

1,737,342
185,752

2,141,496
182,238

230,843
19,321

152,735
15,310

204,581
11,397

204,402
13,548

163,616
13,109

185,344
23,772

209,801
22,844

161,509
17,428

20,701

22,328

24,595

2,173

4,543

2,331

1,610

952

2,753

3,377

By industry group
6 Nonfinancial . . . . . . . . . . . . . . . . . . . . . . . . . . . .
362,340
7 Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,329,920

259,968
1,663,127

216,072
2,107,662

31,342
218,822

17,969
150,076

17,876
198,102

23,373
194,577

8,529
168,196

24,247
184,869

20,936
211,709

32,935
146,003

Memo
5 Private placements, domestic . . . . . . . . . . . . . . .

n.a.

8 Stocks3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

182,132

147,585

115,255

13,979

4,924

11,956

17,732

7,963

8,018

10,333

8,037

By type of offering
9 Public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Private placement4 . . . . . . . . . . . . . . . . . . . . . . .

123,309
58,823

147,585
n.a.

115,255
n.a.

13,979
n.a.

4,924
n.a.

11,956
n.a.

17,732
n.a.

7,963
n.a.

8,018
n.a.

10,333
n.a.

8,037
n.a.

By industry group
11 Nonfinancial . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

44,416
78,893

64,345
83,240

54,713
60,541

4,448
9,532

1,953
2,971

6,385
5,571

9,597
8,135

2,445
5,517

4,324
3,694

7,375
2,958

5,713
2,324

1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data
include ownership securities issued by limited partnerships.

2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data for private placements are not available at a monthly frequency.
Source: Securities Data Company and the Board of Governors of the Federal Reserve
System.

30

Federal Reserve Bulletin Statistical Supplement

1.47

OPEN-END INVESTMENT COMPANIES

May 2006

Net Sales and Assets1

Millions of dollars
2005
Item

2006

2005r

2004

Aug.

Sept.

Oct.

Nov.

Dec.

Feb.r

Jan.

Mar.

1 Sales of own shares2 . . . . . . . . . . . . . . . . . . . . . . . . .

1,658,563

1,760,343

149,375

138,526

153,140

147,140

160,537

201,428

165,338

193,835

2 Redemptions of own shares . . . . . . . . . . . . . . . . . . . .
3 Net sales3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,448,779
209,784

1,569,628
190,715

133,891
15,484

125,447
13,079

145,548
7,592

125,925
21,215

154,317
6,220

161,688
39,740

128,504
36,834

153,949
39,886

4 Assets4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,193,749

6,864,636

6,597,170

6,676,342

6,561,255

6,775,522

6,864,636

7,152,932

7,169,845

7,312,601

5 Cash5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

306,755
5,886,994

303,068
6,561,568

301,663
6,295,507

294,070
6,382,272

298,520
6,262,735

313,283
6,462,239

303,068
6,561,568

314,604
6,838,328

333,544
6,836,301

330,358
6,982,243

1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.

1.51

DOMESTIC FINANCE COMPANIES

4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
Source: Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.

Assets and Liabilities1

Billions of dollars, end of period; not seasonally adjusted
2004
Account

2003

2004

2005

2005
Q2

Q3

Q4

Q1

Q2

Q3

Q4

Assets
1 Accounts receivable, gross2 . . . . . . . . . . . . . . . . . . . . . . . . .
2 Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,022.2
365.8
457.4
198.9

1,145.0
430.4
471.7
242.9

1,218.5
429.4
504.2
284.9

1,075.4
390.1
471.3
213.9

1,097.2
416.4
456.3
224.5

1,145.0
430.4
471.7
242.9

1,141.6
425.7
469.2
246.7

1,153.6
423.8
478.1
251.7

1,171.0
431.9
474.6
264.6

1,218.5
429.4
504.2
284.9

5 Less: Reserves for unearned income . . . . . . . . . . . . . . . .
6 Less: Reserves for losses . . . . . . . . . . . . . . . . . . . . . . . . .

50.8
24.6

46.3
24.8

37.8
23.3

47.3
24.0

46.5
24.1

46.3
24.8

45.4
23.4

44.8
23.1

37.9
24.2

37.8
23.3

7 Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

946.8
753.9

1,073.9
765.4

1,157.4
659.3

1,004.1
732.2

1,026.5
746.8

1,073.9
765.4

1,072.9
747.9

1,085.7
764.4

1,109.0
659.8

1,157.4
659.3

9 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,700.8

1,839.3

1,816.7

1,736.4

1,773.3

1,839.3

1,820.9

1,850.0

1,768.7

1,816.7

10 Bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

56.2
136.3

65.2
163.9

66.7
147.3

52.6
141.4

64.1
154.3

65.2
163.9

63.1
149.2

60.0
136.2

70.5
132.8

66.7
147.3

Debt
Owed to parent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Not elsewhere classified . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital, surplus, and undivided profits . . . . . . . . . . . . . . . .

99.9
747.1
424.7
236.6

118.2
828.3
415.3
248.3

126.9
809.4
394.5
271.9

108.1
769.1
426.6
238.5

112.7
776.7
422.6
242.9

118.2
828.3
415.3
248.3

114.7
855.5
388.0
250.5

116.8
872.1
398.6
266.3

122.9
778.1
431.0
233.5

126.9
809.4
394.5
271.9

16 Total liabilities and capital . . . . . . . . . . . . . . . . . . . . . . . .

1,700.8

1,839.3

1,816.7

1,736.4

1,773.3

1,839.3

1,820.9

1,850.0

1,768.7

1,816.7

Liabilities and Capital

12
13
14
15

Note: Some of the data presented in the table is available in the Board’s monthly G.20
(422) statistical release, which is available at www.federalreserve.gov/releases.
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.

2. Before deduction for unearned income and losses. Excludes pools of securitized assets.

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

31

Owned and Managed Receivables1

Billions of dollars, amounts outstanding
2005
Type of credit

2003

2004

2006

2005
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Seasonally adjusted
1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
3
4

Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,330.5

1,410.3

1,475.9r

1,437.3

1,442.7

1,447.7r

1,454.7r

1,475.9r

1,471.6

549.9
229.2
551.4

573.7
267.8
568.8

580.4r
307.8
587.7r

583.2
285.6
568.6

584.1
286.2
572.4

579.2
292.1
576.4r

576.4
296.8
581.5r

580.4r
307.8
587.7r

583.6
304.9
583.1

1,439.7

1,452.2r

1,462.6r

1,482.7r

1,474.2

585.8
203.3
68.8
46.2
112.5

583.7r
203.1
68.9
47.2
113.4

581.2
200.9
69.5
48.2
114.2

585.2r
194.6
71.2
54.2
114.4

586.6
193.9
73.0
53.7
114.9

Not seasonally adjusted
5 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Motor vehicle loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Motor vehicle leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Revolving2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securitized assets4
Motor vehicle loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Motor vehicle leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Revolving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securitized real estate assets4
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Motor vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retail loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wholesale loans5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other business receivables6 . . . . . . . . . . . . . . . . . . . . . . . . . .
Securitized assets4
Motor vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retail loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Wholesale loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other business receivables6 . . . . . . . . . . . . . . . . . . . . . . . .

1,417.0

1,482.7r

554.3
197.0
70.0
37.6
60.9

578.4
230.0
62.5
40.5
96.3

585.2r
194.6
71.2
54.2
114.4

583.1
202.7
68.6
45.3
109.3

132.8
5.5
38.3
12.2
229.4
152.2
46.7

109.9
4.8
24.5
9.8
268.2
190.1
52.7

123.7
4.2
15.1
7.9r
308.3
232.3
52.4

125.6
4.4
19.1
8.1
289.2
212.0
51.5

122.9
4.3
19.3
8.5
287.8
212.6
52.0

120.6
4.3
18.1r
8.2
295.7
220.7
51.9

118.7
4.2
17.5
8.0
301.6
226.7
52.0

123.7
4.2
15.1
7.9r
308.3
232.3
52.4

122.7
4.1
14.7
9.7
305.2
239.8
42.0

26.7
3.8
553.1
74.9
18.2
40.3
16.3
277.6
74.6
203.1
105.0

21.8
3.5
570.4
91.6
18.4
46.2
27.0
264.8
70.6
194.3
115.3

18.9
4.8
589.2r
113.8
19.2
62.9
31.7
271.4
72.5
198.9
118.7

19.8
5.9
560.1
88.1
21.8
37.1
29.2
266.3
70.6
195.7
118.5

19.6
3.7
566.1
88.3
21.6
37.4
29.3
266.3
70.4
195.9
119.9

19.4
3.7
572.8r
91.2
20.1
41.8
29.3
268.2
70.8
197.4
118.6

19.2
3.7
579.8r
111.6
19.7
62.7
29.3
268.7
70.8
198.0
122.5

18.9
4.8
589.2r
113.8
19.2
62.9
31.7
271.4
72.5
198.9
118.7

18.6
4.8
582.4
112.3
19.5
61.2
31.6
270.4
72.5
197.9
115.5

48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1

44.8
2.2
40.6
2.0
23.6
11.5
12.1
30.2

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2r

36.9
2.8
34.0
.1
22.9
11.3
11.6
27.4

39.9
2.7
37.0
.1
23.8
12.4
11.4
27.9

43.2
2.7
40.3
.1
23.6
12.2
11.4
28.1r

25.3
2.7
22.5
.1
23.2
11.8
11.4
28.3r

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2r

29.3
2.7
26.5
.1
22.9
10.1
12.8
32.0

1,336.9

Note: This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board’s G.20 (422) monthly statistical release,
available at www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown

1,432.3

before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers--that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.

32
1.53

Federal Reserve Bulletin Statistical Supplement
MORTGAGE MARKETS

May 2006

Mortgages on New Homes

Millions of dollars except as noted
2005
Item

2003

2004

2006

2005
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Terms and yields in primary and secondary markets
Primary Markets
Terms1
Purchase price (thousands of dollars) . . . . . . . . . . . . . . . . .
Amount of loan (thousands of dollars) . . . . . . . . . . . . . . . .
Loan-to-price ratio (percent) . . . . . . . . . . . . . . . . . . . . . . . .
Maturity (years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fees and charges (percent of loan amount)2 . . . . . . . . . . . .

272.1
205.3
77.9
28.7
.61

292.0
215.0
76.0
28.8
.51

326.8
238.5
75.3
29.2
.54

332.3
243.3
75.5
29.2
.58

338.6
246.3
75.1
29.4
.58

345.6
249.6
74.4
29.5
.66

358.5
260.4
74.4
29.5
.65

337.7
243.4
74.4
28.9
.43

338.1
248.2
75.4
29.3
.52

341.8
254.8
76.4
29.7
.59

Yield (percent per year)
6 Contract rate1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Effective rate1,3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Contract rate (HUD series)4 . . . . . . . . . . . . . . . . . . . . . . . . .

5.71
5.80
n.a.

5.68
5.75
n.a.

5.86
5.93
n.a.

5.91
5.99
n.a.

5.95
6.03
n.a.

6.11
6.20
n.a.

6.30
6.39
n.a.

6.06
6.12
n.a.

6.32
6.40
n.a.

6.45
6.53
n.a.

n.a.
5.03

n.a.
5.19

n.a.
5.13

n.a.
5.06

n.a.
5.39

n.a.
5.55

n.a.
5.45

n.a.
5.24

n.a.
5.44

n.a.
5.59

1
2
3
4
5

Secondary Markets
Yield (percent per year)
9 FHA mortgages (section 203)5 . . . . . . . . . . . . . . . . . . . . . .
10 GNMA securities6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Activity in secondary markets
Federal National Mortgage Association
Mortgage holdings (end of period)
11 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 FHA/VA insured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Conventional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

898,445
n.a.
n.a.

904,555
n.a.
n.a.

727,173
n.a.
n.a.

727,824
n.a.
n.a.

717,254
n.a.
n.a.

715,532
n.a.
n.a.

727,173
n.a.
n.a.

725,287
n.a.
n.a.

720,815
n.a.
n.a.

721,125
n.a.
n.a.

14 Mortgage transactions purchased (during period) . . . . . . . .

572,852

262,646

146,641

10,021

10,136

16,021

28,760

12,199

11,417

14,165

Mortgage commitments (during period)
15 Issued7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 To sell8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

522,083
33,010

149,429
8,828

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

Mortgage holdings (end of period)8
17 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 FHA/VA insured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Conventional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

644,436
n.a.
n.a.

652,936
n.a.
n.a.

710,017
n.a.
n.a.

684,530
n.a.
n.a.

678,178
n.a.
n.a.

692,758
n.a.
n.a.

710,017
n.a.
n.a.

704,172
n.a.
n.a.

705,320
n.a.
n.a.

715,407
n.a.
n.a.

Mortgage transactions (during period)
20 Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

n.a.
713,260

n.a.
365,148

n.a.
397,867

n.a.
43,002

n.a.
34,986

n.a.
37,837

n.a.
39,784

n.a.
33,669

n.a.
33,231

n.a.
26,769

22 Mortgage commitments contracted (during period)9 . . . . . .

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Federal Home Loan Mortgage Corporation

1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and ‘‘points’’ paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end of ten years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.

6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation’s mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.

Real Estate
1.54

33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period
2004
Type of holder and property

2002

2003

2005

2004
Q4

Q1

Q2

Q3

Q4p

1 All holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,244,541

9,236,104

10,472,280

10,472,280

10,725,980

11,106,500

11,534,870

11,942,240

By type of property
One- to four-family residences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Multifamily residences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,244,137
486,680
1,388,217
125,507

7,025,321
557,375
1,519,826
133,583

8,016,280
612,217
1,702,071
141,710

8,016,280
612,217
1,702,071
141,710

8,213,851
623,176
1,745,985
142,963

8,507,556
640,682
1,812,042
146,219

8,847,289
655,346
1,883,927
148,310

9,148,997
674,463
1,967,856
150,927

By type of holder
6 Major financial institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Commercial banks2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Savings institutions3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 Life insurance companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,089,434
2,058,426
1,222,126
94,178
704,097
38,025
780,989
631,057
68,624
80,730
577
250,019
4,657
36,816
195,040
13,506

3,387,175
2,256,037
1,346,908
104,901
763,579
40,649
870,194
702,784
77,895
88,884
632
260,944
4,403
38,556
203,946
14,039

3,925,678
2,595,318
1,568,000
119,294
863,467
44,557
1,057,036
874,518
87,445
94,475
598
273,324
4,998
40,453
214,085
13,788

3,925,678
2,595,318
1,568,000
119,294
863,467
44,557
1,057,036
874,518
87,445
94,475
598
273,324
4,998
40,453
214,085
13,788

4,031,957
2,689,241
1,633,240
122,807
888,164
45,030
1,068,024
883,372
90,294
93,761
597
274,692
5,024
40,655
215,154
13,859

4,181,182
2,790,473
1,696,047
129,021
919,185
46,220
1,112,919
921,684
95,048
95,582
604
277,790
5,082
41,113
217,576
14,019

4,316,323
2,895,448
1,750,876
135,547
961,886
47,139
1,140,910
946,883
96,732
96,690
605
279,965
5,122
41,435
219,276
14,132

4,392,502
2,957,654
1,776,472
140,121
993,475
47,585
1,152,165
954,556
98,121
98,874
614
282,683
5,173
41,836
221,401
14,273

22 Federal and related agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 Government National Mortgage Association . . . . . . . . . . . . . . . . . .
24
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 Farmers Home Administration4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 Federal Housing Admin. and Dept. of Veterans Affairs . . . . . . . . . .
32
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34 Resolution Trust Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39 Federal Deposit Insurance Corporation . . . . . . . . . . . . . . . . . . . . . . .
40
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44 Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . . . .
45
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47 Federal Land Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50 Federal Home Loan Mortgage Corporation . . . . . . . . . . . . . . . . . . .
51
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53 Federal Agricultural Mortgage Corporation . . . . . . . . . . . . . . . . . . .
54
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

433,565
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
0
0
46
7
9
30
0
185,801
172,230
13,571
46,257
2,722
43,535
63,887
35,851
28,036
966
966

537,131
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
2,887
0
0
0
0
0
23
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
60,270
27,274
32,996
990
990

553,821
44
44
0
70,624
13,464
11,556
42,370
3,235
4,733
1,338
3,394
0
0
0
0
0
11
2
2
7
0
249,515
222,535
26,980
52,793
3,106
49,687
61,360
23,389
37,971
887
887

553,821
44
44
0
70,624
13,464
11,556
42,370
3,235
4,733
1,338
3,394
0
0
0
0
0
11
2
2
7
0
249,515
222,535
26,980
52,793
3,106
49,687
61,360
23,389
37,971
887
887

554,645
42
42
0
70,690
13,338
11,537
42,559
3,255
4,936
1,346
3,589
0
0
0
0
0
11
2
2
7
0
249,397
222,417
26,980
53,341
3,139
50,202
61,736
23,532
38,204
865
865

552,979
39
39
0
70,995
13,274
11,527
42,957
3,237
4,784
1,356
3,429
0
0
0
0
0
9
2
2
6
0
249,230
222,250
26,980
54,769
3,223
51,546
60,986
23,246
37,740
838
838

550,130
36
36
0
72,044
13,124
11,500
44,172
3,247
4,703
1,359
3,344
0
0
0
0
0
9
1
2
5
0
248,994
222,014
26,980
55,489
3,265
52,224
61,207
23,331
37,876
832
832

551,497
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0
0
0
8
1
2
5
0
248,991
222,011
26,980
57,127
3,361
53,766
61,481
23,435
38,046
832
832

55 Mortgage pools or trusts5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56 Government National Mortgage Association . . . . . . . . . . . . . . . . . .
57
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59 Federal Home Loan Mortgage Corporation . . . . . . . . . . . . . . . . . . .
60
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62 Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . . . .
63
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65 Farmers Home Administration4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66
One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70 Private mortgage conduits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71
One- to four-family6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72
Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73
Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75 Federal Agricultural Mortgage Corporation . . . . . . . . . . . . . . . . . . .
76
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,955,508
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0
0
0
0
0
796,904
487,486
59,225
250,193
0
367
367

4,457,625
473,738
444,820
28,918
1,157,339
1,141,241
16,098
1,857,045
1,780,884
76,161
0
0
0
0
0
968,500
606,762
67,288
294,450
0
1,003
1,003

4,969,761
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0
0
1,427,587
1,004,356
75,170
348,061
0
938
938

4,969,761
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0
0
1,427,587
1,004,356
75,170
348,061
0
938
938

5,093,469
431,193
398,619
32,574
1,218,978
1,202,023
16,955
1,896,003
1,820,163
75,840
0
0
0
0
0
1,546,413
1,103,571
77,309
365,533
0
882
882

5,290,189
420,915
388,057
32,858
1,245,930
1,228,600
17,330
1,900,149
1,824,143
76,006
0
0
0
0
0
1,722,320
1,246,639
82,955
392,726
0
875
875

5,542,171
411,621
378,393
33,229
1,279,664
1,261,865
17,799
1,924,810
1,847,818
76,992
0
0
0
0
0
1,925,240
1,425,827
85,991
413,422
0
835
835

5,821,976
405,830
372,068
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,144,437
1,591,697
95,162
457,578
0
835
835

77 Individuals and others7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78 One- to four-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79 Multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80 Nonfarm, nonresidential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

766,034
547,833
77,343
116,027
24,830

854,174
618,886
80,439
128,424
26,424

1,023,019
770,183
85,209
139,606
28,021

1,023,019
770,183
85,209
139,606
28,021

1,045,905
790,411
86,414
140,808
28,273

1,082,148
822,601
86,658
144,010
28,879

1,126,249
860,576
87,904
148,475
29,294

1,176,268
905,790
89,363
151,310
29,805

2
3
4
5

1. Multifamily debt refers to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not loans held by bank trust
departments.
3. Includes savings banks and savings and loan associations.
4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from
FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting
changes by the Farmers Home Administration.
5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by
the agency indicated.

6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
Source: Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 70 from LoanPerformance Corporation and other sources.

34

Federal Reserve Bulletin Statistical Supplement

1.55

CONSUMER CREDIT1

May 2006

Millions of dollars, amounts outstanding, end of period
2005
Holder and type of credit

2003

2004

2006

2005
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Seasonally adjusted
1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,006,577r

2,091,034r

2,146,995r

2,146,883r

2,151,693r

2,144,114r

2,143,780r

2,146,995r

2,154,394

2 Revolving . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Nonrevolving2 . . . . . . . . . . . . . . . . . . . . . . . . .

759,291r
1,247,287r

786,080r
1,304,954r

804,607r
1,342,388r

798,456r
1,348,426r

804,826r
1,346,867r

803,885r
1,340,230r

804,434r
1,339,346r

804,607r
1,342,388r

805,867
1,348,526

Not seasonally adjusted
4 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,034,400r

2,120,576r

2,177,262r

2,141,732r

2,152,928r

2,148,755r

2,152,658r

2,177,262r

2,176,933

By major holder
Commercial banks . . . . . . . . . . . . . . . . . . . . . .
Finance companies . . . . . . . . . . . . . . . . . . . . . .
Credit unions . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal government and Sallie Mae . . . . . . . .
Savings institutions . . . . . . . . . . . . . . . . . . . . .
Nonfinancial business . . . . . . . . . . . . . . . . . . .
Pools of securitized assets3 . . . . . . . . . . . . . . .

669,386
295,424
205,877
114,658
77,850
63,348
607,857r

704,270
366,834
215,384
98,363
91,271
64,684
579,771r

707,076
363,147r
228,588
102,122
109,050
62,186
605,093r

705,421
357,357
228,824
98,205
97,631
62,171
592,123r

708,230
361,994
229,487
103,921
99,387
61,982
587,928r

701,917
363,706
228,667
104,002
108,443
58,630
583,390r

697,109
363,305
228,703
102,786
108,694
58,611
593,450r

707,076
363,147r
228,588
102,122
109,050
62,186
605,093r

707,897
362,463
229,661
104,421
109,784
60,482
602,227

By major type of credit4
12 Revolving . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Commercial banks . . . . . . . . . . . . . . . . . . . .
14 Finance companies . . . . . . . . . . . . . . . . . . . .
15 Credit unions . . . . . . . . . . . . . . . . . . . . . . . .
16 Federal government and Sallie Mae . . . . . .
17 Savings institutions . . . . . . . . . . . . . . . . . . .
18 Nonfinancial business . . . . . . . . . . . . . . . . .
19 Pools of securitized assets3 . . . . . . . . . . . . .

781,582r
285,015
37,576
22,410
n.a.
23,848
19,363
393,370r

810,129r
314,649
40,496
23,244
n.a.
27,905
17,899
385,937r

829,223r
311,204
54,224r
24,688
n.a.
40,755
14,427
383,925r

795,938r
298,039
45,346
23,318
n.a.
29,342
18,262
381,632r

799,129r
300,551
46,157
23,202
n.a.
29,874
18,178
381,167r

798,416r
294,521
47,218
23,308
n.a.
39,340
14,907
379,123r

807,463r
299,808
48,224
23,616
n.a.
39,989
13,943
381,883r

829,223r
311,204
54,224r
24,688
n.a.
40,755
14,427
383,925r

816,475
302,369
53,672
24,656
n.a.
40,857
14,113
380,808

20 Nonrevolving . . . . . . . . . . . . . . . . . . . . . . . . . .
21 Commercial banks . . . . . . . . . . . . . . . . . . . .
22 Finance companies . . . . . . . . . . . . . . . . . . . .
23 Credit unions . . . . . . . . . . . . . . . . . . . . . . . .
24 Federal government and Sallie Mae . . . . . .
25 Savings institutions . . . . . . . . . . . . . . . . . . .
26 Nonfinancial business . . . . . . . . . . . . . . . . .
27 Pools of securitized assets3 . . . . . . . . . . . . .

1,252,818r
384,371
257,847
183,467
114,658
54,002
43,986
214,487r

1,310,447r
389,621
326,338
192,140
98,363
63,366
46,786
193,834r

1,348,039r
395,872
308,923r
203,900
102,122
68,295
47,759
221,168r

1,345,793r
407,381
312,011
205,506
98,205
68,289
43,909
210,491r

1,353,799r
407,679
315,837
206,285
103,921
69,513
43,804
206,761r

1,350,339r
407,396
316,489
205,359
104,002
69,103
43,723
204,268r

1,345,195r
397,300
315,082
205,087
102,786
68,705
44,668
211,567r

1,348,039r
395,872
308,923r
203,900
102,122
68,295
47,759
221,168r

1,360,458
405,528
308,791
205,005
104,421
68,926
46,369
221,419

5
6
7
8
9
10
11

1. The Board’s series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board’s G.19 (421) monthly statistical release, available at www.federalreserve.gov/
releases.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.

1.56

3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.

TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2005
Item

2003

2004

2006

2005
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Interest Rates
Commercial banks2
1 48-month new car . . . . . . . . . . . . . . . . . . . . . .
2 24-month personal . . . . . . . . . . . . . . . . . . . . . .

6.93
11.95

6.60
11.89

7.08
12.05

n.a.
n.a.

7.08
12.22

n.a.
n.a.

n.a.
n.a.

7.43
11.95

n.a.
n.a.

n.a.
n.a.

Credit card plan
3 All accounts . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Accounts assessed interest . . . . . . . . . . . . . . . .

12.30
12.73

12.71
13.21

12.50
14.54

n.a.
n.a.

12.48
14.75

n.a.
n.a.

n.a.
n.a.

12.57
14.48

n.a.
n.a.

n.a.
n.a.

Auto finance companies
5 New car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Used car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.40
9.72

4.36
8.96

5.46
9.03

5.71
8.55

5.80
8.72

5.89
9.06

6.13
8.96

6.40
8.95

5.39
8.73

5.13
8.64

Maturity (months)
7 New car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Used car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

61.4
57.5

60.5
56.8

60.0
57.6

60.4
57.5

60.1
57.6

60.2
57.4

61.4
57.6

60.6
57.5

61.2
57.5

62.6
57.9

Loan-to-value ratio
9 New car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Used car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

95
100

89
100

88
98

89
97

88
97

88
99

90
99

88
98

88
98

88
98

Amount financed (dollars)
11 New car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Used car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26,295
14,613

24,888
15,136

24,133
16,228

25,086
16,509

25,059
16,383

23,579
16,220

24,209
16,836

24,174
17,019

24,706
17,174

24,522
16,894

Other Terms3

1. The Board’s series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board’s G.19 (421) monthly
statistical release, available at www.federalreserve.gov/releases.

2. Data are available for only the second month of each quarter.
3. At auto finance companies.

Flow of Funds
1.57

35

FUNDS RAISED IN U.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates
2004
Transaction category or sector

2000

2001

2002

2003

2005

2004
Q2

Q3

Q4

Q1

Q2

Q3

Q4

Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors . .

825.1

1,095.3

1,319.0

1,649.4

1,932.7

1,710.5

1,934.9

2,048.7

2,335.3

1,992.4

2,408.3

2,442.4

2
3
4
5
6
7
8
9
10
11
12
13
14

By instrument
Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Agency- and GSE-backed securities . . . . . . . . . . . . . . . .
Municipal securities and loans . . . . . . . . . . . . . . . . . . . .
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank loans n.e.c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other loans and advances . . . . . . . . . . . . . . . . . . . . . . . .
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Multifamily residential . . . . . . . . . . . . . . . . . . . . . . . .
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

48.1
−294.9
−1.0
23.6
162.6
98.2
79.6
540.7
401.0
26.8
105.9
7.0
168.1

−88.3
−5.1
−.5
122.9
347.7
−81.6
8.9
659.1
496.1
40.6
114.6
7.7
132.3

−64.2
257.1
.5
159.4
132.3
−87.0
20.3
813.5
672.8
37.2
95.9
7.6
87.1

−40.0
398.4
−2.4
135.1
158.3
−80.2
10.0
981.7
779.9
70.1
123.7
8.0
88.4

15.8
362.5
−.6
133.1
77.7
33.5
25.0
1,196.9
977.4
50.2
161.0
8.4
88.8

32.3
370.8
−3.6
70.2
6.7
85.3
−15.3
1,111.3
904.0
69.9
126.9
10.5
52.8

22.4
266.5
−.2
157.3
51.7
−31.5
.2
1,339.1
1,097.3
45.5
187.0
9.3
129.4

−25.4
310.9
.3
130.9
138.3
118.6
100.7
1,183.6
937.9
59.0
180.6
6.1
90.9

50.4
631.5
−.7
225.4
35.1
89.0
84.0
1,147.8
925.4
42.7
175.2
4.5
72.8

5.9
7.2
−1.4
125.7
30.3
210.3
70.2
1,465.6
1,142.8
75.2
236.2
11.4
78.5

1.4
232.3
−.4
249.7
100.9
43.4
19.1
1,647.6
1,307.9
52.3
278.7
8.7
114.3

−89.4
358.2
.8
202.3
76.4
216.9
152.2
1,540.7
1,155.0
73.6
300.5
11.6
−15.8

15
16
17
18
19
20
21

By borrowing sector
Household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfinancial business . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfarm noncorporate . . . . . . . . . . . . . . . . . . . . . . . . .
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local government . . . . . . . . . . . . . . . . . . . . . . .
Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

551.1
554.4
346.0
197.1
11.3
15.5
−295.9

600.5
394.6
221.4
162.7
10.5
105.8
−5.6

736.2
181.4
25.0
148.5
7.8
143.9
257.6

946.3
189.3
84.7
96.9
7.7
117.8
396.0

1,023.4
429.2
174.5
243.0
11.8
118.2
361.9

988.6
303.6
59.0
231.3
13.2
51.1
367.2

1,054.5
468.9
188.6
261.9
18.4
145.2
266.3

1,045.5
571.5
274.5
288.3
8.7
120.5
311.2

994.7
507.8
303.7
201.8
2.3
202.0
630.7

1,241.7
641.0
288.7
335.3
17.0
103.9
5.8

1,347.2
600.1
242.5
332.6
25.0
229.1
231.9

1,235.0
674.1
322.3
334.6
17.2
174.2
359.0

22 Foreign net borrowing in United States . . . . . . . . . . . . . .

63.0

−43.8

70.8

54.3

82.2

−63.6

97.5

210.7

16.2

95.1

113.0

155.7

23
24
25
26

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

31.7
21.2
11.4
−1.3

−14.2
−18.5
−7.3
−3.8

36.1
31.6
5.3
−2.3

22.3
41.9
−7.7
−2.1

63.7
19.2
2.5
−3.1

−30.1
−40.1
7.0
−.4

24.4
86.8
−9.0
−4.8

160.7
34.4
18.5
−2.9

12.3
−4.6
12.1
−3.5

32.2
72.3
−5.3
−4.1

115.3
−2.7
5.2
−4.7

119.9
2.8
39.5
−6.5

27 Total domestic plus foreign . . . . . . . . . . . . . . . . . . . . . . . .

888.1

1,051.6

1,389.7

1,703.7

2,014.9

1,646.9

2,032.4

2,259.4

2,351.5

2,087.5

2,521.3

2,598.2

Financial sectors
28 Total net borrowing by financial sectors . . . . . . . . . . . . .

778.4

877.5

823.3

1,009.2

803.2

932.7

735.9

835.4

613.2

1,293.8

671.3

1,224.4

29
30
31
32
33
34
35

By instrument
Open market paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government-sponsored enterprise securities . . . . . . . . . . . .
Agency- and GSE-backed mortgage pool securities . . . . . .
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank loans n.e.c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other loans and advances . . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

131.7
235.2
199.7
160.7
3.8
42.5
4.9

−45.3
304.1
338.5
239.4
13.0
25.5
2.2

−63.5
219.8
326.8
323.7
1.5
6.8
8.2

−63.8
243.7
330.5
463.9
−4.8
31.2
8.3

34.2
65.0
53.0
538.0
12.5
74.1
26.3

−2.5
211.9
88.0
497.0
−25.8
148.1
15.9

−31.4
93.1
62.1
563.0
44.2
−15.7
20.6

41.1
−45.5
−64.6
763.0
14.2
85.1
42.1

122.1
−209.6
64.7
581.0
5.3
27.0
22.7

473.2
−84.2
122.6
672.5
−24.0
114.5
19.3

140.2
−243.9
178.4
527.4
38.6
10.8
19.9

−48.4
200.7
175.9
855.4
.4
25.0
15.6

36
37
38
39
40
41
42
43
44
45
46
47

By borrowing sector
Commercial banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Savings institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit unions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life insurance companies . . . . . . . . . . . . . . . . . . . . . . . . . .
Government-sponsored enterprises . . . . . . . . . . . . . . . . . . .
Agency- and GSE-backed mortgage pools . . . . . . . . . . . . .
Issuers of asset-backed securities (ABSs) . . . . . . . . . . . . . .
Finance companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgage companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real estate investment trusts (REITs) . . . . . . . . . . . . . . . . .
Brokers and dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Funding corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

60.0
27.3
.0
−.7
235.2
199.7
157.2
81.9
.0
2.6
15.6
−.3

52.9
−2.0
1.5
.6
304.1
338.5
230.4
1.3
.0
3.2
1.4
−54.6

49.7
−23.4
2.0
2.0
219.8
326.8
181.9
42.2
.0
24.5
−1.7
−.5

49.2
6.1
2.2
2.9
243.7
330.5
219.5
118.2
.0
31.9
6.4
−1.4

77.7
64.4
2.3
3.0
65.0
53.0
325.1
117.9
.0
98.4
15.2
−18.9

6.8
166.6
4.9
2.7
211.9
88.0
361.8
−8.4
.0
63.9
2.5
32.1

60.1
−7.0
.9
.1
93.1
62.1
425.4
115.5
.0
42.1
33.2
−89.6

61.2
96.9
6.1
9.7
−45.5
−64.6
367.9
253.2
.0
220.7
−26.6
−43.6

163.0
−30.6
1.5
−1.6
−209.6
64.7
448.1
75.8
.0
73.0
11.2
17.6

41.4
82.4
3.1
2.3
−84.2
122.6
680.8
−23.6
.0
92.8
−5.2
381.4

82.6
−7.1
.3
.4
−243.9
178.4
689.2
−71.7
.0
66.0
28.0
−50.9

53.7
19.8
8.1
.6
200.7
175.9
761.2
177.3
.0
88.9
−33.4
−228.3

36

Federal Reserve Bulletin Statistical Supplement

1.57

FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued

May 2006

Billions of dollars; quarterly data at seasonally adjusted annual rates
2004
Transaction category or sector

2000

2001

2002

2003

2005

2004
Q2

Q3

Q4

Q1

Q2

Q3

Q4

All sectors
48 Total net borrowing, all sectors . . . . . . . . . . . . . . . . . . . . 1,666.5

1,929.0

2,213.1

2,712.8

2,818.1

2,579.6

2,768.3

3,094.8

2,964.8

3,381.3

3,192.7

3,822.6

49
50
51
52
53
54
55
56
57

−147.8
−5.1
642.1
122.9
568.6
−75.8
30.6
661.3
132.3

−91.5
257.1
547.2
159.4
487.6
−80.2
24.7
821.7
87.1

−81.6
398.4
571.9
135.1
664.1
−92.6
39.1
990.1
88.4

113.6
362.5
117.5
133.1
634.9
48.5
96.0
1,223.2
88.8

−.3
370.8
296.3
70.2
463.5
66.5
132.4
1,127.2
52.8

15.4
266.5
155.1
157.3
701.5
3.7
−20.3
1,359.6
129.4

176.4
310.9
−109.8
130.9
935.7
151.3
182.9
1,225.7
90.9

184.8
631.5
−145.7
225.4
611.5
106.4
107.5
1,170.5
72.8

511.4
7.2
37.0
125.7
775.1
180.9
180.6
1,484.9
78.5

256.8
232.3
−65.9
249.7
625.6
87.2
25.2
1,667.5
114.3

−18.0
358.2
377.3
202.3
934.6
256.8
170.8
1,556.2
−15.8

Open market paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Agency- and GSE-backed securities . . . . . . . . . . . . . . . . . .
Municipal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate and foreign bonds . . . . . . . . . . . . . . . . . . . . . . . .
Bank loans n.e.c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other loans and advances . . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

211.6
−294.9
433.9
23.6
344.5
113.3
120.8
545.6
168.1

Funds raised through mutual funds and corporate equities
58 Total net issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

244.7

299.5

228.8

407.1

349.5

252.5

300.6

274.6

379.5

55.6

−122.5

73.0

59 Corporate equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60 Nonfinancial corporations . . . . . . . . . . . . . . . . . . . . . . . .
61 Foreign shares purchased by U.S. residents . . . . . . . . . . .
62 Financial corporations . . . . . . . . . . . . . . . . . . . . . . . . . . .
63 Mutual fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.3
−118.2
106.7
16.8
239.4

98.3
−48.1
109.1
37.3
201.2

46.4
−41.6
17.0
71.0
182.4

119.1
−57.8
114.2
62.7
288.0

50.4
−141.1
83.2
108.3
299.1

136.9
−121.9
160.9
97.9
115.6

−8.3
−203.6
67.0
128.4
308.9

−33.2
−173.1
38.5
101.4
307.8

−18.7
−248.6
159.3
70.6
398.1

−169.2
−339.6
95.6
74.8
224.8

−316.3
−481.1
138.5
26.3
193.8

−140.1
−394.6
156.7
97.8
213.1

1. Data in this table also appear in the Board’s Z.1 quarterly statistical release, tables F.2
through F.4, available at www.federalreserve.gov/releases.

Flow of Funds
1.58

37

SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
2004
Transaction category or sector

2000

2001

2002

2003

2005

2004
Q2

Q3

Q4

Q1

Q2

Q3

Q4

Net Lending in Credit Markets2
1 Total net lending in credit markets . . . . . . . . . . . . . . . . . . 1,666.5

1,929.0

2,213.1

2,712.8

2,818.1

2,579.6

2,768.3

3,094.8

2,964.8

3,381.3

3,192.7

3,822.6

2 Domestic nonfinancial sectors . . . . . . . . . . . . . . . . . . . . . . . .
24.5
3 Household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−87.4
4 Nonfinancial corporate business . . . . . . . . . . . . . . . . . . . .
26.1
5 Nonfarm noncorporate business . . . . . . . . . . . . . . . . . . . .
2.1
6 State and local governments . . . . . . . . . . . . . . . . . . . . . . .
72.1
7 Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.6
8 Rest of the world . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
241.9
9 Financial sectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400.1
10 Monetary authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33.7
11 Commercial banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
357.9
12
U.S.-chartered commercial banks . . . . . . . . . . . . . . . . .
339.5
13
Foreign banking offices in United States . . . . . . . . . . . .
23.9
14
Bank holding companies . . . . . . . . . . . . . . . . . . . . . . . .
−12.2
15
Banks in U.S.-affiliated areas . . . . . . . . . . . . . . . . . . . . .
6.7
16 Savings institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56.2
17 Credit unions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28.0
18 Property–casualty insurance companies . . . . . . . . . . . . . .
−8.7
19 Life insurance companies . . . . . . . . . . . . . . . . . . . . . . . . .
57.9
20 Private pension funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−96.4
21 State and local government retirement funds . . . . . . . . . .
36.3
22 Federal government retirement funds . . . . . . . . . . . . . . . .
2.1
23 Money market mutual funds . . . . . . . . . . . . . . . . . . . . . . .
138.3
24 Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20.9
25 Closed-end funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−5.6
26 Exchange-traded funds . . . . . . . . . . . . . . . . . . . . . . . . . . .
.0
27 Government-sponsored enterprises . . . . . . . . . . . . . . . . . .
246.0
28 Agency- and GSE-backed mortgage pools . . . . . . . . . . . .
199.7
29 Asset-backed securities issuers (ABSs) . . . . . . . . . . . . . . .
144.3
30 Finance companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108.6
31 Mortgage companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.0
32 Real estate investment trusts (REITs) . . . . . . . . . . . . . . . .
−5.3
33 Brokers and dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68.9
34 Funding corporations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17.3

−72.8
−175.0
−4.3
7.1
93.4
6.0
305.3
1,696.5
39.9
205.2
191.6
−.6
4.2
10.0
44.4
41.5
9.0
130.9
13.3
−53.8
9.7
267.3
126.1
3.2
.0
304.7
338.5
217.0
−4.8
.0
8.6
92.4
−96.6

103.6
−17.9
26.1
−.8
86.5
9.6
422.7
1,686.8
77.7
404.4
393.8
6.2
3.1
1.3
33.4
42.7
39.9
233.0
25.7
−50.7
13.0
−17.7
144.2
8.6
3.7
224.1
326.8
189.9
21.2
.0
23.8
28.4
−85.1

236.3
186.2
−1.1
1.2
52.5
−2.5
531.6
1,945.0
37.2
299.5
323.3
−43.0
8.6
10.6
126.0
50.7
67.0
180.6
14.2
11.2
6.3
−95.9
137.7
36.2
.7
236.5
330.5
226.1
84.2
.0
25.7
79.6
90.9

217.5
112.5
27.2
12.1
61.8
3.9
754.4
1,846.2
51.2
582.2
548.0
20.3
.0
13.9
172.8
42.0
73.6
173.0
34.9
27.2
4.6
−124.9
117.1
11.2
3.8
46.2
53.0
325.6
129.6
.0
87.9
−29.2
64.4

99.7
32.3
41.7
11.5
26.2
−11.9
793.6
1,686.2
53.5
486.6
495.7
−25.3
−2.3
18.5
186.5
58.8
65.1
162.2
22.9
67.4
6.8
−151.8
8.1
21.7
3.5
168.0
88.0
379.1
64.9
.0
56.0
−118.8
57.6

502.3
423.5
−13.1
13.2
54.1
24.6
593.0
1,673.0
71.3
263.5
252.7
−2.7
3.0
10.5
128.0
18.9
73.5
158.2
44.9
−63.1
10.8
−153.7
103.4
.3
2.2
104.3
62.1
433.1
90.1
.0
31.9
302.8
−9.8

430.0
287.9
57.2
14.2
72.6
−1.9
817.0
1,847.7
57.6
714.7
615.5
86.5
−2.0
14.8
259.2
43.3
50.6
154.9
27.0
−5.1
.1
17.7
125.2
12.7
4.2
−106.0
−64.6
332.6
191.4
.0
177.3
−110.7
−34.3

28.8
−128.9
16.6
10.4
130.6
.2
788.1
2,147.8
−10.5
982.5
760.2
219.7
−9.4
12.0
8.8
46.5
89.0
187.4
7.5
60.0
8.5
−198.5
206.9
6.4
11.7
−65.5
64.7
438.8
4.5
.0
37.6
67.3
194.4

155.0
14.7
64.4
16.6
75.9
−16.6
736.4
2,489.9
32.0
597.2
426.8
126.6
29.4
14.4
239.7
41.6
49.2
65.8
46.5
−23.6
11.3
−78.5
120.1
4.0
3.5
−66.5
122.6
661.4
14.6
.0
120.1
280.5
248.3

574.6
380.6
24.5
17.0
134.4
18.1
916.0
1,702.1
66.8
696.1
569.2
167.5
−46.0
5.5
141.8
26.5
115.6
80.5
47.2
−58.6
8.1
−49.2
103.8
−.8
7.1
−277.9
178.4
670.0
55.7
.0
89.1
−330.3
132.3

280.0
238.0
−25.2
16.0
55.9
−4.7
1,143.6
2,399.0
17.3
315.1
245.3
55.0
9.3
5.6
132.0
41.0
73.8
115.5
−10.0
−19.0
2.9
285.8
82.4
−2.8
4.8
149.2
175.9
726.5
186.5
.0
100.2
346.7
−324.8

35 Net flows through credit markets . . . . . . . . . . . . . . . . . . . . 1,666.5

1,929.0

2,213.1

2,712.8

2,818.1

2,579.6

2,768.3

3,094.8

2,964.8

3,381.3

3,192.7

3,822.6

Other financial sources
Official foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−.4
Special drawing rights certificates . . . . . . . . . . . . . . . . . . . . .
−4.0
Treasury currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.4
Foreign deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126.9
Net interbank transactions . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.0
Checkable deposits and currency . . . . . . . . . . . . . . . . . . . . . −113.6
Small time and savings deposits . . . . . . . . . . . . . . . . . . . . . .
231.0
Large time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
116.2
Money market fund shares . . . . . . . . . . . . . . . . . . . . . . . . . .
232.5
Security repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
114.5
Corporate equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3
Mutual fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
239.4
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
402.3
Security credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
146.1
Life insurance reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50.2
Pension fund reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
189.8
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25.9
Noncorporate proprietors’ equity . . . . . . . . . . . . . . . . . . . . .
−52.2
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,379.5

4.3
.0
1.3
6.8
−28.0
156.8
314.6
68.5
428.5
23.7
98.3
201.2
−80.4
3.1
77.2
213.2
14.4
−22.1
673.4

3.2
.0
1.0
21.0
17.4
−9.0
323.4
50.0
−16.7
106.6
46.4
182.4
70.8
−87.0
60.1
181.4
22.2
−83.1
480.5

−.9
.0
.6
22.3
−14.6
81.7
306.9
61.8
−207.5
227.2
119.1
288.0
33.1
132.5
66.8
213.9
−1.0
22.7
522.9

−3.2
.0
.7
111.3
−5.0
89.7
283.1
246.6
−136.5
83.2
50.4
299.1
205.3
166.6
33.1
230.8
28.1
−55.5
1,421.4

−4.8
.0
1.2
16.2
239.0
56.9
466.3
178.1
−85.9
−278.2
136.9
115.6
140.4
177.1
34.7
205.0
26.6
−20.7
1,074.5

−2.1
.0
.7
79.8
−45.7
20.8
239.3
207.4
−156.1
396.8
−8.3
308.9
185.5
−10.2
37.9
211.8
25.9
−79.7
1,537.2

−3.2
.0
.1
196.6
−8.0
164.0
270.6
322.8
−171.8
−45.8
−33.2
307.8
220.2
214.3
34.4
208.2
21.6
−85.1
1,363.7

−14.5
.0
.8
371.2
142.6
53.2
128.8
258.0
−71.4
580.7
−18.7
398.1
145.3
9.7
56.0
226.8
41.1
−16.2
577.1

2.8
.0
1.1
−36.4
163.4
−65.8
293.7
237.3
60.7
422.8
−169.2
224.8
234.6
97.2
56.9
181.1
11.4
−38.1
1,407.9

−7.2
.0
.9
28.7
−66.8
−83.9
463.5
378.8
222.2
259.2
−316.3
193.8
274.3
6.3
33.3
184.6
12.9
−74.2
980.5

2.8
.0
.3
30.0
−266.7
105.6
386.6
196.1
296.5
179.8
−140.1
213.1
242.9
−143.9
62.5
225.2
39.0
−38.8
−469.4

55 Total financial sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,770.3

4,083.7

3,583.6

4,588.1

5,867.2

5,058.4

5,718.0

6,072.2

5,833.5

6,467.3

5,683.3

4,744.2

Relation of Liabilities
to Financial Assets

36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

Liabilities not identified as assets (−)
Treasury currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net interbank liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Security repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−1.2
76.4
17.3
133.9
32.6
−367.6

−.1
−12.9
17.2
−58.1
21.4
−301.7

−.6
22.3
7.2
40.2
19.7
−41.8

−.3
39.3
−4.4
−22.0
−31.5
−67.7

−.3
91.1
15.0
−120.3
12.9
444.5

.0
−53.6
70.4
−278.7
12.5
700.7

−.3
120.4
−33.4
84.5
21.5
88.1

−.5
135.5
22.2
−159.8
16.0
506.1

.4
324.7
12.8
351.2
−53.1
−143.3

.8
−123.6
−13.1
219.3
5.6
316.1

1.7
−77.7
.0
−78.3
36.7
−28.0

−.4
45.7
37.8
44.3
15.4
−172.1

Floats not included in assets (−)
62 Federal government checkable deposits . . . . . . . . . . . . . . . .
63 Other checkable deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64 Trade credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.0
−.3
23.5

5.7
−.5
10.9

−1.6
−.7
150.0

−8.9
.0
50.3

27.9
−.2
7.6

−10.5
−.4
−61.5

23.5
−.1
31.9

28.3
.3
35.9

−17.1
−1.0
−84.5

−37.7
−.6
−60.2

31.5
.8
−23.0

−4.8
1.5
−29.8

65 Total identified to sectors as assets . . . . . . . . . . . . . . . . . . . 4,846.7

4,401.8

3,388.8

4,633.4

5,388.9

4,679.4

5,381.7

5,488.0

5,443.4

6,160.7

5,819.6

4,806.5

56
57
58
59
60
61

1. Data in this table also appear in the Board’s Z.1 quarterly statistical release, tables F.1
and F.5, available at www.federalreserve.gov/releases.

2. Excludes corporate equities and mutual fund shares.

38

Federal Reserve Bulletin Statistical Supplement

1.59

SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1

May 2006

Billions of dollars, end of period
2004
Transaction category or sector

2001

2002

2003

2005

2004
Q2

Q3

Q4

Q1

Q2

Q3

Q4

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors . . . . . . . . . . .

19,148.4

20,467.4

22,149.2

24,096.7

22,989.7

23,507.2

24,096.7

24,596.2

25,082.1

25,704.2

26,391.3

2
3
4
5
6
7
8
9
10
11
12
13
14

By instrument
Commercial paper . . . . . . . . . . . . . . . . . . . . . . .
Treasury securities . . . . . . . . . . . . . . . . . . . . . . .
Agency- and GSE-backed securities . . . . . . . . .
Municipal securities and loans . . . . . . . . . . . . .
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . .
Bank loans n.e.c. . . . . . . . . . . . . . . . . . . . . . . . .
Other loans and advances . . . . . . . . . . . . . . . . .
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Multifamily residential . . . . . . . . . . . . . . . . .
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . .
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer credit . . . . . . . . . . . . . . . . . . . . . . . . .

190.1
3,352.7
26.8
1,603.7
2,578.0
1,257.0
941.0
7,337.1
5,571.3
428.8
1,219.1
117.8
1,862.0

126.0
3,609.8
27.3
1,763.1
2,710.3
1,170.0
961.3
8,150.6
6,244.2
466.0
1,315.0
125.5
1,949.1

85.9
4,008.2
24.9
1,898.2
2,868.6
1,122.3
971.3
9,132.4
7,024.1
536.1
1,438.7
133.5
2,037.5

101.7
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,344.1
8,016.2
586.3
1,599.7
141.9
2,126.3

102.5
4,185.4
24.2
1,974.0
2,898.8
1,127.7
976.8
9,670.8
7,468.7
560.1
1,503.5
138.4
2,029.5

109.3
4,268.7
24.2
1,993.7
2,911.7
1,120.6
971.1
10,032.2
7,771.0
571.5
1,549.0
140.6
2,075.7

101.7
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,344.1
8,016.2
586.3
1,599.7
141.9
2,126.3

115.6
4,535.6
24.1
2,086.0
2,955.1
1,172.5
1,010.3
10,592.1
8,213.9
596.9
1,638.3
143.0
2,105.0

114.6
4,493.1
23.7
2,134.6
2,962.7
1,224.4
1,041.1
10,967.6
8,507.5
615.7
1,698.1
146.2
2,120.3

119.6
4,566.0
23.6
2,176.4
2,987.9
1,236.1
1,039.6
11,391.0
8,847.3
628.8
1,766.6
148.3
2,164.0

93.8
4,678.0
23.8
2,232.0
3,007.0
1,295.7
1,077.7
11,794.5
9,149.0
647.2
1,847.4
150.9
2,188.7

15
16
17
18
19
20
21

By borrowing sector
Households . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfinancial business . . . . . . . . . . . . . . . . . . . .
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfarm noncorporate . . . . . . . . . . . . . . . . . .
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local government . . . . . . . . . . . . . . . .
Federal government . . . . . . . . . . . . . . . . . . . . . .

7,561.1
6,909.7
4,758.4
1,959.3
192.0
1,298.1
3,379.5

8,297.3
7,091.1
4,783.4
2,107.8
199.8
1,442.0
3,637.0

9,253.8
7,302.6
4,890.3
2,204.8
207.5
1,559.7
4,033.1

10,292.0
7,731.8
5,064.8
2,447.7
219.2
1,678.0
4,395.0

9,685.7
7,467.5
4,944.2
2,310.7
212.6
1,626.9
4,209.6

9,991.7
7,577.7
4,985.1
2,375.0
217.6
1,644.9
4,292.9

10,292.0
7,731.8
5,064.8
2,447.7
219.2
1,678.0
4,395.0

10,463.1
7,845.3
5,130.5
2,498.6
216.2
1,728.1
4,559.7

10,780.9
8,013.6
5,207.0
2,582.5
224.1
1,770.8
4,516.8

11,146.5
8,159.3
5,264.0
2,664.5
230.8
1,808.8
4,589.6

11,496.6
8,337.5
5,354.1
2,748.8
234.6
1,855.3
4,701.9

22 Foreign credit market debt held in
United States . . . . . . . . . . . . . . . . . . . . . . . . .

773.4

960.7

1,142.3

1,247.6

1,148.1

1,172.5

1,247.6

1,252.4

1,277.4

1,305.2

1,342.6

23
24
25
26

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

106.7
557.1
63.2
46.4

142.8
705.2
68.6
44.1

165.1
874.4
60.9
42.0

228.7
916.7
63.3
38.9

183.4
863.2
60.9
40.5

189.2
884.9
58.7
39.7

228.7
916.7
63.3
38.9

232.6
915.5
66.3
38.0

242.1
933.6
65.0
36.7

270.1
932.9
66.3
35.9

298.6
933.6
76.2
34.2

27 Total credit market debt owed by nonfinancial
sectors, domestic and foreign . . . . . . . . . . .

19,921.8

21,428.1

23,291.4

25,344.3

24,137.8

24,679.7

25,344.3

25,848.6

26,359.5

27,009.4

27,733.9

Financial sectors
28 Total credit market debt owed by
financial sectors . . . . . . . . . . . . . . . . . . . . . .

32
33
34
35

By instrument
Open market paper . . . . . . . . . . . . . . . . . . . . . . . . .
Government-sponsored enterprise securities . . . . .
Agency- and GSE-backed mortgage pool
securities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank loans n.e.c. . . . . . . . . . . . . . . . . . . . . . . . . . .
Other loans and advances . . . . . . . . . . . . . . . . . . .
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36
37
38
39
40
41
42
43
44
45
46
47
48

By borrowing sector
Commercial banks . . . . . . . . . . . . . . . . . . . . . . . . .
Bank holding companies . . . . . . . . . . . . . . . . . . . .
Savings institutions . . . . . . . . . . . . . . . . . . . . . . . .
Credit unions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life insurance companies . . . . . . . . . . . . . . . . . . .
Government-sponsored enterprises . . . . . . . . . . . .
Agency- and GSE-backed mortgage pools . . . . . .
Issuers of asset-backed securities (ABSs) . . . . . . .
Brokers and dealers . . . . . . . . . . . . . . . . . . . . . . . .
Finance companies . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgage companies . . . . . . . . . . . . . . . . . . . . . . .
Real estate investment trusts (REITs) . . . . . . . . . .
Funding corporations . . . . . . . . . . . . . . . . . . . . . . .

29
30
31

8,982.3

9,805.6

10,800.8

11,618.8

11,163.4

11,368.6

11,618.8

11,745.6

12,046.2

12,148.3

12,496.0

1,169.4
2,130.6

1,105.9
2,350.4

1,042.1
2,594.1

1,076.3
2,659.2

1,028.2
2,647.3

1,022.0
2,670.5

1,076.3
2,659.2

1,087.9
2,606.8

1,179.2
2,585.7

1,216.7
2,524.8

1,248.1
2,574.9

2,831.8
2,197.2
104.1
463.7
85.6

3,158.6
2,520.9
105.6
470.5
93.8

3,489.1
2,970.8
100.8
501.7
102.1

3,542.2
3,523.7
113.3
575.8
128.4

3,523.5
3,194.4
99.2
558.1
112.7

3,543.6
3,347.9
112.5
554.3
117.8

3,542.2
3,523.7
113.3
575.8
128.4

3,547.1
3,676.7
114.6
578.6
134.0

3,567.9
3,853.2
109.5
611.9
138.8

3,616.9
3,910.0
121.5
614.5
143.8

3,677.5
4,109.2
118.4
620.1
147.7

296.0
266.1
285.7
4.9
3.1
2,130.6
2,831.8
1,706.0
42.3
779.2
16.0
171.2
449.3

325.5
286.4
262.3
6.9
5.1
2,350.4
3,158.6
1,887.8
40.6
821.4
16.0
195.7
448.8

339.3
321.8
268.3
9.1
8.0
2,594.1
3,489.1
2,093.3
47.0
939.6
16.0
227.7
447.4

357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,418.4
62.2
1,057.4
16.0
340.9
428.5

358.7
351.5
308.0
9.6
8.6
2,647.3
3,523.5
2,215.3
60.6
963.1
16.0
260.4
440.8

356.8
366.6
308.2
9.9
8.6
2,670.5
3,543.6
2,317.3
68.9
995.1
16.0
285.8
421.3

357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,418.4
62.2
1,057.4
16.0
340.9
428.5

373.0
403.3
324.3
11.8
10.7
2,606.8
3,547.1
2,524.3
65.0
1,067.7
16.0
359.2
436.5

383.4
408.6
344.1
12.5
11.2
2,585.7
3,567.9
2,696.0
63.7
1,068.3
16.0
382.4
506.2

389.1
421.5
344.3
12.6
11.3
2,524.8
3,616.9
2,863.6
70.7
981.4
16.0
398.9
497.1

394.4
429.5
348.9
14.7
11.5
2,574.9
3,677.5
3,063.2
62.4
1,023.4
16.0
421.1
458.5

All sectors
49 Total credit market debt, domestic and foreign .
50
51
52
53
54
55
56
57
58

Open market paper . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . .
Agency- and GSE-backed securities . . . . . . . . . . .
Municipal securities . . . . . . . . . . . . . . . . . . . . . . . .
Corporate and foreign bonds . . . . . . . . . . . . . . . . .
Bank loans n.e.c. . . . . . . . . . . . . . . . . . . . . . . . . . .
Other loans and advances . . . . . . . . . . . . . . . . . . .
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumer credit . . . . . . . . . . . . . . . . . . . . . . . . . . .

28,904.1

31,233.7

34,092.2

36,963.1

35,301.2

36,048.3

36,963.1

37,594.2

38,405.7

39,157.7

40,229.9

1,466.2
3,352.7
4,989.1
1,603.7
5,332.3
1,424.3
1,451.1
7,422.6
1,862.0

1,374.7
3,609.8
5,536.3
1,763.1
5,936.4
1,344.2
1,475.9
8,244.4
1,949.1

1,293.1
4,008.2
6,108.1
1,898.2
6,713.7
1,283.9
1,515.0
9,234.4
2,037.5

1,406.7
4,370.7
6,225.6
2,031.3
7,386.6
1,332.4
1,611.0
10,472.4
2,126.3

1,314.2
4,185.4
6,195.0
1,974.0
6,956.4
1,287.9
1,575.4
9,783.4
2,029.5

1,320.5
4,268.7
6,238.3
1,993.7
7,144.5
1,291.8
1,565.1
10,150.0
2,075.7

1,406.7
4,370.7
6,225.6
2,031.3
7,386.6
1,332.4
1,611.0
10,472.4
2,126.3

1,436.1
4,535.6
6,177.9
2,086.0
7,547.3
1,353.5
1,626.8
10,726.1
2,105.0

1,535.9
4,493.1
6,177.3
2,134.6
7,749.4
1,398.9
1,689.7
11,106.5
2,120.3

1,606.4
4,566.0
6,165.3
2,176.4
7,830.8
1,423.9
1,690.0
11,534.9
2,164.0

1,640.5
4,678.0
6,276.3
2,232.0
8,049.8
1,490.3
1,732.0
11,942.2
2,188.7

1. Data in this table appear in the Board’s Z.1 quarterly statistical release, tables L.2
through L.4, available at www.federalreserve.gov/releases.

Flow of Funds
1.60

39

SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1
Billions of dollars except as noted, end of period
2004
Transaction category or sector

2001

2002

2003

2005

2004
Q2

Q3

Q4

Q1

Q2

Q3

Q4

Credit Market Debt Outstanding2
1 Total credit market assets . . . . . . . . . . . . . . . . . . . . . . . . 28,904.1

31,233.7

34,092.2

36,963.1

35,301.2

36,048.3

36,963.1

37,594.2

38,405.7

39,157.7

40,229.9

2 Domestic nonfinancial sectors . . . . . . . . . . . . . . . . . . . . . . 3,756.8
3 Household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,174.1
4 Nonfinancial corporate business . . . . . . . . . . . . . . . . . .
246.1
5 Nonfarm noncorporate business . . . . . . . . . . . . . . . . . .
73.0
6 State and local governments . . . . . . . . . . . . . . . . . . . . .
985.0
7 Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . .
278.6
8 Rest of the world . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,949.0
9 Financial sectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,198.3
10 Monetary authority . . . . . . . . . . . . . . . . . . . . . . . . . . . .
551.7
11 Commercial banking . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,210.5
12
U.S.-chartered commercial banks . . . . . . . . . . . . . . . 4,610.1
13
Foreign banking offices in United States . . . . . . . . . .
510.7
14
Bank holding companies . . . . . . . . . . . . . . . . . . . . . .
24.7
15
Banks in U.S.-affiliated areas . . . . . . . . . . . . . . . . . . .
65.0
16 Savings institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,133.2
17 Credit unions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
421.2
18 Property–casualty insurance companies . . . . . . . . . . . .
518.4
19 Life insurance companies . . . . . . . . . . . . . . . . . . . . . . . 2,074.8
20 Private pension funds . . . . . . . . . . . . . . . . . . . . . . . . . . .
637.3
21 State and local government retirement funds . . . . . . . .
689.4
22 Federal government retirement funds . . . . . . . . . . . . . .
44.8
23 Money market mutual funds . . . . . . . . . . . . . . . . . . . . . 1,584.9
24 Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,223.8
25 Closed-end funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108.5
26 Exchange-traded funds . . . . . . . . . . . . . . . . . . . . . . . . .
.0
27 Government-sponsored enterprises . . . . . . . . . . . . . . . . 2,099.1
28 Agency- and GSE-backed mortgage pools . . . . . . . . . . 2,831.8
29 Asset-backed securities (ABSs) issuers . . . . . . . . . . . . . 1,602.6
30 Finance companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
846.4
31 Mortgage companies . . . . . . . . . . . . . . . . . . . . . . . . . . .
32.1
32 Real estate investment trusts (REITs) . . . . . . . . . . . . . .
48.0
33 Brokers and dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . .
316.0
34 Funding corporations . . . . . . . . . . . . . . . . . . . . . . . . . . .
223.8

3,924.5
2,220.5
272.2
72.2
1,071.4
288.2
3,424.1
23,885.1
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.6
463.9
558.3
2,307.8
663.0
638.7
57.8
1,567.1
1,368.0
117.1
3.7
2,323.2
3,158.6
1,792.5
867.6
32.1
71.8
344.4
138.7

4,311.3
2,557.2
271.1
73.4
1,124.0
285.6
3,918.4
25,862.5
666.7
5,960.8
5,361.7
485.8
36.4
76.9
1,292.6
514.5
625.2
2,488.3
677.2
649.9
64.1
1,471.3
1,505.7
153.3
4.5
2,559.7
3,489.1
2,004.6
951.8
32.1
97.5
424.1
229.6

4,539.8
2,680.8
298.3
85.5
1,185.8
289.5
4,679.7
27,743.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
712.1
677.1
68.8
1,346.3
1,622.8
164.5
8.2
2,605.9
3,542.2
2,330.2
1,081.4
32.1
200.1
394.9
294.0

4,276.7
2,492.5
269.1
78.7
1,152.6
283.8
4,321.2
26,703.4
687.4
6,270.2
5,665.7
484.0
36.1
84.5
1,391.2
541.5
667.8
2,586.1
694.2
694.1
66.0
1,352.0
1,558.9
161.2
6.6
2,603.8
3,523.5
2,134.0
1,009.9
32.1
133.0
325.5
264.2

4,364.4
2,554.7
275.2
82.0
1,162.5
289.9
4,475.4
27,208.5
700.3
6,336.9
5,734.3
478.6
36.9
87.1
1,426.9
547.7
686.2
2,631.6
705.4
678.4
68.8
1,322.1
1,586.7
161.3
7.2
2,631.3
3,543.6
2,238.0
1,033.4
32.1
155.8
453.5
261.4

4,539.8
2,680.8
298.3
85.5
1,185.8
289.5
4,679.7
27,743.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
712.1
677.1
68.8
1,346.3
1,622.8
164.5
8.2
2,605.9
3,542.2
2,330.2
1,081.4
32.1
200.1
394.9
294.0

4,505.0
2,621.3
289.7
88.1
1,216.3
289.5
4,866.7
28,222.5
717.3
6,745.2
6,054.3
563.1
34.0
93.8
1,495.8
566.0
721.1
2,713.8
714.0
692.1
70.9
1,294.3
1,670.0
166.1
11.2
2,581.4
3,547.1
2,433.8
1,076.8
32.1
209.5
440.0
324.1

4,587.8
2,676.8
298.1
92.3
1,235.3
285.4
5,061.9
28,756.1
724.7
6,909.7
6,178.8
592.1
41.4
97.4
1,550.2
579.0
733.4
2,728.9
725.6
686.2
73.7
1,252.7
1,697.1
167.1
12.0
2,571.2
3,567.9
2,600.6
1,085.4
32.1
239.5
457.3
361.7

4,599.3
2,633.1
314.6
96.5
1,265.3
289.9
5,296.6
29,261.7
736.4
7,084.1
6,327.3
628.2
29.9
98.8
1,588.8
587.2
762.3
2,754.9
737.4
671.5
75.7
1,246.8
1,725.4
166.9
13.8
2,503.1
3,616.9
2,763.5
1,101.1
32.1
261.8
432.0
400.0

4,725.9
2,733.4
318.4
100.5
1,285.0
288.7
5,575.7
29,928.3
744.2
7,190.7
6,410.0
648.3
32.2
100.2
1,615.9
595.4
780.8
2,773.7
734.9
666.8
76.5
1,336.2
1,751.1
166.2
15.0
2,540.8
3,677.5
2,954.4
1,146.7
32.1
286.9
486.0
356.6

35 Total credit market debt . . . . . . . . . . . . . . . . . . . . . . . . . 28,904.1

31,233.7

34,092.2

36,963.1

35,301.2

36,048.3

36,963.1

37,594.2

38,405.7

39,157.7

40,229.9

Other liabilities
Official foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . .
46.8
Special drawing rights certificates . . . . . . . . . . . . . . . . . . .
2.2
Treasury currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24.5
Foreign deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
810.1
Net interbank liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . .
191.4
Checkable deposits and currency . . . . . . . . . . . . . . . . . . . 1,360.2
Small time and savings deposits . . . . . . . . . . . . . . . . . . . . 3,370.5
Large time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,121.0
Money market fund shares . . . . . . . . . . . . . . . . . . . . . . . . 2,240.6
Security repurchase agreements . . . . . . . . . . . . . . . . . . . . 1,233.7
Mutual fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,135.5
Security credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
825.9
Life insurance reserves . . . . . . . . . . . . . . . . . . . . . . . . . . .
880.0
Pension fund reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,571.8
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,667.3
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
219.2
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,378.5

55.8
2.2
25.5
831.1
206.0
1,351.2
3,693.9
1,171.0
2,223.9
1,340.3
3,638.4
738.8
920.9
7,814.8
2,738.1
241.4
11,993.8

62.3
2.2
26.0
853.4
192.9
1,432.9
4,000.8
1,232.8
2,016.4
1,567.5
4,653.2
871.3
1,013.2
9,213.9
2,771.1
240.5
12,405.6

62.2
2.2
26.7
964.7
187.6
1,522.6
4,283.9
1,504.9
1,879.8
1,650.7
5,436.0
1,037.9
1,060.4
10,150.0
2,976.4
268.6
13,607.8

58.9
2.2
26.5
895.6
167.1
1,468.7
4,172.5
1,378.6
1,914.8
1,569.2
4,966.2
987.2
1,031.9
9,537.5
2,858.6
261.3
12,823.9

58.7
2.2
26.7
915.5
168.3
1,464.0
4,223.6
1,436.4
1,866.9
1,673.5
4,983.2
985.5
1,038.2
9,534.5
2,911.6
275.3
13,073.3

62.2
2.2
26.7
964.7
187.6
1,522.6
4,283.9
1,504.9
1,879.8
1,650.7
5,436.0
1,037.9
1,060.4
10,150.0
2,976.4
268.6
13,607.8

56.3
2.2
26.9
1,057.5
195.6
1,500.3
4,362.2
1,575.4
1,841.0
1,782.8
5,471.6
1,051.5
1,069.4
9,957.0
2,993.9
284.0
13,660.6

54.3
2.2
27.2
1,048.4
227.9
1,515.1
4,408.0
1,637.1
1,832.4
1,911.3
5,594.1
1,064.5
1,087.2
10,151.3
3,056.0
286.8
13,871.5

52.0
2.2
27.4
1,055.6
227.3
1,481.4
4,513.0
1,738.0
1,876.6
1,983.9
5,877.5
1,068.0
1,101.7
10,402.5
3,130.1
298.2
13,609.7

45.9
2.2
27.5
1,063.1
182.3
1,524.9
4,602.0
1,772.4
2,006.9
2,011.3
6,045.1
1,030.2
1,120.8
10,646.7
3,200.7
294.7
13,409.0

53 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,983.3

70,220.9

76,648.0

83,585.5

79,422.2

80,685.7

83,585.5

84,482.3

86,180.8

87,602.8

89,215.5

Financial assets not included in liabilities (+)
54 Gold and special drawing rights . . . . . . . . . . . . . . . . . . . .
21.8
55 Corporate equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,310.6
56 Household equity in noncorporate business . . . . . . . . . . . 4,796.7

23.2
11,900.5
4,943.3

23.7
15,618.5
5,365.0

24.6
17,389.3
5,868.9

23.7
16,118.0
5,557.7

23.8
15,780.1
5,734.6

24.6
17,389.3
5,868.9

22.6
16,998.1
6,065.1

22.3
17,158.5
6,279.2

19.3
17,860.4
6,497.7

19.3
18,199.4
6,677.1

Liabilities not identified as assets (−)
Treasury currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−8.6
Foreign deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
630.9
Net interbank transactions . . . . . . . . . . . . . . . . . . . . . . . . .
11.1
Security repurchase agreements . . . . . . . . . . . . . . . . . . . .
372.4
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93.3
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . −3,476.6

−9.1
653.2
15.5
412.6
126.3
−3,295.7

−9.5
692.5
12.6
390.7
69.3
−3,068.4

−9.7
783.6
27.3
270.4
96.7
−2,817.6

−9.5
719.6
27.4
306.3
78.8
−2,902.3

−9.6
749.7
20.4
339.8
91.1
−2,812.6

−9.7
783.6
27.3
270.4
96.7
−2,817.6

−9.6
864.8
35.7
355.0
91.0
−2,973.0

−9.4
833.9
23.3
431.4
96.1
−2,967.4

−9.0
814.5
27.6
428.8
83.3
−3,233.7

−9.1
825.9
38.2
404.5
94.3
−3,530.5

−12.3
21.6
145.9

−11.7
20.9
295.9

−17.9
20.8
346.2

11.2
20.6
353.8

.1
20.0
258.3

3.1
12.5
280.8

11.2
20.6
353.8

4.9
16.4
301.6

1.7
19.6
236.0

2.5
12.4
246.2

1.4
20.8
304.4

66 Totals identified to sectors as assets . . . . . . . . . . . . . . . . 90,334.8

88,880.2

99,219.0

Relation of Liabilities
to Financial Assets

36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52

57
58
59
60
61
62

Floats not included in assets (−)
63 Federal government checkable deposits . . . . . . . . . . . . . .
64 Other checkable deposits . . . . . . . . . . . . . . . . . . . . . . . . . .
65 Trade credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Data in this table also appear in the Board’s Z.1 quarterly statistical release, tables L.1
and L.5, available at www.federalreserve.gov/releases.

108,132.1 102,622.9 103,548.8 108,132.1 108,881.3 110,975.4 113,607.6 115,961.2
2. Excludes corporate equities and mutual fund shares.

40

Federal Reserve Bulletin Statistical Supplement

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1

May 2006

Seasonally adjusted
2005

2006

2005

2006

2005

2006

Series
Q2

Q3

Q4

Q1r

Output (2002=100)

Q2

Q3

Q4

Q1

Capacity (percent of 2002 output)

Q2

Q3

Q4

Q1r

Capacity utilization rate (percent)2

1 Total industry . . . . . . . . . . . . . . . . . . . . . . . . . . . .

107.6

108.0

109.4

110.8

134.7

135.3

135.9

136.6

79.9

79.8

80.5

81.2

2 Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Manufacturing (NAICS) . . . . . . . . . . . . . . . . . .

108.6
109.0

109.2
109.7

111.6
112.2

113.1
113.8

138.3
139.6

139.1
140.4

139.9
141.3

140.7
142.2

78.5
78.1

78.5
78.1

79.8
79.4

80.4
80.1

4
5

Durable manufacturing . . . . . . . . . . . . . . . . .
Primary metal . . . . . . . . . . . . . . . . . . . . . . .

114.9
98.0

116.9
98.4

121.1
103.4

122.7
105.8

150.0
123.8

151.5
123.9

153.2
123.9

154.8
123.6

76.6
79.1

77.1
79.4

79.1
83.5

79.2
85.6

6
7
8
9

105.6
114.6
151.8

106.5
115.5
159.6

108.9
120.3
169.4

110.5
119.7
174.0

142.2
144.3
201.2

142.6
144.3
208.6

143.1
144.2
216.6

143.6
144.3
224.4

74.3
79.4
75.4

74.7
80.1
76.5

76.1
83.5
78.2

77.0
82.9
77.5

104.4
109.4

107.5
112.9

110.7
112.2

113.3
112.1

126.8
138.2

126.5
139.5

126.2
141.0

126.2
142.2

82.3
79.1

84.9
80.9

87.7
79.6

89.8
78.8

12
13
14

Fabricated metal products . . . . . . . . . . . . .
Machinery . . . . . . . . . . . . . . . . . . . . . . . . .
Computer and electronic products . . . . . . .
Electrical equipment, appliances,
and components . . . . . . . . . . . . . . . . .
Motor vehicles and parts . . . . . . . . . . . . . .
Aerospace and miscellaneous
transportation equipment . . . . . . . . . .
Nondurable manufacturing . . . . . . . . . . . . . .
Food, beverage, and tobacco products . . . .
Textile and product mills . . . . . . . . . . . . . .

110.1
102.0
104.0
90.1

105.6
101.2
104.4
92.1

115.7
101.8
106.0
91.5

120.8
103.5
107.7
90.8

159.8
127.3
129.3
120.3

160.6
127.3
129.4
119.4

161.3
127.2
129.5
118.5

162.2
127.3
129.8
117.8

68.8
80.1
80.4
74.9

65.8
79.5
80.7
77.2

71.7
80.0
81.9
77.2

74.5
81.3
83.0
77.1

15
16
17
18
19

Paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Petroleum and coal products . . . . . . . . . . .
Chemical . . . . . . . . . . . . . . . . . . . . . . . . . .
Plastics and rubber products . . . . . . . . . . .
Other manufacturing (non-NAICS) . . . . . . . . . .

97.6
106.8
104.0
103.2
102.6

96.4
102.8
101.3
104.6
100.8

98.4
99.7
100.7
107.3
101.6

98.9
103.8
102.5
108.3
101.3

115.9
113.9
135.3
121.1
117.8

115.8
114.0
135.6
120.8
117.9

115.7
114.2
135.9
120.5
118.0

115.7
114.3
136.3
120.5
118.1

84.2
93.8
76.8
85.3
87.1

83.2
90.1
74.7
86.6
85.5

85.0
87.3
74.1
89.0
86.1

85.5
90.8
75.2
89.8
85.8

20 Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 Electric and gas utilities . . . . . . . . . . . . . . . . . . . . .

100.4
104.8

96.4
108.2

92.6
106.6

98.5
102.4

112.0
123.0

111.9
122.9

111.9
122.8

111.7
122.8

89.6
85.2

86.1
88.1

82.7
86.9

88.1
83.4

MEMOS
22 Computers, communications equipment, and
semiconductors . . . . . . . . . . . . . . . . . . . . . . .

165.7

175.9

186.8

193.7

221.8

233.6

246.7

258.8

74.7

75.3

75.7

74.9

23 Total excluding computers, communications
equipment, and semiconductors . . . . . . . . . . .

104.9

105.0

106.1

107.3

130.7

130.8

131.0

131.3

80.3

80.2

81.0

81.8

24 Manufacturing excluding computers,
communications equipment, and
semiconductors . . . . . . . . . . . . . . . . . . . . . . .

105.4

105.6

107.6

108.9

133.5

133.8

134.0

134.4

78.9

78.9

80.3

81.0

10
11

Selected Measures
2.12

41

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED
Seasonally adjusted
1973

1975

Previous cycle2

High

Low

High

Latest cycle3

2005

2005

2006

Series
Low

High

Low

Apr.

Nov.

Dec.

Jan.r

Feb.r

Mar.r

Apr.p

Capacity utilization rate (percent)4
1 Total industry . . . . . . . . . . . . . . . . . . .

88.9

74.1

86.6

70.7

85.1

78.6

79.7

80.5

81.1

80.9

81.1

81.4

81.9

2 Manufacturing . . . . . . . . . . . . . . . . . . .
3 Manufacturing (NAICS) . . . . . . . . .

88.3
88.4

71.6
71.4

86.2
86.3

68.4
67.8

85.5
85.5

77.1
76.9

78.4
78.0

79.9
79.6

80.1
79.7

80.5
80.2

80.2
79.9

80.4
80.1

80.8
80.5

4
5

Durable manufacturing . . . . . . . .
Primary metal . . . . . . . . . . . . .

89.4
101.9

69.7
69.7

86.8
90.4

62.8
46.9

84.6
94.9

73.4
74.6

76.5
80.4

79.2
83.6

79.0
84.0

79.3
86.3

79.1
85.5

79.3
85.0

79.8
86.1

6
7
8

91.7
94.5

69.7
74.5

82.8
92.6

61.8
58.2

81.7
85.3

72.6
73.9

74.3
79.2

76.2
83.3

75.8
84.5

76.6
83.0

76.9
82.5

77.4
83.3

77.8
85.5

86.9

66.1

89.4

76.4

81.5

75.9

75.2

78.8

78.6

77.6

77.5

77.4

78.0

99.3
95.6

68.0
54.6

91.9
95.2

64.7
45.0

89.0
89.3

77.0
56.0

81.6
78.4

87.6
78.7

87.7
77.4

89.9
79.1

89.2
78.1

90.5
79.2

91.9
78.1

75.8
87.6

67.5
72.4

86.7
85.8

68.8
75.6

87.3
86.9

81.3
81.5

68.6
80.0

72.1
80.2

73.3
80.8

73.9
81.5

75.2
81.0

74.3
81.3

75.3
81.6

14

Fabricated metal products . . . .
Machinery . . . . . . . . . . . . . . . .
Computer and electronic
products . . . . . . . . . . . . . .
Electrical equipment,
appliances, and
components . . . . . . . . . . .
Motor vehicles and parts . . . . .
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing . . . . .
Food, beverage, and tobacco
products . . . . . . . . . . . . . .
Textile and product mills . . . .

86.3
89.5

77.6
61.9

84.5
89.9

80.6
72.6

85.9
91.5

81.1
77.6

79.8
74.3

81.7
77.3

82.5
75.9

83.2
77.5

82.5
77.2

83.3
76.5

83.6
77.0

15
16
17
18
19

Paper . . . . . . . . . . . . . . . . . . . .
Petroleum and coal products . .
Chemical . . . . . . . . . . . . . . . . .
Plastics and rubber products . .
Other manufacturing (non-NAICS) .

96.7
92.2
85.3
96.1
86.0

74.3
80.8
69.1
61.8
75.5

95.2
91.7
83.2
90.2
88.5

81.3
70.4
68.0
71.3
86.1

93.6
89.0
85.0
89.5
91.0

85.6
83.0
80.0
76.2
80.7

84.7
93.9
77.0
85.7
87.0

84.0
89.3
74.6
89.1
85.7

85.8
89.1
74.9
90.0
86.7

87.1
91.9
75.3
89.7
86.4

85.1
90.9
74.9
89.6
85.0

84.2
89.6
75.3
90.2
86.0

84.8
87.5
75.7
90.8
87.2

20 Mining . . . . . . . . . . . . . . . . . . . . . . . . .
21 Electric and gas utilities . . . . . . . . . . .

93.6
96.3

87.6
82.7

93.9
88.2

78.7
77.6

86.1
92.7

83.6
84.1

89.7
83.8

83.2
85.4

85.4
89.0

87.4
80.1

88.0
84.8

88.9
85.3

89.8
86.0

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.4

62.4

88.7

74.0

80.9

74.0

74.7

76.2

76.1

74.9

74.8

74.9

75.5

23 Total excluding computers,
communications equipment,
and semiconductors . . . . . . . . . .

89.1

74.4

86.7

70.5

85.5

78.8

80.1

80.9

81.6

81.5

81.7

82.1

82.5

24 Manufacturing excluding computers,
communications
equipment, and semiconductors .

88.4

71.9

86.3

68.1

86.0

77.3

78.8

80.4

80.6

81.2

80.8

81.1

81.5

9
10
11
12
13

Note: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31–33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table also appear in the Board’s G.17 (419) monthly statistical release, on
the Board’s website www.federalreserve.gov/releases/g17. The latest historical revision of the
industrial production index and the capacity utilization rates was released in November 2005.
The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006),
‘‘Industrial Production and Capacity Utilization: The 2005 Annual Revision,’’ Federal
Reserve Bulletin, vol. 92, pp. A39–A58, http://www.federalreserve.gov/pubs/bulletin/2006/
ip06.pdf.
2. Monthly highs, 1978–80; monthly lows, 1982.
3. Monthly highs, 1988–89; monthly lows, 1990–91.
4. Capacity utilization is calculated as the ratio of the Federal Reserve’s seasonally
adjusted index of industrial production to the corresponding index of capacity.

42

Federal Reserve Bulletin Statistical Supplement

2.13

INDUSTRIAL PRODUCTION

May 2006

Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002
proportion

2005

2006

2005
avg.
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.r

Feb.r

Mar.r

Apr.p

Index (2002=100)
Major Markets
1 Total IP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100.0

108.2

107.2

107.4

108.3

108.3

108.6

107.2

108.4

109.4

110.4

110.3

110.8

111.4

112.3

2
3
4
5
6
7
8
9
10
11
12
13
14
15

Market groups
Final products and nonindustrial supplies . . . . .
Consumer goods . . . . . . . . . . . . . . . . . . . . . .
Durable . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Automotive products . . . . . . . . . . . . . . .
Home electronics . . . . . . . . . . . . . . . . . .
Appliances, furniture, carpeting . . . . . .
Miscellaneous goods . . . . . . . . . . . . . . .
Nondurable . . . . . . . . . . . . . . . . . . . . . . . . .
Non-energy . . . . . . . . . . . . . . . . . . . . . .
Foods and tobacco . . . . . . . . . . . . . . .
Clothing . . . . . . . . . . . . . . . . . . . . . . .
Chemical products . . . . . . . . . . . . . . .
Paper products . . . . . . . . . . . . . . . . . .
Energy . . . . . . . . . . . . . . . . . . . . . . . . . .

59.0
31.1
8.9
4.7
0.4
1.5
2.4
22.1
18.3
9.8
1.0
4.9
2.1
3.9

109.3
105.5
109.4
112.6
120.0
105.4
103.9
104.0
103.8
104.4
85.3
104.7
105.4
104.7

107.7
104.1
106.0
107.8
115.2
102.9
103.0
103.3
103.3
103.2
85.4
105.2
105.6
103.1

108.1
104.6
107.1
109.3
124.7
104.0
102.5
103.5
103.9
104.2
83.3
105.4
106.2
102.0

109.0
105.8
108.5
111.7
120.4
105.6
102.5
104.7
104.0
104.7
82.9
105.2
105.6
107.2

109.1
105.2
107.1
109.5
116.1
105.2
102.3
104.4
103.8
104.7
84.7
104.2
104.7
107.1

109.5
105.6
110.1
114.4
113.6
106.5
103.1
103.9
103.2
103.8
85.0
103.8
104.4
106.5

109.1
106.4
112.7
117.8
113.5
108.5
104.9
103.9
103.7
104.5
85.7
104.2
103.9
105.0

111.0
106.5
113.1
117.3
125.3
108.4
106.3
103.9
104.2
105.3
85.4
104.1
105.3
102.7

111.3
105.7
110.1
111.7
132.1
106.2
106.6
103.9
104.4
105.7
86.2
103.8
104.9
102.3

112.0
106.6
109.0
110.1
133.4
104.7
106.7
105.5
105.1
106.7
86.5
104.1
106.4
107.2

111.5
105.4
110.2
112.3
132.7
105.6
106.2
103.6
105.3
107.3
87.8
103.1
106.3
97.0

111.8
105.9
109.9
112.0
130.4
105.7
105.9
104.3
104.6
106.6
87.4
102.7
104.2
103.5

112.6
106.7
110.7
113.6
125.6
106.8
105.7
105.1
105.6
107.7
88.4
103.7
105.2
103.2

113.3
106.9
110.3
112.3
128.1
107.0
106.1
105.5
106.4
108.2
88.7
104.9
106.9
102.1

16
17
18
19
20

Business equipment . . . . . . . . . . . . . . . . . . . .
Transit . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information processing . . . . . . . . . . . . . . .
Industrial and other . . . . . . . . . . . . . . . . . .
Defense and space equipment . . . . . . . . . . . .

10.3
1.9
3.1
5.3
1.8

119.5
117.5
134.0
112.8
125.7

116.8
116.4
127.4
111.3
124.5

117.9
118.7
129.2
111.7
124.1

118.4
119.3
131.0
111.6
124.9

120.0
118.5
133.9
113.4
126.8

120.1
118.7
136.1
112.5
127.4

115.1
88.9
138.1
113.1
124.6

123.1
121.5
141.3
114.5
127.8

125.8
127.9
144.9
115.5
128.6

126.4
129.4
144.8
116.0
129.9

127.6
134.0
146.6
115.9
129.7

128.2
134.0
149.1
115.7
131.8

129.1
132.8
151.3
116.8
131.2

131.3
132.6
155.0
119.3
132.7

21
22

Construction supplies . . . . . . . . . . . . . . . . . . .
Business supplies . . . . . . . . . . . . . . . . . . . . . .

4.3
11.2

108.7
107.7

107.3
106.7

107.5
106.7

106.9
107.6

107.5
107.4

108.2
107.9

109.8
107.8

112.4
108.4

113.4
109.1

113.1
110.3

114.1
109.3

113.8
109.2

114.5
109.8

115.0
110.7

23 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Non-energy . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Durable . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Consumer parts . . . . . . . . . . . . . . . . . . .
27
Equipment parts . . . . . . . . . . . . . . . . . . .
28
Other . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
Nondurable . . . . . . . . . . . . . . . . . . . . . . . . .
30
Textile . . . . . . . . . . . . . . . . . . . . . . . . . .
31
Paper . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
Chemical . . . . . . . . . . . . . . . . . . . . . . . .
33 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41.0
30.7
19.1
4.0
6.7
8.4
11.6
0.8
2.7
4.5
10.3

106.7
110.2
117.1
102.0
143.9
105.2
99.2
84.5
97.1
100.8
97.9

106.5
109.2
114.9
99.1
139.7
104.5
100.1
83.5
97.5
103.7
99.2

106.5
109.3
115.2
99.5
141.0
104.1
99.8
83.6
96.4
102.6
99.2

107.3
109.5
115.5
102.4
141.7
103.0
99.7
84.4
97.2
102.9
101.3

107.2
109.8
115.9
101.1
143.4
103.2
100.0
85.3
96.1
103.3
100.3

107.4
110.2
117.0
101.6
145.7
104.0
99.3
84.5
96.0
102.1
100.0

104.5
109.4
118.8
103.3
147.2
105.8
94.8
84.3
95.7
90.8
92.8

104.9
110.9
120.1
104.4
149.1
107.0
96.4
84.4
97.1
92.9
90.9

106.9
112.1
120.9
102.1
153.1
107.2
98.3
83.7
96.4
98.4
94.3

108.3
113.0
121.8
102.0
155.3
107.7
99.2
82.6
98.0
99.2
96.8

108.8
114.4
122.9
103.4
155.5
109.2
101.0
84.6
99.2
101.5
95.5

109.2
114.3
123.4
103.0
156.8
109.6
100.1
84.3
97.9
100.8
97.1

109.8
114.8
124.1
104.0
158.3
109.6
100.3
83.7
98.2
101.3
97.7

110.8
115.7
125.2
104.8
160.9
110.2
100.9
84.1
99.3
101.3
98.9

94.8
92.6

105.3
107.9

104.6
107.1

104.7
107.3

105.5
108.0

105.4
108.2

105.5
108.2

104.0
106.5

105.2
107.8

106.0
109.3

107.0
110.5

106.9
110.2

107.2
110.7

107.8
111.3

108.6
112.3

Special Aggregates
34 Total excluding computers, communication
equipment, and semiconductors . . . . . . . . .
35 Total excluding motor vehicles and parts . . . . .

Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies . . . . . . . . . . . . . . . . . . . . . . . . . . .

59.0

2,990.6 2,950.2 2,960.9 2,992.1 2,986.5 2,997.0 2,981.2 3,022.8 3,038.5 3,058.4 3,054.4 3,060.9 3,076.0 3,083.1

37 Final products . . . . . . . . . . . . . . . . . . . . . . . . . .
38 Consumer goods . . . . . . . . . . . . . . . . . . . . . .
39 Equipment total . . . . . . . . . . . . . . . . . . . . . . .

43.5
31.1
12.4

2,264.1 2,228.2 2,239.3 2,265.9 2,262.5 2,270.1 2,254.5 2,289.8 2,297.5 2,311.8 2,311.8 2,320.3 2,331.5 2,332.9
1,593.2 1,571.5 1,578.3 1,601.0 1,589.7 1,598.1 1,604.8 1,599.3 1,596.5 1,606.9 1,599.1 1,606.4 1,613.3 1,607.1
675.0
660.3
664.6
668.2
677.2
676.0
651.3
696.3
707.8
711.8
720.7
721.7
726.2
734.8

40 Nonindustrial supplies . . . . . . . . . . . . . . . . . . . .

15.5

726.8

722.1

721.8

726.5

724.3

727.2

726.9

733.4

741.2

746.7

742.9

741.0

745.0

750.4

Selected Measures
2.13

INDUSTRIAL PRODUCTION

43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2005

2006

2005
avg.
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.r

Feb.r

Mar.r

Apr.p

Index (2002=100)
Industry Groups
41 Manufacturing . . . . . . . . . . . . . . . .
42 Manufacturing (NAICS) . . . . . .

. . .
. . .

83.9
79.1

109.6
110.0

108.3
108.6

108.7
109.0

109.0
109.4

109.1
109.6

109.5
110.1

108.9
109.5

110.9
111.5

111.7
112.4

112.2
112.8

113.1
113.8

112.8
113.6

113.4
114.2

114.3
115.0

43
44
45

. . .
321

43.6
1.5

117.0
107.6

114.3
104.8

115.0
105.9

115.5
104.4

115.9
104.9

117.3
104.0

117.5
107.2

120.7
112.7

121.2
114.0

121.4
113.4

122.3
111.5

122.5
109.7

123.1
109.2

124.3
108.4

327
331
332
333

2.3
2.3
5.7
5.3

107.2
100.6
106.7
115.7

105.7
99.5
105.5
114.3

105.9
98.9
105.7
114.5

106.4
95.5
105.6
115.0

105.9
95.3
106.1
116.3

105.9
98.2
106.6
114.1

107.2
101.8
106.8
116.1

108.8
102.7
109.0
119.0

111.6
103.5
109.1
120.2

109.6
104.0
108.5
121.8

112.6
106.8
109.8
119.7

112.6
105.7
110.4
119.0

111.2
104.9
111.3
120.3

112.7
106.2
111.9
123.7

334

8.0

156.7

149.5

152.2

153.6

156.5

160.1

162.1

165.0

170.7

172.5

172.4

174.0

175.5

178.3

335
3361−3

2.2
7.4

106.9
112.1

103.5
107.9

104.4
108.8

105.1
111.4

106.3
109.2

107.2
113.1

108.8
116.3

110.9
116.3

110.5
110.9

110.6
109.5

113.3
112.3

112.5
111.2

114.2
112.8

116.1
111.6

3364−9

3.6

109.8

109.5

110.4

110.2

110.9

111.7

94.2

112.2

116.4

118.4

119.6

121.9

120.8

122.6

337
339

1.8
3.3

100.7
110.3

100.0
108.9

100.3
109.0

99.9
109.7

99.8
109.7

100.2
111.6

101.7
111.9

100.5
112.6

100.2
112.2

99.4
111.7

99.3
112.0

100.2
113.1

100.6
112.9

101.1
113.0

46
47
48
49
50
51
52

53
54
55
56
57
58
59
60
61
62
63
64

Durable manufacturing . . . . .
Wood products . . . . . . . . . .
Nonmetallic mineral
products . . . . . . . . . . .
Primary metal . . . . . . . . . . .
Fabricated metal products .
Machinery . . . . . . . . . . . . .
Computer and electronic
products . . . . . . . . . . .
Electrical equipment,
appliances, and
components . . . . . . . .
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment . . . . . . . . . .
Furniture and related
products . . . . . . . . . . .
Miscellaneous . . . . . . . . . .
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather . . . . . .
Paper . . . . . . . . . . . . . . . . .
Printing and support . . . . . .
Petroleum and coal
products . . . . . . . . . . .
Chemical . . . . . . . . . . . . . .
Plastics and rubber
products . . . . . . . . . . .

35.5

101.8

101.9

101.9

102.1

102.1

101.5

100.1

100.7

102.0

102.7

103.7

103.1

103.6

104.1

311,2
313,4
315,6
322
323

11.4
1.4
1.0
3.1
2.4

104.4
91.4
86.0
98.0
97.7

103.2
89.6
85.8
98.2
96.5

104.3
89.8
83.9
96.8
97.0

104.5
90.8
83.6
97.8
96.5

104.8
91.9
85.5
96.6
97.9

103.9
91.9
85.9
96.2
97.2

104.6
92.6
86.7
96.5
97.9

105.5
93.2
86.5
98.8
98.2

105.8
91.6
87.5
97.2
98.3

106.9
89.7
87.7
99.3
98.4

107.8
91.5
88.9
100.8
100.2

107.1
91.0
88.5
98.5
100.7

108.3
90.0
89.3
97.5
101.4

108.9
90.4
89.5
98.2
102.5

324
325

1.7
10.7

103.8
102.6

106.9
104.1

105.5
103.9

107.9
103.9

105.6
103.7

104.2
102.7

98.5
97.5

95.4
98.8

101.9
101.3

101.7
101.9

105.0
102.5

103.9
102.1

102.5
102.8

100.1
103.5

326

3.8

104.8

103.8

103.1

102.9

103.2

104.1

106.5

106.2

107.4

108.4

108.0

108.0

108.8

109.7

Other manufacturing
(non-NAICS) . . . . . . . . . . . 1133,5111

4.8

101.9

102.5

103.2

102.0

101.0

100.9

100.4

101.4

101.1

102.3

102.0

100.4

101.5

103.0

6.4
9.7
8.3
1.5

97.4
105.8
107.4
97.4

100.5
103.1
104.1
98.3

99.8
102.9
103.2
101.1

100.8
108.3
109.7
101.2

99.8
108.1
109.6
100.9

99.2
108.4
110.1
100.4

90.3
108.1
110.5
96.5

89.1
105.9
109.5
89.6

93.1
104.8
107.3
93.0

95.5
109.2
110.0
104.3

97.7
98.3
102.4
80.2

98.4
104.1
107.4
89.2

99.3
104.8
107.2
93.2

100.2
105.7
109.0
90.9

. . .

78.7

106.1

105.1

105.4

105.7

105.6

105.9

105.2

107.1

107.7

108.0

109.0

108.6

109.1

109.9

. . .

76.5

109.3

108.3

108.7

108.8

109.1

109.2

108.2

110.4

111.8

112.4

113.2

113.0

113.5

114.5

65 Mining . . . . . . . . . . . . . . . . . . . . . .
66 Utilities . . . . . . . . . . . . . . . . . . . . . .
67 Electric . . . . . . . . . . . . . . . . . . . .
68 Natural gas . . . . . . . . . . . . . . . . .
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors . . . . . . . . . . .
70 Manufacturing excluding motor
vehicles and parts . . . . . . . . . .

. . .

21
2211,2
2211
2212

Note: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31–33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board’s G.17 (419) monthly statistical release, on the
Board’s website www.federalreserve.gov/releases/g17. The latest historical revision of the
industrial production index and the capacity utilization rates was released in November 2005.
The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006),
‘‘Industrial Production and Capacity Utilization: The 2005 Annual Revision,’’ Federal
Reserve Bulletin, vol. 92, pp. A39–A58, http://www.federalreserve.gov/pubs/bulletin/2006/
ip06.pdf.
2. North American Industry Classification System.

44
3.10

Federal Reserve Bulletin Statistical Supplement
U.S. INTERNATIONAL TRANSACTIONS

May 2006

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1
2004
Item credits or debits

2003

1 Balance on current account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−519,679
2 Balance on goods and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−494,814
3
Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,022,567
4
Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . −1,517,381
5 Income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46,304
6
Investment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,834
7
Direct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
121,842
8
Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−70,008
9
Compensation of employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−5,530
10 Unilateral current transfers, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−71,169

2004

2005

2005

−668,074
−617,583
1,151,448
−1,769,031
30,439
36,234
127,921
−91,687
−5,795
−80,930

Q4

Q1

Q2

Q3

Q4

−804,945
−723,616
1,272,223
−1,995,839
1,567
7,406
129,865
−122,459
−5,839
−82,896

−188,359
−169,221
298,887
−468,108
3,236
4,691
33,413
−28,722
−1,455
−22,374

−197,743
−172,125
306,152
−478,277
634
2,044
28,363
−26,319
−1,410
−26,252

−196,901
−172,718
316,938
−489,656
−1,550
−126
28,475
−28,601
−1,424
−22,633

−185,429
−181,400
321,013
−502,413
4,911
6,427
38,855
−32,428
−1,516
−8,940

−224,876
−197,373
328,119
−525,492
−2,434
−944
34,167
−35,111
−1,490
−25,069

11 Change in U.S. government assets other than official
reserve assets, net (increase, −) . . . . . . . . . . . . . . . . . . . . . . . . . . .

537

1,215

7,580

501

4,487

971

1,516

606

12 Change in U.S. official reserve assets (increase, −) . . . . . . . . . . . . . . . .
13 Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Special drawing rights (SDRs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Reserve position in International Monetary Fund . . . . . . . . . . . . . . .
16 Foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,523
0
601
1,494
−572

2,805
0
−398
3,826
−623

14,096
0
4,511
10,200
−615

697
0
−110
990
−183

5,331
0
1,713
3,763
−145

−797
0
−97
−564
−136

4,766
0
2,976
1,951
−161

4,796
0
−81
5,050
−173

17 Change in U.S. private assets abroad (increase, −) . . . . . . . . . . . . . . . .
18 Bank-reported claims2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Nonbank-reported claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 U.S. purchase of foreign securities, net . . . . . . . . . . . . . . . . . . . . . . .
21 U.S. direct investments abroad, net . . . . . . . . . . . . . . . . . . . . . . . . . .

−330,457
−9,574
−24,240
−156,064
−140,579

−859,529
−356,133
−149,001
−102,383
−252,012

−513,405
−218,158
−118,522
−155,244
−21,481

−290,155
−97,263
−74,669
−18,226
−99,997

−91,621
49,278
−74,934
−38,675
−27,290

−225,596
−170,985
8,978
−41,979
−21,610

−147,711
−107,993
−30,440
−34,589
25,311

−48,479
11,542
−22,126
−40,001
2,106

22 Change in foreign official assets in United States (increase, +) . . . . . .
23 U.S. Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Other U.S. government obligations . . . . . . . . . . . . . . . . . . . . . . . . . .
25 Other U.S. government liabilities2 . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 Other U.S. liabilities reported by U.S. banks2 . . . . . . . . . . . . . . . . . .
27 Other foreign official assets3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

278,275
184,931
39,943
−517
48,643
5,275

394,710
272,648
38,485
488
70,329
12,760

220,676
84,046
93,133
−134
24,272
19,359

94,478
41,728
15,040
−158
32,054
5,814

25,277
14,306
24,938
−650
−15,843
2,526

82,646
22,448
21,620
297
34,190
4,091

38,176
9,651
20,471
467
850
6,737

74,577
37,641
26,104
−248
5,075
6,005

28 Change in foreign private assets in United States (increase, +) . . . . . .
29 U.S. bank-reported liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 U.S. nonbank-reported liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 Foreign private purchases of U.S. Treasury securities, net . . . . . . . .
32 U.S. currency flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33 Foreign purchases of other U.S. securities, net . . . . . . . . . . . . . . . . .
34 Foreign direct investments in United States, net . . . . . . . . . . . . . . . .

610,768
96,675
99,676
104,380
16,640
226,306
67,091

1,045,395
322,627
124,358
106,958
14,827
369,793
106,832

1,072,019
175,742
62,234
196,794
19,416
489,203
128,630

363,437
91,458
61,096
15,710
5,313
158,238
31,622

218,034
−67,735
93,897
75,911
1,072
79,973
34,916

293,439
149,069
1,153
9,923
4,507
114,064
14,723

357,088
78,698
18,635
40,834
4,679
165,856
48,386

203,460
15,710
−51,451
70,126
9,158
129,310
30,607

35 Capital account transactions, net5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Discrepancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37 Due to seasonal adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38 Before seasonal adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−3,214
−37,753
. . .
−37,753

−1,648
85,126
. . .
85,126

−5,647
9,626
. . .
9,626

−455
19,856
5,718
14,138

−4,466
40,701
14,746
25,955

−315
46,553
−8,639
55,192

−435
−67,971
−16,767
−51,204

−431
−9,653
10,664
−20,317

Memo
Changes in official assets
39 U.S. official reserve assets (increase, −) . . . . . . . . . . . . . . . . . . . . . . . .
40 Foreign official assets in United States, excluding line 25
(increase, +) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,523

2,805

14,096

697

5,331

−797

4,766

4,796

278,792

394,222

220,810

94,636

25,927

82,349

37,709

74,825

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22) . . . . . . . . . . . . . . . . . . . . .

. . .

. . .

. . .

. . .

. . .

. . .

. . .

. . .

1. Seasonal factors are not calculated for lines 11–16, 18–20, 22–35, and 38–41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.

3.12

5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.

U.S. RESERVE ASSETS
Millions of dollars, end of period
2005
Asset

2002

2003

2006

2004
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.p

1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

79,006

85,938

86,824

71,273

70,218

68,773

65,125

65,594

65,365

65,355

66,848

2 Gold stock1 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Special drawing rights2,3 . . . . . . . . . . . . . . . . .
4 Reserve position in International Monetary
Fund2 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Foreign currencies4 . . . . . . . . . . . . . . . . . . . . .

11,043
12,166

11,043
12,638

11,045
13,582

11,041
8,245

11,041
8,224

11,041
8,180

11,043
8,210

11,044
8,302

11,044
8,310

11,044
8,344

11,043
8,518

21,979
33,818

22,535
39,722

19,479
42,718

13,245
38,742

12,720
38,234

12,097
37,445

8,036
37,839

7,639
38,609

7,638
38,372

7,376
38,592

7,219
40,068

Note: The data presented in this table are available in the monthly statistical release ‘‘U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks,’’ on the Board’s
website at www.federalreserve.gov/releases.
1. Gold held ‘‘under earmark’’ at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of

exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF have also been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

Summary Statistics
3.13

45

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1
Millions of dollars, end of period
2005
Asset

2002

2003

2006

2004
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Apr.p

Mar.

1 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

136

162

80

96

88

82

83

83

82

84

86

Held in custody
2 U.S. Treasury securities2 . . . . . . . . . . . . . . . . .
3 Earmarked gold3 . . . . . . . . . . . . . . . . . . . . . . .

678,106
9,045

845,080
8,971

1,041,215
8,967

1,056,594
8,967

1,060,857
8,967

1,073,710
8,967

1,069,014
8,967

1,080,198
8,967

1,105,178
8,967

1,103,810
8,976

1,097,103
8,976

Note: The data presented in this table are available in the monthly statistical release ‘‘U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks,’’ on the Board’s
website at www.federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.

3.15

2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.

SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2004
Item

2003

2006

June6

June6

Dec.

1,909,034

1,665,335

1,780,503

1,909,034

189,824
212,032

270,387
245,199

234,553
248,862

234,553
248,862

270,387
245,199

294,662
201,863

297,721
210,460

284,453
216,047

293,461
215,489

719,302
2,613
321,755

986,454
1,630
405,364

844,444
1,569
335,907

910,456
1,569
385,063

986,454
1,630
405,364

1,045,756r
948
457,374r

1,053,837r
954
468,545r

1,064,951r
966
473,456r

1,058,676
967
481,294

By area
Europe1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
306,272
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,112
Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72,869
Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,034,751
Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,857
Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,652

357,317
7,806
112,605
1,388,410
10,843
31,864

334,000
6,578
98,106
1,201,702
10,187
14,749

340,412
7,631
104,911
1,296,622
10,812
19,926

357,317
7,806
112,605
1,388,410
10,843
31,864

381,567r
8,061
117,997
1,447,625
16,241
28,923

391,011r
7,618
124,744
1,461,652
17,832
28,471

395,222r
7,266
125,910
1,461,795
19,540
29,951

403,378
7,918
126,108
1,466,063
14,578
31,653

1 Total1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,445,526
By type
2 Liabilities reported by banks in the United States2 . . . . . . . . . . . . . . . . . .
3 U.S. Treasury bills and certificates3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury bonds and notes
4 Marketable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Nonmarketable4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 U.S. securities other than U.S. Treasury securities5 . . . . . . . . . . . . . . . . . .
7
8
9
10
11
12

2005

2004

1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.

3.16

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS

Dec.

Jan.

Feb.

Mar.p

2,000,603r 2,031,517r 2,039,873r 2,049,887

6. Data in the two columns shown for this date reflect different benchmark bases for
foreigners’ holdings of selected U.S. long-term securities. Figures in the first column are
comparable to those for earlier dates; figures in the second column are based in part on a
benchmark survey as of end-June 2004 and are comparable to those shown for the following
dates.
Source: Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Payable in Foreign Currencies
Millions of dollars, end of period
2005
Item

2002

2003

2004
Mar.

June

Sept.

Dec.

1 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

80,543
n.a.
n.a.

63,119
36,674
26,445

98,349
52,410
45,939

93,306
58,073
35,233

103,954
62,557
41,397

109,263
67,663
41,600

85,763
59,259
26,504

4 Banks’ own claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Other claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71,724
34,287
37,437

81,669
38,102
43,567

129,544
51,029
78,515

110,083
47,422
62,661

109,206
47,032
62,174

102,462
43,600
58,862

93,744
44,322
49,422

7 Claims of banks’ domestic customers2 . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Other claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,923
n.a.
n.a.

21,365
5,064
16,301

32,056
8,519
23,537

41,261
21,014
20,247

46,658
21,686
24,972

45,076
21,574
23,502

55,214
20,891
34,323

1. Data on claims exclude foreign currencies held by U.S. monetary authorities.

2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

46

Federal Reserve Bulletin Statistical Supplement

3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

May 2006

Reported by Banks in the United States1

Millions of dollars, end of period
2005
Item

2003

2004

2006

2005
Sept.

Oct.

Nov.

3,006,250

3,087,592

Dec.

Jan.

Feb.

Mar.p

By Holder and Type of Liability
1 Total, all foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,315,606

2,911,516

3,059,461r 3,026,466

3,059,461r 3,131,424r 3,215,346r 3,223,626

2 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,677,193 2,082,981 2,280,089r 2,250,566 2,224,690 2,304,179 2,280,089r 2,341,022r 2,436,914r 2,439,911
By type of liability
955,072 1,041,714r 1,047,458
989,513 1,052,242 1,041,714r 1,057,202 1,083,458r 1,100,805
3
Deposits2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852,803
4
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 824,390 1,127,909 1,238,375r 1,203,108 1,235,177 1,251,937 1,238,375r 1,283,820r 1,353,456r 1,339,106
3
5
Of which: repurchase agreements . . . . . . . . . . . . . . . . . . 460,191
665,127
700,845
719,088
729,065
726,434
700,845
752,250r
797,242
762,174
828,535
779,372
775,900
781,560
783,413
779,372
790,402r
778,432
783,715
6 Banks’ custody liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 638,413
By type of liability
318,783
259,575
254,191
259,352
276,647
259,575
269,264
275,808
277,830
7
U.S. Treasury bills and certificates5 . . . . . . . . . . . . . . . . . . 258,797
8
Other negotiable and readily transferable
315,169
320,528
312,200
313,657
312,815
320,528
318,984r
305,976
305,454
instruments6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,774
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,394
48,260
53,552
52,488
55,971
54,384
53,552
54,080
53,197
52,554
83,633
152,789
136,721
133,210
125,105
122,079
136,721
131,744
114,582
116,421
10
Of which: short-term agency securities7 . . . . . . . . . . . .
11
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,842
194,583
199,269
209,509
208,551
193,951
199,269
202,154
196,648
200,431
12 Nonmonetary international and regional organizations8 . . . . . . . .
13 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Deposits2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 Banks’ custody liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
U.S. Treasury bills and certificates5 . . . . . . . . . . . . . . . . . . . .
18
Other negotiable and readily transferable
instruments6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,149
12,577
6,134
6,443
1,572
110

15,654
10,363
6,098
4,265
5,291
1,879

17,631
12,450
4,865
7,585
5,181
1,085

18,105
11,593
5,623
5,970
6,512
2,308

18,944
13,455
5,897
7,558
5,489
1,162

17,407
11,180
3,737
7,443
6,227
1,329

17,631
12,450
4,865
7,585
5,181
1,085

17,529r
12,254r
4,913
7,341r
5,275
1,503

20,126
15,060
6,375r
8,685r
5,066
1,398

20,762
16,033
9,209
6,824
4,729
1,399

1,462
0

3,412
0

4,096
0

4,197
7

4,325
2

4,896
2

4,096
0

3,772
0

3,668
0

3,330
0

20 Official institutions9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Deposits2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

401,856
117,737
24,208
93,529

515,586
145,516
26,613
118,903

496,525
168,999
45,381
123,618

484,953
169,577
39,689
129,888

488,794
175,427
41,245
134,182

500,663
176,339
45,098
131,241

496,525
168,999
45,381
123,618

508,181
179,316
47,009
132,307

500,500
177,218
44,999
132,219

508,950
192,174
44,598
147,576

Banks’ custody liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury bills and certificates5 . . . . . . . . . . . . . . . . . . . .
Other negotiable and readily transferable
instruments6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

284,119
212,032

370,070
245,199

327,526
201,863

315,376
195,369

313,367
199,801

324,324
214,852

327,526
201,863

328,865
210,460

323,282
216,047

316,776
215,489

69,638
2,449

123,165
1,706

124,538
1,125

119,020
987

111,871
1,695

108,590
882

124,538
1,125

118,404
1

107,234
1

101,286
1

24
25
26
27

28 Banks10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380,639 1,574,793 1,787,056r 1,729,440 1,704,164 1,788,669 1,787,056r 1,821,298r 1,870,334r 1,889,523
29 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,163,309 1,354,437 1,563,894r 1,499,420 1,472,688 1,569,831 1,563,894r 1,596,169r 1,646,694r 1,663,060
30
Deposits2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 706,536
773,703
839,108r
841,095
787,465
848,097
839,108r
847,968r
873,341r
891,067
31
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456,773
580,734
724,786
658,325
685,223
721,734
724,786
748,201
773,353
771,993
220,356
223,162
230,020
231,476
218,838
223,162
225,129
223,640
226,463
32 Banks’ custody liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,330
33
U.S. Treasury bills and certificates5 . . . . . . . . . . . . . . . . . . . .
18,267
26,978
23,723
24,095
24,592
22,342
23,723
22,144
23,486
22,507
34
Other negotiable and readily
49,311
52,400
48,756
44,169
47,790
49,988
48,756
48,341
48,174
48,660
transferable instruments6 . . . . . . . . . . . . . . . . . . . . . . .
35
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,752
140,978
150,683
161,756
159,094
146,508
150,683
154,644
151,980
155,296
36 Other foreigners11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
Deposits2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

518,962
383,570
115,925
267,645

805,483
572,665
148,658
424,007

758,249r
534,746r
152,360r
382,386r

793,968
569,976
161,051
408,925

794,348
563,120
154,906
408,214

780,853
546,829
155,310
391,519

758,249r
534,746r
152,360r
382,386r

784,416r
553,283r
157,312r
395,971r

824,386r
597,942r
158,743r
439,199r

804,391
568,644
155,931
412,713

40
41
42

135,392
28,388

232,818
44,727

223,503
32,904

223,992
32,419

231,228
33,797

234,024
38,124

223,503
32,904

231,133r
35,157

226,444
34,877

235,747
38,435

82,363
24,641

136,192
51,899

143,138
47,461

144,814
46,759

149,671
47,760

149,341
46,559

143,138
47,461

148,467r
47,509

146,900
44,667

152,178
45,134

Memo
44 Own foreign offices12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125,352

1,349,777

1,552,945r 1,507,750

1,455,981

1,535,303

43

Banks’ custodial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury bills and certificates5 . . . . . . . . . . . . . . . . . . . .
Other negotiable and readily
transferable instruments6 . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes ‘‘holdings of
dollars’’ of the International Monetary Fund.

1,552,945r 1,577,104r 1,632,541r 1,664,727

9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in ‘‘Official institutions.’’ Includes positions with affiliated banking offices also included in memo line (44) above.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) above.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.

Bank-Reported Data
3.17

LIABILITIES TO FOREIGNERS

47

Reported by Banks in the United States1—Continued

Payable in U.S. dollars
Millions of dollars, end of period
2005
Item

2003

2004

2006

2005
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

Area or Country
45 Total, all foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,315,606

2,911,516

3,059,461r 3,026,466

3,006,250

3,087,592

3,059,461r 3,131,424r 3,215,346r 3,223,626

46 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,301,457

2,895,862

3,041,830r 3,008,361

2,987,306

3,070,185

3,041,830r 3,113,895

47 Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48 Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49 Belgium13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50 Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54 Greece . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56 Luxembourg13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59 Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60 Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64 Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66 Channel Islands and Isle of Man14 . . . . . . . . . . . . . . . . . . . . . .
67 Yugoslavia15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68 Other Europe and other former U.S.S.R.16 . . . . . . . . . . . . . . .

781,550 1,050,895
4,826
4,355
9,359
13,512
3,631
3,147
1,783
1,088
40,719
81,852
46,806
54,822
1,264
1,178
6,215
7,198
35,855
50,305
15,857
18,170
22,429
32,742
952
1,545
41,673
70,186
9,902
8,410
7,082
6,118
110,626
99,224
13,748
5,188
332,528
470,304
20,802
21,262
162
110
55,331
100,179

1,211,282r
3,603
16,043
1,537
3,612
71,360
56,905
1,234
7,094
55,510r
14,606
25,981
2,717
101,335
9,489
4,771
140,510
9,895
555,079r
29,554
119
100,328r

1,190,169 1,174,510 1,247,949
4,095
5,242
4,141
17,892
19,069
18,863
2,364
1,765
2,413
898
972
1,366
77,958
87,755
88,252
64,670
61,615
60,071
1,113
1,375
1,236
5,653
6,814
9,885
59,399
59,765
65,524
18,745
18,727
22,233
31,499
24,911
20,338
2,680
3,746
2,860
86,022
88,986
90,716
9,786
10,850
11,199
3,299
3,959
4,671
149,045
97,382
151,109
5,736
6,946
10,214
533,113
552,705
558,855
27,614
27,230
29,568
102
100
112
88,486
94,596
94,323

1,211,282r
3,603
16,043
1,537
3,612
71,360
56,905
1,234
7,094
55,510r
14,606
25,981
2,717
101,335
9,489
4,771
140,510
9,895
555,079r
29,554
119
100,328r

3,195,220r 3,202,864

1,256,474 1,307,805 1,318,949
4,275
4,266
5,460
18,387
17,758
18,156
2,231
2,358
2,073
5,967
953
1,603
90,305
97,033
85,305
57,682
58,321
61,478
1,509
1,505
1,308
7,846
6,806
5,941
57,707
56,932
56,081
17,580
19,614
20,740
25,234
24,387
39,225
3,164
2,747
3,804
99,023
94,220
91,133
10,484
11,040
11,138
3,899
4,135
5,812
102,905
117,405
139,587
10,072
12,658
10,525
610,857
642,784
623,116
28,977
30,390
28,417
104
103
97
98,266
102,390
107,950

69 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,590

34,248

33,161

38,925

38,492

37,434

33,161

37,072

38,959r

32,184

70 Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71 Argentina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73 Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74 Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75 Ecuador . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76 Guatemala . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78 Panama . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79 Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80 Uruguay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81 Venezuela . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82 Other Latin America17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

110,566
9,758
16,283
4,438
4,235
2,567
1,547
35,389
4,093
1,401
3,670
21,222
5,963

135,970
10,817
15,186
7,299
6,286
2,687
1,530
50,575
4,513
1,971
4,150
24,573
6,383

133,351
9,600
11,968
8,896
6,429
3,357
1,643
42,584
5,260
3,063
4,729
27,295
8,527

126,523
9,334
12,865
7,038
6,123
2,833
1,638
40,650
4,699
3,222
5,002
25,392
7,727

131,884
9,572
13,760
6,734
7,026
2,957
1,642
41,843
4,772
3,135
4,857
27,603
7,983

145,007
9,983
17,599
7,467
6,702
3,026
1,632
49,338
4,983
2,613
4,984
28,230
8,450

133,351
9,600
11,968
8,896
6,429
3,357
1,643
42,584
5,260
3,063
4,729
27,295
8,527

138,618
9,605
14,004
10,146
7,197
3,080
1,993
42,312
5,139
3,004
5,654
27,691
8,793

142,555
9,541
16,313
9,580
9,786
3,203
1,842
43,856
5,164
2,550
5,712
25,436
9,572

146,132
9,847
19,330
12,281
10,537
3,344
1,778
42,193
5,823
2,798
5,455
23,103
9,643

83 Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
84 Bahamas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85 Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86 Cayman Islands18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87 Cuba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88 Jamaica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89 Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90 Trinidad and Tobago . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91 Other Caribbean17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

969,986 1,212,209 1,214,717r 1,212,575 1,207,176 1,200,678 1,214,717r 1,242,092 1,278,852 1,289,014
153,554
186,097
212,764
190,138
192,534
203,620
212,764
216,992
231,140
225,885
38,964
92,577
52,146r
65,216
63,393
54,039
52,146r
56,757
56,798
55,424
739,204
884,980
907,167
917,539
911,598
903,088
907,167
926,009
947,577
963,038
96
110
120
116
116
118
120
120
121
122
669
829
917
981
829
784
917
695
1,201
905
8,689
5,863
6,396
4,944
5,233
4,794
6,396
6,104
6,098
6,809
1,253
1,624
2,830
2,901
2,541
2,441
2,830
2,961
2,849
3,348
27,557
40,129
32,377
30,740
30,932
31,794
32,377
32,454
33,068
33,483

92 Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
China
Mainland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Korea (South) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Middle Eastern oil-exporting countries19 . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

373,024

420,635

407,862r

402,016

397,338

396,838

407,862r

396,737

381,895

373,002

13,236
26,808
49,557
14,534
14,373
12,223
162,003
12,647
1,683
7,226
23,626
35,108

52,767
26,496
42,788
11,154
5,903
11,214
167,008
12,421
2,949
11,355
38,257
38,323

46,460
23,278
34,077r
13,737
4,306
9,789
155,515
27,091
3,785
9,973
49,500r
30,351r

57,610
20,015
37,101
11,562
2,805
6,685
154,221
20,580
2,619
10,397
48,120
30,301

50,033
20,746
38,004
11,164
3,226
6,485
152,939
21,112
3,195
12,290
49,518
28,626

42,499
20,484
36,001
12,084
3,521
5,965
152,196
26,108
3,014
11,033
52,899
31,034

46,460
23,278
34,077r
13,737
4,306
9,789
155,515
27,091
3,785
9,973
49,500r
30,351r

49,509
22,390
28,611
12,036
3,547
9,035
148,251
26,568
3,474
9,249
53,255
30,812

34,190
22,265
32,246
11,075
3,319
8,558
145,173
26,775
3,544
11,638
55,608
27,504

34,273
19,490
25,442
13,254
7,806
7,485
138,526
25,457
3,436
12,711
57,062
28,060

105 Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106 Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107 Morocco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108 South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109 Congo (formerly Zaire) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110 Oil-exporting countries20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,828
2,336
376
3,715
18
3,498
3,885

14,580
2,711
156
3,284
4
4,326
4,099

20,217
4,980
138
3,048
7
6,905
5,139

15,582
2,439
166
3,764
4
5,195
4,014

15,296
2,261
152
3,820
5
4,669
4,389

17,750
3,315
105
3,386
12
6,138
4,794

20,217
4,980
138
3,048
7
6,905
5,139

21,049
5,071
162
3,175
4
7,490
5,147

22,470
5,241
131
3,541
5
8,538
5,014

18,047
4,366
231
3,898
3
4,690
4,859

112 Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
114 New Zealand21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115 All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,913
14,020
2,465
428

27,325
23,391
3,429
505

21,240r
17,767
3,007r
466

22,571
19,008
2,820
743

22,610
18,818
3,051
741

24,529
19,576
4,113
840

21,240r
17,767
3,007r
466

21,853
17,002
4,331
520

22,684
17,439
4,712
533

25,536
20,558
4,355
623

116 Nonmonetary international and regional organizations . . . . . . .
117 International22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118 Latin American regional23 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
119 Other regional24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,149
10,500
420
3,166

15,654
11,542
1,993
2,006

17,631
12,828
2,036
2,673

18,105
13,429
3,004
1,602

18,944
14,157
3,181
1,525

17,407
12,701
2,515
2,089

17,631
12,828
2,036
2,673

17,529r
13,566r
1,709
2,153

20,126
16,481
1,626
1,928

20,762
16,743
1,604
2,320

93
94
95
96
97
98
99
100
101
102
103
104

13. Before January 2001, data for Belgium–Luxembourg were combined.
14. Before January 2001, these data were included in data reported for the United
Kingdom.
15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under ‘‘Other Europe.’’
16. Includes the Bank for International Settlements and the European Central Bank.
17. Before January 2001, data for ‘‘Other Latin America’’ and ‘‘Other Caribbean’’ were
combined in ‘‘Other Latin America and Caribbean.’’
18. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.

19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
20. Comprises Algeria, Gabon, Libya, and Nigeria.
21. Before January 2001, these data were included in ‘‘All other.’’
22. Principally the International Bank for Reconstruction and Development. Excludes
‘‘holdings of dollars’’ of the International Monetary Fund.
23. Principally the Inter-American Development Bank.
24. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in ‘‘Other Europe.’’

48

Federal Reserve Bulletin Statistical Supplement

3.18

BANKS’ OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars

May 2006

Reported by Banks in the United States1

Millions of dollars, end of period
2005
Area or country

2003

2004

2006

2005
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

1 Total, all foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,322,363

1,664,223

1,830,075

1,863,507

1,812,904

1,893,707

1,830,075

1,887,852r 1,973,893r 1,966,036

2 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,317,292

1,880,388r 1,968,061r 1,958,822

1,658,247

1,822,825

1,853,836

1,805,865

1,887,914

1,822,825

3 Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Belgium2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Greece . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Luxembourg2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20 Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 Channel Islands and Isle of Man3 . . . . . . . . . . . . . . . . . .
23 Yugoslavia4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Other Europe and other former U.S.S.R.5 . . . . . . . . . . . .

591,018
4,819
6,910
2,814
8,160
63,719
25,811
238
7,310
5,512
21,415
17,666
2,106
1,233
2,295
15,269
78,716
2,149
268,822
43,099
0
12,955

806,546
4,429
7,751
735
11,840
90,941
26,196
94
16,906
5,864
22,090
25,517
1,576
1,089
8,452
17,027
114,167
2,542
404,844
26,878
0
17,608

897,436
4,101
11,859
864
9,247
88,560
29,976
95
18,482
8,200
20,864
12,848
830
1,267
8,371
9,452
143,871
3,270
470,205
31,124
0
23,950

930,530
4,551
16,305
2,493
9,014
89,631
32,774
108
17,256
7,021
20,302
20,728
1,312
1,013
9,812
10,979
170,296
3,229
462,937
28,273
0
22,496

868,887
5,344
16,363
801
8,609
85,416
31,742
185
18,120
8,301
18,223
23,857
1,216
824
9,246
10,538
103,555
3,097
472,734
29,524
0
21,192

940,280
4,157
15,139
1,207
9,622
86,963
32,993
177
18,507
8,561
18,243
20,534
925
1,148
8,118
9,112
159,548
3,194
492,905
29,584
0
19,643

897,436
4,101
11,859
864
9,247
88,560
29,976
95
18,482
8,200
20,864
12,848
830
1,267
8,371
9,452
143,871
3,270
470,205
31,124
0
23,950

928,468
5,219
19,304
499
8,416
97,799
27,416r
163r
17,381
9,083
19,584
16,052
829
1,197
9,790
8,190
95,813
3,380
532,845
30,793
0
24,714

970,059
4,224
18,446
1,022
9,407
89,029
28,350
299
17,688
9,382
22,663
14,868
677
1,356
12,649
11,965
106,592
3,213
563,062
30,512
0
24,655

992,101
4,540
15,922
365
9,256
89,641
28,022
236
18,274
9,087
19,916
18,594
607
2,109
12,137
13,460
166,161
3,189
528,685
30,652
0
21,248

25 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52,140

51,088

63,420

56,479

57,864

58,292

63,420

53,252

56,858

61,069

26 Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27 Argentina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29 Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 Ecuador . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32 Guatemala . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34 Panama . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35 Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Uruguay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37 Venezuela . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38 Other Latin America6 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51,517
3,819
15,825
6,094
2,026
404
781
13,583
1,844
1,370
465
2,911
2,395

49,378
2,220
14,094
6,213
2,645
469
866
13,440
1,939
1,529
403
2,844
2,716

51,031
2,282
15,040
6,639
2,432
581
872
14,599
2,074
1,226
446
2,271
2,569

48,303
2,342
13,659
6,227
2,653
526
731
13,623
1,905
1,331
459
2,502
2,345

49,974
2,338
14,583
6,639
2,685
565
752
14,085
1,751
1,279
512
2,311
2,474

52,243
2,222
16,259
6,775
2,652
637
867
14,432
1,855
1,218
435
2,435
2,456

51,031
2,282
15,040
6,639
2,432
581
872
14,599
2,074
1,226
446
2,271
2,569

54,647
2,296
17,937
6,480
2,952
570
965
15,086
1,881
1,159
459
2,296
2,566

53,283
2,406
17,142
6,489
2,838
597
1,014
14,467
1,911
1,159
437
2,247
2,576

52,474
2,244
15,901
6,565
2,902
572
986
14,765
2,173
1,188
455
2,173
2,550

39 Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40 Bahamas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41 Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42 Cayman Islands7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43 Cuba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44 Jamaica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45 Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46 Trinidad and Tobago . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47 Other Caribbean6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

492,705
73,709
14,889
391,524
0
377
6,629
665
4,912

596,931
80,183
33,294
469,166
0
351
5,554
755
7,628

611,061
105,686
17,846
473,605
0
442
4,443
906
8,133

641,158
98,498
21,606
505,698
0
418
5,006
826
9,106

646,657
85,036
24,396
521,914
0
432
4,846
900
9,133

641,041
94,042
26,627
505,364
0
413
4,410
786
9,399

611,061
105,686
17,846
473,605
0
442
4,443
906
8,133

651,259r
124,018
21,201
492,593
0
484r
4,484
931r
7,548

687,146r
132,140
21,903
518,720
0
454r
4,619
792r
8,518

667,053
115,937
22,246
514,321
0
465
4,517
771
8,796

48 Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
China
49
Mainland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52 India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53 Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54 Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56 Korea (South) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57 Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58 Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59 Middle Eastern oil-exporting countries8 . . . . . . . . . . . . .
60 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119,562

142,656

187,613

167,184

171,404

184,685

187,613

181,257

189,146

172,238

4,134
9,659
7,190
1,588
838
5,122
62,059
11,395
1,693
989
6,782
8,113

9,267
10,589
5,622
2,117
555
1,326
82,207
15,531
993
1,144
7,022
6,283

14,780
8,626
8,398
2,518
435
4,285
103,458
17,226
1,790
7,796
12,329
5,972

17,421
7,934
6,974
2,737
572
3,186
83,480
16,669
1,085
8,318
11,432
7,376

19,409
8,134
8,352
2,698
578
3,183
86,046
17,193
1,211
8,995
8,967
6,638

19,712
7,196
8,072
2,693
518
4,370
101,185
15,956
1,319
8,066
9,412
6,186

14,780
8,626
8,398
2,518
435
4,285
103,458
17,226
1,790
7,796
12,329
5,972

16,262
5,754
7,034
2,524
389
4,172
108,219
16,158
907
6,487
7,808
5,543

17,688
6,003
6,395
3,189
415
4,115
114,179
15,183
956
7,765
8,615
4,643

16,910
6,422
7,529
2,063
436
3,243
100,941
11,923
1,202
6,837
9,257
5,475

61 Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62 Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63 Morocco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64 South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65 Congo (formerly Zaire) . . . . . . . . . . . . . . . . . . . . . . . . . .
66 Oil-exporting countries9 . . . . . . . . . . . . . . . . . . . . . . . . . .
67 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,453
236
46
453
0
147
571

1,262
228
53
318
0
223
430

1,536
422
31
331
0
312
440

1,400
453
33
219
0
337
358

1,564
413
20
438
0
332
361

1,483
453
19
193
0
397
421

1,536
422
31
331
0
312
440

1,588
448
45
318
0
338
439

1,314
341
29
194
0
312
438

1,521
431
41
312
0
288
449

68 Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70 New Zealand10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71 All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,897
8,037
819
41

10,386
9,695
609
82

10,728
10,009
541
178

8,782
7,841
848
93

9,515
8,875
531
109

9,890
9,085
580
225

10,728
10,009
541
178

9,917
8,839
801
277

10,255
9,337
609
309

12,366
11,492
541
333

72 Nonmonetary international and regional organizations11 . .

5,071

5,976

7,250

9,671

7,039

5,793

7,250

7,464r

5,832

7,214

1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. Before January 2001, combined data reported for Belgium–Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under ‘‘Other Europe.’’

5. Includes the Bank for International Settlements and the European Central Bank.
6. Before January 2001, ‘‘Other Latin America’’ and ‘‘Other Caribbean’’ were reported as
combined ‘‘Other Latin America and Caribbean.’’
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in ‘‘All other.’’
11. Excludes the Bank for International Settlements, which is included in ‘‘Other Europe.’’

Bank-Reported Data
3.19

49

Reported by Banks in the United States1

BANKS’ OWN AND DOMESTIC CUSTOMERS’ CLAIMS ON FOREIGNERS
Payable in U.S. dollars
Millions of dollars, end of period

2005
Type of claim

2003

2004

2006

2005
Sept.

Oct.

Nov.

Dec.

Jan.r

Feb.

Mar.p

1 Total claims reported by banks . . . . . . . . . .

1,596,965

2,026,841

2,274,815

2,293,179

. . .

. . .

2,274,815

. . .

. . .

. . .

2 Banks’ own claims on foreigners . . . . . . . . . .
3 Foreign official institutions2 . . . . . . . . . . . . .
4 Foreign banks3 . . . . . . . . . . . . . . . . . . . . . . .
5 Other foreigners4 . . . . . . . . . . . . . . . . . . . . .

1,322,363
57,897
980,099
284,367

1,664,223
77,868
1,187,954
398,401

1,830,075
78,281
1,382,455
369,339

1,863,507
88,613
1,376,109
398,785

1,812,904
95,466
1,299,080
418,358

1,893,707
88,216
1,396,698
408,793

1,830,075
78,281
1,382,455
369,339

1,887,852
81,409
1,412,621
393,822

1,973,893r
79,069
1,491,533
403,291r

1,966,036
79,643
1,485,050
401,343

6 Claims on banks’ domestic customers5 . . . . . .
7 Non-negotiable deposits . . . . . . . . . . . . . . .
8 Negotiable CDs . . . . . . . . . . . . . . . . . . . . . .
9 Other short-term negotiable instruments6 . .
10 Other claims . . . . . . . . . . . . . . . . . . . . . . . . .

274,602
129,787
71,791
63,225
9,799

362,618
152,520
107,533
88,423
14,142

444,740
176,858
110,337
137,589
19,956

429,672
172,701
111,032
128,094
17,845

500,085
376

668,255
3,970

740,077
2,804

739,436
3,971

734,168
4,723

746,823
4,019

740,077
2,804

805,720
3,376

833,783
2,387

820,327
2,679

5,328
816,574
934,166

3,888
988,110
1,097,873

7,255
1,079,939
1,280,539

9,012
1,111,088
1,284,592

11,530
1,062,483
1,200,720

11,637
1,131,228
1,286,411

7,255
1,079,939
1,280,539

8,642
1,070,114
1,314,749

10,520
1,127,203r
1,374,209

9,768
1,133,262
1,405,248

344,753

479,422

471,095

527,668

550,242

533,490

471,095

503,107

539,636r

510,998

Memo
11 Non-negotiable deposits7 . . . . . . . . . . . . . . . . .
12 Negotiable CDs7 . . . . . . . . . . . . . . . . . . . . . . .
13 Other short-term negotiable
instruments7 . . . . . . . . . . . . . . . . . . . . . .
14 Other claims7 . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Own foreign offices8 . . . . . . . . . . . . . . . . . . . .
16 Loans collateralized by repurchase
agreements9 . . . . . . . . . . . . . . . . . . . . . . .

1. For banks’ claims, data are monthly; for claims of banks’ domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) above.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) above.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

444,740
176,858
110,337
137,589
19,956

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.

50

Federal Reserve Bulletin Statistical Supplement

3.22

LIABILITIES TO FOREIGNERS
the United States

May 2006

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2004
Type of liability, and area or country

2002

2003

2005

2004
Sept.

Dec.

Mar.

June

Sept.

Dec.

1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67,664

83,240

108,339

103,204

108,339

107,795

106,811

107,242

103,169

By type
2 Financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Short-term negotiable securities1 . . . . . . . . . . . . . . . . . . . . . . . .

39,561
n.a.

53,150
14,002

79,177
11,759

73,818
11,415

79,177
11,759

75,039
9,027

70,927
13,152

70,121
11,319

65,708
11,608

n.a.

39,148

67,418

62,403

67,418

66,012

57,775

58,802

54,100

n.a.
n.a.

8,498
22,946

6,315
49,882

3,558
45,766

6,315
49,882

8,163
45,852

10,570
34,151

16,868
32,124

13,245
29,786

18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.

25,055
28,095
1,431
10,372
11,425
2,493
2,374

45,905
33,272
2,399
9,067
18,337
1,564
1,905

43,617
30,201
1,981
7,678
17,420
1,642
1,480

45,905
33,272
2,399
9,067
18,337
1,564
1,905

42,608
32,431
2,296
11,159
15,532
1,379
2,065

46,891
24,036
1,774
16,183
3,250
1,604
1,225

45,423
24,698
1,837
16,355
2,802
1,770
1,934

38,695
27,013
2,024
16,241
3,028
2,460
3,260

4 Other liabilities1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Of which:
5 Borrowings1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Repurchase agreements1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
8
9
10
11
12
13

By currency
U.S. dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom pounds sterling . . . . . . . . . . . . . . . . . . . . . .
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14 Financial liabilities to unaffiliated
foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
By area or country
15 Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Belgium–Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39,561

43,610

62,847

57,142

62,847

51,809

44,929

42,146

44,019

34,335
144
5,243
2,923
1,825
61
22,531

34,832
709
3,543
3,531
284
517
23,886

38,690
775
1,349
2,911
363
514
29,473

43,134
677
2,290
3,335
340
431
28,166

38,690
775
1,349
2,911
363
514
29,473

35,304
590
1,550
5,276
413
282
25,017

30,904
641
1,093
7,591
129
114
16,703

28,216
567
1,070
7,827
380
53
15,795

29,590
371
887
7,955
407
122
17,225

22

Memo:
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,211

9,855

7,049

9,579

7,049

9,413

10,942

11,667

11,537

23

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

591

1,239

2,433

1,956

2,433

2,283

2,080

2,058

2,038

24
25
26
27
28
29
30
31

Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
British West Indies4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,504
23
990
65
365
n.a.
31
1

4,235
0
711
242
n.a.
3,114
34
3

16,196
0
8,715
208
n.a.
7,178
26
18

7,297
0
2,382
185
n.a.
4,591
24
22

16,196
0
8,715
208
n.a.
7,178
26
18

9,076
0
801
263
n.a.
7,871
30
11

8,101
0
115
306
n.a.
7,583
20
5

6,984
0
77
141
n.a.
6,497
47
30

7,188
0
77
142
n.a.
6,698
44
31

32
33
34

Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Middle Eastern oil-exporting countries5 . . . . . . . . . . . . . . . .

2,932
1,832
14

2,547
1,826
36

4,724
1,648
36

4,589
1,664
30

4,724
1,648
36

4,347
1,365
33

3,697
1,642
2

4,143
1,792
35

4,401
1,871
173

35
36

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

131
91

123
92

131
94

119
93

131
94

132
95

108
96

123
96

130
97

37

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

68

634

673

47

673

667

39

622

672

Nonbank-Reported Data
3.22

LIABILITIES TO FOREIGNERS
the United States—Continued

51

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2004
Type of liability, and area or country

2002

2003

2005

2004
Sept.

Dec.

Mar.

June

Sept.

Dec.

38 Commercial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39 Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40 Advance payments and other liabilities . . . . . . . . . . . . . . . . . . .

28,103
14,699
13,404

30,090
17,174
12,916

29,162
18,181
10,981

29,386
18,362
11,024

29,162
18,181
10,981

32,756
21,321
11,435

35,884
22,497
13,387

37,121
23,785
13,336

37,461
23,050
14,411

41
42
43
44
45
46
47

By currency
Payable in U.S. dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payable in foreign currencies2 . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom pounds sterling . . . . . . . . . . . . . . . . . . . . . .
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.

27,632
2,458
199
787
606
209
657

25,811
3,351
224
1,058
704
296
1,069

26,090
3,296
241
1,030
600
302
1,123

25,811
3,351
224
1,058
704
296
1,069

29,533
3,223
200
1,026
634
314
1,049

33,010
2,874
143
1,028
585
119
999

34,335
2,786
163
1,041
397
286
899

34,637
2,824
171
1,009
477
309
858

48
49
50
51
52
53
54

By area or country
Commercial liabilities
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Belgium–Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,257
141
765
781
590
433
2,649

9,821
159
900
855
384
1,367
3,025

9,030
123
1,019
1,024
305
564
3,407

8,843
133
1,050
1,021
315
616
3,127

9,030
123
1,019
1,024
305
564
3,407

9,861
100
1,600
1,020
322
739
3,376

10,729
103
1,669
965
402
893
3,203

11,344
124
1,816
1,006
329
1,106
3,442

10,574
109
1,870
1,113
489
1,113
2,882

55

Memo
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,200

4,198

3,731

3,831

3,731

4,414

5,076

5,288

5,406

56

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,588

2,166

2,145

1,995

2,145

2,143

2,179

2,836

2,375

57
58
59
60
61
62
63
64

Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
British West Indies4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,073
51
538
253
36
n.a.
1,170
177

3,406
14
513
233
n.a.
40
1,298
329

4,276
32
515
113
n.a.
101
1,942
433

4,317
35
635
98
n.a.
29
1,925
477

4,276
32
515
113
n.a.
101
1,942
433

4,894
66
511
97
n.a.
29
2,154
640

5,360
79
774
127
n.a.
76
2,210
522

5,228
74
621
143
n.a.
100
1,921
738

5,748
70
713
218
n.a.
76
2,209
680

65
66
67

Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Middle Eastern oil-exporting countries5 . . . . . . . . . . . . . .

13,382
4,292
3,979

13,311
4,370
3,148

12,239
4,221
2,910

12,707
4,288
3,312

12,239
4,221
2,910

14,339
5,317
3,855

16,127
5,671
4,221

16,408
5,892
3,862

17,427
5,971
3,986

68
69

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . .

827
405

782
372

947
424

956
488

947
424

935
447

1,009
627

851
459

916
493

70

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

976

604

525

568

525

584

480

454

421

71

Memo
Financial liabilities to foreign affiliates8 . . . . . . . . . . . . . . . . . .

9,540

16,330

16,676

16,330

23,230

25,998

27,975

21,689

n.a.

1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).

6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1–6 above.

52

Federal Reserve Bulletin Statistical Supplement

3.23

CLAIMS ON FOREIGNERS
the United States

May 2006

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2004
Type of claim, and area or country

1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2002

2003

2005

2004
Sept.

Dec.

Mar.

June

Sept.

Dec.

102,566

165,901

197,696

192,336

197,696

199,565

179,440

184,061

180,350

71,389
27,064
44,325

132,332
35,920
3,211

164,981
47,883
9,892

160,552
50,314
7,595

164,981
47,883
9,892

167,204
52,316
11,912

146,768
48,975
8,894

152,935
51,353
11,845

146,794
45,735
13,180

n.a.
44,064

157
93,201

103
107,206

70
102,643

103
107,206

94
102,976

173
88,899

82
89,737

65
87,879

n.a.
n.a.

69,208
3,253

59,683
24,034

64,968
17,685

59,683
24,034

64,386
12,737

57,548
8,069

56,381
8,499

51,034
7,511

109,139
37,629
10,031
10,935
7,714
4,007
4,942

112,967
39,968
10,837
11,712
8,853
4,058
4,508

107,829
38,965
10,850
10,994
7,906
3,748
5,467

7
8

By type
Financial claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-negotiable deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Negotiable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Of which:
Negotiable CDs1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Of which:
Loans1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase agreements1 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9
10
11
12
13
14
15

By currency
U.S. dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom pounds sterling . . . . . . . . . . . . . . . . . . . . . .
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.

122,879
9,453
912
2,776
3,242
831
1,692

121,909
43,072
1,329
20,651
9,219
7,345
4,528

124,592
35,960
1,278
13,129
9,618
7,829
4,106

121,909
43,072
1,329
20,651
9,219
7,345
4,528

123,380
43,824
7,216
17,593
7,687
6,111
5,217

16 Financial claims on unaffiliated
foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
By area or country
17 Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Belgium–Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

n.a.

67,347

110,517

101,867

110,517

113,673

99,407

107,997

107,955

29,018
722
3,247
4,245
3,648
383
10,663

28,970
391
3,049
2,859
2,789
617
11,438

48,714
2,177
1,452
5,386
7,389
978
23,982

47,040
292
3,620
2,299
3,149
585
26,641

48,714
2,177
1,452
5,386
7,389
978
23,982

53,001
2,651
3,177
7,126
7,692
827
25,105

40,479
1,998
4,593
4,534
1,738
1,185
17,601

43,500
801
4,338
3,335
3,313
1,249
22,028

44,263
586
2,872
4,298
2,698
1,389
22,577

24

Memo:
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17,281

15,067

22,053

14,965

22,053

25,235

18,609

18,074

17,529

25

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,013

5,311

6,412

5,825

6,412

11,361

11,905

14,290

15,335

26
27
28
29
30
31
32
33

Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
British West Indies4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29,612
1,038
724
2,286
21,528
n.a.
2,921
104

26,215
1,049
564
1,832
n.a.
20,015
1,629
131

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

42,091
1,346
1,063
1,833
n.a.
35,188
1,527
139

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

39,893
1,899
2,128
1,839
n.a.
31,162
1,727
164

38,945
3,436
1,316
1,486
n.a.
30,448
1,392
62

41,643
3,802
1,113
1,793
n.a.
31,768
1,968
167

39,454
2,024
1,303
2,079
n.a.
30,350
2,037
170

34
35
36

Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Middle Eastern oil-exporting countries5 . . . . . . . . . . . . . . . .

5,358
1,277
79

5,317
1,194
158

6,840
993
137

5,633
1,050
138

6,840
993
137

7,680
981
133

6,500
965
114

6,792
788
93

6,740
746
242

37
38

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

395
25

419
12

306
8

258
3

306
8

290
16

282
23

347
55

425
37

39

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,993

1,115

1,096

1,020

1,096

1,448

1,296

1,425

1,738

2
3
4
5
6

International Statistics
3.23

53

CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in
the United States—Continued
Millions of dollars, end of period
2004
Type of claim, and area or country

2002

2003

2005

2004
Sept.

Dec.

Mar.

June

Sept.

Dec.

40 Commercial claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41 Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42 Advance payments and other claims . . . . . . . . . . . . . . . . . . . . .

31,177
26,385
4,792

33,569
28,618
4,951

32,715
29,229
3,486

31,784
27,346
4,438

32,715
29,229
3,486

32,361
27,844
4,517

32,672
28,576
4,096

31,126
27,535
3,591

33,556
29,187
4,369

43
44
45
46
47
48
49

By currency
Payable in U.S. dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payable in foreign currencies2 . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom pounds sterling . . . . . . . . . . . . . . . . . . . . . .
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.

25,494
8,075
1,557
1,542
1,187
589
3,200

27,439
5,276
512
1,561
1,586
238
1,379

27,908
3,876
446
1,026
1,169
191
1,044

27,439
5,276
512
1,561
1,586
238
1,379

27,608
4,753
499
1,530
1,110
239
1,375

28,347
4,325
407
1,442
1,098
153
1,225

27,417
3,709
372
1,227
780
206
1,124

29,898
3,658
481
1,335
706
187
949

50
51
52
53
54
55
56

By area or country
Commercial claims
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Belgium–Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,187
269
3,164
1,202
1,490
503
3,727

14,552
247
2,816
1,273
395
1,921
3,928

13,457
257
2,261
1,401
494
1,528
3,742

13,000
298
2,582
1,331
396
1,218
3,815

13,457
257
2,261
1,401
494
1,528
3,742

13,369
366
2,865
1,476
490
1,283
3,295

13,096
402
2,233
1,477
461
1,319
3,119

12,183
396
2,023
1,438
339
1,358
3,053

12,084
470
2,311
1,509
354
724
2,677

57

Memo
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,580

7,340

6,894

6,832

6,894

7,766

7,412

6,740

7,664

58

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,790

3,070

2,017

2,260

2,017

2,137

2,139

2,001

2,750

59
60
61
62
63
64
65
66

Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
British West Indies4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,346
31
287
750
19
n.a.
1,259
288

5,153
26
460
903
n.a.
52
1,339
230

6,477
55
650
935
n.a.
160
2,018
319

6,141
58
766
905
n.a.
124
1,767
263

6,477
55
650
935
n.a.
160
2,018
319

6,509
41
591
1,049
n.a.
75
1,859
365

6,310
29
581
952
n.a.
143
1,838
393

6,524
27
498
1,028
n.a.
294
1,812
390

6,757
41
648
1,022
n.a.
61
2,089
380

67
68
69

Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Middle Eastern oil-exporting countries5 . . . . . . . . . . . . . .

7,324
2,341
818

7,352
1,757
888

8,943
1,855
1,071

8,601
1,847
961

8,943
1,855
1,071

8,447
1,918
1,146

9,245
1,930
1,317

8,561
1,717
1,271

10,073
2,128
1,558

70
71

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . .

584
95

636
138

629
154

783
209

629
154

767
205

873
226

788
234

830
258

72

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,946

2,806

1,192

999

1,192

1,132

1,009

1,069

1,062

73

Memo
Financial claims on foreign affiliates8 . . . . . . . . . . . . . . . . . . . .

n.a.

64,985

54,464

58,685

54,464

53,531

47,361

44,938

38,839

1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).

6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial claims on foreign affiliates of
insurance underwriting subsidiaries of bank/financial holding companies and other financial
intermediaries. These data are included in lines 1–8 above.

54
3.24

Federal Reserve Bulletin Statistical Supplement

May 2006

FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2006
Transaction, and area or country

2004

2005

2006

2005
Jan.–
Mar.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

U.S. corporate securities

Stocks
1 Foreign purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,862,043
2 Foreign sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,833,567

4,467,936
4,388,783

1,278,638
1,221,930

410,817
387,794

420,182
412,227

381,685
376,793

386,338
376,745

416,565
395,377

396,397
379,917

465,676
446,636

3 Net purchases, or sales (−) . . . . . . . . . . . . . . . . . . . . . . . . .

28,476

79,153

56,708

23,023

7,955

4,892

9,593

21,188

16,480

19,040

4 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28,616

79,196

56,678

23,014

7,943

4,904

9,571

21,181

16,474

19,023

Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Channel Islands and Isle of Man1 . . . . . . . . . . . . . . . . . . . .
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . .
Middle East2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19,571
−876
−2,360
1,697
−1,194
15,208
−180
1,292
631
6,485
−320
2,832
−41
998

38,861
7,283
−3,329
−2,271
1,294
19,192
379
15,930
14,205
1,656
8,159
101
299
86

40,762
6,669
2,156
−492
2,972
25,427
−45
4,447
7,419
2,183
1,409
722
86
372

15,479
642
124
1,009
−14
11,775
42
3,786
2,333
7
1,538
75
29
−158

2,201
−312
−145
10
178
637
82
1,084
3,331
113
1,122
656
−11
103

4,135
4,591
146
126
914
−2,087
59
1,768
−679
169
−278
15
3
−214

4,115
−1,747
−297
−1,299
72
6,329
8
1,804
1,546
−25
1,544
531
−17
604

13,365
5,289
−630
813
912
4,572
−10
739
3,520
1,025
2,198
1,546
32
302

12,433
1,129
1,467
−833
1,489
8,399
−105
529
3,423
312
−431
−40
70
138

14,964
251
1,319
−472
571
12,456
70
3,179
476
846
−358
−784
−16
−68

19 Nonmonetary international and
regional organizations . . . . . . . . . . . . . . . . . . . . . . . .

−140

−43

30

9

12

−12

22

7

6

17

20 Foreign purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,380,796
21 Foreign sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,844,895

2,389,867r
1,789,965r

678,197
493,202

214,012
149,427

217,823
146,049

201,386
155,897

200,784r
153,843r

205,823r
152,077r

230,429r
166,257r

241,945
174,868

5
6
7
8
9
10
11
12
13
14
15
16
17
18

Bonds3

22 Net purchases, or sales (−) . . . . . . . . . . . . . . . . . . . . . . . . .

535,901

599,902r

184,995

64,585

71,774

45,489

46,941r

53,746r

64,172r

67,077

23 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

533,422

596,780r

183,987

63,781

71,715

45,347

46,166r

53,349r

63,868r

66,770

24
25
26
27
28
29
30
31
32
33
34
35
36
37

Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Channel Islands and Isle of Man1 . . . . . . . . . . . . . . . . . . . .
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . .
Middle East2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

256,263
7,369
12,124
1,929
6,972
160,243
6,477
12,095
105,994
4,702
151,858
77,905
512
1,998

303,530r
15,071
12,503
4,176
4,792
208,283
13,494
14,955
82,028
2,956
186,731
85,213
288
6,292

92,528
1,321
4,736
206
2,497
67,968
1,591
5,537
26,456
2,092
54,766
13,284
−127
2,735

36,794
3,773
1,406
808
1,106
25,701
1,680
1,386
7,694
993
16,346
10,185
220
348

33,297
255
2,172
205
864
18,465
2,244
2,627
9,487
−576
26,226
15,269
25
629

28,485
2,113
1,183
164
842
20,082
1,366
2,066
−3,539
−454
18,608
11,681
−23
204

24,824r
1,383
783
29
135
19,444
351
1,015
2,825
157
16,783
5,902
−27
589

20,636r
−1,705
2,045
7
506r
13,123r
1,126
371
10,384
667
21,029
7,035
−91
353

29,922r
1,513
1,186
−124
1,536r
21,023r
95
1,657
9,811
717
20,925r
4,986
−126
962r

41,970
1,513
1,505
323
455
33,822
370
3,509
6,261
708
12,812
1,263
90
1,420

38 Nonmonetary international and
regional organizations . . . . . . . . . . . . . . . . . . . . . . . .

2,479

3,122

1,008

804

59

142

775

397

304

307

Foreign securities
39 Stocks, net purchases, or sales (−) . . . . . . . . . . . . . . . . . . . .
40 Foreign purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41 Foreign sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42 Bonds, net purchases, or sales (−) . . . . . . . . . . . . . . . . . . . .
43 Foreign purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44 Foreign sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−84,970
1,664,076
1,749,046
−67,872
1,459,043
1,526,915

−126,735
2,187,103
2,313,838
−28,603r
1,453,571
1,482,174r

−34,224
780,489
814,713
−9,852
445,050
454,902

−6,579
191,194
197,773
−10,485
121,735
132,220

−5,991
227,057
233,048
2,755
147,259
144,504

−17,241
229,794
247,035
841
107,627
106,786

−16,725
222,344
239,069
−5,575r
116,522
122,097r

−10,371
235,235
245,606
−2,265
139,155
141,420

−11,949r
262,094r
274,043r
−75r
140,772
140,847r

−11,904
283,160
295,064
−7,512
165,123
172,635

45 Net purchases, or sales (−), of stocks and bonds . . . . . . .

−152,842

−155,338r

−44,076

−17,064

−3,236

−16,400

−22,300r

−12,636

−12,024r

−19,416

46 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−141,025

−147,998r

−44,200

−16,979

−3,317

−16,103

−22,379r

−12,539

−11,807r

−19,854

47
48
49
50
51
52
53

Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . .
Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−124,892
−5,492
9,184
−12,814
−20,640
1,591
−8,602

−65,536r
−4,820
−17,868
−44,452
−32,668
−1,627
−13,695

−18,182
−7,164
−1,624
−15,225
−2,412
−1,051
−954

−2,967
−2,621
−4,449
−5,659
−5,798
36
−1,319

4,268
−683
−5,083
−1,536
−3,938
−41
−242

−1,765
−1,601
−328
−11,177
−8,677
−837
−395

−12,677r
−806
140
−6,685
−4,107
50
−2,401

−470
−3,219
−1,353
−6,709
−1,891
−277
−511

−5,524r
−1,497r
168r
−4,547r
−152r
−270r
−137r

−12,188
−2,448
−439
−3,969
−369
−504
−306

54 Nonmonetary international and
regional organizations . . . . . . . . . . . . . . . . . . . . . . . .

−11,817

−7,340

124

−85

81

−297

79

−97

−217

438

1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).

3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.

Securities Holdings and Transactions
3.25

MARKETABLE U.S. TREASURY BONDS AND NOTES

55

Foreign Transactions1

Millions of dollars; net purchases, or sales (−), during period
2006
Area or country

2004

2005

2006

2005
Jan.–
Mar.

Sept.

Oct.

Nov.

Dec.

29,873

22,722

29,847

54,531

17,960r

4,907r

21,894r

3,072

4,485r

22,156r

3,398

1 Total estimated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,079

363,891r

2 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,360

r

30,039

22,833

29,415

54,460

17,666r

360,942

Jan.

Feb.

Mar.p

3
4
5
6
7
8
9
10
11
12
13

Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Belgium2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Luxembourg2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Channel Islands and Isle of Man3 . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Europe and former U.S.S.R. . . . . . . . . . . . . . . . . . . . . . . . . .
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

88,431
118
8,804
−575
−3,153
3,236
5,342
78,661
1,175
−5,177
16,098

177,604r
500
14,636
2,332
−6,054
1,908
−3,501
134,347
699
32,737r
21,418

21,812
648
−4,081
−68
−412
1,628
425
31,612
485
−8,425
6,416

7,077
77
99
615
−484
246
−219
9,191
60
−2,508
34

13,366
−53
1,146
−146
340
−176
−17
5,227
212
6,833
3,240

38,179
405
937
4
−1,854
481
−957
34,023
356
4,784
2,565

10,477r
482
1,712
194
−1,075
−869
−379
10,728
−171
−145r
−114

11,738r
367
−1,607
−186
−130
1,169
−264
10,032
370
1,987r
1,837

5,201r
119
−611
−9
−716
−337
595
5,503
−24
681r
3,421

4,873
162
−1,863
127
434
796
94
16,077
139
−11,093
1,158

14
15
16
17
18
19
20
21

Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,544
Venezuela . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−15
Other Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . . 21,963
Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,596
Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,788
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,377
Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
677
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . −2,178

87,635
513
86,283
839
70,888
−3,359
2,222
1,175

−10,394
28
−11,888
1,466
12,252
−19,136
1,455
−1,502

4,940
34
4,617
289
10,540
3,101
143
99

9,118
94
9,125
−101
2,054
−6,352
804
833

7,543
106
7,357
80
5,715
422
373
85

−1,466
142
−2,617
1,009
8,606
2,260
106
57

−11,232
−119
−11,470
357
3,506
−13,026
102
−1,466

−9,237
52
−8,752
−537
22,151
8,075
901
−281

10,075
95
8,334
1,646
−13,405
−14,185
452
245

719
2
−26

2,949
2,552
−8

−166
−153
−2

−111
−129
40

432
433
10

71
80
−3

294
280
1

422
388
0

−262
−220
−2

−326
−321
0

Memo
25 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,360
26 Official institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,140
27 Other foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,220

360,942r
59,302r
301,640r

30,039
12,920
17,119

22,833
−2,124
24,957

29,415
4,881
24,534

54,460
3,526
50,934

17,666r
5,609r
12,057r

4,485r
8,081r
−3,596r

22,156r
11,114r
11,042

3,398
−6,275
9,673

2,065
2,027

4,165
1,244

−199
180

1,241
994

743
438

1,548
23

2,177
253

965
844

1,023
147

22 Nonmonetary international and regional organizations . . . . . . . . . . . . .
23 International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Latin American Caribbean regional . . . . . . . . . . . . . . . . . . . . . . . . . .

Oil-exporting countries
28 Middle East4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29 Africa5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,041
249

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.

3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.

56

Federal Reserve Bulletin Statistical Supplement

May 2006

3.28

FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2005
Item

2003

2004

2006

2005
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

74.23
2.2809
1.1615
8.0755
6.2844
1.1861
7.7531
45.56
118.46
3.7780
10.627
69.47
6.7242
1.6738
6.3480
1,022.38
101.977
7.9518
1.3053
33.286
41.076
174.58
2,144.62

75.05
2.2666
1.1572
8.0654
6.1530
1.2126
7.7537
44.20
115.48
3.7530
10.542
68.72
6.6287
1.6310
6.0760
981.44
102.016
7.6697
1.2773
32.035
39.519
176.86
2,144.64

74.18
2.1587
1.1489
8.0512
6.2514
1.1940
7.7593
44.23
117.86
3.7276
10.484
67.35
6.7526
1.6286
6.1153
969.84
102.194
7.8226
1.3052
32.319
39.343
174.80
2,144.62

72.66
2.1528
1.1573
8.0350
6.2025
1.2028
7.7591
44.34
117.28
3.7040
10.749
63.42
6.6317
1.6211
6.2436
974.71
102.648
7.8109
1.3050
32.459
38.947
174.42
2,144.60

Exchange rates
Country/Currency Unit
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Australia/dollar2 . . . . . . . . . . . . . . . . . . . . . . . . .
Brazil/real . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canada/dollar . . . . . . . . . . . . . . . . . . . . . . . . . . .
China, P.R./yuan . . . . . . . . . . . . . . . . . . . . . . . .
Denmark/krone . . . . . . . . . . . . . . . . . . . . . . . . .
European Monetary Union/euro3 . . . . . . . . . . . .
Hong Kong/dollar . . . . . . . . . . . . . . . . . . . . . . .
India/rupee . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan/yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Malaysia/ringgit . . . . . . . . . . . . . . . . . . . . . . . . .
Mexico/peso . . . . . . . . . . . . . . . . . . . . . . . . . . . .
New Zealand/dollar2 . . . . . . . . . . . . . . . . . . . . .
Norway/krone . . . . . . . . . . . . . . . . . . . . . . . . . .
Singapore/dollar . . . . . . . . . . . . . . . . . . . . . . . . .
South Africa/rand . . . . . . . . . . . . . . . . . . . . . . . .
South Korea/won . . . . . . . . . . . . . . . . . . . . . . . .
Sri Lanka/rupee . . . . . . . . . . . . . . . . . . . . . . . . .
Sweden/krona . . . . . . . . . . . . . . . . . . . . . . . . . . .
Switzerland/franc . . . . . . . . . . . . . . . . . . . . . . . .
Taiwan/dollar . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thailand/baht . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom/pound2 . . . . . . . . . . . . . . . . . .
Venezuela/bolivar . . . . . . . . . . . . . . . . . . . . . . .

65.24
3.0750
1.4008
8.2772
6.5774
1.1321
7.7875
46.59
115.94
3.8000
10.793
58.22
7.0803
1.7429
7.5550
1,192.08
96.541
8.0787
1.3450
34.405
41.556
163.47
1,613.43

73.65
2.9262
1.3017
8.2768
5.9891
1.2438
7.7891
45.26
108.15
3.8000
11.290
66.43
6.7399
1.6902
6.4402
1,145.24
101.268
7.3480
1.2428
33.372
40.271
183.30
1,886.13

76.27
2.4352
1.2115
8.1936
5.9953
1.2449
7.7775
44.00
110.11
3.7869
10.894
70.49
6.4412
1.6639
6.3606
1,023.75
100.383
7.4710
1.2459
32.131
40.252
182.04
2,107.13

75.35
2.2536
1.1774
8.0895
6.2064
1.2022
7.7559
44.76
114.87
3.7735
10.835
69.83
6.5103
1.6915
6.5878
1,045.88
101.485
7.8433
1.2880
33.468
40.895
176.51
2,144.60

73.53
2.2109
1.1815
8.0840
6.3277
1.1789
7.7538
45.63
118.45
3.7782
10.672
68.97
6.6399
1.6981
6.6554
1,040.76
101.800
8.1157
1.3110
33.580
41.097
173.49
2,144.66
Indexes4

Nominal
24 Broad (January 1997=100)5 . . . . . . . . . . . . . . . .
25 Major currencies (March 1973=100)6 . . . . . . . .
26 Other important trading partners (January
1997=100)7 . . . . . . . . . . . . . . . . . . . . . . . . .

119.09
93.00

113.59
85.37

110.81
83.78

111.70
85.12

112.51
86.58

111.79
85.83

110.18
84.44

110.46
85.22

110.63
85.17

143.54

143.39

138.90

138.78

138.26

137.72

136.02

135.35

135.88

104.47r
97.56r

99.83r
90.60r

98.29r
90.50r

100.15r
93.07r

100.00r
94.07r

98.89r
92.77r

97.98r
91.95r

98.07r
92.94r

98.62
93.00

123.25r

121.87r

118.08r

119.02r

117.21r

116.28r

115.17r

114.01r

115.27

Real
27 Broad (March 1973=100)5 . . . . . . . . . . . . . . . . .
28 Major currencies (March 1973=100)6 . . . . . . . .
29 Other important trading partners (March
1973=100)7 . . . . . . . . . . . . . . . . . . . . . . . . .

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board’s G.5 (405) monthly statistical release, available at
www.federalreserve.gov/releases.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564

Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds

1,936.27
40.3399
2.20371
200.482
166.386

Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas

4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811–818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country’s trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Reuters Limited.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Reuters Limited.

57

Guide to Special Tables
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title, Table Number, and Reporting Date for Data

Issue

Page Reference

Assets and liabilities of commercial banks, 4.20
December 31, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 2005
June 2005
September 2005
December 2005
March 2006

58
58
58
58
58

Supplement
Supplement
Supplement
Supplement
Supplement

Terms of lending at commercial banks, 4.23
May 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
August 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
November 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
February 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

August 2005
November 2005
February 2006
May 2006

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Assets and liabilities of U.S. branches and agencies of foreign banks, 4.30
March 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

August 2005
November 2005
February 2006
May 2006

64
64
64
64

Supplement
Supplement
Supplement
Supplement

Pro forma financial statements for Federal Reserve priced services, 4.31*
March 31, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

August 2001
October 2001
January 2002

A76
A64
A64

Bulletin
Bulletin
Bulletin

Residential lending reported under the Home Mortgage Disclosure Act, 4.34−4.411
1989–2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1990–2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1991–2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September 2002
September 2003
September 2004

A58
A58
58

Bulletin
Bulletin
Supplement

Disposition of applications for private mortgage insurance, 4.42−4.45
1998–2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1999–2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2000–2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September 2002
September 2003
September 2004

A67
A67
67

Bulletin
Bulletin
Supplement

Small loans to businesses and farms, 4.46−4.48
1996–2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1996–2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1997–2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1998–2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September 2002
September 2003
September 2004
September 2005

A70
A70
70
60

Bulletin
Bulletin
Supplement
Supplement

Community development lending reported under the Community Reinvestment Act, 4.49
2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September 2002
September 2003
September 2004
September 2005

A73
A73
73
63

Bulletin
Bulletin
Supplement
Supplement

*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board’s yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).

58
4.23

Federal Reserve Bulletin Statistical Supplement
TERMS OF LENDING AT COMMERCIAL BANKS

May 2006

Survey of Loans Made, February 6–10, 2006

A. Commercial and industrial loans made by all commercial banks1
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

1 All commercial and industrial loans . . . . . .
2 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
3 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
5 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.32
5.28
5.42
6.14
7.31

69,684
2,176
12,850
26,037
17,256

429
636
1,000
442
349

By maturity/repricing interval
6 Zero interval . . . . . . . . . . . . . . . . . . . . . . . . .
7 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
8 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
10 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.21
6.77
6.53
7.24
7.84

17,067
220
1,262
6,261
4,402

11 Daily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
13 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
15 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.63
4.94
5.25
5.49
7.36

16 2 to 30 days . . . . . . . . . . . . . . . . . . . . . . . . .
17 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
18 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
20 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 31 to 365 days . . . . . . . . . . . . . . . . . . . . . . .
22 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
23 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
25 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maturity/repricing
interval2 and
risk of loans3

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity5

Percent of amount of loans (percent)

Commitment status

Secured by
collateral

Subject to
prepayment
penalty

Prime based

Percent made
under
commitment

Average
months since
loan terms
set6

551
254
331
537
641

37.8
28.7
14.9
35.4
59.0

28.6
31.8
50.8
23.1
20.8

27.3
12.8
9.5
25.6
39.5

79.0
70.7
74.1
73.1
86.4

10.9
8.8
7.7
10.8
16.6

183
199
230
198
150

706
635
735
711
810

62.6
82.3
68.9
58.6
71.5

8.3
11.2
2.6
3.4
3.6

72.3
64.3
50.8
73.0
79.4

90.4
88.9
86.7
92.8
89.6

9.3
10.3
9.4
11.3
8.1

17,118
1,483
4,449
8,726
2,241

1,085
3,547
2,027
1,127
475

202
50
105
220
395

12.4
4.6
6.5
14.5
20.6

33.6
40.0
43.9
32.7
13.6

8.6
5.7
7.2
8.1
13.1

49.5
60.0
41.7
48.5
56.9

13.1
10.9
19.0
13.3
6.7

5.70
5.09
5.13
5.74
6.12

21,446
244
5,631
7,684
3,734

1,038
605
3,402
1,104
440

519
875
340
574
471

25.1
65.4
6.8
37.3
38.9

41.0
11.9
66.5
25.5
41.6

6.1
.5
1.5
6.7
11.0

85.7
95.4
92.8
79.6
82.5

6.3
1.0
4.0
8.8
8.1

6.83
6.22
6.03
6.44
7.28

9,439
194
1,220
1,750
4,952

518
173
549
270
1,384

459
337
435
618
232

64.8
94.1
23.1
48.2
85.4

21.8
18.6
59.0
28.9
11.1

16.0
19.8
5.7
12.5
22.2

91.3
97.4
89.1
82.4
97.4

21.7
7.6
4.6
8.6
34.2

41.7
93.9
30.0
33.1
44.7

42.5
33.6
28.0
28.5
54.8

52.0
45.4
33.9
41.5
79.0

89.7
86.4
91.0
88.3
92.5

9.9
3.0
7.8
12.6
8.9

84.1
73.9
46.0
19.6

8.0
11.4
24.4
37.3

72.9
67.4
31.8
10.2

84.5
91.6
89.0
69.6

8.2
9.8
12.2
10.6

92.3
74.0

11.5
10.5

Days

Loan Risk

Months
26 More than 365 days . . . . . . . . . . . . . . . . . . .
27 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
28 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
30 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.52
6.94
6.55
6.99
8.45

4,415
27
284
1,551
1,862

365
77
223
297
806

56
47
59
46
66

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2
Days

Size of Loan
(thousands of dollars)
31
32
33
34

1–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100–999 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000–9,999 . . . . . . . . . . . . . . . . . . . . . . . . .
10,000 or more . . . . . . . . . . . . . . . . . . . . . . .

8.01
7.47
6.51
5.77

2,948
10,086
20,046
36,604

3.3
3.3
3.3
3.0

154
141
132
116

Average size
(thousands
of dollars)
Base Rate of Loan7
35 Prime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Footnotes appear at end of table.

7.78
5.78

19,040
50,644

3.5
3.0

220
91

64.6
27.7

12.6
34.6

165
1081

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

59

Survey of Loans Made, February 6–10, 2006—Continued

B. Commercial and industrial loans made by all domestic banks1
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

1 All commercial and industrial loans . . . . . .
2 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
3 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
5 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.69
5.38
5.77
6.45
7.66

46,208
1,685
5,790
18,790
12,638

291
510
469
326
261

By maturity/repricing interval
6 Zero interval . . . . . . . . . . . . . . . . . . . . . . . . .
7 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
8 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
10 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.24
6.75
6.90
7.22
7.84

16,151
213
963
6,059
4,273

11 Daily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
13 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
15 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.62
4.99
5.35
5.61
7.97

16 2 to 30 days . . . . . . . . . . . . . . . . . . . . . . . . .
17 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
18 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
20 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 31 to 365 days . . . . . . . . . . . . . . . . . . . . . . .
22 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
23 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
25 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maturity/repricing
interval2 and
risk of loans3

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity5

Percent of amount of loans (percent)

Commitment status

Secured by
collateral

Subject to
prepayment
penalty

Prime based

Percent made
under
commitment

Average
months since
loan terms
set6

656
187
498
657
772

50.4
25.1
26.1
41.5
74.8

15.1
25.7
18.0
12.1
12.9

40.0
16.4
20.7
34.1
53.1

80.4
62.7
66.9
75.3
93.5

14.6
12.5
17.1
12.7
19.7

174
195
178
193
147

690
603
783
699
788

62.4
84.9
60.4
58.1
72.0

8.5
11.6
3.4
3.4
3.7

73.9
66.5
65.7
72.3
80.0

89.9
88.5
82.5
92.5
89.3

9.5
10.3
12.4
11.3
8.0

9,479
1,253
2,218
5,415
521

630
3,089
1,069
733
116

317
56
171
324
1,515

17.7
3.1
12.9
15.5
88.7

19.8
31.3
23.1
18.0
.3

15.0
6.7
14.3
12.3
56.5

46.2
52.6
42.8
41.3
90.2

22.5
14.7
36.5
21.5
12.0

6.07
5.20
5.29
6.16
6.88

9,155
30
1,918
4,459
1,565

483
91
1,345
696
195

673
193
559
759
674

46.0
81.9
17.4
48.6
80.0

14.5
8.0
19.8
10.2
18.8

13.6
3.9
4.3
10.6
25.3

86.1
94.3
79.6
87.2
93.6

10.4
4.2
9.8
10.4
11.7

7.09
6.33
7.07
6.58
7.41

7,194
171
418
1,467
4,369

405
153
194
229
1,298

380
378
602
685
197

74.5
93.3
53.5
47.9
86.9

9.6
7.8
11.4
23.1
3.6

20.8
22.4
16.7
14.7
25.0

91.7
97.1
84.5
83.6
98.6

27.8
8.0
13.8
9.4
38.0

44.9
97.6
30.4
38.7
44.2

41.7
3.6
25.5
20.2
55.3

55.9
63.6
34.4
48.3
78.9

88.8
78.8
90.5
86.3
92.4

10.1
.4
7.7
13.5
8.9

84.2
76.2
55.3
28.5

7.9
10.3
17.8
16.6

73.0
69.3
40.9
19.6

84.4
92.0
92.7
64.4

8.2
9.7
14.1
19.8

92.1
72.5

11.6
17.1

Days

Loan Risk

Months
26 More than 365 days . . . . . . . . . . . . . . . . . . .
27 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
28 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
30 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.69
7.96
6.59
7.23
8.46

4,037
18
270
1,324
1,845

337
50
214
255
804

57
55
60
47
66

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2
Days

Size of Loan
(thousands of dollars)
31
32
33
34

1–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100–999 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000–9,999 . . . . . . . . . . . . . . . . . . . . . . . . .
10,000 or more . . . . . . . . . . . . . . . . . . . . . . .

8.02
7.51
6.76
6.01

2,931
9,566
14,688
19,023

3.3
3.3
3.3
3.1

155
144
164
192

Average size
(thousands
of dollars)
Base Rate of Loan7
35 Prime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Footnotes appear at end of table.

7.77
5.96

18,491
27,717

3.5
3.1

224
136

64.9
40.8

12.7
16.7

161
631

60
4.23

Federal Reserve Bulletin Statistical Supplement
TERMS OF LENDING AT COMMERCIAL BANKS

May 2006

Survey of Loans Made, February 6–10, 2006—Continued

C. Commercial and industrial loans made by large domestic banks1
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

1 All commercial and industrial loans . . . . . .
2 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
3 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
5 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.51
5.14
5.47
6.27
7.61

40,377
1,509
5,096
16,610
10,438

486
2,251
1,190
652
380

By maturity/repricing interval
6 Zero interval . . . . . . . . . . . . . . . . . . . . . . . . .
7 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
8 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
10 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.09
6.36
6.60
7.07
7.72

13,846
163
751
5,089
3,480

11 Daily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
13 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
15 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.48
4.97
5.17
5.53
7.82

16 2 to 30 days . . . . . . . . . . . . . . . . . . . . . . . . .
17 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
18 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
20 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 31 to 365 days . . . . . . . . . . . . . . . . . . . . . . .
22 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
23 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
25 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maturity/repricing
interval2 and
risk of loans3

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity5

Percent of amount of loans (percent)

Commitment status

Secured by
collateral

Subject to
prepayment
penalty

Prime based

Percent made
under
commitment

Average
months since
loan terms
set6

628
146
461
635
729

45.8
17.8
18.6
36.7
72.3

15.9
27.6
18.6
12.1
13.7

36.9
11.7
15.4
30.0
50.4

79.6
58.9
64.4
73.7
95.3

15.5
13.5
19.3
13.5
21.2

257
405
377
321
228

714
603
897
707
848

59.7
84.9
54.6
53.2
72.5

9.3
15.0
4.1
3.5
3.3

72.5
56.9
59.8
70.5
76.6

89.4
85.1
78.0
92.6
88.9

9.8
10.2
14.6
11.7
8.1

9,050
1,246
2,096
5,254
391

1,029
11,339
1,770
1,336
128

247
55
165
311
282

14.1
2.9
8.4
13.2
86.4

20.7
31.5
24.4
18.5
.0

11.4
6.3
9.4
9.7
48.7

44.3
52.4
41.4
39.8
87.4

24.2
14.9
39.4
22.7
14.7

5.97
5.72
5.21
6.04
6.82

8,497
7
1,841
4,092
1,405

620
112
2,806
1,061
212

655
329
551
759
564

43.5
83.3
15.6
46.0
78.1

14.0
.0
19.0
9.5
17.9

11.4
5.0
4.0
7.6
21.9

86.1
81.1
78.9
86.3
97.8

11.0
5.8
10.0
11.3
12.4

6.90
5.22
6.26
6.24
7.35

5,603
87
237
1,125
3,543

1,844
1,233
719
1,505
2,539

391
403
795
748
178

70.7
94.4
23.5
43.6
84.6

8.7
.4
13.3
18.9
3.0

14.6
4.5
12.9
6.0
18.8

92.7
98.1
88.0
83.2
99.8

32.0
9.0
21.0
11.2
42.1

34.9
*
10.5
27.8
34.3

48.2
*
14.9
23.7
61.6

60.0
*
18.9
49.0
88.8

95.7
*
97.8
91.8
99.0

10.2
*
9.7
12.8
9.2

85.8
72.6
52.6
27.3

11.9
11.6
17.9
16.5

73.4
72.1
39.5
18.6

90.5
94.4
92.8
63.6

8.9
11.1
14.7
19.7

93.1
71.7

12.2
18.0

Days

Loan Risk

Months
26 More than 365 days . . . . . . . . . . . . . . . . . . .
27 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
28 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
30 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.68
*
5.87
7.05
8.66

3,207
*
166
995
1,560

1,371
*
1,566
1,065
2,673

54
*
44
43
65

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2
Days

Size of Loan
(thousands of dollars)
31
32
33
34

1–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100–999 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000–9,999 . . . . . . . . . . . . . . . . . . . . . . . . .
10,000 or more . . . . . . . . . . . . . . . . . . . . . . .

7.68
7.34
6.69
5.97

1,563
6,997
13,305
18,511

3.5
3.3
3.3
3.1

44
81
153
191

Average size
(thousands
of dollars)
Base Rate of Loan7
35 Prime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Footnotes appear at end of table.

7.66
5.84

14,889
25,488

3.5
3.0

244
102

61.0
36.8

14.2
16.9

247
1,116

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

61

Survey of Loans Made, February 6–10, 2006—Continued

D. Commercial and industrial loans made by small domestic banks1
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

1 All commercial and industrial loans . . . . . .
2 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
3 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
5 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.90
7.42
7.95
7.85
7.89

5,831
177
694
2,180
2,200

77
67
86
68
105

By maturity/repricing interval
6 Zero interval . . . . . . . . . . . . . . . . . . . . . . . . .
7 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
8 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
10 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.11
8.03
7.97
7.98
8.36

2,306
49
211
970
793

11 Daily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
13 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
15 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.36
8.11
8.42
8.29
8.42

16 2 to 30 days . . . . . . . . . . . . . . . . . . . . . . . . .
17 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
18 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
20 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 31 to 365 days . . . . . . . . . . . . . . . . . . . . . . .
22 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
23 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
25 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maturity/repricing
interval2 and
risk of loans3

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity5

Percent of amount of loans (percent)

Commitment status

Secured by
collateral

Subject to
prepayment
penalty

Prime based

Percent made
under
commitment

Average
months since
loan terms
set6

851
485
753
835
975

82.8
87.6
80.7
77.5
86.8

9.6
9.0
13.3
11.5
9.0

61.8
56.8
59.4
65.0
65.7

85.7
95.8
85.2
87.9
85.1

8.4
7.0
5.1
7.3
11.6

60
72
62
62
57

548
602
473
651
530

78.9
85.0
81.0
83.4
69.6

3.2
.0
.7
2.6
5.5

82.6
97.9
86.7
81.5
95.2

92.9
99.8
98.5
92.3
90.7

8.0
10.6
6.1
9.1
7.6

430
7
122
160
131

69
24
137
46
90

1,799
263
255
774
4,582

91.4
51.6
91.1
89.5
95.6

.4
.0
.0
.2
1.2

91.6
77.2
98.2
96.4
79.7

86.1
100.0
67.4
89.1
98.4

4.6
1.3
5.9
3.8
4.8

7.36
5.03
7.04
7.51
7.33

658
23
76
367
160

125
86
99
144
116

894
157
733
752
1,549

78.5
81.4
60.0
77.3
96.2

21.4
10.6
40.4
17.5
27.0

42.2
3.6
11.4
43.9
54.9

86.5
98.7
97.8
96.4
56.4

2.3
3.8
6.0
1.7
.9

7.78
7.48
8.12
7.70
7.63

1,591
84
181
342
826

108
80
99
60
419

338
352
385
479
277

88.1
92.2
92.8
62.2
96.6

12.9
15.4
8.8
36.7
6.1

42.6
41.0
21.8
43.1
51.3

87.9
96.1
80.0
85.2
93.6

12.1
7.1
3.4
3.6
18.9

83.6
96.8
62.2
71.6
98.9

16.4
4.7
42.4
9.8
20.8

39.8
82.0
59.3
46.2
24.4

62.0
73.2
78.9
69.6
56.6

9.8
.5
3.7
16.2
6.2

82.5
86.3
81.3
*

3.3
6.8
16.6
*

72.4
61.6
53.9
*

77.5
85.5
91.6
*

7.3
5.7
8.8
*

88.1
81.9

8.6
8.1

Days

Loan Risk

Months
26 More than 365 days . . . . . . . . . . . . . . . . . . .
27 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
28 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
30 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.69
8.45
7.74
7.76
7.40

830
14
104
329
285

86
40
90
77
166

67
51
82
57
72

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2
Days

Size of Loan
(thousands of dollars)
31
32
33
34

1–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100–999 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000–9,999 . . . . . . . . . . . . . . . . . . . . . . . . .
10,000 or more . . . . . . . . . . . . . . . . . . . . . . .

8.40
7.97
7.49
*

1,367
2,569
1,383
*

3.2
3.2
3.5
*

280
312
264
*

Average size
(thousands
of dollars)
Base Rate of Loan7
35 Prime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Footnotes appear at end of table.

8.23
7.36

3,601
2,229

3.4
3.3

141
518

80.7
86.1

6.4
14.7

66
106

62
4.23

Federal Reserve Bulletin Statistical Supplement
TERMS OF LENDING AT COMMERCIAL BANKS

May 2006

Survey of Loans Made, February 6–10, 2006—Continued

E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks1
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

1 All commercial and industrial loans . . . . . .
2 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
3 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
5 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.61
4.96
5.14
5.33
6.34

23,477
491
7,060
7,247
4,618

6,281
4,082
14,063
5,717
4,318

By maturity/repricing interval
6 Zero interval . . . . . . . . . . . . . . . . . . . . . . . . .
7 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
8 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
10 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.78
*
5.36
8.02
7.89

916
*
300
202
128

11 Daily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
13 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
15 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.66
*
5.15
5.29
7.17

16 2 to 30 days . . . . . . . . . . . . . . . . . . . . . . . . .
17 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
18 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
19 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
20 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 31 to 365 days . . . . . . . . . . . . . . . . . . . . . . .
22 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
23 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
24 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
25 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maturity/repricing
interval2 and
risk of loans3

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity5

Percent of amount of loans (percent)

Commitment status

Secured by
collateral

Subject to
prepayment
penalty

Prime based

Percent made
under
commitment

Average
months since
loan terms
set6

359
460
206
242
304

12.8
41.1
5.7
19.5
15.6

55.1
53.0
77.7
51.5
42.4

2.3
.3
.2
3.8
2.5

76.3
98.1
80.0
67.2
66.8

3.0
.7
1.3
4.9
4.5

1,237
*
4,119
830
944

969
*
619
1,286
1,487

65.5
*
96.4
74.4
55.7

5.1
*
.0
5.5
1.8

44.0
*
3.0
94.4
60.0

100.0
*
100.0
100.0
100.0

5.5
*
1.4
11.5
11.5

7,639
*
2,231
3,311
1,719

10,437
*
18,555
9,288
7,690

68
*
44
57
112

5.9
*
.0
12.9
.0

50.6
*
64.6
56.7
17.7

.6
*
.1
1.2
.0

53.5
*
40.6
60.3
46.9

2.1
*
.5
2.4
3.6

5.42
5.07
5.04
5.15
5.58

12,291
214
3,713
3,224
2,170

7,311
2,822
16,151
5,791
4,522

408
978
233
322
339

9.5
63.1
1.3
21.7
9.3

60.7
12.5
90.5
46.7
58.1

.4
.0
.0
1.2
.6

85.5
95.6
99.5
69.1
74.6

3.1
.5
1.7
6.0
4.8

5.98
*
5.48
5.71
6.36

2,245
*
802
282
582

4,906
*
12,076
3,569
2,761

709
*
357
275
497

33.7
*
7.2
49.4
74.2

60.7
*
83.8
59.4
67.3

.5
*
.0
.9
1.4

90.3
*
91.5
76.1
88.6

2.1
*
.2
3.8
2.9

7.5
*
*
*
*

51.2
*
*
*
*

10.5
*
*
*
*

100.0
*
*
*
*

8.2
*
*
*
*

60.4
31.5
20.4
9.9

26.5
31.6
42.5
59.6

57.8
32.6
6.9
.0

97.1
85.8
78.9
75.2

7.3
11.2
5.7
1.9

95.9
75.9

10.7
2.8

Days

Loan Risk

Months
26 More than 365 days . . . . . . . . . . . . . . . . . . .
27 Minimal risk . . . . . . . . . . . . . . . . . . . . . . .
28 Low risk . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Moderate risk . . . . . . . . . . . . . . . . . . . . . .
30 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.81
*
*
*
*

379
*
*
*
*

3,151
*
*
*
*

42
*
*
*
*

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2
Days

Size of Loan
(thousands of dollars)
31
32
33
34

1–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100–999 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000–9,999 . . . . . . . . . . . . . . . . . . . . . . . . .
10,000 or more . . . . . . . . . . . . . . . . . . . . . . .

7.07
6.66
5.83
5.51

17
520
5,358
17,581

2.8
3.3
3.2
2.8

53
83
46
35

Average size
(thousands
of dollars)
Base Rate of Loan7
35 Prime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Footnotes appear at end of table.

8.05
5.55

550
22,927

3.2
2.9

88
37

54.4
11.8

8.7
56.2

684
7,814

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

63

Survey of Loans Made, February 6–10, 2006—Continued

F. Commercial and industrial loans by date pricing terms were set and commitment status

Date pricing terms were set
and commitment status

Weightedaverage
effective
loan rate4
(percent)

Amount of
loans
(millions
of dollars)

Average loan
size
(thousands of
dollars)

Weightedaverage
risk rating3

Weightedaverage
maturity
repricing
interval2

Percent of amount of loans

Days

Secured by
collateral

Subject to
prepayment
penalty

Prime
based

All commercial banks
1 During survey week . . . . . . . . . . . . . . . . . . .
2 Not under commitment . . . . . . . . . . . . . .
3 Informal commitment . . . . . . . . . . . . . . .
4 Formal commitment . . . . . . . . . . . . . . . . .

6.12
5.74
6.18
7.00

26,518
14,630
5,948
5,940

512
599
342
597

2.9
2.9
2.7
3.2

177
68
75
547

26.6
24.3
19.1
39.6

39.4
29.3
77.9
25.5

18.4
10.1
13.5
43.6

Prior to survey week8
Up to 90 days . . . . . . . . . . . . . . . . . . . . . .
91 to 365 days . . . . . . . . . . . . . . . . . . . . .
More than 365 days . . . . . . . . . . . . . . . . .

6.07
6.48
6.77

12,579
16,260
13,968

500
268
573

3.0
3.2
3.4

103
73
115

33.3
44.5
56.1

34.4
13.2
21.5

22.0
39.8
35.2

Domestic banks
8 During survey week . . . . . . . . . . . . . . . . . . .
9 Not under commitment . . . . . . . . . . . . . .
10 Informal commitment . . . . . . . . . . . . . . .
11 Formal commitment . . . . . . . . . . . . . . . . .

6.44
5.73
7.62
7.45

15,170
9,072
1,585
4,513

302
382
93
470

3.0
2.7
2.9
3.5

280
105
197
658

35.6
27.4
69.5
40.1

14.7
7.8
18.9
27.3

31.4
16.0
50.0
55.8

Prior to survey week8
Up to 90 days . . . . . . . . . . . . . . . . . . . . . .
91 to 365 days . . . . . . . . . . . . . . . . . . . . .
More than 365 days . . . . . . . . . . . . . . . . .

6.85
6.78
6.82

5,567
12,418
13,043

227
208
547

3.3
3.1
3.5

205
78
118

60.7
55.1
58.8

15.5
11.2
19.1

47.8
50.6
36.7

Large domestic banks
15 During survey week . . . . . . . . . . . . . . . . . . .
16 Not under commitment . . . . . . . . . . . . . .
17 Informal commitment . . . . . . . . . . . . . . .
18 Formal commitment . . . . . . . . . . . . . . . . .

6.06
5.51
6.39
7.30

12,312
8,239
583
3,490

1,088
1,031
299
2,537

2.9
2.7
2.5
3.5

251
38
145
771

22.8
21.2
28.4
25.9

16.6
7.2
49.6
33.4

24.5
12.4
29.1
52.3

Prior to survey week8
Up to 90 days . . . . . . . . . . . . . . . . . . . . . .
91 to 365 days . . . . . . . . . . . . . . . . . . . . .
More than 365 days . . . . . . . . . . . . . . . . .

6.72
6.65
6.76

4,660
11,279
12,126

296
284
750

3.4
3.1
3.5

178
79
116

59.5
52.4
57.6

13.4
11.5
20.2

47.3
48.7
34.5

Small domestic banks
22 During survey week . . . . . . . . . . . . . . . . . . .
23 Not under commitment . . . . . . . . . . . . . .
24 Informal commitment . . . . . . . . . . . . . . .
25 Formal commitment . . . . . . . . . . . . . . . . .

8.07
7.87
8.34
7.96

2,858
834
1,002
1,022

73
53
67
124

3.3
3.4
3.0
3.6

403
780
227
275

90.4
88.8
93.3
88.8

6.7
13.8
1.1
6.3

61.1
51.5
62.1
68.1

Prior to survey week8
Up to 90 days . . . . . . . . . . . . . . . . . . . . . .
91 to 365 days . . . . . . . . . . . . . . . . . . . . .
More than 365 days . . . . . . . . . . . . . . . . .

7.50
8.01
7.62

906
1,139
917

104
57
120

3.2
3.1
3.9

342
59
143

67.1
82.2
75.1

26.3
8.1
4.1

50.2
69.4
65.5

Foreign banks
29 During survey week . . . . . . . . . . . . . . . . . . .
30 Not under commitment . . . . . . . . . . . . . .
31 Informal commitment . . . . . . . . . . . . . . .
32 Formal commitment . . . . . . . . . . . . . . . . .

5.69
5.76
5.66
5.56

11,348
5,558
4,364
1,427

7,594
8,046
9,512
4,138

2.9
3.2
2.6
2.2

40
8
30
191

14.5
19.4
.8
37.9

72.3
64.5
99.3
19.8

.9
.4
.3
4.9

Prior to survey week8
Up to 90 days . . . . . . . . . . . . . . . . . . . . . .
91 to 365 days . . . . . . . . . . . . . . . . . . . . .
More than 365 days . . . . . . . . . . . . . . . . .

5.46
5.54
6.13

7,012
3,842
925

10,706
3,868
1,690

2.7
3.4
2.7

22
57
83

11.6
9.9
18.6

49.4
19.5
55.6

1.5
5.2
14.7

5
6
7

12
13
14

19
20
21

26
27
28

33
34
35

Note. The Survey of Terms of Business Lending collects data on gross loan extensions
made during the first full business week in the mid-month of each quarter. The authorized
panel size for the survey is 348 domestically chartered commercial banks and 50 U.S.
branches and agencies of foreign banks. The sample data are used to estimate the terms of
loans extended during that week at all domestic commercial banks and all U.S. branches and
agencies of foreign banks. Note that the terms on loans extended during the survey week may
differ from those extended during other weeks of the quarter. The estimates reported here are
not intended to measure the average terms on all business loans in bank portfolios. The data in
this table also appear in the Board’s E.2 statistical release, available on the Board’s website
at: www.federalreserve.gov/releases.
1. As of March 31, 2003, assets of the large banks were at least $3.7 billion. Median total
assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies
averaged $3.3 billion.
2. The ‘‘maturity/repricing’’ interval measures the period from the date the loan is made
until it first may be repriced or matures. For floating-rate loans that are subject to repricing at
any time—such as many prime-based loans—the maturity/repricing interval is zero. For
floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval
measures the number of days between the date the loan is made and the date on which it is
next scheduled to reprice. For loans having rates that remain fixed until the loan matures
(fixed-rate loans), the ‘‘maturity/repricing’’ interval measures the number of days between the
date the loan is made and the date on which it matures. Loans that reprice daily mature or
reprice on the business day after they are made. Owing to weekends and holidays, such loans
may have ‘‘maturity/repricing’’ intervals in excess of one day; such loans are not included in
the 2 to 30 day category.
3. A complete description of these risk categories is available on the Board’s website at
‘‘http://www.federalreserve.gov/boarddocs/reportforms/ReportDetail.cfm?WhichFormId=

FR_2028a/s.’’ The category ‘‘Moderate risk’’ includes the average loan, under average
economic conditions, at the typical lender. The ‘‘Other’’ category includes loans rated
‘‘Acceptable’’ as well as special mention or classified loans. The weighted-average risk rating
published for loans in rows 31–36 are calculated by assigning a value of ‘‘1’’ to minimal risk
loans; ‘‘2’’ to low risk loans; ‘‘3’’ to moderate risk loans, ‘‘4’’ to acceptable risk loans; and
‘‘5’’ to special mention and classified loans. These values are weighted by loan amount and
exclude loans with no risk rating. Some of the loans in table rows 1, 6, 11, 16, 21, 26, and
31–36 are not rated for risk.
4. Effective (compounded) annual interest rates are calculated from the stated rate and
other terms of the loans and weighted by loan amount. The standard error of the loan rate for
all commercial and industrial loans in the current survey (line 1, column 1) is 0.18 percentage
point. The chances are about two out of three that the average rate shown would differ by less
than this amount from the average rate that would be found by a complete survey of the
universe of all banks.
5. Average maturities are weighted by loan amount and exclude loans with no stated
maturities.
6. For loans made under formal commitments, the average time interval between the date
on which the loan pricing was set and the date on which the loan was made, weighted by the
loan amount. For loans under informal commitment, the time interval is zero.
7. Prime-based loans are based on the lending bank’s own prime rate, any other lender’s
prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with
‘‘other’’ base rates include loan rates expressed in terms of any other base rate (e.g., the
federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan
rate.
8. For loans made under formal commitments.
* The number of loans was insufficient to provide a meaningful value.

64

Federal Reserve Bulletin Statistical Supplement

4.30

ASSETS AND LIABILITIES

May 2006

of U.S. Branches and Agencies of Foreign Banks, December 31, 20051

Millions of dollars except as noted
All states2
Item

New York

California

Total
including
IBFs3

IBFs
only3

Total
including
IBFs

IBFs
only

Total
including
IBFs

1 Total assets4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,369,907

159,347

1,215,672

127,107

17,485

2 Claims on nonrelated parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Cash and balances due from depository institutions . . . . . . . . . . . . . . . . . .
4 Cash items in process of collection and unposted debits . . . . . . . . . . . .
5 Currency and coin (U.S. and foreign) . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Balances with depository institutions in United States . . . . . . . . . . . . . .
7
U.S. branches and agencies of other foreign banks
(including their IBFs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Other depository institutions in United States (including their
IBFs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Balances with banks in foreign countries and with foreign central
banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Foreign branches of U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Banks in home country and home-country central banks . . . . . . . . . .
12
All other banks in foreign countries and foreign central banks . . . . .
13 Balances with Federal Reserve Banks . . . . . . . . . . . . . . . . . . . . . . . . . . .

983,204
80,172
3,651
11
50,734

67,563
31,930
0
n.a.
14,017

874,000
74,927
3,613
6
46,800

64,786
30,242
0
n.a.
13,024

16,352
2,078
2
3
1,374

40,673

13,813

37,372

12,837

1,171

10,062

204

9,428

187

203

25,023
224
4,277
20,522
753

17,914
95
2,605
15,214
n.a.

23,910
198
4,014
19,698
599

17,218
70
2,399
14,749
n.a.

686
25
206
455
14

Illinois
Total
including
IBFs

IBFs
only

6,102

55,161

2,586

2,340
1,645
0
n.a.
961

51,544
89
19
0
27

18
15
0
n.a.
15

961

15

15

0

12

0

684
25
206
453
n.a.

29
0
11
18
13

0
0
0
0
n.a.

IBFs
only

14 Total securities and loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

518,474

24,799

457,437

23,804

13,683

659

34,071

3

15 Total securities, book value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 Obligations of U.S. government agencies and corporations . . . . . . . . . .
18 Other bonds, notes, debentures, and corporate stock (including state
and local securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Securities of foreign governmental units . . . . . . . . . . . . . . . . . . . . . . .
20
Mortgage-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
Issued or guaranteed by U.S. government agencies . . . . . . . . . . . .
22
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Other asset-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

164,520
10,491
18,630

4,753
n.a.
n.a.

161,211
9,775
18,099

4,341
n.a.
n.a.

1,585
30
156

405
n.a.
n.a.

1,137
593
236

3
n.a.
n.a.

135,398
6,595
36,012
26,530
9,483
32,500
60,291

4,753
3,175
0
0
0
2
1,576

133,337
6,519
35,714
26,232
9,483
32,395
58,709

4,341
3,130
0
0
0
2
1,208

1,399
50
296
296
0
0
1,053

405
41
0
0
0
0
363

309
24
0
0
0
0
285

3
3
0
0
0
0
0

25 Federal funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 With depository institutions in the U.S. . . . . . . . . . . . . . . . . . . . . . . . . . .
27 With others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34,100
25,826
8,274

9,135
3,999
5,137

33,044
24,850
8,194

9,101
3,984
5,118

148
93
55

20
15
5

180
180
0

0
0
0

28 Securities purchased under agreements to resell . . . . . . . . . . . . . . . . . . . . .
29 With depository institutions in the U.S. . . . . . . . . . . . . . . . . . . . . . . . . . .
30 With others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

134,869
18,683
116,186

0
0
0

134,869
18,683
116,186

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

31 Total loans, gross . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
Less: Unearned income on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
Equals: Loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

354,482
528
353,954

20,067
21
20,046

296,677
451
296,226

19,483
20
19,463

12,124
26
12,097

255
1
254

32,940
6
32,934

0
0
0

Total loans, gross, by category
34 Real estate loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35 Loans to depository institutions and acceptances of other banks . . . . . . . .
36 Commercial banks in United States (including their IBFs) . . . . . . . . . .
37
U.S. branches and agencies of other foreign banks . . . . . . . . . . . . . . .
38
Other commercial banks in United States . . . . . . . . . . . . . . . . . . . . . .
39 Other depository institutions in United States (including their IBFs) . . .
40 Banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
Foreign branches of U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
Other banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43 Loans to other financial institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20,153
104,770
4,531
2,878
1,652
0
14,261
2
14,259
85,978

0
7,430
1,062
957
105
0
5,965
0
5,965
402

16,594
86,882
3,810
2,347
1,463
0
12,353
0
12,353
70,720

0
7,057
840
735
105
0
5,814
0
5,814
402

3,039
2,308
191
191
0
0
189
0
189
1,928

0
155
135
135
0
0
20
0
20
0

59
13,241
92
36
56
0
1,231
2
1,229
11,918

0
0
0
0
0
0
0
0
0
0

44 Commercial and industrial loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45 U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46 Non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47 Loans to foreign governments and official institutions (including
foreign central banks) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48 Loans for purchasing or carrying securities (secured and unsecured) . . . .
49 All other loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

179,906
138,770
41,135

11,827
16
11,811

145,986
111,324
34,662

11,631
16
11,615

6,546
6,176
370

100
0
100

18,654
15,349
3,305

0
0
0

2,671
15,700
30,822

590
203
18

2,285
14,632
29,851

574
203
18

0
0
230

0
0
0

160
701
114

0
0
0

50 Lease financing receivables (net of unearned income) . . . . . . . . . . . . . . . .
51 U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52 Non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

459
459
0

0
0
0

448
448
0

0
0
0

0
0
0

0
0
0

11
11
0

0
0
0

53 Trading assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54 U.S. Treasury and agency securities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55 Other trading assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

181,026
22,801
158,225

1,047
0
1,047

142,405
22,677
119,728

1,027
0
1,027

13
0
13

0
0
0

16,151
90
16,062

0
0
0

56 All other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57 Customers’ liabilities on acceptances outstanding . . . . . . . . . . . . . . . . .
58
U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
Non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60 Other assets including other claims on nonrelated parties . . . . . . . . . . .
61 Net due from related depository institutions5 . . . . . . . . . . . . . . . . . . . . . . .
62 Net due from head office and other related depository institutions5 . . . .
63 Net due from establishing entity, head office, and other related
depository institutions5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34,563
740
505
234
33,823
386,703
386,703

651
n.a.
n.a.
n.a.
651
91,783
n.a.

31,318
610
412
198
30,708
341,672
341,672

612
n.a.
n.a.
n.a.
612
62,322
n.a.

431
63
62
1
368
1,133
1,133

17
n.a.
n.a.
n.a.
17
3,761
n.a.

1,052
36
25
11
1,016
3,617
3,617

0
n.a.
n.a.
n.a.
0
2,568
n.a.

n.a.

91,783

n.a.

62,322

n.a.

3,761

n.a.

2,568

64 Total liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,369,907

159,347

1,215,672

127,107

17,485

6,102

55,161

2,586

65 Liabilities to nonrelated parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,249,218

137,779

1,112,477

105,716

11,279

6,012

52,124

2,583

Footnotes appear at end of table.

U.S. Branches and Agencies
4.30

ASSETS AND LIABILITIES

65

of U.S. Branches and Agencies of Foreign Banks, December 31, 20051—Continued

Millions of dollars except as noted
All states2
Item

66 Total deposits and credit balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67 Individuals, partnerships, and corporations (including certified
and official checks) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68
U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69
Non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70 Commercial banks in United States (including their IBFs) . . . . . . . . .
71
U.S. branches and agencies of other foreign banks . . . . . . . . . . . . . .
72
Other commercial banks in United States . . . . . . . . . . . . . . . . . . . . .
73 Banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
Foreign branches of U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
Other banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76 Foreign governments and official institutions
(including foreign central banks) . . . . . . . . . . . . . . . . . . . . . . . . . .
77 All other deposits and credit balances . . . . . . . . . . . . . . . . . . . . . . . . . .
78 Transaction accounts and credit balances (excluding IBFs) . . . . . . . . . . .
79 Individuals, partnerships, and corporations (including certified
and official checks) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
80
U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81
Non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82 Commercial banks in United States (including their IBFs) . . . . . . . . .
83
U.S. branches and agencies of other foreign banks . . . . . . . . . . . . . .
84
Other commercial banks in United States . . . . . . . . . . . . . . . . . . . . .
85 Banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86
Foreign branches of U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
Other banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88 Foreign governments and official institutions
(including foreign central banks) . . . . . . . . . . . . . . . . . . . . . . . . . .
89 All other deposits and credit balances . . . . . . . . . . . . . . . . . . . . . . . . . .
90 Nontransaction accounts (including MMDAs, excluding IBFs) . . . . . . . .
91 Individuals, partnerships, and corporations (including certified
and official checks) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
92
U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
Non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94 Commercial banks in United States (including their IBFs) . . . . . . . . .
95
U.S. branches and agencies of other foreign banks . . . . . . . . . . . . . .
96
Other commercial banks in United States . . . . . . . . . . . . . . . . . . . . .
97 Banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98
Foreign branches of U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99
Other banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100 Foreign governments and official institutions
(including foreign central banks) . . . . . . . . . . . . . . . . . . . . . . . . . .
101 All other deposits and credit balances . . . . . . . . . . . . . . . . . . . . . . . . . .
102 IBF deposit liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103 Individuals, partnerships, and corporations (including certified
and official checks) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104
U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
Non-U.S. addressees (domicile) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106 Commercial banks in United States (including their IBFs) . . . . . . . . .
107
U.S. branches and agencies of other foreign banks . . . . . . . . . . . . . .
108
Other commercial banks in United States . . . . . . . . . . . . . . . . . . . . .
109 Banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110
Foreign branches of U.S. banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
Other banks in foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112 Foreign governments and official institutions
(including foreign central banks) . . . . . . . . . . . . . . . . . . . . . . . . . .
113 All other deposits and credit balances . . . . . . . . . . . . . . . . . . . . . . . . . .
Footnotes appear at end of table.

New York

Total
excluding
IBFs3

IBFs
only3

California

Total
excluding
IBFs

IBFs
only

Illinois

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

585,146

91,132

530,711

68,395

3,515

5,036

10,820

1,125

478,727
460,810
17,917
77,550
12,456
65,094
8,505
2,226
6,279

7,392
178
7,214
15,159
11,841
3,318
34,693
1,006
33,687

433,706
423,403
10,304
69,530
12,342
57,188
8,409
2,226
6,183

4,384
178
4,206
13,509
10,292
3,217
21,773
807
20,966

2,688
1,363
1,325
94
19
75
15
0
15

63
0
63
1,146
1,050
96
2,640
199
2,441

10,589
10,542
47
219
0
219
12
0
12

4
0
4
40
40
0
735
0
735

2,984
17,380

33,699
189

2,900
16,166

28,540
189

8
709

1,187
0

0
0

347
0

11,445

n.a.

9,494

n.a.

160

n.a.

158

n.a.

10,025
7,076
2,948
272
27
245
556
0
556

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

8,195
6,591
1,605
271
27
244
488
0
488

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

136
99
37
0
0
0
15
0
15

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

158
155
3
0
0
0
0
0
0

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

346
247

n.a.
n.a.

296
244

n.a.
n.a.

6
2

n.a.
n.a.

0
0

n.a.
n.a.

573,701

n.a.

521,217

n.a.

3,355

n.a.

10,662

n.a.

468,703
453,734
14,969
77,279
12,429
64,850
7,949
2,226
5,723

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

425,511
416,812
8,699
69,259
12,315
56,944
7,921
2,226
5,695

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

2,552
1,264
1,288
94
19
75
0
0
0

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

10,431
10,387
45
219
0
219
12
0
12

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

2,638
17,133

n.a.
n.a.

2,604
15,922

n.a.
n.a.

2
706

n.a.
n.a.

0
0

n.a.
n.a.

n.a.

91,132

n.a.

68,395

n.a.

5,036

n.a.

1,125

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

7,392
178
7,214
15,159
11,841
3,318
34,693
1,006
33,687

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

4,384
178
4,206
13,509
10,292
3,217
21,773
807
20,966

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

63
0
63
1,146
1,050
96
2,640
199
2,441

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

4
0
4
40
40
0
735
0
735

n.a.
n.a.

33,699
189

n.a.
n.a.

28,540
189

n.a.
n.a.

1,187
0

n.a.
n.a.

347
0

66

Federal Reserve Bulletin Statistical Supplement

4.30

ASSETS AND LIABILITIES

May 2006

of U.S. Branches and Agencies of Foreign Banks, December 31, 20051—Continued

Millions of dollars except as noted
All states2
Item

New York

California

Total
including
IBFs3

IBFs
only3

Total
including
IBFs

IBFs
only

114 Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115 With depository institutions in the U.S. . . . . . . . . . . . . . . . . . . . . . . . . .
116 With others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71,215
26,363
44,852

21,420
3,301
18,119

57,165
21,332
35,833

14,058
2,211
11,847

117 Securities sold under agreements to repurchase . . . . . . . . . . . . . . . . . . . .
118 With depository institutions in the U.S. . . . . . . . . . . . . . . . . . . . . . . . . .
119 With others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
120 Other borrowed money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
121 Owed to nonrelated commercial banks in United States (including
their IBFs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
122 Owed to U.S. offices of nonrelated U.S. banks . . . . . . . . . . . . . . . . . . .
123 Owed to U.S. branches and agencies of nonrelated
foreign banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
124 Owed to nonrelated banks in foreign countries . . . . . . . . . . . . . . . . . . . . .
125 Owed to foreign branches of nonrelated U.S. banks . . . . . . . . . . . . . . .
126 Owed to foreign offices of nonrelated foreign banks . . . . . . . . . . . . . .
127 Owed to others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

181,265
13,642
167,623
201,709

3,428
0
3,428
21,017

179,071
13,642
165,429
176,959

19,514
12,607

3,970
119

6,907
14,858
489
14,369
167,338

Total
including
IBFs

Illinois

IBFs
only

Total
including
IBFs

IBFs
only

688
607
81

153
104
49

5,889
2,636
3,253

1,002
161
841

3,428
0
3,428
19,145

323
0
323
1,306

0
0
0
788

22
0
22
20,504

0
0
0
452

18,817
12,443

3,609
109

358
96

241
10

166
11

80
0

3,850
11,803
148
11,655
5,244

6,374
13,718
396
13,322
144,424

3,500
10,850
101
10,749
4,686

262
383
67
316
565

231
353
47
306
194

155
409
0
409
19,929

80
372
0
372
0

128 All other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129 Branch or agency liability on acceptances executed and
outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
130 Trading liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
131 Other liabilities to nonrelated parties . . . . . . . . . . . . . . . . . . . . . . . . . . .

118,751

783

100,175

690

412

36

13,764

4

753
90,647
27,351

n.a.
18
765

625
76,076
23,474

n.a.
18
672

63
10
339

n.a.
0
36

34
12,838
891

n.a.
0
4

132 Net due to related depository institutions5 . . . . . . . . . . . . . . . . . . . . . . . . .
133 Net due to head office and other related depository institutions5 . . . . .
134 Net due to establishing entity, head office, and other related
depository institutions5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

120,689
120,689

21,567
n.a.

103,195
103,195

21,392
n.a.

6,206
6,206

90
n.a.

3,037
3,037

3
n.a.

n.a.

21,567

n.a.

21,392

n.a.

90

n.a.

135
136
137
138
139
140
141

Memo
Holdings of own acceptances included in commercial and
industrial loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial and industrial loans with remaining maturity of one year
or less (excluding those in nonaccrual status) . . . . . . . . . . . . . . . . . .
Predetermined interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Floating interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial and industrial loans with remaining maturity of more
than one year (excluding those in nonaccrual status) . . . . . . . . . . . .
Predetermined interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Floating interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Footnotes appear at end of table.

3

684

n.a.

575

n.a.

10

n.a.

40

n.a.

72,528
22,319
50,209

n.a.
n.a.
n.a.

51,359
15,775
35,584

n.a.
n.a.
n.a.

3,296
1,040
2,257

n.a.
n.a.
n.a.

13,993
3,703
10,290

n.a.
n.a.
n.a.

104,969
11,727
93,242

n.a.
n.a.
n.a.

92,521
10,114
82,407

n.a.
n.a.
n.a.

3,171
245
2,926

n.a.
n.a.
n.a.

4,548
297
4,251

n.a.
n.a.
n.a.

U.S. Branches and Agencies
4.30

ASSETS AND LIABILITIES

67

of U.S. Branches and Agencies of Foreign Banks, December 31, 20051—Continued

Millions of dollars except as noted
All states2
Item

142 Components of total nontransaction accounts,
included in total deposits and credit balances . . . . . . . . . . . . . . . . . .
143 Time deposits of $100,000 or more . . . . . . . . . . . . . . . . . . . . . . . . . . . .
144 Time CDs in denominations of $100,000 or more
with remaining maturity of more than 12 months . . . . . . . . . . . . .

California

Illinois

Total
excluding
IBFs3

IBFs
only3

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

629,095
565,792

n.a.
n.a.

575,995
514,964

n.a.
n.a.

3,285
3,248

n.a.
n.a.

10,257
10,255

n.a.
n.a.

n.a.

61,031

n.a.

37

n.a.

2

n.a.

63,303
All

145 Immediately available funds with a maturity greater than one day
included in other borrowed money . . . . . . . . . . . . . . . . . . . . . . . . . .
146 Number of reports filed6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

New York

states2

New York

California

Illinois

Total
including
IBFs3

IBFs
only3

Total
including
IBFs

IBFs
only

Total
including
IBFs

IBFs
only

77,635
258

n.a.
138

75,457
51

n.a.
15

999
n.a.

n.a.
n.a.

1. Data are aggregates of categories reported on the quarterly form FFIEC 002, ‘‘Report of
Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks.’’ The form was first
used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From
November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a
monthly FR 886a report. Aggregate data from that report were available through the Federal
Reserve monthly statistical release G.11, last issued on July 10, 1980. Data in this table and in
the G.11 tables are not strictly comparable because of differences in reporting panels and in
definitions of balance sheet items.
2. Includes the District of Columbia.
3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to
permit banking offices located in the United States to operate international banking facilities
(IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column.
These data are either included in or excluded from the total columns as indicated in the
headings. The notation ‘‘n.a.’’ indicates that no IBF data have been reported for that item,

Total
including
IBFs

385
n.a.

IBFs
only

n.a.
n.a.

either because the item is not an eligible IBF asset or liability or because that level of detail is
not reported for IBFs. From December 1981 through September 1985, IBF data were
included in all applicable items reported.
4. Total assets and total liabilities include net balances, if any, due from or owed to related
banking institutions in the United States and in foreign countries (see note 5). On the former
monthly branch and agency report, available through the G.11 monthly statistical release,
gross balances were included in total assets and total liabilities. Therefore, total asset and total
liability figures in this table are not comparable to those in the G.11 tables.
5. Related depository institutions includes the foreign head office and other U.S. and
foreign branches and agencies of a bank, a bank’s parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including
subsidiaries owned both directly and indirectly).
6. In some cases, two or more offices of a foreign bank within the same metropolitan area
file a consolidated report.

68

Index to Statistical Tables
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15–21
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign banks, U.S. branches and agencies, 64–67
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15–21, 64–67 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15–21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15–21, 64–67
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15–21
Commercial and industrial loans, 15–21, 58–63
Consumer loans held, by type and terms, 34, 58–63
Real estate mortgages held, by holder and property, 33
Terms of lending, 58–63
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15–21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4–6, 12
Deposits (See also specific types)
Commercial banks, 4, 15–21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
EURO, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9–11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33

Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35–39
Foreign banks, U.S. branches and agencies, 64–67
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 45, 48–49, 52–53
Liabilities to, 45–47, 50–51, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Commercial banks, 58–63
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22, 58–63
International capital transactions of United States, 44–55
International organizations, 45, 46–47, 48, 50–55
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15–21, 58–63
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15–21, 58–63
Federal Reserve Banks, 5–7, 10, 11
Financial institutions, 33
Foreign banks, U.S. branches and agencies, 64–67
Insured or guaranteed by United States, 32, 33
MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)
OPEN market transactions, 9

Index to Statistical Tables

PRICES
Stock market, 24
Prime rate, 22, 58–63
Production, 42, 43
REAL estate loans
Banks, 15–21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15–21
Depository institutions, 4–6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit and retail sales, 34
SAVING
Flow of funds, 33, 34, 35–39
Saving deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35–39
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23

Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15–21
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15–21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15–21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44–55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)

69

70

Federal Reserve Bulletin Statistical Supplement

May 2006

Federal Reserve Board Publications
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, Washington, DC 20551, or telephone (202) 452-3245,
or FAX (202) 728-5886. You may also use the publications
order
form
available
on
the
Board’s
website
(www.federalreserve.gov). When a charge is indicated, payment
should accompany request and be made payable to the Board of
Governors of the Federal Reserve System or may be ordered via
MasterCard, VISA, or American Express. Payment from foreign
residents should be drawn on a U.S. bank.

BOOKS AND MISCELLANEOUS PUBLICATIONS
Annual Percentage Rate Tables (Truth in Lending—
Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp.
Vol. II (Irregular Transactions). 1969. 116 pp. Each volume
$5.00.
Annual Report, 2003.
Annual Report: Budget Review, 2004.
Annual Statistical Digest: period covered, release date, number of pages, and price.
1981
October 1982
239 pp.
$ 6.50
1982
December 1983
266 pp.
$ 7.50
1983
October 1984
264 pp.
$11.50
1984
October 1985
254 pp.
$12.50
1985
October 1986
231 pp.
$15.00
1986
November 1987
288 pp.
$15.00
1987
October 1988
272 pp.
$15.00
1988
November 1989
256 pp.
$25.00
1980–89
March 1991
712 pp.
$25.00
1990
November 1991
185 pp.
$25.00
1991
November 1992
215 pp.
$25.00
1992
December 1993
215 pp.
$25.00
1993
December 1994
281 pp.
$25.00
1994
December 1995
190 pp.
$25.00
1990–95
November 1996
404 pp.
$25.00
1996–2000 March 2002
352 pp.
$25.00
Federal Reserve Bulletin. Quarterly. $10.00 per year or $2.50
each in the United States, its possessions, Canada, and
Mexico. Elsewhere, $15.00 per year or $3.50 each.
Federal Reserve Regulatory Service. Loose-leaf; updated
monthly. (Requests must be prepaid.)
Consumer and Community Affairs Handbook. $75.00 per year.
Monetary Policy and Reserve Requirements Handbook. $75.00
per year.
Securities Credit Transactions Handbook. $75.00 per year.
The Payment System Handbook. $75.00 per year.
Federal Reserve Regulatory Service. Four vols. (Contains all
four Handbooks plus substantial additional material.) $200.00
per year.
Rates for subscribers outside the United States are as follows
and include additional airmail costs:
Federal Reserve Regulatory Service, $250.00 per year.
Each Handbook, $90.00 per year.

Federal Reserve Regulatory Service for Personal
Computers. CD-ROM; updated monthly.
Standalone PC. $300 per year.
Network, maximum 1 concurrent user. $300 per year.
Network, maximum 10 concurrent users. $750 per year.
Network, maximum 50 concurrent users. $2,000 per year.
Network, maximum 100 concurrent users. $3,000 per year.
Subscribers outside the United States should add $50 to cover
additional airmail costs.
The Federal Reserve System—Purposes and Functions.
2005. 136 pp.
Guide to the Flow of Funds Accounts. January 2000.
1,186 pp. $20.00 each.
Regulations of the Board of Governors of the Federal
Reserve System.
Statistical Supplement to the Federal Reserve Bulletin.
Monthly. $25.00 per year or $2.50 each in the United States,
its possessions, Canada, and Mexico. Elsewhere, $35.00 per
year or $3.50 each.

EDUCATION PAMPHLETS
Short pamphlets suitable for classroom use. Multiple copies are
available without charge.
A Consumer’s Guide to Mortgage Lock-Ins
A Consumer’s Guide to Mortgage Settlement Costs
A Consumer’s Guide to Mortgage Refinancings
A Guide to Business Credit for Women, Minorities, and Small
Businesses
Choosing a Credit Card
Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish)
Consumer Handbook to Credit Protection Laws
Home Mortgages: Understanding the Process and Your Right
to Fair Lending
How to File a Consumer Complaint about a Bank (also available
in Spanish)
In Plain English: Making Sense of the Federal Reserve
Keys to Vehicle Leasing (also available in Spanish)
Looking for the Best Mortgage (also available in Spanish)
Making Sense of Savings
Privacy Choices for Your Personal Financial Information
Protecting Yourself from Overdraft and Bounced-Check Fees
Putting Your Home on the Loan Line Is Risky Business (also
available in Spanish)
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
What You Should Know About Home Equity Lines of Credit
(also available in Spanish)
When Is Your Check Not a Check? (also available in Spanish)

71

STAFF STUDIES: Only Summaries Printed in the
BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1–158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165–176 are available online at www.federalreserve.gov/
pubs/staffstudies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications Fulfillment.
159. New Data on the Performance of Nonbank Subsidiaries of Bank Holding Companies, by Nellie Liang and
Donald Savage. February 1990. 12 pp.
160. Banking Markets and the Use of Financial Services by Small and Medium-Sized Businesses, by
Gregory E. Elliehausen and John D. Wolken. September
1990. 35 pp.
162. Evidence on the Size of Banking Markets from Mortgage Loan Rates in Twenty Cities, by Stephen A.
Rhoades. February 1992. 11 pp.
164. The 1989–92 Credit Crunch for Real Estate, by
James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.
167. A Summary of Merger Performance Studies in Banking, 1980–93, and an Assessment of the ‘‘Operating
Performance’’ and ‘‘Event Study’’ Methodologies,
by Stephen A. Rhoades. July 1994. 37 pp.

170. The Cost of Implementing Consumer Financial Regulations: An Analysis of Experience with the Truth
in Savings Act, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.
171. The Cost of Bank Regulation: A Review of the Evidence, by Gregory Elliehausen. April 1998. 35 pp.
172. Using Subordinated Debt as an Instrument of Market Discipline, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
69 pp.
173. Improving Public Disclosure in Banking, by Study
Group on Disclosure, Federal Reserve System. March 2000.
35 pp.
174. Bank Mergers and Banking Structure in the United
States, 1980–98, by Stephen Rhoades. August 2000. 33 pp.
175. The Future of Retail Electronic Payments Systems:
Industry Interviews and Analysis, Federal Reserve
Staff, for the Payments System Development Committee,
Federal Reserve System. December 2002. 27 pp.
176. Bank Merger Activity in the United States, 1994–
2003, by Steven J. Pilloff. May 2004. 23 pp.

72

Federal Reserve Bulletin Statistical Supplement

May 2006

ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202)
728-5886. You may also use the publications order form available on the Board’s website (www.federalreserve.gov). When a
charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal
Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be
drawn on a U.S. bank.

Release number and title

Annual
mail
rate

Annual
fax
rate

Approximate
release
days 1

Period or date to
which data refer

Corresponding
Bulletin or
Statistical
Supplement
table numbers 2

Weekly Releases
H.2.

Actions of the Board:
Applications and Reports
Received

$55.00

n.a.

Friday

Week ending
previous
Saturday

...

H.3.

Aggregate Reserves of
Depository Institutions and
the Monetary Base 3

$20.00

n.a.

Thursday

Week ending
previous
Wednesday

1.20

H.4.1. Factors Affecting Reserve Balances
of Depository Institutions and
Condition Statement of
Federal Reserve Banks 3

$20.00

n.a.

Thursday

Week ending
previous
Wednesday

1.11, 1.18

H.6.

Money Stock Measures 3

$35.00

n.a.

Thursday

Week ending
Monday of
previous week

1.21

H.8.

Assets and Liabilities of
Commercial Banks in the
United States3

$30.00

n.a.

Friday

Week ending
previous
Wednesday

1.26A–F

H.10. Foreign Exchange Rates 3

$20.00

$20.00

Monday

Week ending
previous
Friday

3.28

H.15. Selected Interest Rates 3

$20.00

$20.00

Monday

Week ending
previous
Friday

1.35

$ 5.00

$ 5.00

First of month

Previous month

3.28

G.15. Research Library—
Recent Acquisitions

No charge

n.a.

First of month

Previous month

...

G.17. Industrial Production and
Capacity Utilization 3

$15.00

n.a.

Midmonth

Previous month

2.12, 2.13

G.19. Consumer Credit 3

$ 5.00

$ 5.00

Fifth working day
of month

Second month
previous

1.55, 1.56

G.20. Finance Companies 3

$ 5.00

n.a.

End of month

Second month
previous

1.51, 1.52

Monthly Releases
G.5.

Foreign Exchange Rates 3

73

Release number and title

Annual
mail
rate

Annual
fax
rate

Approximate
release
days 1

Period or date to
which data refer

Corresponding
Bulletin or
Statistical
Supplement
table numbers 2

Quarterly Releases
Survey of Terms of Business
Lending 3

$ 5.00

n.a.

Midmonth of
March, June,
September, and
December

February, May,
August, and
November

4.23

E.11. Geographical Distribution of
Assets and Liabilities of
Major Foreign Branches of
U.S. Banks

$ 5.00

n.a.

15th of March,
June,
September, and
December

Previous quarter

...

E.16. Country Exposure Lending
Survey 3

$ 5.00

n.a.

January, April,
July, and
October

Previous quarter

...

Z.1.

$25.00

n.a.

Second week of
March, June,
September, and
December

Previous quarter

1.57, 1.58,
1.59, 1.60

E.2.

Flow of Funds Accounts
of the United States:
Flows and Outstandings3

1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures.
Moreover, for all series unusual circumstances may, from time to time,
result in a release date being later than anticipated.
2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin,
the corresponding table for the statistical release no longer appears in the

Bulletin. Statistical tables are now published in the Statistical Supplement
to the Federal Reserve Bulletin; the table numbers, however, remain the
same.
3. These releases are also available on the Board’s website,
www.federalreserve.gov/releases.
n.a. Not available.

74

Federal Reserve Bulletin Statistical Supplement

May 2006

Publications of Interest
FEDERAL RESERVE REGULATORY SERVICE
To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board’s regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board’s regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related
statutes, Board interpretations, rulings, and staff opinions. Also included is the Board’s list of foreign margin
stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price, which includes additional airmail costs,
is $250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Fulfillment, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

GUIDE TO THE FLOW OF FUNDS ACCOUNTS
A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board’s
flow of funds publication, ‘‘Flow of Funds Accounts of
the United States’’ (the Z.1 quarterly statistical release),

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Fulfillment, Mail Stop
127, Board of Governors of the Federal Reserve System, Washington, DC 20551.

75

Federal Reserve Statistical Releases
Available on the Commerce Department’s
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce’s economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical release

Frequency of release

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z.1

Flow of Funds

Quarterly

Statistical Supplement to the Federal Reserve Bulletin

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