July 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 7

July 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 (1914–2003).
The Statistical Supplement began publication in
2004. It 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. The Supplement is
also available on the Board’s website, at
www.federalreserve.gov/pubs/supplement.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886, or send an e-mail
to publications-bog@frb.gov.

iv

Federal Reserve Bulletin Statistical Supplement

July 2006

Financial and Business Statistics:
Table of Contents
These tables reflect the data available as of the second
week of July 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

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

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

July 2006

Interest and Exchange Rates
56 Foreign exchange rates
57 GUIDE TO SPECIAL TABLES
58 INDEX TO STATISTICAL TABLES
60 FEDERAL RESERVE BOARD PUBLICATIONS
62 ANTICIPATED SCHEDULE OF RELEASE DATES FOR

PERIODIC STATISTICAL RELEASES
64 PUBLICATIONS OF INTEREST
65 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

July 2006

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

2006

2005

2006

Monetary or credit aggregate
Q2

Q3r

Q4r

Q1r

Dec.r

Jan.r

Feb.r

Mar.r

Apr.

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

−3.2
−3.2
−4.3
2.9

−2.4
−3.7
−4.1
3.7

−4.8
−5.6
−3.2
4.2

−12.9
−10.5
−12.2
6.0

−2.9
−6.4
−4.1
4.5

−33.5
−26.1
−32.1
7.5

3.1
4.4
4.6
6.9

−12.4
−11.8
−15.6
3.8

24.6
16.2
22.5
4.4

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

.3r
2.6r
6.0

.8
4.5
7.8

−.3
5.0
9.3

2.4
6.3
n.a.

−5.7
5.0
9.0

11.8
11.0
10.5

−5.5
3.4
6.5

7.8
2.7
n.a.

4.9
4.0
n.a.

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

3.2
13.3

5.5
14.9

6.4
17.7

7.3
n.a.

7.8
16.6

10.8
9.5

5.7
11.7

1.4
n.a.

3.7
n.a.

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

2.6r
19.2r
22.9

4.9
20.3
12.3

7.0
8.2
21.4

5.6
15.3
n.a.

12.0
15.4
22.8

7.7
15.4
31.6

1.6
15.8
16.5

−3.5
16.3
n.a.

6.2
12.1
n.a.

−6.5
22.2r
45.5

−3.0
21.0
33.1

−3.7
29.6
36.0

2.4
16.4
n.a.

−7.2
10.7
4.2

11.9
16.6
25.0

8.2
18.2
−3.1

−11.7
18.9
n.a.

−21.3
20.7
n.a.

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

−2.4r
2.4

−.8
11.8

4.7
12.1

8.1
9.1

1.7
16.7

15.1
15.0

3.5
−2.8

14.1
7.3

7.8
14.6

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

11.8
7.0

22.5
11.5

22.3
7.9

19.4
3.7

−34.0
−14.4

37.0
14.3

n.a.
n.a.

n.a.
n.a.

10
11
12

Note: In March 2006, the Board ceased publication of the M3 monetary aggregate and all
the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars)
except for institutional money funds. Measures of large time deposits will continue to be
published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and
in the H.8 release on a weekly basis (for commercial banks).
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.

n.a.
n.a.

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

Factor

Average of
daily figures

Average of daily figures for week ending on date indicated

2006

2006

Feb.

Mar.

Apr.

Mar. 15

Mar. 22

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Apr. 26

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

817,808
756,872
756,872
274,498
456,693
22,443
3,237
0
26,040
162
112
0
50
−142
34,877
11,044
2,200
37,847

820,622
758,789
758,789
275,370
457,397
22,646
3,376
0
22,858
252
171
0
81
−1,371
40,093
11,043
2,200
37,906

820,051
756,617
756,617
274,142
457,020
22,260
3,194
0
28,536
59
10
0
49
685
34,155
11,044
2,200
37,840

820,828
757,241
757,241
274,142
457,177
22,646
3,275
0
28,893
403
350
0
52
−520
34,812
11,044
2,200
37,853

814,103
758,513
758,513
275,370
457,177
22,646
3,320
0
20,750
91
36
0
55
−291
35,040
11,044
2,200
37,866

820,458
758,544
758,544
275,370
457,177
22,646
3,351
0
24,143
294
235
0
59
−1,821
39,298
11,043
2,200
37,879

817,859
758,559
758,559
275,370
457,177
22,646
3,365
0
19,464
600
526
0
74
−410
39,647
11,043
2,200
37,893

823,620
758,571
758,571
275,370
457,177
22,646
3,378
0
26,321
87
3
0
84
−1,359
40,000
11,043
2,200
37,907

820,068
758,896
758,896
275,370
457,490
22,646
3,390
0
21,536
119
29
0
90
−990
40,507
11,043
2,200
37,922

787,001
23,473
23,473
0
196

789,087
24,281
24,281
0
196

790,688
24,467
24,467
0
200

789,749
24,599
24,599
0
194

788,929
25,013
25,013
0
198

788,446
22,893
22,893
0
204

789,654
25,181
25,181
0
208

790,718
23,646
23,646
0
200

791,150
25,410
25,410
0
208

790,652
24,053
24,053
0
199

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

13,420
5,033
108
8,039
8,039
0
241
32,752
9,163

12,948
5,036
85
7,536
7,536
0
291
33,212
10,255

12,968
4,479
99
8,145
8,145
0
245
32,597
11,027

13,525
5,142
172
7,980
7,980
0
231
33,070
11,190

13,685
5,400
85
7,981
7,981
0
219
32,895
7,089

13,310
5,228
85
7,731
7,731
0
267
32,939
10,288

13,233
5,126
86
7,731
7,731
0
290
33,001
8,198

12,998
4,999
83
7,608
7,608
0
308
33,021
11,983

12,933
4,953
85
7,611
7,611
0
284
33,488
9,908

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

Feb.

Mar.

Apr.

Mar. 15

Mar. 22

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Apr. 26

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

824,069
758,542
758,542
275,370
457,177
22,646
3,349
0
26,750
566
510
0
56
−856
39,067
11,043
2,200
37,879

824,371
759,690
759,690
275,370
458,273
22,646
3,401
0
24,250
138
40
0
98
−1,089
41,382
11,041
2,200
37,936

821,701
757,213
757,213
274,142
457,177
22,646
3,247
0
29,750
60
12
0
48
244
34,435
11,044
2,200
37,840

816,910
757,257
757,257
274,142
457,177
22,646
3,292
0
25,750
201
148
0
53
−1,190
34,892
11,044
2,200
37,853

812,747
758,529
758,529
275,370
457,177
22,646
3,336
0
19,500
251
192
0
58
−694
35,161
11,044
2,200
37,866

816,828
758,551
758,551
275,370
457,177
22,646
3,358
0
19,250
64
0
0
64
−595
39,559
11,043
2,200
37,879

819,501
758,563
758,563
275,370
457,177
22,646
3,370
0
18,750
3,755
3,676
0
79
−1,374
39,807
11,043
2,200
37,893

819,014
758,575
758,575
275,370
457,177
22,646
3,382
0
21,250
88
8
0
80
−1,008
40,109
11,043
2,200
37,907

827,369
759,683
759,683
275,370
458,273
22,646
3,394
0
26,750
105
1
0
105
−19
40,849
11,043
2,200
37,922

789,289
24,802
24,802
0
185

788,769
26,540
26,540
0
209

790,794
24,108
24,108
0
182

790,733
24,293
24,293
0
197

789,763
24,151
24,151
0
204

789,999
22,419
22,419
0
209

791,455
23,523
23,523
0
198

792,524
24,016
24,016
0
209

792,184
24,729
24,729
0
202

792,097
22,910
22,910
0
182

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

13,487
5,455
84
7,731
7,731
0
217
32,894
13,292

11,844
4,784
86
6,696
6,696
0
278
33,807
14,812

11,399
2,844
150
8,145
8,145
0
261
32,443
13,719

12,689
4,414
71
7,980
7,980
0
223
32,537
8,662

12,903
4,619
84
7,981
7,981
0
219
32,482
5,845

12,830
4,663
84
7,731
7,731
0
352
32,796
7,148

12,440
4,334
90
7,731
7,731
0
285
32,551
8,897

13,219
5,245
85
7,608
7,608
0
281
32,964
6,866

13,586
5,610
85
7,611
7,611
0
280
33,189
16,570

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

July 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

Dec.

Dec.

Dec.r

Oct.r

2005
Nov.r

Dec.r

Jan.r

Feb.r

2006
Mar.r

Apr.

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

12,046
47,264
34,801r
12,462r
46,848r
44,938
1,909
63
11
0
52

10,045
51,306
35,356
15,950
45,401
43,492
1,909
169
97
0
72

10,250
49,514
34,475
15,039
44,725
42,830
1,896
284
35
29
220

10,131
49,198
34,491
14,707
44,622
42,834
1,788
126
20
0
106

10,045
51,306
35,356
15,950
45,401
43,492
1,909
169
97
0
72

10,277
52,068
36,904
15,164
47,181
45,594
1,587
110
78
0
32

9,405
53,287
35,244
18,043
44,649
43,107
1,543
53
21
2
30

9,125
49,603
33,625
15,978
42,750
41,246
1,504
169
119
0
50

10,283
48,370
34,438
13,932
44,721
42,893
1,828
248
164
0
84

Biweekly averages of daily figures for two-week periods ending on dates indicated
2006

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

Jan. 4r

Jan. 18r

Feb. 1r

Feb. 15r

Mar. 1r

Mar. 15r

Mar. 29r

Apr. 12r

Apr. 26

May 10

10,842
52,674
37,313
15,361
48,154
45,904
2,250
95
29
0
66

8,983
50,168
33,725
16,443
42,708
41,256
1,452
180
154
0
26

11,496
53,928
40,202
13,726
51,698
50,171
1,527
40
11
0
29

8,501
55,209
33,438
21,771
41,939
40,458
1,481
66
36
0
30

10,219
51,167
36,808
14,360
47,026
45,416
1,610
40
6
4
30

8,964
48,425
31,226
17,200
40,189
38,461
1,728
61
15
0
46

9,194
50,800
36,042
14,758
45,235
44,052
1,183
247
193
0
54

9,237
48,689
31,911
16,778
41,147
39,024
2,123
447
381
0
67

11,010
48,267
36,507
11,760
47,517
46,042
1,475
103
16
0
87

10,879
47,777
34,781
12,997
45,659
43,480
2,179
156
33
0
124

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
7/14/06

Effective date

Previous rate

On
7/14/06

Effective date

Previous rate

On
7/14/06

Effective date

Previous rate

6.25

6/29/06
6/29/06
6/29/06
6/29/06
6/29/06
6/29/06

6.00

6.75

6/29/06
6/29/06
6/29/06
6/29/06
6/29/06
6/29/06

6.50

5.25

7/6/06

5.15

6.50

5.25

7/6/06

5.15

6/29/06
6/30/06
6/29/06
7/6/06
6/29/06
6/29/06

6.25

6.00

6.75

6/29/06
6/30/06
6/29/06
7/6/06
6/29/06
6/29/06

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
6.00–6.25
6.25

5.75
5.75
6.00
6.00
6.25
6.25

6.25

6.25

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
June 29
July 6

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

In effect July 14, 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

July 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
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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

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

1,308
0
68,077
68,077
0

1,228
0
79,509
79,509
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
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

1,200
0
11,858
−10,989
0

0
0
8,000
−8,334
0

7,814
0
−76,364
97,256

17,249
0
−84,844
110,819

11,309
0
−91,121
97,723

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

2,498
0
−4,775
9,306

2,136
0
−4,500
8,334

4,107
0
−11,131
5,897

5,763
0
−8,012
7,554

3,626
0
−7,041
7,375

130
0
0
0

0
0
0
0

800
0
266
2,221

0
0
0
0

1,505
0
0
0

25
0
−5,205
841

174
0
−3,500
0

220
0
−8,938
0

1,364
0
−10,524
0

2,007
0
−11,395
3,000

90
0
0
0

902
0
0
0

0
0
−3,227
0

0
0
0
0

205
0
0
1,765

924
0
−1,878
841

90
0
0
0

36,856
0
0

50,507
0
0

28,136
0
2,795

5,847
0
0

4,118
0
0

3,481
0
189

0
0
0

6,082
0
1,321

5,955
0
0

3,628
0
0

36,856

50,507

25,341

5,847

4,118

3,292

0

4,761

5,955

3,628

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

187,300
197,050

145,250
147,000

140,750
129,500

223,000
211,500

185,750
206,750

157,000
151,250

204,250
209,000

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

523,085
523,518

509,449
508,709

505,101
508,976

581,376
581,826

504,837
498,351

445,563
446,346

558,568
560,306

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

−310

−15,882

14,028

−10,183

−1,010

7,375

11,050

−14,514

4,967

−6,488

38 Total net change in System Open Market Account . .

36,536

34,626

39,369

−4,336

3,108

10,667

11,050

−9,752

10,922

−2,860

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

July 2006

Condition and Federal Reserve Note Statements1

Millions of dollars

Account
Mar. 29

Apr. 5

Wednesday

End of month

2006

2006

Apr. 12

Apr. 19

Apr. 26

Feb.

Mar.

Apr.

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

11,040
2,200
789
778,280
758,529
758,529
275,370
457,177
22,646
3,336
0
19,500
251
5,259
1,824
37,471
19,180
18,291

11,039
2,200
797
777,865
758,551
758,551
275,370
457,177
22,646
3,358
0
19,250
64
6,313
1,832
37,722
19,425
18,296

11,039
2,200
798
781,068
758,563
758,563
275,370
457,177
22,646
3,370
0
18,750
3,755
5,103
1,833
37,970
19,219
18,752

11,039
2,200
801
779,913
758,575
758,575
275,370
457,177
22,646
3,382
0
21,250
88
5,416
1,833
38,269
19,506
18,763

11,039
2,200
805
786,539
759,683
759,683
275,370
458,273
22,646
3,394
0
26,750
105
6,285
1,833
39,010
19,824
19,186

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

11,039
2,200
811
785,858
758,542
758,542
275,370
457,177
22,646
3,349
0
26,750
566
3,746
1,833
37,214
19,305
17,909

11,037
2,200
826
784,078
759,690
759,690
275,370
458,273
22,646
3,401
0
24,250
138
4,018
1,831
39,452
20,043
19,408

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

836,862

837,768

840,011

839,471

847,711

846,564

842,701

843,443

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

753,127
22,419
22,881
17,959
4,619
84
219
5,953
4,647

754,567
23,523
20,022
14,923
4,663
84
352
6,859
4,613

755,634
24,016
21,355
16,646
4,334
90
285
6,455
4,638

755,276
24,729
20,194
14,583
5,245
85
281
6,309
4,594

755,158
22,910
30,259
24,284
5,610
85
280
6,194
4,650

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

751,906
26,540
26,778
21,022
5,455
84
217
4,582
4,758

753,863
24,108
26,562
21,414
4,784
86
278
5,103
4,714

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

809,027

809,585

812,098

811,101

819,172

818,468

814,564

814,350

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

13,748
12,901
1,186

13,766
12,901
1,515

13,771
12,901
1,241

13,751
12,901
1,717

13,816
12,901
1,822

13,738
12,901
1,457

13,759
12,901
1,476

13,817
12,901
2,375

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

27,835

28,183

27,913

28,370

28,538

28,095

28,136

29,093

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

1,594,287
1,129,854
464,433
1,107

1,587,572
1,121,040
466,532
1,499

1,603,772
1,131,217
472,555
517

1,607,334
1,129,993
477,341
1,023

1,610,446
1,117,715
492,732
443

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

1,593,994
1,127,555
466,439
2,953

1,610,551
1,118,345
492,206
1,115

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

912,770

912,369

914,107

915,349

916,483

911,359

912,481

916,980

159,643
753,127
753,127
11,040
2,200
739,888
0

157,802
754,567
754,567
11,039
2,200
741,328
0

158,474
755,634
755,634
11,039
2,200
742,395
0

160,074
755,276
755,276
11,039
2,200
742,037
0

161,325
755,158
755,158
11,039
2,200
741,919
0

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

160,575
751,906
751,906
11,039
2,200
738,667
0

163,117
753,863
753,863
11,037
2,200
740,626
0

778,029

777,801

777,313

779,825

786,433

786,176

785,292

783,940

22,449

23,554

24,048

24,760

22,937

24,836

26,594

24,152

755,580

754,246

753,266

755,065

763,496

761,340

758,698

759,788

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

Type of holding and maturity
Mar. 29

Apr. 5

Wednesday

End of month

2006

2006

Apr. 12

Apr. 19

Apr. 26

Feb.

Mar.

Apr.

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

251

64

3,755

88

105

38

566

138

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

251
0
0

12
52
0

3,690
65
0

84
4
0

97
9
0

37
1
0

564
2
0

123
15
0

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

758,529

758,551

758,563

758,575

759,683

754,676

758,542

759,690

54,045
167,569
186,079
215,479
55,375
79,982

47,230
174,254
185,878
215,819
55,378
79,992

49,823
172,127
185,412
215,823
55,380
79,998

60,915
167,450
178,998
215,827
55,382
80,003

63,186
166,349
177,830
216,926
55,384
80,009

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

30,617
182,870
193,874
215,817
55,377
79,988

45,530
185,147
176,689
216,929
55,385
80,012

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

19,500

19,250

18,750

21,250

26,750

31,500

26,750

24,250

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

19,500
0

19,250
0

18,750
0

21,250
0

26,750
0

31,500
0

26,750
0

24,250
0

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

22,419

23,523

24,016

24,729

22,910

24,802

26,540

24,108

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

22,419
0

23,523
0

24,016
0

24,729
0

22,910
0

24,802
0

26,540
0

24,108
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

July 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

Sept.r

Oct.r

2006
Nov.r

Dec.r

Jan.r

Feb.r

Mar.

Apr.

45.31
45.14
43.40
787.09

44.04
43.93
42.46
791.98

44.15
44.10
42.61
796.55

43.70
43.53
42.19r
799.05r

44.59
44.35
42.76
801.97

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

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

42.70
42.65
41.66
720.13

46.63r
46.56
44.72
758.99

45.31
45.14
43.40
787.09

46.29
45.96
44.26
778.81

45.57
45.29
43.68
780.83

45.42
45.29
43.63
784.15

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

45.16
44.99
43.25
793.38

45.98
45.65
43.95
777.53

44.48
44.20
42.59
778.26

44.34
44.21
42.55
783.95

45.16
44.99
43.25
793.38

47.11
47.00
45.52
795.22

44.66
44.61
43.12
796.16

42.77
42.60
41.27
798.14r

44.75
44.50
42.92
800.90

42.95
42.90
41.91
737.62
1.04
.05

46.85
46.79r
44.94
774.77
1.91
.06

45.40
45.23
43.49
802.30
1.91
.17

46.20
45.87
44.16
786.26
2.04
.33

44.73
44.44
42.83
787.15
1.90
.28

44.62
44.50
42.83
792.94
1.79
.13

45.40
45.23
43.49
802.30
1.91
.17

47.18
47.07
45.59
804.29
1.59
.11

44.65
44.60
43.11
804.42
1.54
.05

42.75
42.58
41.25
806.16r
1.50
.17

44.72
44.47
42.89
808.42
1.83
.25

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
2006
Item

2002
Dec.

2003
Dec.

2004
Dec.r

2005
Dec.r

Jan.r

Feb.r

Mar.r

Apr.

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

1,219.0
5,782.8r
8,568.0

1,304.2
6,065.8r
8,872.3

1,372.3
6,413.2
9,433.0

1,368.7
6,671.8
10,154.0

1,382.2
6,733.2
10,242.8

1,375.9
6,752.2
10,298.7

1,384.9
6,767.5
n.a.

1,390.6
6,790.0
n.a.

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
327.1

723.5
7.3
320.8
317.2

729.4
7.2
326.2
319.4

733.8
7.1
318.3
316.6

736.6
6.9
322.2
319.1

739.0
6.8
326.4
318.4

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

4,563.8r
2,767.4

4,761.7r
2,792.7

5,041.0
3,011.1

5,303.1
3,478.5

5,351.0
3,506.0

5,376.4
3,540.2

5,382.6
n.a.

5,399.4
n.a.

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

2,632.0
545.1
909.3

2,771.7
637.5
1,122.9

2,789.4
645.7
1,152.5

2,793.1
654.2
1,168.3

2,784.9
663.1
n.a.

2,799.3
669.8
n.a.

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
271.8
161.5

850.0
338.8
230.7

858.4
343.5
235.5

864.3
348.7
234.9

855.9
354.2
n.a.

840.7
360.3
n.a.

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

892.5r
1,247.7

782.5r
1,117.6r

704.6
1,069.6

705.1
1,138.3

714.0
1,152.5

716.1
1,149.8

724.5
1,156.8

729.2
1,170.9

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

548.3
418.8

565.2
423.8

n.a.
n.a.

n.a.
n.a.

4
5
6
7

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

1,245.0
5,814.4r
8,633.5

1,332.1
6,098.2r
8,927.8

1,401.5
6,448.1
9,482.2

1,396.7
6,709.4
10,201.4

1,377.1
6,703.0
10,221.9

1,362.1
6,709.1
10,276.1

1,394.2
6,773.0
n.a.

1,396.7
6,836.6
n.a.

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
358.9
332.7

728.9
7.2
338.0
322.6

727.3
7.2
321.3
321.3

733.6
7.0
311.3
310.1

736.9
6.9
328.4
322.1

738.7
6.8
324.5
326.8

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

4,569.4r
2,801.3

4,766.1r
2,815.9

5,046.6
3,025.4

5,312.6
3,488.3

5,325.9
3,515.2

5,347.0
3,560.7

5,378.8
n.a.

5,439.8
n.a.

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

2,633.3
544.8
903.3

2,776.0
636.9
1,114.4

2,767.1
644.9
1,142.4

2,767.8
653.7
1,161.3

2,778.8
663.0
n.a.

2,827.9
670.2
n.a.

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
271.6
160.4

851.3
338.5
228.9

851.5
343.1
233.5

856.5
348.5
233.5

854.1
354.2
n.a.

849.3
360.5
n.a.

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

896.9r
1,281.3

787.1r
1,144.4

709.1
1,091.4

709.9
1,158.4

719.2
1,175.8

720.5
1,163.2

728.8
1,159.3

731.9
1,160.4

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

541.1
424.1

574.3
430.2

571.6
n.a.

23
24
25
26

Footnotes appear on following page.

n.a.
n.a.

14

Federal Reserve Bulletin Statistical Supplement

July 2006

NOTES TO TABLE 1.21
Note: In March 2006, the Board ceased publication of the M3 monetary aggregate and all
the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars)
except for institutional money funds. Measures of large time deposits will continue to be
published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and
in the H.8 release on a weekly basis (for commercial banks).
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
June

2005

Wednesday figures
2006

Dec.

Jan.

Feb.

Mar.r

2006
r

Apr.

r

May

June

June 7

June 14

June 21

June 28

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

7,215.3
2,051.5r
1,172.6
878.9r
5,163.8r
988.7r
2,734.5
431.4r
2,303.0r
706.6r
248.3
485.7
274.4
329.2
689.1

7,501.4r
2,052.0r
1,138.9r
913.1
5,449.4r
1,044.1r
2,909.4
436.5r
2,472.8r
707.6r
263.8
524.6r
282.1
319.0
706.3r

7,558.4r
2,067.3r
1,149.8r
917.5
5,491.1r
1,061.0r
2,933.4r
435.3r
2,498.2r
711.8r
255.2
529.7r
289.9
320.0r
726.7r

7,645.5r
2,104.9r
1,180.4r
924.5r
5,540.7r
1,071.1
2,959.0
433.3r
2,525.6
712.0r
262.9
535.8r
289.5
316.8r
754.6r

7,712.8
2,113.6
1,185.5
928.1
5,599.2
1,081.9
2,988.2
434.7
2,553.5
722.3
268.8
538.1
300.1
318.0
753.4

7,803.7
2,165.8
1,196.9
968.9
5,637.9
1,098.5
3,013.0
431.1
2,581.9
726.9
261.2
538.3
299.0
313.2
759.3

7,921.1
2,201.6
1,193.2
1,008.5
5,719.5
1,117.8
3,040.3
428.5
2,611.8
733.7
283.4
544.3
285.5
306.0
780.2

7,929.8
2,189.2
1,199.6
989.6
5,740.6
1,125.2
3,079.6
428.9
2,650.8
728.7
260.8
546.3
295.4
304.8
785.0

7,924.2
2,183.2
1,190.6
992.6
5,741.1
1,127.1
3,064.7
428.9
2,635.8
736.3
268.7
544.4
296.6
302.5
776.7

7,940.3
2,204.8
1,206.6
998.2
5,735.5
1,126.1
3,067.7
428.5
2,639.2
740.4
255.8
545.5
298.8
308.5
784.4

7,932.4
2,192.2
1,203.7
988.5
5,740.2
1,120.6
3,088.5
429.3
2,659.2
722.7
258.5
550.0
303.8
306.3
784.1

7,919.2
2,177.7
1,197.7
979.9
5,741.5
1,124.5
3,093.2
428.5
2,664.6
718.3
261.0
544.5
285.0
302.0
789.8

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

8,440.2

8,741.3

8,828.4

8,940.0

9,017.1

9,107.5

9,224.8

9,247.0

9,232.0

9,264.1

9,258.5

9,227.8

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

5,552.6
689.8
4,862.8
1,318.8
3,544.0
1,637.1
367.6
1,269.5
35.4
495.7

5,766.7
665.1
5,101.6
1,432.5
3,669.1
1,733.4
366.3
1,367.1
72.8
493.0r

5,816.4
666.3
5,150.2
1,454.3
3,695.8
1,748.8
381.8
1,367.0
73.2
482.6

5,827.7
662.6
5,165.1
1,476.8
3,688.3
1,783.4
371.0
1,412.4
60.3
494.5r

5,898.7
677.9
5,220.8
1,525.1
3,695.7
1,792.5
378.1
1,414.4
56.4
498.6

5,960.5
661.5
5,299.1
1,551.3
3,747.8
1,780.6
370.6
1,409.9
67.4
536.9

5,975.6
677.5
5,298.1
1,573.4
3,724.7
1,818.3
367.7
1,450.6
91.9
567.1

5,992.8
664.3
5,328.5
1,597.2
3,731.3
1,825.0
369.5
1,455.5
89.1
550.4

5,962.9
652.8
5,310.1
1,597.1
3,713.0
1,829.1
365.7
1,463.4
56.2
553.0

5,998.9
657.7
5,341.2
1,586.4
3,754.8
1,835.5
377.9
1,457.6
68.1
570.7

6,004.4
674.4
5,329.9
1,587.0
3,742.9
1,830.1
383.4
1,446.7
112.6
542.5

6,004.4
668.0
5,336.4
1,612.9
3,723.5
1,817.4
355.7
1,461.7
113.8
535.7

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

7,720.8

8,066.0

8,120.9r

8,165.9r

8,246.3

8,345.4

8,452.9

8,457.3

8,401.2

8,473.1

8,489.6

8,471.4

719.4

675.3

707.4

774.1r

770.8

762.1

771.9

789.6

830.8

790.9

768.9

756.4

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

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 . . . . . . . . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Credit cards and related plans . .
Other . . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

7,211.8r
2,056.1r
1,176.3
879.7r
5,155.8r
992.2r
2,726.9
432.9r
2,293.9r
700.1r
306.8r
393.3
248.4
488.2
269.3
324.8
691.1

7,545.5r
2,058.3r
1,141.5r
916.8
5,487.3r
1,042.5r
2,921.1
435.3r
2,485.7r
718.3r
320.3r
398.1
275.7
529.6
287.0
335.9
704.2r

7,571.6r
2,066.0r
1,143.9r
922.1
5,505.6r
1,060.1r
2,936.2
433.2r
2,503.0r
723.8r
318.4r
405.4
258.3
527.1r
289.2
332.0
723.3r

7,635.6r
2,100.5r
1,176.6r
924.0
5,535.1r
1,074.5
2,956.0
433.6r
2,522.4r
716.8r
306.2r
410.6
261.3
526.6r
287.9
314.9r
749.5r

7,679.3
2,103.5
1,179.5
924.0
5,575.7
1,085.6
2,972.0
431.5
2,540.6
716.8
297.0
419.8
268.0
533.3
302.9
307.2
748.4

7,788.3
2,163.3
1,199.9
963.4
5,625.0
1,105.6
2,999.1
429.7
2,569.5
720.1
299.5
420.6
263.8
536.3
305.4
308.0
762.1

7,915.6
2,209.6
1,203.7
1,005.9
5,706.1
1,123.9
3,038.1
429.4
2,608.7
728.1
306.5
421.7
274.1
541.9
282.5
302.8
785.0

7,923.2
2,192.1
1,202.3
989.8
5,731.1
1,129.0
3,071.1
430.4
2,640.7
722.1
304.7
417.4
260.3
548.6
288.6
300.7
787.2

7,919.8
2,196.3
1,201.1
995.2
5,723.5
1,128.7
3,060.5
429.5
2,631.0
729.1
303.2
425.9
258.4
546.9
292.7
298.8
782.9

7,937.5
2,204.1
1,207.7
996.5
5,733.4
1,129.5
3,062.4
429.9
2,632.5
732.2
307.5
424.7
261.8
547.5
298.9
301.0
792.1

7,919.8
2,190.6
1,204.3
986.3
5,729.2
1,126.5
3,073.5
431.1
2,642.4
717.0
303.7
413.3
262.3
549.9
291.1
295.7
780.8

7,915.1
2,180.5
1,198.1
982.4
5,734.7
1,129.3
3,083.3
430.7
2,652.6
713.2
304.4
408.8
260.9
548.0
274.4
300.6
789.3

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

8,429.2

8,805.0

8,849.7

8,921.4

8,970.4

9,096.5

9,218.0

9,231.7

9,226.2

9,261.3

9,219.3

9,211.3

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

5,561.6
687.4
4,874.2
1,330.1
3,544.1
1,646.4
367.0
1,279.3
30.1
490.2

5,792.0
701.5
5,090.5
1,426.8
3,663.6
1,723.1
364.1
1,359.0
80.0
499.7r

5,806.2
674.6
5,131.6
1,458.1
3,673.5
1,747.4
381.1
1,366.3
80.1
488.9

5,830.7
654.0
5,176.7
1,480.2
3,696.5
1,781.4
369.7
1,411.7
67.2
501.2r

5,893.7
674.2
5,219.5
1,524.2
3,695.3
1,785.1
377.1
1,408.0
48.0
489.9

5,982.4
669.2
5,313.1
1,555.5
3,757.6
1,784.8
373.5
1,411.3
52.6
521.3

5,973.4
669.0
5,304.4
1,584.8
3,719.6
1,831.3
367.6
1,463.7
86.4
563.1

6,003.0
661.9
5,341.1
1,610.5
3,730.6
1,835.4
368.9
1,466.5
82.0
544.0

6,014.8
604.7
5,410.1
1,617.8
3,792.3
1,836.8
366.8
1,470.0
55.0
552.9

6,036.9
648.3
5,388.7
1,608.1
3,780.5
1,843.0
373.1
1,469.9
54.1
556.8

5,974.8
674.2
5,300.5
1,603.3
3,697.3
1,850.5
383.8
1,466.7
99.8
530.7

5,970.1
716.1
5,254.0
1,610.9
3,643.2
1,826.7
357.2
1,469.5
115.4
537.9

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

7,728.3

8,094.8r

8,122.6r

8,180.5

8,216.7

8,341.0

8,454.1

8,464.5

8,459.6

8,490.9

8,455.7

8,450.1

700.9

r

727.1

740.9

753.7

755.4

763.9

767.2

766.6

770.5

763.5

761.2

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

8

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

710.2

16

Federal Reserve Bulletin Statistical Supplement

1.26

COMMERCIAL BANKS IN THE UNITED STATES

July 2006

Assets and Liabilities1—Continued

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

2005
June

2005
Dec.

Wednesday figures
2006

Jan.

Feb.

Mar.

2006
Apr.r

r

May

June

June 7

June 14

June 21

June 28

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

6,482.2
1,733.2
1,084.9
648.3
4,749.0
835.7r
2,715.0
431.4r
2,283.6r
706.6r
113.6
378.1
224.8
268.7
651.1

6,688.5
1,695.4
1,058.7
636.7
4,993.1
876.9r
2,887.4
436.5r
2,450.9r
707.6r
121.7
399.4
240.1
265.8
667.6

6,746.9
1,720.3
1,075.1r
645.2r
5,026.7
889.9r
2,912.7
435.3r
2,477.4r
711.8r
112.7
399.6
247.9
268.1
690.3

6,826.7
1,762.0
1,103.5r
658.5r
5,064.7
896.3r
2,938.2r
433.3r
2,504.8
712.0r
114.6
403.7
245.8
265.5
715.7

6,883.3r
1,769.2r
1,107.5
661.7r
5,114.2
905.1
2,966.9r
434.7r
2,532.2
722.3r
113.4
406.5
252.6
265.8
716.2r

6,954.4
1,808.9
1,119.6
689.3
5,145.5
916.1
2,991.0
431.1
2,559.9
726.9
105.4
406.2
250.8
263.8
719.3

7,020.1
1,819.2
1,112.7
706.5
5,200.9
930.4
3,017.7
428.5
2,589.2
733.7
111.4
407.7
239.7
256.2
731.4

7,036.3
1,811.1
1,119.4
691.7
5,225.1
932.1
3,057.6
428.9
2,628.7
728.7
94.7
412.0
245.7
252.1
739.5

7,022.3
1,800.3
1,110.1
690.2
5,222.1
933.9
3,042.8
428.9
2,613.9
736.3
97.8
411.3
248.8
251.1
733.8

7,054.3
1,822.7
1,126.2
696.5
5,231.5
934.2
3,045.8
428.5
2,617.3
740.4
97.8
413.3
249.5
256.8
738.1

7,040.3
1,817.9
1,124.1
693.7
5,222.4
928.4
3,066.5
429.3
2,637.2
722.7
89.7
415.1
249.1
253.6
739.8

7,025.5
1,803.4
1,118.0
685.4
5,222.1
930.1
3,070.8
428.5
2,642.3
718.3
94.2
408.7
237.3
247.8
740.9

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

7,559.5

7,794.9

7,887.2

7,987.9

8,051.2r

8,121.3

8,180.0

8,206.1

8,188.5

8,231.1

8,215.2

8,183.8

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

4,952.7
677.8
4,274.9
750.8
3,524.1
1,274.3
318.4
955.9
225.6
396.3

5,159.4
653.0
4,506.5
839.3
3,667.2
1,304.6
305.4
999.2
266.8
383.8

5,202.1
653.5
4,548.5
854.1
3,694.5
1,313.4
316.8
996.6
282.4
383.2

5,208.3
649.4
4,558.9
870.1
3,688.8
1,344.2
310.8
1,033.4
269.5
393.1

5,248.3r
664.4
4,584.0
887.0
3,697.0
1,356.4
316.2
1,040.2
275.6
402.0

5,287.3
648.7
4,638.5
903.0
3,735.5
1,360.6
315.3
1,045.3
283.5
430.2

5,302.7
665.8
4,636.9
926.1
3,710.9
1,381.8
316.6
1,065.1
298.4
436.6

5,315.0
652.5
4,662.5
943.7
3,718.8
1,381.2
318.7
1,062.4
298.5
431.2

5,284.3
641.1
4,643.2
940.9
3,702.4
1,383.0
312.0
1,071.0
281.8
433.5

5,325.8
646.8
4,679.0
936.5
3,742.5
1,380.8
322.6
1,058.2
296.2
443.4

5,328.5
662.0
4,666.5
941.1
3,725.4
1,391.2
336.3
1,054.9
304.3
428.2

5,323.5
656.0
4,667.5
955.3
3,712.2
1,382.8
308.9
1,073.9
307.7
417.4

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

6,848.9

7,114.7

7,181.0

7,215.1

7,282.3

7,361.6

7,419.4

7,425.9

7,382.5

7,446.2

7,452.2

7,431.5

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

710.6

680.2

706.2

772.8

768.9r

759.7

760.5

780.2

806.0

784.9

763.0

752.3

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 . . . . . . . . . . . . . . . . . . . . .
Other residential . . . . . . . . . . .
Commercial . . . . . . . . . . . . . .
Consumer . . . . . . . . . . . . . . . . . . . .
Credit cards and related plans . .
Other . . . . . . . . . . . . . . . . . . . . .
Security4 . . . . . . . . . . . . . . . . . . . . .
Other loans and leases . . . . . . . . . .
Interbank loans . . . . . . . . . . . . . . . . . . . .
Cash assets5 . . . . . . . . . . . . . . . . . . . . . .
Other assets6 . . . . . . . . . . . . . . . . . . . . . .

6,478.5
1,737.8
1,088.7
649.1
4,740.7
839.7r
2,707.4
432.9r
2,274.5r
1,126.4r
1,148.1r
700.1r
306.8r
393.3
114.6
378.9
219.7
265.1
653.1

6,726.8
1,701.7
1,061.2
640.4
5,025.1
874.8r
2,899.1
435.3r
2,463.8r
1,211.9r
1,251.9r
718.3r
320.3r
398.1
127.0
405.8
245.0
281.4
664.5

6,755.9
1,719.0
1,069.2r
649.8r
5,036.8r
887.4r
2,915.5
433.2r
2,482.2r
1,214.1r
1,268.1r
723.8r
318.4r
405.4
111.6
398.5
247.2
279.3
685.8

6,814.5
1,757.6
1,099.6r
658.0r
5,056.8
897.4r
2,935.2
433.6r
2,501.6r
1,219.6r
1,281.9r
716.8r
306.2r
410.6
110.3
397.1
244.3
264.3
709.6

6,846.9r
1,759.1r
1,101.6r
657.5r
5,087.8
907.3
2,950.8r
431.5r
2,519.3
1,228.1r
1,291.2r
716.8r
297.0r
419.8
110.9
402.1
255.3
256.6r
711.4r

6,932.4
1,806.5
1,122.6
683.9
5,125.9
922.2
2,977.2
429.7
2,547.5
1,243.5
1,304.0
720.1
299.5
420.6
103.8
402.7
257.2
259.4
723.0

7,018.1
1,827.1
1,123.2
703.9
5,191.0
936.5
3,015.5
429.4
2,586.1
1,264.7
1,321.4
728.1
306.5
421.7
106.3
404.6
236.7
253.6
735.7

7,030.0
1,814.1
1,122.2
691.9
5,215.9
936.3
3,049.1
430.4
2,618.7
1,285.8
1,332.9
722.1
304.7
417.4
95.7
412.8
238.9
248.7
741.6

7,025.3
1,813.4
1,120.5
692.9
5,211.9
935.8
3,038.6
429.5
2,609.1
1,282.1
1,327.0
729.1
303.2
425.9
96.9
411.5
244.9
248.6
738.6

7,046.3
1,822.1
1,127.3
694.8
5,224.2
937.5
3,040.5
429.9
2,610.5
1,278.0
1,332.6
732.2
307.5
424.7
101.0
413.0
249.5
249.7
745.0

7,024.3
1,816.2
1,124.7
691.5
5,208.0
934.2
3,051.5
431.1
2,620.4
1,286.0
1,334.4
717.0
303.7
413.3
91.6
413.7
236.4
243.9
737.5

7,022.2
1,806.1
1,118.3
687.8
5,216.1
936.0
3,060.9
430.7
2,630.2
1,293.3
1,336.9
713.2
304.4
408.8
94.4
411.5
226.7
246.7
740.3

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

7,548.9

7,850.5

7,902.2

7,966.7

8,003.4r

8,105.3

8,176.7

8,191.6

8,189.8

8,222.9

8,174.5

8,168.4

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

4,952.2
675.6
4,276.6
752.8
3,523.9
1,283.6
317.8
965.7
222.6
392.4

5,189.5
688.9
4,500.5
838.8
3,661.8
1,294.3
303.2
991.2
271.0
388.4

5,189.6
661.7
4,527.9
855.7
3,672.2
1,312.0
316.1
995.9
287.9
388.5

5,210.1
640.3
4,569.8
872.7
3,697.0
1,342.1
309.4
1,032.7
276.6
399.9

5,240.4
660.4
4,579.9
883.3
3,696.6r
1,348.9
315.1
1,033.8
269.0
394.3

5,300.1
656.6
4,643.4
898.2
3,745.2
1,364.8
318.1
1,046.7
271.4
416.3

5,288.5
657.5
4,631.0
925.5
3,705.4
1,394.8
316.5
1,078.2
297.0
435.4

5,314.4
650.3
4,664.1
946.3
3,717.8
1,391.6
318.1
1,073.5
294.4
426.8

5,319.1
593.5
4,725.6
944.2
3,781.5
1,390.6
313.1
1,077.6
282.0
434.3

5,347.7
637.4
4,710.2
942.3
3,767.9
1,388.4
317.8
1,070.5
286.6
432.7

5,287.2
662.1
4,625.1
945.7
3,679.4
1,411.6
336.7
1,074.9
295.9
419.0

5,286.3
704.2
4,582.1
950.3
3,631.9
1,392.1
310.4
1,081.7
311.0
420.7

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

6,850.9

7,143.2

7,178.0

7,228.6

7,252.6

7,352.6

7,415.7

7,427.2

7,426.1

7,455.3

7,413.7

7,410.1

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

698.0

707.3

724.3

738.0

750.8r

752.6

761.0

764.4

763.7

767.6

760.7

758.3

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

2005

June

Dec.

Wednesday figures
2006

Jan.

Feb.

Mar.

2006
Apr.

May

June

June 7

June 14

June 21

June 28

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

3,593.1r
1,017.2
591.8
51.0
540.8
441.5
99.3
425.5
222.6
202.9
36.4
166.5
2,575.8
490.9r
1,324.9r
300.8
1,024.0
635.1r
389.0r
380.7
105.1

3,705.2r
998.9
572.6
33.3
539.2
447.3
91.9
426.3
200.3
226.0
38.7
187.3
2,706.2
510.3r
1,419.8
304.5
1,115.3r
697.4r
417.9r
377.0
111.1

3,728.7r
1,018.8
587.8
36.3
551.5
469.6
81.9
431.1
204.9
226.1
39.8
186.3
2,709.8
519.1
1,425.9
306.2
1,119.7
697.3r
422.4r
378.1
101.3

3,787.5r
1,056.4
614.2
40.2
574.1
494.0
80.1
442.1
208.3
233.8
41.2
192.6
2,731.1r
522.3
1,434.9
304.3
1,130.6r
704.2r
426.3r
383.2
103.2

3,819.8
1,071.7
626.3
38.5
587.9
507.5
80.4
445.3
205.4
239.9
42.2
197.7
2,748.1
527.0
1,435.3
305.7
1,129.6r
704.1r
425.5r
394.9
101.8

3,871.6
1,114.3
640.2
42.7
597.4
512.2
85.3
474.2
227.3
246.8
43.3
203.5
2,757.3r
534.3
1,442.9
304.2
1,138.7
711.4r
427.3r
397.6
93.6

3,915.7
1,124.6
633.1
38.9
594.3
511.6
82.7
491.5
241.8
249.7
45.1
204.6
2,791.1
545.1
1,452.0
302.6
1,149.4
715.6r
433.8r
402.7r
100.1

3,909.0
1,121.2
645.6
47.9
597.7
522.3
75.4
475.6
228.5
247.1
43.8
203.3
2,787.8
541.8
1,471.3
302.3
1,169.0
730.9
438.0
397.7
83.2

3,900.6
1,106.8
633.1
38.0
595.1
519.5
75.5
473.8
227.2
246.5
45.2
201.4
2,793.8
545.3
1,462.0
302.7
1,159.3
726.3
433.0
405.5
86.9

3,929.3
1,130.6
651.3
52.7
598.6
522.0
76.5
479.4
228.7
250.6
45.4
205.2
2,798.6
545.1
1,463.2
302.2
1,161.0
724.5
436.4
408.6
86.4

3,906.4
1,128.7
650.8
50.4
600.5
523.7
76.7
477.9
230.3
247.6
43.2
204.4
2,777.7
537.3
1,476.1
302.1
1,174.0
733.0
441.0
391.0
77.8

3,899.3
1,118.1
647.9
49.7
598.2
523.3
74.9
470.2
227.0
243.2
42.0
201.3
2,781.2
538.4
1,481.5
302.4
1,179.1
736.9
442.2
388.5
82.5

89.4
15.7
16.8
9.1

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

80.3
19.8
19.2
9.8

64.9
18.3
19.4
9.7

67.4
19.5
19.2
9.8

68.8
17.6
19.4
9.7

60.6
17.2
19.5
9.7

63.2
19.3
19.6
9.7

26.2
130.7
91.6
148.9r

22.2
146.2
90.9
150.2

21.1
145.4
90.3
149.9r

18.1
150.2
90.2
144.2r

19.9
150.1
90.4
145.3r

18.9
150.9
90.5
142.0

18.0
153.0
91.0
136.8

23.4
149.6
91.7
139.7

23.0
150.7
91.5
144.9

21.4
153.1
91.7
142.7

23.5
150.9
91.8
138.1

25.5
143.6
91.9
135.0

81.8
67.0
153.3
447.0

84.7
65.5
146.1
463.6

82.2
67.6
145.0
473.2

72.7
71.5
143.1
478.8

72.5r
72.8
145.7
474.5

79.1
62.9
146.1
474.9

76.9
59.9
138.2
486.2r

78.8
60.9
138.8
486.4

82.3
62.5
136.1
484.0

84.3
58.4
142.6
483.6

76.5
61.6
140.3
492.2

73.6
61.4
135.0
485.8

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

4,307.9r

4,431.5r

4,464.1r

4,521.0r

4,552.3r

4,601.5r

4,643.8r

4,641.0

4,632.6

4,665.1

4,644.1

4,622.2

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

2,514.3
325.6
2,188.7
350.5
1,838.2
761.0
150.2
610.8
215.6
322.9

2,604.7
307.1
2,297.6
400.5r
1,897.2r
779.9
137.5
642.4
252.6
314.3

2,618.2r
304.9
2,313.3
406.7
1,906.6
777.8
143.5
634.3
263.8
310.8

2,604.0r
299.4r
2,304.6
414.1
1,890.5
810.2
144.7
665.5
249.9
317.4

2,631.3r
310.1r
2,321.2
423.9
1,897.3
823.4
149.0
674.4
257.1
325.1

2,660.2
302.7
2,357.6r
438.6
1,918.9r
833.6
150.7
682.9
264.7
353.7

2,669.4r
312.0r
2,357.4r
453.2r
1,904.2r
842.3r
146.8
695.5r
279.1
360.6r

2,663.3
306.2
2,357.1
461.4
1,895.7
835.3
148.5
686.8
280.2
355.6

2,645.9
297.6
2,348.3
459.6
1,888.7
848.1
145.1
703.0
264.5
357.7

2,673.5
309.0
2,364.5
456.5
1,908.0
841.5
153.3
688.1
278.9
367.9

2,667.3
312.2
2,355.1
458.9
1,896.2
835.9
162.1
673.7
284.5
353.5

2,665.1
308.9
2,356.3
470.3
1,886.0
826.5
137.3
689.3
289.3
342.0

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

3,813.8

3,951.6r

3,970.7r

3,981.5r

4,037.0r

4,112.2r

4,151.4

4,134.3

4,116.2

4,161.9

4,141.2

4,123.0

494.1r

479.9

493.4

539.5

515.3

489.3

492.4r

506.7

516.4

503.3

502.8

499.3

35
36
37
38
39
40
41
42
43
44

8

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

18

Federal Reserve Bulletin Statistical Supplement

1.26

COMMERCIAL BANKS IN THE UNITED STATES

July 2006

Assets and Liabilities1—Continued

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

2005

2005

June

Dec.

Wednesday figures
2006

Jan.

Feb.

Mar.

2006
Apr.

May

June

June 7

June 14

June 21

June 28

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

3,597.8
1,020.5
594.3
51.3
543.0
442.9
100.0
426.3
223.0
203.3
36.4
166.9
2,577.3r
493.1
1,325.3r
302.0
1,023.3
636.1r
387.2r
378.2
144.9
233.3
106.1

3,725.3r
1,002.3
572.3
32.1
540.1
448.2
92.0
430.0
202.1
227.9
39.0
188.9
2,723.0r
508.7
1,422.8r
303.8
1,119.0r
699.2r
419.8r
380.8
147.9
232.9
116.3

3,732.4
1,018.3
582.6
34.7
547.9
466.5
81.4
435.7
207.1
228.6
40.3
188.3
2,714.2r
516.7
1,425.3
304.7
1,120.7r
697.0r
423.6r
384.9
146.7
238.3
100.5

3,777.4
1,052.6
611.0
42.5
568.5
487.8
80.6
441.6
208.1
233.6
41.2
192.4
2,724.8
523.3
1,432.2
304.9
1,127.3
700.5r
426.9r
386.8
143.7
243.1
99.0

3,791.3
1,055.9
614.7
39.0
575.7
496.1
79.6
441.2
203.5
237.7
41.9
195.8
2,735.4r
528.5r
1,428.3
303.2r
1,125.2
700.0r
425.2r
393.3
138.6
254.8
98.9

3,860.7r
1,108.6
639.9
43.4
596.5
510.7
85.8
468.7
224.7
244.0
42.8
201.2
2,752.1r
538.5r
1,439.9r
303.1
1,136.8r
710.1r
426.7r
395.2
138.4
256.9r
92.0

3,922.6r
1,134.4
645.5
40.9
604.6
520.6
84.0
489.0
240.6
248.4
44.8
203.5
2,788.1
548.6
1,455.1
303.5
1,151.6r
718.2r
433.4r
400.4
142.1
258.3
95.2

3,912.9
1,123.2
647.4
48.0
599.3
523.5
75.9
475.8
228.5
247.3
43.9
203.4
2,789.8
544.3
1,472.1
303.5
1,168.6
732.1
436.6
395.0
141.3
253.8
84.3

3,915.7
1,120.6
644.2
39.8
604.4
527.0
77.4
476.4
228.5
247.9
45.4
202.5
2,795.1
546.1
1,467.5
303.2
1,164.3
729.8
434.5
402.7
140.5
262.2
85.4

3,934.5
1,129.7
652.0
52.0
600.0
522.7
77.3
477.7
227.9
249.7
45.2
204.5
2,804.8
547.3
1,467.4
303.5
1,163.9
726.7
437.2
406.0
145.2
260.9
89.5

3,904.9
1,125.6
649.8
50.2
599.7
522.8
76.8
475.7
229.2
246.5
43.0
203.5
2,779.3
541.6
1,473.5
304.1
1,169.4
732.0
437.4
389.6
139.8
249.8
80.1

3,898.4
1,118.0
645.3
49.5
595.9
521.6
74.3
472.7
228.0
244.6
42.4
202.2
2,780.4
541.4
1,478.1
303.4
1,174.7
736.8
437.9
385.2
140.0
245.1
83.2

90.3
15.8
16.8
9.1

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

76.4
18.8
19.2
9.8

65.8
18.5
19.4
9.8

66.3
19.2
19.2
9.8

71.3
18.2
19.4
9.8

62.3
17.7
19.5
9.7

64.0
19.2
19.6
9.8

26.2
131.4
91.1
147.7

22.2
152.1
91.2
152.1r

21.1
145.5
91.2
150.2

18.1
145.8
91.0
139.9

19.9
146.9
90.9
142.2

18.9
148.6
90.7
146.1

18.0
150.9
90.9
139.2

23.4
150.2
91.3
138.5

23.0
150.1
91.3
142.4

21.4
152.6
91.3
146.0

23.5
150.6
91.2
135.0

25.5
146.3
91.3
132.4

81.3r
66.4
150.6
449.0

85.8
66.2
157.7
460.6r

82.5r
67.8
153.9
468.7

70.6
69.3
142.4
472.7

71.0
71.1
141.2
469.7

81.4
64.7
145.3
478.6

78.3r
61.0
137.0
490.5r

78.2
60.3
136.4
488.6

80.9
61.5
134.7
488.9

86.3
59.7
137.7
490.6

74.8
60.2
133.9
489.9

72.2
60.2
133.6
485.2

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

4,310.7r

4,461.8r

4,472.8r

4,499.8r

4,511.2r

4,597.9r

4,656.2r

4,643.3

4,648.5

4,675.6

4,630.7

4,616.8

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

2,515.4
325.0
2,190.4
352.5
1,838.0r
770.3
149.7
620.6
212.6
319.0

2,622.7r
330.7
2,292.0r
399.9
1,892.0
769.6
135.3
634.4
256.9
318.9r

2,612.1r
311.2
2,300.9r
408.3
1,892.5
776.4
142.8
633.6
269.3
316.2

2,612.0
294.6r
2,317.5r
416.8
1,900.7
808.1
143.3
664.8
257.0
324.2

2,624.3
308.4
2,316.0r
420.2
1,895.8r
816.0
148.0
668.0
250.5
317.4

2,666.0
308.8
2,357.3r
433.8
1,923.4r
837.9
153.5
684.3
252.5
339.8

2,658.2r
307.4r
2,350.9r
452.7r
1,898.1r
855.3r
146.7
708.6r
277.7
359.5r

2,664.3
305.5
2,358.8
464.0
1,894.8
845.8
147.9
697.8
276.1
351.1

2,662.1
268.3
2,393.8
462.9
1,930.9
855.8
146.2
709.6
264.8
358.6

2,692.3
305.0
2,387.3
462.3
1,924.9
849.0
148.5
700.4
269.3
357.2

2,648.3
316.1
2,332.3
463.4
1,868.8
856.3
162.6
693.8
276.1
344.4

2,639.8
336.1
2,303.7
465.2
1,838.4
835.8
138.7
697.0
292.6
345.3

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

3,817.3

3,968.1r

3,974.0r

4,001.3r

4,008.3r

4,096.3r

4,150.7r

4,137.3

4,141.2

4,167.8

4,125.1

4,113.4

493.4r

493.8r

498.9r

502.9

501.7r

505.4r

506.0

507.3

507.9

505.6

503.4

83
84
85
86
87
88
89
90
91
92

8

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

498.5

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
June

2005
Dec.

Wednesday figures
2006

Jan.

Feb.

Mar.r

2006
r

Apr.

r

May

June

June 7

June 14

June 21

June 28

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

2,890.4
717.2
494.3
222.8
2,173.2
344.8r
1,390.2
130.6r
1,259.6r
325.9r
8.5
103.7
75.9r
115.3
204.1

2,982.4
695.5
485.1
210.4
2,286.9
366.7r
1,467.6
132.0r
1,335.6
330.6r
10.6
111.3
89.8r
119.7
204.0

3,017.5
700.6
486.6r
214.1r
2,316.8r
370.8r
1,486.8r
129.1r
1,357.7
333.7r
11.4
114.1
98.1
123.1
217.1

3,040.7
707.1
490.7r
216.4r
2,333.6r
374.0r
1,503.3r
129.0r
1,374.3
328.8r
11.3
116.2
101.7
122.4
236.9

3,067.8
701.8
485.5
216.3
2,366.0
378.1
1,531.6
129.0
1,402.7
327.4
11.7
117.3
107.3
120.0
241.7

3,083.9
695.7
480.6
215.1
2,388.2
381.7
1,548.1
126.9
1,421.1
329.3
11.8
117.3
108.8
117.7
244.4

3,102.9
693.1
478.1
215.0
2,409.8
385.3
1,565.7
125.8
1,439.8
331.0
11.3
116.6
102.9
118.0
245.2

3,128.2
690.8
474.7
216.1
2,437.4
390.3
1,586.3
126.5
1,459.8
331.1
11.5
118.2
105.9
113.3
253.1

3,121.3
693.1
476.6
216.5
2,428.3
388.5
1,580.8
126.2
1,454.6
330.7
10.9
117.2
103.9
115.0
249.8

3,125.7
692.8
475.7
217.1
2,432.9
389.1
1,582.6
126.3
1,456.3
331.8
11.4
118.0
106.8
114.2
254.4

3,135.7
691.0
475.2
215.8
2,444.7
391.0
1,590.4
127.2
1,463.2
331.7
12.0
119.6
111.0
113.3
247.6

3,127.6
686.7
471.6
215.2
2,440.9
391.7
1,589.2
126.1
1,463.1
329.8
11.7
118.5
102.3
112.7
255.1

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

3,252.7r

3,362.4r

3,422.3r

3,468.3r

3,503.2

3,520.9

3,534.7

3,565.9

3,555.6

3,566.7

3,573.0

3,563.0

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

2,438.4
352.2
2,086.2
400.3
1,685.9
513.3
168.1
345.1
10.1
73.4

2,554.7r
345.8r
2,208.9
438.8
1,770.0r
524.7
167.9
356.8
14.1
69.5

2,583.8r
348.6
2,235.2r
447.4
1,787.8r
535.6
173.2
362.3
18.6
72.3

2,604.3
350.0
2,254.3
455.9
1,798.3r
534.0
166.1
367.8
19.6
75.7

2,617.1
354.3
2,262.7
463.1
1,799.6
532.9
167.2
365.8
18.5
76.8

2,627.0
346.1
2,281.0
464.4
1,816.6
527.0
164.6
362.4
18.9
76.5

2,633.3
353.8
2,279.5
472.8
1,806.7
539.5
169.9
369.6
19.2
76.0

2,651.7
346.3
2,305.4
482.3
1,823.1
545.9
170.2
375.7
18.3
75.6

2,638.4
343.5
2,294.9
481.3
1,813.6
534.9
166.9
368.0
17.3
75.7

2,652.3
337.8
2,314.4
480.0
1,834.5
539.4
169.3
370.1
17.3
75.4

2,661.2
349.8
2,311.4
482.2
1,829.2
555.3
174.1
381.2
19.8
74.7

2,658.4
347.1
2,311.3
485.0
1,826.2
556.3
171.7
384.7
18.4
75.4

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

3,035.1r

3,163.1r

3,210.3r

3,233.6

3,245.3

3,249.4

3,268.0

3,291.6

3,266.3

3,284.4

3,311.0

3,308.5

217.7

199.4

212.0

234.7

257.9

271.5

266.7

274.4

289.3

282.4

262.0

254.5

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

2,880.7
717.3
494.4
222.8
2,163.4r
346.5r
1,382.1r
130.9r
1,251.2r
490.3r
760.9r
322.0r
161.9r
160.1
8.5
104.3
72.0
114.5
204.1

3,001.5r
699.4
489.0
210.4
2,302.1r
366.1r
1,476.4
131.5r
1,344.8
512.7r
832.1r
337.5r
172.4r
165.1
10.7
111.5
92.9r
123.7
204.0

3,023.4r
700.7
486.7r
214.1r
2,322.7
370.7r
1,490.1r
128.6r
1,361.6r
517.1r
844.5r
338.9r
171.8r
167.1
11.1
111.8r
97.0
125.3
217.1

3,037.0r
705.0
488.6r
216.4r
2,332.0r
374.1r
1,503.0r
128.7r
1,374.3r
519.2r
855.1r
330.0r
162.5r
167.5
11.3r
113.5
104.4
121.9
236.9

3,055.6
703.2
486.9
216.3
2,352.4
378.8
1,522.4
128.3
1,394.1
528.1
866.0
323.5
158.4
165.1
11.9
115.7
113.1
115.4
241.7

3,071.7
697.9
482.7
215.1
2,373.8
383.7
1,537.3
126.6
1,410.7
533.4
877.4
324.9
161.2
163.7
11.8
116.1
111.1
114.1
244.4

3,095.5
692.7
477.7
215.0
2,402.9
387.9
1,560.4
125.9
1,434.5
546.5
888.0
327.7
164.4
163.3
11.1
115.8
97.4
116.7
245.2

3,117.0
690.9
474.8
216.1
2,426.1
392.0
1,576.9
126.9
1,450.1
553.8
896.3
327.1
163.4
163.7
11.4
118.7
100.4
112.4
253.1

3,109.6
692.8
476.3
216.5
2,416.8
389.7
1,571.1
126.3
1,444.8
552.3
892.5
326.4
162.7
163.7
11.4
118.2
102.5
113.8
249.8

3,111.8
692.4
475.3
217.1
2,419.4
390.2
1,573.0
126.4
1,446.6
551.3
895.4
326.2
162.4
163.8
11.5
118.5
103.5
111.9
254.4

3,119.4
690.7
474.9
215.8
2,428.7
392.6
1,578.0
127.0
1,451.0
554.0
897.0
327.4
163.9
163.5
11.5
119.2
101.4
110.0
247.6

3,123.8
688.1
473.0
215.2
2,435.6
394.5
1,582.8
127.3
1,455.5
556.5
899.0
328.0
164.4
163.7
11.2
119.0
94.3
113.1
255.1

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

3,238.2r

3,388.7r

3,429.4r

3,466.9r

3,492.2

3,507.3

3,520.5

3,548.3

3,541.3

3,547.2

3,543.8

3,551.6

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

2,436.8r
350.6
2,086.2
400.3
1,685.9
513.3
168.1
345.1
10.1
73.4

2,566.8r
358.2r
2,208.6
438.8
1,769.7r
524.7
167.9
356.8
14.1
69.5

2,577.5r
350.5
2,227.0r
447.4
1,779.6r
535.6
173.2
362.3
18.6
72.3

2,598.0r
345.8
2,252.3
455.9
1,796.3r
534.0
166.1
367.8
19.6
75.7

2,616.0
352.0
2,264.0
463.1
1,800.9
532.9
167.2
365.8
18.5
76.8

2,634.0
347.8
2,286.2
464.4
1,821.8
527.0
164.6
362.4
18.9
76.5

2,630.2
350.1
2,280.1
472.8
1,807.3
539.5
169.9
369.6
19.2
76.0

2,650.1
344.7
2,305.3
482.3
1,823.0
545.9
170.2
375.7
18.3
75.6

2,657.0
325.1
2,331.9
481.3
1,850.6
534.9
166.9
368.0
17.3
75.7

2,655.4
332.4
2,323.0
480.0
1,843.0
539.4
169.3
370.1
17.3
75.4

2,638.9
346.0
2,292.8
482.2
1,810.6
555.3
174.1
381.2
19.8
74.7

2,646.5
368.0
2,278.5
485.0
1,793.4
556.3
171.7
384.7
18.4
75.4

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

3,033.5r

3,175.2r

3,204.0r

3,227.4

3,244.3

3,256.4

3,264.9

3,289.9

3,284.9

3,287.5

3,288.6

3,296.7

204.7

213.5r

225.4

239.5r

247.9

251.0

255.6

258.4

256.4

259.8

255.1

254.9

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.

......

20

Federal Reserve Bulletin Statistical Supplement

1.26

COMMERCIAL BANKS IN THE UNITED STATES

July 2006

Assets and Liabilities1—Continued

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

2005
June

2005
Dec.

Wednesday figures
2006

Jan.r

Feb.

Mar.

2006
r

Apr.

May

June

June 7

June 14

June 21

June 28

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

733.1
318.3r
87.7
230.6r
414.8r
153.0r
19.5
134.8
107.6
49.6
60.6r
37.9

812.9r
356.6r
80.3r
276.3r
456.3r
167.1r
21.9
142.1
125.2r
42.0
53.2
38.7r

811.5
347.0
74.7
272.3
464.5
171.1
20.7
142.5
130.1
42.0
51.9
36.3

818.9r
342.9r
76.9r
266.0r
476.0r
174.7
20.8
148.3
132.1r
43.6
51.3
38.9r

829.4r
344.4r
77.9r
266.5r
485.0r
176.8r
21.3
155.3
131.6r
47.6
52.2
37.2r

849.3
356.9
77.3
279.5
492.4
182.4
22.0
155.9
132.1
48.1
49.4
40.0

901.1r
382.5r
80.5
302.0r
518.6r
187.4r
22.6
172.1
136.6r
45.8
49.8
48.8r

893.5
378.1
80.1
297.9
515.5
193.1
22.0
166.1
134.3
49.7
52.7
45.5

901.9
382.9
80.5
302.3
519.0
193.2
21.9
170.8
133.1
47.8
51.4
43.0

886.0
382.1
80.4
301.6
504.0
191.9
21.9
157.9
132.2
49.3
51.7
46.4

892.2
374.4
79.6
294.8
517.8
192.2
22.0
168.7
134.9
54.7
52.7
44.3

893.7
374.3
79.8
294.6
519.4
194.4
22.4
166.8
135.8
47.7
54.3
48.9

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

880.7

946.4

941.2

952.2r

965.9r

986.3

1,044.9r

1,040.9

1,043.5

1,032.9

1,043.4

1,044.0

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

599.9
12.0
587.9
362.8
49.2
313.6
−190.3
99.4

607.3
12.2
595.1
428.7
60.9
367.9
−194.0
109.2r

614.4
12.7
601.6
435.4
65.0
370.4
−209.2
99.4

619.4
13.3
606.2
439.3
60.2
379.0
−209.3
101.4r

650.3
13.5
636.8
436.1
61.9
374.2
−219.2
96.6r

673.2
12.7
660.5
419.9
55.4
364.6
−216.1
106.7

672.9
11.7
661.2
436.5
51.0
385.5
−206.5r
130.6r

677.9
11.8
666.0
443.8
50.8
393.0
−209.4
119.2

678.6
11.7
666.9
446.2
53.8
392.4
−225.6
119.6

673.1
10.9
662.2
454.7
55.3
399.4
−228.1
127.3

675.9
12.4
663.5
438.9
47.1
391.8
−191.7
114.3

680.9
12.0
668.9
434.6
46.8
387.8
−193.9
118.3

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

871.9

951.3

939.9

950.9

963.9r

983.8

1,033.5r

1,031.5

1,018.7

1,026.9

1,037.4

1,039.9

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

8.8

−4.9r

1.2

1.3r

1.9

2.5

11.4

9.5

24.8

6.0

5.9

4.1

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

733.3r
318.3r
87.7
29.8
57.9
230.6r
131.9
98.7r
415.1r
152.6r
19.5
133.8
109.3
49.6
59.8r
38.0

818.7r
356.6r
80.3r
22.3r
58.0
276.3r
163.5r
112.9r
462.2r
167.7r
21.9
148.7
123.8
42.0
54.5
39.7r

815.8
347.0
74.7
20.4
54.3
272.3
162.3
110.0
468.7
172.7
20.7
146.7
128.6
42.0
52.8
37.5

821.1r
342.9r
76.9r
25.6r
51.3
266.0r
157.9r
108.1r
478.2r
177.1r
20.8
151.0
129.4r
43.6
50.6
39.9r

832.4r
344.4r
77.9r
27.8
50.2
266.5r
157.2r
109.3r
488.0r
178.3r
21.3
157.2
131.3r
47.6
50.5
37.0r

855.9
356.9
77.3
24.9
52.4
279.5
170.2
109.3
499.1
183.5
22.0
160.0
133.6
48.1
48.6
39.1

897.5r
382.5r
80.5
26.8
53.7
302.0r
191.7
110.3r
515.1r
187.4r
22.6
167.8
137.3r
45.8
49.1
49.3

893.3
378.1
80.1
25.6
54.5
297.9
185.8
112.1
515.2
192.7
22.0
164.7
135.8
49.7
52.0
45.6

894.5
382.9
80.5
25.8
54.7
302.3
190.2
112.1
511.6
192.9
21.9
161.5
135.4
47.8
50.3
44.3

891.2
382.1
80.4
25.3
55.1
301.6
188.8
112.9
509.2
192.0
21.9
160.8
134.5
49.3
51.3
47.1

895.6
374.4
79.6
25.3
54.3
294.8
182.5
112.3
521.2
192.4
22.0
170.7
136.2
54.7
51.8
43.3

892.9
374.3
79.8
25.6
54.1
294.6
182.9
111.7
518.6
193.3
22.4
166.5
136.4
47.7
53.9
49.0

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

880.3

954.5

947.5

954.7

967.0

991.2

1,041.3r

1,040.1

1,036.4

1,038.4

1,044.8

1,042.9

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

609.4
11.8
597.6
362.8
49.2
313.6
−192.5
97.7

602.6
12.6
590.0
428.7
60.9
367.9
−191.1
111.3r

616.6
13.0
603.7
435.4
65.0
370.4
−207.7
100.3

620.7
13.7
607.0
439.3
60.2
379.0
−209.4
101.3r

653.4
13.8
639.6
436.1
61.9
374.2
−221.0
95.6

682.3
12.6
669.7
419.9
55.4
364.6
−218.8
104.9

684.9
11.5
673.4
436.5
51.0
385.5
−210.6r
127.6r

688.6
11.6
677.0
443.8
50.8
393.0
−212.4
117.2

695.7
11.2
684.5
446.2
53.8
392.4
−227.0
118.6

689.3
10.9
678.4
454.7
55.3
399.4
−232.5
124.2

687.6
12.1
675.5
438.9
47.1
391.8
−196.1
111.6

683.8
11.9
671.9
434.6
46.8
387.8
−195.6
117.2

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

877.5

951.6

944.6

951.8r

964.1r

988.4

1,038.4r

1,037.2

1,033.5

1,035.6

1,042.0

1,040.1

2.8

2.9r

2.9

2.9r

2.9r

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

2005

June

Dec.

Wednesday figures
2006

Jan.

Feb.

Mar.

2006
Apr.

May

June

June 7

June 14

June 21

June 28

Not seasonally adjusted

93.6

85.8

90.6

93.7

89.5

108.5

123.4

111.7

113.6

111.7

109.8

111.9

85.3
536.3
411.5
124.7

76.2
550.9
415.0
135.9

82.0
558.2
425.0
133.2

82.5
577.7
446.8
130.9

79.1
587.2
456.5
130.6

96.6
602.3
472.8
129.6

110.6r
614.2
482.4
131.8

99.6
618.1
484.0
134.1

101.9
621.4
487.0
134.4

100.7
617.7
483.1
134.6

98.0
618.2
483.8
134.3

98.3
615.6
482.5
133.1

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 . . . . . . . . . .

4.4r
149.3r
129.2
20.2r
5.5

−9.9r
164.1
134.8
29.3
3.0

−8.9r
165.8
136.2
29.6
3.0

−11.2r
164.8
135.4
29.4
3.0

−14.1r
166.5
136.8
29.7
3.0

−17.2r
166.8
137.9
28.9
3.0

−18.6
165.8
137.5
28.4
3.0

−20.2
166.3
136.2
30.1
2.9

−18.3
166.8
138.7
28.1
3.0

−18.9
163.8
135.5
28.3
3.0

−20.6
164.1
135.0
29.1
3.0

−22.1
169.6
136.0
33.6
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 . . . . . . . . . . . . . . . . . . . . . . . . .

339.2
213.1
203.2
9.9

329.8
203.3
193.4
9.8

333.9
202.2
192.5
9.7

336.3
205.2
195.6
9.6

332.9
204.8
195.2
9.6

328.4
203.6
194.0
9.6

328.0r
202.0
192.6
9.4

328.1
207.1
197.9
9.1

329.3
205.3
196.1
9.2

328.9
207.4
198.1
9.3

328.2
207.0
198.0
9.0

326.2
208.4
199.4
9.0

54.6

67.1r

61.7r

60.3r

57.9r

64.4r

78.0r

70.4

75.6

73.7

66.0

67.3

63.7
.2

72.8r

66.3r

63.9r

61.7r

68.2r

.1

.1

.1

.1

.1

82.7r
.1

75.7
.1

80.2
.1

78.7
.1

71.8
.1

73.0
.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

July 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

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1,341,226

1,260,745

1,375,717

1,631,009

1,604,026

1,638,298

1,631,009

1,672,657

1,687,510

1,705,078

522,863
147,689

519,731
103,982

595,249
119,727

667,321
132,207

669,566
156,664

668,550
155,587

667,321
132,207

681,727
140,561

690,883
134,575

692,513
134,245

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 . . . . . . . . . . . . . .
May 10 . . . . . . . . . . . . . .

7.50
7.75
8.00

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

Average
rate

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

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

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.
Apr.
May

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

7.26
7.50
7.53
7.75
7.93

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
2006
Item

2003

2004

2006, week ending

2005
Jan.

Feb.

Mar.

Apr.

Mar. 31

Apr. 7

Apr. 14

Apr. 21

Apr. 28

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

4.29
5.26

4.49
5.50

4.59
5.53

4.79
5.75

4.70
5.57

4.88
5.75

4.76
5.75

4.77
5.75

4.74
5.75

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

4.36
4.37
n.a.

4.47
4.50
4.55

4.61
4.65
4.76

4.80
4.81
4.87

4.72
4.75
4.77

4.75
4.76
4.83

4.73
4.78
n.a.

4.79
4.83
4.90

4.87
4.88
4.90

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

4.37
4.43
4.48

4.50
4.57
4.63

4.66
4.73
4.79

4.81
4.90
4.94

4.75
4.79
4.85

4.76
4.84
4.88

4.77
4.88
4.94

4.82
4.91
4.96

4.89
4.96
5.00

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

4.45
4.56
4.69

4.55
4.72
4.88

4.72
4.88
5.01

4.88
5.03
5.17

4.79
4.94
5.07

4.80
4.98
5.12

4.85
5.02
5.17

4.90
5.05
5.17

4.97
5.09
5.21

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

1.14

1.55

3.51

4.59

4.75

4.91

5.06

4.97

5.00

5.05

5.08

5.12

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

4.03
4.24
4.31

4.31
4.43
4.52

4.47
4.51
4.62

4.52
4.60
4.72

4.60
4.51
4.64

4.56
4.56
4.67

4.53
4.58
4.73

4.47
4.61
4.73

4.54
4.66
4.76

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

4.45
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

4.77
4.73
4.74
4.72
4.71
4.72
4.91

4.90
4.89
4.89
4.90
4.94
4.99
5.22

4.82
4.80
4.79
4.78
4.79
4.80
5.01

4.85
4.85
4.84
4.84
4.86
4.89
5.11

4.91
4.91
4.90
4.91
4.93
4.98
5.22

4.90
4.88
4.88
4.91
4.95
5.02
5.26

4.94
4.92
4.92
4.95
5.00
5.07
5.30

4.52
5.20
4.75

4.50
5.09
4.68

4.28
4.86
4.40

4.27
4.73
4.37

4.33
4.80
4.41

4.29
4.78
4.44

4.36
4.98
4.58

4.42
4.88
4.53

4.34
4.84
4.56

4.34
5.01
4.57

4.39
5.03
4.59

4.38
5.02
4.59

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

6.24

6.00

5.57

5.69

5.74

5.90

6.20

5.99

6.09

6.20

6.24

6.27

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

5.29
5.45
5.79
6.24

5.35
5.51
5.85
6.27

5.53
5.68
5.98
6.41

5.84
6.00
6.27
6.68

5.61
5.78
6.07
6.50

5.72
5.88
6.17
6.59

5.84
6.00
6.28
6.69

5.88
6.04
6.31
6.72

5.93
6.08
6.34
6.73

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

1.72

1.66

1.89

1.76

1.80

1.79

1.78

1.78

1.78

1.78

1.77

1.79

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

July 2006

Selected Statistics
2005

Indicator

2003

2004

2006

2005
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

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.

7,584.49
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.

8,351.28
n.a.
n.a.
n.a.
n.a.

8,353.45
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

1,225.91

1,191.96

1,237.37

1,262.07

1,278.72

1,276.65

1,293.74

1,302.18

1,290.00

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

943.44

1,260.02

1,567.52

1,711.66

1,640.08

1,694.64

1,752.65

1,815.91

1,828.06

1,902.69

1,976.03

1,968.30

Volume of trading (thousands of shares)
8 New York Stock Exchange . . . . . . . . . . . . . . . . 1,361,043 1,403,376 1,542,724 1,626,430 1,779,200 1,576,379 1,508,647 1,808,726 1,660,932 1,728,333 2,285,601 2,510,157
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

217,760

212,540

219,020

221,660

232,190

222,780

236,670

241,540

230,540

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

117,850
93,580

119,710
88,730

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

119,020
83,000

126,210
81,090

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
2004

2005

2006

Item
Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

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

7,156.2

7,298.6

7,403.2

7,620.4

7,801.0

7,860.2

7,956.3

8,194.3

8,394.7

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

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

8,371.2
4,872.8
3,498.4

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

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

23.6
23.6
.0

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

7,088.6

7,229.3

7,333.4

7,535.6

7,715.5

7,778.1

7,871.0

8,107.0

8,281.5

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

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

8,281.4
.1

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

7,384.0

7,384.0

7,384.0

8,184.0

8,184.0

8,184.0

8,184.0

8,184.0

8,965.0

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

2006

2005
Q2

Q3

Q4

Q1

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

6,405.7

6,998.0

7,596.1

8,170.4

7,836.5

7,932.7

8,170.4

8,371.2

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

7,818.0
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

8,351.7
4,340.4
1,042.1
2,409.7
526.7
347.9
4,030.8
234.8
3.4
3.4
.0
192.0
3,551.2
19.5

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

3,466.9r
744.2
3,970.6
117.2
252.2r
172.2r
454.6r

3,311.6
724.7
3,803.0
127.2
249.1
163.7r
429.3

3,334.1
736.4
3,864.9
125.0
245.0r
171.6r
446.5

3,466.9r
744.2
3,970.6
117.2
252.2r
172.2r
454.6r

3,502.0
758.5
4,114.0
115.0
250.8
176.8
462.8

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
306.3r
179.9r
126.4r
2,041.1r
455.8

204.2
306.1r
176.1r
130.1
2,030.0
303.5

203.6
302.0r
179.4r
122.6
2,069.0
311.5

205.1
306.3r
179.9r
126.4r
2,041.1r
455.8

205.9
310.9
182.2
128.6
2,089.2
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

July 2006

Transactions1

Millions of dollars, daily averages
2006

2006, week ending

Item
Jan.
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 . . . . . . . . . . . . . .

Feb.

Mar.

Mar. 1

Mar. 8

Mar. 15

Mar. 22

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Apr. 26

46,950

49,853

51,445

59,561

51,879

48,960

49,016

51,268

59,030

48,447

45,362

40,843

205,687

220,920

212,149

239,289

243,638

204,856

202,242

207,877

173,535

145,822

183,102

209,778

138,934

143,048

135,674

178,234

149,258

130,194

123,763

132,128

132,777

88,600

113,888

120,567

121,618
31,712
10,988

125,047
42,854
7,603

119,256
30,660
6,119

124,098
39,830
5,608

142,308
40,015
7,391

122,588
25,860
5,496

116,295
29,169
6,298

98,271
26,656
5,135

110,742
28,424
6,768

122,050
32,057
9,358

117,100
25,113
8,540

114,711
33,302
10,334

63,214

61,720

55,567

59,429

53,021

47,105

56,648

59,600

68,366

49,471

60,305

51,513

9,915

8,737

6,955

7,123

7,860

7,374

6,617

5,589

7,816

9,637

6,901

9,213

5,185

6,130

5,278

5,784

7,192

6,730

4,218

3,337

4,107

2,204

5,526

4,426

2,779
295

2,677
609

1,877
331

1,769
296

2,127
414

1,899
239

1,520
205

1,608
406

2,817
500

5,497
345

2,498
222

2,944
391

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

259,273

269,494

272,801

230,717

438,075

293,738

188,820

191,697

241,025

344,564

188,981

190,197

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

189,425
24,328

183,103
22,999

188,676
24,581

191,662
24,337

173,449
25,481

179,267
19,951

189,415
25,396

208,977
27,919

196,177
23,640

180,127
21,772

208,338
19,359

205,557
29,083

234,322

250,460

241,181

274,916

277,005

236,407

235,290

217,918

219,572

200,648

215,940

242,815

6,143
61,325
436

6,112
65,395
486

5,074
65,827
514

5,916
57,194
465

6,236
85,082
402

4,609
79,185
562

5,377
53,146
535

3,935
52,523
321

5,006
53,575
1,125

4,928
80,994
394

6,052
50,747
510

6,472
50,310
495

321,567

338,866

314,123

371,705

357,485

301,547

291,494

303,418

291,703

245,685

277,166

286,719

75,245
197,948
213,318

73,761
204,099
205,617

64,933
206,974
212,743

68,486
173,522
215,534

64,377
352,993
198,527

58,737
214,552
198,657

63,833
135,674
214,276

66,605
139,175
236,575

78,602
187,450
218,691

62,227
263,570
201,505

69,400
138,234
227,188

62,016
139,887
234,145

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
2006

2006, week ending

Item, by type of security
Jan.

Feb.

Mar.

Mar. 1

Mar. 8

Mar. 15

Mar. 22

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Net outright positions

2

−5,489

5,112

24,677

13,434

23,681

23,556

27,570

25,173

25,853

34,278

12,350

−42,542

−43,332

−44,588

−44,624

−40,761

−48,088

−44,164

−46,856

−39,253

−34,893

−36,500

−41,375

−42,274

−43,369

−44,006

−43,144

−46,342

−43,547

−40,644

−42,351

−41,596

−42,011

−37,597
−11,375
288

−38,827
−10,106
561

−38,157
−13,065
714

−36,537
−10,157
−559

−40,391
−12,699
1,057

−36,638
−13,505
655

−36,362
−14,066
686

−38,110
−12,903
608

−42,913
−11,326
823

−43,256
−12,692
964

−42,139
−13,791
−58

49,293

47,983

45,384

51,803

49,003

45,283

45,547

41,277

43,667

50,212

44,689

29,611

36,566

38,264

36,656

38,217

41,022

38,440

35,695

37,962

37,843

39,681

12,072

12,586

15,842

13,605

16,526

15,837

16,401

15,487

13,875

14,396

16,087

599
5,359

1,227
5,111

−128
5,852

643
5,150

−748
5,359

−58
5,826

113
5,918

−255
6,223

1,019
6,497

2,257
6,508

2,115
6,538

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

11,971

17,012

24,950

28,545

23,246

14,158

30,794

30,961

25,399

12,397

28,344

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

39,449
148,898

38,735
136,286

38,623
140,670

40,234
139,650

36,972
136,527

46,027
132,929

37,433
138,400

33,624
152,555

39,350
149,129

44,365
150,059

45,054
147,505

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 . . . . . . . . . . . . . 1,182,966
16 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,098,745
Federal agency and governmentsponsored enterprises
17 Overnight and continuing . . . . . . . . . . . . .
158,404
18 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
215,725
Mortgage-backed securities
19 Overnight and continuing . . . . . . . . . . . . .
102,984
20 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
379,992
Corporate securities
21 Overnight and continuing . . . . . . . . . . . . .
113,021
22 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93,505
Memo
Reverse repurchase agreements
23 Overnight and continuing . . . . . . . . . . . . .
754,595
24 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,407,148
Securities out, U.S. Treasury
25 Overnight and continuing . . . . . . . . . . . . . 1,174,763
26 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
886,633
Federal agency and governmentsponsored enterprises
27 Overnight and continuing . . . . . . . . . . . . .
297,967
28 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143,737
Mortgage-backed securities
29 Overnight and continuing . . . . . . . . . . . . .
539,555
30 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
229,291
Corporate securities
31 Overnight and continuing . . . . . . . . . . . . .
262,303
32 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55,147
Memo
Repurchase agreements
33 Overnight and continuing . . . . . . . . . . . . . 2,004,038
34 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,232,261

1,234,150
1,185,052

1,199,134
1,285,065

1,252,389
1,140,416

1,215,888
1,238,073

1,185,692
1,277,214

1,201,436
1,374,883

1,194,688
1,342,590

1,168,417
1,033,633

1,157,201
1,089,638

1,206,527
1,064,843

156,424
231,279

161,713
241,161

152,865
229,769

164,490
244,798

154,650
247,641

163,078
240,564

161,575
237,277

176,851
227,132

164,808
235,741

164,745
236,972

103,058
395,634

97,763
394,912

99,054
390,497

101,963
390,030

93,063
392,327

94,772
401,115

100,691
400,199

99,090
383,039

97,104
396,190

98,960
398,574

110,668
94,829

112,725
94,016

109,945
95,485

110,273
94,421

111,473
92,954

112,203
93,245

115,769
94,700

118,252
95,891

118,343
97,639

115,210
98,368

793,826
1,523,550

757,925
1,646,126

799,231
1,474,252

781,770
1,583,202

736,926
1,630,826

769,351
1,729,046

749,412
1,736,673

717,110
1,398,707

683,080
1,467,725

720,780
1,457,635

1,210,142
994,303

1,157,255
1,136,819

1,230,868
946,553

1,205,063
1,059,011

1,164,381
1,108,254

1,149,918
1,236,982

1,101,406
1,247,910

1,149,325
864,868

1,126,035
939,450

1,135,268
945,731

297,232
166,261

310,775
171,152

292,859
165,729

304,411
175,702

304,618
169,951

317,306
171,549

312,848
173,364

333,448
153,009

320,449
162,885

313,846
161,818

548,071
226,211

547,043
240,920

526,061
231,310

535,353
231,750

552,900
241,313

548,874
247,324

558,171
244,032

532,592
243,133

526,970
256,266

506,312
264,710

251,120
57,304

256,884
56,839

258,500
56,032

249,619
57,967

261,855
57,316

249,910
56,039

261,716
56,485

271,597
55,662

270,678
56,837

267,634
55,225

2,035,842
1,353,945

2,013,599
1,519,023

2,038,778
1,315,099

2,027,419
1,435,940

2,011,693
1,488,624

2,017,000
1,624,603

1,989,958
1,637,102

2,030,157
1,235,363

1,997,648
1,331,960

1,973,141
1,348,127

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

July 2006

FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period
2005
Agency

2002

2003

2004

2006

2005
Oct.

Nov.

Dec.

Jan.

Feb.

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

23,511
6
n.a.
149

23,649
6
n.a.
149

23,843
6
n.a.
161

23,680
6
n.a.
166

23,454
6
n.a.
85

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.
23,505
n.a.

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

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

n.a.
n.a.
23,674
n.a.

n.a.
n.a.
23,448
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.
921,793
773,600
754,535
113,021
91,929
8,170
1,261
29,996

n.a.
898,271
767,700
733,691
110,814
89,218
8,170
1,261
29,996

n.a.
893,788
770,000
747,464
111,525
92,538
8,170
1,261
29,996

n.a.
921,793
773,600
754,535
113,021
91,929
8,170
1,261
29,996

n.a.
920,103
779,300
755,612
114,375
90,518
8,170
1,261
29,996

n.a.
918,457
776,600
750,240
115,147
90,468
8,170
1,261
29,996

37,017

30,811

27,948

28,325

27,861

28,091

28,325

28,085

28,698

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

18,086
n.a.
9,775

18,234
n.a.
9,857

18,515
n.a.
9,810

18,765
n.a.
9,320

18,684
n.a.
10,014

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
Sept.

Oct.

Nov.

Dec.r

Jan.r

Feb.r

Mar.r

Apr.

384,311

357,875

409,497

32,444

27,296

39,298r

31,867

20,219

23,865

28,219

29,870

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

130,471
227,404

146,028
263,468

12,531
19,913

5,880
21,415

10,289r
29,010

8,564
23,302

7,428
12,790

9,158
14,706

9,635
18,583

7,154
22,716

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
298,506
79,423

4,734
21,132
6,578

790
21,760
4,746

2,925
30,710r
5,663r

2,210
23,033
6,624

1,170
14,567
4,482

1,684
18,546
3,634

2,767
21,012
4,440

1,311
22,765
5,794

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

228,357

223,833

17,091

17,011

24,475r

20,669

12,221

15,269

17,961

20,306

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

70,938
25,261
10,004
n.a.
18,674
60,733

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

4,922
1,929
721
n.a.
2,418
3,278

7,190
2,202
617
n.a.
1,845r
9,482

6,538
1,384
1,152
n.a.
1,708
5,392

3,618
1,890
250
n.a.
1,555
3,108

3,210
1,803
411
n.a.
2,051
6,166

5,039
477
908
n.a.
2,471
5,615

5,512
2,806
788
n.a.
1,959
4,477

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
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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

2,070,680

2,438,989

227,934

235,682

184,688

217,135

242,978

186,975

209,946

258,136

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

1,923,094

2,323,735

215,978

217,950

176,725

209,117

232,645

178,937

203,784

244,797

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

204,581
11,397

204,402
13,548

163,616
13,109

185,344
23,772

209,801
22,844

161,509
17,428

188,618
15,166

219,010
25,787

20,701

22,328

24,595

2,331

1,610

952

2,753

3,377

n.a.

n.a.

n.a.

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

259,968
1,663,127

216,072
2,107,662

17,876
198,102

23,373
194,577

8,529
168,196

24,247
184,869

20,936
211,709

32,935
146,003

25,099
178,686

29,320
215,477

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

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

182,132

147,585

115,255

11,956

17,732

7,963

8,018

10,333

8,037

6,162

13,339

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

123,309
58,823

147,585
n.a.

115,255
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.

6,162
n.a.

13,339
n.a.

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

44,416
78,893

64,345
83,240

54,713
60,541

6,385
5,571

9,597
8,135

2,445
5,517

4,324
3,694

7,375
2,958

5,713
2,324

4,238
1,924

6,839
6,500

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

July 2006

Net Sales and Assets1

Millions of dollars
2005
Item

2006

2005r

2004

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.r

May

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

1,660,423

1,771,292

153,140

147,140

160,537

201,428

165,338

194,323

171,541

188,641

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

1,450,319
210,104

1,579,603
191,689

145,548
7,592

125,925
21,215

154,317
6,220

161,688
39,740

128,504
36,834

154,083
40,240

143,954
27,587

189,431
−790

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

6,193,664

6,864,636

6,561,255

6,775,522

6,864,636

7,152,932

7,169,845

7,313,245

7,460,010

7,234,679

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

304,816
5,888,848

303,068
6,561,568

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

330,511
6,982,734

353,879
7,106,131

353,542
6,881,137

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

2005

2006

2005r

2004

Q3

Q4

Q1

Q2

Q3r

Q4r

Q1

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

1,223.9
435.4
503.9
284.6

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

1,223.9
435.4
503.9
284.6

1,225.3
423.6
507.2
294.5

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

50.8
24.6

46.3
24.8

36.3
22.0

46.5
24.1

46.3
24.8

45.4
23.4

44.8
23.1

37.8
24.2

36.3
22.0

36.1
21.2

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

946.8
753.9

1,073.9
765.4

1,165.6
645.0

1,026.5
746.8

1,073.9
765.4

1,072.9
747.9

1,085.7
764.4

1,109.0
643.0

1,165.6
645.0

1,168.0
644.5

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

1,700.8

1,839.3

1,810.7

1,773.3

1,839.3

1,820.9

1,850.0

1,752.0

1,810.7

1,812.5

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

56.2
136.3

65.2
163.9

68.5
146.1

64.1
154.3

65.2
163.9

63.1
149.2

60.0
136.2

70.5
132.8

68.5
146.1

66.7
139.8

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

151.6
819.9
362.6
262.0

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

123.0
771.0
426.8
228.0

151.6
819.9
362.6
262.0

153.8
823.5
364.6
264.2

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

1,700.8

1,839.3

1,810.7

1,773.3

1,839.3

1,820.9

1,850.0

1,752.0

1,810.7

1,812.5

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
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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

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

1,368.9

1,451.2

1,515.5

1,486.7

1,494.0

1,515.5

1,521.7

1,526.8

1,537.6

588.3
229.2
551.4

614.6
267.8
568.8

620.0
307.8
587.7

618.2
292.1
576.4

615.7
296.8
581.5

620.0
307.8
587.7

623.1
315.5
583.1

620.3
319.7
586.8

626.1
325.1
586.5

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

1,375.6

1,458.2

1,522.6

1,491.5

1,502.2

1,522.6

1,524.5

1,524.2

1,531.9

593.1
197.0
70.0
37.6
60.9

619.6
230.0
62.5
40.5
96.3

625.1
194.5r
71.2
54.2
114.4

623.0
203.1
68.9
47.2
113.4

620.8
200.9
69.5
48.2
114.2

625.1
194.5r
71.2
54.2
114.4

626.4r
193.9r
73.0
53.7
114.9

619.3
187.7r
73.9
53.0
108.9

621.6
185.7
76.1
52.1
108.6

132.8
5.5
38.3
51.0
229.4
152.2
46.7

109.9
4.8
24.5
51.0
268.2
190.1
52.7

123.8r
4.2
15.1
47.8
308.3
232.3
52.4

120.6
4.3
18.1
47.5
295.7
220.7
51.9

118.7
4.2
17.5
47.6
301.6
226.7
52.0

123.8r
4.2
15.1
47.8
308.3
232.3
52.4

122.7r
4.1
14.7
49.5
315.8
239.8
52.6

126.2r
4.1
14.5
51.0
318.4
242.8
52.3

126.9
4.0
15.5
52.7
317.1
241.4
53.0

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
589.2
113.8
19.2
62.9
31.7
271.4
72.5
198.9
118.7

19.4
3.7
572.8
91.2
20.1
41.8
29.3
268.2
70.8
197.4
118.6

19.2
3.7
579.8
111.6
19.7
62.7
29.3
268.7
70.8
198.0
122.5

18.9
4.8
589.2
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

18.4
4.8
586.6
114.9
19.8
63.6
31.5
271.2
73.7
197.5
115.8

18.2
4.5
593.2
117.8
20.2
65.6
32.0
273.4
75.3
198.1
115.9

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
32.2

43.2
2.7
40.3
.1
23.6
12.2
11.4
28.1

25.3
2.7
22.5
.1
23.2
11.8
11.4
28.3

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2

29.3
2.7
26.5
.1
22.9
10.1
12.8
32.0

29.8
2.7
27.0
.1
22.7
10.0
12.8
32.1

35.6
2.6
32.9
.1
15.7
9.7
6.0
34.7

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

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

July 2006

Mortgages on New Homes

Millions of dollars except as noted
2005
Item

2003

2004

2006

2005
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

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

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

335.0
248.2
76.5
29.5
.63

350.0
255.4
75.2
29.5
.65

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.

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.

6.55
6.64
n.a.

6.60
6.69
n.a.

n.a.
5.03

n.a.
5.19

n.a.
5.13

n.a.
5.55

n.a.
5.45

n.a.
5.24

n.a.
5.44

n.a.
5.59

n.a.
5.84

n.a.
5.99

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.

727,545
n.a.
n.a.

715,896
n.a.
n.a.

727,545
n.a.
n.a.

725,661
n.a.
n.a.

721,189
n.a.
n.a.

721,544
n.a.
n.a.

730,367
n.a.
n.a.

733,786
n.a.
n.a.

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

572,852

262,646

146,641

16,021

28,760

12,199

11,417

14,165

23,042

18,704

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.

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.

723,774
n.a.
n.a.

723,068
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.
37,837

n.a.
39,784

n.a.
33,669

n.a.
33,231

n.a.
26,769

n.a.
26,620

n.a.
25,446

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
2005
Type of holder and property

2002

2003

2006

2004
Q1

Q2

Q3

Q4

Q1p

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

8,245,339

9,238,721

10,488,130

10,746,010

11,129,540

11,560,350

11,970,520

12,329,310

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

6,244,957
486,680
1,388,194
125,507

7,027,946
557,375
1,519,818
133,583

8,032,245
612,162
1,702,010
141,710

8,233,769
623,132
1,746,145
142,963

8,530,305
640,616
1,812,385
146,234

8,872,313
655,249
1,884,450
148,337

9,175,540
675,191
1,971,891
147,902

9,455,485
690,497
2,032,948
150,381

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

4,032,258
2,689,241
1,633,240
122,807
888,164
45,030
1,068,024
883,372
90,294
93,761
597
274,993
5,024
40,705
215,405
13,859

4,181,783
2,790,473
1,696,047
129,021
919,185
46,220
1,112,919
921,684
95,048
95,582
604
278,391
5,082
41,213
218,065
14,031

4,317,224
2,895,448
1,750,876
135,547
961,886
47,139
1,140,910
946,883
96,732
96,690
605
280,866
5,122
41,585
220,005
14,154

4,394,587
2,956,568
1,774,344
140,121
994,513
47,590
1,152,732
954,974
98,168
98,974
616
285,287
4,532
42,474
224,101
14,180

4,504,566
3,024,712
1,803,998
145,450
1,026,835
48,430
1,192,341
990,148
100,103
101,412
677
287,513
4,568
42,708
225,943
14,294

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

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

548,982
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
54,640
3,215
51,425
61,481
23,435
38,046
804
804

549,798
32
32
0
73,575
12,976
11,451
45,954
3,193
4,626
1,396
3,231
0
0
0
0
0
6
1
1
4
0
248,974
221,994
26,980
55,233
3,250
51,983
62,935
23,989
38,946
787
787

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

3,956,329
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
797,725
488,307
59,225
250,193
0
367
367

4,460,249
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
971,124
609,386
67,288
294,450
0
1,003
1,003

4,972,063
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
1,429,890
1,006,659
75,170
348,061
0
938
938

5,095,772
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
1,548,716
1,105,874
77,309
365,533
0
882
882

5,292,492
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
1,724,623
1,248,942
82,955
392,726
0
875
875

5,544,190
411,338
378,109
33,229
1,279,664
1,261,865
17,799
1,924,810
1,847,818
76,992
0
0
0
0
0
1,927,543
1,428,130
85,991
413,422
0
835
835

5,823,804
405,355
371,593
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,146,740
1,594,000
95,162
457,578
0
835
835

6,031,532
403,368
368,955
34,413
1,375,148
1,356,020
19,128
1,972,793
1,893,881
78,912
0
0
0
0
0
2,278,925
1,702,356
98,494
478,075
0
1,298
1,298

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

766,011
547,833
77,343
116,004
24,830

854,166
618,886
80,439
128,416
26,424

1,036,565
783,845
85,154
139,545
28,021

1,063,335
808,025
86,320
140,717
28,273

1,102,285
843,047
86,492
143,864
28,881

1,148,805
883,580
87,657
148,269
29,300

1,203,150
933,003
89,405
151,507
29,235

1,243,415
968,306
90,665
154,725
29,719

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

July 2006

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

2003

2004

2006

2005
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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

2,006,577

2,091,034

2,147,871r

2,143,239

2,143,908r

2,147,871r

2,154,736r

2,158,402r

2,159,747

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

759,291
1,247,287

786,080
1,304,954

805,515r
1,342,355r

803,012
1,340,227

804,536r
1,339,372r

805,515r
1,342,355r

806,442r
1,348,294r

805,506r
1,352,896r

803,929
1,355,818

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

2,034,400

2,120,577r

2,178,165r

2,147,885

2,152,786r

2,178,165r

2,177,281r

2,160,652r

2,149,611

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
607,857

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

707,039
363,130r
228,588
102,122
109,078
62,186
606,023r

701,905
363,706
228,667
104,002
108,452
58,630
582,523

697,084
363,305
228,703
102,786
108,713
58,611
593,584r

707,039
363,130r
228,588
102,122
109,078
62,186
606,023r

706,606
362,428r
229,661
104,421
109,343
60,455
604,368r

696,407
349,558r
228,904
104,422
109,974
58,935
612,453r

697,565
346,398
228,849
104,427
98,059
58,351
615,962

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

781,582
285,015
37,576
22,410
n.a.
23,848
19,363
393,370

810,129
314,649
40,496
23,244
n.a.
27,905
17,899
385,937

830,160r
311,204
54,224
24,688
n.a.
40,755
14,427
384,861r

797,549
294,521
47,218
23,308
n.a.
39,340
14,907
378,256

807,565r
299,808
48,224
23,616
n.a.
39,989
13,943
381,985r

830,160r
311,204
54,224
24,688
n.a.
40,755
14,427
384,861r

817,057r
301,662
53,672
24,656
n.a.
40,376
14,113
382,579r

805,784r
289,494
52,991
23,353
n.a.
40,035
13,881
386,029r

796,797
281,234
52,125
23,122
n.a.
39,656
13,715
386,944

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

1,252,818
384,371
257,847
183,467
114,658
54,002
43,986
214,487

1,310,447
389,621
326,338
192,140
98,363
63,366
46,786
193,834

1,348,006r
395,835
308,906r
203,900
102,122
68,323
47,759
221,162r

1,350,336
407,384
316,489
205,359
104,002
69,112
43,723
204,267

1,345,221r
397,276
315,082
205,087
102,786
68,724
44,668
211,599r

1,348,006r
395,835
308,906r
203,900
102,122
68,323
47,759
221,162r

1,360,223r
404,944
308,756r
205,005
104,421
68,966
46,342
221,789r

1,354,869r
406,912
296,567r
205,551
104,422
69,940
45,054
226,423r

1,352,814
416,331
294,272
205,727
104,427
58,403
44,636
229,018

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
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

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.

n.a.
n.a.

7.43
11.95

n.a.
n.a.

n.a.
n.a.

7.39
12.18

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.

n.a.
n.a.

12.57
14.48

n.a.
n.a.

n.a.
n.a.

13.29
14.38

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

5.89
9.06

6.13
8.96

6.40
8.95

5.39
8.73

5.13
8.64

5.54
9.41

5.35
9.17

Maturity (months)
7 New car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Used car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

61.4
57.5

60.5
56.8

60.0
57.6

60.2
57.4

61.4
57.6

60.6
57.5

61.2
57.5

62.6
57.9

61.8
57.7

61.1
57.7

Loan-to-value ratio
9 New car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Used car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

95
100

89
100

88
98

88
99

90
99

88
98

88
98

88
98

90
98

91
98

Amount financed (dollars)
11 New car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Used car . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26,295
14,613

24,888
15,136

24,133
16,228

23,579
16,220

24,209
16,836

24,174
17,019

24,706
17,174

24,522
16,894

24,766
16,303

25,490
16,599

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

2006

2004
Q3

Q4

Q1

Q2

Q3

Q4

Q1

Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors . .

826.6

1,099.2

1,322.5

1,647.6

1,944.7

1,947.4

2,060.4

2,350.6

2,006.7

2,405.5

2,434.2

2,913.6

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
542.0
401.3
26.8
106.9
7.0
168.4

−83.0
−5.1
−.5
122.9
347.7
−81.6
8.9
656.8
496.1
40.6
112.4
7.7
133.1

−57.9
257.1
.5
159.4
132.3
−87.0
20.3
814.1
672.8
37.2
96.5
7.6
83.7

−35.1
398.4
−2.4
135.1
158.3
−80.2
10.0
981.8
779.9
70.1
123.7
8.0
81.7

16.8
362.5
−.6
133.1
77.7
33.5
25.0
1,210.5
991.0
50.1
161.0
8.4
86.2

23.2
266.5
−.2
157.3
51.7
−31.5
.2
1,352.8
1,111.0
45.5
187.0
9.3
127.3

−24.3
310.9
.3
130.9
138.3
118.6
100.7
1,197.3
951.7
59.0
180.6
6.1
87.7

49.8
631.5
−.7
225.3
35.1
89.0
84.1
1,172.3
949.3
42.8
176.4
3.9
64.2

5.8
7.2
−1.4
125.7
30.3
210.3
70.1
1,478.4
1,155.2
75.1
236.6
11.4
80.2

2.8
232.3
−.4
249.5
100.9
43.4
19.1
1,657.3
1,317.0
52.2
279.4
8.7
100.5

−89.9
358.2
.8
182.5
76.4
214.7
154.6
1,552.0
1,161.0
76.9
314.6
−.4
−15.3

42.1
608.7
−1.0
122.3
240.4
238.8
34.5
1,579.7
1,258.8
58.3
252.6
10.0
48.1

15
16
17
18
19
20
21

By borrowing sector
Household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfinancial business . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfarm noncorporate . . . . . . . . . . . . . . . . . . . . . . . . .
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local government . . . . . . . . . . . . . . . . . . . . . . .
Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

551.7
555.4
347.0
197.1
11.3
15.5
−295.9

601.4
397.7
224.5
162.7
10.5
105.8
−5.6

732.8
188.2
31.9
148.5
7.8
143.9
257.6

939.6
194.2
89.6
96.9
7.7
117.8
396.0

1,032.4
432.1
180.8
239.5
11.8
118.2
361.9

1,064.1
471.7
188.1
265.1
18.5
145.2
266.3

1,054.0
574.7
274.2
291.7
8.7
120.5
311.2

1,007.3
510.5
300.8
208.1
1.7
202.0
630.7

1,251.7
645.3
289.8
338.5
17.0
103.9
5.8

1,333.2
611.5
253.3
333.2
25.0
228.8
231.9

1,242.8
676.8
277.1
394.3
5.4
155.6
359.0

1,333.9
864.3
509.4
336.6
18.3
107.7
607.7

22 Foreign net borrowing in United States . . . . . . . . . . . . . .

63.0

−13.7

92.9

44.9

81.3

68.9

253.3

10.1

72.9

78.1

99.4

111.0

23
24
25
26

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

31.7
21.2
11.4
−1.3

15.8
−18.5
−7.3
−3.8

58.3
31.6
5.3
−2.3

12.9
41.9
−7.7
−2.1

62.8
19.2
2.5
−3.1

−4.1
86.8
−9.0
−4.8

203.3
34.4
18.5
−2.9

6.2
−4.6
12.1
−3.5

10.0
72.3
−5.3
−4.1

78.5
2.6
5.2
−8.2

59.1
4.1
39.5
−3.3

62.6
47.4
8.0
−7.0

27 Total domestic plus foreign . . . . . . . . . . . . . . . . . . . . . . . .

889.6

1,085.6

1,415.4

1,692.5

2,026.0

2,016.3

2,313.7

2,360.8

2,079.6

2,483.6

2,533.5

3,024.6

Financial sectors
28 Total net borrowing by financial sectors . . . . . . . . . . . . .

779.0

935.0

848.6

1,020.6

856.1

762.9

998.6

683.5

1,226.0

724.4

1,513.1

1,479.2

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
161.3
3.8
42.5
4.9

−27.4
304.1
338.5
279.0
13.0
25.5
2.2

−63.8
219.8
326.8
349.3
1.5
6.8
8.2

−52.9
243.7
330.5
464.5
−4.8
31.2
8.3

55.1
65.0
53.0
569.9
12.5
74.1
26.3

−13.4
93.1
62.1
572.0
44.2
−15.7
20.6

119.4
−45.5
−64.6
847.9
14.2
85.1
42.1

167.3
−209.6
64.7
606.0
5.3
27.0
22.7

345.5
−84.2
122.6
732.4
−24.0
114.5
19.3

196.0
−243.9
177.2
525.7
38.6
10.8
19.9

235.5
200.9
175.1
853.2
7.8
25.0
15.6

246.7
144.8
348.2
725.4
−1.4
−.5
16.0

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
157.8
81.9
.0
2.6
15.6
−.3

52.9
−2.0
1.5
.6
304.1
338.5
229.7
1.3
.0
3.2
1.4
3.6

49.7
−23.4
2.0
2.0
219.8
326.8
180.4
42.2
.0
24.5
−1.7
26.3

49.2
6.1
2.2
2.9
243.7
330.5
212.6
118.2
.0
31.9
6.4
16.9

77.7
64.4
2.3
3.0
65.0
53.0
321.9
117.9
.0
98.4
15.2
37.1

60.1
−7.0
.9
.1
93.1
62.1
421.1
115.5
.0
42.1
33.2
−58.3

61.2
96.9
6.1
9.7
−45.5
−64.6
366.9
253.2
.0
220.7
−26.6
120.6

163.0
−30.6
1.5
−1.6
−209.6
64.7
433.7
75.8
.0
73.0
11.2
102.3

41.4
82.4
3.1
2.3
−84.2
122.6
678.2
−23.6
.0
92.8
−5.2
316.2

82.6
−7.1
.3
.4
−243.9
177.2
683.2
−100.4
.0
66.0
28.0
38.1

53.4
20.0
8.1
.6
200.9
175.1
759.0
174.4
.0
88.9
−33.4
66.0

77.4
−22.7
−.2
2.8
144.8
348.2
662.7
16.7
.0
94.8
35.1
119.6

36

Federal Reserve Bulletin Statistical Supplement

1.57

FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued

July 2006

Billions of dollars; quarterly data at seasonally adjusted annual rates
2004
Transaction category or sector

2000

2001

2002

2003

2005

2006

2004
Q3

Q4

Q1

Q2

Q3

Q4

Q1

All sectors
48 Total net borrowing, all sectors . . . . . . . . . . . . . . . . . . . . 1,668.6
49
50
51
52
53
54
55
56
57

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
345.1
113.3
120.8
546.8
168.4

2,020.5

2,263.9

2,713.1

2,882.1

2,779.3

3,312.3

3,044.2

3,305.6

3,208.0

4,046.6

4,503.7

−94.5
−5.1
642.1
122.9
608.2
−75.8
30.6
659.0
133.1

−63.5
257.1
547.2
159.4
513.2
−80.2
24.7
822.3
83.7

−75.1
398.4
571.9
135.1
664.7
−92.6
39.1
990.1
81.7

134.7
362.5
117.5
133.1
666.8
48.5
96.0
1,236.8
86.2

5.7
266.5
155.1
157.3
710.5
3.7
−20.3
1,373.4
127.3

298.4
310.9
−109.8
130.9
1,020.7
151.3
182.9
1,239.4
87.7

223.4
631.5
−145.7
225.3
636.5
106.4
107.6
1,195.0
64.2

361.3
7.2
37.0
125.7
835.0
180.9
180.5
1,497.7
80.2

277.3
232.3
−67.0
249.5
629.2
87.2
21.7
1,677.2
100.5

204.8
358.2
376.8
182.5
933.7
262.0
176.4
1,567.6
−15.3

351.4
608.7
492.0
122.3
1,013.2
245.4
27.0
1,595.7
48.1

Funds raised through mutual funds and corporate equities
58 Total net issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

242.9

303.2

227.4

407.7

348.6

301.0

274.4

366.0

99.0

−113.9

73.9

99.0

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
237.6

98.3
−48.1
109.1
37.3
204.9

46.4
−41.6
17.0
71.0
181.1

119.1
−57.8
114.2
62.7
288.6

50.4
−141.1
83.2
108.3
298.2

−8.3
−203.6
67.0
128.4
309.3

−33.2
−173.1
38.5
101.4
307.6

−34.4
−264.3
159.3
70.6
400.4

−129.3
−299.7
95.6
74.8
228.3

−308.9
−470.4
135.7
25.7
195.0

−143.7
−400.2
155.9
100.5
217.7

−401.5
−586.8
172.0
13.3
500.4

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

2006

2004
Q3

Q4

Q1

Q2

Q3

Q4

Q1

Net Lending in Credit Markets2
1 Total net lending in credit markets . . . . . . . . . . . . . . . . . . 1,668.6

2,020.5

2,263.9

2,713.1

2,882.1

2,779.3

3,312.3

3,044.2

3,305.6

3,208.0

4,046.6

4,503.7

2 Domestic nonfinancial sectors . . . . . . . . . . . . . . . . . . . . . . . .
41.4
3 Household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−70.6
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,385.3
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . −125.0
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26.3
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) . . . . . . . . . . . . . . .
144.8
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25.3

8.3
−93.9
−4.3
7.1
93.4
6.0
305.3
1,706.9
39.9
205.2
191.6
−.6
4.2
10.0
44.4
41.5
9.0
130.9
−37.3
−53.8
9.7
267.3
126.6
3.2
.0
304.7
338.5
217.9
−4.8
.0
8.6
92.4
−37.0

164.7
43.4
26.0
−.8
86.5
9.6
422.7
1,676.6
77.7
404.4
393.8
6.2
3.1
1.3
33.4
42.7
39.9
233.0
7.1
−50.7
12.7
−17.7
138.7
8.6
3.7
224.1
326.8
186.9
21.2
.0
21.4
28.4
−65.8

191.1
141.0
−1.0
1.2
52.5
−2.5
531.6
1,990.4
37.2
299.5
323.3
−43.0
8.6
10.6
126.0
50.7
67.0
180.6
57.2
11.2
6.0
−95.9
138.0
36.2
.7
236.5
330.5
219.1
84.2
.0
28.1
79.6
98.0

298.9
189.4
32.1
11.7
61.8
3.9
754.4
1,828.8
51.2
582.2
548.0
20.3
.0
13.9
172.8
42.0
73.6
173.0
−5.3
27.2
4.7
−124.9
116.6
11.2
3.8
46.2
53.0
323.0
129.6
.0
87.9
−29.2
90.3

580.5
504.7
−16.0
13.1
54.2
24.6
593.0
1,605.8
71.3
263.5
252.7
−2.7
3.0
10.5
128.0
18.9
73.5
158.2
−16.5
−63.1
10.9
−162.0
103.4
.3
2.2
104.3
62.1
430.4
90.1
.0
31.9
302.8
−4.7

521.3
394.1
42.5
14.1
72.5
−1.9
817.0
1,974.0
57.6
714.7
615.5
86.5
−2.0
14.8
259.2
43.3
50.6
154.9
23.2
−5.1
.1
19.6
125.2
12.7
4.2
−106.0
−64.6
330.3
191.4
.0
177.3
−110.7
96.2

95.8
−77.7
33.6
9.0
130.7
.2
788.1
2,160.3
−10.5
982.5
760.2
219.7
−9.4
12.0
10.8
46.5
89.0
189.1
−3.5
60.0
8.5
−198.5
203.5
6.4
11.7
−65.5
64.7
429.8
4.5
.0
37.6
67.3
226.5

227.6
104.4
49.7
14.2
75.9
−16.6
736.4
2,341.6
32.0
597.2
426.8
126.6
29.4
14.4
237.6
41.6
49.2
81.5
4.6
−23.6
11.4
−78.5
123.5
4.0
3.5
−66.5
122.6
664.5
14.6
.0
120.1
280.5
121.8

660.3
485.5
11.6
14.4
134.2
14.6
919.5
1,628.1
66.8
696.1
569.2
167.5
−46.0
5.5
141.8
21.1
115.4
86.2
17.7
−58.6
8.1
−49.2
79.8
−.8
7.1
−277.9
177.2
661.6
55.7
.0
89.1
−330.3
121.4

375.7
296.7
22.9
16.3
48.7
−8.9
1,047.1
2,623.8
17.3
311.5
238.5
54.9
9.4
8.8
134.7
35.5
14.3
77.7
37.2
12.2
3.0
285.8
89.3
−3.4
4.8
148.1
175.1
721.8
206.1
.0
100.2
346.7
−94.1

637.3
499.0
31.1
13.7
85.0
8.5
819.1
3,047.3
48.4
900.6
814.9
74.3
6.7
4.6
92.2
46.3
65.3
140.4
−4.2
1.0
5.7
58.6
256.3
12.6
3.0
38.1
348.2
650.1
8.8
.0
109.9
−40.6
306.6

35 Net flows through credit markets . . . . . . . . . . . . . . . . . . . . 1,668.6

2,020.5

2,263.9

2,713.1

2,882.1

2,779.3

3,312.3

3,044.2

3,305.6

3,208.0

4,046.6

4,503.7

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
237.6
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
402.3
Security credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
146.1
Life insurance reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50.2
Pension fund reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
271.4
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25.9
Noncorporate proprietors’ equity . . . . . . . . . . . . . . . . . . . . .
−52.2
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,372.5

4.3
.0
1.3
6.8
−28.0
156.8
314.6
68.5
428.5
23.7
98.3
204.9
−80.4
3.1
77.2
250.6
14.4
−23.9
711.1

3.2
.0
1.0
21.0
17.4
−9.0
323.4
50.0
−16.7
106.6
46.4
181.1
70.8
−87.0
60.1
247.5
22.2
−83.1
481.9

−.9
.0
.6
22.3
−14.6
81.7
306.9
61.8
−207.5
227.2
119.1
288.6
33.1
132.5
66.8
201.0
−1.0
23.3
546.9

−3.2
.0
.7
111.3
−5.0
89.7
283.1
246.6
−136.5
83.2
50.4
298.2
209.4
166.6
33.1
189.5
27.6
−52.5
1,496.6

−2.1
.0
.7
79.8
−45.7
20.8
239.3
207.4
−164.4
396.8
−8.3
309.3
229.1
−10.2
37.9
210.6
25.8
−78.7
1,596.6

−3.2
.0
.1
196.6
−8.0
164.0
270.6
322.8
−169.9
−45.8
−33.2
307.6
216.0
214.3
34.4
161.7
20.8
−90.8
1,474.0

−14.5
.0
.8
371.2
142.6
53.6
129.8
258.2
−71.4
580.7
−34.4
400.4
208.8
9.7
15.2
148.1
42.0
−32.9
611.5

2.8
.0
1.1
−36.4
163.4
−66.1
292.7
237.1
60.7
422.8
−129.3
228.3
252.9
97.2
18.1
140.9
9.4
−69.7
1,342.8

−7.2
.0
.9
82.7
−67.2
−83.9
463.5
378.8
222.2
259.2
−308.9
195.0
281.8
6.3
20.0
62.5
6.5
−101.3
1,176.6

−19.5
.0
.3
124.8
−48.7
100.7
379.8
210.4
296.5
178.4
−143.7
217.7
147.8
−143.9
13.3
201.3
46.0
−81.7
−164.2

−19.0
.0
.6
56.0
70.0
71.1
133.9
374.0
135.6
577.5
−401.5
500.4
220.1
215.5
21.7
99.1
39.7
−49.7
1,104.4

55 Total financial sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,845.1

4,252.3

3,700.7

4,600.7

5,971.0

5,823.9

6,344.4

5,863.6

6,274.0

5,795.6

5,361.9

7,653.3

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
143.4
32.6
−347.0

−.1
−12.9
17.2
−50.7
21.4
−252.9

−.6
21.5
7.2
30.7
19.7
−93.2

−.3
40.0
−4.4
−20.8
−31.5
−105.4

−.3
82.7
15.0
−118.8
14.9
446.8

−.3
120.9
−33.4
84.2
21.1
207.7

−.5
138.7
22.2
−157.1
20.3
462.7

.4
320.6
12.8
348.4
−52.1
−141.8

.8
−106.9
−13.1
227.7
17.2
269.5

1.7
14.5
−.4
−103.6
27.0
−33.0

−.1
123.1
38.9
56.4
−6.4
163.7

.1
64.8
−2.7
278.0
−79.2
33.1

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
12.5

−1.6
−.7
148.5

−8.9
.0
50.3

27.9
−.2
−1.2

23.5
−.1
−13.2

28.3
.3
26.2

−17.1
−1.0
−43.5

−37.7
−.6
19.4

31.5
.8
−15.8

−4.9
.6
−67.9

14.5
.3
44.8

65 Total identified to sectors as assets . . . . . . . . . . . . . . . . . . . 4,891.4

4,512.4

3,569.1

4,681.7

5,504.2

5,413.4

5,803.2

5,436.8

5,897.6

5,872.9

5,058.6

7,299.7

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

July 2006

Billions of dollars, end of period
2004
Transaction category or sector

2001

2002

2003

2005

2006

2004
Q3

Q4

Q1

Q2

Q3

Q4

Q1

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors . . . . . . . . . . .

19,142.7

20,465.1

22,145.1

24,104.6

23,512.0

24,104.6

24,607.8

25,097.4

25,718.6

26,403.9

27,033.5

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

177.9
3,352.7
26.8
1,603.7
2,578.0
1,257.0
941.0
7,336.6
5,571.3
428.8
1,218.5
118.0
1,869.0

119.9
3,609.8
27.3
1,763.1
2,710.3
1,170.0
961.3
8,150.7
6,244.2
466.0
1,315.0
125.6
1,952.7

84.8
4,008.2
24.9
1,898.2
2,868.6
1,122.3
971.3
9,132.5
7,024.1
536.1
1,438.7
133.6
2,034.4

101.6
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,357.8
8,029.9
586.2
1,599.7
142.0
2,120.6

109.0
4,268.7
24.2
1,993.7
2,911.7
1,120.6
971.1
10,042.4
7,781.2
571.5
1,549.0
140.8
2,070.6

101.6
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,357.8
8,029.9
586.2
1,599.7
142.0
2,120.6

115.3
4,535.6
24.1
2,086.0
2,955.1
1,172.5
1,010.3
10,611.9
8,233.5
596.9
1,638.6
143.0
2,097.0

114.4
4,493.1
23.7
2,134.6
2,962.7
1,224.4
1,041.1
10,990.7
8,530.3
615.7
1,698.5
146.2
2,112.8

119.6
4,566.0
23.6
2,176.4
2,987.9
1,236.1
1,039.6
11,416.5
8,872.3
628.7
1,767.1
148.3
2,152.9

93.8
4,678.0
23.8
2,227.0
3,007.0
1,295.1
1,078.3
11,822.8
9,175.5
647.9
1,851.4
147.9
2,178.0

100.4
4,834.4
23.6
2,255.9
3,067.1
1,349.3
1,075.6
12,177.7
9,455.5
662.5
1,909.3
150.4
2,149.6

15
16
17
18
19
20
21

By borrowing sector
Households . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfinancial business . . . . . . . . . . . . . . . . . . . .
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonfarm noncorporate . . . . . . . . . . . . . . . . . .
Farm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local government . . . . . . . . . . . . . . . .
Federal government . . . . . . . . . . . . . . . . . . . . . .

7,568.1
6,897.0
4,745.5
1,959.3
192.1
1,298.1
3,379.5

8,300.9
7,085.2
4,777.4
2,107.8
200.0
1,442.0
3,637.0

9,250.7
7,301.6
4,889.2
2,204.8
207.6
1,559.7
4,033.1

10,297.9
7,733.7
5,070.1
2,444.3
219.4
1,678.0
4,395.0

9,995.3
7,578.9
4,990.4
2,370.7
217.8
1,644.9
4,292.9

10,297.9
7,733.7
5,070.1
2,444.3
219.4
1,678.0
4,395.0

10,472.1
7,848.0
5,135.1
2,496.7
216.2
1,728.1
4,559.7

10,792.5
8,017.4
5,211.9
2,581.4
224.1
1,770.7
4,516.8

11,154.4
8,165.9
5,271.5
2,663.6
230.8
1,808.7
4,589.6

11,506.7
8,344.8
5,350.3
2,762.8
231.7
1,850.6
4,701.9

11,760.5
8,538.0
5,458.0
2,847.3
232.6
1,877.0
4,858.0

22 Foreign credit market debt held in
United States . . . . . . . . . . . . . . . . . . . . . . . . .

862.9

1,072.3

1,244.5

1,349.0

1,263.2

1,349.0

1,348.4

1,367.8

1,386.9

1,410.2

1,443.0

23
24
25
26

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

196.0
557.1
63.2
46.6

254.2
705.2
68.6
44.3

267.1
874.4
60.9
42.2

329.9
916.7
63.3
39.1

279.7
884.9
58.7
39.9

329.9
916.7
63.3
39.1

332.3
915.5
66.3
34.3

336.2
933.6
65.0
33.0

355.0
934.2
66.3
31.3

368.4
935.2
76.2
30.4

389.0
947.1
78.2
28.7

27 Total credit market debt owed by nonfinancial
sectors, domestic and foreign . . . . . . . . . . .

20,005.5

21,537.5

23,389.6

25,453.6

24,775.2

25,453.6

25,956.2

26,465.3

27,105.6

27,814.1

28,476.5

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

9,172.1

10,020.6

11,027.2

11,898.1

11,607.1

11,898.1

12,042.5

12,326.1

12,441.5

12,880.4

13,221.9

1,197.3
2,130.6

1,133.5
2,350.4

1,080.5
2,594.1

1,135.7
2,659.2

1,061.8
2,670.5

1,135.7
2,659.2

1,158.6
2,606.8

1,218.0
2,585.7

1,269.5
2,524.8

1,371.8
2,575.0

1,411.9
2,611.2

2,831.8
2,359.0
104.1
463.7
85.6

3,158.6
2,708.3
105.6
470.5
93.8

3,489.1
3,158.8
100.8
501.7
102.1

3,542.2
3,743.6
113.3
575.8
128.4

3,543.6
3,546.6
112.5
554.3
117.8

3,542.2
3,743.6
113.3
575.8
128.4

3,547.1
3,902.9
114.6
578.6
134.0

3,567.9
4,094.4
109.5
611.9
138.8

3,616.6
4,150.8
121.5
614.5
143.8

3,677.1
4,368.4
120.3
620.1
147.7

3,752.6
4,557.4
120.3
616.9
151.7

296.0
266.1
285.7
4.9
3.1
2,130.6
2,831.8
1,704.6
42.3
779.2
16.0
171.2
640.4

325.5
286.4
262.3
6.9
5.1
2,350.4
3,158.6
1,885.0
40.6
821.4
16.0
195.7
666.7

339.3
321.8
268.3
9.1
8.0
2,594.1
3,489.1
2,083.6
47.0
939.6
16.0
227.7
683.6

357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,405.4
62.2
1,057.4
16.0
340.9
720.8

356.8
366.6
308.2
9.9
8.6
2,670.5
3,543.6
2,304.7
68.9
995.1
16.0
285.8
672.5

357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,405.4
62.2
1,057.4
16.0
340.9
720.8

373.0
403.3
324.3
11.8
10.7
2,606.8
3,547.1
2,507.8
65.0
1,067.7
16.0
359.2
749.9

383.4
408.6
344.1
12.5
11.2
2,585.7
3,567.9
2,678.8
63.7
1,068.3
16.0
382.4
803.4

389.1
421.5
344.3
12.6
11.3
2,524.8
3,616.6
2,844.9
70.7
974.2
16.0
398.9
816.4

394.3
429.5
348.9
14.7
11.5
2,575.0
3,677.1
3,043.9
62.4
1,034.5
16.0
421.1
851.4

398.3
438.6
343.1
14.6
12.2
2,611.2
3,752.6
3,203.7
71.1
1,029.9
16.0
444.8
885.8

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

29,177.6

31,558.1

34,416.8

37,351.7

36,382.3

37,351.7

37,998.7

38,791.4

39,547.0

40,694.4

41,698.4

1,571.1
3,352.7
4,989.1
1,603.7
5,494.1
1,424.3
1,451.3
7,422.2
1,869.0

1,507.6
3,609.8
5,536.3
1,763.1
6,123.8
1,344.2
1,476.1
8,244.5
1,952.7

1,432.5
4,008.2
6,108.1
1,898.2
6,901.8
1,283.9
1,515.2
9,234.6
2,034.4

1,567.2
4,370.7
6,225.6
2,031.3
7,606.6
1,332.4
1,611.2
10,486.2
2,120.6

1,450.4
4,268.7
6,238.3
1,993.7
7,343.2
1,291.8
1,565.2
10,160.3
2,070.6

1,567.2
4,370.7
6,225.6
2,031.3
7,606.6
1,332.4
1,611.2
10,486.2
2,120.6

1,606.2
4,535.6
6,177.9
2,086.0
7,773.5
1,353.5
1,623.2
10,746.0
2,097.0

1,668.5
4,493.1
6,177.3
2,134.6
7,990.6
1,398.9
1,686.0
11,129.5
2,112.8

1,744.1
4,566.0
6,165.0
2,176.4
8,072.9
1,423.9
1,685.4
11,560.3
2,152.9

1,833.9
4,678.0
6,275.9
2,227.0
8,310.7
1,491.6
1,728.9
11,970.5
2,178.0

1,901.3
4,834.4
6,387.4
2,255.9
8,571.6
1,547.7
1,721.1
12,329.4
2,149.6

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

2006

2004
Q3

Q4

Q1

Q2

Q3

Q4

Q1

Credit Market Debt Outstanding2
1 Total credit market assets . . . . . . . . . . . . . . . . . . . . . . . . 29,177.6

31,558.1

34,416.8

37,351.7

36,382.3

37,351.7

37,998.7

38,791.4

39,547.0

40,694.4

41,698.4

2 Domestic nonfinancial sectors . . . . . . . . . . . . . . . . . . . . . . 3,951.0
3 Household . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,368.1
4 Nonfinancial corporate business . . . . . . . . . . . . . . . . . .
246.1
5 Nonfarm noncorporate business . . . . . . . . . . . . . . . . . .
73.1
6 State and local governments . . . . . . . . . . . . . . . . . . . . .
985.0
7 Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . .
278.8
8 Rest of the world . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,949.0
9 Financial sectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,277.6
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 . . . . . . . . . . . . . . . . . . . . . . . . . . .
584.5
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,229.7
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 . . . . . . . . . . . . . 1,609.6
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 . . . . . . . . . . . . . . . . . . . . . . . . . . .
343.1

4,179.9
2,475.6
272.1
72.4
1,071.4
288.3
3,424.1
23,954.1
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.6
463.9
558.3
2,307.8
591.6
638.7
57.6
1,567.1
1,368.4
117.1
3.7
2,323.2
3,158.6
1,796.5
867.6
32.1
69.4
344.4
277.3

4,521.5
2,767.1
271.1
73.6
1,124.0
285.8
3,918.4
25,976.9
666.7
5,960.8
5,361.7
485.8
36.4
76.9
1,292.6
514.5
625.2
2,488.3
648.8
649.9
63.6
1,471.3
1,506.4
153.3
4.5
2,559.7
3,489.1
2,001.6
951.8
32.1
97.5
424.1
375.3

4,831.5
2,967.5
303.2
85.2
1,185.8
289.7
4,679.7
27,840.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
643.6
677.1
68.2
1,346.3
1,623.0
164.5
8.2
2,605.9
3,542.2
2,324.5
1,081.4
32.1
200.1
394.9
465.6

4,633.0
2,814.9
283.7
81.7
1,162.5
290.1
4,475.4
27,273.9
700.3
6,336.9
5,734.3
478.6
36.9
87.1
1,426.9
547.7
686.2
2,631.6
637.8
678.4
68.2
1,321.6
1,586.9
161.3
7.2
2,631.3
3,543.6
2,232.9
1,033.4
32.1
155.8
453.5
400.3

4,831.5
2,967.5
303.2
85.2
1,185.8
289.7
4,679.7
27,840.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
643.6
677.1
68.2
1,346.3
1,623.0
164.5
8.2
2,605.9
3,542.2
2,324.5
1,081.4
32.1
200.1
394.9
465.6

4,809.4
2,920.9
298.8
87.5
1,216.3
285.8
4,866.7
28,322.7
717.3
6,745.2
6,054.3
563.1
34.0
93.8
1,496.3
566.0
721.1
2,714.2
642.7
692.1
70.4
1,294.3
1,669.3
166.1
11.2
2,581.4
3,547.1
2,425.9
1,076.8
32.1
209.5
440.0
503.7

4,910.4
2,998.8
303.7
91.1
1,235.3
281.7
5,061.9
28,819.1
724.7
6,909.7
6,178.8
592.1
41.4
97.4
1,550.2
579.0
733.4
2,733.3
643.8
686.2
73.2
1,252.7
1,697.3
167.1
12.0
2,571.2
3,567.9
2,593.5
1,085.4
32.1
239.5
457.3
509.6

4,943.2
2,981.3
316.7
94.7
1,265.2
285.3
5,297.5
29,306.3
736.4
7,084.1
6,327.3
628.2
29.9
98.8
1,588.8
585.9
762.3
2,760.6
648.3
671.5
75.2
1,246.8
1,719.6
166.9
13.8
2,503.1
3,616.6
2,754.2
1,101.1
32.1
261.8
432.0
545.2

5,119.2
3,121.5
332.7
98.7
1,283.1
283.1
5,552.5
30,022.8
744.2
7,189.8
6,408.3
648.3
32.2
101.0
1,616.6
592.7
765.8
2,763.8
657.6
674.6
76.0
1,336.2
1,747.0
166.0
15.0
2,540.5
3,677.1
2,944.0
1,151.6
32.1
286.9
486.0
559.5

5,232.2
3,215.9
326.9
102.2
1,302.0
285.2
5,746.1
30,720.0
758.5
7,366.7
6,561.2
669.5
33.9
102.1
1,648.8
602.0
782.2
2,805.8
656.5
674.8
77.4
1,347.7
1,806.8
169.2
15.7
2,542.5
3,752.6
3,100.5
1,148.1
32.1
314.3
504.0
613.7

35 Total credit market debt . . . . . . . . . . . . . . . . . . . . . . . . . 29,177.6

31,558.1

34,416.8

37,351.7

36,382.3

37,351.7

37,998.7

38,791.4

39,547.0

40,694.4

41,698.4

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,135.4
Security credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
825.9
Life insurance reserves . . . . . . . . . . . . . . . . . . . . . . . . . . .
880.0
Pension fund reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,761.3
Trade payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,672.9
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
219.2
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,221.7

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
7,917.2
2,743.7
241.4
11,843.3

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
4,654.2
871.3
1,013.2
9,340.7
2,776.8
240.5
12,267.8

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
5,436.3
1,037.9
1,060.4
10,302.8
2,986.2
268.1
13,537.8

58.8
2.2
26.7
915.5
168.3
1,464.0
4,223.6
1,436.4
1,866.4
1,673.5
4,983.3
985.5
1,038.2
9,679.9
2,922.4
275.0
12,983.0

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
5,436.3
1,037.9
1,060.4
10,302.8
2,986.2
268.1
13,537.8

56.3
2.2
26.9
1,057.5
195.6
1,500.4
4,362.4
1,575.4
1,841.0
1,782.8
5,471.6
1,051.5
1,059.4
10,156.9
3,019.6
283.8
13,604.3

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
5,595.7
1,064.5
1,067.2
10,351.7
3,086.2
286.0
13,801.4

52.0
2.2
27.4
1,069.1
227.2
1,481.4
4,513.0
1,738.0
1,876.6
1,983.9
5,874.4
1,068.0
1,077.7
10,628.0
3,162.2
295.8
13,587.8

45.9
2.2
27.5
1,100.3
236.6
1,523.6
4,600.3
1,776.0
2,006.9
2,011.0
6,048.8
1,030.2
1,083.2
10,855.0
3,209.0
294.1
13,316.1

46.0
2.2
27.6
1,114.3
226.6
1,503.8
4,680.8
1,877.4
2,014.1
2,143.3
6,472.9
1,096.0
1,096.8
11,108.6
3,248.7
309.1
13,150.5

53 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,294.9

70,502.7

76,968.2

84,066.5

81,085.0

84,066.5

85,046.3

86,707.9

88,211.8

89,861.2

91,817.0

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 . . . . . . . . . . . 4,797.2

23.2
11,900.5
4,943.8

23.7
15,618.5
5,365.6

24.6
17,389.3
5,889.8

23.8
15,780.1
5,737.9

24.6
17,389.3
5,889.8

22.6
16,998.1
6,063.6

22.3
17,158.5
6,265.1

19.3
17,857.0
6,474.4

19.3
18,177.7
6,649.6

19.4
19,025.3
6,786.3

Liabilities not identified as assets (−)
Treasury currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−8.6
Foreign deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
630.9
Net interbank transactions . . . . . . . . . . . . . . . . . . . . . . . . .
11.1
Security repurchase agreements . . . . . . . . . . . . . . . . . . . .
390.3
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93.3
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . −3,512.3

−9.1
652.5
15.5
421.0
126.3
−3,382.8

−9.5
692.5
12.6
400.3
69.3
−3,193.2

−9.7
775.1
27.3
281.5
96.2
−2,941.1

−9.6
740.5
20.4
350.3
90.9
−2,923.9

−9.7
775.1
27.3
281.5
96.2
−2,941.1

−9.6
855.3
35.7
365.5
90.7
−3,116.3

−9.4
828.6
23.3
443.9
95.4
−3,108.8

−9.0
832.2
27.5
435.1
80.9
−3,375.3

−9.1
863.0
38.3
413.8
93.7
−3,719.1

−9.0
879.2
43.6
481.2
90.6
−3,924.3

−12.3
21.6
154.2

−11.7
20.9
302.6

−17.9
20.8
352.9

11.2
20.6
351.7

3.1
12.5
280.9

11.2
20.6
351.7

4.9
16.4
309.7

1.7
19.6
264.1

2.5
12.4
275.9

1.4
20.6
324.8

1.9
16.7
307.6

66 Totals identified to sectors as assets . . . . . . . . . . . . . . . . 90,656.4

89,235.1

99,648.1

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.

108,757.3 104,061.7 108,757.3 109,578.3 111,595.3 114,280.4 116,680.4 119,760.6
2. Excludes corporate equities and mutual fund shares.

40

Federal Reserve Bulletin Statistical Supplement

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1

July 2006

Seasonally adjusted
2005

2006

2005

2006

2005

2006

Series
Q3

Q4

Q1r

Q2

Output (2002=100)

Q3

Q4

Q1

Q2

Capacity (percent of 2002 output)

Q3

Q4

Q1r

Q2

Capacity utilization rate (percent)2

1 Total industry . . . . . . . . . . . . . . . . . . . . . . . . . . . .

108.0

109.4

110.8

112.6

135.3

135.9

136.6

137.2

79.8

80.5

81.1

82.0

2 Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Manufacturing (NAICS) . . . . . . . . . . . . . . . . . .

109.2
109.7

111.6
112.2

113.1
113.8

114.6
115.3

139.1
140.4

139.9
141.3

140.7
142.2

141.6
143.1

78.5
78.1

79.8
79.4

80.3
80.1

80.9
80.6

4
5

Durable manufacturing . . . . . . . . . . . . . . . . .
Primary metal . . . . . . . . . . . . . . . . . . . . . . .

116.9
98.4

121.1
103.4

122.7
105.8

125.0
109.7

151.5
123.9

153.2
123.9

154.8
123.6

156.2
123.2

77.1
79.4

79.1
83.5

79.3
85.6

80.0
89.1

6
7
8
9

106.5
115.5
159.6

108.9
120.3
169.4

110.6
119.8
173.9

112.3
121.9
180.9

142.6
144.3
208.6

143.1
144.2
216.6

143.6
144.3
224.4

144.2
144.8
230.4

74.7
80.1
76.5

76.1
83.5
78.2

77.0
83.0
77.5

77.8
84.2
78.5

107.5
112.9

110.7
112.2

113.3
112.2

116.8
112.8

126.5
139.5

126.2
141.0

126.2
142.2

126.7
143.1

84.9
80.9

87.7
79.6

89.8
78.9

92.1
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 . . . . . . . . . . . . . .

105.6
101.2
104.4
92.1

115.7
101.8
106.0
91.5

121.0
103.4
107.4
90.7

124.0
104.0
107.4
88.4

160.6
127.3
129.4
119.4

161.3
127.2
129.5
118.5

162.2
127.4
129.8
117.7

163.1
127.8
130.6
117.0

65.8
79.5
80.7
77.2

71.7
80.0
81.9
77.2

74.6
81.2
82.7
77.0

76.0
81.3
82.2
75.6

15
16
17
18
19

Paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Petroleum and coal products . . . . . . . . . . .
Chemical . . . . . . . . . . . . . . . . . . . . . . . . . .
Plastics and rubber products . . . . . . . . . . .
Other manufacturing (non-NAICS) . . . . . . . . . .

96.4
102.8
101.3
104.6
100.8

98.4
99.7
100.7
107.3
101.6

98.8
103.6
102.7
108.1
100.9

97.4
102.7
104.4
109.6
102.5

115.8
114.0
135.6
120.8
117.9

115.7
114.2
135.9
120.5
118.0

115.6
114.3
136.3
120.7
118.1

115.4
114.5
136.9
121.6
118.1

83.2
90.1
74.7
86.6
85.5

85.0
87.3
74.1
89.0
86.1

85.5
90.6
75.3
89.6
85.5

84.4
89.7
76.3
90.2
86.8

20 Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 Electric and gas utilities . . . . . . . . . . . . . . . . . . . . .

96.4
108.2

92.6
106.6

98.1
102.6

100.3
106.3

111.9
122.9

111.9
122.8

111.7
122.8

111.2
123.0

86.1
88.1

82.7
86.9

87.9
83.5

90.1
86.4

MEMOS
22 Computers, communications equipment, and
semiconductors . . . . . . . . . . . . . . . . . . . . . . .

175.9

186.8

193.5

202.0

233.6

246.7

258.7

265.9

75.3

75.7

74.8

76.0

23 Total excluding computers, communications
equipment, and semiconductors . . . . . . . . . . .

105.0

106.1

107.3

108.8

130.8

131.0

131.3

131.7

80.2

81.0

81.7

82.6

24 Manufacturing excluding computers,
communications equipment, and
semiconductors . . . . . . . . . . . . . . . . . . . . . . .

105.6

107.6

108.8

110.1

133.8

134.0

134.4

135.0

78.9

80.3

81.0

81.5

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

2006

Series
Low

High

Low

June

Jan.

Feb.

Mar.r

Apr.r

Mayr

Junep

Capacity utilization rate (percent)4
1 Total industry . . . . . . . . . . . . . . . . . . .

88.9

74.1

86.6

70.7

85.1

78.6

80.3

80.9

81.1

81.3

81.9

81.8

82.4

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

78.7
78.2

80.5
80.2

80.2
79.9

80.3
80.0

80.8
80.5

80.7
80.4

81.1
80.8

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

76.8
77.1

79.3
86.3

79.2
85.8

79.3
84.5

79.9
86.2

79.8
90.0

80.4
91.0

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

74.2
79.7

76.6
83.0

76.9
82.5

77.5
83.5

78.1
85.4

77.5
83.4

77.9
83.7

86.9

66.1

89.4

76.4

81.5

75.9

75.5

77.6

77.4

77.4

77.9

78.6

79.1

99.3
95.6

68.0
54.6

91.9
95.2

64.7
45.0

89.0
89.3

77.0
56.0

82.9
80.4

89.9
79.1

89.2
78.3

90.4
79.2

91.7
78.8

92.3
77.6

92.3
80.1

75.8
87.6

67.5
72.4

86.7
85.8

68.8
75.6

87.3
86.9

81.3
81.5

68.8
80.2

73.9
81.5

75.4
81.0

74.5
81.1

75.8
81.3

76.0
81.3

76.3
81.4

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

80.8
75.7

83.2
77.5

82.5
77.2

82.5
76.4

82.8
76.0

82.2
75.5

81.7
75.3

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

84.4
94.7
76.7
85.0
86.6

87.1
91.9
75.3
89.7
86.4

85.0
90.9
75.0
89.5
84.9

84.3
89.1
75.7
89.7
85.2

84.3
86.9
76.1
90.7
86.2

84.3
90.4
76.2
89.7
86.5

84.7
91.9
76.5
90.1
87.6

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

90.0
88.0

87.4
80.1

88.1
84.6

88.1
86.0

89.4
86.1

89.9
86.3

91.1
86.8

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.4

62.4

88.7

74.0

80.9

74.0

74.5

74.9

74.8

74.7

75.3

76.2

76.5

23 Total excluding computers,
communications equipment,
and semiconductors . . . . . . . . . .

89.1

74.4

86.7

70.5

85.5

78.8

80.7

81.5

81.7

81.9

82.5

82.4

83.0

24 Manufacturing excluding computers,
communications
equipment, and semiconductors .

88.4

71.9

86.3

68.1

86.0

77.3

79.1

81.2

80.8

81.0

81.5

81.3

81.8

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

July 2006

Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002
proportion

2005

2006

2005
avg.
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.r

Apr.r

Mayr

Junep

Index (2002=100)
Major Markets
1 Total IP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100.0

108.2

108.3

108.3

108.6

107.2

108.4

109.4

110.4

110.3

110.7

111.2

112.2

112.3

113.2

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

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
105.8
109.9
112.0
131.7
105.2
105.8
104.2
104.6
106.5
87.4
102.9
104.1
103.0

112.5
106.6
110.7
113.6
130.5
106.1
105.4
104.9
105.2
106.6
88.4
104.7
104.6
103.9

113.2
106.6
110.2
112.6
129.5
105.5
106.1
105.1
106.0
107.1
89.2
105.6
106.5
101.7

113.2
106.7
109.7
111.7
131.5
105.7
105.7
105.5
105.7
106.7
89.4
105.0
107.2
104.6

114.1
107.6
112.1
116.4
133.0
103.8
106.2
105.9
105.8
106.1
90.1
105.7
108.5
106.1

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

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
134.5
148.9
115.6
131.8

129.4
133.3
151.3
117.2
131.1

132.3
135.8
154.6
120.0
132.5

132.1
134.6
156.8
119.1
133.0

133.0
135.6
158.9
119.5
134.2

21
22

Construction supplies . . . . . . . . . . . . . . . . . . .
Business supplies . . . . . . . . . . . . . . . . . . . . . .

4.3
11.2

108.7
107.7

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

113.7
109.1

113.6
109.9

113.9
110.8

113.2
110.8

113.6
111.5

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

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

109.3
114.3
123.4
103.4
156.7
109.5
100.1
84.1
97.7
100.8
97.2

109.5
114.5
123.5
104.3
157.9
108.7
100.3
83.6
98.2
101.3
97.5

110.7
115.5
124.9
105.3
160.4
109.5
100.8
82.6
97.9
101.9
99.0

111.1
115.9
125.3
103.5
162.2
110.2
101.1
81.4
97.6
103.1
99.3

112.0
116.7
126.6
105.2
163.8
111.0
101.3
81.0
98.4
103.2
100.4

94.8
92.6

105.3
107.9

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

107.7
111.1

108.5
112.1

108.6
112.4

109.4
113.1

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 2,992.1 2,986.5 2,997.0 2,981.2 3,022.8 3,038.5 3,058.4 3,054.4 3,058.8 3,077.0 3,083.9 3,091.7 3,118.2

37 Final products . . . . . . . . . . . . . . . . . . . . . . . . . .
38 Consumer goods . . . . . . . . . . . . . . . . . . . . . .
39 Equipment total . . . . . . . . . . . . . . . . . . . . . . .

43.5
31.1
12.4

2,264.1 2,265.9 2,262.5 2,270.1 2,254.5 2,289.8 2,297.5 2,311.8 2,311.8 2,319.0 2,332.8 2,335.1 2,344.4 2,367.3
1,593.2 1,601.0 1,589.7 1,598.1 1,604.8 1,599.3 1,596.5 1,606.9 1,599.1 1,605.2 1,613.3 1,603.1 1,615.2 1,634.0
675.0
668.2
677.2
676.0
651.3
696.3
707.8
711.8
720.7
721.6
727.5
741.8
738.2
741.9

40 Nonindustrial supplies . . . . . . . . . . . . . . . . . . . .

15.5

726.8

726.5

724.3

727.2

726.9

733.4

741.2

746.7

742.9

740.2

744.6

749.2

747.8

751.5

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.
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.r

Apr.r

Mayr

Junep

Index (2002=100)
Industry Groups
41 Manufacturing . . . . . . . . . . . . . . . .
42 Manufacturing (NAICS) . . . . . .

. . .
. . .

83.9
79.1

109.6
110.0

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

113.3
114.1

114.2
115.0

114.3
115.1

115.2
115.9

43
44
45

. . .
321

43.6
1.5

117.0
107.6

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
109.4

123.2
107.7

124.5
107.2

124.6
107.3

125.9
106.2

327
331
332
333

2.3
2.3
5.7
5.3

107.2
100.6
106.7
115.7

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

112.5
106.1
110.4
119.1

112.1
104.4
111.4
120.7

112.4
106.3
112.4
123.6

110.8
110.9
111.8
120.8

111.5
112.0
112.5
121.4

334

8.0

156.7

153.6

156.5

160.1

162.1

165.0

170.7

172.5

172.4

173.8

175.3

177.9

181.1

183.5

335
3361−3

2.2
7.4

106.9
112.1

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
111.3

114.2
112.9

116.0
112.5

117.0
111.1

117.2
114.8

3364−9

3.6

109.8

110.2

110.9

111.7

94.2

112.2

116.4

118.4

119.6

122.3

121.0

123.5

123.9

124.7

337
339

1.8
3.3

100.7
110.3

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

99.7
113.0

100.6
113.0

100.7
113.8

101.7
114.3

100.9
114.6

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

102.1

102.1

101.5

100.1

100.7

102.0

102.7

103.7

103.1

103.4

103.8

103.9

104.2

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

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
90.9
88.5
98.3
100.7

107.3
89.7
89.2
97.4
101.4

107.9
89.1
89.9
97.3
102.5

107.4
88.3
90.2
97.3
102.2

106.9
87.9
90.8
97.7
102.8

324
325

1.7
10.7

103.8
102.6

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
102.2

101.9
103.3

99.4
104.0

103.4
104.3

105.2
104.8

326

3.8

104.8

102.9

103.2

104.1

106.5

106.2

107.4

108.4

108.0

108.0

108.4

110.0

109.1

109.8

Other manufacturing
(non-NAICS) . . . . . . . . . . . 1133,5111

4.8

101.9

102.0

101.0

100.9

100.4

101.4

101.1

102.3

102.0

100.3

100.6

101.8

102.2

103.4

6.4
9.7
8.3
1.5

97.4
105.8
107.4
97.4

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
103.9
106.9
89.9

98.2
105.6
107.2
97.4

99.6
105.9
108.8
92.6

100.0
106.2
108.5
94.8

101.2
106.9
109.3
95.4

65 Mining . . . . . . . . . . . . . . . . . . . . . .
66 Utilities . . . . . . . . . . . . . . . . . . . . . .
67 Electric . . . . . . . . . . . . . . . . . . . .
68 Natural gas . . . . . . . . . . . . . . . . .

21
2211,2
2211
2212

69 Manufacturing excluding
computers, communications
equipment, and
semiconductors . . . . . . . . . . .
70 Manufacturing excluding motor
vehicles and parts . . . . . . . . . .

. . .

78.7

106.1

105.7

105.6

105.9

105.2

107.1

107.7

108.0

109.0

108.6

109.0

109.8

109.8

110.6

. . .

76.5

109.3

108.8

109.1

109.2

108.2

110.4

111.8

112.4

113.2

113.0

113.3

114.3

114.6

115.2

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

July 2006

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1
2005
Item credits or debits

2003

1 Balance on current account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−527,514
2 Balance on goods and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−494,897
3
Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,016,096
4
Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . −1,510,993
5 Income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36,593
6
Investment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42,292
7
Direct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112,789
8
Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−70,497
9
Compensation of employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−5,699
10 Unilateral current transfers, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
−69,210

2004

2006

2005

−665,286
−611,296
1,151,942
−1,763,238
27,592
33,635
123,867
−90,232
−6,043
−81,582

Q1

Q2

Q3

Q4

Q1

−791,508
−716,730
1,275,245
−1,991,975
11,293
17,598
134,417
−116,819
−6,304
−86,072

−191,724
−168,108
306,580
−474,688
3,621
5,171
30,356
−25,185
−1,550
−27,237

−193,258
−172,058
316,645
−488,703
1,994
3,549
31,052
−27,503
−1,555
−23,194

−183,415
−181,792
320,853
−502,645
7,841
9,463
40,371
−30,908
−1,622
−9,464

−223,109
−194,774
331,165
−525,939
−2,159
−581
32,642
−33,223
−1,578
−26,176

−208,672
−190,741
344,646
−535,387
1,924
3,500
38,906
−35,406
−1,576
−19,855

11 Change in U.S. government assets other than official
reserve assets, net (increase, −) . . . . . . . . . . . . . . . . . . . . . . . . . . .

537

1,710

5,539

2,591

989

1,501

459

943

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

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

513
0
−67
729
−149

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

−328,484
−13,014
−18,851
−146,722
−149,897

−872,317
−361,623
−120,017
−146,549
−244,128

−446,436
−213,018
−44,221
−180,125
−9,072

−95,313
53,483
−67,170
−50,367
−31,259

−196,568
−174,153
57,244
−45,702
−33,957

−138,647
−102,716
−29,483
−36,790
30,342

−15,911
10,368
−4,812
−47,266
25,799

−335,381
−183,637
−36,420
−53,478
−61,846

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

387,809
263,338
41,662
−139
69,245
13,703

199,495
71,749
84,701
−488
24,275
19,258

18,965
9,226
23,781
−740
−15,814
2,512

74,613
16,892
19,421
112
34,187
4,001

33,983
8,213
17,713
395
824
6,838

71,934
37,418
23,786
−255
5,078
5,907

75,207
41,684
24,809
23
−1,201
9,892

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

586,494
97,207
96,526
91,455
16,640
220,705
63,961

1,062,412
336,740
93,250
102,940
14,827
381,493
133,162

1,012,755
179,849
30,105
199,491
19,416
474,140
109,754

205,163
−70,142
80,174
86,108
1,072
77,412
30,539

271,566
152,938
−20,035
14,103
4,507
111,808
8,245

354,609
94,912
20,271
37,239
4,679
153,049
44,459

181,416
2,141
−50,305
62,041
9,158
131,871
26,510

416,347
154,041
45,963
−1,887
1,932
183,011
33,287

35 Capital account transactions, net5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Discrepancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37 Due to seasonal adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38 Before seasonal adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−3,321
−7,510
. . .
−7,510

−2,261
85,128
. . .
85,128

−4,351
10,410
. . .
10,409

−2,691
57,678
13,192
44,486

−589
44,044
−4,862
48,905

−557
−72,240
−17,549
−54,691

−514
−19,071
9,219
−28,291

−1,756
52,799
12,137
40,662

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

5,331

−797

4,766

4,796

513

278,792

387,948

199,983

19,705

74,501

33,588

72,189

75,184

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
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Junep

1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

79,006

85,938

86,824

68,773

65,127

65,594

65,364

65,354

66,846

67,706

67,935

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
8,180

11,043
8,210

11,044
8,302

11,044
8,310

11,043
8,344

11,041
8,518

11,041
8,704

11,041
8,618

21,979
33,818

22,535
39,722

19,479
42,718

12,097
37,455

8,036
37,838

7,639
38,609

7,638
38,372

7,376
38,592

7,219
40,068

7,219
40,742

7,906
40,370

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
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Junep

May

1 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

136

162

80

82

83

83

82

84

86

86

142

Held in custody
2 U.S. Treasury securities2 . . . . . . . . . . . . . . . . .
3 Earmarked gold3 . . . . . . . . . . . . . . . . . . . . . . .

678,106
9,045

845,080
8,971

1,041,215
8,967

1,073,710
8,967

1,069,014
8,967

1,080,198
8,967

1,105,178
8,967

1,103,810
8,967

1,097,103
8,967

1,093,393
8,967

1,089,512
8,967

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
2005
Item

Juner6
1 Total1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,909,034
2
3
4
5
6
7
8
9
10
11
12

By type
Liabilities reported by banks in the United States2 . . . . . . . . . . . . . . . . . .
U.S. Treasury bills and certificates3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury bonds and notes
Marketable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nonmarketable4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. securities other than U.S. Treasury securities5 . . . . . . . . . . . . . . . . . .

2006

2005r

2004

2,166,951

Juner6

1,954,620r 2,109,144

Dec.r

Feb.r

Mar.r

Apr.r

Mayp

2,166,951

2,208,904

2,218,705

2,228,763

2,243,872

270,387
245,199

296,650
201,863

288,792r
204,912

288,792
204,912

296,650
201,863

286,943
216,047

295,039
215,489

301,038
197,456

319,916
195,085

986,454
1,630
405,363

1,077,631
948
589,859

1,030,763r
911
429,242r

1,052,742
911
561,787

1,077,631
948
589,859

1,098,368
960
606,586

1,092,495
967
614,715

1,103,813
973
625,483

1,089,561
980
638,330

By area
Europe1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
357,322
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,806
Latin America and Caribbean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112,608
Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,388,409
Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,843
Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31,866

368,519
7,211
128,006
1,616,493
17,214
29,502

364,413r
7,569r
113,245r
1,417,229r
14,551
37,433

350,973
6,679
122,989
1,575,240
15,247
38,010

368,519
7,211
128,006
1,616,493
17,214
29,502

382,931
6,438
135,926
1,632,419
20,654
30,530

389,739
7,308
136,361
1,637,228
15,831
32,232

383,820
7,038
139,290
1,646,152
16,723
35,734

394,705
7,956
141,693
1,642,546
17,976
38,990

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

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 2005 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

2006

2004
June

Sept.

Dec.

Mar.

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

104,059
62,557
41,502

109,367
67,668
41,699

85,841
59,241
26,600

94,799
60,769
34,030

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

109,206
47,032
62,174

101,745
42,883
58,862

93,290
43,868
49,422

106,504
49,355
57,149

7 Claims of banks’ domestic customers2 . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Other claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,923
7,907
28,016

21,365
5,064
16,301

32,056
8,519
23,537

46,669
21,697
24,972

45,118
21,616
23,502

54,698
20,835
33,863

65,338
24,015
41,323

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

July 2006

Reported by Banks in the United States1

Millions of dollars, end of period
2005
Item

2003

2004

2006

2005r
Nov.r

Dec.r

Jan.r

Feb.r

Mar.r

Apr.r

Mayp

3,102,634

3,073,217

3,144,265

3,228,382

3,232,643

3,396,379

3,493,912

2 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,677,193 2,082,981 2,294,279 2,319,412 2,294,279 2,355,215 2,451,086 2,450,407
By type of liability
955,072 1,045,161 1,055,847 1,045,161 1,060,965 1,086,845 1,102,167
3
Deposits2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852,803
4
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 824,390 1,127,909 1,249,118 1,263,565 1,249,118 1,294,250 1,364,241 1,348,240
5
Of which: repurchase agreements3 . . . . . . . . . . . . . . . . . . 460,191
665,127
706,297
733,411
706,297
757,998
804,186
768,352
828,535
778,938
783,222
778,938
789,050
777,296
782,236
6 Banks’ custody liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 638,413
By type of liability
318,783
259,843
276,959
259,843
269,264
275,808
277,836
7
U.S. Treasury bills and certificates5 . . . . . . . . . . . . . . . . . . 258,797
8
Other negotiable and readily transferable
315,169
319,826
312,312
319,826
317,632
304,840
303,969
instruments6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,774
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,394
48,260
53,594
54,389
53,594
53,754
52,886
52,170
83,633
152,789
136,783
122,140
136,783
131,744
114,582
116,421
10
Of which: short-term agency securities7 . . . . . . . . . . . .
11
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,842
194,583
199,269
193,951
199,269
202,154
196,648
200,431

2,611,251

2,681,691

1,195,865
1,415,386
812,631
785,128

1,250,130
1,431,561
853,179
812,221

258,880

255,544

328,486

352,640

55,514
118,748
197,762

58,866
131,861
204,037

By Holder and Type of Liability
1 Total, all foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,315,606

2,911,516

3,073,217

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

20,793
15,612
8,361
7,251
5,181
1,085

20,596
14,369
7,190
7,179
6,227
1,329

20,793
15,612
8,361
7,251
5,181
1,085

20,296
15,360
8,278
7,082
4,936
1,164

23,137
18,071
9,619
8,452
5,066
1,398

20,802
16,073
9,209
6,864
4,729
1,399

19,551
14,177
9,470
4,707
5,374
1,081

19,422
14,306
8,846
5,460
5,116
1,057

1,462
0

3,412
0

4,096
0

4,896
2

4,096
0

3,772
0

3,668
0

3,330
0

4,293
0

4,059
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

498,513
170,987
45,429
125,558

503,901
179,577
45,111
134,466

498,513
170,987
45,429
125,558

510,565
181,700
47,453
134,247

502,990
179,708
45,418
134,290

510,528
193,752
45,014
148,738

498,494
195,539
45,654
149,885

515,001
202,269
49,600
152,669

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

324,324
214,852

327,526
201,863

328,865
210,460

323,282
216,047

316,776
215,489

302,955
197,456

312,732
195,085

69,638
2,449

123,165
1,706

124,538
1,125

108,590
882

124,538
1,125

118,404
1

107,234
1

101,286
1

105,498
1

117,614
33

28 Banks10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380,639
29 Banks’ own liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,163,309
30
Deposits2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 706,536
31
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456,773
32 Banks’ custody liabilities4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,330
33
U.S. Treasury bills and certificates5 . . . . . . . . . . . . . . . . . . . .
18,267
34
Other negotiable and readily
49,311
transferable instruments6 . . . . . . . . . . . . . . . . . . . . . . .
35
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,752

1,574,793
1,354,437
773,703
580,734
220,356
26,978

1,787,860
1,564,629
839,880
724,749
223,231
23,771

1,789,711
1,570,816
849,082
721,734
218,895
22,386

1,787,860
1,564,629
839,880
724,749
223,231
23,771

1,821,990
1,596,861
848,992
747,869
225,129
22,144

1,870,933
1,647,293
874,278
773,015
223,640
23,486

1,890,153
1,663,690
892,395
771,295
226,463
22,507

2,028,203
1,801,173
983,368
817,805
227,030
23,890

2,087,250
1,853,845
1,034,285
819,560
233,405
23,642

52,400
140,978

48,777
150,683

50,001
146,508

48,777
150,683

48,341
154,644

48,174
151,980

48,660
155,296

51,326
151,814

51,959
157,804

24
25
26
27

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

766,051
543,051
151,491
391,560

788,426
554,650
154,464
400,186

766,051
543,051
151,491
391,560

791,414
561,294
156,242
405,052

831,322
606,014
157,530
448,484

811,160
576,892
155,549
421,343

850,131
600,362
157,373
442,989

872,239
611,271
157,399
453,872

40
41
42

135,392
28,388

232,818
44,727

223,000
33,124

233,776
38,392

223,000
33,124

230,120
35,496

225,308
34,877

234,268
38,441

249,769
36,453

260,968
35,760

82,363
24,641

136,192
51,899

142,415
47,461

148,825
46,559

142,415
47,461

147,115
47,509

145,764
44,667

150,693
45,134

167,369
45,947

179,008
46,200

Memo
44 Own foreign offices12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125,352

1,349,777

1,553,278

1,535,895

1,553,278

1,577,373

1,632,787

1,664,964

1,792,518

1,841,590

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.

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

2005r
Nov.r

Dec.r

Jan.r

Feb.r

Mar.r

Apr.r

Mayp

3,493,912

Area or Country
45 Total, all foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,315,606

2,911,516

3,073,217

3,102,634

3,073,217

3,144,265

3,228,382

3,232,643

3,396,379

46 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,301,457

2,895,862

3,052,424

3,082,038

3,052,424

3,123,969

3,205,245

3,211,841

3,376,828

3,474,490

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

1,221,808
3,604
16,022
1,537
3,612
71,686
56,912
1,200
7,078
61,065
14,462
27,921
2,716
101,335
9,495
4,771
140,459
9,896
558,007
29,559
119
100,352

1,259,612
4,142
18,843
2,413
1,366
88,678
60,077
1,213
9,879
70,701
22,173
23,563
2,860
90,715
11,204
4,671
151,132
10,214
561,814
29,575
112
94,267

1,221,808
3,604
16,022
1,537
3,612
71,686
56,912
1,200
7,078
61,065
14,462
27,921
2,716
101,335
9,495
4,771
140,459
9,896
558,007
29,559
119
100,352

1,267,436
4,276
18,368
2,231
5,967
90,571
57,682
1,475
7,820
63,404
17,396
27,583
3,164
99,023
10,471
3,899
102,844
10,072
613,849
28,977
104
98,260

1,318,544
4,267
17,738
2,358
953
97,275
58,321
1,499
6,781
61,755
19,420
26,862
2,734
94,220
11,027
4,135
117,321
12,658
646,341
30,390
103
102,386

1,329,813
5,460
18,150
2,073
1,603
85,597
61,478
1,276
5,904
60,389
20,718
40,391
3,804
91,133
11,121
5,833
139,533
10,650
628,150
28,416
97
108,037

1,450,877
5,477
15,245
2,007
3,476
107,623
57,083
1,490
5,988
65,353
27,720
45,478
3,223
95,081
7,845
4,513
195,194
10,787
668,522
29,212
98
99,462

1,505,359
5,336
14,136
1,692
2,108
106,716
56,698
1,520
6,723
66,334
27,929
49,284
2,332
93,490
7,592
5,189
207,856
10,936
702,379
28,365
113
108,631

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 . . . . . . . . . . . . . . .
69 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,590

34,248

33,165

37,437

33,165

37,070

38,957

32,180

43,657

39,214

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

133,653
9,674
11,901
8,961
6,477
3,393
1,643
42,531
5,277
3,051
4,939
27,262
8,544

145,346
10,081
17,525
7,513
6,745
3,057
1,633
49,284
4,998
2,608
5,216
28,220
8,466

133,653
9,674
11,901
8,961
6,477
3,393
1,643
42,531
5,277
3,051
4,939
27,262
8,544

138,181
9,533
13,906
10,108
7,196
3,071
1,991
42,232
5,139
2,988
5,615
27,613
8,789

142,178
9,486
16,219
9,551
9,785
3,195
1,842
43,776
5,164
2,537
5,687
25,369
9,567

145,263
9,737
19,188
12,229
10,527
3,282
1,759
42,061
5,750
2,778
5,420
22,925
9,607

152,430
10,141
19,858
11,588
10,504
3,341
1,618
47,833
5,632
3,665
5,242
22,889
10,119

147,739
10,211
19,581
13,305
11,149
2,768
1,574
42,669
5,781
3,186
5,185
21,765
10,565

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 1,214,474
153,554
186,097
212,430
38,964
92,577
52,146
739,204
884,980
907,269
96
110
120
669
829
916
8,689
5,863
6,397
1,253
1,624
2,830
27,557
40,129
32,366

1,200,644
203,418
54,045
903,190
118
787
4,794
2,442
31,850

1,214,474
212,430
52,146
907,269
120
916
6,397
2,830
32,366

1,241,686
216,659
56,748
926,009
120
693
6,103
2,961
32,393

1,278,600
230,917
56,790
947,577
121
1,199
6,096
2,849
33,051

1,288,249
225,497
55,418
962,961
122
897
6,783
3,348
33,223

1,317,772
224,292
52,562
995,173
123
818
8,479
2,896
33,429

1,364,214
236,624
48,160
1,030,135
124
843
10,188
3,034
35,106

92 Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
China
93
Mainland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94
Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95
Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
96 India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97 Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98 Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100 Korea (South) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101 Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102 Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103 Middle Eastern oil-exporting countries19 . . . . . . . . . . . . . . . .
104 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

373,024

420,635

407,914

396,765

407,914

396,756

381,860

372,818

365,964

367,132

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

46,462
23,253
34,007
13,736
4,307
9,802
155,716
27,095
3,777
9,965
49,485
30,309

42,501
20,477
35,950
12,082
3,522
5,981
152,397
26,086
3,009
11,026
52,738
30,996

46,462
23,253
34,007
13,736
4,307
9,802
155,716
27,095
3,777
9,965
49,485
30,309

49,509
22,360
28,543
12,033
3,548
9,033
148,450
26,572
3,466
9,242
53,216
30,784

34,190
22,241
32,186
11,072
3,319
8,557
145,372
26,778
3,538
11,630
55,513
27,464

34,273
19,463
25,385
13,251
7,805
7,484
138,643
25,430
3,429
12,704
56,950
28,001

29,393
22,229
29,831
14,222
5,819
8,057
132,110
23,173
4,048
11,529
55,772
29,781

30,095
20,115
29,643
15,340
5,421
8,076
130,582
22,468
3,749
12,758
57,752
31,133

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

20,168
4,980
138
3,049
7
6,892
5,102

17,708
3,315
105
3,387
12
6,125
4,764

20,168
4,980
138
3,049
7
6,892
5,102

20,988
5,071
162
3,175
4
7,478
5,098

22,423
5,241
131
3,541
5
8,526
4,979

17,982
4,366
231
3,898
3
4,677
4,807

17,228
4,421
211
1,766
2
5,471
5,357

18,145
3,430
122
1,627
3
7,680
5,283

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

21,242
17,769
3,007
466

24,526
19,578
4,115
833

21,242
17,769
3,007
466

21,852
17,001
4,331
520

22,683
17,438
4,712
533

25,536
20,558
4,355
623

28,900
23,457
4,579
864

32,687
26,958
4,988
741

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

20,793
15,684
2,036
2,979

20,596
15,709
2,515
2,270

20,793
15,684
2,036
2,979

20,296
16,093
1,709
2,393

23,137
18,894
1,626
2,526

20,802
16,783
1,604
2,320

19,551
14,112
2,373
2,729

19,422
14,909
1,634
2,454

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

July 2006

Reported by Banks in the United States1

Millions of dollars, end of period
2005
Area or country

2003

Dec.r

Nov.
1 Total, all foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,322,363

1,664,223

2006

2005r

2004

1,854,203

1,914,901r 1,854,203
r

Jan.

Feb.

Mar.

Apr.

Mayp

1,911,829r 2,000,266r 1,999,420r 2,085,647r 2,146,621
1,904,365r 1,994,434r 1,992,206r 2,079,003r 2,139,176

1,658,247

1,846,953

1,909,108

1,846,953

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

917,967
4,101
11,886
864
9,247
88,873
30,027
97
18,482
8,201
20,907
14,688
832
1,264
8,372
9,452
143,891
3,270
488,345
31,124
0
24,044

959,127r
4,157
15,174r
1,207
9,622
87,272r
33,023r
177
18,507
8,561
18,285r
20,742r
925
1,145r
8,118
9,112
159,622r
3,194
510,948r
29,584
0
19,752r

917,967
4,101
11,886
864
9,247
88,873
30,027
97
18,482
8,201
20,907
14,688
832
1,264
8,372
9,452
143,891
3,270
488,345
31,124
0
24,044

948,980r
5,219
19,304
499
8,416
98,133r
27,446r
163
17,381
9,083
19,585r
16,270r
829
1,194r
9,790
8,190
95,994r
3,380
552,522r
30,793
1
24,788r

993,168r
4,224
18,446
1,022
9,407
89,455r
28,380r
299
17,688
9,382
22,684r
15,266r
677
1,353r
12,649
11,965
106,776r
3,213
585,032r
30,512
0
24,738r

1,014,050r
4,540
15,922
365
9,256
90,155r
28,071r
236
18,274
9,087
19,937r
19,557r
607
2,109
12,137
13,460
166,345r
3,190
548,902r
30,652
0
21,248

1,072,885r
4,551
18,379r
1,369
9,691
106,092r
26,578r
120
17,396
10,124
23,214r
21,196r
757
2,083
10,105
14,303
195,010r
3,203
553,162r
31,535
0
24,017r

1,093,377
4,911
20,852
828
8,638
120,355
22,313
168
18,954
10,303
25,427
24,089
976
1,927
7,745
13,529
198,605
3,100
555,624
29,989
0
25,044

25 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52,140

51,088

63,422

58,292

63,422

53,252

56,858

61,060r

65,488r

59,073

54,650r
2,298r

53,286r
2,408r

52,478r
2,246r

17,937
6,480
2,952
570
965
15,087r
1,881
1,159
459
2,296
2,566

17,142
6,489
2,838
597
1,014
14,468r
1,911
1,159
437
2,247
2,576

15,901
6,565
2,902
572
986
14,766r
2,173
1,188
455
2,174r
2,550

54,399r
2,209r
16,875
6,814
2,727
542
996
15,872r
2,067
1,178
425
2,104r
2,590

52,418
2,350
15,370
6,983
2,593
564
956
15,438
2,090
1,232
414
2,013
2,415

2 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,317,292

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

51,173
2,290
15,111
6,642
2,438
582
872
14,604
2,076
1,226
464
2,273
2,595

52,311r
2,224r
r
16,325
6,775
2,652
637
867
14,432
1,855
1,218
435
2,435
2,456

51,173
2,290
15,111
6,642
2,438
582
872
14,604
2,076
1,226
464
2,273
2,595

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

614,190
108,793
17,846
473,608
0
444
4,444
907
8,148

642,941r
95,942r
26,627
505,364
0
413
4,410
786
9,399

614,190
108,793
17,846
473,608
0
444
4,444
907
8,148

654,409r
127,168r
21,201
492,593
0
484
4,484
931
7,548

690,096r
135,090r
21,903
518,720
0
454
4,619
792
8,518

678,014r
126,898r
22,246
514,321
0
465
4,517
771
8,796

703,505r
134,896r
20,092
533,145
0
454
4,464
854
9,600

737,590
157,913
19,589
538,967
0
523
4,557
870
15,171

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

187,677

184,812r

187,677

181,312r

189,200r

172,316r

169,998r

181,411

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
440
4,288
103,465
17,274
1,790
7,796
12,330
5,972

19,712
7,196
8,143r
2,693
523r
4,370
101,187r
16,005r
1,319
8,066
9,412
6,186

14,780
8,626
8,398
2,518
440
4,288
103,465
17,274
1,790
7,796
12,330
5,972

16,262
5,754
7,034
2,524
391r
4,172
108,224r
16,206r
907
6,487
7,808
5,543

17,688
6,003
6,395
3,189
417r
4,115
114,182r
15,232r
956
7,765
8,615
4,643

16,910
6,422
7,499
2,063
438r
3,243
100,944r
11,991r
1,202
6,837
9,291
5,476r

15,341
5,389
6,947
2,549
436r
5,414
96,269r
16,263r
954
6,937
8,323r
5,176r

14,885
6,027
7,623
2,043
433
5,580
105,058
17,463
917
8,881
8,104
4,397

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
440

1,621
422
63
331
0
317
488

1,560r
453
51r
193
0
402r
461r

1,621
422
63
331
0
317
488

1,670r
448
74r
318
0
343r
487r

1,396r
341
58r
194
0
317r
486r

1,597r
431
62r
312
0
294r
498r

1,686r
470
55r
296
0
297r
568r

1,751
466
81
338
0
303
563

68 Other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70 New Zealand10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71 All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,897
8,037
819
41

10,386
9,695
609
82

10,903
10,184
541
178

10,065r
9,260r
580
225

10,903
10,184
541
178

10,092r
9,014r
801
277

10,430r
9,512r
609
309

12,691r
11,817r
541
333

11,042r
10,117r
589
336

13,556
12,634
469
453

72 Nonmonetary international and regional organizations11 . .

5,071

5,976

7,250

5,793

7,250

7,464

5,832

7,214

6,644

7,445

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

BANKS’ OWN AND DOMESTIC CUSTOMERS’ CLAIMS ON FOREIGNERS
Payable in U.S. dollars

49

Reported by Banks in the United States1

Millions of dollars, end of period
2005
Type of claim

2003

2004

2006

2005r
Nov.r

Dec.r

Jan.r

Feb.r

Mar.r

Apr.r

Mayp

1 Total claims reported by banks . . . . . . . . . .

1,596,965

2,026,841

2,303,869

. . .

2,303,869

. . .

. . .

2,494,080

. . .

. . .

2 Banks’ own claims on foreigners . . . . . . . . . .
3 Foreign official institutions2 . . . . . . . . . . . . .
4 Foreign banks3 . . . . . . . . . . . . . . . . . . . . . . .
5 Other foreigners4 . . . . . . . . . . . . . . . . . . . . .

1,322,363
53,328
979,597
289,438

1,664,223
71,892
1,187,954
404,377

1,854,203
72,871
1,385,990
395,342

1,914,901
82,631
1,399,013
433,257

1,854,203
72,871
1,385,990
395,342

1,911,829
74,163
1,416,140
421,526

2,000,266
73,635
1,494,944
431,687

1,999,420
73,577
1,496,169
429,674

2,085,647
76,322
1,576,751
432,574

2,146,621
82,403
1,611,421
452,797

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

449,666
176,858
112,391
140,840
19,577

500,085
376

668,255
3,970

743,280
2,804

748,773
4,019

743,280
2,804

808,940
3,376

836,778
2,387

830,993
2,679

862,619
2,210

922,213
1,990

5,328
816,574
934,166

3,888
988,110
1,097,873

7,276
1,100,843
1,299,067

11,637
1,150,472
1,303,616

7,276
1,100,843
1,299,067

8,642
1,090,871
1,334,657

10,520
1,150,581
1,395,887

9,783
1,155,965
1,433,195

11,883
1,208,935
1,487,031

11,619
1,210,799
1,534,484

344,753

479,422

476,331

537,270

476,331

507,115

544,258

516,346

505,617

521,137

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.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

449,666
176,858
112,391
140,840
19,577

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

494,660
205,479
114,941
153,464
20,776

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

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

July 2006

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2004
Type of liability, and area or country

2002

2003

2005

2006

2004
Dec.

Mar.

June

Sept.

Dec.

Mar.p

1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67,664

83,240

108,339

108,339

107,795

97,800

94,443

96,409

100,005

By type
2 Financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Short-term negotiable securities1 . . . . . . . . . . . . . . . . . . . . . . . .

39,561
n.a.

53,150
14,002

79,177
11,759

79,177
11,759

75,039
9,027

61,916
9,576

57,322
5,438

58,948
6,252

59,126
5,021

n.a.

39,148

67,418

67,418

66,012

52,340

51,884

52,696

54,105

n.a.
n.a.

8,498
22,946

6,315
49,882

6,315
49,882

8,163
45,852

5,657
34,151

10,732
32,124

7,070
35,338

8,404
35,500

By currency
U.S. dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Canadian dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom pounds sterling . . . . . . . . . . . . . . . . . . . . . .
Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

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

47,915
14,001
1,786
4,604
2,202
1,222
4,187

45,769
11,553
1,860
4,017
2,741
1,401
1,534

44,146
14,802
2,354
4,052
2,725
2,018
3,653

43,773
15,353
1,407
6,032
3,166
1,338
3,410

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

62,847

51,809

35,918

29,347

37,259

34,913

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

38,690
775
1,349
2,911
363
514
29,473

35,304
590
1,550
5,276
413
282
25,017

22,474
633
1,087
2,832
128
114
13,091

16,799
547
1,044
2,425
379
53
9,861

21,011
342
761
2,533
406
122
11,028

17,322
283
597
3,056
432
237
10,436

22

Memo:
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,211

9,855

7,049

7,049

9,413

6,175

6,214

5,955

5,958

23

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

591

1,239

2,433

2,433

2,283

2,080

2,058

2,276

1,534

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

16,196
0
8,715
208
n.a.
7,178
26
18

9,076
0
801
263
n.a.
7,871
30
11

8,012
0
115
240
n.a.
7,569
8
0

6,679
0
77
69
n.a.
6,489
28
0

7,553
0
991
70
n.a.
6,446
25
1

9,652
0
808
56
n.a.
8,744
23
0

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

4,724
1,648
36

4,347
1,365
33

3,211
1,161
2

3,640
1,304
35

5,323
1,383
173

5,318
1,083
206

35
36

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

131
91

123
92

131
94

131
94

132
95

107
96

122
96

997
97

1,022
98

37

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

68

634

673

673

667

34

49

99

65

4 Other liabilities1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Of which:
5 Borrowings1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Repurchase agreements1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
8
9
10
11
12
13

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

2006

2004
Dec.

Mar.

June

Sept.

Dec.

Mar.p

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

29,162
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

40,879
25,899
14,980

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

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

37,931
2,948
182
1,142
484
300
840

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

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

11,173
86
1,960
1,092
580
708
3,414

55

Memo
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,200

4,198

3,730

3,730

4,413

5,075

5,286

5,405

5,434

56

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,588

2,166

2,145

2,145

2,143

2,179

2,836

2,375

2,846

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

4,276
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

5,752
82
688
160
n.a.
219
2,745
499

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

12,239
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

19,875
6,146
5,329

68
69

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . .

827
405

782
372

947
424

947
424

935
447

1,009
627

851
459

916
493

714
342

70

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

976

604

525

525

584

480

454

421

519

71

Memo
Financial liabilities to foreign affiliates8 . . . . . . . . . . . . . . . . . .

9,540

16,330

16,330

23,230

25,998

27,975

21,689

24,213

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

July 2006

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2004
Type of claim, and area or country

1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

2
3
4
5
6

2002

2003

2005

2006

2004
Dec.

Mar.

June

Sept.

Dec.

Mar.p

102,566

165,901

197,696

197,696

199,565

177,173

181,901

183,943

169,817

71,389
n.a.
n.a.

132,332
35,920
3,211

164,981
47,883
9,892

164,981
47,883
9,892

167,204
52,316
11,912

144,501
48,975
8,894

150,775
51,353
11,845

150,387
50,149
13,180

135,167
40,629
12,365

n.a.
44,064

157
93,201

103
107,206

103
107,206

94
102,976

173
86,632

82
87,577

65
87,058

2
82,173

n.a.
n.a.

69,208
3,253

59,683
24,034

59,683
24,034

64,386
12,737

57,548
8,069

56,381
8,499

51,034
8,696

52,822
5,724

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

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

109,139
35,362
10,031
9,331
7,527
3,826
4,647

112,967
37,808
10,837
10,256
8,695
3,880
4,140

114,796
35,591
9,348
9,308
7,635
3,537
5,763

101,131
34,036
7,823
8,152
8,296
3,510
6,255

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

71,389

67,347

110,517

110,517

113,673

97,140

105,837

111,394

94,767

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

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

38,627
1,930
4,593
3,040
1,696
1,185
17,414

41,844
784
4,323
1,967
3,271
1,249
21,870

43,177
1,743
2,752
2,729
3,033
1,152
22,552

36,378
1,286
1,632
2,315
3,134
1,441
20,483

24

Memo:
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17,012

15,067

22,053

22,053

25,235

17,005

16,631

16,702

12,074

25

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,013

5,311

6,412

6,412

11,361

11,905

14,290

13,372

12,052

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

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

38,915
3,436
1,316
1,480
n.a.
30,437
1,384
62

41,387
3,802
1,113
1,664
n.a.
31,761
1,950
156

44,622
1,590
1,149
1,950
n.a.
36,355
2,019
159

36,893
2,368
1,160
1,655
n.a.
29,238
1,406
163

34
35
36

Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Middle Eastern oil-exporting countries5 . . . . . . . . . . . . . . . .

5,358
1,277
79

5,317
1,194
158

6,840
993
137

6,840
993
137

7,680
981
133

6,120
784
114

6,546
610
93

7,223
568
242

6,565
496
251

37
38

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

395
25

419
12

306
8

306
8

290
16

282
23

345
55

1,291
37

1,268
36

39

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,993

1,115

1,096

1,096

1,448

1,291

1,425

1,709

1,611

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

2002r

2003

2005

2006

2004
Dec.

Mar.

June

Sept.

Dec.

Mar.p

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

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
29,231r
4,325r

34,650
30,178
4,472

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

27,439
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

30,511
4,139
444
1,777
736
126
1,056

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

13,457
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

14,479
480
2,308
1,472
648
743
4,601

57

Memo
Euro area3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,849

7,340

6,890

6,890

7,766

7,412

6,739

7,663

7,922

58

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,790

3,070

2,017

2,017

2,137

2,139

2,001

2,750

2,323

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

6,477
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

6,638
32
731
865
n.a.
200
2,154
373

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

8,943
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

9,196
2,167
1,419

70
71

Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries6 . . . . . . . . . . . . . . . . . . . . . . . . . . .

584
95

636
138

629
154

629
154

767
205

873
226

788
234

830
258

917
313

72

All other7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,946

2,806

1,192

1,192

1,132

1,009

1,069

1,062

1,097

73

Memo
Financial claims on foreign affiliates8 . . . . . . . . . . . . . . . . . . . .

n.a.

64,985

54,464

54,464

53,531

47,361

44,938

38,993

40,400

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

July 2006

FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2006
Transaction, and area or country

2004

2005

2006

2005r
Jan.–
May

Nov.r

Dec.r

Jan.r

Feb.r

Mar.r

Apr.r

Mayp

456,730
450,138

609,929
607,228

U.S. corporate securities

Stocks
1 Foreign purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,862,043
2 Foreign sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,833,567

4,729,778
4,650,166

2,471,896
2,405,725

419,802
414,903

423,372
413,780

455,198
433,974

436,362
419,842

513,677
494,543

3 Net purchases, or sales (−) . . . . . . . . . . . . . . . . . . . . . . . . .

28,476

79,612

66,171

4,899

9,592

21,224

16,520

19,134

6,592

2,701

4 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28,616

79,655

66,137

4,914

9,568

21,220

16,514

19,115

6,589

2,699

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

37,270
6,877
−3,278
−2,315
1,351
18,109
350
16,558
15,280
1,791
8,378
72
309
69

45,016
8,964
535
−2,286
2,422
21,639
22
4,697
7,341
5,769
2,751
1,187
258
305

4,136
4,586
143
127
920
−2,086
61
1,768
−680
184
−284
16
3
−213

4,116
−1,752
−298
−1,299
72
6,335
5
1,813
1,491
11
1,550
532
−17
604

13,390
5,277
−629
811
920
4,586
21
755
3,501
1,034
2,206
1,547
32
302

12,415
1,125
1,464
−835
1,493
8,397
−93
536
3,468
318
−432
−43
70
139

14,958
247
1,319
−472
570
12,456
70
3,179
452
973
−363
−783
−16
−68

5,569
3,936
−707
−1,024
−44
−920
−43
−535
−1,355
3,324
−639
−117
101
124

−1,316
−1,621
−912
−766
−517
−2,880
67
762
1,275
120
1,979
583
71
−192

19 Nonmonetary international and
regional organizations . . . . . . . . . . . . . . . . . . . . . . . .

−140

−43

34

−15

24

4

6

19

3

2

20 Foreign purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,380,796
21 Foreign sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,844,895

2,375,544
1,783,651

1,181,384
873,398

200,993
151,458

202,834
155,417

207,955
153,546

233,389
168,066

244,282
180,204

224,987
173,693

270,771
197,889

5
6
7
8
9
10
11
12
13
14
15
16
17
18

Bonds3

22 Net purchases, or sales (−) . . . . . . . . . . . . . . . . . . . . . . . . .

535,901

591,893

307,986

49,535

47,417

54,409

65,323

64,078

51,294

72,882

23 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

533,422

588,768

306,725

49,393

46,639

54,012

65,019

63,773

51,217

72,704

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

297,218
13,612
12,426
4,026
1,771
209,694
16,624
14,763
80,460
2,832
186,231
84,818
291
6,973

152,321
2,297
6,786
757
938
108,298
4,435
6,745
44,337
5,223
92,164
26,308
−138
6,073

32,590
1,954
1,180
122
712
21,890
1,777
2,053
−3,551
−454
18,574
11,648
−23
204

25,007
1,352
777
23
−44
19,628
758
1,002
2,723
145
16,762
5,885
−27
1,027

21,238
−1,814
2,027
4
184
14,040
1,396
357
10,381
667
21,107
7,070
−91
353

30,938
1,453
1,178
−126
693
22,739
502
1,655
9,977
717
20,896
4,968
−126
962

37,641
1,541
1,505
323
608
29,286
395
3,509
6,312
708
13,058
1,291
90
2,455

27,284
884
1,038
333
46
18,964
714
108
5,903
1,394
14,529
4,000
62
1,937

35,220
233
1,038
223
−593
23,269
1,428
1,116
11,764
1,737
22,574
8,979
−73
366

38 Nonmonetary international and
regional organizations . . . . . . . . . . . . . . . . . . . . . . . .

2,479

3,125

1,261

142

778

397

304

305

77

178

−8,098
268,954
277,052
−2,019
129,758
131,777

−4,926
369,441
374,367
−14,256
167,457
181,713

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

−127,485
2,222,011
2,349,496
−45,137
1,459,374
1,504,511

−47,294
1,434,947
1,482,241
−26,179
743,591
769,770

−17,320
233,766
251,086
−44
108,260
108,304

−16,650
226,596
243,246
−5,730
116,972
122,702

−10,414
239,623
250,037
−2,621
139,650
142,271

−11,861
267,433
279,294
−158
141,136
141,294

−11,995
289,496
301,491
−7,125
165,590
172,715

45 Net purchases, or sales (−), of stocks and bonds . . . . . . .

−152,842

−172,622

−73,473

−17,364

−22,380

−13,035

−12,019

−19,120

−10,117

−19,182

46 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

−141,025

−165,634

−73,621

−17,067

−22,458

−12,938

−11,802

−19,558

−10,200

−19,123

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

−82,095
−4,818
−18,371
−44,970
−32,827
−1,672
−13,708

−41,831
−11,151
−1,964
−13,680
2,525
−2,235
−2,760

−2,648
−1,600
−300
−11,287
−8,678
−837
−395

−12,776
−809
176
−6,698
−4,118
50
−2,401

−845
−3,219
−1,372
−6,711
−1,892
−277
−514

−5,562
−1,498
176
−4,511
−164
−270
−137

−11,766
−2,448
−566
−3,965
−369
−504
−309

−1,875
−3,131
1,697
−3,803
434
−1,312
−1,776

−21,783
−855
−1,899
5,310
4,516
128
−24

54 Nonmonetary international and
regional organizations . . . . . . . . . . . . . . . . . . . . . . . .

−11,817

−6,988

148

−297

78

−97

−217

438

83

−59

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

1 Total estimated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,079
2 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,360

2005

2006

2005r
Jan.–
May

Nov.

45,008

52,770r

17,685r

4,478

20,782r

336,215

44,005

r

52,699

17,391r

4,053

21,044r

339,167

Dec.

Jan.r

Feb.

Apr.

Mayp

3,177r

3,371r

13,200

3,503r

2,965r

12,440

Mar.

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

173,639
500
14,497
2,046
−6,095
1,832
−4,904
134,118
419
31,226
21,419

7,125
1,101
−2,620
−28
−653
1,873
255
28,575
258
−21,636
12,625

37,968r
405
925r
−36
−1,858
469
−1,059
33,960
360r
4,802r
2,564

10,427r
482
1,712
194
−1,075
−869
−379
10,728
−220r
−146r
−114

11,476
367
−1,616
−246
−130
1,168
−430
10,135
381
1,847
1,835

4,945r
119
−621r
−55
−715
−349
478
5,436r
−47r
699r
3,428

4,934r
162
−1,878r
127
434
796
94
16,077
155r
−11,033r
1,158

−13,818r
434
1,413
140
−138
181
121
−11,064r
−473
−4,432r
1,218

−412
19
82
6
−104
77
−8
7,991
242
−8,717
4,986

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

69,669
518
68,312
839
68,100
−5,955
2,222
1,166

−6,949
11
−7,571
611
31,104
−14,373
2,073
−1,973

7,442r
106
7,256r
80
4,267r
−932
373
85

−1,692r
142
−2,843r
1,009
8,607r
2,260
106
57

−11,366
−119
−11,602
355
3,472
−13,040
102
−1,466

−9,284r
52
−8,799r
−537
21,335
7,262
901
−281

10,104r
95
8,363r
1,646
−13,410r
−14,185
472r
245

−1,388r
−29
−1,363r
4
17,526
3,905
286r
−859

4,985
12
5,830
−857
2,181
1,685
312
388

719
2
−26

2,952
2,555
−8

1,003
732
−2

71
80
−3

294
280
1

425
391
0

−262
−220
−2

−326
−321
0

406
316
0

760
566
0

Memo
25 Foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,360
26 Official institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,140
27 Other foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,220

336,215
69,198
267,017

44,005
11,930
32,075

52,699r
4,810r
47,889r

17,391r
6,496r
10,895r

4,053
8,287
−4,234

21,044r
12,450r
8,594r

3,503r
−5,873r
9,376r

2,965r
11,318r
−8,353r

12,440
−14,252
26,692

2,063
2,027

5,501
2,058

743
438

1,548
23

2,177
253

965
844

1,020r
147

611
366

728
448

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

July 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
Dec.

Jan.

Feb.

Mar.

Apr.

May

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

73.69
2.1281
1.1441
8.0143
6.0798
1.2273
7.7561
44.82
117.07
3.6626
11.049
62.20
6.3922
1.6008
6.0811
952.60
102.635
7.6005
1.2830
32.288
37.952
176.80
2,144.60

76.39
2.1697
1.1100
8.0131
5.8398
1.2767
7.7538
45.20
111.73
3.6091
11.091
63.11
6.1040
1.5755
6.3128
940.82
102.838
7.3050
1.2190
31.737
37.947
186.87
2,144.55

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

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
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

111.79
85.83

110.18
84.44

110.46
85.22

110.63
85.17

109.83
84.05

107.45
80.78

143.54

143.39

138.90

137.72

136.02

135.35

135.88

135.80

135.56

104.47r
97.56

99.83r
90.60

98.29r
90.50

98.89r
92.77

97.98r
91.95

98.07r
92.94

98.62r
93.00

98.43r
92.05r

96.60
88.62

123.23r

121.86r

118.07

116.26r

115.16r

114.00r

115.27r

116.14r

116.49

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
March 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 31, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

June 2005
September 2005
December 2005
March 2006
June 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

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-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15–21 (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
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15–21
Commercial and industrial loans, 15–21
Consumer loans held, by type and terms, 34
Real estate mortgages held, by holder and property, 33
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)

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 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
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22
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
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15–21
Federal Reserve Banks, 5–7, 10, 11
Financial institutions, 33
Insured or guaranteed by United States, 32, 33

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

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
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, 34
SAVING
Flow of funds, 33, 34, 35–39
Savings 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)

59

60

Federal Reserve Bulletin Statistical Supplement

July 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)

61

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.

62

Federal Reserve Bulletin Statistical Supplement

July 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

63

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.

64

Federal Reserve Bulletin Statistical Supplement

July 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.

65

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

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Statistical Supplement to the Federal Reserve Bulletin

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