For use at 12:00 p.m.

, eastern time
Wednesday
September 21, 2005

FEDERAL RESERVE statistical release
Z.1

Flow of Funds Accounts
of the United States
Flows and Outstandings
Second Quarter 2005

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

Flow of Funds Summary Statistics
Second Quarter 2005
Domestic nonfinancial debt rose at a
seasonally adjusted annual rate of 7-1/4 percent in the
second quarter of 2005. Debt growth in the second
quarter was slower than the first-quarter pace, reflecting
much slower borrowing by the federal government and
state and local governments that more than offsets
somewhat faster borrowing by households and nonfinancial businesses.

In the second quarter, household debt rose at a
seasonally adjusted annual rate of nearly 10 percent,
reflecting a robust 11-1/2 percent expansion of
mortgage debt and a more-moderate 3-3/4 percent
increase in consumer credit. Meanwhile, nonfinancial
business debt growth was 8-1/2 percent in the second
quarter, about 1 percentage point above the first-quarter
pace. The pickup in nonfinancial business borrowing in
the second quarter was primarily accounted for by an
increase in bank lending and mortgage borrowing.

On a seasonally adjusted basis, federal
government debt was about unchanged in the second
quarter, after having increased at an annual rate above
14 percent in the previous quarter. State and local
government debt expanded at an annual rate of 5-1/2
percent in the second quarter, noticeably below the 12
percent pace registered in the first quarter.

At the end of the second quarter of 2005, the
seasonally adjusted level of domestic nonfinancial debt
outstanding was $25.2 trillion. Debt of the nonfederal
sectors was $20.7 trillion and federal debt held by the
public was $4.6 trillion.

Growth of Domestic Nonfinancial Debt1
Percentage changes; quarterly data are seasonally adjusted annual rates
Nonfederal
Total

Federal

Total

Households

Business

State and
local govts.

1995
1996
1997
1998
1999

5.3
5.2
5.3
6.8
6.4

4.1
4.0
0.6
-1.4
-1.9

5.7
5.7
7.0
9.6
8.9

7.2
6.8
6.0
7.8
8.3

7.2
6.2
9.0
12.3
10.7

-5.5
-1.5
4.0
6.3
3.4

2000
2001
2002
2003
2004

4.8
6.1
6.9
8.1
8.6

-8.0
-0.2
7.6
10.9
9.0

8.3
7.6
6.8
7.6
8.5

8.7
8.8
9.8
10.1
10.9

9.3
6.0
2.7
4.4
5.7

1.3
8.9
11.1
8.2
7.4

2003:Q1
Q2
Q3
Q4

7.2
10.4
7.6
6.4

5.6
17.7
9.2
9.5

7.5
8.9
7.3
5.8

10.5
11.1
10.4
7.2

4.3
5.8
3.5
3.7

6.7
10.9
7.1
7.0

2004:Q1
Q2
Q3
Q4

9.3
7.2
8.5
8.2

12.5
8.8
6.3
7.2

8.6
6.8
9.0
8.4

11.5
9.8
11.2
9.4

4.7
3.7
6.2
7.5

10.0
3.2
9.0
6.6

2005:Q1
Q2

9.9
7.3

14.4
0.1

8.9
8.9

9.6
9.9

7.2
8.4

12.0
5.6

1. Changes shown are on an end-of-period basis.

Table of Contents
Title

Table

Page

Flow of Funds Accounts, Second Quarter 2005

1

Availability of Data for Latest Quarter

3

Debt Growth by Sector

D.1

6

Borrowing by Sector

D.2

7

Debt Outstanding by Sector

D.3

8

Flows
Table
Page

Levels
Table
Page

Total Net Borrowing and Lending in Credit Markets

F.1

9

L.1

58

Credit Market Borrowing by Nonfinancial Sectors

F.2

10

L.2

59

Credit Market Borrowing by Financial Sectors

F.3

10

L.3

59

Credit Market Borrowing, All Sectors, by Instrument

F.4

11

L.4

60

Total Liabilities and Its Relation to Total Financial Assets

F.5

11

L.5

60

Distribution of Gross Domestic Product

F.6

12

Distribution of National Income

F.7

13

Saving and Investment

F.8

14

Net Capital Transfers

F.9

14

Derivation of Measures of Personal Saving

F.10

15

L.10

61

Title

Summaries

Flows
Table
Page

Levels
Table
Page

Households and Nonprofit Organizations

F.100

16

L.100

62

Nonfinancial Business

F.101

17

L.101

63

Nonfarm Nonfinancial Corporate Business

F.102

18

L.102

64

Nonfarm Noncorporate Business

F.103

19

L.103

65

Farm Business

F.104

19

L.104

65

State and Local Governments

F.105

20

L.105

66

Federal Government

F.106

21

L.106

66

Rest of the World

F.107

22

L.107

67

Monetary Authority

F.108

23

L.108

68

Commercial Banking

F.109

24

L.109

69

U.S.-Chartered Commercial Banks

F.110

25

L.110

70

Foreign Banking Offices in U.S.

F.111

26

L.111

71

Bank Holding Companies

F.112

27

L.112

72

Banks in U.S.-Affiliated Areas

F.113

27

L.113

72

Savings Institutions

F.114

28

L.114

73

Credit Unions

F.115

29

L.115

74

Property-Casualty Insurance Companies

F.116

29

L.116

74

Life Insurance Companies

F.117

30

L.117

75

Private Pension Funds

F.118

30

L.118

75

State and Local Government Employee Retirement Funds

F.119

31

L.119

76

Federal Government Retirement Funds

F.120

31

L.120

76

Money Market Mutual Funds

F.121

32

L.121

77

Mutual Funds

F.122

32

L.122

77

Title

Sectors

Title

Flows
Table
Page

Levels
Table
Page

Closed-End and Exchange-Traded Funds

F.123

32

L.123

77

Government-Sponsored Enterprises

F.124

33

L.124

78

Agency- and GSE-backed Mortgage Pools

F.125

33

L.125

78

Issuers of Asset-Backed Securities

F.126

34

L.126

79

Finance Companies

F.127

34

L.127

79

Mortgage Companies

F.128

35

L.128

80

Real Estate Investment Trusts

F.129

35

L.129

80

Security Brokers and Dealers

F.130

36

L.130

81

Funding Corporations

F.131

36

L.131

81

Gold and Official Foreign Exchange Holdings

F.200

37

L.200

82

SDR Certificates and Treasury Currency

F.201

37

L.201

82

U.S. Deposits in Foreign Countries

F.202

37

L.202

82

Net Interbank Transactions

F.203

38

L.203

83

Checkable Deposits and Currency

F.204

39

L.204

84

Time and Savings Deposits

F.205

40

L.205

85

Money Market Mutual Fund Shares

F.206

40

L.206

85

Federal Funds and Security Repurchase Agreements

F.207

41

L.207

86

Open Market Paper

F.208

41

L.208

86

Treasury Securities

F.209

42

L.209

87

Instruments

Flows

Levels

Title

Table

Page

Table

Page

Agency- and GSE-backed Securities

F.210

43

L.210

88

Municipal Securities and Loans

F.211

44

L.211

89

Corporate and Foreign Bonds

F.212

44

L.212

89

Corporate Equities

F.213

45

L.213

90

Mutual Fund Shares

F.214

45

L.214

90

Bank Loans Not Elsewhere Classified

F.215

46

L.215

91

Other Loans and Advances

F.216

47

L.216

92

Total Mortgages

F.217

48

L.217

93

Home Mortgages

F.218

49

L.218

94

Multifamily Residential Mortgages

F.219

49

L.219

94

Commercial Mortgages

F.220

50

L.220

95

Farm Mortgages

F.221

50

L.221

95

Consumer Credit

F.222

51

L.222

96

Trade Credit

F.223

51

L.223

96

Security Credit

F.224

51

L.224

96

Life Insurance and Pension Fund Reserves

F.225

52

L.225

97

Taxes Payable by Businesses

F.226

52

L.226

97

Proprietors' Equity in Noncorporate Business

F.227

52

L.227

97

Total Miscellaneous Financial Claims

F.228

53

L.228

98

Identified Miscellaneous Financial Claims - Part I

F.229

54

L.229

99

Identified Miscellaneous Financial Claims - Part II

F.230

55

L.230

100

Unidentified Miscellaneous Financial Claims

F.231

56

L.231

101

Sector Discrepancies

F.11

57

Instrument Discrepancies

F.12

57

Balance
Sheet
Table
Page

Table

Page

Households and Nonprofit Organizations

B.100

102

R.100

105

Nonfinancial Corporate Business

B.102

103

R.102

106

Nonfarm Noncorporate Business

B.103

104

R.103

107

Title

Reconciliation

Balance Sheet and Reconciliation Tables

Flows
Table
Page

Levels
Table
Page

Nonprofit Organizations

F.100.a

108

L.100.a

109

Consolidated Statement for Federal, State, and Local Governments

F.106.c

110

L.106.c

111

Private Pension Funds: Defined Benefit Plans

F.118.b

112

L.118.b

113

Private Pension Funds: Defined Contribution Plans

F.118.c

112

L.118.c

113

Individual Retirement Accounts (IRAs)

F.225.i

112

L.225.i

113

Title

Supplementary Tables

Flow of Funds Matrix for 2004
Balance Sheet of Households and Nonprofit Organizations
with Equity Detail

114

115

B.100.e

116

1

Flow of Funds Accounts, Second Quarter 2005
This publication presents the flow of funds
accounts for 2005:Q2.
Data revisions and other changes. The statistics in
the attached tables reflect the use of new or revised
source data. Most significant revisions appear in recent
quarters; however, new source information resulted in
changes to data for earlier periods.
1.
The bank personal trusts and estates sector
(previously shown in tables F.116 and L.116) and the
investment in bank personal trusts and estates
instrument category (previously shown in tables F.227
and L.227) have been eliminated. The assets held by
bank personal trusts and estates have been consolidated
into the direct holdings of the household sector (tables
F.100 and L.100). All sector flow and level tables after
F.115 and L.115 and all instrument flow and level
tables after F.226 and L.226 have been renumbered.
2.
Seasonal factors for quarterly financial flows
have been recalculated for the period 1995:Q1 onward.
The factors were generated using the X-12-ARIMA/88
seasonal adjustment program from Statistics Canada.
3.
The statistics in this publication reflect the
annual revisions to the national income and product
accounts from 2002 forward released by the
Department of Commerce on July 29, 2005, and
subsequent information for 2005:Q2 released on August
31, 2005. The August 2005 issue of the Survey of
Current Business details the major features of the
annual revision of the national income and product
accounts.
4.
Data for investment and depreciation flows of
all sectors, and capital stocks for the household,
nonfarm nonfinancial corporate business, and nonfarm
noncorporate business sectors have been revised
beginning in 2002 to reflect updated annual estimates of
fixed assets from the Bureau of Economic Analysis of
the Department of Commerce.
5.
Revisions to the rest of the world sector (tables
F.107 and L.107) reflect new estimates of the balance
of payments from the Department of Commerce for
1989 through 2004. The new estimates are detailed in
the July 2005 issue of the Survey of Current Business.

6.
Other insurance companies (previously tables
F.118 and L.118) have been renamed to propertycasualty insurance companies (tables F.116 and L.116).
7.
The state and local government employee
retirement funds sector (tables F.119 and L.119) was
modified to include two additional asset categories:
money market mutual funds and mutual fund shares. In
addition, estimates for existing categories of assets were
revised from 2000 forward to reflect new data from the
Census Bureau.
8.
Revisions to the money market mutual fund
sector (tables F.121 and L.121) reflect new data on the
composition of money market mutual funds’ asset
holdings provided by the Investment Company Institute
from 2000:Q1 forward.
9.
Total consumer credit (tables F.222 and L.222)
has been revised from 1998:Q1 forward owing to new
seasonal factors and other changes reflected in the
Board’s G.19 statistical release on September 9, 2005.
Explanatory notes for tables D.1, D.2, and D.3.
Domestic debt comprises credit market funds borrowed
by U.S. entities from both domestic and foreign
sources, while foreign debt represents amounts
borrowed by foreign financial and nonfinancial entities
in U.S. markets only. Financial sectors consist of
government-sponsored enterprises, agency- and GSEbacked mortgage pools, and private financial
institutions. Credit market debt consists of debt
securities, mortgages, bank loans, commercial paper,
consumer credit, U.S. government loans, and other
loans and advances; it excludes trade debt, loans for the
purpose of carrying securities, and funds raised from
equity sources.
Growth rates in table D.1 are calculated by
dividing seasonally adjusted flows from table D.2 by
seasonally adjusted levels at the end of the previous
period from table D.3. Seasonally adjusted levels in
flow of funds statistics are derived by carrying forward
year-end levels by seasonally adjusted flows. Growth
rates calculated from changes in unadjusted levels
printed in table L.2 can differ from those in table D.1.

2
Relation of Flows to Outstandings. Estimates of
financial assets and liabilities outstanding are linked to
data on flows. However, figures on outstandings
contain discontinuities or breaks in series that could
affect analysis of particular relationships over time
specifically, outstanding in the flow of funds accounts
are related to the flows in the following way:
Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t
where “t” is the time period.

Discontinuities result from changes in
valuation, breaks in source data, and changes in
definitions. For most series, the value of the
discontinuity is zero for nearly all time periods.
However, in a few instances, the discontinuity is
nonzero for almost all time periods, or is quite large in a
particular quarter, such as a period when there is a
sharp increase or decrease in equity prices or a major
break in source data.

difference between its measured sources of funds and
its measured uses of funds. For an instrument category,
a discrepancy is the difference between measured funds
borrowed through the financial instrument and
measured funds lent through that instrument. The size
of such discrepancies relative to the main asset or
liability components is one indication of the quality of
source data, especially on an annual basis. For
quarterly data, differences in seasonal adjustment
procedures for financial and nonfinancial components
of the accounts sometimes result in discrepancies that
cancel in annual data.
Availability of Data. Flow of funds statistics are
updated about ten weeks following the end of a
quarter. This publication — the Z.1 release — is
available from the Board's Publications Services. Flow
of funds data are also available electronically through
the Internet at the following location:
http://www.federalreserve.gov/releases/Z1

The discontinuities in a series can distort
estimated rates of growth in assets and liabilities
between periods.
In order to minimize these
distortions, percentage changes in assets and liabilities
in flow of funds releases should be calculated as:
Percentage change t = (Flow t / Outstanding t-1) * 100
Preliminary Estimates. Figures shown for the most
recent quarter in these tables are based on preliminary
and incomplete information. A summary list of the
principal sources of information available when the
latest quarter's data were compiled is provided in a table
following this introduction. The distinction between
“available” data and “missing” data is not between final
and preliminary versions of data, but rather between
those source estimates that are fully ready when the
latest quarterly publication is compiled and those that
are not yet completed. However, the items that are
shown as available are, in general, also preliminary in
the sense that they are subject to revision by source
agencies.
Margins of Uncertainty. Flow of funds statistics are
subject to uncertainties resulting from measurement
errors in source data, incompatibilities among data from
different sources, potential revisions in both financial
and nonfinancial series, and incomplete data in parts of
the accounts. The size of these uncertainties cannot be
quantified in precise statistical terms, but allowance for
them is explicitly made throughout the accounts by the
inclusion of “discrepancies” for various sectors and
instrument types. A discrepancy for a sector is the

The Internet site also provides quarterly data
beginning in 1952, organized in compressed files that
correspond to the tables published in this release.
There are files for quarterly data for seasonally
adjusted flows, unadjusted flows, outstandings, balance
sheets, and debt (tables D.1, D.2, and D.3).
A Guide to the Flow of Funds Accounts
is
available. The 1,200-page Guide, published in two
volumes in January 2000, explains in detail how the
U.S. financial accounts are prepared and the principles
underlying the accounts. The Guide can be purchased
for $20.00 from the Board’s Publications Services.
Publications Services accepts orders accompanied by
checks as well as credit card orders.
The Internet site for this release at the location
shown above contains a link to an order form for the
Guide that can be mailed or faxed to Publications
Services. In addition, the Internet site includes a link to
the Guide’s descriptions of the tables in the flow of
funds accounts.
Subscription Information. The Federal Reserve
Board charges for subscriptions to all statistical
releases. Inquiries for releases should be directed to:
Publications Services, Stop 127
Board of Governors
of the Federal Reserve System
20th Street and Constitution Avenue, N.W.
Washington, DC 20551
(202) 452-3244

3

Availability of Data for Latest Quarter

Available at time of publication

Major items missing

1. National income and
product accounts (NIPA)

Preliminary estimates, seasonally
adjusted, for 2005:Q2.

Unadjusted flows since 2003.

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

Estimates for this sector are largely residuals and are derived from data for
other sectors. Availability of data depends on schedules for other sectors.
Data for consumer credit, which are estimated directly, are available
through 2005:Q2. The source for nonprofit organizations data (tables
F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income.
Data for nonprofit organizations are available for 1987 through 2000.

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

Quarterly Financial Report (QFR) of
the Census Bureau through 2005:Q2;
Internal Revenue Service Statistics of
Income (IRS/SOI) preliminary data
through 2003; securities offerings,
mortgages, bank loans, commercial
paper, and other loans through
2005:Q2.

Statistics of Income data since
2003.

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

IRS/SOI data through 2002; bank and
finance company loans and mortgage
borrowing through 2005:Q2.

Statistics of Income data since
2002.

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

Mortgages, bank loans, loans from
government-sponsored enterprises,
U.S. government loans to farms, and
equity in government-sponsored
enterprises through 2005:Q2;
preliminary data for checkable deposits
and currency and trade payables
through 2004.

Consumption of fixed capital
and undistributed profits since
2004.

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

Gross offerings and retirements of
municipal securities, deposits at banks,
and nonmarketable U.S. government
security issues through 2005:Q2;
selected financial assets through
2003:Q2 from Census data and the
comprehensive annual financial reports
of state and local governments.

Selected financial asset items
since 2003:Q2.

7.

Data from the Monthly Treasury
Statement of Receipts and Outlays
through 2005:Q2; Treasury data for
loan programs through 2005:Q2.

None.

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

4

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

Balance of payments data through
2005:Q2; NIPA estimates; data from
bank Reports of Condition and
Treasury International Capital System
through 2005:Q2.

None.

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

All data through 2005:Q2.

None.

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

All data through 2005:Q2 for
U.S.-chartered commercial banks,
foreign banking offices in the U.S.,
bank holding companies, and
commercial banks in U.S.-affiliated
areas.

Data since 2004 for branches of
domestic commercial banks
located in U.S.-affiliated areas.

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

All data through 2005:Q2.

None.

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

All data through 2005:Q2.

None.

13. Property-casualty insurance
companies
(tables F.116 and L.116)

All data through 2005:Q1; preliminary
data for 2005:Q2.

Final data for 2005:Q2

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

All data through 2005:Q1; preliminary
data for 2005:Q2.

Final data for 2005:Q2.

15. Private pension funds
(tables F.118 and L.118)

Quarterly data through 2005:Q2;
Internal Revenue Service/Department
of Labor/Pension Benefit Guaranty
Corporation Form 5500 data through
2000.

Form 5500 data since 2000.

16. State and local government
employee retirement funds
(tables F.119 and L.119)

Selected financial assets through
2005:Q1 from Census data and the
comprehensive annual financial reports
of state and local pension funds.

Data for 2005:Q2.

17. Federal government retirement
funds
(tables F.120 and L.120)

Data from the Monthly Treasury
Statement, the Thrift Savings Plan, and
the National Railroad Retirement
Investment Trust through 2005:Q2.

None.

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

All data through 2005:Q2.

None.

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

All data through 2005:Q2.

None.

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

All data through 2005:Q2.

None.

5

21. Exchange-traded funds
(tables F.123 and L.123)

All data through 2005:Q2.

None.

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

Data for Freddie Mac, FHLBs, Farmer
Mac, FCS, FICO and REFCORP
through 2005:Q2.

Data since 2004:Q2 for Fannie
Mae.

23. Agency- and GSE-backed
mortgage pools
(tables F.125 and L.125)

All data through 2005:Q2.

None.

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

All data for private mortgage pools,
consumer credit, business loans,
student loans, consumer leases, and
trade credit securitization through
2005:Q2.

None.

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

All data through 2005:Q2.

None.

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

Mortgage data through 1997:Q4.

Data since 1997:Q4.

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

Data from SNL REIT DataSource
through 2005:Q2.

None.

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

Data for firms filing FOCUS and
FOGS reports through 2005:Q2.

None.

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

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

6

Z.1, September 21, 2005

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

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1972
1973
1974
1975
1976

10.0
10.7
9.2
9.3
10.8

4.6
2.0
3.4
23.9
15.6

11.5
12.9
10.5
6.3
9.7

11.4
12.4
8.8
8.2
11.2

11.3
11.7
9.6
9.2
12.4

13.1
13.3
4.6
3.8
10.6

12.5
14.7
13.0
4.9
8.6

9.9
17.5
11.5
3.4
7.7

8.4
7.8
6.9
5.4
8.4

17.2
28.9
23.6
0.8
9.0

7.9
10.3
20.5
17.4
21.5

1977
1978
1979
1980
1981

12.8
13.8
12.2
9.5
10.4

11.0
9.2
5.8
11.8
11.6

13.3
15.0
13.7
9.0
10.1

15.6
16.9
15.3
8.5
7.6

16.6
17.5
16.3
10.9
7.2

15.5
17.5
13.9
1.0
5.5

12.5
13.1
13.5
10.0
12.9

12.0
11.4
11.1
8.3
13.6

8.4
15.4
9.0
6.9
8.0

18.9
22.1
22.1
14.5
18.2

11.6
18.6
9.5
13.9
11.8

1982
1983
1984
1985
1986

10.1
12.0
14.8
15.7
11.9

19.7
18.9
16.9
16.5
13.6

7.9
10.2
14.2
15.4
11.4

5.6
11.2
12.6
15.8
11.4

4.8
10.2
11.4
14.1
13.7

5.0
12.1
18.4
15.9
9.1

9.2
9.1
16.2
11.5
11.4

9.1
8.0
16.7
12.7
13.9

11.2
11.4
11.4
31.8
10.9

13.6
13.4
17.9
19.4
26.2

7.2
8.2
3.6
0.5
4.1

1987
1988
1989
1990
1991

9.0
9.1
7.3
6.5
4.3

8.0
8.0
7.0
11.0
11.1

9.3
9.4
7.4
5.2
2.2

10.4
9.8
9.3
7.0
5.2

13.5
11.8
11.0
8.9
7.0

4.8
6.7
6.3
1.9
-1.1

7.7
9.8
6.1
3.5
-2.2

8.9
11.0
7.2
5.6
-2.1

12.0
6.4
5.6
5.0
8.6

18.2
13.2
10.5
8.8
6.0

2.6
3.0
4.0
9.0
5.2

1992
1993
1994
1995
1996

4.6
4.8
4.6
5.3
5.2

10.9
8.3
4.7
4.1
4.0

2.5
3.5
4.6
5.7
5.7

5.3
5.9
7.6
7.2
6.8

6.5
5.5
5.6
4.9
6.3

1.1
7.4
15.2
14.4
8.9

-0.2
0.4
3.8
7.2
6.2

1.0
1.4
5.0
8.5
6.3

1.6
5.3
-4.0
-5.5
-1.5

8.7
9.7
14.0
11.6
12.2

7.9
21.9
-2.9
20.7
19.3

1997
1998
1999
2000
2001

5.3
6.8
6.4
4.8
6.1

0.6
-1.4
-1.9
-8.0
-0.2

7.0
9.6
8.9
8.3
7.6

6.0
7.8
8.3
8.7
8.8

6.3
8.1
9.2
8.2
9.6

5.5
7.3
7.9
10.8
7.7

9.0
12.3
10.7
9.3
6.0

9.4
11.7
9.8
8.3
4.9

4.0
6.3
3.4
1.3
8.9

12.1
19.4
16.1
10.7
10.9

12.9
6.1
2.9
9.5
-6.0

2002
2003
2004

6.9
8.1
8.6

7.6
10.9
9.0

6.8
7.6
8.5

9.8
10.1
10.9

12.0
12.5
13.2

4.7
4.6
4.7

2.7
4.4
5.7

0.6
3.1
4.8

11.1
8.2
7.4

9.2
10.4
7.2

10.3
7.2
10.2

1999 -- Q1
Q2
Q3
Q4

7.4
5.2
6.6
5.8

-2.6
-2.8
-3.1
0.9

10.4
7.5
9.4
7.1

8.9
7.6
9.0
6.8

9.9
8.2
9.9
7.7

9.1
7.4
8.0
6.3

12.9
8.5
10.8
8.8

13.2
8.2
9.8
6.6

5.9
1.9
4.4
1.1

18.7
14.9
15.6
11.6

4.0
-4.6
10.7
1.7

2000 -- Q1
Q2
Q3
Q4

5.5
4.8
3.8
4.9

-5.8
-12.2
-7.9
-7.2

8.6
9.3
6.7
7.7

8.2
9.2
8.1
8.1

8.1
8.7
7.9
7.2

8.6
11.2
10.4
11.4

10.6
11.3
6.1
8.1

10.4
10.3
4.9
6.8

0.4
-0.8
2.2
3.4

8.8
10.9
9.8
11.7

19.4
-2.3
11.3
8.5

2001 -- Q1
Q2
Q3
Q4

6.1
4.8
6.5
6.6

0.4
-10.1
6.0
3.3

7.4
8.2
6.6
7.3

8.3
9.3
7.7
8.7

8.7
10.9
9.1
8.6

8.2
6.6
3.9
11.0

6.1
7.2
5.3
5.0

5.1
6.3
4.2
3.5

8.9
7.5
6.8
11.2

10.5
9.6
11.9
9.9

-1.0
-8.1
-16.4
1.2

2002 -- Q1
Q2
Q3
Q4

6.1
6.8
6.3
7.8

4.1
10.0
7.8
7.7

6.5
6.1
6.0
7.8

9.7
8.7
9.0
10.3

11.5
10.6
11.7
12.3

5.1
6.0
4.5
2.9

3.1
2.2
1.5
3.9

1.4
-0.3
-1.0
2.3

6.7
11.1
11.7
13.1

8.8
9.0
7.9
10.1

18.0
8.9
2.9
10.2

2003 -- Q1
Q2
Q3
Q4

7.2
10.4
7.6
6.4

5.6
17.7
9.2
9.5

7.5
8.9
7.3
5.8

10.5
11.1
10.4
7.2

13.1
12.7
12.9
9.2

3.6
6.6
5.5
2.5

4.3
5.8
3.5
3.7

3.5
5.6
1.5
1.6

6.7
10.9
7.1
7.0

10.8
8.7
10.3
10.3

10.8
4.9
-1.0
13.5

2004 -- Q1
Q2
Q3
Q4

9.3
7.2
8.5
8.2

12.5
8.8
6.3
7.2

8.6
6.8
9.0
8.4

11.5
9.8
11.2
9.4

13.9
11.2
14.5
10.8

4.5
3.1
5.9
5.1

4.7
3.7
6.2
7.5

4.1
2.0
5.3
7.7

10.0
3.2
9.0
6.6

6.7
7.8
6.8
6.7

10.4
-7.7
12.0
25.1

2005 -- Q1
Q2

9.9
7.3

14.4
0.1

8.9
8.9

9.6
9.9

11.3
11.5

4.1
3.7

7.2
8.4

7.1
6.8

12.0
5.6

5.5
9.5

2.0
9.8

1. Data shown are on an end-of-period basis.

Z.1, September 21, 2005

7

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

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1972
1973
1974
1975
1976

156.0
183.8
175.1
192.9
244.7

15.0
6.9
11.9
85.6
69.2

141.0
176.9
163.2
107.3
175.5

56.8
69.4
55.3
56.2
82.8

34.9
40.5
37.0
39.0
57.3

19.5
22.5
8.9
7.8
22.0

70.2
93.4
94.4
39.9
74.2

38.5
75.0
56.6
18.7
43.7

14.0
14.1
13.4
11.1
18.5

23.9
47.0
49.6
2.1
23.5

4.4
6.3
13.8
14.1
20.5

1977
1978
1979
1980
1981

321.2
390.5
391.6
342.9
409.7

56.3
52.5
35.8
77.4
85.5

264.8
338.0
355.8
265.5
324.2

127.8
160.3
168.9
108.6
106.1

85.9
106.0
115.5
90.5
66.7

35.5
46.4
43.3
3.4
19.8

117.1
138.3
160.3
134.8
190.5

73.3
78.5
84.1
70.0
123.7

19.9
39.4
26.6
22.2
27.6

53.6
74.7
91.1
73.2
105.1

13.5
24.0
15.0
24.2
23.5

1982
1983
1984
1985
1986

439.8
572.9
791.7
963.0
845.8

161.3
185.2
197.2
225.7
216.0

278.4
387.7
594.5
737.4
629.8

84.0
176.1
218.8
307.3
260.1

47.5
105.6
127.1
175.0
197.9

18.8
48.2
81.7
84.0
55.8

152.8
164.3
323.2
266.5
295.5

93.3
89.6
205.1
181.8
224.9

41.7
47.3
52.5
163.6
74.2

93.0
104.4
157.8
204.0
328.8

16.0
17.3
8.4
1.2
9.7

1987
1988
1989
1990
1991

719.8
787.7
687.0
655.9
465.6

143.9
155.1
146.4
246.9
278.2

575.9
632.6
540.6
409.0
187.4

263.4
270.4
283.4
234.2
186.4

221.1
214.3
225.1
201.2
175.6

32.3
46.6
47.0
15.1
-8.8

222.0
308.1
207.2
127.7
-84.4

163.4
222.9
159.9
133.8
-53.7

90.4
54.0
50.1
47.2
85.4

290.6
250.2
225.0
211.3
157.0

6.3
7.4
10.2
23.9
15.1

1992
1993
1994
1995
1996

514.8
566.4
571.3
684.7
715.8

304.0
256.1
155.9
144.4
144.9

210.9
310.3
415.5
540.3
570.8

201.1
236.4
322.8
325.2
331.8

173.8
157.2
169.0
157.2
210.1

9.2
61.4
134.8
147.4
104.0

-7.1
16.2
138.9
276.0
255.0

24.1
34.4
126.5
227.1
182.8

16.9
57.7
-46.3
-60.9
-15.9

241.1
294.1
464.8
442.0
516.8

24.1
69.8
-11.2
78.3
88.0

1997
1998
1999
2000
2001

768.6
1031.2
1032.2
834.3
1107.8

23.1
-52.6
-71.2
-295.9
-5.6

745.5
1083.8
1103.4
1130.2
1113.4

311.2
429.5
494.6
557.8
613.8

223.3
304.2
376.6
366.5
464.5

69.4
97.3
114.1
168.4
132.7

392.8
586.6
570.3
556.9
393.8

291.8
396.5
370.6
348.9
220.6

41.5
67.7
38.5
15.5
105.8

576.9
1030.0
1020.6
788.6
890.5

69.9
37.2
19.0
63.0
-43.8

2002
2003
2004

1332.4
1673.7
1903.3

257.6
396.0
361.9

1074.8
1277.7
1541.3

746.2
848.8
1007.0

635.5
741.0
878.6

87.4
90.4
96.7

184.8
311.1
419.2

28.4
147.3
239.8

143.9
117.8
115.1

835.5
1029.0
781.7

70.8
54.3
82.2

1999 -- Q1
Q2
Q3
Q4

1191.8
851.3
1100.7
985.0

-96.9
-104.0
-115.8
32.0

1288.8
955.3
1216.5
953.1

531.4
464.2
554.5
428.4

404.8
341.3
424.0
336.2

130.8
109.0
120.4
96.3

690.0
468.8
610.7
511.5

499.3
319.1
392.1
271.8

67.3
22.3
51.3
13.1

1188.5
987.7
1074.8
831.7

25.9
-30.1
68.8
11.3

2000 -- Q1
Q2
Q3
Q4

954.2
842.9
671.3
868.8

-213.7
-442.4
-278.7
-248.6

1168.0
1285.3
950.0
1117.4

530.4
601.4
542.5
557.0

361.2
395.9
366.0
343.0

133.8
177.7
169.5
192.6

632.6
693.4
381.4
520.2

434.8
441.4
218.0
301.6

5.0
-9.5
26.2
40.1

646.3
822.0
757.0
928.9

128.9
-15.9
78.3
60.7

2001 -- Q1
Q2
Q3
Q4

1097.8
889.4
1204.8
1239.2

13.4
-342.1
197.0
109.2

1084.4
1231.5
1007.8
1130.0

579.3
664.0
566.4
645.6

420.0
535.3
458.6
444.2

142.9
116.9
70.5
200.4

398.4
476.1
357.2
343.5

231.8
289.8
197.1
163.8

106.7
91.4
84.2
140.9

858.6
807.1
1019.0
877.5

-7.4
-59.1
-116.9
8.3

2002 -- Q1
Q2
Q3
Q4

1174.9
1322.9
1257.5
1574.4

138.6
340.6
274.5
276.4

1036.2
982.3
982.9
1298.0

736.7
683.0
721.2
843.8

607.1
577.6
653.3
703.9

94.9
112.5
86.6
55.6

212.7
152.7
103.1
270.7

68.7
-15.0
-49.1
109.2

86.8
146.6
158.6
183.4

798.3
828.6
745.8
969.1

123.4
63.9
21.1
74.7

2003 -- Q1
Q2
Q3
Q4

1478.2
2179.4
1630.0
1407.3

203.4
651.2
353.5
376.1

1274.8
1528.2
1276.5
1031.3

875.5
949.1
917.8
652.8

776.6
776.2
813.2
598.0

70.5
129.5
110.8
50.8

302.2
419.1
252.0
271.3

168.2
270.9
72.8
77.2

97.2
159.9
106.7
107.2

1064.5
885.9
1068.8
1096.6

81.3
38.3
-8.2
105.9

2004 -- Q1
Q2
Q3
Q4

2064.5
1631.1
1973.2
1944.3

502.9
367.2
266.3
311.2

1561.6
1263.9
1706.8
1633.1

1059.5
931.7
1091.7
945.3

924.9
773.5
1024.1
791.9

91.0
63.5
123.9
108.5

346.1
281.1
470.2
579.3

202.4
98.9
264.1
393.7

156.0
51.1
144.9
108.6

732.8
859.4
763.5
771.1

84.2
-63.6
97.5
210.7

2005 -- Q1
Q2

2384.8
1813.0

630.7
5.8

1754.0
1807.2

985.2
1037.8

849.7
892.4

87.4
80.9

567.0
672.0

370.5
360.6

201.8
97.4

648.8
1124.8

17.7
87.6

8

Z.1, September 21, 2005

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

Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

633.7
726.5
820.5
862.2
933.8

427.9
492.6
548.9
569.4
610.4

180.7
194.8
208.2
219.4
237.8

162.8
209.8
258.3
260.4
283.9

61.1
67.4
81.2
95.6
116.0

264.9
311.3
354.6
358.0
377.9

1052.7
1186.5
1346.1
1477.0
1661.2

685.5
759.5
842.9
909.1
1026.5

256.2
295.6
322.2
344.4
372.1

337.8
412.5
504.9
578.1
682.4

129.4
157.6
174.3
198.9
222.8

1032.0
1117.6
1244.0
1444.3
1642.1

396.7
444.9
526.6
610.6
666.4

1810.6
1997.8
2323.9
2587.0
2881.5

1116.6
1229.1
1437.1
1615.5
1839.5

413.8
461.1
513.6
677.9
752.1

778.1
882.7
1052.4
1257.3
1593.6

212.6
229.8
238.0
239.3
241.0

2748.5
3035.9
3329.7
3593.0
3783.0

1821.2
2046.2
2269.6
2500.0
2679.2

698.6
745.2
809.3
824.4
815.6

3134.6
3422.2
3636.0
3761.9
3670.6

2033.9
2234.2
2401.1
2533.1
2477.3

841.0
895.0
945.2
992.3
1077.7

1895.5
2145.8
2399.3
2613.8
2771.0

247.4
254.8
265.0
288.8
304.0

8745.3
9070.4
9492.5
10032.3
10603.2

3984.1
4222.8
4545.3
4870.5
5202.3

2853.0
3012.6
3181.5
3338.8
3548.9

824.8
886.2
1021.0
1168.4
1272.4

3666.7
3695.3
3841.2
4116.8
4371.8

2502.9
2549.8
2682.9
2909.6
3092.3

1094.5
1152.2
1105.9
1045.0
1029.1

3027.9
3327.5
3800.5
4245.2
4762.0

318.7
388.5
377.5
456.0
544.1

3804.8
3752.2
3681.0
3385.1
3379.5

11347.2
12431.0
13572.5
14713.8
15827.8

5513.8
5943.3
6438.8
7007.7
7621.5

3772.3
4076.5
4450.7
4817.3
5281.8

1341.8
1439.1
1553.2
1732.7
1865.4

4762.7
5349.3
5956.8
6513.7
6908.1

3382.3
3778.8
4186.6
4535.6
4756.8

1070.7
1138.3
1176.9
1192.3
1298.1

5318.7
6348.7
7363.7
8153.3
9043.8

608.1
645.4
664.6
727.6
683.9

20539.7
22245.8
24163.8

3637.0
4033.1
4395.0

16902.6
18212.7
19768.9

8367.7
9236.9
10258.8

5917.3
6658.3
7551.7

1952.8
2043.2
2139.9

7092.9
7416.0
7835.2

4785.2
4944.5
5184.2

1442.0
1559.7
1674.9

9879.3
10894.2
11690.8

754.6
808.9
891.1

1999 -- Q1
Q2
Q3
Q4

16482.9
16695.7
17003.8
17253.4

3727.9
3701.9
3673.0
3681.0

12754.9
12993.7
13330.8
13572.5

6076.4
6192.5
6331.1
6438.8

4177.7
4263.0
4369.0
4450.7

1471.8
1499.1
1529.2
1553.2

5523.3
5640.5
5826.1
5956.8

3905.1
3984.8
4115.8
4186.6

1155.2
1160.8
1173.6
1176.9

6645.8
6892.8
7161.4
7363.7

651.9
644.4
661.6
664.6

2000 -- Q1
Q2
Q3
Q4

17492.0
17702.7
17881.6
18098.8

3627.5
3516.9
3447.2
3385.1

13864.5
14185.8
14434.4
14713.8

6571.4
6721.7
6868.4
7007.7

4541.0
4640.0
4731.5
4817.3

1586.7
1631.1
1684.6
1732.7

6115.0
6288.3
6383.7
6513.7

4295.3
4405.7
4460.2
4535.6

1178.1
1175.8
1182.3
1192.3

7525.2
7730.7
7924.0
8153.3

696.8
692.8
712.4
727.6

2001 -- Q1
Q2
Q3
Q4

18373.3
18596.2
18897.4
19207.2

3388.4
3302.9
3352.2
3379.5

14984.9
15293.3
15545.3
15827.8

7152.5
7318.5
7460.1
7621.5

4922.2
5056.1
5170.7
5281.8

1768.4
1797.7
1815.3
1865.4

6613.3
6732.9
6822.2
6908.1

4593.5
4666.6
4715.8
4756.8

1219.0
1241.9
1262.9
1298.1

8367.9
8569.7
8824.4
9043.8

725.8
711.0
681.8
683.9

2002 -- Q1
Q2
Q3
Q4

19501.0
19831.7
20146.0
20539.7

3414.1
3499.3
3567.9
3637.0

16086.8
16332.4
16578.1
16902.6

7805.7
7976.5
8156.8
8367.7

5433.6
5578.0
5741.3
5917.3

1889.1
1917.2
1938.9
1952.8

6961.3
6999.4
7025.2
7092.9

4773.9
4770.2
4757.9
4785.2

1319.8
1356.5
1396.1
1442.0

9243.4
9450.5
9637.0
9879.3

714.7
730.7
735.9
754.6

2003 -- Q1
Q2
Q3
Q4

20909.2
21454.0
21861.5
22245.8

3687.9
3850.7
3939.1
4033.1

17221.3
17603.4
17922.5
18212.7

8586.6
8823.9
9053.3
9236.9

6111.4
6305.5
6508.8
6658.3

1970.4
2002.8
2030.5
2043.2

7168.4
7273.2
7336.2
7416.0

4827.3
4895.0
4913.2
4944.5

1466.3
1506.3
1533.0
1559.7

10145.4
10366.9
10634.1
10894.2

774.9
784.5
782.4
808.9

2004 -- Q1
Q2
Q3
Q4

22761.9
23169.7
23677.8
24163.8

4158.8
4250.6
4317.2
4395.0

18603.1
18919.1
19360.6
19768.9

9501.8
9734.7
10022.5
10258.8

6889.5
7082.9
7353.7
7551.7

2065.9
2081.8
2112.8
2139.9

7502.6
7572.8
7690.4
7835.2

4995.1
5019.8
5085.8
5184.2

1598.8
1611.5
1647.8
1674.9

11077.4
11292.3
11498.0
11690.8

830.0
814.1
838.4
891.1

2005 -- Q1
Q2

24760.0
25213.3

4552.7
4554.1

20207.4
20659.2

10505.1
10764.5

7764.1
7987.2

2161.7
2182.0

7976.9
8144.9

5276.9
5367.0

1725.3
1749.7

11853.0
12134.2

895.5
917.4

Total

Federal
government

Total
nonfederal

1972
1973
1974
1975
1976

1711.2
1895.5
2069.9
2261.8
2505.3

339.4
346.3
358.2
443.9
513.1

1371.8
1549.2
1711.7
1817.9
1992.2

557.4
627.9
683.0
736.3
820.6

345.4
385.1
422.0
461.0
518.7

168.8
193.0
201.9
207.0
229.0

1977
1978
1979
1980
1981

2826.6
3211.2
3603.0
3953.5
4361.7

569.4
621.9
657.7
735.0
820.5

2257.2
2589.4
2945.3
3218.5
3541.2

948.3
1107.2
1277.0
1397.1
1508.0

604.6
710.5
827.6
927.6
999.0

1982
1983
1984
1985
1986

4783.4
5359.2
6146.2
7127.3
7970.6

981.8
1167.0
1364.2
1589.9
1805.9

3801.7
4192.3
4782.0
5537.5
6164.8

1577.3
1733.4
1944.5
2272.5
2531.1

1987
1988
1989
1990
1991

8673.9
9458.1
10162.1
10845.4
11307.6

1949.8
2104.9
2251.2
2498.1
2776.4

6724.1
7353.2
7910.9
8347.2
8531.3

1992
1993
1994
1995
1996

11825.7
12406.9
12984.8
13669.1
14384.9

3080.3
3336.5
3492.3
3636.7
3781.7

1997
1998
1999
2000
2001

15152.0
16183.1
17253.4
18098.8
19207.2

2002
2003
2004

1. Data shown are on an end-of-period basis.

Business

9

Z.1, September 21, 2005

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1
2

Total net borrowing
Domestic nonfinancial sectors

Q2

2005
Q3

Q4

Q1

Q2

1685.9

1954.6

2238.6

2757.0

2767.1

2881.5

2426.9

2834.2

2926.0

3051.2

3025.4

1

834.3

1107.8

1332.4

1673.7

1903.3

2064.5

1631.1

1973.2

1944.3

2384.8

1813.0

2

361.9

502.9

367.2

266.3

311.2

630.7

5.8

3

3

Federal government

-295.9

-5.6

257.6

396.0

4

Nonfederal sectors

1130.2

1113.4

1074.8

1277.7

1541.3

1561.6

1263.9

1706.8

1633.1

1754.0

1807.2

4

557.8
348.9
197.1
10.9
15.5

613.8
220.6
162.7
10.5
105.8

746.2
28.4
148.5
7.9
143.9

848.8
147.3
156.1
7.7
117.8

1007.0
239.8
167.9
11.5
115.1

1059.5
202.4
137.5
6.2
156.0

931.7
98.9
169.0
13.1
51.1

1091.7
264.1
187.8
18.3
144.9

945.3
393.7
177.1
8.5
108.6

985.2
370.5
193.5
3.1
201.8

1037.8
360.6
294.4
16.9
97.4

5
6
7
8
9

5
6
7
8
9

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

10

Rest of the world

63.0

-43.8

70.8

54.3

82.2

84.2

-63.6

97.5

210.7

17.7

87.6

10

11

Financial sectors

788.6

890.5

835.5

1029.0

781.7

732.8

859.4

763.5

771.1

648.8

1124.8

11

12
13
14
15

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

60.0
36.8
-0.0
23.2

52.9
30.2
-0.9
23.6

49.7
29.9
-0.4
20.3

49.2
13.9
-0.1
35.4

77.7
18.1
0.1
59.5

182.7
80.0
-0.1
102.8

6.8
-9.5
0.2
16.1

60.1
-0.8
0.5
60.4

61.2
2.6
-0.0
58.7

163.0
75.3
-0.3
87.9

41.5
19.4
0.6
21.4

12
13
14
15

16
17

Savings institutions
Credit unions

27.3
0.0

-2.0
1.5

-23.4
2.0

6.1
2.2

64.4
2.3

1.1
-2.7

166.6
4.9

-7.0
0.9

96.9
6.1

-30.5
1.5

82.4
3.1

16
17

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

-0.7
235.2
199.7
165.5

0.6
304.1
338.5
243.5

2.0
219.8
326.8
194.0

2.9
243.7
330.5
239.3

3.0
65.0
53.1
308.8

-0.4
0.6
126.7
169.0

2.7
211.9
88.0
308.8

0.1
93.1
62.1
392.5

9.7
-45.5
-64.6
365.1

-1.6
-209.6
66.3
481.2

2.3
-84.2
122.1
507.6

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

81.9
0.0
4.5
15.6
-0.3

1.3
0.0
3.2
1.4
-54.6

42.2
0.0
24.5
-1.7
-0.5

118.2
0.0
31.9
6.4
-1.4

118.2
0.0
92.8
15.2
-18.9

111.2
0.0
67.1
51.9
25.6

-8.4
0.0
43.6
2.5
32.1

115.6
0.0
102.5
33.2
-89.6

254.6
0.0
157.8
-26.6
-43.6

88.4
0.0
61.3
11.2
17.6

-7.2
0.0
84.3
-5.2
378.2

22
23
24
25
26

1685.9

1954.6

2238.6

2757.0

2767.1

2881.5

2426.9

2834.2

2926.0

3051.2

3025.4

27

23.1

-66.6

105.6

314.0

214.8

-134.7

157.5

487.7

348.6

66.0

-69.4

28

-75.2
26.1
0.0
72.1

-162.2
-4.3
6.4
93.4

-6.5
26.0
-0.4
86.5

259.0
-0.8
3.2
52.5

129.6
22.6
2.5
60.1

-255.5
23.5
3.1
94.2

85.7
42.6
3.0
26.2

468.5
-37.4
2.5
54.0

219.5
61.7
1.5
65.9

-74.8
9.0
1.2
130.5

-212.0
39.3
0.3
102.9

29
30
31
32

11.6
241.9

6.0
305.3

9.6
422.7

-2.5
531.6

3.9
754.4

4.7
814.0

-11.9
793.6

24.6
593.0

-1.9
817.0

-0.7
788.1

-13.5
750.1

33
34

1409.2

1709.9

1700.7

1914.0

1794.1

2197.5

1487.7

1728.9

1762.3

2197.8

2358.2

35

27
28
29
30
31
32

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

33
34

Federal government
Rest of the world

35

Financial sectors

36
37
38
39
40
41
42
43

Monetary authority
Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions

33.7
357.9
339.5
23.9
-12.2
6.7
56.2
28.0

39.9
205.2
191.6
-0.6
4.2
10.0
44.6
41.5

77.7
404.4
393.8
6.2
3.1
1.3
33.6
42.7

37.2
299.5
323.3
-43.0
8.6
10.6
126.3
50.7

51.2
582.2
548.0
20.3
-0.0
13.9
201.4
42.0

22.1
863.9
828.1
22.7
1.2
11.9
202.2
47.0

53.5
486.6
495.7
-25.3
-2.3
18.5
168.4
58.8

71.3
263.5
252.7
-2.7
3.0
10.5
162.9
18.9

57.6
714.7
615.5
86.5
-2.0
14.8
272.3
43.3

-10.5
1008.7
792.5
213.6
-9.4
12.0
1.4
42.4

32.0
605.6
429.2
132.8
29.4
14.2
247.1
37.2

36
37
38
39
40
41
42
43

44
45
46
47
48

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

-8.7
57.9
-96.4
36.3
2.1

9.0
130.9
13.3
-53.8
9.7

39.9
233.0
25.7
-50.7
13.0

67.0
180.6
14.2
-33.4
6.3

73.6
173.0
34.9
-18.7
4.6

105.3
216.7
44.7
21.3
0.8

65.1
162.2
22.9
-22.7
6.8

73.5
158.2
44.9
-64.8
10.8

50.6
154.9
27.0
-8.5
0.1

88.9
205.1
7.5
-0.6
8.5

49.2
63.0
46.5
36.9
11.3

44
45
46
47
48

49
50
51
52
53
54
55

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

138.3
20.9
-5.6
0.0
246.0
199.7
152.5

267.3
126.1
3.2
0.0
304.7
338.5
230.1

-17.7
144.2
8.6
3.7
224.1
326.8
202.0

-95.9
137.7
36.2
0.7
236.5
330.5
245.9

-124.9
117.1
11.2
3.8
46.2
53.1
309.4

-212.1
231.7
9.9
5.1
18.8
126.7
181.6

-151.8
8.1
21.7
3.5
168.0
88.0
326.1

-155.6
103.4
0.3
2.2
104.3
62.1
400.1

19.6
125.2
12.7
4.2
-106.0
-64.6
329.8

-198.5
206.9
6.4
11.7
-65.5
66.3
471.9

-78.5
117.5
1.7
3.5
-66.5
122.1
488.2

49
50
51
52
53
54
55

56
57
58
59
60

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

108.6
0.0
-4.4
68.9
17.3

-4.8
0.0
8.7
92.4
-96.6

21.2
0.0
25.4
28.4
-85.1

84.2
0.0
23.5
79.6
86.5

131.2
0.0
66.1
-29.2
65.9

172.1
0.0
94.3
-190.0
235.3

64.9
0.0
27.9
-118.8
48.4

90.7
0.0
64.4
302.8
14.9

197.0
0.0
78.0
-110.7
-34.9

53.6
0.0
23.0
67.3
203.5

16.1
0.0
49.6
316.0
259.8

56
57
58
59
60

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, September 21, 2005

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

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

Domestic

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

834.3

1107.8

1332.4

1673.7

1903.3

2064.5

1631.1

1973.2

1944.3

2384.8

1813.0

1

Federal government
Treasury securities
Budget agency securities and mortgages

-295.9
-294.9
-1.0

-5.6
-5.1
-0.5

257.6
257.1
0.5

396.0
398.4
-2.4

361.9
362.5
-0.6

502.9
501.9
1.1

367.2
370.8
-3.6

266.3
266.5
-0.2

311.2
310.9
0.3

630.7
631.5
-0.7

5.8
7.2
-1.4

2
3
4

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

1130.2
48.1
23.6
162.6
97.7
79.6

1113.4
-88.3
122.9
347.7
-82.0
8.9

1074.8
-64.2
159.4
132.3
-87.4
20.3

1277.7
-40.0
135.1
158.3
-82.0
10.0

1541.3
15.8
129.9
77.7
32.2
31.6

1561.6
33.8
174.0
114.2
-38.6
14.3

1263.9
32.3
70.2
6.7
83.6
-15.2

1706.8
22.4
156.9
51.7
-32.9
39.8

1633.1
-25.4
118.3
138.3
116.5
87.7

1754.0
53.7
224.7
34.3
92.0
116.8

1807.2
9.2
123.3
28.1
235.5
82.2

5
6
7
8
9
10

550.2
408.0
26.8
108.8
6.5
168.4

671.6
509.4
40.6
113.8
7.7
132.7

827.1
685.6
37.2
96.5
7.7
87.4

1006.0
802.8
69.9
125.1
8.1
90.4

1157.4
944.9
47.2
157.2
8.1
96.7

1172.7
989.4
23.7
152.6
7.1
91.0

1022.8
832.4
67.5
112.5
10.4
63.5

1345.0
1104.0
42.3
189.6
9.1
123.9

1089.2
853.7
55.4
174.2
5.9
108.5

1145.1
925.7
30.3
183.9
5.1
87.4

1247.9
971.2
58.9
206.4
11.4
80.9

11
12
13
14
15
16

1130.2
557.8
556.9
348.9
197.1
10.9
15.5

1113.4
613.8
393.8
220.6
162.7
10.5
105.8

1074.8
746.2
184.8
28.4
148.5
7.9
143.9

1277.7
848.8
311.1
147.3
156.1
7.7
117.8

1541.3
1007.0
419.2
239.8
167.9
11.5
115.1

1561.6
1059.5
346.1
202.4
137.5
6.2
156.0

1263.9
931.7
281.1
98.9
169.0
13.1
51.1

1706.8
1091.7
470.2
264.1
187.8
18.3
144.9

1633.1
945.3
579.3
393.7
177.1
8.5
108.6

1754.0
985.2
567.0
370.5
193.5
3.1
201.8

1807.2
1037.8
672.0
360.6
294.4
16.9
97.4

17
18
19
20
21
22
23

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

24

Foreign borrowing in U.S.

63.0

-43.8

70.8

54.3

82.2

84.2

-63.6

97.5

210.7

17.7

87.6

24

25
26
27
28

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

31.7
21.2
11.4
-1.3

-14.2
-18.5
-7.3
-3.8

36.1
31.6
5.3
-2.3

22.3
41.9
-7.7
-2.1

63.7
19.2
2.5
-3.1

99.6
-4.3
-6.7
-4.3

-30.1
-40.1
7.0
-0.4

24.4
86.8
-9.0
-4.8

160.7
34.4
18.5
-2.9

13.7
-4.6
12.1
-3.5

33.6
60.7
-5.2
-1.6

25
26
27
28

897.3

1064.1

1403.2

1728.0

1985.5

2148.7

1567.5

2070.6

2155.0

2402.4

1900.6

29

29

Domestic and foreign

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

By instrument
Open market paper
GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
By sector

788.6

890.5

835.5

1029.0

781.7

732.8

859.4

763.5

771.1

648.8

1124.8

1

131.7
235.2
199.7
170.9
3.8
42.5
4.9

-45.3
304.1
338.5
252.5
13.0
25.5
2.2

-63.5
219.8
326.8
335.8
1.5
6.8
8.2

-63.8
243.7
330.5
483.8
-4.8
31.2
8.3

34.2
65.0
53.1
517.2
12.4
74.1
25.6

129.6
0.6
126.7
352.9
17.5
79.1
26.5

-2.5
211.9
88.0
423.7
-25.8
148.1
15.9

-31.4
93.1
62.1
590.6
44.2
-15.7
20.6

41.1
-45.5
-64.6
701.6
13.6
85.1
39.6

122.1
-209.6
66.3
611.9
5.9
27.0
25.2

473.2
-84.2
122.1
501.1
-23.6
114.5
21.7

2
3
4
5
6
7
8

788.6

890.5

835.5

1029.0

781.7

732.8

859.4

763.5

771.1

648.8

1124.8

9

10
11
12
13

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

60.0
36.8
-0.0
23.2

52.9
30.2
-0.9
23.6

49.7
29.9
-0.4
20.3

49.2
13.9
-0.1
35.4

77.7
18.1
0.1
59.5

182.7
80.0
-0.1
102.8

6.8
-9.5
0.2
16.1

60.1
-0.8
0.5
60.4

61.2
2.6
-0.0
58.7

163.0
75.3
-0.3
87.9

41.5
19.4
0.6
21.4

10
11
12
13

14
15

Savings institutions
Credit unions

27.3
0.0

-2.0
1.5

-23.4
2.0

6.1
2.2

64.4
2.3

1.1
-2.7

166.6
4.9

-7.0
0.9

96.9
6.1

-30.5
1.5

82.4
3.1

14
15

16
17
18
19

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

-0.7
235.2
199.7
165.5

0.6
304.1
338.5
243.5

2.0
219.8
326.8
194.0

2.9
243.7
330.5
239.3

3.0
65.0
53.1
308.8

-0.4
0.6
126.7
169.0

2.7
211.9
88.0
308.8

0.1
93.1
62.1
392.5

9.7
-45.5
-64.6
365.1

-1.6
-209.6
66.3
481.2

2.3
-84.2
122.1
507.6

16
17
18
19

20
21
22
23
24

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

81.9
0.0
4.5
15.6
-0.3

1.3
0.0
3.2
1.4
-54.6

42.2
0.0
24.5
-1.7
-0.5

118.2
0.0
31.9
6.4
-1.4

118.2
0.0
92.8
15.2
-18.9

111.2
0.0
67.1
51.9
25.6

-8.4
0.0
43.6
2.5
32.1

115.6
0.0
102.5
33.2
-89.6

254.6
0.0
157.8
-26.6
-43.6

88.4
0.0
61.3
11.2
17.6

-7.2
0.0
84.3
-5.2
378.2

20
21
22
23
24

11

Z.1, September 21, 2005

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7
8
9
10

Total
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

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1685.9

1954.6

2238.6

2757.0

2767.1

2881.5

2426.9

2834.2

2926.0

3051.2

3025.4

1

211.6
-294.9
433.9
23.6
354.7

-147.8
-5.1
642.1
122.9
581.7

-91.5
257.1
547.2
159.4
499.7

-81.6
398.4
571.9
135.1
683.9

113.6
362.5
117.5
129.9
614.1

263.0
501.9
128.3
174.0
462.8

-0.3
370.8
296.3
70.2
390.2

15.4
266.5
155.1
156.9
729.1

176.4
310.9
-109.7
118.3
874.4

189.4
631.5
-144.0
224.7
641.7

516.0
7.2
36.5
123.3
590.0

2
3
4
5
6

112.8
120.8
555.0
168.4

-76.2
30.6
673.8
132.7

-80.6
24.7
835.3
87.4

-94.5
39.1
1014.3
90.4

47.0
102.7
1183.1
96.7

-27.8
89.1
1199.2
91.0

64.9
132.5
1038.7
63.5

2.4
19.3
1365.6
123.9

148.6
169.9
1128.8
108.5

110.0
140.3
1170.3
87.4

206.8
195.0
1269.6
80.9

7
8
9
10

244.7

299.5

228.8

407.1

333.6

553.9

214.9

301.3

264.3

404.1

88.4

11

5.3
-118.2

98.3
-48.1

46.3
-41.6

119.1
-57.8

34.5
-157.0

89.8
-82.2

99.3
-159.5

-7.9
-203.2

-43.3
-183.2

3.9
-226.0

-140.6
-294.4

12
13

106.7
16.8
239.4

109.1
37.3
201.2

17.0
71.0
182.4

114.2
62.7
288.0

83.2
108.3
299.1

66.5
105.5
464.1

160.9
97.9
115.6

67.0
128.4
309.2

38.5
101.4
307.6

159.3
70.6
400.2

83.3
70.6
228.9

14
15
16

Memo:
Funds raised through corporate equities and mutual fund shares
11
12
13
14
15
16

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

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

1

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

1685.9

1954.6

2238.6

2757.0

2767.1

2881.5

2426.9

2834.2

2926.0

3051.2

3025.4

1

Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits

-0.4
-4.0
2.4
126.9

4.3
0.0
1.3
6.8

3.2
0.0
1.0
21.0

-0.9
0.0
0.6
22.3

-3.2
0.0
0.7
111.3

-2.6
0.0
0.8
152.4

-4.8
0.0
1.2
16.2

-2.1
0.0
0.7
79.8

-3.2
0.0
0.1
196.6

-14.5
0.0
0.8
371.2

2.8
0.0
1.1
49.8

2
3
4
5

6
7
8
9
10

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

12.0
-71.4
188.8
116.2
232.5

-28.0
204.3
267.2
68.6
428.5

17.4
43.5
270.9
50.1
-16.7

-4.0
133.8
229.4
62.0
-207.5

-76.7
149.3
249.4
247.0
-136.5

-230.0
180.6
196.5
279.1
-132.4

96.2
115.1
403.1
178.3
-85.9

-183.6
77.6
183.0
207.5
-157.9

10.7
224.1
215.0
323.0
-169.9

348.6
110.9
72.4
259.6
-71.4

-26.1
4.3
225.9
237.5
60.7

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

114.5
5.3
239.4
402.3

23.7
98.3
201.2
-80.4

106.6
46.3
182.4
70.8

227.2
119.1
288.0
102.4

82.7
34.5
299.1
235.2

259.9
89.8
464.1
305.0

-278.2
99.3
115.6
170.2

396.8
-7.9
309.2
217.5

-47.4
-43.3
307.6
248.2

597.9
3.9
400.2
186.9

425.7
-140.6
228.9
237.1

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

146.1
50.2
189.8
25.9

3.1
77.2
213.2
14.5

-87.0
60.1
181.4
22.2

132.5
66.8
191.9
8.8

166.6
33.1
209.9
24.7

285.2
25.5
254.1
37.9

177.1
34.7
163.7
23.1

-10.2
37.9
213.5
22.0

214.3
34.4
208.2
15.8

9.8
56.0
232.5
36.7

73.2
54.6
224.6
3.5

15
16
17
18

19
20

Noncorporate proprietors’ equity
Miscellaneous

-53.8
1376.7

-24.5
681.6

-81.7
477.1

-76.0
511.6

-50.3
1296.8

-46.5
1738.8

-14.6
921.0

-82.7
1285.5

-57.4
1241.9

-24.9
666.9

-83.2
1338.2

19
20

2
3
4
5

21

Total financial sources

4785.3

4115.3

3607.4

4564.9

5640.8

6739.5

4558.1

5420.7

5844.8

6294.9

5943.5

21

22
23
24
25
26
27

- Liabilities not identified as assets:
Treasury currency
Foreign deposits
Net interbank liabilities
Security RPs
Taxes payable
Miscellaneous

-1.2
64.1
17.3
133.9
32.6
-379.2

-0.1
-7.5
17.2
-65.2
21.4
-294.2

-0.6
7.9
7.2
40.1
19.7
-43.5

-0.3
49.6
-4.4
-25.9
-31.5
-65.6

-0.3
61.6
15.0
-125.4
12.8
310.0

-0.4
92.4
0.7
-139.1
1.6
424.1

0.0
-53.1
70.4
-285.0
12.5
550.9

-0.3
124.9
-33.4
84.7
21.4
-92.9

-0.5
82.3
22.2
-162.3
15.7
357.8

0.4
339.6
10.1
612.4
-54.8
-462.3

0.8
-55.2
-10.7
170.1
-0.6
178.9

22
23
24
25
26
27

28
29
30

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

9.0
-0.3
23.5

5.7
-0.5
10.9

-1.6
-0.7
149.9

-8.9
-0.0
38.7

27.9
2.8
25.7

70.3
2.2
38.6

-15.3
2.6
-41.8

23.9
2.9
46.2

32.7
3.3
59.6

-18.3
5.0
-56.0

-35.5
5.4
-25.9

28
29
30

31

Totals identified to sectors
as assets

4885.7

4427.6

3428.8

4613.2

5310.7

6249.1

4316.9

5243.2

5433.8

5918.9

5716.2

31

12

Z.1, September 21, 2005

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7

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

8
9
10
11
12
13

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

14
15
16
17
18

Residential
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

19
20
21
22

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

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

9817.0

10127.9

10469.6

10971.3

11734.3

11457.1

11666.1

11818.8

11995.2

12198.8

12373.1

1

6739.4

7055.0

7350.7

7709.9

8214.3

8032.3

8145.6

8263.2

8416.1

8535.8

8667.7

2

863.3
1947.2
3928.8

883.7
2017.1
4154.3

923.9
2079.6
4347.2

950.1
2189.0
4570.8

987.8
2368.3
4858.2

974.2
2302.7
4755.4

974.6
2355.2
4815.9

993.8
2378.4
4891.0

1008.6
2437.1
4970.4

1017.3
2476.6
5041.8

1035.0
2532.8
5099.9

3
4
5

1735.5

1614.3

1582.1

1670.4

1928.1

1818.2

1928.5

1961.2

2004.5

2058.5

2054.2

6

1679.0

1646.1

1570.2

1654.9

1872.6

1772.7

1856.6

1908.7

1952.6

1998.7

2053.7

7

1232.1
76.7
878.8
149.2
24.9
102.5

1176.8
80.6
837.7
132.1
26.6
99.8

1066.3
84.9
730.8
114.0
28.7
108.0

1082.4
91.7
744.1
117.6
29.3
99.7

1198.8
98.6
818.7
119.2
35.9
126.4

1140.7
94.7
777.7
114.4
32.6
121.2

1182.7
97.7
807.2
137.1
34.8
105.9

1219.0
99.9
833.0
113.1
37.0
136.0

1252.9
102.1
857.0
112.3
39.1
142.5

1280.1
104.2
875.5
123.3
40.0
137.1

1312.9
107.0
897.8
133.3
40.9
133.9

8
9
10
11
12
13

446.9
373.6
3.4
66.1
3.9

469.3
398.2
3.6
63.4
4.1

503.9
427.7
3.7
68.0
4.5

572.5
492.8
4.0
76.0
-0.4

673.8
572.5
4.5
89.1
7.7

632.0
527.9
4.3
84.0
15.8

673.9
579.9
4.6
87.5
1.9

689.7
587.2
4.6
90.7
7.2

699.7
595.0
4.6
94.2
5.9

718.5
614.1
4.7
97.4
2.3

740.8
640.7
4.9
100.8
-5.6

14
15
16
17
18

56.5
54.9
2.9
-1.3

-31.7
-30.1
-1.6
-0.0

11.9
13.6
0.7
-2.5

15.4
14.5
0.8
0.2

55.4
49.6
2.6
3.2

45.5
45.4
2.4
-2.3

71.9
57.7
3.0
11.2

52.5
43.2
2.3
7.0

51.9
52.1
2.7
-3.0

59.9
63.1
3.3
-6.5

0.5
8.6
0.5
-8.5

19
20
21
22

23

Net U.S. exports of goods and services

-379.5

-367.0

-424.4

-500.9

-624.0

-559.6

-613.1

-638.0

-685.4

-697.5

-687.0

23

24
25

Exports
- Imports

1096.3
1475.8

1032.8
1399.9

1005.9
1430.3

1045.6
1546.5

1173.8
1797.8

1130.8
1690.3

1163.3
1776.4

1183.8
1821.8

1217.1
1902.5

1253.2
1950.6

1304.2
1991.2

24
25

26

Government consumption expenditures and
gross investment

1721.7

1825.6

1961.1

2091.9

2215.9

2166.2

2205.0

2232.5

2260.0

2302.0

2338.2

26

1417.1
499.3
917.8

1501.6
531.9
969.8

1616.9
591.5
1025.3

1736.7
661.9
1074.8

1843.4
725.7
1117.7

1805.8
710.7
1095.1

1830.1
721.1
1108.9

1859.6
735.7
1123.9

1878.2
735.1
1143.1

1918.6
759.6
1159.0

1937.2
761.9
1175.4

27
28
29

304.6
79.5
225.1

324.0
81.0
243.0

344.3
88.1
256.1

355.3
92.9
262.3

372.5
101.9
270.6

360.4
97.7
262.8

375.0
103.5
271.5

372.9
100.8
272.1

381.7
105.7
276.1

383.4
100.7
282.7

401.0
106.3
294.7

30
31
32

39.0
382.7
343.7

43.7
322.5
278.8

30.6
305.7
275.0

68.1
343.7
275.6

53.8
415.4
361.7

83.0
380.0
297.0

46.7
401.2
354.5

48.5
418.1
369.6

36.8
462.4
425.6

39.4
462.3
422.9

33.0
487.3
454.3

33
34
35

9856.0

10171.6

10500.2

11039.3

11788.0

11540.1

11712.8

11867.3

12032.0

12238.2

12406.1

36

27
28
29

Consumption expenditures (3)
Federal
State and local

30
31
32

Gross investment (3)
Federal
State and local
Memo:

33
34
35

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

36

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

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce.
(2) Component of personal outlays, found on table F.100, line 4.
(3) Government inventory investment is included in consumption expenditures.

13

Z.1, September 21, 2005

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5

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

9

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

10

Corporate profits with inventory
valuation and capital consumption adjustments

6
7
8

11

Corporate profits with inventory
valuation adjustment

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

8795.3

8979.9

9229.3

9660.9

10275.9

10091.2

10210.9

10242.4

10559.3

10750.4

10944.0

1

5782.7
5439.2
343.5
0.0

5942.1
5585.5
356.6
0.0

6091.2
5725.9
365.2
0.0

6321.1
5941.1
380.0
0.0

6687.6
6284.9
402.7
0.0

6528.2
6131.8
394.9
1.5

6602.1
6205.6
398.0
-1.5

6724.2
6319.9
404.4
-0.0

6895.8
6482.4
413.4
0.0

7001.7
6579.9
421.9
0.0

7105.2
6679.0
426.2
0.0

2
3
4
5

728.4
705.7
22.7

771.9
752.2
19.7

768.4
757.8
10.6

810.2
782.4
27.7

889.6
853.8
35.8

870.2
825.4
44.8

898.4
854.2
44.1

889.1
859.4
29.7

900.9
876.3
24.6

917.9
893.2
24.7

941.7
917.0
24.7

6
7
8

150.3

167.4

152.9

131.7

134.2

144.2

141.8

122.1

128.7

118.0

104.6

9

818.0

767.4

886.3

1031.8

1161.5

1147.3

1162.0

1117.2

1219.5

1288.2

1367.4

10

759.4

719.3

766.2

923.9

1019.7

1001.2

1016.5

981.3

1079.7

1339.2

1412.3

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Domestic financial

773.4
422.0
1.9
145.8
203.8

707.9
309.8
0.8
169.7
227.6

768.4
336.4
-0.1
155.8
276.4

937.2
449.5
-1.4
176.0
313.0

1059.3
575.0
-1.2
184.9
300.6

1030.2
509.8
-1.9
198.2
324.1

1064.9
573.7
-1.8
176.9
316.1

1018.2
590.6
-1.1
185.9
242.8

1124.1
625.9
0.2
178.6
319.4

1378.3
811.8
-4.3
193.5
377.2

1430.6
870.2
-3.1
195.6
367.8

12
13
14
15
16

17
18
19
20

Less:
Taxes on corporate income
Domestic nonfinancial
Farm
Domestic financial

265.2
169.7
0.5
95.0

204.2
111.4
0.3
92.5

192.6
96.6
0.5
95.6

232.1
126.0
0.5
105.6

271.1
165.3
0.6
105.2

257.9
145.3
0.6
112.0

274.7
164.6
0.6
109.4

259.0
171.2
0.6
87.2

293.0
180.2
0.7
112.2

362.6
231.1
0.8
130.7

378.2
247.7
0.9
129.6

17
18
19
20

21
22
23
24
25
26

Equals:
Profits after tax
Net dividends
Domestic nonfinancial
Farm
Foreign subsidiaries
Domestic financial

508.3
378.0
249.7
1.7
29.5
97.1

503.8
370.9
243.5
1.9
40.9
84.6

575.8
399.2
252.7
2.1
47.9
96.5

705.1
423.2
293.3
2.2
29.8
97.9

788.2
493.0
358.7
2.6
35.9
95.8

772.3
445.9
326.9
2.3
22.9
93.8

790.2
460.9
321.2
2.4
45.2
92.2

759.2
475.9
324.8
2.5
55.4
93.2

831.1
589.3
461.9
3.1
20.1
104.2

1015.7
494.9
304.1
2.6
119.5
68.7

1052.5
506.3
329.3
2.6
100.0
74.4

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Domestic financial

130.3
2.6
-0.2
116.3
11.7

132.9
-45.0
-1.5
128.9
50.5

176.6
-13.0
-2.6
108.0
84.3

281.9
30.3
-4.2
146.2
109.5

295.2
51.0
-4.4
149.0
99.6

326.4
37.7
-4.8
175.3
118.3

329.2
88.0
-4.9
131.7
114.5

283.4
94.6
-4.2
130.5
62.4

241.8
-16.1
-3.6
158.5
103.0

520.8
276.6
-7.7
74.0
177.9

546.1
293.2
-6.6
95.6
163.9

27
28
29
30
31

32

Inventory valuation adjustment

-14.1

11.4

-2.2

-13.3

-39.6

-28.9

-48.3

-36.9

-44.4

-39.1

-18.4

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Domestic financial

58.6
65.3
1.3
-8.0

48.1
34.7
0.5
12.9

120.1
94.5
0.8
24.8

107.9
89.1
0.9
17.9

141.8
118.7
0.9
22.1

146.1
122.9
0.9
22.3

145.4
122.1
0.9
22.4

135.8
113.2
1.0
21.6

139.8
116.7
0.9
22.2

-51.0
-52.3
0.9
0.4

-44.9
-47.2
0.9
1.3

33
34
35
36

37

Net interest and miscellaneous payments

559.1

566.4

520.9

528.5

505.5

519.9

512.2

497.5

492.7

498.3

484.3

37

38
39
40
41

Taxes on production and imports
Less: Subsidies
Business current transfer payments (net)
Current surplus of government enterprises

708.9
44.3
87.1
5.3

728.6
55.3
92.8
-1.4

762.8
38.4
84.3
0.9

801.4
46.7
81.6
1.3

852.8
43.5
91.1
-3.0

837.1
42.3
88.2
-1.6

847.8
41.8
90.7
-2.2

855.5
43.2
83.0
-3.0

870.9
46.5
102.6
-5.2

883.8
50.6
99.0
-6.1

900.3
53.1
100.7
-7.1

38
39
40
41

Memo:
Calculation of Gross Domestic Product
from National Income: (2)
42

National Income, from line 1 above

8795.3

8979.9

9229.3

9660.9

10275.9

10091.2

10210.9

10242.4

10559.3

10750.4

10944.0

42

43
44
45

Plus:
Private consumption of fixed capital
Government consumption of fixed capital
Statistical discrepancy

990.8
197.0
-127.1

1075.5
206.0
-89.8

1080.3
211.6
-21.0

1112.8
218.5
47.1

1206.2
229.1
76.8

1147.8
223.3
77.8

1165.8
228.1
108.1

1303.5
230.6
90.8

1207.6
234.5
30.6

1210.9
237.5
39.4

1215.4
240.2
6.4

43
44
45

46

Less:
Net U.S. income receipts from rest of the world

39.0

43.7

30.6

68.1

53.8

83.0

46.7

48.5

36.8

39.4

33.0

46

47

Equals:
Gross Domestic Product

9817.0

10127.9

10469.6

10971.3

11734.3

11457.1

11666.1

11818.8

11995.2

12198.8

12373.1

47

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce.
(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.

14

Z.1, September 21, 2005

F.8 Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1

Gross saving

1770.5

1657.7

1489.1

1474.1

1572.0

1534.7

1546.4

1590.1

1617.0

1635.5

1702.8

1

2

Net saving

582.7

376.2

197.1

142.7

136.8

163.6

152.6

56.0

174.9

187.1

247.2

2

478.1

507.4

3

3

Net private saving

343.3

324.6

479.2

549.3

549.1

599.4

567.6

486.9

542.6

4

Personal saving

168.4

132.3

184.7

172.8

151.8

155.8

141.2

104.6

205.4

47.4

24.5

4

5
6
7
8
9

Undistributed corporate profits w/IVA & CCA
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Wage accruals less disbursements

174.9
130.3
-14.1
58.6
0.0

192.3
132.9
11.4
48.1
0.0

294.5
176.6
-2.2
120.1
0.0

376.5
281.9
-13.3
107.9
0.0

397.3
295.2
-39.6
141.8
0.0

443.5
326.4
-28.9
146.1
0.0

426.4
329.2
-48.3
145.4
0.0

382.3
283.4
-36.9
135.8
0.0

337.2
241.8
-44.4
139.8
0.0

430.7
520.8
-39.1
-51.0
0.0

482.9
546.1
-18.4
-44.9
0.0

5
6
7
8
9

10
11
12

Net government saving
Federal
State and local

239.4

51.6

-282.1

-406.5

-412.3

-435.8

-415.0

-430.9

-367.7

-290.9

-260.2

10

189.4
50.0

46.7
4.9

-247.9
-34.2

-382.7
-23.8

-406.5
-5.9

-429.3
-6.5

-413.4
-1.6

-411.6
-19.3

-371.6
4.0

-298.3
7.4

-280.9
20.7

11
12

13

Consumption of fixed captal

1187.8

1281.5

1292.0

1331.3

1435.3

1371.1

1393.8

1534.1

1442.1

1448.4

1455.7

13

14
15
16

Private
Domestic business
Households and institutions

990.8
836.1
154.8

1075.5
903.7
171.8

1080.3
893.6
186.8

1112.8
911.5
201.3

1206.2
973.3
232.8

1147.8
935.1
212.7

1165.8
947.9
217.9

1303.5
1032.0
271.5

1207.6
978.4
229.2

1210.9
980.4
230.5

1215.4
983.3
232.1

14
15
16

17
18
19

Government
Federal
State and local

197.0
87.2
109.8

206.0
88.2
117.8

211.6
88.9
122.7

218.5
90.3
128.3

229.1
93.8
135.3

223.3
91.8
131.5

228.1
93.4
134.6

230.6
94.2
136.4

234.5
95.9
138.6

237.5
96.9
140.6

240.2
97.7
142.5

17
18
19

1643.4

1567.9

1468.1

1521.1

1648.9

1612.5

1654.5

1680.9

1647.6

1675.0

1709.3

20

2040.0

1938.3

1926.4

2025.6

2300.6

2178.7

2303.4

2334.0

2386.2

2441.9

2455.2

21

1735.5
1679.0
1232.1
446.9
56.5

1614.3
1646.1
1176.8
469.3
-31.7

1582.1
1570.2
1066.3
503.9
11.9

1670.4
1654.9
1082.4
572.5
15.4

1928.1
1872.6
1198.8
673.8
55.4

1818.2
1772.7
1140.7
632.0
45.5

1928.5
1856.6
1182.7
673.9
71.9

1961.2
1908.7
1219.0
689.7
52.5

2004.5
1952.6
1252.9
699.7
51.9

2058.5
1998.7
1280.1
718.5
59.9

2054.2
2053.7
1312.9
740.8
0.5

22
23
24
25
26

304.6

324.0

344.3

355.3

372.5

360.4

375.0

372.9

381.7

383.4

401.0

27

0.8

1.1

1.4

3.2

1.6

1.7

1.5

1.6

1.8

17.3

15.4

28

20
21
22
23
24
25
26
27

Gross domestic investment, capital account
transactions, and net lending, NIPAs
Gross domestic investment
Gross private domestic investment
Fixed investment
Nonresidential
Residential
Change in private inventories
Gross government investment

28

Capital account transactions (net)

29

Net lending or net borrowing (-), NIPAs

-397.4

-371.5

-459.7

-507.7

-653.4

-567.9

-650.4

-654.7

-740.4

-784.3

-761.4

29

30

Statistical discrepancy (line 20 less line 1)

-127.1

-89.8

-21.0

47.1

76.8

77.8

108.1

90.8

30.6

39.4

6.4

30

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

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

35.6

35.7

29.0

11.1

13.9

13.4

13.5

15.9

12.9

-1.8

12.5

1

2
3
4
5
6
7

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

-8.1
28.1
0.0
0.0
36.2
0.0

-12.9
28.0
0.0
0.0
40.8
0.0

-23.1
25.3
3.6
0.2
44.6
0.0

-40.4
22.0
14.8
1.9
45.5
0.2

-38.0
24.6
16.1
0.2
46.3
0.0

-37.6
23.8
15.9
0.2
45.3
0.0

-35.8
24.0
16.1
0.0
43.7
0.0

-40.8
26.8
16.3
0.1
51.2
0.1

-37.8
23.9
16.3
0.3
45.2
0.0

-55.1
24.9
16.0
16.3
47.8
0.0

-44.1
24.4
15.9
1.5
51.1
0.0

2
3
4
5
6
7

8
9
10

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

43.7
7.5
36.2

48.6
7.8
40.8

52.1
7.4
44.6

51.5
6.0
45.5

51.9
5.6
46.3

50.9
5.7
45.3

49.3
5.6
43.7

56.7
5.6
51.2

50.7
5.5
45.2

53.3
5.5
47.8

56.5
5.4
51.1

8
9
10

11
12
13

Capital transfers received by rest of the world (net)
Capital transfers received from U.S. government (net)
- Migrants’ transfers received by persons (net)

0.8
0.0
-0.8

1.1
0.0
-1.1

1.4
0.2
-1.2

3.3
1.9
-1.4

1.7
0.2
-1.5

1.7
0.2
-1.5

1.5
0.0
-1.5

1.6
0.1
-1.5

1.8
0.3
-1.5

17.9
16.3
-1.6

3.1
1.5
-1.6

11
12
13

14
15
16
17

Memo:
Acquisition of nonproduced nonfinancial assets (net)
Nonfinancial corporate business
State and local governments
Federal governments
Rest of the world

-8.5
8.8
-0.3
0.0

-8.6
9.3
-0.7
0.1

-10.9
10.6
0.3
0.0

-11.2
11.3
-0.2
0.1

-11.8
11.7
0.0
0.0

-11.6
11.5
0.0
0.0

-10.9
11.7
-0.7
0.0

-13.6
11.8
1.8
0.0

-11.0
12.0
-1.0
-0.0

-13.0
12.2
0.3
0.5

0.5
12.4
-0.6
-12.3

14
15
16
17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.

15

Z.1, September 21, 2005

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

418.4

686.9

606.5

1062.1

1003.4

1008.9

753.8

1111.3

1139.6

942.4

677.0

1

2
3
4
5

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

20.0
-75.8
304.8
93.7

-5.0
102.8
201.1
76.3

15.7
34.2
290.7
-154.3

-9.0
-65.3
375.9
-204.0

36.3
-23.4
396.7
-157.1

79.0
-23.8
443.1
-4.9

0.5
-118.5
409.5
-63.0

0.6
2.6
359.5
-212.8

65.0
46.1
374.9
-55.0

7.6
159.2
459.8
-68.6

77.1
-8.6
199.9
79.7

2
3
4
5

6

Securities

-487.2

-266.6

0.7

377.4

93.2

-124.2

8.4

473.1

15.5

-126.0

-272.3

6

12.4
-1.7
-208.0
33.9
4.8
73.5
-486.6
84.4

-0.0
5.6
-88.1
-120.0
50.6
-14.5
-241.9
141.7

13.1
4.5
-119.9
-191.1
101.3
174.8
-93.4
111.3

-4.5
8.9
9.4
225.2
34.3
-24.0
-101.9
230.1

30.2
0.6
44.8
128.8
34.6
-119.4
-285.5
259.0

39.9
3.5
23.5
-174.1
38.3
-195.5
-285.6
425.9

8.3
1.5
-4.7
295.3
-1.4
-224.0
-147.2
80.5

14.3
-1.1
-16.8
597.0
62.8
-197.7
-247.5
262.1

58.5
-1.4
177.2
-203.0
38.6
139.6
-461.5
267.6

5.2
0.1
134.4
27.7
82.7
-335.3
-398.6
357.9

57.3
0.7
-320.9
225.3
70.3
-257.1
-266.1
218.1

7
8
9
10
11
12
13
14

7
8
9
10
11
12
13
14

Open market paper
U.S. savings bonds
Other Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

15
16

Life insurance reserves
Pension fund reserves

50.2
189.8

77.2
213.2

60.1
181.4

66.8
191.9

33.1
209.9

25.5
254.1

34.7
163.7

37.9
213.5

34.4
208.2

56.0
232.5

54.6
224.6

15
16

17

Miscellaneous and other assets

264.2

201.2

64.6

242.7

317.1

338.5

290.7

214.7

424.7

197.9

293.0

17

1487.1
439.6
250.8
795.1
1.6

1513.5
461.6
239.3
814.2
-1.6

1571.9
495.7
227.5
850.4
-1.7

1686.1
568.8
238.6
877.7
1.0

1839.3
661.6
253.7
918.1
5.8

1757.1
611.9
241.8
903.4
0.1

1856.5
667.4
269.7
905.2
14.2

1861.6
677.9
250.0
924.3
9.3

1881.9
689.2
253.4
939.5
-0.2

1923.4
711.5
267.5
947.7
-3.2

1978.8
741.5
281.3
964.1
-8.1

18
19
20
21
22

18
19
20
21
22

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

23
24
25
26

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

940.8
181.5
170.1
589.2

971.4
171.6
180.0
619.8

1007.9
170.2
192.6
645.2

1056.2
193.4
194.4
668.4

1138.8
280.1
156.9
701.8

1080.0
223.5
175.6
680.8

1111.4
239.7
175.8
695.9

1209.0
378.1
121.0
709.9

1154.6
279.0
155.2
720.4

1141.1
280.7
151.8
708.7

1164.6
284.3
158.4
721.9

23
24
25
26

27

Net investment in tangible assets (4)

546.3

542.0

564.0

629.9

700.5

677.2

745.1

652.5

727.2

782.3

814.3

27

258.1
80.7
205.9
1.6

290.0
59.2
194.4
-1.6

325.5
35.0
205.2
-1.7

375.4
44.2
209.3
1.0

381.5
96.8
216.3
5.8

388.4
66.1
222.6
0.1

427.7
93.8
209.3
14.2

299.8
129.0
214.4
9.3

410.1
98.2
219.1
-0.2

430.9
115.7
239.0
-3.2

457.2
122.9
242.2
-8.1

28
29
30
31

922.1

800.8

909.1

1146.4

1374.8

1378.4

1283.9

1377.7

1459.0

1302.8

1429.9

32

406.0
117.0
168.4
2.8
7.2
220.7

507.3
104.8
132.7
2.2
-38.8
92.5

685.0
92.6
87.4
1.1
-48.2
91.3

801.1
120.4
90.4
-0.6
34.3
100.8

940.8
110.4
96.7
1.7
81.5
143.7

985.8
92.5
91.0
-0.2
73.1
136.2

828.9
134.1
63.5
1.9
62.9
192.6

1099.1
101.0
123.9
3.3
-26.6
77.1

849.3
114.0
108.5
1.7
216.7
169.0

920.6
118.0
87.4
-1.4
8.2
170.1

963.9
156.6
80.9
3.0
-10.6
236.2

33
34
35
36
37
38

-36.5

-36.8

-30.4

-14.6

-15.6

-15.1

-15.0

-17.6

-14.7

-16.1

-15.6

39

79.0

465.0

291.6

560.2

344.7

322.7

230.0

403.8

422.4

438.0

76.9

40

28
29
30
31
32
33
34
35
36
37
38

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

39

Net capital transfers (5)

40

Personal saving, with consumer durables (FOF)

41

Less net investment in consumer durables

42

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

43

Personal saving (NIPA, excludes consumer durables)

44

205.9

194.4

205.2

209.3

216.3

222.6

209.3

214.4

219.1

239.0

242.2

41

-126.9

270.6

86.4

350.8

128.4

100.1

20.7

189.4

203.3

199.0

-165.3

42

168.4

132.3

184.7

172.8

151.8

155.8

141.2

104.6

205.4

47.4

24.5

43

Difference

-295.3

138.3

-98.3

178.0

-23.4

-55.7

-120.5

84.8

-2.1

151.6

-189.8

44

45

Memo:
Disposable personal income

7194.0

7486.8

7830.1

8169.2

8664.2

8475.3

8580.3

8670.9

8930.4

8902.0

9017.8

45

46
47
48
49

Personal saving as a percentage of disposable personal income:
With consumer durables (FOF) (line 41)
Without consumer durables (FOF) (line 43)
Without consumer durables (NIPA) (line 44)
Difference (line 45)

1.1
-1.8
2.3
-4.1

6.2
3.6
1.8
1.8

3.7
1.1
2.4
-1.3

6.9
4.3
2.1
2.2

4.0
1.5
1.8
-0.3

3.8
1.2
1.8
-0.7

2.7
0.2
1.6
-1.4

4.7
2.2
1.2
1.0

4.7
2.3
2.3
-0.0

4.9
2.2
0.5
1.7

0.9
-1.8
0.3
-2.1

46
47
48
49

(1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15 and 16)).
(3) Includes corporate farms.
(4) Line 18 less line 23.
(5) Table F.9, line 13 plus line 4 less lines 3 and 9.
(6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).

16

Z.1, September 21, 2005

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5

Personal income
- Personal current taxes
= Disposable personal income
- Personal outlays
= Personal saving, NIPA (2)

6
7
8
9

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

10

= Gross saving and net capital transfers

11

Gross investment

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

8429.7
1235.7
7194.0
7025.6
168.4

8724.1
1237.3
7486.8
7354.5
132.3

8881.9
1051.8
7830.1
7645.3
184.7

9169.1
999.9
8169.2
7996.3
172.8

9713.3
1049.1
8664.2
8512.5
151.8

9484.8
1009.6
8475.3
8319.4
155.8

9614.3
1034.0
8580.3
8439.1
141.2

9729.2
1058.4
8670.9
8566.3
104.6

10024.8
1094.3
8930.4
8725.0
205.4

10073.4
1171.4
8902.0
8854.6
47.4

10228.5
1210.7
9017.8
8993.3
24.5

1
2
3
4
5

1.8
205.9
754.9
-36.5

3.3
194.4
799.1
-36.8

-1.7
205.2
834.0
-30.4

-0.6
209.3
871.8
-14.6

0.0
216.3
936.9
-15.6

1.6
222.6
895.8
-15.1

-3.8
209.3
916.0
-15.0

-1.3
214.4
984.0
-17.6

3.5
219.1
951.9
-14.7

5.4
239.0
941.5
-16.1

-1.8
242.2
956.3
-15.6

6
7
8
9

1094.6

1092.2

1191.9

1238.8

1289.5

1260.7

1247.7

1284.1

1365.3

1217.2

1205.7

10

796.4

1228.2

1097.0

1420.8

1269.5

1207.3

1135.0

1373.4

1362.3

1370.2

1023.2

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

1245.4
373.6
795.1
76.7

1293.0
398.2
814.2
80.6

1363.0
427.7
850.4
84.9

1462.3
492.8
877.7
91.7

1589.2
572.5
918.1
98.6

1526.0
527.9
903.4
94.7

1582.8
579.9
905.2
97.7

1611.5
587.2
924.3
99.9

1636.6
595.0
939.5
102.1

1666.0
614.1
947.7
104.2

1711.8
640.7
964.1
107.0

12
13
14
15

16

Net financial investment

-449.0

-64.8

-265.9

-41.5

-319.7

-318.7

-447.8

-238.1

-274.3

-295.8

-688.6

16

17

Net acquisition of financial assets

120.0

508.0

439.9

850.4

779.3

822.7

558.7

837.3

898.8

710.7

346.3

17

18
19
20
21

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

20.0
-132.4
284.8
143.7

-5.0
101.7
194.0
153.4

15.7
28.1
279.3
-43.2

-9.0
-73.6
368.5
-110.1

36.3
-28.0
387.8
-56.4

79.0
-31.5
436.7
32.3

0.5
-123.2
398.9
-34.4

0.6
-2.9
349.9
-187.7

65.0
45.4
365.8
-35.7

7.6
158.8
449.8
-54.0

77.1
-13.7
190.7
93.5

18
19
20
21

22

Credit market instruments

-75.2

-162.2

-6.5

259.0

129.6

-255.5

85.7

468.5

219.5

-74.8

-212.0

22

12.4
-212.7
-1.7
-211.0
33.9
5.0
73.5
12.6

-0.0
-85.2
5.6
-90.8
-120.0
49.6
-14.5
8.0

13.1
-115.4
4.5
-119.9
-191.1
101.4
174.8
10.6

-4.5
16.8
8.9
7.9
225.2
34.1
-24.0
11.4

30.2
43.3
0.6
42.7
128.8
34.3
-119.4
12.2

39.9
24.5
3.5
21.0
-174.1
38.1
-195.5
11.7

8.3
-5.2
1.5
-6.7
295.3
-1.6
-224.0
12.9

14.3
-20.0
-1.1
-18.9
597.0
62.5
-197.7
12.5

58.5
174.1
-1.4
175.5
-203.0
38.4
139.6
11.9

5.2
132.9
0.1
132.8
27.7
82.5
-335.3
12.2

57.3
-321.4
0.7
-322.1
225.3
70.1
-257.1
13.9

23
24
25
26
27
28
29
30

-486.6
84.4
88.6
50.2
189.8
-53.8
6.5

-241.9
141.7
41.9
77.2
213.2
-24.5
18.5

-93.4
111.3
-41.6
60.1
181.4
-81.7
30.6

-101.9
230.1
62.7
66.8
191.9
-76.0
42.0

-285.5
259.0
103.0
33.1
209.9
-50.3
40.9

-285.6
425.9
150.2
25.5
254.1
-46.5
38.2

-147.2
80.5
84.1
34.7
163.7
-14.6
29.9

-247.5
262.1
-38.3
37.9
213.5
-82.7
63.8

-461.5
267.6
215.9
34.4
208.2
-57.4
31.5

-398.6
357.9
-35.8
56.0
232.5
-24.9
36.2

-266.1
218.1
31.6
54.6
224.6
-83.2
30.9

31
32
33
34
35
36
37

569.0

572.8

705.9

891.9

1099.1

1141.3

1006.5

1075.4

1173.0

1006.5

1034.9

38

557.8

613.8

746.2

848.8

1007.0

1059.5

931.7

1091.7

945.3

985.2

1037.8

39

366.5
168.4
5.8
2.7
2.0
12.5

464.5
132.7
13.8
-16.5
0.6
18.7

635.5
87.4
12.9
-3.4
0.3
13.5

741.0
90.4
14.1
-6.9
-1.5
11.6

878.6
96.7
9.7
4.0
0.5
17.6

924.9
91.0
13.4
13.3
-0.8
17.6

773.5
63.5
15.2
49.4
0.5
29.6

1024.1
123.9
6.9
-76.3
1.8
11.4

791.9
108.5
3.3
29.4
0.5
11.7

849.7
87.4
17.2
24.4
-2.3
9.0

892.4
80.9
19.3
42.0
2.2
1.0

40
41
42
43
44
45

7.2
3.8

-38.8
-1.9

-48.2
7.0

34.3
7.9

81.5
9.0

73.1
8.6

62.9
8.8

-26.6
9.1

216.7
9.3

8.2
9.6

-10.6
4.8

46
47

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

Open market paper
Treasury securities
Savings bonds
Other
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities (5)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Equity in noncorporate business
Miscellaneous assets
Net increase in liabilities
Credit market instruments
Home mortgages (6)
Consumer credit
Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages
Security credit
Trade payables
Deferred and unpaid
life insurance premiums
Discrepancy

0.1

-0.4

0.9

0.9

1.6

0.2

3.0

1.2

1.8

3.4

2.8

48

298.2

-136.0

94.8

-181.9

20.0

53.4

112.7

-89.3

3.0

-153.0

182.4

49

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) See table F.10 for derivation of alternative measures of personal saving.
(3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(4) Table F.9, line 13 plus line 4 less lines 3 and 9.
(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32) and life insurance and pension reserves (lines 34 and 35).
(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23.

17

Z.1, September 21, 2005

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

Income before taxes

2

Gross saving and net capital transfers

3

Gross investment

4

Capital expenditures

5
6
7

Fixed investment
Residential
Nonresidential

8
9

Change in inventories
Nonproduced nonfinancial assets

10

2005
Q3

Q4

Q1

Q2

1211.9

1149.4

1164.3

1311.0

1516.9

1436.1

1527.3

1527.3

1576.9

1775.7

1854.1

1

905.0

926.4

983.5

1058.8

1139.3

1121.9

1135.0

1219.6

1080.7

1132.8

1205.9

2

1087.4

1056.3

954.6

994.9

1185.8

1145.8

1204.5

1252.3

1140.4

1186.5

1243.7

3

1170.4

1023.0

946.1

975.3

1111.1

1047.0

1132.1

1117.2

1148.1

1187.8

1178.7

4

1122.3
69.5
1052.9

1063.3
66.9
996.4

945.1
71.7
873.4

971.0
80.0
891.0

1067.5
93.6
973.8

1013.1
88.4
924.7

1071.2
92.1
979.1

1078.4
95.3
983.1

1107.2
98.8
1008.4

1140.9
102.2
1038.8

1177.7
105.7
1072.0

5
6
7

56.5
-8.5

-31.7
-8.6

11.9
-10.9

15.4
-11.2

55.4
-11.8

45.5
-11.6

71.9
-10.9

52.5
-13.6

51.9
-11.0

59.9
-13.0

0.5
0.5

8
9

-82.9

33.4

8.5

19.6

74.7

98.8

72.4

135.1

-7.7

-1.3

65.0

10

11

Net acquisition of financial assets

1454.0

335.3

214.3

230.1

698.1

758.1

615.5

621.0

797.9

638.5

688.5

11

12
13
14
15
16

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

-7.4
107.1
20.5
45.2
-1.6

-8.5
-48.4
0.9
120.1
-0.2

4.4
-11.3
6.6
28.4
2.2

18.3
129.1
9.0
-46.2
-0.2

6.4
107.2
16.6
-15.2
0.5

-5.2
171.5
11.6
-16.2
-3.2

4.5
135.6
-25.3
10.8
-1.4

-11.8
130.7
56.9
-27.9
3.6

38.0
-9.1
23.0
-27.3
2.9

20.6
25.6
50.3
-29.1
-0.9

-28.0
-10.1
-16.4
9.0
0.9

12
13
14
15
16

17

Credit market instruments

26.1

2.1

25.7

2.4

25.1

26.6

45.6

-34.8

63.2

10.3

39.7

17

10.2
1.7
3.0
6.7
-0.4
5.0

2.4
1.4
2.1
-1.5
5.8
-8.1

4.6
14.5
-0.7
2.7
2.7
1.8

10.9
2.9
-4.7
3.3
4.2
-14.1

15.8
0.7
-0.5
4.9
2.8
1.5

21.1
1.0
-0.6
-9.2
2.9
11.4

-1.2
-1.4
-1.3
13.5
3.3
32.6

1.2
-6.3
-3.1
-3.3
2.7
-26.1

42.0
9.5
2.9
18.6
2.2
-12.1

-11.2
-4.1
-2.1
8.6
2.0
17.1

4.7
4.1
1.0
-2.1
1.3
30.7

18
19
20
21
22
23

12.0
351.6
900.5

4.0
-119.9
385.3

0.6
-79.6
237.3

11.0
37.4
69.4

5.0
192.7
359.9

5.0
242.8
325.2

5.0
197.0
243.8

5.0
170.0
329.4

5.0
160.9
541.3

5.0
211.1
345.5

5.0
207.7
480.7

24
25
26

1536.9

302.0

205.8

210.5

623.5

659.3

543.1

485.8

805.6

639.8

623.5

27

556.9

393.8

184.8

311.1

419.2

346.1

281.1

470.2

579.3

567.0

672.0

28

18
19
20
21
22
23
24
25
26
27
28

Net financial investment

Q2

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Net increase in liabilities
Credit market instruments

29
30
31

Commercial paper
Municipal securities
Corporate bonds

48.1
1.4
162.6

-88.3
3.5
347.7

-64.2
3.1
132.3

-40.0
3.4
158.3

15.8
5.2
77.7

33.8
4.7
114.2

32.3
4.0
6.7

22.4
5.3
51.7

-25.4
6.7
138.3

53.7
6.2
34.3

9.2
7.0
28.1

29
30
31

32
33
34

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

95.0
78.7
171.2

-65.5
8.1
188.3

-84.0
19.5
178.1

-75.2
11.3
253.4

28.2
31.0
261.2

-51.9
15.0
230.2

34.2
-15.9
219.7

43.4
37.9
309.5

87.1
86.9
285.6

67.6
118.8
286.4

193.5
79.6
354.5

32
33
34

-118.2
360.8
18.6
772.4

-48.1
-108.3
7.1
78.7

-41.6
46.3
13.4
85.3

-57.8
-9.3
-2.4
41.2

-157.0
165.5
11.3
232.3

-82.2
214.3
23.2
197.5

-159.5
124.2
11.7
299.3

-203.2
157.1
7.6
139.7

-183.2
166.5
2.7
292.6

-226.0
136.8
22.0
165.7

-294.4
181.5
-4.9
144.6

35
36
37
38

-53.6

-21.2

-82.4

-72.4

-47.8

-39.5

-13.7

-85.6

-52.4

-25.7

-75.3

39

-182.4

-129.9

29.0

63.9

-46.5

-23.9

-69.6

-32.7

-59.7

-53.7

-37.8

40

35
36
37
38

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

39

Proprietors’ net investment

40

Discrepancy

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

18

Z.1, September 21, 2005

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7
8
9
10

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

Profits before tax (book)
- Taxes on corporate income
- Net dividends
+ Capital consumption allowance (1)
= U.S. internal funds, book
+ Foreign earnings retained abroad
+ Inventory valuation adjustment (IVA)
+ Net capital transfers (2)
= Total internal funds + IVA

422.0
169.7
249.7
629.3
631.8
100.3
-14.1
0.0
718.0

309.8
111.4
243.5
677.5
632.5
111.2
11.4
0.0
755.0

336.4
96.6
252.7
733.9
720.9
92.6
-2.2
0.0
811.3

449.5
126.0
293.3
737.3
767.6
123.3
-13.3
0.2
877.8

575.0
165.3
358.7
804.3
855.3
125.2
-39.6
0.0
940.9

509.8
145.3
326.9
785.7
823.4
147.2
-28.9
0.0
941.7

573.7
164.6
321.2
793.2
881.2
110.7
-48.3
0.0
943.6

590.6
171.2
324.8
830.2
924.8
109.7
-36.9
0.1
997.7

625.9
180.2
461.9
808.0
791.9
133.1
-44.4
0.0
880.6

811.8
231.1
304.1
640.4
917.0
62.1
-39.1
0.0
940.0

870.2
247.7
329.3
647.6
940.8
80.8
-18.4
0.0
1003.3

1
2
3
4
5
6
7
8
9

Gross investment

900.4

884.9

782.4

813.8

987.4

965.5

1013.1

1030.5

940.3

993.7

1041.1

10

11
12
13
14

Capital expenditures
Fixed investment (3)
Inventory change + IVA
Nonproduced nonfinancial assets

928.6
882.1
54.9
-8.5

802.5
841.3
-30.1
-8.6

737.1
734.4
13.6
-10.9

751.5
748.1
14.5
-11.2

861.0
823.2
49.6
-11.8

815.9
782.0
45.4
-11.6

858.5
811.7
57.7
-10.9

867.1
837.6
43.2
-13.6

902.7
861.6
52.1
-11.0

930.4
880.3
63.1
-13.0

911.7
902.6
8.6
0.5

11
12
13
14

15

Net financial investment

-28.2

82.4

45.2

62.4

126.3

149.7

154.7

163.4

37.6

63.3

129.3

15

16

Net acquisition of financial assets

1209.2

177.6

130.1

90.9

521.9

611.4

434.0

432.6

609.5

432.5

433.1

16

17
18
19
20
21

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

-7.4
50.5
0.5
36.5
-1.6

-8.5
-49.5
-6.2
110.5
-0.2

4.4
-17.4
-4.8
26.1
2.2

18.3
120.8
1.5
-38.0
-0.2

6.4
102.5
7.7
-12.0
0.5

-5.2
163.8
5.2
-0.7
-3.2

4.5
130.9
-35.8
11.5
-1.4

-11.8
125.2
47.3
-25.1
3.6

38.0
-9.8
13.9
-33.7
2.9

20.6
25.2
40.3
-38.3
-0.9

-28.0
-15.2
-25.6
-6.1
0.9

17
18
19
20
21

22
23
24
25
26
27
28
29

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

10.2
-1.3
3.0
6.9
2.3
5.0
282.0
12.0

2.4
-1.3
2.1
-2.6
3.1
-8.1
-121.7
4.0

4.6
14.5
-0.7
2.8
2.9
1.8
-98.5
0.6

10.9
1.5
-4.7
3.1
2.5
-14.1
-18.2
11.0

15.8
-1.4
-0.5
4.7
2.5
1.5
128.9
5.0

21.1
-1.5
-0.6
-9.4
2.5
11.4
183.2
5.0

-1.2
-3.4
-1.3
13.3
2.5
32.6
133.7
5.0

1.2
-8.4
-3.1
-3.6
2.5
-26.1
106.0
5.0

42.0
7.9
2.9
18.4
2.5
-12.1
92.7
5.0

-11.2
-5.7
-2.1
8.4
2.5
17.1
141.5
5.0

4.7
2.8
1.0
-2.3
2.5
30.7
134.8
5.0

22
23
24
25
26
27
28
29

30
31
32
33
34
35

Miscellaneous assets
U.S. direct investment abroad (4)
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

810.6
128.4
-0.3
0.0
7.4
675.2

253.6
119.4
10.3
0.0
-1.7
125.5

191.6
138.3
17.4
0.0
-5.5
41.4

-3.6
109.2
18.4
0.0
5.8
-137.1

260.4
233.2
18.9
0.0
9.2
-0.9

239.7
180.4
16.8
0.0
10.1
32.5

143.1
199.5
20.4
0.0
6.4
-83.3

219.7
137.2
39.2
0.0
9.1
34.3

438.9
415.8
-0.8
0.0
11.2
12.7

230.1
59.2
11.1
0.0
-6.2
166.0

327.9
107.7
14.9
0.0
4.0
201.3

30
31
32
33
34
35

1237.4

95.2

84.9

28.5

395.5

461.7

279.3

269.2

571.9

369.2

303.7

36

230.7
-118.2
348.9
48.1
1.4
162.6
43.8

172.5
-48.1
220.6
-88.3
3.5
347.7
-109.6

-13.2
-41.6
28.4
-64.2
3.1
132.3
-108.2

89.5
-57.8
147.3
-40.0
3.4
158.3
-64.4

82.7
-157.0
239.8
15.8
5.2
77.7
10.1

120.2
-82.2
202.4
33.8
4.7
114.2
-60.2

-60.6
-159.5
98.9
32.3
4.0
6.7
15.2

60.9
-203.2
264.1
22.4
5.3
51.7
24.2

210.5
-183.2
393.7
-25.4
6.7
138.3
61.3

144.5
-226.0
370.5
53.7
6.2
34.3
46.3

66.2
-294.4
360.6
9.2
7.0
28.1
123.1

37
38
39
40
41
42
43

36
37
38
39
40
41
42
43

Net increase in liabilities
Net funds raised in markets
Net new equity issues
Credit market instruments
Commercial paper
Municipal securities (5)
Corporate bonds (4)
Bank loans n.e.c.

44
45
46
47
48
49
50
51

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

65.9
4.3
57.0
-0.4
-0.0
-2.2
7.2
27.2

7.8
1.8
-10.3
-0.2
-0.3
-1.6
18.5
59.5

16.0
1.7
7.5
-0.3
0.3
10.1
-3.3
49.5

5.5
5.0
2.0
0.7
-0.2
-0.8
-1.1
84.4

24.6
3.9
13.0
0.5
-0.4
6.3
1.4
106.3

15.3
-13.4
51.8
1.0
-2.2
-12.7
-9.2
94.5

-19.2
11.7
-19.5
0.2
1.2
-13.1
0.3
59.8

15.6
23.7
-12.3
0.5
-0.3
-14.7
18.7
145.0

86.8
-6.3
31.8
0.3
-0.5
65.5
-4.1
126.0

123.5
-8.4
16.2
0.4
-0.0
107.8
7.5
106.5

65.8
13.8
27.5
1.0
-0.2
51.2
-27.5
127.4

44
45
46
47
48
49
50
51

52
53
54
55
56
57

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

313.3
7.0
686.4
192.4
14.0
480.0

-103.7
3.1
23.4
84.5
0.6
-61.7

19.7
11.9
66.4
27.5
0.1
38.8

-54.2
-11.7
4.9
23.9
-1.4
-17.7

106.5
6.8
199.5
25.3
-2.5
176.6

160.5
17.6
163.4
40.4
-0.6
123.7

66.1
7.7
266.1
23.0
-2.6
245.7

98.3
2.8
107.2
8.0
1.7
97.5

101.2
-0.9
261.2
29.8
-8.2
239.6

71.2
18.3
135.2
44.3
-5.0
95.9

120.3
-8.0
125.2
30.2
-2.4
97.3

52
53
54
55
56
57

-182.4

-129.9

29.0

63.9

-46.5

-23.9

-69.6

-32.7

-59.7

-53.7

-37.8

58

310.9

158.7

18.4

-2.9

45.4

21.4

25.6

-20.9

155.3

52.4

-10.7

59

58

Discrepancy

59

Memo:
Financing gap (6)

(1) Consumption of fixed capital plus capital consumption adjustment.
(2) Table F.9, line 7.
(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.
(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

19

Z.1, September 21, 2005

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

767.3
168.7

819.9
149.3

817.4
151.5

833.7
161.3

906.1
176.8

881.5
160.4

909.4
171.1

906.9
198.2

926.4
177.5

939.1
174.3

959.2
182.9

1
2

3

Gross investment

168.7

149.3

151.5

161.3

176.8

160.4

171.1

198.2

177.5

174.3

182.9

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

218.2
215.3
2.9

193.9
195.5
-1.6

182.7
182.0
0.7

194.4
193.6
0.8

210.9
208.3
2.6

200.8
198.4
2.4

227.7
224.6
3.0

206.1
203.8
2.3

209.2
206.4
2.7

224.0
220.7
3.3

234.6
234.1
0.5

4
5
6

7

Net financial investment

-49.5

-44.6

-31.2

-33.1

-34.1

-40.4

-56.5

-7.9

-31.6

-49.7

-51.7

7

8

Net acquisition of financial assets

244.7

155.3

79.6

133.9

170.6

142.2

175.0

177.7

187.6

203.2

251.4

8

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

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

56.4
20.1
8.7
3.0
-0.3
-2.7
0.0
69.6
89.9
-0.1
0.0
90.0

0.5
7.1
9.6
2.7
1.1
2.7
0.0
1.8
129.9
2.5
0.1
127.3

5.6
11.5
2.3
0.0
-0.1
-0.2
0.0
18.9
41.7
4.2
0.0
37.5

7.6
7.4
-8.2
1.4
0.2
1.6
0.0
55.5
68.3
4.4
0.3
63.6

3.6
8.9
-3.2
2.1
0.2
0.2
0.0
63.8
95.0
3.5
-0.1
91.6

6.7
6.4
-15.6
2.5
0.2
0.4
0.0
59.6
82.1
4.0
0.6
77.4

3.6
10.5
-0.7
2.0
0.2
0.8
0.0
63.3
95.3
4.9
-0.5
90.9

4.5
9.6
-2.8
2.1
0.2
0.2
0.0
64.0
99.9
5.4
-0.5
95.1

-0.3
9.1
6.5
1.6
0.2
-0.4
0.0
68.3
102.6
-0.2
-0.1
102.9

-0.2
10.0
9.2
1.6
0.2
-0.6
0.0
69.6
113.3
2.6
0.6
110.1

4.5
9.2
15.1
1.3
0.2
-1.2
0.0
72.9
149.5
3.5
-0.8
146.7

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

294.2

199.9

110.8

167.0

204.8

182.7

231.6

185.6

219.2

253.0

303.1

21

197.1
48.5
11.1
137.5
46.6
11.7
86.0
-47.2

162.7
44.0
-2.6
121.2
-4.9
4.0
55.3
-17.2

148.5
25.1
2.4
121.0
26.0
1.5
18.9
-84.0

156.1
-10.3
5.6
160.8
44.2
9.4
36.3
-79.0

167.9
15.9
5.2
146.8
58.1
4.5
32.8
-58.5

137.5
8.6
0.3
128.6
52.8
5.6
34.1
-47.3

169.0
16.5
3.0
149.5
57.2
4.0
33.2
-31.8

187.8
14.1
18.3
155.4
57.9
4.7
32.5
-97.4

177.1
24.3
-0.9
153.8
64.3
3.6
31.5
-57.3

193.5
24.5
-5.8
174.8
65.7
3.7
30.5
-40.4

294.4
68.5
10.2
215.7
60.6
3.1
19.5
-74.5

22
23
24
25
26
27
28
29

21
22
23
24
25
26
27
28
29

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

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

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

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

22.7
1.1
17.2
3.9
13.4

19.7
-1.0
23.0
4.0
19.0

10.6
-1.8
22.5
4.2
18.3

27.7
-3.3
23.1
4.4
18.7

35.8
-3.4
25.0
4.8
20.3

44.8
-3.9
23.8
4.6
19.3

44.1
-4.0
24.2
4.6
19.6

29.7
-3.2
26.9
5.0
21.9

24.6
-2.6
25.2
4.8
20.4

24.7
-6.8
25.3
4.8
20.4

24.7
-5.6
25.4
4.9
20.5

1
2
3
4
5

6

Gross saving

18.3

22.1

20.7

19.7

21.6

19.9

20.3

23.7

22.5

18.5

19.7

6

7

Gross investment

18.3

22.1

20.7

19.7

21.6

19.9

20.3

23.7

22.5

18.5

19.7

7

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

23.5
24.9
-1.3

26.6
26.6
-0.0

26.2
28.7
-2.5

29.5
29.3
0.2

39.1
35.9
3.2

30.3
32.6
-2.3

46.0
34.8
11.2

44.0
37.0
7.0

36.1
39.1
-3.0

33.4
40.0
-6.5

32.4
40.9
-8.5

8
9
10

11

Net financial investment

-5.2

-4.5

-5.5

-9.7

-17.5

-10.5

-25.7

-20.3

-13.6

-14.9

-12.7

11

12

Net acquisition of financial assets

0.1

2.4

4.6

5.3

5.6

4.5

6.5

10.7

0.8

2.8

4.0

12

13
14
15
16

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

0.2
-0.0
-0.1
0.0

0.6
1.8
1.4
0.4

0.5
4.1
4.0
0.1

0.7
4.6
4.2
0.4

1.0
4.6
4.4
0.2

1.0
3.5
3.9
-0.4

1.0
5.4
4.7
0.7

1.0
9.7
9.0
0.6

1.0
-0.2
-0.2
-0.1

0.7
2.1
2.5
-0.4

0.7
3.3
3.4
-0.0

13
14
15
16

5.4

6.9

10.2

15.1

23.1

14.9

32.2

31.1

14.4

17.7

16.7

17

10.9
2.7
1.6
6.5
0.9
-6.4

10.5
-0.0
2.9
7.7
0.4
-4.0

7.9
-0.9
1.1
7.7
0.6
1.7

7.7
-0.4
0.1
8.1
0.7
6.7

11.5
2.2
1.2
8.1
0.9
10.7

6.2
-0.3
-0.6
7.1
0.9
7.9

13.1
2.5
0.2
10.4
0.9
18.2

18.3
5.2
4.0
9.1
0.9
11.9

8.5
1.5
1.1
5.9
1.0
4.9

3.1
-3.2
1.2
5.1
-0.1
14.7

16.9
2.0
3.6
11.4
0.6
-0.8

18
19
20
21
22
23

17
18
19
20
21
22
23

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

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

20

Z.1, September 21, 2005

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7
8
9

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises
Current expenditures, NIPA basis

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1319.5

1373.0

1410.1

1488.6

1581.7

1546.8

1579.7

1574.5

1625.7

1656.7

1694.2

1

236.6
621.1
35.6
11.0
92.2
315.4
7.7

242.7
642.8
30.2
13.7
88.8
350.8
4.0

221.3
675.5
32.2
15.8
78.2
384.7
2.5

225.6
711.7
35.3
17.5
74.9
424.3
-0.6

247.2
758.8
41.5
19.7
77.1
439.8
-2.5

238.3
743.7
39.5
19.1
75.6
432.5
-1.9

247.7
754.3
42.2
19.6
76.7
441.8
-2.5

248.4
761.5
39.4
19.9
77.4
430.5
-2.6

254.6
775.8
44.8
20.1
78.8
454.5
-2.9

263.1
788.4
56.4
19.9
78.2
453.9
-3.2

280.0
802.0
58.7
19.8
78.7
458.4
-3.4

2
3
4
5
6
7
8

1269.5

1368.2

1444.3

1512.4

1587.5

1553.2

1581.3

1593.8

1621.7

1649.4

1673.5

9

917.8
271.7
79.6
0.5
0.0

969.8
305.2
85.5
7.7
0.0

1025.3
332.0
86.0
0.9
0.0

1074.8
351.3
86.2
0.1
0.0

1117.7
380.5
88.9
0.5
0.0

1095.1
370.4
87.3
0.5
0.0

1108.9
383.5
88.4
0.5
0.0

1123.9
380.2
89.3
0.5
0.0

1143.1
387.7
90.4
0.5
0.0

1159.0
398.6
91.2
0.5
0.0

1175.4
405.7
92.0
0.5
0.0

10
11
12
13
14

50.0

4.9

-34.2

-23.8

-5.9

-6.5

-1.6

-19.3

4.0

7.4

20.7

15

109.8
43.7

117.8
48.6

122.7
52.1

128.3
51.5

135.3
51.9

131.5
50.9

134.6
49.3

136.4
56.7

138.6
50.7

140.6
53.3

142.5
56.5

16
17

10
11
12
13
14

Consumption expenditures
Govt. social benefit payments to persons
Interest payments
Subsidies
- Wage accruals less disbursements

15

Net state and local govt. saving, NIPA basis

16
17

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

18

= Gross saving and net capital transfers

203.5

171.2

140.7

155.9

181.3

176.0

182.3

173.8

193.2

201.3

219.8

18

19

Gross investment

269.2

218.5

171.1

194.2

222.6

220.6

226.6

213.5

229.5

242.9

262.6

19

225.1
8.8

243.0
9.3

256.1
10.6

262.3
11.3

270.6
11.7

262.8
11.5

271.5
11.7

272.1
11.8

276.1
12.0

282.7
12.2

294.7
12.4

20
21

35.4

-33.7

-95.6

-79.4

-59.8

-53.7

-56.5

-70.4

-58.5

-52.0

-44.5

22

78.2

97.3

76.9

68.7

86.8

133.5

25.6

105.9

82.2

182.7

86.6

23

0.1
10.6
2.8
-10.2

4.0
12.0
3.2
-11.1

5.2
8.8
1.6
-16.4

6.4
8.6
3.6
7.2

-2.2
7.3
3.1
6.1

7.4
8.6
3.9
7.7

-17.1
0.1
0.3
0.5

6.5
23.6
3.4
6.6

-5.7
-2.9
4.9
9.7

43.7
6.8
3.1
6.2

0.7
52.2
-0.5
-1.0

24
25
26
27

72.1

93.4

86.5

52.5

60.1

94.2

26.2

54.0

65.9

130.5

102.9

28

20
21

Fixed investment
Nonproduced nonfinancial assets

22

Net financial investment

23

Net acq. of financial assets

24
25
26
27

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

28

Credit market instruments

29
30
31

Open market paper
Treasury securities
Agency- and GSE-backed securities

15.4
5.8
41.9

17.4
18.3
47.2

14.4
26.3
41.9

9.4
8.3
20.4

8.0
22.2
17.5

10.1
46.5
22.0

0.7
22.9
1.5

8.7
13.1
18.9

12.7
6.3
27.5

8.1
92.4
17.6

13.6
94.3
-3.0

29
30
31

32
33
34

Municipal securities
Corporate and foreign bonds
Mortgages

0.2
9.9
-1.1

0.2
11.2
-1.0

0.1
9.1
-5.4

0.3
6.5
7.7

0.2
5.5
6.6

0.3
7.0
8.3

0.0
0.5
0.6

0.2
6.0
7.1

0.3
8.7
10.4

0.2
5.6
6.6

-0.0
-0.9
-1.1

32
33
34

6.3
1.3

4.0
0.4

10.3
2.1

-17.5
-5.4

-5.2
-1.6

-2.1
-0.7

-2.7
-0.8

12.1
3.7

-27.9
-8.5

14.2
4.3

-8.1
-2.5

35
36

5.1
14.8
-24.7

5.9
3.7
-18.2

2.6
4.8
-28.5

7.4
17.5
-11.6

6.3
20.7
-7.9

7.9
19.1
-12.6

0.6
20.6
-2.0

6.8
19.1
-29.9

9.9
23.8
12.8

6.3
35.9
-68.4

-1.1
38.1
-94.0

37
38
39

42.8

131.0

172.5

148.1

146.6

187.2

82.1

176.3

140.7

234.7

131.2

40

35
36

Corporate equities
Mutual fund shares

37
38
39

Trade receivables
Taxes receivable
Miscellaneous assets

40

Net increase in liabilities

41

Credit market instruments

15.5

105.8

143.9

117.8

115.1

156.0

51.1

144.9

108.6

201.8

97.4

41

42
43
44
45

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

16.5
1.4
15.1
-1.0

105.5
23.8
81.7
0.2

143.4
25.2
118.2
0.5

117.5
7.2
110.3
0.3

115.0
-6.0
120.9
0.2

155.9
25.8
130.1
0.1

51.0
-60.7
111.6
0.2

144.7
20.1
124.6
0.2

108.2
-9.0
117.2
0.3

201.4
17.9
183.5
0.3

97.0
-32.9
129.9
0.4

42
43
44
45

27.4

25.2

28.7

30.4

31.4

31.2

31.0

31.4

32.2

32.9

33.8

46

-65.7

-47.3

-30.5

-38.3

-41.2

-44.6

-44.3

-39.7

-36.3

-41.6

-42.9

47

46
47

Trade payables
Discrepancy

(1) Data for retirement funds are shown in table F.119.
(2) Table F.9, line 8.

21

Z.1, September 21, 2005

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7
8
9

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

2053.8

2016.3

1853.2

1868.6

1974.8

1917.8

1951.4

1975.4

2054.6

2196.6

2244.1

1

999.1
87.8
219.5
7.3
691.7
25.2
25.7
-2.3

994.5
85.8
164.7
7.2
717.5
24.9
27.1
-5.5

830.5
87.3
150.5
7.3
734.3
20.2
24.8
-1.6

774.3
89.7
186.7
8.5
759.1
22.7
25.7
1.9

801.8
94.0
217.4
9.2
802.5
21.9
28.6
-0.5

771.3
93.4
206.9
9.2
787.2
22.0
27.6
0.3

786.3
93.4
219.9
8.5
793.5
21.5
28.1
0.3

810.0
94.0
207.5
7.9
806.0
21.8
28.7
-0.4

839.7
95.1
235.3
11.2
823.4
22.2
30.0
-2.3

908.3
95.4
291.7
9.7
841.1
23.0
30.4
-2.9

930.7
98.2
305.4
8.6
850.3
24.2
30.2
-3.6

2
3
4
5
6
7
8
9

10

Current expenditures, NIPA basis

1864.4

1969.5

2101.1

2251.4

2381.3

2347.2

2364.9

2387.0

2426.2

2494.9

2525.0

10

11
12
13
14
15
16

Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies
- Wage accruals less disbursements

499.3
772.5
265.6
283.3
43.8
0.0

531.9
841.4
290.0
258.6
47.6
0.0

591.5
919.6
323.4
229.1
37.5
0.0

661.9
965.0
362.7
215.2
46.5
0.0

725.7
1017.1
374.1
221.5
43.0
0.0

710.7
1003.2
376.1
216.9
41.8
1.5

721.1
1010.3
372.3
218.4
41.3
-1.5

735.7
1019.9
364.1
224.5
42.8
-0.0

735.1
1034.9
384.1
226.1
46.1
0.0

759.6
1064.2
394.5
226.6
50.1
0.0

761.9
1077.6
382.1
250.8
52.6
0.0

11
12
13
14
15
16

17

Net federal government saving, NIPA basis

189.4

46.7

-247.9

-382.7

-406.5

-429.3

-413.4

-411.6

-371.6

-298.3

-280.9

17

18
19
20

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

87.2
1.8
-8.1

88.2
3.3
-12.9

88.9
-1.7
-23.1

90.3
-0.6
-40.4

93.8
0.0
-38.0

91.8
1.6
-37.6

93.4
-3.8
-35.8

94.2
-1.3
-40.8

95.9
3.5
-37.8

96.9
5.4
-55.1

97.7
-1.8
-44.1

18
19
20

21

= Gross saving and net capital transfers

266.7

118.8

-180.5

-332.2

-350.7

-376.8

-352.0

-356.8

-317.1

-261.9

-225.5

21

22

Gross investment

277.2

80.8

-191.1

-385.4

-358.1

-505.2

-327.9

-288.7

-310.7

-515.7

-50.8

22

79.5
-0.3

81.0
-0.7

88.1
0.3

92.9
-0.2

101.9
0.0

97.7
0.0

103.5
-0.7

100.8
1.8

105.7
-1.0

100.7
0.3

106.3
-0.6

23
24

198.0

0.5

-279.5

-478.2

-460.1

-602.9

-430.7

-391.2

-415.4

-616.6

-156.5

25

-70.7

53.9

7.4

22.9

-27.9

-28.1

-4.9

-52.1

-26.5

75.4

-74.9

26

-0.6
-65.1
1.0

4.6
41.1
4.2

3.4
-17.1
17.1

-1.8
9.2
-25.2

-3.1
-31.0
-0.0

-2.5
-59.7
-2.2

-4.8
8.4
1.1

-2.0
-63.8
0.5

-3.2
-9.0
0.6

-21.6
63.0
-0.1

2.9
-36.8
-2.8

27
28
29

11.6
0.0
-3.6
-0.9
16.1

6.0
0.0
-5.9
-1.1
13.1

9.6
0.0
-3.6
0.5
12.7

-2.5
0.0
-1.4
-2.5
1.3

3.9
0.0
-2.0
1.6
4.3

4.7
0.0
-2.4
8.0
-0.9

-11.9
0.0
-0.9
-6.0
-5.0

24.6
0.0
-2.5
0.7
26.3

-1.9
0.0
-2.2
3.6
-3.3

-0.7
0.0
-10.0
0.2
9.1

-13.5
0.0
-6.7
1.2
-8.0

30
31
32
33
34

5.3
-21.5
-1.4

7.3
-10.6
1.3

-3.3
-2.3
0.0

19.1
22.8
1.4

10.6
-8.8
0.6

14.4
17.2
-0.0

12.2
-10.0
0.1

5.1
-18.5
2.1

10.5
-23.8
0.2

-9.2
55.6
-11.7

10.0
-34.0
-0.8

35
36
37

-268.7

53.4

286.9

501.1

432.2

574.8

425.8

339.2

388.9

692.0

81.6

38

-4.0
2.4

0.0
1.3

0.0
1.0

0.0
0.6

0.0
0.7

0.0
0.8

0.0
1.2

0.0
0.7

0.0
0.1

0.0
0.8

0.0
1.1

39
40

-295.9
-1.7
-293.2
-1.0
0.0

-5.6
5.6
-10.7
-0.5
0.0

257.6
4.5
252.5
0.5
0.0

396.0
8.9
389.5
-2.4
0.0

361.9
0.6
361.9
-0.6
0.0

502.9
3.5
498.4
1.1
0.0

367.2
1.5
369.4
-3.6
0.0

266.3
-1.1
267.6
-0.2
0.0

311.2
-1.4
312.3
0.3
0.0

630.7
0.1
631.3
-0.7
0.0

5.8
0.7
6.5
-1.4
0.0

41
42
43
44
45

4.4
1.4
22.9
20.9
2.0

3.4
1.4
53.0
60.8
-7.8

0.8
1.6
26.0
24.5
1.5

72.7
1.1
30.7
24.7
6.0

18.2
1.1
50.3
40.9
9.3

28.5
-0.0
42.6
32.3
10.4

20.3
1.9
35.3
25.0
10.2

19.4
0.2
52.5
48.4
4.1

4.6
2.3
70.7
58.0
12.7

14.3
0.0
46.2
42.2
4.0

19.2
1.7
53.7
28.6
25.1

46
47
48
49
50

-10.5

38.0

10.7

53.2

7.5

128.5

-24.1

-68.2

-6.4

253.8

-174.7

51

-55.1

50.9

-1.6

-24.8

-3.1

8.4

-5.8

-39.4

24.4

44.6

-75.0

52

23
24

Fixed investment
Nonproduced nonfinancial assets

25

Net financial investment

26

Net acq. of financial assets

27
28
29

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

30
31
32
33
34

Credit market instruments
Agency- and GSE-backed securities
Other loans and advances
Mortgages
Consumer credit (3)

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

38

Net increase in liabilities

39
40

SDR certificates
Treasury currency

41
42
43
44
45

Credit market instruments
Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages

46
47
48
49
50

Trade payables
Insurance reserves
Miscellaneous liabilities (4)
Nonmarketable securities held by pension plans
Other

51

Discrepancy
Memo:

52

Change in cash balance (5)

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(2) Table F.9, line 2.
(3) Student loans.
(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement
and disability fund.
(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

22

Z.1, September 21, 2005

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1
2
3
4

Foreign income from U.S.
U.S. imports
U.S. income payments to rest of world
Current taxes and trans. payments to rest of world

1875.6
1475.8
343.7
56.1

1725.7
1399.9
278.8
47.0

1769.9
1430.3
275.0
64.5

1893.8
1546.5
275.6
71.7

2240.9
1797.8
361.7
81.5

2076.9
1690.3
297.0
89.6

2213.4
1776.4
354.5
82.6

2255.1
1821.8
369.6
63.6

2418.1
1902.5
425.6
90.0

2482.4
1950.6
422.9
108.8

2537.5
1991.2
454.3
91.9

1
2
3
4

5
6
7

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

1479.0
1096.3
382.7

1355.3
1032.8
322.5

1311.6
1005.9
305.7

1389.3
1045.6
343.7

1589.2
1173.8
415.4

1510.7
1130.8
380.0

1564.5
1163.3
401.2

1601.9
1183.8
418.1

1679.5
1217.1
462.4

1715.4
1253.2
462.3

1791.5
1304.2
487.3

5
6
7

8
9

Net capital transfers (1)
Gross saving and net capital transfers (2)

0.8
397.4

1.1
371.5

1.4
459.7

3.3
507.8

1.7
653.4

1.7
567.9

1.5
650.4

1.6
654.8

1.8
740.4

17.9
784.8

3.1
749.1

8
9

Gross investment
Nonproduced nonfinancial assets

485.4
0.0

399.1
0.1

499.0
0.0

557.5
0.1

583.0
0.0

509.8
0.0

682.7
0.0

465.3
0.0

674.0
-0.0

630.4
0.5

555.7
-12.3

10
11

485.4

399.0

499.0

557.4

582.9

509.8

682.7

465.2

674.0

629.9

568.0

12

963.0

657.7

767.8

842.9

1258.4

1038.4

1129.9

1254.2

1611.1

1178.5

973.3

13

10
11
12
13

Net financial investment
Net acquisition of financial assets

14
15
16
17
18

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

-0.7
20.8
7.5
-17.2
11.4

-0.6
-45.6
18.8
11.9
59.4

-0.5
4.2
20.9
31.7
39.4

0.6
0.5
28.9
-11.1
270.1

-0.4
-87.5
41.7
72.8
186.9

-0.4
-242.1
8.5
11.7
275.5

-0.4
0.6
84.2
152.5
87.9

-0.4
-128.2
5.3
-8.6
198.5

-0.4
19.8
68.6
135.7
185.8

6.9
311.1
-55.0
-183.6
-166.8

-0.4
-14.7
160.4
294.0
79.6

14
15
16
17
18

19
20
21
22
23
24
25
26
27
28

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

241.9
4.3
-70.5
-5.2
-65.3
141.9
40.9
101.0
168.4
-2.2

305.3
-2.6
10.5
33.7
-23.2
103.7
20.9
82.8
195.4
-1.6

422.7
10.3
138.9
60.5
78.4
112.3
30.5
81.8
151.0
10.1

531.6
7.0
288.9
184.9
104.0
6.5
39.9
-33.4
230.0
-0.8

754.4
30.6
358.5
272.6
85.8
104.8
38.5
66.3
254.4
6.3

814.0
51.2
559.3
450.3
109.0
36.9
45.7
-8.8
179.3
-12.7

793.6
12.5
493.5
251.9
241.6
99.9
1.9
98.0
200.9
-13.1

593.0
9.2
206.6
221.4
-14.9
49.5
46.2
3.4
342.4
-14.7

817.0
49.3
174.5
166.9
7.6
232.8
60.2
172.7
294.8
65.5

788.1
-23.8
357.3
57.2
300.1
102.7
99.8
3.0
244.1
107.8

750.1
47.8
136.9
90.9
46.0
167.9
86.5
81.4
346.3
51.2

19
20
21
22
23
24
25
26
27
28

29
30
31
32
33
34

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

193.6
-0.4
0.0
506.0
321.3
184.8

121.5
-3.1
0.0
190.1
167.0
23.1

54.1
3.1
0.0
192.2
80.8
111.3

35.0
1.8
0.0
-14.4
67.1
-81.5

61.9
-0.4
0.0
228.9
106.8
122.1

17.2
0.9
0.0
153.0
34.0
119.0

36.6
7.0
0.0
-32.2
124.2
-156.4

5.1
-8.2
0.0
597.5
142.7
454.8

188.7
-1.5
0.0
197.5
126.5
71.0

82.9
13.1
0.0
381.8
140.2
241.6

50.0
16.6
0.0
-362.2
70.4
-432.6

29
30
31
32
33
34

477.6

258.6

268.8

285.5

675.4

528.6

447.2

788.9

937.1

548.6

405.3

35

-0.4
126.9

4.3
6.8

3.2
21.0

-0.9
22.3

-3.2
111.3

-2.6
152.4

-4.8
16.2

-2.1
79.8

-3.2
196.6

-14.5
371.2

2.8
49.8

36
37

63.0
31.7
21.2
11.4
0.6
3.4
7.4
-0.6
-0.7

-43.8
-14.2
-18.5
-7.3
0.8
-7.4
-0.7
-1.1
-2.6

70.8
36.1
31.6
5.3
0.8
-0.8
5.3
-1.9
-0.4

54.3
22.3
41.9
-7.7
-0.5
-1.5
-5.7
-2.1
0.0

82.2
63.7
19.2
2.5
0.9
2.8
-1.3
-3.2
0.1

84.2
99.6
-4.3
-6.7
1.5
2.9
-11.2
-4.6
0.3

-63.6
-30.1
-40.1
7.0
1.3
5.9
-0.2
-1.6
1.1

97.5
24.4
86.8
-9.0
-0.8
-3.2
-5.0
-3.5
-1.3

210.7
160.7
34.4
18.5
1.6
5.7
11.1
-3.0
0.1

17.7
13.7
-4.6
12.1
0.9
1.4
9.9
-3.7
0.2

87.6
33.6
60.7
-5.2
-1.9
-1.8
-1.5
-2.4
0.8

38
39
40
41
42
43
44
45
46

106.7
0.8
0.0
180.6
1.5
0.0
159.2
19.8

109.1
-2.2
0.0
184.4
1.7
-0.1
142.3
40.4

17.0
-10.1
0.0
167.0
1.5
0.1
154.5
10.9

114.2
9.9
0.0
85.7
1.4
0.2
140.6
-56.5

83.2
3.3
0.0
398.7
2.0
-0.0
252.0
144.7

66.5
-3.1
0.0
231.2
1.4
0.3
209.5
20.0

160.9
-4.1
0.0
342.6
2.1
-0.5
233.7
107.4

67.0
-8.2
0.0
555.0
3.4
0.2
164.9
386.6

38.5
28.4
0.0
466.1
1.2
-0.2
400.0
65.1

159.3
-2.4
0.0
17.3
1.5
-15.7
108.0
-76.5

83.3
-2.4
0.0
184.2
1.4
-0.0
134.4
48.4

47
48
49
50
51
52
53
54

-88.0

-27.6

-39.3

-49.7

70.4

58.1

-32.3

189.5

66.4

154.4

193.3

55

-379.5
39.0
56.1
-396.6

-367.0
43.7
47.0
-370.4

-424.4
30.6
64.5
-458.3

-500.9
68.1
71.7
-504.5

-624.0
53.8
81.5
-651.7

-559.6
83.0
89.6
-566.2

-613.1
46.7
82.6
-648.9

-638.0
48.5
63.6
-653.2

-685.4
36.8
90.0
-738.6

-697.5
39.4
108.8
-767.0

-687.0
33.0
91.9
-746.0

56
57
58
59

35
36
37

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

38
39
40
41
42
43
44
45
46

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

47
48
49
50
51
52
53
54

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

55

Discrepancy (FOF basis) (7)

56
57
58
59

Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (8)
- Current taxes and trans. payments to rest of world
= Balance on current account, NIPAs

(1) Table F.9, line 11.
(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 with the sign reversed plus line 8.
(3) U.S. net sales, sign reversed.
(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.
(6) Includes American Depositary Receipts (ADRs).
(7) Balance of payments discrepancy adjusted to NIPA concepts.
(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

23

Z.1, September 21, 2005

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

6.5

2.3

-0.4

-2.2

-1.7

-1.7

-1.7

-1.9

-1.6

-1.6

-1.5

1

2

Fixed nonresidential investment

2.7

2.4

2.1

1.9

2.2

2.0

2.1

2.2

2.3

2.4

2.4

2

3

Net acquisition of financial assets

-60.9

47.0

70.7

43.2

44.4

21.2

69.5

50.9

36.1

26.1

26.8

3

0.9
-4.0
3.6

0.3
0.0
1.4

0.3
0.0
1.6

0.3
0.0
0.9

0.3
0.0
1.0

0.3
0.0
1.1

0.3
0.0
1.1

0.3
0.0
1.0

0.4
0.0
0.6

0.3
0.0
0.4

0.3
0.0
0.3

4
5
6

1.1
-0.1
-97.3

-0.9
-0.1
6.9

0.4
0.0
-10.8

-0.7
0.0
4.3

1.2
-0.0
-10.8

-1.1
0.0
-0.8

3.0
1.0
13.8

6.7
-0.3
-28.0

-3.7
-0.8
-28.0

-9.4
0.0
52.9

1.7
0.7
-5.3

7
8
9

33.7

39.9

77.7

37.2

51.2

22.1

53.5

71.3

57.6

-10.5

32.0

10

0.0
33.7
-0.1
0.0

0.0
40.0
-0.1
0.0

0.0
77.7
0.0
0.0

0.0
37.3
-0.0
0.0

0.0
51.2
0.0
0.0

0.0
22.1
0.0
0.0

0.0
53.5
0.0
0.0

0.0
71.3
0.0
0.0

0.0
57.6
0.0
0.0

0.0
-10.5
0.0
0.0

0.0
32.0
0.0
0.0

11
12
13
14

1.1

-0.4

1.4

1.3

1.5

-0.6

-3.2

-0.0

9.9

-7.7

-2.9

15

4
5
6

Gold and foreign exchange
SDR certificates
Treasury currency

7
8
9

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

10
11
12
13
14
15
16

Credit market instruments
Acceptances
Treasury securities
Agency- and GSE-backed securities
Bank loans n.e.c.
Miscellaneous assets

-61.3

46.5

69.6

42.8

41.7

17.8

69.4

49.2

30.1

24.6

23.4

16

17
18

Depository institution reserves
Vault cash of commercial banks

-5.0
-22.2

-1.6
2.9

5.1
0.5

0.5
0.1

1.0
-6.4

0.4
12.1

15.7
5.5

-20.3
-8.1

8.1
-35.1

-6.5
43.3

-10.6
7.4

17
18

19
20
21
22

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

-35.3
-22.9
0.1
-12.5

48.0
1.5
-0.2
46.7

41.5
-2.3
0.0
43.7

37.9
1.3
0.1
36.6

37.1
0.1
-0.1
37.1

15.2
-1.9
-0.3
17.4

50.9
-5.0
0.7
55.2

41.2
-1.7
-0.6
43.4

41.3
9.2
-0.2
32.3

11.0
-6.2
0.2
17.0

11.7
-8.8
-0.2
20.7

19
20
21
22

23
24
25

Miscellaneous liabilities
Federal Reserve Bank stock
Other

1.1
0.6
0.6

-2.8
0.4
-3.2

22.6
1.0
21.5

4.3
0.5
3.8

9.9
3.1
6.9

-9.9
0.5
-10.4

-2.6
1.0
-3.6

36.4
5.1
31.3

15.8
5.6
10.1

-23.1
2.6
-25.7

14.8
1.5
13.3

23
24
25

3.4

-0.6

-3.5

-4.6

-6.7

-7.1

-4.0

-5.8

-9.9

-5.4

-7.4

26

26

Net increase in liabilities

Discrepancy

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

24

Z.1, September 21, 2005

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

62.9

81.7

91.8

99.4

95.0

103.7

98.3

82.2

95.8

117.9

115.7

1

2

Fixed nonresidential investment

22.3

22.0

18.9

18.8

21.1

20.0

20.8

21.5

22.2

22.7

23.3

2

3

Net acquisition of financial assets

472.4

350.2

476.6

472.5

706.4

1146.8

665.4

522.8

490.4

1147.3

759.2

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

-22.2
-5.0
-0.5

2.9
-2.2
1.1

0.5
4.5
-0.3

0.1
-0.0
-0.0

-6.4
1.1
1.0

12.1
1.0
2.9

5.5
15.1
-1.8

-8.1
-20.7
1.4

-35.1
9.0
1.7

43.3
-5.2
0.5

7.4
-10.8
0.7

4
5
6

7

Total bank credit

411.9

216.0

408.3

331.3

563.5

923.0

513.1

316.8

501.2

1040.1

657.2

7

-44.4
22.3

-21.9
55.6

43.2
140.5

3.0
83.6

-22.8
96.9

32.9
380.2

1.0
65.7

-54.9
-217.6

-70.1
159.2

53.5
97.5

-50.8
-63.1

8
9

3.4
56.0

6.1
97.0

1.5
-3.2

10.8
44.6

8.3
77.3

11.4
71.6

10.8
-32.3

1.7
148.6

9.2
121.0

25.1
275.6

7.0
167.3

10
11

371.8
0.2
112.8
164.6
43.8
50.4

71.3
0.0
-76.2
129.8
17.8
0.0

225.2
0.0
-80.6
268.5
34.6
2.8

193.2
0.0
-94.5
197.5
54.7
35.5

405.0
0.0
47.0
339.5
36.3
-17.9

431.5
0.0
-27.8
380.4
17.0
61.9

469.0
0.0
64.9
356.8
17.3
30.1

441.9
0.0
2.4
322.6
62.2
54.7

277.5
0.0
148.6
298.2
48.9
-218.2

594.2
0.0
110.0
467.4
-20.6
37.4

596.8
0.0
206.8
328.2
9.7
52.2

12
13
14
15
16
17

0.3
2.5

0.2
7.8

-0.6
1.7

2.3
-6.2

-0.2
-0.9

-0.0
-4.7

-1.2
-0.0

-0.2
-2.8

0.4
4.0

-0.9
-4.9

4.4
-4.3

18
19

-0.7
89.0

-2.9
135.3

-0.0
63.6

-0.2
141.3

-0.4
147.5

-1.9
209.8

2.4
131.3

-1.5
234.9

-0.3
14.0

0.1
68.5

0.6
104.0

20
21

8
9

Treasury securities
Agency- and GSE-backed securities

10
11

Municipal securities
Corporate and foreign bonds

12
13
14
15
16
17

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

18
19

Corporate equities
Mutual fund shares

20
21

Customers’ liab. on acceptances (2)
Miscellaneous assets

22

Net increase in liabilities

570.4

353.2

500.3

477.8

854.2

1237.1

776.9

624.2

778.4

1226.9

752.0

22

23
24
25
26

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

39.1
1.0
17.3
20.8

-29.4
-1.0
17.2
-45.6

11.9
0.4
7.2
4.2

-4.7
-0.7
-4.4
0.5

-71.3
1.2
15.0
-87.5

-242.5
-1.1
0.7
-242.1

75.0
4.0
70.4
0.6

-155.2
6.4
-33.4
-128.2

37.6
-4.4
22.2
19.8

311.9
-9.3
10.1
311.1

-23.0
2.5
-10.7
-14.7

23
24
25
26

27
28
29
30

Checkable deposits
Federal government
Rest of the world
Private domestic

-85.5
-33.2
2.0
-54.3

102.2
45.3
-4.8
61.7

-57.3
-16.4
-0.6
-40.3

30.9
-0.9
12.2
19.6

44.6
-3.2
26.9
20.9

95.0
12.6
16.0
66.4

-2.4
-1.8
48.4
-48.9

-22.3
-38.2
-4.3
20.3

107.9
14.6
47.5
45.9

30.2
50.9
-59.5
38.8

-71.8
-63.4
142.5
-150.8

27
28
29
30

31
32
33

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

211.6
92.8
66.1

249.4
32.7
-42.3

269.4
-2.8
115.5

230.4
18.8
67.6

281.8
186.3
4.1

307.2
217.7
222.3

351.3
148.9
122.9

242.4
132.4
-35.5

226.3
246.2
-293.3

215.7
206.7
207.6

181.1
165.3
182.7

31
32
33

34

Credit market instruments

60.0

52.9

49.7

49.2

77.7

182.7

6.8

60.1

61.2

163.0

41.5

34

0.6
32.6
26.8

-8.3
37.0
24.2

-2.5
22.0
30.2

-6.3
46.9
8.5

10.6
58.3
8.8

57.4
39.3
85.9

-19.2
54.8
-28.8

-0.0
61.4
-1.2

4.0
77.8
-20.6

26.9
79.3
56.7

-7.2
30.8
17.9

35
36
37

-12.5
2.1
196.5

-8.1
2.4
-6.5

-10.7
2.6
121.9

-2.4
2.9
85.2

17.6
3.2
310.1

-0.6
3.1
452.1

-4.4
3.1
75.7

70.5
3.2
328.5

5.0
3.3
384.0

-22.1
3.3
110.7

11.3
3.4
261.5

38
39
40

138.6

62.8

96.6

85.9

221.7

174.1

189.0

162.1

361.5

174.8

85.2

41

357.9

205.2

404.4

299.5

582.2

863.9

486.6

263.5

714.7

1008.7

605.6

42

35
36
37
38
39
40
41

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

42

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table F.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20).

25

Z.1, September 21, 2005

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

11.5

21.5

18.3

27.0

32.0

49.9

34.2

15.2

28.8

51.9

36.6

1

2

Fixed nonresidential investment

15.8

15.0

12.5

12.1

13.3

12.7

13.1

13.5

13.9

14.2

14.5

2

3

Net acquisition of financial assets

329.1

229.7

389.0

406.1

585.0

764.2

626.7

346.6

602.3

808.4

389.8

3

4

Vault cash and reserves at Federal Reserve

-26.2

0.6

4.4

0.5

-5.2

12.1

21.5

-29.5

-24.7

38.1

-5.1

4

5

Total bank credit

350.2

209.0

391.9

331.9

557.9

843.0

495.0

278.6

615.0

783.2

385.3

5

-35.0
18.2
14.1
-9.8
13.9

-31.4
73.7
52.8
57.2
-36.2

29.9
121.1
84.3
-9.2
46.0

7.1
85.1
56.6
2.4
26.1

-19.2
89.7
90.2
-4.7
4.2

24.2
378.4
346.5
20.7
11.2

7.4
45.5
35.3
-31.0
41.1

-51.9
-216.8
-168.4
-21.2
-27.2

-56.7
151.7
147.5
12.6
-8.4

45.2
104.2
77.1
30.8
-3.7

-33.0
-94.2
-64.3
-25.8
-4.2

6
7
8
9
10

3.2
50.1
-0.4
7.7
42.8

6.3
63.7
21.2
2.8
39.7

1.5
-0.8
-13.3
8.1
4.4

10.7
41.6
0.2
25.2
16.2

8.5
58.4
6.7
13.4
38.3

11.2
36.9
6.4
7.3
23.2

10.7
1.8
-0.8
-0.1
2.8

3.2
136.3
13.6
24.2
98.5

8.9
58.7
7.6
22.1
28.9

25.1
100.4
13.6
56.8
30.0

7.0
92.7
12.2
48.3
32.1

11
12
13
14
15

310.8
0.2
98.1
161.6
43.8
7.1

88.8
0.0
-62.0
125.8
17.8
7.2

239.0
0.0
-58.6
265.7
34.6
-2.7

191.3
0.0
-70.9
195.2
54.7
12.3

421.7
0.0
41.3
333.4
36.3
10.6

397.1
0.0
-13.9
375.9
17.0
18.0

430.8
0.0
51.6
359.3
17.3
2.6

410.8
0.0
8.4
313.3
62.2
26.9

448.1
0.0
119.2
285.0
48.9
-5.0

514.0
0.0
79.2
458.5
-20.6
-3.2

412.8
0.0
123.2
324.1
9.7
-44.1

16
17
18
19
20
21

0.3
2.5

0.2
7.8

-0.6
1.7

2.3
-6.2

-0.2
-0.9

-0.0
-4.7

-1.2
-0.0

-0.2
-2.8

0.4
4.0

-0.9
-4.9

4.4
-4.3

22
23

-0.7
5.9

-2.3
22.3

0.3
-7.6

-0.2
73.9

-0.5
32.7

-1.7
-89.3

2.1
108.2

-2.0
99.6

-0.2
12.2

0.4
-13.3

-0.2
9.8

24
25

470.6

283.9

476.6

473.8

784.1

898.4

789.9

504.4

943.8

941.9

450.6

26

73.8
1.1
-0.1
27.4
45.4

2.0
-0.9
-0.1
16.5
-13.6

57.2
0.4
0.0
20.9
35.9

25.6
-0.7
0.0
-66.4
92.8

56.2
1.2
-0.0
28.3
26.7

-121.2
-1.1
0.0
-53.0
-67.1

178.0
3.0
1.0
35.8
138.1

-23.0
6.7
-0.3
1.9
-31.2

191.1
-3.7
-0.8
128.5
67.1

230.5
-9.4
0.0
-8.0
247.8

36.5
1.7
0.7
87.0
-53.0

27
28
29
30
31

6
7
8
9
10

Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

11
12
13
14
15

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

16
17
18
19
20
21

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

22
23

Corporate equities
Mutual fund shares

24
25
26

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

27
28
29
30
31

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

32
33
34
35

Checkable deposits
Federal government
Rest of the world
Private domestic

-85.0
-33.2
2.4
-54.2

98.7
45.3
-2.5
55.9

-55.6
-16.4
-0.3
-38.9

28.4
-0.9
12.6
16.7

43.7
-3.2
27.4
19.5

94.2
12.6
15.1
66.6

-2.0
-1.8
50.1
-50.3

-23.4
-38.2
-3.8
18.6

106.1
14.6
48.3
43.2

19.8
50.9
-72.0
41.0

-63.4
-63.4
154.7
-154.7

32
33
34
35

36
37
38

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

210.6
87.9
15.4

240.4
-25.2
-31.2

273.6
24.3
73.6

228.2
2.9
68.5

281.0
115.4
10.1

303.4
63.1
220.3

351.1
72.9
87.8

242.8
113.2
-84.7

226.8
212.4
-183.1

204.5
124.2
278.3

177.5
113.1
128.3

36
37
38

39
40
41
42
43

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

-0.6
10.6
26.8
4.0
2.1

-2.3
8.3
24.2
7.2
2.4

0.3
-0.6
30.2
4.7
2.6

-0.2
5.5
8.5
7.2
2.9

-0.4
9.7
8.8
5.9
3.2

-1.7
-4.2
85.9
5.1
3.1

2.1
17.2
-28.8
3.9
3.1

-2.0
2.4
-1.2
9.9
3.2

-0.1
23.2
-20.6
4.9
3.3

0.4
18.2
56.7
7.2
3.3

-0.2
1.8
17.9
9.0
3.4

39
40
41
42
43

44
45
46

Miscellaneous liabilities
Investment by bank holding companies
Other

124.9
53.6
71.3

-40.5
60.7
-101.2

66.3
53.1
13.1

96.2
50.5
45.7

250.4
167.2
83.2

250.4
73.4
177.0

104.5
121.9
-17.5

267.1
323.3
-56.2

379.7
150.3
229.4

-1.3
-14.7
13.3

26.8
91.8
-65.0

44
45
46

137.1

60.7

93.5

82.6

217.9

171.5

184.2

159.4

356.5

171.2

82.9

47

339.5

191.6

393.8

323.3

548.0

828.1

495.7

252.7

615.5

792.5

429.2

48

47

Discrepancy
Memo:

48

Credit market funds advanced (2)

(1) Included in other loans and advances (table F.216).
(2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).

26

Z.1, September 21, 2005

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

4.8

5.3

5.5

5.7

6.5

6.1

6.3

6.8

6.7

6.7

6.7

1

2

Fixed nonresidential investment

6.2

6.6

6.0

6.2

7.4

6.9

7.3

7.6

8.0

8.2

8.4

2

3

Net acquisition of financial assets

38.4

3.1

9.2

-68.6

-162.8

100.3

-136.4

-287.2

-328.0

324.3

165.5

3

4

Reserves at Federal Reserve

-1.0

0.2

0.6

-0.4

-0.1

1.0

-1.0

0.7

-1.4

-0.1

1.8

4

5

Total bank credit

67.2

-7.2

12.0

-19.8

-8.3

66.8

1.9

24.7

-126.6

254.4

228.3

5

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

-0.5
0.4
0.0
8.3

9.8
-22.0
0.0
30.6

12.9
10.9
0.0
0.3

-6.5
-7.1
0.0
1.3

-4.1
0.6
0.0
17.7

9.7
-5.6
0.0
35.1

-11.1
12.4
0.0
-31.2

2.4
-13.8
0.0
14.1

-17.6
9.5
0.0
52.7

9.1
-9.3
0.0
179.2

-18.7
27.9
0.0
39.4

6
7
8
9

10
11
12
13
14

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

59.0
-0.1
14.6
1.2
43.2

-25.6
0.0
-19.1
0.7
-7.2

-12.0
0.0
-18.6
1.1
5.5

-7.5
0.0
-29.0
-1.8
23.2

-22.4
0.0
6.4
-0.3
-28.5

27.7
0.0
-16.8
0.7
43.8

31.8
0.0
14.0
-9.7
27.5

22.0
0.0
-7.8
2.0
27.8

-171.2
0.0
36.3
5.7
-213.2

75.3
0.0
34.7
0.1
40.5

179.7
0.0
81.7
1.7
96.3

10
11
12
13
14

15

Corporate equities

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

-0.0
-27.7

-0.6
10.7

-0.4
-3.1

-0.0
-48.4

0.1
-154.5

-0.3
32.7

0.3
-137.6

0.5
-313.1

-0.1
-199.9

-0.3
70.3

0.8
-65.4

16
17

6
7
8
9

16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets

18

Net increase in liabilities

42.0

7.1

13.6

-63.7

-157.5

105.4

-131.1

-281.9

-322.6

329.9

171.1

18

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

-40.8
-57.1
16.2

-16.1
-35.3
19.2

-42.3
-32.3
-10.0

-41.3
-47.5
6.3

-121.7
-120.2
-1.5

-120.4
-172.0
51.6

-107.4
-152.6
45.3

-153.1
-90.3
-62.8

-106.0
-66.1
-39.9

114.8
20.5
94.2

-43.3
57.3
-100.6

19
20
21

22
23
24

Checkable deposits
Small time and savings deposits
Large time deposits

-0.4
-0.4
3.4

0.4
4.5
53.3

-0.7
-2.3
-25.1

1.0
0.9
14.6

-0.7
-0.8
69.3

-1.8
3.6
154.4

-1.9
-1.6
74.1

0.6
-3.9
15.7

0.2
-1.3
33.1

10.3
5.3
76.6

-11.9
-2.2
46.5

22
23
24

25
26

Federal funds and security RPs (net)
Acceptance liabilities

52.3
-0.0

-11.0
-0.9

39.5
-0.4

-1.9
-0.1

-4.7
0.1

5.4
-0.1

34.4
0.2

49.9
0.5

-108.6
-0.0

-69.2
-0.3

47.6
0.6

25
26

27
28
29
30

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

27.9
9.7
45.6
-27.5

-23.1
8.4
-30.8
-0.7

44.8
3.6
24.7
16.5

-37.0
4.5
-1.7
-39.8

-99.1
16.7
30.4
-146.3

64.2
1.7
108.4
-45.8

-129.0
5.5
-82.3
-52.3

-191.6
50.9
15.6
-258.1

-140.0
8.8
80.0
-228.9

192.3
19.4
39.8
133.1

133.7
9.2
45.8
78.7

27
28
29
30

2.2

2.7

3.9

4.3

4.3

4.3

4.2

4.5

4.1

4.1

4.0

31

23.9

-0.6

6.2

-43.0

20.3

22.7

-25.3

-2.7

86.5

213.6

132.8

32

31

Discrepancy
Memo:

32

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table F.216).
(3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).

27

Z.1, September 21, 2005

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

4
5
6
7
8
9
10
11
12

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

Q2

2005
Q3

Q4

Q1

Q2

46.5

54.9

67.9

66.6

56.4

47.5

57.8

60.0

60.2

59.1

72.3

1

0.2

0.2

0.4

0.3

0.2

0.3

0.3

0.2

0.2

0.2

0.2

2

100.7

100.5

83.4

126.6

268.3

266.1

161.4

441.4

204.3

0.9

189.5

3

-12.2

4.2

3.1

8.6

-0.0

1.2

-2.3

3.0

-2.0

-9.4

29.4

4

-7.9
-0.5
-2.8
-0.9

0.4
1.4
2.1
0.3

0.1
4.5
-2.4
0.9

1.4
0.9
1.3
5.0

-0.8
1.9
1.3
-2.5

-2.3
3.6
-1.1
1.0

1.0
1.4
-1.9
-2.9

-3.4
5.8
-1.0
1.6

1.7
-3.2
9.2
-9.7

-1.6
0.3
-3.3
-4.9

3.2
-3.1
34.4
-5.1

5
6
7
8

112.9
53.6
38.4
20.9

96.4
60.7
29.8
5.9

80.3
53.1
-0.2
27.3

118.0
50.5
45.0
22.4

268.4
167.2
68.7
32.4

265.0
73.4
113.9
77.7

163.8
121.9
41.7
0.1

438.4
323.3
68.3
46.8

206.3
150.3
51.0
5.1

10.4
-14.7
3.1
21.9

160.0
91.8
30.6
37.6

9
10
11
12

13

Net increase in liabilities

54.4

45.8

15.7

60.3

212.1

218.8

103.8

381.6

144.2

-58.0

117.3

13

14
15
16

Net interbank liabilities
To domestic banks
To foreign banks

6.2
-26.3
32.5

-15.3
-18.6
3.3

-3.0
-3.6
0.6

10.9
55.8
-44.8

-5.8
-11.9
6.1

-1.0
2.0
-3.0

4.4
-10.7
15.1

20.9
27.6
-6.7

-47.5
-66.4
18.8

-33.4
-76.1
42.7

-16.1
2.9
-19.0

14
15
16

17

Federal funds and security RPs (net)

-1.6

-0.1

2.4

0.9

-1.3

-3.4

0.7

-0.7

-1.6

-1.5

6.7

17

18
19
20

Credit market instruments
Commercial paper
Corporate bonds

23.2
1.2
22.0

23.6
-5.1
28.7

20.3
-2.3
22.6

35.4
-6.0
41.4

59.5
10.8
48.7

102.8
59.2
43.6

16.1
-21.5
37.6

60.4
1.5
59.0

58.7
4.1
54.6

87.9
26.8
61.1

21.4
-7.6
29.0

18
19
20

21
22
23
24

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-16.5
43.1
10.3
32.8

-15.3
52.9
-8.9
61.8

-15.4
11.5
-44.0
55.4

-9.6
22.6
-37.5
60.1

11.7
148.0
129.4
18.6

-5.7
126.1
90.0
36.1

-8.3
91.0
47.0
43.9

60.6
240.3
258.7
-18.4

0.2
134.6
121.9
12.6

-29.4
-81.7
-117.5
35.7

2.3
103.0
47.8
55.2

21
22
23
24

-0.0

-0.0

-0.1

-0.1

-0.1

-0.1

-0.1

-0.0

-0.0

-0.1

-0.1

25

25

Discrepancy

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

Gross saving

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

1

2

Fixed nonresidential investment

0.2

0.2

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.2

2

3

Net acquisition of financial assets

4.0

17.0

-5.0

8.4

15.9

16.2

13.6

21.9

11.9

13.7

14.5

3

4

Checkable deposits and currency

-0.5

1.1

-0.3

-0.0

1.0

2.9

-1.8

1.4

1.7

0.5

0.7

4

5

Credit market instruments

6
7
8
9
10
11
12
13
14

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c.
Home mortgages
Commercial mortgages
Miscellaneous assets
Net increase in liabilities

15
16
17

Checkable deposits
Small time and savings deposits
Large time deposits

18

Miscellaneous liabilities

19

Discrepancy

6.7

10.0

1.3

10.6

13.9

11.9

18.5

10.5

14.8

12.0

14.2

5

-1.0
4.3
0.1
0.3

-0.6
2.5
-0.2
0.6

0.3
3.9
0.0
-0.3

1.0
4.7
0.1
0.4

1.4
4.7
-0.2
-0.2

1.3
3.9
0.2
0.7

3.6
6.4
0.1
-1.0

-1.9
7.2
-1.5
-0.7

2.5
1.2
0.3
0.4

0.8
2.4
0.1
-0.8

-2.2
6.3
0.0
0.9

6
7
8
9

1.1
1.0
0.8

4.5
-0.9
4.2

-4.3
1.5
0.2

0.3
2.5
1.6

1.8
3.4
3.1

2.0
2.2
1.6

2.2
4.4
2.8

0.1
3.5
3.9

2.9
3.4
4.1

0.9
19.1
-10.4

6.9
-0.3
2.8

10
11
12

-2.1

5.9

-6.0

-2.2

0.9

1.4

-3.0

10.0

-4.6

1.2

-0.4

13

3.4

16.4

-5.7

7.5

15.5

14.5

14.3

20.2

12.9

13.2

12.9

14

-0.1
1.4
1.4

3.1
4.6
4.6

-1.1
-1.9
-1.9

1.5
1.3
1.3

1.6
1.6
1.6

2.6
0.2
0.2

1.5
1.8
1.8

0.5
3.5
3.5

1.6
0.7
0.7

0.0
5.9
5.9

3.5
5.8
5.8

15
16
17

0.7

4.2

-0.7

3.4

10.8

11.4

9.3

12.6

9.8

1.4

-2.0

18

-0.7

-0.5

-0.7

-0.9

-0.4

-1.7

0.7

-1.8

1.0

-0.4

-1.6

19

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

28

Z.1, September 21, 2005

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

6.3

7.6

11.8

15.7

15.6

15.5

15.3

17.0

14.8

14.8

14.8

1

2

Fixed nonresidential investment

2.9

2.7

2.3

2.2

2.4

2.3

2.4

2.5

2.6

2.6

2.7

2

3

Net acquisition of financial assets

67.2

81.0

59.1

115.4

217.1

272.8

223.0

133.8

239.0

-67.3

293.1

3

4
5
6
7

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

0.1
-1.5
0.1
4.3

0.6
2.0
0.8
12.5

0.6
3.8
0.4
-0.3

0.5
0.0
0.0
-6.1

-0.1
-2.9
0.6
-0.0

-0.6
8.0
1.4
41.1

0.6
17.2
1.2
-19.9

0.4
-34.2
-0.2
-7.8

-0.9
-2.5
0.2
-13.5

-1.3
9.4
-1.5
-1.1

0.2
6.7
-0.1
2.1

4
5
6
7

8

Credit market instruments

56.2

44.6

33.6

126.3

201.4

202.2

168.4

162.9

272.3

1.4

247.1

8

9
10
11
12
13
14

Open market paper
Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

0.0
-1.4
-6.7
-6.7
0.0
0.0

0.0
2.7
21.0
6.7
0.0
14.3

0.0
-2.2
14.7
17.0
0.0
-2.3

0.0
3.0
22.6
5.4
0.0
17.1

0.0
-3.2
5.1
18.2
2.1
-15.3

0.0
0.0
39.1
44.8
0.4
-6.1

0.0
-5.6
-28.8
-2.8
-11.4
-14.6

0.0
-7.8
-32.5
-12.7
6.3
-26.2

0.0
0.6
42.5
43.7
13.2
-14.4

0.0
-2.9
-6.4
-12.0
6.1
-0.5

0.0
5.7
-11.8
-19.1
-5.3
12.6

9
10
11
12
13
14

15
16
17
18
19

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

0.2
-2.5
0.6
0.0
-3.2

1.3
-25.6
-5.8
0.0
-19.7

1.0
-4.0
-2.6
0.0
-1.4

0.8
-8.8
0.1
0.0
-8.9

0.8
-10.1
-2.5
-3.3
-4.4

0.8
-24.1
-5.3
-15.5
-3.3

0.3
-20.7
-2.4
-13.5
-4.8

1.2
-6.2
-2.0
4.3
-8.5

1.0
10.6
-0.2
11.8
-1.0

0.9
17.1
-4.7
22.6
-0.8

3.0
7.2
-1.7
9.4
-0.5

15
16
17
18
19

20
21
22

Other loans and advances
Mortgages
Consumer credit

8.7
54.9
3.0

3.6
35.3
6.3

3.3
23.1
-2.4

10.0
89.5
9.1

7.8
187.6
13.4

-26.8
198.7
14.4

23.4
173.2
26.7

47.4
156.6
4.2

-12.7
221.8
8.5

-16.8
11.6
-2.1

27.6
202.3
13.0

20
21
22

0.4
7.7

3.2
17.3

2.0
19.0

-1.0
-4.3

-1.1
19.2

3.0
17.7

-2.3
57.8

-1.3
14.0

-3.9
-12.6

-1.8
-72.4

-0.9
38.1

23
24

23
24

Corporate equities
Miscellaneous assets

25

Net increase in liabilities

66.3

78.3

54.0

107.7

201.1

257.8

206.4

116.7

223.7

-87.7

265.4

25

26
27
28
29

Deposits
Checkable
Small time and savings
Large time

27.5
43.4
-35.8
19.9

46.8
50.7
-30.7
26.9

67.0
54.4
-31.6
44.2

59.3
57.4
-30.5
32.4

66.2
60.1
-48.2
54.3

57.8
58.6
-58.0
57.2

68.4
66.1
-19.7
22.1

73.0
54.4
-48.9
67.6

65.5
61.3
-66.0
70.3

16.6
56.5
-86.5
46.5

125.2
68.0
-8.8
66.0

26
27
28
29

30

Security RPs

-6.0

5.8

-15.0

20.1

4.7

-13.6

-11.7

12.8

31.4

-46.4

5.1

30

31
32
33
34

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

27.3
3.5
7.4
16.3

-2.0
-2.6
1.5
-0.9

-23.4
-0.2
4.2
-27.4

6.1
1.7
-13.2
17.6

64.4
2.5
1.9
60.0

1.1
3.4
1.5
-3.8

166.6
-3.8
1.1
169.3

-7.0
3.7
4.8
-15.5

96.9
6.7
0.4
89.9

-30.5
-0.4
-0.5
-29.7

82.4
0.7
-9.5
91.2

31
32
33
34

35
36
37
38

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.4
17.1
0.7
16.5

-0.7
28.4
0.8
27.7

-0.3
25.6
0.9
24.7

-0.2
22.5
1.0
21.4

0.6
65.2
1.2
64.0

2.2
210.2
1.1
209.1

-1.2
-15.7
1.1
-16.9

0.7
37.2
1.2
36.1

0.7
29.1
1.2
27.9

-0.2
-27.2
1.2
-28.4

0.3
52.5
1.3
51.2

35
36
37
38

2.5

2.2

4.5

5.7

-2.8

-1.8

-3.6

-2.6

-3.1

-8.2

-15.6

39

39

Discrepancy

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

29

Z.1, September 21, 2005

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

6.1

6.0

7.0

8.2

8.2

8.1

7.9

8.8

7.8

7.9

7.9

1

2

Fixed nonresidential investment

1.9

1.9

1.7

1.8

2.1

1.9

2.0

2.2

2.3

2.3

2.4

2

3

Net acquisition of financial assets

26.5

64.4

55.3

56.6

37.4

26.0

39.1

38.1

46.4

20.5

30.5

3

4
5
6

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

0.3
-1.1
-5.3

10.1
7.4
-1.5

1.6
1.6
-0.8

3.2
1.8
-0.1

-1.4
-0.0
2.6

5.6
-1.0
-5.5

-42.3
5.7
4.1

13.3
-3.3
0.9

18.0
-1.5
10.8

-21.5
-9.4
-11.4

-23.2
-1.1
0.3

4
5
6

7

Credit market instruments

28.0

41.5

42.7

50.7

42.0

47.0

58.8

18.9

43.3

42.4

37.2

7

8
9
10

Open market paper
Treasury securities
Agency- and GSE-backed securities

-0.6
-1.4
-0.4

1.2
-0.8
19.6

1.2
0.4
16.8

-2.0
1.1
18.2

0.2
0.1
1.5

2.5
-1.5
9.0

-1.8
5.6
7.9

-0.7
0.1
-20.6

1.0
-3.8
9.8

0.6
-2.0
6.7

-2.5
-0.5
-5.8

8
9
10

11
12

Home mortgages
Consumer credit

13.8
16.5

16.4
5.1

18.2
6.2

23.2
10.1

30.6
9.5

19.4
17.5

37.7
9.4

34.6
5.6

30.7
5.5

26.5
10.7

32.1
14.0

11
12

13
14

Mutual fund shares
Miscellaneous assets

-0.3
4.9

1.5
5.4

-0.2
10.4

0.5
0.5

-0.9
-4.8

0.4
-20.5

-1.2
14.0

-1.6
10.0

-1.4
-22.7

-1.3
21.5

-1.1
18.2

13
14

15

Net increase in liabilities

22.0

60.8

50.1

51.3

34.7

28.6

35.6

36.1

38.6

18.2

27.5

15

16
17
18
19

Shares/deposits
Checkable
Small time and savings
Large time

22.4
5.9
13.0
3.5

61.1
3.5
48.6
9.0

46.7
5.0
33.1
8.7

48.0
7.6
29.6
10.8

29.7
7.5
15.7
6.4

-36.8
11.7
-52.8
4.2

79.4
0.5
71.6
7.3

1.3
4.3
-10.5
7.6

74.7
13.6
54.7
6.4

-37.2
13.2
-56.8
6.4

56.1
-3.6
53.6
6.2

16
17
18
19

20
21

Other loans and advances
Miscellaneous liabilities

0.0
-0.4

1.5
-1.8

2.0
1.4

2.2
1.2

2.3
2.8

-2.7
68.1

4.9
-48.6

0.9
33.9

6.1
-42.2

1.5
53.8

3.1
-31.7

20
21

-0.4

0.4

0.1

1.2

3.4

8.7

2.5

4.7

-2.2

3.2

2.6

22

22

Discrepancy

F.116 Property-Casualty Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

2

Fixed nonresidential investment

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

-2.8

-6.2

11.8

22.3

14.8

26.7

25.6

-11.2

18.1

20.7

19.9

1

4.5

4.3

4.5

4.6

5.7

5.2

5.5

5.8

6.2

6.3

6.4

2

Net acquisition of financial assets

8.9

16.6

79.8

95.7

81.4

104.2

85.9

137.7

-2.3

118.2

55.6

3

Checkable deposits and currency
Security RPs

-0.6
10.0

9.4
-8.1

12.8
14.2

8.6
8.5

-8.7
10.2

-13.9
-2.6

-0.1
-8.8

13.5
31.6

-34.4
20.6

-7.3
10.7

-3.1
-3.6

4
5

Credit market instruments

-8.7

9.0

39.9

67.0

73.6

105.3

65.1

73.5

50.6

88.9

49.2

6

-8.6
8.6

-0.0
10.1

9.2
19.0

3.5
2.2

6.6
-3.3

9.9
3.8

5.7
-4.4

6.5
-4.0

4.1
-8.5

9.1
14.3

5.0
7.9

7
8

-14.9
6.4
-0.3

-10.3
8.9
0.2

9.2
2.4
0.1

41.2
20.0
0.1

43.6
26.4
0.3

53.8
37.5
0.2

40.1
23.4
0.3

44.1
26.3
0.5

36.3
18.4
0.3

34.1
31.2
0.2

18.8
17.2
0.2

9
10
11

0.7
1.0
6.4

-0.3
5.3
1.3

-1.1
4.9
9.1

-2.7
4.5
9.7

-3.5
0.3
9.5

-5.7
12.1
9.0

6.0
11.7
12.0

4.6
4.6
9.9

-18.9
-27.2
7.1

-1.0
11.5
15.4

-4.6
9.6
8.2

12
13
14

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Commercial mortgages
Corporate equities
Trade receivables
Miscellaneous assets

15

Net increase in liabilities

3.6

29.8

58.6

53.0

48.1

50.4

49.1

96.3

-3.4

35.3

36.6

15

16
17
18

Corporate equity issues
Taxes payable
Miscellaneous liabilities

-4.5
2.3
5.8

0.5
2.7
26.5

6.2
3.2
49.2

4.1
3.7
45.2

-4.0
4.2
47.9

1.6
4.0
44.7

-5.7
4.1
50.6

-4.6
4.3
96.6

-7.2
4.4
-0.6

-3.6
4.5
34.5

-5.0
4.6
37.0

16
17
18

-12.6

2.7

-13.8

-25.0

-24.2

-32.4

-16.8

-58.5

10.8

-68.5

-5.5

19

19

Discrepancy

30

Z.1, September 21, 2005

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Q2

2005
Q3

Q4

Q1

Q2

-8.2

-5.3

-2.9

0.2

-0.5

0.3

-0.8

-1.0

-0.6

-1.7

-1.4

1

3.6

3.4

2.8

2.8

2.6

2.6

2.6

2.5

2.5

2.5

2.6

2

Net acquisition of financial assets

203.5

250.6

279.8

258.2

264.4

394.3

227.5

259.8

176.0

322.3

155.5

3

4
5

Checkable deposits and currency
Money market fund shares

-0.5
10.5

31.9
31.0

-1.6
-13.5

12.0
-8.3

6.0
-30.7

-3.9
-29.2

20.6
-18.1

2.8
-38.5

4.5
-37.2

-24.5
-28.5

21.4
-36.3

4
5

6

Credit market instruments

57.9

130.9

233.0

180.6

173.0

216.7

162.2

158.2

154.9

205.1

63.0

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

-4.5
-4.6
11.0

-11.9
-4.4
18.1

14.7
24.8
77.4

-18.2
-6.6
18.0

-7.6
6.6
8.2

-6.2
8.1
16.0

-16.1
6.7
8.7

-23.3
6.5
7.3

15.0
5.3
0.8

-10.1
5.5
31.0

-18.5
0.1
11.6

7
8
9

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

-1.0
49.0
2.9
5.2

-0.4
120.2
2.2
7.1

1.2
106.8
1.0
7.0

6.2
171.0
-0.7
10.9

4.0
147.8
1.6
12.4

4.5
184.0
-0.2
10.5

4.0
149.4
1.8
7.6

4.0
144.9
3.2
15.6

3.5
112.8
1.6
15.9

2.9
166.8
-1.5
10.6

1.1
52.9
2.9
12.9

10
11
12
13

111.3
5.6

70.2
2.1

52.7
2.6

45.5
0.5

51.5
12.8

60.4
12.8

46.2
12.8

74.8
12.8

24.4
12.8

89.8
10.0

22.4
10.0

14
15

7
8
9
10
11
12
13
14
15
16

Corporate equities
Mutual fund shares

18.7

-15.5

6.7

27.9

51.9

137.4

3.8

49.7

16.6

70.3

74.9

16

17

Net increase in liabilities

195.1

248.5

259.7

230.0

228.0

380.2

164.5

241.7

125.7

304.8

152.7

17

18
19
20
21

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

-0.8
-0.7
48.7
155.1

-0.9
0.6
75.8
130.9

-6.5
2.0
58.5
166.1

-3.9
2.9
65.7
143.2

-17.3
3.0
32.0
181.7

-4.3
-0.4
25.5
203.3

-32.7
2.7
32.8
185.3

-18.3
0.1
37.7
182.2

-13.9
9.7
32.1
156.2

-13.8
-1.6
56.0
152.2

-5.8
2.3
52.9
163.4

18
19
20
21

22
23

Taxes payable
Miscellaneous liabilities

1.6
-8.9

2.0
40.1

2.4
37.2

2.8
19.4

3.2
25.4

3.0
153.0

3.1
-26.7

3.2
36.8

3.3
-61.7

3.4
108.6

3.5
-63.6

22
23

-20.2

-10.8

-25.9

-30.8

-39.4

-16.4

-66.4

-21.6

-53.3

-21.7

-6.7

24

24

Miscellaneous assets

Discrepancy

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Private Pension Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

0.6

0.6

0.6

0.7

0.7

0.7

0.7

0.7

0.7

0.7

0.7

1

2

Fixed nonresidential investment

0.6

0.7

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

-93.8

-74.6

-38.2

8.0

-4.2

22.6

-23.3

12.1

-28.1

28.0

17.3

3

4
5
6
7

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

2.6
17.6
1.7
-2.4

0.4
7.1
3.8
1.5

0.3
4.6
2.3
1.0

0.1
2.4
1.5
0.5

0.1
2.0
0.8
0.4

0.1
1.1
0.6
0.2

1.2
2.6
0.6
0.4

0.1
2.0
0.9
0.4

-0.9
2.3
1.0
0.5

0.2
2.8
1.4
0.6

0.2
4.4
1.1
0.6

4
5
6
7

8

Credit market instruments

-96.4

13.3

25.7

14.2

34.9

44.7

22.9

44.9

27.0

7.5

46.5

8

9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities

-5.1
-7.2
-25.7

1.0
0.2
7.4

2.6
4.6
5.7

-2.2
1.4
6.8

1.2
4.9
13.2

-0.1
6.4
17.9

0.1
4.1
7.3

0.5
7.4
14.4

4.2
1.6
13.3

0.9
0.5
2.3

3.9
4.6
16.7

9
10
11

12
13

Corporate and foreign bonds
Mortgages

-57.6
-0.7

4.7
0.1

12.7
0.0

8.2
-0.1

15.8
-0.2

20.8
-0.2

11.6
-0.2

22.3
0.3

8.5
-0.7

4.2
-0.3

21.5
-0.1

12
13

14
15

Corporate equities
Mutual fund shares

-82.7
84.0

-129.8
17.9

-121.4
50.4

-44.8
51.7

-44.0
25.8

-29.3
29.1

-36.0
18.8

-58.7
26.3

-52.2
29.1

-15.6
29.6

-48.2
9.6

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

-18.1
-24.2
14.0
-7.9

11.2
10.1
0.6
0.4

-1.1
-4.6
0.1
3.3

-17.6
-17.1
-1.4
0.8

-24.1
-16.5
-2.5
-5.1

-23.9
-18.0
-0.6
-5.3

-33.6
-27.7
-2.6
-3.3

-3.9
-11.4
1.7
5.8

-34.9
-9.0
-8.2
-17.7

1.5
10.0
-5.0
-3.4

3.2
-0.1
-2.4
5.7

16
17
18
19

20

Pension fund reserves (liabilities) (3)

-93.9

-74.5

-38.6

7.6

-4.6

22.2

-23.7

11.6

-28.5

27.5

16.9

20

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

31

Z.1, September 21, 2005

F.119 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Net acquisition of financial assets

100.4

86.9

8.5

-7.1

-22.0

-16.7

-33.8

-44.5

7.1

-3.4

1.8

3

4
5
6
7

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

0.7
-0.1
1.4
-0.5

1.5
0.2
2.2
-5.9

1.5
-0.1
0.1
-6.9

1.4
-0.8
-1.5
-2.6

-2.1
-0.1
-2.0
-3.5

0.0
0.0
0.0
0.0

-2.3
-0.1
-2.2
-3.9

-5.2
-0.3
-5.1
-8.9

-0.7
-0.0
-0.7
-1.3

0.1
0.0
0.1
0.1

1.0
0.1
1.0
11.7

4
5
6
7

8

Credit market instruments

36.3

-53.8

-50.7

-33.4

-18.7

21.3

-22.7

-64.8

-8.5

-0.6

36.9

8

6.9
-19.8
49.9

4.0
-24.0
1.9

-3.2
3.8
11.8

-4.6
4.0
5.1

-6.2
-4.2
-5.1

0.0
8.4
10.2

-6.9
-6.5
-7.9

-15.8
-17.1
-20.8

-2.3
-1.5
-1.8

0.2
-0.2
-0.2

13.0
2.7
5.4

9
10
11

-1.3
4.2
-3.6

-0.1
-34.6
-1.1

-0.8
-62.4
0.1

-0.0
-39.2
1.4

0.6
-5.7
1.9

1.4
2.6
-1.2

-0.0
-0.5
-0.9

0.9
-21.7
9.7

0.0
-3.1
0.1

0.0
-0.3
-0.1

0.1
13.8
2.0

12
13
14

11.6
49.9

115.1
25.8

50.2
13.9

23.8
5.8

4.6
-0.1

-34.7
-3.7

-3.4
0.6

36.8
3.7

19.8
-0.9

-2.6
-0.4

-43.7
-5.9

15
16

1.1

1.8

0.4

0.3

-0.1

0.4

0.1

-0.7

-0.5

-0.0

0.8

17

100.4

86.9

8.5

-7.1

-22.0

-16.7

-33.8

-44.5

7.1

-3.4

1.8

18

9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

15
16

Corporate equities
Mutual fund shares

17

Miscellaneous assets

18

Pension fund reserves (liabilities) (1)

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

F.120 Federal Government Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7
8

Net acquisition of financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets(2)
Pension fund reserves (liabilities) (3)

28.2

69.9

45.4

48.2

54.7

45.3

35.9

64.2

73.4

56.3

42.5

1

2.1

9.7

13.0

6.3

4.6

0.8

6.8

10.8

0.1

8.5

11.3

2

2.0
0.1
0.0

7.2
1.6
0.9

9.3
2.4
1.3

4.8
1.1
0.5

5.4
-0.5
-0.3

2.1
-0.8
-0.5

8.3
-1.0
-0.5

10.2
0.4
0.2

0.9
-0.5
-0.3

8.8
-0.2
-0.1

10.8
0.3
0.2

3
4
5

5.2
20.9

-0.6
60.8

7.9
24.5

17.2
24.7

9.1
40.9

12.2
32.3

4.0
25.0

5.0
48.4

15.3
58.0

5.6
42.2

2.6
28.6

6
7

28.2

69.9

45.4

48.2

54.7

45.3

35.9

64.2

73.4

56.3

42.5

8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(3) Liabilities of the sector are assets of the household sector.

32

Z.1, September 21, 2005

F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

232.5

428.5

-16.7

-207.5

-136.5

-132.4

-85.9

-157.9

-169.9

-71.4

60.7

1

2
3
4
5

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

50.3
4.7
-11.7
43.5

27.8
3.9
89.3
43.4

-6.8
-6.8
-23.9
47.1

-36.6
-0.7
-53.3
-20.8

7.0
2.7
0.4
-18.7

-13.8
-16.9
-11.9
64.2

64.4
45.4
19.8
-54.0

-34.0
2.0
-7.3
40.7

11.4
-19.9
0.9
-125.6

3.5
-4.8
24.0
64.5

55.9
-22.4
-77.3
173.2

2
3
4
5

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

138.3
96.7
-12.9
-7.0
34.1
27.3

267.3
3.4
46.0
141.5
34.2
42.3

-17.7
-38.6
4.7
8.7
1.8
5.6

-95.9
-125.2
-10.2
-4.6
13.6
30.5

-124.9
-54.1
-33.9
-61.1
21.8
2.3

-212.1
-126.2
-27.3
-53.6
18.9
-23.8

-151.8
-97.4
-44.9
-56.2
11.9
34.9

-155.6
-16.7
-9.6
-107.7
10.8
-32.4

19.6
23.9
-53.5
-26.9
45.5
30.6

-198.5
-7.6
11.2
-176.2
19.1
-45.0

-78.5
47.4
-10.0
-149.6
25.2
8.5

6
7
8
9
10
11

6
7
8
9
10
11
12
13

Miscellaneous assets
Net share issues (liabilities)

7.5

-3.3

-8.6

-0.2

-2.9

58.0

-9.7

-3.8

-56.3

40.0

9.8

12

232.5

428.5

-16.7

-207.5

-136.5

-132.4

-85.9

-157.9

-169.9

-71.4

60.7

13

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

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

Gross saving

2

Net acquisition of financial assets

-1.5

-8.4

-23.3

-19.5

-12.6

-12.7

-12.6

-13.4

-11.8

-11.8

-11.8

1

239.4

201.2

182.4

288.0

299.1

464.1

115.6

309.2

307.6

400.2

228.9

2

3

Security RPs

25.7

-31.8

6.8

12.5

18.6

-15.6

2.1

57.9

29.9

42.3

-12.7

3

4
5
6
7
8
9

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

20.9
25.7
6.3
4.1
-8.9
-6.2

126.1
-31.8
-8.5
85.3
23.0
58.1

144.2
-11.8
19.7
61.5
23.8
50.9

137.7
12.8
9.4
25.3
12.9
77.4

117.1
18.5
4.9
15.2
4.1
74.5

231.7
3.7
19.4
60.6
41.2
106.8

8.1
10.3
1.6
4.9
-42.0
33.4

103.4
48.9
-6.7
-21.0
10.5
71.7

125.2
10.9
5.2
16.3
6.8
86.0

206.9
59.9
11.6
36.5
27.0
71.8

117.5
-1.0
2.4
7.4
15.0
93.8

4
5
6
7
8
9

193.1
-0.4

109.8
-2.9

31.4
0.1

136.8
1.0

158.4
5.1

234.1
13.9

110.4
-5.0

143.9
3.9

145.0
7.5

145.9
5.2

124.2
-0.0

10
11

239.4

201.2

182.4

288.0

299.1

464.1

115.6

309.2

307.6

400.2

228.9

12

-1.5

-8.4

-23.3

-19.5

-12.6

-12.7

-12.6

-13.4

-11.8

-11.8

-11.8

13

10
11

Corporate equities
Miscellaneous assets

12

Net share issues (liabilities)

13

Discrepancy

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

F.123 Closed-End and Exchange-Traded Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Closed-end funds
1

Net acquisition of financial assets

2
3
4
5

Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds

6

Corporate equities

7

Net share issues (liabilities)

-5.5

1.9

18.0

43.9

32.8

62.0

35.9

20.9

12.5

40.6

23.5

1

-5.6
-0.9
-2.0
-2.7

3.2
0.1
7.0
-3.8

8.6
-2.8
11.3
0.0

36.2
1.4
3.2
31.6

11.2
2.4
-0.1
8.9

9.9
5.4
-1.8
6.4

21.7
2.4
5.8
13.5

0.3
0.9
-2.0
1.5

12.7
0.9
-2.4
14.1

6.4
0.6
1.1
4.7

1.7
1.7
2.5
-2.6

2
3
4
5

0.1

-1.3

9.4

7.6

21.7

52.0

14.2

20.6

-0.2

34.2

21.8

6

-5.5

1.9

18.0

43.9

32.8

62.0

35.9

20.9

12.5

40.6

23.5

7

42.4

31.0

45.3

15.8

55.0

30.1

60.8

27.1

102.2

35.7

40.6

8

0.0
0.0
0.0

0.0
0.0
0.0

3.7
2.0
1.8

0.7
0.1
0.6

3.8
2.8
1.0

5.1
3.6
1.5

3.5
3.0
0.6

2.2
1.5
0.8

4.2
3.2
1.0

11.7
9.3
2.4

3.5
2.1
1.4

9
10
11

42.4

31.0

41.6

15.1

51.2

25.0

57.2

24.8

98.0

24.0

37.1

12

42.4

31.0

45.3

15.8

55.0

30.1

60.8

27.1

102.2

35.7

40.6

13

Exchange-traded funds
8

Net acquisition of financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

12

Corporate equities

13

Net share issues (liabilities)

33

Z.1, September 21, 2005

F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

2.7

3.0

2.9

3.6

3.7

3.6

3.6

4.2

3.7

3.7

3.7

1

2

Fixed nonresidential investment

0.4

0.4

0.5

0.5

0.6

0.6

0.6

0.6

0.7

0.7

0.7

2

3

Net acquisition of financial assets

237.8

344.4

240.0

236.5

84.5

46.8

191.2

73.3

26.7

-195.9

-80.3

3

4
5
6

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

-7.7
0.5
3.0

2.3
8.1
23.8

8.1
-5.1
-9.1

12.0
-8.5
-20.0

10.1
9.0
15.8

1.0
19.7
37.8

-8.2
25.0
-14.0

-34.2
-22.7
16.5

81.8
13.9
23.0

-62.9
-7.1
-11.6

-42.5
19.8
10.0

4
5
6

7

Credit market instruments

246.0

304.7

224.1

236.5

46.2

18.8

168.0

104.3

-106.0

-65.5

-66.5

7

10.7
0.6
149.2

2.7
0.4
206.9

-23.5
12.1
131.7

-2.4
-12.3
88.8

-2.0
-0.6
-130.3

1.4
-1.7
-200.7

-1.6
2.7
-93.5

-4.6
-2.8
-33.9

-3.1
-0.7
-192.9

2.5
0.7
-185.4

3.5
-1.9
-227.6

8
9
10

8
9
10

Open market paper
Treasury securities
Agency- and GSE-backed securities

11
12

Municipal securities
Corporate and foreign bonds

2.8
19.1

6.2
24.6

4.0
33.5

5.0
36.6

0.2
110.8

14.0
111.5

6.9
165.0

12.6
144.7

-32.7
22.1

5.7
60.8

-1.6
56.0

11
12

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

45.3
0.1
3.1
42.1

28.3
-0.0
2.9
25.4

8.9
-0.4
2.0
7.2

31.1
-0.1
0.0
31.2

73.5
-0.3
-0.2
74.1

84.8
0.0
5.6
79.1

140.3
-0.6
-7.3
148.1

-17.6
-0.6
-1.3
-15.7

86.8
-0.3
2.0
85.1

35.2
0.0
8.2
27.0

116.4
0.0
1.9
114.5

13
14
15
16

17
18
19
20
21

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

22.2
15.8
4.5
2.0
-3.9

33.2
20.5
8.2
4.5
2.4

59.8
45.5
8.5
5.8
-2.5

106.0
92.2
10.9
2.9
-16.3

15.1
-0.4
12.4
3.2
-20.6

27.8
16.8
8.5
2.6
-18.4

3.2
-15.2
14.6
3.9
-55.0

14.8
-2.6
14.6
2.8
-8.9

14.5
-0.7
11.7
3.5
0.0

15.0
12.1
0.9
2.0
0.0

-11.5
-14.9
-1.9
5.3
0.0

17
18
19
20
21

22
23
24
25
26
27
28

Miscellaneous assets
Net increase in liabilities
Credit market instruments
GSE issues (3)
U.S. government loans
Miscellaneous liabilities
Discrepancy

-4.0

5.5

22.0

16.5

3.4

-30.5

20.5

9.4

14.1

-48.7

-1.0

22

232.1

351.6

247.6

217.2

63.5

70.6

124.6

25.8

32.8

-222.5

-77.5

23

235.2
235.2
0.0

304.1
304.1
0.0

219.8
219.8
0.0

243.7
243.7
0.0

65.0
65.0
0.0

0.6
0.6
0.0

211.9
211.9
0.0

93.1
93.1
0.0

-45.5
-45.5
0.0

-209.6
-209.6
0.0

-84.2
-84.2
0.0

24
25
26

-3.1

47.4

27.7

-26.6

-1.6

70.1

-87.3

-67.3

78.2

-12.9

6.7

27

-3.4

9.8

10.0

-16.3

-17.9

26.9

-63.7

-44.0

9.0

-23.7

5.8

28

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing
Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.
(2) Sallie Mae student loans.
(3) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

199.7

338.5

326.8

330.5

53.1

126.7

88.0

62.1

-64.6

66.3

122.1

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

190.9
8.5
0.0
0.3

322.9
15.6
0.0
0.0

315.2
12.9
0.0
-1.3

303.2
26.6
0.0
0.6

49.6
3.6
0.0
-0.1

139.7
-12.8
0.0
-0.1

69.9
18.1
0.0
0.0

57.9
4.3
0.0
-0.0

-69.1
4.7
0.0
-0.1

64.0
2.6
0.0
-0.2

118.8
3.3
0.0
-0.0

2
3
4
5

199.7

338.5

326.8

330.5

53.1

126.7

88.0

62.1

-64.6

66.3

122.1

6

6

Net increase in pool securities (liabilities)(2)

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

34

Z.1, September 21, 2005

F.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

Q2

2005
Q3

Q4

Q1

Q2

0.9

0.8

0.7

0.6

0.6

0.6

0.6

0.6

0.5

0.5

0.5

1

-2.3

1.1

-0.4

0.4

-0.1

-0.2

-0.2

-0.1

-0.2

-0.2

-0.2

2

168.6

243.2

195.1

239.5

309.6

169.8

309.6

393.2

365.8

481.9

508.2

3

9.7
7.2

18.9
18.5

70.7
-3.3

69.1
-1.1

-110.7
1.4

-122.5
-9.2

31.8
0.3

-249.5
18.7

-102.5
-4.1

-112.8
7.5

-58.2
-27.5

4
5

4
5

Agency- and GSE-backed securities (1)
Other loans and advances

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

66.6
31.5
5.4
29.7

114.3
69.5
5.9
38.8

97.2
65.9
5.5
25.8

190.1
138.4
8.1
43.6

439.1
377.5
7.9
53.7

337.9
285.8
7.3
44.9

321.2
254.3
6.3
60.6

638.0
583.4
5.1
49.5

459.4
386.7
12.9
59.9

512.0
413.7
9.0
89.3

527.4
437.9
16.6
73.0

6
7
8
9

Consumer credit
Trade credit

68.9
16.1

78.4
13.2

37.4
-6.9

-12.1
-6.4

-20.5
0.2

-24.5
-11.8

-27.3
-16.5

-7.0
-7.0

-23.0
36.0

65.2
10.0

46.5
20.1

10
11

165.5

243.5

194.0

239.3

308.8

169.0

308.8

392.5

365.1

481.2

507.6

12

125.0
40.4

120.0
123.5

-13.0
207.0

-35.6
274.9

27.1
281.7

26.8
142.2

-15.0
323.8

-4.2
396.6

100.9
264.1

117.2
364.0

205.1
302.5

13
14

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

-3.2
-1.5

0.3
-3.3

-1.1
7.9

-0.2
16.0

-0.7
30.8

-0.8
28.0

-0.8
26.1

-0.7
36.4

-0.7
32.8

-0.7
2.0

-0.6
1.2

16
17

10
11
12
13
14

Net increase in liabilities
Commercial paper
Corporate bonds

15

Discrepancy

16
17

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

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

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

Gross saving

42.8

68.3

77.7

77.5

77.3

78.4

75.3

77.1

78.5

95.3

87.9

1

2

Fixed nonresidential investment

49.1

38.8

40.1

33.1

38.4

35.5

37.5

39.3

41.2

42.1

43.2

2

3

Net acquisition of financial assets

136.6

18.8

33.7

192.1

72.4

130.1

-51.9

38.3

173.1

-72.2

40.9

3

4

Checkable deposits and currency

2.6

2.9

3.1

3.3

3.5

3.4

3.4

3.5

3.6

3.6

3.7

4

5
6

Credit market instruments
Other loans and advances

108.6
63.3

-4.8
-11.5

21.2
8.3

84.2
2.2

131.2
14.4

172.1
57.6

64.9
-21.6

90.7
-13.7

197.0
35.4

53.6
18.0

16.1
30.5

5
6

26.4
18.9

-11.0
17.6

13.2
-0.3

24.4
57.6

44.0
72.7

40.0
74.6

21.7
64.9

36.8
67.6

77.8
83.9

27.7
7.9

10.4
-24.9

7
8

25.3

20.8

9.5

104.6

-62.3

-45.5

-120.3

-55.9

-27.5

-129.4

21.2

9

166.1

21.3

64.2

222.6

130.8

209.3

-3.7

92.5

225.0

-7.9

58.0

10

81.9

1.3

42.2

118.2

118.2

111.2

-8.4

115.6

254.6

88.4

-7.2

11

8.4
72.9
0.5

-80.3
66.6
14.9

-17.1
62.0
-2.8

-5.2
115.2
8.1

27.7
81.5
9.1

41.0
54.0
16.1

-10.0
33.8
-32.2

48.2
30.5
36.9

31.4
207.7
15.5

-24.8
121.5
-8.3

-71.0
79.3
-15.5

12
13
14

7
8
9
10
11
12
13
14

Mortgages
Consumer credit
Miscellaneous assets
Net increase in liabilities
Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

15

Taxes payable

16
17
18
19

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

20

Discrepancy

21

Memo:
Consumer leases not included above (2)

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

1.0

1.2

1.4

1.6

1.8

1.7

1.8

1.8

1.9

2.0

2.0

15

83.3
14.9
14.7
53.7

18.9
7.8
-3.3
14.5

20.7
-3.5
-11.0
35.2

102.8
19.2
11.7
71.9

10.7
11.0
18.4
-18.7

96.4
6.1
20.2
70.1

2.9
13.9
12.8
-23.8

-24.9
11.2
18.2
-54.3

-31.5
13.0
22.3
-66.7

-98.3
6.4
-12.4
-92.3

63.1
5.0
8.0
50.1

16
17
18
19

23.2

32.0

68.1

74.8

97.3

122.0

86.0

92.0

89.1

117.4

61.7

20

5.3

-4.6

-20.2

-13.3

-7.5

-13.7

-6.6

-8.1

-1.6

4.7

14.2

21

35

Z.1, September 21, 2005

F.128 Mortgage Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2
3
4

Home mortgages
Multifamily residential mortgages
Commercial mortgages

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

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

2
3
4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5

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

6
7

5
6
7

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

(1) No data are available after 1997:Q4.

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

Gross saving

-4.9

7.1

8.2

2.6

8.4

12.2

5.4

8.7

7.2

10.6

2.4

1

2
3

Fixed nonresidential investment
Multifamily residential investment

0.6
3.9

6.6
4.1

24.4
4.5

22.7
-0.4

39.2
7.7

39.6
15.8

20.4
1.9

46.8
7.2

49.8
5.9

42.4
2.3

36.8
-5.6

2
3

4

Net acquisition of financial assets

8.2

9.0

25.4

33.7

88.0

103.3

15.8

99.3

133.4

53.2

134.8

4

5

Checkable deposits and currency

1.0

-0.2

0.5

-0.3

7.0

2.3

5.1

13.3

7.6

3.4

5.2

5

6

Credit market instruments

-4.4

8.7

25.4

23.5

66.1

94.3

27.9

64.4

78.0

23.0

49.6

6

Agency- and GSE-backed securities
Corporate and foreign bonds

0.4
-0.7

7.0
2.4

9.7
2.9

-3.5
7.2

14.1
15.6

44.7
21.5

-3.9
12.5

-4.1
17.5

19.9
10.9

-0.5
11.1

1.1
20.3

7
8

Mortgages
Home
Multifamily residential
Commercial

-4.1
-4.3
-0.2
0.4

-0.7
0.2
-0.4
-0.5

12.8
12.4
-0.2
0.7

19.9
17.8
0.1
2.0

36.4
38.4
-0.5
-1.5

28.0
21.1
-0.2
7.1

19.4
33.4
0.6
-14.6

51.0
48.5
-0.7
3.2

47.2
50.8
-1.6
-2.0

12.4
11.9
-0.0
0.6

28.1
26.1
-0.5
2.5

9
10
11
12

7
8
9
10
11
12
13
14

Miscellaneous assets
Net increase in liabilities

15

Security RPs

16

Credit market instruments

17
18
19
20
21
22

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

23

Discrepancy

24
25
26
27
28

Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

11.6

0.5

-0.5

10.5

14.8

6.8

-17.2

21.7

47.9

26.8

80.0

13

5.9

18.6

50.6

52.7

147.6

143.3

77.2

145.5

224.4

82.3

166.1

14

-2.5

9.3

15.1

5.9

24.6

39.9

29.0

14.6

15.0

14.8

44.7

15

4.5

3.2

24.5

31.9

92.8

67.1

43.6

102.5

157.8

61.3

84.3

16

0.0
3.9
-4.2
4.9

0.0
4.4
-3.3
2.2

0.0
16.2
0.1
8.2

0.0
23.3
0.3
8.3

0.0
65.7
1.4
25.6

0.0
40.7
-0.1
26.5

0.0
22.3
5.4
15.9

0.0
79.4
2.5
20.6

0.0
120.4
-2.2
39.6

0.0
21.5
14.6
25.2

0.0
61.1
1.5
21.7

17
18
19
20

2.0
1.9

6.1
0.0

8.4
2.6

13.3
1.6

21.5
8.8

25.8
10.6

13.8
-9.2

21.6
6.7

24.7
26.9

10.7
-4.5

20.1
17.0

21
22

-11.6

6.1

4.4

-0.7

21.2

-3.2

44.6

0.8

42.4

-4.9

2.5

23

-1.5
-0.2
-0.4
-0.3
-0.6

-3.3
-3.1
0.0
-0.0
-0.2

7.9
-0.1
7.4
-0.0
0.6

16.0
-0.1
16.2
-0.0
-0.1

30.8
-0.1
29.4
-0.0
1.5

28.0
-0.3
22.1
-0.0
6.2

26.1
0.0
25.7
-0.0
0.3

36.4
-0.1
36.6
-0.0
-0.1

32.8
-0.0
33.3
-0.1
-0.5

2.0
-0.1
2.3
-0.0
-0.1

1.2
-0.0
2.1
-0.1
-0.7

24
25
26
27
28

36

Z.1, September 21, 2005

F.130 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Gross saving

-16.5

4.5

16.6

18.2

19.6

19.2

19.4

20.4

19.4

18.9

19.2

1

2

Fixed nonresidential investment

16.3

15.6

10.9

10.7

12.0

11.3

11.8

12.2

12.6

12.9

13.2

2

3

Net acquisition of financial assets

220.4

244.3

-130.2

277.6

231.9

382.6

-38.7

352.8

230.8

431.0

582.2

3

4

Checkable deposits and currency

5

Credit market instruments

6
7
8
9
10
11
12
13

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets

1.6

16.8

-2.9

2.9

15.7

23.2

1.9

-1.4

39.2

-8.2

-13.7

4

68.9

92.4

28.4

79.6

-29.2

-190.0

-118.8

302.8

-110.7

67.3

316.0

5

13.2
39.4
-2.3
-0.7
19.3

9.0
13.1
14.1
7.7
48.6

-4.7
-13.7
14.1
2.0
30.7

5.9
41.7
-8.1
3.8
36.4

-1.3
-82.4
23.5
7.1
23.9

0.7
-217.3
40.2
0.7
-14.2

1.7
-176.5
-29.9
20.6
65.3

-0.3
67.8
182.4
13.6
39.3

-7.4
-3.4
-98.5
-6.5
5.2

9.5
-42.4
3.6
17.5
79.0

36.9
89.4
111.0
-15.8
94.5

6
7
8
9
10

9.6
7.2
133.0

17.3
-38.8
156.6

3.2
-48.2
-110.8

3.8
34.3
157.0

15.5
81.5
148.3

43.3
73.1
433.0

17.3
62.9
-2.0

-28.0
-26.6
106.1

29.6
216.7
55.9

27.9
8.2
335.8

-31.5
-10.6
322.0

11
12
13

14

Net increase in liabilities

210.1

239.4

-118.2

257.0

227.5

357.8

-10.8

358.1

204.7

450.5

565.8

14

15
16
17

Security RPs (net)
Corporate bonds
Corporate equity issues

56.9
15.6
-4.2

51.0
1.4
6.7

-9.0
-1.7
10.2

133.7
6.4
-8.0

49.3
15.2
2.6

11.2
51.9
-9.1

-418.4
2.5
30.2

404.8
33.2
11.1

199.5
-26.6
-21.9

421.9
11.2
23.2

193.2
-5.2
-14.2

15
16
17

18
19
20
21
22

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

5.1
138.9
88.6
50.4
-0.1

3.3
41.9
41.9
0.0
-0.2

-1.8
-38.9
-41.6
2.8
-0.5

-9.2
98.2
62.7
35.5
0.4

7.8
85.1
103.0
-17.9
0.4

25.5
212.0
150.2
61.9
0.7

-10.1
114.2
84.1
30.1
0.5

8.6
16.4
-38.3
54.7
1.2

7.2
-2.3
215.9
-218.2
-0.6

-4.3
1.6
-35.8
37.4
1.7

0.1
83.8
31.6
52.2
-5.4

18
19
20
21
22

23
24
25
26

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

-1.9
5.1
49.0
-56.0

138.5
-1.3
65.9
74.0

-77.1
2.2
23.0
-102.4

39.1
3.2
57.0
-21.1

69.6
1.8
44.5
23.2

72.6
-1.4
7.7
66.3

271.4
0.5
173.2
97.6

-120.2
5.1
14.2
-139.6

54.4
3.0
-17.0
68.5

-5.5
0.8
45.1
-51.4

321.4
1.5
379.2
-59.4

23
24
25
26

27
28

Proprietors’ net investment
Discrepancy

-0.2

-3.3

0.6

-3.6

-2.5

-7.0

-1.0

2.9

-5.0

0.9

-7.9

27

-43.0

-16.0

17.7

-13.1

3.2

-17.0

35.5

13.5

-19.2

25.6

-10.4

28

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

Net acquisition of financial assets

108.8

22.6

-34.2

57.1

46.4

125.0

62.4

83.7

-85.5

315.8

652.4

1

114.7

7.7

-46.6

-36.1

-123.7

-42.8

97.0

-74.9

35.5

-7.1

2

2

Money market fund shares

27.2

3

Credit market instruments

17.3

-96.6

-85.1

86.5

65.9

235.3

48.4

14.9

-34.9

203.5

259.8

3

26.1
-8.9

-142.4
45.8

-70.8
-14.4

31.6
54.9

80.4
-14.5

264.8
-29.5

91.1
-42.7

-6.0
20.9

-28.3
-6.6

155.2
48.3

310.1
-50.3

4
5

64.2
45.6
18.6

4.4
-30.8
35.2

43.3
24.7
18.6

17.1
-1.7
18.8

16.6
30.4
-13.8

13.5
108.4
-94.9

56.8
-82.3
139.1

-28.2
15.6
-43.8

24.4
80.0
-55.6

76.8
39.8
37.0

399.7
45.8
353.9

6
7
8

108.8

22.6

-34.2

57.1

46.4

125.0

62.4

83.7

-85.5

315.8

652.4

9

-0.3

-54.6

-0.5

-1.4

-18.9

25.6

32.1

-89.6

-43.6

17.6

378.2

10

-2.3
1.9

-76.8
22.2

-30.9
30.5

-16.8
15.4

-31.1
12.2

4.3
21.3

41.7
-9.7

-75.4
-14.2

-95.2
51.5

2.7
14.9

346.2
32.0

11
12

109.1
64.6
88.7
-44.1

77.2
59.0
70.1
-51.9

-33.7
43.7
-2.9
-74.6

58.5
18.5
102.6
-62.6

65.3
35.5
86.9
-57.1

99.4
-12.1
248.7
-137.2

30.3
24.7
-16.7
22.2

173.4
61.5
21.5
90.4

-41.8
68.0
93.9
-203.7

298.2
59.2
230.4
8.6

274.2
21.5
297.9
-45.2

13
14
15
16

4
5
6
7
8
9
10
11
12
13
14
15
16

Open market paper
Corporate and foreign bonds
Miscellaneous assets (2)
Investment in foreign banking offices
Investment in brokers and dealers
Net increase in liabilities
Credit market instruments
Open market paper
Corporate bonds
Miscellaneous liabilities
Foreign direct investment in U.S.
Securities loaned (net)
Other

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

37

Z.1, September 21, 2005

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1
2
3
4
5
6
7
8
9
10
11

Total U.S. reserves
U.S. gold stock and SDRs
Federal govt.: Exchange Stab. Fund
Monetary authority (2)
U.S. foreign exchange position
Official foreign currency holdings
Treasury
Monetary authority
Net IMF position
Federal government
Monetary authority

Q2

2005
Q3

Q4

Q1

Q2

0.3

4.9

3.7

-1.5

-2.8

-2.2

-4.5

-1.7

-2.8

-21.3

3.2

1

0.7

0.6

0.5

-0.6

0.4

0.4

0.4

0.4

0.4

-6.9

0.4

2

0.7
-0.0

0.6
-0.0

0.5
-0.0

-0.6
0.0

0.4
0.0

0.4
0.0

0.4
-0.0

0.4
-0.0

0.4
0.0

-6.9
-0.0

0.4
0.0

3
4

-0.4

4.3

3.2

-0.9

-3.2

-2.6

-4.8

-2.1

-3.2

-14.5

2.8

5

1.9
0.9
0.9

0.7
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.5
0.3
0.3

0.6
0.3
0.3

0.7
0.4
0.4

0.6
0.3
0.3

0.5
0.3
0.3

6
7
8

-2.3
-2.3
0.0

3.6
3.6
0.0

2.6
2.6
0.0

-1.5
-1.5
0.0

-3.8
-3.8
0.0

-3.3
-3.3
0.0

-5.4
-5.4
0.0

-2.7
-2.7
0.0

-4.0
-4.0
0.0

-15.1
-15.1
0.0

2.3
2.3
0.0

9
10
11

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

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

Liab: Federal government
Asset: Monetary authority

-4.0
-4.0

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

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

2.4
3.6

1.3
1.4

1.0
1.6

0.6
0.9

0.7
1.0

0.8
1.1

1.2
1.1

0.7
1.0

0.1
0.6

0.8
0.4

1.1
0.3

3
4

5

Discrepancy (seigniorage)

-1.2

-0.1

-0.6

-0.3

-0.3

-0.4

0.0

-0.3

-0.5

0.4

0.8

5

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

2
3
4
5

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

126.9

6.8

21.0

22.3

111.3

152.4

16.2

79.8

196.6

371.2

49.8

1

20.0
-7.4
50.3

-5.0
-8.5
27.8

15.7
4.4
-6.8

-9.0
18.3
-36.6

36.3
6.4
7.0

79.0
-5.2
-13.8

0.5
4.5
64.4

0.6
-11.8
-34.0

65.0
38.0
11.4

7.6
20.6
3.5

77.1
-28.0
55.9

2
3
4

64.1

-7.5

7.9

49.6

61.6

92.4

-53.1

124.9

82.3

339.6

-55.2

5

38

Z.1, September 21, 2005

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

Net change in liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries

Q2

2005
Q3

Q4

Q1

Q2

12.0

-28.0

17.4

-4.0

-76.7

-230.0

96.2

-183.6

10.7

348.6

-26.1

1

-27.1
-5.0
-22.2

1.4
-1.6
2.9

5.6
5.1
0.5

0.6
0.5
0.1

-5.4
1.0
-6.4

12.5
0.4
12.1

21.2
15.7
5.5

-28.4
-20.3
-8.1

-27.0
8.1
-35.1

36.8
-6.5
43.3

-3.1
-10.6
7.4

2
3
4

39.1
1.0

-29.4
-1.0

11.9
0.4

-4.7
-0.7

-71.3
1.2

-242.5
-1.1

75.0
4.0

-155.2
6.4

37.6
-4.4

311.9
-9.3

-23.0
2.5

5
6

20.8

-45.6

4.2

0.5

-87.5

-242.1

0.6

-128.2

19.8

311.1

-14.7

7

8
9
10
11

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

21.8
45.8
75.2
29.5

-44.3
-12.3
22.8
35.1

13.9
46.1
-0.9
-47.0

-2.5
89.8
123.7
33.9

-81.8
32.0
19.2
-12.8

-236.4
-61.8
-42.5
19.4

11.1
148.7
106.5
-42.2

-139.6
-43.2
-70.9
-27.7

37.5
84.3
83.6
-0.7

309.1
235.2
-66.6
-301.8

-63.8
-91.6
131.8
223.4

8
9
10
11

12
13
14

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

-56.5
-14.3
42.2

-35.4
29.7
65.0

-32.8
13.0
45.8

-47.5
19.5
67.0

-119.9
62.9
182.8

-171.6
19.4
191.0

-152.7
-12.1
140.6

-89.7
18.1
107.8

-65.5
226.1
291.7

31.1
-9.2
-40.3

46.8
89.3
42.5

12
13
14

15
16
17

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

32.5
30.9
-1.6

3.3
12.2
8.8

0.6
2.0
1.4

-44.8
-40.2
4.6

6.1
7.8
1.7

-3.0
2.7
5.7

15.1
3.1
-12.0

-6.7
-1.7
5.0

18.8
27.0
8.2

42.7
68.3
25.6

-19.0
4.1
23.1

15
16
17

18
19
20

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

1.0
0.4
0.6

1.3
1.3
-0.0

9.7
10.2
-0.6

-2.9
-3.0
0.0

5.6
5.3
0.3

5.7
5.3
0.4

10.5
10.6
-0.1

-11.4
-12.0
0.5

17.7
17.2
0.5

-2.0
-12.6
10.6

-49.1
-38.6
-10.5

18
19
20

17.3

17.2

7.2

-4.4

15.0

0.7

70.4

-33.4

22.2

10.1

-10.7

21

27.4
8.1
-9.1
-0.1
17.3

16.5
1.5
-15.8
0.1
17.2

20.9
19.1
10.9
1.0
7.2

-66.4
-3.2
1.3
-0.1
-4.4

28.3
42.1
26.8
0.2
15.0

-53.0
11.6
10.6
0.2
0.7

35.8
86.8
16.2
0.2
70.4

1.9
-15.9
15.6
1.8
-33.4

128.5
85.8
64.8
-1.3
22.2

-8.0
-42.9
-53.3
0.2
10.1

87.0
18.2
28.4
0.6
-10.7

22
23
24
25
26

7.1
-26.4

3.4
-18.4

0.9
-2.6

7.5
55.7

25.4
-11.6

62.2
2.3

61.5
-10.5

-47.2
29.4

24.9
-67.6

40.9
-75.9

-72.3
3.4

27
28

16.2
7.1
-9.1

19.2
3.4
-15.8

-10.0
0.9
10.9

6.3
7.5
1.3

-1.5
25.4
26.8

51.6
62.2
10.6

45.3
61.5
16.2

-62.8
-47.2
15.6

-39.9
24.9
64.8

94.2
40.9
-53.3

-100.6
-72.3
28.4

29
30
31

-26.3
-26.4
-0.1

-18.6
-18.4
0.1

-3.6
-2.6
1.0

55.8
55.7
-0.1

-11.9
-11.6
0.2

2.0
2.3
0.2

-10.7
-10.5
0.2

27.6
29.4
1.8

-66.4
-67.6
-1.3

-76.1
-75.9
0.2

2.9
3.4
0.6

32
33
34

21
22
23
24
25
26

27
28

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

29
30
31

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

32
33
34

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

35

Net change in assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

44
45

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

-5.3

-45.2

10.2

0.4

-91.7

-230.7

25.8

-150.2

-11.6

338.5

-15.4

35

20.8

-45.6

4.2

0.5

-87.5

-242.1

0.6

-128.2

19.8

311.1

-14.7

36

-26.1

0.4

6.0

-0.1

-4.2

11.4

25.2

-22.0

-31.4

27.4

-0.6

37

1.0
1.1
-0.1

-1.0
-0.9
-0.1

0.4
0.4
0.0

-0.7
-0.7
0.0

1.2
1.2
-0.0

-1.1
-1.1
0.0

4.0
3.0
1.0

6.4
6.7
-0.3

-4.4
-3.7
-0.8

-9.3
-9.4
0.0

2.5
1.7
0.7

38
39
40

-27.2
-5.0
-22.2

0.7
-2.2
2.9

5.0
4.5
0.5

0.1
-0.0
0.1

-5.3
1.1
-6.4

13.1
1.0
12.1

20.5
15.1
5.5

-28.8
-20.7
-8.1

-26.1
9.0
-35.1

38.0
-5.2
43.3

-3.3
-10.8
7.4

41
42
43

0.1

0.6

0.6

0.5

-0.1

-0.6

0.6

0.4

-0.9

-1.3

0.2

44

17.3

17.2

7.2

-4.4

15.0

0.7

70.4

-33.4

22.2

10.1

-10.7

45

39

Z.1, September 21, 2005

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1

Net change in liabilities

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

-71.4

204.3

43.5

133.8

149.3

180.6

115.1

77.6

224.1

110.9

4.3

1

2
3
4
5

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

-35.3
-22.9
0.1
-12.5

48.0
1.5
-0.2
46.7

41.5
-2.3
0.0
43.7

37.9
1.3
0.1
36.6

37.1
0.1
-0.1
37.1

15.2
-1.9
-0.3
17.4

50.9
-5.0
0.7
55.2

41.2
-1.7
-0.6
43.4

41.3
9.2
-0.2
32.3

11.0
-6.2
0.2
17.0

11.7
-8.8
-0.2
20.7

2
3
4
5

6
7
8
9

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

-85.5
-33.2
2.0
-54.3

102.2
45.3
-4.8
61.7

-57.3
-16.4
-0.6
-40.3

30.9
-0.9
12.2
19.6

44.6
-3.2
26.9
20.9

95.0
12.6
16.0
66.4

-2.4
-1.8
48.4
-48.9

-22.3
-38.2
-4.3
20.3

107.9
14.6
47.5
45.9

30.2
50.9
-59.5
38.8

-71.8
-63.4
142.5
-150.8

6
7
8
9

43.4
5.9

50.7
3.5

54.4
5.0

57.4
7.6

60.1
7.5

58.6
11.7

66.1
0.5

54.4
4.3

61.3
13.6

56.5
13.2

68.0
-3.6

10
11

10
11

Savings institutions
Credit unions

12

Net change in assets

-71.4

204.3

43.5

133.8

149.3

180.6

115.1

77.6

224.1

110.9

4.3

12

13

Household sector

-132.4

101.7

28.1

-73.6

-28.0

-31.5

-123.2

-2.9

45.4

158.8

-13.7

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

107.1
50.5
56.4
0.2

-48.4
-49.5
0.5
0.6

-11.3
-17.4
5.6
0.5

129.1
120.8
7.6
0.7

107.2
102.5
3.6
1.0

171.5
163.8
6.7
1.0

135.6
130.9
3.6
1.0

130.7
125.2
4.5
1.0

-9.1
-9.8
-0.3
1.0

25.6
25.2
-0.2
0.7

-10.1
-15.2
4.5
0.7

14
15
16
17

18
19

State and local governments
Federal government

0.1
-65.1

4.0
41.1

5.2
-17.1

6.4
9.2

-2.2
-31.0

7.4
-59.7

-17.1
8.4

6.5
-63.8

-5.7
-9.0

43.7
63.0

0.7
-36.8

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

7.5
2.2
5.3

18.8
-5.0
23.8

20.9
-0.6
21.5

28.9
12.3
16.6

41.7
26.8
14.8

8.5
15.7
-7.2

84.2
49.2
35.0

5.3
-4.9
10.2

68.6
47.3
21.3

-55.0
-59.3
4.3

160.4
142.3
18.0

20
21
22

23

Financial sectors

2.7

82.0

20.1

42.6

31.1

11.8

40.0

-25.1

97.8

-111.9

-66.1

23

24
25
26

Commercial banking
Savings institutions
Credit unions

-0.5
-1.5
0.3

1.1
2.0
10.1

-0.3
3.8
1.6

-0.0
0.0
3.2

1.0
-2.9
-1.4

2.9
8.0
5.6

-1.8
17.2
-42.3

1.4
-34.2
13.3

1.7
-2.5
18.0

0.5
9.4
-21.5

0.7
6.7
-23.2

24
25
26

27
28
29
30

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

-0.6
-0.5
2.6
0.7

9.4
31.9
0.4
1.5

12.8
-1.6
0.3
1.5

8.6
12.0
0.1
1.4

-8.7
6.0
0.1
-2.1

-13.9
-3.9
0.1
0.0

-0.1
20.6
1.2
-2.3

13.5
2.8
0.1
-5.2

-34.4
4.5
-0.9
-0.7

-7.3
-24.5
0.2
0.1

-3.1
21.4
0.2
1.0

27
28
29
30

31
32
33
34
35

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

4.7
-7.7
2.6
1.0
1.6

3.9
2.3
2.9
-0.2
16.8

-6.8
8.1
3.1
0.5
-2.9

-0.7
12.0
3.3
-0.3
2.9

2.7
10.1
3.5
7.0
15.7

-16.9
1.0
3.4
2.3
23.2

45.4
-8.2
3.4
5.1
1.9

2.0
-34.2
3.5
13.3
-1.4

-19.9
81.8
3.6
7.6
39.2

-4.8
-62.9
3.6
3.4
-8.2

-22.4
-42.5
3.7
5.2
-13.7

31
32
33
34
35

8.7

5.2

-2.3

-8.9

30.7

72.5

-12.7

26.9

36.0

-13.3

-30.1

36

36

Mail float

40

Z.1, September 21, 2005

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2

Net change in liabilities
Small time and savings deposits

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

305.0

335.8

321.0

291.4

496.4

475.6

581.4

390.6

538.0

332.1

463.4

1

188.8

267.2

270.9

229.4

249.4

196.5

403.1

183.0

215.0

72.4

225.9

2

3
4
5
6

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

211.6
210.6
-0.4
1.4

249.4
240.4
4.5
4.6

269.4
273.6
-2.3
-1.9

230.4
228.2
0.9
1.3

281.8
281.0
-0.8
1.6

307.2
303.4
3.6
0.2

351.3
351.1
-1.6
1.8

242.4
242.8
-3.9
3.5

226.3
226.8
-1.3
0.7

215.7
204.5
5.3
5.9

181.1
177.5
-2.2
5.8

3
4
5
6

7
8

Savings institutions
Credit unions

-35.8
13.0

-30.7
48.6

-31.6
33.1

-30.5
29.6

-48.2
15.7

-58.0
-52.8

-19.7
71.6

-48.9
-10.5

-66.0
54.7

-86.5
-56.8

-8.8
53.6

7
8

9

Large time deposits (1)

116.2

68.6

50.1

62.0

247.0

279.1

178.3

207.5

323.0

259.6

237.5

9

10
11
12
13

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

92.8
87.9
3.4
1.4

32.7
-25.2
53.3
4.6

-2.8
24.3
-25.1
-1.9

18.8
2.9
14.6
1.3

186.3
115.4
69.3
1.6

217.7
63.1
154.4
0.2

148.9
72.9
74.1
1.8

132.4
113.2
15.7
3.5

246.2
212.4
33.1
0.7

206.7
124.2
76.6
5.9

165.3
113.1
46.5
5.8

10
11
12
13

14
15

Savings institutions
Credit unions

19.9
3.5

26.9
9.0

44.2
8.7

32.4
10.8

54.3
6.4

57.2
4.2

22.1
7.3

67.6
7.6

70.3
6.4

46.5
6.4

66.0
6.2

14
15

16

Net change in assets

305.0

335.8

321.0

291.4

496.4

475.6

581.4

390.6

538.0

332.1

463.4

16

17

Household sector

284.8

194.0

279.3

368.5

387.8

436.7

398.9

349.9

365.8

449.8

190.7

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

20.5
0.5
20.1

0.9
-6.2
7.1

6.6
-4.8
11.5

9.0
1.5
7.4

16.6
7.7
8.9

11.6
5.2
6.4

-25.3
-35.8
10.5

56.9
47.3
9.6

23.0
13.9
9.1

50.3
40.3
10.0

-16.4
-25.6
9.2

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

10.6
1.0
-17.2

12.0
4.2
11.9

8.8
17.1
31.7

8.6
-25.2
-11.1

7.3
-0.0
72.8

8.6
-2.2
11.7

0.1
1.1
152.5

23.6
0.5
-8.6

-2.9
0.6
135.7

6.8
-0.1
-183.6

52.2
-2.8
294.0

21
22
23

24

Financial sectors

5.3

112.9

-22.5

-58.4

11.8

9.2

54.1

-31.7

15.8

8.7

-54.3

24

0.1
-1.1

0.8
7.4

0.4
1.6

0.0
1.8

0.6
-0.0

1.4
-1.0

1.2
5.7

-0.2
-3.3

0.2
-1.5

-1.5
-9.4

-0.1
-1.1

25
26

17.6
-0.1
-11.7
0.5

7.1
0.2
89.3
8.1

4.6
-0.1
-23.9
-5.1

2.4
-0.8
-53.3
-8.5

2.0
-0.1
0.4
9.0

1.1
0.0
-11.9
19.7

2.6
-0.1
19.8
25.0

2.0
-0.3
-7.3
-22.7

2.3
-0.0
0.9
13.9

2.8
0.0
24.0
-7.1

4.4
0.1
-77.3
19.8

27
28
29
30

25
26

Savings institutions
Credit unions

27
28
29
30

Private pension funds
State and local govt. retirement funds
Money market mutual funds
Government-sponsored enterprises

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

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

Net issues

232.5

428.5

-16.7

-207.5

-136.5

-132.4

-85.9

-157.9

-169.9

-71.4

60.7

1

2

Net purchases

232.5

428.5

-16.7

-207.5

-136.5

-132.4

-85.9

-157.9

-169.9

-71.4

60.7

2

143.7
36.5
8.7
2.8

153.4
110.5
9.6
3.2

-43.2
26.1
2.3
1.6

-110.1
-38.0
-8.2
3.6

-56.4
-12.0
-3.2
3.1

32.3
-0.7
-15.6
3.9

-34.4
11.5
-0.7
0.3

-187.7
-25.1
-2.8
3.4

-35.7
-33.7
6.5
4.9

-54.0
-38.3
9.2
3.1

93.5
-6.1
15.1
-0.5

3
4
5
6

10.5
1.7
1.4
27.2

31.0
3.8
2.2
114.7

-13.5
2.3
0.1
7.7

-8.3
1.5
-1.5
-46.6

-30.7
0.8
-2.0
-36.1

-29.2
0.6
0.0
-123.7

-18.1
0.6
-2.2
-42.8

-38.5
0.9
-5.1
97.0

-37.2
1.0
-0.7
-74.9

-28.5
1.4
0.1
35.5

-36.3
1.1
1.0
-7.1

7
8
9
10

3
4
5
6
7
8
9
10

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Life insurance companies
Private pension funds
State and local govt. retirement funds
Funding corporations

41

Z.1, September 21, 2005

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

2005
Q3

Q4

Q1

Q2

114.5

23.7

106.6

227.2

82.7

259.9

-278.2

396.8

-47.4

597.9

425.7

1

2
3
4
5

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

66.1
15.4
52.3
-1.6

-42.3
-31.2
-11.0
-0.1

115.5
73.6
39.5
2.4

67.6
68.5
-1.9
0.9

4.1
10.1
-4.7
-1.3

222.3
220.3
5.4
-3.4

122.9
87.8
34.4
0.7

-35.5
-84.7
49.9
-0.7

-293.3
-183.1
-108.6
-1.6

207.6
278.3
-69.2
-1.5

182.7
128.3
47.6
6.7

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

-6.0
-2.5
56.9

5.8
9.3
51.0

-15.0
15.1
-9.0

20.1
5.9
133.7

4.7
24.6
49.3

-13.6
39.9
11.2

-11.7
29.0
-418.4

12.8
14.6
404.8

31.4
15.0
199.5

-46.4
14.8
421.9

5.1
44.7
193.2

6
7
8

-19.3

89.0

66.5

253.1

208.2

399.0

6.8

312.0

114.9

-14.5

255.6

9

9

Net change in liabilities

Q2

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

-1.6
-10.2
11.4

-0.2
-11.1
59.4

2.2
-16.4
39.4

-0.2
7.2
270.1

0.5
6.1
186.9

-3.2
7.7
275.5

-1.4
0.5
87.9

3.6
6.6
198.5

2.9
9.7
185.8

-0.9
6.2
-166.8

0.9
-1.0
79.6

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

-19.0
-97.3
4.3
-5.3

40.9
6.9
12.5
-1.5

41.3
-10.8
-0.3
-0.8

-23.9
4.3
-6.1
-0.1

14.6
-10.8
-0.0
2.6

118.9
-0.8
41.1
-5.5

-80.2
13.8
-19.9
4.1

103.3
-28.0
-7.8
0.9

-83.5
-28.0
-13.5
10.8

147.1
52.9
-1.1
-11.4

176.2
-5.3
2.1
0.3

13
14
15
16

10.0
-2.4
-0.5
43.5
25.7
3.0

-8.1
1.5
-5.9
43.4
-31.8
23.8

14.2
1.0
-6.9
47.1
6.8
-9.1

8.5
0.5
-2.6
-20.8
12.5
-20.0

10.2
0.4
-3.5
-18.7
18.6
15.8

-2.6
0.2
0.0
64.2
-15.6
37.8

-8.8
0.4
-3.9
-54.0
2.1
-14.0

31.6
0.4
-8.9
40.7
57.9
16.5

20.6
0.5
-1.3
-125.6
29.9
23.0

10.7
0.6
0.1
64.5
42.3
-11.6

-3.6
0.6
11.7
173.2
-12.7
10.0

17
18
19
20
21
22

133.9

-65.2

40.1

-25.9

-125.4

-139.1

-285.0

84.7

-162.3

612.4

170.1

23

17
18
19
20
21
22
23

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

F.208 Open Market Paper
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6

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

211.6

-147.8

-91.5

-81.6

113.6

263.0

-0.3

15.4

176.4

189.4

516.0

1

212.2

-144.6

-91.4

-81.3

113.9

264.8

-2.5

16.9

176.5

189.3

515.6

2

48.1
31.7
10.9
20.8

-88.3
-14.2
-23.3
9.1

-64.2
36.1
4.8
31.3

-40.0
22.3
-3.7
25.9

15.8
63.7
-2.3
65.9

33.8
99.6
-1.6
101.2

32.3
-30.1
-3.7
-26.4

22.4
24.4
-6.4
30.8

-25.4
160.7
2.4
158.3

53.7
13.7
2.4
11.3

9.2
33.6
-12.8
46.4

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

132.4
1.2
125.0
8.4
0.0
-2.3

-42.1
-5.1
120.0
-80.3
0.0
-76.8

-63.3
-2.3
-13.0
-17.1
0.0
-30.9

-63.6
-6.0
-35.6
-5.2
0.0
-16.8

34.5
10.8
27.1
27.7
0.0
-31.1

131.4
59.2
26.8
41.0
0.0
4.3

-4.8
-21.5
-15.0
-10.0
0.0
41.7

-29.9
1.5
-4.2
48.2
0.0
-75.4

41.2
4.1
100.9
31.4
0.0
-95.2

122.0
26.8
117.2
-24.8
0.0
2.7

472.8
-7.6
205.1
-71.0
0.0
346.2

7
8
9
10
11
12

13

Bankers acceptances (1)

-0.7

-3.2

-0.2

-0.2

-0.3

-1.8

2.3

-1.5

-0.1

0.1

0.4

13

14

Net purchases, by sector

211.6

-147.8

-91.5

-81.6

113.6

263.0

-0.3

15.4

176.4

189.4

516.0

14

15
16
17
18

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

12.4
10.2
15.4
4.3

-0.0
2.4
17.4
-2.6

13.1
4.6
14.4
10.3

-4.5
10.9
9.4
7.0

30.2
15.8
8.0
30.6

39.9
21.1
10.1
51.2

8.3
-1.2
0.7
12.5

14.3
1.2
8.7
9.2

58.5
42.0
12.7
49.3

5.2
-11.2
8.1
-23.8

57.3
4.7
13.6
47.8

15
16
17
18

19
20
21
22

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions

0.0
0.2
0.0
-0.6

0.0
0.0
0.0
1.2

0.0
0.0
0.0
1.2

0.0
0.0
0.0
-2.0

0.0
0.0
0.0
0.2

0.0
0.0
0.0
2.5

0.0
0.0
0.0
-1.8

0.0
0.0
0.0
-0.7

0.0
0.0
0.0
1.0

0.0
0.0
0.0
0.6

0.0
0.0
0.0
-2.5

19
20
21
22

23
24
25

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

-4.5
-5.1
6.9

-11.9
1.0
4.0

14.7
2.6
-3.2

-18.2
-2.2
-4.6

-7.6
1.2
-6.2

-6.2
-0.1
0.0

-16.1
0.1
-6.9

-23.3
0.5
-15.8

15.0
4.2
-2.3

-10.1
0.9
0.2

-18.5
3.9
13.0

23
24
25

26
27
28
29
30

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

96.7
25.7
10.7
13.2
26.1

3.4
-31.8
2.7
9.0
-142.4

-38.6
-11.8
-23.5
-4.7
-70.8

-125.2
12.8
-2.4
5.9
31.6

-54.1
18.5
-2.0
-1.3
80.4

-126.2
3.7
1.4
0.7
264.8

-97.4
10.3
-1.6
1.7
91.1

-16.7
48.9
-4.6
-0.3
-6.0

23.9
10.9
-3.1
-7.4
-28.3

-7.6
59.9
2.5
9.5
155.2

47.4
-1.0
3.5
36.9
310.1

26
27
28
29
30

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, September 21, 2005

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7

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

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

-294.9

-5.1

257.1

398.4

362.5

501.9

370.8

266.5

310.9

631.5

7.2

1

-1.7
-293.2

5.6
-10.7

4.5
252.5

8.9
389.5

0.6
361.9

3.5
498.4

1.5
369.4

-1.1
267.6

-1.4
312.3

0.1
631.3

0.7
6.5

2
3

-294.9

-5.1

257.1

398.4

362.5

501.9

370.8

266.5

310.9

631.5

7.2

4

-212.7
-1.7
-211.0

-85.2
5.6
-90.8

-115.4
4.5
-119.9

16.8
8.9
7.9

43.3
0.6
42.7

24.5
3.5
21.0

-5.2
1.5
-6.7

-20.0
-1.1
-18.9

174.1
-1.4
175.5

132.9
0.1
132.8

-321.4
0.7
-322.1

5
6
7

-1.3
3.0
5.8

-1.3
2.7
18.3

14.5
0.0
26.3

1.5
1.4
8.3

-1.4
2.1
22.2

-1.5
2.5
46.5

-3.4
2.0
22.9

-8.4
2.1
13.1

7.9
1.6
6.3

-5.7
1.6
92.4

2.8
1.3
94.3

8
9
10

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

11
12

Rest of the world
Monetary authority

-70.5
33.7

10.5
40.0

138.9
77.7

288.9
37.3

358.5
51.2

559.3
22.1

493.5
53.5

206.6
71.3

174.5
57.6

357.3
-10.5

136.9
32.0

11
12

13
14
15
16
17

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

-44.4
-35.0
-0.5
-7.9
-1.0

-21.9
-31.4
9.8
0.4
-0.6

43.2
29.9
12.9
0.1
0.3

3.0
7.1
-6.5
1.4
1.0

-22.8
-19.2
-4.1
-0.8
1.4

32.9
24.2
9.7
-2.3
1.3

1.0
7.4
-11.1
1.0
3.6

-54.9
-51.9
2.4
-3.4
-1.9

-70.1
-56.7
-17.6
1.7
2.5

53.5
45.2
9.1
-1.6
0.8

-50.8
-33.0
-18.7
3.2
-2.2

13
14
15
16
17

18
19

Savings institutions
Credit unions

-1.4
-1.4

2.7
-0.8

-2.2
0.4

3.0
1.1

-3.2
0.1

0.0
-1.5

-5.6
5.6

-7.8
0.1

0.6
-3.8

-2.9
-2.0

5.7
-0.5

18
19

20
21
22
23
24

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

-8.6
-4.6
-7.2
-19.8
2.0

-0.0
-4.4
0.2
-24.0
7.2

9.2
24.8
4.6
3.8
9.3

3.5
-6.6
1.4
4.0
4.8

6.6
6.6
4.9
-4.2
5.4

9.9
8.1
6.4
8.4
2.1

5.7
6.7
4.1
-6.5
8.3

6.5
6.5
7.4
-17.1
10.2

4.1
5.3
1.6
-1.5
0.9

9.1
5.5
0.5
-0.2
8.8

5.0
0.1
4.6
2.7
10.8

20
21
22
23
24

25
26
27
28
29
30

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

-12.9
6.3
-0.9
0.0
0.6
39.4

46.0
-8.5
0.1
0.0
0.4
13.1

4.7
19.7
-2.8
2.0
12.1
-13.7

-10.2
9.4
1.4
0.1
-12.3
41.7

-33.9
4.9
2.4
2.8
-0.6
-82.4

-27.3
19.4
5.4
3.6
-1.7
-217.3

-44.9
1.6
2.4
3.0
2.7
-176.5

-9.6
-6.7
0.9
1.5
-2.8
67.8

-53.5
5.2
0.9
3.2
-0.7
-3.4

11.2
11.6
0.6
9.3
0.7
-42.4

-10.0
2.4
1.7
2.1
-1.9
89.4

25
26
27
28
29
30

-295.9

-5.6

257.6

396.0

361.9

502.9

367.2

266.3

311.2

630.7

5.8

31

Memo:
31

Federal government borrowing (1)

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

43

Z.1, September 21, 2005

F.210 Agency- and GSE-backed Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7
8

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

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

433.9

642.1

547.2

571.9

117.5

128.3

296.3

155.1

-109.7

-144.0

36.5

1

-1.0
235.2
199.7

-0.5
304.1
338.5

0.5
219.8
326.8

-2.4
243.7
330.5

-0.6
65.0
53.1

1.1
0.6
126.7

-3.6
211.9
88.0

-0.2
93.1
62.1

0.3
-45.5
-64.6

-0.7
-209.6
66.3

-1.4
-84.2
122.1

2
3
4

433.9

642.1

547.2

571.9

117.5

128.3

296.3

155.1

-109.7

-144.0

36.5

5

33.9
3.0
41.9

-120.0
2.1
47.2

-191.1
-0.7
41.9

225.2
-4.7
20.4

128.8
-0.5
17.5

-174.1
-0.6
22.0

295.3
-1.3
1.5

597.0
-3.1
18.9

-203.0
2.9
27.5

27.7
-2.1
17.6

225.3
1.0
-3.0

6
7
8

0.0
141.9
-0.1

0.0
103.7
-0.1

0.0
112.3
0.0

0.0
6.5
-0.0

0.0
104.8
0.0

0.0
36.9
0.0

0.0
99.9
0.0

0.0
49.5
0.0

0.0
232.8
0.0

0.0
102.7
0.0

0.0
167.9
0.0

9
10
11

9
10
11

Federal government
Rest of the world
Monetary authority

12
13
14
15
16

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

22.3
18.2
0.4
-0.5
4.3

55.6
73.7
-22.0
1.4
2.5

140.5
121.1
10.9
4.5
3.9

83.6
85.1
-7.1
0.9
4.7

96.9
89.7
0.6
1.9
4.7

380.2
378.4
-5.6
3.6
3.9

65.7
45.5
12.4
1.4
6.4

-217.6
-216.8
-13.8
5.8
7.2

159.2
151.7
9.5
-3.2
1.2

97.5
104.2
-9.3
0.3
2.4

-63.1
-94.2
27.9
-3.1
6.3

12
13
14
15
16

17
18

Savings institutions
Credit unions

-6.7
-0.4

21.0
19.6

14.7
16.8

22.6
18.2

5.1
1.5

39.1
9.0

-28.8
7.9

-32.5
-20.6

42.5
9.8

-6.4
6.7

-11.8
-5.8

17
18

19
20
21
22
23

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

8.6
11.0
-25.7
49.9
0.1

10.1
18.1
7.4
1.9
1.6

19.0
77.4
5.7
11.8
2.4

2.2
18.0
6.8
5.1
1.1

-3.3
8.2
13.2
-5.1
-0.5

3.8
16.0
17.9
10.2
-0.8

-4.4
8.7
7.3
-7.9
-1.0

-4.0
7.3
14.4
-20.8
0.4

-8.5
0.8
13.3
-1.8
-0.5

14.3
31.0
2.3
-0.2
-0.2

7.9
11.6
16.7
5.4
0.3

19
20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-7.0
4.1
149.2

141.5
85.3
206.9

8.7
61.5
131.7

-4.6
25.3
88.8

-61.1
15.2
-130.3

-53.6
60.6
-200.7

-56.2
4.9
-93.5

-107.7
-21.0
-33.9

-26.9
16.3
-192.9

-176.2
36.5
-185.4

-149.6
7.4
-227.6

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

9.7
0.4
-2.3

18.9
7.0
14.1

70.7
9.7
14.1

69.1
-3.5
-8.1

-110.7
14.1
23.5

-122.5
44.7
40.2

31.8
-3.9
-29.9

-249.5
-4.1
182.4

-102.5
19.9
-98.5

-112.8
-0.5
3.6

-58.2
1.1
111.0

27
28
29

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32.

44

Z.1, September 21, 2005

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

Net change in liabilities

2
3
4

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

5

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

6
7

Net change in assets

8
9
10
11

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

12
13

Commercial banking
Savings institutions

14
15
16

Property-casualty insurance companies
Life insurance companies
State and local govt. retirement funds

17
18
19
20
21

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

Q2

2005
Q3

Q4

Q1

Q2

23.6

122.9

159.4

135.1

129.9

174.0

70.2

156.9

118.3

224.7

123.3

1

16.5
1.4
15.1

105.5
23.8
81.7

143.4
25.2
118.2

117.5
7.2
110.3

115.0
-6.0
120.9

155.9
25.8
130.1

51.0
-60.7
111.6

144.7
20.1
124.6

108.2
-9.0
117.2

201.4
17.9
183.5

97.0
-32.9
129.9

2
3
4

5.8

13.8

12.9

14.1

9.7

13.4

15.2

6.9

3.3

17.2

19.3

5

1.4

3.5

3.1

3.4

5.2

4.7

4.0

5.3

6.7

6.2

7.0

6

23.6

122.9

159.4

135.1

129.9

174.0

70.2

156.9

118.3

224.7

123.3

7

5.0
6.9
-0.3
0.2

49.6
-2.6
1.1
0.2

101.4
2.8
-0.1
0.1

34.1
3.1
0.2
0.3

34.3
4.7
0.2
0.2

38.1
-9.4
0.2
0.3

-1.6
13.3
0.2
0.0

62.5
-3.6
0.2
0.2

38.4
18.4
0.2
0.3

82.5
8.4
0.2
0.2

70.1
-2.3
0.2
-0.0

8
9
10
11

3.4
0.2

6.1
1.3

1.5
1.0

10.8
0.8

8.3
0.8

11.4
0.8

10.8
0.3

1.7
1.2

9.2
1.0

25.1
0.9

7.0
3.0

12
13

-14.9
-1.0
-1.3

-10.3
-0.4
-0.1

9.2
1.2
-0.8

41.2
6.2
-0.0

43.6
4.0
0.6

53.8
4.5
1.4

40.1
4.0
-0.0

44.1
4.0
0.9

36.3
3.5
0.0

34.1
2.9
0.0

18.8
1.1
0.1

14
15
16

34.1
-8.9
-2.0
2.8
-0.7

34.2
23.0
7.0
6.2
7.7

1.8
23.8
11.3
4.0
2.0

13.6
12.9
3.2
5.0
3.8

21.8
4.1
-0.1
0.2
7.1

18.9
41.2
-1.8
14.0
0.7

11.9
-42.0
5.8
6.9
20.6

10.8
10.5
-2.0
12.6
13.6

45.5
6.8
-2.4
-32.7
-6.5

19.1
27.0
1.1
5.7
17.5

25.2
15.0
2.5
-1.6
-15.8

17
18
19
20
21

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

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

354.7

581.7

499.7

683.9

614.1

462.8

390.2

729.1

874.4

641.7

590.0

1

2
3

Nonfinancial corporate business
Rest of the world (1)

162.6
21.2

347.7
-18.5

132.3
31.6

158.3
41.9

77.7
19.2

114.2
-4.3

6.7
-40.1

51.7
86.8

138.3
34.4

34.3
-4.6

28.1
60.7

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

170.9
32.6
3.5

252.5
37.0
-2.6

335.8
22.0
-0.2

483.8
46.9
1.7

517.2
58.3
2.5

352.9
39.3
3.4

423.7
54.8
-3.8

590.6
61.4
3.7

701.6
77.8
6.7

611.9
79.3
-0.4

501.1
30.8
0.7

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

40.4
72.9
3.9
15.6
1.9

123.5
66.6
4.4
1.4
22.2

207.0
62.0
16.2
-1.7
30.5

274.9
115.2
23.3
6.4
15.4

281.7
81.5
65.7
15.2
12.2

142.2
54.0
40.7
51.9
21.3

323.8
33.8
22.3
2.5
-9.7

396.6
30.5
79.4
33.2
-14.2

264.1
207.7
120.4
-26.6
51.5

364.0
121.5
21.5
11.2
14.9

302.5
79.3
61.1
-5.2
32.0

7
8
9
10
11

354.7

581.7

499.7

683.9

614.1

462.8

390.2

729.1

874.4

641.7

590.0

12

73.5
9.9
168.4

-14.5
11.2
195.4

174.8
9.1
151.0

-24.0
6.5
230.0

-119.4
5.5
254.4

-195.5
7.0
179.3

-224.0
0.5
200.9

-197.7
6.0
342.4

139.6
8.7
294.8

-335.3
5.6
244.1

-257.1
-0.9
346.3

13
14
15

56.0
-2.5

97.0
-25.6

-3.2
-4.0

44.6
-8.8

77.3
-10.1

71.6
-24.1

-32.3
-20.7

148.6
-6.2

121.0
10.6

275.6
17.1

167.3
7.2

16
17

6.4
49.0
-57.6
4.2
0.0

8.9
120.2
4.7
-34.6
0.9

2.4
106.8
12.7
-62.4
1.3

20.0
171.0
8.2
-39.2
0.5

26.4
147.8
15.8
-5.7
-0.3

37.5
184.0
20.8
2.6
-0.5

23.4
149.4
11.6
-0.5
-0.5

26.3
144.9
22.3
-21.7
0.2

18.4
112.8
8.5
-3.1
-0.3

31.2
166.8
4.2
-0.3
-0.1

17.2
52.9
21.5
13.8
0.2

18
19
20
21
22

12

Net issues

Net purchases

13
14
15

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

16
17

Commercial banking
Savings institutions

18
19
20
21
22

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

23
24
25
26

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds

27.3
-6.2
-2.7
0.0

42.3
58.1
-3.8
0.0

5.6
50.9
0.0
1.8

30.5
77.4
31.6
0.6

2.3
74.5
8.9
1.0

-23.8
106.8
6.4
1.5

34.9
33.4
13.5
0.6

-32.4
71.7
1.5
0.8

30.6
86.0
14.1
1.0

-45.0
71.8
4.7
2.4

8.5
93.8
-2.6
1.4

23
24
25
26

27
28
29
30

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

19.1
-0.7
19.3
-8.9

24.6
2.4
48.6
45.8

33.5
2.9
30.7
-14.4

36.6
7.2
36.4
54.9

110.8
15.6
23.9
-14.5

111.5
21.5
-14.2
-29.5

165.0
12.5
65.3
-42.7

144.7
17.5
39.3
20.9

22.1
10.9
5.2
-6.6

60.8
11.1
79.0
48.3

56.0
20.3
94.5
-50.3

27
28
29
30

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

45

Z.1, September 21, 2005

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

Net issues

Q4

Q1

Q2

5.3

98.3

46.3

119.1

34.5

89.8

99.3

-7.9

-43.3

3.9

-140.6

1

-48.1

-41.6

-57.8

-157.0

-82.2

-159.5

-203.2

-183.2

-226.0

-294.4

2

Rest of the world (2)

106.7

109.1

17.0

114.2

83.2

66.5

160.9

67.0

38.5

159.3

83.3

3

Financial sectors
Commercial banking
Property-casualty insurance companies
Life insurance companies
Closed-end funds
Exchange-traded funds
REITs
Brokers and dealers

16.8
-12.5
-4.5
-0.8
-5.5
42.4
2.0
-4.2

37.3
-8.1
0.5
-0.9
1.9
31.0
6.1
6.7

71.0
-10.7
6.2
-6.5
18.0
45.3
8.4
10.2

62.7
-2.4
4.1
-3.9
43.9
15.8
13.3
-8.0

108.3
17.6
-4.0
-17.3
32.8
55.0
21.5
2.6

105.5
-0.6
1.6
-4.3
62.0
30.1
25.8
-9.1

97.9
-4.4
-5.7
-32.7
35.9
60.8
13.8
30.2

128.4
70.5
-4.6
-18.3
20.9
27.1
21.6
11.1

101.4
5.0
-7.2
-13.9
12.5
102.2
24.7
-21.9

70.6
-22.1
-3.6
-13.8
40.6
35.7
10.7
23.2

70.6
11.3
-5.0
-5.8
23.5
40.6
20.1
-14.2

4
5
6
7
8
9
10
11

Nonfinancial corporate business

3

12

2005
Q3

-118.2

2

4
5
6
7
8
9
10
11

Q2

Net purchases

5.3

98.3

46.3

119.1

34.5

89.8

99.3

-7.9

-43.3

3.9

-140.6

12

-486.6
6.3
193.6

-241.9
4.0
121.5

-93.4
10.3
54.1

-101.9
-17.5
35.0

-285.5
-5.2
61.9

-285.6
-2.1
17.2

-147.2
-2.7
36.6

-247.5
12.1
5.1

-461.5
-27.9
188.7

-398.6
14.2
82.9

-266.1
-8.1
50.0

13
14
15

0.3
0.4

0.2
3.2

-0.6
2.0

2.3
-1.0

-0.2
-1.1

-0.0
3.0

-1.2
-2.3

-0.2
-1.3

0.4
-3.9

-0.9
-1.8

4.4
-0.9

16
17

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

0.7
111.3
-82.7
11.6
5.2

-0.3
70.2
-129.8
115.1
-0.6

-1.1
52.7
-121.4
50.2
7.9

-2.7
45.5
-44.8
23.8
17.2

-3.5
51.5
-44.0
4.6
9.1

-5.7
60.4
-29.3
-34.7
12.2

6.0
46.2
-36.0
-3.4
4.0

4.6
74.8
-58.7
36.8
5.0

-18.9
24.4
-52.2
19.8
15.3

-1.0
89.8
-15.6
-2.6
5.6

-4.6
22.4
-48.2
-43.7
2.6

18
19
20
21
22

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

193.1
0.1
42.4
9.6

109.8
-1.3
31.0
17.3

31.4
9.4
41.6
3.2

136.8
7.6
15.1
3.8

158.4
21.7
51.2
15.5

234.1
52.0
25.0
43.3

110.4
14.2
57.2
17.3

143.9
20.6
24.8
-28.0

145.0
-0.2
98.0
29.6

145.9
34.2
24.0
27.9

124.2
21.8
37.1
-31.5

23
24
25
26

13
14
15

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

16
17

Commercial banking
Savings institutions

18
19
20
21
22
23
24
25
26

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

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

Net issues

239.4

201.2

182.4

288.0

299.1

464.1

115.6

309.2

307.6

400.2

228.9

1

2

Net purchases

239.4

201.2

182.4

288.0

299.1

464.1

115.6

309.2

307.6

400.2

228.9

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

84.4
12.0
1.3

141.7
4.0
0.4

111.3
0.6
2.1

230.1
11.0
-5.4

259.0
5.0
-1.6

425.9
5.0
-0.7

80.5
5.0
-0.8

262.1
5.0
3.7

267.6
5.0
-8.5

357.9
5.0
4.3

218.1
5.0
-2.5

3
4
5

6
7

Commercial banking
Credit unions

2.5
-0.3

7.8
1.5

1.7
-0.2

-6.2
0.5

-0.9
-0.9

-4.7
0.4

-0.0
-1.2

-2.8
-1.6

4.0
-1.4

-4.9
-1.3

-4.3
-1.1

6
7

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

5.6
84.0
49.9

2.1
17.9
25.8

2.6
50.4
13.9

0.5
51.7
5.8

12.8
25.8
-0.1

12.8
29.1
-3.7

12.8
18.8
0.6

12.8
26.3
3.7

12.8
29.1
-0.9

10.0
29.6
-0.4

10.0
9.6
-5.9

8
9
10

8
9
10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

46

Z.1, September 21, 2005

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1

Total loans by commercial
banking, flow of funds basis

371.8

71.3

225.2

193.2

405.0

431.5

469.0

441.9

277.5

594.2

596.8

1

2
3
4
5

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

0.2
164.6
43.8
50.4

0.0
129.8
17.8
0.0

0.0
268.5
34.6
2.8

0.0
197.5
54.7
35.5

0.0
339.5
36.3
-17.9

0.0
380.4
17.0
61.9

0.0
356.8
17.3
30.1

0.0
322.6
62.2
54.7

0.0
298.2
48.9
-218.2

0.0
467.4
-20.6
37.4

0.0
328.2
9.7
52.2

2
3
4
5

6

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

112.8

-76.2

-80.6

-94.5

47.0

-27.8

64.9

2.4

148.6

110.0

206.8

6

98.1
14.6
-0.9
1.1

-62.0
-19.1
0.3
4.5

-58.6
-18.6
0.9
-4.3

-70.9
-29.0
5.0
0.3

41.3
6.4
-2.5
1.8

-13.9
-16.8
1.0
2.0

51.6
14.0
-2.9
2.2

8.4
-7.8
1.6
0.1

119.2
36.3
-9.7
2.9

79.2
34.7
-4.9
0.9

123.2
81.7
-5.1
6.9

7
8
9
10

7
8
9
10

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

11

+ Loans from Federal Reserve banks

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

12

= Total bank loans n.e.c.

112.8

-76.2

-80.6

-94.5

47.0

-27.8

64.9

2.4

148.6

110.0

206.8

12

13

Net change in liabilities

112.8

-76.2

-80.6

-94.5

47.0

-27.8

64.9

2.4

148.6

110.0

206.8

13

109.1

-89.3

-82.1

-89.7

34.6

-45.3

90.7

-41.9

135.0

104.1

230.3

14

14

Nonfinancial sectors

15
16
17
18

Household sector
Corporate business
Nonfarm noncorporate business
Farm business

2.7
43.8
48.5
2.7

-16.5
-109.6
44.0
-0.0

-3.4
-108.2
25.1
-0.9

-6.9
-64.4
-10.3
-0.4

4.0
10.1
15.9
2.2

13.3
-60.2
8.6
-0.3

49.4
15.2
16.5
2.5

-76.3
24.2
14.1
5.2

29.4
61.3
24.3
1.5

24.4
46.3
24.5
-3.2

42.0
123.1
68.5
2.0

15
16
17
18

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

11.4
0.6
3.4
7.4

-7.3
0.8
-7.4
-0.7

5.3
0.8
-0.8
5.3

-7.7
-0.5
-1.5
-5.7

2.5
0.9
2.8
-1.3

-6.7
1.5
2.9
-11.2

7.0
1.3
5.9
-0.2

-9.0
-0.8
-3.2
-5.0

18.5
1.6
5.7
11.1

12.1
0.9
1.4
9.9

-5.2
-1.9
-1.8
-1.5

19
20
21
22

3.8

13.0

1.5

-4.8

12.4

17.5

-25.8

44.2

13.6

5.9

-23.6

23

7.4
0.5
0.0
-4.2

1.5
14.9
0.0
-3.3

4.2
-2.8
0.0
0.1

-13.2
8.1
0.0
0.3

1.9
9.1
0.0
1.4

1.5
16.1
0.0
-0.1

1.1
-32.2
0.0
5.4

4.8
36.9
0.0
2.5

0.4
15.5
0.0
-2.2

-0.5
-8.3
0.0
14.6

-9.5
-15.5
0.0
1.5

24
25
26
27

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

47

Z.1, September 21, 2005

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Total other loans and advances

120.8

30.6

24.7

39.1

102.7

89.1

132.5

19.3

169.9

140.3

195.0

1

2
3
4
5
6
7
8
9

U.S. government loans
Liab.: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Rest of the world
Government-sponsored enterprises

-3.6
-0.6
-0.4
-1.1
0.1
-1.0
-0.6
0.0

-5.9
-1.6
-0.2
-3.2
0.0
0.2
-1.1
0.0

-3.6
-0.8
-0.3
-0.7
-0.3
0.5
-1.9
0.0

-1.4
-0.7
0.7
0.7
-0.2
0.3
-2.1
0.0

-2.1
-0.9
0.5
1.5
-0.3
0.2
-3.2
0.0

-2.5
-0.6
1.0
1.9
-0.2
0.1
-4.6
0.0

-1.0
-0.9
0.2
1.3
-0.2
0.2
-1.6
0.0

-2.6
-1.0
0.5
1.6
-0.4
0.2
-3.5
0.0

-2.3
-0.9
0.3
1.3
-0.3
0.3
-3.0
0.0

-10.1
-0.9
0.4
-5.9
-0.3
0.3
-3.7
0.0

-6.8
-0.8
1.0
-4.7
-0.3
0.4
-2.4
0.0

2
3
4
5
6
7
8
9

10
11

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

-2.2
-2.2

-1.6
-1.6

10.1
10.1

-0.8
-0.8

6.3
6.3

-12.7
-12.7

-13.1
-13.1

-14.7
-14.7

65.5
65.5

107.8
107.8

51.2
51.2

10
11

12
13
14

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

-0.7
-0.0
-0.7

-2.9
-0.3
-2.6

-0.0
0.3
-0.4

-0.2
-0.2
0.0

-0.4
-0.4
0.1

-1.9
-2.2
0.3

2.4
1.2
1.1

-1.5
-0.3
-1.3

-0.3
-0.5
0.1

0.1
-0.0
0.2

0.6
-0.2
0.8

12
13
14

15
16
17

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

8.7
4.3
4.3

3.6
1.8
1.8

3.3
1.7
1.7

10.0
5.0
5.0

7.8
3.9
3.9

-26.8
-13.4
-13.4

23.4
11.7
11.7

47.4
23.7
23.7

-12.7
-6.3
-6.3

-16.8
-8.4
-8.4

27.6
13.8
13.8

15
16
17

18
19
20

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

2.8
-0.0
2.9

2.2
0.0
2.2

1.1
0.0
1.0

-0.6
0.0
-0.7

1.7
0.1
1.6

-0.2
0.1
-0.2

1.9
0.1
1.8

3.3
0.1
3.2

1.7
0.1
1.6

-1.4
0.1
-1.5

3.0
0.1
2.9

18
19
20

21
22
23
24
25
26
27
28

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

45.3
-0.3
1.5
1.5
26.8
16.3
0.0
-0.7

28.3
-0.1
0.0
2.9
24.2
-0.9
1.5
0.6

8.9
0.1
0.6
1.4
30.2
-27.4
2.0
2.0

31.1
-0.1
-0.3
0.3
8.5
17.6
2.2
2.9

73.5
-0.3
-1.7
1.5
8.8
60.0
2.3
3.0

84.8
0.0
6.0
-0.4
85.9
-3.8
-2.7
-0.4

140.3
-0.6
-7.8
0.5
-28.8
169.3
4.9
2.7

-17.6
-0.6
-5.6
4.3
-1.2
-15.5
0.9
0.1

86.8
-0.3
0.5
1.4
-20.6
89.9
6.1
9.7

35.2
0.0
6.7
1.5
56.7
-29.7
1.5
-1.6

116.4
0.0
-1.9
3.9
17.9
91.2
3.1
2.3

21
22
23
24
25
26
27
28

29
30

Securitized loans held by ABS issuers
Liab.: Nonfinancial corporate business

7.2
7.2

18.5
18.5

-3.3
-3.3

-1.1
-1.1

1.4
1.4

-9.2
-9.2

0.3
0.3

18.7
18.7

-4.1
-4.1

7.5
7.5

-27.5
-27.5

29
30

31
32
33

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

63.3
57.0
6.3

-11.5
-10.3
-1.1

8.3
7.5
0.8

2.2
2.0
0.2

14.4
13.0
1.4

57.6
51.8
5.8

-21.6
-19.5
-2.2

-13.7
-12.3
-1.4

35.4
31.8
3.5

18.0
16.2
1.8

30.5
27.5
3.1

31
32
33

48

Z.1, September 21, 2005

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Net change in mortgages

555.0

673.8

835.3

1014.3

1183.1

1199.2

1038.7

1365.6

1128.8

1170.3

1269.6

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

408.0
29.9
110.6
6.5

509.4
42.2
114.4
7.7

685.6
38.9
103.1
7.7

802.8
70.5
132.9
8.1

944.9
51.3
178.8
8.1

989.4
31.6
171.2
7.1

832.4
67.8
128.1
10.4

1104.0
47.9
204.6
9.1

853.7
58.0
211.3
5.9

925.7
33.8
205.6
5.1

971.2
53.7
233.3
11.4

2
3
4
5

6

555.0

673.8

835.3

1014.3

1183.1

1199.2

1038.7

1365.6

1128.8

1170.3

1269.6

6

Household sector

379.0

483.2

649.0

752.6

896.2

942.5

803.1

1035.5

803.6

858.7

893.4

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

171.2
27.2
137.5
6.5

188.3
59.5
121.2
7.7

178.1
49.5
121.0
7.7

253.4
84.4
160.8
8.1

261.2
106.3
146.8
8.1

230.2
94.5
128.6
7.1

219.7
59.8
149.5
10.4

309.5
145.0
155.4
9.1

285.6
126.0
153.8
5.9

286.4
106.5
174.8
5.1

354.5
127.4
215.7
11.4

8
9
10
11

12
13

Federal government
REITs

0.0
4.9

0.0
2.2

0.0
8.2

0.0
8.3

0.0
25.6

0.0
26.5

0.0
15.9

0.0
20.6

0.0
39.6

0.0
25.2

0.0
21.7

12
13

14

Net change in assets

555.0

673.8

835.3

1014.3

1183.1

1199.2

1038.7

1365.6

1128.8

1170.3

1269.6

14

7

Net borrowing

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

12.6
2.3
-2.7

8.0
3.1
2.7

10.6
2.9
-0.2

11.4
2.5
1.6

12.2
2.5
0.2

11.7
2.5
0.4

12.9
2.5
0.8

12.5
2.5
0.2

11.9
2.5
-0.4

12.2
2.5
-0.6

13.9
2.5
-1.2

15
16
17

18
19

State and local governments
Federal government

-1.1
-0.9

-1.0
-1.1

-5.4
0.5

7.7
-2.5

6.6
1.6

8.3
8.0

0.6
-6.0

7.1
0.7

10.4
3.6

6.6
0.2

-1.1
1.2

18
19

20
21
22

Commercial banking
Savings institutions (1)
Credit unions

164.6
54.9
13.8

129.8
35.3
16.4

268.5
23.1
18.2

197.5
89.5
23.2

339.5
187.6
30.6

380.4
198.7
19.4

356.8
173.2
37.7

322.6
156.6
34.6

298.2
221.8
30.7

467.4
11.6
26.5

328.2
202.3
32.1

20
21
22

23
24
25
26

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

-0.3
5.2
-0.7
-3.6

0.2
7.1
0.1
-1.1

0.1
7.0
0.0
0.1

0.1
10.9
-0.1
1.4

0.3
12.4
-0.2
1.9

0.2
10.5
-0.2
-1.2

0.3
7.6
-0.2
-0.9

0.5
15.6
0.3
9.7

0.3
15.9
-0.7
0.1

0.2
10.6
-0.3
-0.1

0.2
12.9
-0.1
2.0

23
24
25
26

27
28
29

Government-sponsored enterprises (1)
Agency- and GSE-backed mortgage pools
ABS issuers

22.2
199.7
66.6

33.2
338.5
114.3

59.8
326.8
97.2

106.0
330.5
190.1

15.1
53.1
439.1

27.8
126.7
337.9

3.2
88.0
321.2

14.8
62.1
638.0

14.5
-64.6
459.4

15.0
66.3
512.0

-11.5
122.1
527.4

27
28
29

30
31
32

Finance companies
Mortgage companies
REITs

26.4
0.0
-4.1

-11.0
0.0
-0.7

13.2
0.0
12.8

24.4
0.0
19.9

44.0
0.0
36.4

40.0
0.0
28.0

21.7
0.0
19.4

36.8
0.0
51.0

77.8
0.0
47.2

27.7
0.0
12.4

10.4
0.0
28.1

30
31
32

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

49

Z.1, September 21, 2005

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

408.0

509.4

685.6

802.8

944.9

989.4

832.4

1104.0

853.7

925.7

971.2

1

366.5
2.0
39.5

464.5
2.1
42.8

635.5
0.7
49.5

741.0
1.8
60.1

878.6
4.1
62.2

924.9
3.6
60.8

773.5
3.5
55.4

1024.1
4.9
75.0

791.9
4.4
57.4

849.7
5.2
70.9

892.4
7.3
71.5

2
3
4

408.0

509.4

685.6

802.8

944.9

989.4

832.4

1104.0

853.7

925.7

971.2

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

7.2
1.2
-0.2

7.4
1.5
1.2

8.7
1.9
-0.2

9.5
1.5
1.7

10.4
1.5
2.0

10.0
1.5
1.9

10.3
1.5
2.0

10.5
1.5
2.1

10.7
1.5
2.2

11.0
1.5
2.3

11.2
1.5
2.4

6
7
8

9
10

State and local governments
Federal government

-0.6
-0.7

-0.5
-0.6

-2.7
-0.9

3.9
-0.9

3.4
-0.5

4.2
-0.5

0.3
-0.6

3.6
-0.4

5.3
-0.3

3.4
-0.5

-0.6
-0.3

9
10

11
12
13

Commercial banking
Savings institutions
Credit unions

86.1
46.0
13.8

58.2
26.4
16.4

198.3
10.8
18.2

124.9
72.0
23.2

221.0
172.5
30.6

276.5
173.8
19.4

247.9
159.9
37.7

191.1
149.0
34.6

168.4
207.2
30.7

353.3
3.0
26.5

176.5
175.8
32.1

11
12
13

14
15
16

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

-1.0
1.1
-1.1

0.0
-3.1
-0.3

-0.3
-1.8
-0.0

-0.3
-1.1
-0.5

0.6
-0.2
0.5

0.7
-0.8
-0.7

0.1
-0.0
6.5

0.2
0.0
-3.2

1.4
-0.1
-0.7

0.1
-0.1
-5.6

0.2
-0.0
-6.8

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

15.8
190.9
31.5

20.5
322.9
69.5

45.5
315.2
65.9

92.2
303.2
138.4

-0.4
49.6
377.5

16.8
139.7
285.8

-15.2
69.9
254.3

-2.6
57.9
583.4

-0.7
-69.1
386.7

12.1
64.0
413.7

-14.9
118.8
437.9

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

22.4
0.0
-4.3

-10.5
0.0
0.2

14.9
0.0
12.4

17.2
0.0
17.8

38.0
0.0
38.4

40.0
0.0
21.1

24.4
0.0
33.4

27.8
0.0
48.5

59.9
0.0
50.8

29.2
0.0
11.9

11.2
0.0
26.1

20
21
22

90.3
45.5
13.1
7.3
2.1
22.4

26.0
23.6
5.1
4.2
3.5
-10.5

65.5
44.7
0.6
3.1
2.3
14.9

101.7
62.7
17.1
3.8
0.8
17.2

201.3
117.6
25.9
12.1
7.6
38.0

129.8
96.2
-19.3
4.4
7.8
40.7

207.3
133.1
36.4
12.6
1.1
24.1

248.0
138.1
50.5
19.3
15.5
24.6

220.0
102.8
36.1
12.4
6.0
62.7

134.9
69.8
19.8
5.0
10.0
30.3

188.3
119.2
37.3
16.1
5.2
10.5

23
24
25
26
27
28

6
7
8

23
24
25
26
27
28

Net change in assets

2001

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

(1) Mortgages on 1-4 family properties.
(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 28) include some first liens.
Excludes home equity loans held by mortgage companies and individuals.

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

Net borrowing

29.9

42.2

38.9

70.5

51.3

31.6

67.8

47.9

58.0

33.8

53.7

1

1.4
25.5

1.4
39.2

1.5
35.8

1.6
68.3

1.8
45.4

1.7
21.9

1.8
65.7

1.8
40.4

1.8
53.6

1.9
28.4

1.9
57.0

2
3

Federal government
REITs

0.0
3.1

0.0
1.6

0.0
1.7

0.0
0.6

0.0
4.1

0.0
7.9

0.0
0.3

0.0
5.7

0.0
2.5

0.0
3.5

0.0
-5.2

4
5

Net change in assets

29.9

42.2

38.9

70.5

51.3

31.6

67.8

47.9

58.0

33.8

53.7

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-0.0
-0.1
-0.2

-0.0
0.1
1.2

0.0
0.0
-0.2

0.0
0.0
-0.2

0.0
0.0
-1.6

0.0
0.0
-1.5

0.0
0.0
-1.0

0.0
0.0
-1.6

0.0
0.0
-2.2

0.0
0.0
-2.4

0.0
0.0
-3.0

7
8
9

10
11

State and local governments
Federal government

-0.4
0.3

-0.4
-0.2

-2.1
0.5

3.1
0.2

2.6
0.4

3.3
0.9

0.2
0.3

2.9
-0.3

4.2
0.9

2.7
-0.1

-0.4
-0.0

10
11

12
13

Commercial banking
Savings institutions

10.1
1.9

7.0
3.3

9.3
4.1

10.7
9.3

14.4
9.5

11.3
14.8

12.6
9.0

16.6
7.4

17.3
6.9

13.9
11.4

24.9
18.9

12
13

14
15
16

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

0.9
0.0
-1.0

2.0
0.3
-0.2

1.2
0.5
-0.0

1.7
0.3
-0.5

1.9
0.0
0.4

0.5
0.1
-0.6

1.0
-0.0
5.7

2.1
0.1
-2.8

4.0
-0.1
-0.6

0.8
-0.1
-4.9

1.8
-0.0
-5.9

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

4.5
8.5
5.4

8.2
15.6
5.9

8.5
12.9
5.5

10.9
26.6
8.1

12.4
3.6
7.9

8.5
-12.8
7.3

14.6
18.1
6.3

14.6
4.3
5.1

11.7
4.7
12.9

0.9
2.6
9.0

-1.9
3.3
16.6

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.1
0.0
-0.2

-0.2
0.0
-0.4

-1.0
0.0
-0.2

0.1
0.0
0.1

0.1
0.0
-0.5

-0.2
0.0
-0.2

0.4
0.0
0.6

0.2
0.0
-0.7

0.0
0.0
-1.6

-0.0
0.0
-0.0

-0.0
0.0
-0.5

20
21
22

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6
7
8
9

50

Z.1, September 21, 2005

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

110.6

114.4

103.1

132.9

178.8

171.2

128.1

204.6

211.3

205.6

233.3

1

12.5
23.8
72.5
1.8

18.7
55.9
39.2
0.6

13.5
47.3
35.8
6.6

11.6
81.1
32.4
7.7

17.6
100.4
39.2
21.5

17.6
89.2
45.8
18.5

29.6
54.5
28.4
15.6

11.4
138.2
40.0
14.9

11.7
119.7
42.8
37.1

9.0
99.5
75.5
21.6

1.0
118.2
87.2
26.9

2
3
4
5

110.6

114.4

103.1

132.9

178.8

171.2

128.1

204.6

211.3

205.6

233.3

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1.7
1.1
-0.0

-0.7
1.5
0.1

0.7
1.0
-0.0

0.6
1.0
-0.2

0.6
1.0
-0.5

0.6
1.0
-0.4

0.6
1.0
-0.5

0.6
1.0
-0.6

0.6
1.0
-0.7

0.6
1.0
-0.8

0.7
1.0
-0.9

7
8
9

10
11

State and local governments
Federal government

-0.1
-0.4

-0.1
-0.1

-0.4
1.2

0.6
-1.6

0.5
1.8

0.7
7.8

0.0
-5.2

0.6
1.3

0.8
3.4

0.5
0.8

-0.1
1.6

10
11

12
13

Commercial banking
Savings institutions

66.2
6.9

63.0
5.6

58.3
8.2

59.3
8.2

100.2
5.6

89.4
10.1

91.9
4.3

110.8
0.1

108.7
7.9

98.2
-2.9

123.7
7.6

12
13

14
15
16
17

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

-0.3
4.7
-1.9
-1.5

0.2
4.6
2.8
-0.6

0.1
6.7
1.4
0.2

0.1
8.9
0.8
2.4

0.3
10.1
0.0
1.0

0.2
9.1
0.4
0.1

0.3
6.1
-0.1
-13.2

0.5
12.8
0.2
15.7

0.3
12.5
-0.4
1.5

0.2
9.4
-0.2
10.4

0.2
10.2
-0.0
14.7

14
15
16
17

18
19
20
21
22

Agency- and GSE-backed mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

0.0
29.7
3.9
0.0
0.4

0.0
38.8
-0.3
0.0
-0.5

0.0
25.8
-0.7
0.0
0.7

0.0
43.6
7.1
0.0
2.0

0.0
53.7
5.9
0.0
-1.5

0.0
44.9
0.2
0.0
7.1

0.0
60.6
-3.1
0.0
-14.6

0.0
49.5
8.7
0.0
3.2

0.0
59.9
17.8
0.0
-2.0

0.0
89.3
-1.5
0.0
0.6

0.0
73.0
-0.7
0.0
2.5

18
19
20
21
22

7
8
9

Net change in assets

2001

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

Net borrowing (Farm business)

6.5

7.7

7.7

8.1

8.1

7.1

10.4

9.1

5.9

5.1

11.4

1

2

Net change in assets

6.5

7.7

7.7

8.1

8.1

7.1

10.4

9.1

5.9

5.1

11.4

2

3
4

Household sector
Nonfarm noncorporate business

3.7
-2.2

1.2
0.2

1.2
0.2

1.2
0.3

1.2
0.4

1.0
0.3

1.9
0.3

1.3
0.4

0.5
0.4

0.6
0.4

2.0
0.4

3
4

5
6

State and local governments
Federal government

-0.0
-0.1

-0.0
-0.2

-0.1
-0.3

0.1
-0.3

0.1
-0.2

0.1
-0.2

0.0
-0.5

0.1
0.1

0.1
-0.2

0.1
0.1

-0.0
-0.1

5
6

7
8

Commercial banking
Savings institutions

2.2
0.1

1.5
0.0

2.5
0.0

2.6
0.1

3.9
-0.0

3.3
0.0

4.4
-0.0

4.1
-0.0

3.8
-0.1

2.0
-0.0

3.2
0.0

7
8

9
10

Life insurance companies
State and local govt. retirement funds

0.6
0.0

0.5
0.0

-0.6
0.0

0.5
0.0

-0.3
0.0

0.2
0.0

0.4
0.0

0.4
0.0

-2.0
0.0

0.3
0.0

0.6
0.0

9
10

11
12

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

2.0
0.3

4.5
0.0

5.8
-1.3

2.9
0.6

3.2
-0.1

2.6
-0.1

3.9
0.0

2.8
-0.0

3.5
-0.1

2.0
-0.2

5.3
-0.0

11
12

51

Z.1, September 21, 2005

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

1

Net change in liabilities (Households)

168.4

132.7

87.4

90.4

96.7

91.0

63.5

123.9

108.5

87.4

80.9

1

2

Net change in assets

168.4

132.7

87.4

90.4

96.7

91.0

63.5

123.9

108.5

87.4

80.9

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

5.0
0.0
16.1

-8.1
0.0
13.1

1.8
0.0
12.7

-14.1
0.0
1.3

1.5
0.0
4.3

11.4
0.0
-0.9

32.6
0.0
-5.0

-26.1
0.0
26.3

-12.1
0.0
-3.3

17.1
0.0
9.1

30.7
0.0
-8.0

3
4
5

6
7
8

Commercial banking
Savings institutions
Credit unions

43.8
3.0
16.5

17.8
6.3
5.1

34.6
-2.4
6.2

54.7
9.1
10.1

36.3
13.4
9.5

17.0
14.4
17.5

17.3
26.7
9.4

62.2
4.2
5.6

48.9
8.5
5.5

-20.6
-2.1
10.7

9.7
13.0
14.0

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

-3.9
68.9
18.9

2.4
78.4
17.6

-2.5
37.4
-0.3

-16.3
-12.1
57.6

-20.6
-20.5
72.7

-18.4
-24.5
74.6

-55.0
-27.3
64.9

-8.9
-7.0
67.6

0.0
-23.0
83.9

0.0
65.2
7.9

0.0
46.5
-24.9

9
10
11

9
10
11

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

Net change in trade payables

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

8
9

Rest of the world
Brokers and dealers

402.3

-80.4

70.8

102.4

235.2

305.0

170.2

217.5

248.2

186.9

237.1

1

3.8

-1.9

7.0

7.9

9.0

8.6

8.8

9.1

9.3

9.6

4.8

2

313.3
46.6
0.9

-103.7
-4.9
0.4

19.7
26.0
0.6

-54.2
44.2
0.7

106.5
58.1
0.9

160.5
52.8
0.9

66.1
57.2
0.9

98.3
57.9
0.9

101.2
64.3
1.0

71.2
65.7
-0.1

120.3
60.6
0.6

3
4
5

27.4
4.4

25.2
3.4

28.7
0.8

30.4
72.7

31.4
18.2

31.2
28.5

31.0
20.3

31.4
19.4

32.2
4.6

32.9
14.3

33.8
19.2

6
7

0.8
5.1

-2.2
3.3

-10.1
-1.8

9.9
-9.2

3.3
7.8

-3.1
25.5

-4.1
-10.1

-8.2
8.6

28.4
7.2

-2.4
-4.3

-2.4
0.1

8
9

10

Net change in trade receivables

378.7

-91.3

-79.1

63.7

209.6

266.4

211.9

171.3

188.6

242.9

263.0

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

282.0
69.6

-121.7
1.8

-98.5
18.9

-18.2
55.5

128.9
63.8

183.2
59.6

133.7
63.3

106.0
64.0

92.7
68.3

141.5
69.6

134.8
72.9

11
12

13
14
15

State and local governments
Federal government
Rest of the world

5.1
5.3
-0.4

5.9
7.3
-3.1

2.6
-3.3
3.1

7.4
19.1
1.8

6.3
10.6
-0.4

7.9
14.4
0.9

0.6
12.2
7.0

6.8
5.1
-8.2

9.9
10.5
-1.5

6.3
-9.2
13.1

-1.1
10.0
16.6

13
14
15

16
17

Property-casualty insurance companies
ABS issuers

1.0
16.1

5.3
13.2

4.9
-6.9

4.5
-6.4

0.3
0.2

12.1
-11.8

11.7
-16.5

4.6
-7.0

-27.2
36.0

11.5
10.0

9.6
20.1

16
17

23.5

10.9

149.9

38.7

25.7

38.6

-41.8

46.2

59.6

-56.0

-25.9

18

18

Discrepancy

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

Net change in liabilities

2
3

Household sector
Rest of the world

4
5
6
7

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

146.1

3.1

-87.0

132.5

166.6

285.2

177.1

-10.2

214.3

9.8

73.2

1

7.2
0.0

-38.8
0.0

-48.2
0.0

34.3
0.0

81.5
0.0

73.1
0.0

62.9
0.0

-26.6
0.0

216.7
0.0

8.2
0.0

-10.6
0.0

2
3

138.9
88.6
7.1
43.2

41.9
41.9
7.2
-7.2

-38.9
-41.6
-2.7
5.5

98.2
62.7
12.3
23.2

85.1
103.0
10.6
-28.5

212.0
150.2
18.0
43.8

114.2
84.1
2.6
27.5

16.4
-38.3
26.9
27.8

-2.3
215.9
-5.0
-213.2

1.6
-35.8
-3.2
40.5

83.8
31.6
-44.1
96.3

4
5
6
7

8

Net change in assets

146.1

3.1

-87.0

132.5

166.6

285.2

177.1

-10.2

214.3

9.8

73.2

8

9
10

Household sector
Rest of the world

88.6
0.0

41.9
0.0

-41.6
0.0

62.7
0.0

103.0
0.0

150.2
0.0

84.1
0.0

-38.3
0.0

215.9
0.0

-35.8
0.0

31.6
0.0

9
10

11
12

Commercial banking
Brokers and dealers

50.4
7.2

0.0
-38.8

2.8
-48.2

35.5
34.3

-17.9
81.5

61.9
73.1

30.1
62.9

54.7
-26.6

-218.2
216.7

37.4
8.2

52.2
-10.6

11
12

52

Z.1, September 21, 2005

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

Life insurance reserves:
1
2
3
4

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

50.2

77.2

60.1

66.8

33.1

25.5

34.7

37.9

34.4

56.0

54.6

1

1.4
48.7

1.4
75.8

1.6
58.5

1.1
65.7

1.1
32.0

-0.0
25.5

1.9
32.8

0.2
37.7

2.3
32.1

0.0
56.0

1.7
52.9

2
3

50.2

77.2

60.1

66.8

33.1

25.5

34.7

37.9

34.4

56.0

54.6

4

189.8

213.2

181.4

191.9

209.9

254.1

163.7

213.5

208.2

232.5

224.6

5

155.1
-93.9
100.4
28.2

130.9
-74.5
86.9
69.9

166.1
-38.6
8.5
45.4

143.2
7.6
-7.1
48.2

181.7
-4.6
-22.0
54.7

203.3
22.2
-16.7
45.3

185.3
-23.7
-33.8
35.9

182.2
11.6
-44.5
64.2

156.2
-28.5
7.1
73.4

152.2
27.5
-3.4
56.3

163.4
16.9
1.8
42.5

6
7
8
9

189.8

213.2

181.4

191.9

209.9

254.1

163.7

213.5

208.2

232.5

224.6

10

Pension fund reserves:
5
6
7
8
9
10

Net change in liabilities
Life insurance companies
Private pension funds (1)
State and local govt. retirement funds
Federal government retirement funds (2)
Net change in assets (Households) (3)

(1) Includes unallocated insurance company contracts beginning 1985:Q4.
(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

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

Net change in taxes payable by all
businesses

25.9

14.5

22.2

8.8

24.7

37.9

23.1

22.0

15.8

36.7

3.5

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

7.0
11.7

3.1
4.0

11.9
1.5

-11.7
9.4

6.8
4.5

17.6
5.6

7.7
4.0

2.8
4.7

-0.9
3.6

18.3
3.7

-8.0
3.1

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

2.1
0.4

2.4
-0.7

2.6
-0.3

2.9
-0.2

3.2
0.6

3.1
2.2

3.1
-1.2

3.2
0.7

3.3
0.7

3.3
-0.2

3.4
0.3

4
5

6
7

Property-casualty insurance companies
Life insurance companies

2.3
1.6

2.7
2.0

3.2
2.4

3.7
2.8

4.2
3.2

4.0
3.0

4.1
3.1

4.3
3.2

4.4
3.3

4.5
3.4

4.6
3.5

6
7

8
9

Finance companies
Brokers and dealers

1.0
-0.1

1.2
-0.2

1.4
-0.5

1.6
0.4

1.8
0.4

1.7
0.7

1.8
0.5

1.8
1.2

1.9
-0.6

2.0
1.7

2.0
-5.4

8
9

-6.7

-7.0

2.5

40.3

11.9

36.3

10.6

0.6

0.0

91.5

4.1

10

14.8
-21.5

3.7
-10.6

4.8
-2.3

17.5
22.8

20.7
-8.8

19.1
17.2

20.6
-10.0

19.1
-18.5

23.8
-23.8

35.9
55.6

38.1
-34.0

11
12

32.6

21.4

19.7

-31.5

12.8

1.6

12.5

21.4

15.7

-54.8

-0.6

13

10
11
12
13

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

F.227 Proprietors’ Equity in Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4

Total household investment
Nonfarm noncorporate business
Farm business
Brokers and dealers

-53.8

-24.5

-81.7

-76.0

-50.3

-46.5

-14.6

-82.7

-57.4

-24.9

-83.2

1

-47.2
-6.4
-0.2

-17.2
-4.0
-3.3

-84.0
1.7
0.6

-79.0
6.7
-3.6

-58.5
10.7
-2.5

-47.3
7.9
-7.0

-31.8
18.2
-1.0

-97.4
11.9
2.9

-57.3
4.9
-5.0

-40.4
14.7
0.9

-74.5
-0.8
-7.9

2
3
4

53

Z.1, September 21, 2005

F.228 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

2005
Q3

Q4

Q1

Q2

1376.7

681.6

477.1

511.6

1296.8

1738.8

921.0

1285.5

1241.9

666.9

1338.2

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.1
686.4
86.0

-0.4
23.4
55.3

0.9
66.4
18.9

0.9
4.9
36.3

1.6
199.5
32.8

0.2
163.4
34.1

3.0
266.1
33.2

1.2
107.2
32.5

1.8
261.2
31.5

3.4
135.2
30.5

2.8
125.2
19.5

2
3
4

5
6

Federal government
Rest of the world

22.9
180.6

53.0
184.4

26.0
167.0

30.7
85.7

50.3
398.7

42.6
231.2

35.3
342.6

52.5
555.0

70.7
466.1

46.2
17.3

53.7
184.2

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

1.1
196.5
17.1
-0.4

-2.8
-6.5
28.4
-1.8

22.6
121.9
25.6
1.4

4.3
85.2
22.5
1.2

9.9
310.1
65.2
2.8

-9.9
452.1
210.2
68.1

-2.6
75.7
-15.7
-48.6

36.4
328.5
37.2
33.9

15.8
384.0
29.1
-42.2

-23.1
110.7
-27.2
53.8

14.8
261.5
52.5
-31.7

7
8
9
10

11
12

Property-casualty insurance companies
Life insurance companies

5.8
-8.9

26.5
40.1

49.2
37.2

45.2
19.4

47.9
25.4

44.7
153.0

50.6
-26.7

96.6
36.8

-0.6
-61.7

34.5
108.6

37.0
-63.6

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

-3.1
83.3
0.0

47.4
18.9
0.0

27.7
20.7
0.0

-26.6
102.8
0.0

-1.6
10.7
0.0

70.1
96.4
0.0

-87.3
2.9
0.0

-67.3
-24.9
0.0

78.2
-31.5
0.0

-12.9
-98.3
0.0

6.7
63.1
0.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

1.9
-1.9
109.1

0.0
138.5
77.2

2.6
-77.1
-33.7

1.6
39.1
58.5

8.8
69.6
65.3

10.6
72.6
99.4

-9.2
271.4
30.3

6.7
-120.2
173.4

26.9
54.4
-41.8

-4.5
-5.5
298.2

17.0
321.4
274.2

16
17
18

1755.9

975.8

520.6

577.1

986.8

1314.7

370.1

1378.4

884.1

1129.2

1159.3

19

19

Net change in liabilities

Q2

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6.5
810.6
89.9
-0.0

18.5
253.6
129.9
1.8

30.6
191.6
41.7
4.1

42.0
-3.6
68.3
4.6

40.9
260.4
95.0
4.6

38.2
239.7
82.1
3.5

29.9
143.1
95.3
5.4

63.8
219.7
99.9
9.7

31.5
438.9
102.6
-0.2

36.2
230.1
113.3
2.1

30.9
327.9
149.5
3.3

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

-24.7
-1.4
506.0

-18.2
1.3
190.1

-28.5
0.0
192.2

-11.6
1.4
-14.4

-7.9
0.6
228.9

-12.6
-0.0
153.0

-2.0
0.1
-32.2

-29.9
2.1
597.5

12.8
0.2
197.5

-68.4
-11.7
381.8

-94.0
-0.8
-362.2

24
25
26

27
28
29
30

Monetary authority
Commercial banking
Savings institutions
Credit unions

1.1
89.0
7.7
4.9

-0.4
135.3
17.3
5.4

1.4
63.6
19.0
10.4

1.3
141.3
-4.3
0.5

1.5
147.5
19.2
-4.8

-0.6
209.8
17.7
-20.5

-3.2
131.3
57.8
14.0

-0.0
234.9
14.0
10.0

9.9
14.0
-12.6
-22.7

-7.7
68.5
-72.4
21.5

-2.9
104.0
38.1
18.2

27
28
29
30

31
32
33
34
35

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

6.4
18.7
-18.1
1.1
20.9

1.3
-15.5
11.2
1.8
60.8

9.1
6.7
-1.1
0.4
24.5

9.7
27.9
-17.6
0.3
24.7

9.5
51.9
-24.1
-0.1
40.9

9.0
137.4
-23.9
0.4
32.3

12.0
3.8
-33.6
0.1
25.0

9.9
49.7
-3.9
-0.7
48.4

7.1
16.6
-34.9
-0.5
58.0

15.4
70.3
1.5
-0.0
42.2

8.2
74.9
3.2
0.8
28.6

31
32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

7.5
-0.4
-4.0

-3.3
-2.9
5.5

-8.6
0.1
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

58.0
13.9
-30.5

-9.7
-5.0
20.5

-3.8
3.9
9.4

-56.3
7.5
14.1

40.0
5.2
-48.7

9.8
-0.0
-1.0

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

25.3
11.6
133.0
64.2

20.8
0.5
156.6
4.4

9.5
-0.5
-110.8
43.3

104.6
10.5
157.0
17.1

-62.3
14.8
148.3
16.6

-45.5
6.8
433.0
13.5

-120.3
-17.2
-2.0
56.8

-55.9
21.7
106.1
-28.2

-27.5
47.9
55.9
24.4

-129.4
26.8
335.8
76.8

21.2
80.0
322.0
399.7

39
40
41
42

-379.2

-294.2

-43.5

-65.6

310.0

424.1

550.9

-92.9

357.8

-462.3

178.9

43

43

Discrepancy

54

Z.1, September 21, 2005

F.229 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

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

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

159.2
78.0
93.6
-12.4

142.3
60.9
69.8
11.6

154.5
42.7
85.3
26.5

140.6
19.2
131.0
-9.6

252.0
80.7
176.5
-5.2

209.5
38.4
164.0
7.1

233.7
84.4
164.8
-15.5

164.9
-1.8
176.3
-9.6

400.0
201.8
201.0
-2.9

108.0
37.1
102.4
-31.5

134.4
48.7
111.1
-25.4

1
2
3
4

Asset: Nonfinancial corporate business
Commercial banking
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers

128.4
10.9
6.4
2.2
10.6
0.7

119.4
0.9
1.3
2.9
17.3
0.6

138.3
3.1
9.1
0.8
3.8
-0.6

109.2
4.4
9.7
3.8
10.3
3.0

233.2
4.4
9.5
3.8
-4.5
5.5

180.4
5.6
9.0
2.6
8.5
3.5

199.5
2.0
12.0
3.4
9.9
6.9

137.2
3.7
9.9
4.6
6.8
2.8

415.8
6.5
7.1
4.8
-43.1
9.1

59.2
2.7
15.4
2.4
24.8
3.3

107.7
3.0
8.2
3.8
5.9
5.9

5
6
7
8
9
10

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

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

192.4
0.1
9.7
6.6
27.9
14.9
5.1
64.6

84.5
0.1
8.4
0.4
8.1
7.8
-1.3
59.0

27.5
0.2
3.6
5.1
2.0
-3.5
2.2
43.7

23.9
-0.1
4.5
-1.4
-0.8
19.2
3.2
18.5

25.3
0.0
16.7
-0.0
16.4
11.0
1.8
35.5

40.4
-0.1
1.7
2.3
-2.6
6.1
-1.4
-12.1

23.0
-0.1
5.5
-1.1
57.7
13.9
0.5
24.7

8.0
0.2
50.9
-2.6
8.3
11.2
5.1
61.5

29.8
0.1
8.8
1.4
2.4
13.0
3.0
68.0

44.3
0.0
19.4
6.4
3.6
6.4
0.8
59.2

30.2
-0.0
9.2
-0.7
3.7
5.0
1.5
21.5

11
12
13
14
15
16
17
18

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts

321.3
259.6
-0.3
61.9

167.0
140.9
-33.8
60.0

80.8
102.1
3.4
-24.7

67.1
87.0
11.8
-31.7

106.8
68.7
56.0
-17.8

34.0
11.5
16.5
6.0

124.2
110.6
61.3
-47.8

142.7
77.4
74.4
-9.2

126.5
75.1
71.7
-20.2

140.2
41.7
48.2
50.3

70.4
34.9
76.2
-40.8

19
20
21
22

1.5
1.5

1.7
1.7

1.5
1.5

1.4
1.4

2.0
2.0

1.4
1.4

2.1
2.1

3.4
3.4

1.2
1.2

1.5
1.5

1.4
1.4

23
24

0.6
0.6

0.4
0.4

1.0
1.0

0.5
0.5

3.1
3.1

0.5
0.5

1.0
1.0

5.1
5.1

5.6
5.6

2.6
2.6

1.5
1.5

25
26

Federal government equity in IBRD, etc.:
23
24

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

25
26

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

27

Liab.: Government-sponsored enterprises

2.2

3.3

2.0

3.2

2.5

7.2

4.5

0.1

-1.9

1.4

3.1

27

28
29
30
31
32
33
34
35

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

0.0
0.0
0.0
0.0
0.8
1.3
0.1
0.0

0.0
0.1
0.4
0.0
1.4
1.2
0.2
-0.1

0.0
0.0
0.1
0.0
2.3
-1.0
0.3
0.2

0.0
0.3
0.4
0.0
1.2
0.4
0.2
0.7

0.0
-0.1
0.2
0.0
0.6
1.0
0.2
0.6

0.0
0.6
-0.4
0.0
1.5
4.6
0.5
0.2

0.0
-0.5
0.7
0.0
0.7
3.4
0.2
0.1

0.0
-0.5
0.6
0.0
1.3
-1.4
0.1
0.0

0.0
-0.1
-0.1
0.0
-1.0
-2.7
0.1
1.9

0.0
0.6
-0.4
0.0
2.7
-1.2
-0.0
-0.2

0.0
-0.8
-0.0
0.0
0.0
3.9
0.2
-0.2

28
29
30
31
32
33
34
35

BHC investment in subsidiaries:
36
37
38
39
40

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

53.6
0.7
7.4
0.0
30.4

60.7
0.8
-1.7
0.0
30.7

53.1
0.9
-5.5
0.0
4.4

50.5
1.0
5.8
0.0
38.2

167.2
1.2
9.2
0.0
58.4

73.4
1.1
10.1
0.0
102.7

121.9
1.1
6.4
0.0
34.2

323.3
1.2
9.1
0.0
58.0

150.3
1.2
11.2
0.0
38.6

-14.7
1.2
-6.2
0.0
8.1

91.8
1.3
4.0
0.0
25.3

36
37
38
39
40

41

Asset: Bank holding companies

92.0

90.4

53.0

95.5

235.9

187.3

163.6

391.6

201.3

-11.5

122.4

41

7.4
7.4

-1.7
-1.7

-5.5
-5.5

5.8
5.8

9.2
9.2

10.1
10.1

6.4
6.4

9.1
9.1

11.2
11.2

-6.2
-6.2

4.0
4.0

42
43

NFC investment in finance company subs.:
42
43

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

44
45

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

45.6
18.6

-30.8
35.2

24.7
18.6

-1.7
18.8

30.4
-13.8

108.4
-94.9

-82.3
139.1

15.6
-43.8

80.0
-55.6

39.8
37.0

45.8
353.9

44
45

46

Asset: Funding corporations

64.2

4.4

43.3

17.1

16.6

13.5

56.8

-28.2

24.4

76.8

399.7

46

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

55

Z.1, September 21, 2005

F.230 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

0.0
0.0

-0.1
-0.1

0.1
0.1

0.2
0.2

-0.0
-0.0

0.3
0.3

-0.5
-0.5

0.2
0.2

-0.2
-0.2

-15.7
-15.7

-0.0
-0.0

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

0.0
0.0

8.6
8.6

1.9
1.9

-7.1
-7.1

-2.2
-2.2

17.6
17.6

-23.3
-23.3

-4.8
-4.8

1.8
1.8

-0.5
-0.5

-1.5
-1.5

5
6

0.1
0.1

-0.4
-0.4

0.9
0.9

0.9
0.9

1.6
1.6

0.2
0.2

3.0
3.0

1.2
1.2

1.8
1.8

3.4
3.4

2.8
2.8

7
8

Postal Savings System deposits:
3
4

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

5
6

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

7
8

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

9
10
11
12

Liab.: Life insurance companies
Health
Policy dividend accumulation
Policy and contract claims

6.9
3.9
1.1
1.9

6.5
3.1
1.0
2.4

10.2
10.1
0.1
0.0

13.9
10.9
-0.0
3.0

11.4
9.8
1.2
0.5

11.4
9.2
-0.4
2.6

-0.3
-2.9
3.4
-0.7

12.3
8.9
2.6
0.8

22.4
23.9
-0.8
-0.7

13.1
6.9
1.8
4.4

4.4
3.6
0.4
0.4

9
10
11
12

13

Asset: Household sector

6.9

6.5

10.2

13.9

11.4

11.4

-0.3

12.3

22.4

13.1

4.4

13

Policy payables:
14

Liab.: Property-casualty insurance companies

-0.8

26.1

44.1

46.6

47.9

42.5

51.7

99.2

-1.9

28.1

37.7

14

15
16
17
18

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

-0.3
-0.3
-0.1
-0.1

11.9
10.3
2.5
1.4

18.5
17.4
4.2
4.0

19.5
18.4
4.4
4.2

21.1
18.9
3.5
4.4

17.8
16.8
4.0
3.9

21.7
20.4
4.9
4.7

45.6
39.2
5.4
9.0

-0.8
-0.8
-0.2
-0.2

11.8
11.1
2.6
2.5

15.9
14.9
3.5
3.4

15
16
17
18

-24.2
-24.2

10.1
10.1

-4.6
-4.6

-17.1
-17.1

-16.5
-16.5

-18.0
-18.0

-27.7
-27.7

-11.4
-11.4

-9.0
-9.0

10.0
10.0

-0.1
-0.1

19
20

14.0
14.0

0.6
0.6

0.1
0.1

-1.4
-1.4

-2.5
-2.5

-0.6
-0.6

-2.6
-2.6

1.7
1.7

-8.2
-8.2

-5.0
-5.0

-2.4
-2.4

21
22

88.7
88.7

70.1
70.1

-2.9
-2.9

102.6
102.6

86.9
86.9

248.7
248.7

-16.7
-16.7

21.5
21.5

93.9
93.9

230.4
230.4

297.9
297.9

23
24

20.9
20.9

60.8
60.8

24.5
24.5

24.7
24.7

40.9
40.9

32.3
32.3

25.0
25.0

48.4
48.4

58.0
58.0

42.2
42.2

28.6
28.6

25
26

0.0
0.0

0.0
0.0

1.9
1.9

8.6
8.6

8.4
8.4

9.0
9.0

8.5
8.5

6.0
6.0

10.0
10.0

11.2
11.2

10.5
10.5

27
28

Unallocated insurance company contracts:
19
20

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

21
22

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

23
24

Liab.: Funding corporations
Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government
Asset: Federal government retirement funds
Uniformed Services Retiree Health Care Fund:

27
28

Liab.: Federal government
Asset: Household sector

56

Z.1, September 21, 2005

F.231 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

622.7

91.3

70.2

8.5

492.9

932.2

311.5

422.6

305.3

36.9

223.4

1

480.0
85.9

-61.7
55.2

38.8
18.7

-17.7
36.4

176.6
32.8

123.7
34.2

245.7
33.3

97.5
32.4

239.6
31.4

95.9
30.5

97.3
19.5

2
3

2.0
19.8
0.6

-7.8
40.4
-3.2

-0.4
10.9
21.5

-2.6
-56.5
3.8

1.0
144.7
6.9

1.4
20.0
-10.4

1.7
107.4
-3.6

-1.9
386.6
31.3

2.7
65.1
10.1

-7.2
-76.5
-25.7

14.6
48.4
13.3

4
5
6

7
8
9
10
11

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

87.6
71.3
-27.5
43.1
0.7

-44.8
-101.2
-0.7
52.9
4.2

40.4
13.1
16.5
11.5
-0.7

31.9
45.7
-39.8
22.6
3.4

95.7
83.2
-146.3
148.0
10.8

268.7
177.0
-45.8
126.1
11.4

30.5
-17.5
-52.3
91.0
9.3

-61.4
-56.2
-258.1
240.3
12.6

144.9
229.4
-228.9
134.6
9.8

66.1
13.3
133.1
-81.7
1.4

114.6
-65.0
78.7
103.0
-2.0

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

16.5
-0.4
-19.4
-5.4

27.7
-1.8
15.3
35.6

24.7
1.4
29.5
23.8

21.4
1.2
23.4
-22.7

64.0
2.8
14.0
-1.9

209.1
68.1
162.3
45.3

-16.9
-48.6
-56.4
-68.5

36.1
33.9
27.7
-62.6

27.9
-42.2
-77.5
78.3

-28.4
53.8
81.9
-13.8

51.2
-31.7
-71.6
5.1

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

53.7
1.9
-56.0
-44.1

14.5
0.0
74.0
-51.9

35.2
2.6
-102.4
-74.6

71.9
1.6
-21.1
-62.6

-18.7
8.8
23.2
-57.1

70.1
10.6
66.3
-137.2

-23.8
-9.2
97.6
22.2

-54.3
6.7
-139.6
90.4

-66.7
26.9
68.5
-203.7

-92.3
-4.5
-51.4
8.6

50.1
17.0
-59.4
-45.2

16
17
18
19

1001.9

385.5

113.6

74.0

182.9

508.1

-239.5

515.5

-52.6

499.2

44.5

20

20

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

675.2
90.0
-24.7

125.5
127.3
-18.2

41.4
37.5
-28.5

-137.1
63.6
-11.6

-0.9
91.6
-7.9

32.5
77.4
-12.6

-83.3
90.9
-2.0

34.3
95.1
-29.9

12.7
102.9
12.8

166.0
110.1
-68.4

201.3
146.7
-94.0

21
22
23

24
25
26

Federal government
Rest of the world
Monetary authority

-2.9
184.8
1.1

-0.3
23.1
-0.4

-1.6
111.3
1.4

-0.2
-81.5
1.3

-1.4
122.1
1.5

-1.7
119.0
-0.6

-1.4
-156.4
-3.2

-1.4
454.8
-0.0

-0.8
71.0
9.9

2.5
241.6
-7.7

-2.2
-432.6
-2.9

24
25
26

27
28
29
30
31

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

-15.3
-6.4
-27.7
20.9
-2.1

42.2
19.7
10.7
5.9
5.9

4.2
-14.0
-3.1
27.3
-6.0

39.7
67.8
-48.4
22.4
-2.2

-96.6
24.5
-154.5
32.4
0.9

14.9
-96.9
32.7
77.7
1.4

-36.0
104.5
-137.6
0.1
-3.0

-166.8
89.4
-313.1
46.8
10.0

-198.4
1.0
-199.9
5.1
-4.6

72.1
-21.3
70.3
21.9
1.2

-23.0
5.2
-65.4
37.6
-0.4

27
28
29
30
31

32
33

Savings institutions
Credit unions

6.4
4.8

7.5
5.2

18.0
10.1

2.4
0.2

20.4
-5.0

-4.5
-21.0

77.8
13.8

20.2
9.9

-11.7
-22.9

-70.7
21.5

35.7
18.1

32
33

34
35
36

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

16.4
-7.9
1.1

-17.9
0.4
1.8

4.8
3.3
0.4

22.6
0.8
0.3

45.9
-5.1
-0.1

134.4
-5.3
0.4

-2.8
-3.3
0.1

43.8
5.8
-0.7

8.2
-17.7
-0.5

64.7
-3.4
-0.0

68.5
5.7
0.8

34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

7.5
-0.4
-4.0

-3.3
-2.9
5.5

-8.6
0.1
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

58.0
13.9
-30.5

-9.7
-5.0
20.5

-3.8
3.9
9.4

-56.3
7.5
14.1

40.0
5.2
-48.7

9.8
-0.0
-1.0

37
38
39

40
41
42

Finance companies
REITs
Brokers and dealers

14.8
11.6
43.7

3.5
0.5
85.8

5.6
-0.5
-107.3

94.3
10.5
51.4

-57.8
14.8
55.8

-54.0
6.8
180.8

-130.2
-17.2
7.7

-62.6
21.7
81.9

15.7
47.9
-47.0

-154.2
26.8
102.0

15.3
80.0
18.2

40
41
42

-379.2

-294.2

-43.5

-65.6

310.0

424.1

550.9

-92.9

357.8

-462.3

178.9

43

43

Discrepancy

57

Z.1, September 21, 2005

F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2004
Q1

1

All sectors

2
3

Household sector
Nonfinancial corporate business

4
5
6

State and local governments
Federal government
Rest of the world

7

Financial sectors

8
9

Monetary authority
Commercial banking

10
11

Savings institutions
Credit unions

12
13

Property-casualty insurance companies
Life insurance companies

14
15

Mutual funds
Government-sponsored enterprises

16
17
18
19

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

Q2

2005
Q3

Q4

Q1

Q2

26.7

-222.5

199.6

-95.3

253.2

412.6

133.1

86.8

380.4

336.6

220.8

1

298.2
-182.4

-136.0
-129.9

94.8
29.0

-181.9
63.9

20.0
-46.5

53.4
-23.9

112.7
-69.6

-89.3
-32.7

3.0
-59.7

-153.0
-53.7

182.4
-37.8

2
3

-65.7
-10.5
-88.0

-47.3
38.0
-27.6

-30.5
10.7
-39.3

-38.3
53.2
-49.7

-41.2
7.5
70.4

-44.6
128.5
58.1

-44.3
-24.1
-32.3

-39.7
-68.2
189.5

-36.3
-6.4
66.4

-41.6
253.8
154.4

-42.9
-174.7
193.3

4
5
6

75.1

80.2

134.9

57.5

243.1

241.1

190.6

127.2

413.3

176.8

100.5

7

3.4
138.6

-0.6
62.8

-3.5
96.6

-4.6
85.9

-6.7
221.7

-7.1
174.1

-4.0
189.0

-5.8
162.1

-9.9
361.5

-5.4
174.8

-7.4
85.2

8
9

2.5
-0.4

2.2
0.4

4.5
0.1

5.7
1.2

-2.8
3.4

-1.8
8.7

-3.6
2.5

-2.6
4.7

-3.1
-2.2

-8.2
3.2

-15.6
2.6

10
11

-12.6
-20.2

2.7
-10.8

-13.8
-25.9

-25.0
-30.8

-24.2
-39.4

-32.4
-16.4

-16.8
-66.4

-58.5
-21.6

10.8
-53.3

-68.5
-21.7

-5.5
-6.7

12
13

-1.5
-3.4

-8.4
9.8

-23.3
10.0

-19.5
-16.3

-12.6
-17.9

-12.7
26.9

-12.6
-63.7

-13.4
-44.0

-11.8
9.0

-11.8
-23.7

-11.8
5.8

14
15

0.0
23.2
-11.6
-43.0

0.0
32.0
6.1
-16.0

0.0
68.1
4.4
17.7

0.0
74.8
-0.7
-13.1

0.0
97.3
21.2
3.2

0.0
122.0
-3.2
-17.0

0.0
86.0
44.6
35.5

0.0
92.0
0.8
13.5

0.0
89.1
42.4
-19.2

0.0
117.4
-4.9
25.6

0.0
61.7
2.5
-10.4

16
17
18
19

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

All types

26.7

-222.5

199.6

-95.3

253.2

412.6

133.1

86.8

380.4

336.6

220.8

1

-1.2
64.1

-0.1
-7.5

-0.6
7.9

-0.3
49.6

-0.3
61.6

-0.4
92.4

0.0
-53.1

-0.3
124.9

-0.5
82.3

0.4
339.6

0.8
-55.2

2
3

17.3
133.9

17.2
-65.2

7.2
40.1

-4.4
-25.9

15.0
-125.4

0.7
-139.1

70.4
-285.0

-33.4
84.7

22.2
-162.3

10.1
612.4

-10.7
170.1

4
5

2
3

Treasury currency
Foreign deposits

4
5

Net interbank transactions
Security RPs

6
7

Mail floats:
Federal government
Other

9.0
-0.3

5.7
-0.5

-1.6
-0.7

-8.9
-0.0

27.9
2.8

70.3
2.2

-15.3
2.6

23.9
2.9

32.7
3.3

-18.3
5.0

-35.5
5.4

6
7

8
9

Trade credit
Taxes payable

23.5
32.6

10.9
21.4

149.9
19.7

38.7
-31.5

25.7
12.8

38.6
1.6

-41.8
12.5

46.2
21.4

59.6
15.7

-56.0
-54.8

-25.9
-0.6

8
9

10

Miscellaneous

-379.2

-294.2

-43.5

-65.6

310.0

424.1

550.9

-92.9

357.8

-462.3

178.9

10

11

Nonfinancial

127.1

89.8

21.0

-47.1

-76.8

-77.8

-108.1

-90.8

-30.6

-39.4

-6.4

11

-127.1
0.0

-89.8
0.0

-21.0
0.0

47.1
0.0

76.8
0.0

77.8
0.0

108.1
0.0

90.8
0.0

30.6
0.0

39.4
0.0

6.4
0.0

12
13

12
13

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

58

Z.1, September 21, 2005

L.1 Credit Market Debt Outstanding (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2

Total credit market debt owed by:
Domestic nonfinancial sectors

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

25281.7

26979.7

28934.9

31173.5

33948.9

34565.1

35132.3

35895.8

36745.7

37397.0

38118.6

1

17253.4

18098.8

19207.2

20539.7

22245.8

22685.7

23073.1

23600.1

24163.8

24674.6

25115.1

2

4395.0

4559.7

4516.8

3

3

Federal government

3681.0

3385.1

3379.5

3637.0

4033.1

4168.9

4209.6

4292.9

4

Nonfederal sectors

13572.5

14713.8

15827.8

16902.6

18212.7

18516.7

18863.5

19307.2

19768.9

20114.9

20598.2

4

6438.8
4186.6
1599.6
170.6
1176.9

7007.7
4535.6
1796.7
181.5
1192.3

7621.5
4756.8
1959.3
192.0
1298.1

8367.7
4785.2
2107.8
199.8
1442.0

9236.9
4944.5
2264.0
207.6
1559.7

9427.4
4986.4
2298.7
205.6
1598.6

9667.9
5015.0
2341.1
212.5
1626.9

9983.2
5074.8
2386.9
217.5
1644.8

10258.8
5184.2
2431.9
219.1
1674.9

10427.2
5265.9
2480.6
216.2
1724.9

10694.3
5359.6
2554.3
224.1
1766.0

5
6
7
8
9

5
6
7
8
9

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

10

Rest of the world

664.6

727.6

683.9

754.6

808.9

829.9

814.7

839.1

891.1

895.9

918.7

10

11

Financial sectors

7363.7

8153.3

9043.8

9879.3

10894.2

11049.6

11244.5

11456.6

11690.8

11826.5

12084.8

11

12
13
14
15

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

449.3
228.0
2.0
219.3

509.3
264.8
2.0
242.5

562.1
294.9
1.1
266.1

611.8
324.8
0.7
286.4

661.0
338.7
0.6
321.8

703.2
355.2
0.6
347.5

710.2
358.1
0.6
351.5

723.4
356.1
0.7
366.6

738.8
356.7
0.7
381.3

776.2
372.3
0.6
403.3

792.0
382.7
0.8
408.6

12
13
14
15

16
17

Savings institutions
Credit unions

260.4
3.4

287.7
3.4

285.7
4.9

262.3
6.9

268.3
9.1

267.2
8.4

308.0
9.6

308.2
9.9

332.8
11.4

324.3
11.8

344.1
12.5

16
17

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

3.2
1594.2
2293.5
1354.5

2.5
1826.4
2493.2
1524.0

3.1
2130.6
2831.8
1767.5

5.1
2350.4
3158.6
1961.5

8.0
2594.1
3489.1
2186.8

7.9
2594.3
3510.2
2222.7

8.6
2647.3
3523.5
2301.5

8.6
2670.5
3543.6
2395.3

11.1
2659.2
3542.2
2495.6

10.7
2606.8
3547.5
2609.8

11.2
2585.7
3568.2
2738.2

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

696.1
16.0
163.5
25.3
504.2

778.0
16.0
168.0
40.9
503.9

779.2
16.0
171.2
42.3
449.3

821.4
16.0
195.7
40.6
448.8

939.6
16.0
227.7
47.0
447.4

959.0
16.0
244.4
60.0
456.1

963.1
16.0
255.3
60.6
440.8

995.1
16.0
295.8
68.9
421.3

1057.8
16.0
335.3
62.2
428.5

1071.3
16.0
350.6
65.0
436.5

1075.9
16.0
371.6
63.7
505.4

22
23
24
25
26

25281.7

26979.7

28934.9

31173.5

33948.9

34565.1

35132.3

35895.8

36745.7

37397.0

38118.6

27

3608.8

3568.4

3448.9

3502.2

3839.4

3749.6

3825.8

3909.8

4042.2

4016.3

4043.2

28

2501.8
224.3
63.2
819.4

2363.2
250.4
63.2
891.5

2148.2
246.1
69.7
985.0

2089.3
272.1
69.3
1071.4

2371.6
271.3
72.6
1124.0

2264.5
266.0
73.3
1145.8

2329.8
269.3
74.1
1152.6

2403.3
269.4
74.7
1162.5

2489.1
293.9
75.1
1184.1

2443.2
283.1
75.4
1214.6

2442.0
285.5
75.5
1240.3

29
30
31
32

260.9
2316.0

272.6
2590.8

278.6
2949.0

288.2
3424.1

285.6
3918.4

286.8
4113.6

283.8
4321.2

289.9
4475.4

289.5
4679.7

289.3
4866.7

285.9
5065.3

33
34

19096.0

20547.9

22258.3

23959.1

25905.5

26415.0

26701.5

27220.6

27734.4

28224.7

28724.1

35

27
28
29
30
31
32

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

33
34

Federal government
Rest of the world

35

Financial sectors

36
37
38
39
40
41
42
43

Monetary authority
Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions

478.1
4648.3
4080.0
487.4
32.7
48.3
1032.6
351.7

511.8
5006.3
4419.5
511.3
20.5
55.0
1088.8
379.7

551.7
5210.5
4610.1
510.7
24.7
65.0
1133.4
421.2

629.4
5614.9
5003.9
516.9
27.8
66.3
1167.0
463.9

666.7
5960.8
5361.7
485.8
36.4
76.9
1293.3
514.5

674.1
6135.3
5525.9
492.9
36.7
79.9
1370.8
524.2

687.4
6270.2
5665.7
484.0
36.1
84.5
1408.6
541.5

700.3
6336.9
5734.3
478.6
36.9
87.1
1453.0
547.7

717.8
6543.0
5909.7
506.1
36.4
90.8
1514.7
556.5

717.3
6751.8
6062.4
561.6
34.0
93.8
1523.3
565.0

724.7
6918.3
6187.4
592.1
41.4
97.4
1579.5
576.9

36
37
38
39
40
41
42
43

44
45
46
47
48

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

518.2
1886.0
720.4
707.0
33.1

509.4
1943.9
624.0
743.2
35.1

518.4
2074.8
637.3
689.4
44.8

558.3
2307.8
663.0
638.7
57.8

625.2
2488.3
677.2
605.3
64.1

651.5
2546.3
688.4
610.6
64.3

667.8
2586.1
694.2
604.9
66.0

686.2
2631.6
705.4
588.7
68.8

698.8
2661.4
712.1
586.6
68.8

721.1
2718.2
714.0
586.4
70.9

733.4
2732.6
725.6
595.6
73.7

44
45
46
47
48

49
50
51
52
53
54
55

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

1155.3
1076.8
110.8
0.0
1538.8
2293.5
1277.6

1317.5
1097.7
105.3
0.0
1794.4
2493.2
1434.1

1584.9
1223.8
108.5
0.0
2099.1
2831.8
1664.2

1567.1
1368.0
117.1
3.7
2323.2
3158.6
1866.1

1471.3
1505.7
153.3
4.5
2559.7
3489.1
2098.0

1416.9
1558.9
155.8
5.7
2555.7
3510.2
2137.2

1352.0
1558.9
161.2
6.6
2603.8
3523.5
2220.2

1321.6
1586.7
161.3
7.2
2631.3
3543.6
2315.9

1346.3
1622.8
164.5
8.2
2605.9
3542.2
2407.4

1294.3
1670.0
166.0
11.2
2581.4
3547.5
2519.3

1252.7
1696.5
166.5
12.0
2571.2
3568.2
2642.8

49
50
51
52
53
54
55

56
57
58
59
60

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

742.6
32.1
41.9
154.7
296.5

851.2
32.1
37.5
223.6
318.9

846.4
32.1
46.2
316.0
223.8

867.6
32.1
71.7
344.4
138.7

951.8
32.1
95.2
424.1
225.2

989.2
32.1
118.8
405.0
264.0

1009.9
32.1
125.8
325.5
255.3

1033.5
32.1
156.7
453.5
258.7

1083.0
32.1
176.2
394.9
291.1

1090.7
32.1
181.9
440.0
322.3

1099.6
32.1
194.3
466.2
361.6

56
57
58
59
60

(1) Excludes corporate equities and mutual fund shares.

59

Z.1, September 21, 2005

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

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

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

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

17253.4

18098.8

19207.2

20539.7

22245.8

22685.7

23073.1

23600.1

24163.8

24674.6

25115.1

1

3681.0
3652.7
28.3

3385.1
3357.8
27.3

3379.5
3352.7
26.8

3637.0
3609.8
27.3

4033.1
4008.2
24.9

4168.9
4143.8
25.1

4209.6
4185.4
24.2

4292.9
4268.7
24.2

4395.0
4370.7
24.3

4559.7
4535.6
24.1

4516.8
4493.1
23.7

2
3
4

13572.5
230.3
1457.2
2067.7
1237.3
852.4

14713.8
278.4
1480.9
2230.3
1335.0
932.1

15827.8
190.1
1603.7
2578.0
1253.6
941.0

16902.6
126.0
1763.1
2710.3
1166.2
961.3

18212.7
85.9
1898.2
2868.6
1116.6
971.3

18516.7
95.5
1940.4
2897.1
1101.4
969.5

18863.5
102.5
1974.0
2898.8
1121.6
976.8

19307.2
109.3
1993.6
2911.7
1114.1
981.0

19768.9
101.7
2028.0
2946.3
1148.8
1003.0

20114.9
115.6
2082.6
2954.9
1166.3
1025.2

20598.2
114.6
2130.6
2961.9
1224.5
1058.9

5
6
7
8
9
10

6174.2
4714.3
361.4
994.8
103.7
1553.2

6724.4
5122.3
388.2
1103.7
110.2
1732.7

7395.9
5631.8
428.8
1217.5
117.8
1865.4

8223.0
6317.4
466.0
1314.1
125.5
1952.8

9229.0
7120.2
536.0
1439.2
133.6
2043.2

9484.8
7335.2
541.9
1472.3
135.3
2028.0

9750.0
7551.8
558.8
1501.1
138.3
2039.8

10112.9
7855.7
569.3
1547.3
140.5
2084.6

10401.2
8079.9
583.2
1596.4
141.7
2139.9

10648.5
8277.6
590.8
1637.2
142.9
2121.9

10969.6
8528.4
605.5
1689.5
146.2
2138.1

11
12
13
14
15
16

13572.5
6438.8
5956.8
4186.6
1599.6
170.6
1176.9

14713.8
7007.7
6513.7
4535.6
1796.7
181.5
1192.3

15827.8
7621.5
6908.1
4756.8
1959.3
192.0
1298.1

16902.6
8367.7
7092.9
4785.2
2107.8
199.8
1442.0

18212.7
9236.9
7416.0
4944.5
2264.0
207.6
1559.7

18516.7
9427.4
7490.8
4986.4
2298.7
205.6
1598.6

18863.5
9667.9
7568.7
5015.0
2341.1
212.5
1626.9

19307.2
9983.2
7679.2
5074.8
2386.9
217.5
1644.8

19768.9
10258.8
7835.2
5184.2
2431.9
219.1
1674.9

20114.9
10427.2
7962.7
5265.9
2480.6
216.2
1724.9

20598.2
10694.3
8138.0
5359.6
2554.3
224.1
1766.0

17
18
19
20
21
22
23

24

Foreign credit market debt
held in U.S.

664.6

727.6

683.9

754.6

808.9

829.9

814.7

839.1

891.1

895.9

918.7

24

25
26
27
28

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

89.2
464.8
59.2
51.5

120.9
486.0
70.5
50.2

106.7
467.5
63.2
46.4

142.8
499.1
68.6
44.1

165.1
541.0
60.9
42.0

190.0
539.9
59.2
40.8

183.4
529.9
60.9
40.5

189.2
551.6
58.7
39.7

228.7
560.2
63.3
38.9

232.6
559.0
66.3
38.0

242.1
574.2
65.1
37.3

25
26
27
28

17918.0

18826.5

19891.1

21294.3

23054.7

23515.5

23887.8

24439.2

25054.9

25570.5

26033.8

29

29

Domestic and foreign

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

By instrument
Open market paper
GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
By sector

10
11
12
13

Commercial banks
Bank holding companies
Savings institutions
Credit unions

14
15
16
17

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

18
19
20
21
22

Brokers and dealers
Finance companies
Mortgage companies
REITs
Funding corporations

7363.7

8153.3

9043.8

9879.3

10894.2

11049.6

11244.5

11456.6

11690.8

11826.5

12084.8

1

1082.9
1594.2
2293.5
1831.3
87.3
395.8
78.5

1214.7
1826.4
2493.2
2006.2
91.1
438.3
83.4

1169.4
2130.6
2831.8
2258.7
104.1
463.7
85.6

1105.9
2350.4
3158.6
2594.5
105.6
470.5
93.8

1042.1
2594.1
3489.1
3064.3
100.8
501.7
102.1

1055.0
2594.3
3510.2
3160.1
104.8
516.6
108.7

1028.2
2647.3
3523.5
3275.5
99.2
558.1
112.7

1022.0
2670.5
3543.6
3435.9
112.5
554.3
117.8

1076.3
2659.2
3542.2
3596.3
113.2
575.8
127.7

1087.9
2606.8
3547.5
3757.1
114.6
578.6
134.0

1179.2
2585.7
3568.2
3890.7
109.6
611.9
139.4

2
3
4
5
6
7
8

7363.7

8153.3

9043.8

9879.3

10894.2

11049.6

11244.5

11456.6

11690.8

11826.5

12084.8

9

230.0
219.3
260.4
3.4

266.7
242.5
287.7
3.4

296.0
266.1
285.7
4.9

325.5
286.4
262.3
6.9

339.3
321.8
268.3
9.1

355.8
347.5
267.2
8.4

358.7
351.5
308.0
9.6

356.8
366.6
308.2
9.9

357.5
381.3
332.8
11.4

373.0
403.3
324.3
11.8

383.4
408.6
344.1
12.5

10
11
12
13

3.2
1594.2
2293.5
1354.5

2.5
1826.4
2493.2
1524.0

3.1
2130.6
2831.8
1767.5

5.1
2350.4
3158.6
1961.5

8.0
2594.1
3489.1
2186.8

7.9
2594.3
3510.2
2222.7

8.6
2647.3
3523.5
2301.5

8.6
2670.5
3543.6
2395.3

11.1
2659.2
3542.2
2495.6

10.7
2606.8
3547.5
2609.8

11.2
2585.7
3568.2
2738.2

14
15
16
17

25.3
696.1
16.0
163.5
504.2

40.9
778.0
16.0
168.0
503.9

42.3
779.2
16.0
171.2
449.3

40.6
821.4
16.0
195.7
448.8

47.0
939.6
16.0
227.7
447.4

60.0
959.0
16.0
244.4
456.1

60.6
963.1
16.0
255.3
440.8

68.9
995.1
16.0
295.8
421.3

62.2
1057.8
16.0
335.3
428.5

65.0
1071.3
16.0
350.6
436.5

63.7
1075.9
16.0
371.6
505.4

18
19
20
21
22

60

Z.1, September 21, 2005

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2
3
4
5
6
7
8
9
10

11
12

Total

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

25281.7

26979.7

28934.9

31173.5

33948.9

34565.1

35132.3

35895.8

36745.7

37397.0

38118.6

1

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

1402.4
3652.7
3916.0
1457.2
4363.9

1614.0
3357.8
4347.0
1480.9
4722.5

1466.2
3352.7
4989.1
1603.7
5304.2

1374.7
3609.8
5536.3
1763.1
5803.9

1293.1
4008.2
6108.1
1898.2
6473.8

1340.4
4143.8
6129.6
1940.4
6597.1

1314.2
4185.4
6195.0
1974.0
6704.2

1320.5
4268.7
6238.3
1993.6
6899.2

1406.7
4370.7
6225.6
2028.0
7102.8

1436.1
4535.6
6178.3
2082.6
7271.0

1535.9
4493.1
6177.6
2130.6
7426.9

2
3
4
5
6

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

1383.8
1299.7
6252.7
1553.2

1496.6
1420.5
6807.7
1732.7

1421.0
1451.1
7481.5
1865.4

1340.4
1475.9
8316.8
1952.8

1278.3
1515.0
9331.0
2043.2

1265.3
1527.0
9593.5
2028.0

1281.8
1575.4
9862.6
2039.8

1285.3
1575.0
10230.7
2084.6

1325.3
1617.7
10528.9
2139.9

1347.2
1641.7
10782.6
2121.9

1399.1
1708.2
11109.1
2138.1

7
8
9
10

19522.8
4538.5

17627.0
4435.3

15310.6
4135.5

11900.5
3638.4

15618.5
4653.2

15953.0
4912.0

16108.6
4966.2

15771.0
4983.2

17378.0
5436.0

16993.0
5471.6

17157.4
5605.5

11
12

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

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

1

Total credit market debt
(from table L.4)

25281.7

26979.7

28934.9

31173.5

33948.9

34565.1

35132.3

35895.8

36745.7

37397.0

38118.6

1

2
3
4
5
6

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

50.1
6.2
20.9
676.5
205.5

46.1
2.2
23.2
803.3
221.3

46.8
2.2
24.5
810.1
191.4

55.8
2.2
25.5
831.1
206.0

62.3
2.2
26.0
853.4
203.5

61.5
2.2
26.2
891.5
117.8

58.9
2.2
26.5
895.6
135.8

58.7
2.2
26.7
915.5
102.6

62.2
2.2
26.7
964.7
126.6

56.3
2.2
26.9
1057.5
186.0

54.3
2.2
27.2
1070.0
171.0

2
3
4
5
6

7
8
9
10
11

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

1484.5
2671.6
936.4
1579.6
1082.8

1413.1
2860.4
1052.6
1812.1
1197.3

1603.2
3127.6
1121.1
2240.6
1233.7

1646.7
3398.5
1171.3
2223.9
1340.3

1780.6
3627.9
1233.2
2016.4
1567.5

1791.8
3721.5
1332.2
1968.9
1618.4

1847.9
3793.9
1379.3
1914.8
1569.2

1857.4
3831.0
1437.2
1866.4
1673.5

1929.9
3877.3
1505.6
1879.8
1650.3

1922.4
3941.5
1576.6
1841.0
1786.7

1954.1
3970.4
1638.3
1832.4
1916.0

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

4538.5
676.6
783.9
9192.2

4435.3
822.7
819.1
9000.1

4135.5
825.9
880.0
8571.8

3638.4
738.8
920.9
7814.8

4653.2
871.3
1013.2
9193.6

4912.0
952.8
1022.5
9396.1

4966.2
987.2
1031.9
9497.0

4983.2
985.5
1038.2
9493.9

5436.0
1037.9
1060.4
10115.3

5471.6
1051.5
1069.4
9922.8

5605.5
1058.5
1086.6
10132.2

12
13
14
15

16
17
18

Trade payables
Taxes payable
Miscellaneous

2345.4
178.9
9397.8

2747.7
204.8
10582.6

2667.3
219.2
11387.6

2738.1
241.4
11999.5

2840.5
250.2
12410.2

2897.6
264.8
12673.5

2942.9
270.1
12782.6

3003.9
283.1
12969.7

3075.7
274.9
13472.5

3103.6
289.3
13557.3

3166.3
290.1
13774.5

16
17
18

19

Total liabilities

61109.1

65023.6

68023.4

70166.8

76554.1

78216.4

79234.7

80424.4

83243.7

84259.6

85868.1

19

20
21
22

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

21.4
19522.8
4501.0

21.6
17627.0
4883.5

21.8
15310.6
4990.4

23.2
11900.5
5161.3

23.7
15618.5
5527.7

23.7
15953.0
5592.6

23.7
16108.6
5735.7

23.8
15771.0
5935.4

24.6
17378.0
6098.3

22.6
16993.0
6374.3

22.3
17157.4
6564.0

20
21
22

23
24
25

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

-7.1
560.4
-25.3

-8.5
628.6
-4.3

-8.6
621.1
11.1

-9.1
629.0
15.5

-9.5
678.6
12.6

-9.6
701.7
16.5

-9.5
688.4
27.4

-9.6
719.6
20.4

-9.7
740.2
27.3

-9.6
825.1
35.1

-9.4
811.3
23.3

23
24
25

270.6
112.8
-2394.9

417.9
120.0
-3392.1

365.3
93.4
-3477.4

405.5
120.7
-3292.6

379.5
73.9
-3063.2

340.8
63.0
-3130.0

290.6
81.7
-2967.0

324.1
92.8
-2918.3

254.1
98.1
-2959.2

404.1
94.5
-3196.1

468.1
99.2
-3195.4

26
27
28

26
27
28

Security RPs
Taxes payable
Miscellaneous

29
30
31

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

-9.8
22.3
111.4

-2.3
22.0
135.0

-12.3
21.6
145.9

-11.7
20.9
295.8

-17.9
20.8
334.5

1.1
17.4
314.1

0.1
21.5
254.9

3.1
14.7
280.9

11.2
23.6
360.2

4.9
20.9
314.8

1.7
25.6
258.0

29
30
31

32

Totals identified to sectors as assets

86513.8

89639.2

90586.3

89078.1

99314.7

101470.7

102714.7

103626.8

108198.9

109155.8

111129.4

32

61

Z.1, September 21, 2005

L.10 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4
5

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

6

Securities

7
8
9
10

Open market paper
U.S. savings bonds
Other Treasury securities
Agency- and GSE-backed securities

11
12
13
14

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

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

31273.1

29921.1

28418.5

25936.9

29992.7

30488.9

30785.1

30711.3

32450.2

32316.7

32628.0

1

43.5
599.3
2928.9
856.8

63.5
523.4
3210.8
1009.2

58.5
626.2
3411.9
1172.2

74.2
660.4
3702.7
1131.3

65.2
595.1
4078.6
1012.9

84.9
590.0
4256.9
1002.8

85.0
544.8
4336.9
961.4

85.2
540.3
4432.0
904.8

101.4
571.7
4500.8
953.4

103.3
613.8
4663.1
921.2

122.6
596.1
4688.6
924.6

2
3
4
5

15257.1

13419.0

11622.9

9494.9

11649.2

11664.7

11784.0

11619.5

12442.3

12269.2

12249.1

6

84.9
186.4
698.6
480.8

97.3
184.8
474.6
507.5

97.3
190.3
323.2
397.9

110.4
194.9
151.9
205.9

105.9
203.8
278.1
429.5

115.8
204.4
261.9
360.1

117.9
204.6
275.0
434.0

121.5
204.1
248.7
568.5

136.1
204.4
314.7
539.6

137.4
204.2
323.1
539.5

151.7
204.2
267.6
594.6

7
8
9
10

538.7
445.9
9596.0
3225.9

541.8
480.8
8090.7
3041.5

592.4
466.3
6720.9
2834.5

693.7
641.1
4997.2
2499.9

728.0
525.1
6189.4
3189.4

735.0
483.8
6106.4
3397.2

754.8
437.4
6136.2
3424.1

751.2
400.6
5884.3
3440.5

762.6
420.6
6334.9
3729.4

780.7
344.6
6118.2
3821.5

818.4
288.6
6020.7
3903.3

11
12
13
14

15
16
17
18

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

748.9
1428.1
4628.9
3170.2

782.7
1465.9
4402.6
3168.1

842.2
1494.6
3964.0
3151.0

881.6
1583.8
3357.0
2913.4

972.7
1786.5
4074.5
3373.1

982.0
1840.3
4182.9
3413.3

991.0
1885.1
4222.6
3430.3

997.2
1916.8
4201.5
3416.5

1018.8
1987.0
4519.0
3650.8

1027.8
2022.9
4331.3
3610.1

1044.6
2069.5
4444.1
3660.6

15
16
17
18

19

Miscellaneous and other assets

1611.4

1876.0

2075.0

2137.8

2385.0

2471.2

2544.0

2597.4

2704.9

2753.8

2828.2

19

9340.1

10273.3

11073.5

11982.6

13149.4

13416.5

13748.8

14134.9

14539.1

14783.8

15152.5

20

20

Total liabilities

21
22
23

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

4702.8
1129.9
1553.2

5108.9
1246.8
1732.7

5616.2
1351.6
1865.4

6301.2
1444.2
1952.8

7102.2
1564.7
2043.2

7316.3
1589.3
2028.0

7532.0
1619.7
2039.8

7834.7
1647.6
2084.6

8057.8
1675.1
2139.9

8254.2
1706.0
2121.9

8503.2
1741.7
2138.1

21
22
23

24
25
26

Policy loans
Security credit
Other liabilities (3)

100.0
227.9
1626.2

102.8
235.1
1846.9

105.0
196.4
1938.9

106.1
148.2
2030.1

105.5
182.5
2151.3

105.4
200.8
2176.6

105.9
216.5
2234.9

106.7
209.9
2251.3

107.1
264.0
2295.2

106.8
266.1
2328.8

107.5
263.4
2398.6

24
25
26

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

62

Z.1, September 21, 2005

L.100 Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2
3
4
5
6
7

Total financial assets
Deposits
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Credit market instruments

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

34522.4

33307.9

31760.0

29366.4

33648.3

34173.0

34566.9

34645.3

36499.9

36591.3

37029.3

1

4033.3

4326.5

4770.5

5050.4

5226.2

5409.3

5399.3

5430.4

5591.3

5760.6

5783.6

2

43.5
362.4
2811.3
816.1

63.5
229.9
3073.3
959.8

58.5
331.6
3267.2
1113.2

74.2
359.7
3546.5
1070.0

65.2
286.2
3915.0
959.8

84.9
279.2
4091.6
953.6

85.0
232.8
4169.1
912.4

85.2
226.9
4261.8
856.5

101.4
258.1
4328.3
903.5

103.3
300.2
4488.1
868.9

122.6
281.1
4511.3
868.6

3
4
5
6

2501.8

2363.2

2148.2

2089.3

2371.6

2264.5

2329.8

2403.3

2489.1

2443.2

2442.0

7

8
9
10
11
12

Open market paper
Treasury securities
Savings bonds
Other Treasury
Agency- and GSE-backed securities

84.9
847.9
186.4
661.4
480.8

97.3
619.2
184.8
434.5
507.5

97.3
470.7
190.3
280.4
397.9

110.4
304.0
194.9
109.1
205.9

105.9
437.6
203.8
233.8
429.5

115.8
421.4
204.4
217.0
360.1

117.9
434.2
204.6
229.6
434.0

121.5
406.9
204.1
202.7
568.5

136.1
472.8
204.4
268.4
539.6

137.4
480.6
204.2
276.4
539.5

151.7
424.7
204.2
220.6
594.6

8
9
10
11
12

13
14
15

Municipal securities
Corporate and foreign bonds
Mortgages

536.0
445.9
106.5

539.3
480.8
119.1

588.9
466.3
127.0

690.3
641.1
137.6

724.5
525.1
149.0

731.3
483.8
152.0

751.2
437.4
155.2

747.5
400.6
158.3

758.8
420.6
161.3

776.8
344.6
164.3

814.5
288.6
167.8

13
14
15

16
17
18
19
20
21
22

Corporate equities (2)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Equity in noncorporate business
Miscellaneous assets

9596.0
3225.9
323.9
783.9
9192.2
4501.0
364.3

8090.7
3041.5
412.4
819.1
9000.1
4883.5
370.9

6720.9
2834.5
454.3
880.0
8571.8
4990.4
389.4

4997.2
2499.9
412.7
920.9
7814.8
5161.3
420.0

6189.4
3189.4
475.4
1013.2
9193.6
5527.7
462.0

6106.4
3397.2
512.9
1022.5
9396.1
5592.6
471.5

6136.2
3424.1
533.9
1031.9
9497.0
5735.7
479.0

5884.3
3440.5
524.3
1038.2
9493.9
5935.4
495.0

6334.9
3729.4
578.3
1060.4
10115.3
6098.3
502.8

6118.2
3821.5
569.4
1069.4
9922.8
6374.3
511.9

6020.7
3903.3
577.3
1086.6
10132.2
6564.0
519.6

16
17
18
19
20
21
22

6817.0

7397.1

7969.9

8675.7

9588.1

9799.0

10058.3

10369.5

10702.0

10875.7

11142.0

23

6438.8

7007.7

7621.5

8367.7

9236.9

9427.4

9667.9

9983.2

10258.8

10427.2

10694.3

24

4450.7
1553.2
137.3

4817.3
1732.7
143.0

5281.8
1865.4
156.9

5917.3
1952.8
169.8

6658.3
2043.2
183.9

6857.1
2028.0
186.7

7059.0
2039.8
190.8

7342.9
2084.6
191.3

7551.7
2139.9
193.6

7730.4
2121.9
197.3

7961.5
2138.1
202.4

25
26
27

71.5
117.8
108.2

74.2
119.8
120.7

57.7
120.4
139.4

54.3
120.7
152.8

67.9
119.3
164.4

66.1
119.1
170.4

84.9
119.2
174.3

64.9
119.6
179.9

71.8
119.7
182.0

72.8
119.2
185.8

90.5
119.7
182.2

28
29
30

227.9
130.9

235.1
134.7

196.4
132.9

148.2
139.8

182.5
147.7

200.8
149.9

216.5
152.1

209.9
154.4

264.0
156.7

266.1
159.1

263.4
160.3

31
32

19.4

19.6

19.1

20.0

20.9

21.0

21.7

22.0

22.5

23.3

24.0

33

23
24

Total liabilities
Credit market instruments

25
26
27

Home mortgages (3)
Consumer credit
Municipal securities

28
29
30

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

31
32
33

Security credit
Trade payables
Deferred and unpaid
life insurance premiums

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17) and life insurance and pension reserves (lines 19 and 20).
(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.

63

Z.1, September 21, 2005

L.101 Nonfinancial Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

9334.0

11257.5

11541.6

11668.7

11983.3

12154.1

12324.8

12463.1

12721.1

12844.3

13036.0

1

2
3
4
5
6

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

31.5
567.8
254.4
195.6
5.8

24.0
674.9
274.9
240.8
4.2

15.5
626.5
275.8
360.9
4.0

19.9
615.1
282.5
389.3
6.2

38.2
744.2
291.4
343.1
6.0

36.9
771.6
294.3
339.0
5.2

38.0
819.7
288.0
341.7
4.8

35.0
860.2
302.2
334.7
5.7

44.5
851.4
308.0
327.9
6.5

49.7
841.9
320.6
320.7
6.2

42.7
854.8
316.5
322.9
6.5

2
3
4
5
6

7

Credit market instruments

287.5

313.6

315.8

341.5

343.8

339.4

343.4

344.1

369.0

358.5

361.0

7

47.6
56.6
12.4
27.7
64.6
78.6

57.8
58.3
15.4
34.4
64.2
83.7

60.2
59.7
17.5
32.8
70.0
75.6

64.8
74.2
16.9
35.5
72.7
77.4

75.7
77.1
12.1
38.8
76.8
63.3

76.0
77.3
12.0
36.5
77.6
60.0

76.0
77.0
11.7
39.8
78.4
60.5

80.6
75.4
10.9
39.0
79.1
59.1

91.5
77.8
11.6
43.7
79.6
64.8

83.7
76.7
11.1
45.8
80.1
61.0

84.9
77.8
11.4
45.3
80.4
61.2

8
9
10
11
12
13

127.0
1927.6
5936.8

124.0
2279.2
7321.8

113.0
2159.3
7670.8

95.0
2079.7
7839.5

125.0
2117.1
7974.5

129.9
2185.9
8051.8

131.8
2286.5
8070.9

131.6
2323.5
8125.9

143.0
2309.8
8361.0

146.2
2372.2
8428.4

149.5
2477.5
8504.7

14
15
16

10930.3

12487.6

12913.1

13229.7

13443.8

13588.4

13696.6

13809.4

13990.0

14120.6

14260.2

17

8
9
10
11
12
13
14
15
16
17
18

Total financial assets

2000

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Total liabilities

5956.8

6513.7

6908.1

7092.9

7416.0

7490.8

7568.7

7679.2

7835.2

7962.7

8138.0

18

19
20
21

Commercial paper
Municipal securities
Corporate bonds

230.3
152.8
2067.7

278.4
154.2
2230.3

190.1
157.7
2578.0

126.0
160.8
2710.3

85.9
164.2
2868.6

95.5
164.8
2897.1

102.5
166.0
2898.8

109.3
167.3
2911.7

101.7
169.4
2946.3

115.6
170.3
2954.9

114.6
172.2
2961.9

19
20
21

22
23
24

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

1165.8
724.9
1615.2

1260.8
803.6
1786.4

1195.9
811.6
1974.8

1111.9
831.2
2152.9

1048.7
842.4
2406.2

1035.3
840.8
2457.2

1036.7
847.9
2516.7

1049.2
851.6
2590.0

1076.9
873.4
2667.5

1093.5
896.1
2732.4

1134.0
929.2
2826.0

22
23
24

1461.5
124.0
3388.0

1822.2
142.6
4009.0

1714.0
149.7
4141.3

1760.3
163.1
4213.4

1751.0
160.7
4116.0

1783.3
171.7
4142.7

1816.0
174.1
4137.9

1862.0
183.4
4084.7

1916.6
172.0
4066.2

1930.0
182.7
4045.3

1977.4
181.4
3963.4

25
26
27

25
26
27

Credit market instruments

Trade payables
Taxes payable
Miscellaneous liabilities

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

64

Z.1, September 21, 2005

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2
3
4
5
6

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

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

8093.8

9772.5

9898.9

9941.8

10117.2

10251.2

10376.6

10467.7

10678.6

10750.3

10878.2

1

31.5
331.0
136.9
154.9
5.8

24.0
381.4
137.3
191.4
4.2

15.5
331.9
131.1
301.9
4.0

19.9
314.5
126.3
328.0
6.2

38.2
435.3
127.8
290.0
6.0

36.9
460.8
129.1
289.8
5.2

38.0
507.7
120.2
292.7
4.8

35.0
546.9
132.0
286.4
5.7

44.5
537.8
135.5
278.0
6.5

49.7
528.2
145.6
268.4
6.2

42.7
539.8
139.2
266.9
6.5

2
3
4
5
6

7
8
9
10
11
12
13
14

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

47.6
19.4
12.4
25.0
41.2
78.6
1655.1
127.0

57.8
18.1
15.4
31.9
43.5
83.7
1937.1
124.0

60.2
16.9
17.5
29.3
46.6
75.6
1815.4
113.0

64.8
31.4
16.9
32.1
49.6
77.4
1716.9
95.0

75.7
32.8
12.1
35.2
52.1
63.3
1698.7
125.0

76.0
32.4
12.0
32.8
52.7
60.0
1752.7
129.9

76.0
31.6
11.7
36.2
53.4
60.5
1837.4
131.8

80.6
29.5
10.9
35.3
54.0
59.1
1858.4
131.6

91.5
31.5
11.6
39.9
54.6
64.8
1827.6
143.0

83.7
30.0
11.1
42.0
55.3
61.0
1872.6
146.2

84.9
30.7
11.4
41.4
55.9
61.2
1959.7
149.5

7
8
9
10
11
12
13
14

15
16
17
18
19
20

Miscellaneous assets
U.S. direct investment abroad (1)
Insurance receivables
Equity in GSEs
Investment in finance company subs.
Other

5427.5
1227.7
190.8
0.0
43.9
3965.1

6722.6
1322.2
190.4
0.0
51.3
5158.7

6940.0
1462.7
200.8
0.0
49.6
5226.9

7062.9
1577.3
218.2
0.0
44.1
5223.3

7124.9
1731.4
236.6
0.0
49.9
5107.0

7180.8
1779.6
240.8
0.0
52.5
5108.0

7174.8
1834.5
245.9
0.0
54.1
5040.3

7202.3
1871.2
255.7
0.0
56.3
5019.1

7411.8
1988.6
255.5
0.0
59.1
5108.6

7450.4
2007.6
258.3
0.0
57.6
5126.9

7488.5
2040.7
262.0
0.0
58.6
5127.2

15
16
17
18
19
20

8407.3

9611.4

9809.5

9922.8

9882.5

9971.0

10006.1

10044.0

10152.9

10212.6

10249.7

21

21

Total liabilities

22

Credit market instruments

4186.6

4535.6

4756.8

4785.2

4944.5

4986.4

5015.0

5074.8

5184.2

5265.9

5359.6

22

23
24
25
26

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

230.3
152.8
2067.7
808.8

278.4
154.2
2230.3
852.7

190.1
157.7
2578.0
743.7

126.0
160.8
2710.3
635.5

85.9
164.2
2868.6
583.1

95.5
164.8
2897.1
570.1

102.5
166.0
2898.8
564.3

109.3
167.3
2911.7
571.7

101.7
169.4
2946.3
593.2

115.6
170.3
2954.9
607.1

114.6
172.2
2961.9
627.5

23
24
25
26

27
28
29
30
31
32
33
34

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

585.4
15.3
355.6
8.0
4.4
119.5
82.6
341.5

651.3
19.7
412.6
7.6
4.3
117.3
89.8
368.6

659.1
21.5
402.3
7.4
4.1
115.7
108.3
428.1

675.1
23.1
409.7
7.0
4.4
125.8
105.0
477.6

680.7
28.1
411.7
7.8
4.2
125.0
103.9
562.0

679.7
24.8
428.1
8.0
3.7
113.6
101.6
579.1

685.2
27.7
424.2
8.1
4.2
119.4
101.6
598.3

684.3
33.6
410.7
8.2
3.7
121.7
106.3
630.5

705.3
32.1
424.7
8.3
3.8
131.2
105.3
668.3

729.7
30.0
432.3
8.4
3.8
148.2
107.2
688.3

758.5
33.4
440.3
8.6
3.9
172.0
100.3
724.7

27
28
29
30
31
32
33
34

1228.2
71.0
2921.4
903.1
107.3
1911.0

1541.4
78.0
3456.4
1114.6
121.3
2220.5

1437.7
81.0
3534.0
1091.6
121.9
2320.5

1457.4
93.0
3587.3
1037.3
122.0
2428.0

1403.2
81.2
3453.5
1051.2
120.6
2281.6

1422.1
90.7
3471.7
1062.5
120.5
2288.7

1440.2
92.2
3458.6
1046.9
119.8
2291.9

1471.6
100.4
3397.3
1053.4
120.2
2223.7

1509.8
88.0
3370.8
1083.0
118.2
2169.6

1506.7
97.8
3342.2
1096.5
116.9
2128.8

1539.0
95.7
3255.5
1080.6
116.3
2058.6

35
36
37
38
39
40

426.9
15159.5

395.6
12685.0

377.7
10804.8

259.5
7839.3

295.5
10043.6

330.6
10112.4

397.2
10300.6

386.9
9907.3

317.9
10848.1

365.9
10645.3

420.7
10646.5

41
42

35
36
37
38
39
40

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

41
42

Trade receivables net of payables
Market value of equities

43
44

Securities and mortgages
Loans and short-term paper

2562.0
1624.6

2753.1
1782.4

3163.8
1593.0

3348.6
1436.6

3594.8
1349.7

3641.1
1345.4

3663.0
1352.0

3709.5
1365.2

3784.0
1400.2

3813.5
1452.3

3858.9
1500.7

43
44

45
46

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

2923.8
891.4

3401.8
985.6

3111.7
1021.3

2987.0
1035.0

2834.2
1178.1

2858.2
1205.0

2884.4
1250.6

2937.2
1293.9

2998.0
1319.8

3056.8
1311.1

3135.3
1312.9

45
46

47
48

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

61.2
38.8

60.7
39.3

66.5
33.5

70.0
30.0

72.7
27.3

73.0
27.0

73.0
27.0

73.1
26.9

73.0
27.0

72.4
27.6

72.0
28.0

47
48

49

Liquid assets/short-term liabilities

30.5

29.0

32.8

34.7

41.6

42.2

43.4

44.1

44.0

42.9

41.9

49

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.
(4) Sum of lines 2 through 10, plus line 14.

65

Z.1, September 21, 2005

L.103 Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4

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

5
6
7
8

Treasury securities
Municipal securities
Mortgages
Consumer credit

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

Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (1)
Other
Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1175.4

1420.1

1575.4

1655.0

1788.9

1824.5

1868.2

1912.6

1959.5

2010.3

2073.2

1

217.6
117.5
40.7

274.1
137.6
49.4

274.5
144.7
59.0

280.1
156.2
61.3

287.7
163.6
53.1

289.4
165.2
49.2

290.3
167.8
49.0

291.4
170.2
48.3

291.3
172.5
49.9

291.2
175.0
52.2

292.3
177.3
56.0

2
3
4

37.2
2.7
23.3
0.0

40.2
2.4
20.6
0.0

42.8
3.5
23.3
0.0

42.8
3.4
23.1
0.0

44.3
3.6
24.7
0.0

44.9
3.6
24.8
0.0

45.4
3.7
25.0
0.0

45.9
3.7
25.1
0.0

46.3
3.8
25.0
0.0

46.7
3.8
24.8
0.0

47.0
3.9
24.5
0.0

5
6
7
8

272.6
463.8
45.9
1.6
416.3

342.1
553.7
45.8
1.6
506.2

343.9
683.6
48.3
1.8
633.5

362.8
725.2
52.5
1.8
671.0

418.4
793.6
56.9
2.1
734.6

433.3
814.1
57.9
2.2
753.9

449.1
837.9
59.1
2.1
776.7

465.1
862.9
60.5
2.0
800.4

482.2
888.5
60.5
1.9
826.2

499.6
916.9
61.1
2.1
853.7

517.8
954.2
62.0
1.9
890.4

9
10
11
12
13

2332.4

2673.9

2890.3

3085.1

3331.2

3389.0

3455.0

3524.6

3594.5

3668.3

3762.8

14

1599.6

1796.7

1959.3

2107.8

2264.0

2298.7

2341.1

2386.9

2431.9

2480.6

2554.3

15

312.8
116.7
1170.1

361.2
127.8
1307.6

405.3
125.3
1428.8

430.4
127.6
1549.8

420.1
133.3
1710.6

422.2
133.7
1742.8

426.4
134.6
1780.1

429.9
138.0
1819.0

436.0
138.5
1857.4

442.1
137.4
1901.1

459.2
140.1
1955.1

16
17
18

213.3
53.0
466.5

259.9
64.6
552.6

255.0
68.7
607.3

281.0
70.2
626.2

325.2
79.5
662.4

338.4
80.9
671.0

352.7
81.9
679.3

367.2
83.1
687.4

383.3
84.0
695.4

399.7
84.9
703.0

414.9
85.7
707.9

19
20
21

(1) Equity in the Farm Credit System.

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

64.8

64.9

67.3

71.9

77.3

78.4

80.0

82.7

82.9

83.6

84.6

1

2

Checkable deposits and currency

19.2

19.4

20.0

20.6

21.2

21.5

21.8

22.0

22.3

22.4

22.6

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

45.6
43.9
1.6

45.5
43.9
1.6

47.3
45.3
2.0

51.4
49.3
2.1

56.0
53.5
2.5

56.9
54.5
2.4

58.2
55.7
2.6

60.7
57.9
2.7

60.6
57.9
2.7

61.1
58.5
2.6

62.0
59.3
2.6

3
4
5

190.6

202.4

213.3

221.8

230.1

228.4

235.6

240.8

242.6

239.8

247.7

6

170.6

181.5

192.0

199.8

207.6

205.6

212.5

217.5

219.1

216.2

224.1

7

44.2
22.8
103.7

46.9
24.4
110.2

46.9
27.3
117.8

46.0
28.4
125.5

45.5
28.5
133.6

42.9
27.4
135.3

46.0
28.2
138.3

47.6
29.3
140.5

47.7
29.6
141.7

44.3
29.0
142.9

47.3
30.6
146.2

8
9
10

20.0

20.9

21.3

21.9

22.6

22.8

23.0

23.3

23.5

23.5

23.6

11

6
7
8
9
10
11

Total financial assets

Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables

(1) Corporate and noncorporate farms.
(2) Equity in the Farm Credit System.

66

Z.1, September 21, 2005

L.105 State and Local Governments (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1607.5

1670.6

1755.4

1807.2

1905.3

1939.3

1947.0

1967.4

2004.3

2044.6

2068.6

1

2
3
4
5

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

32.2
107.2
51.4
153.7

32.3
117.8
54.2
143.6

36.3
129.8
57.4
132.5

41.5
138.7
59.0
116.1

47.9
147.2
62.6
123.2

46.7
149.5
63.6
125.2

42.6
149.7
63.7
125.3

42.0
151.7
64.5
127.0

45.6
154.6
65.7
129.4

53.6
156.4
66.5
130.9

53.7
169.6
66.4
130.7

2
3
4
5

6

Credit market instruments

7
8
9
10
11
12

Total financial assets

2000

819.4

891.5

985.0

1071.4

1124.0

1145.8

1152.6

1162.5

1184.1

1214.6

1240.3

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

104.8
305.1
199.2

120.2
310.9
241.1

137.6
329.3
288.3

152.0
355.6
330.2

161.4
363.9
350.6

163.9
373.7
356.1

164.1
379.7
356.5

166.2
379.4
361.2

169.4
386.1
368.1

171.4
407.1
372.5

174.8
430.6
371.8

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

3.5
74.4
132.4

3.7
84.3
131.3

4.0
95.5
130.3

4.1
104.6
124.9

4.4
111.1
132.6

4.4
112.8
134.7

4.4
113.0
134.9

4.5
114.5
136.7

4.6
116.6
139.3

4.6
118.0
140.9

4.6
117.8
140.6

10
11
12

98.7
33.5

93.8
31.0

88.4
28.3

79.6
24.4

84.5
25.9

85.9
26.3

85.9
26.3

87.1
26.7

88.7
27.2

89.8
27.5

89.6
27.4

13
14

105.4
27.6
178.3

110.5
42.4
153.6

116.4
46.1
135.4

119.0
56.5
101.2

126.3
73.5
90.1

128.3
77.9
90.2

128.4
84.5
88.0

130.1
89.8
86.2

132.6
93.9
82.5

134.2
99.4
71.7

133.9
107.9
49.2

15
16
17

1785.4

1828.3

1959.2

2131.8

2279.9

2326.5

2362.6

2388.3

2426.5

2484.7

2534.2

18

13
14

Corporate equities
Mutual fund shares

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

18

Total liabilities

19

Credit market instruments

1176.9

1192.3

1298.1

1442.0

1559.7

1598.6

1626.9

1644.8

1674.9

1724.9

1766.0

19

20
21
22
23

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

1167.1
43.7
1123.4
9.7

1183.6
45.1
1138.5
8.7

1289.2
69.0
1220.2
8.9

1432.6
94.2
1338.4
9.4

1550.1
101.3
1448.8
9.7

1588.9
105.5
1483.4
9.7

1617.2
87.7
1529.5
9.7

1635.0
93.8
1541.2
9.8

1665.0
95.4
1569.7
9.9

1715.0
97.1
1617.9
9.9

1756.0
86.2
1669.8
10.0

20
21
22
23

608.6

635.9

661.1

689.8

720.2

727.9

735.7

743.5

751.6

759.8

768.2

24

24

Trade payables

(1) Data for employee retirement funds are shown in table L.119.

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

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8
9
10
11
12
13

Agency- and GSE-backed securities
Other loans and advances
Mortgages
Consumer credit (1)
Trade receivables
Taxes receivable
Miscellaneous assets
Total liabilities

14
15

SDR certificates
Treasury currency

16

Credit market instruments

17
18
19
20
21
22
23
24
25

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (2)
Nonmarketable securities held by pension plans
Other

560.5

513.8

614.9

611.4

653.2

649.0

651.8

642.3

615.5

617.4

614.9

1

44.4
87.9
5.4

41.0
24.3
6.3

43.1
66.9
10.5

51.1
47.5
27.6

55.1
54.1
2.4

54.3
22.7
1.9

52.3
46.8
2.1

52.0
35.4
2.2

54.5
21.9
2.4

47.5
20.8
2.4

46.1
33.5
1.7

2
3
4

260.9

272.6

278.6

288.2

285.6

286.8

283.8

289.9

289.5

289.3

285.9

5

0.0
132.3
77.7
50.9

0.0
128.6
76.9
67.0

0.0
122.7
75.8
80.1

0.0
119.1
76.3
92.8

0.0
117.7
73.8
94.1

0.0
117.1
75.8
93.9

0.0
116.9
74.3
92.6

0.0
116.3
74.5
99.2

0.0
115.7
75.4
98.4

0.0
113.2
75.5
100.6

0.0
111.5
75.8
98.6

6
7
8
9

22.9
38.5
100.5

28.1
42.4
99.1

35.5
79.8
100.4

32.2
64.3
100.5

51.3
102.8
101.9

57.6
123.9
101.9

61.0
103.9
101.9

59.8
100.5
102.4

61.8
82.9
102.5

62.5
95.3
99.5

65.3
83.0
99.3

10
11
12

4498.1

4227.2

4288.2

4575.4

5078.9

5212.7

5270.4

5375.3

5509.8

5671.5

5633.8

13

6.2
20.9

2.2
23.2

2.2
24.5

2.2
25.5

2.2
26.0

2.2
26.2

2.2
26.5

2.2
26.7

2.2
26.7

2.2
26.9

2.2
27.2

14
15

3681.0

3385.1

3379.5

3637.0

4033.1

4168.9

4209.6

4292.9

4395.0

4559.7

4516.8

16

186.4
3466.2
28.3
0.0

184.8
3173.0
27.3
0.0

190.3
3162.4
26.8
0.0

194.9
3414.9
27.3
0.0

203.8
3804.4
24.9
0.0

204.4
3939.4
25.1
0.0

204.6
3980.8
24.2
0.0

204.1
4064.6
24.2
0.0

204.4
4166.3
24.3
0.0

204.2
4331.4
24.1
0.0

204.2
4289.0
23.7
0.0

17
18
19
20

64.5
35.0
690.6
684.0
6.6

69.0
36.4
711.3
704.9
6.4

72.3
37.8
772.0
765.8
6.2

73.2
39.4
798.2
790.3
7.9

145.8
40.5
831.3
815.0
16.3

155.1
40.5
819.8
801.2
18.6

161.4
40.9
829.8
809.2
20.6

166.0
41.0
846.5
824.3
22.1

164.1
41.6
880.3
855.9
24.4

169.6
41.6
871.6
844.3
27.2

175.7
42.0
869.9
840.1
29.8

21
22
23
24
25

(1) Student loans.
(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement
and disability fund.

67

Z.1, September 21, 2005

L.107 Rest of the World
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4
5

Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

6

Credit market instruments

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

5775.7

6584.9

7065.9

7576.8

8381.2

8732.2

8935.8

9041.1

9787.9

10169.7

10416.0

1

140.3
279.4
125.9
79.9

161.1
286.9
108.7
91.3

115.5
305.7
120.6
150.7

119.7
326.6
152.3
190.1

120.2
355.5
141.2
460.2

35.9
357.7
144.1
529.1

34.9
378.7
182.3
551.1

13.4
380.0
180.1
600.7

32.7
397.2
214.0
647.1

85.2
383.4
168.2
605.4

79.9
423.5
241.6
625.3

2
3
4
5

2316.0

2590.8

2949.0

3424.1

3918.4

4113.6

4321.2

4475.4

4679.7

4866.7

5065.3

6

7

Open market paper

85.8

90.1

87.5

97.8

104.7

117.5

120.7

123.0

135.3

129.3

141.3

7

8
9
10

Treasury securities
Official
Private

1058.4
617.7
440.7

1021.4
639.8
381.6

1095.2
720.1
375.1

1285.5
812.0
473.5

1533.6
990.4
543.2

1673.5
1103.0
570.5

1796.8
1166.0
630.9

1848.5
1221.3
627.1

1900.2
1260.5
639.7

1989.5
1274.8
714.7

2023.8
1297.5
726.2

8
9
10

11
12
13

Agency- and GSE-backed securities
Official
Private

300.2
76.1
224.1

441.4
116.4
325.1

534.7
126.9
407.8

648.0
158.4
489.7

658.1
201.8
456.2

667.3
213.3
454.0

692.3
213.7
478.5

704.6
225.3
479.4

761.6
239.1
522.5

787.3
264.0
523.3

829.3
285.6
543.6

11
12
13

14
15

U.S. corporate bonds (1)
Loans to U.S. corporate business

752.1
119.5

920.6
117.3

1115.9
115.7

1267.0
125.8

1497.0
125.0

1541.8
113.6

1592.0
119.4

1677.6
121.7

1751.3
131.2

1812.4
148.2

1898.9
172.0

14
15

16
17
18

U.S. corporate equities
Trade receivables
Security credit

1611.5
47.4
0.0

1643.2
47.0
0.0

1572.7
43.9
0.0

1335.8
47.0
0.0

1826.9
48.8
0.0

1865.2
49.0
0.0

1867.2
50.7
0.0

1846.6
48.7
0.0

2070.7
48.3
0.0

2067.9
51.6
0.0

2094.9
55.8
0.0

16
17
18

19
20
21

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

1175.3
1101.7
73.6

1655.8
1421.0
234.8

1807.9
1518.5
289.4

1981.2
1517.4
463.8

1510.0
1585.9
-75.9

1637.6
1593.3
44.3

1549.7
1626.3
-76.6

1496.1
1663.6
-167.5

1698.1
1708.9
-10.8

1941.3
1742.8
198.5

1829.7
1762.5
67.1

19
20
21

3142.8

3475.5

3657.4

4070.1

4168.1

4251.8

4365.8

4486.3

4928.8

5082.9

5243.3

22

22

Total liabilities

23
24

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

50.1
676.5

46.1
803.3

46.8
810.1

55.8
831.1

62.3
853.4

61.5
891.5

58.9
895.6

58.7
915.5

62.2
964.7

56.3
1057.5

54.3
1070.0

23
24

25

Credit market instruments

664.6

727.6

683.9

754.6

808.9

829.9

814.7

839.1

891.1

895.9

918.7

25

89.2
464.8

120.9
486.0

106.7
467.5

142.8
499.1

165.1
541.0

190.0
539.9

183.4
529.9

189.2
551.6

228.7
560.2

232.6
559.0

242.1
574.2

26
27

59.2
3.0
9.9
46.4
47.6
3.9

70.5
3.5
13.2
53.8
47.0
3.1

63.2
4.3
5.9
53.1
45.9
0.5

68.6
5.1
5.1
58.4
44.0
0.2

60.9
4.6
3.7
52.7
41.8
0.2

59.2
4.9
4.4
49.9
40.7
0.1

60.9
5.3
5.9
49.8
40.3
0.3

58.7
5.1
5.1
48.6
39.4
0.3

63.3
5.5
6.5
51.4
38.6
0.3

66.3
5.7
6.8
53.8
37.7
0.3

65.1
5.2
6.4
53.5
37.1
0.2

28
29
30
31
32
33

49.1
0.0

49.9
0.0

47.8
0.0

37.6
0.0

47.5
0.0

46.8
0.0

45.7
0.0

43.7
0.0

50.8
0.0

50.2
0.0

49.6
0.0

34
35

1702.4
33.9
2.7
1414.4
251.5

1848.6
35.4
2.8
1531.6
278.8

2068.9
37.1
2.7
1693.1
336.0

2390.9
38.6
2.8
1860.4
489.1

2396.0
40.0
3.0
2062.6
290.5

2422.2
40.3
3.1
2118.4
260.4

2550.7
40.8
2.9
2181.7
325.3

2629.3
41.7
3.0
2225.3
359.3

2960.0
42.0
2.9
2367.4
547.7

3022.9
42.3
-1.0
2399.0
582.6

3150.7
42.7
-1.0
2438.6
670.5

36
37
38
39
40

2003.7

1852.8

1612.7

1374.7

2079.4

2170.0

2189.0

2192.9

2520.1

2546.9

2523.5

41

26
27

Commercial paper
Bonds

28
29
30
31
32
33

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

34
35

Trade payables
Security debt

36
37
38
39
40

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

41

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

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

68

Z.1, September 21, 2005

L.108 Monetary Authority (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

636.0

683.0

753.6

796.9

788.0

807.9

818.5

841.3

834.7

845.7

1

26.6
2.2
31.6

25.5
2.2
33.0

27.9
2.2
34.6

30.8
2.2
35.5

30.9
2.2
35.8

30.4
2.2
36.0

30.6
2.2
36.3

32.3
2.2
36.4

31.5
2.2
36.5

30.5
2.2
36.6

2
3
4

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

-0.2
0.2
140.6

0.9
0.1
43.4

-0.0
0.0
50.3

0.4
0.0
39.5

-0.3
0.1
43.8

-0.6
0.1
27.5

0.2
0.3
33.5

1.8
0.2
29.3

0.9
0.0
33.0

-1.4
0.1
31.0

-1.0
0.2
34.5

5
6
7

Credit market instruments

478.1

511.8

551.7

629.4

666.7

674.1

687.4

700.3

717.8

717.3

724.7

8

0.0
478.0
0.2
0.0

0.0
511.7
0.1
0.0

0.0
551.7
0.0
0.0

0.0
629.4
0.0
0.0

0.0
666.7
0.0
0.0

0.0
674.1
0.0
0.0

0.0
687.4
0.0
0.0

0.0
700.3
0.0
0.0

0.0
717.8
0.0
0.0

0.0
717.3
0.0
0.0

0.0
724.7
0.0
0.0

9
10
11
12

16.8

19.3

20.3

19.6

18.2

18.1

17.9

17.7

18.6

17.5

17.9

13

690.5

629.2

675.7

745.3

788.0

778.3

798.2

808.3

829.7

822.7

832.8

14

5
6
7
8

14

2002

27.1
6.2
28.0

Gold and foreign exchange
SDR certificates
Treasury currency

13

2001

696.9

2
3
4

9
10
11
12

2000

Acceptances
Treasury securities
Agency- and GSE-backed securities
Bank loans n.e.c.
Miscellaneous assets
Total liabilities

15
16

Depository institution reserves
Vault cash of commercial banks

24.0
66.6

19.0
44.4

17.5
47.3

22.5
47.8

23.1
47.9

25.0
41.0

29.6
43.4

24.7
42.0

24.0
41.5

25.0
42.1

23.1
45.4

15
16

17
18
19
20

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

590.4
28.5
0.1
561.8

555.2
5.6
0.3
549.3

603.1
7.1
0.1
596.0

644.6
4.8
0.1
639.7

682.5
6.0
0.2
676.3

681.5
6.3
0.1
675.2

696.4
6.3
0.3
689.8

702.8
6.3
0.2
696.4

719.7
6.2
0.1
713.3

718.2
5.5
0.2
712.5

724.1
4.6
0.2
719.4

17
18
19
20

21
22
23

Miscellaneous liabilities
Federal Reserve Bank stock
Other

9.4
6.4
3.0

10.6
7.0
3.6

7.7
7.4
0.4

30.3
8.4
21.9

34.5
8.8
25.7

30.8
9.0
21.9

28.7
9.2
19.5

38.8
10.5
28.3

44.4
11.9
32.5

37.4
12.6
24.9

40.2
12.9
27.3

21
22
23

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

69

Z.1, September 21, 2005

L.109 Commercial Banking (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

5985.6

6468.7

6829.1

7329.4

7808.9

8043.1

8200.7

8371.2

8488.0

8723.7

8929.2

1

66.6
22.5
2.2

44.4
17.4
1.7

47.3
15.2
2.8

47.8
19.7
2.5

47.9
19.7
2.5

41.0
21.7
3.2

43.4
26.3
2.7

42.0
21.2
3.1

41.5
20.8
3.5

42.1
22.1
3.6

45.4
20.1
3.8

2
3
4

4788.5

5200.8

5411.3

5811.4

6202.0

6402.8

6534.6

6615.1

6772.8

6999.9

7168.6

5

6
7

Treasury securities
Agency- and GSE-backed securities

228.9
699.6

184.5
721.8

162.7
777.4

205.8
917.9

132.9
999.5

144.2
1094.5

140.9
1111.0

122.1
1056.6

110.1
1096.4

126.0
1120.7

109.8
1104.9

6
7

8
9

Municipal securities
Corporate and foreign bonds

110.8
210.1

114.1
266.1

120.2
363.1

121.7
359.9

132.5
482.5

133.9
500.4

137.2
492.3

139.2
529.5

140.8
559.7

145.6
628.6

148.1
670.4

8
9

3515.5
1.4
1383.8
1495.4
510.2
124.8

3887.3
1.5
1496.6
1660.1
554.0
175.2

3957.8
0.0
1421.0
1789.8
571.8
175.2

4183.0
0.0
1340.4
2058.3
606.4
177.9

4422.6
0.0
1278.3
2255.8
675.0
213.5

4497.6
0.0
1265.3
2329.3
663.7
239.2

4621.3
0.0
1281.8
2436.0
666.7
236.8

4736.8
0.0
1285.3
2517.4
682.8
251.3

4827.6
0.0
1325.3
2595.3
711.4
195.6

4942.9
0.0
1347.2
2689.1
690.5
216.1

5098.8
0.0
1399.1
2790.2
691.6
217.8

10
11
12
13
14
15

11.3
12.4

11.9
15.0

8.9
21.3

3.5
19.6

15.1
17.1

16.0
16.2

15.7
16.2

15.4
15.4

20.3
18.0

19.4
16.6

20.9
15.6

16
17

8.2
1097.7

7.5
1196.9

4.6
1347.9

4.6
1443.4

4.4
1532.4

3.9
1570.5

4.4
1589.3

4.0
1685.9

4.0
1645.4

4.0
1651.9

4.1
1687.2

18
19

5836.7

6407.2

6770.4

7330.8

7847.4

8075.0

8249.4

8376.8

8538.8

8816.6

9005.5

20

10
11
12
13
14
15

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

16
17

Corporate equities
Mutual fund shares

18
19
20

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

21
22
23
24

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

114.9
-0.0
-25.3
140.3

157.8
1.0
-4.3
161.1

126.6
0.0
11.1
115.5

135.7
0.5
15.5
119.7

132.5
-0.3
12.6
120.2

51.9
-0.5
16.5
35.9

62.8
0.5
27.4
34.9

35.9
2.1
20.4
13.4

61.0
1.0
27.3
32.7

118.9
-1.4
35.1
85.2

102.5
-0.7
23.3
79.9

21
22
23
24

25
26
27
28

Checkable deposits
Federal government
Rest of the world
Private domestic

626.4
49.6
28.6
548.2

540.9
16.4
30.7
493.8

628.8
47.5
25.8
555.6

571.5
31.1
25.2
515.3

602.4
30.2
37.4
534.8

597.0
17.5
41.4
538.1

621.6
40.6
53.5
527.5

610.0
32.3
52.4
525.3

647.0
26.9
64.3
555.7

623.5
20.2
49.4
553.8

633.2
30.6
85.1
517.5

25
26
27
28

29
30
31

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

2017.1
792.6
750.0

2228.7
885.4
816.1

2478.1
918.1
786.5

2747.6
915.3
902.0

2977.9
934.1
969.5

3079.1
992.3
1021.3

3148.7
1032.1
1062.5

3205.4
1071.2
1059.5

3259.7
1120.4
973.7

3338.1
1178.2
1023.7

3366.4
1221.9
1080.9

29
30
31

32

Credit market instruments

449.3

509.3

562.1

611.8

661.0

703.2

710.2

723.4

738.8

776.2

792.0

32

63.1
240.6
145.6

63.6
273.2
172.4

55.4
310.2
196.6

52.9
332.2
226.8

46.6
379.1
235.3

61.0
389.0
253.3

56.2
402.6
251.4

56.1
418.0
249.3

57.2
437.4
244.1

63.9
457.3
255.1

62.1
465.0
265.0

33
34
35

9.0
1077.4

11.1
1257.8

13.5
1256.6

16.2
1430.8

19.1
1550.8

19.8
1610.3

20.6
1590.9

21.4
1650.0

22.2
1716.0

23.0
1735.1

23.9
1784.7

36
37

4648.3

5006.3

5210.5

5614.9

5960.8

6135.3

6270.2

6336.9

6543.0

6751.8

6918.3

38

33
34
35
36
37

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

38

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table L.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18).

70

Z.1, September 21, 2005

L.110 U.S.-Chartered Commercial Banks
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

4434.3

4774.1

5014.5

5427.2

5840.3

5998.3

6144.9

6259.1

6398.1

6568.6

6679.7

1

87.6

61.3

61.9

66.3

66.8

61.6

68.8

62.2

61.6

63.5

64.3

2

4164.5

4515.2

4718.6

5102.3

5481.6

5650.8

5790.4

5865.3

6046.8

6196.4

6311.0

3

Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

122.8
608.3
283.7
120.9
203.8

87.9
626.5
297.8
111.0
217.6

56.5
700.2
350.6
168.2
181.4

86.4
821.3
434.9
159.1
227.4

93.5
906.4
491.5
161.4
253.5

102.6
1001.0
578.1
166.6
256.3

100.9
1012.4
586.9
158.9
266.6

82.9
958.2
544.8
153.6
259.8

74.2
996.1
581.7
156.7
257.7

88.1
1022.2
601.0
164.4
256.8

76.3
998.6
584.9
158.0
255.7

4
5
6
7
8

9
10
11
12
13

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

110.2
151.3
4.5
48.8
98.1

113.4
201.4
4.1
56.5
140.8

119.7
265.1
25.3
59.3
180.5

121.2
264.3
12.0
67.4
185.0

131.9
306.0
12.2
92.6
201.2

133.3
315.2
13.8
94.4
207.0

136.6
315.6
13.6
94.4
207.7

139.0
349.7
17.0
100.4
232.3

140.4
364.4
18.9
106.0
239.5

145.2
389.5
22.3
120.2
247.0

147.8
412.6
25.3
132.2
255.0

9
10
11
12
13

14
15
16
17
18
19

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

3148.2
0.7
1104.3
1465.4
510.2
67.6

3459.1
0.9
1202.4
1627.0
554.0
74.7

3546.9
0.0
1140.5
1752.8
571.8
81.9

3785.9
0.0
1081.9
2018.5
606.4
79.2

4011.7
0.0
1031.5
2213.6
675.0
91.5

4066.5
0.0
1020.7
2286.0
663.7
96.0

4193.0
0.0
1036.3
2393.3
666.7
96.7

4304.6
0.0
1046.1
2472.4
682.8
103.4

4433.4
0.0
1072.9
2547.0
711.4
102.2

4515.4
0.0
1085.0
2638.5
690.5
101.4

4639.2
0.0
1118.6
2738.6
691.6
90.3

14
15
16
17
18
19

20
21

Corporate equities
Mutual fund shares

11.3
12.4

11.9
15.0

8.9
21.3

3.5
19.6

15.1
17.1

16.0
16.2

15.7
16.2

15.4
15.4

20.3
18.0

19.4
16.6

20.9
15.6

20
21

6.6
175.6

5.9
191.7

3.6
230.4

3.9
254.7

3.8
288.2

3.3
282.6

3.9
281.8

3.4
328.4

3.3
286.3

3.4
305.3

3.4
301.1

22
23

2

Vault cash and reserves at Federal Reserve

3

Total bank credit

4
5
6
7
8

22
23
24

Customers’ liab. on acceptances (1)
Miscellaneous assets

4688.7

5169.7

5455.3

5948.2

6423.3

6608.3

6796.1

6946.1

7174.0

7371.0

7494.4

24

25
26
27
28
29

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

60.0
-0.2
0.2
-64.1
124.1

137.5
0.9
0.1
-33.0
169.5

138.2
-0.0
0.0
-17.7
155.9

192.6
0.4
0.0
0.3
191.8

219.7
-0.3
0.1
-64.6
284.6

185.6
-0.6
0.1
-73.2
259.3

222.0
0.2
0.3
-70.5
292.0

215.0
1.8
0.2
-69.6
282.5

275.8
0.9
0.0
-36.5
311.3

329.2
-1.4
0.1
-32.5
363.0

326.9
-1.0
0.2
-19.1
346.7

25
26
27
28
29

30
31
32
33

Checkable deposits
Federal government
Rest of the world
Private domestic

608.7
49.6
22.7
536.5

523.7
16.4
25.0
482.3

608.2
47.5
22.6
538.2

552.7
31.1
22.3
499.3

581.0
30.2
34.9
516.0

575.5
17.5
38.7
519.3

600.1
40.6
51.2
508.4

588.3
32.3
50.2
505.8

624.8
26.9
62.3
535.5

598.7
20.2
44.3
534.1

610.5
30.6
83.0
496.9

30
31
32
33

34
35
36

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

1997.4
465.7
667.0

2208.0
553.6
682.4

2448.3
528.4
663.9

2722.0
552.7
737.4

2950.2
555.7
806.0

3050.4
575.2
851.2

3119.9
596.0
879.6

3176.8
630.2
871.1

3231.2
671.1
816.1

3306.8
708.2
876.7

3334.2
738.8
916.4

34
35
36

37
38
39
40

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

6.6
75.8
145.6
9.0

6.0
86.4
172.4
11.1

3.7
94.7
196.6
13.5

3.9
94.1
226.8
16.2

3.8
99.6
235.3
19.1

3.3
98.6
253.3
19.8

3.9
102.9
251.4
20.6

3.4
103.5
249.3
21.4

3.4
109.3
244.1
22.2

3.4
113.8
255.1
23.0

3.4
114.3
265.0
23.9

37
38
39
40

41
42
43

Miscellaneous liabilities
Investment by bank holding companies
Other

653.1
471.9
181.2

788.6
525.4
263.2

759.8
586.1
173.7

849.8
639.2
210.6

953.0
689.8
263.2

995.3
708.1
287.2

999.8
738.6
261.2

1087.2
819.4
267.7

1176.2
857.0
319.2

1156.1
853.3
302.8

1161.1
876.3
284.8

41
42
43

4080.0

4419.5

4610.1

5003.9

5361.7

5525.9

5665.7

5734.3

5909.7

6062.4

6187.4

44

Memo:
44

Credit market funds advanced (2)

(1) Included in other loans and advances (table L.216).
(2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22).

71

Z.1, September 21, 2005

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1

Total financial assets

2

Reserves at Federal Reserve

3

Total bank credit

4
5
6
7

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

8
9
10
11
12

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

13

Corporate equities

14
15
16

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

17
18
19

Net interbank liabilities
To foreign banks
To domestic banks

20
21
22

Checkable deposits
Small time and savings deposits
Large time deposits

23
24

Federal funds and security RPs (net)
Acceptance liabilities

25
26
27
28

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

Q2

2005
Q3

Q4

Q1

Q2

750.9

789.4

791.9

801.1

732.5

738.1

705.4

645.8

569.7

631.1

674.5

1

1.4

0.5

0.6

1.2

0.9

1.1

0.9

1.1

0.7

0.7

1.1

2

543.0

610.2

603.0

615.0

607.1

635.5

623.5

625.8

598.8

675.7

718.9

3

94.5
72.4
0.0
42.4

94.0
72.7
0.0
50.7

103.8
50.7
0.0
81.3

116.7
61.6
0.0
81.6

34.2
52.5
0.0
160.9

36.6
51.1
0.0
169.6

33.8
54.2
0.0
161.8

34.5
50.7
0.0
165.4

30.0
53.1
0.0
178.5

32.3
50.8
0.0
223.4

27.6
57.8
0.0
233.2

4
5
6
7

333.8
0.6
260.0
15.9
57.2

392.8
0.6
274.6
17.1
100.5

367.2
0.0
256.1
17.9
93.3

355.2
0.0
237.5
19.0
98.7

359.6
0.0
220.4
17.2
121.9

378.1
0.0
217.6
17.4
143.1

373.7
0.0
218.6
15.0
140.1

375.3
0.0
211.9
15.5
147.9

337.1
0.0
226.8
16.9
93.4

369.2
0.0
237.6
16.9
114.7

400.3
0.0
255.4
17.4
127.5

8
9
10
11
12

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

13

1.6
204.9

1.6
177.1

1.0
187.2

0.6
184.2

0.6
123.9

0.5
101.0

0.6
80.5

0.6
18.4

0.7
-30.6

0.6
-45.9

0.7
-46.3

14
15

776.4

818.4

824.8

838.4

774.7

781.6

750.2

692.0

617.2

680.0

724.8

16

48.2
41.5
6.7

7.4
-15.5
22.9

-9.3
-50.9
41.6

-51.6
-83.1
31.5

-92.8
-130.7
37.8

-139.0
-188.8
49.8

-165.6
-226.4
60.7

-190.8
-236.7
45.9

-214.5
-250.9
36.3

-201.7
-260.7
59.0

-211.7
-245.0
33.2

17
18
19

9.1
7.5
314.8

8.7
7.2
318.2

9.1
11.6
371.5

8.4
9.4
346.4

9.4
10.3
361.0

9.0
11.2
399.6

8.5
10.8
418.1

8.7
9.8
422.1

8.7
9.5
430.3

11.3
10.8
449.5

8.3
10.3
461.1

20
21
22

82.5
2.0

134.8
2.0

123.9
1.1

163.4
0.7

161.5
0.6

168.8
0.6

181.5
0.6

187.2
0.7

156.8
0.7

146.5
0.6

162.3
0.8

23
24

312.2
62.0
93.0
157.2

340.1
64.2
138.7
137.2

316.9
67.2
107.9
141.9

361.8
75.5
132.6
153.7

324.8
87.5
130.8
106.4

331.5
87.9
157.9
85.6

296.4
89.3
137.4
69.7

254.4
102.0
141.3
11.1

225.7
123.3
161.3
-58.9

262.9
128.2
171.2
-36.5

293.7
130.5
182.7
-19.4

25
26
27
28

487.4

511.3

510.7

516.9

485.8

492.9

484.0

478.6

506.1

561.6

592.1

29

Memo:
29

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table L.216).
(3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14).

72

Z.1, September 21, 2005

L.112 Bank Holding Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2
3
4
5
6
7
8
9
10
11

Total financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Bank loans n.e.c.
Miscellaneous assets
Investment in bank subsidiaries
Investment in nonbank subsidiaries
Other
Total liabilities

12
13
14

Net interbank liabilities
To domestic banks
To foreign banks

15

Federal funds and security RPs (net)

16
17
18

Credit market instruments
Commercial paper
Corporate bonds

19

Miscellaneous liabilities

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

741.2

841.9

942.4

1025.8

1152.4

1219.0

1259.3

1369.7

1420.8

1421.0

1468.4

1

32.7

20.5

24.7

27.8

36.4

36.7

36.1

36.9

36.4

34.0

41.4

2

8.8
5.4
15.9
2.6

0.8
4.8
13.2
1.6

1.2
6.2
15.3
1.9

1.3
10.7
12.9
2.9

2.7
11.6
14.2
7.9

2.1
12.5
13.9
8.1

2.4
12.9
13.5
7.4

1.6
14.3
13.2
7.8

2.0
13.5
15.5
5.3

1.6
13.6
14.7
4.1

2.4
12.8
23.3
2.9

3
4
5
6

708.5
471.9
151.3
85.4

821.4
525.4
189.7
106.3

917.8
586.1
219.5
112.2

998.1
639.2
219.3
139.5

1116.0
689.8
264.3
161.9

1182.3
708.1
292.8
181.4

1223.2
738.6
303.2
181.4

1332.8
819.4
320.3
193.1

1384.4
857.0
333.0
194.4

1387.0
853.3
333.8
199.9

1427.0
876.3
341.5
209.2

7
8
9
10

314.6

358.7

413.4

473.1

570.8

603.0

617.2

647.9

653.5

668.4

685.8

11

6.7
32.1
-25.4

12.9
5.8
7.1

-2.3
-12.8
10.4

-5.3
-16.4
11.1

5.6
39.4
-33.8

5.4
39.9
-34.5

6.5
37.2
-30.8

11.7
44.1
-32.4

-0.2
27.5
-27.7

-8.6
8.5
-17.0

-12.6
9.2
-21.8

12
13
14

0.5

-1.1

-1.2

1.2

2.1

1.2

1.4

1.2

0.8

0.4

2.1

15

219.3
54.5
164.8

242.5
55.7
186.8

266.1
50.6
215.5

286.4
48.3
238.1

321.8
42.3
279.5

347.5
57.1
290.4

351.5
51.7
299.8

366.6
52.1
314.5

381.3
53.1
328.2

403.3
59.8
343.5

408.6
57.9
350.7

16
17
18

88.1

104.4

150.8

190.9

241.4

249.0

257.9

268.4

271.6

273.2

287.6

19

75.2

83.6

87.7

91.1

96.6

99.5

102.9

106.6

1

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

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

59.2

63.3

80.2

2.2

1.7

2.8

2.5

2.5

3.2

2.7

3.1

3.5

3.6

3.8

2

48.3

55.0

65.0

66.3

76.9

79.9

84.5

87.1

90.8

93.8

97.4

3

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

2.8
13.5
0.6
0.5

1.8
17.8
0.7
0.8

1.2
20.3
0.5
1.4

1.5
24.2
0.5
1.1

2.5
28.9
0.6
1.4

2.8
29.9
0.6
1.6

3.7
31.5
0.6
1.4

3.2
33.3
0.3
1.2

3.8
33.6
0.3
1.3

4.0
34.2
0.4
1.1

3.5
35.8
0.4
1.3

4
5
6
7

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

16.9
8.1
6.0

18.0
9.1
6.8

22.5
8.2
11.0

18.2
9.7
11.2

18.5
12.2
12.8

19.0
12.7
13.2

19.5
13.8
13.9

19.6
14.7
14.8

20.3
15.6
15.9

20.5
20.3
13.3

22.2
20.3
14.0

8
9
10

8.7

6.6

12.5

6.4

4.3

4.6

3.9

6.4

5.2

5.5

5.4

11

Miscellaneous assets

56.9

60.4

76.8

71.1

78.6

82.2

85.8

90.8

94.0

97.4

100.6

12

13
14
15

Total liabilities
Checkable deposits
Small time and savings deposits
Large time deposits

8.5
12.2
12.2

8.4
13.6
13.6

11.5
18.1
18.1

10.4
16.2
16.2

11.9
17.5
17.5

12.6
17.5
17.5

13.0
18.0
18.0

13.1
18.8
18.8

13.5
19.0
19.0

13.5
20.5
20.5

14.4
21.9
21.9

13
14
15

16

Miscellaneous liabilities

24.1

24.8

29.0

28.3

31.7

34.6

36.9

40.0

42.5

42.8

42.3

16

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

73

Z.1, September 21, 2005

L.114 Savings Institutions (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1150.5

1217.7

1299.1

1357.4

1475.2

1556.5

1597.7

1632.0

1691.2

1692.6

1747.9

1

1.6
20.6
1.3
10.6

1.6
19.0
1.4
14.9

2.3
21.0
2.2
27.4

2.8
24.8
2.6
27.1

3.4
24.8
2.6
21.0

3.2
26.8
3.0
31.2

3.4
31.1
3.2
26.3

3.5
22.6
3.2
24.3

3.3
21.9
3.2
20.9

2.9
24.3
2.9
20.7

3.0
26.0
2.8
21.2

2
3
4
5

1032.6

1088.8

1133.4

1167.0

1293.3

1370.8

1408.6

1453.0

1514.7

1523.3

1579.5

6

7
8
9
10
11
12

Open market paper
Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

0.0
10.1
147.1
115.7
0.0
31.4

0.0
8.7
140.4
109.0
0.0
31.4

0.0
11.4
161.4
115.7
0.0
45.7

0.0
9.2
176.2
132.7
0.0
43.5

0.0
12.2
198.7
138.1
0.0
60.6

0.0
12.2
228.5
125.0
44.4
59.1

0.0
10.8
221.3
124.3
41.6
55.4

0.0
8.9
213.2
121.1
43.2
48.9

0.0
9.0
223.8
132.0
46.5
45.3

0.0
8.3
222.2
129.1
48.0
45.2

0.0
9.8
219.2
124.3
46.7
48.3

7
8
9
10
11
12

13
14
15
16
17

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

3.0
111.9
18.4
0.0
93.6

3.2
109.4
19.0
0.0
90.4

4.5
83.9
13.2
0.0
70.7

5.5
79.9
10.6
0.0
69.3

6.3
71.1
10.7
0.0
60.4

6.5
65.0
9.4
41.9
13.8

6.5
59.9
8.8
38.5
12.6

6.8
58.3
8.3
39.6
10.4

7.1
60.9
8.2
42.5
10.2

7.3
65.2
7.1
48.2
10.0

8.1
67.0
6.6
50.5
9.9

13
14
15
16
17

18
19
20

Other loans and advances
Mortgages
Consumer credit

30.6
668.1
61.7

39.3
723.0
64.8

42.9
758.2
71.1

46.2
781.4
68.7

56.3
870.9
77.9

49.6
927.5
81.4

55.4
966.5
88.1

67.3
1009.3
89.2

64.1
1058.5
91.3

59.9
1069.6
90.8

66.8
1114.6
94.0

18
19
20

23.8
60.0

24.2
67.6

27.9
84.9

29.1
103.9

30.4
99.7

28.2
93.3

27.9
97.2

28.9
96.6

28.2
98.9

27.1
91.5

26.1
89.3

21
22

1119.6

1185.8

1264.1

1318.1

1428.3

1508.9

1545.7

1574.5

1629.5

1626.5

1675.6

23

699.3
222.3
354.7
122.2

726.7
265.8
318.9
142.1

773.6
316.5
288.2
168.9

840.5
370.9
256.5
213.1

899.8
428.3
226.0
245.5

946.7
443.0
218.5
285.2

955.8
459.5
205.6
290.7

977.2
473.1
196.5
307.6

991.5
488.4
177.9
325.2

1004.1
502.5
164.8
336.8

1026.4
519.5
153.6
353.3

24
25
26
27

72.7

66.7

72.4

57.4

77.5

74.1

71.2

74.4

82.2

70.6

71.9

28

260.4
2.7
14.0
243.7

287.7
6.3
21.5
260.0

285.7
3.6
23.0
259.1

262.3
3.4
27.2
231.7

268.3
5.1
13.9
249.3

267.2
6.0
14.3
247.0

308.0
5.0
14.6
288.4

308.2
6.0
15.8
286.5

332.8
7.6
15.9
309.3

324.3
7.5
15.7
301.1

344.1
7.7
13.4
323.1

29
30
31
32

2.0
85.1
6.0
79.2

2.5
102.3
6.6
95.7

1.7
130.7
7.4
123.3

1.5
156.4
8.3
148.1

1.3
181.4
9.3
172.0

1.8
219.0
9.6
209.4

1.6
209.1
9.9
199.2

1.7
212.9
10.2
202.7

1.9
221.1
10.5
210.6

1.9
225.5
10.8
214.7

1.9
231.2
11.1
220.1

33
34
35
36

21
22
23

Corporate equities
Miscellaneous assets
Total liabilities

24
25
26
27

Deposits
Checkable
Small time and savings
Large time

28

Security RPs

29
30
31
32

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

33
34
35
36

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

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

74

Z.1, September 21, 2005

L.115 Credit Unions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8

Open market paper
Treasury securities
Agency- and GSE-backed securities

9
10

Home mortgages
Consumer credit

11
12

Mutual fund shares
Miscellaneous assets

13

Total liabilities

14
15
16
17

Shares/deposits
Checkable
Small time and savings
Large time

18
19

Other loans and advances
Miscellaneous liabilities

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

414.5

441.1

505.5

560.8

617.3

634.5

643.0

648.7

654.7

670.2

677.1

1

26.4
16.6
9.3

26.7
15.5
4.0

36.8
23.0
2.5

38.4
24.5
1.7

41.5
26.4
1.6

50.4
27.5
4.3

39.8
28.7
2.6

38.9
27.1
3.9

40.2
26.3
4.1

43.7
25.4
5.5

37.5
24.8
2.9

2
3
4

351.7

379.7

421.2

463.9

514.5

524.2

541.5

547.7

556.5

565.0

576.9

5

1.9
9.6
61.3

1.2
8.2
60.9

2.4
7.4
80.6

3.6
7.8
97.3

1.6
8.9
115.5

2.3
8.5
120.3

1.8
9.9
121.6

1.6
10.0
115.0

1.9
9.0
117.0

2.0
8.5
121.2

1.4
8.4
119.0

6
7
8

111.0
167.9

124.9
184.4

141.3
189.6

159.4
195.7

182.6
205.9

186.0
207.1

196.5
211.7

206.7
214.5

213.2
215.4

218.3
215.0

227.4
220.7

9
10

2.5
8.0

2.2
12.9

3.7
18.3

3.5
28.7

4.1
29.2

4.2
23.8

3.9
26.5

3.5
27.7

3.1
24.4

2.8
27.8

2.6
32.4

11
12

376.1

398.1

458.9

509.0

560.3

578.1

585.7

591.0

595.1

609.9

616.1

13

366.7
45.4
299.8
21.6

389.1
51.3
312.7
25.1

450.2
54.7
361.3
34.1

496.9
59.7
394.4
42.8

544.9
67.4
424.0
53.6

548.8
70.3
423.8
54.7

566.5
70.4
439.6
56.5

558.9
71.5
429.0
58.4

574.6
74.9
439.7
60.0

578.4
78.2
438.7
61.6

590.8
77.3
450.4
63.1

14
15
16
17

3.4
6.0

3.4
5.6

4.9
3.8

6.9
5.1

9.1
6.3

8.4
20.9

9.6
9.6

9.9
22.3

11.4
9.1

11.8
19.7

12.5
12.8

18
19

L.116 Property-Casualty Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3

Checkable deposits and currency
Security RPs

4

Credit market instruments

5
6

Treasury securities
Agency- and GSE-backed securities

7
8
9

Municipal securities
Corporate and foreign bonds
Commercial mortgages

10
11
12
13
14
15

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

872.7

862.0

859.9

939.8

1060.4

1093.5

1116.4

1149.8

1166.5

1190.4

1208.3

1

4.3
28.3

3.7
38.3

13.1
30.2

25.9
44.4

34.6
52.8

31.1
52.2

31.1
50.0

34.5
57.9

25.9
63.1

24.0
65.7

23.3
64.9

2
3

518.2

509.4

518.4

558.3

625.2

651.5

667.8

686.2

698.8

721.1

733.4

4

60.6
75.5

52.1
84.1

52.0
94.2

61.2
113.2

64.7
115.4

67.2
116.4

68.6
115.3

70.2
114.3

71.3
112.1

73.5
115.7

74.8
117.7

5
6

199.0
181.1
1.9

184.1
187.5
1.6

173.8
196.4
1.9

183.0
198.9
2.0

224.2
218.9
2.1

237.6
228.2
2.1

247.7
234.1
2.2

258.7
240.7
2.4

267.8
245.3
2.4

276.3
253.1
2.5

281.0
257.4
2.5

7
8
9

207.9
63.6
50.6

194.3
64.6
51.8

173.9
69.9
54.4

152.3
74.8
84.1

182.7
79.3
85.7

188.3
82.4
88.0

191.2
85.3
91.0

191.3
86.4
93.4

201.8
79.6
97.2

196.0
82.5
101.1

198.8
84.9
103.1

10
11
12

551.8

562.7

597.0

650.6

698.3

710.4

724.1

749.4

750.4

760.1

770.5

13

17.4
534.4

19.7
543.0

22.4
574.6

25.6
625.0

29.3
668.9

30.3
680.1

31.4
692.8

32.4
716.9

33.5
716.9

34.6
725.5

35.8
734.7

14
15

75

Z.1, September 21, 2005

L.117 Life Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3

Checkable deposits and currency
Money market fund shares

4

Credit market instruments

5
6
7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

12
13

Corporate equities
Mutual fund shares

14

Miscellaneous assets

15

Total liabilities

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

3067.9

3135.7

3224.6

3335.0

3772.8

3894.6

3952.7

4004.0

4130.3

4184.5

4245.9

1

5.5
131.8

5.0
142.3

36.8
173.3

35.3
159.8

47.3
151.4

46.3
144.2

51.5
139.6

52.2
130.0

53.3
120.7

47.2
113.6

52.5
104.5

2
3

1886.0

1943.9

2074.8

2307.8

2488.3

2546.3

2586.1

2631.6

2661.4

2718.2

2732.6

4

75.8
62.8
224.4

71.2
58.1
235.4

59.3
53.7
253.5

74.0
78.5
330.9

55.9
71.8
348.9

59.4
73.9
352.9

54.7
75.5
355.1

54.9
77.2
356.9

48.2
78.5
357.1

52.6
79.9
364.9

46.8
79.9
367.8

5
6
7

20.1
1173.2
99.0
230.8

19.1
1222.2
101.9
235.9

18.7
1342.4
104.1
243.0

19.9
1449.3
105.1
250.0

26.1
1620.2
104.5
260.9

27.2
1666.2
104.4
262.2

28.2
1703.6
104.9
264.1

29.2
1739.8
105.7
267.9

30.1
1768.0
106.1
273.3

30.8
1809.7
105.7
274.7

31.1
1822.9
106.4
277.8

8
9
10
11

909.0
98.7

891.9
97.0

811.3
88.3

708.9
76.6

919.3
91.7

951.2
97.6

964.2
101.2

964.4
103.4

1053.9
114.4

1046.5
114.9

1074.3
119.0

12
13

36.9

55.6

40.1

46.8

74.7

109.1

110.0

122.4

126.6

144.2

162.9

14

2882.8

2942.8

3034.8

3140.4

3539.4

3652.9

3707.0

3752.6

3869.7

3919.5

3980.9

15

16
17
18

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

3.2
748.9
1428.1

2.5
782.7
1465.9

3.1
842.2
1494.6

5.1
881.6
1583.8

8.0
972.7
1786.5

7.9
982.0
1840.3

8.6
991.0
1885.1

8.6
997.2
1916.8

11.1
1018.8
1987.0

10.7
1027.8
2022.9

11.2
1044.6
2069.5

16
17
18

19
20

Taxes payable
Miscellaneous liabilities

16.2
686.4

17.8
674.0

19.7
675.1

22.1
647.9

24.9
747.3

25.6
797.1

26.4
795.9

27.2
802.8

28.1
824.9

28.9
829.2

29.8
825.7

19
20

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20).

L.118 Private Pension Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

4571.2

4355.0

3916.3

3309.3

4027.4

4135.7

4175.6

4154.6

4472.9

4285.7

4398.9

1

2
3
4
5

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

6.9
118.8
75.1
32.5

9.4
136.4
76.7
30.0

9.9
143.5
80.5
31.6

10.2
148.0
82.8
32.5

10.4
150.4
84.4
33.1

10.4
150.7
84.5
33.1

10.7
151.3
84.6
33.2

10.7
151.8
84.9
33.3

10.5
152.4
85.1
33.4

10.5
153.1
85.5
33.6

10.6
154.2
85.8
33.7

2
3
4
5

6

Credit market instruments

7
8
9
10
11

Total financial assets

720.4

624.0

637.3

663.0

677.2

688.4

694.2

705.4

712.1

714.0

725.6

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

41.3
87.5
233.0

36.2
80.2
207.3

37.2
80.5
214.7

39.8
85.1
220.4

37.7
86.5
227.3

37.7
88.1
231.8

37.7
89.2
233.6

37.8
91.0
237.2

38.9
91.4
240.5

39.1
91.5
241.1

40.0
92.7
245.3

7
8
9

Corporate and foreign bonds
Mortgages

347.5
11.0

289.9
10.3

294.6
10.4

307.3
10.4

315.5
10.3

320.7
10.2

323.6
10.2

329.1
10.2

331.3
10.0

332.3
10.0

337.7
9.9

10
11

2081.2
897.6

1915.0
946.2

1562.1
862.1

1096.7
752.0

1491.9
993.7

1547.5
1029.2

1562.5
1050.2

1532.0
1050.9

1691.2
1173.7

1578.1
1119.1

1623.2
1160.6

12
13

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

638.9
396.4
107.3
135.3

617.3
368.6
121.3
127.4

589.4
339.7
121.9
127.8

523.9
270.7
122.0
131.2

586.3
333.7
120.6
132.0

591.9
340.7
120.5
130.7

588.9
339.2
119.8
129.8

585.7
334.1
120.2
131.3

614.4
369.3
118.2
126.9

591.9
349.0
116.9
126.0

605.2
361.4
116.3
127.5

14
15
16
17

18

Pension fund reserves (liabilities) (3)

4628.9

4402.6

3964.0

3357.0

4074.5

4182.9

4222.6

4201.5

4519.0

4331.3

4444.1

18

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

76

Z.1, September 21, 2005

L.119 State and Local Government Employee Retirement Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

2325.8

2293.1

2206.6

1930.5

2323.7

2372.8

2377.8

2347.1

2537.2

2506.6

2556.8

1

9.2
1.7
11.8
40.4

9.9
1.6
13.2
39.8

11.4
1.8
15.4
34.0

12.9
1.7
15.5
27.1

14.3
0.9
14.0
24.5

14.3
0.9
14.0
24.5

13.8
0.8
13.5
23.5

12.5
0.8
12.2
21.3

12.3
0.8
12.0
20.9

12.3
0.8
12.0
21.0

12.5
0.8
12.3
23.9

2
3
4
5

707.0

743.2

689.4

638.7

605.3

610.6

604.9

588.7

586.6

586.4

595.6

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

40.4
198.8
129.0

47.3
179.1
178.9

51.3
155.1
180.7

48.0
158.9
192.6

43.4
162.8
197.6

43.4
164.9
200.2

41.7
163.3
198.2

37.8
159.0
193.0

37.2
158.7
192.5

37.2
158.6
192.5

40.5
159.3
193.8

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

3.0
310.0
25.7

1.7
314.2
22.1

1.7
279.7
21.0

0.9
217.3
21.1

0.8
178.1
22.5

1.2
178.7
22.2

1.1
178.6
22.0

1.4
173.2
24.4

1.4
172.4
24.4

1.4
172.3
24.4

1.4
175.8
24.9

10
11
12

1407.7
140.9

1298.7
178.3

1260.4
184.3

1056.8
167.4

1447.6
206.4

1486.3
211.4

1497.9
212.5

1489.8
211.2

1667.0
227.1

1640.7
222.9

1673.5
227.4

13
14

7.1

8.2

10.0

10.4

10.8

10.9

10.9

10.7

10.6

10.6

10.8

15

2361.3

2335.0

2253.5

1980.0

2373.6

2422.5

2427.1

2395.8

2585.3

2553.8

2603.0

16

13
14

Corporate equities
Mutual fund shares

15

Miscellaneous assets

16

2000

Pension fund reserves (liabilities) (1)

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

L.120 Federal Government Retirement Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7
8

Total financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets (2)
Pension fund reserves (liabilities) (3)

774.0

796.7

859.7

894.0

959.0

950.4

962.3

979.7

1024.0

1014.7

1015.6

1

33.1

35.1

44.8

57.8

64.1

64.3

66.0

68.8

68.8

70.9

73.7

2

31.4
0.9
0.7

33.4
1.0
0.7

40.6
2.6
1.6

49.9
5.0
2.9

54.7
6.1
3.4

55.2
5.9
3.3

57.3
5.6
3.1

59.8
5.8
3.2

60.0
5.6
3.1

62.2
5.6
3.1

64.9
5.6
3.1

3
4
5

56.9
684.0

56.6
704.9

49.1
765.8

45.9
790.3

79.9
815.0

84.9
801.2

87.0
809.2

86.6
824.3

99.3
855.9

99.5
844.3

101.8
840.1

6
7

774.0

796.7

859.7

894.0

959.0

950.4

962.3

979.7

1024.0

1014.7

1015.6

8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(3) Liabilities of the sector are assets of the household sector.

77

Z.1, September 21, 2005

L.121 Money Market Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12
13

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Miscellaneous assets
Total shares outstanding (liabilities)

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1579.6

1812.1

2240.6

2223.9

2016.4

1968.9

1914.8

1866.4

1879.8

1841.0

1832.4

1

41.1
-3.3
155.4
140.5

87.2
1.5
154.8
182.8

115.0
5.4
244.0
226.2

108.1
-1.4
220.2
273.4

71.5
-2.1
166.8
252.6

68.1
-11.0
168.4
270.5

84.2
0.7
170.0
256.4

75.7
0.9
164.8
255.6

78.5
0.6
167.2
234.0

79.4
-5.8
176.4
251.2

93.4
-11.0
156.5
293.7

2
3
4
5

1155.3

1317.5

1584.9

1567.1

1471.3

1416.9

1352.0

1321.6

1346.3

1294.3

1252.7

6

525.3
103.8
191.1
210.4
124.8

620.4
91.6
182.9
242.5
180.2

623.7
137.5
324.4
276.7
222.5

585.2
142.2
333.1
278.5
228.1

459.9
132.1
328.6
292.1
258.7

434.6
126.0
304.1
299.5
252.7

407.4
102.8
282.7
297.7
261.4

393.6
100.6
275.5
298.5
253.3

405.8
98.2
267.5
313.8
261.0

408.3
102.5
212.7
321.1
249.7

420.6
88.3
168.3
323.6
251.9

7
8
9
10
11

90.6

68.3

65.1

56.5

56.2

56.0

51.5

47.8

53.3

45.5

47.1

12

1579.6

1812.1

2240.6

2223.9

2016.4

1968.9

1914.8

1866.4

1879.8

1841.0

1832.4

13

4983.2

5436.0

5471.6

5605.5

1

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

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

Total financial assets

2

Security RPs

3

Credit market instruments

4
5
6
7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets
Total shares outstanding (liabilities)

4538.5

4435.3

4135.5

3638.4

4653.2

4912.0

4966.2

80.8

106.5

74.8

81.5

94.0

90.1

90.6

105.1

112.6

123.2

120.0

2

1076.8

1097.7

1223.8

1368.0

1505.7

1558.9

1558.9

1586.7

1622.8

1670.0

1696.5

3

80.8
117.3
271.1
239.4
368.2

106.5
123.6
275.2
230.5
361.9

74.8
115.1
360.5
253.4
420.1

63.0
134.7
422.0
277.3
470.9

75.8
144.1
447.3
290.2
548.3

71.9
149.0
462.4
300.5
575.0

72.5
149.4
463.7
290.0
583.4

86.7
147.7
458.4
292.6
601.3

94.2
149.0
462.5
294.3
622.8

104.6
151.9
471.6
301.1
640.8

101.5
152.5
473.5
304.8
664.2

4
5
6
7
8

3376.7
4.2

3227.3
3.8

2836.1
0.8

2188.0
0.9

3051.6
1.9

3257.6
5.4

3312.5
4.2

3286.2
5.1

3693.5
7.0

3670.1
8.3

3780.7
8.3

9
10

4538.5

4435.3

4135.5

3638.4

4653.2

4912.0

4966.2

4983.2

5436.0

5471.6

5605.5

11

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

L.123 Closed-End and Exchange-Traded Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Closed-end funds
1
2
3
4
5
6
7

Total financial assets
Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Total shares outstanding (liabilities)

152.1

141.9

139.5

150.8

205.6

222.2

231.8

235.5

246.0

253.8

261.5

1

110.8
7.6
69.7
33.5

105.3
6.7
67.7
30.9

108.5
6.7
74.7
27.1

117.1
3.9
86.0
27.1

153.3
5.3
89.3
58.7

155.8
6.7
88.8
60.3

161.2
7.2
90.2
63.7

161.3
7.5
89.7
64.1

164.5
7.7
89.1
67.6

166.0
7.8
89.4
68.8

166.5
8.3
90.1
68.1

2
3
4
5

41.3

36.6

31.1

33.7

52.3

66.5

70.6

74.2

81.5

87.8

95.1

6

152.1

141.9

139.5

150.8

205.6

222.2

231.8

235.5

246.0

253.8

261.5

7

33.9

65.6

83.0

102.0

150.8

161.3

178.4

181.1

225.9

228.6

242.3

8

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

3.7
2.0
1.8

4.5
2.1
2.4

5.7
3.0
2.8

6.6
3.7
2.9

7.2
4.1
3.1

8.2
4.9
3.3

11.2
7.2
3.9

12.0
7.7
4.3

9
10
11

33.9

65.6

83.0

98.2

146.3

155.6

171.8

173.9

217.7

217.4

230.2

12

33.9

65.6

83.0

102.0

150.8

161.3

178.4

181.1

225.9

228.6

242.3

13

Exchange-traded funds
8

Total financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

12

Corporate equities

13

Total shares outstanding (liabilities)

78

Z.1, September 21, 2005

L.124 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8

Open market paper
Treasury securities
Agency- and GSE-backed securities

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1723.2

1965.0

2309.4

2549.4

2785.9

2797.6

2845.4

2863.7

2870.4

2821.5

2801.4

1

12.1
10.0
89.7

4.4
22.2
80.6

6.7
30.3
104.4

14.8
25.3
95.3

26.8
16.7
75.3

27.0
21.7
84.8

25.0
27.9
81.3

16.4
22.3
85.4

36.9
25.7
91.1

21.2
23.9
88.2

10.5
28.9
90.7

2
3
4

1538.8

1794.4

2099.1

2323.2

2559.7

2555.7

2603.8

2631.3

2605.9

2581.4

2571.2

5

23.9
30.9
655.6

31.1
13.3
810.9

33.8
13.6
1017.8

10.4
25.7
1149.5

8.0
13.5
1238.3

8.3
13.0
1188.1

7.9
13.7
1164.8

6.8
13.0
1156.3

6.0
12.9
1108.0

6.6
13.0
1061.7

7.5
12.6
1004.8

6
7
8

22.7
97.5

29.2
131.1

35.4
155.7

39.4
189.3

44.4
225.8

47.9
253.7

49.6
294.9

52.8
331.1

44.6
336.6

46.0
351.8

45.6
365.8

9
10

9
10

Municipal securities
Corporate and foreign bonds

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

432.3
0.8
35.8
395.7

477.6
0.8
38.9
437.9

505.9
0.8
41.8
463.3

514.7
0.4
43.8
470.5

545.8
0.3
43.8
501.7

561.2
0.3
44.3
516.6

601.5
0.2
43.2
558.1

597.4
0.1
43.1
554.3

619.4
0.0
43.6
575.8

623.2
0.0
44.6
578.6

657.8
0.0
45.9
611.9

11
12
13
14

15
16
17
18
19

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

242.0
189.3
20.5
32.2
33.8

264.3
205.1
25.0
34.2
37.0

297.5
225.6
33.2
38.7
39.4

357.3
271.1
41.7
44.5
36.9

463.3
363.3
52.6
47.4
20.6

467.4
364.6
54.7
48.0
16.0

469.2
361.8
58.4
49.0
2.2

474.0
362.3
62.0
49.7
0.0

478.4
362.9
65.0
50.6
0.0

479.0
362.7
65.2
51.1
0.0

477.1
360.0
64.7
52.4
0.0

15
16
17
18
19

72.5

63.4

68.9

90.9

107.4

108.4

107.4

108.4

110.7

106.8

100.0

20

1684.3

1920.5

2272.0

2519.6

2736.7

2754.4

2785.5

2792.0

2800.2

2744.6

2725.2

21

1594.2
1594.2
0.0

1826.4
1826.4
0.0

2130.6
2130.6
0.0

2350.4
2350.4
0.0

2594.1
2594.1
0.0

2594.3
2594.3
0.0

2647.3
2647.3
0.0

2670.5
2670.5
0.0

2659.2
2659.2
0.0

2606.8
2606.8
0.0

2585.7
2585.7
0.0

22
23
24

90.1

94.0

141.5

169.2

142.6

160.1

138.3

121.5

141.0

137.8

139.5

25

20
21

Miscellaneous assets
Total liabilities

22
23
24

Credit market instruments
GSE issues (3)
U.S. government loans

25

Miscellaneous liabilities

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing
Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.
(2) Sallie Mae student loans.
(3) Such issues are classified as agency- and GSE-backed securities.

L.125 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

2293.5

2493.2

2831.8

3158.6

3489.1

3510.2

3523.5

3543.6

3542.2

3547.5

3568.2

1

2
3
4
5

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

2234.7
57.5
0.0
1.3

2425.6
66.0
0.0
1.6

2748.5
81.6
0.0
1.7

3063.7
94.5
0.0
0.4

3366.9
121.2
0.0
1.0

3391.2
118.0
0.0
1.0

3400.0
122.5
0.0
1.0

3419.1
123.6
0.0
1.0

3416.5
124.7
0.0
0.9

3421.2
125.4
0.0
0.9

3441.1
126.2
0.0
0.9

2
3
4
5

6

Total pool securities (liabilities)(2)

2293.5

2493.2

2831.8

3158.6

3489.1

3510.2

3523.5

3543.6

3542.2

3547.5

3568.2

6

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

79

Z.1, September 21, 2005

L.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1344.8

1517.4

1760.7

1955.7

2181.2

2217.4

2296.3

2390.3

2490.8

2605.2

2733.7

1

2
3

Agency- and GSE-backed securities (1)
Other loans and advances

154.1
82.6

163.8
89.8

182.8
108.3

253.5
105.0

322.6
103.9

295.6
101.6

302.9
101.6

241.6
106.3

211.9
105.3

187.6
107.2

172.2
100.3

2
3

4
5
6
7

Mortgages (2)
Home
Multifamily residential
Commercial

592.5
393.6
42.4
156.4

659.1
425.1
47.8
186.2

773.4
494.7
53.8
225.0

870.6
560.5
59.2
250.8

1060.6
698.9
67.3
294.5

1141.4
770.3
69.1
302.0

1222.4
833.9
70.7
317.8

1380.8
979.7
72.0
329.1

1499.7
1076.4
75.2
348.2

1623.8
1179.8
77.4
366.6

1756.6
1289.3
81.6
385.7

4
5
6
7

8
9

Consumer credit
Trade receivables

448.4
67.2

521.3
83.3

599.7
96.5

637.1
89.6

611.0
83.2

598.6
80.2

593.3
76.1

587.2
74.4

590.5
83.4

600.7
85.9

613.8
90.9

8
9

1354.5

1524.0

1767.5

1961.5

2186.8

2222.7

2301.5

2395.3

2495.6

2609.8

2738.2

10

520.8
833.7

645.8
878.2

765.8
1001.6

752.8
1208.6

717.3
1469.5

710.1
1512.6

698.3
1603.1

695.1
1700.1

744.4
1751.2

759.8
1850.0

804.2
1934.0

11
12

9.7
11.8

6.6
10.3

6.8
7.0

5.7
14.9

5.5
30.9

5.3
37.9

5.1
44.4

5.0
53.5

4.8
61.7

4.6
62.2

4.5
62.5

13
14

10
11
12

13
14

Total financial assets

2000

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

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

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

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

Other loans and advances
Mortgages
Consumer credit
Miscellaneous assets
Total liabilities
Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

13

Taxes payable

14
15
16
17

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

18

Memo:
Consumer leases not included above (2)

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

1003.5

1140.1

1158.9

1192.6

1384.8

1402.1

1387.6

1408.0

1457.2

1422.8

1431.2

1

25.3

27.9

30.8

33.8

37.1

37.9

38.8

39.7

40.6

41.5

42.4

2

742.6

851.2

846.4

867.6

951.8

989.2

1009.9

1033.5

1083.0

1090.7

1099.6

3

395.1
145.8
201.6

458.4
172.3
220.5

447.0
161.3
238.1

455.3
174.5
237.8

457.5
198.9
295.4

475.6
206.2
307.4

471.3
213.9
324.7

456.3
224.5
352.7

471.9
243.0
368.2

480.3
247.1
363.3

489.2
252.3
358.1

4
5
6

235.7

261.0

281.8

291.3

395.9

375.0

338.9

334.9

333.6

290.7

289.2

7

995.3

1161.4

1182.7

1246.9

1469.5

1506.6

1504.1

1538.2

1600.3

1582.0

1594.6

8

696.1

778.0

779.2

821.4

939.6

959.0

963.1

995.1

1057.8

1071.3

1075.9

9

230.4
430.3
35.4

238.8
503.2
35.9

158.6
569.9
50.8

141.5
631.9
48.0

136.3
747.1
56.2

138.6
760.6
59.8

141.4
769.1
52.6

154.3
776.7
64.1

163.9
828.6
65.2

149.2
859.0
63.1

137.0
878.8
60.1

10
11
12

8.1

9.1

10.2

11.6

13.2

13.6

14.1

14.5

15.0

15.5

16.0

13

291.1
48.6
87.8
154.6

374.3
63.2
102.5
208.5

393.2
68.6
99.2
225.4

413.9
57.8
88.2
267.9

516.7
71.3
99.9
345.5

534.0
72.8
104.9
356.2

526.9
76.3
108.1
342.5

528.5
79.1
112.7
336.7

527.4
69.9
118.3
339.3

495.2
71.5
115.2
308.6

502.6
72.7
117.2
312.7

14
15
16
17

102.9

108.2

103.5

83.3

70.0

66.6

65.0

62.9

62.5

63.7

67.3

18

80

Z.1, September 21, 2005

L.128 Mortgage Companies (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1
2
3
4
5
6
7

Total financial assets
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Total liabilities
Bank loans n.e.c.
Investment by parent

Q2

2005
Q3

Q4

Q1

Q2

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

2
3
4

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

5

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

6
7

109.3

143.0

168.9

172.8

212.5

245.8

259.1

292.8

1

(1) No data are available after 1997:Q4.

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

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

66.7

74.9

83.9

4.5

5.5

5.2

5.7

5.4

6.0

7.3

10.6

12.5

13.3

14.6

2

41.9

37.5

46.2

71.7

95.2

118.8

125.8

156.7

176.2

181.9

194.3

3

4
5

Agency- and GSE-backed securities
Corporate and foreign bonds

14.6
5.7

15.1
5.0

22.1
7.4

31.8
10.3

28.3
17.5

39.4
22.8

38.5
26.0

37.4
30.3

42.4
33.1

42.3
35.8

42.6
40.9

4
5

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

21.6
11.8
2.3
7.5

17.5
7.4
2.1
7.9

16.8
7.7
1.7
7.4

29.6
20.0
1.5
8.1

49.5
37.8
1.7
10.0

56.5
43.1
1.6
11.8

61.4
51.4
1.8
8.2

88.9
78.4
1.6
9.0

100.7
91.1
1.2
8.5

103.8
94.0
1.2
8.6

110.8
100.6
1.1
9.2

6
7
8
9

20.3

31.9

32.4

31.9

42.4

44.1

39.8

45.2

57.2

63.9

83.9

10

214.4

218.4

230.9

273.1

312.5

341.9

357.8

403.6

453.5

471.4

507.9

11

10

Miscellaneous assets

11

Total liabilities

12

Security RPs

13

Credit market instruments

14
15
16
17
18

19
20
21
22
23

Open market paper
Corporate bonds
Bank loans n.e.c.
Mortgages
Miscellaneous liabilities
Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

14.9

12.4

21.6

36.7

42.6

52.6

59.9

63.5

67.3

71.0

82.1

12

163.5

168.0

171.2

195.7

227.7

244.4

255.3

295.8

335.3

350.6

371.6

13

0.0
63.1
21.8
78.5

0.0
67.0
17.6
83.4

0.0
71.4
14.3
85.6

0.0
87.6
14.4
93.8

0.0
110.9
14.7
102.1

0.0
121.1
14.7
108.7

0.0
126.6
16.0
112.7

0.0
161.3
16.6
117.8

0.0
191.4
16.1
127.7

0.0
196.8
19.7
134.0

0.0
212.1
20.1
139.4

14
15
16
17

36.1

38.0

38.0

40.6

42.3

44.9

42.6

44.3

51.0

49.9

54.1

18

11.8
3.7
6.1
0.4
1.7

10.3
3.5
5.6
0.1
1.1

7.0
0.3
5.7
0.1
0.8

14.9
0.3
13.1
0.1
1.4

30.9
0.1
29.3
0.1
1.3

37.9
0.0
34.9
0.1
2.9

44.4
0.1
41.3
0.1
3.0

53.5
0.0
50.5
0.1
2.9

61.7
0.0
58.8
0.1
2.8

62.2
0.0
59.4
0.1
2.8

62.5
0.0
59.9
0.0
2.6

19
20
21
22
23

81

Z.1, September 21, 2005

L.130 Security Brokers and Dealers
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets
Total liabilities

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1001.0

1221.4

1465.6

1335.4

1613.0

1703.3

1652.8

1772.4

1844.9

1950.0

2048.5

1

28.7

30.3

47.1

44.2

47.2

53.0

53.4

53.1

62.9

60.8

57.4

2

154.7

223.6

316.0

344.4

424.1

405.0

325.5

453.5

394.9

440.0

466.2

3

26.0
-42.6
66.0
11.9
93.4

39.2
-3.3
63.7
11.3
112.7

48.2
9.8
77.8
19.0
161.3

43.5
-3.9
91.8
21.0
192.0

49.4
37.8
83.7
24.9
228.3

49.5
11.9
93.8
25.0
224.8

50.0
-82.1
86.3
30.2
241.1

49.9
-12.8
131.9
33.6
250.9

48.0
-44.6
107.3
32.0
252.2

50.4
-26.9
108.2
36.3
272.0

59.6
-57.3
135.9
32.4
295.6

4
5
6
7
8

66.9
227.9
522.8

77.2
235.1
655.1

85.1
196.4
821.0

74.9
148.2
723.7

100.5
182.5
858.8

113.5
200.8
931.1

117.8
216.5
939.5

110.3
209.9
945.7

129.1
264.0
994.0

134.6
266.1
1048.5

127.6
263.4
1133.8

9
10
11

935.8

1151.4

1440.8

1315.2

1583.6

1671.7

1620.9

1738.4

1812.6

1916.6

2016.5

12

13
14

Security RPs (net)
Corporate bonds

245.2
25.3

302.2
40.9

353.2
42.3

344.2
40.6

477.9
47.0

470.4
60.0

375.7
60.6

476.1
68.9

527.1
62.2

621.4
65.0

681.1
63.7

13
14

15
16
17
18
19

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

30.9
448.7
323.9
124.8
2.2

35.9
587.6
412.4
175.2
2.1

39.2
629.5
454.3
175.2
1.9

37.4
590.6
412.7
177.9
1.3

28.2
688.8
475.4
213.5
1.8

34.6
752.1
512.9
239.2
1.9

32.1
770.7
533.9
236.8
2.0

34.2
775.6
524.3
251.3
2.3

36.0
773.9
578.3
195.6
2.2

35.0
785.5
569.4
216.1
2.6

35.0
795.1
577.3
217.8
1.3

15
16
17
18
19

20
21
22
23

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

183.6
13.9
483.7
-314.1

182.7
20.1
532.7
-370.1

374.6
72.2
598.6
-296.1

301.0
77.9
621.6
-398.5

340.0
81.0
678.6
-419.6

352.8
80.6
680.5
-408.4

379.8
80.8
723.8
-424.8

381.2
82.1
727.4
-428.3

411.1
84.4
723.1
-396.4

407.1
84.6
734.4
-411.9

440.4
84.9
829.2
-473.7

20
21
22
23

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

Total financial assets

1085.8

1199.6

1223.7

1189.5

1246.6

1257.8

1252.6

1273.2

1293.0

1352.3

1489.8

1

2

Money market fund shares

297.9

325.2

439.9

447.6

401.0

370.1

359.4

383.6

364.9

373.8

372.0

2

3

Credit market instruments

296.5

318.9

223.8

138.7

225.2

264.0

255.3

258.7

291.1

322.3

361.6

3

262.8
33.8

293.9
24.9

153.0
70.8

82.3
56.4

113.9
111.3

160.0
104.0

162.0
93.3

160.2
98.5

194.3
96.8

213.4
108.9

265.3
96.3

4
5

491.3
93.0
398.3

555.6
138.7
416.9

560.0
107.9
452.1

603.3
132.6
470.7

620.4
130.8
489.6

623.8
157.9
465.8

638.0
137.4
500.6

630.9
141.3
489.7

637.0
161.3
475.8

656.2
171.2
485.0

756.2
182.7
573.5

6
7
8

1085.8

1199.6

1223.7

1189.5

1246.6

1257.8

1252.6

1273.2

1293.0

1352.3

1489.8

9

504.2

503.9

449.3

448.8

447.4

456.1

440.8

421.3

428.5

436.5

505.4

10

268.6
235.5

266.4
237.5

189.6
259.7

158.7
290.1

141.9
305.5

145.3
310.8

132.3
308.4

116.4
304.9

110.8
317.7

115.0
321.5

176.0
329.5

11
12

581.6
-12.8
419.5
174.9

695.8
51.7
508.2
135.9

774.5
110.7
578.3
85.4

740.7
154.5
575.4
10.8

799.2
173.0
678.0
-51.7

801.7
167.7
740.2
-106.1

811.9
197.2
736.0
-121.3

851.9
209.7
741.4
-99.1

864.5
208.5
764.8
-108.8

915.8
219.8
822.4
-126.4

984.3
250.7
896.9
-163.3

13
14
15
16

4
5
6
7
8
9
10
11
12
13
14
15
16

Open market paper
Corporate and foreign bonds
Miscellaneous assets (2)
Investment in foreign banking offices
Investment in brokers and dealers
Total liabilities
Credit market instruments
Open market paper
Corporate bonds
Miscellaneous liabilities
Foreign direct investment in U.S.
Securities loaned (net)
Other

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

82

Z.1, September 21, 2005

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1
2
3
4
5
6
7
8
9
10
11

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

Q2

2005
Q3

Q4

Q1

Q2

71.5

67.6

68.7

79.0

85.9

85.2

82.7

82.6

86.8

78.9

76.6

1

21.4

21.6

21.8

23.2

23.7

23.7

23.7

23.8

24.6

22.6

22.3

2

10.3
11.0

10.5
11.0

10.8
11.0

12.2
11.0

12.6
11.0

12.7
11.0

12.7
11.0

12.8
11.0

13.6
11.0

11.6
11.0

11.2
11.0

3
4

50.1

46.1

46.8

55.8

62.3

61.5

58.9

58.7

62.2

56.3

54.3

5

Official foreign currency holdings
Treasury
Monetary authority

32.2
16.0
16.1

31.2
15.6
15.7

29.0
14.4
14.6

33.8
16.9
16.9

39.7
19.9
19.9

39.8
19.9
19.9

38.9
19.4
19.4

39.3
19.6
19.7

42.7
21.4
21.4

41.1
20.5
20.5

39.0
19.5
19.5

6
7
8

Net IMF position
Federal government
Monetary authority

18.0
18.0
-0.1

14.8
14.9
-0.1

17.9
17.9
-0.1

22.0
22.1
-0.1

22.5
22.6
-0.1

21.6
21.7
-0.1

20.1
20.2
-0.1

19.4
19.5
-0.1

19.5
19.6
-0.1

15.3
15.4
-0.1

15.3
15.4
-0.1

9
10
11

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

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

Liab: Federal government
Asset: Monetary authority

6.2
6.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

20.9
28.0

23.2
31.6

24.5
33.0

25.5
34.6

26.0
35.5

26.2
35.8

26.5
36.0

26.7
36.3

26.7
36.4

26.9
36.5

27.2
36.6

3
4

5

Discrepancy (seigniorage)

-7.1

-8.5

-8.6

-9.1

-9.5

-9.6

-9.5

-9.6

-9.7

-9.6

-9.4

5

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

2
3
4
5

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

676.5

803.3

810.1

831.1

853.4

891.5

895.6

915.5

964.7

1057.5

1070.0

1

43.5
31.5
41.1

63.5
24.0
87.2

58.5
15.5
115.0

74.2
19.9
108.1

65.2
38.2
71.5

84.9
36.9
68.1

85.0
38.0
84.2

85.2
35.0
75.7

101.4
44.5
78.5

103.3
49.7
79.4

122.6
42.7
93.4

2
3
4

560.4

628.6

621.1

629.0

678.6

701.7

688.4

719.6

740.2

825.1

811.3

5

83

Z.1, September 21, 2005

L.203 Net Interbank Transactions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Total liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries, net

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

205.5

221.3

191.4

206.0

203.5

117.8

135.8

102.6

126.6

186.0

171.0

1

90.6
24.0
66.6

63.4
19.0
44.4

64.8
17.5
47.3

70.4
22.5
47.8

71.0
23.1
47.9

65.9
25.0
41.0

73.0
29.6
43.4

66.7
24.7
42.0

65.6
24.0
41.5

67.1
25.0
42.1

68.5
23.1
45.4

2
3
4

114.9
-0.0

157.8
1.0

126.6
0.0

135.7
0.5

132.5
-0.3

51.9
-0.5

62.8
0.5

35.9
2.1

61.0
1.0

118.9
-1.4

102.5
-0.7

5
6

140.3

161.1

115.5

119.7

120.2

35.9

34.9

13.4

32.7

85.2

79.9

7

8
9
10
11

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

149.8
133.5
226.7
93.2

171.6
179.3
302.0
122.7

127.3
167.0
324.8
157.8

141.1
213.1
323.9
110.8

138.7
302.9
447.7
144.7

55.8
278.9
437.0
158.1

57.5
314.4
463.7
149.3

33.1
301.9
445.9
144.1

56.8
334.9
466.8
131.9

108.8
383.5
450.2
66.7

91.3
357.5
483.1
125.6

8
9
10
11

12
13
14

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

41.7
147.9
106.2

-14.8
133.6
148.4

-50.2
163.3
213.5

-83.0
176.2
259.3

-130.5
195.8
326.3

-188.6
200.6
389.2

-226.1
197.6
423.8

-236.4
202.1
438.5

-250.4
258.7
509.1

-257.6
256.4
514.0

-244.5
278.7
523.2

12
13
14

15
16
17

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

-25.4
8.3
33.8

7.1
39.3
32.2

10.4
51.4
41.0

11.1
53.4
42.4

-33.8
13.2
47.0

-34.5
13.9
48.4

-30.8
14.7
45.4

-32.4
14.2
46.7

-27.7
21.0
48.7

-17.0
38.1
55.1

-21.8
39.1
60.9

15
16
17

9.5
9.4
0.2

10.5
9.8
0.7

11.8
11.1
0.7

21.4
21.3
0.1

18.5
18.3
0.1

19.9
19.7
0.2

22.5
22.3
0.2

19.7
19.3
0.4

24.1
23.6
0.5

23.6
20.5
3.1

11.3
10.8
0.5

18
19
20

-25.3

-4.3

11.1

15.5

12.6

16.5

27.4

20.4

27.3

35.1

23.3

21

-64.1
47.6
72.2
0.6
-25.3

-33.0
59.4
63.1
0.6
-4.3

-17.7
59.7
47.9
0.7
11.1

0.3
76.0
58.8
1.7
15.5

-64.6
74.2
60.0
1.6
12.6

-73.2
85.2
67.0
1.7
16.5

-70.5
99.4
70.3
1.7
27.4

-69.6
96.7
74.2
2.2
20.4

-36.5
116.1
86.9
1.8
27.3

-32.5
115.2
78.2
1.9
35.1

-19.1
110.1
84.7
2.0
23.3

22
23
24
25
26

78.9
32.8

86.0
6.4

89.5
-12.1

90.3
-14.7

97.9
41.0

116.8
41.6

131.0
38.9

120.1
46.3

123.2
29.4

137.3
10.4

118.0
11.3

27
28

18
19
20
21
22
23
24
25
26

27
28

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

29
30
31

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

6.7
78.9
72.2

22.9
86.0
63.1

41.6
89.5
47.9

31.5
90.3
58.8

37.8
97.9
60.0

49.8
116.8
67.0

60.7
131.0
70.3

45.9
120.1
74.2

36.3
123.2
86.9

59.0
137.3
78.2

33.2
118.0
84.7

29
30
31

32
33
34

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

32.1
32.8
0.6

5.8
6.4
0.6

-12.8
-12.1
0.7

-16.4
-14.7
1.7

39.4
41.0
1.6

39.9
41.6
1.7

37.2
38.9
1.7

44.1
46.3
2.2

27.5
29.4
1.8

8.5
10.4
1.9

9.2
11.3
2.0

32
33
34

230.8

225.5

180.3

190.5

190.9

101.3

108.4

82.1

99.2

151.0

147.7

35

140.3

161.1

115.5

119.7

120.2

35.9

34.9

13.4

32.7

85.2

79.9

36

90.6

64.4

64.8

70.8

70.7

65.4

73.5

68.8

66.5

65.8

67.7

37

35

Total assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

-0.0
-0.2
0.2

1.0
0.9
0.1

0.0
-0.0
0.0

0.5
0.4
0.0

-0.3
-0.3
0.1

-0.5
-0.6
0.1

0.5
0.2
0.3

2.1
1.8
0.2

1.0
0.9
0.0

-1.4
-1.4
0.1

-0.7
-1.0
0.2

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

89.0
22.5
66.6

61.8
17.4
44.4

62.6
15.2
47.3

67.5
19.7
47.8

67.6
19.7
47.9

62.7
21.7
41.0

69.7
26.3
43.4

63.2
21.2
42.0

62.3
20.8
41.5

64.2
22.1
42.1

65.5
20.1
45.4

41
42
43

44
45

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

1.6

1.6

2.3

2.8

3.4

3.2

3.4

3.5

3.3

2.9

3.0

44

-25.3

-4.3

11.1

15.5

12.6

16.5

27.4

20.4

27.3

35.1

23.3

45

84

Z.1, September 21, 2005

L.204 Checkable Deposits and Currency
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1484.5

1413.1

1603.2

1646.7

1780.6

1791.8

1847.9

1857.4

1929.9

1922.4

1954.1

1

2
3
4
5

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

590.4
28.5
0.1
561.8

555.2
5.6
0.3
549.3

603.1
7.1
0.1
596.0

644.6
4.8
0.1
639.7

682.5
6.0
0.2
676.3

681.5
6.3
0.1
675.2

696.4
6.3
0.3
689.8

702.8
6.3
0.2
696.4

719.7
6.2
0.1
713.3

718.2
5.5
0.2
712.5

724.1
4.6
0.2
719.4

2
3
4
5

6
7
8
9

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

626.4
49.6
28.6
548.2

540.9
16.4
30.7
493.8

628.8
47.5
25.8
555.6

571.5
31.1
25.2
515.3

602.4
30.2
37.4
534.8

597.0
17.5
41.4
538.1

621.6
40.6
53.5
527.5

610.0
32.3
52.4
525.3

647.0
26.9
64.3
555.7

623.5
20.2
49.4
553.8

633.2
30.6
85.1
517.5

6
7
8
9

Savings institutions
Credit unions

222.3
45.4

265.8
51.3

316.5
54.7

370.9
59.7

428.3
67.4

443.0
70.3

459.5
70.4

473.1
71.5

488.4
74.9

502.5
78.2

519.5
77.3

10
11

10
11
12

Total liabilities

2000

1484.5

1413.1

1603.2

1646.7

1780.6

1791.8

1847.9

1857.4

1929.9

1922.4

1954.1

12

13

Total assets
Household sector

362.4

229.9

331.6

359.7

286.2

279.2

232.8

226.9

258.1

300.2

281.1

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

567.8
331.0
217.6
19.2

674.9
381.4
274.1
19.4

626.5
331.9
274.5
20.0

615.1
314.5
280.1
20.6

744.2
435.3
287.7
21.2

771.6
460.8
289.4
21.5

819.7
507.7
290.3
21.8

860.2
546.9
291.4
22.0

851.4
537.8
291.3
22.3

841.9
528.2
291.2
22.4

854.8
539.8
292.3
22.6

14
15
16
17

18
19

State and local governments
Federal government

32.2
87.9

32.3
24.3

36.3
66.9

41.5
47.5

47.9
54.1

46.7
22.7

42.6
46.8

42.0
35.4

45.6
21.9

53.6
20.8

53.7
33.5

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

279.4
28.7
250.7

286.9
30.9
256.0

305.7
25.9
279.8

326.6
25.3
301.3

355.5
37.6
317.9

357.7
41.6
316.1

378.7
53.8
324.9

380.0
52.6
327.4

397.2
64.5
332.7

383.4
49.6
333.8

423.5
85.2
338.3

20
21
22

23

Financial sectors

142.3

145.0

227.0

247.1

289.7

295.5

305.8

294.9

320.8

296.7

280.1

23

2.2
20.6
26.4

1.7
19.0
26.7

2.8
21.0
36.8

2.5
24.8
38.4

2.5
24.8
41.5

3.2
26.8
50.4

2.7
31.1
39.8

3.1
22.6
38.9

3.5
21.9
40.2

3.6
24.3
43.7

3.8
26.0
37.5

24
25
26

4.3
5.5
6.9
9.2

3.7
5.0
9.4
9.9

13.1
36.8
9.9
11.4

25.9
35.3
10.2
12.9

34.6
47.3
10.4
14.3

31.1
46.3
10.4
14.3

31.1
51.5
10.7
13.8

34.5
52.2
10.7
12.5

25.9
53.3
10.5
12.3

24.0
47.2
10.5
12.3

23.3
52.5
10.6
12.5

27
28
29
30

-3.3
12.1
25.3
4.5
28.7

1.5
4.4
27.9
5.5
30.3

5.4
6.7
30.8
5.2
47.1

-1.4
14.8
33.8
5.7
44.2

-2.1
26.8
37.1
5.4
47.2

-11.0
27.0
37.9
6.0
53.0

0.7
25.0
38.8
7.3
53.4

0.9
16.4
39.7
10.6
53.1

0.6
36.9
40.6
12.5
62.9

-5.8
21.2
41.5
13.3
60.8

-11.0
10.5
42.4
14.6
57.4

31
32
33
34
35

12.5

19.7

9.2

9.2

2.9

18.5

21.5

17.9

34.8

25.8

27.4

36

24
25
26

Commercial banking
Savings institutions
Credit unions

27
28
29
30

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

31
32
33
34
35

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

36

Mail float

85

Z.1, September 21, 2005

L.205 Time and Savings Deposits
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1
2

Total liabilities
Small time and savings deposits

Q2

2005
Q3

Q4

Q1

Q2

3608.0

3912.9

4248.8

4569.7

4861.1

5053.7

5173.2

5268.1

5383.0

5518.1

5608.7

1

2671.6

2860.4

3127.6

3398.5

3627.9

3721.5

3793.9

3831.0

3877.3

3941.5

3970.4

2

2017.1
1997.4
7.5
12.2

2228.7
2208.0
7.2
13.6

2478.1
2448.3
11.6
18.1

2747.6
2722.0
9.4
16.2

2977.9
2950.2
10.3
17.5

3079.1
3050.4
11.2
17.5

3148.7
3119.9
10.8
18.0

3205.4
3176.8
9.8
18.8

3259.7
3231.2
9.5
19.0

3338.1
3306.8
10.8
20.5

3366.4
3334.2
10.3
21.9

3
4
5
6

3
4
5
6

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

7
8

Savings institutions
Credit unions

354.7
299.8

318.9
312.7

288.2
361.3

256.5
394.4

226.0
424.0

218.5
423.8

205.6
439.6

196.5
429.0

177.9
439.7

164.8
438.7

153.6
450.4

7
8

9

Large time deposits (1)

936.4

1052.6

1121.1

1171.3

1233.2

1332.2

1379.3

1437.2

1505.6

1576.6

1638.3

9

10
11
12
13

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

792.6
465.7
314.8
12.2

885.4
553.6
318.2
13.6

918.1
528.4
371.5
18.1

915.3
552.7
346.4
16.2

934.1
555.7
361.0
17.5

992.3
575.2
399.6
17.5

1032.1
596.0
418.1
18.0

1071.2
630.2
422.1
18.8

1120.4
671.1
430.3
19.0

1178.2
708.2
449.5
20.5

1221.9
738.8
461.1
21.9

10
11
12
13

14
15

Savings institutions
Credit unions

122.2
21.6

142.1
25.1

168.9
34.1

213.1
42.8

245.5
53.6

285.2
54.7

290.7
56.5

307.6
58.4

325.2
60.0

336.8
61.6

353.3
63.1

14
15

16

Total assets

3608.0

3912.9

4248.8

4569.7

4861.1

5053.7

5173.2

5268.1

5383.0

5518.1

5608.7

16

2811.3

3073.3

3267.2

3546.5

3915.0

4091.6

4169.1

4261.8

4328.3

4488.1

4511.3

17

Nonfinancial business
Corporate
Nonfarm noncorporate

254.4
136.9
117.5

274.9
137.3
137.6

275.8
131.1
144.7

282.5
126.3
156.2

291.4
127.8
163.6

294.3
129.1
165.2

288.0
120.2
167.8

302.2
132.0
170.2

308.0
135.5
172.5

320.6
145.6
175.0

316.5
139.2
177.3

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

107.2
5.4
125.9

117.8
6.3
108.7

129.8
10.5
120.6

138.7
27.6
152.3

147.2
2.4
141.2

149.5
1.9
144.1

149.7
2.1
182.3

151.7
2.2
180.1

154.6
2.4
214.0

156.4
2.4
168.2

169.6
1.7
241.6

21
22
23

24

Financial sectors

303.8

331.9

444.8

422.2

363.9

372.1

382.0

370.0

375.7

382.5

368.0

24

1.3
16.6

1.4
15.5

2.2
23.0

2.6
24.5

2.6
26.4

3.0
27.5

3.2
28.7

3.2
27.1

3.2
26.3

2.9
25.4

2.8
24.8

25
26

118.8
1.7
155.4
10.0

136.4
1.6
154.8
22.2

143.5
1.8
244.0
30.3

148.0
1.7
220.2
25.3

150.4
0.9
166.8
16.7

150.7
0.9
168.4
21.7

151.3
0.8
170.0
27.9

151.8
0.8
164.8
22.3

152.4
0.8
167.2
25.7

153.1
0.8
176.4
23.9

154.2
0.8
156.5
28.9

27
28
29
30

17

Household sector

18
19
20

25
26

Savings institutions
Credit unions

27
28
29
30

Private pension funds
State and local govt. retirement funds
Money market mutual funds
Government-sponsored enterprises

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

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

Total assets

1579.6

1812.1

2240.6

2223.9

2016.4

1968.9

1914.8

1866.4

1879.8

1841.0

1832.4

1

2
3
4
5

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

816.1
154.9
40.7
51.4

959.8
191.4
49.4
54.2

1113.2
301.9
59.0
57.4

1070.0
328.0
61.3
59.0

959.8
290.0
53.1
62.6

953.6
289.8
49.2
63.6

912.4
292.7
49.0
63.7

856.5
286.4
48.3
64.5

903.5
278.0
49.9
65.7

868.9
268.4
52.2
66.5

868.6
266.9
56.0
66.4

2
3
4
5

6
7
8
9

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

131.8
75.1
11.8
297.9

142.3
76.7
13.2
325.2

173.3
80.5
15.4
439.9

159.8
82.8
15.5
447.6

151.4
84.4
14.0
401.0

144.2
84.5
14.0
370.1

139.6
84.6
13.5
359.4

130.0
84.9
12.2
383.6

120.7
85.1
12.0
364.9

113.6
85.5
12.0
373.8

104.5
85.8
12.3
372.0

6
7
8
9

86

Z.1, September 21, 2005

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1

2005
Q3

Q4

Q1

Q2

1082.8

1197.3

1233.7

1340.3

1567.5

1618.4

1569.2

1673.5

1650.3

1786.7

1916.0

1

2
3
4
5

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

750.0
667.0
82.5
0.5

816.1
682.4
134.8
-1.1

786.5
663.9
123.9
-1.2

902.0
737.4
163.4
1.2

969.5
806.0
161.5
2.1

1021.3
851.2
168.8
1.2

1062.5
879.6
181.5
1.4

1059.5
871.1
187.2
1.2

973.7
816.1
156.8
0.8

1023.7
876.7
146.5
0.4

1080.9
916.4
162.3
2.1

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

72.7
14.9
245.2

66.7
12.4
302.2

72.4
21.6
353.2

57.4
36.7
344.2

77.5
42.6
477.9

74.1
52.6
470.4

71.2
59.9
375.7

74.4
63.5
476.1

82.2
67.3
527.1

70.6
71.0
621.4

71.9
82.1
681.1

6
7
8

812.2

779.4

868.4

934.9

1188.0

1277.6

1278.6

1349.4

1396.2

1382.6

1447.9

9

9

Total liabilities

Q2

Total assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

5.8
153.7
79.9

4.2
143.6
91.3

4.0
132.5
150.7

6.2
116.1
190.1

6.0
123.2
460.2

5.2
125.2
529.1

4.8
125.3
551.1

5.7
127.0
600.7

6.5
129.4
647.1

6.2
130.9
605.4

6.5
130.7
625.3

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

572.7
140.6
10.6
9.3

540.3
43.4
14.9
4.0

581.2
50.3
27.4
2.5

622.5
39.5
27.1
1.7

598.6
43.8
21.0
1.6

618.2
27.5
31.2
4.3

597.4
33.5
26.3
2.6

616.0
29.3
24.3
3.9

613.2
33.0
20.9
4.1

640.0
31.0
20.7
5.5

685.4
34.5
21.2
2.9

13
14
15
16

17
18
19
20
21
22

Property-casualty insurance companies
Private pension funds
State and local govt. retirement funds
Money market mutual funds
Mutual funds
Government-sponsored enterprises

28.3
32.5
40.4
140.5
80.8
89.7

38.3
30.0
39.8
182.8
106.5
80.6

30.2
31.6
34.0
226.2
74.8
104.4

44.4
32.5
27.1
273.4
81.5
95.3

52.8
33.1
24.5
252.6
94.0
75.3

52.2
33.1
24.5
270.5
90.1
84.8

50.0
33.2
23.5
256.4
90.6
81.3

57.9
33.3
21.3
255.6
105.1
85.4

63.1
33.4
20.9
234.0
112.6
91.1

65.7
33.6
21.0
251.2
123.2
88.2

64.9
33.7
23.9
293.7
120.0
90.7

17
18
19
20
21
22

270.6

417.9

365.3

405.5

379.5

340.8

290.6

324.1

254.1

404.1

468.1

23

23

Discrepancy--unallocated assets

L.208 Open Market Paper
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6

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

1402.4

1614.0

1466.2

1374.7

1293.1

1340.4

1314.2

1320.5

1406.7

1436.1

1535.9

1

1393.8

1606.1

1461.4

1370.1

1288.7

1336.5

1309.7

1316.4

1402.6

1432.0

1531.8

2

230.3
89.2
26.7
62.5

278.4
120.9
37.6
83.3

190.1
106.7
14.3
92.4

126.0
142.8
19.1
123.7

85.9
165.1
15.4
149.6

95.5
190.0
15.0
174.9

102.5
183.4
15.1
168.3

109.3
189.2
13.1
176.0

101.7
228.7
13.2
215.6

115.6
232.6
14.2
218.4

114.6
242.1
12.1
230.0

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

1074.3
54.5
520.8
230.4
0.0
268.6

1206.7
55.7
645.8
238.8
0.0
266.4

1164.6
50.6
765.8
158.6
0.0
189.6

1101.3
48.3
752.8
141.5
0.0
158.7

1037.7
42.3
717.3
136.3
0.0
141.9

1051.1
57.1
710.1
138.6
0.0
145.3

1023.8
51.7
698.3
141.4
0.0
132.3

1018.0
52.1
695.1
154.3
0.0
116.4

1072.2
53.1
744.4
163.9
0.0
110.8

1083.8
59.8
759.8
149.2
0.0
115.0

1175.0
57.9
804.2
137.0
0.0
176.0

7
8
9
10
11
12

13

Bankers acceptances (1)

8.6

7.9

4.8

4.6

4.4

3.9

4.4

4.0

4.1

4.1

4.1

13

1402.4

1614.0

1466.2

1374.7

1293.1

1340.4

1314.2

1320.5

1406.7

1436.1

1535.9

14

84.9
47.6
104.8
85.8

97.3
57.8
120.2
90.1

97.3
60.2
137.6
87.5

110.4
64.8
152.0
97.8

105.9
75.7
161.4
104.7

115.8
76.0
163.9
117.5

117.9
76.0
164.1
120.7

121.5
80.6
166.2
123.0

136.1
91.5
169.4
135.3

137.4
83.7
171.4
129.3

151.7
84.9
174.8
141.3

15
16
17
18

0.0
1.4
0.0
1.9

0.0
1.5
0.0
1.2

0.0
0.0
0.0
2.4

0.0
0.0
0.0
3.6

0.0
0.0
0.0
1.6

0.0
0.0
0.0
2.3

0.0
0.0
0.0
1.8

0.0
0.0
0.0
1.6

0.0
0.0
0.0
1.9

0.0
0.0
0.0
2.0

0.0
0.0
0.0
1.4

19
20
21
22

75.8
41.3
40.4

71.2
36.2
47.3

59.3
37.2
51.3

74.0
39.8
48.0

55.9
37.7
43.4

59.4
37.7
43.4

54.7
37.7
41.7

54.9
37.8
37.8

48.2
38.9
37.2

52.6
39.1
37.2

46.8
40.0
40.5

23
24
25

525.3
80.8
23.9
26.0
262.8

620.4
106.5
31.1
39.2
293.9

623.7
74.8
33.8
48.2
153.0

585.2
63.0
10.4
43.5
82.3

459.9
75.8
8.0
49.4
113.9

434.6
71.9
8.3
49.5
160.0

407.4
72.5
7.9
50.0
162.0

393.6
86.7
6.8
49.9
160.2

405.8
94.2
6.0
48.0
194.3

408.3
104.6
6.6
50.4
213.4

420.6
101.5
7.5
59.6
265.3

26
27
28
29
30

14

Holdings, by sector

15
16
17
18

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

19
20
21
22

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions

23
24
25

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

26
27
28
29
30

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

(1) Excludes banks’ holdings of own acceptances.

87

Z.1, September 21, 2005

L.209 Treasury Securities
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

3652.7

3357.8

3352.7

3609.8

4008.2

4143.8

4185.4

4268.7

4370.7

4535.6

4493.1

1

186.4
3466.2

184.8
3173.0

190.3
3162.4

194.9
3414.9

203.8
3804.4

204.4
3939.4

204.6
3980.8

204.1
4064.6

204.4
4166.3

204.2
4331.4

204.2
4289.0

2
3

3652.7

3357.8

3352.7

3609.8

4008.2

4143.8

4185.4

4268.7

4370.7

4535.6

4493.1

4

Household sector
Savings bonds
Other Treasury issues

847.9
186.4
661.4

619.2
184.8
434.5

470.7
190.3
280.4

304.0
194.9
109.1

437.6
203.8
233.8

421.4
204.4
217.0

434.2
204.6
229.6

406.9
204.1
202.7

472.8
204.4
268.4

480.6
204.2
276.4

424.7
204.2
220.6

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

19.4
37.2
305.1

18.1
40.2
310.9

16.9
42.8
329.3

31.4
42.8
355.6

32.8
44.3
363.9

32.4
44.9
373.7

31.6
45.4
379.7

29.5
45.9
379.4

31.5
46.3
386.1

30.0
46.7
407.1

30.7
47.0
430.6

8
9
10

11
12

Rest of the world
Monetary authority

1058.4
478.0

1021.4
511.7

1095.2
551.7

1285.5
629.4

1533.6
666.7

1673.5
674.1

1796.8
687.4

1848.5
700.3

1900.2
717.8

1989.5
717.3

2023.8
724.7

11
12

13
14
15
16
17

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

228.9
122.8
94.5
8.8
2.8

184.5
87.9
94.0
0.8
1.8

162.7
56.5
103.8
1.2
1.2

205.8
86.4
116.7
1.3
1.5

132.9
93.5
34.2
2.7
2.5

144.2
102.6
36.6
2.1
2.8

140.9
100.9
33.8
2.4
3.7

122.1
82.9
34.5
1.6
3.2

110.1
74.2
30.0
2.0
3.8

126.0
88.1
32.3
1.6
4.0

109.8
76.3
27.6
2.4
3.5

13
14
15
16
17

18
19

Savings institutions
Credit unions

10.1
9.6

8.7
8.2

11.4
7.4

9.2
7.8

12.2
8.9

12.2
8.5

10.8
9.9

8.9
10.0

9.0
9.0

8.3
8.5

9.8
8.4

18
19

20
21
22
23
24

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

60.6
62.8
87.5
198.8
31.4

52.1
58.1
80.2
179.1
33.4

52.0
53.7
80.5
155.1
40.6

61.2
78.5
85.1
158.9
49.9

64.7
71.8
86.5
162.8
54.7

67.2
73.9
88.1
164.9
55.2

68.6
75.5
89.2
163.3
57.3

70.2
77.2
91.0
159.0
59.8

71.3
78.5
91.4
158.7
60.0

73.5
79.9
91.5
158.6
62.2

74.8
79.9
92.7
159.3
64.9

20
21
22
23
24

25
26
27
28
29
30

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

103.8
117.3
7.6
0.0
30.9
-42.6

91.6
123.6
6.7
0.0
13.3
-3.3

137.5
115.1
6.7
0.0
13.6
9.8

142.2
134.7
3.9
2.0
25.7
-3.9

132.1
144.1
5.3
2.1
13.5
37.8

126.0
149.0
6.7
3.0
13.0
11.9

102.8
149.4
7.2
3.7
13.7
-82.1

100.6
147.7
7.5
4.1
13.0
-12.8

98.2
149.0
7.7
4.9
12.9
-44.6

102.5
151.9
7.8
7.2
13.0
-26.9

88.3
152.5
8.3
7.7
12.6
-57.3

25
26
27
28
29
30

3681.0

3385.1

3379.5

3637.0

4033.1

4168.9

4209.6

4292.9

4395.0

4559.7

4516.8

31

2
3
4
5
6
7

Total liabilities

2000

Savings bonds
Other Treasury issues
Total assets

Memo:
31

Federal government debt (1)

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

88

Z.1, September 21, 2005

L.210 Agency- and GSE-backed Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2
3
4
5

Total liabilities
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

3916.0

4347.0

4989.1

5536.3

6108.1

6129.6

6195.0

6238.3

6225.6

6178.3

6177.6

1

28.3
1594.2
2293.5

27.3
1826.4
2493.2

26.8
2130.6
2831.8

27.3
2350.4
3158.6

24.9
2594.1
3489.1

25.1
2594.3
3510.2

24.2
2647.3
3523.5

24.2
2670.5
3543.6

24.3
2659.2
3542.2

24.1
2606.8
3547.5

23.7
2585.7
3568.2

2
3
4

3916.0

4347.0

4989.1

5536.3

6108.1

6129.6

6195.0

6238.3

6225.6

6178.3

6177.6

5

Household sector
Nonfinancial corporate business
State and local governments

480.8
12.4
199.2

507.5
15.4
241.1

397.9
17.5
288.3

205.9
16.9
330.2

429.5
12.1
350.6

360.1
12.0
356.1

434.0
11.7
356.5

568.5
10.9
361.2

539.6
11.6
368.1

539.5
11.1
372.5

594.6
11.4
371.8

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
300.2
0.2

0.0
441.4
0.1

0.0
534.7
0.0

0.0
648.0
0.0

0.0
658.1
0.0

0.0
667.3
0.0

0.0
692.3
0.0

0.0
704.6
0.0

0.0
761.6
0.0

0.0
787.3
0.0

0.0
829.3
0.0

9
10
11

12
13
14
15
16

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

699.6
608.3
72.4
5.4
13.5

721.8
626.5
72.7
4.8
17.8

777.4
700.2
50.7
6.2
20.3

917.9
821.3
61.6
10.7
24.2

999.5
906.4
52.5
11.6
28.9

1094.5
1001.0
51.1
12.5
29.9

1111.0
1012.4
54.2
12.9
31.5

1056.6
958.2
50.7
14.3
33.3

1096.4
996.1
53.1
13.5
33.6

1120.7
1022.2
50.8
13.6
34.2

1104.9
998.6
57.8
12.8
35.8

12
13
14
15
16

17
18

Savings institutions
Credit unions

147.1
61.3

140.4
60.9

161.4
80.6

176.2
97.3

198.7
115.5

228.5
120.3

221.3
121.6

213.2
115.0

223.8
117.0

222.2
121.2

219.2
119.0

17
18

19
20
21
22
23

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

75.5
224.4
233.0
129.0
0.9

84.1
235.4
207.3
178.9
1.0

94.2
253.5
214.7
180.7
2.6

113.2
330.9
220.4
192.6
5.0

115.4
348.9
227.3
197.6
6.1

116.4
352.9
231.8
200.2
5.9

115.3
355.1
233.6
198.2
5.6

114.3
356.9
237.2
193.0
5.8

112.1
357.1
240.5
192.5
5.6

115.7
364.9
241.1
192.5
5.6

117.7
367.8
245.3
193.8
5.6

19
20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

191.1
271.1
655.6

182.9
275.2
810.9

324.4
360.5
1017.8

333.1
422.0
1149.5

328.6
447.3
1238.3

304.1
462.4
1188.1

282.7
463.7
1164.8

275.5
458.4
1156.3

267.5
462.5
1108.0

212.7
471.6
1061.7

168.3
473.5
1004.8

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

154.1
14.6
66.0

163.8
15.1
63.7

182.8
22.1
77.8

253.5
31.8
91.8

322.6
28.3
83.7

295.6
39.4
93.8

302.9
38.5
86.3

241.6
37.4
131.9

211.9
42.4
107.3

187.6
42.3
108.2

172.2
42.6
135.9

27
28
29

6
7
8

Total assets

2000

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total debt of the federal government, which is shown in table L.209, line 31.

89

Z.1, September 21, 2005

L.211 Municipal Securities and Loans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1

Total liabilities

2
3
4

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

5
6

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

7

Total assets

Q2

2005
Q3

Q4

Q1

Q2

1457.2

1480.9

1603.7

1763.1

1898.2

1940.4

1974.0

1993.6

2028.0

2082.6

2130.6

1

1167.1
43.7
1123.4

1183.6
45.1
1138.5

1289.2
69.0
1220.2

1432.6
94.2
1338.4

1550.1
101.3
1448.8

1588.9
105.5
1483.4

1617.2
87.7
1529.5

1635.0
93.8
1541.2

1665.0
95.4
1569.7

1715.0
97.1
1617.9

1756.0
86.2
1669.8

2
3
4

137.3
152.8

143.0
154.2

156.9
157.7

169.8
160.8

183.9
164.2

186.7
164.8

190.8
166.0

191.3
167.3

193.6
169.4

197.3
170.3

202.4
172.2

5
6

1457.2

1480.9

1603.7

1763.1

1898.2

1940.4

1974.0

1993.6

2028.0

2082.6

2130.6

7

8
9
10
11

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

536.0
25.0
2.7
3.5

539.3
31.9
2.4
3.7

588.9
29.3
3.5
4.0

690.3
32.1
3.4
4.1

724.5
35.2
3.6
4.4

731.3
32.8
3.6
4.4

751.2
36.2
3.7
4.4

747.5
35.3
3.7
4.5

758.8
39.9
3.8
4.6

776.8
42.0
3.8
4.6

814.5
41.4
3.9
4.6

8
9
10
11

12
13
14
15
16

Commercial banking
Savings institutions
Property-casualty insurance companies
Life insurance companies
State and local govt. retirement funds

110.8
3.0
199.0
20.1
3.0

114.1
3.2
184.1
19.1
1.7

120.2
4.5
173.8
18.7
1.7

121.7
5.5
183.0
19.9
0.9

132.5
6.3
224.2
26.1
0.8

133.9
6.5
237.6
27.2
1.2

137.2
6.5
247.7
28.2
1.1

139.2
6.8
258.7
29.2
1.4

140.8
7.1
267.8
30.1
1.4

145.6
7.3
276.3
30.8
1.4

148.1
8.1
281.0
31.1
1.4

12
13
14
15
16

17
18
19
20
21

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

210.4
239.4
69.7
22.7
11.9

242.5
230.5
67.7
29.2
11.3

276.7
253.4
74.7
35.4
19.0

278.5
277.3
86.0
39.4
21.0

292.1
290.2
89.3
44.4
24.9

299.5
300.5
88.8
47.9
25.0

297.7
290.0
90.2
49.6
30.2

298.5
292.6
89.7
52.8
33.6

313.8
294.3
89.1
44.6
32.0

321.1
301.1
89.4
46.0
36.3

323.6
304.8
90.1
45.6
32.4

17
18
19
20
21

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

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

4363.9

4722.5

5304.2

5803.9

6473.8

6597.1

6704.2

6899.2

7102.8

7271.0

7426.9

1

2
3

Nonfinancial corporate business
Rest of the world (1)

2067.7
464.8

2230.3
486.0

2578.0
467.5

2710.3
499.1

2868.6
541.0

2897.1
539.9

2898.8
529.9

2911.7
551.6

2946.3
560.2

2954.9
559.0

2961.9
574.2

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

1831.3
240.6
2.7

2006.2
273.2
6.3

2258.7
310.2
3.6

2594.5
332.2
3.4

3064.3
379.1
5.1

3160.1
389.0
6.0

3275.5
402.6
5.0

3435.9
418.0
6.0

3596.3
437.4
7.6

3757.1
457.3
7.5

3890.7
465.0
7.7

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

833.7
430.3
63.1
25.3
235.5

878.2
503.2
67.0
40.9
237.5

1001.6
569.9
71.4
42.3
259.7

1208.6
631.9
87.6
40.6
290.1

1469.5
747.1
110.9
47.0
305.5

1512.6
760.6
121.1
60.0
310.8

1603.1
769.1
126.6
60.6
308.4

1700.1
776.7
161.3
68.9
304.9

1751.2
828.6
191.4
62.2
317.7

1850.0
859.0
196.8
65.0
321.5

1934.0
878.8
212.1
63.7
329.5

7
8
9
10
11

4363.9

4722.5

5304.2

5803.9

6473.8

6597.1

6704.2

6899.2

7102.8

7271.0

7426.9

12

445.9
74.4
752.1

480.8
84.3
920.6

466.3
95.5
1115.9

641.1
104.6
1267.0

525.1
111.1
1497.0

483.8
112.8
1541.8

437.4
113.0
1592.0

400.6
114.5
1677.6

420.6
116.6
1751.3

344.6
118.0
1812.4

288.6
117.8
1898.9

13
14
15

210.1
111.9
181.1
1173.2
347.5
310.0
0.7

266.1
109.4
187.5
1222.2
289.9
314.2
0.7

363.1
83.9
196.4
1342.4
294.6
279.7
1.6

359.9
79.9
198.9
1449.3
307.3
217.3
2.9

482.5
71.1
218.9
1620.2
315.5
178.1
3.4

500.4
65.0
228.2
1666.2
320.7
178.7
3.3

492.3
59.9
234.1
1703.6
323.6
178.6
3.1

529.5
58.3
240.7
1739.8
329.1
173.2
3.2

559.7
60.9
245.3
1768.0
331.3
172.4
3.1

628.6
65.2
253.1
1809.7
332.3
172.3
3.1

670.4
67.0
257.4
1822.9
337.7
175.8
3.1

16
17
18
19
20
21
22

124.8
368.2
33.5
0.0
97.5
5.7
93.4
33.8

180.2
361.9
30.9
0.0
131.1
5.0
112.7
24.9

222.5
420.1
27.1
0.0
155.7
7.4
161.3
70.8

228.1
470.9
27.1
1.8
189.3
10.3
192.0
56.4

258.7
548.3
58.7
2.4
225.8
17.5
228.3
111.3

252.7
575.0
60.3
2.8
253.7
22.8
224.8
104.0

261.4
583.4
63.7
2.9
294.9
26.0
241.1
93.3

253.3
601.3
64.1
3.1
331.1
30.3
250.9
98.5

261.0
622.8
67.6
3.3
336.6
33.1
252.2
96.8

249.7
640.8
68.8
3.9
351.8
35.8
272.0
108.9

251.9
664.2
68.1
4.3
365.8
40.9
295.6
96.3

23
24
25
26
27
28
29
30

12

Total liabilities

Total assets

13
14
15

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

16
17
18
19
20
21
22

Commercial banking
Savings institutions
Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

23
24
25
26
27
28
29
30

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

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

90

Z.1, September 21, 2005

L.213 Corporate Equities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

Issues at market value

2

Nonfinancial corporate business

3
4

Rest of the world (2)
Financial corporations

5

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

19522.8

17627.0

15310.6

11900.5

15618.5

15953.0

16108.6

15771.0

17378.0

16993.0

17157.4

1

15159.5

12685.0

10804.8

7839.3

10043.6

10112.4

10300.6

9907.3

10848.1

10645.3

10646.5

2

2003.7
2359.6

1852.8
3089.1

1612.7
2893.2

1374.7
2686.5

2079.4
3495.5

2170.0
3670.5

2189.0
3619.0

2192.9
3670.8

2520.1
4009.8

2546.9
3800.8

2523.5
3987.4

3
4

19522.8

17627.0

15310.6

11900.5

15618.5

15953.0

16108.6

15771.0

17378.0

16993.0

17157.4

5

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

9596.0
98.7
1611.5

8090.7
93.8
1643.2

6720.9
88.4
1572.7

4997.2
79.6
1335.8

6189.4
84.5
1826.9

6106.4
85.9
1865.2

6136.2
85.9
1867.2

5884.3
87.1
1846.6

6334.9
88.7
2070.7

6118.2
89.8
2067.9

6020.7
89.6
2094.9

6
7
8

9
10
11
12
13
14
15

Commercial banking
Savings institutions
Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

11.3
23.8
207.9
909.0
2081.2
1407.7
56.9

11.9
24.2
194.3
891.9
1915.0
1298.7
56.6

8.9
27.9
173.9
811.3
1562.1
1260.4
49.1

3.5
29.1
152.3
708.9
1096.7
1056.8
45.9

15.1
30.4
182.7
919.3
1491.9
1447.6
79.9

16.0
28.2
188.3
951.2
1547.5
1486.3
84.9

15.7
27.9
191.2
964.2
1562.5
1497.9
87.0

15.4
28.9
191.3
964.4
1532.0
1489.8
86.6

20.3
28.2
201.8
1053.9
1691.2
1667.0
99.3

19.4
27.1
196.0
1046.5
1578.1
1640.7
99.5

20.9
26.1
198.8
1074.3
1623.2
1673.5
101.8

9
10
11
12
13
14
15

16
17
18
19

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

3376.7
41.3
33.9
66.9

3227.3
36.6
65.6
77.2

2836.1
31.1
83.0
85.1

2188.0
33.7
98.2
74.9

3051.6
52.3
146.3
100.5

3257.6
66.5
155.6
113.5

3312.5
70.6
171.8
117.8

3286.2
74.2
173.9
110.3

3693.5
81.5
217.7
129.1

3670.1
87.8
217.4
134.6

3780.7
95.1
230.2
127.6

16
17
18
19

17158.0

15388.6

13316.1

10163.3

13042.1

13243.1

13352.4

13012.9

14207.6

13790.9

13961.3

20

6
7
8

Holdings at market value

2000

Memo:
20

Market value of domestic corporations (4)

(1) Excludes mutual fund shares shown on table L.214.
(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Holdings of U.S. issues by foreign residents.
(4) Sum of lines 2 and 4 less the sum of lines 9, 11, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Shares at market value

4538.5

4435.3

4135.5

3638.4

4653.2

4912.0

4966.2

4983.2

5436.0

5471.6

5605.5

1

2

Holdings at market value

4538.5

4435.3

4135.5

3638.4

4653.2

4912.0

4966.2

4983.2

5436.0

5471.6

5605.5

2

3225.9
127.0
33.5

3041.5
124.0
31.0

2834.5
113.0
28.3

2499.9
95.0
24.4

3189.4
125.0
25.9

3397.2
129.9
26.3

3424.1
131.8
26.3

3440.5
131.6
26.7

3729.4
143.0
27.2

3821.5
146.2
27.5

3903.3
149.5
27.4

3
4
5

12.4
2.5

15.0
2.2

21.3
3.7

19.6
3.5

17.1
4.1

16.2
4.2

16.2
3.9

15.4
3.5

18.0
3.1

16.6
2.8

15.6
2.6

6
7

98.7
897.6
140.9

97.0
946.2
178.3

88.3
862.1
184.3

76.6
752.0
167.4

91.7
993.7
206.4

97.6
1029.2
211.4

101.2
1050.2
212.5

103.4
1050.9
211.2

114.4
1173.7
227.1

114.9
1119.1
222.9

119.0
1160.6
227.4

8
9
10

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

6
7

Commercial banking
Credit unions

8
9
10

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

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

91

Z.1, September 21, 2005

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1

Total loans by commercial
banking, flow of funds basis

3515.5

3887.3

3957.8

4183.0

4422.6

4497.6

4621.3

4736.8

4827.6

4942.9

5098.8

1

2
3
4
5

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

1.4
1495.4
510.2
124.8

1.5
1660.1
554.0
175.2

0.0
1789.8
571.8
175.2

0.0
2058.3
606.4
177.9

0.0
2255.8
675.0
213.5

0.0
2329.3
663.7
239.2

0.0
2436.0
666.7
236.8

0.0
2517.4
682.8
251.3

0.0
2595.3
711.4
195.6

0.0
2689.1
690.5
216.1

0.0
2790.2
691.6
217.8

2
3
4
5

6

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

1383.8

1496.6

1421.0

1340.4

1278.3

1265.3

1281.8

1285.3

1325.3

1347.2

1399.1

6

1104.3
260.0
2.6
16.9

1202.4
274.6
1.6
18.0

1140.5
256.1
1.9
22.5

1081.9
237.5
2.9
18.2

1031.5
220.4
7.9
18.5

1020.7
217.6
8.1
19.0

1036.3
218.6
7.4
19.5

1046.1
211.9
7.8
19.6

1072.9
226.8
5.3
20.3

1085.0
237.6
4.1
20.5

1118.6
255.4
2.9
22.2

7
8
9
10

7
8
9
10

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

11

+ Loans from Federal Reserve banks

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

12

= Total bank loans n.e.c.

1383.8

1496.6

1421.0

1340.4

1278.3

1265.3

1281.8

1285.3

1325.3

1347.2

1399.1

12

13

Total liabilities

1383.8

1496.6

1421.0

1340.4

1278.3

1265.3

1281.8

1285.3

1325.3

1347.2

1399.1

13

1296.5

1405.6

1316.9

1234.8

1177.5

1160.6

1182.6

1172.8

1212.1

1232.6

1289.5

14

71.5
808.8
312.8
44.2

74.2
852.7
361.2
46.9

57.7
743.7
405.3
46.9

54.3
635.5
430.4
46.0

67.9
583.1
420.1
45.5

66.1
570.1
422.2
42.9

84.9
564.3
426.4
46.0

64.9
571.7
429.9
47.6

71.8
593.2
436.0
47.7

72.8
607.1
442.1
44.3

90.5
627.5
459.2
47.3

15
16
17
18

59.2
3.0
9.9
46.4

70.5
3.5
13.2
53.8

63.2
4.3
5.9
53.1

68.6
5.1
5.1
58.4

60.9
4.6
3.7
52.7

59.2
4.9
4.4
49.9

60.9
5.3
5.9
49.8

58.7
5.1
5.1
48.6

63.3
5.5
6.5
51.4

66.3
5.7
6.8
53.8

65.1
5.2
6.4
53.5

19
20
21
22

87.3

91.1

104.1

105.6

100.8

104.8

99.2

112.5

113.2

114.6

109.6

23

14.0
35.4
16.0
21.8

21.5
35.9
16.0
17.6

23.0
50.8
16.0
14.3

27.2
48.0
16.0
14.4

13.9
56.2
16.0
14.7

14.3
59.8
16.0
14.7

14.6
52.6
16.0
16.0

15.8
64.1
16.0
16.6

15.9
65.2
16.0
16.1

15.7
63.1
16.0
19.7

13.4
60.1
16.0
20.1

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Households
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

92

Z.1, September 21, 2005

L.216 Other Loans and Advances
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1

Total other loans and advances

1299.7

1420.5

1451.1

1475.9

1515.0

1527.0

1575.4

1575.0

1617.7

1641.7

1708.2

1

2
3
4
5
6
7
8
9

U.S. government loans
Liab.: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Rest of the world
Government-sponsored enterprises

131.3
17.2
8.0
43.9
4.9
9.7
47.6
0.0

127.7
16.6
7.6
42.8
5.0
8.7
47.0
0.0

121.8
15.0
7.4
39.6
5.0
8.9
45.9
0.0

118.2
14.2
7.0
38.9
4.7
9.4
44.0
0.0

116.7
13.5
7.8
39.6
4.5
9.7
41.8
0.0

116.1
13.3
8.0
40.1
4.4
9.7
40.7
0.0

115.9
13.1
8.1
40.4
4.4
9.7
40.3
0.0

115.2
12.8
8.2
40.8
4.3
9.8
39.4
0.0

114.6
12.6
8.3
41.1
4.2
9.9
38.6
0.0

112.1
12.4
8.4
39.6
4.1
9.9
37.7
0.0

110.4
12.2
8.6
38.5
4.0
10.0
37.1
0.0

2
3
4
5
6
7
8
9

10
11

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

119.5
119.5

117.3
117.3

115.7
115.7

125.8
125.8

125.0
125.0

113.6
113.6

119.4
119.4

121.7
121.7

131.2
131.2

148.2
148.2

172.0
172.0

10
11

12
13
14

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

8.2
4.4
3.9

7.5
4.3
3.1

4.6
4.1
0.5

4.6
4.4
0.2

4.4
4.2
0.2

3.9
3.7
0.1

4.4
4.2
0.3

4.0
3.7
0.3

4.0
3.8
0.3

4.0
3.8
0.3

4.1
3.9
0.2

12
13
14

15
16
17

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

30.6
15.3
15.3

39.3
19.7
19.7

42.9
21.5
21.5

46.2
23.1
23.1

56.3
28.1
28.1

49.6
24.8
24.8

55.4
27.7
27.7

67.3
33.6
33.6

64.1
32.1
32.1

59.9
30.0
30.0

66.8
33.4
33.4

15
16
17

18
19
20

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

100.0
0.9
99.0

102.8
0.9
101.9

105.0
0.9
104.1

106.1
0.9
105.1

105.5
1.0
104.5

105.4
1.0
104.4

105.9
1.0
104.9

106.7
1.0
105.7

107.1
1.1
106.1

106.8
1.1
105.7

107.5
1.1
106.4

18
19
20

21
22
23
24
25
26
27
28

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

432.3
0.7
17.9
17.9
145.6
243.7
3.4
3.2

477.6
0.4
19.5
19.4
172.4
260.0
3.4
2.5

505.9
0.4
19.5
22.3
196.6
259.1
4.9
3.1

514.7
0.4
20.1
23.7
226.8
231.7
6.9
5.1

545.8
0.3
19.8
24.0
235.3
249.3
9.1
8.0

561.2
0.3
21.3
22.9
253.3
247.0
8.4
7.9

601.5
0.2
19.4
23.8
251.4
288.4
9.6
8.6

597.4
0.1
18.0
25.1
249.3
286.5
9.9
8.6

619.4
0.0
18.1
25.5
244.1
309.3
11.4
11.1

623.2
0.0
19.8
24.9
255.1
301.1
11.8
10.7

657.8
0.0
19.3
26.6
265.0
323.1
12.5
11.2

21
22
23
24
25
26
27
28

29
30

Securitized loans held by ABS issuers
Liab.: Nonfinancial corporate business

82.6
82.6

89.8
89.8

108.3
108.3

105.0
105.0

103.9
103.9

101.6
101.6

101.6
101.6

106.3
106.3

105.3
105.3

107.2
107.2

100.3
100.3

29
30

31
32
33

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

395.1
355.6
39.5

458.4
412.6
45.8

447.0
402.3
44.7

455.3
409.7
45.5

457.5
411.7
45.7

475.6
428.1
47.6

471.3
424.2
47.1

456.3
410.7
45.6

471.9
424.7
47.2

480.3
432.3
48.0

489.2
440.3
48.9

31
32
33

93

Z.1, September 21, 2005

L.217 Total Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

6252.7

6807.7

7481.5

8316.8

9331.0

9593.5

9862.6

10230.7

10528.9

10782.6

11109.1

1

4714.3
375.7
1059.0
103.7

5122.3
405.6
1169.6
110.2

5631.8
447.8
1284.0
117.8

6317.4
486.7
1387.1
125.5

7120.2
557.2
1520.0
133.6

7335.2
565.1
1557.8
135.3

7551.8
582.1
1590.5
138.3

7855.7
594.1
1640.4
140.5

8079.9
608.5
1698.8
141.7

8277.6
617.0
1745.0
142.9

8528.4
630.4
1804.0
146.2

2
3
4
5

6252.7

6807.7

7481.5

8316.8

9331.0

9593.5

9862.6

10230.7

10528.9

10782.6

11109.1

6

Household sector

4558.9

4937.9

5421.2

6070.1

6822.7

7027.6

7233.2

7522.8

7733.7

7916.1

8143.6

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

1615.2
341.5
1170.1
103.7

1786.4
368.6
1307.6
110.2

1974.8
428.1
1428.8
117.8

2152.9
477.6
1549.8
125.5

2406.2
562.0
1710.6
133.6

2457.2
579.1
1742.8
135.3

2516.7
598.3
1780.1
138.3

2590.0
630.5
1819.0
140.5

2667.5
668.3
1857.4
141.7

2732.4
688.3
1901.1
142.9

2826.0
724.7
1955.1
146.2

8
9
10
11

12
13

Federal government
REITs

0.0
78.5

0.0
83.4

0.0
85.6

0.0
93.8

0.0
102.1

0.0
108.7

0.0
112.7

0.0
117.8

0.0
127.7

0.0
134.0

0.0
139.4

12
13

6252.7

6807.7

7481.5

8316.8

9331.0

9593.5

9862.6

10230.7

10528.9

10782.6

11109.1

14

7

14

Total liabilities

2000

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

106.5
41.2
23.3

119.1
43.5
20.6

127.0
46.6
23.3

137.6
49.6
23.1

149.0
52.1
24.7

152.0
52.7
24.8

155.2
53.4
25.0

158.3
54.0
25.1

161.3
54.6
25.0

164.3
55.3
24.8

167.8
55.9
24.5

15
16
17

18
19

State and local governments
Federal government

132.4
77.7

131.3
76.9

130.3
75.8

124.9
76.3

132.6
73.8

134.7
75.8

134.9
74.3

136.7
74.5

139.3
75.4

140.9
75.5

140.6
75.8

18
19

20
21
22

Commercial banking
Savings institutions (1)
Credit unions

1495.4
668.1
111.0

1660.1
723.0
124.9

1789.8
758.2
141.3

2058.3
781.4
159.4

2255.8
870.9
182.6

2329.3
927.5
186.0

2436.0
966.5
196.5

2517.4
1009.3
206.7

2595.3
1058.5
213.2

2689.1
1069.6
218.3

2790.2
1114.6
227.4

20
21
22

23
24
25
26

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

1.9
230.8
11.0
25.7

1.6
235.9
10.3
22.1

1.9
243.0
10.4
21.0

2.0
250.0
10.4
21.1

2.1
260.9
10.3
22.5

2.1
262.2
10.2
22.2

2.2
264.1
10.2
22.0

2.4
267.9
10.2
24.4

2.4
273.3
10.0
24.4

2.5
274.7
10.0
24.4

2.5
277.8
9.9
24.9

23
24
25
26

27
28
29

Government-sponsored enterprises (1)
Agency- and GSE-backed mortgage pools
ABS issuers

242.0
2293.5
592.5

264.3
2493.2
659.1

297.5
2831.8
773.4

357.3
3158.6
870.6

463.3
3489.1
1060.6

467.4
3510.2
1141.4

469.2
3523.5
1222.4

474.0
3543.6
1380.8

478.4
3542.2
1499.7

479.0
3547.5
1623.8

477.1
3568.2
1756.6

27
28
29

30
31
32

Finance companies
Mortgage companies
REITs

145.8
32.1
21.6

172.3
32.1
17.5

161.3
32.1
16.8

174.5
32.1
29.6

198.9
32.1
49.5

206.2
32.1
56.5

213.9
32.1
61.4

224.5
32.1
88.9

243.0
32.1
100.7

247.1
32.1
103.8

252.3
32.1
110.8

30
31
32

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

94

Z.1, September 21, 2005

L.218 Home Mortgages (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1
2
3
4
5

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

2005
Q3

Q4

Q1

Q2

4714.3

5122.3

5631.8

6317.4

7120.2

7335.2

7551.8

7855.7

8079.9

8277.6

8528.4

1

4450.7
11.5
252.1

4817.3
13.5
291.6

5281.8
15.6
334.4

5917.3
16.2
383.9

6658.3
18.0
444.0

6857.1
18.9
459.2

7059.0
19.8
473.0

7342.9
21.0
491.8

7551.7
22.1
506.1

7730.4
23.4
523.8

7961.5
25.2
541.7

2
3
4

4714.3

5122.3

5631.8

6317.4

7120.2

7335.2

7551.8

7855.7

8079.9

8277.6

8528.4

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

80.3
20.2
8.9

87.4
21.4
8.7

94.9
23.0
9.9

103.6
24.9
9.6

113.1
26.4
11.4

115.6
26.8
11.9

118.2
27.2
12.3

120.8
27.6
12.9

123.5
28.0
13.4

126.2
28.4
14.0

129.0
28.7
14.6

6
7
8

9
10

State and local governments
Federal government

67.5
18.4

67.0
17.7

66.4
17.1

63.7
16.2

67.7
15.3

68.7
15.2

68.8
15.0

69.7
14.9

71.0
14.8

71.9
14.7

71.7
14.7

9
10

11
12
13

Commercial banking
Savings institutions
Credit unions

879.6
548.2
111.0

965.6
594.2
124.9

1023.9
620.6
141.3

1222.2
631.4
159.4

1347.0
703.4
182.6

1394.6
753.7
186.0

1473.6
789.5
196.5

1522.2
830.4
206.7

1568.0
875.9
213.2

1633.2
884.9
218.3

1696.0
923.3
227.4

11
12
13

14
15
16

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

5.9
6.6
8.2

4.9
7.7
7.1

4.9
4.6
6.9

4.7
2.8
6.8

4.4
1.7
6.3

4.6
1.5
6.1

4.6
1.5
7.8

4.7
1.5
7.0

5.0
1.4
6.8

5.0
1.4
5.4

5.1
1.4
3.7

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

189.3
2234.7
393.6

205.1
2425.6
425.1

225.6
2748.5
494.7

271.1
3063.7
560.5

363.3
3366.9
698.9

364.6
3391.2
770.3

361.8
3400.0
833.9

362.3
3419.1
979.7

362.9
3416.5
1076.4

362.7
3421.2
1179.8

360.0
3441.1
1289.3

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

108.2
21.8
11.8

130.6
21.8
7.4

120.1
21.8
7.7

135.0
21.8
20.0

152.2
21.8
37.8

159.5
21.8
43.1

167.9
21.8
51.4

176.2
21.8
78.4

190.2
21.8
91.1

194.7
21.8
94.0

200.1
21.8
100.6

20
21
22

401.8
189.5
59.7
33.4
10.9
108.2

492.1
235.0
72.8
40.7
13.0
130.6

518.1
258.6
77.9
44.9
16.5
120.1

583.6
303.3
78.5
48.1
18.8
135.0

685.3
366.0
95.6
51.8
19.6
152.2

714.8
390.1
90.8
52.9
21.6
159.5

769.1
423.3
99.9
56.1
21.9
167.9

833.2
457.9
112.5
60.9
25.8
176.2

886.6
483.6
121.5
64.0
27.2
190.2

917.2
501.0
126.5
65.2
29.7
194.7

967.0
530.8
135.8
69.3
31.0
200.1

23
24
25
26
27
28

6
7
8

23
24
25
26
27
28

Total assets

Q2

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

(1) Mortgages on 1-4 family properties.
(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 28) include some first liens.
Excludes home equity loans held by mortgage companies and individuals.

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

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

6
7
8
9

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

375.7

405.6

447.8

486.7

557.2

565.1

582.1

594.1

608.5

617.0

630.4

1

24.7
336.6

25.9
362.2

27.3
401.5

28.8
437.2

30.4
505.5

30.9
511.0

31.4
527.4

31.9
537.4

32.4
550.8

32.9
557.8

33.4
572.1

2
3

0.0
14.4

0.0
17.4

0.0
19.0

0.0
20.7

0.0
21.3

0.0
23.2

0.0
23.3

0.0
24.7

0.0
25.4

0.0
26.2

0.0
24.9

4
5

375.7

405.6

447.8

486.7

557.2

565.1

582.1

594.1

608.5

617.0

630.4

6

1.4
0.9
8.0

1.4
0.8
7.8

1.4
0.9
9.0

1.4
0.9
8.8

1.5
1.0
8.5

1.5
1.0
8.2

1.5
1.0
7.9

1.5
1.0
7.5

1.5
1.0
6.9

1.5
1.0
6.3

1.5
1.0
5.6

7
8
9

10
11

State and local governments
Federal government

53.0
13.6

52.5
13.9

52.1
13.7

50.0
14.3

53.1
14.5

53.9
14.7

54.0
14.8

54.7
14.7

55.7
15.0

56.4
14.9

56.3
14.9

10
11

12
13

Commercial banking
Savings institutions

67.7
59.3

77.8
61.3

84.9
64.6

94.2
68.7

104.9
78.0

107.7
81.7

110.8
84.0

115.0
85.8

119.3
87.5

122.8
90.4

129.0
95.1

12
13

14
15
16

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

32.8
1.1
7.2

33.7
1.1
6.2

35.6
1.4
6.0

36.8
1.9
6.0

38.6
2.2
5.5

38.7
2.2
5.4

38.9
2.2
6.8

39.5
2.2
6.1

40.5
2.2
5.9

40.7
2.1
4.7

41.1
2.1
3.2

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

20.5
57.5
42.4

25.0
66.0
47.8

33.2
81.6
53.8

41.7
94.5
59.2

52.6
121.2
67.3

54.7
118.0
69.1

58.4
122.5
70.7

62.0
123.6
72.0

65.0
124.7
75.2

65.2
125.4
77.4

64.7
126.2
81.6

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

2.8
5.2
2.3

2.9
5.2
2.1

2.7
5.2
1.7

1.7
5.2
1.5

1.7
5.2
1.7

1.7
5.2
1.6

1.8
5.2
1.8

1.8
5.2
1.6

1.8
5.2
1.2

1.8
5.2
1.2

1.8
5.2
1.1

20
21
22

95

Z.1, September 21, 2005

L.220 Commercial Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1
2
3
4
5
6

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1059.0

1169.6

1284.0

1387.1

1520.0

1557.8

1590.5

1640.4

1698.8

1745.0

1804.0

1

108.2
305.2
581.4
64.1

120.7
329.2
653.8
65.9

139.4
385.2
692.9
66.5

152.8
432.5
728.7
73.1

164.4
513.6
761.1
80.8

170.4
529.3
772.6
85.5

174.3
547.1
779.7
89.4

179.9
577.6
789.8
93.1

182.0
613.8
800.6
102.4

185.8
632.0
819.4
107.8

182.2
666.1
841.3
114.5

2
3
4
5

1059.0

1169.6

1284.0

1387.1

1520.0

1557.8

1590.5

1640.4

1698.8

1745.0

1804.0

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

6.8
20.1
5.1

8.6
21.2
5.1

7.9
22.7
5.2

8.6
23.7
5.2

9.2
24.7
5.0

9.4
24.9
4.9

9.5
25.2
4.8

9.7
25.4
4.7

9.9
25.6
4.5

10.0
25.9
4.3

10.2
26.1
4.0

7
8
9

10
11

State and local governments
Federal government

10.6
41.5

10.5
41.1

10.4
41.0

10.0
42.1

10.6
40.5

10.8
42.5

10.8
41.2

10.9
41.5

11.1
42.4

11.3
42.6

11.3
43.0

10
11

12
13

Commercial banking
Savings institutions

516.3
60.1

582.6
67.0

645.6
72.5

704.0
80.7

763.3
88.9

785.7
91.4

808.6
92.5

836.3
92.5

863.5
94.5

888.1
93.8

919.0
95.7

12
13

14
15
16
17

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

1.9
179.0
3.3
10.3

1.6
183.8
1.5
8.8

1.9
188.4
4.3
8.1

2.0
195.0
5.7
8.3

2.1
203.9
6.4
10.7

2.1
204.9
6.6
10.7

2.2
206.4
6.5
7.4

2.4
209.5
6.6
11.3

2.4
214.1
6.5
11.7

2.5
215.2
6.4
14.3

2.5
217.6
6.4
18.0

14
15
16
17

18
19
20
21
22

Agency- and GSE-backed mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

0.0
156.4
34.8
5.1
7.5

0.0
186.2
38.8
5.1
7.9

0.0
225.0
38.5
5.1
7.4

0.0
250.8
37.8
5.1
8.1

0.0
294.5
45.0
5.1
10.0

0.0
302.0
45.0
5.1
11.8

0.0
317.8
44.2
5.1
8.2

0.0
329.1
46.4
5.1
9.0

0.0
348.2
50.9
5.1
8.5

0.0
366.6
50.5
5.1
8.6

0.0
385.7
50.3
5.1
9.2

18
19
20
21
22

7
8
9

Total assets

2000

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

Total liabilities (Farm business)

103.7

110.2

117.8

125.5

133.6

135.3

138.3

140.5

141.7

142.9

146.2

1

2

Total assets

103.7

110.2

117.8

125.5

133.6

135.3

138.3

140.5

141.7

142.9

146.2

2

17.9
1.3

21.6
-0.9

22.9
-0.7

24.1
-0.5

25.3
-0.2

25.5
-0.1

26.0
-0.0

26.3
0.1

26.5
0.2

26.6
0.3

27.1
0.4

3
4

1.3
4.3

1.3
4.1

1.3
4.0

1.2
3.7

1.3
3.4

1.3
3.4

1.3
3.3

1.4
3.3

1.4
3.2

1.4
3.3

1.4
3.2

5
6

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

31.8
0.5

34.0
0.5

35.5
0.5

38.0
0.6

40.6
0.6

41.4
0.6

42.9
0.6

43.9
0.6

44.6
0.6

45.0
0.6

46.2
0.6

7
8

9
10

Life insurance companies
State and local govt. retirement funds

13.0
0.0

13.6
0.0

14.1
0.0

13.5
0.0

14.0
0.0

14.1
0.0

14.2
0.0

14.3
0.0

13.8
0.0

13.9
0.0

14.0
0.0

9
10

11
12

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

32.2
1.3

34.2
1.6

38.7
1.7

44.5
0.4

47.4
1.0

48.0
1.0

49.0
1.0

49.7
1.0

50.6
0.9

51.1
0.9

52.4
0.9

11
12

96

Z.1, September 21, 2005

L.222 Consumer Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1

Total liabilities (Households)

1553.2

1732.7

1865.4

1952.8

2043.2

2028.0

2039.8

2084.6

2139.9

2121.9

2138.1

1

2

Total assets

1553.2

1732.7

1865.4

1952.8

2043.2

2028.0

2039.8

2084.6

2139.9

2121.9

2138.1

2

78.6
0.0
50.9

83.7
0.0
67.0

75.6
0.0
80.1

77.4
0.0
92.8

63.3
0.0
94.1

60.0
0.0
93.9

60.5
0.0
92.6

59.1
0.0
99.2

64.8
0.0
98.4

61.0
0.0
100.6

61.2
0.0
98.6

3
4
5

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

6
7
8

Commercial banking
Savings institutions
Credit unions

510.2
61.7
167.9

554.0
64.8
184.4

571.8
71.1
189.6

606.4
68.7
195.7

675.0
77.9
205.9

663.7
81.4
207.1

666.7
88.1
211.7

682.8
89.2
214.5

711.4
91.3
215.4

690.5
90.8
215.0

691.6
94.0
220.7

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

33.8
448.4
201.6

37.0
521.3
220.5

39.4
599.7
238.1

36.9
637.1
237.8

20.6
611.0
295.4

16.0
598.6
307.4

2.2
593.3
324.7

0.0
587.2
352.7

0.0
590.5
368.2

0.0
600.7
363.3

0.0
613.8
358.1

9
10
11

9
10
11

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

Total trade payables

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

8
9

Rest of the world
Brokers and dealers

10

Total trade receivables

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14
15

State and local governments
Federal government
Rest of the world

16
17

Property-casualty insurance companies
ABS issuers

18

Discrepancy

2345.4

2747.7

2667.3

2738.1

2840.5

2897.6

2942.9

3003.9

3075.7

3103.6

3166.3

1

130.9

134.7

132.9

139.8

147.7

149.9

152.1

154.4

156.7

159.1

160.3

2

1228.2
213.3
20.0

1541.4
259.9
20.9

1437.7
255.0
21.3

1457.4
281.0
21.9

1403.2
325.2
22.6

1422.1
338.4
22.8

1440.2
352.7
23.0

1471.6
367.2
23.3

1509.8
383.3
23.5

1506.7
399.7
23.5

1539.0
414.9
23.6

3
4
5

608.6
64.5

635.9
69.0

661.1
72.3

689.8
73.2

720.2
145.8

727.9
155.1

735.7
161.4

743.5
166.0

751.6
164.1

759.8
169.6

768.2
175.7

6
7

49.1
30.9

49.9
35.9

47.8
39.2

37.6
37.4

47.5
28.2

46.8
34.6

45.7
32.1

43.7
34.2

50.8
36.0

50.2
35.0

49.6
35.0

8
9

2234.0

2612.7

2521.4

2442.3

2506.0

2583.5

2688.1

2723.0

2715.6

2788.8

2908.3

10

1655.1
272.6

1937.1
342.1

1815.4
343.9

1716.9
362.8

1698.7
418.4

1752.7
433.3

1837.4
449.1

1858.4
465.1

1827.6
482.2

1872.6
499.6

1959.7
517.8

11
12

105.4
22.9
47.4

110.5
28.1
47.0

116.4
35.5
43.9

119.0
32.2
47.0

126.3
51.3
48.8

128.3
57.6
49.0

128.4
61.0
50.7

130.1
59.8
48.7

132.6
61.8
48.3

134.2
62.5
51.6

133.9
65.3
55.8

13
14
15

63.6
67.2

64.6
83.3

69.9
96.5

74.8
89.6

79.3
83.2

82.4
80.2

85.3
76.1

86.4
74.4

79.6
83.4

82.5
85.9

84.9
90.9

16
17

111.4

135.0

145.9

295.8

334.5

314.1

254.9

280.9

360.2

314.8

258.0

18

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

676.6

822.7

825.9

738.8

871.3

952.8

987.2

985.5

1037.9

1051.5

1058.5

1

2
3

Household sector
Rest of the world

227.9
0.0

235.1
0.0

196.4
0.0

148.2
0.0

182.5
0.0

200.8
0.0

216.5
0.0

209.9
0.0

264.0
0.0

266.1
0.0

263.4
0.0

2
3

4
5
6
7

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

448.7
323.9
67.6
57.2

587.6
412.4
74.7
100.5

629.5
454.3
81.9
93.3

590.6
412.7
79.2
98.7

688.8
475.4
91.5
121.9

752.1
512.9
96.0
143.1

770.7
533.9
96.7
140.1

775.6
524.3
103.4
147.9

773.9
578.3
102.2
93.4

785.5
569.4
101.4
114.7

795.1
577.3
90.3
127.5

4
5
6
7

676.6

822.7

825.9

738.8

871.3

952.8

987.2

985.5

1037.9

1051.5

1058.5

8

8

Total liabilities

Total assets

9
10

Household sector
Rest of the world

323.9
0.0

412.4
0.0

454.3
0.0

412.7
0.0

475.4
0.0

512.9
0.0

533.9
0.0

524.3
0.0

578.3
0.0

569.4
0.0

577.3
0.0

9
10

11
12

Commercial banking
Brokers and dealers

124.8
227.9

175.2
235.1

175.2
196.4

177.9
148.2

213.5
182.5

239.2
200.8

236.8
216.5

251.3
209.9

195.6
264.0

216.1
266.1

217.8
263.4

11
12

97

Z.1, September 21, 2005

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

Life insurance reserves:
1

Total liabilities

783.9

819.1

880.0

920.9

1013.2

1022.5

1031.9

1038.2

1060.4

1069.4

1086.6

1

2
3

Federal government
Life insurance companies

35.0
748.9

36.4
782.7

37.8
842.2

39.4
881.6

40.5
972.7

40.5
982.0

40.9
991.0

41.0
997.2

41.6
1018.8

41.6
1027.8

42.0
1044.6

2
3

4

Total assets (Households)

783.9

819.1

880.0

920.9

1013.2

1022.5

1031.9

1038.2

1060.4

1069.4

1086.6

4

9192.2

9000.1

8571.8

7814.8

9193.6

9396.1

9497.0

9493.9

10115.3

9922.8

10132.2

5

Pension fund reserves:
5

Total liabilities

6
7

Life insurance companies
Private pension funds (1)

1428.1
4628.9

1465.9
4402.6

1494.6
3964.0

1583.8
3357.0

1786.5
4074.5

1840.3
4182.9

1885.1
4222.6

1916.8
4201.5

1987.0
4519.0

2022.9
4331.3

2069.5
4444.1

6
7

8
9

State and local govt. retirement funds
Federal government retirement funds (2)

2361.3
774.0

2335.0
796.7

2253.5
859.7

1980.0
894.0

2373.6
959.0

2422.5
950.4

2427.1
962.3

2395.8
979.7

2585.3
1024.0

2553.8
1014.7

2603.0
1015.6

8
9

9192.2

9000.1

8571.8

7814.8

9193.6

9396.1

9497.0

9493.9

10115.3

9922.8

10132.2

10

10

Total assets (Households) (3)

(1) Includes unallocated insurance company contracts beginning 1985:Q4.
(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

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

Total taxes payable by all businesses

178.9

204.8

219.2

241.4

250.2

264.8

270.1

283.1

274.9

289.3

290.1

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

71.0
53.0

78.0
64.6

81.0
68.7

93.0
70.2

81.2
79.5

90.7
80.9

92.2
81.9

100.4
83.1

88.0
84.0

97.8
84.9

95.7
85.7

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

9.0
2.0

11.1
2.5

13.5
1.7

16.2
1.5

19.1
1.3

19.8
1.8

20.6
1.6

21.4
1.7

22.2
1.9

23.0
1.9

23.9
1.9

4
5

6
7

Property-casualty insurance companies
Life insurance companies

17.4
16.2

19.7
17.8

22.4
19.7

25.6
22.1

29.3
24.9

30.3
25.6

31.4
26.4

32.4
27.2

33.5
28.1

34.6
28.9

35.8
29.8

6
7

8
9

Finance companies
Brokers and dealers

8.1
2.2

9.1
2.1

10.2
1.9

11.6
1.3

13.2
1.8

13.6
1.9

14.1
2.0

14.5
2.3

15.0
2.2

15.5
2.6

16.0
1.3

8
9

66.1

84.7

125.9

120.8

176.3

201.8

188.4

190.3

176.8

194.7

190.9

10

27.6
38.5

42.4
42.4

46.1
79.8

56.5
64.3

73.5
102.8

77.9
123.9

84.5
103.9

89.8
100.5

93.9
82.9

99.4
95.3

107.9
83.0

11
12

112.8

120.0

93.4

120.7

73.9

63.0

81.7

92.8

98.1

94.5

99.2

13

10
11
12
13

Total business taxes receivable
State and local governments
Federal government
Discrepancy

L.227 Proprietors’ Equity in Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4

Total household equity
Nonfarm noncorporate business
Farm business
Brokers and dealers

4501.0

4883.5

4990.4

5161.3

5527.7

5592.6

5735.7

5935.4

6098.3

6374.3

6564.0

1

3554.1
935.4
11.5

3886.9
985.0
11.7

3965.3
1018.9
6.2

4082.8
1073.6
5.0

4370.0
1151.8
6.0

4411.7
1175.2
5.7

4536.1
1193.9
5.7

4726.3
1203.0
6.1

4872.1
1220.0
6.2

5059.3
1309.1
5.8

5235.4
1323.7
5.0

2
3
4

98

Z.1, September 21, 2005

L.228 Total Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

9397.8

10582.6

11387.6

11999.5

12410.2

12673.5

12782.6

12969.7

13472.5

13557.3

13774.5

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

19.4
2921.4
466.5

19.6
3456.4
552.6

19.1
3534.0
607.3

20.0
3587.3
626.2

20.9
3453.5
662.4

21.0
3471.7
671.0

21.7
3458.6
679.3

22.0
3397.3
687.4

22.5
3370.8
695.4

23.3
3342.2
703.0

24.0
3255.5
707.9

2
3
4

5
6

Federal government
Rest of the world

690.6
1702.4

711.3
1848.6

772.0
2068.9

798.2
2390.9

831.3
2396.0

819.8
2422.2

829.8
2550.7

846.5
2629.3

880.3
2960.0

871.6
3022.9

869.9
3150.7

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

9.4
1077.4
85.1
6.0

10.6
1257.8
102.3
5.6

7.7
1256.6
130.7
3.8

30.3
1430.8
156.4
5.1

34.5
1550.8
181.4
6.3

30.8
1610.3
219.0
20.9

28.7
1590.9
209.1
9.6

38.8
1650.0
212.9
22.3

44.4
1716.0
221.1
9.1

37.4
1735.1
225.5
19.7

40.2
1784.7
231.2
12.8

7
8
9
10

11
12

Property-casualty insurance companies
Life insurance companies

534.4
686.4

543.0
674.0

574.6
675.1

625.0
647.9

668.9
747.3

680.1
797.1

692.8
795.9

716.9
802.8

716.9
824.9

725.5
829.2

734.7
825.7

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

90.1
291.1
16.0

94.0
374.3
16.0

141.5
393.2
16.0

169.2
413.9
16.0

142.6
516.7
16.0

160.1
534.0
16.0

138.3
526.9
16.0

121.5
528.5
16.0

141.0
527.4
16.0

137.8
495.2
16.0

139.5
502.6
16.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

36.1
183.6
581.6

38.0
182.7
695.8

38.0
374.6
774.5

40.6
301.0
740.7

42.3
340.0
799.2

44.9
352.8
801.7

42.6
379.8
811.9

44.3
381.2
851.9

51.0
411.1
864.5

49.9
407.1
915.8

54.1
440.4
984.3

16
17
18

11792.6

13974.7

14865.0

15292.1

15473.4

15803.4

15749.6

15888.0

16431.7

16753.5

16970.0

19

19

Total liabilities

2000

Total assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

364.3
5427.5
463.8
45.6

370.9
6722.6
553.7
45.5

389.4
6940.0
683.6
47.3

420.0
7062.9
725.2
51.4

462.0
7124.9
793.6
56.0

471.5
7180.8
814.1
56.9

479.0
7174.8
837.9
58.2

495.0
7202.3
862.9
60.7

502.8
7411.8
888.5
60.6

511.9
7450.4
916.9
61.1

519.6
7488.5
954.2
62.0

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

178.3
100.5
1175.3

153.6
99.1
1655.8

135.4
100.4
1807.9

101.2
100.5
1981.2

90.1
101.9
1510.0

90.2
101.9
1637.6

88.0
101.9
1549.7

86.2
102.4
1496.1

82.5
102.5
1698.1

71.7
99.5
1941.3

49.2
99.3
1829.7

24
25
26

27
28
29
30

Monetary authority
Commercial banking
Savings institutions
Credit unions

16.8
1097.7
60.0
8.0

19.3
1196.9
67.6
12.9

20.3
1347.9
84.9
18.3

19.6
1443.4
103.9
28.7

18.2
1532.4
99.7
29.2

18.1
1570.5
93.3
23.8

17.9
1589.3
97.2
26.5

17.7
1685.9
96.6
27.7

18.6
1645.4
98.9
24.4

17.5
1651.9
91.5
27.8

17.9
1687.2
89.3
32.4

27
28
29
30

31
32
33
34
35

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

50.6
36.9
638.9
7.1
684.0

51.8
55.6
617.3
8.2
704.9

54.4
40.1
589.4
10.0
765.8

84.1
46.8
523.9
10.4
790.3

85.7
74.7
586.3
10.8
815.0

88.0
109.1
591.9
10.9
801.2

91.0
110.0
588.9
10.9
809.2

93.4
122.4
585.7
10.7
824.3

97.2
126.6
614.4
10.6
855.9

101.1
144.2
591.9
10.6
844.3

103.1
162.9
605.2
10.8
840.1

31
32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

90.6
4.2
72.5

68.3
3.8
63.4

65.1
0.8
68.9

56.5
0.9
90.9

56.2
1.9
107.4

56.0
5.4
108.4

51.5
4.2
107.4

47.8
5.1
108.4

53.3
7.0
110.7

45.5
8.3
106.8

47.1
8.3
100.0

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

235.7
20.3
522.8
491.3

261.0
31.9
655.1
555.6

281.8
32.4
821.0
560.0

291.3
31.9
723.7
603.3

395.9
42.4
858.8
620.4

375.0
44.1
931.1
623.8

338.9
39.8
939.5
638.0

334.9
45.2
945.7
630.9

333.6
57.2
994.0
637.0

290.7
63.9
1048.5
656.2

289.2
83.9
1133.8
756.2

39
40
41
42

-2394.9

-3392.1

-3477.4

-3292.6

-3063.2

-3130.0

-2967.0

-2918.3

-2959.2

-3196.1

-3195.4

43

43

Discrepancy

99

Z.1, September 21, 2005

L.229 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

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

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

1414.4
1227.7
35.2
50.6
16.2
69.9
14.7

1531.6
1322.2
43.5
51.8
17.5
76.6
20.0

1693.1
1462.7
49.6
54.4
18.2
93.9
14.3

1860.4
1577.3
49.9
84.1
24.5
111.7
12.9

2062.6
1731.4
61.0
85.7
27.6
143.2
13.6

2118.4
1779.6
62.8
88.0
28.2
145.4
14.5

2181.7
1834.5
63.2
91.0
29.1
147.8
16.2

2225.3
1871.2
64.1
93.4
30.2
149.5
16.9

2367.4
1988.6
69.0
97.2
31.6
162.8
18.1

2399.0
2007.6
70.1
101.1
32.2
169.0
18.9

2438.6
2040.7
70.6
103.1
33.2
170.5
20.4

1
2
3
4
5
6
7

903.1
3.3
62.0
51.5
32.1
48.6
13.9
-12.8

1114.6
3.4
64.2
60.9
42.9
63.2
20.1
51.7

1091.6
2.9
67.2
66.4
38.8
68.6
72.2
110.7

1037.3
3.1
75.5
72.7
38.7
57.8
77.9
154.5

1051.2
3.0
87.5
70.0
48.9
71.3
81.0
173.0

1062.5
3.0
87.9
70.5
48.2
72.8
80.6
167.7

1046.9
3.0
89.3
70.2
62.6
76.3
80.8
197.2

1053.4
3.0
102.0
69.6
64.7
79.1
82.1
209.7

1083.0
3.2
123.3
70.0
66.6
69.9
84.4
208.5

1096.5
3.2
128.2
71.6
67.5
71.5
84.6
219.8

1080.6
3.2
130.5
71.4
68.5
72.7
84.9
250.7

8
9
10
11
12
13
14
15

1101.7

1421.0

1518.5

1517.4

1585.9

1593.3

1626.3

1663.6

1708.9

1742.8

1762.5

16

33.9
33.9

35.4
35.4

37.1
37.1

38.6
38.6

40.0
40.0

40.3
40.3

40.8
40.8

41.7
41.7

42.0
42.0

42.3
42.3

42.7
42.7

17
18

6.4
6.4

7.0
7.0

7.4
7.4

8.4
8.4

8.8
8.8

9.0
9.0

9.2
9.2

10.5
10.5

11.9
11.9

12.6
12.6

12.9
12.9

19
20

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

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

16

Asset: Rest of the world
Federal government equity in IBRD, etc.:

17
18

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

19
20

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

21

Liab.: Government-sponsored enterprises

31.6

33.8

37.1

39.1

42.3

44.1

45.2

45.2

44.8

45.1

45.9

21

22
23
24
25
26
27
28
29

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

0.0
1.6
1.6
0.0
13.0
14.5
0.5
0.3

0.0
1.6
1.6
0.0
13.8
15.7
0.6
0.4

0.0
1.8
2.0
0.0
15.2
17.0
0.9
0.3

0.0
1.8
2.1
0.0
17.5
16.0
1.2
0.5

0.0
2.1
2.5
0.0
18.7
16.4
1.4
1.1

0.0
2.2
2.4
0.0
19.1
17.6
1.5
1.2

0.0
2.1
2.6
0.0
19.3
18.4
1.6
1.2

0.0
2.0
2.7
0.0
19.6
18.1
1.6
1.2

0.0
1.9
2.7
0.0
19.3
17.4
1.7
1.7

0.0
2.1
2.6
0.0
20.0
17.1
1.7
1.7

0.0
1.9
2.6
0.0
20.0
18.1
1.7
1.6

22
23
24
25
26
27
28
29

BHC investment in subsidiaries:
30
31
32
33
34

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

471.9
6.0
43.9
16.0
85.4

525.4
6.6
51.3
16.0
115.8

586.1
7.4
49.6
16.0
146.4

639.2
8.3
44.1
16.0
150.9

689.8
9.3
49.9
16.0
189.0

708.1
9.6
52.5
16.0
214.7

738.6
9.9
54.1
16.0
223.2

819.4
10.2
56.3
16.0
237.7

857.0
10.5
59.1
16.0
247.4

853.3
10.8
57.6
16.0
249.4

876.3
11.1
58.6
16.0
255.7

30
31
32
33
34

35

Asset: Bank holding companies

623.1

715.1

805.6

858.5

954.1

1000.9

1041.8

1139.7

1190.0

1187.1

1217.7

35

43.9
43.9

51.3
51.3

49.6
49.6

44.1
44.1

49.9
49.9

52.5
52.5

54.1
54.1

56.3
56.3

59.1
59.1

57.6
57.6

58.6
58.6

36
37

NFC inv. in finance company subs.:
36
37

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

38
39

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

93.0
398.3

138.7
416.9

107.9
452.1

132.6
470.7

130.8
489.6

157.9
465.8

137.4
500.6

141.3
489.7

161.3
475.8

171.2
485.0

182.7
573.5

38
39

40

Asset: Funding corporations

491.3

555.6

560.0

603.3

620.4

623.8

638.0

630.9

637.0

656.2

756.2

40

100

Z.1, September 21, 2005

L.230 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

Q2

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

2.7
2.7

2.8
2.8

2.7
2.7

2.8
2.8

3.0
3.0

3.1
3.1

2.9
2.9

3.0
3.0

2.9
2.9

-1.0
-1.0

-1.0
-1.0

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

17.1
17.1

17.1
17.1

25.7
25.7

27.6
27.6

20.5
20.5

24.9
24.9

19.1
19.1

17.9
17.9

18.3
18.3

18.2
18.2

17.8
17.8

5
6

19.4
19.4

19.6
19.6

19.1
19.1

20.0
20.0

20.9
20.9

21.0
21.0

21.7
21.7

22.0
22.0

22.5
22.5

23.3
23.3

24.0
24.0

7
8

Postal Savings System deposits:
3
4

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

5
6

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

7
8

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

9
10
11
12

Liab.: Life insurance companies
Health
Policy dividend accumulation
Policy and contract claims

162.0
93.5
38.4
30.1

168.9
97.4
39.5
32.0

175.4
100.5
40.4
34.4

185.6
110.6
40.6
34.5

199.5
121.5
40.5
37.5

202.4
123.8
40.4
38.1

202.3
123.1
41.3
37.9

205.4
125.3
41.9
38.1

211.0
131.3
41.7
38.0

214.3
133.0
42.2
39.1

215.4
133.9
42.3
39.2

9
10
11
12

13

Asset: Household sector

162.0

168.9

175.4

185.6

199.5

202.4

202.3

205.4

211.0

214.3

215.4

13

Policy payables:
14

Liab.: Property-casualty insurance companies

482.9

482.1

508.2

552.4

599.0

609.6

622.5

647.3

646.9

653.9

663.3

14

15
16
17
18

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

202.3
190.8
45.9
43.9

202.0
190.4
45.8
43.9

214.0
200.8
48.3
45.3

232.4
218.2
52.5
49.3

252.0
236.6
56.9
53.5

256.4
240.8
57.9
54.5

261.8
245.9
59.1
55.7

273.2
255.7
60.5
57.9

273.0
255.5
60.5
57.9

276.0
258.3
61.1
58.5

280.0
262.0
62.0
59.3

15
16
17
18

396.4
396.4

368.6
368.6

339.7
339.7

270.7
270.7

333.7
333.7

340.7
340.7

339.2
339.2

334.1
334.1

369.3
369.3

349.0
349.0

361.4
361.4

19
20

107.3
107.3

121.3
121.3

121.9
121.9

122.0
122.0

120.6
120.6

120.5
120.5

119.8
119.8

120.2
120.2

118.2
118.2

116.9
116.9

116.3
116.3

21
22

419.5
419.5

508.2
508.2

578.3
578.3

575.4
575.4

678.0
678.0

740.2
740.2

736.0
736.0

741.4
741.4

764.8
764.8

822.4
822.4

896.9
896.9

23
24

684.0
684.0

704.9
704.9

765.8
765.8

790.3
790.3

815.0
815.0

801.2
801.2

809.2
809.2

824.3
824.3

855.9
855.9

844.3
844.3

840.1
840.1

25
26

0.0
0.0

0.0
0.0

0.0
0.0

1.9
1.9

10.5
10.5

12.7
12.7

14.8
14.8

16.3
16.3

18.8
18.8

21.6
21.6

24.3
24.3

27
28

Unallocated insurance company contracts:
19
20

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

21
22

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

23
24

Liab.: Funding corporations
Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government
Asset: Federal government retirement funds
Uniformed Services Retiree Health Care Fund:

27
28

Liab.: Federal government
Asset: Household sector

101

Z.1, September 21, 2005

L.231 Unidentified Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

2000

2001

2002

2003

2004
Q1

1

Total liabilities

Q2

2005
Q3

Q4

Q1

Q2

3360.1

3838.4

4142.5

4480.9

4245.5

4315.1

4257.7

4224.3

4382.7

4351.6

4280.8

1

1911.0
463.2

2220.5
549.2

2320.5
604.3

2428.0
623.1

2281.6
659.4

2288.7
668.0

2291.9
676.3

2223.7
684.4

2169.6
692.2

2128.8
699.9

2058.6
704.7

2
3

Federal government
Rest of the world
Monetary authority

6.6
251.5
3.0

6.4
278.8
3.6

6.2
336.0
0.4

6.0
489.1
21.9

5.8
290.5
25.7

5.9
260.4
21.9

5.8
325.3
19.5

5.8
359.3
28.3

5.6
547.7
32.5

5.6
582.6
24.9

5.5
670.5
27.3

4
5
6

7
8
9
10
11

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

450.6
181.2
157.2
88.1
24.1

529.5
263.2
137.2
104.4
24.8

495.4
173.7
141.9
150.8
29.0

583.5
210.6
153.7
190.9
28.3

642.7
263.2
106.4
241.4
31.7

656.4
287.2
85.6
249.0
34.6

625.6
261.2
69.7
257.9
36.9

587.3
267.7
11.1
268.4
40.0

574.4
319.2
-58.9
271.6
42.5

582.4
302.8
-36.5
273.2
42.8

595.3
284.8
-19.4
287.6
42.3

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

79.2
6.0
95.9
41.5

95.7
5.6
93.7
43.1

123.3
3.8
121.2
78.7

148.1
5.1
152.8
102.5

172.0
6.3
165.2
79.8

209.4
20.9
205.8
91.1

199.2
9.6
191.7
74.0

202.7
22.3
198.6
58.4

210.6
9.1
177.9
77.9

214.7
19.7
198.4
74.5

220.1
12.8
180.5
75.8

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

154.6
36.1
-314.1
174.9

208.5
38.0
-370.1
135.9

225.4
38.0
-296.1
85.4

267.9
40.6
-398.5
10.8

345.5
42.3
-419.6
-51.7

356.2
44.9
-408.4
-106.1

342.5
42.6
-424.8
-121.3

336.7
44.3
-428.3
-99.1

339.3
51.0
-396.4
-108.8

308.6
49.9
-411.9
-126.4

312.7
54.1
-473.7
-163.3

16
17
18
19

5754.9

7230.5

7619.9

7773.5

7308.8

7445.0

7224.8

7142.7

7342.0

7547.7

7476.3

20

3965.1
416.3
178.3

5158.7
506.2
153.6

5226.9
633.5
135.4

5223.3
671.0
101.2

5107.0
734.6
90.1

5108.0
753.9
90.2

5040.3
776.7
88.0

5019.1
800.4
86.2

5108.6
826.2
82.5

5126.9
853.7
71.7

5127.2
890.4
49.2

21
22
23

63.9
73.6
16.8

61.0
234.8
19.3

60.7
289.4
20.3

59.1
463.8
19.6

58.9
-75.9
18.2

58.5
44.3
18.1

58.1
-76.6
17.9

57.7
-167.5
17.7

57.5
-10.8
18.6

58.2
198.5
17.5

57.6
67.1
17.9

24
25
26

419.9
121.0
204.9
85.4
8.7

417.4
127.4
177.1
106.3
6.6

470.1
158.2
187.2
112.2
12.5

509.0
178.9
184.2
139.5
6.4

489.7
199.6
123.9
161.9
4.3

478.8
191.8
101.0
181.4
4.6

455.9
190.2
80.5
181.4
3.9

452.0
234.2
18.4
193.1
6.4

355.1
186.1
-30.6
194.4
5.2

362.1
202.7
-45.9
199.9
5.5

365.9
197.5
-46.3
209.2
5.4

27
28
29
30
31

28.4
7.4

34.8
12.3

42.3
17.4

60.3
27.6

62.7
27.8

50.8
22.2

59.7
24.9

60.7
26.0

63.2
22.8

56.2
26.1

53.4
30.8

32
33

0.9
135.3
7.1

18.2
127.4
8.2

2.5
127.8
10.0

1.8
131.2
10.4

25.1
132.0
10.8

58.7
130.7
10.9

58.0
129.8
10.9

68.9
131.3
10.7

70.8
126.9
10.6

87.0
126.0
10.6

104.1
127.5
10.8

34
35
36

4.2
90.6
72.5

3.8
68.3
63.4

0.8
65.1
68.9

0.9
56.5
90.9

1.9
56.2
107.4

5.4
56.0
108.4

4.2
51.5
107.4

5.1
47.8
108.4

7.0
53.3
110.7

8.3
45.5
106.8

8.3
47.1
100.0

37
38
39

165.7
20.3
88.6

184.4
31.9
126.9

187.9
32.4
228.4

179.6
31.9
135.4

252.7
42.4
167.2

229.6
44.1
176.5

191.0
39.8
187.4

185.4
45.2
187.5

170.8
57.2
211.1

121.7
63.9
207.1

118.7
83.9
216.5

40
41
42

-2394.9

-3392.1

-3477.4

-3292.6

-3063.2

-3130.0

-2967.0

-2918.3

-2959.2

-3196.1

-3195.4

43

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

20

Total assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

27
28
29
30
31

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

32
33

Savings institutions
Credit unions

34
35
36

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

37
38
39

Mutual funds
Money market mutual funds
Government-sponsored enterprises

40
41
42

Finance companies
REITs
Brokers and dealers

43

Discrepancy

102

Z.1, September 21, 2005

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2000

1
2
3
4
5
6
7
8

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

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

49086.6

48769.0

47767.8

53673.9

59031.2

54607.1

55608.6

56591.3

59031.2

59769.7

60976.3

1

15778.7

17008.9

18401.4

20025.6

22531.3

20434.1

21041.7

21946.0

22531.3

23178.5

23947.0

2

12618.8
11401.1
1217.7

13710.1
12491.5
1218.6

14959.8
13679.8
1279.9

16458.3
15084.8
1373.5

18751.4
17243.3
1508.1

16807.2
15413.6
1393.6

17359.9
15935.3
1424.6

18230.5
16766.0
1464.5

18751.4
17243.3
1508.1

19325.4
17769.3
1556.1

20033.1
18433.1
1600.0

3
4
5

145.0
3014.9

154.7
3144.2

168.7
3273.0

184.1
3383.2

201.9
3578.0

188.3
3438.6

193.4
3488.4

196.3
3519.2

201.9
3578.0

208.3
3644.8

214.4
3699.6

6
7

33307.9

31760.0

29366.4

33648.3

36499.9

34173.0

34566.9

34645.3

36499.9

36591.3

37029.3

8

9
10
11
12
13

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

4326.5
63.5
229.9
3073.3
959.8

4770.5
58.5
331.6
3267.2
1113.2

5050.4
74.2
359.7
3546.5
1070.0

5226.2
65.2
286.2
3915.0
959.8

5591.3
101.4
258.1
4328.3
903.5

5409.3
84.9
279.2
4091.6
953.6

5399.3
85.0
232.8
4169.1
912.4

5430.4
85.2
226.9
4261.8
856.5

5591.3
101.4
258.1
4328.3
903.5

5760.6
103.3
300.2
4488.1
868.9

5783.6
122.6
281.1
4511.3
868.6

9
10
11
12
13

14
15
16
17
18
19
20
21
22

Credit market instruments
Open market paper
Treasury securities
Savings bonds
Other Treasury
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

2363.2
97.3
619.2
184.8
434.5
507.5
539.3
480.8
119.1

2148.2
97.3
470.7
190.3
280.4
397.9
588.9
466.3
127.0

2089.3
110.4
304.0
194.9
109.1
205.9
690.3
641.1
137.6

2371.6
105.9
437.6
203.8
233.8
429.5
724.5
525.1
149.0

2489.1
136.1
472.8
204.4
268.4
539.6
758.8
420.6
161.3

2264.5
115.8
421.4
204.4
217.0
360.1
731.3
483.8
152.0

2329.8
117.9
434.2
204.6
229.6
434.0
751.2
437.4
155.2

2403.3
121.5
406.9
204.1
202.7
568.5
747.5
400.6
158.3

2489.1
136.1
472.8
204.4
268.4
539.6
758.8
420.6
161.3

2443.2
137.4
480.6
204.2
276.4
539.5
776.8
344.6
164.3

2442.0
151.7
424.7
204.2
220.6
594.6
814.5
288.6
167.8

14
15
16
17
18
19
20
21
22

23
24
25
26
27
28
29

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

8090.7
3041.5
412.4
819.1
9000.1
4883.5
370.9

6720.9
2834.5
454.3
880.0
8571.8
4990.4
389.4

4997.2
2499.9
412.7
920.9
7814.8
5161.3
420.0

6189.4
3189.4
475.4
1013.2
9193.6
5527.7
462.0

6334.9
3729.4
578.3
1060.4
10115.3
6098.3
502.8

6106.4
3397.2
512.9
1022.5
9396.1
5592.6
471.5

6136.2
3424.1
533.9
1031.9
9497.0
5735.7
479.0

5884.3
3440.5
524.3
1038.2
9493.9
5935.4
495.0

6334.9
3729.4
578.3
1060.4
10115.3
6098.3
502.8

6118.2
3821.5
569.4
1069.4
9922.8
6374.3
511.9

6020.7
3903.3
577.3
1086.6
10132.2
6564.0
519.6

23
24
25
26
27
28
29

7397.1

7969.9

8675.7

9588.1

10702.0

9799.0

10058.3

10369.5

10702.0

10875.7

11142.0

30

7007.7
4817.3
1732.7
143.0
74.2
119.8
120.7

7621.5
5281.8
1865.4
156.9
57.7
120.4
139.4

8367.7
5917.3
1952.8
169.8
54.3
120.7
152.8

9236.9
6658.3
2043.2
183.9
67.9
119.3
164.4

10258.8
7551.7
2139.9
193.6
71.8
119.7
182.0

9427.4
6857.1
2028.0
186.7
66.1
119.1
170.4

9667.9
7059.0
2039.8
190.8
84.9
119.2
174.3

9983.2
7342.9
2084.6
191.3
64.9
119.6
179.9

10258.8
7551.7
2139.9
193.6
71.8
119.7
182.0

10427.2
7730.4
2121.9
197.3
72.8
119.2
185.8

10694.3
7961.5
2138.1
202.4
90.5
119.7
182.2

31
32
33
34
35
36
37

235.1
134.7

196.4
132.9

148.2
139.8

182.5
147.7

264.0
156.7

200.8
149.9

216.5
152.1

209.9
154.4

264.0
156.7

266.1
159.1

263.4
160.3

38
39

19.6

19.1

20.0

20.9

22.5

21.0

21.7

22.0

22.5

23.3

24.0

40

41689.5

40799.1

39092.1

44085.8

48329.2

44808.1

45550.3

46221.8

48329.2

48894.0

49834.3

41

8468.4
8105.6
223.1
139.7
813.2

9141.9
8760.7
235.3
145.9
866.6

9765.6
9369.3
244.9
151.3
907.3

10535.2
10120.5
257.2
157.5
951.9

11707.5
11260.9
277.8
168.9
1042.3

10836.7
10413.3
262.7
160.6
975.3

11194.5
10760.6
269.5
164.4
998.7

11481.0
11039.5
274.4
167.1
1020.9

11707.5
11260.9
277.8
168.9
1042.3

11862.1
11413.2
279.4
169.6
1075.4

12058.6
11605.8
282.0
170.8
1109.0

42
43
44
45
46

7194.0

7486.8

7830.1

8169.2

8664.2

8475.3

8580.3

8670.9

8930.4

8902.0

9017.8

47

579.5

544.9

499.3

539.7

557.8

528.7

530.9

533.1

541.2

549.2

552.6

48

6583.9

7209.7

7762.5

8426.5

9691.6

8556.5

8876.3

9423.0

9691.6

10038.9

10471.6

49

57.7

57.7

56.7

55.9

56.2

55.5

55.7

56.2

56.2

56.5

56.8

50

30

Liabilities

31
32
33
34
35
36
37

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

38
39

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

40
41

Net worth

42
43
44
45
46

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

47
48
49
50

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

(1) Sector includes farm households.
(2) At market value.
(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.
(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.
(8) Liabilities of nonprofit organizations.
(9) Line 4 less line 32.
(10) Line 49 divided by line 4.

103

Z.1, September 21, 2005

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2000

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

With tangible assets stated at either market value or replacement cost:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

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

18937.3

19026.8

19324.6

19899.0

21193.6

20165.9

20470.5

20756.1

21193.6

21520.3

21851.2

1

9164.8

9127.9

9382.8

9781.8

10515.0

9914.7

10093.9

10288.3

10515.0

10770.0

10973.0

2

4764.5
3066.7
1333.6

4695.0
3167.3
1265.6

4886.1
3193.3
1303.4

5177.7
3256.7
1347.4

5630.6
3403.1
1481.3

5248.6
3286.3
1379.7

5349.2
3328.4
1416.3

5479.7
3358.2
1450.4

5630.6
3403.1
1481.3

5796.7
3461.4
1511.8

5942.9
3511.9
1518.2

3
4
5

9772.5

9898.9

9941.8

10117.2

10678.6

10251.2

10376.6

10467.7

10678.6

10750.3

10878.2

6

24.0
381.4
137.3
191.4
4.2
57.8
18.1
15.4
31.9
43.5
83.7
1937.1
124.0
6722.6

15.5
331.9
131.1
301.9
4.0
60.2
16.9
17.5
29.3
46.6
75.6
1815.4
113.0
6940.0

19.9
314.5
126.3
328.0
6.2
64.8
31.4
16.9
32.1
49.6
77.4
1716.9
95.0
7062.9

38.2
435.3
127.8
290.0
6.0
75.7
32.8
12.1
35.2
52.1
63.3
1698.7
125.0
7124.9

44.5
537.8
135.5
278.0
6.5
91.5
31.5
11.6
39.9
54.6
64.8
1827.6
143.0
7411.8

36.9
460.8
129.1
289.8
5.2
76.0
32.4
12.0
32.8
52.7
60.0
1752.7
129.9
7180.8

38.0
507.7
120.2
292.7
4.8
76.0
31.6
11.7
36.2
53.4
60.5
1837.4
131.8
7174.8

35.0
546.9
132.0
286.4
5.7
80.6
29.5
10.9
35.3
54.0
59.1
1858.4
131.6
7202.3

44.5
537.8
135.5
278.0
6.5
91.5
31.5
11.6
39.9
54.6
64.8
1827.6
143.0
7411.8

49.7
528.2
145.6
268.4
6.2
83.7
30.0
11.1
42.0
55.3
61.0
1872.6
146.2
7450.4

42.7
539.8
139.2
266.9
6.5
84.9
30.7
11.4
41.4
55.9
61.2
1959.7
149.5
7488.5

7
8
9
10
11
12
13
14
15
16
17
18
19
20

9611.4

9809.5

9922.8

9882.5

10152.9

9971.0

10006.1

10044.0

10152.9

10212.6

10249.7

21

22
23
24
25
26
27
28

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

4535.6
278.4
154.2
2230.3
852.7
651.3
368.6

4756.8
190.1
157.7
2578.0
743.7
659.1
428.1

4785.2
126.0
160.8
2710.3
635.5
675.1
477.6

4944.5
85.9
164.2
2868.6
583.1
680.7
562.0

5184.2
101.7
169.4
2946.3
593.2
705.3
668.3

4986.4
95.5
164.8
2897.1
570.1
679.7
579.1

5015.0
102.5
166.0
2898.8
564.3
685.2
598.3

5074.8
109.3
167.3
2911.7
571.7
684.3
630.5

5184.2
101.7
169.4
2946.3
593.2
705.3
668.3

5265.9
115.6
170.3
2954.9
607.1
729.7
688.3

5359.6
114.6
172.2
2961.9
627.5
758.5
724.7

22
23
24
25
26
27
28

29
30
31

Trade payables
Taxes payable
Miscellaneous liabilities

1541.4
78.0
3456.4

1437.7
81.0
3534.0

1457.4
93.0
3587.3

1403.2
81.2
3453.5

1509.8
88.0
3370.8

1422.1
90.7
3471.7

1440.2
92.2
3458.6

1471.6
100.4
3397.3

1509.8
88.0
3370.8

1506.7
97.8
3342.2

1539.0
95.7
3255.5

29
30
31

32

Net worth (market value)

9325.9

9217.3

9401.8

10016.5

11040.8

10194.9

10464.5

10712.1

11040.8

11307.7

11601.5

32

100.0
3969.3

105.0
4216.9

110.1
4363.8

115.9
4500.8

126.0
4943.6

118.6
4613.9

121.8
4727.3

124.3
4839.1

126.0
4943.6

127.0
5104.3

128.4
5267.4

33
34

12685.0
48.6
35.8
136.0

10804.8
51.6
44.0
117.2

7839.3
50.9
61.0
83.4

10043.6
49.4
49.2
100.3

10848.1
47.0
47.8
98.3

10112.4
48.9
49.3
99.2

10300.6
47.9
48.7
98.4

9907.3
47.4
51.2
92.5

10848.1
47.0
47.8
98.3

10645.3
46.6
49.5
94.1

10646.5
46.2
50.3
91.8

35
36
37
38

16397.1

16727.7

16939.7

17306.0

18199.9

17545.3

17752.8

17925.8

18199.9

18413.6

18638.8

39

6624.6
2504.6
2849.8
1270.2

6828.8
2644.2
2975.0
1209.5

6997.9
2752.8
3013.5
1231.6

7188.8
2860.9
3058.5
1269.4

7521.3
2971.7
3158.3
1391.3

7294.0
2890.0
3078.1
1325.9

7376.1
2918.4
3102.7
1355.0

7458.0
2943.8
3125.1
1389.1

7521.3
2971.7
3158.3
1391.3

7663.3
3003.7
3194.9
1464.7

7760.6
3037.1
3235.2
1488.3

40
41
42
43

33
34
35
36
37
38

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

39
40
41
42
43

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

44

Net worth (historical cost) (9)

6785.7

6918.2

7016.9

7423.6

8047.0

7574.3

7746.7

7881.8

8047.0

8201.1

8389.1

44

45
46
47

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

41.9
2271.6
66.8

44.3
2408.8
68.8

46.8
2514.7
68.2

49.5
2619.8
66.6

52.7
2732.6
64.4

50.3
2646.8
65.8

51.1
2675.2
64.7

51.9
2702.9
64.4

52.7
2732.6
64.4

53.5
2763.2
64.2

54.4
2795.3
63.9

45
46
47

(1) At market value.
(2) At replacement (current) cost.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Line 22 divided by line 32.
(6) Line 22 divided by line 35.
(7) Line 35 divided by line 32.
(8) Sum of lines 6 and 40.
(9) Line 39 less line 21.
(10) Line 22 divided by line 44.

104

Z.1, September 21, 2005

B.103 Balance Sheet of Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2000

1
2

Assets
Tangible assets

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

6560.8

6855.6

7167.9

7701.1

8466.6

7800.8

7991.1

8250.9

8466.6

8727.6

8998.2

1

5140.7

5280.2

5513.0

5912.2

6507.1

5976.3

6122.9

6338.3

6507.1

6717.3

6925.0

2

4703.0
3464.6
1238.4

4836.2
3621.5
1214.7

5054.1
3817.7
1236.5

5435.6
4153.9
1281.7

5999.5
4626.5
1373.0

5493.0
4202.4
1290.5

5631.1
4317.4
1313.7

5839.5
4496.3
1343.3

5999.5
4626.5
1373.0

6198.1
4787.9
1410.3

6396.9
4953.9
1443.0

3
4
5

367.5
38.8
328.6

377.4
39.8
337.6

390.2
40.4
349.8

405.7
40.3
365.4

429.6
41.8
387.8

410.7
40.7
370.1

417.3
41.1
376.2

422.4
41.2
381.2

429.6
41.8
387.8

439.5
43.6
395.9

448.2
44.9
403.3

6
7
8

3
4
5

Real estate (1)
Residential
Nonresidential

6
7
8

Equipment and software (2)
Residential (3)
Nonresidential

9

Inventories (2)

70.2

66.6

68.6

70.9

78.0

72.6

74.5

76.3

78.0

79.6

79.9

9

10

Financial assets

1420.1

1575.4

1655.0

1788.9

1959.5

1824.5

1868.2

1912.6

1959.5

2010.3

2073.2

10

274.1
137.6
49.4

274.5
144.7
59.0

280.1
156.2
61.3

287.7
163.6
53.1

291.3
172.5
49.9

289.4
165.2
49.2

290.3
167.8
49.0

291.4
170.2
48.3

291.3
172.5
49.9

291.2
175.0
52.2

292.3
177.3
56.0

11
12
13

40.2
2.4
20.6
0

42.8
3.5
23.3
0

42.8
3.4
23.1
0

44.3
3.6
24.7
0

46.3
3.8
25.0
0

44.9
3.6
24.8
0

45.4
3.7
25.0
0

45.9
3.7
25.1
0

46.3
3.8
25.0
0

46.7
3.8
24.8
0

47.0
3.9
24.5
0

14
15
16
17

342.1
553.7
45.8
1.6
506.2

343.9
683.6
48.3
1.8
633.5

362.8
725.2
52.5
1.8
671.0

418.4
793.6
56.9
2.1
734.6

482.2
888.5
60.5
1.9
826.2

433.3
814.1
57.9
2.2
753.9

449.1
837.9
59.1
2.1
776.7

465.1
862.9
60.5
2.0
800.4

482.2
888.5
60.5
1.9
826.2

499.6
916.9
61.1
2.1
853.7

517.8
954.2
62.0
1.9
890.4

18
19
20
21
22

11
12
13

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

14
15
16
17

Treasury securities
Municipal securities
Mortgages
Consumer credit

18
19
20
21
22

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

23
24
25
26
27
28
29
30
31

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

2673.9

2890.3

3085.1

3331.2

3594.5

3389.0

3455.0

3524.6

3594.5

3668.3

3762.8

23

1796.7

1959.3

2107.8

2264.0

2431.9

2298.7

2341.1

2386.9

2431.9

2480.6

2554.3

24

361.2
127.8
1307.6

405.3
125.3
1428.8

430.4
127.6
1549.8

420.1
133.3
1710.6

436.0
138.5
1857.4

422.2
133.7
1742.8

426.4
134.6
1780.1

429.9
138.0
1819.0

436.0
138.5
1857.4

442.1
137.4
1901.1

459.2
140.1
1955.1

25
26
27

259.9
64.6
552.6

255.0
68.7
607.3

281.0
70.2
626.2

325.2
79.5
662.4

383.3
84.0
695.4

338.4
80.9
671.0

352.7
81.9
679.3

367.2
83.1
687.4

383.3
84.0
695.4

399.7
84.9
703.0

414.9
85.7
707.9

28
29
30

3886.9

3965.3

4082.8

4370.0

4872.1

4411.7

4536.1

4726.3

4872.1

5059.3

5235.4

31

2107.8
919.7

2217.9
959.8

2317.4
985.6

2437.0
1004.5

2639.8
1077.2

2490.8
1023.4

2555.7
1042.2

2607.9
1060.8

2639.8
1077.2

2655.1
1105.7

2679.4
1134.4

32
33

46.2

49.4

51.6

51.8

49.9

52.1

51.6

50.5

49.9

49.0

48.8

34

Memo:

32
33

Replacement-cost value of structures:
Residential
Nonresidential

34

Debt/net worth (percent) (6)

(1) At market value.
(2) At replacement (current) cost.
(3) Durable goods in rental properties.
(4) Equity in the Farm Credit System.
(5) Line 1 less line 23. Included in table B.100, line 28.
(6) Line 24 divided by line 31.

105

Z.1, September 21, 2005

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
2000

1
2

Change in net worth (1)
Net investment

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

-495.1

-890.4

-1707.0

4993.7

4243.4

722.3

742.2

671.5

2107.4

564.8

940.3

1

41.5

429.1

263.1

548.9

332.6

118.6

27.6

15.8

170.6

155.0

1.1

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

490.5
1245.4
754.9

493.9
1293.0
799.1

529.0
1363.0
834.0

590.4
1462.3
871.8

652.3
1589.2
936.9

146.6
370.5
223.9

170.9
399.9
229.0

165.7
411.7
246.0

169.1
407.1
238.0

175.0
410.3
235.4

191.2
430.3
239.1

3
4
5

6
7
8

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

-449.0
120.0
569.0

-64.8
508.0
572.8

-265.9
439.9
705.9

-41.5
850.4
891.9

-319.7
779.3
1099.1

-28.0
182.9
210.9

-143.3
115.9
259.2

-149.9
146.5
296.4

1.5
334.0
332.5

-20.0
153.8
173.8

-190.1
76.2
266.3

6
7
8

-412.9

-1194.5

-1835.1

4546.5

3934.3

601.4

717.5

676.9

1938.4

404.2

947.0

9

835.2
-1018.7
-268.8
436.3

808.5
-1127.9
-348.7
131.4

946.1
-1630.3
-445.9
252.6

1138.3
1294.2
459.4
442.4

1875.5
431.0
281.0
620.9

265.1
0.3
94.2
78.0

439.6
70.9
4.4
143.6

759.8
-199.0
-42.1
220.9

411.0
558.7
224.5
178.4

466.6
-105.3
-4.6
280.9

585.1
-27.0
26.0
207.5

10
11
12
13

-396.9

-657.8

-957.5

1212.3

725.9

163.8

59.0

-62.7

565.8

-233.4

155.2

14

-26.8

-65.8

-76.5

-98.8

-21.5

-0.4

-2.2

-23.0

4.1

7.7

-5.8

15

9
10
11
12
13
14

15

Holding gains on assets
at market value (2)
Real estate
Corporate equities
Mutual fund shares
Equity in noncorporate business
Life insurance and
pension fund reserves
Holding gains on assets
at current cost (2)

16
17

Consumer durable goods
Equipment and software

-26.1
-0.7

-65.1
-0.7

-76.5
-0.1

-99.2
0.3

-21.5
-0.0

-0.2
-0.1

-2.6
0.3

-22.8
-0.2

4.1
0.0

7.0
0.7

-5.8
-0.0

16
17

18

Other volume changes (3)

-96.9

-59.2

-58.4

-2.9

-2.0

2.7

-0.7

1.9

-5.8

-2.1

-2.0

18

41689.5
7194.0

40799.1
7486.8

39092.1
7830.1

44085.8
8169.2

48329.2
8664.2

44808.1
8475.3

45550.3
8580.3

46221.8
8670.9

48329.2
8930.4

48894.0
8902.0

49834.3
9017.8

19
20

Memo:
19
20

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18).
(2) Calculated as change in amount outstanding less net purchases during period.
(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.
(4) Table B.100, line 41.

106

Z.1, September 21, 2005

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
2000

1
2

Change in net worth (1)
Net investment

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1133.8

-108.6

184.5

614.8

1024.2

178.4

269.6

247.6

328.7

267.0

293.8

1

240.8

191.3

114.5

132.3

196.2

38.1

71.8

38.7

47.6

4.1

27.7

2

3
4
5
6
7

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Nonproduced nonfinancial assets

387.2
928.6
564.0
-14.1
-8.5

157.0
802.5
642.8
11.4
-8.6

110.9
737.1
639.4
-2.2
-10.9

127.7
751.5
648.2
-13.3
-11.2

226.9
861.0
685.6
-39.6
-11.8

47.0
204.0
165.7
-5.8
-2.9

60.4
214.6
167.8
-10.8
-2.7

56.4
216.8
179.2
-15.5
-3.4

63.1
225.7
172.8
-7.5
-2.7

70.3
232.6
173.2
-7.6
-3.3

56.6
227.9
173.7
-2.5
0.1

3
4
5
6
7

8
9
10

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

-28.2
1209.2
1237.4

82.4
177.6
95.2

45.2
130.1
84.9

62.4
90.9
28.5

126.3
521.9
395.5

11.6
127.0
115.4

51.3
121.1
69.8

33.1
100.4
67.3

30.3
173.3
143.0

-9.7
82.6
92.3

44.7
120.6
75.9

8
9
10

11

Net corporate equity issues

-118.2

-48.1

-41.6

-57.8

-157.0

-20.6

-39.9

-50.8

-45.8

-56.5

-73.6

11

281.6

-164.8

119.3

256.8

417.2

60.0

87.8

120.1

149.3

152.4

131.2

12

296.6
-15.0

-149.8
-15.0

137.9
-18.6

237.9
19.0

404.2
13.0

56.3
3.6

87.2
0.6

121.5
-1.4

139.2
10.2

150.4
2.0

129.2
2.0

13
14

12
13
14

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

15

Holding gains on assets less
liabilities at current cost (2)

-47.6

80.1

65.9

88.4

116.2

26.0

30.3

17.5

42.3

31.6

14.7

15

16
17
18
19

Equipment and software
Inventories (3)
Direct investment abroad
- Foreign direct investment in U.S.

-7.3
12.5
-33.9
19.0

-21.9
-26.5
21.0
-107.5

-14.3
22.0
-23.6
-81.8

17.3
16.2
44.8
-10.0

54.0
44.7
24.0
6.5

10.9
15.1
0
0.0

18.9
11.4
0
0.0

9.7
7.8
0
-0.0

14.4
10.4
24.0
6.5

24.5
7.1
0
-0.0

13.0
1.7
0
0.0

16
17
18
19

20

Other volume changes (4)

659.1

-215.2

-115.2

137.3

294.7

54.4

79.6

71.3

89.4

78.9

120.1

20

9325.9

9217.3

9401.8

10016.5

11040.8

10194.9

10464.5

10712.1

11040.8

11307.7

11601.5

21

Memo:
21

Net worth outstanding (5)

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20).
(2) Calculated as change in amount outstanding less net purchases during period.
(3) Before inventory valuation adjustment.
(4) Consists of statistical discontinuities.
(5) Table B.102, line 32.

107

Z.1, September 21, 2005

R.103 Change in Net Worth of Nonfarm Noncorporate Business
Billions of dollars; not seasonally adjusted
2000

2001

2002

2003

2004

2004
Q1

1
2

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

2005

Q2

Q3

Q4

Q1

Q2

332.8

78.4

117.5

287.2

502.1

41.8

124.4

190.2

145.7

187.3

176.1

1

-47.2

-17.2

-84.0

-79.0

-58.5

-16.8

-1.2

-24.5

-16.0

-12.4

-12.1

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

49.5
218.2
168.7

44.6
193.9
149.3

31.2
182.7
151.5

33.1
194.4
161.3

34.1
210.9
176.8

5.5
45.6
40.1

21.0
63.8
42.8

0.7
50.3
49.5

6.9
51.3
44.4

10.6
54.2
43.6

19.6
65.3
45.7

3
4
5

6

Net acquisition of financial assets

244.7

155.3

79.6

133.9

170.6

35.6

43.8

44.4

46.9

50.8

62.9

6

162.7
-4.9
4.0
55.3

148.5
26.0
1.5
18.9

156.1
44.2
9.4
36.3

167.9
58.1
4.5
32.8

34.8
13.2
1.4
8.5

42.4
14.3
1.0
8.3

45.8
14.5
1.2
8.1

45.0
16.1
0.9
7.9

48.8
16.4
0.9
7.6

73.7
15.1
0.8
4.9

7
8
9
10

7
8
9
10

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

197.1
46.6
11.7
86.0

11

Holding gains on real estate (3)

341.6

86.1

193.4

341.9

479.0

44.5

116.3

177.1

141.0

173.4

171.6

11

265.6
75.9

129.1
-43.0

160.2
33.2

283.7
58.2

381.6
97.4

31.0
13.6

95.4
20.9

148.4
28.7

106.8
34.2

136.9
36.6

140.6
31.0

12
13

12
13

Residential
Nonresidential

14

Holding gains on assets at current cost (3)

12.7

3.9

7.2

2.0

-26.2

1.1

-7.7

-13.8

-5.7

-0.8

-11.2

14

15
16
17

Residential equipment and software
Nonresidential equipment and software
Inventories

0.2
11.1
1.4

-0.0
5.9
-2.0

-0.6
6.5
1.3

-1.4
1.8
1.6

-0.3
-30.3
4.4

-0.1
0.0
1.1

-0.1
-8.8
1.2

-0.3
-14.8
1.2

0.1
-6.8
0.9

1.2
-2.8
0.8

0.7
-12.1
0.2

15
16
17

-21.5

-11.6

-83.1

-56.7

49.3

-3.8

15.8

26.9

10.5

14.6

15.7

18

3886.9

3965.3

4082.8

4370.0

4872.1

4411.7

4536.1

4726.3

4872.1

5059.3

5235.4

19

18

Other volume changes (4)
Memo:

19

Net worth outstanding (5)

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

108

Z.1, September 21, 2005

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

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

1

Net financial investment

53.5

42.1

21.7

8.8

23.3

11.1

52.5

48.5

83.6

9.2

1.5

-6.0

39.6

1

2

Net acquisition of financial assets

70.9

75.8

53.8

46.4

53.0

45.2

76.5

84.9

120.0

47.4

55.0

28.8

108.1

2

3
4
5
6

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

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

8.3
1.1
9.4
1.4

2.9
0.3
-1.8
0.0

3.1
1.1
7.1
1.3

2.3
0.6
3.8
0.7

5.1
0.8
4.5
0.8

3
4
5
6

7

Credit market instruments

54.9

21.9

22.2

-17.6

10.9

25.5

16.6

38.8

36.7

23.1

36.4

46.7

32.6

7

38.2
6.4
4.5
0.0
6.6
-0.8

-5.7
13.8
2.6
0.5
9.7
0.9

5.8
4.8
4.6
-0.5
8.2
-0.7

-35.2
6.1
3.6
0.0
7.9
-0.1

-5.8
6.8
3.1
0.2
5.6
0.9

12.4
5.1
2.3
0.3
4.5
0.9

4.7
6.4
2.9
0.4
2.4
-0.1

2.0
16.4
7.6
0.1
11.9
0.9

4.1
13.9
6.4
0.0
11.7
0.6

1.3
8.9
4.1
-0.1
8.3
0.6

3.0
11.6
5.4
0.1
15.4
0.9

4.7
17.5
8.1
0.1
15.4
0.8

12.4
5.4
2.5
0.0
10.5
1.7

8
9
10
11
12
13

5.2
-1.0

16.1
2.6

15.0
1.2

-18.6
-3.3

18.6
0.7

8.9
-0.7

45.1
1.5

-10.4
1.3

21.0
2.4

-30.6
-1.0

-40.7
0.4

-67.4
-3.3

15.4
-1.0

14
15

2.8
2.8

2.8
2.8

2.6
2.6

2.0
2.0

1.1
1.1

0.8
1.8

2.0
2.1

1.5
1.6

3.4
3.5

3.7
2.6

4.6
4.6

1.1
1.1

4.3
4.3

16
17

-0.1
18.6

-3.9
21.0

-6.0
24.5

15.2
20.5

10.6
1.2

7.0
15.0

0.2
10.1

10.2
38.0

8.4
24.4

9.7
38.3

12.5
24.7

12.0
31.2

16.3
25.0

18
19

17.3

33.6

32.1

37.6

29.7

34.1

24.0

36.4

36.3

38.2

53.5

34.7

68.5

20

7.8

12.0

12.2

14.5

9.6

14.2

2.8

-0.1

11.5

13.4

23.6

13.5

19.3

21

8
9
10
11
12
13

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

14
15

Corporate equities
Mutual fund shares

16
17

Security credit
Trade receivables (2)

18
19

Equity in noncorporate business
Miscellaneous assets (2)

20
21

Net increase in liabilities
Credit market instruments

22
23
24
25

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

1.8
0.2
-0.0
5.8

3.5
-5.2
-0.0
13.8

3.3
-1.1
0.3
9.7

4.0
-2.8
0.4
12.9

2.0
2.4
-0.2
5.4

1.4
5.0
0.1
7.7

3.6
6.4
0.1
-7.4

0.7
8.9
-0.1
-9.6

6.6
0.2
0.0
4.7

10.0
4.8
-0.2
-1.2

12.0
3.1
-0.1
8.6

10.4
-4.3
0.1
7.3

5.8
1.3
-0.3
12.5

22
23
24
25

26
27

Trade payables
Miscellaneous liabilities (2)

2.4
7.1

16.2
5.5

9.3
10.5

9.4
13.7

5.9
14.2

6.0
14.0

5.2
16.0

7.9
28.6

8.0
16.8

8.9
15.8

8.7
21.2

4.1
17.0

3.8
45.4

26
27

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

109

Z.1, September 21, 2005

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

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

590.7

710.5

742.1

828.1

890.2

957.1

1025.5

1214.0

1414.1

1607.3

1793.9

1974.7

2003.8

1

17.0
1.5
15.9
1.7

15.9
6.8
20.8
4.8

17.3
0.6
19.6
2.5

21.3
11.1
52.5
1.3

22.5
8.7
56.5
7.3

24.1
7.1
42.7
7.8

21.6
7.3
43.8
8.0

23.9
7.5
45.1
8.2

32.1
8.6
54.5
9.6

35.0
8.9
52.7
9.6

38.1
10.0
59.8
10.9

40.4
10.6
63.6
11.6

45.5
11.4
68.1
12.5

2
3
4
5

229.3

251.2

273.4

255.9

266.8

292.3

308.9

347.7

384.4

407.6

443.9

490.6

523.2

6

93.6
55.7
26.3
0.1
51.1
2.6

87.9
69.5
28.9
0.6
60.8
3.5

93.7
74.3
33.5
0.1
69.0
2.8

58.5
80.3
37.1
0.2
77.0
2.8

52.7
87.1
40.3
0.4
82.6
3.7

65.0
92.2
42.6
0.8
87.1
4.6

69.7
98.5
45.5
1.1
89.5
4.5

71.7
114.9
53.1
1.2
101.4
5.3

75.8
128.8
59.5
1.3
113.1
6.0

77.1
137.6
63.6
1.2
121.4
6.6

80.2
149.2
69.0
1.3
136.8
7.4

84.9
166.8
77.1
1.5
152.2
8.3

97.3
172.2
79.6
1.5
162.6
10.0

7
8
9
10
11
12

145.8
10.2

203.0
15.8

197.5
15.3

214.6
15.9

241.1
17.7

270.2
18.5

308.2
19.0

397.1
24.6

494.7
30.4

604.9
34.5

692.0
38.7

769.3
42.7

708.6
38.8

13
14

13
14

Corporate equities
Mutual fund shares

15
16

Security credit
Trade receivables (2)

25.7
25.7

28.5
28.5

31.1
31.1

33.1
33.1

34.3
34.3

35.0
36.1

37.1
38.1

38.6
39.7

42.0
43.2

45.8
45.8

50.3
50.3

51.5
51.5

55.8
55.8

15
16

17
18

Equity in noncorporate business
Miscellaneous assets (2)

26.1
92.0

22.2
112.9

16.2
137.4

31.4
158.0

42.0
159.2

49.0
174.2

49.2
184.3

59.4
222.2

67.8
246.7

77.5
285.0

90.0
309.7

102.0
340.9

118.3
365.9

17
18

253.8

287.5

319.5

357.1

386.8

421.0

444.9

481.4

517.7

555.8

609.3

644.1

712.5

19

154.7

166.7

178.9

193.4

203.0

217.1

219.9

219.8

231.4

244.8

268.4

281.9

301.2

20

19
20

Liabilities
Credit market instruments

21
22
23
24

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

79.9
15.5
0.3
59.0

83.3
10.3
0.3
72.8

86.6
9.2
0.5
82.5

90.6
6.4
0.9
95.5

92.6
8.8
0.7
100.9

94.0
13.8
0.8
108.5

97.6
19.9
0.9
101.5

98.3
28.8
0.8
91.9

104.9
29.0
0.9
96.6

114.9
34.1
0.7
95.1

126.9
37.2
0.6
103.7

137.3
35.8
0.7
108.2

143.0
37.1
0.4
120.7

21
22
23
24

25
26

Trade payables
Miscellaneous liabilities (2)

41.3
57.9

57.4
63.3

66.8
73.9

76.2
87.6

82.1
101.8

88.1
115.8

93.2
131.8

101.1
160.4

109.1
177.2

118.0
193.0

126.8
214.2

130.9
231.2

134.7
276.6

25
26

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

110

Z.1, September 21, 2005

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7
8
9

2001

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

3126.0
1235.7
708.9
255.0
7.3
702.7
117.5
93.7
5.3

3113.2
1237.3
728.6
195.0
7.2
731.2
113.7
101.8
-1.4

2958.7
1051.8
762.8
182.6
7.3
750.0
98.4
104.9
0.9

3018.1
999.9
801.4
221.9
8.5
776.6
97.6
110.9
1.3

3208.2
1049.1
852.8
258.9
9.2
822.2
99.0
120.1
-3.0

3122.0
1009.6
837.1
246.5
9.2
806.3
97.6
117.5
-1.6

3181.2
1034.0
847.8
262.1
8.5
813.0
98.2
119.9
-2.2

3208.0
1058.4
855.5
246.9
7.9
825.9
99.2
117.2
-3.0

3321.6
1094.3
870.9
280.1
11.2
843.5
101.0
125.7
-5.2

3497.2
1171.4
883.8
348.1
9.7
861.0
101.2
128.2
-6.1

3579.8
1210.7
900.3
364.2
8.6
870.1
102.9
130.1
-7.1

1
2
3
4
5
6
7
8
9

10
11
12
13
14
15
16

Current expenditures, NIPA basis
Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies
- Wage accruals less disbursements

2886.6
1417.1
1044.1
18.3
362.8
44.3
0.0

3061.6
1501.6
1146.6
14.0
344.1
55.3
0.0

3240.8
1616.9
1251.6
18.8
315.1
38.4
0.0

3424.7
1736.7
1316.4
23.6
301.4
46.7
0.0

3620.6
1843.4
1397.5
25.9
310.3
43.5
0.0

3557.8
1805.8
1373.5
33.5
304.2
42.3
1.5

3596.3
1830.1
1393.8
22.4
306.8
41.8
-1.5

3638.9
1859.6
1400.1
22.2
313.8
43.2
-0.0

3689.2
1878.2
1422.6
25.3
316.5
46.5
0.0

3788.1
1918.6
1462.9
38.3
317.8
50.6
0.0

3840.0
1937.2
1483.4
23.6
342.8
53.1
0.0

10
11
12
13
14
15
16

17
18
19
20

Net government saving, NIPA basis
+ Consumption of fixed capital
- Insurance and pension fund reserves (2)
+ Net capital transfers (3)

239.4
197.0
1.8
35.6

51.6
206.0
3.3
35.7

-282.1
211.6
-1.7
29.0

-406.5
218.5
-0.6
11.1

-412.3
229.1
0.0
13.9

-435.8
223.3
1.6
13.4

-415.0
228.1
-3.8
13.5

-430.9
230.6
-1.3
15.9

-367.7
234.5
3.5
12.9

-290.9
237.5
5.4
-1.8

-260.2
240.2
-1.8
12.5

17
18
19
20

21

= Gross saving and net capital transfers

470.3

290.0

-39.8

-176.3

-169.3

-200.7

-169.7

-183.1

-123.8

-60.6

-5.7

21

22
23
24

Gross investment
Fixed investment
Nonproduced nonfinancial assets

546.4
304.6
8.5

299.3
324.0
8.6

-20.0
344.3
10.9

-191.2
355.3
11.1

-135.6
372.5
11.8

-284.6
360.4
11.6

-101.3
375.0
10.9

-75.1
372.9
13.6

-81.2
381.7
11.0

-272.8
383.4
12.5

211.9
401.0
11.8

22
23
24

25
26
27
28
29
30
31

Net financial investment
Net acquisition of financial assets
Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

233.4
2.8
-0.6
-64.9
11.6
2.8
-10.2

-33.2
132.6
4.6
45.1
16.2
3.2
-11.1

-375.2
57.5
3.4
-12.0
25.9
1.6
-16.4

-557.6
83.1
-1.8
15.6
-16.6
3.6
7.2

-519.8
36.5
-3.1
-33.2
7.3
3.1
6.1

-656.6
58.8
-2.5
-52.3
6.3
3.9
7.7

-487.2
-2.3
-4.8
-8.7
1.2
0.3
0.5

-461.6
40.6
-2.0
-57.3
24.1
3.4
6.6

-473.9
49.1
-3.2
-14.6
-2.3
4.9
9.7

-668.6
165.3
-21.6
106.8
6.7
3.1
6.2

-201.0
-83.0
2.9
-36.1
49.4
-0.5
-1.0

25
26
27
28
29
30
31

32
33
34
35
36
37
38
39
40
41
42
43
44

Credit market instruments
Open market paper
Agency- and GSE-backed securities (4)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (5)
Corporate equities
Mutual fund shares
Trade receivables
Taxes receivable
Miscellaneous assets

79.0
15.4
41.9
0.2
9.9
-2.0
16.1
-2.6
6.3
1.3
10.4
-6.7
-26.1

80.8
17.4
47.2
0.2
11.2
-2.1
13.1
-6.2
4.0
0.4
13.2
-7.0
-16.8

69.3
14.4
41.9
0.1
9.1
-4.8
12.7
-4.1
10.3
2.1
-0.7
2.5
-28.5

41.5
9.4
20.4
0.3
6.5
5.3
1.3
-1.6
-17.5
-5.4
26.4
40.3
-10.2

41.6
8.0
17.5
0.2
5.5
8.2
4.3
-2.2
-5.2
-1.6
16.9
11.9
-7.3

52.3
10.1
22.0
0.3
7.0
16.3
-0.9
-2.5
-2.1
-0.7
22.4
36.3
-12.6

-8.8
0.7
1.5
0.0
0.5
-5.4
-5.0
-1.1
-2.7
-0.8
12.7
10.6
-1.9

65.3
8.7
18.9
0.2
6.0
7.9
26.3
-2.7
12.1
3.7
11.9
0.6
-27.8

57.5
12.7
27.5
0.3
8.7
14.0
-3.3
-2.5
-27.9
-8.5
20.4
0.0
13.0

37.1
8.1
17.6
0.2
5.6
6.9
9.1
-10.4
14.2
4.3
-2.8
91.5
-80.1

-5.3
13.6
-3.0
-0.0
-0.9
0.1
-8.0
-7.1
-8.1
-2.5
9.0
4.1
-94.8

32
33
34
35
36
37
38
39
40
41
42
43
44

-230.6
-4.0
2.4
-285.1
-1.7
-299.0
-1.0
16.5
0.0
31.8
1.4
22.9

165.8
0.0
1.3
81.6
5.6
-29.0
-0.5
105.5
0.0
28.6
1.4
53.0

432.7
0.0
1.0
374.7
4.5
226.2
0.5
143.4
0.0
29.5
1.6
26.0

640.7
0.0
0.6
505.3
8.9
381.2
-2.4
117.5
0.0
103.0
1.1
30.7

556.4
0.0
0.7
454.7
0.6
339.7
-0.6
115.0
0.0
49.6
1.1
50.3

715.4
0.0
0.8
612.4
3.5
451.9
1.1
155.9
0.0
59.7
-0.0
42.6

484.9
0.0
1.2
395.3
1.5
346.5
-3.6
51.0
0.0
51.3
1.9
35.3

502.2
0.0
0.7
398.0
-1.1
254.6
-0.2
144.7
0.0
50.8
0.2
52.5

523.0
0.0
0.1
413.1
-1.4
306.0
0.3
108.2
0.0
36.8
2.3
70.7

833.9
0.0
0.8
739.7
0.1
538.9
-0.7
201.4
0.0
47.2
0.0
46.2

118.0
0.0
1.1
8.5
0.7
-87.8
-1.4
97.0
0.0
53.0
1.7
53.7

45
46
47
48
49
50
51
52
53
54
55
56

45
46
47
48
49
50
51
52
53
54
55
56

Net increase in liabilities
SDR certificates
Treasury currency
Credit market instruments
Savings bonds
Other Treasury securities (6)
Budget agency securities
Municipal securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (7)

57

Discrepancy

-76.2

-9.3

-19.8

14.9

-33.8

83.9

-68.3

-107.9

-42.7

212.2

-217.6

57

58
59
60

Memo:
Net govt. saving less fixed investment (8)
Adjustment between NIPA and FOF (9)
Items to be financed (10)

-65.1
298.5
233.4

-272.4
239.1
-33.2

-626.4
260.9
-365.5

-761.8
214.4
-547.4

-784.9
264.4
-520.4

-796.2
139.4
-656.9

-790.0
301.9
-488.1

-803.8
341.3
-462.4

-749.4
275.1
-474.3

-674.3
4.1
-670.2

-661.3
459.4
-201.8

58
59
60

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.
(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.
Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.
(3) Table F.9, line 1.
(4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(5) Excludes loans to state and local governments.
(6) Excludes Treasury securities owed to state and local governments.
(7) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.
(8) Line 17 less line 23.
(9) Line 18 plus line 20 less sum of lines 19, 24, and 56.
(10) Line 57 plus line 58.

111

Z.1, September 21, 2005

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2000

1

2002

2003

2004

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

1864.8

2032.1

2053.7

2184.9

2223.9

2204.9

2209.3

2220.6

2223.9

2245.0

2242.9

1

2
3
4
5
6

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

41.0
56.6
124.1
54.2
143.6

43.1
103.2
140.3
57.4
132.5

51.1
89.0
166.3
59.0
116.1

55.1
102.0
149.6
62.6
123.2

54.5
67.6
157.0
65.7
129.4

54.3
69.3
151.4
63.6
125.2

52.3
89.4
151.8
63.7
125.3

52.0
77.4
153.9
64.5
127.0

54.5
67.6
157.0
65.7
129.4

47.5
74.4
158.8
66.5
130.9

46.1
87.2
171.3
66.4
130.7

2
3
4
5
6

7

Credit market instruments

844.5

925.3

994.6

1036.1

1077.6

1049.1

1046.9

1063.3

1077.6

1086.9

1085.6

7

120.2
241.1
3.7
84.3
208.2
67.0
119.9

137.6
288.3
4.0
95.5
206.1
80.1
113.8

152.0
330.2
4.1
104.6
201.2
92.8
109.7

161.4
350.6
4.4
111.1
206.5
94.1
108.1

169.4
368.1
4.6
116.6
214.7
98.4
105.8

163.9
356.1
4.4
112.8
210.5
93.9
107.4

164.1
356.5
4.4
113.0
209.2
92.6
107.1

166.2
361.2
4.5
114.5
211.2
99.2
106.5

169.4
368.1
4.6
116.6
214.7
98.4
105.8

171.4
372.5
4.6
118.0
216.4
100.6
103.3

174.8
371.8
4.6
117.8
216.4
98.6
101.5

8
9
10
11
12
13
14

93.8
31.0

88.4
28.3

79.6
24.4

84.5
25.9

88.7
27.2

85.9
26.3

85.9
26.3

87.1
26.7

88.7
27.2

89.8
27.5

89.6
27.4

15
16

138.6
84.7
252.7

151.9
125.9
235.9

151.2
120.8
201.7

177.6
176.3
192.0

194.5
176.8
184.9

185.9
201.8
192.1

189.4
188.4
189.9

190.0
190.3
188.6

194.5
176.8
184.9

196.7
194.7
171.2

199.3
190.9
148.5

17
18
19

5735.8

5909.3

6342.2

6985.2

7540.4

7155.8

7243.6

7374.5

7540.4

7739.3

7727.5

20

2.2
23.2

2.2
24.5

2.2
25.5

2.2
26.0

2.2
26.7

2.2
26.2

2.2
26.5

2.2
26.7

2.2
26.7

2.2
26.9

2.2
27.2

21
22

4257.8
184.8
2862.1
27.3
1183.6
0.0

4339.4
190.3
2833.1
26.8
1289.2
0.0

4714.0
194.9
3059.3
27.3
1432.6
0.0

5219.3
203.8
3440.5
24.9
1550.1
0.0

5674.0
204.4
3780.3
24.3
1665.0
0.0

5384.1
204.4
3565.6
25.1
1588.9
0.0

5447.0
204.6
3601.1
24.2
1617.2
0.0

5548.6
204.1
3685.2
24.2
1635.0
0.0

5674.0
204.4
3780.3
24.3
1665.0
0.0

5867.6
204.2
3924.3
24.1
1715.0
0.0

5842.2
204.2
3858.4
23.7
1756.0
0.0

23
24
25
26
27
28

704.9
36.4
711.3

733.5
37.8
772.0

762.9
39.4
798.2

866.0
40.5
831.3

915.6
41.6
880.3

883.0
40.5
819.8

897.1
40.9
829.8

909.6
41.0
846.5

915.6
41.6
880.3

929.4
41.6
871.6

944.0
42.0
869.9

29
30
31

8
9
10
11
12
13
14

Total financial assets

2001

Open market paper
Agency- and GSE-backed securities (1)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (2)

15
16

Corporate equities
Mutual fund shares

17
18
19

Trade receivables
Taxes receivable
Miscellaneous assets

20

Total liabilities

21
22

SDR certificates
Treasury currency

23
24
25
26
27
28

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

29
30
31

Trade payables
Insurance reserves
Miscellaneous liabilities (4)

(1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(2) Excludes loans to state and local governments.
(3) Excludes Treasury securities owed to state and local governments.
(4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.

112

Z.1, September 21, 2005

F.118.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

1

Net acquisition of financial assets

11.8

47.8

45.2

-27.2

-40.6

-47.0

-49.3

-88.5

-103.6

-90.9

-55.5

-16.2

-22.7

1

2
3
4
5

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

0.0
-9.1
0.0
-1.1

-0.0
6.4
0.0
-0.0

0.8
13.1
0.0
-4.2

0.3
4.8
0.0
-0.2

0.2
10.8
0.0
3.2

0.4
13.3
0.0
0.3

0.6
15.1
0.0
0.6

0.2
-9.3
0.0
2.0

1.2
17.4
0.0
-2.5

0.2
6.2
0.0
0.8

0.2
4.1
0.0
0.5

0.1
1.7
0.0
0.2

0.1
1.7
0.0
0.2

2
3
4
5

6

Credit market instruments

17.1

22.9

35.6

24.1

-8.9

39.7

-20.1

84.6

-88.2

5.3

16.3

13.3

25.3

6

-1.1
-11.0
11.5

-0.0
-5.6
15.9

-4.2
10.1
30.7

-0.2
2.0
4.7

3.2
-4.6
-10.8

0.3
3.7
8.6

0.6
-20.2
-16.7

2.0
4.1
32.0

-2.5
-8.4
-26.6

0.8
0.6
1.8

0.5
1.9
6.1

0.2
1.6
5.1

0.2
2.8
10.0

7
8
9

20.8
-3.1

14.0
-1.4

2.7
-3.7

17.4
0.2

3.1
0.1

26.5
0.6

16.4
-0.3

46.5
0.1

-49.9
-0.8

2.3
-0.0

7.8
0.0

6.5
-0.1

12.4
-0.1

10
11

8.7
2.3

6.8
4.4

-3.8
3.7

-51.1
1.9

-55.3
-2.2

-100.9
1.3

-54.6
3.3

-154.6
-4.5

-65.7
34.4

-124.0
15.6

-90.0
10.0

-43.3
18.2

-36.3
-6.2

12
13

-6.1
-5.0
5.6
-6.7

7.3
-0.6
7.4
0.6

0.1
-5.1
6.2
-1.0

-6.9
-6.0
-0.3
-0.6

11.7
2.3
-0.3
9.7

-1.2
-5.6
3.5
0.9

5.9
-3.8
8.0
1.8

-7.0
-14.4
2.7
4.8

-0.2
-4.6
11.8
-7.4

4.9
5.1
-0.1
-0.1

3.5
3.2
0.1
0.1

-6.4
-4.6
-1.1
-0.7

-7.6
-5.3
-1.4
-0.9

14
15
16
17

7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

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

F.118.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

52.4

51.4

40.4

53.4

38.7

29.4

33.4

12.9

9.7

16.3

17.3

24.2

18.5

1

2
3
4
5

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

-0.1
-8.0
1.0
1.3

0.2
-9.9
6.5
0.9

0.1
-6.3
5.3
-2.0

0.4
-0.2
6.0
0.2

0.4
-5.5
10.8
1.3

0.8
-5.8
13.1
0.6

-1.5
13.3
1.9
0.6

1.0
-19.6
11.7
1.7

1.3
0.2
1.7
0.1

0.2
0.9
3.8
0.7

0.2
0.5
2.3
0.5

0.1
0.7
1.5
0.3

0.1
0.3
0.8
0.1

2
3
4
5

6

Credit market instruments

8.8

13.3

4.1

-7.6

2.4

6.1

-5.9

14.7

-8.2

8.0

9.4

0.9

9.5

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.9
2.6
-0.9

0.7
1.2
-1.8

-2.0
6.7
10.2

0.7
-2.5
-2.0

2.4
-0.2
0.2

0.9
-1.2
-0.9

2.5
-13.0
0.1

5.0
-1.8
6.3

-2.6
1.2
0.9

0.2
-0.3
5.7

2.1
2.7
-0.4

-2.4
-0.2
1.8

0.9
2.1
3.2

7
8
9

Corporate and foreign bonds
Mortgages

6.9
-0.6

13.2
-0.2

-9.3
-1.4

-4.3
0.5

-0.5
0.5

7.2
0.1

4.5
-0.0

3.6
1.6

-7.8
0.0

2.4
0.1

4.9
-0.0

1.7
-0.0

3.4
-0.1

10
11

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

27.6
13.0

13.4
22.4

4.1
20.1

-21.0
43.1

-20.4
25.3

-41.3
41.4

24.1
-6.8

-105.7
107.1

-17.0
49.6

-5.8
2.3

-31.4
40.4

-1.5
33.4

-7.8
32.0

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

8.8
10.6
4.4
-6.2

4.6
12.9
4.9
-13.2

15.0
8.9
5.5
0.6

32.6
23.7
4.4
4.5

24.2
12.2
4.3
7.7

14.7
4.6
3.6
6.5

7.8
-11.0
13.4
5.5

2.1
4.5
-10.3
7.9

-17.9
-19.6
2.2
-0.5

6.3
5.1
0.7
0.5

-4.6
-7.8
-0.0
3.2

-11.2
-12.5
-0.3
1.5

-16.5
-11.3
-1.0
-4.2

14
15
16
17

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Total held at:

82.9

86.7

85.6

122.2

132.8

151.8

191.5

219.7

239.8

182.9

194.8

211.7

244.7

1

2
3
4

Commercial banking
Saving institutions
Credit unions

-0.5
-8.3
0.9

-2.9
-9.1
-0.3

-1.1
-6.3
-0.0

6.5
-1.9
1.2

0.7
-3.9
0.9

0.1
-6.0
1.2

-0.5
-5.3
0.3

-3.4
-3.1
0.9

8.9
-2.3
0.4

3.1
-1.8
3.2

5.4
-0.7
3.4

0.4
1.3
3.5

2.0
-1.4
0.9

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

4.9
3.0
39.0
43.8

12.6
5.0
58.7
22.7

13.2
13.7
11.6
54.5

11.2
12.9
64.0
28.3

10.3
13.8
48.8
62.1

47.5
2.0
93.4
13.6

24.6
25.0
88.7
58.6

40.8
20.0
93.8
70.6

19.5
4.0
48.4
160.9

26.6
18.0
31.1
102.7

82.2
11.0
20.4
73.1

5.2
-14.0
107.0
108.3

29.7
-11.0
73.5
151.2

5
6
7
8

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

113

Z.1, September 21, 2005

L.118.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

1079.9

1195.1

1276.0

1460.5

1579.0

1746.8

1885.4

2071.7

1914.0

1685.5

1409.2

1680.0

1810.6

1

1.0
47.6
0.0
15.8

1.0
54.1
0.0
15.8

1.8
67.1
0.0
11.6

2.1
71.9
0.0
11.4

2.2
82.7
0.0
14.6

2.6
96.0
0.0
14.9

3.2
111.1
0.0
15.5

3.4
101.7
0.0
17.5

4.7
119.1
0.0
15.0

4.9
125.3
0.0
15.8

5.1
129.4
0.0
16.3

5.1
131.1
0.0
16.5

5.2
132.9
0.0
16.7

2
3
4
5

379.8

402.7

438.3

462.4

453.5

493.1

473.0

557.6

469.5

474.8

491.1

504.5

529.8

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

15.8
73.7
135.8

15.8
68.1
151.7

11.6
78.2
182.4

11.4
80.2
187.1

14.6
75.6
176.4

14.9
79.3
185.0

15.5
59.1
168.3

17.5
63.2
200.2

15.0
54.8
173.6

15.8
55.4
175.4

16.3
57.3
181.5

16.5
58.9
186.6

16.7
61.7
196.6

7
8
9

Corporate and foreign bonds
Mortgages

144.7
9.9

158.7
8.5

161.4
4.7

178.8
4.9

181.9
5.0

208.4
5.6

224.8
5.3

271.3
5.3

221.5
4.6

223.7
4.6

231.5
4.6

238.0
4.5

250.4
4.4

10
11

12
13

Corporate equities
Mutual fund shares

484.5
15.6

555.6
22.3

559.9
39.0

699.6
54.8

785.8
63.8

876.0
81.4

986.6
101.0

1069.9
122.8

958.7
150.3

723.8
148.5

456.6
130.8

643.0
185.0

719.9
206.0

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

135.5
69.6
30.7
35.2

143.5
69.7
38.0
35.8

158.2
79.2
44.2
34.8

158.3
80.3
43.9
34.2

176.4
88.9
43.6
43.9

182.6
90.7
47.1
44.8

194.9
93.3
55.1
46.6

198.7
89.6
57.8
51.4

196.9
83.4
69.6
43.9

192.3
79.0
69.5
43.9

179.9
66.4
69.6
43.9

194.8
83.1
68.5
43.2

200.1
90.7
67.1
42.3

14
15
16
17

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

L.118.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

956.1

1087.9

1157.9

1428.3

1627.7

1942.5

2219.4

2499.6

2441.0

2230.8

1900.1

2347.4

2662.3

1

2.0
51.1
19.8
11.6

2.2
41.3
26.3
12.6

2.3
35.0
31.6
10.6

2.7
34.7
37.5
10.7

3.1
29.3
48.4
12.1

4.0
23.4
61.4
12.7

2.5
36.7
63.4
13.2

3.5
17.0
75.1
14.9

4.8
17.3
76.7
15.0

5.0
18.2
80.5
15.8

5.2
18.6
82.8
16.2

5.2
19.3
84.4
16.5

5.3
19.6
85.1
16.7

2
3
4
5

135.8

149.0

153.1

145.5

147.9

154.0

148.1

162.7

154.5

162.5

171.9

172.8

182.3

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

13.6
35.0
20.7

14.3
36.3
18.9

12.3
43.0
29.1

13.0
40.5
27.1

15.4
40.2
27.3

16.3
39.0
26.4

18.8
26.0
26.5

23.8
24.2
32.8

21.2
25.4
33.7

21.4
25.1
39.3

23.6
27.8
39.0

21.2
27.6
40.7

22.1
29.7
43.9

7
8
9

Corporate and foreign bonds
Mortgages

61.8
4.7

75.0
4.5

65.7
3.1

61.4
3.6

61.0
4.0

68.1
4.1

72.7
4.1

76.2
5.7

68.5
5.7

70.9
5.8

75.8
5.8

77.5
5.8

80.9
5.6

10
11

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

389.2
80.6

458.7
119.9

453.8
166.9

578.3
272.0

659.4
348.5

790.6
488.2

961.2
567.1

1011.4
774.8

956.3
796.0

838.3
713.5

640.1
621.3

848.9
808.7

971.3
967.7

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

266.1
178.0
23.7
64.4

278.0
198.2
28.6
51.3

304.7
218.7
34.1
51.9

346.8
252.0
38.5
56.4

379.1
272.2
42.8
64.1

408.3
291.3
46.4
70.6

427.2
291.3
59.8
76.1

440.2
306.8
49.5
83.9

420.4
285.2
51.7
83.4

397.1
260.7
52.4
84.0

344.0
204.3
52.4
87.2

391.5
250.6
52.2
88.7

414.3
278.6
51.1
84.5

14
15
16
17

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total held at:

873.0

993.0

1056.0

1288.0

1467.0

1728.0

2150.0

2651.0

2629.0

2619.0

2533.0

3080.0

3475.0

1

2
3
4

Commercial banking
Saving institutions
Credit unions

148.6
94.2
32.1

145.8
85.1
31.8

144.7
78.9
31.8

151.1
76.9
33.0

151.9
73.0
33.8

152.0
67.0
35.0

151.5
61.8
35.3

148.1
58.7
36.2

157.0
56.4
36.7

160.1
54.6
39.9

165.6
53.9
43.3

166.0
55.1
46.8

168.0
53.7
47.7

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

55.6
42.6
187.2
312.6

69.5
47.6
263.1
350.2

78.7
61.3
274.9
385.8

94.3
74.2
381.3
477.2

110.3
88.0
482.0
527.9

160.0
90.0
654.0
570.0

190.1
115.0
818.0
778.3

245.5
135.0
1078.0
949.5

245.5
139.0
1045.0
949.4

251.0
157.0
958.0
998.4

308.3
168.0
821.0
973.0

338.4
154.0
1092.0
1227.6

379.0
143.0
1279.0
1404.6

5
6
7
8

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

114

Flow of Funds Matrix for 2004

Z.1, September 21, 2005

(Billions of dollars; All Sectors -- Flows)

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Memo:
National
Saving and
Investment

(18)

1
2
3

Gross saving and net cap. transfers
Capital consumption
Net saving (1 less 2)

----

1289.5
936.9
352.5

----

1139.3
887.4
251.9

----

181.3
135.3
46.1

----

-350.7
93.8
-444.5

----

2259.4
2053.4
206.0

----

653.4
-653.4

----

229.1
83.6
145.5

----

3141.9
2137.0
1004.8

----

2488.5
2137.0
351.4

4
5
6
7
8
9
10

Gross investment (5 plus 11)
Capital expenditures
Consumer durables
Residential
Nonresidential
Inventory change
Nonproduced nonfinancial assets

1269.5
1589.2
918.1
572.5
98.6
---

--------

1185.8
1111.1
-93.6
973.8
55.4
-11.8

--------

222.6
282.3
--270.6
-11.7

--------

-358.1
101.9
--101.9
-0.0

--------

2319.7
3084.6
918.1
666.1
1444.9
55.4
-0.0

--------

583.0
0.0
----0.0

--------

-14.0
134.1
-7.7
126.4
---

--------

2888.7
3218.7
918.1
673.8
1571.3
55.4
--

--------

253.2
-76.8
------

2635.7
3218.7
987.8
673.8
1571.3
55.4
--

11
12
13

Net financial investment
Financial uses
Financial sources

-319.7
779.3
--

--1099.1

74.7
698.1
--

--623.5

-59.8
86.8
--

--146.6

-460.1
-27.9
--

--432.2

-764.9
1536.4
--

--2301.3

582.9
1258.4
--

--675.4

-148.1
2515.9
--

--2664.0

-330.0
5310.7
--

--5640.8

330.0
330.0
--

-582.9
675.4
1258.4

---36.3
--28.0
387.8
-56.4
--

----------

---6.4
-107.2
16.6
-15.2
0.5

----------

------2.2
7.3
3.1
6.1

----------

-3.1
-----31.0
-0.0
---

-0.0
0.7
-------

-3.1
--42.6
-45.9
411.7
-68.4
6.6

-0.0
0.7
-------

-0.4
----87.5
41.7
72.8
-186.9

-3.2
--111.3
------

0.3
0.0
1.0
7.0
-4.2
31.1
11.8
-68.1
14.6

-----76.7
149.3
496.4
-136.5
82.7

-3.2
0.0
1.0
49.6
-91.7
118.7
496.4
-136.5
208.2

-3.2
0.0
0.7
111.3
-76.7
149.3
496.4
-136.5
82.7

---0.3
61.6
15.0
30.7
---125.4

----------

14
15
16
17
18
19
20
21
22

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

23
24
25
26
27
28
29
30
31
32

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed sec.
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

129.6
30.2
43.3
128.8
34.3
-119.4
--12.2
--

1007.0
---9.7
-4.0
0.5
896.2
96.7

25.1
15.8
0.7
-0.5
4.9
---2.8
1.5

419.2
15.8
--5.2
77.7
28.2
31.0
261.2
--

60.1
8.0
22.2
17.5
0.2
5.5
--6.6
--

115.1
---115.0
--0.2
---

3.9
--0.0
----2.0
1.6
4.3

361.9
-362.5
-0.6
----0.0
--

218.6
54.1
66.2
145.8
39.5
-113.8
--2.0
23.2
5.7

1903.3
15.8
362.5
-0.6
129.9
77.7
32.2
31.6
1157.4
96.7

754.4
30.6
358.5
104.8
-254.4
-6.3
---

82.2
63.7
---19.2
2.5
-3.1
---

1794.1
29.0
-62.2
-133.1
90.4
473.6
47.0
98.5
1159.9
91.0

781.7
34.2
-118.1
-517.2
12.4
74.1
25.6
--

2767.1
113.6
362.5
117.5
129.9
614.1
47.0
102.7
1183.1
96.7

2767.1
113.6
362.5
117.5
129.9
614.1
47.0
102.7
1183.1
96.7

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-285.5
259.0
-103.0

--9.0
81.5

-5.0
192.7
--

-157.0
-165.5
--

-5.2
-1.6
6.3
--

--31.4
--

--10.6
--

--18.2
--

-290.6
262.5
209.5
103.0

-157.0
-224.1
81.5

61.9
--0.4
0.0

83.2
-3.3
0.0

263.2
36.7
0.5
63.6

108.3
299.1
7.8
85.1

34.5
299.1
209.6
166.6

34.5
299.1
235.2
166.6

--25.7
--

-----

37
38
39
40
41

Life insurance reserves
Pension fund reserves
Taxes payable
Equity in noncorp. business
Miscellaneous

33.1
209.9
--50.3
40.9

----1.6

----359.9

--11.3
-47.8
232.3

--20.7
--7.9

------

---8.8
-0.6

1.1
---50.3

33.1
209.9
11.9
-50.3
393.5

1.1
-11.3
-47.8
284.1

----228.9

----398.7

----364.4

32.0
209.9
13.4
-2.5
614.0

33.1
209.9
11.9
-50.3
986.8

33.1
209.9
24.7
-50.3
1296.8

--12.8
-310.0

------

42

Sector discrepancies (1 less 4)

20.0

--

-46.5

--

-41.2

--

7.5

--

-60.3

--

70.4

--

243.1

--

253.2

--

253.2

-147.3

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

Flow of Funds Matrix for 2004

Z.1, September 21, 2005

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

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

A

L

A

L

A

L

A

L

A

L

A

L

A

L

A

L

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1
2
3

Total financial assets
Total liabilities and equity
Total liabilities

36499.9
---

-10702.0
10702.0

12721.1
---

-30930.2
13990.0

2004.3
---

-2426.5
2426.5

615.5
---

-5509.8
5509.8

51840.7
---

-49568.4
32628.3

9787.9
---

-7448.8
4928.8

46570.3
---

-49702.7
45686.7

108198.9
---

-106720.0
83243.7

-1478.9
---

4
5
6
7
8
9
10

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

-----101.4
--

--------

-----44.5
--

--------

--------

--------

13.6
19.6
21.4
-----

---2.2
26.7
---

13.6
19.6
21.4
--146.0
--

---2.2
26.7
---

------32.7

-19.5
42.7
--964.7
--

11.0
-0.1
21.4
2.2
36.4
78.5
66.5

------126.6

24.6
19.5
42.7
2.2
36.4
224.5
99.2

-19.5
42.7
2.2
26.7
964.7
126.6

-24.6
----9.7
740.2
27.3

11
12
13
14

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

258.1
4328.3
903.5
--

-----

851.4
308.0
327.9
6.5

-----

45.6
154.6
65.7
129.4

-----

21.9
2.4
---

-----

1177.1
4793.2
1297.1
135.8

-----

397.2
214.0
-647.1

-----

320.8
375.7
582.7
613.2

1929.9
5383.0
1879.8
1650.3

1895.1
5383.0
1879.8
1396.2

1929.9
5383.0
1879.8
1650.3

34.8
--254.1

15
16
17
18
19
20
21
22
23
24

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed sec.
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

2489.1
136.1
472.8
539.6
758.8
420.6
--161.3
--

10258.8
---193.6
-71.8
119.7
7733.7
2139.9

369.0
91.5
77.8
11.6
43.7
---79.6
64.8

7835.2
101.7
--169.4
2946.3
1076.9
873.4
2667.5
--

1184.1
169.4
386.1
368.1
4.6
116.6
--139.3
--

1674.9
---1665.0
--9.9
---

289.5
--0.0
---115.7
75.4
98.4

4395.0
-4370.7
24.3
----0.0
--

4331.6
397.0
936.6
919.3
807.0
537.2
-115.7
455.6
163.2

24163.8
101.7
4370.7
24.3
2028.0
2946.3
1148.8
1003.0
10401.2
2139.9

4679.7
135.3
1900.2
761.6
-1751.3
-131.2
---

891.1
228.7
---560.2
63.3
38.9
---

27734.4
874.5
1533.9
4544.7
1221.0
4814.2
1325.3
1370.8
10073.4
1976.7

11690.8
1076.3
-6201.4
-3596.3
113.2
575.8
127.7
--

36745.7
1406.7
4370.7
6225.6
2028.0
7102.8
1325.3
1617.7
10528.9
2139.9

36745.7
1406.7
4370.7
6225.6
2028.0
7102.8
1325.3
1617.7
10528.9
2139.9

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

6334.9
3729.4
-578.3

--156.7
264.0

-143.0
2309.8
--

10848.1
-1916.6
--

88.7
27.2
132.6
--

--751.6
--

--61.8
--

--164.1
--

6423.7
3899.6
2504.2
578.3

10848.1
-2988.9
264.0

2070.7
-48.3
0.0

2520.1
-50.8
0.0

8883.6
1536.4
163.0
459.6

4009.8
5436.0
36.0
773.9

17378.0
5436.0
2715.6
1037.9

17378.0
5436.0
3075.7
1037.9

--360.2
--

29
30
31
32
33

Life insurance reserves
Pension fund reserves
Taxes payable
Equity in noncorp. business
Miscellaneous

1060.4
10115.3
-6098.3
502.8

----22.5

----8361.0

--172.0
6092.1
4066.2

--93.9
-82.5

------

--82.9
-102.5

41.6
---880.3

1060.4
10115.3
176.8
6098.3
9048.7

41.6
-172.0
6092.1
4969.0

----1698.1

----2960.0

----5684.9

1018.8
10115.3
102.9
6.2
5543.5

1060.4
10115.3
176.8
6098.3
16431.7

1060.4
10115.3
274.9
6098.3
13472.5

--98.1
--2959.2

General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is
the sum of corporate equities (line 25) and equity in noncorporate business (line 32). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention,
such instruments are financial assets without corresponding liabilities.

115

116

Z.1, September 21, 2005

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1993

1

Assets

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

28502.2

29479.8

32708.8

35628.5

39728.4

43542.6

49001.6

49086.6

48769.0

47767.8

53673.9

59031.2

1

2

Tangible assets

10305.6

10638.7

11243.1

11724.8

12387.9

13399.1

14479.2

15778.7

17008.9

18401.4

20025.6

22531.3

2

3

Financial assets

18196.5

18841.1

21465.7

23903.7

27340.5

30143.5

34522.4

33307.9

31760.0

29366.4

33648.3

36499.9

3

4
5

Deposits
Credit market instruments

3191.2
1883.2

3145.7
2174.0

3336.5
2198.5

3484.0
2375.1

3653.9
2330.0

3857.9
2372.7

4033.3
2501.8

4326.5
2363.2

4770.5
2148.2

5050.4
2089.3

5226.2
2371.6

5591.3
2489.1

4
5

6

Equity shares at market value

5683.8

5680.2

7605.7

9194.4

11829.0

13725.1

17266.3

15329.1

13085.3

9981.8

12998.6

14361.9

6

7

Directly held

3404.5

3249.0

4347.5

5112.5

6635.0

7481.1

9596.0

8090.7

6720.9

4997.2

6189.4

6334.9

7

8

Indirectly held

2279.4

2431.2

3258.2

4081.9

5194.0

6244.0

7670.3

7238.4

6364.5

4984.6

6809.1

8026.9

8

163.5
1096.1
565.5
530.6
506.2
4.4
497.7

199.6
1135.9
578.6
557.3
521.7
6.2
546.3

274.7
1490.4
729.9
760.5
703.5
11.5
743.3

373.3
1727.2
825.9
901.4
846.6
18.8
1070.1

510.5
2087.3
931.0
1156.4
1051.3
29.9
1451.9

665.4
2456.1
1056.7
1399.5
1188.1
43.0
1811.0

904.4
2796.3
1161.2
1635.1
1407.7
56.9
2400.1

882.8
2657.4
1068.0
1589.4
1298.7
56.6
2213.1

806.5
2178.3
825.7
1352.5
1260.4
49.1
1943.9

692.5
1585.5
535.3
1050.2
1056.8
45.9
1503.3

887.3
2167.4
764.3
1403.0
1447.6
79.9
2091.6

1056.2
2516.1
859.9
1656.3
1667.0
99.3
2534.0

9
10
11
12
13
14
15

9
10
11
12
13
14
15

Life insurance companies
Private pension funds
Defined benefit plans
Defined contribution plans
State and local govt. retirement funds
Federal government retirement funds
Mutual funds

16

Other

7438.3

7841.2

8325.1

8850.2

9527.5

10187.8

10721.0

11289.1

11755.9

12245.0

13052.0

14057.5

16

17

Liabilities

4403.3

4730.4

5067.7

5424.1

5781.6

6240.0

6817.0

7397.1

7969.9

8675.7

9588.1

10702.0

17

18

Net worth

24098.9

24749.4

27641.1

30204.4

33946.8

37302.6

42184.6

41689.5

40799.1

39092.1

44085.8

48329.2

18

4600.8

4558.3

6137.5

7476.0

9783.7

11400.0

14592.5

12832.6

10872.9

8282.2

10633.5

11661.4

19

19.9
31.2

19.3
30.1

23.3
35.4

25.8
38.5

29.8
43.3

31.5
45.5

35.2
50.0

31.2
46.0

26.8
41.2

20.9
34.0

24.2
38.6

24.3
39.3

20
21

Memo:
19

20
21

Equity shares excluding defined benefit plans
(line 6 minus lines 12, 14 and part of line 15)
Equity shares (line 6) as a percent of
Total assets (line 1)
Financial assets (line 3)

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