10 Z.1, June 7, 2012

F.1 Total Credit Market Borrowing and Lending (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Credit market borrowing 4037.1 4511.6 2579.0 -534.5 590.2 846.3 1029.8 62.5 1043.7 1249.2 1557.7 1

 2 Domestic nonfinancial sectors 2364.9 2525.9 1905.9 1064.3 1440.5 1328.2 891.7 901.6 1688.2 1831.2 1811.0 2

 3 Household sector 1149.3 843.8 -20.3 -227.6 -291.6 -191.0 -213.4 -387.6 -136.4 -26.6 -52.9 3

 4 Nonfinancial corporate business 518.7 836.6 348.3 -129.3 284.2 498.3 489.0 583.0 436.9 484.1 576.5 4

 5 Nonfinancial noncorporate business 415.2 461.6 318.8 -134.2 -198.5 11.6 -25.7 -13.7 4.0 81.6 41.0 5

 6 State and local governments 98.3 146.9 20.0 111.5 66.2 -58.6 -99.9 -106.5 1.0 -29.1 -53.5 6

 7 Federal government 183.4 237.1 1239.2 1443.9 1580.2 1067.9 741.5 826.4 1382.6 1321.2 1300.0 7

 8 Rest of the world 332.6 170.3 -226.2 211.7 88.2 -19.3 212.7 -25.7 -145.5 -118.7 -10.3 8

 9 Financial sectors 1339.7 1815.4 899.3 -1810.5 -938.5 -462.6 -74.6 -813.4 -499.0 -463.3 -243.0 9

10 U.S.-chartered depository institutions 43.8 222.6 -1.1 -292.3 -161.2 -73.8 -61.2 -101.5 -156.0 23.5 -22.8 10

11 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Credit unions 4.2 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 12

13 Life insurance companies 2.7 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 13

14 Government-sponsored enterprises 35.6 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 14

15 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 15

16 ABS issuers 800.0 351.6 -411.0 -738.6 -505.9 -259.0 -325.7 -234.4 -291.1 -184.9 -213.7 16

17 Finance companies 34.8 34.9 -79.4 -156.2 -173.9 -41.4 -9.7 -169.8 40.2 -26.3 17.1 17

18 REITs 15.5 10.2 -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 15.8 18

19 Brokers and dealers 6.4 -4.0 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 19

20 Holding companies 75.0 151.9 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 20

21 Funding corporations 29.1 114.5 466.4 -434.8 -65.3 -40.0 -67.1 36.3 30.6 -159.9 11.8 21

22 Credit market lending 4037.1 4511.6 2579.0 -534.5 590.2 846.3 1029.8 62.5 1043.7 1249.2 1557.7 22

23 Domestic nonfinancial sectors 160.8 535.9 -102.4 130.7 373.9 -381.0 -433.2 -848.0 -546.2 303.3 -428.8 23

24 Household sector 103.8 520.0 -8.7 -128.9 240.0 -275.8 -489.5 -629.7 -438.3 454.4 -436.9 24

25 Nonfinancial corporate business -14.8 -77.9 -36.4 7.6 11.5 -18.9 -7.7 -38.8 -19.8 -9.5 60.9 25

26 Nonfinancial noncorporate business -0.1 10.0 -10.9 -6.7 -3.5 0.3 -0.4 0.0 0.3 1.2 0.9 26

27 State and local governments 66.1 77.9 -131.8 -36.6 40.8 -84.4 -57.4 -106.1 -103.4 -70.7 -80.2 27

28 Federal government 5.9 5.9 85.2 295.4 85.0 -2.2 121.9 -73.5 15.0 -72.1 26.5 28

29 Rest of the world 973.6 943.8 357.7 143.5 519.2 201.2 31.4 101.2 700.2 -27.9 127.8 29

30 Financial sectors 2902.7 3031.9 2323.7 -808.8 -302.9 1026.1 1431.6 809.3 889.7 973.8 1858.7 30

31 Monetary authority 34.7 -38.3 245.4 1001.6 271.5 376.5 1043.0 842.0 -133.8 -245.3 87.0 31

32 U.S.-chartered depository institutions 626.5 585.4 241.9 -336.7 -176.6 126.9 -315.5 -174.0 369.4 627.7 239.0 32

33 Foreign banking offices in U.S. 103.7 201.7 100.8 -285.8 -30.8 37.7 46.1 102.8 111.2 -109.2 -31.0 33

34 Banks in U.S.-affiliated areas -1.7 -6.4 -1.9 -2.8 -19.3 -4.9 -5.1 -9.6 -6.1 1.3 -0.5 34

35 Credit unions 30.1 35.3 39.9 33.2 24.6 35.3 50.4 10.8 24.5 55.3 69.0 35

36 Property-casualty insurance companies 44.8 5.3 -15.9 33.3 3.9 27.5 18.7 -19.8 1.3 110.1 37.0 36

37 Life insurance companies 67.5 84.8 11.6 139.8 151.6 149.7 169.4 109.4 209.8 110.0 82.8 37

38 Private pension funds 58.4 102.5 90.6 111.6 59.4 38.8 34.3 11.3 77.1 32.5 28.2 38

39 State and local govt. retirement funds 114.6 12.3 13.3 -8.8 -8.2 18.3 34.2 -18.1 60.3 -3.2 22.8 39

40 Federal government retirement funds 8.4 11.7 24.2 7.4 11.0 19.3 13.9 15.8 32.4 15.3 5.9 40

41 Money market mutual funds 220.0 375.6 738.6 -644.0 -410.0 7.2 53.3 -104.6 109.8 -29.6 -1.9 41

42 Mutual funds 184.9 271.1 73.3 380.7 374.3 427.4 527.5 388.9 220.2 573.1 899.7 42

43 Closed-end funds 6.0 -0.9 -41.1 9.6 5.0 -1.1 8.5 2.6 -19.4 3.7 -7.8 43

44 Exchange-traded funds 5.7 13.3 23.0 46.0 29.7 38.8 21.7 43.6 45.7 44.1 37.2 44

45 Government-sponsored enterprises 46.6 239.0 242.9 -337.8 -328.2 -199.7 21.8 -297.1 -358.8 -164.7 -110.1 45

46 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 46

47 ABS issuers 792.1 348.7 -394.4 -704.0 -496.1 -254.5 -332.5 -224.3 -276.4 -184.9 -204.3 47

48 Finance companies 72.4 7.1 -81.9 -217.6 -122.5 -51.1 -59.3 -105.0 -82.5 42.4 -72.6 48

49 REITs 26.0 -19.9 -68.9 -8.7 37.1 102.9 207.8 121.7 80.3 1.9 225.2 49

50 Brokers and dealers 106.2 219.7 -85.7 -192.1 32.2 9.7 69.2 31.1 -107.9 46.4 260.8 50

51 Holding companies 3.3 23.2 13.9 -16.0 22.1 3.1 30.8 -1.4 20.7 -37.6 64.1 51

52 Funding corporations 59.8 -62.7 657.1 -233.0 79.7 -47.0 -470.5 -62.9 387.9 -42.6 43.2 52

(1) Excludes corporate equities and mutual fund shares.
Z.1, June 7, 2012 11

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 2364.9 2525.9 1905.9 1064.3 1440.5 1328.2 891.7 901.6 1688.2 1831.2 1811.0 1

 2 By instrument 2364.9 2525.9 1905.9 1064.3 1440.5 1328.2 891.7 901.6 1688.2 1831.2 1811.0 2

 3 Commercial paper 22.4 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 3

 4 Treasury securities 183.7 237.5 1239.0 1443.7 1579.6 1066.8 740.4 826.2 1380.7 1320.0 1303.3 4

 5 Agency- and GSE-backed securities -0.3 -0.4 0.2 0.1 0.7 1.1 1.2 0.2 1.9 1.1 -3.3 5

 6 Municipal securities 168.3 235.9 95.3 154.5 97.7 -52.2 -74.3 -110.3 -9.6 -14.7 -52.6 6

 7 Corporate bonds 208.3 311.1 205.5 387.6 422.8 385.4 404.3 461.2 324.3 351.9 462.9 7

 8 Depository institution loans n.e.c. 149.4 227.9 188.4 -303.1 -51.4 82.8 44.7 -30.2 195.2 121.7 336.1 8

 9 Other loans and advances 150.1 305.5 67.8 -145.7 -88.2 61.2 16.8 90.3 81.7 55.8 6.2 9

10 Mortgages 1367.9 1055.8 82.0 -284.0 -514.5 -347.0 -350.8 -466.9 -372.2 -197.9 -383.7 10

11 Home 1065.5 711.3 -113.3 -198.2 -344.9 -258.7 -256.8 -339.6 -251.9 -186.3 -304.9 11

12 Multifamily residential 36.1 85.3 46.2 7.5 -10.2 6.5 0.9 -0.6 3.5 22.2 0.4 12

13 Commercial 263.0 254.5 127.1 -90.0 -164.4 -90.8 -91.0 -122.7 -119.7 -29.8 -75.1 13

14 Farm 3.3 4.6 22.0 -3.4 4.9 -4.0 -4.0 -4.0 -4.1 -4.1 -4.1 14

15 Consumer credit 115.2 141.4 20.1 -115.8 -30.6 96.6 83.6 81.5 56.5 164.8 144.6 15

16 By sector 2364.9 2525.9 1905.9 1064.3 1440.5 1328.2 891.7 901.6 1688.2 1831.2 1811.0 16

17 Household sector 1149.3 843.8 -20.3 -227.6 -291.6 -191.0 -213.4 -387.6 -136.4 -26.6 -52.9 17

18 Nonfinancial business 933.9 1298.2 667.0 -263.5 85.7 509.8 463.4 569.3 440.9 565.7 617.5 18

19 Corporate 518.7 836.6 348.3 -129.3 284.2 498.3 489.0 583.0 436.9 484.1 576.5 19

20 Noncorporate 415.2 461.6 318.8 -134.2 -198.5 11.6 -25.7 -13.7 4.0 81.6 41.0 20

21 State and local governments 98.3 146.9 20.0 111.5 66.2 -58.6 -99.9 -106.5 1.0 -29.1 -53.5 21

22 Federal government 183.4 237.1 1239.2 1443.9 1580.2 1067.9 741.5 826.4 1382.6 1321.2 1300.0 22

23 Foreign borrowing in U.S. 332.6 170.3 -226.2 211.7 88.2 -19.3 212.7 -25.7 -145.5 -118.7 -10.3 23

24 Commercial paper 98.4 -69.3 -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 35.8 24

25 Bonds 227.8 218.7 -158.8 163.2 72.8 5.1 44.2 14.0 69.2 -106.9 -76.0 25

26 Depository institution loans n.e.c. 13.8 24.1 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 26

27 Other loans and advances -7.4 -3.2 -1.5 0.3 0.2 -0.1 0.5 -1.5 -0.1 0.7 0.9 27

28 Domestic and foreign 2697.5 2696.2 1679.7 1276.0 1528.7 1308.8 1104.4 875.9 1542.7 1712.5 1800.7 28

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1339.7 1815.4 899.3 -1810.5 -938.5 -462.6 -74.6 -813.4 -499.0 -463.3 -243.0 1

 2 Open market paper 196.3 -111.4 -125.6 -448.2 -101.7 -68.1 92.2 -99.8 30.5 -295.3 9.9 2

 3 GSE issues 35.6 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 3

 4 Agency- and GSE-backed mortgage pool sec. 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 4

 5 Corporate bonds 798.8 710.6 -280.3 -587.6 -582.5 -342.1 -395.2 -417.6 -364.6 -190.9 -27.1 5

 6 Depository institution loans n.e.c. -11.5 80.1 496.4 -435.4 -62.9 20.4 -13.1 116.4 -13.7 -7.9 -128.3 6

 7 Other loans and advances 21.2 225.8 33.3 -282.6 -144.7 -60.0 -40.4 -97.4 -141.2 38.8 -10.8 7

 8 Mortgages 6.6 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 3.4 8

 9 By sector 1339.7 1815.4 899.3 -1810.5 -938.5 -462.6 -74.6 -813.4 -499.0 -463.3 -243.0 9

10 U.S.-chartered depository institutions 43.8 222.6 -1.1 -292.3 -161.2 -73.8 -61.2 -101.5 -156.0 23.5 -22.8 10

11 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Credit unions 4.2 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 12

13 Life insurance companies 2.7 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 13

14 Government-sponsored enterprises 35.6 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 14

15 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 15

16 ABS issuers 800.0 351.6 -411.0 -738.6 -505.9 -259.0 -325.7 -234.4 -291.1 -184.9 -213.7 16

17 Finance companies 34.8 34.9 -79.4 -156.2 -173.9 -41.4 -9.7 -169.8 40.2 -26.3 17.1 17

18 REITs 15.5 10.2 -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 15.8 18

19 Brokers and dealers 6.4 -4.0 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 19

20 Holding companies 75.0 151.9 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 20

21 Funding corporations 29.1 114.5 466.4 -434.8 -65.3 -40.0 -67.1 36.3 30.6 -159.9 11.8 21
12 Z.1, June 7, 2012

F.4 Credit Market Borrowing, All Sectors, by Instrument

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Total 4037.1 4511.6 2579.0 -534.5 590.2 846.3 1029.8 62.5 1043.7 1249.2 1557.7 1

 2 Open market paper 317.1 -169.4 -189.0 -461.9 -79.9 -88.2 238.1 -102.1 -196.2 -292.7 43.3 2

 3 Treasury securities 183.7 237.5 1239.0 1443.7 1579.6 1066.8 740.4 826.2 1380.7 1320.0 1303.3 3

 4 Agency- and GSE-backed securities 327.9 905.3 768.9 -59.9 -46.2 -20.8 276.0 -333.3 -12.4 -13.4 -93.4 4

 5 Municipal securities 168.3 235.9 95.3 154.5 97.7 -52.2 -74.3 -110.3 -9.6 -14.7 -52.6 5

 6 Corporate and foreign bonds 1234.9 1240.4 -233.7 -36.8 -86.9 48.5 53.3 57.6 28.9 54.1 359.8 6

 7 Depository institution loans n.e.c. 151.8 332.0 689.9 -749.7 -96.5 132.5 79.5 99.9 223.3 127.2 236.9 7

 8 Other loans and advances 163.9 528.1 99.6 -428.0 -232.7 1.0 -23.1 -8.6 -59.5 95.2 -3.7 8

 9 Mortgages 1374.5 1060.5 88.8 -280.7 -514.3 -337.9 -343.7 -448.5 -368.0 -191.4 -380.3 9

10 Consumer credit 115.2 141.4 20.1 -115.8 -30.6 96.6 83.6 81.5 56.5 164.8 144.6 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues -32.1 -95.8 294.0 803.9 381.2 175.2 962.2 223.4 -475.3 -9.5 669.5 11

12 Corporate equities -368.9 -460.5 263.1 313.4 -8.0 -227.7 -45.1 -204.7 -247.3 -413.8 -249.9 12

13 Nonfinancial -565.7 -786.8 -336.0 -64.6 -278.0 -473.4 -324.5 -511.0 -617.7 -440.2 -340.8 13

 Foreign shares purchased by

14 U.S. residents 137.3 147.8 -38.5 63.6 79.1 87.8 188.5 107.8 91.2 -36.3 64.0 14

15 Financial 59.5 178.6 637.6 314.3 190.8 157.8 90.9 198.5 279.2 62.7 26.9 15

16 Mutual fund shares 336.8 364.7 31.0 490.5 389.3 402.9 1007.3 428.2 -228.0 404.3 919.4 16

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

 Net flows through credit markets

 1 (from table F.4, line 1) 4037.1 4511.6 2579.0 -534.5 590.2 846.3 1029.8 62.5 1043.7 1249.2 1557.7 1

 2 U.S. official reserve assets -2.4 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 6.1 2

 3 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Foreign deposits 87.2 256.0 -394.3 -106.1 71.7 -63.9 181.8 -64.1 -40.6 -332.7 -40.7 5

 6 Net interbank transactions 28.1 -53.4 1823.0 -590.9 -174.4 854.8 3059.3 311.2 390.9 -342.3 228.5 6

 7 Checkable deposits and currency -19.9 36.7 568.4 -7.9 266.3 234.5 -511.1 510.3 426.4 512.6 -100.0 7

 8 Small time and savings deposits 347.0 316.4 524.8 517.2 298.4 577.3 99.1 914.1 749.2 546.9 182.7 8

 9 Large time deposits 261.2 283.4 -190.6 -141.8 -182.3 -204.6 116.2 1.9 -687.1 -249.2 -15.1 9

10 Money market fund shares 305.3 720.9 724.2 -499.0 -502.9 -112.8 -92.6 -60.3 -318.7 20.3 -207.3 10

11 Security RPs 396.5 -19.2 -880.3 247.8 -192.5 -137.0 142.1 -249.5 -823.6 383.0 206.9 11

12 Corporate equities -368.9 -460.5 263.1 313.4 -8.0 -227.7 -45.1 -204.7 -247.3 -413.8 -249.9 12

13 Mutual fund shares 336.8 364.7 31.0 490.5 389.3 402.9 1007.3 428.2 -228.0 404.3 919.4 13

14 Trade payables 189.1 202.0 -170.0 -25.1 186.8 233.4 235.5 188.3 230.5 279.4 245.1 14

15 Security credit 211.5 276.5 -397.9 -95.9 123.6 97.4 128.2 273.2 222.0 -233.9 164.3 15

16 Life insurance reserves 65.6 34.2 67.0 26.5 17.2 70.9 36.4 57.8 110.7 78.9 36.7 16

17 Pension fund reserves 250.9 201.1 125.7 135.4 208.9 146.5 140.1 -154.3 424.4 175.6 226.4 17

18 Taxes payable 22.5 -69.3 -123.8 -3.4 15.3 14.8 61.0 -32.5 -6.3 37.0 41.4 18

19 Noncorporate proprietors’ equity 60.6 18.4 -284.0 -19.1 46.1 -26.9 -12.4 -24.0 -10.7 -60.6 40.2 19

20 Miscellaneous 1799.9 2529.9 2195.7 -382.2 1285.5 1206.9 1233.9 1014.4 1487.7 1091.6 1595.1 20

21 Total financial sources 8008.9 9148.9 6464.9 -572.6 2440.7 3928.8 6824.0 2997.5 2739.6 3154.0 4837.6 21

 - Liabilities not identified as assets:

22 Treasury currency -1.1 -1.2 -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 22

23 Foreign deposits 106.8 196.5 -347.1 -74.4 49.0 -10.0 128.8 -56.9 73.6 -185.6 30.5 23

24 Net interbank liabilities -3.8 3.8 60.7 29.0 -19.4 30.1 178.8 -315.7 126.0 131.4 77.0 24

25 Security RPs 312.4 -231.4 -604.9 466.5 -86.8 -115.4 -372.0 -240.0 -137.8 288.4 388.3 25

26 Taxes payable 17.5 -36.5 -64.0 -41.6 -54.3 -58.8 -26.0 -73.4 -134.5 -1.3 -87.3 26

27 Miscellaneous -661.1 -25.6 1893.9 -290.5 455.1 19.2 86.5 -61.4 315.4 -263.9 -190.5 27

 - Floats not included in assets:

28 Checkable deposits: State and local govt. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Federal govt. -3.0 1.2 -3.3 0.7 0.0 -0.1 -62.7 62.6 -4.5 4.1 -64.8 29

30 Private domestic -0.0 -0.1 -2.0 -1.0 -1.1 0.9 1.3 0.2 2.9 -0.9 -0.8 30

31 Trade credit 150.8 -51.8 8.6 74.1 49.9 16.2 23.5 -53.3 3.6 90.9 68.5 31

 Totals identified to sectors

32 as assets 8090.4 9294.0 5523.8 -731.1 2049.2 4047.4 6866.8 3736.1 2495.3 3091.3 4617.4 32
Z.1, June 7, 2012 13

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross Domestic Product (GDP) 13377.2 14028.7 14291.5 13938.9 14526.6 15094.0 14867.8 15012.8 15176.1 15319.4 15454.0 1

 2 Personal consumption expenditures (2) 9301.0 9772.3 10035.5 9866.1 10245.5 10725.9 10571.7 10676.0 10784.5 10871.6 11009.5 2

 3 Durable goods 1155.0 1188.4 1108.9 1029.6 1085.5 1162.9 1154.5 1143.8 1158.3 1194.9 1232.2 3

 4 Nondurable goods 2069.8 2175.5 2272.8 2167.8 2301.5 2483.7 2437.8 2478.9 2503.0 2515.2 2556.1 4

 5 Services 6076.3 6408.3 6653.8 6668.7 6858.5 7079.4 6979.4 7053.3 7123.2 7161.5 7221.2 5

 6 Gross private domestic investment 2327.1 2295.2 2087.6 1546.8 1795.1 1916.2 1853.1 1895.3 1906.6 2010.1 2046.5 6

 7 Fixed investment 2267.2 2266.1 2128.7 1707.6 1728.2 1870.0 1791.1 1841.7 1905.8 1941.4 1970.3 7

 8 Nonresidential 1505.3 1637.5 1656.3 1353.0 1390.1 1532.5 1460.5 1506.0 1568.7 1594.8 1609.3 8

 9 Household sector (nonprofit organizations) 107.5 120.2 132.0 123.6 118.8 120.5 117.3 120.2 122.0 122.4 124.8 9

10 Nonfinancial corporate business 1026.9 1104.7 1130.9 903.9 928.2 1028.5 979.7 1011.1 1053.1 1070.1 1079.4 10

11 Nonfinancial noncorporate business 208.2 225.0 198.4 157.4 161.4 187.0 174.2 181.4 193.4 198.9 197.0 11

12 Financial institutions 162.7 187.5 195.0 168.1 181.7 196.6 189.2 193.3 200.3 203.4 208.1 12

13 Residential 761.9 628.7 472.4 354.7 338.1 337.5 330.6 335.7 337.0 346.5 361.0 13

14 Household sector 670.1 541.7 397.2 296.0 287.7 286.5 281.0 285.1 286.2 293.9 306.3 14

15 Nonfinancial corporate business 3.1 15.7 5.5 4.4 -2.1 -3.6 0.7 -1.2 -6.6 -7.4 -1.0 15

16 Nonfinancial noncorporate business 85.0 80.5 69.6 54.4 47.8 48.3 47.2 48.0 48.2 49.8 51.5 16

17 REITs 3.5 -9.3 0.1 -0.1 4.7 6.3 1.6 3.9 9.3 10.3 4.2 17

18 Change in private inventories 60.0 29.1 -41.1 -160.8 66.9 46.3 62.0 53.6 0.8 68.7 76.2 18

19 Nonfinancial corporate business 59.9 28.2 -40.2 -151.5 64.7 49.5 65.7 58.1 4.8 69.5 77.9 19

20 Nonfinancial noncorporate business 0.0 0.9 -0.9 -9.3 2.2 -3.3 -3.7 -4.5 -4.0 -0.8 -1.7 20

21 Net U.S. exports of goods and services -769.3 -713.1 -709.7 -391.5 -516.9 -578.7 -571.3 -597.1 -562.3 -584.3 -620.1 21

22 Exports 1471.0 1661.7 1846.8 1583.0 1839.8 2085.5 2024.1 2085.3 2119.2 2113.2 2168.3 22

23 - Imports 2240.3 2374.8 2556.5 1974.6 2356.7 2664.2 2595.4 2682.4 2681.6 2697.4 2788.5 23

 Government consumption expenditures and

24 gross investment 2518.4 2674.2 2878.1 2917.5 3002.8 3030.6 3014.4 3038.6 3047.3 3021.9 3018.2 24

25 Consumption expenditures (3) 2093.3 2217.8 2381.0 2412.2 2497.5 2547.3 2530.7 2560.4 2561.0 2537.0 2545.6 25

26 Federal 811.0 848.9 931.7 986.6 1054.0 1072.1 1059.1 1077.5 1084.9 1066.9 1066.4 26

27 State and local 1282.3 1368.9 1449.2 1425.5 1443.5 1475.2 1471.7 1482.9 1476.1 1470.1 1479.2 27

28 Gross investment (3) 425.1 456.5 497.2 505.4 505.3 483.3 483.6 478.2 486.3 484.9 472.6 28

29 Federal 120.7 127.4 148.4 156.1 168.8 160.8 160.9 159.6 164.0 158.5 152.5 29

30 State and local 304.4 329.0 348.8 349.3 336.5 322.5 322.8 318.6 322.3 326.4 320.1 30

 Memo:

31 Net U.S. income receipts from rest of the world 72.4 123.3 169.2 152.3 189.4 245.5 227.1 261.2 267.3 226.3 208.8 31

32 U.S. income receipts 721.1 871.0 856.1 639.8 702.9 779.3 752.1 803.2 792.2 769.7 769.5 32

33 - U.S. income payments 648.6 747.7 686.9 487.5 513.5 533.8 525.0 542.0 524.9 543.4 560.7 33

 Gross National Product (GNP) =

34 GDP + net U.S. income receipts 13449.6 14151.9 14460.7 14091.2 14715.9 15339.5 15094.9 15274.0 15443.4 15545.6 15662.9 34

 Acquisition of nonproduced nonfinancial assets (net)

35 Household sector -10.2 -11.3 -11.2 -11.2 -11.3 -12.1 -11.8 -12.1 -12.2 -12.4 -12.4 35

36 Nonfinancial corporate business 12.5 -1.7 16.3 3.9 -3.4 -3.3 -3.6 -3.2 -2.8 -3.7 -3.0 36

37 State and local governments 11.1 13.8 14.1 14.4 14.5 15.5 15.2 15.5 15.7 15.8 15.9 37

38 Federal governments -13.3 -1.3 -19.2 -7.1 0.2 -0.1 0.3 -0.2 -0.6 0.2 -0.5 38

39 Rest of the world -0.1 0.5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Component of personal outlays, found on table F.100, line 4.

(3) Government inventory investment is included in consumption expenditures.
14 Z.1, June 7, 2012

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 National Income 12031.2 12396.4 12609.1 12147.6 12840.1 13421.2 13232.6 13344.1 13519.3 13588.6 13716.3 1

 2 Compensation of employees 7477.0 7855.9 8068.3 7806.4 7971.4 8276.6 8172.5 8219.7 8338.3 8375.8 8442.4 2

 3 Wages and other labor income 7029.0 7402.2 7603.2 7343.4 7498.2 7779.2 7681.1 7725.7 7837.0 7872.8 7932.0 3

 4 Employer social insurance contributions 446.7 459.9 470.1 458.0 473.2 497.4 491.4 494.0 501.3 503.0 510.4 4

 5 Wage accruals less disbursements 1.3 -6.3 -5.0 5.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 1133.0 1090.4 1097.9 941.2 1036.4 1108.9 1095.6 1106.5 1113.7 1119.7 1130.8 6

 Rental income of persons (with capital

 7 consumption adjustment) 146.5 143.7 231.6 305.9 350.2 403.9 385.0 396.9 406.3 427.2 445.5 7

 Corporate profits with inventory

 8 valuation and capital consumption adjustments 1608.3 1510.6 1248.4 1362.0 1800.1 1942.8 1876.4 1937.6 1970.1 1986.9 1998.3 8

 Corporate profits with inventory

 9 valuation adjustment 1784.7 1691.1 1315.5 1456.3 1780.4 1836.2 1761.1 1830.2 1867.4 1886.0 2127.8 9

10 Profits before tax 1822.7 1738.4 1359.9 1455.7 1819.5 1896.3 1877.1 1890.6 1912.9 1904.6 2155.8 10

11 Domestic nonfinancial 1117.9 1042.0 831.2 693.5 942.8 1002.7 974.8 1006.3 1013.4 1016.5 1238.5 11

12 Domestic financial 448.0 345.5 122.2 401.8 494.7 464.5 491.5 438.9 448.7 478.8 523.5 12

13 Rest of the world 256.8 350.9 406.6 360.4 381.9 429.1 410.8 445.4 450.8 409.3 393.8 13

 Less:

14 Taxes on corporate income 473.3 445.5 309.0 272.4 411.1 416.2 422.3 420.5 411.4 410.7 486.5 14

15 Domestic nonfinancial 307.6 293.8 227.4 175.0 229.3 246.6 238.5 252.2 250.1 245.5 299.8 15

16 Domestic financial 165.6 151.7 81.6 97.4 181.8 169.7 183.8 168.3 161.3 165.2 186.7 16

 Equals:

17 Profits after tax 1349.5 1292.9 1050.9 1183.3 1408.4 1480.1 1454.8 1470.1 1501.5 1493.9 1669.3 17

18 Net dividends 704.8 794.5 786.9 620.0 737.3 813.6 793.8 807.4 821.4 831.7 841.7 18

19 Domestic nonfinancial 471.1 484.6 474.1 349.0 398.8 443.3 422.0 459.2 434.0 457.8 439.8 19

20 Domestic financial 155.7 165.2 132.2 167.4 216.5 196.3 222.2 204.9 176.6 181.7 179.6 20

21 Rest of the world 77.9 144.8 180.5 103.6 122.0 174.0 149.6 143.3 210.8 192.3 222.3 21

22 Undistributed profits 644.7 498.4 264.0 563.3 671.1 666.5 660.9 662.7 680.1 662.1 827.7 22

23 Domestic nonfinancial 339.1 263.6 129.6 169.5 314.7 312.9 314.3 294.9 329.3 313.2 499.0 23

24 Domestic financial 126.6 28.7 -91.7 137.0 96.4 98.5 85.5 65.7 110.8 131.9 157.1 24

25 Rest of the world 178.9 206.1 226.1 256.8 259.9 255.1 261.1 302.1 240.0 217.0 171.6 25

26 Inventory valuation adjustment -38.0 -47.2 -44.5 0.6 -39.1 -60.1 -116.0 -60.4 -45.5 -18.6 -28.0 26

27 Capital consumption adjustment -176.4 -180.5 -67.1 -94.3 19.7 106.6 115.4 107.3 102.7 100.9 -129.5 27

28 Domestic nonfinancial -156.0 -158.8 -31.7 -52.0 47.8 126.3 133.6 127.2 123.1 121.5 -84.8 28

29 Domestic financial -20.4 -21.7 -35.4 -42.3 -28.1 -19.8 -18.2 -19.9 -20.4 -20.6 -44.6 29

30 Net interest and miscellaneous payments 652.2 731.6 870.1 656.7 564.3 535.1 556.6 525.6 535.7 522.7 533.8 30

31 Taxes on production and imports 986.8 1027.2 1038.6 1017.9 1054.0 1097.9 1087.4 1101.1 1100.0 1103.3 1113.0 31

32 Less: Subsidies 51.4 54.6 52.9 59.7 57.3 62.8 60.0 62.7 64.2 64.4 62.3 32

33 Business current transfer payments (net) 83.0 103.3 123.0 132.0 136.7 134.1 134.7 133.9 133.7 134.1 133.6 33

34 Current surplus of government enterprises -4.2 -11.8 -16.0 -14.9 -15.7 -15.3 -15.6 -14.6 -14.5 -16.7 -18.7 34

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

35 National Income, from line 1 above 12031.2 12396.4 12609.1 12147.6 12840.1 13421.2 13232.6 13344.1 13519.3 13588.6 13716.3 35

 Plus:

36 Private consumption of fixed capital 1391.4 1476.2 1542.9 1542.4 1540.9 1597.9 1570.5 1590.5 1607.6 1622.9 1638.1 36

37 Government consumption of fixed capital 269.3 291.3 311.2 323.7 334.0 352.2 343.8 349.4 355.2 360.5 366.0 37

38 Statistical discrepancy -242.3 -12.0 -2.4 77.4 0.8 -31.8 -52.0 -10.0 -38.7 -26.4 -57.6 38

 Less:

39 Net U.S. income receipts from rest of the world 72.4 123.3 169.2 152.3 189.4 245.5 227.1 261.2 267.3 226.3 208.8 39

 Equals:

40 Gross Domestic Product 13377.2 14028.7 14291.5 13938.9 14526.6 15094.0 14867.8 15012.8 15176.1 15319.4 15454.0 40

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.
Z.1, June 7, 2012 15

F.8 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 2196.1 2047.7 1908.2 1597.3 1820.4 1948.2 1895.2 1890.5 1989.4 2017.6 2011.5 1

 2 Net saving 535.4 280.2 54.1 -268.8 -54.5 -1.9 -19.1 -49.4 26.6 34.2 7.4 2

 3 Net private saving 688.1 513.2 739.8 1027.1 1244.5 1251.4 1239.2 1266.2 1270.4 1229.7 1094.0 3

 4 Domestic business 430.3 270.7 152.5 469.6 651.7 712.9 660.3 709.6 737.3 744.5 670.2 4

 5 Nonfinancial corporate business 295.4 226.3 237.5 325.6 533.7 611.9 564.3 608.3 625.1 649.8 601.7 5

 6 Financial business 134.8 44.3 -85.0 143.9 118.0 101.1 96.0 101.4 112.3 94.6 68.4 6

 7 Households and institutions 257.9 242.5 587.3 557.6 592.8 538.5 578.9 556.5 533.1 485.3 423.9 7

 8 Net government saving -152.7 -233.0 -685.7 -1296.0 -1299.0 -1253.3 -1258.3 -1315.6 -1243.9 -1195.5 -1086.6 8

 9 Federal -203.8 -245.2 -613.5 -1217.9 -1273.7 -1187.8 -1201.1 -1275.4 -1160.7 -1114.1 -998.9 9

10 State and local 51.0 12.2 -72.2 -78.1 -25.3 -65.5 -57.2 -40.2 -83.2 -81.5 -87.7 10

11 Consumption of fixed capital 1660.7 1767.5 1854.1 1866.2 1874.9 1950.1 1914.3 1939.9 1962.8 1983.4 2004.1 11

12 Private 1391.4 1476.2 1542.9 1542.4 1540.9 1597.9 1570.5 1590.5 1607.6 1622.9 1638.1 12

13 Domestic business 1123.3 1190.7 1248.3 1249.9 1245.7 1294.4 1270.1 1287.8 1303.2 1316.7 1331.5 13

14 Nonfinancial corporate business 800.9 840.1 864.3 862.2 856.8 890.2 873.4 885.4 896.3 905.6 915.9 14

15 Nonfinancial noncorporate business 189.6 210.1 211.3 210.8 209.7 215.8 212.4 214.8 217.0 219.0 220.8 15

16 Financial business 132.8 140.6 172.7 176.9 179.1 188.5 184.3 187.6 189.9 192.2 194.8 16

17 Households and institutions 268.1 285.5 294.6 292.5 295.2 303.4 300.4 302.7 304.4 306.2 306.6 17

18 Government 269.3 291.3 311.2 323.7 334.0 352.2 343.8 349.4 355.2 360.5 366.0 18

19 Federal 106.6 112.6 120.0 124.7 130.0 137.9 134.6 136.8 139.2 141.0 143.5 19

20 State and local 162.7 178.7 191.2 199.0 204.0 214.3 209.2 212.6 216.1 219.5 222.5 20

 Gross domestic investment, capital account

21 transactions, and net lending, NIPAs 1953.8 2035.7 1905.8 1674.8 1821.3 1916.4 1843.2 1880.5 1950.7 1991.2 1954.0 21

22 Gross domestic investment 2752.2 2751.7 2584.8 2052.2 2300.4 2399.5 2336.7 2373.5 2392.9 2495.0 2519.1 22

23 Gross private domestic investment 2327.1 2295.2 2087.6 1546.8 1795.1 1916.2 1853.1 1895.3 1906.6 2010.1 2046.5 23

24 Domestic business 1549.5 1633.3 1558.4 1127.2 1388.6 1509.2 1454.7 1490.0 1498.4 1593.8 1615.3 24

25 Nonfinancial corporate business 1139.1 1162.2 1096.2 756.7 995.5 1089.0 1052.1 1079.4 1068.0 1156.4 1170.9 25

26 Nonfinancial noncorporate business 247.7 283.7 267.2 202.4 211.4 223.7 213.4 217.2 230.1 234.0 236.4 26

27 Financial business 162.7 187.5 195.0 168.1 181.7 196.6 189.2 193.3 200.3 203.4 208.1 27

28 Households and institutions 777.7 661.9 529.2 419.6 406.5 407.0 398.4 405.3 408.2 416.2 431.1 28

29 Gross government investment 425.1 456.5 497.2 505.4 505.3 483.3 483.6 478.2 486.3 484.9 472.6 29

30 Federal 120.7 127.4 148.4 156.1 168.8 160.8 160.9 159.6 164.0 158.5 152.5 30

31 State and local 304.4 329.0 348.8 349.3 336.5 322.5 322.8 318.6 322.3 326.4 320.1 31

32 Capital account transactions (net) (2) 2.1 -0.1 -5.4 0.6 0.7 1.3 0.5 3.7 0.4 0.5 0.5 32

33 Private 19.0 -10.0 -71.0 -143.5 -85.3 -84.4 -67.8 -87.3 -85.3 -97.1 -58.7 33

34 Domestic business 12.5 -1.7 -51.2 -85.7 -31.4 -43.0 -23.8 -46.0 -37.6 -64.7 -26.8 34

35 Nonfinancial corporate business 12.5 -1.7 12.6 42.2 17.8 -9.0 -8.8 -8.3 -9.6 -9.3 -8.0 35

36 Nonfinancial noncorporate business 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -2.5 -3.4 -0.3 -0.2 0.0 36

37 Financial business 0.0 0.0 -60.5 -121.9 -41.5 -32.4 -12.5 -34.3 -27.7 -55.2 -18.9 37

38 Households and institutions 6.5 -8.3 -19.8 -57.8 -53.9 -41.4 -44.0 -41.3 -47.7 -32.5 -31.9 38

39 Government -17.0 10.0 65.6 144.1 86.0 85.7 68.4 91.0 85.7 97.6 59.2 39

40 Federal 29.3 55.0 114.3 197.0 149.8 146.2 125.5 151.2 149.2 159.1 112.7 40

41 State and local -46.3 -45.1 -48.7 -52.9 -63.8 -60.6 -57.1 -60.2 -63.5 -61.4 -53.5 41

42 Net lending (+) or net borrowing (-), NIPAs (3) -800.5 -715.9 -673.6 -378.0 -479.9 -484.4 -494.0 -496.7 -442.7 -504.2 -565.6 42

43 Private -508.9 -307.8 263.7 1243.7 1076.4 985.6 972.5 1038.7 1018.0 913.4 686.8 43

44 Domestic business -250.7 -182.2 -108.8 755.4 541.0 509.4 447.5 543.5 540.9 505.7 355.6 44

45 Nonfinancial corporate business (3) -297.5 -106.0 -9.5 466.3 378.0 390.3 342.4 412.6 424.2 381.9 297.1 45

46 Nonfinancial noncorporate business -58.2 -73.6 -52.6 14.5 6.1 -6.3 1.5 1.0 -12.9 -14.8 -15.6 46

47 Financial business 104.9 -2.6 -46.7 274.6 156.9 125.4 103.5 130.0 129.6 138.6 74.0 47

48 Households and institutions -258.2 -125.7 372.6 488.3 535.4 476.2 525.0 495.2 477.1 407.7 331.2 48

49 Government -291.6 -408.1 -937.3 -1621.7 -1556.3 -1470.0 -1466.5 -1535.4 -1460.7 -1417.6 -1252.4 49

50 Federal -247.2 -315.0 -756.2 -1446.3 -1462.3 -1356.9 -1352.8 -1449.4 -1334.7 -1290.6 -1120.6 50

51 State and local -44.3 -93.1 -181.1 -175.4 -94.0 -113.1 -113.7 -86.0 -125.9 -126.9 -131.8 51

52 Statistical discrepancy (line 21 less line 1) -242.3 -12.0 -2.4 77.4 0.8 -31.8 -52.0 -10.0 -38.7 -26.4 -57.6 52

 Addenda:

53 Disaster losses 0.0 0.0 19.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Private 0.0 0.0 19.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Domestic business 0.0 0.0 10.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 Households and institutions 0.0 0.0 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

57 Government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 Federal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

59 State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

(1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the

 United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis.

(2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6.

(3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).
16 Z.1, June 7, 2012

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Capital transfers paid, by sector 103.6 114.5 209.6 290.1 209.9 161.3 133.0 167.5 157.5 187.1 143.0 1

 2 By private business 0.0 0.0 7.6 40.4 25.8 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Financial corporations 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Disaster-related insurance benefits 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonfinancial corporations 0.0 0.0 0.0 40.4 25.8 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 By government 70.5 82.8 161.8 224.7 164.6 151.4 126.7 157.0 151.3 170.6 125.8 8

 9 Federal 70.5 82.8 161.8 224.7 164.6 151.4 126.7 157.0 151.3 170.6 125.8 9

10 Investment grants to state and local govts. 52.1 53.7 57.1 62.8 73.6 71.4 67.5 70.9 74.5 72.6 64.8 10

11 Disaster-related insurance benefits 0.0 0.0 2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Financial stabilization payments 0.0 0.0 67.7 121.9 41.5 32.4 12.5 34.3 27.7 55.2 18.9 12

13 Other capital transfers paid to business 0.0 0.0 0.1 8.1 12.3 7.3 7.7 8.6 7.1 5.8 5.0 13

14 Other capital transfers paid to persons 16.4 28.7 33.3 31.3 36.4 39.1 38.5 39.6 41.6 36.5 36.7 14

15 Capital transfers paid to the rest of the world (net) 2.0 0.4 0.8 0.6 0.7 1.3 0.5 3.7 0.4 0.5 0.5 15

16 State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 By persons 33.1 31.7 34.0 25.1 19.5 9.8 6.3 10.4 6.2 16.4 17.2 18

19 Estate and gift taxes, federal 27.8 26.5 28.3 20.6 15.0 5.1 1.5 5.7 1.5 11.8 12.6 19

20 Estate and gift taxes, state and local 5.3 5.3 5.8 4.5 4.5 4.7 4.8 4.8 4.7 4.6 4.6 20

21 By the rest of the world 0.0 0.0 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Disaster-related insurance benefits 0.0 0.0 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Capital transfers received, by sector 103.6 114.5 209.6 290.1 209.9 161.3 133.0 167.5 157.5 187.1 143.0 24

25 By private business 0.0 0.0 75.0 130.0 53.8 39.7 20.2 42.8 34.8 61.0 23.8 25

26 Financial corporations 0.0 0.0 68.1 121.9 41.5 32.4 12.5 34.3 27.7 55.2 18.9 26

27 Disaster-related insurance benefits 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Other 0.0 0.0 67.7 121.9 41.5 32.4 12.5 34.3 27.7 55.2 18.9 28

29 Nonfinancial corporations 0.0 0.0 3.7 2.1 4.6 5.7 5.2 5.1 6.8 5.6 5.0 29

30 Disaster-related insurance benefits 0.0 0.0 3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Other 0.0 0.0 0.1 2.1 4.6 5.7 5.2 5.1 6.8 5.6 5.0 31

32 Noncorporate business 0.0 0.0 3.3 6.0 7.8 1.6 2.5 3.4 0.3 0.2 0.0 32

33 Disaster-related insurance benefits 0.0 0.0 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 Other 0.0 0.0 0.0 6.0 7.8 1.6 2.5 3.4 0.3 0.2 0.0 34

35 By government 85.2 85.4 91.1 87.9 93.3 81.2 73.8 81.3 80.7 89.1 82.0 35

36 Federal 27.8 26.5 28.3 20.6 15.0 5.1 1.5 5.7 1.5 11.8 12.6 36

37 Estate and gift taxes paid by persons 27.8 26.5 28.3 20.6 15.0 5.1 1.5 5.7 1.5 11.8 12.6 37

38 State and local 57.4 58.9 62.8 67.3 78.3 76.1 72.3 75.7 79.2 77.3 69.4 38

39 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Estate and gift taxes paid by persons 5.3 5.3 5.8 4.5 4.5 4.7 4.8 4.8 4.7 4.6 4.6 40

41 Investment grants paid by federal government 52.1 53.7 57.1 62.8 73.6 71.4 67.5 70.9 74.5 72.6 64.8 41

42 Other 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 42

43 By persons 16.4 28.7 42.6 71.7 62.0 39.1 38.5 39.6 41.6 36.5 36.7 43

44 Disaster-related insurance benefits 0.0 0.0 9.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

45 Other 16.4 28.7 33.3 71.7 62.0 39.1 38.5 39.6 41.6 36.5 36.7 45

46 By the rest of the world 2.0 0.4 0.8 0.6 0.7 1.3 0.5 3.7 0.4 0.5 0.5 46

47 Capital transfers paid by U.S. government 2.0 0.4 0.8 0.6 0.7 1.3 0.5 3.7 0.4 0.5 0.5 47

48 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 Addenda: Net capital transfers paid by sector

49 By private business (lines 2-25) -0.0 -0.0 -67.5 -89.6 -28.0 -39.7 -20.2 -42.8 -34.8 -61.0 -23.8 49

50 Financial corporations (lines 3-26) 0.0 0.0 -60.5 -121.9 -41.5 -32.4 -12.5 -34.3 -27.7 -55.2 -18.9 50

51 Property-casualty insurance companies (line 4) 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

52 U.S.-chartered depository institutions 0.0 0.0 -29.7 -18.2 2.4 2.9 13.5 -0.3 -1.4 -0.0 0.0 52

53 Financial stabilization payments (2) 0.0 0.0 -29.3 -18.2 2.4 2.9 13.5 -0.3 -1.4 -0.0 0.0 53

54 Other (lines 5-27) 0.0 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Government-sponsored enterprises (2) 0.0 0.0 -6.9 -87.1 -40.2 -31.9 -12.4 -34.0 -26.3 -55.1 -18.9 55

56 Holding companies (GMAC) (2) 0.0 0.0 -3.2 -11.3 -1.5 0.0 0.0 0.0 0.0 0.0 0.0 56

57 Funding corporations (AIG) (2) 0.0 0.0 -28.3 -5.3 -2.2 -3.4 -13.6 0.0 0.0 0.0 0.0 57

58 Nonfinancial corporations (lines 6-29) -0.0 -0.0 -3.7 38.3 21.3 -5.7 -5.2 -5.1 -6.8 -5.6 -5.0 58

59 Noncorporate business (lines 7-32) 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -2.5 -3.4 -0.3 -0.2 0.0 59

60 By government (lines 8-35) -14.7 -2.6 70.6 136.8 71.2 70.2 52.9 75.7 70.7 81.6 43.8 60

61 Federal (lines 9-36) 42.7 56.3 133.5 204.1 149.6 146.3 125.2 151.4 149.9 158.8 113.2 61

62 State and local (lines 16-38) -57.4 -58.9 -62.8 -67.3 -78.3 -76.1 -72.3 -75.7 -79.2 -77.3 -69.4 62

63 By persons (lines 18-43) 16.8 3.0 -8.6 -46.6 -42.6 -29.2 -32.2 -29.2 -35.5 -20.1 -19.5 63

64 By the rest of the world (lines 21-46) -2.0 -0.4 5.4 -0.6 -0.7 -1.3 -0.5 -3.7 -0.4 -0.5 -0.5 64

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts.
Z.1, June 7, 2012 17

F.10 Derivation of Measures of Personal Saving (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 1245.6 1520.2 762.5 142.0 458.4 860.0 915.8 549.3 941.4 1033.4 878.9 1

 2 Foreign deposits 5.2 15.4 -23.7 -6.4 4.3 -3.8 10.9 -3.8 -2.4 -20.0 -22.2 2

 3 Checkable deposits and currency 34.6 -7.7 228.2 44.4 -45.4 314.9 97.9 382.5 521.5 257.6 148.7 3

 4 Time and savings deposits 505.8 496.0 203.0 122.8 188.1 400.3 205.8 739.7 324.4 331.2 291.5 4

 5 Money market fund shares 168.4 234.4 236.2 -270.4 -186.3 -22.3 86.3 59.1 -24.2 -210.3 12.8 5

 6 Securities -291.6 -105.3 -126.5 273.3 319.3 -138.4 331.5 -744.9 -673.8 533.6 147.9 6

 7 Open market paper 19.0 -10.2 -101.3 28.7 28.8 -5.3 17.7 -11.9 -18.5 -8.4 -25.8 7

 8 U.S. savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -2.7 -4.6 -3.9 -2.8 0.3 -1.8 8

 9 Treasury bills and other Treasury securities -81.1 -41.0 151.7 419.6 452.7 -88.9 -851.0 -353.5 204.6 644.3 210.8 9

10 Agency- and GSE-backed securities -45.6 320.2 96.8 -566.7 -4.7 -32.9 412.5 -137.6 -325.3 -81.1 -210.6 10

11 Municipal securities 43.3 43.6 41.4 129.5 57.9 -62.7 34.9 -97.8 -52.5 -135.5 -195.0 11

12 Corporate and foreign bonds 189.0 219.8 -216.3 -127.7 -281.5 -69.0 -85.1 -13.5 -235.5 58.3 -189.4 12

13 Corporate equities (2) -581.5 -845.9 -108.4 88.0 -132.6 -174.8 24.9 -342.9 -101.1 -280.1 -257.2 13

14 Mutual fund shares 167.8 214.2 12.0 304.8 202.0 297.9 782.1 216.1 -142.6 335.8 816.8 14

15 Life insurance reserves 57.8 18.0 61.7 23.7 9.0 63.6 30.9 54.0 101.1 68.7 -2.4 15

16 Pension fund reserves 250.9 201.1 125.7 135.4 208.9 146.5 140.1 -154.3 424.4 175.6 226.4 16

17 Miscellaneous and other assets 514.4 668.3 57.9 -180.8 -39.6 99.3 12.6 217.2 270.5 -103.0 76.2 17

18 Gross investment in nonfinancial assets 2136.4 2063.9 1826.4 1576.1 1622.8 1715.5 1685.0 1688.9 1717.9 1770.4 1819.0 18

19 Residential fixed investment 755.2 622.2 466.8 350.3 335.5 334.8 328.3 333.1 334.4 343.6 357.8 19

20 Nonresidential fixed investment 315.8 345.3 330.4 281.0 280.2 307.5 291.5 301.6 315.4 321.2 321.8 20

21 Consumer durables 1075.7 1106.8 1041.3 965.3 1016.2 1088.6 1080.8 1070.8 1084.3 1118.6 1153.5 21

22 Nonproduced nonfinancial assets -10.2 -11.3 -11.2 -11.2 -11.3 -12.1 -11.8 -12.1 -12.2 -12.4 -12.4 22

23 Inventories 0.0 0.9 -0.9 -9.3 2.2 -3.3 -3.7 -4.5 -4.0 -0.8 -1.7 23

24 Consumption of fixed capital 1272.3 1346.1 1412.4 1420.5 1420.3 1423.7 1401.5 1415.4 1432.8 1445.2 1452.6 24

25 Residential fixed investment 258.9 269.8 272.2 266.0 266.7 276.6 271.8 275.3 278.3 280.9 283.5 25

26 Nonresidential fixed investment 176.6 202.2 233.7 237.3 238.3 243.3 241.6 242.8 243.8 245.0 244.6 26

27 Consumer durables 836.9 874.0 906.5 917.2 915.3 903.9 888.1 897.3 910.8 919.3 924.5 27

28 Net investment in nonfinancial assets (3) 864.1 717.8 414.0 155.6 202.5 291.8 283.5 273.5 285.0 325.2 366.4 28

29 Residential fixed investment 496.3 352.4 194.7 84.3 68.8 58.3 56.4 57.8 56.1 62.7 74.3 29

30 Nonresidential fixed investment 139.2 143.0 96.7 43.6 41.9 64.2 50.0 58.8 71.6 76.3 77.2 30

31 Consumer durables 238.8 232.8 134.8 48.1 100.9 184.8 192.7 173.5 173.6 199.3 229.0 31

32 Nonproduced nonfinancial assets -10.2 -11.3 -11.2 -11.2 -11.3 -12.1 -11.8 -12.1 -12.2 -12.4 -12.4 32

33 Inventories 0.0 0.9 -0.9 -9.3 2.2 -3.3 -3.7 -4.5 -4.0 -0.8 -1.7 33

34 Net increase in liabilities 1806.4 1478.5 289.7 -278.2 -381.0 -163.1 -46.1 -347.8 -320.0 61.4 130.3 34

35 Home mortgages 1057.3 708.5 -103.1 -185.8 -338.2 -255.3 -252.0 -335.5 -249.3 -184.3 -303.9 35

36 Other mortgages 226.9 286.4 230.8 22.0 -107.7 -23.8 -34.7 -38.0 -37.9 15.4 -56.7 36

37 Consumer credit 115.2 141.4 20.1 -115.8 -30.6 96.6 83.6 81.5 56.5 164.8 144.6 37

38 Policy loans 3.3 3.6 5.9 0.7 3.4 2.5 1.2 2.8 3.7 2.0 -0.2 38

39 Security credit 59.7 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 39

40 Other liabilities 344.1 305.2 296.7 -37.3 16.9 56.6 5.6 -47.1 150.6 117.1 229.7 40

41 Net capital transfers paid (4) 16.8 3.0 -11.9 -52.6 -50.3 -30.8 -34.7 -32.6 -35.7 -20.3 -19.5 41

42 Personal saving, FOF concept (FOF) 320.0 762.5 874.9 523.1 991.5 1284.1 1210.7 1138.0 1510.8 1276.9 1095.5 42

43 - Net investment in consumer durables 238.8 232.8 134.8 48.1 100.9 184.8 192.7 173.5 173.6 199.3 229.0 43

44 - Government insurance and pension fund reserves (5) 0.1 0.1 -0.6 0.5 -1.7 -0.4 -2.1 -0.1 0.5 -0.0 -2.1 44

45 = Personal saving, NIPA concept (FOF) (6) 81.1 529.6 740.8 474.5 892.3 1099.8 1020.2 964.6 1336.7 1077.6 868.6 45

46 Personal saving, NIPA concept (NIPA) 256.6 248.7 592.3 552.6 592.8 538.5 578.9 556.5 533.1 485.3 423.9 46

47 Difference -175.5 280.9 148.4 -78.1 299.6 561.3 441.2 408.0 803.5 592.3 444.7 47

 Memo:

48 Disposable personal income 9915.7 10423.6 11024.5 10788.8 11179.7 11593.5 11481.0 11559.2 11647.7 11686.3 11768.8 48

 Personal saving as a percentage of disposable personal income:

49 FOF concept (FOF data) (line 42) 3.2 7.3 7.9 4.8 8.9 11.1 10.5 9.8 13.0 10.9 9.3 49

50 NIPA concept (FOF data) (line 45) 0.8 5.1 6.7 4.4 8.0 9.5 8.9 8.3 11.5 9.2 7.4 50

51 NIPA concept (NIPA data) (line 46) 2.6 2.4 5.4 5.1 5.3 4.6 5.0 4.8 4.6 4.2 3.6 51

52 Difference (line 47) -1.8 2.7 1.3 -0.7 2.7 4.8 3.8 3.5 6.9 5.1 3.8 52

(1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business.

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14) and life insurance and pension reserves (lines 15 and 16)).

(3) Line 18 less line 24.

(4) Table F.9, line 59 plus line 63.

(5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 44) plus

 net investment in nonfinancial assets net of consumer durables (line 28 less line 43) less net increase in liabilities (line 34) plus net capital transfers paid (line 41). Line 46 is disposable personal income (line 48) less

 personal outlays (table F.100, line 4).
18 Z.1, June 7, 2012

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Personal income 11268.1 11912.3 12460.2 11930.2 12373.5 12991.2 12846.9 12955.3 13056.8 13105.7 13216.8 1

 2 - Personal current taxes 1352.4 1488.7 1435.7 1141.4 1193.9 1397.7 1365.9 1396.2 1409.1 1419.4 1448.0 2

 3 = Disposable personal income 9915.7 10423.6 11024.5 10788.8 11179.7 11593.5 11481.0 11559.2 11647.7 11686.3 11768.8 3

 4 - Personal outlays 9659.1 10174.9 10432.2 10236.3 10586.9 11055.1 10902.1 11002.6 11114.6 11201.0 11344.9 4

 5 = Personal saving, NIPA (2) 256.6 248.7 592.3 552.6 592.8 538.5 578.9 556.5 533.1 485.3 423.9 5

 6 + Government insurance and pension reserves (3) 0.1 0.1 -0.6 0.5 -1.7 -0.4 -2.1 -0.1 0.5 -0.0 -2.1 6

 7 + Net investment in consumer durables 238.8 232.8 134.8 48.1 100.9 184.8 192.7 173.5 173.6 199.3 229.0 7

 8 + Consumption of fixed capital 1110.0 1161.8 1201.2 1209.7 1210.6 1207.3 1188.5 1200.0 1215.2 1225.5 1231.1 8

 9 - Net capital transfers paid (4) 16.8 3.0 -8.6 -46.6 -42.6 -29.2 -32.2 -29.2 -35.5 -20.1 -19.5 9

10 = Gross saving less net capital transfers paid 1588.8 1640.4 1936.2 1857.4 1945.0 1959.3 1990.2 1959.1 1957.9 1930.1 1901.4 10

11 Gross investment 1413.2 1921.3 2084.6 1779.3 2244.6 2520.6 2431.4 2367.2 2761.4 2522.4 2346.1 11

12 Capital expenditures 1843.1 1757.4 1559.3 1373.7 1411.3 1483.5 1467.3 1464.0 1480.3 1522.5 1572.2 12

13 Residential 670.1 541.7 397.2 296.0 287.7 286.5 281.0 285.1 286.2 293.9 306.3 13

14 Consumer durable goods 1075.7 1106.8 1041.3 965.3 1016.2 1088.6 1080.8 1070.8 1084.3 1118.6 1153.5 14

15 Nonprofit nonresidential 107.5 120.2 132.0 123.6 118.8 120.5 117.3 120.2 122.0 122.4 124.8 15

16 Nonproduced nonfinancial assets -10.2 -11.3 -11.2 -11.2 -11.3 -12.1 -11.8 -12.1 -12.2 -12.4 -12.4 16

17 Net lending (+) or net borrowing (-) -429.8 163.9 525.3 405.7 833.3 1037.1 964.1 903.1 1281.2 999.9 773.9 17

18 Net acquisition of financial assets 793.2 1056.8 369.7 227.3 640.9 820.0 922.6 520.0 909.7 927.8 851.8 18

19 Foreign deposits 5.2 15.4 -23.7 -6.4 4.3 -3.8 10.9 -3.8 -2.4 -20.0 -22.2 19

20 Checkable deposits and currency -40.0 -74.6 224.4 24.0 -25.3 311.9 98.6 380.9 518.7 249.3 142.1 20

21 Time and savings deposits 485.5 481.1 204.2 127.6 201.7 399.2 207.2 739.6 323.4 326.5 288.0 21

22 Money market fund shares 165.2 232.2 235.1 -268.7 -183.4 -22.5 86.6 59.0 -24.4 -211.3 12.1 22

23 Credit market instruments 103.8 520.0 -8.7 -128.9 240.0 -275.8 -489.5 -629.7 -438.3 454.4 -436.9 23

24 Open market paper 19.0 -10.2 -101.3 28.7 28.8 -5.3 17.7 -11.9 -18.5 -8.4 -25.8 24

25 Treasury securities -83.9 -50.0 156.8 422.5 451.2 -91.7 -855.4 -357.4 201.7 644.0 208.6 25

26 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -2.7 -4.6 -3.9 -2.8 0.3 -1.8 26

27 Other -81.2 -44.0 159.2 425.2 454.5 -89.0 -850.8 -353.5 204.5 643.7 210.4 27

28 Agency- and GSE-backed securities -45.6 320.2 96.8 -566.7 -4.7 -32.9 412.5 -137.6 -325.3 -81.1 -210.6 28

29 Municipal securities 42.0 44.1 41.8 129.3 58.1 -62.7 34.9 -97.8 -52.5 -135.5 -195.1 29

30 Corporate and foreign bonds 189.0 219.8 -216.3 -127.7 -281.5 -69.0 -85.1 -13.5 -235.5 58.3 -189.4 30

31 Other loans and advances (5) 0.4 8.5 12.2 -5.3 -0.6 -2.8 -3.8 1.7 -0.4 -8.7 -8.0 31

32 Mortgages -17.2 -12.4 1.4 -9.7 -11.3 -11.4 -10.4 -13.3 -7.6 -14.1 -16.7 32

33 Corporate equities (6) -581.5 -845.9 -108.4 88.0 -132.6 -174.8 24.9 -342.9 -101.1 -280.1 -257.2 33

34 Mutual fund shares 167.8 214.2 12.0 304.8 202.0 297.9 782.1 216.1 -142.6 335.8 816.8 34

35 Security credit 80.4 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 35

36 Life insurance reserves 57.8 18.0 61.7 23.7 9.0 63.6 30.9 54.0 101.1 68.7 -2.4 36

37 Pension fund reserves 250.9 201.1 125.7 135.4 208.9 146.5 140.1 -154.3 424.4 175.6 226.4 37

38 Equity in noncorporate business 60.6 18.4 -284.0 -19.1 46.1 -26.9 -12.4 -24.0 -10.7 -60.6 40.2 38

39 Miscellaneous assets 37.4 66.1 55.1 21.1 44.4 46.8 7.1 7.5 73.0 99.7 5.0 39

40 Net increase in liabilities 1223.0 892.8 -155.6 -178.4 -192.4 -217.1 -41.5 -383.2 -371.5 -72.1 77.9 40

41 Credit market instruments 1149.3 843.8 -20.3 -227.6 -291.6 -191.0 -213.4 -387.6 -136.4 -26.6 -52.9 41

42 Home mortgages (7) 983.1 674.5 -56.1 -144.3 -300.7 -232.6 -223.2 -309.2 -230.0 -168.0 -286.7 42

43 Consumer credit 115.2 141.4 20.1 -115.8 -30.6 96.6 83.6 81.5 56.5 164.8 144.6 43

44 Municipal securities 16.3 20.6 8.0 6.0 -2.3 -7.8 -1.4 -4.7 -18.5 -6.7 -8.7 44

45 Depository institution loans n.e.c. (8) 12.1 -9.2 4.6 32.9 52.4 -42.8 -66.1 -149.6 60.0 -15.3 105.7 45

46 Other loans and advances 4.8 3.2 6.2 0.5 2.4 2.0 0.9 2.1 3.7 1.1 -1.3 46

47 Commercial mortgages 17.9 13.3 -3.0 -6.9 -12.8 -6.4 -7.3 -7.6 -8.1 -2.6 -6.6 47

48 Security credit 59.7 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 48

49 Trade payables 13.6 14.6 22.2 16.0 21.4 14.0 20.0 14.0 13.6 8.5 6.6 49

 Deferred and unpaid

50 life insurance premiums 0.5 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 50

51 Discrepancy 175.5 -280.9 -148.4 78.1 -299.6 -561.3 -441.2 -408.0 -803.5 -592.3 -444.7 51

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. 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 63.

(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 34) and life insurance and pension reserves (lines 36 and 37).

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23.

(8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 17.
Z.1, June 7, 2012 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Income before taxes 2314.0 2208.0 2030.6 1748.8 2099.4 2250.2 2202.5 2249.0 2266.6 2282.8 2522.2 1

 2 Gross saving less net capital transfers paid 1256.1 1251.0 1318.9 1365.0 1585.8 1700.0 1636.3 1717.8 1722.5 1723.5 1668.5 2

 3 Gross investment 1126.4 1125.1 384.0 1541.0 1355.5 1561.2 1406.3 1617.4 1728.3 1492.9 1440.5 3

 4 Capital expenditures 1395.8 1453.4 1379.6 963.2 1198.8 1303.1 1260.3 1289.6 1286.0 1376.4 1400.1 4

 5 Fixed investment 1323.3 1426.0 1404.4 1120.0 1135.3 1260.1 1201.9 1239.3 1288.0 1311.4 1326.9 5

 6 Residential 88.2 96.2 75.1 58.8 45.7 44.7 48.0 46.8 41.5 42.4 50.5 6

 7 Nonresidential 1235.1 1329.8 1329.3 1061.2 1089.6 1215.5 1153.9 1192.5 1246.5 1269.0 1276.3 7

 8 Change in inventories 60.0 29.1 -41.1 -160.8 66.9 46.3 62.0 53.6 0.8 68.7 76.2 8

 9 Nonproduced nonfinancial assets 12.5 -1.7 16.3 3.9 -3.4 -3.3 -3.6 -3.2 -2.8 -3.7 -3.0 9

10 Net lending (+) or net borrowing (-) -269.4 -328.3 -995.6 577.9 156.7 258.2 146.1 327.8 442.3 116.6 40.5 10

11 Net acquisition of financial assets 1220.7 1554.3 -506.7 208.0 643.7 904.2 588.0 954.8 1157.6 916.4 934.5 11

12 Foreign deposits -14.2 0.9 -25.5 6.8 9.6 -2.7 28.1 -14.8 -9.8 -14.4 -9.3 12

13 Checkable deposits and currency -42.5 59.3 -108.8 160.3 135.7 56.6 133.0 -54.8 137.7 10.4 -20.3 13

14 Time and savings deposits 66.9 -40.7 -60.7 102.1 8.9 26.7 9.0 147.2 -37.6 -11.7 87.3 14

15 Money market fund shares 72.2 129.4 163.2 -70.6 -159.7 -32.6 -60.5 -47.1 -69.0 46.4 -72.4 15

16 Security RPs 1.0 -7.5 -0.9 0.7 4.2 -1.2 1.9 -2.8 -3.4 -0.5 3.1 16

17 Credit market instruments -14.9 -67.9 -47.2 0.9 8.0 -18.6 -8.1 -38.7 -19.5 -8.3 61.8 17

18 Commercial paper 11.7 -53.2 -12.2 -1.3 11.8 -10.5 31.9 -32.2 -42.5 0.7 54.4 18

19 Treasury securities -6.5 -4.1 -15.4 6.8 3.1 -1.7 -22.5 -8.7 12.1 12.3 -0.8 19

20 Agency- and GSE-backed securities -2.2 -2.4 -2.6 4.2 1.6 -0.6 -7.4 10.4 -9.3 3.9 -0.4 20

21 Municipal securities -2.7 0.6 -3.4 1.1 -3.2 -4.4 -17.9 -1.3 2.8 -1.2 0.5 21

22 Mortgages -10.0 -11.0 -10.7 -5.3 -3.0 -1.4 -1.7 -1.5 -1.4 -1.0 -1.1 22

23 Consumer credit -5.2 2.2 -3.0 -4.6 -2.3 0.0 9.5 -5.5 18.9 -22.9 9.2 23

24 Mutual fund shares 23.6 -4.8 -16.7 35.5 11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 24

25 Trade receivables 24.9 216.6 -170.7 -54.9 115.9 201.7 207.9 222.1 194.1 182.7 183.5 25

26 Miscellaneous assets 1103.8 1269.1 -239.4 27.3 509.9 685.6 287.9 755.1 976.4 723.0 712.1 26

27 Net increase in liabilities 1490.1 1882.7 488.9 -369.9 487.0 646.0 441.9 627.0 715.3 799.8 894.1 27

28 Credit market instruments 933.9 1298.2 667.0 -263.5 85.7 509.8 463.4 569.3 440.9 565.7 617.5 28

29 Commercial paper 22.4 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 29

30 Municipal securities 54.3 69.0 68.2 37.8 34.7 15.1 27.4 1.7 9.0 22.3 10.1 30

31 Corporate bonds 208.3 311.1 205.5 387.6 422.8 385.4 404.3 461.2 324.3 351.9 462.9 31

32 Depository institution loans n.e.c. 137.3 237.1 183.7 -336.0 -103.8 125.6 110.8 119.4 135.2 137.0 230.4 32

33 Other loans and advances 144.7 301.6 60.8 -147.0 -91.6 58.3 15.5 87.5 77.0 53.4 7.0 33

34 Mortgages 366.9 368.0 141.2 -132.8 -201.0 -108.0 -120.4 -150.1 -134.1 -27.4 -90.4 34

35 Corporate equities -565.7 -786.8 -336.0 -64.6 -278.0 -473.4 -324.5 -511.0 -617.7 -440.2 -340.8 35

36 Trade payables 123.4 111.1 -219.4 -77.6 143.9 188.9 136.7 201.7 194.3 222.9 179.0 36

37 Taxes payable 8.2 -45.8 9.8 -9.5 2.3 4.9 27.8 -26.1 10.7 7.3 19.5 37

38 Miscellaneous liabilities 922.8 1290.0 662.9 60.8 487.4 440.8 142.3 417.1 704.8 498.9 406.8 38

39 Proprietors’ net investment 67.4 16.0 -295.5 -15.5 45.7 -25.1 -3.8 -24.0 -17.8 -54.9 12.0 39

40 Discrepancy 129.7 126.0 934.9 -176.1 230.2 138.8 230.0 100.3 -5.8 230.6 227.9 40

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
20 Z.1, June 7, 2012

F.102 Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Profits before tax (book) 1117.9 1042.0 831.2 693.5 942.8 1002.7 974.8 1006.3 1013.4 1016.5 1238.5 1

 2 - Taxes on corporate income 307.6 293.8 227.4 175.0 229.3 246.6 238.5 252.2 250.1 245.5 299.8 2

 3 - Net dividends 471.1 484.6 474.1 349.0 398.8 443.3 422.0 459.2 434.0 457.8 439.8 3

 4 + Capital consumption allowance (1) 643.8 681.8 831.6 808.7 902.5 1015.1 1005.0 1012.6 1017.5 1025.2 829.7 4

 5 = U.S. internal funds, book 982.9 945.4 961.2 978.2 1217.2 1328.0 1319.3 1307.5 1346.8 1338.4 1328.7 5

 6 + Foreign earnings retained abroad 148.9 168.5 183.9 207.7 211.4 208.4 212.3 246.6 196.5 178.1 141.3 6

 7 + Inventory valuation adjustment (IVA) -38.0 -47.2 -44.5 0.6 -39.1 -60.1 -116.0 -60.4 -45.5 -18.6 -28.0 7

 8 - Net capital transfers paid (2) -0.0 -0.0 -3.7 38.3 21.3 -5.7 -5.2 -5.1 -6.8 -5.6 -5.0 8

 9 = Total internal funds + IVA 1093.7 1066.8 1104.4 1148.1 1368.3 1482.0 1420.8 1498.9 1504.6 1503.6 1446.9 9

10 Gross investment 964.1 940.8 169.5 1324.2 1138.0 1343.2 1190.8 1398.6 1510.4 1273.0 1219.0 10

11 Capital expenditures 1102.5 1146.9 1112.4 760.8 987.4 1071.1 1042.6 1064.7 1048.4 1128.5 1153.3 11

12 Fixed investment (3) 1030.0 1120.4 1136.4 908.3 926.1 1024.9 980.5 1009.8 1046.4 1062.8 1078.4 12

13 Inventory change + IVA 59.9 28.2 -40.2 -151.5 64.7 49.5 65.7 58.1 4.8 69.5 77.9 13

14 Nonproduced nonfinancial assets 12.5 -1.7 16.3 3.9 -3.4 -3.3 -3.6 -3.2 -2.8 -3.7 -3.0 14

15 Net lending (+) or net borrowing (-) -138.4 -206.1 -943.0 563.4 150.6 272.1 148.3 333.8 462.0 144.5 65.7 15

16 Net acquisition of financial assets 700.9 1074.9 -604.0 308.7 780.5 889.3 598.6 949.4 1143.6 865.7 895.4 16

17 Foreign deposits -14.2 0.9 -25.5 6.8 9.6 -2.7 28.1 -14.8 -9.8 -14.4 -9.3 17

18 Checkable deposits and currency -117.2 -7.6 -112.6 139.8 155.8 53.6 133.7 -56.5 134.8 2.2 -26.9 18

19 Time and savings deposits 46.6 -55.7 -59.4 106.9 22.6 25.6 10.4 147.0 -38.6 -16.4 83.8 19

20 Money market fund shares 69.1 127.2 162.2 -69.0 -156.9 -32.8 -60.2 -47.1 -69.2 45.4 -73.1 20

21 Security RPs 1.0 -7.5 -0.9 0.7 4.2 -1.2 1.9 -2.8 -3.4 -0.5 3.1 21

22 Credit market instruments -14.8 -77.9 -36.4 7.6 11.5 -18.9 -7.7 -38.8 -19.8 -9.5 60.9 22

23 Commercial paper 11.7 -53.2 -12.2 -1.3 11.8 -10.5 31.9 -32.2 -42.5 0.7 54.4 23

24 Treasury securities -6.7 -7.1 -7.9 12.5 4.9 -1.8 -22.3 -8.7 12.0 11.7 -1.2 24

25 Agency- and GSE-backed securities -2.2 -2.4 -2.6 4.2 1.6 -0.6 -7.4 10.4 -9.3 3.9 -0.4 25

26 Municipal securities -4.0 1.1 -3.0 0.9 -3.0 -4.4 -17.9 -1.3 2.7 -1.2 0.5 26

27 Mortgages -8.4 -18.4 -7.7 -4.1 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 27

28 Consumer credit -5.2 2.2 -3.0 -4.6 -2.3 0.0 9.5 -5.5 18.9 -22.9 9.2 28

29 Mutual fund shares 23.6 -4.8 -16.7 35.5 11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 29

30 Trade receivables -15.1 161.9 -167.7 -28.6 135.2 200.2 210.0 221.9 192.7 176.1 178.6 30

31 Miscellaneous assets 722.0 938.4 -346.8 109.0 587.3 676.8 293.5 751.6 968.2 693.8 689.5 31

32 U.S. direct investment abroad (4) 219.2 307.0 262.6 279.8 322.1 383.2 349.4 507.5 278.4 397.5 310.1 32

33 Insurance receivables 7.6 8.3 10.9 -0.9 3.0 15.7 0.6 22.9 13.9 25.4 11.6 33

34 Equity in GSEs 0.1 0.1 -0.1 0.0 0.1 -0.0 0.3 -0.3 -0.3 0.1 0.5 34

35 Investment in finance co. subs. 22.9 -54.8 -1.1 -9.3 20.3 21.4 69.0 17.9 -1.3 0.2 -18.4 35

36 Other 472.2 677.7 -619.3 -160.7 241.8 256.5 -125.8 203.7 677.4 270.6 385.7 36

37 Net increase in liabilities 839.3 1281.0 339.0 -254.7 629.9 617.2 450.3 615.5 681.6 721.2 829.7 37

38 Net funds raised in markets -47.0 49.8 12.3 -193.9 6.2 24.9 164.5 71.9 -180.8 43.9 235.7 38

39 Net new equity issues -565.7 -786.8 -336.0 -64.6 -278.0 -473.4 -324.5 -511.0 -617.7 -440.2 -340.8 39

40 Credit market instruments 518.7 836.6 348.3 -129.3 284.2 498.3 489.0 583.0 436.9 484.1 576.5 40

41 Commercial paper 22.4 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 41

42 Municipal securities (5) 54.3 69.0 68.2 37.8 34.7 15.1 27.4 1.7 9.0 22.3 10.1 42

43 Corporate bonds (4) 208.3 311.1 205.5 387.6 422.8 385.4 404.3 461.2 324.3 351.9 462.9 43

44 Depository institution loans n.e.c. 22.1 96.3 64.2 -219.8 -33.4 73.4 81.2 69.5 73.5 69.4 119.9 44

45 Other loans and advances (6) 127.9 287.9 48.5 -141.7 -95.8 58.8 14.5 94.3 85.5 41.0 9.1 45

46 Mortgages 83.7 60.9 -45.7 -120.2 -68.6 -67.9 -64.1 -93.3 -85.0 -29.1 -23.1 46

47 Trade payables 109.0 85.1 -225.2 -85.3 163.1 184.6 146.2 189.0 182.6 220.4 180.9 47

48 Taxes payable -0.8 -49.6 3.1 -3.3 7.2 4.6 28.3 -26.1 10.3 5.7 18.3 48

49 Miscellaneous liabilities 778.0 1195.8 548.7 27.7 453.4 403.1 111.3 380.6 669.4 451.2 394.9 49

50 Foreign direct investment in U.S. 191.0 211.6 189.5 112.0 186.2 201.9 101.4 181.1 241.0 283.9 293.3 50

51 Pension fund contributions payable -2.0 4.4 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 51

52 Other 589.0 979.8 358.5 -86.9 268.5 201.1 10.4 199.6 427.9 166.3 100.3 52

53 Discrepancy 129.7 126.0 934.9 -176.1 230.2 138.8 230.0 100.3 -5.8 230.6 227.9 53

 Memo:

54 Financing gap (7) 157.6 248.7 195.7 -218.0 -190.7 -196.8 -160.7 -182.4 -252.9 -191.3 -147.4 54

(1) Consumption of fixed capital plus capital consumption adjustment.

(2) Table F.9, line 58.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 15 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) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.

(7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, June 7, 2012 21

F.103 Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving = consumption of fixed capital 162.3 184.3 211.3 210.8 209.7 216.4 213.0 215.4 217.6 219.7 221.5 1

 2 Gross saving less net capital transfers paid (1) 162.3 184.3 214.5 216.8 217.5 218.0 215.5 218.8 217.9 219.9 221.5 2

 3 Gross investment 162.3 184.3 214.5 216.8 217.5 218.0 215.5 218.8 217.9 219.9 221.5 3

 4 Capital expenditures 293.3 306.5 267.2 202.4 211.4 232.0 217.7 224.9 237.6 247.9 246.8 4

 5 Fixed investment (2) 293.3 305.6 268.0 211.7 209.2 235.3 221.4 229.4 241.6 248.6 248.5 5

 6 Change in inventories 0.0 0.9 -0.9 -9.3 2.2 -3.3 -3.7 -4.5 -4.0 -0.8 -1.7 6

 7 Net lending (+) or net borrowing (-) -131.0 -122.2 -52.6 14.5 6.1 -14.0 -2.2 -6.1 -19.7 -27.9 -25.2 7

 8 Net acquisition of financial assets 519.8 479.4 97.2 -100.8 -136.8 14.9 -10.6 5.4 14.0 50.7 39.1 8

 9 Checkable deposits and currency 74.6 66.9 3.8 20.4 -20.1 3.0 -0.7 1.6 2.9 8.3 6.6 9

10 Time and savings deposits 20.3 14.9 -1.2 -4.8 -13.7 1.1 -1.5 0.1 1.0 4.7 3.5 10

11 Money market mutual funds 3.2 2.2 1.0 -1.7 -2.9 0.2 -0.3 0.0 0.2 1.0 0.7 11

12 Credit market instruments -0.1 10.0 -10.9 -6.7 -3.5 0.3 -0.4 0.0 0.3 1.2 0.9 12

13 Treasury securities 0.2 3.0 -7.5 -5.7 -1.8 0.1 -0.2 0.0 0.1 0.6 0.5 13

14 Municipal securities 1.3 -0.5 -0.4 0.2 -0.2 0.0 -0.0 0.0 0.0 0.1 0.1 14

15 Mortgages -1.5 7.4 -3.0 -1.2 -1.5 0.1 -0.2 0.0 0.1 0.5 0.4 15

16 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Trade receivables 40.0 54.7 -3.0 -26.3 -19.2 1.5 -2.1 0.2 1.4 6.6 4.9 17

18 Miscellaneous assets 381.8 330.8 107.5 -81.7 -77.5 8.8 -5.6 3.5 8.3 29.1 22.5 18

19 Insurance receivables 4.4 3.7 3.4 1.0 0.1 6.3 1.6 8.8 6.6 8.3 3.9 19

20 Equity investment in GSEs (3) 0.2 0.7 1.2 -0.0 0.4 0.3 -0.2 0.5 0.7 0.1 0.3 20

21 Other 377.2 326.4 102.9 -82.7 -77.9 2.2 -7.0 -5.8 1.1 20.7 18.3 21

22 Net increase in liabilities 650.8 601.6 149.9 -115.2 -142.8 28.9 -8.4 11.5 33.7 78.7 64.4 22

23 Credit market instruments 415.2 461.6 318.8 -134.2 -198.5 11.6 -25.7 -13.7 4.0 81.6 41.0 23

24 Depository institution loans n.e.c. 115.3 140.8 119.6 -116.3 -70.4 52.2 29.7 49.9 61.7 67.6 110.5 24

25 Other loans and advances 16.8 13.7 12.3 -5.3 4.3 -0.5 1.0 -6.8 -8.6 12.4 -2.1 25

26 Mortgages 283.2 307.1 186.9 -12.6 -132.3 -40.1 -56.3 -56.7 -49.1 1.7 -67.4 26

27 Trade payables 14.4 26.0 5.8 7.6 -19.2 4.4 -9.4 12.6 11.7 2.5 -1.8 27

28 Taxes payable 9.0 3.8 6.7 -6.3 -4.9 0.4 -0.5 0.0 0.3 1.7 1.2 28

29 Miscellaneous liabilities 144.8 94.2 114.1 33.1 34.0 37.6 31.0 36.4 35.4 47.7 11.9 29

30 Proprietors’ net investment 67.4 16.0 -295.5 -15.5 45.7 -25.1 -3.8 -24.0 -17.8 -54.9 12.0 30

(1) Net capital transfers paid from table F.9, line 59.

(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively.

(3) Equity in the Farm Credit System.
22 Z.1, June 7, 2012

F.104 State and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Current receipts, NIPA basis 1829.7 1923.1 1944.8 1953.6 2064.7 2084.2 2092.5 2128.0 2062.1 2054.1 2058.7 1

 2 Personal current taxes 302.5 323.1 334.4 284.8 297.5 325.7 319.0 330.8 325.8 327.1 332.5 2

 3 Taxes on production and imports 887.4 932.7 944.6 920.6 952.6 987.1 980.7 989.1 987.8 991.0 996.5 3

 4 Taxes on corporate income 59.2 57.8 47.4 47.4 57.9 51.5 51.7 54.4 49.8 50.1 50.9 4

 5 Contributions for govt. social insurance 21.8 18.9 19.0 20.2 20.8 21.6 21.3 21.6 21.7 21.8 21.9 5

 6 Income receipts on assets 103.5 114.5 106.8 93.3 90.9 89.7 90.6 89.1 89.6 89.3 89.4 6

 7 Current transfer receipts 456.7 485.1 505.0 597.8 655.9 622.1 642.1 656.4 600.8 589.1 583.3 7

 8 Current surplus of government enterprises -1.3 -9.1 -12.3 -10.5 -10.8 -13.5 -12.9 -13.3 -13.4 -14.3 -15.8 8

 9 Current expenditures, NIPA basis 1778.6 1910.8 2017.0 2031.7 2090.0 2149.7 2149.7 2168.2 2145.3 2135.6 2146.4 9

10 Consumption expenditures 1282.3 1368.9 1449.2 1425.5 1443.5 1475.2 1471.7 1482.9 1476.1 1470.1 1479.2 10

11 Govt. social benefit payments to persons 402.9 433.7 456.7 498.1 534.6 558.0 563.6 570.4 551.6 546.5 545.9 11

12 Interest payments 93.0 101.1 108.1 106.7 110.4 116.0 113.7 114.5 117.1 118.6 120.8 12

13 Subsidies 0.4 7.1 3.0 1.4 1.6 0.5 0.9 0.4 0.4 0.5 0.5 13

14 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Net saving, NIPA basis 51.0 12.2 -72.2 -78.1 -25.3 -65.5 -57.2 -40.2 -83.2 -81.5 -87.7 15

16 + Consumption of fixed capital 162.7 178.7 191.2 199.0 204.0 214.3 209.2 212.6 216.1 219.5 222.5 16

17 - Net capital transfers paid (2) -57.4 -58.9 -62.8 -67.3 -78.3 -76.1 -72.3 -75.7 -79.2 -77.3 -69.4 17

18 = Gross saving less net capital transfers paid 271.2 249.8 181.8 188.3 257.0 224.9 224.3 248.1 212.1 215.3 204.2 18

19 Gross investment 291.2 270.5 201.8 219.4 286.5 242.9 241.8 267.8 204.1 257.8 231.5 19

20 Fixed investment 304.4 329.0 348.8 349.3 336.5 322.5 322.8 318.6 322.3 326.4 320.1 20

21 Nonproduced nonfinancial assets 11.1 13.8 14.1 14.4 14.5 15.5 15.2 15.5 15.7 15.8 15.9 21

22 Net lending (+) or net borrowing (-) -24.3 -72.4 -161.2 -144.3 -64.6 -95.2 -96.1 -66.3 -133.9 -84.4 -104.5 22

23 Net acq. of financial assets 108.4 111.6 -102.0 5.0 40.0 -114.4 -156.8 -133.3 -93.4 -74.0 -118.6 23

24 Checkable deposits and currency 5.4 -4.8 8.5 19.2 6.7 15.9 14.1 27.9 6.5 15.0 -11.1 24

25 Time and savings deposits 26.2 36.4 19.1 10.8 -0.4 18.0 5.4 20.4 13.1 33.1 4.2 25

26 Money market fund shares 2.8 6.6 -1.8 4.1 5.4 -2.4 -2.4 -2.4 -4.6 -0.1 -2.2 26

27 Security RPs 5.6 13.0 -3.5 8.0 10.6 -4.6 -4.7 -4.7 -9.0 -0.2 -4.2 27

28 Credit market instruments 66.1 77.9 -131.8 -36.6 40.8 -84.4 -57.4 -106.1 -103.4 -70.7 -80.2 28

29 Open market paper 7.3 -3.0 -64.6 -54.5 7.0 20.8 41.3 13.8 8.2 19.8 14.5 29

30 Treasury securities 31.7 18.3 -50.0 18.8 9.7 -59.0 -61.2 -77.1 -48.1 -49.5 -44.1 30

31 Agency- and GSE-backed securities 15.8 37.0 -9.9 -17.1 10.0 -38.2 -33.4 -33.4 -45.6 -40.5 -42.1 31

32 Municipal securities 0.2 0.5 -0.1 0.3 0.4 -0.2 -0.2 -0.2 -0.3 -0.0 -0.1 32

33 Corporate and foreign bonds 5.0 11.7 -3.1 7.3 9.5 -4.2 -4.2 -4.2 -8.1 -0.2 -3.8 33

34 Mortgages 6.0 13.3 -4.0 8.6 4.2 -3.7 0.2 -5.0 -9.6 -0.2 -4.5 34

35 Corporate equities -7.9 0.7 19.0 15.9 -28.9 -3.9 -27.9 -1.1 61.9 -48.7 -65.5 35

36 Mutual fund shares -2.4 -0.1 13.1 -7.7 -8.5 -1.2 -7.9 -0.4 17.3 -13.7 -35.6 36

37 Trade receivables 5.7 13.3 -3.6 8.2 10.8 -4.8 -4.8 -4.8 -9.2 -0.2 -4.3 37

38 Taxes receivable 11.4 2.7 2.2 -4.8 7.0 10.1 8.3 12.7 9.0 10.3 11.6 38

39 Miscellaneous assets -4.5 -34.3 -23.2 -12.2 -3.3 -57.0 -79.5 -74.8 -74.9 0.9 68.6 39

40 Net increase in liabilities 132.7 183.9 59.2 149.2 104.6 -19.2 -60.7 -67.1 40.5 10.3 -14.1 40

41 Credit market instruments 98.3 146.9 20.0 111.5 66.2 -58.6 -99.9 -106.5 1.0 -29.1 -53.5 41

42 Municipal securities 97.7 146.2 19.2 110.7 65.3 -59.5 -100.3 -107.3 -0.0 -30.3 -54.1 42

43 Short-term (3) -8.2 16.8 4.7 7.7 -0.6 -10.7 -8.9 -37.9 26.0 -22.2 1.1 43

44 Long-term 105.9 129.4 14.4 102.9 66.0 -48.8 -91.4 -69.4 -26.1 -8.2 -55.2 44

45 U.S. government loans 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.8 1.1 1.2 0.5 45

46 Trade payables 34.4 37.0 39.2 37.7 38.4 39.4 39.1 39.5 39.5 39.4 39.4 46

47 Discrepancy -20.0 -20.7 -20.0 -31.1 -29.4 -18.0 -17.6 -19.7 8.0 -42.6 -27.3 47

(1) Data for retirement funds are shown in table F.117.

(2) Table F.9, line 62.

(3) Debt with original maturity of 13 months or less.
Z.1, June 7, 2012 23

F.105 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Current receipts, NIPA basis 2524.5 2654.7 2502.2 2232.5 2429.6 2564.8 2527.9 2554.1 2583.5 2593.8 2711.1 1

 2 Personal current taxes 1049.9 1165.6 1101.3 856.6 896.4 1072.0 1046.8 1065.4 1083.3 1092.4 1115.5 2

 3 Taxes on production and imports 99.4 94.5 94.0 97.3 101.5 110.8 106.7 112.0 112.3 112.2 116.4 3

 4 Taxes on corporate income 395.0 362.8 233.7 201.7 329.6 338.2 345.4 340.0 334.5 332.7 408.3 4

 5 Taxes from the rest of the world 14.0 14.7 18.8 14.7 13.3 15.7 14.3 15.3 17.0 16.3 14.5 5

 6 Contributions for govt. social insurance 904.6 945.3 973.1 948.9 970.9 907.3 894.6 900.3 915.1 919.0 932.2 6

 7 Income receipts on assets 26.1 29.8 30.7 48.1 53.1 55.3 54.6 54.9 55.5 56.3 60.5 7

 8 Current transfer receipts 38.3 44.8 54.4 69.8 69.7 67.4 68.1 67.4 66.9 67.2 66.7 8

 9 Current surplus of government enterprises -2.9 -2.7 -3.7 -4.4 -4.8 -1.8 -2.7 -1.2 -1.1 -2.4 -2.9 9

10 Current expenditures, NIPA basis 2728.3 2900.0 3115.7 3450.4 3703.3 3752.6 3729.0 3829.5 3744.2 3707.8 3710.0 10

11 Consumption expenditures 811.0 848.9 931.7 986.6 1054.0 1072.1 1059.1 1077.5 1084.9 1066.9 1066.4 11

12 Government social benefits 1193.1 1267.5 1401.2 1617.9 1724.9 1755.5 1741.5 1754.3 1762.6 1763.8 1775.7 12

13 Other current transfer payments 394.0 423.0 440.7 535.7 588.8 550.3 571.2 592.6 526.3 510.9 510.4 13

14 Interest payments 279.2 313.2 292.1 251.9 279.9 312.4 298.0 342.8 306.6 302.3 295.7 14

15 Subsidies 51.0 47.4 49.9 58.3 55.8 62.3 59.2 62.2 63.8 63.9 61.9 15

16 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net saving, NIPA basis -203.8 -245.2 -613.5 -1217.9 -1273.7 -1187.8 -1201.1 -1275.4 -1160.7 -1114.1 -998.9 17

18 + Consumption of fixed capital 106.6 112.6 120.0 124.7 130.0 137.9 134.6 136.8 139.2 141.0 143.5 18

19 - Insurance and pension reserves (1) 0.1 0.1 -0.6 0.5 -1.7 -0.4 -2.1 -0.1 0.5 -0.0 -2.1 19

20 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.6 4.7 4.8 4.9 4.9 4.5 4.4 4.4 4.5 4.6 4.6 20

21 - Net capital transfers paid (2) 42.7 56.3 65.8 82.2 108.1 113.9 112.7 117.1 122.2 103.7 94.3 21

22 = Gross saving less net capital transfers paid -144.6 -193.8 -563.5 -1180.8 -1254.9 -1167.8 -1181.5 -1260.0 -1148.7 -1081.2 -952.3 22

23 Gross investment -157.9 -217.8 -650.3 -1140.2 -1192.9 -1167.4 -1288.6 -310.5 -1855.8 -1214.8 -1224.6 23

24 Fixed investment 120.7 127.4 148.4 156.1 168.8 160.8 160.9 159.6 164.0 158.5 152.5 24

25 Nonproduced nonfinancial assets -13.3 -1.3 -19.2 -7.1 0.2 -0.1 0.3 -0.2 -0.6 0.2 -0.5 25

26 Net lending (+) or net borrowing (-) -265.3 -344.0 -779.5 -1289.2 -1361.9 -1328.1 -1449.7 -470.0 -2019.1 -1373.6 -1376.6 26

27 Net acq. of financial assets -14.2 -0.5 571.9 231.3 318.0 -134.0 -605.3 39.5 -155.5 185.4 -26.8 27

28 U.S. official reserve assets -2.7 -0.4 4.2 51.9 1.6 16.2 16.3 24.8 16.0 7.9 5.1 28

29 Checkable deposits and currency -2.7 25.1 313.1 -174.2 148.9 -257.6 -846.0 -14.9 -322.1 152.5 -122.5 29

30 Time and savings deposits 0.2 1.2 -1.3 0.3 0.1 -0.3 -1.8 0.5 0.6 -0.4 0.6 30

31 Credit market instruments 5.9 5.9 85.2 295.4 85.0 -2.2 121.9 -73.5 15.0 -72.1 26.5 31

32 Agency- and GSE-backed securities 0.0 0.0 54.4 142.0 -47.2 -118.1 -43.1 -139.1 -132.3 -158.0 -118.5 32

33 Corporate and foreign bonds 0.0 0.0 0.0 0.6 0.3 -0.1 -0.0 0.0 -0.3 -0.1 -0.1 33

34 Other loans and advances 0.6 -2.2 6.0 66.0 3.5 3.3 8.6 -11.8 6.3 10.0 2.7 34

35 Mortgages 3.7 2.1 13.5 12.6 -1.8 4.0 4.9 6.2 -0.1 5.2 4.5 35

36 Consumer credit (3) 1.6 6.0 11.3 74.3 130.2 108.7 151.5 71.1 141.4 70.7 138.0 36

37 Corporate equities (4) 0.0 0.0 256.3 0.6 24.1 40.0 33.3 58.0 10.2 58.5 -20.6 37

38 Trade receivables -11.6 1.2 4.2 -21.1 -0.7 4.4 -6.3 9.2 3.8 11.0 -20.0 38

39 Taxes receivable -6.3 -35.5 -61.9 43.0 62.5 63.6 78.7 28.3 119.2 28.0 117.1 39

40 Miscellaneous assets 3.1 1.9 -28.0 35.4 -3.5 1.9 -1.3 7.2 1.8 0.1 -13.1 40

41 Net increase in liabilities 251.1 343.5 1351.4 1520.5 1679.9 1194.1 844.4 509.5 1863.6 1559.0 1349.8 41

42 SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

43 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

44 Treasury currency 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 44

45 Credit market instruments 183.4 237.1 1239.2 1443.9 1580.2 1067.9 741.5 826.4 1382.6 1321.2 1300.0 45

46 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -2.7 -4.6 -3.9 -2.8 0.3 -1.8 46

47 Treasury bills -19.9 58.8 861.6 -73.3 -19.0 -249.5 -297.0 -661.1 -215.4 175.6 612.6 47

48 Other Treasury securities 206.4 184.7 379.8 1519.8 1601.8 1319.0 1041.9 1491.2 1598.9 1144.1 692.5 48

49 Budget agency securities -0.3 -0.4 0.2 0.1 0.7 1.1 1.2 0.2 1.9 1.1 -3.3 49

50 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Trade payables 6.2 29.3 22.6 -56.2 8.5 22.0 45.4 -12.1 16.8 38.1 7.9 51

52 Insurance reserves 1.5 1.2 1.0 1.1 0.9 1.3 0.3 1.7 1.2 1.9 0.5 52

53 Miscellaneous liabilities (5) 59.4 76.6 89.5 81.4 90.6 102.9 57.2 -306.5 463.0 197.9 41.4 53

54 Nonmarketable securities held by pension plans 35.8 33.3 63.3 61.9 65.7 70.8 66.6 -305.9 426.5 95.9 60.4 54

55 Other 23.6 43.3 26.2 19.5 24.9 32.1 -9.4 -0.6 36.6 102.0 -19.0 55

56 Discrepancy 13.3 24.1 86.8 -40.6 -62.0 -0.4 107.1 -949.5 707.1 133.6 272.3 56

 Memo:

57 Change in cash balance (6) -5.5 27.5 308.6 -173.2 148.9 -258.0 -910.5 48.2 -325.9 156.2 -186.7 57

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(2) Table F.9, line 61 less line 12.

(3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that

 the government purchased from depository institutions and finance companies.

(4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price.

(5) 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.

(6) Time and savings deposits (line 30) plus checkable deposit and currency liabilities of the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).
24 Z.1, June 7, 2012

F.106 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Foreign income from U.S. 2990.5 3248.7 3381.9 2600.3 3021.8 3347.9 3269.7 3381.5 3353.7 3386.6 3503.0 1

 2 U.S. imports 2240.3 2374.8 2556.5 1974.6 2356.7 2664.2 2595.4 2682.4 2681.6 2697.4 2788.5 2

 3 U.S. income payments to rest of world 648.6 747.7 686.9 487.5 513.5 533.8 525.0 542.0 524.9 543.4 560.7 3

 4 Current taxes and trans. payments to rest of world 101.5 126.2 138.4 138.2 151.6 149.9 149.3 157.1 147.2 145.8 153.8 4

 5 Foreign outlays to U.S. 2192.1 2532.6 2702.9 2222.8 2542.7 2864.8 2776.2 2888.5 2911.5 2882.8 2937.9 5

 6 U.S. exports 1471.0 1661.7 1846.8 1583.0 1839.8 2085.5 2024.1 2085.3 2119.2 2113.2 2168.3 6

 7 U.S. income receipts from rest of world 721.1 871.0 856.1 639.8 702.9 779.3 752.1 803.2 792.2 769.7 769.5 7

 8 - Net capital transfers paid (1) -2.0 -0.4 5.4 -0.6 -0.7 -1.3 -0.5 -3.7 -0.4 -0.5 -0.5 8

 9 Gross saving less net capital transfers paid (2) 800.4 716.4 673.6 378.0 479.9 484.4 494.0 496.7 442.7 504.2 565.6 9

10 Gross investment 807.3 618.1 736.6 245.8 254.1 393.0 623.9 139.9 613.7 194.4 420.6 10

11 Nonproduced nonfinancial assets -0.1 0.5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Net lending (+) or net borrowing (-) 807.4 617.6 736.6 245.8 254.1 393.0 623.9 139.9 613.7 194.4 420.6 12

13 Net acquisition of financial assets 1854.1 1766.9 584.4 189.6 1085.5 826.1 1702.5 785.1 393.8 423.0 767.3 13

14 Monetary gold (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Net interbank assets 31.9 -111.4 410.8 -270.4 -48.2 221.6 1085.9 -137.9 277.0 -338.6 195.0 16

17 U.S. checkable deposits and currency 11.4 -5.4 64.0 -9.2 29.5 75.8 77.9 63.3 74.0 88.0 62.5 17

18 U.S. time deposits 11.5 40.3 65.5 -43.1 16.9 25.7 62.3 -5.5 55.0 -9.1 -50.0 18

19 Money market fund shares 4.1 19.0 23.7 7.2 -7.1 -6.5 -9.9 -9.9 -3.2 -3.2 -3.2 19

20 Security RPs (net) 2.4 -35.2 -214.0 -146.4 -126.1 51.2 231.6 -59.2 -207.6 240.1 -153.3 20

21 Credit market instruments 973.6 943.8 357.7 143.5 519.2 201.2 31.4 101.2 700.2 -27.9 127.8 21

22 Open market paper 46.7 -8.3 -45.1 -41.4 -0.5 -0.2 33.4 -16.8 17.3 -34.8 53.8 22

23 Treasury securities 150.3 165.3 711.6 555.0 654.2 265.4 47.2 241.2 618.7 154.5 336.7 23

24 Official 208.6 98.4 548.7 569.9 397.8 123.6 110.0 413.0 141.2 -169.8 465.6 24

25 Private -58.2 66.8 162.9 -14.9 256.4 141.8 -62.7 -171.8 477.5 324.2 -129.0 25

26 Agency- and GSE-backed securities 224.0 248.8 -228.6 -226.0 -89.1 -44.8 -91.1 -85.9 -0.4 -1.7 -135.0 26

27 Official 203.6 236.1 -31.3 -169.5 -88.1 -9.4 44.5 2.5 -52.6 -32.0 -45.0 27

28 Private 20.4 12.7 -197.3 -56.5 -0.9 -35.4 -135.6 -88.3 52.2 30.3 -90.0 28

29 Municipal securities 5.4 10.7 5.4 8.2 13.1 10.9 9.9 9.9 12.0 12.0 12.0 29

30 U.S. corporate bonds (4) 541.0 424.6 -21.4 -127.4 -36.5 -72.2 -31.4 -78.0 -43.4 -136.0 -63.4 30

31 Loans to U.S. corporate business 6.2 102.7 -64.1 -24.9 -22.0 42.1 63.4 30.8 96.0 -21.8 -76.2 31

32 U.S. corporate equities 96.2 218.5 105.1 157.2 67.3 -43.1 2.0 3.3 -91.3 -86.3 76.8 32

33 Mutual fund shares 45.2 38.2 -2.0 56.5 112.2 70.5 150.6 130.8 -21.3 22.0 67.8 33

34 Trade receivables 5.9 20.8 6.5 6.6 19.4 16.7 5.7 9.8 50.7 0.8 10.2 34

35 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Miscellaneous assets 672.0 638.4 -232.8 240.0 502.4 213.1 65.2 689.3 -439.5 537.2 433.7 36

37 Foreign direct investment in U.S. (5) 243.2 221.2 310.1 158.6 236.2 227.9 115.2 212.7 270.3 313.2 327.5 37

38 Other 428.8 417.3 -542.9 81.4 266.1 -14.8 -50.0 476.6 -709.8 224.0 106.2 38

39 Net increase in liabilities 1046.7 1149.3 -152.2 -56.1 831.4 433.2 1078.6 645.2 -219.8 228.6 346.7 39

40 U.S. official reserve assets -2.4 0.1 4.8 52.3 1.8 15.9 14.5 25.1 16.3 7.6 6.1 40

41 U.S. private deposits 87.2 256.0 -394.3 -106.1 71.7 -63.9 181.8 -64.1 -40.6 -332.7 -40.7 41

42 Credit market instruments 332.6 170.3 -226.2 211.7 88.2 -19.3 212.7 -25.7 -145.5 -118.7 -10.3 42

43 Commercial paper 98.4 -69.3 -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 35.8 43

44 Bonds 227.8 218.7 -158.8 163.2 72.8 5.1 44.2 14.0 69.2 -106.9 -76.0 44

45 Depository institution loans n.e.c. 13.8 24.1 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 45

46 Official -0.7 -0.0 0.7 0.6 1.1 -1.7 -0.1 -4.2 -0.5 -2.0 -0.3 46

47 Banks 3.8 8.3 2.8 -5.1 11.8 11.3 24.2 13.7 15.6 -8.2 2.1 47

48 Other 10.7 15.8 1.6 -6.6 4.9 19.5 23.8 4.1 26.6 23.6 27.3 48

49 Other loans and advances -7.4 -3.2 -1.5 0.3 0.2 -0.1 0.5 -1.5 -0.1 0.7 0.9 49

50 Foreign corporate equities (6) 137.3 147.8 -38.5 63.6 79.1 87.8 188.5 107.8 91.2 -36.3 64.0 50

51 Trade payables 6.2 12.4 -9.9 6.1 26.6 -27.1 -7.4 -58.1 -21.7 -21.0 -0.7 51

52 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52

53 Miscellaneous liabilities 485.8 562.7 511.9 -283.7 564.0 439.8 488.5 660.4 -119.5 729.7 328.3 53

54 U.S. equity in IBRD, etc. 2.0 1.7 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 -1.2 54

55 Nonofficial foreign currencies -0.0 23.9 529.8 -543.3 -10.1 99.7 -0.6 1.1 2.2 396.0 -213.3 55

56 U.S. direct investment abroad (4,5) 244.9 414.0 329.1 303.6 351.4 406.2 358.3 556.8 296.3 413.6 318.0 56

57 Investment by holding companies 41.3 42.2 -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 57

58 Other 197.5 80.9 -339.3 -69.2 209.8 -95.2 183.6 -160.9 -458.2 54.9 147.5 58

59 Discrepancy (FOF basis) (7) -6.9 98.3 -63.0 132.2 225.7 91.4 -129.9 356.8 -171.0 309.8 144.9 59

 Memo:

60 Net U.S. exports, NIPA basis -769.3 -713.1 -709.7 -391.5 -516.9 -578.7 -571.3 -597.1 -562.3 -584.3 -620.1 60

61 + Net U.S. income receipts (8) 72.4 123.3 169.2 152.3 189.4 245.5 227.1 261.2 267.3 226.3 208.8 61

62 - Current taxes and trans. payments to rest of world 101.5 126.2 138.4 138.2 151.6 149.9 149.3 157.1 147.2 145.8 153.8 62

63 = Balance on current account, NIPAs -798.4 -716.0 -679.0 -377.4 -479.2 -483.1 -493.5 -493.0 -442.2 -503.8 -565.1 63

(1) Table F.9, line 64.

(2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 63 with the sign reversed minus 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.
Z.1, June 7, 2012 25

F.107 Financial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving less net capital transfers paid 292.5 208.1 81.7 322.2 298.1 314.6 301.7 288.2 325.1 343.5 338.2 1

 2 Gross investment 429.2 286.5 -71.7 213.6 -22.7 56.4 45.3 101.2 -218.9 298.0 238.2 2

 3 Capital expenditures 166.2 178.2 195.1 168.0 186.4 202.8 190.8 197.1 209.6 213.7 212.3 3

 4 Fixed residential investment 3.5 -9.3 0.1 -0.1 4.7 6.3 1.6 3.9 9.3 10.3 4.2 4

 5 Fixed nonresidential investment 162.7 187.5 195.0 168.1 181.7 196.6 189.2 193.3 200.3 203.4 208.1 5

 6 Net lending (+) or net borrowing (-) 263.0 108.2 -266.8 45.6 -209.1 -146.4 -145.5 -95.9 -428.4 84.3 26.0 6

 7 Net acqisition of financial assets 4128.2 4804.9 4606.5 -1592.3 -678.9 1745.4 4415.8 1570.2 283.0 712.6 2209.2 7

 8 U.S. official reserve assets 0.3 0.5 0.6 0.3 0.3 -0.3 -1.8 0.3 0.3 -0.2 1.0 8

 9 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury currency 1.7 0.5 -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 10

11 Foreign deposits -10.6 43.2 2.0 -32.2 8.7 -47.3 14.0 11.4 -102.0 -112.7 -39.7 11

12 Net interbank assets 0.1 54.2 1351.5 -349.5 -106.9 603.0 1794.6 764.8 -12.1 -135.1 -43.6 12

13 Checkable deposits and currency 51.5 36.0 72.4 -27.7 -28.0 31.3 72.7 45.3 13.1 -6.1 -85.1 13

14 Time and savings deposits 17.8 81.7 107.4 177.6 -111.0 -96.5 -66.9 13.8 -292.3 -40.7 -162.6 14

15 Money market fund shares 60.9 333.8 303.9 -170.9 -158.1 -48.8 -106.4 -60.0 -217.4 188.6 -141.6 15

16 Federal funds and security RPs 75.2 241.9 -57.0 -81.0 5.6 -67.0 285.3 57.4 -465.7 -144.9 -27.0 16

17 Credit market instruments 2902.7 3031.9 2323.7 -808.8 -302.9 1026.1 1431.6 809.3 889.7 973.8 1858.7 17

18 Open market paper 232.4 -94.8 34.2 -393.4 -127.0 -92.9 113.9 -55.1 -160.6 -269.8 -53.5 18

19 Treasury securities 92.1 108.0 436.0 440.6 461.4 953.8 1632.1 1028.1 596.3 558.8 802.9 19

20 Agency- and GSE-backed securities 135.9 301.6 858.9 603.7 83.1 213.8 38.4 52.2 500.6 264.0 413.1 20

21 Municipal securities 123.4 180.1 51.7 15.6 29.4 4.2 -100.9 -21.0 28.5 110.0 130.1 21

22 Corporate and foreign bonds 499.8 584.3 7.1 210.5 221.2 193.9 174.0 153.4 316.1 132.1 616.5 22

23 Depository institution loans n.e.c. 151.8 332.0 689.9 -749.7 -96.5 132.5 79.5 99.9 223.3 127.2 236.9 23

24 Other loans and advances 156.6 419.1 145.5 -463.8 -213.6 -41.6 -91.3 -29.3 -161.5 115.7 77.7 24

25 Mortgages 1392.0 1068.4 88.7 -286.8 -502.5 -325.5 -336.7 -434.9 -349.3 -181.3 -362.4 25

26 Consumer credit 118.8 133.1 11.8 -185.5 -158.4 -12.1 -77.4 15.9 -103.8 117.0 -2.6 26

27 Corporate equities 124.3 166.3 -8.9 51.6 62.1 -45.9 -77.3 78.0 -127.0 -57.3 16.5 27

28 Mutual fund shares 102.6 117.2 24.7 101.4 72.4 47.0 93.8 92.9 -70.1 71.4 81.7 28

29 Trade receivables 13.4 1.8 -14.9 -38.0 -8.6 -0.8 9.5 5.4 -12.4 -5.8 7.4 29

30 Security credit 131.1 65.7 -274.2 -21.8 97.9 39.3 92.0 55.5 33.3 -23.6 124.4 30

31 Life insurance reserves 7.9 16.2 5.3 2.8 8.2 7.3 5.5 3.8 9.6 10.2 39.1 31

32 Miscellaneous assets 649.2 614.1 770.1 -403.2 -219.5 297.4 868.1 -308.5 635.5 -5.4 579.3 32

33 Net increase in liabilities 3865.3 4696.7 4873.3 -1637.9 -469.8 1891.8 4561.2 1666.1 711.5 628.3 2183.2 33

34 Net interbank liabilities 28.1 -53.4 1823.0 -590.9 -174.4 854.8 3059.3 311.2 390.9 -342.3 228.5 34

35 Checkable deposits and currency -19.9 36.7 568.4 -7.9 266.3 234.5 -511.1 510.3 426.4 512.6 -100.0 35

36 Time and savings deposits 608.2 599.9 334.2 375.4 116.1 372.8 215.3 916.0 62.1 297.7 167.6 36

37 Money market fund shares 305.3 720.9 724.2 -499.0 -502.9 -112.8 -92.6 -60.3 -318.7 20.3 -207.3 37

38 Federal funds and security RPs 396.5 -19.2 -880.3 247.8 -192.5 -137.0 142.1 -249.5 -823.6 383.0 206.9 38

39 Credit market instruments 1339.7 1815.4 899.3 -1810.5 -938.5 -462.6 -74.6 -813.4 -499.0 -463.3 -243.0 39

40 Open market paper 196.3 -111.4 -125.6 -448.2 -101.7 -68.1 92.2 -99.8 30.5 -295.3 9.9 40

41 Agency- and GSE-backed securities 328.2 905.7 768.7 -60.1 -46.9 -21.9 274.8 -333.4 -14.3 -14.5 -90.1 41

42 Corporate and foreign bonds 798.8 710.6 -280.3 -587.6 -582.5 -342.1 -395.2 -417.6 -364.6 -190.9 -27.1 42

43 Depository institution loans n.e.c. -11.5 80.1 496.4 -435.4 -62.9 20.4 -13.1 116.4 -13.7 -7.9 -128.3 43

44 Other loans and advances 21.2 225.8 33.3 -282.6 -144.7 -60.0 -40.4 -97.4 -141.2 38.8 -10.8 44

45 Mortgages 6.6 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 3.4 45

46 Corporate equities 59.5 178.6 637.6 314.3 190.8 157.8 90.9 198.5 279.2 62.7 26.9 46

47 Mutual fund shares 336.8 364.7 31.0 490.5 389.3 402.9 1007.3 428.2 -228.0 404.3 919.4 47

48 Trade payables 5.2 -2.4 -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.9 48

49 Security credit 151.8 243.0 -237.3 -134.0 48.4 137.0 -22.0 284.7 465.7 -180.3 47.4 49

50 Life insurance reserves 64.1 33.0 66.0 25.4 16.4 69.6 36.1 56.0 109.5 77.0 36.3 50

51 Pension fund reserves 250.9 201.1 125.7 135.4 208.9 146.5 140.1 -154.3 424.4 175.6 226.4 51

52 Taxes payable 14.3 -23.5 -133.6 6.1 13.0 9.9 33.2 -6.4 -17.0 29.7 21.9 52

53 Equity in noncorporate business -6.8 2.4 11.5 -3.6 0.4 -1.8 -8.6 -0.0 7.1 -5.7 28.2 53

54 Miscellaneous liabilities 331.5 599.5 928.3 -235.8 140.9 223.9 544.3 241.7 444.3 -334.5 811.1 54

55 Discrepancy -136.7 -78.4 153.4 108.7 320.8 258.2 256.4 187.0 543.9 45.5 100.0 55

(1) Sum of financial sectors shown on tables F.108 through F.129.
26 Z.1, June 7, 2012

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 4.7 1.2 3.0 -0.7 -8.5 0.1 -0.1 0.1 1.1 -0.6 -0.8 1

 2 Fixed nonresidential investment 0.7 0.8 0.6 0.7 0.7 0.8 0.7 0.7 0.8 0.8 0.8 2

 3 Net acquisition of financial assets 29.6 43.1 1319.3 -3.4 186.0 494.0 977.3 896.6 -136.5 238.7 -65.9 3

 4 U.S. official reserve assets 0.3 0.5 0.6 0.3 0.3 -0.3 -1.8 0.3 0.3 -0.2 1.0 4

 5 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 1.7 0.5 -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 6

 7 Federal Reserve float (2) -1.2 0.3 -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 7

 8 Interbank loans (2) -0.0 48.6 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 8

 9 Discount window (3) -0.0 48.6 495.4 -447.4 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 9

10 AMLF (4) 0.0 0.0 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Security RPs -6.0 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Credit market instruments 34.7 -38.3 245.4 1001.6 271.5 376.5 1043.0 842.0 -133.8 -245.3 87.0 12

13 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Treasury securities 34.7 -38.3 -264.7 300.7 244.9 642.0 1438.6 1073.8 103.5 -48.1 166.8 14

15 Agency- and GSE-backed securities 0.0 0.0 19.7 1048.5 71.4 -197.9 -279.8 -176.4 -185.6 -149.9 -33.6 15

16 Depository institution loans n.e.c. 0.0 0.0 490.4 -347.6 -44.8 -67.6 -115.7 -55.4 -51.7 -47.4 -46.1 16

17 Households (TALF) (5) 0.0 0.0 0.0 47.5 -22.8 -15.7 -22.0 -25.8 -5.8 -9.2 -7.8 17

18 Rest of world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Brokers and dealers (6) 0.0 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Funding corporations (Maiden Lane) (7) 0.0 0.0 29.1 0.1 -3.4 -21.0 -6.8 -10.1 -34.6 -32.4 -7.8 20

21 Funding corporations (AIG) 0.0 0.0 38.9 -16.7 -2.2 -20.0 -79.8 0.0 0.0 0.0 0.0 21

22 Funding corporations (Maiden Lane II) (8) 0.0 0.0 19.5 -3.5 -2.5 -6.7 -2.6 -17.0 -5.5 -1.6 -27.2 22

23 Funding corporations (Maiden Lane III) (9) 0.0 0.0 24.4 -5.9 -4.4 -4.2 -4.6 -2.4 -5.8 -4.2 -3.3 23

24 Funding corporations (CPFF) (10) 0.0 0.0 333.0 -323.6 -9.4 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Corporate equities (11) 0.0 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 25

26 Miscellaneous assets 0.1 25.8 530.2 -493.8 7.8 142.9 41.1 51.6 -4.1 482.9 -153.6 26

27 Nonofficial foreign currencies (12) 0.0 24.0 529.7 -543.5 -10.2 99.7 -0.3 0.0 2.0 397.3 -213.4 27

28 Other 0.1 1.8 0.5 49.6 18.0 43.1 41.4 51.6 -6.1 85.6 59.8 28

29 Net increase in liabilities 27.2 39.9 1316.7 -8.0 185.1 493.7 978.3 895.8 -134.6 235.1 -67.2 29

30 Depository institution reserves -0.3 2.1 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 30

31 Vault cash of commercial banks 1.6 3.3 2.7 -2.8 -2.2 8.1 39.3 6.9 -18.9 5.0 6.8 31

32 Checkable deposits and currency 23.5 17.8 428.2 -117.6 185.0 -122.1 -822.6 165.2 -81.7 250.6 -145.5 32

33 Due to federal government 0.2 11.4 349.3 -173.8 149.0 -255.0 -897.0 78.5 -315.6 114.0 -167.7 33

34 Treasury cash holdings 0.1 0.0 0.0 -0.0 -0.1 -0.0 0.1 -0.2 -0.1 0.0 0.1 34

35 Treasury general deposit account 0.1 11.4 90.0 80.5 -45.9 -55.0 -117.3 78.8 -295.6 114.0 -167.7 35

36 Treasury temporary supplementary financing account 0.0 0.0 259.3 -254.3 195.0 -200.0 -779.9 0.0 -20.0 0.0 0.0 36

37 Due to rest of the world 0.0 -0.0 1.3 1.0 0.9 -3.2 -12.8 0.9 9.1 -10.0 0.0 37

38 Due to government-sponsored enterprises -1.2 0.9 19.4 14.0 -21.6 51.1 -13.3 -11.6 150.1 79.3 -111.0 38

39 Currency outside banks 24.5 5.5 58.2 41.2 56.7 85.0 100.6 97.3 74.8 67.3 133.1 39

40 Security RPs -0.9 14.4 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 40

41 Miscellaneous liabilities 3.2 2.5 2.2 6.1 29.2 -26.7 -4.1 -64.6 -95.5 57.4 133.7 41

42 Federal Reserve Bank stock 1.8 3.1 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 42

43 Other 1.4 -0.7 -0.5 1.5 28.3 -27.1 -3.2 -65.4 -93.6 53.8 132.5 43

44 Discrepancy 1.6 -2.8 -0.2 -6.0 -10.1 -1.0 0.1 -1.4 2.3 -4.9 -2.9 44

(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.

(2) Shown on table F.203.

(3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).

(6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.

(7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.

(9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.

(10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.

(11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(12) Reciprocal currency arrangements (swap lines) with foreign central banks.
Z.1, June 7, 2012 27

F.109 Private Depository Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving less net capital transfers paid (2) -2.2 -21.3 32.1 101.7 57.1 82.6 86.2 72.2 71.5 100.4 81.8 1

 2 Fixed nonresidential investment 12.0 10.3 34.2 31.0 30.6 29.5 28.9 29.4 29.9 29.9 32.4 2

 3 Net lending (+) or net borrowing (-) 134.5 80.9 -24.2 -245.4 -213.1 -142.1 -243.0 -78.3 -246.0 -1.0 -284.8 3

 4 Net acquisition of financial assets 715.6 939.0 1590.9 -602.7 -272.7 1008.7 2118.7 682.1 940.4 293.4 379.8 4

 5 Vault cash 1.6 3.3 2.7 -2.8 -2.2 8.1 39.3 6.9 -18.9 5.0 6.8 5

 6 Reserves at Federal Reserve -0.3 2.1 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 6

 7 Credit market instruments 758.7 815.9 380.7 -592.1 -202.1 195.0 -224.1 -70.1 499.1 575.1 276.6 7

 8 Open market paper 0.2 -0.5 15.3 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities 0.6 10.4 -20.8 94.7 102.9 -46.6 0.8 -114.8 -73.7 1.4 77.7 9

10 Agency- and GSE-backed securities 18.7 -115.8 142.2 172.7 138.4 133.6 179.8 -8.3 93.8 269.1 302.4 10

11 Municipal securities 25.1 12.6 20.4 3.4 29.3 43.5 18.2 15.4 70.0 70.7 35.5 11

12 Corporate and foreign bonds 108.8 232.2 -40.8 -136.3 -126.1 7.6 -99.6 5.7 179.8 -55.5 -147.6 12

13 Depository institution loans n.e.c. 151.8 332.0 199.5 -402.1 -51.7 200.0 195.2 155.3 275.0 174.6 283.0 13

14 Other loans and advances -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Mortgages 394.3 286.3 -4.5 -245.2 -213.9 -146.8 -441.9 -206.3 -5.6 66.5 -247.8 15

16 Consumer credit 59.6 58.7 69.7 -63.6 -81.0 3.7 -76.4 82.9 -40.1 48.4 -26.5 16

17 Corporate equities -0.4 1.4 0.9 6.3 -1.7 0.9 -9.5 16.6 3.5 -6.8 8.5 17

18 Mutual fund shares 3.8 3.6 1.3 14.1 -5.6 -0.5 -1.0 -5.9 -0.7 5.4 -9.4 18

19 Security credit 71.5 32.3 -113.5 -59.9 22.7 79.0 -58.2 67.1 277.0 30.0 7.6 19

20 Life insurance reserves 8.2 10.9 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 20

21 Miscellaneous assets -127.5 69.4 473.0 -86.0 -79.3 127.2 611.1 -92.6 170.4 -180.3 126.5 21

22 Net increase in liabilities 581.0 858.1 1615.1 -357.3 -59.6 1150.7 2361.8 760.4 1186.3 294.4 664.6 22

23 Net interbank liabilities 26.8 -58.7 981.0 -705.1 -163.3 252.5 1264.2 -451.5 403.6 -206.3 270.9 23

24 Checkable deposits -43.5 18.9 140.2 109.7 81.3 356.7 311.5 345.1 508.0 262.0 45.5 24

25 Small time and savings deposits 347.0 316.4 524.8 517.2 298.4 577.3 99.1 914.1 749.2 546.9 182.7 25

26 Large time deposits 261.2 283.4 -190.6 -141.8 -182.3 -204.6 116.2 1.9 -687.1 -249.2 -15.1 26

27 Federal funds and security RPs (net) 43.4 -98.6 -339.6 307.2 -137.2 -80.2 -159.1 -222.8 -143.9 205.0 -198.0 27

28 Credit market instruments 47.8 236.1 7.0 -306.4 -161.6 -75.7 -70.8 -105.0 -152.3 25.1 -27.9 28

29 Open market paper -0.3 0.0 -0.2 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 29

30 Corporate bonds 29.6 24.8 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 30

31 Other loans and advances 18.5 211.2 7.1 -278.0 -148.7 -62.5 -42.8 -101.2 -142.6 36.9 -13.3 31

32 Corporate equity issues 10.2 7.5 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 32

33 Taxes payable (net) -1.4 -15.6 -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.5 33

34 Miscellaneous liabilities -110.5 168.6 566.1 -157.1 186.5 307.8 775.0 251.2 479.1 -273.9 395.5 34

35 Foreign direct investment in U.S. 13.8 -0.8 24.8 15.3 7.5 18.0 15.6 13.8 34.8 7.8 26.2 35

36 Investment by holding companies 97.2 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 36

37 Investment by funding corporations 8.6 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 37

38 Other -230.1 11.7 392.1 -265.6 177.2 244.5 537.4 286.6 487.0 -333.0 281.2 38

39 Discrepancy -148.8 -112.5 22.1 316.0 239.6 195.1 300.3 121.1 287.5 71.5 334.2 39

 Memo:

40 Consumer leases not included above (3) 0.0 -1.8 -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 40

(1) U.S.-chartered depository institutions (F.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113).

(2) Net capital transfers paid from table F.9, line 54.

(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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
28 Z.1, June 7, 2012

F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving less net capital transfers paid (1) -15.7 -34.0 22.5 92.2 45.5 70.6 75.1 62.2 58.7 86.4 66.3 1

 2 Fixed nonresidential investment 3.4 2.4 27.1 24.7 24.4 22.8 22.4 22.8 23.0 22.8 25.3 2

 3 Net acquisition of financial assets 675.7 673.3 964.0 -295.0 -357.3 332.3 570.8 360.7 -279.0 676.6 509.3 3

 4 Vault cash 1.6 3.3 2.7 -2.8 -2.2 8.1 39.3 6.9 -18.9 5.0 6.8 4

 5 Reserves at Federal Reserve -0.1 1.7 596.6 53.7 -89.7 224.8 523.9 627.3 -299.8 47.8 15.3 5

 6 Credit market instruments 626.5 585.4 241.9 -336.7 -176.6 126.9 -315.5 -174.0 369.4 627.7 239.0 6

 7 Open market paper 0.0 0.0 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 2.2 5.6 -23.7 68.1 93.0 -43.7 -27.5 -107.0 -51.7 11.5 33.4 8

 9 Agency- and GSE-backed securities 34.2 -111.0 136.2 168.0 110.1 106.9 138.4 -8.8 67.9 230.2 260.2 9

10 Residential mortgage pass-through securities 52.5 -49.1 153.9 -13.4 -2.2 63.8 19.9 -52.7 69.8 218.1 210.2 10

11 Commercial mortgage pass-through securities 0.0 0.0 0.0 0.1 -0.2 4.8 2.0 3.9 9.9 3.7 4.7 11

12 Residential CMOs and other structured MBS -2.3 -5.9 19.8 70.1 129.4 80.3 97.3 129.5 88.0 6.4 66.4 12

13 Commercial CMOs and other structured MBS 0.0 0.0 0.0 0.1 -0.4 9.8 4.4 3.0 16.3 15.5 13.7 13

14 Other -16.0 -56.1 -37.5 111.3 -16.6 -51.8 14.7 -92.5 -116.1 -13.4 -34.9 14

15 Municipal securities 24.2 11.9 19.9 2.4 30.3 42.6 17.0 16.7 68.6 68.3 35.5 15

16 Corporate and foreign bonds 72.2 151.2 -64.1 25.9 -98.8 3.0 -67.7 -27.5 78.1 29.0 -78.3 16

17 Private residential mortgage pass-through securities 11.9 11.0 -25.7 6.6 -9.7 -3.1 25.5 -24.5 -4.0 -9.3 -1.2 17

18 Private commercial mortgage pass-through securities 0.0 0.0 0.0 1.1 -6.4 -2.5 -9.1 0.5 0.5 -1.7 1.4 18

19 Private residential CMOs and other structured MBS 20.3 104.3 -43.3 -51.6 -70.6 -22.0 -34.2 -27.9 -12.4 -13.4 -47.0 19

20 Private commercial CMOs and other structured MBS 0.0 0.0 0.0 -3.8 -1.4 2.7 -18.3 -0.5 19.6 10.0 -5.1 20

21 Other 40.1 35.8 5.0 73.7 -10.7 27.8 -31.5 24.9 74.3 43.4 -26.3 21

22 Depository institution loans n.e.c. 81.9 226.5 131.2 -277.7 -35.8 156.3 124.7 68.3 253.1 179.0 283.7 22

23 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Mortgages 359.6 243.0 -43.4 -243.3 -205.0 -145.4 -437.2 -190.0 -13.2 58.9 -247.8 24

25 Consumer credit 52.1 58.2 70.1 -64.5 -70.4 7.1 -63.2 74.3 -33.3 50.7 -47.7 25

26 Corporate equities -0.4 1.4 0.9 6.3 -1.8 1.0 -9.4 16.7 3.5 -6.8 8.5 26

27 Mutual fund shares 3.9 3.6 1.3 14.8 -5.8 -0.8 -1.6 -6.4 -0.5 5.3 -10.3 27

28 Security credit 20.9 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 28

29 Life insurance reserves 8.2 10.9 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 29

30 Miscellaneous assets 15.0 37.6 101.4 28.1 -80.0 -69.8 329.5 -158.4 -431.4 -19.1 277.0 30

31 Net increase in liabilities 546.2 599.6 992.7 -59.6 -141.7 475.4 801.8 451.1 -31.8 680.5 799.9 31

32 Net interbank liabilities 99.3 130.9 746.9 -534.3 -213.0 -229.8 83.5 -524.3 -244.3 -234.0 231.5 32

33 Federal Reserve float -1.2 0.3 -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 33

34 Borrowing from Federal Reserve banks -0.0 48.6 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 34

35 To domestic banking -9.9 24.1 71.3 23.5 -28.2 58.3 136.3 -221.2 164.4 153.9 75.4 35

36 To foreign banks 110.5 58.0 166.1 -94.1 -89.0 -288.9 -52.3 -305.2 -409.3 -388.8 157.1 36

37 Checkable deposits -35.7 13.5 137.9 94.0 69.6 319.4 288.7 337.8 428.5 222.8 4.4 37

38 Federal government -5.9 14.9 -39.5 0.3 -0.1 -2.7 -11.7 -30.9 -10.9 42.7 -19.6 38

39 Rest of the world 9.4 5.0 31.2 -28.7 -3.8 19.6 45.9 -2.3 16.9 17.8 -9.5 39

40 Private domestic -39.2 -6.3 146.2 122.4 73.5 302.6 254.4 371.0 422.5 162.4 33.5 40

41 Small time and savings deposits 306.7 282.7 480.6 472.3 271.7 537.1 74.9 865.7 684.5 523.3 133.8 41

42 Large time deposits 124.7 4.1 -69.0 -329.8 -130.2 -35.3 -0.9 -30.8 -128.6 19.3 98.1 42

43 Federal funds and security RPs (net) -7.2 -87.5 -248.1 269.4 -190.3 -114.5 -132.6 -60.0 -372.2 106.7 -194.8 43

44 Credit market instruments 43.8 222.6 -1.1 -292.3 -161.2 -73.8 -61.2 -101.5 -156.0 23.5 -22.8 44

45 Open market paper 0.0 0.0 0.0 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 45

46 Corporate bonds 29.6 24.8 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 46

47 Other loans and advances 14.3 197.8 -1.2 -263.9 -148.3 -60.5 -33.2 -97.7 -146.4 35.2 -8.2 47

48 Corporate equity issues 10.2 7.5 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 48

49 Taxes payable (net) -1.4 -15.6 -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.5 49

50 Miscellaneous liabilities 5.8 41.3 19.3 242.2 193.3 55.2 523.5 -63.2 -273.3 33.9 538.8 50

51 Investment by holding companies 97.2 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 51

52 Other -91.5 -72.7 -94.3 75.4 159.9 -23.8 370.9 -76.0 -363.7 -26.6 516.4 52

53 Discrepancy -148.6 -110.0 24.0 302.9 236.7 190.9 283.6 129.8 282.9 67.4 331.5 53

 Memo:

54 Consumer leases not included above (2) 0.0 -1.8 -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 54

(1) Net capital transfers paid from table F.9, line 54.

(2) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
Z.1, June 7, 2012 29

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 3.3 3.6 2.5 2.5 2.6 2.7 2.7 2.7 2.7 2.8 2.8 1

 2 Fixed nonresidential investment 4.2 4.1 2.9 2.7 2.6 2.9 2.8 2.9 3.0 3.0 3.1 2

 3 Net acquisition of financial assets 10.1 219.8 576.8 -357.3 69.3 662.6 1447.7 427.2 1187.6 -412.0 -230.8 3

 4 Reserves at Federal Reserve -0.3 0.4 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 4

 5 Credit market instruments 103.7 201.7 100.8 -285.8 -30.8 37.7 46.1 102.8 111.2 -109.2 -31.0 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities -1.0 3.6 5.1 22.0 3.5 -0.5 20.8 -10.0 -22.0 9.3 44.5 7

 8 Agency- and GSE-backed securities 4.2 2.0 -6.5 -19.3 -4.8 4.0 19.6 -3.4 6.5 -6.5 -6.1 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 29.8 77.0 32.1 -156.7 -11.0 0.6 -53.3 35.6 105.0 -84.9 -72.1 10

11 Depository institution loans n.e.c. 67.1 105.0 65.1 -125.4 -16.1 36.1 65.1 83.8 19.2 -23.5 9.0 11

12 Other loans and advances -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Mortgages 4.1 14.1 5.2 -6.4 -2.5 -2.6 -6.1 -3.2 2.6 -3.6 -6.3 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.1 -0.0 -0.0 -0.2 0.0 0.0 0.0 14

15 Security credit 50.6 3.0 -126.3 -0.8 28.5 41.6 -57.5 22.8 182.1 19.2 47.0 15

16 Miscellaneous assets -143.9 14.7 364.3 -115.8 4.9 223.1 298.8 155.1 554.4 -116.0 -119.5 16

17 Net increase in liabilities 9.8 222.9 572.1 -355.9 70.5 667.2 1461.5 425.8 1193.5 -412.0 -226.9 17

18 Net interbank liabilities -71.3 -191.1 240.4 -158.9 48.2 497.4 1103.2 124.1 742.9 19.2 -1.4 18

19 To foreign banks -78.6 -169.4 244.7 -176.3 40.8 510.5 1138.1 167.3 686.2 50.2 37.9 19

20 To domestic banks 7.2 -21.7 -4.3 17.5 7.3 -13.1 -35.0 -43.2 56.7 -30.9 -39.3 20

21 Checkable deposits -0.0 2.6 1.7 2.6 5.7 23.7 -4.4 9.8 60.0 29.5 -5.2 21

22 Small time and savings deposits 8.6 6.9 0.1 4.4 5.8 13.2 27.7 19.2 14.0 -8.0 36.0 22

23 Large time deposits 132.8 273.4 -123.2 173.9 -49.6 -172.4 112.2 33.3 -563.0 -271.9 -119.8 23

24 Federal funds and security RPs (net) 49.0 -13.6 -96.3 40.3 52.9 50.2 -26.5 -87.3 196.6 118.2 20.8 24

25 Acceptance liabilities -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities -109.0 144.8 549.5 -418.2 7.5 255.1 249.5 326.8 743.0 -298.9 -157.3 26

27 Foreign direct investment in U.S. 13.8 -0.8 24.8 15.3 7.5 18.0 15.6 13.8 34.8 7.8 26.2 27

28 Investment by funding corporations 8.6 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 28

29 Other -131.3 101.9 489.1 -360.0 31.5 270.8 164.4 375.1 841.3 -297.5 -249.3 29

30 Discrepancy -1.2 2.6 -5.1 1.3 1.1 4.4 13.7 -1.5 5.6 -0.2 3.6 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).
30 Z.1, June 7, 2012

F.112 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.2 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.3 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets -1.1 -0.3 -2.9 -7.3 -14.8 -4.1 -5.7 -5.3 12.9 -18.2 -0.4 3

 4 Credit market instruments -1.7 -6.4 -1.9 -2.8 -19.3 -4.9 -5.1 -9.6 -6.1 1.3 -0.5 4

 5 Treasury securities -0.2 -1.9 -0.6 -0.7 0.6 -0.0 0.0 2.1 -2.6 0.4 -0.7 5

 6 Agency- and GSE-backed securities -5.8 -2.7 -2.0 -3.9 -7.7 -8.0 -23.5 -3.7 -2.6 -2.1 1.2 6

 7 Municipal securities 0.8 0.7 0.5 0.9 -0.9 0.9 1.2 -1.3 1.4 2.4 -0.1 7

 8 Corporate and foreign bonds -0.4 0.1 0.0 1.5 -1.4 3.6 21.1 -2.6 -2.8 -1.4 0.5 8

 9 Depository institution loans n.e.c. -0.3 -4.2 -1.7 -0.3 -3.3 1.1 -0.1 -0.3 2.7 1.9 0.4 9

10 Home mortgages 0.9 4.3 1.4 -0.3 -2.5 -2.4 -5.4 -2.2 -1.1 -0.7 -1.0 10

11 Commercial mortgages 3.2 -2.7 0.4 -0.0 -4.0 -0.1 1.5 -1.5 -1.1 0.8 -0.9 11

12 Miscellaneous assets 0.6 6.1 -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 12

13 Net increase in liabilities -1.3 -7.7 -3.4 -1.1 -14.8 -3.1 -2.0 -4.1 11.4 -17.7 -1.4 13

14 Net interbank liabilities 0.1 0.3 -0.6 -1.0 0.9 -1.2 -3.1 -1.2 -1.9 1.2 0.5 14

15 Checkable deposits 0.7 1.7 -1.1 1.4 0.5 2.8 2.2 3.9 -0.5 5.5 0.7 15

16 Small time and savings deposits 1.2 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 16

17 Large time deposits 1.2 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 17

18 Miscellaneous liabilities -4.5 -11.9 -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 18

19 Discrepancy -0.2 -7.4 -0.5 6.2 -0.0 1.0 3.6 1.2 -1.5 0.5 -1.0 19

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

F.113 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 9.9 9.0 7.0 6.8 8.8 9.1 8.3 7.2 9.9 11.1 12.6 1

 2 Fixed nonresidential investment 4.2 3.8 3.9 3.5 3.4 3.7 3.6 3.6 3.8 3.9 3.9 2

 3 Net acquisition of financial assets 30.8 46.2 53.0 56.9 30.1 17.8 105.9 -100.4 18.9 47.0 101.7 3

 4 Reserves at Federal Reserve 0.0 0.0 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 62.7 4

 5 Credit market instruments 30.1 35.3 39.9 33.2 24.6 35.3 50.4 10.8 24.5 55.3 69.0 5

 6 Open market paper 0.2 -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities -0.3 3.0 -1.6 5.3 5.8 -2.4 7.5 0.1 2.6 -19.9 0.5 7

 8 Agency- and GSE-backed securities -13.9 -4.1 14.4 27.9 40.8 30.6 45.2 7.7 22.0 47.4 47.1 8

 9 Corporate and foreign bonds 7.2 3.9 -8.9 -7.0 -15.0 0.4 0.2 0.2 -0.5 1.9 2.2 9

10 Depository institution loans n.e.c. 3.0 4.8 4.8 1.3 3.5 6.6 5.4 3.6 0.0 17.2 -10.2 10

11 Home mortgages 26.4 27.7 32.0 4.8 0.0 3.5 5.2 -9.3 7.2 11.1 8.2 11

12 Consumer credit 7.5 0.5 -0.4 0.9 -10.7 -3.4 -13.2 8.6 -6.8 -2.4 21.2 12

13 Mutual fund shares -0.1 -0.0 -0.0 -0.7 0.2 0.3 0.6 0.6 -0.2 0.1 0.9 13

14 Miscellaneous assets 0.7 11.0 8.4 6.3 -8.7 -26.9 -16.6 -93.7 28.4 -25.7 -31.0 14

15 Net increase in liabilities 26.3 43.2 53.7 59.2 26.4 11.2 100.5 -112.4 13.2 43.6 93.0 15

16 Net interbank liabilities -1.3 1.1 -5.7 -10.9 0.7 -13.9 80.7 -50.2 -93.2 7.2 40.4 16

17 Shares/deposits 24.5 31.7 45.1 72.0 34.4 41.5 25.7 23.9 75.4 41.0 66.6 17

18 Checkable -8.5 1.1 1.6 11.6 5.5 10.7 25.0 -6.4 20.0 4.1 45.6 18

19 Small time and savings 30.5 25.8 43.0 43.4 26.2 27.4 -3.9 30.0 50.8 32.6 13.7 19

20 Large time 2.5 4.8 0.5 17.0 2.7 3.4 4.6 0.3 4.6 4.3 7.3 20

21 Federal funds and security RPs (net) 1.6 2.6 4.8 -2.4 0.1 -15.9 0.0 -75.4 31.8 -20.0 -24.0 21

22 Other loans and advances 4.2 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 22

23 Miscellaneous liabilities -2.7 -5.6 1.1 14.7 -8.4 1.5 3.8 -7.2 -4.5 13.7 15.2 23

24 Discrepancy 1.3 2.3 3.7 5.6 1.8 -1.2 -0.6 -8.4 0.4 3.8 0.1 24
Z.1, June 7, 2012 31

F.114 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving less net capital transfers paid (1) 70.2 56.1 30.0 45.1 41.0 45.1 48.4 43.6 48.0 40.3 38.8 1

 2 Fixed nonresidential investment 17.7 19.5 19.9 19.9 20.1 22.3 21.4 21.8 22.7 23.1 23.4 2

 3 Net acquisition of financial assets 64.5 43.0 25.1 40.6 -15.6 27.2 24.8 -11.1 1.6 93.6 83.0 3

 4 Checkable deposits and currency 8.9 12.8 -14.8 -0.3 5.0 -8.5 4.8 7.1 -39.7 -6.3 17.7 4

 5 Money market fund shares 0.7 7.2 12.1 -3.2 -4.0 -1.1 8.4 -6.4 -10.2 4.0 -11.1 5

 6 Security RPs -0.7 1.7 0.8 0.1 -0.7 -2.0 -1.2 -4.7 -1.3 -0.7 0.5 6

 7 Credit market instruments 44.8 5.3 -15.9 33.3 3.9 27.5 18.7 -19.8 1.3 110.1 37.0 7

 8 Open market paper 0.6 -3.1 5.8 -9.3 -1.9 -2.4 2.6 -2.0 -11.1 0.9 -2.5 8

 9 Treasury securities 3.1 -38.7 -5.6 22.9 3.2 1.8 6.1 -5.3 -4.8 11.4 -2.8 9

10 Agency- and GSE-backed securities 4.1 3.8 -11.5 1.9 -0.4 6.4 4.1 0.4 4.7 16.6 6.2 10

11 Municipal securities 22.1 36.1 10.6 -12.6 -21.0 -17.4 -24.3 -34.5 -21.7 10.8 16.7 11

12 Corporate and foreign bonds 14.2 5.9 -15.4 30.8 24.3 38.4 30.4 20.5 33.3 69.2 18.3 12

13 Commercial mortgages 0.7 1.3 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 13

14 Corporate equities 2.3 0.5 35.1 -2.4 -20.9 2.3 1.8 -10.3 27.0 -9.4 0.1 14

15 Mutual fund shares 0.5 -0.5 -0.4 0.1 -0.1 -0.1 -0.2 -0.0 -0.0 -0.1 -0.0 15

16 Trade receivables 4.9 -1.6 1.3 -3.7 0.8 3.4 2.5 15.2 2.0 -6.1 16.5 16

17 Miscellaneous assets 3.1 17.6 6.8 16.7 0.4 5.7 -9.9 7.8 22.6 2.2 22.5 17

18 Net increase in liabilities 42.1 9.4 14.3 0.2 2.4 19.5 -1.2 29.0 -18.6 68.7 35.6 18

19 Security RPs -0.1 -0.7 1.9 -1.7 0.8 -1.1 -3.4 0.2 -0.6 -0.5 0.3 19

20 Corporate equity issues -8.5 -13.2 0.4 -5.3 -12.7 -10.7 -11.1 2.9 -20.7 -14.0 -18.1 20

21 Taxes payable (net) 11.0 -2.4 -28.1 5.3 5.6 -4.4 8.8 -20.7 -25.1 19.3 25.9 21

22 Miscellaneous liabilities 39.7 25.8 40.2 1.9 8.7 35.7 4.5 46.6 27.7 63.9 27.5 22

23 Discrepancy 30.1 3.1 -0.6 -15.1 38.8 15.1 1.1 61.9 5.0 -7.7 -32.0 23

(1) Net capital transfers paid from table F.9, line 51.

F.115 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 6.5 5.2 -44.8 16.4 28.2 20.2 19.4 19.2 20.6 21.4 22.3 1

 2 Fixed nonresidential investment 13.1 14.1 14.4 14.3 14.5 16.1 15.4 15.8 16.4 16.7 16.9 2

 3 Net acquisition of financial assets 225.0 240.5 167.1 115.3 189.9 163.1 85.2 191.1 297.1 79.2 210.8 3

 4 Checkable deposits and currency 8.3 2.3 24.4 -32.1 1.0 3.1 -17.6 5.7 40.8 -16.5 -3.2 4

 5 Money market fund shares 9.7 -1.6 17.5 -5.5 -12.7 4.8 -5.0 -7.3 -3.7 35.2 17.5 5

 6 Security RPs -0.1 0.2 5.2 2.2 0.7 -0.1 -4.8 -3.6 8.0 -0.1 -2.0 6

 7 Credit market instruments 67.5 84.8 11.6 139.8 151.6 149.7 169.4 109.4 209.8 110.0 82.8 7

 8 Open market paper 4.3 13.1 -3.4 11.5 -8.9 -0.0 -5.8 -15.1 23.4 -2.5 -13.5 8

 9 Treasury securities -7.6 -17.3 35.1 27.7 23.2 6.0 -11.3 2.8 22.1 10.4 -5.6 9

10 Agency- and GSE-backed securities 8.8 5.5 -16.7 5.8 4.0 11.1 29.5 3.7 10.0 1.4 0.8 10

11 Municipal securities 4.1 4.8 5.7 26.1 39.2 10.3 14.8 8.2 10.3 7.7 -12.1 11

12 Corporate and foreign bonds 29.7 43.1 -45.5 97.6 102.9 98.5 136.7 79.1 109.5 68.8 85.0 12

13 Other loans and advances 9.8 13.2 20.3 -12.6 -0.2 7.9 -3.9 10.5 16.6 8.5 6.7 13

14 Mortgages 18.3 22.4 16.3 -16.3 -8.6 15.8 9.5 20.1 17.7 15.7 21.5 14

15 Corporate equities 71.4 84.1 81.8 33.4 45.6 32.7 22.5 28.6 45.5 34.4 35.1 15

16 Mutual fund shares 26.9 31.3 -10.7 0.0 1.0 1.1 1.0 1.0 1.2 1.2 1.2 16

17 Miscellaneous assets 41.3 39.5 37.2 -22.5 2.8 -28.1 -80.3 57.2 -4.4 -85.0 79.3 17

18 Net increase in liabilities 202.5 198.7 166.9 30.9 168.1 138.0 98.2 129.7 259.9 64.3 210.8 18

19 Security RPs 0.3 -1.1 -7.3 -0.5 -2.2 0.1 -3.0 2.1 -1.4 2.8 1.6 19

20 Corporate equity issues -20.0 -30.6 -10.7 -0.9 -4.8 -11.5 -8.7 -11.5 -16.0 -10.0 -11.5 20

21 Other loans and advances 2.7 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 21

22 Life insurance reserves 64.1 33.0 66.0 25.4 16.4 69.6 36.1 56.0 109.5 77.0 36.3 22

23 Pension fund reserves (1) 100.5 118.6 65.5 25.1 104.3 51.3 29.1 107.5 49.8 18.8 151.1 23

24 Taxes payable (net) 4.0 -3.4 -19.7 -7.0 2.6 5.2 3.8 -4.8 -4.9 26.6 -14.8 24

25 Miscellaneous liabilities 50.9 67.6 46.8 -4.6 55.1 21.5 39.1 -22.1 122.0 -52.9 41.6 25

26 Discrepancy -29.1 -50.7 -59.4 -82.4 -8.2 -21.0 16.9 -57.9 -32.9 -10.2 5.4 26

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25).
32 Z.1, June 7, 2012

F.116 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 0.7 1.0 0.8 0.6 0.5 0.6 0.6 0.6 0.6 0.6 0.6 2

 3 Net acquisition of financial assets 53.5 31.7 -36.8 60.0 61.2 60.8 78.6 68.4 8.9 87.1 50.7 3

 4 Checkable deposits and currency 0.4 0.6 0.5 4.2 4.5 1.1 -4.1 3.7 1.6 3.1 -2.9 4

 5 Time and savings deposits 0.8 4.6 0.3 4.7 0.2 0.5 -0.2 2.0 -1.3 1.3 -0.2 5

 6 Money market fund shares 3.4 3.4 2.3 0.6 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 -15.6 6

 7 Security RPs 0.8 3.4 7.3 3.1 -0.1 -4.2 1.2 -17.9 1.6 -1.7 13.1 7

 8 Credit market instruments 58.4 102.5 90.6 111.6 59.4 38.8 34.3 11.3 77.1 32.5 28.2 8

 9 Open market paper 0.2 -4.8 10.2 -10.5 -8.5 -1.4 4.4 -2.2 -2.6 -5.5 3.0 9

10 Treasury securities 14.3 38.7 15.4 125.8 80.3 45.2 31.9 26.5 75.7 46.7 47.6 10

11 Agency- and GSE-backed securities 16.6 28.2 21.3 -49.0 -11.5 -5.2 5.0 -13.6 -2.3 -10.0 -14.7 11

12 Corporate and foreign bonds 27.7 39.8 42.7 42.8 -2.8 0.8 -5.2 1.7 8.6 -1.9 -7.0 12

13 Mortgages -0.3 0.7 0.9 2.6 1.9 -0.5 -1.8 -1.1 -2.3 3.1 -0.6 13

14 Corporate equities -86.5 -188.3 -184.6 -175.6 -50.5 -24.5 -33.0 -14.8 -18.5 -31.8 -71.5 14

15 Mutual fund shares 74.9 88.1 35.5 89.8 80.9 56.1 106.1 100.5 -51.8 69.6 99.9 15

16 Miscellaneous assets 1.3 17.5 11.3 21.6 -32.9 -6.7 -25.5 -16.1 0.4 14.3 -0.3 16

17 Unallocated insurance contracts (2) -1.5 26.3 38.2 10.1 -4.4 -0.8 -7.4 1.0 1.3 1.8 1.2 17

18 Contributions receivable -2.0 4.4 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 18

19 Other 4.8 -13.2 -27.6 9.0 -27.2 -6.1 -17.6 -17.1 -1.3 11.5 -2.8 19

20 Pension fund reserves (liabilities) (3) 53.9 32.3 -36.4 60.1 61.3 60.8 78.7 68.5 8.9 87.2 50.8 20

 Memo:

 Net acquisition of financial assets (4)

21 Defined benefit plans -46.6 -76.4 -82.4 -35.1 -31.9 -28.7 -33.1 -26.4 -26.7 -28.5 -27.8 21

22 Defined contibution plans 100.1 108.1 45.6 95.1 93.1 89.5 111.8 94.8 35.6 115.6 78.6 22

(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 nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

(4) Additional detail on defined benefit plans and defined contribution plans is available on F.116.b and F.116.c.
Z.1, June 7, 2012 33

F.117 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.4 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.0 2.1 1.4 0.9 0.7 0.8 0.8 0.8 0.8 0.9 0.9 2

 3 Net acquisition of financial assets 45.5 0.8 17.0 -28.2 -38.5 -52.3 -48.1 -42.5 -76.0 -42.7 -48.0 3

 4 Checkable deposits and currency -2.7 4.8 -0.2 -0.0 -0.5 1.1 3.5 -0.9 2.7 -0.9 1.9 4

 5 Time and savings deposits -0.5 -0.1 -0.0 -0.0 -0.0 0.0 0.1 -0.0 0.1 -0.0 0.1 5

 6 Money market fund shares 2.1 -1.4 1.9 -0.0 -0.4 0.9 2.9 -0.8 2.2 -0.7 1.6 6

 7 Security RPs 4.5 -2.5 1.8 -0.0 -0.6 1.5 4.7 -1.2 3.6 -1.2 2.6 7

 8 Credit market instruments 114.6 12.3 13.3 -8.8 -8.2 18.3 34.2 -18.1 60.3 -3.2 22.8 8

 9 Open market paper 7.6 -4.4 -12.5 -2.0 -1.6 1.4 4.6 -1.2 3.5 -1.2 2.5 9

10 Treasury securities 2.4 -14.6 4.8 28.1 11.1 3.3 9.2 -4.0 8.4 -0.3 -1.4 10

11 Agency- and GSE-backed securities 49.4 23.3 6.3 -30.5 -21.7 5.1 14.1 -6.1 13.0 -0.4 -2.1 11

12 Municipal securities 1.6 -0.8 -1.0 0.0 0.1 -0.1 0.2 -0.1 -0.2 -0.0 19.4 12

13 Corporate and foreign bonds 55.5 13.6 15.9 -4.3 3.8 8.6 7.0 -6.8 35.2 -1.2 4.3 13

14 Mortgages -2.0 -4.7 -0.3 -0.1 0.1 -0.1 -0.8 0.0 0.4 -0.1 0.1 14

15 Corporate equities -70.0 -6.4 1.2 -17.3 -25.8 -65.7 -82.8 -18.6 -128.7 -32.5 -68.1 15

16 Mutual fund shares -3.4 -5.2 -1.1 -2.5 -3.8 -9.6 -12.1 -2.7 -18.8 -4.7 -10.0 16

17 Miscellaneous assets 1.0 -0.6 -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.2 17

18 Pension fund reserves (liabilities) (1) 46.1 2.3 17.7 -28.0 -38.5 -52.3 -48.1 -42.5 -75.9 -42.7 -47.9 18

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

F.118 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 50.4 47.8 78.9 78.2 81.9 86.6 80.4 -287.8 441.5 112.3 72.5 1

 2 Credit market instruments 8.4 11.7 24.2 7.4 11.0 19.3 13.9 15.8 32.4 15.3 5.9 2

 3 Treasury securities 8.3 11.3 24.2 6.8 10.1 18.0 14.9 13.7 30.5 13.0 2.5 3

 4 Agency- and GSE-backed securities 0.1 0.3 0.0 0.6 0.7 0.8 -0.5 1.3 1.1 1.2 2.0 4

 5 Corporate and foreign bonds -0.0 0.1 -0.1 0.1 0.2 0.5 -0.6 0.7 0.8 1.1 1.5 5

 6 Corporate equities 6.3 2.7 -8.6 8.8 5.2 -3.5 0.0 2.4 -17.4 1.1 6.1 6

 7 Miscellaneous assets(2) 35.8 33.3 63.3 61.9 65.7 70.8 66.6 -305.9 426.5 95.9 60.4 7

 8 Pension fund reserves (liabilities) (3) 50.4 47.8 78.9 78.2 81.9 86.6 80.4 -287.8 441.5 112.3 72.5 8

(1) Includes the 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.
34 Z.1, June 7, 2012

F.119 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 305.3 720.9 724.2 -499.0 -502.9 -112.8 -92.6 -60.3 -318.7 20.3 -207.3 1

 2 Foreign deposits -10.6 43.2 2.0 -32.2 8.7 -47.3 14.0 11.4 -102.0 -112.7 -39.7 2

 3 Checkable deposits and currency 7.5 -4.8 5.6 10.4 -3.7 4.9 53.4 18.1 -40.0 -12.2 -3.8 3

 4 Time and savings deposits 23.7 63.9 84.6 217.9 -105.2 -88.0 -69.0 3.4 -252.3 -34.0 -151.4 4

 5 Security RPs 48.7 211.3 -63.5 -62.5 -0.5 4.6 -97.5 224.0 -57.7 -50.5 96.3 5

 6 Credit market instruments 220.0 375.6 738.6 -644.0 -410.0 7.2 53.3 -104.6 109.8 -29.6 -1.9 6

 7 Open market paper 116.1 66.3 -56.1 -108.0 -116.3 -39.0 59.4 -16.6 -81.3 -117.6 54.9 7

 8 Treasury securities -5.9 95.5 399.5 -171.3 -71.0 107.9 140.6 22.6 144.3 124.2 268.3 8

 9 Agency- and GSE-backed securities -28.7 104.5 520.3 -213.2 -140.1 0.9 -104.7 -57.1 177.6 -12.2 -284.9 9

10 Municipal securities 33.5 100.7 23.6 -93.3 -66.9 -37.9 -44.7 -46.6 -30.5 -29.9 -27.1 10

11 Corporate and foreign bonds 105.1 8.5 -148.8 -58.1 -15.7 -24.6 2.8 -6.9 -100.3 5.9 -13.2 11

12 Miscellaneous assets 15.9 31.8 -43.1 11.3 7.7 5.8 -46.8 -212.7 23.5 259.3 -106.6 12

13 Net share issues (liabilities) 305.3 720.9 724.2 -499.0 -502.9 -112.8 -92.6 -60.3 -318.7 20.3 -207.3 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115).

F.120 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 11.4 13.4 -5.7 -83.3 -103.6 -94.8 -103.6 -103.6 -88.6 -83.6 -76.1 1

 2 Net acquisition of financial assets 336.8 364.7 31.0 490.5 389.3 402.9 1007.3 428.2 -228.0 404.3 919.4 2

 3 Security RPs 17.4 -0.6 -7.4 28.6 -15.8 -28.8 324.3 13.1 -380.4 -72.3 82.7 3

 4 Credit market instruments 184.9 271.1 73.3 380.7 374.3 427.4 527.5 388.9 220.2 573.1 899.7 4

 5 Open market paper 17.4 -0.4 -62.5 28.6 -13.9 -26.3 320.5 -26.1 -346.0 -53.7 89.3 5

 6 Treasury securities 5.0 18.5 8.7 67.6 41.9 55.3 2.9 32.9 90.9 94.6 91.8 6

 7 Agency- and GSE-backed securities 15.7 66.2 27.3 46.4 152.0 173.2 9.1 102.9 284.6 296.2 287.7 7

 8 Municipal securities 32.7 27.8 17.4 90.6 46.4 16.0 -45.9 20.1 27.2 62.6 83.1 8

 9 Corporate and foreign bonds 104.3 123.0 69.9 146.2 148.7 190.3 192.2 207.2 181.4 180.4 354.8 9

10 Other loans and advances 9.8 36.1 12.4 1.3 -0.8 18.9 48.7 52.0 -17.9 -7.2 -7.0 10

11 Corporate equities 131.3 91.3 -38.1 86.3 42.8 1.5 145.0 -5.5 -71.7 -61.8 -63.0 11

12 Miscellaneous assets 3.3 2.8 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 -0.0 12

13 Net share issues (liabilities) 336.8 364.7 31.0 490.5 389.3 402.9 1007.3 428.2 -228.0 404.3 919.4 13

14 Discrepancy 11.4 13.4 -5.7 -83.3 -103.6 -94.8 -103.6 -103.6 -88.6 -83.6 -76.1 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115).

F.121 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 8.0 17.6 -63.4 5.6 0.1 -2.3 1.5 5.7 20.2 -36.9 -8.3 1

 2 Credit market instruments 6.0 -0.9 -41.1 9.6 5.0 -1.1 8.5 2.6 -19.4 3.7 -7.8 2

 3 Treasury securities 0.2 -1.7 -2.4 1.2 0.7 -0.3 0.5 -0.1 -1.5 -0.2 -0.8 3

 4 Municipal securities 0.0 1.9 -13.3 3.2 0.1 1.1 -2.3 5.0 -7.3 9.1 0.9 4

 5 Corporate and foreign bonds 5.7 -1.0 -25.3 5.2 4.1 -1.9 10.3 -2.3 -10.6 -5.2 -7.9 5

 6 Corporate equities 2.0 18.4 -22.3 -4.1 -4.8 -1.2 -7.0 3.1 39.6 -40.6 -0.5 6

 7 Net share issues (liabilities) 8.0 17.6 -63.4 5.6 0.1 -2.3 1.5 5.7 20.2 -36.9 -8.3 7

 Exchange-traded funds

 8 Net acquisition of financial assets 74.0 150.5 177.2 116.5 117.8 110.3 86.4 116.7 77.1 161.0 184.8 8

 9 Credit market instruments 5.7 13.3 23.0 46.0 29.7 38.8 21.7 43.6 45.7 44.1 37.2 9

10 Treasury securities 3.4 6.6 7.4 14.7 9.2 11.4 7.1 15.6 17.8 5.1 -1.7 10

11 Municipal securities 0.0 0.6 1.7 3.6 1.7 1.0 -0.6 1.1 0.4 3.2 4.2 11

12 Corporate and foreign bonds 2.4 6.2 13.9 27.6 18.7 26.4 15.2 26.9 27.5 35.8 34.7 12

13 Corporate equities 68.3 137.2 154.2 70.5 88.2 71.5 64.7 73.1 31.4 116.9 147.6 13

14 Net share issues (liabilities) 74.0 150.5 177.2 116.5 117.8 110.3 86.4 116.7 77.1 161.0 184.8 14
Z.1, June 7, 2012 35

F.122 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 4.1 4.8 6.7 9.7 10.7 8.1 7.5 6.9 8.6 9.4 10.4 1

 2 Fixed nonresidential investment 0.8 1.3 1.7 1.0 3.1 3.4 3.3 3.4 3.5 3.6 3.6 2

 3 Net acquisition of financial assets 53.5 301.4 233.7 -360.7 -314.0 -241.3 -93.3 -495.3 -223.1 -153.4 -252.7 3

 4 Checkable deposits and currency 1.8 -2.7 39.7 11.1 -36.0 9.3 28.2 -32.7 5.7 36.0 -120.8 4

 5 Time and savings deposits -1.5 12.8 21.9 -42.8 0.3 -12.7 -9.3 -2.5 -45.7 6.9 -9.2 5

 6 Federal funds and security RPs (net) 9.7 25.3 -28.2 7.6 20.6 -38.1 25.2 -164.5 -3.4 -9.6 -18.8 6

 7 Credit market instruments 46.6 239.0 242.9 -337.8 -328.2 -199.7 21.8 -297.1 -358.8 -164.7 -110.1 7

 8 Open market paper 18.5 -4.7 14.1 3.0 0.2 -3.4 -1.7 -0.8 -0.3 -10.9 -5.2 8

 9 Treasury securities 1.2 1.3 1.2 5.1 33.3 20.2 13.5 19.2 20.8 27.4 13.5 9

10 Agency- and GSE-backed securities -37.1 -11.1 207.0 -27.4 -85.1 -18.1 -12.4 -22.6 -0.4 -36.8 -45.0 10

11 Municipal securities -3.6 -2.8 -2.0 -2.2 -4.2 -3.9 -4.3 -3.7 -3.8 -3.7 -3.4 11

12 Corporate and foreign bonds 16.1 -17.4 -77.7 -33.8 -16.9 -33.4 -36.6 -59.0 -22.9 -15.1 -26.4 12

13 Other loans and advances 33.1 237.7 38.1 -284.8 -144.7 -64.2 -36.8 -107.6 -156.2 43.7 -1.8 13

14 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Farm Credit System 11.9 11.9 4.8 -0.2 7.2 -3.5 4.2 -8.8 -14.4 5.0 4.9 15

16 FHLB loans 21.2 225.8 33.3 -284.6 -151.9 -60.7 -41.0 -98.8 -141.8 38.7 -6.7 16

17 Mortgages 18.4 35.9 62.2 2.4 -110.8 -96.9 100.2 -122.7 -196.1 -169.3 -41.8 17

18 Home 3.7 -9.7 8.8 -11.3 -117.3 -98.4 102.9 -115.5 -201.6 -179.2 -48.5 18

19 Consolidated trusts (2) 0.0 0.0 0.0 0.0 -232.5 -108.9 89.3 -71.5 -252.3 -201.2 -38.4 19

20 Other 3.7 -9.7 8.8 -11.3 115.1 10.6 13.6 -44.1 50.8 22.0 -10.1 20

21 Multifamily residential 12.4 42.3 42.5 14.2 2.0 2.8 -1.6 -5.8 7.1 11.4 8.3 21

22 Consolidated trusts (2) 0.0 0.0 0.0 0.0 25.3 24.5 23.9 23.9 21.3 28.9 25.4 22

23 Other 12.4 42.3 42.5 14.2 -23.3 -21.7 -25.5 -29.6 -14.1 -17.6 -17.1 23

24 Farm 2.2 3.3 10.9 -0.5 4.6 -1.3 -1.0 -1.4 -1.6 -1.4 -1.7 24

25 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous assets -3.2 27.0 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 26

27 Net increase in liabilities 48.3 325.6 336.4 -317.1 -263.8 -182.1 -37.4 -463.7 -138.8 -88.3 -246.3 27

28 Credit market instruments 35.6 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 28

29 GSE issues (4) 35.6 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 29

30 Consolidated trusts (2) 0.0 0.0 0.0 0.0 -207.2 -84.4 113.1 -47.6 -231.0 -172.3 -13.0 30

31 Other 35.6 282.4 271.7 -475.3 -26.5 -102.8 -102.0 -432.3 92.7 30.6 -261.9 31

32 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Corporate equities 1.1 25.5 27.6 96.0 38.1 29.2 8.0 27.5 27.1 54.0 22.9 33

34 Miscellaneous liabilities 11.6 17.7 37.1 62.2 -68.1 -24.0 -56.5 -11.3 -27.7 -0.6 5.7 34

35 Discrepancy -1.9 27.7 107.8 52.2 57.7 63.9 60.2 35.2 89.3 70.9 13.2 35

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, 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. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.123) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets.

(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.

(3) Sallie Mae student loans.

(4) Such issues are classified as agency- and GSE-backed securities.

F.123 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 1

 2 Home mortgages 302.8 622.6 492.2 402.5 175.8 148.0 248.3 123.2 114.1 106.3 166.0 2

 3 Multifamily residential mortgages -12.5 -0.7 4.6 13.0 11.3 19.4 17.5 23.4 15.9 21.0 19.0 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 2.3 1.4 0.1 -0.2 -0.2 -2.1 -2.1 -0.1 -6.0 -0.2 -0.2 5

 6 Net increase in pool securities (liabilities)(2) 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (table F.122). 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.
36 Z.1, June 7, 2012

F.124 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.7 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 800.6 352.1 -410.5 -738.2 -505.6 -258.7 -325.4 -234.1 -290.8 -184.6 -213.4 3

 4 Treasury securities 33.4 24.7 -13.6 -18.3 -13.8 -10.9 -16.7 1.6 -19.9 -8.7 -13.1 4

 5 Agency- and GSE-backed securities (1) 26.4 22.2 -26.3 -228.7 -98.4 -7.5 -13.5 0.2 0.4 -17.0 -13.8 5

 6 Other loans and advances 65.0 88.6 37.9 -51.1 -39.0 -5.9 -94.4 69.0 -22.2 24.0 25.0 6

 7 Mortgages (2) 627.3 179.0 -352.4 -366.3 -294.5 -222.2 -207.1 -253.5 -226.6 -201.6 -220.3 7

 8 Home 519.3 35.7 -312.7 -319.1 -240.8 -192.2 -217.4 -195.2 -176.4 -179.8 -177.2 8

 9 Multifamily residential 13.1 21.5 -10.8 -5.8 -8.7 -8.1 -2.8 -10.4 -8.9 -10.5 -9.9 9

10 Commercial 94.9 121.9 -28.9 -41.4 -45.1 -21.9 13.1 -47.8 -41.3 -11.4 -33.1 10

11 Consumer credit 39.9 34.1 -40.1 -39.6 -50.4 -8.0 -0.8 -41.6 -8.1 18.4 17.9 11

12 Trade credit 8.5 3.4 -16.1 -34.3 -9.5 -4.2 7.1 -9.8 -14.4 0.3 -9.1 12

13 Net increase in liabilities 800.0 351.6 -411.0 -738.6 -505.9 -259.0 -325.7 -234.4 -291.1 -184.9 -213.7 13

14 Commercial paper 162.9 -194.2 -83.9 -266.2 -40.3 -24.1 54.3 -44.3 51.4 -158.0 21.5 14

15 Corporate bonds (net) (3) 637.1 545.8 -327.1 -472.4 -465.5 -234.9 -380.0 -190.0 -342.5 -27.0 -235.2 15

16 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 16

 Memo:

 Securitized assets not included above

17 Consumer leases (4) -0.5 -0.5 -0.4 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.2 17

18 REIT assets (5) 2.8 -17.9 -46.7 -25.3 0.4 -3.1 2.7 -1.4 -5.5 -8.2 -1.0 18

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Net issuance less net acquisition of corporate bonds held as assets.

(4) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(5) Included in table F.126.

F.125 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 69.3 76.1 88.4 92.4 111.5 72.7 77.5 73.2 75.4 64.6 67.4 1

 2 Fixed nonresidential investment 60.9 61.9 42.5 16.5 29.0 32.0 30.9 31.4 32.6 33.3 33.7 2

 3 Net acquisition of financial assets 34.3 19.9 -59.5 -189.2 -164.3 -43.6 -22.9 -128.9 -28.5 6.2 -63.2 3

 4 Checkable deposits and currency -1.6 0.4 0.3 0.5 -1.7 0.4 1.7 0.3 1.9 -2.3 0.6 4

 5 Time and savings deposits -4.8 1.2 0.8 1.6 -5.0 1.2 5.2 0.8 5.7 -6.9 1.7 5

 6 Credit market instruments 72.4 7.1 -81.9 -217.6 -122.5 -51.1 -59.3 -105.0 -82.5 42.4 -72.6 6

 7 Corporate and foreign bonds -18.7 4.5 3.0 6.3 -19.6 4.8 20.4 3.3 22.3 -26.8 6.6 7

 8 Other loans and advances 18.9 24.9 16.9 -91.0 -19.0 -7.2 -18.3 -53.5 0.3 42.5 -33.8 8

 9 Mortgages 53.0 -62.5 -84.0 -50.5 -56.9 -41.0 -61.2 -29.5 -49.6 -23.5 -51.5 9

10 Consumer credit 19.2 40.2 -17.9 -82.4 -27.0 -7.7 -0.2 -25.3 -55.5 50.3 6.1 10

11 Miscellaneous assets -31.7 11.2 21.4 26.3 -35.1 5.9 29.4 -25.0 46.3 -27.1 7.1 11

12 Net increase in liabilities 48.5 26.5 -69.1 -250.2 -185.5 -54.6 -84.6 -128.9 -10.1 5.1 -86.8 12

13 Credit market instruments 34.8 34.9 -79.4 -156.2 -173.9 -41.4 -9.7 -169.8 40.2 -26.3 17.1 13

14 Open market paper 5.3 -15.1 -22.6 -38.8 1.7 -2.4 30.7 -26.3 -2.2 -11.6 24.1 14

15 Corporate bonds 42.4 -2.8 -49.6 -87.0 -110.7 -43.8 -90.8 -58.8 53.4 -78.9 -13.5 15

16 Depository institution loans n.e.c. -12.9 52.8 -7.1 -30.4 -64.9 4.7 50.4 -84.8 -10.9 64.2 6.6 16

17 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Taxes payable 0.0 -1.5 -0.1 -2.8 0.3 0.0 -0.5 0.1 2.0 -1.5 -0.2 18

19 Miscellaneous liabilities 13.7 -6.9 10.4 -91.2 -11.8 -13.2 -74.3 40.8 -52.4 32.9 -103.8 19

20 Foreign direct investment in U.S. 5.2 -5.6 12.2 12.1 2.4 8.2 4.3 11.5 -1.2 18.2 9.0 20

21 Investment by parent 26.2 -13.4 -8.4 -32.6 -15.9 2.9 -28.2 42.3 -3.0 0.5 -43.7 21

22 Other -17.8 12.0 6.5 -70.7 1.6 -24.4 -50.5 -13.0 -48.2 14.1 -69.1 22

23 Discrepancy 22.6 20.8 36.3 14.9 61.3 29.5 -15.0 41.7 61.2 30.3 10.1 23

 Memo:

24 Consumer leases not included above (2) 20.6 16.9 -11.8 -25.7 -15.7 5.2 2.4 2.0 4.3 12.1 11.7 24

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (4), table F.124.
Z.1, June 7, 2012 37

F.126 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -10.7 -18.0 -11.6 7.1 7.3 6.7 7.1 5.2 7.2 7.2 6.7 1

 2 Fixed nonresidential investment 7.8 11.2 6.0 3.8 2.6 2.8 2.7 2.8 2.9 3.0 3.0 2

 3 Multifamily residential investment 3.5 -9.3 0.1 -0.1 4.7 6.3 1.6 3.9 9.3 10.3 4.2 3

 4 Net acquisition of financial assets 38.7 -26.1 -67.9 -9.3 41.8 118.3 254.5 112.7 98.5 7.5 261.1 4

 5 Checkable deposits and currency 4.9 -1.8 1.8 7.9 -2.8 2.1 22.0 -21.5 12.8 -5.1 15.2 5

 6 Credit market instruments 26.0 -19.9 -68.9 -8.7 37.1 102.9 207.8 121.7 80.3 1.9 225.2 6

 7 Agency- and GSE-backed securities 24.8 23.5 0.7 15.5 38.2 101.4 189.6 104.8 88.8 22.5 219.0 7

 8 Corporate and foreign bonds 11.6 -30.2 -22.8 3.8 5.3 1.3 15.1 6.5 3.6 -20.0 14.1 8

 9 Mortgages -10.4 -13.2 -46.9 -28.0 -6.3 0.2 3.1 10.4 -12.1 -0.6 -7.8 9

10 Home -23.8 -23.5 -46.4 -21.7 -3.7 -0.7 0.4 0.3 -3.7 0.1 -0.7 10

11 Multifamily residential 3.1 0.2 -0.9 -2.0 -0.4 -0.2 -0.5 -0.0 -0.1 -0.2 -0.0 11

12 Commercial 10.3 10.1 0.4 -4.3 -2.3 1.1 3.1 10.1 -8.3 -0.4 -7.2 12

13 Miscellaneous assets 7.8 -4.4 -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 20.7 13

14 Net increase in liabilities 59.8 25.7 -56.1 -28.5 71.0 169.0 287.3 169.2 152.4 67.3 309.8 14

15 Security RPs 14.4 -6.2 -12.3 11.1 30.0 94.9 161.9 104.5 95.2 18.0 173.4 15

16 Credit market instruments 15.5 10.2 -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 15.8 16

17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Corporate bonds 13.9 0.7 -60.3 -41.3 -0.1 15.5 46.4 0.9 -9.4 24.0 27.3 18

19 Depository institution loans n.e.c. -5.0 4.8 -0.3 -12.1 -2.2 3.6 -9.0 -2.4 19.1 6.8 -14.9 19

20 Mortgages 6.6 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 3.4 20

21 Corporate equity issues 22.2 17.1 12.8 24.2 28.2 37.5 64.1 39.8 30.7 15.3 59.5 21

22 Miscellaneous liabilities 7.7 4.6 -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 61.1 22

23 Discrepancy -0.9 31.9 -5.8 -15.8 29.3 48.3 35.7 55.1 48.8 53.7 48.3 23

 Memo:

24 Securitized assets included above 2.8 -17.9 -46.7 -25.3 0.4 -3.1 2.7 -1.4 -5.5 -8.2 -1.0 24

25 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Home mortgages -9.8 -20.2 -40.6 -25.7 1.1 -0.7 0.6 0.3 -4.1 0.3 0.5 26

27 Multifamily residential mortgages 0.3 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 27

28 Commercial mortgages 12.3 2.4 -6.1 0.4 -0.7 -2.3 2.2 -1.7 -1.3 -8.5 -1.5 28
38 Z.1, June 7, 2012

F.127 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 22.5 -20.7 -98.5 35.4 44.6 27.2 27.0 29.6 28.5 23.8 21.2 1

 2 Fixed nonresidential investment 18.4 25.7 21.3 25.1 24.6 27.2 26.1 26.7 27.8 28.3 28.6 2

 3 Net acquisition of financial assets 614.7 350.3 -874.8 -133.0 -9.1 -121.6 342.4 108.3 -548.5 -388.7 696.2 3

 4 Checkable deposits and currency 24.0 24.5 15.1 -29.4 6.2 17.9 -19.3 65.4 27.4 -1.9 10.2 4

 5 Credit market instruments 106.2 219.7 -85.7 -192.1 32.2 9.7 69.2 31.1 -107.9 46.4 260.8 5

 6 Open market paper 4.1 22.8 -21.4 -24.2 -5.3 5.9 13.4 10.6 -7.4 7.1 6.3 6

 7 Treasury securities -2.4 7.1 250.6 -67.6 -28.5 93.3 8.4 -28.0 136.6 256.3 150.6 7

 8 Agency- and GSE-backed securities 37.0 152.2 -47.5 -131.8 38.9 -2.1 13.7 85.9 -31.9 -76.0 3.7 8

 9 Municipal securities 8.0 -0.7 -11.4 -3.3 4.6 -8.5 -12.0 14.3 -15.8 -20.6 12.8 9

10 Corporate and foreign bonds 39.8 27.3 -259.0 47.5 35.2 -85.9 51.7 -60.0 -214.9 -120.2 87.6 10

11 Other loans and advances 19.8 11.1 3.1 -12.7 -12.7 6.9 -6.0 8.3 25.6 -0.1 -0.1 11

12 Corporate equities -0.2 25.4 -28.5 -4.6 -18.5 -7.2 32.1 3.4 -37.6 -26.8 22.3 12

13 Security credit 59.7 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 13

14 Miscellaneous assets 425.1 47.3 -615.1 54.9 -104.2 -102.4 110.2 20.0 -186.8 -352.9 286.1 14

15 Net increase in liabilities 585.9 392.4 -683.2 -205.4 -6.3 -88.1 311.3 149.9 -366.6 -447.1 515.3 15

16 Security RPs (net) 338.3 75.5 -560.3 -57.5 -66.2 -191.3 134.7 -166.8 -827.7 94.4 242.9 16

17 Credit market instruments 6.4 -4.0 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 17

18 Corporate bonds 6.4 -4.0 32.3 -4.2 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 18

19 Depository institution loans n.e.c. (1) 0.0 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Corporate equity issues -7.6 32.3 120.2 -32.4 -11.1 14.6 -11.0 30.8 134.0 -95.5 -183.9 20

21 Trade payables 5.2 -2.4 -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.9 21

22 Security credit 151.8 243.0 -237.3 -134.0 48.4 137.0 -22.0 284.7 465.7 -180.3 47.4 22

23 Customer credit balances (HH) 80.4 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 23

24 From U.S.-chartered depository institutions 20.9 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 24

25 From foreign banking offices in U.S. 50.6 3.0 -126.3 -0.8 28.5 41.6 -57.5 22.8 182.1 19.2 47.0 25

26 Taxes payable 0.7 -0.6 0.3 3.2 -2.1 -1.5 2.3 0.4 -2.6 -6.3 3.5 26

27 Miscellaneous liabilities 97.8 46.2 -70.7 19.8 39.5 -3.3 220.3 70.0 -87.9 -215.6 339.2 27

28 Foreign direct investment in U.S. -5.1 9.0 55.8 3.5 30.5 10.6 6.8 15.8 18.2 1.8 8.9 28

29 Investment by funding corporations 49.8 16.4 104.6 -166.8 -42.7 42.9 163.4 -100.1 8.3 100.1 288.6 29

30 Other 53.2 20.8 -231.1 183.1 51.7 -56.9 50.0 154.3 -114.3 -317.4 41.7 30

31 Proprietors’ net investment -6.8 2.4 11.5 -3.6 0.4 -1.8 -8.6 -0.0 7.1 -5.7 28.2 31

32 Discrepancy -24.7 -4.3 71.9 -62.1 22.9 33.5 -30.2 44.5 182.6 -62.8 -188.3 32

(1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
Z.1, June 7, 2012 39

F.128 Holding Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 115.3 109.8 80.5 96.8 108.2 145.2 130.6 140.2 151.2 158.7 164.7 1

 2 Fixed nonresidential investment 29.3 39.5 52.2 54.1 55.1 60.9 58.5 59.8 62.1 63.3 64.1 2

 3 Net acquisition of financial assets 249.8 203.3 289.1 87.3 -4.6 44.6 254.9 159.6 12.1 -248.0 26.7 3

 4 Time and savings deposits -0.0 -0.7 -0.1 -3.9 -1.3 2.4 6.3 10.0 1.2 -7.9 -3.5 4

 5 Federal funds and security RPs 1.0 -2.6 -6.6 19.8 2.1 0.2 33.6 12.2 -36.2 -8.9 -201.3 5

 6 Credit market instruments 3.3 23.2 13.9 -16.0 22.1 3.1 30.8 -1.4 20.7 -37.6 64.1 6

 7 Treasury securities 1.4 4.6 -4.0 2.7 13.8 7.1 -14.2 -28.4 45.6 25.6 9.6 7

 8 Agency- and GSE-backed securities -0.0 -1.3 15.9 -7.0 -3.2 12.0 4.6 37.1 47.0 -40.5 -14.4 8

 9 Corporate and foreign bonds 4.9 19.2 -0.0 -8.4 7.3 -20.1 8.5 0.6 -74.3 -15.0 -9.6 9

10 Other loans and advances -2.9 0.7 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 10

11 Life insurance reserves -0.4 5.3 -1.2 2.1 3.8 2.4 0.2 -0.5 5.9 4.2 26.7 11

12 Miscellaneous assets 245.9 178.2 283.1 85.4 -31.2 36.5 184.1 139.3 20.5 -197.9 140.7 12

13 Net transactions with depository institution subsidiaries 97.2 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 13

14 Net transactions with life insurance company subsidiaries 2.7 5.3 -12.5 9.3 22.2 9.3 7.2 11.6 28.8 -10.1 -2.1 14

15 Net transactions with finance company subsidiaries 3.2 41.5 -7.3 -23.3 -36.2 -18.5 -97.1 24.4 -1.7 0.3 -25.2 15

16 Net transactions with broker and dealer subsidiaries 27.2 -57.5 98.2 -173.1 -27.7 -13.6 122.1 -184.9 -54.2 62.6 265.3 16

17 Net transactions with foreign subsidiaries 41.3 42.2 -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 17

18 Other 74.2 32.7 100.1 82.3 -33.6 -46.2 54.4 17.9 -81.4 -175.9 -196.9 18

19 Net increase in liabilities 167.0 128.1 247.9 34.8 -64.6 -50.0 173.7 69.7 -88.2 -355.2 -85.8 19

20 Federal funds and security RPs 1.1 -2.5 -7.0 -0.2 0.2 0.4 1.3 0.8 -0.5 0.1 -0.4 20

21 Credit market instruments 75.0 151.9 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 21

22 Commercial paper 20.9 35.0 -39.0 -18.1 3.9 11.1 35.6 13.3 -20.9 16.7 -16.2 22

23 Corporate bonds 47.8 94.4 123.0 7.8 -46.5 -91.6 8.7 -200.1 -86.7 -88.1 110.1 23

24 Depository institution loans n.e.c. 6.4 22.5 13.3 2.3 26.1 64.0 39.3 233.2 24.1 -40.7 -81.6 24

25 Corporate equity issues -19.8 -28.0 321.4 68.6 19.8 2.9 14.9 -22.4 19.8 -0.9 12.7 25

26 Miscellaneous liabilities 110.6 6.8 -163.8 -25.6 -68.2 -36.8 73.9 44.9 -23.9 -242.3 -110.5 26

27 Equity, etc. 16.6 -55.1 63.0 35.6 -22.4 6.9 57.7 15.2 36.4 -81.5 74.2 27

28 Other 94.0 61.9 -226.8 -61.2 -45.8 -43.8 16.3 29.7 -60.3 -160.8 -184.6 28

29 Discrepancy 3.1 -4.9 -12.9 -9.8 -7.0 -10.4 -9.1 -9.5 -11.2 -11.8 -11.9 29

(1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form Y-9 LP or the Y-9 SP.
40 Z.1, June 7, 2012

F.129 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 135.9 381.2 969.2 -437.8 -106.5 -103.9 -577.7 -85.7 111.8 136.1 -1.8 1

 2 Money market fund shares 45.0 326.3 270.1 -162.8 -141.0 -53.2 -112.5 -45.4 -205.5 150.4 -134.0 2

 3 Security RPs 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Credit market instruments 59.8 -62.7 657.1 -233.0 79.7 -47.0 -470.5 -62.9 387.9 -42.6 43.2 4

 5 Open market paper 63.5 -179.0 144.7 -266.8 29.3 -27.6 -283.5 -1.8 261.3 -86.4 -188.3 5

 6 Corporate and foreign bonds -7.1 109.6 497.3 43.6 51.9 -17.4 -174.4 -63.9 136.9 31.8 221.3 6

 7 Other loans and advances 3.4 6.7 15.1 -9.8 -1.5 -2.0 -12.7 2.8 -10.2 12.0 10.2 7

 8 Corporate equities (2) 0.0 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets 31.1 117.6 42.1 -67.2 -46.5 22.8 110.8 22.7 -70.7 28.3 89.0 9

10 Investment in foreign banking offices 8.6 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 10

11 Investment in brokers and dealers 22.6 73.9 6.4 6.3 -15.0 56.5 41.3 84.8 62.5 37.5 23.3 11

12 Net increase in liabilities 135.9 381.2 969.2 -437.8 -106.5 -103.9 -577.7 -85.7 111.8 136.1 -1.8 12

13 Credit market instruments 29.1 114.5 466.4 -434.8 -65.3 -40.0 -67.1 36.3 30.6 -159.9 11.8 13

14 Open market paper 7.5 62.9 20.1 -125.1 -47.4 -60.4 -13.5 -41.9 -1.2 -185.2 45.5 14

15 Corporate bonds 21.6 51.5 1.4 37.9 -3.2 71.6 39.6 106.4 77.1 63.4 8.7 15

16 Depository institution loans n.e.c. (3) 0.0 0.0 444.9 -349.6 -21.9 -51.9 -93.8 -29.6 -45.9 -38.2 -38.3 16

17 Other loans and advances (4) 0.0 0.0 0.0 2.0 7.2 0.7 0.6 1.4 0.6 0.1 -4.1 17

18 Corporate equities (5) 0.0 0.0 40.0 30.5 3.5 -18.4 -60.4 0.0 -9.2 -3.9 -34.5 18

19 Miscellaneous liabilities 106.8 266.7 462.8 -33.4 -44.7 -45.5 -450.3 -121.9 90.4 299.9 21.0 19

20 Foreign direct investment in U.S. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 20

21 Securities loaned (net) 302.6 -2.1 -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.0 21

22 Equity interest under PPIP 0.0 0.0 0.0 2.4 7.9 1.4 0.6 2.5 2.2 0.2 0.2 22

23 Other (net) -196.4 268.2 815.4 -6.2 70.3 27.5 -356.4 -197.9 90.7 573.6 47.1 23

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities,

 and funds associated with the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.

(5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in

 AIA Aurora LLC and ALICO Holdings LLC.
Z.1, June 7, 2012 41

F.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -2.4 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 6.1 1

 2 Federal government: SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world -2.4 0.1 4.8 52.3 1.8 15.9 14.5 25.1 16.3 7.6 6.1 3

 4 SDR holdings 0.2 0.2 0.1 48.2 0.0 -1.8 -7.8 0.6 0.1 0.1 2.9 4

 5 Reserve position in IMF (net) -3.3 -1.0 3.5 3.4 1.3 18.1 25.7 23.9 15.6 7.1 1.3 5

 6 Foreign currency holdings 0.7 1.0 1.3 0.7 0.5 -0.5 -3.4 0.5 0.6 0.5 2.0 6

 7 Net change in assets -2.4 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 6.1 7

 8 Federal government -2.7 -0.4 4.2 51.9 1.6 16.2 16.3 24.8 16.0 7.9 5.1 8

 9 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 SDR holdings 0.2 0.2 0.1 48.2 0.0 -1.8 -7.8 0.6 0.1 0.1 2.9 10

11 Reserve position in IMF (net) -3.3 -1.0 3.5 3.4 1.3 18.2 25.8 23.9 15.6 7.5 1.3 11

12 Foreign currency holdings 0.4 0.5 0.6 0.3 0.3 -0.2 -1.7 0.3 0.3 0.2 1.0 12

13 Rest of the world 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Monetary authority 0.3 0.5 0.6 0.3 0.3 -0.3 -1.8 0.3 0.3 -0.2 1.0 16

17 Monetary gold (2) -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Reserve position in IMF (net) -0.0 0.0 -0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.5 0.0 18

19 Foreign currency holdings 0.4 0.5 0.6 0.3 0.3 -0.2 -1.7 0.3 0.3 0.2 1.0 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,

 and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Monetary authority 1.7 0.5 -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 4

 5 Discrepancy (seigniorage) -1.1 -1.2 -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 87.2 256.0 -394.3 -106.1 71.7 -63.9 181.8 -64.1 -40.6 -332.7 -40.7 1

 Held by:

 2 Household sector 5.2 15.4 -23.7 -6.4 4.3 -3.8 10.9 -3.8 -2.4 -20.0 -22.2 2

 3 Nonfinancial corporate business -14.2 0.9 -25.5 6.8 9.6 -2.7 28.1 -14.8 -9.8 -14.4 -9.3 3

 4 Money market mutual funds -10.6 43.2 2.0 -32.2 8.7 -47.3 14.0 11.4 -102.0 -112.7 -39.7 4

 5 Discrepancy--unallocated assets 106.8 196.5 -347.1 -74.4 49.0 -10.0 128.8 -56.9 73.6 -185.6 30.5 5
42 Z.1, June 7, 2012

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 28.1 -53.4 1823.0 -590.9 -174.4 854.8 3059.3 311.2 390.9 -342.3 228.5 1

 2 Monetary authority 1.3 5.4 842.0 114.2 -11.1 602.3 1795.1 762.7 -12.7 -136.0 -42.4 2

 3 U.S.-chartered depository institutions 99.3 130.9 746.9 -534.3 -213.0 -229.8 83.5 -524.3 -244.3 -234.0 231.5 3

 4 Foreign banking offices in U.S. -71.3 -191.1 240.4 -158.9 48.2 497.4 1103.2 124.1 742.9 19.2 -1.4 4

 5 Banks in U.S.-affiliated areas 0.1 0.3 -0.6 -1.0 0.9 -1.2 -3.1 -1.2 -1.9 1.2 0.5 5

 6 Credit unions -1.3 1.1 -5.7 -10.9 0.7 -13.9 80.7 -50.2 -93.2 7.2 40.4 6

 7 Net change in assets 32.0 -57.2 1762.3 -619.9 -155.0 824.6 2880.4 626.9 264.8 -473.7 151.5 7

 8 Rest of the world 31.9 -111.4 410.8 -270.4 -48.2 221.6 1085.9 -137.9 277.0 -338.6 195.0 8

 9 Monetary authority -1.2 48.9 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 9

10 U.S.-chartered depository institutions 1.6 5.0 599.3 50.9 -91.9 232.9 563.2 634.2 -318.7 52.8 22.1 10

11 Foreign banking offices in U.S. -0.3 0.4 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 11

12 Credit unions 0.0 0.0 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 62.7 12

13 Discrepancy -3.8 3.8 60.7 29.0 -19.4 30.1 178.8 -315.7 126.0 131.4 77.0 13

 Memo:

 Vault cash:

14 Liab.: Monetary authority 1.6 3.3 2.7 -2.8 -2.2 8.1 39.3 6.9 -18.9 5.0 6.8 14

15 Asset: U.S.-chartered depository institutions 1.6 3.3 2.7 -2.8 -2.2 8.1 39.3 6.9 -18.9 5.0 6.8 15

 Depository institution reserves:

16 Liab.: Monetary authority -0.3 2.1 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 16

17 Asset: U.S.-chartered depository institutions -0.1 1.7 596.6 53.7 -89.7 224.8 523.9 627.3 -299.8 47.8 15.3 17

18 Foreign banking offices in U.S. -0.3 0.4 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 18

19 Credit unions 0.0 0.0 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 62.7 19

 Other transactions with the monetary authority

20 Liab: U.S.-chartered depository institutions -1.2 48.9 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 20

21 Asset: Monetary authority -1.2 48.9 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 21

22 Federal Reserve float -1.2 0.3 -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 22

23 Loans -0.0 48.6 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 23

 Transactions with banks in foreign countries (net):

24 Liab.: U.S.-chartered depository institutions (net) 111.4 63.9 172.6 -109.3 -83.3 -290.4 -52.4 -306.2 -406.7 -396.3 144.8 24

25 Due to foreign affiliates 98.8 64.2 131.5 -21.3 22.7 -218.3 -42.7 -461.5 -0.7 -368.1 -158.2 25

26 - Due from foreign affiliates -12.6 0.3 -41.1 88.0 106.0 72.1 9.6 -155.3 406.0 28.2 -303.0 26

27 Foreign banking offices in U.S. (net) -79.2 -168.8 244.3 -171.2 43.9 509.0 1144.5 161.4 688.5 41.5 42.9 27

28 Due to foreign affiliates 190.6 4.5 7.4 2.5 96.7 193.9 697.0 -77.2 128.6 27.3 178.7 28

29 - Due from foreign affiliates 269.8 173.3 -236.9 173.7 52.7 -315.0 -447.4 -238.6 -559.9 -14.2 135.8 29

30 Less: Deposits at foreign banks 0.3 6.6 6.2 -10.1 8.8 -3.0 6.2 -6.8 4.8 -16.1 -7.3 30

31 U.S.-chartered depository institutions 0.9 6.0 6.6 -15.2 5.7 -1.5 -0.1 -1.0 2.6 -7.5 -12.3 31

32 Foreign banking offices in U.S. -0.6 0.6 -0.4 5.1 3.1 -1.5 6.4 -5.9 2.3 -8.7 5.1 32

33 Asset: Rest of the world (1) 31.9 -111.4 410.8 -270.4 -48.2 221.6 1085.9 -137.9 277.0 -338.6 195.0 33

 Transactions between U.S. depository institutions (net) (2):

34 U.S.-chartered depository institutions (net) -9.9 24.1 71.3 23.5 -28.2 58.3 136.3 -221.2 164.4 153.9 75.4 34

35 Due to (3): 12.2 17.7 19.7 18.7 -22.7 45.2 122.5 -308.8 229.6 137.6 37.1 35

36 Foreign banking offices in U.S. 14.8 15.4 -47.3 -22.2 -1.7 -0.0 21.2 -44.5 8.6 14.7 1.0 36

37 Banks in U.S.-affiliated areas -0.1 -0.3 0.6 1.0 -0.9 1.2 3.1 1.2 1.9 -1.2 -0.5 37

38 Credit unions 1.3 -1.1 5.7 10.9 -0.7 13.9 -80.7 50.2 93.2 -7.2 -40.4 38

39 - Due from: Foreign banking offices in U.S. 22.1 -6.3 -51.6 -4.7 5.6 -13.1 -13.8 -87.6 65.2 -16.3 -38.3 39

40 Unallocated (2) -3.8 3.8 60.7 29.0 -19.4 30.1 178.8 -315.7 126.0 131.4 77.0 40

(1) Sum of lines 24 and 27 less line 30.

(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 40), which is due to inconsistencies

 in source data, appears on line 13 as the discrepancy between liabilities and assets.

(3) Sum of lines 36, 37, 38, and 40.
Z.1, June 7, 2012 43

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -19.9 36.7 568.4 -7.9 266.3 234.5 -511.1 510.3 426.4 512.6 -100.0 1

 2 Monetary authority 23.5 17.8 428.2 -117.6 185.0 -122.1 -822.6 165.2 -81.7 250.6 -145.5 2

 3 Federal government cash and deposits 0.2 11.4 349.3 -173.8 149.0 -255.0 -897.0 78.5 -315.6 114.0 -167.7 3

 4 Due to government-sponsored enterprises -1.2 0.9 19.4 14.0 -21.6 51.1 -13.3 -11.6 150.1 79.3 -111.0 4

 5 Deposits due to foreign 0.0 -0.0 1.3 1.0 0.9 -3.2 -12.8 0.9 9.1 -10.0 0.0 5

 6 Currency outside banks 24.5 5.5 58.2 41.2 56.7 85.0 100.6 97.3 74.8 67.3 133.1 6

 7 U.S.-chartered depository institutions -35.7 13.5 137.9 94.0 69.6 319.4 288.7 337.8 428.5 222.8 4.4 7

 8 Federal government deposits -5.9 14.9 -39.5 0.3 -0.1 -2.7 -11.7 -30.9 -10.9 42.7 -19.6 8

 9 Deposits due to foreign 9.4 5.0 31.2 -28.7 -3.8 19.6 45.9 -2.3 16.9 17.8 -9.5 9

10 Private domestic deposits -39.2 -6.3 146.2 122.4 73.5 302.6 254.4 371.0 422.5 162.4 33.5 10

11 Foreign banking offices in U.S. -0.0 2.6 1.7 2.6 5.7 23.7 -4.4 9.8 60.0 29.5 -5.2 11

12 Deposits due to foreign -0.2 0.3 2.4 5.8 4.1 4.4 -5.5 8.7 9.6 4.9 -0.3 12

13 Private domestic deposits 0.2 2.3 -0.7 -3.2 1.7 19.3 1.1 1.1 50.4 24.6 -4.9 13

14 Banks in U.S.-affiliated areas 0.7 1.7 -1.1 1.4 0.5 2.8 2.2 3.9 -0.5 5.5 0.7 14

15 Credit unions -8.5 1.1 1.6 11.6 5.5 10.7 25.0 -6.4 20.0 4.1 45.6 15

16 Net change in assets -19.9 36.7 568.4 -7.9 266.3 234.5 -511.1 510.3 426.4 512.6 -100.0 16

17 Household sector -40.0 -74.6 224.4 24.0 -25.3 311.9 98.6 380.9 518.7 249.3 142.1 17

18 Nonfinancial business -42.5 59.3 -108.8 160.3 135.7 56.6 133.0 -54.8 137.7 10.4 -20.3 18

19 Corporate -117.2 -7.6 -112.6 139.8 155.8 53.6 133.7 -56.5 134.8 2.2 -26.9 19

20 Noncorporate 74.6 66.9 3.8 20.4 -20.1 3.0 -0.7 1.6 2.9 8.3 6.6 20

21 State and local governments 5.4 -4.8 8.5 19.2 6.7 15.9 14.1 27.9 6.5 15.0 -11.1 21

22 Federal government -2.7 25.1 313.1 -174.2 148.9 -257.6 -846.0 -14.9 -322.1 152.5 -122.5 22

23 Rest of the world 11.4 -5.4 64.0 -9.2 29.5 75.8 77.9 63.3 74.0 88.0 62.5 23

24 Checkable deposits 9.2 5.2 34.8 -21.8 1.2 20.8 27.6 7.3 35.6 12.8 -9.8 24

25 Currency 2.2 -10.7 29.2 12.6 28.3 55.0 50.3 56.0 38.5 75.3 72.2 25

26 Financial sectors 51.5 36.0 72.4 -27.7 -28.0 31.3 72.7 45.3 13.1 -6.1 -85.1 26

27 Property-casualty insurance companies 8.9 12.8 -14.8 -0.3 5.0 -8.5 4.8 7.1 -39.7 -6.3 17.7 27

28 Life insurance companies 8.3 2.3 24.4 -32.1 1.0 3.1 -17.6 5.7 40.8 -16.5 -3.2 28

29 Private pension funds 0.4 0.6 0.5 4.2 4.5 1.1 -4.1 3.7 1.6 3.1 -2.9 29

30 State and local govt. retirement funds -2.7 4.8 -0.2 -0.0 -0.5 1.1 3.5 -0.9 2.7 -0.9 1.9 30

31 Money market mutual funds 7.5 -4.8 5.6 10.4 -3.7 4.9 53.4 18.1 -40.0 -12.2 -3.8 31

32 Government-sponsored enterprises 1.8 -2.7 39.7 11.1 -36.0 9.3 28.2 -32.7 5.7 36.0 -120.8 32

33 Finance companies -1.6 0.4 0.3 0.5 -1.7 0.4 1.7 0.3 1.9 -2.3 0.6 33

34 REITs 4.9 -1.8 1.8 7.9 -2.8 2.1 22.0 -21.5 12.8 -5.1 15.2 34

35 Brokers and dealers 24.0 24.5 15.1 -29.4 6.2 17.9 -19.3 65.4 27.4 -1.9 10.2 35

36 Mail float -3.0 1.0 -5.2 -0.3 -1.1 0.8 -61.4 62.7 -1.6 3.3 -65.6 36
44 Z.1, June 7, 2012

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 608.2 599.9 334.2 375.4 116.1 372.8 215.3 916.0 62.1 297.7 167.6 1

 2 Small time and savings deposits 347.0 316.4 524.8 517.2 298.4 577.3 99.1 914.1 749.2 546.9 182.7 2

 3 U.S.-chartered depository institutions 306.7 282.7 480.6 472.3 271.7 537.1 74.9 865.7 684.5 523.3 133.8 3

 4 Foreign banking offices in U.S. 8.6 6.9 0.1 4.4 5.8 13.2 27.7 19.2 14.0 -8.0 36.0 4

 5 Banks in U.S.-affiliated areas 1.2 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 5

 6 Credit unions 30.5 25.8 43.0 43.4 26.2 27.4 -3.9 30.0 50.8 32.6 13.7 6

 7 Large time deposits (1) 261.2 283.4 -190.6 -141.8 -182.3 -204.6 116.2 1.9 -687.1 -249.2 -15.1 7

 8 U.S.-chartered depository institutions 124.7 4.1 -69.0 -329.8 -130.2 -35.3 -0.9 -30.8 -128.6 19.3 98.1 8

 9 Foreign banking offices in U.S. 132.8 273.4 -123.2 173.9 -49.6 -172.4 112.2 33.3 -563.0 -271.9 -119.8 9

10 Banks in U.S.-affiliated areas 1.2 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 10

11 Credit unions 2.5 4.8 0.5 17.0 2.7 3.4 4.6 0.3 4.6 4.3 7.3 11

12 Net change in assets 608.2 599.9 334.2 375.4 116.1 372.8 215.3 916.0 62.1 297.7 167.6 12

13 Household sector 485.5 481.1 204.2 127.6 201.7 399.2 207.2 739.6 323.4 326.5 288.0 13

14 Nonfinancial business 66.9 -40.7 -60.7 102.1 8.9 26.7 9.0 147.2 -37.6 -11.7 87.3 14

15 Corporate 46.6 -55.7 -59.4 106.9 22.6 25.6 10.4 147.0 -38.6 -16.4 83.8 15

16 Noncorporate 20.3 14.9 -1.2 -4.8 -13.7 1.1 -1.5 0.1 1.0 4.7 3.5 16

17 State and local governments 26.2 36.4 19.1 10.8 -0.4 18.0 5.4 20.4 13.1 33.1 4.2 17

18 Federal government 0.2 1.2 -1.3 0.3 0.1 -0.3 -1.8 0.5 0.6 -0.4 0.6 18

19 Rest of the world 11.5 40.3 65.5 -43.1 16.9 25.7 62.3 -5.5 55.0 -9.1 -50.0 19

20 Financial sectors 17.8 81.7 107.4 177.6 -111.0 -96.5 -66.9 13.8 -292.3 -40.7 -162.6 20

21 Private pension funds 0.8 4.6 0.3 4.7 0.2 0.5 -0.2 2.0 -1.3 1.3 -0.2 21

22 State and local govt. retirement funds -0.5 -0.1 -0.0 -0.0 -0.0 0.0 0.1 -0.0 0.1 -0.0 0.1 22

23 Money market mutual funds 23.7 63.9 84.6 217.9 -105.2 -88.0 -69.0 3.4 -252.3 -34.0 -151.4 23

24 Government-sponsored enterprises -1.5 12.8 21.9 -42.8 0.3 -12.7 -9.3 -2.5 -45.7 6.9 -9.2 24

25 Finance companies -4.8 1.2 0.8 1.6 -5.0 1.2 5.2 0.8 5.7 -6.9 1.7 25

26 Holding companies -0.0 -0.7 -0.1 -3.9 -1.3 2.4 6.3 10.0 1.2 -7.9 -3.5 26

(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 305.3 720.9 724.2 -499.0 -502.9 -112.8 -92.6 -60.3 -318.7 20.3 -207.3 1

 2 Net purchases 305.3 720.9 724.2 -499.0 -502.9 -112.8 -92.6 -60.3 -318.7 20.3 -207.3 2

 3 Household sector 165.2 232.2 235.1 -268.7 -183.4 -22.5 86.6 59.0 -24.4 -211.3 12.1 3

 4 Nonfinancial corporate business 69.1 127.2 162.2 -69.0 -156.9 -32.8 -60.2 -47.1 -69.2 45.4 -73.1 4

 5 Nonfinancial noncorporate business 3.2 2.2 1.0 -1.7 -2.9 0.2 -0.3 0.0 0.2 1.0 0.7 5

 6 State and local governments 2.8 6.6 -1.8 4.1 5.4 -2.4 -2.4 -2.4 -4.6 -0.1 -2.2 6

 7 Rest of the world 4.1 19.0 23.7 7.2 -7.1 -6.5 -9.9 -9.9 -3.2 -3.2 -3.2 7

 8 Property-casualty insurance companies 0.7 7.2 12.1 -3.2 -4.0 -1.1 8.4 -6.4 -10.2 4.0 -11.1 8

 9 Life insurance companies 9.7 -1.6 17.5 -5.5 -12.7 4.8 -5.0 -7.3 -3.7 35.2 17.5 9

10 Private pension funds 3.4 3.4 2.3 0.6 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 -15.6 10

11 State and local govt. retirement funds 2.1 -1.4 1.9 -0.0 -0.4 0.9 2.9 -0.8 2.2 -0.7 1.6 11

12 Funding corporations 45.0 326.3 270.1 -162.8 -141.0 -53.2 -112.5 -45.4 -205.5 150.4 -134.0 12
Z.1, June 7, 2012 45

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 396.5 -19.2 -880.3 247.8 -192.5 -137.0 142.1 -249.5 -823.6 383.0 206.9 1

 2 Monetary authority -0.9 14.4 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 2

 3 Private depository institutions (net) 43.4 -98.6 -339.6 307.2 -137.2 -80.2 -159.1 -222.8 -143.9 205.0 -198.0 3

 4 U.S.-chartered depository institutions (net) -7.2 -87.5 -248.1 269.4 -190.3 -114.5 -132.6 -60.0 -372.2 106.7 -194.8 4

 5 Foreign banking offices in U.S. (net) 49.0 -13.6 -96.3 40.3 52.9 50.2 -26.5 -87.3 196.6 118.2 20.8 5

 6 Credit unions (net) 1.6 2.6 4.8 -2.4 0.1 -15.9 0.0 -75.4 31.8 -20.0 -24.0 6

 7 Property-casualty insurance companies -0.1 -0.7 1.9 -1.7 0.8 -1.1 -3.4 0.2 -0.6 -0.5 0.3 7

 8 Life insurance companies 0.3 -1.1 -7.3 -0.5 -2.2 0.1 -3.0 2.1 -1.4 2.8 1.6 8

 9 REITs 14.4 -6.2 -12.3 11.1 30.0 94.9 161.9 104.5 95.2 18.0 173.4 9

10 Brokers and dealers (net) 338.3 75.5 -560.3 -57.5 -66.2 -191.3 134.7 -166.8 -827.7 94.4 242.9 10

11 Holding companies 1.1 -2.5 -7.0 -0.2 0.2 0.4 1.3 0.8 -0.5 0.1 -0.4 11

12 Net change in assets 84.1 212.2 -275.4 -218.6 -105.7 -21.6 514.2 -9.4 -685.8 94.6 -181.4 12

13 Nonfinancial corporate business 1.0 -7.5 -0.9 0.7 4.2 -1.2 1.9 -2.8 -3.4 -0.5 3.1 13

14 State and local governments 5.6 13.0 -3.5 8.0 10.6 -4.6 -4.7 -4.7 -9.0 -0.2 -4.2 14

15 Rest of the world (net) 2.4 -35.2 -214.0 -146.4 -126.1 51.2 231.6 -59.2 -207.6 240.1 -153.3 15

16 Monetary authority -6.0 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Property-casualty insurance companies -0.7 1.7 0.8 0.1 -0.7 -2.0 -1.2 -4.7 -1.3 -0.7 0.5 17

18 Life insurance companies -0.1 0.2 5.2 2.2 0.7 -0.1 -4.8 -3.6 8.0 -0.1 -2.0 18

19 Private pension funds 0.8 3.4 7.3 3.1 -0.1 -4.2 1.2 -17.9 1.6 -1.7 13.1 19

20 State and local govt. retirement funds 4.5 -2.5 1.8 -0.0 -0.6 1.5 4.7 -1.2 3.6 -1.2 2.6 20

21 Money market mutual funds 48.7 211.3 -63.5 -62.5 -0.5 4.6 -97.5 224.0 -57.7 -50.5 96.3 21

22 Mutual funds 17.4 -0.6 -7.4 28.6 -15.8 -28.8 324.3 13.1 -380.4 -72.3 82.7 22

23 Government-sponsored enterprises (net) 9.7 25.3 -28.2 7.6 20.6 -38.1 25.2 -164.5 -3.4 -9.6 -18.8 23

24 Holding companies 1.0 -2.6 -6.6 19.8 2.1 0.2 33.6 12.2 -36.2 -8.9 -201.3 24

25 Funding corporations 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Discrepancy--unallocated assets 312.4 -231.4 -604.9 466.5 -86.8 -115.4 -372.0 -240.0 -137.8 288.4 388.3 26
46 Z.1, June 7, 2012

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Total net issues, all types 317.1 -169.4 -189.0 -461.9 -79.9 -88.2 238.1 -102.1 -196.2 -292.7 43.3 1

 2 Commercial paper 317.4 -169.4 -188.8 -461.9 -79.9 -88.2 238.1 -102.1 -196.2 -292.7 43.3 2

 3 Nonfinancial corporate business 22.4 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 3

 4 Foreign issues in U.S. 98.4 -69.3 -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 35.8 4

 5 Nonfinancial -1.9 2.0 20.7 -15.2 -3.8 -0.5 19.5 17.6 -27.6 -11.3 -23.5 5

 6 Financial 100.3 -71.3 -91.7 74.5 1.1 -53.0 100.7 -69.5 -228.8 -14.5 59.3 6

 7 Financial sectors 196.6 -111.4 -125.4 -448.2 -101.7 -68.1 92.2 -99.8 30.5 -295.3 9.9 7

 8 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 8

 9 ABS issuers 162.9 -194.2 -83.9 -266.2 -40.3 -24.1 54.3 -44.3 51.4 -158.0 21.5 9

10 Finance companies 5.3 -15.1 -22.6 -38.8 1.7 -2.4 30.7 -26.3 -2.2 -11.6 24.1 10

11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Holding companies 20.9 35.0 -39.0 -18.1 3.9 11.1 35.6 13.3 -20.9 16.7 -16.2 12

13 Funding corporations 7.5 62.9 20.1 -125.1 -47.4 -60.4 -13.5 -41.9 -1.2 -185.2 45.5 13

14 Bankers’ acceptances (1) -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net purchases, by sector 317.1 -169.4 -189.0 -461.9 -79.9 -88.2 238.1 -102.1 -196.2 -292.7 43.3 17

18 Household sector 19.0 -10.2 -101.3 28.7 28.8 -5.3 17.7 -11.9 -18.5 -8.4 -25.8 18

19 Nonfinancial corporate business 11.7 -53.2 -12.2 -1.3 11.8 -10.5 31.9 -32.2 -42.5 0.7 54.4 19

20 State and local governments 7.3 -3.0 -64.6 -54.5 7.0 20.8 41.3 13.8 8.2 19.8 14.5 20

21 Rest of the world 46.7 -8.3 -45.1 -41.4 -0.5 -0.2 33.4 -16.8 17.3 -34.8 53.8 21

22 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 U.S.-chartered depository institutions (1) 0.0 0.0 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Credit unions 0.2 -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Property-casualty insurance companies 0.6 -3.1 5.8 -9.3 -1.9 -2.4 2.6 -2.0 -11.1 0.9 -2.5 26

27 Life insurance companies 4.3 13.1 -3.4 11.5 -8.9 -0.0 -5.8 -15.1 23.4 -2.5 -13.5 27

28 Private pension funds 0.2 -4.8 10.2 -10.5 -8.5 -1.4 4.4 -2.2 -2.6 -5.5 3.0 28

29 State and local govt. retirement funds 7.6 -4.4 -12.5 -2.0 -1.6 1.4 4.6 -1.2 3.5 -1.2 2.5 29

30 Money market mutual funds 116.1 66.3 -56.1 -108.0 -116.3 -39.0 59.4 -16.6 -81.3 -117.6 54.9 30

31 Mutual funds 17.4 -0.4 -62.5 28.6 -13.9 -26.3 320.5 -26.1 -346.0 -53.7 89.3 31

32 Government-sponsored enterprises 18.5 -4.7 14.1 3.0 0.2 -3.4 -1.7 -0.8 -0.3 -10.9 -5.2 32

33 Brokers and dealers 4.1 22.8 -21.4 -24.2 -5.3 5.9 13.4 10.6 -7.4 7.1 6.3 33

34 Funding corporations 63.5 -179.0 144.7 -266.8 29.3 -27.6 -283.5 -1.8 261.3 -86.4 -188.3 34

(1) Excludes banks’ holdings of own acceptances.
Z.1, June 7, 2012 47

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 183.7 237.5 1239.0 1443.7 1579.6 1066.8 740.4 826.2 1380.7 1320.0 1303.3 1

 2 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -2.7 -4.6 -3.9 -2.8 0.3 -1.8 2

 3 Treasury bills -19.9 58.8 861.6 -73.3 -19.0 -249.5 -297.0 -661.1 -215.4 175.6 612.6 3

 4 Other Treasury securities 206.4 184.7 379.8 1519.8 1601.8 1319.0 1041.9 1491.2 1598.9 1144.1 692.5 4

 5 Net purchases 183.7 237.5 1239.0 1443.7 1579.6 1066.8 740.4 826.2 1380.7 1320.0 1303.3 5

 6 Household sector -83.9 -50.0 156.8 422.5 451.2 -91.7 -855.4 -357.4 201.7 644.0 208.6 6

 7 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -2.7 -4.6 -3.9 -2.8 0.3 -1.8 7

 8 Bills and other Treasury securities -81.2 -44.0 159.2 425.2 454.5 -89.0 -850.8 -353.5 204.5 643.7 210.4 8

 9 Nonfinancial corporate business -6.7 -7.1 -7.9 12.5 4.9 -1.8 -22.3 -8.7 12.0 11.7 -1.2 9

10 Nonfinancial noncorporate business 0.2 3.0 -7.5 -5.7 -1.8 0.1 -0.2 0.0 0.1 0.6 0.5 10

11 State and local governments 31.7 18.3 -50.0 18.8 9.7 -59.0 -61.2 -77.1 -48.1 -49.5 -44.1 11

12 Rest of the world 150.3 165.3 711.6 555.0 654.2 265.4 47.2 241.2 618.7 154.5 336.7 12

13 Monetary authority 34.7 -38.3 -264.7 300.7 244.9 642.0 1438.6 1073.8 103.5 -48.1 166.8 13

14 U.S.-chartered depository institutions 2.2 5.6 -23.7 68.1 93.0 -43.7 -27.5 -107.0 -51.7 11.5 33.4 14

15 Foreign banking offices in U.S. -1.0 3.6 5.1 22.0 3.5 -0.5 20.8 -10.0 -22.0 9.3 44.5 15

16 Banks in U.S.-affiliated areas -0.2 -1.9 -0.6 -0.7 0.6 -0.0 0.0 2.1 -2.6 0.4 -0.7 16

17 Credit unions -0.3 3.0 -1.6 5.3 5.8 -2.4 7.5 0.1 2.6 -19.9 0.5 17

18 Property-casualty insurance companies 3.1 -38.7 -5.6 22.9 3.2 1.8 6.1 -5.3 -4.8 11.4 -2.8 18

19 Life insurance companies -7.6 -17.3 35.1 27.7 23.2 6.0 -11.3 2.8 22.1 10.4 -5.6 19

20 Private pension funds 14.3 38.7 15.4 125.8 80.3 45.2 31.9 26.5 75.7 46.7 47.6 20

21 State and local govt. retirement funds 2.4 -14.6 4.8 28.1 11.1 3.3 9.2 -4.0 8.4 -0.3 -1.4 21

22 Federal government retirement funds 8.3 11.3 24.2 6.8 10.1 18.0 14.9 13.7 30.5 13.0 2.5 22

23 Money market mutual funds -5.9 95.5 399.5 -171.3 -71.0 107.9 140.6 22.6 144.3 124.2 268.3 23

24 Mutual funds 5.0 18.5 8.7 67.6 41.9 55.3 2.9 32.9 90.9 94.6 91.8 24

25 Closed-end funds 0.2 -1.7 -2.4 1.2 0.7 -0.3 0.5 -0.1 -1.5 -0.2 -0.8 25

26 Exchange-traded funds 3.4 6.6 7.4 14.7 9.2 11.4 7.1 15.6 17.8 5.1 -1.7 26

27 Government-sponsored enterprises 1.2 1.3 1.2 5.1 33.3 20.2 13.5 19.2 20.8 27.4 13.5 27

28 ABS issuers 33.4 24.7 -13.6 -18.3 -13.8 -10.9 -16.7 1.6 -19.9 -8.7 -13.1 28

29 Brokers and dealers -2.4 7.1 250.6 -67.6 -28.5 93.3 8.4 -28.0 136.6 256.3 150.6 29

30 Holding companies 1.4 4.6 -4.0 2.7 13.8 7.1 -14.2 -28.4 45.6 25.6 9.6 30

 Memo:

31 Federal government borrowing (1) 183.4 237.1 1239.2 1443.9 1580.2 1067.9 741.5 826.4 1382.6 1321.2 1300.0 31

(1) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11).
48 Z.1, June 7, 2012

F.210 Agency- and GSE-Backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 327.9 905.3 768.9 -59.9 -46.2 -20.8 276.0 -333.3 -12.4 -13.4 -93.4 1

 2 Budget agencies -0.3 -0.4 0.2 0.1 0.7 1.1 1.2 0.2 1.9 1.1 -3.3 2

 3 Government-sponsored enterprises 35.6 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 3

 4 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 4

 5 Net purchases 327.9 905.3 768.9 -59.9 -46.2 -20.8 276.0 -333.3 -12.4 -13.4 -93.4 5

 6 Household sector -45.6 320.2 96.8 -566.7 -4.7 -32.9 412.5 -137.6 -325.3 -81.1 -210.6 6

 7 Nonfinancial corporate business -2.2 -2.4 -2.6 4.2 1.6 -0.6 -7.4 10.4 -9.3 3.9 -0.4 7

 8 State and local governments 15.8 37.0 -9.9 -17.1 10.0 -38.2 -33.4 -33.4 -45.6 -40.5 -42.1 8

 9 Federal government 0.0 0.0 54.4 142.0 -47.2 -118.1 -43.1 -139.1 -132.3 -158.0 -118.5 9

10 Rest of the world 224.0 248.8 -228.6 -226.0 -89.1 -44.8 -91.1 -85.9 -0.4 -1.7 -135.0 10

11 Monetary authority 0.0 0.0 19.7 1048.5 71.4 -197.9 -279.8 -176.4 -185.6 -149.9 -33.6 11

12 U.S.-chartered depository institutions 34.2 -111.0 136.2 168.0 110.1 106.9 138.4 -8.8 67.9 230.2 260.2 12

13 Foreign banking offices in U.S. 4.2 2.0 -6.5 -19.3 -4.8 4.0 19.6 -3.4 6.5 -6.5 -6.1 13

14 Banks in U.S.-affiliated areas -5.8 -2.7 -2.0 -3.9 -7.7 -8.0 -23.5 -3.7 -2.6 -2.1 1.2 14

15 Credit unions -13.9 -4.1 14.4 27.9 40.8 30.6 45.2 7.7 22.0 47.4 47.1 15

16 Property-casualty insurance companies 4.1 3.8 -11.5 1.9 -0.4 6.4 4.1 0.4 4.7 16.6 6.2 16

17 Life insurance companies 8.8 5.5 -16.7 5.8 4.0 11.1 29.5 3.7 10.0 1.4 0.8 17

18 Private pension funds 16.6 28.2 21.3 -49.0 -11.5 -5.2 5.0 -13.6 -2.3 -10.0 -14.7 18

19 State and local govt. retirement funds 49.4 23.3 6.3 -30.5 -21.7 5.1 14.1 -6.1 13.0 -0.4 -2.1 19

20 Federal government retirement funds 0.1 0.3 0.0 0.6 0.7 0.8 -0.5 1.3 1.1 1.2 2.0 20

21 Money market mutual funds -28.7 104.5 520.3 -213.2 -140.1 0.9 -104.7 -57.1 177.6 -12.2 -284.9 21

22 Mutual funds 15.7 66.2 27.3 46.4 152.0 173.2 9.1 102.9 284.6 296.2 287.7 22

23 Government-sponsored enterprises -37.1 -11.1 207.0 -27.4 -85.1 -18.1 -12.4 -22.6 -0.4 -36.8 -45.0 23

24 ABS issuers 26.4 22.2 -26.3 -228.7 -98.4 -7.5 -13.5 0.2 0.4 -17.0 -13.8 24

25 REITs 24.8 23.5 0.7 15.5 38.2 101.4 189.6 104.8 88.8 22.5 219.0 25

26 Brokers and dealers 37.0 152.2 -47.5 -131.8 38.9 -2.1 13.7 85.9 -31.9 -76.0 3.7 26

27 Holding companies -0.0 -1.3 15.9 -7.0 -3.2 12.0 4.6 37.1 47.0 -40.5 -14.4 27

(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 Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, 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 31.
Z.1, June 7, 2012 49

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 168.3 235.9 95.3 154.5 97.7 -52.2 -74.3 -110.3 -9.6 -14.7 -52.6 1

 2 State and local governments 97.7 146.2 19.2 110.7 65.3 -59.5 -100.3 -107.3 -0.0 -30.3 -54.1 2

 3 Short-term (1) -8.2 16.8 4.7 7.7 -0.6 -10.7 -8.9 -37.9 26.0 -22.2 1.1 3

 4 Long-term 105.9 129.4 14.4 102.9 66.0 -48.8 -91.4 -69.4 -26.1 -8.2 -55.2 4

 5 Nonprofit organizations (2) 16.3 20.6 8.0 6.0 -2.3 -7.8 -1.4 -4.7 -18.5 -6.7 -8.7 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 54.3 69.0 68.2 37.8 34.7 15.1 27.4 1.7 9.0 22.3 10.1 6

 7 Net change in assets 168.3 235.9 95.3 154.5 97.7 -52.2 -74.3 -110.3 -9.6 -14.7 -52.6 7

 8 Household sector 42.0 44.1 41.8 129.3 58.1 -62.7 34.9 -97.8 -52.5 -135.5 -195.1 8

 9 Nonfinancial corporate business -4.0 1.1 -3.0 0.9 -3.0 -4.4 -17.9 -1.3 2.7 -1.2 0.5 9

10 Nonfinancial noncorporate business 1.3 -0.5 -0.4 0.2 -0.2 0.0 -0.0 0.0 0.0 0.1 0.1 10

11 State and local governments 0.2 0.5 -0.1 0.3 0.4 -0.2 -0.2 -0.2 -0.3 -0.0 -0.1 11

12 Rest of the world 5.4 10.7 5.4 8.2 13.1 10.9 9.9 9.9 12.0 12.0 12.0 12

13 U.S.-chartered depository institutions 24.2 11.9 19.9 2.4 30.3 42.6 17.0 16.7 68.6 68.3 35.5 13

14 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Banks in U.S.-affiliated areas 0.8 0.7 0.5 0.9 -0.9 0.9 1.2 -1.3 1.4 2.4 -0.1 15

16 Property-casualty insurance companies 22.1 36.1 10.6 -12.6 -21.0 -17.4 -24.3 -34.5 -21.7 10.8 16.7 16

17 Life insurance companies 4.1 4.8 5.7 26.1 39.2 10.3 14.8 8.2 10.3 7.7 -12.1 17

18 State and local govt. retirement funds 1.6 -0.8 -1.0 0.0 0.1 -0.1 0.2 -0.1 -0.2 -0.0 19.4 18

19 Money market mutual funds 33.5 100.7 23.6 -93.3 -66.9 -37.9 -44.7 -46.6 -30.5 -29.9 -27.1 19

20 Mutual funds 32.7 27.8 17.4 90.6 46.4 16.0 -45.9 20.1 27.2 62.6 83.1 20

21 Closed-end funds 0.0 1.9 -13.3 3.2 0.1 1.1 -2.3 5.0 -7.3 9.1 0.9 21

22 Exchange-traded funds 0.0 0.6 1.7 3.6 1.7 1.0 -0.6 1.1 0.4 3.2 4.2 22

23 Government-sponsored enterprises -3.6 -2.8 -2.0 -2.2 -4.2 -3.9 -4.3 -3.7 -3.8 -3.7 -3.4 23

24 Brokers and dealers 8.0 -0.7 -11.4 -3.3 4.6 -8.5 -12.0 14.3 -15.8 -20.6 12.8 24

(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).
50 Z.1, June 7, 2012

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 1234.9 1240.4 -233.7 -36.8 -86.9 48.5 53.3 57.6 28.9 54.1 359.8 1

 2 Nonfinancial corporate business 208.3 311.1 205.5 387.6 422.8 385.4 404.3 461.2 324.3 351.9 462.9 2

 3 Rest of the world (1) 227.8 218.7 -158.8 163.2 72.8 5.1 44.2 14.0 69.2 -106.9 -76.0 3

 4 Financial sectors 798.8 710.6 -280.3 -587.6 -582.5 -342.1 -395.2 -417.6 -364.6 -190.9 -27.1 4

 5 U.S.-chartered depository institutions 29.6 24.8 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 5

 6 ABS issuers (net) (3) 637.1 545.8 -327.1 -472.4 -465.5 -234.9 -380.0 -190.0 -342.5 -27.0 -235.2 6

 7 Finance companies 42.4 -2.8 -49.6 -87.0 -110.7 -43.8 -90.8 -58.8 53.4 -78.9 -13.5 7

 8 REITs 13.9 0.7 -60.3 -41.3 -0.1 15.5 46.4 0.9 -9.4 24.0 27.3 8

 9 Brokers and dealers 6.4 -4.0 32.3 -4.2 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 9

10 Holding companies 47.8 94.4 123.0 7.8 -46.5 -91.6 8.7 -200.1 -86.7 -88.1 110.1 10

11 Funding corporations 21.6 51.5 1.4 37.9 -3.2 71.6 39.6 106.4 77.1 63.4 8.7 11

12 Net purchases 1234.9 1240.4 -233.7 -36.8 -86.9 48.5 53.3 57.6 28.9 54.1 359.8 12

13 Household sector 189.0 219.8 -216.3 -127.7 -281.5 -69.0 -85.1 -13.5 -235.5 58.3 -189.4 13

14 State and local governments 5.0 11.7 -3.1 7.3 9.5 -4.2 -4.2 -4.2 -8.1 -0.2 -3.8 14

15 Federal government 0.0 0.0 0.0 0.6 0.3 -0.1 -0.0 0.0 -0.3 -0.1 -0.1 15

16 Rest of the world (2) 541.0 424.6 -21.4 -127.4 -36.5 -72.2 -31.4 -78.0 -43.4 -136.0 -63.4 16

17 U.S.-chartered depository institutions 72.2 151.2 -64.1 25.9 -98.8 3.0 -67.7 -27.5 78.1 29.0 -78.3 17

18 Foreign banking offices in U.S. 29.8 77.0 32.1 -156.7 -11.0 0.6 -53.3 35.6 105.0 -84.9 -72.1 18

19 Banks in U.S.-affiliated areas -0.4 0.1 0.0 1.5 -1.4 3.6 21.1 -2.6 -2.8 -1.4 0.5 19

20 Credit unions 7.2 3.9 -8.9 -7.0 -15.0 0.4 0.2 0.2 -0.5 1.9 2.2 20

21 Property-casualty insurance companies 14.2 5.9 -15.4 30.8 24.3 38.4 30.4 20.5 33.3 69.2 18.3 21

22 Life insurance companies 29.7 43.1 -45.5 97.6 102.9 98.5 136.7 79.1 109.5 68.8 85.0 22

23 Private pension funds 27.7 39.8 42.7 42.8 -2.8 0.8 -5.2 1.7 8.6 -1.9 -7.0 23

24 State and local govt. retirement funds 55.5 13.6 15.9 -4.3 3.8 8.6 7.0 -6.8 35.2 -1.2 4.3 24

25 Federal government retirement funds -0.0 0.1 -0.1 0.1 0.2 0.5 -0.6 0.7 0.8 1.1 1.5 25

26 Money market mutual funds 105.1 8.5 -148.8 -58.1 -15.7 -24.6 2.8 -6.9 -100.3 5.9 -13.2 26

27 Mutual funds 104.3 123.0 69.9 146.2 148.7 190.3 192.2 207.2 181.4 180.4 354.8 27

28 Closed-end funds 5.7 -1.0 -25.3 5.2 4.1 -1.9 10.3 -2.3 -10.6 -5.2 -7.9 28

29 Exchange-traded funds 2.4 6.2 13.9 27.6 18.7 26.4 15.2 26.9 27.5 35.8 34.7 29

30 Government-sponsored enterprises 16.1 -17.4 -77.7 -33.8 -16.9 -33.4 -36.6 -59.0 -22.9 -15.1 -26.4 30

31 Finance companies -18.7 4.5 3.0 6.3 -19.6 4.8 20.4 3.3 22.3 -26.8 6.6 31

32 REITs 11.6 -30.2 -22.8 3.8 5.3 1.3 15.1 6.5 3.6 -20.0 14.1 32

33 Brokers and dealers 39.8 27.3 -259.0 47.5 35.2 -85.9 51.7 -60.0 -214.9 -120.2 87.6 33

34 Holding companies 4.9 19.2 -0.0 -8.4 7.3 -20.1 8.5 0.6 -74.3 -15.0 -9.6 34

35 Funding corporations -7.1 109.6 497.3 43.6 51.9 -17.4 -174.4 -63.9 136.9 31.8 221.3 35

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

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

(3) Net issuance less net acquisition of corporate bonds held as assets.
Z.1, June 7, 2012 51

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net issues -368.9 -460.5 263.1 313.4 -8.0 -227.7 -45.1 -204.7 -247.3 -413.8 -249.9 1

 2 Nonfinancial corporate business -565.7 -786.8 -336.0 -64.6 -278.0 -473.4 -324.5 -511.0 -617.7 -440.2 -340.8 2

 3 Rest of the world (2) 137.3 147.8 -38.5 63.6 79.1 87.8 188.5 107.8 91.2 -36.3 64.0 3

 4 Financial sectors 59.5 178.6 637.6 314.3 190.8 157.8 90.9 198.5 279.2 62.7 26.9 4

 5 U.S.-chartered depository institutions 10.2 7.5 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 5

 6 Property-casualty insurance companies -8.5 -13.2 0.4 -5.3 -12.7 -10.7 -11.1 2.9 -20.7 -14.0 -18.1 6

 7 Life insurance companies -20.0 -30.6 -10.7 -0.9 -4.8 -11.5 -8.7 -11.5 -16.0 -10.0 -11.5 7

 8 Closed-end funds 8.0 17.6 -63.4 5.6 0.1 -2.3 1.5 5.7 20.2 -36.9 -8.3 8

 9 Exchange-traded funds 74.0 150.5 177.2 116.5 117.8 110.3 86.4 116.7 77.1 161.0 184.8 9

10 REITs 22.2 17.1 12.8 24.2 28.2 37.5 64.1 39.8 30.7 15.3 59.5 10

11 Government-sponsored enterprises 1.1 25.5 27.6 96.0 38.1 29.2 8.0 27.5 27.1 54.0 22.9 11

12 Brokers and dealers -7.6 32.3 120.2 -32.4 -11.1 14.6 -11.0 30.8 134.0 -95.5 -183.9 12

13 Holding companies -19.8 -28.0 321.4 68.6 19.8 2.9 14.9 -22.4 19.8 -0.9 12.7 13

14 Funding corporations (3) 0.0 0.0 40.0 30.5 3.5 -18.4 -60.4 0.0 -9.2 -3.9 -34.5 14

15 Net purchases -368.9 -460.5 263.1 313.4 -8.0 -227.7 -45.1 -204.7 -247.3 -413.8 -249.9 15

16 Household sector -581.5 -845.9 -108.4 88.0 -132.6 -174.8 24.9 -342.9 -101.1 -280.1 -257.2 16

17 State and local governments -7.9 0.7 19.0 15.9 -28.9 -3.9 -27.9 -1.1 61.9 -48.7 -65.5 17

18 Federal government 0.0 0.0 256.3 0.6 24.1 40.0 33.3 58.0 10.2 58.5 -20.6 18

19 Rest of the world (4) 96.2 218.5 105.1 157.2 67.3 -43.1 2.0 3.3 -91.3 -86.3 76.8 19

20 Monetary authority 0.0 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 20

21 U.S.-chartered depository institutions -0.4 1.4 0.9 6.3 -1.8 1.0 -9.4 16.7 3.5 -6.8 8.5 21

22 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.1 -0.0 -0.0 -0.2 0.0 0.0 0.0 22

23 Property-casualty insurance companies 2.3 0.5 35.1 -2.4 -20.9 2.3 1.8 -10.3 27.0 -9.4 0.1 23

24 Life insurance companies 71.4 84.1 81.8 33.4 45.6 32.7 22.5 28.6 45.5 34.4 35.1 24

25 Private pension funds -86.5 -188.3 -184.6 -175.6 -50.5 -24.5 -33.0 -14.8 -18.5 -31.8 -71.5 25

26 State and local govt. retirement funds -70.0 -6.4 1.2 -17.3 -25.8 -65.7 -82.8 -18.6 -128.7 -32.5 -68.1 26

27 Federal government retirement funds 6.3 2.7 -8.6 8.8 5.2 -3.5 0.0 2.4 -17.4 1.1 6.1 27

28 Mutual funds 131.3 91.3 -38.1 86.3 42.8 1.5 145.0 -5.5 -71.7 -61.8 -63.0 28

29 Closed-end funds 2.0 18.4 -22.3 -4.1 -4.8 -1.2 -7.0 3.1 39.6 -40.6 -0.5 29

30 Exchange-traded funds 68.3 137.2 154.2 70.5 88.2 71.5 64.7 73.1 31.4 116.9 147.6 30

31 Brokers and dealers -0.2 25.4 -28.5 -4.6 -18.5 -7.2 32.1 3.4 -37.6 -26.8 22.3 31

32 Funding corporations 0.0 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 32

(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) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.

(4) 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 336.8 364.7 31.0 490.5 389.3 402.9 1007.3 428.2 -228.0 404.3 919.4 1

 2 Net purchases 336.8 364.7 31.0 490.5 389.3 402.9 1007.3 428.2 -228.0 404.3 919.4 2

 3 Household sector 167.8 214.2 12.0 304.8 202.0 297.9 782.1 216.1 -142.6 335.8 816.8 3

 4 Nonfinancial corporate business 23.6 -4.8 -16.7 35.5 11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 4

 5 State and local governments -2.4 -0.1 13.1 -7.7 -8.5 -1.2 -7.9 -0.4 17.3 -13.7 -35.6 5

 6 Rest of the world 45.2 38.2 -2.0 56.5 112.2 70.5 150.6 130.8 -21.3 22.0 67.8 6

 7 U.S.-chartered depository institutions 3.9 3.6 1.3 14.8 -5.8 -0.8 -1.6 -6.4 -0.5 5.3 -10.3 7

 8 Credit unions -0.1 -0.0 -0.0 -0.7 0.2 0.3 0.6 0.6 -0.2 0.1 0.9 8

 9 Property-casualty insurance companies 0.5 -0.5 -0.4 0.1 -0.1 -0.1 -0.2 -0.0 -0.0 -0.1 -0.0 9

10 Life insurance companies 26.9 31.3 -10.7 0.0 1.0 1.1 1.0 1.0 1.2 1.2 1.2 10

11 Private pension funds 74.9 88.1 35.5 89.8 80.9 56.1 106.1 100.5 -51.8 69.6 99.9 11

12 State and local govt. retirement funds -3.4 -5.2 -1.1 -2.5 -3.8 -9.6 -12.1 -2.7 -18.8 -4.7 -10.0 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
52 Z.1, June 7, 2012

F.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 151.8 332.0 689.9 -749.7 -96.5 132.5 79.5 99.9 223.3 127.2 236.9 1

 2 Household sector 12.1 -9.2 4.6 32.9 52.4 -42.8 -66.1 -149.6 60.0 -15.3 105.7 2

 3 Corporate business 22.1 96.3 64.2 -219.8 -33.4 73.4 81.2 69.5 73.5 69.4 119.9 3

 4 Noncorporate business 115.3 140.8 119.6 -116.3 -70.4 52.2 29.7 49.9 61.7 67.6 110.5 4

 5 Rest of the world 13.8 24.1 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 5

 6 Foreign official institutions -0.7 -0.0 0.7 0.6 1.1 -1.7 -0.1 -4.2 -0.5 -2.0 -0.3 6

 7 Foreign banks 3.8 8.3 2.8 -5.1 11.8 11.3 24.2 13.7 15.6 -8.2 2.1 7

 8 Other foreign 10.7 15.8 1.6 -6.6 4.9 19.5 23.8 4.1 26.6 23.6 27.3 8

 9 Financial sectors -11.5 80.1 496.4 -435.4 -62.9 20.4 -13.1 116.4 -13.7 -7.9 -128.3 9

10 Finance companies -12.9 52.8 -7.1 -30.4 -64.9 4.7 50.4 -84.8 -10.9 64.2 6.6 10

11 REITs -5.0 4.8 -0.3 -12.1 -2.2 3.6 -9.0 -2.4 19.1 6.8 -14.9 11

12 Brokers and dealers 0.0 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Holding companies 6.4 22.5 13.3 2.3 26.1 64.0 39.3 233.2 24.1 -40.7 -81.6 13

14 Funding corporations 0.0 0.0 444.9 -349.6 -21.9 -51.9 -93.8 -29.6 -45.9 -38.2 -38.3 14

15 Net change in assets 151.8 332.0 689.9 -749.7 -96.5 132.5 79.5 99.9 223.3 127.2 236.9 15

16 Monetary authority (2) 0.0 0.0 490.4 -347.6 -44.8 -67.6 -115.7 -55.4 -51.7 -47.4 -46.1 16

17 U.S.-chartered depository institutions 81.9 226.5 131.2 -277.7 -35.8 156.3 124.7 68.3 253.1 179.0 283.7 17

18 Foreign banking offices in U.S. 67.1 105.0 65.1 -125.4 -16.1 36.1 65.1 83.8 19.2 -23.5 9.0 18

19 Banks in U.S.-affiliated areas -0.3 -4.2 -1.7 -0.3 -3.3 1.1 -0.1 -0.3 2.7 1.9 0.4 19

20 Credit unions 3.0 4.8 4.8 1.3 3.5 6.6 5.4 3.6 0.0 17.2 -10.2 20

(1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.108.
Z.1, June 7, 2012 53

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances 163.9 528.1 99.6 -428.0 -232.7 1.0 -23.1 -8.6 -59.5 95.2 -3.7 1

 2 U.S. government loans 0.6 -2.2 6.1 66.1 3.6 3.3 8.7 -11.7 6.4 10.1 2.7 2

 3 Liab.: Household sector 1.4 -0.4 0.3 -0.2 -1.0 -0.5 -0.3 -0.7 -0.0 -0.9 -1.1 3

 4 Nonfinancial corporate business 1.2 -0.2 4.4 59.6 -4.3 -0.5 5.3 -16.2 3.1 5.9 6.3 4

 5 Nonfinancial noncorporate business 4.7 1.1 2.1 3.6 0.6 2.9 2.2 4.6 1.7 3.1 0.2 5

 6 State and local governments 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.8 1.1 1.2 0.5 6

 7 Rest of the world -7.4 -3.3 -1.5 0.3 0.2 -0.1 0.5 -1.5 -0.1 0.7 0.9 7

 8 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations 0.0 0.0 0.0 2.0 7.2 0.7 0.6 1.4 0.6 0.1 -4.1 10

11 Foreign loans to U.S. corporate business 6.2 102.7 -64.1 -24.9 -22.0 42.1 63.4 30.8 96.0 -21.8 -76.2 11

12 Liab.: Nonfinancial corporate business 6.2 102.7 -64.1 -24.9 -22.0 42.1 63.4 30.8 96.0 -21.8 -76.2 12

 Customers’ liability on acceptances outstanding

13 Asset: U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Liab.: Nonfinancial corporate business -0.3 -0.1 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Rest of the world -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Holding company loans -2.9 0.7 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 17

18 Liab.: Nonfinancial corporate business -2.9 0.7 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 18

19 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Policy loans (Household liability) 3.3 3.6 5.9 0.7 3.4 2.5 1.2 2.8 3.7 2.0 -0.2 20

21 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 -0.0 -0.0 21

22 Life insurance companies 3.4 3.6 5.9 0.7 3.4 2.5 1.3 2.9 3.7 2.1 -0.2 22

23 Govt.-sponsored enterprises loans (1) 33.1 237.7 38.1 -284.8 -144.7 -64.2 -36.8 -107.6 -156.2 43.7 -1.8 23

24 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Nonfinancial corporate business (FCS) 1.7 1.9 -3.8 -0.4 1.6 -0.9 3.6 -2.8 -4.1 -0.1 3.9 25

26 Nonfinancial noncorporate business (FCS) 10.2 10.1 8.5 0.2 5.6 -2.7 0.6 -6.0 -10.3 5.1 1.0 26

27 U.S.-chartered dep. inst. (FHLB & SLMA) 14.3 197.8 -1.2 -263.9 -148.3 -60.5 -33.2 -97.7 -146.4 35.2 -8.2 27

28 Credit unions (FHLB) 4.2 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 28

29 Life insurance companies (FHLB) 2.7 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 29

30 Securitized loans held by ABS issuers 3.8 -4.0 -15.6 -23.7 -5.0 -4.3 -15.3 -1.2 -0.4 -0.5 -0.4 30

31 Liab.: Nonfinancial corporate business 3.8 -4.0 -15.6 -23.7 -5.0 -4.3 -15.3 -1.2 -0.4 -0.5 -0.4 31

32 Finance company loans to business 18.9 24.9 16.9 -91.0 -19.0 -7.2 -18.3 -53.5 0.3 42.5 -33.8 32

33 Liab.: Nonfinancial corporate business 17.0 22.4 15.2 -81.9 -17.1 -6.5 -16.4 -48.1 0.3 38.2 -30.4 33

34 Nonfinancial noncorporate business 1.9 2.5 1.7 -9.1 -1.9 -0.7 -1.8 -5.3 0.0 4.2 -3.4 34

35 Loans to nonfinancial corporate business (2) 101.1 164.6 110.5 -67.1 -53.3 24.9 -58.0 142.5 -11.8 26.9 27.4 35

36 Asset: Household sector 0.4 8.5 12.2 -5.3 -0.6 -2.8 -3.8 1.7 -0.4 -8.7 -8.0 36

37 Life insurance companies 6.5 9.6 14.3 -13.3 -3.7 5.4 -5.2 7.6 12.9 6.4 6.9 37

38 Mutual funds 9.8 36.1 12.4 1.3 -0.8 18.9 48.7 52.0 -17.9 -7.2 -7.0 38

39 ABS issuers 61.2 92.6 53.4 -27.4 -34.0 -1.5 -79.1 70.2 -21.7 24.5 25.4 39

40 Brokers and dealers 19.8 11.1 3.1 -12.7 -12.7 6.9 -6.0 8.3 25.6 -0.1 -0.1 40

41 Funding corporations 3.4 6.7 15.1 -9.8 -1.5 -2.0 -12.7 2.8 -10.2 12.0 10.2 41

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
54 Z.1, June 7, 2012

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in mortgages 1374.5 1060.5 88.8 -280.7 -514.3 -337.9 -343.7 -448.5 -368.0 -191.4 -380.3 1

 2 Home 1065.5 711.3 -113.3 -198.2 -344.9 -258.7 -256.8 -339.6 -251.9 -186.3 -304.9 2

 3 Multifamily residential 36.4 83.0 48.6 9.3 -9.3 6.4 -1.4 -0.3 4.4 23.0 -2.5 3

 4 Commercial 269.3 261.5 131.5 -88.4 -165.0 -81.6 -81.6 -104.6 -116.4 -24.0 -68.8 4

 5 Farm 3.3 4.6 22.0 -3.4 4.9 -4.0 -4.0 -4.0 -4.1 -4.1 -4.1 5

 6 Net borrowing 1374.5 1060.5 88.8 -280.7 -514.3 -337.9 -343.7 -448.5 -368.0 -191.4 -380.3 6

 7 Household sector 1001.0 687.8 -59.2 -151.2 -313.6 -239.0 -230.4 -316.8 -238.1 -170.6 -293.3 7

 8 Nonfinancial business 366.9 368.0 141.2 -132.8 -201.0 -108.0 -120.4 -150.1 -134.1 -27.4 -90.4 8

 9 Corporate 83.7 60.9 -45.7 -120.2 -68.6 -67.9 -64.1 -93.3 -85.0 -29.1 -23.1 9

10 Noncorporate 283.2 307.1 186.9 -12.6 -132.3 -40.1 -56.3 -56.7 -49.1 1.7 -67.4 10

11 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 REITs 6.6 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 3.4 12

13 Net change in assets 1374.5 1060.5 88.8 -280.7 -514.3 -337.9 -343.7 -448.5 -368.0 -191.4 -380.3 13

14 Household sector -17.2 -12.4 1.4 -9.7 -11.3 -11.4 -10.4 -13.3 -7.6 -14.1 -16.7 14

15 Nonfinancial corporate business -8.4 -18.4 -7.7 -4.1 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 15

16 Nonfinancial noncorporate business -1.5 7.4 -3.0 -1.2 -1.5 0.1 -0.2 0.0 0.1 0.5 0.4 16

17 State and local governments 6.0 13.3 -4.0 8.6 4.2 -3.7 0.2 -5.0 -9.6 -0.2 -4.5 17

18 Federal government 3.7 2.1 13.5 12.6 -1.8 4.0 4.9 6.2 -0.1 5.2 4.5 18

19 U.S.-chartered depository institutions 359.6 243.0 -43.4 -243.3 -205.0 -145.4 -437.2 -190.0 -13.2 58.9 -247.8 19

20 Foreign banking offices in U.S. 4.1 14.1 5.2 -6.4 -2.5 -2.6 -6.1 -3.2 2.6 -3.6 -6.3 20

21 Banks in U.S.-affiliated areas 4.1 1.6 1.8 -0.3 -6.5 -2.4 -3.9 -3.7 -2.2 0.2 -1.8 21

22 Credit unions 26.4 27.7 32.0 4.8 0.0 3.5 5.2 -9.3 7.2 11.1 8.2 22

23 Property-casualty insurance companies 0.7 1.3 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 23

24 Life insurance companies 18.3 22.4 16.3 -16.3 -8.6 15.8 9.5 20.1 17.7 15.7 21.5 24

25 Private pension funds -0.3 0.7 0.9 2.6 1.9 -0.5 -1.8 -1.1 -2.3 3.1 -0.6 25

26 State and local govt. retirement funds -2.0 -4.7 -0.3 -0.1 0.1 -0.1 -0.8 0.0 0.4 -0.1 0.1 26

27 Government-sponsored enterprises (1) 18.4 35.9 62.2 2.4 -110.8 -96.9 100.2 -122.7 -196.1 -169.3 -41.8 27

28 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 165.3 263.7 146.5 124.0 127.1 184.8 28

29 ABS issuers 627.3 179.0 -352.4 -366.3 -294.5 -222.2 -207.1 -253.5 -226.6 -201.6 -220.3 29

30 Finance companies 53.0 -62.5 -84.0 -50.5 -56.9 -41.0 -61.2 -29.5 -49.6 -23.5 -51.5 30

31 REITs -10.4 -13.2 -46.9 -28.0 -6.3 0.2 3.1 10.4 -12.1 -0.6 -7.8 31
Z.1, June 7, 2012 55

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing 1065.5 711.3 -113.3 -198.2 -344.9 -258.7 -256.8 -339.6 -251.9 -186.3 -304.9 1

 2 Household sector 983.1 674.5 -56.1 -144.3 -300.7 -232.6 -223.2 -309.2 -230.0 -168.0 -286.7 2

 3 Nonfinancial corporate business 8.2 2.9 -10.2 -12.4 -6.8 -3.4 -4.7 -4.1 -2.7 -2.0 -1.0 3

 4 Nonfinancial noncorporate business 74.2 33.9 -46.9 -41.5 -37.4 -22.7 -28.9 -26.4 -19.3 -16.3 -17.2 4

 5 Net change in assets 1065.5 711.3 -113.3 -198.2 -344.9 -258.7 -256.8 -339.6 -251.9 -186.3 -304.9 5

 6 Household sector -15.0 -12.1 0.4 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 6

 7 Nonfinancial corporate business -5.1 -10.9 -4.8 -2.5 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 7

 8 Nonfinancial noncorporate business -0.6 2.7 -1.1 -0.4 -0.5 0.0 -0.1 0.0 0.0 0.2 0.1 8

 9 State and local governments 3.1 7.1 -1.9 4.4 1.6 -2.0 -0.2 -2.6 -4.9 -0.1 -2.3 9

10 Federal government 0.2 0.3 2.7 5.7 1.8 0.9 1.8 2.4 -1.5 1.0 2.8 10

11 U.S.-chartered depository institutions 203.2 135.2 -184.4 -197.0 -99.5 -74.5 -332.1 -115.2 65.9 83.6 -197.5 11

12 Foreign banking offices in U.S. 0.0 0.0 -1.5 -6.0 0.1 0.3 -0.1 0.1 0.8 0.2 0.5 12

13 Banks in U.S.-affiliated areas 0.9 4.3 1.4 -0.3 -2.5 -2.4 -5.4 -2.2 -1.1 -0.7 -1.0 13

14 Credit unions 26.4 27.7 32.0 4.8 0.0 3.5 5.2 -9.3 7.2 11.1 8.2 14

15 Life insurance companies 2.9 -0.9 -0.8 -2.2 -0.2 1.4 0.6 1.5 1.9 1.4 1.4 15

16 Private pension funds -0.1 -0.1 0.1 0.7 -0.1 -0.3 -0.9 -0.2 -0.4 0.3 0.3 16

17 State and local govt. retirement funds -0.7 -1.7 -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 0.0 17

18 Government-sponsored enterprises 3.7 -9.7 8.8 -11.3 -117.3 -98.4 102.9 -115.5 -201.6 -179.2 -48.5 18

19 Agency- and GSE-backed mortgage pools 302.8 622.6 492.2 402.5 175.8 148.0 248.3 123.2 114.1 106.3 166.0 19

20 ABS issuers 519.3 35.7 -312.7 -319.1 -240.8 -192.2 -217.4 -195.2 -176.4 -179.8 -177.2 20

21 Finance companies 48.3 -65.4 -97.3 -47.8 -50.8 -33.4 -50.7 -17.9 -43.5 -21.5 -48.2 21

22 REITs -23.8 -23.5 -46.4 -21.7 -3.7 -0.7 0.4 0.3 -3.7 0.1 -0.7 22

 Memo:

23 Home equity loans included above (2) 150.1 65.2 -18.1 -82.3 -90.6 -77.5 -97.0 -84.5 -65.0 -63.6 -92.9 23

24 U.S.-chartered depository institutions 90.5 81.5 22.0 -53.3 -66.3 -60.1 -75.7 -66.4 -51.2 -47.2 -72.3 24

25 Foreign banking offices in U.S. 0.0 0.0 -0.4 -0.6 0.0 -0.0 -0.0 -0.1 0.0 -0.1 0.1 25

26 Credit unions 11.0 7.2 4.6 -4.1 -6.4 -6.0 -6.6 -6.5 -4.5 -6.5 -8.0 26

27 ABS issuers 38.9 -10.5 -24.8 -14.8 -8.6 -4.7 -6.2 -4.7 -3.9 -3.8 -5.4 27

28 Finance companies 9.7 -13.1 -19.5 -9.6 -9.4 -6.7 -8.5 -6.9 -5.4 -6.0 -7.3 28

(1) Mortgages on 1-4 family properties including mortages on farm houses.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 36.4 83.0 48.6 9.3 -9.3 6.4 -1.4 -0.3 4.4 23.0 -2.5 1

 2 Nonfinancial corporate business 1.8 4.3 2.3 0.4 -0.5 0.3 0.0 -0.0 0.2 1.1 0.0 2

 3 Nonfinancial noncorporate business 34.3 81.1 43.9 7.2 -9.7 6.2 0.9 -0.5 3.3 21.1 0.4 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 0.3 -2.3 2.3 1.8 0.8 -0.1 -2.3 0.3 0.9 0.8 -2.9 5

 6 Net change in assets 36.4 83.0 48.6 9.3 -9.3 6.4 -1.4 -0.3 4.4 23.0 -2.5 6

 7 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.1 -0.3 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 8

 9 Nonfinancial noncorporate business -0.5 2.6 -1.0 -0.4 -0.5 0.0 -0.1 0.0 0.0 0.2 0.1 9

10 State and local governments 2.4 5.6 -1.5 3.5 1.7 -1.3 0.8 -2.0 -3.9 -0.1 -1.8 10

11 Federal government -0.2 -0.3 0.1 0.1 -0.3 -0.3 -0.2 -0.8 -0.1 -0.0 0.0 11

12 U.S.-chartered depository institutions 16.3 7.8 14.9 -9.0 -12.2 -6.6 -13.5 -4.7 -6.7 -1.3 -14.5 12

13 Foreign banking offices in U.S. 0.0 0.0 -0.2 -0.4 -0.5 -0.6 0.0 -1.3 -1.1 0.2 -5.7 13

14 Life insurance companies 3.6 5.8 -0.1 -3.2 -1.3 2.3 0.6 2.8 3.6 2.4 2.4 14

15 Private pension funds -0.1 0.1 0.3 0.3 0.4 -0.3 -0.2 -0.7 -0.8 0.5 0.0 15

16 State and local govt. retirement funds -0.6 -1.4 -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 0.0 16

17 Government-sponsored enterprises 12.4 42.3 42.5 14.2 2.0 2.8 -1.6 -5.8 7.1 11.4 8.3 17

18 Agency- and GSE-backed mortgage pools -12.5 -0.7 4.6 13.0 11.3 19.4 17.5 23.4 15.9 21.0 19.0 18

19 ABS issuers 13.1 21.5 -10.8 -5.8 -8.7 -8.1 -2.8 -10.4 -8.9 -10.5 -9.9 19

20 Finance companies -0.5 -0.1 0.8 -0.7 -1.0 -0.8 -1.1 -0.7 -0.8 -0.5 -0.4 20

21 REITs 3.1 0.2 -0.9 -2.0 -0.4 -0.2 -0.5 -0.0 -0.1 -0.2 -0.0 21
56 Z.1, June 7, 2012

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing 269.3 261.5 131.5 -88.4 -165.0 -81.6 -81.6 -104.6 -116.4 -24.0 -68.8 1

 2 Household sector 17.9 13.3 -3.0 -6.9 -12.8 -6.4 -7.3 -7.6 -8.1 -2.6 -6.6 2

 3 Nonfinancial corporate business 72.3 51.9 -43.8 -108.9 -63.7 -65.4 -60.0 -89.8 -83.1 -28.8 -22.5 3

 4 Nonfinancial noncorporate business 172.8 189.3 173.9 25.8 -87.8 -19.0 -23.8 -25.2 -28.5 1.5 -46.0 4

 5 REITs 6.3 7.0 4.5 1.6 -0.6 9.2 9.4 18.1 3.3 5.8 6.3 5

 6 Net change in assets 269.3 261.5 131.5 -88.4 -165.0 -81.6 -81.6 -104.6 -116.4 -24.0 -68.8 6

 7 Household sector 2.2 2.1 0.9 -0.7 -2.5 -4.3 -3.6 -4.1 -4.5 -5.0 -5.5 7

 8 Nonfinancial corporate business -3.2 -7.3 -2.8 -1.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 8

 9 Nonfinancial noncorporate business -0.4 2.0 -0.8 -0.3 -0.4 0.0 -0.0 0.0 0.0 0.1 0.1 9

10 State and local governments 0.5 1.1 -0.3 0.7 0.9 -0.4 -0.4 -0.4 -0.8 -0.0 -0.4 10

11 Federal government 3.7 2.1 10.4 6.4 -3.7 3.2 3.5 4.1 1.1 3.9 1.5 11

12 U.S.-chartered depository institutions 137.8 98.1 117.4 -36.8 -95.1 -62.9 -90.0 -68.5 -71.1 -22.0 -37.0 12

13 Foreign banking offices in U.S. 4.1 14.1 6.8 0.1 -2.1 -2.3 -6.1 -2.0 2.9 -4.0 -1.2 13

14 Banks in U.S.-affiliated areas 3.2 -2.7 0.4 -0.0 -4.0 -0.1 1.5 -1.5 -1.1 0.8 -0.9 14

15 Property-casualty insurance companies 0.7 1.3 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 15

16 Life insurance companies 11.1 16.8 14.9 -9.4 -6.4 12.5 8.7 16.2 12.6 12.3 18.2 16

17 Private pension funds -0.2 0.7 0.5 1.5 1.5 0.1 -0.7 -0.2 -1.1 2.4 -1.0 17

18 State and local govt. retirement funds -0.7 -1.6 -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 0.0 18

19 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 ABS issuers 94.9 121.9 -28.9 -41.4 -45.1 -21.9 13.1 -47.8 -41.3 -11.4 -33.1 20

21 Finance companies 5.2 2.9 12.6 -2.0 -5.1 -6.8 -9.4 -10.9 -5.4 -1.5 -2.9 21

22 REITs 10.3 10.1 0.4 -4.3 -2.3 1.1 3.1 10.1 -8.3 -0.4 -7.2 22

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 3.3 4.6 22.0 -3.4 4.9 -4.0 -4.0 -4.0 -4.1 -4.1 -4.1 1

 2 Nonfinancial corporate business 1.4 1.8 6.0 0.7 2.4 0.6 0.6 0.6 0.6 0.6 0.5 2

 3 Nonfinancial noncorporate business 1.9 2.8 16.0 -4.1 2.5 -4.6 -4.6 -4.6 -4.6 -4.7 -4.6 3

 4 Net change in assets 3.3 4.6 22.0 -3.4 4.9 -4.0 -4.0 -4.0 -4.1 -4.1 -4.1 4

 5 Household sector -4.4 -2.4 0.1 -0.9 -0.8 1.0 1.2 -1.2 4.9 -1.1 -3.3 5

 6 Nonfinancial noncorporate business -0.0 0.1 -0.1 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 State and local governments 0.1 -0.5 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government -0.0 0.1 0.2 0.4 0.4 0.3 -0.2 0.5 0.3 0.4 0.1 8

 9 U.S.-chartered depository institutions 2.4 1.9 8.7 -0.5 1.8 -1.4 -1.5 -1.6 -1.3 -1.3 1.2 9

10 Foreign banking offices in U.S. 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 10

11 Life insurance companies 0.7 0.7 2.2 -1.5 -0.7 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 11

12 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Government-sponsored enterprises 2.2 3.3 10.9 -0.5 4.6 -1.3 -1.0 -1.4 -1.6 -1.4 -1.7 13

14 Agency- and GSE-backed mortgage pools 2.3 1.4 0.1 -0.2 -0.2 -2.1 -2.1 -0.1 -6.0 -0.2 -0.2 14

(1) Excludes mortgages on farm houses.
Z.1, June 7, 2012 57

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities (Households) 115.2 141.4 20.1 -115.8 -30.6 96.6 83.6 81.5 56.5 164.8 144.6 1

 2 Net change in assets 115.2 141.4 20.1 -115.8 -30.6 96.6 83.6 81.5 56.5 164.8 144.6 2

 3 Nonfinancial corporate business -5.2 2.2 -3.0 -4.6 -2.3 0.0 9.5 -5.5 18.9 -22.9 9.2 3

 4 Nonfinancial noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government (1) 1.6 6.0 11.3 74.3 130.2 108.7 151.5 71.1 141.4 70.7 138.0 5

 6 U.S.-chartered depository institutions 52.1 58.2 70.1 -64.5 -70.4 7.1 -63.2 74.3 -33.3 50.7 -47.7 6

 7 Credit unions 7.5 0.5 -0.4 0.9 -10.7 -3.4 -13.2 8.6 -6.8 -2.4 21.2 7

 8 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 ABS issuers 39.9 34.1 -40.1 -39.6 -50.4 -8.0 -0.8 -41.6 -8.1 18.4 17.9 9

10 Finance companies 19.2 40.2 -17.9 -82.4 -27.0 -7.7 -0.2 -25.3 -55.5 50.3 6.1 10

(1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that

 the government purchased from depository institutions and finance companies.

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 189.1 202.0 -170.0 -25.1 186.8 233.4 235.5 188.3 230.5 279.4 245.1 1

 2 Household sector 13.6 14.6 22.2 16.0 21.4 14.0 20.0 14.0 13.6 8.5 6.6 2

 3 Nonfinancial corporate business 109.0 85.1 -225.2 -85.3 163.1 184.6 146.2 189.0 182.6 220.4 180.9 3

 4 Nonfinancial noncorporate business 14.4 26.0 5.8 7.6 -19.2 4.4 -9.4 12.6 11.7 2.5 -1.8 4

 5 State and local governments 34.4 37.0 39.2 37.7 38.4 39.4 39.1 39.5 39.5 39.4 39.4 5

 6 Federal government 6.2 29.3 22.6 -56.2 8.5 22.0 45.4 -12.1 16.8 38.1 7.9 6

 7 Rest of the world 6.2 12.4 -9.9 6.1 26.6 -27.1 -7.4 -58.1 -21.7 -21.0 -0.7 7

 8 Brokers and dealers 5.2 -2.4 -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.9 8

 9 Net change in trade receivables 38.3 253.8 -178.5 -99.2 136.9 217.3 212.0 241.6 226.9 188.5 176.7 9

10 Nonfinancial corporate business -15.1 161.9 -167.7 -28.6 135.2 200.2 210.0 221.9 192.7 176.1 178.6 10

11 Nonfinancial noncorporate business 40.0 54.7 -3.0 -26.3 -19.2 1.5 -2.1 0.2 1.4 6.6 4.9 11

12 State and local governments 5.7 13.3 -3.6 8.2 10.8 -4.8 -4.8 -4.8 -9.2 -0.2 -4.3 12

13 Federal government -11.6 1.2 4.2 -21.1 -0.7 4.4 -6.3 9.2 3.8 11.0 -20.0 13

14 Rest of the world 5.9 20.8 6.5 6.6 19.4 16.7 5.7 9.8 50.7 0.8 10.2 14

15 Property-casualty insurance companies 4.9 -1.6 1.3 -3.7 0.8 3.4 2.5 15.2 2.0 -6.1 16.5 15

16 ABS issuers 8.5 3.4 -16.1 -34.3 -9.5 -4.2 7.1 -9.8 -14.4 0.3 -9.1 16

17 Discrepancy 150.8 -51.8 8.6 74.1 49.9 16.2 23.5 -53.3 3.6 90.9 68.5 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 211.5 276.5 -397.9 -95.9 123.6 97.4 128.2 273.2 222.0 -233.9 164.3 1

 2 Household sector 59.7 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 151.8 243.0 -237.3 -134.0 48.4 137.0 -22.0 284.7 465.7 -180.3 47.4 4

 5 Customer credit balances (HH) 80.4 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 5

 6 From U.S.-chartered depository institutions 20.9 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 6

 7 From foreign banking offices in U.S. 50.6 3.0 -126.3 -0.8 28.5 41.6 -57.5 22.8 182.1 19.2 47.0 7

 8 Net change in assets 211.5 276.5 -397.9 -95.9 123.6 97.4 128.2 273.2 222.0 -233.9 164.3 8

 9 Household sector 80.4 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 U.S.-chartered depository institutions 20.9 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 11

12 Foreign banking offices in U.S. 50.6 3.0 -126.3 -0.8 28.5 41.6 -57.5 22.8 182.1 19.2 47.0 12

13 Brokers and dealers 59.7 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 13
58 Z.1, June 7, 2012

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Net change in liabilities 65.6 34.2 67.0 26.5 17.2 70.9 36.4 57.8 110.7 78.9 36.7 1

 2 Federal government 1.5 1.2 1.0 1.1 0.9 1.3 0.3 1.7 1.2 1.9 0.5 2

 3 Life insurance companies 64.1 33.0 66.0 25.4 16.4 69.6 36.1 56.0 109.5 77.0 36.3 3

 4 Net change in assets 65.6 34.2 67.0 26.5 17.2 70.9 36.4 57.8 110.7 78.9 36.7 4

 5 Households 57.8 18.0 61.7 23.7 9.0 63.6 30.9 54.0 101.1 68.7 -2.4 5

 6 U.S.-chartered depository institutions 8.2 10.9 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 6

 7 Holding companies -0.4 5.3 -1.2 2.1 3.8 2.4 0.2 -0.5 5.9 4.2 26.7 7

 Pension fund reserves:

 8 Net change in liabilities 250.9 201.1 125.7 135.4 208.9 146.5 140.1 -154.3 424.4 175.6 226.4 8

 9 Life insurance companies 100.5 118.6 65.5 25.1 104.3 51.3 29.1 107.5 49.8 18.8 151.1 9

10 Private pension funds (1) 53.9 32.3 -36.4 60.1 61.3 60.8 78.7 68.5 8.9 87.2 50.8 10

11 State and local govt. retirement funds 46.1 2.3 17.7 -28.0 -38.5 -52.3 -48.1 -42.5 -75.9 -42.7 -47.9 11

12 Federal government retirement funds (2) 50.4 47.8 78.9 78.2 81.9 86.6 80.4 -287.8 441.5 112.3 72.5 12

13 Net change in assets (Households) (3) 250.9 201.1 125.7 135.4 208.9 146.5 140.1 -154.3 424.4 175.6 226.4 13

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other 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 22.5 -69.3 -123.8 -3.4 15.3 14.8 61.0 -32.5 -6.3 37.0 41.4 1

 businesses

 2 Nonfinancial corporate business -0.8 -49.6 3.1 -3.3 7.2 4.6 28.3 -26.1 10.3 5.7 18.3 2

 3 Nonfinancial noncorporate business 9.0 3.8 6.7 -6.3 -4.9 0.4 -0.5 0.0 0.3 1.7 1.2 3

 4 U.S.-chartered depository institutions -1.4 -15.6 -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.5 4

 5 Property-casualty insurance companies 11.0 -2.4 -28.1 5.3 5.6 -4.4 8.8 -20.7 -25.1 19.3 25.9 5

 6 Life insurance companies 4.0 -3.4 -19.7 -7.0 2.6 5.2 3.8 -4.8 -4.9 26.6 -14.8 6

 7 Finance companies 0.0 -1.5 -0.1 -2.8 0.3 0.0 -0.5 0.1 2.0 -1.5 -0.2 7

 8 Brokers and dealers 0.7 -0.6 0.3 3.2 -2.1 -1.5 2.3 0.4 -2.6 -6.3 3.5 8

 9 Net change in business taxes receivable 5.0 -32.7 -59.8 38.2 69.5 73.6 87.0 40.9 128.2 38.3 128.7 9

10 State and local governments 11.4 2.7 2.2 -4.8 7.0 10.1 8.3 12.7 9.0 10.3 11.6 10

11 Federal government -6.3 -35.5 -61.9 43.0 62.5 63.6 78.7 28.3 119.2 28.0 117.1 11

12 Discrepancy 17.5 -36.5 -64.0 -41.6 -54.3 -58.8 -26.0 -73.4 -134.5 -1.3 -87.3 12

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 60.6 18.4 -284.0 -19.1 46.1 -26.9 -12.4 -24.0 -10.7 -60.6 40.2 1

 2 Nonfinancial noncorporate business 67.4 16.0 -295.5 -15.5 45.7 -25.1 -3.8 -24.0 -17.8 -54.9 12.0 2

 3 Brokers and dealers -6.8 2.4 11.5 -3.6 0.4 -1.8 -8.6 -0.0 7.1 -5.7 28.2 3
Z.1, June 7, 2012 59

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 1799.9 2529.9 2195.7 -382.2 1285.5 1206.9 1233.9 1014.4 1487.7 1091.6 1595.1 1

 2 Household sector 0.5 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 2

 3 Nonfinancial corporate business 778.0 1195.8 548.7 27.7 453.4 403.1 111.3 380.6 669.4 451.2 394.9 3

 4 Nonfinancial noncorporate business 144.8 94.2 114.1 33.1 34.0 37.6 31.0 36.4 35.4 47.7 11.9 4

 5 Federal government 59.4 76.6 89.5 81.4 90.6 102.9 57.2 -306.5 463.0 197.9 41.4 5

 6 Rest of the world 485.8 562.7 511.9 -283.7 564.0 439.8 488.5 660.4 -119.5 729.7 328.3 6

 7 Monetary authority 3.2 2.5 2.2 6.1 29.2 -26.7 -4.1 -64.6 -95.5 57.4 133.7 7

 8 U.S.-chartered depository institutions 5.8 41.3 19.3 242.2 193.3 55.2 523.5 -63.2 -273.3 33.9 538.8 8

 9 Foreign banking offices in U.S. -109.0 144.8 549.5 -418.2 7.5 255.1 249.5 326.8 743.0 -298.9 -157.3 9

10 Banks in U.S.-affiliated areas -4.5 -11.9 -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 10

11 Credit unions -2.7 -5.6 1.1 14.7 -8.4 1.5 3.8 -7.2 -4.5 13.7 15.2 11

12 Property-casualty insurance companies 39.7 25.8 40.2 1.9 8.7 35.7 4.5 46.6 27.7 63.9 27.5 12

13 Life insurance companies 50.9 67.6 46.8 -4.6 55.1 21.5 39.1 -22.1 122.0 -52.9 41.6 13

14 Government-sponsored enterprises 11.6 17.7 37.1 62.2 -68.1 -24.0 -56.5 -11.3 -27.7 -0.6 5.7 14

15 Finance companies 13.7 -6.9 10.4 -91.2 -11.8 -13.2 -74.3 40.8 -52.4 32.9 -103.8 15

16 REITs 7.7 4.6 -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 61.1 16

17 Brokers and dealers 97.8 46.2 -70.7 19.8 39.5 -3.3 220.3 70.0 -87.9 -215.6 339.2 17

18 Holding companies 110.6 6.8 -163.8 -25.6 -68.2 -36.8 73.9 44.9 -23.9 -242.3 -110.5 18

19 Funding corporations 106.8 266.7 462.8 -33.4 -44.7 -45.5 -450.3 -121.9 90.4 299.9 21.0 19

20 Net change in assets 2461.0 2555.4 301.8 -91.7 830.4 1187.8 1147.5 1075.8 1172.3 1355.5 1785.6 20

21 Household sector 37.4 66.1 55.1 21.1 44.4 46.8 7.1 7.5 73.0 99.7 5.0 21

22 Nonfinancial corporate business 722.0 938.4 -346.8 109.0 587.3 676.8 293.5 751.6 968.2 693.8 689.5 22

23 Nonfinancial noncorporate business 381.8 330.8 107.5 -81.7 -77.5 8.8 -5.6 3.5 8.3 29.1 22.5 23

24 State and local governments -4.5 -34.3 -23.2 -12.2 -3.3 -57.0 -79.5 -74.8 -74.9 0.9 68.6 24

25 Federal government 3.1 1.9 -28.0 35.4 -3.5 1.9 -1.3 7.2 1.8 0.1 -13.1 25

26 Rest of the world 672.0 638.4 -232.8 240.0 502.4 213.1 65.2 689.3 -439.5 537.2 433.7 26

27 Monetary authority 0.1 25.8 530.2 -493.8 7.8 142.9 41.1 51.6 -4.1 482.9 -153.6 27

28 U.S.-chartered depository institutions 15.0 37.6 101.4 28.1 -80.0 -69.8 329.5 -158.4 -431.4 -19.1 277.0 28

29 Foreign banking offices in U.S. -143.9 14.7 364.3 -115.8 4.9 223.1 298.8 155.1 554.4 -116.0 -119.5 29

30 Banks in U.S.-affiliated areas 0.6 6.1 -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 30

31 Credit unions 0.7 11.0 8.4 6.3 -8.7 -26.9 -16.6 -93.7 28.4 -25.7 -31.0 31

32 Property-casualty insurance companies 3.1 17.6 6.8 16.7 0.4 5.7 -9.9 7.8 22.6 2.2 22.5 32

33 Life insurance companies 41.3 39.5 37.2 -22.5 2.8 -28.1 -80.3 57.2 -4.4 -85.0 79.3 33

34 Private pension funds 1.3 17.5 11.3 21.6 -32.9 -6.7 -25.5 -16.1 0.4 14.3 -0.3 34

35 State and local govt. retirement funds 1.0 -0.6 -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.2 35

36 Federal government retirement funds 35.8 33.3 63.3 61.9 65.7 70.8 66.6 -305.9 426.5 95.9 60.4 36

37 Money market mutual funds 15.9 31.8 -43.1 11.3 7.7 5.8 -46.8 -212.7 23.5 259.3 -106.6 37

38 Mutual funds 3.3 2.8 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 -0.0 38

39 Government-sponsored enterprises -3.2 27.0 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 39

40 Finance companies -31.7 11.2 21.4 26.3 -35.1 5.9 29.4 -25.0 46.3 -27.1 7.1 40

41 REITs 7.8 -4.4 -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 20.7 41

42 Brokers and dealers 425.1 47.3 -615.1 54.9 -104.2 -102.4 110.2 20.0 -186.8 -352.9 286.1 42

43 Holding companies 245.9 178.2 283.1 85.4 -31.2 36.5 184.1 139.3 20.5 -197.9 140.7 43

44 Funding corporations 31.1 117.6 42.1 -67.2 -46.5 22.8 110.8 22.7 -70.7 28.3 89.0 44

45 Discrepancy -661.1 -25.6 1893.9 -290.5 455.1 19.2 86.5 -61.4 315.4 -263.9 -190.5 45
60 Z.1, June 7, 2012

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 244.9 414.0 329.1 303.6 351.4 406.2 358.3 556.8 296.3 413.6 318.0 1

 2 Equity 49.0 200.9 127.0 24.5 47.7 56.5 12.1 123.1 6.8 84.1 28.8 2

 3 Reinvested earnings 217.3 230.5 233.1 237.7 320.5 348.3 343.2 394.5 328.3 327.1 296.7 3

 4 Intercompany accounts -21.4 -17.3 -31.1 41.4 -16.9 1.5 2.9 39.2 -38.8 2.4 -7.6 4

 5 Asset: Nonfinancial corporate business 219.2 307.0 262.6 279.8 322.1 383.2 349.4 507.5 278.4 397.5 310.1 5

 6 U.S.-chartered depository institutions -1.7 32.8 17.6 -10.8 -1.1 -7.3 7.6 4.5 -25.7 -15.7 -40.7 6

 7 Property-casualty insurance companies 3.1 17.6 6.8 16.7 0.4 5.7 -9.9 7.8 22.6 2.2 22.5 7

 8 Life insurance companies 0.8 5.8 4.6 2.1 3.0 4.2 0.3 6.0 5.8 4.8 6.9 8

 9 Finance companies 8.0 26.4 24.2 8.6 12.5 11.8 2.9 24.2 9.1 11.0 7.4 9

10 Brokers and dealers 15.6 24.4 13.3 7.2 14.5 8.6 7.9 6.7 6.1 13.7 11.9 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 191.0 211.6 189.5 112.0 186.2 201.9 101.4 181.1 241.0 283.9 293.3 11

12 Nonfinancial noncorporate business 0.2 0.3 -0.2 0.5 -0.0 0.1 0.0 0.0 0.2 0.0 0.2 12

13 Foreign banking offices in U.S. 13.8 -0.8 24.8 15.3 7.5 18.0 15.6 13.8 34.8 7.8 26.2 13

14 Property-casualty insurance companies 23.1 7.1 14.9 7.0 2.3 0.5 6.5 -6.3 -2.2 4.0 1.5 14

15 Life insurance companies 14.4 -1.0 12.5 7.7 6.8 -12.0 -20.0 -3.8 -21.1 -3.1 -12.2 15

16 Finance companies 5.2 -5.6 12.2 12.1 2.4 8.2 4.3 11.5 -1.2 18.2 9.0 16

17 Brokers and dealers -5.1 9.0 55.8 3.5 30.5 10.6 6.8 15.8 18.2 1.8 8.9 17

18 Funding corporations 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 18

19 Asset: Rest of the world 243.2 221.2 310.1 158.6 236.2 227.9 115.2 212.7 270.3 313.2 327.5 19

20 Equity 115.0 142.3 255.7 134.3 114.7 82.9 33.4 109.2 88.6 100.3 111.8 20

21 Reinvested earnings 69.1 48.2 39.1 13.5 93.7 93.6 106.2 104.8 70.8 92.7 63.9 21

22 Intercompany accounts 59.0 30.7 15.2 10.8 27.8 51.4 -24.4 -1.3 110.9 120.2 151.8 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 2.0 1.7 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 -1.2 23

24 Asset: Federal government 2.0 1.7 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 -1.2 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 1.8 3.1 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 25

26 Asset: U.S.-chartered depository institutions 1.8 3.1 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 0.2 9.1 -4.2 0.0 -2.7 -5.9 -1.6 -17.7 -2.9 -1.6 -2.6 27

28 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.1 0.1 -0.1 0.0 0.1 -0.0 0.3 -0.3 -0.3 0.1 0.5 28

29 Nonfinancial noncorporate (FCS) 0.2 0.7 1.2 -0.0 0.4 0.3 -0.2 0.5 0.7 0.1 0.3 29

30 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 U.S.-chartered depository institutions (FHLB) -0.2 7.0 -6.5 0.7 -3.0 -6.1 -2.0 -16.5 -3.4 -2.6 -3.1 31

32 Credit unions (FHLB) 0.2 0.6 0.3 -0.4 -0.2 0.7 0.1 -0.7 0.1 3.3 -0.1 32

33 Life insurance companies (FHLB) 0.0 0.6 1.0 -0.3 -0.0 -0.8 0.1 -0.7 0.0 -2.4 -0.1 33

 Holding company net transactions with subsidiaries:

34 Liab.: U.S.-chartered depository institutions 97.2 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 34

35 Life insurance companies 2.7 5.3 -12.5 9.3 22.2 9.3 7.2 11.6 28.8 -10.1 -2.1 35

36 Finance companies 3.2 41.5 -7.3 -23.3 -36.2 -18.5 -97.1 24.4 -1.7 0.3 -25.2 36

37 Brokers and dealers 27.2 -57.5 98.2 -173.1 -27.7 -13.6 122.1 -184.9 -54.2 62.6 265.3 37

38 Rest of the world 41.3 42.2 -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 38

39 Asset: Holding companies 171.7 145.5 183.0 3.1 2.4 82.7 129.7 121.4 101.9 -22.0 337.6 39

 NFC investment in finance company subsidiaries:

40 Liab.: Finance companies 22.9 -54.8 -1.1 -9.3 20.3 21.4 69.0 17.9 -1.3 0.2 -18.4 40

41 Asset: Nonfinancial corporate business 22.9 -54.8 -1.1 -9.3 20.3 21.4 69.0 17.9 -1.3 0.2 -18.4 41

 Funding corporations’ investment in subsidiaries:

42 Liab.: Foreign banking offices in U.S. 8.6 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 42

43 Brokers and dealers 22.6 73.9 6.4 6.3 -15.0 56.5 41.3 84.8 62.5 37.5 23.3 43

44 Asset: Funding corporations 31.1 117.6 42.1 -67.2 -46.5 22.8 110.8 22.7 -70.7 28.3 89.0 44

 Equity investment under Public-Private Inv. Program:

45 Liab.: Funding corporations 0.0 0.0 0.0 2.4 7.9 1.4 0.6 2.5 2.2 0.2 0.2 45

46 Asset: Households (2) 0.0 0.0 0.0 1.2 4.0 0.7 0.3 1.3 1.1 0.1 0.1 46

47 Federal government 0.0 0.0 0.0 1.2 4.0 0.7 0.3 1.3 1.1 0.1 0.1 47

(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.

(2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
Z.1, June 7, 2012 61

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.0 23.9 529.8 -543.3 -10.1 99.7 -0.6 1.1 2.2 396.0 -213.3 1

 2 Asset: Federal government -0.0 -0.1 0.0 0.2 0.1 -0.1 -0.3 1.1 0.2 -1.2 0.1 2

 3 Monetary authority (1) 0.0 24.0 529.7 -543.5 -10.2 99.7 -0.3 0.0 2.0 397.3 -213.4 3

 Postal Savings System deposits:

 4 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises -0.2 1.9 -5.4 0.4 -1.5 -1.8 2.4 -3.6 8.6 -14.8 17.1 6

 7 Asset: U.S.-chartered depository institutions -0.2 1.9 -5.4 0.4 -1.5 -1.8 2.4 -3.6 8.6 -14.8 17.1 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 0.5 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 8

 9 Asset: Life insurance companies 0.5 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 9

 Life insurance company reserves:

10 Liab.: Life insurance companies 14.8 15.5 17.6 8.4 14.8 14.4 11.2 10.4 26.5 9.5 -0.9 10

11 Accident and health 11.5 13.5 19.5 9.7 14.7 15.2 7.1 17.5 24.5 11.8 -4.2 11

12 Policy dividend accumulation 0.8 0.2 -3.4 -1.1 0.4 -1.8 0.9 -5.2 -0.6 -2.2 0.8 12

13 Contract claims 2.5 1.8 1.5 -0.1 -0.4 0.9 3.3 -2.0 2.6 -0.2 2.5 13

14 Asset: Household sector 14.8 15.5 17.6 8.4 14.8 14.4 11.2 10.4 26.5 9.5 -0.9 14

 Policy payables:

15 Liab.: Property-casualty insurance companies 16.6 18.7 25.4 -5.0 6.3 35.2 -2.0 52.9 29.9 59.9 26.0 15

16 Asset: Household sector 4.6 6.7 11.0 -5.1 3.2 13.2 -4.1 21.2 9.5 26.2 10.4 16

17 Nonfinancial corporate business 7.6 8.3 10.9 -0.9 3.0 15.7 0.6 22.9 13.9 25.4 11.6 17

18 Nonfinancial noncorporate business 4.4 3.7 3.4 1.0 0.1 6.3 1.6 8.8 6.6 8.3 3.9 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies -1.5 26.3 38.2 10.1 -4.4 -0.8 -7.4 1.0 1.3 1.8 1.2 19

20 Asset: Private pension funds -1.5 26.3 38.2 10.1 -4.4 -0.8 -7.4 1.0 1.3 1.8 1.2 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business -2.0 4.4 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 21

22 Asset: Private pension funds -2.0 4.4 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 22

 Securities borrowed (net):

23 Liab.: Funding corporations 302.6 -2.1 -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.0 23

24 Asset: Brokers and dealers 302.6 -2.1 -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.0 24

 Nonmarketable government securities:

25 Liab.: Federal government 35.8 33.3 63.3 61.9 65.7 70.8 66.6 -305.9 426.5 95.9 60.4 25

26 Asset: Federal government retirement funds 35.8 33.3 63.3 61.9 65.7 70.8 66.6 -305.9 426.5 95.9 60.4 26

 Retiree health care funds (2):

27 Liab.: Federal government 18.1 43.9 26.5 16.6 22.5 18.5 -0.3 -25.4 35.9 63.9 -4.6 27

28 Asset: Household sector 18.1 43.9 26.5 16.6 22.5 18.5 -0.3 -25.4 35.9 63.9 -4.6 28

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
62 Z.1, June 7, 2012

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 697.5 1505.6 986.8 -296.2 742.3 286.8 474.8 286.3 368.9 17.2 675.9 1

 2 Nonfinancial corporate business 589.0 979.8 358.5 -86.9 268.5 201.1 10.4 199.6 427.9 166.3 100.3 2

 3 Nonfinancial noncorporate business 144.6 93.9 114.3 32.6 34.1 37.6 31.0 36.4 35.3 47.7 11.7 3

 4 Federal government 5.6 -0.6 -0.3 2.9 2.4 13.6 -9.1 24.7 0.6 38.1 -14.4 4

 5 Rest of the world 197.5 80.9 -339.3 -69.2 209.8 -95.2 183.6 -160.9 -458.2 54.9 147.5 5

 6 Monetary authority 1.4 -0.7 -0.5 1.5 28.3 -27.1 -3.2 -65.4 -93.6 53.8 132.5 6

 7 U.S.-chartered depository institutions -91.5 -72.7 -94.3 75.4 159.9 -23.8 370.9 -76.0 -363.7 -26.6 516.4 7

 8 Foreign banking offices in U.S. -131.3 101.9 489.1 -360.0 31.5 270.8 164.4 375.1 841.3 -297.5 -249.3 8

 9 Banks in U.S.-affiliated areas -4.5 -11.9 -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 9

10 Credit unions -2.7 -5.6 1.1 14.7 -8.4 1.5 3.8 -7.2 -4.5 13.7 15.2 10

11 Life insurance companies 20.5 21.4 -9.0 -40.1 15.7 10.6 48.1 -41.2 86.6 -50.9 55.7 11

12 Government-sponsored enterprises 11.6 6.7 46.7 61.8 -63.9 -16.2 -57.3 10.1 -33.4 15.7 -8.7 12

13 Finance companies -17.8 12.0 6.5 -70.7 1.6 -24.4 -50.5 -13.0 -48.2 14.1 -69.1 13

14 REITs 7.7 4.6 -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 61.1 14

15 Brokers and dealers 53.2 20.8 -231.1 183.1 51.7 -56.9 50.0 154.3 -114.3 -317.4 41.7 15

16 Holding companies 110.6 6.8 -163.8 -25.6 -68.2 -36.8 73.9 44.9 -23.9 -242.3 -110.5 16

17 Funding corporations -196.4 268.2 815.4 -6.2 70.3 27.5 -356.4 -197.9 90.7 573.6 47.1 17

18 Net change in assets 1358.6 1531.2 -907.1 -5.7 287.2 267.6 388.3 347.7 53.5 281.1 866.4 18

19 Nonfinancial corporate business 472.2 677.7 -619.3 -160.7 241.8 256.5 -125.8 203.7 677.4 270.6 385.7 19

20 Nonfinancial noncorporate business 377.2 326.4 102.9 -82.7 -77.9 2.2 -7.0 -5.8 1.1 20.7 18.3 20

21 State and local governments -4.5 -34.3 -23.2 -12.2 -3.3 -57.0 -79.5 -74.8 -74.9 0.9 68.6 21

22 Federal government 1.0 0.4 -29.4 32.3 -9.8 -1.3 -3.6 -1.0 -1.2 0.8 -12.2 22

23 Rest of the world 428.8 417.3 -542.9 81.4 266.1 -14.8 -50.0 476.6 -709.8 224.0 106.2 23

24 Monetary authority 0.1 1.8 0.5 49.6 18.0 43.1 41.4 51.6 -6.1 85.6 59.8 24

25 U.S.-chartered depository institutions 15.3 -7.2 93.1 33.2 -75.2 -55.0 322.3 -143.5 -409.1 10.4 302.5 25

26 Foreign banking offices in U.S. -143.9 14.7 364.3 -115.8 4.9 223.1 298.8 155.1 554.4 -116.0 -119.5 26

27 Banks in U.S.-affiliated areas 0.6 6.1 -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 27

28 Credit unions 0.6 10.4 8.1 6.7 -8.5 -27.6 -16.6 -93.0 28.3 -28.9 -30.9 28

29 Life insurance companies 40.0 32.1 28.5 -19.3 -2.9 -31.2 -82.5 50.0 -5.2 -87.0 65.0 29

30 Private pension funds 4.8 -13.2 -27.6 9.0 -27.2 -6.1 -17.6 -17.1 -1.3 11.5 -2.8 30

31 State and local govt. retirement funds 1.0 -0.6 -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.2 31

32 Money market mutual funds 15.9 31.8 -43.1 11.3 7.7 5.8 -46.8 -212.7 23.5 259.3 -106.6 32

33 Mutual funds 3.3 2.8 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 -0.0 33

34 Government-sponsored enterprises -3.2 27.0 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 34

35 Finance companies -39.6 -15.2 -2.8 17.7 -47.6 -5.9 26.5 -49.2 37.2 -38.1 -0.3 35

36 REITs 7.8 -4.4 -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 20.7 36

37 Brokers and dealers 106.9 24.9 -275.1 78.0 4.7 -36.0 197.5 -59.6 -189.7 -92.1 301.3 37

38 Holding companies 74.2 32.7 100.1 82.3 -33.6 -46.2 54.4 17.9 -81.4 -175.9 -196.9 38

39 Discrepancy -661.1 -25.6 1893.9 -290.5 455.1 19.2 86.5 -61.4 315.4 -263.9 -190.5 39
Z.1, June 7, 2012 63

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 All sectors 154.9 -131.6 943.7 71.2 385.8 -91.3 4.8 -733.1 278.6 84.6 273.2 1

 2 Household sector 175.5 -280.9 -148.4 78.1 -299.6 -561.3 -441.2 -408.0 -803.5 -592.3 -444.7 2

 3 Nonfinancial corporate business 129.7 126.0 934.9 -176.1 230.2 138.8 230.0 100.3 -5.8 230.6 227.9 3

 4 State and local governments -20.0 -20.7 -20.0 -31.1 -29.4 -18.0 -17.6 -19.7 8.0 -42.6 -27.3 4

 5 Federal government 13.3 24.1 86.8 -40.6 -62.0 -0.4 107.1 -949.5 707.1 133.6 272.3 5

 6 Rest of the world -6.9 98.3 -63.0 132.2 225.7 91.4 -129.9 356.8 -171.0 309.8 144.9 6

 7 Financial sectors -136.7 -78.4 153.4 108.7 320.8 258.2 256.4 187.0 543.9 45.5 100.0 7

 8 Monetary authority 1.6 -2.8 -0.2 -6.0 -10.1 -1.0 0.1 -1.4 2.3 -4.9 -2.9 8

 9 U.S.-chartered depository institutions -148.6 -110.0 24.0 302.9 236.7 190.9 283.6 129.8 282.9 67.4 331.5 9

10 Foreign banking officed in U.S. -1.2 2.6 -5.1 1.3 1.1 4.4 13.7 -1.5 5.6 -0.2 3.6 10

11 Banks in U.S.-affiliated areas -0.2 -7.4 -0.5 6.2 -0.0 1.0 3.6 1.2 -1.5 0.5 -1.0 11

12 Credit unions 1.3 2.3 3.7 5.6 1.8 -1.2 -0.6 -8.4 0.4 3.8 0.1 12

13 Property-casualty insurance companies 30.1 3.1 -0.6 -15.1 38.8 15.1 1.1 61.9 5.0 -7.7 -32.0 13

14 Life insurance companies -29.1 -50.7 -59.4 -82.4 -8.2 -21.0 16.9 -57.9 -32.9 -10.2 5.4 14

15 Mutual funds 11.4 13.4 -5.7 -83.3 -103.6 -94.8 -103.6 -103.6 -88.6 -83.6 -76.1 15

16 Government-sponsored enterprises -1.9 27.7 107.8 52.2 57.7 63.9 60.2 35.2 89.3 70.9 13.2 16

17 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 17

18 Finance companies 22.6 20.8 36.3 14.9 61.3 29.5 -15.0 41.7 61.2 30.3 10.1 18

19 REITs -0.9 31.9 -5.8 -15.8 29.3 48.3 35.7 55.1 48.8 53.7 48.3 19

20 Brokers and dealers -24.7 -4.3 71.9 -62.1 22.9 33.5 -30.2 44.5 182.6 -62.8 -188.3 20

21 Holding companies 3.1 -4.9 -12.9 -9.8 -7.0 -10.4 -9.1 -9.5 -11.2 -11.8 -11.9 21

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 154.9 -131.6 943.7 71.2 385.8 -91.3 4.8 -733.1 278.6 84.6 273.2 1

 2 Treasury currency -1.1 -1.2 -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 2

 3 Foreign deposits 106.8 196.5 -347.1 -74.4 49.0 -10.0 128.8 -56.9 73.6 -185.6 30.5 3

 4 Net interbank transactions -3.8 3.8 60.7 29.0 -19.4 30.1 178.8 -315.7 126.0 131.4 77.0 4

 5 Security RPs 312.4 -231.4 -604.9 466.5 -86.8 -115.4 -372.0 -240.0 -137.8 288.4 388.3 5

 6 Mail floats -3.0 1.0 -5.2 -0.3 -1.1 0.8 -61.4 62.7 -1.6 3.3 -65.6 6

 7 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government -3.0 1.2 -3.3 0.7 0.0 -0.1 -62.7 62.6 -4.5 4.1 -64.8 8

 9 Private domestic -0.0 -0.1 -2.0 -1.0 -1.1 0.9 1.3 0.2 2.9 -0.9 -0.8 9

10 Trade credit 150.8 -51.8 8.6 74.1 49.9 16.2 23.5 -53.3 3.6 90.9 68.5 10

11 Taxes payable 17.5 -36.5 -64.0 -41.6 -54.3 -58.8 -26.0 -73.4 -134.5 -1.3 -87.3 11

12 Miscellaneous -661.1 -25.6 1893.9 -290.5 455.1 19.2 86.5 -61.4 315.4 -263.9 -190.5 12

13 Nonfinancial 236.4 13.5 2.6 -87.3 -5.7 27.3 47.6 5.5 34.3 21.8 53.0 13

 Nonfinancial components (sign reversed):

14 Statistical discrepancy (NIPA) -242.3 -12.0 -2.4 77.4 0.8 -31.8 -52.0 -10.0 -38.7 -26.4 -57.6 14

15 Private wage accruals less disbursements 1.3 -6.3 -5.0 5.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Contr. for govt. soc. insur., U.S. affiliated areas 4.6 4.7 4.8 4.9 4.9 4.5 4.4 4.4 4.5 4.6 4.6 16