10 Z.1, December 6, 2012

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Credit market borrowing 2564.3 -539.8 573.7 928.6 1109.8 322.7 1050.1 1232.0 1415.0 1166.4 887.2 1

 2 Domestic nonfinancial sectors 1891.4 1059.0 1437.7 1324.6 905.3 943.7 1597.5 1851.7 1768.8 1971.3 952.1 2

 3 Household sector -26.1 -231.6 -296.0 -209.2 -267.2 -355.9 -223.5 9.8 -120.7 160.9 -261.7 3

 4 Nonfinancial corporate business 341.5 -146.4 279.0 533.9 463.0 634.6 514.0 524.0 440.4 510.6 510.3 4

 5 Nonfinancial noncorporate business 318.8 -120.0 -195.1 -15.3 -55.7 -43.5 -27.4 65.3 22.1 23.8 16.2 5

 6 State and local governments 17.9 113.0 69.5 -52.7 -85.6 -83.3 -4.5 -37.4 -1.0 93.0 -2.8 6

 7 Federal government 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 690.2 7

 8 Rest of the world -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 -1.1 -108.6 98.2 8

 9 Financial sectors 899.1 -1810.6 -939.3 -430.8 -115.1 -701.5 -402.6 -503.8 -352.7 -696.2 -163.2 9

10 U.S.-chartered depository institutions -1.1 -292.3 -161.2 -73.8 -78.0 -99.1 -99.2 -18.8 -41.2 -10.1 -97.8 10

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

12 Credit unions 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 2.6 12

13 Life insurance companies 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 -0.2 13

14 Government-sponsored enterprises 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 -113.2 14

15 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 15

16 ABS issuers -411.1 -738.8 -505.6 -255.4 -306.3 -229.2 -284.6 -201.6 -239.6 -260.2 -163.3 16

17 Finance companies -79.4 -156.2 -174.9 11.4 21.2 -94.6 129.1 -10.3 -25.2 -123.1 80.5 17

18 REITs -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 26.6 57.3 23.4 18

19 Brokers and dealers 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 -65.2 19

20 Holding companies 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 -360.2 57.8 20

21 Funding corporations 466.4 -434.8 -65.3 -64.6 -121.0 58.9 -37.0 -159.2 3.3 -16.7 17.3 21

22 Credit market lending 2564.3 -539.8 573.7 928.6 1109.8 322.7 1050.1 1232.0 1415.0 1166.4 887.2 22

23 Domestic nonfinancial sectors -134.4 106.6 303.8 -513.3 -483.8 -977.6 -512.8 -79.1 -302.6 569.1 -693.0 23

24 Household sector 31.9 -113.1 177.1 -406.9 -545.4 -829.4 -312.3 59.5 -361.3 449.8 -934.8 24

25 Nonfinancial corporate business -36.4 7.6 11.7 -14.9 2.9 -4.0 -61.5 3.1 94.4 22.2 -18.7 25

26 Nonfinancial noncorporate business -10.9 -6.7 -3.5 -0.3 -1.0 -0.7 -0.5 0.8 0.4 -0.1 -0.0 26

27 State and local governments -204.3 -76.7 33.5 -90.5 -60.4 -81.9 -140.3 -79.4 -67.2 -4.2 139.3 27

28 Federal government 85.2 295.4 85.0 -0.7 120.2 -61.6 1.8 -63.1 31.1 101.4 121.1 28

29 Rest of the world 357.7 142.6 621.0 359.9 372.2 327.1 692.5 47.9 340.7 153.8 627.8 29

30 Financial sectors 2340.9 -789.0 -351.1 1082.1 1221.4 973.2 870.4 1263.2 1376.8 443.5 952.4 30

31 Monetary authority 245.4 1001.6 271.5 376.5 935.9 870.9 -77.1 -223.8 -33.4 -23.5 -203.4 31

32 U.S.-chartered depository institutions 241.9 -336.7 -176.6 126.9 -333.3 -118.7 338.3 621.2 214.6 391.3 119.6 32

33 Foreign banking offices in U.S. 100.8 -285.8 -30.8 37.7 26.5 87.9 130.2 -93.7 -55.2 -39.4 83.2 33

34 Banks in U.S.-affiliated areas -1.9 -2.8 -19.3 -4.9 -5.1 -9.6 -6.1 1.3 -0.6 -4.6 -2.9 34

35 Credit unions 39.9 33.2 24.6 35.3 48.3 12.7 27.8 52.2 76.1 38.4 20.4 35

36 Property-casualty insurance companies -15.9 33.3 3.9 27.5 18.7 -19.8 1.3 110.1 -31.1 -0.4 20.2 36

37 Life insurance companies 11.6 139.8 151.6 123.6 151.7 98.9 172.7 71.3 101.8 -143.7 106.2 37

38 Private pension funds 90.6 111.6 59.4 49.1 34.3 29.1 92.3 40.6 2.1 -27.0 5.0 38

39 State and local govt. retirement funds 13.3 -8.8 -8.2 18.3 34.2 -18.1 60.3 -3.2 32.9 17.5 11.2 39

40 Federal government retirement funds 23.9 7.4 10.8 20.0 15.1 16.9 33.2 14.9 5.5 16.9 6.6 40

41 Money market mutual funds 738.6 -644.0 -410.0 7.2 -2.3 -84.9 -33.3 149.4 -69.4 -153.4 -47.1 41

42 Mutual funds 73.3 380.7 374.3 427.4 484.4 423.8 244.6 556.9 1008.4 578.2 731.8 42

43 Closed-end funds -40.7 10.6 5.2 -1.2 6.9 3.6 -20.9 5.5 11.6 5.7 14.3 43

44 Exchange-traded funds 23.0 46.0 29.7 46.1 29.7 43.7 52.2 58.7 65.0 73.7 30.3 44

45 Government-sponsored enterprises 242.9 -337.8 -328.2 -199.8 -36.2 -279.3 -261.9 -221.8 -179.2 -298.5 -187.2 45

46 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 46

47 ABS issuers -394.6 -704.1 -495.9 -251.2 -313.4 -219.5 -270.1 -201.9 -230.5 -248.6 -159.3 47

48 Finance companies -81.9 -217.6 -117.7 -46.6 -86.5 -101.2 -58.9 60.1 -58.4 -36.4 -36.1 48

49 REITs -68.9 -8.7 37.1 102.9 207.8 121.7 80.3 1.9 215.8 90.3 232.1 49

50 Brokers and dealers -85.7 -192.1 32.2 9.7 34.8 -6.1 -100.1 110.2 211.0 -35.4 23.9 50

51 Holding companies 13.9 -16.0 22.1 3.1 30.8 -1.4 20.7 -37.6 64.1 -158.2 20.0 51

52 Funding corporations 674.4 -214.0 26.4 9.1 -304.4 -30.3 309.1 62.1 -134.1 264.3 68.8 52

(1) Excludes corporate equities and mutual fund shares.
Z.1, December 6, 2012 11

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 1891.4 1059.0 1437.7 1324.6 905.3 943.7 1597.5 1851.7 1768.8 1971.3 952.1 1

 2 By instrument 1891.4 1059.0 1437.7 1324.6 905.3 943.7 1597.5 1851.7 1768.8 1971.3 952.1 2

 3 Commercial paper 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 34.5 -30.0 3

 4 Treasury securities 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 690.5 4

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

 6 Municipal securities 92.4 155.3 99.7 -52.8 -70.1 -75.4 -15.1 -50.5 2.8 109.7 -6.8 6

 7 Corporate bonds 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 514.8 7

 8 Depository institution loans n.e.c. 188.4 -303.1 -51.5 71.7 25.1 -91.2 96.5 256.4 286.6 393.4 34.3 8

 9 Other loans and advances 67.8 -145.7 -84.3 71.1 -12.9 121.8 80.9 94.7 -119.5 -16.3 -38.6 9

10 Mortgages 70.4 -290.1 -523.4 -337.6 -384.5 -392.2 -304.0 -269.6 -446.0 -276.0 -329.0 10

11 Home -120.4 -202.1 -354.6 -255.1 -290.9 -269.2 -199.6 -260.8 -342.9 -214.4 -297.8 11

12 Multifamily residential 42.5 5.8 -13.7 -5.1 -40.6 -2.9 3.3 19.9 1.0 26.7 43.5 12

13 Commercial 126.3 -90.3 -165.0 -82.2 -57.2 -125.0 -112.7 -33.7 -109.0 -93.3 -79.6 13

14 Farm 22.0 -3.4 9.9 4.8 4.2 4.9 5.0 5.0 5.0 5.0 5.0 14

15 Consumer credit 20.1 -115.9 -30.5 86.2 66.7 78.1 48.2 151.9 149.0 172.9 117.2 15

16 By sector 1891.4 1059.0 1437.7 1324.6 905.3 943.7 1597.5 1851.7 1768.8 1971.3 952.1 16

17 Household sector -26.1 -231.6 -296.0 -209.2 -267.2 -355.9 -223.5 9.8 -120.7 160.9 -261.7 17

18 Nonfinancial business 660.3 -266.3 83.9 518.6 407.3 591.1 486.6 589.3 462.4 534.4 526.4 18

19 Corporate 341.5 -146.4 279.0 533.9 463.0 634.6 514.0 524.0 440.4 510.6 510.3 19

20 Noncorporate 318.8 -120.0 -195.1 -15.3 -55.7 -43.5 -27.4 65.3 22.1 23.8 16.2 20

21 State and local governments 17.9 113.0 69.5 -52.7 -85.6 -83.3 -4.5 -37.4 -1.0 93.0 -2.8 21

22 Federal government 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 690.2 22

23 Foreign borrowing in U.S. -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 -1.1 -108.6 98.2 23

24 Commercial paper -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 35.8 -51.3 80.2 24

25 Bonds -158.8 163.3 59.9 57.8 151.0 120.2 69.2 -109.4 -73.6 -106.0 3.6 25

26 Depository institution loans n.e.c. 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 44.8 9.7 26

27 Other loans and advances -1.5 0.3 0.2 1.4 0.5 -1.5 0.6 6.0 7.7 3.9 4.8 27

28 Domestic and foreign 1665.1 1270.8 1513.0 1359.4 1224.9 1024.2 1452.7 1735.9 1767.7 1862.6 1050.4 28

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 899.1 -1810.6 -939.3 -430.8 -115.1 -701.5 -402.6 -503.8 -352.7 -696.2 -163.2 1

 2 Open market paper -125.6 -448.2 -101.7 -68.1 82.9 -79.9 -51.8 -223.6 -6.2 -34.7 -31.9 2

 3 GSE issues 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 -113.2 3

 4 Agency- and GSE-backed mortgage pool sec. 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 4

 5 Corporate bonds -280.5 -587.7 -583.2 -321.5 -351.3 -376.2 -324.4 -234.0 -61.6 -431.4 -138.9 5

 6 Depository institution loans n.e.c. 496.4 -435.4 -62.9 31.6 -51.2 158.1 56.1 -36.4 -150.8 -301.2 64.2 6

 7 Other loans and advances 33.3 -282.6 -144.7 -60.0 -57.3 -95.0 -84.4 -3.4 -29.2 65.0 -52.9 7

 8 Mortgages 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 24.9 14.6 8

 9 By sector 899.1 -1810.6 -939.3 -430.8 -115.1 -701.5 -402.6 -503.8 -352.7 -696.2 -163.2 9

10 U.S.-chartered depository institutions -1.1 -292.3 -161.2 -73.8 -78.0 -99.1 -99.2 -18.8 -41.2 -10.1 -97.8 10

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

12 Credit unions 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 2.6 12

13 Life insurance companies 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 -0.2 13

14 Government-sponsored enterprises 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 -113.2 14

15 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 15

16 ABS issuers -411.1 -738.8 -505.6 -255.4 -306.3 -229.2 -284.6 -201.6 -239.6 -260.2 -163.3 16

17 Finance companies -79.4 -156.2 -174.9 11.4 21.2 -94.6 129.1 -10.3 -25.2 -123.1 80.5 17

18 REITs -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 26.6 57.3 23.4 18

19 Brokers and dealers 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 -65.2 19

20 Holding companies 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 -360.2 57.8 20

21 Funding corporations 466.4 -434.8 -65.3 -64.6 -121.0 58.9 -37.0 -159.2 3.3 -16.7 17.3 21
12 Z.1, December 6, 2012

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 2564.3 -539.8 573.7 928.6 1109.8 322.7 1050.1 1232.0 1415.0 1166.4 887.2 1

 2 Open market paper -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 27.2 -51.4 18.3 2

 3 Treasury securities 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 690.5 3

 4 Agency- and GSE-backed securities 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 -18.6 4

 5 Municipal securities 92.4 155.3 99.7 -52.8 -70.1 -75.4 -15.1 -50.5 2.8 109.7 -6.8 5

 6 Corporate and foreign bonds -233.8 -36.8 -100.5 120.9 204.0 205.2 67.2 7.0 334.9 -167.3 379.5 6

 7 Depository institution loans n.e.c. 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 137.0 108.2 7

 8 Other loans and advances 99.6 -428.0 -228.8 12.5 -69.6 25.2 -2.9 97.3 -141.0 52.7 -86.7 8

 9 Mortgages 77.2 -286.7 -523.1 -328.5 -377.4 -373.8 -299.8 -263.1 -435.5 -251.1 -314.4 9

10 Consumer credit 20.1 -115.9 -30.5 86.2 66.7 78.1 48.2 151.9 149.0 172.9 117.2 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues 295.7 806.1 381.6 185.4 915.2 280.4 -434.0 -20.2 1102.2 248.4 551.8 11

12 Corporate equities 264.8 315.5 -7.7 -218.4 -37.5 -201.7 -239.8 -394.7 -199.3 -306.0 -197.7 12

13 Nonfinancial -336.0 -64.6 -278.0 -472.5 -324.2 -510.8 -616.0 -438.8 -292.1 -512.0 -431.4 13

 Foreign shares purchased by

14 U.S. residents -38.5 63.7 79.1 89.0 190.9 108.6 91.2 -34.5 59.2 83.9 -8.0 14

15 Financial 639.3 316.4 191.2 165.0 95.8 200.5 285.0 78.6 33.6 122.1 241.7 15

16 Mutual fund shares 31.0 490.5 389.3 403.8 952.6 482.1 -194.1 374.5 1301.5 554.4 749.5 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) 2564.3 -539.8 573.7 928.6 1109.8 322.7 1050.1 1232.0 1415.0 1166.4 887.2 1

 2 U.S. official reserve assets 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 8.8 2

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

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

 5 Foreign deposits -394.3 -106.0 25.9 -32.4 203.7 1.6 6.8 -341.9 -124.3 -37.7 -16.1 5

 6 Net interbank transactions 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -428.2 -232.1 6

 7 Checkable deposits and currency 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 313.3 216.7 7

 8 Small time and savings deposits 524.8 517.2 298.4 577.3 233.5 906.3 705.8 463.7 378.9 473.5 584.0 8

 9 Large time deposits -190.6 -141.8 -182.3 -204.6 58.7 -19.3 -670.6 -187.1 -87.5 -5.0 -143.6 9

10 Money market fund shares 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -321.4 24.6 -207.4 -164.4 64.2 10

11 Security RPs -880.3 247.8 -192.5 -137.0 121.7 -290.4 -695.7 316.6 192.8 -135.5 -183.7 11

12 Corporate equities 264.8 315.5 -7.7 -218.4 -37.5 -201.7 -239.8 -394.7 -199.3 -306.0 -197.7 12

13 Mutual fund shares 31.0 490.5 389.3 403.8 952.6 482.1 -194.1 374.5 1301.5 554.4 749.5 13

14 Trade payables -170.0 -23.1 178.4 220.3 226.1 186.4 226.4 242.3 270.8 113.0 137.4 14

15 Security credit -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 270.0 15

16 Life insurance reserves 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 55.2 16

17 Pension fund reserves 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 8.7 36.7 17

18 Taxes payable -123.8 -3.4 15.2 14.0 52.6 -22.7 -9.3 35.5 20.0 21.6 61.6 18

19 Noncorporate proprietors’ equity -284.0 -32.3 31.6 -11.6 0.6 -8.5 -2.0 -36.5 11.6 8.5 -8.9 19

20 Miscellaneous 2221.4 -372.5 1066.3 1170.7 1067.5 869.0 1396.0 1350.1 718.3 958.2 1115.1 20

21 Total financial sources 6477.5 -577.1 2136.9 4088.9 6798.2 3445.2 2812.5 3299.6 4149.5 2701.4 3404.5 21

 - Liabilities not identified as assets:

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

23 Foreign deposits -347.1 -74.3 6.5 23.9 149.7 10.7 196.1 -261.0 -26.7 41.4 -17.8 23

24 Net interbank liabilities 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -258.0 220.1 24

25 Security RPs -592.7 478.5 -71.0 -113.0 -393.8 -170.6 -91.6 204.0 59.2 -272.7 -319.5 25

26 Taxes payable -64.0 -32.6 -10.5 -20.9 -1.7 -48.9 -70.9 37.8 -61.2 -2.7 11.8 26

27 Miscellaneous 1808.3 -299.0 421.8 -74.4 -113.6 -368.5 -86.3 270.8 -491.1 -209.0 677.6 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. -3.3 0.7 0.0 -0.1 -52.6 96.7 2.2 -46.8 -46.2 100.3 2.9 29

30 Private domestic -2.0 -1.0 -1.1 0.9 1.0 -0.1 1.6 1.0 -1.1 -0.3 -0.8 30

31 Trade credit 27.2 103.0 110.2 27.7 125.3 -28.5 -51.2 65.4 35.4 -12.4 57.7 31

 Totals identified to sectors

32 as assets 5591.1 -777.0 1701.4 4215.4 6945.8 4091.8 2826.9 2997.0 4644.0 3315.2 2773.1 32
Z.1, December 6, 2012 13

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 14291.5 13973.7 14498.9 15075.7 14814.9 15003.6 15163.2 15321.0 15478.3 15585.6 15797.4 1

 2 Personal consumption expenditures (2) 10035.5 9845.9 10215.7 10729.0 10566.3 10684.9 10791.2 10873.8 11007.2 11067.2 11149.8 2

 3 Durable goods 1108.9 1029.6 1079.4 1146.4 1133.9 1131.8 1144.8 1175.1 1204.6 1200.3 1218.3 3

 4 Nondurable goods 2272.8 2164.8 2285.5 2478.4 2427.5 2472.4 2498.7 2515.0 2551.3 2541.2 2573.1 4

 5 Services 6653.8 6651.5 6850.9 7104.2 7004.9 7080.6 7147.6 7183.8 7251.3 7325.7 7358.3 5

 6 Gross private domestic investment 2087.6 1549.3 1737.3 1854.9 1755.9 1819.0 1853.8 1991.1 2032.2 2041.7 2080.4 6

 7 Fixed investment 2128.7 1703.5 1679.0 1818.3 1722.3 1784.2 1857.8 1909.0 1959.7 1986.9 1996.3 7

 8 Nonresidential 1656.3 1349.3 1338.4 1479.6 1390.8 1448.0 1519.4 1560.1 1595.5 1614.1 1608.2 8

 9 Household sector (nonprofit organizations) 132.0 123.9 109.9 112.0 101.3 108.9 113.9 123.8 119.0 119.5 117.8 9

10 Nonfinancial corporate business 1130.9 903.0 918.1 1021.5 960.2 1000.1 1048.9 1076.7 1101.4 1114.1 1110.2 10

11 Nonfinancial noncorporate business 198.4 158.0 155.6 173.3 165.1 170.1 179.3 178.5 187.5 191.9 189.7 11

12 Financial institutions 195.0 164.4 154.8 172.9 164.2 168.8 177.4 181.1 187.6 188.6 190.6 12

13 Residential 472.4 354.1 340.6 338.7 331.4 336.2 338.5 348.8 364.2 372.8 388.1 13

14 Household sector 397.2 295.5 288.9 286.4 288.0 286.7 285.8 285.2 298.2 306.1 319.4 14

15 Nonfinancial corporate business 5.5 4.4 -1.0 -2.5 -5.7 -2.6 -5.0 3.3 9.3 8.1 10.1 15

16 Nonfinancial noncorporate business 69.6 54.3 48.0 48.6 47.5 48.2 48.4 50.1 51.9 52.1 53.5 16

17 REITs 0.1 -0.1 4.7 6.3 1.6 3.9 9.3 10.3 4.9 6.4 5.1 17

18 Change in private inventories -41.1 -154.2 58.4 36.6 33.7 34.8 -4.1 82.1 72.6 54.8 84.1 18

19 Nonfinancial corporate business -40.2 -145.3 60.7 39.1 37.6 39.2 -0.5 80.2 71.9 61.0 98.5 19

20 Nonfinancial noncorporate business -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -6.3 -14.4 20

21 Net U.S. exports of goods and services -709.7 -388.7 -511.6 -568.1 -555.4 -572.5 -549.5 -594.8 -615.8 -576.9 -522.9 21

22 Exports 1846.8 1587.4 1844.4 2094.2 2030.5 2092.8 2133.3 2120.3 2157.9 2188.5 2197.3 22

23 - Imports 2556.5 1976.2 2356.1 2662.3 2585.9 2665.3 2682.8 2715.1 2773.7 2765.4 2720.1 23

 Government consumption expenditures and

24 gross investment 2878.1 2967.2 3057.5 3059.8 3048.1 3072.2 3067.7 3051.0 3054.6 3053.7 3090.1 24

25 Consumption expenditures (3) 2381.0 2460.3 2552.0 2579.5 2565.5 2591.3 2591.0 2570.4 2586.9 2580.3 2618.8 25

26 Federal 931.7 987.0 1055.8 1061.5 1054.2 1071.0 1069.0 1052.0 1055.6 1054.8 1086.1 26

27 State and local 1449.2 1473.3 1496.2 1518.0 1511.4 1520.3 1522.0 1518.4 1531.4 1525.5 1532.7 27

28 Gross investment (3) 497.2 506.9 505.5 480.2 482.6 480.9 476.8 480.5 467.6 473.4 471.4 28

29 Federal 148.4 156.6 167.3 160.5 161.1 163.3 158.5 159.2 152.1 155.9 155.2 29

30 State and local 348.8 350.3 338.2 319.7 321.5 317.7 318.3 321.3 315.5 317.5 316.1 30

 Memo:

31 Net U.S. income receipts from rest of the world 169.2 143.5 209.3 251.9 235.3 250.0 258.3 264.0 214.9 247.3 250.1 31

32 U.S. income receipts 856.1 642.4 716.5 783.7 761.4 797.4 788.9 787.1 769.6 775.1 776.5 32

33 - U.S. income payments 686.9 498.9 507.2 531.8 526.1 547.4 530.6 523.1 554.7 527.8 526.4 33

 Gross National Product (GNP) =

34 GDP + net U.S. income receipts 14460.7 14117.2 14708.2 15327.5 15050.1 15253.6 15421.5 15585.0 15693.2 15832.9 16047.5 34

 Acquisition of nonproduced nonfinancial assets (net)

35 Household sector -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 -8.8 35

36 Nonfinancial corporate business 16.3 4.4 -2.6 -2.1 -2.5 -2.0 -1.5 -2.2 -1.6 -1.9 -4.5 36

37 State and local governments 14.1 12.7 11.5 11.5 11.5 11.5 11.5 11.4 11.2 11.0 10.8 37

38 Federal governments -19.2 -7.1 0.2 -0.1 0.3 -0.2 -0.6 0.2 -0.5 -0.2 1.9 38

39 Rest of the world -0.0 0.0 -0.0 -0.1 0.0 -0.0 -0.0 -0.2 0.0 0.0 0.5 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, December 6, 2012

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 12609.1 12132.6 12811.4 13358.9 13196.3 13301.1 13390.1 13548.1 13707.2 13750.5 13911.8 1

 2 Compensation of employees 8068.3 7799.4 7970.0 8295.2 8236.3 8286.4 8318.1 8340.1 8495.7 8527.7 8568.1 2

 3 Wages and other labor income 7603.2 7337.5 7501.9 7800.3 7743.5 7791.6 7822.3 7843.9 7985.4 8016.8 8055.9 3

 4 Employer social insurance contributions 470.1 456.9 468.1 494.9 492.7 494.8 495.8 496.2 510.2 510.8 512.2 4

 5 Wage accruals less disbursements -5.0 5.0 0.0 0.0 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 1097.9 979.4 1103.4 1157.3 1148.0 1154.7 1161.4 1165.3 1184.3 1194.9 1205.9 6

 Rental income of persons (with capital

 7 consumption adjustment) 231.6 289.7 349.2 409.7 390.0 404.7 413.8 430.3 445.3 452.8 471.1 7

 Corporate profits with inventory

 8 valuation and capital consumption adjustments 1248.4 1342.3 1702.4 1827.0 1723.3 1800.9 1830.5 1953.1 1900.1 1921.9 1989.2 8

 Corporate profits with inventory

 9 valuation adjustment 1315.5 1443.6 1777.7 1791.6 1679.4 1764.6 1798.8 1923.5 2100.8 2124.3 2188.7 9

10 Profits before tax 1359.9 1440.5 1816.3 1854.1 1801.1 1839.7 1839.3 1936.4 2124.5 2108.2 2214.8 10

11 Domestic nonfinancial 831.2 712.9 990.5 1007.0 963.0 1037.8 1010.8 1016.3 1240.4 1229.8 1268.4 11

12 Domestic financial 122.2 374.8 424.3 408.3 417.6 365.6 380.8 469.1 481.2 441.9 512.7 12

13 Rest of the world 406.6 352.8 401.6 438.9 420.6 436.3 447.8 451.0 402.9 436.5 433.7 13

 Less:

14 Taxes on corporate income 309.0 269.4 373.3 379.0 398.7 385.1 362.0 370.4 453.6 443.3 462.6 14

15 Domestic nonfinancial 227.4 177.8 222.9 246.8 244.0 253.9 248.1 241.2 304.3 304.6 310.8 15

16 Domestic financial 81.6 91.6 150.4 132.2 154.7 131.2 113.9 129.2 149.3 138.8 151.8 16

 Equals:

17 Profits after tax 1050.9 1171.1 1443.0 1475.1 1402.5 1454.5 1477.3 1566.1 1670.9 1664.9 1752.2 17

18 Net dividends 786.9 554.1 600.9 697.2 677.6 687.5 705.9 717.9 727.1 747.5 758.8 18

19 Domestic nonfinancial 474.1 351.7 385.7 425.3 407.3 435.8 428.6 429.7 432.8 454.9 481.9 19

20 Domestic financial 132.2 90.5 95.3 128.7 125.1 126.9 130.3 132.5 149.1 167.4 171.7 20

21 Rest of the world 180.5 111.9 119.9 143.2 145.2 124.8 147.0 155.7 145.2 125.2 105.2 21

22 Undistributed profits 264.0 617.0 842.1 777.9 724.9 767.1 771.4 848.2 943.7 917.4 993.3 22

23 Domestic nonfinancial 129.6 183.4 381.9 334.8 311.6 348.1 334.1 345.5 503.3 470.4 475.7 23

24 Domestic financial -91.7 192.7 178.5 147.3 137.9 107.5 136.6 207.4 182.8 135.7 189.2 24

25 Rest of the world 226.1 240.9 281.7 295.7 275.4 311.5 300.7 295.2 257.6 311.3 328.5 25

26 Inventory valuation adjustment -44.5 3.2 -38.7 -62.6 -121.7 -75.0 -40.6 -12.9 -23.7 16.0 -26.1 26

27 Capital consumption adjustment -67.1 -101.3 -75.2 35.4 43.9 36.3 31.7 29.6 -200.7 -202.4 -199.5 27

28 Domestic nonfinancial -31.7 -55.4 -34.7 62.7 70.1 63.6 59.3 57.6 -148.4 -149.7 -147.2 28

29 Domestic financial -35.4 -45.9 -40.5 -27.3 -26.2 -27.3 -27.6 -28.0 -52.3 -52.7 -52.2 29

30 Net interest and miscellaneous payments 870.1 640.5 567.9 527.4 551.4 513.8 528.4 515.9 515.6 489.5 518.5 30

31 Taxes on production and imports 1038.6 1023.2 1055.0 1097.9 1084.5 1099.0 1098.2 1109.8 1128.5 1130.9 1131.2 31

32 Less: Subsidies 52.9 59.7 57.0 61.6 59.6 61.9 62.4 62.7 60.8 61.0 60.6 32

33 Business current transfer payments (net) 123.0 133.4 140.0 132.6 145.7 127.9 129.5 127.4 130.5 127.9 123.9 33

34 Current surplus of government enterprises -16.0 -15.6 -19.5 -26.5 -23.1 -24.4 -27.5 -31.1 -32.0 -34.1 -35.5 34

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

35 National Income, from line 1 above 12609.1 12132.6 12811.4 13358.9 13196.3 13301.1 13390.1 13548.1 13707.2 13750.5 13911.8 35

 Plus:

36 Private consumption of fixed capital 1542.9 1542.8 1539.9 1587.4 1561.7 1580.4 1596.5 1611.0 1625.9 1642.0 1653.4 36

37 Government consumption of fixed capital 311.2 323.5 333.5 349.4 342.6 347.1 352.4 355.5 359.0 362.8 365.6 37

38 Statistical discrepancy -2.4 118.3 23.3 31.9 -50.4 25.1 82.5 70.3 1.1 77.7 116.8 38

 Less:

39 Net U.S. income receipts from rest of the world 169.2 143.5 209.3 251.9 235.3 250.0 258.3 264.0 214.9 247.3 250.1 39

 Equals:

40 Gross Domestic Product 14291.5 13973.7 14498.9 15075.7 14814.9 15003.6 15163.2 15321.0 15478.3 15585.6 15797.4 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, December 6, 2012 15

F.8 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1908.2 1555.8 1770.7 1837.5 1811.2 1800.7 1813.1 1925.0 1945.6 1952.4 2005.4 1

 2 Net saving 54.1 -310.5 -102.8 -99.3 -93.1 -126.7 -135.8 -41.6 -39.3 -52.3 -13.6 2

 3 Net private saving 739.8 1032.0 1294.9 1240.1 1232.9 1255.6 1214.2 1257.5 1147.1 1186.7 1199.0 3

 4 Domestic business 152.5 518.8 728.2 750.7 647.0 728.4 762.6 864.9 719.4 731.0 767.8 4

 5 Nonfinancial corporate business 237.5 324.3 533.1 572.5 519.1 576.1 586.0 608.9 551.6 564.8 565.7 5

 6 Financial business -85.0 194.5 195.1 178.2 127.9 152.3 176.6 256.0 167.8 166.3 202.0 6

 7 Households and institutions 587.3 513.2 566.7 489.4 585.9 527.2 451.6 392.7 427.7 455.7 431.3 7

 8 Net government saving -685.7 -1342.6 -1397.7 -1339.4 -1326.0 -1382.3 -1350.0 -1299.1 -1186.4 -1239.0 -1212.6 8

 9 Federal -613.5 -1229.3 -1308.0 -1237.4 -1227.3 -1307.7 -1232.0 -1182.6 -1058.7 -1115.4 -1073.5 9

10 State and local -72.2 -113.2 -89.7 -102.0 -98.7 -74.6 -118.0 -116.5 -127.6 -123.7 -139.1 10

11 Consumption of fixed capital 1854.1 1866.3 1873.4 1936.8 1904.3 1927.4 1948.9 1966.6 1984.9 2004.8 2019.0 11

12 Private 1542.9 1542.8 1539.9 1587.4 1561.7 1580.4 1596.5 1611.0 1625.9 1642.0 1653.4 12

13 Domestic business 1248.3 1250.0 1245.0 1285.7 1262.7 1279.3 1293.9 1306.8 1321.3 1335.1 1343.4 13

14 Nonfinancial corporate business 864.3 862.5 860.1 893.7 876.0 888.8 900.3 909.7 920.8 930.8 936.8 14

15 Nonfinancial noncorporate business 211.3 211.0 209.9 215.0 211.8 214.0 216.2 218.0 219.8 221.7 223.2 15

16 Financial business 172.7 176.6 175.0 177.0 174.9 176.5 177.4 179.1 180.8 182.6 183.5 16

17 Households and institutions 294.6 292.7 294.9 301.7 298.9 301.0 302.6 304.2 304.6 306.9 309.9 17

18 Government 311.2 323.5 333.5 349.4 342.6 347.1 352.4 355.5 359.0 362.8 365.6 18

19 Federal 120.0 124.8 130.2 137.0 134.7 136.2 138.5 138.7 139.7 141.0 142.0 19

20 State and local 191.2 198.8 203.3 212.4 207.9 210.8 213.9 216.8 219.2 221.7 223.6 20

 Gross domestic investment, capital account

21 transactions, and net lending, NIPAs 1905.8 1674.1 1794.0 1869.4 1760.8 1825.8 1895.6 1995.3 1946.7 2030.1 2122.2 21

22 Gross domestic investment 2584.8 2056.2 2242.9 2335.1 2238.5 2300.0 2330.5 2471.6 2499.9 2515.1 2551.8 22

23 Gross private domestic investment 2087.6 1549.3 1737.3 1854.9 1755.9 1819.0 1853.8 1991.1 2032.2 2041.7 2080.4 23

24 Domestic business 1558.4 1129.8 1338.5 1456.5 1366.5 1423.4 1454.1 1582.1 1615.0 1616.0 1643.3 24

25 Nonfinancial corporate business 1096.2 762.0 982.4 1064.3 996.2 1041.9 1051.9 1167.2 1188.8 1195.4 1229.8 25

26 Nonfinancial noncorporate business 267.2 203.4 201.3 219.3 206.1 212.6 224.9 233.8 238.7 232.1 222.9 26

27 Financial business 195.0 164.4 154.8 172.9 164.2 168.8 177.4 181.1 187.6 188.6 190.6 27

28 Households and institutions 529.2 419.4 398.8 398.4 389.4 395.6 399.7 409.0 417.2 425.7 437.2 28

29 Gross government investment 497.2 506.9 505.5 480.2 482.6 480.9 476.8 480.5 467.6 473.4 471.4 29

30 Federal 148.4 156.6 167.3 160.5 161.1 163.3 158.5 159.2 152.1 155.9 155.2 30

31 State and local 348.8 350.3 338.2 319.7 321.5 317.7 318.3 321.3 315.5 317.5 316.1 31

32 Capital account transactions (net) (2) -5.4 0.6 0.7 1.7 0.6 3.8 1.6 0.7 0.5 0.5 -0.1 32

33 Private -71.0 -141.8 -80.7 -70.4 -50.9 -73.4 -68.8 -88.6 -43.6 -22.3 -26.5 33

34 Domestic business -51.2 -85.3 -30.6 -41.7 -21.8 -43.0 -37.7 -64.5 -25.8 -8.7 -12.7 34

35 Nonfinancial corporate business 12.6 42.6 18.6 -7.8 -7.7 -7.1 -8.4 -7.8 -6.6 -8.3 -12.4 35

36 Nonfinancial noncorporate business -3.3 -6.0 -7.8 -1.6 -1.6 -1.6 -1.6 -1.6 -0.3 -0.3 -0.3 36

37 Financial business -60.5 -121.9 -41.5 -32.4 -12.5 -34.3 -27.7 -55.2 -18.9 -0.1 0.0 37

38 Households and institutions -19.8 -56.6 -50.1 -28.7 -29.1 -30.4 -31.1 -24.1 -17.8 -13.6 -13.7 38

39 Government 65.6 142.4 81.4 72.1 51.5 77.2 70.4 89.3 44.0 22.7 26.4 39

40 Federal 114.3 196.2 145.4 133.1 111.3 137.4 131.9 152.1 101.4 82.1 87.4 40

41 State and local -48.7 -53.8 -64.0 -61.0 -59.7 -60.2 -61.5 -62.8 -57.4 -59.4 -61.0 41

42 Net lending (+) or net borrowing (-), NIPAs (3) -673.6 -382.7 -449.5 -467.5 -478.3 -477.9 -436.6 -477.0 -553.6 -485.4 -429.5 42

43 Private 263.7 1285.6 1201.5 1074.8 1039.2 1115.5 1108.3 1036.4 785.5 887.0 915.3 43

44 Domestic business -108.8 842.6 688.6 653.5 514.5 652.5 722.6 724.4 452.6 536.4 597.4 44

45 Nonfinancial corporate business (3) -9.5 500.4 415.4 441.5 356.1 455.3 525.3 429.4 291.3 386.1 401.9 45

46 Nonfinancial noncorporate business -52.6 13.6 16.4 -2.7 7.3 3.0 -7.0 -14.1 -18.6 -10.1 0.6 46

47 Financial business -46.7 328.6 256.8 214.7 151.1 194.2 204.4 309.1 179.9 160.4 194.9 47

48 Households and institutions 372.6 443.0 512.9 421.3 524.6 463.0 385.7 312.0 332.9 350.5 317.8 48

49 Government -937.3 -1668.3 -1651.0 -1542.3 -1517.5 -1593.4 -1544.8 -1513.4 -1339.1 -1372.4 -1344.8 49

50 Federal -756.2 -1457.4 -1490.5 -1394.1 -1365.0 -1472.2 -1384.0 -1355.1 -1172.5 -1212.4 -1174.2 50

51 State and local -181.1 -210.9 -160.5 -148.2 -152.5 -121.2 -160.9 -158.3 -166.6 -160.0 -170.6 51

52 Statistical discrepancy (line 21 less line 1) -2.4 118.3 23.3 31.9 -50.4 25.1 82.5 70.3 1.1 77.7 116.8 52

 Addenda:

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

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

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

56 Households and institutions 8.3 0.0 0.0 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, December 6, 2012

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Capital transfers paid, by sector 209.6 289.3 205.8 157.3 132.5 158.9 156.3 181.7 144.4 132.4 133.6 1

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

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

 4 Disaster-related insurance benefits 7.6 0.0 0.0 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 40.4 25.8 0.0 0.0 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 161.8 223.9 160.2 142.8 119.3 145.8 142.0 164.4 120.8 104.9 107.0 8

 9 Federal 161.8 223.9 160.2 142.8 119.3 145.8 142.0 164.4 120.8 104.9 107.0 9

10 Investment grants to state and local govts. 57.1 62.0 70.7 67.6 66.3 66.8 68.1 69.3 63.9 65.6 66.8 10

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

12 Financial stabilization payments 67.7 121.9 41.5 32.4 12.5 34.3 27.7 55.2 18.9 0.1 0.0 12

13 Other capital transfers paid to business 0.1 8.1 12.3 7.3 6.8 6.7 8.4 7.2 5.3 6.7 8.2 13

14 Other capital transfers paid to persons 33.3 31.3 35.0 33.9 33.0 34.2 36.2 32.2 32.3 32.1 31.5 14

15 Capital transfers paid to the rest of the world (net) 0.8 0.6 0.7 1.6 0.6 3.8 1.6 0.5 0.5 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 34.0 25.0 19.8 14.5 13.2 13.1 14.3 17.3 23.6 27.5 26.5 18

19 Estate and gift taxes, federal 28.3 20.6 15.1 9.6 8.3 8.2 9.5 12.5 18.9 22.6 21.5 19

20 Estate and gift taxes, state and local 5.8 4.4 4.7 4.9 4.9 4.9 4.9 4.8 4.7 4.8 5.0 20

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

22 Disaster-related insurance benefits 6.2 0.0 0.0 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 209.6 289.3 205.8 157.3 132.5 158.9 156.3 181.7 144.4 132.4 133.6 24

25 By private business 75.0 130.0 53.8 39.7 19.3 41.0 36.1 62.4 24.1 6.8 8.2 25

26 Financial corporations 68.1 121.9 41.5 32.4 12.5 34.3 27.7 55.2 18.9 0.1 0.0 26

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

28 Other 67.7 121.9 41.5 32.4 12.5 34.3 27.7 55.2 18.9 0.1 0.0 28

29 Nonfinancial corporations 3.7 2.1 4.6 5.7 5.2 5.2 6.8 5.6 5.0 6.4 7.9 29

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

31 Other 0.1 2.1 4.6 5.7 5.2 5.2 6.8 5.6 5.0 6.4 7.9 31

32 Noncorporate business 3.3 6.0 7.8 1.6 1.6 1.6 1.6 1.6 0.3 0.3 0.3 32

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

34 Other 0.0 6.0 7.8 1.6 1.6 1.6 1.6 1.6 0.3 0.3 0.3 34

35 By government 91.1 87.1 90.7 82.1 79.5 79.9 82.4 86.6 87.5 93.0 93.4 35

36 Federal 28.3 20.6 15.1 9.6 8.3 8.2 9.5 12.5 18.9 22.6 21.5 36

37 Estate and gift taxes paid by persons 28.3 20.6 15.1 9.6 8.3 8.2 9.5 12.5 18.9 22.6 21.5 37

38 State and local 62.8 66.5 75.6 72.5 71.2 71.7 72.9 74.1 68.5 70.4 71.8 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 5.8 4.4 4.7 4.9 4.9 4.9 4.9 4.8 4.7 4.8 5.0 40

41 Investment grants paid by federal government 57.1 62.0 70.7 67.6 66.3 66.8 68.1 69.3 63.9 65.6 66.8 41

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

43 By persons 42.6 71.7 60.7 33.9 33.0 34.2 36.2 32.2 32.3 32.1 31.5 43

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

45 Other 33.3 71.7 60.7 33.9 33.0 34.2 36.2 32.2 32.3 32.1 31.5 45

46 By the rest of the world 0.8 0.6 0.7 1.6 0.6 3.8 1.6 0.5 0.5 0.5 0.5 46

47 Capital transfers paid by U.S. government 0.8 0.6 0.7 1.6 0.6 3.8 1.6 0.5 0.5 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) -67.5 -89.6 -28.0 -39.7 -19.3 -41.0 -36.1 -62.4 -24.1 -6.8 -8.2 49

50 Financial corporations (lines 3-26) -60.5 -121.9 -41.5 -32.4 -12.5 -34.3 -27.7 -55.2 -18.9 -0.1 0.0 50

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

52 U.S.-chartered depository institutions -29.7 -18.2 2.4 3.2 14.6 -0.3 -1.4 -0.0 0.0 0.0 0.0 52

53 Financial stabilization payments (2) -29.3 -18.2 2.4 3.2 14.6 -0.3 -1.4 -0.0 0.0 0.0 0.0 53

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

55 Government-sponsored enterprises (2) -6.9 -87.1 -40.2 -31.9 -12.4 -34.0 -26.3 -55.1 -18.9 -0.1 0.0 55

56 Holding companies (GMAC) (2) -3.2 -11.3 -1.5 -0.3 -1.1 0.0 0.0 0.0 0.0 0.0 0.0 56

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

58 Nonfinancial corporations (lines 6-29) -3.7 38.3 21.2 -5.7 -5.2 -5.2 -6.8 -5.6 -5.0 -6.4 -7.9 58

59 Noncorporate business (lines 7-32) -3.3 -6.0 -7.8 -1.6 -1.6 -1.6 -1.6 -1.6 -0.3 -0.3 -0.3 59

60 By government (lines 8-35) 70.6 136.8 69.6 60.7 39.7 65.9 59.6 77.7 33.3 11.9 13.6 60

61 Federal (lines 9-36) 133.5 203.3 145.2 133.2 110.9 137.6 132.5 151.8 101.9 82.3 85.5 61

62 State and local (lines 16-38) -62.8 -66.5 -75.6 -72.5 -71.2 -71.7 -72.9 -74.1 -68.5 -70.4 -71.8 62

63 By persons (lines 18-43) -8.6 -46.6 -40.9 -19.4 -19.8 -21.1 -21.8 -14.9 -8.7 -4.6 -5.0 63

64 By the rest of the world (lines 21-46) 5.4 -0.6 -0.7 -1.6 -0.6 -3.8 -1.6 -0.5 -0.5 -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, December 6, 2012 17

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 811.9 166.4 414.1 750.8 976.7 285.6 939.5 801.3 1467.4 1224.8 -587.8 1

 2 Foreign deposits -23.7 -6.4 1.6 -1.9 12.2 0.1 0.4 -20.5 -7.5 -2.3 -1.0 2

 3 Checkable deposits and currency 228.2 44.4 36.1 291.6 147.5 226.9 526.6 265.4 121.2 -10.5 61.0 3

 4 Time and savings deposits 203.0 122.8 150.7 381.2 264.1 768.1 21.4 471.3 422.1 465.9 -0.3 4

 5 Money market fund shares 236.2 -270.4 -186.3 -15.7 85.9 56.7 3.2 -208.8 -11.5 -11.1 -21.1 5

 6 Securities -77.1 297.8 234.2 -268.1 191.6 -917.5 -478.8 132.4 673.5 761.9 -743.4 6

 7 Open market paper -101.3 28.7 28.8 -5.3 17.7 -11.9 -18.5 -8.4 -25.8 -18.5 -28.6 7

 8 U.S. savings bonds -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 -2.2 8

 9 Treasury bills and other Treasury securities 162.7 417.7 385.1 -274.1 -922.1 -599.0 56.8 368.1 358.5 809.7 -81.1 9

10 Agency- and GSE-backed securities 121.2 -553.0 3.4 -15.0 336.9 -169.6 -194.1 -33.0 -206.0 -53.4 -270.5 10

11 Municipal securities 38.4 129.6 59.3 -61.9 34.5 -76.4 -53.2 -152.6 -155.6 -3.6 -245.5 11

12 Corporate and foreign bonds -208.2 -123.8 -286.6 -34.4 5.6 41.8 -93.5 -91.6 -327.3 -252.9 -317.5 12

13 Corporate equities (2) -96.9 96.3 -151.1 -174.0 -6.3 -368.5 -61.0 -260.3 -87.1 -190.6 -481.4 13

14 Mutual fund shares 9.4 305.1 198.5 299.4 729.7 269.9 -112.6 310.5 1118.1 473.7 683.5 14

15 Life insurance reserves 61.7 23.7 9.0 86.9 76.8 83.6 109.5 77.6 25.0 -16.8 43.1 15

16 Pension fund reserves 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 8.7 36.7 16

17 Miscellaneous and other assets 57.9 -180.9 -40.3 82.4 -4.7 196.8 251.0 -113.5 57.7 28.8 37.2 17

18 Gross investment in nonfinancial assets 1826.4 1587.9 1599.8 1680.0 1648.6 1658.3 1684.6 1728.7 1774.1 1776.4 1795.9 18

19 Residential fixed investment 466.8 349.8 336.9 335.0 335.5 335.0 334.2 335.3 350.0 358.2 372.9 19

20 Nonresidential fixed investment 330.4 281.9 265.5 285.2 266.4 279.1 293.1 302.4 306.5 311.5 307.4 20

21 Consumer durables 1041.3 975.1 1008.9 1071.6 1059.9 1057.9 1070.1 1098.3 1125.9 1121.9 1138.7 21

22 Nonproduced nonfinancial assets -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 -8.8 22

23 Inventories -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -6.3 -14.4 23

24 Consumption of fixed capital 1412.4 1421.1 1420.6 1454.9 1434.6 1447.1 1463.3 1474.5 1458.4 1471.7 1484.2 24

25 Residential fixed investment 272.2 266.2 267.2 271.0 266.6 269.8 272.6 275.1 277.6 280.4 282.3 25

26 Nonresidential fixed investment 233.7 237.5 237.6 245.7 244.3 245.3 246.1 247.2 246.8 248.3 250.9 26

27 Consumer durables 906.5 917.4 915.8 938.1 923.7 932.0 944.6 952.2 934.0 943.0 951.0 27

28 Net investment in nonfinancial assets (3) 414.0 166.8 179.3 225.2 214.0 211.1 221.3 254.2 315.7 304.7 311.7 28

29 Residential fixed investment 194.7 83.7 69.7 64.0 68.9 65.1 61.6 60.2 72.4 77.9 90.5 29

30 Nonresidential fixed investment 96.7 44.4 27.9 39.5 22.1 33.8 47.1 55.2 59.7 63.1 56.6 30

31 Consumer durables 134.8 57.7 93.1 133.4 136.2 125.9 125.5 146.2 192.0 178.9 187.8 31

32 Nonproduced nonfinancial assets -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 -8.8 32

33 Inventories -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -6.3 -14.4 33

34 Net increase in liabilities 283.9 -268.2 -382.4 -232.3 -144.2 -368.5 -457.3 40.9 68.0 89.0 -137.3 34

35 Home mortgages -110.2 -189.7 -347.9 -251.8 -286.2 -265.1 -197.0 -258.8 -341.9 -214.4 -297.9 35

36 Other mortgages 230.9 21.9 -99.6 -51.9 -62.0 -73.4 -71.5 -0.8 -78.6 -72.2 -53.7 36

37 Consumer credit 20.1 -115.9 -30.5 86.2 66.7 78.1 48.2 151.9 149.0 172.9 117.2 37

38 Policy loans 5.9 0.7 3.4 2.4 1.2 2.8 3.7 2.0 -0.2 -1.0 2.5 38

39 Security credit -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 108.9 39

40 Other liabilities 298.0 -23.3 16.9 22.4 -14.2 -99.4 3.0 200.2 222.8 296.8 -14.4 40

41 Net capital transfers paid (4) -11.9 -52.6 -48.7 -21.0 -21.4 -22.7 -23.4 -16.5 -9.1 -5.0 -5.3 41

42 Personal saving, FOF concept (FOF) 930.2 548.8 927.1 1187.2 1313.5 842.6 1594.7 998.1 1706.1 1435.4 -144.0 42

43 - Net investment in consumer durables 134.8 57.7 93.1 133.4 136.2 125.9 125.5 146.2 192.0 178.9 187.8 43

44 - Government insurance and pension fund reserves (5) -0.6 0.5 -1.7 -0.4 -2.7 -0.1 0.5 0.6 -2.7 -0.1 -1.3 44

45 = Personal saving, NIPA concept (FOF) (6) 796.0 490.6 835.7 1054.2 1180.0 716.8 1468.7 851.4 1516.8 1256.7 -330.5 45

46 Personal saving, NIPA concept (NIPA) 592.3 508.2 566.7 489.4 585.9 527.2 451.6 392.7 427.7 455.7 431.3 46

47 Difference 203.7 -17.6 269.0 564.9 594.1 189.5 1017.1 458.7 1089.2 801.0 -761.8 47

 Memo:

48 Disposable personal income 11024.5 10722.4 11127.1 11549.3 11484.1 11542.3 11572.6 11598.3 11776.4 11861.8 11922.9 48

 Personal saving as a percentage of disposable personal income:

49 FOF concept (FOF data) (line 42) 8.4 5.1 8.3 10.3 11.4 7.3 13.8 8.6 14.5 12.1 -1.2 49

50 NIPA concept (FOF data) (line 45) 7.2 4.6 7.5 9.1 10.3 6.2 12.7 7.3 12.9 10.6 -2.8 50

51 NIPA concept (NIPA data) (line 46) 5.4 4.7 5.1 4.2 5.1 4.6 3.9 3.4 3.6 3.8 3.6 51

52 Difference (line 47) 1.8 -0.2 2.4 4.9 5.2 1.6 8.8 4.0 9.2 6.8 -6.4 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, December 6, 2012

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 12460.2 11867.0 12321.9 12947.3 12856.5 12938.9 12976.3 13017.4 13227.1 13327.0 13398.4 1

 2 - Personal current taxes 1435.7 1144.6 1194.8 1398.0 1372.5 1396.6 1403.8 1419.1 1450.8 1465.2 1475.5 2

 3 = Disposable personal income 11024.5 10722.4 11127.1 11549.3 11484.1 11542.3 11572.6 11598.3 11776.4 11861.8 11922.9 3

 4 - Personal outlays 10432.2 10214.3 10560.4 11059.9 10898.1 11015.1 11120.9 11205.6 11348.7 11406.1 11491.6 4

 5 = Personal saving, NIPA (2) 592.3 508.2 566.7 489.4 585.9 527.2 451.6 392.7 427.7 455.7 431.3 5

 6 + Government insurance and pension reserves (3) -0.6 0.5 -1.7 -0.4 -2.7 -0.1 0.5 0.6 -2.7 -0.1 -1.3 6

 7 + Net investment in consumer durables 134.8 57.7 93.1 133.4 136.2 125.9 125.5 146.2 192.0 178.9 187.8 7

 8 + Consumption of fixed capital 1201.2 1210.1 1210.7 1239.8 1222.6 1233.0 1247.2 1256.4 1238.6 1250.0 1260.9 8

 9 - Net capital transfers paid (4) -8.6 -46.6 -40.9 -19.4 -19.8 -21.1 -21.8 -14.9 -8.7 -4.6 -5.0 9

10 = Gross saving less net capital transfers paid 1936.2 1823.1 1909.7 1881.6 1961.9 1907.2 1846.7 1810.7 1864.3 1889.0 1883.7 10

11 Gross investment 2139.9 1805.5 2178.6 2446.5 2555.9 2096.7 2863.8 2269.4 2953.4 2690.1 1121.9 11

12 Capital expenditures 1559.3 1384.6 1398.5 1460.7 1439.9 1444.2 1460.5 1498.1 1534.0 1538.6 1567.1 12

13 Residential 397.2 295.5 288.9 286.4 288.0 286.7 285.8 285.2 298.2 306.1 319.4 13

14 Consumer durable goods 1041.3 975.1 1008.9 1071.6 1059.9 1057.9 1070.1 1098.3 1125.9 1121.9 1138.7 14

15 Nonprofit nonresidential 132.0 123.9 109.9 112.0 101.3 108.9 113.9 123.8 119.0 119.5 117.8 15

16 Nonproduced nonfinancial assets -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 -8.8 16

17 Net lending (+) or net borrowing (-) 580.6 420.9 780.1 985.8 1116.0 652.5 1403.3 771.3 1419.4 1151.5 -445.3 17

18 Net acquisition of financial assets 419.2 238.6 583.4 750.5 1020.7 301.0 944.6 735.6 1429.5 1229.5 -596.4 18

19 Foreign deposits -23.7 -6.4 1.6 -1.9 12.2 0.1 0.4 -20.5 -7.5 -2.3 -1.0 19

20 Checkable deposits and currency 224.4 24.0 56.4 292.2 151.8 229.6 527.9 259.6 117.2 -11.1 59.6 20

21 Time and savings deposits 204.2 127.6 164.5 382.6 268.0 770.9 23.3 468.3 420.4 466.5 -0.2 21

22 Money market fund shares 235.1 -268.7 -183.4 -15.5 86.7 57.3 3.6 -209.4 -11.8 -11.0 -21.1 22

23 Credit market instruments 31.9 -113.1 177.1 -406.9 -545.4 -829.4 -312.3 59.5 -361.3 449.8 -934.8 23

24 Open market paper -101.3 28.7 28.8 -5.3 17.7 -11.9 -18.5 -8.4 -25.8 -18.5 -28.6 24

25 Treasury securities 167.8 420.6 383.6 -276.6 -925.9 -602.4 54.4 367.5 356.7 807.4 -83.2 25

26 Savings bonds -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 -2.2 26

27 Other 170.3 423.4 386.9 -273.9 -921.6 -598.6 57.1 367.7 358.3 809.7 -81.0 27

28 Agency- and GSE-backed securities 121.2 -553.0 3.4 -15.0 336.9 -169.6 -194.1 -33.0 -206.0 -53.4 -270.5 28

29 Municipal securities 38.8 129.5 59.5 -61.9 34.6 -76.4 -53.2 -152.7 -155.7 -3.5 -245.5 29

30 Corporate and foreign bonds -208.2 -123.8 -286.6 -34.4 5.6 41.8 -93.5 -91.6 -327.3 -252.9 -317.5 30

31 Other loans and advances (5) 12.2 -5.3 -0.6 -2.8 -3.8 1.7 -0.4 -8.7 12.6 -13.3 24.8 31

32 Mortgages 1.4 -9.7 -11.1 -10.9 -10.4 -12.6 -6.9 -13.5 -16.0 -15.9 -14.1 32

33 Corporate equities (6) -96.9 96.3 -151.1 -174.0 -6.3 -368.5 -61.0 -260.3 -87.1 -190.6 -481.4 33

34 Mutual fund shares 9.4 305.1 198.5 299.4 729.7 269.9 -112.6 310.5 1118.1 473.7 683.5 34

35 Security credit -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 20.2 35

36 Life insurance reserves 61.7 23.7 9.0 86.9 76.8 83.6 109.5 77.6 25.0 -16.8 43.1 36

37 Pension fund reserves 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 8.7 36.7 37

38 Equity in noncorporate business -284.0 -32.3 31.6 -11.6 0.6 -8.5 -2.0 -36.5 11.6 8.5 -8.9 38

39 Miscellaneous assets 55.1 21.1 44.4 46.8 7.2 7.5 73.0 99.7 -22.0 -7.4 7.8 39

40 Net increase in liabilities -161.4 -182.4 -196.7 -235.3 -95.3 -351.5 -458.7 -35.7 10.1 78.1 -151.2 40

41 Credit market instruments -26.1 -231.6 -296.0 -209.2 -267.2 -355.9 -223.5 9.8 -120.7 160.9 -261.7 41

42 Home mortgages (7) -63.3 -148.2 -306.0 -229.2 -257.6 -239.1 -177.7 -242.4 -325.0 -206.5 -291.8 42

43 Consumer credit 20.1 -115.9 -30.5 86.2 66.7 78.1 48.2 151.9 149.0 172.9 117.2 43

44 Municipal securities 9.3 5.9 -2.2 -7.8 -1.7 -4.3 -19.5 -5.5 -6.5 -17.5 -15.4 44

45 Depository institution loans n.e.c. (8) 4.6 33.0 52.4 -53.9 -68.9 -184.5 -69.8 107.6 70.4 221.4 -63.9 45

46 Other loans and advances 6.2 0.5 2.4 1.9 0.9 2.1 3.7 1.1 -1.2 -0.6 2.6 46

47 Commercial mortgages -3.0 -6.9 -12.2 -6.5 -6.5 -8.1 -8.4 -2.8 -7.3 -8.7 -10.5 47

48 Security credit -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 108.9 48

49 Trade payables 22.2 16.0 21.4 14.0 20.0 14.0 13.6 8.5 6.6 2.8 -0.0 49

 Deferred and unpaid

50 life insurance premiums 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 1.7 50

51 Discrepancy -203.7 17.6 -269.0 -564.9 -594.1 -189.5 -1017.1 -458.7 -1089.2 -801.0 761.8 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 21.
Z.1, December 6, 2012 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 2030.6 1792.6 2206.9 2290.1 2230.7 2316.8 2299.3 2313.7 2561.5 2563.8 2624.1 1

 2 Gross saving less net capital transfers paid 1318.9 1364.5 1589.0 1688.1 1573.7 1697.4 1718.7 1762.5 1685.1 1747.5 1737.2 2

 3 Gross investment 384.0 1545.4 1320.5 1505.5 1365.7 1474.9 1590.4 1591.2 1641.0 1541.5 1619.4 3

 4 Capital expenditures 1379.6 969.9 1176.5 1275.3 1198.2 1248.7 1265.9 1388.5 1420.9 1419.1 1443.0 4

 5 Fixed investment 1404.4 1119.7 1120.7 1240.8 1167.1 1215.9 1271.6 1308.6 1350.0 1366.3 1363.4 5

 6 Residential 75.1 58.8 47.0 46.1 41.8 45.6 43.4 53.4 61.2 60.2 63.6 6

 7 Nonresidential 1329.3 1060.9 1073.7 1194.7 1125.3 1170.3 1228.1 1255.2 1288.9 1306.1 1299.8 7

 8 Change in inventories -41.1 -154.2 58.4 36.6 33.7 34.8 -4.1 82.1 72.6 54.8 84.1 8

 9 Nonproduced nonfinancial assets 16.3 4.4 -2.6 -2.1 -2.5 -2.0 -1.5 -2.2 -1.6 -1.9 -4.5 9

10 Net lending (+) or net borrowing (-) -995.6 575.6 144.0 230.2 167.5 226.2 324.4 202.7 220.0 122.4 176.4 10

11 Net acquisition of financial assets -506.7 206.5 476.0 834.3 628.0 767.0 933.8 1008.4 795.5 743.1 921.2 11

12 Foreign deposits -25.5 6.8 9.1 -7.0 27.8 -27.2 -14.3 -14.4 -50.4 -44.8 4.4 12

13 Checkable deposits and currency -108.8 160.3 53.9 67.4 94.0 55.6 88.8 31.1 23.4 102.7 106.3 13

14 Time and savings deposits -60.7 102.1 46.1 24.3 7.8 64.8 -0.5 24.9 43.2 -52.9 37.6 14

15 Money market fund shares 163.2 -70.6 -159.7 -33.1 -61.0 -47.7 -69.6 46.0 -72.5 -49.1 22.5 15

16 Security RPs -0.9 0.7 4.3 0.7 2.3 1.1 -3.6 3.1 4.1 1.6 -2.2 16

17 Credit market instruments -47.2 0.9 8.2 -15.2 1.9 -4.7 -61.9 3.9 94.9 22.1 -18.7 17

18 Commercial paper -12.2 -1.3 12.0 -8.5 19.2 -13.2 -35.5 -4.7 20.3 -26.1 37.3 18

19 Treasury securities -15.4 6.8 3.3 -0.4 -22.8 -4.1 11.4 13.9 21.0 47.6 -20.1 19

20 Agency- and GSE-backed securities -2.6 4.2 1.7 -0.1 -7.4 12.1 -9.4 4.5 6.9 5.9 -6.7 20

21 Municipal securities -3.4 1.1 -3.4 -4.5 -17.8 -1.3 2.7 -1.6 11.0 -5.4 1.8 21

22 Mortgages -10.7 -5.3 -3.0 -1.7 -2.0 -1.9 -1.8 -1.2 -1.4 -1.6 -1.6 22

23 Consumer credit -3.0 -4.6 -2.3 0.0 32.7 3.7 -29.4 -7.0 36.9 1.7 -29.4 23

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

25 Trade receivables -170.7 -54.9 77.3 181.1 107.8 209.2 233.0 174.2 218.4 122.5 70.1 25

26 Miscellaneous assets -239.3 25.8 425.7 627.4 458.6 527.2 773.1 750.7 545.7 652.2 712.4 26

27 Net increase in liabilities 488.9 -369.1 332.0 604.1 460.6 540.8 609.4 805.6 575.4 620.7 744.8 27

28 Credit market instruments 660.3 -266.3 83.9 518.6 407.3 591.1 486.6 589.3 462.4 534.4 526.4 28

29 Commercial paper 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 34.5 -30.0 29

30 Municipal securities 66.0 37.2 33.2 8.5 17.7 13.0 9.9 -6.4 10.9 35.2 11.0 30

31 Corporate bonds 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 514.8 31

32 Depository institution loans n.e.c. 183.7 -336.0 -103.8 125.6 94.0 93.3 166.3 148.8 216.3 172.0 98.2 32

33 Other loans and advances 60.8 -147.0 -87.6 68.3 -14.2 119.0 76.2 92.4 -118.8 -16.7 -40.7 33

34 Mortgages 136.7 -135.0 -205.2 -101.9 -120.3 -144.9 -117.9 -24.4 -113.6 -60.8 -26.8 34

35 Corporate equities -336.0 -64.6 -278.0 -472.5 -324.2 -510.8 -616.0 -438.8 -292.1 -512.0 -431.4 35

36 Trade payables -219.4 -77.6 136.3 175.7 129.7 190.9 186.9 195.2 186.4 129.9 103.8 36

37 Taxes payable 9.8 -9.5 2.2 4.5 21.5 -14.6 8.4 2.6 -4.8 18.2 21.2 37

38 Miscellaneous liabilities 669.6 77.5 356.3 387.8 216.9 292.7 552.8 489.0 240.1 446.8 529.6 38

39 Proprietors’ net investment -295.5 -28.6 31.3 -9.9 9.3 -8.3 -9.2 -31.6 -16.6 3.3 -4.9 39

40 Discrepancy 934.9 -180.9 268.5 182.5 208.0 222.5 128.4 171.3 44.2 206.0 117.7 40

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
20 Z.1, December 6, 2012

F.102 Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 831.2 712.9 990.5 1007.0 963.0 1037.8 1010.8 1016.3 1240.4 1229.8 1268.4 1

 2 - Taxes on corporate income 227.4 177.8 222.9 246.8 244.0 253.9 248.1 241.2 304.3 304.6 310.8 2

 3 - Net dividends 474.1 351.7 385.7 425.3 407.3 435.8 428.6 429.7 432.8 454.9 481.9 3

 4 + Capital consumption allowance (1) 831.6 805.5 823.3 954.9 944.2 952.5 957.7 965.4 770.9 779.0 787.7 4

 5 = U.S. internal funds, book 961.2 988.9 1205.1 1289.8 1255.8 1300.6 1291.8 1310.9 1274.2 1249.4 1263.5 5

 6 + Foreign earnings retained abroad 183.9 193.8 226.1 238.5 220.9 251.0 243.0 239.3 209.5 253.6 268.4 6

 7 + Inventory valuation adjustment (IVA) -44.5 3.2 -38.7 -62.6 -121.7 -75.0 -40.6 -12.9 -23.7 16.0 -26.1 7

 8 - Net capital transfers paid (2) -3.7 38.3 21.2 -5.7 -5.2 -5.2 -6.8 -5.6 -5.0 -6.4 -7.9 8

 9 = Total internal funds + IVA 1104.4 1147.5 1371.4 1471.4 1360.1 1481.7 1501.1 1542.9 1465.0 1525.5 1513.6 9

10 Gross investment 169.5 1328.5 1102.8 1288.9 1152.1 1259.2 1372.7 1371.6 1420.9 1319.5 1395.8 10

11 Capital expenditures 1112.4 766.5 975.2 1056.0 989.5 1034.7 1041.8 1158.0 1180.9 1181.4 1214.3 11

12 Fixed investment (3) 1136.4 907.4 917.1 1018.9 954.5 997.5 1043.8 1079.9 1110.7 1122.3 1120.3 12

13 Inventory change + IVA -40.2 -145.3 60.7 39.1 37.6 39.2 -0.5 80.2 71.9 61.0 98.5 13

14 Nonproduced nonfinancial assets 16.3 4.4 -2.6 -2.1 -2.5 -2.0 -1.5 -2.2 -1.6 -1.9 -4.5 14

15 Net lending (+) or net borrowing (-) -943.0 562.0 127.7 232.9 162.6 224.5 330.9 213.6 239.9 138.1 181.6 15

16 Net acquisition of financial assets -604.0 307.3 614.0 844.0 662.7 790.7 948.1 974.3 774.1 744.5 917.5 16

17 Foreign deposits -25.5 6.8 9.1 -7.0 27.8 -27.2 -14.3 -14.4 -50.4 -44.8 4.4 17

18 Checkable deposits and currency -112.6 139.8 74.2 68.0 98.3 58.2 90.1 25.3 19.5 102.0 104.9 18

19 Time and savings deposits -59.4 106.9 59.9 25.6 11.7 67.6 1.4 22.0 41.5 -52.3 37.7 19

20 Money market fund shares 162.2 -69.0 -156.9 -32.8 -60.2 -47.1 -69.2 45.4 -72.9 -49.0 22.5 20

21 Security RPs -0.9 0.7 4.3 0.7 2.3 1.1 -3.6 3.1 4.1 1.6 -2.2 21

22 Credit market instruments -36.4 7.6 11.7 -14.9 2.9 -4.0 -61.5 3.1 94.4 22.2 -18.7 22

23 Commercial paper -12.2 -1.3 12.0 -8.5 19.2 -13.2 -35.5 -4.7 20.3 -26.1 37.3 23

24 Treasury securities -7.9 12.5 5.1 -0.2 -22.3 -3.8 11.7 13.5 20.8 47.7 -20.1 24

25 Agency- and GSE-backed securities -2.6 4.2 1.7 -0.1 -7.4 12.1 -9.4 4.5 6.9 5.9 -6.7 25

26 Municipal securities -3.0 0.9 -3.2 -4.5 -17.8 -1.3 2.7 -1.6 11.0 -5.4 1.8 26

27 Mortgages -7.7 -4.1 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 27

28 Consumer credit -3.0 -4.6 -2.3 0.0 32.7 3.7 -29.4 -7.0 36.9 1.7 -29.4 28

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

30 Trade receivables -167.7 -28.6 96.7 183.0 113.3 213.2 235.6 170.0 216.0 123.3 70.1 30

31 Miscellaneous assets -346.8 107.5 503.9 632.5 477.8 540.2 780.8 731.1 533.2 652.6 709.9 31

32 U.S. direct investment abroad (4) 262.6 257.2 324.8 396.5 412.3 488.0 257.3 428.5 426.4 278.4 329.5 32

33 Insurance receivables 10.9 -0.9 3.0 15.7 0.6 22.9 13.9 25.4 -9.3 3.6 1.5 33

34 Equity in GSEs -0.1 0.0 0.1 -0.0 0.3 -0.3 -0.3 0.1 0.5 0.7 1.1 34

35 Investment in finance co. subs. -1.1 -9.3 20.3 9.0 49.5 -2.5 -3.7 -7.2 -11.8 -9.9 17.0 35

36 Other -619.3 -139.6 155.7 211.3 15.1 32.0 513.5 284.4 127.4 379.9 360.9 36

37 Net increase in liabilities 339.0 -254.7 486.4 611.1 500.1 566.2 617.2 760.7 534.2 606.4 735.9 37

38 Net funds raised in markets 5.5 -210.9 1.0 61.4 138.8 123.8 -102.0 85.2 148.3 -1.4 78.9 38

39 Net new equity issues -336.0 -64.6 -278.0 -472.5 -324.2 -510.8 -616.0 -438.8 -292.1 -512.0 -431.4 39

40 Credit market instruments 341.5 -146.4 279.0 533.9 463.0 634.6 514.0 524.0 440.4 510.6 510.3 40

41 Commercial paper 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 34.5 -30.0 41

42 Municipal securities (5) 66.0 37.2 33.2 8.5 17.7 13.0 9.9 -6.4 10.9 35.2 11.0 42

43 Corporate bonds (4) 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 514.8 43

44 Depository institution loans n.e.c. 64.2 -234.1 -33.4 73.4 64.0 43.0 105.4 81.3 102.3 90.9 37.1 44

45 Other loans and advances (6) 48.5 -141.7 -92.2 67.9 -12.4 121.5 82.2 80.2 -115.0 -30.7 -45.2 45

46 Mortgages -50.3 -122.3 -75.9 -33.9 -36.4 -53.6 -35.5 -10.1 -25.5 10.5 22.6 46

47 Trade payables -225.2 -85.3 155.7 178.3 144.4 190.2 183.6 195.2 189.0 140.3 105.4 47

48 Taxes payable 3.1 -3.3 7.2 5.0 22.9 -13.6 9.0 1.5 -5.4 18.4 21.2 48

49 Miscellaneous liabilities 555.5 44.8 322.6 366.3 194.0 265.9 526.6 478.8 202.3 449.0 530.3 49

50 Foreign direct investment in U.S. 189.5 104.7 156.9 206.8 116.0 207.3 232.7 271.1 108.4 112.8 79.6 50

51 Pension fund contributions payable 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 1.3 1.1 51

52 Other 365.3 -62.4 167.0 159.4 78.6 58.7 293.5 206.7 92.5 334.9 449.6 52

53 Discrepancy 934.9 -180.9 268.5 182.5 208.0 222.5 128.4 171.3 44.2 206.0 117.7 53

 Memo:

54 Financing gap (7) 195.7 -225.5 -191.3 -171.2 -144.5 -190.9 -209.4 -140.0 -69.7 -84.1 -23.1 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, December 6, 2012 21

F.103 Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving = consumption of fixed capital 211.3 211.0 209.9 215.0 212.0 214.1 216.1 218.0 219.8 221.7 223.2 1

 2 Gross saving less net capital transfers paid (1) 214.5 217.0 217.7 216.6 213.6 215.7 217.6 219.6 220.1 222.0 223.6 2

 3 Gross investment 214.5 217.0 217.7 216.6 213.6 215.7 217.6 219.6 220.1 222.0 223.6 3

 4 Capital expenditures 267.2 203.4 201.3 219.3 208.7 214.0 224.1 230.6 240.0 237.8 228.8 4

 5 Fixed investment (2) 268.0 212.3 203.6 221.8 212.6 218.4 227.7 228.7 239.3 244.0 243.1 5

 6 Change in inventories -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -6.3 -14.4 6

 7 Net lending (+) or net borrowing (-) -52.6 13.6 16.4 -2.7 4.9 1.7 -6.5 -10.9 -19.9 -15.7 -5.2 7

 8 Net acquisition of financial assets 97.3 -100.8 -138.0 -9.6 -34.6 -23.7 -14.3 34.0 21.3 -1.4 3.7 8

 9 Checkable deposits and currency 3.8 20.4 -20.3 -0.6 -4.3 -2.7 -1.3 5.8 4.0 0.6 1.4 9

10 Time and savings deposits -1.2 -4.8 -13.8 -1.4 -3.9 -2.8 -1.9 3.0 1.7 -0.6 -0.1 10

11 Money market mutual funds 1.0 -1.7 -2.9 -0.3 -0.8 -0.6 -0.4 0.6 0.4 -0.1 -0.0 11

12 Credit market instruments -10.9 -6.7 -3.5 -0.3 -1.0 -0.7 -0.5 0.8 0.4 -0.1 -0.0 12

13 Treasury securities -7.5 -5.7 -1.8 -0.2 -0.5 -0.4 -0.2 0.4 0.2 -0.1 -0.0 13

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

15 Mortgages -3.0 -1.2 -1.5 -0.1 -0.4 -0.3 -0.2 0.3 0.2 -0.1 0.0 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 -3.0 -26.3 -19.4 -1.9 -5.5 -3.9 -2.6 4.2 2.4 -0.8 -0.1 17

18 Miscellaneous assets 107.5 -81.7 -78.2 -5.1 -19.2 -13.0 -7.7 19.6 12.5 -0.4 2.5 18

19 Insurance receivables 3.4 0.9 0.1 6.3 1.5 8.8 6.6 8.3 -1.0 5.4 4.0 19

20 Equity investment in GSEs (3) 1.2 -0.0 0.4 0.3 -0.2 0.5 0.7 0.1 0.3 -1.3 -0.7 20

21 Other 102.9 -82.7 -78.7 -11.6 -20.6 -22.3 -14.9 11.3 13.2 -4.5 -0.9 21

22 Net increase in liabilities 149.9 -114.4 -154.4 -6.9 -39.5 -25.3 -7.8 45.0 41.2 14.3 8.9 22

23 Credit market instruments 318.8 -120.0 -195.1 -15.3 -55.7 -43.5 -27.4 65.3 22.1 23.8 16.2 23

24 Depository institution loans n.e.c. 119.6 -102.0 -70.4 52.2 30.0 50.3 61.0 67.5 114.0 81.2 61.1 24

25 Other loans and advances 12.3 -5.3 4.7 0.4 -1.8 -2.5 -6.0 12.2 -3.8 13.9 4.5 25

26 Mortgages 186.9 -12.7 -129.3 -68.0 -83.9 -91.3 -82.4 -14.3 -88.1 -71.3 -49.4 26

27 Trade payables 5.7 7.7 -19.4 -2.7 -14.7 0.7 3.3 0.0 -2.6 -10.4 -1.6 27

28 Taxes payable 6.7 -6.3 -4.9 -0.5 -1.4 -1.0 -0.7 1.1 0.6 -0.2 -0.0 28

29 Miscellaneous liabilities 114.1 32.7 33.7 21.5 22.9 26.8 26.2 10.2 37.8 -2.2 -0.6 29

30 Proprietors’ net investment -295.5 -28.6 31.3 -9.9 9.3 -8.3 -9.2 -31.6 -16.6 3.3 -4.9 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, December 6, 2012

F.104 State and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 1944.8 1961.4 2042.4 2064.4 2073.9 2098.0 2045.2 2040.5 2050.4 2066.7 2070.4 1

 2 Personal current taxes 334.4 287.6 300.6 322.8 319.9 328.1 321.7 321.4 325.9 334.2 336.3 2

 3 Taxes on production and imports 944.6 931.8 959.5 990.4 982.1 990.7 990.1 998.8 1015.2 1015.7 1014.8 3

 4 Taxes on corporate income 47.4 45.5 44.5 47.6 48.3 45.7 47.1 49.3 50.1 46.2 45.8 4

 5 Contributions for govt. social insurance 19.0 19.0 18.4 18.3 18.4 18.4 18.3 18.1 17.8 17.5 17.3 5

 6 Income receipts on assets 106.8 95.0 88.8 86.4 86.7 86.4 86.6 86.0 85.7 85.8 85.0 6

 7 Current transfer receipts 505.0 593.6 643.2 612.7 631.7 642.2 595.4 581.6 571.1 583.4 587.8 7

 8 Current surplus of government enterprises -12.3 -11.1 -12.5 -13.8 -13.1 -13.5 -14.1 -14.7 -15.4 -16.1 -16.6 8

 9 Current expenditures, NIPA basis 2017.0 2074.6 2132.1 2166.3 2172.6 2172.6 2163.2 2157.0 2178.1 2190.3 2209.6 9

10 Consumption expenditures 1449.2 1473.3 1496.2 1518.0 1511.4 1520.3 1522.0 1518.4 1531.4 1525.5 1532.7 10

11 Govt. social benefit payments to persons 456.7 495.1 528.3 538.5 552.0 542.9 531.4 527.9 534.4 551.6 563.8 11

12 Interest payments 108.1 104.8 106.0 109.2 108.3 109.0 109.3 110.3 111.9 112.8 112.6 12

13 Subsidies 3.0 1.4 1.6 0.5 0.9 0.4 0.4 0.4 0.5 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 -72.2 -113.2 -89.7 -102.0 -98.7 -74.6 -118.0 -116.5 -127.6 -123.7 -139.1 15

16 + Consumption of fixed capital 191.2 198.8 203.3 212.4 207.9 210.8 213.9 216.8 219.2 221.7 223.6 16

17 - Net capital transfers paid (2) -62.8 -66.5 -75.6 -72.5 -71.2 -71.7 -72.9 -74.1 -68.5 -70.4 -71.8 17

18 = Gross saving less net capital transfers paid 181.8 152.0 189.2 182.9 180.5 207.9 168.8 174.4 160.1 168.5 156.3 18

19 Gross investment 201.2 174.0 220.4 203.0 195.6 233.2 188.7 194.3 180.1 188.4 172.2 19

20 Fixed investment 348.8 350.3 338.2 319.7 321.5 317.7 318.3 321.3 315.5 317.5 316.1 20

21 Nonproduced nonfinancial assets 14.1 12.7 11.5 11.5 11.5 11.5 11.5 11.4 11.2 11.0 10.8 21

22 Net lending (+) or net borrowing (-) -161.7 -189.0 -129.4 -128.2 -137.4 -95.9 -141.0 -138.3 -146.7 -140.1 -154.7 22

23 Net acq. of financial assets -104.6 -36.3 -19.8 -140.7 -183.0 -139.1 -105.3 -135.3 -107.3 -6.8 -117.1 23

24 Checkable deposits and currency 8.5 19.2 6.7 15.9 14.8 23.3 8.6 16.9 -10.2 -8.9 -6.7 24

25 Time and savings deposits 19.1 10.8 -0.4 18.0 0.4 31.4 11.5 28.7 -0.2 31.1 40.0 25

26 Money market fund shares -3.3 8.7 7.7 -3.3 0.3 0.1 -9.3 -4.4 -3.9 -4.5 9.2 26

27 Security RPs -15.7 -4.0 -5.2 -8.3 -11.1 -11.1 -7.4 -3.5 -3.1 -3.6 7.2 27

28 Credit market instruments -204.3 -76.7 33.5 -90.5 -60.4 -81.9 -140.3 -79.4 -67.2 -4.2 139.3 28

29 Open market paper -81.9 -73.4 60.1 23.9 43.6 43.7 -8.0 16.2 -3.4 -3.9 7.8 29

30 Treasury securities -61.5 20.5 -8.5 -53.5 -55.0 -70.7 -58.3 -29.9 -10.9 25.8 34.3 30

31 Agency- and GSE-backed securities -36.1 -31.7 -16.0 -47.0 -40.8 -41.2 -51.1 -54.8 -43.2 -15.0 70.6 31

32 Municipal securities -0.1 0.9 0.8 -0.2 0.2 0.2 -0.8 -0.4 -0.3 -0.4 0.8 32

33 Corporate and foreign bonds -11.4 2.8 1.5 -6.9 -6.5 -6.6 -10.0 -4.7 -4.2 -4.8 9.8 33

34 Mortgages -13.3 4.2 -4.4 -6.8 -2.0 -7.3 -12.2 -5.8 -5.2 -5.9 16.0 34

35 Corporate equities 7.6 10.4 -15.6 -6.6 -25.7 -5.9 41.2 -35.9 -37.8 7.7 -19.8 35

36 Mutual fund shares 15.6 -8.0 -5.0 -2.0 -10.2 -0.4 21.2 -18.5 -19.5 4.0 -10.2 36

37 Trade receivables -22.3 -18.6 -19.3 -9.7 -19.5 -19.2 0.0 0.0 0.0 0.0 0.0 37

38 Taxes receivable 2.2 -6.7 -6.4 5.3 5.8 2.2 6.4 6.8 12.2 4.3 6.9 38

39 Miscellaneous assets 87.9 28.5 -15.6 -59.5 -77.3 -77.6 -37.1 -45.9 22.6 -32.8 -282.9 39

40 Net increase in liabilities 57.1 152.7 109.6 -12.5 -45.6 -43.2 35.7 3.0 39.4 133.3 37.6 40

41 Credit market instruments 17.9 113.0 69.5 -52.7 -85.6 -83.3 -4.5 -37.4 -1.0 93.0 -2.8 41

42 Municipal securities 17.1 112.2 68.7 -53.6 -86.0 -84.1 -5.6 -38.6 -1.6 92.0 -2.4 42

43 Short-term (3) 4.6 7.8 -0.7 -10.6 -11.9 -25.7 13.9 -18.8 -3.4 36.3 15.2 43

44 Long-term 12.5 104.4 69.3 -42.9 -74.1 -58.4 -19.5 -19.8 1.9 55.7 -17.6 44

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

46 Trade payables 39.2 39.6 40.0 40.2 40.0 40.1 40.3 40.4 40.4 40.3 40.4 46

47 Discrepancy -19.4 -21.9 -31.2 -20.0 -15.1 -25.3 -19.9 -19.9 -19.9 -19.9 -15.9 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, December 6, 2012 23

F.105 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Current receipts, NIPA basis 2502.2 2226.5 2395.4 2519.6 2509.8 2522.9 2511.3 2534.3 2664.9 2659.5 2683.3 1

 2 Personal current taxes 1101.3 857.0 894.2 1075.2 1052.6 1068.5 1082.0 1097.7 1124.9 1131.0 1139.2 2

 3 Taxes on production and imports 94.0 91.4 95.5 107.4 102.4 108.3 108.1 110.9 113.3 115.2 116.3 3

 4 Taxes on corporate income 233.7 200.4 305.1 304.2 324.8 312.4 287.1 292.5 375.7 368.1 387.9 4

 5 Taxes from the rest of the world 18.8 14.8 15.1 15.9 14.1 14.9 17.0 17.4 15.4 16.9 17.7 5

 6 Contributions for govt. social insurance 973.1 949.1 969.8 905.5 900.5 905.1 907.0 909.2 929.3 931.5 934.9 6

 7 Income receipts on assets 30.7 48.1 53.0 55.3 55.7 55.6 55.5 54.5 54.7 53.2 53.0 7

 8 Current transfer receipts 54.4 70.2 69.8 68.8 69.7 69.0 68.1 68.3 68.3 61.6 53.1 8

 9 Current surplus of government enterprises -3.7 -4.5 -7.0 -12.7 -10.0 -11.0 -13.4 -16.4 -16.7 -18.0 -18.8 9

10 Current expenditures, NIPA basis 3115.7 3455.8 3703.4 3757.0 3737.1 3830.6 3743.3 3716.8 3723.6 3774.8 3756.8 10

11 Consumption expenditures 931.7 987.0 1055.8 1061.5 1054.2 1071.0 1069.0 1052.0 1055.6 1054.8 1086.1 11

12 Government social benefits 1401.2 1621.4 1725.1 1752.9 1741.0 1748.9 1756.2 1765.5 1786.0 1785.6 1796.0 12

13 Other current transfer payments 440.7 536.1 585.8 556.5 573.9 592.9 536.0 523.0 515.0 525.2 526.4 13

14 Interest payments 292.1 253.1 281.4 325.0 309.3 356.4 320.1 314.0 306.7 348.7 288.1 14

15 Subsidies 49.9 58.3 55.4 61.1 58.8 61.4 62.0 62.2 60.4 60.6 60.2 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 -613.5 -1229.3 -1308.0 -1237.4 -1227.3 -1307.7 -1232.0 -1182.6 -1058.7 -1115.4 -1073.5 17

18 + Consumption of fixed capital 120.0 124.8 130.2 137.0 134.7 136.2 138.5 138.7 139.7 141.0 142.0 18

19 - Insurance and pension reserves (1) -0.6 0.5 -1.7 -0.4 -2.7 -0.1 0.5 0.6 -2.7 -0.1 -1.3 19

20 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.8 5.0 4.9 4.4 4.4 4.4 4.5 4.5 4.6 4.6 4.6 20

21 - Net capital transfers paid (2) 65.8 81.4 103.7 100.8 98.5 103.3 104.8 96.7 83.0 82.2 85.5 21

22 = Gross saving less net capital transfers paid -563.5 -1191.4 -1284.6 -1205.2 -1192.8 -1279.1 -1203.4 -1145.6 -1003.9 -1061.0 -1020.3 22

23 Gross investment -650.3 -1146.8 -1222.4 -1198.4 -1392.3 -300.3 -1910.3 -1190.9 -1383.7 -902.0 -468.5 23

24 Fixed investment 148.4 156.6 167.3 160.5 161.1 163.3 158.5 159.2 152.1 155.9 155.2 24

25 Nonproduced nonfinancial assets -19.2 -7.1 0.2 -0.1 0.3 -0.2 -0.6 0.2 -0.5 -0.2 1.9 25

26 Net lending (+) or net borrowing (-) -779.5 -1296.3 -1390.0 -1358.9 -1553.7 -463.4 -2068.2 -1350.3 -1535.3 -1057.7 -625.6 26

27 Net acq. of financial assets 571.9 224.2 287.6 -165.7 -605.9 38.7 -239.5 143.9 -51.9 227.1 150.9 27

28 U.S. official reserve assets 4.2 51.9 1.6 16.2 16.3 24.8 16.0 7.9 4.6 13.0 8.4 28

29 Checkable deposits and currency 313.1 -174.2 148.9 -257.6 -845.7 -15.9 -321.2 152.2 -121.6 96.5 -27.6 29

30 Time and savings deposits -1.3 0.3 0.1 -0.3 -2.1 1.5 -0.3 -0.2 0.5 1.4 -1.0 30

31 Credit market instruments 85.2 295.4 85.0 -0.7 120.2 -61.6 1.8 -63.1 31.1 101.4 121.1 31

32 Agency- and GSE-backed securities 54.4 142.0 -47.2 -118.1 -43.1 -139.1 -132.3 -158.0 -118.5 -5.8 0.0 32

33 Corporate and foreign bonds 0.0 0.6 0.3 -0.1 -0.0 0.0 -0.3 -0.1 -0.1 -0.0 -0.4 33

34 Other loans and advances 6.0 66.0 3.5 4.8 8.6 -11.8 7.0 15.4 9.5 6.5 -13.3 34

35 Mortgages 13.5 12.6 -1.8 4.0 4.9 6.2 -0.1 5.2 4.5 1.7 -0.6 35

36 Consumer credit (3) 11.3 74.3 130.2 108.7 149.8 83.0 127.5 74.4 135.8 99.0 135.5 36

37 Corporate equities (4) 256.3 0.6 24.1 40.3 61.3 49.6 1.0 49.3 -19.8 -18.1 4.0 37

38 Trade receivables 4.2 -21.1 -0.7 4.8 -3.1 9.1 6.2 6.8 -5.2 6.9 -2.4 38

39 Taxes receivable -61.9 35.9 32.2 29.7 48.5 24.0 55.2 -9.1 69.1 20.0 42.9 39

40 Miscellaneous assets -28.0 35.4 -3.5 1.9 -1.3 7.2 1.8 0.1 -10.7 6.0 5.6 40

41 Net increase in liabilities 1351.4 1520.5 1677.6 1193.2 947.8 502.1 1828.8 1494.2 1483.4 1284.9 776.5 41

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

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

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

45 Credit market instruments 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 690.2 45

46 Savings bonds -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 -2.2 46

47 Treasury bills 861.6 -73.3 -19.0 -249.5 -297.0 -661.1 -215.4 175.6 612.6 -312.7 74.4 47

48 Other Treasury securities 379.8 1519.8 1601.8 1319.0 1151.0 1456.6 1555.2 1113.3 820.4 1497.9 618.3 48

49 Budget agency securities 0.2 0.1 0.7 1.1 1.2 0.2 1.9 1.1 -3.3 0.1 -0.3 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 22.6 -56.2 6.2 21.1 42.1 -3.9 19.4 26.7 18.0 -17.5 23.1 51

52 Insurance reserves 1.0 1.1 0.9 1.3 0.3 1.7 1.2 1.9 0.5 1.5 -0.2 52

53 Miscellaneous liabilities (5) 89.5 81.4 90.6 102.9 54.4 -287.6 469.2 175.6 36.8 118.0 63.4 53

54 Nonmarketable securities held by pension plans 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 85.0 54

55 Other 26.2 19.5 24.9 32.1 -9.4 -0.6 36.6 102.0 -19.0 26.3 -21.6 55

56 Discrepancy 86.8 -44.6 -62.2 -6.8 199.5 -978.8 707.0 45.3 379.8 -159.1 -551.9 56

 Memo:

57 Change in cash balance (6) 308.6 -173.2 148.9 -258.0 -900.3 82.3 -319.3 105.3 -167.4 198.2 -25.8 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, December 6, 2012

F.106 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 3381.9 2612.0 3009.8 3343.7 3269.5 3364.3 3357.1 3383.7 3480.7 3448.5 3403.4 1

 2 U.S. imports 2556.5 1976.2 2356.1 2662.3 2585.9 2665.3 2682.8 2715.1 2773.7 2765.4 2720.1 2

 3 U.S. income payments to rest of world 686.9 498.9 507.2 531.8 526.1 547.4 530.6 523.1 554.7 527.8 526.4 3

 4 Current taxes and trans. payments to rest of world 138.4 137.0 146.5 149.6 157.5 151.6 143.8 145.5 152.3 155.4 156.8 4

 5 Foreign outlays to U.S. 2702.9 2229.9 2560.9 2877.9 2791.8 2890.2 2922.2 2907.3 2927.5 2963.6 2973.8 5

 6 U.S. exports 1846.8 1587.4 1844.4 2094.2 2030.5 2092.8 2133.3 2120.3 2157.9 2188.5 2197.3 6

 7 U.S. income receipts from rest of world 856.1 642.4 716.5 783.7 761.4 797.4 788.9 787.1 769.6 775.1 776.5 7

 8 - Net capital transfers paid (1) 5.4 -0.6 -0.7 -1.6 -0.6 -3.8 -1.6 -0.5 -0.5 -0.5 -0.5 8

 9 Gross saving less net capital transfers paid (2) 673.6 382.7 449.5 467.4 478.3 477.9 436.6 476.8 553.6 485.4 430.0 9

10 Gross investment 736.6 239.5 382.7 555.1 835.7 450.2 681.0 253.4 658.9 354.1 536.4 10

11 Nonproduced nonfinancial assets -0.0 0.0 -0.0 -0.1 0.0 -0.0 -0.0 -0.2 0.0 0.0 0.5 11

12 Net lending (+) or net borrowing (-) 736.6 239.5 382.7 555.1 835.7 450.2 681.0 253.6 658.9 354.1 535.9 12

13 Net acquisition of financial assets 584.4 168.2 1148.0 1043.4 1985.9 1234.7 456.2 496.7 685.8 632.2 624.8 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 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Net interbank assets 410.8 -270.4 -48.2 221.4 1028.5 -117.5 232.8 -258.2 122.3 9.0 -192.2 16

17 U.S. checkable deposits and currency 64.0 -9.2 29.5 81.8 83.4 78.2 76.9 88.8 66.3 39.8 93.3 17

18 U.S. time deposits 65.5 -43.1 16.9 33.1 47.6 26.1 62.5 -4.0 -15.4 54.8 52.8 18

19 Money market fund shares 23.7 7.2 -7.1 -5.5 -9.9 -9.9 -1.0 -1.0 -1.0 -1.0 -1.0 19

20 Security RPs (net) -214.0 -146.4 -126.1 51.2 231.6 -59.2 -207.6 240.1 -153.3 -137.4 75.9 20

21 Credit market instruments 357.7 142.6 621.0 359.9 372.2 327.1 692.5 47.9 340.7 153.8 627.8 21

22 Open market paper -45.1 -41.4 -0.5 -0.3 33.1 -16.8 17.3 -34.8 54.0 -59.6 3.6 22

23 Treasury securities 711.6 554.4 739.8 412.1 393.1 434.2 608.8 212.1 464.0 449.3 624.0 23

24 Official 548.7 569.9 442.0 171.2 249.1 447.5 118.8 -130.7 373.7 364.1 404.0 24

25 Private 162.9 -15.5 297.8 240.9 144.0 -13.3 490.0 342.8 90.3 85.2 220.0 25

26 Agency- and GSE-backed securities -228.6 -226.0 -72.3 -24.2 -48.2 -59.5 13.4 -2.3 -24.5 -50.3 21.0 26

27 Official -31.3 -169.5 -96.0 -21.2 29.1 -13.4 -59.7 -40.9 -16.8 -48.1 -21.0 27

28 Private -197.3 -56.6 23.7 -2.9 -77.3 -46.1 73.1 38.6 -7.7 -2.2 42.0 28

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

30 U.S. corporate bonds (4) -21.4 -127.7 -37.0 -80.7 -53.8 -89.8 -43.4 -136.0 -70.1 -152.2 -4.0 30

31 Loans to U.S. corporate business -64.1 -24.9 -22.0 42.1 38.1 49.1 84.3 -3.0 -94.7 -45.4 -28.8 31

32 U.S. corporate equities 105.1 155.6 72.5 -37.8 14.8 16.3 -93.3 -88.8 -14.1 -51.9 185.7 32

33 Mutual fund shares -2.0 56.5 112.2 70.6 150.6 130.9 -21.4 22.3 92.5 40.0 44.2 33

34 Trade receivables 6.5 6.6 19.6 17.2 5.9 10.4 50.8 1.7 15.5 3.9 6.3 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 -232.8 221.2 457.7 251.4 61.2 832.5 -335.9 447.8 232.4 521.3 -267.8 36

37 Foreign direct investment in U.S. (5) 310.1 150.4 205.8 234.0 133.5 245.1 252.9 304.5 88.8 133.9 85.9 37

38 Other -542.9 70.7 251.8 17.4 -72.3 587.4 -588.8 143.3 143.6 387.4 -353.7 38

39 Net increase in liabilities -152.2 -71.3 765.3 488.2 1150.2 784.5 -224.8 243.1 27.0 278.0 88.9 39

40 U.S. official reserve assets 4.8 52.3 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 8.8 40

41 U.S. private deposits -394.3 -106.0 25.9 -32.4 203.7 1.6 6.8 -341.9 -124.3 -37.7 -16.1 41

42 Credit market instruments -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 -1.1 -108.6 98.2 42

43 Commercial paper -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 35.8 -51.3 80.2 43

44 Bonds -158.8 163.3 59.9 57.8 151.0 120.2 69.2 -109.4 -73.6 -106.0 3.6 44

45 Depository institution loans n.e.c. 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 44.8 9.7 45

46 Official 0.7 0.6 1.1 -1.7 -0.1 -4.2 -0.5 -2.0 -0.3 -1.6 -0.3 46

47 Banks 2.8 -5.1 11.8 11.3 24.2 13.7 15.6 -8.2 2.1 11.2 -14.7 47

48 Other 1.6 -6.6 4.9 19.5 23.8 4.1 26.6 23.6 27.3 35.2 24.7 48

49 Other loans and advances -1.5 0.3 0.2 1.4 0.5 -1.5 0.6 6.0 7.7 3.9 4.8 49

50 Foreign corporate equities (6) -38.5 63.7 79.1 89.0 190.9 108.6 91.2 -34.5 59.2 83.9 -8.0 50

51 Trade payables -9.9 6.1 26.6 -26.8 -7.4 -58.1 -21.7 -20.0 7.0 -27.2 -27.2 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 511.9 -299.1 556.6 407.8 428.9 626.9 -172.6 747.8 81.3 354.5 33.0 53

54 U.S. equity in IBRD, etc. 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 1.5 7.0 6.6 54

55 Nonofficial foreign currencies 529.8 -543.3 -10.1 99.7 -0.6 1.1 2.2 396.0 -213.4 -74.0 -61.6 55

56 U.S. direct investment abroad (4,5) 329.1 289.5 327.9 419.3 417.6 533.6 281.3 444.8 464.4 316.9 361.3 56

57 Investment by holding companies -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 -57.8 -51.9 57

58 Other -339.3 -70.5 225.9 -140.3 64.7 -171.1 -496.3 41.7 -248.4 162.3 -221.3 58

59 Discrepancy (FOF basis) (7) -63.0 143.2 66.8 -87.7 -357.4 27.7 -244.4 223.4 -105.2 131.3 -106.4 59

 Memo:

60 Net U.S. exports, NIPA basis -709.7 -388.7 -511.6 -568.1 -555.4 -572.5 -549.5 -594.8 -615.8 -576.9 -522.9 60

61 + Net U.S. income receipts (8) 169.2 143.5 209.3 251.9 235.3 250.0 258.3 264.0 214.9 247.3 250.1 61

62 - Current taxes and trans. payments to rest of world 138.4 137.0 146.5 149.6 157.5 151.6 143.8 145.5 152.3 155.4 156.8 62

63 = Balance on current account, NIPAs -679.0 -382.2 -448.8 -465.8 -477.7 -474.1 -434.9 -476.3 -553.2 -485.0 -429.6 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, December 6, 2012 25

F.107 Financial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving less net capital transfers paid 81.7 372.1 370.7 355.6 342.8 317.1 346.2 416.3 360.8 325.3 382.3 1

 2 Gross investment -71.7 213.7 -63.5 21.6 -114.7 49.7 1.5 149.9 70.6 378.7 77.7 2

 3 Capital expenditures 195.1 164.3 159.5 179.1 165.8 172.7 186.6 191.4 192.4 195.0 195.7 3

 4 Fixed residential investment 0.1 -0.1 4.7 6.3 1.6 3.9 9.3 10.3 4.9 6.4 5.1 4

 5 Fixed nonresidential investment 195.0 164.4 154.8 172.9 164.2 168.8 177.4 181.1 187.6 188.6 190.6 5

 6 Net lending (+) or net borrowing (-) -266.8 49.4 -222.9 -157.5 -280.5 -123.0 -185.2 -41.5 -121.9 183.7 -118.1 6

 7 Net acqisition of financial assets 4627.0 -1578.2 -773.8 1893.6 4100.1 1889.5 837.0 747.8 1892.3 490.1 1789.8 7

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

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

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

11 Foreign deposits 2.0 -32.2 8.7 -47.3 14.0 18.0 -175.4 -45.9 -39.7 -32.0 -1.6 11

12 Net interbank assets 1351.5 -349.5 -106.9 603.0 1781.1 758.6 -6.3 -121.2 -59.6 -179.2 -260.0 12

13 Checkable deposits and currency 72.4 -27.7 -28.0 34.1 65.3 47.7 27.2 -3.8 -101.1 -5.7 -10.2 13

14 Time and savings deposits 107.4 177.6 -111.0 -84.9 -29.5 -7.7 -61.2 -241.2 -157.0 -32.4 311.4 14

15 Money market fund shares 305.5 -175.6 -160.4 -55.5 -108.6 -61.9 -245.0 193.5 -118.1 -98.8 54.7 15

16 Federal funds and security RPs -57.0 -81.0 5.6 -67.6 292.7 -50.5 -385.6 -127.2 285.9 276.6 55.0 16

17 Credit market instruments 2340.9 -789.0 -351.1 1082.1 1221.4 973.2 870.4 1263.2 1376.8 443.5 952.4 17

18 Open market paper 51.6 -374.4 -180.3 -98.0 115.2 -84.0 -233.8 -189.3 -18.0 56.7 -1.8 18

19 Treasury securities 436.4 441.3 461.4 985.2 1460.3 1034.7 720.7 725.2 600.6 -147.3 135.6 19

20 Agency- and GSE-backed securities 860.7 604.8 84.2 183.5 58.6 70.5 373.1 231.9 266.5 100.0 167.1 20

21 Municipal securities 51.7 15.7 29.6 2.9 -96.9 -7.7 24.2 92.1 135.8 107.0 224.1 21

22 Corporate and foreign bonds 7.1 211.3 221.2 243.1 258.6 259.8 214.3 239.4 736.6 242.7 691.6 22

23 Depository institution loans n.e.c. 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 137.0 108.2 23

24 Other loans and advances 145.5 -463.8 -209.7 -31.6 -112.5 -13.8 -93.8 93.7 -68.4 104.9 -69.3 24

25 Mortgages 86.4 -288.4 -502.8 -313.1 -367.8 -358.3 -278.7 -247.8 -417.4 -229.5 -314.2 25

26 Consumer credit 11.8 -185.6 -158.3 -22.4 -115.8 -8.6 -50.0 84.5 -23.7 72.1 11.2 26

27 Corporate equities -7.4 52.7 62.4 -40.3 -81.5 106.9 -127.6 -59.0 -40.5 -53.1 113.8 27

28 Mutual fund shares 24.7 101.4 72.4 47.0 93.8 92.9 -70.1 71.4 121.6 48.0 43.3 28

29 Trade receivables -14.9 -38.0 -8.6 -0.8 9.5 5.4 -12.4 -5.8 6.6 -8.0 5.9 29

30 Security credit -274.2 -21.8 97.9 39.3 104.2 61.4 5.3 -13.6 138.0 93.5 249.8 30

31 Life insurance reserves 5.3 2.8 8.2 7.3 5.5 3.8 9.6 10.2 36.9 9.0 12.0 31

32 Miscellaneous assets 770.1 -405.4 -264.2 377.0 732.9 -59.2 1007.5 -173.1 441.4 27.9 262.3 32

33 Net increase in liabilities 4893.7 -1627.6 -550.8 2051.1 4380.6 2012.5 1022.2 789.3 2014.2 306.5 1907.9 33

34 Net interbank liabilities 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -428.2 -232.1 34

35 Checkable deposits and currency 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 313.3 216.7 35

36 Time and savings deposits 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 468.6 440.5 36

37 Money market fund shares 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -321.4 24.6 -207.4 -164.4 64.2 37

38 Federal funds and security RPs -880.3 247.8 -192.5 -137.0 121.7 -290.4 -695.7 316.6 192.8 -135.5 -183.7 38

39 Credit market instruments 899.1 -1810.6 -939.3 -430.8 -115.1 -701.5 -402.6 -503.8 -352.7 -696.2 -163.2 39

40 Open market paper -125.6 -448.2 -101.7 -68.1 82.9 -79.9 -51.8 -223.6 -6.2 -34.7 -31.9 40

41 Agency- and GSE-backed securities 768.7 -60.1 -46.9 -21.9 254.7 -326.9 -2.5 -12.8 -115.4 -18.9 -18.3 41

42 Corporate and foreign bonds -280.5 -587.7 -583.2 -321.5 -351.3 -376.2 -324.4 -234.0 -61.6 -431.4 -138.9 42

43 Depository institution loans n.e.c. 496.4 -435.4 -62.9 31.6 -51.2 158.1 56.1 -36.4 -150.8 -301.2 64.2 43

44 Other loans and advances 33.3 -282.6 -144.7 -60.0 -57.3 -95.0 -84.4 -3.4 -29.2 65.0 -52.9 44

45 Mortgages 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 24.9 14.6 45

46 Corporate equities 639.3 316.4 191.2 165.0 95.8 200.5 285.0 78.6 33.6 122.1 241.7 46

47 Mutual fund shares 31.0 490.5 389.3 403.8 952.6 482.1 -194.1 374.5 1301.5 554.4 749.5 47

48 Trade payables -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.4 -15.3 -2.6 48

49 Security credit -237.3 -134.0 48.4 137.0 -9.8 290.6 437.6 -170.3 61.1 248.1 161.1 49

50 Life insurance reserves 66.0 25.4 16.4 92.8 82.0 85.6 117.9 85.9 61.5 -9.2 55.3 50

51 Pension fund reserves 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 8.7 36.7 51

52 Taxes payable -133.6 6.1 13.0 9.5 31.1 -8.1 -17.7 32.9 24.8 3.4 40.4 52

53 Equity in noncorporate business 11.5 -3.6 0.4 -1.7 -8.7 -0.2 7.2 -4.9 28.2 5.2 -4.0 53

54 Miscellaneous liabilities 947.2 -227.4 60.2 272.6 365.6 235.2 551.6 -61.9 352.7 31.5 487.3 54

55 Discrepancy 153.4 158.4 434.2 334.0 457.5 267.4 344.7 266.4 290.2 -53.3 304.6 55

(1) Sum of financial sectors shown on tables F.108 through F.129.
26 Z.1, December 6, 2012

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.0 -0.7 -8.5 -0.3 -16.6 -3.3 8.3 10.4 9.3 0.3 0.1 1

 2 Fixed nonresidential investment 0.6 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 2

 3 Net acquisition of financial assets 1319.3 -3.4 186.0 494.0 870.2 925.4 -79.8 260.3 -186.3 -27.5 -203.0 3

 4 U.S. official reserve assets 0.6 0.3 0.3 -0.3 -1.8 0.3 0.3 -0.2 0.3 0.2 0.5 4

 5 SDR certificates 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 0.5 0.5 6

 7 Federal Reserve float (2) -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 0.0 0.4 7

 8 Interbank loans (2) 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 0.2 8

 9 Discount window (3) 495.4 -447.4 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 0.2 9

10 AMLF (4) 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Security RPs 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Credit market instruments 245.4 1001.6 271.5 376.5 935.9 870.9 -77.1 -223.8 -33.4 -23.5 -203.4 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 -264.7 300.7 244.9 642.0 1331.4 1102.7 160.2 -26.5 46.3 -18.6 -78.8 14

15 Treasury bills -209.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -73.7 15

16 Other Treasury securities -55.3 300.7 244.9 642.0 1331.4 1102.7 160.2 -26.5 46.3 -18.6 -5.1 16

17 Agency- and GSE-backed securities 19.7 1048.5 71.4 -197.9 -279.8 -176.4 -185.6 -149.9 -33.6 52.9 -112.4 17

18 Mortgage-backed securities 0.0 908.4 83.8 -154.5 -219.9 -113.2 -151.9 -132.8 -3.6 72.9 -80.1 18

19 Other agency- and GSE-baked securities 19.7 140.2 -12.4 -43.5 -59.9 -63.2 -33.7 -17.1 -30.1 -20.0 -32.3 19

20 Depository institution loans n.e.c. 490.4 -347.6 -44.8 -67.6 -115.7 -55.4 -51.7 -47.4 -46.1 -57.7 -12.2 20

21 Households (TALF) (5) 0.0 47.5 -22.8 -15.7 -22.0 -25.8 -5.8 -9.2 -7.8 -10.1 -12.2 21

22 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 22

23 Brokers and dealers (6) 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Funding corporations (Maiden Lane) (7) 29.1 0.1 -3.4 -21.0 -6.8 -10.1 -34.6 -32.4 -7.8 -11.7 0.0 24

25 Funding corporations (AIG) 38.9 -16.7 -2.2 -20.0 -79.8 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Funding corporations (Maiden Lane II) (8) 19.5 -3.5 -2.5 -6.7 -2.6 -17.0 -5.5 -1.6 -27.2 0.0 0.0 26

27 Funding corporations (Maiden Lane III) (9) 24.4 -5.9 -4.4 -4.2 -4.6 -2.4 -5.8 -4.2 -3.3 -36.0 0.0 27

28 Funding corporations (CPFF) (10) 333.0 -323.6 -9.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Corporate equities (11) 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 0.0 0.0 29

30 Miscellaneous assets 530.2 -493.8 7.8 142.9 41.1 51.6 -4.1 482.9 -152.8 -5.0 -1.2 30

31 Nonofficial foreign currencies (12) 529.7 -543.5 -10.2 99.7 -0.3 0.0 2.0 397.3 -213.4 -74.1 -61.7 31

32 Other 0.5 49.6 18.0 43.1 41.4 51.6 -6.1 85.6 60.5 69.0 60.4 32

33 Net increase in liabilities 1316.7 -8.0 185.1 493.7 871.1 924.7 -77.9 256.7 -187.6 -28.0 -203.1 33

34 Depository institution reserves 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 -171.8 -266.5 34

35 Vault cash of commercial banks 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.7 5.9 35

36 Checkable deposits and currency 428.2 -117.6 185.0 -122.1 -838.7 168.7 -82.3 263.8 -166.0 244.0 50.3 36

37 Due to federal government 349.3 -173.8 149.0 -255.0 -897.0 78.5 -315.6 114.0 -167.7 195.2 -24.1 37

38 Treasury cash holdings 0.0 -0.0 -0.1 -0.0 0.1 -0.2 -0.1 0.0 0.1 -0.1 0.0 38

39 Treasury general deposit account 90.0 80.5 -45.9 -55.0 -117.3 78.8 -295.6 114.0 -167.7 195.4 -24.1 39

40 Treasury temporary supplementary financing account 259.3 -254.3 195.0 -200.0 -779.9 0.0 -20.0 0.0 0.0 0.0 0.0 40

41 Due to rest of the world 1.3 1.0 0.9 -3.2 -12.8 0.9 9.1 -10.0 0.0 5.8 16.2 41

42 Due to government-sponsored enterprises 19.4 14.0 -21.6 51.1 -13.3 -11.6 150.1 79.3 -111.0 -27.7 -29.2 42

43 Currency outside banks 58.2 41.2 56.7 85.0 84.5 100.8 74.2 80.4 112.6 70.7 87.4 43

44 Security RPs 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 -44.8 29.1 44

45 Miscellaneous liabilities 2.2 6.1 29.2 -26.7 -81.7 -33.1 -44.0 52.0 49.9 -47.8 -21.9 45

46 Federal Reserve Bank stock 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 0.5 0.1 46

47 Other -0.5 1.5 28.3 -27.1 -80.8 -33.8 -42.1 48.4 48.6 -48.3 -22.0 47

48 Discrepancy -0.2 -6.0 -10.0 -1.3 -16.3 -4.6 9.7 6.2 7.4 -0.9 -0.7 48

(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, December 6, 2012 27

F.109 Private Depository Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving less net capital transfers paid (2) 32.1 88.4 122.1 68.2 72.6 64.9 73.8 61.5 19.1 50.9 44.3 1

 2 Fixed nonresidential investment 34.2 30.9 25.0 26.0 24.3 25.1 27.1 27.4 31.1 30.1 32.9 2

 3 Net lending (+) or net borrowing (-) -24.2 -245.4 -213.1 -142.5 -269.8 -116.0 -78.5 -105.5 -326.1 82.2 -301.3 3

 4 Net acquisition of financial assets 1590.9 -602.7 -272.7 1008.3 1951.1 808.5 1183.5 90.0 162.3 439.8 358.2 4

 5 Vault cash 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.7 5.9 5

 6 Reserves at Federal Reserve 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 -171.8 -266.5 6

 7 Credit market instruments 380.7 -592.1 -202.1 195.0 -263.6 -27.6 490.3 581.0 235.0 385.8 220.2 7

 8 Open market paper 15.3 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities -20.8 94.7 102.9 -46.6 -4.6 -103.4 -69.2 -9.1 80.8 96.3 41.8 9

10 Agency- and GSE-backed securities 142.2 172.7 138.4 133.6 178.8 -6.2 95.6 266.1 293.6 -100.1 4.8 10

11 Municipal securities 20.4 3.4 29.3 43.5 27.2 29.0 68.1 49.8 46.8 78.9 90.7 11

12 Corporate and foreign bonds -40.8 -136.3 -126.1 7.6 -99.6 5.7 179.8 -55.5 -147.7 -13.5 84.7 12

13 Depository institution loans n.e.c. 199.5 -402.1 -51.8 200.1 137.5 136.0 246.1 280.7 211.0 194.7 120.4 13

14 Other loans and advances -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Mortgages -4.5 -245.2 -213.9 -146.8 -423.0 -152.8 -13.3 1.8 -222.1 22.6 -149.7 15

16 Consumer credit 69.7 -63.6 -81.0 3.6 -79.8 64.0 -16.9 47.2 -27.4 106.9 27.5 16

17 Corporate equities 0.9 6.3 -1.7 0.9 -9.5 16.6 3.5 -6.8 8.5 3.0 6.1 17

18 Mutual fund shares 1.3 14.1 -5.6 -0.5 -1.0 -5.9 -0.7 5.4 -9.3 11.3 11.5 18

19 Security credit -113.5 -59.9 22.7 79.0 -46.0 72.9 248.9 40.0 21.2 186.6 140.9 19

20 Life insurance reserves 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 4.8 5.9 20

21 Miscellaneous assets 473.0 -86.0 -79.3 126.8 484.2 -8.3 444.6 -413.5 -46.9 27.8 234.2 21

22 Net increase in liabilities 1615.1 -357.3 -59.6 1150.7 2220.8 924.5 1262.0 195.6 488.4 357.6 659.4 22

23 Net interbank liabilities 981.0 -705.1 -163.3 252.3 1167.2 -252.2 319.7 -225.5 159.3 -248.7 28.5 23

24 Checkable deposits 140.2 109.7 81.3 356.7 350.7 346.4 494.2 235.4 92.6 69.3 166.4 24

25 Small time and savings deposits 524.8 517.2 298.4 577.3 233.5 906.3 705.8 463.7 378.9 473.5 584.0 25

26 Large time deposits -190.6 -141.8 -182.3 -204.6 58.7 -19.3 -670.6 -187.1 -87.5 -5.0 -143.6 26

27 Federal funds and security RPs (net) -339.6 307.2 -137.2 -80.2 -167.4 -257.9 -44.1 148.6 -198.5 -38.9 -209.2 27

28 Credit market instruments 7.0 -306.4 -161.6 -75.7 -87.7 -102.6 -95.5 -17.1 -46.3 -6.7 -95.1 28

29 Open market paper -0.2 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 -9.0 -45.3 29

30 Corporate bonds 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 -50.9 -18.2 30

31 Other loans and advances 7.1 -278.0 -148.7 -62.5 -59.7 -98.9 -85.9 -5.4 -31.7 53.2 -31.6 31

32 Corporate equity issues 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 1.3 1.1 32

33 Taxes payable (net) -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.7 9.1 16.3 33

34 Miscellaneous liabilities 566.1 -157.1 186.5 308.0 640.1 276.3 522.8 -207.3 178.6 103.6 311.1 34

35 Foreign direct investment in U.S. 24.8 16.6 9.3 17.9 15.6 15.1 35.4 5.6 -26.0 10.6 -8.8 35

36 Investment by holding companies 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 190.1 183.4 36

37 Investment by funding corporations 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 -42.3 37

38 Other 392.1 -266.9 175.3 244.7 402.5 310.5 530.1 -264.2 116.5 6.0 178.8 38

39 Discrepancy 22.1 302.9 310.2 184.7 318.1 155.7 125.2 139.7 314.2 -61.3 312.7 39

 Memo:

40 Consumer leases not included above (3) -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 -0.2 1.0 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, December 6, 2012

F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving less net capital transfers paid (1) 22.5 78.9 110.7 54.4 58.9 50.8 59.8 47.9 3.1 37.2 27.8 1

 2 Fixed nonresidential investment 27.1 24.6 20.0 20.1 18.7 19.3 21.1 21.2 24.7 23.7 26.5 2

 3 Net acquisition of financial assets 964.0 -295.0 -357.3 332.3 461.3 487.3 -101.7 482.1 374.0 203.4 211.0 3

 4 Vault cash 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.7 5.9 4

 5 Reserves at Federal Reserve 596.6 53.7 -89.7 224.8 523.9 627.3 -299.8 47.8 32.7 -167.2 -165.5 5

 6 Credit market instruments 241.9 -336.7 -176.6 126.9 -333.3 -118.7 338.3 621.2 214.6 391.3 119.6 6

 7 Open market paper 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities -23.7 68.1 93.0 -43.7 -32.9 -95.5 -47.2 1.0 25.7 138.2 -28.5 8

 9 Agency- and GSE-backed securities 136.2 168.0 110.1 106.9 138.4 -8.8 67.9 230.2 260.2 -123.2 17.3 9

10 Residential mortgage pass-through securities 153.9 -13.4 -2.2 63.8 19.9 -52.7 69.8 218.1 210.3 -57.5 2.1 10

11 Commercial mortgage pass-through securities 0.0 0.1 -0.2 4.8 2.0 3.9 9.9 3.7 5.2 6.6 11.4 11

12 Residential CMOs and other structured MBS 19.8 70.1 129.4 80.3 97.3 129.5 88.0 6.4 66.5 -85.5 -2.2 12

13 Commercial CMOs and other structured MBS 0.0 0.1 -0.4 9.8 4.4 3.0 16.3 15.5 13.2 26.6 22.0 13

14 Other -37.5 111.3 -16.6 -51.8 14.7 -92.5 -116.1 -13.4 -35.0 -13.3 -15.9 14

15 Municipal securities 19.9 2.4 30.3 42.6 26.1 30.4 66.7 47.4 46.8 81.5 90.7 15

16 Corporate and foreign bonds -64.1 25.9 -98.8 3.0 -67.7 -27.5 78.1 29.0 -78.3 -13.9 55.7 16

17 Private residential mortgage pass-through securities -25.7 6.6 -9.7 -3.1 25.5 -24.5 -4.0 -9.3 -1.3 62.5 -3.0 17

18 Private commercial mortgage pass-through securities 0.0 1.1 -6.4 -2.5 -9.1 0.5 0.5 -1.7 1.4 -0.3 -0.3 18

19 Private residential CMOs and other structured MBS -43.3 -51.6 -70.6 -22.0 -34.2 -27.9 -12.4 -13.4 -47.0 -14.5 -3.4 19

20 Private commercial CMOs and other structured MBS 0.0 -3.8 -1.4 2.7 -18.3 -0.5 19.6 10.0 -5.1 10.2 5.0 20

21 Other 5.0 73.7 -10.7 27.8 -31.5 24.9 74.3 43.4 -26.3 -71.8 57.4 21

22 Depository institution loans n.e.c. 131.2 -277.7 -35.9 156.3 87.2 69.6 201.9 266.6 231.2 212.7 116.1 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 -43.4 -243.3 -205.0 -145.4 -417.8 -144.5 -15.5 -3.7 -223.0 20.1 -152.5 24

25 Consumer credit 70.1 -64.5 -70.3 7.1 -66.6 57.6 -13.5 50.7 -48.0 76.0 21.0 25

26 Corporate equities 0.9 6.3 -1.8 1.0 -9.4 16.7 3.5 -6.8 8.5 3.0 6.1 26

27 Mutual fund shares 1.3 14.8 -5.8 -0.8 -1.6 -6.4 -0.5 5.3 -10.3 11.6 11.1 27

28 Security credit 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 128.1 28

29 Life insurance reserves 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 4.8 5.9 29

30 Miscellaneous assets 101.4 28.1 -80.0 -69.8 251.2 -80.9 -228.8 -221.0 164.7 -108.1 99.9 30

31 Net increase in liabilities 992.7 -59.6 -141.7 475.8 719.0 615.5 -21.9 590.5 704.2 129.3 515.1 31

32 Net interbank liabilities 746.9 -534.3 -213.0 -229.4 36.9 -366.6 -351.2 -236.6 198.9 -379.7 -54.0 32

33 Federal Reserve float -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 0.0 0.4 33

34 Borrowing from Federal Reserve banks 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 0.2 34

35 To domestic banking 71.3 23.5 -28.2 58.3 92.6 -76.8 147.8 69.8 45.0 -245.1 47.3 35

36 To foreign banks 166.1 -94.1 -89.0 -288.5 -55.2 -291.8 -499.6 -307.3 155.1 -134.9 -101.9 36

37 Checkable deposits 137.9 94.0 69.6 319.4 327.9 339.0 414.6 196.2 53.1 45.6 167.2 37

38 Federal government -39.5 0.3 -0.1 -2.7 -1.2 2.4 -3.3 -8.6 -0.2 1.6 -0.7 38

39 Rest of the world 31.2 -28.7 -3.8 25.6 51.5 12.6 19.7 18.6 -5.7 -2.0 5.0 39

40 Private domestic 146.2 122.4 73.5 296.5 277.7 324.1 398.2 186.2 59.0 46.0 162.9 40

41 Small time and savings deposits 480.6 472.3 271.7 537.1 198.7 858.0 641.5 450.1 299.5 416.7 541.4 41

42 Large time deposits -69.0 -329.8 -130.2 -35.3 -58.3 -52.0 -112.1 81.5 25.4 104.1 -152.6 42

43 Federal funds and security RPs (net) -248.1 269.4 -190.3 -114.5 -142.0 -110.6 -269.7 64.1 -197.8 -76.1 -180.1 43

44 Credit market instruments -1.1 -292.3 -161.2 -73.8 -78.0 -99.1 -99.2 -18.8 -41.2 -10.1 -97.8 44

45 Open market paper 0.0 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 -9.0 -45.3 45

46 Corporate bonds 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 -50.9 -18.2 46

47 Other loans and advances -1.2 -263.9 -148.3 -60.5 -50.0 -95.4 -89.6 -7.0 -26.6 49.8 -34.2 47

48 Corporate equity issues 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 1.3 1.1 48

49 Taxes payable (net) -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.7 9.1 16.3 49

50 Miscellaneous liabilities 19.3 242.2 193.3 55.2 408.1 19.2 -275.4 69.1 355.1 18.3 273.5 50

51 Investment by holding companies 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 190.1 183.4 51

52 Other -94.3 75.4 159.9 -23.8 255.5 6.4 -365.9 8.6 332.8 -171.7 90.2 52

53 Discrepancy 24.0 289.7 306.4 177.8 297.9 159.6 118.5 135.2 308.6 -60.6 305.4 53

 Memo:

54 Consumer leases not included above (2) -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 -0.2 1.0 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, December 6, 2012 29

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 2.5 2.5 2.5 3.2 3.2 3.2 3.3 3.3 3.3 3.3 3.4 1

 2 Fixed nonresidential investment 2.9 2.6 2.2 2.9 2.7 2.8 2.9 3.0 3.1 3.1 3.1 2

 3 Net acquisition of financial assets 576.8 -357.3 69.3 662.2 1388.8 419.4 1242.4 -401.7 -301.7 189.3 115.2 3

 4 Reserves at Federal Reserve 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 34.6 -68.9 4

 5 Credit market instruments 100.8 -285.8 -30.8 37.7 26.5 87.9 130.2 -93.7 -55.2 -39.4 83.2 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 5.1 22.0 3.5 -0.5 20.8 -10.0 -22.0 9.3 44.5 -42.6 65.4 7

 8 Agency- and GSE-backed securities -6.5 -19.3 -4.8 4.0 19.6 -3.4 6.5 -6.5 -6.1 12.9 -8.3 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 32.1 -156.7 -11.0 0.6 -53.3 35.6 105.0 -84.9 -72.2 0.7 28.4 10

11 Depository institution loans n.e.c. 65.1 -125.4 -16.1 36.1 45.5 69.0 38.1 -8.0 -15.0 -10.3 -2.4 11

12 Other loans and advances -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Mortgages 5.2 -6.4 -2.5 -2.6 -6.1 -3.2 2.6 -3.6 -6.4 -0.1 0.1 13

14 Corporate equities 0.0 0.0 0.1 -0.0 -0.0 -0.2 0.0 0.0 0.0 0.0 0.0 14

15 Security credit -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 12.8 15

16 Miscellaneous assets 364.3 -115.8 4.9 222.7 247.3 156.3 618.4 -131.2 -179.8 83.3 88.2 16

17 Net increase in liabilities 572.1 -355.9 70.5 666.8 1402.6 418.0 1248.3 -401.6 -297.8 190.1 120.9 17

18 Net interbank liabilities 240.4 -158.9 48.2 496.8 1062.4 162.6 751.5 10.7 -54.5 169.8 104.9 18

19 To foreign banks 244.7 -176.3 40.8 509.9 1083.7 174.3 732.4 49.1 -32.7 143.9 -90.3 19

20 To domestic banks -4.3 17.5 7.3 -13.1 -21.4 -11.8 19.1 -38.4 -21.7 25.8 195.2 20

21 Checkable deposits 1.7 2.6 5.7 23.7 -4.4 9.8 60.0 29.5 -5.1 18.4 19.9 21

22 Small time and savings deposits 0.1 4.4 5.8 13.2 27.7 19.2 14.0 -8.0 36.0 16.8 1.2 22

23 Large time deposits -123.2 173.9 -49.6 -172.4 112.2 33.3 -563.0 -271.9 -119.2 -114.7 6.7 23

24 Federal funds and security RPs (net) -96.3 40.3 52.9 50.2 -26.1 -74.2 196.8 104.4 20.3 1.4 -42.9 24

25 Acceptance liabilities -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 549.5 -418.2 7.5 255.3 230.9 267.4 789.0 -266.2 -175.3 98.5 31.1 26

27 Foreign direct investment in U.S. 24.8 16.6 9.3 17.9 15.6 15.1 35.4 5.6 -26.0 10.6 -8.8 27

28 Investment by funding corporations 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 -42.3 28

29 Other 489.1 -361.2 29.6 271.1 145.8 314.4 886.7 -262.6 -215.0 190.9 82.2 29

30 Discrepancy -5.1 1.3 1.6 5.0 14.3 -1.0 6.2 0.3 4.1 1.1 5.9 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, December 6, 2012

F.112 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets -2.9 -7.3 -14.8 -4.1 -5.7 -5.3 12.9 -18.2 -0.5 11.4 -13.3 3

 4 Credit market instruments -1.9 -2.8 -19.3 -4.9 -5.1 -9.6 -6.1 1.3 -0.6 -4.6 -2.9 4

 5 Treasury securities -0.6 -0.7 0.6 -0.0 0.0 2.1 -2.6 0.4 -0.7 1.9 -1.5 5

 6 Agency- and GSE-backed securities -2.0 -3.9 -7.7 -8.0 -23.5 -3.7 -2.6 -2.1 1.2 -1.2 -3.3 6

 7 Municipal securities 0.5 0.9 -0.9 0.9 1.2 -1.3 1.4 2.4 -0.1 -2.6 0.1 7

 8 Corporate and foreign bonds 0.0 1.5 -1.4 3.6 21.1 -2.6 -2.8 -1.4 0.5 -0.8 2.0 8

 9 Depository institution loans n.e.c. -1.7 -0.3 -3.3 1.1 -0.1 -0.3 2.7 1.9 0.4 0.3 1.4 9

10 Home mortgages 1.4 -0.3 -2.5 -2.4 -5.4 -2.2 -1.1 -0.7 -1.0 -1.0 -0.8 10

11 Commercial mortgages 0.4 -0.0 -4.0 -0.1 1.5 -1.5 -1.1 0.8 -0.9 -1.1 -0.9 11

12 Miscellaneous assets -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 16.0 -10.4 12

13 Net increase in liabilities -3.4 -1.1 -14.8 -3.1 -2.0 -4.1 11.4 -17.7 -1.4 12.1 -11.5 13

14 Net interbank liabilities -0.6 -1.0 0.9 -1.2 -3.1 -1.2 -1.9 1.2 0.5 -0.6 -2.9 14

15 Checkable deposits -1.1 1.4 0.5 2.8 2.2 3.9 -0.5 5.5 0.7 11.0 -5.5 15

16 Small time and savings deposits 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 -4.1 16

17 Large time deposits 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 -4.1 17

18 Miscellaneous liabilities -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 -5.0 5.2 18

19 Discrepancy -0.5 6.2 -0.0 1.0 3.7 1.2 -1.5 0.6 -0.9 0.7 1.9 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 7.0 6.8 8.8 10.5 10.4 10.7 10.6 10.2 12.6 10.3 13.0 1

 2 Fixed nonresidential investment 3.9 3.5 2.8 2.9 2.8 2.9 3.0 3.1 3.2 3.2 3.2 2

 3 Net acquisition of financial assets 53.0 56.9 30.1 17.8 106.6 -92.9 29.9 27.8 90.5 35.6 45.2 3

 4 Reserves at Federal Reserve 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 45.4 -39.1 -32.1 4

 5 Credit market instruments 39.9 33.2 24.6 35.3 48.3 12.7 27.8 52.2 76.1 38.4 20.4 5

 6 Open market paper -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities -1.6 5.3 5.8 -2.4 7.5 0.1 2.6 -19.9 11.3 -1.2 6.4 7

 8 Agency- and GSE-backed securities 14.4 27.9 40.8 30.6 44.3 9.8 23.8 44.5 38.3 11.4 -0.9 8

 9 Corporate and foreign bonds -8.9 -7.0 -15.0 0.4 0.2 0.2 -0.5 1.9 2.2 0.5 -1.4 9

10 Depository institution loans n.e.c. 4.8 1.3 3.5 6.6 4.9 -2.3 3.4 20.2 -5.6 -7.9 5.3 10

11 Home mortgages 32.0 4.8 0.0 3.5 4.8 -1.4 1.8 9.0 9.2 4.6 4.4 11

12 Consumer credit -0.4 0.9 -10.7 -3.4 -13.3 6.3 -3.3 -3.4 20.6 30.9 6.5 12

13 Mutual fund shares -0.0 -0.7 0.2 0.3 0.6 0.6 -0.2 0.1 1.0 -0.3 0.4 13

14 Miscellaneous assets 8.4 6.3 -8.7 -26.9 -13.8 -88.0 36.0 -41.8 -31.9 36.6 56.5 14

15 Net increase in liabilities 53.7 59.2 26.4 11.2 101.2 -104.9 24.2 24.3 83.5 26.0 34.9 15

16 Net interbank liabilities -5.7 -10.9 0.7 -13.9 71.0 -47.0 -78.7 -0.8 14.3 -38.2 -19.5 16

17 Shares/deposits 45.1 72.0 34.4 41.5 36.3 23.8 75.0 30.9 95.3 33.2 36.7 17

18 Checkable 1.6 11.6 5.5 10.7 25.0 -6.4 20.0 4.1 43.9 -5.7 -15.3 18

19 Small time and savings 43.0 43.4 26.2 27.4 6.7 29.9 50.4 22.5 44.2 36.6 45.6 19

20 Large time 0.5 17.0 2.7 3.4 4.6 0.3 4.6 4.3 7.2 2.3 6.4 20

21 Federal funds and security RPs (net) 4.8 -2.4 0.1 -15.9 0.6 -73.1 28.7 -19.8 -21.0 35.8 13.8 21

22 Other loans and advances 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 2.6 22

23 Miscellaneous liabilities 1.1 14.7 -8.4 1.5 2.9 -5.0 -4.5 12.4 -0.1 -8.2 1.2 23

24 Discrepancy 3.7 5.6 2.3 0.9 2.2 -4.1 1.9 3.7 2.4 -2.5 -0.5 24
Z.1, December 6, 2012 31

F.114 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving less net capital transfers paid (1) 30.0 38.3 44.2 48.3 53.6 34.3 44.1 61.1 52.3 39.2 70.9 1

 2 Fixed nonresidential investment 19.9 19.8 16.9 18.1 17.3 17.7 18.5 19.0 19.3 19.5 19.4 2

 3 Net acquisition of financial assets 25.1 38.4 -38.4 24.6 25.8 -16.3 -1.3 90.4 -18.5 28.7 47.4 3

 4 Checkable deposits and currency -14.8 -0.3 5.0 -8.5 4.8 7.1 -39.7 -6.3 20.2 0.5 14.6 4

 5 Money market fund shares 12.1 -3.2 -4.0 -1.1 8.4 -6.4 -10.2 4.0 -13.9 0.3 13.2 5

 6 Security RPs 0.8 0.1 -0.7 -2.0 -1.2 -4.7 -1.3 -0.7 -0.3 0.0 0.0 6

 7 Credit market instruments -15.9 33.3 3.9 27.5 18.7 -19.8 1.3 110.1 -31.1 -0.4 20.2 7

 8 Open market paper 5.8 -9.3 -1.9 -2.4 2.6 -2.0 -11.1 0.9 -3.1 0.1 2.9 8

 9 Treasury securities -5.6 22.9 3.2 1.8 6.1 -5.3 -4.8 11.4 -10.2 -6.6 12.3 9

10 Agency- and GSE-backed securities -11.5 1.9 -0.4 6.4 4.1 0.4 4.7 16.6 -2.8 0.8 0.7 10

11 Municipal securities 10.6 -12.6 -21.0 -17.4 -24.3 -34.5 -21.7 10.8 -7.6 2.2 1.8 11

12 Corporate and foreign bonds -15.4 30.8 24.3 38.4 30.4 20.5 33.3 69.2 -8.3 2.3 2.0 12

13 Commercial mortgages 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 0.8 0.5 13

14 Corporate equities 35.1 -2.4 -20.9 2.3 1.8 -10.3 27.0 -9.4 5.3 12.2 -1.6 14

15 Mutual fund shares -0.4 0.1 -0.1 -0.1 -0.2 -0.0 -0.0 -0.1 -0.0 -0.1 -0.1 15

16 Trade receivables 1.3 -3.7 0.8 3.4 2.5 15.2 2.0 -6.1 15.8 3.6 9.8 16

17 Miscellaneous assets 6.8 14.6 -22.5 3.1 -9.0 2.7 19.6 -1.1 -14.5 12.5 -8.7 17

18 Net increase in liabilities 14.3 -4.3 3.0 16.9 -2.4 29.1 -20.6 61.5 -19.8 -9.0 -11.6 18

19 Security RPs 1.9 -1.7 0.8 -1.1 -3.4 0.2 -0.6 -0.5 0.3 0.0 0.7 19

20 Corporate equity issues 0.4 -5.3 -12.7 -10.7 -11.1 2.9 -20.7 -14.0 -18.1 -11.3 -22.2 20

21 Taxes payable (net) -28.1 5.3 5.6 -4.4 8.8 -20.7 -25.1 19.3 26.0 -20.7 17.9 21

22 Miscellaneous liabilities 40.2 -2.6 9.3 33.1 3.3 46.7 25.8 56.7 -28.0 23.1 -8.0 22

23 Discrepancy -0.6 -24.2 68.7 22.4 8.2 61.9 6.3 13.3 31.8 -18.0 -7.6 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 -44.8 12.6 10.5 18.0 11.1 17.6 15.4 27.8 20.9 20.7 22.1 1

 2 Fixed nonresidential investment 14.4 14.2 12.2 13.1 12.5 12.8 13.4 13.7 14.0 14.1 14.1 2

 3 Net acquisition of financial assets 167.1 115.3 189.9 220.4 75.8 185.3 428.7 191.8 197.2 23.4 166.6 3

 4 Checkable deposits and currency 24.4 -32.1 1.0 2.0 -18.5 4.8 38.1 -16.3 -3.4 12.9 -10.2 4

 5 Money market fund shares 17.5 -5.5 -12.7 7.9 -5.0 -7.3 -3.7 47.4 -9.7 18.3 1.6 5

 6 Security RPs 5.2 2.2 0.7 -0.8 -4.8 -3.6 8.0 -2.7 -3.4 0.4 -4.5 6

 7 Credit market instruments 11.6 139.8 151.6 123.6 151.7 98.9 172.7 71.3 101.8 -143.7 106.2 7

 8 Open market paper -3.4 11.5 -8.9 -11.2 -4.4 -10.5 10.6 -40.6 -4.0 6.0 -8.4 8

 9 Treasury securities 35.1 27.7 23.2 10.5 6.1 2.2 15.7 18.0 9.3 1.0 6.5 9

10 Agency- and GSE-backed securities -16.7 5.8 4.0 -1.2 3.3 -3.5 1.0 -5.6 -39.6 -47.3 13.7 10

11 Municipal securities 5.7 26.1 39.2 9.3 10.7 8.3 10.3 7.7 4.0 -7.6 4.7 11

12 Corporate and foreign bonds -45.5 97.6 102.9 93.4 131.7 74.6 102.7 64.8 118.6 -114.8 95.0 12

13 Other loans and advances 20.3 -12.6 -0.2 7.9 -4.0 10.4 16.6 8.4 -7.9 4.1 -9.1 13

14 Mortgages 16.3 -16.3 -8.6 15.0 8.3 17.3 15.8 18.6 21.4 14.9 3.8 14

15 Corporate equities 81.8 33.4 45.6 37.7 32.5 38.6 35.3 44.4 24.3 46.4 40.2 15

16 Mutual fund shares -10.7 0.0 1.0 1.1 1.0 1.0 1.2 1.2 1.2 1.3 1.3 16

17 Miscellaneous assets 37.2 -22.5 2.8 48.9 -81.0 52.9 177.1 46.5 86.5 87.8 32.2 17

18 Net increase in liabilities 166.9 30.9 168.1 201.3 95.8 138.9 418.8 151.8 179.5 -29.6 140.8 18

19 Security RPs -7.3 -0.5 -2.2 0.1 -3.0 2.1 -1.4 2.8 1.6 3.6 4.0 19

20 Corporate equity issues -10.7 -0.9 -4.8 -11.5 -8.7 -11.5 -16.0 -10.0 -11.5 -11.9 -8.4 20

21 Other loans and advances 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 -0.2 21

22 Life insurance reserves 66.0 25.4 16.4 92.8 82.0 85.6 117.9 85.9 61.5 -9.2 55.3 22

23 Pension fund reserves (1) 65.5 25.1 104.3 88.0 95.0 96.0 110.3 50.8 73.0 -53.5 12.6 23

24 Taxes payable (net) -19.7 -7.0 2.6 5.2 3.8 -4.8 -4.9 26.6 -14.8 13.9 0.9 24

25 Miscellaneous liabilities 46.8 -4.6 55.1 24.9 -75.1 -30.9 212.0 -6.3 63.2 11.8 76.7 25

26 Discrepancy -59.4 -86.0 -23.5 -14.2 18.6 -41.6 -7.9 -25.9 -10.8 -46.4 -17.8 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, December 6, 2012

F.116 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 0.8 0.6 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 2

 3 Net acquisition of financial assets -36.8 60.0 61.2 72.0 78.6 86.3 24.1 99.2 88.0 -7.5 7.9 3

 4 Checkable deposits and currency 0.5 4.2 4.5 1.1 -4.1 3.7 1.6 3.1 -2.9 1.8 0.9 4

 5 Time and savings deposits 0.3 4.7 0.2 0.5 -0.2 2.0 -1.3 1.3 -0.2 -1.2 3.0 5

 6 Money market fund shares 2.3 0.6 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 0.0 0.0 0.0 6

 7 Security RPs 7.3 3.1 -0.1 -4.2 1.2 -17.9 1.6 -1.7 13.1 -1.0 -2.1 7

 8 Credit market instruments 90.6 111.6 59.4 49.1 34.3 29.1 92.3 40.6 2.1 -27.0 5.0 8

 9 Open market paper 10.2 -10.5 -8.5 -1.4 4.4 -2.2 -2.6 -5.5 3.0 0.9 -7.1 9

10 Treasury securities 15.4 125.8 80.3 45.2 31.9 26.5 75.7 46.7 47.6 22.1 31.4 10

11 Agency- and GSE-backed securities 21.3 -49.0 -11.5 5.1 5.0 4.2 12.9 -1.9 -40.9 -42.5 -37.0 11

12 Corporate and foreign bonds 42.7 42.8 -2.8 0.8 -5.2 1.7 8.6 -1.9 -7.0 -7.1 18.2 12

13 Mortgages 0.9 2.6 1.9 -0.5 -1.8 -1.1 -2.3 3.1 -0.6 -0.4 -0.5 13

14 Corporate equities -184.6 -175.6 -50.5 -24.0 -33.0 -14.8 -18.5 -29.8 -67.6 -42.9 -56.7 14

15 Mutual fund shares 35.5 89.8 80.9 56.1 106.1 100.5 -51.8 69.6 139.9 42.5 47.1 15

16 Miscellaneous assets 11.3 21.6 -32.9 -6.2 -25.5 -16.1 0.4 16.3 3.7 20.3 10.7 16

17 Unallocated insurance contracts (2) 38.2 10.1 -4.4 -0.3 -7.4 1.0 1.3 3.8 5.2 7.1 4.8 17

18 Contributions receivable 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 1.3 1.1 18

19 Other -27.6 9.0 -27.2 -6.1 -17.6 -17.1 -1.3 11.5 -2.9 11.9 4.8 19

20 Pension fund reserves (liabilities) (3) -36.4 60.1 61.3 72.1 78.7 86.3 24.1 99.3 88.1 -7.4 8.0 20

 Memo:

 Net acquisition of financial assets (4)

21 Defined benefit plans -82.4 -35.1 -31.9 -28.7 -33.1 -26.4 -26.7 -28.5 -27.8 -28.7 -25.3 21

22 Defined contibution plans 45.6 95.1 93.1 100.7 111.8 112.7 50.8 127.7 115.8 21.2 33.2 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, December 6, 2012 33

F.117 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 1.4 0.9 0.8 0.9 0.8 0.9 0.9 0.9 1.0 1.0 1.0 2

 3 Net acquisition of financial assets 17.0 -28.2 -38.5 -52.3 -48.1 -42.5 -76.0 -42.7 -42.0 -35.2 -69.9 3

 4 Checkable deposits and currency -0.2 -0.0 -0.5 1.1 3.5 -0.9 2.7 -0.9 1.0 0.4 -0.1 4

 5 Time and savings deposits -0.0 -0.0 -0.0 0.0 0.1 -0.0 0.1 -0.0 0.0 0.0 -0.0 5

 6 Money market fund shares 1.9 -0.0 -0.4 0.9 2.9 -0.8 2.2 -0.7 0.8 0.4 -0.1 6

 7 Security RPs 1.8 -0.0 -0.6 1.5 4.7 -1.2 3.6 -1.2 1.4 0.6 -0.1 7

 8 Credit market instruments 13.3 -8.8 -8.2 18.3 34.2 -18.1 60.3 -3.2 32.9 17.5 11.2 8

 9 Open market paper -12.5 -2.0 -1.6 1.4 4.6 -1.2 3.5 -1.2 1.3 0.6 -0.1 9

10 Treasury securities 4.8 28.1 11.1 3.3 9.2 -4.0 8.4 -0.3 1.5 1.2 2.7 10

11 Agency- and GSE-backed securities 6.3 -30.5 -21.7 5.1 14.1 -6.1 13.0 -0.4 2.3 1.8 4.1 11

12 Municipal securities -1.0 0.0 0.1 -0.1 0.2 -0.1 -0.2 -0.0 19.7 7.8 0.0 12

13 Corporate and foreign bonds 15.9 -4.3 3.8 8.6 7.0 -6.8 35.2 -1.2 8.3 6.1 4.6 13

14 Mortgages -0.3 -0.1 0.1 -0.1 -0.8 0.0 0.4 -0.1 -0.1 -0.0 -0.1 14

15 Corporate equities 1.2 -17.3 -25.8 -65.7 -82.8 -18.6 -128.7 -32.5 -69.1 -47.9 -64.2 15

16 Mutual fund shares -1.1 -2.5 -3.8 -9.6 -12.1 -2.7 -18.8 -4.7 -10.1 -7.0 -16.5 16

17 Miscellaneous assets -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.0 0.8 -0.3 17

18 Pension fund reserves (liabilities) (1) 17.7 -28.0 -38.5 -52.3 -48.2 -42.5 -75.9 -42.7 -41.9 -35.2 -69.9 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 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 86.0 1

 2 Credit market instruments 23.9 7.4 10.8 20.0 15.1 16.9 33.2 14.9 5.5 16.9 6.6 2

 3 Treasury securities 24.7 7.4 10.0 17.9 14.7 13.5 30.3 13.0 2.5 13.1 10.4 3

 4 Agency- and GSE-backed securities -0.2 0.0 0.6 0.7 -0.6 1.2 1.0 1.2 2.0 2.4 -1.9 4

 5 Corporate and foreign bonds -0.5 -0.0 0.2 1.4 0.9 2.1 1.9 0.7 1.1 1.4 -1.8 5

 6 Corporate equities -8.4 8.8 5.4 -4.2 -1.2 1.2 -18.2 1.4 6.5 -3.8 -5.6 6

 7 Miscellaneous assets(2) 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 85.0 7

 8 Pension fund reserves (liabilities) (3) 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 86.0 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, December 6, 2012

F.119 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -321.4 24.6 -207.4 -164.4 64.2 1

 2 Foreign deposits 2.0 -32.2 8.7 -47.3 14.0 18.0 -175.4 -45.9 -39.7 -32.0 -1.6 2

 3 Checkable deposits and currency 5.6 10.4 -3.7 4.9 38.8 14.7 -29.1 -4.9 -19.8 -1.7 -3.2 3

 4 Time and savings deposits 84.6 217.9 -105.2 -88.0 -55.9 -38.4 -38.8 -218.7 -136.9 -31.1 310.4 4

 5 Security RPs -63.5 -62.5 -0.5 4.6 -90.2 116.2 22.5 -30.1 105.0 104.4 -103.9 5

 6 Credit market instruments 738.6 -644.0 -410.0 7.2 -2.3 -84.9 -33.3 149.4 -69.4 -153.4 -47.1 6

 7 Open market paper -56.1 -108.0 -116.3 -39.0 36.3 -17.6 -87.3 -87.5 30.9 19.5 -73.8 7

 8 Treasury securities 399.5 -171.3 -71.0 107.9 98.4 26.8 158.6 148.0 218.6 -110.3 81.8 8

 9 Agency- and GSE-backed securities 520.3 -213.2 -140.1 0.9 -95.2 -44.7 117.3 26.0 -278.5 28.3 12.7 9

10 Municipal securities 23.6 -93.3 -66.9 -37.9 -44.6 -47.3 -32.5 -27.3 -27.2 -51.4 25.8 10

11 Corporate and foreign bonds -148.8 -58.1 -15.7 -24.6 2.8 -2.1 -189.3 90.2 -13.2 -39.4 -93.7 11

12 Miscellaneous assets -43.1 11.3 7.7 5.8 3.2 -87.6 -67.2 174.9 -46.5 -50.6 -90.4 12

13 Net share issues (liabilities) 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -321.4 24.6 -207.4 -164.4 64.2 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 -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.1 12.5 1

 2 Net acquisition of financial assets 31.0 490.5 389.3 403.8 952.6 482.1 -194.1 374.5 1301.5 554.4 749.5 2

 3 Security RPs -7.4 28.6 -15.8 -28.8 324.3 13.1 -380.4 -72.3 390.3 45.7 20.1 3

 4 Credit market instruments 73.3 380.7 374.3 427.4 484.4 423.8 244.6 556.9 1008.4 578.2 731.8 4

 5 Open market paper -62.5 28.6 -13.9 -26.3 277.4 8.8 -321.7 -69.8 283.3 23.1 70.1 5

 6 Treasury securities 8.7 67.6 41.9 82.3 2.9 32.9 138.9 154.6 94.1 46.5 50.9 6

 7 Agency- and GSE-backed securities 27.3 46.4 152.0 146.2 9.1 102.9 236.6 236.2 212.0 145.7 159.4 7

 8 Municipal securities 17.4 90.6 46.4 16.0 -45.9 20.1 27.2 62.6 84.0 88.8 108.3 8

 9 Corporate and foreign bonds 69.9 146.2 148.7 190.3 192.2 207.2 181.4 180.4 332.3 253.9 358.1 9

10 Other loans and advances 12.4 1.3 -0.8 18.9 48.7 52.0 -17.9 -7.2 2.9 20.1 -14.9 10

11 Corporate equities -38.1 86.3 42.8 2.3 133.4 13.6 -62.2 -75.5 -76.2 -67.6 -2.4 11

12 Miscellaneous assets 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 -21.0 -1.9 -0.0 12

13 Net share issues (liabilities) 31.0 490.5 389.3 403.8 952.6 482.1 -194.1 374.5 1301.5 554.4 749.5 13

14 Discrepancy -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.1 12.5 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 -61.8 7.6 0.4 -2.5 -1.5 7.5 19.4 -35.5 -30.2 14.9 8.6 1

 2 Credit market instruments -40.7 10.6 5.2 -1.2 6.9 3.6 -20.9 5.5 11.6 5.7 14.3 2

 3 Treasury securities -2.4 1.2 0.7 -0.3 0.6 -0.1 -1.5 -0.1 1.1 -0.5 0.8 3

 4 Municipal securities -13.3 3.3 0.4 0.9 -3.4 5.2 -7.7 9.5 2.5 2.3 3.6 4

 5 Corporate and foreign bonds -24.9 6.1 4.1 -1.9 9.7 -1.5 -11.7 -4.0 7.9 3.8 9.9 5

 6 Corporate equities -21.1 -3.0 -4.8 -1.3 -8.4 4.0 40.3 -41.0 -41.7 9.2 -5.7 6

 7 Net share issues (liabilities) -61.8 7.6 0.4 -2.5 -1.5 7.5 19.4 -35.5 -30.2 14.9 8.6 7

 Exchange-traded funds

 8 Net acquisition of financial assets 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 207.0 8

 9 Credit market instruments 23.0 46.0 29.7 46.1 29.7 43.7 52.2 58.7 65.0 73.7 30.3 9

10 Treasury securities 7.4 14.7 9.2 11.4 7.2 15.6 17.8 5.1 -1.7 21.1 -18.1 10

11 Municipal securities 1.7 3.6 1.7 1.0 -0.6 1.1 0.4 3.2 4.2 3.3 2.9 11

12 Corporate and foreign bonds 13.9 27.6 18.7 33.6 23.1 27.0 34.0 50.4 62.5 49.3 45.5 12

13 Corporate equities 154.2 70.5 88.3 71.6 64.7 73.2 31.5 116.9 147.7 26.4 176.7 13

14 Net share issues (liabilities) 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 207.0 14
Z.1, December 6, 2012 35

F.122 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 6.7 9.7 10.6 8.9 9.5 8.8 8.8 8.4 9.1 7.6 9.4 1

 2 Fixed nonresidential investment 1.7 0.9 3.3 3.3 3.1 3.2 3.4 3.4 3.5 3.6 3.5 2

 3 Net acquisition of financial assets 233.7 -360.7 -314.0 -241.4 -151.4 -477.5 -126.1 -210.6 -321.8 -192.1 -118.9 3

 4 Checkable deposits and currency 39.7 11.1 -36.0 9.3 28.2 -32.7 5.7 36.0 -120.8 41.8 -67.1 4

 5 Time and savings deposits 21.9 -42.8 0.3 -12.7 -9.3 -2.5 -45.7 6.9 -9.2 -5.2 -24.2 5

 6 Federal funds and security RPs (net) -28.2 7.6 20.6 -38.1 25.2 -164.5 -3.4 -9.6 -18.8 126.3 144.9 6

 7 Credit market instruments 242.9 -337.8 -328.2 -199.8 -36.2 -279.3 -261.9 -221.8 -179.2 -298.5 -187.2 7

 8 Open market paper 14.1 3.0 0.2 -3.4 -1.7 -0.8 -0.3 -10.9 -5.2 2.2 -6.3 8

 9 Treasury securities 1.2 5.1 33.3 20.2 13.5 19.2 20.8 27.4 13.5 -83.4 -28.7 9

10 Agency- and GSE-backed securities 207.0 -27.4 -85.1 -18.1 -12.4 -22.6 -0.4 -36.8 -45.0 -21.2 -74.1 10

11 Municipal securities -2.0 -2.2 -4.2 -3.9 -4.3 -3.7 -3.8 -3.7 -3.4 -3.3 -5.3 11

12 Corporate and foreign bonds -77.7 -33.8 -16.9 -33.5 -36.6 -59.0 -22.9 -15.5 -26.0 -107.2 -23.6 12

13 Other loans and advances 38.1 -284.8 -144.7 -64.2 -56.3 -101.9 -97.7 -1.0 -23.6 85.2 -18.9 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 4.8 -0.2 7.2 -3.5 1.6 -5.5 -12.7 2.5 1.5 16.3 13.0 15

16 FHLB loans 33.3 -284.6 -151.9 -60.7 -57.9 -96.4 -85.0 -3.5 -25.1 68.8 -31.9 16

17 Mortgages 62.2 2.4 -110.8 -96.9 61.6 -110.5 -157.6 -181.3 -89.4 -170.9 -30.4 17

18 Home 8.8 -11.3 -119.5 -103.5 59.3 -108.5 -168.2 -196.4 -101.3 -171.2 -50.4 18

19 Consolidated trusts (2) 0.0 0.0 -232.5 -108.9 89.3 -71.5 -252.3 -201.2 -38.4 -103.0 -93.2 19

20 Other 8.8 -11.3 113.0 5.5 -29.9 -37.0 84.1 4.8 -62.9 -68.2 42.8 20

21 Multifamily residential 42.5 14.2 2.0 2.8 -1.6 -5.8 7.1 11.4 8.3 -3.5 16.6 21

22 Consolidated trusts (2) 0.0 0.0 25.3 24.5 23.9 23.9 21.3 28.9 25.4 20.5 29.0 22

23 Other 42.5 14.2 -23.3 -21.7 -25.5 -29.6 -14.1 -17.6 -17.1 -24.0 -12.5 23

24 Farm 10.9 -0.5 6.7 3.7 3.9 3.7 3.5 3.8 3.5 3.8 3.5 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 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 -56.4 14.7 26

27 Net increase in liabilities 336.4 -317.1 -263.8 -182.1 -37.4 -463.7 -138.8 -88.3 -245.7 -180.3 -133.5 27

28 Credit market instruments 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 -113.2 28

29 GSE issues (4) 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 -113.2 29

30 Consolidated trusts (2) 0.0 0.0 -207.2 -84.4 113.1 -47.6 -231.0 -172.3 -13.0 -82.5 -64.2 30

31 Other 271.7 -475.3 -26.5 -102.8 -102.0 -432.3 92.7 30.6 -261.9 -72.6 -49.0 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 27.6 96.0 38.1 29.2 8.0 27.5 27.1 54.0 23.4 -12.5 -4.4 33

34 Miscellaneous liabilities 37.1 62.2 -68.1 -24.0 -56.5 -11.3 -27.7 -0.6 5.7 -12.8 -15.9 34

35 Discrepancy 107.8 52.4 57.5 64.9 120.4 19.5 -7.3 127.2 81.7 15.9 -8.7 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 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 1

 2 Home mortgages 492.2 402.5 175.8 148.0 228.2 129.7 126.0 108.0 140.8 102.6 74.1 2

 3 Multifamily residential mortgages 4.6 13.0 11.3 19.4 17.5 23.4 15.9 21.0 19.0 31.8 21.0 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 0.1 -0.2 -0.2 -2.1 -2.1 -0.1 -6.0 -0.2 -0.2 1.7 -0.2 5

 6 Net increase in pool securities (liabilities)(2) 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 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, December 6, 2012

F.124 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.5 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net acquisition of financial assets -410.7 -738.4 -505.4 -255.4 -306.3 -229.2 -284.6 -201.6 -239.6 -260.2 -163.3 3

 4 Treasury securities -13.6 -18.3 -13.8 -10.9 -16.7 1.6 -19.9 -8.7 -13.1 -4.4 -6.6 4

 5 Agency- and GSE-backed securities (1) -24.1 -227.1 -97.2 -8.7 24.3 -6.5 -26.9 -25.5 0.8 0.8 -2.1 5

 6 Other loans and advances 37.9 -51.1 -38.9 -5.4 -93.9 69.4 -21.8 24.5 18.2 -19.9 62.5 6

 7 Mortgages (2) -354.6 -367.9 -295.8 -218.0 -222.0 -247.2 -198.2 -204.4 -249.2 -212.4 -216.5 7

 8 Home -314.9 -320.7 -242.1 -192.2 -218.2 -195.1 -177.2 -178.2 -181.6 -188.3 -180.7 8

 9 Multifamily residential -10.8 -5.8 -8.7 -17.4 -41.9 -10.8 -7.4 -9.7 -8.3 -9.8 -9.9 9

10 Commercial -28.9 -41.4 -45.1 -8.3 38.1 -41.3 -13.6 -16.6 -59.4 -14.3 -25.8 10

11 Consumer credit -40.1 -39.7 -50.3 -8.3 -5.0 -36.8 -3.4 12.2 12.9 -12.7 3.3 11

12 Trade credit -16.1 -34.3 -9.5 -4.2 7.1 -9.8 -14.4 0.3 -9.1 -11.6 -3.9 12

13 Net increase in liabilities -411.1 -738.8 -505.6 -255.4 -306.3 -229.2 -284.6 -201.6 -239.6 -260.2 -163.3 13

14 Commercial paper -83.9 -266.2 -40.3 -24.1 46.8 -42.1 10.6 -112.0 12.4 -31.8 32.8 14

15 Corporate bonds (net) (3) -327.2 -472.6 -465.3 -231.3 -353.1 -187.2 -295.2 -89.7 -252.0 -228.4 -196.0 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) -0.4 -0.4 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 REIT assets (5) -46.7 -25.3 0.4 -3.1 2.7 -1.4 -5.5 -8.2 1.1 -20.1 6.7 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 88.4 90.9 65.5 72.2 77.7 58.7 64.2 88.3 62.6 54.6 87.7 1

 2 Fixed nonresidential investment 42.5 14.0 30.7 42.9 41.1 42.0 43.8 44.8 45.6 46.1 45.9 2

 3 Net acquisition of financial assets -59.5 -189.2 -172.6 -12.4 -47.1 -93.0 44.3 46.4 -19.0 -89.6 -1.8 3

 4 Checkable deposits and currency 0.3 0.5 -1.7 4.3 9.9 7.1 7.8 -7.6 -2.4 -9.5 7.8 4

 5 Time and savings deposits 0.8 1.6 -5.0 12.8 29.6 21.2 23.3 -22.7 -7.1 -28.6 23.3 5

 6 Credit market instruments -81.9 -217.6 -117.7 -46.6 -86.5 -101.2 -58.9 60.1 -58.4 -36.4 -36.1 6

 7 Corporate and foreign bonds 3.0 6.3 -19.6 0.9 1.3 7.1 9.9 -14.8 0.2 7.9 -6.5 7

 8 Other loans and advances 16.9 -91.0 -15.2 2.4 -20.4 -44.1 9.2 64.8 -16.6 9.0 10.8 8

 9 Mortgages -84.0 -50.5 -55.9 -32.1 -36.5 -28.5 -48.3 -15.0 -32.9 -31.3 -20.7 9

10 Consumer credit -17.9 -82.4 -27.0 -17.8 -30.9 -35.7 -29.7 25.1 -9.1 -22.0 -19.6 10

11 Miscellaneous assets 21.4 26.3 -48.1 17.1 -0.1 -20.1 72.1 16.5 48.9 -15.0 3.2 11

12 Net increase in liabilities -69.1 -250.2 -184.7 -19.0 -64.6 -107.8 57.7 38.6 -21.6 -89.0 1.3 12

13 Credit market instruments -79.4 -156.2 -174.9 11.4 21.2 -94.6 129.1 -10.3 -25.2 -123.1 80.5 13

14 Open market paper -22.6 -38.8 1.7 22.2 82.8 -31.3 23.9 13.4 25.6 -10.7 15.7 14

15 Corporate bonds -49.6 -87.0 -111.7 -26.8 -73.8 -20.2 46.3 -59.3 -33.8 -86.3 -11.2 15

16 Depository institution loans n.e.c. -7.1 -30.4 -64.9 15.9 12.3 -43.1 58.9 35.7 -17.0 -26.0 76.0 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 -0.1 -2.8 0.3 -0.3 -2.6 -1.5 1.4 1.7 2.4 1.6 1.9 18

19 Miscellaneous liabilities 10.4 -91.2 -10.0 -30.1 -83.2 -11.7 -72.8 47.2 1.2 32.5 -81.2 19

20 Foreign direct investment in U.S. 12.2 12.8 18.0 10.2 9.1 11.4 0.1 20.4 4.5 0.2 1.4 20

21 Investment by parent -8.4 -32.6 -15.9 -11.3 -13.7 -5.8 -8.7 -17.1 -28.0 -23.4 -0.7 21

22 Other 6.5 -71.5 -12.1 -29.0 -78.6 -17.2 -64.2 43.9 24.7 55.7 -81.9 22

23 Discrepancy 36.3 15.9 22.6 22.6 19.1 1.9 33.8 35.7 14.4 9.0 44.9 23

 Memo:

24 Consumer leases not included above (2) -11.8 -25.7 -16.5 7.9 3.7 2.8 6.6 18.5 17.9 22.8 29.1 24

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (4), table F.124.
Z.1, December 6, 2012 37

F.126 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -11.6 7.3 -0.4 -6.4 -4.5 -9.5 -10.0 -1.8 -6.4 -5.7 -14.9 1

 2 Fixed nonresidential investment 6.0 3.8 2.9 2.8 2.5 2.8 2.9 3.0 3.1 3.2 3.2 2

 3 Multifamily residential investment 0.1 -0.1 4.7 6.3 1.6 3.9 9.3 10.3 4.9 6.4 5.1 3

 4 Net acquisition of financial assets -67.9 -9.3 41.8 118.3 254.5 112.7 98.5 7.5 266.9 101.9 285.3 4

 5 Checkable deposits and currency 1.8 7.9 -2.8 2.1 22.0 -21.5 12.8 -5.1 16.8 -3.1 14.0 5

 6 Credit market instruments -68.9 -8.7 37.1 102.9 207.8 121.7 80.3 1.9 215.8 90.3 232.1 6

 7 Agency- and GSE-backed securities 0.7 15.5 38.2 101.4 189.6 104.8 88.8 22.5 207.0 71.2 215.9 7

 8 Corporate and foreign bonds -22.8 3.8 5.3 1.3 15.1 6.5 3.6 -20.0 13.9 8.0 11.7 8

 9 Mortgages -46.9 -28.0 -6.3 0.2 3.1 10.4 -12.1 -0.6 -5.0 11.1 4.6 9

10 Home -46.4 -21.7 -3.7 -0.7 0.4 0.3 -3.7 0.1 1.8 12.3 0.1 10

11 Multifamily residential -0.9 -2.0 -0.4 -0.2 -0.5 -0.0 -0.1 -0.2 -0.0 0.2 -0.1 11

12 Commercial 0.4 -4.3 -2.3 1.1 3.1 10.1 -8.3 -0.4 -6.8 -1.4 4.6 12

13 Miscellaneous assets -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 34.3 14.7 39.2 13

14 Net increase in liabilities -56.1 -28.5 71.0 169.0 287.3 169.2 152.4 67.3 321.6 137.6 329.7 14

15 Security RPs -12.3 11.1 30.0 94.9 161.9 104.5 95.2 18.0 173.4 88.7 155.4 15

16 Credit market instruments -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 26.6 57.3 23.4 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 -60.3 -41.3 -0.1 15.5 46.4 0.9 -9.4 24.0 30.0 24.9 14.6 18

19 Depository institution loans n.e.c. -0.3 -12.1 -2.2 3.6 -9.0 -2.4 19.1 6.8 -13.9 7.6 -5.9 19

20 Mortgages 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 24.9 14.6 20

21 Corporate equity issues 12.8 24.2 28.2 37.5 64.1 39.8 30.7 15.3 59.5 31.1 62.7 21

22 Miscellaneous liabilities -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 62.2 -39.5 88.2 22

23 Discrepancy -5.8 -15.6 21.2 35.3 24.2 40.4 31.7 44.7 40.3 20.4 21.1 23

 Memo:

24 Securitized assets included above -46.7 -25.3 0.4 -3.1 2.7 -1.4 -5.5 -8.2 1.1 -20.1 6.7 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 -40.6 -25.7 1.1 -0.7 0.6 0.3 -4.1 0.3 2.6 0.3 6.7 26

27 Multifamily residential mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 0.0 27

28 Commercial mortgages -6.1 0.4 -0.7 -2.3 2.2 -1.7 -1.3 -8.5 -1.5 -20.4 -0.1 28
38 Z.1, December 6, 2012

F.127 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -98.5 37.7 24.9 19.6 25.9 23.2 7.1 22.3 19.9 25.7 23.0 1

 2 Fixed nonresidential investment 21.3 25.3 18.2 18.8 17.9 18.4 19.2 19.7 20.1 20.3 20.2 2

 3 Net acquisition of financial assets -874.8 -133.0 -9.1 -121.6 295.6 95.3 -556.1 -321.4 631.3 -69.4 29.8 3

 4 Checkable deposits and currency 15.1 -29.4 6.2 17.9 -19.3 65.4 27.4 -1.9 10.1 -48.8 33.1 4

 5 Credit market instruments -85.7 -192.1 32.2 9.7 34.8 -6.1 -100.1 110.2 211.0 -35.4 23.9 5

 6 Open market paper -21.4 -24.2 -5.3 5.9 13.4 10.6 -7.4 7.1 6.3 -36.1 -5.9 6

 7 Treasury securities 250.6 -67.6 -28.5 93.3 -26.0 -65.1 144.2 320.2 100.7 -4.8 25.4 7

 8 Agency- and GSE-backed securities -47.5 -131.8 38.9 -2.1 13.7 85.9 -31.8 -76.2 3.7 84.6 -17.2 8

 9 Municipal securities -11.4 -3.3 4.6 -8.5 -12.0 14.3 -15.8 -20.6 12.8 -14.1 -8.5 9

10 Corporate and foreign bonds -259.0 47.5 35.2 -85.9 51.7 -60.0 -214.9 -120.2 182.4 -74.1 150.4 10

11 Other loans and advances 3.1 -12.7 -12.7 6.9 -6.0 8.3 25.6 -0.1 -94.9 8.9 -120.3 11

12 Corporate equities -28.5 -4.6 -18.5 -7.2 32.1 3.4 -37.6 -26.8 21.9 11.8 27.0 12

13 Security credit -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 108.9 13

14 Miscellaneous assets -615.1 54.9 -104.2 -102.4 97.8 44.1 -202.1 -349.3 271.5 96.1 -163.2 14

15 Net increase in liabilities -683.2 -206.7 -25.0 -88.2 265.0 138.0 -374.9 -381.0 451.2 -35.1 -24.7 15

16 Security RPs (net) -560.3 -57.5 -66.2 -191.3 122.5 -172.7 -799.6 84.4 229.3 -143.8 -164.0 16

17 Credit market instruments 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 -65.2 17

18 Corporate bonds 32.3 -4.2 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 -65.2 18

19 Depository institution loans n.e.c. (1) 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Corporate equity issues 120.2 -32.4 -11.1 14.6 -11.0 30.8 134.0 -95.5 -183.9 25.1 -27.2 20

21 Trade payables -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.4 -15.3 -2.6 21

22 Security credit -237.3 -134.0 48.4 137.0 -9.8 290.6 437.6 -170.3 61.1 248.1 161.1 22

23 Customer credit balances (HH) -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 20.2 23

24 From U.S.-chartered depository institutions 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 128.1 24

25 From foreign banking offices in U.S. -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 12.8 25

26 Taxes payable 0.3 3.2 -2.1 -1.5 2.3 0.4 -2.6 -6.3 3.5 -0.6 3.3 26

27 Miscellaneous liabilities -70.7 18.4 20.7 -3.5 174.0 58.3 -96.2 -150.2 275.7 -170.2 73.9 27

28 Foreign direct investment in U.S. 55.8 2.1 11.7 10.4 7.3 17.1 17.4 -0.2 8.6 5.1 5.5 28

29 Investment by funding corporations 104.6 -166.8 -51.5 38.6 115.5 -71.1 4.9 105.2 262.8 -149.7 214.5 29

30 Other -231.1 183.1 60.5 -52.6 51.2 112.3 -118.5 -255.2 4.3 -25.6 -146.1 30

31 Proprietors’ net investment 11.5 -3.6 0.4 -1.7 -8.7 -0.2 7.2 -4.9 28.2 5.2 -4.0 31

32 Discrepancy 71.9 -61.4 -9.2 34.2 -22.6 47.5 169.0 -57.0 -180.3 39.6 -51.6 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, December 6, 2012 39

F.128 Holding Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 80.5 96.8 106.5 142.0 127.4 136.7 149.5 154.4 180.5 141.7 125.9 1

 2 Fixed nonresidential investment 52.2 53.3 43.6 45.8 43.7 44.8 46.9 48.0 48.8 49.4 49.2 2

 3 Net acquisition of financial assets 289.1 87.3 -4.6 44.6 254.9 159.6 12.1 -248.0 26.7 -212.6 81.3 3

 4 Time and savings deposits -0.1 -3.9 -1.3 2.4 6.3 10.0 1.2 -7.9 -3.5 33.7 -1.2 4

 5 Federal funds and security RPs -6.6 19.8 2.1 0.2 33.6 12.2 -36.2 -8.9 -201.3 0.2 0.6 5

 6 Credit market instruments 13.9 -16.0 22.1 3.1 30.8 -1.4 20.7 -37.6 64.1 -158.2 20.0 6

 7 Treasury securities -4.0 2.7 13.8 7.1 -14.2 -28.4 45.6 25.6 9.6 -120.1 3.9 7

 8 Agency- and GSE-backed securities 15.9 -7.0 -3.2 12.0 4.6 37.1 47.0 -40.5 -14.4 -77.5 0.5 8

 9 Corporate and foreign bonds -0.0 -8.4 7.3 -20.1 8.5 0.6 -74.3 -15.0 -9.6 38.9 -22.4 9

10 Other loans and advances 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 0.5 37.9 10

11 Life insurance reserves -1.2 2.1 3.8 2.4 0.2 -0.5 5.9 4.2 24.5 4.3 6.2 11

12 Miscellaneous assets 283.1 85.4 -31.2 36.5 184.1 139.3 20.5 -197.9 142.9 -92.6 55.8 12

13 Net transactions with depository institution subsidiaries 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 190.1 183.4 13

14 Net transactions with property-casualty insurance co. subs. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.2 -17.5 14

15 Net transactions with life insurance company subsidiaries -12.5 9.3 22.2 9.3 7.2 11.6 28.8 -10.1 -2.1 27.7 13.5 15

16 Net transactions with finance company subsidiaries -7.3 -23.3 -36.2 -20.4 -63.2 -3.3 -5.0 -9.9 -16.2 -13.5 -17.7 16

17 Net transactions with broker and dealer subsidiaries 98.2 -173.1 -27.7 -11.7 88.1 -157.1 -50.9 72.8 256.2 -150.4 121.1 17

18 Net transactions with foreign subsidiaries -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 -57.8 -51.9 18

19 Other 100.1 82.3 -33.6 -46.2 54.4 17.9 -81.4 -175.9 -194.8 -98.8 -175.0 19

20 Net increase in liabilities 247.9 34.8 -64.6 -50.0 174.3 70.1 -89.9 -354.5 -105.5 -305.4 4.5 20

21 Federal funds and security RPs -7.0 -0.2 0.2 0.4 1.3 0.8 -0.5 0.1 -0.4 -0.3 0.5 21

22 Credit market instruments 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 -360.2 57.8 22

23 Commercial paper -39.0 -18.1 3.9 11.1 35.6 13.3 -20.9 16.7 -16.2 -0.7 25.6 23

24 Corporate bonds 123.0 7.8 -46.5 -91.6 8.7 -200.1 -86.7 -88.1 110.1 -124.4 38.2 24

25 Depository institution loans n.e.c. 13.3 2.3 26.1 64.0 39.3 233.2 24.1 -40.7 -81.6 -235.1 -6.0 25

26 Corporate equity issues 321.4 68.6 19.8 2.9 14.9 -22.4 19.8 -0.9 12.7 -14.8 24.5 26

27 Miscellaneous liabilities -163.8 -25.6 -68.2 -36.8 74.5 45.3 -25.7 -241.6 -130.1 69.8 -78.2 27

28 Equity, etc. 63.0 35.6 -22.4 6.9 58.3 15.6 34.6 -80.7 54.6 51.7 104.5 28

29 Other -226.8 -61.2 -45.8 -43.8 16.3 29.7 -60.3 -160.8 -184.6 18.1 -182.7 29

30 Discrepancy -12.9 -8.9 2.8 1.5 3.1 2.4 0.6 -0.0 -0.5 -0.6 -0.1 30

(1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.
40 Z.1, December 6, 2012

F.129 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 988.1 -423.5 -170.9 -63.6 -427.8 -53.7 -1.3 228.4 -157.0 44.3 159.9 1

 2 Money market fund shares 271.7 -167.4 -143.3 -63.0 -114.7 -47.3 -233.1 143.1 -95.3 -117.8 40.0 2

 3 Security RPs 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Credit market instruments 674.4 -214.0 26.4 9.1 -304.4 -30.3 309.1 62.1 -134.1 264.3 68.8 4

 5 Open market paper 162.0 -247.9 -24.0 -21.5 -217.4 -69.2 182.5 18.3 -330.4 40.4 26.6 5

 6 Corporate and foreign bonds 497.3 43.6 51.9 32.6 -74.4 36.1 136.9 31.8 221.3 226.9 59.4 6

 7 Other loans and advances 15.1 -9.8 -1.5 -2.0 -12.7 2.8 -10.2 12.0 -25.0 -3.0 -17.3 7

 8 Corporate equities (2) 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets 42.1 -67.2 -55.3 16.6 96.8 23.9 -77.4 23.2 72.3 -102.3 51.1 9

10 Investment in foreign banking offices 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 -42.3 10

11 Investment in brokers and dealers 6.4 6.3 -23.8 50.4 27.3 86.0 55.8 32.4 6.6 0.7 93.4 11

12 Net increase in liabilities 988.1 -423.5 -170.9 -63.6 -427.8 -53.7 -1.3 228.4 -157.0 44.3 159.9 12

13 Credit market instruments 466.4 -434.8 -65.3 -64.6 -121.0 58.9 -37.0 -159.2 3.3 -16.7 17.3 13

14 Open market paper 20.1 -125.1 -47.4 -85.0 -67.4 -19.3 -68.8 -184.5 37.0 17.6 -60.6 14

15 Corporate bonds 1.4 37.9 -3.2 71.6 39.6 106.4 77.1 63.4 8.7 17.2 98.9 15

16 Depository institution loans n.e.c. (3) 444.9 -349.6 -21.9 -51.9 -93.8 -29.6 -45.9 -38.2 -38.3 -47.6 0.0 16

17 Other loans and advances (4) 0.0 2.0 7.2 0.7 0.6 1.4 0.6 0.1 -4.1 -3.8 -21.0 17

18 Corporate equities (5) 40.0 30.5 3.5 -18.4 -60.4 0.0 -9.2 -3.9 -34.5 0.0 0.0 18

19 Miscellaneous liabilities 481.7 -19.1 -109.1 19.3 -246.5 -112.6 44.9 391.5 -125.8 61.0 142.6 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) -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.4 219.8 -198.1 21

22 Equity interest under PPIP 0.0 2.4 7.9 1.4 0.6 2.5 2.2 0.2 0.2 0.0 0.0 22

23 Other (net) 834.3 8.1 5.9 92.3 -152.5 -188.6 45.3 665.2 -99.3 -159.5 340.1 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, December 6, 2012 41

F.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 8.8 1

 2 Federal government: SDR allocations 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world 4.8 52.3 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 8.8 3

 4 SDR holdings 0.1 48.2 0.0 -1.8 -7.8 0.6 0.1 0.1 0.0 0.0 0.0 4

 5 Reserve position in IMF (net) 3.5 3.4 1.3 18.1 25.7 23.9 15.6 7.1 4.3 12.7 8.0 5

 6 Foreign currency holdings 1.3 0.7 0.5 -0.5 -3.4 0.5 0.6 0.5 0.6 0.4 0.8 6

 7 Net change in assets 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 8.8 7

 8 Federal government 4.2 51.9 1.6 16.2 16.3 24.8 16.0 7.9 4.6 13.0 8.4 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 0.1 48.2 0.0 -1.8 -7.8 0.6 0.1 0.1 0.0 0.0 0.0 10

11 Reserve position in IMF (net) 3.5 3.4 1.3 18.2 25.8 23.9 15.6 7.5 4.3 12.8 7.9 11

12 Foreign currency holdings 0.6 0.3 0.3 -0.2 -1.7 0.3 0.3 0.2 0.3 0.2 0.4 12

13 Rest of the world 0.0 47.6 0.0 0.0 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 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Monetary authority 0.6 0.3 0.3 -0.3 -1.8 0.3 0.3 -0.2 0.3 0.2 0.5 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 -0.1 -0.1 0.0 0.0 -0.5 0.0 -0.0 0.1 18

19 Foreign currency holdings 0.6 0.3 0.3 -0.2 -1.7 0.3 0.3 0.2 0.3 0.2 0.4 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 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Monetary authority -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 0.5 0.5 4

 5 Discrepancy (seigniorage) -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 -0.5 -0.5 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 -394.3 -106.0 25.9 -32.4 203.7 1.6 6.8 -341.9 -124.3 -37.7 -16.1 1

 Held by:

 2 Household sector -23.7 -6.4 1.6 -1.9 12.2 0.1 0.4 -20.5 -7.5 -2.3 -1.0 2

 3 Nonfinancial corporate business -25.5 6.8 9.1 -7.0 27.8 -27.2 -14.3 -14.4 -50.4 -44.8 4.4 3

 4 Money market mutual funds 2.0 -32.2 8.7 -47.3 14.0 18.0 -175.4 -45.9 -39.7 -32.0 -1.6 4

 5 Discrepancy--unallocated assets -347.1 -74.3 6.5 23.9 149.7 10.7 196.1 -261.0 -26.7 41.4 -17.8 5
42 Z.1, December 6, 2012

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -428.2 -232.1 1

 2 Monetary authority 842.0 114.2 -11.1 602.3 1781.6 756.5 -6.9 -122.1 -58.5 -179.5 -260.6 2

 3 U.S.-chartered depository institutions 746.9 -534.3 -213.0 -229.4 36.9 -366.6 -351.2 -236.6 198.9 -379.7 -54.0 3

 4 Foreign banking offices in U.S. 240.4 -158.9 48.2 496.8 1062.4 162.6 751.5 10.7 -54.5 169.8 104.9 4

 5 Banks in U.S.-affiliated areas -0.6 -1.0 0.9 -1.2 -3.1 -1.2 -1.9 1.2 0.5 -0.6 -2.9 5

 6 Credit unions -5.7 -10.9 0.7 -13.9 71.0 -47.0 -78.7 -0.8 14.3 -38.2 -19.5 6

 7 Net change in assets 1762.3 -619.9 -155.0 824.4 2809.7 641.1 226.5 -379.4 62.7 -170.2 -452.2 7

 8 Rest of the world 410.8 -270.4 -48.2 221.4 1028.5 -117.5 232.8 -258.2 122.3 9.0 -192.2 8

 9 Monetary authority 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 0.3 0.6 9

10 U.S.-chartered depository institutions 599.3 50.9 -91.9 232.9 549.8 627.9 -312.9 66.7 23.4 -174.9 -159.6 10

11 Foreign banking offices in U.S. 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 34.6 -68.9 11

12 Credit unions 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 45.4 -39.1 -32.1 12

13 Discrepancy 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -258.0 220.1 13

 Memo:

 Vault cash:

14 Liab.: Monetary authority 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.7 5.9 14

15 Asset: U.S.-chartered depository institutions 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.7 5.9 15

 Depository institution reserves:

16 Liab.: Monetary authority 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 -171.8 -266.5 16

17 Asset: U.S.-chartered depository institutions 596.6 53.7 -89.7 224.8 523.9 627.3 -299.8 47.8 32.7 -167.2 -165.5 17

18 Foreign banking offices in U.S. 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 34.6 -68.9 18

19 Credit unions 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 45.4 -39.1 -32.1 19

 Other transactions with the monetary authority

20 Liab: U.S.-chartered depository institutions 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 0.3 0.6 20

21 Asset: Monetary authority 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 0.3 0.6 21

22 Federal Reserve float -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 0.0 0.4 22

23 Loans 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 0.2 23

 Transactions with banks in foreign countries (net):

24 Liab.: U.S.-chartered depository institutions (net) 172.6 -109.3 -83.3 -290.0 -55.3 -292.8 -497.0 -314.8 142.7 -132.8 -108.6 24

25 Due to foreign affiliates 131.5 -21.3 22.7 -218.3 -42.7 -461.5 -0.7 -368.1 -153.8 -172.0 -101.6 25

26 - Due from foreign affiliates -41.1 88.0 106.0 71.7 12.6 -168.7 496.3 -53.3 -296.5 -39.2 7.0 26

27 Foreign banking offices in U.S. (net) 244.3 -171.2 43.9 508.4 1090.1 168.5 734.6 40.5 -27.7 137.8 -88.6 27

28 Due to foreign affiliates 7.4 2.5 96.7 193.8 697.0 -77.2 128.6 26.6 173.4 -127.7 6.7 28

29 - Due from foreign affiliates -236.9 173.7 52.7 -314.6 -393.1 -245.7 -606.0 -13.8 201.0 -265.5 95.3 29

30 Less: Deposits at foreign banks 6.2 -10.1 8.8 -3.0 6.2 -6.8 4.8 -16.1 -7.3 -3.9 -4.9 30

31 U.S.-chartered depository institutions 6.6 -15.2 5.7 -1.5 -0.1 -1.0 2.6 -7.5 -12.3 2.2 -6.7 31

32 Foreign banking offices in U.S. -0.4 5.1 3.1 -1.5 6.4 -5.9 2.3 -8.7 5.1 -6.1 1.8 32

33 Asset: Rest of the world (1) 410.8 -270.4 -48.2 221.4 1028.5 -117.5 232.8 -258.2 122.3 9.0 -192.2 33

 Transactions between U.S. depository institutions (net) (2):

34 U.S.-chartered depository institutions (net) 71.3 23.5 -28.2 58.3 92.6 -76.8 147.8 69.8 45.0 -245.1 47.3 34

35 Due to (3): 19.7 18.7 -22.7 45.2 96.9 -118.2 166.8 35.4 29.7 -226.2 253.4 35

36 Foreign banking offices in U.S. -47.3 -22.2 -1.7 -0.0 25.7 -29.6 -0.1 4.0 6.5 -6.9 10.9 36

37 Banks in U.S.-affiliated areas 0.6 1.0 -0.9 1.2 3.1 1.2 1.9 -1.2 -0.5 0.6 2.9 37

38 Credit unions 5.7 10.9 -0.7 13.9 -71.0 47.0 78.7 0.8 -14.3 38.2 19.5 38

39 - Due from: Foreign banking offices in U.S. -51.6 -4.7 5.6 -13.1 4.3 -41.3 19.0 -34.4 -15.2 18.9 206.1 39

40 Unallocated (2) 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -258.0 220.1 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, December 6, 2012 43

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 313.3 216.7 1

 2 Monetary authority 428.2 -117.6 185.0 -122.1 -838.7 168.7 -82.3 263.8 -166.0 244.0 50.3 2

 3 Federal government cash and deposits 349.3 -173.8 149.0 -255.0 -897.0 78.5 -315.6 114.0 -167.7 195.2 -24.1 3

 4 Due to government-sponsored enterprises 19.4 14.0 -21.6 51.1 -13.3 -11.6 150.1 79.3 -111.0 -27.7 -29.2 4

 5 Deposits due to foreign 1.3 1.0 0.9 -3.2 -12.8 0.9 9.1 -10.0 0.0 5.8 16.2 5

 6 Currency outside banks 58.2 41.2 56.7 85.0 84.5 100.8 74.2 80.4 112.6 70.7 87.4 6

 7 U.S.-chartered depository institutions 137.9 94.0 69.6 319.4 327.9 339.0 414.6 196.2 53.1 45.6 167.2 7

 8 Federal government deposits -39.5 0.3 -0.1 -2.7 -1.2 2.4 -3.3 -8.6 -0.2 1.6 -0.7 8

 9 Deposits due to foreign 31.2 -28.7 -3.8 25.6 51.5 12.6 19.7 18.6 -5.7 -2.0 5.0 9

10 Private domestic deposits 146.2 122.4 73.5 296.5 277.7 324.1 398.2 186.2 59.0 46.0 162.9 10

11 Foreign banking offices in U.S. 1.7 2.6 5.7 23.7 -4.4 9.8 60.0 29.5 -5.1 18.4 19.9 11

12 Deposits due to foreign 2.4 5.8 4.1 4.4 -5.5 8.7 9.6 4.9 -0.3 7.5 7.5 12

13 Private domestic deposits -0.7 -3.2 1.7 19.3 1.1 1.1 50.4 24.6 -4.9 10.9 12.4 13

14 Banks in U.S.-affiliated areas -1.1 1.4 0.5 2.8 2.2 3.9 -0.5 5.5 0.7 11.0 -5.5 14

15 Credit unions 1.6 11.6 5.5 10.7 25.0 -6.4 20.0 4.1 43.9 -5.7 -15.3 15

16 Net change in assets 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 313.3 216.7 16

17 Household sector 224.4 24.0 56.4 292.2 151.8 229.6 527.9 259.6 117.2 -11.1 59.6 17

18 Nonfinancial business -108.8 160.3 53.9 67.4 94.0 55.6 88.8 31.1 23.4 102.7 106.3 18

19 Corporate -112.6 139.8 74.2 68.0 98.3 58.2 90.1 25.3 19.5 102.0 104.9 19

20 Noncorporate 3.8 20.4 -20.3 -0.6 -4.3 -2.7 -1.3 5.8 4.0 0.6 1.4 20

21 State and local governments 8.5 19.2 6.7 15.9 14.8 23.3 8.6 16.9 -10.2 -8.9 -6.7 21

22 Federal government 313.1 -174.2 148.9 -257.6 -845.7 -15.9 -321.2 152.2 -121.6 96.5 -27.6 22

23 Rest of the world 64.0 -9.2 29.5 81.8 83.4 78.2 76.9 88.8 66.3 39.8 93.3 23

24 Checkable deposits 34.8 -21.8 1.2 26.8 33.1 22.2 38.4 13.6 -6.0 11.3 28.6 24

25 Currency 29.2 12.6 28.3 55.0 50.3 56.0 38.5 75.3 72.2 28.5 64.6 25

26 Financial sectors 72.4 -27.7 -28.0 34.1 65.3 47.7 27.2 -3.8 -101.1 -5.7 -10.2 26

27 Property-casualty insurance companies -14.8 -0.3 5.0 -8.5 4.8 7.1 -39.7 -6.3 20.2 0.5 14.6 27

28 Life insurance companies 24.4 -32.1 1.0 2.0 -18.5 4.8 38.1 -16.3 -3.4 12.9 -10.2 28

29 Private pension funds 0.5 4.2 4.5 1.1 -4.1 3.7 1.6 3.1 -2.9 1.8 0.9 29

30 State and local govt. retirement funds -0.2 -0.0 -0.5 1.1 3.5 -0.9 2.7 -0.9 1.0 0.4 -0.1 30

31 Money market mutual funds 5.6 10.4 -3.7 4.9 38.8 14.7 -29.1 -4.9 -19.8 -1.7 -3.2 31

32 Government-sponsored enterprises 39.7 11.1 -36.0 9.3 28.2 -32.7 5.7 36.0 -120.8 41.8 -67.1 32

33 Finance companies 0.3 0.5 -1.7 4.3 9.9 7.1 7.8 -7.6 -2.4 -9.5 7.8 33

34 REITs 1.8 7.9 -2.8 2.1 22.0 -21.5 12.8 -5.1 16.8 -3.1 14.0 34

35 Brokers and dealers 15.1 -29.4 6.2 17.9 -19.3 65.4 27.4 -1.9 10.1 -48.8 33.1 35

36 Mail float -5.2 -0.3 -1.1 0.8 -51.6 96.6 3.8 -45.8 -47.4 100.0 2.0 36
44 Z.1, December 6, 2012

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 468.6 440.5 1

 2 Small time and savings deposits 524.8 517.2 298.4 577.3 233.5 906.3 705.8 463.7 378.9 473.5 584.0 2

 3 U.S.-chartered depository institutions 480.6 472.3 271.7 537.1 198.7 858.0 641.5 450.1 299.5 416.7 541.4 3

 4 Foreign banking offices in U.S. 0.1 4.4 5.8 13.2 27.7 19.2 14.0 -8.0 36.0 16.8 1.2 4

 5 Banks in U.S.-affiliated areas 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 -4.1 5

 6 Credit unions 43.0 43.4 26.2 27.4 6.7 29.9 50.4 22.5 44.2 36.6 45.6 6

 7 Large time deposits (1) -190.6 -141.8 -182.3 -204.6 58.7 -19.3 -670.6 -187.1 -87.5 -5.0 -143.6 7

 8 U.S.-chartered depository institutions -69.0 -329.8 -130.2 -35.3 -58.3 -52.0 -112.1 81.5 25.4 104.1 -152.6 8

 9 Foreign banking offices in U.S. -123.2 173.9 -49.6 -172.4 112.2 33.3 -563.0 -271.9 -119.2 -114.7 6.7 9

10 Banks in U.S.-affiliated areas 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 -4.1 10

11 Credit unions 0.5 17.0 2.7 3.4 4.6 0.3 4.6 4.3 7.2 2.3 6.4 11

12 Net change in assets 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 468.6 440.5 12

13 Household sector 204.2 127.6 164.5 382.6 268.0 770.9 23.3 468.3 420.4 466.5 -0.2 13

14 Nonfinancial business -60.7 102.1 46.1 24.3 7.8 64.8 -0.5 24.9 43.2 -52.9 37.6 14

15 Corporate -59.4 106.9 59.9 25.6 11.7 67.6 1.4 22.0 41.5 -52.3 37.7 15

16 Noncorporate -1.2 -4.8 -13.8 -1.4 -3.9 -2.8 -1.9 3.0 1.7 -0.6 -0.1 16

17 State and local governments 19.1 10.8 -0.4 18.0 0.4 31.4 11.5 28.7 -0.2 31.1 40.0 17

18 Federal government -1.3 0.3 0.1 -0.3 -2.1 1.5 -0.3 -0.2 0.5 1.4 -1.0 18

19 Rest of the world 65.5 -43.1 16.9 33.1 47.6 26.1 62.5 -4.0 -15.4 54.8 52.8 19

20 Financial sectors 107.4 177.6 -111.0 -84.9 -29.5 -7.7 -61.2 -241.2 -157.0 -32.4 311.4 20

21 Private pension funds 0.3 4.7 0.2 0.5 -0.2 2.0 -1.3 1.3 -0.2 -1.2 3.0 21

22 State and local govt. retirement funds -0.0 -0.0 -0.0 0.0 0.1 -0.0 0.1 -0.0 0.0 0.0 -0.0 22

23 Money market mutual funds 84.6 217.9 -105.2 -88.0 -55.9 -38.4 -38.8 -218.7 -136.9 -31.1 310.4 23

24 Government-sponsored enterprises 21.9 -42.8 0.3 -12.7 -9.3 -2.5 -45.7 6.9 -9.2 -5.2 -24.2 24

25 Finance companies 0.8 1.6 -5.0 12.8 29.6 21.2 23.3 -22.7 -7.1 -28.6 23.3 25

26 Holding companies -0.1 -3.9 -1.3 2.4 6.3 10.0 1.2 -7.9 -3.5 33.7 -1.2 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 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -321.4 24.6 -207.4 -164.4 64.2 1

 2 Net purchases 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -321.4 24.6 -207.4 -164.4 64.2 2

 3 Household sector 235.1 -268.7 -183.4 -15.5 86.7 57.3 3.6 -209.4 -11.8 -11.0 -21.1 3

 4 Nonfinancial corporate business 162.2 -69.0 -156.9 -32.8 -60.2 -47.1 -69.2 45.4 -72.9 -49.0 22.5 4

 5 Nonfinancial noncorporate business 1.0 -1.7 -2.9 -0.3 -0.8 -0.6 -0.4 0.6 0.4 -0.1 -0.0 5

 6 State and local governments -3.3 8.7 7.7 -3.3 0.3 0.1 -9.3 -4.4 -3.9 -4.5 9.2 6

 7 Rest of the world 23.7 7.2 -7.1 -5.5 -9.9 -9.9 -1.0 -1.0 -1.0 -1.0 -1.0 7

 8 Property-casualty insurance companies 12.1 -3.2 -4.0 -1.1 8.4 -6.4 -10.2 4.0 -13.9 0.3 13.2 8

 9 Life insurance companies 17.5 -5.5 -12.7 7.9 -5.0 -7.3 -3.7 47.4 -9.7 18.3 1.6 9

10 Private pension funds 2.3 0.6 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 0.0 0.0 0.0 10

11 State and local govt. retirement funds 1.9 -0.0 -0.4 0.9 2.9 -0.8 2.2 -0.7 0.8 0.4 -0.1 11

12 Funding corporations 271.7 -167.4 -143.3 -63.0 -114.7 -47.3 -233.1 143.1 -95.3 -117.8 40.0 12
Z.1, December 6, 2012 45

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -880.3 247.8 -192.5 -137.0 121.7 -290.4 -695.7 316.6 192.8 -135.5 -183.7 1

 2 Monetary authority 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 -44.8 29.1 2

 3 Private depository institutions (net) -339.6 307.2 -137.2 -80.2 -167.4 -257.9 -44.1 148.6 -198.5 -38.9 -209.2 3

 4 U.S.-chartered depository institutions (net) -248.1 269.4 -190.3 -114.5 -142.0 -110.6 -269.7 64.1 -197.8 -76.1 -180.1 4

 5 Foreign banking offices in U.S. (net) -96.3 40.3 52.9 50.2 -26.1 -74.2 196.8 104.4 20.3 1.4 -42.9 5

 6 Credit unions (net) 4.8 -2.4 0.1 -15.9 0.6 -73.1 28.7 -19.8 -21.0 35.8 13.8 6

 7 Property-casualty insurance companies 1.9 -1.7 0.8 -1.1 -3.4 0.2 -0.6 -0.5 0.3 0.0 0.7 7

 8 Life insurance companies -7.3 -0.5 -2.2 0.1 -3.0 2.1 -1.4 2.8 1.6 3.6 4.0 8

 9 REITs -12.3 11.1 30.0 94.9 161.9 104.5 95.2 18.0 173.4 88.7 155.4 9

10 Brokers and dealers (net) -560.3 -57.5 -66.2 -191.3 122.5 -172.7 -799.6 84.4 229.3 -143.8 -164.0 10

11 Holding companies -7.0 -0.2 0.2 0.4 1.3 0.8 -0.5 0.1 -0.4 -0.3 0.5 11

12 Net change in assets -287.6 -230.7 -121.5 -24.0 515.5 -119.8 -604.1 112.6 133.6 137.2 135.9 12

13 Nonfinancial corporate business -0.9 0.7 4.3 0.7 2.3 1.1 -3.6 3.1 4.1 1.6 -2.2 13

14 State and local governments -15.7 -4.0 -5.2 -8.3 -11.1 -11.1 -7.4 -3.5 -3.1 -3.6 7.2 14

15 Rest of the world (net) -214.0 -146.4 -126.1 51.2 231.6 -59.2 -207.6 240.1 -153.3 -137.4 75.9 15

16 Monetary authority 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Property-casualty insurance companies 0.8 0.1 -0.7 -2.0 -1.2 -4.7 -1.3 -0.7 -0.3 0.0 0.0 17

18 Life insurance companies 5.2 2.2 0.7 -0.8 -4.8 -3.6 8.0 -2.7 -3.4 0.4 -4.5 18

19 Private pension funds 7.3 3.1 -0.1 -4.2 1.2 -17.9 1.6 -1.7 13.1 -1.0 -2.1 19

20 State and local govt. retirement funds 1.8 -0.0 -0.6 1.5 4.7 -1.2 3.6 -1.2 1.4 0.6 -0.1 20

21 Money market mutual funds -63.5 -62.5 -0.5 4.6 -90.2 116.2 22.5 -30.1 105.0 104.4 -103.9 21

22 Mutual funds -7.4 28.6 -15.8 -28.8 324.3 13.1 -380.4 -72.3 390.3 45.7 20.1 22

23 Government-sponsored enterprises (net) -28.2 7.6 20.6 -38.1 25.2 -164.5 -3.4 -9.6 -18.8 126.3 144.9 23

24 Holding companies -6.6 19.8 2.1 0.2 33.6 12.2 -36.2 -8.9 -201.3 0.2 0.6 24

25 Funding corporations 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Discrepancy--unallocated assets -592.7 478.5 -71.0 -113.0 -393.8 -170.6 -91.6 204.0 59.2 -272.7 -319.5 26
46 Z.1, December 6, 2012

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net issues, all types -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 27.2 -51.4 18.3 1

 2 Commercial paper -188.8 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 27.2 -51.4 18.3 2

 3 Nonfinancial corporate business 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -2.4 34.5 -30.0 3

 4 Foreign issues in U.S. -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 35.8 -51.3 80.2 4

 5 Nonfinancial 20.7 -15.2 -3.8 -0.5 19.5 17.6 -27.6 -11.3 -23.5 1.1 37.8 5

 6 Financial -91.7 74.5 1.1 -53.0 100.7 -69.5 -228.8 -14.5 59.3 -52.4 42.4 6

 7 Financial sectors -125.4 -448.2 -101.7 -68.1 82.9 -79.9 -51.8 -223.6 -6.2 -34.7 -31.9 7

 8 U.S.-chartered depository institutions 0.0 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 -9.0 -45.3 8

 9 ABS issuers -83.9 -266.2 -40.3 -24.1 46.8 -42.1 10.6 -112.0 12.4 -31.8 32.8 9

10 Finance companies -22.6 -38.8 1.7 22.2 82.8 -31.3 23.9 13.4 25.6 -10.7 15.7 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 -39.0 -18.1 3.9 11.1 35.6 13.3 -20.9 16.7 -16.2 -0.7 25.6 12

13 Funding corporations 20.1 -125.1 -47.4 -85.0 -67.4 -19.3 -68.8 -184.5 37.0 17.6 -60.6 13

14 Bankers’ acceptances (1) -0.2 0.0 0.0 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. -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net purchases, by sector -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 27.2 -51.4 18.3 17

18 Household sector -101.3 28.7 28.8 -5.3 17.7 -11.9 -18.5 -8.4 -25.8 -18.5 -28.6 18

19 Nonfinancial corporate business -12.2 -1.3 12.0 -8.5 19.2 -13.2 -35.5 -4.7 20.3 -26.1 37.3 19

20 State and local governments -81.9 -73.4 60.1 23.9 43.6 43.7 -8.0 16.2 -3.4 -3.9 7.8 20

21 Rest of the world -45.1 -41.4 -0.5 -0.3 33.1 -16.8 17.3 -34.8 54.0 -59.6 3.6 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) 15.7 -15.7 0.0 0.0 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 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Property-casualty insurance companies 5.8 -9.3 -1.9 -2.4 2.6 -2.0 -11.1 0.9 -3.1 0.1 2.9 26

27 Life insurance companies -3.4 11.5 -8.9 -11.2 -4.4 -10.5 10.6 -40.6 -4.0 6.0 -8.4 27

28 Private pension funds 10.2 -10.5 -8.5 -1.4 4.4 -2.2 -2.6 -5.5 3.0 0.9 -7.1 28

29 State and local govt. retirement funds -12.5 -2.0 -1.6 1.4 4.6 -1.2 3.5 -1.2 1.3 0.6 -0.1 29

30 Money market mutual funds -56.1 -108.0 -116.3 -39.0 36.3 -17.6 -87.3 -87.5 30.9 19.5 -73.8 30

31 Mutual funds -62.5 28.6 -13.9 -26.3 277.4 8.8 -321.7 -69.8 283.3 23.1 70.1 31

32 Government-sponsored enterprises 14.1 3.0 0.2 -3.4 -1.7 -0.8 -0.3 -10.9 -5.2 2.2 -6.3 32

33 Brokers and dealers -21.4 -24.2 -5.3 5.9 13.4 10.6 -7.4 7.1 6.3 -36.1 -5.9 33

34 Funding corporations 162.0 -247.9 -24.0 -21.5 -217.4 -69.2 182.5 18.3 -330.4 40.4 26.6 34

(1) Excludes banks’ holdings of own acceptances.
Z.1, December 6, 2012 47

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 690.5 1

 2 Savings bonds -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 -2.2 2

 3 Treasury bills 861.6 -73.3 -19.0 -249.5 -297.0 -661.1 -215.4 175.6 612.6 -312.7 74.4 3

 4 Other Treasury securities 379.8 1519.8 1601.8 1319.0 1151.0 1456.6 1555.2 1113.3 820.4 1497.9 618.3 4

 5 Net purchases 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 690.5 5

 6 Household sector 167.8 420.6 383.6 -276.6 -925.9 -602.4 54.4 367.5 356.7 807.4 -83.2 6

 7 Savings bonds -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 -2.2 7

 8 Bills and other Treasury securities 170.3 423.4 386.9 -273.9 -921.6 -598.6 57.1 367.7 358.3 809.7 -81.0 8

 9 Nonfinancial corporate business -7.9 12.5 5.1 -0.2 -22.3 -3.8 11.7 13.5 20.8 47.7 -20.1 9

10 Nonfinancial noncorporate business -7.5 -5.7 -1.8 -0.2 -0.5 -0.4 -0.2 0.4 0.2 -0.1 -0.0 10

11 State and local governments -61.5 20.5 -8.5 -53.5 -55.0 -70.7 -58.3 -29.9 -10.9 25.8 34.3 11

12 Rest of the world 711.6 554.4 739.8 412.1 393.1 434.2 608.8 212.1 464.0 449.3 624.0 12

13 Treasury bills 455.3 -7.6 -40.2 -62.0 -174.5 -32.9 -104.7 63.9 -31.4 11.4 117.5 13

14 Other Treasury securities 256.3 562.0 780.0 474.1 567.6 467.1 713.5 148.1 495.4 437.9 506.5 14

15 Monetary authority -264.7 300.7 244.9 642.0 1331.4 1102.7 160.2 -26.5 46.3 -18.6 -78.8 15

16 Treasury bills -209.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -73.7 16

17 Other Treasury securities -55.3 300.7 244.9 642.0 1331.4 1102.7 160.2 -26.5 46.3 -18.6 -5.1 17

18 U.S.-chartered depository institutions -23.7 68.1 93.0 -43.7 -32.9 -95.5 -47.2 1.0 25.7 138.2 -28.5 18

19 Foreign banking offices in U.S. 5.1 22.0 3.5 -0.5 20.8 -10.0 -22.0 9.3 44.5 -42.6 65.4 19

20 Banks in U.S.-affiliated areas -0.6 -0.7 0.6 -0.0 0.0 2.1 -2.6 0.4 -0.7 1.9 -1.5 20

21 Credit unions -1.6 5.3 5.8 -2.4 7.5 0.1 2.6 -19.9 11.3 -1.2 6.4 21

22 Property-casualty insurance companies -5.6 22.9 3.2 1.8 6.1 -5.3 -4.8 11.4 -10.2 -6.6 12.3 22

23 Life insurance companies 35.1 27.7 23.2 10.5 6.1 2.2 15.7 18.0 9.3 1.0 6.5 23

24 Private pension funds 15.4 125.8 80.3 45.2 31.9 26.5 75.7 46.7 47.6 22.1 31.4 24

25 State and local govt. retirement funds 4.8 28.1 11.1 3.3 9.2 -4.0 8.4 -0.3 1.5 1.2 2.7 25

26 Federal government retirement funds 24.7 7.4 10.0 17.9 14.7 13.5 30.3 13.0 2.5 13.1 10.4 26

27 Money market mutual funds 399.5 -171.3 -71.0 107.9 98.4 26.8 158.6 148.0 218.6 -110.3 81.8 27

28 Mutual funds 8.7 67.6 41.9 82.3 2.9 32.9 138.9 154.6 94.1 46.5 50.9 28

29 Closed-end funds -2.4 1.2 0.7 -0.3 0.6 -0.1 -1.5 -0.1 1.1 -0.5 0.8 29

30 Exchange-traded funds 7.4 14.7 9.2 11.4 7.2 15.6 17.8 5.1 -1.7 21.1 -18.1 30

31 Government-sponsored enterprises 1.2 5.1 33.3 20.2 13.5 19.2 20.8 27.4 13.5 -83.4 -28.7 31

32 ABS issuers -13.6 -18.3 -13.8 -10.9 -16.7 1.6 -19.9 -8.7 -13.1 -4.4 -6.6 32

33 Brokers and dealers 250.6 -67.6 -28.5 93.3 -26.0 -65.1 144.2 320.2 100.7 -4.8 25.4 33

34 Holding companies -4.0 2.7 13.8 7.1 -14.2 -28.4 45.6 25.6 9.6 -120.1 3.9 34

 Memo:

35 Federal government borrowing (1) 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 690.2 35

(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, December 6, 2012

F.210 Agency- and GSE-Backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 -18.6 1

 2 Budget agencies 0.2 0.1 0.7 1.1 1.2 0.2 1.9 1.1 -3.3 0.1 -0.3 2

 3 Government-sponsored enterprises 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 -113.2 3

 4 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 4

 5 Net purchases 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 -18.6 5

 6 Household sector 121.2 -553.0 3.4 -15.0 336.9 -169.6 -194.1 -33.0 -206.0 -53.4 -270.5 6

 7 Nonfinancial corporate business -2.6 4.2 1.7 -0.1 -7.4 12.1 -9.4 4.5 6.9 5.9 -6.7 7

 8 State and local governments -36.1 -31.7 -16.0 -47.0 -40.8 -41.2 -51.1 -54.8 -43.2 -15.0 70.6 8

 9 Federal government 54.4 142.0 -47.2 -118.1 -43.1 -139.1 -132.3 -158.0 -118.5 -5.8 0.0 9

10 Rest of the world -228.6 -226.0 -72.3 -24.2 -48.2 -59.5 13.4 -2.3 -24.5 -50.3 21.0 10

11 Monetary authority 19.7 1048.5 71.4 -197.9 -279.8 -176.4 -185.6 -149.9 -33.6 52.9 -112.4 11

12 U.S.-chartered depository institutions 136.2 168.0 110.1 106.9 138.4 -8.8 67.9 230.2 260.2 -123.2 17.3 12

13 Foreign banking offices in U.S. -6.5 -19.3 -4.8 4.0 19.6 -3.4 6.5 -6.5 -6.1 12.9 -8.3 13

14 Banks in U.S.-affiliated areas -2.0 -3.9 -7.7 -8.0 -23.5 -3.7 -2.6 -2.1 1.2 -1.2 -3.3 14

15 Credit unions 14.4 27.9 40.8 30.6 44.3 9.8 23.8 44.5 38.3 11.4 -0.9 15

16 Property-casualty insurance companies -11.5 1.9 -0.4 6.4 4.1 0.4 4.7 16.6 -2.8 0.8 0.7 16

17 Life insurance companies -16.7 5.8 4.0 -1.2 3.3 -3.5 1.0 -5.6 -39.6 -47.3 13.7 17

18 Private pension funds 21.3 -49.0 -11.5 5.1 5.0 4.2 12.9 -1.9 -40.9 -42.5 -37.0 18

19 State and local govt. retirement funds 6.3 -30.5 -21.7 5.1 14.1 -6.1 13.0 -0.4 2.3 1.8 4.1 19

20 Federal government retirement funds -0.2 0.0 0.6 0.7 -0.6 1.2 1.0 1.2 2.0 2.4 -1.9 20

21 Money market mutual funds 520.3 -213.2 -140.1 0.9 -95.2 -44.7 117.3 26.0 -278.5 28.3 12.7 21

22 Mutual funds 27.3 46.4 152.0 146.2 9.1 102.9 236.6 236.2 212.0 145.7 159.4 22

23 Government-sponsored enterprises 207.0 -27.4 -85.1 -18.1 -12.4 -22.6 -0.4 -36.8 -45.0 -21.2 -74.1 23

24 ABS issuers -24.1 -227.1 -97.2 -8.7 24.3 -6.5 -26.9 -25.5 0.8 0.8 -2.1 24

25 REITs 0.7 15.5 38.2 101.4 189.6 104.8 88.8 22.5 207.0 71.2 215.9 25

26 Brokers and dealers -47.5 -131.8 38.9 -2.1 13.7 85.9 -31.8 -76.2 3.7 84.6 -17.2 26

27 Holding companies 15.9 -7.0 -3.2 12.0 4.6 37.1 47.0 -40.5 -14.4 -77.5 0.5 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 35.
Z.1, December 6, 2012 49

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 92.4 155.3 99.7 -52.8 -70.1 -75.4 -15.1 -50.5 2.8 109.7 -6.8 1

 2 State and local governments 17.1 112.2 68.7 -53.6 -86.0 -84.1 -5.6 -38.6 -1.6 92.0 -2.4 2

 3 Short-term (1) 4.6 7.8 -0.7 -10.6 -11.9 -25.7 13.9 -18.8 -3.4 36.3 15.2 3

 4 Long-term 12.5 104.4 69.3 -42.9 -74.1 -58.4 -19.5 -19.8 1.9 55.7 -17.6 4

 5 Nonprofit organizations (2) 9.3 5.9 -2.2 -7.8 -1.7 -4.3 -19.5 -5.5 -6.5 -17.5 -15.4 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 66.0 37.2 33.2 8.5 17.7 13.0 9.9 -6.4 10.9 35.2 11.0 6

 7 Net change in assets 92.4 155.3 99.7 -52.8 -70.1 -75.4 -15.1 -50.5 2.8 109.7 -6.8 7

 8 Household sector 38.8 129.5 59.5 -61.9 34.6 -76.4 -53.2 -152.7 -155.7 -3.5 -245.5 8

 9 Nonfinancial corporate business -3.0 0.9 -3.2 -4.5 -17.8 -1.3 2.7 -1.6 11.0 -5.4 1.8 9

10 Nonfinancial noncorporate business -0.4 0.2 -0.2 -0.0 -0.1 -0.0 -0.0 0.0 0.0 -0.0 0.0 10

11 State and local governments -0.1 0.9 0.8 -0.2 0.2 0.2 -0.8 -0.4 -0.3 -0.4 0.8 11

12 Rest of the world 5.4 8.2 13.1 10.9 9.9 9.9 12.0 12.0 12.0 12.0 12.0 12

13 U.S.-chartered depository institutions 19.9 2.4 30.3 42.6 26.1 30.4 66.7 47.4 46.8 81.5 90.7 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 0.5 0.9 -0.9 0.9 1.2 -1.3 1.4 2.4 -0.1 -2.6 0.1 15

16 Property-casualty insurance companies 10.6 -12.6 -21.0 -17.4 -24.3 -34.5 -21.7 10.8 -7.6 2.2 1.8 16

17 Life insurance companies 5.7 26.1 39.2 9.3 10.7 8.3 10.3 7.7 4.0 -7.6 4.7 17

18 State and local govt. retirement funds -1.0 0.0 0.1 -0.1 0.2 -0.1 -0.2 -0.0 19.7 7.8 0.0 18

19 Money market mutual funds 23.6 -93.3 -66.9 -37.9 -44.6 -47.3 -32.5 -27.3 -27.2 -51.4 25.8 19

20 Mutual funds 17.4 90.6 46.4 16.0 -45.9 20.1 27.2 62.6 84.0 88.8 108.3 20

21 Closed-end funds -13.3 3.3 0.4 0.9 -3.4 5.2 -7.7 9.5 2.5 2.3 3.6 21

22 Exchange-traded funds 1.7 3.6 1.7 1.0 -0.6 1.1 0.4 3.2 4.2 3.3 2.9 22

23 Government-sponsored enterprises -2.0 -2.2 -4.2 -3.9 -4.3 -3.7 -3.8 -3.7 -3.4 -3.3 -5.3 23

24 Brokers and dealers -11.4 -3.3 4.6 -8.5 -12.0 14.3 -15.8 -20.6 12.8 -14.1 -8.5 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, December 6, 2012

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues -233.8 -36.8 -100.5 120.9 204.0 205.2 67.2 7.0 334.9 -167.3 379.5 1

 2 Nonfinancial corporate business 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 514.8 2

 3 Rest of the world (1) -158.8 163.3 59.9 57.8 151.0 120.2 69.2 -109.4 -73.6 -106.0 3.6 3

 4 Financial sectors -280.5 -587.7 -583.2 -321.5 -351.3 -376.2 -324.4 -234.0 -61.6 -431.4 -138.9 4

 5 U.S.-chartered depository institutions 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 -50.9 -18.2 5

 6 ABS issuers (net) (3) -327.2 -472.6 -465.3 -231.3 -353.1 -187.2 -295.2 -89.7 -252.0 -228.4 -196.0 6

 7 Finance companies -49.6 -87.0 -111.7 -26.8 -73.8 -20.2 46.3 -59.3 -33.8 -86.3 -11.2 7

 8 REITs -60.3 -41.3 -0.1 15.5 46.4 0.9 -9.4 24.0 30.0 24.9 14.6 8

 9 Brokers and dealers 32.3 -4.2 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 -65.2 9

10 Holding companies 123.0 7.8 -46.5 -91.6 8.7 -200.1 -86.7 -88.1 110.1 -124.4 38.2 10

11 Funding corporations 1.4 37.9 -3.2 71.6 39.6 106.4 77.1 63.4 8.7 17.2 98.9 11

12 Net purchases -233.8 -36.8 -100.5 120.9 204.0 205.2 67.2 7.0 334.9 -167.3 379.5 12

13 Household sector -208.2 -123.8 -286.6 -34.4 5.6 41.8 -93.5 -91.6 -327.3 -252.9 -317.5 13

14 State and local governments -11.4 2.8 1.5 -6.9 -6.5 -6.6 -10.0 -4.7 -4.2 -4.8 9.8 14

15 Federal government 0.0 0.6 0.3 -0.1 -0.0 0.0 -0.3 -0.1 -0.1 -0.0 -0.4 15

16 Rest of the world (2) -21.4 -127.7 -37.0 -80.7 -53.8 -89.8 -43.4 -136.0 -70.1 -152.2 -4.0 16

17 U.S.-chartered depository institutions -64.1 25.9 -98.8 3.0 -67.7 -27.5 78.1 29.0 -78.3 -13.9 55.7 17

18 Foreign banking offices in U.S. 32.1 -156.7 -11.0 0.6 -53.3 35.6 105.0 -84.9 -72.2 0.7 28.4 18

19 Banks in U.S.-affiliated areas 0.0 1.5 -1.4 3.6 21.1 -2.6 -2.8 -1.4 0.5 -0.8 2.0 19

20 Credit unions -8.9 -7.0 -15.0 0.4 0.2 0.2 -0.5 1.9 2.2 0.5 -1.4 20

21 Property-casualty insurance companies -15.4 30.8 24.3 38.4 30.4 20.5 33.3 69.2 -8.3 2.3 2.0 21

22 Life insurance companies -45.5 97.6 102.9 93.4 131.7 74.6 102.7 64.8 118.6 -114.8 95.0 22

23 Private pension funds 42.7 42.8 -2.8 0.8 -5.2 1.7 8.6 -1.9 -7.0 -7.1 18.2 23

24 State and local govt. retirement funds 15.9 -4.3 3.8 8.6 7.0 -6.8 35.2 -1.2 8.3 6.1 4.6 24

25 Federal government retirement funds -0.5 -0.0 0.2 1.4 0.9 2.1 1.9 0.7 1.1 1.4 -1.8 25

26 Money market mutual funds -148.8 -58.1 -15.7 -24.6 2.8 -2.1 -189.3 90.2 -13.2 -39.4 -93.7 26

27 Mutual funds 69.9 146.2 148.7 190.3 192.2 207.2 181.4 180.4 332.3 253.9 358.1 27

28 Closed-end funds -24.9 6.1 4.1 -1.9 9.7 -1.5 -11.7 -4.0 7.9 3.8 9.9 28

29 Exchange-traded funds 13.9 27.6 18.7 33.6 23.1 27.0 34.0 50.4 62.5 49.3 45.5 29

30 Government-sponsored enterprises -77.7 -33.8 -16.9 -33.5 -36.6 -59.0 -22.9 -15.5 -26.0 -107.2 -23.6 30

31 Finance companies 3.0 6.3 -19.6 0.9 1.3 7.1 9.9 -14.8 0.2 7.9 -6.5 31

32 REITs -22.8 3.8 5.3 1.3 15.1 6.5 3.6 -20.0 13.9 8.0 11.7 32

33 Brokers and dealers -259.0 47.5 35.2 -85.9 51.7 -60.0 -214.9 -120.2 182.4 -74.1 150.4 33

34 Holding companies -0.0 -8.4 7.3 -20.1 8.5 0.6 -74.3 -15.0 -9.6 38.9 -22.4 34

35 Funding corporations 497.3 43.6 51.9 32.6 -74.4 36.1 136.9 31.8 221.3 226.9 59.4 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, December 6, 2012 51

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 264.8 315.5 -7.7 -218.4 -37.5 -201.7 -239.8 -394.7 -199.3 -306.0 -197.7 1

 2 Nonfinancial corporate business -336.0 -64.6 -278.0 -472.5 -324.2 -510.8 -616.0 -438.8 -292.1 -512.0 -431.4 2

 3 Rest of the world (2) -38.5 63.7 79.1 89.0 190.9 108.6 91.2 -34.5 59.2 83.9 -8.0 3

 4 Financial sectors 639.3 316.4 191.2 165.0 95.8 200.5 285.0 78.6 33.6 122.1 241.7 4

 5 U.S.-chartered depository institutions 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 1.3 1.1 5

 6 Property-casualty insurance companies 0.4 -5.3 -12.7 -10.7 -11.1 2.9 -20.7 -14.0 -18.1 -11.3 -22.2 6

 7 Life insurance companies -10.7 -0.9 -4.8 -11.5 -8.7 -11.5 -16.0 -10.0 -11.5 -11.9 -8.4 7

 8 Closed-end funds -61.8 7.6 0.4 -2.5 -1.5 7.5 19.4 -35.5 -30.2 14.9 8.6 8

 9 Exchange-traded funds 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 207.0 9

10 REITs 12.8 24.2 28.2 37.5 64.1 39.8 30.7 15.3 59.5 31.1 62.7 10

11 Government-sponsored enterprises 27.6 96.0 38.1 29.2 8.0 27.5 27.1 54.0 23.4 -12.5 -4.4 11

12 Brokers and dealers 120.2 -32.4 -11.1 14.6 -11.0 30.8 134.0 -95.5 -183.9 25.1 -27.2 12

13 Holding companies 321.4 68.6 19.8 2.9 14.9 -22.4 19.8 -0.9 12.7 -14.8 24.5 13

14 Funding corporations (3) 40.0 30.5 3.5 -18.4 -60.4 0.0 -9.2 -3.9 -34.5 0.0 0.0 14

15 Net purchases 264.8 315.5 -7.7 -218.4 -37.5 -201.7 -239.8 -394.7 -199.3 -306.0 -197.7 15

16 Household sector -96.9 96.3 -151.1 -174.0 -6.3 -368.5 -61.0 -260.3 -87.1 -190.6 -481.4 16

17 State and local governments 7.6 10.4 -15.6 -6.6 -25.7 -5.9 41.2 -35.9 -37.8 7.7 -19.8 17

18 Federal government 256.3 0.6 24.1 40.3 61.3 49.6 1.0 49.3 -19.8 -18.1 4.0 18

19 Rest of the world (4) 105.1 155.6 72.5 -37.8 14.8 16.3 -93.3 -88.8 -14.1 -51.9 185.7 19

20 Monetary authority 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 0.0 0.0 20

21 U.S.-chartered depository institutions 0.9 6.3 -1.8 1.0 -9.4 16.7 3.5 -6.8 8.5 3.0 6.1 21

22 Foreign banking offices in U.S. 0.0 0.0 0.1 -0.0 -0.0 -0.2 0.0 0.0 0.0 0.0 0.0 22

23 Property-casualty insurance companies 35.1 -2.4 -20.9 2.3 1.8 -10.3 27.0 -9.4 5.3 12.2 -1.6 23

24 Life insurance companies 81.8 33.4 45.6 37.7 32.5 38.6 35.3 44.4 24.3 46.4 40.2 24

25 Private pension funds -184.6 -175.6 -50.5 -24.0 -33.0 -14.8 -18.5 -29.8 -67.6 -42.9 -56.7 25

26 State and local govt. retirement funds 1.2 -17.3 -25.8 -65.7 -82.8 -18.6 -128.7 -32.5 -69.1 -47.9 -64.2 26

27 Federal government retirement funds -8.4 8.8 5.4 -4.2 -1.2 1.2 -18.2 1.4 6.5 -3.8 -5.6 27

28 Mutual funds -38.1 86.3 42.8 2.3 133.4 13.6 -62.2 -75.5 -76.2 -67.6 -2.4 28

29 Closed-end funds -21.1 -3.0 -4.8 -1.3 -8.4 4.0 40.3 -41.0 -41.7 9.2 -5.7 29

30 Exchange-traded funds 154.2 70.5 88.3 71.6 64.7 73.2 31.5 116.9 147.7 26.4 176.7 30

31 Brokers and dealers -28.5 -4.6 -18.5 -7.2 32.1 3.4 -37.6 -26.8 21.9 11.8 27.0 31

32 Funding corporations 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 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 31.0 490.5 389.3 403.8 952.6 482.1 -194.1 374.5 1301.5 554.4 749.5 1

 2 Net purchases 31.0 490.5 389.3 403.8 952.6 482.1 -194.1 374.5 1301.5 554.4 749.5 2

 3 Household sector 9.4 305.1 198.5 299.4 729.7 269.9 -112.6 310.5 1118.1 473.7 683.5 3

 4 Nonfinancial corporate business -16.7 35.5 11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 4

 5 State and local governments 15.6 -8.0 -5.0 -2.0 -10.2 -0.4 21.2 -18.5 -19.5 4.0 -10.2 5

 6 Rest of the world -2.0 56.5 112.2 70.6 150.6 130.9 -21.4 22.3 92.5 40.0 44.2 6

 7 U.S.-chartered depository institutions 1.3 14.8 -5.8 -0.8 -1.6 -6.4 -0.5 5.3 -10.3 11.6 11.1 7

 8 Credit unions -0.0 -0.7 0.2 0.3 0.6 0.6 -0.2 0.1 1.0 -0.3 0.4 8

 9 Property-casualty insurance companies -0.4 0.1 -0.1 -0.1 -0.2 -0.0 -0.0 -0.1 -0.0 -0.1 -0.1 9

10 Life insurance companies -10.7 0.0 1.0 1.1 1.0 1.0 1.2 1.2 1.2 1.3 1.3 10

11 Private pension funds 35.5 89.8 80.9 56.1 106.1 100.5 -51.8 69.6 139.9 42.5 47.1 11

12 State and local govt. retirement funds -1.1 -2.5 -3.8 -9.6 -12.1 -2.7 -18.8 -4.7 -10.1 -7.0 -16.5 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, December 6, 2012

F.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 137.0 108.2 1

 2 Household sector 4.6 33.0 52.4 -53.9 -68.9 -184.5 -69.8 107.6 70.4 221.4 -63.9 2

 3 Corporate business 64.2 -234.1 -33.4 73.4 64.0 43.0 105.4 81.3 102.3 90.9 37.1 3

 4 Noncorporate business 119.6 -102.0 -70.4 52.2 30.0 50.3 61.0 67.5 114.0 81.2 61.1 4

 5 Rest of the world 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 44.8 9.7 5

 6 Foreign official institutions 0.7 0.6 1.1 -1.7 -0.1 -4.2 -0.5 -2.0 -0.3 -1.6 -0.3 6

 7 Foreign banks 2.8 -5.1 11.8 11.3 24.2 13.7 15.6 -8.2 2.1 11.2 -14.7 7

 8 Other foreign 1.6 -6.6 4.9 19.5 23.8 4.1 26.6 23.6 27.3 35.2 24.7 8

 9 Financial sectors 496.4 -435.4 -62.9 31.6 -51.2 158.1 56.1 -36.4 -150.8 -301.2 64.2 9

10 Finance companies -7.1 -30.4 -64.9 15.9 12.3 -43.1 58.9 35.7 -17.0 -26.0 76.0 10

11 REITs -0.3 -12.1 -2.2 3.6 -9.0 -2.4 19.1 6.8 -13.9 7.6 -5.9 11

12 Brokers and dealers 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Holding companies 13.3 2.3 26.1 64.0 39.3 233.2 24.1 -40.7 -81.6 -235.1 -6.0 13

14 Funding corporations 444.9 -349.6 -21.9 -51.9 -93.8 -29.6 -45.9 -38.2 -38.3 -47.6 0.0 14

15 Net change in assets 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 137.0 108.2 15

16 Monetary authority (2) 490.4 -347.6 -44.8 -67.6 -115.7 -55.4 -51.7 -47.4 -46.1 -57.7 -12.2 16

17 U.S.-chartered depository institutions 131.2 -277.7 -35.9 156.3 87.2 69.6 201.9 266.6 231.2 212.7 116.1 17

18 Foreign banking offices in U.S. 65.1 -125.4 -16.1 36.1 45.5 69.0 38.1 -8.0 -15.0 -10.3 -2.4 18

19 Banks in U.S.-affiliated areas -1.7 -0.3 -3.3 1.1 -0.1 -0.3 2.7 1.9 0.4 0.3 1.4 19

20 Credit unions 4.8 1.3 3.5 6.6 4.9 -2.3 3.4 20.2 -5.6 -7.9 5.3 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, December 6, 2012 53

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 99.6 -428.0 -228.8 12.5 -69.6 25.2 -2.9 97.3 -141.0 52.7 -86.7 1

 2 U.S. government loans 6.1 66.1 3.6 4.9 8.7 -11.7 7.1 15.4 9.5 6.5 -13.3 2

 3 Liab.: Household sector 0.3 -0.2 -1.0 -0.5 -0.3 -0.7 -0.0 -0.9 -1.1 0.4 0.1 3

 4 Nonfinancial corporate business 4.4 59.6 -4.3 -0.5 5.3 -16.2 3.1 5.9 6.3 6.2 3.4 4

 5 Nonfinancial noncorporate business 2.1 3.6 0.6 2.9 2.2 4.6 1.7 3.1 0.2 2.6 0.5 5

 6 State and local governments 0.8 0.8 0.9 0.9 0.4 0.8 1.1 1.2 0.5 1.1 -0.4 6

 7 Rest of the world -1.5 0.3 0.2 1.4 0.5 -1.5 0.6 6.0 7.7 0.0 4.2 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 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 2.0 7.2 0.7 0.6 1.4 0.6 0.1 -4.1 -3.8 -21.0 10

11 Foreign loans to U.S. corporate business -64.1 -24.9 -22.0 42.1 38.1 49.1 84.3 -3.0 -94.7 -45.4 -28.8 11

12 Liab.: Nonfinancial corporate business -64.1 -24.9 -22.0 42.1 38.1 49.1 84.3 -3.0 -94.7 -45.4 -28.8 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. -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Liab.: Nonfinancial corporate business -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 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 16

17 Holding company loans 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 0.5 37.9 17

18 Liab.: Nonfinancial corporate business 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 -3.4 37.4 18

19 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.9 0.6 19

20 Policy loans (Household liability) 5.9 0.7 3.4 2.4 1.2 2.8 3.7 2.0 -0.2 -1.0 2.5 20

21 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 21

22 Life insurance companies 5.9 0.7 3.4 2.5 1.2 2.8 3.7 2.0 -0.1 -1.0 2.6 22

23 Govt.-sponsored enterprises loans (1) 38.1 -284.8 -144.7 -64.2 -56.3 -101.9 -97.7 -1.0 -23.6 85.2 -18.9 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) -3.8 -0.4 1.6 -0.9 3.6 -2.8 -4.1 -0.1 3.9 5.8 10.1 25

26 Nonfinancial noncorporate business (FCS) 8.5 0.2 5.6 -2.7 -2.0 -2.7 -8.6 2.6 -2.4 10.5 2.9 26

27 U.S.-chartered dep. inst. (FHLB & SLMA) -1.2 -263.9 -148.3 -60.5 -50.0 -95.4 -89.6 -7.0 -26.6 49.8 -34.2 27

28 Credit unions (FHLB) 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 2.6 28

29 Life insurance companies (FHLB) 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 -0.2 29

30 Securitized loans held by ABS issuers -15.6 -23.7 -4.9 -3.9 -14.8 -0.7 -0.0 -0.0 0.0 -0.0 12.8 30

31 Liab.: Nonfinancial corporate business -15.6 -23.7 -4.9 -3.9 -14.8 -0.7 -0.0 -0.0 0.0 -0.0 12.8 31

32 Finance company loans to business 16.9 -91.0 -15.2 2.4 -20.4 -44.1 9.2 64.8 -16.6 9.0 10.8 32

33 Liab.: Nonfinancial corporate business 15.2 -81.9 -13.7 2.1 -18.4 -39.7 8.3 58.3 -14.9 8.1 9.7 33

34 Nonfinancial noncorporate business 1.7 -9.1 -1.5 0.2 -2.0 -4.4 0.9 6.5 -1.7 0.9 1.1 34

35 Loans to nonfinancial corporate business (2) 110.5 -67.1 -53.3 24.9 -58.0 142.5 -11.8 26.9 -94.0 -2.0 -89.7 35

36 Asset: Household sector 12.2 -5.3 -0.6 -2.8 -3.8 1.7 -0.4 -8.7 12.6 -13.3 24.8 36

37 Life insurance companies 14.3 -13.3 -3.7 5.4 -5.2 7.6 12.9 6.4 -7.8 5.1 -11.7 37

38 Mutual funds 12.4 1.3 -0.8 18.9 48.7 52.0 -17.9 -7.2 2.9 20.1 -14.9 38

39 ABS issuers 53.4 -27.4 -34.0 -1.5 -79.1 70.2 -21.7 24.5 18.2 -19.8 49.7 39

40 Brokers and dealers 3.1 -12.7 -12.7 6.9 -6.0 8.3 25.6 -0.1 -94.9 8.9 -120.3 40

41 Funding corporations 15.1 -9.8 -1.5 -2.0 -12.7 2.8 -10.2 12.0 -25.0 -3.0 -17.3 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, December 6, 2012

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 77.2 -286.7 -523.1 -328.5 -377.4 -373.8 -299.8 -263.1 -435.5 -251.1 -314.4 1

 2 Home -120.4 -202.1 -354.6 -255.1 -290.9 -269.2 -199.6 -260.8 -342.9 -214.4 -297.8 2

 3 Multifamily residential 44.8 7.5 -12.8 -5.2 -42.9 -2.6 4.3 20.6 -1.4 24.6 42.8 3

 4 Commercial 130.8 -88.7 -165.6 -73.0 -47.8 -106.9 -109.4 -28.0 -96.2 -66.3 -64.4 4

 5 Farm 22.0 -3.4 9.9 4.8 4.2 4.9 5.0 5.0 5.0 5.0 5.0 5

 6 Net borrowing 77.2 -286.7 -523.1 -328.5 -377.4 -373.8 -299.8 -263.1 -435.5 -251.1 -314.4 6

 7 Household sector -66.3 -155.1 -318.1 -235.7 -264.2 -247.3 -186.1 -245.3 -332.4 -215.3 -302.2 7

 8 Nonfinancial business 136.7 -135.0 -205.2 -101.9 -120.3 -144.9 -117.9 -24.4 -113.6 -60.8 -26.8 8

 9 Corporate -50.3 -122.3 -75.9 -33.9 -36.4 -53.6 -35.5 -10.1 -25.5 10.5 22.6 9

10 Noncorporate 186.9 -12.7 -129.3 -68.0 -83.9 -91.3 -82.4 -14.3 -88.1 -71.3 -49.4 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 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 24.9 14.6 12

13 Net change in assets 77.2 -286.7 -523.1 -328.5 -377.4 -373.8 -299.8 -263.1 -435.5 -251.1 -314.4 13

14 Household sector 1.4 -9.7 -11.1 -10.9 -10.4 -12.6 -6.9 -13.5 -16.0 -15.9 -14.1 14

15 Nonfinancial corporate business -7.7 -4.1 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 15

16 Nonfinancial noncorporate business -3.0 -1.2 -1.5 -0.1 -0.4 -0.3 -0.2 0.3 0.2 -0.1 0.0 16

17 State and local governments -13.3 4.2 -4.4 -6.8 -2.0 -7.3 -12.2 -5.8 -5.2 -5.9 16.0 17

18 Federal government 13.5 12.6 -1.8 4.0 4.9 6.2 -0.1 5.2 4.5 1.7 -0.6 18

19 U.S.-chartered depository institutions -43.4 -243.3 -205.0 -145.4 -417.8 -144.5 -15.5 -3.7 -223.0 20.1 -152.5 19

20 Foreign banking offices in U.S. 5.2 -6.4 -2.5 -2.6 -6.1 -3.2 2.6 -3.6 -6.4 -0.1 0.1 20

21 Banks in U.S.-affiliated areas 1.8 -0.3 -6.5 -2.4 -3.9 -3.7 -2.2 0.2 -1.9 -2.1 -1.7 21

22 Credit unions 32.0 4.8 0.0 3.5 4.8 -1.4 1.8 9.0 9.2 4.6 4.4 22

23 Property-casualty insurance companies 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 0.8 0.5 23

24 Life insurance companies 16.3 -16.3 -8.6 15.0 8.3 17.3 15.8 18.6 21.4 14.9 3.8 24

25 Private pension funds 0.9 2.6 1.9 -0.5 -1.8 -1.1 -2.3 3.1 -0.6 -0.4 -0.5 25

26 State and local govt. retirement funds -0.3 -0.1 0.1 -0.1 -0.8 0.0 0.4 -0.1 -0.1 -0.0 -0.1 26

27 Government-sponsored enterprises (1) 62.2 2.4 -110.8 -96.9 61.6 -110.5 -157.6 -181.3 -89.4 -170.9 -30.4 27

28 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 94.9 28

29 ABS issuers -354.6 -367.9 -295.8 -218.0 -222.0 -247.2 -198.2 -204.4 -249.2 -212.4 -216.5 29

30 Finance companies -84.0 -50.5 -55.9 -32.1 -36.5 -28.5 -48.3 -15.0 -32.9 -31.3 -20.7 30

31 REITs -46.9 -28.0 -6.3 0.2 3.1 10.4 -12.1 -0.6 -5.0 11.1 4.6 31
Z.1, December 6, 2012 55

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing -120.4 -202.1 -354.6 -255.1 -290.9 -269.2 -199.6 -260.8 -342.9 -214.4 -297.8 1

 2 Household sector -63.3 -148.2 -306.0 -229.2 -257.6 -239.1 -177.7 -242.4 -325.0 -206.5 -291.8 2

 3 Nonfinancial corporate business -10.2 -12.4 -6.8 -3.4 -4.7 -4.1 -2.7 -2.0 -1.0 -0.1 0.1 3

 4 Nonfinancial noncorporate business -46.9 -41.5 -41.9 -22.5 -28.5 -26.0 -19.2 -16.3 -16.9 -7.8 -6.2 4

 5 Net change in assets -120.4 -202.1 -354.6 -255.1 -290.9 -269.2 -199.6 -260.8 -342.9 -214.4 -297.8 5

 6 Household sector 0.4 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 6

 7 Nonfinancial corporate business -4.8 -2.5 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 7

 8 Nonfinancial noncorporate business -1.1 -0.4 -0.5 -0.1 -0.2 -0.1 -0.1 0.1 0.1 -0.0 0.0 8

 9 State and local governments -6.7 2.2 -2.9 -3.6 -1.3 -3.8 -6.3 -3.0 -2.7 -3.0 8.6 9

10 Federal government 2.7 5.7 1.8 0.9 1.8 2.4 -1.5 1.0 2.8 0.8 -2.0 10

11 U.S.-chartered depository institutions -184.4 -197.0 -101.5 -77.1 -315.4 -72.2 61.0 18.4 -175.5 47.8 -131.3 11

12 Foreign banking offices in U.S. -1.5 -6.0 0.1 0.3 -0.1 0.1 0.8 0.2 0.5 -0.5 1.0 12

13 Banks in U.S.-affiliated areas 1.4 -0.3 -2.5 -2.4 -5.4 -2.2 -1.1 -0.7 -1.0 -1.0 -0.8 13

14 Credit unions 32.0 4.8 0.0 3.5 4.8 -1.4 1.8 9.0 9.2 4.6 4.4 14

15 Life insurance companies -0.8 -2.2 -0.7 0.7 0.1 0.9 1.2 0.7 0.8 0.7 0.5 15

16 Private pension funds 0.1 0.7 -0.1 -0.3 -0.9 -0.2 -0.4 0.3 0.3 0.8 1.0 16

17 State and local govt. retirement funds -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 -0.0 -0.0 -0.0 17

18 Government-sponsored enterprises 8.8 -11.3 -119.5 -103.5 59.3 -108.5 -168.2 -196.4 -101.3 -171.2 -50.4 18

19 Agency- and GSE-backed mortgage pools 492.2 402.5 175.8 148.0 228.2 129.7 126.0 108.0 140.8 102.6 74.1 19

20 ABS issuers -314.9 -320.7 -242.1 -192.2 -218.2 -195.1 -177.2 -178.2 -181.6 -188.3 -180.7 20

21 Finance companies -97.3 -47.8 -50.0 -19.8 -34.8 -10.1 -23.1 -11.1 -28.2 -11.0 -13.2 21

22 REITs -46.4 -21.7 -3.7 -0.7 0.4 0.3 -3.7 0.1 1.8 12.3 0.1 22

 Memo:

23 Home equity loans included above (2) -18.2 -82.4 -90.5 -74.8 -93.5 -81.1 -62.6 -62.0 -88.3 -72.1 -88.6 23

24 U.S.-chartered depository institutions 22.0 -53.3 -66.3 -60.1 -75.7 -66.4 -51.2 -47.2 -72.3 -59.4 -77.2 24

25 Foreign banking offices in U.S. -0.4 -0.6 0.0 -0.0 -0.0 -0.1 0.0 -0.1 0.1 -0.2 0.0 25

26 Credit unions 4.6 -4.1 -6.4 -6.0 -6.6 -6.5 -4.5 -6.5 -9.4 -6.1 -5.6 26

27 ABS issuers -24.9 -14.9 -8.6 -4.7 -6.3 -4.7 -3.9 -3.8 -3.7 -3.4 -3.9 27

28 Finance companies -19.5 -9.6 -9.3 -4.0 -5.0 -3.5 -3.0 -4.4 -2.9 -3.1 -1.8 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 44.8 7.5 -12.8 -5.2 -42.9 -2.6 4.3 20.6 -1.4 24.6 42.8 1

 2 Nonfinancial corporate business 2.1 0.3 -0.7 -0.3 -2.0 -0.1 0.2 1.0 0.0 1.3 2.2 2

 3 Nonfinancial noncorporate business 40.3 5.5 -13.0 -4.8 -38.6 -2.8 3.2 18.9 0.9 25.3 41.3 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 2.3 1.8 0.8 -0.1 -2.3 0.3 0.9 0.8 -2.4 -2.1 -0.6 5

 6 Net change in assets 44.8 7.5 -12.8 -5.2 -42.9 -2.6 4.3 20.6 -1.4 24.6 42.8 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 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 8

 9 Nonfinancial noncorporate business -1.0 -0.4 -0.5 -0.1 -0.1 -0.1 -0.1 0.1 0.1 -0.0 0.0 9

10 State and local governments -5.3 1.7 -1.8 -2.6 -0.1 -3.0 -4.9 -2.3 -2.1 -2.4 6.5 10

11 Federal government 0.1 0.1 -0.3 -0.3 -0.2 -0.8 -0.1 -0.0 0.0 -0.6 -0.1 11

12 U.S.-chartered depository institutions 14.9 -9.0 -12.2 -6.6 -13.5 -4.7 -6.7 -1.3 -14.6 6.8 7.1 12

13 Foreign banking offices in U.S. -0.2 -0.4 -0.5 -0.6 0.0 -1.3 -1.1 0.2 -5.7 -0.5 0.1 13

14 Life insurance companies -0.1 -3.2 -1.3 2.1 0.1 2.7 3.5 2.3 2.5 2.3 1.8 14

15 Private pension funds 0.3 0.3 0.4 -0.3 -0.2 -0.7 -0.8 0.5 0.0 1.0 1.0 15

16 State and local govt. retirement funds -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 -0.0 -0.0 -0.0 16

17 Government-sponsored enterprises 42.5 14.2 2.0 2.8 -1.6 -5.8 7.1 11.4 8.3 -3.5 16.6 17

18 Agency- and GSE-backed mortgage pools 4.6 13.0 11.3 19.4 17.5 23.4 15.9 21.0 19.0 31.8 21.0 18

19 ABS issuers -10.8 -5.8 -8.7 -17.4 -41.9 -10.8 -7.4 -9.7 -8.3 -9.8 -9.9 19

20 Finance companies 0.8 -0.7 -1.0 -1.5 -2.0 -1.6 -1.1 -1.2 -0.6 -0.6 -1.0 20

21 REITs -0.9 -2.0 -0.4 -0.2 -0.5 -0.0 -0.1 -0.2 -0.0 0.2 -0.1 21
56 Z.1, December 6, 2012

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 130.8 -88.7 -165.6 -73.0 -47.8 -106.9 -109.4 -28.0 -96.2 -66.3 -64.4 1

 2 Household sector -3.0 -6.9 -12.2 -6.5 -6.5 -8.1 -8.4 -2.8 -7.3 -8.7 -10.5 2

 3 Nonfinancial corporate business -48.1 -110.9 -70.8 -30.9 -30.2 -50.0 -33.6 -9.7 -25.0 8.7 20.0 3

 4 Nonfinancial noncorporate business 177.5 27.5 -82.0 -44.8 -20.4 -66.9 -70.7 -21.2 -76.7 -93.2 -89.1 4

 5 REITs 4.5 1.6 -0.6 9.2 9.4 18.1 3.3 5.8 12.8 27.0 15.2 5

 6 Net change in assets 130.8 -88.7 -165.6 -73.0 -47.8 -106.9 -109.4 -28.0 -96.2 -66.3 -64.4 6

 7 Household sector 0.9 -0.7 -2.5 -4.3 -3.6 -4.1 -4.5 -5.0 -5.5 -5.9 -6.4 7

 8 Nonfinancial corporate business -2.8 -1.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 8

 9 Nonfinancial noncorporate business -0.8 -0.3 -0.4 -0.0 -0.1 -0.1 -0.1 0.1 0.1 -0.0 0.0 9

10 State and local governments -1.1 0.3 0.2 -0.7 -0.6 -0.6 -1.0 -0.5 -0.4 -0.5 1.0 10

11 Federal government 10.4 6.4 -3.7 3.2 3.5 4.1 1.1 3.9 1.5 1.5 1.5 11

12 U.S.-chartered depository institutions 117.4 -36.8 -95.1 -62.9 -90.0 -68.5 -71.1 -22.0 -36.8 -35.5 -29.5 12

13 Foreign banking offices in U.S. 6.8 0.1 -2.1 -2.3 -6.1 -2.0 2.9 -4.0 -1.2 0.9 -1.1 13

14 Banks in U.S.-affiliated areas 0.4 -0.0 -4.0 -0.1 1.5 -1.5 -1.1 0.8 -0.9 -1.1 -0.9 14

15 Property-casualty insurance companies 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 0.8 0.5 15

16 Life insurance companies 14.9 -9.4 -6.4 11.9 8.0 13.5 10.9 15.3 17.9 11.6 1.3 16

17 Private pension funds 0.5 1.5 1.5 0.1 -0.7 -0.2 -1.1 2.4 -1.0 -2.2 -2.5 17

18 State and local govt. retirement funds -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 -0.0 -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 -28.9 -41.4 -45.1 -8.3 38.1 -41.3 -13.6 -16.6 -59.4 -14.3 -25.8 20

21 Finance companies 12.6 -2.0 -4.9 -10.8 0.4 -16.8 -24.0 -2.7 -4.1 -19.7 -6.5 21

22 REITs 0.4 -4.3 -2.3 1.1 3.1 10.1 -8.3 -0.4 -6.8 -1.4 4.6 22

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 22.0 -3.4 9.9 4.8 4.2 4.9 5.0 5.0 5.0 5.0 5.0 1

 2 Nonfinancial corporate business 6.0 0.7 2.4 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.4 2

 3 Nonfinancial noncorporate business 16.1 -4.1 7.5 4.2 3.6 4.4 4.4 4.4 4.5 4.5 4.6 3

 4 Net change in assets 22.0 -3.4 9.9 4.8 4.2 4.9 5.0 5.0 5.0 5.0 5.0 4

 5 Household sector 0.1 -1.0 -0.6 1.5 1.2 -0.5 5.6 -0.5 -2.6 -2.0 0.2 5

 6 Nonfinancial noncorporate business -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 6

 7 State and local governments -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government 0.2 0.4 0.4 0.3 -0.2 0.5 0.3 0.4 0.1 0.1 0.0 8

 9 U.S.-chartered depository institutions 8.8 -0.5 3.8 1.2 1.2 1.0 1.2 1.2 3.8 1.0 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 2.3 -1.5 -0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 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 10.9 -0.5 6.7 3.7 3.9 3.7 3.5 3.8 3.5 3.8 3.5 13

14 Agency- and GSE-backed mortgage pools 0.1 -0.2 -0.2 -2.1 -2.1 -0.1 -6.0 -0.2 -0.2 1.7 -0.2 14

(1) Excludes mortgages on farm houses.
Z.1, December 6, 2012 57

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) 20.1 -115.9 -30.5 86.2 66.7 78.1 48.2 151.9 149.0 172.9 117.2 1

 2 Net change in assets 20.1 -115.9 -30.5 86.2 66.7 78.1 48.2 151.9 149.0 172.9 117.2 2

 3 Nonfinancial corporate business -3.0 -4.6 -2.3 0.0 32.7 3.7 -29.4 -7.0 36.9 1.7 -29.4 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) 11.3 74.3 130.2 108.7 149.8 83.0 127.5 74.4 135.8 99.0 135.5 5

 6 U.S.-chartered depository institutions 70.1 -64.5 -70.3 7.1 -66.6 57.6 -13.5 50.7 -48.0 76.0 21.0 6

 7 Credit unions -0.4 0.9 -10.7 -3.4 -13.3 6.3 -3.3 -3.4 20.6 30.9 6.5 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 -40.1 -39.7 -50.3 -8.3 -5.0 -36.8 -3.4 12.2 12.9 -12.7 3.3 9

10 Finance companies -17.9 -82.4 -27.0 -17.8 -30.9 -35.7 -29.7 25.1 -9.1 -22.0 -19.6 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 -170.0 -23.1 178.4 220.3 226.1 186.4 226.4 242.3 270.8 113.0 137.4 1

 2 Household sector 22.2 16.0 21.4 14.0 20.0 14.0 13.6 8.5 6.6 2.8 -0.0 2

 3 Nonfinancial corporate business -225.2 -85.3 155.7 178.3 144.4 190.2 183.6 195.2 189.0 140.3 105.4 3

 4 Nonfinancial noncorporate business 5.7 7.7 -19.4 -2.7 -14.7 0.7 3.3 0.0 -2.6 -10.4 -1.6 4

 5 State and local governments 39.2 39.6 40.0 40.2 40.0 40.1 40.3 40.4 40.4 40.3 40.4 5

 6 Federal government 22.6 -56.2 6.2 21.1 42.1 -3.9 19.4 26.7 18.0 -17.5 23.1 6

 7 Rest of the world -9.9 6.1 26.6 -26.8 -7.4 -58.1 -21.7 -20.0 7.0 -27.2 -27.2 7

 8 Brokers and dealers -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.4 -15.3 -2.6 8

 9 Net change in trade receivables -197.2 -126.0 68.2 192.6 100.8 214.9 277.7 176.9 235.3 125.3 79.8 9

10 Nonfinancial corporate business -167.7 -28.6 96.7 183.0 113.3 213.2 235.6 170.0 216.0 123.3 70.1 10

11 Nonfinancial noncorporate business -3.0 -26.3 -19.4 -1.9 -5.5 -3.9 -2.6 4.2 2.4 -0.8 -0.1 11

12 State and local governments -22.3 -18.6 -19.3 -9.7 -19.5 -19.2 0.0 0.0 0.0 0.0 0.0 12

13 Federal government 4.2 -21.1 -0.7 4.8 -3.1 9.1 6.2 6.8 -5.2 6.9 -2.4 13

14 Rest of the world 6.5 6.6 19.6 17.2 5.9 10.4 50.8 1.7 15.5 3.9 6.3 14

15 Property-casualty insurance companies 1.3 -3.7 0.8 3.4 2.5 15.2 2.0 -6.1 15.8 3.6 9.8 15

16 ABS issuers -16.1 -34.3 -9.5 -4.2 7.1 -9.8 -14.4 0.3 -9.1 -11.6 -3.9 16

17 Discrepancy 27.2 103.0 110.2 27.7 125.3 -28.5 -51.2 65.4 35.4 -12.4 57.7 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 270.0 1

 2 Household sector -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 108.9 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 -237.3 -134.0 48.4 137.0 -9.8 290.6 437.6 -170.3 61.1 248.1 161.1 4

 5 Customer credit balances (HH) -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 20.2 5

 6 From U.S.-chartered depository institutions 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 128.1 6

 7 From foreign banking offices in U.S. -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 12.8 7

 8 Net change in assets -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 270.0 8

 9 Household sector -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 20.2 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 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 128.1 11

12 Foreign banking offices in U.S. -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 12.8 12

13 Brokers and dealers -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 108.9 13
58 Z.1, December 6, 2012

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 55.2 1

 2 Federal government 1.0 1.1 0.9 1.3 0.3 1.7 1.2 1.9 0.5 1.5 -0.2 2

 3 Life insurance companies 66.0 25.4 16.4 92.8 82.0 85.6 117.9 85.9 61.5 -9.2 55.3 3

 4 Net change in assets 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 55.2 4

 5 Households 61.7 23.7 9.0 86.9 76.8 83.6 109.5 77.6 25.0 -16.8 43.1 5

 6 U.S.-chartered depository institutions 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 4.8 5.9 6

 7 Holding companies -1.2 2.1 3.8 2.4 0.2 -0.5 5.9 4.2 24.5 4.3 6.2 7

 Pension fund reserves:

 8 Net change in liabilities 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 8.7 36.7 8

 9 Life insurance companies 65.5 25.1 104.3 88.0 95.0 96.0 110.3 50.8 73.0 -53.5 12.6 9

10 Private pension funds (1) -36.4 60.1 61.3 72.1 78.7 86.3 24.1 99.3 88.1 -7.4 8.0 10

11 State and local govt. retirement funds 17.7 -28.0 -38.5 -52.3 -48.2 -42.5 -75.9 -42.7 -41.9 -35.2 -69.9 11

12 Federal government retirement funds (2) 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 86.0 12

13 Net change in assets (Households) (3) 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 8.7 36.7 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 -123.8 -3.4 15.2 14.0 52.6 -22.7 -9.3 35.5 20.0 21.6 61.6 1

 businesses

 2 Nonfinancial corporate business 3.1 -3.3 7.2 5.0 22.9 -13.6 9.0 1.5 -5.4 18.4 21.2 2

 3 Nonfinancial noncorporate business 6.7 -6.3 -4.9 -0.5 -1.4 -1.0 -0.7 1.1 0.6 -0.2 -0.0 3

 4 U.S.-chartered depository institutions -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.7 9.1 16.3 4

 5 Property-casualty insurance companies -28.1 5.3 5.6 -4.4 8.8 -20.7 -25.1 19.3 26.0 -20.7 17.9 5

 6 Life insurance companies -19.7 -7.0 2.6 5.2 3.8 -4.8 -4.9 26.6 -14.8 13.9 0.9 6

 7 Finance companies -0.1 -2.8 0.3 -0.3 -2.6 -1.5 1.4 1.7 2.4 1.6 1.9 7

 8 Brokers and dealers 0.3 3.2 -2.1 -1.5 2.3 0.4 -2.6 -6.3 3.5 -0.6 3.3 8

 9 Net change in business taxes receivable -59.8 29.2 25.7 35.0 54.3 26.2 61.6 -2.4 81.3 24.3 49.8 9

10 State and local governments 2.2 -6.7 -6.4 5.3 5.8 2.2 6.4 6.8 12.2 4.3 6.9 10

11 Federal government -61.9 35.9 32.2 29.7 48.5 24.0 55.2 -9.1 69.1 20.0 42.9 11

12 Discrepancy -64.0 -32.6 -10.5 -20.9 -1.7 -48.9 -70.9 37.8 -61.2 -2.7 11.8 12

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -284.0 -32.3 31.6 -11.6 0.6 -8.5 -2.0 -36.5 11.6 8.5 -8.9 1

 2 Nonfinancial noncorporate business -295.5 -28.6 31.3 -9.9 9.3 -8.3 -9.2 -31.6 -16.6 3.3 -4.9 2

 3 Brokers and dealers 11.5 -3.6 0.4 -1.7 -8.7 -0.2 7.2 -4.9 28.2 5.2 -4.0 3
Z.1, December 6, 2012 59

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 2221.4 -372.5 1066.3 1170.7 1067.5 869.0 1396.0 1350.1 718.3 958.2 1115.1 1

 2 Household sector 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 1.7 2

 3 Nonfinancial corporate business 555.5 44.8 322.6 366.3 194.0 265.9 526.6 478.8 202.3 449.0 530.3 3

 4 Nonfinancial noncorporate business 114.1 32.7 33.7 21.5 22.9 26.8 26.2 10.2 37.8 -2.2 -0.6 4

 5 Federal government 89.5 81.4 90.6 102.9 54.4 -287.6 469.2 175.6 36.8 118.0 63.4 5

 6 Rest of the world 511.9 -299.1 556.6 407.8 428.9 626.9 -172.6 747.8 81.3 354.5 33.0 6

 7 Monetary authority 2.2 6.1 29.2 -26.7 -81.7 -33.1 -44.0 52.0 49.9 -47.8 -21.9 7

 8 U.S.-chartered depository institutions 19.3 242.2 193.3 55.2 408.1 19.2 -275.4 69.1 355.1 18.3 273.5 8

 9 Foreign banking offices in U.S. 549.5 -418.2 7.5 255.3 230.9 267.4 789.0 -266.2 -175.3 98.5 31.1 9

10 Banks in U.S.-affiliated areas -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 -5.0 5.2 10

11 Credit unions 1.1 14.7 -8.4 1.5 2.9 -5.0 -4.5 12.4 -0.1 -8.2 1.2 11

12 Property-casualty insurance companies 40.2 -2.6 9.3 33.1 3.3 46.7 25.8 56.7 -28.0 23.1 -8.0 12

13 Life insurance companies 46.8 -4.6 55.1 24.9 -75.1 -30.9 212.0 -6.3 63.2 11.8 76.7 13

14 Government-sponsored enterprises 37.1 62.2 -68.1 -24.0 -56.5 -11.3 -27.7 -0.6 5.7 -12.8 -15.9 14

15 Finance companies 10.4 -91.2 -10.0 -30.1 -83.2 -11.7 -72.8 47.2 1.2 32.5 -81.2 15

16 REITs -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 62.2 -39.5 88.2 16

17 Brokers and dealers -70.7 18.4 20.7 -3.5 174.0 58.3 -96.2 -150.2 275.7 -170.2 73.9 17

18 Holding companies -163.8 -25.6 -68.2 -36.8 74.5 45.3 -25.7 -241.6 -130.1 69.8 -78.2 18

19 Funding corporations 481.7 -19.1 -109.1 19.3 -246.5 -112.6 44.9 391.5 -125.8 61.0 142.6 19

20 Net change in assets 413.0 -73.5 644.5 1245.1 1181.1 1237.5 1482.3 1079.3 1209.4 1167.2 437.4 20

21 Household sector 55.1 21.1 44.4 46.8 7.2 7.5 73.0 99.7 -22.0 -7.4 7.8 21

22 Nonfinancial corporate business -346.8 107.5 503.9 632.5 477.8 540.2 780.8 731.1 533.2 652.6 709.9 22

23 Nonfinancial noncorporate business 107.5 -81.7 -78.2 -5.1 -19.2 -13.0 -7.7 19.6 12.5 -0.4 2.5 23

24 State and local governments 87.9 28.5 -15.6 -59.5 -77.3 -77.6 -37.1 -45.9 22.6 -32.8 -282.9 24

25 Federal government -28.0 35.4 -3.5 1.9 -1.3 7.2 1.8 0.1 -10.7 6.0 5.6 25

26 Rest of the world -232.8 221.2 457.7 251.4 61.2 832.5 -335.9 447.8 232.4 521.3 -267.8 26

27 Monetary authority 530.2 -493.8 7.8 142.9 41.1 51.6 -4.1 482.9 -152.8 -5.0 -1.2 27

28 U.S.-chartered depository institutions 101.4 28.1 -80.0 -69.8 251.2 -80.9 -228.8 -221.0 164.7 -108.1 99.9 28

29 Foreign banking offices in U.S. 364.3 -115.8 4.9 222.7 247.3 156.3 618.4 -131.2 -179.8 83.3 88.2 29

30 Banks in U.S.-affiliated areas -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 16.0 -10.4 30

31 Credit unions 8.4 6.3 -8.7 -26.9 -13.8 -88.0 36.0 -41.8 -31.9 36.6 56.5 31

32 Property-casualty insurance companies 6.8 14.6 -22.5 3.1 -9.0 2.7 19.6 -1.1 -14.5 12.5 -8.7 32

33 Life insurance companies 37.2 -22.5 2.8 48.9 -81.0 52.9 177.1 46.5 86.5 87.8 32.2 33

34 Private pension funds 11.3 21.6 -32.9 -6.2 -25.5 -16.1 0.4 16.3 3.7 20.3 10.7 34

35 State and local govt. retirement funds -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.0 0.8 -0.3 35

36 Federal government retirement funds 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 85.0 36

37 Money market mutual funds -43.1 11.3 7.7 5.8 3.2 -87.6 -67.2 174.9 -46.5 -50.6 -90.4 37

38 Mutual funds 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 -21.0 -1.9 -0.0 38

39 Government-sponsored enterprises -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 -56.4 14.7 39

40 Finance companies 21.4 26.3 -48.1 17.1 -0.1 -20.1 72.1 16.5 48.9 -15.0 3.2 40

41 REITs -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 34.3 14.7 39.2 41

42 Brokers and dealers -615.1 54.9 -104.2 -102.4 97.8 44.1 -202.1 -349.3 271.5 96.1 -163.2 42

43 Holding companies 283.1 85.4 -31.2 36.5 184.1 139.3 20.5 -197.9 142.9 -92.6 55.8 43

44 Funding corporations 42.1 -67.2 -55.3 16.6 96.8 23.9 -77.4 23.2 72.3 -102.3 51.1 44

45 Discrepancy 1808.3 -299.0 421.8 -74.4 -113.6 -368.5 -86.3 270.8 -491.1 -209.0 677.6 45
60 Z.1, December 6, 2012

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 329.1 289.5 327.9 419.3 417.6 533.6 281.3 444.8 464.4 316.9 361.3 1

 2 Equity 127.0 18.2 41.1 52.4 8.5 126.9 3.5 70.7 22.8 54.2 39.6 2

 3 Reinvested earnings 233.1 229.3 315.3 348.6 339.0 377.7 335.1 342.7 326.3 339.9 308.8 3

 4 Intercompany accounts -31.1 42.0 -28.5 18.3 70.1 29.0 -57.3 31.4 115.2 -77.2 13.0 4

 5 Asset: Nonfinancial corporate business 262.6 257.2 324.8 396.5 412.3 488.0 257.3 428.5 426.4 278.4 329.5 5

 6 U.S.-chartered depository institutions 17.6 -3.4 3.6 -1.2 10.7 10.8 -19.2 -7.2 9.0 4.7 11.9 6

 7 Property-casualty insurance companies 6.8 14.6 -22.5 3.1 -9.0 2.7 19.6 -1.1 -14.5 12.5 -8.7 7

 8 Life insurance companies 4.6 2.0 2.1 2.6 -1.2 3.8 5.2 2.6 2.4 4.8 3.4 8

 9 Finance companies 24.2 8.1 6.5 10.0 -1.3 18.8 11.1 11.5 27.9 7.8 12.8 9

10 Brokers and dealers 13.3 10.9 13.3 8.4 6.0 9.5 7.4 10.5 13.1 8.7 12.4 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 189.5 104.7 156.9 206.8 116.0 207.3 232.7 271.1 108.4 112.8 79.6 11

12 Nonfinancial noncorporate business -0.2 0.1 0.1 0.2 -0.1 0.2 0.4 0.1 0.1 -0.4 -0.5 12

13 Foreign banking offices in U.S. 24.8 16.6 9.3 17.9 15.6 15.1 35.4 5.6 -26.0 10.6 -8.8 13

14 Property-casualty insurance companies 14.9 2.4 3.0 -2.1 5.3 -6.2 -4.2 -3.2 -1.1 7.0 7.9 14

15 Life insurance companies 12.5 11.1 6.3 -10.0 -20.4 -0.2 -29.5 10.0 -6.3 -2.0 0.1 15

16 Finance companies 12.2 12.8 18.0 10.2 9.1 11.4 0.1 20.4 4.5 0.2 1.4 16

17 Brokers and dealers 55.8 2.1 11.7 10.4 7.3 17.1 17.4 -0.2 8.6 5.1 5.5 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 310.1 150.4 205.8 234.0 133.5 245.1 252.9 304.5 88.8 133.9 85.9 19

20 Equity 255.7 126.8 131.6 93.2 30.3 121.9 102.2 118.5 8.1 46.5 15.0 20

21 Reinvested earnings 39.1 21.7 67.5 87.4 97.9 100.7 68.9 82.0 103.2 63.3 89.1 21

22 Intercompany accounts 15.2 2.0 6.7 53.4 5.2 22.5 81.8 104.0 -22.5 24.1 -18.3 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 1.5 7.0 6.6 23

24 Asset: Federal government 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 1.5 7.0 6.6 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 0.5 0.1 25

26 Asset: U.S.-chartered depository institutions 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 0.5 0.1 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises -4.2 0.0 -2.7 -5.9 -1.6 -17.7 -2.9 -1.6 -2.6 -3.2 -1.5 27

28 Asset: Nonfin. corporate business (Fannie Mae and FCS) -0.1 0.0 0.1 -0.0 0.3 -0.3 -0.3 0.1 0.5 0.7 1.1 28

29 Nonfinancial noncorporate (FCS) 1.2 -0.0 0.4 0.3 -0.2 0.5 0.7 0.1 0.3 -1.3 -0.7 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) -6.5 0.7 -3.0 -6.1 -2.0 -16.5 -3.4 -2.6 -3.1 -3.3 -1.8 31

32 Credit unions (FHLB) 0.3 -0.4 -0.2 0.7 0.1 -0.7 0.1 3.3 -0.1 0.5 -0.1 32

33 Life insurance companies (FHLB) 1.0 -0.3 -0.0 -0.8 0.1 -0.7 0.0 -2.4 -0.1 0.2 0.0 33

 Holding company net transactions with subsidiaries:

34 Liab.: U.S.-chartered depository institutions 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 190.1 183.4 34

35 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.2 -17.5 35

36 Life insurance companies -12.5 9.3 22.2 9.3 7.2 11.6 28.8 -10.1 -2.1 27.7 13.5 36

37 Finance companies -7.3 -23.3 -36.2 -20.4 -63.2 -3.3 -5.0 -9.9 -16.2 -13.5 -17.7 37

38 Brokers and dealers 98.2 -173.1 -27.7 -11.7 88.1 -157.1 -50.9 72.8 256.2 -150.4 121.1 38

39 Rest of the world -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 -57.8 -51.9 39

40 Asset: Holding companies 183.0 3.1 2.4 82.7 129.7 121.4 101.9 -22.0 337.6 6.2 230.7 40

 NFC investment in finance company subsidiaries:

41 Liab.: Finance companies -1.1 -9.3 20.3 9.0 49.5 -2.5 -3.7 -7.2 -11.8 -9.9 17.0 41

42 Asset: Nonfinancial corporate business -1.1 -9.3 20.3 9.0 49.5 -2.5 -3.7 -7.2 -11.8 -9.9 17.0 42

 Funding corporations’ investment in subsidiaries:

43 Liab.: Foreign banking offices in U.S. 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 -42.3 43

44 Brokers and dealers 6.4 6.3 -23.8 50.4 27.3 86.0 55.8 32.4 6.6 0.7 93.4 44

45 Asset: Funding corporations 42.1 -67.2 -55.3 16.6 96.8 23.9 -77.4 23.2 72.3 -102.3 51.1 45

 Equity investment under Public-Private Inv. Program:

46 Liab.: Funding corporations 0.0 2.4 7.9 1.4 0.6 2.5 2.2 0.2 0.2 0.0 0.0 46

47 Asset: Households (2) 0.0 1.2 4.0 0.7 0.3 1.3 1.1 0.1 0.1 0.0 0.0 47

48 Federal government 0.0 1.2 4.0 0.7 0.3 1.3 1.1 0.1 0.1 0.0 0.0 48

(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, December 6, 2012 61

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 529.8 -543.3 -10.1 99.7 -0.6 1.1 2.2 396.0 -213.4 -74.0 -61.6 1

 2 Asset: Federal government 0.0 0.2 0.1 -0.1 -0.3 1.1 0.2 -1.3 -0.1 0.1 0.1 2

 3 Monetary authority (1) 529.7 -543.5 -10.2 99.7 -0.3 0.0 2.0 397.3 -213.4 -74.1 -61.7 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 -5.4 0.4 -1.5 -1.8 2.4 -3.6 8.6 -14.8 17.1 -15.2 -2.1 6

 7 Asset: U.S.-chartered depository institutions -5.4 0.4 -1.5 -1.8 2.4 -3.6 8.6 -14.8 17.1 -15.2 -2.1 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 1.7 8

 9 Asset: Life insurance companies 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 1.7 9

 Life insurance company reserves:

10 Liab.: Life insurance companies 17.6 8.4 14.8 14.4 11.2 10.4 26.5 9.5 -0.9 -15.7 18.4 10

11 Accident and health 19.5 9.7 14.7 15.2 7.1 17.5 24.5 11.8 -4.2 -19.2 15.3 11

12 Policy dividend accumulation -3.4 -1.1 0.4 -1.8 0.9 -5.2 -0.6 -2.2 0.8 1.5 1.4 12

13 Contract claims 1.5 -0.1 -0.4 0.9 3.3 -2.0 2.6 -0.2 2.5 1.9 1.6 13

14 Asset: Household sector 17.6 8.4 14.8 14.4 11.2 10.4 26.5 9.5 -0.9 -15.7 18.4 14

 Policy payables:

15 Liab.: Property-casualty insurance companies 25.4 -5.0 6.3 35.2 -2.0 52.9 29.9 59.9 -27.0 5.9 1.6 15

16 Asset: Household sector 11.0 -5.1 3.2 13.2 -4.0 21.2 9.5 26.2 -16.6 -3.1 -3.9 16

17 Nonfinancial corporate business 10.9 -0.9 3.0 15.7 0.6 22.9 13.9 25.4 -9.3 3.6 1.5 17

18 Nonfinancial noncorporate business 3.4 0.9 0.1 6.3 1.5 8.8 6.6 8.3 -1.0 5.4 4.0 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies 38.2 10.1 -4.4 -0.3 -7.4 1.0 1.3 3.8 5.2 7.1 4.8 19

20 Asset: Private pension funds 38.2 10.1 -4.4 -0.3 -7.4 1.0 1.3 3.8 5.2 7.1 4.8 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 1.3 1.1 21

22 Asset: Private pension funds 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 1.3 1.1 22

 Securities borrowed (net):

23 Liab.: Funding corporations -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.4 219.8 -198.1 23

24 Asset: Brokers and dealers -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.4 219.8 -198.1 24

 Nonmarketable government securities:

25 Liab.: Federal government 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 85.0 25

26 Asset: Federal government retirement funds 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 85.0 26

 Retiree health care funds (2):

27 Liab.: Federal government 26.5 16.6 22.5 18.5 -0.3 -25.4 35.9 63.9 -4.6 11.4 -6.7 27

28 Asset: Household sector 26.5 16.6 22.5 18.5 -0.3 -25.4 35.9 63.9 -4.6 11.4 -6.7 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, December 6, 2012

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 1012.5 -264.2 585.7 249.4 267.0 131.9 312.5 286.0 -47.1 369.2 519.7 1

 2 Nonfinancial corporate business 365.3 -62.4 167.0 159.4 78.6 58.7 293.5 206.7 92.5 334.9 449.6 2

 3 Nonfinancial noncorporate business 114.3 32.6 33.6 21.3 23.0 26.6 25.8 10.0 37.7 -1.9 -0.2 3

 4 Federal government -0.3 2.9 2.4 13.6 -9.1 24.7 0.6 38.1 -14.4 14.9 -14.9 4

 5 Rest of the world -339.3 -70.5 225.9 -140.3 64.7 -171.1 -496.3 41.7 -248.4 162.3 -221.3 5

 6 Monetary authority -0.5 1.5 28.3 -27.1 -80.8 -33.8 -42.1 48.4 48.6 -48.3 -22.0 6

 7 U.S.-chartered depository institutions -94.3 75.4 159.9 -23.8 255.5 6.4 -365.9 8.6 332.8 -171.7 90.2 7

 8 Foreign banking offices in U.S. 489.1 -361.2 29.6 271.1 145.8 314.4 886.7 -262.6 -215.0 190.9 82.2 8

 9 Banks in U.S.-affiliated areas -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 -5.0 5.2 9

10 Credit unions 1.1 14.7 -8.4 1.5 2.9 -5.0 -4.5 12.4 -0.1 -8.2 1.2 10

11 Life insurance companies -9.0 -43.5 16.1 11.5 -65.8 -53.6 185.0 -19.4 67.3 -5.2 39.9 11

12 Government-sponsored enterprises 46.7 61.8 -63.9 -16.2 -57.3 10.1 -33.4 15.7 -8.7 5.6 -12.3 12

13 Finance companies 6.5 -71.5 -12.1 -29.0 -78.6 -17.2 -64.2 43.9 24.7 55.7 -81.9 13

14 REITs -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 62.2 -39.5 88.2 14

15 Brokers and dealers -231.1 183.1 60.5 -52.6 51.2 112.3 -118.5 -255.2 4.3 -25.6 -146.1 15

16 Holding companies -163.8 -25.6 -68.2 -36.8 74.5 45.3 -25.7 -241.6 -130.1 69.8 -78.2 16

17 Funding corporations 834.3 8.1 5.9 92.3 -152.5 -188.6 45.3 665.2 -99.3 -159.5 340.1 17

18 Net change in assets -795.9 34.9 163.9 323.8 380.6 500.5 398.8 15.2 444.1 578.2 -158.0 18

19 Nonfinancial corporate business -619.3 -139.6 155.7 211.3 15.1 32.0 513.5 284.4 127.4 379.9 360.9 19

20 Nonfinancial noncorporate business 102.9 -82.7 -78.7 -11.6 -20.6 -22.3 -14.9 11.3 13.2 -4.5 -0.9 20

21 State and local governments 87.9 28.5 -15.6 -59.5 -77.3 -77.6 -37.1 -45.9 22.6 -32.8 -282.9 21

22 Federal government -29.4 32.3 -9.8 -1.3 -3.6 -1.0 -1.2 0.8 -12.2 -1.1 -1.0 22

23 Rest of the world -542.9 70.7 251.8 17.4 -72.3 587.4 -588.8 143.3 143.6 387.4 -353.7 23

24 Monetary authority 0.5 49.6 18.0 43.1 41.4 51.6 -6.1 85.6 60.5 69.0 60.4 24

25 U.S.-chartered depository institutions 93.1 25.8 -79.9 -61.0 241.0 -72.3 -212.9 -200.0 140.5 -94.9 91.8 25

26 Foreign banking offices in U.S. 364.3 -115.8 4.9 222.7 247.3 156.3 618.4 -131.2 -179.8 83.3 88.2 26

27 Banks in U.S.-affiliated areas -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 16.0 -10.4 27

28 Credit unions 8.1 6.7 -8.5 -27.6 -13.8 -87.3 36.0 -45.1 -31.8 36.1 56.6 28

29 Life insurance companies 28.5 -19.3 -2.0 47.5 -81.7 47.9 176.9 46.7 76.7 75.4 27.1 29

30 Private pension funds -27.6 9.0 -27.2 -6.1 -17.6 -17.1 -1.3 11.5 -2.9 11.9 4.8 30

31 State and local govt. retirement funds -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.0 0.8 -0.3 31

32 Money market mutual funds -43.1 11.3 7.7 5.8 3.2 -87.6 -67.2 174.9 -46.5 -50.6 -90.4 32

33 Mutual funds 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 -21.0 -1.9 -0.0 33

34 Government-sponsored enterprises -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 -56.4 14.7 34

35 Finance companies -2.8 18.2 -54.6 7.1 1.2 -38.9 61.0 5.0 21.0 -22.8 -9.6 35

36 REITs -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 34.3 14.7 39.2 36

37 Brokers and dealers -275.1 74.3 5.9 -35.7 187.0 -38.2 -206.3 -85.4 285.7 -132.5 22.5 37

38 Holding companies 100.1 82.3 -33.6 -46.2 54.4 17.9 -81.4 -175.9 -194.8 -98.8 -175.0 38

39 Discrepancy 1808.3 -299.0 421.8 -74.4 -113.6 -368.5 -86.3 270.8 -491.1 -209.0 677.6 39
Z.1, December 6, 2012 63

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors 889.0 71.7 407.2 -162.8 -101.6 -676.2 -101.3 227.8 -500.1 -696.1 509.9 1

 2 Household sector -203.7 17.6 -269.0 -564.9 -594.1 -189.5 -1017.1 -458.7 -1089.2 -801.0 761.8 2

 3 Nonfinancial corporate business 934.9 -180.9 268.5 182.5 208.0 222.5 128.4 171.3 44.2 206.0 117.7 3

 4 State and local governments -19.4 -21.9 -31.2 -20.0 -15.1 -25.3 -19.9 -19.9 -19.9 -19.9 -15.9 4

 5 Federal government 86.8 -44.6 -62.2 -6.8 199.5 -978.8 707.0 45.3 379.8 -159.1 -551.9 5

 6 Rest of the world -63.0 143.2 66.8 -87.7 -357.4 27.7 -244.4 223.4 -105.2 131.3 -106.4 6

 7 Financial sectors 153.4 158.4 434.2 334.0 457.5 267.4 344.7 266.4 290.2 -53.3 304.6 7

 8 Monetary authority -0.2 -6.0 -10.0 -1.3 -16.3 -4.6 9.7 6.2 7.4 -0.9 -0.7 8

 9 U.S.-chartered depository institutions 24.0 289.7 306.4 177.8 297.9 159.6 118.5 135.2 308.6 -60.6 305.4 9

10 Foreign banking officed in U.S. -5.1 1.3 1.6 5.0 14.3 -1.0 6.2 0.3 4.1 1.1 5.9 10

11 Banks in U.S.-affiliated areas -0.5 6.2 -0.0 1.0 3.7 1.2 -1.5 0.6 -0.9 0.7 1.9 11

12 Credit unions 3.7 5.6 2.3 0.9 2.2 -4.1 1.9 3.7 2.4 -2.5 -0.5 12

13 Property-casualty insurance companies -0.6 -24.2 68.7 22.4 8.2 61.9 6.3 13.3 31.8 -18.0 -7.6 13

14 Life insurance companies -59.4 -86.0 -23.5 -14.2 18.6 -41.6 -7.9 -25.9 -10.8 -46.4 -17.8 14

15 Mutual funds -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.1 12.5 15

16 Government-sponsored enterprises 107.8 52.4 57.5 64.9 120.4 19.5 -7.3 127.2 81.7 15.9 -8.7 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 36.3 15.9 22.6 22.6 19.1 1.9 33.8 35.7 14.4 9.0 44.9 18

19 REITs -5.8 -15.6 21.2 35.3 24.2 40.4 31.7 44.7 40.3 20.4 21.1 19

20 Brokers and dealers 71.9 -61.4 -9.2 34.2 -22.6 47.5 169.0 -57.0 -180.3 39.6 -51.6 20

21 Holding companies -12.9 -8.9 2.8 1.5 3.1 2.4 0.6 -0.0 -0.5 -0.6 -0.1 21

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 889.0 71.7 407.2 -162.8 -101.6 -676.2 -101.3 227.8 -500.1 -696.1 509.9 1

 2 Treasury currency -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 -0.5 -0.5 2

 3 Foreign deposits -347.1 -74.3 6.5 23.9 149.7 10.7 196.1 -261.0 -26.7 41.4 -17.8 3

 4 Net interbank transactions 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -258.0 220.1 4

 5 Security RPs -592.7 478.5 -71.0 -113.0 -393.8 -170.6 -91.6 204.0 59.2 -272.7 -319.5 5

 6 Mail floats -5.2 -0.3 -1.1 0.8 -51.6 96.6 3.8 -45.8 -47.4 100.0 2.0 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 -3.3 0.7 0.0 -0.1 -52.6 96.7 2.2 -46.8 -46.2 100.3 2.9 8

 9 Private domestic -2.0 -1.0 -1.1 0.9 1.0 -0.1 1.6 1.0 -1.1 -0.3 -0.8 9

10 Trade credit 27.2 103.0 110.2 27.7 125.3 -28.5 -51.2 65.4 35.4 -12.4 57.7 10

11 Taxes payable -64.0 -32.6 -10.5 -20.9 -1.7 -48.9 -70.9 37.8 -61.2 -2.7 11.8 11

12 Miscellaneous 1808.3 -299.0 421.8 -74.4 -113.6 -368.5 -86.3 270.8 -491.1 -209.0 677.6 12

13 Nonfinancial 2.6 -128.2 -28.3 -36.3 46.0 -29.5 -87.0 -74.8 -5.7 -82.3 -121.4 13

 Nonfinancial components (sign reversed):

14 Statistical discrepancy (NIPA) -2.4 118.3 23.3 31.9 -50.4 25.1 82.5 70.3 1.1 77.7 116.8 14

15 Private wage accruals less disbursements -5.0 5.0 0.0 0.0 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 4.8 5.0 4.9 4.4 4.4 4.4 4.5 4.5 4.6 4.6 4.6 16