10 Z.1, September 20, 2012

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Credit market borrowing 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 1

 2 Domestic nonfinancial sectors 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 2

 3 Household sector 856.9 -21.3 -228.8 -295.4 -209.1 -264.9 -355.5 -223.1 6.9 -121.3 157.3 3

 4 Nonfinancial corporate business 838.5 349.7 -129.0 276.0 538.5 466.7 638.6 500.7 547.8 377.6 558.8 4

 5 Nonfinancial noncorporate business 461.6 318.8 -134.3 -190.0 -12.8 -54.9 -44.2 -18.4 66.5 23.8 23.4 5

 6 State and local governments 146.9 20.0 111.5 66.2 -58.6 -85.3 -77.9 -7.0 -64.3 -37.0 23.6 6

 7 Federal government 237.1 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 7

 8 Rest of the world 170.3 -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 9.8 -77.7 8

 9 Financial sectors 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 9

10 U.S.-chartered depository institutions 222.6 -1.1 -292.3 -161.2 -73.8 -78.0 -99.1 -99.2 -18.8 -41.2 -10.1 10

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

12 Credit unions 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 12

13 Life insurance companies 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 13

14 Government-sponsored enterprises 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 14

15 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 15

16 ABS issuers 351.9 -411.1 -738.7 -505.7 -247.0 -305.2 -229.4 -268.6 -184.8 -279.6 -284.4 16

17 Finance companies 34.9 -79.4 -156.2 -174.9 11.4 21.2 -94.6 129.1 -10.3 -25.2 -123.1 17

18 REITs 10.2 -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 26.6 56.3 18

19 Brokers and dealers -4.0 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 19

20 Holding companies 151.9 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 -360.1 20

21 Funding corporations 114.5 466.4 -434.8 -65.3 -64.6 -121.0 58.9 -37.0 -159.2 3.3 -16.7 21

22 Credit market lending 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 22

23 Domestic nonfinancial sectors 537.2 -110.7 114.0 233.1 -526.5 -515.9 -1005.1 -587.8 2.7 -348.9 432.6 23

24 Household sector 501.7 -32.1 -140.2 157.1 -400.2 -548.9 -844.3 -401.7 194.0 -384.7 368.6 24

25 Nonfinancial corporate business -77.9 -36.4 7.6 11.5 -14.5 2.8 -2.6 -61.1 3.0 94.5 -22.3 25

26 Nonfinancial noncorporate business 10.0 -10.9 -6.7 -3.4 -0.3 -1.0 -0.7 -0.3 0.8 0.5 -0.1 26

27 State and local governments 97.4 -116.5 -42.1 -17.1 -110.8 -89.0 -95.9 -126.6 -131.9 -90.3 -14.9 27

28 Federal government 5.9 85.2 295.4 85.0 -0.7 120.2 -61.6 1.8 -63.1 31.1 101.4 28

29 Rest of the world 943.8 357.7 142.6 621.0 360.0 372.3 327.1 692.5 47.9 340.6 156.8 29

30 Financial sectors 3046.0 2332.2 -792.0 -281.4 1104.9 1261.6 1009.5 955.1 1193.4 1296.7 557.5 30

31 Monetary authority -38.3 245.4 1001.6 271.5 376.5 935.9 870.9 -77.1 -223.8 -33.4 -23.5 31

32 U.S.-chartered depository institutions 585.4 241.9 -336.7 -176.6 126.9 -333.3 -118.7 338.3 621.2 214.6 391.8 32

33 Foreign banking offices in U.S. 201.7 100.8 -285.8 -30.8 37.7 26.5 87.9 130.2 -93.7 -55.2 -39.4 33

34 Banks in U.S.-affiliated areas -6.4 -1.9 -2.8 -19.3 -4.9 -5.1 -9.6 -6.1 1.3 -0.6 -4.6 34

35 Credit unions 35.3 39.9 33.2 24.6 35.3 48.3 12.7 27.8 52.2 76.1 47.6 35

36 Property-casualty insurance companies 5.3 -15.9 33.3 3.9 27.5 18.7 -19.8 1.3 110.1 -31.1 -0.4 36

37 Life insurance companies 84.8 11.6 139.8 151.6 123.6 151.7 98.9 172.7 71.3 101.8 -143.7 37

38 Private pension funds 102.5 90.6 111.6 59.4 49.1 34.3 29.1 92.3 40.6 2.0 -27.0 38

39 State and local govt. retirement funds 12.3 13.3 -8.8 -8.2 18.3 34.2 -18.1 60.3 -3.2 32.9 17.5 39

40 Federal government retirement funds 12.6 23.9 7.4 10.8 20.0 15.1 16.9 33.2 14.9 5.5 16.9 40

41 Money market mutual funds 375.6 738.6 -644.0 -410.0 7.2 -2.3 -84.9 64.6 51.5 -69.4 -153.4 41

42 Mutual funds 271.1 73.3 380.7 374.3 427.4 484.4 423.8 244.6 556.9 788.3 625.5 42

43 Closed-end funds -0.9 -40.7 10.7 5.0 -1.2 6.8 3.6 -20.8 5.4 11.1 5.6 43

44 Exchange-traded funds 13.4 23.0 46.0 29.7 46.1 29.7 43.7 52.2 58.7 65.0 73.7 44

45 Government-sponsored enterprises 239.0 242.9 -337.8 -328.2 -199.7 -36.2 -279.3 -261.9 -221.4 -179.6 -298.5 45

46 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 46

47 ABS issuers 349.1 -394.6 -704.0 -496.0 -242.8 -312.3 -219.7 -254.2 -185.1 -270.5 -272.8 47

48 Finance companies 7.1 -81.9 -217.6 -117.7 -47.0 -86.5 -102.8 -58.9 60.1 -58.4 -36.9 48

49 REITs -19.9 -68.9 -8.7 37.1 102.9 207.8 121.7 80.3 1.9 227.8 91.1 49

50 Brokers and dealers 219.7 -85.7 -192.1 32.2 9.7 34.8 -6.1 -100.1 110.2 211.0 -35.4 50

51 Holding companies 23.2 13.9 -16.0 22.1 3.1 30.8 -1.4 20.7 -37.6 64.1 -157.9 51

52 Funding corporations -49.8 665.6 -217.2 96.4 23.9 -265.1 7.7 279.9 73.0 35.0 344.9 52

(1) Excludes corporate equities and mutual fund shares.
Z.1, September 20, 2012 11

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 1

 2 By instrument 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 2

 3 Commercial paper 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -43.8 145.9 3

 4 Treasury securities 237.5 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 4

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

 6 Municipal securities 235.9 95.3 154.5 97.7 -52.2 -66.4 -69.0 -16.6 -56.9 -45.0 37.6 6

 7 Corporate bonds 311.1 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 7

 8 Depository institution loans n.e.c. 228.0 188.4 -303.1 -51.5 71.7 25.1 -91.2 96.5 256.4 286.6 393.4 8

 9 Other loans and advances 305.5 67.8 -145.7 -84.3 71.1 -12.9 121.8 80.9 94.7 -119.5 -16.1 9

10 Mortgages 1070.8 82.5 -285.0 -522.1 -337.1 -382.0 -389.3 -308.8 -268.1 -454.1 -334.3 10

11 Home 724.4 -114.3 -199.4 -353.7 -255.2 -289.9 -268.2 -200.0 -262.5 -341.2 -213.5 11

12 Multifamily residential 86.9 47.4 7.8 -13.2 5.0 -0.8 -1.1 2.6 19.1 -3.2 15.7 12

13 Commercial 254.8 127.3 -89.9 -164.8 -91.8 -96.2 -125.0 -116.5 -29.6 -114.6 -141.5 13

14 Farm 4.6 22.0 -3.4 9.7 5.0 5.0 4.9 5.0 5.0 5.0 5.0 14

15 Consumer credit 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 15

16 By sector 2541.0 1906.4 1063.3 1436.9 1325.9 912.5 952.8 1591.2 1846.9 1671.2 1945.9 16

17 Household sector 856.9 -21.3 -228.8 -295.4 -209.1 -264.9 -355.5 -223.1 6.9 -121.3 157.3 17

18 Nonfinancial business 1300.1 668.5 -263.3 85.9 525.7 411.7 594.4 482.3 614.3 401.4 582.2 18

19 Corporate 838.5 349.7 -129.0 276.0 538.5 466.7 638.6 500.7 547.8 377.6 558.8 19

20 Noncorporate 461.6 318.8 -134.3 -190.0 -12.8 -54.9 -44.2 -18.4 66.5 23.8 23.4 20

21 State and local governments 146.9 20.0 111.5 66.2 -58.6 -85.3 -77.9 -7.0 -64.3 -37.0 23.6 21

22 Federal government 237.1 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 22

23 Foreign borrowing in U.S. 170.3 -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 9.8 -77.7 23

24 Commercial paper -69.3 -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 46.7 -20.3 24

25 Bonds 218.7 -158.8 163.3 59.9 57.8 151.0 120.2 69.2 -109.4 -73.6 -106.0 25

26 Depository institution loans n.e.c. 24.1 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 44.8 26

27 Other loans and advances -3.2 -1.5 0.3 0.2 1.4 0.5 -1.5 0.6 6.0 7.7 3.9 27

28 Domestic and foreign 2711.3 1680.2 1275.1 1512.2 1360.7 1232.0 1033.2 1446.4 1731.1 1681.0 1868.2 28

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 1

 2 Open market paper -111.4 -125.6 -448.2 -101.7 -68.1 82.9 -79.9 -51.8 -223.6 -6.2 -34.7 2

 3 GSE issues 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 3

 4 Agency- and GSE-backed mortgage pool sec. 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 4

 5 Corporate bonds 710.9 -280.5 -587.6 -583.3 -313.0 -350.2 -376.4 -308.4 -217.2 -101.6 -455.8 5

 6 Depository institution loans n.e.c. 80.1 496.4 -435.4 -62.9 31.6 -51.2 158.1 56.1 -36.4 -150.8 -303.4 6

 7 Other loans and advances 225.8 33.3 -282.6 -144.7 -60.0 -57.3 -95.0 -84.4 -3.4 -29.2 65.0 7

 8 Mortgages 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 26.4 8

 9 By sector 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 9

10 U.S.-chartered depository institutions 222.6 -1.1 -292.3 -161.2 -73.8 -78.0 -99.1 -99.2 -18.8 -41.2 -10.1 10

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

12 Credit unions 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 12

13 Life insurance companies 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 13

14 Government-sponsored enterprises 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 14

15 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 15

16 ABS issuers 351.9 -411.1 -738.7 -505.7 -247.0 -305.2 -229.4 -268.6 -184.8 -279.6 -284.4 16

17 Finance companies 34.9 -79.4 -156.2 -174.9 11.4 21.2 -94.6 129.1 -10.3 -25.2 -123.1 17

18 REITs 10.2 -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 26.6 56.3 18

19 Brokers and dealers -4.0 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 19

20 Holding companies 151.9 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 -360.1 20

21 Funding corporations 114.5 466.4 -434.8 -65.3 -64.6 -121.0 58.9 -37.0 -159.2 3.3 -16.7 21
12 Z.1, September 20, 2012

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 1

 2 Open market paper -169.4 -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 -3.3 90.9 2

 3 Treasury securities 237.5 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 3

 4 Agency- and GSE-backed securities 905.3 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 4

 5 Municipal securities 235.9 95.3 154.5 97.7 -52.2 -66.4 -69.0 -16.6 -56.9 -45.0 37.6 5

 6 Corporate and foreign bonds 1240.7 -233.8 -36.7 -100.6 129.3 205.0 205.0 83.2 23.8 294.9 -191.7 6

 7 Depository institution loans n.e.c. 332.1 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 134.7 7

 8 Other loans and advances 528.1 99.6 -428.0 -228.8 12.5 -69.6 25.2 -2.9 97.3 -141.0 52.8 8

 9 Mortgages 1075.5 89.3 -281.6 -521.9 -328.0 -374.8 -370.9 -304.6 -261.6 -443.6 -308.0 9

10 Consumer credit 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues -95.6 295.7 805.8 381.2 185.0 916.3 280.7 -434.5 -22.5 622.4 368.7 11

12 Corporate equities -460.3 264.8 315.3 -8.1 -218.1 -36.3 -201.4 -241.1 -393.6 -254.2 -259.5 12

13 Nonfinancial -786.8 -336.0 -64.6 -278.0 -472.7 -324.2 -510.7 -617.5 -438.2 -344.9 -463.9 13

 Foreign shares purchased by

14 U.S. residents 147.8 -38.5 63.7 79.1 89.0 190.9 108.6 91.2 -34.5 59.2 83.9 14

15 Financial 178.7 639.3 316.2 190.8 165.5 96.9 200.7 285.2 79.2 31.5 120.5 15

16 Mutual fund shares 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 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) 4527.0 2579.3 -535.4 572.8 938.4 1118.0 331.5 1059.8 1244.1 1288.4 1146.9 1

 2 U.S. official reserve assets 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 2

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

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

 5 Foreign deposits 256.0 -394.3 -106.0 25.9 -32.4 203.7 1.6 6.8 -341.9 -124.3 -37.7 5

 6 Net interbank transactions -53.4 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -430.7 6

 7 Checkable deposits and currency 36.7 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 303.3 7

 8 Small time and savings deposits 316.4 524.8 517.2 298.4 577.3 233.5 906.3 705.8 463.7 378.9 487.3 8

 9 Large time deposits 283.4 -190.6 -141.8 -182.3 -204.6 58.7 -19.3 -670.6 -187.1 -87.5 1.0 9

10 Money market fund shares 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 10

11 Security RPs -19.2 -880.3 247.8 -192.5 -137.0 121.7 -290.4 -695.7 316.6 192.8 -143.2 11

12 Corporate equities -460.3 264.8 315.3 -8.1 -218.1 -36.3 -201.4 -241.1 -393.6 -254.2 -259.5 12

13 Mutual fund shares 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 13

14 Trade payables 202.0 -169.9 -23.2 188.8 221.5 229.1 187.7 226.9 242.4 392.5 72.2 14

15 Security credit 276.5 -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 15

16 Life insurance reserves 34.2 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 16

17 Pension fund reserves 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 17

18 Taxes payable -69.3 -123.8 -3.4 15.3 13.8 52.6 -22.7 -9.1 34.3 18.9 17.9 18

19 Noncorporate proprietors’ equity 18.4 -284.1 -17.9 28.4 -13.3 -0.1 -8.0 -7.9 -37.3 11.6 16.1 19

20 Miscellaneous 2530.1 2195.3 -396.7 1266.8 1190.2 905.7 906.6 1608.9 1339.7 890.9 923.8 20

21 Total financial sources 9164.6 6466.6 -582.9 2343.4 4117.0 6648.0 3493.6 3031.5 3295.0 3836.3 2802.3 21

 - Liabilities not identified as assets:

22 Treasury currency -1.2 -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 -0.6 22

23 Foreign deposits 196.5 -347.1 -74.3 6.0 23.9 149.4 10.6 129.9 -194.0 -26.6 -1.9 23

24 Net interbank liabilities 3.8 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -260.9 24

25 Security RPs -224.8 -600.6 475.6 -71.3 -113.3 -394.5 -172.6 -44.2 158.2 343.2 -303.0 25

26 Taxes payable -36.5 -64.0 -32.6 -10.5 -21.2 -1.7 -48.9 -70.9 36.6 -62.4 -7.5 26

27 Miscellaneous -29.2 1888.9 -284.9 491.5 -64.8 -46.4 -347.7 -43.8 178.8 -522.3 -236.2 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. 1.2 -3.3 0.7 0.0 -0.1 -52.6 96.7 2.2 -46.8 -46.2 100.3 29

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

31 Trade credit -26.0 26.1 102.8 82.4 26.3 114.8 -29.5 -51.8 71.8 149.0 -53.3 31

 Totals identified to sectors

32 as assets 9280.9 5508.6 -793.9 1866.8 4235.8 6740.0 4122.5 3022.7 3058.1 3965.5 3565.7 32
Z.1, September 20, 2012 13

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 14028.7 14291.5 13973.7 14498.9 15075.7 14814.9 15003.6 15163.2 15321.0 15478.3 15606.1 1

 2 Personal consumption expenditures (2) 9772.3 10035.5 9845.9 10215.7 10729.0 10566.3 10684.9 10791.2 10873.8 11007.2 11073.7 2

 3 Durable goods 1188.4 1108.9 1029.6 1079.4 1146.4 1133.9 1131.8 1144.8 1175.1 1204.6 1201.0 3

 4 Nondurable goods 2175.5 2272.8 2164.8 2285.5 2478.4 2427.5 2472.4 2498.7 2515.0 2551.3 2540.9 4

 5 Services 6408.3 6653.8 6651.5 6850.9 7104.2 7004.9 7080.6 7147.6 7183.8 7251.3 7331.8 5

 6 Gross private domestic investment 2295.2 2087.6 1549.3 1737.3 1854.9 1755.9 1819.0 1853.8 1991.1 2032.2 2053.0 6

 7 Fixed investment 2266.1 2128.7 1703.5 1679.0 1818.3 1722.3 1784.2 1857.8 1909.0 1959.7 1989.0 7

 8 Nonresidential 1637.5 1656.3 1349.3 1338.4 1479.6 1390.8 1448.0 1519.4 1560.1 1595.5 1616.1 8

 9 Household sector (nonprofit organizations) 120.2 132.0 123.9 109.9 112.0 101.3 108.9 113.9 123.8 119.0 119.7 9

10 Nonfinancial corporate business 1104.7 1130.9 903.0 918.1 1021.5 960.2 1000.1 1048.9 1076.7 1101.4 1115.6 10

11 Nonfinancial noncorporate business 225.0 198.4 158.0 155.6 173.3 165.1 170.1 179.3 178.5 187.5 192.7 11

12 Financial institutions 187.5 195.0 164.4 154.8 172.9 164.2 168.8 177.4 181.1 187.6 188.0 12

13 Residential 628.7 472.4 354.1 340.6 338.7 331.4 336.2 338.5 348.8 364.2 372.9 13

14 Household sector 541.7 397.2 295.5 288.9 286.4 288.0 286.7 285.8 285.2 298.2 306.2 14

15 Nonfinancial corporate business 15.7 5.5 4.4 -1.0 -2.5 -5.7 -2.6 -5.0 3.3 9.3 8.2 15

16 Nonfinancial noncorporate business 80.5 69.6 54.3 48.0 48.6 47.5 48.2 48.4 50.1 51.9 52.1 16

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

18 Change in private inventories 29.1 -41.1 -154.2 58.4 36.6 33.7 34.8 -4.1 82.1 72.6 64.0 18

19 Nonfinancial corporate business 28.2 -40.2 -145.3 60.7 39.1 37.6 39.2 -0.5 80.2 71.9 64.2 19

20 Nonfinancial noncorporate business 0.9 -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -0.2 20

21 Net U.S. exports of goods and services -713.1 -709.7 -388.7 -511.6 -568.1 -555.4 -572.5 -549.5 -594.8 -615.8 -573.1 21

22 Exports 1661.7 1846.8 1587.4 1844.4 2094.2 2030.5 2092.8 2133.3 2120.3 2157.9 2192.9 22

23 - Imports 2374.8 2556.5 1976.2 2356.1 2662.3 2585.9 2665.3 2682.8 2715.1 2773.7 2766.0 23

 Government consumption expenditures and

24 gross investment 2674.2 2878.1 2967.2 3057.5 3059.8 3048.1 3072.2 3067.7 3051.0 3054.6 3052.5 24

25 Consumption expenditures (3) 2217.8 2381.0 2460.3 2552.0 2579.5 2565.5 2591.3 2591.0 2570.4 2586.9 2581.1 25

26 Federal 848.9 931.7 987.0 1055.8 1061.5 1054.2 1071.0 1069.0 1052.0 1055.6 1055.0 26

27 State and local 1368.9 1449.2 1473.3 1496.2 1518.0 1511.4 1520.3 1522.0 1518.4 1531.4 1526.1 27

28 Gross investment (3) 456.5 497.2 506.9 505.5 480.2 482.6 480.9 476.8 480.5 467.6 471.4 28

29 Federal 127.4 148.4 156.6 167.3 160.5 161.1 163.3 158.5 159.2 152.1 155.7 29

30 State and local 329.0 348.8 350.3 338.2 319.7 321.5 317.7 318.3 321.3 315.5 315.7 30

 Memo:

31 Net U.S. income receipts from rest of the world 123.3 169.2 143.5 209.3 251.9 235.3 250.0 258.3 264.0 214.9 234.6 31

32 U.S. income receipts 871.0 856.1 642.4 716.5 783.7 761.4 797.4 788.9 787.1 769.6 772.0 32

33 - U.S. income payments 747.7 686.9 498.9 507.2 531.8 526.1 547.4 530.6 523.1 554.7 537.4 33

 Gross National Product (GNP) =

34 GDP + net U.S. income receipts 14151.9 14460.7 14117.2 14708.2 15327.5 15050.1 15253.6 15421.5 15585.0 15693.2 15840.6 34

 Acquisition of nonproduced nonfinancial assets (net)

35 Household sector -11.3 -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 35

36 Nonfinancial corporate business -1.7 16.3 4.4 -2.6 -2.1 -2.5 -2.0 -1.5 -2.2 -1.6 -1.9 36

37 State and local governments 13.8 14.1 12.7 11.5 11.5 11.5 11.5 11.5 11.4 11.2 11.0 37

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

39 Rest of the world 0.5 -0.0 0.0 -0.0 -0.1 0.0 -0.0 -0.0 -0.2 0.0 0.0 39

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

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

(3) Government inventory investment is included in consumption expenditures.
14 Z.1, September 20, 2012

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 12396.4 12609.1 12132.6 12811.4 13358.9 13196.3 13301.1 13390.1 13548.1 13707.2 13791.2 1

 2 Compensation of employees 7855.9 8068.3 7799.4 7970.0 8295.2 8236.3 8286.4 8318.1 8340.1 8495.7 8562.9 2

 3 Wages and other labor income 7402.2 7603.2 7337.5 7501.9 7800.3 7743.5 7791.6 7822.3 7843.9 7985.4 8049.6 3

 4 Employer social insurance contributions 459.9 470.1 456.9 468.1 494.9 492.7 494.8 495.8 496.2 510.2 513.2 4

 5 Wage accruals less disbursements -6.3 -5.0 5.0 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 1090.4 1097.9 979.4 1103.4 1157.3 1148.0 1154.7 1161.4 1165.3 1184.3 1197.2 6

 Rental income of persons (with capital

 7 consumption adjustment) 143.7 231.6 289.7 349.2 409.7 390.0 404.7 413.8 430.3 445.3 453.4 7

 Corporate profits with inventory

 8 valuation and capital consumption adjustments 1510.6 1248.4 1342.3 1702.4 1827.0 1723.3 1800.9 1830.5 1953.1 1900.1 1910.5 8

 Corporate profits with inventory

 9 valuation adjustment 1691.1 1315.5 1443.6 1777.7 1791.6 1679.4 1764.6 1798.8 1923.5 2100.8 2112.4 9

10 Profits before tax 1738.4 1359.9 1440.5 1816.3 1854.1 1801.1 1839.7 1839.3 1936.4 2124.5 2096.5 10

11 Domestic nonfinancial 1042.0 831.2 712.9 990.5 1007.0 963.0 1037.8 1010.8 1016.3 1240.4 1232.1 11

12 Domestic financial 345.5 122.2 374.8 424.3 408.3 417.6 365.6 380.8 469.1 481.2 442.2 12

13 Rest of the world 350.9 406.6 352.8 401.6 438.9 420.6 436.3 447.8 451.0 402.9 422.1 13

 Less:

14 Taxes on corporate income 445.5 309.0 269.4 373.3 379.0 398.7 385.1 362.0 370.4 453.6 448.2 14

15 Domestic nonfinancial 293.8 227.4 177.8 222.9 246.8 244.0 253.9 248.1 241.2 304.3 303.8 15

16 Domestic financial 151.7 81.6 91.6 150.4 132.2 154.7 131.2 113.9 129.2 149.3 144.4 16

 Equals:

17 Profits after tax 1292.9 1050.9 1171.1 1443.0 1475.1 1402.5 1454.5 1477.3 1566.1 1670.9 1648.3 17

18 Net dividends 794.5 786.9 554.1 600.9 697.2 677.6 687.5 705.9 717.9 727.1 748.0 18

19 Domestic nonfinancial 484.6 474.1 351.7 385.7 425.3 407.3 435.8 428.6 429.7 432.8 453.4 19

20 Domestic financial 165.2 132.2 90.5 95.3 128.7 125.1 126.9 130.3 132.5 149.1 168.4 20

21 Rest of the world 144.8 180.5 111.9 119.9 143.2 145.2 124.8 147.0 155.7 145.2 126.2 21

22 Undistributed profits 498.4 264.0 617.0 842.1 777.9 724.9 767.1 771.4 848.2 943.7 900.2 22

23 Domestic nonfinancial 263.6 129.6 183.4 381.9 334.8 311.6 348.1 334.1 345.5 503.3 474.9 23

24 Domestic financial 28.7 -91.7 192.7 178.5 147.3 137.9 107.5 136.6 207.4 182.8 129.5 24

25 Rest of the world 206.1 226.1 240.9 281.7 295.7 275.4 311.5 300.7 295.2 257.6 295.9 25

26 Inventory valuation adjustment -47.2 -44.5 3.2 -38.7 -62.6 -121.7 -75.0 -40.6 -12.9 -23.7 16.0 26

27 Capital consumption adjustment -180.5 -67.1 -101.3 -75.2 35.4 43.9 36.3 31.7 29.6 -200.7 -202.0 27

28 Domestic nonfinancial -158.8 -31.7 -55.4 -34.7 62.7 70.1 63.6 59.3 57.6 -148.4 -149.4 28

29 Domestic financial -21.7 -35.4 -45.9 -40.5 -27.3 -26.2 -27.3 -27.6 -28.0 -52.3 -52.6 29

30 Net interest and miscellaneous payments 731.6 870.1 640.5 567.9 527.4 551.4 513.8 528.4 515.9 515.6 492.7 30

31 Taxes on production and imports 1027.2 1038.6 1023.2 1055.0 1097.9 1084.5 1099.0 1098.2 1109.8 1128.5 1135.5 31

32 Less: Subsidies 54.6 52.9 59.7 57.0 61.6 59.6 61.9 62.4 62.7 60.8 60.9 32

33 Business current transfer payments (net) 103.3 123.0 133.4 140.0 132.6 145.7 127.9 129.5 127.4 130.5 134.1 33

34 Current surplus of government enterprises -11.8 -16.0 -15.6 -19.5 -26.5 -23.1 -24.4 -27.5 -31.1 -32.0 -34.1 34

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

35 National Income, from line 1 above 12396.4 12609.1 12132.6 12811.4 13358.9 13196.3 13301.1 13390.1 13548.1 13707.2 13791.2 35

 Plus:

36 Private consumption of fixed capital 1476.2 1542.9 1542.8 1539.9 1587.4 1561.7 1580.4 1596.5 1611.0 1625.9 1640.8 36

37 Government consumption of fixed capital 291.3 311.2 323.5 333.5 349.4 342.6 347.1 352.4 355.5 359.0 362.7 37

38 Statistical discrepancy -12.0 -2.4 118.3 23.3 31.9 -50.4 25.1 82.5 70.3 1.1 46.1 38

 Less:

39 Net U.S. income receipts from rest of the world 123.3 169.2 143.5 209.3 251.9 235.3 250.0 258.3 264.0 214.9 234.6 39

 Equals:

40 Gross Domestic Product 14028.7 14291.5 13973.7 14498.9 15075.7 14814.9 15003.6 15163.2 15321.0 15478.3 15606.1 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, September 20, 2012 15

F.8 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 2047.7 1908.2 1555.8 1770.7 1837.5 1811.2 1800.7 1813.1 1925.0 1945.6 1983.4 1

 2 Net saving 280.2 54.1 -310.5 -102.8 -99.3 -93.1 -126.7 -135.8 -41.6 -39.3 -20.0 2

 3 Net private saving 513.2 739.8 1032.0 1294.9 1240.1 1232.9 1255.6 1214.2 1257.5 1147.1 1187.1 3

 4 Domestic business 270.7 152.5 518.8 728.2 750.7 647.0 728.4 762.6 864.9 719.4 714.2 4

 5 Nonfinancial corporate business 226.3 237.5 324.3 533.1 572.5 519.1 576.1 586.0 608.9 551.6 567.0 5

 6 Financial business 44.3 -85.0 194.5 195.1 178.2 127.9 152.3 176.6 256.0 167.8 147.2 6

 7 Households and institutions 242.5 587.3 513.2 566.7 489.4 585.9 527.2 451.6 392.7 427.7 472.9 7

 8 Net government saving -233.0 -685.7 -1342.6 -1397.7 -1339.4 -1326.0 -1382.3 -1350.0 -1299.1 -1186.4 -1207.1 8

 9 Federal -245.2 -613.5 -1229.3 -1308.0 -1237.4 -1227.3 -1307.7 -1232.0 -1182.6 -1058.7 -1094.5 9

10 State and local 12.2 -72.2 -113.2 -89.7 -102.0 -98.7 -74.6 -118.0 -116.5 -127.6 -112.7 10

11 Consumption of fixed capital 1767.5 1854.1 1866.3 1873.4 1936.8 1904.3 1927.4 1948.9 1966.6 1984.9 2003.4 11

12 Private 1476.2 1542.9 1542.8 1539.9 1587.4 1561.7 1580.4 1596.5 1611.0 1625.9 1640.8 12

13 Domestic business 1190.7 1248.3 1250.0 1245.0 1285.7 1262.7 1279.3 1293.9 1306.8 1321.3 1334.4 13

14 Nonfinancial corporate business 840.1 864.3 862.5 860.1 893.7 876.0 888.8 900.3 909.7 920.8 930.4 14

15 Nonfinancial noncorporate business 210.1 211.3 211.0 209.9 215.0 211.8 214.0 216.2 218.0 219.8 221.5 15

16 Financial business 140.6 172.7 176.6 175.0 177.0 174.9 176.5 177.4 179.1 180.8 182.5 16

17 Households and institutions 285.5 294.6 292.7 294.9 301.7 298.9 301.0 302.6 304.2 304.6 306.4 17

18 Government 291.3 311.2 323.5 333.5 349.4 342.6 347.1 352.4 355.5 359.0 362.7 18

19 Federal 112.6 120.0 124.8 130.2 137.0 134.7 136.2 138.5 138.7 139.7 141.0 19

20 State and local 178.7 191.2 198.8 203.3 212.4 207.9 210.8 213.9 216.8 219.2 221.7 20

 Gross domestic investment, capital account

21 transactions, and net lending, NIPAs 2035.7 1905.8 1674.1 1794.0 1869.4 1760.8 1825.8 1895.6 1995.3 1946.7 2029.5 21

22 Gross domestic investment 2751.7 2584.8 2056.2 2242.9 2335.1 2238.5 2300.0 2330.5 2471.6 2499.9 2524.3 22

23 Gross private domestic investment 2295.2 2087.6 1549.3 1737.3 1854.9 1755.9 1819.0 1853.8 1991.1 2032.2 2053.0 23

24 Domestic business 1633.3 1558.4 1129.8 1338.5 1456.5 1366.5 1423.4 1454.1 1582.1 1615.0 1627.0 24

25 Nonfinancial corporate business 1162.2 1096.2 762.0 982.4 1064.3 996.2 1041.9 1051.9 1167.2 1188.8 1200.9 25

26 Nonfinancial noncorporate business 283.7 267.2 203.4 201.3 219.3 206.1 212.6 224.9 233.8 238.7 238.1 26

27 Financial business 187.5 195.0 164.4 154.8 172.9 164.2 168.8 177.4 181.1 187.6 188.0 27

28 Households and institutions 661.9 529.2 419.4 398.8 398.4 389.4 395.6 399.7 409.0 417.2 426.0 28

29 Gross government investment 456.5 497.2 506.9 505.5 480.2 482.6 480.9 476.8 480.5 467.6 471.4 29

30 Federal 127.4 148.4 156.6 167.3 160.5 161.1 163.3 158.5 159.2 152.1 155.7 30

31 State and local 329.0 348.8 350.3 338.2 319.7 321.5 317.7 318.3 321.3 315.5 315.7 31

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

33 Private -10.0 -71.0 -141.8 -80.7 -70.4 -50.9 -73.4 -68.8 -88.6 -43.6 -22.5 33

34 Domestic business -1.7 -51.2 -85.3 -30.6 -41.7 -21.8 -43.0 -37.7 -64.5 -25.8 -8.7 34

35 Nonfinancial corporate business -1.7 12.6 42.6 18.6 -7.8 -7.7 -7.1 -8.4 -7.8 -6.6 -8.3 35

36 Nonfinancial noncorporate business 0.0 -3.3 -6.0 -7.8 -1.6 -1.6 -1.6 -1.6 -1.6 -0.3 -0.3 36

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

38 Households and institutions -8.3 -19.8 -56.6 -50.1 -28.7 -29.1 -30.4 -31.1 -24.1 -17.8 -13.8 38

39 Government 10.0 65.6 142.4 81.4 72.1 51.5 77.2 70.4 89.3 44.0 23.0 39

40 Federal 55.0 114.3 196.2 145.4 133.1 111.3 137.4 131.9 152.1 101.4 82.1 40

41 State and local -45.1 -48.7 -53.8 -64.0 -61.0 -59.7 -60.2 -61.5 -62.8 -57.4 -59.1 41

42 Net lending (+) or net borrowing (-), NIPAs (3) -715.9 -673.6 -382.7 -449.5 -467.5 -478.3 -477.9 -436.6 -477.0 -553.6 -495.3 42

43 Private -307.8 263.7 1285.6 1201.5 1074.8 1039.2 1115.5 1108.3 1036.4 785.5 843.5 43

44 Domestic business -182.2 -108.8 842.6 688.6 653.5 514.5 652.5 722.6 724.4 452.6 476.4 44

45 Nonfinancial corporate business (3) -106.0 -9.5 500.4 415.4 441.5 356.1 455.3 525.3 429.4 291.3 350.9 45

46 Nonfinancial noncorporate business -73.6 -52.6 13.6 16.4 -2.7 7.3 3.0 -7.0 -14.1 -18.6 -16.3 46

47 Financial business -2.6 -46.7 328.6 256.8 214.7 151.1 194.2 204.4 309.1 179.9 141.8 47

48 Households and institutions -125.7 372.6 443.0 512.9 421.3 524.6 463.0 385.7 312.0 332.9 367.1 48

49 Government -408.1 -937.3 -1668.3 -1651.0 -1542.3 -1517.5 -1593.4 -1544.8 -1513.4 -1339.1 -1338.8 49

50 Federal -315.0 -756.2 -1457.4 -1490.5 -1394.1 -1365.0 -1472.2 -1384.0 -1355.1 -1172.5 -1191.3 50

51 State and local -93.1 -181.1 -210.9 -160.5 -148.2 -152.5 -121.2 -160.9 -158.3 -166.6 -147.6 51

52 Statistical discrepancy (line 21 less line 1) -12.0 -2.4 118.3 23.3 31.9 -50.4 25.1 82.5 70.3 1.1 46.1 52

 Addenda:

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

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

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

56 Households and institutions 0.0 8.3 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, September 20, 2012

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Capital transfers paid, by sector 114.5 209.6 289.3 205.8 157.3 132.5 158.9 156.3 181.7 144.4 132.1 1

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

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

 4 Disaster-related insurance benefits 0.0 7.6 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 0.0 40.4 25.8 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 82.8 161.8 223.9 160.2 142.8 119.3 145.8 142.0 164.4 120.8 104.9 8

 9 Federal 82.8 161.8 223.9 160.2 142.8 119.3 145.8 142.0 164.4 120.8 104.9 9

10 Investment grants to state and local govts. 53.7 57.1 62.0 70.7 67.6 66.3 66.8 68.1 69.3 63.9 65.6 10

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

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

13 Other capital transfers paid to business 0.0 0.1 8.1 12.3 7.3 6.8 6.7 8.4 7.2 5.3 6.7 13

14 Other capital transfers paid to persons 28.7 33.3 31.3 35.0 33.9 33.0 34.2 36.2 32.2 32.3 32.1 14

15 Capital transfers paid to the rest of the world (net) 0.4 0.8 0.6 0.7 1.6 0.6 3.8 1.6 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 31.7 34.0 25.0 19.8 14.5 13.2 13.1 14.3 17.3 23.6 27.2 18

19 Estate and gift taxes, federal 26.5 28.3 20.6 15.1 9.6 8.3 8.2 9.5 12.5 18.9 22.6 19

20 Estate and gift taxes, state and local 5.3 5.8 4.4 4.7 4.9 4.9 4.9 4.9 4.8 4.7 4.6 20

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

22 Disaster-related insurance benefits 0.0 6.2 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 114.5 209.6 289.3 205.8 157.3 132.5 158.9 156.3 181.7 144.4 132.1 24

25 By private business 0.0 75.0 130.0 53.8 39.7 19.3 41.0 36.1 62.4 24.1 6.8 25

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

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

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

29 Nonfinancial corporations 0.0 3.7 2.1 4.6 5.7 5.2 5.2 6.8 5.6 5.0 6.4 29

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

31 Other 0.0 0.1 2.1 4.6 5.7 5.2 5.2 6.8 5.6 5.0 6.4 31

32 Noncorporate business 0.0 3.3 6.0 7.8 1.6 1.6 1.6 1.6 1.6 0.3 0.3 32

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

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

35 By government 85.4 91.1 87.1 90.7 82.1 79.5 79.9 82.4 86.6 87.5 92.7 35

36 Federal 26.5 28.3 20.6 15.1 9.6 8.3 8.2 9.5 12.5 18.9 22.6 36

37 Estate and gift taxes paid by persons 26.5 28.3 20.6 15.1 9.6 8.3 8.2 9.5 12.5 18.9 22.6 37

38 State and local 58.9 62.8 66.5 75.6 72.5 71.2 71.7 72.9 74.1 68.5 70.1 38

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

40 Estate and gift taxes paid by persons 5.3 5.8 4.4 4.7 4.9 4.9 4.9 4.9 4.8 4.7 4.6 40

41 Investment grants paid by federal government 53.7 57.1 62.0 70.7 67.6 66.3 66.8 68.1 69.3 63.9 65.6 41

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

43 By persons 28.7 42.6 71.7 60.7 33.9 33.0 34.2 36.2 32.2 32.3 32.1 43

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

45 Other 28.7 33.3 71.7 60.7 33.9 33.0 34.2 36.2 32.2 32.3 32.1 45

46 By the rest of the world 0.4 0.8 0.6 0.7 1.6 0.6 3.8 1.6 0.5 0.5 0.5 46

47 Capital transfers paid by U.S. government 0.4 0.8 0.6 0.7 1.6 0.6 3.8 1.6 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) -0.0 -67.5 -89.6 -28.0 -39.7 -19.3 -41.0 -36.1 -62.4 -24.1 -6.8 49

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

51 Property-casualty insurance companies (line 4) 0.0 7.6 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 0.0 -29.7 -18.2 2.4 3.2 14.6 -0.3 -1.4 -0.0 0.0 0.0 52

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

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

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

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

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

58 Nonfinancial corporations (lines 6-29) -0.0 -3.7 38.3 21.2 -5.7 -5.2 -5.2 -6.8 -5.6 -5.0 -6.4 58

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

60 By government (lines 8-35) -2.6 70.6 136.8 69.6 60.7 39.7 65.9 59.6 77.7 33.3 12.2 60

61 Federal (lines 9-36) 56.3 133.5 203.3 145.2 133.2 110.9 137.6 132.5 151.8 101.9 82.3 61

62 State and local (lines 16-38) -58.9 -62.8 -66.5 -75.6 -72.5 -71.2 -71.7 -72.9 -74.1 -68.5 -70.1 62

63 By persons (lines 18-43) 3.0 -8.6 -46.6 -40.9 -19.4 -19.8 -21.1 -21.8 -14.9 -8.7 -4.9 63

64 By the rest of the world (lines 21-46) -0.4 5.4 -0.6 -0.7 -1.6 -0.6 -3.8 -1.6 -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, September 20, 2012 17

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 1504.1 744.6 134.5 380.7 748.5 944.3 252.3 908.7 888.7 1098.3 1324.2 1

 2 Foreign deposits 15.4 -23.7 -6.4 1.6 -1.9 12.2 0.1 0.4 -20.5 -7.5 -2.3 2

 3 Checkable deposits and currency -7.7 228.2 44.4 -45.4 291.9 107.1 304.2 449.9 306.4 125.6 69.6 3

 4 Time and savings deposits 496.0 203.0 122.8 188.1 377.9 250.2 684.3 176.3 400.8 451.2 403.4 4

 5 Money market fund shares 234.4 236.2 -270.4 -177.5 -22.0 85.9 55.7 -10.6 -219.1 53.4 7.9 5

 6 Securities -121.5 -144.4 265.9 234.0 -262.4 212.9 -943.0 -578.5 259.0 204.0 741.2 6

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

 8 U.S. savings bonds -6.0 -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 8

 9 Treasury bills and other Treasury securities -59.1 138.4 407.9 370.4 -265.6 -925.8 -606.6 58.3 411.8 393.3 846.0 9

10 Agency- and GSE-backed securities 324.6 89.5 -565.3 1.3 -25.3 332.8 -179.8 -215.4 -38.7 -176.5 -54.1 10

11 Municipal securities 42.4 40.7 128.5 57.3 -61.4 38.3 -70.4 -55.1 -158.5 -204.5 -70.5 11

12 Corporate and foreign bonds 216.3 -218.3 -127.8 -287.4 -26.7 5.3 38.6 -161.1 10.5 -366.0 -314.5 12

13 Corporate equities (2) -842.3 -99.1 90.7 -136.1 -173.9 20.2 -378.2 -72.7 -264.9 -151.5 -124.2 13

14 Mutual fund shares 212.8 8.3 305.9 203.0 298.4 728.7 269.1 -111.3 307.2 736.5 479.5 14

15 Life insurance reserves 18.0 61.7 23.7 9.0 86.9 76.8 83.6 109.5 77.6 25.0 -16.8 15

16 Pension fund reserves 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 16

17 Miscellaneous and other assets 668.4 57.9 -180.9 -38.0 83.7 -3.9 196.5 255.3 -113.0 59.6 40.6 17

18 Gross investment in nonfinancial assets 2063.9 1826.4 1587.9 1599.8 1680.0 1648.6 1658.3 1684.6 1728.7 1774.1 1784.2 18

19 Residential fixed investment 622.2 466.8 349.8 336.9 335.0 335.5 335.0 334.2 335.3 350.0 358.3 19

20 Nonresidential fixed investment 345.3 330.4 281.9 265.5 285.2 266.4 279.1 293.1 302.4 306.5 312.5 20

21 Consumer durables 1106.8 1041.3 975.1 1008.9 1071.6 1059.9 1057.9 1070.1 1098.3 1125.9 1122.6 21

22 Nonproduced nonfinancial assets -11.3 -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 22

23 Inventories 0.9 -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -0.2 23

24 Consumption of fixed capital 1346.1 1412.4 1421.1 1420.6 1454.9 1434.6 1447.1 1463.3 1474.5 1458.4 1471.0 24

25 Residential fixed investment 269.8 272.2 266.2 267.2 271.0 266.6 269.8 272.6 275.1 277.6 280.1 25

26 Nonresidential fixed investment 202.2 233.7 237.5 237.6 245.7 244.3 245.3 246.1 247.2 246.8 247.8 26

27 Consumer durables 874.0 906.5 917.4 915.8 938.1 923.7 932.0 944.6 952.2 934.0 943.0 27

28 Net investment in nonfinancial assets (3) 717.8 414.0 166.8 179.3 225.2 214.0 211.1 221.3 254.2 315.7 313.2 28

29 Residential fixed investment 352.4 194.7 83.7 69.7 64.0 68.9 65.1 61.6 60.2 72.4 78.2 29

30 Nonresidential fixed investment 143.0 96.7 44.4 27.9 39.5 22.1 33.8 47.1 55.2 59.7 64.7 30

31 Consumer durables 232.8 134.8 57.7 93.1 133.4 136.2 125.9 125.5 146.2 192.0 179.5 31

32 Nonproduced nonfinancial assets -11.3 -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 32

33 Inventories 0.9 -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -0.2 33

34 Net increase in liabilities 1491.6 288.8 -279.8 -375.2 -228.9 -141.1 -369.1 -445.0 39.6 69.7 84.8 34

35 Home mortgages 721.6 -104.1 -187.0 -346.9 -251.8 -285.2 -264.1 -197.3 -260.5 -340.2 -213.4 35

36 Other mortgages 286.4 230.9 21.9 -94.7 -49.4 -61.1 -74.1 -62.7 0.4 -76.8 -70.1 36

37 Consumer credit 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 37

38 Policy loans 3.6 5.9 0.7 3.4 2.4 1.2 2.8 3.7 2.0 -0.2 -1.0 38

39 Security credit 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 39

40 Other liabilities 305.3 296.8 -37.7 18.4 23.1 -13.8 -100.1 6.9 199.4 221.2 296.1 40

41 Net capital transfers paid (4) 3.0 -11.9 -52.6 -48.7 -21.0 -21.4 -22.7 -23.4 -16.5 -9.1 -5.2 41

42 Personal saving, FOF concept (FOF) 733.4 858.0 528.5 886.5 1181.6 1278.0 809.8 1551.6 1086.8 1335.3 1547.5 42

43 - Net investment in consumer durables 232.8 134.8 57.7 93.1 133.4 136.2 125.9 125.5 146.2 192.0 179.5 43

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

45 = Personal saving, NIPA concept (FOF) (6) 500.5 723.8 470.4 795.1 1048.5 1144.5 684.0 1425.6 940.0 1146.0 1368.1 45

46 Personal saving, NIPA concept (NIPA) 248.7 592.3 508.2 566.7 489.4 585.9 527.2 451.6 392.7 427.7 472.9 46

47 Difference 251.7 131.5 -37.8 228.4 559.2 558.6 156.8 973.9 547.4 718.4 895.2 47

 Memo:

48 Disposable personal income 10423.6 11024.5 10722.4 11127.1 11549.3 11484.1 11542.3 11572.6 11598.3 11776.4 11887.7 48

 Personal saving as a percentage of disposable personal income:

49 FOF concept (FOF data) (line 42) 7.0 7.8 4.9 8.0 10.2 11.1 7.0 13.4 9.4 11.3 13.0 49

50 NIPA concept (FOF data) (line 45) 4.8 6.6 4.4 7.1 9.1 10.0 5.9 12.3 8.1 9.7 11.5 50

51 NIPA concept (NIPA data) (line 46) 2.4 5.4 4.7 5.1 4.2 5.1 4.6 3.9 3.4 3.6 4.0 51

52 Difference (line 47) 2.4 1.2 -0.4 2.1 4.8 4.9 1.4 8.4 4.7 6.1 7.5 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, September 20, 2012

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 11912.3 12460.2 11867.0 12321.9 12947.3 12856.5 12938.9 12976.3 13017.4 13227.1 13362.4 1

 2 - Personal current taxes 1488.7 1435.7 1144.6 1194.8 1398.0 1372.5 1396.6 1403.8 1419.1 1450.8 1474.7 2

 3 = Disposable personal income 10423.6 11024.5 10722.4 11127.1 11549.3 11484.1 11542.3 11572.6 11598.3 11776.4 11887.7 3

 4 - Personal outlays 10174.9 10432.2 10214.3 10560.4 11059.9 10898.1 11015.1 11120.9 11205.6 11348.7 11414.9 4

 5 = Personal saving, NIPA (2) 248.7 592.3 508.2 566.7 489.4 585.9 527.2 451.6 392.7 427.7 472.9 5

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

 7 + Net investment in consumer durables 232.8 134.8 57.7 93.1 133.4 136.2 125.9 125.5 146.2 192.0 179.5 7

 8 + Consumption of fixed capital 1161.8 1201.2 1210.1 1210.7 1239.8 1222.6 1233.0 1247.2 1256.4 1238.6 1249.4 8

 9 - Net capital transfers paid (4) 3.0 -8.6 -46.6 -40.9 -19.4 -19.8 -21.1 -21.8 -14.9 -8.7 -4.9 9

10 = Gross saving less net capital transfers paid 1640.4 1936.2 1823.1 1909.7 1881.6 1961.9 1907.2 1846.7 1810.7 1864.3 1906.6 10

11 Gross investment 1892.2 2067.7 1785.2 2138.0 2440.8 2520.5 2063.9 2820.6 2358.1 2582.6 2801.8 11

12 Capital expenditures 1757.4 1559.3 1384.6 1398.5 1460.7 1439.9 1444.2 1460.5 1498.1 1534.0 1539.6 12

13 Residential 541.7 397.2 295.5 288.9 286.4 288.0 286.7 285.8 285.2 298.2 306.2 13

14 Consumer durable goods 1106.8 1041.3 975.1 1008.9 1071.6 1059.9 1057.9 1070.1 1098.3 1125.9 1122.6 14

15 Nonprofit nonresidential 120.2 132.0 123.9 109.9 112.0 101.3 108.9 113.9 123.8 119.0 119.7 15

16 Nonproduced nonfinancial assets -11.3 -11.2 -9.9 -9.2 -9.3 -9.3 -9.3 -9.3 -9.2 -9.1 -8.9 16

17 Net lending (+) or net borrowing (-) 134.8 508.4 400.7 739.5 980.1 1080.5 619.7 1360.1 860.0 1048.6 1262.2 17

18 Net acquisition of financial assets 1040.7 351.8 221.1 543.3 744.9 987.6 268.6 901.9 821.4 1058.2 1336.6 18

19 Foreign deposits 15.4 -23.7 -6.4 1.6 -1.9 12.2 0.1 0.4 -20.5 -7.5 -2.3 19

20 Checkable deposits and currency -74.6 224.4 24.0 -25.6 292.3 111.4 306.9 450.3 300.5 121.4 69.0 20

21 Time and savings deposits 481.1 204.2 127.6 201.5 379.1 254.0 687.2 177.6 397.8 449.4 404.0 21

22 Money market fund shares 232.2 235.1 -268.7 -174.7 -21.8 86.7 56.3 -10.3 -219.8 53.0 8.0 22

23 Credit market instruments 501.7 -32.1 -140.2 157.1 -400.2 -548.9 -844.3 -401.7 194.0 -384.7 368.6 23

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

25 Treasury securities -68.1 143.5 410.8 368.9 -268.1 -929.6 -610.0 55.8 411.3 391.5 843.7 25

26 Savings bonds -6.0 -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 26

27 Other -62.1 146.0 413.6 372.2 -265.4 -925.3 -606.2 58.5 411.4 393.1 846.1 27

28 Agency- and GSE-backed securities 324.6 89.5 -565.3 1.3 -25.3 332.8 -179.8 -215.4 -38.7 -176.5 -54.1 28

29 Municipal securities 42.9 41.0 128.4 57.5 -61.4 38.3 -70.3 -55.1 -158.5 -204.6 -70.5 29

30 Corporate and foreign bonds 216.3 -218.3 -127.8 -287.4 -26.7 5.3 38.6 -161.1 10.5 -366.0 -314.5 30

31 Other loans and advances (5) 8.5 12.2 -5.3 -0.6 -2.8 -3.8 1.7 -0.4 -8.7 12.6 -1.6 31

32 Mortgages -12.3 1.4 -9.7 -11.3 -10.7 -9.6 -12.6 -6.9 -13.5 -16.0 -15.9 32

33 Corporate equities (6) -842.3 -99.1 90.7 -136.1 -173.9 20.2 -378.2 -72.7 -264.9 -151.5 -124.2 33

34 Mutual fund shares 212.8 8.3 305.9 203.0 298.4 728.7 269.1 -111.3 307.2 736.5 479.5 34

35 Security credit 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 35

36 Life insurance reserves 18.0 61.7 23.7 9.0 86.9 76.8 83.6 109.5 77.6 25.0 -16.8 36

37 Pension fund reserves 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 37

38 Equity in noncorporate business 18.4 -284.1 -17.9 28.4 -13.3 -0.1 -8.0 -7.9 -37.3 11.6 16.1 38

39 Miscellaneous assets 66.1 55.1 21.1 44.4 46.8 7.2 7.5 73.0 99.7 -22.0 -7.4 39

40 Net increase in liabilities 905.9 -156.6 -179.6 -196.2 -235.2 -93.0 -351.1 -458.3 -38.6 9.6 74.4 40

41 Credit market instruments 856.9 -21.3 -228.8 -295.4 -209.1 -264.9 -355.5 -223.1 6.9 -121.3 157.3 41

42 Home mortgages (7) 687.6 -57.1 -145.5 -305.3 -229.3 -256.6 -238.0 -178.4 -244.2 -323.3 -205.0 42

43 Consumer credit 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 43

44 Municipal securities 20.6 8.0 6.0 -2.3 -7.8 -1.4 -4.7 -18.5 -6.7 -8.7 -18.8 44

45 Depository institution loans n.e.c. (8) -9.1 4.6 33.0 52.4 -53.9 -68.9 -184.5 -69.8 107.6 70.4 223.6 45

46 Other loans and advances 3.2 6.2 0.5 2.4 1.9 0.9 2.1 3.7 1.1 -1.2 -0.6 46

47 Commercial mortgages 13.3 -3.0 -6.9 -12.1 -6.4 -6.5 -8.2 -8.2 -2.8 -7.2 -8.3 47

48 Security credit 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 48

49 Trade payables 14.6 22.2 16.0 21.4 14.0 20.0 14.0 13.6 8.5 6.6 2.8 49

 Deferred and unpaid

50 life insurance premiums 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 50

51 Discrepancy -251.7 -131.5 37.8 -228.4 -559.2 -558.6 -156.8 -973.9 -547.4 -718.4 -895.2 51

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end

 outstandings of nonprofit organizations.

(2) See table F.10 for derivation of alternative measures of personal saving.

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

(4) Table F.9, line 63.

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

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

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

(8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 17.
Z.1, September 20, 2012 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 2208.0 2030.6 1792.6 2206.9 2290.1 2230.7 2316.8 2299.3 2313.7 2561.5 2568.5 1

 2 Gross saving less net capital transfers paid 1251.0 1318.9 1364.5 1589.0 1688.1 1573.7 1697.4 1718.7 1762.5 1685.1 1739.1 2

 3 Gross investment 1125.1 384.0 1545.4 1332.0 1504.6 1373.7 1484.2 1584.4 1576.0 1646.5 1551.1 3

 4 Capital expenditures 1453.4 1379.6 969.9 1176.5 1275.3 1198.2 1248.7 1265.9 1388.5 1420.9 1430.7 4

 5 Fixed investment 1426.0 1404.4 1119.7 1120.7 1240.8 1167.1 1215.9 1271.6 1308.6 1350.0 1368.6 5

 6 Residential 96.2 75.1 58.8 47.0 46.1 41.8 45.6 43.4 53.4 61.2 60.3 6

 7 Nonresidential 1329.8 1329.3 1060.9 1073.7 1194.7 1125.3 1170.3 1228.1 1255.2 1288.9 1308.3 7

 8 Change in inventories 29.1 -41.1 -154.2 58.4 36.6 33.7 34.8 -4.1 82.1 72.6 64.0 8

 9 Nonproduced nonfinancial assets -1.7 16.3 4.4 -2.6 -2.1 -2.5 -2.0 -1.5 -2.2 -1.6 -1.9 9

10 Net lending (+) or net borrowing (-) -328.3 -995.6 575.6 155.6 229.2 175.5 235.5 318.5 187.5 225.6 120.5 10

11 Net acquisition of financial assets 1554.3 -506.7 206.5 634.5 845.8 442.1 782.6 1142.3 1016.3 913.9 845.0 11

12 Foreign deposits 0.9 -25.5 6.8 9.6 -7.1 28.2 -27.0 -14.9 -14.6 -50.6 -1.5 12

13 Checkable deposits and currency 59.3 -108.8 160.3 136.0 68.6 139.9 -22.2 166.4 -9.6 20.3 5.6 13

14 Time and savings deposits -40.7 -60.7 102.1 9.1 24.1 6.6 144.3 -40.4 -14.2 42.6 17.2 14

15 Money market fund shares 129.4 163.2 -70.6 -159.7 -33.0 -61.0 -47.7 -69.5 46.0 -72.5 -49.1 15

16 Security RPs -7.5 -0.9 0.7 4.2 0.7 2.3 1.0 -3.5 3.1 4.1 1.6 16

17 Credit market instruments -67.9 -47.2 0.9 8.1 -14.8 1.8 -3.3 -61.4 3.7 95.0 -22.4 17

18 Commercial paper -53.2 -12.2 -1.3 11.8 -8.5 19.2 -13.2 -35.3 -4.8 20.4 -26.1 18

19 Treasury securities -4.1 -15.4 6.8 3.1 -0.4 -22.7 -4.3 11.6 13.8 21.0 14.1 19

20 Agency- and GSE-backed securities -2.4 -2.6 4.2 1.6 -0.1 -7.4 12.0 -9.4 4.5 6.9 -5.3 20

21 Municipal securities 0.6 -3.4 1.1 -3.2 -4.5 -18.0 -1.3 2.7 -1.6 11.1 -5.4 21

22 Mortgages -11.0 -10.7 -5.3 -2.9 -1.6 -1.9 -1.8 -1.6 -1.2 -1.3 -1.6 22

23 Consumer credit 2.2 -3.0 -4.6 -2.3 0.4 32.7 5.3 -29.4 -7.0 36.9 1.8 23

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

25 Trade receivables 216.6 -170.7 -54.9 116.2 184.1 122.1 212.3 234.0 168.0 226.6 122.8 25

26 Miscellaneous assets 1269.1 -239.3 25.8 499.7 634.4 213.4 536.4 942.9 845.0 659.6 782.1 26

27 Net increase in liabilities 1882.7 488.9 -369.1 478.9 616.6 266.6 547.1 823.9 828.8 688.3 724.5 27

28 Credit market instruments 1300.1 668.5 -263.3 85.9 525.7 411.7 594.4 482.3 614.3 401.4 582.2 28

29 Commercial paper 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -43.8 145.9 29

30 Municipal securities 69.0 68.2 37.8 34.7 15.1 20.6 14.5 10.0 15.3 1.2 33.9 30

31 Corporate bonds 311.1 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 31

32 Depository institution loans n.e.c. 237.1 183.7 -336.0 -103.8 125.6 94.0 93.3 166.3 148.8 216.3 169.8 32

33 Other loans and advances 301.6 60.8 -147.0 -87.6 68.3 -14.2 119.0 76.2 92.4 -118.8 -16.6 33

34 Mortgages 369.9 142.7 -132.6 -204.7 -101.3 -118.8 -143.2 -122.2 -21.1 -123.5 -121.0 34

35 Corporate equities -786.8 -336.0 -64.6 -278.0 -472.7 -324.2 -510.7 -617.5 -438.2 -344.9 -463.9 35

36 Trade payables 111.1 -219.3 -77.7 144.1 176.6 131.7 191.7 187.2 195.7 307.6 89.2 36

37 Taxes payable -45.8 9.8 -9.5 2.3 4.5 21.5 -14.6 8.6 2.6 -4.7 18.2 37

38 Miscellaneous liabilities 1288.1 661.4 60.2 496.5 394.1 17.2 294.2 778.3 486.8 346.7 488.2 38

39 Proprietors’ net investment 16.0 -295.6 -14.2 28.1 -11.7 8.6 -7.8 -15.1 -32.4 -17.7 10.7 39

40 Discrepancy 126.0 934.9 -180.9 257.0 183.5 200.0 213.2 134.4 186.5 38.6 188.0 40

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

F.102 Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 1042.0 831.2 712.9 990.5 1007.0 963.0 1037.8 1010.8 1016.3 1240.4 1232.1 1

 2 - Taxes on corporate income 293.8 227.4 177.8 222.9 246.8 244.0 253.9 248.1 241.2 304.3 303.8 2

 3 - Net dividends 484.6 474.1 351.7 385.7 425.3 407.3 435.8 428.6 429.7 432.8 453.4 3

 4 + Capital consumption allowance (1) 681.8 831.6 805.5 823.3 954.9 944.2 952.5 957.7 965.4 770.9 779.0 4

 5 = U.S. internal funds, book 945.4 961.2 988.9 1205.1 1289.8 1255.8 1300.6 1291.8 1310.9 1274.2 1253.8 5

 6 + Foreign earnings retained abroad 168.5 183.9 193.8 226.1 238.5 220.9 251.0 243.0 239.3 209.5 241.1 6

 7 + Inventory valuation adjustment (IVA) -47.2 -44.5 3.2 -38.7 -62.6 -121.7 -75.0 -40.6 -12.9 -23.7 16.0 7

 8 - Net capital transfers paid (2) -0.0 -3.7 38.3 21.2 -5.7 -5.2 -5.2 -6.8 -5.6 -5.0 -6.4 8

 9 = Total internal funds + IVA 1066.8 1104.4 1147.5 1371.4 1471.4 1360.1 1481.7 1501.1 1542.9 1465.0 1517.3 9

10 Gross investment 940.8 169.5 1328.5 1114.3 1287.9 1160.2 1268.5 1366.7 1356.4 1426.4 1329.3 10

11 Capital expenditures 1146.9 1112.4 766.5 975.2 1056.0 989.5 1034.7 1041.8 1158.0 1180.9 1186.1 11

12 Fixed investment (3) 1120.4 1136.4 907.4 917.1 1018.9 954.5 997.5 1043.8 1079.9 1110.7 1123.7 12

13 Inventory change + IVA 28.2 -40.2 -145.3 60.7 39.1 37.6 39.2 -0.5 80.2 71.9 64.2 13

14 Nonproduced nonfinancial assets -1.7 16.3 4.4 -2.6 -2.1 -2.5 -2.0 -1.5 -2.2 -1.6 -1.9 14

15 Net lending (+) or net borrowing (-) -206.1 -943.0 562.0 139.2 231.9 170.6 233.8 324.9 198.4 245.5 143.2 15

16 Net acquisition of financial assets 1074.9 -604.0 307.3 769.0 853.9 476.8 806.7 1150.6 981.5 891.5 846.7 16

17 Foreign deposits 0.9 -25.5 6.8 9.6 -7.1 28.2 -27.0 -14.9 -14.6 -50.6 -1.5 17

18 Checkable deposits and currency -7.6 -112.6 139.8 155.8 69.0 144.2 -19.5 166.8 -15.5 16.2 5.1 18

19 Time and savings deposits -55.7 -59.4 106.9 22.6 25.3 10.5 147.1 -39.1 -17.2 40.8 17.8 19

20 Money market fund shares 127.2 162.2 -69.0 -156.9 -32.8 -60.2 -47.1 -69.2 45.4 -72.9 -49.0 20

21 Security RPs -7.5 -0.9 0.7 4.2 0.7 2.3 1.0 -3.5 3.1 4.1 1.6 21

22 Credit market instruments -77.9 -36.4 7.6 11.5 -14.5 2.8 -2.6 -61.1 3.0 94.5 -22.3 22

23 Commercial paper -53.2 -12.2 -1.3 11.8 -8.5 19.2 -13.2 -35.3 -4.8 20.4 -26.1 23

24 Treasury securities -7.1 -7.9 12.5 4.9 -0.2 -22.2 -3.9 11.8 13.4 20.7 14.2 24

25 Agency- and GSE-backed securities -2.4 -2.6 4.2 1.6 -0.1 -7.4 12.0 -9.4 4.5 6.9 -5.3 25

26 Municipal securities 1.1 -3.0 0.9 -3.0 -4.5 -17.9 -1.3 2.7 -1.6 11.0 -5.4 26

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

28 Consumer credit 2.2 -3.0 -4.6 -2.3 0.4 32.7 5.3 -29.4 -7.0 36.9 1.8 28

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

30 Trade receivables 161.9 -167.7 -28.6 135.2 185.8 127.6 216.3 235.8 163.6 224.1 123.6 30

31 Miscellaneous assets 938.4 -346.8 107.5 575.9 638.6 232.7 549.7 947.1 824.9 646.5 782.6 31

32 U.S. direct investment abroad (4) 307.0 262.6 257.2 324.8 396.5 412.3 488.0 257.3 428.5 426.4 278.4 32

33 Insurance receivables 8.3 10.9 -0.9 3.0 15.7 0.6 22.9 13.9 25.4 -9.3 3.6 33

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

35 Investment in finance co. subs. -54.8 -1.1 -9.3 20.3 9.0 49.5 -2.5 -3.7 -7.2 -11.8 -8.8 35

36 Other 677.7 -619.3 -139.6 227.7 217.4 -230.0 41.5 679.9 378.2 240.7 508.9 36

37 Net increase in liabilities 1281.0 339.0 -254.7 629.9 622.0 306.1 572.9 825.7 783.1 646.0 703.5 37

38 Net funds raised in markets 51.7 13.8 -193.6 -2.0 65.8 142.5 127.9 -116.8 109.5 32.7 94.9 38

39 Net new equity issues -786.8 -336.0 -64.6 -278.0 -472.7 -324.2 -510.7 -617.5 -438.2 -344.9 -463.9 39

40 Credit market instruments 838.5 349.7 -129.0 276.0 538.5 466.7 638.6 500.7 547.8 377.6 558.8 40

41 Commercial paper 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -43.8 145.9 41

42 Municipal securities (5) 69.0 68.2 37.8 34.7 15.1 20.6 14.5 10.0 15.3 1.2 33.9 42

43 Corporate bonds (4) 311.1 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 43

44 Depository institution loans n.e.c. 96.3 64.2 -219.8 -33.4 73.4 64.0 43.0 105.4 81.3 102.3 90.0 44

45 Other loans and advances (6) 287.9 48.5 -141.7 -92.2 67.9 -12.4 121.5 82.2 80.2 -115.0 -30.5 45

46 Mortgages 62.8 -44.3 -119.9 -80.4 -35.9 -35.6 -51.2 -48.8 -8.0 -37.1 -50.7 46

47 Trade payables 85.1 -225.2 -85.3 163.1 179.1 146.4 191.1 183.3 195.6 310.1 99.7 47

48 Taxes payable -49.6 3.1 -3.3 7.2 5.0 22.9 -13.6 9.0 1.5 -5.4 18.4 48

49 Miscellaneous liabilities 1193.8 547.3 27.4 461.6 372.1 -5.7 267.6 750.1 476.4 308.5 490.5 49

50 Foreign direct investment in U.S. 211.6 189.5 104.7 156.9 206.8 116.0 207.3 232.7 271.1 108.4 112.8 50

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

52 Other 977.8 357.0 -79.8 306.0 165.1 -121.1 60.4 517.0 204.3 198.8 376.4 52

53 Discrepancy 126.0 934.9 -180.9 257.0 183.5 200.0 213.2 134.4 186.5 38.6 188.0 53

 Memo:

54 Financing gap (7) 248.7 195.7 -225.5 -191.3 -171.2 -144.5 -190.9 -209.4 -140.0 -69.7 -83.7 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, September 20, 2012 21

F.103 Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving = consumption of fixed capital 184.3 211.3 211.0 209.9 215.0 212.0 214.1 216.1 218.0 219.8 221.6 1

 2 Gross saving less net capital transfers paid (1) 184.3 214.5 217.0 217.7 216.6 213.6 215.7 217.6 219.6 220.1 221.9 2

 3 Gross investment 184.3 214.5 217.0 217.7 216.6 213.6 215.7 217.6 219.6 220.1 221.9 3

 4 Capital expenditures 306.5 267.2 203.4 201.3 219.3 208.7 214.0 224.1 230.6 240.0 244.6 4

 5 Fixed investment (2) 305.6 268.0 212.3 203.6 221.8 212.6 218.4 227.7 228.7 239.3 244.8 5

 6 Change in inventories 0.9 -0.9 -8.9 -2.3 -2.5 -3.9 -4.4 -3.6 1.9 0.7 -0.2 6

 7 Net lending (+) or net borrowing (-) -122.2 -52.6 13.6 16.4 -2.7 4.9 1.7 -6.5 -10.9 -19.9 -22.7 7

 8 Net acquisition of financial assets 479.4 97.3 -100.8 -134.5 -8.1 -34.7 -24.1 -8.3 34.8 22.5 -1.7 8

 9 Checkable deposits and currency 66.9 3.8 20.4 -19.8 -0.4 -4.3 -2.7 -0.4 5.9 4.1 0.6 9

10 Time and savings deposits 14.9 -1.2 -4.8 -13.5 -1.2 -3.9 -2.8 -1.3 3.1 1.8 -0.6 10

11 Money market mutual funds 2.2 1.0 -1.7 -2.8 -0.3 -0.8 -0.6 -0.3 0.6 0.4 -0.1 11

12 Credit market instruments 10.0 -10.9 -6.7 -3.4 -0.3 -1.0 -0.7 -0.3 0.8 0.5 -0.1 12

13 Treasury securities 3.0 -7.5 -5.7 -1.8 -0.2 -0.5 -0.4 -0.2 0.4 0.2 -0.1 13

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

15 Mortgages 7.4 -3.0 -1.2 -1.4 -0.1 -0.4 -0.3 -0.1 0.3 0.2 -0.1 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 54.7 -3.0 -26.3 -18.9 -1.7 -5.5 -4.0 -1.8 4.3 2.6 -0.8 17

18 Miscellaneous assets 330.8 107.5 -81.7 -76.2 -4.2 -19.2 -13.3 -4.3 20.1 13.1 -0.6 18

19 Insurance receivables 3.7 3.4 0.9 0.1 6.3 1.5 8.8 6.6 8.3 -1.0 5.4 19

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

21 Other 326.4 102.9 -82.7 -76.7 -10.7 -20.6 -22.6 -11.5 11.7 13.9 -4.7 21

22 Net increase in liabilities 601.6 149.9 -114.4 -150.9 -5.3 -39.5 -25.8 -1.8 45.8 42.4 21.0 22

23 Credit market instruments 461.6 318.8 -134.3 -190.0 -12.8 -54.9 -44.2 -18.4 66.5 23.8 23.4 23

24 Depository institution loans n.e.c. 140.8 119.6 -116.3 -70.4 52.2 30.0 50.3 61.0 67.5 114.0 79.8 24

25 Other loans and advances 13.7 12.3 -5.3 4.7 0.4 -1.8 -2.5 -6.0 12.2 -3.8 13.9 25

26 Mortgages 307.1 186.9 -12.7 -124.3 -65.4 -83.2 -92.0 -73.3 -13.1 -86.4 -70.3 26

27 Trade payables 26.0 5.8 7.6 -19.0 -2.5 -14.7 0.7 3.9 0.1 -2.5 -10.5 27

28 Taxes payable 3.8 6.7 -6.3 -4.8 -0.4 -1.4 -1.0 -0.4 1.1 0.7 -0.2 28

29 Miscellaneous liabilities 94.2 114.1 32.7 34.9 22.0 22.9 26.6 28.2 10.4 38.2 -2.4 29

30 Proprietors’ net investment 16.0 -295.6 -14.2 28.1 -11.7 8.6 -7.8 -15.1 -32.4 -17.7 10.7 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, September 20, 2012

F.104 State and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 1923.1 1944.8 1961.4 2042.4 2064.4 2073.9 2098.0 2045.2 2040.5 2050.4 2075.4 1

 2 Personal current taxes 323.1 334.4 287.6 300.6 322.8 319.9 328.1 321.7 321.4 325.9 337.8 2

 3 Taxes on production and imports 932.7 944.6 931.8 959.5 990.4 982.1 990.7 990.1 998.8 1015.2 1020.4 3

 4 Taxes on corporate income 57.8 47.4 45.5 44.5 47.6 48.3 45.7 47.1 49.3 50.1 46.3 4

 5 Contributions for govt. social insurance 18.9 19.0 19.0 18.4 18.3 18.4 18.4 18.3 18.1 17.8 17.5 5

 6 Income receipts on assets 114.5 106.8 95.0 88.8 86.4 86.7 86.4 86.6 86.0 85.7 86.2 6

 7 Current transfer receipts 485.1 505.0 593.6 643.2 612.7 631.7 642.2 595.4 581.6 571.1 583.4 7

 8 Current surplus of government enterprises -9.1 -12.3 -11.1 -12.5 -13.8 -13.1 -13.5 -14.1 -14.7 -15.4 -16.1 8

 9 Current expenditures, NIPA basis 1910.8 2017.0 2074.6 2132.1 2166.3 2172.6 2172.6 2163.2 2157.0 2178.1 2188.1 9

10 Consumption expenditures 1368.9 1449.2 1473.3 1496.2 1518.0 1511.4 1520.3 1522.0 1518.4 1531.4 1526.1 10

11 Govt. social benefit payments to persons 433.7 456.7 495.1 528.3 538.5 552.0 542.9 531.4 527.9 534.4 548.5 11

12 Interest payments 101.1 108.1 104.8 106.0 109.2 108.3 109.0 109.3 110.3 111.9 113.1 12

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

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

15 Net saving, NIPA basis 12.2 -72.2 -113.2 -89.7 -102.0 -98.7 -74.6 -118.0 -116.5 -127.6 -112.7 15

16 + Consumption of fixed capital 178.7 191.2 198.8 203.3 212.4 207.9 210.8 213.9 216.8 219.2 221.7 16

17 - Net capital transfers paid (2) -58.9 -62.8 -66.5 -75.6 -72.5 -71.2 -71.7 -72.9 -74.1 -68.5 -70.1 17

18 = Gross saving less net capital transfers paid 249.8 181.8 152.0 189.2 182.9 180.5 207.9 168.8 174.4 160.1 179.2 18

19 Gross investment 270.8 201.8 183.1 210.9 201.6 198.1 227.7 180.8 200.0 186.3 196.1 19

20 Fixed investment 329.0 348.8 350.3 338.2 319.7 321.5 317.7 318.3 321.3 315.5 315.7 20

21 Nonproduced nonfinancial assets 13.8 14.1 12.7 11.5 11.5 11.5 11.5 11.5 11.4 11.2 11.0 21

22 Net lending (+) or net borrowing (-) -72.0 -161.1 -179.8 -138.9 -129.5 -134.9 -101.5 -148.9 -132.7 -140.4 -130.6 22

23 Net acq. of financial assets 111.9 -102.0 -28.7 -32.7 -147.9 -180.2 -139.3 -115.6 -156.6 -137.0 -66.9 23

24 Checkable deposits and currency -4.8 8.5 19.2 6.7 15.9 14.8 23.3 8.6 16.9 -10.2 -8.3 24

25 Time and savings deposits 36.4 19.1 10.8 -0.4 18.0 0.4 31.4 11.5 28.7 -0.2 31.2 25

26 Money market fund shares 17.3 5.7 12.4 8.7 -2.7 1.8 3.2 -10.0 -5.8 -5.4 -7.8 26

27 Security RPs 6.4 -7.8 -1.1 -4.9 -8.0 -10.4 -9.2 -7.9 -4.6 -4.2 -6.2 27

28 Credit market instruments 97.4 -116.5 -42.1 -17.1 -110.8 -89.0 -95.9 -126.6 -131.9 -90.3 -14.9 28

29 Open market paper -15.8 -73.1 -70.2 -9.8 9.1 4.3 5.7 11.5 15.1 15.4 13.3 29

30 Treasury securities 36.4 -37.2 30.3 6.4 -61.9 -51.4 -62.9 -60.0 -73.4 -44.6 17.1 30

31 Agency- and GSE-backed securities 43.9 -4.6 -19.3 -13.5 -45.3 -36.7 -31.8 -53.3 -59.3 -47.9 -26.1 31

32 Municipal securities 1.6 0.7 1.2 0.9 -0.2 0.3 0.4 -0.9 -0.5 -0.5 -0.7 32

33 Corporate and foreign bonds 14.2 -1.3 6.8 2.3 -6.4 -5.2 -3.6 -10.7 -6.2 -5.7 -8.4 33

34 Mortgages 17.3 -1.0 9.1 -3.4 -6.2 -0.3 -3.6 -13.1 -7.6 -7.0 -10.3 34

35 Corporate equities -1.9 9.8 16.0 -30.8 -6.0 -24.4 -4.4 41.5 -36.7 -49.5 -4.2 35

36 Mutual fund shares 1.2 16.7 -8.8 -9.5 -1.6 -9.1 0.5 20.6 -18.4 -39.8 -7.7 36

37 Trade receivables -12.5 -21.1 -18.6 -20.2 -10.0 -20.2 -20.0 0.0 0.0 0.0 0.0 37

38 Taxes receivable 2.7 2.2 -6.7 -6.3 5.4 5.8 2.2 6.6 6.8 12.2 4.3 38

39 Miscellaneous assets -30.5 -18.6 -9.9 41.2 -48.0 -49.8 -70.4 -60.0 -11.7 50.4 -53.2 39

40 Net increase in liabilities 183.9 59.2 151.1 106.2 -18.4 -45.3 -37.8 33.2 -23.9 3.4 63.8 40

41 Credit market instruments 146.9 20.0 111.5 66.2 -58.6 -85.3 -77.9 -7.0 -64.3 -37.0 23.6 41

42 Municipal securities 146.2 19.2 110.7 65.3 -59.5 -85.7 -78.7 -8.1 -65.5 -37.6 22.5 42

43 Short-term (3) 16.8 4.7 7.7 -0.6 -10.7 -11.9 -25.9 13.8 -18.9 -3.3 36.3 43

44 Long-term 129.4 14.4 102.9 66.0 -48.8 -73.8 -52.8 -21.8 -46.6 -34.3 -13.8 44

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

46 Trade payables 37.0 39.2 39.6 40.0 40.2 40.0 40.1 40.3 40.4 40.4 40.2 46

47 Discrepancy -21.0 -20.0 -31.1 -21.7 -18.7 -17.6 -19.7 -12.0 -25.6 -26.2 -16.9 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, September 20, 2012 23

F.105 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 2654.7 2502.2 2226.5 2395.4 2519.6 2509.8 2522.9 2511.3 2534.3 2664.9 2680.6 1

 2 Personal current taxes 1165.6 1101.3 857.0 894.2 1075.2 1052.6 1068.5 1082.0 1097.7 1124.9 1136.9 2

 3 Taxes on production and imports 94.5 94.0 91.4 95.5 107.4 102.4 108.3 108.1 110.9 113.3 115.1 3

 4 Taxes on corporate income 362.8 233.7 200.4 305.1 304.2 324.8 312.4 287.1 292.5 375.7 372.7 4

 5 Taxes from the rest of the world 14.7 18.8 14.8 15.1 15.9 14.1 14.9 17.0 17.4 15.4 17.0 5

 6 Contributions for govt. social insurance 945.3 973.1 949.1 969.8 905.5 900.5 905.1 907.0 909.2 929.3 935.5 6

 7 Income receipts on assets 29.8 30.7 48.1 53.0 55.3 55.7 55.6 55.5 54.5 54.7 53.9 7

 8 Current transfer receipts 44.8 54.4 70.2 69.8 68.8 69.7 69.0 68.1 68.3 68.3 67.6 8

 9 Current surplus of government enterprises -2.7 -3.7 -4.5 -7.0 -12.7 -10.0 -11.0 -13.4 -16.4 -16.7 -18.0 9

10 Current expenditures, NIPA basis 2900.0 3115.7 3455.8 3703.4 3757.0 3737.1 3830.6 3743.3 3716.8 3723.6 3775.1 10

11 Consumption expenditures 848.9 931.7 987.0 1055.8 1061.5 1054.2 1071.0 1069.0 1052.0 1055.6 1055.0 11

12 Government social benefits 1267.5 1401.2 1621.4 1725.1 1752.9 1741.0 1748.9 1756.2 1765.5 1786.0 1785.4 12

13 Other current transfer payments 423.0 440.7 536.1 585.8 556.5 573.9 592.9 536.0 523.0 515.0 525.5 13

14 Interest payments 313.2 292.1 253.1 281.4 325.0 309.3 356.4 320.1 314.0 306.7 348.7 14

15 Subsidies 47.4 49.9 58.3 55.4 61.1 58.8 61.4 62.0 62.2 60.4 60.5 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 -245.2 -613.5 -1229.3 -1308.0 -1237.4 -1227.3 -1307.7 -1232.0 -1182.6 -1058.7 -1094.5 17

18 + Consumption of fixed capital 112.6 120.0 124.8 130.2 137.0 134.7 136.2 138.5 138.7 139.7 141.0 18

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

20 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.7 4.8 5.0 4.9 4.4 4.4 4.4 4.5 4.5 4.6 4.6 20

21 - Net capital transfers paid (2) 56.3 65.8 81.4 103.7 100.8 98.5 103.3 104.8 96.7 83.0 82.2 21

22 = Gross saving less net capital transfers paid -193.8 -563.5 -1191.4 -1284.6 -1205.2 -1192.8 -1279.1 -1203.4 -1145.6 -1003.9 -1040.2 22

23 Gross investment -217.8 -650.3 -1146.8 -1224.9 -1199.0 -1421.3 -292.3 -1901.2 -1181.3 -1385.1 -900.0 23

24 Fixed investment 127.4 148.4 156.6 167.3 160.5 161.1 163.3 158.5 159.2 152.1 155.7 24

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

26 Net lending (+) or net borrowing (-) -344.0 -779.5 -1296.3 -1392.5 -1359.5 -1582.7 -455.4 -2059.1 -1340.8 -1536.7 -1055.5 26

27 Net acq. of financial assets -0.5 571.9 224.2 287.6 -166.0 -633.9 47.1 -230.3 153.1 -52.7 229.4 27

28 U.S. official reserve assets -0.4 4.2 51.9 1.6 16.2 16.3 24.8 16.0 7.9 4.6 13.0 28

29 Checkable deposits and currency 25.1 313.1 -174.2 148.9 -257.6 -845.7 -15.9 -321.2 152.2 -121.6 96.5 29

30 Time and savings deposits 1.2 -1.3 0.3 0.1 -0.3 -2.1 1.5 -0.3 -0.2 0.5 1.4 30

31 Credit market instruments 5.9 85.2 295.4 85.0 -0.7 120.2 -61.6 1.8 -63.1 31.1 101.4 31

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

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

34 Other loans and advances -2.2 6.0 66.0 3.5 4.8 8.6 -11.8 7.0 15.4 9.5 6.5 34

35 Mortgages 2.1 13.5 12.6 -1.8 4.0 4.9 6.2 -0.1 5.2 4.5 1.7 35

36 Consumer credit (3) 6.0 11.3 74.3 130.2 108.7 149.8 83.0 127.5 74.4 135.8 99.0 36

37 Corporate equities (4) 0.0 256.3 0.6 24.1 40.0 33.3 58.0 10.2 58.5 -20.6 -16.9 37

38 Trade receivables 1.2 4.2 -21.1 -0.7 4.8 -3.1 9.1 6.2 6.8 -5.2 6.9 38

39 Taxes receivable -35.5 -61.9 35.9 32.2 29.7 48.5 24.0 55.2 -9.1 69.1 21.1 39

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

41 Net increase in liabilities 343.5 1351.4 1520.5 1680.1 1193.5 948.8 502.5 1828.8 1493.8 1484.0 1284.9 41

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

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

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

45 Credit market instruments 237.1 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 45

46 Savings bonds -6.0 -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 46

47 Treasury bills 58.8 861.6 -73.3 -19.0 -249.5 -297.0 -661.1 -215.4 175.6 612.6 -312.7 47

48 Other Treasury securities 184.7 379.8 1519.8 1601.8 1319.0 1151.0 1456.6 1555.2 1113.3 820.4 1497.9 48

49 Budget agency securities -0.4 0.2 0.1 0.7 1.1 1.2 0.2 1.9 1.1 -3.3 0.1 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 29.3 22.6 -56.2 8.7 21.4 43.2 -3.5 19.4 26.3 18.6 -17.5 51

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

53 Miscellaneous liabilities (5) 76.6 89.5 81.4 90.6 102.9 54.4 -287.6 469.2 175.6 36.8 118.0 53

54 Nonmarketable securities held by pension plans 33.3 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 54

55 Other 43.3 26.2 19.5 24.9 32.1 -9.4 -0.6 36.6 102.0 -19.0 26.3 55

56 Discrepancy 24.1 86.8 -44.6 -59.7 -6.2 228.5 -986.9 697.9 35.7 381.2 -140.2 56

 Memo:

57 Change in cash balance (6) 27.5 308.6 -173.2 148.9 -258.0 -900.3 82.3 -319.3 105.3 -167.4 198.2 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, September 20, 2012

F.106 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 3248.7 3381.9 2612.0 3009.8 3343.7 3269.5 3364.3 3357.1 3383.7 3480.7 3459.8 1

 2 U.S. imports 2374.8 2556.5 1976.2 2356.1 2662.3 2585.9 2665.3 2682.8 2715.1 2773.7 2766.0 2

 3 U.S. income payments to rest of world 747.7 686.9 498.9 507.2 531.8 526.1 547.4 530.6 523.1 554.7 537.4 3

 4 Current taxes and trans. payments to rest of world 126.2 138.4 137.0 146.5 149.6 157.5 151.6 143.8 145.5 152.3 156.3 4

 5 Foreign outlays to U.S. 2532.6 2702.9 2229.9 2560.9 2877.9 2791.8 2890.2 2922.2 2907.3 2927.5 2964.9 5

 6 U.S. exports 1661.7 1846.8 1587.4 1844.4 2094.2 2030.5 2092.8 2133.3 2120.3 2157.9 2192.9 6

 7 U.S. income receipts from rest of world 871.0 856.1 642.4 716.5 783.7 761.4 797.4 788.9 787.1 769.6 772.0 7

 8 - Net capital transfers paid (1) -0.4 5.4 -0.6 -0.7 -1.6 -0.6 -3.8 -1.6 -0.5 -0.5 -0.5 8

 9 Gross saving less net capital transfers paid (2) 716.4 673.6 382.7 449.5 467.4 478.3 477.9 436.6 476.8 553.6 495.3 9

10 Gross investment 618.1 736.6 239.5 382.7 555.1 835.7 450.2 681.0 253.4 658.9 354.1 10

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

12 Net lending (+) or net borrowing (-) 617.6 736.6 239.5 382.7 555.1 835.7 450.2 681.0 253.6 658.9 354.1 12

13 Net acquisition of financial assets 1766.9 584.4 168.2 1148.0 1043.4 1985.9 1234.7 456.2 496.7 685.8 632.0 13

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

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

16 Net interbank assets -111.4 410.8 -270.4 -48.2 221.4 1028.5 -117.5 232.8 -258.2 122.3 9.3 16

17 U.S. checkable deposits and currency -5.4 64.0 -9.2 29.5 80.5 78.0 78.6 76.9 88.6 65.1 45.8 17

18 U.S. time deposits 40.3 65.5 -43.1 16.9 36.7 62.6 30.3 61.6 -7.8 -43.9 67.0 18

19 Money market fund shares 19.0 23.7 7.2 -7.1 -5.4 -9.9 -9.9 -1.0 -1.0 -1.0 -1.0 19

20 Security RPs (net) -35.2 -214.0 -146.4 -126.1 51.2 231.6 -59.2 -207.6 240.1 -153.3 -137.4 20

21 Credit market instruments 943.8 357.7 142.6 621.0 360.0 372.3 327.1 692.5 47.9 340.6 156.8 21

22 Open market paper -8.3 -45.1 -41.4 -0.5 -0.3 33.3 -16.8 17.3 -34.8 53.9 -56.2 22

23 Treasury securities 165.3 711.6 554.4 739.8 412.1 393.1 434.2 608.8 212.1 464.0 449.3 23

24 Official 98.4 548.7 569.9 442.0 171.2 249.1 447.5 118.8 -130.7 373.7 364.1 24

25 Private 66.8 162.9 -15.5 297.8 240.9 144.0 -13.3 490.0 342.8 90.3 85.2 25

26 Agency- and GSE-backed securities 248.8 -228.6 -226.0 -72.3 -24.2 -48.2 -59.5 13.4 -2.3 -24.5 -50.5 26

27 Official 236.1 -31.3 -169.5 -96.0 -21.2 29.1 -13.4 -59.7 -40.9 -16.8 -48.2 27

28 Private 12.7 -197.3 -56.6 23.7 -2.9 -77.3 -46.1 73.1 38.6 -7.7 -2.3 28

29 Municipal securities 10.7 5.4 8.2 13.1 10.9 9.9 9.9 12.0 12.0 12.0 12.8 29

30 U.S. corporate bonds (4) 424.6 -21.4 -127.7 -37.0 -80.7 -53.8 -89.8 -43.4 -136.0 -70.1 -153.0 30

31 Loans to U.S. corporate business 102.7 -64.1 -24.9 -22.0 42.1 38.1 49.1 84.3 -3.0 -94.7 -45.6 31

32 U.S. corporate equities 218.5 105.1 155.6 72.5 -37.7 14.8 16.3 -93.4 -88.6 8.9 -59.6 32

33 Mutual fund shares 38.2 -2.0 56.5 112.2 70.5 150.6 130.9 -21.4 22.0 69.5 47.6 33

34 Trade receivables 20.8 6.5 6.6 19.6 17.2 5.9 10.4 50.8 1.7 15.5 3.9 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 638.4 -232.8 221.2 457.7 249.0 51.4 827.8 -335.0 452.0 262.2 499.6 36

37 Foreign direct investment in U.S. (5) 221.2 310.1 150.4 205.8 234.0 133.5 245.1 252.9 304.5 88.8 133.9 37

38 Other 417.3 -542.9 70.7 251.8 15.1 -82.1 582.7 -587.9 147.5 173.4 365.7 38

39 Net increase in liabilities 1149.3 -152.2 -71.3 765.3 488.2 1150.2 784.5 -224.8 243.1 27.0 277.9 39

40 U.S. official reserve assets 0.1 4.8 52.3 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 40

41 U.S. private deposits 256.0 -394.3 -106.0 25.9 -32.4 203.7 1.6 6.8 -341.9 -124.3 -37.7 41

42 Credit market instruments 170.3 -226.2 211.8 75.3 34.8 319.5 80.5 -144.8 -115.9 9.8 -77.7 42

43 Commercial paper -69.3 -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 46.7 -20.3 43

44 Bonds 218.7 -158.8 163.3 59.9 57.8 151.0 120.2 69.2 -109.4 -73.6 -106.0 44

45 Depository institution loans n.e.c. 24.1 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 44.8 45

46 Official -0.0 0.7 0.6 1.1 -1.7 -0.1 -4.2 -0.5 -2.0 -0.3 -1.6 46

47 Banks 8.3 2.8 -5.1 11.8 11.3 24.2 13.7 15.6 -8.2 2.1 11.2 47

48 Other 15.8 1.6 -6.6 4.9 19.5 23.8 4.1 26.6 23.6 27.3 35.1 48

49 Other loans and advances -3.2 -1.5 0.3 0.2 1.4 0.5 -1.5 0.6 6.0 7.7 3.9 49

50 Foreign corporate equities (6) 147.8 -38.5 63.7 79.1 89.0 190.9 108.6 91.2 -34.5 59.2 83.9 50

51 Trade payables 12.4 -9.9 6.1 26.6 -26.8 -7.4 -58.1 -21.7 -20.0 7.0 -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 562.7 511.9 -299.1 556.6 407.8 428.9 626.9 -172.6 747.8 70.4 323.3 53

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

55 Nonofficial foreign currencies 23.9 529.8 -543.3 -10.1 99.7 -0.6 1.1 2.2 396.0 -213.4 -74.0 55

56 U.S. direct investment abroad (4,5) 414.0 329.1 289.5 327.9 419.3 417.6 533.6 281.3 444.8 464.4 316.9 56

57 Investment by holding companies 42.2 -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 -60.4 57

58 Other 80.9 -339.3 -70.5 225.9 -140.3 64.7 -171.1 -496.3 41.7 -259.3 133.7 58

59 Discrepancy (FOF basis) (7) 98.3 -63.0 143.2 66.8 -87.7 -357.4 27.7 -244.4 223.4 -105.2 141.2 59

 Memo:

60 Net U.S. exports, NIPA basis -713.1 -709.7 -388.7 -511.6 -568.1 -555.4 -572.5 -549.5 -594.8 -615.8 -573.1 60

61 + Net U.S. income receipts (8) 123.3 169.2 143.5 209.3 251.9 235.3 250.0 258.3 264.0 214.9 234.6 61

62 - Current taxes and trans. payments to rest of world 126.2 138.4 137.0 146.5 149.6 157.5 151.6 143.8 145.5 152.3 156.3 62

63 = Balance on current account, NIPAs -716.0 -679.0 -382.2 -448.8 -465.8 -477.7 -474.1 -434.9 -476.3 -553.2 -494.9 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, September 20, 2012 25

F.107 Financial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid 208.1 81.7 372.1 370.7 355.6 342.8 317.1 346.2 416.3 360.8 316.2 1

 2 Gross investment 286.5 -71.7 213.7 -63.5 22.5 -116.3 53.1 26.2 126.8 65.6 407.1 2

 3 Capital expenditures 178.2 195.1 164.3 159.5 179.1 165.8 172.7 186.6 191.4 192.4 194.4 3

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

 5 Fixed nonresidential investment 187.5 195.0 164.4 154.8 172.9 164.2 168.8 177.4 181.1 187.6 188.0 5

 6 Net lending (+) or net borrowing (-) 108.2 -266.8 49.4 -222.9 -156.7 -282.1 -119.6 -160.4 -64.6 -126.8 212.7 6

 7 Net acqisition of financial assets 4807.6 4609.2 -1585.3 -714.0 1915.7 4138.5 1928.8 868.2 727.1 1497.3 589.5 7

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

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

10 Treasury currency 0.5 -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 0.6 10

11 Foreign deposits 43.2 2.0 -32.2 8.7 -47.3 14.0 18.0 -108.6 -112.7 -39.7 -32.0 11

12 Net interbank assets 54.2 1351.5 -349.5 -106.9 603.0 1781.1 758.6 -6.3 -121.2 -59.6 -179.1 12

13 Checkable deposits and currency 36.0 72.4 -27.7 -28.0 34.1 65.3 47.7 27.1 -3.8 -101.1 -5.4 13

14 Time and savings deposits 81.7 107.4 177.6 -111.0 -84.9 -29.5 -7.7 -174.7 -127.7 -157.0 -32.4 14

15 Money market fund shares 323.1 296.5 -179.3 -170.2 -49.8 -110.0 -63.9 -228.4 203.0 -181.6 -114.5 15

16 Federal funds and security RPs 241.9 -57.0 -81.0 5.6 -67.6 292.7 -50.5 -432.4 -80.3 2.9 301.8 16

17 Credit market instruments 3046.0 2332.2 -792.0 -281.4 1104.9 1261.6 1009.5 955.1 1193.4 1296.7 557.5 17

18 Open market paper -81.9 42.8 -377.7 -110.2 -83.2 154.4 -46.0 -253.4 -188.0 -67.2 178.4 18

19 Treasury securities 108.0 436.4 441.3 461.4 985.2 1460.3 1034.7 720.9 725.0 599.6 -141.5 19

20 Agency- and GSE-backed securities 290.5 860.9 604.6 83.9 192.2 58.5 71.4 396.6 242.1 241.8 123.1 20

21 Municipal securities 180.1 51.6 15.6 29.4 2.9 -97.0 -7.7 24.6 91.6 136.9 101.4 21

22 Corporate and foreign bonds 585.7 7.2 211.4 221.2 243.2 258.7 259.8 298.6 155.5 736.8 284.2 22

23 Depository institution loans n.e.c. 332.1 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 134.7 23

24 Other loans and advances 419.1 145.5 -463.8 -209.7 -31.6 -112.5 -13.8 -93.8 93.7 -68.4 93.6 24

25 Mortgages 1079.5 86.2 -288.2 -502.4 -313.6 -367.8 -359.2 -282.8 -244.6 -423.7 -282.0 25

26 Consumer credit 133.0 11.8 -185.5 -158.4 -22.6 -114.7 -10.4 -50.0 84.6 -23.9 65.6 26

27 Corporate equities 165.5 -7.4 52.4 62.2 -40.5 -80.3 106.9 -126.7 -61.9 -41.5 -54.6 27

28 Mutual fund shares 117.2 24.7 101.4 72.4 47.0 93.8 92.9 -70.1 71.4 121.6 120.0 28

29 Trade receivables 1.8 -14.9 -38.0 -8.6 -0.8 9.5 5.4 -12.4 -5.8 6.6 -8.0 29

30 Security credit 65.7 -274.2 -21.8 97.9 39.3 104.2 61.4 5.3 -13.6 138.0 93.5 30

31 Life insurance reserves 16.2 5.3 2.8 8.2 7.3 5.5 3.8 9.6 10.2 36.9 9.0 31

32 Miscellaneous assets 614.1 770.1 -405.4 -264.2 370.7 731.3 -54.3 1030.1 -224.2 473.8 -67.1 32

33 Net increase in liabilities 4699.3 4875.9 -1634.6 -491.1 2072.3 4420.6 2048.4 1028.6 791.7 1624.1 376.9 33

34 Net interbank liabilities -53.4 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -430.7 34

35 Checkable deposits and currency 36.7 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 303.3 35

36 Time and savings deposits 599.9 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 488.3 36

37 Money market fund shares 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 37

38 Federal funds and security RPs -19.2 -880.3 247.8 -192.5 -137.0 121.7 -290.4 -695.7 316.6 192.8 -143.2 38

39 Credit market instruments 1815.7 899.1 -1810.5 -939.4 -422.3 -114.0 -701.7 -386.6 -487.0 -392.7 -721.4 39

40 Open market paper -111.4 -125.6 -448.2 -101.7 -68.1 82.9 -79.9 -51.8 -223.6 -6.2 -34.7 40

41 Agency- and GSE-backed securities 905.7 768.7 -60.1 -46.9 -21.9 254.7 -326.9 -2.5 -12.8 -115.4 -18.9 41

42 Corporate and foreign bonds 710.9 -280.5 -587.6 -583.3 -313.0 -350.2 -376.4 -308.4 -217.2 -101.6 -455.8 42

43 Depository institution loans n.e.c. 80.1 496.4 -435.4 -62.9 31.6 -51.2 158.1 56.1 -36.4 -150.8 -303.4 43

44 Other loans and advances 225.8 33.3 -282.6 -144.7 -60.0 -57.3 -95.0 -84.4 -3.4 -29.2 65.0 44

45 Mortgages 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 26.4 45

46 Corporate equities 178.7 639.3 316.2 190.8 165.5 96.9 200.7 285.2 79.2 31.5 120.5 46

47 Mutual fund shares 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 47

48 Trade payables -2.4 -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.4 -15.3 48

49 Security credit 243.0 -237.3 -134.0 48.4 137.0 -9.8 290.6 437.6 -170.3 61.1 248.0 49

50 Life insurance reserves 33.0 66.0 25.4 16.4 92.8 82.0 85.6 117.9 85.9 61.5 -9.2 50

51 Pension fund reserves 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 51

52 Taxes payable -23.5 -133.6 6.1 13.0 9.2 31.1 -8.1 -17.7 31.7 23.6 -0.3 52

53 Equity in noncorporate business 2.4 11.5 -3.6 0.4 -1.7 -8.7 -0.2 7.2 -4.9 29.3 5.4 53

54 Miscellaneous liabilities 601.7 929.4 -234.3 120.5 285.9 403.4 271.3 539.0 -70.1 429.6 -13.1 54

55 Discrepancy -78.4 153.4 158.4 434.2 333.2 459.1 264.0 319.9 289.5 295.2 -90.9 55

(1) Sum of financial sectors shown on tables F.108 through F.129.
26 Z.1, September 20, 2012

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.2 3.0 -0.7 -8.5 -0.3 -16.6 -3.3 8.3 10.4 9.1 0.3 1

 2 Fixed nonresidential investment 0.8 0.6 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 2

 3 Net acquisition of financial assets 43.1 1319.3 -3.4 186.0 494.0 870.2 925.4 -79.8 260.3 -186.3 -27.4 3

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

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

 6 Treasury currency 0.5 -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 0.6 6

 7 Federal Reserve float (2) 0.3 -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 0.0 7

 8 Interbank loans (2) 48.6 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 8

 9 Discount window (3) 48.6 495.4 -447.4 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 9

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

11 Security RPs 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Credit market instruments -38.3 245.4 1001.6 271.5 376.5 935.9 870.9 -77.1 -223.8 -33.4 -23.5 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 -38.3 -264.7 300.7 244.9 642.0 1331.4 1102.7 160.2 -26.5 46.3 -18.6 14

15 Agency- and GSE-backed securities 0.0 19.7 1048.5 71.4 -197.9 -279.8 -176.4 -185.6 -149.9 -33.6 52.9 15

16 Depository institution loans n.e.c. 0.0 490.4 -347.6 -44.8 -67.6 -115.7 -55.4 -51.7 -47.4 -46.1 -57.7 16

17 Households (TALF) (5) 0.0 0.0 47.5 -22.8 -15.7 -22.0 -25.8 -5.8 -9.2 -7.8 -10.1 17

18 Rest of world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Brokers and dealers (6) 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Funding corporations (Maiden Lane) (7) 0.0 29.1 0.1 -3.4 -21.0 -6.8 -10.1 -34.6 -32.4 -7.8 -11.7 20

21 Funding corporations (AIG) 0.0 38.9 -16.7 -2.2 -20.0 -79.8 0.0 0.0 0.0 0.0 0.0 21

22 Funding corporations (Maiden Lane II) (8) 0.0 19.5 -3.5 -2.5 -6.7 -2.6 -17.0 -5.5 -1.6 -27.2 0.0 22

23 Funding corporations (Maiden Lane III) (9) 0.0 24.4 -5.9 -4.4 -4.2 -4.6 -2.4 -5.8 -4.2 -3.3 -36.0 23

24 Funding corporations (CPFF) (10) 0.0 333.0 -323.6 -9.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Corporate equities (11) 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous assets 25.8 530.2 -493.8 7.8 142.9 41.1 51.6 -4.1 482.9 -152.8 -5.0 26

27 Nonofficial foreign currencies (12) 24.0 529.7 -543.5 -10.2 99.7 -0.3 0.0 2.0 397.3 -213.4 -74.1 27

28 Other 1.8 0.5 49.6 18.0 43.1 41.4 51.6 -6.1 85.6 60.5 69.0 28

29 Net increase in liabilities 39.9 1316.7 -8.0 185.1 493.7 871.1 924.7 -77.9 256.7 -187.6 -27.9 29

30 Depository institution reserves 2.1 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 -171.8 30

31 Vault cash of commercial banks 3.3 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.6 31

32 Checkable deposits and currency 17.8 428.2 -117.6 185.0 -122.1 -838.7 168.7 -82.3 263.8 -166.0 244.0 32

33 Due to federal government 11.4 349.3 -173.8 149.0 -255.0 -897.0 78.5 -315.6 114.0 -167.7 195.2 33

34 Treasury cash holdings 0.0 0.0 -0.0 -0.1 -0.0 0.1 -0.2 -0.1 0.0 0.1 -0.1 34

35 Treasury general deposit account 11.4 90.0 80.5 -45.9 -55.0 -117.3 78.8 -295.6 114.0 -167.7 195.4 35

36 Treasury temporary supplementary financing account 0.0 259.3 -254.3 195.0 -200.0 -779.9 0.0 -20.0 0.0 0.0 0.0 36

37 Due to rest of the world -0.0 1.3 1.0 0.9 -3.2 -12.8 0.9 9.1 -10.0 0.0 5.8 37

38 Due to government-sponsored enterprises 0.9 19.4 14.0 -21.6 51.1 -13.3 -11.6 150.1 79.3 -111.0 -27.7 38

39 Currency outside banks 5.5 58.2 41.2 56.7 85.0 84.5 100.8 74.2 80.4 112.6 70.7 39

40 Security RPs 14.4 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 -44.8 40

41 Miscellaneous liabilities 2.5 2.2 6.1 29.2 -26.7 -81.7 -33.1 -44.0 52.0 49.9 -47.8 41

42 Federal Reserve Bank stock 3.1 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 0.5 42

43 Other -0.7 -0.5 1.5 28.3 -27.1 -80.8 -33.8 -42.1 48.4 48.6 -48.3 43

44 Discrepancy -2.8 -0.2 -6.0 -10.0 -1.3 -16.3 -4.6 9.7 6.2 7.2 -0.9 44

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

(2) Shown on table F.203.

(3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).

(6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.

(7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.

(9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.

(10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.

(11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(12) Reciprocal currency arrangements (swap lines) with foreign central banks.
Z.1, September 20, 2012 27

F.109 Private Depository Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (2) -21.3 32.1 88.4 122.1 68.2 72.6 64.9 73.8 61.5 19.4 27.3 1

 2 Fixed nonresidential investment 10.3 34.2 30.9 25.0 26.0 24.3 25.1 27.1 27.4 31.1 29.6 2

 3 Net lending (+) or net borrowing (-) 80.9 -24.2 -245.4 -213.1 -142.5 -269.8 -116.0 -78.5 -105.5 -326.1 78.7 3

 4 Net acquisition of financial assets 939.0 1590.9 -602.7 -272.7 1008.3 1951.1 808.5 1183.5 90.0 162.3 442.4 4

 5 Vault cash 3.3 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.6 5

 6 Reserves at Federal Reserve 2.1 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 -171.8 6

 7 Credit market instruments 815.9 380.7 -592.1 -202.1 195.0 -263.6 -27.6 490.3 581.0 235.0 395.5 7

 8 Open market paper -0.5 15.3 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities 10.4 -20.8 94.7 102.9 -46.6 -4.6 -103.4 -69.2 -9.1 80.8 99.7 9

10 Agency- and GSE-backed securities -115.8 142.2 172.7 138.4 133.6 178.8 -6.2 95.6 266.1 293.6 -84.8 10

11 Municipal securities 12.6 20.4 3.4 29.3 43.5 27.2 29.0 68.1 49.8 46.8 78.9 11

12 Corporate and foreign bonds 232.2 -40.8 -136.3 -126.1 7.6 -99.6 5.7 179.8 -55.5 -147.7 -13.2 12

13 Depository institution loans n.e.c. 332.1 199.5 -402.1 -51.8 200.1 137.5 136.0 246.1 280.7 211.0 192.5 13

14 Other loans and advances 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Mortgages 286.3 -4.5 -245.2 -213.9 -146.8 -423.0 -152.8 -13.3 1.8 -222.1 22.5 15

16 Consumer credit 58.6 69.7 -63.6 -81.0 3.6 -79.8 64.0 -16.9 47.2 -27.4 100.0 16

17 Corporate equities 1.4 0.9 6.3 -1.7 0.9 -9.5 16.6 3.5 -6.8 8.5 3.0 17

18 Mutual fund shares 3.6 1.3 14.1 -5.6 -0.5 -1.0 -5.9 -0.7 5.4 -9.3 11.3 18

19 Security credit 32.3 -113.5 -59.9 22.7 79.0 -46.0 72.9 248.9 40.0 21.2 186.6 19

20 Life insurance reserves 10.9 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 4.8 20

21 Miscellaneous assets 69.4 473.0 -86.0 -79.3 126.8 484.2 -8.3 444.6 -413.5 -46.9 20.6 21

22 Net increase in liabilities 858.1 1615.1 -357.3 -59.6 1150.7 2220.8 924.5 1262.0 195.6 488.4 363.7 22

23 Net interbank liabilities -58.7 981.0 -705.1 -163.3 252.3 1167.2 -252.2 319.7 -225.5 159.3 -251.2 23

24 Checkable deposits 18.9 140.2 109.7 81.3 356.7 350.7 346.4 494.2 235.4 92.6 59.3 24

25 Small time and savings deposits 316.4 524.8 517.2 298.4 577.3 233.5 906.3 705.8 463.7 378.9 487.3 25

26 Large time deposits 283.4 -190.6 -141.8 -182.3 -204.6 58.7 -19.3 -670.6 -187.1 -87.5 1.0 26

27 Federal funds and security RPs (net) -98.6 -339.6 307.2 -137.2 -80.2 -167.4 -257.9 -44.1 148.6 -198.5 -39.0 27

28 Credit market instruments 236.1 7.0 -306.4 -161.6 -75.7 -87.7 -102.6 -95.5 -17.1 -46.3 -6.7 28

29 Open market paper 0.0 -0.2 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 -9.0 29

30 Corporate bonds 24.8 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 -50.9 30

31 Other loans and advances 211.2 7.1 -278.0 -148.7 -62.5 -59.7 -98.9 -85.9 -5.4 -31.7 53.2 31

32 Corporate equity issues 7.5 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 1.3 32

33 Taxes payable (net) -15.6 -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.7 9.2 33

34 Miscellaneous liabilities 168.6 566.1 -157.1 186.5 308.0 640.1 276.3 522.8 -207.3 178.6 102.6 34

35 Foreign direct investment in U.S. -0.8 24.8 16.6 9.3 17.9 15.6 15.1 35.4 5.6 -26.0 10.6 35

36 Investment by holding companies 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 191.8 36

37 Investment by funding corporations 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 37

38 Other 11.7 392.1 -266.9 175.3 244.7 402.5 310.5 530.1 -264.2 116.5 3.3 38

39 Discrepancy -112.5 22.1 302.9 310.2 184.7 318.1 155.7 125.2 139.7 314.4 -80.9 39

 Memo:

40 Consumer leases not included above (3) -1.8 -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 -0.2 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, September 20, 2012

F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (1) -34.0 22.5 78.9 110.7 54.4 58.9 50.8 59.8 47.9 3.3 13.9 1

 2 Fixed nonresidential investment 2.4 27.1 24.6 20.0 20.1 18.7 19.3 21.1 21.2 24.7 23.1 2

 3 Net acquisition of financial assets 673.3 964.0 -295.0 -357.3 332.3 461.3 487.3 -101.7 482.1 374.0 204.0 3

 4 Vault cash 3.3 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.6 4

 5 Reserves at Federal Reserve 1.7 596.6 53.7 -89.7 224.8 523.9 627.3 -299.8 47.8 32.7 -167.2 5

 6 Credit market instruments 585.4 241.9 -336.7 -176.6 126.9 -333.3 -118.7 338.3 621.2 214.6 391.8 6

 7 Open market paper 0.0 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities 5.6 -23.7 68.1 93.0 -43.7 -32.9 -95.5 -47.2 1.0 25.7 138.2 8

 9 Agency- and GSE-backed securities -111.0 136.2 168.0 110.1 106.9 138.4 -8.8 67.9 230.2 260.2 -123.4 9

10 Residential mortgage pass-through securities -49.1 153.9 -13.4 -2.2 63.8 19.9 -52.7 69.8 218.1 210.3 -57.5 10

11 Commercial mortgage pass-through securities 0.0 0.0 0.1 -0.2 4.8 2.0 3.9 9.9 3.7 5.2 6.6 11

12 Residential CMOs and other structured MBS -5.9 19.8 70.1 129.4 80.3 97.3 129.5 88.0 6.4 66.5 -85.9 12

13 Commercial CMOs and other structured MBS 0.0 0.0 0.1 -0.4 9.8 4.4 3.0 16.3 15.5 13.2 26.6 13

14 Other -56.1 -37.5 111.3 -16.6 -51.8 14.7 -92.5 -116.1 -13.4 -35.0 -13.2 14

15 Municipal securities 11.9 19.9 2.4 30.3 42.6 26.1 30.4 66.7 47.4 46.8 81.4 15

16 Corporate and foreign bonds 151.2 -64.1 25.9 -98.8 3.0 -67.7 -27.5 78.1 29.0 -78.3 -13.4 16

17 Private residential mortgage pass-through securities 11.0 -25.7 6.6 -9.7 -3.1 25.5 -24.5 -4.0 -9.3 -1.3 62.5 17

18 Private commercial mortgage pass-through securities 0.0 0.0 1.1 -6.4 -2.5 -9.1 0.5 0.5 -1.7 1.4 -0.3 18

19 Private residential CMOs and other structured MBS 104.3 -43.3 -51.6 -70.6 -22.0 -34.2 -27.9 -12.4 -13.4 -47.0 -14.1 19

20 Private commercial CMOs and other structured MBS 0.0 0.0 -3.8 -1.4 2.7 -18.3 -0.5 19.6 10.0 -5.1 10.2 20

21 Other 35.8 5.0 73.7 -10.7 27.8 -31.5 24.9 74.3 43.4 -26.3 -71.8 21

22 Depository institution loans n.e.c. 226.6 131.2 -277.7 -35.9 156.3 87.2 69.6 201.9 266.6 231.2 212.8 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 243.0 -43.4 -243.3 -205.0 -145.4 -417.8 -144.5 -15.5 -3.7 -223.0 20.4 24

25 Consumer credit 58.1 70.1 -64.5 -70.3 7.1 -66.6 57.6 -13.5 50.7 -48.0 75.9 25

26 Corporate equities 1.4 0.9 6.3 -1.8 1.0 -9.4 16.7 3.5 -6.8 8.5 3.0 26

27 Mutual fund shares 3.6 1.3 14.8 -5.8 -0.8 -1.6 -6.4 -0.5 5.3 -10.3 11.6 27

28 Security credit 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 28

29 Life insurance reserves 10.9 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 4.8 29

30 Miscellaneous assets 37.6 101.4 28.1 -80.0 -69.8 251.2 -80.9 -228.8 -221.0 164.7 -108.1 30

31 Net increase in liabilities 599.6 992.7 -59.6 -141.7 475.8 719.0 615.5 -21.9 590.5 704.2 131.4 31

32 Net interbank liabilities 130.9 746.9 -534.3 -213.0 -229.4 36.9 -366.6 -351.2 -236.6 198.9 -379.7 32

33 Federal Reserve float 0.3 -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 0.0 33

34 Borrowing from Federal Reserve banks 48.6 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 34

35 To domestic banking 24.1 71.3 23.5 -28.2 58.3 92.6 -76.8 147.8 69.8 45.0 -245.2 35

36 To foreign banks 58.0 166.1 -94.1 -89.0 -288.5 -55.2 -291.8 -499.6 -307.3 155.1 -134.9 36

37 Checkable deposits 13.5 137.9 94.0 69.6 319.4 327.9 339.0 414.6 196.2 53.1 35.7 37

38 Federal government 14.9 -39.5 0.3 -0.1 -2.7 -1.2 2.4 -3.3 -8.6 -0.2 1.6 38

39 Rest of the world 5.0 31.2 -28.7 -3.8 24.3 46.1 13.0 19.7 18.3 -6.9 4.8 39

40 Private domestic -6.3 146.2 122.4 73.5 297.8 283.1 323.6 398.2 186.4 60.2 29.4 40

41 Small time and savings deposits 282.7 480.6 472.3 271.7 537.1 198.7 858.0 641.5 450.1 299.5 426.6 41

42 Large time deposits 4.1 -69.0 -329.8 -130.2 -35.3 -58.3 -52.0 -112.1 81.5 25.4 104.7 42

43 Federal funds and security RPs (net) -87.5 -248.1 269.4 -190.3 -114.5 -142.0 -110.6 -269.7 64.1 -197.8 -76.3 43

44 Credit market instruments 222.6 -1.1 -292.3 -161.2 -73.8 -78.0 -99.1 -99.2 -18.8 -41.2 -10.1 44

45 Open market paper 0.0 0.0 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 -9.0 45

46 Corporate bonds 24.8 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 -50.9 46

47 Other loans and advances 197.8 -1.2 -263.9 -148.3 -60.5 -50.0 -95.4 -89.6 -7.0 -26.6 49.8 47

48 Corporate equity issues 7.5 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 1.3 48

49 Taxes payable (net) -15.6 -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.7 9.2 49

50 Miscellaneous liabilities 41.3 19.3 242.2 193.3 55.2 408.1 19.2 -275.4 69.1 355.1 20.0 50

51 Investment by holding companies 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 191.8 51

52 Other -72.7 -94.3 75.4 159.9 -23.8 255.5 6.4 -365.9 8.6 332.8 -171.8 52

53 Discrepancy -110.0 24.0 289.7 306.4 177.8 297.9 159.6 118.5 135.2 308.8 -81.8 53

 Memo:

54 Consumer leases not included above (2) -1.8 -1.7 -2.6 -0.8 -0.1 -0.2 0.2 0.1 -0.5 -0.4 -0.2 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, September 20, 2012 29

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.6 2.5 2.5 2.5 3.2 3.2 3.2 3.3 3.3 3.3 3.3 1

 2 Fixed nonresidential investment 4.1 2.9 2.6 2.2 2.9 2.7 2.8 2.9 3.0 3.1 3.1 2

 3 Net acquisition of financial assets 219.8 576.8 -357.3 69.3 662.2 1388.8 419.4 1242.4 -401.7 -301.7 189.1 3

 4 Reserves at Federal Reserve 0.4 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 34.6 4

 5 Credit market instruments 201.7 100.8 -285.8 -30.8 37.7 26.5 87.9 130.2 -93.7 -55.2 -39.4 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 3.6 5.1 22.0 3.5 -0.5 20.8 -10.0 -22.0 9.3 44.5 -42.6 7

 8 Agency- and GSE-backed securities 2.0 -6.5 -19.3 -4.8 4.0 19.6 -3.4 6.5 -6.5 -6.1 13.0 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 77.0 32.1 -156.7 -11.0 0.6 -53.3 35.6 105.0 -84.9 -72.2 0.6 10

11 Depository institution loans n.e.c. 105.0 65.1 -125.4 -16.1 36.1 45.5 69.0 38.1 -8.0 -15.0 -10.3 11

12 Other loans and advances 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Mortgages 14.1 5.2 -6.4 -2.5 -2.6 -6.1 -3.2 2.6 -3.6 -6.4 -0.1 13

14 Corporate equities 0.0 0.0 0.0 0.1 -0.0 -0.0 -0.2 0.0 0.0 0.0 0.0 14

15 Security credit 3.0 -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 15

16 Miscellaneous assets 14.7 364.3 -115.8 4.9 222.7 247.3 156.3 618.4 -131.2 -179.8 83.1 16

17 Net increase in liabilities 222.9 572.1 -355.9 70.5 666.8 1402.6 418.0 1248.3 -401.6 -297.8 190.0 17

18 Net interbank liabilities -191.1 240.4 -158.9 48.2 496.8 1062.4 162.6 751.5 10.7 -54.5 165.1 18

19 To foreign banks -169.4 244.7 -176.3 40.8 509.9 1083.7 174.3 732.4 49.1 -32.7 144.2 19

20 To domestic banks -21.7 -4.3 17.5 7.3 -13.1 -21.4 -11.8 19.1 -38.4 -21.7 20.9 20

21 Checkable deposits 2.6 1.7 2.6 5.7 23.7 -4.4 9.8 60.0 29.5 -5.1 17.7 21

22 Small time and savings deposits 6.9 0.1 4.4 5.8 13.2 27.7 19.2 14.0 -8.0 36.0 17.5 22

23 Large time deposits 273.4 -123.2 173.9 -49.6 -172.4 112.2 33.3 -563.0 -271.9 -119.2 -109.5 23

24 Federal funds and security RPs (net) -13.6 -96.3 40.3 52.9 50.2 -26.1 -74.2 196.8 104.4 20.3 1.4 24

25 Acceptance liabilities 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 144.8 549.5 -418.2 7.5 255.3 230.9 267.4 789.0 -266.2 -175.3 97.9 26

27 Foreign direct investment in U.S. -0.8 24.8 16.6 9.3 17.9 15.6 15.1 35.4 5.6 -26.0 10.6 27

28 Investment by funding corporations 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 28

29 Other 101.9 489.1 -361.2 29.6 271.1 145.8 314.4 886.7 -262.6 -215.0 190.3 29

30 Discrepancy 2.6 -5.1 1.3 1.6 5.0 14.3 -1.0 6.2 0.3 4.1 1.1 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, September 20, 2012

F.112 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets -0.3 -2.9 -7.3 -14.8 -4.1 -5.7 -5.3 12.9 -18.2 -0.5 11.4 3

 4 Credit market instruments -6.4 -1.9 -2.8 -19.3 -4.9 -5.1 -9.6 -6.1 1.3 -0.6 -4.6 4

 5 Treasury securities -1.9 -0.6 -0.7 0.6 -0.0 0.0 2.1 -2.6 0.4 -0.7 1.9 5

 6 Agency- and GSE-backed securities -2.7 -2.0 -3.9 -7.7 -8.0 -23.5 -3.7 -2.6 -2.1 1.2 -1.2 6

 7 Municipal securities 0.7 0.5 0.9 -0.9 0.9 1.2 -1.3 1.4 2.4 -0.1 -2.6 7

 8 Corporate and foreign bonds 0.1 0.0 1.5 -1.4 3.6 21.1 -2.6 -2.8 -1.4 0.5 -0.8 8

 9 Depository institution loans n.e.c. -4.2 -1.7 -0.3 -3.3 1.1 -0.1 -0.3 2.7 1.9 0.4 0.3 9

10 Home mortgages 4.3 1.4 -0.3 -2.5 -2.4 -5.4 -2.2 -1.1 -0.7 -1.0 -1.0 10

11 Commercial mortgages -2.7 0.4 -0.0 -4.0 -0.1 1.5 -1.5 -1.1 0.8 -0.9 -1.1 11

12 Miscellaneous assets 6.1 -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 16.0 12

13 Net increase in liabilities -7.7 -3.4 -1.1 -14.8 -3.1 -2.0 -4.1 11.4 -17.7 -1.4 12.1 13

14 Net interbank liabilities 0.3 -0.6 -1.0 0.9 -1.2 -3.1 -1.2 -1.9 1.2 0.5 -0.6 14

15 Checkable deposits 1.7 -1.1 1.4 0.5 2.8 2.2 3.9 -0.5 5.5 0.7 11.0 15

16 Small time and savings deposits 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 16

17 Large time deposits 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 17

18 Miscellaneous liabilities -11.9 -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 -5.0 18

19 Discrepancy -7.4 -0.5 6.2 -0.0 1.0 3.7 1.2 -1.5 0.6 -0.9 0.7 19

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

F.113 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 9.0 7.0 6.8 8.8 10.5 10.4 10.7 10.6 10.2 12.6 10.0 1

 2 Fixed nonresidential investment 3.8 3.9 3.5 2.8 2.9 2.8 2.9 3.0 3.1 3.2 3.2 2

 3 Net acquisition of financial assets 46.2 53.0 56.9 30.1 17.8 106.6 -92.9 29.9 27.8 90.5 37.8 3

 4 Reserves at Federal Reserve 0.0 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 45.4 -39.1 4

 5 Credit market instruments 35.3 39.9 33.2 24.6 35.3 48.3 12.7 27.8 52.2 76.1 47.6 5

 6 Open market paper -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities 3.0 -1.6 5.3 5.8 -2.4 7.5 0.1 2.6 -19.9 11.3 2.3 7

 8 Agency- and GSE-backed securities -4.1 14.4 27.9 40.8 30.6 44.3 9.8 23.8 44.5 38.3 26.9 8

 9 Corporate and foreign bonds 3.9 -8.9 -7.0 -15.0 0.4 0.2 0.2 -0.5 1.9 2.2 0.5 9

10 Depository institution loans n.e.c. 4.8 4.8 1.3 3.5 6.6 4.9 -2.3 3.4 20.2 -5.6 -10.3 10

11 Home mortgages 27.7 32.0 4.8 0.0 3.5 4.8 -1.4 1.8 9.0 9.2 4.2 11

12 Consumer credit 0.5 -0.4 0.9 -10.7 -3.4 -13.3 6.3 -3.3 -3.4 20.6 24.1 12

13 Mutual fund shares -0.0 -0.0 -0.7 0.2 0.3 0.6 0.6 -0.2 0.1 1.0 -0.3 13

14 Miscellaneous assets 11.0 8.4 6.3 -8.7 -26.9 -13.8 -88.0 36.0 -41.8 -31.9 29.6 14

15 Net increase in liabilities 43.2 53.7 59.2 26.4 11.2 101.2 -104.9 24.2 24.3 83.5 30.2 15

16 Net interbank liabilities 1.1 -5.7 -10.9 0.7 -13.9 71.0 -47.0 -78.7 -0.8 14.3 -36.0 16

17 Shares/deposits 31.7 45.1 72.0 34.4 41.5 36.3 23.8 75.0 30.9 95.3 37.2 17

18 Checkable 1.1 1.6 11.6 5.5 10.7 25.0 -6.4 20.0 4.1 43.9 -5.1 18

19 Small time and savings 25.8 43.0 43.4 26.2 27.4 6.7 29.9 50.4 22.5 44.2 39.9 19

20 Large time 4.8 0.5 17.0 2.7 3.4 4.6 0.3 4.6 4.3 7.2 2.5 20

21 Federal funds and security RPs (net) 2.6 4.8 -2.4 0.1 -15.9 0.6 -73.1 28.7 -19.8 -21.0 35.8 21

22 Other loans and advances 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 22

23 Miscellaneous liabilities -5.6 1.1 14.7 -8.4 1.5 2.9 -5.0 -4.5 12.4 -0.1 -10.2 23

24 Discrepancy 2.3 3.7 5.6 2.3 0.9 2.2 -4.1 1.9 3.7 2.4 -0.8 24
Z.1, September 20, 2012 31

F.114 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (1) 56.1 30.0 38.3 44.2 48.3 53.6 34.3 44.1 61.1 52.3 37.0 1

 2 Fixed nonresidential investment 19.5 19.9 19.8 16.9 18.1 17.3 17.7 18.5 19.0 19.3 19.5 2

 3 Net acquisition of financial assets 43.0 25.1 38.4 -38.4 24.6 25.8 -16.3 -1.3 90.4 -25.5 28.7 3

 4 Checkable deposits and currency 12.8 -14.8 -0.3 5.0 -8.5 4.8 7.1 -39.7 -6.3 20.2 0.5 4

 5 Money market fund shares 7.2 12.1 -3.2 -4.0 -1.1 8.4 -6.4 -10.2 4.0 -13.9 0.3 5

 6 Security RPs 1.7 0.8 0.1 -0.7 -2.0 -1.2 -4.7 -1.3 -0.7 -7.3 0.0 6

 7 Credit market instruments 5.3 -15.9 33.3 3.9 27.5 18.7 -19.8 1.3 110.1 -31.1 -0.4 7

 8 Open market paper -3.1 5.8 -9.3 -1.9 -2.4 2.6 -2.0 -11.1 0.9 -3.1 0.1 8

 9 Treasury securities -38.7 -5.6 22.9 3.2 1.8 6.1 -5.3 -4.8 11.4 -10.2 -6.6 9

10 Agency- and GSE-backed securities 3.8 -11.5 1.9 -0.4 6.4 4.1 0.4 4.7 16.6 -2.8 0.8 10

11 Municipal securities 36.1 10.6 -12.6 -21.0 -17.4 -24.3 -34.5 -21.7 10.8 -7.6 2.2 11

12 Corporate and foreign bonds 5.9 -15.4 30.8 24.3 38.4 30.4 20.5 33.3 69.2 -8.3 2.3 12

13 Commercial mortgages 1.3 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 0.8 13

14 Corporate equities 0.5 35.1 -2.4 -20.9 2.3 1.8 -10.3 27.0 -9.4 5.3 12.2 14

15 Mutual fund shares -0.5 -0.4 0.1 -0.1 -0.1 -0.2 -0.0 -0.0 -0.1 -0.0 -0.1 15

16 Trade receivables -1.6 1.3 -3.7 0.8 3.4 2.5 15.2 2.0 -6.1 15.8 3.6 16

17 Miscellaneous assets 17.6 6.8 14.6 -22.5 3.1 -9.0 2.7 19.6 -1.1 -14.5 12.5 17

18 Net increase in liabilities 9.4 14.3 -4.3 3.0 16.9 -2.4 29.1 -20.6 61.5 -19.8 -9.1 18

19 Security RPs -0.7 1.9 -1.7 0.8 -1.1 -3.4 0.2 -0.6 -0.5 0.3 0.0 19

20 Corporate equity issues -13.2 0.4 -5.3 -12.7 -10.7 -11.1 2.9 -20.7 -14.0 -18.1 -11.3 20

21 Taxes payable (net) -2.4 -28.1 5.3 5.6 -4.4 8.8 -20.7 -25.1 19.3 26.0 -20.7 21

22 Miscellaneous liabilities 25.8 40.2 -2.6 9.3 33.1 3.3 46.7 25.8 56.7 -28.0 23.0 22

23 Discrepancy 3.1 -0.6 -24.2 68.7 22.4 8.2 61.9 6.3 13.3 38.8 -20.3 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 5.2 -44.8 12.6 10.5 18.0 11.1 17.6 15.4 27.8 20.9 20.4 1

 2 Fixed nonresidential investment 14.1 14.4 14.2 12.2 13.1 12.5 12.8 13.4 13.7 14.0 14.1 2

 3 Net acquisition of financial assets 240.5 167.1 115.3 189.9 220.4 74.2 188.7 453.5 165.4 197.2 26.1 3

 4 Checkable deposits and currency 2.3 24.4 -32.1 1.0 2.0 -18.5 4.8 38.1 -16.3 -3.4 12.9 4

 5 Money market fund shares -1.6 17.5 -5.5 -12.7 7.9 -5.0 -7.3 -3.7 47.4 -9.7 18.3 5

 6 Security RPs 0.2 5.2 2.2 0.7 -0.8 -4.8 -3.6 8.0 -2.7 -3.4 0.4 6

 7 Credit market instruments 84.8 11.6 139.8 151.6 123.6 151.7 98.9 172.7 71.3 101.8 -143.7 7

 8 Open market paper 13.1 -3.4 11.5 -8.9 -11.2 -4.4 -10.5 10.6 -40.6 -4.0 6.0 8

 9 Treasury securities -17.3 35.1 27.7 23.2 10.5 6.1 2.2 15.7 18.0 9.3 1.0 9

10 Agency- and GSE-backed securities 5.5 -16.7 5.8 4.0 -1.2 3.3 -3.5 1.0 -5.6 -39.6 -47.3 10

11 Municipal securities 4.8 5.7 26.1 39.2 9.3 10.7 8.3 10.3 7.7 4.0 -7.6 11

12 Corporate and foreign bonds 43.1 -45.5 97.6 102.9 93.4 131.7 74.6 102.7 64.8 118.6 -113.6 12

13 Other loans and advances 13.2 20.3 -12.6 -0.2 7.9 -4.0 10.4 16.6 8.4 -7.9 3.0 13

14 Mortgages 22.4 16.3 -16.3 -8.6 15.0 8.3 17.3 15.8 18.6 21.4 14.9 14

15 Corporate equities 84.1 81.8 33.4 45.6 37.7 32.5 38.6 35.3 44.4 24.3 46.4 15

16 Mutual fund shares 31.3 -10.7 0.0 1.0 1.1 1.0 1.0 1.2 1.2 1.2 1.3 16

17 Miscellaneous assets 39.5 37.2 -22.5 2.8 48.9 -82.7 56.2 201.9 20.1 86.5 90.5 17

18 Net increase in liabilities 198.7 166.9 30.9 168.1 201.3 95.8 138.9 418.8 151.8 179.5 -29.6 18

19 Security RPs -1.1 -7.3 -0.5 -2.2 0.1 -3.0 2.1 -1.4 2.8 1.6 3.6 19

20 Corporate equity issues -30.6 -10.7 -0.9 -4.8 -11.5 -8.7 -11.5 -16.0 -10.0 -11.5 -11.9 20

21 Other loans and advances 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 21

22 Life insurance reserves 33.0 66.0 25.4 16.4 92.8 82.0 85.6 117.9 85.9 61.5 -9.2 22

23 Pension fund reserves (1) 118.6 65.5 25.1 104.3 88.0 95.0 96.0 110.3 50.8 73.0 -53.5 23

24 Taxes payable (net) -3.4 -19.7 -7.0 2.6 5.2 3.8 -4.8 -4.9 26.6 -14.8 13.9 24

25 Miscellaneous liabilities 67.6 46.8 -4.6 55.1 24.9 -75.1 -30.9 212.0 -6.3 63.2 11.8 25

26 Discrepancy -50.7 -59.4 -86.0 -23.5 -14.2 20.2 -44.9 -32.6 0.5 -10.8 -49.4 26

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25).
32 Z.1, September 20, 2012

F.116 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 1.0 0.8 0.6 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 2

 3 Net acquisition of financial assets 31.7 -36.8 60.0 61.2 72.0 78.6 86.3 24.1 99.2 88.1 64.4 3

 4 Checkable deposits and currency 0.6 0.5 4.2 4.5 1.1 -4.1 3.7 1.6 3.1 -2.9 1.7 4

 5 Time and savings deposits 4.6 0.3 4.7 0.2 0.5 -0.2 2.0 -1.3 1.3 -0.2 -1.2 5

 6 Money market fund shares 3.4 2.3 0.6 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 0.0 0.0 6

 7 Security RPs 3.4 7.3 3.1 -0.1 -4.2 1.2 -17.9 1.6 -1.7 13.1 -1.0 7

 8 Credit market instruments 102.5 90.6 111.6 59.4 49.1 34.3 29.1 92.3 40.6 2.0 -27.0 8

 9 Open market paper -4.8 10.2 -10.5 -8.5 -1.4 4.4 -2.2 -2.6 -5.5 3.0 0.9 9

10 Treasury securities 38.7 15.4 125.8 80.3 45.2 31.9 26.5 75.7 46.7 47.6 22.1 10

11 Agency- and GSE-backed securities 28.2 21.3 -49.0 -11.5 5.1 5.0 4.2 12.9 -1.9 -40.9 -42.5 11

12 Corporate and foreign bonds 39.8 42.7 42.8 -2.8 0.8 -5.2 1.7 8.6 -1.9 -7.0 -7.1 12

13 Mortgages 0.7 0.9 2.6 1.9 -0.5 -1.8 -1.1 -2.3 3.1 -0.6 -0.4 13

14 Corporate equities -188.3 -184.6 -175.6 -50.5 -24.0 -33.0 -14.8 -18.5 -29.8 -67.6 -42.9 14

15 Mutual fund shares 88.1 35.5 89.8 80.9 56.1 106.1 100.5 -51.8 69.6 139.9 114.5 15

16 Miscellaneous assets 17.5 11.3 21.6 -32.9 -6.2 -25.5 -16.1 0.4 16.3 3.7 20.3 16

17 Unallocated insurance contracts (2) 26.3 38.2 10.1 -4.4 -0.3 -7.4 1.0 1.3 3.8 5.2 7.1 17

18 Contributions receivable 4.4 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 1.3 18

19 Other -13.2 -27.6 9.0 -27.2 -6.1 -17.6 -17.1 -1.3 11.5 -2.8 11.9 19

20 Pension fund reserves (liabilities) (3) 32.3 -36.4 60.1 61.3 72.1 78.7 86.3 24.1 99.3 88.1 64.5 20

 Memo:

 Net acquisition of financial assets (4)

21 Defined benefit plans -76.4 -82.4 -35.1 -31.9 -28.7 -33.1 -26.4 -26.7 -28.5 -27.8 -28.7 21

22 Defined contibution plans 108.1 45.6 95.1 93.1 100.7 111.8 112.7 50.8 127.7 115.9 93.2 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, September 20, 2012 33

F.117 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.6 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 2.1 1.4 0.9 0.8 0.9 0.8 0.9 0.9 0.9 1.0 1.0 2

 3 Net acquisition of financial assets 0.8 17.0 -28.2 -38.5 -52.3 -48.1 -42.5 -76.0 -42.7 -42.0 -35.2 3

 4 Checkable deposits and currency 4.8 -0.2 -0.0 -0.5 1.1 3.5 -0.9 2.7 -0.9 1.0 0.4 4

 5 Time and savings deposits -0.1 -0.0 -0.0 -0.0 0.0 0.1 -0.0 0.1 -0.0 0.0 0.0 5

 6 Money market fund shares -1.4 1.9 -0.0 -0.4 0.9 2.9 -0.8 2.2 -0.7 0.8 0.4 6

 7 Security RPs -2.5 1.8 -0.0 -0.6 1.5 4.7 -1.2 3.6 -1.2 1.4 0.6 7

 8 Credit market instruments 12.3 13.3 -8.8 -8.2 18.3 34.2 -18.1 60.3 -3.2 32.9 17.5 8

 9 Open market paper -4.4 -12.5 -2.0 -1.6 1.4 4.6 -1.2 3.5 -1.2 1.3 0.6 9

10 Treasury securities -14.6 4.8 28.1 11.1 3.3 9.2 -4.0 8.4 -0.3 1.5 1.2 10

11 Agency- and GSE-backed securities 23.3 6.3 -30.5 -21.7 5.1 14.1 -6.1 13.0 -0.4 2.3 1.8 11

12 Municipal securities -0.8 -1.0 0.0 0.1 -0.1 0.2 -0.1 -0.2 -0.0 19.7 7.8 12

13 Corporate and foreign bonds 13.6 15.9 -4.3 3.8 8.6 7.0 -6.8 35.2 -1.2 8.3 6.1 13

14 Mortgages -4.7 -0.3 -0.1 0.1 -0.1 -0.8 0.0 0.4 -0.1 -0.1 -0.0 14

15 Corporate equities -6.4 1.2 -17.3 -25.8 -65.7 -82.8 -18.6 -128.7 -32.5 -69.1 -47.9 15

16 Mutual fund shares -5.2 -1.1 -2.5 -3.8 -9.6 -12.1 -2.7 -18.8 -4.7 -10.1 -7.0 16

17 Miscellaneous assets -0.6 -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.0 0.8 17

18 Pension fund reserves (liabilities) (1) 2.3 17.7 -28.0 -38.5 -52.3 -48.2 -42.5 -75.9 -42.7 -41.9 -35.2 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 47.8 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 1

 2 Credit market instruments 12.6 23.9 7.4 10.8 20.0 15.1 16.9 33.2 14.9 5.5 16.9 2

 3 Treasury securities 11.3 24.7 7.4 10.0 17.9 14.7 13.5 30.3 13.0 2.5 13.1 3

 4 Agency- and GSE-backed securities -0.2 -0.2 0.0 0.6 0.7 -0.6 1.2 1.0 1.2 2.0 2.4 4

 5 Corporate and foreign bonds 1.5 -0.5 -0.0 0.2 1.4 0.9 2.1 1.9 0.7 1.1 1.4 5

 6 Corporate equities 1.9 -8.4 8.8 5.4 -4.2 -1.2 1.2 -18.1 1.4 6.5 -3.8 6

 7 Miscellaneous assets(2) 33.3 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 7

 8 Pension fund reserves (liabilities) (3) 47.8 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 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, September 20, 2012

F.119 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 1

 2 Foreign deposits 43.2 2.0 -32.2 8.7 -47.3 14.0 18.0 -108.6 -112.7 -39.7 -32.0 2

 3 Checkable deposits and currency -4.8 5.6 10.4 -3.7 4.9 38.8 14.7 -29.2 -4.9 -19.8 -1.7 3

 4 Time and savings deposits 63.9 84.6 217.9 -105.2 -88.0 -55.9 -38.4 -152.4 -105.2 -136.9 -31.1 4

 5 Security RPs 211.3 -63.5 -62.5 -0.5 4.6 -90.2 116.2 -24.4 16.8 105.0 104.4 5

 6 Credit market instruments 375.6 738.6 -644.0 -410.0 7.2 -2.3 -84.9 64.6 51.5 -69.4 -153.4 6

 7 Open market paper 66.3 -56.1 -108.0 -116.3 -39.0 36.3 -17.6 -77.7 -97.1 30.9 19.5 7

 8 Treasury securities 95.5 399.5 -171.3 -71.0 107.9 98.4 26.8 158.8 147.8 218.6 -110.3 8

 9 Agency- and GSE-backed securities 104.5 520.3 -213.2 -140.1 0.9 -95.2 -44.7 120.8 22.6 -278.5 28.3 9

10 Municipal securities 100.7 23.6 -93.3 -66.9 -37.9 -44.6 -47.3 -32.1 -27.7 -27.2 -51.4 10

11 Corporate and foreign bonds 8.5 -148.8 -58.1 -15.7 -24.6 2.8 -2.1 -105.1 5.9 -13.2 -39.4 11

12 Miscellaneous assets 31.8 -43.1 11.3 7.7 5.8 3.2 -87.6 -69.4 177.1 -46.5 -50.6 12

13 Net share issues (liabilities) 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 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 13.4 -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.5 1

 2 Net acquisition of financial assets 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 2

 3 Security RPs -0.6 -7.4 28.6 -15.8 -28.8 324.3 13.1 -380.4 -72.3 114.4 70.9 3

 4 Credit market instruments 271.1 73.3 380.7 374.3 427.4 484.4 423.8 244.6 556.9 788.3 625.5 4

 5 Open market paper -0.4 -62.5 28.6 -13.9 -26.3 277.4 8.8 -321.7 -69.8 65.1 68.6 5

 6 Treasury securities 18.5 8.7 67.6 41.9 82.3 2.9 32.9 138.9 154.6 93.0 48.9 6

 7 Agency- and GSE-backed securities 66.2 27.3 46.4 152.0 146.2 9.1 102.9 236.6 236.2 208.8 153.3 7

 8 Municipal securities 27.8 17.4 90.6 46.4 16.0 -45.9 20.1 27.2 62.6 85.6 83.3 8

 9 Corporate and foreign bonds 123.0 69.9 146.2 148.7 190.3 192.2 207.2 181.4 180.4 333.0 275.0 9

10 Other loans and advances 36.1 12.4 1.3 -0.8 18.9 48.7 52.0 -17.9 -7.2 2.9 -3.6 10

11 Corporate equities 91.3 -38.1 86.3 42.8 1.7 133.4 13.6 -61.4 -79.0 -76.2 -68.3 11

12 Miscellaneous assets 2.8 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 50.1 0.0 12

13 Net share issues (liabilities) 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 13

14 Discrepancy 13.4 -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.5 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 17.6 -61.8 7.4 -0.0 -2.0 -0.4 7.7 19.6 -35.0 -31.6 14.0 1

 2 Credit market instruments -0.9 -40.7 10.7 5.0 -1.2 6.8 3.6 -20.8 5.4 11.1 5.6 2

 3 Treasury securities -1.7 -2.4 1.2 0.7 -0.3 0.6 -0.1 -1.5 -0.1 1.1 -0.5 3

 4 Municipal securities 1.9 -13.4 3.2 0.2 0.9 -3.4 5.2 -7.6 9.5 2.0 2.3 4

 5 Corporate and foreign bonds -1.0 -24.9 6.2 4.1 -1.9 9.7 -1.5 -11.7 -4.0 7.9 3.7 5

 6 Corporate equities 18.4 -21.1 -3.3 -5.0 -0.8 -7.2 4.0 40.4 -40.4 -42.7 8.4 6

 7 Net share issues (liabilities) 17.6 -61.8 7.4 -0.0 -2.0 -0.4 7.7 19.6 -35.0 -31.6 14.0 7

 Exchange-traded funds

 8 Net acquisition of financial assets 150.6 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 8

 9 Credit market instruments 13.4 23.0 46.0 29.7 46.1 29.7 43.7 52.2 58.7 65.0 73.7 9

10 Treasury securities 6.6 7.4 14.7 9.2 11.4 7.2 15.6 17.8 5.1 -1.7 21.1 10

11 Municipal securities 0.6 1.7 3.6 1.7 1.0 -0.6 1.1 0.4 3.2 4.2 3.3 11

12 Corporate and foreign bonds 6.2 13.9 27.6 18.7 33.6 23.1 27.0 34.0 50.4 62.5 49.3 12

13 Corporate equities 137.3 154.2 70.5 88.3 71.6 64.7 73.2 31.5 116.9 147.7 26.4 13

14 Net share issues (liabilities) 150.6 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 14
Z.1, September 20, 2012 35

F.122 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 4.8 6.7 9.7 10.6 8.9 9.5 8.8 8.8 8.4 9.1 7.4 1

 2 Fixed nonresidential investment 1.3 1.7 0.9 3.3 3.3 3.1 3.2 3.4 3.4 3.5 3.6 2

 3 Net acquisition of financial assets 301.4 233.7 -360.7 -314.0 -241.3 -151.4 -477.5 -126.1 -210.2 -322.2 -192.1 3

 4 Checkable deposits and currency -2.7 39.7 11.1 -36.0 9.3 28.2 -32.7 5.7 36.0 -120.8 41.8 4

 5 Time and savings deposits 12.8 21.9 -42.8 0.3 -12.7 -9.3 -2.5 -45.7 6.9 -9.2 -5.2 5

 6 Federal funds and security RPs (net) 25.3 -28.2 7.6 20.6 -38.1 25.2 -164.5 -3.4 -9.6 -18.8 126.3 6

 7 Credit market instruments 239.0 242.9 -337.8 -328.2 -199.7 -36.2 -279.3 -261.9 -221.4 -179.6 -298.5 7

 8 Open market paper -4.7 14.1 3.0 0.2 -3.4 -1.7 -0.8 -0.3 -10.9 -5.2 2.2 8

 9 Treasury securities 1.3 1.2 5.1 33.3 20.2 13.5 19.2 20.8 27.4 13.5 -83.4 9

10 Agency- and GSE-backed securities -11.1 207.0 -27.4 -85.1 -18.1 -12.4 -22.6 -0.4 -36.8 -45.0 -21.2 10

11 Municipal securities -2.8 -2.0 -2.2 -4.2 -3.9 -4.3 -3.7 -3.8 -3.7 -3.4 -3.3 11

12 Corporate and foreign bonds -17.4 -77.7 -33.8 -16.9 -33.4 -36.6 -59.0 -22.9 -15.1 -26.4 -107.2 12

13 Other loans and advances 237.7 38.1 -284.8 -144.7 -64.2 -56.3 -101.9 -97.7 -1.0 -23.6 85.2 13

14 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Farm Credit System 11.9 4.8 -0.2 7.2 -3.5 1.6 -5.5 -12.7 2.5 1.5 16.3 15

16 FHLB loans 225.8 33.3 -284.6 -151.9 -60.7 -57.9 -96.4 -85.0 -3.5 -25.1 68.8 16

17 Mortgages 35.9 62.2 2.4 -110.8 -96.9 61.6 -110.5 -157.6 -181.3 -89.4 -170.9 17

18 Home -9.7 8.8 -11.3 -119.5 -103.5 59.3 -108.5 -168.2 -196.4 -101.3 -171.2 18

19 Consolidated trusts (2) 0.0 0.0 0.0 -232.5 -108.9 89.3 -71.5 -252.3 -201.2 -38.4 -103.0 19

20 Other -9.7 8.8 -11.3 113.0 5.5 -29.9 -37.0 84.1 4.8 -62.9 -68.2 20

21 Multifamily residential 42.3 42.5 14.2 2.0 2.8 -1.6 -5.8 7.1 11.4 8.3 -3.5 21

22 Consolidated trusts (2) 0.0 0.0 0.0 25.3 24.5 23.9 23.9 21.3 28.9 25.4 20.5 22

23 Other 42.3 42.5 14.2 -23.3 -21.7 -25.5 -29.6 -14.1 -17.6 -17.1 -24.0 23

24 Farm 3.3 10.9 -0.5 6.7 3.7 3.9 3.7 3.5 3.8 3.5 3.8 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 27.0 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 -56.4 26

27 Net increase in liabilities 325.6 336.4 -317.1 -263.8 -182.1 -37.4 -463.7 -138.8 -88.3 -246.3 -180.3 27

28 Credit market instruments 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 28

29 GSE issues (4) 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 29

30 Consolidated trusts (2) 0.0 0.0 0.0 -207.2 -84.4 113.1 -47.6 -231.0 -172.3 -13.0 -82.5 30

31 Other 282.4 271.7 -475.3 -26.5 -102.8 -102.0 -432.3 92.7 30.6 -261.9 -72.6 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 25.5 27.6 96.0 38.1 29.2 8.0 27.5 27.1 54.0 22.9 -12.5 33

34 Miscellaneous liabilities 17.7 37.1 62.2 -68.1 -24.0 -56.5 -11.3 -27.7 -0.6 5.7 -12.8 34

35 Discrepancy 27.7 107.8 52.4 57.5 64.8 120.4 19.5 -7.3 126.8 81.5 15.7 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 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 1

 2 Home mortgages 622.6 492.2 402.5 175.8 148.0 228.2 129.7 126.0 108.0 140.8 102.6 2

 3 Multifamily residential mortgages -0.7 4.6 13.0 11.3 19.4 17.5 23.4 15.9 21.0 19.0 31.8 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 1.4 0.1 -0.2 -0.2 -2.1 -2.1 -0.1 -6.0 -0.2 -0.2 1.7 5

 6 Net increase in pool securities (liabilities)(2) 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 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, September 20, 2012

F.124 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.6 0.5 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net acquisition of financial assets 352.4 -410.7 -738.3 -505.5 -247.0 -305.2 -229.4 -268.6 -184.8 -279.6 -284.4 3

 4 Treasury securities 24.7 -13.6 -18.3 -13.8 -10.9 -16.7 1.6 -19.9 -8.7 -13.1 -4.4 4

 5 Agency- and GSE-backed securities (1) 11.6 -23.9 -227.3 -97.5 -0.0 24.3 -5.6 -6.9 -11.9 -32.7 0.6 5

 6 Other loans and advances 88.6 37.9 -51.1 -38.9 -5.4 -93.9 69.4 -21.8 24.5 18.2 8.0 6

 7 Mortgages (2) 190.1 -354.9 -367.7 -295.4 -218.4 -222.0 -248.1 -202.3 -201.2 -255.5 -264.5 7

 8 Home 46.7 -315.2 -320.5 -241.7 -192.6 -218.2 -196.0 -177.2 -179.1 -178.9 -184.3 8

 9 Multifamily residential 21.5 -10.8 -5.8 -8.7 -7.7 -2.8 -10.4 -7.7 -9.7 -11.8 -19.1 9

10 Commercial 121.9 -28.9 -41.4 -45.1 -18.1 -1.1 -41.6 -17.4 -12.4 -64.9 -61.1 10

11 Consumer credit 34.1 -40.1 -39.6 -50.4 -8.0 -3.9 -37.0 -3.4 12.2 12.7 -12.5 11

12 Trade credit 3.4 -16.1 -34.3 -9.5 -4.2 7.1 -9.8 -14.4 0.3 -9.1 -11.6 12

13 Net increase in liabilities 351.9 -411.1 -738.7 -505.7 -247.0 -305.2 -229.4 -268.6 -184.8 -279.6 -284.4 13

14 Commercial paper -194.2 -83.9 -266.2 -40.3 -24.1 46.8 -42.1 10.6 -112.0 12.4 -31.8 14

15 Corporate bonds (net) (3) 546.2 -327.2 -472.5 -465.4 -222.9 -352.1 -187.4 -279.2 -72.8 -292.0 -252.5 15

16 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 16

 Memo:

 Securitized assets not included above

17 Consumer leases (4) -0.5 -0.4 -0.4 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 REIT assets (5) -17.9 -46.7 -25.3 0.4 -3.1 2.7 -1.4 -5.5 -8.2 1.1 -20.3 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 76.1 88.4 90.9 65.5 72.2 77.7 58.7 64.2 88.3 62.6 52.4 1

 2 Fixed nonresidential investment 61.9 42.5 14.0 30.7 42.9 41.1 42.0 43.8 44.8 45.6 46.1 2

 3 Net acquisition of financial assets 19.9 -59.5 -189.2 -172.6 -19.1 -47.1 -93.0 44.3 19.5 -45.8 -173.7 3

 4 Checkable deposits and currency 0.4 0.3 0.5 -1.7 4.3 9.9 7.1 7.8 -7.6 -2.4 -9.5 4

 5 Time and savings deposits 1.2 0.8 1.6 -5.0 12.8 29.6 21.2 23.3 -22.7 -7.1 -28.6 5

 6 Credit market instruments 7.1 -81.9 -217.6 -117.7 -47.0 -86.5 -102.8 -58.9 60.1 -58.4 -36.9 6

 7 Corporate and foreign bonds 4.5 3.0 6.3 -19.6 0.9 1.3 7.1 9.9 -14.8 0.2 7.9 7

 8 Other loans and advances 24.9 16.9 -91.0 -15.2 2.4 -20.4 -44.1 9.2 64.8 -16.6 9.0 8

 9 Mortgages -62.5 -84.0 -50.5 -55.9 -32.1 -36.5 -28.5 -48.3 -15.0 -32.9 -31.9 9

10 Consumer credit 40.2 -17.9 -82.4 -27.0 -18.2 -31.0 -37.3 -29.8 25.1 -9.1 -22.0 10

11 Miscellaneous assets 11.2 21.4 26.3 -48.1 10.8 -0.0 -18.4 72.1 -10.3 22.1 -98.6 11

12 Net increase in liabilities 26.5 -69.1 -250.2 -184.7 -26.5 -64.6 -107.8 57.7 8.8 -51.4 -180.2 12

13 Credit market instruments 34.9 -79.4 -156.2 -174.9 11.4 21.2 -94.6 129.1 -10.3 -25.2 -123.1 13

14 Open market paper -15.1 -22.6 -38.8 1.7 22.2 82.8 -31.3 23.9 13.4 25.6 -10.7 14

15 Corporate bonds -2.8 -49.6 -87.0 -111.7 -26.8 -73.8 -20.2 46.3 -59.3 -33.8 -86.3 15

16 Depository institution loans n.e.c. 52.8 -7.1 -30.4 -64.9 15.9 12.3 -43.1 58.9 35.7 -17.0 -26.0 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 -1.5 -0.1 -2.8 0.3 -0.6 -2.6 -1.5 1.4 0.5 1.2 -2.1 18

19 Miscellaneous liabilities -6.9 10.4 -91.2 -10.0 -37.3 -83.2 -11.7 -72.8 18.6 -27.4 -55.0 19

20 Foreign direct investment in U.S. -5.6 12.2 12.8 18.0 10.2 9.1 11.4 0.1 20.4 4.5 0.2 20

21 Investment by parent -13.4 -8.4 -32.6 -15.9 -11.3 -13.7 -5.8 -8.7 -17.1 -28.0 -20.9 21

22 Other 12.0 6.5 -71.5 -12.1 -36.2 -78.6 -17.2 -64.2 15.3 -3.9 -34.3 22

23 Discrepancy 20.8 36.3 15.9 22.6 21.9 19.1 1.9 33.8 32.7 11.5 -0.2 23

 Memo:

24 Consumer leases not included above (2) 16.9 -11.8 -25.7 -16.5 7.9 3.7 2.8 6.6 18.5 17.9 22.8 24

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (4), table F.124.
Z.1, September 20, 2012 37

F.126 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -18.0 -11.6 7.3 -0.4 -6.4 -4.5 -9.5 -10.0 -1.8 -6.4 -5.7 1

 2 Fixed nonresidential investment 11.2 6.0 3.8 2.9 2.8 2.5 2.8 2.9 3.0 3.1 3.2 2

 3 Multifamily residential investment -9.3 0.1 -0.1 4.7 6.3 1.6 3.9 9.3 10.3 4.9 6.4 3

 4 Net acquisition of financial assets -26.1 -67.9 -9.3 41.8 118.3 254.5 112.7 98.5 7.5 266.9 93.7 4

 5 Checkable deposits and currency -1.8 1.8 7.9 -2.8 2.1 22.0 -21.5 12.8 -5.1 16.8 -2.8 5

 6 Credit market instruments -19.9 -68.9 -8.7 37.1 102.9 207.8 121.7 80.3 1.9 227.8 91.1 6

 7 Agency- and GSE-backed securities 23.5 0.7 15.5 38.2 101.4 189.6 104.8 88.8 22.5 219.0 71.6 7

 8 Corporate and foreign bonds -30.2 -22.8 3.8 5.3 1.3 15.1 6.5 3.6 -20.0 13.9 8.2 8

 9 Mortgages -13.2 -46.9 -28.0 -6.3 0.2 3.1 10.4 -12.1 -0.6 -5.0 11.3 9

10 Home -23.5 -46.4 -21.7 -3.7 -0.7 0.4 0.3 -3.7 0.1 1.8 12.3 10

11 Multifamily residential 0.2 -0.9 -2.0 -0.4 -0.2 -0.5 -0.0 -0.1 -0.2 -0.0 0.2 11

12 Commercial 10.1 0.4 -4.3 -2.3 1.1 3.1 10.1 -8.3 -0.4 -6.8 -1.2 12

13 Miscellaneous assets -4.4 -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 22.3 5.4 13

14 Net increase in liabilities 25.7 -56.1 -28.5 71.0 169.0 287.3 169.2 152.4 67.3 321.6 126.7 14

15 Security RPs -6.2 -12.3 11.1 30.0 94.9 161.9 104.5 95.2 18.0 173.4 81.1 15

16 Credit market instruments 10.2 -53.8 -50.0 -2.1 28.2 44.5 16.9 13.9 37.3 26.6 56.3 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 0.7 -60.3 -41.3 -0.1 15.5 46.4 0.9 -9.4 24.0 30.0 24.6 18

19 Depository institution loans n.e.c. 4.8 -0.3 -12.1 -2.2 3.6 -9.0 -2.4 19.1 6.8 -13.9 5.3 19

20 Mortgages 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 26.4 20

21 Corporate equity issues 17.1 12.8 24.2 28.2 37.5 64.1 39.8 30.7 15.3 59.5 31.1 21

22 Miscellaneous liabilities 4.6 -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 62.2 -41.8 22

23 Discrepancy 31.9 -5.8 -15.6 21.2 35.3 24.2 40.4 31.7 44.7 40.3 17.6 23

 Memo:

24 Securitized assets included above -17.9 -46.7 -25.3 0.4 -3.1 2.7 -1.4 -5.5 -8.2 1.1 -20.3 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 -20.2 -40.6 -25.7 1.1 -0.7 0.6 0.3 -4.1 0.3 2.6 0.3 26

27 Multifamily residential mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 27

28 Commercial mortgages 2.4 -6.1 0.4 -0.7 -2.3 2.2 -1.7 -1.3 -8.5 -1.5 -20.6 28
38 Z.1, September 20, 2012

F.127 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -20.7 -98.5 37.7 24.9 19.6 25.9 23.2 7.1 22.3 19.9 25.3 1

 2 Fixed nonresidential investment 25.7 21.3 25.3 18.2 18.8 17.9 18.4 19.2 19.7 20.1 20.3 2

 3 Net acquisition of financial assets 350.3 -874.8 -133.0 -9.1 -121.6 295.6 95.3 -556.1 -321.4 631.3 -69.4 3

 4 Checkable deposits and currency 24.5 15.1 -29.4 6.2 17.9 -19.3 65.4 27.4 -1.9 10.1 -48.7 4

 5 Credit market instruments 219.7 -85.7 -192.1 32.2 9.7 34.8 -6.1 -100.1 110.2 211.0 -35.4 5

 6 Open market paper 22.8 -21.4 -24.2 -5.3 5.9 13.4 10.6 -7.4 7.1 6.3 -36.1 6

 7 Treasury securities 7.1 250.6 -67.6 -28.5 93.3 -26.0 -65.1 144.2 320.2 100.7 -4.8 7

 8 Agency- and GSE-backed securities 152.2 -47.5 -131.8 38.9 -2.1 13.7 85.9 -31.8 -76.2 3.7 84.6 8

 9 Municipal securities -0.7 -11.4 -3.3 4.6 -8.5 -12.0 14.3 -15.8 -20.6 12.8 -14.1 9

10 Corporate and foreign bonds 27.3 -259.0 47.5 35.2 -85.9 51.7 -60.0 -214.9 -120.2 182.4 -55.1 10

11 Other loans and advances 11.1 3.1 -12.7 -12.7 6.9 -6.0 8.3 25.6 -0.1 -94.9 -10.0 11

12 Corporate equities 25.4 -28.5 -4.6 -18.5 -7.2 32.1 3.4 -37.6 -26.8 21.9 11.8 12

13 Security credit 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 13

14 Miscellaneous assets 47.3 -615.1 54.9 -104.2 -102.4 97.8 44.1 -202.1 -349.3 271.5 96.0 14

15 Net increase in liabilities 392.4 -683.2 -206.7 -25.0 -88.2 265.0 138.0 -374.9 -381.0 452.3 -34.8 15

16 Security RPs (net) 75.5 -560.3 -57.5 -66.2 -191.3 122.5 -172.7 -799.6 84.4 229.3 -143.8 16

17 Credit market instruments -4.0 77.7 -49.7 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 17

18 Corporate bonds -4.0 32.3 -4.2 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 18

19 Depository institution loans n.e.c. (1) 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Corporate equity issues 32.3 120.2 -32.4 -11.1 14.6 -11.0 30.8 134.0 -95.5 -183.9 25.1 20

21 Trade payables -2.4 -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.4 -15.3 21

22 Security credit 243.0 -237.3 -134.0 48.4 137.0 -9.8 290.6 437.6 -170.3 61.1 248.0 22

23 Customer credit balances (HH) 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 23

24 From U.S.-chartered depository institutions 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 24

25 From foreign banking offices in U.S. 3.0 -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 25

26 Taxes payable -0.6 0.3 3.2 -2.1 -1.5 2.3 0.4 -2.6 -6.3 3.5 -0.6 26

27 Miscellaneous liabilities 46.2 -70.7 18.4 20.7 -3.5 174.0 58.3 -96.2 -150.2 275.7 -170.2 27

28 Foreign direct investment in U.S. 9.0 55.8 2.1 11.7 10.4 7.3 17.1 17.4 -0.2 8.6 5.1 28

29 Investment by funding corporations 16.4 104.6 -166.8 -51.5 38.6 115.5 -71.1 4.9 105.2 262.8 -149.8 29

30 Other 20.8 -231.1 183.1 60.5 -52.6 51.2 112.3 -118.5 -255.2 4.3 -25.4 30

31 Proprietors’ net investment 2.4 11.5 -3.6 0.4 -1.7 -8.7 -0.2 7.2 -4.9 29.3 5.4 31

32 Discrepancy -4.3 71.9 -61.4 -9.2 34.2 -22.6 47.5 169.0 -57.0 -179.2 39.6 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, September 20, 2012 39

F.128 Holding Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 109.8 80.5 96.8 106.5 142.0 127.4 136.7 149.5 154.4 180.5 161.8 1

 2 Fixed nonresidential investment 39.5 52.2 53.3 43.6 45.8 43.7 44.8 46.9 48.0 48.8 49.4 2

 3 Net acquisition of financial assets 203.3 289.1 87.3 -4.6 44.6 254.9 159.6 12.1 -248.0 26.7 -211.8 3

 4 Time and savings deposits -0.7 -0.1 -3.9 -1.3 2.4 6.3 10.0 1.2 -7.9 -3.5 33.7 4

 5 Federal funds and security RPs -2.6 -6.6 19.8 2.1 0.2 33.6 12.2 -36.2 -8.9 -201.3 0.2 5

 6 Credit market instruments 23.2 13.9 -16.0 22.1 3.1 30.8 -1.4 20.7 -37.6 64.1 -157.9 6

 7 Treasury securities 4.6 -4.0 2.7 13.8 7.1 -14.2 -28.4 45.6 25.6 9.6 -120.1 7

 8 Agency- and GSE-backed securities -1.3 15.9 -7.0 -3.2 12.0 4.6 37.1 47.0 -40.5 -14.4 -77.5 8

 9 Corporate and foreign bonds 19.2 -0.0 -8.4 7.3 -20.1 8.5 0.6 -74.3 -15.0 -9.6 38.9 9

10 Other loans and advances 0.7 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 0.8 10

11 Life insurance reserves 5.3 -1.2 2.1 3.8 2.4 0.2 -0.5 5.9 4.2 24.5 4.3 11

12 Miscellaneous assets 178.2 283.1 85.4 -31.2 36.5 184.1 139.3 20.5 -197.9 142.9 -92.1 12

13 Net transactions with depository institution subsidiaries 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 191.8 13

14 Net transactions with property-casualty insurance company subsidiaries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.1 14

15 Net transactions with life insurance company subsidiaries 5.3 -12.5 9.3 22.2 9.3 7.2 11.6 28.8 -10.1 -2.1 27.7 15

16 Net transactions with finance company subsidiaries 41.5 -7.3 -23.3 -36.2 -20.4 -63.2 -3.3 -5.0 -9.9 -16.2 -12.1 16

17 Net transactions with broker and dealer subsidiaries -57.5 98.2 -173.1 -27.7 -11.7 88.1 -157.1 -50.9 72.8 256.2 -150.6 17

18 Net transactions with foreign subsidiaries 42.2 -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 -60.4 18

19 Other 32.7 100.1 82.3 -33.6 -46.2 54.4 17.9 -81.4 -175.9 -194.8 -98.6 19

20 Net increase in liabilities 128.1 247.9 34.8 -64.6 -50.0 174.3 70.1 -89.9 -354.5 -105.5 -324.7 20

21 Federal funds and security RPs -2.5 -7.0 -0.2 0.2 0.4 1.3 0.8 -0.5 0.1 -0.4 -0.3 21

22 Credit market instruments 151.9 97.3 -8.0 -16.5 -16.5 83.6 46.4 -83.6 -112.2 12.3 -360.1 22

23 Commercial paper 35.0 -39.0 -18.1 3.9 11.1 35.6 13.3 -20.9 16.7 -16.2 -0.7 23

24 Corporate bonds 94.4 123.0 7.8 -46.5 -91.6 8.7 -200.1 -86.7 -88.1 110.1 -124.3 24

25 Depository institution loans n.e.c. 22.5 13.3 2.3 26.1 64.0 39.3 233.2 24.1 -40.7 -81.6 -235.1 25

26 Corporate equity issues -28.0 321.4 68.6 19.8 2.9 14.9 -22.4 19.8 -0.9 12.7 -15.4 26

27 Miscellaneous liabilities 6.8 -163.8 -25.6 -68.2 -36.8 74.5 45.3 -25.7 -241.6 -130.1 51.2 27

28 Equity, etc. -55.1 63.0 35.6 -22.4 6.9 58.3 15.6 34.6 -80.7 54.6 32.4 28

29 Other 61.9 -226.8 -61.2 -45.8 -43.8 16.3 29.7 -60.3 -160.8 -184.6 18.8 29

30 Discrepancy -4.9 -12.9 -8.9 2.8 1.5 3.1 2.4 0.6 -0.0 -0.5 -0.6 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, September 20, 2012

F.129 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 383.4 970.3 -430.4 -110.7 -43.2 -390.0 -17.7 -14.0 248.8 -51.5 109.2 1

 2 Money market fund shares 315.6 262.6 -171.1 -153.1 -57.3 -116.1 -49.3 -216.5 152.6 -158.8 -133.5 2

 3 Security RPs 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Credit market instruments -49.8 665.6 -217.2 96.4 23.9 -265.1 7.7 279.9 73.0 35.0 344.9 4

 5 Open market paper -166.1 153.3 -251.1 46.0 -6.7 -178.1 -31.2 153.3 29.2 -161.3 116.8 5

 6 Corporate and foreign bonds 109.6 497.3 43.6 51.9 32.6 -74.4 36.1 136.9 31.8 221.3 226.9 6

 7 Other loans and advances 6.7 15.1 -9.8 -1.5 -2.0 -12.7 2.8 -10.2 12.0 -25.0 1.2 7

 8 Corporate equities (2) 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets 117.6 42.1 -67.2 -55.3 16.6 96.8 23.9 -77.4 23.2 72.3 -102.3 9

10 Investment in foreign banking offices 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 10

11 Investment in brokers and dealers 73.9 6.4 6.3 -23.8 50.4 27.3 86.0 55.8 32.4 6.6 0.7 11

12 Net increase in liabilities 383.4 970.3 -430.4 -110.7 -43.2 -390.0 -17.7 -14.0 248.8 -51.5 109.2 12

13 Credit market instruments 114.5 466.4 -434.8 -65.3 -64.6 -121.0 58.9 -37.0 -159.2 3.3 -16.7 13

14 Open market paper 62.9 20.1 -125.1 -47.4 -85.0 -67.4 -19.3 -68.8 -184.5 37.0 17.6 14

15 Corporate bonds 51.5 1.4 37.9 -3.2 71.6 39.6 106.4 77.1 63.4 8.7 17.2 15

16 Depository institution loans n.e.c. (3) 0.0 444.9 -349.6 -21.9 -51.9 -93.8 -29.6 -45.9 -38.2 -38.3 -47.6 16

17 Other loans and advances (4) 0.0 0.0 2.0 7.2 0.7 0.6 1.4 0.6 0.1 -4.1 -3.8 17

18 Corporate equities (5) 0.0 40.0 30.5 3.5 -18.4 -60.4 0.0 -9.2 -3.9 -34.5 0.0 18

19 Miscellaneous liabilities 268.9 463.9 -26.0 -48.8 39.7 -208.7 -76.6 32.3 411.9 -20.3 125.8 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) -2.1 -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.3 219.8 21

22 Equity interest under PPIP 0.0 0.0 2.4 7.9 1.4 0.6 2.5 2.2 0.2 0.2 0.0 22

23 Other (net) 270.4 816.5 1.2 66.2 112.7 -114.7 -152.5 32.6 685.6 6.2 -94.6 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, September 20, 2012 41

F.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 1

 2 Federal government: SDR allocations 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world 0.1 4.8 52.3 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 3

 4 SDR holdings 0.2 0.1 48.2 0.0 -1.8 -7.8 0.6 0.1 0.1 0.0 0.0 4

 5 Reserve position in IMF (net) -1.0 3.5 3.4 1.3 18.1 25.7 23.9 15.6 7.1 4.3 12.7 5

 6 Foreign currency holdings 1.0 1.3 0.7 0.5 -0.5 -3.4 0.5 0.6 0.5 0.6 0.4 6

 7 Net change in assets 0.1 4.8 99.9 1.8 15.9 14.5 25.1 16.3 7.6 4.9 13.2 7

 8 Federal government -0.4 4.2 51.9 1.6 16.2 16.3 24.8 16.0 7.9 4.6 13.0 8

 9 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 SDR holdings 0.2 0.1 48.2 0.0 -1.8 -7.8 0.6 0.1 0.1 0.0 0.0 10

11 Reserve position in IMF (net) -1.0 3.5 3.4 1.3 18.2 25.8 23.9 15.6 7.5 4.3 12.8 11

12 Foreign currency holdings 0.5 0.6 0.3 0.3 -0.2 -1.7 0.3 0.3 0.2 0.3 0.2 12

13 Rest of the world 0.0 0.0 47.6 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 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Monetary authority 0.5 0.6 0.3 0.3 -0.3 -1.8 0.3 0.3 -0.2 0.3 0.2 16

17 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Reserve position in IMF (net) 0.0 -0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.5 0.0 -0.0 18

19 Foreign currency holdings 0.5 0.6 0.3 0.3 -0.2 -1.7 0.3 0.3 0.2 0.3 0.2 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,

 and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government -0.7 -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Monetary authority 0.5 -0.0 4.0 0.9 0.7 1.0 0.7 0.5 0.5 0.8 0.6 4

 5 Discrepancy (seigniorage) -1.2 -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 -0.6 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 256.0 -394.3 -106.0 25.9 -32.4 203.7 1.6 6.8 -341.9 -124.3 -37.7 1

 Held by:

 2 Household sector 15.4 -23.7 -6.4 1.6 -1.9 12.2 0.1 0.4 -20.5 -7.5 -2.3 2

 3 Nonfinancial corporate business 0.9 -25.5 6.8 9.6 -7.1 28.2 -27.0 -14.9 -14.6 -50.6 -1.5 3

 4 Money market mutual funds 43.2 2.0 -32.2 8.7 -47.3 14.0 18.0 -108.6 -112.7 -39.7 -32.0 4

 5 Discrepancy--unallocated assets 196.5 -347.1 -74.3 6.0 23.9 149.4 10.6 129.9 -194.0 -26.6 -1.9 5
42 Z.1, September 20, 2012

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -53.4 1823.0 -590.9 -174.4 854.6 2948.8 504.3 312.8 -347.6 100.8 -430.7 1

 2 Monetary authority 5.4 842.0 114.2 -11.1 602.3 1781.6 756.5 -6.9 -122.1 -58.5 -179.4 2

 3 U.S.-chartered depository institutions 130.9 746.9 -534.3 -213.0 -229.4 36.9 -366.6 -351.2 -236.6 198.9 -379.7 3

 4 Foreign banking offices in U.S. -191.1 240.4 -158.9 48.2 496.8 1062.4 162.6 751.5 10.7 -54.5 165.1 4

 5 Banks in U.S.-affiliated areas 0.3 -0.6 -1.0 0.9 -1.2 -3.1 -1.2 -1.9 1.2 0.5 -0.6 5

 6 Credit unions 1.1 -5.7 -10.9 0.7 -13.9 71.0 -47.0 -78.7 -0.8 14.3 -36.0 6

 7 Net change in assets -57.2 1762.3 -619.9 -155.0 824.4 2809.7 641.1 226.5 -379.4 62.7 -169.8 7

 8 Rest of the world -111.4 410.8 -270.4 -48.2 221.4 1028.5 -117.5 232.8 -258.2 122.3 9.3 8

 9 Monetary authority 48.9 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 0.3 9

10 U.S.-chartered depository institutions 5.0 599.3 50.9 -91.9 232.9 549.8 627.9 -312.9 66.7 23.4 -174.9 10

11 Foreign banking offices in U.S. 0.4 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 34.6 11

12 Credit unions 0.0 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 45.4 -39.1 12

13 Discrepancy 3.8 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -260.9 13

 Memo:

 Vault cash:

14 Liab.: Monetary authority 3.3 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.6 14

15 Asset: U.S.-chartered depository institutions 3.3 2.7 -2.8 -2.2 8.1 25.9 0.7 -13.1 18.8 -9.2 -7.6 15

 Depository institution reserves:

16 Liab.: Monetary authority 2.1 839.2 117.0 -8.9 594.2 1755.7 755.8 6.2 -140.9 -49.3 -171.8 16

17 Asset: U.S.-chartered depository institutions 1.7 596.6 53.7 -89.7 224.8 523.9 627.3 -299.8 47.8 32.7 -167.2 17

18 Foreign banking offices in U.S. 0.4 238.0 45.1 66.7 360.2 1160.3 146.7 339.8 -206.0 -127.3 34.6 18

19 Credit unions 0.0 4.7 18.1 14.1 9.2 71.5 -18.1 -33.8 17.2 45.4 -39.1 19

 Other transactions with the monetary authority

20 Liab: U.S.-chartered depository institutions 48.9 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 0.3 20

21 Asset: Monetary authority 48.9 509.6 -463.7 -95.7 0.8 -0.5 2.1 0.6 0.9 -1.1 0.3 21

22 Federal Reserve float 0.3 -1.5 -0.6 0.7 0.8 0.2 1.9 0.6 0.6 -0.4 0.0 22

23 Loans 48.6 511.1 -463.1 -96.4 -0.0 -0.7 0.2 -0.0 0.3 -0.8 0.3 23

 Transactions with banks in foreign countries (net):

24 Liab.: U.S.-chartered depository institutions (net) 63.9 172.6 -109.3 -83.3 -290.0 -55.3 -292.8 -497.0 -314.8 142.7 -132.8 24

25 Due to foreign affiliates 64.2 131.5 -21.3 22.7 -218.3 -42.7 -461.5 -0.7 -368.1 -153.8 -172.0 25

26 - Due from foreign affiliates 0.3 -41.1 88.0 106.0 71.7 12.6 -168.7 496.3 -53.3 -296.5 -39.2 26

27 Foreign banking offices in U.S. (net) -168.8 244.3 -171.2 43.9 508.4 1090.1 168.5 734.6 40.5 -27.7 138.3 27

28 Due to foreign affiliates 4.5 7.4 2.5 96.7 193.8 697.0 -77.2 128.6 26.6 173.4 -127.2 28

29 - Due from foreign affiliates 173.3 -236.9 173.7 52.7 -314.6 -393.1 -245.7 -606.0 -13.8 201.0 -265.5 29

30 Less: Deposits at foreign banks 6.6 6.2 -10.1 8.8 -3.0 6.2 -6.8 4.8 -16.1 -7.3 -3.7 30

31 U.S.-chartered depository institutions 6.0 6.6 -15.2 5.7 -1.5 -0.1 -1.0 2.6 -7.5 -12.3 2.2 31

32 Foreign banking offices in U.S. 0.6 -0.4 5.1 3.1 -1.5 6.4 -5.9 2.3 -8.7 5.1 -5.9 32

33 Asset: Rest of the world (1) -111.4 410.8 -270.4 -48.2 221.4 1028.5 -117.5 232.8 -258.2 122.3 9.3 33

 Transactions between U.S. depository institutions (net) (2):

34 U.S.-chartered depository institutions (net) 24.1 71.3 23.5 -28.2 58.3 92.6 -76.8 147.8 69.8 45.0 -245.2 34

35 Due to (3): 17.7 19.7 18.7 -22.7 45.2 96.9 -118.2 166.8 35.4 29.7 -231.4 35

36 Foreign banking offices in U.S. 15.4 -47.3 -22.2 -1.7 -0.0 25.7 -29.6 -0.1 4.0 6.5 -7.1 36

37 Banks in U.S.-affiliated areas -0.3 0.6 1.0 -0.9 1.2 3.1 1.2 1.9 -1.2 -0.5 0.6 37

38 Credit unions -1.1 5.7 10.9 -0.7 13.9 -71.0 47.0 78.7 0.8 -14.3 36.0 38

39 - Due from: Foreign banking offices in U.S. -6.3 -51.6 -4.7 5.6 -13.1 4.3 -41.3 19.0 -34.4 -15.2 13.8 39

40 Unallocated (2) 3.8 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -260.9 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, September 20, 2012 43

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 36.7 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 303.3 1

 2 Monetary authority 17.8 428.2 -117.6 185.0 -122.1 -838.7 168.7 -82.3 263.8 -166.0 244.0 2

 3 Federal government cash and deposits 11.4 349.3 -173.8 149.0 -255.0 -897.0 78.5 -315.6 114.0 -167.7 195.2 3

 4 Due to government-sponsored enterprises 0.9 19.4 14.0 -21.6 51.1 -13.3 -11.6 150.1 79.3 -111.0 -27.7 4

 5 Deposits due to foreign -0.0 1.3 1.0 0.9 -3.2 -12.8 0.9 9.1 -10.0 0.0 5.8 5

 6 Currency outside banks 5.5 58.2 41.2 56.7 85.0 84.5 100.8 74.2 80.4 112.6 70.7 6

 7 U.S.-chartered depository institutions 13.5 137.9 94.0 69.6 319.4 327.9 339.0 414.6 196.2 53.1 35.7 7

 8 Federal government deposits 14.9 -39.5 0.3 -0.1 -2.7 -1.2 2.4 -3.3 -8.6 -0.2 1.6 8

 9 Deposits due to foreign 5.0 31.2 -28.7 -3.8 24.3 46.1 13.0 19.7 18.3 -6.9 4.8 9

10 Private domestic deposits -6.3 146.2 122.4 73.5 297.8 283.1 323.6 398.2 186.4 60.2 29.4 10

11 Foreign banking offices in U.S. 2.6 1.7 2.6 5.7 23.7 -4.4 9.8 60.0 29.5 -5.1 17.7 11

12 Deposits due to foreign 0.3 2.4 5.8 4.1 4.4 -5.5 8.7 9.6 4.9 -0.3 6.8 12

13 Private domestic deposits 2.3 -0.7 -3.2 1.7 19.3 1.1 1.1 50.4 24.6 -4.9 10.9 13

14 Banks in U.S.-affiliated areas 1.7 -1.1 1.4 0.5 2.8 2.2 3.9 -0.5 5.5 0.7 11.0 14

15 Credit unions 1.1 1.6 11.6 5.5 10.7 25.0 -6.4 20.0 4.1 43.9 -5.1 15

16 Net change in assets 36.7 568.4 -7.9 266.3 234.5 -488.0 515.1 411.9 499.1 -73.4 303.3 16

17 Household sector -74.6 224.4 24.0 -25.6 292.3 111.4 306.9 450.3 300.5 121.4 69.0 17

18 Nonfinancial business 59.3 -108.8 160.3 136.0 68.6 139.9 -22.2 166.4 -9.6 20.3 5.6 18

19 Corporate -7.6 -112.6 139.8 155.8 69.0 144.2 -19.5 166.8 -15.5 16.2 5.1 19

20 Noncorporate 66.9 3.8 20.4 -19.8 -0.4 -4.3 -2.7 -0.4 5.9 4.1 0.6 20

21 State and local governments -4.8 8.5 19.2 6.7 15.9 14.8 23.3 8.6 16.9 -10.2 -8.3 21

22 Federal government 25.1 313.1 -174.2 148.9 -257.6 -845.7 -15.9 -321.2 152.2 -121.6 96.5 22

23 Rest of the world -5.4 64.0 -9.2 29.5 80.5 78.0 78.6 76.9 88.6 65.1 45.8 23

24 Checkable deposits 5.2 34.8 -21.8 1.2 25.5 27.7 22.7 38.4 13.3 -7.1 17.4 24

25 Currency -10.7 29.2 12.6 28.3 55.0 50.3 56.0 38.5 75.3 72.2 28.5 25

26 Financial sectors 36.0 72.4 -27.7 -28.0 34.1 65.3 47.7 27.1 -3.8 -101.1 -5.4 26

27 Property-casualty insurance companies 12.8 -14.8 -0.3 5.0 -8.5 4.8 7.1 -39.7 -6.3 20.2 0.5 27

28 Life insurance companies 2.3 24.4 -32.1 1.0 2.0 -18.5 4.8 38.1 -16.3 -3.4 12.9 28

29 Private pension funds 0.6 0.5 4.2 4.5 1.1 -4.1 3.7 1.6 3.1 -2.9 1.7 29

30 State and local govt. retirement funds 4.8 -0.2 -0.0 -0.5 1.1 3.5 -0.9 2.7 -0.9 1.0 0.4 30

31 Money market mutual funds -4.8 5.6 10.4 -3.7 4.9 38.8 14.7 -29.2 -4.9 -19.8 -1.7 31

32 Government-sponsored enterprises -2.7 39.7 11.1 -36.0 9.3 28.2 -32.7 5.7 36.0 -120.8 41.8 32

33 Finance companies 0.4 0.3 0.5 -1.7 4.3 9.9 7.1 7.8 -7.6 -2.4 -9.5 33

34 REITs -1.8 1.8 7.9 -2.8 2.1 22.0 -21.5 12.8 -5.1 16.8 -2.8 34

35 Brokers and dealers 24.5 15.1 -29.4 6.2 17.9 -19.3 65.4 27.4 -1.9 10.1 -48.7 35

36 Mail float 1.0 -5.2 -0.3 -1.1 0.8 -51.6 96.6 3.8 -45.8 -47.4 100.0 36
44 Z.1, September 20, 2012

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 599.9 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 488.3 1

 2 Small time and savings deposits 316.4 524.8 517.2 298.4 577.3 233.5 906.3 705.8 463.7 378.9 487.3 2

 3 U.S.-chartered depository institutions 282.7 480.6 472.3 271.7 537.1 198.7 858.0 641.5 450.1 299.5 426.6 3

 4 Foreign banking offices in U.S. 6.9 0.1 4.4 5.8 13.2 27.7 19.2 14.0 -8.0 36.0 17.5 4

 5 Banks in U.S.-affiliated areas 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 5

 6 Credit unions 25.8 43.0 43.4 26.2 27.4 6.7 29.9 50.4 22.5 44.2 39.9 6

 7 Large time deposits (1) 283.4 -190.6 -141.8 -182.3 -204.6 58.7 -19.3 -670.6 -187.1 -87.5 1.0 7

 8 U.S.-chartered depository institutions 4.1 -69.0 -329.8 -130.2 -35.3 -58.3 -52.0 -112.1 81.5 25.4 104.7 8

 9 Foreign banking offices in U.S. 273.4 -123.2 173.9 -49.6 -172.4 112.2 33.3 -563.0 -271.9 -119.2 -109.5 9

10 Banks in U.S.-affiliated areas 1.1 1.1 -2.9 -5.2 -0.4 0.3 -0.8 -0.1 -0.9 -0.8 3.4 10

11 Credit unions 4.8 0.5 17.0 2.7 3.4 4.6 0.3 4.6 4.3 7.2 2.5 11

12 Net change in assets 599.9 334.2 375.4 116.1 372.8 292.2 887.0 35.2 276.6 291.5 488.3 12

13 Household sector 481.1 204.2 127.6 201.5 379.1 254.0 687.2 177.6 397.8 449.4 404.0 13

14 Nonfinancial business -40.7 -60.7 102.1 9.1 24.1 6.6 144.3 -40.4 -14.2 42.6 17.2 14

15 Corporate -55.7 -59.4 106.9 22.6 25.3 10.5 147.1 -39.1 -17.2 40.8 17.8 15

16 Noncorporate 14.9 -1.2 -4.8 -13.5 -1.2 -3.9 -2.8 -1.3 3.1 1.8 -0.6 16

17 State and local governments 36.4 19.1 10.8 -0.4 18.0 0.4 31.4 11.5 28.7 -0.2 31.2 17

18 Federal government 1.2 -1.3 0.3 0.1 -0.3 -2.1 1.5 -0.3 -0.2 0.5 1.4 18

19 Rest of the world 40.3 65.5 -43.1 16.9 36.7 62.6 30.3 61.6 -7.8 -43.9 67.0 19

20 Financial sectors 81.7 107.4 177.6 -111.0 -84.9 -29.5 -7.7 -174.7 -127.7 -157.0 -32.4 20

21 Private pension funds 4.6 0.3 4.7 0.2 0.5 -0.2 2.0 -1.3 1.3 -0.2 -1.2 21

22 State and local govt. retirement funds -0.1 -0.0 -0.0 -0.0 0.0 0.1 -0.0 0.1 -0.0 0.0 0.0 22

23 Money market mutual funds 63.9 84.6 217.9 -105.2 -88.0 -55.9 -38.4 -152.4 -105.2 -136.9 -31.1 23

24 Government-sponsored enterprises 12.8 21.9 -42.8 0.3 -12.7 -9.3 -2.5 -45.7 6.9 -9.2 -5.2 24

25 Finance companies 1.2 0.8 1.6 -5.0 12.8 29.6 21.2 23.3 -22.7 -7.1 -28.6 25

26 Holding companies -0.7 -0.1 -3.9 -1.3 2.4 6.3 10.0 1.2 -7.9 -3.5 33.7 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 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 1

 2 Net purchases 720.9 724.2 -499.0 -502.9 -112.8 -92.4 -62.1 -319.2 22.5 -207.4 -164.4 2

 3 Household sector 232.2 235.1 -268.7 -174.7 -21.8 86.7 56.3 -10.3 -219.8 53.0 8.0 3

 4 Nonfinancial corporate business 127.2 162.2 -69.0 -156.9 -32.8 -60.2 -47.1 -69.2 45.4 -72.9 -49.0 4

 5 Nonfinancial noncorporate business 2.2 1.0 -1.7 -2.8 -0.3 -0.8 -0.6 -0.3 0.6 0.4 -0.1 5

 6 State and local governments 17.3 5.7 12.4 8.7 -2.7 1.8 3.2 -10.0 -5.8 -5.4 -7.8 6

 7 Rest of the world 19.0 23.7 7.2 -7.1 -5.4 -9.9 -9.9 -1.0 -1.0 -1.0 -1.0 7

 8 Property-casualty insurance companies 7.2 12.1 -3.2 -4.0 -1.1 8.4 -6.4 -10.2 4.0 -13.9 0.3 8

 9 Life insurance companies -1.6 17.5 -5.5 -12.7 7.9 -5.0 -7.3 -3.7 47.4 -9.7 18.3 9

10 Private pension funds 3.4 2.3 0.6 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 0.0 0.0 10

11 State and local govt. retirement funds -1.4 1.9 -0.0 -0.4 0.9 2.9 -0.8 2.2 -0.7 0.8 0.4 11

12 Funding corporations 315.6 262.6 -171.1 -153.1 -57.3 -116.1 -49.3 -216.5 152.6 -158.8 -133.5 12
Z.1, September 20, 2012 45

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -19.2 -880.3 247.8 -192.5 -137.0 121.7 -290.4 -695.7 316.6 192.8 -143.2 1

 2 Monetary authority 14.4 44.4 -10.6 -18.0 40.2 9.9 32.6 55.3 63.1 -12.9 -44.8 2

 3 Private depository institutions (net) -98.6 -339.6 307.2 -137.2 -80.2 -167.4 -257.9 -44.1 148.6 -198.5 -39.0 3

 4 U.S.-chartered depository institutions (net) -87.5 -248.1 269.4 -190.3 -114.5 -142.0 -110.6 -269.7 64.1 -197.8 -76.3 4

 5 Foreign banking offices in U.S. (net) -13.6 -96.3 40.3 52.9 50.2 -26.1 -74.2 196.8 104.4 20.3 1.4 5

 6 Credit unions (net) 2.6 4.8 -2.4 0.1 -15.9 0.6 -73.1 28.7 -19.8 -21.0 35.8 6

 7 Property-casualty insurance companies -0.7 1.9 -1.7 0.8 -1.1 -3.4 0.2 -0.6 -0.5 0.3 0.0 7

 8 Life insurance companies -1.1 -7.3 -0.5 -2.2 0.1 -3.0 2.1 -1.4 2.8 1.6 3.6 8

 9 REITs -6.2 -12.3 11.1 30.0 94.9 161.9 104.5 95.2 18.0 173.4 81.1 9

10 Brokers and dealers (net) 75.5 -560.3 -57.5 -66.2 -191.3 122.5 -172.7 -799.6 84.4 229.3 -143.8 10

11 Holding companies -2.5 -7.0 -0.2 0.2 0.4 1.3 0.8 -0.5 0.1 -0.4 -0.3 11

12 Net change in assets 205.6 -279.8 -227.7 -121.2 -23.7 516.2 -117.9 -651.5 158.4 -150.5 159.8 12

13 Nonfinancial corporate business -7.5 -0.9 0.7 4.2 0.7 2.3 1.0 -3.5 3.1 4.1 1.6 13

14 State and local governments 6.4 -7.8 -1.1 -4.9 -8.0 -10.4 -9.2 -7.9 -4.6 -4.2 -6.2 14

15 Rest of the world (net) -35.2 -214.0 -146.4 -126.1 51.2 231.6 -59.2 -207.6 240.1 -153.3 -137.4 15

16 Monetary authority 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Property-casualty insurance companies 1.7 0.8 0.1 -0.7 -2.0 -1.2 -4.7 -1.3 -0.7 -7.3 0.0 17

18 Life insurance companies 0.2 5.2 2.2 0.7 -0.8 -4.8 -3.6 8.0 -2.7 -3.4 0.4 18

19 Private pension funds 3.4 7.3 3.1 -0.1 -4.2 1.2 -17.9 1.6 -1.7 13.1 -1.0 19

20 State and local govt. retirement funds -2.5 1.8 -0.0 -0.6 1.5 4.7 -1.2 3.6 -1.2 1.4 0.6 20

21 Money market mutual funds 211.3 -63.5 -62.5 -0.5 4.6 -90.2 116.2 -24.4 16.8 105.0 104.4 21

22 Mutual funds -0.6 -7.4 28.6 -15.8 -28.8 324.3 13.1 -380.4 -72.3 114.4 70.9 22

23 Government-sponsored enterprises (net) 25.3 -28.2 7.6 20.6 -38.1 25.2 -164.5 -3.4 -9.6 -18.8 126.3 23

24 Holding companies -2.6 -6.6 19.8 2.1 0.2 33.6 12.2 -36.2 -8.9 -201.3 0.2 24

25 Funding corporations 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Discrepancy--unallocated assets -224.8 -600.6 475.6 -71.3 -113.3 -394.5 -172.6 -44.2 158.2 343.2 -303.0 26
46 Z.1, September 20, 2012

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total net issues, all types -169.4 -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 -3.3 90.9 1

 2 Commercial paper -169.4 -188.8 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 -3.3 90.9 2

 3 Nonfinancial corporate business 11.3 7.7 -73.1 24.5 33.4 25.8 49.5 29.7 28.5 -43.8 145.9 3

 4 Foreign issues in U.S. -69.3 -71.0 59.4 -2.7 -53.5 120.2 -51.9 -256.4 -25.9 46.7 -20.3 4

 5 Nonfinancial 2.0 20.7 -15.2 -3.8 -0.5 19.5 17.6 -27.6 -11.3 -12.6 32.1 5

 6 Financial -71.3 -91.7 74.5 1.1 -53.0 100.7 -69.5 -228.8 -14.5 59.3 -52.4 6

 7 Financial sectors -111.4 -125.4 -448.2 -101.7 -68.1 82.9 -79.9 -51.8 -223.6 -6.2 -34.7 7

 8 U.S.-chartered depository institutions 0.0 0.0 0.0 -19.7 7.7 -14.9 -0.5 3.4 42.7 -65.0 -9.0 8

 9 ABS issuers -194.2 -83.9 -266.2 -40.3 -24.1 46.8 -42.1 10.6 -112.0 12.4 -31.8 9

10 Finance companies -15.1 -22.6 -38.8 1.7 22.2 82.8 -31.3 23.9 13.4 25.6 -10.7 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 35.0 -39.0 -18.1 3.9 11.1 35.6 13.3 -20.9 16.7 -16.2 -0.7 12

13 Funding corporations 62.9 20.1 -125.1 -47.4 -85.0 -67.4 -19.3 -68.8 -184.5 37.0 17.6 13

14 Bankers’ acceptances (1) 0.0 -0.2 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. 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net purchases, by sector -169.4 -189.0 -461.9 -79.9 -88.2 228.9 -82.3 -278.5 -221.0 -3.3 90.9 17

18 Household sector -10.2 -101.3 28.7 28.8 -5.3 17.7 -11.9 -18.5 -8.4 -25.8 -18.5 18

19 Nonfinancial corporate business -53.2 -12.2 -1.3 11.8 -8.5 19.2 -13.2 -35.3 -4.8 20.4 -26.1 19

20 State and local governments -15.8 -73.1 -70.2 -9.8 9.1 4.3 5.7 11.5 15.1 15.4 13.3 20

21 Rest of the world -8.3 -45.1 -41.4 -0.5 -0.3 33.3 -16.8 17.3 -34.8 53.9 -56.2 21

22 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 U.S.-chartered depository institutions (1) 0.0 15.7 -15.7 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 -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Property-casualty insurance companies -3.1 5.8 -9.3 -1.9 -2.4 2.6 -2.0 -11.1 0.9 -3.1 0.1 26

27 Life insurance companies 13.1 -3.4 11.5 -8.9 -11.2 -4.4 -10.5 10.6 -40.6 -4.0 6.0 27

28 Private pension funds -4.8 10.2 -10.5 -8.5 -1.4 4.4 -2.2 -2.6 -5.5 3.0 0.9 28

29 State and local govt. retirement funds -4.4 -12.5 -2.0 -1.6 1.4 4.6 -1.2 3.5 -1.2 1.3 0.6 29

30 Money market mutual funds 66.3 -56.1 -108.0 -116.3 -39.0 36.3 -17.6 -77.7 -97.1 30.9 19.5 30

31 Mutual funds -0.4 -62.5 28.6 -13.9 -26.3 277.4 8.8 -321.7 -69.8 65.1 68.6 31

32 Government-sponsored enterprises -4.7 14.1 3.0 0.2 -3.4 -1.7 -0.8 -0.3 -10.9 -5.2 2.2 32

33 Brokers and dealers 22.8 -21.4 -24.2 -5.3 5.9 13.4 10.6 -7.4 7.1 6.3 -36.1 33

34 Funding corporations -166.1 153.3 -251.1 46.0 -6.7 -178.1 -31.2 153.3 29.2 -161.3 116.8 34

(1) Excludes banks’ holdings of own acceptances.
Z.1, September 20, 2012 47

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 237.5 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 1

 2 Savings bonds -6.0 -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 2

 3 Treasury bills 58.8 861.6 -73.3 -19.0 -249.5 -297.0 -661.1 -215.4 175.6 612.6 -312.7 3

 4 Other Treasury securities 184.7 379.8 1519.8 1601.8 1319.0 1151.0 1456.6 1555.2 1113.3 820.4 1497.9 4

 5 Net purchases 237.5 1239.0 1443.7 1579.6 1066.8 849.7 791.7 1337.1 1288.8 1431.5 1182.8 5

 6 Household sector -68.1 143.5 410.8 368.9 -268.1 -929.6 -610.0 55.8 411.3 391.5 843.7 6

 7 Savings bonds -6.0 -2.4 -2.8 -3.3 -2.7 -4.3 -3.8 -2.7 -0.1 -1.5 -2.4 7

 8 Bills and other Treasury securities -62.1 146.0 413.6 372.2 -265.4 -925.3 -606.2 58.5 411.4 393.1 846.1 8

 9 Nonfinancial corporate business -7.1 -7.9 12.5 4.9 -0.2 -22.2 -3.9 11.8 13.4 20.7 14.2 9

10 Nonfinancial noncorporate business 3.0 -7.5 -5.7 -1.8 -0.2 -0.5 -0.4 -0.2 0.4 0.2 -0.1 10

11 State and local governments 36.4 -37.2 30.3 6.4 -61.9 -51.4 -62.9 -60.0 -73.4 -44.6 17.1 11

12 Rest of the world 165.3 711.6 554.4 739.8 412.1 393.1 434.2 608.8 212.1 464.0 449.3 12

13 Treasury bills 49.4 455.3 -7.6 -40.2 -62.0 -174.5 -32.9 -104.7 63.9 -31.4 11.4 13

14 Other Treasury securities 115.9 256.3 562.0 780.0 474.1 567.6 467.1 713.5 148.1 495.4 437.9 14

15 Monetary authority -38.3 -264.7 300.7 244.9 642.0 1331.4 1102.7 160.2 -26.5 46.3 -18.6 15

16 Treasury bills -49.2 -209.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Other Treasury securities 10.9 -55.3 300.7 244.9 642.0 1331.4 1102.7 160.2 -26.5 46.3 -18.6 17

18 U.S.-chartered depository institutions 5.6 -23.7 68.1 93.0 -43.7 -32.9 -95.5 -47.2 1.0 25.7 138.2 18

19 Foreign banking offices in U.S. 3.6 5.1 22.0 3.5 -0.5 20.8 -10.0 -22.0 9.3 44.5 -42.6 19

20 Banks in U.S.-affiliated areas -1.9 -0.6 -0.7 0.6 -0.0 0.0 2.1 -2.6 0.4 -0.7 1.9 20

21 Credit unions 3.0 -1.6 5.3 5.8 -2.4 7.5 0.1 2.6 -19.9 11.3 2.3 21

22 Property-casualty insurance companies -38.7 -5.6 22.9 3.2 1.8 6.1 -5.3 -4.8 11.4 -10.2 -6.6 22

23 Life insurance companies -17.3 35.1 27.7 23.2 10.5 6.1 2.2 15.7 18.0 9.3 1.0 23

24 Private pension funds 38.7 15.4 125.8 80.3 45.2 31.9 26.5 75.7 46.7 47.6 22.1 24

25 State and local govt. retirement funds -14.6 4.8 28.1 11.1 3.3 9.2 -4.0 8.4 -0.3 1.5 1.2 25

26 Federal government retirement funds 11.3 24.7 7.4 10.0 17.9 14.7 13.5 30.3 13.0 2.5 13.1 26

27 Money market mutual funds 95.5 399.5 -171.3 -71.0 107.9 98.4 26.8 158.8 147.8 218.6 -110.3 27

28 Mutual funds 18.5 8.7 67.6 41.9 82.3 2.9 32.9 138.9 154.6 93.0 48.9 28

29 Closed-end funds -1.7 -2.4 1.2 0.7 -0.3 0.6 -0.1 -1.5 -0.1 1.1 -0.5 29

30 Exchange-traded funds 6.6 7.4 14.7 9.2 11.4 7.2 15.6 17.8 5.1 -1.7 21.1 30

31 Government-sponsored enterprises 1.3 1.2 5.1 33.3 20.2 13.5 19.2 20.8 27.4 13.5 -83.4 31

32 ABS issuers 24.7 -13.6 -18.3 -13.8 -10.9 -16.7 1.6 -19.9 -8.7 -13.1 -4.4 32

33 Brokers and dealers 7.1 250.6 -67.6 -28.5 93.3 -26.0 -65.1 144.2 320.2 100.7 -4.8 33

34 Holding companies 4.6 -4.0 2.7 13.8 7.1 -14.2 -28.4 45.6 25.6 9.6 -120.1 34

 Memo:

35 Federal government borrowing (1) 237.1 1239.2 1443.9 1580.2 1067.9 850.9 791.8 1339.0 1290.0 1428.1 1182.9 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, September 20, 2012

F.210 Agency- and GSE-Backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 905.3 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 1

 2 Budget agencies -0.4 0.2 0.1 0.7 1.1 1.2 0.2 1.9 1.1 -3.3 0.1 2

 3 Government-sponsored enterprises 282.4 271.7 -475.3 -233.8 -187.2 11.1 -479.9 -138.3 -141.7 -274.9 -155.0 3

 4 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 4

 5 Net purchases 905.3 768.9 -59.9 -46.2 -20.8 255.9 -326.7 -0.5 -11.7 -118.7 -18.7 5

 6 Household sector 324.6 89.5 -565.3 1.3 -25.3 332.8 -179.8 -215.4 -38.7 -176.5 -54.1 6

 7 Nonfinancial corporate business -2.4 -2.6 4.2 1.6 -0.1 -7.4 12.0 -9.4 4.5 6.9 -5.3 7

 8 State and local governments 43.9 -4.6 -19.3 -13.5 -45.3 -36.7 -31.8 -53.3 -59.3 -47.9 -26.1 8

 9 Federal government 0.0 54.4 142.0 -47.2 -118.1 -43.1 -139.1 -132.3 -158.0 -118.5 -5.8 9

10 Rest of the world 248.8 -228.6 -226.0 -72.3 -24.2 -48.2 -59.5 13.4 -2.3 -24.5 -50.5 10

11 Monetary authority 0.0 19.7 1048.5 71.4 -197.9 -279.8 -176.4 -185.6 -149.9 -33.6 52.9 11

12 U.S.-chartered depository institutions -111.0 136.2 168.0 110.1 106.9 138.4 -8.8 67.9 230.2 260.2 -123.4 12

13 Foreign banking offices in U.S. 2.0 -6.5 -19.3 -4.8 4.0 19.6 -3.4 6.5 -6.5 -6.1 13.0 13

14 Banks in U.S.-affiliated areas -2.7 -2.0 -3.9 -7.7 -8.0 -23.5 -3.7 -2.6 -2.1 1.2 -1.2 14

15 Credit unions -4.1 14.4 27.9 40.8 30.6 44.3 9.8 23.8 44.5 38.3 26.9 15

16 Property-casualty insurance companies 3.8 -11.5 1.9 -0.4 6.4 4.1 0.4 4.7 16.6 -2.8 0.8 16

17 Life insurance companies 5.5 -16.7 5.8 4.0 -1.2 3.3 -3.5 1.0 -5.6 -39.6 -47.3 17

18 Private pension funds 28.2 21.3 -49.0 -11.5 5.1 5.0 4.2 12.9 -1.9 -40.9 -42.5 18

19 State and local govt. retirement funds 23.3 6.3 -30.5 -21.7 5.1 14.1 -6.1 13.0 -0.4 2.3 1.8 19

20 Federal government retirement funds -0.2 -0.2 0.0 0.6 0.7 -0.6 1.2 1.0 1.2 2.0 2.4 20

21 Money market mutual funds 104.5 520.3 -213.2 -140.1 0.9 -95.2 -44.7 120.8 22.6 -278.5 28.3 21

22 Mutual funds 66.2 27.3 46.4 152.0 146.2 9.1 102.9 236.6 236.2 208.8 153.3 22

23 Government-sponsored enterprises -11.1 207.0 -27.4 -85.1 -18.1 -12.4 -22.6 -0.4 -36.8 -45.0 -21.2 23

24 ABS issuers 11.6 -23.9 -227.3 -97.5 -0.0 24.3 -5.6 -6.9 -11.9 -32.7 0.6 24

25 REITs 23.5 0.7 15.5 38.2 101.4 189.6 104.8 88.8 22.5 219.0 71.6 25

26 Brokers and dealers 152.2 -47.5 -131.8 38.9 -2.1 13.7 85.9 -31.8 -76.2 3.7 84.6 26

27 Holding companies -1.3 15.9 -7.0 -3.2 12.0 4.6 37.1 47.0 -40.5 -14.4 -77.5 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, September 20, 2012 49

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 235.9 95.3 154.5 97.7 -52.2 -66.4 -69.0 -16.6 -56.9 -45.0 37.6 1

 2 State and local governments 146.2 19.2 110.7 65.3 -59.5 -85.7 -78.7 -8.1 -65.5 -37.6 22.5 2

 3 Short-term (1) 16.8 4.7 7.7 -0.6 -10.7 -11.9 -25.9 13.8 -18.9 -3.3 36.3 3

 4 Long-term 129.4 14.4 102.9 66.0 -48.8 -73.8 -52.8 -21.8 -46.6 -34.3 -13.8 4

 5 Nonprofit organizations (2) 20.6 8.0 6.0 -2.3 -7.8 -1.4 -4.7 -18.5 -6.7 -8.7 -18.8 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 69.0 68.2 37.8 34.7 15.1 20.6 14.5 10.0 15.3 1.2 33.9 6

 7 Net change in assets 235.9 95.3 154.5 97.7 -52.2 -66.4 -69.0 -16.6 -56.9 -45.0 37.6 7

 8 Household sector 42.9 41.0 128.4 57.5 -61.4 38.3 -70.3 -55.1 -158.5 -204.6 -70.5 8

 9 Nonfinancial corporate business 1.1 -3.0 0.9 -3.0 -4.5 -17.9 -1.3 2.7 -1.6 11.0 -5.4 9

10 Nonfinancial noncorporate business -0.5 -0.4 0.2 -0.2 -0.0 -0.1 -0.0 -0.0 0.0 0.0 -0.0 10

11 State and local governments 1.6 0.7 1.2 0.9 -0.2 0.3 0.4 -0.9 -0.5 -0.5 -0.7 11

12 Rest of the world 10.7 5.4 8.2 13.1 10.9 9.9 9.9 12.0 12.0 12.0 12.8 12

13 U.S.-chartered depository institutions 11.9 19.9 2.4 30.3 42.6 26.1 30.4 66.7 47.4 46.8 81.4 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 0.7 0.5 0.9 -0.9 0.9 1.2 -1.3 1.4 2.4 -0.1 -2.6 15

16 Property-casualty insurance companies 36.1 10.6 -12.6 -21.0 -17.4 -24.3 -34.5 -21.7 10.8 -7.6 2.2 16

17 Life insurance companies 4.8 5.7 26.1 39.2 9.3 10.7 8.3 10.3 7.7 4.0 -7.6 17

18 State and local govt. retirement funds -0.8 -1.0 0.0 0.1 -0.1 0.2 -0.1 -0.2 -0.0 19.7 7.8 18

19 Money market mutual funds 100.7 23.6 -93.3 -66.9 -37.9 -44.6 -47.3 -32.1 -27.7 -27.2 -51.4 19

20 Mutual funds 27.8 17.4 90.6 46.4 16.0 -45.9 20.1 27.2 62.6 85.6 83.3 20

21 Closed-end funds 1.9 -13.4 3.2 0.2 0.9 -3.4 5.2 -7.6 9.5 2.0 2.3 21

22 Exchange-traded funds 0.6 1.7 3.6 1.7 1.0 -0.6 1.1 0.4 3.2 4.2 3.3 22

23 Government-sponsored enterprises -2.8 -2.0 -2.2 -4.2 -3.9 -4.3 -3.7 -3.8 -3.7 -3.4 -3.3 23

24 Brokers and dealers -0.7 -11.4 -3.3 4.6 -8.5 -12.0 14.3 -15.8 -20.6 12.8 -14.1 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, September 20, 2012

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 1240.7 -233.8 -36.7 -100.6 129.3 205.0 205.0 83.2 23.8 294.9 -191.7 1

 2 Nonfinancial corporate business 311.1 205.5 387.6 422.8 384.6 404.3 461.2 322.4 350.4 470.1 370.2 2

 3 Rest of the world (1) 218.7 -158.8 163.3 59.9 57.8 151.0 120.2 69.2 -109.4 -73.6 -106.0 3

 4 Financial sectors 710.9 -280.5 -587.6 -583.3 -313.0 -350.2 -376.4 -308.4 -217.2 -101.6 -455.8 4

 5 U.S.-chartered depository institutions 24.8 0.1 -28.5 6.7 -21.0 -13.1 -3.2 -13.1 -54.5 50.4 -50.9 5

 6 ABS issuers (net) (3) 546.2 -327.2 -472.5 -465.4 -222.9 -352.1 -187.4 -279.2 -72.8 -292.0 -252.5 6

 7 Finance companies -2.8 -49.6 -87.0 -111.7 -26.8 -73.8 -20.2 46.3 -59.3 -33.8 -86.3 7

 8 REITs 0.7 -60.3 -41.3 -0.1 15.5 46.4 0.9 -9.4 24.0 30.0 24.6 8

 9 Brokers and dealers -4.0 32.3 -4.2 36.9 -37.9 -5.9 -72.7 -43.4 -29.7 24.9 16.5 9

10 Holding companies 94.4 123.0 7.8 -46.5 -91.6 8.7 -200.1 -86.7 -88.1 110.1 -124.3 10

11 Funding corporations 51.5 1.4 37.9 -3.2 71.6 39.6 106.4 77.1 63.4 8.7 17.2 11

12 Net purchases 1240.7 -233.8 -36.7 -100.6 129.3 205.0 205.0 83.2 23.8 294.9 -191.7 12

13 Household sector 216.3 -218.3 -127.8 -287.4 -26.7 5.3 38.6 -161.1 10.5 -366.0 -314.5 13

14 State and local governments 14.2 -1.3 6.8 2.3 -6.4 -5.2 -3.6 -10.7 -6.2 -5.7 -8.4 14

15 Federal government 0.0 0.0 0.6 0.3 -0.1 -0.0 0.0 -0.3 -0.1 -0.1 -0.0 15

16 Rest of the world (2) 424.6 -21.4 -127.7 -37.0 -80.7 -53.8 -89.8 -43.4 -136.0 -70.1 -153.0 16

17 U.S.-chartered depository institutions 151.2 -64.1 25.9 -98.8 3.0 -67.7 -27.5 78.1 29.0 -78.3 -13.4 17

18 Foreign banking offices in U.S. 77.0 32.1 -156.7 -11.0 0.6 -53.3 35.6 105.0 -84.9 -72.2 0.6 18

19 Banks in U.S.-affiliated areas 0.1 0.0 1.5 -1.4 3.6 21.1 -2.6 -2.8 -1.4 0.5 -0.8 19

20 Credit unions 3.9 -8.9 -7.0 -15.0 0.4 0.2 0.2 -0.5 1.9 2.2 0.5 20

21 Property-casualty insurance companies 5.9 -15.4 30.8 24.3 38.4 30.4 20.5 33.3 69.2 -8.3 2.3 21

22 Life insurance companies 43.1 -45.5 97.6 102.9 93.4 131.7 74.6 102.7 64.8 118.6 -113.6 22

23 Private pension funds 39.8 42.7 42.8 -2.8 0.8 -5.2 1.7 8.6 -1.9 -7.0 -7.1 23

24 State and local govt. retirement funds 13.6 15.9 -4.3 3.8 8.6 7.0 -6.8 35.2 -1.2 8.3 6.1 24

25 Federal government retirement funds 1.5 -0.5 -0.0 0.2 1.4 0.9 2.1 1.9 0.7 1.1 1.4 25

26 Money market mutual funds 8.5 -148.8 -58.1 -15.7 -24.6 2.8 -2.1 -105.1 5.9 -13.2 -39.4 26

27 Mutual funds 123.0 69.9 146.2 148.7 190.3 192.2 207.2 181.4 180.4 333.0 275.0 27

28 Closed-end funds -1.0 -24.9 6.2 4.1 -1.9 9.7 -1.5 -11.7 -4.0 7.9 3.7 28

29 Exchange-traded funds 6.2 13.9 27.6 18.7 33.6 23.1 27.0 34.0 50.4 62.5 49.3 29

30 Government-sponsored enterprises -17.4 -77.7 -33.8 -16.9 -33.4 -36.6 -59.0 -22.9 -15.1 -26.4 -107.2 30

31 Finance companies 4.5 3.0 6.3 -19.6 0.9 1.3 7.1 9.9 -14.8 0.2 7.9 31

32 REITs -30.2 -22.8 3.8 5.3 1.3 15.1 6.5 3.6 -20.0 13.9 8.2 32

33 Brokers and dealers 27.3 -259.0 47.5 35.2 -85.9 51.7 -60.0 -214.9 -120.2 182.4 -55.1 33

34 Holding companies 19.2 -0.0 -8.4 7.3 -20.1 8.5 0.6 -74.3 -15.0 -9.6 38.9 34

35 Funding corporations 109.6 497.3 43.6 51.9 32.6 -74.4 36.1 136.9 31.8 221.3 226.9 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, September 20, 2012 51

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues -460.3 264.8 315.3 -8.1 -218.1 -36.3 -201.4 -241.1 -393.6 -254.2 -259.5 1

 2 Nonfinancial corporate business -786.8 -336.0 -64.6 -278.0 -472.7 -324.2 -510.7 -617.5 -438.2 -344.9 -463.9 2

 3 Rest of the world (2) 147.8 -38.5 63.7 79.1 89.0 190.9 108.6 91.2 -34.5 59.2 83.9 3

 4 Financial sectors 178.7 639.3 316.2 190.8 165.5 96.9 200.7 285.2 79.2 31.5 120.5 4

 5 U.S.-chartered depository institutions 7.5 12.1 11.6 11.9 6.4 7.0 9.0 16.1 -6.5 3.5 1.3 5

 6 Property-casualty insurance companies -13.2 0.4 -5.3 -12.7 -10.7 -11.1 2.9 -20.7 -14.0 -18.1 -11.3 6

 7 Life insurance companies -30.6 -10.7 -0.9 -4.8 -11.5 -8.7 -11.5 -16.0 -10.0 -11.5 -11.9 7

 8 Closed-end funds 17.6 -61.8 7.4 -0.0 -2.0 -0.4 7.7 19.6 -35.0 -31.6 14.0 8

 9 Exchange-traded funds 150.6 177.2 116.5 118.0 117.6 94.4 116.9 83.7 175.6 212.7 100.2 9

10 REITs 17.1 12.8 24.2 28.2 37.5 64.1 39.8 30.7 15.3 59.5 31.1 10

11 Government-sponsored enterprises 25.5 27.6 96.0 38.1 29.2 8.0 27.5 27.1 54.0 22.9 -12.5 11

12 Brokers and dealers 32.3 120.2 -32.4 -11.1 14.6 -11.0 30.8 134.0 -95.5 -183.9 25.1 12

13 Holding companies -28.0 321.4 68.6 19.8 2.9 14.9 -22.4 19.8 -0.9 12.7 -15.4 13

14 Funding corporations (3) 0.0 40.0 30.5 3.5 -18.4 -60.4 0.0 -9.2 -3.9 -34.5 0.0 14

15 Net purchases -460.3 264.8 315.3 -8.1 -218.1 -36.3 -201.4 -241.1 -393.6 -254.2 -259.5 15

16 Household sector -842.3 -99.1 90.7 -136.1 -173.9 20.2 -378.2 -72.7 -264.9 -151.5 -124.2 16

17 State and local governments -1.9 9.8 16.0 -30.8 -6.0 -24.4 -4.4 41.5 -36.7 -49.5 -4.2 17

18 Federal government 0.0 256.3 0.6 24.1 40.0 33.3 58.0 10.2 58.5 -20.6 -16.9 18

19 Rest of the world (4) 218.5 105.1 155.6 72.5 -37.7 14.8 16.3 -93.4 -88.6 8.9 -59.6 19

20 Monetary authority 0.0 0.0 25.1 1.3 -26.4 -105.5 0.0 0.0 0.0 0.0 0.0 20

21 U.S.-chartered depository institutions 1.4 0.9 6.3 -1.8 1.0 -9.4 16.7 3.5 -6.8 8.5 3.0 21

22 Foreign banking offices in U.S. 0.0 0.0 0.0 0.1 -0.0 -0.0 -0.2 0.0 0.0 0.0 0.0 22

23 Property-casualty insurance companies 0.5 35.1 -2.4 -20.9 2.3 1.8 -10.3 27.0 -9.4 5.3 12.2 23

24 Life insurance companies 84.1 81.8 33.4 45.6 37.7 32.5 38.6 35.3 44.4 24.3 46.4 24

25 Private pension funds -188.3 -184.6 -175.6 -50.5 -24.0 -33.0 -14.8 -18.5 -29.8 -67.6 -42.9 25

26 State and local govt. retirement funds -6.4 1.2 -17.3 -25.8 -65.7 -82.8 -18.6 -128.7 -32.5 -69.1 -47.9 26

27 Federal government retirement funds 1.9 -8.4 8.8 5.4 -4.2 -1.2 1.2 -18.1 1.4 6.5 -3.8 27

28 Mutual funds 91.3 -38.1 86.3 42.8 1.7 133.4 13.6 -61.4 -79.0 -76.2 -68.3 28

29 Closed-end funds 18.4 -21.1 -3.3 -5.0 -0.8 -7.2 4.0 40.4 -40.4 -42.7 8.4 29

30 Exchange-traded funds 137.3 154.2 70.5 88.3 71.6 64.7 73.2 31.5 116.9 147.7 26.4 30

31 Brokers and dealers 25.4 -28.5 -4.6 -18.5 -7.2 32.1 3.4 -37.6 -26.8 21.9 11.8 31

32 Funding corporations 0.0 0.0 25.1 1.3 -26.4 -105.5 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 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 1

 2 Net purchases 364.7 31.0 490.5 389.3 403.1 952.6 482.1 -193.4 371.0 876.5 628.2 2

 3 Household sector 212.8 8.3 305.9 203.0 298.4 728.7 269.1 -111.3 307.2 736.5 479.5 3

 4 Nonfinancial corporate business -4.8 -16.7 35.5 11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 -11.2 4

 5 State and local governments 1.2 16.7 -8.8 -9.5 -1.6 -9.1 0.5 20.6 -18.4 -39.8 -7.7 5

 6 Rest of the world 38.2 -2.0 56.5 112.2 70.5 150.6 130.9 -21.4 22.0 69.5 47.6 6

 7 U.S.-chartered depository institutions 3.6 1.3 14.8 -5.8 -0.8 -1.6 -6.4 -0.5 5.3 -10.3 11.6 7

 8 Credit unions -0.0 -0.0 -0.7 0.2 0.3 0.6 0.6 -0.2 0.1 1.0 -0.3 8

 9 Property-casualty insurance companies -0.5 -0.4 0.1 -0.1 -0.1 -0.2 -0.0 -0.0 -0.1 -0.0 -0.1 9

10 Life insurance companies 31.3 -10.7 0.0 1.0 1.1 1.0 1.0 1.2 1.2 1.2 1.3 10

11 Private pension funds 88.1 35.5 89.8 80.9 56.1 106.1 100.5 -51.8 69.6 139.9 114.5 11

12 State and local govt. retirement funds -5.2 -1.1 -2.5 -3.8 -9.6 -12.1 -2.7 -18.8 -4.7 -10.1 -7.0 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
52 Z.1, September 20, 2012

F.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 332.1 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 134.7 1

 2 Household sector -9.1 4.6 33.0 52.4 -53.9 -68.9 -184.5 -69.8 107.6 70.4 223.6 2

 3 Corporate business 96.3 64.2 -219.8 -33.4 73.4 64.0 43.0 105.4 81.3 102.3 90.0 3

 4 Noncorporate business 140.8 119.6 -116.3 -70.4 52.2 30.0 50.3 61.0 67.5 114.0 79.8 4

 5 Rest of the world 24.1 5.1 -11.2 17.9 29.2 47.9 13.7 41.7 13.4 29.0 44.8 5

 6 Foreign official institutions -0.0 0.7 0.6 1.1 -1.7 -0.1 -4.2 -0.5 -2.0 -0.3 -1.6 6

 7 Foreign banks 8.3 2.8 -5.1 11.8 11.3 24.2 13.7 15.6 -8.2 2.1 11.2 7

 8 Other foreign 15.8 1.6 -6.6 4.9 19.5 23.8 4.1 26.6 23.6 27.3 35.1 8

 9 Financial sectors 80.1 496.4 -435.4 -62.9 31.6 -51.2 158.1 56.1 -36.4 -150.8 -303.4 9

10 Finance companies 52.8 -7.1 -30.4 -64.9 15.9 12.3 -43.1 58.9 35.7 -17.0 -26.0 10

11 REITs 4.8 -0.3 -12.1 -2.2 3.6 -9.0 -2.4 19.1 6.8 -13.9 5.3 11

12 Brokers and dealers 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Holding companies 22.5 13.3 2.3 26.1 64.0 39.3 233.2 24.1 -40.7 -81.6 -235.1 13

14 Funding corporations 0.0 444.9 -349.6 -21.9 -51.9 -93.8 -29.6 -45.9 -38.2 -38.3 -47.6 14

15 Net change in assets 332.1 689.9 -749.7 -96.5 132.5 21.8 80.6 194.4 233.3 164.9 134.7 15

16 Monetary authority (2) 0.0 490.4 -347.6 -44.8 -67.6 -115.7 -55.4 -51.7 -47.4 -46.1 -57.7 16

17 U.S.-chartered depository institutions 226.6 131.2 -277.7 -35.9 156.3 87.2 69.6 201.9 266.6 231.2 212.8 17

18 Foreign banking offices in U.S. 105.0 65.1 -125.4 -16.1 36.1 45.5 69.0 38.1 -8.0 -15.0 -10.3 18

19 Banks in U.S.-affiliated areas -4.2 -1.7 -0.3 -3.3 1.1 -0.1 -0.3 2.7 1.9 0.4 0.3 19

20 Credit unions 4.8 4.8 1.3 3.5 6.6 4.9 -2.3 3.4 20.2 -5.6 -10.3 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, September 20, 2012 53

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 528.1 99.6 -428.0 -228.8 12.5 -69.6 25.2 -2.9 97.3 -141.0 52.8 1

 2 U.S. government loans -2.2 6.1 66.1 3.6 4.9 8.7 -11.7 7.1 15.4 9.5 6.5 2

 3 Liab.: Household sector -0.4 0.3 -0.2 -1.0 -0.5 -0.3 -0.7 -0.0 -0.9 -1.1 0.4 3

 4 Nonfinancial corporate business -0.2 4.4 59.6 -4.3 -0.5 5.3 -16.2 3.1 5.9 6.3 6.2 4

 5 Nonfinancial noncorporate business 1.1 2.1 3.6 0.6 2.9 2.2 4.6 1.7 3.1 0.2 2.6 5

 6 State and local governments 0.7 0.8 0.8 0.9 0.9 0.4 0.8 1.1 1.2 0.5 1.1 6

 7 Rest of the world -3.3 -1.5 0.3 0.2 1.4 0.5 -1.5 0.6 6.0 7.7 0.0 7

 8 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations 0.0 0.0 2.0 7.2 0.7 0.6 1.4 0.6 0.1 -4.1 -3.8 10

11 Foreign loans to U.S. corporate business 102.7 -64.1 -24.9 -22.0 42.1 38.1 49.1 84.3 -3.0 -94.7 -45.6 11

12 Liab.: Nonfinancial corporate business 102.7 -64.1 -24.9 -22.0 42.1 38.1 49.1 84.3 -3.0 -94.7 -45.6 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. 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Liab.: Nonfinancial corporate business -0.1 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Rest of the world 0.1 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 0.7 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 0.8 17

18 Liab.: Nonfinancial corporate business 0.7 2.0 -3.2 4.3 4.0 32.0 -10.6 2.4 -7.7 78.5 -3.1 18

19 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.9 19

20 Policy loans (Household liability) 3.6 5.9 0.7 3.4 2.4 1.2 2.8 3.7 2.0 -0.2 -1.0 20

21 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 21

22 Life insurance companies 3.6 5.9 0.7 3.4 2.5 1.2 2.8 3.7 2.0 -0.1 -1.0 22

23 Govt.-sponsored enterprises loans (1) 237.7 38.1 -284.8 -144.7 -64.2 -56.3 -101.9 -97.7 -1.0 -23.6 85.2 23

24 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Nonfinancial corporate business (FCS) 1.9 -3.8 -0.4 1.6 -0.9 3.6 -2.8 -4.1 -0.1 3.9 5.8 25

26 Nonfinancial noncorporate business (FCS) 10.1 8.5 0.2 5.6 -2.7 -2.0 -2.7 -8.6 2.6 -2.4 10.5 26

27 U.S.-chartered dep. inst. (FHLB & SLMA) 197.8 -1.2 -263.9 -148.3 -60.5 -50.0 -95.4 -89.6 -7.0 -26.6 49.8 27

28 Credit unions (FHLB) 13.4 8.3 -14.1 -0.4 -2.0 -9.6 -3.5 3.7 1.6 -5.1 3.3 28

29 Life insurance companies (FHLB) 14.5 26.2 -6.6 -3.2 1.8 1.8 2.4 0.9 1.9 6.6 15.7 29

30 Securitized loans held by ABS issuers -4.0 -15.6 -23.7 -4.9 -3.9 -14.8 -0.7 -0.0 -0.0 0.0 -0.0 30

31 Liab.: Nonfinancial corporate business -4.0 -15.6 -23.7 -4.9 -3.9 -14.8 -0.7 -0.0 -0.0 0.0 -0.0 31

32 Finance company loans to business 24.9 16.9 -91.0 -15.2 2.4 -20.4 -44.1 9.2 64.8 -16.6 9.0 32

33 Liab.: Nonfinancial corporate business 22.4 15.2 -81.9 -13.7 2.1 -18.4 -39.7 8.3 58.3 -14.9 8.1 33

34 Nonfinancial noncorporate business 2.5 1.7 -9.1 -1.5 0.2 -2.0 -4.4 0.9 6.5 -1.7 0.9 34

35 Loans to nonfinancial corporate business (2) 164.6 110.5 -67.1 -53.3 24.9 -58.0 142.5 -11.8 26.9 -94.0 -2.0 35

36 Asset: Household sector 8.5 12.2 -5.3 -0.6 -2.8 -3.8 1.7 -0.4 -8.7 12.6 -1.6 36

37 Life insurance companies 9.6 14.3 -13.3 -3.7 5.4 -5.2 7.6 12.9 6.4 -7.8 4.0 37

38 Mutual funds 36.1 12.4 1.3 -0.8 18.9 48.7 52.0 -17.9 -7.2 2.9 -3.6 38

39 ABS issuers 92.6 53.4 -27.4 -34.0 -1.5 -79.1 70.2 -21.7 24.5 18.2 8.0 39

40 Brokers and dealers 11.1 3.1 -12.7 -12.7 6.9 -6.0 8.3 25.6 -0.1 -94.9 -10.0 40

41 Funding corporations 6.7 15.1 -9.8 -1.5 -2.0 -12.7 2.8 -10.2 12.0 -25.0 1.2 41

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
54 Z.1, September 20, 2012

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 1075.5 89.3 -281.6 -521.9 -328.0 -374.8 -370.9 -304.6 -261.6 -443.6 -308.0 1

 2 Home 724.4 -114.3 -199.4 -353.7 -255.2 -289.9 -268.2 -200.0 -262.5 -341.2 -213.5 2

 3 Multifamily residential 84.6 49.8 9.5 -12.4 4.9 -3.1 -0.8 3.6 19.8 -5.6 13.6 3

 4 Commercial 261.8 131.8 -88.3 -165.5 -82.7 -86.8 -106.9 -113.2 -23.9 -101.8 -113.0 4

 5 Farm 4.6 22.0 -3.4 9.7 5.0 5.0 4.9 5.0 5.0 5.0 5.0 5

 6 Net borrowing 1075.5 89.3 -281.6 -521.9 -328.0 -374.8 -370.9 -304.6 -261.6 -443.6 -308.0 6

 7 Household sector 700.9 -60.2 -152.4 -317.4 -235.8 -263.2 -246.2 -186.7 -247.0 -330.5 -213.3 7

 8 Nonfinancial business 369.9 142.7 -132.6 -204.7 -101.3 -118.8 -143.2 -122.2 -21.1 -123.5 -121.0 8

 9 Corporate 62.8 -44.3 -119.9 -80.4 -35.9 -35.6 -51.2 -48.8 -8.0 -37.1 -50.7 9

10 Noncorporate 307.1 186.9 -12.7 -124.3 -65.4 -83.2 -92.0 -73.3 -13.1 -86.4 -70.3 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 4.7 6.8 3.4 0.2 9.1 7.1 18.4 4.2 6.5 10.4 26.4 12

13 Net change in assets 1075.5 89.3 -281.6 -521.9 -328.0 -374.8 -370.9 -304.6 -261.6 -443.6 -308.0 13

14 Household sector -12.3 1.4 -9.7 -11.3 -10.7 -9.6 -12.6 -6.9 -13.5 -16.0 -15.9 14

15 Nonfinancial corporate business -18.4 -7.7 -4.1 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 -1.5 15

16 Nonfinancial noncorporate business 7.4 -3.0 -1.2 -1.4 -0.1 -0.4 -0.3 -0.1 0.3 0.2 -0.1 16

17 State and local governments 17.3 -1.0 9.1 -3.4 -6.2 -0.3 -3.6 -13.1 -7.6 -7.0 -10.3 17

18 Federal government 2.1 13.5 12.6 -1.8 4.0 4.9 6.2 -0.1 5.2 4.5 1.7 18

19 U.S.-chartered depository institutions 243.0 -43.4 -243.3 -205.0 -145.4 -417.8 -144.5 -15.5 -3.7 -223.0 20.4 19

20 Foreign banking offices in U.S. 14.1 5.2 -6.4 -2.5 -2.6 -6.1 -3.2 2.6 -3.6 -6.4 -0.1 20

21 Banks in U.S.-affiliated areas 1.6 1.8 -0.3 -6.5 -2.4 -3.9 -3.7 -2.2 0.2 -1.9 -2.1 21

22 Credit unions 27.7 32.0 4.8 0.0 3.5 4.8 -1.4 1.8 9.0 9.2 4.2 22

23 Property-casualty insurance companies 1.3 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 0.8 23

24 Life insurance companies 22.4 16.3 -16.3 -8.6 15.0 8.3 17.3 15.8 18.6 21.4 14.9 24

25 Private pension funds 0.7 0.9 2.6 1.9 -0.5 -1.8 -1.1 -2.3 3.1 -0.6 -0.4 25

26 State and local govt. retirement funds -4.7 -0.3 -0.1 0.1 -0.1 -0.8 0.0 0.4 -0.1 -0.1 -0.0 26

27 Government-sponsored enterprises (1) 35.9 62.2 2.4 -110.8 -96.9 61.6 -110.5 -157.6 -181.3 -89.4 -170.9 27

28 Agency- and GSE-backed mortgage pools 623.3 497.0 415.3 186.9 165.3 243.6 153.0 135.8 128.9 159.6 136.2 28

29 ABS issuers 190.1 -354.9 -367.7 -295.4 -218.4 -222.0 -248.1 -202.3 -201.2 -255.5 -264.5 29

30 Finance companies -62.5 -84.0 -50.5 -55.9 -32.1 -36.5 -28.5 -48.3 -15.0 -32.9 -31.9 30

31 REITs -13.2 -46.9 -28.0 -6.3 0.2 3.1 10.4 -12.1 -0.6 -5.0 11.3 31
Z.1, September 20, 2012 55

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 724.4 -114.3 -199.4 -353.7 -255.2 -289.9 -268.2 -200.0 -262.5 -341.2 -213.5 1

 2 Household sector 687.6 -57.1 -145.5 -305.3 -229.3 -256.6 -238.0 -178.4 -244.2 -323.3 -205.0 2

 3 Nonfinancial corporate business 2.9 -10.2 -12.4 -6.8 -3.4 -4.7 -4.1 -2.7 -2.0 -1.0 -0.1 3

 4 Nonfinancial noncorporate business 33.9 -46.9 -41.5 -41.7 -22.5 -28.6 -26.1 -18.9 -16.3 -16.8 -8.5 4

 5 Net change in assets 724.4 -114.3 -199.4 -353.7 -255.2 -289.9 -268.2 -200.0 -262.5 -341.2 -213.5 5

 6 Household sector -12.1 0.4 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 6

 7 Nonfinancial corporate business -10.9 -4.8 -2.5 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 7

 8 Nonfinancial noncorporate business 2.7 -1.1 -0.4 -0.5 -0.0 -0.2 -0.1 -0.0 0.1 0.1 -0.0 8

 9 State and local governments 9.2 -0.4 4.7 -2.3 -3.2 -0.4 -1.9 -6.8 -3.9 -3.6 -5.3 9

10 Federal government 0.3 2.7 5.7 1.8 0.9 1.8 2.4 -1.5 1.0 2.8 0.8 10

11 U.S.-chartered depository institutions 135.2 -184.4 -197.0 -101.5 -77.1 -315.4 -72.2 61.0 18.4 -175.5 47.9 11

12 Foreign banking offices in U.S. 0.0 -1.5 -6.0 0.1 0.3 -0.1 0.1 0.8 0.2 0.5 -0.5 12

13 Banks in U.S.-affiliated areas 4.3 1.4 -0.3 -2.5 -2.4 -5.4 -2.2 -1.1 -0.7 -1.0 -1.0 13

14 Credit unions 27.7 32.0 4.8 0.0 3.5 4.8 -1.4 1.8 9.0 9.2 4.2 14

15 Life insurance companies -0.9 -0.8 -2.2 -0.7 0.7 0.1 0.9 1.2 0.7 0.8 0.7 15

16 Private pension funds -0.1 0.1 0.7 -0.1 -0.3 -0.9 -0.2 -0.4 0.3 0.3 0.8 16

17 State and local govt. retirement funds -1.7 -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 -0.0 -0.0 17

18 Government-sponsored enterprises -9.7 8.8 -11.3 -119.5 -103.5 59.3 -108.5 -168.2 -196.4 -101.3 -171.2 18

19 Agency- and GSE-backed mortgage pools 622.6 492.2 402.5 175.8 148.0 228.2 129.7 126.0 108.0 140.8 102.6 19

20 ABS issuers 46.7 -315.2 -320.5 -241.7 -192.6 -218.2 -196.0 -177.2 -179.1 -178.9 -184.3 20

21 Finance companies -65.4 -97.3 -47.8 -50.0 -19.8 -34.8 -10.1 -23.1 -11.1 -28.2 -11.5 21

22 REITs -23.5 -46.4 -21.7 -3.7 -0.7 0.4 0.3 -3.7 0.1 1.8 12.3 22

 Memo:

23 Home equity loans included above (2) 65.5 -18.2 -82.4 -90.5 -74.8 -93.5 -81.1 -62.6 -62.0 -88.7 -70.6 23

24 U.S.-chartered depository institutions 81.5 22.0 -53.3 -66.3 -60.1 -75.7 -66.4 -51.2 -47.2 -72.3 -59.4 24

25 Foreign banking offices in U.S. 0.0 -0.4 -0.6 0.0 -0.0 -0.0 -0.1 0.0 -0.1 0.1 -0.2 25

26 Credit unions 7.2 4.6 -4.1 -6.4 -6.0 -6.6 -6.5 -4.5 -6.5 -9.4 -5.0 26

27 ABS issuers -10.2 -24.9 -14.9 -8.6 -4.7 -6.3 -4.7 -3.9 -3.8 -4.1 -2.9 27

28 Finance companies -13.1 -19.5 -9.6 -9.3 -4.0 -5.0 -3.5 -3.0 -4.4 -2.9 -3.2 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 84.6 49.8 9.5 -12.4 4.9 -3.1 -0.8 3.6 19.8 -5.6 13.6 1

 2 Nonfinancial corporate business 4.3 2.4 0.4 -0.7 0.2 -0.0 -0.1 0.1 1.0 -0.2 0.8 2

 3 Nonfinancial noncorporate business 82.6 45.1 7.4 -12.6 4.7 -0.7 -1.0 2.5 18.1 -3.1 14.9 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 2.3 1.8 0.8 -0.1 -2.3 0.3 0.9 0.8 -2.4 -2.1 5

 6 Net change in assets 84.6 49.8 9.5 -12.4 4.9 -3.1 -0.8 3.6 19.8 -5.6 13.6 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 -0.3 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 8

 9 Nonfinancial noncorporate business 2.6 -1.0 -0.4 -0.5 -0.0 -0.1 -0.1 -0.0 0.1 0.1 -0.0 9

10 State and local governments 7.2 -0.3 3.7 -1.3 -2.3 0.6 -1.5 -5.3 -3.1 -2.8 -4.1 10

11 Federal government -0.3 0.1 0.1 -0.3 -0.3 -0.2 -0.8 -0.1 -0.0 0.0 -0.6 11

12 U.S.-chartered depository institutions 7.8 14.9 -9.0 -12.2 -6.6 -13.5 -4.7 -6.7 -1.3 -14.6 6.8 12

13 Foreign banking offices in U.S. 0.0 -0.2 -0.4 -0.5 -0.6 0.0 -1.3 -1.1 0.2 -5.7 -0.5 13

14 Life insurance companies 5.8 -0.1 -3.2 -1.3 2.1 0.1 2.7 3.5 2.3 2.5 2.3 14

15 Private pension funds 0.1 0.3 0.3 0.4 -0.3 -0.2 -0.7 -0.8 0.5 0.0 1.0 15

16 State and local govt. retirement funds -1.4 -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -0.0 -0.0 -0.0 16

17 Government-sponsored enterprises 42.3 42.5 14.2 2.0 2.8 -1.6 -5.8 7.1 11.4 8.3 -3.5 17

18 Agency- and GSE-backed mortgage pools -0.7 4.6 13.0 11.3 19.4 17.5 23.4 15.9 21.0 19.0 31.8 18

19 ABS issuers 21.5 -10.8 -5.8 -8.7 -7.7 -2.8 -10.4 -7.7 -9.7 -11.8 -19.1 19

20 Finance companies -0.1 0.8 -0.7 -1.0 -1.5 -2.0 -1.6 -1.1 -1.2 -0.6 -0.6 20

21 REITs 0.2 -0.9 -2.0 -0.4 -0.2 -0.5 -0.0 -0.1 -0.2 -0.0 0.2 21
56 Z.1, September 20, 2012

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 261.8 131.8 -88.3 -165.5 -82.7 -86.8 -106.9 -113.2 -23.9 -101.8 -113.0 1

 2 Household sector 13.3 -3.0 -6.9 -12.1 -6.4 -6.5 -8.2 -8.2 -2.8 -7.2 -8.3 2

 3 Nonfinancial corporate business 53.8 -42.4 -108.6 -75.4 -33.4 -31.5 -47.6 -46.9 -7.6 -36.4 -52.0 3

 4 Nonfinancial noncorporate business 187.8 172.8 25.6 -77.4 -52.0 -58.3 -69.3 -61.4 -19.2 -71.1 -81.2 4

 5 REITs 7.0 4.5 1.6 -0.6 9.2 9.4 18.1 3.3 5.8 12.8 28.5 5

 6 Net change in assets 261.8 131.8 -88.3 -165.5 -82.7 -86.8 -106.9 -113.2 -23.9 -101.8 -113.0 6

 7 Household sector 2.1 0.9 -0.7 -2.5 -4.3 -3.6 -4.1 -4.5 -5.0 -5.5 -5.9 7

 8 Nonfinancial corporate business -7.3 -2.8 -1.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 8

 9 Nonfinancial noncorporate business 2.0 -0.8 -0.3 -0.4 -0.0 -0.1 -0.1 -0.0 0.1 0.1 -0.0 9

10 State and local governments 1.4 -0.1 0.7 0.3 -0.6 -0.4 -0.3 -1.1 -0.6 -0.6 -0.8 10

11 Federal government 2.1 10.4 6.4 -3.7 3.2 3.5 4.1 1.1 3.9 1.5 1.5 11

12 U.S.-chartered depository institutions 98.1 117.4 -36.8 -95.1 -62.9 -90.0 -68.5 -71.1 -22.0 -36.8 -35.3 12

13 Foreign banking offices in U.S. 14.1 6.8 0.1 -2.1 -2.3 -6.1 -2.0 2.9 -4.0 -1.2 0.9 13

14 Banks in U.S.-affiliated areas -2.7 0.4 -0.0 -4.0 -0.1 1.5 -1.5 -1.1 0.8 -0.9 -1.1 14

15 Property-casualty insurance companies 1.3 0.2 -0.5 -0.3 0.8 -0.2 1.0 1.0 1.4 1.0 0.8 15

16 Life insurance companies 16.8 14.9 -9.4 -6.4 11.9 8.0 13.5 10.9 15.3 17.9 11.6 16

17 Private pension funds 0.7 0.5 1.5 1.5 0.1 -0.7 -0.2 -1.1 2.4 -1.0 -2.2 17

18 State and local govt. retirement funds -1.6 -0.1 -0.0 0.0 -0.0 -0.3 0.0 0.1 -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 121.9 -28.9 -41.4 -45.1 -18.1 -1.1 -41.6 -17.4 -12.4 -64.9 -61.1 20

21 Finance companies 2.9 12.6 -2.0 -4.9 -10.8 0.4 -16.8 -24.0 -2.7 -4.1 -19.7 21

22 REITs 10.1 0.4 -4.3 -2.3 1.1 3.1 10.1 -8.3 -0.4 -6.8 -1.2 22

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 4.6 22.0 -3.4 9.7 5.0 5.0 4.9 5.0 5.0 5.0 5.0 1

 2 Nonfinancial corporate business 1.8 6.0 0.7 2.4 0.6 0.6 0.6 0.6 0.6 0.5 0.5 2

 3 Nonfinancial noncorporate business 2.8 16.1 -4.1 7.3 4.4 4.4 4.4 4.4 4.4 4.5 4.5 3

 4 Net change in assets 4.6 22.0 -3.4 9.7 5.0 5.0 4.9 5.0 5.0 5.0 5.0 4

 5 Household sector -2.3 0.1 -1.0 -0.8 1.7 2.0 -0.5 5.6 -0.5 -2.6 -2.0 5

 6 Nonfinancial noncorporate business 0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 6

 7 State and local governments -0.6 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government 0.1 0.2 0.4 0.4 0.3 -0.2 0.5 0.3 0.4 0.1 0.1 8

 9 U.S.-chartered depository institutions 1.9 8.8 -0.5 3.8 1.2 1.2 1.0 1.2 1.2 3.8 1.0 9

10 Foreign banking offices in U.S. 0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0 -0.0 10

11 Life insurance companies 0.7 2.3 -1.5 -0.2 0.2 0.2 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 3.3 10.9 -0.5 6.7 3.7 3.9 3.7 3.5 3.8 3.5 3.8 13

14 Agency- and GSE-backed mortgage pools 1.4 0.1 -0.2 -0.2 -2.1 -2.1 -0.1 -6.0 -0.2 -0.2 1.7 14

(1) Excludes mortgages on farm houses.
Z.1, September 20, 2012 57

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 1

 2 Net change in assets 141.3 20.1 -115.8 -30.5 86.4 67.7 77.9 48.2 152.0 148.8 166.4 2

 3 Nonfinancial corporate business 2.2 -3.0 -4.6 -2.3 0.4 32.7 5.3 -29.4 -7.0 36.9 1.8 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) 6.0 11.3 74.3 130.2 108.7 149.8 83.0 127.5 74.4 135.8 99.0 5

 6 U.S.-chartered depository institutions 58.1 70.1 -64.5 -70.3 7.1 -66.6 57.6 -13.5 50.7 -48.0 75.9 6

 7 Credit unions 0.5 -0.4 0.9 -10.7 -3.4 -13.3 6.3 -3.3 -3.4 20.6 24.1 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 34.1 -40.1 -39.6 -50.4 -8.0 -3.9 -37.0 -3.4 12.2 12.7 -12.5 9

10 Finance companies 40.2 -17.9 -82.4 -27.0 -18.2 -31.0 -37.3 -29.8 25.1 -9.1 -22.0 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 202.0 -169.9 -23.2 188.8 221.5 229.1 187.7 226.9 242.4 392.5 72.2 1

 2 Household sector 14.6 22.2 16.0 21.4 14.0 20.0 14.0 13.6 8.5 6.6 2.8 2

 3 Nonfinancial corporate business 85.1 -225.2 -85.3 163.1 179.1 146.4 191.1 183.3 195.6 310.1 99.7 3

 4 Nonfinancial noncorporate business 26.0 5.8 7.6 -19.0 -2.5 -14.7 0.7 3.9 0.1 -2.5 -10.5 4

 5 State and local governments 37.0 39.2 39.6 40.0 40.2 40.0 40.1 40.3 40.4 40.4 40.2 5

 6 Federal government 29.3 22.6 -56.2 8.7 21.4 43.2 -3.5 19.4 26.3 18.6 -17.5 6

 7 Rest of the world 12.4 -9.9 6.1 26.6 -26.8 -7.4 -58.1 -21.7 -20.0 7.0 -27.2 7

 8 Brokers and dealers -2.4 -24.7 48.9 -52.0 -3.9 1.6 3.4 -11.9 -8.5 12.4 -15.3 8

 9 Net change in trade receivables 228.0 -196.0 -126.0 106.4 195.2 114.3 217.2 278.7 170.6 243.5 125.6 9

10 Nonfinancial corporate business 161.9 -167.7 -28.6 135.2 185.8 127.6 216.3 235.8 163.6 224.1 123.6 10

11 Nonfinancial noncorporate business 54.7 -3.0 -26.3 -18.9 -1.7 -5.5 -4.0 -1.8 4.3 2.6 -0.8 11

12 State and local governments -12.5 -21.1 -18.6 -20.2 -10.0 -20.2 -20.0 0.0 0.0 0.0 0.0 12

13 Federal government 1.2 4.2 -21.1 -0.7 4.8 -3.1 9.1 6.2 6.8 -5.2 6.9 13

14 Rest of the world 20.8 6.5 6.6 19.6 17.2 5.9 10.4 50.8 1.7 15.5 3.9 14

15 Property-casualty insurance companies -1.6 1.3 -3.7 0.8 3.4 2.5 15.2 2.0 -6.1 15.8 3.6 15

16 ABS issuers 3.4 -16.1 -34.3 -9.5 -4.2 7.1 -9.8 -14.4 0.3 -9.1 -11.6 16

17 Discrepancy -26.0 26.1 102.8 82.4 26.3 114.8 -29.5 -51.8 71.8 149.0 -53.3 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 276.5 -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 1

 2 Household sector 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 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 243.0 -237.3 -134.0 48.4 137.0 -9.8 290.6 437.6 -170.3 61.1 248.0 4

 5 Customer credit balances (HH) 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 5

 6 From U.S.-chartered depository institutions 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 6

 7 From foreign banking offices in U.S. 3.0 -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 7

 8 Net change in assets 276.5 -397.9 -95.9 123.6 97.4 140.4 279.1 193.9 -223.9 177.9 155.0 8

 9 Household sector 210.8 -123.8 -74.1 25.7 58.1 36.2 217.7 188.7 -210.3 39.9 61.5 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 29.3 12.8 -59.2 -5.8 37.3 -0.7 44.3 94.9 10.8 -39.4 75.8 11

12 Foreign banking offices in U.S. 3.0 -126.3 -0.8 28.5 41.6 -45.3 28.7 154.0 29.2 60.6 110.8 12

13 Brokers and dealers 33.4 -160.7 38.1 75.2 -39.7 150.2 -11.5 -243.7 -53.6 116.8 -93.1 13
58 Z.1, September 20, 2012

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Net change in liabilities 34.2 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 1

 2 Federal government 1.2 1.0 1.1 0.9 1.3 0.3 1.7 1.2 1.9 0.5 1.5 2

 3 Life insurance companies 33.0 66.0 25.4 16.4 92.8 82.0 85.6 117.9 85.9 61.5 -9.2 3

 4 Net change in assets 34.2 67.0 26.5 17.2 94.1 82.3 87.4 119.1 87.8 61.9 -7.8 4

 5 Households 18.0 61.7 23.7 9.0 86.9 76.8 83.6 109.5 77.6 25.0 -16.8 5

 6 U.S.-chartered depository institutions 10.9 6.4 0.8 4.5 4.8 5.4 4.3 3.7 6.0 12.4 4.8 6

 7 Holding companies 5.3 -1.2 2.1 3.8 2.4 0.2 -0.5 5.9 4.2 24.5 4.3 7

 Pension fund reserves:

 8 Net change in liabilities 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 8

 9 Life insurance companies 118.6 65.5 25.1 104.3 88.0 95.0 96.0 110.3 50.8 73.0 -53.5 9

10 Private pension funds (1) 32.3 -36.4 60.1 61.3 72.1 78.7 86.3 24.1 99.3 88.1 64.5 10

11 State and local govt. retirement funds 2.3 17.7 -28.0 -38.5 -52.3 -48.2 -42.5 -75.9 -42.7 -41.9 -35.2 11

12 Federal government retirement funds (2) 47.8 78.9 78.2 81.9 86.6 77.7 -268.9 447.7 90.0 67.9 104.9 12

13 Net change in assets (Households) (3) 201.1 125.7 135.3 209.0 194.4 203.2 -129.1 506.2 197.5 187.0 80.7 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 -69.3 -123.8 -3.4 15.3 13.8 52.6 -22.7 -9.1 34.3 18.9 17.9 1

 businesses

 2 Nonfinancial corporate business -49.6 3.1 -3.3 7.2 5.0 22.9 -13.6 9.0 1.5 -5.4 18.4 2

 3 Nonfinancial noncorporate business 3.8 6.7 -6.3 -4.8 -0.4 -1.4 -1.0 -0.4 1.1 0.7 -0.2 3

 4 U.S.-chartered depository institutions -15.6 -86.0 7.3 6.6 10.6 18.8 18.4 13.6 -8.5 7.7 9.2 4

 5 Property-casualty insurance companies -2.4 -28.1 5.3 5.6 -4.4 8.8 -20.7 -25.1 19.3 26.0 -20.7 5

 6 Life insurance companies -3.4 -19.7 -7.0 2.6 5.2 3.8 -4.8 -4.9 26.6 -14.8 13.9 6

 7 Finance companies -1.5 -0.1 -2.8 0.3 -0.6 -2.6 -1.5 1.4 0.5 1.2 -2.1 7

 8 Brokers and dealers -0.6 0.3 3.2 -2.1 -1.5 2.3 0.4 -2.6 -6.3 3.5 -0.6 8

 9 Net change in business taxes receivable -32.7 -59.8 29.2 25.9 35.0 54.3 26.2 61.9 -2.3 81.3 25.4 9

10 State and local governments 2.7 2.2 -6.7 -6.3 5.4 5.8 2.2 6.6 6.8 12.2 4.3 10

11 Federal government -35.5 -61.9 35.9 32.2 29.7 48.5 24.0 55.2 -9.1 69.1 21.1 11

12 Discrepancy -36.5 -64.0 -32.6 -10.5 -21.2 -1.7 -48.9 -70.9 36.6 -62.4 -7.5 12

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 18.4 -284.1 -17.9 28.4 -13.3 -0.1 -8.0 -7.9 -37.3 11.6 16.1 1

 2 Nonfinancial noncorporate business 16.0 -295.6 -14.2 28.1 -11.7 8.6 -7.8 -15.1 -32.4 -17.7 10.7 2

 3 Brokers and dealers 2.4 11.5 -3.6 0.4 -1.7 -8.7 -0.2 7.2 -4.9 29.3 5.4 3
Z.1, September 20, 2012 59

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 2530.1 2195.3 -396.7 1266.8 1190.2 905.7 906.6 1608.9 1339.7 890.9 923.8 1

 2 Household sector 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 2

 3 Nonfinancial corporate business 1193.8 547.3 27.4 461.6 372.1 -5.7 267.6 750.1 476.4 308.5 490.5 3

 4 Nonfinancial noncorporate business 94.2 114.1 32.7 34.9 22.0 22.9 26.6 28.2 10.4 38.2 -2.4 4

 5 Federal government 76.6 89.5 81.4 90.6 102.9 54.4 -287.6 469.2 175.6 36.8 118.0 5

 6 Rest of the world 562.7 511.9 -299.1 556.6 407.8 428.9 626.9 -172.6 747.8 70.4 323.3 6

 7 Monetary authority 2.5 2.2 6.1 29.2 -26.7 -81.7 -33.1 -44.0 52.0 49.9 -47.8 7

 8 U.S.-chartered depository institutions 41.3 19.3 242.2 193.3 55.2 408.1 19.2 -275.4 69.1 355.1 20.0 8

 9 Foreign banking offices in U.S. 144.8 549.5 -418.2 7.5 255.3 230.9 267.4 789.0 -266.2 -175.3 97.9 9

10 Banks in U.S.-affiliated areas -11.9 -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 -5.0 10

11 Credit unions -5.6 1.1 14.7 -8.4 1.5 2.9 -5.0 -4.5 12.4 -0.1 -10.2 11

12 Property-casualty insurance companies 25.8 40.2 -2.6 9.3 33.1 3.3 46.7 25.8 56.7 -28.0 23.0 12

13 Life insurance companies 67.6 46.8 -4.6 55.1 24.9 -75.1 -30.9 212.0 -6.3 63.2 11.8 13

14 Government-sponsored enterprises 17.7 37.1 62.2 -68.1 -24.0 -56.5 -11.3 -27.7 -0.6 5.7 -12.8 14

15 Finance companies -6.9 10.4 -91.2 -10.0 -37.3 -83.2 -11.7 -72.8 18.6 -27.4 -55.0 15

16 REITs 4.6 -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 62.2 -41.8 16

17 Brokers and dealers 46.2 -70.7 18.4 20.7 -3.5 174.0 58.3 -96.2 -150.2 275.7 -170.2 17

18 Holding companies 6.8 -163.8 -25.6 -68.2 -36.8 74.5 45.3 -25.7 -241.6 -130.1 51.2 18

19 Funding corporations 268.9 463.9 -26.0 -48.8 39.7 -208.7 -76.6 32.3 411.9 -20.3 125.8 19

20 Net change in assets 2559.3 306.5 -111.9 775.3 1255.0 952.1 1254.3 1652.7 1160.9 1413.3 1160.0 20

21 Household sector 66.1 55.1 21.1 44.4 46.8 7.2 7.5 73.0 99.7 -22.0 -7.4 21

22 Nonfinancial corporate business 938.4 -346.8 107.5 575.9 638.6 232.7 549.7 947.1 824.9 646.5 782.6 22

23 Nonfinancial noncorporate business 330.8 107.5 -81.7 -76.2 -4.2 -19.2 -13.3 -4.3 20.1 13.1 -0.6 23

24 State and local governments -30.5 -18.6 -9.9 41.2 -48.0 -49.8 -70.4 -60.0 -11.7 50.4 -53.2 24

25 Federal government 1.9 -28.0 35.4 -3.5 1.9 -1.3 7.2 1.8 0.1 -10.7 6.0 25

26 Rest of the world 638.4 -232.8 221.2 457.7 249.0 51.4 827.8 -335.0 452.0 262.2 499.6 26

27 Monetary authority 25.8 530.2 -493.8 7.8 142.9 41.1 51.6 -4.1 482.9 -152.8 -5.0 27

28 U.S.-chartered depository institutions 37.6 101.4 28.1 -80.0 -69.8 251.2 -80.9 -228.8 -221.0 164.7 -108.1 28

29 Foreign banking offices in U.S. 14.7 364.3 -115.8 4.9 222.7 247.3 156.3 618.4 -131.2 -179.8 83.1 29

30 Banks in U.S.-affiliated areas 6.1 -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 16.0 30

31 Credit unions 11.0 8.4 6.3 -8.7 -26.9 -13.8 -88.0 36.0 -41.8 -31.9 29.6 31

32 Property-casualty insurance companies 17.6 6.8 14.6 -22.5 3.1 -9.0 2.7 19.6 -1.1 -14.5 12.5 32

33 Life insurance companies 39.5 37.2 -22.5 2.8 48.9 -82.7 56.2 201.9 20.1 86.5 90.5 33

34 Private pension funds 17.5 11.3 21.6 -32.9 -6.2 -25.5 -16.1 0.4 16.3 3.7 20.3 34

35 State and local govt. retirement funds -0.6 -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.0 0.8 35

36 Federal government retirement funds 33.3 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 36

37 Money market mutual funds 31.8 -43.1 11.3 7.7 5.8 3.2 -87.6 -69.4 177.1 -46.5 -50.6 37

38 Mutual funds 2.8 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 50.1 0.0 38

39 Government-sponsored enterprises 27.0 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 -56.4 39

40 Finance companies 11.2 21.4 26.3 -48.1 10.8 -0.0 -18.4 72.1 -10.3 22.1 -98.6 40

41 REITs -4.4 -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 22.3 5.4 41

42 Brokers and dealers 47.3 -615.1 54.9 -104.2 -102.4 97.8 44.1 -202.1 -349.3 271.5 96.0 42

43 Holding companies 178.2 283.1 85.4 -31.2 36.5 184.1 139.3 20.5 -197.9 142.9 -92.1 43

44 Funding corporations 117.6 42.1 -67.2 -55.3 16.6 96.8 23.9 -77.4 23.2 72.3 -102.3 44

45 Discrepancy -29.2 1888.9 -284.9 491.5 -64.8 -46.4 -347.7 -43.8 178.8 -522.3 -236.2 45
60 Z.1, September 20, 2012

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 414.0 329.1 289.5 327.9 419.3 417.6 533.6 281.3 444.8 464.4 316.9 1

 2 Equity 200.9 127.0 18.2 41.1 52.4 8.5 126.9 3.5 70.7 22.8 54.2 2

 3 Reinvested earnings 230.5 233.1 229.3 315.3 348.6 339.0 377.7 335.1 342.7 326.3 339.9 3

 4 Intercompany accounts -17.3 -31.1 42.0 -28.5 18.3 70.1 29.0 -57.3 31.4 115.2 -77.2 4

 5 Asset: Nonfinancial corporate business 307.0 262.6 257.2 324.8 396.5 412.3 488.0 257.3 428.5 426.4 278.4 5

 6 U.S.-chartered depository institutions 32.8 17.6 -3.4 3.6 -1.2 10.7 10.8 -19.2 -7.2 9.0 4.7 6

 7 Property-casualty insurance companies 17.6 6.8 14.6 -22.5 3.1 -9.0 2.7 19.6 -1.1 -14.5 12.5 7

 8 Life insurance companies 5.8 4.6 2.0 2.1 2.6 -1.2 3.8 5.2 2.6 2.4 4.8 8

 9 Finance companies 26.4 24.2 8.1 6.5 10.0 -1.3 18.8 11.1 11.5 27.9 7.8 9

10 Brokers and dealers 24.4 13.3 10.9 13.3 8.4 6.0 9.5 7.4 10.5 13.1 8.7 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 211.6 189.5 104.7 156.9 206.8 116.0 207.3 232.7 271.1 108.4 112.8 11

12 Nonfinancial noncorporate business 0.3 -0.2 0.1 0.1 0.2 -0.1 0.2 0.4 0.1 0.1 -0.4 12

13 Foreign banking offices in U.S. -0.8 24.8 16.6 9.3 17.9 15.6 15.1 35.4 5.6 -26.0 10.6 13

14 Property-casualty insurance companies 7.1 14.9 2.4 3.0 -2.1 5.3 -6.2 -4.2 -3.2 -1.1 7.0 14

15 Life insurance companies -1.0 12.5 11.1 6.3 -10.0 -20.4 -0.2 -29.5 10.0 -6.3 -2.0 15

16 Finance companies -5.6 12.2 12.8 18.0 10.2 9.1 11.4 0.1 20.4 4.5 0.2 16

17 Brokers and dealers 9.0 55.8 2.1 11.7 10.4 7.3 17.1 17.4 -0.2 8.6 5.1 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 221.2 310.1 150.4 205.8 234.0 133.5 245.1 252.9 304.5 88.8 133.9 19

20 Equity 142.3 255.7 126.8 131.6 93.2 30.3 121.9 102.2 118.5 8.1 46.5 20

21 Reinvested earnings 48.2 39.1 21.7 67.5 87.4 97.9 100.7 68.9 82.0 103.2 63.3 21

22 Intercompany accounts 30.7 15.2 2.0 6.7 53.4 5.2 22.5 81.8 104.0 -22.5 24.1 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.7 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 1.5 7.0 23

24 Asset: Federal government 1.7 1.4 1.7 2.3 2.6 2.3 5.8 1.7 0.4 1.5 7.0 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 3.1 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 0.5 25

26 Asset: U.S.-chartered depository institutions 3.1 2.6 4.6 0.9 0.4 -0.9 0.8 -1.9 3.6 1.3 0.5 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 9.1 -4.2 0.0 -2.7 -5.9 -1.6 -17.7 -2.9 -1.6 -2.6 -3.2 27

28 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.1 -0.1 0.0 0.1 -0.0 0.3 -0.3 -0.3 0.1 0.5 0.7 28

29 Nonfinancial noncorporate (FCS) 0.7 1.2 -0.0 0.4 0.3 -0.2 0.5 0.7 0.1 0.3 -1.3 29

30 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 U.S.-chartered depository institutions (FHLB) 7.0 -6.5 0.7 -3.0 -6.1 -2.0 -16.5 -3.4 -2.6 -3.1 -3.3 31

32 Credit unions (FHLB) 0.6 0.3 -0.4 -0.2 0.7 0.1 -0.7 0.1 3.3 -0.1 0.5 32

33 Life insurance companies (FHLB) 0.6 1.0 -0.3 -0.0 -0.8 0.1 -0.7 0.0 -2.4 -0.1 0.2 33

 Holding company net transactions with subsidiaries:

34 Liab.: U.S.-chartered depository institutions 114.0 113.6 166.8 33.4 79.1 152.6 12.8 90.4 60.5 22.3 191.8 34

35 Property-casualty insurance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.1 35

36 Life insurance companies 5.3 -12.5 9.3 22.2 9.3 7.2 11.6 28.8 -10.1 -2.1 27.7 36

37 Finance companies 41.5 -7.3 -23.3 -36.2 -20.4 -63.2 -3.3 -5.0 -9.9 -16.2 -12.1 37

38 Brokers and dealers -57.5 98.2 -173.1 -27.7 -11.7 88.1 -157.1 -50.9 72.8 256.2 -150.6 38

39 Rest of the world 42.2 -9.1 23.5 10.6 26.4 -55.1 257.5 38.5 -135.2 77.3 -60.4 39

40 Asset: Holding companies 145.5 183.0 3.1 2.4 82.7 129.7 121.4 101.9 -22.0 337.6 6.5 40

 NFC investment in finance company subsidiaries:

41 Liab.: Finance companies -54.8 -1.1 -9.3 20.3 9.0 49.5 -2.5 -3.7 -7.2 -11.8 -8.8 41

42 Asset: Nonfinancial corporate business -54.8 -1.1 -9.3 20.3 9.0 49.5 -2.5 -3.7 -7.2 -11.8 -8.8 42

 Funding corporations’ investment in subsidiaries:

43 Liab.: Foreign banking offices in U.S. 43.7 35.6 -73.5 -31.5 -33.7 69.5 -62.1 -133.1 -9.2 65.7 -103.0 43

44 Brokers and dealers 73.9 6.4 6.3 -23.8 50.4 27.3 86.0 55.8 32.4 6.6 0.7 44

45 Asset: Funding corporations 117.6 42.1 -67.2 -55.3 16.6 96.8 23.9 -77.4 23.2 72.3 -102.3 45

 Equity investment under Public-Private Inv. Program:

46 Liab.: Funding corporations 0.0 0.0 2.4 7.9 1.4 0.6 2.5 2.2 0.2 0.2 0.0 46

47 Asset: Households (2) 0.0 0.0 1.2 4.0 0.7 0.3 1.3 1.1 0.1 0.1 0.0 47

48 Federal government 0.0 0.0 1.2 4.0 0.7 0.3 1.3 1.1 0.1 0.1 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, September 20, 2012 61

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 23.9 529.8 -543.3 -10.1 99.7 -0.6 1.1 2.2 396.0 -213.4 -74.0 1

 2 Asset: Federal government -0.1 0.0 0.2 0.1 -0.1 -0.3 1.1 0.2 -1.3 -0.1 0.1 2

 3 Monetary authority (1) 24.0 529.7 -543.5 -10.2 99.7 -0.3 0.0 2.0 397.3 -213.4 -74.1 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 1.9 -5.4 0.4 -1.5 -1.8 2.4 -3.6 8.6 -14.8 17.1 -15.2 6

 7 Asset: U.S.-chartered depository institutions 1.9 -5.4 0.4 -1.5 -1.8 2.4 -3.6 8.6 -14.8 17.1 -15.2 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 8

 9 Asset: Life insurance companies 1.0 3.2 -4.9 2.7 -0.4 1.7 1.9 -5.0 -0.4 7.5 7.4 9

 Life insurance company reserves:

10 Liab.: Life insurance companies 15.5 17.6 8.4 14.8 14.4 11.2 10.4 26.5 9.5 -0.9 -15.7 10

11 Accident and health 13.5 19.5 9.7 14.7 15.2 7.1 17.5 24.5 11.8 -4.2 -19.2 11

12 Policy dividend accumulation 0.2 -3.4 -1.1 0.4 -1.8 0.9 -5.2 -0.6 -2.2 0.8 1.5 12

13 Contract claims 1.8 1.5 -0.1 -0.4 0.9 3.3 -2.0 2.6 -0.2 2.5 1.9 13

14 Asset: Household sector 15.5 17.6 8.4 14.8 14.4 11.2 10.4 26.5 9.5 -0.9 -15.7 14

 Policy payables:

15 Liab.: Property-casualty insurance companies 18.7 25.4 -5.0 6.3 35.2 -2.0 52.9 29.9 59.9 -27.0 5.9 15

16 Asset: Household sector 6.7 11.0 -5.1 3.2 13.2 -4.0 21.2 9.5 26.2 -16.6 -3.1 16

17 Nonfinancial corporate business 8.3 10.9 -0.9 3.0 15.7 0.6 22.9 13.9 25.4 -9.3 3.6 17

18 Nonfinancial noncorporate business 3.7 3.4 0.9 0.1 6.3 1.5 8.8 6.6 8.3 -1.0 5.4 18

 Unallocated insurance company contracts:

19 Liab.: Life insurance companies 26.3 38.2 10.1 -4.4 -0.3 -7.4 1.0 1.3 3.8 5.2 7.1 19

20 Asset: Private pension funds 26.3 38.2 10.1 -4.4 -0.3 -7.4 1.0 1.3 3.8 5.2 7.1 20

 Pension fund contributions payable:

21 Liab.: Nonfinancial corporate business 4.4 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 1.3 21

22 Asset: Private pension funds 4.4 0.7 2.5 -1.3 0.2 -0.6 -0.1 0.5 1.0 1.3 1.3 22

 Securities borrowed (net):

23 Liab.: Funding corporations -2.1 -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.3 219.8 23

24 Asset: Brokers and dealers -2.1 -353.2 -30.2 -123.5 -75.0 -95.2 72.8 -3.1 -274.5 -27.3 219.8 24

 Nonmarketable government securities:

25 Liab.: Federal government 33.3 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 25

26 Asset: Federal government retirement funds 33.3 63.3 61.9 65.7 70.8 63.8 -287.0 432.6 73.6 55.8 91.7 26

 Retiree health care funds (2):

27 Liab.: Federal government 43.9 26.5 16.6 22.5 18.5 -0.3 -25.4 35.9 63.9 -4.6 11.4 27

28 Asset: Household sector 43.9 26.5 16.6 22.5 18.5 -0.3 -25.4 35.9 63.9 -4.6 11.4 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, September 20, 2012

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 1505.8 986.5 -288.4 786.2 268.9 105.2 169.5 525.4 275.6 125.6 333.5 1

 2 Nonfinancial corporate business 977.8 357.0 -79.8 306.0 165.1 -121.1 60.4 517.0 204.3 198.8 376.4 2

 3 Nonfinancial noncorporate business 93.9 114.3 32.6 34.8 21.9 23.0 26.4 27.8 10.3 38.1 -2.0 3

 4 Federal government -0.6 -0.3 2.9 2.4 13.6 -9.1 24.7 0.6 38.1 -14.4 14.9 4

 5 Rest of the world 80.9 -339.3 -70.5 225.9 -140.3 64.7 -171.1 -496.3 41.7 -259.3 133.7 5

 6 Monetary authority -0.7 -0.5 1.5 28.3 -27.1 -80.8 -33.8 -42.1 48.4 48.6 -48.3 6

 7 U.S.-chartered depository institutions -72.7 -94.3 75.4 159.9 -23.8 255.5 6.4 -365.9 8.6 332.8 -171.8 7

 8 Foreign banking offices in U.S. 101.9 489.1 -361.2 29.6 271.1 145.8 314.4 886.7 -262.6 -215.0 190.3 8

 9 Banks in U.S.-affiliated areas -11.9 -3.8 4.3 -5.9 -3.9 -1.8 -5.3 13.8 -22.6 -1.1 -5.0 9

10 Credit unions -5.6 1.1 14.7 -8.4 1.5 2.9 -5.0 -4.5 12.4 -0.1 -10.2 10

11 Life insurance companies 21.4 -9.0 -43.5 16.1 11.5 -65.8 -53.6 185.0 -19.4 67.3 -5.2 11

12 Government-sponsored enterprises 6.7 46.7 61.8 -63.9 -16.2 -57.3 10.1 -33.4 15.7 -8.7 5.6 12

13 Finance companies 12.0 6.5 -71.5 -12.1 -36.2 -78.6 -17.2 -64.2 15.3 -3.9 -34.3 13

14 REITs 4.6 -2.7 -13.8 14.9 8.5 16.7 8.0 12.5 -3.3 62.2 -41.8 14

15 Brokers and dealers 20.8 -231.1 183.1 60.5 -52.6 51.2 112.3 -118.5 -255.2 4.3 -25.4 15

16 Holding companies 6.8 -163.8 -25.6 -68.2 -36.8 74.5 45.3 -25.7 -241.6 -130.1 51.2 16

17 Funding corporations 270.4 816.5 1.2 66.2 112.7 -114.7 -152.5 32.6 685.6 6.2 -94.6 17

18 Net change in assets 1535.0 -902.4 -3.6 294.7 333.7 151.6 517.2 569.2 96.8 647.9 569.7 18

19 Nonfinancial corporate business 677.7 -619.3 -139.6 227.7 217.4 -230.0 41.5 679.9 378.2 240.7 508.9 19

20 Nonfinancial noncorporate business 326.4 102.9 -82.7 -76.7 -10.7 -20.6 -22.6 -11.5 11.7 13.9 -4.7 20

21 State and local governments -30.5 -18.6 -9.9 41.2 -48.0 -49.8 -70.4 -60.0 -11.7 50.4 -53.2 21

22 Federal government 0.4 -29.4 32.3 -9.8 -1.3 -3.6 -1.0 -1.2 0.8 -12.2 -1.1 22

23 Rest of the world 417.3 -542.9 70.7 251.8 15.1 -82.1 582.7 -587.9 147.5 173.4 365.7 23

24 Monetary authority 1.8 0.5 49.6 18.0 43.1 41.4 51.6 -6.1 85.6 60.5 69.0 24

25 U.S.-chartered depository institutions -7.2 93.1 25.8 -79.9 -61.0 241.0 -72.3 -212.9 -200.0 140.5 -94.9 25

26 Foreign banking offices in U.S. 14.7 364.3 -115.8 4.9 222.7 247.3 156.3 618.4 -131.2 -179.8 83.1 26

27 Banks in U.S.-affiliated areas 6.1 -1.0 -4.5 4.5 0.8 -0.6 4.3 19.0 -19.5 0.1 16.0 27

28 Credit unions 10.4 8.1 6.7 -8.5 -27.6 -13.8 -87.3 36.0 -45.1 -31.8 29.1 28

29 Life insurance companies 32.1 28.5 -19.3 -2.0 47.5 -83.3 51.3 201.7 20.2 76.7 78.1 29

30 Private pension funds -13.2 -27.6 9.0 -27.2 -6.1 -17.6 -17.1 -1.3 11.5 -2.8 11.9 30

31 State and local govt. retirement funds -0.6 -0.0 0.5 0.7 1.2 1.4 -0.1 2.8 0.5 1.0 0.8 31

32 Money market mutual funds 31.8 -43.1 11.3 7.7 5.8 3.2 -87.6 -69.4 177.1 -46.5 -50.6 32

33 Mutual funds 2.8 3.2 -5.1 -12.0 2.9 10.5 31.6 3.9 -34.6 50.1 0.0 33

34 Government-sponsored enterprises 27.0 -42.6 1.2 29.3 -0.1 -159.2 1.5 179.2 -22.0 6.3 -56.4 34

35 Finance companies -15.2 -2.8 18.2 -54.6 0.8 1.2 -37.2 61.0 -21.8 -5.7 -106.4 35

36 REITs -4.4 -0.8 -8.5 7.4 13.3 24.7 12.5 5.4 10.7 22.3 5.4 36

37 Brokers and dealers 24.9 -275.1 74.3 5.9 -35.7 187.0 -38.2 -206.3 -85.4 285.7 -132.5 37

38 Holding companies 32.7 100.1 82.3 -33.6 -46.2 54.4 17.9 -81.4 -175.9 -194.8 -98.6 38

39 Discrepancy -29.2 1888.9 -284.9 491.5 -64.8 -46.4 -347.7 -43.8 178.8 -522.3 -236.2 39
Z.1, September 20, 2012 63

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2007 2008 2009 2010 2011 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors -102.8 960.6 82.7 448.3 -155.1 -46.0 -658.5 -78.2 162.2 -134.8 -814.0 1

 2 Household sector -251.7 -131.5 37.8 -228.4 -559.2 -558.6 -156.8 -973.9 -547.4 -718.4 -895.2 2

 3 Nonfinancial corporate business 126.0 934.9 -180.9 257.0 183.5 200.0 213.2 134.4 186.5 38.6 188.0 3

 4 State and local governments -21.0 -20.0 -31.1 -21.7 -18.7 -17.6 -19.7 -12.0 -25.6 -26.2 -16.9 4

 5 Federal government 24.1 86.8 -44.6 -59.7 -6.2 228.5 -986.9 697.9 35.7 381.2 -140.2 5

 6 Rest of the world 98.3 -63.0 143.2 66.8 -87.7 -357.4 27.7 -244.4 223.4 -105.2 141.2 6

 7 Financial sectors -78.4 153.4 158.4 434.2 333.2 459.1 264.0 319.9 289.5 295.2 -90.9 7

 8 Monetary authority -2.8 -0.2 -6.0 -10.0 -1.3 -16.3 -4.6 9.7 6.2 7.2 -0.9 8

 9 U.S.-chartered depository institutions -110.0 24.0 289.7 306.4 177.8 297.9 159.6 118.5 135.2 308.8 -81.8 9

10 Foreign banking officed in U.S. 2.6 -5.1 1.3 1.6 5.0 14.3 -1.0 6.2 0.3 4.1 1.1 10

11 Banks in U.S.-affiliated areas -7.4 -0.5 6.2 -0.0 1.0 3.7 1.2 -1.5 0.6 -0.9 0.7 11

12 Credit unions 2.3 3.7 5.6 2.3 0.9 2.2 -4.1 1.9 3.7 2.4 -0.8 12

13 Property-casualty insurance companies 3.1 -0.6 -24.2 68.7 22.4 8.2 61.9 6.3 13.3 38.8 -20.3 13

14 Life insurance companies -50.7 -59.4 -86.0 -23.5 -14.2 20.2 -44.9 -32.6 0.5 -10.8 -49.4 14

15 Mutual funds 13.4 -5.7 -10.6 -6.2 -16.2 -15.2 -15.6 -16.4 -17.5 -8.0 -11.5 15

16 Government-sponsored enterprises 27.7 107.8 52.4 57.5 64.8 120.4 19.5 -7.3 126.8 81.5 15.7 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 20.8 36.3 15.9 22.6 21.9 19.1 1.9 33.8 32.7 11.5 -0.2 18

19 REITs 31.9 -5.8 -15.6 21.2 35.3 24.2 40.4 31.7 44.7 40.3 17.6 19

20 Brokers and dealers -4.3 71.9 -61.4 -9.2 34.2 -22.6 47.5 169.0 -57.0 -179.2 39.6 20

21 Holding companies -4.9 -12.9 -8.9 2.8 1.5 3.1 2.4 0.6 -0.0 -0.5 -0.6 21

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -102.8 960.6 82.7 448.3 -155.1 -46.0 -658.5 -78.2 162.2 -134.8 -814.0 1

 2 Treasury currency -1.2 -0.8 -4.4 -1.1 -0.7 -1.0 -0.7 -0.5 -0.5 -0.8 -0.6 2

 3 Foreign deposits 196.5 -347.1 -74.3 6.0 23.9 149.4 10.6 129.9 -194.0 -26.6 -1.9 3

 4 Net interbank transactions 3.8 60.7 29.0 -19.4 30.1 139.1 -136.8 86.4 31.9 38.1 -260.9 4

 5 Security RPs -224.8 -600.6 475.6 -71.3 -113.3 -394.5 -172.6 -44.2 158.2 343.2 -303.0 5

 6 Mail floats 1.0 -5.2 -0.3 -1.1 0.8 -51.6 96.6 3.8 -45.8 -47.4 100.0 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 1.2 -3.3 0.7 0.0 -0.1 -52.6 96.7 2.2 -46.8 -46.2 100.3 8

 9 Private domestic -0.1 -2.0 -1.0 -1.1 0.9 1.0 -0.1 1.6 1.0 -1.1 -0.3 9

10 Trade credit -26.0 26.1 102.8 82.4 26.3 114.8 -29.5 -51.8 71.8 149.0 -53.3 10

11 Taxes payable -36.5 -64.0 -32.6 -10.5 -21.2 -1.7 -48.9 -70.9 36.6 -62.4 -7.5 11

12 Miscellaneous -29.2 1888.9 -284.9 491.5 -64.8 -46.4 -347.7 -43.8 178.8 -522.3 -236.2 12

13 Nonfinancial 13.5 2.6 -128.2 -28.3 -36.3 46.0 -29.5 -87.0 -74.8 -5.7 -50.7 13

 Nonfinancial components (sign reversed):

14 Statistical discrepancy (NIPA) -12.0 -2.4 118.3 23.3 31.9 -50.4 25.1 82.5 70.3 1.1 46.1 14

15 Private wage accruals less disbursements -6.3 -5.0 5.0 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 4.7 4.8 5.0 4.9 4.4 4.4 4.4 4.5 4.5 4.6 4.6 16