F EDERAL RESERVE S TATISTICAL RELEASE

For use at 12:00 p.m., eastern time 

September 25, 2013 

Z.1 

Financial Accounts 

of the United States 

Flow of Funds, Balance Sheets, 

and Integrated Macroeconomic Accounts

Second Quarter 2013 

 

B OARD OF G OVERNORS OF THE F EDERAL RESERVE S YSTEM
 
i 

Household Net Worth and Growth of Domestic Nonfinancial Debt 

Year 

Household 

net worth1

Growth of domestic nonfinancial debt2

Total Households Business 

State and 

local govts. Federal 

2003 49,503 8.0 11.8 2.2 8.3 10.9 

2004 56,574 9.3 11.1 6.7 11.4 9.0 

2005 62,786 9.3 11.2 9.0 5.8 7.0 

2006 67,386 8.7 10.0 11.0 3.9 3.9 

2007 67,919 8.5 6.7 13.6 5.5 4.9 

2008 57,214 5.9 0.0 6.3 0.6 24.2 

2009 58,920 3.1 -1.7 -2.2 4.0 22.7 

2010 63,308 4.1 -2.5 1.5 2.3 20.2 

2011 64,697 3.7 -1.4 4.8 -1.7 11.4 

2012 70,641 4.9 0.2 6.0 -0.2 10.9 

2011: Q2 65,247 2.7 -2.6 5.6 -2.7 8.0 

 Q3 62,889 4.7 -1.0 4.2 -0.3 14.4 

 Q4 64,697 4.6 -0.1 5.1 -1.6 12.1 

2012: Q1 67,062 4.7 -1.1 4.4 0.4 13.5 

 Q2 67,131 5.3 1.4 4.9 2.9 11.0 

 Q3 69,336 3.0 -1.6 5.1 -0.2 7.1 

 Q4 70,641 6.2 2.1 9.1 -3.8 10.4 

2013: Q1 73,479 4.5 -0.5 4.9 2.4 10.1 

 Q2 74,821 3.1 0.2 6.9 1.1 2.5 

1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not 

seasonally adjusted 

2. Percentage changes shown on an end-of-period basis; quarterly data are seasonally adjusted annual rates 

Household net worth – the difference between the 

values of households’ assets and liabilities – was $74.8 

trillion at the end of the second quarter of this year, 

about $1.3 trillion more than at the end of the first 

quarter. In the second quarter, the value of residential 

real estate owned by households increased about $525 

billion, while the value of corporate equities and mutual 

funds rose almost $300 billion . 

Domestic nonfinancial debt outstanding was $41 

trillion at the end of the second quarter, of which 

household debt was close to $13 trillion, nonfinancial 

business debt was $13.1 trillion, and total government 

debt was almost $15 trillion. 

Domestic nonfinancial debt growth was 3.1 percent at 

a seasonally adjusted annual rate in the second quarter of 

2013, about 11⁄2 percentage point less than the pace in 

the first quarter. 

Household debt edged up at an annual rate of 0.2 

percent in the second quarter. Home mortgage debt 

contracted 1.7 percent, following a decline of 2.1 

percent in the first quarter. Consumer credit rose at an 

annual rate of 5.6 percent, about 1⁄2 percentage point less 

than in the previous quarter. 

Nonfinancial business debt rose at an annual rate of 6.9 

percent in the second quarter, after a 4.9 percent increase 

in the previous quarter. As in recent years, corporate 

bonds accounted for most of the increase. 

State and local government debt rose at an annual rate 

of 1.1 percent in the second quarter, 11⁄4 percent less than 

in the first quarter. 

Federal government debt rose at an annual rate of 2.5 

percent in the second quarter, well below the 10.1 

percent increase in the first quarter.

Recent Developments in Household Net Worth and 

Domestic Nonfinancial Debt 
ii 

 
iii 

Topic Description 

Financial Accounts of the United 

States 

The Z.1 statistical release, previously named Flow of Funds 

Accounts of the United States, was renamed Financial Accounts 

of the United States in June 2013. This change reflects the 

expansion of the publication to include flow of funds data, 

balance sheets, and Integrated Macroeconomic Accounts. The 

new title is also better aligned with international terminology. 

The title of the online Guide has been changed to Guide to the 

Financial Accounts of the United States. 

Student loans The consumer credit tables (tables F.222 and L.222) have been 

expanded to include additional detail on student loans. 

Nonprofit organizations (which are in the households and 

nonprofit organizations sector) are now shown as a provider of 

student loans. In addition, a memo item has been added that 

breaks consumer credit down into four categories: credit cards, 

auto loans, student loans, and other loans. The series on 

student loans begins in 2006:Q1. Conforming changes will be 

reflected in the upcoming G.19 release on October 7, 2013. 

State and local government assets Asset holdings of state and local governments (tables F.104 and 

L.104) were revised from 2003:Q3 forward based on improved 

methodology. 

Real estate investment trusts 

(REITs) 

Additional detail on real estate investment funds (REITs) (tables 

F.127 and L.127) is now available on supplementary tables. 

Equity REITs are shown on tables F.127.e and L.127.e and 

mortgage REITs are shown separately on tables F.127.m and 

L.127.m. 

2013 comprehensive revision of the 

National Income and Product 

Accounts 

The statistics in this publication reflect the 2013 comprehensive 

revision of the National Income and Product Accounts (NIPA), 

released by the Bureau of Economic Analysis (BEA) on July 31, 

2013, as well as information for 2013:Q2 released by BEA on 

August 29, 2013. See the August 2013 issue of Survey of 

Current Business, pages 6-10, for details on the 2013 

comprehensive revision. Major related changes to the Financial 

Accounts of the United States are described in the items below. 

Fixed assets Data for investment and depreciation flows and capital stocks of 

all sectors have been revised to reflect BEA’s new concept of 

fixed assets as part of the comprehensive revision. Under the 

new concept, fixed investment now includes expenditures for 

research and development and entertainment, literary, and 

artistic originals. Reflecting this change, a new category called 

“intellectual property products” is now shown on tables B.100, 

B.102, B.103, R.100, R.102, R.103 and in the Integratated 

Macroeconomic Accounts. The new category includes the two 

new items plus expenditures on software. 

Release Highlights 

Second Quarter 2013 
iv 

Topic Description 

Wage accruals less disbursements Flow tables F.7, F.12, F.104, and F.105 and Integrated 

Macroeconomic Accounts table S.7.a have been revised to 

remove the item “wage accruals less disbusements.” As 

described in the March 2013 Survey of Current Business, pages 

25-26, the BEA’s estimates of wages and salaries in personal 

income have been converted from a disbursement basis to an 

accrual basis to be consistent with the treatment in GDI and 

national income. 

Pension entitlements The 2013 comprehensive revision moves the NIPA accounting 

for defined-benefit (DB) pensions from a cash basis (related to 

the sponsors’ funding of the plans) to an accrual basis (related 

to households’ earnings of pension benefits). In a conforming 

change that is also consistent with the international standards 

recommended in the System of National Accounts (SNA 2008), 

the Financial Accounts of the United States now account for the 

level and flow of “pension entitlements,” which are the present 

value of accrued DB benefits. Where previously only the assets 

of DB plans were tracked (and treated as an asset of the 

household sector), now pension entitlements are shown as an 

asset of the household sector and as a liability of the pension 

fund sectors (i.e., private pension funds, state and local 

government employee retirement funds, and federal government 

employee retirement funds). The difference between pension 

entitlements and pension fund assets (i.e., underfunding or 

overfunding) is now shown as “claims of pension fund on 

sponsor,” which is an asset of the pension funds and a liability of 

the sponsors of the funds (i.e., nonfinancial corporate business, 

state and local governments, and the federal government). A 

memo item has been added to the pension-fund levels tables 

(tables L.116 through L.119), showing the funded status of the 

DB plans. Because aggregate pension entitlements exceed 

pension fund assets, the new accounting has led to an upward 

revision to household net worth relative to the previous 

publication of the Financial Accounts of the United States. 

Finally, to summarize the three pension sectors, new tables 

titled “Private and Public Pension Funds” (tables F.116 and 

L.116) have been added, which aggregate the three pension 

sectors and include memo items reporting household retirement 

assets in tax-deferred accounts: DB and DC (definedcontribution) pension plans, individual retirement accounts 

(IRAs), and annuities at life insurance companies. 

Life insurance reserves and 

pension entitlements 

The table on life insurance and pension reserves (tables F.225 

and L.225) has been split into two separate tables. Life 

insurance reserves are now shown on tables F.225 and L.225 

and pension entitlements (rather than pension fund reserves) 

are now shown on tables F.226 and L.226. The instrument 

tables that follow have been renumbered. The supplementary 

tables on IRAs (tables F.225.i and L.225.i) have been 

renumbered to tables F.226.i and L.226.i. 
v 

Topic Description 

Balance sheet for households and 

nonprofit organizations with equity 

detail 

Supplementary table B.100.e has been restructured to conform 

to the new concept of pension entitlements. Previously, assets 

of DB pension funds were treated as assets of the household 

sector. Now, pension entitlements (the actuarial liabilities of DB 

pension funds) are considered assets of the household sector. 

As a result, households’ indirectly held corporate equities no 

longer include equities held by private, state and local, or federal 

government DB pension plans. Corporate equities in DC 

pension plans are still included in household’s indirectly held 

corporate equities. The pension entitlements of DB pension 

plans are included in “other financial assets” on table B.100.e. 

Private pension fund benchmark Assets of the private pension fund sector (tables F.117, F.117.b, 

F.117.c, L.117, L.117.b, and L.117.c) have been revised 

beginning in 2006:Q4 to reflect improved methodology and new 

data from the U.S. Internal Revenue Service/Department of 

Labor/Pension Benefit Guaranty Corporation Form 5500 filed for 

plan year 2011. 

Rest of world sector annual revision Revisions to the rest of the world sector (tables F.106 and 

L.106) reflect new estimates of the U.S. international tranactions 

accounts (ITAs) and the U.S. international investment position 

(IIP) accounts from the BEA for 1999 through 2012. The new 

estimates are detailed in the July 2013 Survey of Current 

Business. 

Seasonal adjustment Seasonal factors for quarterly flows have been recalculated for 

the period 2003:Q1 forward. The seasonal factors were 

generated using the X-12-ARIMA seasonal adjustment program 

by the U.S. Census Bureau. In addition, beginning in 2007 

seasonal factors have been set to zero for a select number of 

series where the unadjusted flow series are no longer being 

published by BEA. 

Series mnemonics changes Series mnenomonics for the change in unadjusted level, 

previously beginning with “FR”, now begin with “FC”. These 

series appear primarily on the reconciliation tables (R.100, 

R.102, and R.103) and the Integrated Macroeconomic Accounts 

tables. 

 
vi 
vii 

Financial Accounts of the United States 

The Financial Accounts of the United States (previously 

referred to as the Flow of Funds Accounts) are 

organized into the following sections: 

■ Matrices summarizing flows and levels across 

sectors, and tables summarizing credit market 

borrowing, gross domestic product (GDP), 

national income, saving, and so on 

■ Flow of funds, by sector and financial 

instrument 

■ Levels of financial assets and liabilities, by 

sector and financial instrument 

■ Balance sheets, including nonfinancial assets, 

and changes in net worth for households and 

nonprofit organizations, nonfinancial corporate 

businesses, and nonfinancial noncorporate 

businesses 

■ Supplementary tables providing additional 

detail on selected sectors 

■ Integrated Macroeconomic Accounts 

The Integrated Macroeconomic Accounts (IMA) relate 

production, income, saving, and capital formation from 

the national income and product accounts (NIPA) to 

changes in net worth from the FA on a sector-by-sector 

basis. The IMA are published jointly by the Federal 

Reserve Board and the Bureau of Economic Analysis 

and are based on international guidelines and 

terminology as defined in the System of National 

Accounts (SNA1993, revised in 2008). 

Federal Reserve Board staff have taken many steps over 

the past several years to conform the Financial Accounts 

with the SNA guidelines. Nonetheless, a few important 

differences remain. In particular, in the Financial 

Accounts: 

■ The purchase of consumer durables is treated as 

investment rather than as consumption. 

■ Nonfinancial noncorporate business (which are 

often small businesses) are shown in a separate 

sector rather than being included in the 

household sector. 

■ Most debt securities are recorded at book value 

rather than market value. 

Concepts of Level and Flow in the SNA 

and the Financial Accounts 

The level of an asset or liability (also referred to as the 

stock or outstanding) measures the value of the asset or 

liability in existence at a point in time. In the Financial 

Accounts, the levels are reported as of the end of each 

calendar quarter. In the SNA2008, the change in the 

level from one period to the next is called the “economic 

flow”, and can be decomposed into three broad 

elements: transactions, which measure the exchange of 

assets; revaluations, which measure changes in market 

value of untraded assets; and other changes in volume, 

which measure discontinuities or breaks in time series 

due to disaster losses or a change in source data or 

definition. 

In the Financial Accounts, “flow of funds” refers to the 

exchange of assets, corresponding to the SNA definition 

of transactions, that is, “flow tables” in the Financial 

Accounts are equivalent to “transaction tables” in the 

SNA terminology. 

Currently, revaluations are not separately identifiable 

from other changes in volume in most of the Financial 

Accounts. The sum of revaluations and other volume 

changes can be measured as the change in levels from 

one quarter to the next, less the flow. Note that in 

practice, other volume changes are relatively rare, and 

revaluations only occur for series carried at market value 

(such as corporate equities and mutual fund shares), so 

for many series the change in the level is equal to the 

flow. Revaluations are available separately from other 

changes in volume in the IMA. 

 

Growth Rates 

Growth rates calculated from levels will include 

revaluations and other changes in volume. To isolate 

the effect of transactions on growth of a given asset or 

liability, users should calculate the ratio of the flow in a 

given period to the level in the preceding period. 

Growth rates in table D.1 are calculated by dividing 

seasonally adjusted flows from table D.2 by seasonally 

adjusted levels at the end of the previous period from 

table D.3. Growth rates calculated from changes in 

unadjusted levels printed in table L.2 may differ from 

those in table D.1. 

Seasonal Adjustment 

Seasonal factors are recalculated and updated every 

year, and these revised factors are first published in the 

September release of second-quarter data. All series that 

exhibit significant seasonal patterns are adjusted. The 

seasonal factors are generated using the X-12-ARIMA 

seasonal adjustment program from the U.S. Census 

Bureau, estimated using the most recent 10 years of 

Explanatory Notes 
viii 

data. Because the effects of the recent financial crisis 

resulted in large outliers in some series that would have 

distorted the estimated seasonal factors, seasonal factors 

for some series were extrapolated using pre-crisis data. 

Seasonally adjusted levels shown in table D.3 are 

derived by carrying forward year-end levels by 

seasonally adjusted flows. 

Data Revisions 

Data shown for the most recent quarters are based on 

preliminary and potentially incomplete information. A 

summary list of the most recent data available for each 

sector is provided in a table following these notes. 

Nonetheless, when source data are revised or estimation 

methods are improved, all data are subject to revision. 

There is no specific revision schedule; rather, data are 

revised on an ongoing basis. In each release of the 

Financial Accounts, major revisions are highlighted at 

the beginning of the publication. 

Discrepancies 

The data in the Financial Accounts come from a large 

variety of sources and are subject to limitations and 

uncertainty due to measurement errors, missing 

information, and incompatibilities among data sources. 

The size of this uncertainty cannot be quantified, but its 

existence is acknowledged by the inclusion of 

“statistical discrepancies” for various sectors and 

financial instruments. 

The discrepancy for a given sector is defined as the 

difference between the aggregate value of the sector’s 

sources of funds and the value of its uses of funds. For a 

financial instrument category, the discrepancy is defined 

as the difference between the measurement of funds 

raised through the financial instrument and funds 

disbursed through that instrument. The relative size of 

the statistical discrepancy is one indication of the quality 

of the underlying source data. Note that differences in 

seasonal adjustment procedures sometimes result in 

quarterly discrepancies that partially or completely 

offset each other in the annual data. 

The Flow of Funds Guide 

Substantially more detail on the construction of the 

Financial Accounts is available in the Flow of Funds 

Guide, which provides interactive, online documentation 

for each data series. The tools and descriptions in the 

guide are designed to help users understand the structure 

and content of the Financial Accounts. The guide 

allows users to search for series, browse tables of data, 

and identify links among series within these accounts. It 

also provides descriptions of each of the published 

tables and information on the source data underlying 

each series. 

The guide is not part of the quarterly release, but it is 

continually updated and kept consistent with the most 

recently published data. The guide and the data from the 

Financial Accounts are available free of charge at the 

following link: 

www.federalreserve.gov/apps/fof/ 

Each input and calculated series in the Z.1 is identified 

according to a unique string of patterned numbers and 

letters. The series structure page of the guide provides a 

breakdown of what the letters and numbers represent in 

the series mnemonics. The relationships between 

different components of a series (for example, levels, 

seasonally adjusted annual rate flows, unadjusted flows, 

seasonal factors, and so on) are also described on the 

series structure page. 

Production Schedule 

The Financial Accounts are published online and in print 

4 times per year, about 10 weeks following the end of 

each calendar quarter. The publication and the guide are 

available online here: 

www.federalreserve.gov/releases/Z1 

This website also provides coded tables and historical 

annual tables beginning in 1945 that correspond with the 

tables published in this release. There are also 

compressed ASCII files of quarterly data for seasonally 

adjusted flows, unadjusted flows, outstandings, balance 

sheets, debt (tables D.1, D.2, and D.3), supplementary 

tables, and the IMA. 

In addition, the data are available as customizable 

datasets through the Federal Reserve Board’s Data 

Download Program (DDP) here: 

www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 

Print Subscription Information 

The Federal Reserve Board charges a fee for 

subscriptions to print versions of statistical releases. 

Inquiries regarding print versions should be directed to 

the following office: 

Publications Services, Stop 127 

Board of Governors 

of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3245 
ix

Sector Table Available at time of publication 

National income and product 

accounts (NIPA) 

(various tables) 

Second estimate, seasonally adjusted, for 2013:Q2. 

Households and nonprofit 

organizations sector 

(tables F.100 and L.100) 

Estimates for this sector are largely residuals and are derived 

from data for other sectors. Availability of data depends on 

schedules for other sectors. Data for consumer credit, which are 

estimated directly, are available through 2013:Q2. The source 

for nonprofit organizations data (tables F.100.a and L.100.a) is 

the Internal Revenue Service Statistics of Income. Data for 

nonprofit organizations are available for 1987 through 2000. 

Nonfinancial corporate business 

(tables F.102 and L.102) 

Quarterly Financial Report (QFR) of the Census Bureau through 

2013:Q2; Internal Revenue Service Statistics of Income

(IRS/SOI) data through 2011; securities offerings, mortgages, 

bank loans, commercial paper, and other loans through 

2013:Q2. Corporate farm data for 2012. 

Nonfinancial noncorporate business 

(tables F.103 and L.103) 

IRS/SOI data through 2010; bank and finance company loans, 

and mortgage borrowing through 2013:Q2. Noncorporate farm 

data for 2012. 

State and local governments 

(tables F.104 and L.104) 

Gross offerings and retirements of municipal securities, deposits 

at banks, and nonmarketable U.S. government security issues 

through 2013:Q2; total financial assets through 2011:Q2 from 

the Census Bureau; breakdown of financial assets through 

2011:Q2 from the comprehensive annual financial reports of 

state and local governments. 

Federal government 

(tables F.105 and L.105) 

Data from the Monthly Treasury Statement of Receipts and 

Outlays and Treasury data for loan programs and the Troubled 

Assets Relief Program (TARP) through 2013:Q2. 

Rest of the world 

(tables F.106 and L.106) 

Balance of payments and International Investment Position data 

through 2013:Q2. NIPA estimates; bank Call Reports and 

Treasury International Capital System data through 2013:Q2. 

Monetary authority 

(tables F.108 and L.108) 

All data through 2013:Q2. 

U.S.-chartered depository 

institutions 

(tables F.110 and L.110) 

All data through 2013:Q2. 

Foreign banking offices in U.S. 

(tables F.111 and L.111) 

All data through 2013:Q2. 

Banks in U.S.-affiliated areas 

(tables F.112 and L.112) 

All data through 2013:Q2. 

Credit unions 

(tables F.113 and L.113) 

All data through 2013:Q2. 

Description of Most Recent Data Available 
x 

Sector Table Available at time of publication 

Property-casualty insurance 

companies 

(tables F.114 and L.114) 

All data through 2013:Q2. 

Life insurance companies 

(tables F.115 and L.115) 

All data through 2013:Q2. 

Private pension funds 

(tables F.117 and L.117) 

Internal Revenue Service/Department of Labor/Pension Benefit 

Guaranty Corporation Form 5500 data through 2011. 

State and local government 

employee retirement funds 

(tables F.118 and L.118) 

Detailed data through 2011:Q2 from the Census Bureau; sample 

data through 2013:Q2 from the Census Bureau. 

Federal government retirement 

funds 

(tables F.119 and L.119) 

Data from the Monthly Treasury Statement of Receipts and 

Outlays, the Thrift Savings Plan, and the National Railroad 

Retirement Investment Trust through 2013:Q1. 

Money market mutual funds 

(tables F.120 and L.120) 

All data through 2013:Q2. 

Mutual funds 

(tables F.121 and L.121 

All data through 2013:Q2. 

Closed-end funds 

(tables F.122 and L.122) 

All data through 2013:Q2. 

Exchange-traded funds 

(tables F.122 and L.122) 

All data through 2013:Q2. 

Government Sponsored Enterprises 

(GSEs) 

(tables F.123 and L.123) 

Data for Fannie Mae, Freddie Mac, Farmer Mac, FHLB, FICO, 

FCS, and REFCORP through 2013:Q2. 

Agency- and GSE-backed 

mortgage pools 

(tables F.124 and L.124) 

Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie 

Mae through 2013:Q2. 

Issuers of asset-backed securities 

(ABSs) 

(tables F.125 and L.125) 

All data for private mortgage pools, consumer credit, business 

loans, student loans, consumer leases, and trade credit 

securitization through 2013:Q2. 

Finance companies 

(tables F.126 and L.126) 

All data through 2013:Q2. 

Real Estate Investment Trusts 

(REITs) 

(tables F.127 and L.127) 

Data from SNL Financial through 2013:Q2. 

Security brokers and dealers 

(tables F.128 and L.128) 

Data for firms filing FOCUS and FOGS reports through 

2013:Q2. 

Holding companies 

(table F.129 and L.129) 

All data through 2013:Q2. 

Funding corporations 

(tables F.130 and L.130) 

Estimates for this sector are largely residuals and are derived 

from data for other sectors. 
xi

Title Table Page 

Summaries 

Flow of Funds Matrix – Flows 1 

Flow of Funds Matrix – Assets and Liabilities 2 

Credit Market Debt Growth by Sector D.1 3 

Credit Market Borrowing by Sector D.2 4 

Credit Market Debt Outstanding by Sector D.3 5 

Total Credit Market Borrowing and Lending F.1 6 

Credit Market Borrowing by Nonfinancial Sectors F.2 7 

Credit Market Borrowing by Financial Sectors F.3 7 

Credit Market Borrowing, All Sectors, by Instrument F.4 8 

Total Liabilities and Its Relation to Total Financial Assets F.5 8 

Credit Market Debt Outstanding L.1 9 

Credit Market Debt Owed by Nonfinancial Sectors L.2 10 

Credit Market Debt Owed by Financial Sectors L.3 10 

Credit Market Debt, All Sectors, by Instrument L.4 11 

Total Liabilities and Its Relation to Total Financial Assets L.5 11 

Distribution of Gross Domestic Product F.6 12 

Distribution of National Income F.7 13 

Saving and Investment F.8 14 

Net Capital Transfers F.9 15 

Derivation of Measures of Personal Saving F.10 16 

Assets and Liabilities of the Personal Sector L.10 17 

Title 

Flows Levels 

Table Page Table Page 

Sectors

Households and Nonprofit Organizations F.100 18 L.100 66 

Nonfinancial Business F.101 19 L.101 67 

Nonfinancial Corporate Business F.102 20 L.102 68 

Nonfinancial Noncorporate Business F.103 21 L.103 69 

State and Local Governments F.104 22 L.104 70 

Federal Government F.105 23 L.105 71 

List of Data Tables 
xii 

Sectors

Rest of the World F.106 24 L.106 72 

Financial Business F.107 25 L.107 73 

Monetary Authority F.108 26 L.108 74 

Private Depository Institutions F.109 27 L.109 75 

U.S.-Chartered Depository Institutions, ex. Credit 

Unions F.110 28 L.110 76 

Foreign Banking Offices in U.S. F.111 29 L.111 77 

Banks in U.S.-Affiliated Areas F.112 30 L.112 78 

Credit Unions F.113 30 L.113 78 

Property-Casualty Insurance Companies F.114 31 L.114 79 

Life Insurance Companies F.115 31 L.115 79 

Private and Public Pension Funds F.116 32 L.116 80 

Private Pension Funds F.117 33 L.117 81 

State and Local Government Employee Retirement 

Funds F.118 34 L.118 82 

Federal Government Employee Retirement Funds F.119 34 L.119 82 

Money Market Mutual Funds F.120 35 L.120 83 

Mutual Funds F.121 35 L.121 83 

Closed-End and Exchange-Traded Funds F.122 35 L.122 83 

Government-Sponsored Enterprises F.123 36 L.123 84 

Agency- and GSE-Backed Mortgage Pools F.124 36 L.124 84 

Issuers of Asset-Backed Securities F.125 37 L.125 85 

Finance Companies F.126 37 L.126 85 

Real Estate Investment Trusts F.127 38 L.127 86 

Security Brokers and Dealers F.128 39 L.128 87 

Holding Companies F.129 40 L.129 88 

Funding Corporations F.130 41 L.130 89 

Instruments 

U.S. Official Reserve Assets and SDR Allocations F.200 42 L.200 90 

Special Drawing Rights (SDRs) Certificates and Treasury 

Currency F.201 42 L.201 90 

U.S. Deposits in Foreign Countries F.202 42 L.202 90 

Net Interbank Transactions F.203 43 L.203 91 

Checkable Deposits and Currency F.204 44 L.204 92 

Time and Savings Deposits F.205 45 L.205 93 
xiii

Instruments 

Money Market Mutual Fund Shares F.206 45 L.206 93 

Federal Funds and Security Repurchase Agreements F.207 46 L.207 94 

Open Market Paper F.208 47 L.208 95 

Treasury Securities F.209 48 L.209 96 

Agency- and GSE-Backed Securities F.210 49 L.210 97 

Municipal Securities and Loans F.211 50 L.211 98 

Corporate and Foreign Bonds F.212 51 L.212 99 

Corporate Equities F.213 52 L.213 100 

Mutual Fund Shares F.214 52 L.214 100 

Depository Institution Loans Not Elsewhere Classified F.215 53 L.215 101 

Other Loans and Advances F.216 54 L.216 102 

Total Mortgages F.217 55 L.217 103 

Home Mortgages F.218 56 L.218 104 

Multifamily Residential Mortgages F.219 56 L.219 104 

Commercial Mortgages F.220 57 L.220 105 

Farm Mortgages F.221 57 L.221 105 

Consumer Credit F.222 58 L.222 106 

Trade Credit F.223 59 L.223 107 

Security Credit F.224 59 L.224 107 

Life Insurance Reserves F.225 60 L.225 108 

Pension Entitlements F.226 60 L.226 108 

Taxes Payable by Businesses F.227 60 L.227 108 

Proprietors' Equity in Noncorporate Business F.228 60 L.228 108 

Total Miscellaneous Financial Claims F.229 61 L.229 109 

Identified Miscellaneous Financial Claims - Part I F.230 62 L.230 110 

Identified Miscellaneous Financial Claims - Part II F.231 63 L.231 111 

Unidentified Miscellaneous Financial Claims F.232 64 L.232 112 

Sector Discrepancies F.11 65 

Instrument Discrepancies F.12 65 

Title 

Balance Sheet Reconciliation 

Table Page Table Page 

Balance Sheet and Changes in Net Worth 

Households and Nonprofit Organizations B.100 113 R.100 116 

Nonfinancial Corporate Business B.102 114 R.102 117 

Nonfarm Noncorporate Business B.103 115 R.103 118 
xiv 

Title 

Flows Levels 

Table Page Table Page 

Supplementary Tables 

Balance Sheet of Households and Nonprofit Organizations 

with Equity Detail B.100.e 119 

Nonprofit Organizations F.100.a 120 L.100.a 121 

Consolidated Statement for Federal, State, and Local 

Governments F.105.c 122 L.105.c 123 

Private Pension Funds: Defined Benefit Plans F.117.b 124 L.117.b 125 

Private Pension Funds: Defined Contribution Plans F.117.c 124 L.117.c 125 

Individual Retirement Accounts (IRAs) F.226.i 124 L.226.i 125 

Equity Real Estate Investment Trusts F.127.e 126 L.127.e 127 

Mortgage Real Estate Investment Trusts F.127.m 126 L.127.m 127 

Title Table Page 

Integrated Macroeconomic Accounts for the United States 

Total Economy–Current Account S.1.a 128 

Selected Aggregates for Total Economy and Sectors S.2.a 129 

Households and Nonprofit Institutions Serving Households S.3.a 131 

Nonfinancial Noncorporate Business S.4.a 134 

Nonfinancial Corporate Business S.5.a 137 

Financial Business S.6.a 140 

Federal Government S.7.a 143 

State and Local Governments S.8.a 146 

Rest of the World S.9.a 149 
Summary

1

Z.1, September 25, 2013 Flow of Funds Matrix for 2012

(Billions of dollars; All Sectors -- Flows)

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial and Local Federal Nonfinancial Financial Rest of All DiscrepOrganizations Business Governments Government Sectors Sectors the World Sectors ancy

 U S U S U S U S U S U S U S U S 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

 1 Gross saving less net cap. transfers -- 2224.5 -- 2119.8 -- 52.8 -- -930.5 -- 3466.5 -- 331.2 -- 432.4 -- 4230.1 --  2 Capital consumption -- 1373.0 -- 1451.1 -- 231.4 -- 262.3 -- 3317.7 -- 188.3 -- -- -- 3506.0 --  3 Net saving (1 less 2) -- 851.5 -- 668.7 -- -178.6 -- -1192.8 -- 148.8 -- 142.9 -- 432.4 -- 724.2 --  4 Gross investment (5 plus 11) 2537.2 -- 1967.6 -- 91.7 -- -845.8 -- 3750.7 -- 256.9 -- 446.3 -- 4453.9 -- -223.8 5 Capital expenditures 1613.2 -- 1777.9 -- 345.1 -- 282.7 -- 4019.0 -- 198.7 -- 0.0 -- 4217.7 -- 12.4 6 Consumer durables 1123.5 -- -- -- -- -- -- -- 1123.5 -- -- -- -- -- 1123.5 -- --  7 Residential 354.3 -- 79.5 -- 5.3 -- 0.9 -- 440.1 -- 5.3 -- -- -- 445.4 -- --  8 Nonresidential 143.8 -- 1632.8 -- 329.6 -- 283.1 -- 2389.3 -- 193.4 -- -- -- 2582.7 -- --  9 Inventory change -- -- 66.1 -- -- -- -- -- 66.1 -- -- -- -- -- 66.1 -- -- 10 Nonproduced nonfinancial assets -8.4 -- -0.4 -- 10.2 -- -1.4 -- 0.0 -- -- -- 0.0 -- -- -- -- 11 Net lending (+) or net borrowing (-) 924.0 -- 189.7 -- -253.4 -- -1128.5 -- -268.3 -- 58.2 -- 446.3 -- 236.2 -- -236.212 Total financial assets 1018.4 -- 957.3 -- -52.6 -- 114.0 -- 2037.1 -- 1807.9 -- 876.4 -- 4721.5 -- -- 13 Total liabilities -- 94.4 -- 767.6 -- 200.8 -- 1242.5 -- 2305.4 -- 1749.7 -- 430.1 -- 4485.2 -- 14 U.S. official reserve assets -- -- -- -- -- -- 4.3 0.0 4.3 0.0 0.2 -- 0.0 4.5 4.5 4.5 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 0.0 -- -- -- 0.0 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- 0.0 -- 0.0 0.6 -- -- -- 0.6 0.0 -0.617 Foreign deposits -1.8 -- -21.5 -- -- -- -- -- -23.3 -- 0.4 -- -- -30.2 -22.9 -30.2 -7.318 Interbank claims -- -- -- -- -- -- -- -- -- -- -64.1 -208.8 -151.3 -- -215.4 -208.8 6.619 Checkable dep. and currency 82.0 -- 108.0 -- -8.9 -- 6.7 -- 187.7 -- 11.3 268.5 68.2 -- 267.2 268.5 1.320 Time and savings deposits 409.6 -- 26.2 -- 20.3 -- 0.2 -- 456.2 -- 13.4 516.1 46.4 -- 516.1 516.1 -- 21 Money market fund shares -8.9 -- -3.2 -- -8.5 -- -- -- -20.5 -- -7.4 7.1 35.0 -- 7.1 7.1 -- 22 Fed. funds and security RPs -- -- -2.2 -- -6.7 -- -- -- -8.9 -- 96.2 -14.0 -39.9 -- 47.4 -14.0 -61.423 Credit market instruments -8.5 27.4 10.7 718.1 -66.1 -5.3 102.3 1140.2 38.4 1880.5 1111.1 -394.0 452.0 115.0 1601.5 1601.5 -- 24 Open market paper -0.3 -- -7.6 14.0 -5.1 -- -- -- -13.0 14.0 -7.3 -58.8 3.4 27.9 -16.9 -16.9 -- 25 Treasury securities 270.1 -- 7.8 -- -11.8 -- -- 1140.6 266.1 1140.6 284.9 -- 589.5 -- 1140.6 1140.6 -- 26 Agency- and GSE-backed sec. -141.9 -- -2.6 -- -28.2 -- -31.1 -0.4 -203.8 -0.4 252.8 -22.4 -71.8 -- -22.8 -22.8 -- 27 Municipal securities -149.8 -14.5 12.3 15.2 -0.7 -5.7 -- -- -138.2 -4.9 138.2 -- -4.9 -- -4.9 -4.9 -- 28 Corporate and fgn. bonds 41.3 -- -- 579.6 -9.0 -- -0.2 -- 32.1 579.6 416.2 -207.9 -14.4 62.2 433.9 433.9 -- 29 Depository inst. loans n.e.c. -- 111.5 -- 166.1 -- -- -- -- -- 277.6 172.9 -124.0 -- 19.2 172.9 172.9 -- 30 Other loans and advances -2.5 1.2 -- -20.9 -- 0.4 2.5 -- 0.0 -19.3 39.7 3.5 -49.9 5.7 -10.2 -10.2 -- 31 Mortgages -20.4 -240.0 0.7 -35.8 -11.2 -- 1.7 0.0 -29.3 -275.8 -230.9 15.6 -- -- -260.2 -260.2 -- 32 Consumer credit -4.9 169.1 0.0 -- -- -- 129.4 -- 124.5 169.1 44.6 -- -- -- 169.1 169.1 -- 33 Corporate equities -363.0 -- -- -400.0 -4.8 -- -13.2 -- -381.0 -400.0 165.7 155.1 53.1 82.6 -162.3 -162.3 -- 34 Mutual fund shares 419.2 -- -1.6 -- -2.5 -- -- -- 415.1 -- 66.5 625.7 144.0 -- 625.7 625.7 -- 35 Trade credit -- 1.5 95.9 123.2 8.5 39.1 2.9 8.3 107.3 172.2 -1.6 -0.0 11.5 6.3 117.2 178.5 61.336 Security credit 23.6 64.9 -- -- -- -- -- -- 23.6 64.9 165.2 124.0 0.0 0.0 188.9 188.9 -- 37 Life insurance reserves -26.3 -- -- -- -- -- -- 0.3 -26.3 0.3 14.7 -11.9 -- -- -11.6 -11.6 -- 38 Pension entitlements 497.1 -- -- -- -- -- -- -- 497.1 -- -- 497.1 -- -- 497.1 497.1 -- 39 Taxes payable -- -- -- 6.6 1.3 -- 11.9 -- 13.2 6.6 -- 6.5 -- -- 13.2 13.1 -0.140 Equity in noncorp. business 1.1 -- -- -5.3 -- -- -- -- 1.1 -5.3 -- 6.5 -- -- 1.1 1.1 -- 41 Miscellaneous -5.8 0.6 745.1 325.0 14.9 167.0 -1.0 93.7 753.1 586.2 235.7 171.9 257.5 252.0 1246.3 1010.2 -236.142 Sector discrepancies (1 less 4) -312.7 -- 152.2 -- -39.0 -- -84.7 -- -284.2 -- 74.3 -- -13.9 -- -223.8 -- -223.8General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Summary

2

Z.1, September 25, 2013 Flow of Funds Matrix for 2012

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic Domestic Instrument

and Nonprofit Nonfinancial and Local Federal Nonfinancial Financial Rest of All DiscrepOrganizations Business Governments Government Sectors Sectors the World Sectors ancy

 A L A L A L A L A L A L A L A L 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)

 1 Total financial assets 59304.6 -- 19314.0 -- 2650.4 -- 1505.9 -- 82774.9 -- 73952.2 -- 20489.7 -- 177216.7 -- -9707.9 2 Total liabilities and equity -- 13598.0 -- 44078.3 -- 5214.0 -- 15238.9 -- 78129.3 -- 74743.9 -- 16123.2 -- 168996.4 --  3 Total liabilities -- 13598.0 -- 19791.8 -- 5214.0 -- 15238.9 -- 53842.8 -- 69789.4 -- 10732.6 -- 134364.8 --  4 U.S. official reserve assets -- -- -- -- -- -- 102.8 54.3 102.8 54.3 35.8 -- 54.3 127.5 192.8 181.8 -11.0 5 SDR certificates -- -- -- -- -- -- -- 5.2 -- 5.2 5.2 -- -- -- 5.2 5.2 --  6 Treasury currency -- -- -- -- -- -- -- 25.9 -- 25.9 44.8 -- -- -- 44.8 25.9 -18.8 7 Foreign deposits 45.1 -- 13.3 -- -- -- -- -- 58.4 -- 43.3 -- -- 750.1 101.7 750.1 648.4 8 Interbank claims -- -- -- -- -- -- -- -- -- -- 1561.7 1831.4 215.7 -- 1777.4 1831.4 54.0 9 Checkable dep. and currency 820.8 -- 906.4 -- 117.7 -- 92.0 -- 1936.9 -- 373.5 2857.8 540.4 -- 2850.8 2857.8 7.010 Time and savings deposits 7114.3 -- 949.5 -- 289.8 -- 2.0 -- 8355.6 -- 630.4 9312.4 326.4 -- 9312.4 9312.4 -- 11 Money market fund shares 1017.6 -- 536.9 -- 140.7 -- -- -- 1695.2 -- 839.9 2649.6 114.5 -- 2649.6 2649.6 -- 12 Fed. funds and security RPs -- -- 10.4 -- 111.0 -- -- -- 121.3 -- 985.3 1122.9 -84.8 -- 1021.9 1122.9 101.113 Credit market instruments 5575.2 12979.7 332.4 12726.5 1437.9 2980.0 918.4 11593.7 8263.9 40280.0 39031.7 13912.2 9608.7 2712.0 56904.3 56904.3 -- 14 Open market paper 19.0 -- 60.5 130.3 85.5 -- -- -- 165.0 130.3 592.2 449.1 195.2 373.0 952.4 952.4 -- 15 Treasury securities 1108.9 -- 99.6 -- 533.6 -- -- 11568.9 1742.1 11568.9 4253.0 -- 5573.8 -- 11568.9 11568.9 -- 16 Agency- and GSE-backed sec. 75.1 -- 11.8 -- 469.6 -- 0.0 24.9 556.6 24.9 5993.4 7529.7 1004.7 -- 7554.6 7554.6 -- 17 Municipal securities 1657.0 241.0 40.5 509.1 12.1 2964.3 -- -- 1709.6 3714.4 1939.4 -- 65.4 -- 3714.4 3714.4 -- 18 Corporate and fgn. bonds 2556.6 -- -- 5795.2 150.5 -- 0.6 -- 2707.7 5795.2 7591.1 4986.4 2623.4 2140.7 12922.2 12922.2 -- 19 Depository inst. loans n.e.c. -- 66.3 -- 1680.1 -- -- -- -- -- 1746.4 2250.6 338.7 -- 165.5 2250.6 2250.6 -- 20 Other loans and advances 20.9 139.3 -- 1220.4 -- 15.7 188.7 -- 209.6 1375.4 1469.0 416.6 146.2 32.8 1824.8 1824.8 -- 21 Mortgages 70.5 9608.8 71.4 3391.3 186.6 -- 112.3 0.0 440.8 13000.2 12751.1 191.8 -- -- 13191.9 13191.9 -- 22 Consumer credit 67.1 2924.3 48.5 -- -- -- 616.8 -- 732.4 2924.3 2191.9 -- -- -- 2924.3 2924.3 -- 23 Corporate equities 10322.0 -- -- 16118.8 129.7 -- 39.9 -- 10491.6 16118.8 12472.9 4936.0 3480.8 5390.5 26445.3 26445.3 -- 24 Mutual fund shares 5315.9 -- 181.7 -- 61.7 -- -- -- 5559.2 -- 2805.2 9323.6 959.2 -- 9323.6 9323.6 -- 25 Trade credit -- 289.7 2873.5 2322.0 162.5 746.5 50.6 228.5 3086.7 3586.8 133.2 14.2 145.6 69.3 3365.4 3670.3 304.826 Security credit 776.0 303.7 -- -- -- -- -- -- 776.0 303.7 736.4 1208.7 0.0 0.0 1512.5 1512.5 -- 27 Life insurance reserves 1186.1 -- -- -- -- -- -- 50.0 1186.1 50.0 172.9 1309.0 -- -- 1359.0 1359.0 -- 28 Pension entitlements 18075.1 -- -- -- -- -- -- -- 18075.1 -- -- 18075.1 -- -- 18075.1 18075.1 -- 29 Taxes payable -- -- -- 158.6 112.3 -- 158.1 -- 270.4 158.6 -- -77.2 -- -- 270.4 81.4 -189.030 Equity in noncorp. business 8186.3 -- -- 8167.7 -- -- -- -- 8186.3 8167.7 -- 18.6 -- -- 8186.3 8186.3 -- 31 Miscellaneous 870.2 24.9 13509.9 4584.6 87.2 1487.5 142.0 3281.2 14609.4 9378.3 14080.1 8249.5 5128.8 7073.7 33818.3 24701.5 -10604.3General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 25) and equity in noncorporate business (line 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability.
S

u

m

m

a

r

y

Z.1, September 25, 2013 3

D.1 Credit Market Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1979 12.1 15.0 16.4 13.9 13.5 11.3 9.0 5.8 23.0 9.6

1980 9.5 8.2 10.9 1.0 10.1 8.5 6.9 11.8 14.9 14.3

1981 10.3 7.4 7.2 5.5 13.0 13.8 8.0 11.6 18.4 12.2

1982 10.4 5.6 4.8 5.0 9.9 10.2 11.2 19.7 13.6 7.5

1983 12.0 11.1 10.2 12.1 9.1 8.3 11.4 18.9 13.3 8.3

1984 14.8 12.7 11.4 18.4 16.1 16.7 11.4 16.9 17.5 3.7

1985 15.6 16.1 14.6 15.9 11.0 12.7 31.8 16.5 19.3 0.5

1986 11.9 11.3 13.7 9.1 11.6 14.1 10.9 13.6 26.2 4.0

1987 9.1 10.4 13.4 4.8 7.8 8.8 12.0 8.0 18.3 2.5

1988 9.1 9.8 11.8 6.7 9.9 10.9 6.0 8.0 13.1 2.9

1989 7.3 9.1 10.9 6.3 6.3 7.4 5.3 7.0 10.5 3.8

1990 6.5 7.0 8.9 1.9 3.6 5.3 5.0 11.0 8.6 8.3

1991 4.4 5.1 7.0 -1.1 -2.1 -2.1 9.2 11.1 5.9 4.8

1992 4.6 5.4 6.5 1.1 -0.3 0.7 1.5 10.9 8.5 6.9

1993 5.6 6.0 5.5 7.4 3.1 5.3 5.3 8.3 9.7 18.7

1994 5.1 7.7 5.6 15.2 5.4 7.1 -3.9 4.7 14.0 -2.4

1995 5.0 7.0 4.9 14.4 6.2 7.1 -5.5 4.1 11.4 17.7

1996 5.1 6.7 6.2 9.0 6.0 6.0 -2.0 4.0 12.4 15.5

1997 5.5 5.9 6.1 5.5 9.2 9.5 4.9 0.6 12.0 10.6

1998 6.5 7.6 8.0 7.2 11.5 10.9 6.2 -1.4 19.4 5.1

1999 6.2 8.0 9.4 7.8 10.4 9.5 3.3 -1.9 16.6 2.4

2000 5.0 9.0 8.7 11.4 9.3 8.6 1.4 -8.0 10.7 8.4

2001 6.4 9.6 10.6 8.6 6.0 4.9 8.8 -0.2 10.6 -1.4

2002 7.4 10.6 13.3 5.6 3.0 1.3 11.1 7.6 9.6 10.8

2003 8.0 11.8 14.5 5.3 2.2 1.8 8.3 10.9 10.7 4.0

2004 9.3 11.1 13.5 5.6 6.7 4.8 11.4 9.0 8.6 12.4

2005 9.3 11.2 13.4 4.5 9.0 7.0 5.8 7.0 9.4 7.9

2006 8.7 10.0 11.2 5.3 11.0 9.3 3.9 3.9 10.3 22.0

2007 8.5 6.7 6.9 6.1 13.6 13.5 5.5 4.9 12.7 9.0

2008 5.9 -0.0 -0.5 1.3 6.3 5.2 0.6 24.2 5.5 -10.6

2009 3.1 -1.7 -1.5 -3.9 -2.2 -1.9 4.0 22.7 -10.6 12.4

2010 4.1 -2.5 -3.4 -1.0 1.5 2.7 2.3 20.2 -5.9 3.6

2011 3.7 -1.4 -2.3 4.1 4.8 6.9 -1.7 11.4 -3.0 5.1

2012 4.9 0.2 -2.4 6.1 6.0 8.2 -0.2 10.9 -2.8 4.7

2007 -- Q1 8.5 7.3 8.5 4.9 11.5 10.1 7.0 6.7 11.2 12.9

 Q2 8.3 7.2 7.8 5.7 14.0 14.4 6.1 1.3 10.5 18.0

 Q3 8.7 6.8 6.9 7.8 14.0 14.6 4.4 5.6 16.5 1.4

 Q4 7.4 4.8 3.8 5.7 12.5 12.3 3.9 5.4 10.1 2.9

2008 -- Q1 6.5 3.8 3.1 6.0 9.1 9.0 2.0 10.7 6.1 10.4

 Q2 3.4 -0.4 -0.5 2.4 7.6 6.9 0.9 5.8 6.4 -0.0

 Q3 7.1 -1.5 -2.0 -0.7 5.6 4.7 0.7 36.0 6.4 -29.0

 Q4 6.3 -2.1 -2.8 -2.4 2.4 -0.2 -1.1 37.5 2.9 -26.8

2009 -- Q1 4.3 -1.1 0.1 -3.1 -0.8 -0.5 2.7 25.8 -10.8 11.3

 Q2 4.4 -1.5 -1.8 -5.8 -1.9 -1.2 5.1 27.0 -13.4 12.9

 Q3 2.1 -2.1 -2.3 -3.3 -3.4 -3.5 3.9 18.4 -10.5 15.3

 Q4 1.4 -2.0 -2.0 -3.7 -2.8 -2.6 4.0 13.0 -8.4 7.0

2010 -- Q1 3.8 -3.8 -5.6 -3.0 0.3 1.2 3.4 22.0 -8.2 4.8

 Q2 4.0 -2.1 -2.7 -2.5 -1.0 -1.1 0.5 22.0 -7.1 -3.2

 Q3 4.1 -2.5 -3.1 -0.2 3.6 5.7 1.8 15.9 -4.4 6.2

 Q4 4.4 -1.8 -2.5 1.8 3.0 5.0 3.6 15.6 -5.1 6.1

2011 -- Q1 2.7 -1.9 -2.9 4.1 3.9 6.1 -2.4 9.1 -1.0 17.6

 Q2 2.7 -2.6 -2.3 3.6 5.6 8.2 -2.7 8.0 -4.6 6.7

 Q3 4.7 -1.0 -1.8 3.6 4.2 6.0 -0.3 14.4 -3.2 -2.6

 Q4 4.6 -0.1 -2.4 5.0 5.1 6.7 -1.6 12.1 -3.3 -1.5

2012 -- Q1 4.7 -1.1 -3.5 5.4 4.4 6.4 0.4 13.5 -2.8 0.8

 Q2 5.3 1.4 -2.2 7.4 4.9 6.6 2.9 11.0 -4.8 -3.6

 Q3 3.0 -1.6 -3.3 4.8 5.1 6.8 -0.2 7.1 -2.0 8.9

 Q4 6.2 2.1 -0.9 6.5 9.1 11.9 -3.8 10.4 -1.7 11.9

2013 -- Q1 4.5 -0.5 -2.1 6.2 4.9 6.8 2.4 10.1 -0.5 14.8

 Q2 3.1 0.2 -1.7 5.6 6.9 8.4 1.1 2.5 0.5 1.8

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

u

m

m

a

r

y

4 Z.1, September 25, 2013

D.2 Credit Market Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1979 388.2 166.3 116.5 43.3 159.6 85.8 26.6 35.8 94.9 15.0

1980 340.3 105.3 90.2 3.4 135.4 72.2 22.2 77.4 75.8 24.2

1981 406.6 102.7 67.0 19.8 190.8 126.1 27.6 85.5 107.8 23.5

1982 451.3 84.6 47.4 18.8 163.7 105.8 41.7 161.3 93.6 16.0

1983 572.6 175.3 105.1 48.2 164.8 93.4 47.3 185.2 104.3 17.3

1984 790.9 220.4 127.3 81.7 320.8 207.1 52.5 197.2 156.2 8.4

1985 957.7 313.8 181.5 84.0 254.6 184.2 163.6 225.7 203.2 1.2

1986 845.0 258.1 198.8 55.8 296.7 229.5 74.2 216.0 330.1 9.7

1987 721.3 264.3 221.5 32.3 222.6 164.6 90.4 143.9 291.8 6.3

1988 784.4 270.4 215.7 46.6 308.5 224.4 50.4 155.1 249.8 7.4

1989 685.3 276.8 224.9 47.0 214.8 166.4 47.4 146.4 224.8 10.2

1990 658.4 233.2 200.1 15.1 131.2 130.9 47.1 246.9 207.8 23.9

1991 473.4 183.3 174.6 -8.8 -79.3 -53.1 91.2 278.2 153.1 15.1

1992 514.3 203.2 173.1 9.2 -9.3 17.1 16.5 304.0 236.5 24.1

1993 667.3 239.4 156.3 61.4 113.8 134.4 57.9 256.1 292.9 69.8

1994 639.8 324.3 166.5 135.0 205.3 190.8 -45.5 155.9 464.4 -11.2

1995 653.5 319.0 153.6 147.0 250.8 205.5 -60.8 144.4 433.6 78.3

1996 706.1 324.8 205.1 105.7 257.0 186.5 -20.5 144.9 523.2 88.0

1997 793.5 305.0 215.9 70.3 414.7 312.7 50.8 23.1 570.3 69.9

1998 998.2 414.8 301.1 97.1 569.2 390.2 66.8 -52.6 1026.5 37.2

1999 1011.5 474.5 379.2 112.4 571.0 377.2 37.3 -71.2 1052.6 19.0

2000 864.5 575.4 383.7 176.5 568.1 375.7 16.9 -295.9 790.8 63.0

2001 1164.0 666.5 508.2 150.6 397.6 234.2 105.5 -5.6 862.3 -11.2

2002 1429.7 812.4 705.9 105.2 215.1 63.3 144.6 257.6 881.4 93.4

2003 1671.5 992.5 871.4 105.9 162.4 88.5 120.5 396.0 1071.0 43.0

2004 2092.5 1051.8 934.2 117.2 500.1 245.4 178.8 361.9 938.9 155.3

2005 2350.7 1184.2 1052.6 100.4 718.0 376.3 141.7 306.9 1113.4 113.0

2006 2401.8 1166.6 993.6 121.9 950.9 535.7 100.9 183.4 1336.3 332.6

2007 2564.2 863.6 683.9 151.3 1316.9 855.3 146.7 237.1 1814.2 170.3

2008 1943.8 -6.3 -58.2 34.8 692.9 374.2 17.9 1239.2 896.9 -226.2

2009 1072.8 -228.5 -157.4 -103.7 -255.6 -146.9 113.0 1443.9 -1808.7 211.8

2010 1477.0 -342.4 -357.8 -25.3 169.7 201.8 69.5 1580.2 -931.7 75.3

2011 1372.9 -185.2 -228.4 109.1 542.9 517.7 -52.7 1067.9 -434.0 114.8

2012 1880.5 27.4 -236.4 169.1 718.1 652.4 -5.3 1140.2 -394.0 115.0

2007 -- Q1 2572.6 944.7 838.4 119.5 1111.5 641.6 187.5 328.9 1593.3 243.3

 Q2 2570.6 951.8 785.4 141.9 1388.2 936.1 165.9 64.6 1551.0 350.2

 Q3 2749.9 906.0 709.7 196.8 1440.7 981.2 123.0 280.1 2511.0 28.3

 Q4 2363.8 651.6 401.9 146.8 1327.2 862.5 110.3 274.7 1601.5 59.6

2008 -- Q1 2128.4 525.5 330.9 156.8 997.1 648.4 56.3 549.4 995.1 221.3

 Q2 1126.6 -56.3 -54.2 64.1 852.4 510.1 25.5 305.0 1046.3 -0.1

 Q3 2373.5 -207.4 -210.6 -17.8 639.7 352.3 21.1 1920.1 1061.8 -622.8

 Q4 2146.8 -286.8 -298.9 -63.7 282.5 -14.0 -31.2 2182.3 484.4 -503.3

2009 -- Q1 1478.9 -148.0 10.2 -81.1 -88.0 -37.4 76.0 1638.9 -1848.7 192.3

 Q2 1553.0 -201.0 -185.1 -153.1 -219.9 -94.6 146.2 1827.7 -2296.9 224.0

 Q3 760.7 -290.1 -241.5 -85.7 -391.4 -262.9 113.2 1329.1 -1741.3 287.9

 Q4 498.6 -274.9 -213.2 -95.1 -323.1 -192.7 116.8 979.8 -1347.9 143.1

2010 -- Q1 1343.7 -516.6 -582.8 -77.7 38.6 91.0 100.9 1720.7 -1291.8 99.6

 Q2 1425.3 -288.0 -280.4 -63.8 -112.5 -80.2 14.8 1811.0 -1056.3 -68.9

 Q3 1505.9 -332.0 -317.1 -4.2 405.4 421.6 54.6 1377.9 -638.0 132.0

 Q4 1633.3 -233.1 -250.8 44.3 347.2 374.7 107.8 1411.3 -740.6 138.6

2011 -- Q1 983.6 -248.4 -283.0 109.5 447.6 453.4 -73.6 857.9 -148.5 399.5

 Q2 992.6 -340.1 -223.3 95.7 640.5 625.0 -80.0 772.1 -670.9 160.5

 Q3 1750.1 -136.4 -172.1 96.2 485.9 464.1 -10.2 1410.8 -454.2 -64.8

 Q4 1765.3 -16.0 -235.4 135.1 597.4 528.4 -47.0 1230.9 -462.5 -35.9

2012 -- Q1 1809.6 -143.5 -335.4 147.6 528.7 512.2 13.2 1411.2 -388.1 19.7

 Q2 2056.0 184.8 -208.5 205.7 597.8 533.5 87.8 1185.7 -676.2 -90.0

 Q3 1194.7 -204.7 -315.2 136.2 618.3 556.9 -6.5 787.7 -274.9 220.5

 Q4 2461.6 273.2 -86.7 186.9 1127.8 1007.0 -115.5 1176.1 -236.7 309.6

2013 -- Q1 1794.1 -67.7 -200.1 180.6 620.3 593.5 72.8 1168.7 -70.9 401.8

 Q2 1251.4 31.4 -162.0 165.1 887.2 742.2 33.0 299.9 63.6 51.3
S

u

m

m

a

r

y

Z.1, September 25, 2013 5

D.3 Credit Market Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 

 Households Business State and Domestic 

Home Consumer local Federal financial

 Total Total mortgage credit Total Corporate governments government sectors Foreign

1979 3596.3 1278.5 826.7 354.6 1337.9 845.9 322.2 657.7 508.9 168.5

1980 3944.3 1396.0 926.5 358.0 1468.9 913.8 344.4 735.0 584.7 193.4

1981 4351.9 1505.9 998.2 377.9 1653.4 1033.6 372.1 820.5 689.2 214.0

1982 4773.1 1575.8 1031.1 396.7 1801.8 1124.1 413.8 981.8 785.5 208.1

1983 5348.6 1731.1 1116.2 444.9 1989.5 1240.5 461.1 1167.0 890.1 224.1

1984 6134.8 1943.1 1242.8 526.6 2313.8 1451.2 513.6 1364.2 1054.9 232.8

1985 7110.6 2277.7 1449.6 610.6 2565.1 1632.1 677.9 1589.9 1259.0 242.5

1986 7953.0 2534.2 1648.3 666.4 2860.8 1860.6 752.1 1805.9 1596.6 251.9

1987 8656.1 2752.5 1827.9 698.6 3111.2 2053.0 842.6 1949.8 1899.7 259.0

1988 9437.0 3039.8 2054.2 745.2 3399.3 2257.3 893.0 2104.9 2149.5 269.8

1989 10139.3 3309.2 2259.5 809.3 3638.6 2448.4 940.4 2251.2 2402.8 287.9

1990 10825.1 3571.6 2488.8 824.4 3767.9 2577.4 987.4 2498.1 2613.8 318.2

1991 11295.2 3758.5 2667.0 815.6 3681.7 2519.7 1078.6 2776.4 2766.8 350.4

1992 11812.7 3961.7 2840.0 824.8 3675.6 2540.0 1095.1 3080.3 3018.9 372.4

1993 12494.8 4203.5 2998.7 886.2 3801.8 2686.9 1153.0 3336.5 3317.2 468.2

1994 13140.9 4527.0 3165.3 1021.2 4014.1 2884.8 1107.5 3492.3 3789.7 443.1

1995 13810.3 4846.1 3318.9 1168.2 4280.7 3106.1 1046.7 3636.7 4226.3 567.6

1996 14516.4 5183.8 3537.0 1273.9 4524.7 3279.6 1026.2 3781.7 4749.5 657.2

1997 15308.4 5489.4 3752.9 1344.2 4937.3 3590.3 1076.9 3804.8 5299.7 723.6

1998 16306.6 5902.9 4054.0 1441.3 5507.8 3981.7 1143.8 3752.2 6326.2 783.2

1999 17352.7 6377.6 4430.8 1553.6 6113.1 4393.3 1181.0 3681.0 7376.5 748.2

2000 18227.1 6962.9 4813.3 1741.3 6681.2 4769.0 1197.9 3385.1 8168.4 814.5

2001 19374.2 7628.5 5321.5 1891.8 7062.8 4987.1 1303.4 3379.5 9156.8 865.4

2002 20803.8 8440.9 6027.4 1997.0 7278.0 5050.4 1447.9 3637.0 10038.3 1072.8

2003 22519.5 9463.5 6908.5 2102.9 7454.5 5153.0 1568.4 4033.1 10944.6 1253.3

2004 25344.0 10535.3 7857.6 2220.1 7965.5 5409.4 2448.2 4395.0 11898.4 1438.8

2005 27694.6 11719.5 8910.2 2320.6 8683.4 5785.7 2589.8 4701.9 12957.3 1513.9

2006 30172.2 12941.0 9903.8 2462.8 9655.1 6342.2 2690.8 4885.3 14260.5 1882.6

2007 32745.5 13807.1 10587.6 2616.6 10978.5 7204.0 2837.5 5122.3 16204.5 2126.3

2008 34689.2 13805.8 10534.4 2651.4 11666.5 7573.3 2855.4 6361.5 17101.1 1708.8

2009 35634.5 13533.9 10377.0 2553.5 11326.7 7342.2 2968.4 7805.4 15688.5 2090.3

2010 37040.0 13196.8 9906.2 2648.1 11419.6 7473.3 3038.0 9385.6 14485.7 2267.2

2011 38418.3 13017.0 9677.8 2757.2 11962.5 7991.0 2985.3 10453.6 14046.3 2452.9

2012 40280.0 12979.7 9436.3 2924.3 12726.5 8686.9 2980.0 11593.7 13912.2 2712.0

2007 -- Q1 30821.9 13177.2 10113.4 2492.6 9939.5 6509.0 2737.7 4967.5 14786.1 1941.8

 Q2 31464.5 13415.2 10309.7 2528.1 10286.6 6743.1 2779.1 4983.6 15173.8 2020.8

 Q3 32154.5 13644.2 10487.2 2579.9 10646.7 6988.4 2809.9 5053.7 15804.1 2077.1

 Q4 32745.5 13807.1 10587.6 2616.6 10978.5 7204.0 2837.5 5122.3 16204.5 2126.3

2008 -- Q1 33277.6 13938.5 10670.4 2655.7 11227.8 7366.1 2851.5 5259.7 16453.3 2216.1

 Q2 33559.2 13924.4 10656.8 2671.8 11440.9 7493.6 2857.9 5335.9 16714.8 2145.8

 Q3 34152.5 13877.5 10609.1 2667.3 11595.9 7576.7 2863.2 5816.0 16979.9 1877.7

 Q4 34689.2 13805.8 10534.4 2651.4 11666.5 7573.3 2855.4 6361.5 17101.1 1708.8

2009 -- Q1 34997.9 13698.2 10536.9 2631.1 11654.1 7573.5 2874.4 6771.3 17091.5 1732.7

 Q2 35386.1 13647.9 10490.7 2598.7 11599.1 7549.8 2910.9 7228.2 16517.3 1879.6

 Q3 35576.3 13575.4 10430.3 2577.2 11501.3 7484.1 2939.2 7560.5 16082.0 2053.1

 Q4 35634.5 13533.9 10377.0 2553.5 11326.7 7342.2 2968.4 7805.4 15688.5 2090.3

2010 -- Q1 36001.6 13417.5 10230.1 2537.6 11354.8 7382.2 2993.6 8235.6 14857.5 2137.5

 Q2 36357.9 13345.5 10160.0 2521.7 11326.7 7362.2 2997.3 8688.4 14593.4 2125.7

 Q3 36734.4 13262.5 10080.7 2520.7 11428.1 7467.6 3011.0 9032.8 14433.9 2265.4

 Q4 37040.0 13196.8 9906.2 2648.1 11419.6 7473.3 3038.0 9385.6 14485.7 2267.2

2011 -- Q1 37285.9 13134.7 9835.4 2675.5 11531.5 7586.6 3019.6 9600.1 14448.6 2385.3

 Q2 37539.4 13055.1 9779.6 2699.4 11691.6 7742.8 2999.6 9793.2 14275.5 2464.4

 Q3 37977.0 13021.0 9736.6 2723.4 11813.1 7858.8 2997.0 10145.9 14161.9 2449.2

 Q4 38418.3 13017.0 9677.8 2757.2 11962.5 7991.0 2985.3 10453.6 14046.3 2452.9

2012 -- Q1 38866.2 12983.4 9593.9 2794.1 12087.8 8109.7 2988.6 10806.4 14012.8 2494.2

 Q2 39375.2 13024.6 9536.8 2843.5 12237.2 8243.1 3010.5 11102.8 13843.8 2478.9

 Q3 39666.0 12913.7 9458.0 2877.6 12443.7 8434.2 3008.9 11299.7 13961.3 2608.6

 Q4 40280.0 12979.7 9436.3 2924.3 12726.5 8686.9 2980.0 11593.7 13912.2 2712.0

2013 -- Q1 40728.5 12962.8 9386.3 2969.5 12881.6 8835.2 2998.2 11885.9 13894.5 2786.4

 Q2 41041.4 12970.6 9345.8 3010.7 13103.4 9020.8 3006.4 11960.9 13910.4 2709.6

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

u

m

m

a

r

y

6 Z.1, September 25, 2013

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Credit market borrowing 2614.5 -524.1 620.7 1053.7 1601.5 1441.3 1289.8 1140.4 2534.5 2125.0 1366.4 1

 2 Domestic nonfinancial sectors 1943.8 1072.8 1477.0 1372.9 1880.5 1809.6 2056.0 1194.7 2461.6 1794.1 1251.4 2

 3 Household sector -6.3 -228.5 -342.4 -185.2 27.4 -143.5 184.8 -204.7 273.2 -67.7 31.4 3

 4 Nonfinancial corporate business 374.2 -146.9 201.8 517.7 652.4 512.2 533.5 556.9 1007.0 593.5 742.2 4

 5 Nonfinancial noncorporate business 318.7 -108.7 -32.1 25.1 65.7 16.5 64.2 61.4 120.8 26.8 145.0 5

 6 State and local governments 17.9 113.0 69.5 -52.7 -5.3 13.2 87.8 -6.5 -115.5 72.8 33.0 6

 7 Federal government 1239.2 1443.9 1580.2 1067.9 1140.2 1411.2 1185.7 787.7 1176.1 1168.7 299.9 7

 8 Rest of the world -226.2 211.8 75.3 114.8 115.0 19.7 -90.0 220.5 309.6 401.8 51.3 8

 9 Financial sectors 896.9 -1808.7 -931.7 -434.0 -394.0 -388.1 -676.2 -274.9 -236.7 -70.9 63.6 9

 10 U.S.-chartered depository institutions -0.9 -292.2 -161.7 -73.9 -27.2 -35.7 -23.0 -74.5 24.3 -4.9 64.3 10

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

 12 Credit unions 8.3 -14.1 -0.4 -2.0 0.9 -5.1 3.3 2.6 2.8 -11.4 4.9 12

 13 Life insurance companies 26.2 -6.6 -3.2 1.8 4.8 6.6 15.7 -0.2 -3.0 5.2 6.5 13

 14 Government-sponsored enterprises 271.7 -475.3 -233.8 -187.2 -154.6 -274.9 -155.0 -113.2 -75.4 43.1 136.7 14

 15 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 15

 16 ABS issuers -413.6 -736.9 -497.5 -246.8 -215.9 -230.2 -246.6 -252.6 -134.4 -229.9 -160.7 16

 17 Finance companies -79.4 -156.2 -174.9 -12.7 -53.7 -40.3 -80.2 59.9 -154.3 -73.1 -2.8 17

 18 REITs -53.8 -50.0 -2.1 28.2 42.9 26.6 57.3 27.4 60.4 -1.0 30.0 18

 19 Brokers and dealers 77.7 -49.7 36.9 -37.9 -1.7 24.8 16.5 -65.2 17.3 -4.2 55.8 19

 20 Holding companies 97.3 -8.0 -16.5 -16.5 -97.7 12.3 -360.2 26.2 -69.3 -24.5 -149.8 20

 21 Funding corporations 466.4 -434.8 -65.3 -52.4 -23.9 -6.7 -50.6 9.1 -47.4 91.1 39.1 21

 22 Credit market lending 2614.5 -524.1 620.7 1053.7 1601.5 1441.3 1289.8 1140.4 2534.5 2125.0 1366.4 22

 23 Domestic nonfinancial sectors 141.0 306.7 164.2 -216.3 38.4 -518.9 821.7 -329.7 180.3 -334.8 -322.2 23

 24 Household sector 187.1 31.6 6.3 -153.1 -8.5 -478.5 603.1 -456.2 297.6 -401.2 -468.4 24

 25 Nonfinancial corporate business -34.6 10.0 2.6 -5.3 9.5 10.0 27.1 54.6 -53.6 -112.8 61.6 25

 26 Nonfinancial noncorporate business -10.9 -6.7 6.6 1.1 1.2 0.5 0.7 1.0 2.4 1.5 2.6 26

 27 State and local governments -94.0 -37.3 60.7 -80.8 -66.1 -78.0 20.6 -41.0 -165.9 12.4 -36.1 27

 28 Federal government 93.4 309.1 88.0 21.8 102.3 27.0 170.3 111.9 99.8 165.4 118.1 28

 29 Rest of the world 377.2 123.5 623.7 239.6 452.0 546.1 -18.5 702.5 577.8 566.7 79.1 29

 30 Financial sectors 2096.2 -954.3 -167.3 1030.4 1111.1 1414.1 486.6 767.5 1776.4 1893.1 1609.4 30

 31 Monetary authority 245.4 1001.6 271.5 376.5 34.5 -33.4 -23.5 -203.4 398.4 1134.2 1083.8 31

 32 U.S.-chartered depository institutions 241.9 -336.7 -176.6 126.9 357.8 274.7 349.6 174.3 632.8 161.8 187.7 32

 33 Foreign banking offices in U.S. 100.8 -285.8 -30.8 37.7 -0.7 -51.3 -40.3 75.1 13.6 -85.4 -41.5 33

 34 Banks in U.S.-affiliated areas -1.9 -2.8 -19.3 -4.9 -0.1 -0.6 -4.6 -2.9 7.5 -1.1 -0.1 34

 35 Credit unions 40.4 33.5 24.0 37.6 46.0 77.0 41.7 41.9 23.7 53.7 33.2 35

 36 Property-casualty insurance companies -15.9 33.3 3.9 36.2 -2.5 -13.7 -11.0 1.1 13.6 20.4 4.2 36

 37 Life insurance companies 11.6 139.8 151.6 123.6 73.6 145.6 -111.0 153.2 106.6 107.0 32.0 37

 38 Private pension funds -4.9 12.7 123.2 73.2 11.8 42.3 15.7 -6.1 -4.5 27.7 65.9 38

 39 State and local govt. retirement funds -26.5 -85.8 22.1 0.4 -2.0 31.8 -27.6 -36.2 24.0 21.8 70.5 39

 40 Federal government retirement funds 23.9 7.4 10.8 20.0 13.9 5.5 16.9 9.4 23.9 -8.7 1.5 40

 41 Money market mutual funds 727.9 -619.9 -396.6 -9.8 -82.7 -106.2 -118.5 -27.8 -78.4 80.0 112.2 41

 42 Mutual funds 32.4 387.1 353.6 359.4 642.0 683.2 650.3 655.2 579.2 683.2 277.2 42

 43 Closed-end funds -40.7 10.6 5.2 -1.7 11.6 11.4 5.1 15.0 14.8 30.5 19.2 43

 44 Exchange-traded funds 23.0 46.0 29.7 46.1 52.3 65.0 73.7 30.3 40.3 28.1 13.1 44

 45 Government-sponsored enterprises 242.9 -323.0 -315.6 -202.3 -223.2 -223.7 -329.5 -161.8 -177.6 -156.9 251.6 45

 46 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 46

 47 ABS issuers -397.0 -702.3 -487.8 -242.6 -209.5 -221.0 -235.0 -248.7 -133.4 -225.8 -145.1 47

 48 Finance companies -81.9 -217.6 -104.2 -45.9 -28.2 -31.1 -21.9 -32.8 -26.9 -21.6 20.9 48

 49 REITs -68.9 -8.7 37.1 102.9 127.7 227.8 90.6 251.6 -59.3 -28.8 -63.8 49

 50 Brokers and dealers -85.7 -192.1 32.2 5.7 89.1 224.8 -18.0 16.8 132.8 -167.4 -330.1 50

 51 Holding companies 13.9 -16.0 22.1 3.1 -39.8 64.1 -158.2 -28.1 -36.9 26.0 53.0 51

 52 Funding corporations 618.5 -250.9 89.7 22.8 107.1 107.2 195.5 -14.2 139.9 75.3 -75.3 52

(1) Excludes corporate equities and mutual fund shares.
S

u

m

m

a

r

y

Z.1, September 25, 2013 7

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 1943.8 1072.8 1477.0 1372.9 1880.5 1809.6 2056.0 1194.7 2461.6 1794.1 1251.4 1

 2 By instrument 1943.8 1072.8 1477.0 1372.9 1880.5 1809.6 2056.0 1194.7 2461.6 1794.1 1251.4 2

 3 Commercial paper 7.7 -73.1 24.5 33.4 14.0 -7.9 29.0 -35.5 70.5 21.2 -19.0 3

 4 Treasury securities 1239.0 1443.7 1579.6 1066.8 1140.6 1414.6 1185.5 788.0 1174.1 1169.7 298.5 4

 5 Agency- and GSE-backed securities 0.2 0.1 0.7 1.1 -0.4 -3.3 0.1 -0.3 1.9 -1.0 1.3 5

 6 Municipal securities 92.4 155.3 99.7 -52.8 -4.9 19.2 95.4 -11.8 -122.6 76.5 24.7 6

 7 Corporate bonds 225.4 411.7 438.6 410.8 579.6 523.2 426.0 587.1 782.0 570.2 558.9 7

 8 Depository institution loans n.e.c. 188.4 -303.1 -51.5 71.7 277.6 260.2 383.5 110.8 356.1 14.4 151.5 8

 9 Other loans and advances 87.3 -164.8 -82.4 63.2 -19.3 -82.8 1.5 -13.5 17.6 20.6 119.5 9

 10 Mortgages 68.6 -293.5 -506.8 -330.5 -275.8 -461.1 -270.9 -366.2 -4.9 -258.0 -49.1 10

 11 Home -115.3 -211.3 -346.4 -254.6 -248.7 -354.1 -218.1 -328.8 -93.7 -213.8 -165.5 11

 12 Multifamily residential 44.8 5.0 -6.1 5.5 24.9 -4.9 28.0 33.1 43.3 15.6 40.8 12

 13 Commercial 117.2 -98.5 -162.4 -94.5 -57.8 -107.9 -86.5 -76.3 39.6 -65.7 69.6 13

 14 Farm 22.0 11.3 8.1 13.1 5.8 5.8 5.8 5.8 5.8 6.0 6.0 14

 15 Consumer credit 34.8 -103.7 -25.3 109.1 169.1 147.6 205.7 136.2 186.9 180.6 165.1 15

 16 By sector 1943.8 1072.8 1477.0 1372.9 1880.5 1809.6 2056.0 1194.7 2461.6 1794.1 1251.4 16

 17 Household sector -6.3 -228.5 -342.4 -185.2 27.4 -143.5 184.8 -204.7 273.2 -67.7 31.4 17

 18 Nonfinancial business 692.9 -255.6 169.7 542.9 718.1 528.7 597.8 618.3 1127.8 620.3 887.2 18

 19 Corporate 374.2 -146.9 201.8 517.7 652.4 512.2 533.5 556.9 1007.0 593.5 742.2 19

 20 Noncorporate 318.7 -108.7 -32.1 25.1 65.7 16.5 64.2 61.4 120.8 26.8 145.0 20

 21 State and local governments 17.9 113.0 69.5 -52.7 -5.3 13.2 87.8 -6.5 -115.5 72.8 33.0 21

 22 Federal government 1239.2 1443.9 1580.2 1067.9 1140.2 1411.2 1185.7 787.7 1176.1 1168.7 299.9 22

 23 Foreign borrowing in U.S. -226.2 211.8 75.3 114.8 115.0 19.7 -90.0 220.5 309.6 401.8 51.3 23

 24 Commercial paper -71.0 59.4 -2.7 -53.5 27.9 32.9 -54.2 78.4 54.5 117.2 10.2 24

 25 Bonds -158.8 163.3 59.9 137.7 62.2 -49.8 -84.9 133.2 250.5 239.8 15.2 25

 26 Depository institution loans n.e.c. 5.1 -11.2 17.9 29.2 19.2 29.0 44.8 8.8 -5.9 45.2 25.6 26

 27 Other loans and advances -1.5 0.3 0.2 1.4 5.7 7.6 4.3 0.2 10.5 -0.4 0.3 27

 28 Domestic and foreign 1717.6 1284.6 1552.4 1487.7 1995.4 1829.3 1965.9 1415.3 2771.2 2195.9 1302.7 28

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 896.9 -1808.7 -931.7 -434.0 -394.0 -388.1 -676.2 -274.9 -236.7 -70.9 63.6 1

 2 Open market paper -125.4 -448.1 -102.2 -68.2 -58.8 -29.5 -54.1 -65.4 -86.1 -12.4 -15.7 2

 3 GSE issues 271.7 -475.3 -233.8 -187.2 -154.6 -274.9 -155.0 -113.2 -75.4 43.1 136.7 3

 4 Agency- and GSE-backed mortgage pool sec. 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 4

 5 Corporate bonds -282.9 -585.9 -575.1 -324.7 -207.9 -59.5 -411.6 -226.3 -134.3 -273.6 -249.8 5

 6 Depository institution loans n.e.c. 496.4 -435.4 -62.9 31.6 -124.0 -148.3 -280.6 32.0 -99.0 -16.8 28.1 6

 7 Other loans and advances 33.3 -282.6 -144.7 -60.0 3.5 -20.8 53.8 -19.8 0.8 45.7 126.3 7

 8 Mortgages 6.8 3.4 0.2 9.1 15.6 10.4 24.9 12.2 14.9 4.2 -1.4 8

 9 By sector 896.9 -1808.7 -931.7 -434.0 -394.0 -388.1 -676.2 -274.9 -236.7 -70.9 63.6 9

 10 U.S.-chartered depository institutions -0.9 -292.2 -161.7 -73.9 -27.2 -35.7 -23.0 -74.5 24.3 -4.9 64.3 10

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

 12 Credit unions 8.3 -14.1 -0.4 -2.0 0.9 -5.1 3.3 2.6 2.8 -11.4 4.9 12

 13 Life insurance companies 26.2 -6.6 -3.2 1.8 4.8 6.6 15.7 -0.2 -3.0 5.2 6.5 13

 14 Government-sponsored enterprises 271.7 -475.3 -233.8 -187.2 -154.6 -274.9 -155.0 -113.2 -75.4 43.1 136.7 14

 15 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 15

 16 ABS issuers -413.6 -736.9 -497.5 -246.8 -215.9 -230.2 -246.6 -252.6 -134.4 -229.9 -160.7 16

 17 Finance companies -79.4 -156.2 -174.9 -12.7 -53.7 -40.3 -80.2 59.9 -154.3 -73.1 -2.8 17

 18 REITs -53.8 -50.0 -2.1 28.2 42.9 26.6 57.3 27.4 60.4 -1.0 30.0 18

 19 Brokers and dealers 77.7 -49.7 36.9 -37.9 -1.7 24.8 16.5 -65.2 17.3 -4.2 55.8 19

 20 Holding companies 97.3 -8.0 -16.5 -16.5 -97.7 12.3 -360.2 26.2 -69.3 -24.5 -149.8 20

 21 Funding corporations 466.4 -434.8 -65.3 -52.4 -23.9 -6.7 -50.6 9.1 -47.4 91.1 39.1 21
S

u

m

m

a

r

y

8 Z.1, September 25, 2013

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 2614.5 -524.1 620.7 1053.7 1601.5 1441.3 1289.8 1140.4 2534.5 2125.0 1366.4 1

 2 Open market paper -188.8 -461.8 -80.4 -88.3 -16.9 -4.6 -79.3 -22.5 38.8 126.0 -24.5 2

 3 Treasury securities 1239.0 1443.7 1579.6 1066.8 1140.6 1414.6 1185.5 788.0 1174.1 1169.7 298.5 3

 4 Agency- and GSE-backed securities 768.9 -59.9 -46.2 -20.8 -22.8 -143.8 -8.4 -7.9 68.9 181.0 177.6 4

 5 Municipal securities 92.4 155.3 99.7 -52.8 -4.9 19.2 95.4 -11.8 -122.6 76.5 24.7 5

 6 Corporate and foreign bonds -216.3 -10.9 -76.6 223.8 433.9 413.9 -70.6 494.0 898.2 536.3 324.3 6

 7 Depository institution loans n.e.c. 689.9 -749.7 -96.5 132.5 172.9 141.0 147.7 151.6 251.2 42.8 205.1 7

 8 Other loans and advances 119.1 -447.0 -226.9 4.6 -10.2 -96.0 59.6 -33.1 28.9 65.9 246.0 8

 9 Mortgages 75.4 -290.1 -506.6 -321.4 -260.2 -450.7 -246.0 -354.0 10.0 -253.7 -50.6 9

 10 Consumer credit 34.8 -103.7 -25.3 109.1 169.1 147.6 205.7 136.2 186.9 180.6 165.1 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

 11 Total net issues 254.9 812.6 362.5 36.0 463.4 371.6 373.7 714.3 394.0 1229.2 501.3 11

 12 Corporate equities 264.8 315.5 -7.6 -302.4 -162.3 -215.2 -211.7 -68.1 -154.1 271.3 2.7 12

 13 Nonfinancial -336.0 -64.6 -278.0 -472.5 -400.0 -291.8 -508.1 -395.6 -404.5 -255.9 -344.8 13

 Foreign shares purchased by

 14 U.S. residents -38.5 63.7 79.1 6.0 82.6 40.7 176.6 71.5 41.5 295.3 305.3 14

 15 Financial 639.3 316.4 191.2 164.0 155.1 35.8 119.9 256.0 208.8 232.0 42.2 15

 16 Mutual fund shares -9.9 497.1 370.1 338.4 625.7 586.8 585.4 782.3 548.2 957.8 498.6 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) 2614.5 -524.1 620.7 1053.7 1601.5 1441.3 1289.8 1140.4 2534.5 2125.0 1366.4 1

 2 U.S. official reserve assets 4.8 99.9 1.8 15.9 4.5 4.9 13.2 3.3 -3.6 3.5 -0.8 2

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

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

 5 Foreign deposits -394.3 -110.7 -9.3 -46.3 -30.2 -60.9 -111.7 141.0 -89.1 96.8 350.3 5

 6 Net interbank transactions 1823.0 -590.9 -132.9 844.5 -208.8 390.3 -274.2 -455.4 -495.7 2089.1 1799.2 6

 7 Checkable deposits and currency 568.4 -7.9 266.3 234.5 268.5 -73.9 301.1 223.1 623.6 299.1 72.7 7

 8 Small time and savings deposits 524.8 517.2 298.3 577.4 539.7 418.9 473.8 529.6 736.4 130.8 374.3 8

 9 Large time deposits -190.6 -141.8 -182.3 -204.6 -23.6 -77.2 -38.0 -107.3 128.2 -46.9 73.5 9

 10 Money market fund shares 724.2 -498.7 -503.2 -112.8 7.1 -190.9 -148.9 55.3 312.8 -135.0 77.2 10

 11 Security RPs -888.0 232.0 -197.1 -133.4 -14.0 197.0 -117.5 -111.1 -24.5 -23.4 -356.3 11

 12 Corporate equities 264.8 315.5 -7.6 -302.4 -162.3 -215.2 -211.7 -68.1 -154.1 271.3 2.7 12

 13 Mutual fund shares -9.9 497.1 370.1 338.4 625.7 586.8 585.4 782.3 548.2 957.8 498.6 13

 14 Trade payables -170.6 -12.0 226.5 52.8 178.5 229.7 179.5 186.6 118.1 187.5 44.7 14

 15 Security credit -397.9 -95.9 123.6 97.8 188.9 181.7 135.0 266.3 172.5 -105.7 71.7 15

 16 Life insurance reserves 67.0 26.5 17.2 94.1 -11.6 -9.6 -73.2 11.8 24.6 -10.0 13.7 16

 17 Pension entitlements 538.0 427.4 614.7 473.0 497.1 464.5 381.8 526.3 615.7 463.9 477.4 17

 18 Taxes payable -123.8 -3.4 19.4 20.7 13.1 19.4 18.1 28.6 -13.6 26.8 -58.7 18

 19 Noncorporate proprietors’ equity -287.1 -69.8 187.4 -54.9 1.1 27.5 5.1 -11.1 -17.0 36.9 4.6 19

 20 Miscellaneous 2392.7 -33.5 1331.1 1511.3 1010.2 763.0 1112.1 1020.6 1145.0 1275.6 864.3 20

 21 Total financial sources 7059.2 29.5 3044.5 4459.7 4485.2 4097.1 3519.5 4162.1 6162.1 7643.3 5675.6 21

 - Liabilities not identified as assets:

 22 Treasury currency -0.8 -4.4 -1.1 -0.7 -0.6 -0.8 -0.5 -0.5 -0.5 -0.9 -0.7 22

 23 Foreign deposits -330.4 -122.5 -26.6 25.2 -7.3 6.1 -30.8 105.5 -109.9 7.6 333.0 23

 24 Net interbank liabilities 60.7 29.1 22.1 20.3 6.6 188.1 -136.0 26.5 -52.1 330.4 -82.0 24

 25 Security RPs -594.0 465.8 -80.3 -120.0 -61.4 289.6 -182.6 -340.9 -11.8 -453.3 -140.9 25

 26 Taxes payable -67.3 -33.4 -8.4 -2.4 -0.1 -16.9 35.6 8.8 -27.8 30.0 -12.4 26

 27 Miscellaneous 1731.7 -363.8 235.9 11.2 -236.1 -249.6 -250.6 380.7 -825.0 -503.2 -1370.0 27

 - Floats not included in assets:

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

 29 Federal govt. -3.3 0.7 0.0 -0.1 0.6 -45.9 98.8 3.8 -54.2 -44.3 96.2 29

 30 Private domestic -2.0 -1.0 -1.1 0.9 0.7 -0.3 -0.3 0.0 3.2 -5.5 2.4 30

 31 Trade credit 21.5 102.5 60.3 -59.1 61.3 58.1 23.5 39.6 124.0 9.1 -18.3 31

 Totals identified to sectors

 32 as assets 6243.3 -43.5 2843.6 4584.4 4721.5 3868.9 3962.2 3938.5 7116.2 8273.4 6868.3 32
S

u

m

m

a

r

y

Z.1, September 25, 2013 9

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total credit market debt owed by: 53499.1 53413.3 53792.9 54917.4 56904.3 55359.9 55591.7 56165.7 56904.3 57387.4 57562.9 1

 2 Domestic nonfinancial sectors 34689.2 35634.5 37040.0 38418.3 40280.0 38866.1 39260.7 39597.7 40280.0 40721.9 40938.4 2

 3 Household sector 13805.8 13533.9 13196.8 13017.0 12979.7 12943.5 12983.7 12886.7 12979.7 12925.1 12932.5 3

 4 Nonfinancial corporate business 7573.3 7342.2 7473.3 7991.0 8686.9 8107.3 8241.8 8438.7 8686.9 8825.9 9026.7 4

 5 Nonfinancial noncorporate business 4093.2 3984.5 3946.3 3971.4 4039.6 3977.1 3991.7 4007.2 4039.6 4045.9 4080.0 5

 6 State and local governments 2855.4 2968.4 3038.0 2985.3 2980.0 2986.3 2993.3 2985.3 2980.0 2994.8 2986.4 6

 7 Federal government 6361.5 7805.4 9385.6 10453.6 11593.7 10851.9 11050.1 11279.9 11593.7 11930.1 11912.9 7

 8 Rest of the world 1708.8 2090.3 2267.2 2452.9 2712.0 2503.4 2496.5 2615.9 2712.0 2791.5 2722.2 8

 9 Financial sectors 17101.1 15688.5 14485.7 14046.3 13912.2 13990.4 13834.5 13952.1 13912.2 13874.0 13902.3 9

 10 U.S.-chartered depository institutions 990.3 718.1 942.6 868.7 840.3 840.8 844.7 822.2 840.3 820.7 848.4 10

 11 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 11

 12 Credit unions 40.6 26.5 26.1 24.2 25.1 22.9 23.7 24.4 25.1 22.2 23.5 12

 13 Life insurance companies 54.9 48.3 45.1 46.8 51.6 48.5 52.4 52.4 51.6 52.9 54.5 13

 14 Government-sponsored enterprises 3181.9 2706.6 6434.5 6247.3 6092.7 6178.6 6139.8 6111.5 6092.7 6103.5 6137.6 14

 15 Agency- and GSE-backed mortgage pools 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 15

 16 ABS issuers 4101.0 3287.6 2230.9 1984.1 1768.1 1924.2 1863.0 1801.4 1768.1 1708.6 1668.1 16

 17 Finance companies 1200.3 1044.1 1280.7 1262.6 1208.9 1251.5 1235.6 1246.0 1208.9 1190.8 1193.1 17

 18 REITs 367.4 317.4 315.2 343.4 386.3 350.1 364.4 371.2 386.3 386.1 393.6 18

 19 Brokers and dealers 142.6 92.9 129.7 91.8 90.2 98.0 102.1 85.8 90.2 89.1 103.1 19

 20 Holding companies 807.9 1253.7 1237.2 1220.8 1418.6 1303.9 1213.9 1428.7 1418.6 1412.4 1375.0 20

 21 Funding corporations 1252.8 816.8 704.2 651.8 593.5 642.0 617.4 600.5 593.5 625.0 619.7 21

 22 Total credit market assets held by: 53499.1 53413.3 53792.9 54917.4 56904.3 55359.9 55591.7 56165.7 56904.3 57387.4 57562.9 22

 23 Domestic nonfinancial sectors 7426.9 8132.3 8552.5 8109.2 8263.9 8039.6 8117.2 8190.7 8263.9 8234.2 8228.6 23

 24 Household sector 5158.7 5589.0 5847.6 5467.4 5575.2 5414.7 5447.1 5482.2 5575.2 5535.8 5505.7 24

 25 Nonfinancial corporate business 213.7 223.7 230.1 224.8 234.3 215.4 224.9 238.2 234.3 194.1 210.6 25

 26 Nonfinancial noncorporate business 95.8 89.1 95.8 96.9 98.0 97.0 97.2 97.4 98.0 98.4 99.0 26

 27 State and local governments 1561.4 1524.1 1584.8 1504.0 1437.9 1484.4 1490.8 1474.2 1437.9 1440.4 1432.6 27

 28 Federal government 397.2 706.3 794.3 816.2 918.4 828.1 857.2 898.6 918.4 965.5 980.7 28

 29 Rest of the world 7523.7 7723.4 8491.8 9029.7 9608.7 9176.8 9232.3 9500.4 9608.7 9738.9 9519.4 29

 30 Financial sectors 38548.5 37557.5 36748.5 37778.6 39031.7 38143.5 38242.2 38474.6 39031.7 39414.3 39814.9 30

 31 Monetary authority 986.0 1987.7 2259.2 2635.6 2670.1 2613.4 2610.9 2565.1 2670.1 2939.8 3214.2 31

 32 U.S.-chartered depository institutions 9442.9 9131.1 9341.5 9468.4 9815.1 9462.8 9564.3 9622.3 9815.1 9789.9 9853.0 32

 33 Foreign banking offices in U.S. 1063.8 777.9 747.1 784.9 784.1 775.5 760.4 778.3 784.1 766.9 752.1 33

 34 Banks in U.S.-affiliated areas 90.9 88.1 68.9 64.0 63.9 63.9 62.7 62.0 63.9 63.6 63.6 34

 35 Credit unions 701.1 734.6 758.6 796.2 842.3 814.6 829.1 837.8 842.3 855.1 867.1 35

 36 Property-casualty insurance companies 853.4 886.7 890.6 926.8 924.3 923.4 920.6 920.9 924.3 929.4 930.4 36

 37 Life insurance companies 2882.8 3022.6 3174.2 3297.9 3371.5 3333.6 3307.7 3349.5 3371.5 3397.7 3407.6 37

 38 Private pension funds 782.7 795.5 918.6 991.8 1003.7 1002.4 1006.3 1004.8 1003.7 1010.6 1027.0 38

 39 State and local govt. retirement funds 823.0 737.2 759.3 759.6 757.6 767.6 760.7 751.6 757.6 763.1 780.7 39

 40 Federal government retirement funds 123.3 130.7 141.5 161.6 175.5 163.0 167.2 169.5 175.5 173.3 173.7 40

 41 Money market mutual funds 2689.9 2070.0 1673.4 1663.6 1580.9 1600.7 1528.4 1520.2 1580.9 1562.8 1550.9 41

 42 Mutual funds 2229.2 2616.3 2969.9 3329.3 3981.3 3540.0 3699.5 3851.6 3981.3 4187.5 4250.8 42

 43 Closed-end funds 130.4 141.1 146.3 144.5 156.1 147.4 148.7 152.4 156.1 163.7 168.5 43

 44 Exchange-traded funds 57.1 103.0 132.7 178.8 231.1 195.1 213.5 221.1 231.1 238.2 241.4 44

 45 Government-sponsored enterprises 3037.5 2714.4 6360.5 6158.2 5935.1 6121.9 6033.0 5971.7 5935.1 5920.4 5976.0 45

 46 Agency- and GSE-backed mortgage pools 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 46

 47 ABS issuers 4002.8 3224.0 2179.1 1936.5 1727.0 1878.9 1820.6 1760.0 1727.0 1668.5 1631.8 47

 48 Finance companies 1734.4 1516.7 1405.4 1359.5 1326.3 1347.6 1331.1 1329.0 1326.3 1316.4 1314.7 48

 49 REITs 177.6 168.9 206.0 308.9 436.6 365.9 388.5 451.4 436.6 429.4 413.5 49

 50 Brokers and dealers 717.4 525.3 557.5 563.2 652.3 610.7 600.5 589.1 652.3 602.7 516.9 50

 51 Holding companies 73.0 75.8 97.9 101.1 219.5 223.0 183.4 229.9 219.5 226.0 239.2 51

 52 Funding corporations 987.9 733.2 820.9 843.4 940.4 862.5 927.8 928.5 940.4 946.6 955.8 52

(1) Excludes corporate equities and mutual fund shares.
S

u

m

m

a

r

y

10 Z.1, September 25, 2013

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 34689.2 35634.5 37040.0 38418.3 40280.0 38866.1 39260.7 39597.7 40280.0 40721.9 40938.4 1

 2 By instrument 34689.2 35634.5 37040.0 38418.3 40280.0 38866.1 39260.7 39597.7 40280.0 40721.9 40938.4 2

 3 Commercial paper 131.5 58.4 82.9 116.3 130.3 127.6 132.1 136.0 130.3 140.1 147.2 3

 4 Treasury securities 6338.2 7781.9 9361.5 10428.3 11568.9 10827.5 11025.6 11255.5 11568.9 11905.5 11887.9 4

 5 Agency- and GSE-backed securities 23.3 23.5 24.2 25.3 24.9 24.4 24.5 24.4 24.9 24.6 25.0 5

 6 Municipal securities 3517.2 3672.5 3772.1 3719.4 3714.4 3720.0 3732.4 3719.4 3714.4 3728.6 3721.1 6

 7 Corporate bonds 3954.5 4366.2 4804.8 5215.6 5795.2 5346.4 5452.9 5599.7 5795.2 5937.7 6077.4 7

 8 Depository institution loans n.e.c. 1852.6 1500.2 1465.5 1542.6 1746.4 1585.7 1685.6 1645.7 1746.4 1744.0 1787.2 8

 9 Other loans and advances 1707.3 1458.4 1269.4 1332.6 1375.4 1318.4 1314.5 1363.3 1375.4 1378.9 1402.3 9

 10 Mortgages 14513.3 14219.9 13611.4 13280.9 13000.2 13167.0 13094.2 12994.4 13000.2 12938.1 12924.1 10

 11 Home 11108.0 10896.7 10437.3 10182.8 9929.1 10094.2 10034.7 9943.2 9929.1 9875.9 9833.3 11

 12 Multifamily residential 823.7 828.7 823.8 829.4 854.2 828.1 835.1 843.4 854.2 858.1 868.3 12

 13 Commercial 2446.9 2348.4 2196.2 2101.6 2043.9 2076.0 2054.3 2036.3 2043.9 2029.5 2046.4 13

 14 Farm 134.7 146.0 154.1 167.2 173.0 168.6 170.1 171.5 173.0 174.5 176.0 14

 15 Consumer credit 2651.4 2553.5 2648.1 2757.2 2924.3 2749.1 2799.0 2859.3 2924.3 2924.4 2966.2 15

 16 By sector 34689.2 35634.5 37040.0 38418.3 40280.0 38866.1 39260.7 39597.7 40280.0 40721.9 40938.4 16

 17 Household sector 13805.8 13533.9 13196.8 13017.0 12979.7 12943.5 12983.7 12886.7 12979.7 12925.1 12932.5 17

 18 Nonfinancial business 11666.5 11326.7 11419.6 11962.5 12726.5 12084.4 12233.6 12445.8 12726.5 12871.8 13106.6 18

 19 Corporate 7573.3 7342.2 7473.3 7991.0 8686.9 8107.3 8241.8 8438.7 8686.9 8825.9 9026.7 19

 20 Noncorporate 4093.2 3984.5 3946.3 3971.4 4039.6 3977.1 3991.7 4007.2 4039.6 4045.9 4080.0 20

 21 State and local governments 2855.4 2968.4 3038.0 2985.3 2980.0 2986.3 2993.3 2985.3 2980.0 2994.8 2986.4 21

 22 Federal government 6361.5 7805.4 9385.6 10453.6 11593.7 10851.9 11050.1 11279.9 11593.7 11930.1 11912.9 22

 Foreign credit market debt

 23 held in U.S. 1708.8 2090.3 2267.2 2452.9 2712.0 2503.4 2496.5 2615.9 2712.0 2791.5 2722.2 23

 24 Commercial paper 342.0 401.3 398.6 345.1 373.0 362.6 357.4 366.7 373.0 407.4 417.4 24

 25 Bonds 1237.3 1570.3 1731.3 1939.9 2140.7 1960.5 1946.5 2052.0 2140.7 2174.6 2088.8 25

 26 Depository institution loans n.e.c. 107.9 96.8 115.1 144.3 165.5 153.6 164.8 167.0 165.5 176.8 183.2 26

 27 Other loans and advances 21.6 21.9 22.1 23.5 32.8 26.7 27.8 30.2 32.8 32.7 32.8 27

 28 Domestic and foreign 36398.0 37724.8 39307.2 40871.1 42992.0 41369.5 41757.2 42213.6 42992.0 43513.4 43660.6 28

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 17101.1 15688.5 14485.7 14046.3 13912.2 13990.4 13834.5 13952.1 13912.2 13874.0 13902.3 1

 2 Open market paper 1126.3 678.2 576.0 507.9 449.1 504.3 472.6 454.6 449.1 453.8 426.0 2

 3 GSE issues 3181.9 2706.6 6434.5 6247.3 6092.7 6178.6 6139.8 6111.5 6092.7 6103.5 6137.6 3

 4 Agency- and GSE-backed mortgage pool sec. 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 4

 5 Corporate bonds 5977.9 5717.5 5321.8 4997.1 4986.4 5046.1 4946.7 5020.2 4986.4 4917.7 4860.0 5

 6 Depository institution loans n.e.c. 789.5 424.7 373.7 399.9 338.7 362.6 299.7 365.3 338.7 333.9 347.6 6

 7 Other loans and advances 900.5 617.9 473.2 413.1 416.6 390.2 413.3 404.4 416.6 409.7 452.9 7

 8 Mortgages 163.5 166.9 167.1 176.2 191.8 178.8 185.0 188.0 191.8 192.8 192.5 8

 9 By sector 17101.1 15688.5 14485.7 14046.3 13912.2 13990.4 13834.5 13952.1 13912.2 13874.0 13902.3 9

 10 U.S.-chartered depository institutions 990.3 718.1 942.6 868.7 840.3 840.8 844.7 822.2 840.3 820.7 848.4 10

 11 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 11

 12 Credit unions 40.6 26.5 26.1 24.2 25.1 22.9 23.7 24.4 25.1 22.2 23.5 12

 13 Life insurance companies 54.9 48.3 45.1 46.8 51.6 48.5 52.4 52.4 51.6 52.9 54.5 13

 14 Government-sponsored enterprises 3181.9 2706.6 6434.5 6247.3 6092.7 6178.6 6139.8 6111.5 6092.7 6103.5 6137.6 14

 15 Agency- and GSE-backed mortgage pools 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 15

 16 ABS issuers 4101.0 3287.6 2230.9 1984.1 1768.1 1924.2 1863.0 1801.4 1768.1 1708.6 1668.1 16

 17 Finance companies 1200.3 1044.1 1280.7 1262.6 1208.9 1251.5 1235.6 1246.0 1208.9 1190.8 1193.1 17

 18 REITs 367.4 317.4 315.2 343.4 386.3 350.1 364.4 371.2 386.3 386.1 393.6 18

 19 Brokers and dealers 142.6 92.9 129.7 91.8 90.2 98.0 102.1 85.8 90.2 89.1 103.1 19

 20 Holding companies 807.9 1253.7 1237.2 1220.8 1418.6 1303.9 1213.9 1428.7 1418.6 1412.4 1375.0 20

 21 Funding corporations 1252.8 816.8 704.2 651.8 593.5 642.0 617.4 600.5 593.5 625.0 619.7 21
S

u

m

m

a

r

y

Z.1, September 25, 2013 11

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 53499.1 53413.3 53792.9 54917.4 56904.3 55359.9 55591.7 56165.7 56904.3 57387.4 57562.9 1

 2 Open market paper 1599.8 1138.0 1057.6 969.3 952.4 994.4 962.0 957.3 952.4 1001.2 990.6 2

 3 Treasury securities 6338.2 7781.9 9361.5 10428.3 11568.9 10827.5 11025.6 11255.5 11568.9 11905.5 11887.9 3

 4 Agency- and GSE-backed securities 8166.7 8106.8 7598.2 7577.4 7554.6 7533.0 7541.7 7543.9 7554.6 7590.8 7648.4 4

 5 Municipal securities 3517.2 3672.5 3772.1 3719.4 3714.4 3720.0 3732.4 3719.4 3714.4 3728.6 3721.1 5

 6 Corporate and foreign bonds 11169.7 11654.0 11857.9 12152.6 12922.2 12353.0 12346.1 12671.9 12922.2 13030.0 13026.2 6

 7 Depository institution loans n.e.c. 2750.0 2021.7 1954.3 2086.8 2250.6 2101.9 2150.1 2178.0 2250.6 2254.7 2318.1 7

 8 Other loans and advances 2629.3 2098.1 1764.7 1769.3 1824.8 1735.3 1755.5 1797.8 1824.8 1821.2 1888.0 8

 9 Mortgages 14676.8 14386.7 13778.5 13457.1 13191.9 13345.8 13279.2 13182.5 13191.9 13130.9 13116.5 9

 10 Consumer credit 2651.4 2553.5 2648.1 2757.2 2924.3 2749.1 2799.0 2859.3 2924.3 2924.4 2966.2 10

 Memo:

 Selected claims not included above:

 11 Corporate equities 15640.5 20085.5 23565.4 23087.7 26445.3 25544.0 24577.8 26210.7 26445.3 28943.2 29410.6 11

 12 Mutual fund shares 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10087.4 10221.8 12

L.5 Total Liabilities and Its Relation to Total Financial Assets

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 53499.1 53413.3 53792.9 54917.4 56904.3 55359.9 55591.7 56165.7 56904.3 57387.4 57562.9 1

 2 U.S. official reserve assets 74.2 175.1 175.8 183.8 181.8 184.5 181.7 184.7 181.8 175.5 174.5 2

 3 SDR certificates 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3

 4 Treasury currency 26.6 26.2 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 4

 5 Foreign deposits 946.7 835.9 826.6 780.3 750.1 765.0 737.1 772.3 750.1 774.3 861.9 5

 6 Net interbank liabilities 1922.9 1325.6 1189.3 2016.0 1831.4 2027.5 1999.3 1934.8 1831.4 2253.6 2715.7 6

 7 Checkable deposits and currency 2101.3 2093.4 2359.8 2594.3 2857.8 2520.5 2594.3 2640.4 2857.8 2878.1 2898.4 7

 8 Small time and savings deposits 5749.3 6326.5 6624.9 7202.2 7803.9 7410.5 7456.9 7595.4 7803.9 7869.1 7890.8 8

 9 Large time deposits 2191.6 1989.8 1807.5 1603.0 1508.5 1504.3 1511.1 1485.0 1508.5 1491.0 1527.7 9

 10 Money market fund shares 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 2541.9 10

 11 Security RPs 1262.5 1496.9 1276.0 1148.0 1122.9 1194.6 1181.9 1149.0 1122.9 1126.9 1054.7 11

 12 Mutual fund shares 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10087.4 10221.8 12

 13 Security credit 1128.5 1091.2 1214.8 1312.6 1512.5 1375.5 1410.2 1482.4 1512.5 1492.1 1511.5 13

 14 Life insurance reserves 1179.8 1242.1 1278.3 1352.0 1359.0 1366.9 1342.3 1353.2 1359.0 1370.0 1374.6 14

 15 Pension entitlements 14061.8 15205.4 16745.0 17115.2 18075.1 17641.6 17588.7 17928.7 18075.1 18560.9 18736.6 15

 16 Trade payables 3226.9 3214.9 3441.4 3494.2 3670.3 3548.7 3606.0 3645.6 3670.3 3718.2 3740.3 16

 17 Taxes payable 44.0 40.6 53.1 74.0 81.4 84.5 82.1 92.5 81.4 99.4 77.4 17

 18 Miscellaneous 22593.5 22503.3 23297.3 24014.4 24701.5 24185.4 24231.6 24574.0 24701.5 24613.6 24591.6 18

 19 Total liabilities 119155.9 121164.5 124742.1 128352.1 134364.8 130533.5 130667.3 132672.9 134364.8 136482.6 137513.5 19

 + Financial assets not included in

 liabilities:

 20 Gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 20

 21 Corporate equities 15640.5 20085.5 23565.4 23087.7 26445.3 25544.0 24577.8 26210.7 26445.3 28943.2 29410.6 21

 22 Household equity in noncorp. bus. 7556.4 6324.1 7019.1 7528.4 8186.3 7625.1 7744.5 8018.4 8186.3 8205.9 8373.8 22

 - Liabilities not identified as assets:

 23 Treasury currency -12.1 -16.5 -17.6 -18.3 -18.8 -18.5 -18.6 -18.7 -18.8 -19.0 -19.2 23

 24 Foreign deposits 779.5 657.0 630.4 655.6 648.4 657.2 649.5 675.8 648.4 650.3 733.5 24

 25 Net interbank transactions -17.5 5.1 23.8 26.4 54.0 30.0 17.0 64.9 54.0 83.2 54.4 25

 26 Security RPs 130.1 507.8 397.6 282.9 101.1 273.7 238.6 127.1 101.1 19.9 -11.9 26

 27 Taxes payable -193.3 -204.4 -195.9 -188.8 -189.0 -181.5 -187.4 -176.5 -189.0 -176.1 -206.0 27

 28 Miscellaneous -7931.4 -7909.2 -8515.7 -9715.4 -10604.3 -9760.2 -10223.6 -10146.0 -10604.3 -10563.9 -10916.0 28

 - Floats not included in assets:

 29 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 29

 30 Federal govt. 1.2 2.0 2.5 2.5 2.3 2.9 3.4 3.2 2.3 1.5 1.1 30

 31 Private domestic 5.3 4.2 3.2 4.1 4.7 3.7 3.8 3.7 4.7 3.1 3.8 31

 32 Trade credit 138.5 241.0 305.0 245.9 304.8 193.3 168.9 185.1 304.8 242.2 205.7 32

 33 Totals identified to sectors as assets 148187.2 153166.6 161355.4 166069.3 177216.7 171112.3 170827.1 174741.2 177216.7 182096.0 184168.4 33
S

u

m

m

a

r

y

12 Z.1, September 25, 2013

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 14720.3 14417.9 14958.3 15533.8 16244.6 16041.6 16160.4 16356.0 16420.3 16535.3 16667.9 1

 2 Personal consumption expenditures (2) 10005.5 9842.9 10201.9 10711.8 11149.6 11019.1 11100.2 11193.6 11285.5 11379.2 11429.9 2

 3 Durable goods 1102.3 1023.3 1070.7 1129.9 1202.7 1184.3 1189.3 1206.5 1230.7 1244.8 1257.2 3

 4 Nondurable goods 2273.4 2175.1 2292.1 2472.8 2567.0 2545.0 2549.2 2578.4 2595.4 2607.0 2591.9 4

 5 Services 6629.8 6644.5 6839.1 7109.1 7379.9 7289.7 7361.8 7408.7 7459.4 7527.4 7580.8 5

 6 Gross private domestic investment 2424.8 1878.1 2100.8 2232.1 2475.2 2453.6 2454.0 2493.3 2499.9 2555.1 2626.1 6

 7 Fixed investment (3) 2456.8 2025.7 2039.3 2195.7 2409.1 2350.7 2387.1 2411.7 2486.9 2491.7 2541.1 7

 8 Nonresidential 1941.0 1633.4 1658.2 1809.9 1970.0 1932.3 1961.4 1968.0 2018.2 2001.4 2029.3 8

 9 Household sector (nonprofit organizations) 155.1 147.1 134.1 139.6 143.8 144.1 144.1 142.8 144.1 145.7 146.3 9

 10 Nonfinancial corporate business 1365.8 1136.6 1176.5 1296.0 1420.2 1392.5 1413.6 1419.5 1455.3 1442.6 1462.6 10

 11 Nonfinancial noncorporate business 223.8 182.9 184.9 199.1 212.5 205.4 212.1 213.0 219.6 210.0 216.7 11

 12 Financial institutions 196.2 166.9 162.8 175.2 193.4 190.3 191.5 192.7 199.1 203.1 203.8 12

 13 Residential 515.9 392.2 381.1 385.8 439.1 418.4 425.7 443.7 468.8 490.3 511.7 13

 14 Household sector 425.3 321.0 318.3 317.1 354.3 338.7 343.5 357.4 377.7 392.1 410.8 14

 15 Nonfinancial corporate business 6.8 5.5 -0.1 3.0 13.3 10.6 11.2 14.6 16.9 21.7 23.9 15

 16 Nonfinancial noncorporate business 83.7 65.8 58.3 59.5 66.2 64.2 64.6 66.6 69.4 71.6 74.9 16

 17 REITs 0.1 -0.1 4.7 6.3 5.3 4.9 6.4 5.1 4.9 4.9 2.2 17

 18 Change in private inventories -32.0 -147.6 61.5 36.4 66.1 102.9 66.8 81.6 13.0 63.4 85.0 18

 19 Nonfinancial corporate business -31.6 -139.0 63.7 39.1 71.0 97.8 68.7 94.3 23.3 33.0 51.2 19

 20 Nonfinancial noncorporate business -0.4 -8.5 -2.2 -2.7 -4.9 5.1 -1.9 -12.7 -10.3 30.5 33.8 20

 21 Net U.S. exports of goods and services -713.2 -392.2 -518.5 -568.7 -547.2 -590.8 -557.9 -524.4 -515.8 -523.1 -506.1 21

 22 Exports 1843.1 1583.8 1843.5 2101.1 2195.9 2173.4 2197.4 2199.2 2213.7 2214.2 2242.2 22

 23 - Imports 2556.4 1976.0 2362.0 2669.9 2743.1 2764.2 2755.3 2723.5 2729.5 2737.3 2748.3 23

 Government consumption expenditures and

 24 gross investment 3003.2 3089.1 3174.0 3158.7 3167.0 3159.7 3164.1 3193.5 3150.7 3124.1 3118.0 24

 25 Consumption expenditures (4) 2368.6 2442.1 2522.2 2526.1 2548.0 2542.3 2538.8 2572.9 2538.1 2525.3 2518.1 25

 26 Federal 879.8 933.7 1003.9 1008.7 1011.7 1009.3 1007.4 1036.1 993.9 982.3 975.9 26

 27 State and local 1488.7 1508.4 1518.3 1517.4 1536.4 1533.0 1531.3 1536.8 1544.3 1543.0 1542.2 27

 28 Gross investment (4) 634.6 647.0 651.8 632.6 619.0 617.3 625.3 620.6 612.5 598.8 599.9 28

 29 Federal 275.8 284.0 300.0 295.4 284.0 282.4 286.4 286.0 281.4 272.7 276.8 29

 30 State and local 358.8 363.0 351.9 337.2 334.9 334.9 339.0 334.6 331.2 326.1 323.1 30

 Memo:

 31 Net U.S. income receipts from rest of the world 173.0 147.2 206.0 260.8 252.8 248.0 258.7 247.6 257.0 237.4 257.4 31

 32 U.S. income receipts 856.8 643.7 720.0 802.8 818.6 818.0 814.4 812.0 829.8 813.3 815.6 32

 33 - U.S. income payments 683.8 496.5 514.1 542.1 565.7 570.0 555.7 564.4 572.8 575.9 558.2 33

 Gross National Product (GNP) =

 34 GDP + net U.S. income receipts 14893.2 14565.1 15164.2 15794.6 16497.4 16289.6 16419.2 16603.7 16677.3 16772.7 16925.2 34

 Acquisition of nonproduced nonfinancial assets (net)

 35 Household sector -11.0 -9.7 -8.5 -8.3 -8.4 -8.5 -8.5 -8.5 -8.3 -8.1 -7.9 35

 36 Nonfinancial corporate business 17.6 6.3 -1.1 -0.9 -0.4 -0.4 -0.5 -0.4 -0.4 -1.0 -0.9 36

 37 State and local governments 13.8 12.3 10.6 10.1 10.2 10.3 10.3 10.2 10.1 9.8 9.6 37

 38 Federal governments -20.4 -8.9 -1.0 -0.9 -1.4 -1.4 -1.3 -1.4 -1.4 -0.6 -0.8 38

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

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

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

(3) Structures, equipment, and intellectual property products.

(4) Government inventory investment is included in consumption expenditures.
S

u

m

m

a

r

y

Z.1, September 25, 2013 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 12430.8 12124.5 12739.5 13395.7 13971.6 13845.0 13875.3 13962.1 14204.0 14324.5 14447.6 1

 2 Compensation of employees 8079.2 7787.8 7967.3 8278.5 8611.6 8514.3 8553.8 8591.0 8787.4 8748.3 8811.7 2

 3 Wages and other labor income 7607.9 7329.7 7497.9 7784.1 8097.3 8004.4 8042.6 8078.8 8263.4 8222.5 8283.1 3

 4 Employer social insurance contributions 471.3 458.1 469.4 494.4 514.3 509.9 511.2 512.2 524.0 525.8 528.6 4

 Proprietors’ income with inventory

 5 valuation and capital consumption adjustments 1026.5 973.0 1032.7 1155.1 1224.9 1214.4 1217.8 1220.0 1247.5 1334.6 1333.3 5

 Rental income of persons (with capital

 6 consumption adjustment) 262.1 333.7 402.8 484.4 541.2 524.8 537.8 546.7 555.4 574.9 587.7 6

 Corporate profits with inventory

 7 valuation and capital consumption adjustments 1285.1 1392.6 1740.6 1877.7 2009.5 1979.9 1998.4 2012.3 2047.2 2020.6 2098.9 7

 Corporate profits with inventory

 8 valuation adjustment 1345.5 1474.8 1793.8 1791.3 2180.0 2142.5 2169.8 2186.6 2221.1 2180.0 2260.0 8

 9 Profits before tax 1382.4 1468.2 1834.8 1847.4 2190.0 2162.1 2160.0 2208.5 2229.5 2193.1 2249.0 9

 10 Domestic nonfinancial 880.3 752.5 1034.3 1026.7 1293.7 1283.7 1282.9 1288.8 1319.4 1307.7 1335.2 10

 11 Domestic financial 95.4 362.9 405.3 384.1 477.4 462.5 447.7 507.2 492.1 486.9 501.8 11

 12 Rest of the world 406.7 352.8 395.2 436.6 418.9 415.9 429.3 412.5 418.1 398.5 412.1 12

 Less:

 13 Taxes on corporate income 309.1 269.4 370.6 374.2 434.8 437.2 429.7 439.1 433.2 408.2 418.7 13

 14 Domestic nonfinancial 227.4 177.8 220.6 222.3 256.9 252.5 257.8 249.1 268.4 266.6 266.7 14

 15 Domestic financial 81.7 91.6 150.0 151.9 177.8 184.6 171.9 190.0 164.8 141.7 152.0 15

 Equals:

 16 Profits after tax 1073.3 1198.7 1464.3 1473.1 1755.2 1724.9 1730.3 1769.4 1796.4 1784.8 1830.4 16

 17 Net dividends 808.6 568.7 563.9 701.6 770.3 727.4 739.6 746.7 867.6 763.8 1037.6 17

 18 Domestic nonfinancial 474.2 351.7 375.5 440.3 478.8 456.0 457.5 461.2 540.4 483.3 652.2 18

 19 Domestic financial 153.9 105.1 67.1 104.8 134.8 113.1 115.0 116.1 194.9 133.3 206.4 19

 20 Rest of the world 180.5 111.9 121.4 156.4 156.8 158.3 167.1 169.4 132.3 147.2 179.0 20

 21 Undistributed profits 264.7 630.0 900.3 771.6 984.9 997.5 990.7 1022.7 928.7 1021.0 792.8 21

 22 Domestic nonfinancial 178.7 222.9 438.3 364.1 558.0 575.2 567.6 578.5 510.6 557.8 416.3 22

 23 Domestic financial -140.2 166.1 188.3 127.3 164.7 164.7 160.8 201.1 132.3 212.0 143.4 23

 24 Rest of the world 226.2 240.9 273.8 280.1 262.2 257.5 262.2 243.1 285.8 251.3 233.1 24

 25 Inventory valuation adjustment -37.0 6.7 -41.0 -56.0 -10.0 -19.5 9.8 -22.0 -8.4 -13.0 11.0 25

 26 Capital consumption adjustment -60.4 -82.2 -53.3 86.4 -170.5 -162.7 -171.4 -174.2 -173.9 -159.5 -161.1 26

 27 Domestic nonfinancial -29.1 -41.1 -15.2 114.9 -115.1 -108.5 -116.1 -118.4 -117.6 -104.3 -105.4 27

 28 Domestic financial -31.4 -41.2 -38.1 -28.5 -55.4 -54.1 -55.3 -55.9 -56.3 -55.2 -55.7 28

 29 Net interest and miscellaneous payments 693.4 563.1 489.4 456.9 439.6 453.9 419.0 455.3 430.3 477.0 449.0 29

 30 Taxes on production and imports 1041.9 1026.1 1057.1 1097.1 1122.9 1124.4 1122.2 1118.8 1126.3 1140.7 1139.2 30

 31 Less: Subsidies 52.6 58.3 55.9 60.0 57.3 57.8 57.6 56.0 57.7 58.0 58.8 31

 32 Business current transfer payments (net) 116.4 127.2 128.5 129.6 106.9 115.7 110.0 102.6 99.5 121.9 125.7 32

 33 Current surplus of government enterprises -21.2 -20.6 -22.9 -23.8 -27.7 -24.5 -26.1 -28.5 -31.8 -35.5 -38.9 33

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

 34 National Income, from line 1 above 12430.8 12124.5 12739.5 13395.7 13971.6 13845.0 13875.3 13962.1 14204.0 14324.5 14447.6 34

 Plus:

 35 Private consumption of fixed capital 1936.9 1925.7 1923.5 1974.4 2049.3 2018.7 2041.0 2059.8 2077.6 2103.3 2128.9 35

 36 Government consumption of fixed capital 426.5 442.7 458.1 478.1 493.6 488.9 492.7 495.3 497.4 500.5 503.5 36

 37 Statistical discrepancy 99.0 72.2 43.1 -53.6 -17.0 -63.0 10.1 86.4 -101.7 -155.6 -154.8 37

 Less:

 38 Net U.S. income receipts from rest of the world 173.0 147.2 206.0 260.8 252.8 248.0 258.7 247.6 257.0 237.4 257.4 38

 Equals:

 39 Gross Domestic Product 14720.3 14417.9 14958.3 15533.8 16244.6 16041.6 16160.4 16356.0 16420.3 16535.3 16667.9 39

(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.
S

u

m

m

a

r

y

14 Z.1, September 25, 2013

F.8 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 2281.9 2071.7 2255.0 2461.4 2672.2 2645.0 2624.6 2606.4 2812.8 2871.5 2976.9 1

 2 Net saving -81.5 -296.6 -126.6 8.8 129.3 137.4 90.9 51.2 237.8 267.6 344.5 2

 3 Net private saving 718.7 1225.1 1440.2 1470.2 1491.7 1472.6 1493.0 1430.6 1570.5 1350.5 1199.5 3

 4 Domestic business 167.3 554.4 806.0 801.9 804.3 815.3 829.1 826.5 746.4 848.5 642.6 4

 5 Nonfinancial corporate business 296.7 382.1 598.6 648.8 647.8 643.8 651.0 642.6 653.8 670.0 689.4 5

 6 Financial business -129.4 172.3 207.4 153.1 156.5 171.5 178.1 183.9 92.6 178.6 -46.8 6

 7 Households and institutions 551.3 670.7 634.2 668.2 687.4 657.3 663.9 604.1 824.1 502.0 556.9 7

 8 Net government saving -800.2 -1521.7 -1566.8 -1461.3 -1362.3 -1335.1 -1402.1 -1379.4 -1332.7 -1082.9 -855.0 8

 9 Federal -635.1 -1249.8 -1329.5 -1248.3 -1109.7 -1094.0 -1146.9 -1119.3 -1078.5 -853.1 -656.4 9

 10 State and local -165.1 -271.9 -237.3 -213.1 -252.7 -241.1 -255.2 -260.1 -254.2 -229.8 -198.7 10

 11 Consumption of fixed capital 2363.4 2368.4 2381.6 2452.6 2542.9 2507.6 2533.7 2555.1 2575.0 2603.8 2632.4 11

 12 Private 1936.9 1925.7 1923.5 1974.4 2049.3 2018.7 2041.0 2059.8 2077.6 2103.3 2128.9 12

 13 Domestic business 1522.3 1522.4 1523.0 1571.6 1639.4 1613.9 1633.7 1648.4 1661.4 1680.6 1699.0 13

 14 Nonfinancial corporate business 1093.9 1092.0 1094.6 1135.8 1188.2 1168.8 1184.1 1195.2 1204.7 1218.5 1231.5 14

 15 Nonfinancial noncorporate business 254.5 253.0 251.8 256.8 264.5 261.5 263.6 265.6 267.6 270.5 273.5 15

 16 Financial business 173.9 177.4 176.7 179.0 186.6 183.7 186.0 187.6 189.2 191.5 194.0 16

 17 Households and institutions 414.6 403.3 400.5 402.9 409.9 404.8 407.2 411.4 416.2 422.7 429.9 17

 18 Government 426.5 442.7 458.1 478.1 493.6 488.9 492.7 495.3 497.4 500.5 503.5 18

 19 Federal 226.3 234.5 245.3 256.5 262.3 260.4 261.9 262.9 263.7 265.6 266.9 19

 20 State and local 200.2 208.2 212.7 221.7 231.4 228.5 230.8 232.4 233.7 234.9 236.6 20

 Gross domestic investment, capital account

 21 transactions, and net lending, NIPAs 2380.9 2144.0 2298.1 2407.7 2655.2 2582.1 2634.7 2692.8 2711.1 2715.9 2822.1 21

 22 Gross domestic investment 3059.4 2525.1 2752.6 2864.7 3094.2 3071.0 3079.3 3113.9 3112.5 3153.9 3226.0 22

 23 Gross private domestic investment 2424.8 1878.1 2100.8 2232.1 2475.2 2453.6 2454.0 2493.3 2499.9 2555.1 2626.1 23

 24 Domestic business 1844.4 1410.0 1648.4 1775.4 1977.1 1970.8 1966.3 1993.1 1978.2 2017.4 2069.0 24

 25 Nonfinancial corporate business 1341.1 1002.9 1244.7 1344.4 1509.9 1500.3 1500.2 1536.0 1503.1 1495.1 1537.9 25

 26 Nonfinancial noncorporate business 307.1 240.2 241.0 255.8 273.8 280.1 274.7 264.4 276.0 319.2 327.3 26

 27 Financial business 196.2 166.9 162.8 175.2 193.4 190.3 191.5 192.7 199.1 203.1 203.8 27

 28 Households and institutions 580.4 468.1 452.4 456.7 498.1 482.8 487.6 500.2 521.8 537.7 557.1 28

 29 Gross government investment 634.6 647.0 651.8 632.6 619.0 617.3 625.3 620.6 612.5 598.8 599.9 29

 30 Federal 275.8 284.0 300.0 295.4 284.0 282.4 286.4 286.0 281.4 272.7 276.8 30

 31 State and local 358.8 363.0 351.9 337.2 334.9 334.9 339.0 334.6 331.2 326.1 323.1 31

 32 Capital account transactions (net) (2) -5.4 0.6 0.7 1.7 -6.6 0.4 1.4 2.3 -30.3 0.5 0.4 32

 33 Private -53.2 -121.4 -58.5 -47.4 -26.0 -26.6 -8.1 -7.4 -62.0 -3.3 1.5 33

 34 Domestic business -49.9 -83.4 -29.4 -41.3 -12.4 -25.2 -8.0 -9.4 -7.1 -10.7 -6.6 34

 35 Nonfinancial corporate business 13.9 44.6 19.8 -7.3 -17.1 -6.4 -8.0 -9.3 -44.8 -10.7 -6.6 35

 36 Nonfinancial noncorporate business -3.3 -6.0 -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 -19.7 0.0 0.0 36

 37 Financial business -60.5 -121.9 -41.5 -32.4 9.6 -18.9 -0.1 0.0 57.3 0.0 0.0 37

 38 Households and institutions -3.3 -38.1 -29.1 -6.2 -13.6 -1.3 -0.1 2.0 -54.9 7.4 8.1 38

 39 Government 47.8 122.0 59.2 49.1 19.5 27.0 9.5 9.6 31.7 3.8 -1.2 39

 40 Federal 97.2 177.4 125.3 112.9 83.3 87.3 71.2 72.6 102.1 65.2 57.6 40

 41 State and local -49.4 -55.4 -66.2 -63.8 -63.9 -60.3 -61.7 -63.0 -70.4 -61.4 -58.8 41

 42 Net lending (+) or net borrowing (-), NIPAs (3) -673.1 -381.7 -455.2 -458.6 -432.4 -489.3 -445.9 -423.4 -371.1 -438.5 -404.3 42

 43 Private 382.9 1466.3 1364.6 1206.3 1074.7 1001.2 1098.2 1090.9 1108.4 746.4 546.0 43

 44 Domestic business -5.8 822.4 753.2 585.7 462.0 420.6 514.7 577.7 335.1 366.8 124.4 44

 45 Nonfinancial corporate business (3) 134.7 498.9 471.8 393.9 326.2 255.6 353.1 397.6 298.4 248.5 234.8 45

 46 Nonfinancial noncorporate business -49.3 18.8 18.6 2.5 -4.3 -18.7 -11.1 1.2 11.2 -48.6 -53.8 46

 47 Financial business -91.2 304.7 262.8 189.3 140.2 183.7 172.7 178.9 25.4 167.0 -56.6 47

 48 Households and institutions 388.8 643.9 611.4 620.6 612.7 580.6 583.6 513.3 773.4 379.6 421.6 48

 49 Government -1056.1 -1848.0 -1819.8 -1664.9 -1507.1 -1490.5 -1544.2 -1514.3 -1479.5 -1184.9 -950.3 49

 50 Federal -781.8 -1476.7 -1509.5 -1400.1 -1214.8 -1203.3 -1242.5 -1215.0 -1198.3 -925.4 -723.9 50

 51 State and local -274.3 -371.4 -310.3 -264.8 -292.4 -287.2 -301.7 -299.3 -281.2 -259.6 -226.4 51

 52 Statistical discrepancy (line 21 less line 1) 99.0 72.2 43.1 -53.6 -17.0 -63.0 10.1 86.4 -101.7 -155.6 -154.8 52

 Addenda:

 53 Disaster losses 19.1 0.0 0.0 0.0 45.9 0.0 0.0 0.0 183.7 0.0 0.0 53

 54 Private 19.1 0.0 0.0 0.0 38.3 0.0 0.0 0.0 153.3 0.0 0.0 54

 55 Domestic business 10.8 0.0 0.0 0.0 17.5 0.0 0.0 0.0 69.9 0.0 0.0 55

 56 Households and institutions 8.3 0.0 0.0 0.0 20.9 0.0 0.0 0.0 83.5 0.0 0.0 56

 57 Government 0.0 0.0 0.0 0.0 7.6 0.0 0.0 0.0 30.4 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 7.6 0.0 0.0 0.0 30.4 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).
S

u

m

m

a

r

y

Z.1, September 25, 2013 15

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Capital transfers paid, by sector 193.5 272.2 186.7 137.9 139.8 118.1 104.0 108.3 228.6 106.1 99.2 1

 2 By private business 7.6 40.4 25.8 0.0 14.3 0.0 0.0 0.0 57.3 0.0 0.0 2

 3 Financial corporations 7.6 0.0 0.0 0.0 14.3 0.0 0.0 0.0 57.3 0.0 0.0 3

 4 Disaster-related insurance benefits 7.6 0.0 0.0 0.0 14.3 0.0 0.0 0.0 57.3 0.0 0.0 4

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

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

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

 8 By government 145.9 206.9 141.4 123.4 98.7 100.9 85.7 88.7 119.6 83.4 76.2 8

 9 Federal 145.9 206.9 141.4 123.4 98.7 100.9 85.7 88.7 119.6 83.4 76.2 9

 10 Investment grants to state and local govts. 57.6 63.4 72.1 69.0 66.5 65.7 67.1 68.3 65.0 66.2 63.2 10

 11 Disaster-related insurance benefits 2.8 0.0 0.0 0.0 7.6 0.0 0.0 0.0 30.6 0.0 0.0 11

 12 Financial stabilization payments 67.7 121.9 41.5 32.4 4.7 18.9 0.1 0.0 0.0 0.0 0.0 12

 13 Other capital transfers paid to business 0.1 8.1 12.7 8.0 8.2 6.0 7.4 9.0 10.2 9.6 5.7 13

 14 Other capital transfers paid to persons 16.9 12.9 14.5 12.4 10.6 10.0 9.8 9.2 13.4 7.2 6.9 14

 15 Capital transfers paid to the rest of the world (net) 0.8 0.6 0.7 1.6 1.1 0.4 1.4 2.3 0.4 0.4 0.4 15

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

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

 18 By persons 33.9 24.9 19.5 14.5 19.0 17.2 18.2 19.6 21.0 22.6 23.0 18

 19 Estate and gift taxes, federal 28.3 20.6 15.1 9.6 14.1 12.2 13.3 14.7 16.1 17.6 17.8 19

 20 Estate and gift taxes, state and local 5.6 4.3 4.4 4.9 4.9 4.9 4.9 4.9 4.9 5.0 5.2 20

 21 By the rest of the world 6.2 0.0 0.0 0.0 7.7 0.0 0.0 0.0 30.7 0.0 0.0 21

 22 Disaster-related insurance benefits 6.2 0.0 0.0 0.0 7.7 0.0 0.0 0.0 30.7 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 193.5 272.2 186.7 137.9 139.8 118.1 104.0 108.3 228.6 106.1 99.2 24

 25 By private business 75.0 130.0 54.2 40.4 26.3 24.8 7.5 9.0 64.1 9.6 5.7 25

 26 Financial corporations 68.1 121.9 41.5 32.4 4.7 18.9 0.1 0.0 0.0 0.0 0.0 26

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

 28 Other 67.7 121.9 41.5 32.4 4.7 18.9 0.1 0.0 0.0 0.0 0.0 28

 29 Nonfinancial corporations 3.7 2.1 4.9 6.4 16.7 6.0 7.4 9.0 44.4 9.6 5.7 29

 30 Disaster-related insurance benefits 3.6 0.0 0.0 0.0 8.5 0.0 0.0 0.0 34.2 0.0 0.0 30

 31 Other 0.1 2.1 4.9 6.4 8.1 6.0 7.4 9.0 10.2 9.6 5.7 31

 32 Noncorporate business 3.3 6.0 7.8 1.6 4.9 0.0 0.0 0.0 19.7 0.0 0.0 32

 33 Disaster-related insurance benefits 3.3 0.0 0.0 0.0 4.9 0.0 0.0 0.0 19.6 0.0 0.0 33

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

 35 By government 91.5 88.3 91.8 83.5 88.2 82.8 85.3 87.9 96.6 88.8 86.2 35

 36 Federal 28.3 20.6 15.1 9.6 14.1 12.2 13.3 14.7 16.1 17.6 17.8 36

 37 Estate and gift taxes paid by persons 28.3 20.6 15.1 9.6 14.1 12.2 13.3 14.7 16.1 17.6 17.8 37

 38 State and local 63.2 67.7 76.7 73.9 74.1 70.6 72.0 73.2 80.5 71.3 68.4 38

 39 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 2.7 0.0 0.0 0.0 10.6 0.0 0.0 39

 40 Estate and gift taxes paid by persons 5.6 4.3 4.4 4.9 4.9 4.9 4.9 4.9 4.9 5.0 5.2 40

 41 Investment grants paid by federal government 57.6 63.4 72.1 69.0 66.5 65.7 67.1 68.3 65.0 66.2 63.2 41

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

 43 By persons 26.2 53.3 40.1 12.4 24.1 10.0 9.8 9.2 67.5 7.2 6.9 43

 44 Disaster-related insurance benefits 9.3 0.0 0.0 0.0 13.5 0.0 0.0 0.0 54.1 0.0 0.0 44

 45 Other 16.9 53.3 40.1 12.4 10.6 10.0 9.8 9.2 13.4 7.2 6.9 45

 46 By the rest of the world 0.8 0.6 0.7 1.6 1.1 0.4 1.4 2.3 0.4 0.4 0.4 46

 47 Capital transfers paid by U.S. government 0.8 0.6 0.7 1.6 1.1 0.4 1.4 2.3 0.4 0.4 0.4 47

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

 Addenda: Net capital transfers paid by sector

 49 By private business (lines 2-25) -67.5 -89.6 -28.3 -40.4 -12.0 -24.8 -7.5 -9.0 -6.7 -9.6 -5.7 49

 50 Financial corporations (lines 3-26) -60.5 -121.9 -41.5 -32.4 9.6 -18.9 -0.1 0.0 57.3 0.0 0.0 50

 51 Property-casualty insurance companies (line 4) 7.6 0.0 0.0 0.0 14.3 0.0 0.0 0.0 57.3 0.0 0.0 51

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

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

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

 55 Government-sponsored enterprises (2) -6.9 -87.1 -40.2 -31.9 -4.7 -18.9 -0.1 0.0 0.0 0.0 0.0 55

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

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

 58 Nonfinancial corporations (lines 6-29) -3.7 38.3 20.9 -6.4 -16.7 -6.0 -7.4 -9.0 -44.4 -9.6 -5.7 58

 59 Noncorporate business (lines 7-32) -3.3 -6.0 -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 -19.7 0.0 0.0 59

 60 By government (lines 8-35) 54.4 118.6 49.6 39.9 10.6 18.1 0.4 0.8 23.0 -5.4 -10.0 60

 61 Federal (lines 9-36) 117.6 186.3 126.3 113.8 84.7 88.7 72.4 74.0 103.5 65.8 58.4 61

 62 State and local (lines 16-38) -63.2 -67.7 -76.7 -73.9 -74.1 -70.6 -72.0 -73.2 -80.5 -71.3 -68.4 62

 63 By persons (lines 18-43) 7.7 -28.4 -20.6 2.1 -5.1 7.2 8.5 10.4 -46.5 15.5 16.0 63

 64 By the rest of the world (lines 21-46) 5.4 -0.6 -0.7 -1.6 6.6 -0.4 -1.4 -2.3 30.3 -0.4 -0.4 64

(1) This table is based on NIPA table 5.11 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 Financial Accounts of the United States.
S

u

m

m

a

r

y

16 Z.1, September 25, 2013

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 1100.8 593.8 854.5 1190.7 1089.5 549.1 1517.0 590.0 1701.9 1481.1 937.8 1

 2 Foreign deposits -23.7 -6.6 -0.6 -2.8 -1.8 -3.7 -6.7 8.5 -5.3 5.8 21.0 2

 3 Checkable deposits and currency 250.5 50.6 33.1 322.0 95.6 67.5 -39.9 40.3 314.3 142.1 -80.6 3

 4 Time and savings deposits 189.2 172.8 154.4 358.2 413.9 462.1 394.2 150.9 648.3 146.3 278.0 4

 5 Money market fund shares 202.4 -267.6 -183.7 33.8 -7.9 -7.4 2.6 -20.5 -6.4 30.8 183.6 5

 6 Securities -182.2 366.1 73.8 -210.5 76.1 -437.1 825.1 -123.7 40.1 691.9 -157.2 6

 7 Open market paper -101.3 16.7 -1.5 -1.8 -0.3 2.0 -2.6 -0.4 -0.4 3.9 -18.4 7

 8 U.S. savings bonds -2.4 -2.8 -3.3 -2.7 -2.8 -1.4 -2.1 -2.5 -5.0 -2.5 -3.7 8

 9 Treasury bills and other Treasury securities 159.8 535.2 405.4 -199.2 273.4 116.0 631.8 -13.0 358.8 37.5 -185.2 9

 10 Agency- and GSE-backed securities 218.9 -674.6 -81.8 0.9 -141.9 -409.9 36.0 -148.1 -45.6 -395.7 -72.0 10

 11 Municipal securities 47.0 107.2 44.3 -64.8 -149.8 -123.1 -6.0 -233.6 -236.3 2.4 -32.0 11

 12 Corporate and foreign bonds -162.9 58.4 -329.6 127.6 41.3 -51.1 -17.4 -24.6 258.3 -28.3 -123.0 12

 13 Corporate equities (2) -303.0 -8.5 -187.4 -288.2 -363.0 -320.9 10.4 -436.1 -705.6 93.8 -181.2 13

 14 Mutual fund shares -38.1 334.5 227.6 217.7 419.2 351.3 175.0 734.7 415.9 980.8 458.4 14

 15 Life insurance reserves 61.7 23.7 9.0 86.9 -26.3 -46.6 -82.2 0.2 23.5 -20.2 7.8 15

 16 Pension entitlements 538.0 427.4 614.7 473.0 497.1 464.5 381.8 526.3 615.7 463.9 477.4 16

 17 Miscellaneous and other assets 57.8 -166.8 164.2 136.4 47.8 51.9 44.1 21.7 73.5 29.1 212.2 17

 18 Gross investment in nonfinancial assets 1920.7 1669.5 1689.9 1765.4 1887.0 1855.4 1865.0 1885.7 1941.8 2004.6 2049.0 18

 19 Residential fixed investment 509.0 386.9 376.5 376.5 420.5 402.9 408.1 424.0 447.0 463.7 485.7 19

 20 Nonresidential fixed investment 379.0 330.0 319.0 338.7 356.3 349.5 356.3 355.8 363.7 355.7 363.0 20

 21 Consumer durables 1044.2 970.8 1005.0 1061.2 1123.5 1106.3 1111.0 1127.1 1149.7 1162.9 1174.4 21

 22 Nonproduced nonfinancial assets -11.0 -9.7 -8.5 -8.3 -8.4 -8.5 -8.5 -8.5 -8.3 -8.1 -7.9 22

 23 Inventories -0.4 -8.5 -2.2 -2.7 -4.9 5.1 -1.9 -12.7 -10.3 30.5 33.8 23

 24 Consumption of fixed capital 1578.6 1576.8 1570.4 1599.0 1637.5 1617.0 1630.9 1644.8 1657.4 1644.1 1664.1 24

 25 Residential fixed investment 395.6 377.9 372.0 369.4 371.7 366.1 370.2 373.6 376.8 381.5 386.1 25

 26 Nonresidential fixed investment 273.4 278.4 280.3 290.2 302.8 299.9 300.6 303.5 307.2 312.1 317.6 26

 27 Consumer durables 909.6 920.6 918.1 939.4 963.1 951.0 960.2 967.8 973.4 950.6 960.4 27

 28 Net investment in nonfinancial assets (3) 342.1 92.6 119.4 166.4 249.5 238.3 234.1 240.9 284.4 360.5 384.9 28

 29 Residential fixed investment 113.3 9.0 4.5 7.1 48.9 36.8 38.0 50.4 70.2 82.2 99.6 29

 30 Nonresidential fixed investment 105.6 51.6 38.7 48.4 53.6 49.6 55.7 52.4 56.6 43.6 45.4 30

 31 Consumer durables 134.6 50.3 86.9 121.9 160.4 155.3 150.8 159.3 176.2 212.3 214.0 31

 32 Nonproduced nonfinancial assets -11.0 -9.7 -8.5 -8.3 -8.4 -8.5 -8.5 -8.5 -8.3 -8.1 -7.9 32

 33 Inventories -0.4 -8.5 -2.2 -2.7 -4.9 5.1 -1.9 -12.7 -10.3 30.5 33.8 33

 34 Net increase in liabilities 303.7 -244.7 -296.6 -140.9 169.9 42.4 162.2 -35.5 510.4 6.5 154.0 34

 35 Home mortgages -105.1 -198.9 -339.7 -251.2 -248.2 -353.1 -218.1 -328.9 -92.7 -212.6 -166.1 35

 36 Other mortgages 230.8 33.3 -46.5 -15.5 -23.3 -86.2 -35.7 -4.7 33.3 14.9 74.3 36

 37 Consumer credit 34.8 -103.7 -25.3 109.1 169.1 147.6 205.7 136.2 186.9 180.6 165.1 37

 38 Policy loans 5.9 0.7 3.4 2.4 1.4 -0.2 -1.0 2.5 4.1 -0.1 1.1 38

 39 Security credit -160.7 38.1 75.2 -39.3 64.9 115.4 -93.1 98.7 138.4 16.4 -21.2 39

 40 Other liabilities 298.0 -14.3 36.3 53.6 206.0 218.8 304.3 60.6 240.4 7.2 100.8 40

 41 Net capital transfers paid (4) 4.4 -34.4 -28.4 0.6 -10.0 7.2 8.5 10.4 -66.2 15.5 16.0 41

 42 Personal saving, FOF concept (FOF) 1143.6 896.8 1242.2 1498.6 1159.1 752.2 1597.4 876.9 1409.7 1850.6 1184.7 42

 43 - Net investment in consumer durables 134.6 50.3 86.9 121.9 160.4 155.3 150.8 159.3 176.2 212.3 214.0 43

 44 - Government insurance and pension fund reserves (5) -0.6 0.5 -1.7 -0.4 -1.4 -2.4 -0.2 -1.6 -1.6 -1.9 -0.4 44

 45 = Personal saving, NIPA concept (FOF) (6) 1009.7 846.1 1157.1 1377.1 1000.1 599.2 1446.8 719.2 1235.0 1640.1 971.1 45

 46 Personal saving, NIPA concept (NIPA) 551.3 670.7 634.2 668.2 687.4 657.3 663.9 604.1 824.1 502.0 556.9 46

 47 Difference 458.3 175.4 522.9 708.9 312.7 -58.1 782.9 115.1 410.9 1138.1 414.1 47

 Memo:

 48 Disposable personal income 10995.4 10937.2 11243.7 11787.4 12245.8 12085.7 12171.9 12205.1 12520.4 12296.9 12395.6 48

 Personal saving as a percentage of disposable personal income:

 49 FOF concept (FOF data) (line 42) 10.4 8.2 11.0 12.7 9.5 6.2 13.1 7.2 11.3 15.0 9.6 49

 50 NIPA concept (FOF data) (line 45) 9.2 7.7 10.3 11.7 8.2 5.0 11.9 5.9 9.9 13.3 7.8 50

 51 NIPA concept (NIPA data) (line 46) 5.0 6.1 5.6 5.7 5.6 5.4 5.5 4.9 6.6 4.1 4.5 51

 52 Difference (line 47) 4.2 1.6 4.7 6.0 2.6 -0.5 6.4 0.9 3.3 9.3 3.3 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).
S

u

m

m

a

r

y

Z.1, September 25, 2013 17

L.10 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 42764.0 46541.1 50486.9 51245.4 54949.7 53005.8 52607.9 54062.5 54949.7 56820.9 57351.5 1

 2 Foreign deposits 56.9 50.2 49.7 46.9 45.1 46.0 44.3 46.4 45.1 46.5 51.8 2

 3 Checkable deposits and currency 884.3 934.9 956.7 1278.7 1363.8 1252.0 1237.9 1236.9 1363.8 1362.7 1341.5 3

 4 Time and savings deposits 6473.1 6631.4 6752.0 7110.2 7479.0 7224.2 7283.8 7320.3 7479.0 7538.3 7571.9 4

 5 Money market fund shares 1582.1 1314.6 1130.9 1104.2 1096.2 1042.9 1013.3 1033.3 1096.2 1042.0 1056.6 5

 6 Securities 14217.6 17023.9 19291.0 18833.4 21109.5 20036.3 19694.8 20740.1 21109.5 22473.8 22741.6 6

 7 Open market paper 6.0 22.7 21.1 19.4 19.0 19.9 19.2 19.1 19.0 20.0 15.4 7

 8 U.S. savings bonds 194.0 191.2 187.9 185.2 182.4 184.7 184.3 183.6 182.4 181.7 180.9 8

 9 Treasury bills and other Treasury securities 51.5 723.5 1081.0 691.7 975.7 808.1 855.2 875.7 975.7 1030.3 1061.7 9

 10 Agency- and GSE-backed securities 1050.2 347.1 264.2 227.0 75.1 139.2 144.8 116.6 75.1 14.0 32.4 10

 11 Municipal securities 1725.8 1833.0 1877.3 1812.5 1662.7 1786.5 1780.1 1714.7 1662.7 1668.4 1652.9 11

 12 Corporate and foreign bonds 1952.7 2299.2 2270.8 2399.6 2556.6 2347.0 2343.3 2460.8 2556.6 2522.5 2472.0 12

 13 Corporate equities (2) 5923.7 7487.4 8990.2 9045.8 10322.0 9771.5 9503.3 10214.4 10322.0 11250.8 11461.7 13

 14 Mutual fund shares 3313.7 4119.9 4598.3 4452.3 5315.9 4979.4 4864.5 5155.1 5315.9 5786.1 5864.7 14

 15 Life insurance reserves 1049.8 1109.2 1137.2 1203.6 1186.1 1199.4 1172.6 1180.6 1186.1 1194.5 1197.7 15

 16 Pension entitlements 14061.8 15205.4 16745.0 17115.2 18075.1 17641.6 17588.7 17928.7 18075.1 18560.9 18736.6 16

 17 Life insurance companies 2223.2 2346.9 2563.0 2602.8 2759.4 2691.7 2651.2 2713.2 2759.4 2821.2 2820.1 17

 18 Private pension funds 5281.4 5976.3 6625.7 6672.5 7175.3 7022.3 6945.1 7145.3 7175.3 7507.6 7603.7 18

 19 Governments 6557.1 6882.2 7556.3 7839.9 8140.4 7927.7 7992.5 8070.2 8140.4 8232.1 8312.8 19

 20 Miscellaneous and other assets 4343.8 4182.6 4346.0 4481.1 4527.9 4491.9 4501.6 4508.7 4527.9 4537.1 4590.0 20

 21 Total liabilities 20028.8 19741.7 19444.8 19309.6 19415.0 19282.0 19316.7 19262.3 19415.0 19378.3 19416.4 21

 22 Home mortgages 11075.3 10876.4 10423.8 10172.6 9919.4 10084.3 10024.8 9933.3 9919.4 9866.6 9823.8 22

 23 Other mortgages 2529.9 2563.2 2516.7 2501.1 2477.8 2479.6 2470.7 2469.5 2477.8 2481.5 2500.1 23

 24 Consumer credit 2651.4 2553.5 2648.1 2757.2 2924.3 2749.1 2799.0 2859.3 2924.3 2924.4 2966.2 24

 25 Policy loans 120.4 121.1 124.5 126.9 128.3 126.9 126.6 127.2 128.3 128.2 128.5 25

 26 Security credit 164.8 203.0 278.2 238.9 303.7 267.7 244.5 269.1 303.7 307.9 302.6 26

 27 Other liabilities 3487.0 3424.6 3453.6 3512.9 3661.5 3574.6 3651.2 3603.8 3661.5 3669.7 3695.2 27

(1) Combined 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 funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18).
Flo

ws

18 Z.1, September 25, 2013

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 12430.6 12082.1 12435.2 13191.3 13743.8 13548.6 13651.8 13701.6 14073.1 13925.9 14060.4 1

 2 - Personal current taxes 1435.2 1144.9 1191.5 1404.0 1498.0 1462.8 1480.0 1496.4 1552.8 1629.0 1664.8 2

 3 = Disposable personal income 10995.4 10937.2 11243.7 11787.4 12245.8 12085.7 12171.9 12205.1 12520.4 12296.9 12395.6 3

 4 - Personal outlays 10444.0 10266.5 10609.5 11119.1 11558.4 11428.4 11507.9 11601.0 11696.2 11794.9 11838.7 4

 5 = Personal saving, NIPA (2) 551.3 670.7 634.2 668.2 687.4 657.3 663.9 604.1 824.1 502.0 556.9 5

 6 + Government insurance and pension reserves (3) -0.6 0.5 -1.7 -0.4 -1.4 -2.4 -0.2 -1.6 -1.6 -1.9 -0.4 6

 7 + Net investment in consumer durables 134.6 50.3 86.9 121.9 160.4 155.3 150.8 159.3 176.2 212.3 214.0 7

 8 + Consumption of fixed capital 1324.2 1323.8 1318.6 1342.2 1373.0 1355.8 1367.4 1379.2 1389.6 1373.3 1390.2 8

 9 - Net capital transfers paid (4) 7.7 -28.4 -20.6 2.1 -5.1 7.2 8.5 10.4 -46.5 15.5 16.0 9

 10 = Gross saving less net capital transfers paid 2001.8 2073.6 2058.5 2129.8 2224.5 2158.9 2173.5 2130.5 2434.9 2070.3 2144.8 10

 11 Gross investment 2460.1 2249.0 2581.4 2838.7 2537.2 2100.8 2956.4 2245.6 2845.8 3208.4 2558.9 11

 12 Capital expenditures 1613.6 1429.3 1448.9 1509.6 1613.2 1580.6 1590.1 1618.9 1663.1 1692.5 1723.6 12

 13 Residential 425.3 321.0 318.3 317.1 354.3 338.7 343.5 357.4 377.7 392.1 410.8 13

 14 Consumer durable goods 1044.2 970.8 1005.0 1061.2 1123.5 1106.3 1111.0 1127.1 1149.7 1162.9 1174.4 14

 15 Nonprofit nonresidential 155.1 147.1 134.1 139.6 143.8 144.1 144.1 142.8 144.1 145.7 146.3 15

 16 Nonproduced nonfinancial assets -11.0 -9.7 -8.5 -8.3 -8.4 -8.5 -8.5 -8.5 -8.3 -8.1 -7.9 16

 17 Net lending (+) or net borrowing (-) 846.5 819.7 1132.5 1329.1 924.0 520.2 1366.2 626.8 1182.7 1515.9 835.3 17

 18 Net acquisition of financial assets 704.9 640.5 889.3 1118.2 1018.4 506.1 1468.1 522.5 1576.9 1462.3 842.8 18

 19 Foreign deposits -23.7 -6.6 -0.6 -2.8 -1.8 -3.7 -6.7 8.5 -5.3 5.8 21.0 19

 20 Checkable deposits and currency 246.7 35.7 35.9 324.0 82.0 57.5 -51.0 27.6 294.1 134.1 -94.2 20

 21 Time and savings deposits 190.5 177.6 151.5 354.1 409.6 460.2 391.6 147.2 639.5 140.8 268.4 21

 22 Money market fund shares 201.4 -265.9 -186.8 32.9 -8.9 -7.8 2.0 -21.3 -8.3 29.6 181.6 22

 23 Credit market instruments 187.1 31.6 6.3 -153.1 -8.5 -478.5 603.1 -456.2 297.6 -401.2 -468.4 23

 24 Open market paper -101.3 16.7 -1.5 -1.8 -0.3 2.0 -2.6 -0.4 -0.4 3.9 -18.4 24

 25 Treasury securities 164.9 538.1 400.2 -202.5 270.1 114.3 629.4 -16.0 352.6 34.3 -190.2 25

 26 Savings bonds -2.4 -2.8 -3.3 -2.7 -2.8 -1.4 -2.1 -2.5 -5.0 -2.5 -3.7 26

 27 Other 167.3 540.9 403.5 -199.7 272.8 115.7 631.5 -13.5 357.6 36.8 -186.5 27

 28 Agency- and GSE-backed securities 218.9 -674.6 -81.8 0.9 -141.9 -409.9 36.0 -148.1 -45.6 -395.7 -72.0 28

 29 Municipal securities 47.3 107.0 43.7 -64.8 -149.8 -123.1 -6.1 -233.7 -236.5 2.3 -32.2 29

 30 Corporate and foreign bonds -162.9 58.4 -329.6 127.6 41.3 -51.1 -17.4 -24.6 258.3 -28.3 -123.0 30

 31 Other loans and advances (5) 12.2 -5.3 -0.6 -2.8 -2.5 12.6 -13.3 -0.5 -8.7 7.1 -9.0 31

 32 Mortgages 1.1 -3.0 -13.7 -3.2 -20.4 -21.1 -21.0 -19.3 -20.3 -16.3 -19.1 32

 33 Consumer credit (student loans) 7.1 -5.8 -10.4 -6.4 -4.9 -2.2 -2.0 -13.6 -1.8 -8.6 -4.5 33

 34 Corporate equities (6) -303.0 -8.5 -187.4 -288.2 -363.0 -320.9 10.4 -436.1 -705.6 93.8 -181.2 34

 35 Mutual fund shares -38.1 334.5 227.6 217.7 419.2 351.3 175.0 734.7 415.9 980.8 458.4 35

 36 Security credit -123.8 -74.1 25.7 58.1 23.6 39.6 61.5 10.1 -16.6 26.1 150.9 36

 37 Life insurance reserves 61.7 23.7 9.0 86.9 -26.3 -46.6 -82.2 0.2 23.5 -20.2 7.8 37

 38 Pension entitlements (7) 538.0 427.4 614.7 473.0 497.1 464.5 381.8 526.3 615.7 463.9 477.4 38

 39 Equity in noncorporate business -287.1 -69.8 187.4 -54.9 1.1 27.5 5.1 -11.1 -17.0 36.9 4.6 39

 40 Miscellaneous assets 55.1 34.9 6.0 70.4 -5.8 -37.0 -22.4 -7.4 43.5 -28.1 16.6 40

 41 Net increase in liabilities -141.6 -179.3 -243.2 -210.9 94.4 -14.1 101.9 -104.3 394.2 -53.6 7.5 41

 42 Credit market instruments -6.3 -228.5 -342.4 -185.2 27.4 -143.5 184.8 -204.7 273.2 -67.7 31.4 42

 43 Home mortgages (8) -58.2 -157.4 -357.8 -228.4 -236.4 -335.4 -208.5 -315.2 -86.7 -200.1 -162.0 43

 44 Consumer credit 34.8 -103.7 -25.3 109.1 169.1 147.6 205.7 136.2 186.9 180.6 165.1 44

 45 Municipal securities 9.3 5.9 -2.2 -7.8 -14.5 -6.5 -17.5 -15.4 -18.5 -6.5 -14.6 45

 46 Depository institution loans n.e.c. (9) 4.6 33.0 52.4 -53.9 111.5 59.7 210.5 -8.1 184.1 -41.1 38.4 46

 47 Other loans and advances 6.2 0.5 2.4 1.9 1.2 -1.2 -0.6 2.6 4.2 3.0 1.1 47

 48 Commercial mortgages -3.0 -6.8 -11.9 -6.2 -3.5 -7.6 -4.9 -4.8 3.2 -3.7 3.4 48

 49 Security credit -160.7 38.1 75.2 -39.3 64.9 115.4 -93.1 98.7 138.4 16.4 -21.2 49

 50 Trade payables 22.2 16.0 21.4 14.0 1.5 6.6 2.8 -0.0 -3.2 -6.4 -9.4 50

 51 Deferred and unpaid life insurance premiums 3.2 -4.9 2.7 -0.4 0.6 7.5 7.4 1.7 -14.3 4.1 6.8 51

 52 Discrepancy -458.3 -175.4 -522.9 -708.9 -312.7 58.1 -782.9 -115.1 -410.9 -1138.1 -414.1 52

(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 public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.

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

(9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 21.
Flo

ws

Z.1, September 25, 2013 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 2038.9 1869.7 2233.6 2382.4 2739.2 2714.4 2724.8 2729.1 2788.6 2867.2 2898.0 1

 2 Gross saving less net capital transfers paid 1650.9 1693.9 1931.4 2048.3 2119.8 2091.9 2128.6 2106.0 2152.6 2143.6 2020.2 2

 3 Gross investment 673.1 1819.3 1644.0 1651.0 1967.6 1973.1 1938.6 1998.1 1960.7 2074.9 1911.7 3

 4 Capital expenditures 1665.7 1249.5 1479.9 1593.1 1777.9 1775.2 1767.9 1794.8 1773.8 1808.4 1862.2 4

 5 Fixed investment 1680.1 1390.8 1419.5 1557.5 1712.3 1672.7 1701.6 1713.6 1761.2 1746.0 1778.1 5

 6 Residential 90.5 71.3 58.1 62.4 79.5 74.8 75.8 81.1 86.2 93.3 98.8 6

 7 Nonresidential 1589.6 1319.5 1361.4 1495.1 1632.8 1597.9 1625.8 1632.5 1674.9 1652.6 1679.3 7

 8 Change in inventories -32.0 -147.6 61.5 36.4 66.1 102.9 66.8 81.6 13.0 63.4 85.0 8

 9 Nonproduced nonfinancial assets 17.6 6.3 -1.1 -0.9 -0.4 -0.4 -0.5 -0.4 -0.4 -1.0 -0.9 9

 10 Net lending (+) or net borrowing (-) -992.6 569.8 164.1 57.9 189.7 197.9 170.6 203.2 186.9 266.5 49.5 10

 11 Net acquisition of financial assets -507.0 185.4 784.9 532.5 957.3 802.9 820.2 1105.3 1100.9 906.9 940.7 11

 12 Foreign deposits -25.5 6.8 9.1 -5.8 -21.5 -52.0 -45.7 -1.8 13.7 61.6 43.0 12

 13 Checkable deposits and currency -125.2 155.6 76.8 32.4 108.0 76.9 138.5 140.3 76.1 185.1 -74.1 13

 14 Time and savings deposits -60.7 102.1 62.8 18.4 26.2 45.0 -16.8 39.6 36.9 39.2 23.4 14

 15 Money market fund shares 179.6 -73.1 -154.6 -34.6 -3.2 -68.5 -46.2 28.7 73.2 -37.4 -43.7 15

 16 Security RPs -0.9 0.7 4.3 0.5 -2.2 5.5 -0.3 -10.7 -3.5 -1.6 7.4 16

 17 Credit market instruments -45.5 3.3 9.3 -4.2 10.7 10.5 27.8 55.6 -51.3 -111.3 64.2 17

 18 Commercial paper -12.2 -1.3 12.0 0.1 -7.6 -22.3 -7.9 15.2 -15.2 0.7 -0.9 18

 19 Treasury securities -15.4 6.8 7.0 -4.3 7.8 -5.6 40.4 18.3 -22.0 -34.2 27.0 19

 20 Agency- and GSE-backed securities -2.6 4.2 1.7 -1.6 -2.6 -2.0 3.4 5.9 -17.7 -31.6 8.6 20

 21 Municipal securities -3.4 1.1 -2.6 -1.4 12.3 13.2 -3.6 17.5 22.3 -55.3 30.6 21

 22 Mortgages -10.7 -5.3 2.6 0.7 0.7 0.4 0.5 0.6 1.2 0.8 1.3 22

 23 Consumer credit -1.2 -2.2 -11.4 2.3 0.0 26.7 -5.0 -1.9 -19.9 8.2 -2.3 23

 24 Mutual fund shares -16.5 35.3 11.1 -12.8 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 24

 25 Trade receivables -172.5 -57.4 142.8 88.3 95.9 144.1 135.9 100.4 3.2 165.4 50.5 25

 26 Miscellaneous assets -239.8 12.0 623.3 450.3 745.1 643.0 628.5 754.7 954.1 607.5 871.6 26

 27 Net increase in liabilities 485.6 -384.4 620.8 474.6 767.6 605.0 649.6 902.0 913.9 640.4 891.2 27

 28 Credit market instruments 692.9 -255.6 169.7 542.9 718.1 528.7 597.8 618.3 1127.8 620.3 887.2 28

 29 Commercial paper 7.7 -73.1 24.5 33.4 14.0 -7.9 29.0 -35.5 70.5 21.2 -19.0 29

 30 Municipal securities 66.0 37.2 33.2 8.5 15.2 13.1 26.2 9.7 11.9 11.3 6.4 30

 31 Corporate bonds 225.4 411.7 438.6 410.8 579.6 523.2 426.0 587.1 782.0 570.2 558.9 31

 32 Depository institution loans n.e.c. 183.7 -336.0 -103.8 125.6 166.1 200.5 173.0 118.8 172.0 55.4 113.1 32

 33 Other loans and advances 80.2 -166.1 -85.7 60.4 -20.9 -82.1 1.1 -15.7 12.9 16.5 118.3 33

 34 Mortgages 129.9 -129.3 -137.1 -95.9 -35.8 -118.1 -57.5 -46.2 78.5 -54.2 109.5 34

 35 Corporate equities -336.0 -64.6 -278.0 -472.5 -400.0 -291.8 -508.1 -395.6 -404.5 -255.9 -344.8 35

 36 Trade payables -219.4 -65.8 186.6 27.0 123.2 153.2 145.4 134.0 60.4 152.6 -14.7 36

 37 Taxes payable 9.8 -9.5 6.4 10.0 6.6 -2.6 17.0 -9.3 21.1 -17.6 8.4 37

 38 Miscellaneous liabilities 637.0 81.5 349.7 420.4 325.0 219.3 397.7 562.2 120.7 98.8 351.6 38

 39 Proprietors’ net investment -298.7 -70.4 186.5 -53.2 -5.3 -1.9 -0.2 -7.5 -11.7 42.2 3.5 39

 40 Discrepancy 977.8 -125.4 287.4 397.3 152.2 118.8 190.0 107.9 191.9 68.7 108.5 40

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
Flo

ws

20 Z.1, September 25, 2013

F.102 Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 880.3 752.5 1034.3 1026.7 1293.7 1283.7 1282.9 1288.8 1319.4 1307.7 1335.2 1

 2 - Taxes on corporate income 227.4 177.8 220.6 222.3 256.9 252.5 257.8 249.1 268.4 266.6 266.7 2

 3 - Net dividends 474.2 351.7 375.5 440.3 478.8 456.0 457.5 461.2 540.4 483.3 652.2 3

 4 + Capital consumption allowance (1) 1063.8 1049.4 1077.2 1249.3 1071.4 1058.8 1066.1 1075.0 1085.8 1113.9 1123.6 4

 5 = U.S. internal funds, book 1242.5 1272.3 1515.5 1613.4 1629.4 1634.1 1633.7 1653.5 1596.4 1671.7 1539.8 5

 6 + Foreign earnings retained abroad 183.8 194.2 218.2 226.1 214.2 210.1 214.2 199.8 232.8 204.5 189.9 6

 7 + Inventory valuation adjustment (IVA) -37.0 6.7 -41.0 -56.0 -10.0 -19.5 9.8 -22.0 -8.4 -13.0 11.0 7

 8 - Net capital transfers paid (2) -3.7 38.3 20.9 -6.4 -16.7 -6.0 -7.4 -9.0 -44.4 -9.6 -5.7 8

 9 = Total internal funds + IVA 1393.1 1434.9 1671.8 1790.0 1850.3 1830.6 1865.1 1840.3 1865.2 1872.8 1746.4 9

 10 Gross investment 415.3 1560.2 1384.4 1392.6 1698.1 1711.9 1675.1 1732.4 1673.3 1804.1 1637.9 10

 11 Capital expenditures 1358.6 1009.3 1238.9 1337.2 1504.1 1500.5 1493.0 1527.9 1495.1 1496.3 1536.8 11

 12 Fixed investment (3) 1372.6 1142.0 1176.4 1299.0 1433.5 1403.1 1424.8 1434.0 1472.2 1464.3 1486.4 12

 13 Inventory change + IVA -31.6 -139.0 63.7 39.1 71.0 97.8 68.7 94.3 23.3 33.0 51.2 13

 14 Nonproduced nonfinancial assets 17.6 6.3 -1.1 -0.9 -0.4 -0.4 -0.5 -0.4 -0.4 -1.0 -0.9 14

 15 Net lending (+) or net borrowing (-) -943.3 551.0 145.5 55.4 194.0 211.4 182.1 204.5 178.2 307.8 101.1 15

 16 Net acquisition of financial assets -604.2 302.4 633.2 513.2 891.5 761.8 771.5 1045.2 987.6 846.0 842.3 16

 17 Foreign deposits -25.5 6.8 9.1 -5.8 -21.5 -52.0 -45.7 -1.8 13.7 61.6 43.0 17

 18 Checkable deposits and currency -129.0 140.7 79.7 34.3 94.5 67.0 127.4 127.5 55.9 177.1 -87.7 18

 19 Time and savings deposits -59.4 106.9 59.9 14.3 21.9 43.1 -19.4 35.9 28.0 33.8 13.8 19

 20 Money market fund shares 178.5 -71.4 -157.7 -35.4 -4.1 -68.9 -46.7 27.9 71.3 -38.6 -45.7 20

 21 Security RPs -0.9 0.7 4.3 0.5 -2.2 5.5 -0.3 -10.7 -3.5 -1.6 7.4 21

 22 Credit market instruments -34.6 10.0 2.6 -5.3 9.5 10.0 27.1 54.6 -53.6 -112.8 61.6 22

 23 Commercial paper -12.2 -1.3 12.0 0.1 -7.6 -22.3 -7.9 15.2 -15.2 0.7 -0.9 23

 24 Treasury securities -7.9 12.5 5.1 -4.8 7.2 -5.9 40.1 17.8 -23.2 -34.9 25.7 24

 25 Agency- and GSE-backed securities -2.6 4.2 1.7 -1.6 -2.6 -2.0 3.4 5.9 -17.7 -31.6 8.6 25

 26 Municipal securities -3.0 0.9 -3.2 -1.4 12.3 13.2 -3.7 17.4 22.1 -55.3 30.5 26

 27 Mortgages -7.7 -4.1 -1.6 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 27

 28 Consumer credit -1.2 -2.2 -11.4 2.3 0.0 26.7 -5.0 -1.9 -19.9 8.2 -2.3 28

 29 Mutual fund shares -16.5 35.3 11.1 -12.8 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 29

 30 Trade receivables -169.5 -31.1 105.7 82.2 89.5 141.2 132.0 94.9 -10.1 157.2 36.1 30

 31 Miscellaneous assets -347.3 104.5 518.5 441.4 705.6 617.7 598.8 718.5 887.4 570.8 815.4 31

 32 U.S. direct investment abroad (4) 262.6 269.7 303.3 399.8 365.8 428.2 314.8 355.3 364.7 294.8 354.8 32

 33 Insurance receivables 11.0 -4.0 11.9 10.0 7.4 -5.5 8.0 5.8 21.6 -2.6 9.3 33

 34 Equity in GSEs -0.1 0.0 0.1 -0.0 0.0 0.5 -0.3 0.0 -0.0 0.3 -0.2 34

 35 Investment in finance co. subs. -1.1 -9.3 26.7 8.4 -0.4 -11.2 -10.3 -1.0 20.9 -4.2 3.7 35

 36 Other -619.7 -152.0 176.5 23.2 332.7 205.8 286.6 358.4 480.2 282.4 447.7 36

 37 Net increase in liabilities 339.1 -248.5 487.8 457.8 697.5 550.4 589.5 840.8 809.4 538.2 741.2 37

 38 Net funds raised in markets 38.3 -211.5 -76.2 45.3 252.4 220.4 25.4 161.3 602.6 337.6 397.4 38

 39 Net new equity issues -336.0 -64.6 -278.0 -472.5 -400.0 -291.8 -508.1 -395.6 -404.5 -255.9 -344.8 39

 40 Credit market instruments 374.2 -146.9 201.8 517.7 652.4 512.2 533.5 556.9 1007.0 593.5 742.2 40

 41 Commercial paper 7.7 -73.1 24.5 33.4 14.0 -7.9 29.0 -35.5 70.5 21.2 -19.0 41

 42 Municipal securities (5) 66.0 37.2 33.2 8.5 15.2 13.1 26.2 9.7 11.9 11.3 6.4 42

 43 Corporate bonds (4) 225.4 411.7 438.6 410.8 579.6 523.2 426.0 587.1 782.0 570.2 558.9 43

 44 Depository institution loans n.e.c. 64.2 -234.0 -83.5 68.9 78.3 82.1 91.4 56.7 83.0 20.0 54.6 44

 45 Other loans and advances (6) 67.9 -160.8 -90.4 59.8 -30.4 -76.4 -21.9 -28.5 5.2 31.3 98.6 45

 46 Mortgages -57.0 -127.9 -120.7 -63.7 -4.3 -21.8 -17.1 -32.6 54.5 -60.4 42.7 46

 47 Trade payables -225.2 -82.6 156.3 18.9 122.6 150.5 156.1 136.2 47.5 132.4 -11.7 47

 48 Taxes payable 3.1 -3.3 7.2 8.8 5.3 -3.1 16.3 -10.4 18.5 -19.2 5.6 48

 49 Miscellaneous liabilities 522.9 48.7 400.5 384.9 317.2 182.6 391.7 553.7 140.8 87.3 349.9 49

 50 Foreign direct investment in U.S. 189.5 104.7 157.3 195.1 165.5 176.1 176.9 135.2 173.8 91.6 117.5 50

 51 Pension fund contributions payable 14.7 -8.4 15.4 3.0 -2.1 -6.5 1.4 -0.9 -2.3 0.8 -0.1 51

 52 Claims of pension fund on sponsor 109.3 88.6 -9.9 -11.6 54.1 80.4 15.0 24.3 96.8 59.1 39.9 52

 53 Other 209.3 -136.1 237.7 198.4 99.6 -67.4 198.4 395.2 -127.5 -64.2 192.6 53

 54 Discrepancy 977.8 -125.4 287.4 397.3 152.2 118.8 190.0 107.9 191.9 68.7 108.5 54

 Memo:

 55 Financing gap (7) 153.0 -269.7 -235.6 -220.1 -115.2 -114.0 -150.5 -103.6 -92.9 -162.4 -14.0 55

(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).
Flo

ws

Z.1, September 25, 2013 21

F.103 Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving = consumption of fixed capital 254.5 253.0 251.8 256.8 264.5 261.3 263.5 265.6 267.8 270.8 273.8 1

 2 Gross saving less net capital transfers paid (1) 257.8 259.0 259.6 258.4 269.5 261.3 263.5 265.7 287.4 270.8 273.8 2

 3 Gross investment 257.8 259.0 259.6 258.4 269.5 261.3 263.5 265.7 287.4 270.8 273.8 3

 4 Capital expenditures 307.1 240.2 241.0 255.8 273.8 274.7 274.9 266.9 278.7 312.1 325.4 4

 5 Fixed investment (2) 307.5 248.8 243.1 258.5 278.7 269.6 276.7 279.6 289.0 281.6 291.6 5

 6 Change in inventories -0.4 -8.5 -2.2 -2.7 -4.9 5.1 -1.9 -12.7 -10.3 30.5 33.8 6

 7 Net lending (+) or net borrowing (-) -49.3 18.8 18.6 2.5 -4.3 -13.5 -11.4 -1.2 8.8 -41.3 -51.6 7

 8 Net acquisition of financial assets 97.2 -117.0 151.7 19.3 65.8 41.1 48.7 60.0 113.3 60.9 98.4 8

 9 Checkable deposits and currency 3.8 14.9 -2.8 -2.0 13.5 10.0 11.1 12.8 20.2 8.0 13.6 9

 10 Time and savings deposits -1.2 -4.8 2.9 4.1 4.3 1.9 2.6 3.7 8.9 5.4 9.6 10

 11 Money market mutual funds 1.0 -1.7 3.1 0.9 0.9 0.4 0.6 0.8 1.9 1.2 2.1 11

 12 Credit market instruments -10.9 -6.7 6.6 1.1 1.2 0.5 0.7 1.0 2.4 1.5 2.6 12

 13 Treasury securities -7.5 -5.7 1.9 0.6 0.6 0.3 0.4 0.5 1.2 0.7 1.3 13

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

 15 Mortgages -3.0 -1.2 4.2 0.5 0.5 0.2 0.3 0.4 1.1 0.6 1.1 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 -3.0 -26.3 37.0 6.2 6.4 2.9 4.0 5.5 13.3 8.1 14.4 17

 18 Miscellaneous assets 107.5 -92.5 104.8 9.0 39.5 25.3 29.7 36.2 66.6 36.7 56.2 18

 19 Insurance receivables 3.4 -9.8 29.7 -11.6 15.1 10.2 16.0 14.9 19.2 3.4 3.2 19

 20 Equity investment in GSEs (3) 1.2 -0.0 0.4 0.3 0.2 0.3 -0.3 0.4 0.2 -0.2 1.1 20

 21 Other 102.9 -82.7 74.7 20.3 24.3 14.8 14.1 20.9 47.2 33.5 51.9 21

 22 Net increase in liabilities 146.6 -135.8 133.1 16.8 70.1 54.5 60.1 61.3 104.5 102.2 150.0 22

 23 Credit market instruments 318.7 -108.7 -32.1 25.1 65.7 16.5 64.2 61.4 120.8 26.8 145.0 23

 24 Depository institution loans n.e.c. 119.5 -102.0 -20.3 56.7 87.8 118.4 81.5 62.2 89.0 35.5 58.4 24

 25 Other loans and advances 12.3 -5.3 4.7 0.6 9.5 -5.7 23.0 12.8 7.7 -14.8 19.7 25

 26 Mortgages 186.9 -1.4 -16.5 -32.2 -31.5 -96.2 -40.3 -13.6 24.0 6.1 66.8 26

 27 Trade payables 5.7 16.8 30.3 8.1 0.7 2.6 -10.7 -2.2 12.9 20.1 -3.0 27

 28 Taxes payable 6.7 -6.3 -0.7 1.2 1.3 0.6 0.8 1.1 2.6 1.6 2.8 28

 29 Miscellaneous liabilities 114.1 32.7 -50.8 35.5 7.8 36.7 6.0 8.5 -20.1 11.5 1.7 29

 30 Proprietors’ net investment -298.7 -70.4 186.5 -53.2 -5.3 -1.9 -0.2 -7.5 -11.7 42.2 3.5 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.
Flo

ws

22 Z.1, September 25, 2013

F.104 State and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 1909.1 1919.2 1998.5 2029.9 2039.4 2024.4 2034.1 2039.6 2059.7 2078.7 2108.1 1

 2 Personal current taxes 333.5 287.8 297.6 327.0 348.8 340.5 346.9 349.2 358.8 377.1 393.1 2

 3 Taxes on production and imports 947.9 934.8 960.4 988.5 1004.9 1007.2 1003.7 1000.6 1008.3 1021.9 1020.5 3

 4 Taxes on corporate income 47.4 45.6 47.7 50.7 51.4 50.7 52.5 51.1 51.3 54.5 52.9 4

 5 Contributions for govt. social insurance 18.7 18.6 18.1 18.3 17.5 17.8 17.6 17.4 17.3 17.3 17.4 5

 6 Income receipts on assets 105.7 87.8 82.6 80.0 78.5 78.1 78.1 78.4 79.3 80.2 81.1 6

 7 Current transfer receipts 477.8 566.1 612.0 581.8 552.6 544.8 549.6 557.0 558.7 542.7 558.4 7

 8 Current surplus of government enterprises -22.0 -21.4 -19.8 -16.5 -14.3 -14.8 -14.3 -14.1 -14.0 -14.9 -15.2 8

 9 Current expenditures, NIPA basis 2074.1 2191.2 2235.8 2243.0 2292.1 2265.5 2289.3 2299.7 2313.9 2308.5 2306.7 9

 10 Consumption expenditures 1488.7 1508.4 1518.3 1517.4 1536.4 1533.0 1531.3 1536.8 1544.3 1543.0 1542.2 10

 11 Govt. social benefit payments to persons 455.4 492.6 523.8 532.0 544.3 527.3 547.5 548.8 553.7 552.3 553.5 11

 12 Interest payments 127.0 188.8 192.1 192.9 211.0 204.8 209.9 213.7 215.5 212.7 210.6 12

 13 Subsidies 3.0 1.4 1.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 13

 14 Net saving, NIPA basis -165.1 -271.9 -237.3 -213.1 -252.7 -241.1 -255.2 -260.1 -254.2 -229.8 -198.7 14

 15 + Consumption of fixed capital 200.2 208.2 212.7 221.7 231.4 228.5 230.8 232.4 233.7 234.9 236.6 15

 16 - Net capital transfers paid (2) -63.2 -67.7 -76.7 -73.9 -74.1 -70.6 -72.0 -73.2 -80.5 -71.3 -68.4 16

 17 = Gross saving less net capital transfers paid 98.3 4.0 52.2 82.5 52.8 58.0 47.6 45.5 60.0 76.4 106.3 17

 18 Gross investment 38.0 -59.7 43.5 16.0 91.7 148.3 89.4 66.6 62.6 81.7 110.0 18

 19 Fixed investment 358.8 363.0 351.9 337.2 334.9 334.9 339.0 334.6 331.2 326.1 323.1 19

 20 Nonproduced nonfinancial assets 13.8 12.3 10.6 10.1 10.2 10.3 10.3 10.2 10.1 9.8 9.6 20

 21 Net lending (+) or net borrowing (-) -334.6 -435.0 -318.9 -331.4 -253.4 -196.9 -259.9 -278.2 -278.6 -254.3 -222.7 21

 22 Net acq. of financial assets -101.6 10.0 58.4 -58.7 -52.6 -18.5 53.5 -19.4 -225.8 76.3 13.1 22

 23 Checkable deposits and currency 8.5 19.2 5.6 16.6 -8.9 -7.8 -7.4 -7.6 -12.9 13.8 -11.0 23

 24 Time and savings deposits 18.8 9.3 -6.9 14.4 20.3 10.3 29.0 37.4 4.5 13.2 46.2 24

 25 Money market fund shares 3.0 9.8 13.7 -0.5 -8.5 -9.0 -1.3 -5.8 -17.8 3.2 -2.2 25

 26 Security RPs -11.7 -4.3 -1.4 -6.8 -6.7 -7.1 -1.0 -4.6 -14.0 2.5 -1.7 26

 27 Credit market instruments -94.0 -37.3 60.7 -80.8 -66.1 -78.0 20.6 -41.0 -165.9 12.4 -36.1 27

 28 Open market paper -21.6 -39.1 12.9 -11.1 -5.1 -5.4 -0.8 -3.5 -10.8 1.9 -1.3 28

 29 Treasury securities -45.4 -17.3 6.8 -46.5 -11.8 -20.4 28.7 -3.7 -51.6 -8.3 -22.2 29

 30 Agency- and GSE-backed securities -16.9 9.8 22.3 -14.0 -28.2 -29.9 -4.2 -19.3 -59.4 10.7 -7.2 30

 31 Municipal securities 0.5 1.0 1.4 0.0 -0.7 -0.8 -0.1 -0.5 -1.5 0.3 -0.2 31

 32 Corporate and foreign bonds -5.2 3.3 7.4 -4.4 -9.0 -9.6 -1.4 -6.2 -19.0 3.4 -2.3 32

 33 Mortgages -5.4 5.0 10.0 -5.0 -11.2 -11.9 -1.7 -7.7 -23.6 4.3 -2.9 33

 34 Corporate equities -7.6 -2.3 -0.3 -4.5 -4.8 -5.1 -0.7 -3.3 -10.1 1.8 -1.2 34

 35 Mutual fund shares -0.5 1.7 2.8 -0.8 -2.5 -2.6 -0.4 -1.7 -5.2 0.9 -0.6 35

 36 Trade receivables -15.4 -4.6 13.1 1.9 8.5 7.6 13.1 8.0 5.2 8.5 1.8 36

 37 Taxes receivable 5.6 -5.9 0.7 2.3 1.3 -2.0 -8.7 11.6 4.1 -0.8 -4.1 37

 38 Miscellaneous assets -8.4 24.4 -29.6 -0.4 14.9 75.1 10.3 -12.5 -13.5 20.8 22.0 38

 39 Net increase in liabilities 233.1 445.0 377.3 272.7 200.8 178.4 313.3 258.7 52.8 330.6 235.8 39

 40 Credit market instruments 17.9 113.0 69.5 -52.7 -5.3 13.2 87.8 -6.5 -115.5 72.8 33.0 40

 41 Municipal securities 17.1 112.2 68.7 -53.6 -5.7 12.7 86.7 -6.1 -116.0 71.7 33.0 41

 42 Short-term (3) 4.6 7.8 -0.7 -10.6 3.8 0.7 31.6 10.0 -27.2 -4.4 8.6 42

 43 Long-term 12.5 104.4 69.3 -42.9 -9.4 12.0 55.2 -16.1 -88.8 76.0 24.4 43

 44 U.S. government loans 0.8 0.8 0.9 0.9 0.4 0.5 1.1 -0.4 0.5 1.1 0.0 44

 45 Trade payables 38.6 38.9 38.5 38.4 39.1 38.9 39.1 39.2 39.2 39.2 39.1 45

 46 Claims of pension fund on sponsor (4) 176.5 293.1 269.3 287.0 167.0 126.3 186.5 226.1 129.1 218.5 163.7 46

 47 Discrepancy 60.3 63.7 8.6 66.6 -39.0 -90.4 -41.8 -21.1 -2.6 -5.3 -3.7 47

(1) Data for employee retirement funds are shown in table F.118.

(2) Table F.9, line 62.

(3) Debt with original maturity of 13 months or less.

(4) Included in miscellaneous liabilities.
Flo

ws

Z.1, September 25, 2013 23

F.105 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 2505.7 2230.1 2391.7 2516.7 2663.0 2645.4 2641.1 2656.6 2709.0 2900.1 3164.0 1

 2 Personal current taxes 1101.7 857.2 893.8 1077.0 1149.2 1122.4 1133.1 1147.2 1194.0 1252.0 1271.7 2

 3 Taxes on production and imports 94.0 91.4 96.8 108.6 118.0 117.2 118.6 118.2 118.0 118.8 118.8 3

 4 Taxes on corporate income 233.7 200.4 298.7 294.2 351.0 355.3 344.9 356.1 347.9 321.0 332.7 4

 5 Taxes from the rest of the world 18.8 14.8 15.7 16.3 17.8 16.8 17.4 17.1 19.9 19.2 19.4 5

 6 Contributions for govt. social insurance 974.4 950.8 970.9 904.3 937.8 929.2 932.1 934.6 955.3 1081.7 1088.2 6

 7 Income receipts on assets 33.9 48.5 54.6 57.4 52.9 53.9 52.2 52.2 53.3 74.1 299.9 7

 8 Current transfer receipts 48.6 66.2 64.4 66.1 49.7 60.3 54.6 45.6 38.4 53.9 57.1 8

 9 Current surplus of government enterprises 0.8 0.7 -3.1 -7.3 -13.4 -9.7 -11.8 -14.4 -17.8 -20.6 -23.7 9

 10 Current expenditures, NIPA basis 3140.8 3479.9 3721.3 3764.9 3772.7 3739.4 3787.9 3775.8 3787.5 3753.2 3820.3 10

 11 Consumption expenditures 879.8 933.7 1003.9 1008.7 1011.7 1009.3 1007.4 1036.1 993.9 982.3 975.9 11

 12 Government social benefits 1407.4 1624.9 1726.6 1745.3 1790.5 1775.6 1780.9 1793.1 1812.3 1848.1 1850.0 12

 13 Other current transfer payments 416.0 510.7 555.9 529.0 493.1 490.7 492.4 500.0 489.3 479.2 497.7 13

 14 Interest payments 388.0 353.6 380.6 422.6 420.6 406.4 450.1 391.1 434.7 386.1 438.4 14

 15 Subsidies 49.6 56.9 54.3 59.4 56.8 57.3 57.2 55.6 57.3 57.5 58.4 15

 16 Net saving, NIPA basis -635.1 -1249.8 -1329.5 -1248.3 -1109.7 -1094.0 -1146.9 -1119.3 -1078.5 -853.1 -656.4 16

 17 + Consumption of fixed capital 226.3 234.5 245.3 256.5 262.3 260.4 261.9 262.9 263.7 265.6 266.9 17

 18 - Insurance and pension reserves (1) -0.6 0.5 -1.7 -0.4 -1.4 -2.4 -0.2 -1.6 -1.6 -1.9 -0.4 18

 19 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.8 5.0 4.9 4.4 4.6 4.6 4.6 4.6 4.7 5.3 5.3 19

 20 - Net capital transfers paid (2) 49.9 64.4 84.8 81.4 79.9 69.8 72.4 74.0 103.5 65.8 58.4 20

 21 = Gross saving less net capital transfers paid -462.9 -1085.1 -1172.2 -1077.2 -930.5 -905.6 -961.7 -933.3 -921.4 -656.7 -452.7 21

 22 Gross investment -533.6 -1023.2 -1113.4 -1058.2 -845.8 -1288.1 -752.8 -496.5 -846.0 -858.6 61.8 22

 23 Fixed investment 275.8 284.0 300.0 295.4 284.0 282.4 286.4 286.0 281.4 272.7 276.8 23

 24 Nonproduced nonfinancial assets -20.4 -8.9 -1.0 -0.9 -1.4 -1.4 -1.3 -1.4 -1.4 -0.6 -0.8 24

 25 Net lending (+) or net borrowing (-) -789.0 -1298.3 -1412.4 -1352.7 -1128.5 -1569.1 -1037.9 -781.2 -1126.0 -1130.7 -214.3 25

 26 Net acq. of financial assets 580.0 237.8 285.5 -152.1 114.0 -84.1 266.9 91.2 182.0 140.2 195.8 26

 27 U.S. official reserve assets 4.2 51.9 1.6 16.2 4.3 4.6 13.0 3.1 -3.7 3.3 -1.0 27

 28 Checkable deposits and currency 313.1 -174.2 148.9 -257.6 6.7 -121.9 97.2 -28.1 79.4 -8.6 130.6 28

 29 Time and savings deposits -1.3 0.3 0.1 -0.3 0.2 0.8 0.8 -0.4 -0.4 -1.3 0.5 29

 30 Credit market instruments 93.4 309.1 88.0 21.8 102.3 27.0 170.3 111.9 99.8 165.4 118.1 30

 31 Agency- and GSE-backed securities 54.4 142.0 -47.2 -118.1 -31.1 -118.5 -5.8 0.0 0.0 0.0 0.0 31

 32 Corporate and foreign bonds 0.0 0.6 0.3 -0.1 -0.2 -0.1 -0.0 -0.4 -0.1 -0.2 -0.1 32

 33 Other loans and advances 6.0 66.0 3.5 4.8 2.5 12.1 8.4 -8.0 -2.6 13.8 0.9 33

 34 Mortgages 13.5 12.6 -1.8 4.0 1.7 4.5 1.8 -0.8 1.2 3.6 0.1 34

 35 Consumer credit (3) 19.5 87.9 133.1 131.2 129.4 129.1 165.9 121.1 101.3 148.2 117.2 35

 36 Corporate equities (4) 256.3 0.6 24.1 40.3 -13.2 -19.8 -18.1 -9.9 -5.0 -5.2 -2.8 36

 37 Trade receivables 4.2 -21.1 -0.7 4.8 2.9 -2.6 6.7 6.2 1.3 -13.8 4.2 37

 38 Taxes receivable -62.0 35.9 27.1 20.8 11.9 38.3 -8.8 8.1 10.1 -2.4 -42.2 38

 39 Miscellaneous assets -28.0 35.4 -3.5 1.9 -1.0 -10.7 5.9 0.1 0.5 2.7 -11.6 39

 40 Net increase in liabilities 1369.0 1536.1 1697.8 1200.7 1242.5 1485.0 1304.7 872.4 1308.0 1270.9 410.1 40

 41 SDR allocations 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 SDR certificates 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Treasury currency -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

 44 Credit market instruments 1239.2 1443.9 1580.2 1067.9 1140.2 1411.2 1185.7 787.7 1176.1 1168.7 299.9 44

 45 Savings bonds -2.4 -2.8 -3.3 -2.7 -2.8 -1.4 -2.1 -2.5 -5.0 -2.5 -3.7 45

 46 Treasury bills 861.6 -73.3 -19.0 -249.5 107.0 612.6 -312.7 74.4 53.8 646.7 -880.3 46

 47 Other Treasury securities 379.8 1519.8 1601.8 1319.0 1036.3 803.4 1500.3 716.1 1125.3 525.5 1182.6 47

 48 Budget agency securities 0.2 0.1 0.7 1.1 -0.4 -3.3 0.1 -0.3 1.9 -1.0 1.3 48

 49 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 49

 50 Trade payables 22.6 -56.2 6.3 9.3 8.3 3.4 3.0 17.6 9.3 1.9 23.4 50

 51 Insurance reserves 1.0 1.1 0.9 1.3 0.3 0.5 1.5 -0.2 -0.5 0.2 0.8 51

 52 Miscellaneous liabilities 107.1 97.0 110.7 122.1 93.7 69.9 114.6 67.2 123.1 100.1 86.1 52

 53 Nonmarketable securities held by pension plans (5) 63.3 61.9 65.7 70.8 40.4 106.6 95.8 45.8 -86.5 229.9 -272.6 53

 54 Claims of pension fund on sponsor 17.6 15.6 20.2 19.2 48.2 -17.7 -7.5 43.0 175.1 -141.3 361.1 54

 55 Other 26.2 19.5 24.9 32.1 5.0 -19.0 26.3 -21.6 34.5 11.5 -2.5 55

 56 Discrepancy 70.6 -61.9 -58.9 -19.0 -84.7 382.5 -208.9 -436.8 -75.5 201.9 -514.5 56

 Memo:

 57 Change in cash balance (6) 308.6 -173.2 148.9 -258.0 7.5 -167.0 196.8 -24.6 24.8 -54.2 227.3 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) 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 29) plus checkable deposit and currency liabilities of the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).
Flo

ws

24 Z.1, September 25, 2013

F.106 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 3378.4 2608.7 3018.1 3360.9 3453.5 3480.4 3456.4 3432.3 3444.9 3465.5 3461.6 1

 2 U.S. imports 2556.4 1976.0 2362.0 2669.9 2743.1 2764.2 2755.3 2723.5 2729.5 2737.3 2748.3 2

 3 U.S. income payments to rest of world 683.8 496.5 514.1 542.1 565.7 570.0 555.7 564.4 572.8 575.9 558.2 3

 4 Current taxes and trans. payments to rest of world 138.3 136.1 142.0 149.0 144.6 146.1 145.4 144.3 142.6 152.4 155.1 4

 5 Foreign outlays to U.S. 2699.9 2227.5 2563.5 2904.0 3014.5 2991.4 3011.8 3011.2 3043.5 3027.5 3057.7 5

 6 U.S. exports 1843.1 1583.8 1843.5 2101.1 2195.9 2173.4 2197.4 2199.2 2213.7 2214.2 2242.2 6

 7 U.S. income receipts from rest of world 856.8 643.7 720.0 802.8 818.6 818.0 814.4 812.0 829.8 813.3 815.6 7

 8 - Net capital transfers paid (1) 5.4 -0.6 -0.7 -1.6 6.6 -0.4 -1.4 -2.3 30.3 -0.4 -0.4 8

 9 Gross saving less net capital transfers paid (2) 673.1 381.7 455.2 458.6 432.4 489.3 445.9 423.4 371.1 438.5 404.3 9

 10 Gross investment 736.6 230.9 437.9 550.4 446.3 1054.2 71.1 111.7 548.2 161.5 292.5 10

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

 12 Net lending (+) or net borrowing (-) 736.6 230.9 437.9 550.5 446.3 1054.2 71.1 111.7 548.2 161.5 292.5 12

 13 Net acquisition of financial assets 584.4 168.9 1173.7 1011.4 876.4 1064.0 501.2 664.8 1275.5 1010.9 1498.2 13

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

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

 16 Net interbank assets 410.8 -270.4 -48.2 221.1 -151.3 260.3 39.5 -227.0 -677.8 587.9 994.3 16

 17 U.S. checkable deposits and currency 64.0 -9.2 29.5 81.8 68.2 58.5 37.2 92.8 84.2 10.6 33.6 17

 18 U.S. time deposits 65.5 -43.1 16.9 33.1 46.4 -33.8 54.6 47.5 117.3 -69.7 12.9 18

 19 Money market fund shares 23.7 7.2 -7.1 -50.8 35.0 48.5 63.8 13.0 14.6 9.5 2.1 19

 20 Security RPs (net) -214.0 -146.4 -126.1 51.2 -39.9 -135.7 -148.3 83.2 41.3 293.6 39.4 20

 21 Credit market instruments 377.2 123.5 623.7 239.6 452.0 546.1 -18.5 702.5 577.8 566.7 79.1 21

 22 Open market paper -45.1 -41.4 -0.5 0.7 3.4 46.2 -57.5 5.2 19.9 35.0 -17.4 22

 23 Treasury securities 711.6 554.4 740.4 357.9 589.5 693.6 505.8 600.3 558.4 531.6 88.6 23

 24 Official 548.7 569.9 442.0 169.8 433.2 533.0 406.4 386.8 406.4 435.5 -35.3 24

 25 Private 162.9 -15.5 298.3 188.0 156.4 160.6 99.4 213.5 152.0 96.1 123.9 25

 26 Agency- and GSE-backed securities -228.6 -226.0 -72.3 -41.6 -71.8 -4.8 -184.6 26.8 -124.6 -167.4 -118.5 26

 27 Official -31.3 -169.5 -96.0 -29.5 -126.0 -91.7 -202.4 -68.5 -141.4 -88.1 -40.1 27

 28 Private -197.3 -56.6 23.8 -12.1 54.2 86.9 17.8 95.4 16.8 -79.3 -78.4 28

 29 Municipal securities 5.9 7.7 13.1 -1.4 -4.9 5.0 -6.0 10.4 -28.9 -6.9 -17.9 29

 30 U.S. corporate bonds (4) -21.8 -127.3 -36.8 -109.9 -14.4 -118.8 -236.2 80.6 216.6 159.3 131.0 30

 31 Loans to U.S. corporate business -44.7 -44.0 -20.2 33.9 -49.9 -75.2 -40.0 -20.8 -63.7 15.0 13.4 31

 32 U.S. corporate equities 105.8 154.9 74.6 37.0 53.1 44.4 -287.3 118.6 336.7 8.9 -90.2 32

 33 Mutual fund shares -2.7 57.2 111.5 147.5 144.0 168.7 338.3 -18.0 87.0 -101.2 15.2 33

 34 Trade receivables 6.5 6.6 19.8 17.7 11.5 15.9 8.2 26.4 -4.7 14.4 11.7 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 -252.3 240.9 479.1 233.2 257.5 91.2 413.9 -174.2 699.0 -309.9 400.0 36

 37 Foreign direct investment in U.S. (5) 310.1 150.4 205.9 230.2 166.4 143.0 198.1 155.4 169.2 114.5 151.5 37

 38 Other -562.4 90.5 273.3 3.0 91.1 -51.8 215.8 -329.5 529.9 -424.4 248.5 38

 39 Net increase in liabilities -152.2 -62.0 735.8 460.9 430.1 9.8 430.2 553.2 727.3 849.4 1205.7 39

 40 U.S. official reserve assets 4.8 52.3 1.8 15.9 4.5 4.9 13.2 3.3 -3.6 3.5 -0.8 40

 41 U.S. private deposits -394.3 -110.7 -9.3 -46.3 -30.2 -60.9 -111.7 141.0 -89.1 96.8 350.3 41

 42 Credit market instruments -226.2 211.8 75.3 114.8 115.0 19.7 -90.0 220.5 309.6 401.8 51.3 42

 43 Commercial paper -71.0 59.4 -2.7 -53.5 27.9 32.9 -54.2 78.4 54.5 117.2 10.2 43

 44 Bonds -158.8 163.3 59.9 137.7 62.2 -49.8 -84.9 133.2 250.5 239.8 15.2 44

 45 Depository institution loans n.e.c. 5.1 -11.2 17.9 29.2 19.2 29.0 44.8 8.8 -5.9 45.2 25.6 45

 46 Official 0.7 0.6 1.1 -1.7 -0.7 -0.3 -1.6 -0.3 -0.4 2.5 0.5 46

 47 Banks 2.8 -5.1 11.8 11.3 -1.9 2.1 11.2 -14.4 -6.4 25.4 11.8 47

 48 Other 1.6 -6.6 4.9 19.5 21.7 27.3 35.2 23.6 1.0 17.3 13.3 48

 49 Other loans and advances -1.5 0.3 0.2 1.4 5.7 7.6 4.3 0.2 10.5 -0.4 0.3 49

 50 Foreign corporate equities (6) -38.5 63.7 79.1 6.0 82.6 40.7 176.6 71.5 41.5 295.3 305.3 50

 51 Trade payables -9.9 6.1 25.8 -32.2 6.3 15.5 4.5 -2.2 7.4 -4.5 5.3 51

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

 53 Miscellaneous liabilities 511.9 -285.1 563.0 402.7 252.0 -10.2 437.6 119.0 461.5 56.4 494.3 53

 54 U.S. equity in IBRD, etc. 1.4 1.7 2.3 2.6 2.4 1.5 7.0 1.0 0.3 0.1 8.3 54

 55 Nonofficial foreign currencies 529.8 -543.3 -10.1 99.7 -91.0 -213.4 -74.0 -61.6 -14.9 -3.8 -25.3 55

 56 U.S. direct investment abroad (4,5) 329.1 310.4 301.1 409.0 388.3 452.2 344.8 374.5 381.7 336.5 382.2 56

 57 Investment by holding companies -9.1 23.5 10.6 30.6 -51.5 77.3 -77.8 -48.7 -156.9 89.8 -146.0 57

 58 Other -339.3 -77.4 259.1 -139.2 3.8 -327.7 237.6 -146.2 251.4 -366.2 275.0 58

 59 Discrepancy (FOF basis) (7) -63.4 150.8 17.3 -91.9 -13.9 -564.9 374.8 311.7 -177.1 277.0 111.8 59

 Memo:

 60 Net U.S. exports, NIPA basis -713.2 -392.2 -518.5 -568.7 -547.2 -590.8 -557.9 -524.4 -515.8 -523.1 -506.1 60

 61 + Net U.S. income receipts (8) 173.0 147.2 206.0 260.8 252.8 248.0 258.7 247.6 257.0 237.4 257.4 61

 62 - Current taxes and trans. payments to rest of world 138.3 136.1 142.0 149.0 144.6 146.1 145.4 144.3 142.6 152.4 155.1 62

 63 = Balance on current account, NIPAs -678.5 -381.2 -454.5 -457.0 -439.0 -488.9 -444.6 -421.1 -401.4 -438.1 -403.9 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.
Flo

ws

Z.1, September 25, 2013 25

F.107 Financial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid 38.6 350.6 384.6 333.2 331.2 343.3 341.7 377.9 262.0 395.2 327.1 1

 2 Gross investment -86.6 206.7 -36.6 52.8 256.9 -39.4 330.4 91.8 644.8 279.2 658.3 2

 3 Capital expenditures 196.3 166.7 167.4 181.5 198.7 195.2 197.9 197.8 204.0 208.0 205.9 3

 4 Fixed residential investment 0.1 -0.1 4.7 6.3 5.3 4.9 6.4 5.1 4.9 4.9 2.2 4

 5 Fixed nonresidential investment 196.2 166.9 162.8 175.2 193.4 190.3 191.5 192.7 199.1 203.1 203.8 5

 6 Net lending (+) or net borrowing (-) -282.9 39.9 -204.1 -128.7 58.2 -234.6 132.5 -106.0 440.8 71.2 452.3 6

 7 Net acqisition of financial assets 4982.5 -1286.0 -348.1 2133.0 1807.9 1598.5 852.3 1574.1 3206.7 4676.8 3377.6 7

 8 U.S. official reserve assets 0.6 0.3 0.3 -0.3 0.2 0.3 0.2 0.2 0.1 0.2 0.2 8

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

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

 11 Foreign deposits -14.6 11.6 8.7 -62.9 0.4 -11.3 -28.6 28.7 12.5 21.8 -46.7 11

 12 Net interbank assets 1351.5 -349.5 -106.9 603.0 -64.1 -58.1 -177.7 -254.9 234.3 1170.7 886.9 12

 13 Checkable deposits and currency 66.5 -34.7 -29.3 36.6 11.3 -90.9 -11.9 -5.6 153.7 14.0 -10.8 13

 14 Time and savings deposits 121.4 129.2 -108.4 -46.9 13.4 -140.8 -23.2 150.9 66.9 -38.4 96.4 14

 15 Money market fund shares 316.6 -176.7 -168.5 -59.9 -7.4 -154.1 -167.3 40.7 251.0 -139.9 -60.6 15

 16 Federal funds and security RPs -67.4 -83.9 6.5 -58.2 96.2 44.8 214.6 161.8 -36.5 135.4 -260.6 16

 17 Credit market instruments 2096.2 -954.3 -167.3 1030.4 1111.1 1414.1 486.6 767.5 1776.4 1893.1 1609.4 17

 18 Open market paper -8.5 -396.7 -103.3 -76.3 -7.3 -25.0 -10.5 -38.9 45.3 84.5 13.6 18

 19 Treasury securities 423.3 361.7 425.3 962.2 284.9 632.7 -18.9 189.2 336.7 646.2 395.4 19

 20 Agency- and GSE-backed securities 743.7 684.8 131.0 153.6 252.8 421.3 146.9 126.8 316.2 765.0 366.7 20

 21 Municipal securities 42.1 38.5 44.1 14.8 138.2 124.9 111.3 194.6 122.1 136.0 44.4 21

 22 Corporate and foreign bonds -26.4 54.0 282.1 210.7 416.2 593.5 184.4 444.5 442.4 402.0 318.7 22

 23 Depository institution loans n.e.c. 689.9 -749.7 -96.5 132.5 172.9 141.0 147.7 151.6 251.2 42.8 205.1 23

 24 Other loans and advances 145.5 -463.8 -209.7 -31.3 39.7 -45.6 104.5 -3.8 103.9 29.9 240.7 24

 25 Mortgages 77.0 -299.4 -503.6 -317.9 -230.9 -422.5 -225.6 -326.9 51.4 -246.1 -30.0 25

 26 Consumer credit 9.6 -183.7 -136.7 -18.0 44.6 -6.1 46.8 30.5 107.2 32.8 54.7 26

 27 Corporate equities 213.2 170.8 81.4 -87.0 165.7 86.1 84.0 262.6 229.9 172.0 278.1 27

 28 Mutual fund shares 48.0 68.4 17.1 -13.2 66.5 71.0 74.1 68.9 52.1 78.9 27.3 28

 29 Trade receivables -14.9 -38.0 -8.6 -0.8 -1.6 6.6 -8.0 5.9 -11.0 3.9 -5.1 29

 30 Security credit -274.2 -21.8 97.9 39.7 165.2 142.1 73.5 256.2 189.1 -131.7 -79.2 30

 31 Life insurance reserves 5.3 2.8 8.2 7.3 14.7 36.9 9.0 11.7 1.1 10.2 5.9 31

 32 Miscellaneous assets 1134.3 -17.4 19.8 744.8 235.7 251.0 326.4 79.0 286.5 1485.8 935.8 32

 33 Net increase in liabilities 5265.3 -1326.0 -144.1 2261.7 1749.7 1833.1 719.8 1680.1 2765.8 4605.6 2925.3 33

 34 Net interbank liabilities 1823.0 -590.9 -132.9 844.5 -208.8 390.3 -274.2 -455.4 -495.7 2089.1 1799.2 34

 35 Checkable deposits and currency 568.4 -7.9 266.3 234.5 268.5 -73.9 301.1 223.1 623.6 299.1 72.7 35

 36 Time and savings deposits 334.2 375.4 116.1 372.8 516.1 341.6 435.8 422.3 864.6 83.9 447.8 36

 37 Money market fund shares 724.2 -498.7 -503.2 -112.8 7.1 -190.9 -148.9 55.3 312.8 -135.0 77.2 37

 38 Federal funds and security RPs -888.0 232.0 -197.1 -133.4 -14.0 197.0 -117.5 -111.1 -24.5 -23.4 -356.3 38

 39 Credit market instruments 896.9 -1808.7 -931.7 -434.0 -394.0 -388.1 -676.2 -274.9 -236.7 -70.9 63.6 39

 40 Open market paper -125.4 -448.1 -102.2 -68.2 -58.8 -29.5 -54.1 -65.4 -86.1 -12.4 -15.7 40

 41 Agency- and GSE-backed securities 768.7 -60.1 -46.9 -21.9 -22.4 -140.4 -8.5 -7.6 67.0 182.0 176.2 41

 42 Corporate and foreign bonds -282.9 -585.9 -575.1 -324.7 -207.9 -59.5 -411.6 -226.3 -134.3 -273.6 -249.8 42

 43 Depository institution loans n.e.c. 496.4 -435.4 -62.9 31.6 -124.0 -148.3 -280.6 32.0 -99.0 -16.8 28.1 43

 44 Other loans and advances 33.3 -282.6 -144.7 -60.0 3.5 -20.8 53.8 -19.8 0.8 45.7 126.3 44

 45 Mortgages 6.8 3.4 0.2 9.1 15.6 10.4 24.9 12.2 14.9 4.2 -1.4 45

 46 Corporate equities 639.3 316.4 191.2 164.0 155.1 35.8 119.9 256.0 208.8 232.0 42.2 46

 47 Mutual fund shares -9.9 497.1 370.1 338.4 625.7 586.8 585.4 782.3 548.2 957.8 498.6 47

 48 Trade payables -24.7 48.9 -52.0 -3.8 -0.0 12.2 -15.3 -2.0 5.0 4.6 1.0 48

 49 Security credit -237.3 -134.0 48.4 137.1 124.0 66.2 228.0 167.6 34.1 -122.1 92.9 49

 50 Life insurance reserves 66.0 25.4 16.4 92.8 -11.9 -10.1 -74.6 12.0 25.1 -10.2 12.9 50

 51 Pension entitlements 538.0 427.4 614.7 473.0 497.1 464.5 381.8 526.3 615.7 463.9 477.4 51

 52 Taxes payable -133.6 6.1 13.0 10.7 6.5 21.9 1.0 37.8 -34.8 44.4 -67.1 52

 53 Equity in noncorporate business 11.6 0.6 0.9 -1.7 6.5 29.4 5.3 -3.6 -5.3 -5.3 1.1 53

 54 Miscellaneous liabilities 957.1 -215.0 35.7 279.6 171.9 350.2 -31.7 44.4 324.9 797.7 -238.0 54

 55 Discrepancy 125.2 144.0 421.2 280.4 74.3 382.6 11.3 286.1 -382.9 115.9 -331.2 55

(1) Sum of financial sectors shown on tables F.108 and F.110 through F.130.
Flo

ws

26 Z.1, September 25, 2013

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.0 -0.8 -8.6 -0.3 -17.6 -23.9 -22.1 -18.9 -5.6 -1.6 -0.8 1

 2 Fixed nonresidential investment 0.6 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 1319.3 -3.4 186.0 494.0 7.7 -186.3 -27.5 -203.0 447.7 1211.2 1116.3 3

 4 U.S. official reserve assets 0.6 0.3 0.3 -0.3 0.2 0.3 0.2 0.2 0.1 0.2 0.2 4

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

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

 7 Federal Reserve float (2) -1.5 -0.6 0.7 0.8 0.1 -0.4 0.0 0.4 0.5 -0.4 -0.5 7

 8 Interbank loans (2) 511.1 -463.1 -96.4 -0.0 -0.1 -0.8 0.3 0.2 -0.2 -0.2 0.4 8

 9 Discount window (3) 495.4 -447.4 -96.4 -0.0 -0.1 -0.8 0.3 0.2 -0.2 -0.2 0.4 9

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

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

 12 Credit market instruments 245.4 1001.6 271.5 376.5 34.5 -33.4 -23.5 -203.4 398.4 1134.2 1083.8 12

 13 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Treasury securities -264.7 300.7 244.9 642.0 2.7 46.3 -18.6 -78.8 61.8 575.2 548.5 14

 15 Treasury bills -209.4 0.0 0.0 0.0 -18.4 0.0 0.0 -73.7 0.0 0.0 0.0 15

 16 Other Treasury securities -55.3 300.7 244.9 642.0 21.1 46.3 -18.6 -5.1 61.8 575.2 548.5 16

 17 Agency- and GSE-backed securities 19.7 1048.5 71.4 -197.9 61.8 -33.6 52.9 -112.4 340.2 559.7 535.8 17

 18 Mortgage-backed securities 0.0 908.4 83.8 -154.5 89.0 -3.6 72.9 -80.1 366.7 577.1 548.7 18

 19 Other agency- and GSE-baked securities 19.7 140.2 -12.4 -43.5 -27.2 -30.1 -20.0 -32.3 -26.5 -17.4 -13.0 19

 20 Depository institution loans n.e.c. 490.4 -347.6 -44.8 -67.6 -29.9 -46.1 -57.7 -12.2 -3.6 -0.7 -0.5 20

 21 Households (TALF) (5) 0.0 47.5 -22.8 -15.7 -8.5 -7.8 -10.1 -12.2 -3.6 -0.7 -0.5 21

 22 Rest of world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

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

 24 Funding corporations (Maiden Lane) (7) 29.1 0.1 -3.4 -21.0 -4.9 -7.8 -11.7 0.0 0.0 0.0 0.0 24

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

 26 Funding corporations (Maiden Lane II) (8) 19.5 -3.5 -2.5 -6.7 -6.8 -27.2 0.0 0.0 0.0 0.0 0.0 26

 27 Funding corporations (Maiden Lane III) (9) 24.4 -5.9 -4.4 -4.2 -9.8 -3.3 -36.0 0.0 0.0 0.0 0.0 27

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

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

 30 Miscellaneous assets 530.2 -493.8 7.8 142.9 -27.6 -152.8 -5.0 -1.0 48.5 76.6 31.6 30

 31 Nonofficial foreign currencies (12) 529.7 -543.5 -10.2 99.7 -90.9 -213.4 -74.1 -61.7 -14.6 -3.3 -25.5 31

 32 Other 0.5 49.6 18.0 43.1 63.4 60.5 69.0 60.7 63.1 79.9 57.1 32

 33 Net increase in liabilities 1316.7 -8.0 185.1 493.7 7.3 -187.6 -28.0 -203.1 447.8 1210.4 1116.6 33

 34 Depository institution reserves 839.2 117.0 -8.9 594.2 -71.2 -49.3 -171.8 -266.5 202.7 1197.2 891.6 34

 35 Vault cash of commercial banks 2.7 -2.8 -2.2 8.1 7.1 -7.7 -6.2 11.0 31.3 -25.8 -4.7 35

 36 Checkable deposits and currency 428.2 -117.6 185.0 -122.1 62.1 -175.7 244.8 47.8 131.6 -16.8 313.8 36

 37 Due to federal government 349.3 -173.8 149.0 -255.0 7.0 -167.7 195.2 -24.1 24.5 -52.3 226.5 37

 38 Treasury cash holdings 0.0 -0.0 -0.1 -0.0 0.0 0.1 -0.1 0.0 0.1 0.3 -0.4 38

 39 Treasury general deposit account 90.0 80.5 -45.9 -55.0 7.0 -167.7 195.4 -24.1 24.4 -52.6 226.9 39

 40 Treasury temporary supplementary financing account 259.3 -254.3 195.0 -200.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Due to rest of the world 1.3 1.0 0.9 -3.2 6.3 0.0 5.8 16.2 3.2 11.0 3.3 41

 42 Due to government-sponsored enterprises 19.4 14.0 -21.6 51.1 -37.4 -111.0 -27.7 -29.2 18.3 -28.1 -2.7 42

 43 Currency outside banks 58.2 41.2 56.7 85.0 86.2 102.9 71.5 84.9 85.7 52.6 86.6 43

 44 Security RPs 44.4 -10.6 -18.0 40.2 7.3 -12.9 -44.8 29.1 57.8 -6.9 -41.2 44

 45 Miscellaneous liabilities 2.2 6.1 29.2 -26.7 2.0 58.1 -50.0 -24.5 24.3 62.7 -43.0 45

 46 Federal Reserve Bank stock 2.6 4.6 0.9 0.4 0.5 1.3 0.5 0.1 -0.0 0.8 -0.3 46

 47 Other -0.5 1.5 28.3 -27.1 1.5 56.8 -50.5 -24.6 24.3 61.8 -42.7 47

 48 Discrepancy -0.2 -6.0 -10.0 -1.2 -18.6 -25.7 -23.2 -19.5 -6.1 -2.9 -1.1 48

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

(2) Shown on table F.203.

(3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).

(6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.

(7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.

(9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.

(10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.

(11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(12) Reciprocal currency arrangements (swap lines) with foreign central banks.
Flo

ws

Z.1, September 25, 2013 27

F.109 Private Depository Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (2) 35.2 90.9 142.9 76.1 27.5 31.4 63.5 69.3 -54.0 107.4 36.9 1

 2 Fixed nonresidential investment 33.0 29.7 24.7 24.0 25.7 25.4 24.1 25.3 27.8 30.6 30.1 2

 3 Net lending (+) or net borrowing (-) -40.2 -267.1 -210.0 -110.7 -93.1 -424.9 60.9 -296.1 287.6 -171.9 427.4 3

 4 Net acquisition of financial assets 1574.9 -624.4 -228.1 1027.1 422.2 242.9 578.6 149.1 718.3 1227.5 1450.8 4

 5 Vault cash 2.7 -2.8 -2.2 8.1 7.1 -7.7 -6.2 11.0 31.3 -25.8 -4.7 5

 6 Reserves at Federal Reserve 839.2 117.0 -8.9 594.2 -71.2 -49.3 -171.8 -266.5 202.7 1197.2 891.6 6

 7 Credit market instruments 381.2 -591.8 -202.6 197.4 403.0 299.8 346.3 288.4 677.6 129.1 179.2 7

 8 Open market paper 15.3 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Treasury securities -20.8 94.7 103.0 -46.7 86.6 82.5 100.0 60.0 103.9 -69.7 -150.1 9

 10 Agency- and GSE-backed securities 142.2 172.6 138.5 133.6 49.7 288.3 -93.7 16.5 -12.2 159.8 54.5 10

 11 Municipal securities 20.4 3.4 29.3 46.8 66.0 53.5 77.2 84.6 48.7 58.7 64.8 11

 12 Corporate and foreign bonds -40.4 -136.0 -126.8 6.9 -5.6 -147.6 -13.5 84.7 54.0 -81.8 -25.6 12

 13 Depository institution loans n.e.c. 199.5 -402.1 -51.8 200.1 202.8 187.1 205.4 163.8 254.9 43.5 205.6 13

 14 Other loans and advances -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Mortgages -4.5 -245.2 -213.9 -146.8 -45.2 -153.0 4.8 -165.2 132.5 -18.1 -15.7 15

 16 Consumer credit 69.7 -63.6 -81.0 3.6 48.7 -11.0 66.1 44.0 95.7 36.7 45.6 16

 17 Corporate equities 0.9 6.3 -1.7 0.9 5.1 8.5 3.0 6.1 3.0 -2.7 0.1 17

 18 Mutual fund shares 1.3 14.1 -5.6 -0.5 8.7 -9.3 11.4 11.5 21.1 14.9 1.3 18

 19 Security credit -113.5 -59.9 22.7 79.0 100.3 26.6 166.5 157.4 50.7 -148.2 -58.0 19

 20 Life insurance reserves 6.4 0.8 4.5 4.8 7.4 12.4 4.8 5.9 6.4 5.3 4.7 20

 21 Miscellaneous assets 456.6 -108.0 -34.2 143.1 -38.2 -38.1 224.5 -64.6 -274.6 57.7 436.4 21

 22 Net increase in liabilities 1615.1 -357.3 -18.1 1137.8 515.4 667.8 517.7 445.3 430.6 1399.4 1023.4 22

 23 Net interbank liabilities 981.0 -705.0 -121.8 242.2 -144.6 447.3 -96.2 -199.9 -729.7 917.7 912.2 23

 24 Checkable deposits 140.2 109.7 81.3 356.7 206.4 101.9 56.3 175.3 492.0 315.9 -241.0 24

 25 Small time and savings deposits 524.8 517.2 298.3 577.4 539.7 418.9 473.8 529.6 736.4 130.8 374.3 25

 26 Large time deposits -190.6 -141.8 -182.3 -204.6 -23.6 -77.2 -38.0 -107.3 128.2 -46.9 73.5 26

 27 Federal funds and security RPs (net) -347.2 291.3 -141.8 -78.6 -112.0 -180.9 -34.0 -128.0 -104.9 -107.1 -190.3 27

 28 Credit market instruments 7.2 -306.3 -162.1 -75.8 -26.3 -40.8 -19.6 -71.9 27.1 -16.4 69.3 28

 29 Open market paper 0.0 0.1 -20.1 7.6 -33.1 -65.1 -9.0 -45.4 -13.0 -52.2 -41.2 29

 30 Corporate bonds 0.1 -28.5 6.7 -21.0 1.3 50.4 -50.9 -18.2 23.7 -7.6 -9.8 30

 31 Other loans and advances 7.1 -278.0 -148.7 -62.5 5.6 -26.0 40.3 -8.3 16.3 43.5 120.3 31

 32 Corporate equity issues 12.1 11.6 11.9 6.4 2.1 3.5 1.3 1.1 2.3 1.4 0.8 32

 33 Taxes payable (net) -86.0 7.3 6.6 10.6 6.7 7.7 9.1 16.3 -6.4 7.6 -51.8 33

 34 Miscellaneous liabilities 573.5 -141.4 191.7 303.6 67.1 -12.5 165.0 230.1 -114.3 196.3 76.5 34

 35 Foreign direct investment in U.S. 24.8 16.6 12.4 27.2 -2.4 -26.4 6.7 5.6 4.4 7.7 7.2 35

 36 Investment by holding companies 113.6 166.8 33.4 76.1 101.2 22.3 174.2 136.6 71.8 110.7 -101.0 36

 37 Investment by funding corporations 35.6 -73.5 -31.5 -33.7 -11.8 65.7 -103.0 -42.3 32.3 67.7 -3.4 37

 38 Other 399.5 -251.2 177.5 234.0 -19.9 -74.1 87.1 130.2 -222.8 10.3 173.6 38

 39 Discrepancy 42.3 328.3 328.2 162.8 95.0 430.9 -21.6 340.1 -369.5 248.7 -420.6 39

 Memo:

 40 Consumer leases not included above (3) -1.7 -2.6 -0.8 -0.1 0.4 -0.4 -0.2 1.0 1.2 1.2 2.0 40

(1) U.S.-chartered depository institutions (F.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113).

(2) Net capital transfers paid from table F.9, line 54.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
Flo

ws

28 Z.1, September 25, 2013

F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (1) 26.3 82.2 132.2 63.1 12.1 16.8 48.4 53.6 -70.5 95.7 26.7 1

 2 Fixed nonresidential investment 26.8 24.2 20.3 19.1 20.0 19.8 18.5 19.7 22.0 24.8 24.3 2

 3 Net acquisition of financial assets 956.4 -310.9 -362.0 333.9 399.4 356.1 377.4 120.6 743.6 743.9 463.9 3

 4 Vault cash 2.7 -2.8 -2.2 8.1 7.1 -7.7 -6.2 11.0 31.3 -25.8 -4.7 4

 5 Reserves at Federal Reserve 596.6 53.7 -89.7 224.8 -6.7 -6.6 -160.1 -165.7 305.6 730.3 80.4 5

 6 Credit market instruments 241.9 -336.7 -176.6 126.9 357.8 274.7 349.6 174.3 632.8 161.8 187.7 6

 7 Open market paper 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Treasury securities -23.7 68.1 93.0 -43.7 69.3 27.6 142.4 -7.9 115.2 -80.9 -100.3 8

 9 Agency- and GSE-backed securities 136.2 168.0 110.1 106.9 35.5 260.2 -123.2 17.2 -12.0 163.5 60.7 9

 10 Residential mortgage pass-through securities 153.9 -13.4 -2.2 63.8 18.6 210.3 -57.5 2.0 -80.5 160.1 61.5 10

 11 Commercial mortgage pass-through securities 0.0 0.1 -0.2 4.8 8.6 5.2 6.6 11.4 11.4 11.7 12.6 11

 12 Residential CMOs and other structured MBS 19.8 70.1 129.4 80.3 -10.8 66.5 -85.5 -2.2 -21.9 -31.4 -45.7 12

 13 Commercial CMOs and other structured MBS 0.0 0.1 -0.4 9.8 21.0 13.2 26.6 22.0 22.4 19.5 27.4 13

 14 Other -37.5 111.3 -16.6 -51.8 -1.9 -35.0 -13.3 -16.0 56.6 3.5 4.9 14

 15 Municipal securities 19.9 2.4 30.3 42.6 65.8 47.7 83.0 84.7 47.9 53.9 66.2 15

 16 Corporate and foreign bonds -64.1 25.9 -98.8 3.0 -1.2 -78.3 -13.9 55.4 32.2 -14.8 9.5 16

 17 Private residential mortgage pass-through securities -25.7 6.6 -9.7 -3.1 15.3 -1.3 62.5 -2.6 2.5 3.7 13.7 17

 18 Private commercial mortgage pass-through securities 0.0 1.1 -6.4 -2.5 0.4 1.4 -0.3 -0.3 0.6 -0.5 1.8 18

 19 Private residential CMOs and other structured MBS -43.3 -51.6 -70.6 -22.0 -20.8 -47.0 -14.5 -3.8 -17.7 -18.8 -19.9 19

 20 Private commercial CMOs and other structured MBS 0.0 -3.8 -1.4 2.7 4.1 -5.1 10.2 5.0 6.3 4.4 2.5 20

 21 Other 5.0 73.7 -10.7 27.8 -0.1 -26.3 -71.8 57.0 40.5 -3.5 11.4 21

 22 Depository institution loans n.e.c. 131.2 -277.7 -35.9 156.3 212.4 201.1 216.8 163.1 268.8 45.2 145.0 22

 23 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Mortgages -43.4 -243.3 -205.0 -145.4 -52.2 -153.1 0.8 -171.1 114.7 -14.8 -26.2 24

 25 Consumer credit 70.1 -64.5 -70.3 7.1 28.1 -30.4 43.7 33.0 66.0 9.8 32.8 25

 26 Corporate equities 0.9 6.3 -1.8 1.0 5.1 8.5 3.0 6.1 3.0 -2.7 0.1 26

 27 Mutual fund shares 1.3 14.8 -5.8 -0.8 8.3 -10.3 11.6 11.1 20.7 13.8 2.2 27

 28 Security credit 12.8 -59.2 -5.8 37.3 42.3 -39.4 75.8 128.1 4.7 -135.7 -41.6 28

 29 Life insurance reserves 6.4 0.8 4.5 4.8 7.4 12.4 4.8 5.9 6.4 5.3 4.7 29

 30 Miscellaneous assets 93.7 12.2 -84.6 -68.2 -21.9 124.4 99.0 -50.0 -261.0 -3.1 235.0 30

 31 Net increase in liabilities 992.7 -59.6 -141.7 472.8 493.5 799.9 299.4 405.4 469.4 871.3 24.0 31

 32 Net interbank liabilities 746.9 -534.3 -213.0 -229.4 -125.0 387.1 -205.9 -191.2 -490.0 560.9 185.8 32

 33 Federal Reserve float -1.5 -0.6 0.7 0.8 0.1 -0.4 0.0 0.4 0.5 -0.4 -0.5 33

 34 Borrowing from Federal Reserve banks 511.1 -463.1 -96.4 -0.0 -0.1 -0.8 0.3 0.2 -0.2 -0.2 0.4 34

 35 To domestic banking 71.3 23.5 -28.2 58.3 -31.4 143.8 -97.8 -133.3 -38.4 237.6 -14.7 35

 36 To foreign banks 166.1 -94.1 -89.0 -288.5 -93.6 244.4 -108.4 -58.5 -451.8 323.9 200.6 36

 37 Checkable deposits 137.9 94.0 69.6 319.4 176.9 62.4 32.6 163.9 448.7 264.9 -286.3 37

 38 Federal government -39.5 0.3 -0.1 -2.7 0.3 -0.1 0.8 -0.2 0.7 -0.7 0.3 38

 39 Rest of the world 31.2 -28.7 -3.8 25.6 -4.2 -13.5 -4.5 4.6 -3.4 -22.8 -22.5 39

 40 Private domestic 146.2 122.4 73.5 296.5 180.8 76.0 36.4 159.5 451.4 288.4 -264.1 40

 41 Small time and savings deposits 480.6 472.3 271.7 537.1 491.6 357.5 405.0 498.6 705.2 107.7 306.7 41

 42 Large time deposits -69.0 -329.8 -130.2 -35.3 -4.8 35.6 71.0 -116.2 -9.7 -93.7 36.4 42

 43 Federal funds and security RPs (net) -255.8 253.5 -194.9 -112.9 -138.2 -211.7 -59.3 -115.2 -166.4 -138.2 -97.8 43

 44 Credit market instruments -0.9 -292.2 -161.7 -73.9 -27.2 -35.7 -23.0 -74.5 24.3 -4.9 64.3 44

 45 Open market paper 0.2 0.1 -20.1 7.6 -33.1 -65.1 -9.0 -45.4 -13.0 -52.2 -41.2 45

 46 Corporate bonds 0.1 -28.5 6.7 -21.0 1.3 50.4 -50.9 -18.2 23.7 -7.6 -9.8 46

 47 Other loans and advances -1.2 -263.9 -148.3 -60.5 4.6 -21.0 36.9 -10.9 13.5 54.9 115.3 47

 48 Corporate equity issues 12.1 11.6 11.9 6.4 2.1 3.5 1.3 1.1 2.3 1.4 0.8 48

 49 Taxes payable (net) -86.0 7.3 6.6 10.6 6.7 7.7 9.1 16.3 -6.4 7.6 -51.8 49

 50 Miscellaneous liabilities 26.7 257.9 198.4 50.8 111.5 193.5 68.5 222.6 -38.5 165.6 -134.2 50

 51 Investment by holding companies 113.6 166.8 33.4 76.1 101.2 22.3 174.2 136.6 71.8 110.7 -101.0 51

 52 Other -86.9 91.2 165.1 -25.4 10.3 171.2 -105.7 86.0 -110.3 54.9 -33.3 52

 53 Discrepancy 35.9 309.3 332.2 183.0 86.2 440.8 -48.1 318.7 -366.7 198.3 -437.5 53

 Memo:

 54 Consumer leases not included above (2) -1.7 -2.6 -0.8 -0.1 0.4 -0.4 -0.2 1.0 1.2 1.2 2.0 54

(1) Net capital transfers paid from table F.9, line 54.

(2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
Flo

ws

Z.1, September 25, 2013 29

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 2.2 2.2 2.2 2.8 3.3 3.3 3.3 3.3 3.3 3.4 3.4 1

 2 Fixed nonresidential investment 2.6 2.3 1.9 2.3 2.9 2.8 2.9 2.9 3.0 2.9 3.0 2

 3 Net acquisition of financial assets 576.8 -357.3 69.3 662.2 -32.2 -270.0 186.4 34.8 -80.0 379.7 936.8 3

 4 Reserves at Federal Reserve 238.0 45.1 66.7 360.2 -72.2 -127.3 34.6 -68.9 -127.2 410.1 873.2 4

 5 Credit market instruments 100.8 -285.8 -30.8 37.7 -0.7 -51.3 -40.3 75.1 13.6 -85.4 -41.5 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities 5.1 22.0 3.5 -0.5 16.1 44.5 -42.6 65.3 -2.7 11.8 -50.5 7

 8 Agency- and GSE-backed securities -6.5 -19.3 -4.8 4.0 1.5 -6.1 12.9 -8.3 7.6 -17.5 -6.4 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Corporate and foreign bonds 32.1 -156.7 -11.0 0.6 -5.8 -72.2 0.7 29.0 19.4 -73.2 -37.9 10

 11 Depository institution loans n.e.c. 65.1 -125.4 -16.1 36.1 -10.7 -11.2 -11.3 -11.0 -9.6 -1.6 53.7 11

 12 Other loans and advances -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Mortgages 5.2 -6.4 -2.5 -2.6 -1.9 -6.4 -0.1 0.1 -1.2 -4.9 -0.4 13

 14 Corporate equities 0.0 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Security credit -126.3 -0.8 28.5 41.6 58.0 66.0 90.7 29.3 46.0 -12.5 -16.4 15

 16 Miscellaneous assets 364.3 -115.8 4.9 222.7 -17.3 -157.4 101.4 -0.7 -12.4 67.5 121.5 16

 17 Net increase in liabilities 572.1 -355.9 70.5 666.8 -29.6 -266.1 187.3 40.5 -79.9 387.5 954.1 17

 18 Net interbank liabilities 240.4 -158.9 48.2 496.5 -12.0 -9.0 161.6 35.6 -236.2 312.6 743.3 18

 19 To foreign banks 244.7 -176.3 40.8 509.6 -57.7 15.9 147.9 -168.5 -226.1 264.0 793.7 19

 20 To domestic banks -4.3 17.5 7.3 -13.1 45.7 -24.9 13.7 204.2 -10.1 48.6 -50.4 20

 21 Checkable deposits 1.7 2.6 5.7 23.7 16.2 -5.1 18.4 19.9 31.7 7.5 39.0 21

 22 Small time and savings deposits 0.1 4.4 5.8 13.2 13.8 36.0 16.8 1.2 1.2 20.7 11.5 22

 23 Large time deposits -123.2 173.9 -49.6 -172.4 -24.8 -119.2 -114.7 6.7 127.9 39.0 31.0 23

 24 Federal funds and security RPs (net) -96.3 40.3 52.9 50.2 20.0 42.6 -1.5 -27.1 65.8 -13.8 -88.9 24

 25 Acceptance liabilities -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Miscellaneous liabilities 549.5 -418.2 7.5 255.5 -42.7 -211.4 106.6 4.1 -70.3 21.5 218.2 26

 27 Foreign direct investment in U.S. 24.8 16.6 12.4 27.2 -2.4 -26.4 6.7 5.6 4.4 7.7 7.2 27

 28 Investment by funding corporations 35.6 -73.5 -31.5 -33.7 -11.8 65.7 -103.0 -42.3 32.3 67.7 -3.4 28

 29 Other 489.1 -361.2 26.6 262.1 -28.5 -250.7 203.0 40.8 -107.1 -53.8 214.4 29

 30 Discrepancy -5.1 1.3 1.5 5.1 3.1 4.3 1.3 6.1 0.5 8.2 17.8 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).
Flo

ws

30 Z.1, September 25, 2013

F.112 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets -2.9 -7.3 -14.8 -4.1 0.0 -0.5 11.4 -13.3 2.6 0.7 24.0 3

 4 Credit market instruments -1.9 -2.8 -19.3 -4.9 -0.1 -0.6 -4.6 -2.9 7.5 -1.1 -0.1 4

 5 Treasury securities -0.6 -0.7 0.6 -0.0 -0.6 -0.7 1.9 -1.5 -2.1 -0.1 0.1 5

 6 Agency- and GSE-backed securities -2.0 -3.9 -7.7 -8.0 -2.2 1.2 -1.2 -3.3 -5.5 -0.7 -1.1 6

 7 Municipal securities 0.5 0.9 -0.9 0.9 -0.8 -0.1 -2.6 0.1 -0.7 0.2 0.2 7

 8 Corporate and foreign bonds 0.0 1.5 -1.4 3.6 1.0 0.5 -0.8 2.0 2.4 1.6 -0.2 8

 9 Depository institution loans n.e.c. -1.7 -0.3 -3.3 1.1 1.0 0.4 0.3 1.4 1.7 0.3 3.6 9

 10 Home mortgages 1.4 -0.3 -2.5 -2.4 2.3 -1.0 -1.0 -0.8 11.9 -0.3 -3.1 10

 11 Commercial mortgages 0.4 -0.0 -4.0 -0.1 -0.8 -0.9 -1.1 -0.9 -0.2 -2.1 0.4 11

 12 Miscellaneous assets -1.0 -4.5 4.5 0.8 0.2 0.1 16.0 -10.4 -5.0 1.8 24.1 12

 13 Net increase in liabilities -3.4 -1.1 -14.8 -3.1 -0.1 -1.4 12.1 -11.5 0.5 0.8 26.3 13

 14 Net interbank liabilities -0.6 -1.0 0.9 -1.2 -0.4 0.5 -0.6 -2.9 1.5 1.3 -2.7 14

 15 Checkable deposits -1.1 1.4 0.5 2.8 2.5 0.7 11.0 -5.5 3.9 0.8 17.0 15

 16 Small time and savings deposits 1.1 -2.9 -5.2 -0.4 -0.1 -0.8 3.4 -4.1 1.2 1.2 5.9 16

 17 Large time deposits 1.1 -2.9 -5.2 -0.4 -0.1 -0.8 3.4 -4.1 1.2 1.2 5.9 17

 18 Miscellaneous liabilities -3.8 4.3 -5.9 -3.9 -2.0 -1.1 -5.0 5.2 -7.2 -3.6 0.2 18

 19 Discrepancy -0.5 6.2 -0.0 1.0 -0.1 -0.9 0.7 1.9 -2.0 0.1 2.3 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 6.5 6.3 8.4 10.0 12.0 11.2 11.7 12.3 13.0 8.2 6.6 1

 2 Fixed nonresidential investment 3.5 3.1 2.4 2.4 2.7 2.6 2.7 2.7 2.8 2.7 2.8 2

 3 Net acquisition of financial assets 44.6 51.1 79.4 35.1 55.0 157.4 3.3 7.1 52.2 103.1 26.1 3

 4 Reserves at Federal Reserve 4.7 18.1 14.1 9.2 7.7 84.6 -46.2 -31.8 24.4 56.8 -62.0 4

 5 Credit market instruments 40.4 33.5 24.0 37.6 46.0 77.0 41.7 41.9 23.7 53.7 33.2 5

 6 Open market paper -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities -1.6 5.4 5.9 -2.5 1.7 11.0 -1.7 4.0 -6.5 -0.4 0.6 7

 8 Agency- and GSE-backed securities 14.4 27.8 40.9 30.6 14.9 33.1 17.8 11.0 -2.3 14.5 1.3 8

 9 Municipal securities 0.0 0.0 0.0 3.2 1.0 5.9 -3.2 -0.2 1.5 4.5 -1.5 9

 10 Corporate and foreign bonds -8.4 -6.7 -15.7 -0.3 0.3 2.4 0.5 -1.6 0.1 4.6 3.0 10

 11 Depository institution loans n.e.c. 4.8 1.3 3.5 6.6 0.1 -3.2 -0.4 10.2 -6.1 -0.4 3.4 11

 12 Home mortgages 32.0 4.8 0.0 3.5 7.3 8.5 6.1 7.5 7.3 3.9 13.6 12

 13 Consumer credit -0.4 0.9 -10.7 -3.4 20.6 19.4 22.4 10.9 29.7 26.9 12.8 13

 14 Mutual fund shares -0.0 -0.7 0.2 0.3 0.4 1.0 -0.1 0.4 0.4 1.1 -0.8 14

 15 Miscellaneous assets -0.4 0.2 41.1 -12.1 0.8 -5.1 8.0 -3.4 3.7 -8.5 55.8 15

 16 Net increase in liabilities 53.7 59.3 68.0 1.3 51.5 135.5 18.9 10.9 40.6 139.7 19.1 16

 17 Net interbank liabilities -5.7 -10.9 42.2 -23.7 -7.3 68.6 -51.4 -41.5 -5.1 42.9 -14.2 17

 18 Shares/deposits 45.1 72.0 34.3 41.5 51.3 77.3 45.3 37.3 45.4 50.6 39.7 18

 19 Checkable 1.6 11.6 5.5 10.7 10.7 43.9 -5.7 -3.1 7.8 42.6 -10.8 19

 20 Small time and savings 43.0 43.4 26.1 27.4 34.4 26.1 48.5 34.0 28.9 1.3 50.2 20

 21 Large time 0.5 17.0 2.8 3.4 6.2 7.2 2.4 6.4 8.8 6.7 0.2 21

 22 Federal funds and security RPs (net) 4.8 -2.4 0.1 -15.9 6.2 -11.8 26.8 14.3 -4.3 44.9 -3.6 22

 23 Other loans and advances 8.3 -14.1 -0.4 -2.0 0.9 -5.1 3.3 2.6 2.8 -11.4 4.9 23

 24 Miscellaneous liabilities 1.1 14.7 -8.3 1.3 0.3 6.5 -5.1 -1.8 1.8 12.8 -7.7 24

 25 Discrepancy 12.0 11.5 -5.5 -26.2 5.8 -13.4 24.6 13.4 -1.3 42.1 -3.2 25
Flo

ws

Z.1, September 25, 2013 31

F.114 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (1) 30.3 41.4 51.4 32.9 27.1 39.2 41.2 42.2 -14.0 50.8 31.0 1

 2 Fixed nonresidential investment 20.4 20.1 16.8 17.5 18.7 18.4 18.6 18.7 19.1 19.3 19.4 2

 3 Net acquisition of financial assets 25.1 40.1 -38.2 24.6 22.4 11.6 14.6 24.8 38.5 28.2 31.2 3

 4 Checkable deposits and currency -14.8 -0.3 5.0 -8.5 12.3 20.2 0.5 14.6 13.9 -18.8 -4.6 4

 5 Money market fund shares 12.1 -3.2 -4.0 -5.6 3.8 3.5 3.7 3.8 4.0 -4.3 -8.8 5

 6 Security RPs 0.8 0.1 -0.7 -2.1 0.1 0.1 0.1 0.1 0.1 -0.4 -0.7 6

 7 Credit market instruments -15.9 33.3 3.9 36.2 -2.5 -13.7 -11.0 1.1 13.6 20.4 4.2 7

 8 Open market paper 5.8 -9.3 -1.9 0.9 -1.3 -1.4 -1.3 -1.3 -1.2 0.2 -2.9 8

 9 Treasury securities -5.6 22.9 3.2 4.6 -6.1 -7.3 -6.9 -5.7 -4.6 -0.0 -4.8 9

 10 Agency- and GSE-backed securities -11.5 1.9 -0.4 6.9 -9.0 -10.7 -10.2 -8.4 -6.8 2.7 1.3 10

 11 Municipal securities 10.6 -12.6 -21.0 -17.4 -3.4 -7.3 -6.5 -2.1 2.3 7.7 3.6 11

 12 Corporate and foreign bonds -15.4 30.8 24.3 40.4 16.7 12.0 13.1 18.2 23.5 9.0 4.2 12

 13 Commercial mortgages 0.2 -0.5 -0.3 0.8 0.7 1.0 0.8 0.5 0.5 0.9 2.9 13

 14 Corporate equities 35.1 -2.4 -20.9 2.3 6.5 5.3 12.2 -1.6 10.1 6.8 11.7 14

 15 Mutual fund shares -0.4 0.1 -0.1 -0.1 -0.1 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 15

 16 Trade receivables 1.3 -3.7 0.8 3.4 4.8 15.8 3.6 9.8 -10.0 8.1 10.4 16

 17 Miscellaneous assets 6.8 16.3 -22.2 -1.0 -2.6 -19.6 5.5 -3.0 6.7 16.4 19.1 17

 18 Net increase in liabilities 14.3 -4.3 2.9 16.9 -6.0 -22.6 -11.3 1.4 8.7 2.5 15.8 18

 19 Security RPs 1.9 -1.7 0.8 -1.1 0.4 0.3 0.0 0.7 0.7 1.1 1.3 19

 20 Corporate equity issues 0.4 -5.3 -12.7 -10.7 -14.5 -18.1 -13.1 -22.2 -4.8 -3.6 -6.4 20

 21 Taxes payable (net) -28.1 5.3 5.6 -4.4 3.8 26.0 -20.7 17.9 -8.1 30.4 -8.1 21

 22 Miscellaneous liabilities 40.2 -2.6 9.2 33.1 4.4 -30.9 22.5 5.0 20.9 -25.5 29.0 22

 23 Discrepancy -0.8 -23.2 75.7 7.6 -19.9 -13.4 -3.3 0.0 -62.8 5.8 -3.9 23

(1) Net capital transfers paid from table F.9, line 51.

F.115 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -44.6 13.5 16.6 8.0 2.8 -4.1 6.6 4.6 3.9 8.4 5.1 1

 2 Fixed nonresidential investment 14.9 14.6 12.5 13.1 14.0 13.8 14.0 14.0 14.3 14.5 14.5 2

 3 Net acquisition of financial assets 167.1 115.3 189.9 220.5 125.4 85.5 -40.5 209.5 247.0 26.0 14.2 3

 4 Checkable deposits and currency 24.4 -32.1 1.0 2.0 2.7 -3.4 12.9 -10.2 11.4 2.8 -38.9 4

 5 Money market fund shares 17.5 -5.5 -12.7 7.9 -4.8 -5.7 -4.7 -4.5 -4.3 15.9 -29.6 5

 6 Security RPs 5.2 2.2 0.7 -0.8 -2.7 -7.6 -1.0 -1.0 -1.0 5.2 0.8 6

 7 Credit market instruments 11.6 139.8 151.6 123.6 73.6 145.6 -111.0 153.2 106.6 107.0 32.0 7

 8 Open market paper -3.4 11.5 -8.9 -11.2 15.0 12.0 1.7 2.0 44.1 21.3 -20.3 8

 9 Treasury securities 35.1 27.7 23.2 10.5 4.6 7.1 -4.5 9.9 6.0 7.9 -6.8 9

 10 Agency- and GSE-backed securities -16.7 5.8 4.0 -1.2 -13.1 -5.3 -31.8 -2.5 -12.9 -9.5 -36.6 10

 11 Municipal securities 5.7 26.1 39.2 9.3 9.6 12.7 1.4 14.3 10.0 3.0 3.3 11

 12 Corporate and foreign bonds -45.5 97.6 102.9 93.4 43.8 105.9 -95.9 119.2 46.0 83.4 73.4 12

 13 Other loans and advances 20.3 -12.6 -0.2 7.9 1.8 -7.9 4.1 4.8 6.2 -3.4 6.1 13

 14 Mortgages 16.3 -16.3 -8.6 15.0 11.9 21.1 13.9 5.5 7.2 4.3 12.9 14

 15 Corporate equities 81.8 33.4 45.6 37.7 15.3 6.4 16.2 20.0 18.5 18.7 65.0 15

 16 Mutual fund shares -10.7 0.0 1.0 1.1 1.3 1.2 1.3 1.3 1.3 1.3 1.4 16

 17 Miscellaneous assets 37.2 -22.5 2.8 48.9 40.1 -51.0 45.9 50.8 114.5 -124.8 -16.5 17

 18 Net increase in liabilities 166.9 30.9 168.1 201.3 91.4 68.4 -97.4 191.3 203.1 7.1 9.2 18

 19 Security RPs -7.3 -0.5 -2.2 0.1 3.1 1.6 3.6 4.0 3.4 0.5 0.6 19

 20 Corporate equity issues -10.7 -0.9 -4.8 -11.5 -9.9 -11.5 -11.9 -7.6 -8.6 -6.6 -9.7 20

 21 Other loans and advances 26.2 -6.6 -3.2 1.8 4.8 6.6 15.7 -0.2 -3.0 5.2 6.5 21

 22 Life insurance reserves 66.0 25.4 16.4 92.8 -11.9 -10.1 -74.6 12.0 25.1 -10.2 12.9 22

 23 Pension entitlements (1) 22.5 2.6 145.3 75.3 74.8 48.1 -46.9 112.1 186.0 23.7 -7.0 23

 24 Taxes payable (net) -19.7 -7.0 2.6 5.2 -4.6 -14.8 13.9 0.9 -18.5 -0.6 -6.7 24

 25 Miscellaneous liabilities 89.8 17.9 14.0 37.7 35.1 48.6 2.8 70.2 18.8 -4.9 12.6 25

 26 Discrepancy -59.7 -85.6 -17.7 -24.3 -45.3 -35.0 -64.3 -27.6 -54.2 -24.9 -14.5 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).
Flo

ws

32 Z.1, September 25, 2013

F.116 Private and Public Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.2 1.3 1.3 1.3 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1

 2 Fixed nonresidential investment 2.2 1.5 1.3 1.1 1.4 1.4 1.4 1.4 1.5 1.4 1.5 2

 3 Net acquisition of financial assets (2) 514.4 424.5 469.3 397.9 422.3 416.5 428.7 414.2 429.7 440.3 484.5 3

 4 Checkable deposits and currency -5.6 -2.9 2.7 6.1 -0.5 -1.3 -1.2 -0.7 1.3 -0.2 1.5 4

 5 Time and savings deposits -3.9 4.4 5.5 5.0 -3.2 -5.1 -3.0 -2.0 -2.5 -0.6 -3.4 5

 6 Money market fund shares -0.1 -11.5 -7.1 18.4 -5.2 -7.0 -6.9 -3.4 -3.5 -0.4 -5.6 6

 7 Security RPs -1.2 0.1 0.2 0.3 -0.2 -0.3 -0.3 0.6 -1.0 -0.1 -0.3 7

 8 Credit market instruments -7.5 -65.7 156.0 93.6 23.8 79.7 5.0 -32.9 43.4 40.7 137.9 8

 9 Open market paper -6.4 2.0 3.6 5.7 -3.9 -2.1 -1.1 -8.9 -3.5 1.3 -4.7 9

 10 Treasury securities 16.7 64.4 51.3 59.1 101.2 143.5 71.4 89.9 100.0 101.4 115.8 10

 11 Agency- and GSE-backed securities -31.1 -9.3 8.9 11.2 35.2 67.0 27.3 12.0 34.4 15.0 25.5 11

 12 Corporate and foreign bonds 24.4 -116.8 89.3 21.2 -106.9 -125.2 -92.2 -123.5 -86.6 -73.9 4.1 12

 13 Mortgages -10.8 -6.1 2.3 -4.4 -3.8 -5.0 -3.1 -3.6 -3.4 -4.2 -4.8 13

 14 Corporate equities 28.7 -66.1 -53.4 -145.4 42.2 40.4 55.1 35.5 37.7 3.4 -15.2 14

 15 Mutual fund shares 57.8 54.3 21.8 -13.8 56.6 79.2 61.5 56.2 29.7 62.7 24.6 15

 16 Miscellaneous assets 446.1 511.9 343.6 433.7 308.8 230.9 318.5 360.9 324.7 334.7 344.8 16

 17 Claims of pension fund on sponsor (3) 303.4 397.2 279.5 294.6 269.3 189.0 194.0 293.4 401.0 136.3 564.7 17

 18 Other -16.5 28.6 28.4 52.9 -2.5 -56.1 22.3 16.2 7.7 -41.9 46.9 18

 19 Pension entitlements (liabilities) (4) 515.4 424.8 469.4 397.7 422.2 416.4 428.7 414.2 429.7 440.2 484.4 19

 Memo:

 20 Household retirement assets (5) 760.1 639.2 686.0 481.1 640.3 369.4 708.1 608.4 875.4 27.4 ND 20

 21 Defined benefit plans (6) 346.8 350.5 359.8 350.3 342.6 340.3 339.0 343.7 347.6 347.7 347.6 21

 22 Defined contibution plans (7) 167.6 74.0 109.5 47.7 79.6 76.2 89.7 70.5 82.1 92.6 136.8 22

 23 Individual retirement plans (IRAs) (8) 247.5 198.6 88.7 20.1 164.4 -72.6 320.1 113.0 297.2 -413.5 ND 23

 24 Annuities at life insurance companies (9) -1.8 16.1 127.9 63.1 53.6 25.5 -40.7 81.1 148.5 0.6 ND 24

(1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(5) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.

(6) Additional detail on private defined benefit plans is available on table L.117.b.

(7) Additional detail on private defined contribution plans is available on table L.117.c.

(8) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts.

(9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 23.
Flo

ws

Z.1, September 25, 2013 33

F.117 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 0.8 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 2

 3 Net acquisition of financial assets (2) 209.1 115.0 146.6 82.7 120.5 114.7 127.2 120.5 119.6 135.7 176.7 3

 4 Checkable deposits and currency -5.5 -2.9 2.1 5.7 -0.3 -1.1 -1.0 -0.6 1.4 -0.2 1.7 4

 5 Time and savings deposits -4.1 2.8 -0.9 1.4 -1.8 -3.6 -0.9 -1.1 -1.7 -0.1 -1.6 5

 6 Money market fund shares 5.1 -8.8 -10.1 16.4 -3.6 -5.3 -4.4 -2.4 -2.5 0.2 -3.5 6

 7 Security RPs -1.0 0.2 -0.2 0.0 -0.1 -0.2 -0.1 0.7 -1.0 -0.0 -0.1 7

 8 Credit market instruments -4.9 12.7 123.2 73.2 11.8 42.3 15.7 -6.1 -4.5 27.7 65.9 8

 9 Open market paper -5.9 1.0 -2.7 2.1 -2.5 -0.5 1.2 -8.0 -2.6 1.9 -2.8 9

 10 Treasury securities 6.4 35.0 33.2 27.8 47.7 76.8 33.1 47.3 33.6 60.0 50.0 10

 11 Agency- and GSE-backed securities -0.2 -6.4 6.5 3.3 16.9 33.1 11.2 7.0 16.4 9.1 15.4 11

 12 Corporate and foreign bonds 2.9 -14.5 83.4 44.6 -47.8 -63.6 -28.0 -50.0 -49.5 -40.6 6.1 12

 13 Mortgages -8.0 -2.4 2.8 -4.6 -2.6 -3.5 -1.9 -2.4 -2.4 -2.8 -2.9 13

 14 Corporate equities -73.2 -95.4 25.2 -63.8 9.6 -12.6 19.3 32.9 -1.1 15.8 11.3 14

 15 Mutual fund shares 85.5 56.5 35.1 1.9 52.2 73.5 56.6 54.9 23.6 48.2 29.0 15

 16 Miscellaneous assets 207.1 149.9 -27.6 47.9 52.8 21.7 41.9 42.2 105.3 44.1 74.0 16

 17 Unallocated insurance contracts (3) 81.2 32.6 -45.5 12.4 3.5 -2.1 5.0 6.4 4.9 9.6 5.9 17

 18 Contributions receivable 14.7 -8.4 15.4 3.0 -2.1 -6.5 1.4 -0.9 -2.3 0.8 -0.1 18

 19 Claims of pension fund on sponsor (4) 109.3 88.6 -9.9 -11.6 54.1 80.4 15.0 24.3 96.8 59.1 39.9 19

 20 Other 1.9 37.1 12.3 44.1 -2.8 -50.1 20.5 12.4 5.9 -25.4 28.3 20

 21 Pension entitlements (liabilities) (5) 209.5 115.1 146.7 82.6 120.5 114.7 127.1 120.5 119.6 135.7 176.6 21

 Memo:

 Net acquisition of financial assets (6)

 22 Defined benefit plans 57.1 57.3 53.3 50.9 50.7 50.6 50.6 51.0 50.7 50.7 50.7 22

 23 Defined contibution plans 152.0 57.7 93.3 31.8 69.8 64.2 76.6 69.5 68.9 85.0 126.0 23

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(6) Additional detail on defined benefit plans and defined contribution plans is available on F.117.b and F.117.c.
Flo

ws

34 Z.1, September 25, 2013

F.118 State and Local Government Employee Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.7 0.8 0.8 0.8 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1

 2 Fixed nonresidential investment 1.4 0.9 0.8 0.7 1.0 1.0 1.0 1.0 1.0 1.0 1.0 2

 3 Net acquisition of financial assets (2) 208.9 215.8 220.6 209.4 203.3 200.8 200.1 203.9 208.3 208.4 208.4 3

 4 Checkable deposits and currency -0.1 0.0 0.6 0.4 -0.2 -0.2 -0.2 -0.1 -0.1 -0.1 -0.2 4

 5 Time and savings deposits 0.3 1.6 6.4 3.6 -1.3 -1.4 -2.1 -0.9 -0.8 -0.5 -1.8 5

 6 Money market fund shares -5.2 -2.8 3.1 2.0 -1.6 -1.7 -2.5 -1.0 -1.0 -0.6 -2.1 6

 7 Security RPs -0.2 -0.1 0.4 0.2 -0.1 -0.1 -0.2 -0.1 -0.1 -0.0 -0.2 7

 8 Credit market instruments -26.5 -85.8 22.1 0.4 -2.0 31.8 -27.6 -36.2 24.0 21.8 70.5 8

 9 Open market paper -0.5 1.0 6.3 3.6 -1.4 -1.6 -2.3 -0.9 -0.9 -0.6 -1.9 9

 10 Treasury securities -14.3 22.0 8.0 13.4 41.2 64.2 25.2 32.5 42.9 45.5 60.6 10

 11 Agency- and GSE-backed securities -30.6 -3.0 1.8 7.1 17.6 31.9 13.6 7.3 17.7 8.2 11.9 11

 12 Municipal securities -0.2 0.1 0.7 0.9 1.9 1.5 2.7 1.1 2.4 1.2 2.0 12

 13 Corporate and foreign bonds 22.0 -102.3 5.7 -24.8 -60.1 -62.7 -65.6 -75.1 -37.2 -31.1 -0.2 13

 14 Mortgages -2.8 -3.7 -0.5 0.2 -1.2 -1.5 -1.1 -1.1 -1.0 -1.5 -1.9 14

 15 Corporate equities 110.3 20.5 -84.0 -77.4 36.7 46.5 39.6 11.0 49.5 -28.7 -35.8 15

 16 Mutual fund shares -27.6 -2.3 -13.2 -15.7 4.5 5.7 4.8 1.3 6.1 14.5 -4.4 16

 17 Miscellaneous assets 158.1 284.6 285.3 295.8 167.3 120.3 188.3 229.9 130.8 202.1 182.3 17

 18 Claims of pension fund on sponsor (3) 176.5 293.1 269.3 287.0 167.0 126.3 186.5 226.1 129.1 218.5 163.7 18

 19 Other -18.4 -8.5 16.1 8.8 0.3 -6.0 1.8 3.8 1.7 -16.5 18.6 19

 20 Pension entitlements (liabilities) (4) 209.5 215.9 220.7 209.3 203.3 200.8 200.1 203.9 208.3 208.3 208.3 20

(1) Defined benefit plans.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

F.119 Federal Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets (1) 96.5 93.7 102.1 105.9 98.5 100.9 101.5 89.8 101.7 96.2 99.4 1

 2 Credit market instruments 23.9 7.4 10.8 20.0 13.9 5.5 16.9 9.4 23.9 -8.7 1.5 2

 3 Treasury securities 24.7 7.4 10.0 17.9 12.3 2.5 13.1 10.1 23.5 -4.2 5.2 3

 4 Agency- and GSE-backed securities -0.2 0.0 0.6 0.7 0.6 2.0 2.4 -2.2 0.4 -2.2 -1.9 4

 5 Corporate and foreign bonds -0.5 -0.0 0.2 1.4 1.0 1.1 1.4 1.6 0.0 -2.3 -1.8 5

 6 Corporate equities -8.4 8.8 5.4 -4.2 -4.1 6.5 -3.8 -8.4 -10.8 16.3 9.3 6

 7 Miscellaneous assets (2) 80.9 77.5 85.9 90.0 88.6 88.9 88.3 88.8 88.6 88.6 88.6 7

 8 Nonmarketable Treasury securities 63.3 61.9 65.7 70.8 40.4 106.6 95.8 45.8 -86.5 229.9 -272.6 8

 9 Claims of pension fund on sponsor (3) 17.6 15.6 20.2 19.2 48.2 -17.7 -7.5 43.0 175.1 -141.3 361.1 9

 10 Pension entitlements (liabilities) (4) 96.5 93.7 102.1 105.9 98.5 100.9 101.5 89.8 101.7 96.2 99.4 10

 Memo:

 Net acquisition of financial assets

 11 Defined benefit plans (2) 80.9 77.5 85.9 90.0 88.6 88.9 88.3 88.8 88.6 88.6 88.6 11

 12 Defined contibution plans (5) 15.6 16.2 16.2 15.9 9.8 12.0 13.1 1.0 13.1 7.6 10.8 12

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(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) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(5) Includes the Thrift Savings Plan and the National Railroad Retirement Investment Trust.
Flo

ws

Z.1, September 25, 2013 35

F.120 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 724.2 -498.7 -503.2 -112.8 7.1 -190.9 -148.9 55.3 312.8 -135.0 77.2 1

 2 Foreign deposits -14.6 11.6 8.7 -62.9 0.4 -11.3 -28.6 28.7 12.5 21.8 -46.7 2

 3 Checkable deposits and currency 5.6 10.5 -3.7 5.8 -3.6 -23.0 -4.2 1.5 11.4 23.4 49.6 3

 4 Time and savings deposits 102.7 169.9 -107.7 -56.3 32.8 -118.5 -19.4 152.6 116.4 -32.2 81.4 4

 5 Security RPs -63.5 -62.4 -0.6 11.1 54.2 115.6 42.4 -91.9 150.6 -206.7 -135.0 5

 6 Credit market instruments 727.9 -619.9 -396.6 -9.8 -82.7 -106.2 -118.5 -27.8 -78.4 80.0 112.2 6

 7 Open market paper -56.1 -108.0 -116.3 -40.0 -13.3 14.8 -0.6 -59.1 -8.5 51.0 135.5 7

 8 Treasury securities 399.5 -171.3 -71.0 107.9 14.5 138.0 -57.2 65.3 -88.2 55.4 -18.6 8

 9 Agency- and GSE-backed securities 520.3 -213.1 -140.2 0.9 -60.2 -213.4 0.7 -13.9 -14.1 35.5 33.4 9

 10 Municipal securities 12.9 -69.4 -53.4 -29.4 -20.6 -36.9 -38.8 -3.2 -3.7 -65.8 11.1 10

 11 Corporate and foreign bonds -148.8 -58.1 -15.7 -49.1 -3.0 -8.8 -22.6 -16.9 36.0 4.0 -49.2 11

 12 Miscellaneous assets -33.9 -8.3 -3.4 -0.8 6.1 -47.4 -20.6 -7.9 100.2 -21.3 15.8 12

 13 Net share issues (liabilities) 724.2 -498.7 -503.2 -112.8 7.1 -190.9 -148.9 55.3 312.8 -135.0 77.2 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115).

F.121 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -52.7 -40.7 -24.9 -35.3 -33.2 -34.4 -33.7 -33.6 -31.1 -19.6 -6.5 1

 2 Net acquisition of financial assets -9.9 497.1 370.1 338.4 625.7 586.8 585.4 782.3 548.2 957.8 498.6 2

 3 Security RPs -7.4 28.6 -15.8 -28.8 54.1 157.1 46.9 108.5 -96.2 168.4 57.2 3

 4 Credit market instruments 32.4 387.1 353.6 359.4 642.0 683.2 650.3 655.2 579.2 683.2 277.2 4

 5 Open market paper -62.5 28.6 -13.9 -26.3 27.5 42.4 54.7 41.8 -28.7 -45.2 43.2 5

 6 Treasury securities -1.2 70.0 43.2 70.8 83.8 92.2 100.0 68.4 74.6 104.2 -5.6 6

 7 Agency- and GSE-backed securities -3.7 54.0 156.1 110.0 126.2 156.6 148.0 98.7 101.5 127.9 -17.6 7

 8 Municipal securities 17.7 89.4 46.7 15.7 86.2 83.1 87.0 107.2 67.4 76.8 -21.6 8

 9 Corporate and foreign bonds 69.7 143.8 122.3 170.3 306.0 306.0 240.5 333.5 344.1 388.7 263.9 9

 10 Other loans and advances 12.4 1.3 -0.8 18.9 12.2 2.9 20.1 5.6 20.3 30.8 15.0 10

 11 Corporate equities -38.1 86.5 44.3 4.9 -37.2 -92.5 -50.0 -0.3 -6.3 61.3 164.2 11

 12 Miscellaneous assets 3.2 -5.1 -12.0 2.9 -33.1 -161.0 -61.9 18.9 71.4 44.9 0.0 12

 13 Net share issues (liabilities) -9.9 497.1 370.1 338.4 625.7 586.8 585.4 782.3 548.2 957.8 498.6 13

 14 Discrepancy -52.7 -40.7 -24.9 -35.3 -33.2 -34.4 -33.7 -33.6 -31.1 -19.6 -6.5 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.122 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -61.8 7.6 0.4 -3.0 2.9 -30.4 14.4 9.6 17.8 13.4 7.9 1

 2 Credit market instruments -40.7 10.6 5.2 -1.7 11.6 11.4 5.1 15.0 14.8 30.5 19.2 2

 3 Treasury securities -2.4 1.2 0.7 -0.3 0.3 1.1 -0.5 0.8 -0.1 2.1 -0.3 3

 4 Municipal securities -13.3 3.3 0.4 0.9 3.3 2.3 2.2 3.5 5.0 2.2 -3.4 4

 5 Corporate and foreign bonds -24.9 6.1 4.1 -2.4 8.0 7.9 3.4 10.7 10.0 26.1 22.9 5

 6 Corporate equities -21.1 -3.0 -4.8 -1.3 -8.7 -41.7 9.2 -5.3 3.0 -17.0 -11.4 6

 7 Net share issues (liabilities) -61.8 7.6 0.4 -3.0 2.9 -30.4 14.4 9.6 17.8 13.4 7.9 7

 Exchange-traded funds

 8 Net acquisition of financial assets 177.2 116.5 118.0 117.6 185.2 212.7 100.2 207.0 221.0 207.7 60.2 8

 9 Credit market instruments 23.0 46.0 29.7 46.1 52.3 65.0 73.7 30.3 40.3 28.1 13.1 9

 10 Treasury securities 7.4 14.7 9.2 11.4 1.2 -1.7 21.1 -18.1 3.4 -2.9 4.8 10

 11 Municipal securities 1.7 3.6 1.7 1.0 3.6 4.2 3.3 2.9 4.0 2.9 -1.8 11

 12 Corporate and foreign bonds 13.9 27.6 18.7 33.6 47.6 62.5 49.3 45.5 32.9 28.2 10.1 12

 13 Corporate equities 154.2 70.5 88.3 71.6 132.9 147.7 26.4 176.7 180.7 179.6 47.1 13

 14 Net share issues (liabilities) 177.2 116.5 118.0 117.6 185.2 212.7 100.2 207.0 221.0 207.7 60.2 14
Flo

ws

36 Z.1, September 25, 2013

F.123 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 6.7 9.6 10.6 8.8 8.5 9.1 8.3 8.3 8.5 6.4 5.3 1

 2 Fixed nonresidential investment 1.7 0.9 3.5 3.3 3.3 3.3 3.3 3.3 3.4 3.4 3.4 2

 3 Net acquisition of financial assets 233.7 -345.9 -301.4 -243.9 -209.3 -366.2 -223.1 -93.5 -154.3 118.1 37.6 3

 4 Checkable deposits and currency 39.7 11.1 -36.0 9.3 -20.1 -120.8 41.8 -67.1 65.7 46.1 -49.5 4

 5 Time and savings deposits 21.9 -42.8 0.3 -12.7 -9.1 -9.2 -5.2 -24.2 2.2 -2.7 4.8 5

 6 Federal funds and security RPs (net) -28.2 7.6 20.6 -38.1 39.0 -18.8 126.3 144.9 -96.5 170.2 -168.5 6

 7 Credit market instruments 242.9 -323.0 -315.6 -202.3 -223.2 -223.7 -329.5 -161.8 -177.6 -156.9 251.6 7

 8 Open market paper 14.1 3.0 0.2 -3.4 -3.1 -5.2 2.2 -6.3 -3.0 3.1 0.5 8

 9 Treasury securities 1.2 19.9 45.9 17.6 -31.2 18.9 -111.9 -18.7 -13.1 22.3 3.6 9

 10 Agency- and GSE-backed securities 207.0 -27.4 -85.1 -18.1 -48.3 -45.0 -21.2 -74.1 -53.0 -39.9 -32.5 10

 11 Municipal securities -2.0 -2.2 -4.2 -3.9 -4.1 -3.4 -3.3 -5.3 -4.4 31.7 34.5 11

 12 Corporate and foreign bonds -77.7 -33.8 -16.9 -33.4 -54.6 -26.4 -107.2 -23.6 -61.2 -54.5 3.6 12

 13 Other loans and advances 38.1 -284.8 -144.7 -64.2 18.6 -21.9 74.1 4.4 17.9 28.9 141.9 13

 14 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Farm Credit System 4.8 -0.2 7.2 -3.5 8.3 -2.5 18.2 13.0 4.6 -19.7 15.2 15

 16 FHLB loans 33.3 -284.6 -151.9 -60.7 10.3 -19.4 56.0 -8.5 13.3 48.7 126.7 16

 17 Mortgages 62.2 2.4 -110.8 -96.9 -100.5 -140.7 -162.4 -38.4 -60.7 -148.5 100.0 17

 18 Home 8.8 -25.3 -117.7 -103.2 -111.6 -153.6 -163.8 -59.6 -69.5 -136.1 111.8 18

 19 Consolidated trusts (2) 0.0 0.0 -232.5 -108.9 -74.1 -38.4 -103.0 -93.2 -61.7 41.2 142.0 19

 20 Other 8.8 -25.3 114.8 5.7 -37.6 -115.2 -60.9 33.6 -7.9 -177.2 -30.2 20

 21 Multifamily residential 42.5 14.2 2.0 2.8 6.2 8.3 -3.5 16.6 3.6 -14.1 -15.4 21

 22 Consolidated trusts (2) 0.0 0.0 25.3 24.5 27.1 25.4 20.5 29.0 33.4 26.2 21.2 22

 23 Other 42.5 14.2 -23.3 -21.7 -20.9 -17.1 -24.0 -12.5 -29.9 -40.3 -36.6 23

 24 Farm 10.9 13.5 4.9 3.5 4.9 4.7 5.0 4.7 5.3 1.7 3.6 24

 25 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Miscellaneous assets -42.6 1.2 29.3 -0.1 4.1 6.3 -56.4 14.7 51.8 61.3 -0.8 26

 27 Net increase in liabilities 336.4 -317.1 -263.8 -182.1 -160.5 -245.7 -180.3 -133.5 -82.5 35.1 132.9 27

 28 Credit market instruments 271.7 -475.3 -233.8 -187.2 -154.6 -274.9 -155.0 -113.2 -75.4 43.1 136.7 28

 29 GSE issues (4) 271.7 -475.3 -233.8 -187.2 -154.6 -274.9 -155.0 -113.2 -75.4 43.1 136.7 29

 30 Consolidated trusts (2) 0.0 0.0 -207.2 -84.4 -47.0 -13.0 -82.5 -64.2 -28.3 67.3 163.2 30

 31 Other 271.7 -475.3 -26.5 -102.8 -107.7 -261.9 -72.6 -49.0 -47.1 -24.2 -26.5 31

 32 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

 33 Corporate equities 27.6 96.0 38.1 29.2 0.6 23.4 -12.5 -4.4 -4.2 7.8 -10.7 33

 34 Miscellaneous liabilities 37.1 62.2 -68.1 -24.0 -6.5 5.7 -12.8 -15.9 -2.9 -15.8 6.9 34

 35 Discrepancy 107.8 37.5 44.6 67.4 54.0 126.3 47.8 -35.0 76.9 -80.0 97.1 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.124) 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.124 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 1

 2 Home mortgages 492.2 402.5 175.8 148.0 105.0 115.7 112.9 84.8 106.5 110.0 2.0 2

 3 Multifamily residential mortgages 4.6 13.0 11.3 19.4 27.0 19.0 31.8 21.0 36.2 29.1 37.7 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.1 -0.2 -0.2 -2.1 0.3 -0.2 1.7 -0.2 -0.3 -0.2 -0.1 5

 6 Net increase in pool securities (liabilities)(2) 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 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.123). 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.
Flo

ws

Z.1, September 25, 2013 37

F.125 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.5 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net acquisition of financial assets -413.1 -736.6 -497.3 -246.8 -215.9 -230.2 -246.6 -252.6 -134.4 -229.9 -160.7 3

 4 Treasury securities -13.6 -18.3 -13.8 -10.9 -5.8 -13.1 -4.4 -6.6 0.8 -11.3 2.6 4

 5 Agency- and GSE-backed securities (1) -26.5 -224.8 -96.0 -3.1 -0.7 9.1 -3.7 -2.4 -6.0 12.1 -3.6 5

 6 Other loans and advances 37.9 -51.1 -38.9 -5.4 -0.6 18.2 -19.9 -19.3 18.5 -43.6 21.8 6

 7 Mortgages (2) -352.5 -370.3 -296.9 -218.9 -206.0 -246.9 -206.2 -217.9 -153.1 -191.1 -160.1 7

 8 Home -312.9 -323.1 -243.5 -192.9 -181.9 -182.1 -191.4 -185.5 -168.4 -142.9 -159.8 8

 9 Multifamily residential -10.7 -5.8 -8.6 -7.7 -9.6 -11.1 -10.1 -10.1 -7.3 -15.1 -10.1 9

 10 Commercial -28.9 -41.4 -44.9 -18.3 -14.5 -53.6 -4.7 -22.3 22.6 -33.1 9.8 10

 11 Consumer credit -42.3 -37.8 -42.3 -4.2 3.7 11.6 -0.8 -2.5 6.4 8.1 -5.8 11

 12 Trade credit -16.1 -34.3 -9.5 -4.2 -6.4 -9.1 -11.6 -3.9 -1.0 -4.2 -15.6 12

 13 Net increase in liabilities -413.6 -736.9 -497.5 -246.8 -215.9 -230.2 -246.6 -252.6 -134.4 -229.9 -160.7 13

 14 Commercial paper -83.9 -266.2 -40.3 -24.1 -9.0 19.9 -37.7 14.5 -32.9 11.1 -13.4 14

 15 Corporate bonds (net) (3) -329.7 -470.7 -457.2 -222.6 -206.9 -250.1 -208.9 -267.0 -101.5 -241.0 -147.3 15

 16 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Memo:

 Securitized assets not included above

 17 Consumer leases (4) -0.4 -0.4 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 REIT assets (5) -46.7 -25.3 0.4 -3.1 -4.6 1.1 -20.1 8.7 -7.9 3.0 6.3 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.127.

F.126 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 90.3 93.5 65.9 93.1 127.0 124.1 115.4 140.2 128.5 84.9 64.0 1

 2 Fixed nonresidential investment 42.1 15.5 32.8 44.3 54.0 53.2 54.0 53.6 55.0 55.2 55.5 2

 3 Net acquisition of financial assets -59.5 -189.2 -216.6 -19.0 -69.3 -59.0 -113.8 -89.2 -15.0 -50.6 4.2 3

 4 Checkable deposits and currency 0.3 0.5 -1.7 4.9 -3.4 -1.5 -9.8 8.0 -10.3 3.6 1.9 4

 5 Time and savings deposits 0.8 1.6 -5.2 14.6 -10.2 -4.5 -29.4 24.0 -31.0 10.7 5.7 5

 6 Credit market instruments -81.9 -217.6 -104.2 -45.9 -28.2 -31.1 -21.9 -32.8 -26.9 -21.6 20.9 6

 7 Corporate and foreign bonds 3.0 6.3 -19.8 0.9 -6.3 -0.4 8.0 -6.3 -26.5 -2.9 -18.3 7

 8 Other loans and advances 16.9 -91.0 -15.2 2.7 12.3 4.5 19.6 5.0 20.0 23.9 37.9 8

 9 Mortgages -84.0 -50.5 -55.9 -32.1 -26.4 -28.5 -31.0 -20.5 -25.5 -30.6 -13.7 9

 10 Consumer credit -17.9 -82.4 -13.4 -17.4 -7.8 -6.7 -18.5 -11.0 5.1 -12.1 14.9 10

 11 Miscellaneous assets 21.4 26.3 -105.4 7.5 -27.4 -21.9 -52.8 -88.4 53.3 -43.2 -24.2 11

 12 Net increase in liabilities -69.1 -250.2 -233.5 -25.7 -80.6 -64.8 -119.9 -91.6 -46.1 -63.8 -3.8 12

 13 Credit market instruments -79.4 -156.2 -174.9 -12.7 -53.7 -40.3 -80.2 59.9 -154.3 -73.1 -2.8 13

 14 Open market paper -22.6 -38.8 1.7 10.0 8.2 7.7 11.3 12.1 1.5 -32.6 5.8 14

 15 Corporate bonds -49.6 -87.0 -111.7 -38.6 -78.3 -33.6 -86.1 -10.2 -183.5 -20.4 -13.4 15

 16 Depository institution loans n.e.c. -7.1 -30.4 -64.9 15.9 16.4 -14.5 -5.4 58.0 27.7 -20.2 4.8 16

 17 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Taxes payable -0.1 -2.8 0.3 0.4 0.1 1.2 -0.7 -0.6 0.7 1.6 -0.6 18

 19 Miscellaneous liabilities 10.4 -91.2 -58.9 -13.4 -27.0 -25.6 -39.0 -151.0 107.6 7.7 -0.4 19

 20 Foreign direct investment in U.S. 12.2 12.8 13.2 7.5 -2.2 -6.3 -0.5 1.8 -3.7 -3.8 5.0 20

 21 Investment by parent -8.4 -32.6 -12.8 -12.0 -0.9 -26.5 -24.3 -2.3 49.5 -9.8 8.8 21

 22 Other 6.5 -71.5 -59.3 -8.9 -23.9 7.2 -14.2 -150.5 61.7 21.4 -14.2 22

 23 Discrepancy 38.6 17.1 16.2 42.0 61.8 65.1 55.4 84.1 42.4 16.5 0.5 23

 Memo:

 24 Consumer leases not included above (2) -11.8 -25.7 -16.5 7.9 24.3 17.9 22.8 29.1 27.5 22.7 28.9 24

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (4), table F.125.
Flo

ws

38 Z.1, September 25, 2013

F.127 Real Estate Investment Trusts (REITs) (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -14.5 5.5 -5.8 -5.9 2.9 4.0 0.5 5.1 1.9 3.5 5.7 1

 2 Fixed nonresidential investment 5.9 3.7 2.9 2.6 2.9 2.8 2.9 2.9 3.0 2.9 3.0 2

 3 Multifamily residential investment 0.1 -0.1 4.7 6.3 5.3 4.9 6.4 5.1 4.9 4.9 2.2 3

 4 Net acquisition of financial assets -67.9 -9.3 41.8 118.3 157.7 266.9 93.6 300.6 -30.2 27.4 -29.6 4

 5 Checkable deposits and currency 1.8 7.9 -2.8 2.1 7.5 16.8 -3.2 15.0 1.5 23.4 -11.3 5

 6 Credit market instruments -68.9 -8.7 37.1 102.9 127.7 227.8 90.6 251.6 -59.3 -28.8 -63.8 6

 7 Agency- and GSE-backed securities 0.7 15.5 38.2 101.4 111.5 219.0 71.6 232.5 -77.1 -50.9 -75.8 7

 8 Corporate and foreign bonds -22.8 3.8 5.3 1.3 10.1 13.9 8.0 12.2 6.2 19.7 3.2 8

 9 Mortgages -46.9 -28.0 -6.3 0.2 6.1 -5.0 11.1 7.0 11.6 2.4 8.8 9

 10 Home -46.4 -21.7 -3.7 -0.7 5.5 1.8 12.3 2.4 5.4 7.2 2.3 10

 11 Multifamily residential -0.9 -2.0 -0.4 -0.2 0.1 -0.0 0.2 0.0 0.4 1.3 2.7 11

 12 Commercial 0.4 -4.3 -2.3 1.1 0.5 -6.8 -1.4 4.6 5.8 -6.0 3.9 12

 13 Miscellaneous assets -0.8 -8.5 7.4 13.3 22.5 22.3 6.2 34.0 27.5 32.8 45.6 13

 14 Net increase in liabilities -56.1 -28.5 71.0 169.0 210.8 321.6 130.1 343.8 47.7 72.1 46.1 14

 15 Security RPs -12.3 11.1 30.0 94.9 103.4 173.4 81.7 163.2 -4.8 7.5 -51.0 15

 16 Credit market instruments -53.8 -50.0 -2.1 28.2 42.9 26.6 57.3 27.4 60.4 -1.0 30.0 16

 17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Corporate bonds -60.3 -41.3 -0.1 15.5 26.1 30.0 24.9 18.7 30.6 7.7 25.6 18

 19 Depository institution loans n.e.c. -0.3 -12.1 -2.2 3.6 1.2 -13.9 7.6 -3.5 14.8 -12.9 5.8 19

 20 Mortgages 6.8 3.4 0.2 9.1 15.6 10.4 24.9 12.2 14.9 4.2 -1.4 20

 21 Corporate equity issues 12.8 24.2 28.2 37.5 47.6 59.5 31.1 62.7 37.1 64.2 63.1 21

 22 Miscellaneous liabilities -2.7 -13.8 14.9 8.5 17.0 62.2 -40.0 90.5 -44.9 1.4 4.0 22

 23 Discrepancy -8.4 -17.1 16.1 36.1 47.9 51.2 27.9 40.3 72.0 40.6 76.3 23

 Memo:

 24 Securitized assets included above -46.7 -25.3 0.4 -3.1 -4.6 1.1 -20.1 8.7 -7.9 3.0 6.3 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 -40.6 -25.7 1.1 -0.7 3.6 2.6 0.3 8.8 2.6 1.7 6.3 26

 27 Multifamily residential mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 0.0 -0.0 0.1 -0.0 27

 28 Commercial mortgages -6.1 0.4 -0.7 -2.3 -8.1 -1.5 -20.4 -0.1 -10.5 1.2 0.0 28

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on F.127.e and F.127.m.
Flo

ws

Z.1, September 25, 2013 39

F.128 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -97.9 38.0 26.8 10.0 7.8 19.0 12.8 12.4 -13.0 21.8 -1.9 1

 2 Fixed nonresidential investment 21.6 25.6 19.4 17.2 18.4 18.1 18.4 18.4 18.8 18.9 19.1 2

 3 Net acquisition of financial assets -874.8 -133.0 -9.1 -125.4 118.6 642.4 -30.5 -5.5 -131.9 262.0 -10.1 3

 4 Checkable deposits and currency 15.1 -29.4 6.2 14.9 16.3 22.1 -48.7 33.2 58.8 -66.2 40.5 4

 5 Credit market instruments -85.7 -192.1 32.2 5.7 89.1 224.8 -18.0 16.8 132.8 -167.4 -330.1 5

 6 Open market paper -21.4 -24.2 -5.3 5.9 -12.2 6.3 -36.1 -5.9 -13.1 0.1 -2.2 6

 7 Treasury securities 275.6 -67.6 -28.5 89.1 63.0 115.5 12.6 18.3 105.4 -144.7 -134.9 7

 8 Agency- and GSE-backed securities -72.5 -131.8 38.9 -2.1 21.9 3.7 84.6 -17.2 16.4 -62.8 -112.3 8

 9 Municipal securities -11.4 -3.3 4.6 -9.1 -4.3 15.1 -14.1 -8.6 -9.6 17.7 -48.1 9

 10 Corporate and foreign bonds -259.0 47.5 35.2 -85.0 35.5 179.1 -74.1 33.9 3.1 31.9 -42.6 10

 11 Other loans and advances 3.1 -12.7 -12.7 6.9 -14.8 -94.9 8.9 -3.8 30.6 -9.5 10.0 11

 12 Corporate equities -28.5 -4.6 -18.5 -5.0 9.7 12.1 11.8 31.6 -16.8 -78.0 16.5 12

 13 Security credit -160.7 38.1 75.2 -39.3 64.9 115.4 -93.1 98.7 138.4 16.4 -21.2 13

 14 Miscellaneous assets -615.1 54.9 -104.2 -101.7 -61.4 268.0 117.4 -186.0 -445.1 557.2 284.2 14

 15 Net increase in liabilities -683.1 -202.5 -23.0 -91.3 63.7 460.7 3.1 -60.8 -148.2 193.3 -45.7 15

 16 Security RPs (net) -560.3 -57.5 -66.2 -189.4 -15.1 215.9 -123.8 -180.5 27.9 81.6 -75.6 16

 17 Credit market instruments 77.7 -49.7 36.9 -37.9 -1.7 24.8 16.5 -65.2 17.3 -4.2 55.8 17

 18 Corporate bonds 32.3 -4.2 36.9 -37.9 -1.7 24.8 16.5 -65.2 17.3 -4.2 55.8 18

 19 Depository institution loans n.e.c. (1) 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Corporate equity issues 120.2 -32.4 -11.1 14.1 -50.7 -181.4 25.1 -26.8 -19.9 -45.4 -41.6 20

 21 Trade payables -24.7 48.9 -52.0 -3.8 -0.0 12.2 -15.3 -2.0 5.0 4.6 1.0 21

 22 Security credit -237.3 -134.0 48.4 137.1 124.0 66.2 228.0 167.6 34.1 -122.1 92.9 22

 23 Customer credit balances (HH) -123.8 -74.1 25.7 58.1 23.6 39.6 61.5 10.1 -16.6 26.1 150.9 23

 24 From U.S.-chartered depository institutions 12.8 -59.2 -5.8 37.3 42.3 -39.4 75.8 128.1 4.7 -135.7 -41.6 24

 25 From foreign banking offices in U.S. -126.3 -0.8 28.5 41.6 58.0 66.0 90.7 29.3 46.0 -12.5 -16.4 25

 26 Taxes payable 0.3 3.2 -2.1 -1.1 0.5 1.8 -0.6 3.3 -2.4 5.4 0.1 26

 27 Miscellaneous liabilities -70.7 18.4 22.2 -8.6 0.3 291.8 -132.2 46.3 -204.8 278.7 -79.4 27

 28 Foreign direct investment in U.S. 55.8 2.1 13.2 10.8 8.0 6.9 4.2 5.6 15.2 6.5 6.1 28

 29 Investment by funding corporations 104.6 -166.8 -51.2 40.4 68.7 262.2 -113.3 65.0 60.7 -23.9 50.4 29

 30 Other -231.1 183.1 60.2 -59.8 -76.4 22.7 -23.1 -24.3 -280.8 296.1 -136.0 30

 31 Proprietors’ net investment 11.6 0.6 0.9 -1.7 6.5 29.4 5.3 -3.6 -5.3 -5.3 1.1 31

 32 Discrepancy 72.3 -57.2 -6.6 26.9 -65.5 -180.7 28.1 -61.3 -48.2 -65.8 -56.7 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).
Flo

ws

40 Z.1, September 25, 2013

F.129 Holding Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 81.2 97.8 108.1 144.6 176.9 177.4 147.7 146.9 235.5 131.6 186.8 1

 2 Fixed nonresidential investment 53.8 54.4 48.3 51.4 54.5 53.5 54.3 54.4 55.6 56.4 56.6 2

 3 Net acquisition of financial assets 289.1 87.3 -4.6 44.6 -40.2 26.7 -212.6 -88.6 113.8 381.9 -127.1 3

 4 Time and savings deposits -0.1 -3.9 -1.3 2.4 3.1 -3.5 33.7 0.5 -18.2 -13.6 7.9 4

 5 Federal funds and security RPs -6.6 19.8 2.1 0.2 -48.3 -201.3 0.2 0.6 7.4 -0.9 -14.1 5

 6 Credit market instruments 13.9 -16.0 22.1 3.1 -39.8 64.1 -158.2 -28.1 -36.9 26.0 53.0 6

 7 Treasury securities -4.0 2.7 13.8 7.1 -29.8 9.6 -120.1 4.5 -13.2 6.4 41.1 7

 8 Agency- and GSE-backed securities 15.9 -7.0 -3.2 12.0 -22.1 -14.4 -77.5 -1.9 5.6 15.5 -5.1 8

 9 Corporate and foreign bonds -0.0 -8.4 7.3 -20.1 -4.7 -9.6 38.9 -32.2 -15.7 1.6 -2.0 9

 10 Other loans and advances 2.0 -3.2 4.3 4.0 16.7 78.5 0.5 1.5 -13.6 2.6 19.0 10

 11 Life insurance reserves -1.2 2.1 3.8 2.4 7.3 24.5 4.3 5.8 -5.3 5.0 1.1 11

 12 Miscellaneous assets 283.1 85.4 -31.2 36.5 37.4 142.9 -92.6 -67.4 166.8 365.3 -175.1 12

 13 Net trans. with depository institution subs. 113.6 166.8 33.4 76.1 101.2 22.3 174.2 136.6 71.8 110.7 -101.0 13

 14 Net trans. with property-casualty ins. co. subs. 0.0 0.0 0.0 0.0 4.3 0.0 10.2 5.3 1.8 -22.9 -0.0 14

 15 Net trans. with life insurance company subs. -12.5 9.3 22.2 9.3 9.9 -2.1 27.7 13.5 0.7 0.8 -1.4 15

 16 Net trans. with finance company subs. -7.3 -23.3 -39.5 -20.3 -0.5 -15.3 -14.0 -1.3 28.6 -5.7 5.1 16

 17 Net trans. with broker and dealer subs. 98.2 -173.1 -24.3 -13.0 49.6 255.4 -114.1 4.9 52.3 -84.5 72.2 17

 18 Net trans. with foreign subs. -9.1 23.5 10.6 30.6 -51.5 77.3 -77.8 -48.7 -156.9 89.8 -146.0 18

 19 Other 100.1 82.3 -33.6 -46.2 -75.6 -194.8 -98.8 -177.6 168.6 277.1 -4.0 19

 20 Net increase in liabilities 247.9 34.8 -64.6 -50.0 -164.3 -98.7 -307.7 -182.4 -68.2 304.4 -259.2 20

 21 Federal funds and security RPs -7.0 -0.2 0.2 0.4 -1.2 -0.4 -0.3 0.5 -4.5 -0.1 -0.0 21

 22 Credit market instruments 97.3 -8.0 -16.5 -16.5 -97.7 12.3 -360.2 26.2 -69.3 -24.5 -149.8 22

 23 Commercial paper -39.0 -18.1 3.9 11.1 6.2 -16.2 -0.7 31.9 9.5 5.2 -28.7 23

 24 Corporate bonds 123.0 7.8 -46.5 -91.6 16.3 110.1 -124.4 16.7 62.7 -46.0 -138.6 24

 25 Depository institution loans n.e.c. 13.3 2.3 26.1 64.0 -120.2 -81.6 -235.1 -22.4 -141.4 16.3 17.5 25

 26 Corporate equity issues 321.4 68.6 19.8 2.9 0.6 12.7 -14.8 36.5 -31.8 -7.0 -21.3 26

 27 Miscellaneous liabilities -163.8 -25.6 -68.2 -36.8 -66.0 -123.3 67.6 -245.6 37.4 336.0 -88.0 27

 28 Equity, etc. 63.0 35.6 -22.4 6.9 -13.9 61.3 49.5 -16.6 -149.9 67.8 -119.9 28

 29 Other -226.8 -61.2 -45.8 -43.8 -52.1 -184.6 18.1 -229.0 187.2 268.2 31.9 29

 30 Discrepancy -13.7 -9.1 -0.3 -1.5 -1.7 -1.5 -1.7 -1.4 -2.2 -2.3 -1.8 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.
Flo

ws

Z.1, September 25, 2013 41

F.130 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 947.6 -449.3 -112.1 -64.5 113.2 35.0 -66.1 48.4 435.4 52.1 -117.1 1

 2 Money market fund shares 287.0 -156.4 -144.8 -80.6 -1.1 -144.8 -159.3 44.8 254.8 -151.1 -16.6 2

 3 Security RPs 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0 3

 4 Credit market instruments 618.5 -250.9 89.7 22.8 107.1 107.2 195.5 -14.2 139.9 75.3 -75.3 4

 5 Open market paper 106.1 -284.7 39.4 -7.8 -16.0 -91.8 -30.0 -1.3 59.3 52.6 -135.5 5

 6 Corporate and foreign bonds 497.3 43.6 51.9 32.6 129.6 224.0 228.5 -10.8 76.6 22.6 71.1 6

 7 Other loans and advances 15.1 -9.8 -1.5 -2.0 -6.5 -25.0 -3.0 -2.1 4.1 0.1 -11.0 7

 8 Corporate equities (2) 0.0 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets 42.1 -67.2 -58.4 19.6 7.2 72.5 -102.3 17.8 40.7 128.3 -25.2 9

 10 Investment in foreign banking offices 35.6 -73.5 -31.5 -33.7 -11.8 65.7 -103.0 -42.3 32.3 67.7 -3.4 10

 11 Investment in brokers and dealers 6.4 6.3 -26.9 53.4 19.0 6.8 0.7 60.1 8.4 60.6 -21.8 11

 12 Net increase in liabilities 947.6 -449.3 -112.1 -64.5 113.2 35.0 -66.1 48.4 435.4 52.1 -117.1 12

 13 Credit market instruments 466.4 -434.8 -65.3 -52.4 -23.9 -6.7 -50.6 9.1 -47.4 91.1 39.1 13

 14 Open market paper 20.1 -125.1 -47.4 -72.7 -30.9 24.1 -18.0 -78.5 -51.3 56.1 61.7 14

 15 Corporate bonds 1.4 37.9 -3.2 71.6 35.3 8.9 17.2 98.9 16.3 37.9 -22.2 15

 16 Depository institution loans n.e.c. (3) 444.9 -349.6 -21.9 -51.9 -21.5 -38.3 -47.6 0.0 0.0 0.0 0.0 16

 17 Other loans and advances (4) 0.0 2.0 7.2 0.7 -6.8 -1.4 -2.2 -11.3 -12.5 -3.0 -0.4 17

 18 Corporate equities (5) 40.0 30.5 3.5 -18.4 -8.6 -34.5 0.0 0.0 0.0 0.0 0.0 18

 19 Miscellaneous liabilities 441.1 -44.9 -50.2 6.2 145.7 76.2 -15.5 39.2 482.8 -39.0 -156.2 19

 20 Foreign direct investment in U.S. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 20

 21 Securities loaned (net) -353.2 -30.2 -123.5 -74.6 -79.2 -28.9 219.8 -198.4 -309.3 236.2 298.3 21

 22 Equity interest under PPIP 0.0 2.4 7.9 1.4 0.1 0.2 0.0 0.0 0.0 0.0 0.0 22

 23 Other (net) 793.8 -17.7 64.7 78.8 224.2 104.2 -235.9 237.1 791.5 -275.7 -455.1 23

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities,

 and funds associated with the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.

(5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in

 AIA Aurora LLC and ALICO Holdings LLC.
Flo

ws

42 Z.1, September 25, 2013

F.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 4.8 99.9 1.8 15.9 4.5 4.9 13.2 3.3 -3.6 3.5 -0.8 1

 2 Federal government: SDR allocations 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world 4.8 52.3 1.8 15.9 4.5 4.9 13.2 3.3 -3.6 3.5 -0.8 3

 4 SDR holdings 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Reserve position in IMF (net) 3.5 3.4 1.3 18.1 4.0 4.3 12.7 3.0 -3.9 3.0 -1.1 5

 6 Foreign currency holdings 1.3 0.7 0.5 -0.5 0.4 0.6 0.4 0.3 0.3 0.5 0.4 6

 7 Net change in assets 4.8 99.9 1.8 15.9 4.5 4.9 13.2 3.3 -3.6 3.5 -0.8 7

 8 Federal government 4.2 51.9 1.6 16.2 4.3 4.6 13.0 3.1 -3.7 3.3 -1.0 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 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Reserve position in IMF (net) 3.5 3.4 1.3 18.2 4.0 4.3 12.8 2.9 -3.9 3.1 -1.2 11

 12 Foreign currency holdings 0.6 0.3 0.3 -0.2 0.2 0.3 0.2 0.2 0.1 0.2 0.2 12

 13 Rest of the world 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

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

 16 Monetary authority 0.6 0.3 0.3 -0.3 0.2 0.3 0.2 0.2 0.1 0.2 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 -0.1 0.0 0.0 -0.0 0.1 -0.0 -0.1 0.0 18

 19 Foreign currency holdings 0.6 0.3 0.3 -0.2 0.2 0.3 0.2 0.2 0.1 0.2 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 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Monetary authority -0.0 4.0 0.9 0.7 0.6 0.8 0.5 0.5 0.5 0.9 0.7 4

 5 Discrepancy (seigniorage) -0.8 -4.4 -1.1 -0.7 -0.6 -0.8 -0.5 -0.5 -0.5 -0.9 -0.7 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability -394.3 -110.7 -9.3 -46.3 -30.2 -60.9 -111.7 141.0 -89.1 96.8 350.3 1

 Held by:

 2 Household sector -23.7 -6.6 -0.6 -2.8 -1.8 -3.7 -6.7 8.5 -5.3 5.8 21.0 2

 3 Nonfinancial corporate business -25.5 6.8 9.1 -5.8 -21.5 -52.0 -45.7 -1.8 13.7 61.6 43.0 3

 4 Money market mutual funds -14.6 11.6 8.7 -62.9 0.4 -11.3 -28.6 28.7 12.5 21.8 -46.7 4

 5 Discrepancy--unallocated assets -330.4 -122.5 -26.6 25.2 -7.3 6.1 -30.8 105.5 -109.9 7.6 333.0 5
Flo

ws

Z.1, September 25, 2013 43

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 1823.0 -590.9 -132.9 844.5 -208.8 390.3 -274.2 -455.4 -495.7 2089.1 1799.2 1

 2 Monetary authority 842.0 114.2 -11.1 602.3 -64.1 -57.0 -178.0 -255.5 234.1 1171.4 887.0 2

 3 U.S.-chartered depository institutions 746.9 -534.3 -213.0 -229.4 -125.0 387.1 -205.9 -191.2 -490.0 560.9 185.8 3

 4 Foreign banking offices in U.S. 240.4 -158.9 48.2 496.5 -12.0 -9.0 161.6 35.6 -236.2 312.6 743.3 4

 5 Banks in U.S.-affiliated areas -0.6 -1.0 0.9 -1.2 -0.4 0.5 -0.6 -2.9 1.5 1.3 -2.7 5

 6 Credit unions -5.7 -10.9 42.2 -23.7 -7.3 68.6 -51.4 -41.5 -5.1 42.9 -14.2 6

 7 Net change in assets 1762.3 -619.9 -155.0 824.2 -215.4 202.2 -138.2 -481.9 -443.5 1758.7 1881.2 7

 8 Rest of the world 410.8 -270.4 -48.2 221.1 -151.3 260.3 39.5 -227.0 -677.8 587.9 994.3 8

 9 Monetary authority 509.6 -463.7 -95.7 0.8 0.0 -1.1 0.3 0.6 0.3 -0.7 -0.0 9

 10 U.S.-chartered depository institutions 599.3 50.9 -91.9 232.9 0.4 -14.3 -166.3 -154.8 336.9 704.5 75.8 10

 11 Foreign banking offices in U.S. 238.0 45.1 66.7 360.2 -72.2 -127.3 34.6 -68.9 -127.2 410.1 873.2 11

 12 Credit unions 4.7 18.1 14.1 9.2 7.7 84.6 -46.2 -31.8 24.4 56.8 -62.0 12

 13 Discrepancy 60.7 29.1 22.1 20.3 6.6 188.1 -136.0 26.5 -52.1 330.4 -82.0 13

 Memo:

 Vault cash:

 14 Liab.: Monetary authority 2.7 -2.8 -2.2 8.1 7.1 -7.7 -6.2 11.0 31.3 -25.8 -4.7 14

 15 Asset: U.S.-chartered depository institutions 2.7 -2.8 -2.2 8.1 7.1 -7.7 -6.2 11.0 31.3 -25.8 -4.7 15

 Depository institution reserves:

 16 Liab.: Monetary authority 839.2 117.0 -8.9 594.2 -71.2 -49.3 -171.8 -266.5 202.7 1197.2 891.6 16

 17 Asset: U.S.-chartered depository institutions 596.6 53.7 -89.7 224.8 -6.7 -6.6 -160.1 -165.7 305.6 730.3 80.4 17

 18 Foreign banking offices in U.S. 238.0 45.1 66.7 360.2 -72.2 -127.3 34.6 -68.9 -127.2 410.1 873.2 18

 19 Credit unions 4.7 18.1 14.1 9.2 7.7 84.6 -46.2 -31.8 24.4 56.8 -62.0 19

 Other transactions with the monetary authority

 20 Liab: U.S.-chartered depository institutions 509.6 -463.7 -95.7 0.8 0.0 -1.1 0.3 0.6 0.3 -0.7 -0.0 20

 21 Asset: Monetary authority 509.6 -463.7 -95.7 0.8 0.0 -1.1 0.3 0.6 0.3 -0.7 -0.0 21

 22 Federal Reserve float -1.5 -0.6 0.7 0.8 0.1 -0.4 0.0 0.4 0.5 -0.4 -0.5 22

 23 Loans 511.1 -463.1 -96.4 -0.0 -0.1 -0.8 0.3 0.2 -0.2 -0.2 0.4 23

 Transactions with banks in foreign countries (net):

 24 Liab.: U.S.-chartered depository institutions (net) 172.6 -109.3 -83.3 -290.0 -96.7 232.0 -106.3 -65.1 -447.2 325.2 202.3 24

 25 Due to foreign affiliates 131.5 -21.3 22.7 -218.3 -187.5 -153.8 -173.9 -100.6 -321.5 53.9 19.0 25

 26 - Due from foreign affiliates -41.1 88.0 106.0 71.7 -90.8 -385.8 -67.6 -35.5 125.7 -271.3 -183.2 26

 27 Foreign banking offices in U.S. (net) 244.3 -171.2 43.9 508.2 -56.5 21.0 141.8 -166.7 -222.2 258.5 791.0 27

 28 Due to foreign affiliates 7.4 2.5 96.7 193.5 -22.3 187.5 -128.4 8.9 -157.0 125.0 462.9 28

 29 - Due from foreign affiliates -236.9 173.7 52.7 -314.6 34.3 166.5 -270.3 175.6 65.1 -133.5 -328.1 29

 30 Less: Deposits at foreign banks 6.2 -10.1 8.8 -3.0 -1.9 -7.3 -3.9 -4.9 8.5 -4.3 -1.1 30

 31 U.S.-chartered depository institutions 6.6 -15.2 5.7 -1.5 -3.1 -12.3 2.2 -6.6 4.6 1.2 1.6 31

 32 Foreign banking offices in U.S. -0.4 5.1 3.1 -1.5 1.2 5.1 -6.1 1.8 3.9 -5.5 -2.7 32

 33 Asset: Rest of the world (1) 410.8 -270.4 -48.2 221.1 -151.3 260.3 39.5 -227.0 -677.8 587.9 994.3 33

 Transactions between U.S. depository institutions (net) (2):

 34 U.S.-chartered depository institutions (net) 71.3 23.5 -28.2 58.3 -31.4 143.8 -97.8 -133.3 -38.4 237.6 -14.7 34

 35 Due to (3): 19.7 18.7 -22.7 45.2 18.0 128.3 -83.3 82.3 -55.3 245.4 -56.9 35

 36 Foreign banking offices in U.S. -47.3 -22.2 -1.7 -0.0 3.7 9.4 0.7 11.4 -6.8 -40.8 8.2 36

 37 Banks in U.S.-affiliated areas 0.6 1.0 -0.9 1.2 0.4 -0.5 0.6 2.9 -1.5 -1.3 2.7 37

 38 Credit unions 5.7 10.9 -42.2 23.7 7.3 -68.6 51.4 41.5 5.1 -42.9 14.2 38

 39 - Due from: Foreign banking offices in U.S. -51.6 -4.7 5.6 -13.1 49.4 -15.5 14.5 215.6 -16.8 7.8 -42.2 39

 40 Unallocated (2) 60.7 29.1 22.1 20.3 6.6 188.1 -136.0 26.5 -52.1 330.4 -82.0 40

(1) Sum of lines 24 and 27 less line 30.

(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 40), which is due to inconsistencies

 in source data, appears on line 13 as the discrepancy between liabilities and assets.

(3) Sum of lines 36, 37, 38, and 40.
Flo

ws

44 Z.1, September 25, 2013

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 568.4 -7.9 266.3 234.5 268.5 -73.9 301.1 223.1 623.6 299.1 72.7 1

 2 Monetary authority 428.2 -117.6 185.0 -122.1 62.1 -175.7 244.8 47.8 131.6 -16.8 313.8 2

 3 Federal government cash and deposits 349.3 -173.8 149.0 -255.0 7.0 -167.7 195.2 -24.1 24.5 -52.3 226.5 3

 4 Due to government-sponsored enterprises 19.4 14.0 -21.6 51.1 -37.4 -111.0 -27.7 -29.2 18.3 -28.1 -2.7 4

 5 Deposits due to foreign 1.3 1.0 0.9 -3.2 6.3 0.0 5.8 16.2 3.2 11.0 3.3 5

 6 Currency outside banks 58.2 41.2 56.7 85.0 86.2 102.9 71.5 84.9 85.7 52.6 86.6 6

 7 U.S.-chartered depository institutions 137.9 94.0 69.6 319.4 176.9 62.4 32.6 163.9 448.7 264.9 -286.3 7

 8 Federal government deposits -39.5 0.3 -0.1 -2.7 0.3 -0.1 0.8 -0.2 0.7 -0.7 0.3 8

 9 Deposits due to foreign 31.2 -28.7 -3.8 25.6 -4.2 -13.5 -4.5 4.6 -3.4 -22.8 -22.5 9

 10 Private domestic deposits 146.2 122.4 73.5 296.5 180.8 76.0 36.4 159.5 451.4 288.4 -264.1 10

 11 Foreign banking offices in U.S. 1.7 2.6 5.7 23.7 16.2 -5.1 18.4 19.9 31.7 7.5 39.0 11

 12 Deposits due to foreign 2.4 5.8 4.1 4.4 8.9 -0.3 7.5 7.4 21.2 2.5 14.9 12

 13 Private domestic deposits -0.7 -3.2 1.7 19.3 7.3 -4.9 10.9 12.5 10.5 5.0 24.1 13

 14 Banks in U.S.-affiliated areas -1.1 1.4 0.5 2.8 2.5 0.7 11.0 -5.5 3.9 0.8 17.0 14

 15 Credit unions 1.6 11.6 5.5 10.7 10.7 43.9 -5.7 -3.1 7.8 42.6 -10.8 15

 16 Net change in assets 568.4 -7.9 266.3 234.5 268.5 -73.9 301.1 223.1 623.6 299.1 72.7 16

 17 Household sector 246.7 35.7 35.9 324.0 82.0 57.5 -51.0 27.6 294.1 134.1 -94.2 17

 18 Nonfinancial business -125.2 155.6 76.8 32.4 108.0 76.9 138.5 140.3 76.1 185.1 -74.1 18

 19 Corporate -129.0 140.7 79.7 34.3 94.5 67.0 127.4 127.5 55.9 177.1 -87.7 19

 20 Noncorporate 3.8 14.9 -2.8 -2.0 13.5 10.0 11.1 12.8 20.2 8.0 13.6 20

 21 State and local governments 8.5 19.2 5.6 16.6 -8.9 -7.8 -7.4 -7.6 -12.9 13.8 -11.0 21

 22 Federal government 313.1 -174.2 148.9 -257.6 6.7 -121.9 97.2 -28.1 79.4 -8.6 130.6 22

 23 Rest of the world 64.0 -9.2 29.5 81.8 68.2 58.5 37.2 92.8 84.2 10.6 33.6 23

 24 Checkable deposits 34.8 -21.8 1.2 26.8 11.0 -13.8 8.7 28.1 21.0 -9.3 -4.3 24

 25 Currency 29.2 12.6 28.3 55.0 57.1 72.2 28.5 64.6 63.2 19.8 37.9 25

 26 Financial sectors 66.5 -34.7 -29.3 36.6 11.3 -90.9 -11.9 -5.6 153.7 14.0 -10.8 26

 27 Property-casualty insurance companies -14.8 -0.3 5.0 -8.5 12.3 20.2 0.5 14.6 13.9 -18.8 -4.6 27

 28 Life insurance companies 24.4 -32.1 1.0 2.0 2.7 -3.4 12.9 -10.2 11.4 2.8 -38.9 28

 29 Private pension funds -5.5 -2.9 2.1 5.7 -0.3 -1.1 -1.0 -0.6 1.4 -0.2 1.7 29

 30 State and local govt. retirement funds -0.1 0.0 0.6 0.4 -0.2 -0.2 -0.2 -0.1 -0.1 -0.1 -0.2 30

 31 Money market mutual funds 5.6 10.5 -3.7 5.8 -3.6 -23.0 -4.2 1.5 11.4 23.4 49.6 31

 32 Government-sponsored enterprises 39.7 11.1 -36.0 9.3 -20.1 -120.8 41.8 -67.1 65.7 46.1 -49.5 32

 33 Finance companies 0.3 0.5 -1.7 4.9 -3.4 -1.5 -9.8 8.0 -10.3 3.6 1.9 33

 34 REITs 1.8 7.9 -2.8 2.1 7.5 16.8 -3.2 15.0 1.5 23.4 -11.3 34

 35 Brokers and dealers 15.1 -29.4 6.2 14.9 16.3 22.1 -48.7 33.2 58.8 -66.2 40.5 35

 36 Mail float -5.2 -0.3 -1.1 0.8 1.3 -46.2 98.6 3.8 -51.0 -49.8 98.6 36
Flo

ws

Z.1, September 25, 2013 45

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 334.2 375.4 116.1 372.8 516.1 341.6 435.8 422.3 864.6 83.9 447.8 1

 2 Small time and savings deposits 524.8 517.2 298.3 577.4 539.7 418.9 473.8 529.6 736.4 130.8 374.3 2

 3 U.S.-chartered depository institutions 480.6 472.3 271.7 537.1 491.6 357.5 405.0 498.6 705.2 107.7 306.7 3

 4 Foreign banking offices in U.S. 0.1 4.4 5.8 13.2 13.8 36.0 16.8 1.2 1.2 20.7 11.5 4

 5 Banks in U.S.-affiliated areas 1.1 -2.9 -5.2 -0.4 -0.1 -0.8 3.4 -4.1 1.2 1.2 5.9 5

 6 Credit unions 43.0 43.4 26.1 27.4 34.4 26.1 48.5 34.0 28.9 1.3 50.2 6

 7 Large time deposits (1) -190.6 -141.8 -182.3 -204.6 -23.6 -77.2 -38.0 -107.3 128.2 -46.9 73.5 7

 8 U.S.-chartered depository institutions -69.0 -329.8 -130.2 -35.3 -4.8 35.6 71.0 -116.2 -9.7 -93.7 36.4 8

 9 Foreign banking offices in U.S. -123.2 173.9 -49.6 -172.4 -24.8 -119.2 -114.7 6.7 127.9 39.0 31.0 9

 10 Banks in U.S.-affiliated areas 1.1 -2.9 -5.2 -0.4 -0.1 -0.8 3.4 -4.1 1.2 1.2 5.9 10

 11 Credit unions 0.5 17.0 2.8 3.4 6.2 7.2 2.4 6.4 8.8 6.7 0.2 11

 12 Net change in assets 334.2 375.4 116.1 372.8 516.1 341.6 435.8 422.3 864.6 83.9 447.8 12

 13 Household sector 190.5 177.6 151.5 354.1 409.6 460.2 391.6 147.2 639.5 140.8 268.4 13

 14 Nonfinancial business -60.7 102.1 62.8 18.4 26.2 45.0 -16.8 39.6 36.9 39.2 23.4 14

 15 Corporate -59.4 106.9 59.9 14.3 21.9 43.1 -19.4 35.9 28.0 33.8 13.8 15

 16 Noncorporate -1.2 -4.8 2.9 4.1 4.3 1.9 2.6 3.7 8.9 5.4 9.6 16

 17 State and local governments 18.8 9.3 -6.9 14.4 20.3 10.3 29.0 37.4 4.5 13.2 46.2 17

 18 Federal government -1.3 0.3 0.1 -0.3 0.2 0.8 0.8 -0.4 -0.4 -1.3 0.5 18

 19 Rest of the world 65.5 -43.1 16.9 33.1 46.4 -33.8 54.6 47.5 117.3 -69.7 12.9 19

 20 Financial sectors 121.4 129.2 -108.4 -46.9 13.4 -140.8 -23.2 150.9 66.9 -38.4 96.4 20

 21 Private pension funds -4.1 2.8 -0.9 1.4 -1.8 -3.6 -0.9 -1.1 -1.7 -0.1 -1.6 21

 22 State and local govt. retirement funds 0.3 1.6 6.4 3.6 -1.3 -1.4 -2.1 -0.9 -0.8 -0.5 -1.8 22

 23 Money market mutual funds 102.7 169.9 -107.7 -56.3 32.8 -118.5 -19.4 152.6 116.4 -32.2 81.4 23

 24 Government-sponsored enterprises 21.9 -42.8 0.3 -12.7 -9.1 -9.2 -5.2 -24.2 2.2 -2.7 4.8 24

 25 Finance companies 0.8 1.6 -5.2 14.6 -10.2 -4.5 -29.4 24.0 -31.0 10.7 5.7 25

 26 Holding companies -0.1 -3.9 -1.3 2.4 3.1 -3.5 33.7 0.5 -18.2 -13.6 7.9 26

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

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 724.2 -498.7 -503.2 -112.8 7.1 -190.9 -148.9 55.3 312.8 -135.0 77.2 1

 2 Net purchases 724.2 -498.7 -503.2 -112.8 7.1 -190.9 -148.9 55.3 312.8 -135.0 77.2 2

 3 Household sector 201.4 -265.9 -186.8 32.9 -8.9 -7.8 2.0 -21.3 -8.3 29.6 181.6 3

 4 Nonfinancial corporate business 178.5 -71.4 -157.7 -35.4 -4.1 -68.9 -46.7 27.9 71.3 -38.6 -45.7 4

 5 Nonfinancial noncorporate business 1.0 -1.7 3.1 0.9 0.9 0.4 0.6 0.8 1.9 1.2 2.1 5

 6 State and local governments 3.0 9.8 13.7 -0.5 -8.5 -9.0 -1.3 -5.8 -17.8 3.2 -2.2 6

 7 Rest of the world 23.7 7.2 -7.1 -50.8 35.0 48.5 63.8 13.0 14.6 9.5 2.1 7

 8 Property-casualty insurance companies 12.1 -3.2 -4.0 -5.6 3.8 3.5 3.7 3.8 4.0 -4.3 -8.8 8

 9 Life insurance companies 17.5 -5.5 -12.7 7.9 -4.8 -5.7 -4.7 -4.5 -4.3 15.9 -29.6 9

 10 Private pension funds 5.1 -8.8 -10.1 16.4 -3.6 -5.3 -4.4 -2.4 -2.5 0.2 -3.5 10

 11 State and local govt. retirement funds -5.2 -2.8 3.1 2.0 -1.6 -1.7 -2.5 -1.0 -1.0 -0.6 -2.1 11

 12 Funding corporations 287.0 -156.4 -144.8 -80.6 -1.1 -144.8 -159.3 44.8 254.8 -151.1 -16.6 12
Flo

ws

46 Z.1, September 25, 2013

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -888.0 232.0 -197.1 -133.4 -14.0 197.0 -117.5 -111.1 -24.5 -23.4 -356.3 1

 2 Monetary authority 44.4 -10.6 -18.0 40.2 7.3 -12.9 -44.8 29.1 57.8 -6.9 -41.2 2

 3 Private depository institutions (net) -347.2 291.3 -141.8 -78.6 -112.0 -180.9 -34.0 -128.0 -104.9 -107.1 -190.3 3

 4 U.S.-chartered depository institutions (net) -255.8 253.5 -194.9 -112.9 -138.2 -211.7 -59.3 -115.2 -166.4 -138.2 -97.8 4

 5 Foreign banking offices in U.S. (net) -96.3 40.3 52.9 50.2 20.0 42.6 -1.5 -27.1 65.8 -13.8 -88.9 5

 6 Credit unions (net) 4.8 -2.4 0.1 -15.9 6.2 -11.8 26.8 14.3 -4.3 44.9 -3.6 6

 7 Property-casualty insurance companies 1.9 -1.7 0.8 -1.1 0.4 0.3 0.0 0.7 0.7 1.1 1.3 7

 8 Life insurance companies -7.3 -0.5 -2.2 0.1 3.1 1.6 3.6 4.0 3.4 0.5 0.6 8

 9 REITs -12.3 11.1 30.0 94.9 103.4 173.4 81.7 163.2 -4.8 7.5 -51.0 9

 10 Brokers and dealers (net) -560.3 -57.5 -66.2 -189.4 -15.1 215.9 -123.8 -180.5 27.9 81.6 -75.6 10

 11 Holding companies -7.0 -0.2 0.2 0.4 -1.2 -0.4 -0.3 0.5 -4.5 -0.1 -0.0 11

 12 Net change in assets -294.0 -233.9 -116.8 -13.3 47.4 -92.6 65.0 229.8 -12.7 429.9 -215.5 12

 13 Nonfinancial corporate business -0.9 0.7 4.3 0.5 -2.2 5.5 -0.3 -10.7 -3.5 -1.6 7.4 13

 14 State and local governments -11.7 -4.3 -1.4 -6.8 -6.7 -7.1 -1.0 -4.6 -14.0 2.5 -1.7 14

 15 Rest of the world (net) -214.0 -146.4 -126.1 51.2 -39.9 -135.7 -148.3 83.2 41.3 293.6 39.4 15

 16 Monetary authority 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Property-casualty insurance companies 0.8 0.1 -0.7 -2.1 0.1 0.1 0.1 0.1 0.1 -0.4 -0.7 17

 18 Life insurance companies 5.2 2.2 0.7 -0.8 -2.7 -7.6 -1.0 -1.0 -1.0 5.2 0.8 18

 19 Private pension funds -1.0 0.2 -0.2 0.0 -0.1 -0.2 -0.1 0.7 -1.0 -0.0 -0.1 19

 20 State and local govt. retirement funds -0.2 -0.1 0.4 0.2 -0.1 -0.1 -0.2 -0.1 -0.1 -0.0 -0.2 20

 21 Money market mutual funds -63.5 -62.4 -0.6 11.1 54.2 115.6 42.4 -91.9 150.6 -206.7 -135.0 21

 22 Mutual funds -7.4 28.6 -15.8 -28.8 54.1 157.1 46.9 108.5 -96.2 168.4 57.2 22

 23 Government-sponsored enterprises (net) -28.2 7.6 20.6 -38.1 39.0 -18.8 126.3 144.9 -96.5 170.2 -168.5 23

 24 Holding companies -6.6 19.8 2.1 0.2 -48.3 -201.3 0.2 0.6 7.4 -0.9 -14.1 24

 25 Funding corporations 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0 25

 26 Discrepancy--unallocated assets -594.0 465.8 -80.3 -120.0 -61.4 289.6 -182.6 -340.9 -11.8 -453.3 -140.9 26
Flo

ws

Z.1, September 25, 2013 47

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total net issues, all types -188.8 -461.8 -80.4 -88.3 -16.9 -4.6 -79.3 -22.5 38.8 126.0 -24.5 1

 2 Commercial paper -188.8 -461.9 -79.9 -88.2 -16.8 -4.4 -79.2 -22.4 38.8 126.0 -24.5 2

 3 Nonfinancial corporate business 7.7 -73.1 24.5 33.4 14.0 -7.9 29.0 -35.5 70.5 21.2 -19.0 3

 4 Foreign issues in U.S. -71.0 59.4 -2.7 -53.5 27.9 32.9 -54.2 78.4 54.5 117.2 10.2 4

 5 Nonfinancial 20.7 -15.2 -3.8 -0.5 10.3 -26.4 -1.8 34.9 34.3 -44.5 37.4 5

 6 Financial -91.7 74.5 1.1 -53.0 17.6 59.3 -52.4 43.5 20.1 161.7 -27.2 6

 7 Financial sectors -125.4 -448.2 -101.7 -68.1 -58.7 -29.4 -54.0 -65.3 -86.1 -12.4 -15.7 7

 8 U.S.-chartered depository institutions 0.0 0.0 -19.7 7.7 -33.1 -65.0 -9.0 -45.3 -13.0 -52.3 -41.1 8

 9 ABS issuers -83.9 -266.2 -40.3 -24.1 -9.0 19.9 -37.7 14.5 -32.9 11.1 -13.4 9

 10 Finance companies -22.6 -38.8 1.7 10.0 8.2 7.7 11.3 12.1 1.5 -32.6 5.8 10

 11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Holding companies -39.0 -18.1 3.9 11.1 6.2 -16.2 -0.7 31.9 9.5 5.2 -28.7 12

 13 Funding corporations 20.1 -125.1 -47.4 -72.7 -30.9 24.1 -18.0 -78.5 -51.3 56.1 61.7 13

 14 Bankers’ acceptances (1) 0.0 0.1 -0.5 -0.1 -0.1 -0.1 -0.0 -0.1 0.0 0.0 -0.0 14

 15 U.S.-chartered depository institutions 0.2 0.1 -0.5 -0.1 -0.1 -0.1 -0.0 -0.1 0.0 0.0 -0.0 15

 16 Foreign banking offices in U.S. -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Net purchases, by sector -188.8 -461.8 -80.4 -88.3 -16.9 -4.6 -79.3 -22.5 38.8 126.0 -24.5 17

 18 Household sector -101.3 16.7 -1.5 -1.8 -0.3 2.0 -2.6 -0.4 -0.4 3.9 -18.4 18

 19 Nonfinancial corporate business -12.2 -1.3 12.0 0.1 -7.6 -22.3 -7.9 15.2 -15.2 0.7 -0.9 19

 20 State and local governments -21.6 -39.1 12.9 -11.1 -5.1 -5.4 -0.8 -3.5 -10.8 1.9 -1.3 20

 21 Rest of the world -45.1 -41.4 -0.5 0.7 3.4 46.2 -57.5 5.2 19.9 35.0 -17.4 21

 22 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 U.S.-chartered depository institutions (1) 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Credit unions -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Property-casualty insurance companies 5.8 -9.3 -1.9 0.9 -1.3 -1.4 -1.3 -1.3 -1.2 0.2 -2.9 26

 27 Life insurance companies -3.4 11.5 -8.9 -11.2 15.0 12.0 1.7 2.0 44.1 21.3 -20.3 27

 28 Private pension funds -5.9 1.0 -2.7 2.1 -2.5 -0.5 1.2 -8.0 -2.6 1.9 -2.8 28

 29 State and local govt. retirement funds -0.5 1.0 6.3 3.6 -1.4 -1.6 -2.3 -0.9 -0.9 -0.6 -1.9 29

 30 Money market mutual funds -56.1 -108.0 -116.3 -40.0 -13.3 14.8 -0.6 -59.1 -8.5 51.0 135.5 30

 31 Mutual funds -62.5 28.6 -13.9 -26.3 27.5 42.4 54.7 41.8 -28.7 -45.2 43.2 31

 32 Government-sponsored enterprises 14.1 3.0 0.2 -3.4 -3.1 -5.2 2.2 -6.3 -3.0 3.1 0.5 32

 33 Brokers and dealers -21.4 -24.2 -5.3 5.9 -12.2 6.3 -36.1 -5.9 -13.1 0.1 -2.2 33

 34 Funding corporations 106.1 -284.7 39.4 -7.8 -16.0 -91.8 -30.0 -1.3 59.3 52.6 -135.5 34

(1) Excludes banks’ holdings of own acceptances.
Flo

ws

48 Z.1, September 25, 2013

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 1239.0 1443.7 1579.6 1066.8 1140.6 1414.6 1185.5 788.0 1174.1 1169.7 298.5 1

 2 Savings bonds -2.4 -2.8 -3.3 -2.7 -2.8 -1.4 -2.1 -2.5 -5.0 -2.5 -3.7 2

 3 Treasury bills 861.6 -73.3 -19.0 -249.5 107.0 612.6 -312.7 74.4 53.8 646.7 -880.3 3

 4 Other Treasury securities 379.8 1519.8 1601.8 1319.0 1036.3 803.4 1500.3 716.1 1125.3 525.5 1182.6 4

 5 Net purchases 1239.0 1443.7 1579.6 1066.8 1140.6 1414.6 1185.5 788.0 1174.1 1169.7 298.5 5

 6 Household sector 164.9 538.1 400.2 -202.5 270.1 114.3 629.4 -16.0 352.6 34.3 -190.2 6

 7 Savings bonds -2.4 -2.8 -3.3 -2.7 -2.8 -1.4 -2.1 -2.5 -5.0 -2.5 -3.7 7

 8 Bills and other Treasury securities 167.3 540.9 403.5 -199.7 272.8 115.7 631.5 -13.5 357.6 36.8 -186.5 8

 9 Nonfinancial corporate business -7.9 12.5 5.1 -4.8 7.2 -5.9 40.1 17.8 -23.2 -34.9 25.7 9

 10 Nonfinancial noncorporate business -7.5 -5.7 1.9 0.6 0.6 0.3 0.4 0.5 1.2 0.7 1.3 10

 11 State and local governments -45.4 -17.3 6.8 -46.5 -11.8 -20.4 28.7 -3.7 -51.6 -8.3 -22.2 11

 12 Rest of the world 711.6 554.4 740.4 357.9 589.5 693.6 505.8 600.3 558.4 531.6 88.6 12

 13 Treasury bills 455.3 -7.6 -40.2 -62.6 14.0 -20.3 17.1 98.9 -39.8 281.9 -173.6 13

 14 Other Treasury securities 256.3 562.0 780.5 420.5 575.6 714.0 488.7 501.3 598.2 249.7 262.2 14

 15 Monetary authority -264.7 300.7 244.9 642.0 2.7 46.3 -18.6 -78.8 61.8 575.2 548.5 15

 16 Treasury bills -209.4 0.0 0.0 0.0 -18.4 0.0 0.0 -73.7 0.0 0.0 0.0 16

 17 Other Treasury securities -55.3 300.7 244.9 642.0 21.1 46.3 -18.6 -5.1 61.8 575.2 548.5 17

 18 U.S.-chartered depository institutions -23.7 68.1 93.0 -43.7 69.3 27.6 142.4 -7.9 115.2 -80.9 -100.3 18

 19 Foreign banking offices in U.S. 5.1 22.0 3.5 -0.5 16.1 44.5 -42.6 65.3 -2.7 11.8 -50.5 19

 20 Banks in U.S.-affiliated areas -0.6 -0.7 0.6 -0.0 -0.6 -0.7 1.9 -1.5 -2.1 -0.1 0.1 20

 21 Credit unions -1.6 5.4 5.9 -2.5 1.7 11.0 -1.7 4.0 -6.5 -0.4 0.6 21

 22 Property-casualty insurance companies -5.6 22.9 3.2 4.6 -6.1 -7.3 -6.9 -5.7 -4.6 -0.0 -4.8 22

 23 Treasury bills -5.4 5.0 -0.3 1.9 -2.6 -2.7 -2.6 -2.5 -2.4 -1.8 -5.6 23

 24 Other Treasury securities -0.3 18.0 3.5 2.7 -3.6 -4.6 -4.3 -3.2 -2.2 1.8 0.8 24

 25 Life insurance companies 35.1 27.7 23.2 10.5 4.6 7.1 -4.5 9.9 6.0 7.9 -6.8 25

 26 Treasury bills 17.8 -6.3 -3.6 3.8 -4.5 -7.1 -5.9 -5.2 0.2 0.0 -10.3 26

 27 Other Treasury securities 17.3 34.0 26.8 6.7 9.1 14.2 1.5 15.1 5.7 7.9 3.5 27

 28 Private pension funds 6.4 35.0 33.2 27.8 47.7 76.8 33.1 47.3 33.6 60.0 50.0 28

 29 State and local govt. retirement funds -14.3 22.0 8.0 13.4 41.2 64.2 25.2 32.5 42.9 45.5 60.6 29

 30 Federal government retirement funds 24.7 7.4 10.0 17.9 12.3 2.5 13.1 10.1 23.5 -4.2 5.2 30

 31 Money market mutual funds 399.5 -171.3 -71.0 107.9 14.5 138.0 -57.2 65.3 -88.2 55.4 -18.6 31

 32 Treasury bills 341.9 -160.2 -84.0 29.1 19.1 85.4 -127.7 28.8 90.0 -43.3 -145.0 32

 33 Other Treasury securities 57.7 -11.0 13.0 78.8 -4.7 52.5 70.5 36.4 -178.1 98.7 126.4 33

 34 Mutual funds -1.2 70.0 43.2 70.8 83.8 92.2 100.0 68.4 74.6 104.2 -5.6 34

 35 Closed-end funds -2.4 1.2 0.7 -0.3 0.3 1.1 -0.5 0.8 -0.1 2.1 -0.3 35

 36 Exchange-traded funds 7.4 14.7 9.2 11.4 1.2 -1.7 21.1 -18.1 3.4 -2.9 4.8 36

 37 Government-sponsored enterprises 1.2 19.9 45.9 17.6 -31.2 18.9 -111.9 -18.7 -13.1 22.3 3.6 37

 38 ABS issuers -13.6 -18.3 -13.8 -10.9 -5.8 -13.1 -4.4 -6.6 0.8 -11.3 2.6 38

 39 Brokers and dealers 275.6 -67.6 -28.5 89.1 63.0 115.5 12.6 18.3 105.4 -144.7 -134.9 39

 40 Holding companies -4.0 2.7 13.8 7.1 -29.8 9.6 -120.1 4.5 -13.2 6.4 41.1 40

 Memo:

 41 Federal government borrowing (1) 1239.2 1443.9 1580.2 1067.9 1140.2 1411.2 1185.7 787.7 1176.1 1168.7 299.9 41

(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).
Flo

ws

Z.1, September 25, 2013 49

F.210 Agency- and GSE-Backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 768.9 -59.9 -46.2 -20.8 -22.8 -143.8 -8.4 -7.9 68.9 181.0 177.6 1

 2 Budget agencies 0.2 0.1 0.7 1.1 -0.4 -3.3 0.1 -0.3 1.9 -1.0 1.3 2

 3 Government-sponsored enterprises 271.7 -475.3 -233.8 -187.2 -154.6 -274.9 -155.0 -113.2 -75.4 43.1 136.7 3

 4 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 4

 5 Net purchases 768.9 -59.9 -46.2 -20.8 -22.8 -143.8 -8.4 -7.9 68.9 181.0 177.6 5

 6 Household sector 218.9 -674.6 -81.8 0.9 -141.9 -409.9 36.0 -148.1 -45.6 -395.7 -72.0 6

 7 Nonfinancial corporate business -2.6 4.2 1.7 -1.6 -2.6 -2.0 3.4 5.9 -17.7 -31.6 8.6 7

 8 State and local governments -16.9 9.8 22.3 -14.0 -28.2 -29.9 -4.2 -19.3 -59.4 10.7 -7.2 8

 9 Federal government 54.4 142.0 -47.2 -118.1 -31.1 -118.5 -5.8 0.0 0.0 0.0 0.0 9

 10 Rest of the world -228.6 -226.0 -72.3 -41.6 -71.8 -4.8 -184.6 26.8 -124.6 -167.4 -118.5 10

 11 Monetary authority 19.7 1048.5 71.4 -197.9 61.8 -33.6 52.9 -112.4 340.2 559.7 535.8 11

 12 U.S.-chartered depository institutions 136.2 168.0 110.1 106.9 35.5 260.2 -123.2 17.2 -12.0 163.5 60.7 12

 13 Foreign banking offices in U.S. -6.5 -19.3 -4.8 4.0 1.5 -6.1 12.9 -8.3 7.6 -17.5 -6.4 13

 14 Banks in U.S.-affiliated areas -2.0 -3.9 -7.7 -8.0 -2.2 1.2 -1.2 -3.3 -5.5 -0.7 -1.1 14

 15 Credit unions 14.4 27.8 40.9 30.6 14.9 33.1 17.8 11.0 -2.3 14.5 1.3 15

 16 Property-casualty insurance companies -11.5 1.9 -0.4 6.9 -9.0 -10.7 -10.2 -8.4 -6.8 2.7 1.3 16

 17 Life insurance companies -16.7 5.8 4.0 -1.2 -13.1 -5.3 -31.8 -2.5 -12.9 -9.5 -36.6 17

 18 Private pension funds -0.2 -6.4 6.5 3.3 16.9 33.1 11.2 7.0 16.4 9.1 15.4 18

 19 State and local govt. retirement funds -30.6 -3.0 1.8 7.1 17.6 31.9 13.6 7.3 17.7 8.2 11.9 19

 20 Federal government retirement funds -0.2 0.0 0.6 0.7 0.6 2.0 2.4 -2.2 0.4 -2.2 -1.9 20

 21 Money market mutual funds 520.3 -213.1 -140.2 0.9 -60.2 -213.4 0.7 -13.9 -14.1 35.5 33.4 21

 22 Mutual funds -3.7 54.0 156.1 110.0 126.2 156.6 148.0 98.7 101.5 127.9 -17.6 22

 23 Government-sponsored enterprises 207.0 -27.4 -85.1 -18.1 -48.3 -45.0 -21.2 -74.1 -53.0 -39.9 -32.5 23

 24 ABS issuers -26.5 -224.8 -96.0 -3.1 -0.7 9.1 -3.7 -2.4 -6.0 12.1 -3.6 24

 25 REITs 0.7 15.5 38.2 101.4 111.5 219.0 71.6 232.5 -77.1 -50.9 -75.8 25

 26 Brokers and dealers -72.5 -131.8 38.9 -2.1 21.9 3.7 84.6 -17.2 16.4 -62.8 -112.3 26

 27 Holding companies 15.9 -7.0 -3.2 12.0 -22.1 -14.4 -77.5 -1.9 5.6 15.5 -5.1 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 41.
Flo

ws

50 Z.1, September 25, 2013

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 92.4 155.3 99.7 -52.8 -4.9 19.2 95.4 -11.8 -122.6 76.5 24.7 1

 2 State and local governments 17.1 112.2 68.7 -53.6 -5.7 12.7 86.7 -6.1 -116.0 71.7 33.0 2

 3 Short-term (1) 4.6 7.8 -0.7 -10.6 3.8 0.7 31.6 10.0 -27.2 -4.4 8.6 3

 4 Long-term 12.5 104.4 69.3 -42.9 -9.4 12.0 55.2 -16.1 -88.8 76.0 24.4 4

 5 Nonprofit organizations (2) 9.3 5.9 -2.2 -7.8 -14.5 -6.5 -17.5 -15.4 -18.5 -6.5 -14.6 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 66.0 37.2 33.2 8.5 15.2 13.1 26.2 9.7 11.9 11.3 6.4 6

 7 Net change in assets 92.4 155.3 99.7 -52.8 -4.9 19.2 95.4 -11.8 -122.6 76.5 24.7 7

 8 Household sector 47.3 107.0 43.7 -64.8 -149.8 -123.1 -6.1 -233.7 -236.5 2.3 -32.2 8

 9 Nonfinancial corporate business -3.0 0.9 -3.2 -1.4 12.3 13.2 -3.7 17.4 22.1 -55.3 30.5 9

 10 Nonfinancial noncorporate business -0.4 0.2 0.5 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.2 10

 11 State and local governments 0.5 1.0 1.4 0.0 -0.7 -0.8 -0.1 -0.5 -1.5 0.3 -0.2 11

 12 Rest of the world 5.9 7.7 13.1 -1.4 -4.9 5.0 -6.0 10.4 -28.9 -6.9 -17.9 12

 13 U.S.-chartered depository institutions 19.9 2.4 30.3 42.6 65.8 47.7 83.0 84.7 47.9 53.9 66.2 13

 14 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Banks in U.S.-affiliated areas 0.5 0.9 -0.9 0.9 -0.8 -0.1 -2.6 0.1 -0.7 0.2 0.2 15

 16 Credit unions 0.0 0.0 0.0 3.2 1.0 5.9 -3.2 -0.2 1.5 4.5 -1.5 16

 17 Property-casualty insurance companies 10.6 -12.6 -21.0 -17.4 -3.4 -7.3 -6.5 -2.1 2.3 7.7 3.6 17

 18 Life insurance companies 5.7 26.1 39.2 9.3 9.6 12.7 1.4 14.3 10.0 3.0 3.3 18

 19 State and local govt. retirement funds -0.2 0.1 0.7 0.9 1.9 1.5 2.7 1.1 2.4 1.2 2.0 19

 20 Money market mutual funds 12.9 -69.4 -53.4 -29.4 -20.6 -36.9 -38.8 -3.2 -3.7 -65.8 11.1 20

 21 Mutual funds 17.7 89.4 46.7 15.7 86.2 83.1 87.0 107.2 67.4 76.8 -21.6 21

 22 Closed-end funds -13.3 3.3 0.4 0.9 3.3 2.3 2.2 3.5 5.0 2.2 -3.4 22

 23 Exchange-traded funds 1.7 3.6 1.7 1.0 3.6 4.2 3.3 2.9 4.0 2.9 -1.8 23

 24 Government-sponsored enterprises -2.0 -2.2 -4.2 -3.9 -4.1 -3.4 -3.3 -5.3 -4.4 31.7 34.5 24

 25 Brokers and dealers -11.4 -3.3 4.6 -9.1 -4.3 15.1 -14.1 -8.6 -9.6 17.7 -48.1 25

(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).
Flo

ws

Z.1, September 25, 2013 51

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues -216.3 -10.9 -76.6 223.8 433.9 413.9 -70.6 494.0 898.2 536.3 324.3 1

 2 Nonfinancial corporate business 225.4 411.7 438.6 410.8 579.6 523.2 426.0 587.1 782.0 570.2 558.9 2

 3 Rest of the world (1) -158.8 163.3 59.9 137.7 62.2 -49.8 -84.9 133.2 250.5 239.8 15.2 3

 4 Financial sectors -282.9 -585.9 -575.1 -324.7 -207.9 -59.5 -411.6 -226.3 -134.3 -273.6 -249.8 4

 5 U.S.-chartered depository institutions 0.1 -28.5 6.7 -21.0 1.3 50.4 -50.9 -18.2 23.7 -7.6 -9.8 5

 6 ABS issuers (net) (2) -329.7 -470.7 -457.2 -222.6 -206.9 -250.1 -208.9 -267.0 -101.5 -241.0 -147.3 6

 7 Finance companies -49.6 -87.0 -111.7 -38.6 -78.3 -33.6 -86.1 -10.2 -183.5 -20.4 -13.4 7

 8 REITs -60.3 -41.3 -0.1 15.5 26.1 30.0 24.9 18.7 30.6 7.7 25.6 8

 9 Brokers and dealers 32.3 -4.2 36.9 -37.9 -1.7 24.8 16.5 -65.2 17.3 -4.2 55.8 9

 10 Holding companies 123.0 7.8 -46.5 -91.6 16.3 110.1 -124.4 16.7 62.7 -46.0 -138.6 10

 11 Funding corporations 1.4 37.9 -3.2 71.6 35.3 8.9 17.2 98.9 16.3 37.9 -22.2 11

 12 Net purchases (3) -216.3 -10.9 -76.6 223.8 433.9 413.9 -70.6 494.0 898.2 536.3 324.3 12

 13 Household sector -162.9 58.4 -329.6 127.6 41.3 -51.1 -17.4 -24.6 258.3 -28.3 -123.0 13

 14 State and local governments -5.2 3.3 7.4 -4.4 -9.0 -9.6 -1.4 -6.2 -19.0 3.4 -2.3 14

 15 Federal government 0.0 0.6 0.3 -0.1 -0.2 -0.1 -0.0 -0.4 -0.1 -0.2 -0.1 15

 16 Rest of the world (4) -21.8 -127.3 -36.8 -109.9 -14.4 -118.8 -236.2 80.6 216.6 159.3 131.0 16

 17 MBS and other ABS -101.4 -168.7 -45.5 -44.8 -36.1 -46.6 -25.3 -49.3 -23.1 -21.6 -39.4 17

 18 Other 79.5 41.4 8.8 -65.1 21.7 -72.2 -210.8 129.9 239.7 180.9 170.4 18

 19 U.S.-chartered depository institutions -64.1 25.9 -98.8 3.0 -1.2 -78.3 -13.9 55.4 32.2 -14.8 9.5 19

 20 MBS and other ABS -69.1 -47.7 -88.1 -24.8 -1.0 -52.0 57.9 -1.7 -8.3 -11.2 -1.9 20

 21 Other 5.0 73.7 -10.7 27.8 -0.1 -26.3 -71.8 57.0 40.5 -3.5 11.4 21

 22 Foreign banking offices in U.S. 32.1 -156.7 -11.0 0.6 -5.8 -72.2 0.7 29.0 19.4 -73.2 -37.9 22

 23 Banks in U.S.-affiliated areas 0.0 1.5 -1.4 3.6 1.0 0.5 -0.8 2.0 2.4 1.6 -0.2 23

 24 Credit unions -8.4 -6.7 -15.7 -0.3 0.3 2.4 0.5 -1.6 0.1 4.6 3.0 24

 25 MBS and other ABS 0.5 0.3 -0.7 -0.3 0.7 2.7 0.8 -1.1 0.5 4.2 2.8 25

 26 Other -8.9 -7.0 -15.0 -0.1 -0.4 -0.3 -0.3 -0.5 -0.5 0.4 0.2 26

 27 Property-casualty insurance companies -15.4 30.8 24.3 40.4 16.7 12.0 13.1 18.2 23.5 9.0 4.2 27

 28 MBS and other ABS 0.0 0.0 0.0 -0.6 2.7 2.7 2.7 2.7 2.7 1.7 1.0 28

 29 Other -15.4 30.8 24.3 41.1 14.0 9.4 10.4 15.4 20.7 7.2 3.2 29

 30 Life insurance companies -45.5 97.6 102.9 93.4 43.8 105.9 -95.9 119.2 46.0 83.4 73.4 30

 31 MBS and other ABS 0.0 0.0 0.0 0.0 -24.3 -30.3 -22.6 -22.3 -22.0 9.6 1.5 31

 32 Other -45.5 97.6 102.9 93.4 68.1 136.2 -73.3 141.5 68.0 73.8 71.9 32

 33 Private pension funds 2.9 -14.5 83.4 44.6 -47.8 -63.6 -28.0 -50.0 -49.5 -40.6 6.1 33

 34 State and local govt. retirement funds 22.0 -102.3 5.7 -24.8 -60.1 -62.7 -65.6 -75.1 -37.2 -31.1 -0.2 34

 35 Federal government retirement funds -0.5 -0.0 0.2 1.4 1.0 1.1 1.4 1.6 0.0 -2.3 -1.8 35

 36 Money market mutual funds -148.8 -58.1 -15.7 -49.1 -3.0 -8.8 -22.6 -16.9 36.0 4.0 -49.2 36

 37 Mutual funds 69.7 143.8 122.3 170.3 306.0 306.0 240.5 333.5 344.1 388.7 263.9 37

 38 Closed-end funds -24.9 6.1 4.1 -2.4 8.0 7.9 3.4 10.7 10.0 26.1 22.9 38

 39 Exchange-traded funds 13.9 27.6 18.7 33.6 47.6 62.5 49.3 45.5 32.9 28.2 10.1 39

 40 Government-sponsored enterprises -77.7 -33.8 -16.9 -33.4 -54.6 -26.4 -107.2 -23.6 -61.2 -54.5 3.6 40

 41 MBS and other ABS -64.4 -35.4 -33.9 -34.8 -35.8 -17.9 -70.5 -18.3 -36.3 -54.0 4.1 41

 42 Other -13.4 1.6 17.0 1.4 -18.8 -8.5 -36.6 -5.2 -24.9 -0.6 -0.6 42

 43 Finance companies 3.0 6.3 -19.8 0.9 -6.3 -0.4 8.0 -6.3 -26.5 -2.9 -18.3 43

 44 REITs -22.8 3.8 5.3 1.3 10.1 13.9 8.0 12.2 6.2 19.7 3.2 44

 45 Brokers and dealers -259.0 47.5 35.2 -85.0 35.5 179.1 -74.1 33.9 3.1 31.9 -42.6 45

 46 Holding companies -0.0 -8.4 7.3 -20.1 -4.7 -9.6 38.9 -32.2 -15.7 1.6 -2.0 46

 47 Funding corporations 497.3 43.6 51.9 32.6 129.6 224.0 228.5 -10.8 76.6 22.6 71.1 47

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

(2) Net issuance less net acquisition of corporate bonds held as assets.

(3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately

 issued asset-backed bonds.

(4) Net purchases of U.S. issues by foreign residents.
Flo

ws

52 Z.1, September 25, 2013

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 264.8 315.5 -7.6 -302.4 -162.3 -215.2 -211.7 -68.1 -154.1 271.3 2.7 1

 2 Nonfinancial corporate business -336.0 -64.6 -278.0 -472.5 -400.0 -291.8 -508.1 -395.6 -404.5 -255.9 -344.8 2

 3 Rest of the world (2) -38.5 63.7 79.1 6.0 82.6 40.7 176.6 71.5 41.5 295.3 305.3 3

 4 Financial sectors 639.3 316.4 191.2 164.0 155.1 35.8 119.9 256.0 208.8 232.0 42.2 4

 5 U.S.-chartered depository institutions 12.1 11.6 11.9 6.4 2.1 3.5 1.3 1.1 2.3 1.4 0.8 5

 6 Property-casualty insurance companies 0.4 -5.3 -12.7 -10.7 -14.5 -18.1 -13.1 -22.2 -4.8 -3.6 -6.4 6

 7 Life insurance companies -10.7 -0.9 -4.8 -11.5 -9.9 -11.5 -11.9 -7.6 -8.6 -6.6 -9.7 7

 8 Closed-end funds -61.8 7.6 0.4 -3.0 2.9 -30.4 14.4 9.6 17.8 13.4 7.9 8

 9 Exchange-traded funds 177.2 116.5 118.0 117.6 185.2 212.7 100.2 207.0 221.0 207.7 60.2 9

 10 REITs 12.8 24.2 28.2 37.5 47.6 59.5 31.1 62.7 37.1 64.2 63.1 10

 11 Government-sponsored enterprises 27.6 96.0 38.1 29.2 0.6 23.4 -12.5 -4.4 -4.2 7.8 -10.7 11

 12 Brokers and dealers 120.2 -32.4 -11.1 14.1 -50.7 -181.4 25.1 -26.8 -19.9 -45.4 -41.6 12

 13 Holding companies 321.4 68.6 19.8 2.9 0.6 12.7 -14.8 36.5 -31.8 -7.0 -21.3 13

 14 Funding corporations (3) 40.0 30.5 3.5 -18.4 -8.6 -34.5 0.0 0.0 0.0 0.0 0.0 14

 15 Net purchases 264.8 315.5 -7.6 -302.4 -162.3 -215.2 -211.7 -68.1 -154.1 271.3 2.7 15

 16 Household sector -303.0 -8.5 -187.4 -288.2 -363.0 -320.9 10.4 -436.1 -705.6 93.8 -181.2 16

 17 State and local governments -7.6 -2.3 -0.3 -4.5 -4.8 -5.1 -0.7 -3.3 -10.1 1.8 -1.2 17

 18 Federal government 256.3 0.6 24.1 40.3 -13.2 -19.8 -18.1 -9.9 -5.0 -5.2 -2.8 18

 19 Rest of the world (4) 105.8 154.9 74.6 37.0 53.1 44.4 -287.3 118.6 336.7 8.9 -90.2 19

 20 Monetary authority 0.0 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 U.S.-chartered depository institutions 0.9 6.3 -1.8 1.0 5.1 8.5 3.0 6.1 3.0 -2.7 0.1 21

 22 Foreign banking offices in U.S. 0.0 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Property-casualty insurance companies 35.1 -2.4 -20.9 2.3 6.5 5.3 12.2 -1.6 10.1 6.8 11.7 23

 24 Life insurance companies 81.8 33.4 45.6 37.7 15.3 6.4 16.2 20.0 18.5 18.7 65.0 24

 25 Private pension funds -73.2 -95.4 25.2 -63.8 9.6 -12.6 19.3 32.9 -1.1 15.8 11.3 25

 26 State and local govt. retirement funds 110.3 20.5 -84.0 -77.4 36.7 46.5 39.6 11.0 49.5 -28.7 -35.8 26

 27 Federal government retirement funds -8.4 8.8 5.4 -4.2 -4.1 6.5 -3.8 -8.4 -10.8 16.3 9.3 27

 28 Mutual funds -38.1 86.5 44.3 4.9 -37.2 -92.5 -50.0 -0.3 -6.3 61.3 164.2 28

 29 Closed-end funds -21.1 -3.0 -4.8 -1.3 -8.7 -41.7 9.2 -5.3 3.0 -17.0 -11.4 29

 30 Exchange-traded funds 154.2 70.5 88.3 71.6 132.9 147.7 26.4 176.7 180.7 179.6 47.1 30

 31 Brokers and dealers -28.5 -4.6 -18.5 -5.0 9.7 12.1 11.8 31.6 -16.8 -78.0 16.5 31

 32 Funding corporations 0.0 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.

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

F.214 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues -9.9 497.1 370.1 338.4 625.7 586.8 585.4 782.3 548.2 957.8 498.6 1

 2 Net purchases -9.9 497.1 370.1 338.4 625.7 586.8 585.4 782.3 548.2 957.8 498.6 2

 3 Household sector -38.1 334.5 227.6 217.7 419.2 351.3 175.0 734.7 415.9 980.8 458.4 3

 4 Nonfinancial corporate business -16.5 35.3 11.1 -12.8 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 4

 5 State and local governments -0.5 1.7 2.8 -0.8 -2.5 -2.6 -0.4 -1.7 -5.2 0.9 -0.6 5

 6 Rest of the world -2.7 57.2 111.5 147.5 144.0 168.7 338.3 -18.0 87.0 -101.2 15.2 6

 7 U.S.-chartered depository institutions 1.3 14.8 -5.8 -0.8 8.3 -10.3 11.6 11.1 20.7 13.8 2.2 7

 8 Credit unions -0.0 -0.7 0.2 0.3 0.4 1.0 -0.1 0.4 0.4 1.1 -0.8 8

 9 Property-casualty insurance companies -0.4 0.1 -0.1 -0.1 -0.1 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 9

 10 Life insurance companies -10.7 0.0 1.0 1.1 1.3 1.2 1.3 1.3 1.3 1.3 1.4 10

 11 Private pension funds 85.5 56.5 35.1 1.9 52.2 73.5 56.6 54.9 23.6 48.2 29.0 11

 12 State and local govt. retirement funds -27.6 -2.3 -13.2 -15.7 4.5 5.7 4.8 1.3 6.1 14.5 -4.4 12

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

ws

Z.1, September 25, 2013 53

F.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 689.9 -749.7 -96.5 132.5 172.9 141.0 147.7 151.6 251.2 42.8 205.1 1

 2 Household sector 4.6 33.0 52.4 -53.9 111.5 59.7 210.5 -8.1 184.1 -41.1 38.4 2

 3 Corporate business 64.2 -234.0 -83.5 68.9 78.3 82.1 91.4 56.7 83.0 20.0 54.6 3

 4 Noncorporate business 119.5 -102.0 -20.3 56.7 87.8 118.4 81.5 62.2 89.0 35.5 58.4 4

 5 Rest of the world 5.1 -11.2 17.9 29.2 19.2 29.0 44.8 8.8 -5.9 45.2 25.6 5

 6 Foreign official institutions 0.7 0.6 1.1 -1.7 -0.7 -0.3 -1.6 -0.3 -0.4 2.5 0.5 6

 7 Foreign banks 2.8 -5.1 11.8 11.3 -1.9 2.1 11.2 -14.4 -6.4 25.4 11.8 7

 8 Other foreign 1.6 -6.6 4.9 19.5 21.7 27.3 35.2 23.6 1.0 17.3 13.3 8

 9 Financial sectors 496.4 -435.4 -62.9 31.6 -124.0 -148.3 -280.6 32.0 -99.0 -16.8 28.1 9

 10 Finance companies -7.1 -30.4 -64.9 15.9 16.4 -14.5 -5.4 58.0 27.7 -20.2 4.8 10

 11 REITs -0.3 -12.1 -2.2 3.6 1.2 -13.9 7.6 -3.5 14.8 -12.9 5.8 11

 12 Brokers and dealers 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Holding companies 13.3 2.3 26.1 64.0 -120.2 -81.6 -235.1 -22.4 -141.4 16.3 17.5 13

 14 Funding corporations 444.9 -349.6 -21.9 -51.9 -21.5 -38.3 -47.6 0.0 0.0 0.0 0.0 14

 15 Net change in assets 689.9 -749.7 -96.5 132.5 172.9 141.0 147.7 151.6 251.2 42.8 205.1 15

 16 Monetary authority (2) 490.4 -347.6 -44.8 -67.6 -29.9 -46.1 -57.7 -12.2 -3.6 -0.7 -0.5 16

 17 U.S.-chartered depository institutions 131.2 -277.7 -35.9 156.3 212.4 201.1 216.8 163.1 268.8 45.2 145.0 17

 18 Foreign banking offices in U.S. 65.1 -125.4 -16.1 36.1 -10.7 -11.2 -11.3 -11.0 -9.6 -1.6 53.7 18

 19 Banks in U.S.-affiliated areas -1.7 -0.3 -3.3 1.1 1.0 0.4 0.3 1.4 1.7 0.3 3.6 19

 20 Credit unions 4.8 1.3 3.5 6.6 0.1 -3.2 -0.4 10.2 -6.1 -0.4 3.4 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.
Flo

ws

54 Z.1, September 25, 2013

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 119.1 -447.0 -226.9 4.6 -10.2 -96.0 59.6 -33.1 28.9 65.9 246.0 1

 2 U.S. government loans 6.1 66.1 3.6 4.9 2.5 12.2 8.5 -8.0 -2.5 13.9 0.9 2

 3 Liab.: Household sector 0.3 -0.2 -1.0 -0.5 -0.1 -1.1 0.4 0.1 0.1 3.1 0.0 3

 4 Nonfinancial corporate business 4.4 59.6 -4.3 -0.5 5.2 6.3 6.4 3.7 4.5 3.7 0.0 4

 5 Nonfinancial noncorporate business 2.1 3.6 0.6 2.9 0.6 0.2 2.4 0.2 -0.3 3.5 0.0 5

 6 State and local governments 0.8 0.8 0.9 0.9 0.4 0.5 1.1 -0.4 0.5 1.1 0.0 6

 7 Rest of the world -1.5 0.3 0.2 1.4 3.2 7.6 0.4 -0.2 5.1 5.5 1.3 7

 8 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Funding corporations 0.0 2.0 7.2 0.7 -6.8 -1.4 -2.2 -11.3 -12.5 -3.0 -0.4 10

 11 Foreign loans to U.S. corporate business -44.7 -44.0 -20.2 33.9 -49.9 -75.2 -40.0 -20.8 -63.7 15.0 13.4 11

 12 Liab.: Nonfinancial corporate business -44.7 -44.0 -20.2 33.9 -49.9 -75.2 -40.0 -20.8 -63.7 15.0 13.4 12

 Customers’ liability on acceptances outstanding

 13 Asset: U.S.-chartered depository institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Foreign banking offices in U.S. -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Liab.: Nonfinancial corporate business -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Holding company loans 2.0 -3.2 4.3 4.0 16.7 78.5 0.5 1.5 -13.6 2.6 19.0 17

 18 Liab.: Nonfinancial corporate business 2.0 -3.2 4.3 4.0 14.3 78.5 -3.4 1.1 -19.0 8.5 20.0 18

 19 Rest of the world 0.0 0.0 0.0 0.0 2.4 0.0 3.9 0.4 5.5 -5.9 -1.0 19

 20 Policy loans (Household liability) 5.9 0.7 3.4 2.4 1.4 -0.2 -1.0 2.5 4.1 -0.1 1.1 20

 21 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 21

 22 Life insurance companies 5.9 0.7 3.4 2.5 1.4 -0.1 -1.0 2.6 4.1 -0.1 1.1 22

 23 Govt.-sponsored enterprises loans (1) 38.1 -284.8 -144.7 -64.2 18.6 -21.9 74.1 4.4 17.9 28.9 141.9 23

 24 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Nonfinancial corporate business (FCS) -3.8 -0.4 1.6 -0.9 0.7 3.8 -0.5 0.8 -1.4 0.9 -0.7 25

 26 Nonfinancial noncorporate business (FCS) 8.5 0.2 5.6 -2.6 7.6 -6.3 18.7 12.1 6.0 -20.6 15.9 26

 27 U.S.-chartered dep. inst. (FHLB & SLMA) -1.2 -263.9 -148.3 -60.5 4.6 -21.0 36.9 -10.9 13.5 54.9 115.3 27

 28 Credit unions (FHLB) 8.3 -14.1 -0.4 -2.0 0.9 -5.1 3.3 2.6 2.8 -11.4 4.9 28

 29 Life insurance companies (FHLB) 26.2 -6.6 -3.2 1.8 4.8 6.6 15.7 -0.2 -3.0 5.2 6.5 29

 30 Securitized loans held by ABS issuers -15.6 -23.7 -4.9 -3.9 1.7 0.0 -0.0 12.8 -5.9 8.5 1.8 30

 31 Liab.: Nonfinancial corporate business -15.6 -23.7 -4.9 -3.9 1.7 0.0 -0.0 12.8 -5.9 8.5 1.8 31

 32 Finance company loans to business 16.9 -91.0 -15.2 2.7 12.3 4.5 19.6 5.0 20.0 23.9 37.9 32

 33 Liab.: Nonfinancial corporate business 15.2 -81.9 -13.7 2.4 11.1 4.0 17.7 4.5 18.0 21.5 34.1 33

 34 Nonfinancial noncorporate business 1.7 -9.1 -1.5 0.3 1.2 0.4 2.0 0.5 2.0 2.4 3.8 34

 35 Loans to nonfinancial corporate business (2) 110.5 -67.1 -53.3 24.9 -13.5 -94.0 -2.0 -30.6 72.6 -26.9 30.0 35

 36 Asset: Household sector 12.2 -5.3 -0.6 -2.8 -2.5 12.6 -13.3 -0.5 -8.7 7.1 -9.0 36

 37 Life insurance companies 14.3 -13.3 -3.7 5.4 0.4 -7.8 5.1 2.2 2.1 -3.3 5.0 37

 38 Mutual funds 12.4 1.3 -0.8 18.9 12.2 2.9 20.1 5.6 20.3 30.8 15.0 38

 39 ABS issuers 53.4 -27.4 -34.0 -1.5 -2.3 18.2 -19.8 -32.1 24.3 -52.1 20.0 39

 40 Brokers and dealers 3.1 -12.7 -12.7 6.9 -14.8 -94.9 8.9 -3.8 30.6 -9.5 10.0 40

 41 Funding corporations 15.1 -9.8 -1.5 -2.0 -6.5 -25.0 -3.0 -2.1 4.1 0.1 -11.0 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.
Flo

ws

Z.1, September 25, 2013 55

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 75.4 -290.1 -506.6 -321.4 -260.2 -450.7 -246.0 -354.0 10.0 -253.7 -50.6 1

 2 Home -115.3 -211.3 -346.4 -254.6 -248.7 -354.1 -218.1 -328.8 -93.7 -213.8 -165.5 2

 3 Multifamily residential 47.1 6.8 -5.2 5.5 23.8 -7.3 25.9 32.4 44.1 16.6 41.8 3

 4 Commercial 121.6 -96.9 -163.0 -85.4 -41.0 -95.1 -59.5 -63.4 53.8 -62.6 67.1 4

 5 Farm 22.0 11.3 8.1 13.1 5.8 5.8 5.8 5.8 5.8 6.0 6.0 5

 6 Net borrowing 75.4 -290.1 -506.6 -321.4 -260.2 -450.7 -246.0 -354.0 10.0 -253.7 -50.6 6

 7 Household sector -61.2 -164.2 -369.7 -234.6 -240.0 -343.0 -213.4 -320.0 -83.5 -203.8 -158.6 7

 8 Nonfinancial business 129.9 -129.3 -137.1 -95.9 -35.8 -118.1 -57.5 -46.2 78.5 -54.2 109.5 8

 9 Corporate -57.0 -127.9 -120.7 -63.7 -4.3 -21.8 -17.1 -32.6 54.5 -60.4 42.7 9

 10 Noncorporate 186.9 -1.4 -16.5 -32.2 -31.5 -96.2 -40.3 -13.6 24.0 6.1 66.8 10

 11 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 REITs 6.8 3.4 0.2 9.1 15.6 10.4 24.9 12.2 14.9 4.2 -1.4 12

 13 Net change in assets 75.4 -290.1 -506.6 -321.4 -260.2 -450.7 -246.0 -354.0 10.0 -253.7 -50.6 13

 14 Household sector 1.1 -3.0 -13.7 -3.2 -20.4 -21.1 -21.0 -19.3 -20.3 -16.3 -19.1 14

 15 Nonfinancial corporate business -7.7 -4.1 -1.6 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 15

 16 Nonfinancial noncorporate business -3.0 -1.2 4.2 0.5 0.5 0.2 0.3 0.4 1.1 0.6 1.1 16

 17 State and local governments -5.4 5.0 10.0 -5.0 -11.2 -11.9 -1.7 -7.7 -23.6 4.3 -2.9 17

 18 Federal government 13.5 12.6 -1.8 4.0 1.7 4.5 1.8 -0.8 1.2 3.6 0.1 18

 19 U.S.-chartered depository institutions -43.4 -243.3 -205.0 -145.4 -52.2 -153.1 0.8 -171.1 114.7 -14.8 -26.2 19

 20 Foreign banking offices in U.S. 5.2 -6.4 -2.5 -2.6 -1.9 -6.4 -0.1 0.1 -1.2 -4.9 -0.4 20

 21 Banks in U.S.-affiliated areas 1.8 -0.3 -6.5 -2.4 1.5 -1.9 -2.1 -1.7 11.7 -2.3 -2.7 21

 22 Credit unions 32.0 4.8 0.0 3.5 7.3 8.5 6.1 7.5 7.3 3.9 13.6 22

 23 Property-casualty insurance companies 0.2 -0.5 -0.3 0.8 0.7 1.0 0.8 0.5 0.5 0.9 2.9 23

 24 Life insurance companies 16.3 -16.3 -8.6 15.0 11.9 21.1 13.9 5.5 7.2 4.3 12.9 24

 25 Private pension funds -8.0 -2.4 2.8 -4.6 -2.6 -3.5 -1.9 -2.4 -2.4 -2.8 -2.9 25

 26 State and local govt. retirement funds -2.8 -3.7 -0.5 0.2 -1.2 -1.5 -1.1 -1.1 -1.0 -1.5 -1.9 26

 27 Government-sponsored enterprises (1) 62.2 2.4 -110.8 -96.9 -100.5 -140.7 -162.4 -38.4 -60.7 -148.5 100.0 27

 28 Agency- and GSE-backed mortgage pools 497.0 415.3 186.9 165.3 132.2 134.5 146.5 105.6 142.4 138.8 39.6 28

 29 ABS issuers -352.5 -370.3 -296.9 -218.9 -206.0 -246.9 -206.2 -217.9 -153.1 -191.1 -160.1 29

 30 Finance companies -84.0 -50.5 -55.9 -32.1 -26.4 -28.5 -31.0 -20.5 -25.5 -30.6 -13.7 30

 31 REITs -46.9 -28.0 -6.3 0.2 6.1 -5.0 11.1 7.0 11.6 2.4 8.8 31
Flo

ws

56 Z.1, September 25, 2013

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing -115.3 -211.3 -346.4 -254.6 -248.7 -354.1 -218.1 -328.8 -93.7 -213.8 -165.5 1

 2 Household sector -58.2 -157.4 -357.8 -228.4 -236.4 -335.4 -208.5 -315.2 -86.7 -200.1 -162.0 2

 3 Nonfinancial corporate business -10.2 -12.4 -6.8 -3.4 -0.5 -1.0 -0.1 0.1 -1.0 -1.2 0.7 3

 4 Nonfinancial noncorporate business -46.9 -41.5 18.1 -22.8 -11.7 -17.7 -9.6 -13.7 -6.0 -12.5 -4.1 4

 5 Net change in assets -115.3 -211.3 -346.4 -254.6 -248.7 -354.1 -218.1 -328.8 -93.7 -213.8 -165.5 5

 6 Household sector 0.4 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 6

 7 Nonfinancial corporate business -4.8 -2.5 -0.9 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 7

 8 Nonfinancial noncorporate business -1.1 -0.4 1.5 0.2 0.2 0.1 0.1 0.2 0.4 0.2 0.4 8

 9 State and local governments -2.8 2.6 5.1 -2.6 -5.8 -6.1 -0.9 -4.0 -12.1 2.2 -1.5 9

 10 Federal government 2.7 5.7 1.8 0.9 1.2 2.8 0.8 -1.6 2.6 -0.9 -2.6 10

 11 U.S.-chartered depository institutions -184.4 -191.1 -104.7 -77.7 -52.1 -110.6 23.4 -154.7 33.4 -28.3 -105.8 11

 12 Foreign banking offices in U.S. -1.5 -6.0 0.1 0.3 0.5 0.5 -0.5 1.0 0.9 -0.2 -0.8 12

 13 Banks in U.S.-affiliated areas 1.4 -0.3 -2.5 -2.4 2.3 -1.0 -1.0 -0.8 11.9 -0.3 -3.1 13

 14 Credit unions 32.0 4.8 0.0 3.5 7.3 8.5 6.1 7.5 7.3 3.9 13.6 14

 15 Life insurance companies -0.8 0.0 0.4 -0.1 0.5 2.1 2.0 1.8 -3.9 0.1 -1.3 15

 16 Private pension funds 0.1 0.7 -0.1 -0.3 0.9 0.3 0.8 1.0 1.3 1.6 1.9 16

 17 State and local govt. retirement funds -1.0 -1.3 -0.2 0.1 -0.4 -0.6 -0.4 -0.4 -0.4 -0.5 -0.7 17

 18 Government-sponsored enterprises 8.8 -25.3 -117.7 -103.2 -111.6 -153.6 -163.8 -59.6 -69.5 -136.1 111.8 18

 19 Agency- and GSE-backed mortgage pools 492.2 402.5 175.8 148.0 105.0 115.7 112.9 84.8 106.5 110.0 2.0 19

 20 ABS issuers -312.9 -323.1 -243.5 -192.9 -181.9 -182.1 -191.4 -185.5 -168.4 -142.9 -159.8 20

 21 Finance companies -97.3 -47.8 -50.0 -19.8 -12.2 -23.9 -10.7 -13.0 -1.2 -22.0 -14.2 21

 22 REITs -46.4 -21.7 -3.7 -0.7 5.5 1.8 12.3 2.4 5.4 7.2 2.3 22

 Memo:

 23 Home equity loans included above (2) -18.5 -82.5 -90.4 -75.0 -83.0 -88.4 -72.2 -88.3 -83.3 -86.0 -68.7 23

 24 U.S.-chartered depository institutions 22.0 -53.3 -66.3 -60.1 -70.4 -72.3 -59.4 -78.1 -71.9 -74.0 -55.9 24

 25 Foreign banking offices in U.S. -0.4 -0.6 0.0 -0.0 -0.0 0.1 -0.2 0.0 -0.1 0.1 -0.1 25

 26 Credit unions 4.6 -4.1 -6.4 -6.0 -6.5 -9.4 -6.1 -4.4 -6.1 -6.7 -4.7 26

 27 ABS issuers -25.2 -15.0 -8.6 -4.8 -3.6 -3.7 -3.4 -4.0 -3.3 -2.9 -4.7 27

 28 Finance companies -19.5 -9.6 -9.3 -4.0 -2.4 -2.9 -3.1 -1.8 -1.9 -2.6 -3.3 28

(1) Mortgages on 1-4 family properties including mortages on farm houses.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 47.1 6.8 -5.2 5.5 23.8 -7.3 25.9 32.4 44.1 16.6 41.8 1

 2 Nonfinancial corporate business 2.2 0.2 -0.3 0.3 1.2 -0.2 1.4 1.7 2.2 0.8 2.0 2

 3 Nonfinancial noncorporate business 42.6 4.7 -5.8 5.3 23.6 -4.6 26.6 31.4 41.2 14.8 38.7 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 2.3 1.8 0.8 -0.1 -1.1 -2.4 -2.1 -0.7 0.7 1.1 1.1 5

 6 Net change in assets 47.1 6.8 -5.2 5.5 23.8 -7.3 25.9 32.4 44.1 16.6 41.8 6

 7 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.1 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfinancial noncorporate business -1.0 -0.4 1.5 0.2 0.2 0.1 0.1 0.1 0.4 0.2 0.4 9

 10 State and local governments -2.2 2.0 4.0 -2.0 -4.5 -4.7 -0.7 -3.1 -9.4 1.7 -1.1 10

 11 Federal government 0.1 0.1 -0.3 -0.3 -0.3 0.0 -0.6 -0.8 0.0 -0.4 -0.0 11

 12 U.S.-chartered depository institutions 14.9 -9.0 -12.2 -6.6 5.0 -14.6 6.8 7.1 20.6 12.7 29.5 12

 13 Foreign banking offices in U.S. -0.2 -0.4 -0.5 -0.6 -1.5 -5.7 -0.5 0.1 -0.1 -0.5 -1.6 13

 14 Life insurance companies -0.1 -3.2 -1.3 2.1 1.5 2.5 2.3 1.8 -0.6 0.8 0.4 14

 15 Private pension funds 0.3 0.3 0.4 -0.3 0.9 0.0 1.0 1.0 1.6 1.9 2.3 15

 16 State and local govt. retirement funds -0.8 -1.1 -0.2 0.1 -0.4 -0.5 -0.3 -0.3 -0.3 -0.4 -0.6 16

 17 Government-sponsored enterprises 42.5 14.2 2.0 2.8 6.2 8.3 -3.5 16.6 3.6 -14.1 -15.4 17

 18 Agency- and GSE-backed mortgage pools 4.6 13.0 11.3 19.4 27.0 19.0 31.8 21.0 36.2 29.1 37.7 18

 19 ABS issuers -10.7 -5.8 -8.6 -7.7 -9.6 -11.1 -10.1 -10.1 -7.3 -15.1 -10.1 19

 20 Finance companies 0.8 -0.7 -1.0 -1.5 -0.8 -0.6 -0.6 -1.0 -0.9 -0.4 -2.2 20

 21 REITs -0.9 -2.0 -0.4 -0.2 0.1 -0.0 0.2 0.0 0.4 1.3 2.7 21
Flo

ws

Z.1, September 25, 2013 57

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 121.6 -96.9 -163.0 -85.4 -41.0 -95.1 -59.5 -63.4 53.8 -62.6 67.1 1

 2 Household sector -3.0 -6.8 -11.9 -6.2 -3.5 -7.6 -4.9 -4.8 3.2 -3.7 3.4 2

 3 Nonfinancial corporate business -55.1 -119.9 -116.8 -65.2 -7.3 -24.0 -21.0 -36.3 52.2 -60.9 39.1 3

 4 Nonfinancial noncorporate business 175.3 28.2 -33.7 -23.2 -47.0 -76.3 -60.6 -35.2 -15.8 -1.2 27.0 4

 5 REITs 4.5 1.6 -0.6 9.2 16.7 12.8 27.0 12.8 14.2 3.2 -2.5 5

 6 Net change in assets 121.6 -96.9 -163.0 -85.4 -41.0 -95.1 -59.5 -63.4 53.8 -62.6 67.1 6

 7 Household sector 0.9 -0.7 -2.5 -4.3 -6.1 -5.5 -5.9 -6.4 -6.8 -7.3 -7.7 7

 8 Nonfinancial corporate business -2.8 -1.6 -0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 8

 9 Nonfinancial noncorporate business -0.8 -0.3 1.1 0.1 0.1 0.1 0.1 0.1 0.3 0.2 0.3 9

 10 State and local governments -0.4 0.4 0.8 -0.4 -0.9 -0.9 -0.1 -0.6 -1.9 0.3 -0.2 10

 11 Federal government 10.4 6.4 -3.7 3.2 0.8 1.5 1.5 1.5 -1.5 5.3 2.5 11

 12 U.S.-chartered depository institutions 117.4 -36.8 -95.1 -62.9 -11.9 -36.8 -35.5 -29.7 54.3 -5.3 44.4 12

 13 Foreign banking offices in U.S. 6.8 0.1 -2.1 -2.3 -0.9 -1.2 0.9 -1.0 -2.1 -4.1 2.0 13

 14 Banks in U.S.-affiliated areas 0.4 -0.0 -4.0 -0.1 -0.8 -0.9 -1.1 -0.9 -0.2 -2.1 0.4 14

 15 Property-casualty insurance companies 0.2 -0.5 -0.3 0.8 0.7 1.0 0.8 0.5 0.5 0.9 2.9 15

 16 Life insurance companies 14.9 -11.4 -6.9 12.3 10.0 16.5 9.6 2.0 11.7 3.4 13.8 16

 17 Private pension funds -8.4 -3.4 2.5 -4.0 -4.3 -3.9 -3.7 -4.5 -5.3 -6.2 -7.1 17

 18 State and local govt. retirement funds -1.0 -1.2 -0.2 0.1 -0.4 -0.5 -0.4 -0.4 -0.3 -0.5 -0.6 18

 19 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 ABS issuers -28.9 -41.4 -44.9 -18.3 -14.5 -53.6 -4.7 -22.3 22.6 -33.1 9.8 20

 21 Finance companies 12.6 -2.0 -4.9 -10.8 -13.4 -4.1 -19.7 -6.5 -23.3 -8.2 2.7 21

 22 REITs 0.4 -4.3 -2.3 1.1 0.5 -6.8 -1.4 4.6 5.8 -6.0 3.9 22

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 22.0 11.3 8.1 13.1 5.8 5.8 5.8 5.8 5.8 6.0 6.0 1

 2 Nonfinancial corporate business 6.0 4.1 3.2 4.5 2.2 3.4 2.5 1.9 1.1 1.0 0.9 2

 3 Nonfinancial noncorporate business 16.0 7.2 4.9 8.6 3.6 2.4 3.3 3.9 4.7 5.0 5.1 3

 4 Net change in assets 22.0 11.3 8.1 13.1 5.8 5.8 5.8 5.8 5.8 6.0 6.0 4

 5 Household sector -0.2 5.8 -3.2 9.1 -6.3 -7.7 -7.1 -4.9 -5.5 -1.0 -3.4 5

 6 Nonfinancial noncorporate business -0.1 -0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 State and local governments -0.0 0.0 0.1 -0.0 -0.1 -0.1 -0.0 -0.0 -0.1 0.0 -0.0 7

 8 Federal government 0.2 0.4 0.4 0.3 0.1 0.1 0.1 0.0 0.0 -0.4 0.2 8

 9 U.S.-chartered depository institutions 8.8 -6.4 7.0 1.8 6.9 8.9 6.1 6.3 6.3 6.1 5.7 9

 10 Foreign banking offices in U.S. 0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0 -0.0 0.1 -0.1 -0.0 10

 11 Life insurance companies 2.3 -1.7 -0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Government-sponsored enterprises 10.9 13.5 4.9 3.5 4.9 4.7 5.0 4.7 5.3 1.7 3.6 13

 14 Agency- and GSE-backed mortgage pools 0.1 -0.2 -0.2 -2.1 0.3 -0.2 1.7 -0.2 -0.3 -0.2 -0.1 14

(1) Excludes mortgages on farm houses.
Flo

ws

58 Z.1, September 25, 2013

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 34.8 -103.7 -25.3 109.1 169.1 147.6 205.7 136.2 186.9 180.6 165.1 1

 2 Net change in assets 34.8 -103.7 -25.3 109.1 169.1 147.6 205.7 136.2 186.9 180.6 165.1 2

 3 Households (nonprofit organizations) (1) 7.1 -5.8 -10.4 -6.4 -4.9 -2.2 -2.0 -13.6 -1.8 -8.6 -4.5 3

 4 Nonfinancial corporate business -1.2 -2.2 -11.4 2.3 0.0 26.7 -5.0 -1.9 -19.9 8.2 -2.3 4

 5 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 5

 6 Federal government (2) 19.5 87.9 133.1 131.2 129.4 129.1 165.9 121.1 101.3 148.2 117.2 6

 7 U.S.-chartered depository institutions 70.1 -64.5 -70.3 7.1 28.1 -30.4 43.7 33.0 66.0 9.8 32.8 7

 8 Credit unions -0.4 0.9 -10.7 -3.4 20.6 19.4 22.4 10.9 29.7 26.9 12.8 8

 9 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 9

 10 ABS issuers -42.3 -37.8 -42.3 -4.2 3.7 11.6 -0.8 -2.5 6.4 8.1 -5.8 10

 11 Finance companies -17.9 -82.4 -13.4 -17.4 -7.8 -6.7 -18.5 -11.0 5.1 -12.1 14.9 11

 Memo:

 12 Credit card loans (3) 2.3 -88.0 -69.4 1.8 3.3 -1.0 8.4 3.3 2.7 13.1 10.3 12

 13 Auto loans -23.9 -58.2 -41.0 17.2 59.8 33.4 80.6 84.2 41.0 47.7 77.7 13

 14 Student loans (4) 93.7 101.0 80.8 99.9 119.0 199.6 82.8 127.7 66.0 150.3 38.7 14

 15 Other consumer credit (5) -37.3 -58.5 4.3 -9.7 -13.1 -84.4 34.0 -79.0 77.2 -30.4 38.4 15

(1) Student loans originated under the Federal Family Education Loan Program.

(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program

 loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.

(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.

(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and

 finance companies (part of line 11). Data begin in 2006:Q1.

(5) Includes student loans before 2006:Q1.
Flo

ws

Z.1, September 25, 2013 59

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in trade payables -170.6 -12.0 226.5 52.8 178.5 229.7 179.5 186.6 118.1 187.5 44.7 1

 2 Household sector 22.2 16.0 21.4 14.0 1.5 6.6 2.8 -0.0 -3.2 -6.4 -9.4 2

 3 Nonfinancial corporate business -225.2 -82.6 156.3 18.9 122.6 150.5 156.1 136.2 47.5 132.4 -11.7 3

 4 Nonfinancial noncorporate business 5.7 16.8 30.3 8.1 0.7 2.6 -10.7 -2.2 12.9 20.1 -3.0 4

 5 State and local governments 38.6 38.9 38.5 38.4 39.1 38.9 39.1 39.2 39.2 39.2 39.1 5

 6 Federal government 22.6 -56.2 6.3 9.3 8.3 3.4 3.0 17.6 9.3 1.9 23.4 6

 7 Rest of the world -9.9 6.1 25.8 -32.2 6.3 15.5 4.5 -2.2 7.4 -4.5 5.3 7

 8 Brokers and dealers -24.7 48.9 -52.0 -3.8 -0.0 12.2 -15.3 -2.0 5.0 4.6 1.0 8

 9 Net change in trade receivables -192.1 -114.5 166.3 111.9 117.2 171.7 155.9 146.9 -5.9 178.4 63.1 9

 10 Nonfinancial corporate business -169.5 -31.1 105.7 82.2 89.5 141.2 132.0 94.9 -10.1 157.2 36.1 10

 11 Nonfinancial noncorporate business -3.0 -26.3 37.0 6.2 6.4 2.9 4.0 5.5 13.3 8.1 14.4 11

 12 State and local governments -15.4 -4.6 13.1 1.9 8.5 7.6 13.1 8.0 5.2 8.5 1.8 12

 13 Federal government 4.2 -21.1 -0.7 4.8 2.9 -2.6 6.7 6.2 1.3 -13.8 4.2 13

 14 Rest of the world 6.5 6.6 19.8 17.7 11.5 15.9 8.2 26.4 -4.7 14.4 11.7 14

 15 Property-casualty insurance companies 1.3 -3.7 0.8 3.4 4.8 15.8 3.6 9.8 -10.0 8.1 10.4 15

 16 ABS issuers -16.1 -34.3 -9.5 -4.2 -6.4 -9.1 -11.6 -3.9 -1.0 -4.2 -15.6 16

 17 Discrepancy 21.5 102.5 60.3 -59.1 61.3 58.1 23.5 39.6 124.0 9.1 -18.3 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities -397.9 -95.9 123.6 97.8 188.9 181.7 135.0 266.3 172.5 -105.7 71.7 1

 2 Household sector -160.7 38.1 75.2 -39.3 64.9 115.4 -93.1 98.7 138.4 16.4 -21.2 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers -237.3 -134.0 48.4 137.1 124.0 66.2 228.0 167.6 34.1 -122.1 92.9 4

 5 Customer credit balances (HH) -123.8 -74.1 25.7 58.1 23.6 39.6 61.5 10.1 -16.6 26.1 150.9 5

 6 From U.S.-chartered depository institutions 12.8 -59.2 -5.8 37.3 42.3 -39.4 75.8 128.1 4.7 -135.7 -41.6 6

 7 From foreign banking offices in U.S. -126.3 -0.8 28.5 41.6 58.0 66.0 90.7 29.3 46.0 -12.5 -16.4 7

 8 Net change in assets -397.9 -95.9 123.6 97.8 188.9 181.7 135.0 266.3 172.5 -105.7 71.7 8

 9 Household sector -123.8 -74.1 25.7 58.1 23.6 39.6 61.5 10.1 -16.6 26.1 150.9 9

 10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 U.S.-chartered depository institutions 12.8 -59.2 -5.8 37.3 42.3 -39.4 75.8 128.1 4.7 -135.7 -41.6 11

 12 Foreign banking offices in U.S. -126.3 -0.8 28.5 41.6 58.0 66.0 90.7 29.3 46.0 -12.5 -16.4 12

 13 Brokers and dealers -160.7 38.1 75.2 -39.3 64.9 115.4 -93.1 98.7 138.4 16.4 -21.2 13
Flo

ws

60 Z.1, September 25, 2013

F.225 Life Insurance Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 67.0 26.5 17.2 94.1 -11.6 -9.6 -73.2 11.8 24.6 -10.0 13.7 1

 2 Federal government 1.0 1.1 0.9 1.3 0.3 0.5 1.5 -0.2 -0.5 0.2 0.8 2

 3 Life insurance companies 66.0 25.4 16.4 92.8 -11.9 -10.1 -74.6 12.0 25.1 -10.2 12.9 3

 4 Net change in assets 67.0 26.5 17.2 94.1 -11.6 -9.6 -73.2 11.8 24.6 -10.0 13.7 4

 5 Households 61.7 23.7 9.0 86.9 -26.3 -46.6 -82.2 0.2 23.5 -20.2 7.8 5

 6 U.S.-chartered depository institutions 6.4 0.8 4.5 4.8 7.4 12.4 4.8 5.9 6.4 5.3 4.7 6

 7 Holding companies -1.2 2.1 3.8 2.4 7.3 24.5 4.3 5.8 -5.3 5.0 1.1 7

F.226 Pension Entitlements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 538.0 427.4 614.7 473.0 497.1 464.5 381.8 526.3 615.7 463.9 477.4 1

 2 Life insurance companies (1) 22.5 2.6 145.3 75.3 74.8 48.1 -46.9 112.1 186.0 23.7 -7.0 2

 3 Private pension funds (2) 209.5 115.1 146.7 82.6 120.5 114.7 127.1 120.5 119.6 135.7 176.6 3

 4 State and local govt. retirement funds 209.5 215.9 220.7 209.3 203.3 200.8 200.1 203.9 208.3 208.3 208.3 4

 5 Federal government retirement funds (3) 96.5 93.7 102.1 105.9 98.5 100.9 101.5 89.8 101.7 96.2 99.4 5

 6 Net change in assets (Households) (4) 538.0 427.4 614.7 473.0 497.1 464.5 381.8 526.3 615.7 463.9 477.4 6

(1) Annuities, including those at IRAs.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(4) Excludes all individual retirement accounts (IRAs) (table F.226.i), except those at life insurance companies.

F.227 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all -123.8 -3.4 19.4 20.7 13.1 19.4 18.1 28.6 -13.6 26.8 -58.7 1

 businesses

 2 Nonfinancial corporate business 3.1 -3.3 7.2 8.8 5.3 -3.1 16.3 -10.4 18.5 -19.2 5.6 2

 3 Nonfinancial noncorporate business 6.7 -6.3 -0.7 1.2 1.3 0.6 0.8 1.1 2.6 1.6 2.8 3

 4 U.S.-chartered depository institutions -86.0 7.3 6.6 10.6 6.7 7.7 9.1 16.3 -6.4 7.6 -51.8 4

 5 Property-casualty insurance companies -28.1 5.3 5.6 -4.4 3.8 26.0 -20.7 17.9 -8.1 30.4 -8.1 5

 6 Life insurance companies -19.7 -7.0 2.6 5.2 -4.6 -14.8 13.9 0.9 -18.5 -0.6 -6.7 6

 7 Finance companies -0.1 -2.8 0.3 0.4 0.1 1.2 -0.7 -0.6 0.7 1.6 -0.6 7

 8 Brokers and dealers 0.3 3.2 -2.1 -1.1 0.5 1.8 -0.6 3.3 -2.4 5.4 0.1 8

 9 Net change in business taxes receivable -56.4 30.0 27.8 23.0 13.2 36.3 -17.5 19.8 14.2 -3.1 -46.3 9

 10 State and local governments 5.6 -5.9 0.7 2.3 1.3 -2.0 -8.7 11.6 4.1 -0.8 -4.1 10

 11 Federal government -62.0 35.9 27.1 20.8 11.9 38.3 -8.8 8.1 10.1 -2.4 -42.2 11

 12 Discrepancy -67.3 -33.4 -8.4 -2.4 -0.1 -16.9 35.6 8.8 -27.8 30.0 -12.4 12

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -287.1 -69.8 187.4 -54.9 1.1 27.5 5.1 -11.1 -17.0 36.9 4.6 1

 2 Nonfinancial noncorporate business -298.7 -70.4 186.5 -53.2 -5.3 -1.9 -0.2 -7.5 -11.7 42.2 3.5 2

 3 Brokers and dealers 11.6 0.6 0.9 -1.7 6.5 29.4 5.3 -3.6 -5.3 -5.3 1.1 3
Flo

ws

Z.1, September 25, 2013 61

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 2392.7 -33.5 1331.1 1511.3 1010.2 763.0 1112.1 1020.6 1145.0 1275.6 864.3 1

 2 Household sector 3.2 -4.9 2.7 -0.4 0.6 7.5 7.4 1.7 -14.3 4.1 6.8 2

 3 Nonfinancial corporate business 522.9 48.7 400.5 384.9 317.2 182.6 391.7 553.7 140.8 87.3 349.9 3

 4 Nonfinancial noncorporate business 114.1 32.7 -50.8 35.5 7.8 36.7 6.0 8.5 -20.1 11.5 1.7 4

 5 Federal government 107.1 97.0 110.7 122.1 93.7 69.9 114.6 67.2 123.1 100.1 86.1 5

 6 Rest of the world 511.9 -285.1 563.0 402.7 252.0 -10.2 437.6 119.0 461.5 56.4 494.3 6

 7 Monetary authority 2.2 6.1 29.2 -26.7 2.0 58.1 -50.0 -24.5 24.3 62.7 -43.0 7

 8 U.S.-chartered depository institutions 26.7 257.9 198.4 50.8 111.5 193.5 68.5 222.6 -38.5 165.6 -134.2 8

 9 Foreign banking offices in U.S. 549.5 -418.2 7.5 255.5 -42.7 -211.4 106.6 4.1 -70.3 21.5 218.2 9

 10 Banks in U.S.-affiliated areas -3.8 4.3 -5.9 -3.9 -2.0 -1.1 -5.0 5.2 -7.2 -3.6 0.2 10

 11 Credit unions 1.1 14.7 -8.3 1.3 0.3 6.5 -5.1 -1.8 1.8 12.8 -7.7 11

 12 Property-casualty insurance companies 40.2 -2.6 9.2 33.1 4.4 -30.9 22.5 5.0 20.9 -25.5 29.0 12

 13 Life insurance companies 89.8 17.9 14.0 37.7 35.1 48.6 2.8 70.2 18.8 -4.9 12.6 13

 14 Government-sponsored enterprises 37.1 62.2 -68.1 -24.0 -6.5 5.7 -12.8 -15.9 -2.9 -15.8 6.9 14

 15 Finance companies 10.4 -91.2 -58.9 -13.4 -27.0 -25.6 -39.0 -151.0 107.6 7.7 -0.4 15

 16 REITs -2.7 -13.8 14.9 8.5 17.0 62.2 -40.0 90.5 -44.9 1.4 4.0 16

 17 Brokers and dealers -70.7 18.4 22.2 -8.6 0.3 291.8 -132.2 46.3 -204.8 278.7 -79.4 17

 18 Holding companies -163.8 -25.6 -68.2 -36.8 -66.0 -123.3 67.6 -245.6 37.4 336.0 -88.0 18

 19 Funding corporations 441.1 -44.9 -50.2 6.2 145.7 76.2 -15.5 39.2 482.8 -39.0 -156.2 19

 20 Net change in assets 661.0 330.2 1095.1 1500.2 1246.3 1012.6 1362.6 639.9 1970.0 1778.8 2234.3 20

 21 Household sector 55.1 34.9 6.0 70.4 -5.8 -37.0 -22.4 -7.4 43.5 -28.1 16.6 21

 22 Nonfinancial corporate business -347.3 104.5 518.5 441.4 705.6 617.7 598.8 718.5 887.4 570.8 815.4 22

 23 Nonfinancial noncorporate business 107.5 -92.5 104.8 9.0 39.5 25.3 29.7 36.2 66.6 36.7 56.2 23

 24 State and local governments -8.4 24.4 -29.6 -0.4 14.9 75.1 10.3 -12.5 -13.5 20.8 22.0 24

 25 Federal government -28.0 35.4 -3.5 1.9 -1.0 -10.7 5.9 0.1 0.5 2.7 -11.6 25

 26 Rest of the world -252.3 240.9 479.1 233.2 257.5 91.2 413.9 -174.2 699.0 -309.9 400.0 26

 27 Monetary authority 530.2 -493.8 7.8 142.9 -27.6 -152.8 -5.0 -1.0 48.5 76.6 31.6 27

 28 U.S.-chartered depository institutions 93.7 12.2 -84.6 -68.2 -21.9 124.4 99.0 -50.0 -261.0 -3.1 235.0 28

 29 Foreign banking offices in U.S. 364.3 -115.8 4.9 222.7 -17.3 -157.4 101.4 -0.7 -12.4 67.5 121.5 29

 30 Banks in U.S.-affiliated areas -1.0 -4.5 4.5 0.8 0.2 0.1 16.0 -10.4 -5.0 1.8 24.1 30

 31 Credit unions -0.4 0.2 41.1 -12.1 0.8 -5.1 8.0 -3.4 3.7 -8.5 55.8 31

 32 Property-casualty insurance companies 6.8 16.3 -22.2 -1.0 -2.6 -19.6 5.5 -3.0 6.7 16.4 19.1 32

 33 Life insurance companies 37.2 -22.5 2.8 48.9 40.1 -51.0 45.9 50.8 114.5 -124.8 -16.5 33

 34 Private pension funds 207.1 149.9 -27.6 47.9 52.8 21.7 41.9 42.2 105.3 44.1 74.0 34

 35 State and local govt. retirement funds -18.4 -8.5 16.1 8.8 0.3 -6.0 1.8 3.8 1.7 -16.5 18.6 35

 36 Federal government retirement funds 80.9 77.5 85.9 90.0 88.6 88.9 88.3 88.8 88.6 88.6 88.6 36

 37 Money market mutual funds -33.9 -8.3 -3.4 -0.8 6.1 -47.4 -20.6 -7.9 100.2 -21.3 15.8 37

 38 Mutual funds 3.2 -5.1 -12.0 2.9 -33.1 -161.0 -61.9 18.9 71.4 44.9 0.0 38

 39 Government-sponsored enterprises -42.6 1.2 29.3 -0.1 4.1 6.3 -56.4 14.7 51.8 61.3 -0.8 39

 40 Finance companies 21.4 26.3 -105.4 7.5 -27.4 -21.9 -52.8 -88.4 53.3 -43.2 -24.2 40

 41 REITs -0.8 -8.5 7.4 13.3 22.5 22.3 6.2 34.0 27.5 32.8 45.6 41

 42 Brokers and dealers -615.1 54.9 -104.2 -101.7 -61.4 268.0 117.4 -186.0 -445.1 557.2 284.2 42

 43 Holding companies 283.1 85.4 -31.2 36.5 37.4 142.9 -92.6 -67.4 166.8 365.3 -175.1 43

 44 Funding corporations 42.1 -67.2 -58.4 19.6 7.2 72.5 -102.3 17.8 40.7 128.3 -25.2 44

 45 Discrepancy 1731.7 -363.8 235.9 11.2 -236.1 -249.6 -250.6 380.7 -825.0 -503.2 -1370.0 45
Flo

ws

62 Z.1, September 25, 2013

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 329.1 310.4 301.1 409.0 388.3 452.2 344.8 374.5 381.7 336.5 382.2 1

 2 Equity 127.0 34.6 40.6 64.7 34.6 15.5 61.0 49.6 12.2 -3.4 46.0 2

 3 Reinvested earnings 233.1 227.4 302.5 326.5 332.7 327.8 320.2 319.1 363.6 319.0 329.9 3

 4 Intercompany accounts -31.1 48.3 -42.0 17.8 21.0 108.8 -36.4 5.8 5.9 20.9 6.3 4

 5 Asset: Nonfinancial corporate business 262.6 269.7 303.3 399.8 365.8 428.2 314.8 355.3 364.7 294.8 354.8 5

 6 U.S.-chartered depository institutions 17.6 -0.8 2.7 -5.7 -0.9 -0.4 2.8 -5.1 -1.2 0.6 -1.8 6

 7 Property-casualty insurance companies 6.8 16.3 -22.2 -1.0 -2.6 -19.6 5.5 -3.0 6.7 16.4 19.1 7

 8 Life insurance companies 4.6 1.6 1.9 3.0 3.6 3.3 1.4 2.3 7.3 1.9 0.6 8

 9 Finance companies 24.2 11.0 6.8 9.0 11.3 24.0 12.2 11.1 -2.3 8.2 -1.5 9

 10 Brokers and dealers 13.3 12.5 8.7 3.9 11.2 16.7 8.0 13.8 6.4 14.5 11.0 10

 Foreign direct investment in U.S. (1):

 11 Liab.: Nonfinancial corporate business 189.5 104.7 157.3 195.1 165.5 176.1 176.9 135.2 173.8 91.6 117.5 11

 12 Nonfinancial noncorporate business -0.2 0.1 0.1 0.2 0.2 0.4 0.1 0.2 -0.0 -0.7 0.1 12

 13 Foreign banking offices in U.S. 24.8 16.6 12.4 27.2 -2.4 -26.4 6.7 5.6 4.4 7.7 7.2 13

 14 Property-casualty insurance companies 14.9 2.4 2.8 -2.1 -5.7 -3.9 6.4 -1.9 -23.4 6.6 5.2 14

 15 Life insurance companies 12.5 11.1 6.3 -9.1 2.5 -4.3 3.8 8.2 2.1 6.0 9.5 15

 16 Finance companies 12.2 12.8 13.2 7.5 -2.2 -6.3 -0.5 1.8 -3.7 -3.8 5.0 16

 17 Brokers and dealers 55.8 2.1 13.2 10.8 8.0 6.9 4.2 5.6 15.2 6.5 6.1 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 310.1 150.4 205.9 230.2 166.4 143.0 198.1 155.4 169.2 114.5 151.5 19

 20 Equity 255.7 126.8 140.5 98.5 59.6 7.1 52.5 34.6 144.3 52.4 36.5 20

 21 Reinvested earnings 39.1 21.7 62.7 80.9 105.7 105.3 93.1 111.3 113.2 102.4 124.2 21

 22 Intercompany accounts 15.2 2.0 2.7 50.9 1.0 30.6 52.5 9.5 -88.4 -40.2 -9.2 22

 Federal government equity in IBRD, etc.:

 23 Liab.: Rest of the world 1.4 1.7 2.3 2.6 2.4 1.5 7.0 1.0 0.3 0.1 8.3 23

 24 Asset: Federal government 1.4 1.7 2.3 2.6 2.4 1.5 7.0 1.0 0.3 0.1 8.3 24

 Federal Reserve Bank stock:

 25 Liab.: Monetary authority 2.6 4.6 0.9 0.4 0.5 1.3 0.5 0.1 -0.0 0.8 -0.3 25

 26 Asset: U.S.-chartered depository institutions 2.6 4.6 0.9 0.4 0.5 1.3 0.5 0.1 -0.0 0.8 -0.3 26

 Equity in govt.-sponsored enterprises:

 27 Liab.: Government-sponsored enterprises -4.2 0.0 -2.7 -5.9 -1.8 -2.6 -3.2 -1.5 -0.0 -3.6 1.1 27

 28 Asset: Nonfin. corporate business (Fannie Mae and FCS) -0.1 0.0 0.1 -0.0 0.0 0.5 -0.3 0.0 -0.0 0.3 -0.2 28

 29 Nonfinancial noncorporate (FCS) 1.2 -0.0 0.4 0.3 0.2 0.3 -0.3 0.4 0.2 -0.2 1.1 29

 30 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 U.S.-chartered depository institutions (FHLB) -6.5 0.7 -3.0 -6.1 -2.2 -3.1 -3.3 -1.8 -0.4 -3.4 0.1 31

 32 Credit unions (FHLB) 0.3 -0.4 -0.2 0.7 0.1 -0.1 0.5 -0.1 0.0 0.2 0.1 32

 33 Life insurance companies (FHLB) 1.0 -0.3 -0.0 -0.8 0.1 -0.1 0.2 0.0 0.2 -0.4 0.1 33

 Holding company net transactions with subsidiaries:

 34 Liab.: U.S.-chartered depository institutions 113.6 166.8 33.4 76.1 101.2 22.3 174.2 136.6 71.8 110.7 -101.0 34

 35 Property-casualty insurance companies 0.0 0.0 0.0 0.0 4.3 0.0 10.2 5.3 1.8 -22.9 -0.0 35

 36 Life insurance companies -12.5 9.3 22.2 9.3 9.9 -2.1 27.7 13.5 0.7 0.8 -1.4 36

 37 Finance companies -7.3 -23.3 -39.5 -20.3 -0.5 -15.3 -14.0 -1.3 28.6 -5.7 5.1 37

 38 Brokers and dealers 98.2 -173.1 -24.3 -13.0 49.6 255.4 -114.1 4.9 52.3 -84.5 72.2 38

 39 Rest of the world -9.1 23.5 10.6 30.6 -51.5 77.3 -77.8 -48.7 -156.9 89.8 -146.0 39

 40 Asset: Holding companies 183.0 3.1 2.4 82.7 113.1 337.6 6.2 110.2 -1.8 88.2 -171.1 40

 NFC investment in finance company subsidiaries:

 41 Liab.: Finance companies -1.1 -9.3 26.7 8.4 -0.4 -11.2 -10.3 -1.0 20.9 -4.2 3.7 41

 42 Asset: Nonfinancial corporate business -1.1 -9.3 26.7 8.4 -0.4 -11.2 -10.3 -1.0 20.9 -4.2 3.7 42

 Funding corporations’ investment in subsidiaries:

 43 Liab.: Foreign banking offices in U.S. 35.6 -73.5 -31.5 -33.7 -11.8 65.7 -103.0 -42.3 32.3 67.7 -3.4 43

 44 Brokers and dealers 6.4 6.3 -26.9 53.4 19.0 6.8 0.7 60.1 8.4 60.6 -21.8 44

 45 Asset: Funding corporations 42.1 -67.2 -58.4 19.6 7.2 72.5 -102.3 17.8 40.7 128.3 -25.2 45

 Equity investment under Public-Private Inv. Program:

 46 Liab.: Funding corporations 0.0 2.4 7.9 1.4 0.1 0.2 0.0 0.0 0.0 0.0 0.0 46

 47 Asset: Households (2) 0.0 1.2 4.0 0.7 0.0 0.1 0.0 0.0 0.0 0.0 0.0 47

 48 Federal government 0.0 1.2 4.0 0.7 0.0 0.1 0.0 0.0 0.0 0.0 0.0 48

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--

 are not available before 1982.

(2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
Flo

ws

Z.1, September 25, 2013 63

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 529.8 -543.3 -10.1 99.7 -91.0 -213.4 -74.0 -61.6 -14.9 -3.8 -25.3 1

 2 Asset: Federal government 0.0 0.2 0.1 -0.1 -0.1 -0.1 0.0 0.1 -0.3 -0.5 0.3 2

 3 Monetary authority (1) 529.7 -543.5 -10.2 99.7 -90.9 -213.4 -74.1 -61.7 -14.6 -3.3 -25.5 3

 Postal Savings System deposits:

 4 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises -5.4 0.4 -1.5 -1.8 1.2 17.1 -15.2 -2.1 4.8 -1.4 -5.6 6

 7 Asset: U.S.-chartered depository institutions -5.4 0.4 -1.5 -1.8 1.2 17.1 -15.2 -2.1 4.8 -1.4 -5.6 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 3.2 -4.9 2.7 -0.4 0.6 7.5 7.4 1.7 -14.3 4.1 6.8 8

 9 Asset: Life insurance companies 3.2 -4.9 2.7 -0.4 0.6 7.5 7.4 1.7 -14.3 4.1 6.8 9

 Life insurance company reserves:

 10 Liab.: Life insurance companies 17.6 8.4 14.8 14.4 -2.4 -0.9 -15.7 18.4 -11.5 -13.5 14.8 10

 11 Accident and health 19.5 9.7 14.7 15.2 -3.1 -4.2 -19.2 15.3 -4.3 -14.9 15.0 11

 12 Policy dividend accumulation -3.4 -1.1 0.4 -1.8 0.4 0.8 1.5 1.4 -2.3 0.3 1.8 12

 13 Contract claims 1.5 -0.1 -0.4 0.9 0.3 2.5 1.9 1.6 -5.0 1.2 -2.0 13

 14 Asset: Household sector 17.6 8.4 14.8 14.4 -2.4 -0.9 -15.7 18.4 -11.5 -13.5 14.8 14

 Policy payables:

 15 Liab.: Property-casualty insurance companies 25.4 -5.0 6.3 35.2 5.8 -27.0 5.9 1.6 42.5 -9.2 23.8 15

 16 Asset: Household sector 11.0 8.7 -35.2 36.7 -16.7 -31.6 -18.0 -19.0 1.7 -10.1 11.3 16

 17 Nonfinancial corporate business 11.0 -4.0 11.9 10.0 7.4 -5.5 8.0 5.8 21.6 -2.6 9.3 17

 18 Nonfinancial noncorporate business 3.4 -9.8 29.7 -11.6 15.1 10.2 16.0 14.9 19.2 3.4 3.2 18

 Unallocated insurance company contracts:

 19 Liab.: Life insurance companies 81.2 32.6 -45.5 12.4 3.5 -2.1 5.0 6.4 4.9 9.6 5.9 19

 20 Asset: Private pension funds 81.2 32.6 -45.5 12.4 3.5 -2.1 5.0 6.4 4.9 9.6 5.9 20

 Pension fund contributions payable:

 21 Liab.: Nonfinancial corporate business 14.7 -8.4 15.4 3.0 -2.1 -6.5 1.4 -0.9 -2.3 0.8 -0.1 21

 22 Asset: Private pension funds 14.7 -8.4 15.4 3.0 -2.1 -6.5 1.4 -0.9 -2.3 0.8 -0.1 22

 Securities borrowed (net):

 23 Liab.: Funding corporations -353.2 -30.2 -123.5 -74.6 -79.2 -28.9 219.8 -198.4 -309.3 236.2 298.3 23

 24 Asset: Brokers and dealers -353.2 -30.2 -123.5 -74.6 -79.2 -28.9 219.8 -198.4 -309.3 236.2 298.3 24

 Nonmarketable government securities:

 25 Liab.: Federal government 63.3 61.9 65.7 70.8 40.4 106.6 95.8 45.8 -86.5 229.9 -272.6 25

 26 Asset: Federal government retirement funds 63.3 61.9 65.7 70.8 40.4 106.6 95.8 45.8 -86.5 229.9 -272.6 26

 Retiree health care funds (2):

 27 Liab.: Federal government 26.5 16.6 22.5 18.5 13.3 -4.6 11.4 -6.7 53.3 -4.5 -9.5 27

 28 Asset: Household sector 26.5 16.6 22.5 18.5 13.3 -4.6 11.4 -6.7 53.3 -4.5 -9.5 28

 Claims of pension fund on sponsor (3):

 29 Liab.: Nonfinancial corporate business 109.3 88.6 -9.9 -11.6 54.1 80.4 15.0 24.3 96.8 59.1 39.9 29

 30 State and local governments 176.5 293.1 269.3 287.0 167.0 126.3 186.5 226.1 129.1 218.5 163.7 30

 31 Federal government 17.6 15.6 20.2 19.2 48.2 -17.7 -7.5 43.0 175.1 -141.3 361.1 31

 32 Asset: Private pension funds 109.3 88.6 -9.9 -11.6 54.1 80.4 15.0 24.3 96.8 59.1 39.9 32

 33 State and local govt. retirement funds 176.5 293.1 269.3 287.0 167.0 126.3 186.5 226.1 129.1 218.5 163.7 33

 34 Federal government retirement funds 17.6 15.6 20.2 19.2 48.2 -17.7 -7.5 43.0 175.1 -141.3 361.1 34

(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.

(3) Assets of the household sector.
Flo

ws

64 Z.1, September 25, 2013

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 823.3 -354.9 618.7 291.3 175.0 -268.3 235.4 266.4 466.4 30.5 -87.1 1

 2 Nonfinancial corporate business 209.3 -136.1 237.7 198.4 99.6 -67.4 198.4 395.2 -127.5 -64.2 192.6 2

 3 Nonfinancial noncorporate business 114.3 32.6 -50.9 35.3 7.6 36.3 5.9 8.3 -20.1 12.2 1.6 3

 4 Federal government -0.3 2.9 2.4 13.6 -8.3 -14.4 14.9 -14.9 -18.7 16.1 7.0 4

 5 Rest of the world -339.3 -77.4 259.1 -139.2 3.8 -327.7 237.6 -146.2 251.4 -366.2 275.0 5

 6 Monetary authority -0.5 1.5 28.3 -27.1 1.5 56.8 -50.5 -24.6 24.3 61.8 -42.7 6

 7 U.S.-chartered depository institutions -86.9 91.2 165.1 -25.4 10.3 171.2 -105.7 86.0 -110.3 54.9 -33.3 7

 8 Foreign banking offices in U.S. 489.1 -361.2 26.6 262.1 -28.5 -250.7 203.0 40.8 -107.1 -53.8 214.4 8

 9 Banks in U.S.-affiliated areas -3.8 4.3 -5.9 -3.9 -2.0 -1.1 -5.0 5.2 -7.2 -3.6 0.2 9

 10 Credit unions 1.1 14.7 -8.3 1.3 0.3 6.5 -5.1 -1.8 1.8 12.8 -7.7 10

 11 Life insurance companies -9.0 -43.5 16.1 10.7 21.6 57.9 -17.9 23.7 22.6 -7.9 -16.2 11

 12 Government-sponsored enterprises 46.7 61.8 -63.9 -16.2 -5.8 -8.7 5.6 -12.3 -7.7 -10.9 11.4 12

 13 Finance companies 6.5 -71.5 -59.3 -8.9 -23.9 7.2 -14.2 -150.5 61.7 21.4 -14.2 13

 14 REITs -2.7 -13.8 14.9 8.5 17.0 62.2 -40.0 90.5 -44.9 1.4 4.0 14

 15 Brokers and dealers -231.1 183.1 60.2 -59.8 -76.4 22.7 -23.1 -24.3 -280.8 296.1 -136.0 15

 16 Holding companies -163.8 -25.6 -68.2 -36.8 -66.0 -123.3 67.6 -245.6 37.4 336.0 -88.0 16

 17 Funding corporations 793.8 -17.7 64.7 78.8 224.2 104.2 -235.9 237.1 791.5 -275.7 -455.1 17

 18 Net change in assets -908.3 8.9 382.8 280.1 411.1 -18.6 485.9 -114.3 1291.4 533.7 1282.9 18

 19 Nonfinancial corporate business -619.7 -152.0 176.5 23.2 332.7 205.8 286.6 358.4 480.2 282.4 447.7 19

 20 Nonfinancial noncorporate business 102.9 -82.7 74.7 20.3 24.3 14.8 14.1 20.9 47.2 33.5 51.9 20

 21 State and local governments -8.4 24.4 -29.6 -0.4 14.9 75.1 10.3 -12.5 -13.5 20.8 22.0 21

 22 Federal government -29.4 32.3 -9.8 -1.3 -3.5 -12.2 -1.2 -0.9 0.4 3.1 -20.2 22

 23 Rest of the world -562.4 90.5 273.3 3.0 91.1 -51.8 215.8 -329.5 529.9 -424.4 248.5 23

 24 Monetary authority 0.5 49.6 18.0 43.1 63.4 60.5 69.0 60.7 63.1 79.9 57.1 24

 25 U.S.-chartered depository institutions 85.4 7.3 -83.7 -55.0 -20.4 109.6 114.1 -41.2 -264.1 0.3 242.6 25

 26 Foreign banking offices in U.S. 364.3 -115.8 4.9 222.7 -17.3 -157.4 101.4 -0.7 -12.4 67.5 121.5 26

 27 Banks in U.S.-affiliated areas -1.0 -4.5 4.5 0.8 0.2 0.1 16.0 -10.4 -5.0 1.8 24.1 27

 28 Credit unions -0.7 0.6 41.3 -12.8 0.7 -5.0 7.5 -3.3 3.7 -8.7 55.7 28

 29 Life insurance companies 28.5 -18.9 -1.7 47.1 35.8 -61.7 36.9 46.8 121.3 -130.4 -23.9 29

 30 Private pension funds 1.9 37.1 12.3 44.1 -2.8 -50.1 20.5 12.4 5.9 -25.4 28.3 30

 31 State and local govt. retirement funds -18.4 -8.5 16.1 8.8 0.3 -6.0 1.8 3.8 1.7 -16.5 18.6 31

 32 Money market mutual funds -33.9 -8.3 -3.4 -0.8 6.1 -47.4 -20.6 -7.9 100.2 -21.3 15.8 32

 33 Mutual funds 3.2 -5.1 -12.0 2.9 -33.1 -161.0 -61.9 18.9 71.4 44.9 0.0 33

 34 Government-sponsored enterprises -42.6 1.2 29.3 -0.1 4.1 6.3 -56.4 14.7 51.8 61.3 -0.8 34

 35 Finance companies -2.8 15.3 -112.2 -1.5 -38.7 -45.9 -65.0 -99.5 55.6 -51.4 -22.8 35

 36 REITs -0.8 -8.5 7.4 13.3 22.5 22.3 6.2 34.0 27.5 32.8 45.6 36

 37 Brokers and dealers -275.1 72.6 10.6 -31.0 6.5 280.2 -110.4 -1.3 -142.3 306.5 -25.1 37

 38 Holding companies 100.1 82.3 -33.6 -46.2 -75.6 -194.8 -98.8 -177.6 168.6 277.1 -4.0 38

 39 Discrepancy 1731.7 -363.8 235.9 11.2 -236.1 -249.6 -250.6 380.7 -825.0 -503.2 -1370.0 39
Flo

ws

Z.1, September 25, 2013 65

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors 712.1 -4.2 152.8 -75.4 -223.8 286.7 -457.4 132.7 -857.0 -479.9 -1043.3 1

 2 Household sector -458.3 -175.4 -522.9 -708.9 -312.7 58.1 -782.9 -115.1 -410.9 -1138.1 -414.1 2

 3 Nonfinancial corporate business 977.8 -125.4 287.4 397.3 152.2 118.8 190.0 107.9 191.9 68.7 108.5 3

 4 State and local governments 60.3 63.7 8.6 66.6 -39.0 -90.4 -41.8 -21.1 -2.6 -5.3 -3.7 4

 5 Federal government 70.6 -61.9 -58.9 -19.0 -84.7 382.5 -208.9 -436.8 -75.5 201.9 -514.5 5

 6 Rest of the world -63.4 150.8 17.3 -91.9 -13.9 -564.9 374.8 311.7 -177.1 277.0 111.8 6

 7 Financial sectors 125.2 144.0 421.2 280.4 74.3 382.6 11.3 286.1 -382.9 115.9 -331.2 7

 8 Monetary authority -0.2 -6.0 -10.0 -1.2 -18.6 -25.7 -23.2 -19.5 -6.1 -2.9 -1.1 8

 9 U.S.-chartered depository institutions 35.9 309.3 332.2 183.0 86.2 440.8 -48.1 318.7 -366.7 198.3 -437.5 9

 10 Foreign banking officed in U.S. -5.1 1.3 1.5 5.1 3.1 4.3 1.3 6.1 0.5 8.2 17.8 10

 11 Banks in U.S.-affiliated areas -0.5 6.2 -0.0 1.0 -0.1 -0.9 0.7 1.9 -2.0 0.1 2.3 11

 12 Credit unions 12.0 11.5 -5.5 -26.2 5.8 -13.4 24.6 13.4 -1.3 42.1 -3.2 12

 13 Property-casualty insurance companies -0.8 -23.2 75.7 7.6 -19.9 -13.4 -3.3 0.0 -62.8 5.8 -3.9 13

 14 Life insurance companies -59.7 -85.6 -17.7 -24.3 -45.3 -35.0 -64.3 -27.6 -54.2 -24.9 -14.5 14

 15 Mutual funds -52.7 -40.7 -24.9 -35.3 -33.2 -34.4 -33.7 -33.6 -31.1 -19.6 -6.5 15

 16 Government-sponsored enterprises 107.8 37.5 44.6 67.4 54.0 126.3 47.8 -35.0 76.9 -80.0 97.1 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 38.6 17.1 16.2 42.0 61.8 65.1 55.4 84.1 42.4 16.5 0.5 18

 19 REITs -8.4 -17.1 16.1 36.1 47.9 51.2 27.9 40.3 72.0 40.6 76.3 19

 20 Brokers and dealers 72.3 -57.2 -6.6 26.9 -65.5 -180.7 28.1 -61.3 -48.2 -65.8 -56.7 20

 21 Holding companies -13.7 -9.1 -0.3 -1.5 -1.7 -1.5 -1.7 -1.4 -2.2 -2.3 -1.8 21

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 712.1 -4.2 152.8 -75.4 -223.8 286.7 -457.4 132.7 -857.0 -479.9 -1043.3 1

 2 Treasury currency -0.8 -4.4 -1.1 -0.7 -0.6 -0.8 -0.5 -0.5 -0.5 -0.9 -0.7 2

 3 Foreign deposits -330.4 -122.5 -26.6 25.2 -7.3 6.1 -30.8 105.5 -109.9 7.6 333.0 3

 4 Net interbank transactions 60.7 29.1 22.1 20.3 6.6 188.1 -136.0 26.5 -52.1 330.4 -82.0 4

 5 Security RPs -594.0 465.8 -80.3 -120.0 -61.4 289.6 -182.6 -340.9 -11.8 -453.3 -140.9 5

 6 Mail floats -5.2 -0.3 -1.1 0.8 1.3 -46.2 98.6 3.8 -51.0 -49.8 98.6 6

 7 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government -3.3 0.7 0.0 -0.1 0.6 -45.9 98.8 3.8 -54.2 -44.3 96.2 8

 9 Private domestic -2.0 -1.0 -1.1 0.9 0.7 -0.3 -0.3 0.0 3.2 -5.5 2.4 9

 10 Trade credit 21.5 102.5 60.3 -59.1 61.3 58.1 23.5 39.6 124.0 9.1 -18.3 10

 11 Taxes payable -67.3 -33.4 -8.4 -2.4 -0.1 -16.9 35.6 8.8 -27.8 30.0 -12.4 11

 12 Miscellaneous 1731.7 -363.8 235.9 11.2 -236.1 -249.6 -250.6 380.7 -825.0 -503.2 -1370.0 12

 13 Nonfinancial -103.8 -77.2 -48.0 49.2 12.4 58.4 -14.7 -91.0 97.1 150.3 149.5 13

 Nonfinancial components (sign reversed):

 14 Statistical discrepancy (NIPA) 99.0 72.2 43.1 -53.6 -17.0 -63.0 10.1 86.4 -101.7 -155.6 -154.8 14

 15 Contr. for govt. soc. insur., U.S. affiliated areas 4.8 5.0 4.9 4.4 4.6 4.6 4.6 4.6 4.7 5.3 5.3 15
L

e

v

els

66 Z.1, September 25, 2013

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 46616.5 49274.3 53762.3 55013.7 59304.6 56855.2 56564.6 58277.3 59304.6 61179.5 61853.3 1

 2 Deposits 8043.5 7969.8 7924.7 8572.4 8997.8 8594.4 8605.0 8658.3 8997.8 8999.6 9025.5 2

 3 Foreign deposits 56.9 50.2 49.7 46.9 45.1 46.0 44.3 46.4 45.1 46.5 51.8 3

 4 Checkable deposits and currency 364.9 400.6 425.2 749.2 820.8 720.0 703.2 698.9 820.8 817.7 793.1 4

 5 Time and savings deposits 6115.0 6278.1 6395.8 6749.9 7114.3 6863.3 6922.2 6957.9 7114.3 7172.2 7203.4 5

 6 Money market fund shares 1506.8 1240.8 1054.1 1026.4 1017.6 965.1 935.3 955.1 1017.6 963.1 977.1 6

 7 Credit market instruments 5158.7 5589.0 5847.6 5467.4 5575.2 5414.7 5447.1 5482.2 5575.2 5535.8 5505.7 7

 8 Open market paper 6.0 22.7 21.1 19.4 19.0 19.9 19.2 19.1 19.0 20.0 15.4 8

 9 Treasury securities 193.7 868.5 1220.9 828.2 1108.9 944.2 990.8 1010.4 1108.9 1162.6 1192.8 9

 10 Savings bonds 194.0 191.2 187.9 185.2 182.4 184.7 184.3 183.6 182.4 181.7 180.9 10

 11 Bills and other Treasury securities -0.3 677.3 1033.0 643.0 926.5 759.4 806.4 826.8 926.5 980.9 1012.0 11

 12 Agency- and GSE-backed securities 1050.2 347.1 264.2 227.0 75.1 139.2 144.8 116.6 75.1 14.0 32.4 12

 13 Municipal securities 1720.9 1827.9 1871.7 1806.8 1657.0 1780.8 1774.4 1709.0 1657.0 1662.6 1647.1 13

 14 Corporate and foreign bonds 1952.7 2299.2 2270.8 2399.6 2556.6 2347.0 2343.3 2460.8 2556.6 2522.5 2472.0 14

 15 Other loans and advances (2) 29.7 26.8 26.2 23.4 20.9 26.5 23.2 23.1 20.9 22.7 20.4 15

 16 Mortgages 110.9 108.0 94.2 91.0 70.5 85.7 80.4 75.6 70.5 66.5 61.7 16

 17 Consumer credit (student loans) 94.6 88.8 78.4 72.0 67.1 71.4 70.9 67.5 67.1 65.0 63.8 17

 18 Corporate equities (3) 5923.7 7487.4 8990.2 9045.8 10322.0 9771.5 9503.3 10214.4 10322.0 11250.8 11461.7 18

 19 Mutual fund shares 3313.7 4119.9 4598.3 4452.3 5315.9 4979.4 4864.5 5155.1 5315.9 5786.1 5864.7 19

 20 Security credit 742.7 668.6 694.3 752.4 776.0 762.3 777.7 780.2 776.0 782.6 820.3 20

 21 Life insurance reserves 1049.8 1109.2 1137.2 1203.6 1186.1 1199.4 1172.6 1180.6 1186.1 1194.5 1197.7 21

 22 Pension entitlements (4) 14061.8 15205.4 16745.0 17115.2 18075.1 17641.6 17588.7 17928.7 18075.1 18560.9 18736.6 22

 23 Claims of pension fund on sponsor 3490.1 3226.4 3517.2 3843.0 3717.5 3585.2 3768.0 3639.7 3717.5 3456.0 3540.5 23

 24 Funded pension entitlements 10571.6 11979.0 13227.8 13272.2 14357.6 14056.4 13820.7 14289.0 14357.6 15104.9 15196.1 24

 25 Equity in noncorporate business 7556.4 6324.1 7019.1 7528.4 8186.3 7625.1 7744.5 8018.4 8186.3 8205.9 8373.8 25

 26 Miscellaneous assets 766.3 800.9 805.9 876.1 870.2 866.9 861.2 859.4 870.2 863.2 867.4 26

 27 Total liabilities 14234.4 14011.7 13773.9 13568.3 13598.0 13527.2 13546.7 13474.8 13598.0 13547.0 13548.4 27

 28 Credit market instruments 13805.8 13533.9 13196.8 13017.0 12979.7 12943.5 12983.7 12886.7 12979.7 12925.1 12932.5 28

 29 Home mortgages (5) 10534.4 10377.0 9906.2 9677.8 9436.3 9593.9 9536.8 9448.7 9436.3 9386.6 9344.8 29

 30 Consumer credit 2651.4 2553.5 2648.1 2757.2 2924.3 2749.1 2799.0 2859.3 2924.3 2924.4 2966.2 30

 31 Municipal securities 259.5 265.4 263.2 255.5 241.0 253.8 249.5 245.6 241.0 239.4 235.7 31

 32 Depository institution loans n.e.c. (6) 26.4 10.2 61.0 12.4 66.3 34.8 88.0 23.1 66.3 63.1 73.0 32

 33 Other loans and advances 133.2 133.7 136.1 138.1 139.3 137.8 137.6 138.3 139.3 140.1 140.3 33

 34 Commercial mortgages 200.9 194.1 182.2 176.1 172.5 174.2 172.9 171.7 172.5 171.6 172.5 34

 35 Security credit 164.8 203.0 278.2 238.9 303.7 267.7 244.5 269.1 303.7 307.9 302.6 35

 36 Trade payables 236.7 252.7 274.1 288.2 289.7 289.8 290.5 290.5 289.7 288.1 285.7 36

 37 Deferred and unpaid life insurance premiums 27.0 22.1 24.7 24.3 24.9 26.2 28.0 28.4 24.9 25.9 27.6 37

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

(3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 18) and life insurance and pension reserves (lines 20 and 21).

(4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.

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

(6) 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 L.108, line 19.
L

e

v

els

Z.1, September 25, 2013 67

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 16630.0 16909.9 17761.5 18289.4 19314.0 18515.3 18710.1 19015.7 19314.0 19564.6 19828.6 1

 2 Foreign deposits 24.7 31.5 40.6 34.8 13.3 21.8 10.4 9.9 13.3 28.7 39.5 2

 3 Checkable deposits and currency 533.6 689.3 766.1 798.5 906.4 817.7 852.3 887.4 906.4 952.7 934.2 3

 4 Time and savings deposits 740.0 842.1 905.0 923.4 949.5 934.6 930.4 940.3 949.5 959.3 965.2 4

 5 Money market fund shares 802.4 729.2 574.7 540.1 536.9 523.0 511.4 518.6 536.9 527.6 516.7 5

 6 Security RPs 7.2 7.9 12.1 12.6 10.4 14.0 13.9 11.2 10.4 10.0 11.8 6

 7 Credit market instruments 309.5 312.9 325.9 321.7 332.4 312.4 322.1 335.7 332.4 292.5 309.6 7

 8 Commercial paper 57.3 56.0 68.0 68.0 60.5 58.5 58.0 60.4 60.5 57.2 57.4 8

 9 Treasury securities 82.3 89.1 96.1 91.8 99.6 90.4 100.5 105.1 99.6 91.1 97.8 9

 10 Agency- and GSE-backed securities 10.2 14.3 16.0 14.4 11.8 13.9 14.7 16.2 11.8 3.9 6.0 10

 11 Municipal securities 31.1 32.2 29.6 28.2 40.5 31.5 30.6 35.0 40.5 26.7 34.4 11

 12 Mortgages 72.8 67.5 70.1 70.7 71.4 70.8 71.0 71.1 71.4 71.6 72.0 12

 13 Consumer credit 56.0 53.8 46.2 48.5 48.5 47.2 47.3 47.8 48.5 42.0 42.0 13

 14 Mutual fund shares 106.3 162.0 186.8 165.9 181.7 180.8 174.3 180.1 181.7 190.4 190.1 14

 15 Trade receivables 2607.6 2550.2 2689.2 2777.6 2873.5 2875.8 2952.6 2964.7 2873.5 2979.0 3034.6 15

 16 Miscellaneous assets 11498.7 11584.8 12261.1 12714.9 13509.9 12835.2 12942.7 13167.6 13509.9 13624.4 13826.9 16

 17 Total liabilities 19019.5 18634.6 18898.8 19184.3 19791.8 19281.1 19386.8 19575.0 19791.8 19881.2 20059.7 17

 18 Credit market instruments 11666.5 11326.7 11419.6 11962.5 12726.5 12084.4 12233.6 12445.8 12726.5 12871.8 13106.6 18

 19 Commercial paper 131.5 58.4 82.9 116.3 130.3 127.6 132.1 136.0 130.3 140.1 147.2 19

 20 Municipal securities 415.0 452.2 485.4 493.9 509.1 495.2 505.3 504.1 509.1 510.4 515.0 20

 21 Corporate bonds 3954.5 4366.2 4804.8 5215.6 5795.2 5346.4 5452.9 5599.7 5795.2 5937.7 6077.4 21

 22 Depository institution loans n.e.c. 1826.1 1490.1 1404.6 1530.2 1680.1 1550.9 1597.7 1622.6 1680.1 1680.9 1714.2 22

 23 Other loans and advances 1561.4 1311.1 1118.9 1179.3 1220.4 1165.2 1161.2 1209.4 1220.4 1222.8 1246.0 23

 24 Mortgages 3778.0 3648.8 3523.0 3427.1 3391.3 3399.0 3384.5 3374.0 3391.3 3379.9 3406.8 24

 25 Trade payables 2053.4 1987.6 2174.2 2201.2 2322.0 2228.4 2275.1 2303.5 2322.0 2352.4 2358.8 25

 26 Taxes payable 145.1 135.6 142.0 152.0 158.6 162.6 160.1 161.0 158.6 165.5 160.3 26

 27 Miscellaneous liabilities 5154.5 5184.6 5163.0 4868.6 4584.6 4805.7 4718.0 4664.6 4584.6 4491.5 4433.9 27

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
L

e

v

els

68 Z.1, September 25, 2013

L.102 Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 12936.9 13333.8 14033.7 14542.3 15501.1 14757.9 14940.5 15231.1 15501.1 15736.5 15975.9 1

 2 Foreign deposits 24.7 31.5 40.6 34.8 13.3 21.8 10.4 9.9 13.3 28.7 39.5 2

 3 Checkable deposits and currency 14.2 155.0 234.6 269.0 363.4 285.7 317.6 349.4 363.4 407.7 385.8 3

 4 Time and savings deposits 381.9 488.8 548.7 563.0 584.9 573.8 568.9 577.9 584.9 593.3 596.8 4

 5 Money market fund shares 727.0 655.5 497.8 462.4 458.3 445.2 433.5 440.5 458.3 448.6 437.2 5

 6 Security RPs 7.2 7.9 12.1 12.6 10.4 14.0 13.9 11.2 10.4 10.0 11.8 6

 7 Credit market instruments 213.7 223.7 230.1 224.8 234.3 215.4 224.9 238.2 234.3 194.1 210.6 7

 8 Commercial paper 57.3 56.0 68.0 68.0 60.5 58.5 58.0 60.4 60.5 57.2 57.4 8

 9 Treasury securities 30.5 43.0 48.0 43.2 50.4 41.7 51.7 56.2 50.4 41.7 48.1 9

 10 Agency- and GSE-backed securities 10.2 14.3 16.0 14.4 11.8 13.9 14.7 16.2 11.8 3.9 6.0 10

 11 Municipal securities 26.2 27.1 23.9 22.5 34.8 25.8 24.9 29.2 34.8 20.9 28.5 11

 12 Mortgages 33.6 29.5 28.0 28.2 28.4 28.2 28.3 28.3 28.4 28.4 28.5 12

 13 Consumer credit 56.0 53.8 46.2 48.5 48.5 47.2 47.3 47.8 48.5 42.0 42.0 13

 14 Mutual fund shares 106.3 162.0 186.8 165.9 181.7 180.8 174.3 180.1 181.7 190.4 190.1 14

 15 Trade receivables 2084.9 2053.9 2155.8 2238.0 2327.5 2335.5 2411.4 2422.1 2327.5 2430.9 2483.0 15

 16 Miscellaneous assets 9376.9 9555.5 10127.0 10571.9 11327.3 10685.8 10785.8 11001.8 11327.3 11432.7 11621.2 16

 17 U.S. direct investment abroad (1) 3011.1 3245.1 3402.9 3795.6 4136.4 3883.8 3941.5 4095.5 4136.4 4170.2 4237.3 17

 18 Insurance receivables 311.1 307.1 319.0 329.0 336.5 327.6 329.6 331.1 336.5 335.8 338.2 18

 19 Equity in GSEs 0.4 0.5 0.6 0.5 0.6 0.7 0.6 0.6 0.6 0.6 0.6 19

 20 Investment in finance company subs. 80.5 71.2 60.7 69.1 68.7 66.3 63.7 63.5 68.7 67.7 68.6 20

 21 Other 5973.8 5931.6 6343.8 6377.6 6785.1 6407.4 6450.4 6511.1 6785.1 6858.3 6976.5 21

 22 Total liabilities 13225.1 12904.6 13227.9 13443.1 13974.8 13526.2 13616.7 13787.5 13974.8 14049.9 14191.8 22

 23 Credit market instruments 7573.3 7342.2 7473.3 7991.0 8686.9 8107.3 8241.8 8438.7 8686.9 8825.9 9026.7 23

 24 Commercial paper 131.5 58.4 82.9 116.3 130.3 127.6 132.1 136.0 130.3 140.1 147.2 24

 25 Municipal securities (2) 415.0 452.2 485.4 493.9 509.1 495.2 505.3 504.1 509.1 510.4 515.0 25

 26 Corporate bonds (1) 3954.5 4366.2 4804.8 5215.6 5795.2 5346.4 5452.9 5599.7 5795.2 5937.7 6077.4 26

 27 Depository institution loans n.e.c. 780.1 546.0 480.9 549.8 609.5 542.4 566.2 574.7 609.5 605.4 621.5 27

 28 Other loans and advances (3) 1384.0 1139.1 948.3 1008.1 1039.8 992.5 986.7 1032.4 1039.8 1042.3 1065.3 28

 29 Mortgages 908.2 780.3 671.0 607.3 603.0 603.2 598.7 591.7 603.0 590.0 600.2 29

 30 Trade payables 1672.7 1590.2 1746.5 1765.4 1888.0 1794.0 1841.9 1870.6 1888.0 1913.6 1918.6 30

 31 Taxes payable 39.0 35.7 42.9 51.7 57.0 62.0 59.4 60.0 57.0 63.4 57.5 31

 32 Miscellaneous liabilities 3940.2 3936.5 3965.2 3635.0 3342.9 3562.9 3473.7 3418.2 3342.9 3246.9 3188.9 32

 33 Foreign direct investment in U.S. 2050.3 1986.4 2128.7 2313.3 2474.4 2355.7 2413.5 2460.9 2474.4 2486.0 2513.7 33

 34 Pension fund contributions payable 84.0 75.6 91.1 94.0 92.0 92.4 92.8 92.5 92.0 92.1 92.1 34

 35 Claims of pension fund on sponsor 678.0 497.2 446.1 486.8 440.3 404.7 450.3 388.2 440.3 349.9 335.8 35

 36 Other 1127.8 1377.2 1299.4 740.9 336.3 710.0 517.1 476.5 336.3 318.9 247.3 36

 Memo:

 37 Trade receivables net of payables 412.2 463.7 409.3 472.6 439.5 541.5 569.5 551.4 439.5 517.3 564.4 37

 38 Market value of equities 10016.6 12512.2 14370.7 14500.3 16118.8 15817.2 15367.3 16330.5 16118.8 17829.2 18077.9 38

 39 Securities and mortgages 5277.7 5598.6 5961.2 6316.8 6907.3 6444.8 6556.9 6695.5 6907.3 7038.1 7192.6 39

 40 Loans and short-term paper 2295.6 1743.6 1512.1 1674.2 1779.7 1662.5 1684.9 1743.2 1779.7 1787.8 1834.1 40

 41 Total short-term liabilities (4) 4007.3 3369.5 3301.5 3491.3 3724.6 3518.5 3586.2 3673.8 3724.6 3764.9 3810.2 41

 42 Total liquid assets (5) 1385.4 1641.1 1676.7 1655.7 1769.4 1661.1 1667.8 1731.2 1769.4 1802.4 1801.2 42

 Analytical measures (percent)

 43 Long-term debt/credit market debt 69.7 76.3 79.8 79.0 79.5 79.5 79.6 79.3 79.5 79.7 79.7 43

 44 Short-term debt/credit market debt 30.3 23.7 20.2 21.0 20.5 20.5 20.4 20.7 20.5 20.3 20.3 44

 45 Liquid assets/short-term liabilities 34.6 48.7 50.8 47.4 47.5 47.2 46.5 47.1 47.5 47.9 47.3 45

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

(3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216.

(4) Sum of lines 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(5) Sum of lines 2 through 6, lines 8 through 11, and line 14.
L

e

v

els

Z.1, September 25, 2013 69

L.103 Nonfinancial Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3693.1 3576.1 3727.8 3747.1 3812.9 3757.4 3769.5 3784.5 3812.9 3828.1 3852.7 1

 2 Checkable deposits and currency 519.4 534.3 531.5 529.5 543.0 532.0 534.8 538.0 543.0 545.0 548.4 2

 3 Time and savings deposits 358.1 353.3 356.2 360.4 364.7 360.9 361.5 362.5 364.7 366.0 368.4 3

 4 Money market fund shares 75.4 73.7 76.8 77.7 78.6 77.8 78.0 78.2 78.6 78.9 79.5 4

 5 Credit market instruments 95.8 89.1 95.8 96.9 98.0 97.0 97.2 97.4 98.0 98.4 99.0 5

 6 Treasury securities 51.8 46.1 48.1 48.6 49.2 48.7 48.8 48.9 49.2 49.4 49.7 6

 7 Municipal securities 4.9 5.1 5.6 5.7 5.8 5.7 5.7 5.7 5.8 5.8 5.8 7

 8 Mortgages 39.1 37.9 42.1 42.6 43.1 42.6 42.7 42.8 43.1 43.2 43.5 8

 9 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Trade receivables 522.7 496.3 533.4 539.6 546.0 540.3 541.3 542.7 546.0 548.0 551.6 10

 11 Miscellaneous assets 2121.8 2029.3 2134.1 2143.1 2182.5 2149.4 2156.8 2165.9 2182.5 2191.7 2205.8 11

 12 Insurance receivables 111.5 101.7 131.4 119.8 134.9 122.4 126.4 130.1 134.9 135.7 136.5 12

 13 Equity investment in GSEs (1) 6.4 6.3 6.7 7.0 7.2 7.1 7.0 7.1 7.2 7.1 7.4 13

 14 Other 2003.9 1921.3 1996.0 2016.3 2040.5 2020.0 2023.5 2028.7 2040.5 2048.9 2061.9 14

 15 Total liabilities 5794.4 5730.0 5670.9 5741.2 5817.0 5754.9 5770.0 5787.5 5817.0 5831.3 5867.9 15

 16 Credit market instruments 4093.2 3984.5 3946.3 3971.4 4039.6 3977.1 3991.7 4007.2 4039.6 4045.9 4080.0 16

 17 Depository institution loans n.e.c. 1046.1 944.0 923.7 980.4 1070.6 1008.5 1031.5 1047.8 1070.6 1075.4 1092.6 17

 18 Other loans and advances 177.3 172.0 170.6 171.2 180.6 172.8 174.5 177.0 180.6 180.6 180.7 18

 19 Mortgages 2869.9 2868.5 2852.0 2819.9 2788.4 2795.8 2785.7 2782.3 2788.4 2789.9 2806.6 19

 20 Trade payables 380.6 397.4 427.7 435.8 434.1 434.4 433.2 432.9 434.1 438.7 440.2 20

 21 Taxes payable 106.2 99.9 99.2 100.4 101.6 100.5 100.7 101.0 101.6 102.0 102.8 21

 22 Miscellaneous liabilities 1214.3 1248.1 1197.7 1233.6 1241.7 1242.8 1244.3 1246.5 1241.7 1244.6 1245.0 22

(1) Equity in the Farm Credit System.
L

e

v

els

70 Z.1, September 25, 2013

L.104 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2618.6 2661.9 2741.9 2685.0 2650.4 2693.6 2693.2 2686.8 2650.4 2677.0 2674.0 1

 2 Checkable deposits and currency 79.9 99.1 104.6 121.3 117.7 118.9 116.9 111.5 117.7 115.1 112.5 2

 3 Time and savings deposits 238.9 248.1 241.3 255.7 289.8 273.9 269.3 282.3 289.8 295.2 294.5 3

 4 Money market fund shares 126.1 135.9 149.6 149.2 140.7 146.9 146.6 145.2 140.7 141.5 141.0 4

 5 Security RPs 130.1 125.9 124.5 117.6 111.0 115.9 115.6 114.5 111.0 111.6 111.2 5

 6 Credit market instruments 1561.4 1524.1 1584.8 1504.0 1437.9 1484.4 1490.8 1474.2 1437.9 1440.4 1432.6 6

 7 Open market paper 127.9 88.8 101.7 90.6 85.5 89.3 89.1 88.2 85.5 86.0 85.7 7

 8 Treasury securities 602.4 585.1 591.9 545.4 533.6 540.2 548.6 541.3 533.6 531.0 526.6 8

 9 Agency- and GSE-backed securities 479.7 489.5 511.8 497.8 469.6 490.4 489.3 484.5 469.6 472.3 470.5 9

 10 Municipal securities 10.4 11.5 12.8 12.9 12.1 12.7 12.6 12.5 12.1 12.2 12.1 10

 11 Corporate and foreign bonds 153.2 156.5 163.9 159.5 150.5 157.2 156.8 155.3 150.5 151.4 150.8 11

 12 Mortgages 187.8 192.8 202.7 197.8 186.6 194.8 194.4 192.4 186.6 187.6 186.9 12

 13 Corporate equities 91.1 111.8 126.0 122.7 129.7 131.9 128.7 132.6 129.7 138.6 140.2 13

 14 Mutual fund shares 36.3 48.4 58.3 58.0 61.7 62.8 61.1 63.1 61.7 66.2 67.0 14

 15 Trade receivables 143.7 139.1 152.2 154.1 162.5 156.0 159.3 161.2 162.5 164.7 165.1 15

 16 Taxes receivable 117.9 111.1 104.7 110.0 112.3 111.9 114.1 112.3 112.3 116.0 122.5 16

 17 Miscellaneous assets 93.1 118.4 95.9 92.4 87.2 91.0 90.8 90.0 87.2 87.7 87.4 17

 18 Total liabilities 4723.3 4730.6 5055.8 5307.8 5214.0 5104.1 5242.2 5175.2 5214.0 5056.9 5047.5 18

 19 Credit market instruments 2855.4 2968.4 3038.0 2985.3 2980.0 2986.3 2993.3 2985.3 2980.0 2994.8 2986.4 19

 20 Municipal securities 2842.7 2954.9 3023.6 2970.0 2964.3 2970.9 2977.7 2969.7 2964.3 2978.9 2970.4 20

 21 Short-term (2) 55.8 63.6 63.0 52.3 56.1 51.9 43.4 55.7 56.1 54.5 39.4 21

 22 Long-term 2786.9 2891.3 2960.6 2917.6 2908.2 2919.0 2934.3 2914.0 2908.2 2924.4 2931.0 22

 23 U.S. government loans 12.7 13.5 14.4 15.3 15.7 15.4 15.7 15.6 15.7 16.0 16.0 23

 24 Trade payables 591.6 630.5 669.0 707.4 746.5 717.1 726.9 736.7 746.5 756.3 766.1 24

 25 Claims of pension fund on sponsor (3) 1276.3 1131.7 1348.9 1615.1 1487.5 1400.7 1521.9 1453.2 1487.5 1305.8 1295.1 25

(1) Data for employee retirement funds are shown in table L.118.

(2) Debt with original maturity of 13 months or less.

(3) Included in miscellaneous liabilities.
L

e

v

els

Z.1, September 25, 2013 71

L.105 Federal Government

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1292.4 1387.1 1612.3 1407.5 1505.9 1368.4 1443.3 1480.6 1505.9 1535.4 1604.3 1

 2 U.S. official reserve assets 41.9 94.6 95.4 103.9 102.8 104.5 103.1 104.7 102.8 99.0 98.2 2

 3 Checkable deposits and currency 368.0 193.6 342.1 84.3 92.0 42.0 89.3 83.4 92.0 79.4 135.2 3

 4 Time and savings deposits 1.6 1.9 2.0 1.7 2.0 2.0 2.2 2.1 2.0 1.6 1.8 4

 5 Credit market instruments 397.2 706.3 794.3 816.2 918.4 828.1 857.2 898.6 918.4 965.5 980.7 5

 6 Agency- and GSE-backed securities 54.4 196.4 149.2 31.1 0.0 1.5 0.0 0.0 0.0 0.0 0.0 6

 7 Corporate and foreign bonds 0.0 0.6 0.9 0.8 0.6 0.8 0.8 0.7 0.6 0.6 0.6 7

 8 Other loans and advances 111.8 177.9 181.4 186.3 188.7 189.3 191.4 189.4 188.7 192.2 192.4 8

 9 Mortgages 95.8 108.4 106.6 110.6 112.3 111.7 112.2 112.0 112.3 113.2 113.2 9

 10 Consumer credit (1) 135.1 223.1 356.2 487.4 616.8 524.9 552.9 596.6 616.8 659.5 674.6 10

 11 Corporate equities (2) 188.7 67.4 49.9 57.8 39.9 48.2 43.6 41.2 39.9 38.6 37.9 11

 12 Trade receivables 64.7 43.6 42.9 47.7 50.6 49.0 50.6 51.9 50.6 49.1 49.8 12

 13 Taxes receivable 119.4 133.9 144.3 152.8 158.1 154.2 155.5 156.8 158.1 159.5 160.8 13

 14 Miscellaneous assets 110.8 145.8 141.4 143.1 142.0 140.5 141.9 141.9 142.0 142.7 139.8 14

 15 Total liabilities 9424.3 11003.5 12802.1 13988.2 15238.9 14417.2 14642.4 14895.9 15238.9 15604.3 15613.6 15

 16 SDR allocations 7.5 55.4 54.4 54.2 54.3 54.7 53.6 54.5 54.3 52.9 53.1 16

 17 SDR certificates 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 17

 18 Treasury currency 26.6 26.2 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 18

 19 Credit market instruments 6361.5 7805.4 9385.6 10453.6 11593.7 10851.9 11050.1 11279.9 11593.7 11930.1 11912.9 19

 20 Savings bonds 194.0 191.2 187.9 185.2 182.4 184.7 184.3 183.6 182.4 181.7 180.9 20

 21 Treasury bills 1861.2 1787.9 1768.9 1519.5 1626.5 1672.6 1594.4 1613.0 1626.5 1788.2 1568.1 21

 22 Other Treasury securities 4283.0 5802.8 7404.7 8723.7 9760.0 8970.1 9246.9 9458.9 9760.0 9935.6 10139.0 22

 23 Budget agency securities 23.3 23.5 24.2 25.3 24.9 24.4 24.5 24.4 24.9 24.6 25.0 23

 24 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 24

 25 Trade payables 260.8 204.6 210.9 220.2 228.5 229.2 232.1 234.5 228.5 237.9 244.5 25

 26 Insurance reserves 46.4 47.5 48.4 49.7 50.0 49.8 50.2 50.1 50.0 50.1 50.2 26

 27 Miscellaneous liabilities 2719.3 2859.2 3071.6 3179.4 3281.2 3200.5 3225.4 3245.8 3281.2 3302.1 3321.8 27

 28 Nonmarketable securities held by pension plans (3) 1015.3 1077.2 1142.9 1213.7 1254.1 1197.2 1203.5 1223.3 1254.1 1265.5 1178.4 28

 29 Claims of pension fund on sponsor 1535.8 1597.6 1722.2 1741.1 1789.6 1779.9 1795.7 1798.2 1789.6 1800.3 1909.6 29

 30 Other 168.2 184.4 206.5 224.6 237.5 223.4 226.1 224.3 237.5 236.3 233.8 30

(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.

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

(3) 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.
L

e

v

els

72 Z.1, September 25, 2013

L.106 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 15239.6 15806.9 17438.7 18953.8 20489.7 19738.7 19781.9 20359.7 20489.7 21231.5 21437.0 1

 2 SDR allocations 7.5 55.4 54.4 54.2 54.3 54.7 53.6 54.5 54.3 52.9 53.1 2

 3 Net interbank assets 464.5 194.0 145.9 367.0 215.7 391.8 419.3 373.7 215.7 321.0 588.4 3

 4 U.S. checkable deposits and currency 370.1 361.0 390.5 472.3 540.4 486.9 496.2 519.4 540.4 543.1 551.5 4

 5 U.S. time deposits 273.1 230.0 246.9 280.0 326.4 271.5 285.2 297.1 326.4 309.0 312.2 5

 6 Money market fund shares 69.7 76.9 69.8 79.5 114.5 91.6 107.6 110.8 114.5 116.8 117.4 6

 7 Security RPs (net) 114.9 31.0 -96.1 -44.9 -84.8 -78.8 -115.9 -95.1 -84.8 -11.4 -1.5 7

 8 Credit market instruments 7523.7 7723.4 8491.8 9029.7 9608.7 9176.8 9232.3 9500.4 9608.7 9738.9 9519.4 8

 9 Open market paper 232.9 191.5 191.0 191.7 195.2 203.3 188.9 190.2 195.2 203.9 199.6 9

 10 Treasury securities 3253.0 3670.6 4458.8 5006.9 5573.8 5147.6 5313.5 5475.4 5573.8 5721.8 5600.6 10

 11 Official 2400.5 2879.6 3364.8 3620.6 4032.2 3722.6 3857.9 3958.1 4032.2 4090.7 4009.2 11

 12 Private 852.5 791.0 1094.1 1386.3 1541.6 1425.1 1455.6 1517.3 1541.6 1631.1 1591.4 12

 13 Agency- and GSE-backed securities 1406.9 1154.9 1084.0 1080.6 1004.7 1060.4 1020.3 1028.5 1004.7 940.3 875.5 13

 14 Official 940.5 749.0 661.2 639.2 511.1 614.2 565.1 548.3 511.1 487.0 468.9 14

 15 Private 466.4 405.9 422.8 441.4 493.6 446.2 455.2 480.1 493.6 453.4 406.6 15

 16 Municipal securities 51.0 58.7 71.7 70.3 65.4 71.6 70.1 72.7 65.4 63.7 59.2 16

 17 U.S. corporate bonds (1) 2353.5 2465.3 2524.0 2484.0 2623.4 2522.3 2473.5 2572.6 2623.4 2663.9 2631.6 17

 18 Loans to U.S. corporate business 226.4 182.5 162.3 196.1 146.2 171.6 166.0 161.1 146.2 145.3 152.9 18

 19 U.S. corporate equities 1807.1 2476.7 2962.2 3035.3 3480.8 3425.7 3262.1 3455.0 3480.8 3919.4 4032.1 19

 20 Mutual fund shares 255.6 364.1 513.8 735.6 959.2 847.8 901.4 928.6 959.2 979.1 983.5 20

 21 Trade receivables 90.1 96.7 116.4 134.2 145.6 138.1 140.2 146.8 145.6 149.2 152.2 21

 22 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Miscellaneous assets 4263.3 4197.7 4543.1 4811.0 5128.8 4932.5 5000.0 5068.6 5128.8 5113.4 5128.7 23

 24 Foreign direct investment in U.S. (2) 2397.4 2398.2 2623.6 2879.5 3057.3 2913.8 2976.8 3029.3 3057.3 3074.6 3110.9 24

 25 Other 1865.9 1799.5 1919.5 1931.5 2071.5 2018.7 2023.2 2039.3 2071.5 2038.7 2017.8 25

 26 Total liabilities 8844.2 9126.0 9810.5 10228.3 10732.6 10294.4 10237.8 10614.7 10732.6 10875.7 10927.3 26

 27 U.S. official reserve assets (3) 66.6 119.7 121.4 129.6 127.5 129.8 128.1 130.3 127.5 122.5 121.4 27

 28 U.S. private deposits 946.7 835.9 826.6 780.3 750.1 765.0 737.1 772.3 750.1 774.3 861.9 28

 29 Credit market instruments 1708.8 2090.3 2267.2 2452.9 2712.0 2503.4 2496.5 2615.9 2712.0 2791.5 2722.2 29

 30 Commercial paper 342.0 401.3 398.6 345.1 373.0 362.6 357.4 366.7 373.0 407.4 417.4 30

 31 Bonds 1237.3 1570.3 1731.3 1939.9 2140.7 1960.5 1946.5 2052.0 2140.7 2174.6 2088.8 31

 32 Depository institution loans n.e.c. 107.9 96.8 115.1 144.3 165.5 153.6 164.8 167.0 165.5 176.8 183.2 32

 33 Official 2.6 3.2 4.3 2.6 2.0 2.5 2.2 2.1 2.0 2.6 2.7 33

 34 Banks 33.0 27.9 39.7 51.0 49.2 51.6 54.4 50.8 49.2 55.5 58.4 34

 35 Other 72.4 65.8 71.2 90.7 114.4 99.5 108.3 114.2 114.4 118.7 122.1 35

 36 Other loans and advances 21.6 21.9 22.1 23.5 32.8 26.7 27.8 30.2 32.8 32.7 32.8 36

 37 Trade payables 63.2 69.3 95.1 63.0 69.3 66.9 68.0 67.4 69.3 68.2 69.5 37

 38 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Miscellaneous liabilities 6059.0 6010.7 6500.2 6802.6 7073.7 6829.3 6808.2 7028.7 7073.7 7119.2 7152.4 39

 40 U.S. equity in IBRD, etc. 48.3 50.0 52.3 54.9 57.3 55.2 57.0 57.2 57.3 57.3 59.4 40

 41 Nonofficial foreign currencies 554.2 10.9 0.8 100.5 9.5 47.2 28.7 13.3 9.5 8.6 2.3 41

 42 U.S. direct investment abroad (1,2) 3748.5 4077.4 4273.6 4663.1 5077.8 4759.1 4826.4 4983.4 5077.8 5123.8 5200.4 42

 43 Investment by holding companies 101.5 125.1 135.6 166.3 114.7 185.6 166.1 154.0 114.7 137.2 100.7 43

 44 Other 1606.4 1747.3 2037.9 1817.8 1814.4 1782.3 1730.0 1820.9 1814.4 1792.3 1789.6 44

 Memo:

 45 Market value of foreign equities 2748.4 3995.3 4900.2 4501.4 5390.5 5038.8 4715.8 5107.3 5390.5 5648.7 5621.4 45

 held by U.S. residents (4)

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(2) Direct investment is valued on a current-cost basis.

(3) Does not include monetary gold.

(4) Includes American Depositary Receipts (ADRs).
L

e

v

els

Z.1, September 25, 2013 73

L.107 Financial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 65790.1 67126.4 68038.7 69719.9 73952.2 71941.1 71634.0 72921.1 73952.2 75908.0 76771.3 1

 2 U.S. official reserve assets 35.7 36.2 37.0 36.8 35.8 36.4 36.1 36.6 35.8 34.5 34.3 2

 3 SDR certificates 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3

 4 Treasury currency 38.7 42.7 43.5 44.2 44.8 44.4 44.5 44.6 44.8 45.0 45.1 4

 5 Foreign deposits 85.6 97.1 105.9 42.9 43.3 40.1 33.0 40.2 43.3 48.7 37.1 5

 6 Net interbank assets 1475.9 1126.4 1019.6 1622.6 1561.7 1605.7 1563.0 1496.2 1561.7 1849.4 2072.9 6

 7 Checkable deposits and currency 378.3 343.6 325.6 362.1 373.5 328.3 329.2 332.7 373.5 365.5 367.0 7

 8 Time and savings deposits 572.4 716.1 641.5 594.6 630.4 569.4 558.8 600.8 630.4 622.7 641.4 8

 9 Money market fund shares 1252.4 1075.7 907.3 847.4 839.9 808.8 767.0 777.2 839.9 805.0 789.8 9

 10 Federal funds and security RPs 880.1 824.3 838.0 779.8 985.3 869.9 929.6 991.3 985.3 996.9 945.1 10

 11 Credit market instruments 38548.5 37557.5 36748.5 37778.6 39031.7 38143.5 38242.2 38474.6 39031.7 39414.3 39814.9 11

 12 Open market paper 1175.8 779.0 675.8 599.5 592.2 623.4 606.9 599.3 592.2 634.1 632.6 12

 13 Treasury securities 2206.9 2568.6 2993.9 3956.0 4253.0 4105.0 4072.2 4123.3 4253.0 4399.1 4470.0 13

 14 Agency- and GSE-backed securities 5165.3 5904.6 5572.8 5726.4 5993.4 5827.7 5872.5 5898.1 5993.4 6160.3 6264.0 14

 15 Municipal securities 1703.8 1742.2 1786.4 1801.2 1939.4 1823.5 1844.7 1890.3 1939.4 1963.4 1968.3 15

 16 Corporate and foreign bonds 6710.3 6732.4 6898.3 7108.7 7591.1 7325.8 7371.8 7482.6 7591.1 7691.6 7771.3 16

 17 Depository institution loans n.e.c. 2750.0 2021.7 1954.3 2086.8 2250.6 2101.9 2150.1 2178.0 2250.6 2254.7 2318.1 17

 18 Other loans and advances 2261.3 1711.0 1394.8 1363.6 1469.0 1347.9 1374.9 1424.3 1469.0 1461.1 1522.2 18

 19 Mortgages 14209.6 13910.2 13304.9 12987.0 12751.1 12882.7 12821.2 12731.3 12751.1 12692.1 12682.8 19

 20 Consumer credit 2365.6 2187.8 2167.3 2149.3 2191.9 2105.6 2127.9 2147.4 2191.9 2157.9 2185.7 20

 21 Corporate equities 7629.8 9942.4 11437.0 10826.1 12472.9 12166.7 11640.0 12367.6 12472.9 13595.7 13738.7 21

 22 Mutual fund shares 1676.0 2226.2 2515.8 2459.1 2805.2 2726.6 2652.0 2804.0 2805.2 3065.6 3116.4 22

 23 Trade receivables 182.2 144.2 135.6 134.8 133.2 136.4 134.4 135.9 133.2 134.1 132.9 23

 24 Security credit 385.8 422.6 520.5 560.2 736.4 613.3 632.5 702.2 736.4 709.5 691.2 24

 25 Life insurance reserves 130.0 132.8 141.1 148.4 172.9 167.5 169.7 172.7 172.9 175.5 176.9 25

 26 Miscellaneous assets 12516.4 12433.3 12616.6 13477.1 14080.1 13678.8 13896.7 13939.3 14080.1 14040.3 14162.3 26

 27 Total liabilities 62910.2 63658.2 64401.0 66075.2 69789.4 67909.5 67611.5 68937.3 69789.4 71517.6 72317.0 27

 28 Net interbank liabilities 1922.9 1325.6 1189.3 2016.0 1831.4 2027.5 1999.3 1934.8 1831.4 2253.6 2715.7 28

 29 Checkable deposits and currency 2101.3 2093.4 2359.8 2594.3 2857.8 2520.5 2594.3 2640.4 2857.8 2878.1 2898.4 29

 30 Time and savings deposits 7940.9 8316.3 8432.4 8805.2 9312.4 8914.8 8968.0 9080.4 9312.4 9360.1 9418.6 30

 31 Money market fund shares 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 2541.9 31

 32 Federal funds and security RPs 1262.5 1496.9 1276.0 1148.0 1122.9 1194.6 1181.9 1149.0 1122.9 1126.9 1054.7 32

 33 Credit market instruments 17101.1 15688.5 14485.7 14046.3 13912.2 13990.4 13834.5 13952.1 13912.2 13874.0 13902.3 33

 34 Open market paper 1126.3 678.2 576.0 507.9 449.1 504.3 472.6 454.6 449.1 453.8 426.0 34

 35 Agency- and GSE-backed securities 8143.4 8083.3 7574.0 7552.1 7529.7 7508.5 7517.2 7519.5 7529.7 7566.2 7623.4 35

 36 Corporate and foreign bonds 5977.9 5717.5 5321.8 4997.1 4986.4 5046.1 4946.7 5020.2 4986.4 4917.7 4860.0 36

 37 Depository institution loans n.e.c. 789.5 424.7 373.7 399.9 338.7 362.6 299.7 365.3 338.7 333.9 347.6 37

 38 Other loans and advances 900.5 617.9 473.2 413.1 416.6 390.2 413.3 404.4 416.6 409.7 452.9 38

 39 Mortgages 163.5 166.9 167.1 176.2 191.8 178.8 185.0 188.0 191.8 192.8 192.5 39

 40 Mutual fund shares 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10087.4 10221.8 40

 41 Trade payables 21.2 70.1 18.1 14.3 14.2 17.3 13.5 13.0 14.2 15.4 15.6 41

 42 Security credit 963.6 888.2 936.6 1073.7 1208.7 1107.8 1165.7 1213.2 1208.7 1184.2 1208.9 42

 43 Life insurance reserves 1133.4 1194.5 1229.9 1302.3 1309.0 1317.1 1292.1 1303.1 1309.0 1319.9 1324.4 43

 44 Pension entitlements 14061.8 15205.4 16745.0 17115.2 18075.1 17641.6 17588.7 17928.7 18075.1 18560.9 18736.6 44

 45 Taxes payable -101.1 -95.0 -88.9 -78.0 -77.2 -78.0 -78.0 -68.5 -77.2 -66.1 -82.9 45

 46 Miscellaneous liabilities 7357.4 7295.1 7188.8 7524.4 8249.5 7923.0 7930.1 8153.2 8249.5 8369.1 8360.8 46

 Memo:

 47 Market value of corporate equities 2875.4 3578.1 4294.5 4085.9 4936.0 4688.0 4494.6 4772.9 4936.0 5465.4 5711.3 47

 48 Equity in noncorporate business 10.7 14.8 15.9 13.1 18.6 18.3 18.3 19.1 18.6 19.2 19.3 48

(1) Sum of financial sectors shown on tables L.108 and L.110 through L.130.
L

e

v

els

74 Z.1, September 25, 2013

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2270.6 2267.2 2453.2 2947.2 2954.9 2886.7 2883.3 2837.6 2954.9 3243.8 3526.3 1

 2 U.S. official reserve assets 35.7 36.2 37.0 36.8 35.8 36.4 36.1 36.6 35.8 34.5 34.3 2

 3 SDR certificates 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 3

 4 Treasury currency 38.7 42.7 43.5 44.2 44.8 44.4 44.5 44.6 44.8 45.0 45.1 4

 5 Federal Reserve float (2) -1.5 -2.1 -1.4 -0.6 -0.5 -0.7 -0.7 -0.6 -0.5 -0.6 -0.7 5

 6 Interbank loans (2) 559.7 96.6 0.2 0.2 0.1 0.0 0.1 0.1 0.1 0.0 0.1 6

 7 Discount window (3) 544.0 96.6 0.2 0.2 0.1 0.0 0.1 0.1 0.1 0.0 0.1 7

 8 AMLF (4) 15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Security RPs 80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Credit market instruments 986.0 1987.7 2259.2 2635.6 2670.1 2613.4 2610.9 2565.1 2670.1 2939.8 3214.2 10

 11 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 11

 12 Treasury securities 475.9 776.6 1021.5 1663.4 1666.1 1661.1 1659.9 1645.3 1666.1 1796.0 1936.6 12

 13 Treasury bills 18.4 18.4 18.4 18.4 0.0 18.4 18.4 0.0 0.0 0.0 0.0 13

 14 Other Treasury securities 457.5 758.2 1003.1 1645.0 1666.1 1642.7 1641.5 1645.3 1666.1 1796.0 1936.6 14

 15 Agency- and GSE-backed securities 19.7 1068.3 1139.6 941.7 1003.4 933.3 946.5 918.4 1003.4 1143.4 1277.3 15

 16 Mortgage-backed securities 0.0 908.4 992.1 837.7 926.7 836.8 855.0 835.0 926.7 1070.9 1208.1 16

 17 Other agency- and GSE-backed securities 19.7 159.9 147.5 104.0 76.8 96.5 91.5 83.4 76.8 72.4 69.2 17

 18 Depository institution loans n.e.c. 490.4 142.8 98.1 30.5 0.6 19.0 4.5 1.5 0.6 0.4 0.3 18

 19 Households (TALF) (5) 0.0 47.5 24.7 9.0 0.6 7.1 4.5 1.5 0.6 0.4 0.3 19

 20 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 20

 21 Brokers and dealers (6) 45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 Funding corporations (Maiden Lane) (7) 29.1 29.2 25.8 4.9 0.0 2.9 0.0 0.0 0.0 0.0 0.0 22

 23 Funding corporations (AIG) 38.9 22.2 20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Funding corporations (Maiden Lane II) (8) 19.5 16.0 13.5 6.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Funding corporations (Maiden Lane III)(9) 24.4 18.5 14.1 9.8 0.0 9.0 0.0 0.0 0.0 0.0 0.0 25

 26 Funding corporations (CPFF) (10) 333.0 9.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

 27 Corporate equities (11) 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Miscellaneous assets 569.8 75.9 83.1 225.8 199.5 188.1 187.2 186.5 199.5 219.9 228.1 28

 29 Nonofficial foreign currencies (12) 553.7 10.3 0.1 99.8 8.9 46.5 28.0 12.6 8.9 8.1 1.7 29

 30 Other 16.1 65.6 83.0 126.0 190.6 141.6 159.3 174.0 190.6 211.9 226.5 30

 31 Total liabilities 2249.6 2241.6 2426.7 2920.3 2927.6 2859.5 2855.9 2810.2 2927.6 3216.3 3498.8 31

 32 Depository institution reserves 860.0 977.0 968.1 1562.3 1491.0 1549.9 1507.0 1440.4 1491.0 1790.4 2013.3 32

 33 Vault cash of depository institutions 57.7 54.9 52.7 60.8 71.1 56.5 56.6 56.3 71.1 59.6 60.2 33

 34 Checkable deposits and currency 1220.3 1102.7 1287.8 1165.7 1224.6 1122.7 1178.4 1185.9 1224.6 1226.1 1298.1 34

 35 Due to federal government 365.7 191.9 340.9 85.9 92.9 43.6 91.5 85.6 92.9 79.4 135.0 35

 36 Treasury cash holdings 0.3 0.2 0.2 0.1 0.2 0.2 0.1 0.1 0.2 0.2 0.1 36

 37 Treasury general deposit account 106.1 186.6 140.8 85.7 92.7 43.5 91.4 85.4 92.7 79.2 134.9 37

 38 Treasury temporary supplementary financing account 259.3 5.0 200.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Due to rest of the world 1.4 2.4 3.4 0.2 6.5 0.2 1.6 5.7 6.5 9.2 10.1 39

 40 Due to government-sponsored enterprises 21.1 35.1 13.5 64.6 27.2 36.9 29.9 22.6 27.2 20.2 19.5 40

 41 Currency outside banks 832.2 873.3 930.0 1015.0 1098.1 1042.1 1055.3 1072.1 1098.1 1117.3 1133.6 41

 42 Security RPs 88.4 77.7 59.7 99.9 107.2 96.7 85.5 92.7 107.2 105.5 95.2 42

 43 Miscellaneous liabilities 23.1 29.2 58.4 31.7 33.7 33.7 28.5 34.9 33.7 34.8 32.1 43

 44 Federal Reserve Bank stock 21.1 25.6 26.5 26.9 27.4 27.2 27.3 27.4 27.4 27.6 27.5 44

 45 Other 2.1 3.6 31.9 4.8 6.3 6.5 1.1 7.5 6.3 7.2 4.6 45

(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 L.203.

(3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.

(4) Federal Reserve loans extended to domestic banks 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 the 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.
L

e

v

els

Z.1, September 25, 2013 75

L.109 Private Depository Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 14130.7 13419.4 13582.2 14692.7 15057.7 14592.1 14761.5 14821.3 15057.7 15243.3 15594.5 1

 2 Vault cash 57.7 54.9 52.7 60.8 71.1 56.5 56.6 56.3 71.1 59.6 60.2 2

 3 Reserves at Federal Reserve 860.0 977.0 968.1 1562.3 1491.0 1549.9 1507.0 1440.4 1491.0 1790.4 2013.3 3

 4 Credit market instruments 11298.8 10731.7 10916.1 11113.5 11505.4 11116.7 11216.5 11300.3 11505.4 11475.5 11535.8 4

 5 Open market paper 15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury securities 101.9 196.6 299.6 252.9 339.5 280.6 294.7 327.0 339.5 329.5 280.7 6

 7 Agency- and GSE-backed securities 1400.3 1579.9 1718.1 1851.7 1901.4 1929.0 1906.0 1905.4 1901.4 1946.9 1960.6 7

 8 Municipal securities 224.4 227.8 257.1 303.9 369.9 315.3 334.1 356.6 369.9 382.2 397.9 8

 9 Corporate and foreign bonds 1081.5 936.2 790.0 796.8 791.3 759.9 756.6 777.7 791.3 770.8 764.4 9

 10 Depository institution loans n.e.c. 2259.5 1878.9 1856.3 2056.4 2250.0 2082.9 2145.6 2176.5 2250.0 2254.3 2317.8 10

 11 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 11

 12 Mortgages 5014.2 4768.9 4583.0 4436.2 4391.0 4370.3 4373.9 4334.1 4391.0 4354.9 4351.1 12

 13 Consumer credit 1201.2 1143.4 1412.0 1415.6 1462.3 1378.7 1405.7 1422.8 1462.3 1436.8 1463.1 13

 14 Corporate equities 33.8 63.6 73.6 67.4 87.1 80.4 75.0 83.4 87.1 96.8 96.9 14

 15 Mutual fund shares 21.6 47.4 46.5 43.5 61.5 48.8 49.4 55.0 61.5 69.9 70.3 15

 16 Security credit 221.0 219.6 242.3 321.3 432.7 345.5 388.1 433.0 432.7 401.6 388.7 16

 17 Life insurance reserves 110.7 111.5 116.0 120.8 138.1 133.8 135.0 136.4 138.1 139.4 140.5 17

 18 Miscellaneous assets 1527.1 1213.5 1166.9 1403.2 1270.8 1260.3 1333.9 1316.5 1270.8 1210.1 1288.9 18

 19 Total liabilities 13621.7 13222.9 13539.6 14736.7 15309.6 14805.3 14975.7 15158.2 15309.6 15508.9 15739.9 19

 20 Net interbank liabilities 1005.2 293.6 168.5 393.0 269.3 421.1 435.7 438.1 269.3 403.6 642.2 20

 21 Checkable deposits 881.0 990.7 1072.0 1428.6 1633.1 1397.7 1415.9 1454.4 1633.1 1652.0 1600.3 21

 22 Small time and savings deposits 5749.3 6326.5 6624.9 7202.2 7803.9 7410.5 7456.9 7595.4 7803.9 7869.1 7890.8 22

 23 Large time deposits 2191.6 1989.8 1807.5 1603.0 1508.5 1504.3 1511.1 1485.0 1508.5 1491.0 1527.7 23

 24 Federal funds and security RPs (net) 491.8 844.2 678.7 605.5 493.5 575.1 584.2 552.7 493.5 482.5 453.4 24

 25 Credit market instruments 1030.9 744.6 968.7 892.9 865.3 863.7 868.5 846.6 865.3 842.9 871.8 25

 26 Open market paper 0.5 0.6 113.0 120.6 87.5 104.4 102.1 90.7 87.5 74.4 64.2 26

 27 Corporate bonds 184.8 176.3 436.8 415.8 415.8 427.2 414.4 409.9 415.8 413.9 411.5 27

 28 Other loans and advances 845.6 567.6 418.9 356.4 362.0 332.2 351.9 346.0 362.0 354.5 396.2 28

 29 Taxes payable (net) -73.6 -66.2 -59.6 -49.1 -47.9 -52.6 -50.3 -46.3 -47.9 -46.0 -58.9 29

 30 Miscellaneous liabilities 2345.5 2099.7 2279.0 2660.6 2783.8 2685.5 2753.8 2832.2 2783.8 2813.7 2812.6 30

 31 Foreign direct investment in U.S. 71.7 107.7 120.0 193.7 198.1 187.1 188.7 190.1 198.1 200.0 201.8 31

 32 Investment by holding companies 1370.5 1599.5 1632.8 1709.0 1889.2 1782.2 1825.7 1871.3 1889.2 1916.9 1880.5 32

 33 Investment by funding corporations 276.6 203.1 171.6 137.8 126.0 154.3 128.5 117.9 126.0 142.9 142.1 33

 34 Other 626.6 189.4 354.6 620.1 570.5 562.0 610.8 652.8 570.5 553.9 588.2 34

 Memo:

 35 Consumer leases not included above (2) 9.5 6.9 6.2 6.0 6.5 6.0 5.9 6.2 6.5 6.8 7.3 35

(1) U.S.-chartered depository institutions (L.110), foreign banking offices (L.111), banks in U.S.-affiliated areas (L.112), and credit unions (L.113).

(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.
L

e

v

els

76 Z.1, September 25, 2013

L.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 11663.3 11265.5 11294.5 11711.8 12054.0 11653.4 11756.0 11817.3 12054.0 12131.9 12220.9 1

 2 Vault cash 57.7 54.9 52.7 60.8 71.1 56.5 56.6 56.3 71.1 59.6 60.2 2

 3 Reserves at Federal Reserve 616.4 670.1 580.4 805.2 798.5 803.6 763.5 722.1 798.5 981.1 1001.2 3

 4 Credit market instruments 9442.9 9131.1 9341.5 9468.4 9815.1 9462.8 9564.3 9622.3 9815.1 9789.9 9853.0 4

 5 Open market paper 15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury securities 56.4 124.5 217.5 173.9 243.2 187.8 212.5 227.8 243.2 230.3 194.0 6

 7 Agency- and GSE-backed securities 1242.5 1417.4 1527.2 1634.1 1669.7 1699.2 1668.4 1672.7 1669.7 1710.5 1725.7 7

 8 Residential mortgage pass-through securities 851.0 837.5 835.3 899.1 912.8 946.8 932.4 932.9 912.8 952.8 968.2 8

 9 Commercial mortgage pass-through securities 0.0 3.6 3.3 8.2 21.7 14.4 16.0 18.9 21.7 24.7 27.8 9

 10 Residential CMOs and other structured MBS 193.9 264.0 393.4 473.8 454.6 482.0 460.6 460.0 454.6 446.7 435.3 10

 11 Commercial CMOs and other structured MBS 0.0 4.0 3.6 13.4 42.9 25.1 31.8 37.3 42.9 47.7 54.6 11

 12 Other 197.6 308.4 291.5 239.6 237.7 230.9 227.6 223.6 237.7 238.6 239.8 12

 13 Municipal securities 221.9 224.3 254.6 297.3 363.1 307.2 327.4 350.0 363.1 374.2 390.3 13

 14 Corporate and foreign bonds 650.5 667.1 548.9 551.8 550.7 532.3 528.8 542.6 550.7 547.0 549.4 14

 15 Priv. residential mortgage pass-through securities 29.0 16.2 6.5 3.5 18.7 3.1 18.8 18.1 18.7 19.6 23.1 15

 16 Priv. commercial mortgage pass-through securities 0.0 17.8 11.4 8.9 9.3 9.3 9.2 9.1 9.3 9.1 9.6 16

 17 Priv. residential CMOs and other structured MBS 285.6 202.9 132.3 110.4 88.4 97.4 93.7 92.8 88.4 83.7 78.7 17

 18 Priv. commercial CMOs and other structured MBS 0.0 26.0 24.7 27.4 32.7 27.3 29.9 31.1 32.7 33.8 34.4 18

 19 Other 335.9 404.1 374.0 401.8 401.6 395.2 377.2 391.5 401.6 400.7 403.6 19

 20 Depository institution loans n.e.c. 1675.8 1419.6 1412.9 1569.2 1772.6 1596.2 1666.4 1698.4 1772.6 1773.7 1826.2 20

 21 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 21

 22 Mortgages 4615.2 4371.9 4194.9 4049.6 3997.4 3984.5 3986.4 3944.6 3997.4 3962.9 3955.9 22

 23 Consumer credit 965.0 906.3 1185.5 1192.6 1218.7 1155.7 1174.5 1186.1 1218.7 1191.3 1211.5 23

 24 Corporate equities 33.8 63.6 73.6 67.4 87.1 80.4 75.0 83.4 87.1 96.8 96.9 24

 25 Mutual fund shares 19.6 46.1 45.0 41.7 59.2 46.7 47.3 52.8 59.2 67.3 67.9 25

 26 Security credit 158.6 158.0 152.3 189.6 243.0 190.8 209.8 241.8 243.0 209.0 198.7 26

 27 Life insurance reserves 110.7 111.5 116.0 120.8 138.1 133.8 135.0 136.4 138.1 139.4 140.5 27

 28 Miscellaneous assets 1223.5 1030.1 933.1 958.0 842.0 878.7 904.4 902.1 842.0 788.7 802.4 28

 29 Total liabilities 11212.0 11110.9 11304.0 11836.1 12387.2 11953.6 12051.7 12232.1 12387.2 12469.6 12434.1 29

 30 Net interbank liabilities 1238.0 697.2 480.9 233.7 129.7 272.0 236.2 246.3 129.7 199.0 233.0 30

 31 Federal Reserve float -1.5 -2.1 -1.4 -0.6 -0.5 -0.7 -0.7 -0.6 -0.5 -0.6 -0.7 31

 32 Borrowing from Federal Reserve banks 559.7 96.6 0.2 0.2 0.1 0.0 0.1 0.1 0.1 0.0 0.1 32

 33 To domestic banks 35.4 52.4 20.8 61.4 51.0 59.8 55.6 59.3 51.0 62.3 49.5 33

 34 To foreign banks 644.4 550.3 461.3 172.8 79.1 213.0 181.2 187.4 79.1 137.3 184.1 34

 35 Checkable deposits 777.5 871.6 941.1 1260.5 1435.6 1219.8 1232.0 1267.7 1435.6 1441.7 1378.8 35

 36 Federal government 3.5 3.8 3.6 1.0 1.3 1.3 1.2 1.1 1.3 1.5 1.3 36

 37 Rest of the world 62.9 34.3 30.4 56.1 51.8 52.7 51.5 52.7 51.8 46.1 40.5 37

 38 Private domestic 711.1 833.5 907.0 1203.5 1382.4 1165.8 1179.3 1214.0 1382.4 1394.1 1336.9 38

 39 Small time and savings deposits 5144.6 5617.0 5888.6 6425.7 6979.3 6598.7 6636.4 6775.6 6979.3 7018.7 7032.7 39

 40 Large time deposits 1309.2 979.4 849.1 813.9 738.2 743.4 777.4 749.1 738.2 708.9 736.4 40

 41 Federal funds and security RPs (net) 359.6 674.1 455.5 347.9 209.8 308.2 301.8 273.1 209.8 189.1 174.1 41

 42 Credit market instruments 990.3 718.1 942.6 868.7 840.3 840.8 844.7 822.2 840.3 820.7 848.4 42

 43 Open market paper 0.5 0.6 113.0 120.6 87.5 104.4 102.1 90.7 87.5 74.4 64.2 43

 44 Corporate bonds 184.8 176.3 436.8 415.8 415.8 427.2 414.4 409.9 415.8 413.9 411.5 44

 45 Other loans and advances 805.0 541.1 392.8 332.3 336.9 309.3 328.2 321.6 336.9 332.3 372.7 45

 46 Taxes payable (net) -73.6 -66.2 -59.6 -49.1 -47.9 -52.6 -50.3 -46.3 -47.9 -46.0 -58.9 46

 47 Miscellaneous liabilities 1466.4 1619.9 1805.9 1934.7 2102.3 2023.4 2073.4 2144.3 2102.3 2137.5 2089.7 47

 48 Investment by holding companies 1370.5 1599.5 1632.8 1709.0 1889.2 1782.2 1825.7 1871.3 1889.2 1916.9 1880.5 48

 49 Other 95.9 20.4 173.1 225.7 213.1 241.2 247.6 273.1 213.1 220.6 209.3 49

 Memo:

 50 Consumer leases not included above (1) 9.5 6.9 6.2 6.0 6.5 6.0 5.9 6.2 6.5 6.8 7.3 50

(1) 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.
L

e

v

els

Z.1, September 25, 2013 77

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1624.8 1267.5 1336.7 1999.0 1966.8 1908.9 1976.0 1977.6 1966.8 2038.9 2294.4 1

 2 Reserves at Federal Reserve 239.0 284.1 350.8 711.0 638.8 679.1 687.8 670.6 638.8 741.3 959.6 2

 3 Credit market instruments 1063.8 777.9 747.1 784.9 784.1 775.5 760.4 778.3 784.1 766.9 752.1 3

 4 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 4

 5 Treasury securities 35.5 57.5 60.9 60.5 76.6 71.6 61.0 77.3 76.6 79.5 66.9 5

 6 Agency- and GSE-backed securities 50.6 31.3 26.5 30.6 32.1 29.0 32.3 30.2 32.1 27.7 26.1 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 401.6 244.9 233.9 234.5 228.7 216.4 216.6 223.9 228.7 210.4 201.0 8

 9 Depository institution loans n.e.c. 531.9 406.5 390.4 426.6 415.8 427.2 419.3 415.7 415.8 419.5 428.6 9

 10 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 10

 11 Mortgages 44.2 37.8 35.4 32.8 30.9 31.2 31.2 31.2 30.9 29.7 29.6 11

 12 Corporate equities 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Security credit 62.3 61.6 90.1 131.7 189.7 154.7 178.3 191.3 189.7 192.6 190.0 13

 14 Miscellaneous assets 259.7 143.9 148.7 371.4 354.2 299.6 349.6 337.6 354.2 338.2 392.7 14

 15 Total liabilities 1639.6 1283.7 1354.1 2020.9 1991.4 1931.9 1999.2 2002.2 1991.4 2065.5 2325.3 15

 16 Net interbank liabilities -163.7 -322.5 -274.4 222.2 210.2 205.3 265.3 263.7 210.2 274.0 480.3 16

 17 To foreign banks -179.9 -356.2 -315.4 194.2 136.6 178.8 238.1 186.3 136.6 183.7 404.4 17

 18 To domestic banks 16.2 33.7 41.0 27.9 73.6 26.5 27.2 77.4 73.6 90.3 75.9 18

 19 Checkable deposits 13.5 16.1 21.9 45.6 61.8 44.3 48.9 53.9 61.8 63.7 73.4 19

 20 Small time and savings deposits 25.6 29.9 35.7 48.9 62.7 57.9 62.1 62.4 62.7 67.9 70.7 20

 21 Large time deposits 784.7 958.6 909.0 736.6 711.8 706.8 678.2 679.8 711.8 721.6 729.3 21

 22 Federal funds and security RPs (net) 130.0 170.3 223.2 273.4 293.4 287.8 295.3 288.2 293.4 293.9 279.5 22

 23 Open market paper (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Miscellaneous liabilities 849.4 431.3 438.7 694.2 651.5 629.8 649.4 654.3 651.5 644.5 692.1 24

 25 Foreign direct investment in U.S. 71.7 107.7 120.0 193.7 198.1 187.1 188.7 190.1 198.1 200.0 201.8 25

 26 Investment by funding corporations 276.6 203.1 171.6 137.8 126.0 154.3 128.5 117.9 126.0 142.9 142.1 26

 27 Other 501.1 120.5 147.1 362.7 327.4 288.4 332.2 346.2 327.4 301.6 348.2 27

(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).

(2) Bankers’ acceptances.
L

e

v

els

78 Z.1, September 25, 2013

L.112 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 102.0 94.7 79.9 75.8 75.8 75.7 78.5 75.2 75.8 76.0 82.0 1

 2 Credit market instruments 90.9 88.1 68.9 64.0 63.9 63.9 62.7 62.0 63.9 63.6 63.6 2

 3 Treasury securities 1.2 0.5 1.1 1.0 0.4 0.9 1.3 1.0 0.4 0.4 0.4 3

 4 Agency- and GSE-backed securities 24.4 20.5 12.8 4.8 2.6 5.1 4.8 4.0 2.6 2.4 2.2 4

 5 Municipal securities 2.5 3.5 2.5 3.4 2.6 3.4 2.8 2.8 2.6 2.7 2.7 5

 6 Corporate and foreign bonds 0.5 2.0 0.6 4.2 5.2 4.3 4.1 4.6 5.2 5.6 5.5 6

 7 Depository institution loans n.e.c. 19.7 19.4 16.1 17.1 18.1 17.2 17.3 17.6 18.1 18.1 19.0 7

 8 Home mortgages 22.9 22.6 20.1 17.8 20.0 17.5 17.3 17.0 20.0 20.0 19.2 8

 9 Commercial mortgages 19.7 19.6 15.7 15.6 14.9 15.4 15.1 14.9 14.9 14.4 14.5 9

 10 Miscellaneous assets 11.1 6.5 11.0 11.8 12.0 11.8 15.8 13.2 12.0 12.4 18.5 10

 11 Total liabilities 91.0 90.0 75.2 72.1 72.0 71.7 74.7 71.9 72.0 72.2 78.8 11

 12 Net interbank liabilities -3.2 -4.2 -3.3 -4.6 -4.9 -4.4 -4.6 -5.3 -4.9 -4.6 -5.3 12

 13 Checkable deposits 14.6 16.1 16.6 19.4 21.9 19.5 22.3 20.9 21.9 22.1 26.3 13

 14 Small time and savings deposits 27.4 24.5 19.3 18.9 18.8 18.7 19.6 18.5 18.8 19.1 20.6 14

 15 Large time deposits 27.4 24.5 19.3 18.9 18.8 18.7 19.6 18.5 18.8 19.1 20.6 15

 16 Miscellaneous liabilities 24.9 29.2 23.3 19.4 17.3 19.1 17.9 19.2 17.3 16.4 16.5 16

(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.

L.113 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 740.6 791.7 871.1 906.1 961.1 954.1 950.9 951.2 961.1 996.5 997.2 1

 2 Reserves at Federal Reserve 4.7 22.8 36.9 46.1 53.8 67.2 55.7 47.7 53.8 68.0 52.5 2

 3 Credit market instruments 701.1 734.6 758.6 796.2 842.3 814.6 829.1 837.8 842.3 855.1 867.1 3

 4 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 4

 5 Treasury securities 8.8 14.2 20.1 17.6 19.3 20.3 19.9 20.9 19.3 19.2 19.4 5

 6 Agency- and GSE-backed securities 82.9 110.7 151.5 182.1 197.0 195.7 200.6 198.5 197.0 206.2 206.6 6

 7 Municipal securities 0.0 0.0 0.0 3.2 4.2 4.7 3.9 3.8 4.2 5.3 5.0 7

 8 Corporate and foreign bonds 28.9 22.3 6.6 6.3 6.7 6.9 7.0 6.6 6.7 7.8 8.6 8

 9 Depository institution loans n.e.c. 32.1 33.4 36.9 43.5 43.6 42.3 42.5 44.7 43.6 43.0 44.0 9

 10 Home mortgages 312.2 316.9 317.0 320.5 327.8 321.6 324.0 326.4 327.8 328.0 332.0 10

 11 Consumer credit 236.2 237.1 226.5 223.0 243.6 223.0 231.2 236.7 243.6 245.5 251.6 11

 12 Mutual fund shares 2.0 1.3 1.5 1.9 2.3 2.1 2.1 2.2 2.3 2.6 2.4 12

 13 Miscellaneous assets 32.8 33.0 74.1 61.9 62.7 70.2 64.1 63.6 62.7 70.9 75.3 13

 14 Total liabilities 679.0 738.3 806.3 807.6 859.1 848.0 850.0 852.0 859.1 901.7 901.7 14

 15 Net interbank liabilities -65.9 -76.8 -34.7 -58.4 -65.7 -51.8 -61.3 -66.5 -65.7 -64.7 -65.8 15

 16 Shares/deposits 697.4 769.4 803.8 845.3 896.6 884.6 887.4 888.3 896.6 929.3 930.0 16

 17 Checkable 75.3 86.9 92.4 103.1 113.9 114.1 112.7 111.9 113.9 124.5 121.8 17

 18 Small time and savings 551.7 655.2 681.3 708.7 743.1 735.2 738.8 738.9 743.1 763.4 766.8 18

 19 Large time 70.4 27.3 30.1 33.5 39.7 35.3 35.9 37.5 39.7 41.3 41.4 19

 20 Federal funds and security RPs (net) 2.3 -0.1 -0.0 -15.9 -9.7 -20.9 -12.9 -8.6 -9.7 -0.4 -0.2 20

 21 Other loans and advances 40.6 26.5 26.1 24.2 25.1 22.9 23.7 24.4 25.1 22.2 23.5 21

 22 Miscellaneous liabilities 4.7 19.4 11.1 12.4 12.7 13.3 13.1 14.4 12.7 15.3 14.2 22
L

e

v

els

Z.1, September 25, 2013 79

L.114 Property-Casualty Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1305.5 1380.2 1360.5 1376.6 1437.0 1403.0 1398.9 1419.1 1437.0 1458.4 1468.7 1

 2 Checkable deposits and currency 27.9 27.6 32.6 24.1 36.4 29.1 29.3 32.9 36.4 31.7 30.6 2

 3 Money market fund shares 32.8 29.6 25.6 20.0 23.8 20.9 21.8 22.8 23.8 22.7 20.5 3

 4 Security RPs 4.4 4.5 3.8 1.7 1.9 1.8 1.8 1.8 1.9 1.8 1.6 4

 5 Credit market instruments 853.4 886.7 890.6 926.8 924.3 923.4 920.6 920.9 924.3 929.4 930.4 5

 6 Open market paper 19.1 9.8 7.9 8.8 7.4 8.4 8.1 7.8 7.4 7.5 6.8 6

 7 Treasury securities 65.6 88.5 91.7 96.4 90.2 94.5 92.8 91.4 90.2 90.2 89.0 7

 8 Agency- and GSE-backed securities 114.3 116.2 115.8 122.7 113.6 120.0 117.4 115.3 113.6 114.3 114.6 8

 9 Municipal securities 381.9 369.4 348.4 331.0 327.6 329.2 327.5 327.0 327.6 329.5 330.4 9

 10 Corporate and foreign bonds 267.5 298.3 322.6 363.1 379.8 366.1 369.3 373.9 379.8 382.0 383.0 10

 11 Commercial mortgages 5.0 4.4 4.1 4.9 5.6 5.2 5.4 5.5 5.6 5.8 6.6 11

 12 Corporate equities 193.3 219.8 219.2 224.4 258.3 248.9 244.4 257.9 258.3 274.1 279.4 12

 13 Mutual fund shares 4.4 5.3 5.7 5.5 5.7 5.7 5.5 5.7 5.7 6.0 6.0 13

 14 Trade receivables 86.7 83.0 83.8 87.2 92.0 91.1 92.0 94.5 92.0 94.0 96.6 14

 15 Miscellaneous assets 102.6 123.7 99.1 86.9 94.6 82.0 83.3 82.6 94.6 98.7 103.5 15

 16 Total liabilities 792.3 804.3 823.2 856.0 886.9 881.9 882.4 882.6 886.9 888.5 894.0 16

 17 Security RPs 2.4 0.6 1.5 0.4 0.8 0.5 0.5 0.6 0.8 1.1 1.4 17

 18 Taxes payable (net) -21.1 -15.8 -10.1 -14.5 -10.8 -8.0 -13.2 -8.7 -10.8 -3.2 -5.2 18

 19 Miscellaneous liabilities 811.0 819.5 831.9 870.1 896.9 889.5 895.1 890.7 896.9 890.5 897.8 19

L.115 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 4515.5 4823.9 5176.3 5340.1 5613.1 5501.8 5436.9 5560.1 5613.1 5732.1 5746.4 1

 2 Checkable deposits and currency 82.8 50.7 51.7 53.7 56.4 52.9 56.1 53.5 56.4 57.1 47.3 2

 3 Money market fund shares 39.2 33.7 21.0 28.8 24.0 27.4 26.2 25.1 24.0 28.0 20.6 3

 4 Security RPs 8.0 10.2 10.9 10.1 7.4 8.2 7.9 7.7 7.4 8.7 8.9 4

 5 Credit market instruments 2882.8 3022.6 3174.2 3297.9 3371.5 3333.6 3307.7 3349.5 3371.5 3397.7 3407.6 5

 6 Open market paper 38.3 49.8 40.9 29.7 44.7 33.1 35.0 37.4 44.7 50.5 46.9 6

 7 Treasury securities 105.7 133.5 156.6 167.1 171.8 168.9 167.8 170.3 171.8 173.7 172.0 7

 8 Agency- and GSE-backed securities 366.2 371.9 376.0 374.7 361.6 373.4 365.5 364.8 361.6 359.2 350.1 8

 9 Municipal securities 47.1 73.1 112.3 121.6 131.2 124.8 125.1 128.7 131.2 131.9 132.8 9

 10 Corporate and foreign bonds 1817.0 1927.2 2030.2 2123.6 2167.4 2150.1 2126.1 2155.9 2167.4 2188.2 2206.6 10

 11 Other loans and advances 166.1 140.9 140.7 148.6 150.4 146.6 147.7 148.9 150.4 149.6 151.1 11

 12 Mortgages 342.4 326.1 317.5 332.5 344.4 336.7 340.5 343.5 344.4 344.5 348.2 12

 13 Corporate equities 1001.7 1208.5 1402.6 1390.2 1545.1 1524.3 1478.3 1543.7 1545.1 1654.9 1679.6 13

 14 Mutual fund shares 121.0 140.8 155.7 150.1 159.3 159.1 153.2 159.3 159.3 167.6 168.8 14

 15 Miscellaneous assets 380.1 357.6 360.3 409.3 449.5 396.4 407.5 421.3 449.5 418.0 413.5 15

 16 Total liabilities 4266.5 4532.5 4850.8 5001.3 5248.8 5156.5 5085.2 5198.9 5248.8 5362.3 5377.0 16

 17 Security RPs 12.9 12.4 10.3 10.4 13.5 10.8 11.7 12.7 13.5 13.7 13.8 17

 18 Other loans and advances 54.9 48.3 45.1 46.8 51.6 48.5 52.4 52.4 51.6 52.9 54.5 18

 19 Life insurance reserves 1133.4 1194.5 1229.9 1302.3 1309.0 1317.1 1292.1 1303.1 1309.0 1319.9 1324.4 19

 20 Pension entitlements (1) 2223.2 2346.9 2563.0 2602.8 2759.4 2691.7 2651.2 2713.2 2759.4 2821.2 2820.1 20

 21 Taxes payable (net) -24.4 -31.4 -28.8 -23.6 -28.3 -27.3 -23.9 -23.6 -28.3 -28.4 -30.1 21

 22 Miscellaneous liabilities 866.4 961.7 1031.4 1062.6 1143.6 1115.9 1101.6 1141.2 1143.6 1183.0 1194.3 22

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 22).
L

e

v

els

80 Z.1, September 25, 2013

L.116 Private and Public Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets (2) 11709.2 12716.2 14034.9 14364.9 15158.7 14796.0 14785.6 15060.4 15158.7 15578.7 15754.9 1

 2 Checkable deposits and currency 16.9 14.0 16.7 22.8 22.3 22.5 22.2 22.0 22.3 22.3 22.6 2

 3 Time and savings deposits 57.1 61.5 67.0 71.9 68.8 70.7 69.9 69.4 68.8 68.6 67.8 3

 4 Money market fund shares 199.9 188.4 181.3 199.7 194.5 197.9 196.2 195.4 194.5 194.4 193.0 4

 5 Security RPs 5.8 5.9 6.1 6.3 6.1 6.3 6.2 6.3 6.1 6.1 6.0 5

 6 Credit market instruments 1729.0 1663.4 1819.4 1913.0 1936.8 1932.9 1934.2 1926.0 1936.8 1947.0 1981.5 6

 7 Open market paper 75.4 77.4 81.0 86.7 82.8 86.2 85.9 83.7 82.8 83.1 82.0 7

 8 Treasury securities 389.6 454.0 505.3 564.5 665.6 600.3 618.2 640.6 665.6 691.0 719.9 8

 9 Agency- and GSE-backed securities 356.1 346.8 355.6 366.8 402.0 383.5 390.4 393.4 402.0 405.7 412.1 9

 10 Corporate and foreign bonds 865.4 748.6 837.8 859.0 752.1 827.7 804.6 773.8 752.1 733.6 734.6 10

 11 Mortgages 41.2 35.2 37.5 33.0 29.2 31.8 31.0 30.1 29.2 28.2 27.0 11

 12 Corporate equities 2731.3 3381.7 3857.4 3653.5 4154.2 4064.4 3943.4 4168.8 4154.2 4538.0 4613.9 12

 13 Mutual fund shares 1528.9 2032.7 2307.9 2260.1 2578.7 2513.0 2444.0 2584.0 2578.7 2822.1 2871.3 13

 14 Miscellaneous assets 5440.3 5368.6 5779.2 6237.6 6197.4 5988.3 6169.6 6088.5 6197.4 5980.1 5998.7 14

 15 Claims of pension fund on sponsor (3) 3490.1 3226.4 3517.2 3843.0 3717.5 3585.2 3768.0 3639.7 3717.5 3456.0 3540.5 15

 16 Other 571.9 600.5 628.9 681.8 679.3 667.8 673.3 677.4 679.3 668.9 680.6 16

 17 Pension entitlements (liabilities) (4) 11838.5 12858.5 14182.0 14512.4 15315.7 14950.0 14937.5 15215.5 15315.7 15739.8 15916.5 17

 Memo:

 Funded status of defined benefit plans:

 18 Pension entitlements 8958.3 9297.3 10146.1 10497.1 10871.2 10590.0 10682.6 10776.4 10871.2 10958.1 11045.0 18

 19 Funded by assets (5) 5468.2 6070.9 6628.9 6654.1 7153.7 7004.8 6914.6 7136.7 7153.7 7502.0 7504.4 19

 20 Unfunded (line 15) 3490.1 3226.4 3517.2 3843.0 3717.5 3585.2 3768.0 3639.7 3717.5 3456.0 3540.5 20

 21 Household retirement assets (6) 17236.4 19028.1 21002.9 21399.7 22845.1 22253.6 22107.8 22649.7 22845.1 23582.9 ND 21

 22 Defined benefit plans (7) 8828.9 9155.0 9999.0 10349.6 10714.2 10436.0 10530.7 10621.4 10714.2 10797.0 10883.4 22

 23 Defined contibution plans (8) 2880.2 3561.2 4035.9 4015.4 4444.6 4359.9 4254.9 4439.1 4444.6 4781.7 4871.6 23

 24 Individual retirement plans (IRAs) (9) 3681.0 4363.0 4839.0 4872.0 5407.0 5229.0 5126.0 5347.0 5407.0 5683.0 ND 24

 25 Annuities at life insurance companies (10) 1846.2 1948.9 2129.0 2162.8 2279.4 2228.7 2196.2 2242.2 2279.4 2321.2 ND 25

(1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded defined benefit pension entitlements).

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(6) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.

(7) Additional detail on private defined benefit plans is available on table L.117.b.

(8) Additional detail on private defined contribution plans is available on table L.117.c.

(9) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts.

(10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 21.
L

e

v

els

Z.1, September 25, 2013 81

L.117 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets (2) 5246.1 5939.9 6589.2 6636.0 7138.7 6985.7 6908.5 7108.8 7138.7 7471.1 7567.2 1

 2 Checkable deposits and currency 13.4 10.4 12.6 18.3 18.0 18.0 17.8 17.6 18.0 17.9 18.4 2

 3 Time and savings deposits 30.2 33.0 32.1 33.4 31.6 32.5 32.3 32.0 31.6 31.6 31.2 3

 4 Money market fund shares 156.2 147.4 137.3 153.7 150.0 152.3 151.2 150.7 150.0 150.1 149.2 4

 5 Security RPs 2.8 2.9 2.7 2.7 2.6 2.7 2.6 2.8 2.6 2.6 2.5 5

 6 Credit market instruments 782.7 795.5 918.6 991.8 1003.7 1002.4 1006.3 1004.8 1003.7 1010.6 1027.0 6

 7 Open market paper 44.3 45.3 42.6 44.7 42.3 44.6 44.9 42.9 42.3 42.8 42.1 7

 8 Treasury securities 147.4 182.4 215.6 243.4 291.1 262.6 270.9 282.7 291.1 306.1 318.6 8

 9 Agency- and GSE-backed securities 190.3 184.0 190.4 193.8 210.7 202.0 204.8 206.6 210.7 213.0 216.8 9

 10 Corporate and foreign bonds 374.6 360.0 443.4 488.0 440.2 472.1 465.1 452.6 440.2 430.1 431.6 10

 11 Mortgages 26.1 23.8 26.6 21.9 19.3 21.0 20.6 20.0 19.3 18.7 17.9 11

 12 Corporate equities 1380.4 1647.1 1938.3 1826.1 2039.7 1997.6 1942.5 2053.7 2039.7 2204.1 2233.4 12

 13 Mutual fund shares 1362.3 1827.5 2084.7 2053.2 2338.4 2279.1 2217.3 2344.3 2338.4 2553.0 2601.7 13

 14 Miscellaneous assets 1518.3 1476.0 1463.0 1556.7 1554.8 1501.1 1538.5 1502.9 1554.8 1501.3 1503.8 14

 15 Unallocated insurance contracts (3) 279.0 388.9 399.2 405.1 454.6 445.7 432.0 455.6 454.6 497.6 507.2 15

 16 Contributions receivable 84.0 75.6 91.1 94.0 92.0 92.4 92.8 92.5 92.0 92.1 92.1 16

 17 Claims of pension fund on sponsor (4) 678.0 497.2 446.1 486.8 440.3 404.7 450.3 388.2 440.3 349.9 335.8 17

 18 Other 477.3 514.4 526.7 570.8 568.0 558.3 563.4 566.5 568.0 561.6 568.7 18

 19 Pension entitlements (liabilities) (5) 5281.4 5976.3 6625.7 6672.5 7175.3 7022.3 6945.1 7145.3 7175.3 7507.6 7603.7 19

 Memo:

 Funded status of defined benefit plans:

 20 Pension entitlements 2608.2 2662.7 2872.2 2953.1 3054.3 2978.4 3003.6 3029.0 3054.3 3067.0 3079.7 20

 21 Funded by assets (6) 1930.2 2165.5 2426.2 2466.3 2614.0 2573.7 2553.3 2640.8 2614.0 2717.1 2743.9 21

 22 Unfunded (line 17) 678.0 497.2 446.1 486.8 440.3 404.7 450.3 388.2 440.3 349.9 335.8 22

 Total financial assets (7)

 23 Defined benefit plans 2572.9 2626.3 2835.7 2916.6 3017.8 2941.8 2967.1 2992.5 3017.8 3030.5 3043.2 23

 24 Defined contibution plans 2673.2 3313.6 3753.5 3719.4 4120.9 4043.9 3941.4 4116.3 4120.9 4440.6 4524.0 24

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

(7) Additional detail on defined benefit plans and defined contribution plans is available on L.117.b and L.117.c.
L

e

v

els

82 Z.1, September 25, 2013

L.118 State and Local Government Employee Retirement Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets (2) 3704.9 3853.9 4298.2 4478.2 4652.7 4517.1 4564.4 4607.4 4652.7 4700.6 4752.2 1

 2 Checkable deposits and currency 3.5 3.5 4.1 4.5 4.3 4.5 4.4 4.4 4.3 4.3 4.3 2

 3 Time and savings deposits 26.9 28.5 34.9 38.5 37.2 38.1 37.6 37.4 37.2 37.1 36.6 3

 4 Money market fund shares 43.7 40.9 44.0 46.0 44.5 45.6 45.0 44.7 44.5 44.3 43.8 4

 5 Security RPs 3.0 3.0 3.4 3.6 3.5 3.6 3.5 3.5 3.5 3.5 3.5 5

 6 Credit market instruments 823.0 737.2 759.3 759.6 757.6 767.6 760.7 751.6 757.6 763.1 780.7 6

 7 Open market paper 31.0 32.1 38.4 41.9 40.5 41.6 41.0 40.8 40.5 40.4 39.9 7

 8 Treasury securities 129.9 151.9 160.0 173.3 214.5 189.4 195.7 203.8 214.5 225.9 241.1 8

 9 Agency- and GSE-backed securities 160.6 157.6 159.4 166.5 184.1 174.5 177.9 179.7 184.1 186.2 189.1 9

 10 Municipal securities 1.3 1.4 2.2 3.1 5.0 3.5 4.1 4.4 5.0 5.3 5.8 10

 11 Corporate and foreign bonds 485.1 382.8 388.5 363.7 303.5 348.0 331.6 312.8 303.5 295.7 295.7 11

 12 Mortgages 15.1 11.4 10.9 11.1 9.9 10.7 10.4 10.1 9.9 9.5 9.1 12

 13 Corporate equities 1267.2 1617.8 1778.2 1693.0 1966.4 1913.7 1854.6 1961.9 1966.4 2166.1 2206.8 13

 14 Mutual fund shares 166.7 205.2 223.2 206.9 240.3 233.8 226.6 239.7 240.3 269.2 269.6 14

 15 Miscellaneous assets 1370.9 1217.8 1451.1 1726.1 1598.9 1510.2 1631.9 1564.1 1598.9 1413.0 1407.0 15

 16 Claims of pension fund on sponsor (3) 1276.3 1131.7 1348.9 1615.1 1487.5 1400.7 1521.9 1453.2 1487.5 1305.8 1295.1 16

 17 Other 94.6 86.1 102.2 111.0 111.3 109.5 110.0 110.9 111.3 107.2 111.9 17

 18 Pension entitlements (liabilities) (4) 3799.0 3959.8 4408.7 4589.2 4773.1 4634.5 4679.7 4725.9 4773.1 4825.2 4877.3 18

 Memo:

 Funded status of defined benefit plans:

 19 Pension entitlements 3799.0 3959.8 4408.7 4589.2 4773.1 4634.5 4679.7 4725.9 4773.1 4825.2 4877.3 19

 20 Funded by assets (5) 2522.7 2828.1 3059.8 2974.1 3285.6 3233.9 3157.8 3272.7 3285.6 3519.4 3582.2 20

 21 Unfunded (line 16) 1276.3 1131.7 1348.9 1615.1 1487.5 1400.7 1521.9 1453.2 1487.5 1305.8 1295.1 21

(1) Defined benefit plans.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

(5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.

L.119 Federal Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets (1) 2758.1 2922.3 3147.6 3250.7 3367.3 3293.2 3312.7 3344.3 3367.3 3407.0 3435.5 1

 2 Credit market instruments 123.3 130.7 141.5 161.6 175.5 163.0 167.2 169.5 175.5 173.3 173.7 2

 3 Treasury securities 112.4 119.8 129.8 147.7 160.0 148.3 151.6 154.1 160.0 159.0 160.3 3

 4 Agency- and GSE-backed securities 5.2 5.2 5.8 6.5 7.2 7.0 7.6 7.1 7.2 6.6 6.1 4

 5 Corporate and foreign bonds 5.8 5.7 5.9 7.3 8.3 7.6 7.9 8.3 8.3 7.8 7.3 5

 6 Corporate equities 83.7 116.8 140.9 134.4 148.1 153.1 146.3 153.3 148.1 167.8 173.8 6

 7 Miscellaneous assets (2) 2551.1 2674.8 2865.1 2954.8 3043.7 2977.1 2999.2 3021.5 3043.7 3065.9 3088.0 7

 8 Nonmarketable Treasury securities 1015.3 1077.2 1142.9 1213.7 1254.1 1197.2 1203.5 1223.3 1254.1 1265.5 1178.4 8

 9 Claims of pension fund on sponsor (3) 1535.8 1597.6 1722.2 1741.1 1789.6 1779.9 1795.7 1798.2 1789.6 1800.3 1909.6 9

 10 Pension entitlements (liabilities) (4) 2758.1 2922.3 3147.6 3250.7 3367.3 3293.2 3312.7 3344.3 3367.3 3407.0 3435.5 10

 Memo:

 Funded status of defined benefit plans:

 11 Pension entitlements 2551.1 2674.8 2865.1 2954.8 3043.7 2977.1 2999.2 3021.5 3043.7 3065.9 3088.0 11

 12 Funded by assets (5) 1015.3 1077.2 1142.9 1213.7 1254.1 1197.2 1203.5 1223.3 1254.1 1265.5 1178.4 12

 13 Unfunded (line 9) 1535.8 1597.6 1722.2 1741.1 1789.6 1779.9 1795.7 1798.2 1789.6 1800.3 1909.6 13

 Total financial assets

 14 Defined benefit plans (6) 2551.1 2674.8 2865.1 2954.8 3043.7 2977.1 2999.2 3021.5 3043.7 3065.9 3088.0 14

 15 Defined contibution plans (2) 207.0 247.5 282.4 295.9 323.6 316.1 313.5 322.8 323.6 341.1 347.5 15

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(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) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(5) Total defined benefit financial assets less claims of pension fund on sponsor.

(6) Includes the Thrift Savings Plan and the National Railroad Retirement Investment Trust.
L

e

v

els

Z.1, September 25, 2013 83

L.120 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 2541.9 1

 2 Foreign deposits 85.6 97.1 105.9 42.9 43.3 40.1 33.0 40.2 43.3 48.7 37.1 2

 3 Checkable deposits and currency 7.5 17.9 14.2 20.1 16.5 3.2 6.0 11.3 16.5 10.9 27.5 3

 4 Time and savings deposits 396.8 566.6 458.9 402.7 435.4 375.5 365.8 396.9 435.4 429.4 444.3 4

 5 Security RPs 542.4 480.0 479.4 490.5 544.7 498.2 514.9 513.2 544.7 470.7 450.4 5

 6 Credit market instruments 2689.9 2070.0 1673.4 1663.6 1580.9 1600.7 1528.4 1520.2 1580.9 1562.8 1550.9 6

 7 Open market paper 618.5 510.5 394.2 354.2 340.8 355.5 326.5 319.4 340.8 351.1 356.6 7

 8 Treasury securities 577.7 406.4 335.4 443.3 457.8 473.8 444.6 456.3 457.8 470.5 449.0 8

 9 Agency- and GSE-backed securities 756.2 543.0 402.8 403.7 343.5 327.3 334.6 331.4 343.5 325.6 345.0 9

 10 Municipal securities 509.5 440.1 386.7 357.3 336.7 341.2 325.4 320.1 336.7 312.6 309.6 10

 11 Corporate and foreign bonds 228.0 169.9 154.2 105.1 102.1 102.9 97.3 93.0 102.1 103.0 90.7 11

 12 Miscellaneous assets 35.2 26.9 23.5 22.7 28.8 17.8 19.9 25.1 28.8 31.5 31.9 12

 13 Total shares outstanding (liabilities) 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 2541.9 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115).

L.121 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10087.4 10221.8 1

 2 Security RPs 124.7 153.3 137.5 108.7 262.7 247.9 259.6 286.8 262.7 304.9 319.1 2

 3 Credit market instruments 2229.2 2616.3 2969.9 3329.3 3981.3 3540.0 3699.5 3851.6 3981.3 4187.5 4250.8 3

 4 Open market paper 51.6 80.2 66.3 40.0 77.5 90.4 101.0 99.8 77.5 101.6 106.4 4

 5 Treasury securities 177.4 247.4 290.7 361.4 445.2 384.5 409.5 426.6 445.2 471.3 469.9 5

 6 Agency- and GSE-backed securities 559.8 613.8 769.9 879.9 1006.1 919.1 956.1 980.7 1006.1 1038.1 1033.7 6

 7 Municipal securities 389.4 478.8 525.5 541.2 627.4 561.9 583.7 610.5 627.4 646.6 641.2 7

 8 Corporate and foreign bonds 956.2 1120.7 1243.0 1413.4 1719.4 1489.9 1550.0 1633.4 1719.4 1816.6 1882.5 8

 9 Other loans and advances 94.8 75.4 74.6 93.5 105.7 94.2 99.2 100.6 105.7 113.4 117.1 9

 10 Corporate equities 3014.1 4136.2 4762.7 4427.2 5107.0 5044.0 4744.2 5037.8 5107.0 5611.2 5668.1 10

 11 Miscellaneous assets 20.0 14.9 2.9 5.7 -27.4 -34.5 -50.0 -45.3 -27.4 -16.2 -16.2 11

 12 Total shares outstanding (liabilities) 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10087.4 10221.8 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115).

L.122 Closed-End and Exchange-Traded Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Closed-end funds

 1 Total financial assets 202.9 229.2 243.7 241.0 257.3 245.4 245.4 253.3 257.3 271.4 275.8 1

 2 Credit market instruments 130.4 141.1 146.3 144.5 156.1 147.4 148.7 152.4 156.1 163.7 168.5 2

 3 Treasury securities 3.2 4.4 5.1 4.8 5.2 5.1 5.0 5.2 5.2 5.7 5.6 3

 4 Municipal securities 77.9 81.2 81.6 82.5 85.8 83.1 83.6 84.5 85.8 86.3 85.5 4

 5 Corporate and foreign bonds 49.4 55.5 59.6 57.2 65.2 59.2 60.0 62.7 65.2 71.7 77.5 5

 6 Corporate equities 72.5 88.1 97.4 96.5 101.2 98.0 96.8 100.9 101.2 107.6 107.2 6

 7 Total shares outstanding (liabilities) 202.9 229.2 243.7 241.0 257.3 245.4 245.4 253.3 257.3 271.4 275.8 7

 Exchange-traded funds

 8 Total financial assets 531.1 773.1 986.8 1042.6 1324.4 1185.4 1157.9 1268.2 1324.4 1434.0 1413.6 8

 9 Credit market instruments 57.1 103.0 132.7 178.8 231.1 195.1 213.5 221.1 231.1 238.2 241.4 9

 10 Treasury securities 27.1 41.8 51.0 62.4 63.6 62.0 67.3 62.7 63.6 62.8 64.1 10

 11 Municipal securities 2.3 5.9 7.6 8.6 12.3 9.7 10.5 11.3 12.3 13.0 12.5 11

 12 Corporate and foreign bonds 27.7 55.4 74.1 107.7 155.3 123.4 135.7 147.1 155.3 162.3 164.9 12

 13 Corporate equities 474.0 670.0 854.1 863.8 1093.3 990.4 944.5 1047.1 1093.3 1195.9 1172.2 13

 14 Total shares outstanding (liabilities) 531.1 773.1 986.8 1042.6 1324.4 1185.4 1157.9 1268.2 1324.4 1434.0 1413.6 14
L

e

v

els

84 Z.1, September 25, 2013

L.123 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3407.9 3062.0 6748.5 6504.6 6295.3 6432.7 6370.4 6326.1 6295.3 6349.4 6351.5 1

 2 Checkable deposits and currency 88.3 99.4 63.4 72.7 52.6 42.5 52.9 36.1 52.6 64.1 51.7 2

 3 Time and savings deposits 68.5 25.7 26.1 13.4 4.3 11.1 9.8 3.7 4.3 3.6 4.8 3

 4 Federal funds and security RPs (net) 114.5 122.1 150.0 111.9 150.8 107.2 138.7 174.9 150.8 193.4 151.3 4

 5 Credit market instruments 3037.5 2714.4 6360.5 6158.2 5935.1 6121.9 6033.0 5971.7 5935.1 5920.4 5976.0 5

 6 Open market paper 6.8 9.7 9.9 6.5 3.4 5.2 5.7 4.2 3.4 4.2 4.3 6

 7 Treasury securities 16.8 36.6 82.6 100.2 69.0 104.9 77.0 72.3 69.0 74.6 75.5 7

 8 Agency- and GSE-backed securities 910.0 924.5 377.0 358.9 310.6 347.7 342.4 323.9 310.6 300.6 292.5 8

 9 Municipal securities 31.3 29.1 24.9 21.0 17.0 20.2 19.4 18.1 17.0 24.9 33.5 9

 10 Corporate and foreign bonds 386.6 310.8 293.9 260.5 205.9 253.9 227.1 221.2 205.9 192.3 193.2 10

 11 Other loans and advances 980.7 695.9 551.3 487.0 505.7 467.3 491.3 487.6 505.7 498.8 541.0 11

 12 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Farm Credit System 80.3 80.0 87.3 83.8 92.1 86.6 87.0 89.3 92.1 91.4 90.3 13

 14 FHLB 900.5 615.9 464.0 403.3 413.6 380.7 404.3 398.3 413.6 407.4 450.7 14

 15 Mortgages 705.3 707.7 5021.0 4924.0 4823.5 4922.8 4870.2 4844.5 4823.5 4825.0 4836.1 15

 16 Home 456.6 431.3 4687.1 4583.9 4472.3 4579.4 4526.5 4495.5 4472.3 4476.9 4490.9 16

 17 Consolidated trusts (2) 0.0 0.0 4141.0 4032.1 3958.0 4033.8 3998.2 3978.0 3958.0 3982.2 4005.6 17

 18 Other 456.6 431.3 546.1 551.8 514.2 545.7 528.2 517.5 514.2 494.8 485.3 18

 19 Multifamily residential 190.2 204.4 256.5 259.2 265.5 261.3 260.4 264.6 265.5 261.9 258.1 19

 20 Consolidated trusts (2) 0.0 0.0 75.4 99.9 127.0 106.2 111.3 118.6 127.0 133.5 138.8 20

 21 Other 190.2 204.4 181.1 159.4 138.5 155.1 149.1 146.0 138.5 128.4 119.3 21

 22 Farm 58.5 72.0 77.4 80.9 85.8 82.1 83.3 84.5 85.8 86.2 87.1 22

 23 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 23

 24 Miscellaneous assets 99.1 100.3 148.6 148.5 152.6 150.1 135.9 139.6 152.6 167.9 167.7 24

 25 Total liabilities 3390.2 2977.0 6589.1 6377.9 6216.8 6310.6 6268.7 6236.4 6216.8 6223.6 6259.5 25

 26 Credit market instruments 3181.9 2706.6 6434.5 6247.3 6092.7 6178.6 6139.8 6111.5 6092.7 6103.5 6137.6 26

 27 GSE issues (4) 3181.9 2706.6 6434.5 6247.3 6092.7 6178.6 6139.8 6111.5 6092.7 6103.5 6137.6 27

 28 Consolidated trusts (2) 0.0 0.0 4216.4 4132.0 4085.0 4140.0 4109.6 4096.6 4085.0 4115.7 4144.4 28

 29 Other 3181.9 2706.6 2218.1 2115.4 2007.7 2038.6 2030.3 2014.9 2007.7 1987.8 1993.2 29

 30 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 30

 31 Miscellaneous liabilities 208.2 270.4 154.6 130.6 124.1 132.0 128.8 124.8 124.1 120.2 121.9 31

(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 L.124) 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.

L.124 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 1

 2 Home mortgages 4864.0 5266.5 1068.8 1216.8 1321.8 1237.2 1276.2 1301.7 1321.8 1340.2 1353.9 2

 3 Multifamily residential mortgages 92.8 105.7 66.9 86.4 113.4 91.1 99.1 104.3 113.4 120.6 130.1 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 4.7 4.5 3.8 1.7 1.9 1.6 2.0 2.0 1.9 1.9 1.8 5

 6 Total pool securities (liabilities)(2) 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie

 Mae’s and Freddie Mac’s balance sheets (table L.123). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as agency- and GSE-backed securities.
L

e

v

els

Z.1, September 25, 2013 85

L.125 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 4098.3 3285.2 2230.9 1984.1 1768.1 1924.2 1863.0 1801.4 1768.1 1708.6 1668.1 1

 2 Treasury securities 72.2 53.9 40.1 29.2 23.4 25.9 24.8 23.2 23.4 20.5 21.2 2

 3 Agency- and GSE-backed securities (1) 324.7 99.9 3.9 0.8 0.1 0.6 0.2 0.1 0.1 0.0 0.0 3

 4 Other loans and advances 379.8 252.2 167.8 162.4 161.7 166.9 161.9 157.1 161.7 150.8 156.3 4

 5 Mortgages (2) 2615.9 2245.5 1916.9 1698.0 1492.0 1638.7 1586.6 1531.7 1492.0 1447.3 1406.3 5

 6 Home 1898.0 1574.8 1299.6 1106.7 924.9 1061.2 1013.3 967.0 924.9 889.2 849.2 6

 7 Multifamily residential 113.2 107.4 98.8 91.1 81.4 88.3 85.8 83.2 81.4 77.6 75.1 7

 8 Commercial 604.7 563.3 518.5 500.2 485.7 489.2 487.5 481.5 485.7 480.5 482.0 8

 9 Consumer credit 610.2 572.5 50.3 46.2 49.9 46.7 47.0 47.9 49.9 49.8 48.0 9

 10 Trade credit 95.5 61.3 51.8 47.6 41.2 45.3 42.4 41.4 41.2 40.1 36.2 10

 11 Total liabilities 4101.0 3287.6 2230.9 1984.1 1768.1 1924.2 1863.0 1801.4 1768.1 1708.6 1668.1 11

 12 Commercial paper 559.3 293.1 120.2 96.0 87.0 97.7 85.2 86.8 87.0 88.0 79.6 12

 13 Corporate bonds (net) (3) 3541.7 2994.5 2110.7 1888.0 1681.1 1826.5 1777.8 1714.5 1681.1 1620.6 1588.5 13

 Memo:

 Securitized assets not included above

 14 Consumer leases (4) 2.7 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 REIT assets (5) 45.4 20.1 20.5 17.4 12.9 17.7 12.7 14.9 12.9 13.6 15.2 15

 Securitized liabilities not included above

 16 Commercial paper (6) 0.0 0.0 112.9 120.6 87.5 104.3 102.1 90.7 87.5 74.4 64.2 16

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Liabilities net of 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.

(5) Included in table L.127.

(6) Included in table L.110 line 43.

L.126 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1851.7 1662.5 1588.5 1569.5 1495.3 1553.6 1515.7 1515.0 1495.3 1480.8 1476.3 1

 2 Checkable deposits and currency 16.5 17.0 26.5 31.4 28.0 31.0 28.6 30.6 28.0 28.9 29.4 2

 3 Time and savings deposits 49.4 51.0 79.6 94.2 84.0 93.1 85.8 91.8 84.0 86.7 88.1 3

 4 Credit market instruments 1734.4 1516.7 1405.4 1359.5 1326.3 1347.6 1331.1 1329.0 1326.3 1316.4 1314.7 4

 5 Corporate and foreign bonds 192.4 198.6 84.1 85.0 78.7 84.9 86.9 85.3 78.7 78.0 73.4 5

 6 Other loans and advances 539.9 448.9 372.7 375.4 387.7 375.9 376.3 378.5 387.7 392.4 396.0 6

 7 Mortgages 447.9 397.4 243.5 211.5 180.1 206.6 192.7 188.5 180.1 174.7 170.7 7

 8 Consumer credit 554.3 471.9 705.0 687.6 679.8 680.2 675.3 676.6 679.8 671.3 674.6 8

 9 Miscellaneous assets 51.5 77.8 77.0 84.4 57.0 81.8 70.2 63.7 57.0 48.9 44.1 9

 10 Total liabilities 1880.5 1630.3 1558.7 1533.0 1447.4 1515.6 1476.2 1474.9 1447.4 1429.6 1423.1 10

 11 Credit market instruments 1200.3 1044.1 1280.7 1262.6 1208.9 1251.5 1235.6 1246.0 1208.9 1190.8 1193.1 11

 12 Open market paper 100.9 62.1 111.0 121.0 129.1 122.8 122.5 123.1 129.1 121.8 119.6 12

 13 Corporate bonds 924.5 837.5 1078.2 1039.5 961.2 1031.1 1009.6 1007.1 961.2 956.1 952.8 13

 14 Depository institution loans n.e.c. 174.9 144.5 91.5 102.1 118.5 97.5 103.5 115.8 118.5 112.9 120.8 14

 15 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 15

 16 Taxes payable 15.4 12.7 6.0 6.7 6.6 7.0 6.6 6.4 6.6 7.0 6.9 16

 17 Miscellaneous liabilities 664.8 573.6 271.9 263.7 231.9 257.2 234.0 222.4 231.9 231.8 223.1 17

 18 Foreign direct investment in U.S. 78.1 90.0 114.7 96.1 96.3 94.5 94.4 94.9 96.3 95.3 96.6 18

 19 Investment by parent 313.0 280.5 175.7 163.7 162.8 157.1 151.0 150.4 162.8 160.4 162.6 19

 20 Other 273.7 203.1 -18.4 3.9 -27.2 5.5 -11.4 -22.9 -27.2 -23.9 -36.1 20

 Memo:

 21 Consumer leases not included above (2) 111.1 85.4 111.8 119.7 144.0 124.2 129.9 137.2 144.0 149.7 156.9 21

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (4), table L.125.
L

e

v

els

86 Z.1, September 25, 2013

L.127 Real Estate Investment Trusts (REITs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 250.6 241.2 283.0 401.3 559.0 468.0 491.4 566.6 559.0 565.9 558.5 1

 2 Checkable deposits and currency 18.4 26.3 23.5 25.6 33.1 29.8 29.0 32.7 33.1 38.9 36.1 2

 3 Credit market instruments 177.6 168.9 206.0 308.9 436.6 365.9 388.5 451.4 436.6 429.4 413.5 3

 4 Agency- and GSE-backed securities 89.6 105.1 143.3 244.7 356.2 299.4 317.3 375.4 356.2 343.4 324.5 4

 5 Corporate and foreign bonds 11.7 15.5 20.8 22.1 32.2 25.6 27.6 30.6 32.2 37.1 37.9 5

 6 Mortgages 76.3 48.3 41.9 42.1 48.3 40.9 43.6 45.4 48.3 48.9 51.1 6

 7 Home 34.3 12.6 8.9 8.1 13.6 8.6 11.7 12.3 13.6 15.4 16.0 7

 8 Multifamily residential 4.3 2.3 1.9 1.7 1.8 1.7 1.7 1.7 1.8 2.1 2.8 8

 9 Commercial 37.7 33.4 31.2 32.3 32.8 30.6 30.2 31.4 32.8 31.3 32.3 9

 10 Miscellaneous assets 54.6 46.1 53.5 66.8 89.3 72.4 73.9 82.4 89.3 97.5 108.9 10

 11 Total liabilities 511.6 458.8 501.7 633.2 796.4 698.7 723.5 793.8 796.4 798.4 794.2 11

 12 Security RPs 79.4 90.4 120.5 215.4 318.7 258.7 279.1 319.9 318.7 320.6 307.8 12

 13 Credit market instruments 367.4 317.4 315.2 343.4 386.3 350.1 364.4 371.2 386.3 386.1 393.6 13

 14 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 14

 15 Corporate bonds 171.0 129.8 129.7 145.1 171.2 152.6 158.9 163.5 171.2 173.1 179.5 15

 16 Depository institution loans n.e.c. 32.8 20.7 18.5 22.1 23.4 18.6 20.5 19.6 23.4 20.1 21.6 16

 17 Mortgages 163.5 166.9 167.1 176.2 191.8 178.8 185.0 188.0 191.8 192.8 192.5 17

 18 Miscellaneous liabilities 64.9 51.1 66.0 74.4 91.4 90.0 80.0 102.6 91.4 91.8 92.8 18

 Memo:

 19 Securitized assets included above 45.4 20.1 20.5 17.4 12.9 17.7 12.7 14.9 12.9 13.6 15.2 19

 20 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 20

 21 Home mortgages 31.8 6.1 7.2 6.5 10.0 7.1 7.2 9.4 10.0 10.5 12.1 21

 22 Multifamily residential mortgages 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 22

 23 Commercial mortgages 13.2 13.7 13.0 10.7 2.5 10.3 5.2 5.2 2.5 2.8 2.8 23

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on L.127.e and L.127.m.
L

e

v

els

Z.1, September 25, 2013 87

L.128 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2217.2 2084.2 2075.1 1949.7 2068.3 2063.8 2052.9 2048.8 2068.3 2089.2 2083.0 1

 2 Checkable deposits and currency 120.1 90.7 96.9 111.8 128.2 117.4 105.2 113.5 128.2 111.6 121.8 2

 3 Credit market instruments 717.4 525.3 557.5 563.2 652.3 610.7 600.5 589.1 652.3 602.7 516.9 3

 4 Open market paper 65.7 41.5 36.2 42.1 29.9 43.7 34.7 33.2 29.9 30.0 29.4 4

 5 Treasury securities 190.6 123.0 94.5 183.6 246.5 203.8 201.2 190.2 246.5 202.6 165.6 5

 6 Agency- and GSE-backed securities 242.6 110.9 149.8 147.7 169.6 148.7 169.8 165.5 169.6 153.9 125.8 6

 7 Municipal securities 38.7 35.4 40.0 30.9 26.6 34.7 31.2 29.0 26.6 31.0 19.0 7

 8 Corporate and foreign bonds 123.8 154.4 189.5 104.5 140.0 149.3 130.8 139.3 140.0 148.0 137.3 8

 9 Other loans and advances 55.9 60.1 47.4 54.3 39.6 30.6 32.8 31.9 39.6 37.2 39.7 9

 10 Corporate equities 109.2 124.2 117.2 103.2 126.7 116.3 113.5 127.9 126.7 117.1 121.4 10

 11 Security credit 164.8 203.0 278.2 238.9 303.7 267.7 244.5 269.1 303.7 307.9 302.6 11

 12 Miscellaneous assets 1105.7 1141.0 1025.3 932.6 857.4 951.8 989.3 949.2 857.4 949.8 1020.4 12

 13 Total liabilities 2158.1 1977.7 1975.8 1869.0 1976.3 1975.7 1965.6 1955.3 1976.3 1992.6 1987.7 13

 14 Security RPs (net) 586.9 470.9 404.7 215.3 189.2 251.7 219.9 169.2 189.2 203.6 183.1 14

 15 Credit market instruments 142.6 92.9 129.7 91.8 90.2 98.0 102.1 85.8 90.2 89.1 103.1 15

 16 Corporate bonds 97.1 92.9 129.7 91.8 90.2 98.0 102.1 85.8 90.2 89.1 103.1 16

 17 Depository institution loans n.e.c. (1) 45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Trade payables 21.2 70.1 18.1 14.3 14.2 17.3 13.5 13.0 14.2 15.4 15.6 18

 19 Security credit 963.6 888.2 936.6 1073.7 1208.7 1107.8 1165.7 1213.2 1208.7 1184.2 1208.9 19

 20 Customer credit balances (HH) 742.7 668.6 694.3 752.4 776.0 762.3 777.7 780.2 776.0 782.6 820.3 20

 21 From U.S.-chartered depository institutions 158.6 158.0 152.3 189.6 243.0 190.8 209.8 241.8 243.0 209.0 198.7 21

 22 From foreign banking offices in U.S. 62.3 61.6 90.1 131.7 189.7 154.7 178.3 191.3 189.7 192.6 190.0 22

 23 Taxes payable 2.5 5.7 3.6 2.5 3.1 3.0 2.8 3.7 3.1 4.4 4.4 23

 24 Miscellaneous liabilities 441.4 450.0 483.0 471.4 470.9 497.9 461.5 470.4 470.9 495.9 472.4 24

 25 Foreign direct investment in U.S. 72.1 64.4 88.5 96.3 103.5 98.0 99.0 100.4 103.5 105.1 106.6 25

 26 Investment by funding corporations 672.1 1119.3 1122.9 1163.3 1630.9 1351.3 1322.9 1514.7 1630.9 1624.9 1637.6 26

 27 Other -302.8 -733.7 -728.3 -788.1 -1263.5 -951.4 -960.5 -1144.8 -1263.5 -1234.1 -1271.8 27

(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).
L

e

v

els

88 Z.1, September 25, 2013

L.129 Holding Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2430.3 3317.2 3312.7 3357.3 4319.6 4094.8 4041.6 4250.1 4319.6 4415.0 4372.1 1

 2 Time and savings deposits 0.7 11.2 10.0 12.4 37.8 19.1 27.5 39.0 37.8 34.4 36.4 2

 3 Federal funds and security RPs 0.3 48.2 50.3 50.5 11.5 0.3 0.3 0.4 11.5 11.3 7.8 3

 4 Credit market instruments 73.0 75.8 97.9 101.1 219.5 223.0 183.4 229.9 219.5 226.0 239.2 4

 5 Treasury securities 3.1 5.8 19.6 26.8 9.0 39.6 9.6 12.3 9.0 10.6 20.9 5

 6 Agency- and GSE-backed securities 25.8 24.3 21.1 33.1 25.2 45.7 26.3 23.8 25.2 29.1 27.8 6

 7 Corporate and foreign bonds 35.8 31.1 38.3 18.3 79.9 84.6 94.3 86.0 79.9 80.3 79.8 7

 8 Other loans and advances 8.2 14.6 18.9 22.9 105.3 53.1 53.2 107.8 105.3 106.0 110.7 8

 9 Life insurance reserves 19.3 21.4 25.1 27.6 34.9 33.7 34.8 36.2 34.9 36.1 36.4 9

 10 Miscellaneous assets 2337.0 3160.6 3129.4 3165.9 4015.8 3818.8 3795.6 3944.6 4015.8 4107.2 4052.2 10

 11 Net trans. with depository subs. 1370.5 1599.5 1632.8 1709.0 1889.2 1782.2 1825.7 1871.3 1889.2 1916.9 1880.5 11

 12 Net trans. with property-casualty ins. co. subs. 0.0 0.0 0.0 0.0 22.4 27.1 29.7 25.3 22.4 16.7 16.7 12

 13 Net trans. with life insurance company subs. 31.2 40.5 62.7 72.0 12.6 159.5 166.5 93.2 12.6 12.8 12.4 13

 14 Net trans. with finance company subs. 232.6 209.3 115.0 94.6 94.1 90.8 87.3 86.9 94.1 92.7 93.9 14

 15 Net trans. with broker and dealer subs. 155.2 596.1 626.6 613.5 1062.2 799.8 771.3 948.1 1062.2 1041.0 1059.2 15

 16 Net trans. with foreign subs. 101.5 125.1 135.6 166.3 114.7 185.6 166.1 154.0 114.7 137.2 100.7 16

 17 Other 446.0 590.3 556.7 510.4 820.7 773.7 749.0 765.9 820.7 890.0 888.8 17

 18 Total liabilities 1231.5 1802.2 1760.0 1703.1 2252.4 2037.7 1948.4 2217.2 2252.4 2311.5 2276.6 18

 19 Federal funds and security RPs 0.7 0.6 0.8 1.2 0.0 1.1 1.1 1.2 0.0 0.0 0.0 19

 20 Credit market instruments 807.9 1253.7 1237.2 1220.8 1418.6 1303.9 1213.9 1428.7 1418.6 1412.4 1375.0 20

 21 Commercial paper 77.7 60.8 64.7 75.9 116.4 87.2 87.0 117.0 116.4 117.7 110.6 21

 22 Corporate bonds 638.9 1028.7 982.2 890.6 1105.3 982.3 951.2 1081.9 1105.3 1093.8 1059.2 22

 23 Depository institution loans n.e.c. 91.3 164.2 190.3 254.3 196.8 234.5 175.7 229.8 196.8 200.9 205.2 23

 24 Miscellaneous liabilities 422.9 548.0 522.0 481.1 833.8 732.6 733.5 787.4 833.8 899.1 901.6 24

(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.
L

e

v

els

Z.1, September 25, 2013 89

L.130 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2761.9 2308.8 2194.7 2129.9 2232.9 2130.8 2130.8 2147.1 2232.9 2233.3 2232.0 1

 2 Money market fund shares 980.5 824.1 679.4 598.8 597.6 562.6 522.7 533.9 597.6 559.9 555.7 2

 3 Security RPs 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 3

 4 Credit market instruments 987.9 733.2 820.9 843.4 940.4 862.5 927.8 928.5 940.4 946.6 955.8 4

 5 Open market paper 284.7 0.0 39.4 31.6 5.6 0.9 9.9 13.9 5.6 6.2 0.3 5

 6 Corporate and foreign bonds 667.3 710.2 760.1 792.4 921.9 848.4 905.4 902.7 921.9 927.5 945.3 6

 7 Other loans and advances 35.9 22.9 21.4 19.4 12.9 13.2 12.4 11.9 12.9 12.9 10.2 7

 8 Corporate equities (2) 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets 793.5 726.3 667.9 687.6 694.8 705.7 680.1 684.6 694.8 726.8 720.6 9

 10 Investment in foreign banking offices 276.6 203.1 171.6 137.8 126.0 154.3 128.5 117.9 126.0 142.9 142.1 10

 11 Investment in brokers and dealers 516.9 523.2 496.4 549.7 568.8 551.4 551.6 566.7 568.8 583.9 578.5 11

 12 Total liabilities 2761.9 2308.8 2194.7 2129.9 2232.9 2130.8 2130.8 2147.1 2232.9 2233.3 2232.0 12

 13 Credit market instruments 1252.8 816.8 704.2 651.8 593.5 642.0 617.4 600.5 593.5 625.0 619.7 13

 14 Open market paper 388.0 261.7 167.1 94.3 29.0 92.2 75.8 37.0 29.0 51.7 52.1 14

 15 Corporate bonds 419.9 457.8 454.6 526.2 561.5 528.4 532.7 557.4 561.5 571.0 565.4 15

 16 Depository institution loans n.e.c. (3) 444.9 95.3 73.4 21.5 0.0 11.9 0.0 0.0 0.0 0.0 0.0 16

 17 Other loans and advances (4) 0.0 2.0 9.2 9.8 3.0 9.5 8.9 6.1 3.0 2.3 2.2 17

 18 Miscellaneous liabilities 1509.1 1492.1 1490.5 1478.1 1639.4 1488.8 1513.4 1546.6 1639.4 1608.4 1612.3 18

 19 Foreign direct investment in U.S. 10.2 10.8 11.4 12.0 12.6 12.2 12.3 12.5 12.6 12.8 13.0 19

 20 Securities loaned (net) 887.0 856.8 733.4 658.7 579.5 651.5 706.5 656.9 579.5 638.6 713.2 20

 21 Equity interest under PPIP 0.0 1.8 7.7 8.8 8.7 8.8 8.7 8.7 8.7 8.7 8.7 21

 22 Other (net) 611.9 622.6 738.1 798.6 1038.5 816.3 785.9 868.6 1038.5 948.3 877.5 22

(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) and to funds associated with PPIP.
L

e

v

els

90 Z.1, September 25, 2013

L.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 74.2 175.1 175.8 183.8 181.8 184.5 181.7 184.7 181.8 175.5 174.5 1

 2 Federal government: SDR allocations 7.5 55.4 54.4 54.2 54.3 54.7 53.6 54.5 54.3 52.9 53.1 2

 3 Rest of the world 66.6 119.7 121.4 129.6 127.5 129.8 128.1 130.3 127.5 122.5 121.4 3

 4 SDR holdings 9.3 57.8 56.8 55.0 55.1 55.5 54.3 55.2 55.1 53.7 53.9 4

 5 Reserve position in IMF (net) 7.7 11.4 12.5 22.8 22.6 23.2 23.2 23.5 22.6 21.3 20.6 5

 6 Foreign currency holdings 49.6 50.5 52.1 51.9 49.9 51.1 50.5 51.6 49.9 47.5 46.9 6

 7 Total assets 85.2 186.1 186.8 194.9 192.8 195.5 192.7 195.8 192.8 186.5 185.5 7

 8 Federal government 41.9 94.6 95.4 103.9 102.8 104.5 103.1 104.7 102.8 99.0 98.2 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 9.3 57.8 56.8 55.0 55.1 55.5 54.3 55.2 55.1 53.7 53.9 10

 11 Reserve position in IMF (net) 7.8 11.5 12.6 23.0 22.8 23.5 23.5 23.7 22.8 21.5 20.8 11

 12 Foreign currency holdings 24.8 25.2 26.0 25.8 24.9 25.5 25.2 25.8 24.9 23.8 23.4 12

 13 Rest of the world: SDR allocations 7.5 55.4 54.4 54.2 54.3 54.7 53.6 54.5 54.3 52.9 53.1 13

 14 Monetary authority 35.7 36.2 37.0 36.8 35.8 36.4 36.1 36.6 35.8 34.5 34.3 14

 15 Monetary gold (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 15

 16 Reserve position in IMF (net) -0.1 -0.1 -0.1 -0.3 -0.2 -0.3 -0.3 -0.2 -0.2 -0.3 -0.3 16

 17 Foreign currency holdings 24.8 25.3 26.1 26.0 25.0 25.6 25.3 25.8 25.0 23.7 23.5 17

 18 Discrepancy: monetary gold -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability.

L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1

 2 Asset: Monetary authority 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 2

 Treasury currency:

 3 Liab: Federal government 26.6 26.2 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 3

 4 Asset: Monetary authority 38.7 42.7 43.5 44.2 44.8 44.4 44.5 44.6 44.8 45.0 45.1 4

 5 Discrepancy (seigniorage) -12.1 -16.5 -17.6 -18.3 -18.8 -18.5 -18.6 -18.7 -18.8 -19.0 -19.2 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total rest of the world liability 946.7 835.9 826.6 780.3 750.1 765.0 737.1 772.3 750.1 774.3 861.9 1

 Held by:

 2 Household sector 56.9 50.2 49.7 46.9 45.1 46.0 44.3 46.4 45.1 46.5 51.8 2

 3 Nonfinancial corporate business 24.7 31.5 40.6 34.8 13.3 21.8 10.4 9.9 13.3 28.7 39.5 3

 4 Money market mutual funds 85.6 97.1 105.9 42.9 43.3 40.1 33.0 40.2 43.3 48.7 37.1 4

 5 Discrepancy--unallocated assets 779.5 657.0 630.4 655.6 648.4 657.2 649.5 675.8 648.4 650.3 733.5 5
L

e

v

els

Z.1, September 25, 2013 91

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1922.9 1325.6 1189.3 2016.0 1831.4 2027.5 1999.3 1934.8 1831.4 2253.6 2715.7 1

 2 Monetary authority 917.7 1031.9 1020.8 1623.1 1562.1 1606.4 1563.6 1496.7 1562.1 1850.0 2073.5 2

 3 U.S.-chartered depository institutions 1238.0 697.2 480.9 233.7 129.7 272.0 236.2 246.3 129.7 199.0 233.0 3

 4 Foreign banking offices in U.S. -163.7 -322.5 -274.4 222.2 210.2 205.3 265.3 263.7 210.2 274.0 480.3 4

 5 Banks in U.S.-affiliated areas -3.2 -4.2 -3.3 -4.6 -4.9 -4.4 -4.6 -5.3 -4.9 -4.6 -5.3 5

 6 Credit unions -65.9 -76.8 -34.7 -58.4 -65.7 -51.8 -61.3 -66.5 -65.7 -64.7 -65.8 6

 7 Total assets 1940.4 1320.5 1165.5 1989.6 1777.4 1997.5 1982.3 1869.9 1777.4 2170.4 2661.3 7

 8 Rest of the world 464.5 194.0 145.9 367.0 215.7 391.8 419.3 373.7 215.7 321.0 588.4 8

 9 Monetary authority 558.2 94.5 -1.2 -0.4 -0.4 -0.7 -0.6 -0.5 -0.4 -0.6 -0.6 9

 10 U.S.-chartered depository institutions 674.1 725.0 633.1 866.0 869.6 860.1 820.2 778.4 869.6 1040.7 1061.4 10

 11 Foreign banking offices in U.S. 239.0 284.1 350.8 711.0 638.8 679.1 687.8 670.6 638.8 741.3 959.6 11

 12 Credit unions 4.7 22.8 36.9 46.1 53.8 67.2 55.7 47.7 53.8 68.0 52.5 12

 13 Discrepancy -17.5 5.1 23.8 26.4 54.0 30.0 17.0 64.9 54.0 83.2 54.4 13

 Memo:

 Vault cash:

 14 Liab.: Monetary authority 57.7 54.9 52.7 60.8 71.1 56.5 56.6 56.3 71.1 59.6 60.2 14

 15 Asset: U.S.-chartered depository institutions 57.7 54.9 52.7 60.8 71.1 56.5 56.6 56.3 71.1 59.6 60.2 15

 Depository institution reserves:

 16 Liab.: Monetary authority 860.0 977.0 968.1 1562.3 1491.0 1549.9 1507.0 1440.4 1491.0 1790.4 2013.3 16

 17 Asset: U.S.-chartered depository institutions 616.4 670.1 580.4 805.2 798.5 803.6 763.5 722.1 798.5 981.1 1001.2 17

 18 Foreign banking offices in U.S. 239.0 284.1 350.8 711.0 638.8 679.1 687.8 670.6 638.8 741.3 959.6 18

 19 Credit unions 4.7 22.8 36.9 46.1 53.8 67.2 55.7 47.7 53.8 68.0 52.5 19

 Other transactions with the monetary authority

 20 Liab: U.S.-chartered depository institutions 558.2 94.5 -1.2 -0.4 -0.4 -0.7 -0.6 -0.5 -0.4 -0.6 -0.6 20

 21 Asset: Monetary authority 558.2 94.5 -1.2 -0.4 -0.4 -0.7 -0.6 -0.5 -0.4 -0.6 -0.6 21

 22 Federal Reserve float -1.5 -2.1 -1.4 -0.6 -0.5 -0.7 -0.7 -0.6 -0.5 -0.6 -0.7 22

 23 Loans to member banks 559.7 96.6 0.2 0.2 0.1 0.0 0.1 0.1 0.1 0.0 0.1 23

 Transactions with banks in foreign countries (net):

 24 Liab.: U.S.-chartered depository institutions (net) 668.8 559.6 476.2 186.2 89.6 223.4 192.2 196.7 89.6 148.0 195.2 24

 25 Due to foreign affiliates 782.2 760.8 783.5 565.3 377.8 526.8 483.3 458.2 377.8 391.3 396.0 25

 26 - Due from foreign affiliates 113.3 201.3 307.3 379.0 288.2 303.4 291.2 261.5 288.2 243.2 200.8 26

 27 Foreign banking offices in U.S. (net) -179.6 -350.9 -306.9 201.2 144.7 187.0 244.8 193.5 144.7 190.5 410.5 27

 28 Due to foreign affiliates 536.4 538.9 635.6 829.1 806.8 876.0 843.9 846.1 806.8 838.1 953.8 28

 29 - Due from foreign affiliates 716.1 889.8 942.5 627.9 662.1 688.9 599.1 652.6 662.1 647.6 543.3 29

 30 Less: Deposits at foreign banks 24.7 14.6 23.4 20.4 18.6 18.7 17.7 16.5 18.6 17.5 17.2 30

 31 U.S.-chartered depository institutions 24.5 9.3 14.9 13.4 10.4 10.4 10.9 9.3 10.4 10.7 11.1 31

 32 Foreign banking offices in U.S. 0.3 5.4 8.5 7.0 8.2 8.3 6.7 7.2 8.2 6.8 6.1 32

 33 Asset: Rest of the world (1) 464.5 194.0 145.9 367.0 215.7 391.8 419.3 373.7 215.7 321.0 588.4 33

 Transactions between U.S. depository institutions (net) (2):

 34 U.S.-chartered depository institutions (net) 35.4 52.4 20.8 61.4 51.0 59.8 55.6 59.3 51.0 62.3 49.5 34

 35 Due to (3): 117.5 129.8 103.7 131.2 170.2 133.6 132.2 186.4 170.2 191.9 167.8 35

 36 Foreign banking offices in U.S. 65.8 43.7 41.9 41.9 45.6 47.3 49.3 49.6 45.6 39.3 42.3 36

 37 Banks in U.S.-affiliated areas 3.2 4.2 3.3 4.6 4.9 4.4 4.6 5.3 4.9 4.6 5.3 37

 38 Credit unions 65.9 76.8 34.7 58.4 65.7 51.8 61.3 66.5 65.7 64.7 65.8 38

 39 - Due from: Foreign banking offices in U.S. 82.1 77.4 82.9 69.8 119.2 73.8 76.6 127.0 119.2 129.6 118.2 39

 40 Unallocated (2) -17.5 5.1 23.8 26.4 54.0 30.0 17.0 64.9 54.0 83.2 54.4 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.
L

e

v

els

92 Z.1, September 25, 2013

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2101.3 2093.4 2359.8 2594.3 2857.8 2520.5 2594.3 2640.4 2857.8 2878.1 2898.4 1

 2 Monetary authority 1220.3 1102.7 1287.8 1165.7 1224.6 1122.7 1178.4 1185.9 1224.6 1226.1 1298.1 2

 3 Federal government cash and deposits 365.7 191.9 340.9 85.9 92.9 43.6 91.5 85.6 92.9 79.4 135.0 3

 4 Due to government-sponsored enterprises 21.1 35.1 13.5 64.6 27.2 36.9 29.9 22.6 27.2 20.2 19.5 4

 5 Deposits due to foreign 1.4 2.4 3.4 0.2 6.5 0.2 1.6 5.7 6.5 9.2 10.1 5

 6 Currency outside banks 832.2 873.3 930.0 1015.0 1098.1 1042.1 1055.3 1072.1 1098.1 1117.3 1133.6 6

 7 U.S.-chartered depository institutions 777.5 871.6 941.1 1260.5 1435.6 1219.8 1232.0 1267.7 1435.6 1441.7 1378.8 7

 8 Federal government deposits 3.5 3.8 3.6 1.0 1.3 1.3 1.2 1.1 1.3 1.5 1.3 8

 9 Deposits due to foreign 62.9 34.3 30.4 56.1 51.8 52.7 51.5 52.7 51.8 46.1 40.5 9

 10 Private domestic deposits 711.1 833.5 907.0 1203.5 1382.4 1165.8 1179.3 1214.0 1382.4 1394.1 1336.9 10

 11 Foreign banking offices in U.S. 13.5 16.1 21.9 45.6 61.8 44.3 48.9 53.9 61.8 63.7 73.4 11

 12 Deposits due to foreign 4.7 10.5 14.6 19.0 27.9 18.9 20.8 22.6 27.9 28.5 32.3 12

 13 Private domestic deposits 8.8 5.6 7.3 26.6 33.9 25.4 28.1 31.2 33.9 35.1 41.2 13

 14 Banks in U.S.-affiliated areas 14.6 16.1 16.6 19.4 21.9 19.5 22.3 20.9 21.9 22.1 26.3 14

 15 Credit unions 75.3 86.9 92.4 103.1 113.9 114.1 112.7 111.9 113.9 124.5 121.8 15

 16 Total assets 2101.3 2093.4 2359.8 2594.3 2857.8 2520.5 2594.3 2640.4 2857.8 2878.1 2898.4 16

 17 Household sector 364.9 400.6 425.2 749.2 820.8 720.0 703.2 698.9 820.8 817.7 793.1 17

 18 Nonfinancial business 533.6 689.3 766.1 798.5 906.4 817.7 852.3 887.4 906.4 952.7 934.2 18

 19 Corporate 14.2 155.0 234.6 269.0 363.4 285.7 317.6 349.4 363.4 407.7 385.8 19

 20 Noncorporate 519.4 534.3 531.5 529.5 543.0 532.0 534.8 538.0 543.0 545.0 548.4 20

 21 State and local governments 79.9 99.1 104.6 121.3 117.7 118.9 116.9 111.5 117.7 115.1 112.5 21

 22 Federal government 368.0 193.6 342.1 84.3 92.0 42.0 89.3 83.4 92.0 79.4 135.2 22

 23 Rest of the world 370.1 361.0 390.5 472.3 540.4 486.9 496.2 519.4 540.4 543.1 551.5 23

 24 Checkable deposits 69.0 47.2 48.4 75.2 86.2 71.8 73.9 81.0 86.2 83.9 82.8 24

 25 Currency 301.1 313.8 342.1 397.1 454.2 415.1 422.3 438.4 454.2 459.2 468.7 25

 26 Financial sectors 378.3 343.6 325.6 362.1 373.5 328.3 329.2 332.7 373.5 365.5 367.0 26

 27 Property-casualty insurance companies 27.9 27.6 32.6 24.1 36.4 29.1 29.3 32.9 36.4 31.7 30.6 27

 28 Life insurance companies 82.8 50.7 51.7 53.7 56.4 52.9 56.1 53.5 56.4 57.1 47.3 28

 29 Private pension funds 13.4 10.4 12.6 18.3 18.0 18.0 17.8 17.6 18.0 17.9 18.4 29

 30 State and local govt. retirement funds 3.5 3.5 4.1 4.5 4.3 4.5 4.4 4.4 4.3 4.3 4.3 30

 31 Money market mutual funds 7.5 17.9 14.2 20.1 16.5 3.2 6.0 11.3 16.5 10.9 27.5 31

 32 Government-sponsored enterprises 88.3 99.4 63.4 72.7 52.6 42.5 52.9 36.1 52.6 64.1 51.7 32

 33 Finance companies 16.5 17.0 26.5 31.4 28.0 31.0 28.6 30.6 28.0 28.9 29.4 33

 34 REITs 18.4 26.3 23.5 25.6 33.1 29.8 29.0 32.7 33.1 38.9 36.1 34

 35 Brokers and dealers 120.1 90.7 96.9 111.8 128.2 117.4 105.2 113.5 128.2 111.6 121.8 35

 36 Mail float 6.4 6.3 5.7 6.5 7.0 6.6 7.2 7.0 7.0 4.5 4.8 36
L

e

v

els

Z.1, September 25, 2013 93

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 7940.9 8316.3 8432.4 8805.2 9312.4 8914.8 8968.0 9080.4 9312.4 9360.1 9418.6 1

 2 Small time and savings deposits 5749.3 6326.5 6624.9 7202.2 7803.9 7410.5 7456.9 7595.4 7803.9 7869.1 7890.8 2

 3 U.S.-chartered depository institutions 5144.6 5617.0 5888.6 6425.7 6979.3 6598.7 6636.4 6775.6 6979.3 7018.7 7032.7 3

 4 Foreign banking offices in U.S. 25.6 29.9 35.7 48.9 62.7 57.9 62.1 62.4 62.7 67.9 70.7 4

 5 Banks in U.S.-affiliated areas 27.4 24.5 19.3 18.9 18.8 18.7 19.6 18.5 18.8 19.1 20.6 5

 6 Credit unions 551.7 655.2 681.3 708.7 743.1 735.2 738.8 738.9 743.1 763.4 766.8 6

 7 Large time deposits (1) 2191.6 1989.8 1807.5 1603.0 1508.5 1504.3 1511.1 1485.0 1508.5 1491.0 1527.7 7

 8 U.S.-chartered depository institutions 1309.2 979.4 849.1 813.9 738.2 743.4 777.4 749.1 738.2 708.9 736.4 8

 9 Foreign banking offices in U.S. 784.7 958.6 909.0 736.6 711.8 706.8 678.2 679.8 711.8 721.6 729.3 9

 10 Banks in U.S.-affiliated areas 27.4 24.5 19.3 18.9 18.8 18.7 19.6 18.5 18.8 19.1 20.6 10

 11 Credit unions 70.4 27.3 30.1 33.5 39.7 35.3 35.9 37.5 39.7 41.3 41.4 11

 12 Total assets 7940.9 8316.3 8432.4 8805.2 9312.4 8914.8 8968.0 9080.4 9312.4 9360.1 9418.6 12

 13 Household sector 6115.0 6278.1 6395.8 6749.9 7114.3 6863.3 6922.2 6957.9 7114.3 7172.2 7203.4 13

 14 Nonfinancial business 740.0 842.1 905.0 923.4 949.5 934.6 930.4 940.3 949.5 959.3 965.2 14

 15 Corporate 381.9 488.8 548.7 563.0 584.9 573.8 568.9 577.9 584.9 593.3 596.8 15

 16 Noncorporate 358.1 353.3 356.2 360.4 364.7 360.9 361.5 362.5 364.7 366.0 368.4 16

 17 State and local governments 238.9 248.1 241.3 255.7 289.8 273.9 269.3 282.3 289.8 295.2 294.5 17

 18 Federal government 1.6 1.9 2.0 1.7 2.0 2.0 2.2 2.1 2.0 1.6 1.8 18

 19 Rest of the world 273.1 230.0 246.9 280.0 326.4 271.5 285.2 297.1 326.4 309.0 312.2 19

 20 Financial sectors 572.4 716.1 641.5 594.6 630.4 569.4 558.8 600.8 630.4 622.7 641.4 20

 21 Private pension funds 30.2 33.0 32.1 33.4 31.6 32.5 32.3 32.0 31.6 31.6 31.2 21

 22 State and local govt. retirement funds 26.9 28.5 34.9 38.5 37.2 38.1 37.6 37.4 37.2 37.1 36.6 22

 23 Money market mutual funds 396.8 566.6 458.9 402.7 435.4 375.5 365.8 396.9 435.4 429.4 444.3 23

 24 Government-sponsored enterprises 68.5 25.7 26.1 13.4 4.3 11.1 9.8 3.7 4.3 3.6 4.8 24

 25 Finance companies 49.4 51.0 79.6 94.2 84.0 93.1 85.8 91.8 84.0 86.7 88.1 25

 26 Holding companies 0.7 11.2 10.0 12.4 37.8 19.1 27.5 39.0 37.8 34.4 36.4 26

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

L.206 Money Market Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total assets 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 2541.9 1

 2 Household sector 1506.8 1240.8 1054.1 1026.4 1017.6 965.1 935.3 955.1 1017.6 963.1 977.1 2

 3 Nonfinancial corporate business 727.0 655.5 497.8 462.4 458.3 445.2 433.5 440.5 458.3 448.6 437.2 3

 4 Nonfinancial noncorporate business 75.4 73.7 76.8 77.7 78.6 77.8 78.0 78.2 78.6 78.9 79.5 4

 5 State and local governments 126.1 135.9 149.6 149.2 140.7 146.9 146.6 145.2 140.7 141.5 141.0 5

 6 Rest of the world 69.7 76.9 69.8 79.5 114.5 91.6 107.6 110.8 114.5 116.8 117.4 6

 7 Property-casualty insurance companies 32.8 29.6 25.6 20.0 23.8 20.9 21.8 22.8 23.8 22.7 20.5 7

 8 Life insurance companies 39.2 33.7 21.0 28.8 24.0 27.4 26.2 25.1 24.0 28.0 20.6 8

 9 Private pension funds 156.2 147.4 137.3 153.7 150.0 152.3 151.2 150.7 150.0 150.1 149.2 9

 10 State and local govt. retirement funds 43.7 40.9 44.0 46.0 44.5 45.6 45.0 44.7 44.5 44.3 43.8 10

 11 Funding corporations 980.5 824.1 679.4 598.8 597.6 562.6 522.7 533.9 597.6 559.9 555.7 11
L

e

v

els

94 Z.1, September 25, 2013

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1262.5 1496.9 1276.0 1148.0 1122.9 1194.6 1181.9 1149.0 1122.9 1126.9 1054.7 1

 2 Monetary authority 88.4 77.7 59.7 99.9 107.2 96.7 85.5 92.7 107.2 105.5 95.2 2

 3 Private depository institutions (net) 491.8 844.2 678.7 605.5 493.5 575.1 584.2 552.7 493.5 482.5 453.4 3

 4 U.S.-chartered depository institutions (net) 359.6 674.1 455.5 347.9 209.8 308.2 301.8 273.1 209.8 189.1 174.1 4

 5 Foreign banking offices in U.S. (net) 130.0 170.3 223.2 273.4 293.4 287.8 295.3 288.2 293.4 293.9 279.5 5

 6 Credit unions (net) 2.3 -0.1 -0.0 -15.9 -9.7 -20.9 -12.9 -8.6 -9.7 -0.4 -0.2 6

 7 Property-casualty insurance companies 2.4 0.6 1.5 0.4 0.8 0.5 0.5 0.6 0.8 1.1 1.4 7

 8 Life insurance companies 12.9 12.4 10.3 10.4 13.5 10.8 11.7 12.7 13.5 13.7 13.8 8

 9 REITs 79.4 90.4 120.5 215.4 318.7 258.7 279.1 319.9 318.7 320.6 307.8 9

 10 Brokers and dealers (net) 586.9 470.9 404.7 215.3 189.2 251.7 219.9 169.2 189.2 203.6 183.1 10

 11 Holding companies 0.7 0.6 0.8 1.2 0.0 1.1 1.1 1.2 0.0 0.0 0.0 11

 12 Total assets 1132.3 989.1 878.5 865.1 1021.9 920.9 943.3 1021.9 1021.9 1107.1 1066.6 12

 13 Nonfinancial corporate business 7.2 7.9 12.1 12.6 10.4 14.0 13.9 11.2 10.4 10.0 11.8 13

 14 State and local governments 130.1 125.9 124.5 117.6 111.0 115.9 115.6 114.5 111.0 111.6 111.2 14

 15 Rest of the world (net) 114.9 31.0 -96.1 -44.9 -84.8 -78.8 -115.9 -95.1 -84.8 -11.4 -1.5 15

 16 Monetary authority 80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Property-casualty insurance companies 4.4 4.5 3.8 1.7 1.9 1.8 1.8 1.8 1.9 1.8 1.6 17

 18 Life insurance companies 8.0 10.2 10.9 10.1 7.4 8.2 7.9 7.7 7.4 8.7 8.9 18

 19 Private pension funds 2.8 2.9 2.7 2.7 2.6 2.7 2.6 2.8 2.6 2.6 2.5 19

 20 State and local govt. retirement funds 3.0 3.0 3.4 3.6 3.5 3.6 3.5 3.5 3.5 3.5 3.5 20

 21 Money market mutual funds 542.4 480.0 479.4 490.5 544.7 498.2 514.9 513.2 544.7 470.7 450.4 21

 22 Mutual funds 124.7 153.3 137.5 108.7 262.7 247.9 259.6 286.8 262.7 304.9 319.1 22

 23 Government-sponsored enterprises (net) 114.5 122.1 150.0 111.9 150.8 107.2 138.7 174.9 150.8 193.4 151.3 23

 24 Holding companies 0.3 48.2 50.3 50.5 11.5 0.3 0.3 0.4 11.5 11.3 7.8 24

 25 Funding corporations 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 25

 26 Discrepancy--unallocated assets 130.1 507.8 397.6 282.9 101.1 273.7 238.6 127.1 101.1 19.9 -11.9 26
L

e

v

els

Z.1, September 25, 2013 95

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total outstanding, all types 1599.8 1138.0 1057.6 969.3 952.4 994.4 962.0 957.3 952.4 1001.2 990.6 1

 2 Commercial paper 1599.3 1137.4 1057.5 969.2 952.4 994.4 962.0 957.3 952.4 1001.2 990.6 2

 3 Nonfinancial corporate business 131.5 58.4 82.9 116.3 130.3 127.6 132.1 136.0 130.3 140.1 147.2 3

 4 Foreign issues in U.S. 342.0 401.3 398.6 345.1 373.0 362.6 357.4 366.7 373.0 407.4 417.4 4

 5 Nonfinancial 49.7 34.5 30.6 30.2 40.4 32.8 40.7 39.2 40.4 34.4 51.2 5

 6 Financial 292.3 366.8 368.0 314.9 332.6 329.8 316.7 327.5 332.6 373.0 366.2 6

 7 Financial business 1125.8 677.6 575.9 507.8 449.1 504.2 472.6 454.6 449.1 453.8 426.0 7

 8 U.S.-chartered depository institutions 0.0 0.0 112.9 120.6 87.5 104.3 102.1 90.7 87.5 74.4 64.2 8

 9 ABS issuers 559.3 293.1 120.2 96.0 87.0 97.7 85.2 86.8 87.0 88.0 79.6 9

 10 Finance companies 100.9 62.1 111.0 121.0 129.1 122.8 122.5 123.1 129.1 121.8 119.6 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 77.7 60.8 64.7 75.9 116.4 87.2 87.0 117.0 116.4 117.7 110.6 12

 13 Funding corporations 388.0 261.7 167.1 94.3 29.0 92.2 75.8 37.0 29.0 51.7 52.1 13

 14 Bankers’ acceptances (1) 0.5 0.6 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 U.S.-chartered depository institutions 0.5 0.6 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Holdings, by sector 1599.8 1138.0 1057.6 969.3 952.4 994.4 962.0 957.3 952.4 1001.2 990.6 17

 18 Household sector 6.0 22.7 21.1 19.4 19.0 19.9 19.2 19.1 19.0 20.0 15.4 18

 19 Nonfinancial corporate business 57.3 56.0 68.0 68.0 60.5 58.5 58.0 60.4 60.5 57.2 57.4 19

 20 State and local governments 127.9 88.8 101.7 90.6 85.5 89.3 89.1 88.2 85.5 86.0 85.7 20

 21 Rest of the world 232.9 191.5 191.0 191.7 195.2 203.3 188.9 190.2 195.2 203.9 199.6 21

 22 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 U.S.-chartered depository institutions (1) 15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Property-casualty insurance companies 19.1 9.8 7.9 8.8 7.4 8.4 8.1 7.8 7.4 7.5 6.8 26

 27 Life insurance companies 38.3 49.8 40.9 29.7 44.7 33.1 35.0 37.4 44.7 50.5 46.9 27

 28 Private pension funds 44.3 45.3 42.6 44.7 42.3 44.6 44.9 42.9 42.3 42.8 42.1 28

 29 State and local govt. retirement funds 31.0 32.1 38.4 41.9 40.5 41.6 41.0 40.8 40.5 40.4 39.9 29

 30 Money market mutual funds 618.5 510.5 394.2 354.2 340.8 355.5 326.5 319.4 340.8 351.1 356.6 30

 31 Mutual funds 51.6 80.2 66.3 40.0 77.5 90.4 101.0 99.8 77.5 101.6 106.4 31

 32 Government-sponsored enterprises 6.8 9.7 9.9 6.5 3.4 5.2 5.7 4.2 3.4 4.2 4.3 32

 33 Brokers and dealers 65.7 41.5 36.2 42.1 29.9 43.7 34.7 33.2 29.9 30.0 29.4 33

 34 Funding corporations 284.7 0.0 39.4 31.6 5.6 0.9 9.9 13.9 5.6 6.2 0.3 34

(1) Excludes banks’ holdings of own acceptances.
L

e

v

els

96 Z.1, September 25, 2013

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 6338.2 7781.9 9361.5 10428.3 11568.9 10827.5 11025.6 11255.5 11568.9 11905.5 11887.9 1

 2 Savings bonds 194.0 191.2 187.9 185.2 182.4 184.7 184.3 183.6 182.4 181.7 180.9 2

 3 Treasury bills 1861.2 1787.9 1768.9 1519.5 1626.5 1672.6 1594.4 1613.0 1626.5 1788.2 1568.1 3

 4 Other Treasury securities 4283.0 5802.8 7404.7 8723.7 9760.0 8970.1 9246.9 9458.9 9760.0 9935.6 10139.0 4

 5 Total assets 6338.2 7781.9 9361.5 10428.3 11568.9 10827.5 11025.6 11255.5 11568.9 11905.5 11887.9 5

 6 Household sector 193.7 868.5 1220.9 828.2 1108.9 944.2 990.8 1010.4 1108.9 1162.6 1192.8 6

 7 Savings bonds 194.0 191.2 187.9 185.2 182.4 184.7 184.3 183.6 182.4 181.7 180.9 7

 8 Bills and other Treasury securities -0.3 677.3 1033.0 643.0 926.5 759.4 806.4 826.8 926.5 980.9 1012.0 8

 9 Nonfinancial corporate business 30.5 43.0 48.0 43.2 50.4 41.7 51.7 56.2 50.4 41.7 48.1 9

 10 Nonfinancial noncorporate business 51.8 46.1 48.1 48.6 49.2 48.7 48.8 48.9 49.2 49.4 49.7 10

 11 State and local governments 602.4 585.1 591.9 545.4 533.6 540.2 548.6 541.3 533.6 531.0 526.6 11

 12 Rest of the world 3253.0 3670.6 4458.8 5006.9 5573.8 5147.6 5313.5 5475.4 5573.8 5721.8 5600.6 12

 13 Treasury bills 758.0 750.4 710.3 647.7 661.7 634.2 630.1 679.1 661.7 720.2 674.7 13

 14 Other Treasury securities 2495.0 2920.2 3748.5 4359.2 4912.1 4513.5 4683.4 4796.3 4912.1 5001.5 4925.9 14

 15 Monetary authority 475.9 776.6 1021.5 1663.4 1666.1 1661.1 1659.9 1645.3 1666.1 1796.0 1936.6 15

 16 Treasury bills 18.4 18.4 18.4 18.4 0.0 18.4 18.4 0.0 0.0 0.0 0.0 16

 17 Other Treasury securities 457.5 758.2 1003.1 1645.0 1666.1 1642.7 1641.5 1645.3 1666.1 1796.0 1936.6 17

 18 U.S.-chartered depository institutions 56.4 124.5 217.5 173.9 243.2 187.8 212.5 227.8 243.2 230.3 194.0 18

 19 Foreign banking offices in U.S. 35.5 57.5 60.9 60.5 76.6 71.6 61.0 77.3 76.6 79.5 66.9 19

 20 Banks in U.S.-affiliated areas 1.2 0.5 1.1 1.0 0.4 0.9 1.3 1.0 0.4 0.4 0.4 20

 21 Credit unions 8.8 14.2 20.1 17.6 19.3 20.3 19.9 20.9 19.3 19.2 19.4 21

 22 Property-casualty insurance companies 65.6 88.5 91.7 96.4 90.2 94.5 92.8 91.4 90.2 90.2 89.0 22

 23 Treasury bills 10.8 15.8 15.5 17.4 14.9 16.7 16.1 15.5 14.9 14.4 13.0 23

 24 Other Treasury securities 54.8 72.8 76.2 78.9 75.4 77.8 76.7 75.9 75.4 75.8 76.0 24

 25 Life insurance companies 105.7 133.5 156.6 167.1 171.8 168.9 167.8 170.3 171.8 173.7 172.0 25

 26 Treasury bills 20.1 13.9 10.2 14.0 9.5 12.2 10.7 9.4 9.5 9.5 6.9 26

 27 Other Treasury securities 85.6 119.6 146.4 153.1 162.3 156.7 157.1 160.8 162.3 164.2 165.1 27

 28 Private pension funds 147.4 182.4 215.6 243.4 291.1 262.6 270.9 282.7 291.1 306.1 318.6 28

 29 State and local govt. retirement funds 129.9 151.9 160.0 173.3 214.5 189.4 195.7 203.8 214.5 225.9 241.1 29

 30 Federal government retirement funds 112.4 119.8 129.8 147.7 160.0 148.3 151.6 154.1 160.0 159.0 160.3 30

 31 Money market mutual funds 577.7 406.4 335.4 443.3 457.8 473.8 444.6 456.3 457.8 470.5 449.0 31

 32 Treasury bills 478.7 318.5 234.5 263.7 282.8 285.4 239.8 245.0 282.8 276.1 223.2 32

 33 Other Treasury securities 98.9 87.9 100.9 179.7 175.0 188.4 204.9 211.3 175.0 194.3 225.7 33

 34 Mutual funds 177.4 247.4 290.7 361.4 445.2 384.5 409.5 426.6 445.2 471.3 469.9 34

 35 Closed-end funds 3.2 4.4 5.1 4.8 5.2 5.1 5.0 5.2 5.2 5.7 5.6 35

 36 Exchange-traded funds 27.1 41.8 51.0 62.4 63.6 62.0 67.3 62.7 63.6 62.8 64.1 36

 37 Government-sponsored enterprises 16.8 36.6 82.6 100.2 69.0 104.9 77.0 72.3 69.0 74.6 75.5 37

 38 ABS issuers 72.2 53.9 40.1 29.2 23.4 25.9 24.8 23.2 23.4 20.5 21.2 38

 39 Brokers and dealers 190.6 123.0 94.5 183.6 246.5 203.8 201.2 190.2 246.5 202.6 165.6 39

 40 Holding companies 3.1 5.8 19.6 26.8 9.0 39.6 9.6 12.3 9.0 10.6 20.9 40

 Memo:

 41 Federal government debt (1) 6361.5 7805.4 9385.6 10453.6 11593.7 10851.9 11050.1 11279.9 11593.7 11930.1 11912.9 41

(1) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11).
L

e

v

els

Z.1, September 25, 2013 97

L.210 Agency- and GSE-Backed Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 8166.7 8106.8 7598.2 7577.4 7554.6 7533.0 7541.7 7543.9 7554.6 7590.8 7648.4 1

 2 Budget agencies 23.3 23.5 24.2 25.3 24.9 24.4 24.5 24.4 24.9 24.6 25.0 2

 3 Government-sponsored enterprises 3181.9 2706.6 6434.5 6247.3 6092.7 6178.6 6139.8 6111.5 6092.7 6103.5 6137.6 3

 4 Agency- and GSE-backed mortgage pools 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 4

 5 Total assets 8166.7 8106.8 7598.2 7577.4 7554.6 7533.0 7541.7 7543.9 7554.6 7590.8 7648.4 5

 6 Household sector 1050.2 347.1 264.2 227.0 75.1 139.2 144.8 116.6 75.1 14.0 32.4 6

 7 Nonfinancial corporate business 10.2 14.3 16.0 14.4 11.8 13.9 14.7 16.2 11.8 3.9 6.0 7

 8 State and local governments 479.7 489.5 511.8 497.8 469.6 490.4 489.3 484.5 469.6 472.3 470.5 8

 9 Federal government 54.4 196.4 149.2 31.1 0.0 1.5 0.0 0.0 0.0 0.0 0.0 9

 10 Rest of the world 1406.9 1154.9 1084.0 1080.6 1004.7 1060.4 1020.3 1028.5 1004.7 940.3 875.5 10

 11 Monetary authority 19.7 1068.3 1139.6 941.7 1003.4 933.3 946.5 918.4 1003.4 1143.4 1277.3 11

 12 U.S.-chartered depository institutions 1242.5 1417.4 1527.2 1634.1 1669.7 1699.2 1668.4 1672.7 1669.7 1710.5 1725.7 12

 13 Foreign banking offices in U.S. 50.6 31.3 26.5 30.6 32.1 29.0 32.3 30.2 32.1 27.7 26.1 13

 14 Banks in U.S.-affiliated areas 24.4 20.5 12.8 4.8 2.6 5.1 4.8 4.0 2.6 2.4 2.2 14

 15 Credit unions 82.9 110.7 151.5 182.1 197.0 195.7 200.6 198.5 197.0 206.2 206.6 15

 16 Property-casualty insurance companies 114.3 116.2 115.8 122.7 113.6 120.0 117.4 115.3 113.6 114.3 114.6 16

 17 Life insurance companies 366.2 371.9 376.0 374.7 361.6 373.4 365.5 364.8 361.6 359.2 350.1 17

 18 Private pension funds 190.3 184.0 190.4 193.8 210.7 202.0 204.8 206.6 210.7 213.0 216.8 18

 19 State and local govt. retirement funds 160.6 157.6 159.4 166.5 184.1 174.5 177.9 179.7 184.1 186.2 189.1 19

 20 Federal government retirement funds 5.2 5.2 5.8 6.5 7.2 7.0 7.6 7.1 7.2 6.6 6.1 20

 21 Money market mutual funds 756.2 543.0 402.8 403.7 343.5 327.3 334.6 331.4 343.5 325.6 345.0 21

 22 Mutual funds 559.8 613.8 769.9 879.9 1006.1 919.1 956.1 980.7 1006.1 1038.1 1033.7 22

 23 Government-sponsored enterprises 910.0 924.5 377.0 358.9 310.6 347.7 342.4 323.9 310.6 300.6 292.5 23

 24 ABS issuers 324.7 99.9 3.9 0.8 0.1 0.6 0.2 0.1 0.1 0.0 0.0 24

 25 REITs 89.6 105.1 143.3 244.7 356.2 299.4 317.3 375.4 356.2 343.4 324.5 25

 26 Brokers and dealers 242.6 110.9 149.8 147.7 169.6 148.7 169.8 165.5 169.6 153.9 125.8 26

 27 Holding companies 25.8 24.3 21.1 33.1 25.2 45.7 26.3 23.8 25.2 29.1 27.8 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 Mac, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 41.
L

e

v

els

98 Z.1, September 25, 2013

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 3517.2 3672.5 3772.1 3719.4 3714.4 3720.0 3732.4 3719.4 3714.4 3728.6 3721.1 1

 2 State and local governments 2842.7 2954.9 3023.6 2970.0 2964.3 2970.9 2977.7 2969.7 2964.3 2978.9 2970.4 2

 3 Short-term (1) 55.8 63.6 63.0 52.3 56.1 51.9 43.4 55.7 56.1 54.5 39.4 3

 4 Long-term 2786.9 2891.3 2960.6 2917.6 2908.2 2919.0 2934.3 2914.0 2908.2 2924.4 2931.0 4

 5 Nonprofit organizations (2) 259.5 265.4 263.2 255.5 241.0 253.8 249.5 245.6 241.0 239.4 235.7 5

 6 Nonfinancial corporate business 415.0 452.2 485.4 493.9 509.1 495.2 505.3 504.1 509.1 510.4 515.0 6

 (industrial revenue bonds)

 7 Total assets 3517.2 3672.5 3772.1 3719.4 3714.4 3720.0 3732.4 3719.4 3714.4 3728.6 3721.1 7

 8 Household sector 1720.9 1827.9 1871.7 1806.8 1657.0 1780.8 1774.4 1709.0 1657.0 1662.6 1647.1 8

 9 Nonfinancial corporate business 26.2 27.1 23.9 22.5 34.8 25.8 24.9 29.2 34.8 20.9 28.5 9

 10 Nonfinancial noncorporate business 4.9 5.1 5.6 5.7 5.8 5.7 5.7 5.7 5.8 5.8 5.8 10

 11 State and local governments 10.4 11.5 12.8 12.9 12.1 12.7 12.6 12.5 12.1 12.2 12.1 11

 12 Rest of the world 51.0 58.7 71.7 70.3 65.4 71.6 70.1 72.7 65.4 63.7 59.2 12

 13 U.S.-chartered depository institutions 221.9 224.3 254.6 297.3 363.1 307.2 327.4 350.0 363.1 374.2 390.3 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 2.5 3.5 2.5 3.4 2.6 3.4 2.8 2.8 2.6 2.7 2.7 15

 16 Credit unions 0.0 0.0 0.0 3.2 4.2 4.7 3.9 3.8 4.2 5.3 5.0 16

 17 Property-casualty insurance companies 381.9 369.4 348.4 331.0 327.6 329.2 327.5 327.0 327.6 329.5 330.4 17

 18 Life insurance companies 47.1 73.1 112.3 121.6 131.2 124.8 125.1 128.7 131.2 131.9 132.8 18

 19 State and local govt. retirement funds 1.3 1.4 2.2 3.1 5.0 3.5 4.1 4.4 5.0 5.3 5.8 19

 20 Money market mutual funds 509.5 440.1 386.7 357.3 336.7 341.2 325.4 320.1 336.7 312.6 309.6 20

 21 Mutual funds 389.4 478.8 525.5 541.2 627.4 561.9 583.7 610.5 627.4 646.6 641.2 21

 22 Closed-end funds 77.9 81.2 81.6 82.5 85.8 83.1 83.6 84.5 85.8 86.3 85.5 22

 23 Exchange-traded funds 2.3 5.9 7.6 8.6 12.3 9.7 10.5 11.3 12.3 13.0 12.5 23

 24 Government-sponsored enterprises 31.3 29.1 24.9 21.0 17.0 20.2 19.4 18.1 17.0 24.9 33.5 24

 25 Brokers and dealers 38.7 35.4 40.0 30.9 26.6 34.7 31.2 29.0 26.6 31.0 19.0 25

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).
L

e

v

els

Z.1, September 25, 2013 99

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 11169.7 11654.0 11857.9 12152.6 12922.2 12353.0 12346.1 12671.9 12922.2 13030.0 13026.2 1

 2 Nonfinancial corporate business 3954.5 4366.2 4804.8 5215.6 5795.2 5346.4 5452.9 5599.7 5795.2 5937.7 6077.4 2

 3 Rest of the world (1) 1237.3 1570.3 1731.3 1939.9 2140.7 1960.5 1946.5 2052.0 2140.7 2174.6 2088.8 3

 4 Financial sectors 5977.9 5717.5 5321.8 4997.1 4986.4 5046.1 4946.7 5020.2 4986.4 4917.7 4860.0 4

 5 U.S.-chartered depository institutions 184.8 176.3 436.8 415.8 415.8 427.2 414.4 409.9 415.8 413.9 411.5 5

 6 ABS issuers (net) (2) 3541.7 2994.5 2110.7 1888.0 1681.1 1826.5 1777.8 1714.5 1681.1 1620.6 1588.5 6

 7 Finance companies 924.5 837.5 1078.2 1039.5 961.2 1031.1 1009.6 1007.1 961.2 956.1 952.8 7

 8 REITs 171.0 129.8 129.7 145.1 171.2 152.6 158.9 163.5 171.2 173.1 179.5 8

 9 Brokers and dealers 97.1 92.9 129.7 91.8 90.2 98.0 102.1 85.8 90.2 89.1 103.1 9

 10 Holding companies 638.9 1028.7 982.2 890.6 1105.3 982.3 951.2 1081.9 1105.3 1093.8 1059.2 10

 11 Funding corporations 419.9 457.8 454.6 526.2 561.5 528.4 532.7 557.4 561.5 571.0 565.4 11

 12 Total assets (3) 11169.7 11654.0 11857.9 12152.6 12922.2 12353.0 12346.1 12671.9 12922.2 13030.0 13026.2 12

 13 Household sector 1952.7 2299.2 2270.8 2399.6 2556.6 2347.0 2343.3 2460.8 2556.6 2522.5 2472.0 13

 14 State and local governments 153.2 156.5 163.9 159.5 150.5 157.2 156.8 155.3 150.5 151.4 150.8 14

 15 Federal government 0.0 0.6 0.9 0.8 0.6 0.8 0.8 0.7 0.6 0.6 0.6 15

 16 Rest of the world (4) 2353.5 2465.3 2524.0 2484.0 2623.4 2522.3 2473.5 2572.6 2623.4 2663.9 2631.6 16

 17 MBS and other ABS 584.0 484.8 441.4 415.5 387.4 407.2 404.4 393.4 387.4 382.4 370.2 17

 18 Other 1769.5 1980.5 2082.6 2068.5 2236.0 2115.1 2069.1 2179.2 2236.0 2281.6 2261.4 18

 19 U.S.-chartered depository institutions 650.5 667.1 548.9 551.8 550.7 532.3 528.8 542.6 550.7 547.0 549.4 19

 20 MBS and other ABS 314.6 262.9 174.9 150.1 149.1 137.1 151.6 151.1 149.1 146.3 145.8 20

 21 Other 335.9 404.1 374.0 401.8 401.6 395.2 377.2 391.5 401.6 400.7 403.6 21

 22 Foreign banking offices in U.S. 401.6 244.9 233.9 234.5 228.7 216.4 216.6 223.9 228.7 210.4 201.0 22

 23 Banks in U.S.-affiliated areas 0.5 2.0 0.6 4.2 5.2 4.3 4.1 4.6 5.2 5.6 5.5 23

 24 Credit unions 28.9 22.3 6.6 6.3 6.7 6.9 7.0 6.6 6.7 7.8 8.6 24

 25 MBS and other ABS 3.3 3.6 6.1 5.9 6.6 6.5 6.7 6.5 6.6 7.6 8.3 25

 26 Other 25.7 18.6 0.5 0.4 0.1 0.4 0.3 0.2 0.1 0.2 0.2 26

 27 Property-casualty insurance companies 267.5 298.3 322.6 363.1 379.8 366.1 369.3 373.9 379.8 382.0 383.0 27

 28 MBS and other ABS 0.0 0.0 0.0 71.3 74.0 71.9 72.6 73.3 74.0 74.4 74.7 28

 29 Other 267.5 298.3 322.6 291.8 305.8 294.2 296.7 300.6 305.8 307.6 308.4 29

 30 Life insurance companies 1817.0 1927.2 2030.2 2123.6 2167.4 2150.1 2126.1 2155.9 2167.4 2188.2 2206.6 30

 31 MBS and other ABS 0.0 0.0 0.0 434.9 410.6 427.4 421.7 416.1 410.6 413.1 413.4 31

 32 Other 1817.0 1927.2 2030.2 1688.7 1756.8 1722.7 1704.4 1739.8 1756.8 1775.2 1793.2 32

 33 Private pension funds 374.6 360.0 443.4 488.0 440.2 472.1 465.1 452.6 440.2 430.1 431.6 33

 34 State and local govt. retirement funds 485.1 382.8 388.5 363.7 303.5 348.0 331.6 312.8 303.5 295.7 295.7 34

 35 Federal government retirement funds 5.8 5.7 5.9 7.3 8.3 7.6 7.9 8.3 8.3 7.8 7.3 35

 36 Money market mutual funds 228.0 169.9 154.2 105.1 102.1 102.9 97.3 93.0 102.1 103.0 90.7 36

 37 Mutual funds 956.2 1120.7 1243.0 1413.4 1719.4 1489.9 1550.0 1633.4 1719.4 1816.6 1882.5 37

 38 Closed-end funds 49.4 55.5 59.6 57.2 65.2 59.2 60.0 62.7 65.2 71.7 77.5 38

 39 Exchange-traded funds 27.7 55.4 74.1 107.7 155.3 123.4 135.7 147.1 155.3 162.3 164.9 39

 40 Government-sponsored enterprises 386.6 310.8 293.9 260.5 205.9 253.9 227.1 221.2 205.9 192.3 193.2 40

 41 MBS and other ABS 309.1 302.9 269.0 234.3 198.5 229.8 212.2 207.6 198.5 185.0 186.0 41

 42 Other 77.5 7.9 24.8 26.2 7.4 24.1 14.9 13.6 7.4 7.3 7.1 42

 43 Finance companies 192.4 198.6 84.1 85.0 78.7 84.9 86.9 85.3 78.7 78.0 73.4 43

 44 REITs 11.7 15.5 20.8 22.1 32.2 25.6 27.6 30.6 32.2 37.1 37.9 44

 45 Brokers and dealers 123.8 154.4 189.5 104.5 140.0 149.3 130.8 139.3 140.0 148.0 137.3 45

 46 Holding companies 35.8 31.1 38.3 18.3 79.9 84.6 94.3 86.0 79.9 80.3 79.8 46

 47 Funding corporations 667.3 710.2 760.1 792.4 921.9 848.4 905.4 902.7 921.9 927.5 945.3 47

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

(2) Liabilities net of assets.

(3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds.

(4) Holdings of U.S. issues by foreign residents.
L

e

v

els

100 Z.1, September 25, 2013

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Issues at market value 15640.5 20085.5 23565.4 23087.7 26445.3 25544.0 24577.8 26210.7 26445.3 28943.2 29410.6 1

 2 Nonfinancial corporate business 10016.6 12512.2 14370.7 14500.3 16118.8 15817.2 15367.3 16330.5 16118.8 17829.2 18077.9 2

 3 Rest of the world (2) 2748.4 3995.3 4900.2 4501.4 5390.5 5038.8 4715.8 5107.3 5390.5 5648.7 5621.4 3

 4 Financial corporations 2875.4 3578.1 4294.5 4085.9 4936.0 4688.0 4494.6 4772.9 4936.0 5465.4 5711.3 4

 5 Holdings at market value 15640.5 20085.5 23565.4 23087.7 26445.3 25544.0 24577.8 26210.7 26445.3 28943.2 29410.6 5

 6 Household sector 5923.7 7487.4 8990.2 9045.8 10322.0 9771.5 9503.3 10214.4 10322.0 11250.8 11461.7 6

 7 State and local governments 91.1 111.8 126.0 122.7 129.7 131.9 128.7 132.6 129.7 138.6 140.2 7

 8 Federal government 188.7 67.4 49.9 57.8 39.9 48.2 43.6 41.2 39.9 38.6 37.9 8

 9 Rest of the world (3) 1807.1 2476.7 2962.2 3035.3 3480.8 3425.7 3262.1 3455.0 3480.8 3919.4 4032.1 9

 10 Monetary authority 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 U.S.-chartered depository institutions 33.8 63.6 73.6 67.4 87.1 80.4 75.0 83.4 87.1 96.8 96.9 11

 12 Foreign banking offices in U.S. 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Property-casualty insurance companies 193.3 219.8 219.2 224.4 258.3 248.9 244.4 257.9 258.3 274.1 279.4 13

 14 Life insurance companies 1001.7 1208.5 1402.6 1390.2 1545.1 1524.3 1478.3 1543.7 1545.1 1654.9 1679.6 14

 15 Private pension funds 1380.4 1647.1 1938.3 1826.1 2039.7 1997.6 1942.5 2053.7 2039.7 2204.1 2233.4 15

 16 State and local govt. retirement funds 1267.2 1617.8 1778.2 1693.0 1966.4 1913.7 1854.6 1961.9 1966.4 2166.1 2206.8 16

 17 Federal government retirement funds 83.7 116.8 140.9 134.4 148.1 153.1 146.3 153.3 148.1 167.8 173.8 17

 18 Mutual funds 3014.1 4136.2 4762.7 4427.2 5107.0 5044.0 4744.2 5037.8 5107.0 5611.2 5668.1 18

 19 Closed-end funds 72.5 88.1 97.4 96.5 101.2 98.0 96.8 100.9 101.2 107.6 107.2 19

 20 Exchange-traded funds 474.0 670.0 854.1 863.8 1093.3 990.4 944.5 1047.1 1093.3 1195.9 1172.2 20

 21 Brokers and dealers 109.2 124.2 117.2 103.2 126.7 116.3 113.5 127.9 126.7 117.1 121.4 21

 22 Funding corporations 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 Memo:

 23 Market value of domestic corporations (4) 12009.3 14899.4 17277.2 17231.0 19388.1 18971.2 18387.8 19486.3 19388.1 21503.0 22012.1 23

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 11, 12, 13, 19, 20, 21, and 22; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10087.4 10221.8 1

 2 Holdings at market value 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10087.4 10221.8 2

 3 Household sector 3313.7 4119.9 4598.3 4452.3 5315.9 4979.4 4864.5 5155.1 5315.9 5786.1 5864.7 3

 4 Nonfinancial corporate business 106.3 162.0 186.8 165.9 181.7 180.8 174.3 180.1 181.7 190.4 190.1 4

 5 State and local governments 36.3 48.4 58.3 58.0 61.7 62.8 61.1 63.1 61.7 66.2 67.0 5

 6 Rest of the world 255.6 364.1 513.8 735.6 959.2 847.8 901.4 928.6 959.2 979.1 983.5 6

 7 U.S.-chartered depository institutions 19.6 46.1 45.0 41.7 59.2 46.7 47.3 52.8 59.2 67.3 67.9 7

 8 Credit unions 2.0 1.3 1.5 1.9 2.3 2.1 2.1 2.2 2.3 2.6 2.4 8

 9 Property-casualty insurance companies 4.4 5.3 5.7 5.5 5.7 5.7 5.5 5.7 5.7 6.0 6.0 9

 10 Life insurance companies 121.0 140.8 155.7 150.1 159.3 159.1 153.2 159.3 159.3 167.6 168.8 10

 11 Private pension funds 1362.3 1827.5 2084.7 2053.2 2338.4 2279.1 2217.3 2344.3 2338.4 2553.0 2601.7 11

 12 State and local govt. retirement funds 166.7 205.2 223.2 206.9 240.3 233.8 226.6 239.7 240.3 269.2 269.6 12

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

e

v

els

Z.1, September 25, 2013 101

L.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2750.0 2021.7 1954.3 2086.8 2250.6 2101.9 2150.1 2178.0 2250.6 2254.7 2318.1 1

 2 Household sector 26.4 10.2 61.0 12.4 66.3 34.8 88.0 23.1 66.3 63.1 73.0 2

 3 Corporate business 780.1 546.0 480.9 549.8 609.5 542.4 566.2 574.7 609.5 605.4 621.5 3

 4 Noncorporate business 1046.1 944.0 923.7 980.4 1070.6 1008.5 1031.5 1047.8 1070.6 1075.4 1092.6 4

 5 Rest of the world 107.9 96.8 115.1 144.3 165.5 153.6 164.8 167.0 165.5 176.8 183.2 5

 6 Foreign official institutions 2.6 3.2 4.3 2.6 2.0 2.5 2.2 2.1 2.0 2.6 2.7 6

 7 Foreign banks 33.0 27.9 39.7 51.0 49.2 51.6 54.4 50.8 49.2 55.5 58.4 7

 8 Other foreign 72.4 65.8 71.2 90.7 114.4 99.5 108.3 114.2 114.4 118.7 122.1 8

 9 Financial sectors 789.5 424.7 373.7 399.9 338.7 362.6 299.7 365.3 338.7 333.9 347.6 9

 10 Finance companies 174.9 144.5 91.5 102.1 118.5 97.5 103.5 115.8 118.5 112.9 120.8 10

 11 REITs 32.8 20.7 18.5 22.1 23.4 18.6 20.5 19.6 23.4 20.1 21.6 11

 12 Brokers and dealers 45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Holding companies 91.3 164.2 190.3 254.3 196.8 234.5 175.7 229.8 196.8 200.9 205.2 13

 14 Funding corporations 444.9 95.3 73.4 21.5 0.0 11.9 0.0 0.0 0.0 0.0 0.0 14

 15 Total assets 2750.0 2021.7 1954.3 2086.8 2250.6 2101.9 2150.1 2178.0 2250.6 2254.7 2318.1 15

 16 Monetary authority (2) 490.4 142.8 98.1 30.5 0.6 19.0 4.5 1.5 0.6 0.4 0.3 16

 17 U.S.-chartered depository institutions 1675.8 1419.6 1412.9 1569.2 1772.6 1596.2 1666.4 1698.4 1772.6 1773.7 1826.2 17

 18 Foreign banking offices in U.S. 531.9 406.5 390.4 426.6 415.8 427.2 419.3 415.7 415.8 419.5 428.6 18

 19 Banks in U.S.-affiliated areas 19.7 19.4 16.1 17.1 18.1 17.2 17.3 17.6 18.1 18.1 19.0 19

 20 Credit unions 32.1 33.4 36.9 43.5 43.6 42.3 42.5 44.7 43.6 43.0 44.0 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 L.108.
L

e

v

els

102 Z.1, September 25, 2013

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 2629.3 2098.1 1764.7 1769.3 1824.8 1735.3 1755.5 1797.8 1824.8 1821.2 1888.0 1

 2 U.S. government loans 111.3 177.4 180.9 185.8 188.3 188.8 191.0 189.0 188.3 191.8 192.0 2

 3 Liab.: Household sector 12.8 12.6 11.6 11.2 11.0 10.9 11.0 11.0 11.0 11.8 11.8 3

 4 Nonfinancial corporate business 15.3 74.9 70.6 70.1 75.3 71.7 73.3 74.2 75.3 76.3 76.3 4

 5 Nonfinancial noncorporate business 48.9 52.4 53.0 55.9 56.5 55.9 56.5 56.6 56.5 57.4 57.4 5

 6 State and local governments 12.7 13.5 14.4 15.3 15.7 15.4 15.7 15.6 15.7 16.0 16.0 6

 7 Rest of the world 21.6 21.9 22.1 23.5 26.7 25.4 25.5 25.5 26.7 28.1 28.4 7

 8 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Funding corporations 0.0 2.0 9.2 9.8 3.0 9.5 8.9 6.1 3.0 2.3 2.2 10

 11 Foreign loans to U.S. corporate business 226.4 182.5 162.3 196.1 146.2 171.6 166.0 161.1 146.2 145.3 152.9 11

 12 Liab.: Nonfinancial corporate business 226.4 182.5 162.3 196.1 146.2 171.6 166.0 161.1 146.2 145.3 152.9 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Holding company loans 8.2 14.6 18.9 22.9 105.3 53.1 53.2 107.8 105.3 106.0 110.7 17

 18 Liab.: Nonfinancial corporate business 8.2 14.6 18.9 22.9 99.3 51.8 51.0 103.2 99.3 101.4 106.4 18

 19 Rest of the world 0.0 0.0 0.0 0.0 6.1 1.3 2.3 4.7 6.1 4.6 4.3 19

 20 Policy loans (Household liability) 120.4 121.1 124.5 126.9 128.3 126.9 126.6 127.2 128.3 128.2 128.5 20

 21 Asset: Federal government 0.6 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 21

 22 Life insurance companies 119.8 120.6 124.0 126.5 127.8 126.4 126.2 126.8 127.8 127.8 128.1 22

 23 Government-sponsored enterprise loans (1) 980.7 695.9 551.3 487.0 505.7 467.3 491.3 487.6 505.7 498.8 541.0 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) 5.8 5.3 6.9 6.0 6.7 7.4 6.6 6.7 6.7 7.5 6.5 25

 26 Nonfinancial noncorporate business (FCS) 74.5 74.7 80.3 77.7 85.3 79.2 80.4 82.6 85.3 83.9 83.8 26

 27 U.S.-chartered dep. inst. (FHLB & SLMA) 805.0 541.1 392.8 332.3 336.9 309.3 328.2 321.6 336.9 332.3 372.7 27

 28 Credit unions (FHLB) 40.6 26.5 26.1 24.2 25.1 22.9 23.7 24.4 25.1 22.2 23.5 28

 29 Life insurance companies (FHLB) 54.9 48.3 45.1 46.8 51.6 48.5 52.4 52.4 51.6 52.9 54.5 29

 30 Securitized loans held by ABS issuers 78.1 54.4 4.0 0.1 1.8 0.1 0.1 3.2 1.8 3.9 4.3 30

 31 Liab.: Nonfinancial corporate business 78.1 54.4 4.0 0.1 1.8 0.1 0.1 3.2 1.8 3.9 4.3 31

 32 Finance company loans to business 539.9 448.9 372.7 375.4 387.7 375.9 376.3 378.5 387.7 392.4 396.0 32

 33 Liab.: Nonfinancial corporate business 485.9 404.0 335.5 337.9 348.9 338.3 338.6 340.6 348.9 353.1 356.4 33

 34 Nonfinancial noncorporate business 54.0 44.9 37.3 37.5 38.8 37.6 37.6 37.8 38.8 39.2 39.6 34

 35 Loans to nonfinancial corporate business (2) 564.3 403.4 350.2 375.1 361.6 351.6 351.1 343.4 361.6 354.9 362.4 35

 36 Asset: Household sector 29.7 26.8 26.2 23.4 20.9 26.5 23.2 23.1 20.9 22.7 20.4 36

 37 Life insurance companies 46.3 20.4 16.7 22.2 22.6 20.2 21.5 22.0 22.6 21.7 23.0 37

 38 Mutual funds 94.8 75.4 74.6 93.5 105.7 94.2 99.2 100.6 105.7 113.4 117.1 38

 39 ABS issuers 301.7 197.8 163.8 162.3 160.0 166.8 161.9 153.9 160.0 146.9 151.9 39

 40 Brokers and dealers 55.9 60.1 47.4 54.3 39.6 30.6 32.8 31.9 39.6 37.2 39.7 40

 41 Funding corporations 35.9 22.9 21.4 19.4 12.9 13.2 12.4 11.9 12.9 12.9 10.2 41

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
L

e

v

els

Z.1, September 25, 2013 103

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total mortgages 14676.8 14386.7 13778.5 13457.1 13191.9 13345.8 13279.2 13182.5 13191.9 13130.9 13116.5 1

 2 Home 11108.0 10896.7 10437.3 10182.8 9929.1 10094.2 10034.7 9943.2 9929.1 9875.9 9833.3 2

 3 Multifamily residential 848.8 855.6 851.5 856.9 880.7 855.1 861.6 869.7 880.7 884.9 895.3 3

 4 Commercial 2585.3 2488.5 2335.6 2250.2 2209.2 2227.8 2212.8 2198.1 2209.2 2195.6 2211.9 4

 5 Farm 134.7 146.0 154.1 167.2 173.0 168.6 170.1 171.5 173.0 174.5 176.0 5

 6 Total liabilities 14676.8 14386.7 13778.5 13457.1 13191.9 13345.8 13279.2 13182.5 13191.9 13130.9 13116.5 6

 7 Household sector 10735.3 10571.1 10088.4 9853.8 9608.8 9768.0 9709.7 9620.4 9608.8 9558.2 9517.3 7

 8 Nonfinancial business 3778.0 3648.8 3523.0 3427.1 3391.3 3399.0 3384.5 3374.0 3391.3 3379.9 3406.8 8

 9 Corporate 908.2 780.3 671.0 607.3 603.0 603.2 598.7 591.7 603.0 590.0 600.2 9

 10 Noncorporate 2869.9 2868.5 2852.0 2819.9 2788.4 2795.8 2785.7 2782.3 2788.4 2789.9 2806.6 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 163.5 166.9 167.1 176.2 191.8 178.8 185.0 188.0 191.8 192.8 192.5 12

 13 Total assets 14676.8 14386.7 13778.5 13457.1 13191.9 13345.8 13279.2 13182.5 13191.9 13130.9 13116.5 13

 14 Household sector 110.9 108.0 94.2 91.0 70.5 85.7 80.4 75.6 70.5 66.5 61.7 14

 15 Nonfinancial corporate business 33.6 29.5 28.0 28.2 28.4 28.2 28.3 28.3 28.4 28.4 28.5 15

 16 Nonfinancial noncorporate business 39.1 37.9 42.1 42.6 43.1 42.6 42.7 42.8 43.1 43.2 43.5 16

 17 State and local governments 187.8 192.8 202.7 197.8 186.6 194.8 194.4 192.4 186.6 187.6 186.9 17

 18 Federal government 95.8 108.4 106.6 110.6 112.3 111.7 112.2 112.0 112.3 113.2 113.2 18

 19 U.S.-chartered depository institutions 4615.2 4371.9 4194.9 4049.6 3997.4 3984.5 3986.4 3944.6 3997.4 3962.9 3955.9 19

 20 Foreign banking offices in U.S. 44.2 37.8 35.4 32.8 30.9 31.2 31.2 31.2 30.9 29.7 29.6 20

 21 Banks in U.S.-affiliated areas 42.6 42.3 35.8 33.4 34.9 32.9 32.4 32.0 34.9 34.3 33.6 21

 22 Credit unions 312.2 316.9 317.0 320.5 327.8 321.6 324.0 326.4 327.8 328.0 332.0 22

 23 Property-casualty insurance companies 5.0 4.4 4.1 4.9 5.6 5.2 5.4 5.5 5.6 5.8 6.6 23

 24 Life insurance companies 342.4 326.1 317.5 332.5 344.4 336.7 340.5 343.5 344.4 344.5 348.2 24

 25 Private pension funds 26.1 23.8 26.6 21.9 19.3 21.0 20.6 20.0 19.3 18.7 17.9 25

 26 State and local govt. retirement funds 15.1 11.4 10.9 11.1 9.9 10.7 10.4 10.1 9.9 9.5 9.1 26

 27 Government-sponsored enterprises (1) 705.3 707.7 5021.0 4924.0 4823.5 4922.8 4870.2 4844.5 4823.5 4825.0 4836.1 27

 28 Agency- and GSE-backed mortgage pools 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1485.8 28

 29 ABS issuers 2615.9 2245.5 1916.9 1698.0 1492.0 1638.7 1586.6 1531.7 1492.0 1447.3 1406.3 29

 30 Finance companies 447.9 397.4 243.5 211.5 180.1 206.6 192.7 188.5 180.1 174.7 170.7 30

 31 REITs 76.3 48.3 41.9 42.1 48.3 40.9 43.6 45.4 48.3 48.9 51.1 31
L

e

v

els

104 Z.1, September 25, 2013

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 11108.0 10896.7 10437.3 10182.8 9929.1 10094.2 10034.7 9943.2 9929.1 9875.9 9833.3 1

 2 Household sector 10534.4 10377.0 9906.2 9677.8 9436.3 9593.9 9536.8 9448.7 9436.3 9386.6 9344.8 2

 3 Nonfinancial corporate business 32.7 20.3 13.6 10.2 9.7 9.9 9.9 9.9 9.7 9.4 9.6 3

 4 Nonfinancial noncorporate business 540.9 499.4 517.6 494.8 483.1 490.4 488.0 484.6 483.1 479.9 478.9 4

 5 Total assets 11108.0 10896.7 10437.3 10182.8 9929.1 10094.2 10034.7 9943.2 9929.1 9875.9 9833.3 5

 6 Household sector 91.2 83.2 75.2 67.2 59.2 65.2 63.2 61.2 59.2 57.2 55.2 6

 7 Nonfinancial corporate business 20.2 17.7 16.8 16.9 17.0 16.9 17.0 17.0 17.0 17.0 17.1 7

 8 Nonfinancial noncorporate business 14.3 13.9 15.4 15.5 15.7 15.6 15.6 15.6 15.7 15.8 15.9 8

 9 State and local governments 96.7 99.3 104.4 101.8 96.1 100.3 100.1 99.1 96.1 96.6 96.3 9

 10 Federal government 16.4 22.1 23.9 24.8 25.9 25.5 25.7 25.3 25.9 25.7 25.1 10

 11 U.S.-chartered depository institutions 2883.6 2692.5 2614.7 2537.0 2484.9 2482.6 2490.1 2452.4 2484.9 2447.1 2420.1 11

 12 Foreign banking offices in U.S. 7.0 0.9 1.1 1.3 1.8 1.4 1.3 1.6 1.8 1.8 1.6 12

 13 Banks in U.S.-affiliated areas 22.9 22.6 20.1 17.8 20.0 17.5 17.3 17.0 20.0 20.0 19.2 13

 14 Credit unions 312.2 316.9 317.0 320.5 327.8 321.6 324.0 326.4 327.8 328.0 332.0 14

 15 Life insurance companies 8.6 8.6 9.0 9.0 9.5 9.5 10.0 10.4 9.5 9.5 9.2 15

 16 Private pension funds 1.3 2.0 1.9 1.6 2.5 1.7 1.9 2.2 2.5 2.9 3.4 16

 17 State and local govt. retirement funds 5.4 4.1 3.9 4.0 3.6 3.9 3.8 3.7 3.6 3.4 3.3 17

 18 Government-sponsored enterprises 456.6 431.3 4687.1 4583.9 4472.3 4579.4 4526.5 4495.5 4472.3 4476.9 4490.9 18

 19 Agency- and GSE-backed mortgage pools 4864.0 5266.5 1068.8 1216.8 1321.8 1237.2 1276.2 1301.7 1321.8 1340.2 1353.9 19

 20 ABS issuers 1898.0 1574.8 1299.6 1106.7 924.9 1061.2 1013.3 967.0 924.9 889.2 849.2 20

 21 Finance companies 375.4 327.7 169.5 149.7 132.6 146.1 137.2 134.9 132.6 129.3 125.2 21

 22 REITs 34.3 12.6 8.9 8.1 13.6 8.6 11.7 12.3 13.6 15.4 16.0 22

 Memo:

 23 Home equity loans included above (2) 1115.6 1033.1 928.4 853.5 769.4 831.4 812.3 790.3 769.4 747.9 730.8 23

 24 U.S.-chartered depository institutions 894.7 841.4 783.3 723.1 652.7 705.1 690.2 670.7 652.7 634.2 620.3 24

 25 Foreign banking offices in U.S. 0.8 0.3 0.3 0.3 0.2 0.3 0.2 0.2 0.2 0.3 0.2 25

 26 Credit unions 98.7 94.6 88.2 82.2 75.7 79.8 78.3 77.2 75.7 74.0 72.8 26

 27 ABS issuers 46.3 31.3 22.7 17.9 14.3 17.0 16.1 15.1 14.3 13.6 12.4 27

 28 Finance companies 75.1 65.5 33.9 29.9 26.5 29.2 27.4 27.0 26.5 25.9 25.0 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.

L.219 Multifamily Residential Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 848.8 855.6 851.5 856.9 880.7 855.1 861.6 869.7 880.7 884.9 895.3 1

 2 Nonfinancial corporate business 41.2 41.4 41.2 41.5 42.7 41.4 41.8 42.2 42.7 42.9 43.4 2

 3 Nonfinancial noncorporate business 782.5 787.3 782.6 787.9 811.5 786.7 793.4 801.2 811.5 815.2 824.9 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 25.1 26.8 27.7 27.6 26.5 27.0 26.5 26.3 26.5 26.7 27.0 5

 6 Total assets 848.8 855.6 851.5 856.9 880.7 855.1 861.6 869.7 880.7 884.9 895.3 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 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 8

 9 Nonfinancial noncorporate business 13.3 12.9 14.3 14.5 14.7 14.5 14.5 14.6 14.7 14.7 14.8 9

 10 State and local governments 75.1 77.1 81.1 79.1 74.6 77.9 77.7 77.0 74.6 75.0 74.8 10

 11 Federal government 14.5 14.7 14.4 14.1 13.7 14.1 13.9 13.7 13.7 13.6 13.6 11

 12 U.S.-chartered depository institutions 276.0 267.0 254.9 248.3 253.3 244.7 246.4 248.2 253.3 256.5 263.9 12

 13 Foreign banking offices in U.S. 4.3 4.0 3.5 2.9 1.4 1.5 1.4 1.4 1.4 1.3 0.9 13

 14 Life insurance companies 51.8 48.5 47.2 49.4 50.9 50.0 50.6 51.0 50.9 51.1 51.2 14

 15 Private pension funds 2.4 2.7 3.1 2.9 3.8 2.9 3.1 3.4 3.8 4.2 4.8 15

 16 State and local govt. retirement funds 4.5 3.4 3.3 3.3 3.0 3.2 3.1 3.0 3.0 2.9 2.7 16

 17 Government-sponsored enterprises 190.2 204.4 256.5 259.2 265.5 261.3 260.4 264.6 265.5 261.9 258.1 17

 18 Agency- and GSE-backed mortgage pools 92.8 105.7 66.9 86.4 113.4 91.1 99.1 104.3 113.4 120.6 130.1 18

 19 ABS issuers 113.2 107.4 98.8 91.1 81.4 88.3 85.8 83.2 81.4 77.6 75.1 19

 20 Finance companies 5.8 5.1 5.1 3.6 2.8 3.5 3.3 3.1 2.8 2.7 2.2 20

 21 REITs 4.3 2.3 1.9 1.7 1.8 1.7 1.7 1.7 1.8 2.1 2.8 21
L

e

v

els

Z.1, September 25, 2013 105

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2585.3 2488.5 2335.6 2250.2 2209.2 2227.8 2212.8 2198.1 2209.2 2195.6 2211.9 1

 2 Household sector 200.9 194.1 182.2 176.1 172.5 174.2 172.9 171.7 172.5 171.6 172.5 2

 3 Nonfinancial corporate business 805.4 685.5 580.1 514.9 507.6 510.3 504.9 496.9 507.6 494.5 503.8 3

 4 Nonfinancial noncorporate business 1440.6 1468.8 1433.9 1410.7 1363.7 1391.6 1376.4 1367.7 1363.7 1363.4 1370.2 4

 5 REITs 138.4 140.1 139.4 148.6 165.3 151.8 158.5 161.8 165.3 166.1 165.5 5

 6 Total assets 2585.3 2488.5 2335.6 2250.2 2209.2 2227.8 2212.8 2198.1 2209.2 2195.6 2211.9 6

 7 Household sector 20.0 19.2 16.7 12.4 6.3 11.0 9.6 8.0 6.3 4.5 2.5 7

 8 Nonfinancial corporate business 13.0 11.4 10.8 10.8 10.9 10.9 10.9 10.9 10.9 10.9 11.0 8

 9 Nonfinancial noncorporate business 10.7 10.4 11.5 11.7 11.8 11.7 11.7 11.7 11.8 11.8 11.9 9

 10 State and local governments 15.0 15.4 16.2 15.8 14.9 15.6 15.5 15.4 14.9 15.0 15.0 10

 11 Federal government 61.4 67.8 64.1 67.2 68.0 67.6 68.0 68.4 68.0 69.3 69.9 11

 12 U.S.-chartered depository institutions 1404.2 1367.4 1273.2 1210.3 1198.4 1201.1 1192.2 1184.8 1198.4 1197.1 1208.2 12

 13 Foreign banking offices in U.S. 32.8 32.9 30.8 28.5 27.6 28.2 28.4 28.1 27.6 26.6 27.1 13

 14 Banks in U.S.-affiliated areas 19.7 19.6 15.7 15.6 14.9 15.4 15.1 14.9 14.9 14.4 14.5 14

 15 Property-casualty insurance companies 5.0 4.4 4.1 4.9 5.6 5.2 5.4 5.5 5.6 5.8 6.6 15

 16 Life insurance companies 267.1 255.7 248.8 261.1 271.1 264.2 267.0 269.1 271.1 271.0 274.8 16

 17 Private pension funds 22.4 19.0 21.5 17.4 13.1 16.5 15.6 14.4 13.1 11.5 9.8 17

 18 State and local govt. retirement funds 5.1 3.9 3.7 3.8 3.4 3.6 3.5 3.4 3.4 3.2 3.1 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 604.7 563.3 518.5 500.2 485.7 489.2 487.5 481.5 485.7 480.5 482.0 20

 21 Finance companies 66.6 64.6 68.9 58.1 44.7 57.1 52.2 50.6 44.7 42.7 43.4 21

 22 REITs 37.7 33.4 31.2 32.3 32.8 30.6 30.2 31.4 32.8 31.3 32.3 22

L.221 Farm Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 134.7 146.0 154.1 167.2 173.0 168.6 170.1 171.5 173.0 174.5 176.0 1

 2 Nonfinancial corporate business 28.9 33.0 36.2 40.7 42.9 41.6 42.2 42.7 42.9 43.2 43.4 2

 3 Nonfinancial noncorporate business 105.8 113.0 117.9 126.5 130.1 127.1 127.9 128.9 130.1 131.3 132.6 3

 4 Total assets 134.7 146.0 154.1 167.2 173.0 168.6 170.1 171.5 173.0 174.5 176.0 4

 5 Household sector -0.2 5.5 2.3 11.4 5.1 9.5 7.7 6.5 5.1 4.8 4.0 5

 6 Nonfinancial noncorporate business 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 6

 7 State and local governments 0.9 1.0 1.0 1.0 0.9 1.0 1.0 1.0 0.9 0.9 0.9 7

 8 Federal government 3.5 3.9 4.3 4.5 4.6 4.6 4.6 4.6 4.6 4.5 4.5 8

 9 U.S.-chartered depository institutions 51.5 45.1 52.1 53.9 60.8 56.1 57.6 59.2 60.8 62.3 63.7 9

 10 Foreign banking offices in U.S. 0.1 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 15.0 13.3 12.4 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 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 58.5 72.0 77.4 80.9 85.8 82.1 83.3 84.5 85.8 86.2 87.1 13

 14 Agency- and GSE-backed mortgage pools 4.7 4.5 3.8 1.7 1.9 1.6 2.0 2.0 1.9 1.9 1.8 14

(1) Excludes mortgages on farm houses.
L

e

v

els

106 Z.1, September 25, 2013

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 2651.4 2553.5 2648.1 2757.2 2924.3 2749.1 2799.0 2859.3 2924.3 2924.4 2966.2 1

 2 Net change in assets 2651.4 2553.5 2648.1 2757.2 2924.3 2749.1 2799.0 2859.3 2924.3 2924.4 2966.2 2

 3 Households (nonprofit organizations) (1) 94.6 88.8 78.4 72.0 67.1 71.4 70.9 67.5 67.1 65.0 63.8 3

 4 Nonfinancial corporate business 56.0 53.8 46.2 48.5 48.5 47.2 47.3 47.8 48.5 42.0 42.0 4

 5 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 5

 6 Federal government (2) 135.1 223.1 356.2 487.4 616.8 524.9 552.9 596.6 616.8 659.5 674.6 6

 7 U.S.-chartered depository institutions 965.0 906.3 1185.5 1192.6 1218.7 1155.7 1174.5 1186.1 1218.7 1191.3 1211.5 7

 8 Credit unions 236.2 237.1 226.5 223.0 243.6 223.0 231.2 236.7 243.6 245.5 251.6 8

 9 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 9

 10 ABS issuers 610.2 572.5 50.3 46.2 49.9 46.7 47.0 47.9 49.9 49.8 48.0 10

 11 Finance companies 554.3 471.9 705.0 687.6 679.8 680.2 675.3 676.6 679.8 671.3 674.6 11

 Memo:

 12 Credit card loans (3) 1005.2 917.2 840.7 842.5 845.8 798.0 807.5 813.0 845.8 804.9 814.8 12

 13 Auto loans 777.1 718.9 712.9 750.7 808.5 759.0 777.2 798.2 808.5 820.4 839.8 13

 14 Student loans (4) 730.7 831.6 912.4 1012.3 1131.3 1062.2 1082.9 1114.8 1131.3 1168.9 1178.6 14

 15 Other consumer credit (5) 138.4 85.8 182.1 151.8 138.7 129.8 131.5 133.3 138.7 130.3 133.0 15

(1) Student loans originated under the Federal Family Education Loan Program.

(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program

 loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.

(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.

(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and

 finance companies (part of line 11). Data begin in 2006:Q1.

(5) Includes student loans before 2006:Q1.
L

e

v

els

Z.1, September 25, 2013 107

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total trade payables 3226.9 3214.9 3441.4 3494.2 3670.3 3548.7 3606.0 3645.6 3670.3 3718.2 3740.3 1

 2 Household sector 236.7 252.7 274.1 288.2 289.7 289.8 290.5 290.5 289.7 288.1 285.7 2

 3 Nonfinancial corporate business 1672.7 1590.2 1746.5 1765.4 1888.0 1794.0 1841.9 1870.6 1888.0 1913.6 1918.6 3

 4 Nonfinancial noncorporate business 380.6 397.4 427.7 435.8 434.1 434.4 433.2 432.9 434.1 438.7 440.2 4

 5 State and local governments 591.6 630.5 669.0 707.4 746.5 717.1 726.9 736.7 746.5 756.3 766.1 5

 6 Federal government 260.8 204.6 210.9 220.2 228.5 229.2 232.1 234.5 228.5 237.9 244.5 6

 7 Rest of the world 63.2 69.3 95.1 63.0 69.3 66.9 68.0 67.4 69.3 68.2 69.5 7

 8 Brokers and dealers 21.2 70.1 18.1 14.3 14.2 17.3 13.5 13.0 14.2 15.4 15.6 8

 9 Total trade receivables 3088.3 2973.9 3136.4 3248.3 3365.4 3355.4 3437.1 3460.6 3365.4 3476.1 3534.6 9

 10 Nonfinancial corporate business 2084.9 2053.9 2155.8 2238.0 2327.5 2335.5 2411.4 2422.1 2327.5 2430.9 2483.0 10

 11 Nonfinancial noncorporate business 522.7 496.3 533.4 539.6 546.0 540.3 541.3 542.7 546.0 548.0 551.6 11

 12 State and local governments 143.7 139.1 152.2 154.1 162.5 156.0 159.3 161.2 162.5 164.7 165.1 12

 13 Federal government 64.7 43.6 42.9 47.7 50.6 49.0 50.6 51.9 50.6 49.1 49.8 13

 14 Rest of the world 90.1 96.7 116.4 134.2 145.6 138.1 140.2 146.8 145.6 149.2 152.2 14

 15 Property-casualty insurance companies 86.7 83.0 83.8 87.2 92.0 91.1 92.0 94.5 92.0 94.0 96.6 15

 16 ABS issuers 95.5 61.3 51.8 47.6 41.2 45.3 42.4 41.4 41.2 40.1 36.2 16

 17 Discrepancy 138.5 241.0 305.0 245.9 304.8 193.3 168.9 185.1 304.8 242.2 205.7 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 1128.5 1091.2 1214.8 1312.6 1512.5 1375.5 1410.2 1482.4 1512.5 1492.1 1511.5 1

 2 Household sector 164.8 203.0 278.2 238.9 303.7 267.7 244.5 269.1 303.7 307.9 302.6 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 963.6 888.2 936.6 1073.7 1208.7 1107.8 1165.7 1213.2 1208.7 1184.2 1208.9 4

 5 Customer credit balances (HH) 742.7 668.6 694.3 752.4 776.0 762.3 777.7 780.2 776.0 782.6 820.3 5

 6 From U.S.-chartered depository institutions 158.6 158.0 152.3 189.6 243.0 190.8 209.8 241.8 243.0 209.0 198.7 6

 7 From foreign banking offices in U.S. 62.3 61.6 90.1 131.7 189.7 154.7 178.3 191.3 189.7 192.6 190.0 7

 8 Total assets 1128.5 1091.2 1214.8 1312.6 1512.5 1375.5 1410.2 1482.4 1512.5 1492.1 1511.5 8

 9 Household sector 742.7 668.6 694.3 752.4 776.0 762.3 777.7 780.2 776.0 782.6 820.3 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 158.6 158.0 152.3 189.6 243.0 190.8 209.8 241.8 243.0 209.0 198.7 11

 12 Foreign banking offices in U.S. 62.3 61.6 90.1 131.7 189.7 154.7 178.3 191.3 189.7 192.6 190.0 12

 13 Brokers and dealers 164.8 203.0 278.2 238.9 303.7 267.7 244.5 269.1 303.7 307.9 302.6 13
L

e

v

els

108 Z.1, September 25, 2013

L.225 Life Insurance Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1179.8 1242.1 1278.3 1352.0 1359.0 1366.9 1342.3 1353.2 1359.0 1370.0 1374.6 1

 2 Federal government 46.4 47.5 48.4 49.7 50.0 49.8 50.2 50.1 50.0 50.1 50.2 2

 3 Life insurance companies 1133.4 1194.5 1229.9 1302.3 1309.0 1317.1 1292.1 1303.1 1309.0 1319.9 1324.4 3

 4 Net change in assets 1179.8 1242.1 1278.3 1352.0 1359.0 1366.9 1342.3 1353.2 1359.0 1370.0 1374.6 4

 5 Households 1049.8 1109.2 1137.2 1203.6 1186.1 1199.4 1172.6 1180.6 1186.1 1194.5 1197.7 5

 6 U.S.-chartered depository institutions 110.7 111.5 116.0 120.8 138.1 133.8 135.0 136.4 138.1 139.4 140.5 6

 7 Holding companies 19.3 21.4 25.1 27.6 34.9 33.7 34.8 36.2 34.9 36.1 36.4 7

L.226 Pension Entitlements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 14061.8 15205.4 16745.0 17115.2 18075.1 17641.6 17588.7 17928.7 18075.1 18560.9 18736.6 1

 2 Life insurance companies (1) 2223.2 2346.9 2563.0 2602.8 2759.4 2691.7 2651.2 2713.2 2759.4 2821.2 2820.1 2

 3 Private pension funds (2) 5281.4 5976.3 6625.7 6672.5 7175.3 7022.3 6945.1 7145.3 7175.3 7507.6 7603.7 3

 4 State and local govt. retirement funds 3799.0 3959.8 4408.7 4589.2 4773.1 4634.5 4679.7 4725.9 4773.1 4825.2 4877.3 4

 5 Federal government retirement funds (3) 2758.1 2922.3 3147.6 3250.7 3367.3 3293.2 3312.7 3344.3 3367.3 3407.0 3435.5 5

 6 Total assets (Households) (4) 14061.8 15205.4 16745.0 17115.2 18075.1 17641.6 17588.7 17928.7 18075.1 18560.9 18736.6 6

(1) Annuities, including those in IRAs.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(4) Excludes all individual retirement accounts (IRAs) (table L.226.i), except those at life insurance companies.

L.227 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 44.0 40.6 53.1 74.0 81.4 84.5 82.1 92.5 81.4 99.4 77.4 1

 2 Nonfinancial corporate business 39.0 35.7 42.9 51.7 57.0 62.0 59.4 60.0 57.0 63.4 57.5 2

 3 Nonfinancial noncorporate business 106.2 99.9 99.2 100.4 101.6 100.5 100.7 101.0 101.6 102.0 102.8 3

 4 U.S.-chartered depository institutions -73.6 -66.2 -59.6 -49.1 -47.9 -52.6 -50.3 -46.3 -47.9 -46.0 -58.9 4

 5 Property-casualty insurance companies -21.1 -15.8 -10.1 -14.5 -10.8 -8.0 -13.2 -8.7 -10.8 -3.2 -5.2 5

 6 Life insurance companies -24.4 -31.4 -28.8 -23.6 -28.3 -27.3 -23.9 -23.6 -28.3 -28.4 -30.1 6

 7 Finance companies 15.4 12.7 6.0 6.7 6.6 7.0 6.6 6.4 6.6 7.0 6.9 7

 8 Brokers and dealers 2.5 5.7 3.6 2.5 3.1 3.0 2.8 3.7 3.1 4.4 4.4 8

 9 Total business taxes receivable 237.3 245.0 249.0 262.8 270.4 266.0 269.5 269.1 270.4 275.4 283.3 9

 10 State and local governments 117.9 111.1 104.7 110.0 112.3 111.9 114.1 112.3 112.3 116.0 122.5 10

 11 Federal government 119.4 133.9 144.3 152.8 158.1 154.2 155.5 156.8 158.1 159.5 160.8 11

 12 Discrepancy -193.3 -204.4 -195.9 -188.8 -189.0 -181.5 -187.4 -176.5 -189.0 -176.1 -206.0 12

L.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total household equity 7556.4 6324.1 7019.1 7528.4 8186.3 7625.1 7744.5 8018.4 8186.3 8205.9 8373.8 1

 2 Nonfinancial noncorporate business 7545.7 6309.3 7003.2 7515.3 8167.7 7606.8 7726.2 7999.3 8167.7 8186.7 8354.5 2

 3 Brokers and dealers 10.7 14.8 15.9 13.1 18.6 18.3 18.3 19.1 18.6 19.2 19.3 3
L

e

v

els

Z.1, September 25, 2013 109

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 22593.5 22503.3 23297.3 24014.4 24701.5 24185.4 24231.6 24574.0 24701.5 24613.6 24591.6 1

 2 Household sector 27.0 22.1 24.7 24.3 24.9 26.2 28.0 28.4 24.9 25.9 27.6 2

 3 Nonfinancial corporate business 3940.2 3936.5 3965.2 3635.0 3342.9 3562.9 3473.7 3418.2 3342.9 3246.9 3188.9 3

 4 Nonfinancial noncorporate business 1214.3 1248.1 1197.7 1233.6 1241.7 1242.8 1244.3 1246.5 1241.7 1244.6 1245.0 4

 5 Federal government 2719.3 2859.2 3071.6 3179.4 3281.2 3200.5 3225.4 3245.8 3281.2 3302.1 3321.8 5

 6 Rest of the world 6059.0 6010.7 6500.2 6802.6 7073.7 6829.3 6808.2 7028.7 7073.7 7119.2 7152.4 6

 7 Monetary authority 23.1 29.2 58.4 31.7 33.7 33.7 28.5 34.9 33.7 34.8 32.1 7

 8 U.S.-chartered depository institutions 1466.4 1619.9 1805.9 1934.7 2102.3 2023.4 2073.4 2144.3 2102.3 2137.5 2089.7 8

 9 Foreign banking offices in U.S. 849.4 431.3 438.7 694.2 651.5 629.8 649.4 654.3 651.5 644.5 692.1 9

 10 Banks in U.S.-affiliated areas 24.9 29.2 23.3 19.4 17.3 19.1 17.9 19.2 17.3 16.4 16.5 10

 11 Credit unions 4.7 19.4 11.1 12.4 12.7 13.3 13.1 14.4 12.7 15.3 14.2 11

 12 Property-casualty insurance companies 811.0 819.5 831.9 870.1 896.9 889.5 895.1 890.7 896.9 890.5 897.8 12

 13 Life insurance companies 866.4 961.7 1031.4 1062.6 1143.6 1115.9 1101.6 1141.2 1143.6 1183.0 1194.3 13

 14 Government-sponsored enterprises 208.2 270.4 154.6 130.6 124.1 132.0 128.8 124.8 124.1 120.2 121.9 14

 15 Finance companies 664.8 573.6 271.9 263.7 231.9 257.2 234.0 222.4 231.9 231.8 223.1 15

 16 REITs 64.9 51.1 66.0 74.4 91.4 90.0 80.0 102.6 91.4 91.8 92.8 16

 17 Brokers and dealers 441.4 450.0 483.0 471.4 470.9 497.9 461.5 470.4 470.9 495.9 472.4 17

 18 Holding companies 422.9 548.0 522.0 481.1 833.8 732.6 733.5 787.4 833.8 899.1 901.6 18

 19 Funding corporations 1509.1 1492.1 1490.5 1478.1 1639.4 1488.8 1513.4 1546.6 1639.4 1608.4 1612.3 19

 20 Total assets 29248.6 29280.9 30464.1 32114.7 33818.3 32544.9 32933.3 33266.8 33818.3 33871.7 34212.5 20

 21 Household sector 766.3 800.9 805.9 876.1 870.2 866.9 861.2 859.4 870.2 863.2 867.4 21

 22 Nonfinancial corporate business 9376.9 9555.5 10127.0 10571.9 11327.3 10685.8 10785.8 11001.8 11327.3 11432.7 11621.2 22

 23 Nonfinancial noncorporate business 2121.8 2029.3 2134.1 2143.1 2182.5 2149.4 2156.8 2165.9 2182.5 2191.7 2205.8 23

 24 State and local governments 93.1 118.4 95.9 92.4 87.2 91.0 90.8 90.0 87.2 87.7 87.4 24

 25 Federal government 110.8 145.8 141.4 143.1 142.0 140.5 141.9 141.9 142.0 142.7 139.8 25

 26 Rest of the world 4263.3 4197.7 4543.1 4811.0 5128.8 4932.5 5000.0 5068.6 5128.8 5113.4 5128.7 26

 27 Monetary authority 569.8 75.9 83.1 225.8 199.5 188.1 187.2 186.5 199.5 219.9 228.1 27

 28 U.S.-chartered depository institutions 1223.5 1030.1 933.1 958.0 842.0 878.7 904.4 902.1 842.0 788.7 802.4 28

 29 Foreign banking offices in U.S. 259.7 143.9 148.7 371.4 354.2 299.6 349.6 337.6 354.2 338.2 392.7 29

 30 Banks in U.S.-affiliated areas 11.1 6.5 11.0 11.8 12.0 11.8 15.8 13.2 12.0 12.4 18.5 30

 31 Credit unions 32.8 33.0 74.1 61.9 62.7 70.2 64.1 63.6 62.7 70.9 75.3 31

 32 Property-casualty insurance companies 102.6 123.7 99.1 86.9 94.6 82.0 83.3 82.6 94.6 98.7 103.5 32

 33 Life insurance companies 380.1 357.6 360.3 409.3 449.5 396.4 407.5 421.3 449.5 418.0 413.5 33

 34 Private pension funds 1518.3 1476.0 1463.0 1556.7 1554.8 1501.1 1538.5 1502.9 1554.8 1501.3 1503.8 34

 35 State and local govt. retirement funds 94.6 86.1 102.2 111.0 111.3 109.5 110.0 110.9 111.3 107.2 111.9 35

 36 Federal government retirement funds 2551.1 2674.8 2865.1 2954.8 3043.7 2977.1 2999.2 3021.5 3043.7 3065.9 3088.0 36

 37 Money market mutual funds 35.2 26.9 23.5 22.7 28.8 17.8 19.9 25.1 28.8 31.5 31.9 37

 38 Mutual funds 20.0 14.9 2.9 5.7 -27.4 -34.5 -50.0 -45.3 -27.4 -16.2 -16.2 38

 39 Government-sponsored enterprises 99.1 100.3 148.6 148.5 152.6 150.1 135.9 139.6 152.6 167.9 167.7 39

 40 Finance companies 51.5 77.8 77.0 84.4 57.0 81.8 70.2 63.7 57.0 48.9 44.1 40

 41 REITs 54.6 46.1 53.5 66.8 89.3 72.4 73.9 82.4 89.3 97.5 108.9 41

 42 Brokers and dealers 1105.7 1141.0 1025.3 932.6 857.4 951.8 989.3 949.2 857.4 949.8 1020.4 42

 43 Holding companies 2337.0 3160.6 3129.4 3165.9 4015.8 3818.8 3795.6 3944.6 4015.8 4107.2 4052.2 43

 44 Funding corporations 793.5 726.3 667.9 687.6 694.8 705.7 680.1 684.6 694.8 726.8 720.6 44

 45 Discrepancy -7931.4 -7909.2 -8515.7 -9715.4 -10604.3 -9760.2 -10223.6 -10146.0 -10604.3 -10563.9 -10916.0 45
L

e

v

els

110 Z.1, September 25, 2013

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 3748.5 4077.4 4273.6 4663.1 5077.8 4759.1 4826.4 4983.4 5077.8 5123.8 5200.4 1

 2 Asset: Nonfinancial corporate business 3011.1 3245.1 3402.9 3795.6 4136.4 3883.8 3941.5 4095.5 4136.4 4170.2 4237.3 2

 3 U.S.-chartered depository institutions 201.5 261.7 280.1 274.3 302.6 276.0 278.8 275.7 302.6 304.6 306.9 3

 4 Property-casualty insurance companies 102.6 123.7 99.1 86.9 94.6 82.0 83.3 82.6 94.6 98.7 103.5 4

 5 Life insurance companies 25.0 28.9 46.3 56.9 70.6 57.7 58.0 58.6 70.6 71.0 71.2 5

 6 Finance companies 221.0 186.9 206.0 215.5 227.6 221.5 224.5 227.3 227.6 229.6 229.3 6

 7 Brokers and dealers 187.4 231.0 239.3 234.0 245.9 238.2 240.1 243.6 245.9 249.5 252.3 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 2050.3 1986.4 2128.7 2313.3 2474.4 2355.7 2413.5 2460.9 2474.4 2486.0 2513.7 8

 9 Nonfinancial noncorporate business 3.6 4.8 5.3 5.9 6.4 6.0 6.1 6.1 6.4 6.2 6.2 9

 10 Foreign banking offices in U.S. 71.7 107.7 120.0 193.7 198.1 187.1 188.7 190.1 198.1 200.0 201.8 10

 11 Property-casualty insurance companies 51.2 64.7 70.7 73.8 72.4 72.8 74.4 73.9 72.4 74.1 75.4 11

 12 Life insurance companies 60.3 69.4 84.3 88.5 93.7 87.5 88.4 90.5 93.7 95.2 97.6 12

 13 Finance companies 78.1 90.0 114.7 96.1 96.3 94.5 94.4 94.9 96.3 95.3 96.6 13

 14 Brokers and dealers 72.1 64.4 88.5 96.3 103.5 98.0 99.0 100.4 103.5 105.1 106.6 14

 15 Funding corporations 10.2 10.8 11.4 12.0 12.6 12.2 12.3 12.5 12.6 12.8 13.0 15

 16 Asset: Rest of the world 2397.4 2398.2 2623.6 2879.5 3057.3 2913.8 2976.8 3029.3 3057.3 3074.6 3110.9 16

 Federal government equity in IBRD, etc.:

 17 Liab.: Rest of the world 48.3 50.0 52.3 54.9 57.3 55.2 57.0 57.2 57.3 57.3 59.4 17

 18 Asset: Federal government 48.3 50.0 52.3 54.9 57.3 55.2 57.0 57.2 57.3 57.3 59.4 18

 Federal Reserve Bank stock:

 19 Liab.: Monetary authority 21.1 25.6 26.5 26.9 27.4 27.2 27.3 27.4 27.4 27.6 27.5 19

 20 Asset: U.S.-chartered depository institutions 21.1 25.6 26.5 26.9 27.4 27.2 27.3 27.4 27.4 27.6 27.5 20

 Equity in government-sponsored enterprises:

 21 Liab.: Government-sponsored enterprises 51.8 51.8 49.0 43.1 41.2 42.4 41.6 41.3 41.2 40.4 40.6 21

 22 Asset: Nonfin. corporate business (Fannie Mae and FCS) 0.4 0.5 0.6 0.5 0.6 0.7 0.6 0.6 0.6 0.6 0.6 22

 23 Nonfinancial noncorporate (FCS) 6.4 6.3 6.7 7.0 7.2 7.1 7.0 7.1 7.2 7.1 7.4 23

 24 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 U.S.-chartered depository institutions (FHLB) 39.0 39.7 36.7 30.6 28.4 29.8 29.0 28.5 28.4 27.6 27.6 25

 26 Credit unions (FHLB) 2.8 2.4 2.2 2.9 2.9 2.8 2.9 2.9 2.9 3.0 3.0 26

 27 Life insurance companies (FHLB) 3.2 2.9 2.9 2.1 2.2 2.1 2.1 2.1 2.2 2.1 2.1 27

 Holding company net transactions with subsidiaries:

 28 Liab.: U.S.-chartered depository institutions 1370.5 1599.5 1632.8 1709.0 1889.2 1782.2 1825.7 1871.3 1889.2 1916.9 1880.5 28

 29 Property-casualty insurance companies 0.0 0.0 0.0 0.0 22.4 27.1 29.7 25.3 22.4 16.7 16.7 29

 30 Life insurance companies 31.2 40.5 62.7 72.0 12.6 159.5 166.5 93.2 12.6 12.8 12.4 30

 31 Finance companies 232.6 209.3 115.0 94.6 94.1 90.8 87.3 86.9 94.1 92.7 93.9 31

 32 Brokers and dealers 155.2 596.1 626.6 613.5 1062.2 799.8 771.3 948.1 1062.2 1041.0 1059.2 32

 33 Rest of the world 101.5 125.1 135.6 166.3 114.7 185.6 166.1 154.0 114.7 137.2 100.7 33

 34 Asset: Holding companies 1891.0 2570.3 2572.7 2655.4 3195.1 3045.1 3046.6 3178.7 3195.1 3217.2 3163.4 34

 NFC investment in finance company subsidiaries:

 35 Liab.: Finance companies 80.5 71.2 60.7 69.1 68.7 66.3 63.7 63.5 68.7 67.7 68.6 35

 36 Asset: Nonfinancial corporate business 80.5 71.2 60.7 69.1 68.7 66.3 63.7 63.5 68.7 67.7 68.6 36

 Funding corporations’ investment in subsidiaries:

 37 Liab.: Foreign banking offices in U.S. 276.6 203.1 171.6 137.8 126.0 154.3 128.5 117.9 126.0 142.9 142.1 37

 38 Brokers and dealers 516.9 523.2 496.4 549.7 568.8 551.4 551.6 566.7 568.8 583.9 578.5 38

 39 Asset: Funding corporations 793.5 726.3 667.9 687.6 694.8 705.7 680.1 684.6 694.8 726.8 720.6 39

 Equity investment under Public-Private Inv. Program:

 40 Liab.: Funding corporations 0.0 1.8 7.7 8.8 8.7 8.8 8.7 8.7 8.7 8.7 8.7 40

 41 Asset: Households (1) 0.0 0.9 3.8 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 41

 42 Federal government 0.0 0.9 3.8 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 42

(1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
L

e

v

els

Z.1, September 25, 2013 111

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 554.2 10.9 0.8 100.5 9.5 47.2 28.7 13.3 9.5 8.6 2.3 1

 2 Asset: Federal government 0.5 0.7 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.5 0.6 2

 3 Monetary authority (1) 553.7 10.3 0.1 99.8 8.9 46.5 28.0 12.6 8.9 8.1 1.7 3

 Postal Savings System deposits:

 4 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises 15.5 15.9 14.4 12.6 13.7 16.8 13.0 12.5 13.7 13.4 12.0 6

 7 Asset: U.S.-chartered depository institutions 15.5 15.9 14.4 12.6 13.7 16.8 13.0 12.5 13.7 13.4 12.0 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 27.0 22.1 24.7 24.3 24.9 26.2 28.0 28.4 24.9 25.9 27.6 8

 9 Asset: Life insurance companies 27.0 22.1 24.7 24.3 24.9 26.2 28.0 28.4 24.9 25.9 27.6 9

 Life insurance company reserves:

 10 Liab.: Life insurance companies 265.2 273.6 288.4 302.8 300.3 302.6 298.6 303.2 300.3 297.0 300.7 10

 11 Accident and health 182.7 192.4 207.1 222.3 219.2 221.3 216.5 220.3 219.2 215.5 219.2 11

 12 Policy dividend accumulation 40.4 39.2 39.7 37.9 38.3 38.1 38.5 38.8 38.3 38.4 38.8 12

 13 Contract claims 42.1 42.0 41.6 42.6 42.8 43.2 43.7 44.1 42.8 43.1 42.6 13

 14 Asset: Household sector 265.2 273.6 288.4 302.8 300.3 302.6 298.6 303.2 300.3 297.0 300.7 14

 Policy payables:

 15 Liab.: Property-casualty insurance companies 759.9 754.8 761.2 796.4 802.1 789.6 791.1 791.5 802.1 799.8 805.8 15

 16 Asset: Household sector 337.3 346.0 310.8 347.5 330.8 339.6 335.1 330.3 330.8 328.3 331.1 16

 17 Nonfinancial corporate business 311.1 307.1 319.0 329.0 336.5 327.6 329.6 331.1 336.5 335.8 338.2 17

 18 Nonfinancial noncorporate business 111.5 101.7 131.4 119.8 134.9 122.4 126.4 130.1 134.9 135.7 136.5 18

 Unallocated insurance company contracts:

 19 Liab.: Life insurance companies 279.0 388.9 399.2 405.1 454.6 445.7 432.0 455.6 454.6 497.6 507.2 19

 20 Asset: Private pension funds 279.0 388.9 399.2 405.1 454.6 445.7 432.0 455.6 454.6 497.6 507.2 20

 Pension fund contributions payable:

 21 Liab.: Nonfinancial corporate business 84.0 75.6 91.1 94.0 92.0 92.4 92.8 92.5 92.0 92.1 92.1 21

 22 Asset: Private pension funds 84.0 75.6 91.1 94.0 92.0 92.4 92.8 92.5 92.0 92.1 92.1 22

 Securities borrowed (net):

 23 Liab.: Funding corporations 887.0 856.8 733.4 658.7 579.5 651.5 706.5 656.9 579.5 638.6 713.2 23

 24 Asset: Brokers and dealers 887.0 856.8 733.4 658.7 579.5 651.5 706.5 656.9 579.5 638.6 713.2 24

 Nonmarketable government securities:

 25 Liab.: Federal government 1015.3 1077.2 1142.9 1213.7 1254.1 1197.2 1203.5 1223.3 1254.1 1265.5 1178.4 25

 26 Asset: Federal government retirement funds 1015.3 1077.2 1142.9 1213.7 1254.1 1197.2 1203.5 1223.3 1254.1 1265.5 1178.4 26

 Retiree health care funds (2):

 27 Liab.: Federal government 163.8 180.4 202.9 221.4 234.8 220.3 223.1 221.5 234.8 233.6 231.3 27

 28 Asset: Household sector 163.8 180.4 202.9 221.4 234.8 220.3 223.1 221.5 234.8 233.6 231.3 28

 Claims of pension fund on sponsor (3):

 29 Liab.: Nonfinancial corporate business 678.0 497.2 446.1 486.8 440.3 404.7 450.3 388.2 440.3 349.9 335.8 29

 30 State and local governments 1276.3 1131.7 1348.9 1615.1 1487.5 1400.7 1521.9 1453.2 1487.5 1305.8 1295.1 30

 31 Federal government 1535.8 1597.6 1722.2 1741.1 1789.6 1779.9 1795.7 1798.2 1789.6 1800.3 1909.6 31

 32 Asset: Private pension funds 678.0 497.2 446.1 486.8 440.3 404.7 450.3 388.2 440.3 349.9 335.8 32

 33 State and local govt. retirement funds 1276.3 1131.7 1348.9 1615.1 1487.5 1400.7 1521.9 1453.2 1487.5 1305.8 1295.1 33

 34 Federal government retirement funds 1535.8 1597.6 1722.2 1741.1 1789.6 1779.9 1795.7 1798.2 1789.6 1800.3 1909.6 34

(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.

(3) Assets of the household sector.
L

e

v

els

112 Z.1, September 25, 2013

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 6020.4 5648.0 5787.1 5253.5 4990.2 5187.0 4917.9 5061.7 4990.2 4941.3 4780.6 1

 2 Nonfinancial corporate business 1127.8 1377.2 1299.4 740.9 336.3 710.0 517.1 476.5 336.3 318.9 247.3 2

 3 Nonfinancial noncorporate business 1210.7 1243.3 1192.4 1227.7 1235.3 1236.8 1238.3 1240.4 1235.3 1238.4 1238.8 3

 4 Federal government 4.3 4.0 3.6 3.2 2.8 3.1 3.0 2.9 2.8 2.6 2.5 4

 5 Rest of the world 1606.4 1747.3 2037.9 1817.8 1814.4 1782.3 1730.0 1820.9 1814.4 1792.3 1789.6 5

 6 Monetary authority 2.1 3.6 31.9 4.8 6.3 6.5 1.1 7.5 6.3 7.2 4.6 6

 7 U.S.-chartered depository institutions 95.9 20.4 173.1 225.7 213.1 241.2 247.6 273.1 213.1 220.6 209.3 7

 8 Foreign banking offices in U.S. 501.1 120.5 147.1 362.7 327.4 288.4 332.2 346.2 327.4 301.6 348.2 8

 9 Banks in U.S.-affiliated areas 24.9 29.2 23.3 19.4 17.3 19.1 17.9 19.2 17.3 16.4 16.5 9

 10 Credit unions 4.7 19.4 11.1 12.4 12.7 13.3 13.1 14.4 12.7 15.3 14.2 10

 11 Life insurance companies 230.8 189.3 196.8 194.1 282.4 120.6 116.1 198.7 282.4 280.5 276.4 11

 12 Government-sponsored enterprises 141.0 202.8 91.2 74.9 69.2 72.8 74.1 71.1 69.2 66.4 69.3 12

 13 Finance companies 273.7 203.1 -18.4 3.9 -27.2 5.5 -11.4 -22.9 -27.2 -23.9 -36.1 13

 14 REITs 64.9 51.1 66.0 74.4 91.4 90.0 80.0 102.6 91.4 91.8 92.8 14

 15 Brokers and dealers -302.8 -733.7 -728.3 -788.1 -1263.5 -951.4 -960.5 -1144.8 -1263.5 -1234.1 -1271.8 15

 16 Holding companies 422.9 548.0 522.0 481.1 833.8 732.6 733.5 787.4 833.8 899.1 901.6 16

 17 Funding corporations 611.9 622.6 738.1 798.6 1038.5 816.3 785.9 868.6 1038.5 948.3 877.5 17

 18 Total assets 12675.5 12425.6 12953.9 13353.8 14106.9 13546.6 13619.6 13754.4 14106.9 14199.5 14401.5 18

 19 Nonfinancial corporate business 5973.8 5931.6 6343.8 6377.6 6785.1 6407.4 6450.4 6511.1 6785.1 6858.3 6976.5 19

 20 Nonfinancial noncorporate business 2003.9 1921.3 1996.0 2016.3 2040.5 2020.0 2023.5 2028.7 2040.5 2048.9 2061.9 20

 21 State and local governments 93.1 118.4 95.9 92.4 87.2 91.0 90.8 90.0 87.2 87.7 87.4 21

 22 Federal government 62.0 94.3 84.5 83.2 79.8 80.2 79.9 79.6 79.8 80.5 75.5 22

 23 Rest of the world 1865.9 1799.5 1919.5 1931.5 2071.5 2018.7 2023.2 2039.3 2071.5 2038.7 2017.8 23

 24 Monetary authority 16.1 65.6 83.0 126.0 190.6 141.6 159.3 174.0 190.6 211.9 226.5 24

 25 U.S.-chartered depository institutions 946.5 687.2 575.4 613.6 469.8 528.9 556.2 558.0 469.8 415.5 428.5 25

 26 Foreign banking offices in U.S. 259.7 143.9 148.7 371.4 354.2 299.6 349.6 337.6 354.2 338.2 392.7 26

 27 Banks in U.S.-affiliated areas 11.1 6.5 11.0 11.8 12.0 11.8 15.8 13.2 12.0 12.4 18.5 27

 28 Credit unions 30.0 30.6 71.9 59.1 59.8 67.4 61.2 60.6 59.8 67.9 72.3 28

 29 Life insurance companies 324.9 303.7 286.5 326.1 351.8 310.4 319.3 332.1 351.8 319.0 312.6 29

 30 Private pension funds 477.3 514.4 526.7 570.8 568.0 558.3 563.4 566.5 568.0 561.6 568.7 30

 31 State and local govt. retirement funds 94.6 86.1 102.2 111.0 111.3 109.5 110.0 110.9 111.3 107.2 111.9 31

 32 Mutual funds 20.0 14.9 2.9 5.7 -27.4 -34.5 -50.0 -45.3 -27.4 -16.2 -16.2 32

 33 Money market mutual funds 35.2 26.9 23.5 22.7 28.8 17.8 19.9 25.1 28.8 31.5 31.9 33

 34 Government-sponsored enterprises 99.1 100.3 148.6 148.5 152.6 150.1 135.9 139.6 152.6 167.9 167.7 34

 35 Finance companies -169.5 -109.2 -129.0 -131.0 -170.6 -139.7 -154.3 -163.7 -170.6 -180.8 -185.2 35

 36 REITs 54.6 46.1 53.5 66.8 89.3 72.4 73.9 82.4 89.3 97.5 108.9 36

 37 Brokers and dealers 31.3 53.2 52.6 39.9 31.9 62.1 42.7 48.7 31.9 61.7 55.0 37

 38 Holding companies 446.0 590.3 556.7 510.4 820.7 773.7 749.0 765.9 820.7 890.0 888.8 38

 39 Discrepancy -7931.4 -7909.2 -8515.7 -9715.4 -10604.3 -9760.2 -10223.6 -10146.0 -10604.3 -10563.9 -10916.0 39
B

ala

n

c

e

S

h

e

ets

Z.1, September 25, 2013 113

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 71448.5 72931.6 77081.5 78265.0 84238.9 80588.7 80677.4 82810.9 84238.9 87026.1 88369.4 1

 2 Nonfinancial assets 24831.9 23657.3 23319.2 23251.3 24934.3 23733.5 24112.8 24533.6 24934.3 25846.6 26516.1 2

 3 Real estate 19879.5 18679.7 18326.8 18096.7 19638.8 18533.2 18875.6 19270.2 19638.8 20496.8 21123.5 3

 4 Households (2,3) 17390.4 16877.5 16299.4 15863.9 17280.5 16309.4 16640.1 16946.1 17280.5 18103.1 18631.1 4

 5 Nonprofit organizations 2489.1 1802.2 2027.4 2232.8 2358.3 2223.8 2235.5 2324.1 2358.3 2393.8 2492.5 5

 6 Equipment (nonprofits) (4) 268.5 279.5 290.6 304.6 315.1 307.7 309.7 312.2 315.1 317.2 319.2 6

 7 Intellectual property products (nonprofits) (4) 105.4 110.0 115.0 123.6 132.4 126.2 129.1 131.1 132.4 134.6 136.1 7

 8 Consumer durable goods (4) 4578.6 4588.1 4586.7 4726.4 4848.0 4766.3 4798.4 4820.1 4848.0 4897.9 4937.3 8

 9 Financial assets 46616.5 49274.3 53762.3 55013.7 59304.6 56855.2 56564.6 58277.3 59304.6 61179.5 61853.3 9

 10 Deposits 8043.5 7969.8 7924.7 8572.4 8997.8 8594.4 8605.0 8658.3 8997.8 8999.6 9025.5 10

 11 Foreign deposits 56.9 50.2 49.7 46.9 45.1 46.0 44.3 46.4 45.1 46.5 51.8 11

 12 Checkable deposits and currency 364.9 400.6 425.2 749.2 820.8 720.0 703.2 698.9 820.8 817.7 793.1 12

 13 Time and savings deposits 6115.0 6278.1 6395.8 6749.9 7114.3 6863.3 6922.2 6957.9 7114.3 7172.2 7203.4 13

 14 Money market fund shares 1506.8 1240.8 1054.1 1026.4 1017.6 965.1 935.3 955.1 1017.6 963.1 977.1 14

 15 Credit market instruments 5158.7 5589.0 5847.6 5467.4 5575.2 5414.7 5447.1 5482.2 5575.2 5535.8 5505.7 15

 16 Open market paper 6.0 22.7 21.1 19.4 19.0 19.9 19.2 19.1 19.0 20.0 15.4 16

 17 Treasury securities 193.7 868.5 1220.9 828.2 1108.9 944.2 990.8 1010.4 1108.9 1162.6 1192.8 17

 18 Savings bonds 194.0 191.2 187.9 185.2 182.4 184.7 184.3 183.6 182.4 181.7 180.9 18

 19 Other Treasury -0.3 677.3 1033.0 643.0 926.5 759.4 806.4 826.8 926.5 980.9 1012.0 19

 20 Agency- and GSE-backed securities 1050.2 347.1 264.2 227.0 75.1 139.2 144.8 116.6 75.1 14.0 32.4 20

 21 Municipal securities 1720.9 1827.9 1871.7 1806.8 1657.0 1780.8 1774.4 1709.0 1657.0 1662.6 1647.1 21

 22 Corporate and foreign bonds 1952.7 2299.2 2270.8 2399.6 2556.6 2347.0 2343.3 2460.8 2556.6 2522.5 2472.0 22

 23 Other loans and advances (5) 29.7 26.8 26.2 23.4 20.9 26.5 23.2 23.1 20.9 22.7 20.4 23

 24 Mortgages 110.9 108.0 94.2 91.0 70.5 85.7 80.4 75.6 70.5 66.5 61.7 24

 25 Consumer credit (student loans) 94.6 88.8 78.4 72.0 67.1 71.4 70.9 67.5 67.1 65.0 63.8 25

 26 Corporate equities (2) 5923.7 7487.4 8990.2 9045.8 10322.0 9771.5 9503.3 10214.4 10322.0 11250.8 11461.7 26

 27 Mutual fund shares (6) 3313.7 4119.9 4598.3 4452.3 5315.9 4979.4 4864.5 5155.1 5315.9 5786.1 5864.7 27

 28 Security credit 742.7 668.6 694.3 752.4 776.0 762.3 777.7 780.2 776.0 782.6 820.3 28

 29 Life insurance reserves 1049.8 1109.2 1137.2 1203.6 1186.1 1199.4 1172.6 1180.6 1186.1 1194.5 1197.7 29

 30 Pension entitlements 14061.8 15205.4 16745.0 17115.2 18075.1 17641.6 17588.7 17928.7 18075.1 18560.9 18736.6 30

 31 Equity in noncorporate business (7) 7556.4 6324.1 7019.1 7528.4 8186.3 7625.1 7744.5 8018.4 8186.3 8205.9 8373.8 31

 32 Miscellaneous assets 766.3 800.9 805.9 876.1 870.2 866.9 861.2 859.4 870.2 863.2 867.4 32

 33 Liabilities 14234.4 14011.7 13773.9 13568.3 13598.0 13527.2 13546.7 13474.8 13598.0 13547.0 13548.4 33

 34 Credit market instruments 13805.8 13533.9 13196.8 13017.0 12979.7 12943.5 12983.7 12886.7 12979.7 12925.1 12932.5 34

 35 Home mortgages (8) 10534.4 10377.0 9906.2 9677.8 9436.3 9593.9 9536.8 9448.7 9436.3 9386.6 9344.8 35

 36 Consumer credit 2651.4 2553.5 2648.1 2757.2 2924.3 2749.1 2799.0 2859.3 2924.3 2924.4 2966.2 36

 37 Municipal securities (9) 259.5 265.4 263.2 255.5 241.0 253.8 249.5 245.6 241.0 239.4 235.7 37

 38 Depository institution loans n.e.c. 26.4 10.2 61.0 12.4 66.3 34.8 88.0 23.1 66.3 63.1 73.0 38

 39 Other loans and advances 133.2 133.7 136.1 138.1 139.3 137.8 137.6 138.3 139.3 140.1 140.3 39

 40 Commercial mortgages (9) 200.9 194.1 182.2 176.1 172.5 174.2 172.9 171.7 172.5 171.6 172.5 40

 41 Security credit 164.8 203.0 278.2 238.9 303.7 267.7 244.5 269.1 303.7 307.9 302.6 41

 42 Trade payables (9) 236.7 252.7 274.1 288.2 289.7 289.8 290.5 290.5 289.7 288.1 285.7 42

 43 Deferred and unpaid life insurance premiums 27.0 22.1 24.7 24.3 24.9 26.2 28.0 28.4 24.9 25.9 27.6 43

 44 Net worth 57214.1 58920.0 63307.6 64696.7 70640.8 67061.5 67130.7 69336.1 70640.8 73479.1 74820.9 44

 Memo:

 Replacement-cost value of structures:

 45 Residential 12985.7 12680.7 12730.1 12846.1 13218.9 12845.9 12922.4 13068.5 13218.9 13451.5 13654.4 45

 46 Households 12780.0 12479.0 12526.6 12640.3 13010.0 12640.9 12717.0 12861.5 13010.0 13238.9 13438.6 46

 47 Nonprofit organizations 205.6 201.7 203.5 205.8 208.9 205.0 205.5 207.0 208.9 212.6 215.8 47

 48 Nonresidential (nonprofits) 1537.8 1487.7 1500.8 1554.1 1600.3 1565.2 1580.5 1590.7 1600.3 1619.6 1644.4 48

 49 Disposable personal income (SAAR) 10995.4 10937.2 11243.7 11787.4 12245.8 12085.7 12171.9 12205.1 12520.4 12296.9 12395.6 49

 Household net worth as percentage of

 50 disposable personal income (SAAR) 520.3 538.7 563.0 548.9 576.9 554.9 551.5 568.1 564.2 597.5 603.6 50

 Owners’ equity in household real

 51 estate (10) 6856.0 6500.5 6393.2 6186.1 7844.2 6715.6 7103.3 7497.4 7844.2 8716.5 9286.2 51

 Owners’ equity as percentage of

 52 household real estate (11) 39.4 38.5 39.2 39.0 45.4 41.2 42.7 44.2 45.4 48.1 49.8 52

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

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

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

(6) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(7) Net worth of nonfinancial noncorporate business (table B.103, line 33) and owners’ equity in unincorporated security brokers and dealers.

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

(9) Liabilities of nonprofit organizations.

(10) Line 4 less line 35.

(11) Line 51 divided by line 4.
B

ala

n

c

e

S

h

e

ets

114 Z.1, September 25, 2013

B.102 Balance Sheet of Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 With nonfinancial assets stated at either market value or replacement cost:

 1 Assets 29881.5 27306.1 29194.1 30867.7 32622.9 31169.8 31442.6 32171.5 32622.9 32984.1 33662.2 1

 2 Nonfinancial assets 16944.7 13972.3 15160.4 16325.4 17121.8 16411.9 16502.0 16940.3 17121.8 17247.6 17686.3 2

 3 Real estate (1) 9700.0 6868.1 7759.8 8570.6 9056.2 8546.8 8592.4 8929.2 9056.2 9120.7 9521.8 3

 4 Equipment (2) 3894.2 3826.9 3887.7 4023.7 4146.9 4062.5 4084.7 4115.2 4146.9 4169.7 4191.1 4

 5 Intellectual property products (2) 1539.3 1572.1 1639.3 1719.8 1819.1 1750.9 1783.9 1806.1 1819.1 1842.1 1857.4 5

 6 Inventories (2) 1811.1 1705.3 1873.6 2011.2 2099.6 2051.6 2041.0 2089.8 2099.6 2115.1 2116.1 6

 7 Financial assets 12936.9 13333.8 14033.7 14542.3 15501.1 14757.9 14940.5 15231.1 15501.1 15736.5 15975.9 7

 8 Foreign deposits 24.7 31.5 40.6 34.8 13.3 21.8 10.4 9.9 13.3 28.7 39.5 8

 9 Checkable deposits and currency 14.2 155.0 234.6 269.0 363.4 285.7 317.6 349.4 363.4 407.7 385.8 9

 10 Time and savings deposits 381.9 488.8 548.7 563.0 584.9 573.8 568.9 577.9 584.9 593.3 596.8 10

 11 Money market fund shares 727.0 655.5 497.8 462.4 458.3 445.2 433.5 440.5 458.3 448.6 437.2 11

 12 Security RPs 7.2 7.9 12.1 12.6 10.4 14.0 13.9 11.2 10.4 10.0 11.8 12

 13 Commercial paper 57.3 56.0 68.0 68.0 60.5 58.5 58.0 60.4 60.5 57.2 57.4 13

 14 Treasury securities 30.5 43.0 48.0 43.2 50.4 41.7 51.7 56.2 50.4 41.7 48.1 14

 15 Agency- and GSE-backed securities 10.2 14.3 16.0 14.4 11.8 13.9 14.7 16.2 11.8 3.9 6.0 15

 16 Municipal securities 26.2 27.1 23.9 22.5 34.8 25.8 24.9 29.2 34.8 20.9 28.5 16

 17 Mortgages 33.6 29.5 28.0 28.2 28.4 28.2 28.3 28.3 28.4 28.4 28.5 17

 18 Consumer credit 56.0 53.8 46.2 48.5 48.5 47.2 47.3 47.8 48.5 42.0 42.0 18

 19 Trade receivables 2084.9 2053.9 2155.8 2238.0 2327.5 2335.5 2411.4 2422.1 2327.5 2430.9 2483.0 19

 20 Mutual fund shares (1) 106.3 162.0 186.8 165.9 181.7 180.8 174.3 180.1 181.7 190.4 190.1 20

 21 Miscellaneous assets 9376.9 9555.5 10127.0 10571.9 11327.3 10685.8 10785.8 11001.8 11327.3 11432.7 11621.2 21

 22 Liabilities 13225.1 12904.6 13227.9 13443.1 13974.8 13526.2 13616.7 13787.5 13974.8 14049.9 14191.8 22

 23 Credit market instruments 7573.3 7342.2 7473.3 7991.0 8686.9 8107.3 8241.8 8438.7 8686.9 8825.9 9026.7 23

 24 Commercial paper 131.5 58.4 82.9 116.3 130.3 127.6 132.1 136.0 130.3 140.1 147.2 24

 25 Municipal securities (3) 415.0 452.2 485.4 493.9 509.1 495.2 505.3 504.1 509.1 510.4 515.0 25

 26 Corporate bonds (4) 3954.5 4366.2 4804.8 5215.6 5795.2 5346.4 5452.9 5599.7 5795.2 5937.7 6077.4 26

 27 Depository institution loans n.e.c. 780.1 546.0 480.9 549.8 609.5 542.4 566.2 574.7 609.5 605.4 621.5 27

 28 Other loans and advances 1384.0 1139.1 948.3 1008.1 1039.8 992.5 986.7 1032.4 1039.8 1042.3 1065.3 28

 29 Mortgages 908.2 780.3 671.0 607.3 603.0 603.2 598.7 591.7 603.0 590.0 600.2 29

 30 Trade payables 1672.7 1590.2 1746.5 1765.4 1888.0 1794.0 1841.9 1870.6 1888.0 1913.6 1918.6 30

 31 Taxes payable 39.0 35.7 42.9 51.7 57.0 62.0 59.4 60.0 57.0 63.4 57.5 31

 32 Miscellaneous liabilities 3940.2 3936.5 3965.2 3635.0 3342.9 3562.9 3473.7 3418.2 3342.9 3246.9 3188.9 32

 33 Net worth (market value) 16656.4 14401.5 15966.2 17424.6 18648.1 17643.6 17825.9 18384.0 18648.1 18934.2 19470.5 33

 Memo:

 Replacement-cost value of structures:

 34 Residential 166.1 163.5 166.3 168.4 169.1 167.3 167.2 168.0 169.1 172.0 174.5 34

 35 Nonresidential 7257.4 6882.9 7114.3 7456.1 7655.8 7500.2 7564.7 7605.2 7655.8 7744.0 7860.0 35

 36 Market value of equities outstanding 10016.6 12512.2 14370.7 14500.3 16118.8 15817.2 15367.3 16330.5 16118.8 17829.2 18077.9 36

 37 Debt/net worth (percent) (5) 45.5 51.0 46.8 45.9 46.6 46.0 46.2 45.9 46.6 46.6 46.4 37

 38 Debt/equities (percent) (6) 75.6 58.7 52.0 55.1 53.9 51.3 53.6 51.7 53.9 49.5 49.9 38

 39 Equities/net worth (percent) (7) 60.1 86.9 90.0 83.2 86.4 89.6 86.2 88.8 86.4 94.2 92.8 39

 With nonfinancial assets stated at historical cost:

 40 Assets (8) 23529.7 23980.1 25015.2 25992.5 27454.3 26377.1 26662.3 27084.8 27454.3 27839.6 28199.4 40

 41 Nonfinancial assets 10592.8 10646.4 10981.5 11450.2 11953.2 11619.1 11721.7 11853.7 11953.2 12103.1 12223.5 41

 42 Real estate 4032.6 4209.8 4379.6 4547.8 4738.9 4595.9 4641.3 4684.9 4738.9 4783.3 4844.8 42

 43 Equipment 3494.4 3463.8 3502.6 3608.6 3748.7 3643.1 3678.4 3711.9 3748.7 3785.1 3821.2 43

 44 Intellectual property products 1436.2 1480.1 1539.7 1609.9 1685.0 1628.3 1646.8 1665.6 1685.0 1704.8 1723.5 44

 45 Inventories 1629.5 1492.7 1559.5 1683.8 1780.6 1751.9 1755.2 1791.3 1780.6 1830.0 1834.1 45

 46 Net worth (historical cost) (9) 10304.6 11075.6 11787.3 12549.4 13479.5 12850.9 13045.5 13297.3 13479.5 13789.6 14007.6 46

 Memo:

 Historical-cost value of structures:

 47 Residential 79.0 80.7 81.6 82.6 84.2 83.0 83.3 83.7 84.2 84.7 85.3 47

 48 Nonresidential 3509.2 3682.7 3811.2 3953.7 4130.5 3995.6 4038.8 4083.0 4130.5 4173.0 4219.1 48

 49 Debt/net worth (percent) (10) 73.5 66.3 63.4 63.7 64.4 63.1 63.2 63.5 64.4 64.0 64.4 49

 (1) At market value.

 (2) At replacement (current) cost.

 (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

 (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

 (5) Line 23 divided by line 33.

 (6) Line 23 divided by line 36

 (7) Line 36 divided by line 33.

 (8) Sum of lines 7 and 41.

 (9) Line 40 less line 22.

 (10) Line 23 divided by line 46.
B

ala

n

c

e

S

h

e

ets

Z.1, September 25, 2013 115

B.103 Balance Sheet of Nonfinancial Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 13340.1 12039.3 12674.1 13256.6 13984.7 13361.7 13496.2 13786.8 13984.7 14018.0 14222.4 1

 2 Nonfinancial assets 9647.0 8463.2 8946.3 9509.5 10171.9 9604.3 9726.7 10002.3 10171.9 10189.9 10369.7 2

 3 Real estate (1) 8573.6 7408.5 7840.0 8340.4 8968.4 8417.9 8536.5 8799.7 8968.4 9015.6 9222.5 3

 4 Residential 4747.0 4349.9 4476.5 4659.1 5027.4 4715.8 4790.3 4928.7 5027.4 5187.6 5294.5 4

 5 Nonresidential 3826.6 3058.6 3363.4 3681.2 3940.9 3702.1 3746.2 3871.0 3940.9 3828.0 3928.0 5

 6 Equipment (2) 663.3 657.1 667.4 693.7 712.9 702.0 704.9 711.2 712.9 693.0 670.8 6

 7 Residential (3) 46.6 44.0 42.2 43.7 44.1 44.4 44.4 44.0 44.1 44.1 43.5 7

 8 Nonresidential 616.8 613.1 625.2 650.0 668.8 657.6 660.5 667.2 668.8 648.9 627.3 8

 9 Intellectual property products (2) 171.0 175.8 183.0 191.0 201.8 195.6 199.8 202.3 201.8 191.1 180.3 9

 10 Inventories (2) 239.0 221.9 256.0 284.4 288.8 288.7 285.5 289.1 288.8 290.1 296.1 10

 11 Financial assets 3693.1 3576.1 3727.8 3747.1 3812.9 3757.4 3769.5 3784.5 3812.9 3828.1 3852.7 11

 12 Checkable deposits and currency 519.4 534.3 531.5 529.5 543.0 532.0 534.8 538.0 543.0 545.0 548.4 12

 13 Time and savings deposits 358.1 353.3 356.2 360.4 364.7 360.9 361.5 362.5 364.7 366.0 368.4 13

 14 Money market fund shares 75.4 73.7 76.8 77.7 78.6 77.8 78.0 78.2 78.6 78.9 79.5 14

 15 Credit market instruments 95.8 89.1 95.8 96.9 98.0 97.0 97.2 97.4 98.0 98.4 99.0 15

 16 Treasury securities 51.8 46.1 48.1 48.6 49.2 48.7 48.8 48.9 49.2 49.4 49.7 16

 17 Municipal securities 4.9 5.1 5.6 5.7 5.8 5.7 5.7 5.7 5.8 5.8 5.8 17

 18 Mortgages 39.1 37.9 42.1 42.6 43.1 42.6 42.7 42.8 43.1 43.2 43.5 18

 19 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Trade receivables 522.7 496.3 533.4 539.6 546.0 540.3 541.3 542.7 546.0 548.0 551.6 20

 21 Miscellaneous assets 2121.8 2029.3 2134.1 2143.1 2182.5 2149.4 2156.8 2165.9 2182.5 2191.7 2205.8 21

 22 Insurance receivables 111.5 101.7 131.4 119.8 134.9 122.4 126.4 130.1 134.9 135.7 136.5 22

 23 Equity investment in GSEs (4) 6.4 6.3 6.7 7.0 7.2 7.1 7.0 7.1 7.2 7.1 7.4 23

 24 Other 2003.9 1921.3 1996.0 2016.3 2040.5 2020.0 2023.5 2028.7 2040.5 2048.9 2061.9 24

 25 Liabilities 5794.4 5730.0 5670.9 5741.2 5817.0 5754.9 5770.0 5787.5 5817.0 5831.3 5867.9 25

 26 Credit market instruments 4093.2 3984.5 3946.3 3971.4 4039.6 3977.1 3991.7 4007.2 4039.6 4045.9 4080.0 26

 27 Depository institution loans n.e.c. 1046.1 944.0 923.7 980.4 1070.6 1008.5 1031.5 1047.8 1070.6 1075.4 1092.6 27

 28 Other loans and advances 177.3 172.0 170.6 171.2 180.6 172.8 174.5 177.0 180.6 180.6 180.7 28

 29 Mortgages 2869.9 2868.5 2852.0 2819.9 2788.4 2795.8 2785.7 2782.3 2788.4 2789.9 2806.6 29

 30 Trade payables 380.6 397.4 427.7 435.8 434.1 434.4 433.2 432.9 434.1 438.7 440.2 30

 31 Taxes payable 106.2 99.9 99.2 100.4 101.6 100.5 100.7 101.0 101.6 102.0 102.8 31

 32 Miscellaneous liabilities 1214.3 1248.1 1197.7 1233.6 1241.7 1242.8 1244.3 1246.5 1241.7 1244.6 1245.0 32

 33 Net worth (5) 7545.7 6309.3 7003.2 7515.3 8167.7 7606.8 7726.2 7999.3 8167.7 8186.7 8354.5 33

 Memo:

 Replacement-cost value of structures:

 34 Residential 2881.7 2815.4 2839.6 2861.5 2875.3 2845.6 2846.2 2862.1 2875.3 2920.4 2959.2 34

 35 Nonresidential 1682.0 1586.0 1595.4 1646.1 1682.6 1657.1 1671.2 1678.5 1682.6 1724.6 1769.4 35

 36 Debt/net worth (percent) (6) 54.2 63.2 56.4 52.8 49.5 52.3 51.7 50.1 49.5 49.4 48.8 36

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 25. Included in table B.100, line 31.

(6) Line 26 divided by line 33.
B

ala

n

c

e

S

h

e

ets

116 Z.1, September 25, 2013

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) -10704.5 1705.9 4387.6 1389.1 5944.1 2364.9 69.2 2205.3 1304.8 2838.3 1341.8 1

 2 Net investment 1135.9 925.2 1262.8 1496.4 1164.2 240.9 286.6 243.7 393.0 500.6 185.6 2

 3 Net physical investment 289.4 105.4 130.3 167.3 240.2 56.2 55.7 59.9 68.4 79.8 83.3 3

 4 Capital expenditures 1613.6 1429.3 1448.9 1509.6 1613.2 395.2 397.5 404.7 415.8 423.1 430.9 4

 5 - Consumption of fixed capital 1324.2 1323.8 1318.6 1342.2 1373.0 338.9 341.9 344.8 347.4 343.3 347.6 5

 6 Net lending (+) or net borrowing (-) 846.5 819.7 1132.5 1329.1 924.0 184.7 231.0 183.8 324.6 420.8 102.2 6

 7 Net acquisition of financial assets 704.9 640.5 889.3 1118.2 1018.4 141.2 255.5 171.6 450.1 369.8 103.7 7

 8 - Net increase in liabilities -141.6 -179.3 -243.2 -210.9 94.4 -43.5 24.6 -12.2 125.6 -51.0 1.4 8

 Holding gains on assets

 9 at market value (2) -11693.1 397.4 3015.2 166.5 4713.8 2146.9 -133.6 1810.5 890.0 2324.1 1052.8 9

 10 Real estate -3690.9 -1235.7 -376.3 -254.4 1502.0 424.5 329.3 378.5 369.7 836.0 602.3 10

 11 Corporate equities -3886.6 1572.1 1690.2 343.7 1639.2 828.9 -260.8 802.6 268.5 929.0 265.4 11

 12 Mutual fund shares -1336.0 471.7 250.8 -363.7 444.4 386.5 -165.6 136.1 87.4 166.0 -39.1 12

 13 Equity in noncorporate business -1258.0 -1162.4 507.6 564.2 656.7 89.2 118.2 277.0 172.3 9.7 166.7 13

 14 Life insurance reserves -88.7 35.7 19.0 -20.4 8.7 7.5 -6.3 8.0 -0.4 13.5 1.2 14

 15 Pension entitlements -1432.9 716.3 924.9 -102.8 462.8 410.2 -148.3 208.4 -7.5 369.9 56.3 15

 16 Equity investment under PPIP 0.0 -0.3 -1.0 -0.2 -0.1 -0.0 -0.0 0.0 0.0 0.0 0.0 16

 Holding gains on assets

 17 at current cost (2) -26.8 -41.0 -85.4 22.2 -35.0 2.4 -4.9 -17.2 -15.4 -2.7 -14.0 17

 18 Consumer durable goods -32.0 -40.8 -88.3 17.9 -38.8 1.0 -5.6 -18.1 -16.1 -3.2 -14.2 18

 19 Equipment 3.9 -0.5 1.4 2.0 0.6 0.4 -0.7 0.3 0.7 -0.3 -0.1 19

 20 Intellectual property products 1.2 0.3 1.5 2.3 3.2 1.1 1.4 0.6 0.1 0.8 0.3 20

 21 Other volume changes (3) -120.5 424.3 195.0 -296.0 101.2 -25.3 -79.0 168.3 37.2 16.3 117.5 21

 Memo:

 22 Net worth outstanding (4) 57214.1 58920.0 63307.6 64696.7 70640.8 67061.5 67130.7 69336.1 70640.8 73479.1 74820.9 22

 23 Disposable personal income 10995.4 10937.2 11243.7 11787.4 12245.8 12085.7 12171.9 12205.1 12520.4 12296.9 12395.6 23

(1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA.

(4) Table B.100, line 44.
B

ala

n

c

e

S

h

e

ets

Z.1, September 25, 2013 117

R.102 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) -1926.8 -2254.9 1564.7 1458.4 1223.5 219.0 182.3 558.1 264.1 286.1 536.3 1

 2 Net investment -976.6 398.6 55.0 -158.2 121.6 29.6 7.8 38.9 45.2 46.7 29.5 2

 3 Net physical investment 302.7 -87.8 187.6 258.9 327.6 88.2 75.3 89.1 75.1 72.8 74.2 3

 4 Capital expenditures 1358.6 1009.3 1238.9 1337.2 1504.1 375.1 373.3 382.0 373.8 374.1 384.2 4

 5 - Consumption of fixed capital 1092.9 1090.4 1092.4 1134.4 1186.6 291.8 295.5 298.3 300.8 304.6 307.2 5

 6 - Inventory valuation adjustment -37.0 6.7 -41.0 -56.0 -10.0 -4.9 2.5 -5.5 -2.1 -3.3 2.7 6

 7 Net lending (+) or net borrowing (-) -943.3 551.0 145.5 55.4 194.0 14.4 59.6 48.7 71.3 37.9 41.5 7

 8 Net acquisition of financial assets -604.2 302.4 633.2 513.2 891.5 152.4 206.3 258.8 274.0 172.9 226.0 8

 9 - Net increase in liabilities 339.1 -248.5 487.8 457.8 697.5 138.0 146.7 210.1 202.7 135.0 184.6 9

 10 Net corporate equity issues -336.0 -64.6 -278.0 -472.5 -400.0 -72.9 -127.0 -98.9 -101.1 -64.0 -86.2 10

 Holding gains on assets

 11 at market value (2) -1178.6 -2875.2 846.1 750.3 424.2 -29.1 21.4 326.1 105.9 55.9 365.5 11

 12 Real estate -1123.4 -2895.7 832.5 758.3 406.8 -44.5 27.5 319.8 103.9 46.8 365.4 12

 13 Mutual fund shares -55.2 20.4 13.6 -8.1 17.4 15.3 -6.1 6.3 2.0 9.1 0.1 13

 Holding gains on assets less

 14 liabilities at current cost (2) 7.9 165.6 3.7 135.7 53.2 19.0 -50.8 78.9 6.1 -25.3 -36.3 14

 15 Equipment 104.8 -10.1 48.4 62.2 21.1 12.6 -4.4 6.1 6.7 -3.6 -4.6 15

 16 Intellectual property products 12.8 3.0 22.2 27.6 45.2 17.7 19.6 8.8 -0.8 8.8 2.3 16

 17 Inventories (3) -66.5 39.9 63.6 42.5 7.4 11.1 -25.3 19.7 1.8 4.0 -9.0 17

 18 Direct investment abroad -144.4 -35.7 -145.6 -7.1 -24.9 -25.1 -28.1 54.3 -26.1 -47.8 -27.2 18

 19 - Foreign direct investment in U.S. -101.2 -168.5 -15.0 -10.6 -4.4 -2.7 12.6 10.1 -24.4 -13.3 -2.3 19

 20 Other volume changes (4) 220.5 56.2 659.9 730.6 624.4 199.5 203.8 114.2 106.9 208.9 177.6 20

 Memo:

 21 Net worth outstanding (5) 16656.4 14401.5 15966.2 17424.6 18648.1 17643.6 17825.9 18384.0 18648.1 18934.2 19470.5 21

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.102, line 33.
B

ala

n

c

e

S

h

e

ets

118 Z.1, September 25, 2013

R.103 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) -1543.1 -1236.4 693.8 512.2 652.4 91.5 119.4 273.1 168.4 19.0 167.8 1

 2 Net capital transfers paid -3.3 -6.0 -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 -4.9 0.0 0.0 2

 3 Net investment -295.4 -64.4 194.2 -51.6 -0.4 0.1 -0.1 -2.2 1.8 11.3 0.8 3

 4 Net physical investment 52.6 -12.8 -10.8 -0.9 9.3 3.4 2.9 0.3 2.7 10.3 12.9 4

 5 Capital expenditures 307.1 240.2 241.0 255.8 273.8 68.7 68.7 66.7 69.7 78.0 81.4 5

 6 - Consumption of fixed capital 254.5 253.0 251.8 256.8 264.5 65.3 65.9 66.4 66.9 67.7 68.5 6

 7 Net lending (+) or net borrowing (-) -49.3 18.8 18.6 2.5 -4.3 -3.4 -2.9 -0.3 2.2 -10.3 -12.9 7

 8 Net acquisition of financial assets 97.2 -117.0 151.7 19.3 65.8 10.3 12.2 15.0 28.3 15.2 24.6 8

 9 - Net increase in liabilities 146.6 -135.8 133.1 16.8 70.1 13.6 15.0 15.3 26.1 25.6 37.5 9

 10 Proprietor’s net investment (2) -298.7 -70.4 186.5 -53.2 -5.3 0.1 -0.1 -2.2 -3.1 11.3 0.8 10

 11 Holding gains on real estate (3) -1259.3 -1166.0 449.2 513.7 635.5 77.8 118.9 263.1 175.7 46.9 204.9 11

 12 Residential -900.6 -387.2 143.6 197.2 383.2 58.7 76.8 140.3 107.4 160.6 106.4 12

 13 Nonresidential -358.7 -778.9 305.5 316.5 252.4 19.1 42.1 122.8 68.3 -113.7 98.5 13

 14 Holding gains on assets at current cost (3) 16.2 -4.9 44.7 50.4 26.2 13.7 0.6 12.2 -0.3 -39.2 -37.9 14

 15 Residential equipment 0.1 -2.7 -2.3 1.3 1.0 0.8 0.1 -0.2 0.3 0.4 -0.3 15

 16 Nonresidential equipment 21.9 6.2 8.8 15.6 11.3 6.2 0.7 4.8 -0.5 -21.4 -23.1 16

 17 Intellectual property products 1.5 0.2 2.0 2.4 4.6 3.6 2.6 0.8 -2.3 -12.0 -12.0 17

 18 Inventories -7.3 -8.6 36.2 31.1 9.3 3.1 -2.8 6.8 2.2 -6.2 -2.5 18

 19 Other volume changes (4) -1.3 5.0 13.4 1.3 -4.0 -0.1 0.0 0.0 -4.0 0.0 0.0 19

 Memo:

 20 Net worth outstanding (5) 7545.7 6309.3 7003.2 7515.3 8167.7 7606.8 7726.2 7999.3 8167.7 8186.7 8354.5 20

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 19).

(2) Shown on table F.103, line 30.

(3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.103, line 33.
S

u

p

ple

m

e

nts

Z.1, September 25, 2013 119

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 71448.5 72931.6 77081.5 78265.0 84238.9 80588.7 80677.4 82810.9 84238.9 87026.1 88369.4 1

 2 Nonfinancial assets 24831.9 23657.3 23319.2 23251.3 24934.3 23733.5 24112.8 24533.6 24934.3 25846.6 26516.1 2

 3 Financial assets 46616.5 49274.3 53762.3 55013.7 59304.6 56855.2 56564.6 58277.3 59304.6 61179.5 61853.3 3

 4 Deposits 8043.5 7969.8 7924.7 8572.4 8997.8 8594.4 8605.0 8658.3 8997.8 8999.6 9025.5 4

 5 Credit market instruments 5158.7 5589.0 5847.6 5467.4 5575.2 5414.7 5447.1 5482.2 5575.2 5535.8 5505.7 5

 6 Equity shares at market value 10189.0 13082.2 15450.8 15095.2 17220.3 16584.0 15974.2 17056.0 17220.3 18846.5 19169.6 6

 7 Directly held 5923.7 7487.4 8990.2 9045.8 10322.0 9771.5 9503.3 10214.4 10322.0 11250.8 11461.7 7

 8 Indirectly held 4265.3 5594.8 6460.6 6049.5 6898.4 6812.5 6470.9 6841.7 6898.4 7595.7 7708.0 8

 9 Life insurance companies 956.9 1220.3 1420.5 1395.7 1556.5 1535.6 1489.4 1555.7 1556.5 1670.5 1695.9 9

 10 Private pension funds (2) 1370.9 1795.4 2117.4 2015.1 2282.0 2268.8 2168.2 2288.5 2282.0 2538.8 2586.2 10

 11 Federal govt. retirement funds (2) 83.7 116.8 140.9 134.4 148.1 153.1 146.3 153.3 148.1 167.8 173.8 11

 12 Mutual funds 1853.7 2462.3 2781.7 2504.3 2911.8 2855.0 2666.9 2844.2 2911.8 3218.6 3252.0 12

 13 Other 23225.3 22633.4 24539.2 25878.6 27511.2 26262.2 26538.3 27080.7 27511.2 27797.6 28152.5 13

 14 Liabilities 14234.4 14011.7 13773.9 13568.3 13598.0 13527.2 13546.7 13474.8 13598.0 13547.0 13548.4 14

 15 Net worth 57214.1 58920.0 63307.6 64696.7 70640.8 67061.5 67130.7 69336.1 70640.8 73479.1 74820.9 15

 Memo:

 Equity shares (line 6) as a percent of

 16 Total assets (line 1) 14.3 17.9 20.0 19.3 20.4 20.6 19.8 20.6 20.4 21.7 21.7 16

 17 Financial assets (line 3) 21.9 26.5 28.7 27.4 29.0 29.2 28.2 29.3 29.0 30.8 31.0 17

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.

(2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 13.
S

u

p

ple

m

e

nts

Z.1, September 25, 2013 120

F.100.a Nonprofit Organizations (1)

Billions of dollars

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

 

 1 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1

 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 8.3 2.9 3.1 2.3 5.1 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 0.3 1.1 0.6 0.8 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 9.4 -1.8 7.1 3.8 4.5 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 1.4 0.0 1.3 0.7 0.8 6

 7 Credit market instruments 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7

 8 Open market paper 38.2 -5.7 5.8 -35.2 -5.8 12.4 4.7 2.0 4.1 1.3 3.0 4.7 12.4 8

 9 Treasury securities 6.4 13.8 4.8 6.1 6.8 5.1 6.4 16.4 13.9 8.9 11.6 17.5 5.4 9

10 Agency- and GSE-backed securities 4.5 2.6 4.6 3.6 3.1 2.3 2.9 7.6 6.4 4.1 5.4 8.1 2.5 10

11 Municipal securities 0.0 0.5 -0.5 0.0 0.2 0.3 0.4 0.1 0.0 -0.1 0.1 0.1 0.0 11

12 Corporate and foreign bonds 6.6 9.7 8.2 7.9 5.6 4.5 2.4 11.9 11.7 8.3 15.4 15.4 10.5 12

13 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.6 0.6 0.9 0.8 1.7 13

14 Corporate equities 5.2 16.1 15.0 -18.6 18.6 8.9 45.1 -10.4 21.0 -30.6 -40.7 -67.4 15.4 14

15 Mutual fund shares -1.0 2.6 1.2 -3.3 0.7 -0.7 1.5 1.3 2.4 -1.0 0.4 -3.3 -1.0 15

16 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 3.7 4.6 1.1 4.3 16

17 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 1.1 4.3 17

18 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 12.0 16.3 18

19 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 31.2 25.0 19

20 Net increase in liabilities 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20

21 Credit market instruments 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21

22 Municipal securities 1.5 3.2 3.0 3.8 2.4 1.1 3.2 0.2 6.1 7.1 11.8 10.4 5.8 22

23 Depository institution loans n.e.c. 1.6 1.4 1.4 1.6 1.2 2.0 -0.2 -0.1 0.8 0.6 1.9 0.5 2.2 23

24 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 -0.2 -0.1 0.1 -0.3 24

25 Commercial mortgages 4.4 7.2 7.2 8.6 6.6 10.7 -0.8 -0.6 4.1 3.1 9.9 2.5 11.6 25

26 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 4.1 3.8 26

27 Miscellaneous liabilities (2) 7.4 5.8 10.9 13.8 13.8 14.3 16.5 29.1 17.3 18.7 21.4 17.0 45.4 27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
S

u

p

ple

m

e

nts

121 Z.1, September 25, 2013

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

 

 1 Total financial assets 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 32.1 35.0 38.1 40.4 45.5 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 8.9 10.0 10.6 11.4 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 54.5 52.7 59.8 63.6 68.1 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 9.6 9.6 10.9 11.6 12.5 5

 6 Credit market instruments 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6

 7 Open market paper 93.6 87.9 93.7 58.5 52.7 65.0 69.7 71.7 75.8 77.1 80.2 84.9 97.3 7

 8 Treasury securities 55.7 69.5 74.3 80.3 87.1 92.2 98.5 114.9 128.8 137.6 149.2 166.8 172.2 8

 9 Agency- and GSE-backed securities 26.3 28.9 33.5 37.1 40.3 42.6 45.5 53.1 59.5 63.6 69.0 77.1 79.6 9

10 Municipal securities 0.1 0.6 0.1 0.2 0.4 0.8 1.1 1.2 1.3 1.2 1.3 1.5 1.5 10

11 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 136.8 152.2 162.6 11

12 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 6.0 6.6 7.4 8.3 10.0 12

13 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 692.0 769.3 708.6 13

14 Mutual fund shares 10.2 15.8 15.3 15.9 17.7 18.5 19.0 24.6 30.4 34.5 38.7 42.7 38.8 14

15 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 45.8 50.3 51.5 55.8 15

16 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 51.5 55.8 16

17 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 102.0 118.3 17

18 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 340.9 365.9 18

19 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19

20 Credit market instruments 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20

21 Municipal securities 79.6 82.7 85.7 89.5 91.9 93.0 96.1 96.4 102.4 109.6 121.3 131.7 137.5 21

22 Depository institution loans n.e.c. 11.8 13.1 14.5 16.1 17.3 19.3 19.2 19.1 19.8 20.4 22.3 22.7 24.9 22

23 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 0.7 0.6 0.7 0.4 23

24 Commercial mortgages 62.7 70.0 77.2 85.8 92.3 103.0 102.2 101.6 105.7 108.8 118.7 121.2 132.8 24

25 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 130.9 134.7 25

26 Miscellaneous liabilities (2) 58.2 63.9 74.8 88.6 102.5 116.8 133.3 162.4 179.7 198.4 219.7 236.8 282.1 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
S

u

p

ple

m

e

nts

122 Z.1, September 25, 2013

F.105.c Consolidated Statement for Federal, State, and Local Governments

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 4043.8 3691.2 3885.0 4074.1 4259.2 4233.7 4234.4 4248.5 4320.3 4547.3 4826.3 1

 2 Personal current taxes 1435.2 1144.9 1191.5 1404.0 1498.0 1462.8 1480.0 1496.4 1552.8 1629.0 1664.8 2

 3 Taxes on production and imports 1041.9 1026.1 1057.1 1097.1 1122.9 1124.4 1122.2 1118.8 1126.3 1140.7 1139.2 3

 4 Taxes on corporate income 281.1 246.0 346.3 345.0 402.4 406.0 397.4 407.2 399.2 375.4 385.6 4

 5 Taxes from the rest of the world 18.8 14.8 15.7 16.3 17.8 16.8 17.4 17.1 19.9 19.2 19.4 5

 6 Contributions for govt. social insurance 993.1 969.4 989.0 922.6 955.3 947.0 949.7 952.0 972.6 1099.0 1105.5 6

 7 Income receipts on assets 139.6 136.3 137.2 137.4 131.4 132.0 130.3 130.5 132.6 154.3 381.0 7

 8 Current transfer receipts 155.4 174.3 171.1 175.4 159.1 169.1 163.5 155.0 148.7 165.1 169.8 8

 9 Current surplus of government enterprises -21.2 -20.6 -22.9 -23.8 -27.7 -24.5 -26.1 -28.5 -31.8 -35.5 -38.9 9

10 Current expenditures, NIPA basis 4844.0 5213.0 5451.8 5535.4 5621.6 5568.9 5636.5 5627.9 5653.0 5630.1 5681.3 10

11 Consumption expenditures 2368.6 2442.1 2522.2 2526.1 2548.0 2542.3 2538.8 2572.9 2538.1 2525.3 2518.1 11

12 Government social benefits 1862.8 2117.5 2250.5 2277.4 2334.8 2302.9 2328.4 2341.9 2366.1 2400.4 2403.5 12

13 Other current transfer payments 45.0 52.7 50.6 56.5 49.9 54.7 51.6 52.3 40.9 47.6 51.9 13

14 Interest payments 515.0 542.4 572.7 615.5 631.6 611.2 660.0 604.8 650.2 598.8 649.0 14

15 Subsidies 52.6 58.3 55.9 60.0 57.3 57.8 57.6 56.0 57.7 58.0 58.8 15

16 Net saving, NIPA basis -800.2 -1521.7 -1566.8 -1461.3 -1362.3 -1335.1 -1402.1 -1379.4 -1332.7 -1082.9 -855.0 16

17 + Consumption of fixed capital 426.5 442.7 458.1 478.1 493.6 488.9 492.7 495.3 497.4 500.5 503.5 17

18 - Insurance and pension fund reserves (1) -0.6 0.5 -1.7 -0.4 -1.4 -2.4 -0.2 -1.6 -1.6 -1.9 -0.4 18

19 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.8 5.0 4.9 4.4 4.6 4.6 4.6 4.6 4.7 5.3 5.3 19

20 - Net capital transfers (2) -13.3 -3.4 8.1 7.5 5.8 -0.8 0.3 0.8 23.0 -5.4 -10.0 20

21 = Gross saving less net capital transfers -364.6 -1081.1 -1120.1 -994.7 -877.7 -847.6 -914.1 -887.8 -861.4 -580.4 -346.5 21

22 Gross investment -495.5 -1082.9 -1069.9 -1042.3 -754.1 -1139.8 -663.3 -429.9 -783.4 -777.0 171.8 22

23 Fixed investment 634.6 647.0 651.8 632.6 619.0 617.3 625.3 620.6 612.5 598.8 599.9 23

24 Nonproduced nonfinancial assets -6.6 3.4 9.6 9.2 8.9 8.9 9.0 8.8 8.7 9.2 8.8 24

25 Net lending (+) or net borrowing (-) -1123.6 -1733.3 -1731.3 -1684.1 -1381.9 -1766.0 -1297.7 -1059.4 -1404.6 -1384.9 -436.9 25

26 Net acquisition of financial assets 523.0 264.2 336.2 -165.1 72.8 -82.7 290.5 75.9 7.3 223.7 231.1 26

27 U.S. official reserve assets 4.2 51.9 1.6 16.2 4.3 4.6 13.0 3.1 -3.7 3.3 -1.0 27

28 Checkable deposits and currency 321.6 -155.1 154.5 -241.0 -2.3 -129.7 89.8 -35.7 66.5 5.1 119.5 28

29 Time and savings deposits 17.6 9.6 -6.8 14.2 20.5 11.0 29.7 37.0 4.0 11.9 46.7 29

30 Money market fund shares 3.0 9.8 13.7 -0.5 -8.5 -9.0 -1.3 -5.8 -17.8 3.2 -2.2 30

31 Security RPs -11.7 -4.3 -1.4 -6.8 -6.7 -7.1 -1.0 -4.6 -14.0 2.5 -1.7 31

32 Credit market instruments 43.9 288.3 141.1 -13.4 47.5 -31.0 161.0 75.1 -15.0 184.9 104.2 32

33 Open market paper -21.6 -39.1 12.9 -11.1 -5.1 -5.4 -0.8 -3.5 -10.8 1.9 -1.3 33

34 Agency- and GSE-backed securities (3) 37.6 151.8 -24.9 -132.1 -59.3 -148.4 -10.1 -19.3 -59.4 10.7 -7.2 34

35 Municipal securities 0.5 1.0 1.4 0.0 -0.7 -0.8 -0.1 -0.5 -1.5 0.3 -0.2 35

36 Corporate and foreign bonds -5.2 3.9 7.7 -4.5 -9.2 -9.7 -1.4 -6.6 -19.1 3.3 -2.4 36

37 Mortgages 8.0 17.5 8.2 -0.9 -9.5 -7.4 0.1 -8.5 -22.4 7.8 -2.8 37

38 Consumer credit 19.5 87.9 133.1 131.2 129.4 129.1 165.9 121.1 101.3 148.2 117.2 38

39 Other loans and advances (4) 5.2 65.2 2.7 4.0 2.1 11.6 7.4 -7.6 -3.1 12.7 0.9 39

40 Corporate equities 248.8 -1.7 23.8 35.8 -18.0 -24.9 -18.8 -13.2 -15.1 -3.3 -4.0 40

41 Mutual fund shares -0.5 1.7 2.8 -0.8 -2.5 -2.6 -0.4 -1.7 -5.2 0.9 -0.6 41

42 Trade receivables -11.2 -25.7 12.4 6.7 11.4 5.1 19.8 14.2 6.5 -5.3 6.0 42

43 Taxes receivable -56.4 30.0 27.8 23.0 13.2 36.3 -17.5 19.8 14.2 -3.1 -46.3 43

44 Miscellaneous assets -36.3 59.8 -33.1 1.5 13.8 64.5 16.2 -12.3 -13.0 23.5 10.4 44

45 Net increase in liabilities 1646.6 1997.6 2067.5 1519.0 1454.7 1683.3 1588.3 1135.3 1411.9 1608.6 668.0 45

46 SDR allocations 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46

47 SDR certificates 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Treasury currency -0.8 -0.4 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Credit market instruments 1301.7 1573.4 1642.1 1060.8 1146.3 1444.3 1243.6 785.4 1111.7 1248.6 355.0 49

50 Savings bonds -2.4 -2.8 -3.3 -2.7 -2.8 -1.4 -2.1 -2.5 -5.0 -2.5 -3.7 50

51 Treasury bills and other Treasury securities (4) 1286.8 1463.8 1576.1 1116.0 1155.1 1436.4 1158.9 794.3 1230.7 1180.5 324.4 51

52 Budget agency securities 0.2 0.1 0.7 1.1 -0.4 -3.3 0.1 -0.3 1.9 -1.0 1.3 52

53 Municipal securities 17.1 112.2 68.7 -53.6 -5.7 12.7 86.7 -6.1 -116.0 71.7 33.0 53

54 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 54

55 Trade payables 61.2 -17.3 44.7 47.8 47.4 42.3 42.1 56.8 48.5 41.1 62.5 55

56 Insurance reserves 1.0 1.1 0.9 1.3 0.3 0.5 1.5 -0.2 -0.5 0.2 0.8 56

57 Miscellaneous liabilities (5) 283.6 390.1 380.0 409.1 260.7 196.2 301.1 293.3 252.2 318.7 249.7 57

58 Discrepancy 131.0 1.8 -50.2 47.6 -123.6 292.1 -250.7 -457.9 -78.0 196.6 -518.2 58

 Memo:

59 Net govt. saving less fixed investment (6) -1434.8 -2168.7 -2218.6 -2093.9 -1981.3 -1952.5 -2027.4 -2000.0 -1945.3 -1681.7 -1454.9 59

60 Adjustment between NIPA and FOF (7) 311.2 435.4 487.4 409.8 599.4 186.5 729.7 940.6 540.7 296.7 1018.0 60

61 Items to be financed (8) -1123.6 -1733.3 -1731.3 -1684.1 -1381.9 -1766.0 -1297.7 -1059.4 -1404.6 -1384.9 -436.9 61

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.

 Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.

(2) Table F.9, line 60 less line 12.

(3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.

(4) Excludes transactions with state and local governments.

(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) Line 17 less line 24.

(7) Line 18 less the sum of lines 19, 20, 21, 25, and 59.

(8) Line 60 plus line 61.
S

u

p

ple

m

e

nts

Z.1, September 25, 2013 123

L.105.c Consolidated Statement for Federal, State, and Local Governments

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3295.8 3450.5 3747.9 3531.9 3607.0 3506.4 3572.2 3610.6 3607.0 3665.5 3735.7 1

 2 U.S. official reserve assets 41.9 94.6 95.4 103.9 102.8 104.5 103.1 104.7 102.8 99.0 98.2 2

 3 Checkable deposits and currency 447.9 292.7 446.7 205.6 209.6 160.9 206.2 194.9 209.6 194.5 247.7 3

 4 Time and savings deposits 240.4 250.1 243.2 257.4 291.8 275.9 271.4 284.4 291.8 296.8 296.4 4

 5 Money market fund shares 126.1 135.9 149.6 149.2 140.7 146.9 146.6 145.2 140.7 141.5 141.0 5

 6 Security RPs 130.1 125.9 124.5 117.6 111.0 115.9 115.6 114.5 111.0 111.6 111.2 6

 7 Credit market instruments 1343.5 1631.8 1772.9 1759.5 1807.0 1756.9 1783.7 1816.0 1807.0 1859.0 1870.7 7

 8 Open market paper 127.9 88.8 101.7 90.6 85.5 89.3 89.1 88.2 85.5 86.0 85.7 8

 9 Agency- and GSE-backed securities (1) 534.1 685.9 661.0 528.9 469.6 491.8 489.3 484.5 469.6 472.3 470.5 9

10 Municipal securities 10.4 11.5 12.8 12.9 12.1 12.7 12.6 12.5 12.1 12.2 12.1 10

11 Corporate and foreign bonds 153.2 157.1 164.8 160.3 151.1 157.9 157.6 155.9 151.1 152.0 151.4 11

12 Mortgages 283.6 301.1 309.3 308.4 298.8 306.5 306.5 304.4 298.8 300.8 300.1 12

13 Consumer credit 135.1 223.1 356.2 487.4 616.8 524.9 552.9 596.6 616.8 659.5 674.6 13

14 Other loans and advances (2) 99.1 164.3 167.0 171.0 173.1 173.9 175.7 173.8 173.1 176.2 176.5 14

15 Corporate equities 279.8 179.1 175.9 180.5 169.6 180.1 172.4 173.8 169.6 177.3 178.1 15

16 Mutual fund shares 36.3 48.4 58.3 58.0 61.7 62.8 61.1 63.1 61.7 66.2 67.0 16

17 Trade receivables 208.5 182.8 195.1 201.8 213.2 205.0 209.8 213.1 213.2 213.7 214.9 17

18 Taxes receivable 237.3 245.0 249.0 262.8 270.4 266.0 269.5 269.1 270.4 275.4 283.3 18

19 Miscellaneous assets 203.9 264.2 237.2 235.6 229.2 231.5 232.7 231.9 229.2 230.4 227.2 19

20 Total liabilities 13532.4 15135.5 17251.6 18735.3 19903.6 18965.7 19320.3 19514.2 19903.6 20114.3 20118.6 20

21 SDR allocations 7.5 55.4 54.4 54.2 54.3 54.7 53.6 54.5 54.3 52.9 53.1 21

22 SDR certificates 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 22

23 Treasury currency 26.6 26.2 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 25.9 23

24 Credit market instruments 8601.8 10175.2 11817.3 12878.2 14024.4 13282.6 13479.1 13708.3 14024.4 14378.0 14356.6 24

25 Savings bonds 194.0 191.2 187.9 185.2 182.4 184.7 184.3 183.6 182.4 181.7 180.9 25

26 Treasury bills and other Treasury securities (3) 5541.8 7005.6 8581.7 9697.7 10852.8 10102.5 10292.7 10530.6 10852.8 11192.8 11180.4 26

27 Budget agency securities 23.3 23.5 24.2 25.3 24.9 24.4 24.5 24.4 24.9 24.6 25.0 27

28 Municipal securities 2842.7 2954.9 3023.6 2970.0 2964.3 2970.9 2977.7 2969.7 2964.3 2978.9 2970.4 28

29 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 29

30 Trade payables 852.3 835.1 879.8 927.6 975.0 946.3 958.9 971.2 975.0 994.2 1010.6 30

31 Insurance reserves 46.4 47.5 48.4 49.7 50.0 49.8 50.2 50.1 50.0 50.1 50.2 31

32 Miscellaneous liabilities (4) 3995.6 3990.9 4420.5 4794.5 4768.8 4601.1 4747.3 4699.0 4768.8 4607.9 4616.9 32

(1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.

(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military

 retirement fund, and foreign service retirement and disability fund.
S

u

p

ple

m

e

nts

124 Z.1, September 25, 2013

F.117.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets (1) 57.1 57.3 53.3 50.9 50.7 50.6 50.6 51.0 50.7 50.7 50.7 1

 2 Checkable deposits and currency -4.2 -2.6 2.7 1.8 -0.4 -0.6 -0.3 -0.3 -0.5 -0.1 -0.5 2

 3 Time and savings deposits -5.5 3.4 -0.2 1.2 -1.3 -1.9 -0.8 -1.0 -1.6 -0.3 -1.4 3

 4 Money market fund shares -15.1 0.4 -5.1 -0.3 -1.6 -2.3 -1.0 -1.2 -1.9 -0.3 -1.6 4

 5 Security RPs -1.0 0.2 -0.2 0.0 -0.1 -0.2 -0.1 -0.1 -0.2 -0.0 -0.1 5

 6 Credit market instruments -52.9 4.1 71.7 78.0 2.6 16.1 16.7 -7.6 -15.0 8.8 37.4 6

 7 Open market paper -7.9 3.2 -1.0 1.1 -1.4 -2.1 -0.9 -1.1 -1.7 -0.3 -1.5 7

 8 Treasury securities -10.9 12.7 7.4 19.3 26.9 40.0 23.9 23.9 19.8 35.8 30.9 8

 9 Agency- and GSE-backed securities -23.3 -6.6 2.7 14.3 12.3 21.4 14.6 4.2 8.9 7.0 9.0 9

10 Corporate and foreign bonds -3.1 -3.3 61.4 45.8 -33.3 -40.6 -19.6 -32.8 -40.2 -31.8 1.1 10

11 Mortgages -7.7 -2.0 1.2 -2.4 -1.9 -2.6 -1.2 -1.8 -1.9 -2.0 -2.2 11

12 Corporate equities -70.1 -41.8 -4.1 -65.4 0.8 -11.0 6.0 22.0 -13.7 -16.4 -25.1 12

13 Mutual fund shares 52.0 -8.0 -10.8 12.5 0.3 -4.2 2.3 8.5 -5.2 9.6 -9.7 13

14 Miscellaneous assets 154.0 101.7 -0.4 23.1 50.4 54.7 27.6 30.6 88.8 49.4 51.8 14

15 Unallocated insurance contracts (2) 17.7 -8.4 -13.2 11.8 0.1 -0.8 0.4 1.5 -0.9 -1.1 -1.7 15

16 Contributions receivable 16.7 -5.3 13.4 1.7 -1.4 -4.4 1.7 -0.7 -2.3 0.2 -0.2 16

17 Claims of pension fund on sponsor (3) 109.3 88.6 -9.9 -11.6 54.1 80.4 15.0 24.3 96.8 59.1 39.9 17

18 Other 10.2 26.8 9.3 21.2 -2.3 -20.5 10.5 5.5 -4.8 -8.8 13.8 18

19 Net increase in pension entitlements (liabilities) (4) 57.5 57.3 53.4 50.8 50.7 50.5 50.5 51.0 50.7 50.7 50.7 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements.

F.117.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 152.0 57.7 93.3 31.8 69.8 64.2 76.6 69.5 68.9 85.0 126.0 1

 2 Checkable deposits and currency -1.3 -0.3 -0.5 4.0 0.1 -0.4 -0.7 -0.3 1.9 -0.1 2.2 2

 3 Time and savings deposits 1.3 -0.6 -0.7 0.2 -0.5 -1.7 -0.1 -0.2 -0.1 0.2 -0.2 3

 4 Money market fund shares 20.3 -9.1 -5.0 16.7 -2.1 -3.0 -3.4 -1.2 -0.6 0.5 -1.9 4

 5 Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 -0.8 0.0 0.0 5

 6 Credit market instruments 48.1 8.6 51.5 -4.8 9.3 26.2 -1.1 1.5 10.5 18.9 28.5 6

 7 Open market paper 2.0 -2.2 -1.7 1.1 -1.0 1.5 2.1 -6.9 -0.8 2.2 -1.3 7

 8 Treasury securities 17.3 22.2 25.9 8.5 20.8 36.8 9.3 23.4 13.7 24.2 19.1 8

 9 Agency- and GSE-backed securities 23.1 0.2 3.8 -11.0 4.7 11.7 -3.4 2.8 7.5 2.1 6.4 9

10 Corporate and foreign bonds 6.0 -11.2 22.0 -1.2 -14.5 -23.0 -8.4 -17.2 -9.3 -8.8 5.0 10

11 Mortgages -0.3 -0.4 1.6 -2.2 -0.7 -0.9 -0.7 -0.7 -0.5 -0.7 -0.7 11

12 Corporate equities -3.0 -53.6 29.3 1.6 8.8 -1.5 13.3 10.9 12.6 32.2 36.4 12

13 Mutual fund shares 33.5 64.5 45.9 -10.6 51.8 77.7 54.3 46.4 28.9 38.6 38.7 13

14 Miscellaneous assets 53.1 48.2 -27.2 24.8 2.4 -33.0 14.3 11.6 16.5 -5.3 22.3 14

15 Unallocated insurance contracts (2) 63.4 41.0 -32.3 0.6 3.5 -1.3 4.6 4.9 5.8 10.7 7.7 15

16 Contributions receivable -2.0 -3.1 2.1 1.3 -0.6 -2.1 -0.3 -0.2 -0.0 0.5 0.1 16

17 Other -8.3 10.3 3.0 22.9 -0.5 -29.6 10.0 6.9 10.7 -16.6 14.5 17

18 Net increase in pension entitlements (liabilities) 152.0 57.7 93.3 31.8 69.8 64.2 76.6 69.5 68.9 85.0 126.0 18

(1) Includes 401(k) type plans.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.226.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total held at: 247.5 198.6 88.7 20.1 164.4 -72.6 320.1 113.0 297.2 -413.5 ND 1

 2 U.S.-chartered depository institutions 44.2 30.7 26.6 20.3 24.4 12.4 26.8 26.3 32.0 -15.4 ND 2

 3 Credit unions 7.2 8.7 3.0 1.2 1.4 3.2 2.4 1.8 -1.8 0.1 ND 3

 4 Life insurance companies 24.3 -13.4 17.4 12.2 21.2 22.6 -6.3 31.0 37.5 23.1 ND 4

 5 Money market mutual funds 48.0 -41.0 -25.0 9.0 7.0 -28.0 8.0 16.0 32.0 -24.0 ND 5

 6 Mutual funds -117.4 149.0 123.5 44.0 59.2 39.5 57.4 144.7 -4.6 154.2 ND 6

 7 Other self-directed accounts 241.1 64.6 -56.8 -66.6 51.2 -122.3 231.8 -106.8 202.0 -551.5 ND 7

(1) Assets of the household sector (F.100). IRA assets are not included in pension entitlements (table F.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3)

 include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5).
S

u

p

ple

m

e

nts

Z.1, September 25, 2013 125

L.117.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets (1) 2572.9 2626.3 2835.7 2916.6 3017.8 2941.8 2967.1 2992.5 3017.8 3030.5 3043.2 1

 2 Checkable deposits and currency 7.7 5.0 7.7 9.5 9.0 9.3 9.3 9.2 9.0 9.0 8.9 2

 3 Time and savings deposits 24.3 27.7 27.5 28.7 27.4 28.2 28.0 27.8 27.4 27.3 27.0 3

 4 Money market fund shares 39.5 39.8 34.7 34.3 32.7 33.8 33.5 33.2 32.7 32.7 32.3 4

 5 Security RPs 2.8 2.9 2.7 2.7 2.6 2.7 2.6 2.6 2.6 2.6 2.5 5

 6 Credit market instruments 539.4 543.5 615.1 693.2 695.7 697.2 701.4 699.5 695.7 697.9 707.3 6

 7 Open market paper 28.0 31.2 30.2 31.3 29.8 30.8 30.5 30.3 29.8 29.8 29.4 7

 8 Treasury securities 99.3 112.1 119.4 138.8 165.6 148.8 154.7 160.7 165.6 174.6 182.3 8

 9 Agency- and GSE-backed securities 122.8 116.3 119.0 133.3 145.6 138.7 142.3 143.4 145.6 147.4 149.6 9

10 Corporate and foreign bonds 270.2 266.9 328.3 374.1 340.8 363.9 359.0 350.8 340.8 332.8 333.1 10

11 Mortgages 19.0 17.0 18.2 15.8 13.9 15.1 14.8 14.4 13.9 13.4 12.8 11

12 Corporate equities 726.1 863.8 1010.7 929.5 1034.4 1005.8 987.1 1048.3 1034.4 1102.7 1112.9 12

13 Mutual fund shares 257.3 322.9 349.8 356.6 396.9 385.9 378.8 402.2 396.9 427.1 431.0 13

14 Miscellaneous assets 975.9 820.6 787.5 862.0 819.1 779.0 826.4 769.7 819.1 731.2 721.2 14

15 Unallocated insurance contracts (2) 54.0 58.1 53.5 64.4 71.6 69.7 68.4 72.6 71.6 76.4 77.1 15

16 Contributions receivable 55.1 49.8 63.1 64.8 63.4 63.7 64.1 63.9 63.4 63.4 63.4 16

17 Claims of pension fund on sponsor (3) 678.0 497.2 446.1 486.8 440.3 404.7 450.3 388.2 440.3 349.9 335.8 17

18 Other 188.7 215.5 224.8 246.0 243.7 240.9 243.5 244.9 243.7 241.5 245.0 18

19 Pension entitlements (liabilities) (4) 2608.2 2662.7 2872.2 2953.1 3054.3 2978.4 3003.6 3029.0 3054.3 3067.0 3079.7 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements.

L.117.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 2673.2 3313.6 3753.5 3719.4 4120.9 4043.9 3941.4 4116.3 4120.9 4440.6 4524.0 1

 2 Checkable deposits and currency 5.7 5.4 4.8 8.8 8.9 8.7 8.5 8.5 8.9 8.9 9.5 2

 3 Time and savings deposits 5.9 5.3 4.6 4.7 4.2 4.3 4.3 4.2 4.2 4.3 4.2 3

 4 Money market fund shares 116.8 107.6 102.6 119.3 117.3 118.6 117.7 117.4 117.3 117.4 117.0 4

 5 Security RPs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 5

 6 Credit market instruments 243.4 252.0 303.5 298.6 307.9 305.2 304.9 305.3 307.9 312.6 319.8 6

 7 Open market paper 16.3 14.1 12.4 13.5 12.4 13.8 14.4 12.6 12.4 13.0 12.7 7

 8 Treasury securities 48.1 70.3 96.2 104.7 125.5 113.9 116.2 122.0 125.5 131.5 136.3 8

 9 Agency- and GSE-backed securities 67.5 67.7 71.4 60.4 65.1 63.4 62.5 63.2 65.1 65.6 67.2 9

10 Corporate and foreign bonds 104.4 93.2 115.1 114.0 99.5 108.2 106.1 101.8 99.5 97.3 98.5 10

11 Mortgages 7.2 6.7 8.4 6.1 5.5 5.9 5.8 5.6 5.5 5.3 5.1 11

12 Corporate equities 654.3 783.3 927.6 896.6 1005.3 991.8 955.3 1005.4 1005.3 1101.4 1120.4 12

13 Mutual fund shares 1104.9 1504.7 1734.9 1696.6 1941.5 1893.2 1838.6 1942.1 1941.5 2125.9 2170.7 13

14 Miscellaneous assets 542.4 655.4 675.5 694.7 735.8 722.1 712.1 733.2 735.8 770.0 782.6 14

15 Unallocated insurance contracts (2) 224.9 330.7 345.7 340.7 382.9 376.0 363.6 383.0 382.9 421.2 430.1 15

16 Contributions receivable 28.9 25.8 27.9 29.2 28.6 28.7 28.6 28.6 28.6 28.7 28.7 16

17 Other 288.5 298.9 301.9 324.7 324.2 317.3 319.8 321.6 324.2 320.1 323.7 17

18 Pension entitlements (liabilities) 2673.2 3313.6 3753.5 3719.4 4120.9 4043.9 3941.4 4116.3 4120.9 4440.6 4524.0 18

(1) Includes 401(k) type plans.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.226.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total held at: 3681.0 4363.0 4839.0 4872.0 5407.0 5229.0 5126.0 5347.0 5407.0 5683.0 ND 1

 2 U.S.-chartered depository institutions 326.0 356.7 383.3 403.6 428.0 406.7 413.4 420.0 428.0 424.2 ND 2

 3 Credit unions 65.5 74.2 77.2 78.4 79.9 79.3 79.8 80.3 79.9 79.9 ND 3

 4 Life insurance companies 377.0 398.0 434.0 440.0 480.0 463.0 455.0 471.0 480.0 500.0 ND 4

 5 Money market mutual funds 271.0 230.0 205.0 214.0 221.0 207.0 209.0 213.0 221.0 215.0 ND 5

 6 Mutual funds 1275.0 1667.0 1933.0 1896.0 2153.0 2081.0 2025.0 2134.0 2153.0 2299.0 ND 6

 7 Other self-directed accounts 1366.5 1637.1 1806.5 1839.9 2045.1 1992.0 1943.7 2028.7 2045.1 2165.0 ND 7

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension entitlements (table L.226), except for those at life insurance companies. Figures for depositories

 (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5).
S

u

p

ple

m

e

nts

126 Z.1, September 25, 2013

F.127.e Equity Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 2.2 4.8 9.9 11.7 15.6 8.5 0.5 23.4 30.2 -2.4 18.9 1

 2 Checkable deposits and currency 2.1 5.7 -0.8 -1.7 4.2 5.9 -1.7 4.9 7.7 -1.8 7.1 2

 3 Credit market instruments 2.4 1.1 2.8 3.1 3.7 -0.2 0.1 3.9 11.0 -11.2 0.7 3

 4 Corporate and foreign bonds 0.2 0.7 0.4 -0.3 0.9 0.7 0.4 0.1 2.3 -3.8 -0.3 4

 5 Mortgages 2.2 0.4 2.4 3.4 2.9 -0.9 -0.2 3.9 8.8 -7.4 1.0 5

 6 Home 0.0 0.0 0.0 0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Multifamily residential 0.2 -0.2 0.0 -0.0 0.1 -0.1 0.2 0.2 0.1 -0.2 0.9 7

 8 Commercial 2.0 0.6 2.4 3.4 2.8 -0.8 -0.4 3.7 8.6 -7.2 0.1 8

 9 Miscellaneous assets -2.3 -2.0 7.9 10.3 7.7 2.8 2.1 14.5 11.4 10.6 11.2 9

10 Net increase in liabilities 2.3 -30.8 16.7 37.6 41.8 31.7 18.6 45.6 71.3 1.4 11.9 10

11 Credit market instruments 7.9 -17.7 4.6 32.4 42.9 27.1 43.0 33.6 68.0 -9.7 15.0 11

12 Corporate bonds -1.4 -11.4 6.3 18.2 26.0 30.0 11.3 24.0 38.8 5.5 11.3 12

13 Depository institution loans n.e.c. 2.5 -9.7 -2.0 5.1 1.3 -13.3 6.8 -2.5 14.3 -19.4 5.2 13

14 Mortgages 6.8 3.4 0.2 9.1 15.6 10.4 24.9 12.2 14.9 4.2 -1.4 14

15 Multifamily residential 2.3 1.8 0.8 -0.1 -1.1 -2.4 -2.1 -0.7 0.7 1.1 1.1 15

16 Commercial 4.5 1.6 -0.6 9.2 16.7 12.8 27.0 12.8 14.2 3.2 -2.5 16

17 Miscellaneous liabilities -5.5 -13.0 12.1 5.2 -1.1 4.6 -24.3 11.9 3.3 11.0 -3.1 17

F.127.m Mortgage Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -70.1 -14.1 31.9 106.6 142.1 258.4 93.1 277.3 -60.4 29.8 -48.5 1

 2 Checkable deposits and currency -0.3 2.1 -2.0 3.7 3.3 10.8 -1.5 10.1 -6.2 25.1 -18.4 2

 3 Credit market instruments -71.4 -9.7 34.4 99.8 124.0 228.0 90.5 247.7 -70.3 -17.6 -64.5 3

 4 Agency- and GSE-backed securities 0.7 15.5 38.2 101.4 111.5 219.0 71.6 232.5 -77.1 -50.9 -75.8 4

 5 Corporate and foreign bonds -23.0 3.1 4.9 1.6 9.2 13.2 7.7 12.1 4.0 23.6 3.5 5

 6 Mortgages -49.1 -28.4 -8.7 -3.2 3.3 -4.1 11.3 3.1 2.8 9.8 7.8 6

 7 Home -46.4 -21.7 -3.7 -0.8 5.5 1.8 12.3 2.3 5.4 7.2 2.3 7

 8 Multifamily residential -1.1 -1.8 -0.4 -0.2 0.0 0.1 0.0 -0.2 0.2 1.4 1.7 8

 9 Commercial -1.6 -4.8 -4.6 -2.3 -2.2 -6.0 -1.0 0.9 -2.8 1.2 3.8 9

10 Miscellaneous assets 1.5 -6.5 -0.5 3.0 14.8 19.6 4.1 19.5 16.1 22.2 34.4 10

11 Net increase in liabilities -71.2 -22.0 26.2 93.9 121.5 230.5 80.4 235.5 -60.6 6.6 -28.9 11

12 Security RPs -12.3 11.1 30.0 94.9 103.4 173.4 81.7 163.2 -4.8 7.5 -51.0 12

13 Credit market instruments -61.7 -32.3 -6.7 -4.2 -0.0 -0.5 14.4 -6.3 -7.6 8.7 15.0 13

14 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 14

15 Corporate bonds -58.9 -29.8 -6.4 -2.8 0.1 0.0 13.6 -5.3 -8.1 2.2 14.4 15

16 Depository institution loans n.e.c. -2.8 -2.5 -0.3 -1.4 -0.1 -0.5 0.8 -1.0 0.5 6.5 0.6 16

17 Miscellaneous liabilities 2.8 -0.8 2.8 3.2 18.1 57.6 -15.7 78.6 -48.2 -9.6 7.1 17

 Memo:

18 Securitized assets included above -46.7 -25.3 0.4 -3.1 -4.6 1.1 -20.1 8.7 -7.9 3.0 6.3 18

19 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 19

20 Home mortgages -40.6 -25.7 1.1 -0.7 3.6 2.6 0.3 8.8 2.6 1.7 6.3 20

21 Multifamily residential mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 0.0 -0.0 0.1 -0.0 21

22 Commercial mortgages -6.1 0.4 -0.7 -2.3 -8.1 -1.5 -20.4 -0.1 -10.5 1.2 0.0 22
S

u

p

ple

m

e

nts

Z.1, September 25, 2013 127

L.127.e Equity Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2008 2009 2010 2011 2012 2012 2013

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 65.4 70.2 80.1 91.8 107.4 93.9 94.0 99.9 107.4 106.8 111.6 1

 2 Checkable deposits and currency 13.1 18.8 18.0 16.4 20.6 17.9 17.4 18.7 20.6 20.1 21.9 2

 3 Credit market instruments 14.4 15.5 18.2 21.3 25.0 21.2 21.3 22.3 25.0 22.2 22.4 3

 4 Corporate and foreign bonds 2.9 3.6 4.0 3.7 4.5 3.9 3.9 4.0 4.5 3.6 3.5 4

 5 Mortgages 11.5 11.8 14.2 17.6 20.5 17.4 17.3 18.3 20.5 18.6 18.9 5

 6 Home 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 6

 7 Multifamily residential 0.5 0.3 0.3 0.3 0.4 0.2 0.3 0.3 0.4 0.3 0.5 7

 8 Commercial 10.9 11.5 13.8 17.2 20.0 17.0 16.9 17.8 20.0 18.2 18.2 8

 9 Miscellaneous assets 37.9 35.9 43.8 54.1 61.8 54.8 55.3 59.0 61.8 64.5 67.3 9

10 Total liabilities 344.3 313.5 330.2 367.8 409.6 375.7 380.3 391.7 409.6 409.9 412.9 10

11 Credit market instruments 294.1 276.4 281.0 313.3 356.2 320.1 330.8 339.2 356.2 353.8 357.6 11

12 Corporate bonds 102.6 91.2 97.5 115.7 141.8 123.2 126.1 132.1 141.8 143.1 146.0 12

13 Depository institution loans n.e.c. 28.0 18.3 16.4 21.4 22.7 18.1 19.8 19.1 22.7 17.9 19.2 13

14 Mortgages 163.5 166.9 167.1 176.2 191.8 178.8 185.0 188.0 191.8 192.8 192.5 14

15 Multifamily residential 25.1 26.8 27.7 27.6 26.5 27.0 26.5 26.3 26.5 26.7 27.0 15

16 Commercial 138.4 140.1 139.4 148.6 165.3 151.8 158.5 161.8 165.3 166.1 165.5 16

17 Miscellaneous liabilities 50.2 37.1 49.2 54.5 53.3 55.6 49.5 52.5 53.3 56.1 55.3 17

L.127.m Mortgage Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 185.2 171.0 202.9 309.5 451.6 374.1 397.4 466.7 451.6 459.1 446.9 1

 2 Checkable deposits and currency 5.3 7.5 5.5 9.2 12.5 11.9 11.5 14.1 12.5 18.8 14.2 2

 3 Credit market instruments 163.1 153.4 187.8 287.6 411.6 344.6 367.3 429.2 411.6 407.2 391.1 3

 4 Agency- and GSE-backed securities 89.6 105.1 143.3 244.7 356.2 299.4 317.3 375.4 356.2 343.4 324.5 4

 5 Corporate and foreign bonds 8.7 11.9 16.8 18.4 27.7 21.7 23.7 26.7 27.7 33.6 34.4 5

 6 Mortgages 64.8 36.4 27.7 24.5 27.8 23.5 26.3 27.1 27.8 30.2 32.2 6

 7 Home 34.2 12.5 8.8 8.0 13.4 8.4 11.5 12.1 13.4 15.2 15.8 7

 8 Multifamily residential 3.8 2.0 1.6 1.4 1.5 1.5 1.5 1.4 1.5 1.8 2.3 8

 9 Commercial 26.8 22.0 17.3 15.1 12.9 13.6 13.3 13.6 12.9 13.2 14.1 9

10 Miscellaneous assets 16.7 10.2 9.6 12.7 27.5 17.6 18.6 23.5 27.5 33.0 41.6 10

11 Total liabilities 167.3 145.3 171.5 265.4 386.9 323.0 343.2 402.0 386.9 388.5 381.3 11

12 Security RPs 79.4 90.4 120.5 215.4 318.7 258.7 279.1 319.9 318.7 320.6 307.8 12

13 Credit market instruments 73.3 41.0 34.3 30.1 30.1 30.0 33.6 32.0 30.1 32.3 36.0 13

14 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 14

15 Corporate bonds 68.4 38.6 32.2 29.4 29.4 29.4 32.8 31.5 29.4 30.0 33.6 15

16 Depository institution loans n.e.c. 4.8 2.4 2.1 0.7 0.6 0.6 0.8 0.5 0.6 2.3 2.4 16

17 Miscellaneous liabilities 14.7 13.9 16.7 20.0 38.1 34.4 30.5 50.1 38.1 35.7 37.5 17

 Memo:

18 Securitized assets included above 45.4 20.1 20.5 17.4 12.9 17.7 12.7 14.9 12.9 13.6 15.2 18

19 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 19

20 Home mortgages 31.8 6.1 7.2 6.5 10.0 7.1 7.2 9.4 10.0 10.5 12.1 20

21 Multifamily residential mortgages 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 21

22 Commercial mortgages 13.2 13.7 13.0 10.7 2.5 10.3 5.2 5.2 2.5 2.8 2.8 22
Inte

g

r

ate

d

A

c

c

o

u

nts

128 Z.1, September 25, 2013

S.1.a Total Economy - Current Account

Billions of dollars

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 1 Gross value added 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 1

 (income approach)

 2 Less: Consumption of fixed capital 1727.2 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2452.6 2542.9 2

 3 Equals: Net value added 9797.1 10451.8 11147.2 11937.1 12195.8 12257.9 11977.3 12533.6 13134.9 13718.8 3

 4 Compensation of employees (paid) 6372.7 6748.8 7097.9 7513.7 7908.8 8090.0 7795.7 7975.3 8286.6 8620.0 4

 5 Wages and salaries 5146.1 5431.2 5703.1 6068.8 6405.7 6543.6 6260.1 6385.6 6646.8 6935.1 5

 6 Employers’ social contributions 1226.6 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1589.8 1639.8 1684.9 6

 7 Taxes on production and imports less subsidies 758.9 817.6 873.6 940.5 980.0 989.4 967.8 1001.2 1037.2 1065.6 7

 8 Operating surplus, net 2665.4 2885.5 3175.7 3483.0 3307.0 3178.6 3213.9 3557.0 3811.2 4033.2 8

 9 Plus: Income receipts from the rest of the world 356.1 451.4 575.8 724.2 875.5 856.8 643.7 720.0 802.8 818.6 9

10 Less: Income payments to the rest of the world 288.1 361.4 482.3 655.7 749.1 683.8 496.5 514.1 542.1 565.7 10

11 Equals: Net national income/Balance of primary incomes, net 9865.1 10541.9 11240.8 12005.6 12322.3 12430.8 12124.5 12739.5 13395.7 13971.6 11

12 Operating surplus, net 2665.4 2885.5 3175.7 3483.0 3307.0 3178.6 3213.9 3557.0 3811.2 4033.2 12

13 Compensation of employees (received) 6365.4 6740.5 7087.8 7503.2 7899.1 8079.2 7787.8 7967.3 8278.5 8611.6 13

14 Wages and salaries 5138.8 5422.9 5692.9 6058.2 6396.0 6532.8 6252.2 6377.5 6638.7 6926.8 14

15 Employers’ social contributions 1226.6 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1589.8 1639.8 1684.9 15

16 Taxes on production and imports, receivable 808.0 863.9 934.5 991.9 1034.6 1041.9 1026.1 1057.1 1097.1 1122.9 16

17 Subsidies paid -49.1 -46.4 -60.9 -51.5 -54.6 -52.6 -58.3 -55.9 -60.0 -57.3 17

18 Property income (received) 4363.3 4812.7 5548.9 6528.4 7187.0 6802.0 5703.0 5653.1 5935.4 6052.1 18

19 Interest 2628.5 2795.0 3385.2 4109.9 4661.4 4188.5 3420.8 3194.8 3190.5 3108.0 19

20 Distributed income of corporations 1571.1 1808.0 2123.9 2150.5 2241.5 2322.1 2001.1 2102.5 2362.2 2554.6 20

21 Dividends 603.0 775.5 1069.4 1018.6 1174.9 1186.9 918.5 943.1 1059.4 1166.1 21

22 Withdrawals from income of quasi-corporations 968.1 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1302.8 1388.5 22

23 Reinvested earnings on U.S. direct investment abroad 149.0 192.5 20.4 247.8 261.4 265.6 262.8 336.6 361.1 368.1 23

24 Rents on land and natural resources 14.6 17.1 19.4 20.3 22.6 25.9 18.3 19.2 21.6 21.5 24

25 Less: Uses of property income (paid) 4287.9 4714.3 5445.2 6449.4 7051.0 6618.3 5548.0 5439.1 5666.5 5790.9 25

26 Interest 2719.8 2901.7 3520.6 4287.1 4878.7 4411.4 3618.6 3376.0 3358.2 3265.7 26

27 Distributed income of corporations 1539.0 1745.7 1863.0 2072.6 2101.1 2141.6 1889.3 1981.1 2205.8 2397.8 27

28 Dividends 571.0 713.2 808.5 940.7 1034.5 1006.4 806.6 821.7 903.0 1009.4 28

29 Withdrawals from income of quasi-corporations 968.1 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1302.8 1388.5 29

30 Reinvested earnings on foreign direct investment 14.5 49.8 42.1 69.5 48.5 39.4 21.9 62.8 81.0 105.9 30

31 Rents on land and natural resources 14.6 17.1 19.4 20.3 22.6 25.9 18.3 19.2 21.6 21.5 31

32 Net national income/Balance of primary incomes, net 9865.1 10541.9 11240.8 12005.6 12322.3 12430.8 12124.5 12739.5 13395.7 13971.6 32

33 Plus: Current taxes on income, wealth, etc. (received) 1241.6 1347.9 1616.5 1821.0 1923.9 1735.1 1405.8 1553.5 1765.3 1918.3 33

34 Less: Current taxes on income, wealth, etc. (paid) 1244.6 1352.1 1620.9 1825.5 1933.4 1744.3 1414.4 1562.0 1778.2 1932.8 34

35 Plus: Social benefits (received) 2099.8 2233.5 2364.3 2515.3 2658.3 2840.4 3070.9 3223.0 3182.9 3272.2 35

36 Less: Social contributions (paid) 2105.9 2239.7 2370.9 2523.2 2666.9 2851.1 3081.9 3234.6 3195.6 3285.5 36

37 Plus: Other current transfers (received) 456.8 468.2 494.1 497.2 532.5 563.0 671.0 719.3 694.5 643.7 37

38 Less: Other current transfers (paid) 528.3 554.8 598.1 586.6 640.1 681.4 787.5 841.2 817.9 760.4 38

39 Equals: Disposable income, net 9784.5 10445.0 11125.8 11903.8 12196.5 12292.6 11988.4 12597.5 13246.7 13827.0 39

40 Less: Final consumption expenditures 9519.9 10126.7 10770.4 11387.3 11954.2 12374.1 12285.0 12724.1 13237.9 13697.6 40

41 Equals: Net saving 264.5 318.3 355.5 516.5 242.4 -81.5 -296.6 -126.6 8.8 129.3 41

 Addendum:

42 Gross value added (line 1) 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 42

43 Plus statistical discrepancy (NIPA) -12.1 -6.5 -33.8 -215.3 20.2 99.0 72.2 43.1 -53.6 -17.0 43

44 Equals: GDP (NIPA, expenditure approach) 11512.2 12277.0 13095.4 13857.9 14480.3 14720.3 14417.9 14958.3 15533.8 16244.6 44
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 129

S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 1 Gross value added 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 1

 2 Households and nonprofit institutions serving households 1427.0 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1927.5 1971.9 2025.4 2

 3 Nonfinancial noncorporate business 1911.9 2079.1 2218.8 2440.1 2513.9 2632.7 2466.7 2545.9 2766.5 2906.4 3

 4 Nonfinancial corporate business 5724.4 6107.9 6532.1 6988.0 7203.9 7258.1 6861.4 7243.1 7636.4 8030.8 4

 5 Financial business 885.6 922.1 1034.3 1127.6 1068.8 852.3 1015.7 1039.9 1025.1 1090.3 5

 6 Federal government 498.1 525.8 552.7 577.6 605.4 637.6 668.8 704.5 719.7 716.7 6

 7 State and local government 1077.2 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1468.0 1491.9 7

 8 Net saving 264.5 318.3 355.5 516.5 242.4 -81.5 -296.6 -126.6 8.8 129.3 8

 9 Households and nonprofit institutions serving households 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 9

10 Nonfinancial corporate business 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 10

11 Financial business 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 11

12 Federal government -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 12

13 State and local government -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 13

 Net capital transfers

14 Households and nonprofit institutions serving households 13.1 1.4 -21.9 16.6 6.8 7.7 -28.4 -20.6 2.1 -5.1 14

15 Nonfinancial noncorporate business 0.0 -5.0 -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -4.9 15

16 Nonfinancial corporate business -0.1 -6.7 -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -16.7 16

17 Financial business 0.0 16.2 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 9.6 17

18 Federal government 41.1 39.3 60.3 43.2 53.0 117.6 186.3 126.3 113.8 84.7 18

19 State and local government -52.0 -48.0 -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.9 -74.1 19

20 Rest of the world -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.6 20

21 Gross fixed capital formation 2473.9 2701.3 2981.2 3166.0 3201.5 3091.4 2672.7 2691.1 2828.3 3028.1 21

22 Households and nonprofit institutions serving households 653.9 765.9 865.0 860.1 736.1 580.4 468.1 452.4 456.7 498.1 22

23 Nonfinancial noncorporate business 238.3 260.3 289.2 305.0 313.5 307.5 248.8 243.1 258.5 278.7 23

24 Nonfinancial corporate business 960.0 1010.1 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1305.3 1438.9 24

25 Financial business (nonresidential) 156.5 176.5 180.0 188.7 211.5 196.2 166.9 162.8 175.2 193.4 25

26 Federal government 196.4 211.0 222.9 238.0 251.4 275.8 284.0 300.0 295.4 284.0 26

27 State and local government 268.9 277.5 290.8 314.3 340.8 358.8 363.0 351.9 337.2 334.9 27

28 Consumption of fixed capital 1727.2 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2452.6 2542.9 28

29 Households and nonprofit institutions serving households 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 29

30 Nonfinancial noncorporate business 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 30

31 Nonfinancial corporate business 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 31

32 Financial business (nonresidential) 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 32

33 Federal government 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 33

34 State and local government 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 34

35 Change in inventories 19.3 63.9 59.6 67.0 34.5 -32.0 -147.6 61.5 36.4 66.1 35

36 Nonfinancial noncorporate business 1.0 10.0 3.2 0.6 1.2 -0.4 -8.5 -2.2 -2.7 -4.9 36

37 Nonfinancial corporate business 18.3 53.9 56.4 66.3 33.3 -31.6 -139.0 63.7 39.1 71.0 37

38 Net lending (+) or net borrowing (-) (capital account) -503.6 -612.4 -690.5 -582.5 -729.1 -772.2 -454.0 -498.3 -405.0 -415.4 38

39 Households and nonprofit institutions serving households 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 39

40 Nonfinancial noncorporate business -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 40

41 Nonfinancial corporate business 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 41

42 Financial business 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 42

43 Federal government -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 43

44 State and local government -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 44

 Addendum:

45 Statistical discrepancy (NIPA) -12.1 -6.5 -33.8 -215.3 20.2 99.0 72.2 43.1 -53.6 -17.0 45

46 Rest of the world 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 46

47 Net lending (+) or net borrowing (-) (financial account) -391.2 -284.8 -369.5 -555.9 -348.1 -1552.6 -303.9 -638.8 -425.8 -210.1 47

48 Households and nonprofit institutions serving households 109.7 235.3 -191.3 -298.1 267.2 846.5 819.7 1132.5 1329.1 924.0 48

49 Nonfinancial noncorporate business -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 49

50 Nonfinancial corporate business 74.1 166.1 -19.9 -138.6 -206.5 -943.3 551.0 145.5 55.4 194.0 50

51 Financial business 209.0 14.9 307.0 273.8 120.4 -282.9 39.9 -204.1 -128.7 58.2 51

52 Federal government -530.9 -474.1 -422.8 -310.4 -390.6 -789.0 -1298.3 -1412.4 -1352.7 -1128.5 52

53 State and local government -197.5 -158.1 22.4 -9.5 -69.5 -334.6 -435.0 -318.9 -331.4 -253.4 53

 Addendum:

54 Rest of the world 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 54

 Total other volume changes

55 Households and nonprofit institutions serving households 517.2 1300.6 345.9 117.2 587.7 471.7 650.5 803.0 534.3 572.9 55

56 Nonfinancial noncorporate business 66.3 77.9 -65.3 9.4 -36.8 -303.3 -71.4 192.2 -53.5 -14.3 56

57 Nonfinancial corporate business 131.6 294.6 327.3 645.4 757.3 -720.6 175.5 415.2 389.6 481.5 57

58 Financial business -692.1 -48.3 49.2 210.8 -75.5 1181.3 -265.8 -509.7 -172.7 134.4 58

59 Federal government -94.4 -27.7 -46.3 31.3 10.8 87.8 122.4 -20.7 49.8 72.3 59

60 State and local government 339.6 -698.6 215.1 318.3 220.7 -982.4 361.7 32.5 -56.3 315.5 60

61 Rest of the world -115.2 -78.8 -271.2 77.0 -245.0 -284.3 -463.5 -203.5 242.3 64.3 61

 Holding gains/losses

62 Households and nonprofit institutions serving households 4494.6 5358.4 5601.6 4162.4 -365.8 -11719.9 356.4 2929.8 188.7 4678.7 62

63 Nonfinancial noncorporate business 527.4 1133.6 1329.9 300.0 161.9 -1243.1 -1170.9 493.9 564.1 661.7 63

64 Nonfinancial corporate business -2372.0 -37.9 112.0 -1470.1 -127.8 4207.5 -5269.8 -1286.7 283.9 -1541.0 64

65 Financial business 127.9 -186.7 72.3 -571.7 1295.2 473.8 -206.1 -294.7 243.6 -587.7 65

66 Federal government 47.7 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 23.0 32.1 66

67 State and local government 120.5 516.3 478.9 621.8 466.0 350.5 -71.7 197.3 394.3 243.4 67

68 Rest of the world -333.3 -375.8 -695.9 -582.3 -795.3 1173.0 -879.5 -209.3 795.1 -354.2 68
Inte

g

r

ate

d

A

c

c

o

u

nts

130 Z.1, September 25, 2013

S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Change in net worth

69 Households and nonprofit institutions serving households 5409.5 7070.8 6212.0 4600.0 532.3 -10704.5 1705.9 4387.6 1389.1 5944.1 69

70 Nonfinancial noncorporate business 593.7 1216.4 1277.7 309.4 125.0 -1543.1 -1236.4 693.8 512.2 652.4 70

71 Nonfinancial corporate business -1967.1 576.0 866.5 -438.2 942.6 3787.3 -4750.5 -293.9 1328.8 -395.0 71

72 Financial business -458.7 -150.7 166.9 -300.3 1171.1 1586.2 -177.7 -555.5 256.4 -306.4 72

73 Federal government -491.3 -351.1 -296.8 -123.3 -215.6 -663.6 -1471.6 -1458.1 -1289.2 -1089.9 73

74 State and local government 390.6 -242.7 677.7 958.4 673.4 -733.8 85.7 69.3 198.8 380.3 74

75 Rest of the world 67.2 164.4 -242.8 292.5 -331.3 1561.8 -961.3 42.4 1496.1 142.5 75
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 131

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 1427.0 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1927.5 1971.9 2025.4 1

 2 Less: Consumption of fixed capital 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 2

 3 Equals: Net value added 1136.3 1187.5 1237.5 1293.2 1335.9 1440.7 1510.3 1527.1 1569.0 1615.5 3

 4 Compensation paid by households and NPISHs 517.7 545.6 563.4 590.9 616.8 658.2 686.6 695.2 717.5 747.6 4

 5 Wages and salaries 432.5 452.2 466.2 490.9 516.0 549.9 566.1 577.3 596.6 620.3 5

 6 Employers’ social contributions 85.2 93.4 97.1 100.0 100.8 108.3 120.5 117.9 120.8 127.4 6

 7 Taxes on production and imports less subsidies 108.8 114.7 120.7 130.8 135.1 143.2 152.4 152.8 154.2 156.1 7

 8 Operating surplus, net 509.7 527.2 553.4 571.5 584.0 639.3 671.3 679.1 697.4 711.8 8

 9 Net national income/Balance of primary incomes, net 8718.5 9245.7 9734.1 10438.3 10937.5 11248.6 10638.0 10895.4 11549.9 12087.8 9

10 Operating surplus, net 509.7 527.2 553.4 571.5 584.0 639.3 671.3 679.1 697.4 711.8 10

11 Compensation of employees (received) 6365.4 6740.5 7087.8 7503.2 7899.1 8079.2 7787.8 7967.3 8278.5 8611.6 11

12 Wages and salaries 5138.8 5422.9 5692.9 6058.2 6396.0 6532.8 6252.2 6377.5 6638.7 6926.8 12

13 Employers’ social contributions 1226.6 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1589.8 1639.8 1684.9 13

14 Property income (received) 2389.8 2537.5 2722.2 3071.6 3234.6 3303.6 2895.7 2900.2 3188.6 3348.3 14

15 Interest 989.5 942.9 1089.4 1216.1 1351.5 1363.0 1265.2 1196.2 1205.3 1212.9 15

16 Distributed income of corporations 1400.3 1594.5 1632.8 1855.5 1883.1 1940.6 1630.5 1704.0 1983.3 2135.4 16

17 Dividends 432.3 562.1 578.3 723.7 816.5 805.4 547.8 544.6 680.5 746.9 17

18 Withdrawals from income of quasi-corporations (1) 968.1 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1302.8 1388.5 18

19 Less: Uses of property income (interest paid) 546.5 559.5 629.3 707.9 780.2 773.5 716.8 651.2 614.6 583.9 19

20 Net national income/Balance of primary incomes, net 8718.5 9245.7 9734.1 10438.3 10937.5 11248.6 10638.0 10895.4 11549.9 12087.8 20

21 Less: Current taxes on income, wealth, etc. (paid) 1000.9 1046.0 1208.5 1352.1 1487.9 1435.2 1144.9 1191.5 1404.0 1498.0 21

22 Plus: Social benefits (received) 1316.6 1399.9 1486.3 1588.2 1692.2 1847.3 2101.5 2234.0 2260.3 2316.8 22

23 Less: Social contributions (paid) 779.3 829.2 873.3 922.6 961.4 988.2 964.4 984.1 918.2 950.7 23

24 Plus: Other current transfers (received) 26.3 16.8 25.7 21.5 30.6 36.6 38.7 43.0 46.7 41.4 24

25 Less: Other current transfers (paid) 106.1 116.3 131.2 138.9 149.3 152.3 155.2 160.6 154.6 160.4 25

26 Equals: Disposable income, net 8175.2 8671.0 9033.0 9634.4 10061.7 10556.8 10513.6 10836.1 11380.0 11837.0 26

27 Less: Final consumption expenditures 7764.4 8257.8 8790.3 9297.5 9744.4 10005.5 9842.9 10201.9 10711.8 11149.6 27

28 Equals: Net saving 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 28

 Capital account

29 Net saving less capital transfers 397.7 411.9 264.6 320.3 310.4 543.7 699.1 654.8 666.1 692.5 29

30 Net saving 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 30

31 Less: Capital transfers paid (net) 13.1 1.4 -21.9 16.6 6.8 7.7 -28.4 -20.6 2.1 -5.1 31

32 Capital formation, net 354.6 433.8 493.8 453.8 311.2 154.9 55.2 43.4 45.5 79.8 32

33 Gross fixed capital formation, excluding consumer durables 653.9 765.9 865.0 860.1 736.1 580.4 468.1 452.4 456.7 498.1 33

34 Residential 541.9 643.8 738.9 722.7 582.3 425.3 321.0 318.3 317.1 354.3 34

35 Nonresidential (nonprofit organizations) 112.0 122.1 126.1 137.4 153.9 155.1 147.1 134.1 139.6 143.8 35

36 Less: Consumption of fixed capital 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 36

37 Acquisition of nonproduced nonfinancial assets -8.5 -8.7 -9.1 -10.1 -11.2 -11.0 -9.7 -8.5 -8.3 -8.4 37

38 Net lending (+) or borrowing (-), capital account (lines 29-32) 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 38

 Financial account

39 Net lending (+) or borrowing (-), capital account (line 38) 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 39

40 Net acquisition of financial assets 1142.3 1386.6 975.3 942.2 1179.8 704.9 640.5 889.3 1118.2 1018.4 40

41 Currency and deposits 265.6 394.8 372.8 446.5 410.9 413.5 206.7 186.9 675.3 489.9 41

42 Currency and transferable deposits -31.2 -58.2 -113.9 -40.0 -75.4 246.7 35.7 35.9 324.0 82.0 42

43 Time and savings deposits 294.6 447.6 484.3 481.3 471.0 190.5 177.6 151.5 354.1 409.6 43

44 Foreign deposits 2.2 5.4 2.4 5.2 15.4 -23.7 -6.6 -0.6 -2.8 -1.8 44

45 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

46 Debt securities 39.3 241.7 171.5 88.3 526.8 166.8 45.6 31.1 -140.6 19.3 46

47 Open market paper -4.9 6.4 14.7 19.0 -10.2 -101.3 16.7 -1.5 -1.8 -0.3 47

48 U.S. savings bonds 8.9 0.6 0.7 -2.7 -6.0 -2.4 -2.8 -3.3 -2.7 -2.8 48

49 Treasury securities 13.7 -3.8 -115.2 -104.8 -45.4 167.3 540.9 403.5 -199.7 272.8 49

50 Agency- and GSE-backed securities (2) 132.7 97.1 151.8 -25.8 347.3 218.9 -674.6 -81.8 0.9 -141.9 50

51 Municipal securities 15.8 118.5 77.8 34.7 37.9 47.3 107.0 43.7 -64.8 -149.8 51

52 Corporate and foreign bonds -126.9 22.9 41.7 167.9 203.2 -162.9 58.4 -329.6 127.6 41.3 52

53 Loans 68.0 116.2 7.8 73.9 214.6 -103.5 -88.1 0.9 45.7 -4.1 53

54 Short term 63.0 105.8 -0.3 91.1 227.6 -104.5 -85.1 14.6 48.9 16.3 54

55 Long term (mortgages) 5.0 10.4 8.1 -17.3 -13.0 1.1 -3.0 -13.7 -3.2 -20.4 55
Inte

g

r

ate

d

A

c

c

o

u

nts

132 Z.1, September 25, 2013

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

56 Equity and investment fund shares 99.3 -91.1 -247.3 -308.0 -655.3 -426.8 -8.5 44.8 -91.7 48.5 56

57 Corporate equities -110.6 -282.6 -422.9 -652.8 -1102.5 -303.0 -8.5 -187.4 -288.2 -363.0 57

58 Mutual fund shares 260.3 166.5 176.9 171.6 232.9 -38.1 334.5 227.6 217.7 419.2 58

59 Money market fund shares -113.0 -54.9 40.4 170.5 247.9 201.4 -265.9 -186.8 32.9 -8.9 59

60 Equity in noncorporate business 62.5 79.9 -41.8 2.7 -33.6 -287.1 -69.8 187.4 -54.9 1.1 60

61 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.0 0.0 1.2 4.0 0.7 0.0 61

62 Insurance, pension and standardized guarantee schemes 670.2 725.0 670.5 641.5 682.7 654.8 484.8 625.8 629.5 464.9 62

63 Insurance receivables due from property-casualty insurance companies 22.9 23.6 25.6 4.6 6.7 11.0 8.7 -35.2 36.7 -16.7 63

64 Life insurance reserves 66.8 33.1 16.1 57.8 18.0 61.7 23.7 9.0 86.9 -26.3 64

65 Pension entitlements (4) 547.0 639.4 596.4 546.3 598.6 538.0 427.4 614.7 473.0 497.1 65

66 Non-life insurance reserves at life insurance companies 13.9 11.4 9.5 14.8 15.5 17.6 8.4 14.8 14.4 -2.4 66

67 Retiree Health Care Funds 19.6 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 13.3 67

68 Net incurrence of liabilities 1032.6 1151.3 1166.6 1240.3 912.6 -141.6 -179.3 -243.2 -210.9 94.4 68

69 Debt securities (municipals) 13.8 14.7 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 69

70 Loans 1013.0 1118.6 1137.5 1209.8 875.9 -176.2 -196.3 -265.0 -216.8 106.8 70

71 Short term 135.3 179.4 77.1 198.4 178.7 -115.0 -32.1 104.7 17.8 346.8 71

72 Consumer credit 105.9 117.2 100.4 121.9 151.3 34.8 -103.7 -25.3 109.1 169.1 72

73 Depository institution loans n.e.c. -3.4 -19.6 8.2 12.0 -9.1 4.6 33.0 52.4 -53.9 111.5 73

74 Other loans and advances -1.5 0.3 0.0 4.8 3.2 6.2 0.5 2.4 1.9 1.2 74

75 Security credit 34.3 81.5 -31.6 59.7 33.4 -160.7 38.1 75.2 -39.3 64.9 75

76 Long term (mortgages) 877.7 939.2 1060.3 1011.5 697.1 -61.2 -164.2 -369.7 -234.6 -240.0 76

77 Insurance, pension and standardized guarantee schemes 0.9 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 77

78 Other accounts payable (trade debt) 4.8 16.5 13.0 13.6 14.6 22.2 16.0 21.4 14.0 1.5 78

 Addendum:

79 Net lending (+) or borrowing (-), financial account (lines 40-68) 109.7 235.3 -191.3 -298.1 267.2 846.5 819.7 1132.5 1329.1 924.0 79

 Other changes in volume account

80 Total other volume changes 517.2 1300.6 345.9 117.2 587.7 471.7 650.5 803.0 534.3 572.9 80

81 Net investment in consumer durable goods 239.7 254.8 252.4 239.6 231.1 134.6 50.3 86.9 121.9 160.4 81

82 Disaster losses 0.0 12.0 50.4 0.0 0.0 8.3 0.0 0.0 0.0 20.9 82

83 Other volume changes 210.9 776.4 5.2 42.3 88.6 -128.8 424.3 195.0 -296.0 80.3 83

84 Less: Statistical discrepancy (lines 38-[40-68]) (5) -66.7 -257.3 -37.9 164.6 -268.0 -457.7 -175.9 -521.1 -708.5 -311.3 84

 Revaluation account

85 Nonfinancial assets 1292.2 2390.3 2873.5 343.2 -1886.4 -3717.7 -1276.7 -461.6 -232.2 1467.0 85

86 Real estate 1378.8 2422.7 2915.1 387.0 -1833.4 -3690.9 -1235.7 -376.3 -254.4 1502.0 86

87 Consumer durable goods -88.0 -34.5 -44.1 -46.9 -55.6 -32.0 -40.8 -88.3 17.9 -38.8 87

88 Equipment -0.3 1.1 0.4 1.5 0.1 3.9 -0.5 1.4 2.0 0.6 88

89 Intellectual property products 1.6 1.0 2.1 1.5 2.6 1.2 0.3 1.5 2.3 3.2 89

90 Financial assets 3202.4 2968.1 2728.1 3819.2 1520.6 -8002.2 1633.1 3391.5 420.8 3211.8 90

91 Corporate equities 1723.1 1003.4 1076.6 2789.1 929.0 -3886.6 1572.1 1690.2 343.7 1639.2 91

92 Mutual fund shares 427.3 328.1 45.2 381.3 274.9 -1336.0 471.7 250.8 -363.7 444.4 92

93 Equity in noncorporate business 539.1 1134.8 1320.0 304.8 161.4 -1258.0 -1162.4 507.6 564.2 656.7 93

94 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 -0.1 94

95 Insurance, pension and standardized guarantee schemes 512.9 501.9 286.2 344.0 155.2 -1521.6 752.0 943.8 -123.2 471.5 95

96 Changes in net worth due to nominal holding gains/losses 4494.6 5358.4 5601.6 4162.4 -365.8 -11719.9 356.4 2929.8 188.7 4678.7 96

 Changes in balance sheet account

97 Change in net worth (lines 32+38+80+96) 5409.5 7070.8 6212.0 4600.0 532.3 -10704.5 1705.9 4387.6 1389.1 5944.1 97

 Balance sheet account (end of period)

98 Total assets 59327.2 67569.3 74946.9 80842.2 82289.6 71448.5 72931.6 77081.5 78265.0 84238.9 98

99 Nonfinancial assets 21950.9 25015.0 28583.2 29618.1 28271.6 24831.9 23657.3 23319.2 23251.3 24934.3 99

100 Real estate 18016.3 20838.0 24177.1 24995.8 23448.6 19879.5 18679.7 18326.8 18096.7 19638.8 100

101 Consumer durable goods 3679.2 3899.5 4107.8 4300.5 4476.0 4578.6 4588.1 4586.7 4726.4 4848.0 101

102 Equipment 173.1 190.6 206.9 226.3 246.1 268.5 279.5 290.6 304.6 315.1 102

103 Intellectual property products 82.4 86.8 91.4 95.5 100.9 105.4 110.0 115.0 123.6 132.4 103
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 133

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

104 Financial assets 37376.3 42554.4 46363.7 51224.1 54018.1 46616.5 49274.3 53762.3 55013.7 59304.6 104

105 Currency and deposits 4481.5 4901.8 5274.5 5747.3 6158.2 6536.8 6728.9 6870.7 7546.0 7980.2 105

106 Currency and transferable deposits 458.0 399.8 285.8 239.6 153.2 364.9 400.6 425.2 749.2 820.8 106

107 Foreign deposits 52.1 57.5 59.9 65.2 80.5 56.9 50.2 49.7 46.9 45.1 107

108 Time and savings deposits 3971.5 4444.5 4928.8 5442.5 5924.5 6115.0 6278.1 6395.8 6749.9 7114.3 108

109 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 109

110 Debt securities 2737.7 3777.4 4058.1 4204.4 4824.8 4923.4 5365.4 5648.8 5281.1 5416.7 110

111 Open market paper 77.3 83.7 98.4 117.5 107.3 6.0 22.7 21.1 19.4 19.0 111

112 U.S. savings bonds 203.8 204.4 205.1 202.4 196.4 194.0 191.2 187.9 185.2 182.4 112

113 Treasury securities 206.4 269.5 228.6 127.7 -2.6 -0.3 677.3 1033.0 643.0 926.5 113

114 Agency- and GSE-backed securities (2) 391.6 427.0 575.4 607.2 884.5 1050.2 347.1 264.2 227.0 75.1 114

115 Municipal securities 687.2 1522.9 1600.7 1635.6 1673.6 1720.9 1827.9 1871.7 1806.8 1657.0 115

116 Corporate and foreign bonds 1171.3 1269.9 1349.9 1513.9 1965.7 1952.7 2299.2 2270.8 2399.6 2556.6 116

117 Loans 600.1 716.3 724.1 866.8 1081.4 977.9 892.2 893.0 938.7 934.6 117

118 Short term 478.5 584.3 584.0 744.0 971.6 867.0 784.2 798.8 847.7 864.0 118

119 Long term (mortgages) 121.6 132.0 140.1 122.9 109.9 110.9 108.0 94.2 91.0 70.5 119

120 Equity and investment fund shares 16815.2 19190.3 21384.8 24498.0 25208.0 18300.5 19173.1 21665.5 22057.3 24846.0 120

121 Corporate equities 6776.1 7496.9 8150.6 10286.8 10113.4 5923.7 7487.4 8990.2 9045.8 10322.0 121

122 Mutual fund shares 2910.5 3405.0 3627.2 4180.1 4687.9 3313.7 4119.9 4598.3 4452.3 5315.9 122

123 Money market fund shares 955.4 900.5 941.0 1057.4 1305.4 1506.8 1240.8 1054.1 1026.4 1017.6 123

124 Equity in noncorporate business 6173.2 7387.9 8666.0 8973.6 9101.4 7556.4 6324.1 7019.1 7528.4 8186.3 124

125 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.9 3.8 4.4 4.4 125

126 Insurance, pension and standardized guarantee schemes 12741.8 13968.6 14922.2 15907.7 16745.6 15877.9 17114.7 18684.3 19190.6 20127.0 126

127 Insurance receivables due from property-casualty insurance companies 266.8 290.4 316.0 320.5 327.3 337.3 346.0 310.8 347.5 330.8 127

128 Life insurance reserves 1013.2 1060.4 1082.6 1055.2 1076.8 1049.8 1109.2 1137.2 1203.6 1186.1 128

129 Pension entitlements (4) 11227.3 12354.5 13230.9 14206.4 14956.6 14061.8 15205.4 16745.0 17115.2 18075.1 129

130 Non-life insurance reserves at life insurance companies 199.5 211.0 217.3 232.1 247.6 265.2 273.6 288.4 302.8 300.3 130

131 Retiree Health Care Funds 35.0 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 131

132 Total liabilities and net worth 59327.2 67569.3 74946.9 80842.2 82289.6 71448.5 72931.6 77081.5 78265.0 84238.9 132

133 Liabilities 9823.7 10995.1 12160.6 13455.9 14371.1 14234.4 14011.7 13773.9 13568.3 13598.0 133

134 Debt securities (municipals) 177.7 197.6 212.7 229.1 250.2 259.5 265.4 263.2 255.5 241.0 134

135 Loans 9468.3 10601.8 11739.2 13004.1 13882.5 13711.2 13471.4 13211.8 13000.4 13042.5 135

136 Short term 2399.7 2579.1 2656.2 2909.6 3090.9 2975.9 2900.3 3123.4 3146.6 3433.6 136

137 Consumer credit 2102.9 2220.1 2320.6 2462.8 2616.6 2651.4 2553.5 2648.1 2757.2 2924.3 137

138 Depository institution loans n.e.c. -4.4 -24.0 -15.8 30.9 21.8 26.4 10.2 61.0 12.4 66.3 138

139 Other loans and advances 118.7 119.0 119.0 123.8 127.0 133.2 133.7 136.1 138.1 139.3 139

140 Security credit 182.5 264.0 232.4 292.1 325.5 164.8 203.0 278.2 238.9 303.7 140

141 Long term (mortgages) 7068.6 8022.7 9083.0 10094.5 10791.6 10735.3 10571.1 10088.4 9853.8 9608.8 141

142 Insurance, pension and standardized guarantee schemes 20.9 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 142

143 Other accounts payable (trade debt) 156.8 173.3 186.3 199.9 214.5 236.7 252.7 274.1 288.2 289.7 143

144 Net worth 49503.4 56574.3 62786.3 67386.3 67918.6 57214.1 58920.0 63307.6 64696.7 70640.8 144

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

(4) Includes variable annuities, including those in IRAs, at life insurance companies.

(5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

NPISHs Nonprofit institutions serving households

n.e.c. Not elsewhere classified
Inte

g

r

ate

d

A

c

c

o

u

nts

134 Z.1, September 25, 2013

S.4.a Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 1911.9 2079.1 2218.8 2440.1 2513.9 2632.7 2466.7 2545.9 2766.5 2906.4 1

 2 Less: Consumption of fixed capital 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 2

 3 Equals: Net value added 1728.3 1882.7 2004.4 2207.5 2268.3 2378.3 2213.6 2294.1 2509.7 2641.9 3

 4 Compensation of employees (paid) 532.2 599.1 664.7 747.4 827.5 843.4 805.4 816.2 851.4 895.2 4

 5 Wages and salaries 447.5 503.5 557.9 631.2 701.8 712.1 675.0 684.6 716.7 754.5 5

 6 Employers’ social contributions 84.8 95.6 106.8 116.3 125.7 131.3 130.4 131.6 134.6 140.7 6

 7 Taxes on production and imports less subsidies 111.4 125.4 130.2 147.0 157.6 157.9 145.4 150.7 157.8 162.7 7

 8 Operating surplus, net 1084.6 1158.3 1209.4 1313.0 1283.2 1377.1 1262.8 1327.2 1500.5 1584.0 8

 9 Net national income/Balance of primary incomes, net 19.8 20.1 21.8 22.7 19.8 15.3 21.3 23.1 25.2 26.5 9

10 Operating surplus, net 1084.6 1158.3 1209.4 1313.0 1283.2 1377.1 1262.8 1327.2 1500.5 1584.0 10

11 Property income (interest received) 16.7 17.3 18.1 19.1 17.7 13.6 9.4 8.4 1.2 5.0 11

12 Less: Uses of property income (paid) 1081.5 1155.5 1205.7 1309.5 1281.1 1375.4 1251.0 1312.6 1476.5 1562.5 12

13 Interest 163.5 170.3 198.8 227.6 254.2 263.1 242.7 237.9 227.4 226.0 13

14 Withdrawals from income of quasi-corporations (1) 917.9 985.1 1006.8 1081.8 1026.8 1112.2 1008.3 1074.5 1249.0 1336.2 14

15 Reinvested earnings on foreign direct investment 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.2 0.2 15

16 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net national income/Balance of primary incomes, net 19.8 20.1 21.8 22.7 19.8 15.3 21.3 23.1 25.2 26.5 17

18 Less: Other current transfers (paid) 19.8 20.1 21.8 22.7 19.8 15.3 21.3 23.1 25.2 26.5 18

19 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Capital account

21 Net saving less capital transfers 0.0 5.0 13.1 0.0 0.0 3.3 6.0 7.8 1.6 4.9 21

22 Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Less: Capital transfers paid (net) 0.0 -5.0 -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -4.9 23

24 Capital formation, net 55.6 73.9 78.0 73.0 69.1 52.6 -12.8 -10.8 -0.9 9.3 24

25 Gross fixed capital formation 238.3 260.3 289.2 305.0 313.5 307.5 248.8 243.1 258.5 278.7 25

26 Nonresidential 150.1 162.2 180.5 198.9 215.0 223.8 182.9 184.9 199.1 212.5 26

27 Residential 88.1 98.1 108.7 106.2 98.5 83.7 65.8 58.3 59.5 66.2 27

28 Less: Consumption of fixed capital 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 28

29 Change in private inventories 1.0 10.0 3.2 0.6 1.2 -0.4 -8.5 -2.2 -2.7 -4.9 29

30 Net lending (+) or borrowing (-), capital account (lines 21-24) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 30

 Financial account

31 Net lending (+) or borrowing (-) (line 30) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 31

32 Net acquisition of financial assets 80.5 370.8 437.2 519.8 479.4 97.2 -117.0 151.7 19.3 65.8 32

33 Currency and deposits 50.8 93.7 100.1 94.9 81.8 2.5 10.1 0.1 2.2 17.8 33

34 Currency and transferable deposits 6.1 106.9 76.6 74.6 66.9 3.8 14.9 -2.8 -2.0 13.5 34

35 Time and savings deposits 44.7 -13.2 23.5 20.3 14.9 -1.2 -4.8 2.9 4.1 4.3 35

36 Debt securities 1.4 7.0 6.1 1.5 2.5 -7.9 -5.5 2.5 0.6 0.6 36

37 Treasury securities 2.1 5.3 6.0 0.2 3.0 -7.5 -5.7 1.9 0.6 0.6 37

38 Municipal securities -0.7 1.7 0.1 1.3 -0.5 -0.4 0.2 0.5 0.1 0.1 38

39 Loans 0.1 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 0.5 39

40 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Long term (mortgages) 0.1 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 0.5 41

42 Equity and investment fund shares 2.9 3.0 2.4 3.3 2.9 2.2 -1.7 3.5 1.2 1.1 42

43 Money market mutual fund shares 2.3 2.9 2.4 3.2 2.2 1.0 -1.7 3.1 0.9 0.9 43

44 Equity in government-sponsored enterprises (2) 0.6 0.0 -0.1 0.2 0.7 1.2 -0.0 0.4 0.3 0.2 44

45 Insurance, pension and standardized guarantee schemes (3) 4.7 4.6 5.5 4.4 3.7 3.4 -9.8 29.7 -11.6 15.1 45

46 Other accounts receivable 20.6 258.1 317.8 417.2 381.1 100.0 -109.0 111.8 26.4 30.7 46

47 Trade receivables -25.1 26.6 66.6 40.0 54.7 -3.0 -26.3 37.0 6.2 6.4 47

48 Other (miscellaneous assets) 45.8 231.4 251.2 377.2 326.4 102.9 -82.7 74.7 20.3 24.3 48

49 Net incurrence of liabilities 136.1 439.7 502.1 592.8 548.5 146.6 -135.8 133.1 16.8 70.1 49

50 Loans 73.9 254.7 341.6 415.2 461.6 318.7 -108.7 -32.1 25.1 65.7 50

51 Short term 9.7 34.1 164.2 132.0 154.5 131.8 -107.3 -15.7 57.3 97.2 51

52 Depository institution loans n.e.c. 10.4 32.9 157.8 115.2 140.8 119.5 -102.0 -20.3 56.7 87.8 52

53 Other loans and advances -0.6 1.2 6.3 16.8 13.7 12.3 -5.3 4.7 0.6 9.5 53

54 Long term (mortgages) 64.1 220.6 177.4 283.2 307.1 186.9 -1.4 -16.5 -32.2 -31.5 54
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 135

S.4.a Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

55 Equity and investment fund shares 65.5 84.2 -40.5 9.7 -36.8 -298.9 -70.3 186.6 -52.9 -5.2 55

56 Equity in noncorporate business 65.9 84.1 -40.6 9.5 -37.2 -298.7 -70.4 186.5 -53.2 -5.3 56

57 Foreign direct investment in the United States -0.4 0.1 0.1 0.2 0.3 -0.2 0.1 0.1 0.2 0.2 57

58 Other accounts payable -3.3 100.8 201.0 168.0 123.7 126.7 43.2 -21.4 44.6 9.5 58

59 Trade payables -26.2 23.7 49.6 14.4 26.0 5.7 16.8 30.3 8.1 0.7 59

60 Taxes payable -0.5 8.4 8.7 9.0 3.8 6.7 -6.3 -0.7 1.2 1.3 60

61 Other (miscellaneous liabilities) 23.4 68.8 142.7 144.6 93.9 114.3 32.6 -50.9 35.3 7.6 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 32-49) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 62

 Other changes in volume account

63 Total other volume changes 66.3 77.9 -65.3 9.4 -36.8 -303.3 -71.4 192.2 -53.5 -14.3 63

64 Disaster losses 0.0 6.6 24.5 0.0 0.0 4.4 0.0 0.0 0.0 8.6 64

65 Other volume changes 66.3 71.3 -89.7 9.4 -36.8 -307.7 -71.4 192.2 -53.5 -22.8 65

 Revaluation account

66 Nonfinancial assets 527.4 1133.6 1329.9 300.0 161.9 -1243.1 -1170.9 493.9 564.1 661.7 66

67 Real estate 511.9 1119.4 1308.1 279.8 127.9 -1259.3 -1166.0 449.2 513.7 635.5 67

68 Residential 368.5 677.4 948.6 -47.4 -373.3 -900.6 -387.2 143.6 197.2 383.2 68

69 Nonresidential 143.4 442.0 359.5 327.2 501.2 -358.7 -778.9 305.5 316.5 252.4 69

70 Equipment 1.8 13.1 10.3 14.0 8.1 22.1 3.4 6.5 16.9 12.3 70

71 Residential -1.4 -0.5 1.1 0.7 -0.5 0.1 -2.7 -2.3 1.3 1.0 71

72 Nonresidential 3.2 13.5 9.2 13.3 8.6 21.9 6.2 8.8 15.6 11.3 72

73 Intellectual property products 1.6 1.1 2.6 2.7 2.8 1.5 0.2 2.0 2.4 4.6 73

74 Inventories 12.1 0.0 8.8 3.6 23.1 -7.3 -8.6 36.2 31.1 9.3 74

75 Changes in net worth due to nominal holding gains/losses 527.4 1133.6 1329.9 300.0 161.9 -1243.1 -1170.9 493.9 564.1 661.7 75

 Changes in balance sheet account

76 Change in net worth (lines 24+30+63+75) 593.7 1216.4 1277.7 309.4 125.0 -1543.1 -1236.4 693.8 512.2 652.4 76

 Balance sheet account (end of period)

77 Total assets 9442.3 11013.9 12834.5 13727.4 14437.7 13340.1 12039.3 12674.1 13256.6 13984.7 77

78 Nonfinancial assets 7653.6 8854.5 10237.8 10610.9 10841.8 9647.0 8463.2 8946.3 9509.5 10171.9 78

79 Real estate 6846.4 7997.5 9322.7 9640.7 9805.3 8573.6 7408.5 7840.0 8340.4 8968.4 79

80 Residential (4) 4352.2 5057.2 6021.0 6001.7 5646.8 4747.0 4349.9 4476.5 4659.1 5027.4 80

81 Nonresidential 2494.2 2940.3 3301.7 3638.9 4158.5 3826.6 3058.6 3363.4 3681.2 3940.9 81

82 Equipment 489.9 521.0 555.8 595.8 627.3 663.3 657.1 667.4 693.7 712.9 82

83 Residential 37.0 38.5 41.7 44.4 45.5 46.6 44.0 42.2 43.7 44.1 83

84 Nonresidential 452.9 482.5 514.0 551.4 581.8 616.8 613.1 625.2 650.0 668.8 84

85 Intellectual property products 121.1 129.7 141.2 152.0 162.4 171.0 175.8 183.0 191.0 201.8 85

86 Inventories 196.2 206.2 218.2 222.4 246.8 239.0 221.9 256.0 284.4 288.8 86

87 Financial assets 1788.6 2159.4 2596.7 3116.5 3595.9 3693.1 3576.1 3727.8 3747.1 3812.9 87

88 Currency and deposits 504.4 598.1 698.2 793.2 875.0 877.5 887.6 887.7 889.9 907.7 88

89 Currency and transferable deposits 190.6 297.5 374.1 448.8 515.6 519.4 534.3 531.5 529.5 543.0 89

90 Time and savings deposits 313.8 300.6 324.1 344.4 359.3 358.1 353.3 356.2 360.4 364.7 90

91 Debt securities 47.6 54.5 60.6 62.1 64.6 56.7 51.2 53.7 54.3 55.0 91

92 Treasury securities 44.9 50.2 56.2 56.3 59.3 51.8 46.1 48.1 48.6 49.2 92

93 Municipal securities 2.7 4.3 4.4 5.8 5.3 4.9 5.1 5.6 5.7 5.8 93

94 Loans 26.3 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.6 43.1 94

95 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 95

96 Long term (mortgages) 26.3 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.6 43.1 96

97 Equity and investment fund shares 67.8 70.7 73.1 76.4 79.3 81.7 80.0 83.5 84.7 85.8 97

98 Money market mutual fund shares 63.6 66.5 69.0 72.2 74.3 75.4 73.7 76.8 77.7 78.6 98

99 Equity in government-sponsored enterprises (2) 4.2 4.2 4.1 4.3 5.0 6.4 6.3 6.7 7.0 7.2 99

100 Insurance, pension and standardized guarantee schemes (3) 89.2 93.7 99.2 103.6 107.3 111.5 101.7 131.4 119.8 134.9 100

101 Other accounts receivable 1053.4 1311.5 1629.3 2046.5 2427.6 2526.6 2417.6 2529.4 2555.8 2586.5 101

102 Trade receivables 337.7 364.3 430.9 470.9 525.6 522.7 496.3 533.4 539.6 546.0 102

103 Other (miscellaneous assets) 715.7 947.1 1198.4 1575.6 1902.0 2003.9 1921.3 1996.0 2016.3 2040.5 103
Inte

g

r

ate

d

A

c

c

o

u

nts

136 Z.1, September 25, 2013

S.4.a Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

104 Total liabilities and net worth 9442.3 11013.9 12834.5 13727.4 14437.7 13340.1 12039.3 12674.1 13256.6 13984.7 104

105 Liabilities 3282.0 3637.2 4180.2 4763.6 5348.9 5794.4 5730.0 5670.9 5741.2 5817.0 105

106 Loans 2301.5 2556.1 2897.7 3312.9 3774.5 4093.2 3984.5 3946.3 3971.4 4039.6 106

107 Short term 606.8 640.9 805.0 937.1 1091.5 1223.4 1116.1 1094.3 1151.6 1251.3 107

108 Depository institution loans n.e.c. 479.7 512.6 670.4 785.7 926.5 1046.1 944.0 923.7 980.4 1070.6 108

109 Other loans and advances 127.1 128.3 134.6 151.4 165.0 177.3 172.0 170.6 171.2 180.6 109

110 Long term (mortgages) 1694.7 1915.3 2092.7 2375.9 2683.0 2869.9 2868.5 2852.0 2819.9 2788.4 110

111 Equity and investment fund shares (direct investment in the U.S.) 3.3 3.0 3.3 3.6 3.6 3.6 4.8 5.3 5.9 6.4 111

112 Other accounts payable 977.3 1078.1 1279.1 1447.1 1570.8 1697.5 1740.7 1719.3 1763.9 1771.0 112

113 Trade payables 261.2 284.9 334.5 348.9 374.9 380.6 397.4 427.7 435.8 434.1 113

114 Taxes payable 69.7 78.0 86.7 95.7 99.5 106.2 99.9 99.2 100.4 101.6 114

115 Other (miscellaneous liabilities) 646.5 715.2 857.9 1002.5 1096.4 1210.7 1243.3 1192.4 1227.7 1235.3 115

116 Net worth 6160.2 7376.7 8654.3 8963.8 9088.8 7545.7 6309.3 7003.2 7515.3 8167.7 116

Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Flow of Funds Accounts.

Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Net equity in reserves of property-casualty insurance companies.

(4) Farm houses are included in the household sector.

n.e.c. Not elsewhere classified
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 137

S.5.a Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 5724.4 6107.9 6532.1 6988.0 7203.9 7258.1 6861.4 7243.1 7636.4 8030.8 1

 2 Less: Consumption of fixed capital 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 2

 3 Equals: Net value added 4906.5 5257.7 5622.2 6008.7 6163.6 6164.2 5769.4 6148.6 6500.6 6842.7 3

 4 Compensation of employees (paid) 3595.7 3762.8 3930.3 4129.3 4305.3 4358.0 4088.4 4168.0 4374.3 4600.8 4

 5 Wages and salaries 2962.2 3099.9 3238.0 3420.9 3572.1 3619.5 3377.5 3446.1 3624.7 3824.8 5

 6 Employers’ social contributions 633.4 662.9 692.3 708.5 733.3 738.5 710.9 721.9 749.6 776.0 6

 7 Taxes on production and imports less subsidies 495.8 530.9 573.2 610.1 632.5 632.7 605.9 633.0 664.2 685.3 7

 8 Operating surplus, net 815.1 964.1 1118.7 1269.3 1225.8 1173.5 1075.1 1347.6 1462.1 1556.5 8

 9 Net national income/Balance of primary incomes, net 467.9 561.7 757.8 764.6 669.1 575.9 633.3 902.4 960.4 997.2 9

10 Operating surplus, net 815.1 964.1 1118.7 1269.3 1225.8 1173.5 1075.1 1347.6 1462.1 1556.5 10

11 Property income (received) 420.2 480.6 614.6 644.1 687.4 626.9 565.0 580.3 568.2 577.2 11

12 Interest 236.4 251.9 296.9 357.6 379.4 302.8 214.6 177.5 180.0 177.8 12

13 Distributed income of corporations (dividends) 55.8 66.3 300.3 79.7 92.3 108.0 138.7 134.4 96.8 98.7 13

14 Reinvested earnings on U.S. direct investment abroad 128.0 162.4 17.4 206.9 215.7 216.1 211.7 268.3 291.5 300.8 14

15 Less: Uses of property income (paid) 767.4 883.0 975.6 1148.8 1244.1 1224.6 1006.8 1025.4 1069.9 1136.5 15

16 Interest 391.6 394.6 451.0 521.1 605.7 584.5 480.0 444.5 445.6 451.8 16

17 Distributed income of corporations (dividends) 349.2 430.8 471.1 550.8 576.9 582.2 490.4 509.9 537.1 577.4 17

18 Reinvested earnings on foreign direct investment 12.0 40.5 34.0 56.6 38.9 32.1 18.1 51.8 65.7 85.8 18

19 Rent 14.7 17.1 19.4 20.3 22.6 25.9 18.2 19.2 21.6 21.5 19

20 Net national income/Balance of primary incomes, net 467.9 561.7 757.8 764.6 669.1 575.9 633.3 902.4 960.4 997.2 20

21 Less: Current taxes on income, wealth, etc. (paid) 132.9 187.0 271.9 307.7 293.8 227.4 177.8 220.6 222.3 256.9 21

22 Less: Other current transfers (paid) 61.8 62.0 74.2 70.4 62.2 51.7 73.4 83.2 89.3 92.5 22

23 Equals: Disposable income, net 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 23

24 Equals: Net saving 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 24

 Capital account

25 Net saving less capital transfers 273.3 319.3 427.2 386.5 313.1 300.4 343.8 577.7 655.2 664.5 25

26 Net saving 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 26

27 Less: Capital transfers paid (net) -0.1 -6.7 -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -16.7 27

28 Capital formation, net 158.2 211.9 280.9 360.4 341.6 264.7 -82.8 149.0 207.7 321.3 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 960.0 1010.1 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1305.3 1438.9 29

30 Less: Consumption of fixed capital 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 30

31 Acquisition of nonproduced nonfinancial assets -2.1 -1.8 1.0 13.6 0.4 17.6 6.3 -1.1 -0.9 -0.4 31

32 Change in private inventories 18.3 53.9 56.4 66.3 33.3 -31.6 -139.0 63.7 39.1 71.0 32

33 Net lending (+) or borrowing (-), capital account (lines 25-28) 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 33

 Financial account

34 Net lending (+) or borrowing (-), capital account (line 33) 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 34

35 Net acquisition of financial assets 87.6 780.2 945.7 700.7 1074.6 -604.2 302.4 633.2 513.2 891.5 35

36 Currency and deposits 133.0 56.2 120.6 -84.8 -62.3 -214.0 254.5 148.7 42.7 94.9 36

37 Currency and transferable deposits 44.0 3.0 60.8 -117.2 -7.6 -129.0 140.7 79.7 34.3 94.5 37

38 Time and savings deposits 71.5 37.7 49.9 46.6 -55.7 -59.4 106.9 59.9 14.3 21.9 38

39 Foreign deposits 17.6 15.6 9.9 -14.2 0.9 -25.5 6.8 9.1 -5.8 -21.5 39

40 Debt securities 10.8 16.2 40.4 -1.2 -61.7 -25.7 16.3 15.6 -7.8 9.3 40

41 Open market paper 10.9 19.3 16.0 11.7 -53.2 -12.2 -1.3 12.0 0.1 -7.6 41

42 Treasury securities 2.3 0.3 18.1 -6.7 -7.1 -7.9 12.5 5.1 -4.8 7.2 42

43 Agency- and GSE-backed securities (1) -5.7 0.1 6.0 -2.2 -2.4 -2.6 4.2 1.7 -1.6 -2.6 43

44 Municipal securities 3.3 -3.6 0.3 -4.0 1.1 -3.0 0.9 -3.2 -1.4 12.3 44

45 Loans -13.7 15.4 10.2 -12.5 -21.7 -9.8 -5.6 -8.7 3.0 -2.0 45

46 Short term (security RPs and consumer credit) -15.9 0.6 8.5 -4.1 -3.2 -2.1 -1.5 -7.1 2.8 -2.2 46

47 Long term (mortgages) 2.2 14.8 1.7 -8.4 -18.4 -7.7 -4.1 -1.6 0.2 0.2 47

48 Equity and investment fund shares 103.3 284.1 142.5 334.9 374.6 423.5 224.3 183.6 359.9 359.7 48

49 Money market fund shares -30.4 10.3 52.7 69.1 127.2 178.5 -71.4 -157.7 -35.4 -4.1 49

50 Mutual fund shares 5.8 -1.3 0.7 23.6 -4.9 -16.5 35.3 11.1 -12.8 -1.6 50

51 U.S. direct investment abroad 125.3 272.4 24.7 219.2 307.0 262.6 269.7 303.3 399.8 365.8 51

52 Equity in government-sponsored enterprises (1) 0.1 0.1 0.0 0.1 0.1 -0.1 0.0 0.1 -0.0 0.0 52

53 Investment in finance company subsidiaries 2.6 2.6 64.4 22.9 -54.8 -1.1 -9.3 26.7 8.4 -0.4 53

54 Insurance, pension and standardized guarantee schemes (2) 19.1 19.7 21.3 7.6 8.3 11.0 -4.0 11.9 10.0 7.4 54
Inte

g

r

ate

d

A

c

c

o

u

nts

138 Z.1, September 25, 2013

S.5.a Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

55 Other accounts receivable -164.9 388.6 610.8 456.6 837.3 -789.2 -183.1 282.2 105.4 422.2 55

56 Trade receivables -17.7 128.8 277.6 -15.2 159.8 -169.5 -31.1 105.7 82.2 89.5 56

57 Other (miscellaneous assets) -147.1 259.8 333.2 471.9 677.5 -619.7 -152.0 176.5 23.2 332.7 57

58 Net incurrence of liabilities 13.5 614.2 965.6 839.3 1281.1 339.1 -248.5 487.8 457.8 697.5 58

59 Debt securities 124.4 119.5 97.6 294.5 402.6 299.1 375.8 496.3 452.7 608.8 59

60 Open market paper -37.3 15.3 -7.7 22.4 11.3 7.7 -73.1 24.5 33.4 14.0 60

61 Municipal securities 3.3 10.6 41.9 53.3 68.4 66.0 37.2 33.2 8.5 15.2 61

62 Corporate bonds 158.4 93.6 63.5 218.8 323.0 225.4 411.7 438.6 410.8 579.6 62

63 Loans -35.8 125.9 278.7 241.2 452.7 75.1 -522.7 -294.6 65.0 43.6 63

64 Short term -84.0 55.1 83.1 150.0 383.9 132.1 -394.8 -173.9 128.7 47.9 64

65 Depository institution loans n.e.c. -91.4 4.0 -27.1 22.1 96.3 64.2 -234.0 -83.5 68.9 78.3 65

66 Other loans and advances 7.3 51.1 110.2 127.9 287.6 67.9 -160.8 -90.4 59.8 -30.4 66

67 Long term (mortgages) 48.2 70.8 195.6 91.2 68.8 -57.0 -127.9 -120.7 -63.7 -4.3 67

68 Equity and investment fund shares 0.7 -27.0 -243.1 -374.7 -575.3 -146.4 40.1 -120.7 -277.3 -234.5 68

69 Corporate equities -39.6 -122.7 -341.8 -565.7 -786.8 -336.0 -64.6 -278.0 -472.5 -400.0 69

70 Foreign direct investment in the United States 40.2 95.7 98.7 191.0 211.6 189.5 104.7 157.3 195.1 165.5 70

71 Insurance, pension and standardized guarantee schemes 75.8 86.9 98.6 103.6 -0.2 124.1 80.2 5.5 -8.7 52.1 71

72 Pension fund contributions payable -0.2 -3.1 -1.9 -2.0 4.5 14.7 -8.4 15.4 3.0 -2.1 72

73 Claim of pension fund on sponsor 76.0 90.1 100.4 105.6 -4.8 109.3 88.6 -9.9 -11.6 54.1 73

74 Other accounts payable -151.5 308.8 733.8 574.7 1001.2 -12.8 -221.9 401.2 226.1 227.6 74

75 Trade payables -54.7 97.7 199.0 109.0 85.1 -225.2 -82.6 156.3 18.9 122.6 75

76 Taxes payable -11.7 6.8 -1.8 -0.8 -49.6 3.1 -3.3 7.2 8.8 5.3 76

77 Miscellaneous liabilities -85.1 204.4 536.6 466.5 965.8 209.3 -136.1 237.7 198.4 99.6 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-58) 74.1 166.1 -19.9 -138.6 -206.5 -943.3 551.0 145.5 55.4 194.0 78

 Other changes in volume account

79 Total other volume changes 131.6 294.6 327.3 645.4 757.3 -720.6 175.5 415.2 389.6 481.5 79

80 Disaster losses 0.0 9.2 22.7 0.0 0.0 5.8 0.0 0.0 0.0 6.9 80

81 Other volume changes 163.0 187.3 438.7 774.5 895.8 215.6 57.8 657.4 725.7 613.8 81

82 Less: Statistical discrepancy (lines 33-[35-58]) (3) 40.9 -58.6 166.2 164.7 178.0 979.0 -124.3 283.2 392.1 149.2 82

83 Less: Inventory valuation adjustment -9.6 -39.5 -32.1 -35.7 -39.5 -37.0 6.7 -41.0 -56.0 -10.0 83

 Revaluation account

84 Nonfinancial assets 283.7 1251.1 998.3 962.6 1660.3 -1072.3 -2862.9 966.7 890.6 480.5 84

85 Real estate 261.4 1130.3 872.1 854.7 1526.8 -1123.4 -2895.7 832.5 758.3 406.8 85

86 Equipment -20.1 71.0 53.0 80.9 33.8 104.8 -10.1 48.4 62.2 21.1 86

87 Intellectual property products 22.0 11.8 29.3 22.2 31.2 12.8 3.0 22.2 27.6 45.2 87

88 Inventories 20.4 38.0 43.9 4.7 68.5 -66.5 39.9 63.6 42.5 7.4 88

89 Financial assets 26.1 89.2 94.5 31.0 154.8 -199.6 -15.3 -131.9 -15.2 -7.5 89

90 Mutual fund shares 18.2 11.9 8.1 15.2 9.7 -55.2 20.4 13.6 -8.1 17.4 90

91 Direct investment abroad 7.9 77.2 86.3 15.9 145.1 -144.4 -35.7 -145.6 -7.1 -24.9 91

92 Liabilities 2681.7 1378.2 980.7 2463.8 1942.9 -5479.4 2391.6 2121.5 591.5 2014.0 92

93 Corporate equity 2672.5 1366.1 939.8 2481.5 1915.2 -5378.2 2560.2 2136.5 602.1 2018.5 93

94 Foreign direct investment in the United States 9.2 12.1 41.0 -17.7 27.7 -101.2 -168.5 -15.0 -10.6 -4.4 94

95 Changes in net worth due to nominal holding gains/losses -2372.0 -37.9 112.0 -1470.1 -127.8 4207.5 -5269.8 -1286.7 283.9 -1541.0 95

 Changes in balance sheet account

96 Change in net worth (lines 28+33+79+95) (4) -1967.1 576.0 866.5 -438.2 942.6 3787.3 -4750.5 -293.9 1328.8 -395.0 96

 Balance sheet account (end of period)

97 Total assets 21645.4 23951.8 26216.7 28333.7 31499.3 29881.5 27306.1 29194.1 30867.7 32622.9 97

98 Nonfinancial assets (5) 11522.0 13007.1 14307.8 15666.1 17737.7 16944.7 13972.3 15160.4 16325.4 17121.8 98

99 Real estate 5961.3 7127.5 8059.7 9009.3 10681.4 9700.0 6868.1 7759.8 8570.6 9056.2 99

100 Equipment 3018.8 3161.2 3318.5 3541.7 3710.5 3894.2 3826.9 3887.7 4023.7 4146.9 100

101 Intellectual property products 1181.5 1226.6 1305.5 1384.3 1473.6 1539.3 1572.1 1639.3 1719.8 1819.1 101

102 Inventories 1360.4 1491.7 1624.2 1730.9 1872.2 1811.1 1705.3 1873.6 2011.2 2099.6 102

103 Financial assets 10123.4 10944.8 11908.9 12667.6 13761.6 12936.9 13333.8 14033.7 14542.3 15501.1 103

104 Currency and deposits 605.1 661.3 781.9 697.1 634.8 420.8 675.3 824.0 866.7 961.6 104

105 Currency and transferable deposits 204.2 207.2 268.0 150.8 143.2 14.2 155.0 234.6 269.0 363.4 105

106 Time and savings deposits 362.8 400.5 450.4 497.0 441.3 381.9 488.8 548.7 563.0 584.9 106

107 Foreign deposits 38.1 53.7 63.6 49.3 50.3 24.7 31.5 40.6 34.8 13.3 107
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 139

S.5.a Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

108 Debt securities 156.0 172.2 212.6 211.4 149.7 124.1 140.4 155.9 148.1 157.5 108

109 Open market paper 75.7 95.0 111.0 122.7 69.5 57.3 56.0 68.0 68.0 60.5 109

110 Treasury securities 33.7 34.0 52.1 45.5 38.3 30.5 43.0 48.0 43.2 50.4 110

111 Agency- and GSE-backed securities (1) 11.2 11.3 17.4 15.2 12.8 10.2 14.3 16.0 14.4 11.8 111

112 Municipal securities 35.4 31.8 32.1 28.1 29.2 26.2 27.1 23.9 22.5 34.8 112

113 Loans 116.8 132.2 142.4 128.3 106.7 96.8 91.2 86.3 89.3 87.3 113

114 Short term 65.1 65.6 74.1 68.5 65.3 63.2 61.7 58.3 61.1 58.9 114

115 Security repurchases 6.0 6.4 14.6 15.5 8.1 7.2 7.9 12.1 12.6 10.4 115

116 Consumer credit 59.1 59.2 59.6 53.0 57.2 56.0 53.8 46.2 48.5 48.5 116

117 Long term (mortgages) 51.8 66.6 68.3 59.8 41.4 33.6 29.5 28.0 28.2 28.4 117

118 Equity and investment fund shares 2170.6 2543.9 2809.9 3175.9 3701.6 3925.3 4134.3 4148.8 4493.5 4845.7 118

119 Money market fund shares 289.3 299.6 352.2 421.3 548.5 727.0 655.5 497.8 462.4 458.3 119

120 Mutual fund shares 114.9 125.6 134.4 173.2 178.0 106.3 162.0 186.8 165.9 181.7 120

121 U.S. direct investment abroad 1745.1 2094.7 2205.7 2440.7 2892.9 3011.1 3245.1 3402.9 3795.6 4136.4 121

122 Equity in government-sponsored enterprises (1) 0.4 0.5 0.5 0.6 0.7 0.4 0.5 0.6 0.5 0.6 122

123 Investment in finance company subsidiaries 21.0 23.6 117.0 140.1 81.5 80.5 71.2 60.7 69.1 68.7 123

124 Insurance, pension and standardized guarantee schemes (2) 243.0 262.7 284.0 291.6 300.0 311.1 307.1 319.0 329.0 336.5 124

125 Other accounts receivable 6831.8 7172.4 7678.1 8163.2 8868.8 8058.8 7985.4 8499.6 8615.6 9112.6 125

126 Trade receivables 1701.8 1830.6 2108.2 2094.6 2254.4 2084.9 2053.9 2155.8 2238.0 2327.5 126

127 Other (miscellaneous assets) 5130.0 5341.8 5569.9 6068.6 6614.4 5973.8 5931.6 6343.8 6377.6 6785.1 127

128 Total liabilities and net worth 21645.4 23951.8 26216.7 28333.7 31499.3 29881.5 27306.1 29194.1 30867.7 32622.9 128

129 Liabilities 20739.9 22470.4 23868.7 26423.9 28646.8 23241.7 25416.8 27598.6 27943.4 30093.6 129

130 Debt securities 3276.6 3407.1 3504.7 3799.2 4201.9 4501.0 4876.8 5373.1 5825.8 6434.6 130

131 Open market paper 82.5 97.8 90.1 112.5 123.8 131.5 58.4 82.9 116.3 130.3 131

132 Municipal securities 163.9 185.4 227.3 280.6 349.0 415.0 452.2 485.4 493.9 509.1 132

133 Corporate bonds 3030.2 3123.8 3187.3 3406.1 3729.1 3954.5 4366.2 4804.8 5215.6 5795.2 133

134 Loans 1876.4 2002.3 2281.0 2542.9 3002.1 3072.3 2465.4 2100.2 2165.2 2252.3 134

135 Short term 1356.3 1411.4 1494.5 1641.6 2032.0 2164.1 1685.2 1429.2 1557.9 1649.3 135

136 Depository institution loans n.e.c. 614.1 618.0 591.0 613.1 715.9 780.1 546.0 480.9 549.8 609.5 136

137 Other loans and advances 742.2 793.3 903.5 1028.5 1316.1 1384.0 1139.1 948.3 1008.1 1039.8 137

138 Long term (mortgages) 520.1 590.9 786.5 901.3 970.2 908.2 780.3 671.0 607.3 603.0 138

139 Equity and investment fund shares 12147.2 13498.4 14236.0 16325.1 17692.7 12066.9 14498.6 16499.4 16813.6 18593.2 139

140 Corporate equity 10845.2 12088.6 12686.6 14602.3 15730.7 10016.6 12512.2 14370.7 14500.3 16118.8 140

141 Foreign direct investment in the United States 1302.0 1409.8 1549.4 1722.7 1961.9 2050.3 1986.4 2128.7 2313.3 2474.4 141

142 Insurance, pension and standardized guarantee schemes 78.0 80.9 14.6 35.7 48.6 762.0 572.8 537.1 580.8 532.3 142

143 Pension fund contributions payable 49.8 46.6 44.8 64.7 69.3 84.0 75.6 91.1 94.0 92.0 143

144 Claim of pension fund on sponsor 28.2 34.3 -30.1 -29.0 -20.7 678.0 497.2 446.1 486.8 440.3 144

145 Other accounts payable 3361.7 3481.7 3832.3 3720.9 3701.5 2839.5 3003.1 3088.8 2558.0 2281.2 145

146 Trade payables 1403.9 1501.6 1700.6 1812.9 1897.9 1672.7 1590.2 1746.5 1765.4 1888.0 146

147 Taxes payable 81.2 88.0 86.2 85.4 35.8 39.0 35.7 42.9 51.7 57.0 147

148 Miscellaneous liabilities 1876.6 1892.1 2045.5 1822.6 1767.8 1127.8 1377.2 1299.4 740.9 336.3 148

149 Net worth 905.5 1481.5 2348.0 1909.9 2852.5 6639.8 1889.3 1595.5 2924.3 2529.3 149

Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Flow of Funds Accounts.

Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) Net equity in reserves of property-casualty insurance companies.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Flow of Funds Accounts.

(5) Excludes nonproduced nonfinancial assets.

n.e.c. Not elsewhere classified
Inte

g

r

ate

d

A

c

c

o

u

nts

140 Z.1, September 25, 2013

S.6.a Financial Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 885.6 922.1 1034.3 1127.6 1068.8 852.3 1015.7 1039.9 1025.1 1090.3 1

 2 Less: Consumption of fixed capital 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 2

 3 Equals: Net value added 755.6 782.8 885.5 970.8 903.4 678.4 838.4 863.3 846.0 903.7 3

 4 Compensation of employees (paid) 460.5 498.5 535.4 579.8 618.2 612.9 549.0 572.5 610.1 633.6 4

 5 Wages and salaries 390.6 423.0 449.4 490.8 527.1 517.9 466.2 486.4 514.3 538.3 5

 6 Employers’ social contributions 69.9 75.5 86.0 89.0 91.1 95.0 82.8 86.1 95.9 95.3 6

 7 Taxes on production and imports less subsidies 42.9 46.6 49.5 52.5 54.7 55.6 64.2 64.8 61.0 61.5 7

 8 Operating surplus, net 252.2 237.7 300.6 338.5 230.5 9.9 225.2 226.0 174.9 208.6 8

 9 Net national income/Balance of primary incomes, net 206.6 213.1 200.3 205.2 110.7 -1.7 290.8 375.8 324.9 322.4 9

10 Operating surplus, net 252.2 237.7 300.6 338.5 230.5 9.9 225.2 226.0 174.9 208.6 10

11 Property income (received) 1439.2 1675.2 2078.1 2657.4 3096.1 2718.3 2096.6 2027.0 2040.0 1990.3 11

12 Interest 1304.9 1499.9 1886.6 2403.6 2786.6 2398.5 1834.4 1714.0 1709.2 1625.8 12

13 Distributed income of corporations (dividends) 113.2 145.2 188.6 212.9 263.7 270.3 211.1 244.8 261.1 297.2 13

14 Reinvested earnings on U.S. direct investment abroad 21.1 30.1 2.9 40.9 45.7 49.5 51.1 68.3 69.6 67.3 14

15 Less: Uses of property income (paid) 1484.8 1699.7 2178.4 2790.8 3215.8 2729.9 2031.0 1877.3 1890.0 1876.5 15

16 Interest 1210.4 1360.7 1785.2 2338.0 2708.9 2275.4 1636.7 1469.7 1455.2 1372.4 16

17 Distributed income of corporations 271.9 329.8 385.1 440.0 497.4 447.2 390.6 396.7 419.7 484.2 17

18 Dividends 221.8 282.4 337.5 390.0 457.6 424.2 316.2 311.8 366.0 431.9 18

19 Withdrawals from income of quasi-corporations (1) 50.1 47.4 47.7 50.0 39.8 23.0 74.4 84.9 53.8 52.3 19

20 Reinvested earnings on foreign direct investment 2.5 9.3 8.0 12.8 9.5 7.3 3.7 10.9 15.1 19.9 20

21 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Net national income/Balance of primary incomes, net 206.6 213.1 200.3 205.2 110.7 -1.7 290.8 375.8 324.9 322.4 22

23 Less: Current taxes on income, wealth, etc. (paid) 110.9 119.1 140.5 165.7 151.7 81.7 91.6 150.0 151.9 177.8 23

24 Less: Other current transfers (paid) -9.7 -6.5 -13.4 -21.1 7.5 46.0 26.9 18.4 19.8 -12.0 24

25 Equals: Disposable income, net 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 25

26 Equals: Net saving 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 26

 Capital account

27 Net saving less capital transfers 105.5 84.3 45.4 60.6 -48.5 -68.9 294.2 248.9 185.5 146.9 27

28 Net saving 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 28

29 Less: Capital transfers paid (net) 0.0 16.2 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 9.6 29

30 Capital formation, net 26.5 37.2 31.1 31.9 46.1 22.3 -10.5 -13.9 -3.8 6.8 30

31 Gross fixed capital formation (nonresidential) 156.5 176.5 180.0 188.7 211.5 196.2 166.9 162.8 175.2 193.4 31

32 Less: Consumption of fixed capital 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 34

35 Net acquisition of financial assets 3022.7 3251.7 3610.4 4418.7 5177.3 4982.5 -1286.0 -348.1 2133.0 1807.9 35

36 Monetary gold 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Currency and deposits -47.3 43.9 -12.3 74.7 170.2 1008.9 224.4 -139.8 528.3 -36.9 37

38 Debt securities 1078.5 467.0 650.2 1110.5 1049.5 1237.6 807.2 844.9 1335.8 1125.3 38

39 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 0.0 0.0 39

40 Open market paper -153.6 40.6 204.9 241.1 -95.4 -8.5 -396.7 -103.3 -76.3 -7.3 40

41 Treasury securities 87.8 -50.2 45.6 89.0 50.5 423.3 361.7 425.3 962.2 284.9 41

42 Agency- and GSE-backed securities (2) 432.3 -197.4 -247.2 92.9 267.4 743.7 684.8 131.0 153.6 252.8 42

43 Municipal securities 110.7 79.5 115.6 131.2 184.7 42.1 38.5 44.1 14.8 138.2 43

44 Corporate and foreign bonds 576.6 553.6 491.3 520.4 609.1 -26.4 54.0 282.1 210.7 416.2 44

45 Nonmarketable government securities 24.7 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 40.4 45

46 Loans 1105.0 1567.9 1954.8 2022.0 2343.8 1621.2 -2808.8 -948.7 -153.5 196.6 46

47 Short term 115.9 358.3 539.2 622.2 1262.4 1544.1 -2509.4 -445.1 164.4 427.5 47

48 Long term (mortgages) 989.0 1209.6 1415.6 1399.9 1081.4 77.0 -299.4 -503.6 -317.9 -230.9 48

49 Equity and investment fund shares 329.7 656.9 536.2 547.4 1214.8 866.6 43.7 -130.6 -54.3 366.1 49

50 Corporate equities 257.6 332.4 285.0 183.7 420.5 213.2 170.8 81.4 -87.0 165.7 50

51 Mutual fund shares -2.6 94.9 46.8 92.5 90.1 48.0 68.4 17.1 -13.2 66.5 51

52 Money market mutual fund shares -79.0 -111.6 16.0 40.9 322.7 316.6 -176.7 -168.5 -59.9 -7.4 52

53 Equity in government-sponsored enterprises (2) 2.5 2.4 2.0 -0.0 8.3 -5.3 0.0 -3.2 -6.2 -2.0 53

54 U.S. direct investment abroad 24.3 43.8 11.5 25.8 107.0 66.4 40.7 -2.3 9.2 22.5 54

55 Stock in Federal Reserve Banks 0.5 3.1 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 55

56 Investment in subsidiaries 126.4 291.9 173.2 202.8 263.1 225.0 -64.1 -56.0 102.4 120.3 56
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 141

S.6.a Financial Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

57 Insurance, pension and standardized guarantee schemes 232.3 214.5 198.4 234.2 202.1 407.8 419.3 260.4 316.8 286.1 57

58 Other accounts receivable 324.5 301.6 283.2 429.9 196.9 -159.5 28.1 -234.3 160.0 -129.2 58

59 Net incurrence of liabilities 2813.7 3236.9 3303.4 4144.9 5056.9 5265.3 -1326.0 -144.1 2261.7 1749.7 59

60 Currency and deposits 465.7 612.5 617.7 616.2 536.5 2209.1 240.1 344.4 1450.0 577.1 60

61 Debt securities 1010.0 805.9 1039.5 1319.9 1503.7 360.4 -1094.1 -724.2 -414.7 -289.1 61

62 Agency- and GSE-backed securities (2) 586.2 115.8 80.4 328.2 905.7 768.7 -60.1 -46.9 -21.9 -22.4 62

63 Corporate bonds 487.3 668.5 744.9 795.3 709.5 -282.9 -585.9 -575.1 -324.7 -207.9 63

64 Commercial paper -63.5 21.7 214.2 196.4 -111.5 -125.4 -448.1 -102.2 -68.2 -58.8 64

65 Loans 365.2 308.9 424.8 571.2 602.0 -77.7 -1079.8 -452.6 -15.6 5.0 65

66 Short term 356.3 283.4 410.7 564.6 597.3 -84.5 -1083.1 -452.8 -24.7 -10.7 66

67 Long term (mortgages) 8.9 25.5 14.1 6.6 4.7 6.8 3.4 0.2 9.1 15.6 67

68 Equity and investment fund shares 250.5 649.7 698.0 931.6 1469.0 1717.4 271.1 73.6 498.7 965.2 68

69 Money market mutual fund shares -212.6 -136.4 125.1 303.1 736.8 724.2 -498.7 -503.2 -112.8 7.1 69

70 Corporate equity issues 66.0 118.1 78.4 60.0 179.6 639.3 316.4 191.2 164.0 155.1 70

71 Mutual fund shares 288.1 296.3 260.2 336.8 361.5 -9.9 497.1 370.1 338.4 625.7 71

72 Equity in government-sponsored enterprises (2) 3.2 2.5 1.9 0.2 9.1 -4.2 0.0 -2.7 -5.9 -1.8 72

73 Foreign direct investment in the United States 23.9 50.2 13.9 52.0 9.3 120.7 45.7 48.5 34.9 0.8 73

74 Equity in noncorporate business -3.4 -4.2 -1.2 -6.8 3.6 11.6 0.6 0.9 -1.7 6.5 74

75 Investment by parent 84.9 320.1 218.1 184.4 166.1 233.0 -94.5 -32.0 81.5 171.5 75

76 Stock in Federal Reserve Banks 0.5 3.1 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 76

77 Insurance, pension and standardized guarantee schemes 655.1 695.5 671.7 640.3 680.0 728.1 488.8 606.7 627.9 492.0 77

78 Other accounts payable 67.2 164.3 -148.3 65.7 265.6 328.0 -152.1 8.0 115.4 -0.5 78

 Addendum:

79 Net lending (+) or borrowing (-), financial account (lines 35-59) 209.0 14.9 307.0 273.8 120.4 -282.9 39.9 -204.1 -128.7 58.2 79

 Other changes in volume account

80 Total other volume changes -692.1 -48.3 49.2 210.8 -75.5 1181.3 -265.8 -509.7 -172.7 134.4 80

81 Disaster losses 0.0 1.7 1.7 0.0 0.0 0.6 0.0 0.0 0.0 2.0 81

82 Other volume changes -822.2 -17.8 -245.2 -34.3 -290.6 1372.4 -0.9 -42.8 145.3 214.4 82

83 Less: Statistical discrepancy (lines 33-[35-59]) (3) -130.1 32.2 -292.7 -245.0 -215.0 191.7 264.8 466.9 318.0 82.0 83

 Revaluation account

84 Nonfinancial assets 12.4 71.7 78.4 71.9 36.4 65.6 -48.7 6.3 41.9 26.2 84

85 Structures (nonresidential) 17.2 63.9 75.1 66.9 38.1 59.0 -47.0 1.4 35.0 15.8 85

86 Equipment -3.4 8.1 2.0 2.9 -3.1 5.3 -0.6 5.0 6.0 6.6 86

87 Intellectual property products -1.5 -0.3 1.2 2.1 1.4 1.3 -1.0 -0.0 0.9 3.7 87

88 Financial assets 2145.3 1178.7 928.9 1245.0 759.9 -5986.6 2677.7 1726.4 -579.7 1811.8 88

89 Corporate equities 1862.7 1004.2 614.6 957.3 622.7 -5098.0 2141.7 1413.3 -523.9 1481.1 89

90 Mutual fund shares 252.6 123.9 283.7 252.0 91.5 -899.4 481.8 272.5 -43.5 279.5 90

91 U.S. direct investment abroad 30.0 50.6 30.7 35.7 45.8 10.8 54.2 40.7 -12.3 51.2 91

92 Liabilities 2029.8 1437.1 935.1 1888.6 -498.9 -6394.8 2835.1 2027.5 -781.4 2425.7 92

93 Corporate equity issues 795.9 459.1 262.4 716.1 -985.4 -2366.0 386.2 525.2 -372.6 694.9 93

94 Mutual fund shares 726.8 483.8 352.4 682.6 396.0 -2424.7 1035.6 582.2 -340.4 827.0 94

95 Foreign direct investment in the United States 8.4 4.0 9.4 22.5 -56.7 -157.6 17.9 34.1 35.9 15.5 95

96 Equity in noncorporate business 11.4 2.4 1.7 4.9 -0.8 -13.6 3.6 0.3 -1.1 -1.0 96

97 Pension fund reserves 487.4 487.8 280.1 429.2 151.6 -1432.9 716.3 924.9 -102.8 462.8 97

98 Investment by parent -0.1 -0.0 29.0 33.2 -3.7 0.0 675.6 -39.1 -0.3 426.5 98

99 Changes in net worth due to nominal holding gains/losses 127.9 -186.7 72.3 -571.7 1295.2 473.8 -206.1 -294.7 243.6 -587.7 99

 Changes in balance sheet account

100 Change in net worth (lines 30+33+80+99) -458.7 -150.7 166.9 -300.3 1171.1 1586.2 -177.7 -555.5 256.4 -306.4 100

 Balance sheet account (end of period)

101 Total assets 46390.6 50833.2 55116.4 60823.5 66729.0 67473.1 68750.2 69655.0 71374.2 75637.6 101

102 Nonfinancial assets (4) 1194.4 1301.7 1409.5 1513.3 1595.7 1683.0 1623.8 1616.3 1654.4 1685.4 102

103 Structures (nonresidential) 690.2 759.9 841.3 916.3 969.3 1035.8 988.3 979.3 1001.8 1005.8 103

104 Equipment 400.4 427.4 447.3 469.8 487.8 493.6 468.4 469.3 479.9 497.0 104

105 Intellectual property products 103.9 114.4 120.8 127.1 138.5 153.7 167.1 167.7 172.7 182.5 105
Inte

g

r

ate

d

A

c

c

o

u

nts

142 Z.1, September 25, 2013

S.6.a Financial Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

106 Financial assets 45196.2 49531.5 53706.9 59310.2 65133.2 65790.1 67126.4 68038.7 69719.9 73952.2 106

107 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107

108 Currency and deposits 734.4 779.4 764.4 814.1 986.6 2031.3 2270.3 2176.3 2704.6 2692.0 108

109 Debt securities 13547.8 14034.7 14665.7 15689.8 16739.4 17979.5 18809.3 19075.2 20410.7 21628.3 109

110 SDR certificates 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 5.2 110

111 Open market paper 796.5 837.0 1041.9 1280.0 1184.6 1175.8 779.0 675.8 599.5 592.2 111

112 Treasury securities 1644.0 1593.8 1639.4 1733.1 1783.6 2206.9 2568.6 2993.9 3956.0 4253.0 112

113 Agency- and GSE-backed securities (2) 4570.2 4392.8 4145.5 4154.1 4421.5 5165.3 5904.6 5572.8 5726.4 5993.4 113

114 Municipal securities 1151.0 1230.5 1346.1 1477.0 1661.7 1703.8 1742.2 1786.4 1801.2 1939.4 114

115 Corporate and foreign bonds 4569.0 5122.6 5607.7 6124.7 6733.8 6710.3 6732.4 6898.3 7108.7 7591.1 115

116 Nonmarketable government securities 815.0 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 1254.1 116

117 Loans 14483.8 16066.5 18021.3 20011.7 22345.0 23965.9 21184.5 20180.2 20026.7 20393.4 117

118 Short term 5496.2 5854.4 6393.6 6960.6 8212.5 9756.3 7274.3 6875.3 7039.7 7642.2 118

119 Long term (mortgages) 8987.7 10212.1 11627.7 13051.2 14132.6 14209.6 13910.2 13304.9 12987.0 12751.1 119

120 Equity and investment fund shares 12011.3 13846.9 15312.0 17191.6 19166.3 14046.3 17443.8 19039.6 18405.6 21010.1 120

121 Corporate equities 8094.3 9430.8 10330.4 11471.4 12514.6 7629.8 9942.4 11437.0 10826.1 12472.9 121

122 Mutual fund shares 1452.0 1670.8 2001.4 2345.9 2527.4 1676.0 2226.2 2515.8 2459.1 2805.2 122

123 Money market fund shares 613.7 502.1 518.1 613.1 935.8 1252.4 1075.7 907.3 847.4 839.9 123

124 Equity in government-sponsored enterprises (2) 37.7 40.1 42.0 42.0 50.3 45.0 45.0 41.7 35.5 33.5 124

125 U.S. direct investment abroad 309.4 403.8 446.0 507.4 660.2 737.4 832.3 870.7 867.5 941.3 125

126 Stock in Federal Reserve Banks 8.8 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 126

127 Investment in subsidiaries 1495.4 1787.3 1960.6 2196.5 2459.6 2684.6 3296.6 3240.6 3343.0 3889.9 127

128 Insurance, pension and standardized guarantee schemes 1896.2 2107.5 2112.2 2156.2 2255.8 4010.1 3845.9 4173.2 4514.8 4461.8 128

129 Other accounts receivable 2511.7 2685.4 2820.3 3435.8 3629.1 3746.0 3561.6 3383.2 3646.4 3755.6 129

130 Total liabilities and net worth 46390.6 50833.2 55116.4 60823.5 66729.0 67473.1 68750.2 69655.0 71374.2 75637.6 130

131 Liabilities 47187.0 51780.3 55896.6 61904.0 66638.3 65796.3 67251.1 68711.4 70174.2 74743.9 131

132 Currency and deposits 6839.1 7477.1 8095.4 8712.3 9248.2 11420.9 11654.6 11995.6 13427.9 14015.2 132

133 Debt securities 10158.2 10979.0 11963.9 13254.1 14887.5 15247.6 14479.0 13471.8 13057.1 12965.2 133

134 Agency- and GSE-backed securities (2) 5944.5 6060.3 6140.7 6468.9 7374.6 8143.4 8083.3 7574.0 7552.1 7529.7 134

135 Corporate bonds 3279.3 3962.7 4653.0 5421.6 6260.9 5977.9 5717.5 5321.8 4997.1 4986.4 135

136 Commercial paper 934.4 956.0 1170.2 1363.5 1252.1 1126.3 678.2 576.0 507.9 449.1 136

137 Loans 2813.2 3122.1 3546.9 4114.9 4716.9 4639.2 3691.1 3226.8 3211.1 3278.8 137

138 Short term 2707.3 2990.7 3401.4 3962.9 4560.2 4475.7 3524.2 3059.7 3035.0 3087.0 138

139 Long term (mortgages) 105.9 131.4 145.5 152.1 156.7 163.5 166.9 167.1 176.2 191.8 139

140 Equity and investment fund shares 12194.3 13793.2 15146.2 17537.2 18355.7 15111.2 17501.1 18677.3 18497.4 21425.6 140

141 Money market fund shares 2004.4 1868.0 1993.1 2296.3 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 141

142 Corporate equity issues 3713.9 4291.1 4631.9 5408.0 4602.2 2875.4 3578.1 4294.5 4085.9 4936.0 142

143 Mutual fund shares 4652.9 5433.0 6045.6 7065.0 7822.6 5388.0 6920.7 7873.0 7870.9 9323.6 143

144 Equity in government-sponsored enterprises (2) 42.3 44.8 46.7 46.9 56.0 51.8 51.8 49.0 43.1 41.2 144

145 Foreign direct investment in the United States 275.7 329.9 353.2 427.8 380.4 343.5 407.0 489.6 560.4 576.6 145

146 Equity in noncorporate business 13.0 11.2 11.7 9.8 12.6 10.7 14.8 15.9 13.1 18.6 146

147 Investment by parent 1483.4 1803.4 2050.4 2268.1 2430.5 2663.5 3244.5 3173.4 3254.6 3852.6 147

148 Stock in Federal Reserve Banks 8.8 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 148

149 Insurance, pension and standardized guarantee schemes 13315.5 14559.6 15525.7 16603.8 17445.3 16499.2 17817.3 19423.6 19921.8 20941.1 149

150 Other accounts payable 1866.8 1849.3 1618.5 1681.8 1984.6 2878.2 2108.0 1916.3 2058.8 2118.0 150

151 Net worth -796.4 -947.1 -780.2 -1080.5 90.6 1676.8 1499.2 943.6 1200.0 893.7 151

Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions.

Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land. Includes corporate and noncorporate financial business.

SDRs Special Drawing Rights
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 143

S.7.a Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 498.1 525.8 552.7 577.6 605.4 637.6 668.8 704.5 719.7 716.7 1

 2 Less: Consumption of fixed capital 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 2

 3 Equals: Net value added 327.8 347.2 363.3 376.9 392.6 411.3 434.3 459.1 463.2 454.5 3

 4 Compensation of employees (paid) 321.1 342.3 362.4 375.1 390.5 410.4 433.5 462.2 470.5 467.9 4

 5 Wages and salaries 234.8 249.9 263.5 271.7 283.3 296.7 312.2 328.5 331.7 328.0 5

 6 Employers’ social contributions 86.3 92.4 98.9 103.5 107.3 113.7 121.3 133.7 138.9 139.9 6

 7 Operating surplus, net 6.7 4.9 0.9 1.8 2.0 0.8 0.7 -3.1 -7.3 -13.4 7

 8 Net national income/Balance of primary incomes, net -221.2 -226.6 -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -323.2 -320.0 8

 9 Operating surplus, net 6.7 4.9 0.9 1.8 2.0 0.8 0.7 -3.1 -7.3 -13.4 9

10 Taxes on production and imports, receivable 90.2 95.2 99.4 99.2 94.6 94.0 91.4 96.8 108.6 118.0 10

11 Subsidies (paid) -49.0 -46.0 -60.5 -51.1 -47.5 -49.6 -56.9 -54.3 -59.4 -56.8 11

12 Property income (received) 23.5 25.3 27.2 29.0 33.4 33.9 48.5 54.6 57.4 52.9 12

13 Interest 16.5 16.6 17.3 18.8 22.1 19.5 22.8 29.5 28.5 22.2 13

14 Distributed income of corporations (dividends) 0.0 0.1 0.2 0.3 0.2 0.6 18.7 17.0 18.8 21.1 14

15 Rents on land and natural resources 7.0 8.7 9.7 9.9 11.1 13.8 7.0 8.0 10.1 9.6 15

16 Less: Uses of property income (interest paid) 292.6 306.1 344.4 372.3 408.2 388.0 353.6 380.6 422.6 420.6 16

17 Net national income/Balance of primary incomes, net -221.2 -226.6 -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -323.2 -320.0 17

18 Plus: Current taxes on income, wealth, etc. (received) 980.8 1058.8 1285.2 1459.2 1542.5 1354.1 1072.4 1208.2 1387.5 1518.0 18

19 Plus: Social benefits (received) 763.2 808.9 853.4 905.7 947.2 974.4 950.8 970.9 904.3 937.8 19

20 Less: Social contributions (paid) 973.1 1025.5 1090.9 1196.7 1272.2 1407.4 1624.9 1726.6 1745.3 1790.5 20

21 Plus: Other current transfers (received) 25.5 29.0 32.0 36.8 41.0 48.6 66.2 64.4 66.1 49.7 21

22 Less: Other current transfers (paid) 350.3 363.0 384.2 375.8 401.3 416.0 510.7 555.9 529.0 493.1 22

23 Equals: Disposable income, net 224.9 281.6 418.0 535.8 531.6 244.7 -316.1 -325.6 -239.6 -98.0 23

24 Less: Final consumption expenditures 628.5 681.4 723.4 763.9 798.4 879.8 933.7 1003.9 1008.7 1011.7 24

25 Equals: Net saving -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 25

 Capital account

26 Net saving less capital transfers -444.6 -439.1 -365.8 -271.3 -319.7 -752.7 -1436.1 -1455.9 -1362.0 -1194.3 26

27 Net saving -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 27

28 Less: Capital transfers paid (net) 41.1 39.3 60.3 43.2 53.0 117.6 186.3 126.3 113.8 84.7 28

29 Capital formation, net 25.1 31.6 31.5 22.9 35.3 29.1 40.6 53.7 38.0 20.4 29

 Gross fixed capital formation (acquisition of

30 produced nonfinancial assets) 196.4 211.0 222.9 238.0 251.4 275.8 284.0 300.0 295.4 284.0 30

31 Less: Consumption of fixed capital 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 31

32 Acquisition of nonproduced nonfinancial assets -0.9 -0.8 -2.0 -14.4 -3.3 -20.4 -8.9 -1.0 -0.9 -1.4 32

33 Net lending (+) or borrowing (-), capital account (lines 26-29) -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 34

35 Net acquisition of financial assets 35.1 5.3 30.8 -14.4 0.6 580.0 237.8 285.5 -152.1 114.0 35

36 Monetary gold and SDRs -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 36

37 Monetary gold 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

38 SDR holdings -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 38

39 Currency and deposits -16.9 -34.6 -0.9 -5.5 25.7 316.0 -170.0 150.6 -240.0 11.0 39

40 Official foreign currencies 0.3 0.3 0.3 0.4 0.5 0.6 0.3 0.3 -0.2 0.2 40

41 Reserve position in IMF (net) -1.5 -3.8 -10.2 -3.3 -1.0 3.5 3.4 1.3 18.2 4.0 41

42 Currency and transferable deposits 9.3 -31.0 12.2 -2.7 25.1 313.1 -174.2 148.9 -257.6 6.7 42

43 Time and savings deposits -25.2 -0.0 -1.0 0.2 1.2 -1.3 0.3 0.1 -0.3 0.2 43

44 Nonofficial foreign currencies 0.2 -0.0 -2.2 -0.0 -0.1 0.0 0.2 0.1 -0.1 -0.1 44

45 Debt securities 0.0 0.0 0.0 0.0 0.0 54.4 142.5 -46.9 -118.2 -31.3 45

46 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 54.4 142.0 -47.2 -118.1 -31.1 46

47 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.3 -0.1 -0.2 47

48 Loans -2.6 2.3 -0.9 5.9 6.9 39.0 166.5 134.9 140.1 133.5 48

49 Short term -0.1 0.7 -3.3 2.2 4.8 25.5 154.0 136.7 136.0 131.8 49

50 Consumer credit 1.9 3.7 3.7 1.6 7.0 19.5 87.9 133.1 131.2 129.4 50

51 Other loans and advances -2.0 -3.0 -7.0 0.6 -2.2 6.0 66.0 3.5 4.8 2.5 51

52 Long term (mortgages) -2.5 1.6 2.4 3.7 2.1 13.5 12.6 -1.8 4.0 1.7 52

53 Equity and investment fund shares 1.4 2.0 1.3 2.0 1.7 257.7 3.4 30.4 43.5 -10.7 53

54 Corporate equities 0.0 0.0 0.0 0.0 0.0 256.3 0.6 24.1 40.3 -13.2 54

55 Equity in international organizations 1.4 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 55

56 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

57 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 1.2 4.0 0.7 0.0 57
Inte

g

r

ate

d

A

c

c

o

u

nts

144 Z.1, September 25, 2013

S.7.a Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

58 Other accounts receivable 53.8 35.1 35.8 -17.1 -33.8 -87.2 47.1 16.5 24.2 11.4 58

59 Trade receivables 19.1 10.5 9.2 -11.6 1.2 4.2 -21.1 -0.7 4.8 2.9 59

60 Taxes receivable 34.4 23.3 26.0 -6.5 -35.4 -62.0 35.9 27.1 20.8 11.9 60

61 Other (miscellaneous assets) 0.4 1.4 0.6 1.0 0.4 -29.4 32.3 -9.8 -1.3 -3.5 61

62 Net incurrence of liabilities 566.0 479.4 453.6 296.0 391.2 1369.0 1536.1 1697.8 1200.7 1242.5 62

63 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 63

64 Currency and deposits 0.6 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 64

65 Debt securities 420.7 402.8 346.9 219.1 270.4 1302.5 1508.8 1645.9 1138.7 1180.6 65

66 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 0.0 0.0 66

67 Treasury securities including savings bonds 398.4 362.5 307.3 183.7 237.5 1239.0 1443.7 1579.6 1066.8 1140.6 67

68 Federal agency securities -2.4 -0.6 -0.4 -0.3 -0.4 0.2 0.1 0.7 1.1 -0.4 68

69 Nonmarketable securities held by pension plans 24.7 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 40.4 69

70 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70

71 Insurance, pension and standardized guarantee schemes 75.6 59.5 67.2 64.5 92.7 45.1 33.3 43.5 39.1 61.9 71

72 Insurance reserves 1.1 1.1 1.1 1.5 1.2 1.0 1.1 0.9 1.3 0.3 72

73 Retiree Health Care Funds 19.6 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 13.3 73

74 Claims of pension fund on sponsor 54.9 41.0 43.1 44.9 47.7 17.6 15.6 20.2 19.2 48.2 74

75 Other accounts payable 69.1 16.4 38.7 11.8 28.7 22.2 -53.2 8.7 22.9 0.0 75

76 Trade payables 71.7 15.4 33.7 6.2 29.3 22.6 -56.2 6.3 9.3 8.3 76

77 Other (miscellaneous liabilities) -2.6 1.0 5.0 5.6 -0.6 -0.3 2.9 2.4 13.6 -8.3 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-62) -530.9 -474.1 -422.8 -310.4 -390.6 -789.0 -1298.3 -1412.4 -1352.7 -1128.5 78

 Other changes in volume account

79 Total other volume changes -94.4 -27.7 -46.3 31.3 10.8 87.8 122.4 -20.7 49.8 72.3 79

80 Disaster losses 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Other volume changes -33.3 -24.2 -21.2 47.4 46.5 95.0 -55.9 -117.9 2.5 -13.9 81

82 Less: Statistical discrepancy (lines 33-[35-62]) (2) 61.1 3.5 25.5 16.1 35.7 7.2 -178.4 -97.1 -47.3 -86.2 82

 Revaluation account

83 Nonfinancial assets 45.2 114.8 116.8 116.4 93.0 69.0 -36.0 61.3 63.3 41.2 83

84 Structures 25.3 91.6 94.1 95.2 60.7 44.0 -48.4 18.1 46.6 34.7 84

85 Equipment 4.0 10.9 7.3 10.4 7.6 11.8 8.6 5.0 11.0 5.5 85

86 Intellectual property products 16.0 12.2 15.4 10.8 24.8 13.2 3.8 38.2 5.7 0.9 86

87 Financial assets 3.1 1.3 -2.1 0.8 0.7 -67.9 -121.6 -43.7 -40.5 -9.0 87

88 Monetary gold and SDRs 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 88

89 Currency and deposits 2.1 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -7.8 -4.3 89

90 Corporate equities 0.0 0.0 0.0 0.0 0.0 -67.7 -121.9 -41.5 -32.4 -4.7 90

91 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 -0.1 91

92 Liabilities 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 92

93 SDR allocations 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 93

94 Changes in net worth due to nominal holding gains/losses 47.7 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 23.0 32.1 94

 Changes in balance sheet account

95 Change in net worth (lines 29+33+79+94) -491.3 -351.1 -296.8 -123.3 -215.6 -663.6 -1471.6 -1458.1 -1289.2 -1089.9 95

 Balance sheet account (end of period)

96 Total assets 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.8 4466.7 4627.5 96

97 Nonfinancial assets (3) 2130.4 2277.1 2426.5 2579.8 2711.3 2829.2 2842.1 2957.5 3059.2 3121.6 97

98 Structures 999.1 1088.2 1176.5 1266.6 1325.4 1369.8 1326.1 1352.5 1404.1 1435.6 98

99 Equipment 474.9 498.3 520.7 550.7 576.7 616.2 649.8 680.9 709.6 730.5 99

100 Intellectual property products 656.3 690.6 729.3 762.4 809.3 843.2 866.2 924.1 945.5 955.5 100

101 Financial assets 659.7 640.6 643.7 658.3 703.9 1292.4 1387.1 1612.3 1407.5 1505.9 101

102 Monetary gold and SDRs 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 102

103 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103

104 SDR holdings 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 104
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 145

S.7.a Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

105 Currency and deposits 101.8 68.0 65.9 60.8 86.7 402.7 233.0 383.4 135.6 142.4 105

106 Official foreign currencies 19.9 21.4 18.9 20.5 22.5 24.8 25.2 26.0 25.8 24.9 106

107 Reserve position in IMF (net) 22.7 19.6 8.1 5.2 4.4 7.8 11.5 12.6 23.0 22.8 107

108 Currency and transferable deposits 54.1 21.9 36.8 32.9 56.5 368.0 193.6 342.1 84.3 92.0 108

109 Time and savings deposits 2.4 2.4 1.4 1.7 2.8 1.6 1.9 2.0 1.7 2.0 109

110 Nonofficial foreign currencies 2.8 2.8 0.6 0.6 0.5 0.5 0.7 0.8 0.7 0.7 110

111 Debt securities 0.0 0.0 0.0 0.0 0.0 54.4 197.0 150.1 31.9 0.6 111

112 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 54.4 196.4 149.2 31.1 0.0 112

113 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.9 0.8 0.6 113

114 Loans 272.4 274.7 273.8 296.9 303.8 342.8 509.3 644.2 784.3 917.8 114

115 Short term 199.8 200.5 197.2 216.6 221.4 247.0 400.9 537.6 673.7 805.5 115

116 Consumer credit 82.4 86.1 89.8 108.7 115.7 135.1 223.1 356.2 487.4 616.8 116

117 Other loans and advances 117.5 114.4 107.4 108.0 105.8 111.8 177.9 181.4 186.3 188.7 117

118 Long term (mortgages) 72.6 74.2 76.6 80.3 82.4 95.8 108.4 106.6 110.6 112.3 118

119 Equity and investment fund shares 40.0 42.0 43.2 45.3 46.9 237.0 118.2 106.1 117.0 101.5 119

120 Corporate equities 0.0 0.0 0.0 0.0 0.0 188.7 67.4 49.9 57.8 39.9 120

121 Equity in international organizations 40.0 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 57.3 121

122 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122

123 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 0.9 3.8 4.4 4.4 123

124 Other accounts receivable 232.8 242.3 252.5 246.5 257.0 246.2 271.8 271.7 283.7 288.5 124

125 Trade receivables 51.3 61.8 71.0 59.4 60.6 64.7 43.6 42.9 47.7 50.6 125

126 Taxes receivable 93.7 91.2 91.6 96.1 105.0 119.4 133.9 144.3 152.8 158.1 126

127 Other (miscellaneous assets) 87.9 89.3 89.9 91.0 91.4 62.0 94.3 84.5 83.2 79.8 127

128 Total liabilities and net worth 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.8 4466.7 4627.5 128

129 Liabilities 6442.4 6921.2 7370.4 7661.6 8054.2 9424.3 11003.5 12802.1 13988.2 15238.9 129

130 SDR allocations 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 130

131 Currency and deposits 26.0 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 131

132 Debt securities 4850.2 5253.1 5587.0 5806.1 6076.5 7379.0 8887.8 10533.8 11672.5 12853.0 132

133 SDR certificates 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 5.2 133

134 Treasury securities including savings bonds 4008.2 4370.7 4678.0 4861.7 5099.2 6338.2 7781.9 9361.5 10428.3 11568.9 134

135 Federal agency securities 24.9 24.3 23.8 23.5 23.1 23.3 23.5 24.2 25.3 24.9 135

136 Nonmarketable securities held by pension plans 815.0 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 1254.1 136

137 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137

138 Insurance, pension and standardized guarantee schemes 1399.4 1459.1 1540.9 1606.0 1699.5 1746.1 1825.5 1973.5 2012.2 2074.4 138

139 Insurance reserves 40.5 41.6 42.7 44.2 45.4 46.4 47.5 48.4 49.7 50.0 139

140 Retiree Health Care Funds 35.0 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 140

141 Claims of pension fund on sponsor 1324.0 1365.2 1422.8 1468.3 1516.8 1535.8 1597.6 1722.2 1741.1 1789.6 141

142 Other accounts payable 159.5 174.6 208.1 214.0 243.1 265.1 208.6 214.5 223.4 231.3 142

143 Trade payables 153.6 169.0 202.7 208.9 238.2 260.8 204.6 210.9 220.2 228.5 143

144 Other (miscellaneous liabilities) 5.8 5.6 5.4 5.1 4.9 4.3 4.0 3.6 3.2 2.8 144

145 Net worth -3652.3 -4003.4 -4300.2 -4423.5 -4639.0 -5302.7 -6774.2 -8232.3 -9521.5 -10611.4 145

Note. The Federal government accounts exclude Federal employee retirement funds

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes land and nonproduced nonfinancial assets.

IMF International Monetary Fund

SDRs Special Drawing Rights
Inte

g

r

ate

d

A

c

c

o

u

nts

146 Z.1, September 25, 2013

S.8.a State and Local Governments

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 1077.2 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1468.0 1491.9 1

 2 Less: Consumption of fixed capital 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 2

 3 Equals: Net value added 942.6 993.9 1034.4 1080.0 1131.9 1185.0 1211.3 1241.5 1246.3 1260.6 3

 4 Compensation of employees (paid) 945.4 1000.6 1041.8 1091.1 1150.4 1207.1 1232.6 1261.3 1262.8 1274.8 4

 5 Wages and salaries 678.5 702.7 728.0 763.3 805.6 847.4 862.9 862.6 862.8 869.3 5

 6 Employers’ social contributions 266.9 297.9 313.7 327.8 344.9 359.7 369.7 398.7 400.0 405.5 6

 7 Operating surplus, net -2.8 -6.7 -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -16.5 -14.3 7

 8 Net national income/Balance of primary incomes, net 673.5 728.0 804.2 868.3 910.7 901.6 811.0 829.5 858.5 857.7 8

 9 Operating surplus, net -2.8 -6.7 -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -16.5 -14.3 9

10 Taxes on production and imports, receivable 717.8 768.7 835.1 892.7 940.0 947.9 934.8 960.4 988.5 1004.9 10

11 Subsidies (paid) -0.1 -0.4 -0.4 -0.4 -7.1 -3.0 -1.4 -1.6 -0.5 -0.5 11

12 Property income (received) 73.8 76.8 88.6 107.2 117.9 105.7 87.8 82.6 80.0 78.5 12

13 Interest 64.5 66.4 76.8 94.7 104.2 91.0 74.4 69.1 66.3 64.2 13

14 Distributed income of corporations (dividends) 1.7 2.0 2.0 2.1 2.2 2.6 2.1 2.3 2.3 2.4 14

15 Rents on land and natural resources 7.6 8.5 9.8 10.4 11.5 12.1 11.2 11.2 11.4 11.9 15

16 Less: Uses of property income (interest paid) 115.2 110.5 111.8 120.1 121.5 127.0 188.8 192.1 192.9 211.0 16

17 Net national income/Balance of primary incomes, net 673.5 728.0 804.2 868.3 910.7 901.6 811.0 829.5 858.5 857.7 17

18 Plus: Current taxes on income, wealth, etc. (received) 260.8 289.2 331.4 361.7 381.4 381.0 333.4 345.3 377.7 400.2 18

19 Plus: Social benefits (received) 19.9 24.7 24.6 21.5 18.9 18.7 18.6 18.1 18.3 17.5 19

20 Less: Social contributions (paid) 353.6 385.0 406.6 403.9 433.3 455.4 492.6 523.8 532.0 544.3 20

21 Plus: Other current transfers (received) 405.0 422.4 436.4 438.9 460.9 477.8 566.1 612.0 581.8 552.6 21

22 Equals: Disposable income, net 1005.7 1079.2 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1304.3 1283.7 22

23 Less: Final consumption expenditures 1127.1 1187.6 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1517.4 1536.4 23

24 Equals: Net saving -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 24

 Capital account

25 Net saving less capital transfers -69.5 -60.4 -16.2 18.4 -13.4 -101.8 -204.2 -160.6 -139.2 -178.6 25

26 Net saving -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 26

27 Less: Capital transfers paid (net) -52.0 -48.0 -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.9 -74.1 27

28 Capital formation, net 145.8 145.0 143.5 155.0 167.9 172.5 167.2 149.7 125.7 113.8 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 268.9 277.5 290.8 314.3 340.8 358.8 363.0 351.9 337.2 334.9 29

30 Less: Consumption of fixed capital 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 30

31 Acquisition of nonproduced nonfinancial assets 11.4 11.3 10.0 11.0 13.6 13.8 12.3 10.6 10.1 10.2 31

32 Net lending (+) or borrowing (-), capital account (lines 25-28) -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 32

 Financial account

33 Net lending (+) or borrowing (-) (line 32) -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 33

34 Net acquisition of financial assets 70.6 171.0 253.3 204.5 237.2 -101.6 10.0 58.4 -58.7 -52.6 34

35 Currency and deposits 27.3 4.2 19.0 22.3 33.0 27.3 28.4 -1.3 31.1 11.3 35

36 Currency and transferable deposits 7.0 -3.5 15.8 5.4 -0.2 8.5 19.2 5.6 16.6 -8.9 36

37 Time and savings deposits 20.3 7.7 3.2 16.9 33.3 18.8 9.3 -6.9 14.4 20.3 37

38 Debt securities 23.3 96.5 154.4 110.0 134.9 -88.6 -42.2 50.7 -75.8 -54.9 38

39 Open market paper -0.6 2.9 -0.3 -1.4 -2.4 -21.6 -39.1 12.9 -11.1 -5.1 39

40 Treasury securities 7.2 43.4 107.0 58.3 77.2 -45.4 -17.3 6.8 -46.5 -11.8 40

41 Agency- and GSE-backed securities (1) 12.2 37.2 35.2 39.0 44.2 -16.9 9.8 22.3 -14.0 -28.2 41

42 Municipal securities 0.5 1.1 1.2 1.4 1.6 0.5 1.0 1.4 0.0 -0.7 42

43 Corporate and foreign bonds 4.0 12.0 11.4 12.6 14.3 -5.2 3.3 7.4 -4.4 -9.0 43

44 Loans 6.8 22.2 19.9 21.8 24.4 -17.1 0.7 8.6 -11.8 -17.9 44

45 Short term 1.7 7.2 5.5 5.7 6.1 -11.7 -4.3 -1.4 -6.8 -6.7 45

46 Long term (mortgages) 5.0 15.0 14.4 16.1 18.3 -5.4 5.0 10.0 -5.0 -11.2 46

47 Equity and investment fund shares -4.6 21.7 21.2 23.8 27.1 -5.1 9.2 16.2 -5.8 -15.7 47

48 Money market fund shares 4.9 12.8 13.5 15.4 17.8 3.0 9.8 13.7 -0.5 -8.5 48

49 Corporate equities -7.8 5.4 4.3 4.5 4.9 -7.6 -2.3 -0.3 -4.5 -4.8 49

50 Mutual fund shares -1.6 3.5 3.4 3.9 4.4 -0.5 1.7 2.8 -0.8 -2.5 50

51 Other accounts receivable 17.8 26.3 38.6 26.6 17.7 -18.2 13.9 -15.8 3.7 24.6 51

52 Trade receivables -1.9 8.5 17.4 8.9 7.8 -15.4 -4.6 13.1 1.9 8.5 52

53 Taxes receivable 0.8 12.9 14.3 12.1 3.0 5.6 -5.9 0.7 2.3 1.3 53

54 Other (miscellaneous assets) 18.9 4.9 6.9 5.7 6.9 -8.4 24.4 -29.6 -0.4 14.9 54
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 147

S.8.a State and Local Governments

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

55 Net incurrence of liabilities 268.1 329.0 230.8 214.0 306.7 233.1 445.0 377.3 272.7 200.8 55

56 Debt securities (municipals) 120.5 178.5 141.1 100.3 146.0 17.1 112.2 68.7 -53.6 -5.7 56

57 Short term 10.4 22.2 -1.7 -8.2 16.8 4.6 7.8 -0.7 -10.6 3.8 57

58 Other 110.1 156.3 142.8 108.5 129.2 12.5 104.4 69.3 -42.9 -9.4 58

59 Loans (short term) 0.1 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 59

60 Insurance, pension and standardized guarantee schemes 118.8 120.3 57.2 78.8 123.2 176.5 293.1 269.3 287.0 167.0 60

 (Claim of pension funds on sponsor)

61 Other accounts payable (trade payables) 28.8 30.0 31.9 34.3 36.7 38.6 38.9 38.5 38.4 39.1 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 34-55) -197.5 -158.1 22.4 -9.5 -69.5 -334.6 -435.0 -318.9 -331.4 -253.4 62

 Other changes in volume account

63 Total other volume changes 339.6 -698.6 215.1 318.3 220.7 -982.4 361.7 32.5 -56.3 315.5 63

64 Disaster losses 0.0 0.0 10.7 0.0 0.0 0.0 0.0 0.0 0.0 7.6 64

65 Other volume changes 321.8 -746.0 22.2 191.1 109.0 -922.1 425.3 41.2 10.3 269.0 65

66 Less: Statistical discrepancy (lines 32-[34-55]) (2) -17.7 -47.4 -182.2 -127.1 -111.7 60.3 63.7 8.6 66.6 -39.0 66

 Revaluation account

67 Nonfinancial assets 91.5 504.5 473.4 605.0 460.9 411.4 -105.2 175.7 392.5 225.4 67

68 Structures 91.5 501.0 472.2 602.7 457.9 403.0 -104.3 171.9 386.1 225.3 68

69 Equipment -0.6 2.6 0.4 1.1 0.6 6.6 -1.1 2.4 4.6 -1.3 69

70 Intellectual property products 0.6 0.9 0.8 1.1 2.4 1.8 0.3 1.4 1.9 1.3 70

71 Equity and investment fund shares 29.0 11.8 5.4 16.9 5.2 -61.0 33.4 21.6 1.8 18.0 71

72 Changes in net worth due to nominal holding gains/losses 120.5 516.3 478.9 621.8 466.0 350.5 -71.7 197.3 394.3 243.4 72

 Changes in balance sheet account

73 Change in net worth (lines 28+32+63+72) 390.6 -242.7 677.7 958.4 673.4 -733.8 85.7 69.3 198.8 380.3 73

 Balance sheet account (end of period)

74 Total assets 6900.4 7721.5 8576.4 9546.8 10404.2 10811.9 10904.9 11299.5 11750.2 12036.8 74

75 Nonfinancial assets (3) 5024.4 5662.8 6259.0 7008.0 7623.1 8193.3 8243.0 8557.5 9065.2 9386.3 75

76 Structures 4760.4 5388.1 5976.8 6715.1 7314.8 7863.3 7903.6 8207.7 8703.7 9020.8 76

77 Equipment 196.6 203.3 206.9 212.7 221.5 236.4 240.9 245.4 250.8 249.8 77

78 Intellectual property products 67.5 71.4 75.3 80.2 86.9 93.6 98.5 104.4 110.7 115.7 78

79 Financial assets 1876.0 2058.8 2317.5 2538.8 2781.1 2618.6 2661.9 2741.9 2685.0 2650.4 79

80 Currency and deposits 212.8 217.0 236.1 258.4 291.4 318.8 347.2 345.9 377.0 407.4 80

81 Currency and transferable deposits 53.8 50.4 66.2 71.6 71.4 79.9 99.1 104.6 121.3 117.7 81

82 Time and savings deposits 159.0 166.7 169.9 186.8 220.0 238.9 248.1 241.3 255.7 289.8 82

83 Debt securities 966.3 1062.8 1217.2 1327.2 1462.2 1373.6 1331.4 1382.1 1306.3 1251.4 83

84 Open market paper 150.7 153.6 153.3 151.9 149.5 127.9 88.8 101.7 90.6 85.5 84

85 Treasury securities 361.9 405.3 512.3 570.6 647.8 602.4 585.1 591.9 545.4 533.6 85

86 Agency- and GSE-backed securities (1) 341.0 378.2 413.3 452.4 496.6 479.7 489.5 511.8 497.8 469.6 86

87 Municipal securities 4.5 5.7 6.9 8.3 10.0 10.4 11.5 12.8 12.9 12.1 87

88 Corporate and foreign bonds 108.1 120.1 131.5 144.1 158.4 153.2 156.5 163.9 159.5 150.5 88

89 Loans 246.7 268.9 288.9 310.7 335.0 317.9 318.6 327.2 315.4 297.5 89

90 Short term 117.3 124.5 130.0 135.7 141.8 130.1 125.9 124.5 117.6 111.0 90

91 Long term (mortgages) 129.4 144.5 158.9 175.0 193.2 187.8 192.8 202.7 197.8 186.6 91

92 Equity and investment fund shares 186.6 220.0 246.7 287.3 319.6 253.5 296.1 333.9 329.9 332.1 92

93 Money market fund shares 63.6 76.4 89.9 105.3 123.1 126.1 135.9 149.6 149.2 140.7 93

94 Corporate equities 93.5 107.8 116.1 132.9 141.6 91.1 111.8 126.0 122.7 129.7 94

95 Mutual fund shares 29.5 35.8 40.7 49.1 54.9 36.3 48.4 58.3 58.0 61.7 95

96 Other accounts receivable 263.6 290.0 328.6 355.2 372.9 354.7 368.6 352.8 356.5 362.0 96

97 Trade receivables 116.6 125.0 142.5 151.3 159.1 143.7 139.1 152.2 154.1 162.5 97

98 Taxes receivable 74.9 86.2 101.6 112.9 115.7 117.9 111.1 104.7 110.0 112.3 98

99 Other (miscellaneous assets) 72.2 78.7 84.6 91.0 98.1 93.1 118.4 95.9 92.4 87.2 99

100 Total liabilities and net worth 6900.4 7721.5 8576.4 9546.8 10404.2 10811.9 10904.9 11299.5 11750.2 12036.8 100

101 Liabilities 2144.8 3208.7 3385.8 3397.8 3581.8 4723.3 4730.6 5055.8 5307.8 5214.0 101
Inte

g

r

ate

d

A

c

c

o

u

nts

148 Z.1, September 25, 2013

S.8.a State and Local Governments

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

102 Debt securities (municipals) 1558.8 2438.2 2579.2 2679.6 2825.6 2842.7 2954.9 3023.6 2970.0 2964.3 102

103 Short term 106.1 44.2 42.5 34.3 51.2 55.8 63.6 63.0 52.3 56.1 103

104 Other 1452.7 2393.9 2536.7 2645.2 2774.4 2786.9 2891.3 2960.6 2917.6 2908.2 104

105 Loans (short term) 9.7 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 105

106 Insurance, pension and standardized guarantee schemes 156.3 310.5 314.0 190.8 191.4 1276.3 1131.7 1348.9 1615.1 1487.5 106

 (Claim of pension funds on sponsor)

107 Other accounts payable (trade payables) 420.0 450.0 482.0 516.2 553.0 591.6 630.5 669.0 707.4 746.5 107

108 Net worth 4755.6 4512.8 5190.6 6149.0 6822.4 6088.6 6174.3 6243.6 6442.4 6822.7 108

Note. The state and local government accounts exclude state and local employee retirement funds

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes land and nonproduced nonfinancial assets.
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 149

S.9.a Rest of the World 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Foreign income from U.S. 1913.0 2256.2 2623.3 2998.4 3250.3 3378.4 2608.7 3018.1 3360.9 3453.5 1

 2 U.S. imports of goods and services 1544.3 1797.9 2026.1 2240.9 2375.5 2556.4 1976.0 2362.0 2669.9 2743.1 2

 3 U.S. income payments to rest of world 288.1 361.4 482.3 655.7 749.1 683.8 496.5 514.1 542.1 565.7 3

 4 Current taxes and trans. payments to rest of world 80.7 96.9 114.9 101.7 125.7 138.3 136.1 142.0 149.0 144.6 4

 5 Less: Foreign outlays to U.S. 1399.5 1634.6 1886.1 2202.7 2541.3 2699.9 2227.5 2563.5 2904.0 3014.5 5

 6 U.S. exports of goods and services 1043.4 1183.1 1310.4 1478.5 1665.7 1843.1 1583.8 1843.5 2101.1 2195.9 6

 7 U.S. income receipts from rest of world 356.1 451.4 575.8 724.2 875.5 856.8 643.7 720.0 802.8 818.6 7

 8 Equals: Net saving (current external balance) 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 8

 Capital account

 9 Net saving 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 9

10 Less: Net capital transfers -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.6 10

11 Less: Acquisition of nonproduced nonfinancial assets 0.1 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.1 0.0 11

12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 12

 Financial account

13 Net lending (+) or borrowing (-) (line 12) 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 13

14 Net acquisition of U.S. financial assets 820.4 1398.6 1100.3 1854.1 1766.9 584.4 168.9 1173.7 1011.4 876.4 14

15 Monetary gold and SDRs 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 15

16 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 17

18 Currency and deposits 53.8 39.7 28.9 54.8 -76.6 540.2 -322.7 -1.7 336.0 -36.7 18

19 Currency 10.6 13.3 8.4 2.2 -10.7 29.2 12.6 28.3 55.0 57.1 19

20 Transferable deposits 4.0 9.1 6.4 9.2 5.2 34.8 -21.8 1.2 26.8 11.0 20

21 Time deposits 5.2 34.1 6.7 11.5 40.3 65.5 -43.1 16.9 33.1 46.4 21

22 Net interbank items due from U.S. banks 34.0 -16.8 7.3 31.9 -111.4 410.8 -270.4 -48.2 221.1 -151.3 22

23 Debt securities 583.6 848.1 720.7 967.4 841.1 421.9 167.5 643.9 205.7 501.9 23

24 Open market paper 66.2 37.0 9.9 46.7 -8.3 -45.1 -41.4 -0.5 0.7 3.4 24

25 Treasury securities 276.4 366.9 245.1 150.3 165.3 711.6 554.4 740.4 357.9 589.5 25

26 Agency- and GSE-backed securities (1) 12.3 178.2 134.3 224.0 248.8 -228.6 -226.0 -72.3 -41.6 -71.8 26

27 Municipal securities 8.0 6.5 3.0 5.4 10.7 5.9 7.7 13.1 -1.4 -4.9 27

28 Corporate bonds 220.8 259.5 328.5 541.0 424.6 -21.8 -127.3 -36.8 -109.9 -14.4 28

29 Loans (short term) 86.0 76.5 76.8 8.6 67.1 -258.7 -190.3 -146.3 85.1 -89.8 29

30 Security repurchases (net) 86.9 70.3 45.5 2.4 -35.2 -214.0 -146.4 -126.1 51.2 -39.9 30

31 Loans to U.S. corporate business -0.8 6.3 31.3 6.2 102.3 -44.7 -44.0 -20.2 33.9 -49.9 31

32 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Equity and investment fund shares 97.7 207.8 201.9 388.6 496.8 436.9 369.7 384.8 363.9 398.5 33

34 Money market fund shares 2.6 4.1 0.1 4.1 19.0 23.7 7.2 -7.1 -50.8 35.0 34

35 Corporate equities 5.2 25.0 56.9 96.2 217.6 105.8 154.9 74.6 37.0 53.1 35

36 Mutual fund shares 26.2 32.7 32.3 45.2 39.1 -2.7 57.2 111.5 147.5 144.0 36

37 Foreign direct investment in the United States 63.8 146.0 112.6 243.2 221.2 310.1 150.4 205.9 230.2 166.4 37

38 Other accounts receivable -0.8 226.5 72.0 434.7 438.5 -555.9 97.1 293.1 20.7 102.5 38

39 Trade receivables 1.3 -1.1 7.9 5.9 20.8 6.5 6.6 19.8 17.7 11.5 39

40 Other (miscellaneous assets) -2.1 227.5 64.1 428.8 417.7 -562.4 90.5 273.3 3.0 91.1 40

41 Net incurrence of liabilities 289.4 863.2 386.5 1046.7 1149.3 -152.2 -62.0 735.8 460.9 430.1 41

42 SDR holdings -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 42

43 Currency and deposits 35.2 86.6 29.0 84.6 255.8 -389.5 -106.5 -7.4 -28.8 -25.8 43

44 Official foreign currencies 0.6 0.6 0.6 0.7 1.0 1.3 0.7 0.5 -0.5 0.4 44

45 Reserve position in IMF (net) -1.5 -3.8 -10.2 -3.3 -1.0 3.5 3.4 1.3 18.1 4.0 45

46 U.S. private deposits 36.0 89.9 40.8 87.2 256.0 -394.3 -110.7 -9.3 -46.3 -30.2 46

47 Nonofficial foreign currencies 0.2 -0.0 -2.2 -0.0 -0.1 0.0 0.2 0.1 -0.1 -0.1 47

48 Debt securities 47.6 155.0 103.1 326.2 149.4 -229.8 222.7 57.2 84.2 90.1 48

49 Commercial paper 18.9 69.2 38.6 98.4 -69.3 -71.0 59.4 -2.7 -53.5 27.9 49

50 Bonds 28.7 85.8 64.5 227.8 218.7 -158.8 163.3 59.9 137.7 62.2 50

51 Loans (short term) -4.6 0.2 9.9 6.4 44.9 533.3 -554.3 7.9 130.3 -66.1 51

52 Other loans and advances -2.1 -3.6 -4.6 -7.4 -3.2 -1.5 0.3 0.2 1.4 5.7 52

53 Depository institution loans n.e.c. -2.5 3.8 14.5 13.8 24.1 5.1 -11.2 17.9 29.2 19.2 53

54 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 0.0 24.0 529.7 -543.5 -10.2 99.7 -90.9 55
Inte

g

r

ate

d

A

c

c

o

u

nts

150 Z.1, September 25, 2013

S.9.a Rest of the World 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

56 Equity and investment fund shares 313.1 377.4 243.8 425.6 605.7 282.8 399.3 393.1 448.2 421.8 56

57 Corporate equities 118.0 84.8 186.7 137.3 147.8 -38.5 63.7 79.1 6.0 82.6 57

58 U.S. government equity in IBRD, etc. 1.4 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 58

59 U.S. direct investment abroad 149.6 316.2 36.2 244.9 414.0 329.1 310.4 301.1 409.0 388.3 59

60 Investment by holding companies 44.1 -25.6 19.6 41.3 42.2 -9.1 23.5 10.6 30.6 -51.5 60

61 Other accounts payable -101.3 243.5 5.1 203.7 93.3 -349.2 -71.3 284.9 -171.4 10.1 61

62 Trade payables 6.1 3.5 6.3 6.2 12.4 -9.9 6.1 25.8 -32.2 6.3 62

63 Other (miscellaneous liabilities) -107.4 240.0 -1.1 197.5 80.9 -339.3 -77.4 259.1 -139.2 3.8 63

 Addendum:

64 Net lending, financial account (lines 14-41) 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 64

 Other changes in volume account

65 Total other volume changes -115.2 -78.8 -271.2 77.0 -245.0 -284.3 -463.5 -203.5 242.3 64.3 65

66 Other volume changes -130.6 4.7 -260.7 67.4 -153.7 -347.8 -312.7 -186.2 150.4 50.4 66

67 Less: Statistical discrepancy (lines 12-[14-41]) (2) -15.4 83.5 10.4 -9.6 91.3 -63.4 150.8 17.3 -91.9 -13.9 67

 Revaluation account

68 Financial assets 438.0 182.2 -53.9 382.5 264.3 -1610.5 492.7 612.5 434.1 610.6 68

69 SDR allocations 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 69

70 Debt securities -49.7 -55.8 -195.4 34.8 129.1 -125.7 76.2 144.7 298.3 127.0 70

71 Treasury securities -48.4 -66.9 -74.3 -8.5 85.0 164.9 -136.8 47.9 190.2 -22.6 71

72 Agency- and GSE-backed securities 12.5 41.7 3.4 26.7 70.0 53.2 -26.0 1.4 38.1 -4.2 72

73 Corporate bonds -13.8 -30.7 -124.4 16.6 -26.0 -343.8 239.1 95.5 70.0 153.8 73

74 Equity and investment fund shares 487.0 237.7 142.1 347.3 134.8 -1484.6 416.3 468.7 136.0 483.5 74

75 Corporate equities 447.8 205.0 77.5 312.8 145.6 -1110.0 514.7 410.9 36.0 392.5 75

76 Mutual fund shares 21.9 17.0 14.0 29.6 18.5 -116.0 51.2 38.2 74.3 79.6 76

77 Foreign direct investment in the United States 17.3 15.8 50.6 4.9 -29.3 -258.6 -149.6 19.6 25.7 11.4 77

78 Liabilities 771.2 558.0 642.1 964.8 1059.5 -2783.4 1372.2 821.8 -361.1 964.8 78

79 SDR holdings 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 79

80 Currency and deposits 7.4 3.1 -6.7 2.7 4.1 2.5 0.6 0.9 -7.5 -6.6 80

81 Official foreign currencies 5.3 2.4 -5.5 2.4 3.9 2.5 0.3 1.0 0.3 -2.3 81

82 Reserve position in IMF (net) 2.1 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -7.8 -4.3 82

83 U.S. private deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84

85 Debt securities (corporate bonds) 137.5 30.2 -37.9 36.2 92.8 -191.0 169.7 101.0 70.9 138.5 85

86 Equity and investment fund shares 625.3 524.0 687.6 925.5 962.1 -2594.7 1201.6 720.9 -424.3 832.8 86

87 Corporate equities 587.4 396.2 570.6 873.9 771.2 -2461.0 1183.2 825.8 -404.8 806.5 87

88 U.S. direct investment abroad 37.9 127.8 117.0 51.5 190.9 -133.7 18.5 -104.9 -19.4 26.3 88

89 Changes in net worth due to nominal holding gains/losses -333.3 -375.8 -695.9 -582.3 -795.3 1173.0 -879.5 -209.3 795.1 -354.2 89

 Changes in balance sheet account

90 Change in net worth (lines 12+65+89) 67.2 164.4 -242.8 292.5 -331.3 1561.8 -961.3 42.4 1496.1 142.5 90

 Financial balance sheet account (end of period) (3)

91 Total financial assets 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.9 17438.7 18953.8 20489.7 91

92 SDR allocations 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 92

93 Currency and deposits 520.6 560.3 589.2 644.0 567.4 1107.7 785.0 783.3 1119.3 1082.5 93

94 Currency 258.7 272.0 280.4 282.6 272.0 301.1 313.8 342.1 397.1 454.2 94

95 Transferable deposits 4.2 13.3 19.7 28.9 34.2 69.0 47.2 48.4 75.2 86.2 95

96 Time deposits 115.0 149.2 155.9 167.4 207.6 273.1 230.0 246.9 280.0 326.4 96

97 Net interbank items due from U.S. banks 142.7 125.9 133.2 165.1 53.7 464.5 194.0 145.9 367.0 215.7 97

98 Debt securities 3711.1 4503.4 5028.8 6030.9 7001.1 7297.3 7541.0 8329.6 8833.5 9462.4 98

99 Open market paper 192.8 229.8 239.6 286.3 278.1 232.9 191.5 191.0 191.7 195.2 99

100 Treasury securities 1513.5 1813.6 1984.4 2126.2 2376.4 3253.0 3670.6 4458.8 5006.9 5573.8 100

101 Agency- and GSE-backed securities (1) 655.3 875.2 1012.9 1263.6 1582.4 1406.9 1154.9 1084.0 1080.6 1004.7 101

102 Municipal securities 19.5 26.0 29.0 34.4 45.1 51.0 58.7 71.7 70.3 65.4 102

103 Corporate bonds 1330.0 1558.9 1762.9 2320.5 2719.1 2353.5 2465.3 2524.0 2484.0 2623.4 103
Inte

g

r

ate

d

A

c

c

o

u

nts

Z.1, September 25, 2013 151

S.9.a Rest of the World 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

104 Loans (short term) 240.4 316.9 393.8 533.4 609.5 341.3 213.5 66.2 151.3 61.5 104

105 Security repurchases (net) 115.4 185.7 231.2 364.6 338.4 114.9 31.0 -96.1 -44.9 -84.8 105

106 Loans to U.S. corporate business 125.0 131.2 162.5 168.8 271.1 226.4 182.5 162.3 196.1 146.2 106

107 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 107

108 Equity and investment fund shares 3420.5 3866.0 4210.0 4946.0 5577.6 4529.8 5315.9 6169.4 6729.9 7611.8 108

109 Money market fund shares 18.8 22.9 23.0 27.0 46.0 69.7 76.9 69.8 79.5 114.5 109

110 Corporate equities 1674.6 1904.6 2039.1 2448.1 2811.3 1807.1 2476.7 2962.2 3035.3 3480.8 110

111 Mutual fund shares 146.1 195.8 242.0 316.8 374.3 255.6 364.1 513.8 735.6 959.2 111

112 Foreign direct investment in the United States 1581.0 1742.7 1906.0 2154.1 2345.9 2397.4 2398.2 2623.6 2879.5 3057.3 112

113 Other accounts receivable 951.7 1324.8 1370.7 1906.1 2274.2 1955.9 1896.2 2035.9 2065.6 2217.1 113

114 Trade receivables 50.1 49.0 56.9 62.8 83.6 90.1 96.7 116.4 134.2 145.6 114

115 Other (miscellaneous assets) 901.6 1275.8 1313.8 1843.3 2190.6 1865.9 1799.5 1919.5 1931.5 2071.5 115

116 Total liabilities and net worth 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.9 17438.7 18953.8 20489.7 116

117 Total liabilities 6649.2 8212.3 9475.4 11651.2 13952.4 11592.7 13121.3 14710.8 14729.8 16123.2 117

118 SDR holdings 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 118

119 Currency and deposits 932.1 1021.9 1044.2 1131.5 1391.4 1004.4 898.5 891.9 855.6 823.2 119

120 Official foreign currencies 39.7 42.7 37.8 40.9 45.8 49.6 50.5 52.1 51.9 49.9 120

121 Reserve position in IMF (net) 22.5 19.5 8.0 5.0 4.2 7.7 11.4 12.5 22.8 22.6 121

122 U.S. private deposits 867.1 957.0 997.8 1085.0 1340.9 946.7 835.9 826.6 780.3 750.1 122

123 Nonofficial foreign currencies 2.8 2.8 0.6 0.6 0.5 0.5 0.7 0.8 0.7 0.7 123

124 Debt securities 1145.1 1330.3 1395.5 1757.8 2000.1 1579.3 1971.7 2129.9 2285.0 2513.7 124

125 Commercial paper 276.1 345.3 384.0 482.3 413.0 342.0 401.3 398.6 345.1 373.0 125

126 Bonds 868.9 985.0 1011.6 1275.5 1587.1 1237.3 1570.3 1731.3 1939.9 2140.7 126

127 Loans (short term) 108.2 108.5 118.4 124.8 150.2 683.3 128.9 137.3 267.6 207.2 127

128 Other loans and advances 42.2 38.6 34.0 26.6 23.4 21.6 21.9 22.1 23.5 32.8 128

129 Depository institution loans n.e.c. 66.1 69.9 84.4 98.3 102.8 107.9 96.8 115.1 144.3 165.5 129

130 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 130

131 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 0.0 24.0 553.7 10.3 0.1 99.8 8.9 131

132 Equity and investment fund shares 4207.0 5108.4 6039.8 7390.8 8958.6 6646.8 8247.7 9361.7 9385.7 10640.3 132

133 Corporate equities 2079.4 2560.4 3317.7 4329.0 5248.0 2748.4 3995.3 4900.2 4501.4 5390.5 133

134 U.S. government equity in IBRD, etc. 40.0 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 57.3 134

135 U.S. direct investment abroad 2054.5 2498.5 2651.7 2948.2 3553.1 3748.5 4077.4 4273.6 4663.1 5077.8 135

136 Investment by holding companies 33.1 7.5 27.1 68.4 110.6 101.5 125.1 135.6 166.3 114.7 136

137 Other accounts payable 244.1 629.6 869.3 1237.4 1442.6 1669.6 1816.7 2133.0 1880.8 1883.7 137

138 Trade payables 44.7 48.2 54.5 60.7 73.1 63.2 69.3 95.1 63.0 69.3 138

139 Other (miscellaneous liabilities) 199.4 581.4 814.8 1176.7 1369.5 1606.4 1747.3 2037.9 1817.8 1814.4 139

140 Net worth (external account) 2202.5 2366.8 2124.0 2416.5 2085.2 3646.9 2685.6 2728.0 4224.0 4366.5 140

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes nonfinancial assets, including nonproduced nonfinancial assets.

IBRD International Bank for Reconstruction and Development

IMF International Monetary Fund

SDRs Special Drawing Rights

n.e.c. Not elsewhere classified