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F.100 Domestic Nonfinancial Sectors (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving less net capital transfers paid 3166.2 3694.9 4021.1 4201.5 4376.6 4305.7 4306.3 4363.9 4372.3 4339.4 4430.7 1

 2 Gross investment 3030.8 3161.1 4305.5 4292.0 4819.7 3856.0 5041.3 5270.0 4521.7 4658.8 4828.4 2

 3 Capital expenditures 3761.1 4058.3 4203.3 4431.4 4646.5 4495.0 4529.9 4570.3 4673.3 4665.2 4677.2 3

 4 Consumer durables 1057.2 1129.5 1166.9 1205.6 1251.1 1219.6 1227.5 1225.9 1249.0 1261.5 1268.0 4

 5 Fixed residential investment 388.0 443.0 500.5 547.5 615.7 555.1 572.0 581.7 626.1 616.2 638.8 5

 6 Fixed nonresidential investment 2274.0 2424.0 2464.1 2601.2 2669.5 2631.9 2641.9 2635.4 2670.7 2692.2 2679.8 6

 7 Inventory change 41.8 61.8 71.8 77.1 110.2 88.3 88.5 127.3 127.5 95.3 90.6 7

 8 Nonproduced nonfinancial assets 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Net lending (+) or net borrowing (-) -730.3 -897.3 102.2 -139.4 173.2 -639.0 511.5 699.7 -151.6 -6.4 151.1 9

 10 Net acqisition of financial assets 1809.8 2278.2 2755.3 2448.7 2913.2 1779.8 3398.3 2882.9 3079.3 2235.5 3454.9 10

 11 U.S. official reserve assets 16.2 4.3 -3.3 -3.8 -3.9 -4.1 -10.2 -16.7 -3.6 -1.2 5.9 11

 12 Foreign deposits -15.7 -7.3 44.4 -21.1 -38.6 -18.1 -55.3 -71.3 1.0 -87.2 2.9 12

 13 Checkable deposits and currency 114.8 188.2 286.6 290.0 263.0 173.4 451.0 -148.5 884.1 -409.9 726.3 13

 14 Time and savings deposits 404.5 477.5 274.7 452.6 523.9 143.4 845.3 717.0 -0.9 763.7 615.8 14

 15 Money market fund shares -53.6 66.9 71.2 -9.6 -15.8 2.8 -22.7 -179.1 90.2 -66.9 92.6 15

 16 Security repurchase agreements -4.3 1.0 0.6 18.6 12.5 26.9 7.1 9.3 18.3 -5.1 27.7 16

 17 Debt securities -418.2 -234.6 -698.3 -463.5 91.2 -421.4 -124.0 -351.9 -146.1 705.8 157.2 17

 18 Open market paper -14.0 -16.8 -19.8 -6.4 -8.8 -11.2 -9.6 -11.1 -1.0 -3.5 -19.5 18

 19 Treasury securities -269.4 238.4 -156.7 -20.7 410.3 -123.7 552.8 -172.3 225.1 789.5 798.8 19

 20 Agency- and GSE-backed securities -93.4 -102.9 -80.0 -186.1 5.3 -74.4 -134.3 -41.2 37.2 128.8 -103.5 20

 21 Municipal securities -66.9 -143.7 -56.8 -75.1 -23.3 -133.7 -31.8 26.8 -19.5 11.8 -112.3 21

 22 Corporate and foreign bonds 25.6 -209.6 -385.1 -175.1 -292.3 -78.5 -501.1 -154.2 -387.9 -220.9 -406.2 22

 23 Loans 127.1 150.6 173.9 175.4 66.2 209.5 5.7 138.5 33.0 74.7 18.8 23

 24 Other loans and advances 2.8 41.9 70.7 54.4 -49.7 107.0 -90.0 11.8 -99.7 -19.3 -91.9 24

 25 Mortgages -2.2 -16.2 0.7 17.0 18.4 -2.3 9.5 22.7 17.6 11.8 21.5 25

 26 Consumer credit 126.5 124.8 102.6 104.0 97.6 104.8 86.2 103.9 115.1 82.2 89.2 26

 27 Corporate equities -245.3 -226.4 152.9 31.3 -149.2 -227.5 339.7 235.1 -15.3 -863.3 46.7 27

 28 Mutual fund shares 245.6 470.7 515.2 434.9 389.5 416.4 361.9 506.1 382.3 362.1 307.3 28

 29 Trade receivables 155.1 64.6 322.7 140.6 34.4 117.9 156.8 8.0 57.5 19.5 52.3 29

 30 Life insurance reserves 73.5 -26.6 19.2 45.3 55.3 46.4 62.2 77.7 37.3 62.0 44.1 30

 31 Pension entitlements 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 31

 32 Taxes payable 28.1 31.6 31.3 -16.1 35.6 -31.1 -50.1 98.3 19.9 -25.9 50.2 32

 33 Equity in noncorporate business 231.5 90.3 173.2 24.7 21.8 11.9 34.7 19.1 17.5 48.3 2.1 33

 34 U.S. direct investment abroad 403.9 319.2 305.0 311.0 258.8 321.1 441.1 294.1 279.8 232.5 229.0 34

 35 Miscellaneous assets 197.4 328.2 546.6 511.4 931.2 499.3 403.9 1074.5 960.6 1011.1 678.5 35

 36 Net increase in liabilities 2540.0 3175.5 2653.1 2588.1 2740.0 2418.8 2886.9 2183.2 3230.9 2241.9 3303.7 36

 37 U.S. official reserve assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

 38 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

 39 Treasury currency 0.0 0.0 -0.4 -0.3 -0.0 -1.0 0.0 0.0 0.0 0.0 -0.0 39

 40 Debt securities 1280.9 1513.2 1107.5 1021.1 1181.6 1009.6 1219.2 387.2 963.0 462.6 2913.7 40

 41 Open market paper 33.4 14.0 14.2 37.5 -5.4 21.7 -3.7 -61.2 -53.2 70.3 22.5 41

 42 Treasury securities 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 42

 43 Agency- and GSE-backed securities 1.1 -0.4 -0.4 -0.1 0.2 -0.7 2.1 -1.0 2.1 -2.2 1.8 43

 44 Municipal securities -52.8 -4.9 -43.2 -18.8 62.4 -58.4 47.6 157.3 52.4 50.7 -10.9 44

 45 Corporate and foreign bonds 161.6 323.5 279.2 266.6 400.1 207.7 337.1 447.4 613.8 319.4 219.7 45

 46 Loans 13.0 401.5 475.6 827.3 779.4 884.4 790.0 734.1 1040.8 455.5 887.1 46

 47 Depository institution loans n.e.c. 70.7 276.9 126.1 277.2 269.2 209.2 251.2 361.6 201.3 222.0 292.0 47

 48 Other loans and advances 24.3 42.2 97.1 125.5 -109.7 247.7 23.4 -10.7 23.3 -392.1 -59.4 48

 49 Mortgages -190.5 -87.1 76.4 206.2 389.0 204.8 316.4 198.4 530.4 379.3 448.0 49

 50 Consumer credit 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 50

 51 Corporate equities -454.6 -344.9 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 51

 52 Trade payables 128.4 134.2 193.1 161.4 78.1 116.3 167.3 70.7 148.9 -10.8 103.8 52

 53 Life insurance reserves 1.3 0.3 0.2 0.8 -0.1 1.2 1.4 -2.1 0.9 -0.6 1.3 53

 54 Taxes payable 9.4 9.9 -5.9 3.6 15.8 18.5 -6.1 33.7 24.7 -10.6 15.5 54

 55 Equity in noncorporate business 234.4 83.6 178.8 22.7 17.6 4.9 35.8 20.3 20.3 23.0 6.6 55

 56 Foreign direct investment in U.S. 192.7 188.7 185.5 98.0 337.8 371.0 201.5 765.9 312.4 122.5 150.4 56

 57 Miscellaneous liabilities 1134.6 1189.0 871.6 845.8 894.1 448.1 837.4 764.8 1210.4 1826.5 -225.5 57

 58 Discrepancy 135.4 533.8 -284.4 -90.4 -443.2 449.6 -735.0 -906.1 -149.4 -319.4 -397.7 58

(1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107.
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F.101 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 13254.5 13915.1 14068.4 14694.2 15341.9 14774.8 14955.7 15079.8 15277.0 15443.7 15567.1 1

 2 - Personal current taxes 1453.2 1511.4 1672.8 1780.2 1945.1 1792.0 1838.8 1900.1 1938.7 1957.3 1984.5 2

 3 = Disposable personal income 11801.4 12403.7 12395.6 12913.9 13396.8 12982.7 13116.8 13179.8 13338.3 13486.4 13582.6 3

 4 - Personal outlays 11091.2 11457.0 11805.7 12293.7 12714.0 12377.0 12502.5 12492.2 12674.5 12806.2 12883.1 4

 5 = Personal saving, NIPA (2) 710.1 946.7 589.9 620.2 682.8 605.7 614.3 687.6 663.9 680.2 699.4 5

 6 + Government insurance and pension reserves (3) -2.4 -2.5 -2.2 -2.0 -2.2 -2.7 -1.5 -2.5 -1.3 -2.5 -2.6 6

 7 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.4 4.6 5.2 5.1 5.3 5.1 5.1 5.2 5.2 5.3 5.3 7

 8 + Net investment in consumer durables 119.0 167.1 181.5 202.2 255.1 212.2 212.5 244.2 260.0 259.0 257.4 8

 9 + Consumption of fixed capital 1336.5 1367.0 1412.5 1458.1 1465.5 1464.8 1477.8 1446.3 1455.1 1474.1 1486.5 9

 10 - Net capital transfers paid (4) 2.0 -5.1 19.8 9.3 20.7 -21.4 18.5 19.9 20.7 20.5 21.7 10

 11 = Gross saving less net capital transfers paid 2156.8 2478.8 2156.7 2264.1 2375.2 2296.4 2279.5 2350.4 2351.7 2385.0 2413.7 11

 12 Gross investment 2866.9 2642.7 2734.2 2523.3 2742.2 2053.8 3151.9 3305.1 2176.4 2652.8 2834.5 12

 13 Capital expenditures 1501.3 1627.0 1717.1 1793.4 1897.2 1820.2 1838.8 1849.1 1889.2 1916.8 1933.7 13

 14 Consumer durable goods 1057.2 1129.5 1166.9 1205.6 1251.1 1219.6 1227.5 1225.9 1249.0 1261.5 1268.0 14

 15 Residential 321.1 367.9 424.6 456.6 505.8 461.2 478.1 488.9 501.1 512.4 520.9 15

 16 Nonprofit nonresidential 130.8 137.4 133.7 139.7 148.5 147.8 141.6 142.5 147.4 151.1 153.1 16

 17 Nonproduced nonfinancial assets -7.8 -7.9 -8.2 -8.4 -8.3 -8.4 -8.4 -8.3 -8.3 -8.2 -8.3 17

 18 Net lending (+) or net borrowing (-) 1365.6 1015.7 1017.1 729.9 845.0 233.6 1313.0 1456.0 287.2 736.0 900.8 18

 19 Net acquisition of financial assets 1295.7 1279.3 1252.8 1153.1 1238.8 648.8 1615.6 1717.6 888.3 964.2 1385.0 19

 20 Foreign deposits -9.9 -7.9 2.3 -6.4 -13.5 11.6 -27.7 -6.1 -18.8 -13.6 -15.6 20

 21 Checkable deposits and currency 300.3 177.0 134.2 141.2 59.4 -55.4 32.4 228.1 160.7 -268.8 117.6 21

 22 Time and savings deposits 369.3 411.9 209.9 434.3 488.0 257.0 778.9 736.5 13.8 724.0 477.7 22

 23 Money market fund shares -21.1 2.5 28.1 -41.6 -43.2 -68.6 -199.3 -134.0 79.5 -124.4 6.0 23

 24 Debt securities -230.1 -212.1 -627.8 -479.1 40.0 -360.2 -173.7 -422.0 -115.4 595.3 102.2 24

 25 Open market paper -1.8 -0.6 -3.8 -0.1 -1.2 -0.6 -4.2 1.4 1.7 -5.5 -2.3 25

 26 Treasury securities -230.8 195.1 -140.5 -57.0 354.4 -136.1 483.5 -231.7 261.4 698.2 689.8 26

 27 Agency- and GSE-backed securities 40.3 -50.3 -46.2 -174.7 18.7 -28.7 -115.5 -41.4 38.3 123.8 -46.0 27

 28 Municipal securities -65.8 -144.7 -53.3 -67.3 -25.6 -122.4 -32.7 18.1 -16.9 13.3 -116.8 28

 29 Corporate and foreign bonds 27.9 -211.6 -384.0 -180.0 -306.3 -72.3 -504.7 -168.5 -399.9 -234.4 -422.6 29

 30 Loans -5.0 12.6 51.4 51.5 -60.2 98.5 -95.0 -0.4 -120.4 -17.5 -102.7 30

 31 Other loans and advances (5) -1.9 39.5 63.5 51.8 -50.6 106.8 -89.0 9.8 -111.3 -6.2 -94.6 31

 32 Mortgages 0.9 -18.1 -5.8 5.4 -3.2 -1.0 0.4 -3.5 -2.1 -5.0 -2.4 32

 33 Consumer credit (student loans) -3.9 -8.8 -6.3 -5.7 -6.4 -7.3 -6.4 -6.7 -7.1 -6.3 -5.6 33

 34 Corporate equities (6) -282.2 -214.3 158.2 30.4 -156.7 -219.9 338.5 227.9 -22.4 -870.4 38.0 34

 35 Mutual fund shares 258.6 471.8 514.3 418.1 370.1 402.6 345.4 486.7 363.5 342.9 287.3 35

 36 Life insurance reserves 73.5 -26.6 19.2 45.3 55.3 46.4 62.2 77.7 37.3 62.0 44.1 36

 37 Pension entitlements (7) 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 37

 38 Equity in noncorporate business 231.5 90.3 173.2 24.7 21.8 11.9 34.7 19.1 17.5 48.3 2.1 38

 39 Miscellaneous assets 61.6 -6.1 50.3 7.8 40.7 11.9 -31.9 31.4 29.2 71.3 30.8 39

 40 Net increase in liabilities -69.9 263.6 235.7 423.2 393.8 415.2 302.5 261.5 601.2 228.2 484.2 40

 41 Debt securities (municipal securities) -7.8 -14.5 -13.1 -4.8 -5.4 -9.8 -6.0 -0.4 -13.3 -9.9 2.0 41

 42 Loans -62.9 273.5 244.8 423.6 395.8 425.6 307.5 255.9 609.5 238.8 478.9 42

 43 Home mortgages (8) -73.1 -70.7 -1.8 44.3 136.6 41.4 107.2 2.1 235.5 162.1 146.6 43

 44 Consumer credit 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 44

 45 Depository institution loans n.e.c. (9) -54.9 110.8 30.0 120.2 91.7 93.0 67.9 119.3 30.9 113.4 103.1 45

 46 Other loans and advances -37.4 66.1 37.4 33.2 -74.3 61.0 -78.3 -59.0 44.6 -294.3 11.5 46

 47 Commercial mortgages -6.1 -2.2 3.2 7.5 10.9 7.4 11.8 8.6 12.7 11.2 11.2 47

 48 Trade payables 1.2 4.0 1.0 3.1 1.2 1.9 3.0 1.4 1.8 1.0 0.8 48

 49 Deferred and unpaid life insurance premiums -0.4 0.6 3.0 1.2 2.2 -2.6 -2.0 4.6 3.2 -1.6 2.6 49

 50 Discrepancy -710.1 -163.9 -577.4 -259.3 -367.1 242.6 -872.4 -954.7 175.3 -267.9 -420.9 50

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end

 outstandings of nonprofit organizations.

(2) See table F.6 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.5, line 63.

(5) Includes cash accounts at brokers and dealers and 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 35) and life insurance reserves (line 36), and pension entitlements (line 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 24.

(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.109, line 21.
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F.102 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 2311.0 2652.7 2777.8 2890.5 3049.4 2942.8 2925.9 2991.5 3099.7 3078.5 3027.7 1

 2 Gross saving less net capital transfers paid 1995.1 2034.3 2170.7 2205.6 2172.5 2290.5 2277.1 2203.5 2211.8 2180.2 2094.4 2

 3 Gross investment 1200.9 1300.1 1887.1 1975.5 2209.8 2119.8 1961.2 1964.7 2396.9 2288.6 2189.2 3

 4 Capital expenditures 1613.5 1809.8 1886.8 2034.9 2159.3 2072.7 2078.5 2118.8 2282.4 2118.7 2117.5 4

 5 Fixed investment 1572.3 1747.2 1814.0 1956.6 2019.7 1979.4 1990.2 1992.3 2034.8 2024.1 2027.7 5

 6 Residential 58.4 69.0 69.5 85.2 104.2 88.2 88.3 87.4 119.3 98.0 112.2 6

 7 Nonresidential 1513.9 1678.2 1744.5 1871.4 1915.5 1891.2 1902.0 1905.0 1915.4 1926.1 1915.5 7

 8 Change in inventories 41.8 61.8 71.8 77.1 110.2 88.3 88.5 127.3 127.5 95.3 90.6 8

 9 Nonproduced nonfinancial assets -0.5 0.8 1.0 1.2 29.4 4.9 -0.2 -0.8 120.1 -0.7 -0.8 9

 10 Net lending (+) or net borrowing (-) -412.6 -509.7 0.3 -59.4 50.5 47.1 -117.2 -154.1 114.5 169.9 71.7 10

 11 Net acquisition of financial assets 693.6 807.5 1294.2 1053.3 1276.8 1053.9 1306.6 1212.5 1447.0 1240.0 1207.5 11

 12 Foreign deposits -5.8 0.6 42.1 -14.7 -25.1 -29.7 -27.6 -65.2 19.8 -73.6 18.5 12

 13 Checkable deposits and currency 55.5 13.7 75.5 72.3 102.5 136.3 72.1 97.8 181.6 83.5 47.2 13

 14 Time and savings deposits 19.2 43.4 47.4 10.6 25.2 -116.2 70.7 -50.2 -15.0 44.3 121.5 14

 15 Money market fund shares -34.6 60.1 41.7 25.0 11.2 75.2 170.7 -61.4 -3.6 41.6 68.0 15

 16 Security repurchase agreements 0.4 -2.9 -1.0 12.5 -0.9 29.4 2.0 -4.2 6.4 -18.3 12.3 16

 17 Debt securities -7.4 -8.2 -12.7 -5.7 -8.9 -13.3 5.4 -33.9 -10.5 -7.7 16.6 17

 18 Commercial paper -0.1 -8.4 -6.6 0.7 -6.2 1.2 2.4 -8.8 2.3 -9.2 -9.0 18

 19 Treasury securities -4.2 0.5 1.6 -0.9 -1.8 -2.3 2.8 -23.6 -5.8 3.8 18.2 19

 20 Agency- and GSE-backed securities -1.7 -1.2 -4.2 2.8 -2.0 -1.5 -0.5 -9.1 -3.5 0.2 4.2 20

 21 Municipal securities -1.4 0.8 -3.5 -8.2 1.2 -10.8 0.6 7.5 -3.5 -2.5 3.2 21

 22 Loans -4.4 -2.8 -1.6 2.0 3.5 2.2 -10.4 3.8 23.1 -5.8 -7.0 22

 23 Mortgages -6.4 -4.3 2.6 3.3 4.3 2.9 4.3 3.8 4.5 3.6 5.1 23

 24 Consumer credit 2.0 1.5 -4.2 -1.3 -0.7 -0.7 -14.7 -0.1 18.5 -9.4 -12.1 24

 25 Mutual fund shares -12.8 -1.7 1.2 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 25

 26 Trade receivables 144.7 56.6 310.0 141.5 33.3 157.5 146.4 7.0 48.8 25.3 52.1 26

 27 U.S. direct investment abroad 403.9 319.2 305.0 311.0 258.8 321.1 441.1 294.1 279.8 232.5 229.0 27

 28 Miscellaneous assets 134.9 329.5 486.5 483.4 861.7 475.9 420.6 1009.3 901.1 902.7 633.8 28

 29 Net increase in liabilities 1106.2 1317.2 1293.9 1112.7 1226.3 1006.8 1423.9 1366.7 1332.5 1070.1 1135.8 29

 30 Debt securities 203.6 352.7 302.8 304.0 410.6 231.9 343.0 417.3 597.2 398.4 229.3 30

 31 Commercial paper 33.4 14.0 14.2 37.5 -5.4 21.7 -3.7 -61.2 -53.2 70.3 22.5 31

 32 Municipal securities 8.5 15.2 9.3 -0.1 15.9 2.6 9.7 31.2 36.6 8.7 -12.9 32

 33 Corporate bonds 161.6 323.5 279.2 266.6 400.1 207.7 337.1 447.4 613.8 319.4 219.7 33

 34 Loans 75.0 127.6 230.2 403.3 383.3 458.5 482.1 477.9 431.1 217.0 407.3 34

 35 Depository institution loans n.e.c. 125.6 166.1 96.1 157.0 177.6 116.2 183.3 242.4 170.4 108.6 188.9 35

 36 Other loans and advances 60.8 -24.3 59.1 91.9 -35.7 186.3 101.3 47.9 -21.4 -97.6 -71.8 36

 37 Mortgages -111.3 -14.1 75.0 154.4 241.5 156.0 197.5 187.7 282.2 205.9 290.2 37

 38 Corporate equities -454.6 -344.9 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 38

 39 Trade payables 80.0 78.7 135.4 102.2 17.9 57.8 111.1 50.0 78.2 -76.3 19.8 39

 40 Taxes payable 9.4 9.9 -5.9 3.6 15.8 18.5 -6.1 33.7 24.7 -10.6 15.5 40

 41 Foreign direct investment in U.S. 192.7 188.7 185.5 98.0 337.8 371.0 201.5 765.9 312.4 122.5 150.4 41

 42 Miscellaneous liabilities 765.7 820.8 620.0 571.3 607.6 298.5 616.0 193.0 359.1 1022.4 856.0 42

 43 Proprietors’ net investment 234.4 83.6 178.8 22.7 17.6 4.9 35.8 20.3 20.3 23.0 6.6 43

 44 Discrepancy 794.2 734.3 283.5 230.1 -37.3 170.8 315.8 238.8 -185.0 -108.4 -94.8 44

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.
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F.103 Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 1008.9 1241.4 1323.2 1366.1 1469.9 1405.1 1365.2 1436.8 1532.4 1485.4 1424.9 1

 2 - Taxes on corporate income 228.8 266.7 284.6 316.2 354.3 321.8 324.2 341.4 362.3 353.4 360.0 2

 3 - Net dividends 441.0 517.9 525.2 573.8 583.7 542.7 577.9 588.6 579.7 589.4 577.1 3

 4 + Capital consumption allowance (1) 1236.1 1107.0 1141.7 1192.2 1055.4 1197.4 1211.7 1031.4 1052.6 1059.6 1077.7 4

 5 = U.S. internal funds, book 1575.2 1563.8 1655.1 1668.3 1587.3 1738.0 1674.7 1538.2 1643.1 1602.2 1565.5 5

 6 + Foreign earnings retained abroad 215.1 189.8 222.1 236.1 220.8 233.7 239.4 259.7 238.9 209.5 175.0 6

 7 + Inventory valuation adjustment (IVA) -68.3 -14.2 3.2 -2.9 54.3 15.5 53.5 99.2 20.5 56.5 41.0 7

 8 - Net capital transfers paid (2) -6.4 -17.0 -5.7 -6.7 -3.2 -4.3 -8.1 -3.0 -4.3 -3.7 -1.9 8

 9 = Total internal funds + IVA 1728.5 1756.4 1886.1 1908.2 1865.6 1991.6 1975.8 1900.1 1906.9 1871.9 1783.5 9

 10 Gross investment 934.3 1022.1 1602.6 1678.0 1902.9 1820.9 1660.0 1661.3 2091.9 1980.3 1878.3 10

 11 Capital expenditures 1331.9 1501.2 1539.4 1667.3 1785.7 1704.5 1706.3 1738.7 1906.1 1746.3 1751.7 11

 12 Fixed investment (3) 1297.4 1434.7 1483.2 1602.9 1664.8 1628.0 1633.1 1634.7 1678.2 1669.3 1676.8 12

 13 Inventory change + IVA 34.9 65.8 55.2 63.2 91.5 71.6 73.4 104.8 107.8 77.7 75.7 13

 14 Nonproduced nonfinancial assets -0.5 0.8 1.0 1.2 29.4 4.9 -0.2 -0.8 120.1 -0.7 -0.8 14

 15 Net lending (+) or net borrowing (-) -397.5 -479.1 63.2 10.7 117.2 116.3 -46.3 -77.3 185.8 234.0 126.6 15

 16 Net acquisition of financial assets 496.8 506.3 989.5 809.8 936.5 864.0 907.0 890.2 1084.6 999.4 771.9 16

 17 Foreign deposits -5.8 0.6 42.1 -14.7 -25.1 -29.7 -27.6 -65.2 19.8 -73.6 18.5 17

 18 Checkable deposits and currency 30.8 -45.5 63.5 36.7 61.7 106.8 18.2 64.6 136.0 54.4 -8.3 18

 19 Time and savings deposits 13.2 33.3 35.8 -15.7 -42.2 -130.9 10.6 -125.2 -47.9 -28.2 32.3 19

 20 Money market fund shares -35.4 57.1 39.7 21.0 6.2 72.0 164.2 -66.8 -8.7 38.8 61.5 20

 21 Security repurchase agreements 0.4 -2.9 -1.0 12.5 -0.9 29.4 2.0 -4.2 6.4 -18.3 12.3 21

 22 Debt securities -8.5 -12.5 -13.2 -8.6 -13.5 -15.6 0.7 -37.8 -15.6 -11.2 10.5 22

 23 Commercial paper -0.1 -8.4 -6.6 0.7 -6.2 1.2 2.4 -8.8 2.3 -9.2 -9.0 23

 24 Treasury securities -5.1 -3.5 -0.6 -3.6 -6.1 -4.4 -1.5 -27.2 -10.5 0.6 12.6 24

 25 Agency- and GSE-backed securities -1.7 -1.2 -4.2 2.8 -2.0 -1.5 -0.5 -9.1 -3.5 0.2 4.2 25

 26 Municipal securities -1.6 0.6 -1.7 -8.4 0.8 -10.9 0.3 7.2 -3.9 -2.8 2.7 26

 27 Loans 1.4 -0.4 -2.6 0.3 0.8 0.9 -13.1 1.5 20.1 -7.8 -10.5 27

 28 Mortgages -0.6 -1.9 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 28

 29 Consumer credit 2.0 1.5 -4.2 -1.3 -0.7 -0.7 -14.7 -0.1 18.5 -9.4 -12.1 29

 30 Mutual fund shares -12.8 -1.7 1.2 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 30

 31 Trade receivables 83.7 52.0 261.2 109.9 -17.1 132.6 95.5 -35.2 -6.8 -12.6 -14.0 31

 32 U.S. direct investment abroad (4) 403.9 319.2 305.0 311.0 258.8 321.1 441.1 294.1 279.8 232.5 229.0 32

 33 Miscellaneous assets 25.8 107.1 257.8 342.0 692.5 362.0 199.9 848.8 686.0 809.9 425.2 33

 34 Insurance receivables 12.3 8.0 -6.0 10.2 2.2 15.2 1.6 -6.4 8.2 11.7 -4.8 34

 35 Equity in GSEs -0.0 0.0 0.0 0.1 -0.0 -0.0 0.1 0.3 -0.1 0.0 -0.3 35

 36 Investment in finance co. subs. 8.4 2.6 14.7 14.1 -4.0 -6.5 0.7 -7.3 -15.7 -1.5 8.6 36

 37 Other 5.2 96.5 249.0 317.6 694.3 353.3 197.5 862.3 693.6 799.6 421.7 37

 38 Net increase in liabilities 894.3 985.4 926.3 799.0 819.3 747.7 953.3 967.5 898.8 765.4 645.3 38

 39 Debt securities 203.6 352.7 302.8 304.0 410.6 231.9 343.0 417.3 597.2 398.4 229.3 39

 40 Commercial paper 33.4 14.0 14.2 37.5 -5.4 21.7 -3.7 -61.2 -53.2 70.3 22.5 40

 41 Municipal securities (5) 8.5 15.2 9.3 -0.1 15.9 2.6 9.7 31.2 36.6 8.7 -12.9 41

 42 Corporate bonds (4) 161.6 323.5 279.2 266.6 400.1 207.7 337.1 447.4 613.8 319.4 219.7 42

 43 Loans 131.9 -47.5 121.1 191.2 65.0 282.5 139.9 232.3 75.5 -33.1 -14.9 43

 44 Depository institution loans n.e.c. 152.1 101.5 63.7 92.8 77.6 97.6 61.7 126.7 71.7 74.8 37.2 44

 45 Other loans and advances (6) 60.2 -33.5 53.1 82.5 -43.1 172.5 83.3 68.9 -40.7 -111.9 -88.8 45

 46 Mortgages -80.4 -115.4 4.4 15.9 30.5 12.4 -5.0 36.7 44.4 4.0 36.7 46

 47 Corporate equities -454.6 -344.9 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 47

 48 Trade payables 25.2 65.4 101.3 66.2 -36.5 28.4 58.5 -3.3 25.5 -109.8 -58.4 48

 49 Taxes payable 8.8 2.3 -9.1 -0.3 7.2 15.4 -12.4 18.5 17.9 -15.2 7.4 49

 50 Foreign direct investment in U.S. 192.7 188.3 184.9 97.1 336.6 370.2 200.8 763.4 310.3 121.9 150.8 50

 51 Miscellaneous liabilities 786.8 769.1 578.2 533.0 600.8 253.6 583.0 130.6 362.8 1029.4 880.2 51

 52 Pension fund contributions payable 3.0 -12.3 -2.5 -1.1 2.8 1.5 -2.0 6.7 1.1 -0.1 3.4 52

 53 Claims of pension fund on sponsor -19.5 -11.6 110.9 54.2 43.3 44.8 108.9 -21.4 51.3 56.5 86.7 53

 54 Other 803.3 793.0 469.8 479.9 554.7 207.3 476.1 145.3 310.4 973.0 790.1 54

 55 Discrepancy 794.2 734.3 283.5 230.1 -37.3 170.8 315.8 238.8 -185.0 -108.4 -94.8 55

 Memo:

 56 Financing gap (7) -175.1 -48.4 -118.9 1.9 144.1 -49.0 -22.0 101.3 242.4 87.6 145.1 56

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

(2) Table F.5, line 58.

(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, 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).
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F.104 Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving = consumption of fixed capital 265.0 273.0 284.5 297.5 306.9 298.9 301.3 303.3 305.0 308.3 310.9 1

 2 Gross saving less net capital transfers paid (1) 266.6 277.9 284.5 297.5 306.9 298.9 301.3 303.3 305.0 308.3 310.9 2

 3 Gross investment 266.6 277.9 284.5 297.5 306.9 298.9 301.3 303.3 305.0 308.3 310.9 3

 4 Capital expenditures 281.7 308.6 347.4 367.6 373.7 368.1 372.2 380.1 376.3 372.4 365.8 4

 5 Fixed investment (2) 274.8 312.6 330.8 353.7 355.0 351.4 357.1 357.6 356.6 354.7 351.0 5

 6 Change in inventories 6.8 -4.0 16.6 13.9 18.7 16.7 15.1 22.5 19.7 17.6 14.9 6

 7 Net lending (+) or net borrowing (-) -15.1 -30.7 -62.8 -70.1 -66.8 -69.2 -70.9 -76.8 -71.3 -64.1 -54.9 7

 8 Net acquisition of financial assets 196.9 301.1 304.7 243.5 340.2 189.9 399.7 322.4 362.4 240.6 435.6 8

 9 Checkable deposits and currency 24.6 59.3 12.0 35.7 40.8 29.5 53.9 33.1 45.6 29.1 55.5 9

 10 Time and savings deposits 6.0 10.1 11.5 26.2 67.4 14.8 60.2 75.0 32.9 72.5 89.2 10

 11 Money market mutual funds 0.8 3.0 2.0 4.0 4.9 3.2 6.5 5.4 5.1 2.8 6.4 11

 12 Debt securities 1.1 4.2 0.5 2.9 4.6 2.3 4.7 3.9 5.1 3.5 6.1 12

 13 Treasury securities 0.8 4.0 2.2 2.7 4.3 2.1 4.3 3.6 4.7 3.2 5.6 13

 14 Municipal securities 0.3 0.2 -1.7 0.2 0.3 0.2 0.3 0.3 0.4 0.3 0.4 14

 15 Loans -5.8 -2.4 1.0 1.7 2.7 1.3 2.7 2.3 3.0 2.0 3.6 15

 16 Mortgages -5.8 -2.4 1.0 1.7 2.7 1.3 2.7 2.3 3.0 2.0 3.6 16

 17 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Trade receivables 61.0 4.6 48.8 31.6 50.4 24.9 50.9 42.2 55.6 37.9 66.2 18

 19 Miscellaneous assets 109.1 222.4 228.8 141.4 169.3 113.9 220.7 160.5 215.2 92.8 208.6 19

 20 Insurance receivables -4.7 15.4 -26.0 12.9 -10.7 14.7 11.2 -13.5 -9.0 -8.6 -11.8 20

 21 Equity investment in GSEs (3) 0.3 0.1 0.6 0.8 0.5 0.7 0.9 0.4 0.5 0.6 0.5 21

 22 Other 113.5 206.9 254.1 127.7 179.5 98.5 208.7 173.6 223.6 100.9 219.9 22

 23 Net increase in liabilities 211.9 331.8 367.5 313.7 407.0 259.1 470.6 399.1 433.8 304.7 490.5 23

 24 Loans -56.8 175.1 109.1 212.1 318.4 176.0 342.2 245.6 355.7 250.1 422.2 24

 25 Depository institution loans n.e.c. -26.5 64.6 32.4 64.2 100.0 18.6 121.6 115.6 98.7 33.9 151.7 25

 26 Other loans and advances 0.6 9.2 6.1 9.4 7.4 13.8 18.1 -21.0 19.3 14.3 17.0 26

 27 Mortgages -30.9 101.3 70.7 138.5 211.0 143.6 202.5 151.0 237.7 201.9 253.5 27

 28 Trade payables 54.8 13.3 34.0 36.0 54.4 29.4 52.6 53.3 52.6 33.5 78.1 28

 29 Taxes payable 0.6 7.6 3.2 3.9 8.7 3.0 6.2 15.2 6.8 4.6 8.1 29

 30 Foreign direct investment in U.S. 0.0 0.4 0.6 0.8 1.2 0.9 0.8 2.4 2.2 0.6 -0.4 30

 31 Miscellaneous liabilities -21.0 51.8 41.8 38.3 6.9 44.9 33.1 62.4 -3.7 -7.0 -24.2 31

 32 Proprietors’ net investment 234.4 83.6 178.8 22.7 17.6 4.9 35.8 20.3 20.3 23.0 6.6 32

(1) Net capital transfers paid from table F.5, line 59.

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

(3) Equity in the Farm Credit System.
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F.105 General Government (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 4604.6 4756.2 5277.8 5490.3 5771.3 5545.8 5560.8 5638.5 5736.2 5788.4 5922.2 1

 2 Personal current taxes 1453.2 1511.4 1672.8 1780.2 1945.1 1792.0 1838.8 1900.1 1938.7 1957.3 1984.5 2

 3 Taxes on production and imports 1102.6 1132.1 1178.0 1213.7 1236.6 1221.7 1227.0 1226.8 1234.1 1238.2 1247.4 3

 4 Taxes on corporate income 349.6 415.6 434.7 476.2 505.1 480.5 473.3 480.0 509.8 502.4 528.2 4

 5 Taxes from the rest of the world 16.7 18.1 19.3 21.7 24.9 22.4 21.2 24.6 24.8 25.4 24.7 5

 6 Contributions for govt. social insurance 922.2 956.2 1112.0 1164.1 1207.9 1168.0 1182.3 1191.0 1204.1 1213.2 1223.2 6

 7 Income receipts on assets 135.6 128.0 237.5 150.5 129.2 133.6 139.0 122.8 122.1 147.9 123.9 7

 8 Current transfer receipts 649.2 614.1 642.3 702.1 739.0 746.0 697.7 709.8 718.6 720.0 807.5 8

 9 Current surplus of government enterprises -24.5 -19.3 -18.8 -18.3 -16.5 -18.4 -18.6 -16.6 -16.1 -16.0 -17.4 9

 10 Current expenditures, NIPA basis 6064.7 6067.1 6105.8 6289.4 6483.9 6361.8 6342.7 6368.2 6464.9 6554.7 6547.6 10

 11 Consumption expenditures 2530.9 2544.1 2522.0 2556.3 2571.9 2578.7 2558.6 2556.2 2565.6 2580.2 2585.4 11

 12 Government social benefits 2327.3 2341.5 2404.3 2506.6 2640.2 2534.0 2548.5 2603.2 2628.6 2652.8 2676.4 12

 13 Other current transfer payments 530.1 499.3 504.0 547.2 584.5 566.1 565.7 583.9 567.4 595.2 591.6 13

 14 Interest payments 616.4 624.0 616.2 621.4 628.6 624.8 612.5 567.3 644.9 667.3 634.8 14

 15 Subsidies 60.1 58.0 59.4 57.9 58.7 58.2 57.5 57.6 58.5 59.2 59.4 15

 16 Net saving, NIPA basis -1460.1 -1310.8 -828.0 -799.2 -712.5 -816.1 -781.9 -729.7 -728.7 -766.3 -625.4 16

 17 + Consumption of fixed capital 479.6 496.2 506.2 516.8 522.2 518.4 520.2 520.8 520.3 521.7 525.9 17

 18 - Insurance and pension fund reserves (2) -2.4 -2.5 -2.2 -2.0 -2.2 -2.7 -1.5 -2.5 -1.3 -2.5 -2.6 18

 19 - Net capital transfers (3) 7.6 6.1 -13.3 -12.2 -17.1 -13.8 -10.0 -16.5 -15.9 -16.4 -19.5 19

 20 = Gross saving less net capital transfers -985.7 -818.2 -306.3 -268.1 -171.1 -281.2 -250.3 -190.0 -191.2 -225.7 -77.4 20

 21 Gross investment -1037.1 -781.7 -315.8 -206.9 -132.3 -317.5 -71.8 0.2 -51.5 -282.7 -195.3 21

 22 Fixed investment 637.9 614.4 592.3 595.8 611.1 598.7 603.9 593.3 613.5 620.8 616.9 22

 23 Nonproduced nonfinancial assets 8.3 7.2 7.2 7.2 -21.2 3.5 8.6 9.1 -111.9 8.9 9.1 23

 24 Net lending (+) or net borrowing (-) -1683.3 -1403.3 -915.3 -809.9 -722.3 -919.7 -684.3 -602.2 -553.2 -912.4 -821.3 24

 25 Net acquisition of financial assets -179.6 191.4 208.3 242.3 397.6 77.2 476.1 -47.2 744.0 31.2 862.4 25

 26 U.S. official reserve assets 16.2 4.3 -3.3 -3.8 -3.9 -4.1 -10.2 -16.7 -3.6 -1.2 5.9 26

 27 Checkable deposits and currency -241.0 -2.5 76.9 76.4 101.1 92.4 346.5 -474.4 541.7 -224.5 561.5 27

 28 Time and savings deposits 15.9 22.2 17.4 7.8 10.8 2.6 -4.3 30.7 0.4 -4.5 16.6 28

 29 Money market fund shares 2.1 4.3 1.3 7.0 16.3 -3.7 5.8 16.3 14.3 15.9 18.7 29

 30 Security repurchase agreements -4.7 3.8 1.5 6.0 13.5 -2.5 5.1 13.5 11.9 13.2 15.4 30

 31 Debt securities -180.7 -14.3 -57.9 21.3 60.1 -47.9 44.3 104.1 -20.2 118.2 38.4 31

 32 Open market paper -12.1 -7.8 -9.4 -7.0 -1.4 -11.8 -7.8 -3.6 -4.9 11.2 -8.3 32

 33 Treasury securities -34.4 42.9 -17.8 37.2 57.7 14.8 66.5 83.0 -30.6 87.6 90.8 33

 34 Agency- and GSE-backed securities -132.1 -51.5 -29.6 -14.1 -11.3 -44.2 -18.3 9.3 2.3 4.8 -61.7 34

 35 Municipal securities 0.2 0.2 -0.1 0.4 1.1 -0.5 0.3 1.2 1.0 1.1 1.3 35

 36 Corporate and foreign bonds -2.3 2.0 -1.0 4.8 14.1 -6.2 3.6 14.3 12.0 13.6 16.3 36

 37 Loans 136.5 140.8 124.1 122.0 122.9 108.9 111.1 135.1 130.3 98.0 128.4 37

 38 Mortgages 3.3 6.2 3.9 8.4 17.4 -4.2 4.8 22.4 15.1 13.2 18.8 38

 39 Consumer credit 128.5 132.1 113.1 111.1 104.7 112.8 107.3 110.7 103.6 97.8 106.8 39

 40 Other loans and advances 4.8 2.4 7.2 2.5 0.8 0.2 -0.9 2.0 11.6 -13.1 2.8 40

 41 Corporate equities 36.9 -12.0 -5.4 1.0 7.5 -7.5 1.2 7.2 7.0 7.1 8.7 41

 42 Mutual fund shares -0.2 0.6 -0.3 1.3 3.9 -1.7 1.0 3.9 3.3 3.7 4.5 42

 43 Trade receivables 10.4 8.0 12.7 -0.9 1.1 -39.6 10.4 1.1 8.8 -5.8 0.2 43

 44 Taxes receivable 28.1 31.6 31.3 -16.1 35.6 -31.1 -50.1 98.3 19.9 -25.9 50.2 44

 45 Miscellaneous assets 0.9 4.8 9.8 20.2 28.8 11.5 15.2 33.8 30.3 37.1 13.9 45

 46 Net increase in liabilities 1503.7 1594.7 1123.6 1052.2 1119.9 996.9 1160.4 555.0 1297.2 943.6 1683.7 46

 47 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

 48 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 49 Treasury currency 0.0 0.0 -0.4 -0.3 -0.0 -1.0 0.0 0.0 0.0 0.0 -0.0 49

 50 Debt securities 1085.1 1174.9 817.9 721.9 776.4 787.5 882.1 -29.8 379.1 74.1 2682.4 50

 51 Treasury securities 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 51

 52 Municipal securities -53.6 -5.7 -39.4 -14.0 51.9 -51.2 43.9 126.5 29.1 51.8 0.0 52

 53 Loans 0.9 0.4 0.5 0.4 0.3 0.3 0.4 0.4 0.1 -0.3 0.8 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 Other loans and advances 0.9 0.4 0.5 0.4 0.3 0.3 0.4 0.4 0.1 -0.3 0.8 55

 56 Trade payables 47.2 51.5 56.7 56.1 59.0 56.6 53.2 19.2 68.9 64.6 83.3 56

 57 Insurance reserves 1.3 0.3 0.2 0.8 -0.1 1.2 1.4 -2.1 0.9 -0.6 1.3 57

 58 Miscellaneous liabilities 369.3 367.6 248.6 273.3 284.3 152.3 223.3 567.3 848.1 805.8 -1084.1 58

 59 Discrepancy 51.3 -36.6 9.5 -61.3 -38.8 36.3 -178.5 -190.2 -139.7 56.9 117.9 59

 Memo:

 60 Net acquisition of financial assets (consolidated) (4) -146.1 148.2 225.6 204.7 339.7 62.1 409.2 -130.6 774.5 -56.1 770.8 60

 61 Net increase in liabilities (consolidated) (4) 1537.2 1551.4 1140.9 1014.6 1061.9 981.8 1093.5 471.6 1327.7 856.3 1592.1 61

(1) Sum of the federal government and state and local governments sectors.

(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.

 Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.

(3) Table F.5, line 60 less line 12.

(4) Excludes Treasury securities held by state and local governments (line 33) and federal government loans to state and local governments (line 55).
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F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 2574.1 2699.1 3141.3 3265.2 3445.3 3293.4 3295.7 3356.5 3440.4 3468.1 3516.2 1

 2 Personal current taxes 1129.1 1164.7 1300.6 1396.9 1535.8 1406.5 1441.7 1501.0 1527.2 1547.1 1568.0 2

 3 Taxes on production and imports 108.6 115.1 125.8 137.8 142.7 139.0 138.8 140.5 145.3 140.2 144.8 3

 4 Taxes on corporate income 299.4 363.1 379.2 417.9 444.9 421.9 413.9 419.0 448.7 443.6 468.4 4

 5 Taxes from the rest of the world 16.7 18.1 19.3 21.7 24.9 22.4 21.2 24.6 24.8 25.4 24.7 5

 6 Contributions for govt. social insurance 904.0 938.1 1093.4 1145.2 1189.1 1149.1 1163.5 1172.2 1185.3 1194.4 1204.3 6

 7 Income receipts on assets 56.4 52.6 163.2 74.8 51.2 57.7 62.5 45.7 44.5 69.5 45.1 7

 8 Current transfer receipts 67.1 56.1 71.1 80.6 65.1 106.5 63.8 61.6 72.6 55.9 70.5 8

 9 Current surplus of government enterprises -7.1 -8.9 -11.3 -9.7 -8.5 -9.6 -9.8 -8.1 -8.0 -8.1 -9.7 9

 10 Current expenditures, NIPA basis 3818.3 3789.1 3782.2 3896.7 4023.4 3943.5 3922.4 3935.8 4014.6 4079.8 4063.5 10

 11 Consumption expenditures 1006.1 1007.8 961.3 955.3 960.6 968.2 949.1 956.7 957.2 961.3 967.0 11

 12 Government social benefits 1796.9 1801.5 1842.0 1896.8 1980.0 1905.5 1918.3 1955.5 1974.9 1987.0 2002.7 12

 13 Other current transfer payments 530.1 499.3 504.0 547.2 584.5 566.1 565.7 583.9 567.4 595.2 591.6 13

 14 Interest payments 425.7 422.9 416.1 440.1 440.1 445.9 432.3 382.6 457.2 477.6 443.2 14

 15 Subsidies 59.5 57.6 58.9 57.4 58.2 57.7 57.0 57.1 58.0 58.7 58.9 15

 16 Net saving, NIPA basis -1244.1 -1090.1 -640.9 -631.5 -578.1 -650.1 -626.7 -579.3 -574.2 -611.7 -547.3 16

 17 + Consumption of fixed capital 257.4 264.3 267.7 270.7 272.7 271.2 271.9 272.0 271.2 271.8 275.7 17

 18 - Insurance and pension reserves (1) -2.4 -2.5 -2.2 -2.0 -2.2 -2.7 -1.5 -2.5 -1.3 -2.5 -2.6 18

 19 - Net capital transfers paid (2) 81.5 80.2 58.1 58.8 53.7 61.1 57.2 52.5 52.8 56.0 53.4 19

 20 = Gross saving less net capital transfers paid -1065.8 -903.5 -429.1 -417.5 -356.9 -437.3 -410.5 -357.3 -354.5 -393.4 -322.4 20

 21 Gross investment -1055.9 -840.5 -391.6 -372.8 -285.8 -499.4 -280.7 -200.8 -139.5 -430.1 -372.7 21

 22 Fixed investment 297.4 284.7 269.4 264.6 264.1 264.9 265.6 261.5 263.5 263.1 268.2 22

 23 Nonproduced nonfinancial assets -0.9 -2.0 -2.4 -2.7 -30.9 -6.5 -1.3 -0.7 -121.6 -0.8 -0.7 23

 24 Net lending (+) or net borrowing (-) -1352.4 -1123.2 -658.5 -634.6 -518.9 -757.8 -545.0 -461.6 -281.5 -692.4 -640.2 24

 25 Net acquisition of financial assets -150.7 126.5 221.5 155.3 252.5 109.7 360.5 -251.6 675.2 -170.4 756.9 25

 26 U.S. official reserve assets 16.2 4.3 -3.3 -3.8 -3.9 -4.1 -10.2 -16.7 -3.6 -1.2 5.9 26

 27 Checkable deposits and currency -257.6 6.7 69.6 60.8 109.9 73.3 309.8 -450.1 522.6 -224.0 591.2 27

 28 Time and savings deposits -0.3 0.2 -0.5 0.2 0.0 0.4 0.6 -0.6 1.1 0.9 -1.3 28

 29 Debt securities -118.2 -31.3 -0.1 -0.0 -0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 29

 30 Agency- and GSE-backed securities -118.1 -31.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

 31 Corporate and foreign bonds -0.1 -0.2 -0.1 -0.0 -0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 31

 32 Loans 136.5 136.2 124.2 115.3 104.9 116.0 106.0 116.2 114.8 80.7 107.8 32

 33 Other loans and advances 4.8 2.4 7.2 2.5 0.8 0.2 -0.9 2.0 11.6 -13.1 2.8 33

 34 Mortgages 3.3 1.6 4.0 1.7 -0.7 2.9 -0.3 3.5 -0.5 -4.0 -1.9 34

 35 Consumer credit (3) 128.5 132.1 113.1 111.1 104.7 112.8 107.3 110.7 103.6 97.8 106.8 35

 36 Corporate equities (4) 40.3 -13.2 -4.8 -1.6 -0.0 -4.2 -0.7 -0.4 0.6 -0.2 -0.0 36

 37 Trade receivables 4.8 2.6 3.3 -8.1 0.3 -43.5 3.0 0.6 -0.4 -0.3 1.4 37

 38 Taxes receivable 25.6 22.0 27.2 -19.9 27.0 -39.2 -56.3 79.8 22.9 -37.2 42.3 38

 39 Miscellaneous assets 2.0 -1.0 5.9 12.5 14.4 11.0 8.2 19.7 17.4 11.0 9.7 39

 40 Net increase in liabilities 1201.7 1249.7 880.0 790.0 771.4 867.5 905.5 210.0 956.7 521.9 1397.2 40

 41 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41

 42 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

 43 Treasury currency 0.0 0.0 -0.4 -0.3 -0.0 -1.0 0.0 0.0 0.0 0.0 -0.0 43

 44 Debt securities 1138.7 1180.6 857.3 735.9 724.6 838.7 838.2 -156.3 350.0 22.2 2682.3 44

 45 Treasury securities (5) 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 45

 46 Marketable 1083.4 1121.9 806.2 646.7 688.1 745.7 721.5 146.9 879.7 495.6 1230.4 46

 47 Nonmarketable 54.2 59.1 51.4 89.4 36.2 93.7 114.7 -302.2 -531.8 -471.2 1450.2 47

 48 Budget agency securities 1.1 -0.4 -0.4 -0.1 0.2 -0.7 2.1 -1.0 2.1 -2.2 1.8 48

 49 Loans (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 8.8 13.4 18.8 17.3 20.1 17.6 14.2 -18.9 29.8 25.1 44.2 50

 51 Insurance reserves 1.3 0.3 0.2 0.8 -0.1 1.2 1.4 -2.1 0.9 -0.6 1.3 51

 52 Miscellaneous liabilities 53.0 55.4 4.1 36.2 26.9 11.0 51.7 387.2 576.0 475.2 -1330.7 52

 53 Claims of pension fund on sponsor 20.8 50.4 -9.3 22.8 16.0 10.5 36.6 402.2 567.0 470.5 -1375.8 53

 54 Other 32.1 5.0 13.4 13.4 10.9 0.6 15.1 -14.9 8.9 4.7 45.1 54

 55 Discrepancy -9.9 -63.0 -37.5 -44.7 -71.1 62.1 -129.8 -156.6 -214.9 36.8 50.3 55

 Memo:

 56 Change in cash balance (6) -258.0 7.5 69.6 62.1 109.9 78.0 255.8 -492.4 622.8 -220.8 530.1 56

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

(2) Table F.5, line 61 less line 12.

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

 the government purchased from depository institutions and finance companies.

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

(5) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds.

(6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).
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F.107 State and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 2030.5 2057.2 2136.5 2225.0 2326.0 2252.3 2265.1 2282.0 2295.8 2320.3 2406.0 1

 2 Personal current taxes 324.1 346.7 372.2 383.3 409.3 385.6 397.1 399.1 411.4 410.2 416.5 2

 3 Taxes on production and imports 994.0 1016.9 1052.2 1075.9 1094.0 1082.7 1088.1 1086.3 1088.9 1098.1 1102.6 3

 4 Taxes on corporate income 50.2 52.5 55.5 58.3 60.2 58.7 59.4 61.1 61.2 58.8 59.8 4

 5 Contributions for govt. social insurance 18.2 18.0 18.6 18.9 18.8 18.9 18.8 18.8 18.8 18.8 18.9 5

 6 Income receipts on assets 79.2 75.4 74.3 75.7 78.0 75.9 76.5 77.1 77.7 78.4 78.8 6

 7 Current transfer receipts 582.1 558.0 571.2 621.5 673.8 639.5 634.0 648.2 646.0 664.1 737.0 7

 8 Current surplus of government enterprises -17.4 -10.4 -7.5 -8.6 -8.1 -8.8 -8.9 -8.5 -8.1 -8.0 -7.7 8

 9 Current expenditures, NIPA basis 2246.4 2277.9 2323.6 2392.7 2460.4 2418.4 2420.3 2432.4 2450.3 2475.0 2484.1 9

 10 Consumption expenditures 1524.8 1536.3 1560.7 1601.0 1611.3 1610.5 1609.5 1599.5 1608.4 1618.9 1618.4 10

 11 Govt. social benefit payments to persons 530.4 540.0 562.3 609.9 660.2 628.4 630.2 647.7 653.7 665.8 673.6 11

 12 Other current transfer payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Interest payments 190.7 201.2 200.1 181.4 188.4 178.9 180.1 184.7 187.7 189.7 191.6 13

 14 Subsidies 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 14

 15 Net saving, NIPA basis -215.9 -220.8 -187.1 -167.7 -134.4 -166.0 -155.2 -150.4 -154.5 -154.6 -78.1 15

 16 + Consumption of fixed capital 222.2 231.9 238.5 246.1 249.5 247.2 248.3 248.8 249.0 249.9 250.2 16

 17 - Net capital transfers paid (2) -73.8 -74.2 -71.4 -71.0 -70.7 -74.9 -67.2 -69.0 -68.7 -72.4 -72.9 17

 18 = Gross saving less net capital transfers paid 80.1 85.3 122.8 149.4 185.8 156.1 160.2 167.3 163.2 167.6 245.0 18

 19 Gross investment 18.8 58.8 75.8 165.9 153.5 181.9 208.9 201.0 88.0 147.5 177.4 19

 20 Fixed investment 340.5 329.7 322.9 331.3 347.1 333.8 338.3 331.8 350.0 357.8 348.7 20

 21 Nonproduced nonfinancial assets 9.2 9.1 9.6 9.9 9.8 10.0 9.9 9.8 9.8 9.7 9.8 21

 22 Net lending (+) or net borrowing (-) -330.9 -280.1 -256.7 -175.3 -203.4 -161.9 -139.3 -140.6 -271.7 -220.0 -181.1 22

 23 Net acquisition of financial assets -28.9 64.9 -13.2 86.9 145.1 -32.5 115.7 204.4 68.8 201.6 105.5 23

 24 Checkable deposits and currency 16.6 -9.2 7.3 15.7 -8.9 19.1 36.7 -24.3 19.1 -0.5 -29.7 24

 25 Time and savings deposits 16.2 22.1 17.9 7.6 10.8 2.2 -4.9 31.3 -0.7 -5.4 17.8 25

 26 Money market fund shares 2.1 4.3 1.3 7.0 16.3 -3.7 5.8 16.3 14.3 15.9 18.7 26

 27 Security repurchase agreements -4.7 3.8 1.5 6.0 13.5 -2.5 5.1 13.5 11.9 13.2 15.4 27

 28 Debt securities -62.4 17.0 -57.8 21.3 60.1 -47.9 44.3 104.1 -20.1 118.2 38.4 28

 29 Open market paper -12.1 -7.8 -9.4 -7.0 -1.4 -11.8 -7.8 -3.6 -4.9 11.2 -8.3 29

 30 Treasury securities -34.4 42.9 -17.8 37.2 57.7 14.8 66.5 83.0 -30.6 87.6 90.8 30

 31 Agency- and GSE-backed securities -13.9 -20.4 -29.6 -14.1 -11.3 -44.2 -18.3 9.3 2.3 4.8 -61.7 31

 32 Municipal securities 0.2 0.2 -0.1 0.4 1.1 -0.5 0.3 1.2 1.0 1.1 1.3 32

 33 Corporate and foreign bonds -2.2 2.1 -1.0 4.9 14.1 -6.2 3.6 14.3 12.1 13.6 16.3 33

 34 Loans (mortgages) -0.0 4.6 -0.1 6.7 18.1 -7.1 5.1 18.9 15.5 17.2 20.7 34

 35 Corporate equities -3.4 1.1 -0.5 2.6 7.5 -3.3 1.9 7.6 6.4 7.3 8.7 35

 36 Mutual fund shares -0.2 0.6 -0.3 1.3 3.9 -1.7 1.0 3.9 3.3 3.7 4.5 36

 37 Trade receivables 5.6 5.3 9.5 7.2 0.8 3.9 7.4 0.5 9.2 -5.4 -1.2 37

 38 Taxes receivable 2.4 9.5 4.1 3.9 8.7 8.0 6.2 18.5 -3.0 11.3 7.9 38

 39 Miscellaneous assets -1.1 5.8 3.9 7.7 14.4 0.5 7.0 14.2 12.9 26.2 4.2 39

 40 Net increase in liabilities 302.0 345.0 243.5 262.2 348.4 129.4 255.0 345.0 340.5 421.7 286.6 40

 41 Debt securities (municipal securities) -53.6 -5.7 -39.4 -14.0 51.9 -51.2 43.9 126.5 29.1 51.8 0.0 41

 42 Short-term (3) -10.6 3.8 -10.9 -6.7 -5.8 -23.4 -4.4 0.6 12.6 -33.3 -3.2 42

 43 Long-term -42.9 -9.4 -28.6 -7.4 57.7 -27.8 48.3 125.9 16.5 85.2 3.2 43

 44 Loans (U.S. government loans) 0.9 0.4 0.5 0.4 0.3 0.3 0.4 0.4 0.1 -0.3 0.8 44

 45 Trade payables 38.4 38.1 38.0 38.8 38.9 39.0 38.9 38.1 39.1 39.5 39.0 45

 46 Claims of pension fund on sponsor (4) 316.3 312.2 244.4 237.1 257.4 141.2 171.7 180.0 272.2 330.6 246.7 46

 47 Discrepancy 61.3 26.5 47.0 -16.5 32.3 -25.8 -48.7 -33.6 75.2 20.2 67.6 47

(1) Data for state and local government employee retirement funds are shown on table F.120.

(2) Table F.5, line 62.

(3) Debt with original maturity of 13 months or less.

(4) Included in miscellaneous liabilities.
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F.108 Domestic Financial Sectors (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving less net capital transfers paid 319.6 297.8 179.0 265.3 247.0 248.6 283.3 223.3 264.8 264.9 235.0 1

 2 Gross investment 247.4 279.2 393.7 256.9 356.4 600.9 175.5 520.0 423.3 372.1 110.2 2

 3 Capital expenditures 173.9 197.4 220.9 230.0 236.8 233.5 238.8 244.8 214.7 247.7 240.2 3

 4 Fixed residential investment 6.5 5.3 14.7 7.4 -1.5 5.4 8.2 11.7 -20.4 5.5 -2.8 4

 5 Fixed nonresidential investment 167.5 192.1 206.1 222.6 238.4 228.1 230.6 233.2 235.1 242.2 243.0 5

 6 Net lending (+) or net borrowing (-) 73.4 81.9 172.8 26.8 119.6 367.4 -63.3 275.2 208.6 124.4 -130.0 6

 7 Net acqisition of financial assets 2200.6 1829.4 3525.2 3080.6 1640.5 2522.8 2198.7 3038.8 1408.3 1171.3 943.7 7

 8 U.S. official reserve assets -0.3 0.2 0.2 0.2 0.1 0.5 0.1 0.1 0.1 0.2 0.1 8

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

 10 Treasury currency 0.7 0.6 0.7 0.8 1.3 0.8 0.5 1.5 1.3 1.3 1.1 10

 11 Foreign deposits -62.9 0.4 -9.6 -9.6 -13.3 -13.7 3.6 0.8 -8.8 -39.2 -5.8 11

 12 Net interbank assets 603.0 -64.1 760.1 131.5 -401.8 331.9 -640.2 244.1 -771.9 -175.8 -903.5 12

 13 Checkable deposits and currency 37.2 9.9 -4.1 -19.5 0.9 119.1 -144.0 -15.7 -101.9 121.2 -0.1 13

 14 Time and savings deposits -47.6 4.9 82.0 13.8 -78.2 52.4 -130.2 93.5 43.3 -235.7 -213.7 14

 15 Money market fund shares -63.8 -82.4 -53.5 14.0 42.2 20.6 247.4 133.9 -57.5 89.5 3.0 15

 16 Federal funds and security repos 114.6 265.4 -379.9 45.8 -10.4 -322.6 148.6 36.8 -1.5 313.6 -390.3 16

 17 Debt securities 1269.2 1094.9 1530.9 1234.2 896.7 1252.9 979.8 628.6 166.9 300.5 2490.9 17

 18 Open market paper -75.0 0.0 20.7 -22.4 24.4 -122.8 -86.7 -76.7 116.9 59.3 -1.7 18

 19 Treasury securities 1051.7 352.8 589.4 439.3 309.1 718.3 138.7 156.2 -454.9 -245.7 1780.7 19

 20 Agency- and GSE-backed securities 113.9 152.4 401.5 341.4 155.3 217.6 459.0 -58.4 38.2 227.5 414.0 20

 21 Municipal securities 13.5 139.4 9.3 52.0 81.5 69.9 72.0 122.2 60.3 36.3 107.1 21

 22 Corporate and foreign bonds 165.0 450.3 510.0 423.9 326.4 369.9 396.7 485.3 406.3 223.1 190.8 22

 23 Loans -85.5 259.1 522.3 787.2 741.5 762.1 889.0 660.3 1094.6 364.3 846.6 23

 24 Depository institution loans n.e.c. 177.6 176.9 196.5 320.0 282.1 229.1 383.5 437.6 282.0 159.9 248.9 24

 25 Other loans and advances -70.2 103.6 168.8 150.0 -57.5 202.6 55.3 -51.1 123.4 -355.4 53.1 25

 26 Mortgages -174.8 -66.1 83.5 202.9 383.5 212.5 337.4 192.9 518.4 395.6 427.2 26

 27 Consumer credit -17.9 44.7 73.4 114.4 133.3 117.9 112.9 80.9 170.7 164.1 117.4 27

 28 Corporate equities -84.8 5.9 -4.0 115.0 130.5 262.9 263.2 119.3 268.7 112.9 21.3 28

 29 Mutual fund shares 18.1 64.5 142.6 128.3 -16.2 90.6 146.1 36.3 22.5 -72.7 -51.0 29

 30 Trade receivables -0.8 -1.6 -2.2 1.2 9.5 -12.1 -10.6 22.1 15.4 3.6 -2.9 30

 31 Life insurance reserves 7.7 14.7 10.8 10.9 10.6 9.8 12.2 9.4 12.6 9.6 10.6 31

 32 U.S. direct investment abroad 15.2 20.5 23.6 26.0 32.0 42.3 8.6 8.1 51.9 18.7 49.1 32

 33 Miscellaneous assets 480.8 236.6 905.3 600.8 295.0 -74.7 424.6 1059.9 672.5 359.4 -911.7 33

 34 Net increase in liabilities 2127.1 1747.5 3352.4 3053.7 1520.9 2155.4 2262.0 2763.6 1199.7 1046.9 1073.6 34

 35 Net interbank liabilities 820.5 -194.5 1129.1 115.0 -503.5 402.9 -1379.1 506.1 -1050.9 -337.0 -1132.2 35

 36 Checkable deposits and currency 234.5 267.7 332.6 351.1 292.4 307.4 369.2 -140.3 863.0 -268.5 715.6 36

 37 Time and savings deposits 404.1 520.4 409.1 513.2 407.4 180.5 715.3 836.9 -31.5 456.2 368.0 37

 38 Money market fund shares -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 38

 39 Federal funds and security repos 184.3 208.6 -384.1 6.3 -3.1 -555.1 200.4 -29.2 -143.4 240.1 -79.9 39

 40 Debt securities -354.5 -316.3 70.0 175.0 146.6 315.6 399.8 -216.8 306.1 271.6 225.3 40

 41 Open market paper -68.2 -58.8 -48.9 -37.3 -42.7 53.8 -150.6 -123.7 163.3 -115.4 -95.1 41

 42 Agency- and GSE-backed securities -22.1 -23.8 238.3 150.3 204.3 214.3 453.1 -158.4 215.2 327.6 432.9 42

 43 Corporate and foreign bonds -264.2 -233.7 -119.4 62.0 -15.0 47.6 97.3 65.3 -72.5 59.5 -112.4 43

 44 Loans 17.9 -80.1 175.9 154.5 20.3 234.4 91.2 36.1 52.2 12.1 -19.3 44

 45 Depository institution loans n.e.c. 63.6 -130.4 31.4 14.2 -9.8 50.5 98.7 35.0 36.7 -56.1 -54.8 45

 46 Other loans and advances -59.2 45.4 136.8 126.6 17.2 178.4 -37.9 -16.1 9.9 40.0 34.9 46

 47 Mortgages 13.5 4.8 7.8 13.8 12.9 5.5 30.4 17.3 5.6 28.2 0.6 47

 48 Corporate equities 161.6 155.5 158.3 218.3 207.4 173.0 363.7 297.8 160.6 98.2 273.1 48

 49 Mutual fund shares 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 49

 50 Trade payables -3.8 -0.0 0.3 3.4 8.4 8.4 -7.8 5.0 17.7 2.4 8.4 50

 51 Life insurance reserves 79.9 -12.2 29.8 55.5 66.0 55.0 73.1 89.1 49.0 72.2 53.5 51

 52 Pension entitlements 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 52

 53 Taxes payable 10.7 6.9 17.7 16.6 -11.5 -10.1 -0.8 35.4 -53.7 -24.2 -3.4 53

 54 Equity in noncorporate business -2.9 6.7 -5.6 2.0 4.2 7.0 -1.1 -1.1 -2.7 25.3 -4.5 54

 55 Foreign direct investment in U.S. 43.4 5.1 31.1 13.6 33.3 21.1 7.5 27.4 39.3 20.2 46.4 55

 56 Miscellaneous liabilities -243.4 -32.4 181.5 295.9 35.3 -100.7 212.5 244.5 37.9 -111.4 -29.8 56

 57 Discrepancy 72.2 18.6 -214.7 8.4 -109.4 -352.3 107.8 -296.8 -158.5 -107.2 124.7 57

(1) Sum of financial sectors shown on tables F.109 through F.131.
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F.109 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -0.2 -17.5 -0.9 5.7 5.4 12.6 11.8 8.3 11.3 1.1 1.0 1

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

 3 Net acquisition of financial assets 493.6 9.7 1118.8 481.6 -13.2 291.4 169.7 -10.5 -23.1 0.1 -19.4 3

 4 U.S. official reserve assets -0.3 0.2 0.2 0.2 0.1 0.5 0.1 0.1 0.1 0.2 0.1 4

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

 6 Treasury currency 0.7 0.6 0.7 0.8 1.3 0.8 0.5 1.5 1.3 1.3 1.1 6

 7 Federal Reserve float (2) 0.8 0.1 -0.5 0.4 0.5 -1.6 1.4 -0.8 1.3 1.3 0.2 7

 8 Interbank loans (2) -0.0 -0.1 0.0 0.1 -0.0 0.7 -0.7 -0.4 0.5 0.3 -0.5 8

 9 Discount window (3) -0.0 -0.1 0.0 0.1 -0.0 0.7 -0.7 -0.4 0.5 0.3 -0.5 9

 10 AMLF (4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Debt securities 444.0 64.5 1086.6 480.7 5.1 299.9 173.2 21.6 -11.5 17.2 -6.9 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 642.0 2.7 542.6 252.6 0.2 184.4 16.9 48.4 -8.1 -16.3 -23.2 14

 15 Treasury bills 0.0 -18.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Other Treasury securities 642.0 21.1 542.6 252.6 0.2 184.4 16.9 48.4 -8.1 -16.3 -23.2 16

 17 Agency- and GSE-backed securities -197.9 61.8 543.9 228.1 4.9 115.5 156.3 -26.8 -3.4 33.5 16.3 17

 18 Mortgage-backed securities -154.5 89.0 563.5 246.7 10.6 130.1 161.6 -19.6 0.5 36.7 24.9 18

 19 Other agency- and GSE-baked securities -43.5 -27.2 -19.6 -18.5 -5.7 -14.6 -5.3 -7.2 -3.9 -3.2 -8.6 19

 20 Loans (depository institution loans n.e.c.) -67.6 -29.9 -0.5 -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 20

 21 Households (TALF) (5) -15.7 -8.5 -0.5 -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 21

 22 Brokers and dealers (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Funding corporations (7) -51.9 -21.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 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 24

 25 Corporate equities (8) -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

 26 Miscellaneous assets 142.4 -25.6 32.3 -0.5 -20.2 -8.8 -4.8 -32.4 -14.8 -20.2 -13.4 26

 27 Nonofficial foreign currencies (9) 99.7 -90.9 -8.6 1.3 -0.5 0.5 5.2 -2.9 -0.7 0.2 1.3 27

 28 Other 42.7 65.3 40.9 -1.8 -19.7 -9.3 -9.9 -29.5 -14.1 -20.4 -14.7 28

 29 Net increase in liabilities 493.2 9.3 1118.7 480.6 5.3 291.2 168.2 -11.5 -24.3 -0.5 57.7 29

 30 Depository institution reserves 594.2 -71.2 758.0 128.9 -400.8 328.0 -639.4 237.1 -779.3 -179.2 -882.0 30

 31 Vault cash of depository institutions 8.1 7.1 2.6 2.0 -1.4 4.8 -1.5 8.1 5.6 1.8 -21.2 31

 32 Checkable deposits and currency -122.1 62.1 139.5 152.2 204.4 206.6 376.0 -440.3 711.6 -82.0 628.5 32

 33 Due to federal government -255.0 7.0 69.8 61.0 110.1 75.8 254.4 -491.2 621.8 -222.4 532.0 33

 34 Treasury cash holdings -0.0 0.0 0.1 -0.0 0.1 0.1 0.2 -0.0 -0.4 0.4 0.3 34

 35 Treasury general deposit account -55.0 7.0 69.7 61.1 110.0 75.8 254.2 -491.2 622.2 -222.8 531.7 35

 36 Treasury temporary supplementary financing account -200.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

 37 Due to government-sponsored enterprises 51.1 -37.4 -1.3 -5.8 10.9 62.9 -27.0 3.0 29.4 15.5 -4.2 37

 38 Due to rest of the world -3.2 6.3 1.5 -2.7 -0.0 -2.8 0.0 -0.1 0.1 3.9 -4.0 38

 39 Currency outside banks 85.0 86.2 69.5 99.7 83.5 70.7 148.7 48.0 60.3 121.0 104.7 39

 40 Security repurchase agreements 40.2 7.3 208.7 193.9 202.6 -185.5 398.8 108.1 85.2 331.7 285.3 40

 41 Reverse repurchase agreement operations (10) 0.0 0.0 197.8 199.0 77.9 -157.9 386.8 -72.9 56.4 228.0 99.9 41

 42 Other 40.2 7.3 11.0 -5.0 124.7 -27.6 12.0 180.9 28.8 103.6 185.4 42

 43 Miscellaneous liabilities -27.2 4.0 9.8 3.5 0.6 -62.7 34.3 75.5 -47.4 -72.7 47.0 43

 44 Federal Reserve Bank stock 0.4 0.5 0.1 1.1 0.9 0.1 1.5 1.0 1.2 0.6 0.7 44

 45 Other -27.5 3.5 9.7 2.4 -0.3 -62.8 32.7 74.5 -48.7 -73.3 46.4 45

 46 Discrepancy -1.2 -18.8 -1.6 3.9 23.3 11.8 9.6 6.7 9.4 -0.2 77.5 46

(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) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC.

(8) 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.

(9) Reciprocal currency arrangements (swap lines) with foreign central banks.

(10) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).
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F.110 Private Depository Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving less net capital transfers paid (2) 75.8 6.6 20.9 -27.5 -50.3 -71.3 -18.0 -34.2 -65.2 -25.1 -76.6 1

 2 Fixed nonresidential investment 25.1 27.6 24.7 26.5 35.1 27.9 30.9 31.9 33.0 37.2 38.2 2

 3 Net lending (+) or net borrowing (-) -14.1 -70.3 45.6 -123.6 37.3 167.0 -212.6 168.4 71.3 58.9 -149.5 3

 4 Net acquisition of financial assets 840.5 500.1 993.4 972.1 513.8 837.3 167.3 1427.3 156.0 179.2 292.8 4

 5 Vault cash 8.1 7.1 2.6 2.0 -1.4 4.8 -1.5 8.1 5.6 1.8 -21.2 5

 6 Reserves at Federal Reserve 594.2 -71.2 758.0 128.9 -400.8 328.0 -639.4 237.1 -779.3 -179.2 -882.0 6

 7 Federal funds and security repos 22.5 112.0 -98.0 10.6 25.2 -63.7 -46.4 46.9 18.2 -34.6 70.2 7

 8 Debt securities 138.0 190.4 46.3 216.7 197.0 239.3 230.3 246.9 137.8 54.2 348.9 8

 9 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 9

 10 Treasury securities -46.7 86.6 -35.1 195.4 30.9 227.4 194.1 -1.5 67.1 -32.8 90.9 10

 11 Agency- and GSE-backed securities 133.6 49.7 42.4 26.2 154.7 75.0 -4.6 198.2 121.9 38.7 260.0 11

 12 Municipal securities 46.8 68.0 55.1 31.0 47.4 32.4 38.0 68.2 46.3 34.6 40.3 12

 13 Corporate and foreign bonds 4.3 -13.8 -16.2 -35.9 -36.0 -95.4 2.9 -18.0 -97.4 13.8 -42.4 13

 14 Loans 142.9 277.2 260.9 578.8 674.4 428.1 630.6 765.2 657.5 553.0 721.7 14

 15 Depository institution loans n.e.c. 245.1 206.8 197.0 320.1 282.1 229.2 383.6 437.6 282.0 159.9 248.9 15

 16 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 16

 17 Mortgages -105.8 21.7 -11.0 149.9 253.1 93.9 148.1 246.3 240.5 229.9 295.7 17

 18 Consumer credit 3.6 48.7 74.9 108.8 139.2 104.9 99.0 81.3 135.0 163.3 177.1 18

 19 Corporate equities 0.9 -10.5 0.8 0.7 2.9 1.6 4.3 -1.7 2.2 2.2 8.7 19

 20 Mutual fund shares -0.5 -0.7 1.5 -0.8 -1.1 -13.1 -3.5 -2.9 4.3 -3.3 -2.4 20

 21 Life insurance reserves 5.2 7.4 5.7 5.9 6.5 5.0 6.9 5.2 8.6 5.6 6.6 21

 22 U.S. direct investment abroad -6.2 -1.6 0.3 4.7 -1.9 14.2 7.0 -7.1 2.6 -3.0 -0.3 22

 23 Miscellaneous assets -64.8 -10.1 15.4 24.5 13.3 -106.8 -21.1 129.4 98.4 -217.4 42.6 23

 24 Net increase in liabilities 854.6 570.3 947.8 1095.6 476.5 670.3 379.9 1258.8 84.7 120.3 442.3 24

 25 Net interbank liabilities 218.2 -130.3 368.5 -16.0 -101.2 70.1 -738.1 260.9 -277.2 -159.5 -229.0 25

 26 Checkable deposits 356.7 205.6 193.1 198.8 88.0 100.8 -6.8 300.0 151.4 -186.6 87.2 26

 27 Small time and savings deposits 577.4 539.6 307.0 365.0 514.9 439.7 172.8 992.9 59.6 406.2 600.8 27

 28 Large time deposits -173.3 -19.2 102.1 148.2 -107.5 -259.1 542.5 -156.0 -91.1 50.0 -232.9 28

 29 Federal funds and security repos -27.1 -32.0 -92.8 25.4 -4.0 -81.3 -8.8 -77.4 23.1 -111.5 149.8 29

 30 Debt securities 10.0 -115.4 -102.7 -17.2 -9.3 -16.9 0.2 -79.4 4.1 10.4 27.9 30

 31 Open market paper 7.6 -33.1 -27.8 -5.2 -0.9 -5.0 -0.9 -21.9 4.3 4.0 9.9 31

 32 Corporate bonds 2.4 -82.3 -74.9 -12.0 -8.4 -11.9 1.0 -57.5 -0.3 6.4 17.9 32

 33 Loans (other loans and advances) -62.7 5.5 75.3 66.6 39.6 68.8 47.8 -36.9 99.8 -8.3 103.8 33

 34 Corporate equity issues 6.4 1.6 2.2 2.7 9.5 2.8 1.2 24.0 2.2 2.2 9.5 34

 35 Taxes payable (net) 10.6 7.0 0.1 15.2 -4.4 -11.6 12.3 19.1 -27.6 8.6 -17.7 35

 36 Foreign direct investment in U.S. 26.0 -1.9 9.5 0.7 7.2 -7.1 8.2 -6.6 18.0 1.2 16.2 36

 37 Miscellaneous liabilities -87.6 109.8 85.5 306.3 43.8 364.2 348.7 18.4 122.5 107.5 -73.1 37

 38 Investment by holding companies 76.1 101.2 59.2 195.9 38.1 108.0 295.8 -81.7 115.4 76.7 42.0 38

 39 Investment by funding corporations -33.7 -11.8 -2.5 -20.3 2.2 28.1 -98.5 -27.9 51.6 -3.1 -11.9 39

 40 Other -130.0 20.4 28.8 130.7 3.5 228.1 151.4 128.0 -44.5 33.9 -103.3 40

 41 Discrepancy 64.8 49.3 -49.4 69.6 -122.7 -266.2 163.7 -234.5 -169.5 -121.1 34.6 41

 Memo:

 42 Consumer leases not included above (3) -0.1 0.4 1.5 0.7 -0.6 1.1 0.1 0.1 -0.1 -1.4 -1.2 42

(1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114).

(2) Net capital transfers paid from table F.5, 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.
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24 Z.1, March 10, 2016

F.111 U.S.-Chartered Depository Institutions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving less net capital transfers paid (1) 62.7 -8.9 5.0 -44.5 -67.4 -88.4 -35.3 -51.1 -82.4 -42.2 -93.9 1

 2 Fixed nonresidential investment 20.1 21.8 18.7 19.6 28.0 20.9 23.9 24.9 25.9 30.0 31.1 2

 3 Net acquisition of financial assets 322.7 472.6 635.0 845.5 578.8 752.2 730.5 1392.1 -1.4 182.0 742.6 3

 4 Vault cash 8.1 7.1 2.5 2.0 -1.4 4.9 -1.6 8.2 5.6 1.8 -21.2 4

 5 Reserves at Federal Reserve 222.9 -0.2 454.4 190.7 -207.9 285.2 130.0 247.4 -798.4 -108.1 -172.5 5

 6 Federal funds and security repos -25.0 60.1 -87.2 -30.4 24.8 -25.8 -43.9 120.2 -24.8 13.6 -10.0 6

 7 Debt securities 108.3 163.6 90.7 241.5 214.4 265.6 285.2 284.9 202.2 34.2 336.2 7

 8 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 8

 9 Treasury securities -43.7 69.3 -26.1 203.3 14.8 226.6 227.9 -4.1 58.0 -22.3 27.5 9

 10 Agency- and GSE-backed securities 106.9 35.5 47.7 43.0 164.4 89.0 8.4 218.8 121.9 64.1 253.0 10

 11 Residential mortgage pass-through securities 63.8 18.6 40.8 26.2 149.9 53.4 18.0 178.2 137.7 76.6 207.3 11

 12 Commercial mortgage pass-through securities 4.8 8.6 8.5 12.2 19.1 15.2 4.0 14.0 13.9 17.7 30.6 12

 13 Residential CMOs and other structured MBS 80.3 -10.8 -23.6 13.0 -0.1 14.0 -0.7 19.2 -27.3 -4.9 12.5 13

 14 Commercial CMOs and other structured MBS 9.8 21.0 23.9 14.6 15.3 15.2 19.8 8.8 8.4 14.9 28.9 14

 15 Other -51.8 -2.0 -1.9 -23.0 -19.7 -8.8 -32.7 -1.4 -10.9 -40.1 -26.4 15

 16 Municipal securities 42.6 67.8 53.8 32.7 47.4 32.5 42.5 67.4 46.1 35.1 40.9 16

 17 Corporate and foreign bonds 2.5 -9.0 15.2 -37.4 -12.2 -82.4 6.4 2.8 -23.8 -42.7 14.9 17

 18 Private residential mortgage pass-through securities -3.1 15.3 9.9 -6.0 -8.0 -7.4 -4.2 -6.1 -6.5 -9.9 -9.6 18

 19 Private commercial mortgage pass-through securities -2.5 0.4 -1.2 -2.5 -2.5 -4.3 -0.9 -1.7 -5.6 -2.0 -0.8 19

 20 Private residential CMOs and other structured MBS -22.0 -20.8 -14.6 -5.6 -12.0 -11.5 -8.7 -11.0 -7.4 -11.2 -18.4 20

 21 Private commercial CMOs and other structured MBS 2.7 4.1 4.6 5.4 10.6 7.0 13.8 13.3 8.4 7.5 13.4 21

 22 Other 27.3 -8.0 16.5 -28.8 -0.3 -66.2 6.3 8.2 -12.6 -27.1 30.2 22

 23 Loans 77.5 258.5 170.7 439.2 527.1 319.4 426.8 604.0 505.1 424.7 574.4 23

 24 Depository institution loans n.e.c. 175.8 216.8 144.3 249.8 214.1 185.0 252.6 328.8 225.6 124.7 177.5 24

 25 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 25

 26 Mortgages -105.3 13.7 -26.6 117.9 212.7 60.6 116.6 231.3 190.2 172.7 256.5 26

 27 Consumer credit 7.1 28.1 52.9 71.5 100.2 73.7 57.6 43.9 89.4 127.3 140.3 27

 28 Corporate equities 1.0 -10.5 0.8 0.7 2.9 1.6 4.3 -1.7 2.2 2.2 8.7 28

 29 Mutual fund shares -0.8 -1.1 1.6 -0.7 -0.9 -12.8 -3.6 -2.5 3.8 -3.3 -1.6 29

 30 Life insurance reserves 5.2 7.4 5.7 5.9 6.5 5.0 6.9 5.2 8.6 5.6 6.6 30

 31 U.S. direct investment abroad -6.2 -1.6 0.3 4.7 -1.9 14.2 7.0 -7.1 2.6 -3.0 -0.3 31

 32 Miscellaneous assets -68.5 -10.7 -4.6 -8.1 15.4 -105.0 -80.6 133.4 91.6 -185.7 22.3 32

 33 Net increase in liabilities 369.7 536.8 632.4 980.9 529.7 707.2 932.4 1325.5 -127.0 100.6 819.8 33

 34 Net interbank liabilities -263.4 -114.2 191.0 54.2 -52.4 298.2 -239.9 336.6 -487.2 -252.4 193.2 34

 35 Federal Reserve float 0.8 0.1 -0.5 0.4 0.5 -1.6 1.4 -0.8 1.3 1.3 0.2 35

 36 Borrowing from Federal Reserve banks -0.0 -0.1 0.0 0.1 -0.0 0.7 -0.7 -0.4 0.5 0.3 -0.5 36

 37 To domestic banking 40.8 -29.5 38.5 -45.3 -16.9 4.7 -220.9 222.3 -125.3 -101.5 -63.2 37

 38 To foreign banks -304.9 -84.8 153.0 99.0 -36.0 294.4 -19.7 115.5 -363.7 -152.5 256.7 38

 39 Checkable deposits 319.4 176.2 148.2 136.2 50.3 108.6 -145.6 220.1 104.1 -154.6 31.7 39

 40 Federal government -2.7 0.3 0.3 0.9 -0.2 1.7 0.9 -0.6 -0.1 0.8 -0.6 40

 41 Private domestic 296.5 180.1 148.6 133.2 67.1 121.9 -149.8 224.8 124.3 -108.7 28.1 41

 42 Rest of the world 25.6 -4.2 -0.7 2.1 -16.6 -15.0 3.3 -4.0 -20.1 -46.6 4.2 42

 43 Small time and savings deposits 537.1 491.5 256.7 343.8 462.2 397.4 150.9 834.5 146.0 323.8 544.4 43

 44 Large time deposits -13.2 -9.1 23.9 102.5 21.9 -354.1 718.5 32.2 -104.3 173.7 -14.2 44

 45 Federal funds and security repos -81.5 -52.6 -80.5 -33.2 -39.4 -88.0 -55.0 -30.1 -9.8 -81.2 -36.4 45

 46 Debt securities 10.0 -115.4 -102.7 -17.2 -9.3 -16.9 0.2 -79.4 4.1 10.4 27.9 46

 47 Open market paper 7.6 -33.1 -27.8 -5.2 -0.9 -5.0 -0.9 -21.9 4.3 4.0 9.9 47

 48 Corporate bonds 2.4 -82.3 -74.9 -12.0 -8.4 -11.9 1.0 -57.5 -0.3 6.4 17.9 48

 49 Loans (other loans and advances) -60.9 4.7 73.4 58.2 30.3 56.1 38.8 -35.0 79.8 -28.0 104.5 49

 50 Corporate equity issues 6.4 1.6 2.2 2.7 9.5 2.8 1.2 24.0 2.2 2.2 9.5 50

 51 Taxes payable (net) 10.6 7.0 0.1 15.2 -4.4 -11.6 12.3 19.1 -27.6 8.6 -17.7 51

 52 Miscellaneous liabilities -94.9 147.1 120.1 318.5 61.0 314.6 451.1 3.4 165.8 98.1 -23.1 52

 53 Investment by holding companies 76.1 101.2 59.2 195.9 38.1 108.0 295.8 -81.7 115.4 76.7 42.0 53

 54 Other -171.0 45.9 60.9 122.5 22.9 206.6 155.3 85.1 50.4 21.4 -65.1 54

 55 Discrepancy 89.6 33.5 -16.3 71.3 -144.5 -154.4 142.7 -142.6 -233.9 -153.6 -47.8 55

 Memo:

 56 Consumer leases not included above (2) -0.1 0.4 1.5 0.7 -0.6 1.1 0.1 0.1 -0.1 -1.4 -1.2 56

(1) Net capital transfers paid from table F.5, 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.
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Z.1, March 10, 2016 25

F.112 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.9 3.3 4.1 4.4 4.5 4.4 4.5 4.4 4.4 4.5 4.6 1

 2 Fixed nonresidential investment 2.4 3.0 3.3 3.8 3.9 3.9 3.9 3.9 3.9 4.0 4.0 2

 3 Net acquisition of financial assets 468.1 -15.8 316.5 56.3 -142.0 58.3 -695.6 -49.7 102.1 -58.6 -561.6 3

 4 Vault cash 0.0 0.0 0.0 0.0 -0.0 -0.1 0.1 -0.2 -0.0 0.0 0.0 4

 5 Reserves at Federal Reserve 360.2 -72.2 309.3 -59.3 -198.4 76.7 -796.0 -65.8 57.6 -62.2 -723.2 5

 6 Federal funds and security repos 31.7 58.2 -1.2 41.1 0.4 -37.8 -2.5 -73.4 43.0 -48.2 80.1 6

 7 Debt securities 2.2 11.4 -50.4 -14.5 -9.0 -30.3 -21.9 -33.9 -50.0 37.9 10.0 7

 8 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 8

 9 Treasury securities -0.5 16.1 -9.6 -10.5 13.3 -20.7 -15.5 -3.2 6.2 -10.4 60.7 9

 10 Agency- and GSE-backed securities 4.0 1.5 -6.7 -4.9 2.6 -1.9 0.1 -4.7 15.9 -9.3 8.6 10

 11 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Corporate and foreign bonds -1.4 -6.2 -34.1 0.9 -24.9 -7.7 -6.4 -25.9 -72.0 57.6 -59.2 12

 13 Loans 59.1 -12.9 45.7 74.7 78.1 40.9 136.0 105.7 75.2 49.6 81.9 13

 14 Depository institution loans n.e.c. 61.7 -11.0 46.3 67.4 64.4 35.8 127.7 106.3 61.0 26.9 63.1 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 Mortgages -2.6 -1.9 -0.6 7.3 13.8 5.1 8.3 -0.6 14.2 22.7 18.8 16

 17 Corporate equities -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Miscellaneous assets 15.0 -0.3 13.1 14.4 -13.0 8.8 -11.3 17.8 -23.7 -35.6 -10.5 18

 19 Net increase in liabilities 469.0 -5.1 268.7 56.2 -123.7 -56.7 -670.5 -140.1 158.7 -24.2 -489.0 19

 20 Net interbank liabilities 504.6 -1.9 175.1 -70.3 -52.1 -220.1 -504.4 -123.3 250.7 109.5 -445.2 20

 21 To foreign banks 518.8 -51.2 159.2 -68.4 -57.0 -238.3 -496.6 -141.8 255.0 91.9 -433.3 21

 22 To domestic banks -14.2 49.3 15.9 -1.9 5.0 18.2 -7.8 18.5 -4.3 17.6 -11.8 22

 23 Checkable deposits 23.7 16.2 30.8 45.2 16.4 -0.0 94.4 46.7 46.9 -33.4 5.3 23

 24 Small time and savings deposits 13.2 13.8 27.7 -5.9 13.0 9.4 -20.5 167.5 -150.5 32.3 2.7 24

 25 Large time deposits -163.1 -16.2 71.1 39.7 -134.4 91.3 -192.2 -188.3 6.4 -129.7 -225.8 25

 26 Federal funds and security repos 54.4 20.6 -12.3 58.6 35.3 6.7 46.2 -47.4 32.9 -30.3 186.1 26

 27 Debt securities (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 27

 28 Foreign direct investment in U.S. 26.0 -1.9 9.5 0.7 7.2 -7.1 8.2 -6.6 18.0 1.2 16.2 28

 29 Miscellaneous liabilities 10.1 -35.7 -33.2 -11.7 -9.1 63.2 -102.2 11.3 -45.8 26.2 -28.3 29

 30 Investment by funding corporations -33.7 -11.8 -2.5 -20.3 2.2 28.1 -98.5 -27.9 51.6 -3.1 -11.9 30

 31 Other 43.8 -23.9 -30.7 8.6 -11.3 35.0 -3.7 39.2 -97.4 29.3 -16.4 31

 32 Discrepancy 1.4 11.0 -47.0 0.4 18.8 -114.4 25.6 -90.0 57.1 34.9 73.3 32

(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.
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26 Z.1, March 10, 2016

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 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 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets -4.1 0.0 8.8 7.3 -3.4 -11.8 43.7 -24.5 20.5 -6.0 -3.7 3

 4 Debt securities -3.5 -2.6 1.5 -1.2 0.8 -0.8 -1.1 -0.2 1.5 -0.0 1.9 4

 5 Treasury securities -0.0 -0.6 0.7 0.2 1.1 1.7 0.3 0.6 1.4 1.5 0.8 5

 6 Agency- and GSE-backed securities -8.0 -2.2 -0.8 -0.1 0.1 -0.0 -0.2 -1.0 1.4 0.0 -0.0 6

 7 Municipal securities 0.9 -0.8 0.9 -0.9 -0.6 -0.3 0.3 0.2 -1.0 -1.1 -0.4 7

 8 Corporate and foreign bonds 3.6 1.0 0.6 -0.4 0.2 -2.3 -1.4 0.1 -0.3 -0.5 1.6 8

 9 Loans -1.4 2.5 -1.2 -4.3 -5.8 -6.2 -3.6 -16.1 -3.4 -2.6 -1.0 9

 10 Depository institution loans n.e.c. 1.1 1.0 1.3 -2.3 -2.0 -2.8 -1.3 -5.7 -0.5 -1.6 -0.1 10

 11 Home mortgages -2.4 2.3 -1.1 -1.5 -1.5 -2.7 -1.0 -3.6 -0.8 -0.8 -0.9 11

 12 Commercial mortgages -0.1 -0.8 -1.4 -0.5 -2.2 -0.6 -1.3 -6.7 -2.1 -0.2 0.0 12

 13 Miscellaneous assets 0.8 0.2 8.6 12.8 1.5 -4.8 48.4 -8.2 22.4 -3.4 -4.6 13

 14 Net increase in liabilities -3.1 -0.1 8.5 7.1 -3.4 -14.8 41.9 -21.2 22.2 -9.8 -4.7 14

 15 Net interbank liabilities -1.2 -0.4 0.2 -0.6 0.2 2.6 -0.5 -1.7 -1.9 3.2 1.4 15

 16 Checkable deposits 2.8 2.5 6.3 5.2 1.6 -3.3 22.5 -1.7 11.2 -1.6 -1.4 16

 17 Small time and savings deposits -0.4 -0.1 2.5 2.0 -1.5 -1.9 9.9 -7.2 4.9 -2.2 -1.3 17

 18 Large time deposits -0.4 -0.1 2.5 2.0 -1.5 -1.9 9.9 -7.2 4.9 -2.2 -1.3 18

 19 Miscellaneous liabilities -3.9 -2.0 -3.0 -1.6 -2.3 -10.5 0.2 -3.4 3.2 -7.0 -2.0 19

 20 Discrepancy 1.0 -0.1 -0.3 -0.2 0.1 -3.0 -1.8 3.3 1.8 -3.8 -0.9 20

(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.114 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 10.1 12.0 11.8 12.5 12.5 12.6 12.7 12.4 12.7 12.5 12.6 1

 2 Fixed nonresidential investment 2.5 2.8 2.6 3.0 3.1 3.0 3.0 3.0 3.1 3.1 3.1 2

 3 Net acquisition of financial assets 53.8 43.3 33.2 63.0 80.4 38.7 88.6 109.3 34.9 61.8 115.6 3

 4 Reserves at Federal Reserve 11.1 1.2 -5.7 -2.5 5.5 -33.9 26.6 55.6 -38.4 -8.9 13.8 4

 5 Federal funds and security repos 15.9 -6.2 -9.6 -0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 31.0 17.9 4.6 -9.0 -9.2 4.8 -31.9 -3.9 -15.8 -17.8 0.7 6

 7 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 7

 8 Treasury securities -2.5 1.7 -0.2 2.5 1.8 19.7 -18.6 5.3 1.4 -1.6 2.0 8

 9 Agency- and GSE-backed securities 30.6 14.9 2.2 -11.7 -12.4 -12.1 -12.9 -14.9 -17.2 -16.1 -1.5 9

 10 Municipal securities 3.2 1.0 0.3 -0.8 0.6 0.2 -4.8 0.7 1.2 0.6 -0.2 10

 11 Corporate and foreign bonds -0.3 0.3 2.2 1.0 0.9 -3.0 4.3 5.1 -1.2 -0.7 0.4 11

 12 Loans 7.6 29.1 45.6 69.2 75.0 74.0 71.4 71.6 80.5 81.3 66.4 12

 13 Depository institution loans n.e.c. 6.6 0.1 5.1 5.1 5.6 11.3 4.5 8.3 -4.1 9.9 8.3 13

 14 Home mortgages 4.5 8.3 18.6 26.9 30.4 31.5 25.5 25.9 39.0 35.4 21.3 14

 15 Consumer credit -3.4 20.6 21.9 37.2 39.0 31.2 41.4 37.4 45.6 36.0 36.8 15

 16 Mutual fund shares 0.3 0.4 -0.1 -0.1 -0.2 -0.3 0.1 -0.4 0.5 -0.0 -0.8 16

 17 Miscellaneous assets -12.1 0.8 -1.6 5.3 9.3 -5.8 22.4 -13.6 8.0 7.2 35.5 17

 18 Net increase in liabilities 19.0 38.8 38.2 51.5 73.9 34.7 76.1 94.8 30.8 53.7 116.2 18

 19 Net interbank liabilities -21.9 -13.8 2.2 0.7 3.1 -10.7 6.7 49.3 -38.8 -19.8 21.6 19

 20 Shares/deposits 41.5 51.3 32.6 41.2 67.3 35.8 60.8 40.2 50.4 63.6 115.1 20

 21 Checkable 10.7 10.7 7.9 12.2 19.7 -4.5 21.9 34.9 -10.8 3.1 51.5 21

 22 Small time and savings 27.4 34.4 20.1 25.0 41.2 34.7 32.5 -2.0 59.3 52.4 55.1 22

 23 Large time 3.4 6.2 4.7 4.1 6.4 5.6 6.3 7.2 1.9 8.1 8.5 23

 24 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 -0.0 24

 25 Loans (other loans and advances) -1.8 0.8 1.9 8.4 9.3 12.6 9.0 -1.9 20.0 19.7 -0.7 25

 26 Miscellaneous liabilities 1.1 0.4 1.5 1.2 -5.8 -3.1 -0.4 7.1 -0.7 -9.8 -19.8 26

 27 Discrepancy -27.2 4.8 14.2 -2.0 2.9 5.6 -2.8 -5.2 5.5 1.3 10.1 27
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F.115 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving less net capital transfers paid (1) 31.2 45.2 55.4 50.9 43.7 47.9 57.3 36.5 46.5 46.1 45.6 1

 2 Fixed nonresidential investment 16.7 19.1 21.4 22.9 23.8 23.2 23.3 23.5 23.7 23.9 24.0 2

 3 Net acquisition of financial assets 27.4 26.4 40.2 33.3 24.8 58.7 22.1 7.7 16.1 53.6 21.8 3

 4 Checkable deposits and currency -8.5 12.3 -6.7 5.9 -1.0 3.5 -0.4 -0.6 -20.1 15.3 1.3 4

 5 Money market fund shares -5.6 2.2 -2.2 -1.9 -0.4 1.5 -4.3 -0.3 -1.0 1.5 -1.9 5

 6 Security repurchase agreements -1.4 -0.8 0.0 -0.1 0.2 0.1 -0.4 0.4 -0.1 0.5 0.0 6

 7 Debt securities 35.4 0.3 28.6 13.8 6.6 39.7 18.8 -17.0 14.0 14.0 15.4 7

 8 Open market paper 0.9 -1.4 0.7 -0.1 0.0 1.3 -1.2 -0.1 -0.4 0.7 0.0 8

 9 Treasury securities 4.6 -6.7 6.4 5.9 1.2 12.1 3.4 -1.8 -0.2 3.1 3.7 9

 10 Agency- and GSE-backed securities 6.9 -8.4 -4.9 -4.2 0.7 -1.9 -3.1 -1.9 1.8 1.3 1.4 10

 11 Municipal securities -17.4 -2.9 -1.7 -4.7 1.7 2.2 -1.6 -5.7 5.5 3.8 3.2 11

 12 Corporate and foreign bonds 40.4 19.6 28.1 17.0 3.0 26.0 21.3 -7.6 7.3 5.1 7.1 12

 13 Loans (commercial mortgages) 0.8 0.7 2.3 2.0 2.0 2.3 2.4 1.9 2.0 2.3 2.0 13

 14 Corporate equities 2.9 4.6 3.7 2.6 1.6 3.7 16.8 -2.4 -5.2 8.4 5.5 14

 15 Mutual fund shares -0.7 1.8 1.0 1.4 2.4 1.3 1.6 2.4 2.4 2.4 2.5 15

 16 Trade receivables 3.4 4.8 3.3 5.5 6.8 -2.0 -10.3 21.3 12.9 5.5 -12.4 16

 17 U.S. direct investment abroad 1.1 0.4 10.2 4.0 6.6 8.6 -2.3 2.1 11.2 3.6 9.4 17

 18 Miscellaneous assets (equity in FHLB) -0.0 0.0 0.1 0.0 0.0 0.0 -0.0 0.0 0.1 -0.0 0.0 18

 19 Net increase in liabilities 19.7 -20.7 22.9 -1.0 -12.2 17.3 -27.2 -31.1 -6.4 -10.6 -0.6 19

 20 Security repurchase agreements 1.7 -1.0 -0.6 -0.4 0.4 -0.6 -0.3 0.4 0.0 0.6 0.5 20

 21 Corporate equity issues -10.7 -14.5 -7.6 -16.9 -19.9 -22.2 -17.9 -19.4 -20.5 -23.8 -16.0 21

 22 Loans (other loans and advances) 0.1 0.4 0.8 0.1 0.4 0.3 0.1 0.2 0.8 -0.1 0.9 22

 23 Taxes payable (net) -4.4 3.8 19.1 1.9 -6.3 3.0 0.4 1.4 -18.9 -23.4 15.6 23

 24 Foreign direct investment in U.S. -2.2 -8.2 11.5 -0.5 -1.8 10.0 -3.8 -2.5 -1.2 -5.1 1.8 24

 25 Miscellaneous liabilities 35.2 -1.0 -0.3 14.8 15.0 26.8 -5.8 -11.2 33.5 41.2 -3.4 25

 26 Investment by parent companies 0.0 -6.8 -6.0 0.1 -0.8 -0.2 0.9 -5.5 2.8 0.8 -1.1 26

 27 Policy payables 35.2 5.8 5.7 14.7 15.8 27.1 -6.6 -5.6 30.7 40.4 -2.2 27

 28 Discrepancy 6.7 -20.9 16.8 -6.2 -17.0 -16.7 -15.3 -25.8 0.3 -42.0 -0.7 28

(1) Net capital transfers paid from table F.5, line 51.
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F.116 Life Insurance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 7.2 13.4 7.2 10.7 13.2 12.6 13.6 14.6 13.0 12.7 12.4 1

 2 Fixed nonresidential investment 12.3 14.0 15.4 16.5 17.1 16.7 16.8 17.0 17.1 17.2 17.3 2

 3 Net acquisition of financial assets 229.0 127.0 102.7 213.4 197.9 143.6 239.5 275.6 14.8 312.5 188.8 3

 4 Checkable deposits and currency 2.0 2.7 -9.2 3.6 -0.4 15.1 -8.5 -2.2 -28.0 43.2 -14.7 4

 5 Money market fund shares 7.9 -1.4 -5.9 6.1 1.5 6.4 20.5 -4.5 -7.5 17.7 0.4 5

 6 Security repurchase agreements -4.7 2.1 -5.3 0.4 4.1 0.5 -13.2 9.2 -0.5 1.1 6.7 6

 7 Debt securities 102.5 60.6 55.1 70.2 80.9 56.9 13.3 115.2 65.5 101.0 41.9 7

 8 Open market paper -11.2 13.9 3.2 -4.6 0.4 -11.0 4.1 16.7 -4.7 7.5 -18.0 8

 9 Treasury securities 18.8 5.5 -12.2 14.3 13.7 13.6 16.2 41.5 -8.9 16.4 5.7 9

 10 Agency- and GSE-backed securities -1.6 -13.5 -6.8 -15.0 -0.1 -15.8 -21.5 -2.1 15.3 -1.9 -11.5 10

 11 Municipal securities 9.4 9.7 10.1 6.2 4.1 6.8 3.3 1.3 3.5 5.5 6.2 11

 12 Corporate and foreign bonds 87.1 45.0 60.8 69.3 62.8 63.2 11.3 57.8 60.4 73.5 59.6 12

 13 Loans 22.9 13.7 22.3 29.5 32.5 30.3 40.2 31.7 30.2 35.6 32.4 13

 14 Other loans and advances 7.9 1.8 3.5 8.0 1.8 10.4 7.9 3.8 -6.3 3.0 6.8 14

 15 Mortgages 15.0 11.9 18.8 21.6 30.6 19.9 32.3 27.9 36.5 32.6 25.5 15

 16 Corporate equities 33.2 16.1 13.7 28.1 44.1 2.5 9.4 44.1 45.1 45.6 41.6 16

 17 Mutual fund shares 5.6 0.4 1.1 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 17

 18 U.S. direct investment abroad 3.3 5.9 2.9 2.2 3.0 4.0 3.3 7.5 5.4 -3.1 2.0 18

 19 Miscellaneous assets 56.4 26.8 28.0 71.9 31.0 26.7 173.2 73.3 -96.8 70.1 77.3 19

 20 Equity in FHLB -0.7 0.0 0.8 0.1 0.1 0.1 -0.2 0.5 0.6 -0.5 -0.3 20

 21 Deferred and unpaid life ins. premiums -0.4 0.6 3.0 1.2 2.2 -2.6 -2.0 4.6 3.2 -1.6 2.6 21

 22 Other 57.5 26.2 24.2 70.7 28.7 29.3 175.4 68.2 -100.6 72.3 75.0 22

 23 Net increase in liabilities 203.7 90.4 87.1 174.4 195.6 119.2 180.8 232.6 43.3 313.2 193.3 23

 24 Security repurchase agreements 1.9 2.3 6.5 1.0 0.9 -2.6 -2.6 1.0 1.2 -0.1 1.5 24

 25 Corporate equity issues -11.5 -9.9 -9.2 -14.9 -9.9 -17.6 -16.0 -22.5 -3.7 -7.5 -6.0 25

 26 Loans (other loans and advances) 1.5 3.2 2.0 1.8 5.9 1.3 2.1 8.6 7.4 4.2 3.5 26

 27 Life insurance reserves 79.9 -12.2 29.8 55.5 66.0 55.0 73.1 89.1 49.0 72.2 53.5 27

 28 Pension entitlements (2) 95.0 76.4 76.6 92.8 88.5 82.5 86.3 41.1 72.4 156.5 83.8 28

 29 Taxes payable (net) 5.2 -4.6 -2.3 -1.9 -0.3 -3.4 -8.3 10.0 -5.6 -8.9 3.3 29

 30 Foreign direct investment in U.S. -5.4 2.4 0.9 5.8 5.5 15.8 -0.1 28.4 2.8 -0.5 -8.6 30

 31 Miscellaneous liabilities 37.2 32.9 -17.2 34.4 39.0 -11.8 46.2 76.9 -80.3 97.3 62.3 31

 32 Investment by parent companies 9.3 10.3 3.4 0.8 0.5 -0.3 0.2 1.1 0.2 0.9 -0.2 32

 33 Funding agreements backing securities (3) -8.5 -0.4 -8.4 9.2 1.6 20.4 12.6 6.2 -5.9 -12.2 18.3 33

 34 Other reserves (4) 14.8 -1.8 0.4 5.8 8.9 1.7 -6.2 13.9 2.2 19.8 -0.2 34

 35 Unallocated insurance contracts 11.4 1.0 -11.4 -8.9 2.2 -11.6 12.4 19.8 1.6 -44.2 31.6 35

 36 Other 10.1 23.7 -1.1 27.5 25.8 -22.0 27.3 35.9 -78.4 132.9 12.7 36

 37 Discrepancy -30.3 -37.2 -23.8 -44.8 -6.3 -28.6 -61.9 -45.3 24.4 -3.8 -0.4 37

(1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s.

(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 35.

(3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities.

(4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.
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F.116.g Life Insurance Companies: General Accounts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 176.4 56.5 84.6 155.6 83.2 120.7 211.0 -79.0 9.1 266.1 136.7 1

 2 Checkable deposits and currency 3.0 1.4 -4.8 3.5 -0.9 14.9 -8.7 -4.1 -27.6 43.2 -15.1 2

 3 Money market fund shares 7.9 -1.4 -5.9 6.1 1.5 6.4 20.5 -4.5 -7.5 17.7 0.4 3

 4 Security repurchase agreements -4.7 2.1 -5.3 0.4 4.1 0.5 -13.2 9.2 -0.5 1.1 6.7 4

 5 Debt securities 98.7 22.9 49.7 71.0 37.4 58.4 12.1 -46.1 63.9 98.7 33.1 5

 6 Open market paper -12.6 15.9 1.4 -6.0 -1.5 -12.4 2.6 13.5 -4.7 5.9 -20.6 6

 7 Treasury securities 10.3 1.3 -11.3 9.1 3.4 8.8 10.0 5.9 -9.3 9.7 7.2 7

 8 Agency- and GSE-backed securities -1.5 -4.9 -6.6 -3.3 -0.4 -3.9 -10.7 -15.4 16.3 8.6 -11.1 8

 9 Municipal securities 9.2 9.0 9.2 5.3 2.4 5.9 2.4 -2.9 3.3 4.6 4.6 9

 10 Corporate and foreign bonds 93.3 1.6 57.0 66.0 33.6 60.0 7.8 -47.1 58.4 69.9 53.0 10

 11 Loans 23.7 15.0 20.4 28.1 18.7 28.8 38.7 -20.3 30.3 34.0 30.7 11

 12 Other loans and advances 7.9 1.9 3.5 8.0 -3.1 10.4 7.9 -15.5 -6.3 2.9 6.7 12

 13 Mortgages 15.8 13.1 16.9 20.2 21.7 18.5 30.8 -4.8 36.6 31.1 24.1 13

 14 Corporate equities 0.3 -2.5 0.8 5.5 3.8 1.3 9.2 3.8 4.9 5.3 1.2 14

 15 Mutual fund shares 0.7 0.2 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 U.S. direct investment abroad 3.3 5.9 2.9 2.2 3.0 4.0 3.3 7.5 5.4 -3.1 2.0 16

 17 Miscellaneous assets 43.7 12.8 27.0 38.7 15.6 6.3 149.1 -24.6 -59.8 69.1 77.5 17

 18 Net increase in liabilities 151.2 17.8 68.7 116.0 80.9 96.3 151.6 -121.8 37.5 267.0 140.9 18

 19 Security repurchase agreements 1.9 2.3 6.5 1.0 0.9 -2.6 -2.6 1.0 1.2 -0.1 1.5 19

 20 Corporate equity issues -11.5 -9.9 -9.2 -14.9 -9.9 -17.6 -16.0 -22.5 -3.7 -7.5 -6.0 20

 21 Loans (other loans and advances) 1.5 3.2 2.0 1.8 5.9 1.3 2.1 8.6 7.4 4.2 3.5 21

 22 Life insurance reserves 73.0 -6.2 28.3 46.1 26.6 45.6 63.8 -58.1 48.7 68.5 47.3 22

 23 Pension entitlements (1) 46.5 5.6 54.2 49.5 34.8 42.9 43.8 -108.8 63.1 130.1 54.9 23

 24 Taxes payable (net) 5.2 -4.6 -2.3 -1.9 -0.3 -3.4 -8.3 10.0 -5.6 -8.9 3.3 24

 25 Foreign direct investment in U.S. -5.4 2.4 0.9 5.8 5.5 15.8 -0.1 28.4 2.8 -0.5 -8.6 25

 26 Miscellaneous liabilities 40.0 25.0 -11.8 28.6 17.3 14.2 68.8 19.6 -76.4 81.3 44.8 26

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 26).

F.116.s Life Insurance Companies: Separate Accounts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 52.6 70.5 18.1 57.8 114.7 23.0 28.5 354.6 5.6 46.4 52.2 1

 2 Checkable deposits and currency -0.9 1.3 -4.4 0.2 0.5 0.2 0.2 1.9 -0.3 -0.0 0.4 2

 3 Debt securities 3.8 37.7 5.4 -0.9 43.5 -1.5 1.2 161.3 1.6 2.3 8.8 3

 4 Open market paper 1.4 -2.0 1.8 1.5 1.8 1.5 1.5 3.2 0.0 1.5 2.6 4

 5 Treasury securities 8.5 4.2 -0.9 5.2 10.3 4.8 6.1 35.5 0.4 6.7 -1.6 5

 6 Agency- and GSE-backed securities -0.0 -8.5 -0.2 -11.7 0.4 -11.9 -10.9 13.4 -1.0 -10.5 -0.4 6

 7 Municipal securities 0.2 0.7 0.9 0.9 1.7 0.9 0.9 4.3 0.2 0.9 1.6 7

 8 Corporate and foreign bonds -6.2 43.3 3.8 3.3 29.3 3.2 3.5 104.9 2.0 3.6 6.6 8

 9 Loans -0.8 -1.3 1.9 1.4 13.8 1.4 1.5 52.0 -0.1 1.6 1.6 9

 10 Other loans and advances -0.0 -0.1 0.0 0.0 4.9 0.0 0.0 19.2 0.1 0.1 0.2 10

 11 Mortgages -0.8 -1.1 1.9 1.4 8.9 1.4 1.5 32.8 -0.1 1.5 1.4 11

 12 Corporate equities 32.9 18.6 12.9 22.6 40.3 1.2 0.2 40.3 40.3 40.3 40.3 12

 13 Mutual fund shares 4.9 0.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 13

 14 Miscellaneous assets 12.7 13.9 1.0 33.3 15.4 20.4 24.2 97.9 -37.0 1.0 -0.2 14

 15 Net increase in liabilities 52.5 72.7 18.5 58.4 114.7 22.9 29.2 354.4 5.8 46.1 52.4 15

 16 Life insurance reserves 6.9 -5.9 1.4 9.4 39.4 9.4 9.4 147.2 0.3 3.8 6.1 16

 17 Pension entitlements (1) 48.5 70.7 22.4 43.3 53.6 39.6 42.5 149.9 9.4 26.4 28.8 17

 18 Miscellaneous liabilities -2.8 7.8 -5.4 5.8 21.7 -26.0 -22.7 57.3 -3.9 16.0 17.4 18

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 18).
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F.117 Private and Public Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.1 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets (2) 454.3 503.6 462.7 433.9 348.5 430.2 464.5 431.2 390.9 258.4 313.4 3

 4 Checkable deposits and currency 6.0 -1.7 -0.5 1.2 1.5 0.3 -2.0 2.6 -1.6 0.9 4.1 4

 5 Time and savings deposits 3.5 -7.0 7.4 4.6 6.0 3.0 5.4 11.5 7.1 -2.6 8.1 5

 6 Money market fund shares 17.2 -20.8 16.0 -3.8 7.6 -1.1 0.7 6.5 2.0 7.2 14.7 6

 7 Security repurchase agreements 0.1 -0.6 0.6 0.5 0.5 0.3 0.7 1.2 0.6 -0.5 0.6 7

 8 Debt securities 181.3 200.3 284.8 154.5 122.6 214.0 111.0 -209.7 -459.2 -420.3 1579.4 8

 9 Open market paper 4.3 -8.5 8.9 6.0 6.2 5.5 3.7 19.2 9.6 -7.5 3.3 9

 10 Treasury securities (3) 144.3 129.3 119.7 87.4 87.0 101.1 59.9 -303.9 -467.5 -376.5 1496.1 10

 11 Agency- and GSE-backed securities -35.9 -21.7 -4.7 -15.6 -14.7 -20.8 -27.2 -14.6 -18.9 -23.0 -2.3 11

 12 Municipal securities -0.5 0.3 1.5 1.1 -1.4 1.6 3.1 -5.3 7.7 -7.8 -0.3 12

 13 Corporate and foreign bonds 69.2 100.9 159.4 75.5 45.5 126.6 71.4 94.9 9.8 -5.5 82.7 13

 14 Loans (mortgages) -5.2 0.2 -1.2 -0.1 -4.1 0.8 -3.2 -11.8 -1.0 -3.2 -0.6 14

 15 Corporate equities -139.4 -100.3 -354.0 -184.5 -112.2 -85.9 -125.3 -38.7 -82.0 -71.3 -256.8 15

 16 Mutual fund shares 13.7 62.9 139.0 126.4 -18.8 101.1 146.7 35.5 14.6 -73.0 -52.4 16

 17 Miscellaneous assets 377.1 370.6 370.6 335.2 345.5 197.6 330.3 634.0 910.4 821.4 -983.7 17

 18 Unallocated insurance contracts (4) 11.4 1.0 -11.4 -8.9 2.2 -11.6 12.4 19.8 1.6 -44.2 31.6 18

 19 Contributions receivable 3.0 -12.3 -2.5 -1.1 2.8 1.5 -2.0 6.7 1.1 -0.1 3.4 19

 20 Claims of pension fund on sponsor (5) 317.7 350.9 346.1 314.1 316.6 196.5 317.2 560.8 890.5 857.6 -1042.4 20

 21 Other 45.0 30.9 38.5 31.1 23.9 11.3 2.7 46.7 17.1 8.0 23.7 21

 22 Pension entitlements (liabilities) (6) 454.2 503.7 462.9 434.3 348.8 430.5 464.8 431.5 391.2 258.7 313.6 22

 Memo:

 23 Household retirement assets (7) 913.6 815.2 755.4 756.3 ND 881.0 555.2 715.5 514.8 444.4 ND 23

 24 Defined benefit plans 351.9 321.8 287.7 267.7 266.4 267.7 266.8 265.8 267.1 266.3 266.2 24

 25 Defined contribution plans 102.4 181.8 175.0 166.2 82.1 162.5 197.7 165.4 123.8 -7.9 47.1 25

 26 Individual retirement plans (IRAs) (8) 380.0 261.0 234.5 244.6 83.0 370.1 29.7 256.1 54.6 10.6 ND 26

 27 Annuities at life insurance companies (9) 79.2 50.6 58.2 77.8 ND 80.7 61.1 28.2 69.3 175.3 ND 27

(1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Assets of pension plans held at life insurance companies; series begins 1985:Q4.

(5) Unfunded defined benefit pension entitlements.

(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.

(7) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.

(8) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts.

(9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 26.
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F.118 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment 0.0 0.1 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) 140.7 194.4 148.7 136.2 37.6 123.0 154.3 115.4 76.7 -34.1 -7.4 3

 4 Checkable deposits and currency 5.6 -1.7 -0.5 0.5 1.4 -0.4 -0.4 1.6 -0.7 1.5 3.2 4

 5 Time and savings deposits 1.6 -3.9 4.9 0.1 3.0 -2.7 -0.2 3.3 1.8 2.5 4.3 5

 6 Money market fund shares 16.5 -17.1 12.7 -9.5 3.7 -5.1 -9.5 -0.9 -6.7 12.0 10.3 6

 7 Security repurchase agreements 0.0 -0.3 0.4 0.0 0.2 -0.3 0.1 0.3 0.1 -0.1 0.3 7

 8 Debt securities 78.5 145.3 89.6 24.8 42.0 38.7 -2.6 56.9 6.3 44.2 60.4 8

 9 Open market paper 2.5 -4.9 5.9 1.2 2.9 -1.7 0.5 7.1 3.2 -1.0 2.3 9

 10 Treasury securities 40.7 64.4 -3.4 13.0 14.2 16.1 8.5 20.3 11.5 12.6 12.3 10

 11 Agency- and GSE-backed securities -9.3 2.0 -5.6 -10.2 -6.5 -9.6 -12.9 -6.7 -12.9 -7.4 0.9 11

 12 Municipal securities 0.0 0.1 0.2 0.1 -0.1 0.2 0.1 0.1 0.1 -0.4 -0.1 12

 13 Corporate and foreign bonds 44.6 83.7 92.5 20.8 31.5 33.7 1.1 36.1 4.4 40.4 45.0 13

 14 Loans (mortgages) -4.6 1.2 -0.7 0.2 -1.5 2.7 -3.1 -2.3 -3.1 -1.2 0.7 14

 15 Corporate equities -72.4 -19.0 -194.7 -84.7 -78.8 -72.6 -105.5 -11.2 -40.6 -97.1 -166.4 15

 16 Mutual fund shares 65.9 74.1 103.7 118.9 -5.4 100.4 144.9 36.4 47.5 -46.4 -59.2 16

 17 Miscellaneous assets 49.5 15.9 133.4 85.8 73.2 62.4 130.5 31.2 72.1 50.4 138.9 17

 18 Unallocated insurance contracts (3) 22.7 5.7 -3.2 3.6 4.3 -0.9 14.2 14.1 1.6 -20.5 22.1 18

 19 Contributions receivable 3.0 -12.3 -2.5 -1.1 2.8 1.5 -2.0 6.7 1.1 -0.1 3.4 19

 20 Claims of pension fund on sponsor (4) -19.5 -11.6 110.9 54.2 43.3 44.8 108.9 -21.4 51.3 56.5 86.7 20

 21 Other 43.4 34.1 28.1 29.1 22.7 17.0 9.4 31.8 18.0 14.5 26.7 21

 22 Pension entitlements (liabilities) (5) 140.7 194.4 148.8 136.3 37.7 123.1 154.3 115.4 76.7 -34.1 -7.4 22

 Memo:

 Net acquisition of financial assets (6)

 23 Defined benefit plans 46.6 22.5 -8.0 -22.6 -22.7 -24.0 -22.7 -22.7 -22.7 -22.7 -22.7 23

 24 Defined contribution plans 94.1 171.9 156.7 158.8 60.3 147.0 177.0 138.1 99.4 -11.4 15.3 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; series begins 1985:Q4.

(4) Unfunded defined benefit pension entitlements.

(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 tables F.118.b and F.118.c.
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32 Z.1, March 10, 2016

F.118.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets (1) 46.6 22.5 -8.0 -22.6 -22.7 -24.0 -22.7 -22.7 -22.7 -22.7 -22.7 1

 2 Checkable deposits and currency 1.8 -1.0 0.3 0.1 0.8 -0.8 0.4 1.1 0.4 0.3 1.4 2

 3 Time and savings deposits 1.2 -3.3 4.5 -0.1 2.6 -2.7 -0.6 3.5 1.4 2.1 3.5 3

 4 Money market fund shares -0.3 -4.0 5.3 -1.5 -0.9 -3.1 -2.7 -2.2 -4.6 0.6 2.7 4

 5 Security repurchase agreements 0.0 -0.3 0.4 0.0 0.2 -0.3 0.1 0.3 0.1 -0.1 0.3 5

 6 Debt securities 80.5 83.9 74.3 15.0 21.8 15.9 7.5 32.2 -9.0 24.4 39.8 6

 7 Open market paper 1.1 -3.6 4.9 0.5 1.9 -2.9 1.4 3.9 1.5 -1.0 3.1 7

 8 Treasury securities 32.9 36.0 -2.7 5.6 7.4 9.5 4.0 13.0 4.9 5.8 5.7 8

 9 Agency- and GSE-backed securities 0.7 -9.1 -6.2 -6.0 -4.9 -6.6 -8.8 -4.4 -7.4 -6.6 -1.1 9

 10 Corporate and foreign bonds 45.8 60.7 78.3 14.9 17.5 15.9 11.0 19.7 -8.1 26.2 32.0 10

 11 Loans (mortgages) -2.4 -0.1 -1.1 -0.4 -1.2 1.6 -2.6 -1.5 -2.4 -1.2 0.4 11

 12 Corporate equities -72.7 -11.0 -186.1 -85.9 -77.1 -67.7 -115.8 -30.9 -37.6 -90.7 -149.3 12

 13 Mutual fund shares 22.3 -28.7 -9.3 -9.9 -16.6 -12.6 -3.6 -16.6 -18.6 -8.8 -22.3 13

 14 Miscellaneous assets 16.3 -12.9 103.7 60.0 47.6 45.7 94.6 -8.6 47.6 50.6 100.9 14

 15 Unallocated insurance contracts (2) 12.9 -9.5 -2.7 0.6 1.2 2.4 -1.1 0.8 -0.7 -0.9 5.7 15

 16 Contributions receivable 1.7 -12.4 -4.1 -1.9 1.7 -2.3 -2.7 4.6 1.2 -2.4 3.3 16

 17 Claims of pension fund on sponsor (3) -19.5 -11.6 110.9 54.2 43.3 44.8 108.9 -21.4 51.3 56.5 86.7 17

 18 Other 21.2 20.6 -0.4 7.1 1.4 0.8 -10.5 7.4 -4.2 -2.7 5.2 18

 19 Net increase in pension entitlements (liabilities) (4) 46.6 22.6 -7.9 -22.5 -22.6 -24.0 -22.6 -22.6 -22.6 -22.6 -22.6 19

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.

(4) Actuarial value of accrued defined benefit pension entitlements.

F.118.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 94.1 171.9 156.7 158.8 60.3 147.0 177.0 138.1 99.4 -11.4 15.3 1

 2 Checkable deposits and currency 3.8 -0.7 -0.8 0.4 0.6 0.4 -0.7 0.5 -1.1 1.2 1.8 2

 3 Time and savings deposits 0.4 -0.6 0.4 0.1 0.4 0.0 0.3 -0.2 0.4 0.4 0.8 3

 4 Money market fund shares 16.8 -13.1 7.3 -8.0 4.5 -2.0 -6.8 1.3 -2.1 11.3 7.5 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities -2.0 61.4 15.3 9.8 20.1 22.8 -10.2 24.7 15.3 19.9 20.7 6

 7 Open market paper 1.4 -1.2 1.0 0.7 1.0 1.2 -0.9 3.2 1.7 0.0 -0.8 7

 8 Treasury securities 7.8 28.4 -0.7 7.4 6.8 6.6 4.6 7.3 6.6 6.8 6.6 8

 9 Agency- and GSE-backed securities -10.0 11.1 0.5 -4.2 -1.6 -3.0 -4.1 -2.3 -5.5 -0.8 2.0 9

 10 Municipal securities 0.0 0.1 0.2 0.1 -0.1 0.2 0.1 0.1 0.1 -0.4 -0.1 10

 11 Corporate and foreign bonds -1.2 23.0 14.2 5.9 14.0 17.7 -9.9 16.4 12.5 14.2 12.9 11

 12 Loans (mortgages) -2.2 1.3 0.4 0.5 -0.3 1.1 -0.5 -0.8 -0.7 0.0 0.3 12

 13 Corporate equities 0.3 -8.0 -8.6 1.2 -1.7 -4.9 10.3 19.7 -3.0 -6.5 -17.1 13

 14 Mutual fund shares 43.6 102.8 113.0 128.8 11.2 113.0 148.6 53.0 66.1 -37.6 -36.8 14

 15 Miscellaneous assets 33.3 28.8 29.7 25.8 25.5 16.7 36.0 39.9 24.4 -0.2 38.0 15

 16 Unallocated insurance contracts (2) 9.8 15.2 -0.5 3.0 3.1 -3.3 15.2 13.3 2.3 -19.7 16.4 16

 17 Contributions receivable 1.3 0.1 1.7 0.8 1.1 3.8 0.7 2.2 -0.1 2.2 0.1 17

 18 Other 22.2 13.5 28.5 22.0 21.3 16.2 20.0 24.4 22.2 17.2 21.5 18

 19 Net increase in pension entitlements (liabilities) 94.1 171.9 156.7 158.8 60.3 147.0 177.0 138.1 99.4 -11.4 15.3 19

(1) Includes 401(k) and 403(b) type plans.

(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
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F.119 Federal Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets (1) 113.0 102.1 107.6 112.8 108.3 119.4 127.0 103.6 103.3 106.6 119.9 1

 2 Debt securities 96.3 55.8 107.9 86.5 91.4 105.7 86.7 -304.3 -460.0 -365.9 1495.8 2

 3 Treasury securities (2) 94.2 52.5 110.9 87.0 91.4 103.9 85.8 -304.8 -460.6 -364.5 1495.7 3

 4 Agency- and GSE-backed securities 0.7 1.5 -1.7 -0.5 0.1 -0.4 0.6 0.5 0.4 -0.5 0.2 4

 5 Corporate and foreign bonds 1.4 1.7 -1.3 -0.0 -0.2 2.2 0.3 0.0 0.2 -0.9 -0.1 5

 6 Corporate equities -4.2 -4.1 9.1 3.5 0.9 3.3 3.7 5.7 -3.8 1.9 -0.1 6

 7 Claims of pension fund on sponsor (misc. assets) (3) 20.8 50.4 -9.3 22.8 16.0 10.5 36.6 402.2 567.0 470.5 -1375.8 7

 8 Pension entitlements (liabilities) (4) 113.0 102.1 107.6 112.8 108.3 119.4 127.0 103.6 103.3 106.6 119.9 8

 Memo:

 Net acquisition of financial assets (5)

 9 Defined benefit plans 90.0 87.5 88.7 90.1 90.3 90.8 90.8 89.8 91.1 90.3 90.2 9

 10 Defined contibution plans 23.0 14.5 19.0 22.6 18.0 28.6 36.2 13.8 12.2 16.3 29.7 10

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Includes marketable and nonmarketable Treasury securities.

(3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury.

(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund.

 These liabilities are assets of the household sector.

(5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c.
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F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets (2) 90.0 87.5 88.7 90.1 90.3 90.8 90.8 89.8 91.1 90.3 90.2 1

 2 Debt securities 71.1 40.4 98.2 69.1 75.2 84.5 54.8 -67.5 -209.0 -90.0 667.2 2

 3 Treasury securities (3) 70.4 40.1 98.2 68.9 75.6 82.7 55.0 -67.0 -208.8 -89.5 667.7 3

 4 Agency- and GSE-backed securities -0.2 -0.2 -0.0 -0.1 -0.0 -0.4 -0.0 -0.0 -0.0 -0.0 -0.0 4

 5 Corporate and foreign bonds 0.8 0.4 0.1 0.3 -0.4 2.3 -0.2 -0.5 -0.2 -0.4 -0.4 5

 6 Corporate equities -1.9 -2.0 -1.5 -1.7 -0.8 -4.2 -0.6 -1.2 -0.4 -0.9 -0.9 6

 7 Claims of pension fund on sponsor (misc. assets) (4) 20.8 49.2 -8.1 22.8 16.0 10.5 36.6 158.5 300.5 181.1 -576.1 7

 8 Pension entitlements (liabilities) (5) 90.0 87.5 88.7 90.1 90.3 90.8 90.8 89.8 91.1 90.3 90.2 8

(1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and

 Disability Fund, and the National Railroad Investment Trust.

(2) Includes claims on sponsor (i.e., unfunded pension entitlements).

(3) Includes both marketable and nonmarketable government securities.

(4) Unfunded defined benefit pension entitlements.

(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 23.0 14.5 19.0 22.6 18.0 28.6 36.2 13.8 12.2 16.3 29.7 1

 2 Debt securities 25.2 15.4 9.6 17.4 16.2 21.2 31.9 -236.8 -251.0 -275.9 828.5 2

 3 Treasury securities (2) 23.7 12.4 12.7 18.2 15.9 21.2 30.8 -237.8 -251.8 -275.0 828.0 3

 4 Agency- and GSE-backed securities 0.9 1.7 -1.7 -0.4 0.2 -0.0 0.6 0.5 0.4 -0.5 0.3 4

 5 Corporate and foreign bonds 0.6 1.3 -1.4 -0.4 0.2 -0.0 0.6 0.5 0.4 -0.5 0.3 5

 6 Corporate equities -2.3 -2.1 10.6 5.2 1.8 7.4 4.3 6.9 -3.4 2.7 0.8 6

 7 Claims of pension fund on sponsor (misc. assets) (3) 0.0 1.2 -1.2 0.0 0.0 0.0 0.0 243.7 266.5 289.4 -799.7 7

 8 Pension entitlements (liabilities) 23.0 14.5 19.0 22.6 18.0 28.6 36.2 13.8 12.2 16.3 29.7 8

(1) Thrift Savings Plan.

(2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds.

(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.
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F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.1 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2

 3 Net acquisition of financial assets (1) 200.6 207.1 206.3 185.0 202.5 187.8 183.2 212.3 210.9 186.0 200.9 3

 4 Checkable deposits and currency 0.4 0.1 0.0 0.7 0.1 0.7 -1.6 1.0 -0.9 -0.5 0.8 4

 5 Time and savings deposits 1.9 -3.1 2.5 4.5 3.0 5.6 5.6 8.2 5.3 -5.2 3.8 5

 6 Money market fund shares 0.8 -3.7 3.4 5.7 3.9 4.1 10.3 7.4 8.7 -4.8 4.4 6

 7 Security repurchase agreements 0.1 -0.3 0.2 0.4 0.3 0.6 0.6 0.8 0.4 -0.5 0.4 7

 8 Debt securities 6.5 -0.8 87.3 43.2 -10.8 69.7 27.0 37.7 -5.5 -98.7 23.2 8

 9 Open market paper 1.8 -3.7 3.0 4.8 3.2 7.2 3.2 12.1 6.4 -6.5 1.0 9

 10 Treasury securities 9.4 12.4 12.2 -12.6 -18.6 -18.9 -34.4 -19.3 -18.4 -24.6 -11.9 10

 11 Agency- and GSE-backed securities -27.4 -25.2 2.6 -4.8 -8.4 -10.8 -14.9 -8.5 -6.4 -15.1 -3.5 11

 12 Municipal securities -0.6 0.2 1.3 1.0 -1.3 1.4 3.0 -5.4 7.6 -7.4 -0.2 12

 13 Corporate and foreign bonds 23.2 15.5 68.2 54.8 14.2 90.7 70.0 58.8 5.2 -45.1 37.8 13

 14 Loans (mortgages) -0.6 -1.0 -0.5 -0.3 -2.7 -1.8 -0.1 -9.5 2.1 -2.1 -1.3 14

 15 Corporate equities -62.8 -77.2 -168.5 -103.4 -34.3 -16.6 -23.5 -33.2 -37.6 24.0 -90.3 15

 16 Mutual fund shares -52.3 -11.2 35.4 7.4 -13.4 0.7 1.8 -0.9 -32.9 -26.7 6.7 16

 17 Miscellaneous assets 306.7 304.3 246.6 226.7 256.4 124.8 163.2 200.6 271.3 300.4 253.1 17

 18 Unallocated insurance contracts (2) -11.2 -4.7 -8.2 -12.5 -2.1 -10.7 -1.8 5.6 -0.0 -23.6 9.5 18

 19 Claims of pension fund on sponsor (3) 316.3 312.2 244.4 237.1 257.4 141.2 171.7 180.0 272.2 330.6 246.7 19

 20 Other 1.6 -3.2 10.4 2.0 1.1 -5.7 -6.7 15.0 -0.8 -6.5 -3.0 20

 21 Pension entitlements (liabilities) (4) 200.6 207.2 206.5 185.3 202.8 188.0 183.4 212.5 211.2 186.2 201.1 21

 Memo:

 Net acquisition of financial assets (5)

 22 Defined benefit plans 215.2 211.7 207.0 200.2 198.7 200.9 198.7 198.7 198.7 198.7 198.7 22

 23 Defined contibution plans -14.6 -4.6 -0.7 -15.2 3.8 -13.1 -15.5 13.6 12.2 -12.7 2.2 23

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Assets of defined contribution funds held at life insurance companies.

(3) Unfunded defined benefit pension entitlements.

(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.

(5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.120.b and F.120.c.
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36 Z.1, March 10, 2016

F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets (1) 215.2 211.7 207.0 200.2 198.7 200.9 198.7 198.7 198.7 198.7 198.7 1

 2 Checkable deposits and currency 0.2 -0.3 0.3 0.6 0.4 0.7 0.7 1.0 0.6 -0.6 0.5 2

 3 Time and savings deposits 2.3 -2.8 2.2 4.7 3.2 5.9 5.9 8.9 4.7 -4.9 3.9 3

 4 Money market fund shares 0.4 -3.3 2.6 5.7 3.8 7.0 7.0 10.6 5.6 -5.8 4.7 4

 5 Security repurchase agreements 0.1 -0.3 0.2 0.4 0.3 0.6 0.6 0.8 0.4 -0.5 0.4 5

 6 Debt securities 4.7 -2.3 89.9 44.9 -10.8 71.0 29.4 36.2 -6.4 -99.9 26.7 6

 7 Open market paper 2.1 -3.0 2.4 5.2 3.4 6.4 6.4 9.7 5.1 -5.3 4.3 7

 8 Treasury securities 7.1 12.0 15.4 -11.3 -17.1 -16.6 -33.4 -16.4 -14.5 -27.5 -10.2 8

 9 Agency- and GSE-backed securities -26.5 -24.8 2.9 -4.2 -9.6 -9.2 -16.0 -9.5 -8.3 -15.9 -4.8 9

 10 Municipal securities -0.6 -0.0 0.9 1.0 -1.2 1.2 3.0 -5.5 7.5 -6.9 -0.1 10

 11 Corporate and foreign bonds 22.6 13.5 68.3 54.2 13.8 89.2 69.4 58.0 3.8 -44.3 37.6 11

 12 Loans (mortgages) -0.6 -1.0 -0.5 -0.3 -2.7 -1.8 -0.1 -9.5 2.1 -2.1 -1.3 12

 13 Corporate equities -64.8 -75.4 -179.0 -108.8 -41.2 -25.8 -22.1 -39.3 -49.7 12.1 -87.8 13

 14 Mutual fund shares -45.0 -12.0 37.4 14.3 -12.9 7.9 11.0 -5.1 -25.7 -23.4 2.8 14

 15 Miscellaneous assets 317.9 309.0 254.0 238.7 258.7 135.5 166.3 195.0 267.1 323.8 248.9 15

 16 Claims of pension fund on sponsor (2) 316.3 312.2 244.4 237.1 257.4 141.2 171.7 180.0 272.2 330.6 246.7 16

 17 Other 1.6 -3.1 9.5 1.6 1.4 -5.7 -5.4 15.0 -5.1 -6.8 2.3 17

 18 Pension entitlements (liabilities) (3) 215.2 211.8 207.2 200.4 199.0 201.2 199.0 199.0 199.0 199.0 199.0 18

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).

(2) Unfunded defined benefit pension entitlements.

(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -14.6 -4.6 -0.7 -15.2 3.8 -13.1 -15.5 13.6 12.2 -12.7 2.2 1

 2 Checkable deposits and currency 0.2 0.4 -0.2 0.2 -0.3 0.0 -2.3 0.0 -1.5 0.0 0.4 2

 3 Time and savings deposits -0.4 -0.3 0.3 -0.2 -0.1 -0.2 -0.3 -0.7 0.6 -0.3 -0.1 3

 4 Money market fund shares 0.4 -0.4 0.7 0.1 0.1 -3.0 3.2 -3.2 3.0 1.0 -0.3 4

 5 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Debt securities 1.8 1.4 -2.6 -1.7 0.0 -1.3 -2.5 1.5 0.9 1.2 -3.5 6

 7 Open market paper -0.3 -0.6 0.6 -0.4 -0.2 0.8 -3.2 2.4 1.3 -1.2 -3.3 7

 8 Treasury securities 2.3 0.3 -3.2 -1.2 -1.4 -2.2 -1.0 -2.9 -3.9 2.9 -1.8 8

 9 Agency- and GSE-backed securities -0.9 -0.5 -0.3 -0.7 1.3 -1.6 1.1 1.1 1.9 0.9 1.3 9

 10 Municipal securities 0.0 0.2 0.3 0.0 -0.1 0.2 0.0 0.1 0.1 -0.5 -0.1 10

 11 Corporate and foreign bonds 0.6 2.0 -0.1 0.6 0.4 1.5 0.6 0.8 1.4 -0.8 0.3 11

 12 Corporate equities 1.9 -1.8 10.5 5.4 6.9 9.2 -1.4 6.1 12.2 12.0 -2.4 12

 13 Mutual fund shares -7.3 0.8 -2.0 -6.9 -0.6 -7.2 -9.2 4.2 -7.2 -3.2 3.9 13

 14 Miscellaneous assets -11.2 -4.7 -7.4 -12.0 -2.3 -10.7 -3.1 5.6 4.2 -23.4 4.2 14

 15 Unallocated insurance contracts (2) -11.2 -4.7 -8.2 -12.5 -2.1 -10.7 -1.8 5.6 -0.0 -23.6 9.5 15

 16 Other -0.0 -0.0 0.8 0.5 -0.2 0.0 -1.3 0.0 4.2 0.3 -5.3 16

 17 Pension entitlements (liabilities) -14.6 -4.6 -0.7 -15.2 3.8 -13.1 -15.5 13.6 12.2 -12.7 2.2 17

(1) Includes 403(b) and 457 type plans.

(2) Assets held at life insurance companies.
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F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 1

 2 Foreign deposits -62.9 0.4 -9.6 -9.6 -13.3 -13.7 3.6 0.8 -8.8 -39.2 -5.8 2

 3 Checkable deposits and currency 5.8 -3.6 -3.2 -17.6 11.7 -66.4 -19.6 3.6 24.2 12.8 6.4 3

 4 Time and savings deposits -56.3 32.8 59.4 20.7 -77.5 27.6 -80.5 54.8 13.3 -206.3 -171.7 4

 5 Security repurchase agreements 11.1 54.2 -51.3 151.2 43.8 -6.5 267.3 43.3 -30.4 145.5 16.6 5

 6 Debt securities -9.8 -82.7 30.8 -120.8 70.3 72.0 1.8 -102.4 51.5 126.7 205.5 6

 7 Open market paper -40.0 -13.3 11.2 -18.5 -39.4 -34.5 -35.7 6.5 27.3 -3.5 -187.8 7

 8 Treasury securities 107.9 14.5 30.2 -75.3 62.7 66.7 -50.4 77.7 22.0 -87.3 238.2 8

 9 Agency- and GSE-backed securities 0.9 -60.2 17.7 23.4 75.5 31.2 103.3 -134.0 33.0 189.5 213.3 9

 10 Municipal securities -29.4 -20.6 -28.3 -26.7 -13.5 -10.2 -44.0 -9.6 -29.8 -7.3 -7.4 10

 11 Corporate and foreign bonds -49.1 -3.0 -0.0 -23.8 -14.9 18.7 28.6 -43.0 -1.0 35.2 -50.8 11

 12 Miscellaneous assets -0.8 6.1 2.8 -14.3 -7.5 17.6 72.8 -58.5 -22.1 -8.9 59.6 12

 13 Net share issues (liabilities) -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -35.7 -41.5 -57.0 -53.4 -54.5 -50.5 -51.1 -50.0 -56.0 -56.0 -56.0 1

 2 Net acquisition of financial assets 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 2

 3 Security repurchase agreements -28.8 54.1 92.7 46.2 -55.3 -115.0 27.0 -3.5 -57.7 -105.4 -54.6 3

 4 Debt securities 340.5 629.8 324.4 467.1 394.7 477.1 581.5 523.5 419.1 290.8 345.3 4

 5 Open market paper -26.3 27.6 27.6 15.3 -18.3 13.4 54.0 -92.4 -29.7 19.4 29.4 5

 6 Treasury securities 66.1 124.2 56.6 14.2 75.6 108.6 36.2 240.0 -26.8 33.2 56.1 6

 7 Agency- and GSE-backed securities 114.7 85.8 -25.7 75.1 14.7 63.8 126.4 -47.8 -10.6 43.2 73.8 7

 8 Municipal securities 15.7 86.2 -13.5 43.8 47.7 51.1 57.9 64.8 37.5 20.0 68.8 8

 9 Corporate and foreign bonds 170.3 306.0 279.3 318.7 274.9 240.2 307.0 358.9 448.7 175.0 117.1 9

 10 Loans (other loans and advances) 18.9 12.2 39.4 9.4 -15.6 9.8 -17.6 23.5 -24.1 -50.9 -11.0 10

 11 Corporate equities 4.9 -38.1 162.5 78.3 47.4 118.4 -26.2 87.6 149.8 87.6 -135.4 11

 12 Miscellaneous assets 2.9 -33.1 19.1 -4.3 -18.2 82.2 -143.0 27.4 -22.4 -77.9 -0.0 12

 13 Net share issues (liabilities) 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 13

 14 Discrepancy -35.7 -41.5 -57.0 -53.4 -54.5 -50.5 -51.1 -50.0 -56.0 -56.0 -56.0 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -2.9 2.7 -2.6 -10.7 -22.8 -10.0 -48.4 -10.7 -3.7 -39.8 -37.0 1

 2 Debt securities -1.7 11.3 13.5 -3.8 -5.1 -10.6 -8.6 -1.5 5.4 -17.0 -7.1 2

 3 Treasury securities -0.3 0.3 0.6 -0.2 -0.5 -0.5 -1.0 -0.4 -0.0 -0.7 -0.7 3

 4 Municipal securities 0.9 3.5 -1.7 0.5 -0.8 -6.4 2.2 -0.6 -2.8 -0.7 0.8 4

 5 Corporate and foreign bonds -2.3 7.5 14.6 -4.1 -3.8 -3.8 -9.8 -0.5 8.2 -15.6 -7.2 5

 6 Corporate equities -1.2 -8.5 -16.1 -6.9 -17.7 0.6 -39.8 -9.2 -9.0 -22.8 -29.9 6

 7 Net share issues (liabilities) -2.9 2.7 -2.6 -10.7 -22.8 -10.0 -48.4 -10.7 -3.7 -39.8 -37.0 7

 Exchange-traded funds

 8 Net acquisition of financial assets 117.6 185.2 179.0 239.2 229.8 192.8 477.0 220.5 164.2 171.8 362.7 8

 9 Debt securities 46.1 52.3 12.2 51.0 55.0 24.4 87.6 77.1 7.6 86.0 49.0 9

 10 Treasury securities 11.4 1.2 -6.5 13.0 14.1 5.3 23.0 12.2 2.2 58.6 -16.5 10

 11 Municipal securities 1.0 3.6 -0.8 3.2 3.9 3.3 4.8 5.6 2.2 2.0 5.9 11

 12 Corporate and foreign bonds 33.6 47.6 19.5 34.8 36.9 15.8 59.7 59.4 3.2 25.4 59.6 12

 13 Corporate equities 71.6 132.9 166.8 188.2 174.9 168.4 389.4 143.4 156.6 85.8 313.6 13

 14 Net share issues (liabilities) 117.6 185.2 179.0 239.2 229.8 192.8 477.0 220.5 164.2 171.8 362.7 14
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F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 8.8 8.4 8.4 7.4 6.1 7.6 7.2 4.9 6.5 6.6 6.6 1

 2 Fixed nonresidential investment 3.4 3.6 4.2 3.5 3.6 3.5 3.5 3.5 3.6 3.6 3.6 2

 3 Net acquisition of financial assets -205.7 -176.0 104.4 50.2 85.0 194.8 282.7 -134.8 106.2 144.3 224.4 3

 4 Checkable deposits and currency 9.3 -20.1 29.0 -16.6 -5.3 159.9 -97.4 -46.2 -49.0 24.9 49.1 4

 5 Time and savings deposits -12.7 -9.1 1.1 -2.1 1.4 -1.9 -8.7 -5.4 3.7 -0.6 8.0 5

 6 Federal funds and security repos -38.9 38.6 1.5 10.3 -8.9 -93.5 206.8 -17.9 -68.5 31.9 18.9 6

 7 Debt securities -38.5 -136.7 -94.5 -19.0 -36.1 -12.5 -8.0 -25.9 -68.0 -24.1 -26.4 7

 8 Open market paper -3.4 -3.1 1.0 1.5 -1.4 1.2 -0.1 -1.4 -0.1 -2.3 -1.6 8

 9 Treasury securities 17.6 -31.2 -9.9 5.2 21.6 2.1 -3.0 30.0 -4.1 27.6 33.1 9

 10 Agency- and GSE-backed securities -18.1 -48.3 -22.7 7.8 -23.1 18.9 21.4 -12.3 -27.4 -17.3 -35.5 10

 11 Municipal securities -3.9 -4.1 -3.5 -2.6 -2.7 -3.0 -2.4 -3.6 -3.2 -1.5 -2.5 11

 12 Corporate and foreign bonds -30.8 -50.0 -59.4 -30.8 -30.6 -31.8 -24.0 -38.6 -33.3 -30.6 -19.8 12

 13 Loans -124.7 -52.8 154.4 88.5 138.9 151.4 168.3 -79.6 281.9 160.5 192.8 13

 14 Other loans and advances -64.2 18.6 81.9 84.3 75.4 88.4 78.7 -45.1 140.2 57.0 149.5 14

 15 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Farm Credit System -3.5 8.3 2.9 11.2 9.9 13.5 22.5 -22.7 22.6 21.1 18.5 16

 17 FHLB loans -60.7 10.3 79.0 73.1 65.5 74.9 56.1 -22.4 117.6 35.9 131.0 17

 18 Mortgages -60.5 -71.4 72.5 4.3 63.5 63.1 89.7 -34.5 141.7 103.5 43.3 18

 19 Home -66.5 -83.0 89.1 3.0 44.9 52.1 69.7 -63.1 116.8 101.7 24.1 19

 20 Consolidated trusts (2) -72.5 -44.9 148.0 28.1 82.6 61.6 92.8 -69.5 169.3 149.4 81.0 20

 21 Other 5.9 -38.1 -58.9 -25.0 -37.7 -9.5 -23.1 6.4 -52.6 -47.6 -56.9 21

 22 Multifamily residential 2.8 6.2 -21.9 -2.7 16.1 8.6 17.3 25.4 22.6 -0.2 16.5 22

 23 Consolidated trusts (2) 24.5 27.5 18.9 17.8 21.2 25.7 26.4 25.0 35.8 9.1 14.8 23

 24 Other -21.7 -21.3 -40.8 -20.5 -5.1 -17.1 -9.0 0.4 -13.2 -9.3 1.7 24

 25 Farm 3.3 5.4 5.4 3.9 2.5 2.3 2.6 3.2 2.3 2.0 2.6 25

 26 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 26

 27 Miscellaneous assets -0.1 4.1 13.1 -11.0 -5.0 -8.6 21.5 40.2 6.2 -48.4 -18.0 27

 28 Net increase in liabilities -210.6 -159.6 96.4 70.0 66.0 148.0 350.4 -175.3 69.6 145.4 224.4 28

 29 Federal funds and security repos -0.9 -0.4 0.0 0.1 -0.1 0.0 0.2 0.1 -0.3 0.5 -0.5 29

 30 Debt securities (GSE issues) (4) -187.2 -154.6 107.5 75.3 77.4 142.5 357.3 -163.5 93.5 142.1 237.4 30

 31 Consolidated trusts (2) -48.0 -17.4 166.8 45.9 103.7 87.3 119.2 -44.5 205.2 158.5 95.8 31

 32 Other -139.2 -137.2 -59.3 29.4 -26.4 55.2 238.1 -119.1 -111.7 -16.3 141.6 32

 33 Loans (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 33

 34 Corporate equities 26.7 1.5 -1.7 -1.7 -3.4 -1.3 -0.1 -7.6 -3.2 -1.4 -1.2 34

 35 Miscellaneous liabilities -49.2 -6.1 -9.4 -3.6 -7.9 6.8 -6.9 -4.2 -20.3 4.2 -11.4 35

 36 Discrepancy 0.5 21.3 -3.9 23.7 -16.4 -42.7 71.4 -39.1 -33.6 4.1 3.0 36

(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 (F.125) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (F.124).

(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.125 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 1

 2 Home mortgages 147.9 103.7 97.4 50.8 94.1 49.4 63.2 -9.1 86.4 158.2 140.9 2

 3 Multifamily residential mortgages 19.2 26.9 33.6 24.3 32.2 22.5 32.8 14.4 35.5 24.1 54.7 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 -2.1 0.3 -0.2 -0.1 0.7 -0.1 -0.2 -0.2 -0.1 3.2 -0.1 5

 6 Net increase in pool securities (liabilities)(2) 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 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 (F.125) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (table F.124). 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.
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F.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Net acquisition of financial assets -200.7 -152.4 -269.0 -53.7 -51.5 3.0 -28.1 46.9 -7.8 -149.5 -95.8 3

 4 Debt securities -13.5 -5.9 -1.2 5.5 0.9 11.5 9.3 2.7 3.9 -1.3 -1.8 4

 5 Treasury securities -10.2 -5.9 -0.9 5.5 1.0 11.5 9.3 2.7 3.9 -1.3 -1.4 5

 6 Agency- and GSE-backed securities (1) -3.3 -0.0 -0.2 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 -0.4 6

 7 Loans -174.6 -139.7 -254.0 -64.0 -56.8 -18.9 -49.6 37.2 -8.3 -134.0 -121.9 7

 8 Other loans and advances -5.4 -0.6 -11.5 9.1 -1.0 20.0 14.9 45.2 -14.3 -31.2 -3.7 8

 9 Mortgages (2) -165.0 -142.9 -241.6 -73.8 -52.8 -45.8 -63.5 -3.9 -12.7 -85.6 -109.0 9

 10 Home -120.9 -106.7 -82.4 -60.2 -73.0 -67.7 -44.7 -46.8 -75.9 -79.5 -89.8 10

 11 Multifamily residential -11.9 -11.4 -6.1 -2.0 -6.9 -2.7 -3.6 -0.2 -11.4 -10.7 -5.1 11

 12 Commercial -32.2 -24.8 -153.1 -11.5 27.1 24.6 -15.2 43.1 74.6 4.6 -14.0 12

 13 Consumer credit -4.1 3.8 -0.8 0.6 -2.9 6.8 -1.0 -4.1 18.7 -17.2 -9.1 13

 14 Trade credit -4.2 -6.4 -5.4 -4.4 2.7 -10.1 -0.3 0.8 2.5 -2.0 9.5 14

 15 Miscellaneous assets (funding agreements) (3) -8.5 -0.4 -8.4 9.2 1.6 20.4 12.6 6.2 -5.9 -12.2 18.3 15

 16 Net increase in liabilities -200.7 -152.4 -269.0 -53.7 -51.5 3.0 -28.1 46.9 -7.8 -149.5 -95.8 16

 17 Commercial paper -24.1 -9.0 -7.1 -15.1 -7.3 -0.6 -57.1 2.3 51.2 -54.5 -28.1 17

 18 Corporate bonds (net) (4) -176.6 -143.4 -261.9 -38.5 -44.3 3.5 29.1 44.6 -59.0 -94.9 -67.7 18

 19 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 Memo:

 Securitized assets not included above

 20 Consumer leases (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 REIT assets (6) -3.8 1.3 139.6 11.3 -37.3 -5.5 -7.4 -28.6 -48.7 -47.5 -24.2 21

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Funding agreements with life insurance companies.

(4) Net issuance less net acquisition of corporate bonds held as assets.

(5) 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.

(6) Included in table F.128.
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F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 102.6 106.6 0.5 97.8 98.5 110.2 83.2 81.1 110.8 107.9 94.3 1

 2 Fixed nonresidential investment 51.2 66.3 78.8 86.9 90.2 89.2 88.4 89.2 89.3 91.4 91.0 2

 3 Net acquisition of financial assets -17.8 -69.6 -20.4 28.9 -27.4 -13.4 121.4 25.9 -50.6 -74.4 -10.3 3

 4 Checkable deposits and currency 5.1 -3.8 4.2 -0.2 -0.1 -4.8 3.1 1.9 3.5 3.4 -9.0 4

 5 Time and savings deposits 15.4 -11.5 12.7 -0.5 -0.2 -14.5 9.3 5.6 10.4 10.2 -27.0 5

 6 Debt securities (corporate and foreign bonds) 0.9 -6.3 -10.8 6.0 5.6 -10.1 16.0 8.5 14.2 -5.2 5.0 6

 7 Loans -45.3 -22.3 -8.2 6.4 -19.2 2.6 40.6 3.7 -5.7 19.9 -94.7 7

 8 Other loans and advances 3.0 11.2 14.4 10.1 12.1 6.5 16.0 18.1 20.2 29.9 -20.0 8

 9 Mortgages -30.9 -25.7 -21.9 -8.7 -28.3 -10.1 9.7 -18.1 -43.0 -28.1 -24.1 9

 10 Consumer credit -17.4 -7.8 -0.6 5.0 -3.0 6.2 14.9 3.7 17.1 18.0 -50.6 10

 11 U.S. direct investment abroad 12.0 8.5 -1.4 7.9 12.1 5.9 -8.1 0.0 13.5 9.3 25.7 11

 12 Miscellaneous assets -5.9 -34.2 -16.9 9.3 -25.6 7.6 60.4 6.3 -86.5 -112.1 89.7 12

 13 Net increase in liabilities -26.0 -82.1 -21.6 14.1 -23.2 -29.2 112.6 69.0 -53.8 -64.0 -44.1 13

 14 Debt securities -29.8 -74.1 -6.1 2.0 -12.2 15.6 37.6 52.6 -61.7 13.4 -53.0 14

 15 Open market paper 10.0 8.2 -10.3 -1.1 -2.5 12.6 -9.3 -1.6 45.4 -10.3 -43.7 15

 16 Corporate bonds -39.7 -82.2 4.2 3.0 -9.6 3.1 46.9 54.2 -107.1 23.7 -9.4 16

 17 Loans 16.3 17.3 10.3 10.2 15.1 19.8 39.9 28.6 23.6 -7.7 16.0 17

 18 Depository institution loans n.e.c. 15.9 16.4 10.1 10.5 13.5 20.0 40.3 28.5 23.7 -10.9 12.7 18

 19 Other loans and advances 0.4 0.9 0.2 -0.3 1.6 -0.3 -0.4 0.1 -0.1 3.2 3.3 19

 20 Taxes payable 0.5 0.2 0.1 1.0 0.4 0.8 0.3 1.7 0.9 0.1 -1.2 20

 21 Foreign direct investment in U.S. 6.1 -3.3 2.3 3.3 1.0 1.5 -4.7 0.5 -0.3 0.0 3.8 21

 22 Miscellaneous liabilities -19.1 -22.3 -28.2 -2.5 -27.6 -66.9 39.4 -14.4 -16.4 -69.7 -9.7 22

 23 Investment by parent -12.0 -0.9 -1.0 1.0 -6.4 -10.6 1.2 -11.9 -25.4 -2.4 13.9 23

 24 Other -7.1 -21.4 -27.1 -3.5 -21.1 -56.3 38.2 -2.5 9.0 -67.3 -23.6 24

 25 Discrepancy 43.2 27.8 -79.5 -3.9 12.4 5.2 -14.0 35.0 18.2 27.0 -30.6 25

 Memo:

 26 Consumer leases not included above (2) 7.9 24.3 23.3 21.6 23.1 26.7 18.3 17.5 23.4 30.8 20.7 26

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (5), table F.126.
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F.128 Real Estate Investment Trusts (REITs) (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -7.3 -9.5 -21.6 -14.8 -19.8 -14.6 -10.2 -7.8 -27.0 -20.0 -24.5 1

 2 Fixed nonresidential investment 4.9 6.0 6.9 8.1 8.0 8.1 8.2 8.1 8.1 8.1 8.0 2

 3 Multifamily residential investment 6.5 5.3 14.7 7.4 -1.5 5.4 8.2 11.7 -20.4 5.5 -2.8 3

 4 Net acquisition of financial assets 131.2 161.0 50.1 65.3 -30.5 15.9 47.4 -10.5 -44.4 -56.6 -10.5 4

 5 Checkable deposits and currency 2.5 7.7 -1.3 4.1 0.1 2.1 0.5 1.7 -16.6 14.9 0.5 5

 6 Debt securities 108.5 119.0 -95.8 11.2 -32.9 -17.7 50.4 -15.8 -65.2 -34.1 -16.5 6

 7 Agency- and GSE-backed securities 104.7 109.5 -95.6 7.8 -40.6 -21.4 44.0 -38.9 -73.0 -28.3 -22.3 7

 8 Corporate and foreign bonds 3.8 9.5 -0.2 3.3 7.7 3.7 6.4 23.0 7.8 -5.8 5.8 8

 9 Loans (mortgages) 11.7 8.6 135.0 32.7 -7.4 16.6 26.1 -20.1 32.6 -41.1 -1.1 9

 10 Home 11.0 6.9 -3.3 13.9 11.6 28.7 10.8 -2.8 34.8 -2.6 17.2 10

 11 Multifamily residential -0.2 0.1 0.5 1.8 2.8 4.3 3.6 0.5 1.6 2.9 6.1 11

 12 Commercial 0.9 1.5 137.7 17.0 -21.8 -16.5 11.6 -17.7 -3.8 -41.4 -24.4 12

 13 Miscellaneous assets 8.5 25.8 12.2 17.4 9.7 14.9 -29.6 23.8 4.8 3.7 6.6 13

 14 Net increase in liabilities 168.0 211.0 136.4 127.3 40.5 87.9 138.7 82.6 10.9 11.1 57.4 14

 15 Security repurchase agreements 97.7 102.4 -66.6 7.3 -23.6 -1.8 47.3 -11.7 -32.9 -34.8 -14.8 15

 16 Debt securities 7.6 26.4 172.8 48.3 -8.4 33.4 -2.5 7.8 -9.9 -26.1 -5.4 16

 17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Corporate bonds 7.6 26.4 172.8 48.3 -8.4 33.4 -2.5 7.8 -9.9 -26.1 -5.4 18

 19 Loans 18.1 9.1 5.6 26.7 47.2 24.0 55.6 37.8 38.9 75.6 36.4 19

 20 Depository institution loans n.e.c. 4.6 4.0 -2.9 8.0 16.3 13.7 18.7 15.0 23.5 10.5 16.3 20

 21 Other loans and advances 0.0 0.3 0.7 4.9 17.9 4.8 6.4 5.6 9.7 36.9 19.5 21

 22 Mortgages 13.5 4.8 7.8 13.8 12.9 5.5 30.4 17.3 5.6 28.2 0.6 22

 23 Corporate equity issues 37.5 47.6 46.2 32.7 27.1 30.4 34.7 53.9 33.1 8.1 13.3 23

 24 Miscellaneous liabilities 7.1 25.4 -21.7 12.3 -1.8 1.9 3.5 -5.3 -18.2 -11.6 27.9 24

 25 Discrepancy 18.1 29.2 43.1 31.7 44.6 43.8 64.8 65.6 40.5 34.2 38.3 25

 Memo:

 26 Securitized assets included above -3.8 1.3 139.6 11.3 -37.3 -5.5 -7.4 -28.6 -48.7 -47.5 -24.2 26

 27 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 27

 28 Home mortgages -0.7 3.7 4.0 1.5 2.6 3.7 2.3 -4.1 4.2 4.8 5.5 28

 29 Multifamily residential mortgages -0.0 -0.0 0.0 -0.0 0.3 -0.1 -0.2 -0.3 0.7 0.5 0.1 29

 30 Commercial mortgages -3.0 -2.4 135.6 9.8 -40.1 -9.1 -9.6 -24.3 -53.5 -52.9 -29.9 30

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.128.e and F.128.m.
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F.128.e Equity Real Estate Investment Trusts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 8.1 14.1 13.3 25.2 -0.3 14.8 11.7 26.0 -18.6 -17.2 8.6 1

 2 Checkable deposits and currency -2.3 4.1 1.0 3.8 -1.0 1.8 1.6 -4.3 -11.2 11.5 -0.1 2

 3 Debt securities (corporate and foreign bonds) -0.6 -0.2 -1.8 2.2 -0.6 4.3 2.6 1.3 -3.9 -0.5 0.8 3

 4 Loans (mortgages) 2.9 1.6 -0.1 4.0 1.0 5.6 6.2 0.4 5.2 1.9 -3.8 4

 5 Home 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.1 0.0 0.0 5

 6 Multifamily residential -0.0 0.1 -0.0 -0.1 0.1 -0.1 0.0 0.1 -0.0 0.2 0.1 6

 7 Commercial 2.9 1.5 -0.1 4.1 0.9 5.7 6.1 0.2 5.4 1.7 -3.9 7

 8 Miscellaneous assets 8.1 8.5 14.2 15.1 0.4 3.0 1.3 28.6 -8.8 -30.1 11.8 8

 9 Net increase in liabilities 37.4 38.5 36.4 61.9 58.3 60.4 62.6 65.4 41.0 53.3 73.6 9

 10 Debt securities (corporate bonds) 13.2 27.6 28.9 33.3 32.8 34.5 9.9 31.0 26.3 44.4 29.7 10

 11 Loans 19.5 6.3 5.6 21.1 28.4 17.3 45.0 32.6 24.7 41.0 15.3 11

 12 Depository institution loans n.e.c. 6.1 1.4 -2.2 7.4 15.5 11.8 14.6 15.3 19.0 12.9 14.7 12

 13 Mortgages 13.5 4.8 7.8 13.8 12.9 5.5 30.4 17.3 5.6 28.2 0.6 13

 14 Multifamily residential 0.1 -1.1 3.3 1.0 -1.0 -0.6 4.4 3.2 -9.6 2.2 0.2 14

 15 Commercial 13.3 6.0 4.5 12.7 13.9 6.1 26.1 14.1 15.2 26.0 0.4 15

 16 Miscellaneous liabilities 4.6 4.6 1.9 7.6 -2.9 8.6 7.7 1.9 -9.9 -32.1 28.6 16

F.128.m Mortgage Real Estate Investment Trusts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 123.1 146.9 36.8 40.1 -30.2 1.2 35.7 -36.4 -25.8 -39.4 -19.1 1

 2 Checkable deposits and currency 4.8 3.6 -2.3 0.3 1.2 0.3 -1.2 6.0 -5.4 3.4 0.6 2

 3 Debt securities 109.1 119.2 -94.0 9.0 -32.3 -22.0 47.8 -17.1 -61.3 -33.5 -17.2 3

 4 Agency- and GSE-backed securities 104.7 109.5 -95.6 7.8 -40.6 -21.4 44.0 -38.9 -73.0 -28.3 -22.3 4

 5 Corporate and foreign bonds 4.4 9.7 1.6 1.2 8.3 -0.6 3.8 21.8 11.6 -5.3 5.1 5

 6 Loans (mortgages) 8.8 6.9 135.1 28.6 -8.4 11.0 19.9 -20.5 27.4 -43.1 2.7 6

 7 Home 10.9 6.8 -3.3 13.9 11.6 28.7 10.8 -3.0 35.0 -2.6 17.2 7

 8 Multifamily residential -0.2 0.1 0.5 1.9 2.7 4.5 3.6 0.4 1.6 2.7 6.0 8

 9 Commercial -1.9 -0.0 137.8 12.8 -22.7 -22.3 5.5 -17.9 -9.2 -43.2 -20.4 9

 10 Miscellaneous assets 0.4 17.2 -2.0 2.2 9.3 11.9 -30.9 -4.8 13.6 33.8 -5.2 10

 11 Net increase in liabilities 93.1 124.9 53.8 32.7 -44.9 -2.8 41.4 -36.8 -63.2 -50.3 -29.5 11

 12 Security repurchase agreements 97.7 102.4 -66.6 7.3 -23.6 -1.8 47.3 -11.7 -32.9 -34.8 -14.8 12

 13 Debt securities -5.7 -1.2 143.9 15.1 -41.2 -1.1 -12.4 -23.2 -36.1 -70.5 -35.1 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 -5.7 -1.2 143.9 15.1 -41.2 -1.1 -12.4 -23.2 -36.1 -70.5 -35.1 15

 16 Loans -1.5 2.8 -0.1 5.6 18.8 6.8 10.6 5.2 14.2 34.5 21.1 16

 17 Depository institution loans n.e.c. -1.5 2.5 -0.8 0.7 0.8 1.9 4.1 -0.3 4.5 -2.3 1.6 17

 18 Other loans and advances 0.0 0.3 0.7 4.9 17.9 4.8 6.4 5.6 9.7 36.9 19.5 18

 19 Miscellaneous liabilities 2.5 20.9 -23.5 4.7 1.1 -6.7 -4.2 -7.1 -8.3 20.5 -0.7 19

 Memo:

 20 Securitized assets included above -3.8 1.3 139.6 11.3 -37.3 -5.5 -7.4 -28.6 -48.7 -47.5 -24.2 20

 21 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 21

 22 Home mortgages -0.7 3.7 4.0 1.5 2.6 3.7 2.3 -4.1 4.2 4.8 5.5 22

 23 Multifamily residential mortgages -0.0 -0.0 0.0 -0.0 0.3 -0.1 -0.2 -0.3 0.7 0.5 0.1 23

 24 Commercial mortgages -3.0 -2.4 135.6 9.8 -40.1 -9.1 -9.6 -24.3 -53.5 -52.9 -29.9 24
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F.129 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 6.3 23.4 19.5 15.5 7.3 15.0 6.2 16.7 5.1 4.0 3.6 1

 2 Fixed nonresidential investment 16.1 13.2 14.4 15.2 15.8 15.5 15.5 15.7 15.8 15.9 15.9 2

 3 Net acquisition of financial assets 29.1 173.7 -298.1 -153.7 -210.7 -183.5 -543.2 97.2 -124.3 23.6 -839.2 3

 4 Checkable deposits and currency 14.9 16.3 -16.5 0.0 -5.7 9.5 -19.8 23.6 -14.3 5.8 -37.9 4

 5 Security repurchase agreements 154.6 55.1 -317.2 -168.2 -19.5 -39.4 -270.7 -55.8 129.6 289.7 -441.5 5

 6 Debt securities -1.3 103.9 -186.3 -89.2 -36.7 -111.3 -128.7 41.9 -52.3 31.3 -167.5 6

 7 Open market paper 5.9 -12.2 -1.3 -7.8 -1.4 -46.1 -0.1 3.4 -8.2 -0.4 -0.3 7

 8 Treasury securities 89.1 63.0 -110.5 -75.9 5.1 -22.8 -125.6 25.6 -28.8 114.0 -90.2 8

 9 Agency- and GSE-backed securities -2.1 21.9 -55.4 7.7 -12.2 -30.0 60.8 9.5 4.9 -11.0 -52.1 9

 10 Municipal securities -9.1 -4.3 -8.0 0.2 -4.9 -8.0 10.6 7.1 -6.7 -12.3 -7.8 10

 11 Corporate and foreign bonds -85.0 35.5 -11.1 -13.5 -23.3 -4.5 -74.4 -3.7 -13.5 -59.0 -17.1 11

 12 Loans (other loans and advances) -32.4 50.1 46.3 38.5 -90.1 67.7 -55.6 -84.8 34.6 -297.4 -12.8 12

 13 Corporate equities -5.0 9.7 18.6 8.7 -10.3 53.8 34.6 -103.9 11.2 -22.7 74.0 13

 14 U.S. direct investment abroad 4.9 7.3 11.7 7.2 12.2 9.7 8.6 5.5 19.3 11.8 12.4 14

 15 Miscellaneous assets -106.6 -68.7 145.2 49.3 -60.6 -173.5 -111.7 270.6 -252.4 5.0 -265.8 15

 16 Net increase in liabilities 69.4 126.5 -336.3 -166.1 -183.3 -185.2 -586.2 112.6 -116.8 92.0 -820.8 16

 17 Security repurchase agreements 70.5 131.2 -439.3 -220.9 -179.4 -283.3 -234.4 -49.8 -219.8 53.7 -501.7 17

 18 Debt securities (corporate bonds) -37.9 -1.7 22.2 11.5 7.4 42.1 -0.1 -65.9 113.5 -1.6 -16.4 18

 19 Loans 31.9 32.8 68.9 65.4 -49.3 113.4 -79.7 7.7 -101.6 -16.5 -86.7 19

 20 Depository institution loans n.e.c. (1) 31.0 -9.2 10.4 12.0 -1.0 9.8 14.3 1.4 6.0 -20.7 9.3 20

 21 Other loans and advances 0.9 42.0 58.5 53.5 -48.3 103.6 -94.0 6.3 -107.7 4.2 -96.1 21

 22 Corporate equity issues 14.1 -50.7 -31.0 -11.7 3.5 -0.5 -39.1 10.5 -9.7 39.0 -25.7 22

 23 Trade payables -3.8 -0.0 0.3 3.4 8.4 8.4 -7.8 5.0 17.7 2.4 8.4 23

 24 Taxes payable -1.1 0.5 0.6 0.3 -0.8 1.1 -5.5 3.3 -2.5 -0.7 -3.4 24

 25 Foreign direct investment in U.S. 18.2 15.4 6.2 3.7 20.8 0.2 7.3 7.0 19.4 24.0 32.7 25

 26 Miscellaneous liabilities -19.4 -7.7 41.3 -19.9 1.9 -73.5 -225.8 195.8 68.9 -33.6 -223.4 26

 27 Investment by parent companies 40.4 71.3 72.6 27.9 113.8 -157.1 37.8 34.7 163.8 73.5 183.1 27

 28 Other -59.8 -79.0 -31.3 -47.8 -111.8 83.6 -263.6 161.1 -95.0 -107.1 -406.4 28

 29 Proprietors’ net investment -2.9 6.7 -5.6 2.0 4.2 7.0 -1.1 -1.1 -2.7 25.3 -4.5 29

 30 Discrepancy 30.5 -37.0 -33.0 -12.2 18.9 -2.1 -52.2 16.3 -3.2 56.4 6.0 30

(1) Includes 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).
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F.130 Holding Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 130.8 162.4 146.3 172.8 197.1 178.8 183.0 152.9 219.6 187.4 228.4 1

 2 Fixed nonresidential investment 37.0 41.1 39.4 41.9 43.5 42.6 42.7 43.1 43.4 43.7 43.8 2

 3 Net acquisition of financial assets 68.7 -124.1 338.7 91.2 -72.8 -105.1 31.5 -122.2 151.7 -195.0 -125.7 3

 4 Time and savings deposits 2.4 -0.3 1.5 -8.9 -7.9 38.3 -55.8 27.0 8.8 -36.3 -31.1 4

 5 Security repurchase agreements 0.2 -49.3 -2.8 -5.1 -0.4 -5.4 -22.4 12.9 7.3 -14.5 -7.3 5

 6 Debt securities -0.9 -66.8 59.0 -0.2 -20.6 37.4 -51.0 -22.0 1.7 18.0 -80.3 6

 7 Treasury securities 7.1 -30.6 8.5 -2.8 -3.7 8.7 -40.4 -14.4 -5.5 16.3 -11.1 7

 8 Agency- and GSE-backed securities 12.0 -24.3 13.5 0.0 -4.3 3.0 3.2 12.2 -5.5 2.8 -26.7 8

 9 Corporate and foreign bonds -20.1 -11.9 37.0 2.6 -12.7 25.7 -13.8 -19.8 12.8 -1.2 -42.5 9

 10 Loans (other loans and advances) 4.0 16.7 -2.8 -10.9 -40.9 -1.1 3.9 -9.9 -28.9 -69.7 -54.9 10

 11 Life insurance reserves 2.4 7.3 5.1 5.0 4.1 4.8 5.3 4.2 4.0 4.0 4.0 11

 12 Miscellaneous assets 60.6 -31.8 278.8 111.2 -7.1 -179.0 151.4 -134.5 158.8 -96.4 43.9 12

 13 Net trans. with depository institution subs. 76.1 101.2 59.2 195.9 38.1 108.0 295.8 -81.7 115.4 76.7 42.0 13

 14 Net trans. with property-casualty ins. co. subs. 0.0 -6.8 -6.0 0.1 -0.8 -0.2 0.9 -5.5 2.8 0.8 -1.1 14

 15 Net trans. with life insurance company subs. 9.3 10.3 3.4 0.8 0.5 -0.3 0.2 1.1 0.2 0.9 -0.2 15

 16 Net trans. with finance company subs. -20.3 -3.5 -15.8 -13.1 -2.5 -4.0 0.5 -4.5 -9.7 -0.9 5.3 16

 17 Net trans. with broker and dealer subs. -13.0 52.3 57.1 4.8 77.7 -163.8 26.8 -67.3 220.5 17.7 139.8 17

 18 Net trans. with foreign subs. 30.6 -51.5 -16.9 -14.6 5.9 -16.0 -39.6 34.9 -47.1 51.8 -16.0 18

 19 Other -22.2 -133.7 197.8 -62.7 -126.0 -102.6 -133.1 -11.4 -123.3 -243.4 -125.9 19

 20 Net increase in liabilities -49.3 -199.0 205.4 -39.8 -218.2 -247.6 -115.9 -257.5 -13.6 -344.5 -257.1 20

 21 Security repurchase agreements 0.4 -1.2 -0.0 -0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.0 21

 22 Debt securities -80.4 20.3 -13.2 8.0 -49.4 -51.9 -30.5 -45.4 15.4 -44.4 -123.0 22

 23 Commercial paper 11.1 6.2 -19.9 -19.6 -71.3 -37.7 -19.7 -28.0 -54.8 -161.1 -41.4 23

 24 Corporate bonds -91.6 14.1 6.7 27.6 22.0 -14.2 -10.9 -17.5 70.2 116.7 -81.6 24

 25 Loans (depository institution loans n.e.c.) 64.0 -120.2 13.8 -16.3 -38.7 6.9 25.4 -9.9 -16.6 -35.1 -93.2 25

 26 Corporate equity issues 2.9 0.6 -17.1 -0.3 -6.5 -1.3 -27.6 48.9 2.0 -50.4 -26.4 26

 27 Miscellaneous liabilities -36.2 -98.6 222.0 -31.1 -123.8 -201.3 -83.2 -251.2 -14.5 -214.7 -14.6 27

 28 Equity, etc. 6.9 -29.1 -0.1 -0.3 -57.7 -102.0 -68.8 -165.3 39.4 -39.5 -65.3 28

 29 Other -43.1 -69.5 222.1 -30.9 -66.1 -99.3 -14.4 -85.9 -53.9 -175.2 50.7 29

 30 Discrepancy -24.3 46.5 -26.4 -0.1 8.2 -6.3 -7.1 -25.5 11.0 -5.8 53.1 30

(1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.
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F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets -154.5 -100.8 -72.7 8.3 162.1 -7.5 32.7 189.8 48.2 183.1 227.3 1

 2 Money market fund shares -83.4 -62.4 -61.5 13.4 33.6 13.8 230.4 132.3 -51.0 63.2 -10.1 2

 3 Security repurchase agreements 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Debt securities -62.3 -39.1 -21.7 -9.5 89.4 -57.1 -117.3 -14.7 102.3 63.3 206.9 4

 5 Open market paper -5.0 -2.9 -30.6 -14.2 78.3 -52.6 -111.4 -28.6 123.2 45.5 173.1 5

 6 Corporate and foreign bonds -57.3 -36.2 8.9 4.7 11.1 -4.5 -5.9 13.9 -20.9 17.8 33.7 6

 7 Loans (other loans and advances) -2.0 -6.5 -2.3 1.5 0.8 1.0 7.1 -1.9 2.1 4.0 -0.9 7

 8 Corporate equities (2) -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Miscellaneous assets 19.6 7.2 13.0 2.8 38.3 34.9 -87.5 74.1 -5.1 52.7 31.4 9

 10 Investment in foreign banking offices -33.7 -11.8 -2.5 -20.3 2.2 28.1 -98.5 -27.9 51.6 -3.1 -11.9 10

 11 Investment in brokers and dealers 53.4 19.0 15.5 23.1 36.1 6.8 11.0 102.0 -56.7 55.7 43.3 11

 12 Net increase in liabilities -154.5 -100.8 -72.7 8.3 162.1 -7.5 32.7 189.8 48.2 183.1 227.3 12

 13 Debt securities -1.2 4.4 27.7 25.8 65.6 76.1 -30.0 25.0 37.3 141.8 58.1 13

 14 Open market paper -72.7 -30.9 16.2 3.6 39.3 84.5 -63.7 -74.5 117.2 106.5 8.1 14

 15 Corporate bonds 71.6 35.3 11.4 22.2 26.3 -8.4 33.8 99.5 -79.9 35.3 50.0 15

 16 Loans -51.2 -28.3 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Depository institution loans n.e.c. (3) -51.9 -21.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

 18 Other loans and advances (4) 0.7 -6.8 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

 19 Corporate equities (5) -18.4 -8.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Foreign direct investment in U.S. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 20

 21 Miscellaneous liabilities -84.3 -68.9 -100.3 -18.2 95.9 -84.2 62.1 164.2 10.2 40.7 168.6 21

 22 Securities loaned (net) -74.6 -79.2 94.0 47.1 -13.8 -44.8 -58.9 139.1 -209.3 177.7 -162.6 22

 23 Equity interest under PPIP 1.4 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

 24 Other (net) -11.1 10.3 -194.3 -65.3 109.7 -39.4 121.0 25.1 219.5 -137.0 331.2 24

(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.
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F.132 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 3485.8 3582.1 3616.9 3742.5 3695.4 3753.7 3774.4 3687.9 3697.1 3722.3 3674.5 1

 2 U.S. imports 2686.4 2763.8 2771.7 2871.9 2782.9 2875.2 2894.6 2808.9 2799.3 2790.2 2733.1 2

 3 U.S. income payments to rest of world 546.0 563.9 575.8 591.2 623.6 597.8 592.3 589.5 614.7 637.6 652.5 3

 4 Curr. taxes and trans. payments to rest of world 253.4 254.3 269.5 279.4 289.0 280.7 287.5 289.4 283.1 294.5 288.9 4

 5 Foreign outlays to U.S. 3004.2 3113.9 3221.2 3341.3 3229.5 3361.1 3339.1 3213.2 3271.6 3235.0 3198.2 5

 6 U.S. exports 2106.4 2198.2 2263.3 2341.9 2252.6 2360.6 2349.5 2257.3 2280.0 2259.8 2213.2 6

 7 U.S. income receipts from rest of world 792.6 801.5 826.2 854.3 837.9 869.7 857.0 817.0 845.3 841.2 847.9 7

 8 Curr. taxes and trans. payments from rest of world 105.2 114.2 131.7 145.1 139.1 130.7 132.6 138.9 146.2 134.0 137.1 8

 9 - Net capital transfers paid (1) -1.6 6.5 -0.8 -0.4 -0.4 -0.4 -0.4 -0.4 -0.5 -0.4 -0.3 9

 10 Gross saving less net capital transfers paid (2) 483.2 461.6 396.6 401.6 466.3 393.1 435.7 475.1 426.1 487.6 476.6 10

 11 Gross investment 416.7 462.8 373.4 323.8 24.4 131.3 168.1 -301.8 642.6 -405.8 162.5 11

 12 Nonproduced nonfinancial assets -0.0 -0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Net lending (+) or net borrowing (-) 416.7 462.8 373.4 323.8 24.4 131.3 168.1 -301.8 642.6 -405.8 162.5 13

 14 Net acquisition of financial assets 1049.7 851.2 1155.8 1128.2 452.2 1359.2 511.3 1128.0 1183.9 -505.2 1.9 14

 15 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 15

 16 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Net interbank assets 213.9 -136.0 312.2 30.6 -93.1 56.1 -516.3 -26.4 -108.6 -60.6 -176.6 17

 18 U.S. checkable deposits and currency 81.8 68.2 50.9 79.6 28.9 14.4 117.6 65.1 -18.1 19.5 49.0 18

 19 U.S. time deposits 47.3 38.0 52.5 46.9 -38.4 -15.3 0.1 26.4 -74.0 -71.9 -34.1 19

 20 Money market fund shares 4.6 22.6 11.3 5.2 1.2 7.3 20.7 -13.2 -5.0 7.9 15.0 20

 21 Security repurchase agreements 92.6 -6.9 35.3 105.4 -95.6 -57.8 118.7 -51.5 -273.9 82.2 -139.3 21

 22 Debt securities 203.6 495.7 547.7 534.3 379.0 568.5 692.5 168.0 1343.8 -491.4 495.4 22

 23 Open market paper 0.7 -0.1 -1.7 7.6 -4.6 12.9 -45.2 45.3 -23.1 -48.3 7.8 23

 24 Treasury securities 355.3 589.7 424.9 317.4 5.0 244.8 144.6 -139.2 577.7 -519.4 101.0 24

 25 Treasury bills -62.6 14.0 23.3 -13.3 51.7 -58.1 110.6 135.8 112.8 -131.1 89.4 25

 26 Other Treasury securities 417.9 575.8 401.6 330.7 -46.7 302.8 34.0 -275.0 464.9 -388.3 11.6 26

 27 Agency- and GSE-backed securities -41.6 -73.6 -83.7 -5.2 43.9 70.3 130.4 -59.8 141.9 -30.9 124.3 27

 28 Municipal securities 0.6 -0.6 4.3 4.3 4.2 5.3 7.4 8.3 11.6 2.6 -5.7 28

 29 U.S. corporate bonds (4) -111.5 -19.7 203.9 210.1 330.4 235.2 455.3 313.4 635.8 104.6 268.0 29

 30 Loans to U.S. corporate business 33.9 -52.2 -4.2 50.5 13.3 117.2 25.7 14.5 12.1 20.9 5.5 30

 31 U.S. corporate equities 44.0 126.8 -59.1 116.2 -103.5 229.6 -73.0 26.9 -114.1 -36.3 -290.4 31

 32 Mutual fund shares 74.7 89.7 -19.6 33.6 -20.3 65.4 -86.4 116.1 59.9 -145.3 -111.9 32

 33 Trade receivables 17.1 11.6 12.3 14.3 9.6 -18.3 2.4 8.7 10.0 27.1 -7.4 33

 34 Foreign direct investment in U.S. (5) 236.1 193.8 216.6 111.6 371.1 392.1 209.1 793.3 351.8 142.7 196.8 34

 35 Net increase in liabilities 633.0 388.3 782.4 804.4 427.8 1227.8 343.1 1429.7 541.3 -99.4 -160.5 35

 36 U.S. official reserve assets 15.9 4.5 -3.1 -3.6 -3.8 -3.6 -10.0 -16.6 -3.5 -1.1 6.0 36

 37 U.S. private deposits -215.0 -147.5 26.7 -114.3 -217.2 198.3 -487.1 -92.8 -277.2 -252.7 -246.2 37

 38 Security repurchase agreements 96.4 40.2 -84.0 26.4 55.5 119.2 -69.4 211.1 -70.7 334.9 -253.3 38

 39 Debt securities 128.2 159.0 202.8 108.8 38.7 74.8 -70.6 274.4 95.5 -219.4 4.4 39

 40 Commercial paper -53.5 27.9 34.0 -21.4 59.3 -196.6 12.9 142.5 -17.3 52.7 59.2 40

 41 Bonds 181.7 131.2 168.9 130.2 -20.5 271.4 -83.5 131.9 112.8 -272.0 -54.8 41

 42 Loans 44.6 36.0 40.5 31.4 21.3 -30.0 39.1 43.0 46.8 -7.6 3.2 42

 43 Depository institution loans n.e.c. 43.2 30.4 39.1 28.6 22.7 -30.6 33.7 41.0 44.0 -6.0 11.8 43

 44 Other loans and advances 1.4 5.6 1.4 2.8 -1.4 0.6 5.5 2.1 2.7 -1.7 -8.6 44

 45 Foreign corporate equities (6) 7.0 95.8 284.3 436.5 234.7 526.3 525.9 674.9 469.0 -258.7 53.6 45

 46 Trade payables 4.0 0.7 9.8 -6.8 0.1 -7.0 -0.7 -7.2 -2.5 1.8 8.3 46

 47 U.S. direct investment abroad (4,5) 419.1 339.7 328.6 336.9 290.8 363.4 449.7 302.1 331.8 251.3 278.1 47

 48 Miscellaneous liabilities 132.9 -140.0 -23.3 -11.0 7.6 -13.6 -33.7 40.8 -47.8 52.1 -14.7 48

 49 U.S. equity in IBRD, etc. 2.6 2.4 2.2 2.3 2.2 1.9 0.7 8.7 0.0 0.2 0.1 49

 50 Nonofficial foreign currencies 99.7 -90.9 -8.6 1.3 -0.5 0.5 5.2 -2.9 -0.7 0.2 1.3 50

 51 Investment by holding companies 30.6 -51.5 -16.9 -14.6 5.9 -16.0 -39.6 34.9 -47.1 51.8 -16.0 51

 52 Discrepancy (FOF basis) 66.5 -1.2 23.2 77.8 442.0 261.8 267.6 776.9 -216.5 893.4 314.1 52

 Memo:

 53 Net U.S. exports, NIPA basis -580.0 -565.7 -508.4 -530.0 -530.3 -514.6 -545.2 -551.6 -519.3 -530.4 -519.9 53

 54 + Net U.S. income receipts (7) 246.6 237.6 250.4 263.1 214.3 271.9 264.7 227.5 230.6 203.6 195.4 54

 55 - Curr. taxes and trans. payments to rest of world 253.4 254.3 269.5 279.4 289.0 280.7 287.5 289.4 283.1 294.5 288.9 55

 56 + Curr. taxes and trans. payments from rest of world 105.2 114.2 131.7 145.1 139.1 130.7 132.6 138.9 146.2 134.0 137.1 56

 57 = Balance on current account, NIPAs -481.5 -468.2 -395.8 -401.1 -465.9 -392.7 -435.3 -474.7 -425.6 -487.2 -476.3 57

(1) Table F.5, 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 54 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) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
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F.200 U.S. Official Reserve Assets and SDR Allocations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 15.9 4.5 -3.1 -3.6 -3.8 -3.6 -10.0 -16.6 -3.5 -1.1 6.0 1

 2 Federal government: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world 15.9 4.5 -3.1 -3.6 -3.8 -3.6 -10.0 -16.6 -3.5 -1.1 6.0 3

 4 SDR holdings -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Reserve position in IMF 18.1 4.0 -3.4 -3.8 -4.0 -3.8 -10.3 -16.8 -3.7 -1.3 5.8 5

 6 Other reserves -0.5 0.4 0.3 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.2 6

 7 Net change in assets 15.9 4.5 -3.1 -3.6 -3.8 -3.6 -10.0 -16.6 -3.5 -1.1 6.0 7

 8 Federal government 16.2 4.3 -3.3 -3.8 -3.9 -4.1 -10.2 -16.7 -3.6 -1.2 5.9 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 -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Reserve position in IMF 18.2 4.0 -3.4 -3.9 -4.0 -4.2 -10.3 -16.8 -3.7 -1.3 5.8 11

 12 Other reserves -0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 12

 13 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 13

 14 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

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

 16 Monetary authority -0.3 0.2 0.2 0.2 0.1 0.5 0.1 0.1 0.1 0.2 0.1 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 -0.1 0.0 0.0 0.1 0.0 0.4 0.0 -0.0 0.0 0.1 -0.0 18

 19 Other reserves -0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,

 and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 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 0.0 0.0 -0.4 -0.3 -0.0 -1.0 0.0 0.0 0.0 0.0 -0.0 3

 4 Asset: Monetary authority 0.7 0.6 0.7 0.8 1.3 0.8 0.5 1.5 1.3 1.3 1.1 4

 5 Discrepancy (seigniorage) -0.7 -0.6 -1.1 -1.1 -1.3 -1.8 -0.5 -1.5 -1.3 -1.3 -1.2 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 -215.0 -147.5 26.7 -114.3 -217.2 198.3 -487.1 -92.8 -277.2 -252.7 -246.2 1

 Held by:

 2 Household sector -9.9 -7.9 2.3 -6.4 -13.5 11.6 -27.7 -6.1 -18.8 -13.6 -15.6 2

 3 Nonfinancial corporate business -5.8 0.6 42.1 -14.7 -25.1 -29.7 -27.6 -65.2 19.8 -73.6 18.5 3

 4 Money market mutual funds -62.9 0.4 -9.6 -9.6 -13.3 -13.7 3.6 0.8 -8.8 -39.2 -5.8 4

 5 Discrepancy--unallocated assets -136.3 -140.5 -8.1 -83.6 -165.3 230.1 -435.4 -22.3 -269.4 -126.3 -243.2 5
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F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 820.5 -194.5 1129.1 115.0 -503.5 402.9 -1379.1 506.1 -1050.9 -337.0 -1132.2 1

 2 Monetary authority 602.3 -64.1 760.6 131.0 -402.3 332.8 -641.0 245.2 -773.7 -177.5 -903.1 2

 3 U.S.-chartered depository institutions -263.4 -114.2 191.0 54.2 -52.4 298.2 -239.9 336.6 -487.2 -252.4 193.2 3

 4 Foreign banking offices in U.S. 504.6 -1.9 175.1 -70.3 -52.1 -220.1 -504.4 -123.3 250.7 109.5 -445.2 4

 5 Banks in U.S.-affiliated areas -1.2 -0.4 0.2 -0.6 0.2 2.6 -0.5 -1.7 -1.9 3.2 1.4 5

 6 Credit unions -21.9 -13.8 2.2 0.7 3.1 -10.7 6.7 49.3 -38.8 -19.8 21.6 6

 7 Net change in assets 817.0 -200.1 1072.3 162.0 -494.8 388.0 -1156.5 217.7 -880.5 -236.4 -1080.1 7

 8 Monetary authority 0.8 0.0 -0.5 0.5 0.5 -0.9 0.7 -1.2 1.8 1.6 -0.3 8

 9 U.S.-chartered depository institutions 231.0 6.9 456.9 192.7 -209.3 290.1 128.4 255.6 -792.8 -106.4 -193.7 9

 10 Foreign banking offices in U.S. 360.2 -72.2 309.3 -59.3 -198.5 76.6 -795.9 -66.0 57.6 -62.2 -723.2 10

 11 Credit unions 11.1 1.2 -5.7 -2.5 5.5 -33.9 26.6 55.6 -38.4 -8.9 13.8 11

 12 Rest of the world 213.9 -136.0 312.2 30.6 -93.1 56.1 -516.3 -26.4 -108.6 -60.6 -176.6 12

 13 Discrepancy 3.5 5.7 56.8 -47.1 -8.7 14.9 -222.5 288.4 -170.4 -100.6 -52.1 13

 Memo:

 Vault cash:

 14 Liab.: Monetary authority 8.1 7.1 2.6 2.0 -1.4 4.8 -1.5 8.1 5.6 1.8 -21.2 14

 15 Asset: U.S.-chartered depository institutions 8.1 7.1 2.5 2.0 -1.4 4.9 -1.6 8.2 5.6 1.8 -21.2 15

 16 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 -0.0 -0.1 0.1 -0.2 -0.0 0.0 0.0 16

 Depository institution reserves:

 17 Liab.: Monetary authority 594.2 -71.2 758.0 128.9 -400.8 328.0 -639.4 237.1 -779.3 -179.2 -882.0 17

 18 Asset: U.S.-chartered depository institutions 222.9 -0.2 454.4 190.7 -207.9 285.2 130.0 247.4 -798.4 -108.1 -172.5 18

 19 Foreign banking offices in U.S. 360.2 -72.2 309.3 -59.3 -198.4 76.7 -796.0 -65.8 57.6 -62.2 -723.2 19

 20 Credit unions 11.1 1.2 -5.7 -2.5 5.5 -33.9 26.6 55.6 -38.4 -8.9 13.8 20

 Other transactions with the monetary authority

 21 Liab: U.S.-chartered depository institutions 0.8 0.0 -0.5 0.5 0.5 -0.9 0.7 -1.2 1.8 1.6 -0.3 21

 22 Asset: Monetary authority 0.8 0.0 -0.5 0.5 0.5 -0.9 0.7 -1.2 1.8 1.6 -0.3 22

 23 Federal Reserve float 0.8 0.1 -0.5 0.4 0.5 -1.6 1.4 -0.8 1.3 1.3 0.2 23

 24 Loans -0.0 -0.1 0.0 0.1 -0.0 0.7 -0.7 -0.4 0.5 0.3 -0.5 24

 Transactions with banks in foreign countries (net):

 25 Liab.: U.S.-chartered depository institutions (net) -309.3 -87.8 153.5 102.0 -39.3 297.6 -20.3 116.2 -369.7 -168.9 265.1 25

 26 Due to foreign affiliates -222.2 -199.0 103.7 15.8 -24.8 275.1 -132.4 31.1 -238.4 -133.2 241.2 26

 27 - Due from foreign affiliates 87.1 -111.1 -49.8 -86.2 14.5 -22.5 -112.1 -85.1 131.3 35.7 -23.9 27

 28 Foreign banking offices in U.S. (net) 512.1 -51.6 157.9 -67.2 -56.5 -233.1 -491.3 -143.0 265.3 79.8 -427.9 28

 29 Due to foreign affiliates 296.7 -90.0 143.3 -123.8 -141.6 -118.5 -574.4 -156.0 0.0 -36.7 -373.7 29

 30 - Due from foreign affiliates -215.4 -38.3 -14.6 -56.6 -85.1 114.6 -83.0 -13.0 -265.3 -116.6 54.3 30

 31 Less: Deposits at foreign banks -12.4 -2.6 -0.3 1.4 -2.7 -0.0 0.6 -6.4 -3.3 -4.6 3.5 31

 32 U.S.-chartered depository institutions -4.0 -3.3 0.4 0.8 -2.6 -0.1 -2.7 0.2 -9.3 -2.5 1.3 32

 33 Foreign banking offices in U.S. -8.4 0.7 -0.8 0.7 -0.1 0.1 3.4 -6.6 6.0 -2.1 2.1 33

 34 Plus: Loans from foreign banks -1.3 0.8 0.5 -2.8 0.0 -8.3 -4.0 -6.0 -7.5 23.9 -10.3 34

 35 U.S.-chartered depository institutions 0.4 -0.2 -0.1 -2.3 0.8 -3.4 -2.2 -0.5 -3.2 13.9 -7.0 35

 36 Foreign banking offices in U.S. -1.7 1.1 0.5 -0.5 -0.7 -5.0 -1.9 -5.5 -4.3 10.0 -3.2 36

 37 Asset: Rest of the world (1) 213.9 -136.0 312.2 30.6 -93.1 56.1 -516.3 -26.4 -108.6 -60.6 -176.6 37

 Transactions between U.S. depository institutions (net) (2):

 38 U.S.-chartered depository institutions (net) 40.8 -29.5 38.5 -45.3 -16.9 4.7 -220.9 222.3 -125.3 -101.5 -63.2 38

 39 Due to (3): 21.7 23.0 52.1 -48.5 -16.6 -17.2 -234.8 224.5 -128.1 -90.6 -72.1 39

 40 Foreign banking offices in U.S. -4.9 3.1 -2.3 -1.4 -4.6 -40.1 -6.1 -16.3 1.5 -6.7 2.9 40

 41 Banks in U.S.-affiliated areas 1.2 0.4 -0.2 0.6 -0.2 -2.6 0.5 1.7 1.9 -3.2 -1.4 41

 42 Credit unions 21.9 13.8 -2.2 -0.7 -3.1 10.7 -6.7 -49.3 38.8 19.8 -21.6 42

 43 - Due from: Foreign banking offices in U.S. -19.1 52.5 13.6 -3.3 0.4 -21.9 -13.9 2.2 -2.8 10.9 -8.9 43

 44 Unallocated (2) 3.5 5.7 56.8 -47.1 -8.7 14.9 -222.5 288.4 -170.4 -100.6 -52.1 44

(1) Sum of lines 25 and 28 less line 31 plus line 34.

(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 44), which is due to inconsistencies

 in source data, appears on line 13 as the discrepancy between liabilities and assets.

(3) Sum of lines 40, 41, 42, and 44.
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F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 234.5 267.7 332.6 351.1 292.4 307.4 369.2 -140.3 863.0 -268.5 715.6 1

 2 Monetary authority -122.1 62.1 139.5 152.2 204.4 206.6 376.0 -440.3 711.6 -82.0 628.5 2

 3 Federal government cash and deposits -255.0 7.0 69.8 61.0 110.1 75.8 254.4 -491.2 621.8 -222.4 532.0 3

 4 Due to government-sponsored enterprises 51.1 -37.4 -1.3 -5.8 10.9 62.9 -27.0 3.0 29.4 15.5 -4.2 4

 5 Deposits due to foreign -3.2 6.3 1.5 -2.7 -0.0 -2.8 0.0 -0.1 0.1 3.9 -4.0 5

 6 Currency outside banks 85.0 86.2 69.5 99.7 83.5 70.7 148.7 48.0 60.3 121.0 104.7 6

 7 U.S.-chartered depository institutions 319.4 176.2 148.2 136.2 50.3 108.6 -145.6 220.1 104.1 -154.6 31.7 7

 8 Federal government deposits -2.7 0.3 0.3 0.9 -0.2 1.7 0.9 -0.6 -0.1 0.8 -0.6 8

 9 Deposits due to foreign 25.6 -4.2 -0.7 2.1 -16.6 -15.0 3.3 -4.0 -20.1 -46.6 4.2 9

 10 Private domestic deposits 296.5 180.1 148.6 133.2 67.1 121.9 -149.8 224.8 124.3 -108.7 28.1 10

 11 Foreign banking offices in U.S. 23.7 16.2 30.8 45.2 16.4 -0.0 94.4 46.7 46.9 -33.4 5.3 11

 12 Deposits due to foreign 4.4 8.9 12.3 14.0 7.2 8.0 0.4 23.2 4.5 8.7 -7.7 12

 13 Private domestic deposits 19.3 7.3 18.5 31.2 9.2 -8.1 94.0 23.5 42.4 -42.1 13.1 13

 14 Banks in U.S.-affiliated areas 2.8 2.5 6.3 5.2 1.6 -3.3 22.5 -1.7 11.2 -1.6 -1.4 14

 15 Credit unions 10.7 10.7 7.9 12.2 19.7 -4.5 21.9 34.9 -10.8 3.1 51.5 15

 16 Net change in assets 234.5 267.7 332.6 351.1 292.4 307.4 369.2 -140.3 863.0 -268.5 715.6 16

 17 Household sector 300.3 177.0 134.2 141.2 59.4 -55.4 32.4 228.1 160.7 -268.8 117.6 17

 18 Nonfinancial business 55.5 13.7 75.5 72.3 102.5 136.3 72.1 97.8 181.6 83.5 47.2 18

 19 Corporate 30.8 -45.5 63.5 36.7 61.7 106.8 18.2 64.6 136.0 54.4 -8.3 19

 20 Noncorporate 24.6 59.3 12.0 35.7 40.8 29.5 53.9 33.1 45.6 29.1 55.5 20

 21 Federal government -257.6 6.7 69.6 60.8 109.9 73.3 309.8 -450.1 522.6 -224.0 591.2 21

 22 State and local governments 16.6 -9.2 7.3 15.7 -8.9 19.1 36.7 -24.3 19.1 -0.5 -29.7 22

 23 Domestic financial sectors 37.2 9.9 -4.1 -19.5 0.9 119.1 -144.0 -15.7 -101.9 121.2 -0.1 23

 24 Property-casualty insurance companies -8.5 12.3 -6.7 5.9 -1.0 3.5 -0.4 -0.6 -20.1 15.3 1.3 24

 25 Life insurance companies 2.0 2.7 -9.2 3.6 -0.4 15.1 -8.5 -2.2 -28.0 43.2 -14.7 25

 26 Private pension funds 5.6 -1.7 -0.5 0.5 1.4 -0.4 -0.4 1.6 -0.7 1.5 3.2 26

 27 State and local govt. retirement funds 0.4 0.1 0.0 0.7 0.1 0.7 -1.6 1.0 -0.9 -0.5 0.8 27

 28 Money market mutual funds 5.8 -3.6 -3.2 -17.6 11.7 -66.4 -19.6 3.6 24.2 12.8 6.4 28

 29 Government-sponsored enterprises 9.3 -20.1 29.0 -16.6 -5.3 159.9 -97.4 -46.2 -49.0 24.9 49.1 29

 30 Finance companies 5.1 -3.8 4.2 -0.2 -0.1 -4.8 3.1 1.9 3.5 3.4 -9.0 30

 31 REITs 2.5 7.7 -1.3 4.1 0.1 2.1 0.5 1.7 -16.6 14.9 0.5 31

 32 Brokers and dealers 14.9 16.3 -16.5 0.0 -5.7 9.5 -19.8 23.6 -14.3 5.8 -37.9 32

 33 Rest of the world 81.8 68.2 50.9 79.6 28.9 14.4 117.6 65.1 -18.1 19.5 49.0 33

 34 Checkable deposits 26.8 11.0 13.2 13.4 -9.5 -9.8 3.6 19.1 -15.6 -34.0 -7.5 34

 35 Currency 55.0 57.1 37.7 66.3 38.4 24.3 114.0 46.0 -2.5 53.5 56.5 35

 36 Mail float 0.8 1.5 -0.7 0.9 -0.3 0.5 -55.4 -41.2 98.9 0.7 -59.5 36
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F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 404.1 520.4 409.1 513.2 407.4 180.5 715.3 836.9 -31.5 456.2 368.0 1

 2 Small time and savings deposits 577.4 539.6 307.0 365.0 514.9 439.7 172.8 992.9 59.6 406.2 600.8 2

 3 U.S.-chartered depository institutions 537.1 491.5 256.7 343.8 462.2 397.4 150.9 834.5 146.0 323.8 544.4 3

 4 Foreign banking offices in U.S. 13.2 13.8 27.7 -5.9 13.0 9.4 -20.5 167.5 -150.5 32.3 2.7 4

 5 Banks in U.S.-affiliated areas -0.4 -0.1 2.5 2.0 -1.5 -1.9 9.9 -7.2 4.9 -2.2 -1.3 5

 6 Credit unions 27.4 34.4 20.1 25.0 41.2 34.7 32.5 -2.0 59.3 52.4 55.1 6

 7 Large time deposits (1) -173.3 -19.2 102.1 148.2 -107.5 -259.1 542.5 -156.0 -91.1 50.0 -232.9 7

 8 U.S.-chartered depository institutions -13.2 -9.1 23.9 102.5 21.9 -354.1 718.5 32.2 -104.3 173.7 -14.2 8

 9 Foreign banking offices in U.S. -163.1 -16.2 71.1 39.7 -134.4 91.3 -192.2 -188.3 6.4 -129.7 -225.8 9

 10 Banks in U.S.-affiliated areas -0.4 -0.1 2.5 2.0 -1.5 -1.9 9.9 -7.2 4.9 -2.2 -1.3 10

 11 Credit unions 3.4 6.2 4.7 4.1 6.4 5.6 6.3 7.2 1.9 8.1 8.5 11

 12 Net change in assets 404.1 520.4 409.1 513.2 407.4 180.5 715.3 836.9 -31.5 456.2 368.0 12

 13 Household sector 369.3 411.9 209.9 434.3 488.0 257.0 778.9 736.5 13.8 724.0 477.7 13

 14 Nonfinancial business 19.2 43.4 47.4 10.6 25.2 -116.2 70.7 -50.2 -15.0 44.3 121.5 14

 15 Corporate 13.2 33.3 35.8 -15.7 -42.2 -130.9 10.6 -125.2 -47.9 -28.2 32.3 15

 16 Noncorporate 6.0 10.1 11.5 26.2 67.4 14.8 60.2 75.0 32.9 72.5 89.2 16

 17 Federal government -0.3 0.2 -0.5 0.2 0.0 0.4 0.6 -0.6 1.1 0.9 -1.3 17

 18 State and local governments 16.2 22.1 17.9 7.6 10.8 2.2 -4.9 31.3 -0.7 -5.4 17.8 18

 19 Domestic financial sectors -47.6 4.9 82.0 13.8 -78.2 52.4 -130.2 93.5 43.3 -235.7 -213.7 19

 20 Private pension funds 1.6 -3.9 4.9 0.1 3.0 -2.7 -0.2 3.3 1.8 2.5 4.3 20

 21 State and local govt. retirement funds 1.9 -3.1 2.5 4.5 3.0 5.6 5.6 8.2 5.3 -5.2 3.8 21

 22 Money market mutual funds -56.3 32.8 59.4 20.7 -77.5 27.6 -80.5 54.8 13.3 -206.3 -171.7 22

 23 Government-sponsored enterprises -12.7 -9.1 1.1 -2.1 1.4 -1.9 -8.7 -5.4 3.7 -0.6 8.0 23

 24 Finance companies 15.4 -11.5 12.7 -0.5 -0.2 -14.5 9.3 5.6 10.4 10.2 -27.0 24

 25 Holding companies 2.4 -0.3 1.5 -8.9 -7.9 38.3 -55.8 27.0 8.8 -36.3 -31.1 25

 26 Rest of the world 47.3 38.0 52.5 46.9 -38.4 -15.3 0.1 26.4 -74.0 -71.9 -34.1 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 -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 1

 2 Net purchases -112.8 7.1 28.9 9.6 27.6 30.7 245.4 -58.4 27.6 30.5 110.6 2

 3 Household sector -21.1 2.5 28.1 -41.6 -43.2 -68.6 -199.3 -134.0 79.5 -124.4 6.0 3

 4 Nonfinancial corporate business -35.4 57.1 39.7 21.0 6.2 72.0 164.2 -66.8 -8.7 38.8 61.5 4

 5 Nonfinancial noncorporate business 0.8 3.0 2.0 4.0 4.9 3.2 6.5 5.4 5.1 2.8 6.4 5

 6 State and local governments 2.1 4.3 1.3 7.0 16.3 -3.7 5.8 16.3 14.3 15.9 18.7 6

 7 Property-casualty insurance companies -5.6 2.2 -2.2 -1.9 -0.4 1.5 -4.3 -0.3 -1.0 1.5 -1.9 7

 8 Life insurance companies 7.9 -1.4 -5.9 6.1 1.5 6.4 20.5 -4.5 -7.5 17.7 0.4 8

 9 Private pension funds 16.5 -17.1 12.7 -9.5 3.7 -5.1 -9.5 -0.9 -6.7 12.0 10.3 9

 10 State and local govt. retirement funds 0.8 -3.7 3.4 5.7 3.9 4.1 10.3 7.4 8.7 -4.8 4.4 10

 11 Funding corporations -83.4 -62.4 -61.5 13.4 33.6 13.8 230.4 132.3 -51.0 63.2 -10.1 11

 12 Rest of the world 4.6 22.6 11.3 5.2 1.2 7.3 20.7 -13.2 -5.0 7.9 15.0 12
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F.207 Federal Funds and Security Repurchase Agreements (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 280.7 248.8 -468.1 32.7 52.4 -435.9 131.0 181.8 -214.2 575.0 -333.1 1

 2 Monetary authority 40.2 7.3 208.7 193.9 202.6 -185.5 398.8 108.1 85.2 331.7 285.3 2

 3 U.S.-chartered depository institutions -81.5 -52.6 -80.5 -33.2 -39.4 -88.0 -55.0 -30.1 -9.8 -81.2 -36.4 3

 4 Federal funds (2) ND ND -11.0 -19.7 0.8 -38.5 -65.4 -39.9 22.0 -17.8 38.7 4

 5 Security repurchase agreements ND ND -69.5 -13.5 -40.1 -49.5 10.4 9.8 -31.8 -63.4 -75.1 5

 6 Foreign banking offices in U.S. 54.4 20.6 -12.3 58.6 35.3 6.7 46.2 -47.4 32.9 -30.3 186.1 6

 7 Federal funds (2) -9.9 -2.6 -2.6 8.3 -0.3 37.9 -26.2 45.4 -63.3 16.9 -0.1 7

 8 Security repurchase agreements 64.3 23.3 -9.7 50.2 35.6 -31.2 72.4 -92.8 96.2 -47.2 186.2 8

 9 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.0 -0.0 9

 10 Property-casualty insurance companies 1.7 -1.0 -0.6 -0.4 0.4 -0.6 -0.3 0.4 0.0 0.6 0.5 10

 11 Life insurance companies 1.9 2.3 6.5 1.0 0.9 -2.6 -2.6 1.0 1.2 -0.1 1.5 11

 12 Government-sponsored enterprises -0.9 -0.4 0.0 0.1 -0.1 0.0 0.2 0.1 -0.3 0.5 -0.5 12

 13 REITs 97.7 102.4 -66.6 7.3 -23.6 -1.8 47.3 -11.7 -32.9 -34.8 -14.8 13

 14 Brokers and dealers 70.5 131.2 -439.3 -220.9 -179.4 -283.3 -234.4 -49.8 -219.8 53.7 -501.7 14

 15 Holding companies 0.4 -1.2 -0.0 -0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.0 15

 16 Rest of the world 96.4 40.2 -84.0 26.4 55.5 119.2 -69.4 211.1 -70.7 334.9 -253.3 16

 17 Net change in assets 203.0 259.5 -344.0 169.7 -93.4 -353.5 274.4 -5.4 -257.1 390.6 -501.9 17

 18 Nonfinancial corporate business 0.4 -2.9 -1.0 12.5 -0.9 29.4 2.0 -4.2 6.4 -18.3 12.3 18

 19 State and local governments -4.7 3.8 1.5 6.0 13.5 -2.5 5.1 13.5 11.9 13.2 15.4 19

 20 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 U.S.-chartered depository institutions -25.0 60.1 -87.2 -30.4 24.8 -25.8 -43.9 120.2 -24.8 13.6 -10.0 21

 22 Federal funds (2) ND ND -11.1 -16.4 -11.2 -21.2 -59.6 -20.7 -12.0 -12.7 0.4 22

 23 Security repurchase agreements ND ND -76.2 -14.0 36.0 -4.6 15.7 140.9 -12.8 26.3 -10.3 23

 24 Foreign banking offices in U.S. 31.7 58.2 -1.2 41.1 0.4 -37.8 -2.5 -73.4 43.0 -48.2 80.1 24

 25 Federal funds (2) 1.5 -0.8 -1.7 -0.0 -0.4 -1.2 -1.7 -0.8 0.7 -2.0 0.6 25

 26 Security repurchase agreements 30.2 58.9 0.5 41.1 0.8 -36.6 -0.7 -72.5 42.3 -46.2 79.5 26

 27 Credit unions 15.9 -6.2 -9.6 -0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 27

 28 Federal funds 15.9 -6.3 -9.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Security repurchase agreements 0.0 0.1 -0.0 -0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 29

 30 Property-casualty insurance companies -1.4 -0.8 0.0 -0.1 0.2 0.1 -0.4 0.4 -0.1 0.5 0.0 30

 31 Life insurance companies -4.7 2.1 -5.3 0.4 4.1 0.5 -13.2 9.2 -0.5 1.1 6.7 31

 32 Private pension funds 0.0 -0.3 0.4 0.0 0.2 -0.3 0.1 0.3 0.1 -0.1 0.3 32

 33 State and local govt. retirement funds 0.1 -0.3 0.2 0.4 0.3 0.6 0.6 0.8 0.4 -0.5 0.4 33

 34 Money market mutual funds 11.1 54.2 -51.3 151.2 43.8 -6.5 267.3 43.3 -30.4 145.5 16.6 34

 35 Mutual funds -28.8 54.1 92.7 46.2 -55.3 -115.0 27.0 -3.5 -57.7 -105.4 -54.6 35

 36 Government-sponsored enterprises -38.9 38.6 1.5 10.3 -8.9 -93.5 206.8 -17.9 -68.5 31.9 18.9 36

 37 Of which: FHLB federal funds (3) -34.7 2.9 -14.5 23.3 -32.9 17.2 51.7 -40.9 -3.6 -42.5 -44.4 37

 38 Brokers and dealers 154.6 55.1 -317.2 -168.2 -19.5 -39.4 -270.7 -55.8 129.6 289.7 -441.5 38

 39 Holding companies 0.2 -49.3 -2.8 -5.1 -0.4 -5.4 -22.4 12.9 7.3 -14.5 -7.3 39

 40 Funding corporations 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

 41 Rest of the world 92.6 -6.9 35.3 105.4 -95.6 -57.8 118.7 -51.5 -273.9 82.2 -139.3 41

 42 Discrepancy 77.7 -10.7 -124.1 -137.0 145.8 -82.3 -143.4 187.2 43.0 184.3 168.8 42

 Memo:

 Federal Reserve’s reverse repurchase agreement operations: (4)

 43 Liability: Monetary authority (5) 0.0 0.0 197.8 199.0 77.9 -157.9 386.8 -72.9 56.4 228.0 99.9 43

 44 Asset: Money market mutual funds (6) 0.0 0.0 163.3 207.9 52.8 -44.7 307.4 -103.8 107.5 169.1 38.3 44

 45 Other financial institutions (7) 0.0 0.0 34.5 -9.0 25.1 -113.3 79.4 31.0 -51.1 59.0 61.6 45

(1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S.,

 2010:Q4 for credit unions, and 2000:Q1 for FHLB.

(2) Excludes term federal funds.

(3) Includes term federal funds.

(4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).

(5) Included in line 2.

(6) Included in line 34.

(7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.
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52 Z.1, March 10, 2016

F.208 Debt Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 By instrument

 1 Total debt securities 1054.6 1355.9 1380.4 1305.0 1366.9 1400.1 1548.3 444.7 1364.6 514.9 3143.4 1

 2 Open market paper -88.3 -16.9 -0.8 -21.2 11.1 -121.1 -141.5 -42.5 92.8 7.5 -13.4 2

 3 Treasury securities 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 3

 4 Agency- and GSE-backed securities -21.0 -24.2 237.9 150.2 204.5 213.5 455.2 -159.4 217.3 325.4 434.7 4

 5 Municipal securities -52.8 -4.9 -43.2 -18.8 62.4 -58.4 47.6 157.3 52.4 50.7 -10.9 5

 6 Corporate and foreign bonds 79.1 220.9 328.7 458.9 364.5 526.7 350.8 644.6 654.2 106.8 52.5 6

 By sector

 7 Total liabilities 1054.6 1355.9 1380.4 1305.0 1366.9 1400.1 1548.3 444.7 1364.6 514.9 3143.4 7

 8 Domestic nonfinancial sectors 1280.9 1513.2 1107.5 1021.1 1181.6 1009.6 1219.2 387.2 963.0 462.6 2913.7 8

 9 Household sector (nonprofits) -7.8 -14.5 -13.1 -4.8 -5.4 -9.8 -6.0 -0.4 -13.3 -9.9 2.0 9

 10 Nonfinancial corporate business 203.6 352.7 302.8 304.0 410.6 231.9 343.0 417.3 597.2 398.4 229.3 10

 11 Federal government 1138.7 1180.6 857.3 735.9 724.6 838.7 838.2 -156.3 350.0 22.2 2682.3 11

 12 State and local governments -53.6 -5.7 -39.4 -14.0 51.9 -51.2 43.9 126.5 29.1 51.8 0.0 12

 13 Domestic financial sectors -354.5 -316.3 70.0 175.0 146.6 315.6 399.8 -216.8 306.1 271.6 225.3 13

 14 U.S.-chartered depository institutions 10.0 -115.4 -102.7 -17.2 -9.3 -16.9 0.2 -79.4 4.1 10.4 27.9 14

 15 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 15

 16 Government-sponsored enterprises -187.2 -154.6 107.5 75.3 77.4 142.5 357.3 -163.5 93.5 142.1 237.4 16

 17 Agency- and GSE-backed mortgage pools 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 17

 18 ABS issuers -200.7 -152.4 -269.0 -53.7 -51.5 3.0 -28.1 46.9 -7.8 -149.5 -95.8 18

 19 Finance companies -29.8 -74.1 -6.1 2.0 -12.2 15.6 37.6 52.6 -61.7 13.4 -53.0 19

 20 REITs 7.6 26.4 172.8 48.3 -8.4 33.4 -2.5 7.8 -9.9 -26.1 -5.4 20

 21 Brokers and dealers -37.9 -1.7 22.2 11.5 7.4 42.1 -0.1 -65.9 113.5 -1.6 -16.4 21

 22 Holding companies -80.4 20.3 -13.2 8.0 -49.4 -51.9 -30.5 -45.4 15.4 -44.4 -123.0 22

 23 Funding corporations -1.2 4.4 27.7 25.8 65.6 76.1 -30.0 25.0 37.3 141.8 58.1 23

 24 Rest of the world 128.2 159.0 202.8 108.8 38.7 74.8 -70.6 274.4 95.5 -219.4 4.4 24

 25 Total assets: 1054.6 1355.9 1380.4 1305.0 1366.9 1400.1 1548.3 444.7 1364.6 514.9 3143.4 25

 26 Domestic nonfinancial sectors -418.2 -234.6 -698.3 -463.5 91.2 -421.4 -124.0 -351.9 -146.1 705.8 157.2 26

 27 Household sector -230.1 -212.1 -627.8 -479.1 40.0 -360.2 -173.7 -422.0 -115.4 595.3 102.2 27

 28 Nonfinancial corporate business -8.5 -12.5 -13.2 -8.6 -13.5 -15.6 0.7 -37.8 -15.6 -11.2 10.5 28

 29 Nonfinancial noncorporate business 1.1 4.2 0.5 2.9 4.6 2.3 4.7 3.9 5.1 3.5 6.1 29

 30 Federal government -118.2 -31.3 -0.1 -0.0 -0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 30

 31 State and local governments -62.4 17.0 -57.8 21.3 60.1 -47.9 44.3 104.1 -20.1 118.2 38.4 31

 32 Domestic financial sectors 1269.2 1094.9 1530.9 1234.2 896.7 1252.9 979.8 628.6 166.9 300.5 2490.9 32

 33 Monetary authority 444.0 64.5 1086.6 480.7 5.1 299.9 173.2 21.6 -11.5 17.2 -6.9 33

 34 U.S.-chartered depository institutions 108.3 163.6 90.7 241.5 214.4 265.6 285.2 284.9 202.2 34.2 336.2 34

 35 Foreign banking offices in U.S. 2.2 11.4 -50.4 -14.5 -9.0 -30.3 -21.9 -33.9 -50.0 37.9 10.0 35

 36 Banks in U.S.-affiliated areas -3.5 -2.6 1.5 -1.2 0.8 -0.8 -1.1 -0.2 1.5 -0.0 1.9 36

 37 Credit unions 31.0 17.9 4.6 -9.0 -9.2 4.8 -31.9 -3.9 -15.8 -17.8 0.7 37

 38 Property-casualty insurance companies 35.4 0.3 28.6 13.8 6.6 39.7 18.8 -17.0 14.0 14.0 15.4 38

 39 Life insurance companies 102.5 60.6 55.1 70.2 80.9 56.9 13.3 115.2 65.5 101.0 41.9 39

 40 Private pension funds 78.5 145.3 89.6 24.8 42.0 38.7 -2.6 56.9 6.3 44.2 60.4 40

 41 Federal government retirement funds 96.3 55.8 107.9 86.5 91.4 105.7 86.7 -304.3 -460.0 -365.9 1495.8 41

 42 State and local govt. retirement funds 6.5 -0.8 87.3 43.2 -10.8 69.7 27.0 37.7 -5.5 -98.7 23.2 42

 43 Money market mutual funds -9.8 -82.7 30.8 -120.8 70.3 72.0 1.8 -102.4 51.5 126.7 205.5 43

 44 Mutual funds 340.5 629.8 324.4 467.1 394.7 477.1 581.5 523.5 419.1 290.8 345.3 44

 45 Closed-end funds -1.7 11.3 13.5 -3.8 -5.1 -10.6 -8.6 -1.5 5.4 -17.0 -7.1 45

 46 Exchange-traded funds 46.1 52.3 12.2 51.0 55.0 24.4 87.6 77.1 7.6 86.0 49.0 46

 47 Government-sponsored enterprises -38.5 -136.7 -94.5 -19.0 -36.1 -12.5 -8.0 -25.9 -68.0 -24.1 -26.4 47

 48 ABS issuers -13.5 -5.9 -1.2 5.5 0.9 11.5 9.3 2.7 3.9 -1.3 -1.8 48

 49 Finance companies 0.9 -6.3 -10.8 6.0 5.6 -10.1 16.0 8.5 14.2 -5.2 5.0 49

 50 REITs 108.5 119.0 -95.8 11.2 -32.9 -17.7 50.4 -15.8 -65.2 -34.1 -16.5 50

 51 Brokers and dealers -1.3 103.9 -186.3 -89.2 -36.7 -111.3 -128.7 41.9 -52.3 31.3 -167.5 51

 52 Holding companies -0.9 -66.8 59.0 -0.2 -20.6 37.4 -51.0 -22.0 1.7 18.0 -80.3 52

 53 Funding corporations -62.3 -39.1 -21.7 -9.5 89.4 -57.1 -117.3 -14.7 102.3 63.3 206.9 53

 54 Rest of the world 203.6 495.7 547.7 534.3 379.0 568.5 692.5 168.0 1343.8 -491.4 495.4 54

(1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.
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F.209 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net issues, all types -88.3 -16.9 -0.8 -21.2 11.1 -121.1 -141.5 -42.5 92.8 7.5 -13.4 1

 2 Commercial paper -88.2 -16.8 -0.8 -21.2 11.1 -121.1 -141.5 -42.5 92.8 7.5 -13.4 2

 3 Nonfinancial corporate business 33.4 14.0 14.2 37.5 -5.4 21.7 -3.7 -61.2 -53.2 70.3 22.5 3

 4 Foreign issues in U.S. -53.5 27.9 34.0 -21.4 59.3 -196.6 12.9 142.5 -17.3 52.7 59.2 4

 5 Nonfinancial -0.5 10.3 11.2 -6.4 -1.1 -17.8 -34.6 39.1 -1.8 -58.0 16.5 5

 6 Financial -53.0 17.6 22.8 -15.0 60.3 -178.8 47.5 103.4 -15.5 110.7 42.7 6

 7 Domestic financial sectors -68.1 -58.7 -48.9 -37.3 -42.7 53.8 -150.6 -123.7 163.3 -115.4 -95.1 7

 8 U.S.-chartered depository institutions 7.7 -33.1 -27.8 -5.2 -0.9 -5.0 -0.9 -21.9 4.3 4.0 9.9 8

 9 ABS issuers -24.1 -9.0 -7.1 -15.1 -7.3 -0.6 -57.1 2.3 51.2 -54.5 -28.1 9

 10 Finance companies 10.0 8.2 -10.3 -1.1 -2.5 12.6 -9.3 -1.6 45.4 -10.3 -43.7 10

 11 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

 12 Holding companies 11.1 6.2 -19.9 -19.6 -71.3 -37.7 -19.7 -28.0 -54.8 -161.1 -41.4 12

 13 Funding corporations -72.7 -30.9 16.2 3.6 39.3 84.5 -63.7 -74.5 117.2 106.5 8.1 13

 14 Bankers’ acceptances (1) -0.1 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

 15 U.S.-chartered depository institutions -0.1 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 17 Net purchases, by sector -88.3 -16.9 -0.8 -21.2 11.1 -121.1 -141.5 -42.5 92.8 7.5 -13.4 17

 18 Household sector -1.8 -0.6 -3.8 -0.1 -1.2 -0.6 -4.2 1.4 1.7 -5.5 -2.3 18

 19 Nonfinancial corporate business -0.1 -8.4 -6.6 0.7 -6.2 1.2 2.4 -8.8 2.3 -9.2 -9.0 19

 20 State and local governments -12.1 -7.8 -9.4 -7.0 -1.4 -11.8 -7.8 -3.6 -4.9 11.2 -8.3 20

 21 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

 22 U.S.-chartered depository institutions (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 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 23

 24 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

 25 Property-casualty insurance companies 0.9 -1.4 0.7 -0.1 0.0 1.3 -1.2 -0.1 -0.4 0.7 0.0 25

 26 Life insurance companies -11.2 13.9 3.2 -4.6 0.4 -11.0 4.1 16.7 -4.7 7.5 -18.0 26

 27 Private pension funds 2.5 -4.9 5.9 1.2 2.9 -1.7 0.5 7.1 3.2 -1.0 2.3 27

 28 State and local govt. retirement funds 1.8 -3.7 3.0 4.8 3.2 7.2 3.2 12.1 6.4 -6.5 1.0 28

 29 Money market mutual funds -40.0 -13.3 11.2 -18.5 -39.4 -34.5 -35.7 6.5 27.3 -3.5 -187.8 29

 30 Mutual funds -26.3 27.6 27.6 15.3 -18.3 13.4 54.0 -92.4 -29.7 19.4 29.4 30

 31 Government-sponsored enterprises -3.4 -3.1 1.0 1.5 -1.4 1.2 -0.1 -1.4 -0.1 -2.3 -1.6 31

 32 Brokers and dealers 5.9 -12.2 -1.3 -7.8 -1.4 -46.1 -0.1 3.4 -8.2 -0.4 -0.3 32

 33 Funding corporations -5.0 -2.9 -30.6 -14.2 78.3 -52.6 -111.4 -28.6 123.2 45.5 173.1 33

 34 Rest of the world 0.7 -0.1 -1.7 7.6 -4.6 12.9 -45.2 45.3 -23.1 -48.3 7.8 34

(1) Excludes banks’ holdings of own acceptances.
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54 Z.1, March 10, 2016

F.210 Treasury Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 1

 2 Marketable Treasury securities 1083.4 1121.9 806.2 646.7 688.1 745.7 721.5 146.9 879.7 495.6 1230.4 2

 3 Treasury bills -249.5 107.0 -35.9 -133.9 54.3 92.9 188.3 79.4 -333.5 -151.7 623.2 3

 4 Other Treasury notes, bonds, and TIPS 1334.7 1016.2 834.3 781.9 632.4 652.8 533.2 67.5 1218.4 647.4 596.4 4

 5 Held in the Civil Service Retirement Fund (2) -1.8 -1.3 7.9 -1.4 1.4 0.0 0.0 0.0 -5.2 0.0 10.7 5

 6 Nonmarketable Treasury securities 54.2 59.1 51.4 89.4 36.2 93.7 114.7 -302.2 -531.8 -471.2 1450.2 6

 7 U.S. savings securities -2.7 -2.8 -3.3 -3.3 -4.3 -3.3 -3.2 -4.1 -4.2 -4.3 -4.8 7

 8 State and local government series (SLGS) -40.9 10.5 -42.0 -4.1 -41.3 5.2 28.1 12.4 -95.8 -55.7 -26.2 8

 9 Thrift Savings Plan G Fund 23.0 10.8 14.2 18.6 15.7 21.2 30.1 -238.4 -252.2 -274.4 827.7 9

 10 Federal govt. defined benefit pension plans 72.6 41.7 90.3 70.2 74.3 82.0 55.1 -66.8 -203.6 -89.4 657.1 10

 11 Other nonmarketable securities 2.2 -1.2 -7.8 8.0 -8.0 -11.5 4.6 -5.3 24.0 -47.2 -3.7 11

 12 Total assets 1137.6 1181.0 857.7 736.0 724.4 839.4 836.1 -155.3 347.9 24.5 2680.5 12

 13 Household sector -230.8 195.1 -140.5 -57.0 354.4 -136.1 483.5 -231.7 261.4 698.2 689.8 13

 14 U.S. savings securities (line 7) -2.7 -2.8 -3.3 -3.3 -4.3 -3.3 -3.2 -4.1 -4.2 -4.3 -4.8 14

 15 Other Treasury securities -228.1 197.8 -137.2 -53.7 358.8 -132.8 486.7 -227.6 265.6 702.5 694.6 15

 16 Nonfinancial corporate business -5.1 -3.5 -0.6 -3.6 -6.1 -4.4 -1.5 -27.2 -10.5 0.6 12.6 16

 17 Nonfinancial noncorporate business 0.8 4.0 2.2 2.7 4.3 2.1 4.3 3.6 4.7 3.2 5.6 17

 18 State and local governments -34.4 42.9 -17.8 37.2 57.7 14.8 66.5 83.0 -30.6 87.6 90.8 18

 19 SLGS (line 8) -40.9 10.5 -42.0 -4.1 -41.3 5.2 28.1 12.4 -95.8 -55.7 -26.2 19

 20 Other Treasury securities 6.5 32.3 24.2 41.3 99.0 9.6 38.4 70.5 65.2 143.3 117.0 20

 21 Monetary authority 642.0 2.7 542.6 252.6 0.2 184.4 16.9 48.4 -8.1 -16.3 -23.2 21

 22 Treasury bills 0.0 -18.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

 23 Other Treasury securities 642.0 21.1 542.6 252.6 0.2 184.4 16.9 48.4 -8.1 -16.3 -23.2 23

 24 U.S.-chartered depository institutions -43.7 69.3 -26.1 203.3 14.8 226.6 227.9 -4.1 58.0 -22.3 27.5 24

 25 Foreign banking offices in U.S. -0.5 16.1 -9.6 -10.5 13.3 -20.7 -15.5 -3.2 6.2 -10.4 60.7 25

 26 Banks in U.S.-affiliated areas -0.0 -0.6 0.7 0.2 1.1 1.7 0.3 0.6 1.4 1.5 0.8 26

 27 Credit unions -2.5 1.7 -0.2 2.5 1.8 19.7 -18.6 5.3 1.4 -1.6 2.0 27

 28 Property-casualty insurance companies 4.6 -6.7 6.4 5.9 1.2 12.1 3.4 -1.8 -0.2 3.1 3.7 28

 29 Treasury bills 1.9 -3.3 9.4 3.3 1.4 7.9 0.1 -0.4 -1.5 2.2 5.2 29

 30 Other Treasury securities 2.7 -3.4 -3.0 2.6 -0.2 4.2 3.4 -1.4 1.3 0.9 -1.5 30

 31 Life insurance companies 18.8 5.5 -12.2 14.3 13.7 13.6 16.2 41.5 -8.9 16.4 5.7 31

 32 Treasury bills 3.8 -4.5 -2.8 2.0 0.5 2.1 6.5 -1.3 -2.3 5.5 0.2 32

 33 Other Treasury securities 15.0 10.0 -9.4 12.3 13.1 11.6 9.7 42.8 -6.6 10.9 5.4 33

 34 Private pension funds 40.7 64.4 -3.4 13.0 14.2 16.1 8.5 20.3 11.5 12.6 12.3 34

 35 Defined benefit plans 32.9 36.0 -2.7 5.6 7.4 9.5 4.0 13.0 4.9 5.8 5.7 35

 36 Defined contribution plans 7.8 28.4 -0.7 7.4 6.8 6.6 4.6 7.3 6.6 6.8 6.6 36

 37 Federal government retirement funds 94.2 52.5 110.9 87.0 91.4 103.9 85.8 -304.8 -460.6 -364.5 1495.7 37

 38 Defined benefit plans 70.4 40.1 98.2 68.9 75.6 82.7 55.0 -67.0 -208.8 -89.5 667.7 38

 39 Defined contribution plans 23.7 12.4 12.7 18.2 15.9 21.2 30.8 -237.8 -251.8 -275.0 828.0 39

 40 State and local govt. retirement funds 9.4 12.4 12.2 -12.6 -18.6 -18.9 -34.4 -19.3 -18.4 -24.6 -11.9 40

 41 Defined benefit plans 7.1 12.0 15.4 -11.3 -17.1 -16.6 -33.4 -16.4 -14.5 -27.5 -10.2 41

 42 Defined contribution plans 2.3 0.3 -3.2 -1.2 -1.4 -2.2 -1.0 -2.9 -3.9 2.9 -1.8 42

 43 Money market mutual funds 107.9 14.5 30.2 -75.3 62.7 66.7 -50.4 77.7 22.0 -87.3 238.2 43

 44 Treasury bills 29.1 19.1 6.6 -48.5 -8.6 87.6 -53.2 -77.7 101.3 -188.7 130.8 44

 45 Other Treasury securities 78.8 -4.7 23.6 -26.8 71.2 -20.8 2.8 155.4 -79.4 101.4 107.4 45

 46 Mutual funds 66.1 124.2 56.6 14.2 75.6 108.6 36.2 240.0 -26.8 33.2 56.1 46

 47 Treasury bills -3.9 12.6 -9.2 -8.5 10.1 5.3 -17.2 -7.6 22.0 36.9 -11.1 47

 48 Other Treasury securities 70.0 111.5 65.8 22.6 65.6 103.2 53.4 247.6 -48.9 -3.7 67.3 48

 49 Closed-end funds -0.3 0.3 0.6 -0.2 -0.5 -0.5 -1.0 -0.4 -0.0 -0.7 -0.7 49

 50 Exchange-traded funds 11.4 1.2 -6.5 13.0 14.1 5.3 23.0 12.2 2.2 58.6 -16.5 50

 51 Government-sponsored enterprises 17.6 -31.2 -9.9 5.2 21.6 2.1 -3.0 30.0 -4.1 27.6 33.1 51

 52 ABS issuers -10.2 -5.9 -0.9 5.5 1.0 11.5 9.3 2.7 3.9 -1.3 -1.4 52

 53 Brokers and dealers 89.1 63.0 -110.5 -75.9 5.1 -22.8 -125.6 25.6 -28.8 114.0 -90.2 53

 54 Holding companies 7.1 -30.6 8.5 -2.8 -3.7 8.7 -40.4 -14.4 -5.5 16.3 -11.1 54

 55 Rest of the world 355.3 589.7 424.9 317.4 5.0 244.8 144.6 -139.2 577.7 -519.4 101.0 55

 56 Treasury bills -62.6 14.0 23.3 -13.3 51.7 -58.1 110.6 135.8 112.8 -131.1 89.4 56

 57 Other Treasury securities 417.9 575.8 401.6 330.7 -46.7 302.8 34.0 -275.0 464.9 -388.3 11.6 57

(1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds.

 In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as

 opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt.

(2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market.
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F.211 Agency- and GSE-Backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -21.0 -24.2 237.9 150.2 204.5 213.5 455.2 -159.4 217.3 325.4 434.7 1

 2 Budget agencies 1.1 -0.4 -0.4 -0.1 0.2 -0.7 2.1 -1.0 2.1 -2.2 1.8 2

 3 Government-sponsored enterprises -187.2 -154.6 107.5 75.3 77.4 142.5 357.3 -163.5 93.5 142.1 237.4 3

 4 Agency- and GSE-backed mortgage pools 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 4

 5 Net purchases -21.0 -24.2 237.9 150.2 204.5 213.5 455.2 -159.4 217.3 325.4 434.7 5

 6 Household sector 40.3 -50.3 -46.2 -174.7 18.7 -28.7 -115.5 -41.4 38.3 123.8 -46.0 6

 7 Nonfinancial corporate business -1.7 -1.2 -4.2 2.8 -2.0 -1.5 -0.5 -9.1 -3.5 0.2 4.2 7

 8 Federal government -118.1 -31.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 State and local governments -13.9 -20.4 -29.6 -14.1 -11.3 -44.2 -18.3 9.3 2.3 4.8 -61.7 9

 10 Monetary authority -197.9 61.8 543.9 228.1 4.9 115.5 156.3 -26.8 -3.4 33.5 16.3 10

 11 U.S.-chartered depository institutions 106.9 35.5 47.7 43.0 164.4 89.0 8.4 218.8 121.9 64.1 253.0 11

 12 Foreign banking offices in U.S. 4.0 1.5 -6.7 -4.9 2.6 -1.9 0.1 -4.7 15.9 -9.3 8.6 12

 13 Banks in U.S.-affiliated areas -8.0 -2.2 -0.8 -0.1 0.1 -0.0 -0.2 -1.0 1.4 0.0 -0.0 13

 14 Credit unions 30.6 14.9 2.2 -11.7 -12.4 -12.1 -12.9 -14.9 -17.2 -16.1 -1.5 14

 15 Property-casualty insurance companies 6.9 -8.4 -4.9 -4.2 0.7 -1.9 -3.1 -1.9 1.8 1.3 1.4 15

 16 Life insurance companies -1.6 -13.5 -6.8 -15.0 -0.1 -15.8 -21.5 -2.1 15.3 -1.9 -11.5 16

 17 Private pension funds -9.3 2.0 -5.6 -10.2 -6.5 -9.6 -12.9 -6.7 -12.9 -7.4 0.9 17

 18 Federal government retirement funds 0.7 1.5 -1.7 -0.5 0.1 -0.4 0.6 0.5 0.4 -0.5 0.2 18

 19 State and local govt. retirement funds -27.4 -25.2 2.6 -4.8 -8.4 -10.8 -14.9 -8.5 -6.4 -15.1 -3.5 19

 20 Money market mutual funds 0.9 -60.2 17.7 23.4 75.5 31.2 103.3 -134.0 33.0 189.5 213.3 20

 21 Mutual funds 114.7 85.8 -25.7 75.1 14.7 63.8 126.4 -47.8 -10.6 43.2 73.8 21

 22 Government-sponsored enterprises -18.1 -48.3 -22.7 7.8 -23.1 18.9 21.4 -12.3 -27.4 -17.3 -35.5 22

 23 ABS issuers -3.3 -0.0 -0.2 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 -0.4 23

 24 REITs 104.7 109.5 -95.6 7.8 -40.6 -21.4 44.0 -38.9 -73.0 -28.3 -22.3 24

 25 Brokers and dealers -2.1 21.9 -55.4 7.7 -12.2 -30.0 60.8 9.5 4.9 -11.0 -52.1 25

 26 Holding companies 12.0 -24.3 13.5 0.0 -4.3 3.0 3.2 12.2 -5.5 2.8 -26.7 26

 27 Rest of the world -41.6 -73.6 -83.7 -5.2 43.9 70.3 130.4 -59.8 141.9 -30.9 124.3 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.106, line 44.
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F.212 Municipal Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -52.8 -4.9 -43.2 -18.8 62.4 -58.4 47.6 157.3 52.4 50.7 -10.9 1

 2 State and local governments -53.6 -5.7 -39.4 -14.0 51.9 -51.2 43.9 126.5 29.1 51.8 0.0 2

 3 Short-term (1) -10.6 3.8 -10.9 -6.7 -5.8 -23.4 -4.4 0.6 12.6 -33.3 -3.2 3

 4 Long-term -42.9 -9.4 -28.6 -7.4 57.7 -27.8 48.3 125.9 16.5 85.2 3.2 4

 5 Nonprofit organizations (2) -7.8 -14.5 -13.1 -4.8 -5.4 -9.8 -6.0 -0.4 -13.3 -9.9 2.0 5

 6 Nonfinancial corporate business 8.5 15.2 9.3 -0.1 15.9 2.6 9.7 31.2 36.6 8.7 -12.9 6

 (industrial revenue bonds)

 7 Net change in assets -52.8 -4.9 -43.2 -18.8 62.4 -58.4 47.6 157.3 52.4 50.7 -10.9 7

 8 Household sector -65.8 -144.7 -53.3 -67.3 -25.6 -122.4 -32.7 18.1 -16.9 13.3 -116.8 8

 9 Nonfinancial corporate business -1.6 0.6 -1.7 -8.4 0.8 -10.9 0.3 7.2 -3.9 -2.8 2.7 9

 10 Nonfinancial noncorporate business 0.3 0.2 -1.7 0.2 0.3 0.2 0.3 0.3 0.4 0.3 0.4 10

 11 State and local governments 0.2 0.2 -0.1 0.4 1.1 -0.5 0.3 1.2 1.0 1.1 1.3 11

 12 U.S.-chartered depository institutions 42.6 67.8 53.8 32.7 47.4 32.5 42.5 67.4 46.1 35.1 40.9 12

 13 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 13

 14 Banks in U.S.-affiliated areas 0.9 -0.8 0.9 -0.9 -0.6 -0.3 0.3 0.2 -1.0 -1.1 -0.4 14

 15 Credit unions 3.2 1.0 0.3 -0.8 0.6 0.2 -4.8 0.7 1.2 0.6 -0.2 15

 16 Property-casualty insurance companies -17.4 -2.9 -1.7 -4.7 1.7 2.2 -1.6 -5.7 5.5 3.8 3.2 16

 17 Life insurance companies 9.4 9.7 10.1 6.2 4.1 6.8 3.3 1.3 3.5 5.5 6.2 17

 18 Private pension funds 0.0 0.1 0.2 0.1 -0.1 0.2 0.1 0.1 0.1 -0.4 -0.1 18

 19 State and local govt. retirement funds -0.6 0.2 1.3 1.0 -1.3 1.4 3.0 -5.4 7.6 -7.4 -0.2 19

 20 Money market mutual funds -29.4 -20.6 -28.3 -26.7 -13.5 -10.2 -44.0 -9.6 -29.8 -7.3 -7.4 20

 21 Mutual funds 15.7 86.2 -13.5 43.8 47.7 51.1 57.9 64.8 37.5 20.0 68.8 21

 22 Closed-end funds 0.9 3.5 -1.7 0.5 -0.8 -6.4 2.2 -0.6 -2.8 -0.7 0.8 22

 23 Exchange-traded funds 1.0 3.6 -0.8 3.2 3.9 3.3 4.8 5.6 2.2 2.0 5.9 23

 24 Government-sponsored enterprises -3.9 -4.1 -3.5 -2.6 -2.7 -3.0 -2.4 -3.6 -3.2 -1.5 -2.5 24

 25 Brokers and dealers -9.1 -4.3 -8.0 0.2 -4.9 -8.0 10.6 7.1 -6.7 -12.3 -7.8 25

 26 Rest of the world 0.6 -0.6 4.3 4.3 4.2 5.3 7.4 8.3 11.6 2.6 -5.7 26

(1) Debt with original maturity of 13 months or less.

(2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101).
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F.213 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 79.1 220.9 328.7 458.9 364.5 526.7 350.8 644.6 654.2 106.8 52.5 1

 2 Nonfinancial corporate business 161.6 323.5 279.2 266.6 400.1 207.7 337.1 447.4 613.8 319.4 219.7 2

 3 Domestic financial sectors -264.2 -233.7 -119.4 62.0 -15.0 47.6 97.3 65.3 -72.5 59.5 -112.4 3

 4 U.S.-chartered depository institutions 2.4 -82.3 -74.9 -12.0 -8.4 -11.9 1.0 -57.5 -0.3 6.4 17.9 4

 5 ABS issuers (net) (1) -176.6 -143.4 -261.9 -38.5 -44.3 3.5 29.1 44.6 -59.0 -94.9 -67.7 5

 6 Finance companies -39.7 -82.2 4.2 3.0 -9.6 3.1 46.9 54.2 -107.1 23.7 -9.4 6

 7 REITs 7.6 26.4 172.8 48.3 -8.4 33.4 -2.5 7.8 -9.9 -26.1 -5.4 7

 8 Brokers and dealers -37.9 -1.7 22.2 11.5 7.4 42.1 -0.1 -65.9 113.5 -1.6 -16.4 8

 9 Holding companies -91.6 14.1 6.7 27.6 22.0 -14.2 -10.9 -17.5 70.2 116.7 -81.6 9

 10 Funding corporations 71.6 35.3 11.4 22.2 26.3 -8.4 33.8 99.5 -79.9 35.3 50.0 10

 11 Rest of the world (2) 181.7 131.2 168.9 130.2 -20.5 271.4 -83.5 131.9 112.8 -272.0 -54.8 11

 12 Net purchases (3) 79.1 220.9 328.7 458.9 364.5 526.7 350.8 644.6 654.2 106.8 52.5 12

 13 Household sector 27.9 -211.6 -384.0 -180.0 -306.3 -72.3 -504.7 -168.5 -399.9 -234.4 -422.6 13

 14 Federal government -0.1 -0.2 -0.1 -0.0 -0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 14

 15 State and local governments -2.2 2.1 -1.0 4.9 14.1 -6.2 3.6 14.3 12.1 13.6 16.3 15

 16 U.S.-chartered depository institutions 2.5 -9.0 15.2 -37.4 -12.2 -82.4 6.4 2.8 -23.8 -42.7 14.9 16

 17 MBS and other ABS -24.8 -1.0 -1.3 -8.6 -11.9 -16.2 0.1 -5.4 -11.2 -15.6 -15.4 17

 18 Other 27.3 -8.0 16.5 -28.8 -0.3 -66.2 6.3 8.2 -12.6 -27.1 30.2 18

 19 Foreign banking offices in U.S. -1.4 -6.2 -34.1 0.9 -24.9 -7.7 -6.4 -25.9 -72.0 57.6 -59.2 19

 20 Banks in U.S.-affiliated areas 3.6 1.0 0.6 -0.4 0.2 -2.3 -1.4 0.1 -0.3 -0.5 1.6 20

 21 Credit unions -0.3 0.3 2.2 1.0 0.9 -3.0 4.3 5.1 -1.2 -0.7 0.4 21

 22 MBS and other ABS -0.3 0.7 2.1 1.0 0.9 -2.6 3.9 5.0 -1.4 -0.4 0.5 22

 23 Other -0.1 -0.4 0.1 -0.0 -0.0 -0.4 0.4 0.0 0.2 -0.3 -0.1 23

 24 Property-casualty insurance companies 40.4 19.6 28.1 17.0 3.0 26.0 21.3 -7.6 7.3 5.1 7.1 24

 25 MBS and other ABS -0.6 3.2 8.3 9.3 0.2 9.4 9.7 -2.4 1.8 0.4 1.2 25

 26 Other 41.1 16.4 19.8 7.7 2.8 16.6 11.6 -5.1 5.6 4.7 5.9 26

 27 Life insurance companies 87.1 45.0 60.8 69.3 62.8 63.2 11.3 57.8 60.4 73.5 59.6 27

 28 MBS and other ABS 0.0 -24.3 9.1 15.8 7.9 16.1 16.2 6.0 4.0 14.2 7.4 28

 29 Other 87.1 69.3 51.8 53.5 54.9 47.2 -4.9 51.9 56.4 59.3 52.2 29

 30 Private pension funds 44.6 83.7 92.5 20.8 31.5 33.7 1.1 36.1 4.4 40.4 45.0 30

 31 Federal government retirement funds 1.4 1.7 -1.3 -0.0 -0.2 2.2 0.3 0.0 0.2 -0.9 -0.1 31

 32 State and local govt. retirement funds 23.2 15.5 68.2 54.8 14.2 90.7 70.0 58.8 5.2 -45.1 37.8 32

 33 Money market mutual funds -49.1 -3.0 -0.0 -23.8 -14.9 18.7 28.6 -43.0 -1.0 35.2 -50.8 33

 34 Mutual funds 170.3 306.0 279.3 318.7 274.9 240.2 307.0 358.9 448.7 175.0 117.1 34

 35 Closed-end funds -2.3 7.5 14.6 -4.1 -3.8 -3.8 -9.8 -0.5 8.2 -15.6 -7.2 35

 36 Exchange-traded funds 33.6 47.6 19.5 34.8 36.9 15.8 59.7 59.4 3.2 25.4 59.6 36

 37 Government-sponsored enterprises -30.8 -50.0 -59.4 -30.8 -30.6 -31.8 -24.0 -38.6 -33.3 -30.6 -19.8 37

 38 MBS and other ABS -32.2 -31.2 -58.8 -30.2 -29.8 -31.1 -23.2 -37.8 -32.5 -29.8 -19.0 38

 39 Other 1.4 -18.8 -0.6 -0.7 -0.8 -0.7 -0.8 -0.8 -0.8 -0.7 -0.8 39

 40 Finance companies 0.9 -6.3 -10.8 6.0 5.6 -10.1 16.0 8.5 14.2 -5.2 5.0 40

 41 REITs 3.8 9.5 -0.2 3.3 7.7 3.7 6.4 23.0 7.8 -5.8 5.8 41

 42 Brokers and dealers -85.0 35.5 -11.1 -13.5 -23.3 -4.5 -74.4 -3.7 -13.5 -59.0 -17.1 42

 43 Holding companies -20.1 -11.9 37.0 2.6 -12.7 25.7 -13.8 -19.8 12.8 -1.2 -42.5 43

 44 Funding corporations -57.3 -36.2 8.9 4.7 11.1 -4.5 -5.9 13.9 -20.9 17.8 33.7 44

 45 Rest of the world (4) -111.5 -19.7 203.9 210.1 330.4 235.2 455.3 313.4 635.8 104.6 268.0 45

 46 MBS and other ABS -44.8 -36.1 -22.5 -7.8 -1.6 -31.6 13.3 -6.4 16.4 2.2 -18.4 46

 47 Other -66.7 16.4 226.4 217.9 332.0 266.8 442.0 319.8 619.4 102.4 286.3 47

(1) Net issuance less net acquisition of corporate bonds held as assets.

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

(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.
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58 Z.1, March 10, 2016

F.214 Loans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 By instrument

 1 Total loans 75.5 357.4 692.0 1013.2 821.0 1088.8 920.4 813.3 1139.8 459.9 870.9 1

 2 Depository institution loans n.e.c. 177.6 176.9 196.5 320.0 282.1 229.1 383.5 437.6 282.0 159.9 248.9 2

 3 Other loans and advances -33.6 93.3 235.3 254.9 -93.9 426.7 -9.0 -24.8 35.9 -353.7 -33.2 3

 4 Mortgages -177.1 -82.2 84.2 219.9 402.0 210.3 346.8 215.7 536.0 407.5 448.6 4

 5 Home -91.8 -83.1 -4.4 52.0 150.6 51.8 114.2 6.9 254.2 180.4 161.1 5

 6 Multifamily residential -0.3 30.6 36.2 64.7 105.6 66.2 96.1 84.0 102.0 89.6 146.7 6

 7 Commercial -98.1 -35.7 40.8 91.7 136.9 80.7 124.9 116.1 171.1 128.6 132.0 7

 8 Farm 13.1 6.0 11.6 11.5 8.8 11.6 11.6 8.7 8.8 8.9 8.9 8

 9 Consumer credit 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 9

 By sector

 10 Total liabilities 75.5 357.4 692.0 1013.2 821.0 1088.8 920.4 813.3 1139.8 459.9 870.9 10

 11 Domestic nonfinancial sectors 13.0 401.5 475.6 827.3 779.4 884.4 790.0 734.1 1040.8 455.5 887.1 11

 12 Household sector -62.9 273.5 244.8 423.6 395.8 425.6 307.5 255.9 609.5 238.8 478.9 12

 13 Nonfinancial corporate business 131.9 -47.5 121.1 191.2 65.0 282.5 139.9 232.3 75.5 -33.1 -14.9 13

 14 Nonfinancial noncorporate business -56.8 175.1 109.1 212.1 318.4 176.0 342.2 245.6 355.7 250.1 422.2 14

 15 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

 16 State and local governments 0.9 0.4 0.5 0.4 0.3 0.3 0.4 0.4 0.1 -0.3 0.8 16

 17 Domestic financial sectors 17.9 -80.1 175.9 154.5 20.3 234.4 91.2 36.1 52.2 12.1 -19.3 17

 18 U.S.-chartered depository institutions -60.9 4.7 73.4 58.2 30.3 56.1 38.8 -35.0 79.8 -28.0 104.5 18

 19 Credit unions -1.8 0.8 1.9 8.4 9.3 12.6 9.0 -1.9 20.0 19.7 -0.7 19

 20 Property-casualty insurance companies 0.1 0.4 0.8 0.1 0.4 0.3 0.1 0.2 0.8 -0.1 0.9 20

 21 Life insurance companies 1.5 3.2 2.0 1.8 5.9 1.3 2.1 8.6 7.4 4.2 3.5 21

 22 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 22

 23 Finance companies 16.3 17.3 10.3 10.2 15.1 19.8 39.9 28.6 23.6 -7.7 16.0 23

 24 REITs 18.1 9.1 5.6 26.7 47.2 24.0 55.6 37.8 38.9 75.6 36.4 24

 25 Brokers and dealers 31.9 32.8 68.9 65.4 -49.3 113.4 -79.7 7.7 -101.6 -16.5 -86.7 25

 26 Holding companies 64.0 -120.2 13.8 -16.3 -38.7 6.9 25.4 -9.9 -16.6 -35.1 -93.2 26

 27 Funding corporations -51.2 -28.3 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Rest of the world 44.6 36.0 40.5 31.4 21.3 -30.0 39.1 43.0 46.8 -7.6 3.2 28

 29 Total assets 75.5 357.4 692.0 1013.2 821.0 1088.8 920.4 813.3 1139.8 459.9 870.9 29

 30 Domestic nonfinancial sectors 127.1 150.6 173.9 175.4 66.2 209.5 5.7 138.5 33.0 74.7 18.8 30

 31 Household sector -5.0 12.6 51.4 51.5 -60.2 98.5 -95.0 -0.4 -120.4 -17.5 -102.7 31

 32 Nonfinancial corporate business 1.4 -0.4 -2.6 0.3 0.8 0.9 -13.1 1.5 20.1 -7.8 -10.5 32

 33 Nonfinancial noncorporate business -5.8 -2.4 1.0 1.7 2.7 1.3 2.7 2.3 3.0 2.0 3.6 33

 34 Federal government 136.5 136.2 124.2 115.3 104.9 116.0 106.0 116.2 114.8 80.7 107.8 34

 35 State and local governments -0.0 4.6 -0.1 6.7 18.1 -7.1 5.1 18.9 15.5 17.2 20.7 35

 36 Domestic financial sectors -85.5 259.1 522.3 787.2 741.5 762.1 889.0 660.3 1094.6 364.3 846.6 36

 37 Monetary authority -67.6 -29.9 -0.5 -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 37

 38 U.S.-chartered depository institutions 77.5 258.5 170.7 439.2 527.1 319.4 426.8 604.0 505.1 424.7 574.4 38

 39 Foreign banking offices in U.S. 59.1 -12.9 45.7 74.7 78.1 40.9 136.0 105.7 75.2 49.6 81.9 39

 40 Banks in U.S.-affiliated areas -1.4 2.5 -1.2 -4.3 -5.8 -6.2 -3.6 -16.1 -3.4 -2.6 -1.0 40

 41 Credit unions 7.6 29.1 45.6 69.2 75.0 74.0 71.4 71.6 80.5 81.3 66.4 41

 42 Property-casualty insurance companies 0.8 0.7 2.3 2.0 2.0 2.3 2.4 1.9 2.0 2.3 2.0 42

 43 Life insurance companies 22.9 13.7 22.3 29.5 32.5 30.3 40.2 31.7 30.2 35.6 32.4 43

 44 Private pension funds -4.6 1.2 -0.7 0.2 -1.5 2.7 -3.1 -2.3 -3.1 -1.2 0.7 44

 45 State and local govt. retirement funds -0.6 -1.0 -0.5 -0.3 -2.7 -1.8 -0.1 -9.5 2.1 -2.1 -1.3 45

 46 Mutual funds 18.9 12.2 39.4 9.4 -15.6 9.8 -17.6 23.5 -24.1 -50.9 -11.0 46

 47 Government-sponsored enterprises -124.7 -52.8 154.4 88.5 138.9 151.4 168.3 -79.6 281.9 160.5 192.8 47

 48 Agency- and GSE-backed mortgage pools 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 48

 49 ABS issuers -174.6 -139.7 -254.0 -64.0 -56.8 -18.9 -49.6 37.2 -8.3 -134.0 -121.9 49

 50 Finance companies -45.3 -22.3 -8.2 6.4 -19.2 2.6 40.6 3.7 -5.7 19.9 -94.7 50

 51 REITs 11.7 8.6 135.0 32.7 -7.4 16.6 26.1 -20.1 32.6 -41.1 -1.1 51

 52 Brokers and dealers -32.4 50.1 46.3 38.5 -90.1 67.7 -55.6 -84.8 34.6 -297.4 -12.8 52

 53 Holding companies 4.0 16.7 -2.8 -10.9 -40.9 -1.1 3.9 -9.9 -28.9 -69.7 -54.9 53

 54 Funding corporations -2.0 -6.5 -2.3 1.5 0.8 1.0 7.1 -1.9 2.1 4.0 -0.9 54

 55 Rest of the world 33.9 -52.2 -4.2 50.5 13.3 117.2 25.7 14.5 12.1 20.9 5.5 55

(1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit.
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F.215 Depository Institution Loans Not Elsewhere Classified (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 177.6 176.9 196.5 320.0 282.1 229.1 383.5 437.6 282.0 159.9 248.9 1

 2 Household sector -54.9 110.8 30.0 120.2 91.7 93.0 67.9 119.3 30.9 113.4 103.1 2

 3 Corporate business 152.1 101.5 63.7 92.8 77.6 97.6 61.7 126.7 71.7 74.8 37.2 3

 4 Noncorporate business -26.5 64.6 32.4 64.2 100.0 18.6 121.6 115.6 98.7 33.9 151.7 4

 5 Domestic financial sectors 63.6 -130.4 31.4 14.2 -9.8 50.5 98.7 35.0 36.7 -56.1 -54.8 5

 6 Finance companies 15.9 16.4 10.1 10.5 13.5 20.0 40.3 28.5 23.7 -10.9 12.7 6

 7 REITs 4.6 4.0 -2.9 8.0 16.3 13.7 18.7 15.0 23.5 10.5 16.3 7

 8 Brokers and dealers 31.0 -9.2 10.4 12.0 -1.0 9.8 14.3 1.4 6.0 -20.7 9.3 8

 9 Holding companies 64.0 -120.2 13.8 -16.3 -38.7 6.9 25.4 -9.9 -16.6 -35.1 -93.2 9

 10 Funding corporations -51.9 -21.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

 11 Rest of the world 43.2 30.4 39.1 28.6 22.7 -30.6 33.7 41.0 44.0 -6.0 11.8 11

 12 Foreign official institutions -1.2 0.8 1.0 1.1 1.3 -0.4 3.3 4.0 -2.8 1.3 2.7 12

 13 Foreign banks 16.8 0.6 20.0 -0.7 1.2 -37.6 2.0 6.2 -0.4 3.5 -4.5 13

 14 Other foreign 27.6 29.1 18.1 28.2 20.2 7.3 28.3 30.7 47.2 -10.8 13.6 14

 15 Net change in assets 177.6 176.9 196.5 320.0 282.1 229.1 383.5 437.6 282.0 159.9 248.9 15

 16 Monetary authority (2) -67.6 -29.9 -0.5 -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 16

 17 U.S.-chartered depository institutions 175.8 216.8 144.3 249.8 214.1 185.0 252.6 328.8 225.6 124.7 177.5 17

 18 Foreign banking offices in U.S. 61.7 -11.0 46.3 67.4 64.4 35.8 127.7 106.3 61.0 26.9 63.1 18

 19 Banks in U.S.-affiliated areas 1.1 1.0 1.3 -2.3 -2.0 -2.8 -1.3 -5.7 -0.5 -1.6 -0.1 19

 20 Credit unions 6.6 0.1 5.1 5.1 5.6 11.3 4.5 8.3 -4.1 9.9 8.3 20

(1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to the household, rest of the world, broker and dealer, and funding corporation sectors. See loan details on table F.109.
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F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances -33.6 93.3 235.3 254.9 -93.9 426.7 -9.0 -24.8 35.9 -353.7 -33.2 1

 2 U.S. government loans 4.8 2.5 7.2 2.6 0.9 0.3 -0.9 2.1 11.6 -13.0 2.8 2

 3 Liab.: Household sector -0.5 -0.1 1.1 1.2 2.3 -1.4 2.0 0.9 2.7 2.2 3.2 3

 4 Nonfinancial corporate business -0.5 5.3 0.9 -1.5 0.6 -0.6 -1.1 -1.4 6.8 -5.3 2.1 4

 5 Nonfinancial noncorporate business 2.9 0.6 2.0 -1.2 -3.2 -0.2 -4.9 -0.7 -3.0 -8.3 -0.9 5

 6 State and local governments 0.9 0.4 0.5 0.4 0.3 0.3 0.4 0.4 0.1 -0.3 0.8 6

 7 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 7

 8 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Funding corporations 0.7 -6.8 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

 10 Rest of the world 1.4 3.2 3.4 3.6 1.0 2.2 2.7 2.9 4.9 -1.4 -2.5 10

 11 Foreign loans to U.S. corporate business 33.9 -52.2 -4.2 50.5 13.3 117.2 25.7 14.5 12.1 20.9 5.5 11

 12 Liab.: Nonfinancial corporate business 33.9 -52.2 -4.2 50.5 13.3 117.2 25.7 14.5 12.1 20.9 5.5 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 4.0 16.7 -2.8 -10.9 -40.9 -1.1 3.9 -9.9 -28.9 -69.7 -54.9 17

 18 Liab.: Nonfinancial corporate business 4.0 14.3 -0.7 -10.1 -38.5 0.4 1.1 -9.1 -26.7 -69.4 -48.7 18

 19 Rest of the world 0.0 2.4 -2.0 -0.8 -2.4 -1.6 2.8 -0.8 -2.2 -0.3 -6.2 19

 20 Policy loans (Household liability) 2.4 1.4 0.9 1.7 3.6 3.1 2.5 1.0 1.6 3.4 8.3 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 2.5 1.4 1.0 1.7 3.6 3.1 2.6 1.0 1.7 3.4 8.4 22

 23 Federal Home Loan Banks advances (1) -60.7 10.3 79.0 73.1 65.5 74.9 56.1 -22.4 117.6 35.9 131.0 23

 24 Liab.: U.S.-chartered depository institutions -60.9 4.7 73.4 58.2 30.3 56.1 38.8 -35.0 79.8 -28.0 104.5 24

 25 Credit unions -1.8 0.8 1.9 8.4 9.3 12.6 9.0 -1.9 20.0 19.7 -0.7 25

 26 Property-casualty insurance companies 0.1 0.4 0.8 0.1 0.4 0.3 0.1 0.2 0.8 -0.1 0.9 26

 27 Life insurance companies 1.5 3.2 2.0 1.8 5.9 1.3 2.1 8.6 7.4 4.2 3.5 27

 28 Finance companies 0.4 0.9 0.2 -0.3 1.6 -0.3 -0.4 0.1 -0.1 3.2 3.3 28

 29 Real estate investment trusts 0.0 0.3 0.7 4.9 17.9 4.8 6.4 5.6 9.7 36.9 19.5 29

 30 Govt.-sponsored enterprises loans (2) -3.5 8.3 2.9 11.2 9.9 13.5 22.5 -22.7 22.6 21.1 18.5 30

 31 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 31

 32 Nonfinancial corporate business (FCS) -0.9 0.8 0.2 1.6 0.5 0.1 1.2 -0.5 2.3 1.6 -1.4 32

 33 Nonfinancial noncorporate business (FCS) -2.6 7.5 2.7 9.6 9.4 13.4 21.4 -22.2 20.3 19.5 19.9 33

 34 U.S.-chartered depository inst. (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

 35 Securitized loans held by ABS issuers -3.9 1.7 0.2 -1.9 0.0 -4.7 0.0 0.0 -0.0 0.0 0.0 35

 36 Liab.: Nonfinancial corporate business -3.9 1.7 0.2 -1.9 0.0 -4.7 0.0 0.0 -0.0 0.0 0.0 36

 37 Finance company loans to business 3.0 11.2 14.4 10.1 12.1 6.5 16.0 18.1 20.2 29.9 -20.0 37

 38 Liab.: Nonfinancial corporate business 2.7 10.1 12.9 9.1 10.9 5.8 14.4 16.3 18.2 26.9 -18.0 38

 39 Nonfinancial noncorporate business 0.3 1.1 1.4 1.0 1.2 0.6 1.6 1.8 2.0 3.0 -2.0 39

 40 Margin accounts at brokers and dealers -39.3 64.9 35.4 30.4 -80.1 59.4 -82.9 -60.8 40.2 -299.9 -0.1 40

 41 Liab.: Household sector -39.3 64.9 35.4 30.4 -80.1 59.4 -82.9 -60.8 40.2 -299.9 -0.1 41

 42 Cash accounts at brokers and dealers 0.9 42.0 58.5 53.5 -48.3 103.6 -94.0 6.3 -107.7 4.2 -96.1 42

 43 Asset: Household sector 0.9 42.0 58.5 53.5 -48.3 103.6 -94.0 6.3 -107.7 4.2 -96.1 43

 44 Loans to nonfinancial corporate business (3) 24.9 -13.5 43.9 34.7 -29.8 54.3 42.0 49.1 -53.5 -86.6 -28.4 44

 45 Asset: Household sector -2.8 -2.5 5.0 -1.6 -2.3 3.2 5.0 3.5 -3.6 -10.4 1.5 45

 46 Life insurance companies 5.4 0.4 2.6 6.3 -1.8 7.3 5.3 2.7 -8.0 -0.5 -1.5 46

 47 Mutual funds 18.9 12.2 39.4 9.4 -15.6 9.8 -17.6 23.5 -24.1 -50.9 -11.0 47

 48 ABS issuers -1.5 -2.3 -11.7 11.0 -1.0 24.7 14.9 45.2 -14.3 -31.2 -3.7 48

 49 Brokers and dealers 6.9 -14.8 10.9 8.2 -10.0 8.4 27.3 -24.0 -5.6 2.5 -12.7 49

 50 Funding corporations -2.0 -6.5 -2.3 1.5 0.8 1.0 7.1 -1.9 2.1 4.0 -0.9 50

(1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through

 affiliated captive insurance companies.

(2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23.

(3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.
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F.217 Total Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages -177.1 -82.2 84.2 219.9 402.0 210.3 346.8 215.7 536.0 407.5 448.6 1

 2 Home -91.8 -83.1 -4.4 52.0 150.6 51.8 114.2 6.9 254.2 180.4 161.1 2

 3 Multifamily residential -0.3 30.6 36.2 64.7 105.6 66.2 96.1 84.0 102.0 89.6 146.7 3

 4 Commercial -98.1 -35.7 40.8 91.7 136.9 80.7 124.9 116.1 171.1 128.6 132.0 4

 5 Farm 13.1 6.0 11.6 11.5 8.8 11.6 11.6 8.7 8.8 8.9 8.9 5

 6 Net borrowing -177.1 -82.2 84.2 219.9 402.0 210.3 346.8 215.7 536.0 407.5 448.6 6

 7 Household sector -79.2 -72.9 1.4 51.8 147.5 48.8 118.9 10.7 248.2 173.4 157.8 7

 8 Nonfinancial business -111.3 -14.1 75.0 154.4 241.5 156.0 197.5 187.7 282.2 205.9 290.2 8

 9 Corporate -80.4 -115.4 4.4 15.9 30.5 12.4 -5.0 36.7 44.4 4.0 36.7 9

 10 Noncorporate -30.9 101.3 70.7 138.5 211.0 143.6 202.5 151.0 237.7 201.9 253.5 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 13.5 4.8 7.8 13.8 12.9 5.5 30.4 17.3 5.6 28.2 0.6 12

 13 Net change in assets -177.1 -82.2 84.2 219.9 402.0 210.3 346.8 215.7 536.0 407.5 448.6 13

 14 Household sector 0.9 -18.1 -5.8 5.4 -3.2 -1.0 0.4 -3.5 -2.1 -5.0 -2.4 14

 15 Nonfinancial corporate business -0.6 -1.9 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 15

 16 Nonfinancial noncorporate business -5.8 -2.4 1.0 1.7 2.7 1.3 2.7 2.3 3.0 2.0 3.6 16

 17 Federal government 3.3 1.6 4.0 1.7 -0.7 2.9 -0.3 3.5 -0.5 -4.0 -1.9 17

 18 State and local governments -0.0 4.6 -0.1 6.7 18.1 -7.1 5.1 18.9 15.5 17.2 20.7 18

 19 U.S.-chartered depository institutions -105.3 13.7 -26.6 117.9 212.7 60.6 116.6 231.3 190.2 172.7 256.5 19

 20 Foreign banking offices in U.S. -2.6 -1.9 -0.6 7.3 13.8 5.1 8.3 -0.6 14.2 22.7 18.8 20

 21 Banks in U.S.-affiliated areas -2.4 1.5 -2.5 -2.1 -3.8 -3.3 -2.3 -10.4 -2.9 -0.9 -0.9 21

 22 Credit unions 4.5 8.3 18.6 26.9 30.4 31.5 25.5 25.9 39.0 35.4 21.3 22

 23 Property-casualty insurance companies 0.8 0.7 2.3 2.0 2.0 2.3 2.4 1.9 2.0 2.3 2.0 23

 24 Life insurance companies 15.0 11.9 18.8 21.6 30.6 19.9 32.3 27.9 36.5 32.6 25.5 24

 25 Private pension funds -4.6 1.2 -0.7 0.2 -1.5 2.7 -3.1 -2.3 -3.1 -1.2 0.7 25

 26 State and local govt. retirement funds -0.6 -1.0 -0.5 -0.3 -2.7 -1.8 -0.1 -9.5 2.1 -2.1 -1.3 26

 27 Government-sponsored enterprises (1) -60.5 -71.4 72.5 4.3 63.5 63.1 89.7 -34.5 141.7 103.5 43.3 27

 28 Agency- and GSE-backed mortgage pools 165.1 130.8 130.8 75.0 127.0 71.8 95.8 5.1 121.8 185.4 195.5 28

 29 ABS issuers -165.0 -142.9 -241.6 -73.8 -52.8 -45.8 -63.5 -3.9 -12.7 -85.6 -109.0 29

 30 Finance companies -30.9 -25.7 -21.9 -8.7 -28.3 -10.1 9.7 -18.1 -43.0 -28.1 -24.1 30

 31 REITs 11.7 8.6 135.0 32.7 -7.4 16.6 26.1 -20.1 32.6 -41.1 -1.1 31

(1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages.
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F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing -91.8 -83.1 -4.4 52.0 150.6 51.8 114.2 6.9 254.2 180.4 161.1 1

 2 Household sector -73.1 -70.7 -1.8 44.3 136.6 41.4 107.2 2.1 235.5 162.1 146.6 2

 3 Nonfinancial corporate business -3.4 -0.5 0.3 1.5 1.9 1.5 0.8 2.0 2.0 1.7 2.0 3

 4 Nonfinancial noncorporate business -15.4 -11.9 -2.9 6.2 12.1 8.9 6.2 2.8 16.7 16.6 12.5 4

 5 Net change in assets -91.8 -83.1 -4.4 52.0 150.6 51.8 114.2 6.9 254.2 180.4 161.1 5

 6 Household sector -8.0 -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 -0.3 -1.1 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 7

 8 Nonfinancial noncorporate business -2.1 -0.9 0.4 0.6 1.0 0.5 1.0 0.8 1.1 0.7 1.3 8

 9 Federal government 0.2 1.1 0.4 1.2 1.6 1.0 3.6 3.5 1.8 1.8 -0.6 9

 10 State and local governments 1.1 3.3 0.5 3.7 9.6 -3.4 2.9 10.3 8.3 9.1 10.8 10

 11 U.S.-chartered depository institutions -37.6 0.0 -99.2 26.7 54.7 -22.3 -17.6 123.3 64.5 -18.6 49.4 11

 12 Foreign banking offices in U.S. 0.3 0.5 -0.4 1.5 -1.4 2.1 1.6 -0.5 0.2 -1.0 -4.2 12

 13 Banks in U.S.-affiliated areas -2.4 2.3 -1.1 -1.5 -1.5 -2.7 -1.0 -3.6 -0.8 -0.8 -0.9 13

 14 Credit unions 4.5 8.3 18.6 26.9 30.4 31.5 25.5 25.9 39.0 35.4 21.3 14

 15 Life insurance companies -0.1 2.0 0.4 2.4 1.7 3.6 4.7 -1.3 2.4 2.2 3.3 15

 16 Private pension funds -0.3 -0.1 -0.2 0.0 -0.1 0.3 -0.4 -0.1 -0.1 -0.1 -0.1 16

 17 State and local govt. retirement funds -0.2 -0.4 -0.2 -0.1 -1.2 -0.7 -0.0 -3.4 0.7 -0.8 -1.3 17

 18 Government-sponsored enterprises -66.5 -83.0 89.1 3.0 44.9 52.1 69.7 -63.1 116.8 101.7 24.1 18

 19 Agency- and GSE-backed mortgage pools 147.9 103.7 97.4 50.8 94.1 49.4 63.2 -9.1 86.4 158.2 140.9 19

 20 ABS issuers -120.9 -106.7 -82.4 -60.2 -73.0 -67.7 -44.7 -46.8 -75.9 -79.5 -89.8 20

 21 Finance companies -18.4 -11.1 -17.3 -9.8 -14.6 -13.7 1.9 -19.1 -17.9 -18.3 -3.2 21

 22 REITs 11.0 6.9 -3.3 13.9 11.6 28.7 10.8 -2.8 34.8 -2.6 17.2 22

 Memo:

 23 Charge-offs (2) 154.1 142.2 92.4 52.7 49.0 12.1 12.4 17.9 11.6 9.9 9.7 23

 24 Home equity loans included above (3) -53.9 -62.7 -55.9 -24.9 -33.7 -15.0 -21.1 -44.8 -28.2 -34.6 -27.4 24

 25 U.S.-chartered depository institutions -41.1 -51.7 -46.9 -22.9 -31.8 -17.5 -19.6 -38.7 -26.3 -32.4 -29.6 25

 26 Foreign banking offices in U.S. -0.0 -0.0 0.1 0.1 -0.0 -0.1 0.3 -0.0 -0.0 -0.0 0.0 26

 27 Credit unions -6.0 -6.5 -3.7 1.7 2.7 6.3 1.3 -1.7 3.4 3.0 6.1 27

 28 ABS issuers -2.7 -2.0 -1.9 -1.7 -1.7 -1.9 -1.4 -1.7 -1.6 -2.2 -1.4 28

 29 Finance companies -4.0 -2.4 -3.6 -2.0 -3.0 -1.9 -1.6 -2.8 -3.7 -3.0 -2.5 29

(1) Mortgages on 1-4 family properties including mortgages on farm houses.

(2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1.

(3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans

 held by U.S.-chartered depository institutions exclude charge-offs.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing -0.3 30.6 36.2 64.7 105.6 66.2 96.1 84.0 102.0 89.6 146.7 1

 2 Nonfinancial corporate business -0.0 1.6 1.6 3.2 5.3 3.3 4.6 4.0 5.6 4.4 7.3 2

 3 Nonfinancial noncorporate business -0.4 30.2 31.2 60.5 101.3 63.4 87.1 76.8 106.0 83.1 139.1 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 0.1 -1.1 3.3 1.0 -1.0 -0.6 4.4 3.2 -9.6 2.2 0.2 5

 6 Net change in assets -0.3 30.6 36.2 64.7 105.6 66.2 96.1 84.0 102.0 89.6 146.7 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 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Nonfinancial noncorporate business -2.0 -0.8 0.3 0.6 0.9 0.5 0.9 0.8 1.0 0.7 1.2 9

 10 Federal government -0.3 -0.3 0.0 -0.6 -0.3 -1.0 -0.8 -0.3 -0.3 -0.7 0.1 10

 11 State and local governments -0.9 1.1 -0.5 2.4 7.0 -3.1 1.8 7.1 6.0 6.8 8.1 11

 12 U.S.-chartered depository institutions -6.6 10.2 29.4 38.0 51.0 34.4 38.1 35.9 43.7 60.4 64.0 12

 13 Foreign banking offices in U.S. -0.6 -1.5 -0.4 0.2 1.2 0.2 1.0 0.6 0.8 2.2 1.0 13

 14 Life insurance companies 2.1 1.7 2.5 2.8 3.5 2.9 5.1 2.9 5.0 5.2 0.7 14

 15 Private pension funds -0.3 -0.3 -0.3 -0.0 -0.3 0.4 -0.6 -0.3 -0.3 -0.3 -0.3 15

 16 State and local govt. retirement funds -0.2 -0.3 -0.2 -0.1 -0.8 -0.6 -0.0 -2.8 0.6 -0.6 -0.4 16

 17 Government-sponsored enterprises 2.8 6.2 -21.9 -2.7 16.1 8.6 17.3 25.4 22.6 -0.2 16.5 17

 18 Agency- and GSE-backed mortgage pools 19.2 26.9 33.6 24.3 32.2 22.5 32.8 14.4 35.5 24.1 54.7 18

 19 ABS issuers -11.9 -11.4 -6.1 -2.0 -6.9 -2.7 -3.6 -0.2 -11.4 -10.7 -5.1 19

 20 Finance companies -1.5 -0.8 -0.8 0.1 -0.8 -0.3 0.3 0.0 -3.1 -0.1 -0.0 20

 21 REITs -0.2 0.1 0.5 1.8 2.8 4.3 3.6 0.5 1.6 2.9 6.1 21
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F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing -98.1 -35.7 40.8 91.7 136.9 80.7 124.9 116.1 171.1 128.6 132.0 1

 2 Household sector -6.1 -2.2 3.2 7.5 10.9 7.4 11.8 8.6 12.7 11.2 11.2 2

 3 Nonfinancial corporate business -81.5 -119.5 -1.6 7.4 20.3 4.0 -13.5 27.6 33.9 -4.8 24.6 3

 4 Nonfinancial noncorporate business -23.8 80.0 34.8 64.1 91.7 63.3 100.6 65.7 109.2 96.2 95.8 4

 5 REITs 13.3 6.0 4.5 12.7 13.9 6.1 26.1 14.1 15.2 26.0 0.4 5

 6 Net change in assets -98.1 -35.7 40.8 91.7 136.9 80.7 124.9 116.1 171.1 128.6 132.0 6

 7 Household sector -0.6 -0.3 0.4 1.4 2.2 1.5 1.7 1.9 2.1 2.3 2.6 7

 8 Nonfinancial corporate business -0.2 -0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 8

 9 Nonfinancial noncorporate business -1.6 -0.7 0.3 0.5 0.7 0.4 0.8 0.6 0.8 0.6 1.0 9

 10 Federal government 3.2 0.8 3.9 0.2 -2.7 0.9 -3.6 -0.4 -2.7 -5.8 -1.9 10

 11 State and local governments -0.2 0.2 -0.1 0.5 1.4 -0.6 0.4 1.4 1.2 1.3 1.6 11

 12 U.S.-chartered depository institutions -62.9 -8.1 38.8 60.1 105.2 46.9 94.5 70.3 80.3 129.0 141.2 12

 13 Foreign banking offices in U.S. -2.3 -0.9 0.2 5.5 13.9 2.9 5.7 -0.8 13.3 21.4 21.8 13

 14 Banks in U.S.-affiliated areas -0.1 -0.8 -1.4 -0.5 -2.2 -0.6 -1.3 -6.7 -2.1 -0.2 0.0 14

 15 Property-casualty insurance companies 0.8 0.7 2.3 2.0 2.0 2.3 2.4 1.9 2.0 2.3 2.0 15

 16 Life insurance companies 12.3 9.8 15.4 14.9 25.1 13.0 22.1 26.0 28.6 24.9 21.0 16

 17 Private pension funds -4.0 1.6 -0.1 0.2 -1.1 2.0 -2.1 -1.9 -2.7 -0.8 1.1 17

 18 State and local govt. retirement funds -0.2 -0.3 -0.2 -0.1 -0.7 -0.6 -0.0 -3.2 0.7 -0.7 0.4 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 -32.2 -24.8 -153.1 -11.5 27.1 24.6 -15.2 43.1 74.6 4.6 -14.0 20

 21 Finance companies -11.0 -13.8 -3.8 1.1 -12.9 4.0 7.5 1.0 -22.0 -9.7 -20.9 21

 22 REITs 0.9 1.5 137.7 17.0 -21.8 -16.5 11.6 -17.7 -3.8 -41.4 -24.4 22

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 13.1 6.0 11.6 11.5 8.8 11.6 11.6 8.7 8.8 8.9 8.9 1

 2 Nonfinancial corporate business 4.5 3.0 4.1 3.9 2.9 3.6 3.1 3.0 3.0 2.7 2.8 2

 3 Nonfinancial noncorporate business 8.6 3.0 7.5 7.6 5.9 8.0 8.5 5.6 5.8 6.1 6.1 3

 4 Net change in assets 13.1 6.0 11.6 11.5 8.8 11.6 11.6 8.7 8.8 8.9 8.9 4

 5 Household sector 9.5 -9.8 1.8 12.0 2.5 5.5 6.7 2.6 3.8 0.7 3.0 5

 6 Nonfinancial noncorporate business -0.1 -0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 6

 7 Federal government 0.3 0.1 -0.3 0.9 0.7 2.1 0.5 0.7 0.7 0.7 0.6 7

 8 State and local governments -0.0 0.0 -0.0 0.0 0.1 -0.0 0.0 0.1 0.1 0.1 0.1 8

 9 U.S.-chartered depository institutions 1.7 11.6 4.4 -6.9 1.8 1.6 1.6 1.8 1.7 1.8 1.9 9

 10 Foreign banking offices in U.S. -0.0 0.0 -0.0 0.2 0.0 -0.1 -0.0 0.0 -0.1 -0.0 0.2 10

 11 Life insurance companies 0.6 -1.5 0.5 1.4 0.4 0.3 0.3 0.4 0.4 0.4 0.4 11

 12 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

 13 Government-sponsored enterprises 3.3 5.4 5.4 3.9 2.5 2.3 2.6 3.2 2.3 2.0 2.6 13

 14 Agency- and GSE-backed mortgage pools -2.1 0.3 -0.2 -0.1 0.7 -0.1 -0.2 -0.2 -0.1 3.2 -0.1 14

(1) Excludes mortgages on farm houses.
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F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 1

 2 Net change in assets 108.6 169.4 175.9 218.4 230.9 222.8 199.0 184.8 285.8 246.3 206.5 2

 3 Households (nonprofit organizations) (1) -3.9 -8.8 -6.3 -5.7 -6.4 -7.3 -6.4 -6.7 -7.1 -6.3 -5.6 3

 4 Nonfinancial corporate business 2.0 1.5 -4.2 -1.3 -0.7 -0.7 -14.7 -0.1 18.5 -9.4 -12.1 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) 128.5 132.1 113.1 111.1 104.7 112.8 107.3 110.7 103.6 97.8 106.8 6

 7 U.S.-chartered depository institutions 7.1 28.1 52.9 71.5 100.2 73.7 57.6 43.9 89.4 127.3 140.3 7

 8 Credit unions -3.4 20.6 21.9 37.2 39.0 31.2 41.4 37.4 45.6 36.0 36.8 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 -4.1 3.8 -0.8 0.6 -2.9 6.8 -1.0 -4.1 18.7 -17.2 -9.1 10

 11 Finance companies -17.4 -7.8 -0.6 5.0 -3.0 6.2 14.9 3.7 17.1 18.0 -50.6 11

 Memo:

 12 Credit card loans (3) 1.8 4.7 12.3 31.8 46.4 30.6 26.2 3.4 77.7 52.7 51.9 12

 13 Auto loans 17.1 60.0 69.6 79.0 80.4 77.5 81.5 76.1 85.1 104.0 56.5 13

 14 Student loans (4) 92.2 107.2 91.3 89.5 84.4 103.2 86.7 78.2 79.7 93.6 86.1 14

 15 Other consumer credit (5) -2.5 -2.5 2.8 18.1 19.6 11.5 4.6 27.2 43.2 -4.0 12.1 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.
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F.223 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -286.0 -93.7 89.7 262.6 -122.1 265.0 529.9 381.4 139.3 -786.8 -222.4 1

 2 Nonfinancial corporate business -454.6 -344.9 -352.9 -392.2 -564.3 -434.3 -359.6 -591.4 -490.4 -626.2 -549.2 2

 3 Domestic financial sectors 161.6 155.5 158.3 218.3 207.4 173.0 363.7 297.8 160.6 98.2 273.1 3

 4 U.S.-chartered depository institutions 6.4 1.6 2.2 2.7 9.5 2.8 1.2 24.0 2.2 2.2 9.5 4

 5 Property-casualty insurance companies -10.7 -14.5 -7.6 -16.9 -19.9 -22.2 -17.9 -19.4 -20.5 -23.8 -16.0 5

 6 Life insurance companies -11.5 -9.9 -9.2 -14.9 -9.9 -17.6 -16.0 -22.5 -3.7 -7.5 -6.0 6

 7 Closed-end funds -2.9 2.7 -2.6 -10.7 -22.8 -10.0 -48.4 -10.7 -3.7 -39.8 -37.0 7

 8 Exchange-traded funds 117.6 185.2 179.0 239.2 229.8 192.8 477.0 220.5 164.2 171.8 362.7 8

 9 REITs 37.5 47.6 46.2 32.7 27.1 30.4 34.7 53.9 33.1 8.1 13.3 9

 10 Government-sponsored enterprises 26.7 1.5 -1.7 -1.7 -3.4 -1.3 -0.1 -7.6 -3.2 -1.4 -1.2 10

 11 Brokers and dealers 14.1 -50.7 -31.0 -11.7 3.5 -0.5 -39.1 10.5 -9.7 39.0 -25.7 11

 12 Holding companies 2.9 0.6 -17.1 -0.3 -6.5 -1.3 -27.6 48.9 2.0 -50.4 -26.4 12

 13 Funding corporations (2) -18.4 -8.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

 14 Rest of the world (3) 7.0 95.8 284.3 436.5 234.7 526.3 525.9 674.9 469.0 -258.7 53.6 14

 15 Net purchases -286.0 -93.7 89.7 262.6 -122.1 265.0 529.9 381.4 139.3 -786.8 -222.4 15

 16 Household sector -282.2 -214.3 158.2 30.4 -156.7 -219.9 338.5 227.9 -22.4 -870.4 38.0 16

 17 Federal government 40.3 -13.2 -4.8 -1.6 -0.0 -4.2 -0.7 -0.4 0.6 -0.2 -0.0 17

 18 State and local governments -3.4 1.1 -0.5 2.6 7.5 -3.3 1.9 7.6 6.4 7.3 8.7 18

 19 Monetary authority -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 U.S.-chartered depository institutions 1.0 -10.5 0.8 0.7 2.9 1.6 4.3 -1.7 2.2 2.2 8.7 20

 21 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 21

 22 Property-casualty insurance companies 2.9 4.6 3.7 2.6 1.6 3.7 16.8 -2.4 -5.2 8.4 5.5 22

 23 Life insurance companies 33.2 16.1 13.7 28.1 44.1 2.5 9.4 44.1 45.1 45.6 41.6 23

 24 Private pension funds -72.4 -19.0 -194.7 -84.7 -78.8 -72.6 -105.5 -11.2 -40.6 -97.1 -166.4 24

 25 Federal government retirement funds -4.2 -4.1 9.1 3.5 0.9 3.3 3.7 5.7 -3.8 1.9 -0.1 25

 26 State and local govt. retirement funds -62.8 -77.2 -168.5 -103.4 -34.3 -16.6 -23.5 -33.2 -37.6 24.0 -90.3 26

 27 Mutual funds 4.9 -38.1 162.5 78.3 47.4 118.4 -26.2 87.6 149.8 87.6 -135.4 27

 28 Closed-end funds -1.2 -8.5 -16.1 -6.9 -17.7 0.6 -39.8 -9.2 -9.0 -22.8 -29.9 28

 29 Exchange-traded funds 71.6 132.9 166.8 188.2 174.9 168.4 389.4 143.4 156.6 85.8 313.6 29

 30 Brokers and dealers -5.0 9.7 18.6 8.7 -10.3 53.8 34.6 -103.9 11.2 -22.7 74.0 30

 31 Funding corporations -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

 32 Rest of the world (4) 44.0 126.8 -59.1 116.2 -103.5 229.6 -73.0 26.9 -114.1 -36.3 -290.4 32

(1) Excludes mutual fund shares shown on table F.224.

(2) 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.

(3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).

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

F.224 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 1

 2 Net purchases 338.4 624.9 638.2 596.8 352.9 572.3 421.6 658.5 464.7 144.1 144.3 2

 3 Household sector 258.6 471.8 514.3 418.1 370.1 402.6 345.4 486.7 363.5 342.9 287.3 3

 4 Nonfinancial corporate business -12.8 -1.7 1.2 15.5 15.5 15.5 15.5 15.5 15.5 15.5 15.5 4

 5 State and local governments -0.2 0.6 -0.3 1.3 3.9 -1.7 1.0 3.9 3.3 3.7 4.5 5

 6 U.S.-chartered depository institutions -0.8 -1.1 1.6 -0.7 -0.9 -12.8 -3.6 -2.5 3.8 -3.3 -1.6 6

 7 Credit unions 0.3 0.4 -0.1 -0.1 -0.2 -0.3 0.1 -0.4 0.5 -0.0 -0.8 7

 8 Property-casualty insurance companies -0.7 1.8 1.0 1.4 2.4 1.3 1.6 2.4 2.4 2.4 2.5 8

 9 Life insurance companies 5.6 0.4 1.1 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 9

 10 Private pension funds 65.9 74.1 103.7 118.9 -5.4 100.4 144.9 36.4 47.5 -46.4 -59.2 10

 11 State and local govt. retirement funds -52.3 -11.2 35.4 7.4 -13.4 0.7 1.8 -0.9 -32.9 -26.7 6.7 11

 12 Rest of the world 74.7 89.7 -19.6 33.6 -20.3 65.4 -86.4 116.1 59.9 -145.3 -111.9 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
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F.225 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in trade payables 128.6 134.9 203.2 158.0 86.6 117.7 158.7 68.5 164.1 -6.6 120.5 1

 2 Household sector 1.2 4.0 1.0 3.1 1.2 1.9 3.0 1.4 1.8 1.0 0.8 2

 3 Nonfinancial corporate business 25.2 65.4 101.3 66.2 -36.5 28.4 58.5 -3.3 25.5 -109.8 -58.4 3

 4 Nonfinancial noncorporate business 54.8 13.3 34.0 36.0 54.4 29.4 52.6 53.3 52.6 33.5 78.1 4

 5 Federal government 8.8 13.4 18.8 17.3 20.1 17.6 14.2 -18.9 29.8 25.1 44.2 5

 6 State and local governments 38.4 38.1 38.0 38.8 38.9 39.0 38.9 38.1 39.1 39.5 39.0 6

 7 Brokers and dealers -3.8 -0.0 0.3 3.4 8.4 8.4 -7.8 5.0 17.7 2.4 8.4 7

 8 Rest of the world 4.0 0.7 9.8 -6.8 0.1 -7.0 -0.7 -7.2 -2.5 1.8 8.3 8

 9 Net change in trade receivables 171.4 74.6 332.9 156.0 53.5 87.5 148.5 38.8 83.0 50.2 42.0 9

 10 Nonfinancial corporate business 83.7 52.0 261.2 109.9 -17.1 132.6 95.5 -35.2 -6.8 -12.6 -14.0 10

 11 Nonfinancial noncorporate business 61.0 4.6 48.8 31.6 50.4 24.9 50.9 42.2 55.6 37.9 66.2 11

 12 Federal government 4.8 2.6 3.3 -8.1 0.3 -43.5 3.0 0.6 -0.4 -0.3 1.4 12

 13 State and local governments 5.6 5.3 9.5 7.2 0.8 3.9 7.4 0.5 9.2 -5.4 -1.2 13

 14 Property-casualty insurance companies 3.4 4.8 3.3 5.5 6.8 -2.0 -10.3 21.3 12.9 5.5 -12.4 14

 15 ABS issuers -4.2 -6.4 -5.4 -4.4 2.7 -10.1 -0.3 0.8 2.5 -2.0 9.5 15

 16 Rest of the world 17.1 11.6 12.3 14.3 9.6 -18.3 2.4 8.7 10.0 27.1 -7.4 16

 17 Discrepancy -42.8 60.3 -129.7 2.1 33.1 30.2 10.2 29.7 81.1 -56.8 78.5 17

F.226 Life Insurance Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 81.1 -11.9 30.0 56.3 65.9 56.2 74.5 87.1 49.9 71.6 54.8 1

 2 Federal government 1.3 0.3 0.2 0.8 -0.1 1.2 1.4 -2.1 0.9 -0.6 1.3 2

 3 Life insurance companies 79.9 -12.2 29.8 55.5 66.0 55.0 73.1 89.1 49.0 72.2 53.5 3

 4 Net change in assets 81.1 -11.9 30.0 56.3 65.9 56.2 74.5 87.1 49.9 71.6 54.8 4

 5 Households 73.5 -26.6 19.2 45.3 55.3 46.4 62.2 77.7 37.3 62.0 44.1 5

 6 U.S.-chartered depository institutions 5.2 7.4 5.7 5.9 6.5 5.0 6.9 5.2 8.6 5.6 6.6 6

 7 Holding companies 2.4 7.3 5.1 5.0 4.1 4.8 5.3 4.2 4.0 4.0 4.0 7
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F.227 Pension Entitlements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 1

 2 Life insurance companies (1) 95.0 76.4 76.6 92.8 88.5 82.5 86.3 41.1 72.4 156.5 83.8 2

 3 Private pension funds (2) 140.7 194.4 148.8 136.3 37.7 123.1 154.3 115.4 76.7 -34.1 -7.4 3

 4 Federal government retirement funds (3) 113.0 102.1 107.6 112.8 108.3 119.4 127.0 103.6 103.3 106.6 119.9 4

 5 State and local govt. retirement funds 200.6 207.2 206.5 185.3 202.8 188.0 183.4 212.5 211.2 186.2 201.1 5

 6 Net change in assets (Households) (4) 549.2 580.1 539.5 527.0 437.2 513.0 551.1 472.6 463.6 415.2 397.4 6

 Memo:

 7 Individual Retirement Accounts (IRAs) at: (5) 380.0 261.0 234.5 244.6 83.0 370.1 29.7 256.1 54.6 10.6 ND 7

 8 U.S.-chartered depository institutions 20.3 24.4 -0.4 0.1 18.0 15.4 19.0 -34.4 35.4 57.1 ND 8

 9 Credit unions 1.2 1.4 -0.7 -1.6 -0.2 -1.5 -2.1 -0.9 -0.2 0.2 ND 9

 10 Life insurance companies 15.8 25.8 18.3 15.0 17.1 1.8 25.3 12.9 3.1 -18.8 ND 10

 11 Money market mutual funds 9.0 5.0 14.0 -11.0 11.2 12.0 -20.0 -24.0 4.0 36.0 ND 11

 12 Mutual funds 60.4 129.1 129.3 95.4 -26.7 -14.5 17.2 179.9 9.4 -158.8 ND 12

 13 Other self-directed accounts 273.3 75.4 73.9 146.7 63.6 356.8 -9.7 122.6 3.0 94.9 ND 13

(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), except those at life insurance companies.

(5) Assets of the household sector (F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10)

 and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12).

F.228 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 20.1 16.8 11.8 20.1 4.3 8.3 -6.9 69.1 -29.0 -34.8 12.1 1

 businesses

 2 Nonfinancial corporate business 8.8 2.3 -9.1 -0.3 7.2 15.4 -12.4 18.5 17.9 -15.2 7.4 2

 3 Nonfinancial noncorporate business 0.6 7.6 3.2 3.9 8.7 3.0 6.2 15.2 6.8 4.6 8.1 3

 4 U.S.-chartered depository institutions 10.6 7.0 0.1 15.2 -4.4 -11.6 12.3 19.1 -27.6 8.6 -17.7 4

 5 Property-casualty insurance companies -4.4 3.8 19.1 1.9 -6.3 3.0 0.4 1.4 -18.9 -23.4 15.6 5

 6 Life insurance companies 5.2 -4.6 -2.3 -1.9 -0.3 -3.4 -8.3 10.0 -5.6 -8.9 3.3 6

 7 Finance companies 0.5 0.2 0.1 1.0 0.4 0.8 0.3 1.7 0.9 0.1 -1.2 7

 8 Brokers and dealers -1.1 0.5 0.6 0.3 -0.8 1.1 -5.5 3.3 -2.5 -0.7 -3.4 8

 9 Net change in business taxes receivable 28.1 31.6 31.3 -16.1 35.6 -31.1 -50.1 98.3 19.9 -25.9 50.2 9

 10 Federal government 25.6 22.0 27.2 -19.9 27.0 -39.2 -56.3 79.8 22.9 -37.2 42.3 10

 11 State and local governments 2.4 9.5 4.1 3.9 8.7 8.0 6.2 18.5 -3.0 11.3 7.9 11

 12 Discrepancy -8.0 -14.7 -19.6 36.2 -31.3 39.5 43.2 -29.2 -48.9 -8.9 -38.2 12

F.229 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 231.5 90.3 173.2 24.7 21.8 11.9 34.7 19.1 17.5 48.3 2.1 1

 2 Nonfinancial noncorporate business 234.4 83.6 178.8 22.7 17.6 4.9 35.8 20.3 20.3 23.0 6.6 2

 3 Brokers and dealers -2.9 6.7 -5.6 2.0 4.2 7.0 -1.1 -1.1 -2.7 25.3 -4.5 3
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F.230 Direct Investment

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world (1) 419.1 339.7 328.6 336.9 290.8 363.4 449.7 302.1 331.8 251.3 278.1 1

 2 Equity 401.5 322.6 336.9 355.6 320.2 386.1 469.6 310.7 331.6 315.3 323.4 2

 3 Equity (other than reinvested earnings) 89.1 37.2 17.2 8.0 26.4 35.8 112.1 -1.1 36.9 36.9 32.9 3

 4 Reinvested earnings 312.4 285.3 319.7 347.6 293.8 350.3 357.5 311.7 294.7 278.3 290.5 4

 5 Of which: Current-cost adjustment 22.5 21.5 20.7 20.4 20.0 20.4 20.3 20.1 20.1 20.0 19.9 5

 6 Intercompany debt (2) 17.5 17.1 -8.3 -18.7 -29.4 -22.7 -19.9 -8.5 0.1 -64.0 -45.3 6

 7 U.S. parents’ claims 42.2 18.1 9.6 -2.1 -1.8 20.1 -42.8 -34.1 46.0 -46.9 28.0 7

 8 Less: U.S. parents’ liabilities 24.7 1.0 17.9 16.6 27.7 42.8 -22.9 -25.5 45.8 17.1 73.2 8

 9 Asset: Nonfinancial corporate business 403.9 319.2 305.0 311.0 258.8 321.1 441.1 294.1 279.8 232.5 229.0 9

 10 Of which: Current-cost adjustment 22.5 21.5 20.7 20.4 20.0 20.4 20.3 20.1 20.1 20.0 19.9 10

 11 U.S.-chartered depository institutions -6.2 -1.6 0.3 4.7 -1.9 14.2 7.0 -7.1 2.6 -3.0 -0.3 11

 12 Property-casualty insurance companies 1.1 0.4 10.2 4.0 6.6 8.6 -2.3 2.1 11.2 3.6 9.4 12

 13 Life insurance companies 3.3 5.9 2.9 2.2 3.0 4.0 3.3 7.5 5.4 -3.1 2.0 13

 14 Finance companies 12.0 8.5 -1.4 7.9 12.1 5.9 -8.1 0.0 13.5 9.3 25.7 14

 15 Brokers and dealers 4.9 7.3 11.7 7.2 12.2 9.7 8.6 5.5 19.3 11.8 12.4 15

 Foreign direct investment in U.S.:

 16 Liab.: Nonfinancial corporate business 192.7 188.3 184.9 97.1 336.6 370.2 200.8 763.4 310.3 121.9 150.8 16

 17 Of which: Current-cost adjustment 6.2 5.4 5.1 5.0 4.9 4.9 4.9 4.9 4.9 4.9 4.9 17

 18 Nonfinancial noncorporate business 0.0 0.4 0.6 0.8 1.2 0.9 0.8 2.4 2.2 0.6 -0.4 18

 19 Foreign banking offices in U.S. 26.0 -1.9 9.5 0.7 7.2 -7.1 8.2 -6.6 18.0 1.2 16.2 19

 20 Property-casualty insurance companies -2.2 -8.2 11.5 -0.5 -1.8 10.0 -3.8 -2.5 -1.2 -5.1 1.8 20

 21 Life insurance companies -5.4 2.4 0.9 5.8 5.5 15.8 -0.1 28.4 2.8 -0.5 -8.6 21

 22 Finance companies 6.1 -3.3 2.3 3.3 1.0 1.5 -4.7 0.5 -0.3 0.0 3.8 22

 23 Brokers and dealers 18.2 15.4 6.2 3.7 20.8 0.2 7.3 7.0 19.4 24.0 32.7 23

 24 Funding corporations 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 24

 25 Asset: Rest of the world (1) 236.1 193.8 216.6 111.6 371.1 392.1 209.1 793.3 351.8 142.7 196.8 25

 26 Equity 185.1 193.8 211.8 68.9 287.9 237.7 193.6 634.6 222.7 143.9 150.2 26

 27 Equity (other than reinvested earnings) 106.5 106.3 127.1 -30.1 209.7 133.8 86.6 567.3 153.9 56.5 61.1 27

 28 Reinvested earnings 78.6 87.5 84.7 99.0 78.2 104.0 107.0 67.3 68.8 87.4 89.1 28

 29 Of which: Current-cost adjustment 6.2 5.4 5.1 5.0 4.9 4.9 4.9 4.9 4.9 4.9 4.9 29

 30 Intercompany debt 51.0 -0.0 4.8 42.7 83.3 154.3 15.4 158.6 129.1 -1.2 46.6 30

 31 U.S. affiliates’ liabilities 47.7 37.2 57.5 46.4 98.8 145.4 38.8 151.8 172.0 -4.2 75.4 31

 32 Less: U.S. affiliates’ claims -3.4 37.2 52.7 3.7 15.5 -9.0 23.4 -6.8 42.9 -2.9 28.8 32

 Memo:

 Direct investment, asset/liability presentation:

 33 Net U.S. acquisition of direct investment assets 440.4 377.9 399.2 357.2 333.9 397.2 450.2 269.8 420.5 265.4 380.1 33

 34 Equity (line 2) 401.5 322.6 336.9 355.6 320.2 386.1 469.6 310.7 331.6 315.3 323.4 34

 35 Intercompany debt 38.9 55.3 62.3 1.6 13.7 11.1 -19.4 -40.9 88.9 -49.9 56.7 35

 36 U.S. parents’ claims (line 7) 42.2 18.1 9.6 -2.1 -1.8 20.1 -42.8 -34.1 46.0 -46.9 28.0 36

 37 U.S. affiliates’ claims (line 32) -3.4 37.2 52.7 3.7 15.5 -9.0 23.4 -6.8 42.9 -2.9 28.8 37

 38 Net U.S. incurrence of direct investment liabilities 257.4 232.0 287.2 131.8 414.3 425.9 209.5 760.9 440.5 156.9 298.8 38

 39 Equity (line 26) 185.1 193.8 211.8 68.9 287.9 237.7 193.6 634.6 222.7 143.9 150.2 39

 40 Intercompany debt 72.4 38.2 75.4 63.0 126.4 188.1 15.9 126.2 217.8 12.9 148.6 40

 41 U.S. parents’ liabilities (line 8) 24.7 1.0 17.9 16.6 27.7 42.8 -22.9 -25.5 45.8 17.1 73.2 41

 42 U.S. affiliates’ liabilities (line 31) 47.7 37.2 57.5 46.4 98.8 145.4 38.8 151.8 172.0 -4.2 75.4 42

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.

(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.
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F.231 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 1024.1 1016.6 1029.9 1130.7 937.0 333.9 1016.2 1050.2 1200.5 1767.3 -269.9 1

 2 Household sector -0.4 0.6 3.0 1.2 2.2 -2.6 -2.0 4.6 3.2 -1.6 2.6 2

 3 Nonfinancial corporate business 786.8 769.1 578.2 533.0 600.8 253.6 583.0 130.6 362.8 1029.4 880.2 3

 4 Nonfinancial noncorporate business -21.0 51.8 41.8 38.3 6.9 44.9 33.1 62.4 -3.7 -7.0 -24.2 4

 5 Federal government 53.0 55.4 4.1 36.2 26.9 11.0 51.7 387.2 576.0 475.2 -1330.7 5

 6 State and local governments 316.3 312.2 244.4 237.1 257.4 141.2 171.7 180.0 272.2 330.6 246.7 6

 7 Monetary authority -27.2 4.0 9.8 3.5 0.6 -62.7 34.3 75.5 -47.4 -72.7 47.0 7

 8 U.S.-chartered depository institutions -94.9 147.1 120.1 318.5 61.0 314.6 451.1 3.4 165.8 98.1 -23.1 8

 9 Foreign banking offices in U.S. 10.1 -35.7 -33.2 -11.7 -9.1 63.2 -102.2 11.3 -45.8 26.2 -28.3 9

 10 Banks in U.S.-affiliated areas -3.9 -2.0 -3.0 -1.6 -2.3 -10.5 0.2 -3.4 3.2 -7.0 -2.0 10

 11 Credit unions 1.1 0.4 1.5 1.2 -5.8 -3.1 -0.4 7.1 -0.7 -9.8 -19.8 11

 12 Property-casualty insurance companies 35.2 -1.0 -0.3 14.8 15.0 26.8 -5.8 -11.2 33.5 41.2 -3.4 12

 13 Life insurance companies 37.2 32.9 -17.2 34.4 39.0 -11.8 46.2 76.9 -80.3 97.3 62.3 13

 14 Government-sponsored enterprises -49.2 -6.1 -9.4 -3.6 -7.9 6.8 -6.9 -4.2 -20.3 4.2 -11.4 14

 15 Finance companies -19.1 -22.3 -28.2 -2.5 -27.6 -66.9 39.4 -14.4 -16.4 -69.7 -9.7 15

 16 REITs 7.1 25.4 -21.7 12.3 -1.8 1.9 3.5 -5.3 -18.2 -11.6 27.9 16

 17 Brokers and dealers -19.4 -7.7 41.3 -19.9 1.9 -73.5 -225.8 195.8 68.9 -33.6 -223.4 17

 18 Holding companies -36.2 -98.6 222.0 -31.1 -123.8 -201.3 -83.2 -251.2 -14.5 -214.7 -14.6 18

 19 Funding corporations -84.3 -68.9 -100.3 -18.2 95.9 -84.2 62.1 164.2 10.2 40.7 168.6 19

 20 Rest of the world 132.9 -140.0 -23.3 -11.0 7.6 -13.6 -33.7 40.8 -47.8 52.1 -14.7 20

 21 Net change in assets 678.1 564.9 1451.8 1112.2 1226.2 424.6 828.5 2134.5 1633.1 1370.5 -233.2 21

 22 Household sector 61.6 -6.1 50.3 7.8 40.7 11.9 -31.9 31.4 29.2 71.3 30.8 22

 23 Nonfinancial corporate business 25.8 107.1 257.8 342.0 692.5 362.0 199.9 848.8 686.0 809.9 425.2 23

 24 Nonfinancial noncorporate business 109.1 222.4 228.8 141.4 169.3 113.9 220.7 160.5 215.2 92.8 208.6 24

 25 State and local governments -1.1 5.8 3.9 7.7 14.4 0.5 7.0 14.2 12.9 26.2 4.2 25

 26 Federal government 2.0 -1.0 5.9 12.5 14.4 11.0 8.2 19.7 17.4 11.0 9.7 26

 27 Monetary authority 142.4 -25.6 32.3 -0.5 -20.2 -8.8 -4.8 -32.4 -14.8 -20.2 -13.4 27

 28 U.S.-chartered depository institutions -68.5 -10.7 -4.6 -8.1 15.4 -105.0 -80.6 133.4 91.6 -185.7 22.3 28

 29 Foreign banking offices in U.S. 15.0 -0.3 13.1 14.4 -13.0 8.8 -11.3 17.8 -23.7 -35.6 -10.5 29

 30 Banks in U.S.-affiliated areas 0.8 0.2 8.6 12.8 1.5 -4.8 48.4 -8.2 22.4 -3.4 -4.6 30

 31 Credit unions -12.1 0.8 -1.6 5.3 9.3 -5.8 22.4 -13.6 8.0 7.2 35.5 31

 32 Property-casualty insurance companies -0.0 0.0 0.1 0.0 0.0 0.0 -0.0 0.0 0.1 -0.0 0.0 32

 33 Life insurance companies 56.4 26.8 28.0 71.9 31.0 26.7 173.2 73.3 -96.8 70.1 77.3 33

 34 Private pension funds 49.5 15.9 133.4 85.8 73.2 62.4 130.5 31.2 72.1 50.4 138.9 34

 35 Federal government retirement funds 20.8 50.4 -9.3 22.8 16.0 10.5 36.6 402.2 567.0 470.5 -1375.8 35

 36 State and local govt. retirement funds 306.7 304.3 246.6 226.7 256.4 124.8 163.2 200.6 271.3 300.4 253.1 36

 37 Money market mutual funds -0.8 6.1 2.8 -14.3 -7.5 17.6 72.8 -58.5 -22.1 -8.9 59.6 37

 38 Mutual funds 2.9 -33.1 19.1 -4.3 -18.2 82.2 -143.0 27.4 -22.4 -77.9 -0.0 38

 39 Government-sponsored enterprises -0.1 4.1 13.1 -11.0 -5.0 -8.6 21.5 40.2 6.2 -48.4 -18.0 39

 40 ABS issuers -8.5 -0.4 -8.4 9.2 1.6 20.4 12.6 6.2 -5.9 -12.2 18.3 40

 41 Finance companies -5.9 -34.2 -16.9 9.3 -25.6 7.6 60.4 6.3 -86.5 -112.1 89.7 41

 42 REITs 8.5 25.8 12.2 17.4 9.7 14.9 -29.6 23.8 4.8 3.7 6.6 42

 43 Brokers and dealers -106.6 -68.7 145.2 49.3 -60.6 -173.5 -111.7 270.6 -252.4 5.0 -265.8 43

 44 Holding companies 60.6 -31.8 278.8 111.2 -7.1 -179.0 151.4 -134.5 158.8 -96.4 43.9 44

 45 Funding corporations 19.6 7.2 13.0 2.8 38.3 34.9 -87.5 74.1 -5.1 52.7 31.4 45

 46 Discrepancy 346.0 451.7 -422.0 18.5 -289.2 -90.8 187.6 -1084.3 -432.6 396.7 -36.8 46
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F.232 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 Federal government equity in IBRD, etc.:

 1 Liab.: Rest of the world 2.6 2.4 2.2 2.3 2.2 1.9 0.7 8.7 0.0 0.2 0.1 1

 2 Asset: Federal government 2.6 2.4 2.2 2.3 2.2 1.9 0.7 8.7 0.0 0.2 0.1 2

 Federal Reserve Bank stock:

 3 Liab.: Monetary authority 0.4 0.5 0.1 1.1 0.9 0.1 1.5 1.0 1.2 0.6 0.7 3

 4 Asset: U.S.-chartered depository institutions 0.4 0.5 0.1 1.1 0.9 0.1 1.5 1.0 1.2 0.6 0.7 4

 Equity in govt.-sponsored enterprises:

 5 Liab.: Government-sponsored enterprises -5.9 -1.8 0.5 1.2 -0.0 1.4 2.0 -4.3 4.2 -2.4 2.4 5

 6 Asset: Nonfin. corporate business (Fannie Mae and FCS) -0.0 0.0 0.0 0.1 -0.0 -0.0 0.1 0.3 -0.1 0.0 -0.3 6

 7 Nonfinancial noncorporate (FCS) 0.3 0.1 0.6 0.8 0.5 0.7 0.9 0.4 0.5 0.6 0.5 7

 8 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 U.S.-chartered depository institutions (FHLB) -6.1 -2.2 -0.6 -0.6 -2.2 -0.4 0.2 -6.1 1.8 -5.1 0.6 9

 10 Credit unions (FHLB) 0.7 0.1 -0.6 0.6 0.6 0.7 0.7 0.3 0.8 0.5 0.8 10

 11 Property-casualty insurance companies (FHLB) -0.0 0.0 0.1 0.0 0.0 0.0 -0.0 0.0 0.1 -0.0 0.0 11

 12 Life insurance companies (FHLB) -0.7 0.0 0.8 0.1 0.1 0.1 -0.2 0.5 0.6 -0.5 -0.3 12

 13 Finance companies -0.0 0.0 0.0 -0.0 0.1 -0.0 -0.0 0.0 0.0 0.1 0.2 13

 14 Real estate investment trusts (FHLB) 0.0 0.0 0.0 0.3 0.9 0.3 0.3 0.3 0.6 1.9 0.9 14

 Holding company net transactions with subsidiaries:

 15 Liab.: U.S.-chartered depository institutions 76.1 101.2 59.2 195.9 38.1 108.0 295.8 -81.7 115.4 76.7 42.0 15

 16 Property-casualty insurance companies 0.0 -6.8 -6.0 0.1 -0.8 -0.2 0.9 -5.5 2.8 0.8 -1.1 16

 17 Life insurance companies 9.3 10.3 3.4 0.8 0.5 -0.3 0.2 1.1 0.2 0.9 -0.2 17

 18 Finance companies -20.3 -3.5 -15.8 -13.1 -2.5 -4.0 0.5 -4.5 -9.7 -0.9 5.3 18

 19 Brokers and dealers -13.0 52.3 57.1 4.8 77.7 -163.8 26.8 -67.3 220.5 17.7 139.8 19

 20 Rest of the world 30.6 -51.5 -16.9 -14.6 5.9 -16.0 -39.6 34.9 -47.1 51.8 -16.0 20

 21 Asset: Holding companies 82.7 101.9 81.0 173.9 119.0 -76.4 284.5 -123.0 282.1 147.0 169.8 21

 NFC investment in finance company subsidiaries:

 22 Liab.: Finance companies 8.4 2.6 14.7 14.1 -4.0 -6.5 0.7 -7.3 -15.7 -1.5 8.6 22

 23 Asset: Nonfinancial corporate business 8.4 2.6 14.7 14.1 -4.0 -6.5 0.7 -7.3 -15.7 -1.5 8.6 23

 Funding corporations’ investment in subsidiaries:

 24 Liab.: Foreign banking offices in U.S. -33.7 -11.8 -2.5 -20.3 2.2 28.1 -98.5 -27.9 51.6 -3.1 -11.9 24

 25 Brokers and dealers 53.4 19.0 15.5 23.1 36.1 6.8 11.0 102.0 -56.7 55.7 43.3 25

 26 Asset: Funding corporations 19.6 7.2 13.0 2.8 38.3 34.9 -87.5 74.1 -5.1 52.7 31.4 26

 Equity investment under Public-Private Inv. Program:

 27 Liab.: Funding corporations 1.4 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

 28 Asset: Households (2) 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

 29 Federal government 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

(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).
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F.233 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 99.7 -90.9 -8.6 1.3 -0.5 0.5 5.2 -2.9 -0.7 0.2 1.3 1

 2 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 2

 3 Monetary authority (1) 99.7 -90.9 -8.6 1.3 -0.5 0.5 5.2 -2.9 -0.7 0.2 1.3 3

 Postal Savings System deposits:

 4 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises -1.8 1.2 -3.2 -1.5 -2.8 1.1 -1.0 4.4 -3.7 -3.9 -7.9 6

 7 Asset: U.S.-chartered depository institutions -1.8 1.2 -3.2 -1.5 -2.8 1.1 -1.0 4.4 -3.7 -3.9 -7.9 7

 Funding agreements backing securities (2):

 8 Liab.: Life insurance companies -8.5 -0.4 -8.4 9.2 1.6 20.4 12.6 6.2 -5.9 -12.2 18.3 8

 9 Asset: ABS issuers -8.5 -0.4 -8.4 9.2 1.6 20.4 12.6 6.2 -5.9 -12.2 18.3 9

 Deferred and unpaid life insurance premiums:

 10 Liab.: Household sector -0.4 0.6 3.0 1.2 2.2 -2.6 -2.0 4.6 3.2 -1.6 2.6 10

 11 Asset: Life insurance companies -0.4 0.6 3.0 1.2 2.2 -2.6 -2.0 4.6 3.2 -1.6 2.6 11

 Life insurance company reserves:

 12 Liab.: Life insurance companies 14.8 -1.8 0.4 5.8 8.9 1.7 -6.2 13.9 2.2 19.8 -0.2 12

 13 Accident and health 15.6 -2.4 0.2 5.5 6.6 -3.3 -1.7 7.8 3.5 14.7 0.3 13

 14 Policy dividend accumulation -1.8 0.4 0.2 0.2 0.3 0.9 -1.3 -0.8 1.4 1.0 -0.2 14

 15 Contract claims 0.9 0.3 -0.0 0.1 2.0 4.1 -3.2 6.9 -2.7 4.2 -0.3 15

 16 Asset: Household sector 14.8 -1.8 0.4 5.8 8.9 1.7 -6.2 13.9 2.2 19.8 -0.2 16

 Policy payables:

 17 Liab.: Property-casualty insurance companies 35.2 5.8 5.7 14.7 15.8 27.1 -6.6 -5.6 30.7 40.4 -2.2 17

 18 Asset: Household sector 27.6 -17.7 37.7 -8.4 24.3 -2.9 -19.4 14.3 31.4 37.2 14.4 18

 19 Nonfinancial corporate business 12.3 8.0 -6.0 10.2 2.2 15.2 1.6 -6.4 8.2 11.7 -4.8 19

 20 Nonfinancial noncorporate business -4.7 15.4 -26.0 12.9 -10.7 14.7 11.2 -13.5 -9.0 -8.6 -11.8 20

 Unallocated insurance company contracts:

 21 Liab.: Life insurance companies 11.4 1.0 -11.4 -8.9 2.2 -11.6 12.4 19.8 1.6 -44.2 31.6 21

 22 Asset: Private pension funds 22.7 5.7 -3.2 3.6 4.3 -0.9 14.2 14.1 1.6 -20.5 22.1 22

 23 State and local government retirement funds -11.2 -4.7 -8.2 -12.5 -2.1 -10.7 -1.8 5.6 -0.0 -23.6 9.5 23

 Pension fund contributions payable:

 24 Liab.: Nonfinancial corporate business 3.0 -12.3 -2.5 -1.1 2.8 1.5 -2.0 6.7 1.1 -0.1 3.4 24

 25 Asset: Private pension funds 3.0 -12.3 -2.5 -1.1 2.8 1.5 -2.0 6.7 1.1 -0.1 3.4 25

 Securities borrowed (net):

 26 Liab.: Funding corporations -74.6 -79.2 94.0 47.1 -13.8 -44.8 -58.9 139.1 -209.3 177.7 -162.6 26

 27 Asset: Brokers and dealers -74.6 -79.2 94.0 47.1 -13.8 -44.8 -58.9 139.1 -209.3 177.7 -162.6 27

 Retiree health care funds (3):

 28 Liab.: Federal government 18.5 13.3 12.2 10.4 7.4 13.1 -6.3 3.1 -4.4 14.2 16.7 28

 29 Asset: Household sector 18.5 13.3 12.2 10.4 7.4 13.1 -6.3 3.1 -4.4 14.2 16.7 29

 Claims of pension fund on sponsor:

 30 Liab.: Nonfinancial corporate business -19.5 -11.6 110.9 54.2 43.3 44.8 108.9 -21.4 51.3 56.5 86.7 30

 31 Federal government 20.8 50.4 -9.3 22.8 16.0 10.5 36.6 402.2 567.0 470.5 -1375.8 31

 32 State and local governments 316.3 312.2 244.4 237.1 257.4 141.2 171.7 180.0 272.2 330.6 246.7 32

 33 Asset: Private pension funds -19.5 -11.6 110.9 54.2 43.3 44.8 108.9 -21.4 51.3 56.5 86.7 33

 34 Federal government retirement funds 20.8 50.4 -9.3 22.8 16.0 10.5 36.6 402.2 567.0 470.5 -1375.8 34

 35 State and local govt. retirement funds 316.3 312.2 244.4 237.1 257.4 141.2 171.7 180.0 272.2 330.6 246.7 35

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities

 are included in foreign direct investment in the U.S. See tables F.132 and F.230.

(3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
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72 Z.1, March 10, 2016

F.234 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 500.0 715.5 491.1 543.0 440.2 175.8 550.0 351.0 228.4 522.9 658.7 1

 2 Nonfinancial corporate business 803.3 793.0 469.8 479.9 554.7 207.3 476.1 145.3 310.4 973.0 790.1 2

 3 Nonfinancial noncorporate business -21.0 51.8 41.8 38.3 6.9 44.9 33.1 62.4 -3.7 -7.0 -24.2 3

 4 Federal government 13.6 -8.3 1.3 3.0 3.5 -12.5 21.3 -18.1 13.3 -9.5 28.4 4

 5 Monetary authority -27.5 3.5 9.7 2.4 -0.3 -62.8 32.7 74.5 -48.7 -73.3 46.4 5

 6 U.S.-chartered depository institutions -171.0 45.9 60.9 122.5 22.9 206.6 155.3 85.1 50.4 21.4 -65.1 6

 7 Foreign banking offices in U.S. 43.8 -23.9 -30.7 8.6 -11.3 35.0 -3.7 39.2 -97.4 29.3 -16.4 7

 8 Banks in U.S.-affiliated areas -3.9 -2.0 -3.0 -1.6 -2.3 -10.5 0.2 -3.4 3.2 -7.0 -2.0 8

 9 Credit unions 1.1 0.4 1.5 1.2 -5.8 -3.1 -0.4 7.1 -0.7 -9.8 -19.8 9

 10 Life insurance companies 10.1 23.7 -1.1 27.5 25.8 -22.0 27.3 35.9 -78.4 132.9 12.7 10

 11 Government-sponsored enterprises -41.4 -5.4 -6.7 -3.4 -5.1 4.4 -7.9 -4.3 -20.8 10.6 -5.9 11

 12 Finance companies -7.1 -21.4 -27.1 -3.5 -21.1 -56.3 38.2 -2.5 9.0 -67.3 -23.6 12

 13 REITs 7.1 25.4 -21.7 12.3 -1.8 1.9 3.5 -5.3 -18.2 -11.6 27.9 13

 14 Brokers and dealers -59.8 -79.0 -31.3 -47.8 -111.8 83.6 -263.6 161.1 -95.0 -107.1 -406.4 14

 15 Holding companies -36.2 -98.6 222.0 -31.1 -123.8 -201.3 -83.2 -251.2 -14.5 -214.7 -14.6 15

 16 Funding corporations -11.1 10.3 -194.3 -65.3 109.7 -39.4 121.0 25.1 219.5 -137.0 331.2 16

 17 Net change in assets 154.0 263.9 913.1 524.5 729.5 266.6 362.4 1435.3 661.1 126.1 695.4 17

 18 Nonfinancial corporate business 5.2 96.5 249.0 317.6 694.3 353.3 197.5 862.3 693.6 799.6 421.7 18

 19 Nonfinancial noncorporate business 113.5 206.9 254.1 127.7 179.5 98.5 208.7 173.6 223.6 100.9 219.9 19

 20 Federal government -1.3 -3.5 3.7 10.2 12.2 9.1 7.5 10.9 17.4 10.8 9.6 20

 21 State and local governments -1.1 5.8 3.9 7.7 14.4 0.5 7.0 14.2 12.9 26.2 4.2 21

 22 Monetary authority 42.7 65.3 40.9 -1.8 -19.7 -9.3 -9.9 -29.5 -14.1 -20.4 -14.7 22

 23 U.S.-chartered depository institutions -60.9 -10.2 -1.0 -7.0 19.5 -105.8 -81.3 134.1 92.3 -177.3 29.0 23

 24 Foreign banking offices in U.S. 15.0 -0.3 13.1 14.4 -13.0 8.8 -11.3 17.8 -23.7 -35.6 -10.5 24

 25 Banks in U.S.-affiliated areas 0.8 0.2 8.6 12.8 1.5 -4.8 48.4 -8.2 22.4 -3.4 -4.6 25

 26 Credit unions -12.8 0.7 -1.1 4.7 8.7 -6.5 21.8 -13.8 7.2 6.7 34.7 26

 27 Life insurance companies 57.5 26.2 24.2 70.7 28.7 29.3 175.4 68.2 -100.6 72.3 75.0 27

 28 Private pension funds 43.4 34.1 28.1 29.1 22.7 17.0 9.4 31.8 18.0 14.5 26.7 28

 29 State and local govt. retirement funds 1.6 -3.2 10.4 2.0 1.1 -5.7 -6.7 15.0 -0.8 -6.5 -3.0 29

 30 Money market mutual funds -0.8 6.1 2.8 -14.3 -7.5 17.6 72.8 -58.5 -22.1 -8.9 59.6 30

 31 Mutual funds 2.9 -33.1 19.1 -4.3 -18.2 82.2 -143.0 27.4 -22.4 -77.9 -0.0 31

 32 Government-sponsored enterprises -0.1 4.1 13.1 -11.0 -5.0 -8.6 21.5 40.2 6.2 -48.4 -18.0 32

 33 Finance companies -5.9 -34.2 -16.9 9.3 -25.7 7.6 60.5 6.3 -86.5 -112.2 89.6 33

 34 REITs 8.5 25.7 12.2 17.1 8.8 14.6 -30.0 23.4 4.2 1.8 5.7 34

 35 Brokers and dealers -32.0 10.5 51.2 2.2 -46.8 -128.7 -52.8 131.6 -43.1 -172.6 -103.2 35

 36 Holding companies -22.2 -133.7 197.8 -62.7 -126.0 -102.6 -133.1 -11.4 -123.3 -243.4 -125.9 36

 37 Discrepancy 346.0 451.7 -422.0 18.5 -289.2 -90.8 187.6 -1084.3 -432.6 396.7 -36.8 37
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F.7 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2011 2012 2013 2014 2015 2014 2015

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors 274.1 551.2 -475.9 -4.3 -110.6 359.1 -359.6 -426.0 -524.5 466.9 41.1 1

 2 Household sector -710.1 -163.9 -577.4 -259.3 -367.1 242.6 -872.4 -954.7 175.3 -267.9 -420.9 2

 3 Nonfinancial corporate business 794.2 734.3 283.5 230.1 -37.3 170.8 315.8 238.8 -185.0 -108.4 -94.8 3

 4 Federal government -9.9 -63.0 -37.5 -44.7 -71.1 62.1 -129.8 -156.6 -214.9 36.8 50.3 4

 5 State and local governments 61.3 26.5 47.0 -16.5 32.3 -25.8 -48.7 -33.6 75.2 20.2 67.6 5

 6 Domestic financial sectors 72.2 18.6 -214.7 8.4 -109.4 -352.3 107.8 -296.8 -158.5 -107.2 124.7 6

 7 Monetary authority -1.2 -18.8 -1.6 3.9 23.3 11.8 9.6 6.7 9.4 -0.2 77.5 7

 8 U.S.-chartered depository institutions 89.6 33.5 -16.3 71.3 -144.5 -154.4 142.7 -142.6 -233.9 -153.6 -47.8 8

 9 Foreign banking officed in U.S. 1.4 11.0 -47.0 0.4 18.8 -114.4 25.6 -90.0 57.1 34.9 73.3 9

 10 Banks in U.S.-affiliated areas 1.0 -0.1 -0.3 -0.2 0.1 -3.0 -1.8 3.3 1.8 -3.8 -0.9 10

 11 Credit unions -27.2 4.8 14.2 -2.0 2.9 5.6 -2.8 -5.2 5.5 1.3 10.1 11

 12 Property-casualty insurance companies 6.7 -20.9 16.8 -6.2 -17.0 -16.7 -15.3 -25.8 0.3 -42.0 -0.7 12

 13 Life insurance companies -30.3 -37.2 -23.8 -44.8 -6.3 -28.6 -61.9 -45.3 24.4 -3.8 -0.4 13

 14 Mutual funds -35.7 -41.5 -57.0 -53.4 -54.5 -50.5 -51.1 -50.0 -56.0 -56.0 -56.0 14

 15 Government-sponsored enterprises 0.5 21.3 -3.9 23.7 -16.4 -42.7 71.4 -39.1 -33.6 4.1 3.0 15

 16 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 16

 17 Finance companies 43.2 27.8 -79.5 -3.9 12.4 5.2 -14.0 35.0 18.2 27.0 -30.6 17

 18 REITs 18.1 29.2 43.1 31.7 44.6 43.8 64.8 65.6 40.5 34.2 38.3 18

 19 Brokers and dealers 30.5 -37.0 -33.0 -12.2 18.9 -2.1 -52.2 16.3 -3.2 56.4 6.0 19

 20 Holding companies -24.3 46.5 -26.4 -0.1 8.2 -6.3 -7.1 -25.5 11.0 -5.8 53.1 20

 21 Rest of the world 66.5 -1.2 23.2 77.8 442.0 261.8 267.6 776.9 -216.5 893.4 314.1 21

F.8 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 274.1 551.2 -475.9 -4.3 -110.6 359.1 -359.6 -426.0 -524.5 466.9 41.1 1

 2 Treasury currency -0.7 -0.6 -1.1 -1.1 -1.3 -1.8 -0.5 -1.5 -1.3 -1.3 -1.2 2

 3 Foreign deposits -136.3 -140.5 -8.1 -83.6 -165.3 230.1 -435.4 -22.3 -269.4 -126.3 -243.2 3

 4 Net interbank transactions 3.5 5.7 56.8 -47.1 -8.7 14.9 -222.5 288.4 -170.4 -100.6 -52.1 4

 5 Security repurchase agreements 77.7 -10.7 -124.1 -137.0 145.8 -82.3 -143.4 187.2 43.0 184.3 168.8 5

 6 Mail floats 0.8 1.5 -0.7 0.9 -0.3 0.5 -55.4 -41.2 98.9 0.7 -59.5 6

 7 Federal government -0.1 0.6 0.4 1.1 -0.0 4.3 -54.6 -41.7 99.1 2.3 -59.8 7

 8 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 8

 9 Private domestic 0.9 0.9 -1.2 -0.3 -0.2 -3.7 -0.8 0.6 -0.1 -1.7 0.3 9

 10 Trade credit -42.8 60.3 -129.7 2.1 33.1 30.2 10.2 29.7 81.1 -56.8 78.5 10

 11 Taxes payable -8.0 -14.7 -19.6 36.2 -31.3 39.5 43.2 -29.2 -48.9 -8.9 -38.2 11

 12 Miscellaneous 346.0 451.7 -422.0 18.5 -289.2 -90.8 187.6 -1084.3 -432.6 396.7 -36.8 12

 13 Nonfinancial 33.9 198.6 172.5 206.9 206.5 218.9 256.7 247.1 175.2 179.1 224.8 13

 Nonfinancial components (sign reversed):

 14 Statistical discrepancy (NIPA) -38.3 -203.3 -177.6 -212.0 -211.8 -224.0 -261.8 -252.3 -180.4 -184.4 -230.1 14

 15 Contr. for govt. soc. insur., U.S. affiliated areas 4.4 4.6 5.2 5.1 5.3 5.1 5.1 5.2 5.2 5.3 5.3 15