For use at 4:00 p.m., E.D.T.

Thursday

June 11, 1998

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

First Quarter 1998

Board of Governors of the Federal Reserve System, Washington DC 20551
Flow of Funds Summary Statistics 

First Quarter 1998

Debt of domestic nonfinancial sectors rose at a

seasonally adjusted annual rate of 6-1/4 percent in

the first quarter of 1998, the same as in the fourth

quarter of 1997. Federal government debt contracted

a bit, on a seasonally adjusted basis. Meanwhile,

debt of the nonfederal sectors expanded at an 8-1/2

percent pace, a bit faster than in the fourth quarter of

last year and substantially stronger than the average

growth rates in recent years. 

Total household debt growth rose to about

a 7-3/4 percent pace, as home mortgage debt

continued to grow at an 8-1/4 percent rate in the first

quarter and consumer credit picked up to a 4-1/2

percent rate. The growth of nonfinancial business

debt remained strong at about a 9 percent rate,

buoyed by near-record borrowing in the corporate

bond market in the first quarter. State and local

government debt jumped to a 10-1/4 percent growth

rate in the first quarter; borrowing by state and local

governments has been boosted in recent quarters by

refunding of higher cost debt in advance of

retirement dates.

The level of domestic nonfinancial debt

outstanding was $15.4 trillion at the end of the first

quarter of 1998. Debt of the nonfederal sectors was

$11.6 trillion, and federal debt was $3.8 trillion.

Figures on the growth and level of debt are

found on tables D.1 through D.3. Tables with

financial flows, amounts outstanding, and selected

sector balance sheets are included in the remaining

pages of this release.

Growth of Domestic Nonfinancial Debt1

Percent changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1988 9.1 8.0 9.4 9.1 10.4 6.4

1989 7.3 7.0 7.3 8.6 6.7 5.6

1990 6.4 11.0 5.2 7.5 3.1 5.0

1991 4.3 11.1 2.3 4.7 -1.7 8.6

1992 4.6 10.9 2.6 4.3 .7 2.9

1993 5.0 8.3 3.8 5.2 1.4 6.7

1994 4.6 4.7 4.6 7.5 3.7 -2.7

1995 5.4 4.1 5.9 7.8 6.3 -3.1

1996 5.3 4.0 5.8 7.8 4.7 1.3

1997 5.3 .6 6.9 6.8 7.1 7.0

1997:Q1 4.9 1.7 6.1 6.6 5.8 4.9

 :Q2 4.3 -1.1 6.2 5.6 6.2 8.8

 :Q3 5.3 .8 6.9 7.2 6.9 5.4

 :Q4 6.2 1.1 8.0 7.2 8.8 8.3

1998:Q1 6.2 -.8 8.5 7.8 8.9 10.3

1. Changes shown are on an end-of-period basis and may differ from month-average data in the H.6 release.
Table of Contents

Title Table Page

Flow of Funds Accounts, First Quarter 1998 1

Availability of Data for Latest Quarter 5

Debt Growth by Sector D.1 8 

Borrowing by Sector D.2 9

Debt Outstanding by Sector D.3 10

 

Flows Levels

Title Table Page Table Page

Summaries

Total Net Borrowing and Lending in Credit Markets F.1 11 L.1 60

Credit Market Borrowing by Nonfinancial Sectors F.2 12 L.2 61

Credit Market Borrowing by Financial Sectors F.3 12 L.3 61

Credit Market Borrowing, All Sectors, by Instrument F.4 13 L.4 62

Total Liabilities and Their Relation to Total Financial Assets F.5 13 L.5 62

Distribution of Gross Domestic Product F.6 14

Distribution of National Income F.7 15

Gross Saving and Investment F.8 16 

Derivation of Measures of Personal Saving F.9 17 L.9 63
Flows Levels

Title Table Page Table Page

Sectors

Households and Nonprofit Organizations F.100 18 L.100 64

Nonfinancial Business F.101 19 L.101 65

Nonfarm Nonfinancial Corporate Business F.102 20 L.102 66

Nonfarm Noncorporate Business F.103 21 L.103 67

Farm Business F.104 21 L.104 67

State and Local Governments F.105 22 L.105 68

Federal Government F.106 23 L.106 68

Rest of the World F.107 24 L.107 69

Monetary Authority F.108 25 L.108 70

Commercial Banking F.109 26 L.109 71

U.S.-Chartered Commercial Banks F.110 27 L.110 72

Foreign Banking Offices in U.S. F.111 28 L.111 73

Bank Holding Companies F.112 29 L.112 74

Banks in U.S.-Affiliated Areas F.113 29 L.113 74

Savings Institutions F.114 30 L.114 75

Credit Unions F.115 31 L.115 76

Bank Personal Trusts and Estates F.116 31 L.116 76

Life Insurance Companies F.117 32 L.117 77

Other Insurance Companies F.118 32 L.118 77

Private Pension Funds F.119 33 L.119 78

State and Local Government Employee Retirement Funds F.120 33 L.120 78

Money Market Mutual Funds F.121 34 L.121 79
Flows Levels

Title Table Page Table Page

Mutual Funds F.122 34 L.122 79

Closed-End Funds F.123 34 L.123 79

Government-Sponsored Enterprises F.124 35 L.124 80

Federally Related Mortgage Pools F.125 35 L.125 80

Issuers of Asset-Backed Securities F.126 36 L.126 81

Finance Companies F.127 36 L.127 81

Mortgage Companies F.128 37 L.128 82

Real Estate Investment Trusts F.129 37 L.129 82

Security Brokers and Dealers F.130 38 L.130 83

Funding Corporations F.131 38 L.131 83

Instruments

Gold and Official Foreign Exchange Holdings F.200 39 L.200 84

SDR Certificates and Treasury Currency F.201 39 L.201 84

U.S. Deposits in Foreign Countries F.202 39 L.202 84

Net Interbank Transactions F.203 40 L.203 85

Checkable Deposits and Currency F.204 41 L.204 86

Time and Savings Deposits F.205 42 L.205 87

Money Market Mutual Fund Shares F.206 42 L.206 87

Federal Funds and Security Repurchase Agreements F.207 43 L.207 88

Open Market Paper F.208 43 L.208 88

Treasury Securities F.209 44 L.209 89
Flows Levels

Title Table Page Table Page

Agency Securities F.210 45 L.210 90

Municipal Securities and Loans F.211 46 L.211 91

Corporate and Foreign Bonds F.212 46 L.212 91

Corporate Equities F.213 47 L.213 92

Mutual Fund Shares F.214 47 L.214 92

Bank Loans Not Elsewhere Classified F.215 48 L.215 93

Other Loans and Advances F.216 49 L.216 94

Total Mortgages F.217 50 L.217 95

Home Mortgages F.218 51 L.218 96

Multifamily Residential Mortgages F.219 51 L.219 96

Commercial Mortgages F.220 52 L.220 97

Farm Mortgages F.221 52 L.221 97

Consumer Credit F.222 53 L.222 98

Trade Credit F.223 53 L.223 98

Security Credit F.224 53 L.224 98

Life Insurance and Pension Fund Reserves F.225 54 L.225 99

Taxes Payable by Businesses F.226 54 L.226 99

Investment in Bank Personal Trusts F.227 54 L.227 99

Proprietors' Equity in Noncorporate Business F.228 54

Total Miscellaneous Financial Claims F.229 55 L.229 100

Identified Miscellaneous Financial Claims - Part I F.230 56 L.230 101

Identified Miscellaneous Financial Claims - Part II F.231 57 L.231 102

Unidentified Miscellaneous Financial Claims F.232 58 L.232 103

Sector Discrepancies F.10 59

Instrument Discrepancies F.11 59
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

Households and Nonprofit Organizations B.100 104 R.100 106

Nonfarm Nonfinancial Corporate Business B.102 105 R.102 107

Flows Levels

Title Table Page Table Page

Supplementary Tables

Nonprofit Organizations F.100.a 108 L.100.a 109

Private Pension Funds: Defined Benefit Plans F.119.b 110 L.119.b 112

Private Pension Funds: Defined Contribution Plans F.119.c 111 L.119.c 113

Flow of Funds Matrix for 1997 114 115

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 116

1

Flow of Funds Accounts, First Quarter 1998

 This publication presents the flow of funds

accounts for 1998:Q1. 

Data revisions and other changes. The statistics

shown in these tables reflect use of new or revised

source data. Most significant revisions appear in

recent quarters; however, new source information

resulted in changes to data for earlier periods. The

revisions include the following:

1. Assets of the domestic nonfinancial

nonfarm corporations sector (tables F.102 and L.102)

were revised from 1995:Q1 onward to reflect data

from the Internal Revenue Service (IRS) Statistics of

Income (SOI) for 1995. In addition, net acquisition of

other miscellaneous assets has been adjusted to

remove capital gains (or losses) on portfolio holdings

of corporate equity from 1975:Q1 onward. Such

investments are not identified separately in the

accounts, but their value is reflected in the line

showing miscellaneous other assets.

2. In the domestic nonfinancial noncorporate

business sector (tables F.103 and L.103), data have

been revised for 1995:Q1 onward, owing to

benchmark statistics available from the IRS/SOI for

1995.

3. In the bank personal trust sector (tables

F.116 and L.116), data were revised from 1995:Q1

onward to reflect revisions to benchmarks for 1995

and 1996 and new benchmarks for 1997. The

benchmark data are from reports of the Federal

Financial Institutions Examination Council.

4. In the real estate investment trusts

(REITs) sector (tables F.129 and L.129), estimates

have been revised back to 1996:Q4. For most

periods, fixed investment was revised down slightly,

and net acquisition of financial assets and net

increases in liabilities were revised up. The revisions

reflect newly available data from the National

Association of Real Estate Investment Trusts.

5. Seasonal factors for borrowing by the

federal government (table F.106, line 32) have been

revised for the period 1991:Q1 onward in order to

capture recent changes to the pattern of federal

borrowing. The factors were generated using the

Statistics Canada X-11ARIMA/88 seasonal adjustment

program. 

6. Supplemental tables showing the financial

assets of private defined benefit pension plans (tables

F.119.b and L.119.b) and private defined contribution

pension plans (tables F.119.c and L.119.c) have been

added. Published data are available on an annual

basis for the period from 1985 through 1997. 

7. A supplemental table, Balance Sheet of

the Household and Nonprofit Organizations Sector

with Equity Detail (B.100.e), has been added. The

table shows the value of directly and indirectly held

equity shares by the sector. The value of indirectly

held shares is the value of shares held on behalf of

households and nonprofit organizations by institutional

investors, such as mutual funds, bank personal trust

funds, private defined contribution pension funds, and

life insurance companies. Other financial assets held

on behalf of households and nonprofit organizations,

including those at private and state and local

government defined benefit pension plans are included

on line 13 of the table. Published data are available

on an annual basis from 1945 through 1997.

8. This release also includes a flow of funds

matrix for 1997 for amounts outstanding. A matrix

with data for net flows was introduced in the March

1998 release.

Explanatory notes for tables D.1, D.2, and D.3.

Domestic debt includes credit market funds borrowed

by U.S. entities from both domestic and foreign

sources, while foreign debt represents amounts

borrowed by foreign financial and nonfinancial

entities in U.S. markets only. Financial sectors

consist of government-sponsored enterprises, federally

related mortgage pools, and private financial

institutions. Credit market debt consists of debt

securities, mortgages, bank loans, commercial paper,
2

consumer credit, U.S. government loans, and other

loans and advances; it excludes trade debt, loans for

the purpose of carrying securities, and funds raised

from equity sources.

Growth rates in table D.1 are calculated by

dividing seasonally adjusted flows from table D.2 by

seasonally adjusted levels at the end of the previous

period from table D.3. Seasonally adjusted levels in

flow of funds statistics are derived by carrying

forward year-end levels by seasonally adjusted flows.

Growth rates calculated from changes in unadjusted

levels printed in table L.2 can differ from those in

table D.1.

Relation of Flows to Outstandings. Estimates of

financial assets and liabilities outstanding are linked

to data on flows. However, figures on outstandings

contain discontinuities or breaks in series that could

affect analysis of particular relationships over time.

Specifically, outstandings in the flow of funds

accounts are related to the flows in the following

way:

Outstanding = Outstanding + Flow + Discontinuity t t-1 t t

where "t" is the time period.

Discontinuities result from changes in valuation, breaks in source data, and changes in definitions.

For most series, the value of the discontinuity is zero

for nearly all time periods. However, in a few

instances, the discontinuity is nonzero for almost all

time periods, or is quite large in a particular quarter,

such as a period when there is a sharp increase or

decrease in equity prices or a major break in source

data.

The discontinuities in the series can distort

estimated rates of growth in assets and liabilities

between periods. In order to minimize these

distortions, percentage changes in assets and liabilities

in flow of funds releases should be calculated in the

following manner:

Percentage change = (Flow / Outstanding ) * 100 t t t-1

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the

principal sources of information available when the

latest quarter's data were compiled is provided in a

table following this introduction. The distinction

between "available" data and "missing" data is not

between final and preliminary versions of data, but

rather between those source estimates that are fully

ready when the latest quarterly publication is

compiled and those that are not yet completed.

However, the items that are shown as available are, in

general, also preliminary in the sense that they are

subject to revision by source agencies.

Margins of Uncertainty. Flow of funds statistics are

subject to uncertainties resulting from measurement

errors in source data, incompatibilities among data

from different sources, potential revisions in both

financial and nonfinancial series, and incomplete data

in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms,

but allowance for them is explicitly made throughout

the accounts by the inclusion of "discrepancies" for

various sectors and instrument types. A discrepancy

for a sector is the difference between its measured

sources of funds and its measured uses of funds. For

an instrument category, a discrepancy is the difference

between measured funds borrowed through the

financial instrument and measured funds lent through

that instrument. The size of such discrepancies

relative to the main asset or liability components is

one indication of the quality of source data, especially

on an annual basis. For quarterly data, differences in

seasonal adjustment procedures for financial and

nonfinancial components of the accounts sometimes

result in discrepancies that cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about nine weeks following the end of a

quarter. This publication--the Z.1 release--is available

from the Board's Publications Services. Flow of

funds data are also available electronically through the

Internet at the following location:

 http://www.bog.frb.fed.us/releases/Z1

and through the Economic Bulletin Board of the

Department of Commerce.

Data from the flow of funds accounts are

also available on 3-1/2 inch diskettes. The diskettes

contain quarterly data beginning in 1952, organized in

files that correspond to the tables published in this

release. One diskette contains the seasonally adjusted

flows, a second diskette contains unadjusted flows,

and a third diskette contains quarterly outstandings,

which are not seasonally adjusted. In addition, the

third diskette contains quarterly data for the debt

tables (tables D.1, D.2, and D.3), available balance

sheet tables and supplemental tables, as well as

monthly data from January 1955 onward for the
3

monthly debt aggregate published in the Board's H.6

statistical release, "Money Stock, Liquid Assets, and

Debt Measures." 

Subscription Information. The Federal Reserve

Board charges for subscriptions to all statistical

releases. Inquiries for releases or the diskettes should

be directed to:

Publications Services, Stop 127

Board of Governors

 of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3244

A Guide to the Flow of Funds Accounts is available.

The 670-page Guide explains in detail how the U.S.

financial accounts are prepared and the principles

underlying the accounts. 
4
5

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA)

Preliminary estimates, seasonally

adjusted, for 1998:Q1; unadjusted

flows through 1996.

Unadjusted flows since 1996.

 2. Household sector

 (tables F.100 and L.100)

Estimates for this sector are largely residual and derived from data for

other sectors. Availability of data depends on schedules for other

sectors. Data for consumer credit, which are estimated directly, are

available through 1998:Q1.

 3. Nonfarm nonfinancial 

 corporate business

 (tables F.102 and L.102)

Quarterly Financial Report (QFR)

of the Census Bureau through

1997:Q4; Internal Revenue Service

Statistics of Income data through

1995; securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1998:Q1.

Statistics of Income data since

1995; QFR data for 1998:Q1.

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103)

Internal Revenue Service Statistics

of Income data through 1995; bank

and finance company loans and

mortgage borrowing for 1998:Q1.

Statistics of Income data since

1995.

 5. Farm business

 (tables F.104 and L.104)

Mortgages, bank loans, loans from

government-sponsored enterprises,

and equity in government-sponsored

enterprises through 1998:Q1; data

for U.S. government loans to farms

through 1996:Q4; checkable

deposits and currency and trade

payables through 1997.

Data for consumption of fixed

capital and undistributed profits

since 1996.
6

 6. State and local 

 governments

 (tables F.105 and L.105)

Gross offerings and retirements of

municipal securities, deposits at

banks, holdings of mortgages and

nonmarketable U.S. government

securities issues for 1998:Q1;

selected financial assets through

1997:Q2 from the Comprehensive

Annual Financial Reports of state

and local governments that account

for most of the holdings of the

sector, and data from Standard &

Poor's on local government

investment pools.

Selected financial asset items

since 1997:Q2.

 7. Federal government

 (tables F.106 and L.106)

Data from the Monthly Treasury

Statement of Receipts and Outlays

through 1998:Q1; data from the

Federal Financing Bank through

1998:Q1; Treasury data for loan

programs through 1998:Q1.

None.

 8. Rest of the world

 (U.S. international 

 transactions)

 (tables F.107 and L.107)

Balance of payments data through

1997:Q4; NIPA estimates, data

from bank reports of condition and

aggregate Treasury International

Capital System data through

1998:Q1.

Balance of payments data for

1998:Q1. Treasury International

Capital System detail for

1998:Q1.

 9. Monetary authority

 (tables F.108 and L.108)

All data through 1998:Q1. None.

10. Commercial banking

 (tables F.109 and L.109)

All data through 1998:Q1 for

U.S.-chartered banks, foreign

banking offices in the U.S., bank

holding companies, and commercial

banks in U.S.-affiliated areas.

Data since 1996 for branches of

domestic commercial banks

located in U.S.-affiliated areas.

11. Savings institutions

 (tables F.114 and L.114)

All data through 1998:Q1. None.

12. Credit unions

 (tables F.115 and L.115)

All data through 1998:Q1. None.

13. Bank personal trusts and 

 estates

 (tables F.116 and L.116)

All data through 1997. Data for 1998:Q1.

14. Life insurance companies

 (tables F.117 and L.117)

Asset data through 1997:Q3 and

liability data through 1996.

Asset data since 1997:Q3 and

liability data since 1996.

15. Other insurance companies

 (tables F.118 and L.118)

All data through 1997:Q3. Data since 1997:Q3.
7

16. Private pension funds 

 (including FERS, 

 Thrift Savings Plan)

 (tables F. 119 and L.119)

Quarterly data through 1998:Q1;

Internal Revenue Service/

Department of Labor/Pension

Benefit Guaranty Corporation

Form 5500 data through 1994.

Form 5500 data since 1994.

17. State and local government 

 employee retirement funds

 (tables F.120 and L.120)

All data through 1997:Q4. Data for 1998:Q1.

18. Money market mutual 

 funds

 (tables F.121 and L.121)

All data through 1998:Q1. None.

19. Mutual funds

 (tables F.122 and L.122)

All data through 1998:Q1. None.

20. Closed-end funds

 (tables F.123 and L.123)

All data through 1996. Data since 1996.

21. Government-sponsored 

 enterprises

 (tables F.124 and L.124)

Balance sheet data for FHLBs,

FNMA, FHLMC, SLMA, FCS,

FICO, and REFCORP for 1998:Q1.

None.

22. Federally related mortgage 

 pools

 (tables F.125 and L.125)

All data through 1998:Q1. None.

23. Issuers of asset-backed 

 securities (ABSs)

 (tables F.126 and L.126)

All data from Trepp/PSA

Information Services of the

Muller Data Corporation and data

for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

1998:Q1.

None.

24. Finance companies

 (tables F.127 and L.127)

All data through 1998:Q1. None.

25. Mortgage companies

 (tables F.128 and L.128)

Mortgage data through 1997:Q4. Data since 1997:Q4.

26. Real estate investment 

 trusts (REITs)

 (tables F.129 and L.129)

Data through 1997:Q3; equity and

unsecured debt issuance through

1998:Q1.

Data since 1997:Q3.

27. Security brokers and 

 dealers

 (tables F.130 and L.130)

Data for firms filing FOCUS and

FOGS reports through 1998:Q1.

None.

28. Funding corporations

 (tables F.131 and L.131)

Estimates for this sector are largely residual and derived from data for

other sectors.
8 Z.1, June 11, 1998

D.1 Debt Growth by Sector 1

In percent; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1960 5.0 -0.9 8.1 8.4 7.9 7.1 7.9 7.3 8.3 17.5 8.3

1961 6.0 3.0 7.4 7.1 8.0 3.6 7.7 6.1 7.8 7.2 9.6

1962 6.9 2.8 8.8 8.8 8.2 9.3 9.1 7.9 7.7 13.1 8.2

1963 6.8 1.5 9.1 9.9 8.8 12.3 9.1 7.7 6.5 18.3 11.7

1964 7.3 2.4 9.3 9.8 8.3 12.2 9.6 9.2 7.2 13.6 12.9

1965 7.1 0.6 9.6 8.7 7.6 11.6 11.2 11.4 7.9 16.8 7.2

1966 6.7 1.4 8.5 6.1 5.1 6.1 11.7 12.4 6.7 17.7 5.1

1967 7.1 4.9 7.8 4.9 5.0 5.0 11.0 11.6 6.7 1.0 9.8

1968 8.0 4.5 9.2 8.0 6.1 9.9 10.8 11.4 7.5 14.1 6.3

1969 7.2 -1.1 9.7 7.1 5.8 8.3 12.1 12.1 9.6 32.8 6.9

1970 6.9 4.2 7.6 4.0 3.7 3.4 10.5 10.5 8.7 14.5 5.7

1971 9.5 8.3 9.8 8.9 8.0 11.7 10.3 8.1 10.9 8.7 9.7

1972 10.0 4.6 11.4 11.2 11.0 13.1 12.5 10.1 8.4 17.2 7.9

1973 10.7 2.0 12.9 12.2 11.2 13.3 14.9 17.7 7.8 28.9 10.3

1974 9.2 3.4 10.5 7.7 7.8 4.6 13.8 12.1 6.9 23.1 20.5

1975 9.3 23.9 6.3 8.0 8.9 3.8 5.2 3.7 5.4 1.2 17.4

1976 10.8 15.6 9.6 11.6 13.1 10.6 8.3 7.6 8.4 9.0 21.5

1977 12.8 11.0 13.3 16.1 17.4 15.5 12.1 12.2 8.4 18.8 11.6

1978 13.8 9.2 15.0 16.8 17.4 17.4 13.3 12.0 15.4 22.1 18.6

1979 12.2 5.8 13.7 14.6 15.3 13.8 14.1 11.5 9.0 22.0 9.5

1980 9.5 11.8 9.0 8.1 10.4 0.6 10.4 8.5 6.9 14.4 14.0

1981 10.4 11.6 10.1 7.2 6.5 5.0 13.2 13.9 8.0 18.0 11.9

1982 10.1 19.7 7.9 5.4 4.5 4.6 9.3 9.2 11.2 13.6 7.2

1983 12.0 18.9 10.2 11.3 10.4 12.8 9.0 8.2 11.4 13.4 8.2

1984 14.7 16.9 14.1 12.6 11.3 18.3 16.1 16.9 11.4 17.9 3.7

1985 15.7 16.5 15.4 15.2 13.1 15.9 12.0 13.0 31.8 19.5 0.5

1986 11.8 13.6 11.3 11.2 13.3 9.0 11.5 14.0 10.9 26.1 4.1

1987 9.0 8.0 9.3 11.9 15.9 4.6 6.4 7.8 12.0 18.3 2.6

1988 9.1 8.0 9.4 9.1 10.7 6.3 10.4 11.6 6.4 13.1 3.0

1989 7.3 7.0 7.3 8.6 9.9 6.0 6.7 8.0 5.6 10.5 4.0

1990 6.4 11.0 5.2 7.5 9.6 1.5 3.1 4.9 5.0 8.9 9.1

1991 4.3 11.1 2.3 4.7 6.4 -1.3 -1.7 -2.1 8.6 6.5 5.3

1992 4.6 10.9 2.6 4.3 5.2 0.5 0.7 1.8 2.9 8.8 8.0

1993 5.0 8.3 3.8 5.2 4.3 7.6 1.4 1.8 6.7 9.7 22.1

1994 4.6 4.7 4.6 7.5 5.8 14.5 3.7 5.3 -2.7 14.0 -3.6

1995 5.4 4.1 5.9 7.8 5.5 14.1 6.3 8.2 -3.1 11.9 19.1

1996 5.3 4.0 5.8 7.8 8.0 7.9 4.7 5.1 1.3 13.0 15.9

1997 5.3 0.6 6.9 6.8 7.5 4.3 7.1 7.9 7.0 13.4 10.0

1993 -- Q1 3.7 7.3 2.4 2.7 2.0 4.5 0.2 0.3 9.1 5.4 18.1

 Q2 6.0 10.4 4.4 5.2 5.3 4.8 1.6 2.4 10.9 6.3 20.7

 Q3 4.7 6.1 4.2 6.3 5.1 8.5 1.7 2.2 5.1 13.7 32.7

 Q4 5.1 8.5 3.9 6.4 4.6 11.8 2.0 2.4 1.3 12.0 10.7

1994 -- Q1 4.8 5.0 4.7 7.0 6.1 11.7 3.4 5.1 1.0 15.0 -22.2

 Q2 4.1 3.9 4.2 6.8 4.9 14.8 3.5 4.9 -2.8 11.6 -7.6

 Q3 4.5 4.8 4.4 7.3 5.2 14.9 3.7 5.1 -3.7 11.4 4.0

 Q4 4.8 4.7 4.8 8.1 6.6 14.0 4.2 5.7 -5.5 15.2 11.9

1995 -- Q1 6.0 5.5 6.2 7.5 5.4 14.6 7.2 9.6 -2.5 7.7 18.5

 Q2 6.6 6.8 6.6 7.8 5.6 14.2 7.2 9.6 -0.3 11.4 11.7

 Q3 4.2 2.6 4.8 8.1 5.8 14.1 4.4 5.3 -7.2 12.0 22.3

 Q4 4.3 1.5 5.4 7.0 4.8 10.7 5.7 7.4 -2.7 14.6 19.0

1996 -- Q1 6.3 5.9 6.4 9.3 9.7 10.7 4.5 4.8 1.4 8.5 11.8

 Q2 5.3 2.7 6.2 7.9 7.3 9.9 5.0 5.5 3.6 17.0 7.9

 Q3 4.9 4.2 5.1 7.1 6.9 6.9 5.2 6.5 -4.4 10.0 22.7

 Q4 4.4 3.0 4.9 5.9 7.1 3.2 3.8 3.1 4.6 14.2 17.9

1997 -- Q1 4.9 1.7 6.1 6.6 6.4 5.8 5.8 6.6 4.9 7.1 5.1

 Q2 4.3 -1.1 6.2 5.6 5.2 4.9 6.2 6.4 8.8 13.8 10.8

 Q3 5.3 0.8 6.9 7.2 9.4 4.1 6.9 7.7 5.4 11.8 16.4

 Q4 6.2 1.1 8.0 7.2 8.2 2.3 8.8 10.1 8.3 18.6 6.5

1998 -- Q1 6.2 -0.8 8.5 7.8 8.2 4.5 8.9 9.8 10.3 15.2 10.8

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, June 11, 1998 9

D.2 Borrowing by Sector

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1960 34.7 -2.0 36.8 16.0 9.7 4.0 15.3 10.4 5.5 4.9 1.8

1961 43.5 7.2 36.3 14.7 10.7 2.2 16.0 9.2 5.6 2.3 2.2

1962 52.8 6.9 46.0 19.7 12.0 5.9 20.3 12.6 6.0 4.6 2.1

1963 55.5 3.8 51.7 24.1 14.0 8.5 22.0 13.3 5.5 7.2 3.2

1964 64.1 6.1 58.1 26.4 14.5 9.5 25.2 16.8 6.4 6.3 4.0

1965 67.1 1.6 65.5 25.9 14.6 10.1 32.1 22.6 7.6 8.9 2.5

1966 67.3 3.6 63.7 19.8 10.6 5.9 37.0 27.0 6.9 11.0 1.9

1967 76.2 12.9 63.2 17.1 11.1 5.1 38.8 28.2 7.3 0.7 3.9

1968 92.6 12.5 80.0 29.3 14.2 10.8 42.0 30.8 8.8 10.4 2.7

1969 88.9 -3.2 92.1 28.0 14.3 9.9 51.9 36.4 12.1 27.6 3.2

1970 91.3 12.1 79.3 16.9 9.8 4.4 50.3 35.1 12.1 16.2 2.8

1971 135.3 24.9 110.5 39.6 22.0 15.6 54.4 29.8 16.4 11.1 5.1

1972 156.1 15.0 141.1 54.7 32.8 19.5 72.4 40.1 14.0 23.9 4.4

1973 184.0 6.9 177.0 66.2 37.2 22.5 96.8 76.6 14.1 47.0 6.3

1974 175.0 11.9 163.1 47.3 29.0 8.9 102.3 60.4 13.4 48.5 13.8

1975 193.5 85.6 107.8 52.9 35.7 7.8 43.8 20.5 11.1 3.1 14.1

1976 244.8 69.2 175.6 83.3 57.8 22.0 73.8 44.0 18.5 23.5 20.5

1977 321.2 56.3 264.8 129.2 87.3 35.4 115.8 74.9 19.9 53.6 13.5

1978 390.7 52.5 338.2 156.9 102.6 46.0 141.9 82.4 39.4 74.7 24.0

1979 391.9 35.8 356.1 160.2 106.9 42.7 169.3 87.9 26.6 91.1 15.0

1980 343.7 77.4 266.3 102.0 83.9 2.3 142.1 72.0 22.2 73.0 24.2

1981 410.0 85.5 324.5 98.6 59.2 17.7 198.2 126.5 27.6 104.3 23.5

1982 439.9 161.3 278.6 80.0 43.5 17.2 156.9 94.2 41.7 93.0 16.0

1983 573.7 185.2 388.5 174.6 104.1 50.0 166.6 91.9 47.3 104.5 17.3

1984 791.1 197.2 593.9 215.2 123.5 80.7 326.2 207.7 52.5 157.7 8.4

1985 963.4 225.7 737.7 291.9 159.6 82.8 282.2 185.8 163.6 205.0 1.2

1986 842.9 216.0 626.9 250.2 187.9 54.4 302.5 225.9 74.2 327.8 9.7

1987 718.5 143.9 574.6 297.7 255.4 30.4 186.4 143.1 90.4 291.6 6.3

1988 786.1 155.1 631.0 251.0 194.9 43.4 326.0 232.2 54.0 249.2 7.4

1989 686.3 146.4 540.0 259.0 200.7 44.2 230.9 176.0 50.1 225.0 10.2

1990 655.1 246.9 408.2 249.0 216.0 11.9 112.1 115.5 47.2 213.4 23.9

1991 467.5 278.2 189.2 169.1 158.4 -10.7 -65.2 -51.6 85.4 170.9 15.1

1992 522.5 304.0 218.5 160.7 138.3 3.9 26.8 42.7 31.0 244.0 24.1

1993 588.0 256.1 331.9 205.9 121.2 60.7 51.3 45.5 74.7 294.4 69.8

1994 574.6 155.9 418.7 309.3 169.7 124.9 141.7 134.1 -32.3 468.4 -14.0

1995 702.8 144.4 558.3 348.9 170.7 138.9 245.5 218.6 -36.0 456.4 71.1

1996 727.8 145.0 582.8 372.7 261.0 88.8 195.8 146.5 14.3 556.2 70.5

1997 764.2 23.1 741.1 350.3 262.2 52.5 311.3 241.5 79.5 649.2 51.5

1993 -- Q1 439.4 226.1 213.3 106.6 57.1 36.0 6.3 8.3 100.4 164.5 57.0

 Q2 714.4 325.7 388.8 205.2 149.7 39.0 60.1 58.7 123.5 193.9 68.2

 Q3 573.0 195.8 377.2 252.9 144.3 69.5 64.4 55.8 59.8 431.0 113.6

 Q4 625.1 277.0 348.1 258.8 133.6 98.2 74.2 59.0 15.2 388.3 40.4

1994 -- Q1 597.6 167.1 430.5 291.2 177.4 100.4 127.8 128.9 11.4 501.0 -85.7

 Q2 516.5 131.3 385.2 284.7 144.6 130.4 133.2 126.8 -32.7 404.4 -27.8

 Q3 571.9 164.1 407.8 310.4 156.6 136.2 141.2 131.4 -43.8 409.5 14.3

 Q4 612.3 160.8 451.4 350.9 200.2 132.6 164.6 149.2 -64.1 558.8 43.0

1995 -- Q1 779.2 190.4 588.8 334.9 166.2 144.0 282.6 255.6 -28.7 294.5 68.8

 Q2 877.9 239.4 638.5 354.7 176.6 145.1 286.9 261.0 -3.1 446.1 45.7

 Q3 564.4 93.1 471.3 375.0 185.7 149.3 178.9 148.5 -82.6 481.1 89.3

 Q4 589.6 54.9 534.7 331.0 154.4 117.2 233.5 209.3 -29.8 603.8 80.4

1996 -- Q1 864.1 214.6 649.5 448.2 318.9 119.9 186.1 138.8 15.2 362.5 52.3

 Q2 736.3 97.9 638.4 388.8 245.8 114.7 209.0 161.0 40.7 741.7 36.1

 Q3 685.5 155.3 530.2 355.2 234.6 81.9 224.9 193.4 -49.9 456.5 105.7

 Q4 625.4 112.3 513.1 298.5 244.5 38.6 163.3 92.9 51.4 664.0 87.9

1997 -- Q1 712.3 64.9 647.4 339.2 222.8 70.8 252.9 200.3 55.3 342.5 26.3

 Q2 624.4 -43.5 667.9 292.5 184.9 60.0 274.7 199.6 100.7 679.6 56.4

 Q3 786.9 30.3 756.6 381.4 337.7 50.5 311.6 242.8 63.6 603.1 87.8

 Q4 933.4 40.8 892.6 388.0 303.4 28.8 406.0 323.4 98.6 971.7 35.5

1998 -- Q1 941.2 -30.0 971.2 426.9 307.5 56.9 419.7 323.8 124.6 828.5 60.3
10 Z.1, June 11, 1998

D.3 Debt Outstanding by Sector 1

Billions of dollars; quarterly figures are seasonally adjusted 

Domestic nonfinancial sectors

 Nonfederal

 Households Business State and Domestic 

Federal Total Home Consumer local financial

 Total government nonfederal Total mortgage credit Total Corporate governments sectors Foreign

1960 724.2 236.0 488.3 208.2 133.9 61.2 207.9 152.1 72.2 32.5 23.2

1961 767.7 243.2 524.6 224.0 145.7 63.4 222.7 160.2 77.8 34.9 25.5

1962 820.6 250.0 570.5 245.1 159.1 69.3 241.6 171.4 83.8 39.4 27.5

1963 876.0 253.8 622.1 270.9 174.8 77.9 262.1 183.0 89.2 46.6 30.8

1964 939.9 259.9 680.0 299.1 191.1 87.4 285.3 197.8 95.6 53.0 35.0

1965 1007.1 261.5 745.6 326.6 207.3 97.5 315.7 218.7 103.2 61.9 37.5

1966 1074.6 265.1 809.5 348.4 219.8 103.4 351.1 244.1 110.0 72.9 39.5

1967 1150.6 278.1 872.6 366.9 232.3 108.6 388.3 270.8 117.4 73.6 43.3

1968 1242.7 290.6 952.1 397.4 247.4 119.3 428.6 299.9 126.1 84.0 46.1

1969 1332.0 287.4 1044.6 426.8 262.7 129.2 479.5 335.3 138.3 111.5 49.2

1970 1422.3 299.5 1122.8 445.3 274.2 133.7 527.2 367.4 150.3 127.8 52.1

1971 1557.5 324.4 1233.1 487.1 297.2 149.2 579.2 395.6 166.7 138.9 56.6

1972 1713.5 339.4 1374.1 544.5 332.5 168.8 649.0 433.0 180.7 162.8 61.1

1973 1898.0 346.3 1551.7 614.1 371.4 193.0 742.8 497.0 194.8 209.8 67.4

1974 2072.3 358.2 1714.1 663.5 402.5 201.9 842.4 554.6 208.2 258.3 81.2

1975 2264.7 443.9 1820.8 715.3 439.9 207.0 886.2 575.2 219.4 261.4 95.6

1976 2508.3 513.1 1995.3 802.3 500.4 229.0 955.1 614.2 237.8 284.9 116.0

1977 2829.6 569.4 2260.2 934.6 590.9 264.4 1069.4 687.6 256.2 338.8 129.4

1978 3214.5 621.9 2592.6 1094.1 697.4 310.4 1202.9 761.6 295.6 413.5 157.6

1979 3606.5 657.7 2948.9 1259.1 809.7 353.1 1367.6 844.8 322.2 505.9 172.9

1980 3957.9 735.0 3222.9 1375.6 906.1 355.4 1502.9 910.2 344.4 578.9 197.2

1981 4366.4 820.5 3545.9 1483.5 974.5 373.1 1690.4 1026.0 372.1 682.4 220.7

1982 4788.3 981.8 3806.5 1551.0 1005.7 390.3 1841.7 1114.6 413.8 778.1 210.4

1983 5364.9 1167.0 4197.9 1709.6 1093.8 440.3 2027.2 1225.5 461.1 882.8 227.7

1984 6151.2 1364.2 4787.0 1921.9 1221.5 521.0 2351.5 1431.3 513.6 1052.4 235.5

1985 7132.7 1589.9 5542.8 2239.4 1411.2 603.8 2625.5 1608.9 677.9 1258.3 236.7

1986 7973.1 1805.9 6167.2 2494.1 1605.1 658.2 2921.0 1827.8 752.1 1593.6 238.3

1987 8675.0 1949.8 6725.3 2751.5 1824.2 688.6 3132.8 1996.3 841.0 1896.5 244.8

1988 9457.6 2104.9 7352.8 3024.3 2034.6 732.0 3433.4 2201.2 895.0 2145.8 252.4

1989 10161.0 2251.2 7909.8 3298.9 2238.7 793.3 3665.8 2378.9 945.2 2399.3 262.2

1990 10843.4 2498.1 8345.3 3582.0 2488.9 805.1 3771.0 2487.7 992.3 2615.8 285.9

1991 11307.6 2776.4 8531.2 3758.6 2654.8 794.5 3695.0 2430.0 1077.7 2786.7 301.1

1992 11833.2 3080.3 8752.9 3923.1 2796.9 798.3 3721.1 2470.5 1108.7 3046.3 315.8

1993 12436.0 3336.5 9099.6 4134.3 2923.3 859.0 3781.9 2525.5 1183.4 3346.1 385.8

1994 13016.8 3492.3 9524.5 4446.2 3096.1 983.9 3927.1 2663.1 1151.1 3822.2 371.8

1995 13719.6 3636.7 10082.8 4800.4 3272.1 1122.8 4167.3 2876.5 1115.1 4281.2 442.9

1996 14447.4 3781.8 10665.6 5143.9 3503.9 1211.6 4392.3 3052.1 1129.4 4837.3 513.4

1997 15210.1 3804.9 11405.2 5497.0 3768.6 1264.1 4699.3 3289.3 1209.0 5453.5 558.8

1993 -- Q1 11943.8 3136.9 8806.9 3950.4 2811.8 807.3 3722.7 2472.7 1133.8 3092.8 330.1

 Q2 12122.4 3218.3 8904.1 4002.3 2849.8 817.1 3737.2 2486.7 1164.7 3141.2 347.1

 Q3 12265.6 3267.2 8998.4 4066.3 2886.7 834.5 3752.5 2499.9 1179.6 3249.0 375.5

 Q4 12436.0 3336.5 9099.6 4134.3 2923.3 859.0 3781.9 2525.5 1183.4 3346.1 385.8

1994 -- Q1 12591.7 3378.3 9213.4 4207.4 2968.4 884.1 3819.7 2563.6 1186.3 3479.0 364.5

 Q2 12720.8 3411.1 9309.7 4279.5 3005.4 916.7 3852.1 2594.4 1178.1 3580.1 357.5

 Q3 12863.8 3452.1 9411.7 4357.9 3045.4 950.8 3886.6 2626.5 1167.2 3682.5 361.1

 Q4 13016.8 3492.3 9524.5 4446.2 3096.1 983.9 3927.1 2663.1 1151.1 3822.2 371.8

1995 -- Q1 13211.6 3539.9 9671.7 4531.3 3139.0 1019.9 3996.5 2725.7 1144.0 3898.4 389.0

 Q2 13431.1 3599.8 9831.3 4621.2 3184.3 1056.2 4066.9 2789.7 1143.2 4010.0 400.5

 Q3 13572.2 3623.0 9949.2 4716.2 3232.0 1093.5 4110.4 2825.6 1122.6 4130.2 422.8

 Q4 13719.6 3636.7 10082.8 4800.4 3272.1 1122.8 4167.3 2876.5 1115.1 4281.2 442.9

1996 -- Q1 13935.6 3690.4 10245.2 4913.5 3352.9 1152.8 4212.8 2910.1 1118.9 4371.8 456.0

 Q2 14119.7 3714.9 10404.8 4978.1 3381.8 1181.5 4297.6 2982.9 1129.1 4557.2 465.0

 Q3 14291.0 3753.7 10537.4 5068.1 3441.5 1201.9 4352.7 3030.1 1116.6 4671.4 491.4

 Q4 14447.4 3781.8 10665.6 5143.9 3503.9 1211.6 4392.3 3052.1 1129.4 4837.3 513.4

1997 -- Q1 14625.5 3798.0 10827.5 5230.4 3561.0 1229.3 4453.8 3100.5 1143.3 4923.0 520.0

 Q2 14781.6 3787.1 10994.5 5304.6 3608.3 1244.3 4521.4 3149.4 1168.4 5092.9 534.1

 Q3 14976.8 3794.7 11182.1 5400.0 3692.8 1256.9 4597.8 3208.5 1184.3 5210.6 549.9

 Q4 15210.1 3804.9 11405.2 5497.0 3768.6 1264.1 4699.3 3289.3 1209.0 5453.5 558.8

1998 -- Q1 15445.4 3797.4 11648.0 5603.8 3845.6 1278.3 4804.1 3370.2 1240.1 5660.6 573.9

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, June 11, 1998 11

F.1 Total Net Borrowing and Lending in Credit Markets (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total net borrowing 790.6 952.2 1028.9 1230.2 1354.5 1464.9 1081.1 1360.4 1477.8 1940.5 1830.0 1

 2 Domestic nonfinancial sectors 522.5 588.0 574.6 702.8 727.8 764.2 712.3 624.4 786.9 933.4 941.2 2

 3 Federal government 304.0 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -30.0 3

 4 Nonfederal sectors 218.5 331.9 418.7 558.3 582.8 741.1 647.4 667.9 756.6 892.6 971.2 4

 5 Household sector 160.7 205.9 309.3 348.9 372.7 350.3 339.2 292.5 381.4 388.0 426.9 5

 6 Nonfinancial corporate business 42.7 45.5 134.1 218.6 146.5 241.5 200.3 199.6 242.8 323.4 323.8 6

 7 Nonfarm noncorporate business -16.4 3.2 3.3 23.9 44.5 63.5 48.3 68.5 65.7 71.3 88.9 7

 8 Farm business 0.5 2.6 4.4 2.9 4.8 6.4 4.3 6.7 3.1 11.3 7.0 8

 9 State and local governments 31.0 74.7 -32.3 -36.0 14.3 79.5 55.3 100.7 63.6 98.6 124.6 9

10 Rest of the world 24.1 69.8 -14.0 71.1 70.5 51.5 26.3 56.4 87.8 35.5 60.3 10

11 Financial sectors 244.0 294.4 468.4 456.4 556.2 649.2 342.5 679.6 603.1 971.7 828.5 11

12 Commercial banking 10.0 13.4 20.1 22.5 13.0 46.1 13.7 77.3 32.0 61.4 83.2 12

13 U.S.-chartered commercial banks 11.5 9.7 12.5 11.2 11.7 29.5 6.8 39.1 21.7 50.4 39.3 13

14 Foreign banking offices in U.S. -3.8 -5.1 -2.6 -3.1 -0.7 -2.4 0.6 2.5 -5.3 -7.6 -6.9 14

15 Bank holding companies 2.3 8.8 10.3 14.4 2.0 19.0 6.3 35.6 15.6 18.6 50.8 15

16 Savings institutions -7.0 11.3 12.8 2.6 25.5 19.7 -16.8 31.9 22.3 41.7 9.8 16

17 Credit unions 0.0 0.2 0.2 -0.1 0.1 0.1 -0.2 0.2 0.2 0.3 0.5 17

18 Life insurance companies 0.0 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 18

19 Government-sponsored enterprises 40.2 80.6 172.1 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.4 19

20 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 20

21 ABS issuers 61.1 83.6 72.9 141.1 153.6 203.3 84.5 116.5 231.0 381.2 239.8 21

22 Finance companies -3.1 -1.4 48.7 50.2 45.9 48.7 7.2 123.8 -2.9 66.5 82.2 22

23 Mortgage companies 8.0 0.0 -11.5 0.4 12.4 4.8 5.9 5.0 3.6 4.9 8.3 23

24 REITs 0.3 3.4 13.7 5.7 11.0 24.8 15.1 19.8 32.0 32.1 36.3 24

25 Brokers and dealers 2.7 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.1 25

26 Funding corporations 16.2 6.3 23.1 34.9 64.1 80.7 129.4 -16.1 130.7 78.7 142.1 26

27 Total net lending 790.6 952.2 1028.9 1230.2 1354.5 1464.9 1081.1 1360.4 1477.8 1940.5 1830.0 27

28 Domestic nonfederal nonfinancial sectors 90.5 41.6 241.1 -92.6 7.2 -97.3 -193.4 -21.4 -164.4 -9.8 -145.3 28

29 Household sector 61.2 1.0 277.8 2.8 11.5 -109.5 -245.9 -10.3 -158.9 -23.0 -228.6 29

30 Nonfinancial corporate business 27.8 9.1 17.7 -8.8 15.0 9.9 77.9 -53.3 34.4 -19.5 86.2 30

31 Nonfarm noncorporate business -0.1 -1.1 0.6 4.7 4.4 2.7 2.5 2.7 2.8 2.9 3.0 31

32 State and local governments 1.7 32.6 -55.0 -91.4 -23.7 -0.3 -27.9 39.5 -42.7 29.8 -5.8 32

33 Federal government -11.9 -18.4 -27.5 -0.2 -7.7 4.9 1.9 5.6 3.0 9.1 13.8 33

34 Rest of the world 98.4 129.3 132.3 273.9 409.3 320.4 373.6 301.2 405.4 201.4 242.3 34

35 Financial sectors 613.6 799.7 683.0 1049.1 945.8 1236.9 898.9 1075.0 1233.7 1739.8 1719.2 35

36 Monetary authority 27.9 36.2 31.5 12.7 12.3 38.3 37.4 47.2 14.3 54.3 30.5 36

37 Commercial banking 95.3 142.2 163.4 265.9 187.5 324.8 308.1 309.2 209.8 472.2 291.8 37

38 U.S.-chartered commercial banks 69.5 149.6 148.1 186.5 119.6 274.9 195.9 301.1 209.5 393.1 257.5 38

39 Foreign banking offices in U.S. 16.5 -9.8 11.2 75.4 63.3 40.2 104.0 1.1 -0.6 56.4 13.5 39

40 Bank holding companies 5.6 -0.0 0.9 -0.3 3.9 5.4 2.2 5.1 -5.0 19.4 15.2 40

41 Banks in U.S.-affiliated areas 3.7 2.4 3.3 4.2 0.7 4.2 6.1 1.8 5.8 3.2 5.6 41

42 Savings institutions -79.0 -23.3 6.7 -7.6 19.9 -4.7 -5.3 23.8 -35.3 -2.0 8.1 42

43 Credit unions 17.7 21.7 28.1 16.2 25.5 16.8 18.5 28.3 14.4 5.8 16.9 43

44 Bank personal trusts and estates 8.0 9.5 7.1 -8.3 -7.7 7.6 3.4 10.7 7.3 8.8 2.4 44

45 Life insurance companies 79.5 100.9 66.7 99.2 72.5 113.2 94.3 175.0 107.0 76.4 104.1 45

46 Other insurance companies 6.7 27.7 24.9 21.5 22.5 23.3 -0.1 27.9 32.4 32.8 25.5 46

47 Private pension funds 37.5 49.5 45.5 61.3 48.3 67.6 55.0 58.5 66.2 90.7 72.6 47

48 State and local govt. retirement funds 14.4 22.7 22.3 27.5 45.9 36.6 3.6 39.2 90.6 13.0 38.2 48

49 Money market mutual funds 4.7 20.4 30.0 86.5 88.8 84.5 65.2 19.7 123.6 129.3 174.6 49

50 Mutual funds 126.2 159.5 -7.1 52.5 48.9 79.3 61.9 91.6 103.6 60.0 118.2 50

51 Closed-end funds 20.2 20.0 -3.7 10.5 2.2 1.2 2.7 1.3 0.3 0.4 0.6 51

52 Government-sponsored enterprises 68.8 87.8 117.8 84.7 92.0 95.0 45.1 119.2 55.5 160.0 166.2 52

53 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 53

54 ABS issuers 57.0 81.0 65.8 119.3 123.4 164.9 60.9 101.7 168.4 328.4 190.7 54

55 Finance companies 0.4 -20.9 48.3 49.9 18.4 21.9 44.9 1.9 65.2 -24.3 33.6 55

56 Mortgage companies 0.1 -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 56

57 REITs 1.1 0.6 4.7 2.2 2.0 -2.0 -2.1 -2.1 -2.1 -1.7 -2.0 57

58 Brokers and dealers -1.3 14.8 -44.2 90.1 -15.7 13.7 -14.5 -11.7 15.8 65.3 253.4 58

59 Funding corporations 12.9 -35.3 -16.2 -29.7 9.8 24.4 6.5 -30.0 -0.7 121.7 98.5 59

(1) Excludes corporate equities and mutual fund shares.
12 Z.1, June 11, 1998

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 522.5 588.0 574.6 702.8 727.8 764.2 712.3 624.4 786.9 933.4 941.2 1

 2 Federal government 304.0 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -30.0 2

 3 Treasury securities 303.8 248.3 155.7 142.9 146.6 23.2 66.3 -43.8 31.2 39.0 -27.6 3

 4 Budget agency securities and mortgages 0.2 7.8 0.2 1.5 -1.6 -0.1 -1.4 0.2 -0.9 1.7 -2.4 4

 5 Nonfederal, by instrument 218.5 331.9 418.7 558.3 582.8 741.1 647.4 667.9 756.6 892.6 971.2 5

 6 Commercial paper 8.6 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 6

 7 Municipal securities and loans 30.5 74.8 -35.9 -48.2 2.6 71.4 43.4 96.7 56.4 89.3 124.3 7

 8 Corporate bonds 67.6 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 8

 9 Bank loans n.e.c. -12.0 6.4 75.2 102.3 66.2 101.5 143.1 105.0 16.8 141.0 63.7 9

10 Other loans and advances 5.7 -18.9 34.0 67.2 33.8 66.8 37.5 18.5 76.3 134.9 94.8 10

11 Mortgages 114.1 123.7 175.8 206.7 320.0 344.5 266.0 281.4 419.2 411.4 420.5 11

12 Home 168.6 156.2 178.5 174.5 264.9 268.8 228.4 191.2 344.5 310.9 315.8 12

13 Multifamily residential -10.3 -6.8 1.9 10.6 18.6 17.2 9.5 18.8 7.7 33.0 27.7 13

14 Commercial -44.7 -26.7 -6.9 19.9 33.9 55.2 25.9 67.3 62.7 64.9 72.9 14

15 Farm 0.5 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 15

16 Consumer credit 3.9 60.7 124.9 138.9 88.8 52.5 70.8 60.0 50.5 28.8 56.9 16

17 Nonfederal, by sector 218.5 331.9 418.7 558.3 582.8 741.1 647.4 667.9 756.6 892.6 971.2 17

18 Household sector 160.7 205.9 309.3 348.9 372.7 350.3 339.2 292.5 381.4 388.0 426.9 18

19 Nonfinancial business 26.8 51.3 141.7 245.5 195.8 311.3 252.9 274.7 311.6 406.0 419.7 19

20 Corporate 42.7 45.5 134.1 218.6 146.5 241.5 200.3 199.6 242.8 323.4 323.8 20

21 Nonfarm noncorporate -16.4 3.2 3.3 23.9 44.5 63.5 48.3 68.5 65.7 71.3 88.9 21

22 Farm 0.5 2.6 4.4 2.9 4.8 6.4 4.3 6.7 3.1 11.3 7.0 22

23 State and local governments 31.0 74.7 -32.3 -36.0 14.3 79.5 55.3 100.7 63.6 98.6 124.6 23

24 Foreign borrowing in U.S. 24.1 69.8 -14.0 71.1 70.5 51.5 26.3 56.4 87.8 35.5 60.3 24

25 Commercial paper 5.6 -9.6 -26.1 13.5 11.3 3.7 15.5 10.4 -11.6 0.7 56.0 25

26 Bonds 16.8 82.9 12.2 49.7 49.4 41.3 11.0 34.3 94.6 25.3 8.4 26

27 Bank loans n.e.c. 2.3 0.7 1.4 8.5 9.1 8.5 -0.7 11.5 7.3 15.7 5.5 27

28 Other loans and advances -0.6 -4.2 -1.5 -0.5 0.8 -2.0 0.5 0.2 -2.5 -6.1 -9.6 28

29 Domestic and foreign 546.6 657.8 560.5 773.8 798.3 815.7 738.6 680.8 874.7 968.9 1001.5 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 244.0 294.4 468.4 456.4 556.2 649.2 342.5 679.6 603.1 971.7 828.5 1

 2 Federal government-related 155.8 165.3 287.5 204.1 231.5 212.8 105.7 286.2 161.0 298.1 227.3 2

 3 Govt.-sponsored enterprise securities 40.3 80.6 176.9 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.4 3

 4 Mortgage pool securities 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 4

 5 U.S. government loans -0.0 0 -4.8 0 0 0 0 0 0 0 0 5

 6 Private financial sectors 88.2 129.1 180.9 252.3 324.7 436.5 236.8 393.4 442.1 673.5 601.2 6

 7 Open market paper -1.1 -5.5 40.5 42.7 92.2 166.7 175.9 77.8 168.2 244.6 236.7 7

 8 Corporate bonds 88.6 123.1 121.8 196.7 179.7 206.8 63.4 234.8 202.0 327.0 304.6 8

 9 Bank loans n.e.c. 0.7 -14.4 -13.7 3.9 16.9 19.7 11.4 10.3 24.3 32.8 19.2 9

10 Other loans and advances -0.6 22.4 22.6 3.4 27.9 35.6 -20.1 63.0 37.5 61.7 32.7 10

11 Mortgages 0.6 3.6 9.8 5.6 7.9 7.8 6.2 7.5 10.1 7.3 8.0 11

12 By sector 244.0 294.4 468.4 456.4 556.2 649.2 342.5 679.6 603.1 971.7 828.5 12

13 Commercial banking 10.0 13.4 20.1 22.5 13.0 46.1 13.7 77.3 32.0 61.4 83.2 13

14 U.S.-chartered commercial banks 11.5 9.7 12.5 11.2 11.7 29.5 6.8 39.1 21.7 50.4 39.3 14

15 Foreign banking offices in U.S. -3.8 -5.1 -2.6 -3.1 -0.7 -2.4 0.6 2.5 -5.3 -7.6 -6.9 15

16 Bank holding companies 2.3 8.8 10.3 14.4 2.0 19.0 6.3 35.6 15.6 18.6 50.8 16

17 Savings institutions -7.0 11.3 12.8 2.6 25.5 19.7 -16.8 31.9 22.3 41.7 9.8 17

18 Credit unions 0.0 0.2 0.2 -0.1 0.1 0.1 -0.2 0.2 0.2 0.3 0.5 18

19 Life insurance companies 0.0 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 19

20 Government-sponsored enterprises 40.2 80.6 172.1 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.4 20

21 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 21

22 ABS issuers 61.1 83.6 72.9 141.1 153.6 203.3 84.5 116.5 231.0 381.2 239.8 22

23 Finance companies -3.1 -1.4 48.7 50.2 45.9 48.7 7.2 123.8 -2.9 66.5 82.2 23

24 Mortgage companies 8.0 0.0 -11.5 0.4 12.4 4.8 5.9 5.0 3.6 4.9 8.3 24

25 REITs 0.3 3.4 13.7 5.7 11.0 24.8 15.1 19.8 32.0 32.1 36.3 25

26 Brokers and dealers 2.7 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.1 26

27 Funding corporations 16.2 6.3 23.1 34.9 64.1 80.7 129.4 -16.1 130.7 78.7 142.1 27
Z.1, June 11, 1998 13

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total 790.6 952.2 1028.9 1230.2 1354.5 1464.9 1081.1 1360.4 1477.8 1940.5 1830.0 1

 2 Open market paper 13.1 -5.1 35.7 74.3 102.6 184.1 198.6 108.5 171.1 258.1 346.6 2

 3 U.S. government securities 459.8 421.4 448.1 348.5 376.5 235.9 170.6 242.6 191.3 338.9 197.2 3

 4 Municipal securities 30.5 74.8 -35.9 -48.2 2.6 71.4 43.4 96.7 56.4 89.3 124.3 4

 5 Corporate and foreign bonds 172.9 281.2 157.3 319.6 301.7 338.8 153.8 355.2 419.5 426.6 470.3 5

 6 Bank loans n.e.c. -8.9 -7.2 62.9 114.7 92.1 129.6 153.8 126.8 48.4 189.5 88.4 6

 7 Other loans and advances 4.6 -0.8 50.3 70.1 62.5 100.4 17.9 81.7 111.3 190.5 117.8 7

 8 Mortgages 114.7 127.3 185.6 212.3 327.9 352.3 272.2 288.9 429.3 418.7 428.5 8

 9 Consumer credit 3.9 60.7 124.9 138.9 88.8 52.5 70.8 60.0 50.5 28.8 56.9 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 295.9 429.7 125.2 143.9 230.5 184.5 186.1 131.8 291.1 128.8 258.1 10

11 Corporate equities 105.4 137.7 24.6 -3.5 -7.0 -79.0 -67.3 -109.1 -12.6 -126.9 -78.2 11

12 Nonfinancial 27.0 21.3 -44.9 -58.3 -64.2 -114.8 -90.4 -141.6 -83.2 -144.1 -109.6 12

 Foreign shares purchased by

13 U.S. residents 32.4 63.4 48.1 50.4 58.8 38.0 47.0 53.0 62.2 -10.4 9.3 13

14 Financial 46.0 53.0 21.4 4.4 -1.6 -2.1 -23.9 -20.6 8.4 27.6 22.1 14

15 Mutual fund shares 190.5 292.0 100.6 147.4 237.6 263.4 253.4 240.9 303.7 255.7 336.2 15

F.5 Total Liabilities and Their Relation to Total Financial Assets

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 790.6 952.2 1028.9 1230.2 1354.5 1464.9 1081.1 1360.4 1477.8 1940.5 1830.0 1

 2 Official foreign exchange -1.6 0.8 -5.8 8.8 -6.3 0.7 -17.6 0.4 2.4 17.5 -0.8 2

 3 SDR certificates -2.0 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 3

 4 Treasury currency 0.2 0.4 0.7 0.6 -0.0 0 0.4 0.2 1.3 -1.9 0.3 4

 5 Foreign deposits -3.4 -18.5 52.9 35.3 82.0 89.0 188.6 18.8 105.4 43.1 52.2 5

 6 Net interbank transactions 49.4 50.5 89.8 9.9 -51.6 -46.3 -86.1 -46.4 -42.6 -10.0 61.9 6

 7 Checkable deposits and currency 113.5 117.3 -9.7 -12.7 15.8 41.5 85.3 64.2 -49.2 65.6 72.5 7

 8 Small time and savings deposits -57.3 -70.3 -39.9 96.6 97.2 97.1 157.9 24.5 53.8 152.3 165.6 8

 9 Large time deposits -73.2 -23.5 19.6 65.6 114.0 122.5 49.9 176.3 194.1 69.9 105.0 9

10 Money market fund shares 4.5 20.2 43.3 142.3 145.8 157.6 182.4 58.5 243.6 146.0 283.2 10

11 Security RPs 43.2 71.3 78.2 110.4 40.0 115.2 36.5 198.0 121.1 105.3 253.2 11

12 Corporate equities 105.4 137.7 24.6 -3.5 -7.0 -79.0 -67.3 -109.1 -12.6 -126.9 -78.2 12

13 Mutual fund shares 190.5 292.0 100.6 147.4 237.6 263.4 253.4 240.9 303.7 255.7 336.2 13

14 Trade payables 46.6 52.0 93.7 101.9 72.1 96.3 63.1 63.1 135.5 123.3 84.4 14

15 Security credit 4.6 61.4 -0.1 26.7 52.4 110.1 117.1 137.4 79.7 106.3 150.7 15

16 Life insurance reserves 28.0 36.0 34.5 44.9 43.6 56.0 39.8 77.5 62.8 43.7 52.9 16

17 Pension fund reserves 230.0 255.6 246.1 233.4 232.1 290.2 256.8 337.3 321.8 244.7 281.2 17

18 Taxes payable 10.6 11.4 2.6 5.1 15.0 13.9 31.0 2.4 30.5 -8.4 24.0 18

19 Investment in bank personal trusts -7.1 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 25.7 19

20 Noncorporate proprietors’ equity 38.4 25.5 57.5 53.8 30.8 22.5 33.1 25.7 28.5 2.8 12.9 20

21 Miscellaneous 270.7 346.6 251.0 444.3 434.9 584.5 632.3 529.8 531.1 644.6 841.2 21

22 Total financial sources 1781.5 2319.3 2086.4 2747.2 2893.8 3474.5 3104.4 3231.6 3669.4 3892.7 4554.0 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.2 -0.2 -0.5 -1.0 -0.6 -0.3 -0.5 0.8 -2.4 -0.4 23

24 Foreign deposits -2.7 -5.7 43.0 25.1 55.4 71.5 178.7 -10.5 83.1 34.7 2.2 24

25 Net interbank liabilities -4.9 4.2 -2.7 -3.1 -3.3 -19.8 26.9 -24.4 -51.6 -30.0 101.4 25

26 Security RPs 4.3 46.4 69.4 22.9 -0.7 71.9 -91.5 172.1 27.4 179.9 171.5 26

27 Taxes payable 12.8 15.8 16.6 17.8 16.3 14.1 12.2 28.3 11.2 4.9 -0.9 27

28 Miscellaneous -28.1 -164.2 -144.2 -211.7 -89.8 -249.7 -104.2 -372.5 -212.1 -310.0 -382.8 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. 0.7 -1.5 -4.8 -6.0 0.5 -2.7 -9.4 16.1 2.1 -19.5 0.9 29

30 Other 1.6 -1.3 -2.8 -3.8 -4.0 -3.9 -2.6 -4.8 -3.4 -4.8 -9.3 30

31 Trade credit 11.4 -4.3 0.3 -12.2 -32.2 3.8 13.1 -72.0 68.6 5.5 -26.2 31

 Totals identified to sectors

32 as assets 1786.7 2430.0 2111.8 2918.8 2952.6 3589.7 3081.5 3499.8 3743.2 4034.6 4697.6 32
14 Z.1, June 11, 1998

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross Domestic Product (GDP) 6244.5 6558.1 6947.0 7265.4 7636.1 8079.9 7933.5 8034.5 8124.4 8227.2 8345.0 1

 2 Personal consumption expenditures (2) 4219.8 4459.3 4717.0 4957.7 5207.6 5485.7 5405.7 5432.1 5527.4 5577.8 5666.5 2

 3 Durable goods (3) 488.5 530.2 579.6 608.5 634.5 659.3 658.4 644.5 667.3 666.8 688.8 3

 4 Nondurable goods and services 3731.3 3929.0 4137.4 4349.2 4573.1 4826.5 4747.3 4787.6 4860.1 4911.0 4977.7 4

 5 Gross private domestic investment 790.5 876.2 1007.8 1038.2 1116.6 1242.5 1193.6 1242.0 1250.3 1284.0 1352.2 5

 6 Fixed investment 783.4 855.7 946.6 1008.1 1090.7 1174.1 1127.5 1160.9 1201.3 1206.8 1248.6 6

 7 Nonresidential plant and equipment 557.9 604.1 660.6 723.0 781.5 846.9 811.3 836.3 872.0 868.0 896.3 7

 8 Household sector (nonprofit organizations) 32.5 35.6 31.9 37.7 41.0 44.2 42.8 43.6 45.3 45.2 45.9 8

 9 Nonfinancial corporate business 378.4 418.1 461.2 521.7 564.9 611.3 586.3 604.7 630.6 623.7 638.6 9

10 Nonfarm noncorporate business 69.4 67.2 66.8 63.3 63.3 60.9 65.6 62.2 59.2 56.7 64.4 10

11 Farm business 14.7 18.7 20.8 21.6 23.2 24.9 23.4 25.0 26.4 24.6 26.5 11

12 Financial corporations 62.9 64.5 79.9 78.6 89.1 105.5 93.1 100.8 110.5 117.8 120.8 12

13 Residential construction 225.6 251.6 286.0 285.1 309.3 327.2 316.2 324.6 329.3 338.8 352.3 13

14 Household sector 193.8 218.4 249.1 244.0 267.3 280.5 273.0 279.2 281.7 288.2 300.1 14

15 Nonfinancial corporate business 1.7 1.7 1.9 2.3 2.3 2.4 2.3 2.3 2.4 2.4 2.4 15

16 Nonfarm noncorporate business 27.4 26.3 27.8 35.9 34.8 36.8 35.6 36.5 37.0 38.1 39.6 16

17 REITs 2.6 5.2 7.3 2.9 4.9 7.5 5.3 6.6 8.2 10.1 10.1 17

18 Change in business inventories 7.0 20.5 61.2 30.1 25.9 68.4 66.1 81.1 49.0 77.2 103.6 18

19 Nonfinancial corporate business 1.9 25.4 48.0 36.1 21.9 58.6 59.1 71.2 38.9 65.3 92.5 19

20 Nonfarm noncorporate business 0.1 1.3 2.5 1.9 1.2 3.1 3.1 3.7 2.0 3.4 4.0 20

21 Farm business 5.0 -6.2 10.8 -8.0 2.9 6.7 3.9 6.2 8.1 8.5 7.1 21

22 Net U.S. exports of goods and services -29.5 -60.7 -90.8 -86.0 -94.8 -101.1 -98.8 -88.7 -111.3 -105.4 -136.8 22

23 Exports 639.4 658.6 721.2 818.4 870.9 957.1 922.2 960.3 965.8 980.0 960.4 23

24 - Imports 668.9 719.3 812.0 904.4 965.7 1058.1 1021.0 1049.0 1077.1 1085.4 1097.2 24

 Government consumption expenditures and

25 gross investment 1263.8 1283.4 1313.0 1355.6 1406.7 1452.7 1433.0 1449.1 1458.0 1470.8 1463.1 25

26 Consumption expenditures (4) 1054.7 1078.9 1107.1 1142.1 1182.5 1226.7 1209.7 1221.6 1230.8 1244.8 1239.3 26

27 Federal 451.1 447.3 443.2 443.5 451.5 463.8 458.0 464.2 464.7 468.4 456.6 27

28 State and local 603.7 631.6 663.9 698.6 731.0 762.9 751.7 757.4 766.1 776.4 782.7 28

29 Gross investment (4) 209.1 204.5 205.9 213.5 224.3 226.0 223.3 227.5 227.2 226.0 223.8 29

30 Federal 76.9 71.1 67.0 66.1 68.5 60.0 58.1 61.9 61.0 58.8 58.7 30

31 State and local 132.2 133.4 138.9 147.4 155.8 166.1 165.2 165.6 166.2 167.2 165.1 31

 Memo:

32 Net U.S. factor income from rest of the world 11.1 18.7 8.2 5.2 1.7 -19.7 -14.3 -20.7 -20.7 -23.3 -22.8 32

33 U.S. receipts 137.9 150.8 176.5 222.8 234.3 262.3 248.2 261.6 269.4 269.8 270.7 33

34 - U.S. payments 126.8 132.1 168.3 217.6 232.6 282.0 262.5 282.3 290.1 293.1 293.5 34

 Gross National Product (GNP) =

35 GDP + net U.S. factor income 6255.6 6576.8 6955.2 7270.7 7637.8 8060.2 7919.2 8013.8 8103.7 8203.9 8322.2 35

(1) This table corresponds to NIPA table 1.1 in the Survey of Current Business, Department of Commerce.

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

(3) Considered investment rather than current expenditure in the flow of funds accounts; added back to NIPA-based personal saving in the calculation of gross saving.

(4) Government inventory investment is included in consumption expenditures.
Z.1, June 11, 1998 15

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 National Income 4990.4 5266.7 5590.6 5912.3 6254.4 6649.7 6509.9 6599.0 6699.6 6790.3 6902.7 1

 2 Compensation of employees 3644.9 3814.8 4011.9 4215.4 4426.9 4703.7 4606.3 4663.5 4725.3 4819.8 4916.6 2

 3 Wages and other labor income 3337.6 3474.7 3645.5 3836.4 4040.1 4294.1 4203.8 4256.7 4313.9 4402.0 4490.0 3

 4 Employer social insurance contributions 323.0 335.7 353.0 366.0 385.7 408.4 401.3 405.6 410.2 416.6 425.4 4

 5 Wage accruals less disbursements -15.8 4.4 13.3 13.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 423.8 450.8 471.6 488.9 520.4 544.5 534.6 543.6 547.2 552.5 556.7 6

 7 Nonfarm 386.7 418.4 434.7 465.5 483.1 503.8 494.4 500.0 506.3 514.3 524.2 7

 8 Farm 37.1 32.4 36.9 23.4 37.2 40.7 40.2 43.6 40.9 38.2 32.5 8

 Rental income of persons (with capital

 9 consumption adjustment) 79.4 105.7 124.4 132.9 146.3 147.9 149.0 148.7 148.0 145.7 143.6 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 428.0 492.8 570.5 650.0 735.9 805.0 779.5 795.1 827.3 818.1 822.5 10

 Corporate profits with inventory

11 valuation adjustment 398.9 456.8 519.1 598.4 674.1 735.2 711.8 725.7 757.0 746.5 748.6 11

12 Profits before tax 406.4 465.4 535.1 622.6 676.6 729.7 708.3 719.8 753.4 737.3 718.4 12

13 Domestic nonfinancial 256.6 307.4 391.9 437.7 476.4 510.8 493.7 500.7 533.3 515.6 492.7 13

14 Farm 1.2 1.2 0.4 0.7 0.8 0.9 0.9 0.9 0.9 1.0 1.0 14

15 Foreign subsidiaries 64.9 73.8 73.4 86.8 95.9 98.6 97.3 100.8 99.9 96.3 99.0 15

16 Financial 83.7 83.0 69.4 97.5 103.5 119.4 116.4 117.4 119.3 124.4 125.7 16

 Less:

17 Profits tax liability 143.0 165.2 186.6 213.2 229.0 249.4 241.2 244.5 258.2 253.6 245.4 17

18 Domestic nonfinancial 90.6 104.5 128.3 138.9 154.2 164.9 158.8 161.3 173.5 165.9 156.6 18

19 Farm 0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.5 0.6 0.5 0.5 19

20 Financial 52.0 60.2 57.8 73.8 74.2 84.0 81.8 82.7 84.1 87.2 88.3 20

 Equals:

21 Profits after tax 263.4 300.2 348.5 409.4 447.6 480.3 467.1 475.3 495.2 483.7 473.0 21

22 Dividends 169.5 195.8 216.3 264.4 304.8 336.1 326.8 333.0 339.1 345.6 352.2 22

23 Domestic nonfinancial 132.4 147.0 157.6 187.1 195.1 209.7 205.6 206.6 206.2 220.3 224.2 23

24 Farm 1.2 0.8 1.0 1.2 1.3 1.5 1.4 1.5 1.5 1.5 1.5 24

25 Foreign subsidiaries 23.5 20.8 31.9 27.5 34.0 38.0 34.1 39.4 47.1 31.2 32.2 25

26 Financial 12.5 27.2 25.8 48.6 74.4 87.0 85.7 85.5 84.3 92.6 94.3 26

27 Undistributed profits 93.9 104.5 132.3 145.0 142.8 144.2 140.3 142.3 156.1 138.1 120.8 27

28 Domestic nonfinancial 33.5 55.9 106.0 111.7 127.1 136.3 129.3 132.8 153.5 129.5 112.0 28

29 Farm -0.4 -0.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 29

30 Foreign subsidiaries 41.5 53.0 41.6 59.3 62.0 60.6 63.2 61.4 52.8 65.1 66.8 30

31 Financial 19.3 -4.4 -14.2 -24.9 -45.2 -51.6 -51.1 -50.8 -49.1 -55.4 -56.9 31

32 Inventory valuation adjustment -7.5 -8.6 -16.0 -24.2 -2.5 5.5 3.5 5.9 3.6 9.2 30.2 32

33 Capital consumption adjustment 29.1 36.0 51.4 51.6 61.8 69.8 67.7 69.4 70.3 71.6 73.9 33

34 Domestic nonfinancial 45.2 46.2 60.3 60.0 70.5 79.1 76.8 78.7 79.8 81.2 83.6 34

35 Farm 0.1 0.1 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 35

36 Financial -16.2 -10.4 -9.5 -8.9 -9.4 -10.0 -9.7 -9.9 -10.1 -10.2 -10.3 36

37 Net interest 414.3 402.5 412.3 425.1 425.1 448.7 440.5 448.1 451.8 454.2 463.3 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 4990.4 5266.7 5590.6 5912.3 6254.4 6649.7 6509.9 6599.0 6699.6 6790.3 6902.7 38

 Plus:

39 Business transfer payments to persons 22.5 22.1 23.8 25.0 26.0 27.1 26.7 26.9 27.2 27.5 27.8 39

40 Business transfer payments to rest of the world 5.9 6.0 6.8 7.3 7.6 8.3 7.7 8.1 8.7 8.5 8.6 40

41 Indirect business taxes and nontaxes 505.6 532.6 568.4 582.8 604.8 619.4 610.2 616.2 625.4 625.8 634.8 41

42 Private consumption of fixed capital 585.4 594.5 638.7 653.0 682.7 716.9 705.4 712.3 720.3 729.4 736.0 42

43 Government consumption of fixed capital 128.2 133.4 138.8 143.8 147.4 151.1 149.6 150.7 151.3 152.6 152.8 43

44 Statistical discrepancy 44.8 52.7 14.8 -28.2 -59.7 -86.1 -64.2 -73.5 -103.0 -103.6 -114.3 44

 Less:

 Subsidies less current surplus of

45 government enterprises 27.1 31.1 26.6 25.2 25.4 26.1 26.1 25.9 25.8 26.6 26.2 45

46 Net U.S. factor income from rest of the world 11.1 18.7 8.2 5.2 1.7 -19.7 -14.3 -20.7 -20.7 -23.3 -22.8 46

 Equals:

47 Gross Domestic Product 6244.5 6558.1 6947.0 7265.4 7636.1 8079.9 7933.5 8034.5 8124.4 8227.2 8345.0 47

(1) This table corresponds to NIPA table 1.14 in the Survey of Current Business, Department of Commerce.

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
16 Z.1, June 11, 1998

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 904.3 949.5 1079.1 1165.5 1267.7 1394.4 1332.8 1397.1 1411.6 1436.0 1493.6 1

 2 Gross private saving 970.8 979.2 1030.2 1093.1 1125.4 1164.3 1134.1 1178.2 1159.7 1185.3 1184.3 2

 3 Personal saving 285.7 248.5 210.6 254.6 239.5 226.8 216.0 247.1 208.2 235.8 222.2 3

 4 Undistributed corporate profits 93.9 104.5 132.3 145.0 142.8 144.2 140.3 142.3 156.1 138.1 120.8 4

 5 Nonfinancial corp. inventory valuation adjustment -7.5 -8.6 -16.0 -24.2 -2.5 5.5 3.5 5.9 3.6 9.2 30.2 5

 6 Corporate capital consumption adjustment 29.1 36.0 51.4 51.6 61.8 69.8 67.7 69.4 70.3 71.6 73.9 6

 7 Private consumption of fixed capital 585.4 594.5 638.7 653.0 682.7 716.9 705.4 712.3 720.3 729.4 736.0 7

 8 Wage accruals less disbursements -15.8 4.4 13.3 13.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 8

 9 Gross government saving -66.4 -29.8 48.9 72.4 142.2 230.0 198.7 218.9 251.9 250.7 309.3 9

10 Federal -215.0 -182.7 -117.2 -103.6 -39.2 42.8 15.8 34.8 60.9 59.7 120.4 10

11 Consumption of fixed capital 65.9 67.9 69.5 70.9 71.2 71.6 71.4 71.5 71.6 71.8 71.5 11

12 Current surplus -280.9 -250.7 -186.7 -174.4 -110.4 -28.8 -55.6 -36.7 -10.7 -12.1 48.9 12

13 State and local 148.5 153.0 166.1 176.0 181.4 187.2 182.9 184.1 191.0 191.0 188.9 13

14 Consumption of fixed capital 62.3 65.5 69.4 72.9 76.2 79.5 78.2 79.2 79.7 80.8 81.3 14

15 Current surplus 86.2 87.5 96.7 103.1 105.3 107.8 104.7 104.9 111.3 110.2 107.6 15

16 Capital grants received by the U.S. (net) 0 0 0 0 0 0 0 0 0 0 0 16

17 Gross investment 949.1 1002.1 1093.8 1137.3 1208.0 1308.3 1268.6 1323.6 1308.6 1332.4 1379.3 17

18 Gross private domestic investment 790.5 876.2 1007.8 1038.2 1116.6 1242.5 1193.6 1242.0 1250.3 1284.0 1352.2 18

19 Fixed investment 783.4 855.7 946.6 1008.1 1090.7 1174.1 1127.5 1160.9 1201.3 1206.8 1248.6 19

20 Nonresidential 557.9 604.1 660.6 723.0 781.5 846.9 811.3 836.3 872.0 868.0 896.3 20

21 Residential 225.6 251.6 286.0 285.1 309.3 327.2 316.2 324.6 329.3 338.8 352.3 21

22 Change in business inventories 7.0 20.5 61.2 30.1 25.9 68.4 66.1 81.1 49.0 77.2 103.6 22

23 Gross government investment 209.1 204.5 205.9 213.5 224.3 226.0 223.3 227.5 227.2 226.0 223.8 23

24 Net foreign investment in U.S. -50.4 -78.6 -119.9 -114.4 -132.9 -160.2 -148.3 -145.9 -168.9 -177.6 -196.7 24

25 Statistical discrepancy (line 17 less line 1) 44.8 52.7 14.8 -28.2 -59.7 -86.1 -64.2 -73.5 -103.0 -103.6 -114.3 25

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, June 11, 1998 17

F.9 Derivation of Measures of Personal Saving (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 482.6 446.3 506.3 498.6 461.5 478.0 360.6 523.7 507.8 519.9 474.4 1

 2 Foreign deposits 1.2 -1.1 3.1 4.6 12.4 13.8 17.1 15.2 12.0 11.0 18.0 2

 3 Checkable deposits and currency 103.8 56.5 -24.2 -53.1 -61.3 -7.7 51.8 -12.1 -102.3 32.0 38.6 3

 4 Time and savings deposits -76.9 -106.6 -3.7 178.7 174.7 180.8 155.1 145.4 226.3 196.3 197.4 4

 5 Money market fund shares -40.9 -0.3 13.5 98.8 80.4 109.4 143.8 9.7 211.6 72.5 191.2 5

 6 Securities 230.0 158.8 198.8 -93.0 -90.4 -354.3 -476.5 -249.6 -377.0 -313.9 -475.1 6

 7 Open market paper -3.3 15.6 1.2 13.3 22.7 40.0 47.4 39.6 35.1 37.9 41.1 7

 8 U.S. savings bonds 19.1 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -1.4 8

 9 Other Treasury securities 57.9 8.6 148.9 -52.8 -70.0 -233.2 -295.2 -129.0 -207.9 -300.5 -299.6 9

10 Agency securities 34.1 -35.3 141.1 20.2 75.9 31.7 60.5 39.8 -33.0 59.6 -127.6 10

11 Municipal securities -27.3 -31.3 -50.2 -42.9 -18.0 22.2 15.1 44.8 -7.8 36.7 38.8 11

12 Corporate and foreign bonds -7.9 37.1 39.9 67.1 5.1 36.4 -87.3 10.9 89.6 132.4 105.7 12

13 Corporate equities (2) 23.6 -55.6 -157.5 -197.5 -282.9 -472.1 -422.8 -457.9 -505.2 -502.3 -498.8 13

14 Mutual fund shares 133.9 205.1 67.4 94.5 174.8 221.2 209.4 202.4 251.7 221.2 266.6 14

15 Private life insurance reserves 27.7 35.7 34.3 44.8 43.8 55.6 40.7 75.2 64.0 42.4 54.1 15

16 Private insured pension reserves 68.9 73.9 81.0 65.1 44.4 91.8 80.3 126.6 99.7 60.7 113.8 16

17 Private noninsured pension reserves 77.0 98.4 78.8 96.1 85.1 86.8 87.3 86.3 79.9 93.7 85.5 17

18 Govt. insurance and pension reserves 84.4 83.6 86.6 72.3 102.3 111.9 88.3 126.8 141.1 91.6 80.7 18

19 Investment in bank personal trusts -7.1 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 25.7 19

20 Miscellaneous assets 14.5 46.4 20.6 80.3 78.6 114.8 104.0 128.5 71.8 155.1 144.3 20

21 Gross investment in tangible assets 831.4 891.6 989.2 1005.0 1068.0 1116.4 1105.9 1101.0 1127.0 1131.6 1176.6 21

22 Residential structures 193.8 218.4 249.1 244.0 267.3 280.5 273.0 279.2 281.7 288.2 300.1 22

23 Other fixed assets (3) 144.0 147.8 147.3 158.5 162.2 166.8 167.5 167.4 167.9 164.6 176.5 23

24 Consumer durables 488.5 530.2 579.6 608.5 634.5 659.3 658.4 644.5 667.3 666.8 688.8 24

25 Inventories (3) 5.1 -4.9 13.3 -6.0 4.0 9.8 7.0 9.9 10.1 11.9 11.1 25

26 Consumption of fixed capital 620.2 635.8 651.2 673.2 696.0 730.6 719.3 725.9 734.1 743.1 749.3 26

27 Residential structures 85.9 79.7 87.3 89.4 92.0 96.6 95.1 96.0 97.1 98.3 99.2 27

28 Other fixed assets (3) 122.8 125.8 107.6 101.4 102.4 107.3 106.0 106.6 107.8 108.9 109.3 28

29 Consumer durables 411.4 430.3 456.3 482.3 501.6 526.7 518.3 523.3 529.2 535.9 540.7 29

30 Net investment in tangible assets (4) 211.2 255.7 338.0 331.8 372.0 385.7 386.6 375.1 392.9 388.5 427.3 30

31 Residential structures 107.9 138.7 161.8 154.5 175.2 183.9 177.9 183.2 184.6 189.9 200.9 31

32 Other fixed assets (3) 21.1 22.0 39.7 57.1 59.9 59.5 61.5 60.8 60.1 55.7 67.2 32

33 Consumer durables 77.1 99.9 123.3 126.2 132.9 132.6 140.1 121.2 138.1 130.9 148.1 33

34 Inventories (3) 5.1 -4.9 13.3 -6.0 4.0 9.8 7.0 9.9 10.1 11.9 11.1 34

35 Net increase in liabilities 163.4 245.0 332.5 412.3 460.9 479.2 434.0 436.0 537.1 509.7 564.5 35

36 Mortgage debt on nonfarm homes 167.9 155.5 177.8 173.6 263.9 267.8 227.5 190.2 343.6 309.9 314.8 36

37 Other mortgage debt (3) -38.8 -27.2 -27.0 -7.6 28.1 39.1 6.0 46.9 48.3 55.4 61.3 37

38 Consumer credit 3.9 60.7 124.9 138.9 88.8 52.5 70.8 60.0 50.5 28.8 56.9 38

39 Policy loans 5.7 5.6 7.8 10.5 4.5 3.2 5.9 6.9 3.0 -3.0 0.4 39

40 Security credit -1.6 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 30.8 40

41 Other liabilities (3) 26.3 27.7 50.1 93.4 59.7 79.7 97.0 94.3 24.0 103.5 100.2 41

42 Personal saving (FOF measure) (5) 530.5 457.0 511.8 418.1 372.7 384.5 313.2 462.8 363.6 398.6 337.2 42

43 - Govt. insurance and pension reserves 84.4 83.6 86.6 72.3 102.3 111.9 88.3 126.8 141.1 91.6 80.7 43

44 - Net investment in consumer durables 77.1 99.9 123.3 126.2 132.9 132.6 140.1 121.2 138.1 130.9 148.1 44

45 - Net saving by farm corporations -0.2 0.1 -0.6 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 45

46 = Personal saving 369.2 273.5 302.6 220.1 138.0 140.5 85.3 215.3 84.9 176.6 108.8 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 285.7 248.5 210.6 254.6 239.5 226.8 216.0 247.1 208.2 235.8 222.2 47

48 Difference (6) 83.5 25.0 91.9 -34.5 -101.6 -86.2 -130.7 -31.8 -123.3 -59.2 -113.4 48

 Memo:

49 Disposable personal income 4626.7 4829.2 5052.7 5355.7 5608.4 5885.2 5790.6 5849.9 5908.9 5991.4 6066.3 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 11.5 9.5 10.1 7.8 6.6 6.5 5.4 7.9 6.2 6.7 5.6 50

51 NIPA concept, FOF data (line 46) 8.0 5.7 6.0 4.1 2.5 2.4 1.5 3.7 1.4 2.9 1.8 51

52 NIPA measure (line 47) 6.2 5.1 4.2 4.8 4.3 3.9 3.7 4.2 3.5 3.9 3.7 52

53 Difference (line 48) 1.8 0.5 1.8 -0.6 -1.8 -1.5 -2.3 -0.5 -2.1 -1.0 -1.9 53

(1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19).

(3) Includes corporate farms.

(4) Line 21 less line 26.

(5) Line 1 plus line 30 less line 35.

(6) Household sector discrepancy with sign reversed.
18 Z.1, June 11, 1998

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Personal income 5277.2 5519.2 5791.8 6150.8 6495.3 6873.9 6746.2 6829.1 6906.9 7013.5 7125.9 1

 2 - Personal taxes and nontaxes 650.5 690.0 739.1 795.1 886.9 988.7 955.6 979.2 998.0 1022.1 1059.6 2

 3 = Disposable personal income 4626.7 4829.2 5052.7 5355.7 5608.4 5885.2 5790.6 5849.9 5908.9 5991.4 6066.3 3

 4 - Personal outlays 4341.0 4580.8 4842.1 5101.1 5368.8 5658.4 5574.6 5602.8 5700.7 5755.6 5844.1 4

 5 = Personal saving, NIPA (2) 285.7 248.5 210.6 254.6 239.5 226.8 216.0 247.1 208.2 235.8 222.2 5

 6 + Government insurance and pension reserves 84.4 83.6 86.6 72.3 102.3 111.9 88.3 126.8 141.1 91.6 80.7 6

 7 + Net investment in consumer durables 77.1 99.9 123.3 126.2 132.9 132.6 140.1 121.2 138.1 130.9 148.1 7

 8 + Consumption of fixed capital 516.8 530.8 565.6 595.1 618.3 649.2 638.9 645.1 652.4 660.6 666.6 8

 9 = Gross saving 964.0 962.8 986.1 1048.2 1093.1 1120.5 1083.3 1140.1 1139.7 1118.9 1117.6 9

10 Gross investment 1047.5 987.8 1078.0 1013.7 991.5 1034.3 952.6 1108.4 1016.4 1059.7 1004.2 10

11 Capital expenditures 714.8 784.2 860.5 890.2 942.8 984.0 974.2 967.3 994.3 1000.2 1034.9 11

12 Residential construction 193.8 218.4 249.1 244.0 267.3 280.5 273.0 279.2 281.7 288.2 300.1 12

13 Consumer durable goods 488.5 530.2 579.6 608.5 634.5 659.3 658.4 644.5 667.3 666.8 688.8 13

14 Nonprofit plant and equipment 32.5 35.6 31.9 37.7 41.0 44.2 42.8 43.6 45.3 45.2 45.9 14

15 Net financial investment 332.7 203.6 217.6 123.5 48.7 50.2 -21.7 141.0 22.2 59.5 -30.7 15

16 Net acquisition of financial assets 496.6 440.0 530.5 485.2 439.0 442.5 344.7 482.2 473.4 469.8 426.1 16

17 Foreign deposits 1.2 -1.1 3.1 4.6 12.4 13.8 17.1 15.2 12.0 11.0 18.0 17

18 Checkable deposits and currency 97.0 47.2 -29.8 -57.7 -66.3 -12.9 47.1 -17.1 -107.6 25.9 32.2 18

19 Time and savings deposits -74.7 -113.1 -11.9 170.0 167.9 174.5 149.3 139.4 220.1 189.1 190.1 19

20 Money market fund shares -40.9 -0.6 13.4 97.9 79.4 108.7 143.1 8.9 210.9 71.7 190.4 20

21 Credit market instruments 61.2 1.0 277.8 2.8 11.5 -109.5 -245.9 -10.3 -158.9 -23.0 -228.6 21

22 Open market paper -3.3 15.6 1.2 13.3 22.7 40.0 47.4 39.6 35.1 37.9 41.1 22

23 U.S. government securities 110.4 -12.4 297.3 -29.2 5.9 -203.5 -239.7 -90.8 -242.0 -241.5 -430.3 23

24 Treasury 76.3 22.9 156.2 -49.4 -70.1 -235.2 -300.2 -130.6 -209.0 -301.1 -302.7 24

25 Savings bonds 19.1 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -1.4 25

26 Other 57.2 8.3 148.2 -54.4 -72.1 -234.7 -296.6 -130.5 -209.5 -302.2 -301.4 26

27 Agency 34.1 -35.3 141.1 20.2 75.9 31.7 60.5 39.8 -33.0 59.6 -127.6 27

28 Municipal securities -27.3 -31.3 -50.2 -42.9 -18.0 22.2 15.1 44.8 -7.8 36.7 38.8 28

29 Corporate and foreign bonds -7.9 37.1 39.9 67.1 5.1 36.4 -87.3 10.9 89.6 132.4 105.7 29

30 Mortgages -10.7 -8.0 -10.4 -5.5 -4.1 -4.6 18.5 -14.7 -33.8 11.5 16.0 30

31 Corporate equities (3) 23.6 -55.6 -157.5 -197.5 -282.9 -472.1 -422.8 -457.9 -505.2 -502.3 -498.8 31

32 Mutual fund shares 133.9 205.1 67.4 94.5 174.8 221.2 209.4 202.4 251.7 221.2 266.6 32

33 Security credit -10.8 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 54.1 33

34 Life insurance reserves 28.0 36.0 34.5 44.9 43.6 56.0 39.8 77.5 62.8 43.7 52.9 34

35 Pension fund reserves 230.0 255.6 246.1 233.4 232.1 290.2 256.8 337.3 321.8 244.7 281.2 35

36 Investment in bank personal trusts -7.1 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 25.7 36

37 Equity in noncorporate business 38.4 25.5 57.5 53.8 30.8 22.5 33.1 25.7 28.5 2.8 12.9 37

38 Miscellaneous assets 17.0 13.1 5.4 15.8 9.0 23.7 12.9 20.9 39.8 21.1 29.4 38

39 Net increase in liabilities 163.9 236.4 312.9 361.6 390.2 392.3 366.4 341.2 451.2 410.3 456.7 39

40 Credit market instruments 160.7 205.9 309.3 348.9 372.7 350.3 339.2 292.5 381.4 388.0 426.9 40

41 Home mortgages 138.3 121.2 169.7 170.7 261.0 262.2 222.8 184.9 337.7 303.4 307.5 41

42 Consumer credit 3.9 60.7 124.9 138.9 88.8 52.5 70.8 60.0 50.5 28.8 56.9 42

43 Municipal securities -0.6 -0.5 1.5 0.9 6.1 10.8 4.5 13.6 10.6 14.7 16.1 43

44 Bank loans n.e.c. 4.5 9.8 13.4 15.9 -3.7 2.7 24.8 9.8 -49.3 25.6 29.8 44

45 Other loans and advances 9.3 7.1 7.1 26.6 12.4 18.1 27.2 17.6 19.7 7.8 11.5 45

46 Commercial mortgages 5.4 7.7 -7.4 -4.2 8.2 3.9 -10.9 6.7 12.3 7.7 5.1 46

47 Security credit -1.6 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 30.8 47

48 Trade payables 4.7 7.4 4.2 8.5 1.4 3.0 -1.8 8.8 -0.2 5.0 -3.2 48

 Deferred and unpaid

49 life insurance premiums 0.0 0.5 0.5 0.7 0.3 2.2 2.2 2.2 2.2 2.2 2.2 49

50 Discrepancy -83.5 -25.0 -91.9 34.5 101.6 86.2 130.7 31.8 123.3 59.2 113.4 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 193.8 218.4 249.1 244.0 267.3 280.5 273.0 279.2 281.7 288.2 300.1 51

52 - Consumption of fixed capital 85.9 79.7 87.3 89.4 92.0 96.6 95.1 96.0 97.1 98.3 99.2 52

53 = Net investment 107.9 138.7 161.8 154.5 175.2 183.9 177.9 183.2 184.6 189.9 200.9 53

54 - Home mortgages 138.3 121.2 169.7 170.7 261.0 262.2 222.8 184.9 337.7 303.4 307.5 54

55 = Excess net investment -30.4 17.5 -7.9 -16.2 -85.7 -78.3 -44.9 -1.7 -153.1 -113.6 -106.5 55

56 (B) Consumer durable goods expenditures 488.5 530.2 579.6 608.5 634.5 659.3 658.4 644.5 667.3 666.8 688.8 56

57 - Consumption of fixed capital 411.4 430.3 456.3 482.3 501.6 526.7 518.3 523.3 529.2 535.9 540.7 57

58 = Net investment 77.1 99.9 123.3 126.2 132.9 132.6 140.1 121.2 138.1 130.9 148.1 58

59 - Consumer credit 3.9 60.7 124.9 138.9 88.8 52.5 70.8 60.0 50.5 28.8 56.9 59

60 = Excess net investment 73.2 39.2 -1.6 -12.7 44.1 80.1 69.3 61.2 87.6 102.1 91.2 60

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.

(2) See table F.9 for derivation of alternative measures of personal saving.

(3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
Z.1, June 11, 1998 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Income before taxes 734.6 813.8 924.1 995.3 1071.6 1127.3 1103.0 1117.8 1152.1 1136.4 1114.5 1

 2 Gross saving 544.4 589.9 635.0 655.0 724.8 772.7 756.1 766.8 783.2 784.7 796.9 2

 3 Gross investment 476.2 674.4 637.7 688.0 721.8 727.8 718.8 768.3 714.4 709.9 741.1 3

 4 Capital expenditures 498.6 552.6 639.8 682.5 717.7 811.8 779.0 838.0 807.2 822.9 877.0 4

 5 Fixed investment 491.6 532.0 578.6 644.8 688.4 736.3 713.3 730.8 755.6 745.5 771.5 5

 6 Residential construction 29.1 28.0 29.7 38.2 37.1 39.2 37.9 38.8 39.4 40.5 42.0 6

 7 Plant and equipment 462.5 504.0 548.9 606.7 651.3 697.1 675.3 691.9 716.2 705.1 729.5 7

 8 Change in inventories 7.0 20.5 61.2 30.1 25.9 68.4 66.1 81.1 49.0 77.2 103.6 8

 9 Access rights from federal government 0 0.0 0 7.6 3.5 7.1 -0.4 26.1 2.6 0.2 1.9 9

10 Net financial investment -22.4 121.8 -2.0 5.4 4.0 -83.9 -60.2 -69.7 -92.8 -113.1 -136.0 10

11 Net acquisition of financial assets 169.6 366.7 329.4 490.6 443.6 375.6 431.7 287.6 435.5 347.4 491.4 11

12 Foreign deposits -0.7 -1.4 1.1 1.6 10.8 3.6 2.6 15.7 -0.8 -3.2 20.2 12

13 Checkable deposits and currency 13.7 23.0 24.1 36.0 54.8 15.8 23.7 42.9 36.5 -39.9 22.3 13

14 Time and savings deposits -17.2 28.8 1.6 -15.8 8.6 7.7 -12.9 25.8 -4.9 22.7 17.2 14

15 Money market fund shares 15.9 -2.3 7.5 25.7 8.2 14.8 13.3 7.5 20.6 18.0 22.0 15

16 Security RPs 3.4 -2.6 -0.3 0.3 1.4 0.4 -0.8 -2.0 2.8 1.6 2.2 16

17 Credit market instruments 27.7 8.0 18.3 -4.1 19.4 12.6 80.5 -50.6 37.2 -16.6 89.2 17

18 Commercial paper 2.3 2.4 -0.6 1.3 10.9 2.9 -8.9 -9.5 13.2 16.7 21.3 18

19 U.S. government securities 21.4 -1.0 3.5 11.4 12.5 -4.3 20.3 -55.3 16.3 1.4 -25.5 19

20 Municipal securities 1.0 8.9 2.0 -19.9 -10.1 3.7 6.9 21.6 -2.8 -10.9 20.0 20

21 Mortgages 0.2 -9.2 4.0 4.7 13.4 9.2 9.1 9.2 9.2 9.2 9.2 21

22 Consumer credit 2.8 6.9 9.4 -1.6 -7.3 1.2 53.0 -16.6 1.4 -33.1 64.1 22

23 Mutual fund shares 5.0 6.8 2.1 4.6 3.3 3.0 3.0 3.0 3.0 3.0 3.0 23

24 Trade receivables 34.7 49.9 85.9 90.3 71.8 47.0 2.6 112.6 6.6 66.1 54.6 24

25 Miscellaneous assets 87.1 256.4 189.2 352.1 265.3 270.6 319.7 132.7 334.5 295.7 260.7 25

26 Net increase in liabilities 192.0 244.9 331.5 485.2 439.6 459.5 491.8 357.3 528.3 460.5 627.4 26

27 Credit market instruments 26.8 51.3 141.7 245.5 195.8 311.3 252.9 274.7 311.6 406.0 419.7 27

28 Commercial paper 8.6 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 28

29 Municipal securities -0.0 -0.1 -5.1 -12.6 -17.5 -20.2 -21.2 -17.1 -18.1 -24.1 -11.2 29

30 Corporate bonds 67.6 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 30

31 Bank loans n.e.c. -16.5 -3.3 61.8 86.3 69.9 98.7 118.3 95.1 66.1 115.4 33.9 31

32 Other loans and advances -3.4 -25.4 26.8 40.2 21.0 50.0 15.1 0.5 57.0 127.2 78.1 32

33 Mortgages -29.6 -5.2 13.4 40.1 50.8 78.3 54.1 89.8 69.2 100.3 107.9 33

34 Corporate equities 27.0 21.3 -44.9 -58.3 -64.2 -114.8 -90.4 -141.6 -83.2 -144.1 -109.6 34

35 Trade payables 40.6 34.9 85.8 88.1 64.1 73.9 40.6 54.0 100.1 100.8 76.5 35

36 Taxes payable 7.1 6.1 0.4 1.3 11.4 9.6 28.3 -1.2 24.8 -13.7 21.4 36

37 Miscellaneous liabilities 59.4 112.9 78.3 164.9 209.7 169.9 233.1 169.4 164.0 113.1 217.3 37

38 Proprietors’ net investment 31.1 18.4 70.3 43.7 22.8 9.7 27.4 2.0 10.9 -1.5 2.1 38

39 Discrepancy 68.1 -84.4 -2.7 -33.0 3.0 44.9 37.3 -1.5 68.8 74.8 55.8 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
20 Z.1, June 11, 1998

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Profits before tax (book) 256.6 307.4 391.9 437.7 476.4 510.8 493.7 500.7 533.3 515.6 492.7 1

 2 - Profit tax accruals 90.6 104.5 128.3 138.9 154.2 164.9 158.8 161.3 173.5 165.9 156.6 2

 3 - Dividends 132.4 147.0 157.6 187.1 195.1 209.7 205.6 206.6 206.2 220.3 224.2 3

 4 + Consumption of fixed capital 373.7 384.4 418.6 430.7 461.1 489.3 480.1 486.4 492.0 498.9 505.6 4

 5 = U.S. internal funds, book 407.3 440.3 524.5 542.4 588.1 625.6 609.4 619.2 645.5 628.4 617.6 5

 6 + Foreign earnings retained abroad 41.5 53.0 41.6 59.3 62.0 60.6 63.2 61.4 52.8 65.1 66.8 6

 7 + Inventory valuation adjustment (IVA) -7.5 -8.6 -16.0 -24.2 -2.5 5.5 3.5 5.9 3.6 9.2 30.2 7

 8 = Total internal funds + IVA 441.2 484.8 550.0 577.5 647.6 691.8 676.1 686.5 701.9 702.7 714.6 8

 9 Gross investment 373.1 569.3 552.8 610.4 644.6 646.9 638.8 688.0 633.1 627.8 658.9 9

10 Capital expenditures 382.0 445.2 511.1 567.7 592.5 679.4 647.3 704.3 674.4 691.6 735.3 10

11 Fixed investment (1) 380.1 419.8 463.1 524.0 567.2 613.7 588.6 607.0 633.0 626.1 641.0 11

12 Inventory change + IVA 1.9 25.4 48.0 36.1 21.9 58.6 59.1 71.2 38.9 65.3 92.5 12

13 Access rights from federal government 0 0.0 0 7.6 3.5 7.1 -0.4 26.1 2.6 0.2 1.9 13

14 Net financial investment -8.9 124.1 41.7 42.7 52.1 -32.5 -8.5 -16.4 -41.3 -63.8 -76.5 14

15 Net acquisition of financial assets 152.4 342.0 283.3 433.5 398.3 330.4 388.4 244.2 390.2 298.9 441.1 15

16 Foreign deposits -0.7 -1.4 1.1 1.6 10.8 3.6 2.6 15.7 -0.8 -3.2 20.2 16

17 Checkable deposits and currency 6.9 13.6 18.5 31.3 49.8 10.5 19.0 37.9 31.3 -46.0 15.9 17

18 Time and savings deposits -15.0 22.3 -6.6 -24.5 1.8 1.4 -18.7 19.8 -11.1 15.5 9.9 18

19 Money market fund shares 15.8 -2.5 7.4 24.8 7.2 14.1 12.6 6.8 19.8 17.2 21.2 19

20 Security RPs 3.4 -2.6 -0.3 0.3 1.4 0.4 -0.8 -2.0 2.8 1.6 2.2 20

21 Commercial paper 2.3 2.4 -0.6 1.3 10.9 2.9 -8.9 -9.5 13.2 16.7 21.3 21

22 U.S. government securities 20.6 -1.3 2.8 9.8 10.4 -5.9 18.9 -56.8 14.7 -0.3 -27.3 22

23 Municipal securities 1.0 8.9 2.0 -19.9 -10.1 3.7 6.9 21.6 -2.8 -10.9 20.0 23

24 Mortgages 1.1 -7.8 4.1 1.6 11.1 8.0 8.0 8.0 8.0 8.0 8.0 24

25 Consumer credit 2.8 6.9 9.4 -1.6 -7.3 1.2 53.0 -16.6 1.4 -33.1 64.1 25

26 Trade receivables 27.6 50.7 71.9 78.0 62.5 37.2 -6.8 103.0 -3.2 55.7 44.1 26

27 Mutual fund shares 5.0 6.8 2.1 4.6 3.3 3.0 3.0 3.0 3.0 3.0 3.0 27

28 Miscellaneous assets 81.5 245.9 171.6 326.2 246.6 250.3 299.6 113.2 313.9 274.5 238.5 28

29 U.S. direct investment abroad (2) 35.6 51.9 61.9 85.0 71.4 91.6 86.4 99.6 89.6 90.7 88.0 29

30 Insurance receivables 13.5 6.6 7.8 3.2 -2.0 -7.1 -5.2 -6.5 -7.8 -9.0 -10.3 30

31 Equity in GSEs 0.0 0.0 0.1 -0.2 -0.2 -1.1 -0.3 -1.7 -1.8 -0.5 -1.1 31

32 Investment in finance co. subs. 1.0 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 32

33 Other 31.4 186.7 98.7 233.5 172.8 164.8 217.4 23.7 230.7 187.3 162.1 33

34 Net increase in liabilities 161.3 217.9 241.6 390.8 346.2 362.9 396.9 260.5 431.5 362.6 517.6 34

35 Net funds raised in markets 69.7 66.8 89.2 160.3 82.3 126.7 109.9 58.0 159.6 179.2 214.2 35

36 Net new equity issues 27.0 21.3 -44.9 -58.3 -64.2 -114.8 -90.4 -141.6 -83.2 -144.1 -109.6 36

37 Credit market instruments 42.7 45.5 134.1 218.6 146.5 241.5 200.3 199.6 242.8 323.4 323.8 37

38 Commercial paper 8.6 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 38

39 Municipal securities (3) -0.0 -0.1 -5.1 -12.6 -17.5 -20.2 -21.2 -17.1 -18.1 -24.1 -11.2 39

40 Corporate bonds (2) 67.6 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 40

41 Bank loans n.e.c. -19.3 -10.8 42.7 66.8 45.8 73.5 94.4 65.5 47.3 86.9 18.1 41

42 Other loans and advances 0.8 -24.2 26.7 32.3 18.7 46.2 8.0 0.6 48.8 127.3 61.6 42

43 Savings institutions -5.0 -0.8 -0.3 1.2 1.5 1.6 2.0 0.9 2.6 0.8 1.9 43

44 Finance companies 1.0 -14.3 23.3 24.0 7.1 8.1 23.7 -12.5 49.7 -28.5 29.0 44

45 U.S. government -0.1 0.2 -0.1 1.9 -1.3 -0.3 -0.6 -0.1 -0.2 -0.1 0.3 45

46 Acceptance liabilities to banks -2.9 -3.3 -2.1 -0.8 -0.7 -2.6 -0.5 3.2 -5.3 -7.8 -9.6 46

47 Rest of the world 4.9 -15.8 1.6 0.0 4.1 16.4 1.3 5.2 9.6 49.4 16.4 47

48 ABS issuers 2.9 9.7 4.3 5.9 8.1 23.0 -17.9 3.8 -7.5 113.5 23.5 48

49 Mortgages -15.0 -4.7 25.0 40.7 27.9 37.5 32.5 44.2 27.4 46.1 44.3 49

50 Trade payables 33.4 36.4 77.3 81.0 55.0 64.8 34.9 42.7 91.4 90.3 69.5 50

51 Taxes payable 6.5 5.4 -0.4 -0.0 9.6 8.2 27.0 -2.6 23.5 -15.0 20.2 51

52 Miscellaneous liabilities 51.7 109.4 75.6 149.6 199.3 163.2 225.1 162.4 157.0 108.1 213.7 52

53 Foreign direct investment in U.S. 5.2 17.9 42.9 50.7 59.7 81.8 77.4 41.8 94.3 113.6 81.4 53

54 Pension fund contributions payable 1.6 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 54

55 Other 45.0 88.5 32.5 95.1 135.8 77.6 143.9 116.8 59.0 -9.3 128.5 55

56 Discrepancy 68.1 -84.4 -2.7 -33.0 3.0 44.9 37.3 -1.5 68.8 74.8 55.8 56

 Memo:

57 Trade receivables net of trade payables -5.8 14.2 -5.3 -3.0 7.4 -27.6 -41.7 60.4 -94.6 -34.5 -25.4 57

58 Financing gap (4) -17.7 13.4 2.6 49.6 6.8 48.2 34.4 79.3 25.3 54.0 87.5 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 95.6 103.0 100.5 109.1 101.2 107.7 105.6 112.8 103.9 108.6 114.2 59

60 Credit market borrowing/capital outlays (5) 11.0 10.0 25.4 36.9 24.6 35.8 31.1 28.6 36.2 47.4 45.9 60

61 Net funds raised/credit market borrowing 163.2 146.9 66.5 73.3 56.2 52.5 54.9 29.1 65.7 55.4 66.2 61

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 9 and 15, respectively.

(2) 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.

(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

(4) Capital expenditures (line 10) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).
Z.1, June 11, 1998 21

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net income with IVA and CCAdj 441.0 473.9 495.3 534.2 557.9 575.8 569.1 573.5 577.9 582.6 589.3 1

 2 Gross saving = capital consumption 82.9 84.4 64.7 56.4 55.3 57.8 57.3 57.4 58.1 58.6 58.5 2

 3 Gross investment 82.9 84.4 64.7 56.4 55.3 57.8 57.3 57.4 58.1 58.6 58.5 3

 4 Capital expenditures 96.9 94.8 97.2 101.1 99.2 100.8 104.3 102.5 98.3 98.2 108.1 4

 5 Fixed investment (1) 96.8 93.5 94.6 99.2 98.0 97.7 101.2 98.7 96.2 94.8 104.0 5

 6 Change in inventories 0.1 1.3 2.5 1.9 1.2 3.1 3.1 3.7 2.0 3.4 4.0 6

 7 Net financial investment -14.1 -10.5 -32.5 -44.7 -43.9 -43.0 -47.0 -45.0 -40.2 -39.7 -49.6 7

 8 Net acquisition of financial assets 13.4 21.5 43.7 54.0 42.4 40.7 39.3 39.0 40.6 44.1 44.8 8

 9 Checkable deposits and currency 5.0 7.6 5.1 4.3 5.1 5.2 4.8 5.0 5.2 5.9 6.1 9

10 Time and savings deposits -2.2 6.5 8.2 8.7 6.8 6.3 5.8 6.0 6.2 7.2 7.3 10

11 Money market mutual funds 0.1 0.3 0.1 0.9 1.0 0.7 0.7 0.7 0.8 0.8 0.8 11

12 Treasury securities 0.7 0.3 0.7 1.6 2.1 1.5 1.4 1.5 1.6 1.7 1.8 12

13 Mortgages -0.9 -1.5 -0.1 3.1 2.3 1.2 1.1 1.2 1.2 1.2 1.2 13

14 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 14

15 Trade receivables 7.1 -0.8 14.0 12.3 9.4 9.8 9.4 9.6 9.8 10.4 10.5 15

16 Miscellaneous assets 3.6 9.0 15.7 23.1 15.8 16.0 16.0 15.0 15.9 16.9 17.0 16

17 Insurance receivables -2.5 0.8 6.0 5.0 3.0 4.1 4.0 4.0 4.0 4.4 4.3 17

18 Equity investment in GSEs (2) -0.0 0.2 0.2 0.0 0.7 0 0.0 -0.2 -0.1 0.3 -0.2 18

19 Other 6.1 8.0 9.5 18.1 12.1 11.9 12.0 11.2 12.0 12.3 12.9 19

20 Net increase in liabilities 27.4 31.9 76.1 98.7 86.4 83.7 86.3 84.0 80.8 83.8 94.4 20

21 Credit market instruments -16.4 3.2 3.3 23.9 44.5 63.5 48.3 68.5 65.7 71.3 88.9 21

22 Bank loans n.e.c. 2.7 5.3 17.2 18.5 23.4 21.7 24.2 23.2 18.2 21.2 14.7 22

23 Other loans and advances -4.0 -0.6 -0.1 7.6 0.7 4.2 4.6 3.8 10.0 -1.4 14.7 23

24 Mortgages -15.1 -1.5 -13.8 -2.2 20.4 37.5 19.5 41.5 37.5 51.6 59.5 24

25 Trade payables 6.9 -2.5 7.5 6.2 7.8 7.7 7.3 7.9 7.9 7.7 7.5 25

26 Taxes payable 0.6 0.7 0.8 1.3 1.8 1.3 1.4 1.3 1.3 1.3 1.2 26

27 Miscellaneous liabilities 7.7 3.6 2.8 15.4 10.4 6.7 8.0 7.0 7.0 5.0 3.6 27

28 Proprietors’ net investment 28.6 26.9 61.8 51.9 21.8 4.5 21.3 -0.6 -1.1 -1.5 -6.9 28

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 37.1 32.4 36.9 23.4 37.2 40.7 40.2 43.6 40.9 38.2 32.5 1

 2 Net saving (corporate) -0.2 0.1 -0.6 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 2

 3 Consumption of fixed capital 20.5 20.6 20.8 21.7 22.4 23.6 23.2 23.4 23.7 24.0 24.2 3

 4 Corporate 1.9 2.0 2.4 2.6 2.9 3.0 3.0 3.0 3.1 3.1 3.1 4

 5 Noncorporate 18.6 18.6 18.4 19.0 19.5 20.5 20.2 20.4 20.6 20.9 21.1 5

 6 Gross saving 20.3 20.7 20.3 21.1 21.9 23.1 22.7 22.9 23.2 23.5 23.7 6

 7 Gross investment 20.3 20.7 20.3 21.1 21.9 23.1 22.7 22.9 23.2 23.5 23.7 7

 8 Capital expenditures 19.7 12.5 31.6 13.7 26.1 31.5 27.3 31.2 34.5 33.1 33.6 8

 9 Fixed investment (2) 14.7 18.7 20.8 21.6 23.2 24.9 23.4 25.0 26.4 24.6 26.5 9

10 Change in inventories 5.0 -6.2 10.8 -8.0 2.9 6.7 3.9 6.2 8.1 8.5 7.1 10

11 Net financial investment 0.6 8.2 -11.3 7.4 -4.1 -8.5 -4.7 -8.3 -11.3 -9.6 -9.9 11

12 Net acquisition of financial assets 3.8 3.2 2.5 3.1 2.9 4.4 4.0 4.4 4.7 4.5 5.6 12

13 Checkable deposits and currency 1.8 1.7 0.5 0.4 -0.0 0.0 -0.0 -0.0 0.0 0.2 0.4 13

14 Miscellaneous assets 2.0 1.5 2.0 2.7 2.9 4.4 4.0 4.5 4.7 4.3 5.2 14

15 Insurance receivables 2.1 1.4 2.0 2.8 3.6 4.4 4.1 4.3 4.5 4.7 4.9 15

16 Equity investment in GSEs (3) -0.1 0.1 0.0 -0.1 -0.6 0 -0.0 0.2 0.2 -0.4 0.3 16

17 Net increase in liabilities 3.2 -5.0 13.7 -4.4 7.0 12.9 8.7 12.7 16.0 14.1 15.5 17

18 Credit market instruments 0.5 2.6 4.4 2.9 4.8 6.4 4.3 6.7 3.1 11.3 7.0 18

19 Bank loans n.e.c. 0.1 2.1 1.9 1.1 0.6 3.5 -0.3 6.4 0.6 7.4 1.1 19

20 Other loans and advances -0.2 -0.6 0.2 0.3 1.6 -0.5 2.5 -3.9 -1.8 1.3 1.8 20

21 Mortgages 0.5 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 21

22 Trade payables 0.2 1.0 1.0 1.0 1.3 1.4 -1.6 3.5 0.9 2.8 -0.4 22

23 Proprietors’ net investment 2.5 -8.5 8.4 -8.3 1.0 5.1 6.0 2.6 12.0 -0.1 8.9 23

(1) Corporate and noncorporate farms.

(2) Nonresidential plant and equipment, shown on table F.6, line 11.

(3) Equity in the Farm Credit System.
22 Z.1, June 11, 1998

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Receipts, NIPA basis 844.3 894.5 949.1 999.0 1043.3 1090.4 1070.9 1080.0 1099.0 1111.7 1119.0 1

 2 Tax receipts 607.8 639.9 676.5 709.8 743.6 780.0 767.1 772.1 788.0 792.7 803.1 2

 3 Social insurance receipts 64.3 68.8 73.4 77.2 81.4 86.2 84.2 85.4 86.8 88.4 90.0 3

 4 Grants-in-aid received 172.2 185.8 199.2 212.0 218.3 224.2 219.6 222.5 224.2 230.6 225.9 4

 5 Expenditures, NIPA basis 758.1 807.0 852.4 895.9 938.0 982.6 966.2 975.1 987.7 1001.5 1011.4 5

 6 Consumption expenditures 603.7 631.6 663.9 698.6 731.0 762.9 751.7 757.4 766.1 776.4 782.7 6

 7 Net interest and transfers 154.4 175.4 188.5 197.3 207.1 219.7 214.5 217.7 221.6 225.1 228.7 7

 8 Surplus, NIPA basis 86.2 87.5 96.7 103.1 105.3 107.8 104.7 104.9 111.3 110.2 107.6 8

 9 + Consumption of fixed capital 62.3 65.5 69.4 72.9 76.2 79.5 78.2 79.2 79.7 80.8 81.3 9

10 - Pension fund reserves 56.7 55.7 58.6 56.2 58.2 80.2 67.3 99.2 101.1 53.3 65.9 10

11 = Gross saving 91.9 97.3 107.5 119.7 123.2 107.0 115.6 84.9 89.9 137.7 123.0 11

12 Gross investment 112.3 107.5 113.0 149.5 153.7 120.7 106.5 147.8 72.3 156.2 129.1 12

13 Fixed investment 132.2 133.4 138.9 147.4 155.8 166.1 165.2 165.6 166.2 167.2 165.1 13

14 Net financial investment -19.8 -26.0 -26.0 2.1 -2.1 -45.4 -58.7 -17.8 -93.9 -11.0 -36.0 14

15 Net acq. of financial assets 13.5 49.4 -57.6 -31.7 13.8 35.4 -1.0 83.0 -29.4 89.2 87.7 15

16 Checkable deposits and currency 2.1 1.6 3.2 2.8 -2.7 1.5 4.2 -2.2 8.1 -4.0 0.2 16

17 Time and savings deposits -5.7 -4.9 6.3 9.5 8.3 6.1 -10.9 21.6 12.2 1.7 14.8 17

18 Security RPs 4.6 10.7 -15.1 -3.0 32.1 3.6 0.5 6.0 2.8 5.0 34.5 18

19 Credit market instruments 1.7 32.6 -55.0 -91.4 -23.7 -0.3 -27.9 39.5 -42.7 29.8 -5.8 19

20 Open market paper 5.2 3.7 4.4 17.1 20.3 11.3 14.8 6.7 16.7 7.1 17.1 20

21 U.S. government securities -5.2 29.7 -66.2 -115.3 -58.1 -8.5 -34.9 37.1 -61.6 25.6 -21.2 21

22 Treasury -17.4 29.6 -77.8 -80.2 -32.8 -17.7 -15.7 -43.6 -16.2 4.8 -0.4 22

23 Agency 12.2 0.1 11.6 -35.1 -25.3 9.2 -19.2 80.6 -45.4 20.8 -20.8 23

24 Municipal securities -1.1 -1.0 -0.9 -3.5 -0.5 0.2 -0.8 0.4 0.5 0.5 0.4 24

25 Corporate and foreign bonds 2.9 5.6 5.4 7.1 10.7 -6.9 -9.6 -9.0 -2.1 -7.0 -6.1 25

26 Mortgages -0.0 -5.4 2.2 3.3 3.8 3.6 2.6 4.3 3.7 3.6 4.0 26

27 Corporate equities 1.5 1.5 1.3 12.1 14.5 1.3 14.2 -14.8 0.2 5.6 -4.2 27

28 Mutual fund shares 5.5 6.5 7.8 5.9 6.0 3.6 6.1 1.0 4.2 3.0 3.5 28

29 Taxes receivable 0.3 -3.2 -6.0 -8.9 -3.6 0.7 -0.7 -0.6 2.4 1.8 1.0 29

30 Miscellaneous assets 3.4 4.6 -0.1 41.1 -17.0 18.9 13.4 32.5 -16.7 46.3 43.6 30

31 Net increase in liabilities 33.3 75.4 -31.6 -33.8 15.9 80.8 57.7 100.8 64.4 100.2 123.7 31

32 Credit market instruments 31.0 74.7 -32.3 -36.0 14.3 79.5 55.3 100.7 63.6 98.6 124.6 32

33 Municipal securities 31.2 75.4 -32.3 -36.5 14.0 80.8 60.1 100.2 63.9 98.7 119.4 33

34 Short-term -1.1 1.8 -2.2 1.2 6.3 8.3 -4.6 6.7 14.9 16.3 -6.8 34

35 Other 32.2 73.6 -30.2 -37.7 7.7 72.4 64.7 93.6 49.1 82.4 126.2 35

36 U.S. government loans -0.1 -0.6 0.1 0.5 0.4 -1.2 -4.8 0.4 -0.4 -0.1 5.1 36

37 Trade payables 2.3 0.6 0.6 2.2 1.6 1.3 2.4 0.2 0.9 1.6 -0.9 37

38 Discrepancy -20.4 -10.2 -5.5 -29.8 -30.4 -13.7 9.1 -62.9 17.6 -18.5 -6.2 38

(1) Data for retirement funds are shown in table F.120.
Z.1, June 11, 1998 23

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Receipts, NIPA basis 1198.5 1275.1 1374.7 1463.2 1587.6 1723.4 1675.2 1709.3 1741.8 1767.4 1810.3 1

 2 Personal taxes 490.8 522.6 562.3 605.8 686.7 774.4 746.9 767.9 781.9 801.0 835.8 2

 3 Corporate profits tax accruals 118.6 138.3 156.7 182.1 194.5 211.8 204.8 207.7 219.3 215.5 208.6 3

 4 Indirect taxes 81.9 87.0 98.6 93.5 95.9 91.3 88.2 92.2 92.4 92.3 92.3 4

 5 Social insurance receipts 507.1 527.3 557.1 581.8 610.5 645.9 635.3 641.5 648.2 658.6 673.6 5

 6 Expenditures, NIPA basis 1479.4 1525.8 1561.4 1637.6 1698.1 1752.2 1730.8 1746.0 1752.5 1779.5 1761.4 6

 7 Consumption expenditures 451.1 447.3 443.2 443.5 451.5 463.8 458.0 464.2 464.7 468.4 456.6 7

 8 Transfers, grants, etc. 832.5 885.8 918.1 969.3 1019.5 1058.1 1043.9 1052.0 1056.6 1079.8 1076.7 8

 9 Net interest 195.9 192.7 200.0 224.8 227.1 230.3 228.9 229.8 231.2 231.3 228.1 9

10 Surplus, NIPA basis -280.9 -250.7 -186.7 -174.4 -110.4 -28.8 -55.6 -36.7 -10.7 -12.1 48.9 10

11 + Consumption of fixed capital 65.9 67.9 69.5 70.9 71.2 71.6 71.4 71.5 71.6 71.8 71.5 11

12 - Insurance and pension reserves 27.8 27.9 28.0 16.0 44.1 31.7 21.0 27.6 40.0 38.3 14.8 12

13 = Gross saving -242.7 -210.7 -145.2 -119.6 -83.3 11.1 -5.2 7.2 20.9 21.4 105.6 13

14 Gross investment -275.2 -221.3 -182.3 -106.9 -124.7 -5.0 -4.3 -22.5 29.1 -22.3 104.5 14

15 Fixed investment 76.9 71.1 67.0 66.1 68.5 60.0 58.1 61.9 61.0 58.8 58.7 15

16 Access rights sales 0 -0.0 0 -7.6 -3.5 -7.1 0.4 -26.1 -2.6 -0.2 -1.9 16

17 Net financial investment -352.1 -292.4 -249.3 -165.3 -189.8 -57.8 -62.8 -58.2 -29.3 -80.9 47.7 17

18 Net acq. of financial assets -25.1 -4.2 -60.5 -1.4 -1.1 -0.8 7.6 -46.5 7.7 28.2 32.5 18

19 Gold, SDRs, and official foreign exchange -1.7 1.0 -2.7 6.4 -2.9 2.5 -11.2 0.6 2.7 17.8 0.5 19

20 Checkable deposits and currency -16.9 20.7 -21.7 -0.0 11.0 -0.5 10.2 -29.0 -1.0 17.6 -2.1 20

21 Time and savings deposits -0.7 -0.1 -0.1 0.3 1.4 1.0 0.2 3.4 -2.1 2.6 -1.6 21

22 Credit market instruments -11.9 -18.4 -27.5 -0.2 -7.7 4.9 1.9 5.6 3.0 9.1 13.8 22

23 Agency securities 0 0 0 0 0 0 0 0 0 0 0 23

24 Mortgages -11.9 -15.4 -14.0 -13.2 -7.5 -4.5 -8.6 -2.5 -4.9 -2.1 -0.9 24

25 Other loans and advances -0.0 -2.9 -13.5 13.0 -0.2 9.5 10.6 8.1 7.9 11.2 14.6 25

26 Trade receivables -6.7 -2.4 -3.8 -1.6 1.2 -0.7 -1.3 5.2 -2.6 -4.2 1.0 26

27 Taxes receivable -2.6 -1.3 -8.0 -3.8 2.3 -1.0 19.5 -25.3 16.8 -15.0 23.8 27

28 Miscellaneous assets 15.4 -3.8 3.3 -2.5 -6.4 -6.9 -11.8 -7.0 -9.2 0.4 -2.9 28

29 Net increase in liabilities 327.1 288.2 188.8 163.9 188.7 57.1 70.4 11.7 37.0 109.1 -15.2 29

30 SDR certificates -2.0 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 30

31 Treasury currency 0.2 0.4 0.7 0.6 -0.0 0 0.4 0.2 1.3 -1.9 0.3 31

32 Credit market instruments 304.0 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -30.0 32

33 Savings bonds 19.1 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -1.4 33

34 Other Treasury securities 284.6 233.7 147.7 137.9 144.6 23.7 69.9 -43.7 30.7 38.0 -26.2 34

35 Budget agency securities 0.2 7.8 0.2 1.5 -1.6 -0.1 -1.4 0.2 -0.9 1.7 -2.4 35

36 Multifamily residential mortgages -0.0 -0.0 0 0 0 0 0 0 0 0 0 36

37 Trade payables -2.8 3.0 0.4 -3.8 3.3 2.3 3.5 5.1 -1.8 2.6 3.8 37

38 Insurance and pension reserves 27.8 27.9 28.0 16.0 44.1 31.7 21.0 27.6 40.0 38.3 14.8 38

39 Miscellaneous liabilities -0.1 0.7 3.9 4.5 -3.2 0.4 -17.3 22.4 -32.8 29.4 -4.1 39

40 Discrepancy 32.4 10.7 37.1 -12.7 41.4 16.1 -0.9 29.7 -8.2 43.8 1.1 40

 Memo:

41 Change in cash balance (1) -16.9 19.2 -26.7 -5.7 12.9 -2.2 1.0 -9.6 -0.9 0.7 -2.8 41

(1) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
24 Z.1, June 11, 1998

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Foreign income from U.S. 827.7 888.0 1017.6 1155.6 1238.1 1379.5 1318.7 1367.8 1404.1 1427.4 1427.8 1

 2 U.S. imports from abroad 668.9 719.3 812.0 904.4 965.7 1058.1 1021.0 1049.0 1077.1 1085.4 1097.2 2

 3 U.S. factor payments to foreign 126.8 132.1 168.3 217.6 232.6 282.0 262.5 282.3 290.1 293.1 293.5 3

 4 Net transfers to foreign 32.0 36.6 37.3 33.6 39.8 39.4 35.2 36.5 36.9 48.9 37.1 4

 5 Foreign outlays to U.S. 777.3 809.4 897.7 1041.2 1105.2 1219.3 1170.4 1221.9 1235.2 1249.8 1231.1 5

 6 U.S. exports to foreign 639.4 658.6 721.2 818.4 870.9 957.1 922.2 960.3 965.8 980.0 960.4 6

 7 U.S. factor receipts from foreign 137.9 150.8 176.5 222.8 234.3 262.3 248.2 261.6 269.4 269.8 270.7 7

 8 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 8

 9 Gross saving (1) 50.4 78.6 119.9 114.4 132.9 160.2 148.3 145.9 168.9 177.6 196.7 9

10 Net financial investment 100.0 85.1 136.8 144.0 195.1 263.6 215.9 207.2 290.4 340.7 281.6 10

11 Net acquisition of financial assets 210.4 317.8 291.0 431.9 518.3 581.3 611.5 531.6 716.9 465.1 484.9 11

12 Gold and SDRs (2) 2.3 -0.5 -0.4 -0.8 0.4 -0.4 0.3 -0.5 -0.6 -0.6 -0.7 12

13 Net interbank assets 50.3 45.6 92.8 11.1 -52.0 -31.0 -86.5 -34.7 9.5 -12.2 -1.2 13

14 U.S. checkable deposits and currency 14.9 18.6 25.2 13.4 19.9 30.2 18.1 26.8 21.5 54.6 4.3 14

15 U.S. time deposits -1.1 6.8 1.5 -6.6 10.9 13.0 9.7 11.7 10.2 20.3 18.9 15

16 Security RPs 20.9 16.9 -12.0 21.0 3.2 6.9 53.4 1.8 20.7 -48.5 5.0 16

17 Credit market instruments 98.4 129.3 132.3 273.9 409.3 320.4 373.6 301.2 405.4 201.4 242.3 17

18 Open market paper 1.6 5.9 6.0 18.6 11.1 20.4 -30.6 41.3 61.7 9.3 -14.4 18

19 U.S. government securities 73.9 108.7 86.7 197.2 315.8 199.6 316.7 173.0 232.6 76.2 133.6 19

20 Official 22.4 53.0 36.8 72.7 115.6 -3.0 95.8 -45.9 37.4 -99.2 60.6 20

21 Treasury 18.5 49.0 30.8 69.0 111.3 -7.0 93.2 -48.4 26.7 -99.5 49.8 21

22 Agency 3.9 4.1 6.1 3.7 4.4 4.0 2.6 2.6 10.7 0.3 10.8 22

23 Private 51.5 55.7 49.9 124.5 200.1 202.6 220.9 218.9 195.2 175.4 73.0 23

24 Treasury 37.1 24.4 34.3 99.5 155.6 163.1 191.2 180.4 145.4 135.3 -9.7 24

25 Agency 14.3 31.3 15.6 25.0 44.6 39.5 29.7 38.5 49.9 40.1 82.7 25

26 U.S. corporate bonds (3) 18.1 30.4 38.0 58.1 78.3 84.0 86.2 81.6 101.5 66.5 106.7 26

27 Loans to U.S. corporate business 4.9 -15.8 1.6 0.0 4.1 16.4 1.3 5.2 9.6 49.4 16.4 27

28 U.S. corporate equities -5.6 20.9 0.9 16.6 12.2 65.1 26.5 90.2 92.8 50.8 116.1 28

29 Trade receivables 3.0 4.5 2.1 0.6 6.4 4.4 7.3 3.6 3.4 3.5 4.0 29

30 Security credit 0 0 0 0 0 0 0 0 0 0 0 30

31 Miscellaneous assets 27.4 75.6 48.6 102.7 108.0 172.6 209.1 131.6 154.0 195.8 96.2 31

32 Foreign direct investment in U.S. (4) 17.9 49.0 45.7 67.5 77.0 107.9 122.7 106.6 103.8 98.6 91.1 32

33 Other 9.4 26.6 2.9 35.2 31.0 64.7 86.4 25.0 50.2 97.2 5.1 33

34 Net increase in liabilities 110.4 232.7 154.2 287.8 323.2 317.7 395.6 324.4 426.5 124.4 203.4 34

 U.S. official foreign exchange

35 and net IMF position -1.6 0.8 -5.8 8.8 -6.3 0.7 -17.6 0.4 2.4 17.5 -0.8 35

36 U.S. private deposits -3.4 -18.5 52.9 35.3 82.0 89.0 188.6 18.8 105.4 43.1 52.2 36

37 Credit market instruments 24.1 69.8 -14.0 71.1 70.5 51.5 26.3 56.4 87.8 35.5 60.3 37

38 Commercial paper 5.6 -9.6 -26.1 13.5 11.3 3.7 15.5 10.4 -11.6 0.7 56.0 38

39 Bonds 16.8 82.9 12.2 49.7 49.4 41.3 11.0 34.3 94.6 25.3 8.4 39

40 Bank loans n.e.c. 2.3 0.7 1.4 8.5 9.1 8.5 -0.7 11.5 7.3 15.7 5.5 40

41 Official 1.0 -1.0 -0.2 0.4 0.3 -0.8 -3.5 0.2 0.8 -0.7 0.9 41

42 Banks 0.7 1.2 0.0 2.1 3.4 -0.5 -2.2 -1.2 -1.2 2.5 -2.4 42

43 Other 0.6 0.5 1.6 5.9 5.4 9.8 5.1 12.4 7.7 13.9 7.0 43

44 U.S. government loans 0.2 -1.1 -1.3 -0.8 -1.0 -1.8 -1.7 -0.6 -3.5 -1.3 -3.5 44

45 Acceptance liabilities to banks -0.7 -3.1 -0.3 0.3 1.8 -0.2 2.2 0.8 1.0 -4.8 -6.1 45

46 Foreign corporate equities (5) 32.4 63.4 48.1 50.4 58.8 38.0 47.0 53.0 62.2 -10.4 9.3 46

47 Trade payables 1.2 3.3 3.6 5.7 -2.3 10.2 5.1 0.1 7.4 28.1 10.0 47

48 Security debt 0 0 0 0 0 0 0 0 0 0 0 48

49 Miscellaneous liabilities 57.8 113.8 69.4 116.5 120.5 128.5 146.3 195.8 161.3 10.5 72.4 49

50 U.S. equity in IBRD, etc. 1.4 1.1 1.4 1.5 1.8 1.6 1.7 1.6 1.7 1.3 1.5 50

51 U.S. government deposits 0.1 0.3 0.2 -0.1 -0.1 0.0 0.1 0.1 0 -0.1 -0.1 51

52 U.S. direct investment abroad (3,4) 40.1 77.9 69.3 86.7 87.8 119.4 107.0 148.0 91.1 131.7 99.3 52

53 Other 16.2 34.4 -1.4 28.4 31.0 7.4 37.4 46.1 68.6 -122.5 -28.4 53

54 Discrepancy (FOF basis) (6) -49.6 -6.6 -16.9 -29.7 -62.3 -103.4 -67.6 -61.3 -121.5 -163.1 -84.9 54

 Memo:

55 Net U.S. exports, NIPA basis -29.5 -60.7 -90.8 -86.0 -94.8 -101.1 -98.8 -88.7 -111.3 -105.4 -136.8 55

56 + Net U.S. factor income (7) 11.1 18.7 8.2 5.2 1.7 -19.7 -14.3 -20.7 -20.7 -23.3 -22.8 56

57 - Net transfer payments to foreign 32.0 36.6 37.3 33.6 39.8 39.4 35.2 36.5 36.9 48.9 37.1 57

58 + Net capital grants received 0 0 0 0 0 0 0 0 0 0 0 58

 = Net foreign investment in U.S.

59 (NIPA basis) -50.4 -78.6 -119.9 -114.4 -132.9 -160.2 -148.3 -145.9 -168.9 -177.6 -196.7 59

(1) Line 1 minus line 5; also equal to line 59 with the sign reversed.

(2) U.S. net sales, sign reversed.

(3) 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.

(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(5) Includes American Depositary Receipts (ADRs).

(6) Balance of payments discrepancy adjusted to NIPA concepts.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, June 11, 1998 25

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1.0 0.1 -2.7 -1.3 1.8 1.8 1.8 1.8 1.8 1.8 1.7 1

 2 Fixed nonresidential investment 0.3 0.2 0.2 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 17.1 42.1 28.2 19.8 23.3 38.8 5.3 48.1 23.2 78.7 -17.5 3

 4 Gold and foreign exchange -2.2 0.4 -2.6 3.2 -3.8 -1.5 -6.7 0.3 0.3 0.3 -0.6 4

 5 SDR certificates -2.0 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 5

 6 Treasury currency 0.4 0.6 0.9 1.0 1.0 0.6 0.8 0.6 0.5 0.6 0.7 6

 7 Federal Reserve float 2.5 -2.3 -1.6 0.8 4.2 -3.6 -19.3 3.9 -2.9 3.9 3.1 7

 8 Fed. Res. loans to domestic banks 0.5 -0.6 0.1 -0.1 -0.1 2.0 15.7 -8.4 -6.3 6.9 -8.0 8

 9 Security RPs -7.8 5.1 -2.6 3.3 7.7 2.3 -19.3 -4.2 21.0 11.6 -43.3 9

10 Credit market instruments 27.9 36.2 31.5 12.7 12.3 38.3 37.4 47.2 14.3 54.3 30.5 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 27.9 36.2 31.5 12.7 12.3 38.3 37.4 47.2 14.3 54.3 30.5 12

13 Treasury 28.5 37.0 32.5 13.7 12.7 39.8 38.3 49.2 16.6 55.2 30.8 13

14 Agency -0.6 -0.8 -1.0 -1.0 -0.4 -1.5 -0.9 -2.0 -2.3 -1.0 -0.2 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets -2.2 2.6 2.6 -3.2 2.4 1.2 -1.1 8.6 -3.7 1.1 0.0 16

17 Net increase in liabilities 16.7 41.8 28.0 19.5 22.8 38.1 1.7 47.9 19.5 83.3 -19.1 17

18 Depository institution reserves 2.7 2.9 -4.2 -1.2 -5.1 6.3 -9.7 18.3 1.2 15.5 -24.1 18

19 Vault cash of commercial banks -1.7 0.8 5.5 2.4 4.6 -0.2 -13.2 -1.0 7.5 6.0 -9.3 19

20 Checkable deposits and currency 17.6 37.1 25.3 17.0 23.5 30.1 36.1 22.0 18.7 43.7 30.6 20

21 Due to federal government -10.3 7.2 -7.7 -1.2 1.7 -2.3 4.8 1.1 -10.6 -4.6 11.7 21

22 Due to rest of the world -0.7 0.1 -0.1 0.2 -0.1 0.5 3.2 -2.7 0.3 1.3 -0.9 22

23 Currency outside banks 28.7 29.8 33.1 18.0 21.8 31.9 28.1 23.6 29.0 47.0 19.8 23

24 Miscellaneous liabilities -1.8 1.0 1.3 1.3 -0.2 1.8 -11.5 8.7 -7.9 18.1 -16.4 24

25 Federal Reserve Bank stock 0.4 0.3 0.3 0.3 0.6 0.8 0.6 1.2 0.7 0.8 0.2 25

26 Other -2.2 0.6 1.1 1.0 -0.9 1.0 -12.2 7.6 -8.6 17.2 -16.5 26

27 Discrepancy 0.3 -0.5 -3.2 -1.8 0.9 0.6 -2.3 1.1 -2.4 5.8 -0.5 27

(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.
26 Z.1, June 11, 1998

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 38.5 36.6 34.1 39.7 41.7 45.7 40.4 40.8 39.8 61.8 52.6 1

 2 Fixed nonresidential investment 18.4 16.4 14.4 14.8 14.5 15.8 15.1 15.6 16.3 16.2 16.8 2

 3 Net acquisition of financial assets 181.2 236.9 231.3 335.7 216.6 456.7 389.4 534.3 281.9 621.1 595.2 3

 4 Vault cash -1.7 0.8 5.5 2.4 4.6 -0.2 -13.2 -1.0 7.5 6.0 -9.3 4

 5 Reserves at Federal Reserve 2.5 2.5 -3.5 -1.1 -4.6 6.9 -8.9 19.1 1.3 16.0 -24.2 5

 6 Checkable deposits and currency -0.5 -0.3 0.4 0.2 -0.2 0.0 -0.1 0.2 -0.1 0.1 -0.1 6

 7 Total bank credit 115.2 162.6 156.8 273.4 189.9 350.6 360.4 339.8 207.9 494.2 374.7 7

 8 U.S. government securities 104.7 72.5 -26.2 27.0 11.3 83.9 96.3 12.0 39.3 188.2 82.4 8

 9 Treasury 61.9 27.8 -31.8 -11.7 -16.9 8.4 37.1 -38.3 -20.2 55.2 -10.4 9

10 Agency 42.8 44.7 5.5 38.7 28.2 75.5 59.1 50.3 59.6 133.0 92.8 10

11 Municipal securities -5.7 1.7 -1.6 -4.2 0.9 2.4 1.1 0.7 7.4 0.4 1.6 11

12 Corporate and foreign bonds -1.6 3.5 4.3 8.4 1.4 27.9 14.1 15.3 39.1 43.0 39.4 12

13 Total loans 18.5 83.6 183.7 239.8 174.2 235.0 249.2 308.6 123.5 258.8 250.0 13

14 Open market paper -1.4 -1.9 -1.5 -0.1 0.8 -0.8 -1.2 -0.4 0.1 -1.7 -0.8 14

15 Bank loans n.e.c. -8.9 -7.2 62.9 114.7 92.1 129.6 153.8 126.8 48.4 189.5 88.4 15

16 Mortgages 19.2 47.3 64.9 77.5 55.2 98.8 87.2 126.7 107.8 73.3 132.1 16

17 Consumer credit -7.3 32.8 63.1 43.2 24.8 -14.2 -44.8 24.0 -28.1 -8.0 -35.6 17

18 Security credit 16.9 12.7 -5.7 4.6 1.3 21.7 54.2 31.5 -4.7 5.7 65.8 18

19 Corporate equities -0.4 0.9 -1.4 2.1 1.8 0.6 0.9 -1.6 0.0 3.0 0.2 19

20 Mutual fund shares -0.4 0.5 -1.9 0.3 0.3 0.8 -1.1 4.9 -1.5 0.8 1.2 20

21 Customers’ liab. on acceptances (2) -3.6 -6.4 -2.4 -0.6 1.0 -2.8 1.8 4.1 -4.4 -12.6 -15.7 21

22 Miscellaneous assets 69.3 77.6 74.5 61.4 25.9 102.1 49.4 172.0 69.7 117.3 269.7 22

23 Net increase in liabilities 184.8 241.1 255.2 300.5 203.7 483.1 436.6 513.0 314.5 668.1 557.4 23

24 Net interbank liabilities 48.4 46.9 88.5 8.7 -51.2 -52.4 -63.2 -63.6 -51.3 -31.4 95.3 24

25 To monetary authority 3.0 -2.9 -1.5 0.7 4.1 -1.6 -3.6 -4.5 -9.2 10.8 -4.9 25

26 To domestic banks (3) -4.9 4.2 -2.7 -3.1 -3.3 -19.8 26.9 -24.4 -51.6 -30.0 101.4 26

27 To foreign banks 50.3 45.6 92.8 11.1 -52.0 -31.0 -86.5 -34.7 9.5 -12.2 -1.2 27

28 Checkable deposits 92.8 74.1 -31.7 -45.9 -34.6 -19.8 16.2 8.0 -97.4 -6.2 -8.9 28

29 Federal government -5.9 12.1 -18.9 -4.7 9.7 -0.9 -4.0 -14.0 11.7 2.7 -12.8 29

30 Rest of the world 2.3 -0.4 1.9 0.8 2.6 4.9 0.9 10.2 -5.1 13.7 2.2 30

31 Private domestic 96.4 62.4 -14.7 -42.0 -46.9 -23.8 19.3 11.8 -103.9 -22.6 1.8 31

32 Small time and savings deposits 2.7 -12.0 -1.0 113.9 123.1 148.3 189.9 77.3 141.3 184.7 187.7 32

33 Large time deposits -66.8 -21.0 21.3 54.8 105.3 107.9 37.5 167.6 181.9 44.7 92.2 33

34 Federal funds and security RPs (net) 18.3 41.6 78.1 30.4 41.0 89.0 65.5 70.3 87.4 132.8 130.0 34

35 Credit market instruments 10.0 13.4 20.1 22.5 13.0 46.1 13.7 77.3 32.0 61.4 83.2 35

36 Open market paper -7.7 -2.5 3.1 -2.2 2.9 3.3 2.0 14.8 -4.1 0.3 1.5 36

37 Corporate bonds 14.5 7.2 7.7 18.5 7.8 23.7 11.8 32.9 16.4 33.9 49.7 37

38 Other loans and advances 3.2 8.6 9.3 6.2 2.3 19.1 -0.1 29.6 19.6 27.2 32.0 38

39 Corporate equity issues 20.2 7.3 -3.3 -8.7 -14.3 -27.7 -52.8 -30.8 -20.6 -6.8 -10.8 39

40 Taxes payable 0.2 0.5 0.7 0.9 1.2 1.4 1.3 1.4 1.4 1.5 1.6 40

41 Miscellaneous liabilities 59.0 90.4 82.4 124.0 20.1 190.3 228.4 205.6 39.8 287.4 -13.0 41

42 Discrepancy 23.8 24.4 43.7 -10.2 14.2 56.3 72.6 3.9 56.1 92.6 -2.0 42

 Memo:

43 Credit market funds advanced (4) 95.3 142.2 163.4 265.9 187.5 324.8 308.1 309.2 209.8 472.2 291.8 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, June 11, 1998 27

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 28.3 19.6 8.4 10.8 3.5 5.2 5.9 5.2 6.4 3.5 9.7 1

 2 Fixed nonresidential investment 16.4 14.2 11.7 12.0 11.4 12.3 11.8 12.2 12.7 12.7 13.2 2

 3 Net acquisition of financial assets 73.7 157.1 153.9 200.5 122.8 295.1 297.9 305.0 226.6 350.9 316.7 3

 4 Vault cash and reserves at Federal Reserve 1.1 3.0 2.0 1.5 -0.3 4.9 -20.2 16.6 10.5 12.7 -25.3 4

 5 Total bank credit 71.9 157.5 140.5 194.8 115.2 280.7 216.0 290.9 218.7 397.2 295.9 5

 6 U.S. government securities 85.5 56.8 -25.2 -17.1 -19.4 54.3 20.3 34.0 9.7 153.1 32.4 6

 7 Treasury 46.6 20.6 -27.0 -40.4 -34.7 -6.1 -16.6 -3.1 -40.3 35.5 -24.4 7

 8 Agency 38.9 36.2 1.8 23.4 15.3 60.4 36.9 37.2 50.0 117.5 56.8 8

 9 Mortgage pool securities 1.8 17.6 9.1 12.9 21.4 31.1 29.4 17.9 30.0 47.3 42.6 9

10 Agency-issued CMOs 33.3 11.1 -14.4 -18.4 -11.5 17.5 11.6 3.1 14.8 40.5 4.8 10

11 Other agency securities 3.8 7.5 7.1 28.8 5.4 11.8 -4.1 16.1 5.2 29.7 9.4 11

12 Municipal securities -5.7 1.9 -2.0 -4.3 1.0 2.4 1.3 0.7 7.6 0.1 1.3 12

13 Corporate and foreign bonds -3.2 0.1 -0.6 3.3 -4.5 19.6 4.9 10.5 34.5 28.7 24.6 13

14 Private mortgage pool securities 0.3 0.9 -1.1 0.9 -0.4 -1.2 -2.7 -0.5 -0.5 -1.1 0.6 14

15 Privately issued CMOs -6.6 -1.8 1.7 3.5 -3.1 0.7 -1.8 -3.0 4.5 3.0 24.9 15

16 Other bonds 3.1 1.0 -1.2 -1.1 -1.0 20.2 9.4 14.0 30.5 26.8 -0.9 16

17 Total loans -4.1 97.3 171.5 210.5 136.0 203.0 189.6 242.4 168.5 211.5 236.2 17

18 Open market paper -1.6 -1.0 -1.3 0.3 0.3 -0.6 -0.9 -0.2 0.3 -1.6 -0.4 18

19 Bank loans n.e.c. -19.4 8.8 46.2 77.0 58.2 109.3 119.8 93.3 77.0 146.9 103.5 19

20 Mortgages 21.1 52.6 68.1 81.7 57.5 104.4 93.0 136.7 109.6 78.2 140.0 20

21 Consumer credit -7.3 32.8 63.1 43.2 24.8 -14.2 -44.8 24.0 -28.1 -8.0 -35.6 21

22 Security credit 3.1 4.1 -4.6 8.3 -4.8 4.2 22.5 -11.5 9.6 -4.0 28.7 22

23 Corporate equities -0.4 0.9 -1.4 2.1 1.8 0.6 0.9 -1.6 0.0 3.0 0.2 23

24 Mutual fund shares -0.4 0.5 -1.9 0.3 0.3 0.8 -1.1 4.9 -1.5 0.8 1.2 24

25 Customers’ liab. on acceptances (1) -0.1 -2.4 -0.2 2.4 1.6 -0.2 2.3 2.1 -1.0 -4.3 -8.3 25

26 Miscellaneous assets 0.8 -0.9 11.7 1.8 6.2 9.7 99.8 -4.6 -1.5 -54.7 54.4 26

27 Net increase in liabilities 85.0 175.7 199.4 189.7 142.6 356.5 374.1 314.0 287.1 450.7 315.7 27

28 Net interbank liabilities 12.8 29.1 79.0 -6.8 -55.7 1.7 27.2 11.0 -28.2 -3.0 -24.3 28

29 Federal Reserve float 2.5 -2.3 -1.6 0.8 4.2 -3.6 -19.3 3.9 -2.9 3.9 3.1 29

30 Borrowing from Federal Reserve banks 0.5 -0.6 0.1 -0.1 -0.1 2.0 15.7 -8.4 -6.3 6.9 -8.0 30

31 To domestic banking 14.6 13.3 5.6 -7.3 -23.5 -6.6 23.2 -11.0 -35.5 -3.1 14.5 31

32 To foreign banks -4.8 18.7 74.8 -0.2 -36.3 10.0 7.6 26.5 16.5 -10.8 -33.9 32

33 Checkable deposits 92.8 73.8 -32.2 -46.0 -34.4 -21.1 16.6 3.9 -93.8 -10.9 -7.3 33

34 Federal government -5.9 12.1 -18.9 -4.7 9.7 -0.9 -4.0 -14.0 11.7 2.7 -12.8 34

35 Rest of the world 1.7 -0.3 1.5 0.9 3.3 4.5 1.3 7.6 -3.7 13.0 2.0 35

36 Private domestic 96.9 61.9 -14.9 -42.1 -47.4 -24.7 19.3 10.3 -101.8 -26.6 3.5 36

37 Small time and savings deposits 2.0 -10.9 -0.6 113.4 122.8 143.9 147.9 88.9 154.8 183.9 188.3 37

38 Large time deposits -76.2 -20.0 17.9 42.6 49.5 63.2 22.3 72.7 123.8 34.0 75.8 38

39 Federal funds and security RPs (net) 17.5 45.5 71.6 28.2 28.7 63.4 30.8 71.6 76.3 75.0 62.8 39

40 Acceptance liabilities -0.1 -2.5 -0.3 2.3 1.7 -0.3 2.2 2.2 -1.2 -4.3 -8.5 40

41 Corporate bonds 8.4 3.6 3.4 2.7 7.7 10.7 4.7 7.3 3.2 27.6 15.8 41

42 Other loans and advances 3.2 8.6 9.3 6.2 2.3 19.1 -0.1 29.6 19.6 27.2 32.0 42

43 Corporate equity issues 4.3 1.9 1.8 2.6 3.2 3.2 0.6 3.5 1.8 6.7 1.1 43

44 Taxes payable 0.2 0.5 0.7 0.9 1.2 1.4 1.3 1.4 1.4 1.5 1.6 44

45 Miscellaneous liabilities 20.1 46.2 48.8 43.6 15.6 71.2 120.6 21.9 29.4 113.0 -21.6 45

46 Investment by bank holding companies 27.8 31.6 17.5 40.1 28.6 40.7 56.7 48.9 42.9 14.5 66.6 46

47 Other -7.6 14.6 31.3 3.5 -13.0 30.5 63.9 -27.0 -13.4 98.6 -88.2 47

48 Discrepancy 23.2 23.9 42.1 -11.9 11.9 54.3 70.4 2.0 54.1 90.6 -4.6 48

 Memo:

49 Credit market funds advanced (2) 69.5 149.6 148.1 186.5 119.6 274.9 195.9 301.1 209.5 393.1 257.5 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
28 Z.1, June 11, 1998

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1.1 1.3 2.2 2.6 2.8 2.9 2.8 2.9 2.9 2.9 3.0 1

 2 Fixed nonresidential investment 1.5 1.8 2.2 2.4 2.7 2.9 2.8 2.9 3.0 3.0 3.1 2

 3 Net acquisition of financial assets 64.4 32.9 47.5 76.6 48.5 92.3 35.3 146.6 -12.7 200.0 149.0 3

 4 Reserves at Federal Reserve -0.3 0.3 -0.0 -0.1 0.3 1.8 -1.9 1.5 -1.7 9.3 -8.1 4

 5 Total bank credit 34.0 2.8 12.1 74.7 70.0 60.2 136.1 42.0 -11.6 74.4 58.0 5

 6 U.S. government securities 11.7 13.9 -1.9 43.9 30.9 26.8 73.3 -22.1 30.4 25.8 40.3 6

 7 Treasury 8.7 6.5 -3.5 29.6 18.4 14.4 53.1 -32.9 19.0 18.3 19.5 7

 8 Agency 2.9 7.4 1.5 14.3 12.4 12.5 20.2 10.8 11.4 7.5 20.8 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 1.0 1.4 5.1 4.6 3.2 3.1 2.1 -0.7 3.9 6.9 5.9 10

11 Total loans 21.3 -12.5 9.0 26.2 36.0 30.3 60.8 64.8 -46.0 41.7 11.8 11

12 Open market paper 0.2 -0.9 -0.2 -0.4 0.5 -0.2 -0.2 -0.2 -0.2 -0.2 -0.4 12

13 Bank loans n.e.c. 9.9 -13.7 15.1 35.4 32.2 19.2 35.2 32.1 -28.7 38.2 -15.6 13

14 Mortgages -2.7 -6.5 -4.8 -5.1 -2.9 -6.1 -5.8 -10.0 -2.7 -6.1 -9.3 14

15 Security credit 13.9 8.6 -1.2 -3.7 6.2 17.5 31.6 42.9 -14.4 9.7 37.1 15

16 Corporate equities -0.0 0 -0.0 0.0 -0.0 -0.0 0 0 -0.0 0 0 16

17 Customers’ liab. on acceptances (2) -3.6 -4.0 -2.1 -2.9 -0.6 -2.5 -0.6 2.0 -3.3 -8.2 -7.4 17

18 Miscellaneous assets 34.3 33.8 37.6 5.0 -21.2 32.8 -98.5 101.1 4.0 124.6 106.6 18

19 Net increase in liabilities 65.7 34.3 49.2 78.4 50.6 94.7 37.5 149.0 -10.3 202.5 151.7 19

20 Net interbank liabilities 32.3 16.9 11.2 18.7 -2.5 -54.4 -96.3 -60.5 -28.5 -32.4 128.1 20

21 To foreign banks 49.3 29.2 25.8 15.1 -11.5 -41.7 -115.6 -46.4 -3.0 -1.8 38.4 21

22 To domestic banks -17.0 -12.3 -14.6 3.6 9.0 -12.7 19.4 -14.1 -25.5 -30.6 89.7 22

23 Checkable deposits -0.6 0.0 0.4 -0.1 -0.7 0.8 0.0 3.4 -2.4 2.2 -2.0 23

24 Small time and savings deposits 0.2 -0.8 -1.1 -0.7 0.1 4.4 43.1 -10.7 -14.7 -0.1 -1.7 24

25 Large time deposits 9.0 -0.8 2.6 11.0 55.6 44.7 16.3 95.9 57.0 9.7 15.3 25

26 Federal funds and security RPs (net) 0.7 -4.3 6.7 1.8 12.0 25.6 33.9 -0.7 11.0 58.1 62.8 26

27 Acceptance liabilities -3.8 -5.1 -2.6 -3.1 -0.7 -2.4 0.6 2.5 -5.3 -7.6 -6.9 27

28 Miscellaneous liabilities 28.0 28.5 32.0 50.9 -13.3 76.1 40.0 119.0 -27.3 172.6 -43.9 28

29 Foreign direct investment in U.S. 2.7 2.2 3.4 6.4 0.3 7.7 1.7 11.5 5.3 12.2 10.4 29

30 Due to affiliates 3.9 -6.6 -0.5 6.7 13.7 14.3 59.6 -20.3 34.4 -16.4 34.9 30

31 Other 21.4 32.9 29.0 37.9 -27.3 54.0 -21.3 127.8 -67.1 176.8 -89.2 31

32 Discrepancy 0.8 1.0 1.7 2.1 2.2 2.4 2.4 2.4 2.4 2.5 2.5 32

 Memo:

33 Credit market funds advanced (3) 16.5 -9.8 11.2 75.4 63.3 40.2 104.0 1.1 -0.6 56.4 13.5 33

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17).
Z.1, June 11, 1998 29

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 9.1 15.6 23.4 26.2 35.3 37.5 31.5 32.6 30.4 55.3 39.8 1

 2 Fixed nonresidential investment 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2

 3 Net acquisition of financial assets 40.5 45.1 26.2 52.6 44.0 64.5 49.7 79.2 62.4 66.7 123.9 3

 4 Credit market instruments 5.6 -0.0 0.9 -0.3 3.9 5.4 2.2 5.1 -5.0 19.4 15.2 4

 5 U.S. government securities 4.9 0.1 1.0 -1.3 0.9 0.5 -3.3 -0.0 -4.3 9.7 5.5 5

 6 Treasury 5.1 -0.8 -0.7 -1.2 0.6 -0.1 -1.8 -2.7 -0.9 5.1 -6.9 6

 7 Agency -0.2 0.9 1.7 -0.2 0.3 0.6 -1.5 2.7 -3.5 4.6 12.4 7

 8 Corporate and foreign bonds 0.3 1.7 -0.1 0.6 2.8 5.0 7.1 5.3 0.4 7.0 9.0 8

 9 Bank loans n.e.c. 0.4 -1.8 -0.1 0.4 0.2 -0.0 -1.6 -0.2 -1.1 2.7 0.7 9

10 Miscellaneous assets 34.8 45.2 25.3 53.0 40.1 59.0 47.5 74.1 67.3 47.3 108.7 10

11 Investment in bank subsidiaries 27.8 31.6 17.5 40.1 28.6 40.7 56.7 48.9 42.9 14.5 66.6 11

12 Investment in nonbank subsidiaries 2.3 13.0 0.2 8.2 0.3 25.0 31.8 10.0 23.3 34.9 26.2 12

13 Other 4.8 0.5 7.7 4.6 11.3 -6.7 -41.0 15.1 1.2 -2.0 15.9 13

14 Net increase in liabilities 31.6 29.8 3.2 26.8 9.2 27.4 18.6 46.9 32.4 11.8 84.5 14

15 Net interbank liabilities 3.4 0.9 -1.7 -3.2 7.0 0.3 5.9 -14.1 5.5 4.0 -8.5 15

16 To domestic banks -2.5 3.2 6.2 0.6 11.2 -0.4 -15.6 0.7 9.5 3.7 -2.8 16

17 To foreign banks 5.8 -2.3 -7.8 -3.8 -4.1 0.8 21.5 -14.8 -4.0 0.3 -5.7 17

18 Federal funds and security RPs (net) 0.2 0.4 -0.2 0.4 0.4 0.0 0.8 -0.6 0.1 -0.3 4.4 18

19 Credit market instruments 2.3 8.8 10.3 14.4 2.0 19.0 6.3 35.6 15.6 18.6 50.8 19

20 Commercial paper -3.9 5.2 5.9 -1.4 1.9 6.0 -0.8 10.0 2.4 12.3 16.9 20

21 Corporate bonds 6.1 3.6 4.3 15.8 0.1 13.0 7.1 25.6 13.2 6.3 33.9 21

22 Corporate equity issues 15.9 5.4 -5.1 -11.3 -17.5 -30.9 -53.4 -34.3 -22.3 -13.6 -11.9 22

23 Miscellaneous liabilities 9.9 14.2 -0.2 26.6 17.3 39.0 59.0 60.3 33.6 3.1 49.6 23

24 Equity, etc. 22.1 22.0 -7.6 12.7 -11.9 -13.1 -29.1 10.0 1.9 -35.2 7.4 24

25 Other -12.2 -7.8 7.5 13.9 29.2 52.1 88.1 50.3 31.6 38.3 42.2 25

26 Discrepancy -0.1 -0.1 0.0 0.0 0.0 -0.0 0.0 0 -0.0 -0.0 -0.0 26

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.0 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 2.6 1.7 3.7 5.9 1.3 4.8 6.5 3.5 5.6 3.5 5.5 3

 4 Checkable deposits and currency -0.5 -0.3 0.4 0.2 -0.2 0.0 -0.1 0.2 -0.1 0.1 -0.1 4

 5 Credit market instruments 3.7 2.4 3.3 4.2 0.7 4.2 6.1 1.8 5.8 3.2 5.6 5

 6 U.S. government securities 2.6 1.7 -0.2 1.5 -1.0 2.3 5.9 0.1 3.6 -0.4 4.2 6

 7 Treasury 1.5 1.5 -0.6 0.2 -1.3 0.3 2.4 0.4 2.0 -3.7 1.5 7

 8 Agency 1.1 0.2 0.5 1.3 0.2 2.0 3.5 -0.3 1.6 3.4 2.7 8

 9 Municipal securities -0.0 -0.2 0.4 0.1 -0.1 -0.0 -0.2 0.0 -0.2 0.3 0.3 9

10 Corporate and foreign bonds 0.2 0.2 -0.1 -0.1 -0.1 0.2 0 0.2 0.4 0.4 -0.1 10

11 Bank loans n.e.c. 0.2 -0.5 1.7 1.8 1.4 1.2 0.3 1.5 1.2 1.7 -0.2 11

12 Home mortgages 1.0 1.2 0.6 1.0 0.6 0.0 -0.6 -0.2 0.4 0.6 1.1 12

13 Commercial mortgages -0.2 0.1 0.9 -0.0 -0.1 0.5 0.7 0.2 0.5 0.5 0.3 13

14 Miscellaneous assets -0.7 -0.4 -0.1 1.6 0.8 0.5 0.6 1.5 -0.1 0.2 0.1 14

15 Net increase in liabilities 2.5 1.3 3.5 5.5 1.4 4.4 6.3 3.1 5.3 3.0 5.6 15

16 Checkable deposits 0.6 0.3 0.1 0.2 0.5 0.4 -0.3 0.7 -1.2 2.5 0.5 16

17 Small time and savings deposits 0.4 -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 17

18 Large time deposits 0.4 -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 18

19 Miscellaneous liabilities 1.1 1.4 1.8 2.9 0.6 4.0 8.8 4.3 4.1 -1.3 2.9 19

20 Discrepancy -0.1 -0.4 -0.2 -0.4 0.1 -0.4 -0.2 -0.4 -0.4 -0.5 0.1 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
30 Z.1, June 11, 1998

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 13.4 4.8 5.0 2.9 2.0 3.1 2.1 2.1 4.1 4.2 4.1 1

 2 Fixed nonresidential investment 5.9 4.1 3.3 2.9 2.8 3.1 2.9 3.0 3.1 3.1 3.2 2

 3 Net acquisition of financial assets -85.1 -39.9 -11.1 0.9 16.1 -8.4 -50.1 29.4 -42.4 29.4 53.8 3

 4 Reserves at Federal Reserve 0.1 0.4 -0.6 -0.1 -0.5 -0.6 -0.8 -0.9 -0.1 -0.5 0.1 4

 5 Checkable deposits and currency -0.6 3.1 -1.5 1.6 -1.3 1.1 -4.3 2.0 2.4 4.1 2.6 5

 6 Time and savings deposits -1.3 -0.7 -1.8 -0.2 0.3 -0.4 -0.1 -0.1 -0.5 -1.0 0.7 6

 7 Federal funds and security RPs -0.6 -3.9 -4.1 4.8 -1.2 -0.8 -2.6 1.8 -5.3 2.9 10.8 7

 8 Credit market instruments -79.0 -23.3 6.7 -7.6 19.9 -4.7 -5.3 23.8 -35.3 -2.0 8.1 8

 9 Open market paper -0.7 -0.3 -0.2 0.0 0.1 -0.3 -1.2 -0.1 0 0 0 9

10 U.S. government securities 7.0 -1.5 11.5 -4.1 -9.5 -3.6 -1.4 11.4 -23.5 -0.9 -8.8 10

11 Treasury 9.0 -5.7 -1.1 -8.7 -1.0 -2.8 -1.5 -2.6 -4.3 -2.8 1.2 11

12 Agency -2.0 4.2 12.6 4.7 -8.5 -0.8 0.1 14.1 -19.2 1.9 -10.0 12

13 Municipal securities -0.4 0.1 -0.1 -0.0 0.1 0.0 -0.6 0.4 0.2 0.2 0.6 13

14 Corporate and foreign bonds 7.3 9.1 -2.4 -8.2 -9.9 -9.9 -2.9 -2.8 -34.8 1.0 -2.1 14

15 Other loans and advances -10.1 -1.6 -0.5 2.5 3.0 3.1 4.0 1.7 5.2 1.5 3.9 15

16 Mortgages -77.4 -29.5 -2.2 0.6 31.6 3.5 -7.8 10.7 9.5 1.5 19.8 16

17 Consumer credit -4.8 0.5 0.6 1.6 4.6 2.5 4.6 2.5 8.0 -5.3 -5.3 17

18 Corporate equities 0.3 1.7 -1.8 0.7 0.6 0.2 -0.4 1.4 -0.6 0.3 4.1 18

19 Miscellaneous assets -4.1 -17.2 -8.1 1.7 -1.8 -3.2 -36.6 1.2 -2.9 25.6 27.5 19

20 Net increase in liabilities -92.1 -51.8 -17.8 -3.2 15.4 -9.5 -48.9 23.1 -45.0 32.8 48.5 20

21 Deposits -84.7 -67.4 -51.8 -5.7 -6.5 -25.7 -11.4 -27.3 -58.3 -5.6 2.6 21

22 Checkable -1.4 4.4 -5.4 14.1 25.4 27.1 26.1 29.8 23.8 28.6 34.7 22

23 Small time and savings -75.4 -68.2 -44.4 -29.0 -38.1 -64.4 -46.0 -64.2 -94.1 -53.2 -44.5 23

24 Large time -7.9 -3.6 -2.1 9.2 6.3 11.7 8.6 7.2 12.0 19.0 12.4 24

25 Security RPs -1.0 7.5 18.4 -0.0 -0.9 -1.9 7.8 1.0 3.5 -19.8 13.8 25

26 Credit market instruments -7.0 11.3 12.8 2.6 25.5 19.7 -16.8 31.9 22.3 41.7 9.8 26

27 Corporate bonds -3.2 -1.5 -0.8 -0.0 -0.4 0.1 -0.3 -0.2 0.9 0 -1.0 27

28 Bank loans n.e.c. -0.0 -0.5 0.9 5.2 1.4 3.5 4.1 -1.1 3.7 7.1 10.6 28

29 Other loans and advances -3.8 13.3 12.7 -2.6 24.5 16.2 -20.6 33.1 17.6 34.6 0.2 29

30 Taxes payable 0.2 0.6 -0.9 0.5 -0.1 0.4 -0.2 0.5 0.9 0.4 -0.4 30

31 Miscellaneous liabilities 0.4 -3.8 3.7 -0.6 -2.5 -2.1 -28.3 17.1 -13.3 16.2 22.7 31

32 Investment by parent -1.0 0.4 -0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.4 0.4 32

33 Other 1.4 -4.2 3.7 -0.7 -2.7 -2.4 -28.6 16.8 -13.6 15.8 22.3 33

34 Discrepancy 0.4 -11.2 -5.0 -4.0 -1.5 -1.0 0.3 -7.2 -1.6 4.5 -4.4 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, June 11, 1998 31

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 3.0 3.7 3.8 3.7 3.7 3.7 3.7 3.8 3.7 3.7 3.7 1

 2 Fixed nonresidential investment 0.9 1.0 1.1 1.2 1.3 1.4 1.3 1.4 1.4 1.4 1.4 2

 3 Net acquisition of financial assets 24.7 17.0 11.9 17.1 19.5 23.7 31.5 21.9 13.4 28.1 44.8 3

 4 Checkable deposits and currency 1.2 -0.1 0 0.9 0.1 0.6 0.0 -0.4 0.1 2.7 0.4 4

 5 Time and savings deposits 0.3 -1.3 -8.9 0.4 -0.7 0.6 4.6 -1.8 -11.4 11.1 0.6 5

 6 Federal funds and security RPs 0.4 -5.1 -2.3 0.2 -4.9 2.0 10.7 -11.2 4.2 4.5 6.8 6

 7 Credit market instruments 17.7 21.7 28.1 16.2 25.5 16.8 18.5 28.3 14.4 5.8 16.9 7

 8 Open market paper 0.4 -0.7 -0.1 -1.6 -0.3 -0.1 -0.4 0.9 -1.0 0.1 -0.2 8

 9 U.S. government securities 14.9 10.3 4.0 1.1 4.1 -1.4 2.8 6.0 -4.9 -9.7 4.5 9

10 Treasury 5.9 2.6 -0.5 -3.8 -0.9 -1.8 1.6 0.5 -8.8 -0.5 -3.9 10

11 Agency 9.1 7.7 4.5 4.9 4.9 0.4 1.2 5.5 3.9 -9.2 8.4 11

12 Home mortgages 3.3 -0.1 6.1 4.4 9.5 10.1 4.5 14.0 15.0 6.8 11.7 12

13 Consumer credit -0.9 12.2 18.0 12.3 12.2 8.2 11.5 7.5 5.3 8.6 0.9 13

14 Mutual fund shares 1.5 0.1 -1.6 0.2 -0.3 -0.2 -0.1 -0.1 -0.1 -0.4 -0.1 14

15 Miscellaneous assets 3.7 1.7 -3.4 -0.8 -0.2 3.8 -2.2 7.0 6.2 4.4 20.2 15

16 Net increase in liabilities 21.7 13.3 9.5 13.4 16.4 20.5 29.2 17.9 9.4 25.5 42.5 16

17 Shares/deposits 21.6 12.6 7.9 15.4 16.3 20.3 24.8 17.4 12.5 26.5 38.7 17

18 Checkable 4.5 1.7 2.0 2.1 1.6 4.1 6.9 4.5 5.7 -0.6 16.0 18

19 Small time and savings 15.5 9.8 5.5 11.6 12.3 13.2 14.0 11.4 6.7 20.8 22.4 19

20 Large time 1.6 1.1 0.4 1.7 2.4 2.9 3.9 1.5 0.1 6.3 0.3 20

21 Other loans and advances 0.0 0.2 0.2 -0.1 0.1 0.1 -0.2 0.2 0.2 0.3 0.5 21

22 Miscellaneous liabilities 0.1 0.5 1.4 -1.9 0.0 0.1 4.5 0.3 -3.2 -1.3 3.3 22

23 Discrepancy -0.9 -1.0 0.3 -1.2 -0.6 -0.8 0.1 -1.6 -1.6 -0.2 -0.1 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -7.1 1.6 18.8 5.3 -10.7 76.9 70.7 73.8 82.8 80.4 25.4 1

 2 Deposits -5.7 -1.1 1.8 3.3 6.4 4.2 4.2 1.8 6.5 4.2 4.4 2

 3 Checkable deposits and currency -0.1 -0.1 -0.3 0.1 0.3 0.2 0.2 0.2 0.2 0.2 0.0 3

 4 Time and savings deposits -5.2 -1.1 1.6 -0.5 -1.6 2.3 2.3 1.1 3.6 2.3 2.3 4

 5 Money market fund shares -0.3 0.1 0.6 3.7 7.8 1.6 1.6 0.5 2.8 1.6 2.0 5

 6 Credit market instruments 8.0 9.5 7.1 -8.3 -7.7 7.6 3.4 10.7 7.3 8.8 2.4 6

 7 Open market paper -2.5 -3.2 3.5 0.7 -2.6 2.8 2.8 1.5 2.8 4.0 -0.4 7

 8 U.S. government securities -1.6 1.2 -1.1 -1.2 0.5 -0.1 -0.3 -0.1 0.1 -0.1 -0.7 8

 9 Treasury -0.8 0.3 -0.6 -1.1 0.8 -0.3 -0.3 -0.5 -0.1 -0.3 -0.4 9

10 Agency -0.8 0.9 -0.5 -0.1 -0.3 0.2 0.0 0.3 0.2 0.2 -0.3 10

11 Municipal securities 6.1 12.9 5.3 -5.9 -4.3 0.8 0.8 1.3 0.3 0.8 0.9 11

12 Corporate and foreign bonds 6.2 -1.1 -0.4 -1.7 -1.7 4.3 0.2 8.4 4.3 4.3 2.5 12

13 Mortgages -0.2 -0.3 -0.2 -0.1 0.3 -0.2 -0.1 -0.4 -0.2 -0.2 0.1 13

14 Corporate equities -37.0 -55.2 -8.8 1.6 -17.3 72.3 70.4 70.0 73.6 75.1 15.4 14

15 Mutual fund shares 25.8 44.9 21.7 9.5 3.9 -7.8 -8.0 -9.6 -5.2 -8.4 3.0 15

16 Miscellaneous assets 1.8 3.5 -3.1 -0.9 3.9 0.7 0.7 0.9 0.6 0.7 0.2 16

17 Net increase in liabilities (2) -7.1 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 25.7 17

18 Discrepancy 0.1 -0.7 -1.0 -1.3 2.1 -2.0 -2.0 -2.0 -2.0 -2.0 0.2 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
32 Z.1, June 11, 1998

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 5.7 4.0 22.7 15.3 14.5 14.4 15.3 15.5 13.9 12.9 11.9 1

 2 Fixed nonresidential investment 18.1 22.1 18.8 24.6 18.7 20.2 19.3 20.0 20.9 20.8 21.5 2

 3 Net acquisition of financial assets 97.7 143.0 120.9 144.7 128.3 198.5 151.4 266.6 233.2 142.7 200.2 3

 4 Checkable deposits and currency -0.6 0.4 0.4 -0.5 -0.9 -0.2 -3.4 2.3 -1.4 1.7 0.6 4

 5 Money market fund shares 5.4 6.4 -15.3 6.6 17.9 17.4 16.0 24.7 12.2 16.8 22.6 5

 6 Credit market instruments 79.5 100.9 66.7 99.2 72.5 113.2 94.3 175.0 107.0 76.4 104.1 6

 7 Open market paper -2.5 3.6 5.9 -7.3 2.9 19.9 18.4 10.3 28.0 22.8 29.9 7

 8 U.S. government securities 37.9 47.7 8.4 9.8 -13.6 9.7 -4.4 13.3 25.8 4.1 0.2 8

 9 Treasury 10.2 20.1 -2.9 1.0 -14.9 3.5 -0.0 2.5 11.6 0.1 -2.2 9

10 Agency 27.7 27.6 11.3 8.7 1.3 6.2 -4.3 10.8 14.2 4.0 2.4 10

11 Municipal securities 1.1 3.2 -1.9 -0.9 1.5 1.0 0.6 0.9 1.5 1.2 1.3 11

12 Corporate and foreign bonds 55.0 58.3 59.9 90.7 79.2 73.9 69.3 137.4 43.3 45.8 66.5 12

13 Policy loans 5.7 5.7 7.8 10.4 4.5 3.2 5.9 6.9 3.0 -2.9 0.4 13

14 Mortgages -17.5 -17.6 -13.5 -3.4 -2.1 5.4 4.6 6.2 5.4 5.5 5.8 14

15 Corporate equities 12.4 36.3 61.8 18.6 42.1 53.5 35.1 54.6 84.9 39.5 51.8 15

16 Mutual fund shares 9.0 6.3 -14.9 13.5 7.0 5.4 3.5 5.4 8.4 4.3 4.6 16

17 Miscellaneous assets -8.1 -7.3 22.2 7.2 -10.2 9.2 5.8 4.7 22.1 4.1 16.5 17

18 Net increase in liabilities 103.1 125.2 120.2 122.4 101.0 170.6 137.5 223.1 193.4 128.2 188.8 18

19 Other loans and advances 0.0 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 19

20 Life insurance reserves 27.7 35.7 34.3 44.8 43.8 55.6 40.7 75.2 64.0 42.4 54.1 20

21 Pension fund reserves (1) 68.9 73.9 81.0 65.1 44.4 91.8 80.3 126.6 99.7 60.7 113.8 21

22 Taxes payable 1.4 1.6 1.0 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 22

23 Miscellaneous liabilities 5.1 13.7 3.6 12.0 11.0 22.4 15.1 20.6 29.0 24.8 20.3 23

24 Discrepancy -7.0 -35.9 3.2 -31.6 -31.5 -33.7 -17.9 -47.9 -46.7 -22.3 -21.0 24

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -7.0 -1.1 -3.4 1.4 0.8 0.7 0.9 0.8 0.7 0.5 0.4 1

 2 Fixed nonresidential investment 2.3 2.4 2.7 2.6 2.7 3.0 2.8 2.9 3.0 3.0 3.1 2

 3 Net acquisition of financial assets 9.4 31.7 28.2 36.9 16.0 38.6 36.7 28.1 46.4 43.2 35.3 3

 4 Checkable deposits and currency 0.2 -0.4 -0.2 -0.2 -0.9 0.2 1.2 -0.7 0.4 -0.3 -0.0 4

 5 Security RPs 5.6 -0.9 -2.3 8.1 -2.1 2.0 10.6 -6.2 3.8 -0.4 1.3 5

 6 Credit market instruments 6.7 27.7 24.9 21.5 22.5 23.3 -0.1 27.9 32.4 32.8 25.5 6

 7 U.S. government securities 2.3 15.4 11.0 2.8 -9.7 7.4 1.2 5.5 11.3 11.5 9.7 7

 8 Treasury 2.6 14.2 9.4 0.5 -12.6 7.2 0.9 11.5 8.1 8.2 7.2 8

 9 Agency -0.3 1.3 1.6 2.3 2.8 0.2 0.3 -5.9 3.2 3.3 2.5 9

10 Municipal securities 6.3 10.4 7.4 7.0 14.4 9.0 1.3 11.1 11.7 11.9 9.1 10

11 Corporate and foreign bonds -1.2 3.3 7.2 12.7 18.3 6.9 -3.0 11.7 9.4 9.6 6.8 11

12 Commercial mortgages -0.6 -1.4 -0.7 -1.0 -0.4 -0.1 0.3 -0.4 -0.0 -0.1 -0.1 12

13 Corporate equities -0.4 0.8 1.1 -0.6 -6.8 2.5 3.2 1.1 3.2 2.6 1.0 13

14 Trade receivables -0.1 1.7 2.2 4.4 -0.1 5.4 16.3 2.2 0.2 3.0 0.6 14

15 Miscellaneous assets -2.7 2.8 2.3 3.7 3.4 5.3 5.5 3.8 6.4 5.5 7.0 15

16 Net increase in liabilities 29.5 24.6 23.7 31.0 19.4 22.3 17.9 12.6 36.9 21.8 28.8 16

17 Corporate equity issues 5.5 7.4 6.5 7.1 6.2 2.9 2.8 2.2 4.0 2.6 3.9 17

18 Taxes payable 1.0 1.4 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 18

19 Miscellaneous liabilities 23.1 15.8 16.4 23.0 12.3 18.5 14.3 9.6 32.0 18.3 23.9 19

20 Discrepancy 10.8 -10.6 -10.5 -7.1 1.5 -18.5 -20.8 -17.5 -11.8 -23.9 -9.3 20
Z.1, June 11, 1998 33

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.5 0.5 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.4 1.1 1.5 0.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 2

 3 Net acquisition of financial assets 76.1 97.8 78.1 96.1 84.6 86.3 86.8 85.7 79.3 93.2 84.9 3

 4 Checkable deposits and currency -0.0 0.1 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 4

 5 Time and savings deposits -22.1 -8.4 -4.5 -14.9 -14.4 -13.6 -12.6 -14.7 -12.6 -14.3 -4.5 5

 6 Money market fund shares 1.0 6.5 5.3 6.0 5.2 4.6 1.5 5.5 0.7 10.9 3.0 6

 7 Security RPs 1.9 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 7

 8 Credit market instruments 37.5 49.5 45.5 61.3 48.3 67.6 55.0 58.5 66.2 90.7 72.6 8

 9 Open market paper 1.9 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 9

10 U.S. government securities 16.3 23.7 49.9 33.0 20.9 31.1 23.7 27.3 28.7 44.5 30.3 10

11 Treasury 11.2 15.7 31.6 21.0 13.4 19.3 14.9 17.1 17.6 27.5 18.7 11

12 Agency 5.1 8.0 18.3 12.0 7.5 11.8 8.8 10.1 11.1 17.0 11.6 12

13 Municipal securities -0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 13

14 Corporate and foreign bonds 23.0 22.2 -7.7 27.0 23.3 32.1 25.9 29.0 31.6 41.8 35.1 14

15 Mortgages -3.7 -0.1 3.6 1.3 1.7 2.4 2.1 2.1 2.4 2.9 2.3 15

16 Corporate equities 30.8 14.9 -4.0 11.0 -13.1 -23.7 -18.2 -7.8 -22.6 -46.1 -34.3 16

17 Mutual fund shares 10.2 21.7 20.1 18.9 42.5 37.4 40.6 33.9 43.1 32.2 54.5 17

18 Miscellaneous assets 16.8 9.8 16.0 13.9 13.9 11.9 17.4 10.4 1.4 18.6 -11.1 18

19 Unallocated insurance contracts (2) -6.1 0.6 -4.9 -4.9 -3.0 -5.6 1.2 -15.7 -13.0 5.1 -14.4 19

20 Contributions receivable 1.6 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 21.3 6.2 20.8 15.0 13.1 13.7 12.4 22.3 10.5 9.7 -0.5 21

22 Pension fund reserves (liabilities) (3) 77.0 98.4 78.8 96.1 85.1 86.8 87.3 86.3 79.9 93.7 85.5 22

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.7 1.1 1.2 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1

 2 Fixed nonresidential investment 1.6 1.5 2.1 1.2 2.2 2.4 2.3 2.3 2.4 2.4 2.4 2

 3 Net acquisition of financial assets 55.7 54.9 57.6 56.2 57.3 79.2 66.3 98.2 100.1 52.3 65.0 3

 4 Checkable deposits and currency 1.8 0.5 -1.3 -2.0 0.4 0.7 -2.0 5.1 -1.8 1.5 -1.9 4

 5 Time and savings deposits -2.3 2.7 -3.6 -0.9 0.1 -0.2 11.4 -13.7 -0.7 2.2 -4.4 5

 6 Security RPs 2.9 -0.1 5.8 6.3 0.7 -2.6 0.9 16.0 -11.5 -15.7 3.7 6

 7 Credit market instruments 14.4 22.7 22.3 27.5 45.9 36.6 3.6 39.2 90.6 13.0 38.2 7

 8 Open market paper 2.9 -0.1 5.8 6.3 0.7 -2.6 0.9 16.0 -11.5 -15.7 3.7 8

 9 U.S. government securities -11.8 10.8 15.1 24.6 27.7 18.3 13.9 4.6 52.0 2.7 7.0 9

10 Treasury 0.3 15.2 8.0 4.8 14.7 14.3 7.9 21.7 44.7 -17.0 4.0 10

11 Agency -12.1 -4.4 7.1 19.8 13.0 4.0 6.0 -17.1 7.3 19.7 3.0 11

12 Municipal securities 0.2 0.2 -0.3 0.1 0.0 0.7 -0.2 -0.0 1.9 1.4 1.6 12

13 Corporate and foreign bonds 23.6 13.7 1.2 -4.2 16.7 19.3 -11.8 17.7 47.3 23.8 25.0 13

14 Mortgages -0.4 -1.9 0.7 0.7 0.8 0.9 0.8 0.9 0.9 0.9 0.9 14

15 Corporate equities 21.0 44.3 29.3 41.3 52.2 53.5 57.3 41.8 55.1 59.9 31.1 15

16 Miscellaneous assets 18.0 -15.2 5.2 -16.0 -42.1 -8.8 -4.8 9.8 -31.5 -8.6 -1.7 16

17 Pension fund reserves (liabilities) (1) 56.7 55.7 58.6 56.2 58.2 80.2 67.3 99.2 101.1 53.3 65.9 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
34 Z.1, June 11, 1998

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 4.5 20.2 43.3 142.3 145.8 157.6 182.4 58.5 243.6 146.0 283.2 1

 2 Foreign deposits -1.2 -10.3 5.7 4.0 3.4 0.1 -9.8 -1.6 11.1 0.6 11.8 2

 3 Checkable deposits and currency -2.4 1.4 -1.3 -1.0 2.4 2.6 2.8 -0.1 -6.9 14.7 8.1 3

 4 Time and savings deposits -0.5 -2.8 -0.5 20.9 30.4 28.6 66.8 28.0 34.1 -14.6 36.2 4

 5 Security RPs -1.0 0.4 2.4 19.0 16.0 22.8 42.9 -20.7 49.2 19.8 23.5 5

 6 Credit market instruments 4.7 20.4 30.0 86.5 88.8 84.5 65.2 19.7 123.6 129.3 174.6 6

 7 Open market paper -17.0 -9.1 22.7 48.4 38.4 62.1 108.6 -0.0 96.1 43.8 137.7 7

 8 U.S. government securities 13.8 14.5 -3.9 17.5 31.3 -9.5 -69.9 6.2 -25.6 51.1 -12.3 8

 9 Treasury 0.2 1.0 -13.3 3.8 20.3 -4.0 -30.9 1.3 -6.5 19.9 -10.3 9

10 Agency 13.6 13.5 9.4 13.7 11.0 -5.5 -39.0 4.9 -19.1 31.2 -2.0 10

11 Municipal securities 5.4 9.6 7.8 14.3 16.8 22.5 16.7 8.0 33.4 31.8 31.2 11

12 Corporate and foreign bonds 2.5 5.4 3.4 6.4 2.4 9.4 9.8 5.5 19.7 2.8 18.0 12

13 Miscellaneous assets 5.0 11.0 6.9 12.8 4.8 19.1 14.6 33.1 32.4 -3.9 29.0 13

14 Net share issues (liabilities) 4.5 20.2 43.3 142.3 145.8 157.6 182.4 58.5 243.6 146.0 283.2 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -18.6 -33.9 -45.3 -53.3 -80.7 -90.2 -85.0 -85.0 -82.2 -108.6 -99.3 1

 2 Net acquisition of financial assets 190.5 292.0 100.6 147.4 237.6 263.4 253.4 240.9 303.7 255.7 336.2 2

 3 Security RPs 9.7 16.8 4.4 7.1 -2.7 8.9 22.1 20.1 1.2 -7.8 13.4 3

 4 Credit market instruments 126.2 159.5 -7.1 52.5 48.9 79.3 61.9 91.6 103.6 60.0 118.2 4

 5 Open market paper 9.7 16.8 4.4 7.1 -3.1 9.3 13.1 22.6 -9.6 11.0 -6.9 5

 6 U.S. government securities 56.8 49.2 -10.4 18.9 15.1 19.3 21.3 18.5 43.0 -5.5 17.6 6

 7 Treasury 36.0 31.4 -6.8 11.2 8.9 11.4 12.6 10.9 25.3 -3.3 10.4 7

 8 Agency 20.8 17.9 -3.6 7.7 6.2 7.9 8.7 7.6 17.6 -2.3 7.2 8

 9 Municipal securities 28.7 42.9 -4.3 3.2 3.1 6.5 3.7 3.5 11.6 7.1 18.0 9

10 Corporate and foreign bonds 31.0 50.6 3.2 23.3 33.8 44.3 23.9 47.1 58.7 47.5 89.5 10

11 Corporate equities 59.8 115.3 100.8 87.4 193.0 167.2 166.0 121.6 194.0 187.1 227.7 11

12 Miscellaneous assets -5.2 0.3 2.5 0.5 -1.7 8.1 3.4 7.6 4.8 16.4 -23.1 12

13 Net share issues (liabilities) 190.5 292.0 100.6 147.4 237.6 263.4 253.4 240.9 303.7 255.7 336.2 13

14 Discrepancy -18.6 -33.9 -45.3 -53.3 -80.7 -90.2 -85.0 -85.0 -82.2 -108.6 -99.3 14

 Memo:

15 Capital gains dividends 22.2 36.1 30.0 54.6 101.1 184.1 67.8 52.1 60.7 556.1 71.5 15

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 20.2 23.7 2.4 5.9 0.7 -0.8 0.7 -0.7 -1.7 -1.6 -1.4 1

 2 Credit market instruments 20.2 20.0 -3.7 10.5 2.2 1.2 2.7 1.3 0.3 0.4 0.6 2

 3 U.S. government securities 1.7 2.1 -1.0 -1.5 0.1 -0.6 0.1 -0.6 -1.0 -1.0 -1.0 3

 4 Municipal securities 14.3 12.1 1.6 6.2 0.8 0.8 0.8 0.8 0.8 0.8 1.1 4

 5 Corporate and foreign bonds 4.2 5.8 -4.4 5.8 1.3 1.0 1.8 1.0 0.5 0.6 0.4 5

 6 Corporate equities -0.0 3.7 6.1 -4.6 -1.5 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 6

 7 Net share issues (liabilities) 20.2 23.7 2.4 5.9 0.7 -0.8 0.7 -0.7 -1.7 -1.6 -1.4 7
Z.1, June 11, 1998 35

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 1.5 1.7 1.7 2.0 2.0 2.0 2.0 2.0 2.0 2.1 2.1 1

 2 Fixed nonresidential investment 0.4 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 55.5 78.8 150.7 115.1 91.7 110.8 21.1 178.3 66.4 177.4 203.4 3

 4 Checkable deposits and currency -0.0 0.9 -0.9 0.2 -0.8 1.2 0.8 8.0 -3.9 -0.1 -1.4 4

 5 Federal funds and security RPs -1.0 -16.2 35.4 20.5 -11.8 -4.1 6.4 24.5 1.6 -48.8 19.1 5

 6 Credit market instruments 68.8 87.8 117.8 84.7 92.0 95.0 45.1 119.2 55.5 160.0 166.2 6

 7 Open market paper 2.7 -1.7 14.4 -0.8 9.6 -1.1 31.2 10.8 -59.2 12.9 9.9 7

 8 U.S. government securities 30.2 11.2 63.4 63.4 46.7 69.1 50.8 59.4 105.1 61.3 139.7 8

 9 Treasury 17.9 -7.1 0.4 6.1 -12.9 7.1 -8.1 -26.7 40.7 22.7 42.7 9

10 Agency 12.3 18.4 63.1 57.4 59.6 62.0 58.9 86.1 64.4 38.6 97.0 10

11 Municipal securities 0.2 -0.6 0.8 1.0 -0.3 -0.8 1.2 -2.2 -1.1 -1.1 2.6 11

12 Corporate and foreign bonds 0 11.1 8.5 5.5 5.6 0.3 -3.2 0.2 -21.7 26.1 -23.2 12

13 Other loans and advances 3.7 26.5 27.2 11.2 28.8 31.2 -20.9 57.4 34.0 54.0 32.4 13

14 Sallie Mae 1.5 1.8 3.6 0.9 -1.7 -5.3 -4.9 -5.6 -4.4 -6.1 -7.0 14

15 Farm Credit System 1.4 1.4 0.8 3.9 1.4 0 3.0 0.2 0.6 -3.8 7.0 15

16 FHLB loans 0.8 23.3 22.8 6.4 29.1 36.4 -18.9 62.9 37.8 63.9 32.4 16

17 Mortgages 32.1 41.3 3.6 4.4 1.7 -3.8 -14.0 -6.5 -1.6 6.8 4.8 17

18 Home 30.5 39.8 2.6 3.9 1.0 -3.6 -12.9 -5.7 -1.9 6.3 5.8 18

19 Multifamily residential 1.6 1.7 0.9 0.6 -0.5 -1.2 -1.3 -1.9 -1.2 -0.7 -2.3 19

20 Farm -0.1 -0.2 0.1 -0.1 1.1 1.0 0.2 1.1 1.4 1.2 1.3 20

21 Miscellaneous assets -12.3 6.3 -1.7 9.7 12.3 18.8 -31.2 26.7 13.3 66.3 19.4 21

22 Net increase in liabilities 52.7 75.7 147.3 111.8 90.7 106.2 18.3 172.1 65.9 168.4 189.3 22

23 Credit market instruments 40.2 80.6 172.1 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.4 23

24 GSE issues (2) 40.3 80.6 176.9 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.4 24

25 U.S. government loans -0.0 0 -4.8 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities 12.5 -4.9 -24.9 5.8 0.3 7.8 27.2 -26.0 19.5 10.5 46.8 26

27 Discrepancy -1.7 -1.9 -2.2 -1.7 0.6 -3.1 -1.3 -4.7 1.0 -7.5 -12.6 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 1

 2 Home mortgages 117.8 86.1 115.4 93.7 135.5 109.1 109.6 82.4 109.4 135.0 80.0 2

 3 Multifamily residential mortgages -2.3 -1.4 -0.0 4.5 5.6 5.3 5.0 5.7 5.2 5.3 4.8 3

 4 Farm mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0 -0.0 0 0 0 4

 5 Net increase in pool securities (liabilities)(2) 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued 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 U.S. government securities.
36 Z.1, June 11, 1998

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving 0.2 0.2 0.3 0.4 1.1 1.6 1.3 1.5 1.7 1.8 1.8 1

 2 Fixed nonresidential investment 0.1 0.2 0.6 1.7 6.3 3.7 -0.1 4.8 4.9 5.1 0.5 2

 3 Net acquisition of financial assets 61.3 83.6 72.7 139.8 148.3 201.2 85.9 113.2 227.8 377.9 241.1 3

 4 Agency securities (1) -26.4 15.6 4.7 10.5 -6.8 -10.9 -17.5 -14.9 -6.6 -4.7 -3.5 4

 5 Other loans and advances 2.9 9.7 4.3 6.9 13.3 30.8 -11.1 12.1 0.7 121.5 33.5 5

 6 Student loans 0 0 0 1.0 5.3 7.8 6.8 8.3 8.2 8.0 10.0 6

 7 Loans to business 2.9 9.7 4.3 5.9 8.1 23.0 -17.9 3.8 -7.5 113.5 23.5 7

 8 Mortgages (2) 63.1 45.5 41.2 36.3 62.6 97.7 58.7 72.1 113.9 146.3 122.6 8

 9 Home 51.8 32.9 23.7 19.3 34.1 56.1 36.8 33.4 79.8 74.4 49.2 9

10 Multifamily residential 2.6 2.4 6.2 6.4 12.4 14.6 7.7 13.5 11.9 25.2 25.7 10

11 Commercial 8.7 10.3 11.3 10.6 16.1 27.1 14.3 25.1 22.1 46.7 47.7 11

12 Consumer credit 17.3 10.2 15.6 65.6 54.2 47.2 30.8 32.4 60.5 65.3 38.2 12

13 Trade credit 4.3 2.6 6.8 20.5 25.0 36.3 25.0 11.5 59.3 49.5 50.4 13

14 Net increase in liabilities 61.1 83.6 72.9 141.1 153.6 203.3 84.5 116.5 231.0 381.2 239.8 14

15 Commercial paper 8.1 4.7 12.4 37.3 45.4 89.4 47.6 35.0 110.5 164.2 117.0 15

16 Corporate bonds 53.0 78.9 60.5 103.8 108.2 113.9 36.9 81.5 120.5 217.0 122.8 16

17 Discrepancy 0 0 0 0 0 0 0 0 0 0 0 17

 Memo:

 Securitized consumer leases

18 not included above (3) -0.1 0.0 0.3 1.3 5.3 2.1 -1.4 3.3 3.2 3.3 -1.3 18

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(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 tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 11.6 14.9 24.6 27.5 29.0 29.5 29.4 29.5 29.5 29.4 29.7 1

 2 Fixed nonresidential investment 11.4 13.0 19.1 19.5 17.8 22.6 25.0 21.1 22.3 21.8 27.7 2

 3 Net acquisition of financial assets -4.1 6.3 42.3 72.7 42.2 52.8 36.5 61.4 47.1 66.4 95.7 3

 4 Checkable deposits and currency 1.3 1.4 1.6 1.7 1.9 2.1 2.0 2.0 2.1 2.1 2.2 4

 5 Credit market instruments 0.4 -20.9 48.3 49.9 18.4 21.9 44.9 1.9 65.2 -24.3 33.6 5

 6 Other loans and advances 1.1 -15.9 25.9 26.7 7.9 9.0 26.3 -13.9 55.2 -31.6 32.3 6

 7 Mortgages 2.5 -3.1 4.2 5.6 10.2 5.3 2.9 5.6 6.6 6.0 6.7 7

 8 Consumer credit -3.3 -1.9 18.3 17.7 0.3 7.6 15.8 10.2 3.3 1.3 -5.4 8

 9 Miscellaneous assets -5.8 25.7 -7.6 21.0 22.0 28.9 -10.4 57.5 -20.2 88.6 59.9 9

10 Net increase in liabilities 3.8 10.9 64.2 72.7 49.8 46.6 37.4 51.8 46.5 50.7 98.7 10

11 Credit market instruments -3.1 -1.4 48.7 50.2 45.9 48.7 7.2 123.8 -2.9 66.5 82.2 11

12 Open market paper -6.0 -0.1 22.5 -2.9 9.0 23.9 42.6 41.2 -17.5 29.3 52.8 12

13 Corporate bonds 8.9 12.5 31.7 52.6 32.5 20.3 -31.5 82.5 6.1 24.2 37.2 13

14 Bank loans n.e.c. -6.0 -13.7 -5.6 0.5 4.4 4.4 -3.8 0.1 8.5 12.9 -7.8 14

15 Taxes payable 0.6 0.8 0.8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 15

16 Miscellaneous liabilities 6.3 11.5 14.8 21.6 3.0 -3.0 29.2 -73.0 48.5 -16.8 15.6 16

17 Foreign direct investment in U.S. 1.4 23.6 3.2 15.4 7.5 33.3 49.1 38.0 29.4 16.7 7.7 17

18 Investment by parent 2.0 1.2 6.2 9.3 9.3 4.3 2.7 -3.9 6.3 12.2 -0.3 18

19 Other 3.0 -13.4 5.4 -3.1 -13.8 -40.6 -22.6 -107.1 12.8 -45.7 8.2 19

20 Discrepancy 8.1 6.5 27.3 8.1 18.8 0.7 5.3 -1.3 6.7 -8.1 4.9 20

 Memo:

21 Consumer leases not included above (2) 5.5 10.2 18.2 13.4 11.7 4.3 12.2 11.5 -9.4 2.9 -6.6 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, June 11, 1998 37

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net acquisition of financial assets 0.1 -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 1

 2 Home mortgages -0.4 -0.5 -24.0 -4.5 8.2 15.3 -4.3 -24.4 82.9 7.1 10.0 2

 3 Multifamily residential mortgages 0.3 0.1 0 1.1 -0.1 1.0 3.0 0 0 1.2 0.4 3

 4 Commercial mortgages 0.3 0.3 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities 0.1 -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 5

 6 Bank loans n.e.c. 8.0 0.0 -11.5 0.4 12.4 4.8 5.9 5.0 3.6 4.9 8.3 6

 7 Investment by parent -7.9 -0.1 -12.5 -3.8 -4.3 11.5 -7.2 -29.4 79.3 3.5 2.1 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 2.7 4.2 12.9 15.7 22.0 23.2 22.8 23.0 23.3 23.6 23.8 1

 2 Fixed nonresidential investment 1.7 1.1 14.6 7.8 19.6 30.1 21.1 26.2 32.7 40.4 40.5 2

 3 Multifamily residential investment 2.6 5.2 7.3 2.9 4.9 7.5 5.3 6.6 8.2 10.1 10.1 3

 4 Net acquisition of financial assets -0.2 3.6 4.6 3.0 1.9 19.5 16.2 18.3 28.8 14.8 15.0 4

 5 Mortgages 1.1 0.6 4.7 2.2 2.0 -2.0 -2.1 -2.1 -2.1 -1.7 -2.0 5

 6 Home 0.5 0.1 0.5 0.2 0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 6

 7 Multifamily residential 3.1 0.4 3.1 1.4 1.3 -1.3 -1.4 -1.4 -1.4 -1.1 -1.3 7

 8 Commercial -2.5 0.1 1.1 0.5 0.5 -0.5 -0.5 -0.5 -0.5 -0.4 -0.5 8

 9 Miscellaneous assets -1.2 3.0 -0.1 0.9 -0.1 21.5 18.3 20.4 30.9 16.5 17.0 9

10 Net increase in liabilities 4.7 18.7 32.5 16.4 26.8 65.0 48.2 58.1 78.4 75.4 75.8 10

11 Security RPs 1.9 2.1 4.7 1.0 1.4 5.4 4.0 4.8 6.5 6.0 4.0 11

12 Credit market instruments 0.3 3.4 13.7 5.7 11.0 24.8 15.1 19.8 32.0 32.1 36.3 12

13 Open market paper -0.0 -0.3 -0.6 -0.0 0 0 0 0 0 0 0 13

14 Corporate bonds 1.0 0.3 2.0 2.3 4.4 10.0 3.7 6.1 13.5 16.8 20.3 14

15 Bank loans n.e.c. -1.3 -0.2 2.5 -2.1 -1.4 7.0 5.2 6.3 8.5 7.9 8.0 15

16 Mortgages 0.6 3.6 9.8 5.6 7.9 7.8 6.2 7.5 10.1 7.3 8.0 16

17 Corporate equity issues 2.0 13.2 11.1 8.3 12.3 29.4 21.7 26.1 35.2 34.7 31.5 17

18 Miscellaneous liabilities 0.6 -0.1 2.9 1.4 2.2 5.5 7.4 7.3 4.6 2.6 3.9 18

19 Discrepancy 3.3 13.0 18.9 18.3 22.4 31.0 28.4 30.0 32.0 33.7 34.0 19
38 Z.1, June 11, 1998

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Gross saving -2.0 -0.3 6.2 1.6 3.3 3.3 3.3 3.3 3.4 3.4 3.5 1

 2 Fixed nonresidential investment 0.6 0.8 0.9 1.0 1.0 1.1 1.0 1.1 1.1 1.1 1.2 2

 3 Net acquisition of financial assets 49.2 97.0 -24.1 113.4 68.2 142.1 59.8 274.2 125.9 108.4 562.7 3

 4 Checkable deposits and currency 0.2 1.9 -0.3 1.7 1.9 5.6 -3.1 12.9 3.6 9.0 13.6 4

 5 Credit market instruments -1.3 14.8 -44.2 90.1 -15.7 13.7 -14.5 -11.7 15.8 65.3 253.4 5

 6 Open market paper 1.2 -0.3 -3.7 10.9 1.6 0.6 6.1 3.0 -5.7 -1.1 3.3 6

 7 U.S. government securities -14.4 -12.8 -30.2 70.0 -29.9 1.6 -45.8 -17.2 -12.1 81.6 245.1 7

 8 Treasury -13.3 -20.7 -14.4 61.0 -31.1 6.4 -40.2 -16.9 -62.7 145.4 175.3 8

 9 Agency -1.0 7.8 -15.8 9.0 1.2 -4.8 -5.6 -0.3 50.6 -63.8 69.8 9

10 Municipal securities 1.9 5.8 -1.7 -2.7 -1.9 2.3 -3.2 5.3 -1.3 8.4 -3.1 10

11 Corporate and foreign bonds 10.0 22.2 -8.7 12.0 14.5 9.2 28.4 -2.9 34.9 -23.6 8.1 11

12 Corporate equities -0.6 8.1 -3.4 7.7 -1.9 2.7 2.5 -5.8 14.1 -0.2 13.5 12

13 Security credit -1.6 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 30.8 13

14 Miscellaneous assets 52.6 49.6 24.8 10.3 68.2 83.3 48.2 241.2 24.6 19.2 251.4 14

15 Net increase in liabilities 51.9 98.0 -29.1 112.8 66.2 140.0 57.3 272.4 124.0 106.4 560.8 15

16 Security RPs (net) 24.0 20.0 -23.0 79.0 -1.5 22.8 -40.9 121.9 23.7 -13.6 105.4 16

17 Corporate bonds 2.7 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.1 17

18 Corporate equity issues -1.9 1.3 4.7 -8.1 -6.5 -5.9 3.8 -17.4 -8.6 -1.3 -1.1 18

19 Trade payables 0.6 2.7 -0.9 1.1 4.0 5.7 13.4 -5.1 29.1 -14.7 -1.8 19

20 Security credit 6.2 38.7 1.0 23.1 36.6 73.3 90.4 99.7 11.9 91.2 119.9 20

21 Customer credit balances (HH) -10.8 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 54.1 21

22 From banks 16.9 12.7 -5.7 4.6 1.3 21.7 54.2 31.5 -4.7 5.7 65.8 22

23 Taxes payable 0.0 0.5 -0.2 -0.1 0.1 0.1 -0.9 -0.6 0.9 0.9 -1.0 23

24 Miscellaneous liabilities 13.1 15.6 1.6 12.6 27.5 23.2 -11.4 15.1 56.4 32.6 329.7 24

25 Foreign direct investment in U.S. 0.0 0.1 0.8 1.5 0.5 1.9 0.7 0.1 5.8 0.9 5.6 25

26 Due to affiliates 29.4 29.2 25.7 25.1 51.2 49.9 94.0 47.9 -7.2 64.8 103.9 26

27 Other -16.3 -13.7 -24.8 -14.0 -24.2 -28.6 -106.1 -32.9 57.8 -33.1 220.2 27

28 Proprietors’ net investment 7.2 7.1 -12.7 10.2 8.0 12.8 5.7 23.8 17.6 4.3 10.8 28

29 Discrepancy 0.1 -0.2 0.2 0.1 0.3 0.2 -0.3 0.3 0.4 0.3 0.4 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 59.4 -14.6 31.1 -2.8 102.4 88.1 129.7 -32.1 82.5 172.2 256.6 1

 2 Money market fund shares 23.5 10.1 31.8 2.4 27.3 10.4 7.0 11.3 -3.5 26.9 43.1 2

 3 Credit market instruments 12.9 -35.3 -16.2 -29.7 9.8 24.4 6.5 -30.0 -0.7 121.7 98.5 3

 4 Open market paper 12.9 -39.3 -26.2 -39.5 -13.0 17.8 -5.6 -34.1 1.0 109.8 100.6 4

 5 Corporate and foreign bonds 0 4.0 10.0 9.8 22.8 6.6 12.0 4.1 -1.7 11.9 -2.1 5

 6 Miscellaneous assets (2) 23.0 10.6 15.6 24.5 65.2 53.3 116.2 -13.4 86.7 23.5 115.0 6

 7 Investment in foreign banking offices 3.9 -6.6 -0.5 6.7 13.7 14.3 59.6 -20.3 34.4 -16.4 34.9 7

 8 Investment in brokers and dealers 19.2 17.2 16.1 17.8 51.5 38.9 56.7 6.9 52.3 39.9 80.1 8

 9 Net increase in liabilities 59.4 -14.6 31.1 -2.8 102.4 88.1 129.7 -32.1 82.5 172.2 256.6 9

10 Credit market instruments 16.2 6.3 23.1 34.9 64.1 80.7 129.4 -16.1 130.7 78.7 142.1 10

11 Open market paper 4.5 -7.3 3.0 10.5 34.9 50.1 83.7 -13.2 79.2 50.8 65.4 11

12 Corporate bonds 11.7 13.6 20.0 24.4 29.2 30.6 45.7 -2.9 51.5 28.0 76.8 12

13 Miscellaneous liabilities 43.3 -21.0 8.1 -37.7 38.2 7.4 0.3 -16.0 -48.2 93.4 114.5 13

14 Foreign direct investment in U.S. 6.9 4.3 -7.5 -10.4 1.1 -27.4 -13.2 2.7 -44.0 -55.2 -27.1 14

15 Securities loaned (net) 50.6 43.6 24.6 -5.5 59.9 57.2 49.8 202.8 -12.2 -11.8 80.8 15

16 Other -14.2 -68.8 -9.0 -21.8 -22.8 -22.4 -36.4 -221.5 8.0 160.4 60.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, June 11, 1998 39

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total U.S. reserves -3.9 1.4 -5.3 9.6 -6.7 1.0 -17.9 0.9 2.9 18.1 -0.1 1

 2 U.S. gold stock and SDRs -2.3 0.5 0.4 0.8 -0.4 0.4 -0.3 0.5 0.6 0.6 0.7 2

 3 Federal govt.: Exchange Stab. Fund -2.3 0.5 0.4 0.8 -0.4 0.4 -0.3 0.5 0.6 0.6 0.7 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0 0 -0.0 0.0 4

 5 U.S. foreign exchange position -1.6 0.8 -5.8 8.8 -6.3 0.7 -17.6 0.4 2.4 17.5 -0.8 5

 6 Official foreign currency holdings -4.3 0.8 -5.3 6.3 -7.6 -2.9 -13.4 0.6 0.5 0.6 -1.1 6

 7 Treasury -2.1 0.4 -2.6 3.2 -3.8 -1.5 -6.7 0.3 0.3 0.3 -0.6 7

 8 Monetary authority -2.1 0.4 -2.6 3.2 -3.8 -1.5 -6.7 0.3 0.3 0.3 -0.6 8

 9 Net IMF position 2.7 0.0 -0.5 2.5 1.3 3.6 -4.2 -0.2 1.9 16.9 0.3 9

10 Federal government 2.7 0.1 -0.5 2.5 1.3 3.6 -4.2 -0.2 1.9 16.9 0.3 10

11 Monetary authority -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government -2.0 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 1

 2 Asset: Monetary authority -2.0 0 0 2.2 -0.5 -0.5 -2.1 0 0 0 0 2

 Treasury currency:

 3 Liab: Federal government 0.2 0.4 0.7 0.6 -0.0 0 0.4 0.2 1.3 -1.9 0.3 3

 4 Asset: Monetary authority 0.4 0.6 0.9 1.0 1.0 0.6 0.8 0.6 0.5 0.6 0.7 4

 5 Discrepancy (seigniorage) -0.2 -0.2 -0.2 -0.5 -1.0 -0.6 -0.3 -0.5 0.8 -2.4 -0.4 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 -3.4 -18.5 52.9 35.3 82.0 89.0 188.6 18.8 105.4 43.1 52.2 1

 Held by:

 2 Household sector 1.2 -1.1 3.1 4.6 12.4 13.8 17.1 15.2 12.0 11.0 18.0 2

 3 Nonfinancial corporate business -0.7 -1.4 1.1 1.6 10.8 3.6 2.6 15.7 -0.8 -3.2 20.2 3

 4 Money market mutual funds -1.2 -10.3 5.7 4.0 3.4 0.1 -9.8 -1.6 11.1 0.6 11.8 4

 5 Discrepancy--unallocated assets -2.7 -5.7 43.0 25.1 55.4 71.5 178.7 -10.5 83.1 34.7 2.2 5
40 Z.1, June 11, 1998

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 49.4 50.5 89.8 9.9 -51.6 -46.3 -86.1 -46.4 -42.6 -10.0 61.9 1

 2 Monetary authority 0.9 3.7 1.3 1.3 -0.5 6.1 -22.9 17.2 8.7 21.5 -33.4 2

 3 Depository institution reserves 2.7 2.9 -4.2 -1.2 -5.1 6.3 -9.7 18.3 1.2 15.5 -24.1 3

 4 Vault cash -1.7 0.8 5.5 2.4 4.6 -0.2 -13.2 -1.0 7.5 6.0 -9.3 4

 5 Commercial banking 48.4 46.9 88.5 8.7 -51.2 -52.4 -63.2 -63.6 -51.3 -31.4 95.3 5

 6 To monetary authority 3.0 -2.9 -1.5 0.7 4.1 -1.6 -3.6 -4.5 -9.2 10.8 -4.9 6

 7 To banks in foreign countries 50.3 45.6 92.8 11.1 -52.0 -31.0 -86.5 -34.7 9.5 -12.2 -1.2 7

 8 Liabilities, net 48.6 46.3 93.6 10.7 -46.8 -30.8 -51.4 -45.8 0.5 -26.7 -12.2 8

 9 U.S.-chartered commercial banks -6.5 19.3 74.4 -2.7 -31.1 11.0 39.5 19.5 12.1 -27.3 -29.4 9

10 Due to foreign affiliates -10.1 6.6 52.6 -14.7 -1.9 56.0 27.0 22.6 -3.1 177.3 133.8 10

11 - Due from foreign affiliates -3.7 -12.8 -21.7 -12.0 29.2 45.0 -12.5 3.1 -15.3 204.6 163.2 11

12 Foreign banking offices in U.S. 49.3 29.2 27.1 17.2 -11.5 -42.6 -112.4 -50.4 -7.7 0.3 22.9 12

13 Due to foreign affiliates 3.7 -1.7 1.4 15.5 10.6 -30.5 -0.2 -2.2 -44.7 -75.0 -103.8 13

14 - Due from foreign affiliates -45.6 -30.9 -25.7 -1.7 22.1 12.0 112.2 48.2 -37.0 -75.3 -126.7 14

15 Bank holding companies 5.8 -2.3 -7.8 -3.8 -4.1 0.8 21.5 -14.8 -4.0 0.3 -5.7 15

16 Due to foreign affiliates 1.0 -2.3 -2.5 -1.1 -0.2 0.3 -1.3 -0.3 3.4 -0.5 3.1 16

17 - Due from foreign affiliates -4.8 -0.0 5.3 2.7 3.9 -0.4 -22.8 14.5 7.4 -0.8 8.8 17

18 Less: Deposits at foreign banks -1.7 0.7 0.8 -0.4 5.2 0.2 35.1 -11.0 -9.0 -14.4 -11.0 18

19 U.S.-chartered commercial banks -1.7 0.7 -0.4 -2.5 5.2 1.0 31.9 -6.9 -4.3 -16.5 4.5 19

20 Foreign banking offices in U.S. -0.0 0.0 1.3 2.1 -0.0 -0.9 3.2 -4.1 -4.7 2.1 -15.5 20

21 To U.S. banking, net -4.9 4.2 -2.7 -3.1 -3.3 -19.8 26.9 -24.4 -51.6 -30.0 101.4 21

22 U.S.-chartered commercial banks 14.6 13.3 5.6 -7.3 -23.5 -6.6 23.2 -11.0 -35.5 -3.1 14.5 22

23 Liabilities -10.6 6.0 4.9 -8.1 -6.6 -14.6 38.7 -17.1 -45.5 -34.5 92.9 23

24 To foreign offices in U.S. -4.8 1.9 8.1 -4.9 -3.0 5.4 8.7 7.8 5.9 -1.0 -10.3 24

25 To bank holding companies -0.9 -0.1 -0.4 -0.1 -0.3 -0.2 3.1 -0.5 0.2 -3.5 1.8 25

26 Unallocated -4.9 4.2 -2.7 -3.1 -3.3 -19.8 26.9 -24.4 -51.6 -30.0 101.4 26

 Less, due from:

27 Foreign offices in U.S. -21.8 -10.5 -6.5 -1.3 6.0 -7.4 28.0 -6.3 -19.6 -31.6 79.4 27

28 Bank holding companies -3.4 3.2 5.8 0.5 10.9 -0.6 -12.5 0.2 9.7 0.2 -1.0 28

29 Foreign banking offices in U.S. -17.0 -12.3 -14.6 3.6 9.0 -12.7 19.4 -14.1 -25.5 -30.6 89.7 29

30 Due to U.S. banks -21.8 -10.5 -6.5 -1.3 6.0 -7.4 28.0 -6.3 -19.6 -31.6 79.4 30

31 - Due from U.S. banks -4.8 1.9 8.1 -4.9 -3.0 5.4 8.7 7.8 5.9 -1.0 -10.3 31

32 Bank holding companies -2.5 3.2 6.2 0.6 11.2 -0.4 -15.6 0.7 9.5 3.7 -2.8 32

33 Due to U.S. banks -3.4 3.2 5.8 0.5 10.9 -0.6 -12.5 0.2 9.7 0.2 -1.0 33

34 - Due from U.S. banks -0.9 -0.1 -0.4 -0.1 -0.3 -0.2 3.1 -0.5 0.2 -3.5 1.8 34

35 Net change in assets 54.2 46.3 92.6 13.1 -48.3 -26.5 -113.0 -22.0 8.9 20.0 -39.4 35

36 Rest of the world 50.3 45.6 92.8 11.1 -52.0 -31.0 -86.5 -34.7 9.5 -12.2 -1.2 36

37 Domestic 3.9 0.7 -0.2 2.0 3.7 4.5 -26.5 12.7 -0.5 32.3 -38.2 37

38 Monetary authority 3.0 -2.9 -1.5 0.7 4.1 -1.6 -3.6 -4.5 -9.2 10.8 -4.9 38

39 Federal Reserve float 2.5 -2.3 -1.6 0.8 4.2 -3.6 -19.3 3.9 -2.9 3.9 3.1 39

40 Loans to member banks 0.5 -0.6 0.1 -0.1 -0.1 2.0 15.7 -8.4 -6.3 6.9 -8.0 40

41 Commercial banking 0.8 3.3 1.9 1.4 -0.0 6.7 -22.1 18.1 8.8 22.0 -33.4 41

42 Reserves at Federal Reserve 2.5 2.5 -3.5 -1.1 -4.6 6.9 -8.9 19.1 1.3 16.0 -24.2 42

43 Vault cash -1.7 0.8 5.5 2.4 4.6 -0.2 -13.2 -1.0 7.5 6.0 -9.3 43

44 Savings insts.: Reserves at Fed. Res. 0.1 0.4 -0.6 -0.1 -0.5 -0.6 -0.8 -0.9 -0.1 -0.5 0.1 44

45 Discrepancy--floats, etc. -4.9 4.2 -2.7 -3.1 -3.3 -19.8 26.9 -24.4 -51.6 -30.0 101.4 45
Z.1, June 11, 1998 41

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 113.5 117.3 -9.7 -12.7 15.8 41.5 85.3 64.2 -49.2 65.6 72.5 1

 2 Monetary authority 17.6 37.1 25.3 17.0 23.5 30.1 36.1 22.0 18.7 43.7 30.6 2

 3 Federal government cash and deposits -10.3 7.2 -7.7 -1.2 1.7 -2.3 4.8 1.1 -10.6 -4.6 11.7 3

 4 Deposits due to foreign -0.7 0.1 -0.1 0.2 -0.1 0.5 3.2 -2.7 0.3 1.3 -0.9 4

 5 Currency outside banks 28.7 29.8 33.1 18.0 21.8 31.9 28.1 23.6 29.0 47.0 19.8 5

 6 Commercial banking 92.8 74.1 -31.7 -45.9 -34.6 -19.8 16.2 8.0 -97.4 -6.2 -8.9 6

 7 Federal government deposits -5.9 12.1 -18.9 -4.7 9.7 -0.9 -4.0 -14.0 11.7 2.7 -12.8 7

 8 Deposits due to foreign 2.3 -0.4 1.9 0.8 2.6 4.9 0.9 10.2 -5.1 13.7 2.2 8

 9 Private domestic deposits 96.4 62.4 -14.7 -42.0 -46.9 -23.8 19.3 11.8 -103.9 -22.6 1.8 9

10 Savings institutions -1.4 4.4 -5.4 14.1 25.4 27.1 26.1 29.8 23.8 28.6 34.7 10

11 Credit unions 4.5 1.7 2.0 2.1 1.6 4.1 6.9 4.5 5.7 -0.6 16.0 11

12 Net change in assets 113.5 117.3 -9.7 -12.7 15.8 41.5 85.3 64.2 -49.2 65.6 72.5 12

13 Household sector 97.0 47.2 -29.8 -57.7 -66.3 -12.9 47.1 -17.1 -107.6 25.9 32.2 13

14 Nonfinancial business 13.7 23.0 24.1 36.0 54.8 15.8 23.7 42.9 36.5 -39.9 22.3 14

15 Corporate 6.9 13.6 18.5 31.3 49.8 10.5 19.0 37.9 31.3 -46.0 15.9 15

16 Nonfarm noncorporate 5.0 7.6 5.1 4.3 5.1 5.2 4.8 5.0 5.2 5.9 6.1 16

17 Farm 1.8 1.7 0.5 0.4 -0.0 0.0 -0.0 -0.0 0.0 0.2 0.4 17

18 State and local governments 2.1 1.6 3.2 2.8 -2.7 1.5 4.2 -2.2 8.1 -4.0 0.2 18

19 Federal government -16.9 20.7 -21.7 -0.0 11.0 -0.5 10.2 -29.0 -1.0 17.6 -2.1 19

20 Rest of the world 14.9 18.6 25.2 13.4 19.9 30.2 18.1 26.8 21.5 54.6 4.3 20

21 Checkable deposits 1.5 -0.3 1.8 1.1 2.6 5.4 4.1 7.5 -4.9 15.0 1.3 21

22 Currency 13.4 18.9 23.4 12.3 17.3 24.8 13.9 19.3 26.3 39.6 3.0 22

23 Financial sectors 0.4 8.9 -3.1 2.7 2.8 13.9 -6.0 31.6 -5.6 35.7 23.9 23

24 Commercial banking -0.5 -0.3 0.4 0.2 -0.2 0.0 -0.1 0.2 -0.1 0.1 -0.1 24

25 Savings institutions -0.6 3.1 -1.5 1.6 -1.3 1.1 -4.3 2.0 2.4 4.1 2.6 25

26 Credit unions 1.2 -0.1 0 0.9 0.1 0.6 0.0 -0.4 0.1 2.7 0.4 26

27 Bank personal trusts and estates -0.1 -0.1 -0.3 0.1 0.3 0.2 0.2 0.2 0.2 0.2 0.0 27

28 Life insurance companies -0.6 0.4 0.4 -0.5 -0.9 -0.2 -3.4 2.3 -1.4 1.7 0.6 28

29 Other insurance companies 0.2 -0.4 -0.2 -0.2 -0.9 0.2 1.2 -0.7 0.4 -0.3 -0.0 29

30 Private pension funds -0.0 0.1 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 30

31 State and local govt. retirement funds 1.8 0.5 -1.3 -2.0 0.4 0.7 -2.0 5.1 -1.8 1.5 -1.9 31

32 Money market mutual funds -2.4 1.4 -1.3 -1.0 2.4 2.6 2.8 -0.1 -6.9 14.7 8.1 32

33 Government-sponsored enterprises -0.0 0.9 -0.9 0.2 -0.8 1.2 0.8 8.0 -3.9 -0.1 -1.4 33

34 Finance companies 1.3 1.4 1.6 1.7 1.9 2.1 2.0 2.0 2.1 2.1 2.2 34

35 Brokers and dealers 0.2 1.9 -0.3 1.7 1.9 5.6 -3.1 12.9 3.6 9.0 13.6 35

36 Mail float 2.2 -2.8 -7.6 -9.8 -3.6 -6.6 -12.0 11.3 -1.3 -24.3 -8.4 36
42 Z.1, June 11, 1998

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities -130.5 -93.9 -20.3 162.2 211.3 219.7 207.9 200.8 247.9 222.2 270.5 1

 2 Small time and savings deposits -57.3 -70.3 -39.9 96.6 97.2 97.1 157.9 24.5 53.8 152.3 165.6 2

 3 Commercial banking 2.7 -12.0 -1.0 113.9 123.1 148.3 189.9 77.3 141.3 184.7 187.7 3

 4 U.S.-chartered commercial banks 2.0 -10.9 -0.6 113.4 122.8 143.9 147.9 88.9 154.8 183.9 188.3 4

 5 Foreign banking offices in U.S. 0.2 -0.8 -1.1 -0.7 0.1 4.4 43.1 -10.7 -14.7 -0.1 -1.7 5

 6 Banks in U.S.-affiliated areas 0.4 -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 6

 7 Savings institutions -75.4 -68.2 -44.4 -29.0 -38.1 -64.4 -46.0 -64.2 -94.1 -53.2 -44.5 7

 8 Credit unions 15.5 9.8 5.5 11.6 12.3 13.2 14.0 11.4 6.7 20.8 22.4 8

 9 Large time deposits (1) -73.2 -23.5 19.6 65.6 114.0 122.5 49.9 176.3 194.1 69.9 105.0 9

10 Commercial banking -66.8 -21.0 21.3 54.8 105.3 107.9 37.5 167.6 181.9 44.7 92.2 10

11 U.S.-chartered commercial banks -76.2 -20.0 17.9 42.6 49.5 63.2 22.3 72.7 123.8 34.0 75.8 11

12 Foreign banking offices in U.S. 9.0 -0.8 2.6 11.0 55.6 44.7 16.3 95.9 57.0 9.7 15.3 12

13 Banks in U.S.-affiliated areas 0.4 -0.2 0.8 1.2 0.2 0.0 -1.1 -1.0 1.2 1.0 1.1 13

14 Savings institutions -7.9 -3.6 -2.1 9.2 6.3 11.7 8.6 7.2 12.0 19.0 12.4 14

15 Credit unions 1.6 1.1 0.4 1.7 2.4 2.9 3.9 1.5 0.1 6.3 0.3 15

16 Net change in assets -130.5 -93.9 -20.3 162.2 211.3 219.7 207.9 200.8 247.9 222.2 270.5 16

17 Household sector -74.7 -113.1 -11.9 170.0 167.9 174.5 149.3 139.4 220.1 189.1 190.1 17

18 Nonfinancial business -17.2 28.8 1.6 -15.8 8.6 7.7 -12.9 25.8 -4.9 22.7 17.2 18

19 Corporate -15.0 22.3 -6.6 -24.5 1.8 1.4 -18.7 19.8 -11.1 15.5 9.9 19

20 Nonfarm noncorporate -2.2 6.5 8.2 8.7 6.8 6.3 5.8 6.0 6.2 7.2 7.3 20

21 State and local governments -5.7 -4.9 6.3 9.5 8.3 6.1 -10.9 21.6 12.2 1.7 14.8 21

22 Federal government -0.7 -0.1 -0.1 0.3 1.4 1.0 0.2 3.4 -2.1 2.6 -1.6 22

23 Rest of the world -1.1 6.8 1.5 -6.6 10.9 13.0 9.7 11.7 10.2 20.3 18.9 23

24 Financial sectors -31.1 -11.5 -17.7 4.9 14.1 17.4 72.5 -1.1 12.3 -14.2 31.0 24

25 Savings institutions -1.3 -0.7 -1.8 -0.2 0.3 -0.4 -0.1 -0.1 -0.5 -1.0 0.7 25

26 Credit unions 0.3 -1.3 -8.9 0.4 -0.7 0.6 4.6 -1.8 -11.4 11.1 0.6 26

27 Bank personal trusts and estates -5.2 -1.1 1.6 -0.5 -1.6 2.3 2.3 1.1 3.6 2.3 2.3 27

28 Private pension funds -22.1 -8.4 -4.5 -14.9 -14.4 -13.6 -12.6 -14.7 -12.6 -14.3 -4.5 28

29 State and local govt. retirement funds -2.3 2.7 -3.6 -0.9 0.1 -0.2 11.4 -13.7 -0.7 2.2 -4.4 29

30 Money market mutual funds -0.5 -2.8 -0.5 20.9 30.4 28.6 66.8 28.0 34.1 -14.6 36.2 30

(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 4.5 20.2 43.3 142.3 145.8 157.6 182.4 58.5 243.6 146.0 283.2 1

 2 Net purchases 4.5 20.2 43.3 142.3 145.8 157.6 182.4 58.5 243.6 146.0 283.2 2

 3 Household sector -40.9 -0.6 13.4 97.9 79.4 108.7 143.1 8.9 210.9 71.7 190.4 3

 4 Nonfinancial corporate business 15.8 -2.5 7.4 24.8 7.2 14.1 12.6 6.8 19.8 17.2 21.2 4

 5 Nonfarm noncorporate business 0.1 0.3 0.1 0.9 1.0 0.7 0.7 0.7 0.8 0.8 0.8 5

 6 Bank personal trusts and estates -0.3 0.1 0.6 3.7 7.8 1.6 1.6 0.5 2.8 1.6 2.0 6

 7 Life insurance companies 5.4 6.4 -15.3 6.6 17.9 17.4 16.0 24.7 12.2 16.8 22.6 7

 8 Private pension funds 1.0 6.5 5.3 6.0 5.2 4.6 1.5 5.5 0.7 10.9 3.0 8

 9 Funding corporations 23.5 10.1 31.8 2.4 27.3 10.4 7.0 11.3 -3.5 26.9 43.1 9
Z.1, June 11, 1998 43

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 43.2 71.3 78.2 110.4 40.0 115.2 36.5 198.0 121.1 105.3 253.2 1

 2 Commercial banking (net) 18.3 41.6 78.1 30.4 41.0 89.0 65.5 70.3 87.4 132.8 130.0 2

 3 U.S.-chartered commercial banks 17.5 45.5 71.6 28.2 28.7 63.4 30.8 71.6 76.3 75.0 62.8 3

 4 Foreign banking offices in U.S. 0.7 -4.3 6.7 1.8 12.0 25.6 33.9 -0.7 11.0 58.1 62.8 4

 5 Bank holding companies 0.2 0.4 -0.2 0.4 0.4 0.0 0.8 -0.6 0.1 -0.3 4.4 5

 6 Savings institutions -1.0 7.5 18.4 -0.0 -0.9 -1.9 7.8 1.0 3.5 -19.8 13.8 6

 7 REITs 1.9 2.1 4.7 1.0 1.4 5.4 4.0 4.8 6.5 6.0 4.0 7

 8 Brokers and dealers (net) 24.0 20.0 -23.0 79.0 -1.5 22.8 -40.9 121.9 23.7 -13.6 105.4 8

 9 Net change in assets 38.9 24.8 8.9 87.5 40.7 43.3 128.0 25.9 93.8 -74.6 81.7 9

10 Nonfinancial corporate business 3.4 -2.6 -0.3 0.3 1.4 0.4 -0.8 -2.0 2.8 1.6 2.2 10

11 State and local governments 4.6 10.7 -15.1 -3.0 32.1 3.6 0.5 6.0 2.8 5.0 34.5 11

12 Rest of the world 20.9 16.9 -12.0 21.0 3.2 6.9 53.4 1.8 20.7 -48.5 5.0 12

13 Financial sectors 10.0 -0.2 36.3 69.2 4.0 32.4 74.8 20.1 67.5 -32.6 40.0 13

14 Monetary authority -7.8 5.1 -2.6 3.3 7.7 2.3 -19.3 -4.2 21.0 11.6 -43.3 14

15 Savings institutions -0.6 -3.9 -4.1 4.8 -1.2 -0.8 -2.6 1.8 -5.3 2.9 10.8 15

16 Credit unions 0.4 -5.1 -2.3 0.2 -4.9 2.0 10.7 -11.2 4.2 4.5 6.8 16

17 Other insurance companies 5.6 -0.9 -2.3 8.1 -2.1 2.0 10.6 -6.2 3.8 -0.4 1.3 17

18 Private pension funds 1.9 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 18

19 State and local govt. retirement funds 2.9 -0.1 5.8 6.3 0.7 -2.6 0.9 16.0 -11.5 -15.7 3.7 19

20 Money market mutual funds -1.0 0.4 2.4 19.0 16.0 22.8 42.9 -20.7 49.2 19.8 23.5 20

21 Mutual funds 9.7 16.8 4.4 7.1 -2.7 8.9 22.1 20.1 1.2 -7.8 13.4 21

22 Government-sponsored enterprises -1.0 -16.2 35.4 20.5 -11.8 -4.1 6.4 24.5 1.6 -48.8 19.1 22

23 Discrepancy--unallocated assets 4.3 46.4 69.4 22.9 -0.7 71.9 -91.5 172.1 27.4 179.9 171.5 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 13.1 -5.1 35.7 74.3 102.6 184.1 198.6 108.5 171.1 258.1 346.6 1

 2 Commercial paper 17.0 2.5 38.6 75.1 101.6 186.8 195.8 103.8 177.6 270.1 361.9 2

 3 Nonfinancial corporate business 8.6 10.0 21.4 18.1 -0.9 13.7 7.2 20.3 14.5 12.8 53.9 3

 4 Foreign issues in U.S. 5.6 -9.6 -26.1 13.5 11.3 3.7 15.5 10.4 -11.6 0.7 56.0 4

 5 Nonfinancial 4.5 -3.1 -12.3 5.4 -1.9 -2.3 -3.1 1.7 -6.3 -1.3 8.6 5

 6 Financial 1.1 -6.5 -13.9 8.1 13.2 6.0 18.6 8.7 -5.2 1.9 47.4 6

 7 Financial sectors 2.8 2.1 43.3 43.4 91.3 169.4 173.2 73.1 174.6 256.6 252.1 7

 8 Commercial banking -3.9 5.2 5.9 -1.4 1.9 6.0 -0.8 10.0 2.4 12.3 16.9 8

 9 ABS issuers 8.1 4.7 12.4 37.3 45.4 89.4 47.6 35.0 110.5 164.2 117.0 9

10 Finance companies -6.0 -0.1 22.5 -2.9 9.0 23.9 42.6 41.2 -17.5 29.3 52.8 10

11 REITs -0.0 -0.3 -0.6 -0.0 0 0 0 0 0 0 0 11

12 Funding corporations 4.5 -7.3 3.0 10.5 34.9 50.1 83.7 -13.2 79.2 50.8 65.4 12

13 Bankers acceptances (1) -3.9 -7.7 -2.9 -0.8 1.0 -2.7 2.8 4.8 -6.5 -11.9 -15.4 13

14 Net purchases, by sector 13.1 -5.1 35.7 74.3 102.6 184.1 198.6 108.5 171.1 258.1 346.6 14

15 Household sector -3.3 15.6 1.2 13.3 22.7 40.0 47.4 39.6 35.1 37.9 41.1 15

16 Nonfinancial corporate business 2.3 2.4 -0.6 1.3 10.9 2.9 -8.9 -9.5 13.2 16.7 21.3 16

17 State and local governments 5.2 3.7 4.4 17.1 20.3 11.3 14.8 6.7 16.7 7.1 17.1 17

18 Rest of the world 1.6 5.9 6.0 18.6 11.1 20.4 -30.6 41.3 61.7 9.3 -14.4 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) -1.4 -1.9 -1.5 -0.1 0.8 -0.8 -1.2 -0.4 0.1 -1.7 -0.8 20

21 Savings institutions -0.7 -0.3 -0.2 0.0 0.1 -0.3 -1.2 -0.1 0 0 0 21

22 Credit unions 0.4 -0.7 -0.1 -1.6 -0.3 -0.1 -0.4 0.9 -1.0 0.1 -0.2 22

23 Bank personal trusts and estates -2.5 -3.2 3.5 0.7 -2.6 2.8 2.8 1.5 2.8 4.0 -0.4 23

24 Life insurance companies -2.5 3.6 5.9 -7.3 2.9 19.9 18.4 10.3 28.0 22.8 29.9 24

25 Private pension funds 1.9 3.6 -0.5 0.0 2.3 2.0 3.2 0.1 3.3 1.3 4.8 25

26 State and local govt. retirement funds 2.9 -0.1 5.8 6.3 0.7 -2.6 0.9 16.0 -11.5 -15.7 3.7 26

27 Money market mutual funds -17.0 -9.1 22.7 48.4 38.4 62.1 108.6 -0.0 96.1 43.8 137.7 27

28 Mutual funds 9.7 16.8 4.4 7.1 -3.1 9.3 13.1 22.6 -9.6 11.0 -6.9 28

29 Government-sponsored enterprises 2.7 -1.7 14.4 -0.8 9.6 -1.1 31.2 10.8 -59.2 12.9 9.9 29

30 Brokers and dealers 1.2 -0.3 -3.7 10.9 1.6 0.6 6.1 3.0 -5.7 -1.1 3.3 30

31 Funding corporations 12.9 -39.3 -26.2 -39.5 -13.0 17.8 -5.6 -34.1 1.0 109.8 100.6 31

(1) Excludes banks’ holdings of own acceptances.
44 Z.1, June 11, 1998

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 303.8 248.3 155.7 142.9 146.6 23.2 66.3 -43.8 31.2 39.0 -27.6 1

 2 Savings bonds 19.1 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -1.4 2

 3 Other Treasury issues 284.6 233.7 147.7 137.9 144.6 23.7 69.9 -43.7 30.7 38.0 -26.2 3

 4 Net purchases 303.8 248.3 155.7 142.9 146.6 23.2 66.3 -43.8 31.2 39.0 -27.6 4

 5 Household sector 76.3 22.9 156.2 -49.4 -70.1 -235.2 -300.2 -130.6 -209.0 -301.1 -302.7 5

 6 Savings bonds 19.1 14.7 8.0 5.1 2.0 -0.5 -3.6 -0.1 0.6 1.1 -1.4 6

 7 Other Treasury issues 57.2 8.3 148.2 -54.4 -72.1 -234.7 -296.6 -130.5 -209.5 -302.2 -301.4 7

 8 Nonfinancial corporate business 17.2 -11.8 2.0 6.3 -0.0 10.6 64.1 -32.0 21.6 -11.4 -28.5 8

 9 Nonfarm noncorporate business 0.7 0.3 0.7 1.6 2.1 1.5 1.4 1.5 1.6 1.7 1.8 9

10 State and local governments -17.4 29.6 -77.8 -80.2 -32.8 -17.7 -15.7 -43.6 -16.2 4.8 -0.4 10

11 Rest of the world 55.6 73.3 65.0 168.5 266.8 156.0 284.4 131.9 172.1 35.8 40.1 11

12 Monetary authority 28.5 37.0 32.5 13.7 12.7 39.8 38.3 49.2 16.6 55.2 30.8 12

13 Commercial banking 61.9 27.8 -31.8 -11.7 -16.9 8.4 37.1 -38.3 -20.2 55.2 -10.4 13

14 U.S.-chartered commercial banks 46.6 20.6 -27.0 -40.4 -34.7 -6.1 -16.6 -3.1 -40.3 35.5 -24.4 14

15 Foreign banking offices in U.S. 8.7 6.5 -3.5 29.6 18.4 14.4 53.1 -32.9 19.0 18.3 19.5 15

16 Bank holding companies 5.1 -0.8 -0.7 -1.2 0.6 -0.1 -1.8 -2.7 -0.9 5.1 -6.9 16

17 Banks in U.S.-affiliated areas 1.5 1.5 -0.6 0.2 -1.3 0.3 2.4 0.4 2.0 -3.7 1.5 17

18 Savings institutions 9.0 -5.7 -1.1 -8.7 -1.0 -2.8 -1.5 -2.6 -4.3 -2.8 1.2 18

19 Credit unions 5.9 2.6 -0.5 -3.8 -0.9 -1.8 1.6 0.5 -8.8 -0.5 -3.9 19

20 Bank personal trusts and estates -0.8 0.3 -0.6 -1.1 0.8 -0.3 -0.3 -0.5 -0.1 -0.3 -0.4 20

21 Life insurance companies 10.2 20.1 -2.9 1.0 -14.9 3.5 -0.0 2.5 11.6 0.1 -2.2 21

22 Other insurance companies 2.6 14.2 9.4 0.5 -12.6 7.2 0.9 11.5 8.1 8.2 7.2 22

23 Private pension funds 11.2 15.7 31.6 21.0 13.4 19.3 14.9 17.1 17.6 27.5 18.7 23

24 State and local govt. retirement funds 0.3 15.2 8.0 4.8 14.7 14.3 7.9 21.7 44.7 -17.0 4.0 24

25 Money market mutual funds 0.2 1.0 -13.3 3.8 20.3 -4.0 -30.9 1.3 -6.5 19.9 -10.3 25

26 Mutual funds 36.0 31.4 -6.8 11.2 8.9 11.4 12.6 10.9 25.3 -3.3 10.4 26

27 Closed-end funds 1.7 2.1 -1.0 -1.5 0.1 -0.6 0.1 -0.6 -1.0 -1.0 -1.0 27

28 Government-sponsored enterprises 17.9 -7.1 0.4 6.1 -12.9 7.1 -8.1 -26.7 40.7 22.7 42.7 28

29 Brokers and dealers -13.3 -20.7 -14.4 61.0 -31.1 6.4 -40.2 -16.9 -62.7 145.4 175.3 29

 Memo:

30 Federal government borrowing (1) 304.0 256.1 155.9 144.4 145.0 23.1 64.9 -43.5 30.3 40.8 -30.0 30

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, June 11, 1998 45

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 156.1 173.1 292.5 205.6 229.9 212.7 104.3 286.4 160.1 299.9 224.8 1

 2 Budget agencies 0.2 7.8 0.2 1.5 -1.6 -0.1 -1.4 0.2 -0.9 1.7 -2.4 2

 3 Government-sponsored enterprises 40.3 80.6 176.9 105.9 90.4 98.4 -8.9 198.1 46.4 157.9 142.4 3

 4 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 4

 5 Net purchases 156.1 173.1 292.5 205.6 229.9 212.7 104.3 286.4 160.1 299.9 224.8 5

 6 Household sector 34.1 -35.3 141.1 20.2 75.9 31.7 60.5 39.8 -33.0 59.6 -127.6 6

 7 Nonfinancial corporate business 3.5 10.5 0.8 3.5 10.5 -16.4 -45.3 -24.7 -6.9 11.1 1.2 7

 8 State and local governments 12.2 0.1 11.6 -35.1 -25.3 9.2 -19.2 80.6 -45.4 20.8 -20.8 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 18.3 35.4 21.7 28.7 48.9 43.6 32.3 41.1 60.5 40.4 93.5 10

11 Monetary authority -0.6 -0.8 -1.0 -1.0 -0.4 -1.5 -0.9 -2.0 -2.3 -1.0 -0.2 11

12 Commercial banking 42.8 44.7 5.5 38.7 28.2 75.5 59.1 50.3 59.6 133.0 92.8 12

13 U.S.-chartered commercial banks 38.9 36.2 1.8 23.4 15.3 60.4 36.9 37.2 50.0 117.5 56.8 13

14 Foreign banking offices in U.S. 2.9 7.4 1.5 14.3 12.4 12.5 20.2 10.8 11.4 7.5 20.8 14

15 Bank holding companies -0.2 0.9 1.7 -0.2 0.3 0.6 -1.5 2.7 -3.5 4.6 12.4 15

16 Banks in U.S.-affiliated areas 1.1 0.2 0.5 1.3 0.2 2.0 3.5 -0.3 1.6 3.4 2.7 16

17 Savings institutions -2.0 4.2 12.6 4.7 -8.5 -0.8 0.1 14.1 -19.2 1.9 -10.0 17

18 Credit unions 9.1 7.7 4.5 4.9 4.9 0.4 1.2 5.5 3.9 -9.2 8.4 18

19 Bank personal trusts and estates -0.8 0.9 -0.5 -0.1 -0.3 0.2 0.0 0.3 0.2 0.2 -0.3 19

20 Life insurance companies 27.7 27.6 11.3 8.7 1.3 6.2 -4.3 10.8 14.2 4.0 2.4 20

21 Other insurance companies -0.3 1.3 1.6 2.3 2.8 0.2 0.3 -5.9 3.2 3.3 2.5 21

22 Private pension funds 5.1 8.0 18.3 12.0 7.5 11.8 8.8 10.1 11.1 17.0 11.6 22

23 State and local govt. retirement funds -12.1 -4.4 7.1 19.8 13.0 4.0 6.0 -17.1 7.3 19.7 3.0 23

24 Money market mutual funds 13.6 13.5 9.4 13.7 11.0 -5.5 -39.0 4.9 -19.1 31.2 -2.0 24

25 Mutual funds 20.8 17.9 -3.6 7.7 6.2 7.9 8.7 7.6 17.6 -2.3 7.2 25

26 Government-sponsored enterprises 12.3 18.4 63.1 57.4 59.6 62.0 58.9 86.1 64.4 38.6 97.0 26

27 ABS issuers -26.4 15.6 4.7 10.5 -6.8 -10.9 -17.5 -14.9 -6.6 -4.7 -3.5 27

28 Brokers and dealers -1.0 7.8 -15.8 9.0 1.2 -4.8 -5.6 -0.3 50.6 -63.8 69.8 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
46 Z.1, June 11, 1998

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 30.5 74.8 -35.9 -48.2 2.6 71.4 43.4 96.7 56.4 89.3 124.3 1

 2 State and local governments 31.2 75.4 -32.3 -36.5 14.0 80.8 60.1 100.2 63.9 98.7 119.4 2

 3 Short-term (1) -1.1 1.8 -2.2 1.2 6.3 8.3 -4.6 6.7 14.9 16.3 -6.8 3

 4 Long-term 32.2 73.6 -30.2 -37.7 7.7 72.4 64.7 93.6 49.1 82.4 126.2 4

 5 Nonprofit organizations (2) -0.6 -0.5 1.5 0.9 6.1 10.8 4.5 13.6 10.6 14.7 16.1 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) -0.0 -0.1 -5.1 -12.6 -17.5 -20.2 -21.2 -17.1 -18.1 -24.1 -11.2 6

 7 Net change in assets 30.5 74.8 -35.9 -48.2 2.6 71.4 43.4 96.7 56.4 89.3 124.3 7

 8 Household sector -27.3 -31.3 -50.2 -42.9 -18.0 22.2 15.1 44.8 -7.8 36.7 38.8 8

 9 Nonfinancial corporate business 1.0 8.9 2.0 -19.9 -10.1 3.7 6.9 21.6 -2.8 -10.9 20.0 9

10 State and local governments -1.1 -1.0 -0.9 -3.5 -0.5 0.2 -0.8 0.4 0.5 0.5 0.4 10

11 Commercial banking -5.7 1.7 -1.6 -4.2 0.9 2.4 1.1 0.7 7.4 0.4 1.6 11

12 Savings institutions -0.4 0.1 -0.1 -0.0 0.1 0.0 -0.6 0.4 0.2 0.2 0.6 12

13 Bank personal trusts and estates 6.1 12.9 5.3 -5.9 -4.3 0.8 0.8 1.3 0.3 0.8 0.9 13

14 Life insurance companies 1.1 3.2 -1.9 -0.9 1.5 1.0 0.6 0.9 1.5 1.2 1.3 14

15 Other insurance companies 6.3 10.4 7.4 7.0 14.4 9.0 1.3 11.1 11.7 11.9 9.1 15

16 Private pension funds -0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 16

17 State and local govt. retirement funds 0.2 0.2 -0.3 0.1 0.0 0.7 -0.2 -0.0 1.9 1.4 1.6 17

18 Money market mutual funds 5.4 9.6 7.8 14.3 16.8 22.5 16.7 8.0 33.4 31.8 31.2 18

19 Mutual funds 28.7 42.9 -4.3 3.2 3.1 6.5 3.7 3.5 11.6 7.1 18.0 19

20 Closed-end funds 14.3 12.1 1.6 6.2 0.8 0.8 0.8 0.8 0.8 0.8 1.1 20

21 Government-sponsored enterprises 0.2 -0.6 0.8 1.0 -0.3 -0.8 1.2 -2.2 -1.1 -1.1 2.6 21

22 Brokers and dealers 1.9 5.8 -1.7 -2.7 -1.9 2.3 -3.2 5.3 -1.3 8.4 -3.1 22

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

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 172.9 281.2 157.3 319.6 301.7 338.8 153.8 355.2 419.5 426.6 470.3 1

 2 Nonfinancial corporate business 67.6 75.2 23.3 73.3 72.5 90.7 79.4 86.1 122.9 74.4 157.2 2

 3 Rest of the world (1) 16.8 82.9 12.2 49.7 49.4 41.3 11.0 34.3 94.6 25.3 8.4 3

 4 Financial sectors 88.6 123.1 121.8 196.7 179.7 206.8 63.4 234.8 202.0 327.0 304.6 4

 5 Commercial banking 14.5 7.2 7.7 18.5 7.8 23.7 11.8 32.9 16.4 33.9 49.7 5

 6 Savings institutions -3.2 -1.5 -0.8 -0.0 -0.4 0.1 -0.3 -0.2 0.9 0 -1.0 6

 7 ABS issuers 53.0 78.9 60.5 103.8 108.2 113.9 36.9 81.5 120.5 217.0 122.8 7

 8 Finance companies 8.9 12.5 31.7 52.6 32.5 20.3 -31.5 82.5 6.1 24.2 37.2 8

 9 REITs 1.0 0.3 2.0 2.3 4.4 10.0 3.7 6.1 13.5 16.8 20.3 9

10 Brokers and dealers 2.7 12.0 0.5 -5.0 -2.0 8.1 -2.9 34.9 -6.9 7.0 -1.1 10

11 Funding corporations 11.7 13.6 20.0 24.4 29.2 30.6 45.7 -2.9 51.5 28.0 76.8 11

12 Net purchases 172.9 281.2 157.3 319.6 301.7 338.8 153.8 355.2 419.5 426.6 470.3 12

13 Household sector -7.9 37.1 39.9 67.1 5.1 36.4 -87.3 10.9 89.6 132.4 105.7 13

14 State and local governments 2.9 5.6 5.4 7.1 10.7 -6.9 -9.6 -9.0 -2.1 -7.0 -6.1 14

15 Rest of the world (2) 18.1 30.4 38.0 58.1 78.3 84.0 86.2 81.6 101.5 66.5 106.7 15

16 Commercial banking -1.6 3.5 4.3 8.4 1.4 27.9 14.1 15.3 39.1 43.0 39.4 16

17 Savings institutions 7.3 9.1 -2.4 -8.2 -9.9 -9.9 -2.9 -2.8 -34.8 1.0 -2.1 17

18 Bank personal trusts and estates 6.2 -1.1 -0.4 -1.7 -1.7 4.3 0.2 8.4 4.3 4.3 2.5 18

19 Life insurance companies 55.0 58.3 59.9 90.7 79.2 73.9 69.3 137.4 43.3 45.8 66.5 19

20 Other insurance companies -1.2 3.3 7.2 12.7 18.3 6.9 -3.0 11.7 9.4 9.6 6.8 20

21 Private pension funds 23.0 22.2 -7.7 27.0 23.3 32.1 25.9 29.0 31.6 41.8 35.1 21

22 State and local govt. retirement funds 23.6 13.7 1.2 -4.2 16.7 19.3 -11.8 17.7 47.3 23.8 25.0 22

23 Money market mutual funds 2.5 5.4 3.4 6.4 2.4 9.4 9.8 5.5 19.7 2.8 18.0 23

24 Mutual funds 31.0 50.6 3.2 23.3 33.8 44.3 23.9 47.1 58.7 47.5 89.5 24

25 Closed-end funds 4.2 5.8 -4.4 5.8 1.3 1.0 1.8 1.0 0.5 0.6 0.4 25

26 Government-sponsored enterprises 0 11.1 8.5 5.5 5.6 0.3 -3.2 0.2 -21.7 26.1 -23.2 26

27 Brokers and dealers 10.0 22.2 -8.7 12.0 14.5 9.2 28.4 -2.9 34.9 -23.6 8.1 27

28 Funding corporations 0 4.0 10.0 9.8 22.8 6.6 12.0 4.1 -1.7 11.9 -2.1 28

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, June 11, 1998 47

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net issues 105.4 137.7 24.6 -3.5 -7.0 -79.0 -67.3 -109.1 -12.6 -126.9 -78.2 1

 2 Nonfinancial corporate business 27.0 21.3 -44.9 -58.3 -64.2 -114.8 -90.4 -141.6 -83.2 -144.1 -109.6 2

 3 Rest of the world (2) 32.4 63.4 48.1 50.4 58.8 38.0 47.0 53.0 62.2 -10.4 9.3 3

 4 Financial sectors 46.0 53.0 21.4 4.4 -1.6 -2.1 -23.9 -20.6 8.4 27.6 22.1 4

 5 Commercial banking 20.2 7.3 -3.3 -8.7 -14.3 -27.7 -52.8 -30.8 -20.6 -6.8 -10.8 5

 6 Other insurance companies 5.5 7.4 6.5 7.1 6.2 2.9 2.8 2.2 4.0 2.6 3.9 6

 7 Closed-end funds 20.2 23.7 2.4 5.9 0.7 -0.8 0.7 -0.7 -1.7 -1.6 -1.4 7

 8 REITs 2.0 13.2 11.1 8.3 12.3 29.4 21.7 26.1 35.2 34.7 31.5 8

 9 Brokers and dealers -1.9 1.3 4.7 -8.1 -6.5 -5.9 3.8 -17.4 -8.6 -1.3 -1.1 9

10 Net purchases 105.4 137.7 24.6 -3.5 -7.0 -79.0 -67.3 -109.1 -12.6 -126.9 -78.2 10

11 Household sector 23.6 -55.6 -157.5 -197.5 -282.9 -472.1 -422.8 -457.9 -505.2 -502.3 -498.8 11

12 State and local governments 1.5 1.5 1.3 12.1 14.5 1.3 14.2 -14.8 0.2 5.6 -4.2 12

13 Rest of the world (3) -5.6 20.9 0.9 16.6 12.2 65.1 26.5 90.2 92.8 50.8 116.1 13

14 Commercial banking -0.4 0.9 -1.4 2.1 1.8 0.6 0.9 -1.6 0.0 3.0 0.2 14

15 Savings institutions 0.3 1.7 -1.8 0.7 0.6 0.2 -0.4 1.4 -0.6 0.3 4.1 15

16 Bank personal trusts and estates -37.0 -55.2 -8.8 1.6 -17.3 72.3 70.4 70.0 73.6 75.1 15.4 16

17 Life insurance companies 12.4 36.3 61.8 18.6 42.1 53.5 35.1 54.6 84.9 39.5 51.8 17

18 Other insurance companies -0.4 0.8 1.1 -0.6 -6.8 2.5 3.2 1.1 3.2 2.6 1.0 18

19 Private pension funds 30.8 14.9 -4.0 11.0 -13.1 -23.7 -18.2 -7.8 -22.6 -46.1 -34.3 19

20 State and local govt. retirement funds 21.0 44.3 29.3 41.3 52.2 53.5 57.3 41.8 55.1 59.9 31.1 20

21 Mutual funds 59.8 115.3 100.8 87.4 193.0 167.2 166.0 121.6 194.0 187.1 227.7 21

22 Closed-end funds -0.0 3.7 6.1 -4.6 -1.5 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 22

23 Brokers and dealers -0.6 8.1 -3.4 7.7 -1.9 2.7 2.5 -5.8 14.1 -0.2 13.5 23

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 190.5 292.0 100.6 147.4 237.6 263.4 253.4 240.9 303.7 255.7 336.2 1

 2 Net purchases 190.5 292.0 100.6 147.4 237.6 263.4 253.4 240.9 303.7 255.7 336.2 2

 3 Household sector 133.9 205.1 67.4 94.5 174.8 221.2 209.4 202.4 251.7 221.2 266.6 3

 4 Nonfinancial corporate business 5.0 6.8 2.1 4.6 3.3 3.0 3.0 3.0 3.0 3.0 3.0 4

 5 State and local governments 5.5 6.5 7.8 5.9 6.0 3.6 6.1 1.0 4.2 3.0 3.5 5

 6 Commercial banking -0.4 0.5 -1.9 0.3 0.3 0.8 -1.1 4.9 -1.5 0.8 1.2 6

 7 Credit unions 1.5 0.1 -1.6 0.2 -0.3 -0.2 -0.1 -0.1 -0.1 -0.4 -0.1 7

 8 Bank personal trusts and estates 25.8 44.9 21.7 9.5 3.9 -7.8 -8.0 -9.6 -5.2 -8.4 3.0 8

 9 Life insurance companies 9.0 6.3 -14.9 13.5 7.0 5.4 3.5 5.4 8.4 4.3 4.6 9

10 Private pension funds 10.2 21.7 20.1 18.9 42.5 37.4 40.6 33.9 43.1 32.2 54.5 10
48 Z.1, June 11, 1998

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 Total loans by commercial

 1 banking, flow of funds basis 18.5 83.6 183.7 239.8 174.2 235.0 249.2 308.6 123.5 258.8 250.0 1

 - Loans elsewhere classified:

 2 Open market paper -1.4 -1.9 -1.5 -0.1 0.8 -0.8 -1.2 -0.4 0.1 -1.7 -0.8 2

 3 Mortgages 19.2 47.3 64.9 77.5 55.2 98.8 87.2 126.7 107.8 73.3 132.1 3

 4 Consumer credit -7.3 32.8 63.1 43.2 24.8 -14.2 -44.8 24.0 -28.1 -8.0 -35.6 4

 5 Security credit 16.9 12.7 -5.7 4.6 1.3 21.7 54.2 31.5 -4.7 5.7 65.8 5

 6 = Banking sector total bank loans n.e.c. -8.9 -7.2 62.9 114.7 92.1 129.6 153.8 126.8 48.4 189.5 88.4 6

 7 U.S.-chartered commercial banks -19.4 8.8 46.2 77.0 58.2 109.3 119.8 93.3 77.0 146.9 103.5 7

 8 Foreign banking offices in U.S. 9.9 -13.7 15.1 35.4 32.2 19.2 35.2 32.1 -28.7 38.2 -15.6 8

 9 Bank holding companies 0.4 -1.8 -0.1 0.4 0.2 -0.0 -1.6 -0.2 -1.1 2.7 0.7 9

10 Banks in U.S.-affiliated areas 0.2 -0.5 1.7 1.8 1.4 1.2 0.3 1.5 1.2 1.7 -0.2 10

11 + Loans from Federal Reserve banks 0 0 0 0 0 0 0 0 0 0 0 11

12 = Total bank loans n.e.c. -8.9 -7.2 62.9 114.7 92.1 129.6 153.8 126.8 48.4 189.5 88.4 12

13 Net change in liabilities -8.9 -7.2 62.9 114.7 92.1 129.6 153.8 126.8 48.4 189.5 88.4 13

14 Nonfinancial sectors -9.7 7.1 76.6 110.7 75.2 109.9 142.4 116.5 24.1 156.7 69.2 14

15 Household sector 4.5 9.8 13.4 15.9 -3.7 2.7 24.8 9.8 -49.3 25.6 29.8 15

16 Corporate business -19.3 -10.8 42.7 66.8 45.8 73.5 94.4 65.5 47.3 86.9 18.1 16

17 Nonfarm noncorporate business 2.7 5.3 17.2 18.5 23.4 21.7 24.2 23.2 18.2 21.2 14.7 17

18 Farm business 0.1 2.1 1.9 1.1 0.6 3.5 -0.3 6.4 0.6 7.4 1.1 18

19 Rest of the world 2.3 0.7 1.4 8.5 9.1 8.5 -0.7 11.5 7.3 15.7 5.5 19

20 Foreign official institutions 1.0 -1.0 -0.2 0.4 0.3 -0.8 -3.5 0.2 0.8 -0.7 0.9 20

21 Foreign banks 0.7 1.2 0.0 2.1 3.4 -0.5 -2.2 -1.2 -1.2 2.5 -2.4 21

22 Other foreign 0.6 0.5 1.6 5.9 5.4 9.8 5.1 12.4 7.7 13.9 7.0 22

23 Financial sectors 0.7 -14.4 -13.7 3.9 16.9 19.7 11.4 10.3 24.3 32.8 19.2 23

24 Savings institutions -0.0 -0.5 0.9 5.2 1.4 3.5 4.1 -1.1 3.7 7.1 10.6 24

25 Finance companies -6.0 -13.7 -5.6 0.5 4.4 4.4 -3.8 0.1 8.5 12.9 -7.8 25

26 Mortgage companies 8.0 0.0 -11.5 0.4 12.4 4.8 5.9 5.0 3.6 4.9 8.3 26

27 REITs -1.3 -0.2 2.5 -2.1 -1.4 7.0 5.2 6.3 8.5 7.9 8.0 27
Z.1, June 11, 1998 49

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances 4.6 -0.8 50.3 70.1 62.5 100.4 17.9 81.7 111.3 190.5 117.8 1

 2 U.S. government loans 0.0 -2.9 -13.5 12.9 -0.2 9.5 10.6 8.1 7.9 11.2 14.6 2

 3 Liab.: Household sector 0.7 -1.2 -4.4 11.3 3.1 11.4 18.2 8.1 12.7 6.6 8.3 3

 4 Nonfinancial corporate business -0.1 0.2 -0.1 1.9 -1.3 -0.3 -0.6 -0.1 -0.2 -0.1 0.3 4

 5 Nonfarm noncorporate business -0.3 0.6 -2.5 1.2 -0.3 1.8 0.0 0.8 -0.1 6.5 4.7 5

 6 Farm business -0.4 -0.7 -0.6 -1.2 -1.1 -0.5 -0.5 -0.5 -0.5 -0.4 -0.4 6

 7 State and local governments -0.1 -0.6 0.1 0.5 0.4 -1.2 -4.8 0.4 -0.4 -0.1 5.1 7

 8 Rest of the world 0.2 -1.1 -1.3 -0.8 -1.0 -1.8 -1.7 -0.6 -3.5 -1.3 -3.5 8

 9 Government-sponsored enterprises -0.0 0 -4.8 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business 4.9 -15.8 1.6 0.0 4.1 16.4 1.3 5.2 9.6 49.4 16.4 10

11 Liab.: Nonfinancial corporate business 4.9 -15.8 1.6 0.0 4.1 16.4 1.3 5.2 9.6 49.4 16.4 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -3.6 -6.4 -2.4 -0.6 1.0 -2.8 1.8 4.1 -4.4 -12.6 -15.7 12

13 Liab.: Nonfinancial corporate business -2.9 -3.3 -2.1 -0.8 -0.7 -2.6 -0.5 3.2 -5.3 -7.8 -9.6 13

14 Rest of the world -0.7 -3.1 -0.3 0.3 1.8 -0.2 2.2 0.8 1.0 -4.8 -6.1 14

15 Savings institution loans to business -10.1 -1.6 -0.5 2.5 3.0 3.1 4.0 1.7 5.2 1.5 3.9 15

16 Liab.: Nonfinancial corporate business -5.0 -0.8 -0.3 1.2 1.5 1.6 2.0 0.9 2.6 0.8 1.9 16

17 Nonfarm noncorporate business -5.0 -0.8 -0.3 1.2 1.5 1.6 2.0 0.9 2.6 0.8 1.9 17

18 Policy loans (Household liability) 5.7 5.6 7.8 10.5 4.5 3.2 5.9 6.9 3.0 -3.0 0.4 18

19 Asset: Federal government -0.0 -0.0 -0.0 0.1 0.0 -0.0 0 -0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies 5.7 5.7 7.8 10.4 4.5 3.2 5.9 6.9 3.0 -2.9 0.4 20

21 Govt.-sponsored enterprises loans 3.7 26.5 27.2 11.2 28.8 31.2 -20.9 57.4 34.0 54.0 32.4 21

22 Liab.: Household sector (SLMA) 2.9 2.7 3.7 3.9 -0.6 -4.4 -3.8 -5.8 -4.2 -3.9 -7.2 22

23 Noncorporate business (FCS) 1.2 1.2 0.0 2.5 -1.2 0 -0.0 3.5 2.0 -5.5 4.8 23

24 Farm business (FCS) 0.2 0.2 0.8 1.4 2.7 0 3.0 -3.3 -1.3 1.7 2.2 24

25 Commercial banks (FHLB and SLMA) 3.2 8.6 9.3 6.2 2.3 19.1 -0.1 29.6 19.6 27.2 32.0 25

26 Savings institutions (FHLB and SLMA) -3.8 13.3 12.7 -2.6 24.5 16.2 -20.6 33.1 17.6 34.6 0.2 26

27 Credit unions (FHLB) 0.0 0.2 0.2 -0.1 0.1 0.1 -0.2 0.2 0.2 0.3 0.5 27

28 Life insurance companies (FHLB) 0.0 0.2 0.3 -0.1 1.1 0.2 0.8 0.1 0.2 -0.3 0.0 28

29 Securitized loans held by ABS issuers 2.9 9.7 4.3 6.9 13.3 30.8 -11.1 12.1 0.7 121.5 33.5 29

30 Liab.: Households (1) 0 0 0 1.0 5.3 7.8 6.8 8.3 8.2 8.0 10.0 30

31 Nonfinancial corporate business 2.9 9.7 4.3 5.9 8.1 23.0 -17.9 3.8 -7.5 113.5 23.5 31

32 Finance company loans to business 1.1 -15.9 25.9 26.7 7.9 9.0 26.3 -13.9 55.2 -31.6 32.3 32

33 Liab.: Nonfinancial corporate business 1.0 -14.3 23.3 24.0 7.1 8.1 23.7 -12.5 49.7 -28.5 29.0 33

34 Nonfarm noncorporate business 0.1 -1.6 2.6 2.7 0.8 0.9 2.6 -1.4 5.5 -3.2 3.2 34

(1) Student loans.
50 Z.1, June 11, 1998

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in mortgages 114.7 127.3 185.6 212.3 327.9 352.3 272.2 288.9 429.3 418.7 428.5 1

 2 Home 168.6 156.2 178.5 174.5 264.9 268.8 228.4 191.2 344.5 310.9 315.8 2

 3 Multifamily residential -10.1 -5.6 5.2 12.5 21.2 19.8 11.6 21.3 11.0 35.4 30.4 3

 4 Commercial -44.3 -24.3 -0.4 23.7 39.2 60.4 30.1 72.3 69.5 69.8 78.3 4

 5 Farm 0.5 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 5

 6 Net borrowing 114.7 127.3 185.6 212.3 327.9 352.3 272.2 288.9 429.3 418.7 428.5 6

 7 Household sector 143.7 128.9 162.3 166.6 269.1 266.2 211.9 191.6 350.0 311.1 312.6 7

 8 Nonfinancial business -29.6 -5.2 13.4 40.1 50.8 78.3 54.1 89.8 69.2 100.3 107.9 8

 9 Corporate -15.0 -4.7 25.0 40.7 27.9 37.5 32.5 44.2 27.4 46.1 44.3 9

10 Nonfarm noncorporate -15.1 -1.5 -13.8 -2.2 20.4 37.5 19.5 41.5 37.5 51.6 59.5 10

11 Farm 0.5 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 11

12 Federal government -0.0 -0.0 0 0 0 0 0 0 0 0 0 12

13 REITs 0.6 3.6 9.8 5.6 7.9 7.8 6.2 7.5 10.1 7.3 8.0 13

14 Net change in assets 114.7 127.3 185.6 212.3 327.9 352.3 272.2 288.9 429.3 418.7 428.5 14

15 Household sector -10.7 -8.0 -10.4 -5.5 -4.1 -4.6 18.5 -14.7 -33.8 11.5 16.0 15

16 Nonfinancial corporate business 1.1 -7.8 4.1 1.6 11.1 8.0 8.0 8.0 8.0 8.0 8.0 16

17 Nonfarm noncorporate business -0.9 -1.5 -0.1 3.1 2.3 1.2 1.1 1.2 1.2 1.2 1.2 17

18 State and local governments -0.0 -5.4 2.2 3.3 3.8 3.6 2.6 4.3 3.7 3.6 4.0 18

19 Federal government -11.9 -15.4 -14.0 -13.2 -7.5 -4.5 -8.6 -2.5 -4.9 -2.1 -0.9 19

20 Commercial banking 19.2 47.3 64.9 77.5 55.2 98.8 87.2 126.7 107.8 73.3 132.1 20

21 Savings institutions (1) -77.4 -29.5 -2.2 0.6 31.6 3.5 -7.8 10.7 9.5 1.5 19.8 21

22 Credit unions 3.3 -0.1 6.1 4.4 9.5 10.1 4.5 14.0 15.0 6.8 11.7 22

23 Bank personal trusts and estates -0.2 -0.3 -0.2 -0.1 0.3 -0.2 -0.1 -0.4 -0.2 -0.2 0.1 23

24 Life insurance companies -17.5 -17.6 -13.5 -3.4 -2.1 5.4 4.6 6.2 5.4 5.5 5.8 24

25 Other insurance companies -0.6 -1.4 -0.7 -1.0 -0.4 -0.1 0.3 -0.4 -0.0 -0.1 -0.1 25

26 Private pension funds -3.7 -0.1 3.6 1.3 1.7 2.4 2.1 2.1 2.4 2.9 2.3 26

27 State and local govt. retirement funds -0.4 -1.9 0.7 0.7 0.8 0.9 0.8 0.9 0.9 0.9 0.9 27

28 Government-sponsored enterprises (1) 32.1 41.3 3.6 4.4 1.7 -3.8 -14.0 -6.5 -1.6 6.8 4.8 28

29 Federally related mortgage pools 115.6 84.7 115.4 98.2 141.1 114.4 114.6 88.1 114.6 140.3 84.8 29

30 ABS issuers 63.1 45.5 41.2 36.3 62.6 97.7 58.7 72.1 113.9 146.3 122.6 30

31 Finance companies 2.5 -3.1 4.2 5.6 10.2 5.3 2.9 5.6 6.6 6.0 6.7 31

32 Mortgage companies 0.1 -0.0 -24.0 -3.4 8.2 16.4 -1.3 -24.4 82.9 8.3 10.4 32

33 REITs 1.1 0.6 4.7 2.2 2.0 -2.0 -2.1 -2.1 -2.1 -1.7 -2.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, June 11, 1998 51

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing 168.6 156.2 178.5 174.5 264.9 268.8 228.4 191.2 344.5 310.9 315.8 1

 2 Household sector 138.3 121.2 169.7 170.7 261.0 262.2 222.8 184.9 337.7 303.4 307.5 2

 3 Nonfinancial corporate business 0.7 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1.0 3

 4 Nonfarm noncorporate business 29.6 34.3 8.1 2.9 3.0 5.6 4.7 5.4 5.9 6.5 7.4 4

 5 Net change in assets 168.6 156.2 178.5 174.5 264.9 268.8 228.4 191.2 344.5 310.9 315.8 5

 6 Household sector -12.3 -10.0 -11.0 -8.4 -3.4 -3.2 20.3 -14.8 -32.7 14.4 18.2 6

 7 Nonfinancial corporate business -0.3 -4.8 1.8 1.7 4.9 3.2 3.5 3.1 3.2 3.0 2.8 7

 8 Nonfarm noncorporate business 0.6 0.2 -0.0 1.2 1.0 0.5 0.5 0.5 0.5 0.5 0.5 8

 9 State and local governments -0.6 -6.0 1.0 3.2 2.3 3.0 2.3 2.9 3.7 3.0 3.3 9

10 Federal government -0.5 -6.0 -3.9 -5.0 -2.9 -0.7 -5.4 -0.1 2.7 -0.1 -0.8 10

11 Commercial banking 25.1 50.0 55.1 53.6 29.1 64.1 69.3 82.1 59.7 45.2 98.1 11

12 Savings institutions -48.7 -19.6 7.6 4.7 31.4 6.9 -1.3 12.5 12.2 4.4 25.3 12

13 Credit unions 3.3 -0.1 6.1 4.4 9.5 10.1 4.5 14.0 15.0 6.8 11.7 13

14 Bank personal trusts and estates -0.2 -0.3 -0.2 -0.1 0.3 -0.2 -0.1 -0.4 -0.2 -0.2 0.1 14

15 Life insurance companies 0.6 -2.6 -1.6 0.3 -0.5 0.4 0.1 0.2 1.0 0.4 0.5 15

16 Private pension funds -0.8 -0.0 0.8 0.3 0.4 0.5 0.5 0.5 0.5 0.6 0.5 16

17 State and local govt. retirement funds -0.3 0.1 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 17

18 Government-sponsored enterprises 30.5 39.8 2.6 3.9 1.0 -3.6 -12.9 -5.7 -1.9 6.3 5.8 18

19 Federally related mortgage pools 117.8 86.1 115.4 93.7 135.5 109.1 109.6 82.4 109.4 135.0 80.0 19

20 ABS issuers 51.8 32.9 23.7 19.3 34.1 56.1 36.8 33.4 79.8 74.4 49.2 20

21 Finance companies 2.5 -3.1 4.2 5.6 13.4 6.9 4.7 4.7 8.6 9.5 10.1 21

22 Mortgage companies -0.4 -0.5 -24.0 -4.5 8.2 15.3 -4.3 -24.4 82.9 7.1 10.0 22

23 REITs 0.5 0.1 0.5 0.2 0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 23

(1) Mortgages on 1-4 family structures.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing -10.1 -5.6 5.2 12.5 21.2 19.8 11.6 21.3 11.0 35.4 30.4 1

 2 Nonfinancial corporate business 0.7 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1.0 2

 3 Nonfarm noncorporate business -11.0 -7.5 1.2 9.7 17.7 16.3 8.6 17.9 6.7 32.0 26.8 3

 4 Federal government -0.0 -0.0 0 0 0 0 0 0 0 0 0 4

 5 REITs 0.2 1.2 3.2 1.8 2.6 2.6 2.0 2.5 3.3 2.4 2.6 5

 6 Net change in assets -10.1 -5.6 5.2 12.5 21.2 19.8 11.6 21.3 11.0 35.4 30.4 6

 7 Household sector 0.1 0.8 0.2 0.6 -0.3 -0.4 -0.5 -0.6 -0.6 0.2 0.0 7

 8 Nonfinancial corporate business 0.0 -0.4 0.2 -1.0 0.9 0.8 1.0 0.9 1.0 0.1 0.3 8

 9 Nonfarm noncorporate business -0.1 -1.3 -0.0 1.0 0.7 0.3 0.3 0.3 0.3 0.3 0.3 9

10 State and local governments 0.7 0.4 0.7 0.6 1.8 0.3 -0.2 0.8 0.4 0.3 0.5 10

11 Federal government -4.2 -4.5 -2.6 -4.7 -2.5 -2.2 -3.0 -0.6 -5.2 -0.2 0.0 11

12 Commercial banking 1.1 0.6 0.7 4.5 2.8 4.0 3.8 6.0 0.2 5.9 4.5 12

13 Savings institutions -10.1 -2.4 -3.0 -2.4 -0.4 -2.0 -3.7 -2.3 1.1 -3.2 -2.6 13

14 Life insurance companies -2.1 -1.8 -1.5 -0.5 -0.2 0.6 0.5 0.7 0.5 0.6 0.6 14

15 Private pension funds -0.2 -0.0 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 15

16 State and local govt. retirement funds -0.7 -0.1 0.2 0.2 0.2 0.3 0.2 0.2 0.3 0.3 0.3 16

17 Government-sponsored enterprises 1.6 1.7 0.9 0.6 -0.5 -1.2 -1.3 -1.9 -1.2 -0.7 -2.3 17

18 Federally related mortgage pools -2.3 -1.4 -0.0 4.5 5.6 5.3 5.0 5.7 5.2 5.3 4.8 18

19 ABS issuers 2.6 2.4 6.2 6.4 12.4 14.6 7.7 13.5 11.9 25.2 25.7 19

20 Finance companies 0 0 0 0 -0.6 -0.2 0.1 -0.3 -1.7 1.1 -1.0 20

21 Mortgage companies 0.3 0.1 0 1.1 -0.1 1.0 3.0 0 0 1.2 0.4 21

22 REITs 3.1 0.4 3.1 1.4 1.3 -1.3 -1.4 -1.4 -1.4 -1.1 -1.3 22
52 Z.1, June 11, 1998

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net borrowing -44.3 -24.3 -0.4 23.7 39.2 60.4 30.1 72.3 69.5 69.8 78.3 1

 2 Household sector 5.4 7.7 -7.4 -4.2 8.2 3.9 -10.9 6.7 12.3 7.7 5.1 2

 3 Nonfinancial corporate business -16.4 -6.0 23.5 38.9 26.1 35.7 30.6 42.3 25.5 44.2 42.4 3

 4 Nonfarm noncorporate business -33.8 -28.4 -23.1 -14.8 -0.3 15.6 6.2 18.3 24.9 13.0 25.4 4

 5 REITs 0.4 2.4 6.6 3.7 5.3 5.2 4.2 5.0 6.8 4.9 5.4 5

 6 Net change in assets -44.3 -24.3 -0.4 23.7 39.2 60.4 30.1 72.3 69.5 69.8 78.3 6

 7 Household sector 0.8 0.8 -0.3 1.5 -0.8 -1.6 -1.1 -1.3 -1.4 -2.5 -2.5 7

 8 Nonfinancial corporate business 1.3 -2.5 2.1 0.9 5.4 4.0 3.5 4.0 3.8 4.8 4.9 8

 9 Nonfarm noncorporate business -1.4 -0.5 -0.0 0.9 0.6 0.3 0.3 0.3 0.3 0.3 0.3 9

10 State and local governments -0.1 0.2 0.5 -0.5 -0.2 0.3 0.5 0.7 -0.4 0.3 0.2 10

11 Federal government -6.6 -4.5 -7.3 -3.1 -1.7 -0.6 -0.1 -0.4 -0.5 -1.5 0.2 11

12 Commercial banking -8.4 -4.3 7.4 18.1 22.2 28.6 12.6 36.5 45.0 20.4 27.5 12

13 Savings institutions -18.5 -7.5 -6.8 -1.8 0.6 -1.5 -2.9 0.5 -3.8 0.3 -2.9 13

14 Life insurance companies -15.1 -13.4 -10.5 -3.3 -1.7 4.0 3.5 5.1 3.3 4.0 4.2 14

15 Other insurance companies -0.6 -1.4 -0.7 -1.0 -0.4 -0.1 0.3 -0.4 -0.0 -0.1 -0.1 15

16 Private pension funds -2.7 -0.0 2.6 0.9 1.2 1.7 1.5 1.5 1.8 2.1 1.7 16

17 State and local govt. retirement funds 0.6 -1.9 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

18 ABS issuers 8.7 10.3 11.3 10.6 16.1 27.1 14.3 25.1 22.1 46.7 47.7 18

19 Finance companies 0 0 0 0 -2.6 -1.4 -1.9 1.2 -0.2 -4.6 -2.4 19

20 Mortgage companies 0.3 0.3 0 0 0 0 0 0 0 0 0 20

21 REITs -2.5 0.1 1.1 0.5 0.5 -0.5 -0.5 -0.5 -0.5 -0.4 -0.5 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 0.5 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 1

 2 Net change in assets 0.5 1.0 2.2 1.6 2.6 3.3 2.1 4.1 4.3 2.6 4.0 2

 3 Household sector 0.7 0.4 0.7 0.8 0.4 0.5 -0.1 2.0 1.0 -0.7 0.2 3

 4 Nonfarm noncorporate business 0.0 0.1 -0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 State and local governments -0.0 -0.0 -0.0 -0.0 -0.1 0 0 0 0 0 0 5

 6 Federal government -0.6 -0.5 -0.3 -0.5 -0.5 -0.9 -0.2 -1.4 -1.9 -0.2 -0.2 6

 7 Commercial banking 1.4 1.0 1.7 1.3 1.1 2.1 1.5 2.1 3.0 1.8 2.0 7

 8 Savings institutions -0.1 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 8

 9 Life insurance companies -0.8 0.3 0.1 0.1 0.4 0.5 0.4 0.2 0.7 0.5 0.5 9

10 State and local govt. retirement funds 0 0 0 0 0 0 0 0 0 0 0 10

11 Government-sponsored enterprises -0.1 -0.2 0.1 -0.1 1.1 1.0 0.2 1.1 1.4 1.2 1.3 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0 -0.0 0 0 0 12
Z.1, June 11, 1998 53

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities (Households) 3.9 60.7 124.9 138.9 88.8 52.5 70.8 60.0 50.5 28.8 56.9 1

 2 Net change in assets 3.9 60.7 124.9 138.9 88.8 52.5 70.8 60.0 50.5 28.8 56.9 2

 3 Nonfinancial corporate business 2.8 6.9 9.4 -1.6 -7.3 1.2 53.0 -16.6 1.4 -33.1 64.1 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking -7.3 32.8 63.1 43.2 24.8 -14.2 -44.8 24.0 -28.1 -8.0 -35.6 5

 6 Savings institutions -4.8 0.5 0.6 1.6 4.6 2.5 4.6 2.5 8.0 -5.3 -5.3 6

 7 Credit unions -0.9 12.2 18.0 12.3 12.2 8.2 11.5 7.5 5.3 8.6 0.9 7

 8 ABS issuers 17.3 10.2 15.6 65.6 54.2 47.2 30.8 32.4 60.5 65.3 38.2 8

 9 Finance companies -3.3 -1.9 18.3 17.7 0.3 7.6 15.8 10.2 3.3 1.3 -5.4 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 46.6 52.0 93.7 101.9 72.1 96.3 63.1 63.1 135.5 123.3 84.4 1

 2 Household sector 4.7 7.4 4.2 8.5 1.4 3.0 -1.8 8.8 -0.2 5.0 -3.2 2

 3 Nonfinancial corporate business 33.4 36.4 77.3 81.0 55.0 64.8 34.9 42.7 91.4 90.3 69.5 3

 4 Nonfarm noncorporate business 6.9 -2.5 7.5 6.2 7.8 7.7 7.3 7.9 7.9 7.7 7.5 4

 5 Farm business 0.2 1.0 1.0 1.0 1.3 1.4 -1.6 3.5 0.9 2.8 -0.4 5

 6 State and local governments 2.3 0.6 0.6 2.2 1.6 1.3 2.4 0.2 0.9 1.6 -0.9 6

 7 Federal government -2.8 3.0 0.4 -3.8 3.3 2.3 3.5 5.1 -1.8 2.6 3.8 7

 8 Rest of the world 1.2 3.3 3.6 5.7 -2.3 10.2 5.1 0.1 7.4 28.1 10.0 8

 9 Brokers and dealers 0.6 2.7 -0.9 1.1 4.0 5.7 13.4 -5.1 29.1 -14.7 -1.8 9

10 Net change in trade receivables 35.2 56.2 93.3 114.2 104.3 92.4 50.0 135.1 66.9 117.8 110.6 10

11 Nonfinancial corporate business 27.6 50.7 71.9 78.0 62.5 37.2 -6.8 103.0 -3.2 55.7 44.1 11

12 Nonfarm noncorporate business 7.1 -0.8 14.0 12.3 9.4 9.8 9.4 9.6 9.8 10.4 10.5 12

13 Federal government -6.7 -2.4 -3.8 -1.6 1.2 -0.7 -1.3 5.2 -2.6 -4.2 1.0 13

14 Rest of the world 3.0 4.5 2.1 0.6 6.4 4.4 7.3 3.6 3.4 3.5 4.0 14

15 Other insurance companies -0.1 1.7 2.2 4.4 -0.1 5.4 16.3 2.2 0.2 3.0 0.6 15

16 ABS issuers 4.3 2.6 6.8 20.5 25.0 36.3 25.0 11.5 59.3 49.5 50.4 16

17 Discrepancy 11.4 -4.3 0.3 -12.2 -32.2 3.8 13.1 -72.0 68.6 5.5 -26.2 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 4.6 61.4 -0.1 26.7 52.4 110.1 117.1 137.4 79.7 106.3 150.7 1

 2 Household sector -1.6 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 30.8 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 6.2 38.7 1.0 23.1 36.6 73.3 90.4 99.7 11.9 91.2 119.9 4

 5 Customer credit balances (HH) -10.8 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 54.1 5

 6 From U.S.-chartered commercial banks 3.1 4.1 -4.6 8.3 -4.8 4.2 22.5 -11.5 9.6 -4.0 28.7 6

 7 From foreign banking offices in U.S. 13.9 8.6 -1.2 -3.7 6.2 17.5 31.6 42.9 -14.4 9.7 37.1 7

 8 Net change in assets 4.6 61.4 -0.1 26.7 52.4 110.1 117.1 137.4 79.7 106.3 150.7 8

 9 Household sector -10.8 26.0 6.7 18.6 35.3 51.6 36.2 68.3 16.6 85.5 54.1 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking 16.9 12.7 -5.7 4.6 1.3 21.7 54.2 31.5 -4.7 5.7 65.8 11

12 Brokers and dealers -1.6 22.6 -1.1 3.5 15.8 36.8 26.8 37.6 67.8 15.1 30.8 12
54 Z.1, June 11, 1998

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Net change in liabilities 28.0 36.0 34.5 44.9 43.6 56.0 39.8 77.5 62.8 43.7 52.9 1

 2 Federal government 0.3 0.3 0.2 0.1 -0.3 0.4 -0.9 2.3 -1.2 1.2 -1.2 2

 3 Life insurance companies 27.7 35.7 34.3 44.8 43.8 55.6 40.7 75.2 64.0 42.4 54.1 3

 4 Net change in assets (Households) 28.0 36.0 34.5 44.9 43.6 56.0 39.8 77.5 62.8 43.7 52.9 4

 Pension fund reserves:

 5 Net change in liabilities 230.0 255.6 246.1 233.4 232.1 290.2 256.8 337.3 321.8 244.7 281.2 5

 6 Federal government 27.5 27.6 27.8 15.9 44.4 31.3 21.9 25.3 41.2 37.0 16.0 6

 7 Life insurance companies 68.9 73.9 81.0 65.1 44.4 91.8 80.3 126.6 99.7 60.7 113.8 7

 8 Private pension funds (1) 77.0 98.4 78.8 96.1 85.1 86.8 87.3 86.3 79.9 93.7 85.5 8

 9 State and local govt. retirement funds 56.7 55.7 58.6 56.2 58.2 80.2 67.3 99.2 101.1 53.3 65.9 9

10 Net change in assets (Households) 230.0 255.6 246.1 233.4 232.1 290.2 256.8 337.3 321.8 244.7 281.2 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 10.6 11.4 2.6 5.1 15.0 13.9 31.0 2.4 30.5 -8.4 24.0 1

 businesses

 2 Nonfinancial corporate business 6.5 5.4 -0.4 -0.0 9.6 8.2 27.0 -2.6 23.5 -15.0 20.2 2

 3 Nonfarm noncorporate business 0.6 0.7 0.8 1.3 1.8 1.3 1.4 1.3 1.3 1.3 1.2 3

 4 U.S.-chartered commercial banks 0.2 0.5 0.7 0.9 1.2 1.4 1.3 1.4 1.4 1.5 1.6 4

 5 Savings institutions 0.2 0.6 -0.9 0.5 -0.1 0.4 -0.2 0.5 0.9 0.4 -0.4 5

 6 Life insurance companies 1.4 1.6 1.0 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 6

 7 Other insurance companies 1.0 1.4 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 7

 8 Finance companies 0.6 0.8 0.8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 8

 9 Brokers and dealers 0.0 0.5 -0.2 -0.1 0.1 0.1 -0.9 -0.6 0.9 0.9 -1.0 9

10 Net change in business taxes receivable -2.2 -4.5 -14.0 -12.7 -1.3 -0.3 18.8 -25.9 19.3 -13.3 24.8 10

11 State and local governments 0.3 -3.2 -6.0 -8.9 -3.6 0.7 -0.7 -0.6 2.4 1.8 1.0 11

12 Federal government -2.6 -1.3 -8.0 -3.8 2.3 -1.0 19.5 -25.3 16.8 -15.0 23.8 12

13 Discrepancy 12.8 15.8 16.6 17.8 16.3 14.1 12.2 28.3 11.2 4.9 -0.9 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates -7.1 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 25.7 1

 2 Asset: Household sector -7.1 0.9 17.8 4.0 -8.6 75.0 68.8 71.8 80.8 78.4 25.7 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 38.4 25.5 57.5 53.8 30.8 22.5 33.1 25.7 28.5 2.8 12.9 1

 2 Nonfarm noncorporate business 28.6 26.9 61.8 51.9 21.8 4.5 21.3 -0.6 -1.1 -1.5 -6.9 2

 3 Farm business 2.5 -8.5 8.4 -8.3 1.0 5.1 6.0 2.6 12.0 -0.1 8.9 3

 4 Brokers and dealers 7.2 7.1 -12.7 10.2 8.0 12.8 5.7 23.8 17.6 4.3 10.8 4
Z.1, June 11, 1998 55

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 270.7 346.6 251.0 444.3 434.9 584.5 632.3 529.8 531.1 644.6 841.2 1

 2 Household sector 0.0 0.5 0.5 0.7 0.3 2.2 2.2 2.2 2.2 2.2 2.2 2

 3 Nonfinancial corporate business 51.7 109.4 75.6 149.6 199.3 163.2 225.1 162.4 157.0 108.1 213.7 3

 4 Nonfarm noncorporate business 7.7 3.6 2.8 15.4 10.4 6.7 8.0 7.0 7.0 5.0 3.6 4

 5 Federal government -0.1 0.7 3.9 4.5 -3.2 0.4 -17.3 22.4 -32.8 29.4 -4.1 5

 6 Rest of the world 57.8 113.8 69.4 116.5 120.5 128.5 146.3 195.8 161.3 10.5 72.4 6

 7 Monetary authority -1.8 1.0 1.3 1.3 -0.2 1.8 -11.5 8.7 -7.9 18.1 -16.4 7

 8 Commercial banking 59.0 90.4 82.4 124.0 20.1 190.3 228.4 205.6 39.8 287.4 -13.0 8

 9 Savings institutions 0.4 -3.8 3.7 -0.6 -2.5 -2.1 -28.3 17.1 -13.3 16.2 22.7 9

10 Credit unions 0.1 0.5 1.4 -1.9 0.0 0.1 4.5 0.3 -3.2 -1.3 3.3 10

11 Life insurance companies 5.1 13.7 3.6 12.0 11.0 22.4 15.1 20.6 29.0 24.8 20.3 11

12 Other insurance companies 23.1 15.8 16.4 23.0 12.3 18.5 14.3 9.6 32.0 18.3 23.9 12

13 Government-sponsored enterprises 12.5 -4.9 -24.9 5.8 0.3 7.8 27.2 -26.0 19.5 10.5 46.8 13

14 Finance companies 6.3 11.5 14.8 21.6 3.0 -3.0 29.2 -73.0 48.5 -16.8 15.6 14

15 Mortgage companies -7.9 -0.1 -12.5 -3.8 -4.3 11.5 -7.2 -29.4 79.3 3.5 2.1 15

16 REITs 0.6 -0.1 2.9 1.4 2.2 5.5 7.4 7.3 4.6 2.6 3.9 16

17 Brokers and dealers 13.1 15.6 1.6 12.6 27.5 23.2 -11.4 15.1 56.4 32.6 329.7 17

18 Funding corporations 43.3 -21.0 8.1 -37.7 38.2 7.4 0.3 -16.0 -48.2 93.4 114.5 18

19 Net change in assets 298.9 510.8 395.2 656.0 524.7 834.1 736.4 902.3 743.2 954.6 1224.0 19

20 Household sector 17.0 13.1 5.4 15.8 9.0 23.7 12.9 20.9 39.8 21.1 29.4 20

21 Nonfinancial corporate business 81.5 245.9 171.6 326.2 246.6 250.3 299.6 113.2 313.9 274.5 238.5 21

22 Nonfarm noncorporate business 3.6 9.0 15.7 23.1 15.8 16.0 16.0 15.0 15.9 16.9 17.0 22

23 Farm business 2.0 1.5 2.0 2.7 2.9 4.4 4.0 4.5 4.7 4.3 5.2 23

24 State and local governments 3.4 4.6 -0.1 41.1 -17.0 18.9 13.4 32.5 -16.7 46.3 43.6 24

25 Federal government 15.4 -3.8 3.3 -2.5 -6.4 -6.9 -11.8 -7.0 -9.2 0.4 -2.9 25

26 Rest of the world 27.4 75.6 48.6 102.7 108.0 172.6 209.1 131.6 154.0 195.8 96.2 26

27 Monetary authority -2.2 2.6 2.6 -3.2 2.4 1.2 -1.1 8.6 -3.7 1.1 0.0 27

28 Commercial banking 69.3 77.6 74.5 61.4 25.9 102.1 49.4 172.0 69.7 117.3 269.7 28

29 Savings institutions -4.1 -17.2 -8.1 1.7 -1.8 -3.2 -36.6 1.2 -2.9 25.6 27.5 29

30 Credit unions 3.7 1.7 -3.4 -0.8 -0.2 3.8 -2.2 7.0 6.2 4.4 20.2 30

31 Bank personal trusts and estates 1.8 3.5 -3.1 -0.9 3.9 0.7 0.7 0.9 0.6 0.7 0.2 31

32 Life insurance companies -8.1 -7.3 22.2 7.2 -10.2 9.2 5.8 4.7 22.1 4.1 16.5 32

33 Other insurance companies -2.7 2.8 2.3 3.7 3.4 5.3 5.5 3.8 6.4 5.5 7.0 33

34 Private pension funds 16.8 9.8 16.0 13.9 13.9 11.9 17.4 10.4 1.4 18.6 -11.1 34

35 State and local govt. retirement funds 18.0 -15.2 5.2 -16.0 -42.1 -8.8 -4.8 9.8 -31.5 -8.6 -1.7 35

36 Money market mutual funds 5.0 11.0 6.9 12.8 4.8 19.1 14.6 33.1 32.4 -3.9 29.0 36

37 Mutual funds -5.2 0.3 2.5 0.5 -1.7 8.1 3.4 7.6 4.8 16.4 -23.1 37

38 Government-sponsored enterprises -12.3 6.3 -1.7 9.7 12.3 18.8 -31.2 26.7 13.3 66.3 19.4 38

39 Finance companies -5.8 25.7 -7.6 21.0 22.0 28.9 -10.4 57.5 -20.2 88.6 59.9 39

40 REITs -1.2 3.0 -0.1 0.9 -0.1 21.5 18.3 20.4 30.9 16.5 17.0 40

41 Brokers and dealers 52.6 49.6 24.8 10.3 68.2 83.3 48.2 241.2 24.6 19.2 251.4 41

42 Funding corporations 23.0 10.6 15.6 24.5 65.2 53.3 116.2 -13.4 86.7 23.5 115.0 42

43 Discrepancy -28.1 -164.2 -144.2 -211.7 -89.8 -249.7 -104.2 -372.5 -212.1 -310.0 -382.8 43
56 Z.1, June 11, 1998

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 40.1 77.9 69.3 86.7 87.8 119.4 107.0 148.0 91.1 131.7 99.3 1

 2 Equity 14.6 24.6 20.5 36.6 21.6 48.1 45.0 40.1 36.4 70.7 61.7 2

 3 Reinvested earnings 16.3 30.7 30.1 54.0 57.9 64.0 63.8 63.7 60.5 67.8 64.5 3

 4 Intercompany accounts 9.1 22.7 18.6 -3.9 8.3 7.4 -1.7 44.1 -5.9 -6.7 -26.9 4

 5 Asset: Nonfinancial corporate business 35.6 51.9 61.9 85.0 71.4 91.6 86.4 99.6 89.6 90.7 88.0 5

 6 Commercial banking 2.0 2.0 2.3 1.0 3.3 4.8 3.7 3.7 6.4 5.4 7.6 6

 7 Life insurance companies 0.3 -0.1 0.5 0.4 1.0 0.7 1.2 0.3 -0.3 1.6 0.5 7

 8 Other insurance companies -2.7 2.8 2.3 3.7 3.4 5.3 5.5 3.8 6.4 5.5 7.0 8

 9 Finance companies 3.7 20.4 1.0 -4.9 4.5 14.5 9.0 38.7 -13.3 23.7 -8.8 9

10 Brokers and dealers 1.2 1.0 1.3 1.5 4.2 2.5 1.2 1.9 2.2 4.9 5.0 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 5.2 17.9 42.9 50.7 59.7 81.8 77.4 41.8 94.3 113.6 81.4 11

12 Nonfarm noncorporate business 0.1 0.0 0.0 -0.1 0.0 0.0 -0.0 -0.0 0.0 0.1 0.1 12

13 Commercial banking 2.7 2.2 3.4 6.4 0.3 7.7 1.7 11.5 5.3 12.2 10.4 13

14 Life insurance companies 1.2 0.2 1.0 1.9 2.0 4.0 2.5 8.4 3.0 2.2 0.5 14

15 Other insurance companies 0.5 0.7 1.8 2.2 5.7 6.7 4.6 4.2 10.0 8.1 12.5 15

16 Finance companies 1.4 23.6 3.2 15.4 7.5 33.3 49.1 38.0 29.4 16.7 7.7 16

17 Brokers and dealers 0.0 0.1 0.8 1.5 0.5 1.9 0.7 0.1 5.8 0.9 5.6 17

18 Funding corporations 6.9 4.3 -7.5 -10.4 1.1 -27.4 -13.2 2.7 -44.0 -55.2 -27.1 18

19 Asset: Rest of the world 17.9 49.0 45.7 67.5 77.0 107.9 122.7 106.6 103.8 98.6 91.1 19

20 Equity 31.6 29.7 37.2 45.1 53.0 47.8 47.2 34.2 45.1 64.9 65.7 20

21 Reinvested earnings -13.5 -9.4 2.5 9.8 12.2 20.4 16.9 15.6 26.8 22.1 30.6 21

22 Intercompany accounts -0.2 28.8 5.9 12.6 11.7 39.7 58.6 56.8 31.9 11.6 -5.2 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.4 1.1 1.4 1.5 1.8 1.6 1.7 1.6 1.7 1.3 1.5 23

24 Asset: Federal government 1.4 1.1 1.4 1.5 1.8 1.6 1.7 1.6 1.7 1.3 1.5 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.4 0.3 0.3 0.3 0.6 0.8 0.6 1.2 0.7 0.8 0.2 25

26 Asset: Commercial banking 0.4 0.3 0.3 0.3 0.6 0.8 0.6 1.2 0.7 0.8 0.2 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises -0.1 1.7 1.9 1.8 1.2 0.7 2.2 0.2 -0.1 0.4 4.2 27

28 Asset: Nonfin. corporate business (FNMA) 0.0 0.0 0.1 -0.2 -0.2 -1.1 -0.3 -1.7 -1.8 -0.5 -1.1 28

29 Nonfarm noncorporate (BC) -0.0 0.2 0.2 0.0 0.7 0 0.0 -0.2 -0.1 0.3 -0.2 29

30 Farm business (FICB and FLB) -0.1 0.1 0.0 -0.1 -0.6 0 -0.0 0.2 0.2 -0.4 0.3 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 0.7 1.3 1.6 1.6 0.8 1.3 1.8 2.1 1.5 -0.1 2.0 32

33 Savings institutions (FHLB) -0.9 0.0 -0.0 0.4 0.5 0.4 0.8 -0.2 -1.6 2.7 3.2 33

34 Credit unions (FHLB) 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.8 -0.7 0.0 34

35 Life insurance companies (FHLB) 0.0 0.0 0.0 -0.0 0.1 0.0 0.0 0.0 0.9 -0.9 -0.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 27.8 31.6 17.5 40.1 28.6 40.7 56.7 48.9 42.9 14.5 66.6 36

37 Savings institutions -1.0 0.4 -0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.4 0.4 37

38 Finance companies 1.0 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 38

39 Mortgage companies -7.9 -0.1 -12.5 -3.8 -4.3 11.5 -7.2 -29.4 79.3 3.5 2.1 39

40 Brokers and dealers 10.2 12.0 9.6 7.3 -0.3 11.0 37.3 41.1 -59.5 24.9 23.8 40

41 Asset: Bank holding companies 30.1 44.7 17.7 48.3 28.9 65.7 88.5 58.9 66.1 49.3 92.8 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 1.0 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 42

43 Asset: Nonfinancial corporate business 1.0 0.6 3.1 4.6 4.6 2.2 1.4 -1.9 3.2 6.1 -0.1 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 3.9 -6.6 -0.5 6.7 13.7 14.3 59.6 -20.3 34.4 -16.4 34.9 44

45 Brokers and dealers 19.2 17.2 16.1 17.8 51.5 38.9 56.7 6.9 52.3 39.9 80.1 45

46 Asset: Funding corporations 23.0 10.6 15.6 24.5 65.2 53.3 116.2 -13.4 86.7 23.5 115.0 46

(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.
Z.1, June 11, 1998 57

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.1 0.3 0.2 -0.1 -0.1 0.0 0.1 0.1 0 -0.1 -0.1 1

 2 Asset: Federal government 0.1 0.3 0.2 -0.1 -0.1 0.0 0.1 0.1 0 -0.1 -0.1 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0 0 0 0 0 0 0 0 0 0 0 3

 4 Asset: Household sector 0 0 0 0 0 0 0 0 0 0 0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises -0.9 -7.0 -7.8 3.3 -1.2 0 -11.1 -8.8 9.1 10.8 17.2 5

 6 Asset: Savings institutions -0.9 -7.0 -7.8 3.3 -1.2 0 -11.1 -8.8 9.1 10.8 17.2 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.0 0.5 0.5 0.7 0.3 2.2 2.2 2.2 2.2 2.2 2.2 7

 8 Asset: Life insurance companies 0.0 0.5 0.5 0.7 0.3 2.2 2.2 2.2 2.2 2.2 2.2 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 7.5 6.7 6.7 6.1 7.0 13.2 6.1 17.3 18.5 10.8 16.9 9

10 Health 6.9 6.2 6.6 5.2 6.2 10.7 5.5 14.2 15.9 7.2 12.8 10

11 Policy dividend accumulation 0.6 0.5 0.1 0.8 0.8 2.5 0.6 3.1 2.6 3.6 4.1 11

12 Asset: Household sector 7.5 6.7 6.7 6.1 7.0 13.2 6.1 17.3 18.5 10.8 16.9 12

 Policy payables:

13 Liab.: Other insurance companies 22.6 15.2 14.5 20.8 6.6 11.8 9.7 5.4 22.0 10.2 11.4 13

14 Asset: Household sector 9.5 6.3 -1.3 9.8 2.0 10.5 6.8 3.6 21.3 10.2 12.5 14

15 Nonfinancial corporate business 13.5 6.6 7.8 3.2 -2.0 -7.1 -5.2 -6.5 -7.8 -9.0 -10.3 15

16 Nonfarm noncorporate business -2.5 0.8 6.0 5.0 3.0 4.1 4.0 4.0 4.0 4.4 4.3 16

17 Farm business 2.1 1.4 2.0 2.8 3.6 4.4 4.1 4.3 4.5 4.7 4.9 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -6.1 0.6 -4.9 -4.9 -3.0 -5.6 1.2 -15.7 -13.0 5.1 -14.4 18

19 Asset: Private pension funds -6.1 0.6 -4.9 -4.9 -3.0 -5.6 1.2 -15.7 -13.0 5.1 -14.4 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 1.6 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 1.6 3.0 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 50.6 43.6 24.6 -5.5 59.9 57.2 49.8 202.8 -12.2 -11.8 80.8 22

23 Asset: Brokers and dealers 50.6 43.6 24.6 -5.5 59.9 57.2 49.8 202.8 -12.2 -11.8 80.8 23
58 Z.1, June 11, 1998

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Net change in liabilities 81.7 97.8 62.1 184.8 94.5 150.2 130.1 21.6 147.5 301.7 319.4 1

 2 Nonfinancial corporate business 45.0 88.5 32.5 95.1 135.8 77.6 143.9 116.8 59.0 -9.3 128.5 2

 3 Nonfarm noncorporate business 7.6 3.6 2.7 15.4 10.4 6.7 8.0 7.0 7.0 4.9 3.5 3

 4 Federal government -0.1 0.7 3.9 4.5 -3.2 0.4 -17.3 22.4 -32.8 29.4 -4.1 4

 5 Rest of the world 16.2 34.4 -1.4 28.4 31.0 7.4 37.4 46.1 68.6 -122.5 -28.4 5

 6 Monetary authority -2.2 0.6 1.1 1.0 -0.9 1.0 -12.2 7.6 -8.6 17.2 -16.5 6

 7 Commercial banking 24.7 63.2 61.9 70.9 -22.5 127.5 110.4 165.5 -42.9 277.1 -124.9 7

 8 U.S.-chartered commercial banks -7.6 14.6 31.3 3.5 -13.0 30.5 63.9 -27.0 -13.4 98.6 -88.2 8

 9 Foreign banking offices in U.S. 21.4 32.9 29.0 37.9 -27.3 54.0 -21.3 127.8 -67.1 176.8 -89.2 9

10 Bank holding companies 9.9 14.2 -0.2 26.6 17.3 39.0 59.0 60.3 33.6 3.1 49.6 10

11 Banks in U.S.-affiliated areas 1.1 1.4 1.8 2.9 0.6 4.0 8.8 4.3 4.1 -1.3 2.9 11

12 Savings institutions 1.4 -4.2 3.7 -0.7 -2.7 -2.4 -28.6 16.8 -13.6 15.8 22.3 12

13 Credit unions 0.1 0.5 1.4 -1.9 0.0 0.1 4.5 0.3 -3.2 -1.3 3.3 13

14 Life insurance companies 2.5 6.2 0.9 8.8 5.0 10.8 5.4 10.7 20.4 6.7 17.2 14

15 Government-sponsored enterprises 13.5 0.5 -19.0 0.8 0.3 7.1 36.1 -17.3 10.5 -0.7 25.4 15

16 Finance companies 3.0 -13.4 5.4 -3.1 -13.8 -40.6 -22.6 -107.1 12.8 -45.7 8.2 16

17 REITs 0.6 -0.1 2.9 1.4 2.2 5.5 7.4 7.3 4.6 2.6 3.9 17

18 Brokers and dealers -16.3 -13.7 -24.8 -14.0 -24.2 -28.6 -106.1 -32.9 57.8 -33.1 220.2 18

19 Funding corporations -14.2 -68.8 -9.0 -21.8 -22.8 -22.4 -36.4 -221.5 8.0 160.4 60.8 19

20 Net change in assets 109.8 262.0 206.3 396.5 184.3 399.9 234.2 394.1 359.5 611.7 702.3 20

21 Nonfinancial corporate business 31.4 186.7 98.7 233.5 172.8 164.8 217.4 23.7 230.7 187.3 162.1 21

22 Nonfarm noncorporate business 6.1 8.0 9.5 18.1 12.1 11.9 12.0 11.2 12.0 12.3 12.9 22

23 State and local governments 3.4 4.6 -0.1 41.1 -17.0 18.9 13.4 32.5 -16.7 46.3 43.6 23

24 Federal government 13.9 -5.3 1.7 -3.8 -8.1 -8.5 -13.6 -8.7 -10.9 -0.9 -4.3 24

25 Rest of the world 9.4 26.6 2.9 35.2 31.0 64.7 86.4 25.0 50.2 97.2 5.1 25

26 Monetary authority -2.2 2.6 2.6 -3.2 2.4 1.2 -1.1 8.6 -3.7 1.1 0.0 26

27 Commercial banking 36.1 29.3 52.6 10.1 -7.8 29.5 -45.2 106.2 -5.0 61.9 167.2 27

28 U.S.-chartered commercial banks -2.3 -4.5 7.5 -1.0 1.4 2.8 93.7 -11.5 -10.2 -60.8 44.6 28

29 Foreign banking offices in U.S. 34.3 33.8 37.6 5.0 -21.2 32.8 -98.5 101.1 4.0 124.6 106.6 29

30 Bank holding companies 4.8 0.5 7.7 4.6 11.3 -6.7 -41.0 15.1 1.2 -2.0 15.9 30

31 Banks in U.S.-affiliated areas -0.7 -0.4 -0.1 1.6 0.8 0.5 0.6 1.5 -0.1 0.2 0.1 31

32 Savings institutions -2.3 -10.2 -0.3 -2.0 -1.1 -3.6 -26.3 10.2 -10.4 12.1 7.1 32

33 Credit unions 3.7 1.7 -3.4 -0.9 -0.2 3.8 -2.2 7.0 5.3 5.1 20.2 33

34 Bank personal trusts and estates 1.8 3.5 -3.1 -0.9 3.9 0.7 0.7 0.9 0.6 0.7 0.2 34

35 Life insurance companies -8.4 -7.7 21.1 6.2 -11.7 6.3 2.4 2.2 19.3 1.2 13.8 35

36 Private pension funds 21.3 6.2 20.8 15.0 13.1 13.7 12.4 22.3 10.5 9.7 -0.5 36

37 State and local govt. retirement funds 18.0 -15.2 5.2 -16.0 -42.1 -8.8 -4.8 9.8 -31.5 -8.6 -1.7 37

38 Money market mutual funds 5.0 11.0 6.9 12.8 4.8 19.1 14.6 33.1 32.4 -3.9 29.0 38

39 Mutual funds -5.2 0.3 2.5 0.5 -1.7 8.1 3.4 7.6 4.8 16.4 -23.1 39

40 Government-sponsored enterprises -12.3 6.3 -1.7 9.7 12.3 18.8 -31.2 26.7 13.3 66.3 19.4 40

41 Finance companies -9.5 5.3 -8.6 25.9 17.4 14.3 -19.5 18.8 -6.9 64.9 68.7 41

42 REITs -1.2 3.0 -0.1 0.9 -0.1 21.5 18.3 20.4 30.9 16.5 17.0 42

43 Brokers and dealers 0.8 5.0 -1.0 14.2 4.1 23.6 -2.8 36.5 34.6 26.1 165.5 43

44 Discrepancy -28.1 -164.2 -144.2 -211.7 -89.8 -249.7 -104.2 -372.5 -212.1 -310.0 -382.8 44
Z.1, June 11, 1998 59

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1992 1993 1994 1995 1996 1997 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 All sectors -34.3 -167.7 -53.5 -156.4 -0.2 -30.4 85.9 -195.9 28.0 -39.4 -30.5 1

 2 Household sector -83.5 -25.0 -91.9 34.5 101.6 86.2 130.7 31.8 123.3 59.2 113.4 2

 3 Nonfinancial corporate business 68.1 -84.4 -2.7 -33.0 3.0 44.9 37.3 -1.5 68.8 74.8 55.8 3

 4 State and local governments -20.4 -10.2 -5.5 -29.8 -30.4 -13.7 9.1 -62.9 17.6 -18.5 -6.2 4

 5 Federal government 32.4 10.7 37.1 -12.7 41.4 16.1 -0.9 29.7 -8.2 43.8 1.1 5

 6 Rest of the world -49.6 -6.6 -16.9 -29.7 -62.3 -103.4 -67.6 -61.3 -121.5 -163.1 -84.9 6

 7 Financial sectors 18.7 -52.2 26.4 -85.8 -53.5 -60.5 -22.7 -131.7 -52.0 -35.6 -109.7 7

 8 Monetary authority 0.3 -0.5 -3.2 -1.8 0.9 0.6 -2.3 1.1 -2.4 5.8 -0.5 8

 9 Commercial banking 23.8 24.4 43.7 -10.2 14.2 56.3 72.6 3.9 56.1 92.6 -2.0 9

10 Savings institutions 0.4 -11.2 -5.0 -4.0 -1.5 -1.0 0.3 -7.2 -1.6 4.5 -4.4 10

11 Credit unions -0.9 -1.0 0.3 -1.2 -0.6 -0.8 0.1 -1.6 -1.6 -0.2 -0.1 11

12 Bank personal trusts and estates 0.1 -0.7 -1.0 -1.3 2.1 -2.0 -2.0 -2.0 -2.0 -2.0 0.2 12

13 Life insurance companies -7.0 -35.9 3.2 -31.6 -31.5 -33.7 -17.9 -47.9 -46.7 -22.3 -21.0 13

14 Other insurance companies 10.8 -10.6 -10.5 -7.1 1.5 -18.5 -20.8 -17.5 -11.8 -23.9 -9.3 14

15 Mutual funds -18.6 -33.9 -45.3 -53.3 -80.7 -90.2 -85.0 -85.0 -82.2 -108.6 -99.3 15

16 Government-sponsored enterprises -1.7 -1.9 -2.2 -1.7 0.6 -3.1 -1.3 -4.7 1.0 -7.5 -12.6 16

17 Issuers of asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 17

18 Finance companies 8.1 6.5 27.3 8.1 18.8 0.7 5.3 -1.3 6.7 -8.1 4.9 18

19 REITs 3.3 13.0 18.9 18.3 22.4 31.0 28.4 30.0 32.0 33.7 34.0 19

20 Brokers and dealers 0.1 -0.2 0.2 0.1 0.3 0.2 -0.3 0.3 0.4 0.3 0.4 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -34.3 -167.7 -53.5 -156.4 -0.2 -30.4 85.9 -195.9 28.0 -39.4 -30.5 1

 2 Treasury currency -0.2 -0.2 -0.2 -0.5 -1.0 -0.6 -0.3 -0.5 0.8 -2.4 -0.4 2

 3 Foreign deposits -2.7 -5.7 43.0 25.1 55.4 71.5 178.7 -10.5 83.1 34.7 2.2 3

 4 Net interbank transactions -4.9 4.2 -2.7 -3.1 -3.3 -19.8 26.9 -24.4 -51.6 -30.0 101.4 4

 5 Security RPs 4.3 46.4 69.4 22.9 -0.7 71.9 -91.5 172.1 27.4 179.9 171.5 5

 Mail floats:

 6 Federal government 0.7 -1.5 -4.8 -6.0 0.5 -2.7 -9.4 16.1 2.1 -19.5 0.9 6

 7 Other 1.6 -1.3 -2.8 -3.8 -4.0 -3.9 -2.6 -4.8 -3.4 -4.8 -9.3 7

 8 Trade credit 11.4 -4.3 0.3 -12.2 -32.2 3.8 13.1 -72.0 68.6 5.5 -26.2 8

 9 Taxes payable 12.8 15.8 16.6 17.8 16.3 14.1 12.2 28.3 11.2 4.9 -0.9 9

10 Miscellaneous -28.1 -164.2 -144.2 -211.7 -89.8 -249.7 -104.2 -372.5 -212.1 -310.0 -382.8 10

11 Nonfinancial -29.1 -57.1 -28.1 15.1 58.6 84.9 63.0 72.3 101.8 102.4 113.1 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 44.8 52.7 14.8 -28.2 -59.7 -86.1 -64.2 -73.5 -103.0 -103.6 -114.3 12

13 Private wage accruals less disbursements -15.8 4.4 13.3 13.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 13

14 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 14
60 Z.1, June 11, 1998

L.1 Credit Market Debt Outstanding (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total credit market debt owed by: 14395.3 15195.3 16167.9 17210.9 18443.7 19798.2 20049.6 20351.6 20694.4 21222.4 21662.2 1

 2 Domestic nonfinancial sectors 11307.6 11833.2 12436.0 13016.8 13719.6 14447.4 14613.7 14729.1 14933.9 15210.1 15435.2 2

 3 Federal government 2776.4 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 3

 4 Nonfederal sectors 8531.2 8752.9 9099.6 9524.5 10082.8 10665.6 10783.9 10968.5 11162.7 11405.2 11604.4 4

 5 Household sector 3758.6 3923.1 4134.3 4446.2 4800.4 5143.9 5174.6 5260.7 5374.4 5497.0 5546.5 5

 6 Nonfinancial corporate business 2430.0 2470.5 2525.5 2663.1 2876.5 3052.1 3116.3 3170.2 3217.6 3289.3 3387.1 6

 7 Nonfarm noncorporate business 1130.1 1115.3 1118.5 1121.8 1145.8 1190.2 1202.2 1219.3 1235.2 1253.7 1275.9 7

 8 Farm business 134.8 135.3 137.9 142.2 145.1 149.9 148.3 153.4 155.4 156.3 155.3 8

 9 State and local governments 1077.7 1108.7 1183.4 1151.1 1115.1 1129.4 1142.4 1164.8 1180.1 1209.0 1239.6 9

10 Rest of the world 301.1 315.8 385.8 371.8 442.9 513.4 517.8 531.6 548.7 558.8 571.3 10

11 Financial sectors 2786.7 3046.3 3346.1 3822.2 4281.2 4837.3 4918.2 5090.9 5211.8 5453.5 5655.7 11

12 Commercial banking 184.6 194.6 208.0 228.1 250.6 263.6 266.9 286.2 294.0 309.2 330.0 12

13 U.S.-chartered commercial banks 47.4 58.8 68.6 81.0 92.2 103.9 105.6 115.4 120.8 133.4 143.2 13

14 Foreign banking offices in U.S. 24.9 21.2 16.0 13.4 10.4 9.6 9.7 10.3 9.2 7.2 5.5 14

15 Bank holding companies 112.3 114.6 123.4 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.3 15

16 Savings institutions 95.4 88.4 99.6 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.7 16

17 Credit unions 0.0 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 17

18 Life insurance companies 0.0 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 18

19 Government-sponsored enterprises 407.7 447.9 528.5 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 19

20 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 20

21 ABS issuers 355.0 422.5 506.1 579.0 720.1 873.8 889.9 918.0 989.6 1088.1 1142.7 21

22 Finance companies 389.6 386.4 385.1 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.8 22

23 Mortgage companies 22.2 30.2 30.2 18.7 19.1 31.5 33.0 34.3 35.2 36.4 38.5 23

24 REITs 13.6 13.9 17.4 31.1 36.8 47.8 51.6 56.6 64.6 72.6 81.7 24

25 Brokers and dealers 19.0 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 25

26 Funding corporations 143.1 168.6 180.3 211.0 248.6 312.7 348.6 350.0 363.4 373.8 412.9 26

27 Total credit market assets held by: 14395.3 15195.3 16167.9 17210.9 18443.7 19798.2 20049.6 20351.6 20694.4 21222.4 21662.2 27

28 Domestic nonfederal nonfinancial sectors 2611.4 2694.1 2728.5 3002.4 2874.6 2926.9 2854.7 2812.5 2758.3 2793.6 2736.5 28

29 Household sector 1592.5 1645.8 1635.1 1945.7 1913.3 1979.3 1920.2 1873.7 1822.7 1833.8 1783.5 29

30 Nonfinancial corporate business 230.0 257.8 271.5 289.2 280.4 286.0 281.8 271.9 280.3 295.9 292.3 30

31 Nonfarm noncorporate business 38.3 38.1 37.0 37.6 42.3 46.7 47.4 48.0 48.7 49.4 50.2 31

32 State and local governments 750.6 752.3 784.9 729.9 638.6 614.8 605.4 618.9 606.6 614.5 610.5 32

33 Federal government 248.0 236.0 231.9 204.4 204.2 196.5 196.9 198.3 199.1 201.4 204.8 33

34 Rest of the world 928.8 1023.0 1147.8 1254.8 1563.1 1953.6 2052.7 2126.4 2229.1 2274.0 2340.0 34

35 Financial sectors 10607.1 11242.2 12059.6 12749.2 13801.8 14721.2 14945.4 15214.3 15507.8 15953.4 16381.0 35

36 Monetary authority 272.5 300.4 336.7 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 36

37 Commercial banking 2853.3 2948.6 3090.8 3254.3 3520.1 3707.7 3775.7 3856.8 3912.9 4032.5 4095.8 37

38 U.S.-chartered commercial banks 2502.5 2571.9 2721.5 2869.6 3056.1 3175.8 3218.1 3295.2 3351.9 3450.7 3507.1 38

39 Foreign banking offices in U.S. 319.2 335.8 326.0 337.1 412.6 475.8 499.5 501.8 501.0 516.1 517.7 39

40 Bank holding companies 11.9 17.5 17.5 18.4 18.0 22.0 22.5 23.8 22.5 27.4 31.2 40

41 Banks in U.S.-affiliated areas 19.7 23.4 25.8 29.2 33.4 34.1 35.6 36.1 37.5 38.3 39.7 41

42 Savings institutions 1013.2 937.4 914.1 920.8 913.3 933.2 931.9 937.8 929.0 928.5 930.5 42

43 Credit unions 179.4 197.1 218.7 246.8 263.0 288.5 291.2 299.9 303.9 305.3 307.5 43

44 Bank personal trusts and estates 223.5 231.5 240.9 248.0 239.7 232.0 232.8 235.5 237.3 239.5 240.1 44

45 Life insurance companies 1218.9 1304.4 1416.0 1482.6 1581.8 1654.3 1680.2 1724.1 1750.4 1767.4 1795.7 45

46 Other insurance companies 376.6 389.4 422.7 446.4 468.7 491.2 491.2 498.1 506.2 514.4 520.8 46

47 Private pension funds 524.4 561.9 611.4 656.9 718.2 766.5 780.3 794.9 811.5 834.2 852.3 47

48 State and local govt. retirement funds 396.4 410.8 433.5 455.8 483.3 529.2 531.6 542.7 562.0 565.8 577.0 48

49 Money market mutual funds 403.9 408.6 429.0 459.0 545.5 634.3 659.0 656.5 678.7 718.8 770.1 49

50 Mutual funds 440.2 566.4 725.9 718.8 771.3 820.2 838.3 860.6 889.2 899.5 931.6 50

51 Closed-end funds 49.5 69.7 89.7 86.0 96.4 98.7 99.3 99.7 99.7 99.8 100.0 51

52 Government-sponsored enterprises 388.8 457.6 545.5 663.3 748.0 813.6 824.3 854.8 868.7 908.6 949.5 52

53 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 53

54 ABS issuers 331.6 394.8 475.9 541.7 661.0 784.4 794.6 819.0 863.9 949.2 991.5 54

55 Finance companies 453.0 453.3 427.9 476.2 526.2 544.5 552.4 553.1 564.4 566.4 571.6 55

56 Mortgage companies 60.3 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 56

57 REITs 7.0 8.1 8.6 13.3 15.5 17.5 17.0 16.5 15.9 15.5 15.0 57

58 Brokers and dealers 124.0 122.7 137.5 93.3 183.4 167.7 164.1 161.2 165.1 181.4 244.8 58

59 Funding corporations 134.2 147.0 117.8 109.3 82.2 92.0 103.6 93.8 90.1 111.7 145.9 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, June 11, 1998 61

L.2 Credit Market Debt Owed by Nonfinancial Sectors

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Domestic 11307.6 11833.2 12436.0 13016.8 13719.6 14447.4 14613.7 14729.1 14933.9 15210.1 15435.2 1

 2 Federal government 2776.4 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 2

 3 Treasury securities 2757.8 3061.6 3309.9 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.8 3

 4 Budget agency secur. and mortgages 18.6 18.8 26.6 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 4

 5 Nonfederal, by instrument 8531.2 8752.9 9099.6 9524.5 10082.8 10665.6 10783.9 10968.5 11162.7 11405.2 11604.4 5

 6 Commercial paper 98.5 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 6

 7 Municipal securities and loans 1272.2 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 7

 8 Corporate bonds 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 8

 9 Bank loans n.e.c. 690.3 678.4 684.8 759.9 862.1 928.3 962.9 994.2 994.2 1029.8 1045.1 9

10 Other loans and advances 639.3 648.3 629.3 669.6 736.9 770.6 784.4 788.0 803.1 837.4 865.7 10

11 Mortgages 3949.4 4063.5 4201.4 4377.2 4583.9 4903.8 4957.7 5035.0 5151.0 5248.3 5341.2 11

12 Home 2850.2 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3958.1 4030.3 4097.0 12

13 Multifamily residential 282.5 272.2 266.9 268.8 279.5 301.7 304.1 308.8 310.7 319.0 325.9 13

14 Commercial 737.6 692.8 676.4 669.5 689.4 753.4 759.9 776.7 792.4 808.6 826.8 14

15 Farm 79.2 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 15

16 Consumer credit 794.5 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1233.5 16

17 Nonfederal, by sector 8531.2 8752.9 9099.6 9524.5 10082.8 10665.6 10783.9 10968.5 11162.7 11405.2 11604.4 17

18 Household sector 3758.6 3923.1 4134.3 4446.2 4800.4 5143.9 5174.6 5260.7 5374.4 5497.0 5546.5 18

19 Nonfinancial business 3695.0 3721.1 3781.9 3927.1 4167.3 4392.3 4466.9 4543.0 4608.2 4699.3 4818.3 19

20 Corporate 2430.0 2470.5 2525.5 2663.1 2876.5 3052.1 3116.3 3170.2 3217.6 3289.3 3387.1 20

21 Nonfarm noncorporate 1130.1 1115.3 1118.5 1121.8 1145.8 1190.2 1202.2 1219.3 1235.2 1253.7 1275.9 21

22 Farm 134.8 135.3 137.9 142.2 145.1 149.9 148.3 153.4 155.4 156.3 155.3 22

23 State and local governments 1077.7 1108.7 1183.4 1151.1 1115.1 1129.4 1142.4 1164.8 1180.1 1209.0 1239.6 23

 Foreign credit market debt

24 held in U.S. 301.1 315.8 385.8 371.8 442.9 513.4 517.8 531.6 548.7 558.8 571.3 24

25 Commercial paper 82.1 78.4 68.8 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 25

26 Bonds 130.4 147.2 230.1 242.3 291.9 341.3 344.1 352.7 376.3 382.6 384.7 26

27 Bank loans n.e.c. 21.6 23.9 24.6 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.5 27

28 Other loans and advances 67.0 66.3 62.3 60.8 60.2 61.0 60.9 61.2 59.9 59.0 56.4 28

29 Domestic and foreign 11608.6 12149.0 12821.8 13388.7 14162.5 14960.8 15131.5 15260.7 15482.6 15768.9 16006.5 29

L.3 Credit Market Debt Owed by Financial Sectors

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

 1 By instrument 2786.7 3046.3 3346.1 3822.2 4281.2 4837.3 4918.2 5090.9 5211.8 5453.5 5655.7 1

 2 Federal government-related 1564.2 1720.0 1885.2 2172.7 2376.8 2608.3 2634.7 2706.2 2746.5 2821.0 2877.9 2

 3 Govt.-sponsored enterprise securities 402.9 443.1 523.7 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 3

 4 Mortgage pool securities 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 4

 5 U.S. government loans 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Private financial sectors 1222.5 1326.3 1460.8 1649.5 1904.4 2229.1 2283.5 2384.7 2465.3 2632.5 2777.9 6

 7 Open market paper 385.3 393.5 393.4 441.6 486.9 579.1 623.0 642.5 684.7 745.7 804.9 7

 8 Corporate bonds 669.0 763.9 887.0 1008.8 1205.4 1385.1 1396.5 1457.7 1478.6 1558.9 1630.3 8

 9 Bank loans n.e.c. 76.2 77.0 62.6 48.9 52.8 69.7 72.2 75.2 80.7 89.4 94.0 9

10 Other loans and advances 87.1 86.6 108.9 131.6 135.0 162.9 157.9 173.7 183.0 198.5 206.6 10

11 Mortgages 4.8 5.4 8.9 18.7 24.3 32.2 33.8 35.6 38.2 40.0 42.0 11

12 By sector 2786.7 3046.3 3346.1 3822.2 4281.2 4837.3 4918.2 5090.9 5211.8 5453.5 5655.7 12

13 Commercial banks 72.3 80.0 84.6 94.5 102.6 113.6 115.3 125.7 130.0 140.6 148.7 13

14 Bank holding companies 112.3 114.6 123.4 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.3 14

15 Savings institutions 95.4 88.4 99.6 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.7 15

16 Credit unions 0.0 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 16

17 Life insurance companies 0.0 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 17

18 Government-sponsored enterprises 407.7 447.9 528.5 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 18

19 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 19

20 ABS issuers 355.0 422.5 506.1 579.0 720.1 873.8 889.9 918.0 989.6 1088.1 1142.7 20

21 Brokers and dealers 19.0 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 21

22 Finance companies 389.6 386.4 385.1 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.8 22

23 Mortgage companies 22.2 30.2 30.2 18.7 19.1 31.5 33.0 34.3 35.2 36.4 38.5 23

24 REITs 13.6 13.9 17.4 31.1 36.8 47.8 51.6 56.6 64.6 72.6 81.7 24

25 Funding corporations 143.1 168.6 180.3 211.0 248.6 312.7 348.6 350.0 363.4 373.8 412.9 25
62 Z.1, June 11, 1998

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

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total 14395.3 15195.3 16167.9 17210.9 18443.7 19798.2 20049.6 20351.6 20694.4 21222.4 21662.2 1

 2 Open market paper 565.9 579.0 580.0 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 2

 3 U.S. government securities 4335.7 4795.5 5216.9 5665.0 6013.6 6390.0 6464.5 6466.8 6517.7 6625.9 6708.6 3

 4 Municipal securities 1272.2 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 4

 5 Corporate and foreign bonds 1886.4 2065.6 2346.8 2504.0 2823.6 3125.3 3159.3 3250.6 3325.9 3431.0 3543.8 5

 6 Bank loans n.e.c. 788.2 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.7 1123.1 1171.3 1192.6 6

 7 Other loans and advances 798.2 805.9 805.3 862.0 932.1 994.5 1003.2 1022.9 1046.0 1094.9 1128.7 7

 8 Mortgages 3954.2 4068.9 4210.3 4395.9 4608.2 4936.0 4991.5 5070.6 5189.1 5288.3 5383.2 8

 9 Consumer credit 794.5 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1233.5 9

 Memo:

 Selected claims not included above:

10 Corporate equities 4866.0 5458.3 6257.6 6237.9 8331.3 10061.1 10072.3 11719.8 12804.6 12958.6 14618.6 10

11 Mutual fund shares 769.5 992.5 1375.4 1477.3 1852.8 2342.4 2411.5 2719.6 2977.0 2994.7 3348.4 11

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

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

 Total credit market debt

 1 (from table L.4) 14395.3 15195.3 16167.9 17210.9 18443.7 19798.2 20049.6 20351.6 20694.4 21222.4 21662.2 1

 2 Official foreign exchange 55.4 51.8 53.4 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 2

 3 SDR certificates 10.0 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 3

 4 Treasury currency 16.3 16.5 17.0 17.6 18.2 18.2 18.3 18.3 18.7 18.2 18.3 4

 5 Foreign deposits 273.5 267.7 271.8 324.6 359.2 438.1 485.2 489.9 516.2 527.0 540.1 5

 6 Net interbank liabilities 96.4 138.5 189.3 280.1 290.7 240.8 210.9 197.1 186.9 192.8 201.2 6

 7 Checkable deposits and currency 1020.9 1134.4 1251.7 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.8 7

 8 Small time and savings deposits 2350.7 2293.4 2223.1 2183.2 2279.7 2377.0 2427.1 2432.3 2438.8 2474.1 2526.0 8

 9 Large time deposits 488.4 415.2 391.7 411.2 476.9 590.9 606.0 646.7 696.1 713.4 742.4 9

10 Money market fund shares 535.0 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1132.9 10

11 Security RPs 355.9 400.0 471.3 549.5 659.9 699.9 713.8 766.7 795.4 815.1 881.1 11

12 Mutual fund shares 769.5 992.5 1375.4 1477.3 1852.8 2342.4 2411.5 2719.6 2977.0 2994.7 3348.4 12

13 Security credit 188.9 217.7 279.0 279.0 305.7 358.1 380.0 414.8 432.2 468.2 498.6 13

14 Life insurance reserves 406.8 434.8 470.8 505.3 550.2 593.8 603.7 623.1 638.8 649.7 663.0 14

15 Pension fund reserves 3876.9 4217.9 4662.0 4880.1 5599.6 6329.5 6417.1 6942.5 7331.8 7452.2 8036.2 15

16 Trade payables 948.3 995.1 1047.8 1141.5 1243.4 1315.5 1300.4 1321.9 1351.9 1411.8 1401.7 16

17 Taxes payable 76.8 87.4 98.8 101.4 106.5 121.5 134.8 130.7 139.5 135.4 147.1 17

18 Investment in bank personal trusts 639.3 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1173.1 18

19 Miscellaneous 4398.4 4749.0 5138.5 5397.3 5767.7 6082.7 6276.5 6224.3 6396.9 6489.0 6725.1 19

20 Total liabilities 30902.8 32815.3 35368.3 37364.7 40805.7 44377.7 45150.1 46536.0 47968.1 49040.3 51014.5 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 22.3 19.6 20.1 21.1 22.1 21.4 20.9 21.1 21.0 21.1 21.2 21

22 Corporate equities 4866.0 5458.3 6257.6 6237.9 8331.3 10061.1 10072.3 11719.8 12804.6 12958.6 14618.6 22

23 Household equity in noncorp. bus. 3197.5 3156.7 3222.6 3422.6 3647.5 3863.3 3947.1 4030.7 4093.1 4156.7 4203.9 23

 - Liabilities not identified as assets:

24 Treasury currency -4.7 -4.9 -5.1 -5.4 -5.8 -6.8 -6.9 -7.0 -6.8 -7.4 -7.5 24

25 Foreign deposits 222.6 217.6 233.2 276.2 300.6 353.1 397.8 395.2 416.0 424.6 425.2 25

26 Net interbank transactions -4.2 -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.2 26

27 Security RPs -53.3 -48.0 -1.5 67.8 90.7 90.0 68.4 109.2 126.0 162.0 203.8 27

28 Taxes payable 23.4 33.0 40.8 48.8 61.3 74.7 72.3 74.3 84.2 88.5 84.9 28

29 Miscellaneous -763.2 -698.1 -872.6 -983.1 -1260.8 -1650.8 -1606.0 -1745.9 -1789.5 -1960.4 -2070.6 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 3.8 6.8 5.6 3.4 3.1 -1.6 -9.7 -6.8 -7.8 -8.1 -10.4 30

31 Other 40.4 42.0 40.7 38.0 34.2 30.1 25.6 27.9 19.5 26.2 19.9 31

32 Trade credit -260.2 -248.0 -245.3 -245.8 -258.1 -290.3 -345.8 -371.8 -380.2 -297.5 -364.2 32

33 Totals identified to sectors as assets 39783.8 42158.8 45677.5 47852.8 53850.5 59735.7 60596.4 63840.5 66447.6 67780.8 71579.2 33
Z.1, June 11, 1998 63

L.9 Assets and Liabilities of the Personal Sector (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 13783.6 14715.9 15774.8 16264.8 18603.8 20671.1 20768.1 22356.2 23457.0 23776.9 25443.7 1

 2 Foreign deposits 14.6 15.6 15.8 18.8 23.4 35.5 39.7 43.5 46.5 49.3 53.8 2

 3 Checkable deposits and currency 513.0 616.8 673.3 649.1 596.0 534.7 528.4 526.6 499.7 527.1 518.2 3

 4 Time and savings deposits 2474.6 2397.6 2291.1 2287.3 2466.0 2640.7 2688.8 2724.6 2774.3 2821.5 2880.3 4

 5 Money market fund shares 383.1 342.2 341.8 355.3 454.1 534.6 584.6 574.0 618.7 645.7 706.9 5

 6 Securities 4621.7 5169.6 5731.1 5942.2 7115.7 8061.8 7928.4 8820.3 9348.5 9375.5 10211.6 6

 7 Open market paper 33.3 29.9 45.5 46.7 59.9 82.6 94.5 104.4 113.1 122.6 132.9 7

 8 U.S. savings bonds 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.5 8

 9 Other Treasury securities 255.1 314.2 316.4 496.3 411.2 395.1 347.2 263.2 218.6 162.0 114.6 9

10 Agency securities 111.9 137.8 99.4 242.4 260.5 336.9 351.1 361.0 353.5 368.6 335.9 10

11 Municipal securities 614.1 585.5 552.6 502.2 459.1 441.1 436.6 451.1 449.7 463.3 464.8 11

12 Corporate and foreign bonds 304.7 297.3 333.7 373.7 440.3 445.4 414.6 419.5 414.9 445.8 465.6 12

13 Corporate equities (2) 2577.9 2919.7 3220.7 3048.9 4042.5 4602.3 4478.1 5211.0 5611.5 5624.6 6263.4 13

14 Mutual fund shares 586.6 727.9 990.9 1052.1 1257.2 1571.3 1619.8 1823.8 2000.9 2002.1 2247.9 14

15 Private life insurance reserves 393.8 421.5 457.2 491.5 536.3 580.1 590.3 609.1 625.1 635.7 649.2 15

16 Private insured pension reserves 659.1 743.0 836.4 884.5 997.3 1088.9 1111.9 1192.1 1242.1 1266.4 1350.2 16

17 Private noninsured pension reserves 1889.0 1983.1 2216.3 2317.2 2681.4 3072.6 3102.9 3357.8 3565.8 3604.2 3931.8 17

18 Govt. insurance and pension reserves 1341.8 1505.1 1622.9 1692.2 1934.8 2181.6 2215.8 2406.6 2537.7 2595.7 2768.0 18

19 Investment in bank personal trusts 639.3 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1173.1 19

20 Miscellaneous assets 853.7 860.8 897.7 927.3 995.8 1068.9 1088.7 1118.6 1139.8 1173.1 1200.6 20

21 Total liabilities 5377.4 5546.5 5797.5 6132.3 6547.6 6978.9 7030.0 7156.3 7309.9 7460.9 7541.5 21

22 Mortgage debt on nonfarm homes 2833.2 3001.2 3159.2 3337.2 3511.1 3741.6 3786.0 3840.5 3937.6 4009.6 4076.0 22

23 Other mortgage debt (3) 903.6 868.4 844.1 820.3 817.6 850.0 854.5 866.1 877.8 891.3 908.5 23

24 Consumer credit 794.5 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1233.5 24

25 Policy loans 67.3 73.0 78.6 86.4 96.9 101.4 102.9 104.6 105.4 104.6 104.7 25

26 Security credit 55.1 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 139.0 26

27 Other liabilities (3) 723.8 752.0 780.5 829.5 920.5 979.9 999.1 1029.6 1035.1 1060.1 1079.7 27

(1) Combined statement for household sector, nonfarm noncorporate business, and farm business.

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19).

(3) Includes corporate farms.
64 Z.1, June 11, 1998

L.100 Households and Nonprofit Organizations (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 16442.9 17317.4 18420.0 19067.6 21576.1 23811.3 23980.4 25639.9 26791.5 27163.1 28864.9 1

 2 Deposits 3244.3 3226.7 3160.3 3135.1 3349.7 3542.9 3636.1 3660.4 3727.8 3828.7 3940.7 2

 3 Foreign deposits 14.6 15.6 15.8 18.8 23.4 35.5 39.7 43.5 46.5 49.3 53.8 3

 4 Checkable deposits and currency 426.6 523.6 570.8 541.0 483.2 416.9 409.4 406.4 378.2 404.0 393.6 4

 5 Time and savings deposits 2423.7 2349.0 2235.9 2223.9 2393.9 2561.9 2608.5 2642.8 2690.9 2736.3 2793.3 5

 6 Money market fund shares 379.5 338.6 337.9 351.3 449.2 528.7 578.5 567.7 612.2 639.0 700.0 6

 7 Credit market instruments 1592.5 1645.8 1635.1 1945.7 1913.3 1979.3 1920.2 1873.7 1822.7 1833.8 1783.5 7

 8 Open market paper 33.3 29.9 45.5 46.7 59.9 82.6 94.5 104.4 113.1 122.6 132.9 8

 9 U.S. government securities 492.9 596.3 574.5 904.7 841.0 901.4 866.8 792.1 739.4 697.8 617.3 9

10 Treasury 381.0 458.5 475.0 662.2 580.6 564.4 515.7 431.1 385.9 329.2 281.4 10

11 Savings bonds 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.5 11

12 Other Treasury 242.8 301.2 303.1 482.3 395.6 377.4 329.2 244.8 199.8 142.7 94.9 12

13 Agency 111.9 137.8 99.4 242.4 260.5 336.9 351.1 361.0 353.5 368.6 335.9 13

14 Municipal securities 614.1 585.5 552.6 502.2 459.1 441.1 436.6 451.1 449.7 463.3 464.8 14

15 Corporate and foreign bonds 304.7 297.3 333.7 373.7 440.3 445.4 414.6 419.5 414.9 445.8 465.6 15

16 Mortgages 147.6 136.8 128.9 118.5 112.9 108.8 107.7 106.6 105.5 104.2 102.9 16

17 Corporate equities (2) 2577.9 2919.7 3220.7 3048.9 4042.5 4602.3 4478.1 5211.0 5611.5 5624.6 6263.4 17

18 Mutual fund shares 586.6 727.9 990.9 1052.1 1257.2 1571.3 1619.8 1823.8 2000.9 2002.1 2247.9 18

19 Security credit 87.0 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 228.0 19

20 Life insurance reserves 406.8 434.8 470.8 505.3 550.2 593.8 603.7 623.1 638.8 649.7 663.0 20

21 Pension fund reserves 3876.9 4217.9 4662.0 4880.1 5599.6 6329.5 6417.1 6942.5 7331.8 7452.2 8036.2 21

22 Investment in bank personal trusts 639.3 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1173.1 22

23 Equity in noncorporate business 3197.5 3156.7 3222.6 3422.6 3647.5 3863.3 3947.1 4030.7 4093.1 4156.7 4203.9 23

24 Miscellaneous assets 234.1 251.0 264.1 269.5 285.4 294.3 297.6 302.8 312.8 318.0 325.4 24

25 Total liabilities 3907.1 4074.8 4316.5 4632.1 4999.0 5360.0 5397.6 5495.8 5627.0 5755.1 5812.1 25

26 Credit market instruments 3758.6 3923.1 4134.3 4446.2 4800.4 5143.9 5174.6 5260.7 5374.4 5497.0 5546.5 26

27 Home mortgages 2654.8 2796.9 2923.3 3096.1 3272.1 3503.9 3548.4 3602.7 3698.3 3768.6 3833.4 27

28 Consumer credit 794.5 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1233.5 28

29 Municipal securities 90.6 90.0 89.5 91.0 91.9 97.9 99.1 102.5 105.1 108.8 112.8 29

30 Bank loans n.e.c. 13.1 17.6 27.4 40.0 56.0 52.3 56.9 61.8 48.0 55.5 60.9 30

31 Other loans and advances 110.2 119.5 126.6 133.7 160.3 172.7 179.5 183.8 188.8 190.7 193.6 31

32 Commercial mortgages 95.5 100.9 108.5 101.5 97.3 105.5 104.4 104.9 107.6 109.2 112.3 32

33 Security credit 55.1 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 139.0 33

34 Trade payables 77.7 82.5 89.8 94.0 102.4 103.9 103.4 105.6 105.6 106.8 106.0 34

 Deferred and unpaid

35 life insurance premiums 15.7 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 20.1 20.6 35

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.

(2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).
Z.1, June 11, 1998 65

L.101 Nonfinancial Business (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 4292.9 4477.6 4859.6 5184.0 5732.6 6278.7 6371.1 6560.7 6746.1 6853.5 7018.3 1

 2 Foreign deposits 15.0 14.3 12.9 14.0 15.6 26.4 27.0 30.9 30.7 30.0 35.0 2

 3 Checkable deposits and currency 268.9 282.6 305.6 329.7 365.7 420.5 412.6 422.2 433.1 436.3 427.9 3

 4 Time and savings deposits 117.7 100.5 129.3 130.9 115.0 123.6 120.4 126.8 125.6 131.3 135.6 4

 5 Money market fund shares 35.1 51.0 48.7 56.2 81.9 90.1 93.4 95.3 100.5 105.0 110.5 5

 6 Security RPs 1.6 5.1 2.5 2.2 2.4 3.8 3.6 3.2 3.9 4.3 4.8 6

 7 Credit market instruments 268.3 296.0 308.5 326.8 322.7 332.7 329.1 319.9 329.0 345.3 342.5 7

 8 Commercial paper 14.7 17.0 19.4 18.8 20.1 31.0 26.1 25.0 27.8 33.9 36.4 8

 9 U.S. government securities 60.8 82.2 81.2 84.7 96.1 99.2 104.3 90.5 94.6 94.9 88.6 9

10 Municipal securities 44.8 45.8 54.7 56.7 36.8 26.7 28.4 33.8 33.1 30.4 35.4 10

11 Mortgages 85.0 85.2 76.0 80.0 84.6 98.0 100.3 102.6 104.9 107.2 109.5 11

12 Consumer credit 63.0 65.7 77.2 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.7 12

13 Mutual fund shares 14.8 21.1 29.8 31.1 45.7 58.6 62.1 73.1 80.0 81.8 92.4 13

14 Trade receivables 1058.1 1092.8 1138.0 1224.0 1314.2 1386.1 1413.9 1456.4 1468.7 1433.0 1474.9 14

15 Miscellaneous assets 2513.4 2614.3 2884.2 3069.2 3469.3 3836.9 3908.9 4032.9 4174.6 4286.5 4394.7 15

16 Total liabilities 6300.0 6581.4 6869.7 7127.6 7558.2 7943.0 8043.1 8126.3 8249.9 8357.1 8564.0 16

17 Credit market instruments 3695.0 3721.1 3781.9 3927.1 4167.3 4392.3 4466.9 4543.0 4608.2 4699.3 4818.3 17

18 Commercial paper 98.5 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 18

19 Municipal securities 114.0 114.0 113.9 108.8 96.3 78.8 72.6 68.6 64.0 58.6 54.9 19

20 Corporate bonds 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 20

21 Bank loans n.e.c. 677.2 660.8 657.4 719.8 806.2 876.0 906.0 932.4 946.2 974.3 984.1 21

22 Other loans and advances 519.1 518.9 493.5 526.7 566.8 587.8 596.1 595.1 605.4 637.8 661.9 22

23 Mortgages 1199.2 1165.8 1169.5 1179.5 1214.4 1294.4 1304.8 1327.4 1345.1 1370.4 1395.6 23

24 Trade payables 722.1 762.6 797.6 883.3 971.5 1035.6 1014.4 1032.6 1053.3 1109.5 1097.0 24

25 Taxes payable 61.4 68.5 74.5 74.9 76.2 87.6 100.2 95.1 102.5 97.1 108.1 25

26 Miscellaneous liabilities 1821.6 2029.2 2215.7 2242.3 2343.2 2427.5 2461.7 2455.6 2485.9 2451.3 2540.6 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
66 Z.1, June 11, 1998

L.102 Nonfarm Nonfinancial Corporate Business

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 3764.2 3931.7 4289.0 4567.3 5058.8 5559.6 5641.1 5819.9 5994.0 6089.2 6241.4 1

 2 Foreign deposits 15.0 14.3 12.9 14.0 15.6 26.4 27.0 30.9 30.7 30.0 35.0 2

 3 Checkable deposits and currency 182.5 189.4 203.1 221.6 252.9 302.7 293.6 302.0 311.5 313.2 303.2 3

 4 Time and savings deposits 66.8 51.8 74.1 67.5 42.9 44.7 40.0 45.0 42.2 46.1 48.6 4

 5 Money market fund shares 31.5 47.3 44.8 52.2 77.0 84.2 87.4 89.1 94.0 98.3 103.6 5

 6 Security RPs 1.6 5.1 2.5 2.2 2.4 3.8 3.6 3.2 3.9 4.3 4.8 6

 7 Commercial paper 14.7 17.0 19.4 18.8 20.1 31.0 26.1 25.0 27.8 33.9 36.4 7

 8 U.S. government securities 48.5 69.2 67.9 70.7 80.5 81.5 86.3 72.1 75.7 75.7 68.9 8

 9 Municipal securities 44.8 45.8 54.7 56.7 36.8 26.7 28.4 33.8 33.1 30.4 35.4 9

10 Mortgages 59.0 60.0 52.3 56.4 57.9 69.0 71.0 73.0 75.0 77.0 79.0 10

11 Consumer credit 63.0 65.7 77.2 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.7 11

12 Trade receivables 961.4 988.9 1035.0 1107.0 1184.9 1247.4 1272.8 1313.0 1322.8 1284.6 1323.8 12

13 Mutual fund shares 14.8 21.1 29.8 31.1 45.7 58.6 62.1 73.1 80.0 81.8 92.4 13

14 Miscellaneous assets 2260.5 2355.8 2615.3 2782.6 3156.9 3505.7 3572.7 3691.8 3828.5 3935.1 4037.7 14

15 U.S. direct investment abroad (1) 578.0 580.0 598.4 670.3 749.9 815.3 839.0 865.4 889.0 906.9 931.1 15

16 Insurance receivables 149.5 163.0 169.7 177.5 180.7 178.8 177.5 175.8 173.9 171.6 169.0 16

17 Equity in GSEs 1.8 1.9 1.9 2.0 1.8 1.6 1.5 1.0 0.6 0.5 0.2 17

18 Investment in finance company subs. 16.2 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 18

19 Other 1515.0 1593.8 1827.6 1912.0 2198.9 2480.0 2524.3 2619.5 2734.2 2823.8 2905.1 19

20 Total liabilities 4829.8 5109.7 5388.6 5627.4 6009.5 6324.1 6410.7 6465.8 6567.0 6651.3 6834.6 20

21 Credit market instruments 2430.0 2470.5 2525.5 2663.1 2876.5 3052.1 3116.3 3170.2 3217.6 3289.3 3387.1 21

22 Commercial paper 98.5 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 22

23 Municipal securities (2) 114.0 114.0 113.9 108.8 96.3 78.8 72.6 68.6 64.0 58.6 54.9 23

24 Corporate bonds (1) 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 24

25 Bank loans n.e.c. 507.7 488.4 477.6 521.0 587.7 633.5 659.6 675.8 683.8 706.5 714.5 25

26 Other loans and advances 410.2 412.6 388.4 421.4 453.7 472.4 479.6 477.9 486.7 518.6 539.2 26

27 Savings institutions 9.7 6.2 5.4 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 27

28 Finance companies 237.4 238.4 224.1 247.4 271.4 278.5 283.7 280.5 287.6 286.7 293.3 28

29 Federal government 7.9 7.9 8.1 8.0 10.0 8.7 8.5 8.5 8.4 8.4 8.5 29

30 Acceptance liabilities to banks 23.3 20.4 17.1 15.0 14.2 13.4 13.5 14.1 13.5 10.8 8.8 30

31 Rest of the world 125.1 129.9 114.2 122.1 122.1 126.2 132.2 132.0 135.7 142.6 152.2 31

32 ABS issuers 6.8 9.7 19.5 23.7 29.6 37.7 33.2 34.2 32.3 60.7 66.6 32

33 Mortgages 212.7 193.9 198.1 219.7 255.1 312.2 317.2 328.4 335.6 347.4 356.6 33

34 Trade payables 649.4 682.8 719.3 796.5 877.5 932.5 910.5 924.9 943.1 997.3 983.7 34

35 Taxes payable 28.9 35.3 40.7 40.3 40.3 49.9 62.1 56.8 63.8 58.1 68.8 35

36 Miscellaneous liabilities 1721.5 1921.1 2103.1 2127.4 2215.3 2289.6 2321.7 2313.9 2342.5 2306.6 2395.0 36

37 Foreign direct investment in U.S. 469.8 478.6 497.8 543.3 587.9 647.3 669.9 686.2 691.1 709.4 733.1 37

38 Pension fund contributions payable 17.3 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 38

39 Other 1234.4 1423.6 1583.4 1562.1 1601.6 1612.6 1621.3 1596.2 1618.9 1563.8 1627.5 39

 Memo:

40 Trade receivables net of payables 312.0 306.1 315.8 310.4 307.4 314.9 362.3 388.1 379.7 287.3 340.1 40

41 Market value of equities 3497.0 3827.9 4126.0 4141.8 5481.1 6367.4 6283.4 7341.0 7965.0 7898.5 9110.4 41

42 Securities and mortgages 1413.6 1462.3 1541.7 1581.5 1677.7 1789.8 1808.4 1837.2 1870.5 1895.6 1940.4 42

43 Loans and short-term paper 1016.4 1008.2 983.8 1081.6 1198.8 1262.4 1307.9 1333.1 1347.2 1393.8 1446.8 43

44 Total short-term liabilities (3) 1694.7 1726.3 1743.8 1918.4 2116.6 2244.8 2280.6 2314.7 2354.1 2449.2 2499.3 44

45 Total liquid assets (4) 420.3 461.1 509.2 534.7 574.0 659.7 654.6 674.1 699.0 713.6 728.3 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 58.2 59.2 61.0 59.4 58.3 58.6 58.0 58.0 58.1 57.6 57.3 46

47 Short-term debt/credit market debt 41.8 40.8 39.0 40.6 41.7 41.4 42.0 42.0 41.9 42.4 42.7 47

48 Liquid assets/short-term liabilities 24.8 26.7 29.2 27.9 27.1 29.4 28.7 29.1 29.7 29.1 29.1 48

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
Z.1, June 11, 1998 67

L.103 Nonfarm Noncorporate Business

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 479.1 492.4 513.9 557.6 611.7 654.1 663.9 673.7 683.8 694.8 706.0 1

 2 Checkable deposits and currency 74.6 79.6 87.2 92.3 96.6 101.7 102.9 104.1 105.4 106.9 108.4 2

 3 Time and savings deposits 50.9 48.7 55.2 63.4 72.1 78.9 80.3 81.8 83.4 85.2 87.0 3

 4 Money market fund shares 3.6 3.6 3.9 4.0 4.9 5.9 6.1 6.3 6.5 6.7 6.9 4

 5 Treasury securities 12.2 13.0 13.3 14.0 15.6 17.7 18.1 18.4 18.8 19.3 19.7 5

 6 Mortgages 26.0 25.2 23.7 23.6 26.7 29.0 29.3 29.6 29.9 30.2 30.5 6

 7 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Trade receivables 96.7 103.8 103.0 117.0 129.3 138.7 141.0 143.4 145.9 148.5 151.1 8

 9 Miscellaneous assets 215.0 218.7 227.6 243.3 266.5 282.3 286.3 290.0 294.0 298.2 302.5 9

10 Insurance receivables 42.4 39.9 40.8 46.8 51.8 54.8 55.8 56.8 57.8 58.9 60.0 10

11 Equity investment in GSEs (1) 0.6 0.6 0.8 0.9 1.0 1.7 1.7 1.6 1.6 1.7 1.6 11

12 Other 172.0 178.1 186.1 195.6 213.7 225.8 228.8 231.6 234.6 237.7 240.9 12

13 Total liabilities 1322.4 1323.2 1329.0 1342.9 1387.3 1451.5 1467.7 1488.9 1508.7 1530.7 1556.0 13

14 Credit market instruments 1130.1 1115.3 1118.5 1121.8 1145.8 1190.2 1202.2 1219.3 1235.2 1253.7 1275.9 14

15 Bank loans n.e.c. 135.0 137.7 143.0 160.2 178.7 202.1 208.2 214.0 218.5 223.8 227.5 15

16 Other loans and advances 87.9 85.4 84.8 84.7 92.3 93.0 94.1 95.0 96.9 97.3 100.9 16

17 Mortgages 907.3 892.2 890.7 876.9 874.8 895.1 900.0 910.4 919.7 932.6 947.5 17

18 Trade payables 59.7 66.6 64.1 71.6 77.8 85.6 87.5 89.4 91.4 93.3 95.2 18

19 Taxes payable 32.5 33.1 33.8 34.6 35.9 37.7 38.0 38.4 38.7 39.0 39.3 19

20 Miscellaneous liabilities 100.1 108.1 112.5 114.9 127.9 138.0 140.0 141.7 143.5 144.7 145.6 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

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

 1 Total financial assets 49.6 53.4 56.6 59.1 62.2 65.0 66.0 67.2 68.3 69.4 70.8 1

 2 Checkable deposits and currency 11.8 13.6 15.3 15.8 16.2 16.1 16.1 16.1 16.1 16.2 16.3 2

 3 Miscellaneous assets 37.8 39.8 41.3 43.3 46.0 48.9 49.9 51.0 52.2 53.3 54.6 3

 4 Insurance receivables 35.6 37.7 39.1 41.1 43.8 47.4 48.4 49.5 50.6 51.7 53.0 4

 5 Equity investment in GSEs (2) 2.2 2.1 2.2 2.2 2.2 1.5 1.5 1.6 1.6 1.5 1.6 5

 6 Total liabilities 147.8 148.5 152.1 157.4 161.3 167.4 164.7 171.7 174.2 175.1 173.4 6

 7 Credit market instruments 134.8 135.3 137.9 142.2 145.1 149.9 148.3 153.4 155.4 156.3 155.3 7

 8 Bank loans n.e.c. 34.6 34.7 36.8 38.7 39.7 40.4 38.2 42.6 43.9 43.9 42.1 8

 9 Other loans and advances 21.1 20.9 20.3 20.6 20.8 22.4 22.4 22.2 21.8 21.9 21.8 9

10 Mortgages 79.2 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 10

11 Trade payables 13.0 13.2 14.2 15.2 16.2 17.4 16.4 18.3 18.8 18.8 18.1 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
68 Z.1, June 11, 1998

L.105 State and Local Governments (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1020.5 1034.0 1083.4 1025.8 994.1 1007.9 1005.2 1029.6 1020.6 1043.3 1062.7 1

 2 Checkable deposits and currency 24.6 26.8 28.3 31.6 34.4 31.7 30.0 31.3 31.8 33.2 30.5 2

 3 Time and savings deposits 57.2 51.5 46.5 52.9 62.4 70.7 70.7 72.7 75.9 76.8 83.2 3

 4 Security RPs 118.4 123.1 133.7 118.6 115.7 147.8 147.9 149.4 150.1 151.4 160.0 4

 5 Credit market instruments 750.6 752.3 784.9 729.9 638.6 614.8 605.4 618.9 606.6 614.5 610.5 5

 6 Open market paper 9.0 14.1 17.9 22.3 39.4 59.7 63.4 65.1 69.2 71.0 75.3 6

 7 U.S. government securities 598.3 593.1 622.8 556.6 441.3 383.2 372.0 384.9 367.9 374.8 366.9 7

 8 Treasury 435.5 418.2 447.8 370.0 289.8 257.0 250.6 243.3 237.7 239.3 236.6 8

 9 Agency 162.7 174.9 175.0 186.6 151.5 126.2 121.4 141.6 130.2 135.4 130.2 9

10 Municipal securities 11.6 10.5 9.5 8.6 5.1 4.6 4.4 4.5 4.7 4.8 4.9 10

11 Corporate and foreign bonds 18.0 20.9 26.5 31.9 39.0 49.7 47.3 45.0 44.5 42.8 41.2 11

12 Mortgages 113.7 113.7 108.3 110.5 113.8 117.6 118.3 119.4 120.3 121.2 122.2 12

13 Corporate equities 6.3 7.8 9.3 10.6 26.2 46.8 51.2 55.7 59.9 63.0 69.5 13

14 Mutual fund shares 9.4 14.9 21.3 29.1 35.0 41.0 42.6 42.8 43.9 44.6 45.5 14

15 Taxes receivable 37.0 38.9 39.1 34.0 27.9 26.1 25.9 26.5 27.0 26.9 27.6 15

16 Miscellaneous assets 17.0 18.8 20.1 19.0 53.9 29.0 31.6 32.2 25.4 33.0 36.0 16

17 Total liabilities 1103.1 1136.4 1211.8 1180.2 1146.4 1162.3 1175.8 1198.3 1213.8 1243.0 1273.4 17

18 Credit market instruments 1077.7 1108.7 1183.4 1151.1 1115.1 1129.4 1142.4 1164.8 1180.1 1209.0 1239.6 18

19 Municipal securities 1067.6 1098.8 1174.2 1141.8 1105.3 1119.3 1133.5 1155.8 1171.2 1200.1 1229.4 19

20 Short-term 33.1 32.0 33.8 31.7 32.9 39.1 40.1 37.8 43.0 47.5 48.4 20

21 Other 1034.5 1066.8 1140.3 1110.2 1072.5 1080.2 1093.3 1118.1 1128.1 1152.6 1181.0 21

22 U.S. government loans 10.0 9.9 9.2 9.3 9.8 10.1 8.9 9.0 8.9 8.9 10.2 22

23 Trade payables 25.4 27.7 28.4 29.0 31.2 32.8 33.4 33.5 33.7 34.1 33.8 23

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government

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

 1 Total financial assets 498.5 474.1 488.7 437.1 438.5 437.7 446.6 459.4 446.3 435.6 449.3 1

 2 Gold, SDRs, and official foreign exchange 39.1 38.8 40.2 41.4 53.8 44.9 38.3 38.9 38.6 42.0 41.7 2

 3 Checkable deposits and currency 50.9 31.7 52.2 27.8 22.2 38.3 40.0 57.8 49.3 41.6 37.9 3

 4 Time and savings deposits 1.6 0.9 0.8 0.7 0.9 2.4 2.4 3.3 2.8 3.4 3.0 4

 5 Credit market instruments 248.0 236.0 231.9 204.4 204.2 196.5 196.9 198.3 199.1 201.4 204.8 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 98.3 86.4 85.0 71.0 57.8 50.3 48.0 47.4 46.3 45.7 45.5 7

 8 Other loans and advances 149.8 149.7 146.9 133.4 146.4 146.2 148.8 150.9 152.9 155.7 159.3 8

 9 Trade receivables 37.5 30.8 28.4 24.7 23.1 24.3 24.7 25.4 24.7 23.6 24.5 9

10 Taxes receivable 16.4 15.5 18.9 18.6 17.3 20.7 36.6 29.9 28.2 20.0 34.5 10

11 Miscellaneous assets 104.9 120.3 116.2 119.5 117.1 110.6 107.7 105.9 103.6 103.7 103.0 11

12 Total liabilities 3184.5 3511.7 3799.1 3984.0 4143.2 4335.8 4377.8 4320.5 4347.8 4391.8 4411.5 12

13 SDR certificates 10.0 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 13

14 Treasury currency 16.3 16.5 17.0 17.6 18.2 18.2 18.3 18.3 18.7 18.2 18.3 14

15 Credit market instruments 2776.4 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 15

16 Savings bonds 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.5 16

17 Other Treasury securities 2619.7 2904.3 3138.0 3285.6 3423.5 3568.1 3617.0 3547.9 3558.9 3591.8 3618.3 17

18 Budget agency securities 18.6 18.8 26.6 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 18

19 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 19

20 Trade payables 85.8 83.1 86.1 86.5 82.7 86.0 87.3 89.6 89.6 88.3 89.7 20

21 Insurance and pension reserves 289.1 316.8 344.7 372.7 388.7 432.8 426.6 436.1 455.0 464.6 456.9 21

22 Miscellaneous liabilities 7.0 6.9 6.8 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 22
Z.1, June 11, 1998 69

L.107 Rest of the World

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 2162.6 2336.2 2704.8 2904.9 3465.9 4151.8 4285.3 4327.7 4544.3 4660.0 4872.2 1

 2 Net interbank assets 36.6 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.3 139.7 2

 3 U.S. checkable deposits and currency 144.7 159.6 178.2 203.5 216.8 236.7 241.2 247.9 253.3 266.9 268.0 3

 4 U.S. time deposits 49.0 47.9 54.7 56.3 49.6 60.6 63.0 65.9 68.4 73.5 78.3 4

 5 Security RPs 20.9 41.7 58.6 46.6 67.6 70.9 84.2 84.7 89.8 77.7 79.0 5

 6 Credit market instruments 928.8 1023.0 1147.8 1254.8 1563.1 1953.6 2052.7 2126.4 2229.1 2274.0 2340.0 6

 7 Open market paper 11.3 12.9 18.8 24.9 43.4 54.5 46.9 57.2 72.7 75.0 71.4 7

 8 U.S. government securities 559.0 628.7 741.5 796.5 1028.1 1325.1 1404.3 1447.5 1505.7 1524.7 1558.1 8

 9 Official holdings 315.9 335.7 388.3 415.0 498.9 610.2 634.1 622.7 632.0 607.2 622.4 9

10 Treasury 307.1 323.0 371.2 393.4 471.5 579.0 602.2 590.1 596.8 571.9 584.4 10

11 Agency 8.8 12.7 17.1 21.6 27.4 31.2 31.9 32.5 35.2 35.3 38.0 11

12 Private holdings 243.1 293.0 353.1 381.5 529.2 714.9 770.1 824.8 873.7 917.5 935.8 12

13 Treasury 189.5 225.1 253.9 266.7 389.4 530.6 578.4 623.4 659.8 693.6 691.2 13

14 Agency 53.6 67.9 99.2 114.8 139.8 184.3 191.8 201.4 213.9 223.9 244.6 14

15 U.S. corporate bonds (1) 233.4 251.5 273.3 311.4 369.5 447.7 469.3 489.7 515.1 531.7 558.4 15

16 Loans to U.S. corporate business 125.1 129.9 114.2 122.1 122.1 126.2 132.2 132.0 135.7 142.6 152.2 16

17 U.S. corporate equities 299.0 329.2 373.5 368.9 509.0 623.0 639.5 764.6 845.3 881.7 1017.0 17

18 Trade receivables 42.3 44.7 47.5 50.6 51.2 57.5 59.4 60.3 61.1 62.0 63.0 18

19 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Miscellaneous assets 641.4 610.2 719.0 706.1 779.3 972.3 995.2 836.8 848.6 877.7 887.2 20

21 Foreign direct investment in U.S. (2) 491.9 500.5 550.9 585.0 654.5 729.1 759.4 786.5 813.0 837.0 859.4 21

22 Other 149.5 109.6 168.1 121.1 124.8 243.2 235.8 50.3 35.6 40.8 27.8 22

23 Total liabilities 1387.9 1398.0 1574.2 1702.3 1940.3 2194.3 2322.1 2288.2 2368.3 2392.1 2402.0 23

 U.S. official foreign exchange

24 and net IMF position 55.4 51.8 53.4 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 24

25 U.S. private deposits 273.5 267.7 271.8 324.6 359.2 438.1 485.2 489.9 516.2 527.0 540.1 25

26 Credit market instruments 301.1 315.8 385.8 371.8 442.9 513.4 517.8 531.6 548.7 558.8 571.3 26

27 Commercial paper 82.1 78.4 68.8 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 27

28 Bonds 130.4 147.2 230.1 242.3 291.9 341.3 344.1 352.7 376.3 382.6 384.7 28

29 Bank loans n.e.c. 21.6 23.9 24.6 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.5 29

30 Official 2.4 3.3 2.4 2.2 2.6 2.9 2.0 2.0 2.2 2.1 2.3 30

31 Banks 6.9 7.6 8.8 8.8 10.9 14.3 13.8 13.5 13.2 13.8 13.2 31

32 Other 12.3 13.0 13.5 15.2 21.1 26.5 27.7 30.9 32.8 36.3 38.0 32

33 U.S. government loans 55.0 55.1 54.1 52.9 52.1 51.0 50.6 50.5 49.6 49.3 48.4 33

34 Acceptance liabilities to banks 12.0 11.3 8.2 7.9 8.2 9.9 10.3 10.8 10.3 9.7 8.0 34

35 Trade payables 30.4 31.8 35.9 39.5 45.3 43.0 44.2 44.3 46.1 53.1 55.6 35

36 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Miscellaneous liabilities 727.4 731.0 827.4 913.1 1029.2 1146.1 1228.6 1175.7 1211.2 1204.3 1186.7 37

38 U.S. equity in IBRD, etc. 22.4 23.8 25.0 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 38

39 U.S. government deposits 1.8 1.8 1.9 2.1 1.9 1.8 1.8 1.8 1.8 1.8 1.8 39

40 U.S. direct investment abroad (1,2) 655.4 668.0 714.8 797.8 884.3 970.8 999.6 1038.1 1062.3 1090.2 1117.2 40

41 Other 47.8 37.3 85.7 86.8 115.0 143.8 197.0 105.2 116.1 80.9 36.1 41

 Memo:

42 Market value of foreign equities 279.0 314.3 543.9 586.6 699.1 875.5 901.2 1004.5 1070.3 1079.1 1103.1 42

 held by U.S. residents (3)

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
70 Z.1, June 11, 1998

L.108 Monetary Authority (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 364.6 381.7 423.8 452.1 471.9 495.2 486.0 507.6 502.2 534.0 519.7 1

 2 Gold and foreign exchange 38.6 32.5 33.3 33.0 32.1 30.2 28.9 28.9 28.5 28.0 27.7 2

 3 SDR certificates 10.0 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 3

 4 Treasury currency 21.0 21.5 22.1 23.0 24.0 25.0 25.2 25.3 25.5 25.6 25.8 4

 5 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 5

 6 Fed. Res. loans to domestic banks 0.2 0.7 0.1 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 6

 7 Security RPs 15.9 8.1 13.2 10.6 13.9 21.6 11.6 16.6 13.9 23.8 8.3 7

 8 Credit market instruments 272.5 300.4 336.7 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 272.5 300.4 336.7 368.2 380.8 393.1 397.1 412.4 412.7 431.4 433.8 10

11 Treasury 266.5 295.0 332.0 364.5 378.2 390.9 395.1 410.9 411.8 430.7 433.2 11

12 Agency 6.0 5.4 4.6 3.6 2.6 2.2 2.0 1.5 0.9 0.7 0.6 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 5.6 7.4 9.6 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 14

15 Total liabilities 362.0 378.7 420.4 448.4 467.9 490.7 480.6 502.1 495.9 528.8 514.1 15

16 Depository institution reserves 29.4 32.1 35.0 30.8 29.6 24.5 21.8 23.2 21.8 30.8 24.4 16

17 Vault cash of commercial banks 33.6 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 17

18 Checkable deposits and currency 293.5 311.1 348.2 373.5 390.5 413.9 414.9 432.5 428.3 444.0 443.8 18

19 Due to federal government 18.3 8.0 15.2 7.5 6.2 8.0 6.3 16.7 7.9 5.7 5.8 19

20 Due to rest of the world 1.0 0.2 0.4 0.3 0.5 0.5 1.3 0.6 0.7 1.0 0.8 20

21 Currency outside banks 274.2 302.8 332.6 365.7 383.7 405.5 407.4 415.2 419.7 437.4 437.3 21

22 Miscellaneous liabilities 5.5 3.7 4.6 6.0 7.3 7.1 6.7 8.0 7.2 8.9 8.0 22

23 Federal Reserve Bank stock 2.7 3.1 3.4 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 23

24 Other 2.8 0.6 1.2 2.3 3.3 2.5 1.9 2.9 2.0 3.5 2.5 24

(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.
Z.1, June 11, 1998 71

L.109 Commercial Banking (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 3414.4 3629.5 3875.9 4150.1 4487.6 4705.3 4782.6 4907.0 4986.7 5169.7 5298.5 1

 2 Vault cash 33.6 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 2

 3 Reserves at Federal Reserve 26.5 29.0 31.5 28.0 26.9 22.3 19.8 21.4 20.0 29.1 22.7 3

 4 Checkable deposits and currency 1.8 1.3 1.0 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.4 4

 5 Total bank credit 2872.3 3011.8 3174.4 3331.2 3604.6 3794.5 3868.2 3957.4 4010.5 4145.1 4217.6 5

 6 U.S. government securities 568.2 672.9 745.4 719.1 746.1 757.5 792.9 788.9 799.7 841.4 873.5 6

 7 Treasury 232.5 294.4 322.2 290.4 278.7 261.8 282.5 265.9 261.8 270.3 279.2 7

 8 Agency 335.7 378.5 423.2 428.7 467.5 495.7 510.4 523.0 537.9 571.2 594.3 8

 9 Municipal securities 103.2 97.5 99.2 97.6 93.4 94.2 94.0 94.3 96.2 96.7 96.6 9

10 Corporate and foreign bonds 96.3 94.7 98.2 102.5 110.9 112.3 118.8 122.6 132.4 143.1 153.0 10

11 Total loans 2097.0 2139.8 2223.5 2407.1 2646.9 2821.1 2853.2 2941.3 2972.5 3053.2 3087.4 11

12 Open market paper 10.6 9.2 7.3 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 12

13 Bank loans n.e.c. 788.2 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.7 1123.1 1171.3 1192.6 13

14 Mortgages 881.3 900.5 947.8 1012.7 1090.2 1145.4 1160.1 1196.5 1227.2 1244.1 1270.0 14

15 Consumer credit 370.2 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 15

16 Security credit 46.8 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 16

17 Corporate equities 3.8 3.4 4.3 2.9 5.0 6.8 2.3 1.9 1.9 2.6 4.0 17

18 Mutual fund shares 3.7 3.4 3.9 2.0 2.3 2.6 7.1 8.3 7.9 8.1 3.1 18

19 Customers’ liab. on acceptances (2) 35.3 31.7 25.3 22.9 22.3 23.4 23.8 24.9 23.8 20.6 16.8 19

20 Miscellaneous assets 444.9 523.9 611.1 728.4 791.6 818.6 832.2 863.6 892.5 928.5 1002.2 20

21 Total liabilities 3363.3 3532.8 3750.3 4049.0 4333.2 4547.4 4634.2 4755.0 4842.9 5045.5 5156.0 21

22 Net interbank liabilities 33.4 74.5 121.7 211.2 220.5 171.1 151.9 135.4 126.6 117.0 139.0 22

23 To monetary authority 0.9 3.9 1.0 -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 23

24 To domestic banks (3) -4.2 -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.2 24

25 To foreign banks 36.6 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.3 139.7 25

26 Checkable deposits 621.6 714.3 788.4 756.7 710.8 676.3 642.0 661.1 626.8 656.4 617.1 26

27 Federal government 36.4 30.6 42.6 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 27

28 Rest of the world 19.4 21.7 21.3 23.2 24.0 26.6 26.9 29.4 28.1 31.6 32.1 28

29 Private domestic 565.7 662.1 724.5 709.8 667.8 621.0 591.1 597.4 565.1 597.1 563.3 29

30 Small time and savings deposits 1386.5 1389.2 1377.2 1376.2 1490.1 1613.2 1666.7 1684.4 1716.0 1761.5 1814.1 30

31 Large time deposits 399.6 332.8 311.7 333.0 387.8 493.1 505.0 543.6 590.0 601.0 626.8 31

32 Federal funds and security RPs (net) 229.6 272.2 313.7 391.8 422.2 463.2 477.0 498.4 516.2 552.2 580.1 32

33 Credit market instruments 184.6 194.6 208.0 228.1 250.6 263.6 266.9 286.2 294.0 309.2 330.0 33

34 Open market paper 62.1 54.4 51.9 55.0 52.8 55.7 56.1 59.8 58.5 58.5 58.9 34

35 Corporate bonds 113.2 127.6 134.9 142.6 161.1 168.9 171.8 180.1 184.2 192.6 205.1 35

36 Other loans and advances 9.3 12.5 21.2 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 36

37 Taxes payable 0.5 0.7 1.2 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 37

38 Miscellaneous liabilities 507.6 554.6 628.4 750.1 848.4 863.0 920.3 941.1 968.3 1042.8 1042.9 38

 Memo:

39 Credit market funds advanced (4) 2853.3 2948.6 3090.8 3254.3 3520.1 3707.7 3775.7 3856.8 3912.9 4032.5 4095.8 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
72 Z.1, June 11, 1998

L.110 U.S.-Chartered Commercial Banks

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 2649.5 2749.8 2916.5 3113.2 3315.5 3439.5 3490.4 3563.1 3621.3 3742.3 3797.9 1

 2 Vault cash and reserves at Federal Reserve 59.2 60.2 63.2 65.2 66.6 66.3 56.3 58.8 57.9 71.2 59.6 2

 3 Total bank credit 2527.4 2623.5 2780.9 2921.4 3116.3 3231.5 3278.9 3353.4 3412.3 3512.2 3574.1 3

 4 U.S. government securities 529.0 614.5 671.3 646.1 629.1 609.7 626.1 627.7 631.0 664.0 683.6 4

 5 Treasury 207.8 254.3 275.0 248.0 207.6 173.0 180.1 172.4 163.2 166.8 172.2 5

 6 Agency 321.2 360.1 396.3 398.1 421.5 436.7 446.0 455.3 467.8 497.2 511.4 6

 7 Mortgage pool securities 153.7 155.5 173.2 182.2 195.1 216.6 223.9 228.4 235.9 247.7 258.4 7

 8 Agency-issued CMOs 89.4 122.7 133.8 119.4 101.0 89.5 92.4 93.2 96.9 107.0 108.2 8

 9 Other agency securities 78.1 81.9 89.3 96.5 125.3 130.7 129.7 133.7 135.0 142.4 144.8 9

10 Municipal securities 102.7 97.0 98.9 97.0 92.7 93.7 93.5 93.8 95.7 96.1 96.0 10

11 Corporate and foreign bonds 69.7 66.6 66.6 66.0 69.3 64.8 67.4 70.0 78.6 85.8 91.9 11

12 Private mortgage pool securities 3.5 3.8 4.7 3.6 4.5 4.2 3.5 3.4 3.2 3.0 3.1 12

13 Privately issued CMOs 28.2 21.6 19.8 21.5 24.9 21.8 21.3 20.6 21.7 22.5 28.7 13

14 Other bonds 38.0 41.1 42.1 40.9 39.8 38.9 42.5 46.0 53.7 60.4 60.1 14

15 Total loans 1818.4 1838.6 1935.9 2107.4 2317.9 2453.9 2482.5 2551.7 2597.2 2655.6 2695.6 15

16 Open market paper 7.5 5.9 4.9 3.6 3.9 4.2 2.7 2.6 2.7 2.3 0.8 16

17 Bank loans n.e.c. 589.0 569.6 578.4 624.6 701.6 759.8 790.6 817.4 832.5 869.0 895.9 17

18 Mortgages 821.8 842.9 895.5 963.7 1045.4 1102.9 1119.1 1158.0 1189.0 1207.3 1235.1 18

19 Consumer credit 370.2 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 19

20 Security credit 30.0 57.3 61.4 56.8 65.1 60.2 65.9 63.0 65.4 64.4 71.6 20

21 Corporate equities 3.8 3.4 4.3 2.9 5.0 6.8 2.3 1.9 1.9 2.6 4.0 21

22 Mutual fund shares 3.7 3.4 3.9 2.0 2.3 2.6 7.1 8.3 7.9 8.1 3.1 22

23 Customers’ liab. on acceptances (1) 12.6 12.6 10.1 9.9 12.3 13.9 14.5 15.0 14.7 13.7 11.6 23

24 Miscellaneous assets 50.4 53.6 62.2 116.7 120.3 127.7 140.8 136.0 136.3 145.2 152.6 24

25 Total liabilities 2777.7 2862.2 3036.3 3271.5 3457.6 3598.7 3659.2 3738.3 3812.2 3957.2 4005.6 25

26 Net interbank liabilities -41.1 -48.8 -19.4 60.5 54.4 0.4 -2.7 4.2 -3.6 0.4 -14.4 26

27 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 27

28 Borrowing from Federal Reserve banks 0.2 0.7 0.1 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 28

29 To domestic banks -47.9 -33.6 -19.9 -13.3 -20.0 -41.8 -43.7 -44.6 -52.3 -50.1 -52.6 29

30 To foreign banks 5.9 -19.2 -0.5 74.3 74.1 37.8 37.6 46.5 48.7 47.8 36.7 30

31 Checkable deposits 607.4 700.2 773.9 741.7 695.8 661.4 627.2 645.3 611.8 640.3 601.4 31

32 Federal government 36.4 30.6 42.6 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 32

33 Rest of the world 14.1 15.8 15.6 17.1 18.0 21.3 21.6 23.5 22.6 25.8 26.3 33

34 Private domestic 556.9 653.8 715.7 700.9 658.7 611.4 581.5 587.5 555.7 586.7 553.4 34

35 Small time and savings deposits 1367.5 1369.5 1358.6 1357.9 1471.3 1594.2 1637.1 1657.7 1692.7 1738.0 1790.8 35

36 Large time deposits 292.3 216.1 196.1 214.0 256.5 306.1 314.2 329.1 360.9 369.3 391.0 36

37 Federal funds and security RPs (net) 192.6 234.3 279.8 351.4 379.6 408.2 418.0 433.3 455.2 471.7 487.6 37

38 Acceptance liabilities 12.9 12.8 10.2 10.0 12.3 14.0 14.5 15.1 14.8 13.7 11.6 38

39 Corporate bonds 25.2 33.5 37.1 40.6 43.3 50.9 52.1 53.9 54.7 61.6 65.6 39

40 Other loans and advances 9.3 12.5 21.2 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 40

41 Taxes payable 0.5 0.7 1.2 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 41

42 Miscellaneous liabilities 311.2 331.3 377.6 463.0 505.0 520.6 555.4 548.6 569.2 598.7 600.1 42

43 Investment by bank holding companies 227.2 255.0 286.6 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 43

44 Other 84.0 76.3 91.0 158.9 160.7 147.7 168.3 149.3 159.2 185.1 169.9 44

 Memo:

45 Credit market funds advanced (2) 2502.5 2571.9 2721.5 2869.6 3056.1 3175.8 3218.1 3295.2 3351.9 3450.7 3507.1 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, June 11, 1998 73

L.111 Foreign Banking Offices in U.S. (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 437.5 509.3 542.2 589.7 666.3 714.8 727.0 758.1 762.6 807.1 847.8 1

 2 Reserves at Federal Reserve 0.9 0.7 1.0 1.0 0.8 1.1 0.7 1.0 0.6 2.9 0.9 2

 3 Total bank credit 313.4 347.4 350.2 362.3 436.9 507.0 531.3 544.2 538.1 567.2 572.5 3

 4 U.S. government securities 32.0 43.7 57.6 55.7 99.6 130.4 148.8 143.2 150.8 157.3 167.3 4

 5 Treasury 20.8 29.6 36.1 32.7 62.3 80.7 94.0 85.8 90.5 95.1 99.9 5

 6 Agency 11.2 14.1 21.5 23.0 37.3 49.7 54.8 57.5 60.3 62.2 67.4 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 21.4 22.4 23.8 28.9 33.5 36.6 38.8 38.6 39.6 41.3 42.8 8

 9 Total loans 260.0 281.3 268.8 277.7 303.9 339.9 343.7 362.3 347.6 368.6 362.3 9

10 Open market paper 3.1 3.3 2.4 2.2 1.7 2.3 0.5 0.5 0.4 0.4 0.3 10

11 Bank loans n.e.c. 185.8 195.7 182.0 197.2 232.6 264.8 271.3 281.2 273.4 284.0 278.3 11

12 Mortgages 54.3 51.6 45.1 40.3 35.1 32.2 30.8 28.3 27.6 26.1 23.8 12

13 Security credit 16.8 30.7 39.3 38.1 34.4 40.6 41.1 52.3 46.2 58.0 60.0 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 22.7 19.1 15.1 13.0 10.1 9.4 9.3 9.9 9.0 6.9 5.2 15

16 Miscellaneous assets 100.5 142.1 175.9 213.5 218.5 197.2 185.8 203.0 214.8 230.0 269.2 16

17 Total liabilities 446.4 519.3 553.7 602.8 681.3 731.9 744.7 776.4 781.4 826.6 868.0 17

18 Net interbank liabilities 88.9 134.3 151.2 162.4 181.0 178.6 161.0 141.1 138.8 124.1 163.1 18

19 To foreign banks 41.1 103.5 132.7 158.5 173.6 162.1 129.7 115.6 121.9 120.4 126.3 19

20 To domestic banks 47.8 30.8 18.5 3.9 7.5 16.5 31.3 25.5 16.9 3.8 36.8 20

21 Checkable deposits 8.9 8.3 8.3 8.8 8.7 8.0 8.0 8.9 8.3 8.8 8.3 21

22 Small time and savings deposits 11.0 11.2 10.4 9.3 8.5 8.7 19.4 16.8 13.1 13.1 12.7 22

23 Large time deposits 99.3 108.2 107.4 110.0 121.0 176.6 180.7 204.6 218.9 221.3 225.1 23

24 Federal funds and security RPs (net) 38.4 39.0 34.7 41.4 43.2 55.1 59.0 65.3 61.0 80.7 91.6 24

25 Acceptance liabilities 24.9 21.2 16.0 13.4 10.4 9.6 9.7 10.3 9.2 7.2 5.5 25

26 Miscellaneous liabilities 175.0 197.1 225.7 257.6 308.5 295.2 306.8 329.3 332.2 371.3 361.7 26

27 Foreign direct investment in U.S. 24.9 21.2 24.0 26.3 32.9 30.9 31.4 34.2 35.6 38.6 41.2 27

28 Due to affiliates 47.2 51.1 44.5 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 28

29 Other 102.9 124.8 157.1 187.3 224.9 199.9 196.1 220.8 213.7 253.9 232.9 29

 Memo:

30 Credit market funds advanced (3) 319.2 335.8 326.0 337.1 412.6 475.8 499.5 501.8 501.0 516.1 517.7 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
74 Z.1, June 11, 1998

L.112 Bank Holding Companies

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 302.3 342.8 387.9 414.1 466.8 510.8 523.2 543.0 558.6 575.3 606.3 1

 2 Credit market instruments 11.9 17.5 17.5 18.4 18.0 22.0 22.5 23.8 22.5 27.4 31.2 2

 3 U.S. government securities 3.4 8.3 8.4 9.4 8.1 9.0 8.1 8.1 7.0 9.5 10.9 3

 4 Treasury issues 1.0 6.1 5.3 4.6 3.4 4.0 3.6 2.9 2.7 4.0 2.2 4

 5 Agency 2.4 2.2 3.1 4.8 4.7 4.9 4.6 5.2 4.4 5.5 8.6 5

 6 Corporate and foreign bonds 5.1 5.4 7.2 7.1 7.7 10.5 12.3 13.6 13.7 15.5 17.7 6

 7 Bank loans n.e.c. 3.4 3.7 1.9 1.8 2.3 2.5 2.1 2.0 1.8 2.4 2.6 7

 8 Miscellaneous assets 290.4 325.2 370.4 395.8 448.7 488.9 500.7 519.2 536.1 547.9 575.1 8

 9 Investment in bank subsidiaries 227.2 255.0 286.6 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 9

10 Investment in nonbank subsidiaries 40.9 43.2 56.3 56.4 64.7 64.9 72.9 75.4 81.2 89.9 96.4 10

11 Other 22.2 27.0 27.5 35.2 39.8 51.1 40.8 44.6 44.9 44.4 48.4 11

12 Total liabilities 114.8 124.4 132.2 143.0 157.1 178.3 190.2 199.4 207.0 218.8 238.0 12

13 Net interbank liabilities -14.3 -11.0 -10.0 -11.7 -14.9 -7.9 -6.4 -10.0 -8.6 -7.6 -9.7 13

14 To domestic banks -4.1 -6.5 -3.3 2.9 3.5 14.7 10.8 11.0 13.3 14.3 13.6 14

15 To foreign banks -10.3 -4.5 -6.8 -14.6 -18.5 -22.6 -17.2 -20.9 -21.9 -21.9 -23.3 15

16 Federal funds and security RPs (net) -1.4 -1.2 -0.8 -0.9 -0.5 -0.2 0.0 -0.1 -0.1 -0.2 0.9 16

17 Credit market instruments 112.3 114.6 123.4 133.6 148.0 150.0 151.6 160.5 164.0 168.6 181.3 17

18 Commercial paper 24.3 20.4 25.6 31.6 30.1 32.0 31.8 34.4 34.5 37.6 41.8 18

19 Corporate bonds 88.0 94.1 97.7 102.0 117.9 118.0 119.7 126.1 129.4 131.0 139.5 19

20 Miscellaneous liabilities 18.2 22.0 19.6 22.0 24.6 36.3 45.0 49.0 51.7 57.9 65.5 20

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

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

 1 Total financial assets 25.1 27.7 29.4 33.1 39.0 40.3 41.9 42.8 44.2 45.1 46.5 1

 2 Checkable deposits and currency 1.8 1.3 1.0 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.4 2

 3 Credit market instruments 19.7 23.4 25.8 29.2 33.4 34.1 35.6 36.1 37.5 38.3 39.7 3

 4 U.S. government securities 3.8 6.4 8.1 7.9 9.4 8.4 9.9 9.9 10.8 10.7 11.8 4

 5 Treasury 2.8 4.3 5.8 5.1 5.4 4.1 4.7 4.8 5.3 4.4 4.8 5

 6 Agency 1.0 2.1 2.3 2.8 4.0 4.3 5.1 5.1 5.5 6.3 7.0 6

 7 Municipal securities 0.5 0.5 0.2 0.6 0.7 0.5 0.5 0.5 0.4 0.5 0.6 7

 8 Corporate and foreign bonds 0.1 0.4 0.6 0.5 0.4 0.3 0.3 0.3 0.4 0.5 0.5 8

 9 Bank loans n.e.c. 10.0 10.2 9.7 11.3 13.1 14.6 14.7 15.1 15.4 15.8 15.7 9

10 Home mortgages 2.0 3.0 4.1 4.8 5.7 6.3 6.2 6.1 6.2 6.4 6.7 10

11 Commercial mortgages 3.2 3.0 3.1 4.0 4.0 3.9 4.1 4.2 4.3 4.4 4.5 11

12 Miscellaneous assets 3.7 3.0 2.6 2.4 4.0 4.8 4.9 5.3 5.3 5.3 5.3 12

13 Total liabilities 24.4 26.9 28.2 31.7 37.2 38.6 40.2 40.9 42.2 43.0 44.4 13

14 Checkable deposits 5.2 5.8 6.1 6.2 6.4 6.9 6.8 7.0 6.7 7.3 7.4 14

15 Small time and savings deposits 8.1 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 15

16 Large time deposits 8.1 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 16

17 Miscellaneous liabilities 3.1 4.2 5.6 7.4 10.3 10.9 13.1 14.2 15.2 14.9 15.6 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, June 11, 1998 75

L.114 Savings Institutions (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1144.9 1060.4 1020.2 1008.6 1012.8 1031.7 1019.4 1029.7 1020.7 1028.6 1044.9 1

 2 Reserves at Federal Reserve 2.9 3.1 3.4 2.8 2.7 2.3 2.1 1.8 1.8 1.7 1.7 2

 3 Checkable deposits and currency 12.9 12.4 15.4 13.9 15.5 14.2 13.1 13.6 14.2 15.3 15.9 3

 4 Time and savings deposits 5.0 3.7 3.0 1.3 1.1 1.4 1.4 1.3 1.2 1.0 1.1 4

 5 Federal funds and security RPs 15.1 14.4 10.6 6.5 11.2 10.0 9.4 9.8 8.5 9.2 11.9 5

 6 Credit market instruments 1013.2 937.4 914.1 920.8 913.3 933.2 931.9 937.8 929.0 928.5 930.5 6

 7 Open market paper 1.3 0.6 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 170.0 177.0 175.5 187.0 183.0 173.4 173.1 175.9 170.1 169.8 167.6 8

 9 Treasury 25.0 34.0 28.2 27.1 18.4 17.4 17.0 16.3 15.3 14.6 14.9 9

10 Agency 145.0 143.0 147.3 159.9 164.6 156.1 156.1 159.6 154.8 155.3 152.8 10

11 Municipal securities 2.4 2.1 2.1 2.0 2.0 2.1 1.9 2.0 2.1 2.1 2.3 11

12 Corporate and foreign bonds 72.7 80.0 89.1 86.7 78.5 68.6 67.9 67.2 58.5 58.7 58.2 12

13 Other loans and advances 19.3 12.4 10.8 10.3 12.8 15.7 16.7 17.2 18.5 18.8 19.8 13

14 Mortgages 705.4 628.0 598.4 596.2 596.8 628.3 626.4 629.1 631.4 631.8 636.8 14

15 Consumer credit 42.2 37.4 37.9 38.5 40.1 44.7 45.9 46.5 48.5 47.2 45.9 15

16 Corporate equities 10.3 11.2 12.5 10.4 14.3 17.8 17.9 21.2 22.6 23.3 27.2 16

17 Miscellaneous assets 85.5 78.2 61.0 53.0 54.7 52.9 43.7 44.0 43.3 49.7 56.5 17

18 Total liabilities 1160.0 1067.9 1016.1 998.3 995.1 1010.5 998.3 1004.1 992.8 1001.0 1013.1 18

19 Deposits 937.5 852.8 785.4 733.6 727.9 721.4 718.5 711.7 697.1 695.7 696.4 19

20 Checkable 85.3 84.0 88.3 83.0 97.1 122.4 128.9 136.4 142.3 149.5 158.2 20

21 Small time and savings 767.6 692.2 624.1 579.7 550.7 512.5 501.0 485.0 461.5 448.2 437.0 21

22 Large time 84.6 76.7 73.0 71.0 80.1 86.4 88.5 90.3 93.3 98.1 101.2 22

23 Security RPs 19.6 18.6 26.1 44.5 44.5 43.7 45.6 45.9 46.7 41.8 45.2 23

24 Credit market instruments 95.4 88.4 99.6 112.4 115.0 140.5 136.3 144.3 149.8 160.3 162.7 24

25 Corporate bonds 8.6 5.5 3.9 3.1 3.1 2.7 2.6 2.6 2.8 2.8 2.6 25

26 Bank loans n.e.c. 8.9 8.9 8.4 9.3 14.6 15.9 17.0 16.7 17.6 19.4 22.1 26

27 Other loans and advances 77.8 74.0 87.3 100.0 97.4 121.9 116.7 125.0 129.4 138.0 138.1 27

28 Taxes payable 1.2 1.4 1.9 1.0 1.6 1.4 1.4 1.5 1.7 1.8 1.7 28

29 Miscellaneous liabilities 106.4 106.8 103.0 106.7 106.1 103.5 96.4 100.7 97.4 101.4 107.1 29

30 Investment by parent 5.0 4.0 4.4 4.4 4.5 4.7 4.8 4.8 4.9 5.0 5.1 30

31 Other 101.4 102.8 98.5 102.3 101.6 98.8 91.7 95.9 92.5 96.4 102.0 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
76 Z.1, June 11, 1998

L.115 Credit Unions

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 240.0 264.7 281.7 293.6 310.7 330.1 341.7 348.0 348.8 353.8 368.8 1

 2 Checkable deposits and currency 5.4 6.6 6.5 6.5 7.4 7.5 7.9 7.6 7.2 8.1 8.6 2

 3 Time and savings deposits 26.7 27.0 25.6 16.7 17.1 16.4 18.4 17.5 15.5 17.0 18.1 3

 4 Federal funds and security RPs 13.2 13.5 8.5 6.2 6.4 1.4 8.4 4.2 3.8 3.5 9.8 4

 5 Credit market instruments 179.4 197.1 218.7 246.8 263.0 288.5 291.2 299.9 303.9 305.3 307.5 5

 6 Open market paper 2.6 3.0 2.2 2.1 0.6 0.3 0.2 0.4 0.2 0.2 0.1 6

 7 U.S. government securities 33.7 48.6 58.9 62.9 64.1 68.1 69.7 71.3 69.3 66.7 68.6 7

 8 Treasury 14.1 19.9 22.6 22.1 18.3 17.4 17.8 17.9 15.7 15.6 14.6 8

 9 Agency 19.6 28.7 36.3 40.9 45.7 50.7 51.9 53.4 53.6 51.0 54.0 9

10 Home mortgages 52.8 56.1 56.0 62.1 66.5 76.0 77.4 80.6 84.4 86.0 89.4 10

11 Consumer credit 90.3 89.4 101.6 119.6 131.9 144.1 143.9 147.6 150.0 152.4 149.3 11

12 Mutual fund shares 2.6 4.1 4.2 2.6 2.8 2.6 2.6 2.5 2.5 2.4 2.4 12

13 Miscellaneous assets 12.8 16.5 18.2 14.8 13.9 13.7 13.3 16.2 15.9 17.6 22.5 13

14 Total liabilities 225.8 247.5 260.8 270.3 283.7 300.1 311.1 316.4 316.2 320.6 335.0 14

15 Shares/deposits 221.3 242.9 255.5 263.4 278.8 295.1 306.0 311.0 310.9 315.4 329.9 15

16 Checkable 20.5 25.1 26.8 28.8 30.9 32.5 34.2 35.3 36.7 36.6 40.6 16

17 Small time and savings 196.5 212.0 221.8 227.3 238.9 251.2 259.4 262.9 261.4 264.4 274.9 17

18 Large time 4.2 5.8 6.9 7.3 9.0 11.4 12.4 12.8 12.8 14.4 14.5 18

19 Other loans and advances 0.0 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 19

20 Miscellaneous liabilities 4.5 4.6 5.1 6.4 4.5 4.6 4.7 5.0 4.8 4.6 4.4 20

L.116 Bank Personal Trusts and Estates (1)

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

 1 Total financial assets 608.3 629.6 660.9 670.0 774.9 841.6 859.1 953.8 1030.2 1054.7 1144.9 1

 2 Deposits 46.2 40.6 39.5 41.4 44.7 51.1 52.2 52.6 54.2 55.3 56.4 2

 3 Checkable deposits and currency 1.0 0.9 0.8 0.5 0.5 0.8 0.8 0.9 0.9 1.0 1.0 3

 4 Time and savings deposits 15.7 10.5 9.4 11.0 10.5 9.0 9.5 9.8 10.7 11.3 11.9 4

 5 Money market fund shares 29.6 29.2 29.3 29.9 33.6 41.4 41.8 41.9 42.6 43.0 43.5 5

 6 Credit market instruments 223.5 231.5 240.9 248.0 239.7 232.0 232.8 235.5 237.3 239.5 240.1 6

 7 Open market paper 25.2 22.8 19.5 23.0 23.7 21.1 21.8 22.2 22.9 23.9 23.8 7

 8 U.S. government securities 73.6 72.0 73.1 72.0 70.8 71.3 71.2 71.2 71.2 71.2 71.0 8

 9 Treasury 40.9 40.1 40.4 39.8 38.7 39.5 39.4 39.3 39.3 39.2 39.1 9

10 Agency 32.6 31.8 32.7 32.2 32.1 31.8 31.8 31.9 31.9 32.0 31.9 10

11 Municipal securities 89.9 96.0 108.9 114.2 108.3 104.0 104.2 104.5 104.6 104.8 105.0 11

12 Corporate and foreign bonds 30.7 36.8 35.8 35.3 33.6 31.9 32.0 34.1 35.2 36.3 36.9 12

13 Mortgages 4.0 3.9 3.6 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 13

14 Corporate equities 234.2 216.9 181.0 167.3 224.9 248.9 267.0 328.3 377.4 401.0 456.4 14

15 Mutual fund shares 93.6 128.1 183.5 200.4 253.5 293.6 290.9 320.9 344.8 342.2 375.2 15

16 Miscellaneous assets 10.8 12.6 16.0 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 16

17 Total liabilities (2) 639.3 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1173.1 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, June 11, 1998 77

L.117 Life Insurance Companies

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1499.5 1609.6 1780.2 1884.1 2086.8 2271.7 2320.3 2435.4 2529.7 2573.4 2686.6 1

 2 Checkable deposits and currency 5.5 4.8 5.2 5.6 5.2 4.3 3.5 4.0 3.7 4.1 4.3 2

 3 Money market fund shares 19.6 25.0 31.5 16.2 22.8 40.7 44.7 50.9 54.0 56.5 62.1 3

 4 Credit market instruments 1218.9 1304.4 1416.0 1482.6 1581.8 1654.3 1680.2 1724.1 1750.4 1767.4 1795.7 4

 5 Open market paper 45.8 43.2 46.9 52.8 45.5 48.4 55.3 58.1 64.6 68.3 78.0 5

 6 U.S. government securities 241.9 281.8 332.8 341.2 351.0 337.4 336.3 339.6 346.0 347.1 347.1 6

 7 Treasury 77.8 88.8 110.0 107.1 108.1 93.2 93.2 93.8 96.7 96.8 96.2 7

 8 Agency 164.2 193.0 222.8 234.1 242.9 244.1 243.1 245.8 249.3 250.3 250.9 8

 9 Municipal securities 10.2 11.4 14.7 12.8 11.9 13.4 13.5 13.7 14.1 14.4 14.8 9

10 Corporate and foreign bonds 595.1 653.9 719.5 779.4 870.1 949.3 966.6 1000.9 1011.8 1023.2 1039.8 10

11 Policy loans 66.4 72.1 77.7 85.5 95.9 100.5 101.9 103.7 104.4 103.7 103.8 11

12 Mortgages 259.5 242.0 224.4 210.9 207.5 205.4 206.5 208.1 209.4 210.8 212.2 12

13 Corporate equities 155.9 174.2 226.0 272.2 344.2 437.5 454.7 509.9 563.0 582.2 650.3 13

14 Mutual fund shares 8.6 18.2 25.9 9.6 27.7 40.0 41.0 49.0 55.7 57.5 64.4 14

15 Miscellaneous assets 91.1 83.0 75.7 97.9 105.1 94.8 96.3 97.5 103.0 105.7 109.8 15

16 Total liabilities 1409.6 1525.1 1677.8 1773.5 1953.9 2115.6 2155.2 2266.9 2348.0 2392.7 2508.8 16

17 Other loans and advances 0.0 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 17

18 Life insurance reserves 393.8 421.5 457.2 491.5 536.3 580.1 590.3 609.1 625.1 635.7 649.2 18

19 Pension fund reserves (1) 659.1 743.0 836.4 884.5 997.3 1088.9 1111.9 1192.1 1242.1 1266.4 1350.2 19

20 Taxes payable 6.4 7.8 9.4 10.4 11.0 11.6 11.7 11.9 12.0 12.2 12.3 20

21 Miscellaneous liabilities 350.3 352.9 374.6 386.6 408.8 433.4 439.5 452.0 466.9 476.7 495.3 21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

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

 1 Total financial assets 575.8 597.9 642.5 678.9 741.2 780.0 791.1 813.2 831.4 844.5 869.4 1

 2 Checkable deposits and currency 5.3 5.6 5.2 5.0 4.9 3.9 4.2 4.1 4.2 4.1 4.1 2

 3 Security RPs 26.9 32.6 31.7 29.4 37.5 35.4 38.1 36.6 37.5 37.4 37.7 3

 4 Credit market instruments 376.6 389.4 422.7 446.4 468.7 491.2 491.2 498.1 506.2 514.4 520.8 4

 5 U.S. government securities 146.2 151.4 169.0 178.7 181.6 171.8 172.1 173.5 176.4 179.2 181.7 5

 6 Treasury 104.0 108.7 124.5 133.0 133.4 120.9 121.1 123.9 126.0 128.0 129.8 6

 7 Agency 42.1 42.6 44.5 45.8 48.2 51.0 51.1 49.6 50.4 51.2 51.8 7

 8 Municipal securities 126.8 134.3 146.1 153.8 161.0 175.4 175.7 178.5 181.4 184.4 186.6 8

 9 Corporate and foreign bonds 97.2 97.8 103.1 110.1 123.3 141.6 140.8 143.8 146.1 148.5 150.2 9

10 Commercial mortgages 6.5 5.9 4.5 3.8 2.8 2.4 2.5 2.4 2.4 2.3 2.3 10

11 Corporate equities 94.1 97.3 103.4 112.1 134.2 148.6 151.3 166.6 174.0 176.9 193.2 11

12 Trade receivables 49.1 49.0 50.7 52.9 57.3 57.2 61.3 61.8 61.9 62.6 62.7 12

13 Miscellaneous assets 23.7 24.0 28.8 33.0 38.7 43.7 45.1 46.0 47.6 49.0 50.8 13

14 Total liabilities 421.1 445.5 463.1 479.7 510.6 524.5 528.3 530.9 539.1 543.9 550.1 14

15 Taxes payable 4.7 5.6 7.0 7.9 8.8 9.7 9.9 10.1 10.3 10.6 10.8 15

16 Miscellaneous liabilities 416.4 439.9 456.1 471.9 501.9 514.8 518.4 520.8 528.8 533.4 539.4 16
78 Z.1, June 11, 1998

L.119 Private Pension Funds (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 1860.4 1958.7 2193.4 2291.8 2656.7 3047.5 3077.6 3332.8 3540.7 3579.1 3906.0 1

 2 Checkable deposits and currency 3.0 2.9 3.0 3.2 3.1 3.0 3.0 3.0 3.0 2.9 2.9 2

 3 Time and savings deposits 99.5 77.4 69.0 64.5 49.6 35.2 32.0 28.3 25.2 21.6 20.5 3

 4 Money market fund shares 18.8 19.8 26.3 31.6 37.5 42.7 43.1 44.4 44.6 47.3 48.1 4

 5 Security RPs 32.7 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 5

 6 Credit market instruments 524.4 561.9 611.4 656.9 718.2 766.5 780.3 794.9 811.5 834.2 852.3 6

 7 Open market paper 32.7 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 7

 8 U.S. government securities 310.4 326.8 350.5 400.4 433.4 454.4 460.3 467.1 474.3 485.4 493.0 8

 9 Treasury 212.6 223.9 239.6 271.2 292.2 305.6 309.3 313.6 318.0 324.9 329.6 9

10 Agency 97.8 102.9 110.9 129.2 141.2 148.8 151.0 153.5 156.3 160.5 163.4 10

11 Municipal securities 0.5 0.5 0.6 0.7 0.8 0.9 0.9 0.9 0.9 1.0 1.0 11

12 Corporate and foreign bonds 162.5 185.6 207.8 200.0 227.0 250.3 256.8 264.0 271.9 282.4 291.2 12

13 Mortgages 18.2 14.5 14.5 18.0 19.3 21.0 21.6 22.1 22.7 23.4 24.0 13

14 Corporate equities 747.4 807.8 937.7 940.5 1180.5 1422.3 1428.1 1619.7 1769.2 1765.1 2001.1 14

15 Mutual fund shares 50.2 74.9 116.0 150.4 228.5 332.6 345.6 399.1 441.3 456.0 517.6 15

16 Miscellaneous assets 384.6 379.5 391.9 407.0 401.6 405.2 404.8 402.5 404.4 410.0 420.3 16

17 Unallocated insurance contracts (2) 206.6 198.0 206.6 210.0 215.5 226.1 228.7 232.1 236.5 241.3 251.3 17

18 Contributions receivable 17.3 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 18

19 Other 160.7 162.6 163.4 175.0 160.3 149.5 145.5 138.9 135.4 135.2 134.6 19

20 Pension fund reserves (liabilities) (3) 1889.0 1983.1 2216.3 2317.2 2681.4 3072.6 3102.9 3357.8 3565.8 3604.2 3931.8 20

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

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

 1 Total financial assets 1031.7 1167.6 1255.9 1294.3 1517.9 1714.9 1753.6 1935.5 2046.6 2094.1 2273.1 1

 2 Checkable deposits and currency 4.2 6.0 6.5 5.1 3.1 3.6 2.7 3.9 3.5 4.3 3.5 2

 3 Time and savings deposits 8.1 5.8 8.5 4.9 4.0 4.2 7.4 4.0 3.8 3.9 3.2 3

 4 Security RPs 17.7 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 31.4 4

 5 Credit market instruments 396.4 410.8 433.5 455.8 483.3 529.2 531.6 542.7 562.0 565.8 577.0 5

 6 Open market paper 17.7 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 31.4 6

 7 U.S. government securities 232.1 220.4 231.2 246.3 270.8 298.5 302.0 303.1 316.1 316.8 318.6 7

 8 Treasury 147.5 147.8 163.0 171.0 175.8 190.5 192.5 197.9 209.1 204.8 205.8 8

 9 Agency 84.6 72.5 68.2 75.2 95.0 108.0 109.5 105.2 107.0 112.0 112.7 9

10 Municipal securities 0.4 0.5 0.7 0.4 0.5 0.6 0.5 0.5 1.0 1.3 1.7 10

11 Corporate and foreign bonds 129.3 152.8 166.5 167.7 163.5 180.2 178.9 183.5 192.8 199.5 207.5 11

12 Mortgages 16.9 16.5 14.5 15.2 15.9 16.7 16.9 17.2 17.4 17.6 17.8 12

13 Corporate equities 392.4 450.9 531.0 542.6 753.5 955.7 985.3 1153.7 1254.3 1305.8 1470.9 13

14 Miscellaneous assets 212.8 273.5 256.0 259.6 241.5 189.1 193.2 192.7 188.4 183.7 187.1 14

15 Pension fund reserves (liabilities) (1) 1052.7 1188.3 1278.2 1319.5 1546.1 1748.8 1789.1 1970.5 2082.7 2131.1 2311.1 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, June 11, 1998 79

L.121 Money Market Mutual Funds (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 535.0 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1132.9 1

 2 Foreign deposits 21.4 20.3 10.0 15.7 19.7 23.1 20.6 20.2 23.0 23.2 26.1 2

 3 Checkable deposits and currency -0.2 -2.7 -1.2 -2.5 -3.5 -1.1 -0.4 -0.4 -2.2 1.5 3.5 3

 4 Time and savings deposits 35.1 34.6 31.9 31.4 52.3 82.7 99.4 106.4 115.0 111.3 120.4 4

 5 Security RPs 67.0 65.9 66.4 68.8 87.8 103.8 119.0 113.6 124.6 126.6 136.3 5

 6 Credit market instruments 403.9 408.6 429.0 459.0 545.5 634.3 659.0 656.5 678.7 718.8 770.1 6

 7 Open market paper 190.6 173.6 164.4 187.2 235.5 273.9 302.7 308.9 323.6 336.0 371.2 7

 8 U.S. government securities 118.9 132.7 147.2 143.3 160.8 192.0 174.2 168.1 163.5 182.5 179.1 8

 9 Treasury 78.3 78.4 79.4 66.1 70.0 90.2 82.2 74.8 75.0 86.2 83.3 9

10 Agency 40.6 54.3 67.8 77.2 90.8 101.8 92.1 93.3 88.5 96.3 95.8 10

11 Municipal securities 90.6 96.0 105.6 113.4 127.7 144.5 155.7 151.8 158.9 167.0 182.0 11

12 Corporate and foreign bonds 3.8 6.3 11.7 15.2 21.5 23.9 26.4 27.7 32.7 33.4 37.9 12

13 Miscellaneous assets 7.7 12.7 23.7 30.6 43.4 48.3 53.2 56.0 65.9 67.3 76.4 13

14 Total shares outstanding (liabilities) 535.0 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1132.9 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

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

 1 Total financial assets 769.5 992.5 1375.4 1477.3 1852.8 2342.4 2411.5 2719.6 2977.0 2994.7 3348.4 1

 2 Security RPs 12.2 21.9 38.7 43.1 50.2 47.5 53.0 58.1 58.4 56.4 59.8 2

 3 Credit market instruments 440.2 566.4 725.9 718.8 771.3 820.2 838.3 860.6 889.2 899.5 931.6 3

 4 Open market paper 12.2 21.9 38.7 43.1 50.2 47.2 53.0 58.1 58.4 56.4 57.3 4

 5 U.S. government securities 200.6 257.4 306.6 296.2 315.1 330.2 335.6 340.2 350.9 349.5 353.9 5

 6 Treasury 133.5 169.5 200.9 194.1 205.3 214.2 217.3 220.0 226.4 225.6 228.2 6

 7 Agency 67.1 87.9 105.7 102.1 109.9 116.1 118.2 120.1 124.5 124.0 125.8 7

 8 Municipal securities 139.7 168.4 211.3 207.0 210.2 213.3 214.2 215.1 218.0 219.8 224.3 8

 9 Corporate and foreign bonds 87.7 118.7 169.3 172.4 195.7 229.5 235.4 247.2 261.9 273.8 296.2 9

10 Corporate equities 308.9 401.3 607.4 709.6 1024.9 1470.0 1514.7 1793.6 2020.8 2026.1 2350.1 10

11 Miscellaneous assets 8.2 3.0 3.3 5.9 6.3 4.7 5.5 7.4 8.6 12.7 7.0 11

12 Total shares outstanding (liabilities) 769.5 992.5 1375.4 1477.3 1852.8 2342.4 2411.5 2719.6 2977.0 2994.7 3348.4 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End Funds

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

 1 Total financial assets 71.2 93.5 116.1 117.8 134.4 142.3 142.6 149.5 153.7 154.0 153.6 1

 2 Credit market instruments 49.5 69.7 89.7 86.0 96.4 98.7 99.3 99.7 99.7 99.8 100.0 2

 3 U.S. government securities 10.0 11.6 13.7 12.8 11.2 11.4 11.4 11.2 11.0 10.7 10.5 3

 4 Municipal securities 25.4 39.7 51.8 53.4 59.6 60.4 60.6 60.8 61.0 61.2 61.5 4

 5 Corporate and foreign bonds 14.1 18.3 24.2 19.8 25.6 26.9 27.4 27.6 27.8 27.9 28.0 5

 6 Corporate equities 21.8 23.8 26.5 31.9 38.0 43.6 43.2 49.8 54.0 54.2 53.7 6

 Memo:

 7 Market value of equities 71.2 93.5 116.1 117.8 134.4 142.3 142.6 149.5 153.7 154.0 153.6 7
80 Z.1, June 11, 1998

L.124 Government-Sponsored Enterprises (GSEs) (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 496.8 552.3 631.1 781.8 896.9 988.6 993.9 1038.5 1055.1 1099.4 1150.3 1

 2 Checkable deposits and currency 1.2 1.2 2.1 1.3 1.5 0.7 0.9 2.9 1.9 1.9 1.6 2

 3 Federal funds and security RPs 67.6 66.6 50.3 85.8 106.3 94.5 96.1 102.2 102.6 90.4 95.2 3

 4 Credit market instruments 388.8 457.6 545.5 663.3 748.0 813.6 824.3 854.8 868.7 908.6 949.5 4

 5 Open market paper 10.9 13.5 11.9 26.3 25.5 35.1 40.6 42.2 29.3 34.0 34.3 5

 6 U.S. government securities 75.5 105.7 116.9 180.3 243.8 264.2 279.2 295.1 319.4 333.3 370.4 6

 7 Treasury 40.8 58.7 51.6 51.9 58.0 18.8 19.1 13.5 21.7 25.9 38.7 7

 8 Agency 34.7 47.0 65.3 128.4 185.8 245.4 260.1 281.6 297.8 307.4 331.7 8

 9 Municipal securities 3.0 3.2 2.6 3.4 4.4 4.1 4.4 3.8 3.5 3.3 3.9 9

10 Corporate and foreign bonds 0.0 0.0 11.1 19.5 25.0 30.6 29.8 29.8 24.4 30.9 25.1 10

11 Other loans and advances 131.8 135.5 162.0 189.1 200.3 229.1 223.3 238.3 246.9 260.3 267.8 11

12 Sallie Mae 30.1 31.6 33.4 37.0 37.9 36.2 34.9 33.5 32.4 30.9 29.1 12

13 Farm Credit System 22.7 24.0 25.4 26.3 30.2 31.6 31.7 32.4 32.7 31.6 32.7 13

14 FHLB 79.1 79.9 103.1 125.9 132.3 161.4 156.6 172.4 181.8 197.8 205.9 14

15 Mortgages 167.7 199.7 241.0 244.6 249.0 250.7 247.2 245.5 245.1 246.8 248.0 15

16 Home 126.4 156.9 196.7 199.3 203.2 204.3 201.0 199.6 199.1 200.7 202.1 16

17 Multifamily residential 14.2 15.8 17.5 18.4 19.0 18.6 18.2 17.8 17.5 17.3 16.7 17

18 Farm 27.1 27.0 26.8 26.9 26.8 27.9 27.9 28.2 28.6 28.9 29.2 18

19 Miscellaneous assets 39.2 26.9 33.2 31.5 41.2 79.8 72.6 78.5 81.8 98.5 104.0 19

20 Total liabilities 486.0 538.7 614.4 761.7 873.4 964.1 968.7 1011.7 1028.2 1070.3 1117.6 20

21 Credit market instruments 407.7 447.9 528.5 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 21

22 GSE issues (2) 402.9 443.1 523.7 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 22

23 U.S. government loans 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 78.3 90.8 85.9 61.1 66.9 67.2 74.1 67.6 72.4 75.1 86.8 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

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

 1 Total financial assets 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 1

 2 Home mortgages 1130.4 1248.2 1334.3 1449.7 1543.4 1678.9 1706.3 1726.9 1754.2 1788.0 1808.0 2

 3 Multifamily residential mortgages 26.1 23.8 22.5 22.4 26.9 32.5 33.7 35.2 36.5 37.8 39.0 3

 4 Farm 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 Total pool securities (liabilities)(2) 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, June 11, 1998 81

L.126 Issuers of Asset-Backed Securities (ABSs)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 353.1 420.6 504.2 576.9 716.7 865.0 881.5 908.8 979.6 1077.3 1132.2 1

 2 Agency securities (1) 111.5 91.4 107.0 111.8 122.3 115.5 111.1 107.4 105.7 104.6 103.7 2

 3 Other loans and advances 6.8 9.7 19.5 23.7 30.6 44.0 41.2 44.2 44.4 74.8 83.2 3

 4 Student loans 0.0 0.0 0.0 0.0 1.0 6.3 8.0 10.0 12.1 14.1 16.6 4

 5 Loans to business 6.8 9.7 19.5 23.7 29.6 37.7 33.2 34.2 32.3 60.7 66.6 5

 6 Mortgages (2) 110.3 173.4 219.0 260.2 296.5 359.1 373.7 391.8 420.2 456.8 487.4 6

 7 Home 100.1 151.9 184.8 208.5 227.8 261.9 271.1 279.5 299.4 318.0 330.3 7

 8 Multifamily residential 3.7 6.3 8.7 14.9 21.3 33.7 35.6 39.0 42.0 48.3 54.7 8

 9 Commercial 6.5 15.2 25.5 36.8 47.4 63.5 67.0 73.3 78.8 90.5 102.4 9

10 Consumer credit 103.0 120.3 130.5 146.1 211.6 265.8 268.5 275.6 293.5 313.1 317.2 10

11 Trade receivables 21.5 25.8 28.4 35.2 55.7 80.7 86.9 89.8 115.7 128.1 140.7 11

12 Total liabilities 355.0 422.5 506.1 579.0 720.1 873.8 889.9 918.0 989.6 1088.1 1142.7 12

13 Commercial paper 38.7 46.9 51.6 63.9 101.2 146.7 158.1 163.3 210.4 256.1 284.8 13

14 Corporate bonds 316.3 375.6 454.6 515.1 618.9 727.1 731.8 754.7 779.2 832.0 857.9 14

 Memo:

 Securitized consumer leases

15 not included above (3) 2.0 1.9 1.9 2.2 3.5 8.7 8.4 9.2 10.0 10.8 10.5 15

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(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 tangible asset.

L.127 Finance Companies (1)

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

 1 Total financial assets 559.7 555.6 557.4 599.7 672.3 714.6 720.5 736.9 731.5 757.4 778.5 1

 2 Checkable deposits and currency 10.6 11.9 13.3 14.9 16.6 18.5 19.0 19.5 20.0 20.6 21.1 2

 3 Credit market instruments 453.0 453.3 427.9 476.2 526.2 544.5 552.4 553.1 564.4 566.4 571.6 3

 4 Other loans and advances 263.8 264.9 249.0 274.9 301.6 309.5 315.2 311.7 319.5 318.5 325.9 4

 5 Mortgages 63.3 65.8 62.7 66.9 72.4 82.7 83.4 84.8 86.4 87.9 89.6 5

 6 Consumer credit 125.9 122.6 116.1 134.4 152.1 152.4 153.8 156.7 158.4 160.0 156.1 6

 7 Miscellaneous assets 96.2 90.4 116.1 108.5 129.6 151.5 149.0 164.3 147.1 170.4 185.8 7

 8 Total liabilities 531.5 547.9 554.2 618.5 691.2 741.0 747.1 761.1 755.6 777.6 799.5 8

 9 Credit market instruments 389.6 386.4 385.1 433.7 483.9 529.8 528.4 557.8 532.7 554.5 571.8 9

10 Open market paper 155.2 149.2 149.1 171.6 168.6 177.6 185.3 193.7 189.6 201.5 211.7 10

11 Corporate bonds 194.3 203.1 215.6 247.4 300.0 332.5 324.6 345.3 322.8 328.8 338.1 11

12 Bank loans n.e.c. 40.1 34.1 20.4 14.8 15.3 19.7 18.4 18.8 20.4 24.1 22.0 12

13 Taxes payable 1.9 2.6 3.3 4.1 5.1 6.0 6.3 6.5 6.7 7.0 7.2 13

14 Miscellaneous liabilities 140.0 158.9 165.8 180.6 202.2 205.2 212.5 196.8 216.2 216.2 220.4 14

15 Foreign direct investment in U.S. 5.6 9.5 33.8 35.9 52.4 63.3 75.6 85.1 92.4 96.6 98.5 15

16 Investment by parent 32.4 34.3 35.6 41.8 51.1 60.3 61.0 60.0 61.6 64.7 64.6 16

17 Other 102.0 115.1 96.4 102.9 98.8 81.6 75.9 51.7 62.1 54.9 57.4 17

 Memo:

18 Consumer leases not included above (2) 33.5 39.0 49.3 67.5 80.8 92.5 95.6 98.5 96.1 96.8 95.2 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
82 Z.1, June 11, 1998

L.128 Mortgage Companies

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 60.3 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 1

 2 Home mortgages 53.1 52.7 52.2 28.3 23.8 32.0 30.9 24.8 45.5 47.3 49.8 2

 3 Multifamily residential mortgages 2.7 3.0 3.1 3.1 4.2 4.1 4.9 4.9 4.9 5.2 5.3 3

 4 Commercial mortgages 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 60.3 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 5

 6 Bank loans n.e.c. 22.2 30.2 30.2 18.7 19.1 31.5 33.0 34.3 35.2 36.4 38.5 6

 7 Investment by parent 38.2 30.3 30.2 17.7 13.9 9.7 7.9 0.5 20.3 21.2 21.7 7

L.129 Real Estate Investment Trusts (REITs)

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

 1 Total financial assets 14.0 13.8 17.4 22.1 25.1 27.0 31.1 35.7 42.8 46.5 50.3 1

 2 Mortgages 7.0 8.1 8.6 13.3 15.5 17.5 17.0 16.5 15.9 15.5 15.0 2

 3 Home 0.4 0.9 0.9 1.5 1.7 1.9 1.9 1.8 1.7 1.7 1.6 3

 4 Multifamily residential 2.2 5.3 5.6 8.7 10.1 11.4 11.1 10.7 10.4 10.1 9.8 4

 5 Commercial 4.5 1.9 2.1 3.2 3.7 4.2 4.0 3.9 3.8 3.7 3.6 5

 6 Miscellaneous assets 7.0 5.8 8.8 8.7 9.6 9.5 14.1 19.2 26.9 31.0 35.3 6

 7 Total liabilities 16.5 19.3 24.7 46.1 54.2 68.8 75.4 83.4 94.2 104.4 115.4 7

 8 Security RPs 0.0 2.9 5.0 9.7 10.8 12.1 13.2 14.4 16.0 17.5 18.5 8

 9 Credit market instruments 13.6 13.9 17.4 31.1 36.8 47.8 51.6 56.6 64.6 72.6 81.7 9

10 Open market paper 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Corporate bonds 3.0 4.0 4.3 6.3 8.6 13.1 14.0 15.5 18.9 23.1 28.2 11

12 Bank loans n.e.c. 5.0 3.7 3.6 6.0 3.9 2.5 3.8 5.4 7.5 9.5 11.5 12

13 Mortgages 4.8 5.4 8.9 18.7 24.3 32.2 33.8 35.6 38.2 40.0 42.0 13

14 Miscellaneous liabilities 2.9 2.4 2.3 5.3 6.6 8.8 10.6 12.5 13.6 14.3 15.3 14
Z.1, June 11, 1998 83

L.130 Security Brokers and Dealers

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total financial assets 332.5 381.7 478.8 454.7 568.1 636.4 651.3 719.9 751.3 778.4 919.1 1

 2 Checkable deposits and currency 10.2 10.4 12.3 12.0 13.7 15.7 14.9 18.1 19.0 21.3 24.6 2

 3 Credit market instruments 124.0 122.7 137.5 93.3 183.4 167.7 164.1 161.2 165.1 181.4 244.8 3

 4 Open market paper 14.0 15.2 14.9 11.2 22.1 23.7 25.2 26.0 24.5 24.3 25.1 4

 5 U.S. government securities 59.7 45.3 32.5 2.3 72.3 42.4 30.9 26.6 23.6 44.0 105.2 5

 6 Treasury 5.7 -7.7 -28.3 -42.7 18.3 -12.8 -22.9 -27.1 -42.8 -6.5 37.4 6

 7 Agency 54.0 53.0 60.8 45.0 54.0 55.2 53.8 53.7 66.4 50.4 67.9 7

 8 Municipal securities 9.4 11.3 17.1 15.5 12.7 10.8 10.0 11.4 11.0 13.2 12.4 8

 9 Corporate and foreign bonds 40.9 50.9 73.0 64.4 76.4 90.9 97.9 97.2 105.9 100.0 102.1 9

10 Corporate equities 14.3 14.8 24.2 20.1 34.2 37.9 39.1 44.0 50.8 52.2 61.8 10

11 Security credit 55.1 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 139.0 11

12 Miscellaneous assets 129.0 180.4 228.6 254.2 258.2 320.7 332.1 386.1 389.0 392.3 448.9 12

13 Total liabilities 308.7 352.8 441.9 420.9 535.4 596.5 608.4 674.9 703.7 729.5 867.3 13

14 Security RPs (net) 106.7 106.4 126.4 103.4 182.4 180.9 178.0 208.1 216.5 203.6 237.3 14

15 Corporate bonds 19.0 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 15

16 Trade payables 6.8 7.4 10.1 9.1 10.3 14.3 17.6 16.4 23.6 19.9 19.5 16

17 Security credit 133.8 164.2 202.9 203.9 227.1 263.7 278.9 304.3 304.7 337.0 359.6 17

18 Customer credit balances (HH) 87.0 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 228.0 18

19 From banks 46.8 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 19

20 Taxes payable 0.9 0.9 1.4 1.2 1.1 1.3 1.0 0.9 1.1 1.3 1.1 20

21 Miscellaneous liabilities 41.5 52.2 67.4 69.0 85.3 109.1 106.3 110.1 124.2 132.3 214.8 21

22 Foreign direct investment in U.S. 5.8 5.3 5.0 5.8 11.0 7.8 8.0 8.0 9.5 9.7 11.1 22

23 Due to affiliates 26.1 55.5 84.7 110.3 135.4 186.7 210.2 222.2 220.4 236.6 262.5 23

24 Other 9.7 -8.6 -22.3 -47.2 -61.2 -85.3 -111.9 -120.1 -105.7 -113.9 -58.9 24

L.131 Funding Corporations (1)

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

 1 Total financial assets 278.3 337.7 329.2 368.0 367.9 470.2 512.6 502.3 519.4 553.6 627.4 1

 2 Money market fund shares 52.4 75.9 86.0 117.8 120.2 147.5 149.2 152.1 151.2 157.9 168.7 2

 3 Credit market instruments 134.2 147.0 117.8 109.3 82.2 92.0 103.6 93.8 90.1 111.7 145.9 3

 4 Open market paper 134.2 147.0 113.8 95.3 58.4 45.5 54.0 43.3 40.0 58.6 93.3 4

 5 Corporate and foreign bonds 0.0 0.0 4.0 14.0 23.8 46.5 49.6 50.6 50.1 53.1 52.6 5

 6 Miscellaneous assets (2) 91.7 114.8 125.4 141.0 165.5 230.7 259.8 256.4 278.1 284.0 312.8 6

 7 Investment in foreign banking offices 47.2 51.1 44.5 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 7

 8 Investment in brokers and dealers 44.5 63.7 80.8 96.9 114.8 166.3 180.4 182.1 195.2 205.2 225.2 8

 9 Total liabilities 278.3 337.7 329.2 368.0 367.9 470.2 512.6 502.3 519.4 553.6 627.4 9

10 Credit market instruments 143.1 168.6 180.3 211.0 248.6 312.7 348.6 350.0 363.4 373.8 412.9 10

11 Open market paper 128.4 142.2 140.3 151.1 164.2 199.1 223.6 225.7 226.3 229.6 249.6 11

12 Corporate bonds 14.7 26.4 40.0 60.0 84.4 113.6 125.0 124.3 137.2 144.2 163.4 12

13 Miscellaneous liabilities 135.2 169.1 148.9 157.0 119.3 157.5 164.0 152.4 156.0 179.9 214.5 13

14 Foreign direct investment in U.S. -51.4 -53.8 -54.9 -70.1 -83.1 -82.0 -88.8 -93.5 -85.3 -89.8 -100.2 14

15 Securities loaned (net) 102.9 153.5 197.1 221.7 216.2 276.1 288.5 339.2 336.2 333.2 353.4 15

16 Other 83.6 69.4 6.7 5.4 -13.8 -36.6 -35.7 -93.3 -94.9 -63.6 -38.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
84 Z.1, June 11, 1998

L.200 Gold and Official Foreign Exchange Holdings (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total U.S. reserves 77.7 71.3 73.4 74.3 85.8 75.1 67.2 67.8 67.1 70.0 69.4 1

 2 U.S. gold stock and SDRs 22.3 19.6 20.1 21.1 22.1 21.4 20.9 21.1 21.0 21.1 21.2 2

 3 Federal govt.: Exchange Stab. Fund 11.2 8.5 9.0 10.0 11.0 10.3 9.9 10.0 10.0 10.0 10.1 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.1 11.1 11.0 11.1 11.1 11.1 11.0 11.0 4

 5 U.S. foreign exchange position 55.4 51.8 53.4 53.2 63.7 53.7 46.3 46.7 46.1 48.9 48.2 5

 6 Official foreign currency holdings 45.9 40.0 41.5 41.2 49.1 38.3 32.4 32.9 32.1 30.8 30.2 6

 7 Treasury 18.3 18.5 19.2 19.2 28.0 19.0 14.5 15.0 14.5 13.8 13.5 7

 8 Monetary authority 27.6 21.5 22.3 22.0 21.1 19.3 18.0 18.0 17.6 17.0 16.7 8

 9 Net IMF position 9.5 11.8 11.8 12.0 14.6 15.4 13.8 13.8 14.0 18.1 18.0 9

10 Federal government 9.6 11.9 11.9 12.1 14.7 15.5 13.9 13.9 14.1 18.2 18.1 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

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

 SDR certificates:

 1 Liab: Federal government 10.0 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 1

 2 Asset: Monetary authority 10.0 8.0 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 2

 Treasury currency:

 3 Liab: Federal government 16.3 16.5 17.0 17.6 18.2 18.2 18.3 18.3 18.7 18.2 18.3 3

 4 Asset: Monetary authority 21.0 21.5 22.1 23.0 24.0 25.0 25.2 25.3 25.5 25.6 25.8 4

 5 Discrepancy (seigniorage) -4.7 -4.9 -5.1 -5.4 -5.8 -6.8 -6.9 -7.0 -6.8 -7.4 -7.5 5

L.202 U.S. Deposits in Foreign Countries

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

 1 Total rest of the world liability 273.5 267.7 271.8 324.6 359.2 438.1 485.2 489.9 516.2 527.0 540.1 1

 Held by:

 2 Household sector 14.6 15.6 15.8 18.8 23.4 35.5 39.7 43.5 46.5 49.3 53.8 2

 3 Nonfinancial corporate business 15.0 14.3 12.9 14.0 15.6 26.4 27.0 30.9 30.7 30.0 35.0 3

 4 Money market mutual funds 21.4 20.3 10.0 15.7 19.7 23.1 20.6 20.2 23.0 23.2 26.1 4

 5 Discrepancy--unallocated assets 222.6 217.6 233.2 276.2 300.6 353.1 397.8 395.2 416.0 424.6 425.2 5
Z.1, June 11, 1998 85

L.203 Net Interbank Transactions

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 96.4 138.5 189.3 280.1 290.7 240.8 210.9 197.1 186.9 192.8 201.2 1

 2 Monetary authority 63.0 63.9 67.6 68.9 70.2 69.7 59.0 61.6 60.3 75.8 62.2 2

 3 Depository institution reserves 29.4 32.1 35.0 30.8 29.6 24.5 21.8 23.2 21.8 30.8 24.4 3

 4 Vault cash 33.6 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 4

 5 Commercial banking 33.4 74.5 121.7 211.2 220.5 171.1 151.9 135.4 126.6 117.0 139.0 5

 6 To monetary authority 0.9 3.9 1.0 -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 6

 7 To banks in foreign countries, net 36.6 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.3 139.7 7

 8 Liabilities, net 47.6 89.2 135.4 229.0 239.7 192.9 174.5 162.8 168.0 162.1 152.7 8

 9 U.S.-chartered commercial banks 15.3 -11.5 7.9 82.3 79.6 48.5 56.2 63.3 64.5 59.4 49.5 9

10 Due to foreign affiliates 74.5 84.2 90.8 143.4 128.7 126.8 133.6 139.2 138.4 182.8 216.2 10

11 - Due from foreign affiliates 59.2 95.6 82.9 61.1 49.1 78.4 77.4 75.9 74.0 123.3 166.7 11

12 Foreign banking offices in U.S. 42.7 105.1 134.3 161.4 178.6 167.1 135.5 120.4 125.5 124.5 126.5 12

13 Due to foreign affiliates 75.1 84.6 83.0 84.3 99.9 110.4 110.4 109.8 98.7 79.9 54.0 13

14 - Due from foreign affiliates 32.4 -20.5 -51.3 -77.0 -78.7 -56.6 -25.1 -10.5 -26.8 -44.6 -72.6 14

15 Bank holding companies -10.3 -4.5 -6.8 -14.6 -18.5 -22.6 -17.2 -20.9 -21.9 -21.9 -23.3 15

16 Due to foreign affiliates 7.9 8.9 6.6 4.1 3.0 2.7 2.4 2.3 3.2 3.0 3.8 16

17 - Due from foreign affiliates 18.1 13.4 13.3 18.7 21.4 25.3 19.6 23.3 25.1 24.9 27.1 17

18 Less: Deposits at foreign banks 11.0 9.3 10.0 10.8 10.4 15.6 24.4 21.6 19.4 15.8 13.0 18

19 U.S. chartered commercial banks 9.4 7.7 8.4 8.0 5.4 10.6 18.6 16.9 15.8 11.7 12.8 19

20 Foreign banking offices in U.S. 1.6 1.6 1.6 2.9 5.0 5.0 5.8 4.8 3.6 4.1 0.3 20

21 To U.S. banking, net -4.2 -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.2 21

22 U.S.-chartered commercial banks -47.9 -33.6 -19.9 -13.3 -20.0 -41.8 -43.7 -44.6 -52.3 -50.1 -52.6 22

23 Liabilities 49.4 38.5 44.8 50.7 43.3 38.3 43.4 41.8 28.7 22.0 42.5 23

24 To foreign offices in U.S. 51.2 46.4 48.2 56.3 51.5 48.4 43.7 48.7 49.6 53.8 44.0 24

25 To bank holding companies 2.4 1.4 1.3 0.9 0.8 0.5 1.3 1.2 1.2 0.3 0.8 25

26 Unallocated -4.2 -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.2 26

 Less, due from:

27 Foreign offices in U.S. 99.0 77.2 66.7 60.2 58.9 64.9 75.1 74.3 66.5 57.6 80.8 27

28 Bank holding companies -1.7 -5.1 -1.9 3.8 4.4 15.2 12.1 12.1 14.6 14.6 14.4 28

29 Foreign banking offices in U.S. 47.8 30.8 18.5 3.9 7.5 16.5 31.3 25.5 16.9 3.8 36.8 29

30 Due to U.S. banks 99.0 77.2 66.7 60.2 58.9 64.9 75.1 74.3 66.5 57.6 80.8 30

31 - Due from U.S. banks 51.2 46.4 48.2 56.3 51.5 48.4 43.7 48.7 49.6 53.8 44.0 31

32 Bank holding companies -4.1 -6.5 -3.3 2.9 3.5 14.7 10.8 11.0 13.3 14.3 13.6 32

33 Due to U.S. banks -1.7 -5.1 -1.9 3.8 4.4 15.2 12.1 12.1 14.6 14.6 14.4 33

34 - Due from U.S. banks 2.4 1.4 1.3 0.9 0.8 0.5 1.3 1.2 1.2 0.3 0.8 34

35 Total assets 100.6 147.7 194.1 286.6 299.7 251.4 212.5 205.1 209.0 224.9 203.5 35

36 Rest of the world 36.6 79.9 125.4 218.2 229.3 177.3 150.1 141.1 148.6 146.3 139.7 36

37 Domestic 64.0 67.9 68.6 68.4 70.4 74.1 62.5 64.0 60.4 78.6 63.8 37

38 Monetary authority 0.9 3.9 1.0 -0.5 0.2 4.4 3.5 2.4 0.1 2.8 1.5 38

39 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 4.3 -0.5 0.5 -0.3 0.7 1.5 39

40 Loans to member banks 0.2 0.7 0.1 0.2 0.1 0.1 4.0 1.9 0.3 2.0 0.0 40

41 Commercial banking 60.1 60.9 64.2 66.1 67.5 67.5 56.9 59.8 58.5 74.2 60.5 41

42 Reserves at Federal Reserve 26.5 29.0 31.5 28.0 26.9 22.3 19.8 21.4 20.0 29.1 22.7 42

43 Vault cash 33.6 31.9 32.7 38.1 40.6 45.2 37.2 38.4 38.5 45.0 37.8 43

44 Savings insts.: Reserves at Fed. Res. 2.9 3.1 3.4 2.8 2.7 2.3 2.1 1.8 1.8 1.7 1.7 44

45 Discrepancy--floats, etc. -4.2 -9.3 -4.7 -6.5 -9.0 -10.6 -1.6 -8.1 -22.1 -32.1 -2.2 45
86 Z.1, June 11, 1998

L.204 Checkable Deposits and Currency

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1020.9 1134.4 1251.7 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.8 1

 2 Monetary authority 293.5 311.1 348.2 373.5 390.5 413.9 414.9 432.5 428.3 444.0 443.8 2

 3 Federal government cash and deposits 18.3 8.0 15.2 7.5 6.2 8.0 6.3 16.7 7.9 5.7 5.8 3

 4 Deposits due to foreign 1.0 0.2 0.4 0.3 0.5 0.5 1.3 0.6 0.7 1.0 0.8 4

 5 Currency outside banks 274.2 302.8 332.6 365.7 383.7 405.5 407.4 415.2 419.7 437.4 437.3 5

 6 Commercial banking 621.6 714.3 788.4 756.7 710.8 676.3 642.0 661.1 626.8 656.4 617.1 6

 7 Federal government deposits 36.4 30.6 42.6 23.8 19.0 28.7 24.0 34.2 33.5 27.8 21.7 7

 8 Deposits due to foreign 19.4 21.7 21.3 23.2 24.0 26.6 26.9 29.4 28.1 31.6 32.1 8

 9 Private domestic deposits 565.7 662.1 724.5 709.8 667.8 621.0 591.1 597.4 565.1 597.1 563.3 9

10 Savings institutions 85.3 84.0 88.3 83.0 97.1 122.4 128.9 136.4 142.3 149.5 158.2 10

11 Credit unions 20.5 25.1 26.8 28.8 30.9 32.5 34.2 35.3 36.7 36.6 40.6 11

12 Total assets 1020.9 1134.4 1251.7 1242.0 1229.3 1245.1 1220.0 1265.3 1234.2 1286.6 1259.8 12

13 Household sector 426.6 523.6 570.8 541.0 483.2 416.9 409.4 406.4 378.2 404.0 393.6 13

14 Nonfinancial business 268.9 282.6 305.6 329.7 365.7 420.5 412.6 422.2 433.1 436.3 427.9 14

15 Corporate 182.5 189.4 203.1 221.6 252.9 302.7 293.6 302.0 311.5 313.2 303.2 15

16 Nonfarm noncorporate 74.6 79.6 87.2 92.3 96.6 101.7 102.9 104.1 105.4 106.9 108.4 16

17 Farm 11.8 13.6 15.3 15.8 16.2 16.1 16.1 16.1 16.1 16.2 16.3 17

18 State and local governments 24.6 26.8 28.3 31.6 34.4 31.7 30.0 31.3 31.8 33.2 30.5 18

19 Federal government 50.9 31.7 52.2 27.8 22.2 38.3 40.0 57.8 49.3 41.6 37.9 19

20 Rest of the world 144.7 159.6 178.2 203.5 216.8 236.7 241.2 247.9 253.3 266.9 268.0 20

21 Checkable deposits 20.4 21.9 21.6 23.5 24.5 27.1 28.1 30.0 28.8 32.5 32.9 21

22 Currency 124.3 137.7 156.6 180.0 192.3 209.6 213.1 217.9 224.5 234.4 235.1 22

23 Financial sectors 60.8 61.2 70.1 67.0 69.7 72.5 71.0 78.6 76.9 86.4 92.5 23

24 Commercial banking 1.8 1.3 1.0 1.4 1.6 1.4 1.4 1.4 1.4 1.4 1.4 24

25 Savings institutions 12.9 12.4 15.4 13.9 15.5 14.2 13.1 13.6 14.2 15.3 15.9 25

26 Credit unions 5.4 6.6 6.5 6.5 7.4 7.5 7.9 7.6 7.2 8.1 8.6 26

27 Bank personal trusts and estates 1.0 0.9 0.8 0.5 0.5 0.8 0.8 0.9 0.9 1.0 1.0 27

28 Life insurance companies 5.5 4.8 5.2 5.6 5.2 4.3 3.5 4.0 3.7 4.1 4.3 28

29 Other insurance companies 5.3 5.6 5.2 5.0 4.9 3.9 4.2 4.1 4.2 4.1 4.1 29

30 Private pension funds 3.0 2.9 3.0 3.2 3.1 3.0 3.0 3.0 3.0 2.9 2.9 30

31 State and local govt. retirement funds 4.2 6.0 6.5 5.1 3.1 3.6 2.7 3.9 3.5 4.3 3.5 31

32 Money market mutual funds -0.2 -2.7 -1.2 -2.5 -3.5 -1.1 -0.4 -0.4 -2.2 1.5 3.5 32

33 Government-sponsored enterprises 1.2 1.2 2.1 1.3 1.5 0.7 0.9 2.9 1.9 1.9 1.6 33

34 Finance companies 10.6 11.9 13.3 14.9 16.6 18.5 19.0 19.5 20.0 20.6 21.1 34

35 Brokers and dealers 10.2 10.4 12.3 12.0 13.7 15.7 14.9 18.1 19.0 21.3 24.6 35

36 Mail float 44.3 48.8 46.4 41.4 37.2 28.5 15.9 21.1 11.7 18.1 9.5 36
Z.1, June 11, 1998 87

L.205 Time and Savings Deposits 

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2839.1 2708.6 2614.8 2594.4 2756.6 2967.9 3033.1 3079.0 3134.9 3187.5 3268.5 1

 2 Small time and savings deposits 2350.7 2293.4 2223.1 2183.2 2279.7 2377.0 2427.1 2432.3 2438.8 2474.1 2526.0 2

 3 Commercial banking 1386.5 1389.2 1377.2 1376.2 1490.1 1613.2 1666.7 1684.4 1716.0 1761.5 1814.1 3

 4 U.S.-chartered commercial banks 1367.5 1369.5 1358.6 1357.9 1471.3 1594.2 1637.1 1657.7 1692.7 1738.0 1790.8 4

 5 Foreign banking offices in U.S. 11.0 11.2 10.4 9.3 8.5 8.7 19.4 16.8 13.1 13.1 12.7 5

 6 Banks in U.S.-affiliated areas 8.1 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 6

 7 Savings institutions 767.6 692.2 624.1 579.7 550.7 512.5 501.0 485.0 461.5 448.2 437.0 7

 8 Credit unions 196.5 212.0 221.8 227.3 238.9 251.2 259.4 262.9 261.4 264.4 274.9 8

 9 Large time deposits (1) 488.4 415.2 391.7 411.2 476.9 590.9 606.0 646.7 696.1 713.4 742.4 9

10 Commercial banking 399.6 332.8 311.7 333.0 387.8 493.1 505.0 543.6 590.0 601.0 626.8 10

11 U.S.-chartered commercial banks 292.3 216.1 196.1 214.0 256.5 306.1 314.2 329.1 360.9 369.3 391.0 11

12 Foreign banking offices in U.S. 99.3 108.2 107.4 110.0 121.0 176.6 180.7 204.6 218.9 221.3 225.1 12

13 Banks in U.S.-affiliated areas 8.1 8.5 8.2 9.0 10.2 10.4 10.1 9.9 10.2 10.4 10.7 13

14 Savings institutions 84.6 76.7 73.0 71.0 80.1 86.4 88.5 90.3 93.3 98.1 101.2 14

15 Credit unions 4.2 5.8 6.9 7.3 9.0 11.4 12.4 12.8 12.8 14.4 14.5 15

16 Total assets 2839.1 2708.6 2614.8 2594.4 2756.6 2967.9 3033.1 3079.0 3134.9 3187.5 3268.5 16

17 Household sector 2423.7 2349.0 2235.9 2223.9 2393.9 2561.9 2608.5 2642.8 2690.9 2736.3 2793.3 17

18 Nonfinancial business 117.7 100.5 129.3 130.9 115.0 123.6 120.4 126.8 125.6 131.3 135.6 18

19 Corporate 66.8 51.8 74.1 67.5 42.9 44.7 40.0 45.0 42.2 46.1 48.6 19

20 Nonfarm noncorporate 50.9 48.7 55.2 63.4 72.1 78.9 80.3 81.8 83.4 85.2 87.0 20

21 State and local governments 57.2 51.5 46.5 52.9 62.4 70.7 70.7 72.7 75.9 76.8 83.2 21

22 Federal government 1.6 0.9 0.8 0.7 0.9 2.4 2.4 3.3 2.8 3.4 3.0 22

23 Rest of the world 49.0 47.9 54.7 56.3 49.6 60.6 63.0 65.9 68.4 73.5 78.3 23

24 Financial sectors 190.0 158.9 147.5 129.8 134.7 148.8 168.1 167.5 171.3 166.2 175.2 24

25 Savings institutions 5.0 3.7 3.0 1.3 1.1 1.4 1.4 1.3 1.2 1.0 1.1 25

26 Credit unions 26.7 27.0 25.6 16.7 17.1 16.4 18.4 17.5 15.5 17.0 18.1 26

27 Bank personal trusts and estates 15.7 10.5 9.4 11.0 10.5 9.0 9.5 9.8 10.7 11.3 11.9 27

28 Private pension funds 99.5 77.4 69.0 64.5 49.6 35.2 32.0 28.3 25.2 21.6 20.5 28

29 State and local govt. retirement funds 8.1 5.8 8.5 4.9 4.0 4.2 7.4 4.0 3.8 3.9 3.2 29

30 Money market mutual funds 35.1 34.6 31.9 31.4 52.3 82.7 99.4 106.4 115.0 111.3 120.4 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

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

 1 Total assets 535.0 539.5 559.6 602.9 745.3 891.1 950.8 952.4 1005.1 1048.7 1132.9 1

 2 Household sector 379.5 338.6 337.9 351.3 449.2 528.7 578.5 567.7 612.2 639.0 700.0 2

 3 Nonfinancial corporate business 31.5 47.3 44.8 52.2 77.0 84.2 87.4 89.1 94.0 98.3 103.6 3

 4 Nonfarm noncorporate business 3.6 3.6 3.9 4.0 4.9 5.9 6.1 6.3 6.5 6.7 6.9 4

 5 Bank personal trusts and estates 29.6 29.2 29.3 29.9 33.6 41.4 41.8 41.9 42.6 43.0 43.5 5

 6 Life insurance companies 19.6 25.0 31.5 16.2 22.8 40.7 44.7 50.9 54.0 56.5 62.1 6

 7 Private pension funds 18.8 19.8 26.3 31.6 37.5 42.7 43.1 44.4 44.6 47.3 48.1 7

 8 Funding corporations 52.4 75.9 86.0 117.8 120.2 147.5 149.2 152.1 151.2 157.9 168.7 8
88 Z.1, June 11, 1998

L.207 Federal Funds and Security Repurchase Agreements

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 355.9 400.0 471.3 549.5 659.9 699.9 713.8 766.7 795.4 815.1 881.1 1

 2 Commercial banking (net) 229.6 272.2 313.7 391.8 422.2 463.2 477.0 498.4 516.2 552.2 580.1 2

 3 U.S.-chartered commercial banks 192.6 234.3 279.8 351.4 379.6 408.2 418.0 433.3 455.2 471.7 487.6 3

 4 Foreign banking offices in U.S. 38.4 39.0 34.7 41.4 43.2 55.1 59.0 65.3 61.0 80.7 91.6 4

 5 Bank holding companies -1.4 -1.2 -0.8 -0.9 -0.5 -0.2 0.0 -0.1 -0.1 -0.2 0.9 5

 6 Savings institutions 19.6 18.6 26.1 44.5 44.5 43.7 45.6 45.9 46.7 41.8 45.2 6

 7 REITs 0.0 2.9 5.0 9.7 10.8 12.1 13.2 14.4 16.0 17.5 18.5 7

 8 Brokers and dealers (net) 106.7 106.4 126.4 103.4 182.4 180.9 178.0 208.1 216.5 203.6 237.3 8

 9 Total assets 409.1 448.0 472.8 481.7 569.2 609.9 645.4 657.5 669.4 653.2 677.3 9

10 Nonfinancial corporate business 1.6 5.1 2.5 2.2 2.4 3.8 3.6 3.2 3.9 4.3 4.8 10

11 State and local governments 118.4 123.1 133.7 118.6 115.7 147.8 147.9 149.4 150.1 151.4 160.0 11

12 Rest of the world 20.9 41.7 58.6 46.6 67.6 70.9 84.2 84.7 89.8 77.7 79.0 12

13 Financial sectors 268.2 278.2 277.9 314.2 383.4 387.4 409.6 420.3 425.6 419.8 433.5 13

14 Monetary authority 15.9 8.1 13.2 10.6 13.9 21.6 11.6 16.6 13.9 23.8 8.3 14

15 Savings institutions 15.1 14.4 10.6 6.5 11.2 10.0 9.4 9.8 8.5 9.2 11.9 15

16 Credit unions 13.2 13.5 8.5 6.2 6.4 1.4 8.4 4.2 3.8 3.5 9.8 16

17 Other insurance companies 26.9 32.6 31.7 29.4 37.5 35.4 38.1 36.6 37.5 37.4 37.7 17

18 Private pension funds 32.7 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 18

19 State and local govt. retirement funds 17.7 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 31.4 19

20 Money market mutual funds 67.0 65.9 66.4 68.8 87.8 103.8 119.0 113.6 124.6 126.6 136.3 20

21 Mutual funds 12.2 21.9 38.7 43.1 50.2 47.5 53.0 58.1 58.4 56.4 59.8 21

22 Government-sponsored enterprises 67.6 66.6 50.3 85.8 106.3 94.5 96.1 102.2 102.6 90.4 95.2 22

23 Discrepancy--unallocated assets -53.3 -48.0 -1.5 67.8 90.7 90.0 68.4 109.2 126.0 162.0 203.8 23

L.208 Open Market Paper

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

 1 Total outstanding, all types 565.9 579.0 580.0 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 1

 2 Commercial paper 528.1 545.1 553.8 600.1 677.7 779.4 836.8 867.7 901.7 958.5 1057.7 2

 3 Nonfinancial corporate business 98.5 107.1 117.8 139.2 157.4 156.4 168.7 179.3 176.6 168.6 193.1 3

 4 Foreign issues in U.S. 82.1 78.4 68.8 42.7 56.2 67.5 69.3 71.3 64.3 65.1 76.7 4

 5 Nonfinancial 26.1 30.6 27.5 15.2 20.6 18.7 15.9 15.7 19.8 20.0 19.8 5

 6 Financial 56.0 47.8 41.3 27.5 35.6 48.8 53.4 55.6 44.6 45.0 56.9 6

 7 Financial business 347.5 359.6 367.1 418.2 464.2 555.5 598.8 617.0 660.7 724.8 787.9 7

 8 Commercial banking 24.3 20.4 25.6 31.6 30.1 32.0 31.8 34.4 34.5 37.6 41.8 8

 9 ABS issuers 38.7 46.9 51.6 63.9 101.2 146.7 158.1 163.3 210.4 256.1 284.8 9

10 Finance companies 155.2 149.2 149.1 171.6 168.6 177.6 185.3 193.7 189.6 201.5 211.7 10

11 REITs 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Funding corporations 128.4 142.2 140.3 151.1 164.2 199.1 223.6 225.7 226.3 229.6 249.6 12

13 Bankers acceptances (1) 37.8 33.9 26.3 23.4 22.6 23.6 24.2 25.4 24.0 20.9 17.1 13

14 Holdings, by sector 565.9 579.0 580.0 623.5 700.4 803.0 861.1 893.1 925.7 979.4 1074.8 14

15 Household sector 33.3 29.9 45.5 46.7 59.9 82.6 94.5 104.4 113.1 122.6 132.9 15

16 Nonfinancial corporate business 14.7 17.0 19.4 18.8 20.1 31.0 26.1 25.0 27.8 33.9 36.4 16

17 State and local governments 9.0 14.1 17.9 22.3 39.4 59.7 63.4 65.1 69.2 71.0 75.3 17

18 Rest of the world 11.3 12.9 18.8 24.9 43.4 54.5 46.9 57.2 72.7 75.0 71.4 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 10.6 9.2 7.3 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 20

21 Savings institutions 1.3 0.6 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 2.6 3.0 2.2 2.1 0.6 0.3 0.2 0.4 0.2 0.2 0.1 22

23 Bank personal trusts and estates 25.2 22.8 19.5 23.0 23.7 21.1 21.8 22.2 22.9 23.9 23.8 23

24 Life insurance companies 45.8 43.2 46.9 52.8 45.5 48.4 55.3 58.1 64.6 68.3 78.0 24

25 Private pension funds 32.7 34.5 38.1 37.6 37.6 40.0 40.8 40.8 41.6 42.0 43.2 25

26 State and local govt. retirement funds 17.7 20.6 20.5 26.2 32.5 33.2 33.3 38.4 34.7 30.6 31.4 26

27 Money market mutual funds 190.6 173.6 164.4 187.2 235.5 273.9 302.7 308.9 323.6 336.0 371.2 27

28 Mutual funds 12.2 21.9 38.7 43.1 50.2 47.2 53.0 58.1 58.4 56.4 57.3 28

29 Government-sponsored enterprises 10.9 13.5 11.9 26.3 25.5 35.1 40.6 42.2 29.3 34.0 34.3 29

30 Brokers and dealers 14.0 15.2 14.9 11.2 22.1 23.7 25.2 26.0 24.5 24.3 25.1 30

31 Funding corporations 134.2 147.0 113.8 95.3 58.4 45.5 54.0 43.3 40.0 58.6 93.3 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, June 11, 1998 89

L.209 Treasury Securities

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2757.8 3061.6 3309.9 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.8 1

 2 Savings bonds 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.5 2

 3 Other Treasury issues 2619.7 2904.3 3138.0 3285.6 3423.5 3568.1 3617.0 3547.9 3558.9 3591.8 3618.3 3

 4 Total assets 2757.8 3061.6 3309.9 3465.6 3608.5 3755.1 3803.5 3734.3 3745.1 3778.3 3804.8 4

 5 Household sector 381.0 458.5 475.0 662.2 580.6 564.4 515.7 431.1 385.9 329.2 281.4 5

 6 Savings bonds 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.3 186.2 186.5 186.5 6

 7 Other Treasury issues 242.8 301.2 303.1 482.3 395.6 377.4 329.2 244.8 199.8 142.7 94.9 7

 8 Nonfarm noncorporate business 12.2 13.0 13.3 14.0 15.6 17.7 18.1 18.4 18.8 19.3 19.7 8

 9 Nonfinancial corporate business 43.4 60.6 48.8 50.8 57.1 47.7 63.7 55.7 61.1 58.2 51.1 9

10 State and local governments 435.5 418.2 447.8 370.0 289.8 257.0 250.6 243.3 237.7 239.3 236.6 10

11 Rest of the world 496.6 548.1 625.1 660.1 860.9 1109.5 1180.6 1213.6 1256.6 1265.6 1275.6 11

12 Monetary authority 266.5 295.0 332.0 364.5 378.2 390.9 395.1 410.9 411.8 430.7 433.2 12

13 Commercial banking 232.5 294.4 322.2 290.4 278.7 261.8 282.5 265.9 261.8 270.3 279.2 13

14 U.S.-chartered commercial banks 207.8 254.3 275.0 248.0 207.6 173.0 180.1 172.4 163.2 166.8 172.2 14

15 Foreign banking offices in U.S. 20.8 29.6 36.1 32.7 62.3 80.7 94.0 85.8 90.5 95.1 99.9 15

16 Bank holding companies 1.0 6.1 5.3 4.6 3.4 4.0 3.6 2.9 2.7 4.0 2.2 16

17 Banks in U.S.-affiliated areas 2.8 4.3 5.8 5.1 5.4 4.1 4.7 4.8 5.3 4.4 4.8 17

18 Savings institutions 25.0 34.0 28.2 27.1 18.4 17.4 17.0 16.3 15.3 14.6 14.9 18

19 Credit unions 14.1 19.9 22.6 22.1 18.3 17.4 17.8 17.9 15.7 15.6 14.6 19

20 Bank personal trusts and estates 40.9 40.1 40.4 39.8 38.7 39.5 39.4 39.3 39.3 39.2 39.1 20

21 Life insurance companies 77.8 88.8 110.0 107.1 108.1 93.2 93.2 93.8 96.7 96.8 96.2 21

22 Other insurance companies 104.0 108.7 124.5 133.0 133.4 120.9 121.1 123.9 126.0 128.0 129.8 22

23 Private pension funds 212.6 223.9 239.6 271.2 292.2 305.6 309.3 313.6 318.0 324.9 329.6 23

24 State and local govt. retirement funds 147.5 147.8 163.0 171.0 175.8 190.5 192.5 197.9 209.1 204.8 205.8 24

25 Money market mutual funds 78.3 78.4 79.4 66.1 70.0 90.2 82.2 74.8 75.0 86.2 83.3 25

26 Mutual funds 133.5 169.5 200.9 194.1 205.3 214.2 217.3 220.0 226.4 225.6 228.2 26

27 Closed-end funds 10.0 11.6 13.7 12.8 11.2 11.4 11.4 11.2 11.0 10.7 10.5 27

28 Government-sponsored enterprises 40.8 58.7 51.6 51.9 58.0 18.8 19.1 13.5 21.7 25.9 38.7 28

29 Brokers and dealers 5.7 -7.7 -28.3 -42.7 18.3 -12.8 -22.9 -27.1 -42.8 -6.5 37.4 29

 Memo:

30 Federal government debt (1) 2776.4 3080.3 3336.5 3492.3 3636.7 3781.8 3829.8 3760.6 3771.2 3804.9 3830.8 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
90 Z.1, June 11, 1998

L.210 Agency Securities (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1577.9 1734.0 1907.0 2199.5 2405.0 2634.9 2661.0 2732.6 2772.6 2847.6 2903.8 1

 2 Budget agencies 18.6 18.8 26.6 26.7 28.2 26.6 26.3 26.3 26.1 26.5 25.9 2

 3 Government-sponsored enterprises 402.9 443.1 523.7 700.6 806.5 896.9 894.7 944.2 955.8 995.3 1030.9 3

 4 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 4

 5 Total assets 1577.9 1734.0 1907.0 2199.5 2405.0 2634.9 2661.0 2732.6 2772.6 2847.6 2903.8 5

 6 Household sector 111.9 137.8 99.4 242.4 260.5 336.9 351.1 361.0 353.5 368.6 335.9 6

 7 Nonfinancial corporate business 5.1 8.6 19.1 19.9 23.4 33.9 22.6 16.4 14.7 17.4 17.8 7

 8 State and local governments 162.7 174.9 175.0 186.6 151.5 126.2 121.4 141.6 130.2 135.4 130.2 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 62.4 80.6 116.4 136.4 167.2 215.6 223.7 233.9 249.1 259.2 282.6 10

11 Monetary authority 6.0 5.4 4.6 3.6 2.6 2.2 2.0 1.5 0.9 0.7 0.6 11

12 Commercial banking 335.7 378.5 423.2 428.7 467.5 495.7 510.4 523.0 537.9 571.2 594.3 12

13 U.S.-chartered commercial banks 321.2 360.1 396.3 398.1 421.5 436.7 446.0 455.3 467.8 497.2 511.4 13

14 Foreign banking offices in U.S. 11.2 14.1 21.5 23.0 37.3 49.7 54.8 57.5 60.3 62.2 67.4 14

15 Bank holding companies 2.4 2.2 3.1 4.8 4.7 4.9 4.6 5.2 4.4 5.5 8.6 15

16 Banks in U.S.-affiliated areas 1.0 2.1 2.3 2.8 4.0 4.3 5.1 5.1 5.5 6.3 7.0 16

17 Savings institutions 145.0 143.0 147.3 159.9 164.6 156.1 156.1 159.6 154.8 155.3 152.8 17

18 Credit unions 19.6 28.7 36.3 40.9 45.7 50.7 51.9 53.4 53.6 51.0 54.0 18

19 Bank personal trusts and estates 32.6 31.8 32.7 32.2 32.1 31.8 31.8 31.9 31.9 32.0 31.9 19

20 Life insurance companies 164.2 193.0 222.8 234.1 242.9 244.1 243.1 245.8 249.3 250.3 250.9 20

21 Other insurance companies 42.1 42.6 44.5 45.8 48.2 51.0 51.1 49.6 50.4 51.2 51.8 21

22 Private pension funds 97.8 102.9 110.9 129.2 141.2 148.8 151.0 153.5 156.3 160.5 163.4 22

23 State and local govt. retirement funds 84.6 72.5 68.2 75.2 95.0 108.0 109.5 105.2 107.0 112.0 112.7 23

24 Money market mutual funds 40.6 54.3 67.8 77.2 90.8 101.8 92.1 93.3 88.5 96.3 95.8 24

25 Mutual funds 67.1 87.9 105.7 102.1 109.9 116.1 118.2 120.1 124.5 124.0 125.8 25

26 Government-sponsored enterprises 34.7 47.0 65.3 128.4 185.8 245.4 260.1 281.6 297.8 307.4 331.7 26

27 ABS issuers 111.5 91.4 107.0 111.8 122.3 115.5 111.1 107.4 105.7 104.6 103.7 27

28 Brokers and dealers 54.0 53.0 60.8 45.0 54.0 55.2 53.8 53.7 66.4 50.4 67.9 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, June 11, 1998 91

L.211 Municipal Securities and Loans

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1272.2 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 1

 2 State and local governments 1067.6 1098.8 1174.2 1141.8 1105.3 1119.3 1133.5 1155.8 1171.2 1200.1 1229.4 2

 3 Short-term (1) 33.1 32.0 33.8 31.7 32.9 39.1 40.1 37.8 43.0 47.5 48.4 3

 4 Long-term 1034.5 1066.8 1140.3 1110.2 1072.5 1080.2 1093.3 1118.1 1128.1 1152.6 1181.0 4

 5 Nonprofit organizations (2) 90.6 90.0 89.5 91.0 91.9 97.9 99.1 102.5 105.1 108.8 112.8 5

 6 Nonfinancial corporate business 114.0 114.0 113.9 108.8 96.3 78.8 72.6 68.6 64.0 58.6 54.9 6

 (industrial revenue bonds)

 7 Total assets 1272.2 1302.8 1377.5 1341.7 1293.5 1296.0 1305.1 1326.8 1340.2 1367.5 1397.1 7

 8 Household sector 614.1 585.5 552.6 502.2 459.1 441.1 436.6 451.1 449.7 463.3 464.8 8

 9 Nonfinancial corporate business 44.8 45.8 54.7 56.7 36.8 26.7 28.4 33.8 33.1 30.4 35.4 9

10 State and local governments 11.6 10.5 9.5 8.6 5.1 4.6 4.4 4.5 4.7 4.8 4.9 10

11 Commercial banking 103.2 97.5 99.2 97.6 93.4 94.2 94.0 94.3 96.2 96.7 96.6 11

12 Savings institutions 2.4 2.1 2.1 2.0 2.0 2.1 1.9 2.0 2.1 2.1 2.3 12

13 Bank personal trusts and estates 89.9 96.0 108.9 114.2 108.3 104.0 104.2 104.5 104.6 104.8 105.0 13

14 Life insurance companies 10.2 11.4 14.7 12.8 11.9 13.4 13.5 13.7 14.1 14.4 14.8 14

15 Other insurance companies 126.8 134.3 146.1 153.8 161.0 175.4 175.7 178.5 181.4 184.4 186.6 15

16 Private pension funds 0.5 0.5 0.6 0.7 0.8 0.9 0.9 0.9 0.9 1.0 1.0 16

17 State and local govt. retirement funds 0.4 0.5 0.7 0.4 0.5 0.6 0.5 0.5 1.0 1.3 1.7 17

18 Money market mutual funds 90.6 96.0 105.6 113.4 127.7 144.5 155.7 151.8 158.9 167.0 182.0 18

19 Mutual funds 139.7 168.4 211.3 207.0 210.2 213.3 214.2 215.1 218.0 219.8 224.3 19

20 Closed-end funds 25.4 39.7 51.8 53.4 59.6 60.4 60.6 60.8 61.0 61.2 61.5 20

21 Government-sponsored enterprises 3.0 3.2 2.6 3.4 4.4 4.1 4.4 3.8 3.5 3.3 3.9 21

22 Brokers and dealers 9.4 11.3 17.1 15.5 12.7 10.8 10.0 11.4 11.0 13.2 12.4 22

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

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

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

 1 Total liabilities 1886.4 2065.6 2346.8 2504.0 2823.6 3125.3 3159.3 3250.6 3325.9 3431.0 3543.8 1

 2 Nonfinancial corporate business 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1418.7 1440.2 1470.9 1489.5 1528.8 2

 3 Rest of the world (1) 130.4 147.2 230.1 242.3 291.9 341.3 344.1 352.7 376.3 382.6 384.7 3

 4 Financial sectors 669.0 763.9 887.0 1008.8 1205.4 1385.1 1396.5 1457.7 1478.6 1558.9 1630.3 4

 5 Commercial banking 113.2 127.6 134.9 142.6 161.1 168.9 171.8 180.1 184.2 192.6 205.1 5

 6 Savings institutions 8.6 5.5 3.9 3.1 3.1 2.7 2.6 2.6 2.8 2.8 2.6 6

 7 ABS issuers 316.3 375.6 454.6 515.1 618.9 727.1 731.8 754.7 779.2 832.0 857.9 7

 8 Finance companies 194.3 203.1 215.6 247.4 300.0 332.5 324.6 345.3 322.8 328.8 338.1 8

 9 REITs 3.0 4.0 4.3 6.3 8.6 13.1 14.0 15.5 18.9 23.1 28.2 9

10 Brokers and dealers 19.0 21.7 33.7 34.3 29.3 27.3 26.6 35.3 33.6 35.3 35.1 10

11 Funding corporations 14.7 26.4 40.0 60.0 84.4 113.6 125.0 124.3 137.2 144.2 163.4 11

12 Total assets 1886.4 2065.6 2346.8 2504.0 2823.6 3125.3 3159.3 3250.6 3325.9 3431.0 3543.8 12

13 Household sector 304.7 297.3 333.7 373.7 440.3 445.4 414.6 419.5 414.9 445.8 465.6 13

14 State and local governments 18.0 20.9 26.5 31.9 39.0 49.7 47.3 45.0 44.5 42.8 41.2 14

15 Rest of the world (2) 233.4 251.5 273.3 311.4 369.5 447.7 469.3 489.7 515.1 531.7 558.4 15

16 Commercial banking 96.3 94.7 98.2 102.5 110.9 112.3 118.8 122.6 132.4 143.1 153.0 16

17 Savings institutions 72.7 80.0 89.1 86.7 78.5 68.6 67.9 67.2 58.5 58.7 58.2 17

18 Bank personal trusts and estates 30.7 36.8 35.8 35.3 33.6 31.9 32.0 34.1 35.2 36.3 36.9 18

19 Life insurance companies 595.1 653.9 719.5 779.4 870.1 949.3 966.6 1000.9 1011.8 1023.2 1039.8 19

20 Other insurance companies 97.2 97.8 103.1 110.1 123.3 141.6 140.8 143.8 146.1 148.5 150.2 20

21 Private pension funds 162.5 185.6 207.8 200.0 227.0 250.3 256.8 264.0 271.9 282.4 291.2 21

22 State and local govt. retirement funds 129.3 152.8 166.5 167.7 163.5 180.2 178.9 183.5 192.8 199.5 207.5 22

23 Money market mutual funds 3.8 6.3 11.7 15.2 21.5 23.9 26.4 27.7 32.7 33.4 37.9 23

24 Mutual funds 87.7 118.7 169.3 172.4 195.7 229.5 235.4 247.2 261.9 273.8 296.2 24

25 Closed-end funds 14.1 18.3 24.2 19.8 25.6 26.9 27.4 27.6 27.8 27.9 28.0 25

26 Government-sponsored enterprises 0.0 0.0 11.1 19.5 25.0 30.6 29.8 29.8 24.4 30.9 25.1 26

27 Brokers and dealers 40.9 50.9 73.0 64.4 76.4 90.9 97.9 97.2 105.9 100.0 102.1 27

28 Funding corporations 0.0 0.0 4.0 14.0 23.8 46.5 49.6 50.6 50.1 53.1 52.6 28

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
92 Z.1, June 11, 1998

L.213 Corporate Equities (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Issues at market value 4866.0 5458.3 6257.6 6237.9 8331.3 10061.1 10072.3 11719.8 12804.6 12958.6 14618.6 1

 2 Nonfinancial corporate business 3497.0 3827.9 4126.0 4141.8 5481.1 6367.4 6283.4 7341.0 7965.0 7898.5 9110.4 2

 3 Rest of the world (2) 279.0 314.3 543.9 586.6 699.1 875.5 901.2 1004.5 1070.3 1079.1 1103.1 3

 4 Financial corporations 1090.1 1316.1 1587.7 1509.4 2151.2 2818.3 2887.7 3374.2 3769.3 3981.0 4405.1 4

 5 Holdings at market value 4866.0 5458.3 6257.6 6237.9 8331.3 10061.1 10072.3 11719.8 12804.6 12958.6 14618.6 5

 6 Household sector 2577.9 2919.7 3220.7 3048.9 4042.5 4602.3 4478.1 5211.0 5611.5 5624.6 6263.4 6

 7 State and local governments 6.3 7.8 9.3 10.6 26.2 46.8 51.2 55.7 59.9 63.0 69.5 7

 8 Rest of the world (3) 299.0 329.2 373.5 368.9 509.0 623.0 639.5 764.6 845.3 881.7 1017.0 8

 9 Commercial banking 3.8 3.4 4.3 2.9 5.0 6.8 2.3 1.9 1.9 2.6 4.0 9

10 Savings institutions 10.3 11.2 12.5 10.4 14.3 17.8 17.9 21.2 22.6 23.3 27.2 10

11 Bank personal trusts and estates 234.2 216.9 181.0 167.3 224.9 248.9 267.0 328.3 377.4 401.0 456.4 11

12 Life insurance companies 155.9 174.2 226.0 272.2 344.2 437.5 454.7 509.9 563.0 582.2 650.3 12

13 Other insurance companies 94.1 97.3 103.4 112.1 134.2 148.6 151.3 166.6 174.0 176.9 193.2 13

14 Private pension funds 747.4 807.8 937.7 940.5 1180.5 1422.3 1428.1 1619.7 1769.2 1765.1 2001.1 14

15 State and local govt. retirement funds 392.4 450.9 531.0 542.6 753.5 955.7 985.3 1153.7 1254.3 1305.8 1470.9 15

16 Mutual funds 308.9 401.3 607.4 709.6 1024.9 1470.0 1514.7 1793.6 2020.8 2026.1 2350.1 16

17 Closed-end funds 21.8 23.8 26.5 31.9 38.0 43.6 43.2 49.8 54.0 54.2 53.7 17

18 Brokers and dealers 14.3 14.8 24.2 20.1 34.2 37.9 39.1 44.0 50.8 52.2 61.8 18

 Memo:

19 Market value of domestic corporations (4) 4453.2 5004.7 5555.3 5484.3 7421.0 8948.8 8935.2 10453.0 11453.7 11593.6 13202.9 19

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

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

 1 Shares at market value 769.5 992.5 1375.4 1477.3 1852.8 2342.4 2411.5 2719.6 2977.0 2994.7 3348.4 1

 2 Holdings at market value 769.5 992.5 1375.4 1477.3 1852.8 2342.4 2411.5 2719.6 2977.0 2994.7 3348.4 2

 3 Household sector 586.6 727.9 990.9 1052.1 1257.2 1571.3 1619.8 1823.8 2000.9 2002.1 2247.9 3

 4 Nonfinancial corporate business 14.8 21.1 29.8 31.1 45.7 58.6 62.1 73.1 80.0 81.8 92.4 4

 5 State and local governments 9.4 14.9 21.3 29.1 35.0 41.0 42.6 42.8 43.9 44.6 45.5 5

 6 Commercial banking 3.7 3.4 3.9 2.0 2.3 2.6 7.1 8.3 7.9 8.1 3.1 6

 7 Credit unions 2.6 4.1 4.2 2.6 2.8 2.6 2.6 2.5 2.5 2.4 2.4 7

 8 Bank personal trusts and estates 93.6 128.1 183.5 200.4 253.5 293.6 290.9 320.9 344.8 342.2 375.2 8

 9 Life insurance companies 8.6 18.2 25.9 9.6 27.7 40.0 41.0 49.0 55.7 57.5 64.4 9

10 Private pension funds 50.2 74.9 116.0 150.4 228.5 332.6 345.6 399.1 441.3 456.0 517.6 10
Z.1, June 11, 1998 93

L.215 Bank Loans Not Elsewhere Classified

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 Total loans by commercial

 1 banking, flow of funds basis 2097.0 2139.8 2223.5 2407.1 2646.9 2821.1 2853.2 2941.3 2972.5 3053.2 3087.4 1

 - Loans elsewhere classified:

 2 Open market paper 10.6 9.2 7.3 5.8 5.7 6.5 3.2 3.1 3.1 2.7 1.1 2

 3 Mortgages 881.3 900.5 947.8 1012.7 1090.2 1145.4 1160.1 1196.5 1227.2 1244.1 1270.0 3

 4 Consumer credit 370.2 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 4

 5 Security credit 46.8 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 5

 6 = Banking sector total bank loans n.e.c. 788.2 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.7 1123.1 1171.3 1192.6 6

 7 U.S.-chartered commercial banks 589.0 569.6 578.4 624.6 701.6 759.8 790.6 817.4 832.5 869.0 895.9 7

 8 Foreign banking offices in U.S. 185.8 195.7 182.0 197.2 232.6 264.8 271.3 281.2 273.4 284.0 278.3 8

 9 Bank holding companies 3.4 3.7 1.9 1.8 2.3 2.5 2.1 2.0 1.8 2.4 2.6 9

10 Banks in U.S.-affiliated areas 10.0 10.2 9.7 11.3 13.1 14.6 14.7 15.1 15.4 15.8 15.7 10

11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 = Total bank loans n.e.c. 788.2 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.7 1123.1 1171.3 1192.6 12

13 Total liabilities 788.2 779.2 772.0 834.9 949.6 1041.7 1078.6 1115.7 1123.1 1171.3 1192.6 13

14 Nonfinancial sectors 711.9 702.3 709.4 786.0 896.7 972.0 1006.4 1040.6 1042.4 1081.9 1098.5 14

15 Households 13.1 17.6 27.4 40.0 56.0 52.3 56.9 61.8 48.0 55.5 60.9 15

16 Corporate business 507.7 488.4 477.6 521.0 587.7 633.5 659.6 675.8 683.8 706.5 714.5 16

17 Nonfarm noncorporate business 135.0 137.7 143.0 160.2 178.7 202.1 208.2 214.0 218.5 223.8 227.5 17

18 Farm business 34.6 34.7 36.8 38.7 39.7 40.4 38.2 42.6 43.9 43.9 42.1 18

19 Rest of the world 21.6 23.9 24.6 26.1 34.6 43.7 43.5 46.4 48.2 52.1 53.5 19

20 Foreign official institutions 2.4 3.3 2.4 2.2 2.6 2.9 2.0 2.0 2.2 2.1 2.3 20

21 Foreign banks 6.9 7.6 8.8 8.8 10.9 14.3 13.8 13.5 13.2 13.8 13.2 21

22 Other foreign 12.3 13.0 13.5 15.2 21.1 26.5 27.7 30.9 32.8 36.3 38.0 22

23 Financial sectors 76.2 77.0 62.6 48.9 52.8 69.7 72.2 75.2 80.7 89.4 94.0 23

24 Savings institutions 8.9 8.9 8.4 9.3 14.6 15.9 17.0 16.7 17.6 19.4 22.1 24

25 Finance companies 40.1 34.1 20.4 14.8 15.3 19.7 18.4 18.8 20.4 24.1 22.0 25

26 Mortgage companies 22.2 30.2 30.2 18.7 19.1 31.5 33.0 34.3 35.2 36.4 38.5 26

27 REITs 5.0 3.7 3.6 6.0 3.9 2.5 3.8 5.4 7.5 9.5 11.5 27
94 Z.1, June 11, 1998

L.216 Other Loans and Advances

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total other loans and advances 798.2 805.9 805.3 862.0 932.1 994.5 1003.2 1022.9 1046.0 1094.9 1128.7 1

 2 U.S. government loans 148.8 148.8 146.0 132.6 145.5 145.3 147.9 149.9 151.9 154.7 158.4 2

 3 Liab.: Household sector 20.8 21.6 20.3 16.0 27.3 30.4 34.9 37.0 40.1 41.8 43.9 3

 4 Nonfinancial corporate business 7.9 7.9 8.1 8.0 10.0 8.7 8.5 8.5 8.4 8.4 8.5 4

 5 Nonfarm noncorporate business 40.4 40.1 40.7 38.2 39.4 39.1 39.1 39.3 39.3 40.9 42.1 5

 6 Farm business 9.8 9.5 8.7 8.2 7.0 5.9 5.8 5.7 5.6 5.5 5.4 6

 7 State and local governments 10.0 9.9 9.2 9.3 9.8 10.1 8.9 9.0 8.9 8.9 10.2 7

 8 Rest of the world 55.0 55.1 54.1 52.9 52.1 51.0 50.6 50.5 49.6 49.3 48.4 8

 9 Government-sponsored enterprises 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 125.1 129.9 114.2 122.1 122.1 126.2 132.2 132.0 135.7 142.6 152.2 10

11 Liab.: Nonfinancial corporate business 125.1 129.9 114.2 122.1 122.1 126.2 132.2 132.0 135.7 142.6 152.2 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 35.3 31.7 25.3 22.9 22.3 23.4 23.8 24.9 23.8 20.6 16.8 12

13 Liab.: Nonfinancial corporate business 23.3 20.4 17.1 15.0 14.2 13.4 13.5 14.1 13.5 10.8 8.8 13

14 Rest of the world 12.0 11.3 8.2 7.9 8.2 9.9 10.3 10.8 10.3 9.7 8.0 14

15 Savings institution loans to business 19.3 12.4 10.8 10.3 12.8 15.7 16.7 17.2 18.5 18.8 19.8 15

16 Liab.: Nonfinancial corporate business 9.7 6.2 5.4 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 16

17 Nonfarm noncorporate business 9.7 6.2 5.4 5.1 6.4 7.9 8.4 8.6 9.2 9.4 9.9 17

18 Policy loans (Household liability) 67.3 73.0 78.6 86.4 96.9 101.4 102.9 104.6 105.4 104.6 104.7 18

19 Asset: Federal government 1.0 0.9 0.9 0.9 0.9 1.0 1.0 1.0 0.9 0.9 0.9 19

20 Life insurance companies 66.4 72.1 77.7 85.5 95.9 100.5 101.9 103.7 104.4 103.7 103.8 20

21 Government-sponsored enterprise loans 131.8 135.5 162.0 189.1 200.3 229.1 223.3 238.3 246.9 260.3 267.8 21

22 Liab.: Household sector (SLMA) 22.0 24.9 27.6 31.3 35.2 34.6 33.7 32.2 31.2 30.2 28.4 22

23 Noncorporate business (FCS) 11.5 12.6 13.9 13.9 16.4 15.1 15.1 16.0 16.5 15.1 16.3 23

24 Farm business (FCS) 11.2 11.4 11.6 12.4 13.8 16.5 16.6 16.5 16.2 16.5 16.4 24

25 Commercial banks (FHLB and SLMA) 9.3 12.5 21.2 30.5 36.7 39.0 39.0 46.4 51.3 58.1 66.1 25

26 Savings institutions (FHLB and SLMA) 77.8 74.0 87.3 100.0 97.4 121.9 116.7 125.0 129.4 138.0 138.1 26

27 Credit unions (FHLB) 0.0 0.0 0.2 0.5 0.4 0.4 0.4 0.4 0.5 0.6 0.7 27

28 Life insurance companies (FHLB) 0.0 0.0 0.2 0.6 0.5 1.6 1.8 1.8 1.9 1.8 1.8 28

29 Securitized loans held by ABS issuers 6.8 9.7 19.5 23.7 30.6 44.0 41.2 44.2 44.4 74.8 83.2 29

30 Liab.: Households (1) 0.0 0.0 0.0 0.0 1.0 6.3 8.0 10.0 12.1 14.1 16.6 30

31 Nonfinancial corporate business 6.8 9.7 19.5 23.7 29.6 37.7 33.2 34.2 32.3 60.7 66.6 31

32 Finance company loans to business 263.8 264.9 249.0 274.9 301.6 309.5 315.2 311.7 319.5 318.5 325.9 32

33 Liab.: Nonfinancial corporate business 237.4 238.4 224.1 247.4 271.4 278.5 283.7 280.5 287.6 286.7 293.3 33

34 Nonfarm noncorporate business 26.4 26.5 24.9 27.5 30.2 30.9 31.5 31.2 32.0 31.9 32.6 34

(1) Student loans.
Z.1, June 11, 1998 95

L.217 Total Mortgages

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total mortgages 3954.2 4068.9 4210.3 4395.9 4608.2 4936.0 4991.5 5070.6 5189.1 5288.3 5383.2 1

 2 Home 2850.2 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3958.1 4030.3 4097.0 2

 3 Multifamily residential 284.1 274.0 269.8 275.0 287.5 312.4 315.3 320.6 323.3 332.2 339.8 3

 4 Commercial 740.8 696.4 682.4 682.0 705.7 775.0 782.5 800.6 817.9 835.4 854.9 4

 5 Farm 79.2 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 5

 6 Total liabilities 3954.2 4068.9 4210.3 4395.9 4608.2 4936.0 4991.5 5070.6 5189.1 5288.3 5383.2 6

 7 Household sector 2750.3 2897.7 3031.9 3197.6 3369.4 3609.4 3652.9 3707.6 3805.9 3877.9 3945.6 7

 8 Nonfinancial business 1199.2 1165.8 1169.5 1179.5 1214.4 1294.4 1304.8 1327.4 1345.1 1370.4 1395.6 8

 9 Corporate 212.7 193.9 198.1 219.7 255.1 312.2 317.2 328.4 335.6 347.4 356.6 9

10 Nonfarm noncorporate 907.3 892.2 890.7 876.9 874.8 895.1 900.0 910.4 919.7 932.6 947.5 10

11 Farm 79.2 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 4.8 5.4 8.9 18.7 24.3 32.2 33.8 35.6 38.2 40.0 42.0 13

14 Total assets 3954.2 4068.9 4210.3 4395.9 4608.2 4936.0 4991.5 5070.6 5189.1 5288.3 5383.2 14

15 Household sector 147.6 136.8 128.9 118.5 112.9 108.8 107.7 106.6 105.5 104.2 102.9 15

16 Nonfinancial corporate business 59.0 60.0 52.3 56.4 57.9 69.0 71.0 73.0 75.0 77.0 79.0 16

17 Nonfarm noncorporate business 26.0 25.2 23.7 23.6 26.7 29.0 29.3 29.6 29.9 30.2 30.5 17

18 State and local governments 113.7 113.7 108.3 110.5 113.8 117.6 118.3 119.4 120.3 121.2 122.2 18

19 Federal government 98.3 86.4 85.0 71.0 57.8 50.3 48.0 47.4 46.3 45.7 45.5 19

20 Commercial banking 881.3 900.5 947.8 1012.7 1090.2 1145.4 1160.1 1196.5 1227.2 1244.1 1270.0 20

21 Savings institutions (1) 705.4 628.0 598.4 596.2 596.8 628.3 626.4 629.1 631.4 631.8 636.8 21

22 Credit unions 52.8 56.1 56.0 62.1 66.5 76.0 77.4 80.6 84.4 86.0 89.4 22

23 Bank personal trusts and estates 4.0 3.9 3.6 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 23

24 Life insurance companies 259.5 242.0 224.4 210.9 207.5 205.4 206.5 208.1 209.4 210.8 212.2 24

25 Other insurance companies 6.5 5.9 4.5 3.8 2.8 2.4 2.5 2.4 2.4 2.3 2.3 25

26 Private pension funds 18.2 14.5 14.5 18.0 19.3 21.0 21.6 22.1 22.7 23.4 24.0 26

27 State and local govt. retirement funds 16.9 16.5 14.5 15.2 15.9 16.7 16.9 17.2 17.4 17.6 17.8 27

28 Government-sponsored enterprises (1) 167.7 199.7 241.0 244.6 249.0 250.7 247.2 245.5 245.1 246.8 248.0 28

29 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1570.3 1711.4 1740.0 1762.1 1790.7 1825.8 1847.0 29

30 ABS issuers 110.3 173.4 219.0 260.2 296.5 359.1 373.7 391.8 420.2 456.8 487.4 30

31 Finance companies 63.3 65.8 62.7 66.9 72.4 82.7 83.4 84.8 86.4 87.9 89.6 31

32 Mortgage companies 60.3 60.5 60.4 36.5 33.0 41.2 40.9 34.8 55.5 57.6 60.2 32

33 REITs 7.0 8.1 8.6 13.3 15.5 17.5 17.0 16.5 15.9 15.5 15.0 33

(1) FHLB loans to savings institutions are included in other loans and advances.
96 Z.1, June 11, 1998

L.218 Home Mortgages (1)

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 2850.2 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3958.1 4030.3 4097.0 1

 2 Household sector 2654.8 2796.9 2923.3 3096.1 3272.1 3503.9 3548.4 3602.7 3698.3 3768.6 3833.4 2

 3 Nonfinancial corporate business 17.0 17.5 18.1 18.7 19.3 19.9 20.1 20.3 20.5 20.7 21.0 3

 4 Nonfarm noncorporate business 178.4 204.4 235.9 241.1 239.0 237.7 237.5 237.9 239.3 240.9 242.7 4

 5 Total assets 2850.2 3018.7 3177.3 3355.9 3530.4 3761.6 3806.1 3860.8 3958.1 4030.3 4097.0 5

 6 Household sector 132.0 119.6 109.7 98.7 90.3 86.9 86.1 85.2 84.5 83.6 82.7 6

 7 Nonfinancial corporate business 36.4 36.1 31.3 33.1 34.8 39.7 40.5 41.3 42.1 42.9 43.6 7

 8 Nonfarm noncorporate business 8.9 9.5 9.7 9.7 10.8 11.8 11.9 12.0 12.2 12.3 12.4 8

 9 State and local governments 62.9 62.3 56.3 57.3 60.5 62.8 63.4 64.1 65.0 65.8 66.6 9

10 Federal government 37.1 36.6 33.0 29.1 24.1 21.2 19.8 19.8 20.5 20.5 20.3 10

11 Commercial banking 485.7 510.8 560.8 615.9 669.4 698.5 708.8 733.7 752.3 762.6 779.9 11

12 Savings institutions 538.4 489.6 470.0 477.6 482.4 513.7 513.4 516.5 519.6 520.7 527.0 12

13 Credit unions 52.8 56.1 56.0 62.1 66.5 76.0 77.4 80.6 84.4 86.0 89.4 13

14 Bank personal trusts and estates 4.0 3.9 3.6 3.4 3.3 3.6 3.6 3.5 3.4 3.4 3.4 14

15 Life insurance companies 10.6 11.2 8.6 7.0 7.3 6.8 6.8 6.8 7.1 7.2 7.3 15

16 Private pension funds 4.0 3.2 3.2 4.0 4.3 4.6 4.7 4.9 5.0 5.2 5.3 16

17 State and local govt. retirement funds 3.7 3.4 3.5 3.9 4.4 5.0 5.1 5.3 5.5 5.6 5.8 17

18 Government-sponsored enterprises 126.4 156.9 196.7 199.3 203.2 204.3 201.0 199.6 199.1 200.7 202.1 18

19 Federally related mortgage pools 1130.4 1248.2 1334.3 1449.7 1543.4 1678.9 1706.3 1726.9 1754.2 1788.0 1808.0 19

20 ABS issuers 100.1 151.9 184.8 208.5 227.8 261.9 271.1 279.5 299.4 318.0 330.3 20

21 Finance companies 63.3 65.8 62.7 66.9 72.4 52.1 53.3 54.5 56.6 59.0 61.5 21

22 Mortgage companies 53.1 52.7 52.2 28.3 23.8 32.0 30.9 24.8 45.5 47.3 49.8 22

23 REITs 0.4 0.9 0.9 1.5 1.7 1.9 1.9 1.8 1.7 1.7 1.6 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

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

 1 Total liabilities 284.1 274.0 269.8 275.0 287.5 312.4 315.3 320.6 323.3 332.2 339.8 1

 2 Nonfinancial corporate business 18.8 19.3 19.9 20.5 21.1 21.7 21.9 22.1 22.3 22.5 22.8 2

 3 Nonfarm noncorporate business 263.7 252.9 247.0 248.4 258.4 280.0 282.2 286.8 288.5 296.5 303.2 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 1.6 1.8 3.0 6.2 8.0 10.6 11.1 11.8 12.6 13.2 13.9 5

 6 Total assets 284.1 274.0 269.8 275.0 287.5 312.4 315.3 320.6 323.3 332.2 339.8 6

 7 Household sector 0.5 0.6 1.4 1.6 2.2 1.9 1.7 1.6 1.4 1.5 1.5 7

 8 Nonfinancial corporate business 0.9 0.9 0.6 0.7 -0.3 0.6 0.8 1.0 1.3 1.3 1.4 8

 9 Nonfarm noncorporate business 8.4 8.3 7.0 7.0 7.9 8.6 8.7 8.8 8.8 8.9 9.0 9

10 State and local governments 41.7 42.4 42.8 43.5 44.1 45.9 45.9 46.1 46.2 46.2 46.4 10

11 Federal government 31.9 27.6 24.6 22.0 17.3 14.8 14.1 13.9 12.6 12.6 12.6 11

12 Commercial banking 36.9 38.1 38.7 39.3 43.8 46.7 47.6 49.1 49.2 50.6 51.8 12

13 Savings institutions 79.9 69.8 67.4 64.3 62.0 61.6 60.6 60.1 60.3 59.5 58.9 13

14 Life insurance companies 29.3 27.2 25.4 23.9 23.4 23.2 23.3 23.5 23.6 23.8 23.9 14

15 Private pension funds 0.9 0.7 0.7 0.9 1.0 1.1 1.1 1.1 1.1 1.2 1.2 15

16 State and local govt. retirement funds 4.8 4.2 4.1 4.3 4.5 4.7 4.8 4.9 4.9 5.0 5.1 16

17 Government-sponsored enterprises 14.2 15.8 17.5 18.4 19.0 18.6 18.2 17.8 17.5 17.3 16.7 17

18 Federally related mortgage pools 26.1 23.8 22.5 22.4 26.9 32.5 33.7 35.2 36.5 37.8 39.0 18

19 ABS issuers 3.7 6.3 8.7 14.9 21.3 33.7 35.6 39.0 42.0 48.3 54.7 19

20 Finance companies 0.0 0.0 0.0 0.0 0.0 3.1 3.1 3.1 2.7 2.9 2.7 20

21 Mortgage companies 2.7 3.0 3.1 3.1 4.2 4.1 4.9 4.9 4.9 5.2 5.3 21

22 REITs 2.2 5.3 5.6 8.7 10.1 11.4 11.1 10.7 10.4 10.1 9.8 22
Z.1, June 11, 1998 97

L.220 Commercial Mortgages

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 740.8 696.4 682.4 682.0 705.7 775.0 782.5 800.6 817.9 835.4 854.9 1

 2 Household sector 95.5 100.9 108.5 101.5 97.3 105.5 104.4 104.9 107.6 109.2 112.3 2

 3 Nonfinancial corporate business 176.9 157.1 160.1 180.5 214.7 270.5 275.2 286.1 292.8 304.1 312.9 3

 4 Nonfarm noncorporate business 465.2 434.9 407.8 387.5 377.4 377.3 380.2 385.7 391.9 395.2 401.6 4

 5 REITs 3.2 3.6 6.0 12.5 16.3 21.6 22.6 23.9 25.6 26.8 28.1 5

 6 Total assets 740.8 696.4 682.4 682.0 705.7 775.0 782.5 800.6 817.9 835.4 854.9 6

 7 Household sector 2.2 3.1 3.9 3.6 5.1 4.3 4.1 3.7 3.4 2.8 2.1 7

 8 Nonfinancial corporate business 21.6 23.0 20.4 22.6 23.4 28.8 29.7 30.6 31.6 32.8 34.0 8

 9 Nonfarm noncorporate business 8.0 6.5 6.1 6.0 6.9 7.5 7.6 7.6 7.7 7.8 7.9 9

10 State and local governments 7.7 7.5 7.7 8.3 7.7 7.5 7.7 7.9 7.7 7.8 7.9 10

11 Federal government 21.2 14.6 20.5 13.2 10.2 8.5 8.5 8.4 8.2 7.9 7.9 11

12 Commercial banking 340.2 331.8 327.5 335.0 353.1 375.3 378.5 387.6 398.8 403.9 410.8 12

13 Savings institutions 86.7 68.2 60.8 53.9 52.1 52.7 52.0 52.1 51.2 51.3 50.5 13

14 Life insurance companies 209.5 194.4 180.9 170.4 167.1 165.4 166.3 167.5 168.4 169.4 170.4 14

15 Other insurance companies 6.5 5.9 4.5 3.8 2.8 2.4 2.5 2.4 2.4 2.3 2.3 15

16 Private pension funds 13.3 10.6 10.6 13.2 14.1 15.4 15.7 16.1 16.6 17.1 17.5 16

17 State and local govt. retirement funds 8.3 8.9 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 6.5 15.2 25.5 36.8 47.4 63.5 67.0 73.3 78.8 90.5 102.4 18

19 Finance companies 0.0 0.0 0.0 0.0 0.0 27.4 26.9 27.2 27.2 26.0 25.4 19

20 Mortgage companies 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 4.5 1.9 2.1 3.2 3.7 4.2 4.0 3.9 3.8 3.7 3.6 21

L.221 Farm Mortgages

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

 1 Total liabilities (Farm business) 79.2 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 1

 2 Total assets 79.2 79.7 80.7 83.0 84.6 87.1 87.7 88.7 89.8 90.4 91.4 2

 3 Household sector 12.8 13.5 13.9 14.6 15.4 15.8 15.9 16.0 16.2 16.3 16.5 3

 4 Nonfarm noncorporate business 0.8 0.8 0.9 0.9 1.0 1.1 1.1 1.2 1.2 1.2 1.2 4

 5 State and local governments 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 8.2 7.5 7.0 6.7 6.2 5.8 5.6 5.3 4.9 4.9 4.7 6

 7 Commercial banking 18.4 19.9 20.9 22.6 23.8 24.9 25.2 26.1 26.8 27.0 27.5 7

 8 Savings institutions 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 8

 9 Life insurance companies 10.0 9.2 9.5 9.6 9.6 10.0 10.1 10.2 10.4 10.5 10.6 9

10 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 10

11 Government-sponsored enterprises 27.1 27.0 26.8 26.9 26.8 27.9 27.9 28.2 28.6 28.9 29.2 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
98 Z.1, June 11, 1998

L.222 Consumer Credit

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities (Households) 794.5 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1233.5 1

 2 Total assets 794.5 798.3 859.0 983.9 1122.8 1211.6 1186.4 1205.0 1226.7 1264.1 1233.5 2

 3 Nonfinancial corporate business 63.0 65.7 77.2 86.6 85.1 77.7 70.0 68.0 68.7 78.9 72.7 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 370.2 362.9 395.7 458.8 502.0 526.8 504.3 510.7 507.5 512.6 492.2 5

 6 Savings institutions 42.2 37.4 37.9 38.5 40.1 44.7 45.9 46.5 48.5 47.2 45.9 6

 7 Credit unions 90.3 89.4 101.6 119.6 131.9 144.1 143.9 147.6 150.0 152.4 149.3 7

 8 ABS issuers 103.0 120.3 130.5 146.1 211.6 265.8 268.5 275.6 293.5 313.1 317.2 8

 9 Finance companies 125.9 122.6 116.1 134.4 152.1 152.4 153.8 156.7 158.4 160.0 156.1 9

L.223 Trade Credit

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

 1 Total trade payables 948.3 995.1 1047.8 1141.5 1243.4 1315.5 1300.4 1321.9 1351.9 1411.8 1401.7 1

 2 Household sector 77.7 82.5 89.8 94.0 102.4 103.9 103.4 105.6 105.6 106.8 106.0 2

 3 Nonfinancial corporate business 649.4 682.8 719.3 796.5 877.5 932.5 910.5 924.9 943.1 997.3 983.7 3

 4 Nonfarm noncorporate business 59.7 66.6 64.1 71.6 77.8 85.6 87.5 89.4 91.4 93.3 95.2 4

 5 Farm business 13.0 13.2 14.2 15.2 16.2 17.4 16.4 18.3 18.8 18.8 18.1 5

 6 State and local governments 25.4 27.7 28.4 29.0 31.2 32.8 33.4 33.5 33.7 34.1 33.8 6

 7 Federal government 85.8 83.1 86.1 86.5 82.7 86.0 87.3 89.6 89.6 88.3 89.7 7

 8 Rest of the world 30.4 31.8 35.9 39.5 45.3 43.0 44.2 44.3 46.1 53.1 55.6 8

 9 Brokers and dealers 6.8 7.4 10.1 9.1 10.3 14.3 17.6 16.4 23.6 19.9 19.5 9

10 Total trade receivables 1208.5 1243.1 1293.1 1387.3 1501.5 1605.8 1646.2 1693.7 1732.1 1709.3 1765.8 10

11 Nonfinancial corporate business 961.4 988.9 1035.0 1107.0 1184.9 1247.4 1272.8 1313.0 1322.8 1284.6 1323.8 11

12 Nonfarm noncorporate business 96.7 103.8 103.0 117.0 129.3 138.7 141.0 143.4 145.9 148.5 151.1 12

13 Federal government 37.5 30.8 28.4 24.7 23.1 24.3 24.7 25.4 24.7 23.6 24.5 13

14 Rest of the world 42.3 44.7 47.5 50.6 51.2 57.5 59.4 60.3 61.1 62.0 63.0 14

15 Other insurance companies 49.1 49.0 50.7 52.9 57.3 57.2 61.3 61.8 61.9 62.6 62.7 15

16 ABS issuers 21.5 25.8 28.4 35.2 55.7 80.7 86.9 89.8 115.7 128.1 140.7 16

17 Discrepancy -260.2 -248.0 -245.3 -245.8 -258.1 -290.3 -345.8 -371.8 -380.2 -297.5 -364.2 17

L.224 Security Credit

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

 1 Total liabilities 188.9 217.7 279.0 279.0 305.7 358.1 380.0 414.8 432.2 468.2 498.6 1

 2 Household sector 55.1 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 139.0 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 133.8 164.2 202.9 203.9 227.1 263.7 278.9 304.3 304.7 337.0 359.6 4

 5 Customer credit balances (HH) 87.0 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 228.0 5

 6 From U.S.-chartered commercial banks 30.0 57.3 61.4 56.8 65.1 60.2 65.9 63.0 65.4 64.4 71.6 6

 7 From foreign banking offices in U.S. 16.8 30.7 39.3 38.1 34.4 40.6 41.1 52.3 46.2 58.0 60.0 7

 8 Total assets 188.9 217.7 279.0 279.0 305.7 358.1 380.0 414.8 432.2 468.2 498.6 8

 9 Household sector 87.0 76.2 102.3 109.0 127.6 162.9 171.9 189.0 193.1 214.5 228.0 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 46.8 88.0 100.7 94.9 99.5 100.8 107.0 115.3 111.6 122.5 131.6 11

12 Brokers and dealers 55.1 53.5 76.1 75.1 78.6 94.4 101.1 110.5 127.5 131.2 139.0 12
Z.1, June 11, 1998 99

L.225 Life Insurance and Pension Fund Reserves

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 Life insurance reserves:

 1 Total liabilities 406.8 434.8 470.8 505.3 550.2 593.8 603.7 623.1 638.8 649.7 663.0 1

 2 Federal government 13.0 13.3 13.6 13.8 13.9 13.7 13.4 14.0 13.7 14.0 13.7 2

 3 Life insurance companies 393.8 421.5 457.2 491.5 536.3 580.1 590.3 609.1 625.1 635.7 649.2 3

 4 Total assets (Households) 406.8 434.8 470.8 505.3 550.2 593.8 603.7 623.1 638.8 649.7 663.0 4

 Pension fund reserves:

 5 Total liabilities 3876.9 4217.9 4662.0 4880.1 5599.6 6329.5 6417.1 6942.5 7331.8 7452.2 8036.2 5

 6 Federal government 276.0 303.5 331.1 358.9 374.8 419.2 413.2 422.1 441.2 450.5 443.2 6

 7 Life insurance companies 659.1 743.0 836.4 884.5 997.3 1088.9 1111.9 1192.1 1242.1 1266.4 1350.2 7

 8 Private pension funds (1) 1889.0 1983.1 2216.3 2317.2 2681.4 3072.6 3102.9 3357.8 3565.8 3604.2 3931.8 8

 9 State and local govt. retirement funds 1052.7 1188.3 1278.2 1319.5 1546.1 1748.8 1789.1 1970.5 2082.7 2131.1 2311.1 9

10 Total assets (Households) 3876.9 4217.9 4662.0 4880.1 5599.6 6329.5 6417.1 6942.5 7331.8 7452.2 8036.2 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

L.226 Taxes Payable by Businesses

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

 1 Total taxes payable by all businesses 76.8 87.4 98.8 101.4 106.5 121.5 134.8 130.7 139.5 135.4 147.1 1

 2 Nonfinancial corporate business 28.9 35.3 40.7 40.3 40.3 49.9 62.1 56.8 63.8 58.1 68.8 2

 3 Nonfarm noncorporate business 32.5 33.1 33.8 34.6 35.9 37.7 38.0 38.4 38.7 39.0 39.3 3

 4 U.S.-chartered commercial banks 0.5 0.7 1.2 1.9 2.8 4.0 4.3 4.7 5.0 5.4 5.8 4

 5 Savings institutions 1.2 1.4 1.9 1.0 1.6 1.4 1.4 1.5 1.7 1.8 1.7 5

 6 Life insurance companies 6.4 7.8 9.4 10.4 11.0 11.6 11.7 11.9 12.0 12.2 12.3 6

 7 Other insurance companies 4.7 5.6 7.0 7.9 8.8 9.7 9.9 10.1 10.3 10.6 10.8 7

 8 Finance companies 1.9 2.6 3.3 4.1 5.1 6.0 6.3 6.5 6.7 7.0 7.2 8

 9 Brokers and dealers 0.9 0.9 1.4 1.2 1.1 1.3 1.0 0.9 1.1 1.3 1.1 9

10 Total business taxes receivable 53.4 54.4 58.0 52.6 45.2 46.8 62.5 56.4 55.2 46.9 62.1 10

11 State and local governments 37.0 38.9 39.1 34.0 27.9 26.1 25.9 26.5 27.0 26.9 27.6 11

12 Federal government 16.4 15.5 18.9 18.6 17.3 20.7 36.6 29.9 28.2 20.0 34.5 12

13 Discrepancy 23.4 33.0 40.8 48.8 61.3 74.7 72.3 74.3 84.2 88.5 84.9 13

L.227 Investment in Bank Personal Trusts and Estates

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

 1 Liab.: Bank personal trusts and estates 639.3 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1173.1 1

 2 Asset: Household sector 639.3 660.6 691.3 699.4 803.0 871.7 888.7 982.9 1058.9 1082.8 1173.1 2
100 Z.1, June 11, 1998

L.229 Total Miscellaneous Financial Claims

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 4398.4 4749.0 5138.5 5397.3 5767.7 6082.7 6276.5 6224.3 6396.9 6489.0 6725.1 1

 2 Household sector 15.7 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 20.1 20.6 2

 3 Nonfinancial corporate business 1721.5 1921.1 2103.1 2127.4 2215.3 2289.6 2321.7 2313.9 2342.5 2306.6 2395.0 3

 4 Nonfarm noncorporate business 100.1 108.1 112.5 114.9 127.9 138.0 140.0 141.7 143.5 144.7 145.6 4

 5 Federal government 7.0 6.9 6.8 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 5

 6 Rest of the world 727.4 731.0 827.4 913.1 1029.2 1146.1 1228.6 1175.7 1211.2 1204.3 1186.7 6

 7 Monetary authority 5.5 3.7 4.6 6.0 7.3 7.1 6.7 8.0 7.2 8.9 8.0 7

 8 Commercial banking 507.6 554.6 628.4 750.1 848.4 863.0 920.3 941.1 968.3 1042.8 1042.9 8

 9 Savings institutions 106.4 106.8 103.0 106.7 106.1 103.5 96.4 100.7 97.4 101.4 107.1 9

10 Credit unions 4.5 4.6 5.1 6.4 4.5 4.6 4.7 5.0 4.8 4.6 4.4 10

11 Life insurance companies 350.3 352.9 374.6 386.6 408.8 433.4 439.5 452.0 466.9 476.7 495.3 11

12 Other insurance companies 416.4 439.9 456.1 471.9 501.9 514.8 518.4 520.8 528.8 533.4 539.4 12

13 Government-sponsored enterprises 78.3 90.8 85.9 61.1 66.9 67.2 74.1 67.6 72.4 75.1 86.8 13

14 Finance companies 140.0 158.9 165.8 180.6 202.2 205.2 212.5 196.8 216.2 216.2 220.4 14

15 Mortgage companies 38.2 30.3 30.2 17.7 13.9 9.7 7.9 0.5 20.3 21.2 21.7 15

16 REITs 2.9 2.4 2.3 5.3 6.6 8.8 10.6 12.5 13.6 14.3 15.3 16

17 Brokers and dealers 41.5 52.2 67.4 69.0 85.3 109.1 106.3 110.1 124.2 132.3 214.8 17

18 Funding corporations 135.2 169.1 148.9 157.0 119.3 157.5 164.0 152.4 156.0 179.9 214.5 18

19 Total assets 5161.6 5447.1 6011.1 6380.4 7028.6 7733.4 7882.6 7970.2 8186.5 8449.4 8795.7 19

20 Household sector 234.1 251.0 264.1 269.5 285.4 294.3 297.6 302.8 312.8 318.0 325.4 20

21 Nonfinancial corporate business 2260.5 2355.8 2615.3 2782.6 3156.9 3505.7 3572.7 3691.8 3828.5 3935.1 4037.7 21

22 Nonfarm noncorporate business 215.0 218.7 227.6 243.3 266.5 282.3 286.3 290.0 294.0 298.2 302.5 22

23 Farm business 37.8 39.8 41.3 43.3 46.0 48.9 49.9 51.0 52.2 53.3 54.6 23

24 State and local governments 17.0 18.8 20.1 19.0 53.9 29.0 31.6 32.2 25.4 33.0 36.0 24

25 Federal government 104.9 120.3 116.2 119.5 117.1 110.6 107.7 105.9 103.6 103.7 103.0 25

26 Rest of the world 641.4 610.2 719.0 706.1 779.3 972.3 995.2 836.8 848.6 877.7 887.2 26

27 Monetary authority 5.6 7.4 9.6 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 27

28 Commercial banking 444.9 523.9 611.1 728.4 791.6 818.6 832.2 863.6 892.5 928.5 1002.2 28

29 Savings institutions 85.5 78.2 61.0 53.0 54.7 52.9 43.7 44.0 43.3 49.7 56.5 29

30 Credit unions 12.8 16.5 18.2 14.8 13.9 13.7 13.3 16.2 15.9 17.6 22.5 30

31 Bank personal trusts and estates 10.8 12.6 16.0 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 31

32 Life insurance companies 91.1 83.0 75.7 97.9 105.1 94.8 96.3 97.5 103.0 105.7 109.8 32

33 Other insurance companies 23.7 24.0 28.8 33.0 38.7 43.7 45.1 46.0 47.6 49.0 50.8 33

34 Private pension funds 384.6 379.5 391.9 407.0 401.6 405.2 404.8 402.5 404.4 410.0 420.3 34

35 State and local govt. retirement funds 212.8 273.5 256.0 259.6 241.5 189.1 193.2 192.7 188.4 183.7 187.1 35

36 Money market mutual funds 7.7 12.7 23.7 30.6 43.4 48.3 53.2 56.0 65.9 67.3 76.4 36

37 Mutual funds 8.2 3.0 3.3 5.9 6.3 4.7 5.5 7.4 8.6 12.7 7.0 37

38 Government-sponsored enterprises 39.2 26.9 33.2 31.5 41.2 79.8 72.6 78.5 81.8 98.5 104.0 38

39 Finance companies 96.2 90.4 116.1 108.5 129.6 151.5 149.0 164.3 147.1 170.4 185.8 39

40 REITs 7.0 5.8 8.8 8.7 9.6 9.5 14.1 19.2 26.9 31.0 35.3 40

41 Brokers and dealers 129.0 180.4 228.6 254.2 258.2 320.7 332.1 386.1 389.0 392.3 448.9 41

42 Funding corporations 91.7 114.8 125.4 141.0 165.5 230.7 259.8 256.4 278.1 284.0 312.8 42

43 Discrepancy -763.2 -698.1 -872.6 -983.1 -1260.8 -1650.8 -1606.0 -1745.9 -1789.5 -1960.4 -2070.6 43
Z.1, June 11, 1998 101

L.230 Identified Miscellaneous Financial Claims - Part I

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 655.4 668.0 714.8 797.8 884.3 970.8 999.6 1038.1 1062.3 1090.2 1117.2 1

 2 Asset: Nonfinancial corporate business 578.0 580.0 598.4 670.3 749.9 815.3 839.0 865.4 889.0 906.9 931.1 2

 3 Commercial banking 25.4 29.9 33.8 37.7 39.4 44.7 45.5 46.5 48.3 49.5 51.2 3

 4 Life insurance companies 3.7 4.0 4.9 5.0 5.5 6.6 6.9 7.0 6.9 7.3 7.4 4

 5 Other insurance companies 23.7 24.0 28.8 33.0 38.7 43.7 45.1 46.0 47.6 49.0 50.8 5

 6 Finance companies 21.2 24.6 44.6 45.8 41.2 46.0 48.2 57.9 54.6 60.5 58.3 6

 7 Brokers and dealers 3.5 5.4 4.3 5.8 9.6 14.6 14.8 15.3 15.9 17.1 18.3 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 469.8 478.6 497.8 543.3 587.9 647.3 669.9 686.2 691.1 709.4 733.1 8

 9 Nonfarm noncorporate business 3.9 4.4 5.2 4.8 2.4 2.1 2.1 2.1 2.1 2.1 2.1 9

10 Commercial banking 24.9 21.2 24.0 26.3 32.9 30.9 31.4 34.2 35.6 38.6 41.2 10

11 Life insurance companies 8.6 9.7 13.1 10.9 13.9 16.1 16.7 18.8 19.6 20.1 20.2 11

12 Other insurance companies 24.7 25.7 26.7 27.9 37.1 43.5 44.6 45.7 48.2 50.2 53.3 12

13 Finance companies 5.6 9.5 33.8 35.9 52.4 63.3 75.6 85.1 92.4 96.6 98.5 13

14 Brokers and dealers 5.8 5.3 5.0 5.8 11.0 7.8 8.0 8.0 9.5 9.7 11.1 14

15 Funding corporations -51.4 -53.8 -54.9 -70.1 -83.1 -82.0 -88.8 -93.5 -85.3 -89.8 -100.2 15

16 Asset: Rest of the world 491.9 500.5 550.9 585.0 654.5 729.1 759.4 786.5 813.0 837.0 859.4 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 22.4 23.8 25.0 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 17

18 Asset: Federal government 22.4 23.8 25.0 26.4 27.9 29.7 30.1 30.5 31.0 31.3 31.7 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 2.7 3.1 3.4 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 19

20 Asset: Commercial banking 2.7 3.1 3.4 3.7 4.0 4.6 4.8 5.1 5.2 5.4 5.5 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 14.8 14.7 16.3 18.2 20.1 21.3 21.8 21.9 21.8 21.9 23.0 21

22 Asset: Nonfin. corporate business (FNMA) 1.8 1.9 1.9 2.0 1.8 1.6 1.5 1.0 0.6 0.5 0.2 22

23 Nonfarm noncorporate (BC) 0.6 0.6 0.8 0.9 1.0 1.7 1.7 1.6 1.6 1.7 1.6 23

24 Farm business (FICB and FLB) 2.2 2.1 2.2 2.2 2.2 1.5 1.5 1.6 1.6 1.5 1.6 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 0.7 1.4 2.7 4.3 5.8 6.7 7.1 7.6 8.0 8.0 8.5 26

27 Savings institutions (FHLB) 9.5 8.6 8.7 8.6 9.1 9.5 9.7 9.7 9.3 9.9 10.7 27

28 Credit unions (FHLB) 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.4 0.2 0.2 28

29 Life insurance companies (FHLB) 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.4 0.2 0.2 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 227.2 255.0 286.6 304.2 344.3 372.9 387.1 399.3 410.0 413.6 430.3 30

31 Savings institutions 5.0 4.0 4.4 4.4 4.5 4.7 4.8 4.8 4.9 5.0 5.1 31

32 Finance companies 16.2 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 32

33 Mortgage companies 38.2 30.3 30.2 17.7 13.9 9.7 7.9 0.5 20.3 21.2 21.7 33

34 Brokers and dealers -18.4 -8.2 3.8 13.4 20.7 20.4 29.7 40.0 25.1 31.4 37.3 34

35 Asset: Bank holding companies 268.2 298.2 342.9 360.6 408.9 437.8 459.9 474.6 491.2 503.5 526.7 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 16.2 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 36

37 Asset: Nonfinancial corporate business 16.2 17.2 17.8 20.9 25.5 30.2 30.5 30.0 30.8 32.3 32.3 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 47.2 51.1 44.5 44.1 50.7 64.5 79.4 74.3 82.9 78.8 87.5 38

39 Brokers and dealers 44.5 63.7 80.8 96.9 114.8 166.3 180.4 182.1 195.2 205.2 225.2 39

40 Asset: Funding corporations 91.7 114.8 125.4 141.0 165.5 230.7 259.8 256.4 278.1 284.0 312.8 40
102 Z.1, June 11, 1998

L.231 Identified Miscellaneous Financial Claims - Part II

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.8 1.8 1.9 2.1 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1

 2 Asset: Federal government 1.8 1.8 1.9 2.1 1.9 1.8 1.8 1.8 1.8 1.8 1.8 2

 Postal Savings System deposits:

 3 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 3

 4 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 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 31.7 30.8 23.7 16.0 19.3 18.0 15.2 13.0 15.3 18.0 22.3 5

 6 Asset: Savings institutions 31.7 30.8 23.7 16.0 19.3 18.0 15.2 13.0 15.3 18.0 22.3 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 15.7 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 20.1 20.6 7

 8 Asset: Life insurance companies 15.7 15.8 16.3 16.8 17.5 17.9 18.4 19.0 19.5 20.1 20.6 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 70.0 77.5 84.2 90.9 96.9 103.9 105.4 109.8 114.4 117.1 121.3 9

10 Health 38.2 45.2 51.4 58.0 63.2 69.4 70.8 74.3 78.3 80.1 83.3 10

11 Policy dividend accumulation 31.7 32.3 32.8 32.9 33.7 34.5 34.6 35.4 36.1 37.0 38.0 11

12 Asset: Household sector 70.0 77.5 84.2 90.9 96.9 103.9 105.4 109.8 114.4 117.1 121.3 12

 Policy payables:

13 Liab.: Other insurance companies 391.7 414.3 429.4 444.0 464.8 471.4 473.8 475.1 480.6 483.2 486.0 13

14 Asset: Household sector 164.1 173.6 179.9 178.7 188.5 190.4 192.1 193.0 198.4 200.9 204.1 14

15 Nonfinancial corporate business 149.5 163.0 169.7 177.5 180.7 178.8 177.5 175.8 173.9 171.6 169.0 15

16 Nonfarm noncorporate business 42.4 39.9 40.8 46.8 51.8 54.8 55.8 56.8 57.8 58.9 60.0 16

17 Farm business 35.6 37.7 39.1 41.1 43.8 47.4 48.4 49.5 50.6 51.7 53.0 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 206.6 198.0 206.6 210.0 215.5 226.1 228.7 232.1 236.5 241.3 251.3 18

19 Asset: Private pension funds 206.6 198.0 206.6 210.0 215.5 226.1 228.7 232.1 236.5 241.3 251.3 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 17.3 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 20

21 Asset: Private pension funds 17.3 18.9 21.9 22.0 25.8 29.6 30.5 31.5 32.4 33.4 34.3 21

 Securities borrowed (net):

22 Liab.: Funding corporations 102.9 153.5 197.1 221.7 216.2 276.1 288.5 339.2 336.2 333.2 353.4 22

23 Asset: Brokers and dealers 102.9 153.5 197.1 221.7 216.2 276.1 288.5 339.2 336.2 333.2 353.4 23
Z.1, June 11, 1998 103

L.232 Unidentified Miscellaneous Financial Claims

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

1991 1992 1993 1994 1995 1996 1997 1998

 Q1 Q2 Q3 Q4 Q1

 1 Total liabilities 1997.4 2198.3 2361.0 2420.4 2519.2 2483.9 2548.2 2359.6 2426.7 2435.1 2525.4 1

 2 Nonfinancial corporate business 1234.4 1423.6 1583.4 1562.1 1601.6 1612.6 1621.3 1596.2 1618.9 1563.8 1627.5 2

 3 Nonfarm noncorporate business 96.2 103.8 107.3 110.0 125.5 135.9 137.9 139.6 141.4 142.6 143.5 3

 4 Federal government 7.0 6.9 6.8 6.8 6.7 7.3 6.6 6.7 4.2 6.6 6.6 4

 5 Rest of the world 47.8 37.3 85.7 86.8 115.0 143.8 197.0 105.2 116.1 80.9 36.1 5

 6 Monetary authority 2.8 0.6 1.2 2.3 3.3 2.5 1.9 2.9 2.0 3.5 2.5 6

 7 Commercial banking 208.2 227.3 273.2 375.6 420.5 394.7 422.5 433.2 439.9 511.7 483.9 7

 8 U.S.-chartered commercial banks 84.0 76.3 91.0 158.9 160.7 147.7 168.3 149.3 159.2 185.1 169.9 8

 9 Foreign banking offices in U.S. 102.9 124.8 157.1 187.3 224.9 199.9 196.1 220.8 213.7 253.9 232.9 9

10 Bank holding companies 18.2 22.0 19.6 22.0 24.6 36.3 45.0 49.0 51.7 57.9 65.5 10

11 Banks in U.S.-affiliated areas 3.1 4.2 5.6 7.4 10.3 10.9 13.1 14.2 15.2 14.9 15.6 11

12 Savings institutions 101.4 102.8 98.5 102.3 101.6 98.8 91.7 95.9 92.5 96.4 102.0 12

13 Credit unions 4.5 4.6 5.1 6.4 4.5 4.6 4.7 5.0 4.8 4.6 4.4 13

14 Life insurance companies 65.1 67.8 70.7 74.7 82.5 87.3 88.7 91.4 96.5 98.1 102.4 14

15 Government-sponsored enterprises 31.8 45.4 45.8 26.8 27.6 28.0 37.0 32.7 35.3 35.1 41.5 15

16 Finance companies 102.0 115.1 96.4 102.9 98.8 81.6 75.9 51.7 62.1 54.9 57.4 16

17 REITs 2.9 2.4 2.3 5.3 6.6 8.8 10.6 12.5 13.6 14.3 15.3 17

18 Brokers and dealers 9.7 -8.6 -22.3 -47.2 -61.2 -85.3 -111.9 -120.1 -105.7 -113.9 -58.9 18

19 Funding corporations 83.6 69.4 6.7 5.4 -13.8 -36.6 -35.7 -93.3 -94.9 -63.6 -38.8 19

20 Total assets 2760.6 2896.4 3233.5 3403.4 3780.0 4134.6 4154.2 4105.5 4216.2 4395.5 4596.0 20

21 Nonfinancial corporate business 1515.0 1593.8 1827.6 1912.0 2198.9 2480.0 2524.3 2619.5 2734.2 2823.8 2905.1 21

22 Nonfarm noncorporate business 172.0 178.1 186.1 195.6 213.7 225.8 228.8 231.6 234.6 237.7 240.9 22

23 State and local governments 17.0 18.8 20.1 19.0 53.9 29.0 31.6 32.2 25.4 33.0 36.0 23

24 Federal government 80.7 94.6 89.3 91.1 87.2 79.1 75.7 73.5 70.8 70.6 69.5 24

25 Rest of the world 149.5 109.6 168.1 121.1 124.8 243.2 235.8 50.3 35.6 40.8 27.8 25

26 Monetary authority 5.6 7.4 9.6 9.8 10.7 11.2 10.6 12.8 12.3 13.2 13.4 26

27 Commercial banking 148.0 191.3 228.3 322.1 333.5 324.9 314.9 329.8 339.8 362.1 410.3 27

28 U.S.-chartered commercial banks 21.7 19.2 22.3 71.0 71.2 71.8 83.4 76.8 74.8 82.3 87.4 28

29 Foreign banking offices in U.S. 100.5 142.1 175.9 213.5 218.5 197.2 185.8 203.0 214.8 230.0 269.2 29

30 Bank holding companies 22.2 27.0 27.5 35.2 39.8 51.1 40.8 44.6 44.9 44.4 48.4 30

31 Banks in U.S.-affiliated areas 3.7 3.0 2.6 2.4 4.0 4.8 4.9 5.3 5.3 5.3 5.3 31

32 Savings institutions 44.3 38.8 28.6 28.4 26.4 25.3 18.8 21.3 18.7 21.7 23.5 32

33 Credit unions 12.8 16.5 18.1 14.7 13.8 13.6 13.1 16.0 15.5 17.3 22.3 33

34 Bank personal trusts and estates 10.8 12.6 16.0 12.9 12.1 16.0 16.2 16.4 16.6 16.7 16.8 34

35 Life insurance companies 71.6 63.2 54.5 76.0 82.0 70.2 70.8 71.3 76.2 78.2 81.6 35

36 Private pension funds 160.7 162.6 163.4 175.0 160.3 149.5 145.5 138.9 135.4 135.2 134.6 36

37 State and local govt. retirement funds 212.8 273.5 256.0 259.6 241.5 189.1 193.2 192.7 188.4 183.7 187.1 37

38 Mutual funds 8.2 3.0 3.3 5.9 6.3 4.7 5.5 7.4 8.6 12.7 7.0 38

39 Money market mutual funds 7.7 12.7 23.7 30.6 43.4 48.3 53.2 56.0 65.9 67.3 76.4 39

40 Government-sponsored enterprises 39.2 26.9 33.2 31.5 41.2 79.8 72.6 78.5 81.8 98.5 104.0 40

41 Finance companies 75.0 65.8 71.5 62.7 88.3 105.6 100.8 106.4 92.6 109.9 127.5 41

42 REITs 7.0 5.8 8.8 8.7 9.6 9.5 14.1 19.2 26.9 31.0 35.3 42

43 Brokers and dealers 22.6 21.5 27.2 26.7 32.3 30.0 28.7 31.6 36.9 42.0 77.1 43

44 Discrepancy -763.2 -698.1 -872.6 -983.1 -1260.8 -1650.8 -1606.0 -1745.9 -1789.5 -1960.4 -2070.6 44
104 Z.1, June 11, 1998

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

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

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Assets 19590.4 21419.3 23475.1 24184.5 25912.9 27050.3 28401.9 29386.8 32381.7 35208.2 39333.9 1

 2 Tangible assets 7724.4 8398.6 9107.9 9324.7 9470.0 9732.9 9981.8 10319.2 10805.6 11396.9 12170.8 2

 3 Real estate 6176.7 6712.6 7296.0 7405.8 7478.4 7665.8 7807.0 8020.6 8404.5 8897.3 9588.2 3

 4 Households (2,3) 5465.2 5954.4 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.0 8088.0 8688.3 4

 5 Nonprofit organizations 711.5 758.2 801.1 797.3 762.3 717.0 702.0 738.8 773.5 809.3 899.9 5

 Equipment owned by nonprofit

 6 organizations (4) 40.8 44.6 48.5 52.6 56.6 62.0 67.0 72.2 77.7 84.4 89.1 6

 7 Consumer durable goods (4) 1506.9 1641.4 1763.4 1866.3 1935.1 2005.0 2107.9 2226.3 2323.4 2415.2 2493.5 7

 8 Financial assets 11866.0 13020.7 14367.1 14859.9 16442.9 17317.4 18420.0 19067.6 21576.1 23811.3 27163.1 8

 9 Deposits 2840.6 3029.2 3182.8 3241.5 3244.3 3226.7 3160.3 3135.1 3349.7 3542.9 3828.7 9

10 Foreign deposits 9.8 10.7 11.9 13.4 14.6 15.6 15.8 18.8 23.4 35.5 49.3 10

11 Checkable deposits and currency 436.5 414.6 404.1 385.6 426.6 523.6 570.8 541.0 483.2 416.9 404.0 11

12 Time and savings deposits 2147.4 2342.1 2428.8 2477.5 2423.7 2349.0 2235.9 2223.9 2393.9 2561.9 2736.3 12

13 Money market fund shares 246.9 261.8 338.0 364.9 379.5 338.6 337.9 351.3 449.2 528.7 639.0 13

14 Credit market instruments 1030.1 1232.3 1296.6 1499.8 1592.5 1645.8 1635.1 1945.7 1913.3 1979.3 1833.8 14

15 Open market paper 32.9 67.3 56.9 63.2 33.3 29.9 45.5 46.7 59.9 82.6 122.6 15

16 U.S. government securities 294.5 394.1 402.6 517.2 492.9 596.3 574.5 904.7 841.0 901.4 697.8 16

17 Treasury 259.5 342.2 322.5 393.6 381.0 458.5 475.0 662.2 580.6 564.4 329.2 17

18 Savings bonds 101.1 109.6 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 186.5 18

19 Other Treasury 158.4 232.6 204.8 267.4 242.8 301.2 303.1 482.3 395.6 377.4 142.7 19

20 Agency 35.0 52.0 80.1 123.6 111.9 137.8 99.4 242.4 260.5 336.9 368.6 20

21 Municipal securities 452.6 523.8 547.2 574.5 614.1 585.5 552.6 502.2 459.1 441.1 463.3 21

22 Corporate and foreign bonds 125.9 121.2 155.3 200.8 304.7 297.3 333.7 373.7 440.3 445.4 445.8 22

23 Mortgages 124.2 125.9 134.5 144.2 147.6 136.8 128.9 118.5 112.9 108.8 104.2 23

24 Corporate equities (2) 1384.2 1639.9 1963.6 1795.4 2577.9 2919.7 3220.7 3048.9 4042.5 4602.3 5624.6 24

25 Mutual fund shares (5) 381.7 401.3 469.1 467.8 586.6 727.9 990.9 1052.1 1257.2 1571.3 2002.1 25

26 Security credit 39.1 40.9 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 214.5 26

27 Life insurance reserves 301.0 326.6 355.3 380.9 406.8 434.8 470.8 505.3 550.2 593.8 649.7 27

28 Pension fund reserves 2432.4 2668.7 3137.5 3388.2 3876.9 4217.9 4662.0 4880.1 5599.6 6329.5 7452.2 28

29 Investment in bank personal trusts 442.1 470.3 541.4 551.7 639.3 660.6 691.3 699.4 803.0 871.7 1082.8 29

30 Equity in noncorporate business (6) 2839.8 3020.1 3161.4 3247.6 3197.5 3156.7 3222.6 3422.6 3647.5 3863.3 4156.7 30

31 Miscellaneous assets 174.9 191.3 206.2 224.4 234.1 251.0 264.1 269.5 285.4 294.3 318.0 31

32 Liabilities 2839.8 3124.9 3415.4 3706.1 3907.1 4074.8 4316.5 4632.1 4999.0 5360.0 5755.1 32

33 Credit market instruments 2751.5 3024.3 3298.9 3582.0 3758.6 3923.1 4134.3 4446.2 4800.4 5143.9 5497.0 33

34 Home mortgages 1824.2 2034.6 2238.7 2488.9 2654.8 2796.9 2923.3 3096.1 3272.1 3503.9 3768.6 34

35 Consumer credit 688.6 732.0 793.3 805.1 794.5 798.3 859.0 983.9 1122.8 1211.6 1264.1 35

36 Municipal securities (7) 78.1 79.9 83.3 86.6 90.6 90.0 89.5 91.0 91.9 97.9 108.8 36

37 Bank loans n.e.c. 31.9 30.0 20.4 17.9 13.1 17.6 27.4 40.0 56.0 52.3 55.5 37

38 Other loans and advances 84.4 88.9 90.3 100.9 110.2 119.5 126.6 133.7 160.3 172.7 190.7 38

39 Commercial mortgages (7) 44.4 59.0 72.8 82.5 95.5 100.9 108.5 101.5 97.3 105.5 109.2 39

40 Security credit 41.8 43.5 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.4 131.2 40

41 Trade payables (7) 31.4 41.5 57.6 68.9 77.7 82.5 89.8 94.0 102.4 103.9 106.8 41

 Deferred and unpaid

42 life insurance premiums 15.1 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 17.9 20.1 42

43 Net worth 16750.7 18294.5 20059.7 20478.4 22005.8 22975.5 24085.4 24754.7 27382.7 29848.2 33578.7 43

 Memo:

 Replacement-cost value of structures:

44 Residential 3876.6 4150.4 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6020.5 6348.5 6712.8 44

45 Households 3636.3 3901.4 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.0 6044.6 6402.8 45

46 Farm households 138.4 142.5 146.9 151.2 152.0 156.8 162.2 170.7 175.0 179.6 183.0 46

47 Nonprofit organizations 102.0 106.5 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.4 127.0 47

48 Nonresidential (nonprofits) 398.1 420.7 444.3 465.0 474.9 493.3 521.6 551.5 575.1 597.3 630.9 48

49 Disposable personal income 3374.5 3652.7 3906.1 4179.4 4356.8 4626.7 4829.2 5052.7 5355.7 5608.4 5885.2 49

 Household net worth as percentage of

50 disposable personal income 496.4 500.9 513.5 490.0 505.1 496.6 498.7 489.9 511.3 532.2 570.6 50

 Owners’ equity in household real

51 estate (8) 3641.0 3919.9 4256.2 4119.6 4061.3 4151.9 4181.6 4185.8 4358.9 4584.1 4919.6 51

 Owners’ equity as percentage of

52 household real estate (9) 66.6 65.8 65.5 62.3 60.5 59.8 58.9 57.5 57.1 56.7 56.6 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.

(7) Liabilities of nonprofit organizations.

(8) Line 4 less line 34.

(9) Line 51 divided by line 4.
Z.1, June 11, 1998 105

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 8342.9 9074.0 9620.8 9828.1 9806.9 9791.7 10146.0 10775.2 11589.3 12403.9 13457.7 1

 2 Tangible assets 5440.1 5788.3 6101.7 6193.7 6042.7 5860.0 5857.0 6207.9 6530.5 6844.3 7368.5 2

 3 Real estate (1) 3083.4 3288.5 3471.9 3440.1 3253.9 3010.5 2900.1 3073.9 3205.3 3351.4 3771.0 3

 4 Equipment (2) 1567.7 1652.5 1735.8 1828.1 1875.8 1925.1 1994.1 2092.3 2222.2 2360.6 2424.8 4

 5 Inventories (2) 789.0 847.4 894.0 925.4 913.0 924.4 962.7 1041.7 1103.0 1132.3 1172.7 5

 6 Financial assets 2902.7 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 5058.8 5559.6 6089.2 6

 7 Foreign deposits 14.4 20.2 13.3 13.2 15.0 14.3 12.9 14.0 15.6 26.4 30.0 7

 8 Checkable deposits and currency 104.8 134.9 151.1 166.8 182.5 189.4 203.1 221.6 252.9 302.7 313.2 8

 9 Time and savings deposits 116.6 98.8 89.7 73.4 66.8 51.8 74.1 67.5 42.9 44.7 46.1 9

10 Money market fund shares 18.9 15.6 16.2 26.3 31.5 47.3 44.8 52.2 77.0 84.2 98.3 10

11 Security RPs 3.4 5.0 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.8 4.3 11

12 Commercial paper 15.0 13.6 14.3 13.8 14.7 17.0 19.4 18.8 20.1 31.0 33.9 12

13 U.S. government securities 34.4 34.0 60.6 40.9 48.5 69.2 67.9 70.7 80.5 81.5 75.7 13

14 Municipal securities 19.4 16.8 32.4 24.7 44.8 45.8 54.7 56.7 36.8 26.7 30.4 14

15 Mortgages 51.5 68.1 54.4 52.8 59.0 60.0 52.3 56.4 57.9 69.0 77.0 15

16 Consumer credit 54.0 60.8 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 78.9 16

17 Trade receivables 805.3 895.9 938.0 967.2 961.4 988.9 1035.0 1107.0 1184.9 1247.4 1284.6 17

18 Mutual fund shares (1) 12.8 10.6 11.7 9.7 14.8 21.1 29.8 31.1 45.7 58.6 81.8 18

19 Miscellaneous assets 1652.1 1911.2 2070.9 2176.3 2260.5 2355.8 2615.3 2782.6 3156.9 3505.7 3935.1 19

20 Liabilities 3774.0 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6009.5 6324.1 6651.3 20

21 Credit market instruments 1996.3 2201.2 2378.9 2487.7 2430.0 2470.5 2525.5 2663.1 2876.5 3052.1 3289.3 21

22 Commercial paper 73.8 85.7 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 168.6 22

23 Municipal securities (3) 116.2 116.4 115.5 115.2 114.0 114.0 113.9 108.8 96.3 78.8 58.6 23

24 Corporate bonds (4) 784.1 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1326.3 1398.8 1489.5 24

25 Bank loans n.e.c. 485.1 517.9 542.8 545.5 507.7 488.4 477.6 521.0 587.7 633.5 706.5 25

26 Other loans and advances 322.6 372.9 418.9 473.1 410.2 412.6 388.4 421.4 453.7 472.4 518.6 26

27 Mortgages 214.5 221.1 233.5 228.9 212.7 193.9 198.1 219.7 255.1 312.2 347.4 27

28 Trade payables 522.4 576.1 597.9 626.3 649.4 682.8 719.3 796.5 877.5 932.5 997.3 28

29 Taxes payable 47.9 44.4 38.3 38.3 28.9 35.3 40.7 40.3 40.3 49.9 58.1 29

30 Miscellaneous liabilities 1207.4 1370.0 1517.6 1577.1 1721.5 1921.1 2103.1 2127.4 2215.3 2289.6 2306.6 30

31 Net worth (market value) 4568.9 4882.3 5088.1 5098.6 4977.1 4682.0 4757.4 5147.8 5579.8 6079.8 6806.4 31

 Memo:

 Replacement-cost value of structures:

32 Residential 62.6 65.3 67.1 68.6 69.4 72.3 74.0 76.1 78.4 81.9 85.0 32

33 Nonresidential 2207.1 2348.2 2464.2 2563.5 2592.8 2666.1 2805.0 2955.8 3086.8 3217.2 3402.8 33

 Market value of equities outstanding

34 (includes corporate farm equities) 2014.6 2216.7 2673.1 2529.7 3497.0 3827.9 4126.0 4141.8 5481.1 6367.4 7898.5 34

35 Debt/net worth (percent) (5) 43.7 45.1 46.8 48.8 48.8 52.8 53.1 51.7 51.6 50.2 48.3 35

36 Debt/equities (percent) (6) 99.1 99.3 89.0 98.3 69.5 64.5 61.2 64.3 52.5 47.9 41.6 36

37 Equities/net worth (percent) (7) 44.1 45.4 52.5 49.6 70.3 81.8 86.7 80.5 98.2 104.7 116.0 37

 With tangible assets stated at historical cost:

38 Assets (8) 6210.9 6790.4 7199.3 7483.9 7732.4 8059.9 8610.4 9124.1 9868.9 10637.3 11488.5 38

39 Tangible assets 3308.2 3504.7 3680.1 3849.5 3968.2 4128.2 4321.4 4556.7 4810.1 5077.7 5399.3 39

40 Real estate 1321.0 1400.3 1474.5 1561.7 1629.8 1688.8 1759.2 1833.1 1914.8 2010.1 2116.2 40

41 Equipment 1204.7 1269.4 1341.8 1412.4 1471.7 1536.9 1621.5 1727.7 1863.8 2009.7 2179.2 41

42 Inventories 782.6 834.9 863.9 875.4 866.8 902.5 940.6 996.0 1031.5 1057.9 1103.9 42

43 Net worth (historical cost) (9) 2437.0 2598.7 2666.5 2754.5 2902.6 2950.2 3221.7 3496.7 3859.4 4313.2 4837.1 43

 Memo:

 Historical-cost value of structures:

44 Residential 23.8 25.0 26.1 27.2 28.2 29.3 29.8 30.6 32.1 33.6 35.1 44

45 Nonresidential 1164.8 1225.5 1286.2 1356.9 1420.1 1474.6 1538.6 1605.4 1687.7 1781.7 1883.4 45

46 Debt/net worth (percent) (10) 81.9 84.7 89.2 90.3 83.7 83.7 78.4 76.2 74.5 70.8 68.0 46

 (1) At market value.

 (2) At replacement (current) cost.

 (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

 (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
106 Z.1, June 11, 1998

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Change in net worth (1) 1009.7 1543.8 1765.2 418.7 1527.4 969.7 1109.9 669.3 2628.0 2465.4 3730.6 1

 2 Net investment 415.5 532.2 400.3 584.3 380.6 530.7 457.0 512.4 418.6 373.2 385.0 2

 3 Net physical investment 247.8 265.8 251.1 218.6 156.9 198.0 253.4 294.8 295.1 324.5 334.8 3

 4 Capital expenditures 625.1 670.7 692.9 683.6 646.3 714.8 784.2 860.5 890.2 942.8 984.0 4

 5 - Consumption of fixed capital 377.3 404.8 441.8 465.0 489.4 516.8 530.8 565.6 595.1 618.3 649.2 5

 6 Net financial investment 167.7 266.3 149.2 365.7 223.7 332.7 203.6 217.6 123.5 48.7 50.2 6

 7 Net acquisition of financial assets 455.1 522.0 424.1 622.3 417.1 496.6 440.0 530.5 485.2 439.0 442.5 7

 8 - Net increase in liabilities 287.4 255.7 274.9 256.6 193.4 163.9 236.4 312.9 361.6 390.2 392.3 8

 Holding gains on assets stated

 9 at market value (2) 578.8 1015.6 1387.5 -116.7 1099.2 467.3 674.9 142.5 2279.0 2056.2 3445.2 9

10 Real estate 331.6 414.3 465.8 13.6 -15.5 81.4 1.8 58.2 220.5 314.2 501.7 10

11 Corporate equities 98.5 366.9 408.0 -142.2 815.8 318.2 356.6 -14.4 1191.1 842.6 1494.4 11

12 Mutual fund shares -12.8 9.9 36.5 -28.8 15.4 7.5 57.8 -6.1 110.6 139.4 209.5 12

13 Equity in noncorporate business 154.0 176.1 151.6 49.7 -73.8 -79.1 40.4 142.5 171.1 185.0 270.8 13

 Life insurance and

14 pension fund reserves 10.9 21.2 273.8 13.6 287.1 111.0 188.5 -28.0 486.1 497.7 832.6 14

 Investment in bank personal

15 trusts and estates -3.3 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 99.6 77.4 136.2 15

 Holding gains on assets stated

16 at current cost (2) 7.9 13.6 6.6 7.1 12.9 -6.6 3.7 -3.6 -27.3 -40.8 -57.0 16

17 Consumer durable goods 7.0 12.3 5.7 5.6 12.3 -7.2 3.0 -4.8 -29.1 -41.1 -54.3 17

18 Equipment 0.9 1.3 0.9 1.4 0.6 0.6 0.7 1.2 1.8 0.3 -2.7 18

19 Other factors (3) 7.5 -17.6 -29.1 -55.9 34.7 -21.8 -25.7 18.1 -42.3 76.8 -42.6 19

 Memo:

20 Net worth outstanding (4) 16750.7 18294.5 20059.7 20478.4 22005.8 22975.5 24085.4 24754.7 27382.7 29848.2 33578.7 20

21 Disposable personal income 3374.5 3652.7 3906.1 4179.4 4356.8 4626.7 4829.2 5052.7 5355.7 5608.4 5885.2 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(4) Table B.100, line 43.
Z.1, June 11, 1998 107

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 229.3 313.4 205.7 10.6 -121.5 -295.2 75.4 390.5 431.9 500.0 726.5 1

 2 Net investment flow -4.2 -107.3 -172.5 -26.0 86.4 79.1 260.9 165.7 198.0 188.9 109.2 2

 3 Net physical investment 112.9 111.4 111.4 89.1 46.1 61.0 115.5 168.9 213.6 201.0 256.5 3

 4 Capital expenditures 354.1 360.2 389.7 382.4 368.5 382.0 445.2 511.1 567.7 592.5 679.4 4

 5 - Consumption of fixed capital 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 370.7 390.5 410.2 5

 6 - Inventory valuation adjustment -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -24.2 -2.5 5.5 6

 7 - Access rights from fed. government 0.2 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 7

 8 Net financial investment -41.6 -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 52.1 -32.5 8

 9 Net acquisition of financial assets 232.4 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 330.4 9

10 - Net increase in liabilities 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 346.2 362.9 10

11 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -114.8 11

 Holding gains on assets stated

12 at market value (2) 101.2 155.7 143.7 -87.1 -218.7 -269.9 -146.4 135.0 95.6 97.5 372.7 12

13 Real estate 101.3 155.1 141.2 -86.1 -221.4 -271.2 -148.3 135.8 85.6 87.9 352.5 13

14 Mutual fund shares -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 20.2 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 77.9 62.5 43.4 105.5 13.6 -13.1 -10.9 47.9 26.6 20.1 -68.7 15

16 Equipment 40.2 57.2 49.9 60.8 27.8 22.1 19.6 25.5 25.1 20.7 -75.7 16

17 Inventories (3) 8.0 7.4 -1.0 12.8 -7.3 2.0 4.3 14.9 0.9 5.0 -12.7 17

18 Direct investment abroad 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 10.1 -5.4 -6.0 0 18

19 - Foreign direct investment in U.S. 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 2.6 -6.1 -0.3 -19.7 19

20 Other factors (4) 54.5 202.6 191.1 18.2 -2.8 -91.2 -28.1 41.8 111.7 193.6 313.3 20

 Memo:

21 Net worth outstanding (market value) 4568.9 4882.3 5088.1 5098.6 4977.1 4682.0 4757.4 5147.8 5579.8 6079.8 6806.4 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 153.1 161.8 67.8 88.0 148.1 47.5 271.6 274.9 362.7 453.8 523.9 22

23 Net investment flow -4.2 -107.3 -172.5 -26.0 86.4 79.1 260.9 165.7 198.0 188.9 109.2 23

24 Net physical investment 112.9 111.4 111.4 89.1 46.1 61.0 115.5 168.9 213.6 201.0 256.5 24

25 Capital expenditures 354.1 360.2 389.7 382.4 368.5 382.0 445.2 511.1 567.7 592.5 679.4 25

26 - Consumption of fixed capital 261.8 277.8 295.6 306.6 318.4 328.5 338.2 358.2 370.7 390.5 410.2 26

27 - Inventory valuation adjustment -20.7 -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -24.2 -2.5 5.5 27

28 - Access rights from fed. government 0.2 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 28

29 Net financial investment -41.6 -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 52.1 -32.5 29

30 Net acquisition of financial assets 232.4 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 398.3 330.4 30

31 - Net increase in liabilities 273.9 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 346.2 362.9 31

32 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -114.8 32

 Valuation adjustment on

33 reproducible assets (6) 11.3 1.4 -18.7 -7.1 -3.4 26.3 3.6 -8.6 -24.9 2.1 -6.1 33

34 Holding gains on mutual fund shares (2) -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 20.2 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 29.7 -2.0 -5.5 31.9 -6.9 -37.2 -34.9 7.5 0.7 -5.7 19.7 35

36 Direct investment abroad 37.9 0.7 -12.4 25.9 -9.9 -33.6 -33.5 10.1 -5.4 -6.0 0 36

37 - Foreign direct investment in U.S. 8.2 2.7 -6.9 -5.9 -2.9 3.6 1.4 2.6 -6.1 -0.3 -19.7 37

38 Other factors (4) 116.4 269.2 261.9 90.2 69.3 -21.9 40.1 111.2 178.9 258.9 380.9 38

 Memo:

39 Net worth outstanding (historical cost) 2437.0 2598.7 2666.5 2754.5 2902.6 2950.2 3221.7 3496.7 3859.4 4313.2 4837.1 39

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
108 Z.1, June 11, 1998

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.7 38.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 55.6 69.9 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 46.0 23.4 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 13.7 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 2.5 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 1.6 -0.1 14

15 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 3.1 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 1.0 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 19

20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 21

22 Credit market instruments 7.8 12.0 12.2 14.5 7.0 12.2 0.7 22

23 Municipal securities 1.8 3.5 3.3 4.0 -0.6 -0.5 1.5 23

24 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 25

26 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 27

28 Miscellaneous liabilities (2) 16.7 16.5 13.1 29.4 27.7 28.3 26.5 28

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, June 11, 1998 109

L.100.a Nonprofit Organizations (1)

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

1988 1989 1990 1991 1992 1993 1994

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 942.0 1004.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.9 344.3 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 133.1 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 61.5 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 5.3 5.2 13

14 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 38.1 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 37.1 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 18

19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 20

21 Credit market instruments 154.7 166.7 178.9 193.4 200.4 212.6 213.3 21

22 Municipal securities 79.9 83.3 86.6 90.6 90.0 89.5 91.0 22

23 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 24

25 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 26

27 Miscellaneous liabilities (2) 127.0 143.5 156.7 186.1 213.7 242.0 268.5 27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
110 Z.1, June 11, 1998

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Net acquisition of financial assets -6.0 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 16.6 4.2 -2.3 1

 2 Checkable deposits and currency -0.2 1.9 -1.0 -0.5 -0.1 0.0 -0.1 0.3 -0.0 -0.0 -0.0 2

 3 Time and savings deposits 1.1 -4.7 4.6 -10.5 0.5 -14.1 1.4 2.7 -7.2 -3.8 -4.6 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs -0.1 2.0 1.9 -0.1 3.5 0.6 2.2 -0.8 -1.2 1.9 1.3 5

 6 Credit market instruments 2.4 28.3 43.3 33.6 14.5 18.8 25.6 11.6 33.3 20.8 33.9 6

 7 Open market paper 5.1 -3.5 -0.8 -0.1 3.5 0.6 2.2 -0.8 -1.2 1.9 1.3 7

 8 U.S. government securities 1.9 16.4 34.7 26.1 8.9 5.4 15.4 13.8 16.6 5.2 12.4 8

 9 Treasury 1.2 10.6 21.8 16.1 5.5 3.4 9.6 8.3 9.9 3.1 7.4 9

10 Agency 0.7 5.8 12.9 10.0 3.4 2.0 5.8 5.4 6.7 2.1 5.0 10

11 Municipal securities -0.0 -0.5 0.1 -0.0 0.0 -0.0 0.0 0.1 0.0 0.0 0.0 11

12 Corporate and foreign bonds -1.3 9.9 3.8 6.2 8.8 15.8 9.0 -1.6 17.4 13.1 19.3 12

13 Mortgages -3.3 5.9 5.6 1.5 -6.8 -3.1 -0.9 0.1 0.4 0.5 0.8 13

14 Corporate equities -7.7 -2.9 -32.4 -9.8 -8.0 -1.3 -3.2 -11.3 -4.6 -18.8 -33.0 14

15 Mutual fund shares 0.9 -0.6 0.0 0.4 1.4 2.3 4.4 3.7 3.2 7.5 7.0 15

16 Miscellaneous assets -2.4 -10.7 -17.2 -10.2 -10.2 -2.3 -11.9 -7.3 -6.8 -3.4 -6.9 16

17 Unallocated insurance contracts (1) 4.9 -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -3.3 -1.0 -2.4 17

18 Contributions receivable -1.5 -1.6 -0.6 -2.2 3.2 0.6 1.9 -0.6 2.4 2.4 2.4 18

19 Other -5.8 6.0 -14.8 -1.8 -11.2 2.2 -13.1 -1.6 -5.9 -4.8 -6.9 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, June 11, 1998 111

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Net acquisition of financial assets 40.1 43.6 39.7 54.7 65.3 72.1 79.3 79.2 79.5 80.4 88.5 1

 2 Checkable deposits and currency -0.1 1.0 0.6 -0.3 -0.3 -0.1 0.1 -0.1 -0.1 -0.1 -0.1 2

 3 Time and savings deposits -11.9 14.3 17.9 1.4 0.0 -8.0 -9.8 -7.2 -7.7 -10.6 -9.0 3

 4 Money market fund shares 1.8 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 5.2 4.6 4

 5 Security RPs -0.3 0.5 2.0 0.4 1.9 1.3 1.4 0.3 1.2 0.4 0.7 5

 6 Credit market instruments 10.5 -3.4 17.9 19.3 22.5 18.8 23.9 33.9 28.1 27.5 33.7 6

 7 Open market paper 2.1 -2.6 0.8 0.4 1.9 1.3 1.4 0.3 1.2 0.4 0.7 7

 8 U.S. government securities 12.5 2.2 12.6 10.1 13.0 10.9 8.4 36.2 16.4 15.7 18.6 8

 9 Treasury 8.7 2.0 8.7 7.2 9.0 7.8 6.2 23.3 11.0 10.3 11.8 9

10 Agency 3.8 0.2 3.9 2.9 4.0 3.1 2.2 12.9 5.3 5.4 6.8 10

11 Municipal securities -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 11

12 Corporate and foreign bonds -2.6 -5.6 3.4 8.6 7.5 7.2 13.2 -6.2 9.6 10.2 12.8 12

13 Mortgages 0.3 2.6 1.0 0.1 0.1 -0.6 0.8 3.4 0.9 1.2 1.5 13

14 Corporate equities 7.5 8.5 -6.5 5.4 14.9 32.1 18.1 7.2 15.6 5.6 9.3 14

15 Mutual fund shares 1.3 -1.2 0.1 1.2 4.8 8.0 17.4 16.3 15.6 35.1 30.4 15

16 Miscellaneous assets 31.3 21.9 4.9 27.3 20.4 19.1 21.6 23.3 20.8 17.2 18.8 16

17 Unallocated insurance contracts (2) 28.6 14.1 2.5 4.2 11.3 -1.1 1.2 0.2 -1.5 -2.0 -3.2 17

18 Contributions receivable 3.0 -1.7 -0.5 -0.1 0.6 1.0 1.1 0.7 1.4 1.4 1.4 18

19 Other -0.4 9.5 2.8 23.2 8.6 19.2 19.4 22.5 20.9 17.9 20.6 19

(1) Includes assets of the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
112 Z.1, June 11, 1998

L.119.b Private Pension Funds: Defined Benefit Plans

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

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Total financial assets 803.9 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1339.6 1530.4 1785.6 1

 2 Checkable deposits and currency 0.6 2.5 1.6 1.0 1.0 1.0 1.0 1.2 1.2 1.2 1.1 2

 3 Time and savings deposits 50.7 46.0 50.6 40.1 40.5 26.4 27.8 30.6 23.3 19.5 15.0 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 14.9 16.9 18.8 18.8 22.3 22.9 25.0 24.2 23.0 25.0 26.3 5

 6 Credit market instruments 248.6 276.9 320.2 353.8 368.3 387.0 412.7 424.2 457.5 478.3 512.2 6

 7 Open market paper 23.1 19.7 18.8 18.8 22.3 22.9 25.0 24.2 23.0 25.0 26.3 7

 8 U.S. government securities 139.1 155.6 190.2 216.3 225.3 230.7 246.1 259.8 276.4 281.7 294.1 8

 9 Treasury 98.3 108.9 130.7 146.8 152.3 155.7 165.3 173.6 183.6 186.7 194.2 9

10 Agency 40.9 46.7 59.6 69.6 72.9 75.0 80.7 86.2 92.9 95.0 99.9 10

11 Municipal securities 0.6 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 11

12 Corporate and foreign bonds 79.0 88.9 92.7 98.9 107.6 123.5 132.5 130.9 148.3 161.4 180.7 12

13 Mortgages 6.8 12.6 18.2 19.7 13.0 9.9 9.0 9.1 9.5 10.0 10.8 13

14 Corporate equities 322.3 298.1 346.4 318.9 426.1 442.0 503.1 499.5 640.4 779.4 965.1 14

15 Mutual fund shares 7.9 6.5 6.8 6.8 11.4 15.6 22.3 26.0 38.5 60.1 88.6 15

16 Miscellaneous assets 158.8 163.4 164.8 139.1 149.7 142.5 150.8 153.5 155.6 166.9 177.3 16

17 Unallocated insurance contracts (1) 91.8 78.2 80.1 73.6 77.3 69.6 69.7 66.1 69.4 78.3 90.9 17

18 Contributions receivable 10.0 8.4 7.9 5.7 8.8 9.4 11.3 10.7 13.1 15.5 17.9 18

19 Other 57.1 76.9 76.8 59.8 63.6 63.6 69.8 76.8 73.1 73.2 68.5 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
Z.1, June 11, 1998 113

L.119.c Private Pension Funds: Defined Contribution Plans (1)

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

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Total financial assets 523.7 564.9 674.9 693.3 841.1 921.2 1050.6 1132.5 1317.1 1517.1 1793.5 1

 2 Checkable deposits and currency 1.0 2.0 2.6 2.3 2.0 1.9 2.0 2.0 1.9 1.9 1.8 2

 3 Time and savings deposits 25.4 39.7 57.5 58.9 58.9 51.0 41.2 33.9 26.2 15.6 6.6 3

 4 Money market fund shares 12.8 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 42.7 47.3 4

 5 Security RPs 5.6 6.1 8.1 8.5 10.4 11.6 13.1 13.4 14.6 15.0 15.7 5

 6 Credit market instruments 99.8 96.4 114.3 133.6 156.1 174.9 198.8 232.7 260.7 288.3 322.0 6

 7 Open market paper 9.9 7.2 8.1 8.5 10.4 11.6 13.1 13.4 14.6 15.0 15.7 7

 8 U.S. government securities 47.2 49.4 62.0 72.1 85.2 96.1 104.4 140.6 157.0 172.7 191.3 8

 9 Treasury 33.4 35.4 44.1 51.3 60.3 68.1 74.3 97.6 108.6 118.9 130.7 9

10 Agency 13.8 14.0 17.9 20.9 24.9 27.9 30.2 43.1 48.4 53.8 60.6 10

11 Municipal securities 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.6 0.7 11

12 Corporate and foreign bonds 41.0 35.4 38.8 47.4 54.9 62.1 75.3 69.1 78.7 88.9 101.7 12

13 Mortgages 1.4 4.0 5.1 5.2 5.3 4.7 5.5 9.0 9.8 11.1 12.6 13

14 Corporate equities 185.1 187.1 247.0 243.0 321.3 365.7 434.6 441.0 540.1 642.9 800.0 14

15 Mutual fund shares 11.9 15.6 19.9 22.5 38.7 59.3 93.6 124.4 190.0 272.5 367.4 15

16 Miscellaneous assets 182.0 203.1 207.7 206.8 234.9 236.9 241.1 253.5 246.0 238.2 232.7 16

17 Unallocated insurance contracts (2) 94.5 105.8 110.0 115.0 129.3 128.4 136.9 143.9 146.1 147.8 150.4 17

18 Contributions receivable 10.2 8.5 8.0 7.9 8.5 9.5 10.6 11.3 12.7 14.1 15.5 18

19 Other 77.2 88.8 89.7 83.9 97.1 99.0 93.6 98.2 87.2 76.3 66.8 19

(1) Includes assets of the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
114

Z.1, June 11, 1998 Flow of Funds Matrix for 1997

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S U SUS U S U S U S 

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

 1 Gross saving -- 1120.5 -- 772.7 -- 107.0 -- 11.1 -- 2011.3 -- 160.2 -- 41.1  2 Capital consumption -- 649.2 -- 491.6 -- 79.5 -- 71.6 -- 1291.9 -- -- -- 102.7  3 Net saving (1 less 2) -- 471.3 -- 281.1 -- 27.6 -- -60.5 -- 719.4 -- 160.2 -- -61.6  4 Gross investment (5 plus 11) 1034.3 -- 727.8 -- 120.7 -- -5.0 -- 1877.8 -- 263.6 -- 101.6 --  5 Capital expenditures 984.0 -- 811.8 -- 166.1 -- 52.8 -- 2014.7 -- -- -- 113.1 --  6 Consumer durables 659.3 -- -- -- -- -- -- -- 659.3 -- -- -- -- --  7 Residential construction 280.5 -- 39.2 -- -- -- -- -- 319.7 -- -- -- 7.5 --  8 Plant and equipment 44.2 -- 697.1 -- 166.1 -- 60.0 -- 967.4 -- -- -- 105.5 --  9 Inventory change -- -- 68.4 -- -- -- -- -- 68.4 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 7.1 -- -- -- -7.1 -- 0.0 -- -- -- -- -- 11 Net financial investment 50.2 -- -83.9 -- -45.4 -- -57.8 -- -136.9 -- 263.6 -- -11.5 -- 12 Financial uses 442.5 -- 375.6 -- 35.4 -- -0.8 -- 852.7 -- 581.3 -- 2155.7 -- 13 Financial sources -- 392.3 -- 459.5 -- 80.8 -- 57.1 -- 989.6 -- 317.7 -- 2167.2 14 Gold and off. fgn. exchange -- -- -- -- -- -- 2.5 -- 2.5 -- -0.4 0.7 -1.5 -- 15 SDR certificates -- -- -- -- -- -- -- -0.5 -- -0.5 -- -- -0.5 -- 16 Treasury currency -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.6 -- 17 Foreign deposits 13.8 -- 3.6 -- -- -- -- -- 17.4 -- -- 89.0 0.1 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -31.0 -- 4.5 -46.3 19 Checkable dep. and currency -12.9 -- 15.8 -- 1.5 -- -0.5 -- 3.9 -- 30.2 -- 13.9 41.5 20 Time and savings deposits 174.5 -- 7.7 -- 6.1 -- 1.0 -- 189.3 -- 13.0 -- 17.4 219.7 21 Money market fund shares 108.7 -- 14.8 -- -- -- -- -- 123.5 -- -- -- 34.1 157.6 22 Fed. funds and security RPs -- -- 0.4 -- 3.6 -- -- -- 4.0 -- 6.9 -- 32.4 115.2 23 Credit market instruments -109.5 350.3 12.6 311.3 -0.3 79.5 4.9 23.1 -92.3 764.2 320.4 51.5 1236.9 649.2 24 Open market paper 40.0 -- 2.9 13.7 11.3 -- -- -- 54.2 13.7 20.4 3.7 109.5 166.7 25 Treasury securities -235.2 -- 12.1 -- -17.7 -- -- 23.2 -240.8 23.2 156.0 -- 107.9 -- 26 Federal agency securities 31.7 -- -16.4 -- 9.2 -- 0.0 -0.1 24.5 -0.1 43.6 -- 144.6 212.8 27 Municipal securities 22.2 10.8 3.7 -20.2 0.2 80.8 -- -- 26.1 71.4 -- -- 45.4 -- 28 Corporate and fgn. bonds 36.4 -- -- 90.7 -6.9 -- -- -- 29.5 90.7 84.0 41.3 225.4 206.8 29 Bank loans n.e.c. -- 2.7 -- 98.7 -- -- -- -- -- 101.5 -- 8.5 129.6 19.7 30 Other loans and advances -- 18.1 -- 50.0 -- -1.2 9.5 -- 9.5 66.8 16.4 -2.0 74.5 35.6 31 Mortgages -4.6 266.2 9.2 78.3 3.6 -- -4.5 0.0 3.6 344.5 -- -- 348.6 7.8 32 Consumer credit -- 52.5 1.2 -- -- -- -- -- 1.2 52.5 -- -- 51.3 -- 33 Corporate equities -472.1 -- -- -114.8 1.3 -- -- -- -470.8 -114.8 65.1 38.0 326.7 -2.1 34 Mutual fund shares 221.2 -- 3.0 -- 3.6 -- -- -- 227.8 -- -- -- 35.6 263.4 35 Trade credit -- 3.0 47.0 73.9 -- 1.3 -0.7 2.3 46.3 80.4 4.4 10.2 41.7 5.7 36 Security credit 51.6 36.8 -- -- -- -- -- -- 51.6 36.8 0.0 0.0 58.5 73.3 37 Life insurance reserves 56.0 -- -- -- -- -- -- 0.4 56.0 0.4 -- -- -- 55.6 38 Pension fund reserves 290.2 -- -- -- -- -- -- 31.3 290.2 31.3 -- -- -- 258.8 39 Taxes payable -- -- -- 9.6 0.7 -- -1.0 -- -0.3 9.6 -- -- -- 4.3 40 Inv. in bank personal trusts 75.0 -- -- -- -- -- -- -- 75.0 -- -- -- -- 75.0 41 Equity in noncorp. business 22.5 -- -- 9.7 -- -- -- -- 22.5 9.7 -- -- -- 12.8 42 Miscellaneous 23.7 2.2 270.6 169.9 18.9 -- -6.9 0.4 306.3 172.5 172.6 128.5 355.2 283.5 43 Sector discrepancies (1 less 4) 86.2 -- 44.9 -- -13.7 -- 16.1 -- 133.5 -- -103.4 -- -60.5 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, June 11, 1998 Flow of Funds Matrix for 1997

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

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 27163.1 -- 6853.5 -- 1043.3 -- 435.6 -- 35495.5 -- 4660.0 -- 27625.3  2 Total liabilities and equity -- 5755.1 -- 20406.1 -- 1243.0 -- 4391.8 -- 31796.0 -- 3471.3 --  3 Total liabilities -- 5755.1 -- 8357.1 -- 1243.0 -- 4391.8 -- 19747.1 -- 2392.1 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.0 -- 10.0 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 18.2 -- 18.2 -- -- 18.1 -0.1  6 Official foreign exchange -- -- -- -- -- -- 13.8 -- 13.8 -- -- 30.8 17.0  7 SDR certificates -- -- -- -- -- -- -- 9.2 -- 9.2 -- -- 9.2  8 Treasury currency -- -- -- -- -- -- -- 18.2 -- 18.2 -- -- 25.6  9 Foreign deposits 49.3 -- 30.0 -- -- -- -- -- 79.2 -- -- 527.0 23.2 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 146.3 -- 78.6 11 Checkable dep. and currency 404.0 -- 436.3 -- 33.2 -- 41.6 -- 915.1 -- 266.9 -- 86.4 12 Time and savings deposits 2736.3 -- 131.3 -- 76.8 -- 3.4 -- 2947.8 -- 73.5 -- 166.2 13 Money market fund shares 639.0 -- 105.0 -- -- -- -- -- 744.0 -- -- -- 304.7 14 Fed. funds and security RPs -- -- 4.3 -- 151.4 -- -- -- 155.6 -- 77.7 -- 419.8 15 Credit market instruments 1833.8 5497.0 345.3 4699.3 614.5 1209.0 201.4 3804.9 2995.0 15210.1 2274.0 558.8 15953.4 16 Open market paper 122.6 -- 33.9 168.6 71.0 -- -- -- 227.5 168.6 75.0 65.1 676.9 17 Treasury securities 329.2 -- 77.5 -- 239.3 -- -- 3778.3 646.0 3778.3 1265.6 -- 1866.8 18 Federal agency securities 368.6 -- 17.4 -- 135.4 -- 0.0 26.5 521.5 26.5 259.2 -- 2066.9 19 Municipal securities 463.3 108.8 30.4 58.6 4.8 1200.1 -- -- 498.5 1367.5 -- -- 868.9 20 Corporate and fgn. bonds 445.8 -- -- 1489.5 42.8 -- -- -- 488.5 1489.5 531.7 382.6 2410.8 21 Bank loans n.e.c. -- 55.5 -- 974.3 -- -- -- -- -- 1029.8 -- 52.1 1171.3 22 Other loans and advances -- 190.7 -- 637.8 -- 8.9 155.7 -- 155.7 837.4 142.6 59.0 796.6 23 Mortgages 104.2 3877.9 107.2 1370.4 121.2 -- 45.7 0.0 378.4 5248.3 -- -- 4909.9 24 Consumer credit -- 1264.1 78.9 -- -- -- -- -- 78.9 1264.1 -- -- 1185.2 25 Corporate equities 5624.6 -- -- 7898.5 63.0 -- -- -- 5687.6 7898.5 881.7 1079.1 6389.2 26 Mutual fund shares 2002.1 -- 81.8 -- 44.6 -- -- -- 2128.5 -- -- -- 866.2 27 Trade credit -- 106.8 1433.0 1109.5 -- 34.1 23.6 88.3 1456.6 1338.7 62.0 53.1 190.7 28 Security credit 214.5 131.2 -- -- -- -- -- -- 214.5 131.2 0.0 0.0 253.7 29 Life insurance reserves 649.7 -- -- -- -- -- -- 14.0 649.7 14.0 -- -- -- 30 Pension fund reserves 7452.2 -- -- -- -- -- -- 450.5 7452.2 450.5 -- -- -- 31 Taxes payable -- -- -- 97.1 26.9 -- 20.0 -- 46.9 97.1 -- -- -- 32 Inv. in bank personal trusts 1082.8 -- -- -- -- -- -- -- 1082.8 -- -- -- -- 33 Equity in noncorp. business 4156.7 -- -- 4150.5 -- -- -- -- 4156.7 4150.5 -- -- -- 34 Miscellaneous 318.0 20.1 4286.5 2451.3 33.0 -- 103.7 6.6 4741.2 2478.0 877.7 1204.3 2830.4 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
116 Z.1, June 11, 1998

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

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

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

 

 1 Assets 19590.4 21419.3 23475.1 24184.5 25912.9 27050.3 28401.9 29386.8 32381.7 35208.2 39333.9 1

 2 Tangible assets 7724.4 8398.6 9107.9 9324.7 9470.0 9732.9 9981.8 10319.2 10805.6 11396.9 12170.8 2

 3 Financial assets 11866.0 13020.7 14367.1 14859.9 16442.9 17317.4 18420.0 19067.6 21576.1 23811.3 27163.1 3

 4 Deposits 2840.6 3029.2 3182.8 3241.5 3244.3 3226.7 3160.3 3135.1 3349.7 3542.9 3828.7 4

 5 Credit market instruments 1030.1 1232.3 1296.6 1499.8 1592.5 1645.8 1635.1 1945.7 1913.3 1979.3 1833.8 5

 6 Equity shares at market value 1948.3 2236.3 2727.9 2517.8 3533.9 4003.7 4568.8 4520.7 6012.6 7175.4 9119.2 6

 7 Directly held 1384.2 1639.9 1963.6 1795.4 2577.9 2919.7 3220.7 3048.9 4042.5 4602.3 5624.6 7

 8 Indirectly held 564.1 596.5 764.3 722.4 956.0 1084.1 1348.1 1471.9 1970.1 2573.1 3494.6 8

 9 Bank personal trusts and estates 176.1 189.1 231.9 214.1 271.7 268.7 262.0 263.6 365.2 433.2 632.5 9

10 Life insurance companies 54.0 64.0 77.6 77.3 111.9 131.4 172.5 202.2 264.2 339.9 459.1 10

11 Private pension funds 189.6 193.0 255.5 251.6 336.9 389.7 476.0 500.8 645.2 813.9 1048.5 11

12 Mutual funds 144.4 150.4 199.3 179.4 235.5 294.3 437.6 505.3 695.5 986.1 1354.5 12

13 Other 6047.0 6522.8 7159.9 7600.8 8072.2 8441.1 9055.8 9466.1 10300.4 11113.7 12381.4 13

14 Liabilities 2839.8 3124.9 3415.4 3706.1 3907.1 4074.8 4316.5 4632.1 4999.0 5360.0 5755.1 14

15 Net worth 16750.7 18294.5 20059.7 20478.4 22005.8 22975.5 24085.4 24754.7 27382.7 29848.2 33578.7 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 9.9 10.4 11.6 10.4 13.6 14.8 16.1 15.4 18.6 20.4 23.2 16

17 Financial assets (line 3) 16.4 17.2 19.0 16.9 21.5 23.1 24.8 23.7 27.9 30.1 33.6 17

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.

In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13).

Prior to 1985, all pension assets are assumed to have been in defined benefit plans.