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

Wednesday

September 15, 1999

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Second Quarter 1999

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

Second Quarter 1999

Debt of domestic nonfinancial sectors slowed to local government debt rose at a 3 percent pace,

a 5-1/4 percent annual rate in the second quarter of considerably slower than the rate in the first quarter.

1999, following an upward-revised increase of 7-3/4

percent in the first quarter. Deceleration was The level of domestic nonfinancial debt

widespread across the major sectors. outstanding was $16.8 trillion at the end of the

The paydown of federal debt picked up a bit in was $13.1 trillion, and federal debt was $3.7 trillion.

the second quarter; since its peak in late 1997, the

amount of federal debt outstanding has dropped more Figures for the growth and level of debt are

than $100 billion, or about 2-1/2 percent. found in tables D.1 through D.3. Tables that show

The debt of nonfederal sectors grew at about a sector balance sheets are included in the remaining

7-1/2 percent rate, somewhat below the robust pace pages of this release.

of the first quarter. Growth of household debt

moderated to an 8-1/2 percent rate, owing to a

slowdown in growth of consumer credit to a 4 percent

rate. Business debt decelerated to a 7-3/4 percent

rate, as growth of business loans ebbed. State and

second quarter of 1999. Debt of nonfederal sectors

financial flows, amounts outstanding, and selected

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates

Nonfederal

 Total Federal Total Households Business State and

local govts.

1992 4.6 10.9 2.6 4.5 .8 2.2 

1993 4.9 8.3 3.8 5.4 1.4 6.0 

1994 4.6 4.7 4.6 7.7 3.9 -4.0 

1995 5.5 4.1 6.0 7.9 7.0 -4.6 

1996 5.4 4.0 5.9 7.4 6.0 -.6 

1997 5.4 .6 7.1 6.4 8.4 5.3 

1998 6.7 -1.4 9.4 8.7 10.7 7.2 

 1998:Q1 7.0 -.4 9.5 8.5 10.9 8.4 

:Q2 6.7 -.7 9.1 7.5 11.3 7.2 

:Q3 5.7 -3.0 8.4 8.3 9.1 6.0 

:Q4 6.7 -1.4 9.2 9.1 9.9 6.4 

1999:Q1 7.7 -2.0 10.6 9.4 12.6 7.3 

:Q2 5.2 -3.0 7.6 8.5 7.7 2.9

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, Second Quarter 1999 1

Availability of Data for Latest Quarter 3

Debt Growth by Sector D.1 6

Borrowing by Sector D.2 7

Debt Outstanding by Sector D.3 8

 

Flows Levels

Title Table Page Table Page

Summaries

Total Net Borrowing and Lending in Credit Markets F.1 9 L.1 58

Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 59

Credit Market Borrowing by Financial Sectors F.3 10 L.3 59

Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 60

Total Liabilities and Their Relation to Total Financial Assets F.5 11 L.5 60

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Gross Saving and Investment F.8 14 

Derivation of Measures of Personal Saving F.9 15 L.9 61
Flows Levels

Title Table Page Table Page

Sectors

Households and Nonprofit Organizations F.100 16 L.100 62

Nonfinancial Business F.101 17 L.101 63

Nonfarm Nonfinancial Corporate Business F.102 18 L.102 64

Nonfarm Noncorporate Business F.103 19 L.103 65

Farm Business F.104 19 L.104 65

State and Local Governments F.105 20 L.105 66

Federal Government F.106 21 L.106 66

Rest of the World F.107 22 L.107 67

Monetary Authority F.108 23 L.108 68

Commercial Banking F.109 24 L.109 69

U.S.-Chartered Commercial Banks F.110 25 L.110 70

Foreign Banking Offices in U.S. F.111 26 L.111 71

Bank Holding Companies F.112 27 L.112 72

Banks in U.S.-Affiliated Areas F.113 27 L.113 72

Savings Institutions F.114 28 L.114 73

Credit Unions F.115 29 L.115 74

Bank Personal Trusts and Estates F.116 29 L.116 74

Life Insurance Companies F.117 30 L.117 75

Other Insurance Companies F.118 30 L.118 75

Private Pension Funds F.119 31 L.119 76

State and Local Government Employee Retirement Funds F.120 31 L.120 76

Money Market Mutual Funds F.121 32 L.121 77
Flows Levels

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77

Closed-End Funds F.123 32 L.123 77

Government-Sponsored Enterprises F.124 33 L.124 78

Federally Related Mortgage Pools F.125 33 L.125 78

Issuers of Asset-Backed Securities F.126 34 L.126 79

Finance Companies F.127 34 L.127 79

Mortgage Companies F.128 35 L.128 80

Real Estate Investment Trusts F.129 35 L.129 80

Security Brokers and Dealers F.130 36 L.130 81

Funding Corporations F.131 36 L.131 81

Instruments

Gold and Official Foreign Exchange Holdings F.200 37 L.200 82

SDR Certificates and Treasury Currency F.201 37 L.201 82

U.S. Deposits in Foreign Countries F.202 37 L.202 82

Net Interbank Transactions F.203 38 L.203 83

Checkable Deposits and Currency F.204 39 L.204 84

Time and Savings Deposits F.205 40 L.205 85

Money Market Mutual Fund Shares F.206 40 L.206 85

Federal Funds and Security Repurchase Agreements F.207 41 L.207 86

Open Market Paper F.208 41 L.208 86

Treasury Securities F.209 42 L.209 87
Flows Levels

Title Table Page Table Page

Agency Securities F.210 43 L.210 88

Municipal Securities and Loans F.211 44 L.211 89

Corporate and Foreign Bonds F.212 44 L.212 89

Corporate Equities F.213 45 L.213 90

Mutual Fund Shares F.214 45 L.214 90

Bank Loans Not Elsewhere Classified F.215 46 L.215 91

Other Loans and Advances F.216 47 L.216 92

Total Mortgages F.217 48 L.217 93

Home Mortgages F.218 49 L.218 94

Multifamily Residential Mortgages F.219 49 L.219 94

Commercial Mortgages F.220 50 L.220 95

Farm Mortgages F.221 50 L.221 95

Consumer Credit F.222 51 L.222 96

Trade Credit F.223 51 L.223 96

Security Credit F.224 51 L.224 96

Life Insurance and Pension Fund Reserves F.225 52 L.225 97

Taxes Payable by Businesses F.226 52 L.226 97

Investment in Bank Personal Trusts F.227 52 L.227 97

Proprietors’ Equity in Noncorporate Business F.228 52

Total Miscellaneous Financial Claims F.229 53 L.229 98

Identified Miscellaneous Financial Claims - Part I F.230 54 L.230 99

Identified Miscellaneous Financial Claims - Part II F.231 55 L.231 100

Unidentified Miscellaneous Financial Claims F.232 56 L.232 101

Sector Discrepancies F.10 57

Instrument Discrepancies F.11 57
Balance Reconciliation

Sheet

Title Table Page Table Page

Balance Sheet and Reconciliation Tables

Households and Nonprofit Organizations B.100 102 R.100 104

Nonfarm Nonfinancial Corporate Business B.102 103 R.102 105

Flows Levels

Title Table Page Table Page

Supplementary Tables

Nonprofit Organizations F.100.a 106 L.100.a 107

Consolidated Statement for Federal, State, and Local Governments F.106.c 108 L.106.c 109

Private Pension Funds: Defined Benefit Plans F.119.b 110 L.119.b 111

Private Pension Funds: Defined Contribution Plans F.119.c 110 L.119.c 111

Flow of Funds Matrix for 1998 112 113

Balance Sheet of Households and Nonprofit Organizations

 with Equity Detail B.100.e 114

1

Flow of Funds Accounts, Second Quarter 1999

 This publication presents the flow of funds

accounts for 1999:Q2. 

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. Seasonal factors for quarterly financial flows

have been recalculated for the period from 1989:Q1

onward. The factors were generated using the

Statistics Canada X-11-ARIMA/88 seasonal

adjustment program. Seasonal factors for total

consumer credit (tables F.222 and L.222) were

recalculated for the period of 1952:Q1 onward. The

seasonal factors for this particular instrument are

derived from the seasonally adjusted figures published

in the Federal Reserve Board’s G.19 statistical release.

2. Net bond issuance by nonfarm nonfinancial

corporate business (tables F.102 and L.102) has been

revised up for the period since 1995:Q1 to reflect new

information on retirements of bonds issued under the

Securities and Exchange Commission’s Rule 144(a).

The source for retirements of corporate bonds is

Bloomberg Financial Markets.

3. Revisions to the rest of the world sector

(tables F.107 and L.107) reflect new estimates of the

balance of payments from the Department of

Commerce. The revisions are detailed in the July

1999 Survey of Current Business. The revisions reflect

preliminary results from the benchmark survey

conducted by the Department of the Treasury and the

Federal Reserve System of the stock of the U.S.

portfolio investment in long-term foreign securities as

of the end of 1997.

4. There have been two revisions to the data for

state and local government employee retirement funds

(tables F.120 and L.120). Beginning with statistics for

1987:Q3, foreign stock and bond assets and assets in

trusts have been reallocated from miscellaneous assets

into their respective instrument categories based on

new source data from the Public Pension Coordinating

Council. In addition, new data from the Census

Bureau provide benchmarks for 1992 through 1997

and revisions to quarterly figures for 1996:Q1 through

1998:Q4.

5. The market value of equity of nonfinancial

corporations has been revised up, and the market value

of equity of financial corporations has been revised

down, for the period since 1969:Q1 (table L.213, lines

2 and 4, respectively). The revision does not affect the

total market value of corporate equity outstanding

(table L.213, line 1) or net issuance (table F.213).

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

Domestic debt comprises 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, 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:
2

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

where At@ 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 a 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 Aavailable@ data and Amissing@ 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 Adiscrepancies@ 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 ten 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.federalreserve.gov/releases/Z1

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) and available balance sheet tables and

supplemental tables, as well as monthly data from

January 1955 onward for the monthly debt aggregate

published in the Board’s H.6 statistical release, AMoney

Stock 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. 
3

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and Preliminary estimates, seasonally Unadjusted flows since 1997. 

 product accounts (NIPA) adjusted, for 1999:Q2; unadjusted

flows through 1997.

 2. Households and nonprofit Estimates for this sector are largely residual and derived from data for

 organizations sector other sectors. Availability of data depends on schedules for other

 (tables F.100 and L.100) sectors. Data for consumer credit, which are estimated directly, are

available through 1999:Q2. The source for nonprofit organizations data

(tables F.100.a and L.100.a) is the Internal Revenue Service Statistics of

Income. Data for nonprofit organizations are available for 1987 through

1996.

 3. Nonfarm nonfinancial Quarterly Financial Report (QFR) Statistics of Income data since

 corporate business

 (tables F.102 and L.102)

of the Census Bureau through 1996; QFR data for 1999:Q2.

1999:Q1; Internal Revenue Service

Statistics of Income data through

1996; securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1999:Q2.

 4. Nonfarm noncorporate Internal Revenue Service Statistics Statistics of Income data since

 business

 (tables F.103 and L.103)

of Income data through 1996; bank 1996.

and finance company loans and

mortgage borrowing through

1999:Q2.

 5. Farm business Mortgages, bank loans, loans from Data for consumption of fixed

 (tables F.104 and L.104) government-sponsored enterprises, capital and undistributed profits

U.S. government loans to farms, since 1997.

and equity in government-sponsored

enterprises through 1999:Q2;

preliminary data for checkable

deposits and currency and trade

payables through 1998.
4

 6. State and local Gross offerings and retirements of Selected financial asset items

 governments municipal securities, deposits at since 1998:Q2.

 (tables F.105 and L.105) banks, holdings of mortgages, and

nonmarketable U.S. government

securities issues through 1999:Q2;

selected financial assets through

1998: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.

 7. Federal government Data from the Monthly Treasury None.

 (tables F.106 and L.106) Statement of Receipts and Outlays

through 1999:Q2; data from the

Federal Financing Bank through

1999:Q2; Treasury data for loan

programs through 1999:Q2.

 8. Rest of the world Balance of payments data through None.

 (U.S. international 1999:Q2; NIPA estimates, data

 transactions) from bank Reports of Condition,

 (tables F.107 and L.107) and Treasury International Capital

System data through 1999:Q2.

 9. Monetary authority All data through 1999:Q2. None.

 (tables F.108 and L.108)

10. Commercial banking All data through 1999:Q2 for Data since 1998 for branches of

 (tables F.109 through F.113 U.S.-chartered commercial banks, domestic commercial banks

 and tables L.109 through foreign banking offices in the U.S., located in U.S.-affiliated areas.

 L.113) bank holding companies, and

commercial banks in U.S.-affiliated

areas.

11. Savings institutions All data through 1999:Q2. None.

 (tables F.114 and L.114)

12. Credit unions All data through 1999:Q2. None.

 (tables F.115 and L.115)

13. Bank personal trusts and All data through 1997. Data since 1997:Q4.

 estates

 (tables F.116 and L.116)

14. Life insurance companies All data through 1999:Q1; Final data for 1999:Q2.

 (tables F.117 and L.117) preliminary data for 1999:Q2. 

15. Other insurance companies All data through 1999:Q1; Final data for 1999:Q2.

 (tables F.118 and L.118) preliminary data for 1999:Q2. 
5

16. Private pension funds Quarterly data through 1999:Q2; Form 5500 data since 1995.

 (including FERS Internal Revenue Service/

 Thrift Savings Plan) Department of Labor/Pension

 (tables F. 119 and L.119) Benefit Guaranty Corporation

Form 5500 data through 1995.

17. State and local government All data through 1999:Q1. Data for 1999:Q2.

 employee retirement funds

 (tables F.120 and L.120)

18. Money market mutual All data through 1999:Q2. None.

 funds

 (tables F.121 and L.121)

19. Mutual funds All data through 1999:Q2. None.

 (tables F.122 and L.122)

20. Closed-end funds All data through 1998. Data since 1998.

 (tables F.123 and L.123)

21. Government-sponsored Balance sheet data for FHLBs, None.

 enterprises Fannie Mae, Freddie Mac, FCS,

 (tables F.124 and L.124) FICO, REFCORP, and Sallie Mae

through 1999:Q2.

22. Federally related mortgage All data through 1999:Q2. None.

 pools

 (tables F.125 and L.125)

23. Issuers of asset-backed All data from Trepp/PSA None.

 securities (ABSs) Information Services of the

 (tables F.126 and L.126) Muller Data Corporation and data

for private mortgage pools,

consumer credit, business loans,

student loans, consumer leases, and

trade credit securitization through

1999:Q2.

24. Finance companies All data through 1999:Q2. None.

 (tables F.127 and L.127)

25. Mortgage companies Mortgage data through 1998:Q1. Data since 1998:Q1.

 (tables F.128 and L.128)

26. Real estate investment All data from SNL REIT None.

 trusts (REITs) DataSource through 1999:Q2.

 (tables F.129 and L.129)

27. Security brokers and Data for firms filing FOCUS reports Data for firms filing FOGS

 dealers through 1999:Q2; data for firms reports for 1999:Q2.

 (tables F.130 and L.130) filing FOGS reports through

1999:Q1.

28. Funding corporations Estimates for this sector are largely residual and derived from data for

 (tables F.131 and L.131) other sectors.
6 Z.1, September 15, 1999

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

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 0.8 17.4

1976 10.8 15.6 9.6 11.6 13.1 10.6 8.3 7.7 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 18.9 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 11.6 9.0 22.1 9.5

1980 9.5 11.8 9.0 8.0 10.3 0.6 10.5 8.6 6.9 14.5 14.0

1981 10.4 11.6 10.1 7.1 6.4 5.0 13.3 14.0 8.0 18.2 11.9

1982 10.1 19.7 7.9 5.4 4.4 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 12.9 31.8 19.5 0.5

1986 11.8 13.6 11.3 11.1 13.2 9.0 11.6 14.1 10.9 26.1 4.1

1987 9.0 8.0 9.3 11.8 15.8 4.6 6.5 8.0 12.0 18.3 2.6

1988 9.1 8.0 9.4 9.0 10.5 6.3 10.5 11.8 6.4 13.1 3.0

1989 7.3 7.0 7.3 8.4 9.7 6.0 6.8 8.2 5.6 10.5 4.0

1990 6.4 11.0 5.2 7.3 9.3 1.5 3.3 5.2 5.0 8.9 9.1

1991 4.3 11.1 2.2 4.5 6.1 -1.3 -1.6 -1.8 8.6 6.5 5.3

1992 4.6 10.9 2.6 4.5 5.3 0.8 0.8 1.9 2.2 8.8 8.0

1993 4.9 8.3 3.8 5.4 4.5 7.3 1.4 1.9 6.0 9.7 22.1

1994 4.6 4.7 4.6 7.7 6.0 14.5 3.9 5.6 -4.0 14.0 -3.6

1995 5.5 4.1 6.0 7.9 5.7 14.1 7.0 9.0 -4.6 11.9 19.2

1996 5.4 4.0 5.9 7.4 7.3 7.9 6.0 5.6 -0.6 12.8 17.5

1997 5.4 0.6 7.1 6.4 6.6 4.3 8.4 9.5 5.3 13.5 11.1

1998 6.7 -1.4 9.4 8.7 9.7 5.4 10.7 12.2 7.2 19.6 5.9

1994 -- Q1 4.6 4.9 4.5 7.1 5.9 11.6 3.6 5.4 -1.4 15.4 -22.3

 Q2 3.8 4.0 3.8 6.8 5.0 14.8 3.5 5.0 -6.0 11.2 -7.5

 Q3 4.8 5.0 4.8 7.8 6.1 14.5 3.8 5.2 -3.2 11.4 4.0

 Q4 4.9 4.6 5.0 8.2 6.6 14.3 4.6 6.2 -5.5 15.2 12.0

1995 -- Q1 5.8 5.3 6.0 7.5 5.3 14.3 7.4 9.8 -5.2 8.1 18.5

 Q2 6.5 6.9 6.4 7.6 5.6 14.0 7.9 10.6 -4.3 10.9 12.1

 Q3 4.8 2.6 5.6 8.6 6.9 13.9 5.4 6.7 -6.1 11.9 22.2

 Q4 4.5 1.4 5.7 7.0 4.6 11.5 6.4 7.6 -3.1 14.6 19.1

1996 -- Q1 5.9 5.9 6.0 8.0 8.0 10.1 5.6 4.9 -1.6 9.0 11.9

 Q2 5.4 3.0 6.2 7.7 7.0 9.7 6.4 6.1 -1.3 15.8 10.1

 Q3 5.3 4.4 5.6 7.2 7.2 6.8 6.0 6.1 -3.2 9.9 24.9

 Q4 4.6 2.5 5.3 5.8 6.5 4.2 5.3 4.7 3.5 14.3 19.1

1997 -- Q1 4.8 1.8 5.8 6.6 6.1 5.2 5.9 6.7 1.8 7.5 5.7

 Q2 4.6 -0.4 6.3 5.6 5.2 4.6 7.7 8.3 4.1 13.2 12.2

 Q3 5.9 1.2 7.5 6.9 9.7 3.9 8.2 8.9 7.0 12.5 16.9

 Q4 6.1 -0.1 8.2 5.8 5.0 3.4 10.9 12.8 7.9 18.5 8.0

1998 -- Q1 7.0 -0.4 9.5 8.5 10.0 4.7 10.9 12.4 8.4 17.1 16.7

 Q2 6.7 -0.7 9.1 7.5 7.4 4.9 11.3 13.2 7.2 17.4 16.5

 Q3 5.7 -3.0 8.4 8.3 9.5 6.1 9.1 10.0 6.0 17.8 -3.2

 Q4 6.7 -1.4 9.2 9.1 10.6 5.3 9.9 11.0 6.4 21.0 -6.3

1999 -- Q1 7.7 -2.0 10.6 9.4 10.0 9.5 12.6 14.9 7.3 18.7 2.9

 Q2 5.2 -3.0 7.6 8.5 10.0 3.9 7.7 8.0 2.9 14.9 -7.1

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, September 15, 1999 7

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

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 25.3 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 27.1 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 39.7 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 60.3 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 2.1 14.1

1976 244.8 69.2 175.6 83.2 57.8 22.0 73.9 44.0 18.5 23.5 20.5

1977 321.2 56.3 264.8 129.2 87.3 35.4 115.8 74.8 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 35.8 356.1 159.7 106.3 42.7 169.8 88.4 26.6 91.1 15.0

1980 343.7 77.4 266.3 101.1 83.0 2.3 143.0 72.9 22.2 73.2 24.2

1981 410.0 85.5 324.5 97.5 58.0 17.7 199.4 127.7 27.6 105.1 23.5

1982 439.9 161.3 278.6 79.3 42.8 17.2 157.6 94.9 41.7 93.0 16.0

1983 573.7 185.2 388.5 174.6 104.1 50.0 166.6 92.0 47.3 104.5 17.3

1984 791.1 197.2 593.9 215.0 123.3 80.7 326.3 207.8 52.5 157.7 8.4

1985 963.4 225.7 737.7 291.9 159.7 82.8 282.2 185.8 163.6 205.0 1.2

1986 842.9 216.0 626.9 248.6 186.3 54.4 304.1 227.5 74.2 327.8 9.7

1987 718.5 143.9 574.6 294.6 252.3 30.4 189.5 146.2 90.4 291.6 6.3

1988 786.1 155.1 631.0 246.1 190.0 43.4 330.9 237.1 54.0 249.2 7.4

1989 686.3 146.4 540.0 254.0 195.7 44.2 235.9 180.9 50.1 225.0 10.2

1990 655.1 246.9 408.2 239.4 206.4 11.9 121.6 125.1 47.2 213.4 23.9

1991 465.1 278.2 186.9 161.1 150.4 -10.7 -59.6 -46.0 85.4 170.9 15.1

1992 524.2 304.0 220.3 166.5 139.2 6.1 29.6 45.6 24.1 244.0 24.1

1993 584.4 256.1 328.3 209.4 125.1 58.4 52.7 46.9 66.2 294.4 69.8

1994 575.8 155.9 420.0 316.3 174.6 124.9 150.0 142.3 -46.2 468.4 -13.9

1995 720.4 144.4 576.0 350.3 176.3 138.9 277.2 243.7 -51.5 453.9 71.1

1996 743.0 145.0 598.0 351.7 238.7 88.8 253.2 164.6 -6.8 548.9 77.2

1997 785.3 23.1 762.2 325.5 229.4 52.5 380.6 297.0 56.1 652.2 57.6

1998 1022.5 -52.6 1075.1 470.3 358.2 67.6 524.5 418.5 80.3 1068.8 33.6

1994 -- Q1 575.1 162.5 412.7 291.9 169.9 99.5 136.8 137.2 -16.0 516.2 -85.9

 Q2 484.2 133.6 350.7 285.2 145.7 130.6 135.4 129.5 -69.9 391.0 -27.2

 Q3 612.8 169.0 443.8 331.6 182.6 133.3 148.7 138.2 -36.6 408.3 14.3

 Q4 631.0 158.3 472.7 356.3 200.2 136.2 178.9 164.4 -62.5 558.2 43.2

1995 -- Q1 754.0 186.4 567.6 331.4 161.8 140.8 294.6 266.8 -58.5 309.6 68.4

 Q2 862.9 245.5 617.4 344.9 175.8 143.1 320.3 295.4 -47.8 426.9 46.7

 Q3 649.1 94.5 554.6 396.6 218.6 146.4 224.8 191.9 -66.7 477.8 88.7

 Q4 615.7 51.3 564.4 328.3 149.0 125.2 269.0 220.7 -33.0 601.4 80.5

1996 -- Q1 815.3 213.6 601.6 382.2 260.2 113.2 236.9 145.1 -17.4 385.7 52.5

 Q2 749.1 109.6 639.4 376.7 231.0 111.7 276.4 180.6 -13.6 690.5 46.0

 Q3 750.0 162.3 587.7 357.6 242.3 79.8 263.7 186.9 -33.6 452.1 116.1

 Q4 657.8 94.5 563.4 290.2 221.2 50.4 235.7 145.8 37.4 667.5 94.3

1997 -- Q1 691.6 68.1 623.5 338.6 209.9 63.0 266.2 209.7 18.7 363.7 29.7

 Q2 669.3 -15.8 685.0 289.6 181.4 55.9 351.8 263.6 43.7 649.6 64.1

 Q3 868.3 45.6 822.7 362.7 344.7 48.1 384.3 289.6 75.7 634.0 91.8

 Q4 912.0 -5.5 917.5 311.1 181.8 43.1 520.3 425.0 86.2 961.5 44.8

1998 -- Q1 1075.5 -14.5 1090.0 463.3 369.1 58.9 532.5 426.9 94.2 931.3 95.0

 Q2 1042.4 -28.4 1070.8 418.5 279.4 62.1 570.3 467.4 82.0 988.9 97.9

 Q3 899.2 -113.5 1012.6 471.9 365.3 79.6 470.7 365.8 70.0 1056.3 -19.6

 Q4 1072.8 -54.1 1127.0 527.3 419.0 69.9 524.6 413.7 75.1 1298.7 -38.9

1999 -- Q1 1248.1 -75.2 1323.3 553.3 405.2 126.6 682.6 574.4 87.4 1216.0 17.3

 Q2 865.6 -112.2 977.8 511.0 414.5 53.2 431.1 320.6 35.7 1014.1 -43.3
8 Z.1, September 15, 1999

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

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 77.9 262.0 183.0 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 1820.8 715.3 439.9 207.0 886.2 575.2 219.4 260.4 95.6

1976 2508.3 513.1 1995.3 802.3 500.3 229.0 955.2 614.3 237.8 283.9 116.0

1977 2829.6 569.4 2260.2 934.6 590.8 264.4 1069.5 687.6 256.2 337.8 129.4

1978 3214.5 621.9 2592.6 1094.1 697.3 310.4 1203.0 761.6 295.6 412.5 157.6

1979 3606.5 657.7 2948.9 1258.5 809.1 353.1 1368.2 845.4 322.2 504.9 172.9

1980 3957.9 735.0 3222.9 1374.1 904.6 355.4 1504.3 911.6 344.4 578.1 197.2

1981 4366.4 820.5 3545.9 1480.8 971.9 373.1 1693.0 1028.6 372.1 682.4 220.7

1982 4788.3 981.8 3806.5 1547.7 1002.4 390.3 1845.0 1117.9 413.8 778.1 210.4

1983 5364.9 1167.0 4197.9 1706.2 1090.5 440.3 2030.6 1228.8 461.1 882.8 227.7

1984 6151.2 1364.2 4787.0 1918.4 1217.9 521.0 2355.0 1434.8 513.6 1052.4 235.5

1985 7132.7 1589.9 5542.8 2235.9 1407.7 603.8 2629.0 1612.4 677.9 1258.3 236.7

1986 7973.1 1805.9 6167.2 2489.0 1600.0 658.2 2926.1 1832.9 752.1 1593.6 238.3

1987 8675.0 1949.8 6725.3 2743.3 1816.0 688.6 3140.9 2004.5 841.0 1896.5 245.1

1988 9457.6 2104.9 7352.8 3011.3 2021.5 732.0 3446.5 2214.2 895.0 2145.8 252.4

1989 10161.0 2251.2 7909.8 3280.8 2220.7 793.3 3683.8 2397.0 945.1 2399.3 262.3

1990 10843.4 2498.1 8345.3 3554.3 2461.2 805.1 3798.7 2515.3 992.3 2615.8 286.0

1991 11305.2 2776.4 8528.8 3723.0 2619.2 794.5 3728.2 2463.2 1077.7 2786.7 301.2

1992 11832.6 3080.3 8752.2 3893.3 2762.2 800.6 3757.2 2506.6 1101.8 3046.3 316.0

1993 12431.8 3336.5 9095.4 4108.0 2892.6 859.0 3819.4 2563.0 1167.9 3346.1 385.8

1994 13013.9 3492.3 9521.6 4427.0 3070.2 983.9 3972.9 2708.9 1121.7 3822.2 370.3

1995 13734.3 3636.7 10097.6 4782.2 3251.4 1122.8 4245.2 2947.7 1070.2 4278.8 441.4

1996 14477.4 3781.8 10695.6 5105.1 3461.4 1211.6 4527.1 3141.0 1063.4 4827.7 518.7

1997 15261.1 3804.9 11456.3 5433.3 3693.2 1264.1 4903.5 3433.8 1119.5 5446.8 570.1

1998 16283.6 3752.2 12531.4 5903.6 4051.5 1331.7 5428.0 3852.2 1199.8 6515.6 603.7

1994 -- Q1 12581.9 3377.1 9204.8 4181.4 2935.8 883.9 3859.5 2603.2 1163.9 3482.8 364.2

 Q2 12702.9 3410.5 9292.5 4253.5 2973.0 916.6 3892.5 2634.7 1146.5 3580.6 357.4

 Q3 12856.1 3452.7 9403.4 4337.2 3019.5 949.9 3928.8 2668.5 1137.3 3682.7 361.0

 Q4 13013.9 3492.3 9521.6 4427.0 3070.2 983.9 3972.9 2708.9 1121.7 3822.2 370.3

1995 -- Q1 13202.4 3538.9 9663.5 4511.1 3111.9 1019.1 4045.4 2774.4 1107.1 3902.2 387.5

 Q2 13418.1 3600.3 9817.8 4598.4 3157.0 1054.9 4124.3 2847.1 1095.1 4009.0 399.1

 Q3 13580.4 3623.9 9956.5 4698.7 3212.8 1091.5 4179.3 2893.9 1078.4 4128.4 421.3

 Q4 13734.3 3636.7 10097.6 4782.2 3251.4 1122.8 4245.2 2947.7 1070.2 4278.8 441.4

1996 -- Q1 13938.1 3690.2 10248.0 4878.9 3317.7 1151.1 4303.2 2982.8 1065.8 4375.2 454.5

 Q2 14125.4 3717.6 10407.9 4940.6 3342.9 1179.0 4404.8 3060.4 1062.5 4547.8 466.0

 Q3 14312.9 3758.1 10554.8 5031.2 3404.7 1199.0 4469.5 3105.9 1054.1 4660.8 495.1

 Q4 14477.4 3781.8 10695.6 5105.1 3461.4 1211.6 4527.1 3141.0 1063.4 4827.7 518.7

1997 -- Q1 14650.3 3798.8 10851.5 5191.5 3515.3 1227.3 4591.9 3191.8 1068.1 4918.6 526.0

 Q2 14817.6 3794.9 11022.7 5264.9 3561.6 1241.3 4678.9 3256.7 1079.0 5081.0 542.1

 Q3 15033.1 3806.2 11226.9 5355.5 3647.8 1253.3 4773.4 3327.6 1097.9 5206.4 558.9

 Q4 15261.1 3804.9 11456.3 5433.3 3693.2 1264.1 4903.5 3433.8 1119.5 5446.8 570.1

1998 -- Q1 15530.0 3801.2 11728.8 5549.1 3785.5 1278.8 5036.6 3540.5 1143.0 5679.6 593.9

 Q2 15790.6 3794.2 11996.5 5653.8 3855.3 1294.4 5179.2 3657.4 1163.5 5926.9 618.3

 Q3 16015.4 3765.8 12249.6 5771.8 3946.7 1314.3 5296.8 3748.8 1181.0 6191.0 613.4

 Q4 16283.6 3752.2 12531.4 5903.6 4051.5 1331.7 5428.0 3852.2 1199.8 6515.6 603.7

1999 -- Q1 16597.4 3733.4 12863.9 6042.3 4152.8 1363.4 5600.0 3997.1 1221.6 6819.6 608.0

 Q2 16813.8 3705.4 13108.4 6170.0 4256.5 1376.7 5707.8 4076.0 1230.6 7073.1 597.2

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, September 15, 1999 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total net borrowing 1030.3 1245.4 1369.2 1495.1 2124.9 2101.7 2129.3 1935.8 2332.7 2481.3 1836.4 1

 2 Domestic nonfinancial sectors 575.8 720.4 743.0 785.3 1022.5 1075.5 1042.4 899.2 1072.8 1248.1 865.6 2

 3 Federal government 155.9 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 3

 4 Nonfederal sectors 420.0 576.0 598.0 762.2 1075.1 1090.0 1070.8 1012.6 1127.0 1323.3 977.8 4

 5 Household sector 316.3 350.3 351.7 325.5 470.3 463.3 418.5 471.9 527.3 553.3 511.0 5

 6 Nonfinancial corporate business 142.3 243.7 164.6 297.0 418.5 426.9 467.4 365.8 413.7 574.4 320.6 6

 7 Nonfarm noncorporate business 3.3 30.6 83.8 77.4 98.4 97.1 95.4 97.6 103.3 101.6 111.2 7

 8 Farm business 4.4 2.9 4.8 6.2 7.7 8.4 7.5 7.3 7.5 6.6 -0.7 8

 9 State and local governments -46.2 -51.5 -6.8 56.1 80.3 94.2 82.0 70.0 75.1 87.4 35.7 9

10 Rest of the world -13.9 71.1 77.2 57.6 33.6 95.0 97.9 -19.6 -38.9 17.3 -43.3 10

11 Financial sectors 468.4 453.9 548.9 652.2 1068.8 931.3 988.9 1056.3 1298.7 1216.0 1014.1 11

12 Commercial banking 20.1 22.5 13.0 46.1 72.9 82.8 80.8 61.7 66.3 31.1 61.6 12

13 U.S.-chartered commercial banks 12.5 11.2 11.7 29.5 52.8 39.3 49.7 41.5 80.8 -3.5 61.0 13

14 Foreign banking offices in U.S. -2.6 -3.1 -0.7 -2.4 -4.8 -6.9 -6.1 -2.2 -3.9 -1.7 -0.0 14

15 Bank holding companies 10.3 14.4 2.0 19.0 24.9 50.4 37.2 22.5 -10.6 36.3 0.7 15

16 Savings institutions 12.8 2.6 25.5 19.7 52.2 10.6 31.2 63.7 103.2 58.0 58.6 16

17 Credit unions 0.2 -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 17

18 Life insurance companies 0.3 -0.1 1.1 0.2 0.7 0.0 -0.6 1.6 1.8 3.3 3.0 18

19 Government-sponsored enterprises 172.1 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 19

20 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 20

21 ABS issuers 76.5 142.4 153.9 200.7 316.3 283.0 352.4 294.2 335.7 302.2 318.3 21

22 Finance companies 48.7 50.2 45.9 48.7 43.0 74.6 91.9 -12.0 17.8 71.2 88.4 22

23 Mortgage companies -11.5 -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 23

24 REITs 10.2 4.5 11.9 39.6 62.7 63.1 64.4 79.3 44.0 25.6 -19.7 24

25 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -18.3 25

26 Funding corporations 23.1 34.9 64.1 80.7 40.7 139.2 -28.6 11.2 40.9 166.5 -63.4 26

27 Total net lending 1030.3 1245.4 1369.2 1495.1 2124.9 2101.7 2129.3 1935.8 2332.7 2481.3 1836.4 27

28 Domestic nonfederal nonfinancial sectors 231.2 -90.0 22.5 -88.9 59.9 -49.7 512.7 94.9 -318.3 307.5 347.9 28

29 Household sector 268.0 5.5 61.4 -86.2 -37.0 -64.2 385.2 -44.8 -424.1 244.9 255.1 29

30 Nonfinancial corporate business 17.7 -8.8 -0.8 -2.3 -2.6 8.4 -46.9 14.0 14.1 10.4 39.5 30

31 Nonfarm noncorporate business 0.6 4.7 -4.3 -0.6 0 0 0 0 0 0 0.0 31

32 State and local governments -55.0 -91.4 -33.7 0.1 99.5 6.1 174.3 125.7 91.7 52.2 53.3 32

33 Federal government -27.4 -0.2 -7.4 5.1 13.5 15.7 12.9 13.8 11.7 17.5 6.5 33

34 Rest of the world 132.3 273.9 414.4 310.7 249.3 223.8 321.8 60.8 390.7 213.3 51.6 34

35 Financial sectors 694.1 1061.7 939.7 1268.1 1802.2 1912.0 1281.9 1766.3 2248.6 1943.0 1430.5 35

36 Monetary authority 31.5 12.7 12.3 38.3 21.1 27.6 11.5 41.6 3.5 71.8 62.4 36

37 Commercial banking 163.4 265.9 187.5 324.3 305.2 306.7 132.7 250.1 531.5 68.9 135.0 37

38 U.S.-chartered commercial banks 148.1 186.5 119.6 274.9 312.0 268.4 130.0 309.2 540.2 134.1 231.5 38

39 Foreign banking offices in U.S. 11.2 75.4 63.3 40.2 -11.9 17.5 15.2 -68.1 -12.1 -54.9 -105.8 39

40 Bank holding companies 0.9 -0.3 3.9 5.4 -0.9 15.3 -17.6 6.0 -7.4 -6.0 0.1 40

41 Banks in U.S.-affiliated areas 3.3 4.2 0.7 3.7 6.0 5.5 5.1 2.9 10.7 -4.4 9.2 41

42 Savings institutions 6.7 -7.6 19.9 -4.7 36.3 11.8 2.1 17.9 113.3 102.7 88.8 42

43 Credit unions 28.1 16.2 25.5 16.8 19.0 16.1 22.7 21.0 16.0 37.7 34.7 43

44 Bank personal trusts and estates 7.1 -8.3 -7.7 7.6 2.8 2.4 3.1 2.0 3.9 3.1 2.2 44

45 Life insurance companies 72.0 100.0 69.6 94.3 76.8 92.1 63.4 65.6 86.0 72.6 89.0 45

46 Other insurance companies 24.9 21.5 22.5 25.2 20.4 23.4 -1.5 -7.7 67.5 -19.7 5.0 46

47 Private pension funds 46.1 56.0 52.3 65.5 118.7 74.5 130.1 95.6 174.4 60.5 150.0 47

48 State and local govt. retirement funds 30.9 33.6 37.3 63.8 65.0 67.4 78.4 65.6 48.5 74.3 37.4 48

49 Money market mutual funds 30.0 86.5 88.8 87.5 244.0 159.3 208.1 255.5 353.1 227.6 -92.6 49

50 Mutual funds -7.1 52.5 48.9 80.9 124.8 156.4 146.4 92.9 103.5 101.5 98.8 50

51 Closed-end funds -3.7 10.5 4.7 -2.9 4.5 4.5 4.5 4.5 4.5 4.4 4.4 51

52 Government-sponsored enterprises 117.8 86.7 84.2 94.3 260.8 198.3 150.6 264.7 429.5 157.2 259.5 52

53 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 53

54 ABS issuers 69.4 120.6 123.6 162.3 276.7 223.9 321.4 248.7 312.7 284.6 301.5 54

55 Finance companies 48.3 49.9 18.4 21.9 51.9 28.7 24.0 79.5 75.3 92.2 79.6 55

56 Mortgage companies -24.0 -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 56

57 REITs -0.7 1.4 4.4 20.2 -5.1 25.6 6.1 -11.3 -40.8 1.7 -2.2 57

58 Brokers and dealers -44.2 90.1 -15.7 14.9 -17.4 245.8 -183.1 77.0 -209.1 184.5 -204.5 58

59 Funding corporations -17.8 -21.2 14.0 52.7 0.9 82.0 -21.4 -63.3 6.4 27.1 96.8 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, September 15, 1999

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 575.8 720.4 743.0 785.3 1022.5 1075.5 1042.4 899.2 1072.8 1248.1 865.6 1

 2 Federal government 155.9 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 2

 3 Treasury securities 155.7 142.9 146.6 23.2 -54.6 -12.1 -26.9 -113.1 -66.3 -73.7 -112.8 3

 4 Budget agency securities and mortgages 0.2 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 4

 5 Nonfederal, by instrument 420.0 576.0 598.0 762.2 1075.1 1090.0 1070.8 1012.6 1127.0 1323.3 977.8 5

 6 Commercial paper 21.4 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 6

 7 Municipal securities and loans -35.9 -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 7

 8 Corporate bonds 23.3 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 260.8 8

 9 Bank loans n.e.c. 75.2 103.7 70.5 106.5 108.2 35.0 169.2 107.8 120.9 70.0 21.8 9

10 Other loans and advances 34.0 67.2 33.5 69.1 74.3 76.3 40.8 77.7 102.5 114.1 -5.3 10

11 Mortgages 177.0 205.1 287.4 298.4 485.0 476.4 398.9 471.1 593.8 573.4 595.7 11

12 Home 183.4 179.8 243.0 235.8 366.3 376.5 287.3 373.7 427.8 414.6 424.2 12

13 Multifamily residential -2.1 7.6 11.5 10.8 22.4 21.6 21.1 16.1 30.6 35.9 36.8 13

14 Commercial -6.5 16.2 30.4 48.7 90.2 74.1 83.8 75.9 126.8 119.3 125.4 14

15 Farm 2.2 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.3 15

16 Consumer credit 124.9 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 126.6 53.2 16

17 Nonfederal, by sector 420.0 576.0 598.0 762.2 1075.1 1090.0 1070.8 1012.6 1127.0 1323.3 977.8 17

18 Household sector 316.3 350.3 351.7 325.5 470.3 463.3 418.5 471.9 527.3 553.3 511.0 18

19 Nonfinancial business 150.0 277.2 253.2 380.6 524.5 532.5 570.3 470.7 524.6 682.6 431.1 19

20 Corporate 142.3 243.7 164.6 297.0 418.5 426.9 467.4 365.8 413.7 574.4 320.6 20

21 Nonfarm noncorporate 3.3 30.6 83.8 77.4 98.4 97.1 95.4 97.6 103.3 101.6 111.2 21

22 Farm 4.4 2.9 4.8 6.2 7.7 8.4 7.5 7.3 7.5 6.6 -0.7 22

23 State and local governments -46.2 -51.5 -6.8 56.1 80.3 94.2 82.0 70.0 75.1 87.4 35.7 23

24 Foreign borrowing in U.S. -13.9 71.1 77.2 57.6 33.6 95.0 97.9 -19.6 -38.9 17.3 -43.3 24

25 Commercial paper -26.1 13.5 11.3 3.7 7.8 55.3 -25.5 6.2 -4.7 18.3 -27.1 25

26 Bonds 12.2 49.7 55.8 47.2 25.1 42.5 119.2 -27.2 -34.2 0.9 -19.1 26

27 Bank loans n.e.c. 1.4 8.5 9.1 8.5 6.7 5.2 8.4 3.6 9.8 0.9 5.7 27

28 Other loans and advances -1.4 -0.5 1.0 -1.8 -6.0 -8.0 -4.2 -2.2 -9.7 -2.8 -2.7 28

29 Domestic and foreign 561.9 791.5 820.3 842.9 1056.1 1170.4 1140.3 879.5 1034.0 1265.4 822.4 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 468.4 453.9 548.9 652.2 1068.8 931.3 988.9 1056.3 1298.7 1216.0 1014.1 1

 2 Federal government-related 287.5 204.1 231.5 212.8 470.9 249.2 405.4 555.8 673.3 592.3 579.3 2

 3 Govt.-sponsored enterprise securities 176.9 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 3

 4 Mortgage pool securities 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 4

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

 6 Private financial sectors 180.9 249.8 317.5 439.4 597.9 682.1 583.5 500.5 625.4 623.7 434.8 6

 7 Open market paper 40.5 42.7 92.2 166.7 161.0 236.7 135.6 141.0 130.7 78.3 57.8 7

 8 Corporate bonds 121.8 195.9 176.9 209.0 291.8 346.3 361.8 177.4 281.9 492.5 260.8 8

 9 Bank loans n.e.c. -13.7 2.5 12.6 13.2 30.1 57.3 -9.7 60.2 12.4 -8.8 10.5 9

10 Other loans and advances 22.6 3.4 27.9 35.6 90.2 32.7 76.0 82.3 169.9 41.6 117.9 10

11 Mortgages 9.8 5.3 7.9 14.9 24.8 9.1 19.9 39.6 30.6 20.1 -12.3 11

12 By sector 468.4 453.9 548.9 652.2 1068.8 931.3 988.9 1056.3 1298.7 1216.0 1014.1 12

13 Commercial banking 20.1 22.5 13.0 46.1 72.9 82.8 80.8 61.7 66.3 31.1 61.6 13

14 U.S.-chartered commercial banks 12.5 11.2 11.7 29.5 52.8 39.3 49.7 41.5 80.8 -3.5 61.0 14

15 Foreign banking offices in U.S. -2.6 -3.1 -0.7 -2.4 -4.8 -6.9 -6.1 -2.2 -3.9 -1.7 -0.0 15

16 Bank holding companies 10.3 14.4 2.0 19.0 24.9 50.4 37.2 22.5 -10.6 36.3 0.7 16

17 Savings institutions 12.8 2.6 25.5 19.7 52.2 10.6 31.2 63.7 103.2 58.0 58.6 17

18 Credit unions 0.2 -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 18

19 Life insurance companies 0.3 -0.1 1.1 0.2 0.7 0.0 -0.6 1.6 1.8 3.3 3.0 19

20 Government-sponsored enterprises 172.1 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 20

21 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 21

22 ABS issuers 76.5 142.4 153.9 200.7 316.3 283.0 352.4 294.2 335.7 302.2 318.3 22

23 Finance companies 48.7 50.2 45.9 48.7 43.0 74.6 91.9 -12.0 17.8 71.2 88.4 23

24 Mortgage companies -11.5 -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 24

25 REITs 10.2 4.5 11.9 39.6 62.7 63.1 64.4 79.3 44.0 25.6 -19.7 25

26 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -18.3 26

27 Funding corporations 23.1 34.9 64.1 80.7 40.7 139.2 -28.6 11.2 40.9 166.5 -63.4 27
Z.1, September 15, 1999 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 1030.3 1245.4 1369.2 1495.1 2124.9 2101.7 2129.3 1935.8 2332.7 2481.3 1836.4 1

 2 Open market paper 35.7 74.3 102.6 184.1 193.1 343.0 113.8 232.7 83.0 161.1 34.1 2

 3 U.S. government securities 448.1 348.5 376.5 235.9 418.3 234.7 377.1 442.3 619.1 517.1 467.1 3

 4 Municipal securities -35.9 -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 4

 5 Corporate and foreign bonds 157.3 336.7 348.9 406.7 535.6 667.6 775.8 258.2 440.9 767.4 502.5 5

 6 Bank loans n.e.c. 62.9 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.0 6

 7 Other loans and advances 50.4 70.1 62.5 102.8 158.5 101.0 112.5 157.8 262.7 152.9 110.0 7

 8 Mortgages 186.8 210.5 295.3 313.3 509.8 485.5 418.7 510.7 624.4 593.5 583.5 8

 9 Consumer credit 124.9 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 126.6 53.2 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 125.2 144.3 228.9 188.4 88.3 213.5 268.5 -147.2 18.3 140.6 6.4 10

11 Corporate equities 24.6 -3.1 -8.6 -76.7 -186.3 -108.8 -109.3 -320.6 -206.5 -114.7 -241.5 11

12 Nonfinancial -44.9 -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -354.0 12

 Foreign shares purchased by

13 U.S. residents 48.1 50.4 60.0 42.0 77.8 14.0 12.3 -32.8 317.4 -33.4 124.7 13

14 Financial 21.4 4.8 0.8 -4.3 2.9 16.4 7.5 20.5 -32.7 -15.6 -12.2 14

15 Mutual fund shares 100.6 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 255.3 247.9 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) 1030.3 1245.4 1369.2 1495.1 2124.9 2101.7 2129.3 1935.8 2332.7 2481.3 1836.4 1

 2 Official foreign exchange -5.8 8.8 -6.3 0.7 6.6 1.0 8.1 8.9 8.6 -14.0 -5.4 2

 3 SDR certificates 0 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 3

 4 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0 0.7 4

 5 Foreign deposits 52.9 35.3 85.9 106.8 -0.2 -46.5 92.9 84.9 -131.9 127.7 114.5 5

 6 Net interbank transactions 89.8 10.0 -51.6 -19.7 -33.5 -95.2 39.8 44.2 -122.9 49.1 68.2 6

 7 Checkable deposits and currency -9.7 -12.7 15.8 41.5 47.6 52.6 90.1 -24.9 72.8 61.7 10.3 7

 8 Small time and savings deposits -39.9 96.6 97.2 97.1 152.4 99.0 84.9 144.7 281.2 -63.8 104.0 8

 9 Large time deposits 19.6 65.6 114.0 122.5 92.1 187.8 -5.6 81.8 104.4 -5.9 42.6 9

10 Money market fund shares 43.3 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 10

11 Security RPs 78.2 110.5 41.4 120.9 52.6 250.3 -100.8 231.1 -170.3 408.2 -65.6 11

12 Corporate equities 24.6 -3.1 -8.6 -76.7 -186.3 -108.8 -109.3 -320.6 -206.5 -114.7 -241.5 12

13 Mutual fund shares 100.6 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 255.3 247.9 13

14 Trade payables 94.0 101.6 86.1 96.2 -0.3 108.3 -57.4 34.6 -86.8 155.5 98.4 14

15 Security credit -0.1 26.7 52.4 111.0 108.3 159.3 134.3 167.0 -27.2 -86.9 89.3 15

16 Life insurance reserves 35.5 45.8 44.5 54.3 53.3 49.3 53.3 51.7 59.0 40.8 65.9 16

17 Pension fund reserves 254.7 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 284.3 316.4 17

18 Taxes payable 2.6 6.2 16.0 16.8 13.0 12.2 0.9 27.3 11.7 -10.3 27.2 18

19 Investment in bank personal trusts 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 53.0 19

20 Noncorporate proprietors’ equity 53.6 60.3 -0.6 6.1 -18.6 -11.0 -5.4 -61.2 3.2 -2.5 12.3 20

21 Miscellaneous 245.6 444.6 498.3 513.3 692.8 980.1 376.5 712.6 702.0 238.7 1092.8 21

22 Total financial sources 2088.3 2773.2 2975.1 3487.1 4010.7 4621.2 3687.3 3988.1 3746.3 4069.6 3968.0 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.5 -0.9 -0.6 -0.7 -0.2 -0.3 1.1 -3.4 -1.5 -0.4 23

24 Foreign deposits 43.0 25.1 59.6 106.8 -15.6 -95.7 119.9 69.9 -156.5 62.0 73.5 24

25 Net interbank liabilities -2.7 -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 25

26 Security RPs 67.7 20.2 4.5 62.3 15.3 120.8 -170.0 110.2 0.2 362.2 -14.8 26

27 Taxes payable 16.6 21.1 20.4 18.8 13.4 9.4 2.8 24.2 17.4 -22.4 -15.0 27

28 Miscellaneous -160.1 -221.4 -66.9 -254.9 -78.8 61.0 -225.9 -106.7 -43.9 -568.0 -390.0 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -4.8 -6.0 0.5 -2.7 2.6 8.3 -44.4 32.4 14.0 -1.8 -41.4 29

30 Other -2.8 -3.8 -4.0 -3.9 -3.1 -4.0 -2.9 -3.6 -1.8 -1.9 -1.0 30

31 Trade credit 1.5 -11.7 -49.9 3.6 -58.6 41.9 -150.7 -94.5 -31.1 55.7 -6.9 31

 Totals identified to sectors

32 as assets 2130.1 2953.4 3015.2 3577.6 4132.9 4444.8 4150.0 3932.8 4004.0 4126.5 4365.7 32
12 Z.1, September 15, 1999

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 6947.0 7269.7 7661.7 8110.8 8511.0 8384.2 8440.5 8537.9 8681.2 8808.7 8881.9 1

 2 Personal consumption expenditures (2) 4717.0 4953.9 5215.7 5493.7 5808.0 5676.5 5773.7 5846.7 5934.8 6050.6 6155.9 2

 3 Durable goods (3) 579.6 611.0 643.3 673.1 724.7 705.1 720.1 718.9 754.5 771.2 784.6 3

 4 Nondurable goods and services 4137.4 4342.9 4572.4 4820.6 5083.3 4971.4 5053.6 5127.8 5180.3 5279.4 5371.3 4

 5 Gross private domestic investment 1007.8 1043.2 1131.9 1256.0 1367.0 1366.6 1344.9 1364.4 1392.4 1417.4 1423.3 5

 6 Fixed investment 946.6 1012.5 1099.8 1188.6 1307.7 1271.1 1305.7 1307.4 1346.8 1377.9 1410.9 6

 7 Nonresidential plant and equipment 660.6 727.7 787.9 860.7 938.2 921.3 941.9 931.6 957.9 972.6 995.1 7

 8 Household sector (nonprofit organizations) 31.9 33.8 37.4 43.6 46.4 45.7 46.4 46.1 47.3 48.0 48.7 8

 9 Nonfinancial corporate business 463.5 520.4 575.5 601.7 655.3 641.1 653.5 642.7 683.7 694.3 751.0 9

10 Nonfarm noncorporate business 64.3 77.4 66.5 64.6 64.3 55.4 70.0 59.0 72.8 83.9 105.9 10

11 Farm business 20.8 22.5 23.8 25.4 26.7 27.5 27.9 26.7 24.4 26.6 25.4 11

12 Financial corporations 80.1 73.6 84.7 125.4 145.6 151.6 144.0 157.1 129.7 119.8 64.1 12

13 Residential construction 286.0 284.8 311.9 327.9 369.5 349.8 363.8 375.8 388.9 405.3 415.8 13

14 Household sector 249.1 244.9 269.0 278.0 314.6 295.8 309.9 318.0 334.9 351.3 370.8 14

15 Nonfinancial corporate business 1.9 2.1 2.3 2.5 2.8 2.6 2.7 2.8 2.9 3.0 3.1 15

16 Nonfarm noncorporate business 27.8 35.0 36.1 36.2 40.7 38.6 40.1 41.4 42.8 44.6 45.7 16

17 REITs 7.3 2.7 4.4 11.3 11.4 12.8 11.1 13.6 8.3 6.4 -3.8 17

18 Change in business inventories 61.2 30.7 32.1 67.4 59.3 95.5 39.2 57.0 45.6 39.5 12.4 18

19 Nonfinancial corporate business 48.0 38.1 23.3 59.9 50.0 86.0 29.9 46.8 37.3 34.6 9.4 19

20 Nonfarm noncorporate business 2.5 2.0 1.2 3.2 2.6 4.5 1.6 2.5 2.0 1.8 0.5 20

21 Farm business 10.8 -9.4 7.6 4.3 6.7 5.0 7.7 7.7 6.3 3.1 2.5 21

22 Net U.S. exports of goods and services -90.8 -83.9 -91.2 -93.4 -151.2 -123.8 -159.3 -165.5 -156.2 -196.9 -240.1 22

23 Exports 721.2 819.5 873.8 965.4 959.0 973.3 949.6 936.2 976.8 962.7 972.6 23

24 - Imports 812.0 903.4 965.0 1058.8 1110.2 1097.1 1108.9 1101.7 1133.0 1159.6 1212.7 24

 Government consumption expenditures and

25 gross investment 1313.0 1356.4 1405.3 1454.6 1487.1 1464.9 1481.2 1492.3 1510.2 1537.6 1542.8 25

26 Consumption expenditures (4) 1107.1 1138.1 1175.6 1219.2 1250.1 1227.6 1248.7 1252.5 1271.8 1282.0 1293.2 26

27 Federal 443.2 442.9 450.9 460.4 461.1 450.9 464.0 458.7 470.6 471.8 469.6 27

28 State and local 663.9 695.2 724.7 758.8 789.0 776.7 784.7 793.8 801.2 810.2 823.6 28

29 Gross investment (4) 205.9 218.4 229.7 235.4 237.0 237.3 232.5 239.8 238.4 255.6 249.6 29

30 Federal 67.0 66.3 67.6 59.8 59.6 60.7 56.8 60.8 60.1 64.9 63.3 30

31 State and local 138.9 152.1 162.1 175.6 177.4 176.6 175.7 179.0 178.3 190.7 186.3 31

 Memo:

32 Net U.S. factor income from rest of the world 8.2 17.5 12.4 -8.0 -20.5 -14.8 -18.7 -27.1 -21.2 -20.3 -27.2 32

33 U.S. receipts 176.5 225.1 235.5 265.5 269.1 270.3 270.6 265.0 270.7 274.3 276.4 33

34 - U.S. payments 168.3 207.6 223.1 273.5 289.6 285.1 289.3 292.1 291.9 294.6 303.6 34

 Gross National Product (GNP) =

35 GDP + net U.S. factor income 6955.2 7287.2 7674.1 8102.8 8490.4 8369.4 8421.8 8510.8 8660.0 8788.4 8854.7 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, September 15, 1999 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 5590.6 5923.6 6256.1 6646.5 6994.8 6875.1 6945.6 7032.2 7125.9 7265.2 7346.7 1

 2 Compensation of employees 4011.9 4208.8 4409.2 4687.2 4981.1 4882.9 4945.2 5011.5 5084.2 5166.4 5237.0 2

 3 Wages and other labor income 3645.5 3830.1 4018.3 4282.8 4556.9 4464.8 4523.4 4585.4 4653.6 4731.6 4797.7 3

 4 Employer social insurance contributions 353.0 365.3 381.7 400.7 420.2 414.1 417.8 422.1 426.6 434.8 439.3 4

 5 Wage accruals less disbursements 13.3 13.4 9.3 3.7 4.0 4.0 4.0 4.0 4.0 0 0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 471.6 488.1 527.7 551.2 577.2 564.2 571.7 576.1 596.9 598.3 610.4 6

 7 Nonfarm 434.7 465.6 488.8 515.8 548.5 536.8 544.0 550.9 562.2 575.8 586.7 7

 8 Farm 36.9 22.4 38.9 35.5 28.8 27.4 27.7 25.2 34.7 22.5 23.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 124.4 133.8 150.2 158.2 162.6 158.3 161.0 163.6 167.5 167.7 170.4 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 570.5 672.4 750.4 817.9 824.6 829.2 820.6 827.0 821.7 868.9 859.7 10

 Corporate profits with inventory

11 valuation adjustment 519.1 613.0 679.0 741.2 732.2 744.3 731.2 732.2 721.5 764.3 751.1 11

12 Profits before tax 535.1 635.6 680.2 734.3 717.7 719.0 723.4 720.5 708.1 752.7 768.2 12

13 Domestic nonfinancial 391.9 440.9 472.4 504.6 486.9 483.3 490.8 496.4 477.3 504.2 525.1 13

14 Farm 0.4 0.5 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 14

15 Foreign subsidiaries 73.3 89.5 96.4 99.0 95.7 98.5 97.3 90.0 96.8 101.5 99.1 15

16 Financial 69.5 104.6 110.8 129.9 134.3 136.3 134.4 133.2 133.1 146.1 143.1 16

 Less:

17 Profits tax liability 186.6 211.0 226.1 246.1 240.1 239.9 241.6 243.2 235.6 250.7 257.5 17

18 Domestic nonfinancial 128.3 136.3 151.0 169.2 159.9 159.2 161.6 163.3 155.6 165.3 173.1 18

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

20 Financial 57.8 74.2 74.6 76.3 79.7 80.2 79.5 79.4 79.5 84.9 83.8 20

 Equals:

21 Profits after tax 348.5 424.6 454.1 488.3 477.6 479.1 481.8 477.3 472.5 502.0 510.7 21

22 Dividends 182.4 205.3 261.9 275.1 279.2 277.3 278.1 279.0 282.3 285.6 289.7 22

23 Domestic nonfinancial 157.6 178.3 215.9 228.0 248.2 236.0 253.0 246.0 258.0 246.5 268.7 23

24 Farm 1.0 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 24

25 Foreign subsidiaries 31.8 30.9 37.1 40.4 25.2 36.7 18.2 28.0 17.7 35.0 13.4 25

26 Financial -8.0 -5.0 7.7 5.4 4.5 3.3 5.6 3.7 5.3 2.8 6.2 26

27 Undistributed profits 166.1 219.3 192.3 213.2 198.5 201.8 203.7 198.3 190.2 216.4 221.0 27

28 Domestic nonfinancial 106.0 126.4 105.5 107.3 78.8 88.1 76.3 87.1 63.7 92.5 83.2 28

29 Farm -1.1 -1.0 -1.0 -1.0 -0.9 -0.9 -1.0 -0.9 -0.9 -1.0 -1.0 29

30 Foreign subsidiaries 41.6 58.6 59.3 58.7 70.5 61.8 79.1 62.0 79.1 66.5 85.7 30

31 Financial 19.6 35.4 28.5 48.2 50.1 52.8 49.3 50.1 48.3 58.4 53.1 31

32 Inventory valuation adjustment -16.0 -22.6 -1.2 6.9 14.5 25.3 7.8 11.7 13.4 11.6 -17.1 32

33 Capital consumption adjustment 51.4 59.4 71.4 76.7 92.3 84.9 89.4 94.8 100.2 104.6 108.6 33

34 Domestic nonfinancial 60.3 68.3 76.4 81.6 96.0 89.5 93.4 98.2 102.9 106.9 110.7 34

35 Farm 0.5 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 35

36 Financial -9.5 -9.2 -5.2 -5.3 -4.0 -4.9 -4.3 -3.7 -3.0 -2.6 -2.4 36

37 Net interest 412.3 420.6 418.6 432.0 449.3 440.5 447.1 454.0 455.6 463.9 469.2 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 5590.6 5923.6 6256.1 6646.5 6994.8 6875.1 6945.6 7032.2 7125.9 7265.2 7346.7 38

 Plus:

39 Business transfer payments to persons 23.8 25.8 26.4 27.2 28.2 27.8 28.1 28.3 28.6 28.9 29.3 39

40 Business transfer payments to rest of the world 6.8 7.1 7.4 8.0 7.9 7.9 7.9 8.0 7.8 7.4 7.1 40

41 Indirect business taxes and nontaxes 568.4 581.2 606.5 627.2 655.1 641.9 647.7 656.5 675.1 673.6 682.0 41

42 Private consumption of fixed capital 638.7 657.0 684.3 720.2 753.3 741.1 748.5 757.3 766.4 774.9 784.6 42

43 Government consumption of fixed capital 138.8 143.8 147.7 151.6 154.7 153.4 153.8 155.0 156.6 157.0 158.4 43

44 Statistical discrepancy 14.8 -26.3 -32.3 -55.8 -76.6 -54.3 -85.9 -101.9 -64.1 -93.1 -120.8 44

 Less:

 Subsidies less current surplus of

45 government enterprises 26.6 25.1 22.0 21.9 27.0 23.5 23.9 24.6 36.3 25.5 32.6 45

46 Net U.S. factor income from rest of the world 8.2 17.5 12.4 -8.0 -20.5 -14.8 -18.7 -27.1 -21.2 -20.3 -27.2 46

 Equals:

47 Gross Domestic Product 6947.0 7269.7 7661.7 8110.8 8511.0 8384.2 8440.5 8537.9 8681.2 8808.7 8881.9 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.
14 Z.1, September 15, 1999

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1079.0 1187.3 1274.7 1406.3 1468.1 1482.6 1448.5 1474.4 1466.5 1511.4 1487.4 1

 2 Gross private saving 1030.1 1106.1 1114.6 1141.7 1090.3 1130.1 1079.0 1078.6 1073.6 1062.0 1017.9 2

 3 Personal saving 176.8 179.6 158.6 121.1 27.7 73.0 25.6 12.5 -0.6 -45.5 -79.2 3

 4 Undistributed corporate profits 166.1 219.3 192.3 213.2 198.5 201.8 203.7 198.3 190.2 216.4 221.0 4

 5 Nonfinancial corp. inventory valuation adjustment -16.0 -22.6 -1.2 6.9 14.5 25.3 7.8 11.7 13.4 11.6 -17.1 5

 6 Corporate capital consumption adjustment 51.4 59.4 71.4 76.7 92.3 84.9 89.4 94.8 100.2 104.6 108.6 6

 7 Private consumption of fixed capital 638.7 657.0 684.3 720.2 753.3 741.1 748.5 757.3 766.4 774.9 784.6 7

 8 Wage accruals less disbursements 13.3 13.4 9.3 3.7 4.0 4.0 4.0 4.0 4.0 0 0 8

 9 Gross government saving 48.9 81.2 160.0 264.6 377.8 352.5 369.5 395.8 392.9 449.4 469.5 9

10 Federal -117.2 -103.7 -39.6 49.5 142.5 128.7 144.0 161.6 135.9 192.2 210.2 10

11 Consumption of fixed capital 69.5 70.7 70.7 70.6 69.8 69.9 69.5 69.6 70.0 69.5 69.4 11

12 Current surplus -186.7 -174.4 -110.3 -21.1 72.8 58.8 74.5 92.0 65.9 122.7 140.8 12

13 State and local 166.1 185.0 199.7 215.2 235.2 223.8 225.5 234.2 257.0 257.2 259.3 13

14 Consumption of fixed capital 69.4 73.2 77.1 81.1 85.0 83.5 84.3 85.4 86.6 87.5 89.0 14

15 Current surplus 96.7 111.8 122.6 134.1 150.3 140.3 141.2 148.8 170.4 169.7 170.3 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 1093.8 1161.0 1242.4 1350.5 1391.5 1428.3 1362.6 1372.5 1402.4 1418.3 1366.6 17

18 Gross private domestic investment 1007.8 1043.2 1131.9 1256.0 1367.0 1366.6 1344.9 1364.4 1392.4 1417.4 1423.3 18

19 Fixed investment 946.6 1012.5 1099.8 1188.6 1307.7 1271.1 1305.7 1307.4 1346.8 1377.9 1410.9 19

20 Nonresidential 660.6 727.7 787.9 860.7 938.2 921.3 941.9 931.6 957.9 972.6 995.1 20

21 Residential 286.0 284.8 311.9 327.9 369.5 349.8 363.8 375.8 388.9 405.3 415.8 21

22 Change in business inventories 61.2 30.7 32.1 67.4 59.3 95.5 39.2 57.0 45.6 39.5 12.4 22

23 Gross government investment 205.9 218.4 229.7 235.4 237.0 237.3 232.5 239.8 238.4 255.6 249.6 23

24 Net foreign investment in U.S. -119.9 -100.6 -119.2 -140.9 -212.5 -175.6 -214.8 -231.7 -228.4 -254.7 -306.3 24

25 Statistical discrepancy (line 17 less line 1) 14.8 -26.3 -32.3 -55.8 -76.6 -54.3 -85.9 -101.9 -64.1 -93.1 -120.8 25

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, September 15, 1999 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 517.6 506.6 516.3 453.3 587.8 434.1 883.3 579.5 454.3 378.5 453.0 1

 2 Foreign deposits 3.1 4.6 12.4 6.3 -0.3 18.0 -13.6 -8.5 2.9 8.2 7.3 2

 3 Checkable deposits and currency -24.2 -53.9 -50.7 4.8 10.9 -30.4 -27.3 24.6 77.0 -18.7 -113.6 3

 4 Time and savings deposits -4.0 173.2 175.7 175.5 190.6 248.1 61.9 67.7 384.7 -130.6 125.4 4

 5 Money market fund shares 13.5 98.8 56.6 84.1 151.2 93.4 153.4 210.9 147.0 73.4 33.7 5

 6 Securities 171.0 -107.5 -83.9 -396.4 -316.5 -460.1 183.9 -274.2 -715.7 52.2 -132.0 6

 7 Open market paper 1.2 1.3 7.4 3.6 4.2 4.0 4.0 4.0 4.8 4.7 5.3 7

 8 U.S. savings bonds 8.0 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 8

 9 Other Treasury securities 161.7 -45.3 -69.6 -203.9 -69.2 -102.5 232.7 -74.8 -332.4 -407.2 190.1 9

10 Agency securities 128.3 1.2 95.6 11.0 -35.0 -213.7 -14.3 136.2 -48.1 199.5 77.5 10

11 Municipal securities -50.2 -43.5 -22.2 29.4 31.1 42.6 28.4 32.1 21.1 81.2 10.6 11

12 Corporate and foreign bonds 30.5 95.0 49.3 76.1 33.1 208.6 134.8 -141.1 -69.9 368.9 -29.3 12

13 Corporate equities (2) -175.8 -216.0 -327.3 -571.1 -542.1 -691.8 -536.1 -441.0 -499.5 -413.9 -587.9 13

14 Mutual fund shares 67.4 94.7 180.8 259.0 261.3 293.9 334.9 210.0 206.5 219.0 201.6 14

15 Private life insurance reserves 34.3 44.8 43.8 52.6 52.0 48.5 50.7 51.7 57.1 40.2 63.2 15

16 Private insured pension reserves 81.0 61.0 43.9 98.3 91.3 106.0 76.0 89.5 93.5 101.6 110.6 16

17 Private noninsured pension reserves 82.0 90.8 87.5 89.0 96.6 87.9 93.6 90.3 114.7 88.8 109.0 17

18 Govt. insurance and pension reserves 93.0 84.3 116.1 118.4 103.6 101.4 105.9 99.7 107.4 94.6 99.5 18

19 Investment in bank personal trusts 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 53.0 19

20 Miscellaneous assets 50.4 106.5 123.5 145.7 152.8 171.0 141.4 180.1 118.5 4.8 96.9 20

21 Gross investment in tangible assets 986.7 1017.2 1085.0 1128.3 1226.6 1177.7 1223.7 1220.3 1284.9 1330.5 1384.1 21

22 Residential structures 249.1 244.9 269.0 278.0 314.6 295.8 309.9 318.0 334.9 351.3 370.8 22

23 Other fixed assets (3) 144.8 168.6 163.9 169.8 178.1 167.2 184.5 173.3 187.3 203.1 225.8 23

24 Consumer durables 579.6 611.0 643.3 673.1 724.7 705.1 720.1 718.9 754.5 771.2 784.6 24

25 Inventories (3) 13.3 -7.3 8.8 7.5 9.3 9.5 9.3 10.2 8.3 4.9 3.0 25

26 Consumption of fixed capital 687.3 706.7 729.0 756.0 788.0 776.2 782.9 792.0 800.9 810.2 819.5 26

27 Residential structures 87.3 90.4 93.2 98.7 103.2 101.6 102.6 103.8 105.0 106.2 107.5 27

28 Other fixed assets (3) 143.8 141.5 147.8 153.5 157.7 156.2 156.7 158.4 159.7 161.9 163.0 28

29 Consumer durables 456.3 474.7 487.9 503.8 527.0 518.5 523.6 529.8 536.2 542.1 548.9 29

30 Net investment in tangible assets (4) 299.4 310.5 356.0 372.3 438.6 401.5 440.8 428.3 484.0 520.3 564.6 30

31 Residential structures 161.8 154.5 175.8 179.3 211.3 194.3 207.3 214.2 229.9 245.1 263.2 31

32 Other fixed assets (3) 1.0 27.1 16.0 16.3 20.3 11.0 27.8 14.9 27.6 41.2 62.7 32

33 Consumer durables 123.3 136.3 155.4 169.2 197.6 186.6 196.5 189.1 218.3 229.1 235.7 33

34 Inventories (3) 13.3 -7.3 8.8 7.5 9.3 9.5 9.3 10.2 8.3 4.9 3.0 34

35 Net increase in liabilities 327.5 409.2 489.0 467.1 615.2 611.3 598.2 588.1 663.2 699.0 712.1 35

36 Mortgage debt on nonfarm homes 182.7 178.9 242.1 234.8 365.2 375.5 286.2 372.6 426.6 413.4 423.0 36

37 Other mortgage debt (3) -27.0 -6.1 57.1 52.2 79.7 74.2 87.8 78.8 78.1 91.4 105.7 37

38 Consumer credit 124.9 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 126.6 53.2 38

39 Policy loans 7.8 10.5 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -3.4 39

40 Security credit -1.1 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 72.0 40

41 Other liabilities (3) 40.2 83.5 80.8 87.7 78.7 65.3 110.8 60.0 78.6 62.7 61.5 41

42 Personal saving (FOF measure) (5) 489.5 408.0 383.4 358.4 411.2 224.3 726.0 419.7 275.2 199.8 305.6 42

43 - Govt. insurance and pension reserves 93.0 84.3 116.1 118.4 103.6 101.4 105.9 99.7 107.4 94.6 99.5 43

44 - Net investment in consumer durables 123.3 136.3 155.4 169.2 197.6 186.6 196.5 189.1 218.3 229.1 235.7 44

45 - Net saving by farm corporations -0.6 -0.7 -0.8 -0.7 -0.6 -0.7 -0.7 -0.6 -0.6 -0.7 -0.7 45

46 = Personal saving 273.8 188.1 112.6 71.5 110.6 -63.1 424.2 131.6 -50.0 -123.1 -29.0 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 176.8 179.6 158.6 121.1 27.7 73.0 25.6 12.5 -0.6 -45.5 -79.2 47

48 Difference (6) 97.0 8.5 -45.9 -49.6 82.9 -136.1 398.6 119.1 -49.4 -77.6 50.2 48

 Memo:

49 Disposable personal income 5018.9 5276.9 5534.8 5795.2 6028.1 5937.0 5989.0 6052.4 6133.1 6205.2 6279.6 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 9.8 7.7 6.9 6.2 6.8 3.8 12.1 6.9 4.5 3.2 4.9 50

51 NIPA concept, FOF data (line 46) 5.5 3.6 2.0 1.2 1.8 -1.1 7.1 2.2 -0.8 -2.0 -0.5 51

52 NIPA measure (line 47) 3.5 3.4 2.9 2.1 0.5 1.2 0.4 0.2 -0.0 -0.7 -1.3 52

53 Difference (line 48) 1.9 0.2 -0.8 -0.9 1.4 -2.3 6.7 2.0 -0.8 -1.3 0.8 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.
16 Z.1, September 15, 1999

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 5757.9 6072.0 6425.4 6784.1 7126.3 7003.9 7081.9 7160.8 7257.9 7349.3 7442.3 1

 2 - Personal taxes and nontaxes 739.1 795.0 890.5 989.0 1098.2 1066.9 1092.9 1108.4 1124.8 1144.1 1162.7 2

 3 = Disposable personal income 5018.9 5276.9 5534.8 5795.2 6028.1 5937.0 5989.0 6052.4 6133.1 6205.2 6279.6 3

 4 - Personal outlays 4842.1 5097.3 5376.3 5674.1 6000.4 5864.0 5963.4 6039.9 6133.7 6250.7 6358.8 4

 5 = Personal saving, NIPA (2) 176.8 179.6 158.6 121.1 27.7 73.0 25.6 12.5 -0.6 -45.5 -79.2 5

 6 + Government insurance and pension reserves 93.0 84.3 116.1 118.4 103.6 101.4 105.9 99.7 107.4 94.6 99.5 6

 7 + Net investment in consumer durables 123.3 136.3 155.4 169.2 197.6 186.6 196.5 189.1 218.3 229.1 235.7 7

 8 + Consumption of fixed capital 565.6 588.2 605.0 627.6 656.5 645.9 652.3 660.0 667.9 675.3 683.8 8

 9 = Gross saving 958.7 988.5 1035.1 1036.4 985.5 1006.9 980.3 961.3 993.1 953.5 939.8 9

10 Gross investment 1055.7 997.0 989.1 986.8 1068.4 870.8 1378.9 1080.4 943.7 875.9 990.0 10

11 Capital expenditures 860.5 889.8 949.7 994.6 1085.6 1046.7 1076.4 1083.0 1136.6 1170.5 1204.1 11

12 Residential construction 249.1 244.9 269.0 278.0 314.6 295.8 309.9 318.0 334.9 351.3 370.8 12

13 Consumer durable goods 579.6 611.0 643.3 673.1 724.7 705.1 720.1 718.9 754.5 771.2 784.6 13

14 Nonprofit plant and equipment 31.9 33.8 37.4 43.6 46.4 45.7 46.4 46.1 47.3 48.0 48.7 14

15 Net financial investment 195.2 107.2 39.4 -7.9 -17.2 -175.8 302.6 -2.6 -193.0 -294.6 -214.0 15

16 Net acquisition of financial assets 515.1 471.1 416.4 362.8 481.2 322.0 787.6 467.1 347.8 287.5 378.1 16

17 Foreign deposits 3.1 4.6 12.4 6.3 -0.3 18.0 -13.6 -8.5 2.9 8.2 7.3 17

18 Checkable deposits and currency -29.8 -58.7 -59.1 -0.5 4.0 -36.0 -34.9 17.1 69.9 -25.8 -120.4 18

19 Time and savings deposits -12.2 164.5 165.0 170.2 185.5 243.3 55.9 61.7 381.1 -136.2 121.8 19

20 Money market fund shares 13.4 97.9 56.1 82.9 149.8 92.0 152.0 209.5 145.6 72.0 32.3 20

21 Credit market instruments 268.0 5.5 61.4 -86.2 -37.0 -64.2 385.2 -44.8 -424.1 244.9 255.1 21

22 Open market paper 1.2 1.3 7.4 3.6 4.2 4.0 4.0 4.0 4.8 4.7 5.3 22

23 U.S. government securities 297.3 -40.6 29.2 -192.6 -103.5 -316.8 218.5 62.4 -378.1 -207.2 268.3 23

24 Treasury 169.0 -41.9 -66.4 -203.6 -68.5 -103.1 232.9 -73.7 -330.1 -406.6 190.7 24

25 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 25

26 Other 161.0 -46.9 -68.4 -203.1 -68.6 -101.9 233.3 -74.2 -331.8 -406.6 190.7 26

27 Agency 128.3 1.2 95.6 11.0 -35.0 -213.7 -14.3 136.2 -48.1 199.5 77.5 27

28 Municipal securities -50.2 -43.5 -22.2 29.4 31.1 42.6 28.4 32.1 21.1 81.2 10.6 28

29 Corporate and foreign bonds 30.5 95.0 49.3 76.1 33.1 208.6 134.8 -141.1 -69.9 368.9 -29.3 29

30 Mortgages -10.7 -6.7 -2.3 -2.7 -1.8 -2.6 -0.4 -2.2 -2.1 -2.7 0.2 30

31 Corporate equities (3) -175.8 -216.0 -327.3 -571.1 -542.1 -691.8 -536.1 -441.0 -499.5 -413.9 -587.9 31

32 Mutual fund shares 67.4 94.7 180.8 259.0 261.3 293.9 334.9 210.0 206.5 219.0 201.6 32

33 Security credit 6.7 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 13.8 33

34 Life insurance reserves 35.5 45.8 44.5 54.3 53.3 49.3 53.3 51.7 59.0 40.8 65.9 34

35 Pension fund reserves 254.7 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 284.3 316.4 35

36 Investment in bank personal trusts 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 53.0 36

37 Equity in noncorporate business 53.6 60.3 -0.6 6.1 -18.6 -11.0 -5.4 -61.2 3.2 -2.5 12.3 37

38 Miscellaneous assets 12.8 14.8 9.7 10.3 15.3 11.9 4.2 15.0 29.9 1.2 6.8 38

39 Net increase in liabilities 319.9 363.8 377.0 370.7 498.3 497.9 485.0 469.8 540.8 582.2 592.2 39

40 Credit market instruments 316.3 350.3 351.7 325.5 470.3 463.3 418.5 471.9 527.3 553.3 511.0 40

41 Home mortgages 174.6 176.3 238.7 229.4 358.2 369.1 279.4 365.3 419.0 405.2 414.5 41

42 Consumer credit 124.9 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 126.6 53.2 42

43 Municipal securities 3.6 0.7 6.6 10.0 12.0 15.9 13.6 7.4 10.9 7.0 9.0 43

44 Bank loans n.e.c. 13.4 17.4 0.6 8.1 6.3 -2.3 29.5 -16.5 14.3 -14.7 0.1 44

45 Other loans and advances 7.1 26.6 12.4 18.1 13.3 11.9 15.5 15.1 10.7 10.8 14.0 45

46 Commercial mortgages -7.4 -9.6 4.7 7.4 12.9 9.8 18.3 20.9 2.6 18.4 20.3 46

47 Security credit -1.1 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 72.0 47

48 Trade payables 4.2 9.3 8.7 8.1 5.7 -1.9 17.9 4.7 1.9 1.4 8.6 48

 Deferred and unpaid

49 life insurance premiums 0.5 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 4.9 0.5 49

50 Discrepancy -97.0 -8.5 45.9 49.6 -82.9 136.1 -398.6 -119.1 49.4 77.6 -50.2 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 249.1 244.9 269.0 278.0 314.6 295.8 309.9 318.0 334.9 351.3 370.8 51

52 - Consumption of fixed capital 87.3 90.4 93.2 98.7 103.2 101.6 102.6 103.8 105.0 106.2 107.5 52

53 = Net investment 161.8 154.5 175.8 179.3 211.3 194.3 207.3 214.2 229.9 245.1 263.2 53

54 - Home mortgages 174.6 176.3 238.7 229.4 358.2 369.1 279.4 365.3 419.0 405.2 414.5 54

55 = Excess net investment -12.8 -21.8 -62.9 -50.2 -146.9 -174.8 -72.1 -151.1 -189.1 -160.1 -151.2 55

56 (B) Consumer durable goods expenditures 579.6 611.0 643.3 673.1 724.7 705.1 720.1 718.9 754.5 771.2 784.6 56

57 - Consumption of fixed capital 456.3 474.7 487.9 503.8 527.0 518.5 523.6 529.8 536.2 542.1 548.9 57

58 = Net investment 123.3 136.3 155.4 169.2 197.6 186.6 196.5 189.1 218.3 229.1 235.7 58

59 - Consumer credit 124.9 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 126.6 53.2 59

60 = Excess net investment -1.6 -2.6 66.6 116.7 130.0 127.7 134.3 109.5 148.4 102.5 182.5 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, September 15, 1999 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 924.1 997.8 1075.0 1133.8 1144.4 1125.6 1141.9 1153.2 1156.8 1185.2 1219.5 1

 2 Gross saving 671.2 721.6 754.1 794.7 823.0 820.1 816.7 824.9 830.8 856.0 847.6 2

 3 Gross investment 676.2 728.7 731.9 756.0 803.4 785.0 777.7 835.4 815.6 806.2 897.0 3

 4 Capital expenditures 639.6 695.7 739.8 804.8 851.4 862.6 833.4 836.6 873.0 891.6 941.6 4

 5 Fixed investment 578.4 657.4 704.2 730.3 789.7 765.2 794.3 772.6 826.6 852.4 931.2 5

 6 Residential construction 29.7 37.1 38.4 38.6 43.5 41.2 42.8 44.3 45.7 47.6 48.9 6

 7 Plant and equipment 548.7 620.3 665.8 691.7 746.2 724.0 751.5 728.4 780.9 804.8 882.3 7

 8 Change in inventories 61.2 30.7 32.1 67.4 59.3 95.5 39.2 57.0 45.6 39.5 12.4 8

 9 Access rights from federal government 0 7.6 3.5 7.1 2.4 1.9 -0.1 7.0 0.7 -0.3 -2.0 9

10 Net financial investment 36.6 32.9 -7.9 -48.8 -48.0 -77.6 -55.7 -1.2 -57.3 -85.4 -44.6 10

11 Net acquisition of financial assets 352.2 514.8 490.6 381.7 436.2 416.9 478.6 457.5 391.7 710.1 485.4 11

12 Foreign deposits 1.1 1.6 10.5 -6.3 8.3 10.7 12.3 -5.9 15.9 15.9 16.1 12

13 Checkable deposits and currency 24.1 36.1 45.3 -1.7 36.5 77.6 66.0 15.5 -13.2 104.6 53.6 13

14 Time and savings deposits 1.6 -15.8 11.4 11.4 8.0 18.7 10.8 50.2 -47.5 16.3 23.6 14

15 Money market fund shares 7.5 25.7 10.4 25.1 46.5 47.9 21.8 44.2 72.2 26.8 24.7 15

16 Security RPs -0.3 0.3 1.5 0.6 -1.1 -4.2 -5.0 2.0 2.8 2.5 2.2 16

17 Credit market instruments 18.3 -4.1 -5.1 -2.8 -2.6 8.4 -46.9 14.0 14.1 10.4 39.5 17

18 Commercial paper -0.6 1.3 11.4 3.8 -8.1 -4.8 -12.2 -0.7 -14.8 16.7 10.6 18

19 U.S. government securities 3.5 11.4 3.3 -9.1 5.7 -37.8 -2.3 20.7 42.0 -29.1 32.7 19

20 Municipal securities 2.0 -19.9 -5.8 5.1 7.3 15.9 9.6 1.8 1.8 -10.2 6.7 20

21 Mortgages 4.0 4.7 -6.7 -3.7 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 21

22 Consumer credit 9.4 -1.6 -7.3 1.2 -4.1 38.5 -38.6 -4.4 -11.6 36.3 -7.1 22

23 Mutual fund shares 2.1 4.6 3.3 -8.2 7.3 7.3 7.3 7.3 7.3 8.0 7.9 23

24 Trade receivables 85.9 90.3 104.3 53.3 26.3 -1.1 58.4 85.4 -37.5 88.7 85.1 24

25 Miscellaneous assets 212.0 376.2 309.1 310.3 306.9 251.5 353.8 244.8 377.7 436.9 232.7 25

26 Net increase in liabilities 315.5 481.9 498.5 430.4 484.2 494.5 534.3 458.8 449.1 795.5 530.0 26

27 Credit market instruments 150.0 277.2 253.2 380.6 524.5 532.5 570.3 470.7 524.6 682.6 431.1 27

28 Commercial paper 21.4 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 28

29 Municipal securities 6.8 3.1 3.1 4.2 5.8 8.6 5.4 5.4 3.6 6.6 3.5 29

30 Corporate bonds 23.3 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 260.8 30

31 Bank loans n.e.c. 61.8 86.3 69.9 98.4 102.0 37.3 139.7 124.3 106.6 84.7 21.8 31

32 Other loans and advances 26.8 40.2 20.8 52.2 59.8 59.2 25.5 62.6 91.9 103.1 -19.4 32

33 Mortgages 9.8 38.4 44.1 61.6 113.9 97.5 101.1 84.8 172.3 149.8 161.0 33

34 Corporate equities -44.9 -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -354.0 34

35 Trade payables 85.8 88.1 71.5 75.7 -0.5 113.9 -65.6 17.7 -68.0 154.2 59.1 35

36 Taxes payable 0.4 1.3 11.1 11.3 7.8 8.5 -4.6 22.9 4.4 -15.4 22.2 36

37 Miscellaneous liabilities 58.1 127.8 244.2 89.0 243.7 10.5 176.5 287.1 500.8 56.3 369.7 37

38 Proprietors’ net investment 66.3 45.8 -12.1 -11.7 -24.3 -31.7 -13.2 -31.2 -21.4 -16.6 1.9 38

39 Discrepancy -5.0 -7.1 22.1 38.7 19.6 35.1 39.0 -10.5 15.2 49.8 -49.4 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, September 15, 1999

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 391.9 440.9 472.4 504.6 486.9 483.3 490.8 496.4 477.3 504.2 525.1 1

 2 - Profit tax accruals 128.3 136.3 151.0 169.2 159.9 159.2 161.6 163.3 155.6 165.3 173.1 2

 3 - Dividends 157.6 178.3 215.9 228.0 248.2 236.0 253.0 246.0 258.0 246.5 268.7 3

 4 + Consumption of fixed capital 418.6 441.5 467.3 494.2 528.4 515.2 523.6 532.7 542.3 551.2 560.8 4

 5 = U.S. internal funds, book 524.5 567.9 572.8 601.6 607.2 603.3 599.9 619.8 605.9 643.7 644.0 5

 6 + Foreign earnings retained abroad 41.6 58.6 59.3 58.7 70.5 61.8 79.1 62.0 79.1 66.5 85.7 6

 7 + Inventory valuation adjustment (IVA) -16.0 -22.6 -1.2 6.9 14.5 25.3 7.8 11.7 13.4 11.6 -17.1 7

 8 = Total internal funds + IVA 550.0 603.9 630.9 667.1 692.2 690.4 686.8 693.5 698.4 721.8 712.6 8

 9 Gross investment 555.1 610.9 608.8 628.4 672.6 655.3 647.8 704.0 683.3 672.0 762.0 9

10 Capital expenditures 513.4 568.3 604.5 671.1 710.4 731.6 686.0 699.3 724.7 731.6 761.5 10

11 Fixed investment (1) 465.4 522.6 577.8 604.1 658.0 643.7 656.2 645.5 686.6 697.3 754.1 11

12 Inventory change + IVA 48.0 38.1 23.3 59.9 50.0 86.0 29.9 46.8 37.3 34.6 9.4 12

13 Access rights from federal government 0 7.6 3.5 7.1 2.4 1.9 -0.1 7.0 0.7 -0.3 -2.0 13

14 Net financial investment 41.7 42.7 4.2 -42.8 -37.8 -76.3 -38.2 4.7 -41.4 -59.5 0.5 14

15 Net acquisition of financial assets 283.3 433.5 402.7 302.9 353.9 336.5 396.1 376.3 306.6 635.8 408.7 15

16 Foreign deposits 1.1 1.6 10.5 -6.3 8.3 10.7 12.3 -5.9 15.9 15.9 16.1 16

17 Checkable deposits and currency 18.5 31.3 36.8 -7.0 29.6 72.1 58.5 8.0 -20.3 97.5 46.8 17

18 Time and savings deposits -6.6 -24.5 0.7 6.2 2.9 13.9 4.8 44.2 -51.1 10.7 20.1 18

19 Money market fund shares 7.4 24.8 9.9 23.9 45.1 46.5 20.4 42.8 70.8 25.4 23.3 19

20 Security RPs -0.3 0.3 1.5 0.6 -1.1 -4.2 -5.0 2.0 2.8 2.5 2.2 20

21 Commercial paper -0.6 1.3 11.4 3.8 -8.1 -4.8 -12.2 -0.7 -14.8 16.7 10.6 21

22 U.S. government securities 2.8 9.8 4.5 -8.3 6.3 -37.2 -1.7 21.3 42.6 -28.5 33.3 22

23 Municipal securities 2.0 -19.9 -5.8 5.1 7.3 15.9 9.6 1.8 1.8 -10.2 6.7 23

24 Mortgages 4.1 1.6 -3.6 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 24

25 Consumer credit 9.4 -1.6 -7.3 1.2 -4.1 38.5 -38.6 -4.4 -11.6 36.3 -7.1 25

26 Trade receivables 71.9 78.0 88.1 36.6 10.3 -16.9 41.6 70.4 -54.1 72.9 68.7 26

27 Mutual fund shares 2.1 4.6 3.3 -8.2 7.3 7.3 7.3 7.3 7.3 8.0 7.9 27

28 Miscellaneous assets 171.6 326.2 252.7 259.5 254.1 198.6 302.9 193.5 321.2 392.4 184.1 28

29 U.S. direct investment abroad (2) 79.0 91.1 77.6 90.2 113.9 136.3 145.2 70.8 103.5 149.8 121.1 29

30 Insurance receivables 5.7 8.2 2.6 1.9 6.9 6.3 1.8 5.3 14.2 -4.8 -0.6 30

31 Equity in GSEs 0.1 -0.2 -0.2 -1.1 -0.7 0.3 -0.5 -2.6 -0.0 0.2 -0.9 31

32 Investment in finance co. subs. 3.1 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 32

33 Other 83.7 222.5 168.1 166.4 135.4 55.9 165.5 123.6 196.6 241.5 62.9 33

34 Net increase in liabilities 241.6 390.8 398.5 345.6 391.7 412.7 434.3 371.6 348.0 695.3 408.2 34

35 Net funds raised in markets 97.4 185.4 95.1 182.5 151.5 287.7 338.3 57.5 -77.6 508.7 -33.4 35

36 Net new equity issues -44.9 -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -354.0 36

37 Credit market instruments 142.3 243.7 164.6 297.0 418.5 426.9 467.4 365.8 413.7 574.4 320.6 37

38 Commercial paper 21.4 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 38

39 Municipal securities (3) 6.8 3.1 3.1 4.2 5.8 8.6 5.4 5.4 3.6 6.6 3.5 39

40 Corporate bonds (2) 23.3 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 260.8 40

41 Bank loans n.e.c. 42.7 66.8 39.4 68.7 82.3 17.4 118.9 104.5 88.2 64.0 10.8 41

42 Other loans and advances 26.7 32.3 18.5 48.5 47.3 44.3 19.7 42.6 82.6 96.7 -24.9 42

43 Savings institutions -0.3 1.2 1.5 1.6 2.7 1.9 0.8 3.7 4.2 2.4 3.4 43

44 Finance companies 23.3 24.0 7.1 8.1 26.1 23.1 30.9 26.5 24.1 50.9 37.7 44

45 U.S. government -0.1 1.9 -1.3 -0.3 -0.1 0.3 -0.4 -0.4 0.2 -0.5 -0.3 45

46 Acceptance liabilities to banks -2.1 -0.8 -0.7 -2.6 -4.3 -7.9 -6.8 -0.7 -1.7 -3.8 -3.9 46

47 Rest of the world 1.6 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 27.4 -74.8 47

48 ABS issuers 4.3 5.9 8.1 24.4 23.8 22.3 -0.5 16.0 57.5 20.3 13.0 48

49 Mortgages 21.4 32.4 -11.7 11.4 40.1 26.8 24.9 19.8 89.1 68.6 67.0 49

50 Trade payables 77.3 81.0 49.5 63.5 -10.8 104.1 -74.9 5.7 -78.1 148.8 52.7 50

51 Taxes payable -0.4 -0.0 9.6 9.3 5.3 6.0 -7.1 20.4 1.9 -17.9 19.7 51

52 Miscellaneous liabilities 67.3 124.5 244.3 90.3 245.7 14.9 178.0 288.1 501.9 55.7 369.2 52

53 Foreign direct investment in U.S. 46.6 55.4 74.5 110.1 163.1 117.1 38.2 23.4 473.6 106.4 267.8 53

54 Pension fund contributions payable 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 54

55 Other 20.6 65.4 166.0 -23.6 78.8 -105.9 136.0 260.8 24.5 -54.5 97.6 55

56 Discrepancy -5.0 -7.1 22.1 38.7 19.6 35.1 39.0 -10.5 15.2 49.8 -49.4 56

 Memo:

57 Trade receivables net of trade payables -5.3 -3.0 38.6 -26.8 21.1 -121.0 116.5 64.7 24.0 -75.9 16.0 57

58 Financing gap (4) 4.9 23.0 33.0 62.7 88.7 103.0 78.4 67.8 105.3 76.2 134.7 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 100.9 104.1 105.8 110.4 114.6 117.1 113.1 110.9 117.4 111.8 120.9 59

60 Credit market borrowing/capital outlays (5) 26.9 41.2 27.2 44.7 60.1 60.4 68.9 53.2 58.2 79.8 41.2 60

61 Net funds raised/credit market borrowing 68.5 76.1 57.8 61.5 36.2 67.4 72.4 15.7 -18.7 88.6 -10.4 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, September 15, 1999 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net income with IVA and CCAdj 495.3 534.5 563.7 593.8 628.7 614.9 623.4 631.6 644.8 658.5 670.7 1

 2 Gross saving = capital consumption 100.9 96.7 101.4 105.1 107.1 106.4 106.4 107.5 108.2 109.8 110.3 2

 3 Gross investment 100.9 96.7 101.4 105.1 107.1 106.4 106.4 107.5 108.2 109.8 110.3 3

 4 Capital expenditures 94.6 114.4 103.9 103.9 107.7 98.5 111.7 102.9 117.5 130.3 152.1 4

 5 Fixed investment (1) 92.1 112.4 102.6 100.7 105.0 93.9 110.2 100.4 115.6 128.4 151.6 5

 6 Change in inventories 2.5 2.0 1.2 3.2 2.6 4.5 1.6 2.5 2.0 1.8 0.5 6

 7 Net financial investment 6.2 -17.6 -2.5 1.2 -0.6 7.9 -5.4 4.6 -9.4 -20.5 -41.8 7

 8 Net acquisition of financial assets 67.1 79.0 88.0 78.2 80.5 78.5 81.5 79.6 82.3 75.6 76.5 8

 9 Checkable deposits and currency 5.1 4.3 8.5 5.1 6.8 5.4 7.4 7.4 7.0 7.0 6.7 9

10 Time and savings deposits 8.2 8.7 10.7 5.3 5.1 4.8 6.0 6.0 3.6 5.6 3.6 10

11 Money market mutual funds 0.1 0.9 0.6 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 11

12 Treasury securities 0.7 1.6 -1.2 -0.8 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 12

13 Mortgages -0.1 3.1 -3.2 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 13

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

15 Trade receivables 14.0 12.3 16.2 16.7 16.1 15.8 16.8 15.0 16.6 15.8 16.4 15

16 Miscellaneous assets 39.1 48.1 56.4 50.4 51.1 51.1 49.9 49.8 53.7 45.8 48.4 16

17 Insurance receivables 1.4 2.0 0.6 0.5 1.7 1.5 0.4 1.3 3.4 -1.2 -0.1 17

18 Equity investment in GSEs (2) 0.2 0.0 0.7 0 -0.1 -0.2 0.7 -0.3 -0.5 0.2 -0.3 18

19 Other 37.5 46.1 55.1 49.9 49.6 49.8 48.8 48.8 50.8 46.8 48.8 19

20 Net increase in liabilities 60.9 96.6 90.5 77.0 81.1 70.6 86.9 74.9 91.7 96.1 118.3 20

21 Credit market instruments 3.3 30.6 83.8 77.4 98.4 97.1 95.4 97.6 103.3 101.6 111.2 21

22 Bank loans n.e.c. 17.2 18.5 29.8 26.2 18.5 16.5 18.5 18.5 20.5 20.0 17.0 22

23 Other loans and advances -0.1 7.6 0.7 4.2 12.3 14.0 7.3 19.5 8.2 4.0 9.5 23

24 Mortgages -13.8 4.5 53.2 47.0 67.6 66.6 69.6 59.6 74.6 77.6 84.7 24

25 Trade payables 7.5 6.2 20.8 10.8 9.5 9.9 8.7 9.7 9.7 6.7 7.5 25

26 Taxes payable 0.8 1.3 1.6 1.9 2.5 2.5 2.5 2.5 2.5 2.5 2.5 26

27 Miscellaneous liabilities -9.3 3.4 -0.1 -1.3 -2.0 -4.4 -1.5 -1.0 -1.1 0.6 0.5 27

28 Proprietors’ net investment 58.6 55.2 -15.6 -11.9 -27.3 -34.5 -18.3 -33.8 -22.7 -15.4 -3.4 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 36.9 22.4 38.9 35.5 28.8 27.4 27.7 25.2 34.7 22.5 23.7 1

 2 Net saving (corporate) -0.6 -0.7 -0.8 -0.7 -0.6 -0.7 -0.7 -0.6 -0.6 -0.7 -0.7 2

 3 Consumption of fixed capital 20.8 21.7 22.6 23.3 24.4 24.0 24.2 24.5 24.8 25.1 25.4 3

 4 Corporate 2.4 2.3 2.5 2.8 2.9 2.9 2.9 2.9 3.0 3.0 3.0 4

 5 Noncorporate 18.4 19.4 20.1 20.5 21.5 21.1 21.3 21.6 21.8 22.1 22.4 5

 6 Gross saving 20.3 21.0 21.8 22.6 23.7 23.3 23.6 23.9 24.2 24.4 24.7 6

 7 Gross investment 20.3 21.0 21.8 22.6 23.7 23.3 23.6 23.9 24.2 24.4 24.7 7

 8 Capital expenditures 31.6 13.1 31.4 29.8 33.3 32.5 35.6 34.4 30.7 29.7 27.9 8

 9 Fixed investment (2) 20.8 22.5 23.8 25.4 26.7 27.5 27.9 26.7 24.4 26.6 25.4 9

10 Change in inventories 10.8 -9.4 7.6 4.3 6.7 5.0 7.7 7.7 6.3 3.1 2.5 10

11 Net financial investment -11.3 7.9 -9.6 -7.2 -9.6 -9.2 -12.1 -10.6 -6.5 -5.4 -3.2 11

12 Net acquisition of financial assets 1.8 2.3 -0.1 0.6 1.8 1.9 1.0 1.6 2.8 -1.2 0.3 12

13 Checkable deposits and currency 0.4 0.5 0 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 13

14 Miscellaneous assets 1.3 1.8 -0.1 0.4 1.7 1.8 0.9 1.5 2.7 -1.3 0.2 14

15 Insurance receivables 1.3 1.9 0.6 0.4 1.6 1.4 0.4 1.2 3.3 -1.1 -0.1 15

16 Equity investment in GSEs (3) 0.0 -0.1 -0.6 0 0.1 0.3 0.5 0.3 -0.6 -0.2 0.3 16

17 Net increase in liabilities 13.1 -5.5 9.6 7.8 11.4 11.1 13.1 12.2 9.3 4.1 3.5 17

18 Credit market instruments 4.4 2.9 4.8 6.2 7.7 8.4 7.5 7.3 7.5 6.6 -0.7 18

19 Bank loans n.e.c. 1.9 1.1 0.6 3.5 1.2 3.4 2.3 1.3 -2.1 0.7 -6.0 19

20 Other loans and advances 0.2 0.3 1.6 -0.5 0.3 0.9 -1.4 0.6 1.1 2.3 -4.0 20

21 Mortgages 2.2 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.3 21

22 Trade payables 1.0 1.0 1.3 1.4 0.8 -0.1 0.6 2.3 0.4 -1.3 -1.1 22

23 Proprietors’ net investment 7.7 -9.4 3.5 0.2 2.9 2.8 5.1 2.6 1.4 -1.2 5.3 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.
20 Z.1, September 15, 1999

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Receipts, NIPA basis 949.1 997.8 1045.2 1094.3 1148.0 1123.3 1133.7 1152.3 1183.1 1192.9 1208.0 1

 2 Tax receipts 676.5 709.3 748.6 789.3 834.9 813.5 825.1 838.5 862.5 867.6 877.4 2

 3 Social insurance receipts 73.4 76.5 77.8 79.9 82.1 81.1 81.7 82.4 83.2 84.2 85.1 3

 4 Grants-in-aid received 199.2 212.0 218.9 225.0 231.0 228.7 226.9 231.4 237.4 241.1 245.5 4

 5 Expenditures, NIPA basis 852.4 886.0 922.6 960.2 997.7 983.0 992.5 1003.5 1012.7 1023.2 1037.7 5

 6 Consumption expenditures 663.9 695.2 724.7 758.8 789.0 776.7 784.7 793.8 801.2 810.2 823.6 6

 7 Net interest and transfers 188.5 190.8 197.9 201.4 208.7 206.3 207.8 209.7 211.5 213.0 214.1 7

 8 Surplus, NIPA basis 96.7 111.8 122.6 134.1 150.3 140.3 141.2 148.8 170.4 169.7 170.3 8

 9 + Consumption of fixed capital 69.4 73.2 77.1 81.1 85.0 83.5 84.3 85.4 86.6 87.5 89.0 9

10 - Pension fund reserves 54.1 62.5 60.5 76.4 61.1 70.0 61.2 56.1 57.1 57.3 57.7 10

11 = Gross saving 112.0 122.5 139.2 138.8 174.1 153.8 164.3 178.1 199.9 199.9 201.6 11

12 Gross investment 125.8 169.9 180.5 143.2 213.4 201.9 242.5 184.5 224.7 188.3 249.7 12

13 Fixed investment 138.9 152.1 162.1 175.6 177.4 176.6 175.7 179.0 178.3 190.7 186.3 13

14 Net financial investment -13.1 17.8 18.4 -32.4 36.0 25.3 66.8 5.5 46.4 -2.4 63.4 14

15 Net acq. of financial assets -57.6 -31.7 13.8 25.4 116.9 119.4 148.9 77.7 121.7 90.3 100.5 15

16 Checkable deposits and currency 1.6 3.4 -5.5 4.4 -3.9 -6.7 -1.8 -2.9 -4.2 9.5 -10.4 16

17 Time and savings deposits 6.5 6.6 10.6 5.8 12.8 15.7 15.3 9.4 10.6 -3.4 6.3 17

18 Security RPs -15.1 -3.0 32.1 3.6 7.2 34.5 -24.0 16.0 2.2 32.0 -11.1 18

19 Credit market instruments -55.0 -91.4 -33.7 0.1 99.5 6.1 174.3 125.7 91.7 52.2 53.3 19

20 Open market paper 4.4 17.1 20.3 14.3 18.0 21.1 -5.7 40.6 16.0 16.0 4.9 20

21 U.S. government securities -66.2 -115.3 -68.1 -18.5 73.5 -23.5 162.2 89.7 65.7 26.3 36.0 21

22 Treasury -77.8 -80.2 -32.8 -17.7 30.0 -2.7 73.1 39.7 9.7 14.3 18.7 22

23 Agency 11.6 -35.1 -35.3 -0.8 43.6 -20.8 89.1 50.0 56.0 12.0 17.3 23

24 Municipal securities -0.9 -3.5 -0.5 -0.7 -1.4 -1.6 -2.0 -1.0 -1.0 -1.6 -1.1 24

25 Corporate and foreign bonds 5.4 7.1 10.7 1.3 5.2 6.0 15.7 -7.7 6.8 7.2 9.3 25

26 Mortgages 2.2 3.3 3.8 3.7 4.1 4.1 4.0 4.2 4.2 4.2 4.3 26

27 Corporate equities 1.3 12.1 14.5 16.8 9.7 8.1 29.9 -0.9 1.8 14.1 12.5 27

28 Mutual fund shares 7.8 5.9 6.0 -7.4 -7.3 -8.5 9.7 -26.0 -4.5 -4.1 8.6 28

29 Taxes receivable -6.0 -8.3 -5.3 -0.2 1.5 0.5 1.4 2.3 1.7 4.5 5.9 29

30 Miscellaneous assets 1.3 42.9 -4.8 2.3 -2.5 69.7 -55.8 -45.8 22.4 -14.4 35.4 30

31 Net increase in liabilities -44.5 -49.5 -4.6 57.8 80.9 94.1 82.1 72.2 75.4 92.7 37.0 31

32 Credit market instruments -46.2 -51.5 -6.8 56.1 80.3 94.2 82.0 70.0 75.1 87.4 35.7 32

33 Municipal securities -46.3 -51.9 -7.2 57.3 79.1 89.0 82.2 70.1 75.2 87.1 35.6 33

34 Short-term -2.2 1.2 6.3 8.3 -6.3 1.7 -6.4 -19.2 -1.2 2.9 6.8 34

35 Other -44.1 -53.2 -13.4 49.0 85.4 87.3 88.6 89.3 76.4 84.3 28.8 35

36 U.S. government loans 0.1 0.5 0.4 -1.2 1.2 5.1 -0.3 -0.1 -0.1 0.3 0.1 36

37 Trade payables 1.8 2.0 2.2 1.8 0.6 -0.1 0.2 2.2 0.3 5.3 1.4 37

38 Discrepancy -13.8 -47.5 -41.3 -4.4 -39.3 -48.2 -78.2 -6.4 -24.8 11.5 -48.1 38

(1) Data for retirement funds are shown in table F.120.
Z.1, September 15, 1999 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Receipts, NIPA basis 1374.7 1460.3 1584.7 1719.9 1844.0 1809.1 1838.3 1858.8 1870.5 1914.8 1946.9 1

 2 Personal taxes 562.3 606.1 687.0 769.1 857.9 836.5 855.7 863.8 875.9 891.3 909.3 2

 3 Corporate profits tax accruals 156.7 179.4 193.1 210.0 204.9 204.8 206.2 207.5 201.1 213.8 219.6 3

 4 Indirect taxes 98.6 92.5 94.5 93.8 95.8 93.9 95.2 98.3 96.0 95.7 95.9 4

 5 Social insurance receipts 557.1 582.4 610.2 647.0 685.5 673.9 681.2 689.2 697.5 714.0 722.1 5

 6 Expenditures, NIPA basis 1561.4 1634.7 1695.0 1741.0 1771.2 1750.3 1763.8 1766.8 1804.6 1792.1 1806.1 6

 7 Consumption expenditures 443.2 442.9 450.9 460.4 461.1 450.9 464.0 458.7 470.6 471.8 469.6 7

 8 Transfers, grants, etc. 918.1 967.1 1015.8 1049.4 1084.2 1070.6 1071.5 1082.4 1112.6 1106.0 1121.6 8

 9 Net interest 200.0 224.8 228.4 231.2 226.0 228.8 228.3 225.7 221.4 214.3 214.9 9

10 Surplus, NIPA basis -186.7 -174.4 -110.3 -21.1 72.8 58.8 74.5 92.0 65.9 122.7 140.8 10

11 + Consumption of fixed capital 69.5 70.7 70.7 70.6 69.8 69.9 69.5 69.6 70.0 69.5 69.4 11

12 - Insurance and pension reserves 38.9 21.8 55.7 42.0 42.5 31.4 44.7 43.6 50.3 37.2 41.9 12

13 = Gross saving -156.1 -125.6 -95.3 7.4 100.0 97.3 99.3 118.0 85.6 155.0 168.3 13

14 Gross investment -192.4 -113.9 -136.8 -16.1 73.6 77.7 142.2 54.8 19.8 163.1 209.7 14

15 Fixed investment 67.0 66.3 67.6 59.8 59.6 60.7 56.8 60.8 60.1 64.9 63.3 15

16 Access rights sales 0 -7.6 -3.5 -7.1 -2.4 -1.9 0.1 -7.0 -0.7 0.3 2.0 16

17 Net financial investment -259.4 -172.6 -200.9 -68.7 16.4 18.9 85.3 1.0 -39.6 97.9 144.4 17

18 Net acq. of financial assets -60.5 -3.7 -2.5 -4.0 -1.5 8.6 112.9 -76.8 -50.8 44.3 79.5 18

19 Gold, SDRs, and official foreign exchange -2.7 6.4 -2.9 2.5 6.0 1.4 5.8 7.8 9.0 -9.3 -4.8 19

20 Checkable deposits and currency -21.7 -0.0 11.0 -0.5 -16.7 -8.6 95.6 -107.7 -46.1 31.9 43.0 20

21 Time and savings deposits -0.1 0.3 1.4 1.0 1.3 -1.6 1.0 1.3 4.7 -3.4 0.8 21

22 Credit market instruments -27.4 -0.2 -7.4 5.1 13.5 15.7 12.9 13.8 11.7 17.5 6.5 22

23 Agency securities 0 0 0 0 0 0 0 0 0 0 0 23

24 Mortgages -14.0 -13.2 -7.5 -4.5 -0.9 -1.1 -1.3 -1.3 0.3 -0.8 -0.4 24

25 Other loans and advances -13.4 13.0 0.1 9.6 14.4 16.8 14.1 15.1 11.4 18.4 6.8 25

26 Trade receivables -3.8 -1.6 0.9 -3.2 -0.3 2.2 1.5 11.0 -15.6 0.3 -1.7 26

27 Taxes receivable -8.0 -6.5 0.9 -1.8 -1.9 2.3 -3.3 0.9 -7.4 7.7 36.3 27

28 Miscellaneous assets 3.2 -2.1 -6.4 -7.0 -3.5 -2.7 -0.5 -3.9 -7.1 -0.4 -0.6 28

29 Net increase in liabilities 198.9 168.9 198.4 64.7 -17.9 -10.3 27.7 -77.8 -11.3 -53.6 -64.9 29

30 SDR certificates 0 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 30

31 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0 0.7 31

32 Credit market instruments 155.9 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 32

33 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 33

34 Other Treasury securities 147.7 137.9 144.6 23.7 -54.7 -10.8 -26.4 -113.6 -68.1 -73.7 -112.8 34

35 Budget agency securities 0.2 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 35

36 Multifamily residential mortgages 0 0 -0.0 -0.0 0 0 0 0 0 0 0 36

37 Trade payables -0.4 -4.6 1.3 -0.1 -2.7 -3.8 -3.3 2.2 -5.9 -2.4 -0.7 37

38 Insurance and pension reserves 38.9 21.8 55.7 42.0 42.5 31.4 44.7 43.6 50.3 37.2 41.9 38

39 Miscellaneous liabilities 3.9 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 39

40 Discrepancy 36.3 -11.6 41.5 23.5 26.4 19.6 -42.9 63.2 65.8 -8.2 -41.4 40

 Memo:

41 Change in cash balance (1) -26.7 -5.7 12.9 -2.2 -12.8 -1.9 52.1 -73.9 -27.5 26.6 2.4 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).
22 Z.1, September 15, 1999

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 1017.6 1145.2 1228.5 1371.8 1440.6 1419.2 1435.0 1432.9 1475.9 1491.7 1555.3 1

 2 U.S. imports from abroad 812.0 903.4 965.0 1058.8 1110.2 1097.1 1108.9 1101.7 1133.0 1159.6 1212.7 2

 3 U.S. factor payments to foreign 168.3 207.6 223.1 273.5 289.6 285.1 289.3 292.1 291.9 294.6 303.6 3

 4 Net transfers to foreign 37.3 34.2 40.4 39.5 40.8 37.0 36.8 39.1 51.0 37.5 39.0 4

 5 Foreign outlays to U.S. 897.7 1044.6 1109.3 1230.9 1228.1 1243.6 1220.2 1201.2 1247.5 1237.0 1249.0 5

 6 U.S. exports to foreign 721.2 819.5 873.8 965.4 959.0 973.3 949.6 936.2 976.8 962.7 972.6 6

 7 U.S. factor receipts from foreign 176.5 225.1 235.5 265.5 269.1 270.3 270.6 265.0 270.7 274.3 276.4 7

 8 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 8

 9 Gross saving (1) 119.9 100.6 119.2 140.9 212.5 175.6 214.8 231.7 228.4 254.7 306.3 9

10 Net financial investment 130.3 137.2 194.8 286.7 210.4 149.4 168.4 126.4 397.5 295.5 468.3 10

11 Net acquisition of financial assets 301.0 448.2 545.6 642.2 470.7 559.9 654.3 227.7 440.9 492.9 973.5 11

12 Gold and SDRs (2) -0.4 -0.8 0.4 -0.4 -0.1 -0.7 0.3 0.8 -0.9 2.3 -0.8 12

13 Net interbank assets 92.7 11.1 -52.0 -4.3 -28.3 -115.6 29.5 17.9 -45.0 -21.0 62.4 13

14 U.S. checkable deposits and currency 25.3 13.4 19.9 29.9 14.6 8.0 24.0 18.3 8.2 15.2 41.3 14

15 U.S. time deposits 1.5 -6.6 10.9 13.1 12.5 18.3 -0.9 37.1 -4.6 -4.6 -0.5 15

16 Security RPs -12.0 21.0 3.2 20.0 -18.8 85.5 -28.1 -56.6 -76.2 57.3 -19.8 16

17 Credit market instruments 132.3 273.9 414.4 310.7 249.3 223.8 321.8 60.8 390.7 213.3 51.6 17

18 Open market paper 6.0 18.6 14.4 19.9 37.0 -13.1 69.9 93.3 -2.1 -15.6 -39.1 18

19 U.S. government securities 86.7 197.2 312.4 189.6 90.9 125.0 91.5 -124.0 270.9 64.1 42.4 19

20 Official 36.8 72.7 120.7 -2.2 -3.6 55.8 -80.3 -123.6 133.6 27.2 -3.7 20

21 Treasury 30.8 69.0 115.7 -6.7 -10.0 45.3 -81.3 -131.2 127.3 3.2 -26.8 21

22 Agency 6.1 3.7 5.0 4.5 6.3 10.4 1.0 7.6 6.2 24.0 23.2 22

23 Private 49.9 124.5 191.7 191.7 94.5 69.3 171.8 -0.4 137.3 37.0 46.1 23

24 Treasury 34.3 99.5 155.0 146.4 46.2 -10.2 103.0 -5.8 97.6 -35.1 -22.1 24

25 Agency 15.6 25.0 36.7 45.3 48.3 79.5 68.8 5.4 39.8 72.1 68.2 25

26 U.S. corporate bonds (3) 38.0 58.1 83.7 84.0 122.4 107.2 164.8 94.0 123.5 137.5 123.0 26

27 Loans to U.S. corporate business 1.6 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 27.4 -74.8 27

28 U.S. corporate equities 0.9 16.6 11.1 66.8 43.8 116.7 56.9 -29.0 30.6 37.0 115.9 28

29 Trade receivables 1.3 -0.2 5.9 3.5 -7.3 -5.8 0.7 -2.3 -21.8 -18.9 -3.1 29

30 Security credit 0 0 0 0 0 0 0 0 0 0 0 30

31 Miscellaneous assets 59.4 119.8 131.6 203.0 205.1 229.8 250.0 180.6 159.9 212.2 726.4 31

32 Foreign direct investment in U.S. (4) 47.4 59.6 89.0 109.3 193.4 108.1 83.8 99.6 482.0 91.8 474.2 32

33 Other 12.0 60.2 42.6 93.7 11.7 121.7 166.2 81.0 -322.1 120.4 252.2 33

34 Net increase in liabilities 170.8 310.9 350.8 355.5 260.3 410.4 485.9 101.3 43.5 197.4 505.2 34

 U.S. official foreign exchange

35 and net IMF position -5.8 8.8 -6.3 0.7 6.6 1.0 8.1 8.9 8.6 -14.0 -5.4 35

36 U.S. private deposits 52.9 35.3 85.9 106.8 -0.2 -46.5 92.9 84.9 -131.9 127.7 114.5 36

37 Credit market instruments -13.9 71.1 77.2 57.6 33.6 95.0 97.9 -19.6 -38.9 17.3 -43.3 37

38 Commercial paper -26.1 13.5 11.3 3.7 7.8 55.3 -25.5 6.2 -4.7 18.3 -27.1 38

39 Bonds 12.2 49.7 55.8 47.2 25.1 42.5 119.2 -27.2 -34.2 0.9 -19.1 39

40 Bank loans n.e.c. 1.4 8.5 9.1 8.5 6.7 5.2 8.4 3.6 9.8 0.9 5.7 40

41 Official -0.2 0.4 0.3 -0.8 0.8 0.9 -0.5 -0.5 3.1 0.3 -0.4 41

42 Banks 0.0 2.1 3.4 -0.5 -0.7 -2.8 6.9 -4.0 -2.9 -2.2 4.9 42

43 Other 1.6 5.9 5.4 9.8 6.7 7.2 2.0 8.1 9.5 2.7 1.2 43

44 U.S. government loans -1.1 -0.8 -0.7 -1.6 -1.0 -1.3 0.1 -1.8 -0.9 -2.5 -1.0 44

45 Acceptance liabilities to banks -0.3 0.3 1.8 -0.2 -5.0 -6.7 -4.2 -0.3 -8.8 -0.2 -1.6 45

46 Foreign corporate equities (5) 48.1 50.4 60.0 42.0 77.8 14.0 12.3 -32.8 317.4 -33.4 124.7 46

47 Trade payables 3.6 5.8 -1.7 5.1 -2.4 1.8 -11.9 4.1 -3.6 -4.9 -9.0 47

48 Security debt 0 0 0 0 0 0 0 0 0 0 0 48

49 Miscellaneous liabilities 85.8 139.6 135.6 143.3 144.9 345.2 286.6 55.8 -108.1 104.7 323.7 49

50 U.S. equity in IBRD, etc. 1.4 1.5 1.8 1.6 1.6 1.5 1.8 1.7 1.4 1.6 1.8 50

51 U.S. government deposits 0.1 0.3 -0.1 -0.0 -0.1 0.1 0.1 -0.6 -0.2 0.5 0.7 51

52 U.S. direct investment abroad (3,4) 80.7 99.5 92.7 110.0 132.8 149.2 172.7 86.3 123.1 165.5 140.2 52

53 Other 3.6 38.3 41.2 31.8 10.6 194.3 112.0 -31.6 -232.3 -62.9 181.0 53

54 Discrepancy (FOF basis) (6) -10.3 -36.6 -75.6 -145.8 2.1 26.2 46.4 105.3 -169.1 -40.8 -162.0 54

 Memo:

55 Net U.S. exports, NIPA basis -90.8 -83.9 -91.2 -93.4 -151.2 -123.8 -159.3 -165.5 -156.2 -196.9 -240.1 55

56 + Net U.S. factor income (7) 8.2 17.5 12.4 -8.0 -20.5 -14.8 -18.7 -27.1 -21.2 -20.3 -27.2 56

57 - Net transfer payments to foreign 37.3 34.2 40.4 39.5 40.8 37.0 36.8 39.1 51.0 37.5 39.0 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) -119.9 -100.6 -119.2 -140.9 -212.5 -175.6 -214.8 -231.7 -228.4 -254.7 -306.3 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, September 15, 1999 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -2.7 -1.3 1.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 1

 2 Fixed nonresidential investment 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 28.2 19.8 23.3 38.8 32.8 0.6 51.9 35.1 43.4 34.7 34.2 3

 4 Gold and foreign exchange -2.6 3.2 -3.8 -1.5 0.8 0.4 2.0 0.3 0.4 -7.0 0.1 4

 5 SDR certificates 0 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 5

 6 Treasury currency 0.9 1.0 1.0 0.6 0.7 0.5 0.5 0.6 1.1 1.5 1.2 6

 7 Federal Reserve float -1.6 0.8 4.2 -3.6 0.9 3.1 -0.3 -10.6 11.5 -10.1 4.6 7

 8 Fed. Res. loans to domestic banks 0.1 -0.1 -0.1 2.0 -2.0 -8.0 3.7 0.4 -4.2 0.9 -0.1 8

 9 Security RPs -2.6 3.3 7.7 2.3 6.5 -22.1 29.2 -4.2 23.3 -5.1 -35.5 9

10 Credit market instruments 31.5 12.7 12.3 38.3 21.1 27.6 11.5 41.6 3.5 71.8 62.4 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 31.5 12.7 12.3 38.3 21.1 27.6 11.5 41.6 3.5 71.8 62.4 12

13 Treasury 32.5 13.7 12.7 39.8 21.4 27.8 11.9 42.1 3.8 71.9 62.7 13

14 Agency -1.0 -1.0 -0.4 -1.5 -0.3 -0.2 -0.4 -0.5 -0.3 -0.1 -0.2 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets 2.6 -3.2 2.4 1.2 4.9 -0.9 5.4 7.1 7.8 -13.4 1.5 16

17 Net increase in liabilities 28.0 19.5 22.8 38.1 32.0 -1.0 48.8 32.4 48.1 33.1 32.7 17

18 Depository institution reserves -4.2 -1.2 -5.1 6.3 -4.5 -10.9 -1.3 13.9 -19.8 2.5 -2.0 18

19 Vault cash of commercial banks 5.5 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 19

20 Checkable deposits and currency 25.3 17.0 23.5 30.1 38.5 22.9 29.8 39.3 62.2 34.6 2.4 20

21 Due to federal government -7.7 -1.2 1.7 -2.3 0.5 4.8 0.9 -12.1 8.5 -0.2 -44.0 21

22 Due to rest of the world -0.1 0.2 -0.1 0.5 0.0 -0.9 0.4 0.9 -0.4 0.3 1.3 22

23 Currency outside banks 33.1 18.0 21.8 31.9 38.0 19.0 28.5 50.5 54.1 34.5 45.0 23

24 Miscellaneous liabilities 1.3 1.3 -0.2 1.8 1.0 -14.1 20.9 -21.1 18.2 -22.1 27.4 24

25 Federal Reserve Bank stock 0.3 0.3 0.6 0.8 0.5 0.2 1.3 0.5 0.2 0.7 0.6 25

26 Other 1.1 1.0 -0.9 1.0 0.5 -14.3 19.6 -21.6 18.1 -22.8 26.8 26

27 Discrepancy -3.2 -1.8 0.9 1.7 1.7 0.8 -0.8 -0.3 7.0 0.8 0.9 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.
24 Z.1, September 15, 1999

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 26.5 32.6 31.9 42.8 46.8 46.8 45.8 48.1 46.5 58.0 55.4 1

 2 Fixed nonresidential investment 13.2 13.3 12.3 12.8 14.1 13.8 14.1 13.9 14.4 14.6 15.0 2

 3 Net acquisition of financial assets 231.3 335.7 216.6 457.3 443.7 343.4 366.8 572.2 492.4 100.0 314.4 3

 4 Vault cash 5.5 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 4

 5 Reserves at Federal Reserve -3.5 -1.1 -4.6 6.8 -4.6 -11.2 -1.1 14.1 -20.3 3.0 -2.1 5

 6 Checkable deposits and currency 0.4 0.2 -0.2 -0.1 0.6 -0.1 0.8 -0.5 2.4 -1.5 -1.4 6

 7 Total bank credit 156.8 273.4 189.9 350.0 335.8 365.6 170.5 298.3 508.9 33.0 141.3 7

 8 U.S. government securities -26.2 27.0 11.3 83.8 35.4 82.6 -59.5 -26.0 144.4 46.0 2.3 8

 9 Treasury -31.8 -11.7 -16.9 8.3 -56.1 -5.6 -40.1 -159.4 -19.1 2.0 -8.2 9

10 Agency 5.5 38.7 28.2 75.5 91.4 88.2 -19.4 133.4 163.5 44.0 10.6 10

11 Municipal securities -1.6 -4.2 0.9 2.4 8.2 -0.1 9.9 11.8 11.2 10.1 4.1 11

12 Corporate and foreign bonds 4.3 8.4 1.4 27.8 38.0 41.4 12.9 30.8 66.8 -66.4 94.0 12

13 Total loans 183.7 239.8 174.2 234.7 253.4 248.4 205.6 275.9 283.6 42.4 43.6 13

14 Open market paper -1.5 -0.1 0.8 -0.8 -0.2 -0.7 0.2 -0.7 0.6 -0.7 -0.5 14

15 Bank loans n.e.c. 62.9 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.0 15

16 Mortgages 64.9 77.5 55.2 99.9 91.7 119.2 24.7 53.0 169.9 15.8 78.4 16

17 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 17

18 Security credit -5.7 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 18

19 Corporate equities -1.4 2.1 1.8 0.6 1.3 1.2 2.3 2.1 -0.5 1.6 -3.7 19

20 Mutual fund shares -1.9 0.3 0.3 0.8 -0.4 -8.0 -0.7 3.7 3.4 -0.8 1.0 20

21 Customers’ liab. on acceptances (2) -2.4 -0.6 1.0 -2.8 -9.3 -14.6 -11.0 -1.0 -10.5 -4.0 -5.6 21

22 Miscellaneous assets 74.4 61.4 25.9 103.5 124.1 2.6 208.3 261.0 24.3 51.5 177.1 22

23 Net increase in liabilities 255.1 300.6 203.7 490.5 467.5 388.5 399.2 685.5 396.7 59.8 310.5 23

24 Net interbank liabilities 88.5 8.7 -51.2 -25.8 -26.0 -85.5 41.8 30.0 -90.5 28.5 65.2 24

25 To monetary authority -1.5 0.7 4.1 -1.6 -1.1 -4.9 3.4 -10.2 7.3 -9.2 4.5 25

26 To domestic banks (3) -2.7 -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 26

27 To foreign banks 92.7 11.1 -52.0 -4.3 -28.3 -115.6 29.5 17.9 -45.0 -21.0 62.4 27

28 Checkable deposits -31.7 -45.9 -34.6 -19.8 -33.4 -20.8 33.8 -91.4 -55.4 -2.7 -35.5 28

29 Federal government -18.9 -4.7 9.7 -0.9 -14.6 -5.1 50.3 -63.1 -40.6 30.3 45.5 29

30 Rest of the world 1.9 0.8 2.6 4.6 -2.0 5.9 14.2 -11.7 -16.4 5.1 27.8 30

31 Private domestic -14.7 -42.0 -46.9 -23.5 -16.8 -21.5 -30.7 -16.6 1.6 -38.1 -108.8 31

32 Small time and savings deposits -1.0 113.9 123.1 148.3 183.7 158.6 123.1 160.8 292.3 -6.4 119.4 32

33 Large time deposits 21.3 54.8 105.3 107.9 72.3 174.9 -21.3 61.4 74.2 -10.0 28.9 33

34 Federal funds and security RPs (net) 78.1 30.4 41.0 89.0 87.0 95.1 55.0 164.1 33.9 112.1 27.3 34

35 Credit market instruments 20.1 22.5 13.0 46.1 72.9 82.8 80.8 61.7 66.3 31.1 61.6 35

36 Open market paper 3.1 -2.2 2.9 3.3 -1.5 1.5 13.7 7.1 -28.4 -1.1 6.3 36

37 Corporate bonds 7.7 18.5 7.8 23.7 27.6 49.3 16.9 20.8 23.2 35.2 -4.8 37

38 Other loans and advances 9.3 6.2 2.3 19.1 46.9 32.0 50.2 33.8 71.5 -3.0 60.1 38

39 Corporate equity issues -3.3 -8.7 -14.3 -27.7 -12.7 -10.6 -11.9 -9.1 -19.2 -14.7 -22.2 39

40 Taxes payable 0.7 0.9 1.2 1.4 1.7 1.6 1.6 1.7 1.7 1.8 1.9 40

41 Miscellaneous liabilities 82.4 124.0 20.1 171.2 122.1 -7.6 96.3 306.2 93.4 -79.8 63.7 41

42 Discrepancy 37.2 -15.9 6.7 63.2 56.5 78.1 64.1 147.5 -63.6 3.2 36.6 42

 Memo:

43 Credit market funds advanced (4) 163.4 265.9 187.5 324.3 305.2 306.7 132.7 250.1 531.5 68.9 135.0 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, September 15, 1999 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.7 4.8 -5.1 3.4 10.2 4.3 13.6 14.7 8.3 20.5 -4.0 1

 2 Fixed nonresidential investment 10.5 10.6 9.2 9.3 10.3 10.1 10.4 10.2 10.5 10.7 11.0 2

 3 Net acquisition of financial assets 153.9 200.5 122.8 290.8 328.1 276.6 203.9 343.1 489.0 127.5 324.9 3

 4 Vault cash and reserves at Federal Reserve 2.0 1.5 -0.3 4.8 -5.7 -1.9 -5.0 18.1 -33.7 23.0 0.3 4

 5 Total bank credit 140.5 194.8 115.2 280.7 329.3 298.7 139.0 315.1 564.5 115.2 248.7 5

 6 U.S. government securities -25.2 -17.1 -19.4 54.3 39.6 34.0 -75.0 61.4 137.8 38.6 31.7 6

 7 Treasury -27.0 -40.4 -34.7 -6.1 -42.1 -18.6 -53.2 -84.7 -11.8 2.4 -1.0 7

 8 Agency 1.8 23.4 15.3 60.4 81.6 52.6 -21.8 146.1 149.6 36.2 32.8 8

 9 Mortgage pool securities 9.1 12.9 21.4 31.1 53.7 39.4 -62.6 106.5 131.3 -55.3 -17.2 9

10 Agency-issued CMOs -14.4 -18.4 -11.5 17.5 8.9 4.6 7.4 45.5 -22.0 31.1 -9.4 10

11 Other agency securities 7.1 28.8 5.4 11.8 19.1 8.6 33.3 -5.9 40.3 60.4 59.4 11

12 Municipal securities -2.0 -4.3 1.0 2.4 8.2 -0.4 10.4 11.8 11.2 9.6 4.0 12

13 Corporate and foreign bonds -0.6 3.3 -4.5 19.6 32.4 24.3 28.4 14.9 62.1 -43.8 94.4 13

14 Private mortgage pool securities -1.1 0.9 -0.4 -1.2 0.9 0.6 11.5 -1.2 -7.2 5.0 -4.3 14

15 Privately issued CMOs 1.7 3.5 -3.1 0.7 20.3 24.9 14.8 10.7 30.8 6.1 2.0 15

16 Other bonds -1.2 -1.1 -1.0 20.2 11.1 -1.3 2.1 5.3 38.4 -54.9 96.7 16

17 Total loans 171.5 210.5 136.0 203.0 248.2 247.5 173.6 221.3 350.5 110.0 121.3 17

18 Open market paper -1.3 0.3 0.3 -0.6 -0.1 -0.4 -0.2 -0.2 0.5 -0.5 -0.6 18

19 Bank loans n.e.c. 46.2 77.0 58.2 108.1 144.3 110.7 156.9 157.1 152.5 101.5 101.5 19

20 Mortgages 68.1 81.7 57.5 105.5 95.8 127.1 26.9 52.1 176.9 26.0 79.5 20

21 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 21

22 Security credit -4.6 8.3 -4.8 4.2 11.9 28.7 2.4 1.7 14.6 -23.0 16.5 22

23 Corporate equities -1.4 2.1 1.8 0.6 1.3 1.2 2.3 2.1 -0.5 1.6 -3.7 23

24 Mutual fund shares -1.9 0.3 0.3 0.8 -0.4 -8.0 -0.7 3.7 3.4 -0.8 1.0 24

25 Customers’ liab. on acceptances (1) -0.2 2.4 1.6 -0.2 -4.6 -8.3 -5.0 1.6 -6.7 -3.3 -3.4 25

26 Miscellaneous assets 11.7 1.8 6.2 5.5 9.1 -11.9 74.9 8.3 -35.0 -7.4 79.4 26

27 Net increase in liabilities 199.4 189.7 142.6 359.0 383.6 359.0 264.4 484.6 426.3 118.0 374.9 27

28 Net interbank liabilities 79.0 -6.8 -55.7 4.2 20.3 56.1 -6.5 129.9 -98.4 68.2 78.2 28

29 Federal Reserve float -1.6 0.8 4.2 -3.6 0.9 3.1 -0.3 -10.6 11.5 -10.1 4.6 29

30 Borrowing from Federal Reserve banks 0.1 -0.1 -0.1 2.0 -2.0 -8.0 3.7 0.4 -4.2 0.9 -0.1 30

31 To domestic banking 5.6 -7.3 -23.5 -6.7 -2.6 16.2 -8.1 18.1 -36.6 52.4 -10.1 31

32 To foreign banks 74.8 -0.2 -36.3 12.6 24.0 44.7 -1.8 122.0 -69.1 25.0 83.9 32

33 Checkable deposits -32.2 -46.0 -34.4 -21.1 -34.4 -19.1 30.8 -89.6 -59.7 -1.2 -33.3 33

34 Federal government -18.9 -4.7 9.7 -0.9 -14.6 -5.1 50.3 -63.1 -40.6 30.3 45.5 34

35 Rest of the world 1.5 0.9 3.3 4.2 -1.7 5.7 14.3 -11.4 -15.3 3.2 30.2 35

36 Private domestic -14.9 -42.1 -47.4 -24.3 -18.1 -19.7 -33.8 -15.1 -3.9 -34.6 -109.0 36

37 Small time and savings deposits -0.6 113.4 122.8 143.9 186.3 160.6 112.8 179.0 292.9 -2.4 126.1 37

38 Large time deposits 17.9 42.6 49.5 63.2 34.8 81.1 -7.8 2.2 63.7 5.2 39.7 38

39 Federal funds and security RPs (net) 71.6 28.2 28.7 63.4 66.8 46.6 8.7 87.6 124.5 114.1 33.8 39

40 Acceptance liabilities -0.3 2.3 1.7 -0.3 -4.6 -8.5 -4.9 1.5 -6.3 -3.5 -3.5 40

41 Corporate bonds 3.4 2.7 7.7 10.7 10.5 15.8 4.4 6.2 15.7 2.9 4.3 41

42 Other loans and advances 9.3 6.2 2.3 19.1 46.9 32.0 50.2 33.8 71.5 -3.0 60.1 42

43 Corporate equity issues 1.8 2.6 3.2 3.2 2.3 1.2 4.7 2.6 0.8 1.7 2.6 43

44 Taxes payable 0.7 0.9 1.2 1.4 1.7 1.6 1.6 1.7 1.7 1.8 1.9 44

45 Miscellaneous liabilities 48.8 43.6 15.6 71.2 53.0 -8.3 70.4 129.8 19.9 -65.9 64.9 45

46 Investment by bank holding companies 17.5 40.1 28.6 40.7 55.3 66.6 62.3 53.5 38.9 29.8 -10.2 46

47 Other 31.3 3.5 -13.0 30.5 -2.4 -74.9 8.0 76.3 -19.0 -95.7 75.1 47

48 Discrepancy 36.7 -16.6 5.4 62.3 55.4 76.7 63.8 146.0 -64.9 0.4 35.0 48

 Memo:

49 Credit market funds advanced (2) 148.1 186.5 119.6 274.9 312.0 268.4 130.0 309.2 540.2 134.1 231.5 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).
26 Z.1, September 15, 1999

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.4 1.7 1.8 2.0 2.1 2.1 2.1 2.1 2.2 2.2 2.2 1

 2 Fixed nonresidential investment 2.2 2.3 2.6 3.0 3.3 3.2 3.3 3.2 3.3 3.4 3.4 2

 3 Net acquisition of financial assets 47.5 76.6 48.5 96.5 -4.9 -74.4 29.9 153.9 -129.1 -120.7 -53.1 3

 4 Reserves at Federal Reserve -0.0 -0.1 0.3 1.8 -1.9 -8.1 3.3 -3.7 0.9 -1.8 2.6 4

 5 Total bank credit 12.1 74.7 70.0 60.2 1.4 46.1 44.1 -25.7 -58.9 -71.9 -116.7 5

 6 U.S. government securities -1.9 43.9 30.9 26.8 -5.5 38.9 27.7 -86.6 -2.0 9.4 -26.0 6

 7 Treasury -3.5 29.6 18.4 14.4 -10.3 18.4 16.3 -69.5 -6.3 1.0 -7.3 7

 8 Agency 1.5 14.3 12.4 12.5 4.8 20.5 11.4 -17.1 4.3 8.4 -18.7 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 5.1 4.6 3.2 3.1 5.8 8.3 -12.8 8.9 18.8 -18.5 -5.4 10

11 Total loans 9.0 26.2 36.0 30.3 1.1 -1.1 29.2 51.9 -75.7 -62.9 -85.2 11

12 Open market paper -0.2 -0.4 0.5 -0.2 -0.1 -0.4 0.3 -0.5 0.1 -0.2 0.0 12

13 Bank loans n.e.c. 15.1 35.4 32.2 19.2 -1.9 -13.7 9.9 13.5 -17.1 -35.3 -67.3 13

14 Mortgages -4.8 -5.1 -2.9 -6.1 -5.5 -9.4 -3.9 -0.7 -8.2 -9.7 -4.9 14

15 Security credit -1.2 -3.7 6.2 17.5 8.6 22.3 22.8 39.7 -50.5 -17.8 -13.1 15

16 Corporate equities -0.0 0.0 -0.0 -0.0 0 0 0 0 0 0 0 16

17 Customers’ liab. on acceptances (2) -2.1 -2.9 -0.6 -2.5 -4.7 -6.3 -6.0 -2.6 -3.7 -0.7 -2.1 17

18 Miscellaneous assets 37.5 5.0 -21.2 37.0 0.3 -106.0 -11.4 185.9 -67.4 -46.3 63.0 18

19 Net increase in liabilities 49.1 78.5 50.6 98.9 -2.1 -71.7 32.6 156.6 -126.1 -117.7 -50.1 19

20 Net interbank liabilities 11.2 18.7 -2.5 -30.4 -56.6 -144.2 35.9 -121.2 3.0 -57.6 -39.2 20

21 To foreign banks 25.8 15.1 -11.5 -17.6 -52.9 -164.7 28.2 -114.0 38.8 -58.4 -32.4 21

22 To domestic banks -14.6 3.6 9.0 -12.7 -3.7 20.5 7.7 -7.1 -35.7 0.9 -6.9 22

23 Checkable deposits 0.4 -0.1 -0.7 0.8 -0.2 -2.1 2.2 -2.1 1.2 1.1 -4.3 23

24 Small time and savings deposits -1.1 -0.7 0.1 4.4 -3.6 -3.1 9.3 -19.4 -1.2 -1.6 -7.7 24

25 Large time deposits 2.6 11.0 55.6 44.7 36.5 92.7 -14.5 58.0 9.9 -12.8 -11.9 25

26 Federal funds and security RPs (net) 6.7 1.8 12.0 25.6 19.7 44.2 31.2 75.8 -72.4 -1.7 -5.8 26

27 Acceptance liabilities -2.6 -3.1 -0.7 -2.4 -4.8 -6.9 -6.1 -2.2 -3.9 -1.7 -0.0 27

28 Miscellaneous liabilities 32.0 50.9 -13.3 56.2 6.9 -52.2 -25.3 167.7 -62.8 -43.5 18.9 28

29 Foreign direct investment in U.S. 3.4 6.6 -0.1 6.7 5.7 1.4 -0.7 20.1 2.1 3.0 56.3 29

30 Due to affiliates -0.5 6.7 13.7 14.3 11.8 34.9 -32.9 40.7 4.4 -3.1 -5.3 30

31 Other 29.0 37.6 -26.9 35.2 -10.6 -88.6 8.3 106.9 -69.2 -43.5 -32.2 31

32 Discrepancy 0.9 1.2 1.3 1.4 1.7 1.5 1.5 1.7 1.9 1.8 1.9 32

 Memo:

33 Credit market funds advanced (3) 11.2 75.4 63.3 40.2 -11.9 17.5 15.2 -68.1 -12.1 -54.9 -105.8 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, September 15, 1999 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 23.3 26.1 35.1 37.3 34.3 40.3 30.0 31.2 35.9 35.2 57.1 1

 2 Fixed nonresidential investment 0.4 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2

 3 Net acquisition of financial assets 26.2 52.6 44.0 64.5 110.7 135.6 125.8 70.6 110.8 99.2 33.1 3

 4 Credit market instruments 0.9 -0.3 3.9 5.4 -0.9 15.3 -17.6 6.0 -7.4 -6.0 0.1 4

 5 U.S. government securities 1.0 -1.3 0.9 0.5 -1.9 5.5 -13.5 -0.4 0.6 -1.2 -7.8 5

 6 Treasury -0.7 -1.2 0.6 -0.1 -3.1 -6.9 -2.3 -2.8 -0.2 0.9 0.0 6

 7 Agency 1.7 -0.2 0.3 0.6 1.1 12.4 -11.2 2.5 0.9 -2.1 -7.8 7

 8 Corporate and foreign bonds -0.1 0.6 2.8 5.0 -0.7 9.0 -3.0 6.3 -15.2 -2.6 5.8 8

 9 Bank loans n.e.c. -0.1 0.4 0.2 -0.0 1.7 0.7 -1.1 0.0 7.2 -2.1 2.1 9

10 Miscellaneous assets 25.3 53.0 40.1 59.0 111.6 120.3 143.5 64.6 118.2 105.2 33.0 10

11 Investment in bank subsidiaries 17.5 40.1 28.6 40.7 55.3 66.6 62.3 53.5 38.9 29.8 -10.2 11

12 Investment in nonbank subsidiaries 0.2 8.2 0.3 25.0 44.2 37.3 70.8 20.1 48.6 74.0 46.0 12

13 Other 7.7 4.6 11.3 -6.7 12.1 16.5 10.3 -9.0 30.7 1.4 -2.8 13

14 Net increase in liabilities 3.2 26.8 9.2 27.4 76.6 95.6 96.1 39.7 75.2 64.3 -23.7 14

15 Net interbank liabilities -1.7 -3.2 7.0 0.3 10.3 2.7 12.5 21.2 4.9 17.9 26.2 15

16 To domestic banks 6.2 0.6 11.2 -0.4 9.6 -1.6 9.4 11.2 19.6 5.4 15.3 16

17 To foreign banks -7.8 -3.8 -4.1 0.8 0.7 4.3 3.1 10.0 -14.7 12.5 10.9 17

18 Federal funds and security RPs (net) -0.2 0.4 0.4 0.0 0.5 4.4 15.1 0.8 -18.2 -0.3 -0.7 18

19 Credit market instruments 10.3 14.4 2.0 19.0 24.9 50.4 37.2 22.5 -10.6 36.3 0.7 19

20 Commercial paper 5.9 -1.4 1.9 6.0 7.8 16.9 24.7 7.9 -18.2 4.0 9.8 20

21 Corporate bonds 4.3 15.8 0.1 13.0 17.1 33.5 12.5 14.6 7.6 32.2 -9.1 21

22 Corporate equity issues -5.1 -11.3 -17.5 -30.9 -15.0 -11.9 -16.6 -11.7 -20.0 -16.4 -24.8 22

23 Miscellaneous liabilities -0.2 26.6 17.3 39.0 56.0 50.0 48.0 6.8 119.1 26.8 -25.2 23

24 Equity, etc. -7.6 12.7 -11.9 -13.1 24.7 7.5 22.9 -4.1 72.6 9.2 -54.0 24

25 Other 7.5 13.9 29.2 52.1 31.2 42.5 25.1 10.9 46.5 17.6 28.7 25

26 Discrepancy -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 2

 3 Net acquisition of financial assets 3.7 5.9 1.3 5.5 9.8 5.6 7.1 4.6 21.7 -5.9 9.5 3

 4 Checkable deposits and currency 0.4 0.2 -0.2 -0.1 0.6 -0.1 0.8 -0.5 2.4 -1.5 -1.4 4

 5 Credit market instruments 3.3 4.2 0.7 3.7 6.0 5.5 5.1 2.9 10.7 -4.4 9.2 5

 6 U.S. government securities -0.2 1.5 -1.0 2.1 3.2 4.1 1.3 -0.4 7.9 -0.7 4.4 6

 7 Treasury -0.6 0.2 -1.3 0.1 -0.7 1.4 -0.9 -2.4 -0.8 -2.3 0.1 7

 8 Agency 0.5 1.3 0.2 2.0 3.9 2.7 2.2 2.0 8.7 1.6 4.3 8

 9 Municipal securities 0.4 0.1 -0.1 -0.0 -0.1 0.3 -0.5 0.0 0.0 0.4 0.1 9

10 Corporate and foreign bonds -0.1 -0.1 -0.1 0.1 0.5 -0.2 0.4 0.7 1.2 -1.5 -0.7 10

11 Bank loans n.e.c. 1.7 1.8 1.4 0.9 0.9 -0.2 2.2 1.0 0.5 -2.0 1.6 11

12 Home mortgages 0.6 1.0 0.6 0.1 1.1 1.1 1.5 0.9 0.6 -2.1 2.4 12

13 Commercial mortgages 0.9 -0.0 -0.1 0.5 0.4 0.3 0.2 0.7 0.5 1.5 1.5 13

14 Miscellaneous assets -0.1 1.6 0.8 1.8 3.1 0.2 1.3 2.3 8.5 -0.0 1.6 14

15 Net increase in liabilities 3.5 5.5 1.4 5.1 9.4 5.7 6.1 4.6 21.4 -4.7 9.4 15

16 Checkable deposits 0.1 0.2 0.5 0.4 1.2 0.5 0.9 0.3 3.1 -2.6 2.1 16

17 Small time and savings deposits 0.8 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 17

18 Large time deposits 0.8 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 18

19 Miscellaneous liabilities 1.8 2.9 0.6 4.7 6.3 3.0 3.2 1.8 17.1 2.8 5.1 19

20 Discrepancy -0.2 -0.4 0.0 -0.4 -0.4 0.0 -1.1 -0.1 -0.4 1.2 -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.
28 Z.1, September 15, 1999

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.8 3.5 -2.5 1.0 1.6 1.4 1.6 1.6 1.7 1.7 1.8 1

 2 Fixed nonresidential investment 3.4 2.7 2.7 2.5 2.8 2.7 2.8 2.7 2.8 2.9 2.9 2

 3 Net acquisition of financial assets -11.1 0.9 16.1 -8.4 60.8 45.9 -1.0 65.8 132.4 86.5 54.8 3

 4 Reserves at Federal Reserve -0.6 -0.1 -0.5 -0.5 0.1 0.3 -0.2 -0.2 0.4 -0.6 0.0 4

 5 Checkable deposits and currency -1.5 1.6 -1.3 1.0 3.2 2.4 -0.1 -0.2 10.8 -13.5 4.7 5

 6 Time and savings deposits -1.8 -0.2 0.3 -0.4 0.5 0.7 1.1 -0.1 0.4 -0.3 -0.3 6

 7 Federal funds and security RPs -4.1 4.8 -1.2 -0.8 5.5 10.8 9.6 5.5 -3.7 4.5 -13.5 7

 8 Credit market instruments 6.7 -7.6 19.9 -4.7 36.3 11.8 2.1 17.9 113.3 102.7 88.8 8

 9 Open market paper -0.2 0.0 0.1 -0.3 0 0 0.0 -0.0 0 0 0 9

10 U.S. government securities 11.5 -4.1 -9.5 -3.6 -16.1 -9.4 -20.3 -23.3 -11.4 18.5 -2.3 10

11 Treasury -1.1 -8.7 -1.0 -2.8 -4.4 1.1 -8.9 -6.0 -3.8 1.7 0.1 11

12 Agency 12.6 4.7 -8.5 -0.8 -11.7 -10.5 -11.4 -17.3 -7.6 16.7 -2.4 12

13 Municipal securities -0.1 -0.0 0.1 0.0 0.4 -1.6 1.1 1.1 1.0 1.0 0.7 13

14 Corporate and foreign bonds -2.4 -8.2 -9.9 -9.9 29.9 -2.9 29.3 33.0 60.3 62.9 22.0 14

15 Other loans and advances -0.5 2.5 3.0 3.1 5.3 3.8 1.7 7.5 8.3 4.8 6.7 15

16 Mortgages -2.2 0.6 31.6 3.5 12.3 22.3 -14.6 -8.3 49.9 7.5 47.4 16

17 Consumer credit 0.6 1.6 4.6 2.5 4.4 -0.3 5.0 7.9 5.2 8.0 14.2 17

18 Corporate equities -1.8 0.7 0.6 0.2 1.5 1.6 0.6 2.5 1.4 -1.2 -0.3 18

19 Miscellaneous assets -8.1 1.7 -1.8 -3.2 13.6 18.4 -14.1 40.4 9.8 -5.1 -24.7 19

20 Net increase in liabilities -17.8 -3.2 15.4 -9.5 57.6 40.6 -2.3 62.3 129.8 83.9 54.0 20

21 Deposits -51.8 -5.7 -6.5 -25.7 -2.6 -23.1 -17.8 1.7 28.8 -44.1 8.8 21

22 Checkable -5.4 14.1 25.4 27.1 36.1 34.5 33.9 31.4 44.6 29.8 43.3 22

23 Small time and savings -44.4 -29.0 -38.1 -64.4 -54.3 -70.2 -59.5 -47.7 -40.0 -73.9 -44.1 23

24 Large time -2.1 9.2 6.3 11.7 15.7 12.6 7.8 18.0 24.2 -0.1 9.5 24

25 Security RPs 18.4 -0.0 -0.9 -1.9 9.5 14.3 10.6 -1.4 14.6 50.6 7.2 25

26 Credit market instruments 12.8 2.6 25.5 19.7 52.2 10.6 31.2 63.7 103.2 58.0 58.6 26

27 Corporate bonds -0.8 -0.0 -0.4 0.1 -0.2 -1.0 0.7 -0.5 -0.1 0.9 -0.5 27

28 Bank loans n.e.c. 0.9 5.2 1.4 3.5 10.3 11.4 4.3 18.4 7.0 17.3 5.6 28

29 Other loans and advances 12.7 -2.6 24.5 16.2 42.1 0.2 26.2 45.8 96.3 39.8 53.5 29

30 Taxes payable -0.9 0.5 -0.1 0.4 0.2 -0.4 0.3 0.5 0.3 -0.1 -0.5 30

31 Miscellaneous liabilities 3.7 -0.6 -2.5 -2.1 -1.6 39.2 -26.5 -2.1 -17.1 19.5 -20.0 31

32 Investment by parent -0.0 0.1 0.2 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 32

33 Other 3.7 -0.7 -2.7 -2.4 -2.1 38.8 -26.9 -2.6 -17.6 19.0 -20.5 33

34 Discrepancy -6.3 -3.3 -5.8 -2.6 -4.3 -6.6 -2.4 -4.6 -3.7 -3.7 -2.0 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, September 15, 1999 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.4 3.7 4.2 3.2 3.1 2.8 3.0 3.1 3.3 3.4 3.5 1

 2 Fixed nonresidential investment 1.2 1.1 1.2 1.3 1.4 1.4 1.4 1.4 1.5 1.5 1.5 2

 3 Net acquisition of financial assets 11.9 17.1 19.5 23.7 37.7 32.7 26.2 33.6 58.1 24.6 33.5 3

 4 Checkable deposits and currency 0 0.9 0.1 0.6 1.0 -0.3 0.3 0.5 3.5 -1.1 0.1 4

 5 Time and savings deposits -8.9 0.4 -0.7 0.6 6.4 1.2 7.2 3.3 13.7 6.4 4.8 5

 6 Federal funds and security RPs -2.3 0.2 -4.9 2.0 3.4 4.9 7.1 -5.5 6.9 -19.0 4.8 6

 7 Credit market instruments 28.1 16.2 25.5 16.8 19.0 16.1 22.7 21.0 16.0 37.7 34.7 7

 8 Open market paper -0.1 -1.6 -0.3 -0.1 0.2 -0.2 1.3 2.6 -2.8 -0.2 2.0 8

 9 U.S. government securities 4.0 1.1 4.1 -1.4 4.9 2.0 6.6 5.2 5.6 16.7 14.2 9

10 Treasury -0.5 -3.8 -0.9 -1.8 -2.5 -2.5 -2.0 -3.7 -1.6 0.7 6.4 10

11 Agency 4.5 4.9 4.9 0.4 7.3 4.5 8.6 8.9 7.2 16.0 7.8 11

12 Home mortgages 6.1 4.4 9.5 10.1 10.9 9.2 13.8 9.9 10.6 10.7 17.7 12

13 Consumer credit 18.0 12.3 12.2 8.2 3.0 5.1 1.1 3.3 2.6 10.5 0.8 13

14 Mutual fund shares -1.6 0.2 -0.3 -0.2 1.2 1.4 1.4 -0.2 2.1 0.5 0.5 14

15 Miscellaneous assets -3.4 -0.8 -0.2 3.8 6.8 9.3 -12.6 14.5 15.9 0.2 -11.4 15

16 Net increase in liabilities 9.5 13.4 16.4 20.5 34.7 30.8 22.4 29.6 56.1 22.5 32.2 16

17 Shares/deposits 7.9 15.4 16.3 20.3 33.6 26.9 21.7 29.6 56.2 20.7 32.9 17

18 Checkable 2.0 2.1 1.6 4.1 6.4 16.0 -7.4 -4.2 21.4 0.0 0.0 18

19 Small time and savings 5.5 11.6 12.3 13.2 23.1 10.5 21.3 31.5 28.9 16.4 28.6 19

20 Large time 0.4 1.7 2.4 2.9 4.1 0.3 7.9 2.3 5.9 4.2 4.2 20

21 Other loans and advances 0.2 -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 21

22 Miscellaneous liabilities 1.4 -1.9 0.0 0.1 0.5 3.5 0.4 -1.1 -0.6 0.3 -2.0 22

23 Discrepancy -0.1 -1.1 -0.1 -1.4 -1.3 -0.5 -2.3 -2.3 -0.2 -0.3 0.6 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 18.8 5.3 -10.7 76.9 55.5 50.0 57.6 47.6 66.8 63.7 52.9 1

 2 Deposits 1.8 3.3 6.4 4.2 4.0 4.4 4.4 3.6 3.8 3.2 3.2 2

 3 Checkable deposits and currency -0.3 0.1 0.3 0.2 -0.0 0.0 0.1 -0.1 -0.1 -0.2 -0.2 3

 4 Time and savings deposits 1.6 -0.5 -1.6 2.3 2.1 2.3 2.3 1.9 1.9 1.6 1.5 4

 5 Money market fund shares 0.6 3.7 7.8 1.6 1.9 2.0 2.0 1.8 2.0 1.8 1.9 5

 6 Credit market instruments 7.1 -8.3 -7.7 7.6 2.8 2.4 3.1 2.0 3.9 3.1 2.2 6

 7 Open market paper 3.5 0.7 -2.6 2.8 -0.4 -0.4 1.6 -1.6 -1.4 -3.0 -3.8 7

 8 U.S. government securities -1.1 -1.2 0.5 -0.1 -0.3 -0.7 -0.7 0.3 -0.0 0.8 0.8 8

 9 Treasury -0.6 -1.1 0.8 -0.3 -0.2 -0.4 -0.4 -0.0 -0.1 0.2 0.3 9

10 Agency -0.5 -0.1 -0.3 0.2 -0.1 -0.3 -0.3 0.3 0.1 0.6 0.6 10

11 Municipal securities 5.3 -5.9 -4.3 0.8 1.0 0.9 0.9 1.2 1.2 1.4 1.5 11

12 Corporate and foreign bonds -0.4 -1.7 -1.7 4.3 2.2 2.5 1.2 1.6 3.6 3.2 2.8 12

13 Mortgages -0.2 -0.1 0.3 -0.2 0.3 0.1 0.2 0.4 0.5 0.7 0.9 13

14 Corporate equities -8.8 1.6 -17.3 72.3 39.1 31.0 39.8 36.0 49.5 51.4 43.0 14

15 Mutual fund shares 21.7 9.5 3.9 -7.8 9.4 12.0 10.0 6.0 9.7 6.3 5.0 15

16 Miscellaneous assets -3.1 -0.9 3.9 0.7 0.1 0.2 0.3 -0.0 -0.1 -0.3 -0.5 16

17 Net increase in liabilities (2) 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 53.0 17

18 Discrepancy -1.0 -1.3 2.1 -2.0 0.2 0.2 -0.0 0.2 0.3 0.4 0.1 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.
30 Z.1, September 15, 1999

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 14.9 6.5 6.7 8.2 9.4 8.7 8.8 9.6 10.3 10.0 9.4 1

 2 Fixed nonresidential investment 19.3 23.1 21.4 25.9 28.6 28.0 28.8 28.4 29.2 29.5 30.1 2

 3 Net acquisition of financial assets 126.2 145.5 125.4 213.2 189.2 201.7 178.2 189.8 186.9 160.3 198.1 3

 4 Checkable deposits and currency 0.4 -0.5 -0.9 3.8 -2.7 -18.3 5.1 -1.6 4.0 -10.9 5.2 4

 5 Money market fund shares -15.3 6.6 39.1 32.6 18.7 24.8 9.9 19.8 20.3 42.1 15.6 5

 6 Credit market instruments 72.0 100.0 69.6 94.3 76.8 92.1 63.4 65.6 86.0 72.6 89.0 6

 7 Open market paper 5.9 -7.3 2.9 17.5 7.5 -2.5 1.0 17.7 13.8 -24.2 -7.0 7

 8 U.S. government securities 8.4 9.8 -13.6 -1.0 -23.7 -11.5 -20.5 -37.0 -26.0 -4.3 -8.9 8

 9 Treasury -2.9 1.0 -14.9 1.1 -14.1 -11.3 -11.1 -21.8 -12.3 -4.6 -8.8 9

10 Agency 11.3 8.7 1.3 -2.1 -9.6 -0.2 -9.4 -15.2 -13.7 0.2 -0.1 10

11 Municipal securities -1.9 -0.9 1.5 -1.0 -18.1 -14.0 -20.9 -21.4 -16.2 1.7 -3.0 11

12 Corporate and foreign bonds 59.9 90.7 79.2 77.0 104.2 120.7 95.0 105.8 95.4 101.2 88.8 12

13 Policy loans 7.8 10.4 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -3.4 13

14 Mortgages -8.1 -2.6 -5.0 -1.3 6.8 -1.4 5.0 -1.5 25.1 15.9 22.5 14

15 Corporate equities 61.8 18.6 46.7 86.3 107.4 103.4 124.2 93.2 109.0 89.9 91.0 15

16 Mutual fund shares -14.9 13.5 2.4 -7.2 -28.2 -28.2 -28.2 -28.2 -28.2 -8.0 -8.0 16

17 Miscellaneous assets 22.2 7.2 -31.4 3.3 17.1 28.0 3.8 41.0 -4.2 -25.4 5.2 17

18 Net increase in liabilities 120.2 122.4 101.0 185.0 180.0 204.5 166.7 160.6 188.3 165.4 183.5 18

19 Other loans and advances 0.3 -0.1 1.1 0.2 0.7 0.0 -0.6 1.6 1.8 3.3 3.0 19

20 Life insurance reserves 34.3 44.8 43.8 52.6 52.0 48.5 50.7 51.7 57.1 40.2 63.2 20

21 Pension fund reserves (1) 81.0 61.0 43.9 98.3 91.3 106.0 76.0 89.5 93.5 101.6 110.6 21

22 Taxes payable 1.0 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 22

23 Miscellaneous liabilities 3.6 15.1 10.5 32.3 34.5 48.3 39.0 16.3 34.3 18.9 5.2 23

24 Discrepancy -10.5 -39.6 -39.1 -45.9 -28.4 -16.6 -31.5 -47.9 -17.5 -14.4 -35.2 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 -4.3 0.9 -0.4 0.6 -2.0 0.7 -2.2 -3.0 -3.3 -3.1 -3.7 1

 2 Fixed nonresidential investment 2.7 2.5 2.6 2.7 2.9 2.9 2.9 2.9 3.0 3.0 3.1 2

 3 Net acquisition of financial assets 27.5 37.0 16.2 36.4 29.9 32.9 -0.8 28.2 59.5 -2.3 -17.0 3

 4 Checkable deposits and currency -0.2 -0.2 -0.9 0.3 0.2 -2.1 -0.5 0.8 2.3 -3.2 0.7 4

 5 Security RPs -2.3 8.1 -2.1 -0.2 7.6 3.9 3.7 20.1 2.7 1.7 -27.0 5

 6 Credit market instruments 24.9 21.5 22.5 25.2 20.4 23.4 -1.5 -7.7 67.5 -19.7 5.0 6

 7 U.S. government securities 11.0 2.8 -9.7 3.8 -15.3 -8.9 -21.8 -23.3 -7.3 -2.3 1.3 7

 8 Treasury 9.4 0.5 -12.6 2.1 -18.0 -14.7 -22.0 -22.7 -12.5 -1.1 0.7 8

 9 Agency 1.6 2.3 2.8 1.7 2.6 5.8 0.1 -0.6 5.2 -1.2 0.7 9

10 Municipal securities 7.4 7.0 14.4 5.1 16.8 32.1 8.8 6.6 19.5 -11.7 1.9 10

11 Corporate and foreign bonds 7.2 12.7 18.3 16.4 19.2 0.3 11.7 10.0 54.8 -5.5 1.6 11

12 Commercial mortgages -0.7 -1.0 -0.4 -0.2 -0.2 -0.1 -0.2 -1.0 0.5 -0.2 0.1 12

13 Corporate equities 1.1 -0.6 -6.8 3.0 -5.2 -4.4 -11.2 7.2 -12.6 2.8 -6.6 13

14 Trade receivables 2.2 4.4 -0.1 2.7 1.6 10.7 3.1 2.6 -9.9 9.7 5.2 14

15 Miscellaneous assets 1.7 3.8 3.6 5.4 5.3 1.3 5.5 5.1 9.3 6.3 5.7 15

16 Net increase in liabilities 23.7 31.0 19.7 16.8 27.2 25.7 11.5 22.1 49.5 -1.8 21.7 16

17 Corporate equity issues 6.5 7.1 6.2 5.1 3.7 1.6 2.1 6.1 4.7 5.2 4.8 17

18 Taxes payable 0.9 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 18

19 Miscellaneous liabilities 16.4 22.8 12.3 10.5 22.3 22.8 8.1 14.8 43.6 -8.1 15.8 19

20 Discrepancy -10.9 -7.5 0.6 -21.7 -7.6 -9.3 7.1 -12.0 -16.3 -5.5 31.8 20
Z.1, September 15, 1999 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.5 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 1.6 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2

 3 Net acquisition of financial assets 80.9 90.6 87.2 88.6 96.2 87.5 93.2 89.9 114.2 88.4 108.6 3

 4 Checkable deposits and currency 0.2 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 0.1 -0.2 -0.3 4

 5 Time and savings deposits -4.2 -9.4 -14.3 -13.2 0.1 -1.8 -3.0 12.1 -6.6 2.0 4.6 5

 6 Money market fund shares 5.3 6.0 5.2 5.0 10.7 3.8 3.3 30.9 4.7 26.8 -2.6 6

 7 Security RPs -0.5 5.5 2.5 1.9 8.2 5.7 6.9 19.3 0.9 11.4 -1.1 7

 8 Credit market instruments 46.1 56.0 52.3 65.5 118.7 74.5 130.1 95.6 174.4 60.5 150.0 8

 9 Open market paper -0.5 6.1 3.5 2.2 10.3 5.8 7.7 21.8 5.8 11.7 10.5 9

10 U.S. government securities 50.3 42.9 25.7 33.1 59.2 34.3 67.1 36.7 98.8 20.1 78.0 10

11 Treasury 21.1 18.7 12.6 15.0 13.9 -21.7 24.2 13.5 39.6 7.6 26.7 11

12 Agency 29.3 24.2 13.1 18.1 45.3 56.0 42.9 23.2 59.2 12.4 51.4 12

13 Municipal securities 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.0 0.3 0.1 0.2 13

14 Corporate and foreign bonds -7.5 5.6 21.2 27.7 45.4 31.8 50.8 34.9 63.9 27.2 56.5 14

15 Mortgages 3.6 1.4 1.8 2.4 3.7 2.5 4.3 2.2 5.7 1.5 4.8 15

16 Corporate equities -1.7 5.9 -9.6 -16.1 -52.7 -28.4 -60.2 -74.3 -48.0 -56.2 -77.3 16

17 Mutual fund shares 20.1 18.6 41.1 36.2 31.2 52.4 43.4 0.7 28.4 34.4 31.3 17

18 Miscellaneous assets 15.7 7.2 10.1 9.4 -19.8 -18.4 -27.1 5.9 -39.5 9.5 4.0 18

19 Unallocated insurance contracts (2) -4.9 -0.7 -2.5 -4.3 -1.3 -13.6 5.6 15.5 -12.9 -6.4 -6.2 19

20 Contributions receivable 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Other 20.5 4.3 8.8 10.0 -22.3 -8.6 -36.5 -13.4 -30.5 12.1 6.4 21

22 Pension fund reserves (liabilities) (3) 82.0 90.8 87.5 89.0 96.6 87.9 93.6 90.3 114.7 88.8 109.0 22

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also 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 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 2.2 1.2 1.4 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 2

 3 Net acquisition of financial assets 52.7 62.1 59.9 75.6 60.3 69.2 60.4 55.3 56.3 56.5 56.8 3

 4 Checkable deposits and currency 0.3 -2.5 3.3 -2.2 4.7 5.4 3.8 0.6 8.9 -9.5 7.8 4

 5 Time and savings deposits -3.7 2.0 -2.2 0.1 -0.4 -3.1 -0.1 0.4 1.1 0.8 -6.9 5

 6 Security RPs 7.4 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.2 -5.2 6

 7 Credit market instruments 30.9 33.6 37.3 63.8 65.0 67.4 78.4 65.6 48.5 74.3 37.4 7

 8 Open market paper 7.4 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.2 -5.2 8

 9 U.S. government securities 13.7 22.9 17.3 31.8 19.5 -7.8 43.2 12.8 29.9 29.4 14.6 9

10 Treasury 5.8 -0.4 11.8 13.4 -0.4 -20.2 11.5 -14.3 21.6 2.5 -17.1 10

11 Agency 8.0 23.2 5.5 18.4 19.9 12.4 31.7 27.1 8.3 26.9 31.7 11

12 Municipal securities -0.3 0.7 -1.4 0.6 0.6 0.4 0.5 0.3 1.1 1.0 0.4 12

13 Corporate and foreign bonds 9.4 5.6 23.8 30.1 35.0 40.5 38.2 41.6 19.8 28.7 26.6 13

14 Mortgages 0.7 0.7 0.8 0.9 1.0 0.9 1.0 1.0 1.0 1.0 1.1 14

15 Corporate equities 45.3 65.3 88.1 100.7 91.2 143.1 78.9 79.7 63.0 25.2 64.0 15

16 Miscellaneous assets -27.5 -39.9 -63.2 -87.3 -109.0 -176.9 -96.2 -100.8 -62.0 -48.4 -40.2 16

17 Pension fund reserves (liabilities) (1) 54.1 62.5 60.5 76.4 61.1 70.0 61.2 56.1 57.1 57.3 57.7 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.
32 Z.1, September 15, 1999

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 43.3 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 1

 2 Foreign deposits 5.7 4.0 3.4 0.1 7.4 20.5 -25.7 29.4 5.7 41.6 17.6 2

 3 Checkable deposits and currency -1.3 -1.0 2.4 2.6 -2.6 8.1 -14.5 -7.4 3.7 -20.1 17.2 3

 4 Time and savings deposits -0.5 20.9 30.4 28.6 15.7 -6.9 -10.4 49.3 30.9 51.1 -9.1 4

 5 Security RPs 2.4 19.0 16.0 22.8 12.9 18.1 38.4 64.8 -69.5 -34.8 24.1 5

 6 Credit market instruments 30.0 86.5 88.8 87.5 244.0 159.3 208.1 255.5 353.1 227.6 -92.6 6

 7 Open market paper 22.7 48.4 38.4 62.1 78.2 103.8 81.6 55.5 72.1 202.1 -38.1 7

 8 U.S. government securities -3.9 17.5 31.3 -9.5 95.0 0.1 9.1 116.4 254.3 -15.4 -90.4 8

 9 Treasury -13.3 3.8 20.3 -4.0 17.5 2.1 18.6 3.8 45.4 32.3 -69.9 9

10 Agency 9.4 13.7 11.0 -5.5 77.5 -2.0 -9.4 112.6 208.9 -47.7 -20.4 10

11 Municipal securities 7.8 14.3 16.8 22.5 26.0 21.5 23.8 33.0 25.7 14.0 3.8 11

12 Corporate and foreign bonds 3.4 6.4 2.4 12.5 44.8 33.9 93.6 50.7 1.0 26.8 32.0 12

13 Miscellaneous assets 6.9 12.8 4.8 16.0 7.9 14.5 51.4 -23.7 -10.8 -60.4 143.3 13

14 Net share issues (liabilities) 43.3 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 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 -11.5 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 5.1 1

 2 Net acquisition of financial assets 100.6 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 255.3 247.9 2

 3 Security RPs 4.4 7.1 -2.7 10.3 10.4 -26.1 62.6 53.4 -48.3 7.5 40.0 3

 4 Credit market instruments -7.1 52.5 48.9 80.9 124.8 156.4 146.4 92.9 103.5 101.5 98.8 4

 5 Open market paper 4.4 7.1 -3.1 10.6 10.4 -22.6 49.9 39.1 -24.8 10.8 28.2 5

 6 U.S. government securities -10.4 18.9 15.1 19.5 26.1 69.7 -2.6 17.6 19.9 28.6 9.7 6

 7 Treasury -6.8 11.2 8.9 11.0 5.2 26.6 -13.4 -2.7 10.2 14.6 5.0 7

 8 Agency -3.6 7.7 6.2 8.4 21.0 43.0 10.8 20.3 9.7 14.0 4.8 8

 9 Municipal securities -4.3 3.2 3.1 6.5 22.8 19.3 26.5 11.5 33.9 22.1 10.5 9

10 Corporate and foreign bonds 3.2 23.3 33.8 44.4 65.5 90.1 72.6 24.7 74.5 40.1 50.3 10

11 Corporate equities 100.8 87.4 193.0 166.8 143.3 207.1 181.2 20.5 164.3 115.6 114.4 11

12 Miscellaneous assets 2.5 0.5 -1.7 7.1 -3.9 -15.1 -12.4 6.6 5.3 30.7 -5.3 12

13 Net share issues (liabilities) 100.6 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 255.3 247.9 13

14 Discrepancy -11.5 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 5.1 14

 Memo:

15 Capital gains dividends 30.0 54.6 101.1 183.2 165.0 102.5 113.3 155.2 289.0 111.0 148.4 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 2.4 5.9 3.2 -8.3 -10.6 -10.6 -10.6 -10.6 -10.6 -9.6 -9.6 1

 2 Credit market instruments -3.7 10.5 4.7 -2.9 4.5 4.5 4.5 4.5 4.5 4.4 4.4 2

 3 U.S. government securities -1.0 -1.5 0.2 -1.3 -0.9 -0.9 -0.9 -0.9 -0.9 -0.8 -0.8 3

 4 Municipal securities 1.6 6.2 2.1 -0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 4

 5 Corporate and foreign bonds -4.4 5.8 2.4 -0.7 4.6 4.6 4.6 4.6 4.6 4.4 4.4 5

 6 Corporate equities 6.1 -4.6 -1.5 -5.4 -15.1 -15.1 -15.1 -15.1 -15.1 -14.0 -14.0 6

 7 Net share issues (liabilities) 2.4 5.9 3.2 -8.3 -10.6 -10.6 -10.6 -10.6 -10.6 -9.6 -9.6 7
Z.1, September 15, 1999 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 1.5 1.8 1.8 1.9 1.8 1.8 1.9 1.8 1.8 1.8 1.8 1

 2 Fixed nonresidential investment 0.5 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 150.7 115.1 91.7 110.8 304.9 203.0 158.4 307.7 550.7 169.8 290.1 3

 4 Checkable deposits and currency -0.9 0.2 -0.8 1.2 2.5 -1.4 1.2 0.7 9.4 -6.5 -2.4 4

 5 Federal funds and security RPs 35.4 20.5 -11.8 -4.1 -13.4 -14.7 -26.7 -3.7 -8.4 -26.3 -8.7 5

 6 Credit market instruments 117.8 86.7 84.2 94.3 260.8 198.3 150.6 264.7 429.5 157.2 259.5 6

 7 Open market paper 14.4 -0.8 9.6 -1.1 26.9 120.1 -44.9 6.5 25.8 -103.0 -11.0 7

 8 U.S. government securities 63.4 63.4 46.7 69.1 132.5 60.0 115.7 146.5 207.7 228.4 158.8 8

 9 Treasury 0.3 6.1 -12.9 7.1 -0.7 -55.7 12.5 15.7 24.5 18.7 -10.0 9

10 Agency 63.1 57.4 59.6 62.0 133.2 115.7 103.2 130.7 183.1 209.6 168.8 10

11 Municipal securities 0.8 1.0 -0.3 -0.8 1.3 0.4 1.7 7.8 -4.7 -6.0 3.0 11

12 Corporate and foreign bonds 8.5 5.5 5.6 0.3 0.5 -17.8 10.6 9.1 -0.0 4.6 -15.6 12

13 Other loans and advances 27.2 11.2 28.8 31.2 92.3 31.6 64.9 93.7 179.1 49.6 124.1 13

14 Sallie Mae 3.6 0.9 -1.7 -5.3 -1.4 -7.0 -9.5 4.6 6.2 7.2 5.0 14

15 Farm Credit System 0.8 3.9 1.4 0 3.3 6.1 -2.4 6.9 2.8 0.2 -0.0 15

16 FHLB loans 22.8 6.4 29.1 36.4 90.4 32.4 76.8 82.3 170.1 42.2 119.1 16

17 Mortgages 3.6 6.4 -6.1 -4.5 7.3 4.0 2.5 1.1 21.7 -16.5 0.1 17

18 Home 2.6 5.9 -6.7 -4.2 4.4 5.0 1.2 -2.5 13.7 -22.0 -10.2 18

19 Multifamily residential 0.9 0.6 -0.5 -1.2 0.8 -2.3 -0.1 1.1 4.3 4.9 8.1 19

20 Farm 0.1 -0.1 1.1 1.0 2.2 1.3 1.3 2.5 3.7 0.5 2.3 20

21 Miscellaneous assets -1.7 7.7 20.0 19.4 55.1 20.7 33.3 46.0 120.2 45.5 41.7 21

22 Net increase in liabilities 147.3 111.8 90.7 106.2 298.6 203.0 156.4 301.0 534.1 167.0 291.4 22

23 Credit market instruments 172.1 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 23

24 GSE issues (2) 176.9 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 24

25 U.S. government loans -4.8 0 0 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities -24.9 5.8 0.3 7.8 20.3 60.5 -9.9 6.9 23.7 -25.9 -13.3 26

27 Discrepancy -2.4 -1.9 0.4 -3.2 -4.9 1.4 -0.6 -5.4 -15.2 -1.4 2.6 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 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 1

 2 Home mortgages 115.4 93.7 135.5 109.2 182.1 101.9 233.5 245.0 148.1 389.8 266.3 2

 3 Multifamily residential mortgages -0.0 4.5 5.6 5.3 10.5 4.8 5.6 16.7 14.7 9.5 8.3 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) 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 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.
34 Z.1, September 15, 1999

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.2 0.3 0.7 0.9 1.2 1.1 1.1 1.4 1.3 1.2 1.3 1

 2 Fixed nonresidential investment 0.5 1.6 6.0 3.1 3.0 -0.2 2.5 14.6 -4.8 -1.2 -1.6 2

 3 Net acquisition of financial assets 76.2 141.1 148.6 198.6 314.5 284.3 351.0 281.1 341.8 304.6 321.1 3

 4 Agency securities (1) 12.1 14.0 -5.1 -7.5 25.2 5.3 7.3 35.4 52.9 63.6 77.1 4

 5 Other loans and advances 4.3 6.9 13.3 32.2 27.6 32.3 9.1 13.6 55.5 17.9 14.2 5

 6 Student loans 0 1.0 5.3 7.8 3.8 10.0 9.6 -2.4 -2.0 -2.4 1.2 6

 7 Loans to business 4.3 5.9 8.1 24.4 23.8 22.3 -0.5 16.0 57.5 20.3 13.0 7

 8 Mortgages (2) 37.5 34.1 61.2 90.4 164.5 147.0 189.0 155.0 166.8 143.9 112.8 8

 9 Home 22.3 18.4 34.9 53.0 91.1 76.5 101.3 111.8 74.8 79.6 69.2 9

10 Multifamily residential 3.0 3.8 6.1 7.1 15.1 16.7 17.6 10.7 15.3 14.5 9.4 10

11 Commercial 12.1 11.9 20.1 30.3 58.3 53.8 70.2 32.5 76.7 49.7 34.2 11

12 Consumer credit 15.6 65.6 54.2 47.2 59.4 39.2 115.9 44.8 37.6 59.2 97.4 12

13 Trade credit 6.8 20.5 25.0 36.3 37.9 60.4 29.6 32.4 29.0 20.0 19.7 13

14 Net increase in liabilities 76.5 142.4 153.9 200.7 316.3 283.0 352.4 294.2 335.7 302.2 318.3 14

15 Commercial paper 12.4 37.3 45.4 89.4 125.7 125.8 126.4 129.0 121.4 91.8 136.9 15

16 Corporate bonds 64.1 105.1 108.5 111.4 190.7 157.2 226.0 165.2 214.3 210.4 181.4 16

17 Discrepancy 0 0 0 0 0 0 0 0 0 0 0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 0.3 1.3 5.3 2.1 1.8 -1.3 1.4 13.1 -6.1 -2.4 -2.9 18

19 REIT assets (4) -3.6 -1.3 -0.3 3.7 2.9 0.8 9.6 2.2 -1.2 -1.9 -1.8 19

(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.

(4) Included in table F.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 17.6 19.2 22.0 23.3 24.5 24.0 24.5 24.5 25.1 25.5 25.8 1

 2 Fixed nonresidential investment 19.8 18.8 17.1 20.8 23.5 26.2 24.2 11.7 31.9 28.7 29.9 2

 3 Net acquisition of financial assets 42.3 72.7 42.2 52.8 70.2 96.0 54.4 -14.4 144.9 184.4 92.6 3

 4 Checkable deposits and currency 1.6 1.7 1.9 2.1 2.3 2.2 2.2 2.3 2.3 2.4 2.4 4

 5 Credit market instruments 48.3 49.9 18.4 21.9 51.9 28.7 24.0 79.5 75.3 92.2 79.6 5

 6 Other loans and advances 25.9 26.7 7.9 9.0 29.0 25.6 34.4 29.4 26.7 56.5 41.9 6

 7 Mortgages 4.2 5.6 10.2 5.3 14.4 8.0 -1.6 32.7 18.5 29.2 14.0 7

 8 Consumer credit 18.3 17.7 0.3 7.6 8.5 -4.9 -8.7 17.4 30.1 6.5 23.7 8

 9 Miscellaneous assets -7.6 21.0 22.0 28.9 16.1 65.1 28.1 -96.2 67.3 89.8 10.5 9

10 Net increase in liabilities 64.2 72.7 49.8 46.6 61.6 98.9 49.8 -3.0 100.8 140.4 105.6 10

11 Credit market instruments 48.7 50.2 45.9 48.7 43.0 74.6 91.9 -12.0 17.8 71.2 88.4 11

12 Open market paper 22.5 -2.9 9.0 23.9 30.0 41.8 48.9 22.0 7.3 -34.7 21.9 12

13 Corporate bonds 31.7 52.6 32.5 20.3 10.9 37.5 42.0 -44.6 8.6 107.9 65.4 13

14 Bank loans n.e.c. -5.6 0.5 4.4 4.4 2.1 -4.7 0.9 10.6 1.8 -2.0 1.0 14

15 Taxes payable 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 15

16 Miscellaneous liabilities 14.8 21.8 3.2 -2.8 17.8 23.6 -42.8 8.2 82.3 68.5 16.5 16

17 Foreign direct investment in U.S. 1.3 2.8 5.1 6.8 5.0 8.7 8.7 -11.2 13.9 -5.6 16.4 17

18 Investment by parent 6.2 9.3 9.3 4.3 -2.9 -0.2 -18.2 -7.1 14.1 11.4 3.2 18

19 Other 7.3 9.8 -11.2 -14.0 15.7 15.1 -33.3 26.6 54.3 62.7 -3.1 19

20 Discrepancy 19.7 0.4 12.5 -3.7 -7.6 0.7 -4.3 24.1 -50.9 -47.1 8.9 20

 Memo:

21 Consumer leases not included above (2) 18.2 13.4 11.7 4.3 -3.5 -6.6 7.4 -8.6 -6.2 2.5 6.8 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, September 15, 1999 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets -24.0 -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 1

 2 Home mortgages -24.0 -4.5 8.2 -10.2 3.1 58.4 -56.0 4.0 6.0 -9.2 10.0 2

 3 Multifamily residential mortgages 0 1.1 -0.1 1.0 0.1 0.4 -0.4 0.5 0 0.0 0.2 3

 4 Commercial mortgages 0 0 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities -24.0 -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 5

 6 Bank loans n.e.c. -11.5 -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 6

 7 Investment by parent -12.5 -1.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 2.7 3.2 3.6 7.8 10.0 8.7 9.5 10.3 11.6 10.5 10.5 1

 2 Fixed nonresidential investment 14.6 7.0 17.8 52.0 64.7 72.3 62.7 76.9 47.1 36.2 -21.6 2

 3 Multifamily residential investment 7.3 2.7 4.4 11.3 11.4 12.8 11.1 13.6 8.3 6.4 -3.8 3

 4 Net acquisition of financial assets 1.1 2.3 4.9 26.1 6.4 57.3 17.6 -9.4 -39.8 1.8 -7.0 4

 5 Checkable deposits and currency 0 0 2.2 1.1 0.8 5.1 1.1 -4.0 0.9 -1.3 -0.2 5

 6 Credit market instruments -0.7 1.4 4.4 20.2 -5.1 25.6 6.1 -11.3 -40.8 1.7 -2.2 6

 7 Agency securities -6.4 -0.2 3.2 9.0 -8.1 8.0 -8.5 -11.0 -20.7 7.2 -0.2 7

 8 Corporate and foreign bonds 1.0 0.8 1.4 2.1 -0.4 6.3 1.5 -3.0 -6.4 -1.9 -0.2 8

 9 Mortgages 4.7 0.8 -0.3 9.1 3.4 11.3 13.1 2.8 -13.7 -3.6 -1.9 9

10 Home 2.8 1.9 1.1 6.0 0.8 6.5 10.7 -1.1 -12.9 -5.9 -1.3 10

11 Multifamily residential 0.2 -0.6 -0.4 0.9 0.1 0.3 0.3 0.6 -1.0 -0.4 -0.4 11

12 Commercial 1.7 -0.5 -1.0 2.2 2.5 4.5 2.1 3.2 0.2 2.7 -0.2 12

13 Miscellaneous assets 1.8 1.0 -1.7 4.9 10.7 26.5 10.4 5.8 0.2 1.4 -4.5 13

14 Net increase in liabilities 29.0 15.8 29.5 92.2 86.4 137.4 99.3 85.3 23.4 42.7 -18.4 14

15 Security RPs 4.7 1.2 2.8 11.2 -9.8 20.3 -7.5 -13.0 -38.9 4.0 0.7 15

16 Credit market instruments 10.2 4.5 11.9 39.6 62.7 63.1 64.4 79.3 44.0 25.6 -19.7 16

17 Open market paper -0.6 -0.0 0.0 0.0 0.2 0.1 -0.2 0.7 0.0 0.0 -0.0 17

18 Corporate bonds -1.6 0.2 1.3 14.8 21.7 32.6 31.5 9.9 12.9 25.0 -6.2 18

19 Bank loans n.e.c. 2.5 -1.0 2.7 9.9 16.0 21.2 13.3 29.0 0.5 -19.5 -1.3 19

20 Mortgages 9.8 5.3 7.9 14.9 24.8 9.1 19.9 39.6 30.6 20.1 -12.3 20

21 Corporate equity issues 11.1 8.7 12.3 32.5 19.8 35.9 27.4 7.0 9.0 5.8 5.8 21

22 Miscellaneous liabilities 2.9 1.4 2.5 8.8 13.6 18.1 15.1 12.0 9.3 7.2 -5.2 22

23 Discrepancy 8.7 6.9 6.0 10.5 13.8 3.8 17.4 14.6 19.4 8.8 24.5 23

 Memo:

24 Securitized assets included above -3.6 -1.3 -0.3 3.7 2.9 0.8 9.6 2.2 -1.2 -1.9 -1.8 24

25 Agency securities -5.0 -2.3 0.3 0.4 0.1 1.3 -1.3 2.2 -1.8 -2.2 -1.5 25

26 Home mortgages 1.4 0.9 -0.8 3.1 1.8 -1.2 8.7 -2.1 1.9 -0.6 -0.1 26

27 Multifamily residential mortgages 0 0 0.3 0.2 0.4 0.1 1.1 0.5 -0.3 0.5 -0.2 27

28 Commercial mortgages 0 0 0 0.0 0.6 0.6 1.2 1.6 -1.0 0.5 -0.1 28
36 Z.1, September 15, 1999

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 6.2 -2.8 -1.0 -0.2 -0.1 -0.1 -0.1 -0.1 -0.2 -0.3 -0.4 1

 2 Fixed nonresidential investment 0.9 0.9 0.9 1.1 1.3 1.2 1.3 1.3 1.3 1.3 1.3 2

 3 Net acquisition of financial assets -24.1 113.4 68.2 142.8 70.7 587.7 -281.6 225.6 -249.0 176.0 20.0 3

 4 Checkable deposits and currency -0.3 1.7 1.9 6.0 3.8 13.1 -10.8 15.2 -2.2 -4.3 11.7 4

 5 Credit market instruments -44.2 90.1 -15.7 14.9 -17.4 245.8 -183.1 77.0 -209.1 184.5 -204.5 5

 6 Open market paper -3.7 10.9 1.6 0.6 3.8 3.3 12.9 17.8 -18.8 3.0 0.4 6

 7 U.S. government securities -30.2 70.0 -29.9 2.7 -2.7 237.4 -218.7 102.5 -132.1 154.7 -229.2 7

 8 Treasury -14.4 61.0 -31.1 7.5 -3.2 167.6 -294.9 204.2 -89.7 226.9 -236.6 8

 9 Agency -15.8 9.0 1.2 -4.8 0.5 69.8 76.2 -101.7 -42.4 -72.2 7.4 9

10 Municipal securities -1.7 -2.7 -1.9 2.4 -0.0 -3.3 12.0 -2.7 -6.2 -3.2 7.9 10

11 Corporate and foreign bonds -8.7 12.0 14.5 9.2 -18.4 8.3 10.7 -40.7 -52.1 30.0 16.4 11

12 Corporate equities -3.4 7.7 -1.9 2.4 -8.5 18.6 -0.5 -1.6 -50.6 32.9 7.5 12

13 Security credit -1.1 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 72.0 13

14 Miscellaneous assets 24.8 10.3 68.2 82.8 68.8 273.6 -134.7 139.8 -3.3 -59.6 133.2 14

15 Net increase in liabilities -29.1 117.2 70.5 144.3 73.0 589.4 -279.5 228.2 -246.3 177.7 21.9 15

16 Security RPs (net) -23.0 79.0 -1.5 22.7 -34.2 120.5 -158.8 81.4 -179.9 241.4 -100.9 16

17 Corporate bonds 0.5 -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -18.3 17

18 Corporate equity issues 4.7 -8.1 -6.5 -5.9 2.7 0.1 0.4 27.0 -16.6 -2.4 9.0 18

19 Trade payables -0.9 1.1 4.0 5.7 -1.0 -1.5 5.4 3.7 -11.5 1.9 39.0 19

20 Security credit 1.0 23.1 36.6 74.2 84.5 122.8 86.8 171.8 -43.4 -109.5 17.3 20

21 Customer credit balances (HH) 6.7 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 13.8 21

22 From banks -5.7 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 22

23 Taxes payable -0.2 -0.1 0.1 0.1 -0.1 -1.0 0.0 -1.2 1.9 0.1 0.3 23

24 Miscellaneous liabilities 1.6 12.6 28.4 21.8 8.0 328.9 -241.1 -22.0 -33.8 63.2 65.0 24

25 Foreign direct investment in U.S. 0.8 1.5 1.3 0.4 0.7 2.0 0.2 0.6 0.1 -0.0 1.3 25

26 Due to affiliates 25.7 22.5 42.9 66.0 84.3 82.6 141.8 56.2 56.6 224.4 90.6 26

27 Other -24.8 -11.4 -15.8 -44.6 -77.0 244.3 -383.1 -78.8 -90.5 -161.2 -26.9 27

28 Proprietors’ net investment -12.7 14.5 11.4 17.8 5.8 20.7 7.8 -30.0 24.6 14.1 10.4 28

29 Discrepancy 0.2 0.2 0.3 0.2 0.9 0.4 0.8 1.2 1.2 0.1 0.2 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 29.5 5.7 106.5 116.4 111.3 235.0 38.1 74.4 97.7 211.5 172.0 1

 2 Money market fund shares 31.8 2.4 27.3 10.4 57.9 43.1 58.3 61.6 68.4 35.4 28.7 2

 3 Credit market instruments -17.8 -21.2 14.0 52.7 0.9 82.0 -21.4 -63.3 6.4 27.1 96.8 3

 4 Open market paper -27.8 -30.9 1.2 48.6 -3.5 96.1 -49.1 -73.1 11.9 28.5 76.9 4

 5 Corporate and foreign bonds 10.0 9.8 12.8 4.1 4.5 -14.1 27.7 9.8 -5.6 -1.4 19.8 5

 6 Miscellaneous assets (2) 15.6 24.5 65.2 53.3 52.5 110.0 1.1 76.0 22.9 148.9 46.5 6

 7 Investment in foreign banking offices -0.5 6.7 13.7 14.3 11.8 34.9 -32.9 40.7 4.4 -3.1 -5.3 7

 8 Investment in brokers and dealers 16.1 17.8 51.5 38.9 40.7 75.0 34.0 35.3 18.6 152.0 51.8 8

 9 Net increase in liabilities 29.5 5.7 106.5 116.4 111.3 235.0 38.1 74.4 97.7 211.5 172.0 9

10 Credit market instruments 23.1 34.9 64.1 80.7 40.7 139.2 -28.6 11.2 40.9 166.5 -63.4 10

11 Open market paper 3.0 10.5 34.9 50.1 6.7 67.5 -53.3 -17.8 30.4 22.4 -107.3 11

12 Corporate bonds 20.0 24.4 29.2 30.6 34.0 71.7 24.7 29.0 10.5 144.2 43.8 12

13 Miscellaneous liabilities 6.5 -29.2 42.4 35.7 70.6 95.8 66.7 63.2 56.8 44.9 235.4 13

14 Foreign direct investment in U.S. -7.5 -10.4 1.1 -27.4 11.8 -29.3 29.7 64.9 -18.0 -17.6 110.0 14

15 Securities loaned (net) 24.6 -5.5 59.9 57.2 61.7 93.3 46.1 147.8 -40.5 -140.0 56.1 15

16 Other -10.6 -13.3 -18.6 5.9 -2.9 31.8 -9.1 -149.4 115.3 202.5 69.4 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, September 15, 1999 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total U.S. reserves -5.3 9.6 -6.7 1.0 6.8 1.8 7.8 8.1 9.5 -16.3 -4.6 1

 2 U.S. gold stock and SDRs 0.4 0.8 -0.4 0.4 0.1 0.7 -0.3 -0.8 0.9 -2.3 0.8 2

 3 Federal govt.: Exchange Stab. Fund 0.4 0.8 -0.4 0.4 0.1 0.7 -0.3 -0.7 0.9 -2.3 0.8 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 -0.0 4

 5 U.S. foreign exchange position -5.8 8.8 -6.3 0.7 6.6 1.0 8.1 8.9 8.6 -14.0 -5.4 5

 6 Official foreign currency holdings -5.3 6.3 -7.6 -2.9 1.5 0.7 3.9 0.5 0.9 -14.0 0.3 6

 7 Treasury -2.6 3.2 -3.8 -1.5 0.8 0.4 2.0 0.3 0.4 -7.0 0.1 7

 8 Monetary authority -2.6 3.2 -3.8 -1.5 0.8 0.4 2.0 0.3 0.4 -7.0 0.1 8

 9 Net IMF position -0.5 2.5 1.3 3.6 5.1 0.3 4.1 8.3 7.7 -0.0 -5.7 9

10 Federal government -0.5 2.5 1.3 3.6 5.1 0.3 4.1 8.3 7.7 -0.0 -5.7 10

11 Monetary authority 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 0 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 1

 2 Asset: Monetary authority 0 2.2 -0.5 -0.5 0 0 0 0 0 -4.0 0 2

 Treasury currency:

 3 Liab: Federal government 0.7 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0 0.7 3

 4 Asset: Monetary authority 0.9 1.0 1.0 0.6 0.7 0.5 0.5 0.6 1.1 1.5 1.2 4

 5 Discrepancy (seigniorage) -0.2 -0.5 -0.9 -0.6 -0.7 -0.2 -0.3 1.1 -3.4 -1.5 -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 52.9 35.3 85.9 106.8 -0.2 -46.5 92.9 84.9 -131.9 127.7 114.5 1

 Held by:

 2 Household sector 3.1 4.6 12.4 6.3 -0.3 18.0 -13.6 -8.5 2.9 8.2 7.3 2

 3 Nonfinancial corporate business 1.1 1.6 10.5 -6.3 8.3 10.7 12.3 -5.9 15.9 15.9 16.1 3

 4 Money market mutual funds 5.7 4.0 3.4 0.1 7.4 20.5 -25.7 29.4 5.7 41.6 17.6 4

 5 Discrepancy--unallocated assets 43.0 25.1 59.6 106.8 -15.6 -95.7 119.9 69.9 -156.5 62.0 73.5 5
38 Z.1, September 15, 1999

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 89.8 10.0 -51.6 -19.7 -33.5 -95.2 39.8 44.2 -122.9 49.1 68.2 1

 2 Monetary authority 1.3 1.3 -0.5 6.1 -7.5 -9.8 -2.0 14.2 -32.4 20.6 3.0 2

 3 Depository institution reserves -4.2 -1.2 -5.1 6.3 -4.5 -10.9 -1.3 13.9 -19.8 2.5 -2.0 3

 4 Vault cash 5.5 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 4

 5 Commercial banking 88.5 8.7 -51.2 -25.8 -26.0 -85.5 41.8 30.0 -90.5 28.5 65.2 5

 6 To monetary authority -1.5 0.7 4.1 -1.6 -1.1 -4.9 3.4 -10.2 7.3 -9.2 4.5 6

 7 To banks in foreign countries 92.7 11.1 -52.0 -4.3 -28.3 -115.6 29.5 17.9 -45.0 -21.0 62.4 7

 8 Liabilities, net 93.5 10.7 -46.8 -4.2 -33.3 -133.3 29.1 8.2 -37.1 -24.0 63.7 8

 9 U.S.-chartered commercial banks 74.4 -2.7 -31.1 13.6 23.0 42.5 -2.5 112.7 -60.9 22.3 84.8 9

10 Due to foreign affiliates 52.6 -14.7 -1.9 46.3 23.6 -24.5 35.2 34.1 49.4 -15.4 57.7 10

11 - Due from foreign affiliates -21.7 -12.0 29.2 32.7 0.6 -67.0 37.8 -78.6 110.3 -37.7 -27.1 11

12 Foreign banking offices in U.S. 27.0 17.3 -11.5 -18.5 -56.9 -180.1 28.6 -114.5 38.5 -58.7 -32.0 12

13 Due to foreign affiliates 1.4 15.5 10.6 -10.7 32.1 -78.9 167.3 12.1 28.2 -17.4 62.7 13

14 - Due from foreign affiliates -25.6 -1.7 22.1 7.8 89.0 101.2 138.7 126.6 -10.3 41.3 94.7 14

15 Bank holding companies -7.8 -3.8 -4.1 0.8 0.7 4.3 3.1 10.0 -14.7 12.5 10.9 15

16 Due to foreign affiliates -2.5 -1.1 -0.2 0.3 -0.1 2.0 -1.1 1.5 -3.0 -0.4 1.9 16

17 - Due from foreign affiliates 5.3 2.7 3.9 -0.4 -0.8 -2.2 -4.1 -8.5 11.7 -12.9 -9.0 17

18 Less: Deposits at foreign banks 0.8 -0.4 5.2 0.2 -5.0 -17.7 -0.4 -9.8 8.0 -3.0 1.3 18

19 U.S.-chartered commercial banks -0.4 -2.5 5.2 1.0 -1.0 -2.2 -0.8 -9.3 8.2 -2.7 0.9 19

20 Foreign banking offices in U.S. 1.3 2.1 -0.0 -0.9 -4.0 -15.5 0.4 -0.5 -0.3 -0.3 0.4 20

21 To U.S. banking, net -2.7 -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 21

22 U.S.-chartered commercial banks 5.6 -7.3 -23.5 -6.7 -2.6 16.2 -8.1 18.1 -36.6 52.4 -10.1 22

23 Liabilities 4.9 -8.1 -6.6 -14.7 6.0 23.9 23.3 67.5 -90.7 77.5 -5.0 23

24 To foreign offices in U.S. 8.1 -4.9 -3.0 5.4 2.1 -13.0 13.3 45.5 -37.5 19.3 -11.1 24

25 To bank holding companies -0.4 -0.1 -0.3 -0.2 0.6 1.8 1.2 -0.3 -0.4 -0.4 7.7 25

26 Unallocated -2.7 -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 26

 Less, due from:

27 Foreign offices in U.S. -6.5 -1.3 6.0 -7.4 -1.6 7.5 20.9 38.4 -73.2 20.2 -17.9 27

28 Bank holding companies 5.8 0.5 10.9 -0.6 10.2 0.2 10.6 11.0 19.1 4.9 23.1 28

29 Foreign banking offices in U.S. -14.6 3.6 9.0 -12.7 -3.7 20.5 7.7 -7.1 -35.7 0.9 -6.9 29

30 Due to U.S. banks -6.5 -1.3 6.0 -7.4 -1.6 7.5 20.9 38.4 -73.2 20.2 -17.9 30

31 - Due from U.S. banks 8.1 -4.9 -3.0 5.4 2.1 -13.0 13.3 45.5 -37.5 19.3 -11.1 31

32 Bank holding companies 6.2 0.6 11.2 -0.4 9.6 -1.6 9.4 11.2 19.6 5.4 15.3 32

33 Due to U.S. banks 5.8 0.5 10.9 -0.6 10.2 0.2 10.6 11.0 19.1 4.9 23.1 33

34 - Due from U.S. banks -0.4 -0.1 -0.3 -0.2 0.6 1.8 1.2 -0.3 -0.4 -0.4 7.7 34

35 Net change in assets 92.5 13.1 -48.3 0.2 -36.9 -130.3 30.9 21.9 -70.1 -9.6 69.9 35

36 Rest of the world 92.7 11.1 -52.0 -4.3 -28.3 -115.6 29.5 17.9 -45.0 -21.0 62.4 36

37 Domestic -0.2 2.0 3.7 4.5 -8.6 -14.7 1.4 4.0 -25.1 11.4 7.5 37

38 Monetary authority -1.5 0.7 4.1 -1.6 -1.1 -4.9 3.4 -10.2 7.3 -9.2 4.5 38

39 Federal Reserve float -1.6 0.8 4.2 -3.6 0.9 3.1 -0.3 -10.6 11.5 -10.1 4.6 39

40 Loans to member banks 0.1 -0.1 -0.1 2.0 -2.0 -8.0 3.7 0.4 -4.2 0.9 -0.1 40

41 Commercial banking 1.9 1.4 -0.0 6.6 -7.6 -10.1 -1.8 14.4 -32.8 21.1 2.9 41

42 Reserves at Federal Reserve -3.5 -1.1 -4.6 6.8 -4.6 -11.2 -1.1 14.1 -20.3 3.0 -2.1 42

43 Vault cash 5.5 2.4 4.6 -0.2 -2.9 1.2 -0.7 0.3 -12.5 18.1 5.0 43

44 Savings insts.: Reserves at Fed. Res. -0.6 -0.1 -0.5 -0.5 0.1 0.3 -0.2 -0.2 0.4 -0.6 0.0 44

45 Discrepancy--floats, etc. -2.7 -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 45
Z.1, September 15, 1999 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -9.7 -12.7 15.8 41.5 47.6 52.6 90.1 -24.9 72.8 61.7 10.3 1

 2 Monetary authority 25.3 17.0 23.5 30.1 38.5 22.9 29.8 39.3 62.2 34.6 2.4 2

 3 Federal government cash and deposits -7.7 -1.2 1.7 -2.3 0.5 4.8 0.9 -12.1 8.5 -0.2 -44.0 3

 4 Deposits due to foreign -0.1 0.2 -0.1 0.5 0.0 -0.9 0.4 0.9 -0.4 0.3 1.3 4

 5 Currency outside banks 33.1 18.0 21.8 31.9 38.0 19.0 28.5 50.5 54.1 34.5 45.0 5

 6 Commercial banking -31.7 -45.9 -34.6 -19.8 -33.4 -20.8 33.8 -91.4 -55.4 -2.7 -35.5 6

 7 Federal government deposits -18.9 -4.7 9.7 -0.9 -14.6 -5.1 50.3 -63.1 -40.6 30.3 45.5 7

 8 Deposits due to foreign 1.9 0.8 2.6 4.6 -2.0 5.9 14.2 -11.7 -16.4 5.1 27.8 8

 9 Private domestic deposits -14.7 -42.0 -46.9 -23.5 -16.8 -21.5 -30.7 -16.6 1.6 -38.1 -108.8 9

10 Savings institutions -5.4 14.1 25.4 27.1 36.1 34.5 33.9 31.4 44.6 29.8 43.3 10

11 Credit unions 2.0 2.1 1.6 4.1 6.4 16.0 -7.4 -4.2 21.4 0.0 0.0 11

12 Net change in assets -9.7 -12.7 15.8 41.5 47.6 52.6 90.1 -24.9 72.8 61.7 10.3 12

13 Household sector -29.8 -58.7 -59.1 -0.5 4.0 -36.0 -34.9 17.1 69.9 -25.8 -120.4 13

14 Nonfinancial business 24.1 36.1 45.3 -1.7 36.5 77.6 66.0 15.5 -13.2 104.6 53.6 14

15 Corporate 18.5 31.3 36.8 -7.0 29.6 72.1 58.5 8.0 -20.3 97.5 46.8 15

16 Nonfarm noncorporate 5.1 4.3 8.5 5.1 6.8 5.4 7.4 7.4 7.0 7.0 6.7 16

17 Farm 0.4 0.5 0 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 17

18 State and local governments 1.6 3.4 -5.5 4.4 -3.9 -6.7 -1.8 -2.9 -4.2 9.5 -10.4 18

19 Federal government -21.7 -0.0 11.0 -0.5 -16.7 -8.6 95.6 -107.7 -46.1 31.9 43.0 19

20 Rest of the world 25.3 13.4 19.9 29.9 14.6 8.0 24.0 18.3 8.2 15.2 41.3 20

21 Checkable deposits 1.8 1.1 2.6 5.1 -2.0 5.0 14.6 -10.8 -16.8 5.4 29.1 21

22 Currency 23.5 12.3 17.4 24.8 16.6 3.0 9.4 29.1 25.0 9.8 12.2 22

23 Financial sectors -1.5 3.0 7.9 16.6 13.6 13.9 -11.5 6.0 46.0 -69.9 45.4 23

24 Commercial banking 0.4 0.2 -0.2 -0.1 0.6 -0.1 0.8 -0.5 2.4 -1.5 -1.4 24

25 Savings institutions -1.5 1.6 -1.3 1.0 3.2 2.4 -0.1 -0.2 10.8 -13.5 4.7 25

26 Credit unions 0 0.9 0.1 0.6 1.0 -0.3 0.3 0.5 3.5 -1.1 0.1 26

27 Bank personal trusts and estates -0.3 0.1 0.3 0.2 -0.0 0.0 0.1 -0.1 -0.1 -0.2 -0.2 27

28 Life insurance companies 0.4 -0.5 -0.9 3.8 -2.7 -18.3 5.1 -1.6 4.0 -10.9 5.2 28

29 Other insurance companies -0.2 -0.2 -0.9 0.3 0.2 -2.1 -0.5 0.8 2.3 -3.2 0.7 29

30 Private pension funds 0.2 0.7 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 0.1 -0.2 -0.3 30

31 State and local govt. retirement funds 0.3 -2.5 3.3 -2.2 4.7 5.4 3.8 0.6 8.9 -9.5 7.8 31

32 Money market mutual funds -1.3 -1.0 2.4 2.6 -2.6 8.1 -14.5 -7.4 3.7 -20.1 17.2 32

33 Government-sponsored enterprises -0.9 0.2 -0.8 1.2 2.5 -1.4 1.2 0.7 9.4 -6.5 -2.4 33

34 Finance companies 1.6 1.7 1.9 2.1 2.3 2.2 2.2 2.3 2.3 2.4 2.4 34

35 REITs 0 0 2.2 1.1 0.8 5.1 1.1 -4.0 0.9 -1.3 -0.2 35

36 Brokers and dealers -0.3 1.7 1.9 6.0 3.8 13.1 -10.8 15.2 -2.2 -4.3 11.7 36

37 Mail float -7.6 -9.8 -3.6 -6.6 -0.5 4.2 -47.3 28.8 12.2 -3.7 -42.4 37
40 Z.1, September 15, 1999

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -20.3 162.2 211.3 219.6 244.5 286.8 79.3 226.4 385.6 -69.7 146.6 1

 2 Small time and savings deposits -39.9 96.6 97.2 97.1 152.4 99.0 84.9 144.7 281.2 -63.8 104.0 2

 3 Commercial banking -1.0 113.9 123.1 148.3 183.7 158.6 123.1 160.8 292.3 -6.4 119.4 3

 4 U.S.-chartered commercial banks -0.6 113.4 122.8 143.9 186.3 160.6 112.8 179.0 292.9 -2.4 126.1 4

 5 Foreign banking offices in U.S. -1.1 -0.7 0.1 4.4 -3.6 -3.1 9.3 -19.4 -1.2 -1.6 -7.7 5

 6 Banks in U.S.-affiliated areas 0.8 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 6

 7 Savings institutions -44.4 -29.0 -38.1 -64.4 -54.3 -70.2 -59.5 -47.7 -40.0 -73.9 -44.1 7

 8 Credit unions 5.5 11.6 12.3 13.2 23.1 10.5 21.3 31.5 28.9 16.4 28.6 8

 9 Large time deposits (1) 19.6 65.6 114.0 122.5 92.1 187.8 -5.6 81.8 104.4 -5.9 42.6 9

10 Commercial banking 21.3 54.8 105.3 107.9 72.3 174.9 -21.3 61.4 74.2 -10.0 28.9 10

11 U.S.-chartered commercial banks 17.9 42.6 49.5 63.2 34.8 81.1 -7.8 2.2 63.7 5.2 39.7 11

12 Foreign banking offices in U.S. 2.6 11.0 55.6 44.7 36.5 92.7 -14.5 58.0 9.9 -12.8 -11.9 12

13 Banks in U.S.-affiliated areas 0.8 1.2 0.2 -0.0 1.0 1.1 1.0 1.2 0.6 -2.4 1.1 13

14 Savings institutions -2.1 9.2 6.3 11.7 15.7 12.6 7.8 18.0 24.2 -0.1 9.5 14

15 Credit unions 0.4 1.7 2.4 2.9 4.1 0.3 7.9 2.3 5.9 4.2 4.2 15

16 Net change in assets -20.3 162.2 211.3 219.6 244.5 286.8 79.3 226.4 385.6 -69.7 146.6 16

17 Household sector -12.2 164.5 165.0 170.2 185.5 243.3 55.9 61.7 381.1 -136.2 121.8 17

18 Nonfinancial business 1.6 -15.8 11.4 11.4 8.0 18.7 10.8 50.2 -47.5 16.3 23.6 18

19 Corporate -6.6 -24.5 0.7 6.2 2.9 13.9 4.8 44.2 -51.1 10.7 20.1 19

20 Nonfarm noncorporate 8.2 8.7 10.7 5.3 5.1 4.8 6.0 6.0 3.6 5.6 3.6 20

21 State and local governments 6.5 6.6 10.6 5.8 12.8 15.7 15.3 9.4 10.6 -3.4 6.3 21

22 Federal government -0.1 0.3 1.4 1.0 1.3 -1.6 1.0 1.3 4.7 -3.4 0.8 22

23 Rest of the world 1.5 -6.6 10.9 13.1 12.5 18.3 -0.9 37.1 -4.6 -4.6 -0.5 23

24 Financial sectors -17.6 13.3 11.9 18.1 24.4 -7.5 -2.9 66.8 41.3 61.5 -5.5 24

25 Savings institutions -1.8 -0.2 0.3 -0.4 0.5 0.7 1.1 -0.1 0.4 -0.3 -0.3 25

26 Credit unions -8.9 0.4 -0.7 0.6 6.4 1.2 7.2 3.3 13.7 6.4 4.8 26

27 Bank personal trusts and estates 1.6 -0.5 -1.6 2.3 2.1 2.3 2.3 1.9 1.9 1.6 1.5 27

28 Private pension funds -4.2 -9.4 -14.3 -13.2 0.1 -1.8 -3.0 12.1 -6.6 2.0 4.6 28

29 State and local govt. retirement funds -3.7 2.0 -2.2 0.1 -0.4 -3.1 -0.1 0.4 1.1 0.8 -6.9 29

30 Money market mutual funds -0.5 20.9 30.4 28.6 15.7 -6.9 -10.4 49.3 30.9 51.1 -9.1 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 43.3 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 1

 2 Net purchases 43.3 142.3 145.8 157.6 285.5 213.6 247.2 367.9 313.1 204.9 100.5 2

 3 Household sector 13.4 97.9 56.1 82.9 149.8 92.0 152.0 209.5 145.6 72.0 32.3 3

 4 Nonfinancial corporate business 7.4 24.8 9.9 23.9 45.1 46.5 20.4 42.8 70.8 25.4 23.3 4

 5 Nonfarm noncorporate business 0.1 0.9 0.6 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Bank personal trusts and estates 0.6 3.7 7.8 1.6 1.9 2.0 2.0 1.8 2.0 1.8 1.9 6

 7 Life insurance companies -15.3 6.6 39.1 32.6 18.7 24.8 9.9 19.8 20.3 42.1 15.6 7

 8 Private pension funds 5.3 6.0 5.2 5.0 10.7 3.8 3.3 30.9 4.7 26.8 -2.6 8

 9 Funding corporations 31.8 2.4 27.3 10.4 57.9 43.1 58.3 61.6 68.4 35.4 28.7 9
Z.1, September 15, 1999 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 78.2 110.5 41.4 120.9 52.6 250.3 -100.8 231.1 -170.3 408.2 -65.6 1

 2 Commercial banking (net) 78.1 30.4 41.0 89.0 87.0 95.1 55.0 164.1 33.9 112.1 27.3 2

 3 U.S.-chartered commercial banks 71.6 28.2 28.7 63.4 66.8 46.6 8.7 87.6 124.5 114.1 33.8 3

 4 Foreign banking offices in U.S. 6.7 1.8 12.0 25.6 19.7 44.2 31.2 75.8 -72.4 -1.7 -5.8 4

 5 Bank holding companies -0.2 0.4 0.4 0.0 0.5 4.4 15.1 0.8 -18.2 -0.3 -0.7 5

 6 Savings institutions 18.4 -0.0 -0.9 -1.9 9.5 14.3 10.6 -1.4 14.6 50.6 7.2 6

 7 REITs 4.7 1.2 2.8 11.2 -9.8 20.3 -7.5 -13.0 -38.9 4.0 0.7 7

 8 Brokers and dealers (net) -23.0 79.0 -1.5 22.7 -34.2 120.5 -158.8 81.4 -179.9 241.4 -100.9 8

 9 Net change in assets 10.5 90.4 37.0 58.7 37.3 129.5 69.3 121.0 -170.5 45.9 -50.8 9

10 Nonfinancial corporate business -0.3 0.3 1.5 0.6 -1.1 -4.2 -5.0 2.0 2.8 2.5 2.2 10

11 State and local governments -15.1 -3.0 32.1 3.6 7.2 34.5 -24.0 16.0 2.2 32.0 -11.1 11

12 Rest of the world -12.0 21.0 3.2 20.0 -18.8 85.5 -28.1 -56.6 -76.2 57.3 -19.8 12

13 Financial sectors 37.9 72.1 0.2 34.6 50.1 13.7 126.4 159.6 -99.3 -45.9 -22.1 13

14 Monetary authority -2.6 3.3 7.7 2.3 6.5 -22.1 29.2 -4.2 23.3 -5.1 -35.5 14

15 Savings institutions -4.1 4.8 -1.2 -0.8 5.5 10.8 9.6 5.5 -3.7 4.5 -13.5 15

16 Credit unions -2.3 0.2 -4.9 2.0 3.4 4.9 7.1 -5.5 6.9 -19.0 4.8 16

17 Other insurance companies -2.3 8.1 -2.1 -0.2 7.6 3.9 3.7 20.1 2.7 1.7 -27.0 17

18 Private pension funds -0.5 5.5 2.5 1.9 8.2 5.7 6.9 19.3 0.9 11.4 -1.1 18

19 State and local govt. retirement funds 7.4 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.2 -5.2 19

20 Money market mutual funds 2.4 19.0 16.0 22.8 12.9 18.1 38.4 64.8 -69.5 -34.8 24.1 20

21 Mutual funds 4.4 7.1 -2.7 10.3 10.4 -26.1 62.6 53.4 -48.3 7.5 40.0 21

22 Government-sponsored enterprises 35.4 20.5 -11.8 -4.1 -13.4 -14.7 -26.7 -3.7 -8.4 -26.3 -8.7 22

23 Discrepancy--unallocated assets 67.7 20.2 4.5 62.3 15.3 120.8 -170.0 110.2 0.2 362.2 -14.8 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 35.7 74.3 102.6 184.1 193.1 343.0 113.8 232.7 83.0 161.1 34.1 1

 2 Commercial paper 38.6 75.1 101.6 186.8 202.5 358.4 124.8 233.5 93.3 166.2 37.6 2

 3 Nonfinancial corporate business 21.4 18.1 -0.9 13.7 24.4 51.1 3.8 85.6 -43.0 64.4 3.4 3

 4 Foreign issues in U.S. -26.1 13.5 11.3 3.7 7.8 55.3 -25.5 6.2 -4.7 18.3 -27.1 4

 5 Nonfinancial -12.3 5.4 -1.9 -2.3 -1.6 7.9 -1.6 4.3 -17.0 1.4 -4.2 5

 6 Financial -13.9 8.1 13.2 6.0 9.4 47.4 -23.9 1.8 12.2 16.9 -23.0 6

 7 Financial sectors 43.3 43.4 91.3 169.4 170.3 252.1 146.6 141.7 141.0 83.4 61.3 7

 8 Commercial banking 5.9 -1.4 1.9 6.0 7.8 16.9 24.7 7.9 -18.2 4.0 9.8 8

 9 ABS issuers 12.4 37.3 45.4 89.4 125.7 125.8 126.4 129.0 121.4 91.8 136.9 9

10 Finance companies 22.5 -2.9 9.0 23.9 30.0 41.8 48.9 22.0 7.3 -34.7 21.9 10

11 REITs -0.6 -0.0 0.0 0.0 0.2 0.1 -0.2 0.7 0.0 0.0 -0.0 11

12 Funding corporations 3.0 10.5 34.9 50.1 6.7 67.5 -53.3 -17.8 30.4 22.4 -107.3 12

13 Bankers acceptances (1) -2.9 -0.8 1.0 -2.7 -9.4 -15.4 -11.0 -0.7 -10.3 -5.1 -3.5 13

14 Net purchases, by sector 35.7 74.3 102.6 184.1 193.1 343.0 113.8 232.7 83.0 161.1 34.1 14

15 Household sector 1.2 1.3 7.4 3.6 4.2 4.0 4.0 4.0 4.8 4.7 5.3 15

16 Nonfinancial corporate business -0.6 1.3 11.4 3.8 -8.1 -4.8 -12.2 -0.7 -14.8 16.7 10.6 16

17 State and local governments 4.4 17.1 20.3 14.3 18.0 21.1 -5.7 40.6 16.0 16.0 4.9 17

18 Rest of the world 6.0 18.6 14.4 19.9 37.0 -13.1 69.9 93.3 -2.1 -15.6 -39.1 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) -1.5 -0.1 0.8 -0.8 -0.2 -0.7 0.2 -0.7 0.6 -0.7 -0.5 20

21 Savings institutions -0.2 0.0 0.1 -0.3 0 0 0.0 -0.0 0 0 0 21

22 Credit unions -0.1 -1.6 -0.3 -0.1 0.2 -0.2 1.3 2.6 -2.8 -0.2 2.0 22

23 Bank personal trusts and estates 3.5 0.7 -2.6 2.8 -0.4 -0.4 1.6 -1.6 -1.4 -3.0 -3.8 23

24 Life insurance companies 5.9 -7.3 2.9 17.5 7.5 -2.5 1.0 17.7 13.8 -24.2 -7.0 24

25 Private pension funds -0.5 6.1 3.5 2.2 10.3 5.8 7.7 21.8 5.8 11.7 10.5 25

26 State and local govt. retirement funds 7.4 3.7 -3.3 0.4 8.9 33.2 -4.4 9.9 -3.2 14.2 -5.2 26

27 Money market mutual funds 22.7 48.4 38.4 62.1 78.2 103.8 81.6 55.5 72.1 202.1 -38.1 27

28 Mutual funds 4.4 7.1 -3.1 10.6 10.4 -22.6 49.9 39.1 -24.8 10.8 28.2 28

29 Government-sponsored enterprises 14.4 -0.8 9.6 -1.1 26.9 120.1 -44.9 6.5 25.8 -103.0 -11.0 29

30 Brokers and dealers -3.7 10.9 1.6 0.6 3.8 3.3 12.9 17.8 -18.8 3.0 0.4 30

31 Funding corporations -27.8 -30.9 1.2 48.6 -3.5 96.1 -49.1 -73.1 11.9 28.5 76.9 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, September 15, 1999

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 155.7 142.9 146.6 23.2 -54.6 -12.1 -26.9 -113.1 -66.3 -73.7 -112.8 1

 2 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 2

 3 Other Treasury issues 147.7 137.9 144.6 23.7 -54.7 -10.8 -26.4 -113.6 -68.1 -73.7 -112.8 3

 4 Net purchases 155.7 142.9 146.6 23.2 -54.6 -12.1 -26.9 -113.1 -66.3 -73.7 -112.8 4

 5 Household sector 169.0 -41.9 -66.4 -203.6 -68.5 -103.1 232.9 -73.7 -330.1 -406.6 190.7 5

 6 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 6

 7 Other Treasury issues 161.0 -46.9 -68.4 -203.1 -68.6 -101.9 233.3 -74.2 -331.8 -406.6 190.7 7

 8 Nonfinancial corporate business 2.0 6.3 -0.6 10.4 -9.2 -33.0 -39.1 10.8 24.5 -21.6 -22.9 8

 9 Nonfarm noncorporate business 0.7 1.6 -1.2 -0.8 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 9

10 State and local governments -77.8 -80.2 -32.8 -17.7 30.0 -2.7 73.1 39.7 9.7 14.3 18.7 10

11 Rest of the world 65.0 168.5 270.7 139.7 36.2 35.1 21.8 -137.0 224.9 -31.9 -48.9 11

12 Monetary authority 32.5 13.7 12.7 39.8 21.4 27.8 11.9 42.1 3.8 71.9 62.7 12

13 Commercial banking -31.8 -11.7 -16.9 8.3 -56.1 -5.6 -40.1 -159.4 -19.1 2.0 -8.2 13

14 U.S.-chartered commercial banks -27.0 -40.4 -34.7 -6.1 -42.1 -18.6 -53.2 -84.7 -11.8 2.4 -1.0 14

15 Foreign banking offices in U.S. -3.5 29.6 18.4 14.4 -10.3 18.4 16.3 -69.5 -6.3 1.0 -7.3 15

16 Bank holding companies -0.7 -1.2 0.6 -0.1 -3.1 -6.9 -2.3 -2.8 -0.2 0.9 0.0 16

17 Banks in U.S.-affiliated areas -0.6 0.2 -1.3 0.1 -0.7 1.4 -0.9 -2.4 -0.8 -2.3 0.1 17

18 Savings institutions -1.1 -8.7 -1.0 -2.8 -4.4 1.1 -8.9 -6.0 -3.8 1.7 0.1 18

19 Credit unions -0.5 -3.8 -0.9 -1.8 -2.5 -2.5 -2.0 -3.7 -1.6 0.7 6.4 19

20 Bank personal trusts and estates -0.6 -1.1 0.8 -0.3 -0.2 -0.4 -0.4 -0.0 -0.1 0.2 0.3 20

21 Life insurance companies -2.9 1.0 -14.9 1.1 -14.1 -11.3 -11.1 -21.8 -12.3 -4.6 -8.8 21

22 Other insurance companies 9.4 0.5 -12.6 2.1 -18.0 -14.7 -22.0 -22.7 -12.5 -1.1 0.7 22

23 Private pension funds 21.1 18.7 12.6 15.0 13.9 -21.7 24.2 13.5 39.6 7.6 26.7 23

24 State and local govt. retirement funds 5.8 -0.4 11.8 13.4 -0.4 -20.2 11.5 -14.3 21.6 2.5 -17.1 24

25 Money market mutual funds -13.3 3.8 20.3 -4.0 17.5 2.1 18.6 3.8 45.4 32.3 -69.9 25

26 Mutual funds -6.8 11.2 8.9 11.0 5.2 26.6 -13.4 -2.7 10.2 14.6 5.0 26

27 Closed-end funds -1.0 -1.5 0.2 -1.3 -0.9 -0.9 -0.9 -0.9 -0.9 -0.8 -0.8 27

28 Government-sponsored enterprises 0.3 6.1 -12.9 7.1 -0.7 -55.7 12.5 15.7 24.5 18.7 -10.0 28

29 Brokers and dealers -14.4 61.0 -31.1 7.5 -3.2 167.6 -294.9 204.2 -89.7 226.9 -236.6 29

 Memo:

30 Federal government borrowing (1) 155.9 144.4 145.0 23.1 -52.6 -14.5 -28.4 -113.5 -54.1 -75.2 -112.2 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, September 15, 1999 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 292.5 205.6 229.9 212.7 472.9 246.7 404.0 555.4 685.5 590.8 579.9 1

 2 Budget agencies 0.2 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 2

 3 Government-sponsored enterprises 176.9 105.9 90.4 98.4 278.3 142.5 166.4 294.0 510.5 193.0 304.7 3

 4 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 4

 5 Net purchases 292.5 205.6 229.9 212.7 472.9 246.7 404.0 555.4 685.5 590.8 579.9 5

 6 Household sector 128.3 1.2 95.6 11.0 -35.0 -213.7 -14.3 136.2 -48.1 199.5 77.5 6

 7 Nonfinancial corporate business 0.8 3.5 5.1 -18.7 15.5 -4.2 37.4 10.5 18.1 -6.8 56.2 7

 8 State and local governments 11.6 -35.1 -35.3 -0.8 43.6 -20.8 89.1 50.0 56.0 12.0 17.3 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 21.7 28.7 41.7 49.8 54.7 89.9 69.8 13.0 46.0 96.1 91.3 10

11 Monetary authority -1.0 -1.0 -0.4 -1.5 -0.3 -0.2 -0.4 -0.5 -0.3 -0.1 -0.2 11

12 Commercial banking 5.5 38.7 28.2 75.5 91.4 88.2 -19.4 133.4 163.5 44.0 10.6 12

13 U.S.-chartered commercial banks 1.8 23.4 15.3 60.4 81.6 52.6 -21.8 146.1 149.6 36.2 32.8 13

14 Foreign banking offices in U.S. 1.5 14.3 12.4 12.5 4.8 20.5 11.4 -17.1 4.3 8.4 -18.7 14

15 Bank holding companies 1.7 -0.2 0.3 0.6 1.1 12.4 -11.2 2.5 0.9 -2.1 -7.8 15

16 Banks in U.S.-affiliated areas 0.5 1.3 0.2 2.0 3.9 2.7 2.2 2.0 8.7 1.6 4.3 16

17 Savings institutions 12.6 4.7 -8.5 -0.8 -11.7 -10.5 -11.4 -17.3 -7.6 16.7 -2.4 17

18 Credit unions 4.5 4.9 4.9 0.4 7.3 4.5 8.6 8.9 7.2 16.0 7.8 18

19 Bank personal trusts and estates -0.5 -0.1 -0.3 0.2 -0.1 -0.3 -0.3 0.3 0.1 0.6 0.6 19

20 Life insurance companies 11.3 8.7 1.3 -2.1 -9.6 -0.2 -9.4 -15.2 -13.7 0.2 -0.1 20

21 Other insurance companies 1.6 2.3 2.8 1.7 2.6 5.8 0.1 -0.6 5.2 -1.2 0.7 21

22 Private pension funds 29.3 24.2 13.1 18.1 45.3 56.0 42.9 23.2 59.2 12.4 51.4 22

23 State and local govt. retirement funds 8.0 23.2 5.5 18.4 19.9 12.4 31.7 27.1 8.3 26.9 31.7 23

24 Money market mutual funds 9.4 13.7 11.0 -5.5 77.5 -2.0 -9.4 112.6 208.9 -47.7 -20.4 24

25 Mutual funds -3.6 7.7 6.2 8.4 21.0 43.0 10.8 20.3 9.7 14.0 4.8 25

26 Government-sponsored enterprises 63.1 57.4 59.6 62.0 133.2 115.7 103.2 130.7 183.1 209.6 168.8 26

27 ABS issuers 12.1 14.0 -5.1 -7.5 25.2 5.3 7.3 35.4 52.9 63.6 77.1 27

28 REITs -6.4 -0.2 3.2 9.0 -8.1 8.0 -8.5 -11.0 -20.7 7.2 -0.2 28

29 Brokers and dealers -15.8 9.0 1.2 -4.8 0.5 69.8 76.2 -101.7 -42.4 -72.2 7.4 29

(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.
44 Z.1, September 15, 1999

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -35.9 -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 1

 2 State and local governments -46.3 -51.9 -7.2 57.3 79.1 89.0 82.2 70.1 75.2 87.1 35.6 2

 3 Short-term (1) -2.2 1.2 6.3 8.3 -6.3 1.7 -6.4 -19.2 -1.2 2.9 6.8 3

 4 Long-term -44.1 -53.2 -13.4 49.0 85.4 87.3 88.6 89.3 76.4 84.3 28.8 4

 5 Nonprofit organizations (2) 3.6 0.7 6.6 10.0 12.0 15.9 13.6 7.4 10.9 7.0 9.0 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 6.8 3.1 3.1 4.2 5.8 8.6 5.4 5.4 3.6 6.6 3.5 6

 7 Net change in assets -35.9 -48.2 2.6 71.4 96.8 113.5 101.3 82.9 89.6 100.7 48.0 7

 8 Household sector -50.2 -43.5 -22.2 29.4 31.1 42.6 28.4 32.1 21.1 81.2 10.6 8

 9 Nonfinancial corporate business 2.0 -19.9 -5.8 5.1 7.3 15.9 9.6 1.8 1.8 -10.2 6.7 9

10 State and local governments -0.9 -3.5 -0.5 -0.7 -1.4 -1.6 -2.0 -1.0 -1.0 -1.6 -1.1 10

11 Commercial banking -1.6 -4.2 0.9 2.4 8.2 -0.1 9.9 11.8 11.2 10.1 4.1 11

12 Savings institutions -0.1 -0.0 0.1 0.0 0.4 -1.6 1.1 1.1 1.0 1.0 0.7 12

13 Bank personal trusts and estates 5.3 -5.9 -4.3 0.8 1.0 0.9 0.9 1.2 1.2 1.4 1.5 13

14 Life insurance companies -1.9 -0.9 1.5 -1.0 -18.1 -14.0 -20.9 -21.4 -16.2 1.7 -3.0 14

15 Other insurance companies 7.4 7.0 14.4 5.1 16.8 32.1 8.8 6.6 19.5 -11.7 1.9 15

16 Private pension funds 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.0 0.3 0.1 0.2 16

17 State and local govt. retirement funds -0.3 0.7 -1.4 0.6 0.6 0.4 0.5 0.3 1.1 1.0 0.4 17

18 Money market mutual funds 7.8 14.3 16.8 22.5 26.0 21.5 23.8 33.0 25.7 14.0 3.8 18

19 Mutual funds -4.3 3.2 3.1 6.5 22.8 19.3 26.5 11.5 33.9 22.1 10.5 19

20 Closed-end funds 1.6 6.2 2.1 -0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 20

21 Government-sponsored enterprises 0.8 1.0 -0.3 -0.8 1.3 0.4 1.7 7.8 -4.7 -6.0 3.0 21

22 Brokers and dealers -1.7 -2.7 -1.9 2.4 -0.0 -3.3 12.0 -2.7 -6.2 -3.2 7.9 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 157.3 336.7 348.9 406.7 535.6 667.6 775.8 258.2 440.9 767.4 502.5 1

 2 Nonfinancial corporate business 23.3 91.1 116.3 150.5 218.7 278.8 294.8 108.0 193.2 274.0 260.8 2

 3 Rest of the world (1) 12.2 49.7 55.8 47.2 25.1 42.5 119.2 -27.2 -34.2 0.9 -19.1 3

 4 Financial sectors 121.8 195.9 176.9 209.0 291.8 346.3 361.8 177.4 281.9 492.5 260.8 4

 5 Commercial banking 7.7 18.5 7.8 23.7 27.6 49.3 16.9 20.8 23.2 35.2 -4.8 5

 6 Savings institutions -0.8 -0.0 -0.4 0.1 -0.2 -1.0 0.7 -0.5 -0.1 0.9 -0.5 6

 7 ABS issuers 64.1 105.1 108.5 111.4 190.7 157.2 226.0 165.2 214.3 210.4 181.4 7

 8 Finance companies 31.7 52.6 32.5 20.3 10.9 37.5 42.0 -44.6 8.6 107.9 65.4 8

 9 REITs -1.6 0.2 1.3 14.8 21.7 32.6 31.5 9.9 12.9 25.0 -6.2 9

10 Brokers and dealers 0.5 -5.0 -2.0 8.1 7.2 -1.0 20.0 -2.6 12.4 -31.1 -18.3 10

11 Funding corporations 20.0 24.4 29.2 30.6 34.0 71.7 24.7 29.0 10.5 144.2 43.8 11

12 Net purchases 157.3 336.7 348.9 406.7 535.6 667.6 775.8 258.2 440.9 767.4 502.5 12

13 Household sector 30.5 95.0 49.3 76.1 33.1 208.6 134.8 -141.1 -69.9 368.9 -29.3 13

14 State and local governments 5.4 7.1 10.7 1.3 5.2 6.0 15.7 -7.7 6.8 7.2 9.3 14

15 Rest of the world (2) 38.0 58.1 83.7 84.0 122.4 107.2 164.8 94.0 123.5 137.5 123.0 15

16 Commercial banking 4.3 8.4 1.4 27.8 38.0 41.4 12.9 30.8 66.8 -66.4 94.0 16

17 Savings institutions -2.4 -8.2 -9.9 -9.9 29.9 -2.9 29.3 33.0 60.3 62.9 22.0 17

18 Bank personal trusts and estates -0.4 -1.7 -1.7 4.3 2.2 2.5 1.2 1.6 3.6 3.2 2.8 18

19 Life insurance companies 59.9 90.7 79.2 77.0 104.2 120.7 95.0 105.8 95.4 101.2 88.8 19

20 Other insurance companies 7.2 12.7 18.3 16.4 19.2 0.3 11.7 10.0 54.8 -5.5 1.6 20

21 Private pension funds -7.5 5.6 21.2 27.7 45.4 31.8 50.8 34.9 63.9 27.2 56.5 21

22 State and local govt. retirement funds 9.4 5.6 23.8 30.1 35.0 40.5 38.2 41.6 19.8 28.7 26.6 22

23 Money market mutual funds 3.4 6.4 2.4 12.5 44.8 33.9 93.6 50.7 1.0 26.8 32.0 23

24 Mutual funds 3.2 23.3 33.8 44.4 65.5 90.1 72.6 24.7 74.5 40.1 50.3 24

25 Closed-end funds -4.4 5.8 2.4 -0.7 4.6 4.6 4.6 4.6 4.6 4.4 4.4 25

26 Government-sponsored enterprises 8.5 5.5 5.6 0.3 0.5 -17.8 10.6 9.1 -0.0 4.6 -15.6 26

27 REITs 1.0 0.8 1.4 2.1 -0.4 6.3 1.5 -3.0 -6.4 -1.9 -0.2 27

28 Brokers and dealers -8.7 12.0 14.5 9.2 -18.4 8.3 10.7 -40.7 -52.1 30.0 16.4 28

29 Funding corporations 10.0 9.8 12.8 4.1 4.5 -14.1 27.7 9.8 -5.6 -1.4 19.8 29

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, September 15, 1999 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 24.6 -3.1 -8.6 -76.7 -186.3 -108.8 -109.3 -320.6 -206.5 -114.7 -241.5 1

 2 Nonfinancial corporate business -44.9 -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -65.7 -354.0 2

 3 Rest of the world (2) 48.1 50.4 60.0 42.0 77.8 14.0 12.3 -32.8 317.4 -33.4 124.7 3

 4 Financial sectors 21.4 4.8 0.8 -4.3 2.9 16.4 7.5 20.5 -32.7 -15.6 -12.2 4

 5 Commercial banking -3.3 -8.7 -14.3 -27.7 -12.7 -10.6 -11.9 -9.1 -19.2 -14.7 -22.2 5

 6 Other insurance companies 6.5 7.1 6.2 5.1 3.7 1.6 2.1 6.1 4.7 5.2 4.8 6

 7 Closed-end funds 2.4 5.9 3.2 -8.3 -10.6 -10.6 -10.6 -10.6 -10.6 -9.6 -9.6 7

 8 REITs 11.1 8.7 12.3 32.5 19.8 35.9 27.4 7.0 9.0 5.8 5.8 8

 9 Brokers and dealers 4.7 -8.1 -6.5 -5.9 2.7 0.1 0.4 27.0 -16.6 -2.4 9.0 9

10 Net purchases 24.6 -3.1 -8.6 -76.7 -186.3 -108.8 -109.3 -320.6 -206.5 -114.7 -241.5 10

11 Household sector -175.8 -216.0 -327.3 -571.1 -542.1 -691.8 -536.1 -441.0 -499.5 -413.9 -587.9 11

12 State and local governments 1.3 12.1 14.5 16.8 9.7 8.1 29.9 -0.9 1.8 14.1 12.5 12

13 Rest of the world (3) 0.9 16.6 11.1 66.8 43.8 116.7 56.9 -29.0 30.6 37.0 115.9 13

14 Commercial banking -1.4 2.1 1.8 0.6 1.3 1.2 2.3 2.1 -0.5 1.6 -3.7 14

15 Savings institutions -1.8 0.7 0.6 0.2 1.5 1.6 0.6 2.5 1.4 -1.2 -0.3 15

16 Bank personal trusts and estates -8.8 1.6 -17.3 72.3 39.1 31.0 39.8 36.0 49.5 51.4 43.0 16

17 Life insurance companies 61.8 18.6 46.7 86.3 107.4 103.4 124.2 93.2 109.0 89.9 91.0 17

18 Other insurance companies 1.1 -0.6 -6.8 3.0 -5.2 -4.4 -11.2 7.2 -12.6 2.8 -6.6 18

19 Private pension funds -1.7 5.9 -9.6 -16.1 -52.7 -28.4 -60.2 -74.3 -48.0 -56.2 -77.3 19

20 State and local govt. retirement funds 45.3 65.3 88.1 100.7 91.2 143.1 78.9 79.7 63.0 25.2 64.0 20

21 Mutual funds 100.8 87.4 193.0 166.8 143.3 207.1 181.2 20.5 164.3 115.6 114.4 21

22 Closed-end funds 6.1 -4.6 -1.5 -5.4 -15.1 -15.1 -15.1 -15.1 -15.1 -14.0 -14.0 22

23 Brokers and dealers -3.4 7.7 -1.9 2.4 -8.5 18.6 -0.5 -1.6 -50.6 32.9 7.5 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 100.6 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 255.3 247.9 1

 2 Net purchases 100.6 147.4 237.6 265.1 274.6 322.3 377.8 173.4 224.8 255.3 247.9 2

 3 Household sector 67.4 94.7 180.8 259.0 261.3 293.9 334.9 210.0 206.5 219.0 201.6 3

 4 Nonfinancial corporate business 2.1 4.6 3.3 -8.2 7.3 7.3 7.3 7.3 7.3 8.0 7.9 4

 5 State and local governments 7.8 5.9 6.0 -7.4 -7.3 -8.5 9.7 -26.0 -4.5 -4.1 8.6 5

 6 Commercial banking -1.9 0.3 0.3 0.8 -0.4 -8.0 -0.7 3.7 3.4 -0.8 1.0 6

 7 Credit unions -1.6 0.2 -0.3 -0.2 1.2 1.4 1.4 -0.2 2.1 0.5 0.5 7

 8 Bank personal trusts and estates 21.7 9.5 3.9 -7.8 9.4 12.0 10.0 6.0 9.7 6.3 5.0 8

 9 Life insurance companies -14.9 13.5 2.4 -7.2 -28.2 -28.2 -28.2 -28.2 -28.2 -8.0 -8.0 9

10 Private pension funds 20.1 18.6 41.1 36.2 31.2 52.4 43.4 0.7 28.4 34.4 31.3 10
46 Z.1, September 15, 1999

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 183.7 239.8 174.2 234.7 253.4 248.4 205.6 275.9 283.6 42.4 43.6 1

 - Loans elsewhere classified:

 2 Open market paper -1.5 -0.1 0.8 -0.8 -0.2 -0.7 0.2 -0.7 0.6 -0.7 -0.5 2

 3 Mortgages 64.9 77.5 55.2 99.9 91.7 119.2 24.7 53.0 169.9 15.8 78.4 3

 4 Consumer credit 63.1 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 4

 5 Security credit -5.7 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 5

 6 = Banking sector total bank loans n.e.c. 62.9 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.0 6

 7 U.S.-chartered commercial banks 46.2 77.0 58.2 108.1 144.3 110.7 156.9 157.1 152.5 101.5 101.5 7

 8 Foreign banking offices in U.S. 15.1 35.4 32.2 19.2 -1.9 -13.7 9.9 13.5 -17.1 -35.3 -67.3 8

 9 Bank holding companies -0.1 0.4 0.2 -0.0 1.7 0.7 -1.1 0.0 7.2 -2.1 2.1 9

10 Banks in U.S.-affiliated areas 1.7 1.8 1.4 0.9 0.9 -0.2 2.2 1.0 0.5 -2.0 1.6 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. 62.9 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.0 12

13 Net change in liabilities 62.9 114.7 92.1 128.2 145.0 97.6 167.9 171.6 143.0 62.1 38.0 13

14 Nonfinancial sectors 76.6 112.2 79.5 115.0 115.0 40.2 177.6 111.4 130.7 70.9 27.5 14

15 Household sector 13.4 17.4 0.6 8.1 6.3 -2.3 29.5 -16.5 14.3 -14.7 0.1 15

16 Corporate business 42.7 66.8 39.4 68.7 82.3 17.4 118.9 104.5 88.2 64.0 10.8 16

17 Nonfarm noncorporate business 17.2 18.5 29.8 26.2 18.5 16.5 18.5 18.5 20.5 20.0 17.0 17

18 Farm business 1.9 1.1 0.6 3.5 1.2 3.4 2.3 1.3 -2.1 0.7 -6.0 18

19 Rest of the world 1.4 8.5 9.1 8.5 6.7 5.2 8.4 3.6 9.8 0.9 5.7 19

20 Foreign official institutions -0.2 0.4 0.3 -0.8 0.8 0.9 -0.5 -0.5 3.1 0.3 -0.4 20

21 Foreign banks 0.0 2.1 3.4 -0.5 -0.7 -2.8 6.9 -4.0 -2.9 -2.2 4.9 21

22 Other foreign 1.6 5.9 5.4 9.8 6.7 7.2 2.0 8.1 9.5 2.7 1.2 22

23 Financial sectors -13.7 2.5 12.6 13.2 30.1 57.3 -9.7 60.2 12.4 -8.8 10.5 23

24 Savings institutions 0.9 5.2 1.4 3.5 10.3 11.4 4.3 18.4 7.0 17.3 5.6 24

25 Finance companies -5.6 0.5 4.4 4.4 2.1 -4.7 0.9 10.6 1.8 -2.0 1.0 25

26 Mortgage companies -11.5 -2.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 26

27 REITs 2.5 -1.0 2.7 9.9 16.0 21.2 13.3 29.0 0.5 -19.5 -1.3 27
Z.1, September 15, 1999 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 50.4 70.1 62.5 102.8 158.5 101.0 112.5 157.8 262.7 152.9 110.0 1

 2 U.S. government loans -13.4 13.0 0.0 9.6 14.4 16.8 14.1 15.1 11.4 18.4 6.8 2

 3 Liab.: Household sector -4.4 11.3 3.1 11.4 10.6 8.3 10.7 10.9 12.5 23.0 10.0 3

 4 Nonfinancial corporate business -0.1 1.9 -1.3 -0.3 -0.1 0.3 -0.4 -0.4 0.2 -0.5 -0.3 4

 5 Nonfarm noncorporate business -2.5 1.2 -0.3 1.8 4.0 4.7 4.3 6.8 0.1 -1.2 -1.8 5

 6 Farm business -0.6 -1.2 -1.1 -0.5 -0.3 -0.4 -0.3 -0.3 -0.4 -0.7 -0.2 6

 7 State and local governments 0.1 0.5 0.4 -1.2 1.2 5.1 -0.3 -0.1 -0.1 0.3 0.1 7

 8 Rest of the world -1.1 -0.8 -0.7 -1.6 -1.0 -1.3 0.1 -1.8 -0.9 -2.5 -1.0 8

 9 Government-sponsored enterprises -4.8 0 0 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business 1.6 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 27.4 -74.8 10

11 Liab.: Nonfinancial corporate business 1.6 0.0 3.9 17.3 -1.0 4.6 -4.5 -2.5 -1.6 27.4 -74.8 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -2.4 -0.6 1.0 -2.8 -9.3 -14.6 -11.0 -1.0 -10.5 -4.0 -5.6 12

13 Liab.: Nonfinancial corporate business -2.1 -0.8 -0.7 -2.6 -4.3 -7.9 -6.8 -0.7 -1.7 -3.8 -3.9 13

14 Rest of the world -0.3 0.3 1.8 -0.2 -5.0 -6.7 -4.2 -0.3 -8.8 -0.2 -1.6 14

15 Savings institution loans to business -0.5 2.5 3.0 3.1 5.3 3.8 1.7 7.5 8.3 4.8 6.7 15

16 Liab.: Nonfinancial corporate business -0.3 1.2 1.5 1.6 2.7 1.9 0.8 3.7 4.2 2.4 3.4 16

17 Nonfarm noncorporate business -0.3 1.2 1.5 1.6 2.7 1.9 0.8 3.7 4.2 2.4 3.4 17

18 Policy loans (Household liability) 7.8 10.5 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -3.4 18

19 Asset: Federal government -0.0 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 19

20 Life insurance companies 7.8 10.4 4.5 3.2 0.1 0.8 3.8 2.0 -6.2 -17.7 -3.4 20

21 Govt.-sponsored enterprises loans 27.2 11.2 28.8 31.2 92.3 31.6 64.9 93.7 179.1 49.6 124.1 21

22 Liab.: Household sector (SLMA) 3.7 3.9 -0.6 -4.4 -1.2 -7.2 -8.7 4.6 6.3 7.8 6.2 22

23 Noncorporate business (FCS) 0.0 2.5 -1.2 0 2.7 4.8 -1.3 6.0 1.4 -2.8 3.8 23

24 Farm business (FCS) 0.8 1.4 2.7 0 0.6 1.3 -1.1 0.9 1.4 3.0 -3.8 24

25 Commercial banks (FHLB and SLMA) 9.3 6.2 2.3 19.1 46.9 32.0 50.2 33.8 71.5 -3.0 60.1 25

26 Savings institutions (FHLB and SLMA) 12.7 -2.6 24.5 16.2 42.1 0.2 26.2 45.8 96.3 39.8 53.5 26

27 Credit unions (FHLB) 0.2 -0.1 0.1 0.1 0.6 0.5 0.2 1.0 0.4 1.5 1.4 27

28 Life insurance companies (FHLB) 0.3 -0.1 1.1 0.2 0.7 0.0 -0.6 1.6 1.8 3.3 3.0 28

29 Securitized loans held by ABS issuers 4.3 6.9 13.3 32.2 27.6 32.3 9.1 13.6 55.5 17.9 14.2 29

30 Liab.: Households (1) 0 1.0 5.3 7.8 3.8 10.0 9.6 -2.4 -2.0 -2.4 1.2 30

31 Nonfinancial corporate business 4.3 5.9 8.1 24.4 23.8 22.3 -0.5 16.0 57.5 20.3 13.0 31

32 Finance company loans to business 25.9 26.7 7.9 9.0 29.0 25.6 34.4 29.4 26.7 56.5 41.9 32

33 Liab.: Nonfinancial corporate business 23.3 24.0 7.1 8.1 26.1 23.1 30.9 26.5 24.1 50.9 37.7 33

34 Nonfarm noncorporate business 2.6 2.7 0.8 0.9 2.9 2.6 3.4 2.9 2.7 5.7 4.2 34

(1) Student loans.
48 Z.1, September 15, 1999

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 186.8 210.5 295.3 313.3 509.8 485.5 418.7 510.7 624.4 593.5 583.5 1

 2 Home 183.4 179.8 243.0 235.8 366.3 376.5 287.3 373.7 427.8 414.6 424.2 2

 3 Multifamily residential 1.1 9.3 14.1 15.7 30.5 24.6 27.6 29.2 40.7 42.6 32.8 3

 4 Commercial 0.0 19.8 35.6 58.7 106.8 80.2 97.1 102.4 147.3 132.7 117.2 4

 5 Farm 2.2 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.3 5

 6 Net borrowing 186.8 210.5 295.3 313.3 509.8 485.5 418.7 510.7 624.4 593.5 583.5 6

 7 Household sector 167.2 166.7 243.3 236.8 371.1 378.9 297.7 386.3 421.5 423.6 434.7 7

 8 Nonfinancial business 9.8 38.4 44.1 61.6 113.9 97.5 101.1 84.8 172.3 149.8 161.0 8

 9 Corporate 21.4 32.4 -11.7 11.4 40.1 26.8 24.9 19.8 89.1 68.6 67.0 9

10 Nonfarm noncorporate -13.8 4.5 53.2 47.0 67.6 66.6 69.6 59.6 74.6 77.6 84.7 10

11 Farm 2.2 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.3 11

12 Federal government 0 0 -0.0 -0.0 0 0 0 0 0 0 0 12

13 REITs 9.8 5.3 7.9 14.9 24.8 9.1 19.9 39.6 30.6 20.1 -12.3 13

14 Net change in assets 186.8 210.5 295.3 313.3 509.8 485.5 418.7 510.7 624.4 593.5 583.5 14

15 Household sector -10.7 -6.7 -2.3 -2.7 -1.8 -2.6 -0.4 -2.2 -2.1 -2.7 0.2 15

16 Nonfinancial corporate business 4.1 1.6 -3.6 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 16

17 Nonfarm noncorporate business -0.1 3.1 -3.2 0.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 17

18 State and local governments 2.2 3.3 3.8 3.7 4.1 4.1 4.0 4.2 4.2 4.2 4.3 18

19 Federal government -14.0 -13.2 -7.5 -4.5 -0.9 -1.1 -1.3 -1.3 0.3 -0.8 -0.4 19

20 Commercial banking 64.9 77.5 55.2 99.9 91.7 119.2 24.7 53.0 169.9 15.8 78.4 20

21 Savings institutions (1) -2.2 0.6 31.6 3.5 12.3 22.3 -14.6 -8.3 49.9 7.5 47.4 21

22 Credit unions 6.1 4.4 9.5 10.1 10.9 9.2 13.8 9.9 10.6 10.7 17.7 22

23 Bank personal trusts and estates -0.2 -0.1 0.3 -0.2 0.3 0.1 0.2 0.4 0.5 0.7 0.9 23

24 Life insurance companies -8.1 -2.6 -5.0 -1.3 6.8 -1.4 5.0 -1.5 25.1 15.9 22.5 24

25 Other insurance companies -0.7 -1.0 -0.4 -0.2 -0.2 -0.1 -0.2 -1.0 0.5 -0.2 0.1 25

26 Private pension funds 3.6 1.4 1.8 2.4 3.7 2.5 4.3 2.2 5.7 1.5 4.8 26

27 State and local govt. retirement funds 0.7 0.7 0.8 0.9 1.0 0.9 1.0 1.0 1.0 1.0 1.1 27

28 Government-sponsored enterprises (1) 3.6 6.4 -6.1 -4.5 7.3 4.0 2.5 1.1 21.7 -16.5 0.1 28

29 Federally related mortgage pools 115.4 98.2 141.1 114.5 192.6 106.7 239.0 261.7 162.8 399.3 274.6 29

30 ABS issuers 37.5 34.1 61.2 90.4 164.5 147.0 189.0 155.0 166.8 143.9 112.8 30

31 Finance companies 4.2 5.6 10.2 5.3 14.4 8.0 -1.6 32.7 18.5 29.2 14.0 31

32 Mortgage companies -24.0 -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 -9.1 10.2 32

33 REITs 4.7 0.8 -0.3 9.1 3.4 11.3 13.1 2.8 -13.7 -3.6 -1.9 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, September 15, 1999 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 183.4 179.8 243.0 235.8 366.3 376.5 287.3 373.7 427.8 414.6 424.2 1

 2 Household sector 174.6 176.3 238.7 229.4 358.2 369.1 279.4 365.3 419.0 405.2 414.5 2

 3 Nonfinancial corporate business 0.8 0.9 0.9 1.0 1.1 1.0 1.1 1.1 1.2 1.2 1.2 3

 4 Nonfarm noncorporate business 8.1 2.6 3.4 5.3 7.0 6.4 6.8 7.2 7.6 8.2 8.5 4

 5 Net change in assets 183.4 179.8 243.0 235.8 366.3 376.5 287.3 373.7 427.8 414.6 424.2 5

 6 Household sector -10.9 -8.3 -3.5 -3.3 -3.2 -3.3 -3.2 -3.2 -3.2 -3.1 -3.1 6

 7 Nonfinancial corporate business 1.8 1.1 -9.3 -8.0 -7.2 -8.1 -8.1 -12.5 -0.3 -0.8 -0.2 7

 8 Nonfarm noncorporate business 0.0 1.2 -1.3 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 8

 9 State and local governments 1.0 3.2 2.3 3.0 3.3 3.3 3.4 3.3 3.4 3.4 3.5 9

10 Federal government -3.9 -5.0 -2.9 -2.1 -0.3 -0.8 -0.7 -0.4 0.6 -0.5 -0.2 10

11 Commercial banking 57.7 56.6 31.1 67.9 51.1 91.5 5.8 -2.1 109.3 -41.0 13.0 11

12 Savings institutions 7.6 4.7 31.4 7.0 12.7 24.8 -15.8 -1.0 42.9 1.2 47.6 12

13 Credit unions 6.1 4.4 9.5 10.1 10.9 9.2 13.8 9.9 10.6 10.7 17.7 13

14 Bank personal trusts and estates -0.2 -0.1 0.3 -0.2 0.3 0.1 0.2 0.4 0.5 0.7 0.9 14

15 Life insurance companies -0.3 0.4 -1.9 0.2 -0.6 -0.8 -0.7 -0.9 -0.0 1.5 1.3 15

16 Private pension funds 0.8 0.3 0.4 0.5 0.8 0.5 0.9 0.5 1.2 0.3 1.1 16

17 State and local govt. retirement funds 0.4 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.8 0.8 17

18 Government-sponsored enterprises 2.6 5.9 -6.7 -4.2 4.4 5.0 1.2 -2.5 13.7 -22.0 -10.2 18

19 Federally related mortgage pools 115.4 93.7 135.5 109.2 182.1 101.9 233.5 245.0 148.1 389.8 266.3 19

20 ABS issuers 22.3 18.4 34.9 53.0 91.1 76.5 101.3 111.8 74.8 79.6 69.2 20

21 Finance companies 4.2 5.6 13.4 6.9 16.8 11.4 0.7 22.3 32.6 9.3 8.4 21

22 Mortgage companies -24.0 -4.5 8.2 -10.2 3.1 58.4 -56.0 4.0 6.0 -9.2 10.0 22

23 REITs 2.8 1.9 1.1 6.0 0.8 6.5 10.7 -1.1 -12.9 -5.9 -1.3 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 1.1 9.3 14.1 15.7 30.5 24.6 27.6 29.2 40.7 42.6 32.8 1

 2 Nonfinancial corporate business 0.8 0.9 0.9 1.0 1.1 1.0 1.1 1.1 1.2 1.2 1.2 2

 3 Nonfarm noncorporate business -2.9 6.7 10.6 9.8 21.2 20.6 20.0 15.0 29.5 34.7 35.6 3

 4 Federal government 0 0 -0.0 -0.0 0 0 0 0 0 0 0 4

 5 REITs 3.2 1.8 2.6 4.9 8.2 3.0 6.6 13.1 10.1 6.6 -4.0 5

 6 Net change in assets 1.1 9.3 14.1 15.7 30.5 24.6 27.6 29.2 40.7 42.6 32.8 6

 7 Household sector -0.0 0.3 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 7

 8 Nonfinancial corporate business 0.4 -0.8 0.7 0.6 0.9 0.6 0.6 2.7 -0.2 -0.2 -0.8 8

 9 Nonfarm noncorporate business -0.0 1.0 -0.9 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 9

10 State and local governments 0.7 0.6 1.8 0.6 0.9 0.8 0.9 1.0 0.9 0.9 1.0 10

11 Federal government -2.6 -4.7 -2.5 -0.9 -0.3 0.0 -0.2 -0.7 -0.2 -0.1 0.1 11

12 Commercial banking 0.9 4.6 2.9 4.2 3.2 4.5 1.7 3.9 2.7 13.2 9.6 12

13 Savings institutions -3.0 -2.4 -0.4 -2.0 -2.5 -1.1 -0.7 -8.8 0.5 -0.2 -6.8 13

14 Life insurance companies 0.3 0.9 2.0 -0.3 1.1 -0.0 0.9 -0.2 3.8 -0.9 3.2 14

15 Private pension funds 0.2 0.1 0.1 0.1 0.2 0.1 0.2 0.1 0.3 0.1 0.2 15

16 State and local govt. retirement funds 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 16

17 Government-sponsored enterprises 0.9 0.6 -0.5 -1.2 0.8 -2.3 -0.1 1.1 4.3 4.9 8.1 17

18 Federally related mortgage pools -0.0 4.5 5.6 5.3 10.5 4.8 5.6 16.7 14.7 9.5 8.3 18

19 ABS issuers 3.0 3.8 6.1 7.1 15.1 16.7 17.6 10.7 15.3 14.5 9.4 19

20 Finance companies 0 0 -0.6 -0.2 -0.2 -1.0 0.5 0.7 -1.1 0.4 -0.0 20

21 Mortgage companies 0 1.1 -0.1 1.0 0.1 0.4 -0.4 0.5 0 0.0 0.2 21

22 REITs 0.2 -0.6 -0.4 0.9 0.1 0.3 0.3 0.6 -1.0 -0.4 -0.4 22
50 Z.1, September 15, 1999

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 0.0 19.8 35.6 58.7 106.8 80.2 97.1 102.4 147.3 132.7 117.2 1

 2 Household sector -7.4 -9.6 4.7 7.4 12.9 9.8 18.3 20.9 2.6 18.4 20.3 2

 3 Nonfinancial corporate business 19.8 30.6 -13.6 9.5 37.9 24.7 22.7 17.5 86.8 66.2 64.5 3

 4 Nonfarm noncorporate business -19.0 -4.9 39.3 31.9 39.3 39.6 42.8 37.4 37.5 34.7 40.6 4

 5 REITs 6.6 3.6 5.3 10.0 16.6 6.1 13.3 26.5 20.5 13.5 -8.2 5

 6 Net change in assets 0.0 19.8 35.6 58.7 106.8 80.2 97.1 102.4 147.3 132.7 117.2 6

 7 Household sector -0.1 0.6 0.6 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 7

 8 Nonfinancial corporate business 2.0 1.2 5.1 3.4 2.3 3.4 3.5 5.9 -3.5 -3.0 -3.0 8

 9 Nonfarm noncorporate business -0.1 0.9 -0.8 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 9

10 State and local governments 0.5 -0.5 -0.2 0.2 -0.1 0.0 -0.2 -0.1 -0.1 -0.1 -0.1 10

11 Federal government -7.3 -3.1 -1.7 -0.6 0.1 0.2 -0.1 0.1 0.2 0.1 -0.3 11

12 Commercial banking 4.6 15.0 20.2 25.7 35.3 21.0 15.2 49.6 55.7 41.3 53.2 12

13 Savings institutions -6.8 -1.8 0.6 -1.5 2.1 -1.4 1.8 1.4 6.5 6.4 6.6 13

14 Life insurance companies -8.5 -4.0 -5.6 -1.5 5.2 -1.1 3.9 -1.1 19.3 14.5 17.0 14

15 Other insurance companies -0.7 -1.0 -0.4 -0.2 -0.2 -0.1 -0.2 -1.0 0.5 -0.2 0.1 15

16 Private pension funds 2.6 1.0 1.3 1.7 2.7 1.8 3.1 1.6 4.1 1.1 3.5 16

17 State and local govt. retirement funds 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 17

18 ABS issuers 12.1 11.9 20.1 30.3 58.3 53.8 70.2 32.5 76.7 49.7 34.2 18

19 Finance companies 0 0 -2.6 -1.4 -2.1 -2.4 -2.9 9.8 -13.0 19.5 5.7 19

20 Mortgage companies 0 0 0 0 0 0 0 0 0 0 0 20

21 REITs 1.7 -0.5 -1.0 2.2 2.5 4.5 2.1 3.2 0.2 2.7 -0.2 21

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 2.2 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.3 1

 2 Net change in assets 2.2 1.6 2.6 3.2 6.2 4.1 6.7 5.5 8.6 3.6 9.3 2

 3 Household sector 0.3 0.8 0.6 0.5 1.1 0.4 2.5 0.7 0.8 0.2 3.1 3

 4 Nonfarm noncorporate business -0.0 0.1 -0.2 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 -0.1 -0.0 -0.0 0 -0.0 0 -0.0 0 -0.0 5

 6 Federal government -0.3 -0.5 -0.5 -0.9 -0.3 -0.5 -0.2 -0.3 -0.4 -0.4 0.1 6

 7 Commercial banking 1.7 1.3 1.1 2.1 2.0 2.2 2.0 1.7 2.3 2.3 2.7 7

 8 Savings institutions -0.0 -0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.1 0.0 8

 9 Life insurance companies 0.5 0.1 0.5 0.4 1.1 0.6 0.9 0.7 2.1 0.9 1.0 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 -0.1 1.1 1.0 2.2 1.3 1.3 2.5 3.7 0.5 2.3 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, September 15, 1999 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 124.9 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 126.6 53.2 1

 2 Net change in assets 124.9 138.9 88.8 52.5 67.6 58.9 62.1 79.6 69.9 126.6 53.2 2

 3 Nonfinancial corporate business 9.4 -1.6 -7.3 1.2 -4.1 38.5 -38.6 -4.4 -11.6 36.3 -7.1 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking 63.1 43.2 24.8 -14.2 -3.6 -18.7 -12.4 10.6 6.0 6.1 -75.7 5

 6 Savings institutions 0.6 1.6 4.6 2.5 4.4 -0.3 5.0 7.9 5.2 8.0 14.2 6

 7 Credit unions 18.0 12.3 12.2 8.2 3.0 5.1 1.1 3.3 2.6 10.5 0.8 7

 8 ABS issuers 15.6 65.6 54.2 47.2 59.4 39.2 115.9 44.8 37.6 59.2 97.4 8

 9 Finance companies 18.3 17.7 0.3 7.6 8.5 -4.9 -8.7 17.4 30.1 6.5 23.7 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 94.0 101.6 86.1 96.2 -0.3 108.3 -57.4 34.6 -86.8 155.5 98.4 1

 2 Household sector 4.2 9.3 8.7 8.1 5.7 -1.9 17.9 4.7 1.9 1.4 8.6 2

 3 Nonfinancial corporate business 77.3 81.0 49.5 63.5 -10.8 104.1 -74.9 5.7 -78.1 148.8 52.7 3

 4 Nonfarm noncorporate business 7.5 6.2 20.8 10.8 9.5 9.9 8.7 9.7 9.7 6.7 7.5 4

 5 Farm business 1.0 1.0 1.3 1.4 0.8 -0.1 0.6 2.3 0.4 -1.3 -1.1 5

 6 State and local governments 1.8 2.0 2.2 1.8 0.6 -0.1 0.2 2.2 0.3 5.3 1.4 6

 7 Federal government -0.4 -4.6 1.3 -0.1 -2.7 -3.8 -3.3 2.2 -5.9 -2.4 -0.7 7

 8 Rest of the world 3.6 5.8 -1.7 5.1 -2.4 1.8 -11.9 4.1 -3.6 -4.9 -9.0 8

 9 Brokers and dealers -0.9 1.1 4.0 5.7 -1.0 -1.5 5.4 3.7 -11.5 1.9 39.0 9

10 Net change in trade receivables 92.5 113.3 136.0 92.6 58.3 66.4 93.4 129.1 -55.7 99.8 105.3 10

11 Nonfinancial corporate business 71.9 78.0 88.1 36.6 10.3 -16.9 41.6 70.4 -54.1 72.9 68.7 11

12 Nonfarm noncorporate business 14.0 12.3 16.2 16.7 16.1 15.8 16.8 15.0 16.6 15.8 16.4 12

13 Federal government -3.8 -1.6 0.9 -3.2 -0.3 2.2 1.5 11.0 -15.6 0.3 -1.7 13

14 Rest of the world 1.3 -0.2 5.9 3.5 -7.3 -5.8 0.7 -2.3 -21.8 -18.9 -3.1 14

15 Other insurance companies 2.2 4.4 -0.1 2.7 1.6 10.7 3.1 2.6 -9.9 9.7 5.2 15

16 ABS issuers 6.8 20.5 25.0 36.3 37.9 60.4 29.6 32.4 29.0 20.0 19.7 16

17 Discrepancy 1.5 -11.7 -49.9 3.6 -58.6 41.9 -150.7 -94.5 -31.1 55.7 -6.9 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities -0.1 26.7 52.4 111.0 108.3 159.3 134.3 167.0 -27.2 -86.9 89.3 1

 2 Household sector -1.1 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 72.0 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 1.0 23.1 36.6 74.2 84.5 122.8 86.8 171.8 -43.4 -109.5 17.3 4

 5 Customer credit balances (HH) 6.7 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 13.8 5

 6 From U.S.-chartered commercial banks -4.6 8.3 -4.8 4.2 11.9 28.7 2.4 1.7 14.6 -23.0 16.5 6

 7 From foreign banking offices in U.S. -1.2 -3.7 6.2 17.5 8.6 22.3 22.8 39.7 -50.5 -17.8 -13.1 7

 8 Net change in assets -0.1 26.7 52.4 111.0 108.3 159.3 134.3 167.0 -27.2 -86.9 89.3 8

 9 Household sector 6.7 18.6 35.3 52.6 64.1 71.7 61.6 130.4 -7.5 -68.7 13.8 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking -5.7 4.6 1.3 21.7 20.5 51.0 25.3 41.5 -35.9 -40.8 3.5 11

12 Brokers and dealers -1.1 3.5 15.8 36.8 23.8 36.6 47.4 -4.8 16.2 22.6 72.0 12
52 Z.1, September 15, 1999

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Net change in liabilities 35.5 45.8 44.5 54.3 53.3 49.3 53.3 51.7 59.0 40.8 65.9 1

 2 Federal government 1.3 1.0 0.6 1.7 1.3 0.7 2.6 0.0 1.8 0.7 2.7 2

 3 Life insurance companies 34.3 44.8 43.8 52.6 52.0 48.5 50.7 51.7 57.1 40.2 63.2 3

 4 Net change in assets (Households) 35.5 45.8 44.5 54.3 53.3 49.3 53.3 51.7 59.0 40.8 65.9 4

 Pension fund reserves:

 5 Net change in liabilities 254.7 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 284.3 316.4 5

 6 Federal government (1) 37.6 20.8 55.1 40.3 41.2 30.7 42.1 43.6 48.5 36.6 39.2 6

 7 Life insurance companies 81.0 61.0 43.9 98.3 91.3 106.0 76.0 89.5 93.5 101.6 110.6 7

 8 Private pension funds (2) 82.0 90.8 87.5 89.0 96.6 87.9 93.6 90.3 114.7 88.8 109.0 8

 9 State and local govt. retirement funds 54.1 62.5 60.5 76.4 61.1 70.0 61.2 56.1 57.1 57.3 57.7 9

10 Net change in assets (Households) 254.7 235.1 246.9 304.0 290.2 294.7 272.9 279.5 313.8 284.3 316.4 10

(1) Includes civil service retirement and disability fund, the railroad retirement trust fund, the military retirement fund, the judicial retirement funds, and the foreign service retirement and disability fund.

(2) 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 2.6 6.2 16.0 16.8 13.0 12.2 0.9 27.3 11.7 -10.3 27.2 1

 businesses

 2 Nonfinancial corporate business -0.4 -0.0 9.6 9.3 5.3 6.0 -7.1 20.4 1.9 -17.9 19.7 2

 3 Nonfarm noncorporate business 0.8 1.3 1.6 1.9 2.5 2.5 2.5 2.5 2.5 2.5 2.5 3

 4 U.S.-chartered commercial banks 0.7 0.9 1.2 1.4 1.7 1.6 1.6 1.7 1.7 1.8 1.9 4

 5 Savings institutions -0.9 0.5 -0.1 0.4 0.2 -0.4 0.3 0.5 0.3 -0.1 -0.5 5

 6 Life insurance companies 1.0 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 6

 7 Other insurance companies 0.9 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 7

 8 Finance companies 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 8

 9 Brokers and dealers -0.2 -0.1 0.1 0.1 -0.1 -1.0 0.0 -1.2 1.9 0.1 0.3 9

10 Net change in business taxes receivable -14.0 -14.9 -4.4 -2.0 -0.3 2.8 -1.9 3.1 -5.8 12.1 42.2 10

11 State and local governments -6.0 -8.3 -5.3 -0.2 1.5 0.5 1.4 2.3 1.7 4.5 5.9 11

12 Federal government -8.0 -6.5 0.9 -1.8 -1.9 2.3 -3.3 0.9 -7.4 7.7 36.3 12

13 Discrepancy 16.6 21.1 20.4 18.8 13.4 9.4 2.8 24.2 17.4 -22.4 -15.0 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 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 53.0 1

 2 Asset: Household sector 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 53.0 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 53.6 60.3 -0.6 6.1 -18.6 -11.0 -5.4 -61.2 3.2 -2.5 12.3 1

 2 Nonfarm noncorporate business 58.6 55.2 -15.6 -11.9 -27.3 -34.5 -18.3 -33.8 -22.7 -15.4 -3.4 2

 3 Farm business 7.7 -9.4 3.5 0.2 2.9 2.8 5.1 2.6 1.4 -1.2 5.3 3

 4 Brokers and dealers -12.7 14.5 11.4 17.8 5.8 20.7 7.8 -30.0 24.6 14.1 10.4 4
Z.1, September 15, 1999 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 245.6 444.6 498.3 513.3 692.8 980.1 376.5 712.6 702.0 238.7 1092.8 1

 2 Household sector 0.5 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 4.9 0.5 2

 3 Nonfinancial corporate business 67.3 124.5 244.3 90.3 245.7 14.9 178.0 288.1 501.9 55.7 369.2 3

 4 Nonfarm noncorporate business -9.3 3.4 -0.1 -1.3 -2.0 -4.4 -1.5 -1.0 -1.1 0.6 0.5 4

 5 Federal government 3.9 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 5

 6 Rest of the world 85.8 139.6 135.6 143.3 144.9 345.2 286.6 55.8 -108.1 104.7 323.7 6

 7 Monetary authority 1.3 1.3 -0.2 1.8 1.0 -14.1 20.9 -21.1 18.2 -22.1 27.4 7

 8 Commercial banking 82.4 124.0 20.1 171.2 122.1 -7.6 96.3 306.2 93.4 -79.8 63.7 8

 9 Savings institutions 3.7 -0.6 -2.5 -2.1 -1.6 39.2 -26.5 -2.1 -17.1 19.5 -20.0 9

10 Credit unions 1.4 -1.9 0.0 0.1 0.5 3.5 0.4 -1.1 -0.6 0.3 -2.0 10

11 Life insurance companies 3.6 15.1 10.5 32.3 34.5 48.3 39.0 16.3 34.3 18.9 5.2 11

12 Other insurance companies 16.4 22.8 12.3 10.5 22.3 22.8 8.1 14.8 43.6 -8.1 15.8 12

13 Government-sponsored enterprises -24.9 5.8 0.3 7.8 20.3 60.5 -9.9 6.9 23.7 -25.9 -13.3 13

14 Finance companies 14.8 21.8 3.2 -2.8 17.8 23.6 -42.8 8.2 82.3 68.5 16.5 14

15 Mortgage companies -12.5 -1.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 15

16 REITs 2.9 1.4 2.5 8.8 13.6 18.1 15.1 12.0 9.3 7.2 -5.2 16

17 Brokers and dealers 1.6 12.6 28.4 21.8 8.0 328.9 -241.1 -22.0 -33.8 63.2 65.0 17

18 Funding corporations 6.5 -29.2 42.4 35.7 70.6 95.8 66.7 63.2 56.8 44.9 235.4 18

19 Net change in assets 405.7 666.0 565.2 768.2 771.6 919.1 602.4 819.3 745.8 806.7 1482.8 19

20 Household sector 12.8 14.8 9.7 10.3 15.3 11.9 4.2 15.0 29.9 1.2 6.8 20

21 Nonfinancial corporate business 171.6 326.2 252.7 259.5 254.1 198.6 302.9 193.5 321.2 392.4 184.1 21

22 Nonfarm noncorporate business 39.1 48.1 56.4 50.4 51.1 51.1 49.9 49.8 53.7 45.8 48.4 22

23 Farm business 1.3 1.8 -0.1 0.4 1.7 1.8 0.9 1.5 2.7 -1.3 0.2 23

24 State and local governments 1.3 42.9 -4.8 2.3 -2.5 69.7 -55.8 -45.8 22.4 -14.4 35.4 24

25 Federal government 3.2 -2.1 -6.4 -7.0 -3.5 -2.7 -0.5 -3.9 -7.1 -0.4 -0.6 25

26 Rest of the world 59.4 119.8 131.6 203.0 205.1 229.8 250.0 180.6 159.9 212.2 726.4 26

27 Monetary authority 2.6 -3.2 2.4 1.2 4.9 -0.9 5.4 7.1 7.8 -13.4 1.5 27

28 Commercial banking 74.4 61.4 25.9 103.5 124.1 2.6 208.3 261.0 24.3 51.5 177.1 28

29 Savings institutions -8.1 1.7 -1.8 -3.2 13.6 18.4 -14.1 40.4 9.8 -5.1 -24.7 29

30 Credit unions -3.4 -0.8 -0.2 3.8 6.8 9.3 -12.6 14.5 15.9 0.2 -11.4 30

31 Bank personal trusts and estates -3.1 -0.9 3.9 0.7 0.1 0.2 0.3 -0.0 -0.1 -0.3 -0.5 31

32 Life insurance companies 22.2 7.2 -31.4 3.3 17.1 28.0 3.8 41.0 -4.2 -25.4 5.2 32

33 Other insurance companies 1.7 3.8 3.6 5.4 5.3 1.3 5.5 5.1 9.3 6.3 5.7 33

34 Private pension funds 15.7 7.2 10.1 9.4 -19.8 -18.4 -27.1 5.9 -39.5 9.5 4.0 34

35 State and local govt. retirement funds -27.5 -39.9 -63.2 -87.3 -109.0 -176.9 -96.2 -100.8 -62.0 -48.4 -40.2 35

36 Money market mutual funds 6.9 12.8 4.8 16.0 7.9 14.5 51.4 -23.7 -10.8 -60.4 143.3 36

37 Mutual funds 2.5 0.5 -1.7 7.1 -3.9 -15.1 -12.4 6.6 5.3 30.7 -5.3 37

38 Government-sponsored enterprises -1.7 7.7 20.0 19.4 55.1 20.7 33.3 46.0 120.2 45.5 41.7 38

39 Finance companies -7.6 21.0 22.0 28.9 16.1 65.1 28.1 -96.2 67.3 89.8 10.5 39

40 REITs 1.8 1.0 -1.7 4.9 10.7 26.5 10.4 5.8 0.2 1.4 -4.5 40

41 Brokers and dealers 24.8 10.3 68.2 82.8 68.8 273.6 -134.7 139.8 -3.3 -59.6 133.2 41

42 Funding corporations 15.6 24.5 65.2 53.3 52.5 110.0 1.1 76.0 22.9 148.9 46.5 42

43 Discrepancy -160.1 -221.4 -66.9 -254.9 -78.8 61.0 -225.9 -106.7 -43.9 -568.0 -390.0 43
54 Z.1, September 15, 1999

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 80.7 99.5 92.7 110.0 132.8 149.2 172.7 86.3 123.1 165.5 140.2 1

 2 Equity 33.7 40.5 27.5 43.9 60.3 52.5 81.1 55.1 52.5 79.2 41.7 2

 3 Reinvested earnings 31.5 54.6 55.5 61.6 61.5 72.9 69.3 46.2 57.7 55.4 81.4 3

 4 Intercompany accounts 15.5 4.4 9.7 4.4 11.0 23.8 22.2 -14.9 12.9 30.9 17.1 4

 5 Asset: Nonfinancial corporate business 79.0 91.1 77.6 90.2 113.9 136.3 145.2 70.8 103.5 149.8 121.1 5

 6 Commercial banking 2.6 1.6 3.5 2.9 0.9 4.4 2.5 -5.4 2.1 3.2 5.0 6

 7 Life insurance companies 0.6 0.4 0.8 1.8 2.1 2.0 4.0 -1.4 3.7 0.9 0.4 7

 8 Other insurance companies 1.7 3.8 3.6 5.4 5.3 1.3 5.5 5.1 9.3 6.3 5.7 8

 9 Finance companies 0.7 2.5 7.3 9.1 7.8 2.9 13.7 12.9 1.7 1.6 3.8 9

10 Brokers and dealers -3.9 0.1 -0.1 0.5 2.8 2.4 1.7 4.4 2.8 3.7 4.1 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 46.6 55.4 74.5 110.1 163.1 117.1 38.2 23.4 473.6 106.4 267.8 11

12 Nonfarm noncorporate business 0.0 -0.1 0.3 0.5 0.2 0.5 0.2 -0.1 0.3 0.4 0.4 12

13 Commercial banking 3.4 6.6 -0.1 6.7 5.7 1.4 -0.7 20.1 2.1 3.0 56.3 13

14 Life insurance companies 1.0 1.8 1.0 6.4 2.0 0.7 3.9 0.7 2.5 1.2 4.7 14

15 Other insurance companies 1.8 2.0 5.7 5.7 4.8 6.9 3.5 1.3 7.6 4.0 17.2 15

16 Finance companies 1.3 2.8 5.1 6.8 5.0 8.7 8.7 -11.2 13.9 -5.6 16.4 16

17 Brokers and dealers 0.8 1.5 1.3 0.4 0.7 2.0 0.2 0.6 0.1 -0.0 1.3 17

18 Funding corporations -7.5 -10.4 1.1 -27.4 11.8 -29.3 29.7 64.9 -18.0 -17.6 110.0 18

19 Asset: Rest of the world 47.4 59.6 89.0 109.3 193.4 108.1 83.8 99.6 482.0 91.8 474.2 19

20 Equity 37.2 47.9 63.7 64.7 154.2 47.5 45.0 90.9 433.3 31.6 434.8 20

21 Reinvested earnings 6.2 10.3 11.0 20.3 12.8 15.0 14.0 17.6 4.5 20.6 19.4 21

22 Intercompany accounts 4.0 1.5 14.3 24.3 26.4 45.5 24.8 -9.0 44.2 39.6 20.0 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.4 1.5 1.8 1.6 1.6 1.5 1.8 1.7 1.4 1.6 1.8 23

24 Asset: Federal government 1.4 1.5 1.8 1.6 1.6 1.5 1.8 1.7 1.4 1.6 1.8 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.3 0.3 0.6 0.8 0.5 0.2 1.3 0.5 0.2 0.7 0.6 25

26 Asset: Commercial banking 0.3 0.3 0.6 0.8 0.5 0.2 1.3 0.5 0.2 0.7 0.6 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.9 1.8 1.2 0.7 3.3 5.6 1.8 0.7 5.2 6.0 2.6 27

28 Asset: Nonfin. corporate business (FNMA) 0.1 -0.2 -0.2 -1.1 -0.7 0.3 -0.5 -2.6 -0.0 0.2 -0.9 28

29 Nonfarm noncorporate (BC) 0.2 0.0 0.7 0 -0.1 -0.2 0.7 -0.3 -0.5 0.2 -0.3 29

30 Farm business (FICB and FLB) 0.0 -0.1 -0.6 0 0.1 0.3 0.5 0.3 -0.6 -0.2 0.3 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 1.6 1.6 0.8 1.3 2.0 2.0 0.7 2.0 3.4 2.4 1.9 32

33 Savings institutions (FHLB) -0.0 0.4 0.5 0.4 1.8 3.2 0.3 1.0 2.8 2.9 1.1 33

34 Credit unions (FHLB) 0.0 0.1 0.0 0.0 0.1 0.0 0.1 0.2 0.1 0.4 0.2 34

35 Life insurance companies (FHLB) 0.0 -0.0 0.1 0.0 0.0 -0.0 -0.1 0.1 0.1 0.2 0.1 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 17.5 40.1 28.6 40.7 55.3 66.6 62.3 53.5 38.9 29.8 -10.2 36

37 Savings institutions -0.0 0.1 0.2 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 37

38 Finance companies 3.1 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 38

39 Mortgage companies -12.5 -1.2 4.1 -4.6 1.6 29.4 -28.2 2.3 3.0 -4.6 5.1 39

40 Brokers and dealers 9.6 4.7 -8.6 27.0 43.6 7.6 107.7 20.9 38.1 72.4 38.8 40

41 Asset: Bank holding companies 17.7 48.3 28.9 65.7 99.5 103.9 133.2 73.6 87.5 103.8 35.8 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 3.1 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 42

43 Asset: Nonfinancial corporate business 3.1 4.6 4.6 2.2 -1.4 -0.1 -9.1 -3.5 7.0 5.7 1.6 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -0.5 6.7 13.7 14.3 11.8 34.9 -32.9 40.7 4.4 -3.1 -5.3 44

45 Brokers and dealers 16.1 17.8 51.5 38.9 40.7 75.0 34.0 35.3 18.6 152.0 51.8 45

46 Asset: Funding corporations 15.6 24.5 65.2 53.3 52.5 110.0 1.1 76.0 22.9 148.9 46.5 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, September 15, 1999 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 0.1 0.3 -0.1 -0.0 -0.1 0.1 0.1 -0.6 -0.2 0.5 0.7 1

 2 Asset: Federal government 0.1 0.3 -0.1 -0.0 -0.1 0.1 0.1 -0.6 -0.2 0.5 0.7 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 -7.8 3.3 -1.2 0 6.8 17.2 -2.9 4.7 8.3 -13.5 -16.7 5

 6 Asset: Savings institutions -7.8 3.3 -1.2 0 6.8 17.2 -2.9 4.7 8.3 -13.5 -16.7 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.5 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 4.9 0.5 7

 8 Asset: Life insurance companies 0.5 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 4.9 0.5 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 6.7 6.1 7.0 8.3 7.9 5.2 2.3 9.4 14.8 6.3 7.5 9

10 Health 6.6 5.2 6.2 6.3 7.3 4.0 1.6 8.3 15.1 5.2 6.5 10

11 Policy dividend accumulation 0.1 0.8 0.8 2.0 0.7 1.2 0.7 1.1 -0.3 1.1 0.9 11

12 Asset: Household sector 6.7 6.1 7.0 8.3 7.9 5.2 2.3 9.4 14.8 6.3 7.5 12

 Policy payables:

13 Liab.: Other insurance companies 14.5 20.8 6.6 4.8 17.5 15.9 4.6 13.5 36.0 -12.1 -1.5 13

14 Asset: Household sector 6.1 8.7 2.7 2.0 7.3 6.7 1.9 5.7 15.1 -5.1 -0.6 14

15 Nonfinancial corporate business 5.7 8.2 2.6 1.9 6.9 6.3 1.8 5.3 14.2 -4.8 -0.6 15

16 Nonfarm noncorporate business 1.4 2.0 0.6 0.5 1.7 1.5 0.4 1.3 3.4 -1.2 -0.1 16

17 Farm business 1.3 1.9 0.6 0.4 1.6 1.4 0.4 1.2 3.3 -1.1 -0.1 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -4.9 -0.7 -2.5 -4.3 -1.3 -13.6 5.6 15.5 -12.9 -6.4 -6.2 18

19 Asset: Private pension funds -4.9 -0.7 -2.5 -4.3 -1.3 -13.6 5.6 15.5 -12.9 -6.4 -6.2 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20

21 Asset: Private pension funds 0.1 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 21

 Securities borrowed (net):

22 Liab.: Funding corporations 24.6 -5.5 59.9 57.2 61.7 93.3 46.1 147.8 -40.5 -140.0 56.1 22

23 Asset: Brokers and dealers 24.6 -5.5 59.9 57.2 61.7 93.3 46.1 147.8 -40.5 -140.0 56.1 23
56 Z.1, September 15, 1999

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 43.6 175.8 140.1 99.8 115.7 379.9 -70.8 185.6 -32.0 -128.7 345.3 1

 2 Nonfinancial corporate business 20.6 65.4 166.0 -23.6 78.8 -105.9 136.0 260.8 24.5 -54.5 97.6 2

 3 Nonfarm noncorporate business -9.3 3.4 -0.4 -1.8 -2.2 -4.9 -1.7 -0.9 -1.3 0.3 0.1 3

 4 Federal government 3.9 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 4

 5 Rest of the world 3.6 38.3 41.2 31.8 10.6 194.3 112.0 -31.6 -232.3 -62.9 181.0 5

 6 Monetary authority 1.1 1.0 -0.9 1.0 0.5 -14.3 19.6 -21.6 18.1 -22.8 26.8 6

 7 Commercial banking 61.9 70.6 -22.1 109.4 49.2 -110.5 67.6 191.9 48.0 -109.6 22.8 7

 8 U.S.-chartered commercial banks 31.3 3.5 -13.0 30.5 -2.4 -74.9 8.0 76.3 -19.0 -95.7 75.1 8

 9 Foreign banking offices in U.S. 29.0 37.6 -26.9 35.2 -10.6 -88.6 8.3 106.9 -69.2 -43.5 -32.2 9

10 Bank holding companies -0.2 26.6 17.3 39.0 56.0 50.0 48.0 6.8 119.1 26.8 -25.2 10

11 Banks in U.S.-affiliated areas 1.8 2.9 0.6 4.7 6.3 3.0 3.2 1.8 17.1 2.8 5.1 11

12 Savings institutions 3.7 -0.7 -2.7 -2.4 -2.1 38.8 -26.9 -2.6 -17.6 19.0 -20.5 12

13 Credit unions 1.4 -1.9 0.0 0.1 0.5 3.5 0.4 -1.1 -0.6 0.3 -2.0 13

14 Life insurance companies 0.9 7.9 4.9 21.9 25.9 55.9 27.2 -9.4 29.9 17.8 -0.7 14

15 Government-sponsored enterprises -19.0 0.8 0.3 7.1 10.1 37.7 -8.9 1.5 10.1 -18.4 0.8 15

16 Finance companies 7.3 9.8 -11.2 -14.0 15.7 15.1 -33.3 26.6 54.3 62.7 -3.1 16

17 REITs 2.9 1.4 2.5 8.8 13.6 18.1 15.1 12.0 9.3 7.2 -5.2 17

18 Brokers and dealers -24.8 -11.4 -15.8 -44.6 -77.0 244.3 -383.1 -78.8 -90.5 -161.2 -26.9 18

19 Funding corporations -10.6 -13.3 -18.6 5.9 -2.9 31.8 -9.1 -149.4 115.3 202.5 69.4 19

20 Net change in assets 203.7 397.2 206.9 354.7 194.5 319.0 155.1 292.3 11.9 439.3 735.2 20

21 Nonfinancial corporate business 83.7 222.5 168.1 166.4 135.4 55.9 165.5 123.6 196.6 241.5 62.9 21

22 Nonfarm noncorporate business 37.5 46.1 55.1 49.9 49.6 49.8 48.8 48.8 50.8 46.8 48.8 22

23 State and local governments 1.3 42.9 -4.8 2.3 -2.5 69.7 -55.8 -45.8 22.4 -14.4 35.4 23

24 Federal government 1.7 -3.8 -8.1 -8.5 -5.0 -4.3 -2.4 -5.0 -8.2 -2.4 -3.2 24

25 Rest of the world 12.0 60.2 42.6 93.7 11.7 121.7 166.2 81.0 -322.1 120.4 252.2 25

26 Monetary authority 2.6 -3.2 2.4 1.2 4.9 -0.9 5.4 7.1 7.8 -13.4 1.5 26

27 Commercial banking 52.3 9.6 -7.9 32.7 21.1 -107.8 70.6 190.4 -68.8 -58.6 133.7 27

28 U.S.-chartered commercial banks 7.2 -1.6 1.3 0.5 5.6 -18.5 70.3 11.3 -40.7 -13.7 71.8 28

29 Foreign banking offices in U.S. 37.5 5.0 -21.2 37.0 0.3 -106.0 -11.4 185.9 -67.4 -46.3 63.0 29

30 Bank holding companies 7.7 4.6 11.3 -6.7 12.1 16.5 10.3 -9.0 30.7 1.4 -2.8 30

31 Banks in U.S.-affiliated areas -0.1 1.6 0.8 1.8 3.1 0.2 1.3 2.3 8.5 -0.0 1.6 31

32 Savings institutions -0.3 -2.0 -1.1 -3.6 4.9 -2.0 -11.6 34.6 -1.3 5.6 -9.0 32

33 Credit unions -3.4 -0.9 -0.2 3.8 6.7 9.3 -12.7 14.3 15.8 -0.1 -11.6 33

34 Bank personal trusts and estates -3.1 -0.9 3.9 0.7 0.1 0.2 0.3 -0.0 -0.1 -0.3 -0.5 34

35 Life insurance companies 21.0 6.1 -33.1 1.2 16.4 26.2 -1.3 44.3 -3.4 -31.5 4.2 35

36 Private pension funds 20.5 4.3 8.8 10.0 -22.3 -8.6 -36.5 -13.4 -30.5 12.1 6.4 36

37 State and local govt. retirement funds -27.5 -39.9 -63.2 -87.3 -109.0 -176.9 -96.2 -100.8 -62.0 -48.4 -40.2 37

38 Money market mutual funds 6.9 12.8 4.8 16.0 7.9 14.5 51.4 -23.7 -10.8 -60.4 143.3 38

39 Mutual funds 2.5 0.5 -1.7 7.1 -3.9 -15.1 -12.4 6.6 5.3 30.7 -5.3 39

40 Government-sponsored enterprises -1.7 7.7 20.0 19.4 55.1 20.7 33.3 46.0 120.2 45.5 41.7 40

41 Finance companies -8.3 18.6 14.6 19.8 8.3 62.2 14.4 -109.0 65.6 88.3 6.7 41

42 REITs 1.8 1.0 -1.7 4.9 10.7 26.5 10.4 5.8 0.2 1.4 -4.5 42

43 Brokers and dealers 4.2 15.7 8.4 25.1 4.4 177.9 -182.5 -12.3 34.4 76.7 73.0 43

44 Discrepancy -160.1 -221.4 -66.9 -254.9 -78.8 61.0 -225.9 -106.7 -43.9 -568.0 -390.0 44
Z.1, September 15, 1999 57

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors -69.9 -167.2 -17.1 -38.4 -49.6 226.7 -380.8 153.2 -197.6 36.1 -276.9 1

 2 Household sector -97.0 -8.5 45.9 49.6 -82.9 136.1 -398.6 -119.1 49.4 77.6 -50.2 2

 3 Nonfinancial corporate business -5.0 -7.1 22.1 38.7 19.6 35.1 39.0 -10.5 15.2 49.8 -49.4 3

 4 State and local governments -13.8 -47.5 -41.3 -4.4 -39.3 -48.2 -78.2 -6.4 -24.8 11.5 -48.1 4

 5 Federal government 36.3 -11.6 41.5 23.5 26.4 19.6 -42.9 63.2 65.8 -8.2 -41.4 5

 6 Rest of the world -10.3 -36.6 -75.6 -145.8 2.1 26.2 46.4 105.3 -169.1 -40.8 -162.0 6

 7 Financial sectors 19.9 -55.9 -9.8 0.0 24.5 58.0 53.6 120.7 -134.1 -53.9 74.2 7

 8 Monetary authority -3.2 -1.8 0.9 1.7 1.7 0.8 -0.8 -0.3 7.0 0.8 0.9 8

 9 Commercial banking 37.2 -15.9 6.7 63.2 56.5 78.1 64.1 147.5 -63.6 3.2 36.6 9

10 Savings institutions -6.3 -3.3 -5.8 -2.6 -4.3 -6.6 -2.4 -4.6 -3.7 -3.7 -2.0 10

11 Credit unions -0.1 -1.1 -0.1 -1.4 -1.3 -0.5 -2.3 -2.3 -0.2 -0.3 0.6 11

12 Bank personal trusts and estates -1.0 -1.3 2.1 -2.0 0.2 0.2 -0.0 0.2 0.3 0.4 0.1 12

13 Life insurance companies -10.5 -39.6 -39.1 -45.9 -28.4 -16.6 -31.5 -47.9 -17.5 -14.4 -35.2 13

14 Other insurance companies -10.9 -7.5 0.6 -21.7 -7.6 -9.3 7.1 -12.0 -16.3 -5.5 31.8 14

15 Mutual funds -11.5 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 5.1 15

16 Government-sponsored enterprises -2.4 -1.9 0.4 -3.2 -4.9 1.4 -0.6 -5.4 -15.2 -1.4 2.6 16

17 Issuers of asset-backed securities 0 0 0 0 0 0 0 0 0 0 0 17

18 Finance companies 19.7 0.4 12.5 -3.7 -7.6 0.7 -4.3 24.1 -50.9 -47.1 8.9 18

19 REITs 8.7 6.9 6.0 10.5 13.8 3.8 17.4 14.6 19.4 8.8 24.5 19

20 Brokers and dealers 0.2 0.2 0.3 0.2 0.9 0.4 0.8 1.2 1.2 0.1 0.2 20

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -69.9 -167.2 -17.1 -38.4 -49.6 226.7 -380.8 153.2 -197.6 36.1 -276.9 1

 2 Treasury currency -0.2 -0.5 -0.9 -0.6 -0.7 -0.2 -0.3 1.1 -3.4 -1.5 -0.4 2

 3 Foreign deposits 43.0 25.1 59.6 106.8 -15.6 -95.7 119.9 69.9 -156.5 62.0 73.5 3

 4 Net interbank transactions -2.7 -3.1 -3.3 -19.9 3.4 35.1 8.9 22.3 -52.8 58.7 -1.7 4

 5 Security RPs 67.7 20.2 4.5 62.3 15.3 120.8 -170.0 110.2 0.2 362.2 -14.8 5

 Mail floats:

 6 Federal government -4.8 -6.0 0.5 -2.7 2.6 8.3 -44.4 32.4 14.0 -1.8 -41.4 6

 7 Other -2.8 -3.8 -4.0 -3.9 -3.1 -4.0 -2.9 -3.6 -1.8 -1.9 -1.0 7

 8 Trade credit 1.5 -11.7 -49.9 3.6 -58.6 41.9 -150.7 -94.5 -31.1 55.7 -6.9 8

 9 Taxes payable 16.6 21.1 20.4 18.8 13.4 9.4 2.8 24.2 17.4 -22.4 -15.0 9

10 Miscellaneous -160.1 -221.4 -66.9 -254.9 -78.8 61.0 -225.9 -106.7 -43.9 -568.0 -390.0 10

11 Nonfinancial -28.1 12.9 23.0 52.1 72.6 50.3 81.9 97.9 60.1 93.1 120.8 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 14.8 -26.3 -32.3 -55.8 -76.6 -54.3 -85.9 -101.9 -64.1 -93.1 -120.8 12

13 Private wage accruals less disbursements 13.3 13.4 9.3 3.7 4.0 4.0 4.0 4.0 4.0 0 0 13

14 Net capital grants from foreign 0 0 0 0 0 0 0 0 0 0 0 14
58 Z.1, September 15, 1999

L.1 Credit Market Debt Outstanding (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total credit market debt owed by: 16163.6 17206.4 18454.5 19823.7 21278.1 21783.9 22286.0 22764.5 23402.9 24005.5 24428.7 1

 2 Domestic nonfinancial sectors 12431.8 13013.9 13734.3 14477.4 15261.1 15522.2 15742.1 15956.2 16283.6 16588.0 16758.7 2

 3 Federal government 3336.5 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 3

 4 Nonfederal sectors 9095.4 9521.6 10097.6 10695.6 11456.3 11691.4 11993.2 12236.0 12531.4 12828.3 13107.0 4

 5 Household sector 4108.0 4427.0 4782.2 5105.1 5433.3 5494.5 5613.2 5746.1 5903.6 5985.9 6128.1 5

 6 Nonfinancial corporate business 2563.0 2708.9 2947.7 3141.0 3433.8 3559.4 3686.4 3762.5 3852.2 4019.2 4107.9 6

 7 Nonfarm noncorporate business 1118.5 1121.8 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.6 1466.7 7

 8 Farm business 137.9 142.2 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.2 8

 9 State and local governments 1167.9 1121.7 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 9

10 Rest of the world 385.8 370.3 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 596.5 10

11 Financial sectors 3346.1 3822.2 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.7 7073.6 11

12 Commercial banking 208.0 228.1 250.6 263.6 309.2 329.9 350.2 365.7 382.1 390.0 405.4 12

13 U.S.-chartered commercial banks 68.6 81.0 92.2 103.9 133.4 143.2 155.6 166.0 186.2 185.3 200.6 13

14 Foreign banking offices in U.S. 16.0 13.4 10.4 9.6 7.2 5.5 4.0 3.5 2.4 2.1 2.1 14

15 Bank holding companies 123.4 133.6 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 202.7 15

16 Savings institutions 99.6 112.4 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 16

17 Credit unions 0.2 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 17

18 Life insurance companies 0.2 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 18

19 Government-sponsored enterprises 528.5 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 19

20 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 20

21 ABS issuers 493.6 570.1 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.8 1542.9 21

22 Finance companies 385.1 433.7 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 22

23 Mortgage companies 30.2 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 23

24 REITs 29.9 40.0 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 24

25 Brokers and dealers 33.7 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.2 25

26 Funding corporations 180.3 211.0 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.6 26

27 Total credit market assets held by: 16163.6 17206.4 18454.5 19823.7 21278.1 21783.9 22286.0 22764.5 23402.9 24005.5 24428.7 27

28 Domestic nonfederal nonfinancial sectors 2724.9 2988.8 2856.8 2924.6 2781.4 2761.2 2847.0 2876.6 2813.0 2875.4 2915.9 28

29 Household sector 1631.5 1932.1 1895.5 2011.6 1871.1 1868.2 1919.2 1913.4 1805.8 1874.9 1889.2 29

30 Nonfinancial corporate business 271.5 289.2 280.4 270.2 268.0 249.6 238.7 244.7 265.4 246.1 257.0 30

31 Nonfarm noncorporate business 37.0 37.6 42.3 38.0 37.4 37.4 37.4 37.4 37.4 37.4 37.4 31

32 State and local governments 784.9 729.9 638.6 604.8 605.0 606.0 651.6 681.1 704.4 717.1 732.3 32

33 Federal government 231.9 202.9 202.7 195.3 200.4 204.3 207.5 210.9 213.9 218.3 219.9 33

34 Rest of the world 1108.7 1216.0 1531.1 1926.6 2256.8 2317.1 2396.0 2412.2 2534.3 2591.8 2603.3 34

35 Financial sectors 12098.1 12798.8 13863.9 14777.2 16039.5 16501.3 16835.5 17264.8 17841.7 18320.0 18689.7 35

36 Monetary authority 336.7 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 36

37 Commercial banking 3090.8 3254.3 3520.1 3707.7 4031.9 4093.4 4136.4 4195.7 4335.7 4338.4 4383.3 37

38 U.S.-chartered commercial banks 2721.5 2869.6 3056.1 3175.8 3450.7 3505.1 3543.6 3616.2 3761.2 3782.9 3847.6 38

39 Foreign banking offices in U.S. 326.0 337.1 412.6 475.8 516.1 517.9 525.6 510.1 504.2 487.8 465.7 39

40 Bank holding companies 17.5 18.4 18.0 22.0 27.4 31.2 26.8 28.3 26.5 25.0 25.0 40

41 Banks in U.S.-affiliated areas 25.8 29.2 33.4 34.1 37.8 39.2 40.4 41.1 43.8 42.7 45.0 41

42 Savings institutions 914.1 920.8 913.3 933.2 928.5 931.3 930.8 939.3 964.8 990.8 1011.4 42

43 Credit unions 218.7 246.8 263.0 288.5 305.3 306.7 315.1 320.5 324.2 331.0 342.5 43

44 Bank personal trusts and estates 240.9 248.0 239.7 232.0 239.5 240.1 240.9 241.4 242.4 243.1 243.7 44

45 Life insurance companies 1415.5 1487.5 1587.5 1657.0 1751.3 1777.3 1793.2 1810.6 1828.0 1853.7 1876.0 45

46 Other insurance companies 422.7 446.4 468.7 491.2 515.3 521.1 520.8 518.9 535.7 530.8 532.1 46

47 Private pension funds 614.8 660.9 716.9 769.2 834.7 853.4 885.9 909.8 953.4 968.5 1006.0 47

48 State and local govt. retirement funds 466.5 497.4 531.0 568.2 632.0 648.9 668.5 684.9 697.0 715.6 724.9 48

49 Money market mutual funds 429.0 459.0 545.5 634.3 721.9 775.0 815.9 869.9 965.9 1036.2 1001.8 49

50 Mutual funds 725.9 718.8 771.3 820.2 901.1 940.0 979.1 1005.9 1025.9 1050.5 1078.1 50

51 Closed-end funds 89.7 86.0 96.4 101.1 98.3 99.4 100.5 101.7 102.8 103.9 105.0 51

52 Government-sponsored enterprises 545.5 663.3 750.0 807.9 902.2 951.4 989.4 1055.4 1163.0 1201.9 1267.1 52

53 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 53

54 ABS issuers 463.4 532.8 653.4 777.0 939.3 989.2 1068.9 1134.2 1216.0 1280.8 1355.7 54

55 Finance companies 427.9 476.2 526.2 544.5 566.4 572.0 579.0 592.7 618.4 639.9 660.9 55

56 Mortgage companies 60.4 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 56

57 REITs 25.4 24.6 26.0 30.4 50.6 57.0 58.5 55.7 45.5 45.9 45.3 57

58 Brokers and dealers 137.5 93.3 183.4 167.7 182.6 244.0 198.3 217.5 165.2 211.4 160.2 58

59 Funding corporations 116.1 106.0 87.4 101.4 149.4 173.5 172.6 155.1 151.7 166.4 192.2 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, September 15, 1999 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 12431.8 13013.9 13734.3 14477.4 15261.1 15522.2 15742.1 15956.2 16283.6 16588.0 16758.7 1

 2 Federal government 3336.5 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 2

 3 Treasury securities 3309.9 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 3

 4 Budget agency secur. and mortgages 26.6 26.7 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 4

 5 Nonfederal, by instrument 9095.4 9521.6 10097.6 10695.6 11456.3 11691.4 11993.2 12236.0 12531.4 12828.3 13107.0 5

 6 Commercial paper 117.8 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 6

 7 Municipal securities and loans 1377.5 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 7

 8 Corporate bonds 1229.7 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1963.3 8

 9 Bank loans n.e.c. 684.8 759.9 863.6 934.1 1040.5 1047.9 1097.6 1120.6 1148.8 1165.2 1178.4 9

10 Other loans and advances 629.3 669.6 736.9 770.4 839.5 863.5 873.1 886.8 913.8 947.5 945.8 10

11 Mortgages 4197.2 4374.2 4579.4 4866.8 5165.2 5273.3 5379.7 5504.0 5650.3 5784.1 5939.2 11

12 Home 3146.5 3330.0 3509.8 3719.0 3954.8 4037.9 4116.4 4216.4 4321.1 4413.8 4526.0 12

13 Multifamily residential 263.6 261.5 269.1 284.3 295.0 300.4 305.7 309.7 317.4 326.6 335.8 13

14 Commercial 706.3 699.8 716.0 776.4 825.1 843.6 864.6 883.6 915.3 946.3 977.7 14

15 Farm 80.7 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 15

16 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 1338.0 16

17 Nonfederal, by sector 9095.4 9521.6 10097.6 10695.6 11456.3 11691.4 11993.2 12236.0 12531.4 12828.3 13107.0 17

18 Household sector 4108.0 4427.0 4782.2 5105.1 5433.3 5494.5 5613.2 5746.1 5903.6 5985.9 6128.1 18

19 Nonfinancial business 3819.4 3972.9 4245.2 4527.1 4903.5 5052.6 5209.2 5311.1 5428.0 5619.2 5740.7 19

20 Corporate 2563.0 2708.9 2947.7 3141.0 3433.8 3559.4 3686.4 3762.5 3852.2 4019.2 4107.9 20

21 Nonfarm noncorporate 1118.5 1121.8 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.6 1466.7 21

22 Farm 137.9 142.2 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.2 22

23 State and local governments 1167.9 1121.7 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 23

 Foreign credit market debt

24 held in U.S. 385.8 370.3 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 596.5 24

25 Commercial paper 68.8 42.7 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 25

26 Bonds 230.1 242.3 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 415.4 26

27 Bank loans n.e.c. 24.6 26.1 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 27

28 Other loans and advances 62.3 59.3 58.8 59.8 58.0 55.9 54.8 53.8 52.0 51.3 50.4 28

29 Domestic and foreign 12817.6 13384.2 14175.8 14996.0 15831.2 16113.8 16359.2 16568.9 16887.3 17195.8 17355.2 29

L.3 Credit Market Debt Owed by Financial Sectors

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

 1 By instrument 3346.1 3822.2 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.7 7073.6 1

 2 Federal government-related 1885.2 2172.7 2376.8 2608.3 2821.1 2878.0 2981.4 3121.7 3292.0 3434.1 3580.8 2

 3 Govt.-sponsored enterprise securities 523.7 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 3

 4 Mortgage pool securities 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 4

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

 6 Private financial sectors 1460.8 1649.5 1901.9 2219.4 2625.7 2792.1 2945.4 3073.8 3223.6 3375.6 3492.7 6

 7 Open market paper 393.4 441.6 486.9 579.1 745.7 804.9 838.9 874.2 906.7 926.4 940.9 7

 8 Corporate bonds 887.0 1008.8 1204.7 1381.5 1557.5 1640.8 1738.7 1786.2 1849.4 1969.3 2042.9 8

 9 Bank loans n.e.c. 62.6 48.9 51.4 64.0 77.2 90.6 88.2 103.2 107.2 104.1 106.8 9

10 Other loans and advances 108.9 131.6 135.0 162.9 198.5 206.6 225.6 246.2 288.7 299.1 328.6 10

11 Mortgages 8.9 18.7 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 11

12 By sector 3346.1 3822.2 4278.8 4827.7 5446.8 5670.1 5926.8 6195.5 6515.6 6809.7 7073.6 12

13 Commercial banks 84.6 94.5 102.6 113.6 140.6 148.7 159.6 169.6 188.6 187.5 202.7 13

14 Bank holding companies 123.4 133.6 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 202.7 14

15 Savings institutions 99.6 112.4 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 15

16 Credit unions 0.2 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 16

17 Life insurance companies 0.2 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 17

18 Government-sponsored enterprises 528.5 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 18

19 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 19

20 ABS issuers 493.6 570.1 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.8 1542.9 20

21 Brokers and dealers 33.7 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.2 21

22 Finance companies 385.1 433.7 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 22

23 Mortgage companies 30.2 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 23

24 REITs 29.9 40.0 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 24

25 Funding corporations 180.3 211.0 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.6 25
60 Z.1, September 15, 1999

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

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 16163.6 17206.4 18454.5 19823.7 21278.1 21783.9 22286.0 22764.5 23402.9 24005.5 24428.7 1

 2 Open market paper 580.0 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 2

 3 U.S. government securities 5216.9 5665.0 6013.6 6390.0 6626.0 6708.7 6730.3 6841.9 7044.3 7193.8 7232.5 3

 4 Municipal securities 1377.5 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 4

 5 Corporate and foreign bonds 2346.8 2504.0 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4287.6 4421.6 5

 6 Bank loans n.e.c. 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.6 6

 7 Other loans and advances 805.3 860.5 930.6 993.1 1095.9 1126.1 1153.6 1186.8 1254.4 1297.8 1324.8 7

 8 Mortgages 4206.1 4393.0 4603.4 4898.7 5212.0 5322.4 5433.7 5568.0 5721.9 5860.7 6012.7 8

 9 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 1338.0 9

 Memo:

 Selected claims not included above:

10 Corporate equities 6257.6 6237.9 8331.3 10062.4 12776.0 14397.6 14556.1 12758.4 15437.7 15970.3 17137.5 10

11 Mutual fund shares 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3760.8 4029.9 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) 16163.6 17206.4 18454.5 19823.7 21278.1 21783.9 22286.0 22764.5 23402.9 24005.5 24428.7 1

 2 Official foreign exchange 53.4 53.2 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 2

 3 SDR certificates 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 3

 4 Treasury currency 17.0 17.6 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.5 4

 5 Foreign deposits 271.8 373.9 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 700.4 5

 6 Net interbank liabilities 189.3 280.1 290.7 240.8 219.4 179.6 189.1 198.7 187.7 180.5 196.4 6

 7 Checkable deposits and currency 1251.7 1242.0 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.5 1354.3 7

 8 Small time and savings deposits 2223.1 2183.2 2279.7 2377.0 2474.1 2525.4 2531.0 2553.8 2626.5 2638.6 2646.6 8

 9 Large time deposits 391.7 411.2 476.9 590.9 713.4 760.9 754.0 776.5 805.5 804.3 809.0 9

10 Money market fund shares 559.6 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 10

11 Security RPs 471.3 549.5 660.0 701.5 822.4 889.3 861.5 918.9 875.0 980.3 961.4 11

12 Mutual fund shares 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3760.8 4029.9 12

13 Security credit 279.0 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.4 552.7 576.7 13

14 Life insurance reserves 484.8 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 747.4 14

15 Pension fund reserves 4674.8 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9335.8 9770.1 15

16 Trade payables 1046.6 1140.6 1242.3 1328.4 1424.6 1419.2 1405.0 1418.3 1424.3 1430.4 1454.6 16

17 Taxes payable 98.8 101.4 107.6 123.6 140.4 151.7 144.4 154.7 153.4 159.6 158.4 17

18 Investment in bank personal trusts 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 1402.7 18

19 Miscellaneous 5075.2 5287.2 5634.7 6098.8 6663.5 6737.3 6807.2 7024.1 7094.4 7087.4 7184.8 19

20 Total liabilities 35326.3 37381.6 40927.2 44843.8 49867.0 51804.7 52765.9 52809.1 55306.8 56463.3 57897.0 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 20.1 21.1 22.1 21.4 21.1 21.2 21.0 21.2 21.6 20.7 20.8 21

22 Corporate equities 6257.6 6237.9 8331.3 10062.4 12776.0 14397.6 14556.1 12758.4 15437.7 15970.3 17137.5 22

23 Household equity in noncorp. bus. 3187.3 3410.5 3658.3 3864.5 4213.4 4039.4 4255.1 4265.5 4288.4 4293.4 4257.7 23

 - Liabilities not identified as assets:

24 Treasury currency -5.1 -5.4 -5.8 -6.7 -7.3 -7.4 -7.4 -7.2 -8.0 -8.4 -8.5 24

25 Foreign deposits 233.2 325.4 360.2 431.4 534.0 510.1 540.1 557.6 539.7 555.1 573.5 25

26 Net interbank transactions -4.7 -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.5 26

27 Security RPs -1.5 66.2 86.4 90.9 153.1 187.4 140.9 175.2 168.4 263.0 255.6 27

28 Taxes payable 40.8 48.8 62.4 76.7 93.5 89.6 95.6 101.9 103.9 90.6 108.2 28

29 Miscellaneous -723.0 -948.1 -1350.8 -1714.9 -2087.0 -2259.2 -2311.2 -2449.9 -2719.9 -2953.5 -2998.9 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 5.6 3.4 3.1 -1.6 -8.1 -10.4 -16.1 -12.0 -3.9 -7.2 -12.4 30

31 Other 40.7 38.0 34.2 30.1 26.2 21.4 24.2 15.7 23.1 18.9 22.1 31

32 Trade credit -246.4 -245.9 -257.5 -307.7 -314.5 -358.1 -412.2 -440.1 -373.7 -415.3 -432.3 32

33 Totals identified to sectors as assets 45451.8 47775.0 54015.9 60204.6 68519.7 72110.7 73561.4 71928.4 77351.9 79215.7 81816.2 33
Z.1, September 15, 1999 61

L.9 Assets and Liabilities of the Personal Sector (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 15793.8 16313.7 18761.9 20986.8 23981.7 25705.0 26010.5 24653.8 27321.1 28030.1 29158.3 1

 2 Foreign deposits 15.8 18.8 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.4 2

 3 Checkable deposits and currency 696.3 672.1 618.2 567.5 572.3 554.5 551.8 541.6 583.3 570.2 546.5 3

 4 Time and savings deposits 2291.0 2286.9 2460.1 2635.8 2811.3 2896.7 2894.2 2900.0 3001.9 2994.0 3004.3 4

 5 Money market fund shares 341.8 355.3 454.1 510.8 596.6 648.5 648.0 704.8 747.7 796.7 762.1 5

 6 Securities 5702.9 5858.1 7024.5 7954.2 9027.1 9790.6 9886.1 9036.0 10357.0 10808.2 11426.3 6

 7 Open market paper 45.5 46.7 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 7

 8 U.S. savings bonds 171.9 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 8

 9 Other Treasury securities 426.4 616.0 530.5 515.3 333.1 335.7 324.9 316.0 235.7 158.9 131.8 9

10 Agency securities 0.3 133.3 133.4 229.3 237.1 177.2 175.1 211.6 201.9 244.4 265.0 10

11 Municipal securities 551.9 501.5 457.7 435.6 427.2 432.4 454.8 452.8 458.3 473.3 491.8 11

12 Corporate and foreign bonds 322.5 353.1 447.6 496.9 538.0 586.9 628.0 595.9 571.1 658.8 659.9 12

13 Corporate equities (2) 3193.6 2975.5 3957.2 4448.7 5188.7 5704.5 5677.0 5016.4 6139.5 6413.2 6838.5 13

14 Mutual fund shares 990.9 1052.1 1265.0 1586.0 2057.6 2307.7 2379.5 2195.4 2500.7 2608.7 2787.1 14

15 Private life insurance reserves 457.2 491.5 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 713.0 15

16 Private insured pension reserves 836.4 884.5 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1456.7 16

17 Private noninsured pension reserves 2275.0 2377.5 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 17

18 Govt. insurance and pension reserves 1591.0 1715.0 2018.8 2401.3 2965.1 3242.1 3316.1 3152.0 3483.4 3541.7 3700.8 18

19 Investment in bank personal trusts 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 1402.7 19

20 Miscellaneous assets 895.1 954.5 1044.7 1158.2 1290.4 1328.5 1361.3 1413.6 1436.4 1433.7 1453.5 20

21 Total liabilities 5771.3 6101.1 6513.2 6974.4 7444.1 7537.1 7705.7 7867.5 8057.8 8173.0 8371.9 21

22 Mortgage debt on nonfarm homes 3128.5 3311.3 3490.5 3699.1 3934.1 4016.9 4095.2 4194.9 4299.4 4391.8 4503.7 22

23 Other mortgage debt (3) 844.1 820.3 818.8 880.6 934.8 953.2 973.5 994.1 1014.4 1036.9 1061.7 23

24 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 1338.0 24

25 Policy loans 78.6 86.4 96.9 101.4 104.6 104.8 105.8 106.3 104.7 100.6 99.8 25

26 Security credit 76.1 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 178.7 26

27 Other liabilities (3) 785.0 824.1 905.6 987.3 1075.4 1085.8 1122.2 1134.7 1152.5 1164.5 1189.9 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.
62 Z.1, September 15, 1999

L.100 Households and Nonprofit Organizations (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 18403.3 19081.2 21697.7 24039.4 27300.2 28828.9 29329.7 27963.5 30633.1 31329.5 32404.3 1

 2 Deposits 3182.8 3157.3 3365.5 3539.6 3800.1 3921.2 3908.3 3954.9 4139.1 4165.6 4116.5 2

 3 Foreign deposits 15.8 18.8 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.4 3

 4 Checkable deposits and currency 593.4 563.6 504.9 445.8 445.2 426.0 421.4 409.4 449.3 434.4 409.1 4

 5 Time and savings deposits 2235.8 2223.5 2388.0 2553.0 2723.2 2807.4 2803.4 2807.7 2908.7 2899.4 2908.8 5

 6 Money market fund shares 337.9 351.3 449.2 505.3 589.9 641.5 640.6 697.0 739.6 788.2 753.3 6

 7 Credit market instruments 1631.5 1932.1 1895.5 2011.6 1871.1 1868.2 1919.2 1913.4 1805.8 1874.9 1889.2 7

 8 Open market paper 45.5 46.7 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 8

 9 U.S. government securities 585.3 915.2 833.3 917.2 743.0 685.6 672.6 700.4 611.2 576.9 570.6 9

10 Treasury 585.0 782.0 699.9 687.9 506.0 508.4 497.6 488.7 409.4 332.5 305.5 10

11 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 11

12 Other Treasury 413.1 602.0 514.9 500.9 319.5 322.2 311.6 302.8 222.7 146.0 119.1 12

13 Agency 0.3 133.3 133.4 229.3 237.1 177.2 175.1 211.6 201.9 244.4 265.0 13

14 Municipal securities 551.9 501.5 457.7 435.6 427.2 432.4 454.8 452.8 458.3 473.3 491.8 14

15 Corporate and foreign bonds 322.5 353.1 447.6 496.9 538.0 586.9 628.0 595.9 571.1 658.8 659.9 15

16 Mortgages 126.3 115.6 108.9 106.5 103.8 103.3 102.8 102.3 102.0 101.4 101.1 16

17 Corporate equities (2) 3193.6 2975.5 3957.2 4448.7 5188.7 5704.5 5677.0 5016.4 6139.5 6413.2 6838.5 17

18 Mutual fund shares 990.9 1052.1 1265.0 1586.0 2057.6 2307.7 2379.5 2195.4 2500.7 2608.7 2787.1 18

19 Security credit 102.3 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 265.8 19

20 Life insurance reserves 484.8 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 747.4 20

21 Pension fund reserves 4674.8 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9335.8 9770.1 21

22 Investment in bank personal trusts 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 1402.7 22

23 Equity in noncorporate business 3187.3 3410.5 3658.3 3864.5 4213.4 4039.4 4255.1 4265.5 4288.4 4293.4 4257.7 23

24 Miscellaneous assets 264.1 276.9 291.7 301.4 311.7 314.7 315.7 319.5 326.9 327.6 329.3 24

25 Total liabilities 4290.2 4612.8 4981.6 5329.8 5703.1 5773.0 5908.2 6040.6 6201.5 6291.1 6453.6 25

26 Credit market instruments 4108.0 4427.0 4782.2 5105.1 5433.3 5494.5 5613.2 5746.1 5903.6 5985.9 6128.1 26

27 Home mortgages 2892.6 3070.2 3251.4 3461.4 3693.2 3774.5 3851.0 3948.9 4051.5 4141.8 4251.6 27

28 Consumer credit 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 1338.0 28

29 Municipal securities 94.0 97.6 98.3 104.9 114.9 119.1 123.1 124.2 126.9 128.9 131.7 29

30 Bank loans n.e.c. 27.4 40.0 57.4 58.0 66.6 65.1 75.7 69.9 72.9 68.7 71.9 30

31 Other loans and advances 126.6 133.7 160.3 172.7 190.7 193.7 197.6 201.3 204.0 207.0 210.5 31

32 Commercial mortgages 108.5 101.5 91.9 96.6 103.7 106.1 109.1 115.1 116.6 120.8 124.3 32

33 Security credit 76.1 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 178.7 33

34 Trade payables 89.8 94.0 103.3 111.9 120.0 119.5 124.0 125.2 125.7 126.0 128.2 34

 Deferred and unpaid

35 life insurance premiums 16.3 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 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, September 15, 1999 63

L.101 Nonfinancial Business (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 4860.0 5207.2 5779.9 6373.1 6972.8 7077.8 7212.3 7327.7 7431.2 7587.6 7723.8 1

 2 Foreign deposits 12.9 14.0 15.6 26.1 19.8 22.5 25.6 24.1 28.1 32.1 36.1 2

 3 Checkable deposits and currency 306.0 330.1 366.2 411.5 409.8 411.6 431.1 441.6 446.3 454.3 471.4 3

 4 Time and savings deposits 129.3 130.9 115.0 126.4 137.9 142.5 145.2 157.8 145.9 150.0 155.9 4

 5 Money market fund shares 48.7 56.2 81.9 92.3 117.4 129.4 134.8 145.9 163.9 170.6 176.8 5

 6 Security RPs 2.5 2.2 2.4 3.9 4.5 3.4 2.1 2.6 3.3 4.0 4.5 6

 7 Credit market instruments 308.5 326.8 322.7 308.2 305.4 287.0 276.1 282.1 302.8 283.5 294.4 7

 8 Commercial paper 19.4 18.8 20.1 31.5 35.3 29.5 25.1 26.0 27.2 26.3 27.3 8

 9 U.S. government securities 81.2 84.7 96.1 90.0 80.9 71.4 70.9 76.0 86.5 79.3 87.5 9

10 Municipal securities 54.7 56.7 36.8 31.0 36.1 40.1 42.5 42.9 43.4 40.8 42.5 10

11 Mortgages 76.0 80.0 84.6 77.9 74.2 73.3 72.5 71.6 70.8 69.9 69.1 11

12 Consumer credit 77.2 86.6 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.1 12

13 Mutual fund shares 29.8 31.1 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 13

14 Trade receivables 1138.0 1224.0 1314.2 1418.5 1471.8 1492.1 1523.6 1554.5 1498.2 1541.8 1578.5 14

15 Miscellaneous assets 2884.2 3092.0 3516.1 3926.2 4437.1 4509.9 4591.0 4644.9 4751.7 4855.2 4908.2 15

16 Total liabilities 6869.7 7115.6 7541.2 8125.7 8752.6 8874.5 9019.0 9136.9 9263.4 9453.2 9587.1 16

17 Credit market instruments 3819.4 3972.9 4245.2 4527.1 4903.5 5052.6 5209.2 5311.1 5428.0 5619.2 5740.7 17

18 Commercial paper 117.8 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 18

19 Municipal securities 124.9 131.7 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 19

20 Corporate bonds 1229.7 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1963.3 20

21 Bank loans n.e.c. 657.4 719.8 806.2 876.0 973.9 982.8 1021.9 1050.7 1075.9 1096.4 1106.5 21

22 Other loans and advances 493.5 526.7 566.8 587.6 639.8 659.6 665.5 675.3 699.7 730.3 725.1 22

23 Mortgages 1196.1 1202.5 1236.0 1308.8 1368.3 1392.7 1419.6 1440.0 1482.2 1521.4 1563.2 23

24 Trade payables 797.6 883.3 971.5 1043.0 1118.7 1114.3 1097.1 1105.8 1118.2 1123.6 1137.0 24

25 Taxes payable 74.5 74.9 76.2 87.3 98.6 109.1 100.3 109.5 106.4 111.3 108.9 25

26 Miscellaneous liabilities 2178.1 2184.5 2248.3 2468.2 2631.8 2598.5 2612.5 2610.5 2610.8 2599.1 2600.5 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, September 15, 1999

L.102 Nonfarm Nonfinancial Corporate Business

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 4289.0 4567.3 5058.8 5564.0 6084.9 6169.8 6283.6 6378.8 6461.0 6598.8 6715.9 1

 2 Foreign deposits 12.9 14.0 15.6 26.1 19.8 22.5 25.6 24.1 28.1 32.1 36.1 2

 3 Checkable deposits and currency 203.1 221.6 252.9 289.8 282.7 283.1 300.8 309.4 312.3 318.6 334.0 3

 4 Time and savings deposits 74.1 67.5 42.9 43.6 49.8 53.2 54.4 65.5 52.7 55.4 60.4 4

 5 Money market fund shares 44.8 52.2 77.0 86.9 110.7 122.3 127.4 138.1 155.8 162.2 168.0 5

 6 Security RPs 2.5 2.2 2.4 3.9 4.5 3.4 2.1 2.6 3.3 4.0 4.5 6

 7 Commercial paper 19.4 18.8 20.1 31.5 35.3 29.5 25.1 26.0 27.2 26.3 27.3 7

 8 U.S. government securities 67.9 70.7 80.5 75.6 67.3 58.0 57.6 62.9 73.5 66.4 74.8 8

 9 Municipal securities 54.7 56.7 36.8 31.0 36.1 40.1 42.5 42.9 43.4 40.8 42.5 9

10 Mortgages 52.3 56.4 57.9 54.4 50.4 49.4 48.4 47.4 46.4 45.4 44.4 10

11 Consumer credit 77.2 86.6 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.1 11

12 Trade receivables 1035.0 1107.0 1184.9 1273.1 1309.7 1326.0 1353.3 1380.4 1320.0 1359.7 1392.2 12

13 Mutual fund shares 29.8 31.1 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 13

14 Miscellaneous assets 2615.3 2782.6 3156.9 3510.6 3970.7 4030.3 4098.7 4139.7 4232.4 4324.8 4365.6 14

15 U.S. direct investment abroad (1) 574.3 647.5 736.4 816.9 867.3 904.4 942.0 961.0 973.2 1014.0 1045.4 15

16 Insurance receivables 169.7 175.4 183.6 186.2 188.1 189.7 190.1 191.4 195.0 193.8 193.6 16

17 Equity in GSEs 1.9 2.0 1.8 1.6 0.5 0.5 0.4 -0.2 -0.2 -0.2 -0.4 17

18 Investment in finance company subs. 17.8 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 18

19 Other 1851.7 1936.9 2209.5 2475.8 2882.6 2903.4 2936.2 2958.4 3033.6 3084.8 3094.3 19

20 Total liabilities 5388.6 5627.4 6009.5 6481.1 7011.5 7110.3 7221.6 7310.1 7407.0 7571.3 7668.9 20

21 Credit market instruments 2563.0 2708.9 2947.7 3141.0 3433.8 3559.4 3686.4 3762.5 3852.2 4019.2 4107.9 21

22 Commercial paper 117.8 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 22

23 Municipal securities (2) 124.9 131.7 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 23

24 Corporate bonds (1) 1229.7 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1963.3 24

25 Bank loans n.e.c. 477.6 521.0 587.7 627.2 695.4 701.8 732.3 755.6 777.6 795.5 798.0 25

26 Other loans and advances 388.4 421.4 453.7 472.2 520.6 537.0 540.9 546.7 567.9 597.2 590.2 26

27 Savings institutions 5.4 5.1 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 27

28 Finance companies 224.1 247.4 271.4 278.5 286.7 293.3 301.4 301.6 312.8 326.5 336.4 28

29 Federal government 8.1 8.0 10.0 8.7 8.4 8.5 8.4 8.3 8.3 8.2 8.1 29

30 Acceptance liabilities to banks 17.1 15.0 14.2 13.4 10.8 8.8 7.3 7.8 6.6 5.6 4.8 30

31 Rest of the world 114.2 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 153.3 133.1 31

32 ABS issuers 19.5 23.7 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 94.2 32

33 Mortgages 224.7 242.6 270.1 287.1 296.4 303.1 311.0 315.0 336.5 355.4 373.7 33

34 Trade payables 719.3 796.5 877.5 927.0 990.5 984.4 963.7 969.1 979.7 984.5 995.2 34

35 Taxes payable 40.7 40.3 40.3 49.9 59.2 69.0 59.7 68.3 64.5 68.8 65.7 35

36 Miscellaneous liabilities 2065.6 2081.6 2144.0 2363.1 2528.0 2497.5 2511.9 2510.1 2510.7 2498.8 2500.1 36

37 Foreign direct investment in U.S. 493.4 539.0 580.5 627.4 697.2 731.1 747.5 759.2 778.2 807.6 882.1 37

38 Pension fund contributions payable 21.9 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 38

39 Other 1550.3 1520.6 1537.9 1706.2 1797.5 1732.2 1729.2 1714.8 1695.4 1653.1 1579.1 39

 Memo:

40 Trade receivables net of payables 315.8 310.4 307.4 346.1 319.2 341.6 389.7 411.3 340.3 375.2 397.1 40

41 Market value of equities 4803.1 4716.5 6270.6 7425.2 9255.6 10481.4 10619.6 9447.9 11585.4 12021.0 13001.0 41

42 Securities and mortgages 1579.2 1627.3 1748.9 1885.3 2049.2 2127.5 2210.7 2243.3 2313.8 2402.6 2487.3 42

43 Loans and short-term paper 983.8 1081.6 1198.8 1255.8 1384.6 1431.9 1475.7 1519.2 1538.4 1616.6 1620.6 43

44 Total short-term liabilities (3) 1743.8 1918.4 2116.6 2232.6 2434.3 2485.3 2499.0 2556.7 2582.6 2669.9 2681.5 44

45 Total liquid assets (4) 509.2 534.7 574.0 648.3 675.3 691.5 718.0 745.7 787.4 801.8 845.6 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 61.6 60.1 59.3 60.0 59.7 59.8 60.0 59.6 60.1 59.8 60.5 46

47 Short-term debt/credit market debt 38.4 39.9 40.7 40.0 40.3 40.2 40.0 40.4 39.9 40.2 39.5 47

48 Liquid assets/short-term liabilities 29.2 27.9 27.1 29.0 27.7 27.8 28.7 29.2 30.5 30.0 31.5 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, September 15, 1999 65

L.103 Nonfarm Noncorporate Business

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 513.9 581.0 660.0 748.0 826.1 845.8 866.1 886.0 906.6 925.5 944.7 1

 2 Checkable deposits and currency 87.2 92.3 96.6 105.1 110.2 111.6 113.4 115.3 117.0 118.8 120.4 2

 3 Time and savings deposits 55.2 63.4 72.1 82.8 88.1 89.3 90.8 92.3 93.2 94.6 95.5 3

 4 Money market fund shares 3.9 4.0 4.9 5.5 6.7 7.1 7.4 7.8 8.1 8.5 8.8 4

 5 Treasury securities 13.3 14.0 15.6 14.4 13.6 13.5 13.3 13.2 13.0 12.9 12.7 5

 6 Mortgages 23.7 23.6 26.7 23.5 23.8 24.0 24.1 24.3 24.4 24.6 24.7 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 103.0 117.0 129.3 145.5 162.2 166.1 170.3 174.1 178.2 182.2 186.3 8

 9 Miscellaneous assets 227.6 266.7 314.8 371.2 421.6 434.4 446.8 459.3 472.7 484.2 496.3 9

10 Insurance receivables 40.8 42.2 44.2 44.8 45.2 45.6 45.7 46.0 46.9 46.6 46.6 10

11 Equity investment in GSEs (1) 0.8 0.9 1.0 1.7 1.7 1.6 1.8 1.7 1.6 1.6 1.6 11

12 Other 186.1 223.6 269.7 324.8 374.7 387.2 399.4 411.6 424.3 436.0 448.2 12

13 Total liabilities 1329.0 1330.9 1370.3 1477.3 1566.1 1590.8 1617.1 1643.6 1672.9 1701.0 1732.7 13

14 Credit market instruments 1118.5 1121.8 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.6 1466.7 14

15 Bank loans n.e.c. 143.0 160.2 178.7 208.5 234.7 238.8 243.5 248.1 253.2 258.3 263.8 15

16 Other loans and advances 84.8 84.7 92.3 93.0 97.3 100.9 102.7 106.9 109.5 110.6 113.1 16

17 Mortgages 890.7 876.9 881.4 934.6 981.6 998.3 1015.7 1030.6 1049.2 1068.6 1089.8 17

18 Trade payables 64.1 71.6 77.8 98.6 109.4 111.9 114.1 116.5 118.9 120.6 122.4 18

19 Taxes payable 33.8 34.6 35.9 37.5 39.4 40.0 40.7 41.3 41.9 42.5 43.2 19

20 Miscellaneous liabilities 112.5 102.9 104.3 105.1 103.8 101.0 100.6 100.3 100.2 100.3 100.4 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 57.0 58.8 61.2 61.1 61.7 62.2 62.5 62.9 63.6 63.3 63.3 1

 2 Checkable deposits and currency 15.7 16.2 16.7 16.7 16.9 16.9 17.0 17.0 17.0 17.0 17.0 2

 3 Miscellaneous assets 41.3 42.6 44.5 44.4 44.8 45.3 45.5 45.9 46.6 46.2 46.3 3

 4 Insurance receivables 39.1 40.4 42.3 42.9 43.3 43.7 43.8 44.1 44.9 44.6 44.6 4

 5 Equity investment in GSEs (2) 2.2 2.2 2.2 1.5 1.5 1.6 1.7 1.8 1.7 1.6 1.7 5

 6 Total liabilities 152.1 157.4 161.3 167.4 175.0 173.3 180.3 183.2 183.4 180.9 185.6 6

 7 Credit market instruments 137.9 142.2 145.1 149.9 156.1 155.3 161.0 163.1 163.8 162.4 166.2 7

 8 Bank loans n.e.c. 36.8 38.7 39.7 40.4 43.9 42.1 46.1 47.0 45.1 42.6 44.6 8

 9 Other loans and advances 20.3 20.6 20.8 22.4 21.9 21.8 21.8 21.7 22.2 22.5 21.8 9

10 Mortgages 80.7 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 10

11 Trade payables 14.2 15.2 16.2 17.4 18.8 18.1 19.4 20.1 19.6 18.5 19.4 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, September 15, 1999

L.105 State and Local Governments (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1083.4 1025.8 994.1 1007.9 1033.3 1062.7 1102.0 1119.4 1150.3 1172.5 1199.5 1

 2 Checkable deposits and currency 28.3 30.0 33.3 27.8 32.2 27.3 28.9 26.8 28.3 27.4 27.0 2

 3 Time and savings deposits 48.8 55.3 62.0 72.6 78.4 84.8 85.8 88.2 91.1 92.5 91.5 3

 4 Security RPs 133.7 118.6 115.7 147.8 151.4 160.0 154.0 158.0 158.5 166.5 163.8 4

 5 Credit market instruments 784.9 729.9 638.6 604.8 605.0 606.0 651.6 681.1 704.4 717.1 732.3 5

 6 Open market paper 17.9 22.3 39.4 59.7 74.0 79.3 77.8 88.0 92.0 96.0 97.2 6

 7 U.S. government securities 622.8 556.6 441.3 373.2 354.8 348.4 391.0 411.4 428.3 434.5 445.4 7

 8 Treasury 447.8 370.0 289.8 257.0 239.3 238.1 258.5 266.4 269.3 272.5 279.1 8

 9 Agency 175.0 186.6 151.5 116.2 115.4 110.2 132.5 145.0 159.0 162.0 166.3 9

10 Municipal securities 9.5 8.6 5.1 4.6 3.9 3.5 3.0 2.8 2.5 2.1 1.8 10

11 Corporate and foreign bonds 26.5 31.9 39.0 49.7 51.0 52.5 56.4 54.5 56.2 58.0 60.3 11

12 Mortgages 108.3 110.5 113.8 117.6 121.3 122.3 123.3 124.4 125.4 126.5 127.6 12

13 Corporate equities 9.3 10.6 26.2 46.8 79.0 90.5 98.9 86.0 102.0 106.9 117.9 13

14 Mutual fund shares 21.3 29.1 35.0 41.0 33.6 31.5 33.9 27.4 26.3 25.3 27.4 14

15 Taxes receivable 39.1 34.0 27.9 26.1 26.9 27.6 28.6 28.8 28.1 28.5 30.3 15

16 Miscellaneous assets 17.8 18.2 55.4 41.0 27.0 35.1 20.2 23.1 11.5 8.3 9.4 16

17 Total liabilities 1195.1 1150.7 1101.2 1096.6 1154.4 1179.3 1205.8 1214.3 1235.4 1260.1 1275.5 17

18 Credit market instruments 1167.9 1121.7 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1223.2 1238.2 18

19 Municipal securities 1158.7 1112.4 1060.4 1053.3 1110.6 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 19

20 Short-term 33.8 31.7 32.9 39.1 47.5 48.4 42.9 39.3 41.2 42.1 40.0 20

21 Other 1124.9 1080.7 1027.5 1014.1 1063.1 1085.8 1117.8 1129.4 1148.5 1170.9 1188.1 21

22 U.S. government loans 9.2 9.3 9.8 10.1 8.9 10.2 10.1 10.1 10.1 10.2 10.2 22

23 Trade payables 27.2 29.0 31.0 33.2 35.0 34.9 35.0 35.5 35.6 36.9 37.3 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 488.7 435.8 437.7 436.9 432.4 447.4 482.5 458.8 435.4 462.5 472.4 1

 2 Gold, SDRs, and official foreign exchange 40.2 41.4 53.8 44.9 42.0 41.7 42.8 46.3 51.0 48.2 45.9 2

 3 Checkable deposits and currency 52.2 27.8 22.2 38.3 41.6 37.9 82.9 47.1 23.2 29.1 61.2 3

 4 Time and savings deposits 0.8 0.7 0.9 2.4 3.4 3.0 3.2 3.6 4.7 3.9 4.1 4

 5 Credit market instruments 231.9 202.9 202.7 195.3 200.4 204.3 207.5 210.9 213.9 218.3 219.9 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 85.0 71.0 57.8 50.3 45.7 45.5 45.1 44.8 44.9 44.7 44.6 7

 8 Other loans and advances 146.9 131.9 145.0 145.0 154.6 158.8 162.4 166.1 169.0 173.6 175.3 8

 9 Trade receivables 28.4 24.7 23.1 24.0 20.8 22.5 22.3 24.5 20.5 21.8 20.8 9

10 Taxes receivable 18.9 18.6 17.3 20.7 20.0 34.5 20.2 24.0 21.4 40.5 20.0 10

11 Miscellaneous assets 116.3 119.8 117.7 111.3 104.3 103.6 103.5 102.5 100.8 100.7 100.5 11

12 Total liabilities 3929.8 4124.9 4289.1 4491.4 4555.3 4569.6 4499.6 4487.1 4542.5 4538.6 4442.2 12

13 SDR certificates 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 13

14 Treasury currency 17.0 17.6 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.5 14

15 Credit market instruments 3336.5 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 15

16 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 16

17 Other Treasury securities 3138.0 3285.6 3423.5 3568.1 3591.8 3618.7 3537.4 3508.8 3537.1 3545.0 3436.9 17

18 Budget agency securities 26.6 26.7 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 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 86.1 85.7 81.1 82.4 82.4 81.8 81.8 82.8 79.7 79.4 80.1 20

21 Insurance and pension reserves 475.5 514.4 536.2 591.9 634.0 622.9 634.6 649.4 676.5 666.3 677.1 21

22 Miscellaneous liabilities 6.8 6.8 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 22
Z.1, September 15, 1999 67

L.107 Rest of the World

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2601.1 2856.3 3430.2 4132.1 4862.1 4997.9 5158.0 5186.0 5616.6 5713.5 5871.4 1

 2 Net interbank assets 125.4 218.2 229.3 177.3 173.0 137.1 141.7 149.4 144.7 131.4 143.7 2

 3 U.S. checkable deposits and currency 155.1 180.4 193.8 213.7 243.6 245.5 251.6 256.1 258.2 262.0 272.3 3

 4 U.S. time deposits 54.7 56.3 49.6 60.6 73.6 78.2 78.0 87.3 86.1 85.0 84.9 4

 5 Security RPs 58.6 46.6 67.6 70.9 90.8 112.2 105.2 91.0 72.0 86.3 81.4 5

 6 Credit market instruments 1108.7 1216.0 1531.1 1926.6 2256.8 2317.1 2396.0 2412.2 2534.3 2591.8 2603.3 6

 7 Open market paper 18.8 24.9 43.4 57.9 77.8 74.5 92.0 115.3 114.8 110.8 101.1 7

 8 U.S. government securities 702.4 757.7 996.1 1289.5 1498.5 1529.8 1552.7 1521.7 1617.7 1633.7 1644.4 8

 9 Official holdings 381.7 407.2 497.8 610.5 614.5 628.5 608.4 577.5 620.2 627.0 626.1 9

10 Treasury 373.1 396.9 482.8 590.7 589.8 601.1 580.8 548.0 589.0 589.8 583.1 10

11 Agency 8.6 10.3 15.0 19.8 24.7 27.3 27.6 29.5 31.3 37.3 43.0 11

12 Private holdings 320.7 350.5 498.3 679.0 884.0 901.3 944.3 944.2 997.5 1006.7 1018.2 12

13 Treasury 221.5 235.7 358.5 502.6 662.2 659.7 685.4 684.0 727.3 718.6 713.0 13

14 Agency 99.2 114.8 139.8 176.5 221.8 241.6 258.8 260.2 270.1 288.1 305.2 14

15 U.S. corporate bonds (1) 273.3 311.4 369.5 453.2 537.2 564.0 605.2 628.7 659.6 694.0 724.7 15

16 Loans to U.S. corporate business 114.2 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 153.3 133.1 16

17 U.S. corporate equities 373.5 397.7 527.6 656.8 919.5 1059.0 1084.3 937.9 1115.4 1139.2 1252.2 17

18 Trade receivables 47.5 49.8 49.5 55.7 58.5 57.1 57.3 56.7 51.9 47.1 46.4 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 677.4 691.5 781.7 970.6 1046.3 991.6 1043.9 1195.4 1354.1 1370.8 1387.2 20

21 Foreign direct investment in U.S. (2) 546.4 564.7 619.4 674.3 764.0 790.9 812.7 838.8 878.7 901.4 1021.1 21

22 Other 131.0 126.7 162.3 296.3 282.3 200.7 231.2 356.6 475.4 469.3 366.1 22

23 Total liabilities 1550.1 1701.1 1958.1 2243.9 2481.7 2430.6 2572.7 2699.1 2667.8 2696.5 2720.6 23

 U.S. official foreign exchange

24 and net IMF position 53.4 53.2 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 24

25 U.S. private deposits 271.8 373.9 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 700.4 25

26 Credit market instruments 385.8 370.3 441.4 518.7 570.1 591.6 617.1 612.8 603.7 607.8 596.5 26

27 Commercial paper 68.8 42.7 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 27

28 Bonds 230.1 242.3 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 415.4 28

29 Bank loans n.e.c. 24.6 26.1 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 29

30 Official 2.4 2.2 2.6 2.9 2.1 2.3 2.2 2.0 2.8 2.9 2.8 30

31 Banks 8.8 8.8 10.9 14.3 13.8 13.1 14.8 13.8 13.1 12.5 13.8 31

32 Other 13.5 15.2 21.1 26.5 36.3 38.0 38.6 40.6 43.0 43.6 43.9 32

33 U.S. government loans 54.1 51.4 50.6 49.9 48.2 47.9 47.9 47.5 47.2 46.6 46.3 33

34 Acceptance liabilities to banks 8.2 7.9 8.2 9.9 9.7 8.0 6.9 6.3 4.7 4.7 4.1 34

35 Trade payables 35.9 39.5 45.3 43.6 48.7 49.1 46.1 47.2 46.3 45.0 42.8 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 803.3 864.1 988.8 1111.8 1195.2 1134.4 1229.0 1332.9 1317.8 1318.3 1329.9 37

38 U.S. equity in IBRD, etc. 25.0 26.4 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 38

39 U.S. government deposits 1.9 2.3 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.5 39

40 U.S. direct investment abroad (1,2) 690.7 748.5 843.3 940.2 1004.2 1044.8 1089.3 1112.3 1123.4 1168.4 1204.7 40

41 Other 85.7 86.8 115.0 139.4 157.3 55.5 105.1 185.8 159.2 114.2 89.0 41

 Memo:

42 Market value of foreign equities 543.9 627.5 776.8 1002.9 1201.0 1350.0 1310.0 1210.0 1407.1 1420.0 1500.0 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).
68 Z.1, September 15, 1999

L.108 Monetary Authority (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 423.8 452.1 471.9 495.2 534.0 519.6 541.2 540.5 566.8 560.3 577.2 1

 2 Gold and foreign exchange 33.3 33.0 32.1 30.2 28.0 27.7 28.3 29.4 30.7 26.1 25.8 2

 3 SDR certificates 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 3

 4 Treasury currency 22.1 23.0 24.0 25.0 25.6 25.7 25.9 26.0 26.3 26.6 26.9 4

 5 Federal Reserve float 0.9 -0.7 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 5

 6 Fed. Res. loans to domestic banks 0.1 0.2 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 6

 7 Security RPs 13.2 10.6 13.9 21.6 23.8 8.3 20.5 14.2 30.4 18.3 14.3 7

 8 Credit market instruments 336.7 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 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 336.7 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 485.1 10

11 Treasury 332.0 364.5 378.2 390.9 430.7 433.2 439.8 446.0 452.1 465.7 484.9 11

12 Agency 4.6 3.6 2.6 2.2 0.7 0.6 0.5 0.4 0.3 0.3 0.3 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 9.6 9.8 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 14

15 Total liabilities 420.4 448.4 467.9 490.7 528.8 514.0 534.8 533.4 560.8 553.9 570.4 15

16 Depository institution reserves 35.0 30.8 29.6 24.5 30.8 24.4 23.7 25.7 26.3 22.5 22.2 16

17 Vault cash of commercial banks 32.7 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.5 17

18 Checkable deposits and currency 348.2 373.5 390.5 413.9 444.0 443.8 464.7 461.2 482.6 485.8 499.6 18

19 Due to federal government 15.2 7.5 6.2 8.0 5.7 5.8 18.3 5.0 6.2 5.5 6.8 19

20 Due to rest of the world 0.4 0.3 0.5 0.5 1.0 0.8 0.9 1.1 1.0 1.1 1.4 20

21 Currency outside banks 332.6 365.7 383.7 405.5 437.4 437.2 445.5 455.0 475.4 479.2 491.4 21

22 Miscellaneous liabilities 4.6 6.0 7.3 7.1 8.9 8.0 8.0 7.3 9.9 7.0 8.1 22

23 Federal Reserve Bank stock 3.4 3.7 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 23

24 Other 1.2 2.3 3.3 2.5 3.5 2.5 2.2 1.4 3.9 0.9 1.8 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, September 15, 1999 69

L.109 Commercial Banking (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 3891.8 4159.7 4493.8 4710.4 5174.6 5245.6 5332.2 5492.2 5642.1 5638.0 5695.5 1

 2 Vault cash 32.7 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.5 2

 3 Reserves at Federal Reserve 31.5 28.0 26.9 22.3 29.1 22.6 21.8 23.9 24.4 20.8 20.4 3

 4 Checkable deposits and currency 1.0 1.4 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 4

 5 Total bank credit 3174.4 3331.2 3604.6 3794.5 4144.5 4220.0 4274.5 4338.8 4483.3 4474.5 4525.0 5

 6 U.S. government securities 745.4 719.1 746.1 757.5 841.2 871.6 852.0 841.5 876.6 897.4 893.8 6

 7 Treasury 322.2 290.4 278.7 261.8 270.1 278.4 263.6 219.8 214.0 223.8 217.5 7

 8 Agency 423.2 428.7 467.5 495.7 571.2 593.2 588.4 621.7 662.6 673.6 676.2 8

 9 Municipal securities 99.2 97.6 93.4 94.2 96.7 95.8 98.3 101.5 104.8 106.5 107.6 9

10 Corporate and foreign bonds 98.2 102.5 110.9 112.3 143.1 153.4 156.6 164.3 181.1 164.4 187.9 10

11 Total loans 2223.5 2407.1 2646.9 2821.1 3052.9 3087.3 3154.9 3220.9 3304.8 3289.6 3317.3 11

12 Open market paper 7.3 5.8 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 12

13 Bank loans n.e.c. 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.6 13

14 Mortgages 947.8 1012.7 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 14

15 Consumer credit 395.7 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 15

16 Security credit 100.7 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 16

17 Corporate equities 4.3 2.9 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 17

18 Mutual fund shares 3.9 2.0 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 18

19 Customers’ liab. on acceptances (2) 25.3 22.9 22.3 23.4 20.6 16.8 14.2 14.1 11.3 10.2 9.0 19

20 Miscellaneous assets 627.0 738.0 797.8 823.7 934.0 947.0 981.8 1074.7 1079.1 1092.3 1099.4 20

21 Total liabilities 3750.3 4048.9 4333.2 4547.4 5053.0 5126.6 5215.1 5395.1 5519.2 5494.3 5563.2 21

22 Net interbank liabilities 121.7 211.2 220.5 171.1 143.5 117.4 127.0 133.8 119.4 119.4 133.6 22

23 To monetary authority 1.0 -0.5 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 23

24 To domestic banks (3) -4.7 -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.5 24

25 To foreign banks 125.4 218.2 229.3 177.3 173.0 137.1 141.7 149.4 144.7 131.4 143.7 25

26 Checkable deposits 788.4 756.7 710.8 676.3 656.4 616.8 650.7 609.0 623.0 589.6 607.7 26

27 Federal government 42.6 23.8 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 27

28 Rest of the world 21.3 23.2 24.0 26.6 31.2 32.7 36.2 33.3 29.2 30.5 37.4 28

29 Private domestic 724.5 709.8 667.8 621.0 597.5 562.4 566.0 545.7 580.7 542.7 528.3 29

30 Small time and savings deposits 1377.2 1376.2 1490.1 1613.2 1761.5 1814.7 1832.0 1869.0 1945.2 1958.5 1972.7 30

31 Large time deposits 311.7 333.0 387.8 493.1 601.0 645.3 634.4 651.9 673.3 671.1 672.3 31

32 Federal funds and security RPs (net) 313.7 391.8 422.2 463.2 552.2 576.6 589.6 626.9 639.2 667.5 673.5 32

33 Credit market instruments 208.0 228.1 250.6 263.6 309.2 329.9 350.2 365.7 382.1 390.0 405.4 33

34 Open market paper 51.9 55.0 52.8 55.7 58.5 58.9 62.3 64.2 56.9 56.8 58.4 34

35 Corporate bonds 134.9 142.6 161.1 168.9 192.6 205.0 209.2 214.4 220.2 229.0 227.8 35

36 Other loans and advances 21.2 30.5 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 36

37 Taxes payable 1.2 1.9 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 37

38 Miscellaneous liabilities 628.4 750.1 848.4 863.0 1023.7 1020.1 1025.0 1132.2 1129.8 1090.5 1089.9 38

 Memo:

39 Credit market funds advanced (4) 3090.8 3254.3 3520.1 3707.7 4031.9 4093.4 4136.4 4195.7 4335.7 4338.4 4383.3 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).
70 Z.1, September 15, 1999

L.110 U.S.-Chartered Commercial Banks

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2932.4 3122.9 3321.7 3444.5 3742.2 3795.4 3845.9 3939.3 4094.2 4095.7 4160.8 1

 2 Vault cash and reserves at Federal Reserve 63.2 65.2 66.6 66.3 71.2 59.5 58.6 62.4 65.5 58.8 59.8 2

 3 Total bank credit 2780.9 2921.4 3116.3 3231.5 3512.2 3577.0 3618.0 3688.6 3844.4 3861.8 3933.2 3

 4 U.S. government securities 671.3 646.1 629.1 609.7 664.0 682.2 658.7 670.0 703.5 722.4 726.2 4

 5 Treasury 275.0 248.0 207.6 173.0 166.8 171.9 153.9 128.7 124.7 134.6 130.2 5

 6 Agency 396.3 398.1 421.5 436.7 497.2 510.3 504.9 541.4 578.8 587.8 596.0 6

 7 Mortgage pool securities 173.2 182.2 195.1 216.6 247.7 257.6 241.9 268.5 301.4 287.5 283.3 7

 8 Agency-issued CMOs 133.8 119.4 101.0 89.5 107.0 108.1 110.0 121.4 115.9 123.6 121.3 8

 9 Other agency securities 89.3 96.5 125.3 130.7 142.4 144.6 152.9 151.5 161.5 176.6 191.5 9

10 Municipal securities 98.9 97.0 92.7 93.7 96.1 95.2 97.8 101.0 104.4 105.9 107.0 10

11 Corporate and foreign bonds 66.6 66.0 69.3 64.8 85.8 91.8 98.9 102.6 118.2 107.2 130.8 11

12 Private mortgage pool securities 4.7 3.6 4.5 4.2 3.0 3.1 6.0 5.7 3.9 5.1 4.1 12

13 Privately issued CMOs 19.8 21.5 24.9 21.8 22.5 28.7 32.4 35.1 42.8 44.3 44.8 13

14 Other bonds 42.1 40.9 39.8 38.9 60.4 60.0 60.6 61.9 71.5 57.8 82.0 14

15 Total loans 1935.9 2107.4 2317.9 2453.9 2655.6 2695.9 2749.9 2804.4 2902.4 2909.6 2950.9 15

16 Open market paper 4.9 3.6 3.9 4.2 2.3 0.8 0.8 0.7 0.8 0.7 0.5 16

17 Bank loans n.e.c. 578.4 624.6 701.6 759.8 867.9 895.7 938.5 972.6 1012.2 1038.1 1067.1 17

18 Mortgages 895.5 963.7 1045.4 1102.9 1208.4 1235.7 1247.0 1260.6 1304.2 1306.3 1330.8 18

19 Consumer credit 395.7 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 19

20 Security credit 61.4 56.8 65.1 60.2 64.4 71.6 72.2 72.6 76.3 70.5 74.7 20

21 Corporate equities 4.3 2.9 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 21

22 Mutual fund shares 3.9 2.0 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 22

23 Customers’ liab. on acceptances (1) 10.1 9.9 12.3 13.9 13.7 11.6 10.4 10.8 9.1 8.2 7.4 23

24 Miscellaneous assets 78.1 126.4 126.6 132.8 145.2 147.2 158.9 177.6 175.2 166.9 160.5 24

25 Total liabilities 3036.3 3271.5 3457.6 3598.7 3959.7 4026.7 4091.8 4211.3 4366.7 4357.4 4433.9 25

26 Net interbank liabilities -19.4 60.5 54.4 0.4 2.9 8.2 7.5 31.2 25.1 30.9 50.4 26

27 Federal Reserve float 0.9 -0.7 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 27

28 Borrowing from Federal Reserve banks 0.1 0.2 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 28

29 To domestic banks -19.9 -13.3 -20.0 -41.8 -50.2 -53.3 -53.8 -51.8 -51.0 -46.4 -48.4 29

30 To foreign banks -0.5 74.3 74.1 37.8 50.4 59.9 58.9 83.1 74.4 77.9 98.3 30

31 Checkable deposits 773.9 741.7 695.8 661.4 640.3 601.0 634.2 592.9 605.9 572.9 591.5 31

32 Federal government 42.6 23.8 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 32

33 Rest of the world 15.6 17.1 18.0 21.3 25.5 26.9 30.5 27.6 23.8 24.6 32.1 33

34 Private domestic 715.7 700.9 658.7 611.4 587.0 552.4 555.2 535.3 568.9 531.9 517.3 34

35 Small time and savings deposits 1358.6 1357.9 1471.3 1594.2 1738.0 1791.8 1806.5 1848.0 1924.4 1938.7 1954.5 35

36 Large time deposits 196.1 214.0 256.5 306.1 369.3 390.1 382.7 385.3 404.1 405.7 409.6 36

37 Federal funds and security RPs (net) 279.8 351.4 379.6 408.2 471.7 486.3 482.2 509.4 538.5 569.4 571.4 37

38 Acceptance liabilities 10.2 10.0 12.3 14.0 13.7 11.6 10.3 10.7 9.1 8.3 7.4 38

39 Corporate bonds 37.1 40.6 43.3 50.9 61.6 65.6 66.7 68.2 72.1 72.9 74.0 39

40 Other loans and advances 21.2 30.5 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 40

41 Taxes payable 1.2 1.9 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 41

42 Miscellaneous liabilities 377.6 463.0 505.0 520.6 598.7 600.3 616.9 671.9 675.5 647.1 647.9 42

43 Investment by bank holding companies 286.6 304.2 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 43

44 Other 91.0 158.9 160.7 147.7 185.1 170.0 171.0 212.6 206.6 170.7 174.0 44

 Memo:

45 Credit market funds advanced (2) 2721.5 2869.6 3056.1 3175.8 3450.7 3505.1 3543.6 3616.2 3761.2 3782.9 3847.6 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, September 15, 1999 71

L.111 Foreign Banking Offices in U.S. (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 542.2 589.7 666.3 714.8 811.3 793.8 796.7 844.5 806.4 777.4 759.2 1

 2 Reserves at Federal Reserve 1.0 1.0 0.8 1.1 2.9 0.9 1.7 0.8 1.0 0.5 1.2 2

 3 Total bank credit 350.2 362.3 436.9 507.0 567.2 572.6 589.2 580.7 568.6 545.0 521.7 3

 4 U.S. government securities 57.6 55.7 99.6 130.4 157.3 167.0 173.9 152.3 151.8 154.1 147.6 4

 5 Treasury 36.1 32.7 62.3 80.7 95.1 99.7 103.7 86.4 84.8 85.0 83.2 5

 6 Agency 21.5 23.0 37.3 49.7 62.2 67.3 70.2 65.9 67.0 69.1 64.4 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 23.8 28.9 33.5 36.6 41.3 43.4 40.2 42.5 47.1 42.5 41.2 8

 9 Total loans 268.8 277.7 303.9 339.9 368.6 362.2 375.1 386.0 369.7 348.4 332.9 9

10 Open market paper 2.4 2.2 1.7 2.3 0.4 0.3 0.4 0.2 0.3 0.2 0.3 10

11 Bank loans n.e.c. 182.0 197.2 232.6 264.8 284.0 278.2 284.5 289.1 282.2 270.8 258.1 11

12 Mortgages 45.1 40.3 35.1 32.2 26.1 23.7 22.8 22.6 20.6 18.1 16.9 12

13 Security credit 39.3 38.1 34.4 40.6 58.0 60.0 67.5 74.1 66.6 59.2 57.6 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) 15.1 13.0 10.1 9.4 6.9 5.2 3.9 3.4 2.2 2.0 1.6 15

16 Miscellaneous assets 175.9 213.5 218.5 197.2 234.3 215.1 201.9 259.6 234.5 229.9 234.7 16

17 Total liabilities 553.7 602.8 681.3 731.9 830.8 814.0 817.6 866.0 828.6 800.5 783.0 17

18 Net interbank liabilities 151.2 162.3 181.0 178.6 148.2 116.1 123.3 101.2 91.6 81.4 69.5 18

19 To foreign banks 132.7 158.5 173.6 162.1 144.4 98.0 102.8 83.8 91.5 71.5 60.7 19

20 To domestic banks 18.5 3.9 7.5 16.5 3.8 18.2 20.5 17.3 0.1 9.8 8.7 20

21 Checkable deposits 8.3 8.8 8.7 8.0 8.8 8.3 8.8 8.3 8.6 8.9 7.8 21

22 Small time and savings deposits 10.4 9.3 8.5 8.7 13.1 12.3 14.6 9.8 9.5 9.1 7.2 22

23 Large time deposits 107.4 110.0 121.0 176.6 221.3 244.5 240.9 255.4 257.8 254.6 251.7 23

24 Federal funds and security RPs (net) 34.7 41.4 43.2 55.1 80.7 89.3 102.7 112.6 100.4 97.9 102.0 24

25 Acceptance liabilities 16.0 13.4 10.4 9.6 7.2 5.5 4.0 3.5 2.4 2.1 2.1 25

26 Miscellaneous liabilities 225.7 257.6 308.5 295.2 351.5 337.9 323.3 375.2 358.3 346.5 342.7 26

27 Foreign direct investment in U.S. 24.0 26.3 32.7 30.3 37.3 37.7 37.5 42.5 44.6 45.4 59.5 27

28 Due to affiliates 44.5 44.1 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 28

29 Other 157.1 187.3 225.1 200.5 235.4 212.7 206.5 243.2 223.2 211.3 194.8 29

 Memo:

30 Credit market funds advanced (3) 326.0 337.1 412.6 475.8 516.1 517.9 525.6 510.1 504.2 487.8 465.7 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).
72 Z.1, September 15, 1999

L.112 Bank Holding Companies

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 387.9 414.1 466.8 510.8 575.3 609.2 640.7 658.3 686.0 710.8 719.1 1

 2 Credit market instruments 17.5 18.4 18.0 22.0 27.4 31.2 26.8 28.3 26.5 25.0 25.0 2

 3 U.S. government securities 8.4 9.4 8.1 9.0 9.5 10.9 7.5 7.4 7.5 7.2 5.3 3

 4 Treasury issues 5.3 4.6 3.4 4.0 4.0 2.3 1.7 1.0 0.9 1.1 1.2 4

 5 Agency 3.1 4.8 4.7 4.9 5.5 8.6 5.8 6.4 6.6 6.1 4.1 5

 6 Corporate and foreign bonds 7.2 7.1 7.7 10.5 15.5 17.7 17.0 18.6 14.8 14.1 15.6 6

 7 Bank loans n.e.c. 1.9 1.8 2.3 2.5 2.4 2.6 2.3 2.3 4.1 3.6 4.2 7

 8 Miscellaneous assets 370.4 395.8 448.7 488.9 547.9 578.0 613.9 630.0 659.5 685.8 694.1 8

 9 Investment in bank subsidiaries 286.6 304.2 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 9

10 Investment in nonbank subsidiaries 56.3 56.4 64.7 64.9 89.9 99.2 116.9 121.9 134.1 152.6 164.1 10

11 Other 27.5 35.2 39.8 51.1 44.4 48.5 51.1 48.8 56.5 56.9 56.2 11

12 Total liabilities 132.2 143.0 157.1 178.3 218.8 240.8 259.1 270.1 270.7 284.5 292.0 12

13 Net interbank liabilities -10.0 -11.7 -14.9 -7.9 -7.6 -6.9 -3.8 1.5 2.7 7.2 13.7 13

14 To domestic banks -3.3 2.9 3.5 14.7 14.3 13.9 16.2 19.0 23.9 25.3 29.1 14

15 To foreign banks -6.8 -14.6 -18.5 -22.6 -21.9 -20.8 -20.0 -17.5 -21.2 -18.1 -15.4 15

16 Federal funds and security RPs (net) -0.8 -0.9 -0.5 -0.2 -0.2 0.9 4.7 4.9 0.4 0.3 0.1 16

17 Credit market instruments 123.4 133.6 148.0 150.0 168.6 181.2 190.5 196.1 193.5 202.6 202.7 17

18 Commercial paper 25.6 31.6 30.1 32.0 37.6 41.8 48.0 50.0 45.4 46.4 48.9 18

19 Corporate bonds 97.7 102.0 117.9 118.0 131.0 139.4 142.5 146.2 148.1 156.1 153.9 19

20 Miscellaneous liabilities 19.6 22.0 24.6 36.3 57.9 65.6 67.7 67.5 74.1 74.4 75.4 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 29.4 33.1 39.0 40.3 45.8 47.2 49.0 50.1 55.5 54.1 56.4 1

 2 Checkable deposits and currency 1.0 1.4 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 2

 3 Credit market instruments 25.8 29.2 33.4 34.1 37.8 39.2 40.4 41.1 43.8 42.7 45.0 3

 4 U.S. government securities 8.1 7.9 9.4 8.4 10.5 11.6 11.9 11.8 13.8 13.6 14.7 4

 5 Treasury 5.8 5.1 5.4 4.1 4.2 4.6 4.3 3.7 3.6 3.0 3.0 5

 6 Agency 2.3 2.8 4.0 4.3 6.3 7.0 7.5 8.0 10.2 10.6 11.7 6

 7 Municipal securities 0.2 0.6 0.7 0.5 0.5 0.6 0.5 0.5 0.5 0.6 0.6 7

 8 Corporate and foreign bonds 0.6 0.5 0.4 0.3 0.4 0.4 0.5 0.7 1.0 0.6 0.4 8

 9 Bank loans n.e.c. 9.7 11.3 13.1 14.6 15.5 15.4 16.0 16.2 16.3 15.8 16.2 9

10 Home mortgages 4.1 4.8 5.7 6.3 6.4 6.7 7.1 7.3 7.5 6.9 7.5 10

11 Commercial mortgages 3.1 4.0 4.0 3.9 4.4 4.5 4.5 4.7 4.8 5.2 5.6 11

12 Miscellaneous assets 2.6 2.4 4.0 4.8 6.6 6.7 7.0 7.6 9.7 9.7 10.1 12

13 Total liabilities 28.2 31.7 37.2 38.6 43.7 45.1 46.6 47.8 53.1 51.9 54.3 13

14 Checkable deposits 6.1 6.2 6.4 6.9 7.3 7.5 7.7 7.8 8.5 7.9 8.4 14

15 Small time and savings deposits 8.2 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 15

16 Large time deposits 8.2 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 16

17 Miscellaneous liabilities 5.6 7.4 10.3 10.9 15.6 16.3 17.1 17.6 21.9 22.6 23.8 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, September 15, 1999 73

L.114 Savings Institutions (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1020.2 1008.6 1012.8 1031.7 1028.6 1043.2 1046.1 1056.7 1088.4 1111.0 1127.8 1

 2 Reserves at Federal Reserve 3.4 2.8 2.7 2.3 1.8 1.9 1.8 1.8 1.9 1.7 1.7 2

 3 Checkable deposits and currency 15.4 13.9 15.5 14.2 15.2 15.8 15.8 15.7 18.4 15.0 16.2 3

 4 Time and savings deposits 3.0 1.3 1.1 1.4 1.0 1.1 1.4 1.4 1.5 1.4 1.3 4

 5 Federal funds and security RPs 10.6 6.5 11.2 10.0 9.2 11.9 14.3 15.7 14.8 15.9 12.5 5

 6 Credit market instruments 914.1 920.8 913.3 933.2 928.5 931.3 930.8 939.3 964.8 990.8 1011.4 6

 7 Open market paper 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 175.5 187.0 183.0 173.4 169.8 167.5 162.4 156.6 153.7 158.3 157.8 8

 9 Treasury 28.2 27.1 18.4 17.4 14.6 14.8 12.6 11.1 10.2 10.6 10.6 9

10 Agency 147.3 159.9 164.6 156.1 155.3 152.6 149.8 145.5 143.6 147.7 147.1 10

11 Municipal securities 2.1 2.0 2.0 2.1 2.1 1.7 2.0 2.3 2.5 2.7 2.9 11

12 Corporate and foreign bonds 89.1 86.7 78.5 68.6 58.7 58.0 65.3 73.6 88.6 104.4 109.9 12

13 Other loans and advances 10.8 10.3 12.8 15.7 18.8 19.8 20.2 22.1 24.2 25.4 27.0 13

14 Mortgages 598.4 596.2 596.8 628.3 631.8 637.2 632.6 634.5 644.2 646.4 656.7 14

15 Consumer credit 37.9 38.5 40.1 44.7 47.2 47.1 48.3 50.3 51.6 53.6 57.2 15

16 Corporate equities 12.5 10.4 14.3 17.8 23.3 26.5 26.9 24.0 24.5 25.1 24.9 16

17 Miscellaneous assets 61.0 53.0 54.7 52.9 49.7 54.7 55.0 58.9 62.6 61.0 59.7 17

18 Total liabilities 1016.1 998.3 995.1 1010.5 1001.0 1012.1 1014.4 1027.7 1058.6 1079.6 1096.4 18

19 Deposits 785.4 733.6 727.9 721.4 695.7 696.6 690.3 685.8 693.1 688.7 688.9 19

20 Checkable 88.3 83.0 97.1 122.4 149.5 158.1 166.6 174.4 185.6 193.0 203.9 20

21 Small time and savings 624.1 579.7 550.7 512.5 448.2 437.3 420.6 403.7 393.8 381.9 368.9 21

22 Large time 73.0 71.0 80.1 86.4 98.1 101.2 103.2 107.7 113.7 113.7 116.1 22

23 Security RPs 26.1 44.5 44.5 43.7 41.8 45.4 48.0 47.6 51.3 64.0 65.8 23

24 Credit market instruments 99.6 112.4 115.0 140.5 160.3 162.9 170.7 186.6 212.4 226.9 241.6 24

25 Corporate bonds 3.9 3.1 3.1 2.7 2.8 2.6 2.7 2.6 2.6 2.8 2.7 25

26 Bank loans n.e.c. 8.4 9.3 14.6 15.9 19.4 22.3 23.4 27.9 29.7 34.0 35.4 26

27 Other loans and advances 87.3 100.0 97.4 121.9 138.0 138.1 144.6 156.1 180.1 190.1 203.5 27

28 Taxes payable 1.9 1.0 1.6 1.4 1.8 1.7 1.8 1.9 2.0 1.9 1.8 28

29 Miscellaneous liabilities 103.0 106.7 106.1 103.5 101.4 105.5 103.5 105.6 99.8 98.1 98.3 29

30 Investment by parent 4.4 4.4 4.5 4.7 5.0 5.1 5.2 5.3 5.4 5.5 5.7 30

31 Other 98.5 102.3 101.6 98.8 96.4 100.4 98.3 100.3 94.4 92.6 92.6 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, September 15, 1999

L.115 Credit Unions

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 281.7 293.6 310.7 330.1 353.8 367.8 374.6 377.9 391.5 403.8 412.3 1

 2 Checkable deposits and currency 6.5 6.5 7.4 7.5 8.1 8.4 8.1 7.6 9.1 9.2 8.8 2

 3 Time and savings deposits 25.6 16.7 17.1 16.4 17.0 18.6 20.1 20.6 23.4 26.3 27.2 3

 4 Federal funds and security RPs 8.5 6.2 6.4 1.4 3.5 9.8 10.1 6.2 6.8 7.3 7.1 4

 5 Credit market instruments 218.7 246.8 263.0 288.5 305.3 306.7 315.1 320.5 324.2 331.0 342.5 5

 6 Open market paper 2.2 2.1 0.6 0.3 0.2 0.1 0.5 1.1 0.4 0.3 0.8 6

 7 U.S. government securities 58.9 62.9 64.1 68.1 66.7 68.2 70.4 70.6 71.5 76.7 80.9 7

 8 Treasury 22.6 22.1 18.3 17.4 15.6 15.0 14.5 13.5 13.1 13.3 14.9 8

 9 Agency 36.3 40.9 45.7 50.7 51.0 53.2 55.9 57.0 58.4 63.4 66.0 9

10 Home mortgages 56.0 62.1 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.8 104.0 10

11 Consumer credit 101.6 119.6 131.9 144.1 152.4 150.7 152.4 154.3 155.4 155.1 156.7 11

12 Mutual fund shares 4.2 2.6 2.8 2.6 2.4 2.8 3.1 3.1 3.6 3.8 3.9 12

13 Miscellaneous assets 18.2 14.8 13.9 13.7 17.6 21.5 18.0 19.8 24.3 26.2 22.8 13

14 Total liabilities 260.8 270.3 283.7 300.1 320.6 334.1 339.9 342.2 355.3 367.1 375.2 14

15 Shares/deposits 255.5 263.4 278.8 295.1 315.4 328.4 333.6 335.8 349.0 360.8 368.6 15

16 Checkable 26.8 28.8 30.9 32.5 36.6 40.6 38.7 37.7 43.0 43.0 43.1 16

17 Small time and savings 221.8 227.3 238.9 251.2 264.4 273.4 278.4 281.1 287.5 298.2 305.0 17

18 Large time 6.9 7.3 9.0 11.4 14.4 14.5 16.4 17.0 18.5 19.5 20.6 18

19 Other loans and advances 0.2 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 19

20 Miscellaneous liabilities 5.1 6.4 4.5 4.6 4.6 5.0 5.5 5.4 5.2 4.8 4.8 20

L.116 Bank Personal Trusts and Estates (1)

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

 1 Total financial assets 660.9 670.0 774.9 841.6 1054.7 1151.3 1176.7 1090.6 1245.9 1288.5 1374.2 1

 2 Deposits 39.5 41.4 44.7 51.1 55.3 56.4 57.5 58.4 59.3 60.1 60.9 2

 3 Checkable deposits and currency 0.8 0.5 0.5 0.8 1.0 1.0 1.0 1.0 1.0 0.9 0.9 3

 4 Time and savings deposits 9.4 11.0 10.5 9.0 11.3 11.9 12.5 12.9 13.4 13.8 14.2 4

 5 Money market fund shares 29.3 29.9 33.6 41.4 43.0 43.5 44.0 44.4 44.9 45.4 45.9 5

 6 Credit market instruments 240.9 248.0 239.7 232.0 239.5 240.1 240.9 241.4 242.4 243.1 243.7 6

 7 Open market paper 19.5 23.0 23.7 21.1 23.9 23.8 24.2 23.8 23.5 22.7 21.8 7

 8 U.S. government securities 73.1 72.0 70.8 71.3 71.2 71.0 70.8 70.9 70.9 71.1 71.3 8

 9 Treasury 40.4 39.8 38.7 39.5 39.2 39.1 39.0 39.0 39.0 39.0 39.1 9

10 Agency 32.7 32.2 32.1 31.8 32.0 31.9 31.8 31.9 31.9 32.1 32.2 10

11 Municipal securities 108.9 114.2 108.3 104.0 104.8 105.0 105.2 105.5 105.8 106.2 106.5 11

12 Corporate and foreign bonds 35.8 35.3 33.6 31.9 36.3 36.9 37.2 37.6 38.5 39.3 40.0 12

13 Mortgages 3.6 3.4 3.3 3.6 3.4 3.4 3.5 3.6 3.7 3.9 4.1 13

14 Corporate equities 181.0 167.3 224.9 248.9 401.0 460.4 477.7 427.7 530.3 561.0 613.7 14

15 Mutual fund shares 183.5 200.4 253.5 293.6 342.2 377.6 383.7 346.3 397.1 407.6 439.3 15

16 Miscellaneous assets 16.0 12.9 12.1 16.0 16.7 16.8 16.9 16.9 16.8 16.8 16.6 16

17 Total liabilities (2) 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 1402.7 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, September 15, 1999 75

L.117 Life Insurance Companies

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1754.9 1862.9 2063.6 2246.3 2514.9 2629.8 2678.5 2640.6 2769.5 2839.2 2926.4 1

 2 Checkable deposits and currency 5.2 5.6 5.2 4.3 8.1 3.5 4.8 4.4 5.4 2.7 4.0 2

 3 Money market fund shares 31.5 16.2 22.8 61.9 92.8 99.0 101.5 106.4 111.5 122.0 125.9 3

 4 Credit market instruments 1415.5 1487.5 1587.5 1657.0 1751.3 1777.3 1793.2 1810.6 1828.0 1853.7 1876.0 4

 5 Open market paper 46.9 52.8 45.5 48.4 65.9 68.3 68.6 74.0 73.4 70.7 69.0 5

 6 U.S. government securities 332.8 341.2 351.0 337.4 312.1 309.2 304.1 294.9 288.4 288.3 286.1 6

 7 Treasury 110.0 107.1 108.1 93.2 85.5 82.6 79.9 74.4 71.3 70.9 68.7 7

 8 Agency 222.8 234.1 242.9 244.1 226.7 226.6 224.3 220.5 217.0 217.5 217.4 8

 9 Municipal securities 14.7 12.8 11.9 13.4 36.5 33.0 27.8 22.4 18.4 18.8 18.1 9

10 Corporate and foreign bonds 719.5 779.4 870.1 949.3 1026.2 1056.4 1080.1 1106.6 1130.4 1157.1 1179.3 10

11 Policy loans 77.7 85.5 95.9 100.5 103.7 103.9 104.8 105.3 103.8 99.7 98.8 11

12 Mortgages 223.9 215.8 213.1 208.2 206.8 206.5 207.7 207.4 213.6 219.1 224.7 12

13 Corporate equities 201.2 246.1 315.4 414.1 558.6 640.9 675.5 616.1 723.1 766.8 825.9 13

14 Mutual fund shares 25.9 9.6 27.7 35.3 38.4 36.3 29.8 19.1 18.6 17.2 16.5 14

15 Miscellaneous assets 75.7 97.9 105.1 73.7 65.7 72.7 73.7 83.9 82.9 76.8 78.1 15

16 Total liabilities 1677.8 1773.5 1953.9 2115.6 2359.7 2466.5 2511.6 2475.7 2599.7 2665.4 2746.1 16

17 Other loans and advances 0.2 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 17

18 Life insurance reserves 457.2 491.5 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 713.0 18

19 Pension fund reserves (1) 836.4 884.5 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1456.7 19

20 Taxes payable 9.4 10.4 12.0 13.6 15.3 15.7 16.1 16.5 16.8 17.2 17.6 20

21 Miscellaneous liabilities 374.6 386.6 403.2 425.5 476.4 500.5 516.8 515.8 539.4 547.5 554.7 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 642.5 678.1 740.3 770.0 840.6 863.9 869.1 852.0 890.4 889.3 892.2 1

 2 Checkable deposits and currency 5.2 5.0 4.9 3.9 4.2 3.7 3.6 3.8 4.4 3.6 3.8 2

 3 Security RPs 31.7 29.4 37.5 35.4 35.2 36.2 37.1 42.1 42.8 43.3 36.5 3

 4 Credit market instruments 422.7 446.4 468.7 491.2 515.3 521.1 520.8 518.9 535.7 530.8 532.1 4

 5 U.S. government securities 169.0 178.7 181.6 171.8 162.0 159.7 154.3 148.5 146.6 146.0 146.4 5

 6 Treasury 124.5 133.0 133.4 120.9 91.1 87.5 82.0 76.3 73.2 72.9 73.1 6

 7 Agency 44.5 45.8 48.2 51.0 70.8 72.3 72.3 72.2 73.5 73.2 73.3 7

 8 Municipal securities 146.1 153.8 161.0 175.4 194.1 202.1 204.3 206.0 210.9 207.9 208.4 8

 9 Corporate and foreign bonds 103.1 110.1 123.3 141.6 157.0 157.1 160.0 162.5 176.2 174.8 175.2 9

10 Commercial mortgages 4.5 3.8 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 10

11 Corporate equities 103.4 112.1 134.2 148.6 186.0 199.9 202.6 180.2 201.4 201.6 207.0 11

12 Trade receivables 50.7 52.9 57.3 57.2 59.9 62.6 63.4 64.0 61.6 64.0 65.3 12

13 Miscellaneous assets 28.8 32.2 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 47.5 13

14 Total liabilities 463.1 479.7 510.7 520.1 532.7 538.7 541.0 545.0 561.8 560.1 564.3 14

15 Taxes payable 7.0 7.9 9.0 10.2 11.5 11.8 12.1 12.4 12.7 12.9 13.2 15

16 Miscellaneous liabilities 456.1 471.9 501.6 509.9 521.2 526.9 529.0 532.7 549.2 547.1 551.1 16
76 Z.1, September 15, 1999

L.119 Private Pension Funds (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 2252.1 2352.1 2755.1 3154.6 3705.6 4046.7 4104.6 3781.0 4331.2 4404.6 4624.1 1

 2 Checkable deposits and currency 3.1 3.3 4.0 4.0 3.8 3.8 3.7 3.7 3.7 3.6 3.6 2

 3 Time and savings deposits 69.1 64.9 55.5 41.2 28.0 27.6 26.8 29.8 28.2 28.7 29.8 3

 4 Money market fund shares 26.3 31.6 37.5 42.7 47.7 48.6 49.5 57.2 58.4 65.1 64.4 4

 5 Security RPs 38.1 37.6 43.1 45.6 47.5 48.9 50.7 55.5 55.7 58.6 58.3 5

 6 Credit market instruments 614.8 660.9 716.9 769.2 834.7 853.4 885.9 909.8 953.4 968.5 1006.0 6

 7 Open market paper 39.8 39.4 45.4 49.0 51.2 52.6 54.6 60.0 61.4 64.4 67.0 7

 8 U.S. government securities 351.2 401.6 444.4 470.1 503.2 511.8 528.6 537.8 562.5 567.5 587.0 8

 9 Treasury 136.8 157.9 176.5 189.2 204.1 198.7 204.8 208.2 218.1 220.0 226.6 9

10 Agency 214.4 243.7 267.9 281.0 299.1 313.1 323.8 329.6 344.4 347.5 360.4 10

11 Municipal securities 0.6 0.7 0.9 0.9 1.1 1.1 1.1 1.1 1.2 1.2 1.3 11

12 Corporate and foreign bonds 208.7 201.2 206.8 228.0 255.7 263.6 276.3 285.1 301.0 307.8 321.9 12

13 Mortgages 14.5 18.0 19.4 21.2 23.6 24.2 25.3 25.8 27.2 27.6 28.8 13

14 Corporate equities 992.4 996.3 1238.4 1490.9 1863.9 2116.7 2129.2 1840.1 2232.3 2228.7 2344.4 14

15 Mutual fund shares 116.0 150.4 220.7 321.4 438.0 496.9 518.8 464.8 564.1 593.1 647.6 15

16 Miscellaneous assets 392.3 407.2 438.9 439.6 441.9 450.8 440.1 420.2 435.6 458.3 470.0 16

17 Unallocated insurance contracts (2) 206.6 210.0 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 17

18 Contributions receivable 21.9 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 18

19 Other 163.9 175.1 202.4 189.9 174.1 173.4 153.8 134.2 136.8 158.7 165.0 19

20 Pension fund reserves (liabilities) (3) 2275.0 2377.5 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also 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 1102.7 1184.9 1464.6 1789.6 2307.6 2594.7 2655.7 2476.1 2779.3 2847.2 2994.5 1

 2 Checkable deposits and currency 6.5 6.7 4.2 7.5 5.3 6.7 7.6 7.7 10.0 7.6 9.6 2

 3 Time and savings deposits 6.2 2.5 4.5 2.3 2.4 1.7 1.6 1.7 2.0 2.2 0.4 3

 4 Security RPs 20.5 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.1 39.7 4

 5 Credit market instruments 466.5 497.4 531.0 568.2 632.0 648.9 668.5 684.9 697.0 715.6 724.9 5

 6 Open market paper 20.5 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.1 39.7 6

 7 U.S. government securities 254.5 268.3 291.1 308.4 340.2 338.3 349.1 352.2 359.7 367.1 370.7 7

 8 Treasury 186.3 192.1 191.7 203.5 216.9 211.9 214.8 211.2 216.6 217.2 212.9 8

 9 Agency 68.2 76.1 99.4 104.9 123.3 126.4 134.3 141.1 143.2 149.9 157.8 9

10 Municipal securities 1.4 1.1 1.8 0.5 1.1 1.2 1.3 1.4 1.6 1.9 2.0 10

11 Corporate and foreign bonds 175.6 185.0 190.6 214.4 244.5 254.7 264.2 274.6 279.6 286.7 293.4 11

12 Mortgages 14.5 15.2 15.9 16.7 17.6 17.8 18.1 18.3 18.6 18.8 19.1 12

13 Corporate equities 528.2 557.4 791.1 1031.6 1431.7 1640.9 1674.4 1476.9 1761.5 1791.7 1937.1 13

14 Miscellaneous assets 74.8 93.0 102.4 151.8 207.6 259.6 267.7 266.5 271.2 289.0 282.7 14

15 Pension fund reserves (liabilities) (1) 1115.5 1200.6 1482.5 1809.4 2331.1 2619.1 2681.5 2502.6 2806.9 2875.4 3023.7 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, September 15, 1999 77

L.121 Money Market Mutual Funds (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 559.6 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1

 2 Foreign deposits 10.0 15.7 19.7 23.1 23.2 28.3 21.9 29.2 30.6 41.0 45.4 2

 3 Checkable deposits and currency -1.2 -2.5 -3.5 -1.1 1.5 3.5 -0.1 -2.0 -1.0 -6.1 -1.8 3

 4 Time and savings deposits 31.9 31.4 52.3 82.7 111.3 109.6 107.0 119.3 127.0 139.8 137.5 4

 5 Security RPs 66.4 68.8 87.8 103.8 126.6 136.3 143.7 160.6 139.5 135.5 139.3 5

 6 Credit market instruments 429.0 459.0 545.5 634.3 721.9 775.0 815.9 869.9 965.9 1036.2 1001.8 6

 7 Open market paper 164.4 187.2 235.5 273.9 336.0 371.2 395.5 399.5 414.2 474.2 468.9 7

 8 U.S. government securities 147.2 143.3 160.8 192.0 182.5 179.1 174.8 204.1 277.5 270.0 240.8 8

 9 Treasury 79.4 66.1 70.0 90.2 86.2 83.3 81.3 82.5 103.6 108.1 84.0 9

10 Agency 67.8 77.2 90.8 101.8 96.3 95.8 93.5 121.6 173.8 161.9 156.8 10

11 Municipal securities 105.6 113.4 127.7 144.5 167.0 179.9 177.4 185.3 193.0 204.1 196.1 11

12 Corporate and foreign bonds 11.7 15.2 21.5 23.9 36.4 44.9 68.3 80.9 81.2 87.9 95.9 12

13 Miscellaneous assets 23.7 30.6 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 13

14 Total shares outstanding (liabilities) 559.6 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 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 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3760.8 4029.9 1

 2 Security RPs 38.7 43.1 50.2 47.5 57.8 51.3 66.9 80.3 68.2 70.1 80.1 2

 3 Credit market instruments 725.9 718.8 771.3 820.2 901.1 940.0 979.1 1005.9 1025.9 1050.5 1078.1 3

 4 Open market paper 38.7 43.1 50.2 47.2 57.8 51.9 66.9 80.3 68.2 70.1 80.1 4

 5 U.S. government securities 306.6 296.2 315.1 330.2 349.7 367.1 366.5 370.9 375.8 383.0 385.4 5

 6 Treasury 200.9 194.1 205.3 214.2 225.2 231.9 228.5 227.8 230.4 234.0 235.3 6

 7 Agency 105.7 102.1 109.9 116.1 124.5 135.2 137.9 143.0 145.5 148.9 150.1 7

 8 Municipal securities 211.3 207.0 210.2 213.3 219.8 224.6 231.2 234.1 242.6 248.1 250.7 8

 9 Corporate and foreign bonds 169.3 172.4 195.7 229.5 273.8 296.4 314.5 320.7 339.3 349.3 361.9 9

10 Corporate equities 607.4 709.6 1024.9 1470.0 2018.7 2340.0 2387.5 2044.5 2508.5 2624.7 2857.4 10

11 Miscellaneous assets 3.3 5.9 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.6 14.3 11

12 Total shares outstanding (liabilities) 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3760.8 4029.9 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 116.1 117.8 134.4 144.7 149.4 149.8 153.6 151.9 143.0 146.9 147.7 1

 2 Credit market instruments 89.7 86.0 96.4 101.1 98.3 99.4 100.5 101.7 102.8 103.9 105.0 2

 3 U.S. government securities 13.7 12.8 11.2 11.4 10.1 9.9 9.6 9.4 9.2 9.0 8.8 3

 4 Municipal securities 51.8 53.4 59.6 61.7 60.8 61.0 61.2 61.5 61.7 61.9 62.1 4

 5 Corporate and foreign bonds 24.2 19.8 25.6 28.1 27.3 28.5 29.6 30.8 31.9 33.0 34.1 5

 6 Corporate equities 26.5 31.9 38.0 43.6 51.1 50.4 53.1 50.2 40.2 43.0 42.7 6

 Memo:

 7 Market value of equities 116.1 117.8 134.4 144.7 149.4 149.8 153.6 151.9 143.0 146.9 147.7 7
78 Z.1, September 15, 1999

L.124 Government-Sponsored Enterprises (GSEs) (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 631.1 781.8 896.9 988.6 1099.4 1150.2 1189.7 1266.7 1404.4 1446.8 1519.3 1

 2 Checkable deposits and currency 2.1 1.3 1.5 0.7 1.9 1.6 1.9 2.1 4.4 2.8 2.2 2

 3 Federal funds and security RPs 50.3 85.8 106.3 94.5 90.4 86.7 80.0 79.1 77.0 70.4 68.3 3

 4 Credit market instruments 545.5 663.3 750.0 807.9 902.2 951.4 989.4 1055.4 1163.0 1201.9 1267.1 4

 5 Open market paper 11.9 26.3 25.5 35.1 34.0 64.1 52.8 54.5 60.9 35.2 32.4 5

 6 U.S. government securities 116.9 180.3 243.8 264.2 333.3 348.3 377.2 413.8 465.8 522.9 562.5 6

 7 Treasury 51.6 51.9 58.0 18.8 25.9 12.0 15.1 19.0 25.2 29.8 27.3 7

 8 Agency 65.3 128.4 185.8 245.4 307.4 336.3 362.1 394.8 440.6 493.0 535.2 8

 9 Municipal securities 2.6 3.4 4.4 4.1 3.3 3.4 3.8 5.7 4.6 3.1 3.8 9

10 Corporate and foreign bonds 11.1 19.5 25.0 30.6 30.9 26.5 29.1 31.4 31.4 32.5 28.7 10

11 Other loans and advances 162.0 189.1 200.3 229.1 260.3 267.8 284.4 307.6 352.6 364.6 396.0 11

12 Sallie Mae 33.4 37.0 37.9 36.2 30.9 29.1 26.8 27.9 29.5 31.3 32.5 12

13 Farm Credit System 25.4 26.3 30.2 31.6 31.6 32.7 32.5 34.0 34.9 34.6 34.9 13

14 FHLB 103.1 125.9 132.3 161.4 197.8 205.9 225.1 245.7 288.2 298.8 328.5 14

15 Mortgages 241.0 244.6 251.0 244.9 240.4 241.4 242.0 242.3 247.7 243.6 243.7 15

16 Home 196.7 199.3 205.2 198.5 194.3 195.5 195.8 195.2 198.6 193.2 190.6 16

17 Multifamily residential 17.5 18.4 19.0 18.6 17.3 16.7 16.7 17.0 18.1 19.3 21.3 17

18 Farm 26.8 26.9 26.8 27.9 28.9 29.2 29.5 30.1 31.0 31.2 31.8 18

19 Miscellaneous assets 33.2 31.5 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.8 19

20 Total liabilities 614.4 761.7 873.4 964.1 1070.3 1121.1 1160.2 1235.4 1368.9 1410.7 1483.5 20

21 Credit market instruments 528.5 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 21

22 GSE issues (2) 523.7 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 22

23 U.S. government loans 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 85.9 61.1 66.9 67.2 75.1 90.2 87.7 89.4 95.3 88.9 85.5 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 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 1

 2 Home mortgages 1334.3 1449.7 1543.4 1678.9 1788.0 1808.1 1868.5 1931.1 1970.2 2061.7 2130.1 2

 3 Multifamily residential mortgages 22.5 22.4 26.9 32.5 37.8 39.0 40.4 44.6 48.3 50.6 52.7 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) 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 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, September 15, 1999 79

L.126 Issuers of Asset-Backed Securities (ABSs)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 491.7 567.9 709.1 857.7 1067.4 1132.4 1219.5 1292.8 1381.9 1451.7 1531.5 1

 2 Agency securities (1) 95.6 107.7 121.7 116.6 109.1 110.4 112.2 121.1 134.3 150.2 169.5 2

 3 Other loans and advances 19.5 23.7 30.6 44.0 76.2 84.3 86.5 89.9 103.8 108.3 111.8 3

 4 Student loans 0.0 0.0 1.0 6.3 14.1 16.6 19.0 18.4 17.9 17.3 17.6 4

 5 Loans to business 19.5 23.7 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 94.2 5

 6 Mortgages (2) 217.8 255.3 289.4 350.6 441.0 477.8 525.0 563.8 605.5 641.4 669.6 6

 7 Home 183.7 206.0 224.3 259.3 312.3 331.4 356.7 384.7 403.4 423.3 440.6 7

 8 Multifamily residential 8.7 11.7 15.6 21.7 28.8 33.0 37.4 40.0 43.9 47.5 49.8 8

 9 Commercial 25.5 37.6 49.5 69.6 100.0 113.4 130.9 139.1 158.2 170.7 179.2 9

10 Consumer credit 130.5 146.1 211.6 265.8 313.1 316.8 345.1 359.4 372.4 380.9 404.8 10

11 Trade receivables 28.4 35.2 55.7 80.7 128.1 143.2 150.6 158.7 165.9 170.9 175.8 11

12 Total liabilities 493.6 570.1 712.5 866.4 1078.2 1142.9 1230.4 1307.0 1394.6 1463.8 1542.9 12

13 Commercial paper 51.6 63.9 101.2 146.7 256.1 284.8 308.3 340.5 381.8 401.6 426.9 13

14 Corporate bonds 442.0 506.1 611.3 719.7 822.1 858.1 922.0 966.5 1012.8 1062.2 1116.0 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 1.9 2.2 3.5 8.7 10.8 10.5 10.9 14.2 12.7 12.0 11.3 15

16 REIT assets (4) 12.5 9.0 7.6 7.4 11.1 11.3 13.7 14.2 13.9 13.5 13.0 16

(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.

(4) Included in table L.129.

L.127 Finance Companies (1)

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

 1 Total financial assets 557.4 599.7 672.3 714.6 757.4 778.7 795.4 780.3 827.6 871.1 898.0 1

 2 Checkable deposits and currency 13.3 14.9 16.6 18.5 20.6 21.1 21.7 22.2 22.8 23.4 24.0 2

 3 Credit market instruments 427.9 476.2 526.2 544.5 566.4 572.0 579.0 592.7 618.4 639.9 660.9 3

 4 Other loans and advances 249.0 274.9 301.6 309.5 318.5 325.9 334.9 335.1 347.5 362.8 373.7 4

 5 Mortgages 62.7 66.9 72.4 82.7 87.9 89.6 89.9 98.5 102.3 109.2 113.5 5

 6 Consumer credit 116.1 134.4 152.1 152.4 160.0 156.5 154.3 159.1 168.5 167.8 173.6 6

 7 Miscellaneous assets 116.1 108.5 129.6 151.5 170.4 185.6 194.7 165.3 186.5 207.8 213.1 7

 8 Total liabilities 554.2 618.5 691.2 741.0 777.6 799.6 815.2 802.9 839.2 871.6 901.9 8

 9 Credit market instruments 385.1 433.7 483.9 529.8 554.5 571.9 596.9 589.4 597.5 614.4 639.2 9

10 Open market paper 149.1 171.6 168.6 177.6 201.5 211.7 225.9 226.9 231.5 222.9 231.0 10

11 Corporate bonds 215.6 247.4 300.0 332.5 328.8 338.2 348.7 337.6 339.7 366.7 383.1 11

12 Bank loans n.e.c. 20.4 14.8 15.3 19.7 24.1 22.0 22.3 24.9 26.3 24.8 25.1 12

13 Taxes payable 3.3 4.1 4.9 5.6 6.4 6.6 6.8 7.0 7.2 7.3 7.5 13

14 Miscellaneous liabilities 165.8 180.6 202.4 205.6 216.7 221.2 211.5 206.5 234.6 249.9 255.2 14

15 Foreign direct investment in U.S. 33.8 20.0 24.8 29.7 35.3 37.5 39.6 36.8 40.5 39.1 43.2 15

16 Investment by parent 35.6 41.8 51.1 60.3 64.7 64.6 60.0 58.3 61.8 64.6 65.4 16

17 Other 96.4 118.8 126.5 115.6 116.8 119.1 111.8 111.4 132.2 146.1 146.5 17

 Memo:

18 Consumer leases not included above (2) 49.3 67.5 80.8 92.5 96.8 95.2 97.0 94.9 93.3 93.9 95.6 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, September 15, 1999

L.128 Mortgage Companies

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 60.4 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 1

 2 Home mortgages 52.2 28.3 23.8 32.0 21.8 36.4 22.4 23.4 24.9 22.6 25.1 2

 3 Multifamily residential mortgages 3.1 3.1 4.2 4.1 5.2 5.3 5.2 5.3 5.3 5.3 5.4 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 60.4 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 5

 6 Bank loans n.e.c. 30.2 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 6

 7 Investment by parent 30.2 17.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 7

L.129 Real Estate Investment Trusts (REITs)

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

 1 Total financial assets 30.0 31.0 33.3 38.2 64.3 78.6 83.0 80.7 70.7 71.2 69.4 1

 2 Checkable deposits and currency 0.0 0.0 0.0 2.2 3.3 4.6 4.8 3.9 4.1 3.8 3.7 2

 3 Credit market instruments 25.4 24.6 26.0 30.4 50.6 57.0 58.5 55.7 45.5 45.9 45.3 3

 4 Agency securities 15.6 9.2 9.0 12.2 21.2 23.2 21.1 18.3 13.1 14.9 14.9 4

 5 Corporate and foreign bonds 1.2 2.1 2.9 4.3 6.5 8.0 8.4 7.7 6.1 5.6 5.5 5

 6 Mortgages 8.6 13.3 14.1 13.8 22.9 25.7 29.0 29.7 26.3 25.4 24.9 6

 7 Home 2.2 5.1 6.9 8.0 14.0 15.6 18.3 18.0 14.8 13.3 13.0 7

 8 Multifamily residential 1.9 2.1 1.6 1.2 2.1 2.2 2.2 2.4 2.1 2.0 1.9 8

 9 Commercial 4.5 6.1 5.6 4.6 6.9 8.0 8.5 9.3 9.4 10.0 10.0 9

10 Miscellaneous assets 4.6 6.4 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 10

11 Total liabilities 37.2 55.1 62.2 79.4 139.0 164.4 182.4 202.0 205.6 214.8 208.7 11

12 Security RPs 5.0 9.7 10.9 13.7 24.9 30.0 28.1 24.9 15.1 16.1 16.3 12

13 Credit market instruments 29.9 40.0 44.6 56.5 96.1 111.9 128.0 147.8 158.8 165.2 160.3 13

14 Open market paper 0.6 0.0 0.0 0.0 0.0 0.1 0.0 0.2 0.2 0.2 0.2 14

15 Corporate bonds 16.8 15.3 15.5 16.8 31.6 39.8 47.7 50.1 53.4 59.6 58.1 15

16 Bank loans n.e.c. 3.6 6.0 5.0 7.8 17.6 22.9 26.2 33.5 33.6 28.7 28.4 16

17 Mortgages 8.9 18.7 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 17

18 Miscellaneous liabilities 2.3 5.3 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 18

 Memo:

19 Securitized assets included above 12.5 9.0 7.6 7.4 11.1 11.3 13.7 14.2 13.9 13.5 13.0 19

20 Agency securities 11.4 6.4 4.2 4.5 4.9 5.2 4.9 5.4 5.0 4.4 4.0 20

21 Home mortgages 1.1 2.5 3.5 2.6 5.7 5.4 7.6 7.1 7.5 7.4 7.4 21

22 Multifamily residential mortgages 0.0 0.0 0.0 0.3 0.4 0.5 0.7 0.9 0.8 0.9 0.9 22

23 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.2 0.5 0.9 0.6 0.7 0.7 23
Z.1, September 15, 1999 81

L.130 Security Brokers and Dealers

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 478.8 454.7 568.1 636.4 779.2 926.1 855.7 912.1 849.9 893.9 898.9 1

 2 Checkable deposits and currency 12.3 12.0 13.7 15.7 21.7 25.0 22.3 26.1 25.5 24.5 27.4 2

 3 Credit market instruments 137.5 93.3 183.4 167.7 182.6 244.0 198.3 217.5 165.2 211.4 160.2 3

 4 Open market paper 14.9 11.2 22.1 23.7 24.3 25.1 28.3 32.8 28.1 28.8 28.9 4

 5 U.S. government securities 32.5 2.3 72.3 42.4 45.1 104.4 49.8 75.4 42.4 81.1 23.8 5

 6 Treasury -28.3 -42.7 18.3 -12.8 -5.3 36.6 -37.2 13.9 -8.5 48.2 -11.0 6

 7 Agency 60.8 45.0 54.0 55.2 50.4 67.9 86.9 61.5 50.9 32.9 34.7 7

 8 Municipal securities 17.1 15.5 12.7 10.8 13.2 12.4 15.4 14.7 13.2 12.4 14.3 8

 9 Corporate and foreign bonds 73.0 64.4 76.4 90.9 100.0 102.1 104.8 94.6 81.6 89.1 93.2 9

10 Corporate equities 24.2 20.1 34.2 37.9 51.9 62.8 63.4 54.8 52.1 61.0 67.4 10

11 Security credit 76.1 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 178.7 11

12 Miscellaneous assets 228.6 254.2 258.2 320.7 391.8 454.0 419.6 462.7 452.0 436.4 465.2 12

13 Total liabilities 441.9 420.9 535.5 597.5 729.6 871.7 799.8 857.6 794.2 835.7 836.3 13

14 Security RPs (net) 126.4 103.4 182.4 180.9 203.5 237.3 195.8 219.5 169.3 232.7 205.8 14

15 Corporate bonds 33.7 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.2 15

16 Trade payables 10.1 9.1 10.3 14.3 19.9 19.6 20.9 21.8 19.0 19.4 29.2 16

17 Security credit 202.9 203.9 227.1 263.7 337.9 364.9 388.5 428.1 422.4 392.0 398.1 17

18 Customer credit balances (HH) 102.3 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 265.8 18

19 From banks 100.7 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 19

20 Taxes payable 1.4 1.2 1.1 1.3 1.3 1.1 1.1 0.8 1.3 1.3 1.4 20

21 Miscellaneous liabilities 67.4 69.0 85.4 110.1 131.5 213.7 153.5 148.0 139.7 155.5 171.8 21

22 Foreign direct investment in U.S. 5.0 5.8 11.1 8.8 8.9 9.4 9.4 9.6 9.8 9.8 10.1 22

23 Due to affiliates 84.7 110.3 132.9 175.7 241.7 262.4 297.8 311.9 326.0 382.1 404.8 23

24 Other -22.3 -47.2 -58.6 -74.4 -119.1 -58.0 -153.8 -173.5 -196.1 -236.4 -243.1 24

L.131 Funding Corporations (1)

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

 1 Total financial assets 327.5 364.7 373.1 479.6 591.3 653.7 667.6 684.5 704.0 764.7 809.4 1

 2 Money market fund shares 86.0 117.8 120.2 147.5 157.9 168.7 183.3 198.7 215.8 224.6 231.8 2

 3 Credit market instruments 116.1 106.0 87.4 101.4 149.4 173.5 172.6 155.1 151.7 166.4 192.2 3

 4 Open market paper 112.1 92.0 63.6 64.8 108.7 136.4 128.6 108.6 106.6 121.6 142.5 4

 5 Corporate and foreign bonds 4.0 14.0 23.8 36.5 40.6 37.1 44.0 46.5 45.1 44.8 49.7 5

 6 Miscellaneous assets (2) 125.4 141.0 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.4 6

 7 Investment in foreign banking offices 44.5 44.1 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 7

 8 Investment in brokers and dealers 80.8 96.9 114.8 166.3 205.2 224.0 232.5 241.3 245.9 283.9 296.9 8

 9 Total liabilities 327.5 364.7 373.1 479.6 591.3 653.7 667.6 684.5 704.0 764.7 809.4 9

10 Credit market instruments 180.3 211.0 248.6 312.7 373.7 411.6 410.5 417.9 414.4 459.1 449.6 10

11 Open market paper 140.3 151.1 164.2 199.1 229.6 249.5 242.3 242.4 236.3 244.9 224.4 11

12 Corporate bonds 40.0 60.0 84.4 113.6 144.2 162.1 168.3 175.5 178.1 214.2 225.2 12

13 Miscellaneous liabilities 147.2 153.7 124.5 166.8 217.6 242.1 257.1 266.6 289.6 305.6 359.8 13

14 Foreign direct investment in U.S. -54.9 -70.1 -83.1 -82.0 -89.7 -100.1 -98.8 -87.1 -77.9 -85.4 -64.2 14

15 Securities loaned (net) 197.1 221.7 216.2 276.1 333.3 356.6 368.1 405.1 394.9 359.9 374.0 15

16 Other 5.0 2.1 -8.6 -27.2 -26.0 -14.4 -12.3 -51.3 -27.4 31.1 50.1 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, September 15, 1999

L.200 Gold and Official Foreign Exchange Holdings (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total U.S. reserves 73.4 74.3 85.8 75.1 70.0 69.4 71.2 75.7 81.8 74.4 71.7 1

 2 U.S. gold stock and SDRs 20.1 21.1 22.1 21.4 21.1 21.2 21.0 21.2 21.6 20.7 20.8 2

 3 Federal govt.: Exchange Stab. Fund 9.0 10.0 11.0 10.3 10.0 10.1 10.0 10.1 10.6 9.7 9.7 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 53.4 53.2 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 50.9 5

 6 Official foreign currency holdings 41.5 41.2 49.1 38.3 30.8 30.2 31.2 32.9 36.0 30.4 29.5 6

 7 Treasury 19.2 19.2 28.0 19.0 13.8 13.5 13.8 14.4 16.2 15.2 14.7 7

 8 Monetary authority 22.3 22.0 21.1 19.3 17.0 16.7 17.4 18.4 19.8 15.2 14.8 8

 9 Net IMF position 11.8 12.0 14.6 15.4 18.1 18.0 18.9 21.6 24.1 23.2 21.5 9

10 Federal government 11.9 12.1 14.7 15.5 18.2 18.1 19.0 21.7 24.2 23.3 21.6 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 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 1

 2 Asset: Monetary authority 8.0 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 8.2 8.2 2

 Treasury currency:

 3 Liab: Federal government 17.0 17.6 18.2 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.5 3

 4 Asset: Monetary authority 22.1 23.0 24.0 25.0 25.6 25.7 25.9 26.0 26.3 26.6 26.9 4

 5 Discrepancy (seigniorage) -5.1 -5.4 -5.8 -6.7 -7.3 -7.4 -7.4 -7.2 -8.0 -8.4 -8.5 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 271.8 373.9 418.8 516.1 618.8 607.2 630.4 651.7 639.9 671.8 700.4 1

 Held by:

 2 Household sector 15.8 18.8 23.4 35.5 41.8 46.3 42.9 40.8 41.5 43.5 45.4 2

 3 Nonfinancial corporate business 12.9 14.0 15.6 26.1 19.8 22.5 25.6 24.1 28.1 32.1 36.1 3

 4 Money market mutual funds 10.0 15.7 19.7 23.1 23.2 28.3 21.9 29.2 30.6 41.0 45.4 4

 5 Discrepancy--unallocated assets 233.2 325.4 360.2 431.4 534.0 510.1 540.1 557.6 539.7 555.1 573.5 5
Z.1, September 15, 1999 83

L.203 Net Interbank Transactions

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 189.3 280.1 290.7 240.8 219.4 179.6 189.1 198.7 187.7 180.5 196.4 1

 2 Monetary authority 67.6 68.9 70.2 69.7 75.8 62.2 62.1 64.9 68.4 61.1 62.7 2

 3 Depository institution reserves 35.0 30.8 29.6 24.5 30.8 24.4 23.7 25.7 26.3 22.5 22.2 3

 4 Vault cash 32.7 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.5 4

 5 Commercial banking 121.7 211.2 220.5 171.1 143.5 117.4 127.0 133.8 119.4 119.4 133.6 5

 6 To monetary authority 1.0 -0.5 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 6

 7 To banks in foreign countries, net 125.4 218.2 229.3 177.3 173.0 137.1 141.7 149.4 144.7 131.4 143.7 7

 8 Liabilities, net 135.4 229.0 239.7 192.9 188.8 148.5 153.0 158.3 155.5 141.4 154.1 8

 9 U.S.-chartered commercial banks 7.9 82.3 79.6 48.5 62.0 71.0 69.8 91.7 85.0 87.9 108.5 9

10 Due to foreign affiliates 90.8 143.4 128.7 126.8 173.1 167.0 175.8 184.3 196.7 192.8 207.3 10

11 - Due from foreign affiliates 82.9 61.1 49.1 78.4 111.1 96.0 106.0 92.6 111.7 105.0 98.8 11

12 Foreign banking offices in U.S. 134.3 161.3 178.6 167.1 148.6 98.3 103.2 84.1 91.7 71.6 60.9 12

13 Due to foreign affiliates 83.0 84.3 99.9 110.4 99.7 80.0 121.8 124.8 131.9 127.5 143.2 13

14 - Due from foreign affiliates -51.3 -77.0 -78.7 -56.6 -48.8 -18.3 18.6 40.8 40.2 55.9 82.3 14

15 Bank holding companies -6.8 -14.6 -18.5 -22.6 -21.9 -20.8 -20.0 -17.5 -21.2 -18.1 -15.4 15

16 Due to foreign affiliates 6.6 4.1 3.0 2.7 3.0 3.5 3.3 3.7 2.9 2.8 3.3 16

17 - Due from foreign affiliates 13.3 18.7 21.4 25.3 24.9 24.3 23.3 21.2 24.1 20.9 18.6 17

18 Less: Deposits at foreign banks 10.0 10.8 10.4 15.6 15.8 11.4 11.3 8.8 10.8 10.1 10.4 18

19 U.S. chartered commercial banks 8.4 8.0 5.4 10.6 11.7 11.1 10.9 8.6 10.6 10.0 10.2 19

20 Foreign banking offices in U.S. 1.6 2.9 5.0 5.0 4.1 0.3 0.4 0.2 0.2 0.1 0.2 20

21 To U.S. banking, net -4.7 -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.5 21

22 U.S.-chartered commercial banks -19.9 -13.3 -20.0 -41.8 -50.2 -53.3 -53.8 -51.8 -51.0 -46.4 -48.4 22

23 Liabilities 44.8 50.7 43.3 38.3 22.0 23.7 33.8 47.0 29.8 43.6 45.8 23

24 To foreign offices in U.S. 48.2 56.3 51.5 48.4 53.8 44.1 49.8 61.4 55.9 54.1 53.6 24

25 To bank holding companies 1.3 0.9 0.8 0.5 0.3 0.8 1.1 1.0 0.9 0.8 2.7 25

26 Unallocated -4.7 -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.5 26

 Less, due from:

27 Foreign offices in U.S. 66.7 60.2 58.9 64.9 57.6 62.3 70.3 78.8 55.9 63.9 62.3 27

28 Bank holding companies -1.9 3.8 4.4 15.2 14.6 14.7 17.3 20.0 24.8 26.0 31.8 28

29 Foreign banking offices in U.S. 18.5 3.9 7.5 16.5 3.8 18.2 20.5 17.3 0.1 9.8 8.7 29

30 Due to U.S. banks 66.7 60.2 58.9 64.9 57.6 62.3 70.3 78.8 55.9 63.9 62.3 30

31 - Due from U.S. banks 48.2 56.3 51.5 48.4 53.8 44.1 49.8 61.4 55.9 54.1 53.6 31

32 Bank holding companies -3.3 2.9 3.5 14.7 14.3 13.9 16.2 19.0 23.9 25.3 29.1 32

33 Due to U.S. banks -1.9 3.8 4.4 15.2 14.6 14.7 17.3 20.0 24.8 26.0 31.8 33

34 - Due from U.S. banks 1.3 0.9 0.8 0.5 0.3 0.8 1.1 1.0 0.9 0.8 2.7 34

35 Total assets 194.1 286.6 299.7 251.4 251.6 200.9 206.2 214.2 214.7 191.8 206.9 35

36 Rest of the world 125.4 218.2 229.3 177.3 173.0 137.1 141.7 149.4 144.7 131.4 143.7 36

37 Domestic 68.6 68.4 70.4 74.1 78.6 63.8 64.4 64.7 70.0 60.5 63.2 37

38 Monetary authority 1.0 -0.5 0.2 4.4 2.8 1.5 2.4 -0.2 1.7 -0.6 0.5 38

39 Federal Reserve float 0.9 -0.7 0.1 4.3 0.7 1.5 1.4 -1.2 1.6 -0.9 0.3 39

40 Loans to member banks 0.1 0.2 0.1 0.1 2.0 0.0 1.0 1.1 0.0 0.2 0.2 40

41 Commercial banking 64.2 66.1 67.5 67.5 74.1 60.4 60.3 63.1 66.5 59.3 61.0 41

42 Reserves at Federal Reserve 31.5 28.0 26.9 22.3 29.1 22.6 21.8 23.9 24.4 20.8 20.4 42

43 Vault cash 32.7 38.1 40.6 45.2 45.0 37.8 38.4 39.2 42.1 38.5 40.5 43

44 Savings insts.: Reserves at Fed. Res. 3.4 2.8 2.7 2.3 1.8 1.9 1.8 1.8 1.9 1.7 1.7 44

45 Discrepancy--floats, etc. -4.7 -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.0 -11.3 -10.5 45
84 Z.1, September 15, 1999

L.204 Checkable Deposits and Currency

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1251.7 1242.0 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.5 1354.3 1

 2 Monetary authority 348.2 373.5 390.5 413.9 444.0 443.8 464.7 461.2 482.6 485.8 499.6 2

 3 Federal government cash and deposits 15.2 7.5 6.2 8.0 5.7 5.8 18.3 5.0 6.2 5.5 6.8 3

 4 Deposits due to foreign 0.4 0.3 0.5 0.5 1.0 0.8 0.9 1.1 1.0 1.1 1.4 4

 5 Currency outside banks 332.6 365.7 383.7 405.5 437.4 437.2 445.5 455.0 475.4 479.2 491.4 5

 6 Commercial banking 788.4 756.7 710.8 676.3 656.4 616.8 650.7 609.0 623.0 589.6 607.7 6

 7 Federal government deposits 42.6 23.8 19.0 28.7 27.8 21.7 48.5 30.0 13.2 16.4 42.0 7

 8 Deposits due to foreign 21.3 23.2 24.0 26.6 31.2 32.7 36.2 33.3 29.2 30.5 37.4 8

 9 Private domestic deposits 724.5 709.8 667.8 621.0 597.5 562.4 566.0 545.7 580.7 542.7 528.3 9

10 Savings institutions 88.3 83.0 97.1 122.4 149.5 158.1 166.6 174.4 185.6 193.0 203.9 10

11 Credit unions 26.8 28.8 30.9 32.5 36.6 40.6 38.7 37.7 43.0 43.0 43.1 11

12 Total assets 1251.7 1242.0 1229.3 1245.1 1286.6 1259.2 1320.7 1282.3 1334.2 1311.5 1354.3 12

13 Household sector 593.4 563.6 504.9 445.8 445.2 426.0 421.4 409.4 449.3 434.4 409.1 13

14 Nonfinancial business 306.0 330.1 366.2 411.5 409.8 411.6 431.1 441.6 446.3 454.3 471.4 14

15 Corporate 203.1 221.6 252.9 289.8 282.7 283.1 300.8 309.4 312.3 318.6 334.0 15

16 Nonfarm noncorporate 87.2 92.3 96.6 105.1 110.2 111.6 113.4 115.3 117.0 118.8 120.4 16

17 Farm 15.7 16.2 16.7 16.7 16.9 16.9 17.0 17.0 17.0 17.0 17.0 17

18 State and local governments 28.3 30.0 33.3 27.8 32.2 27.3 28.9 26.8 28.3 27.4 27.0 18

19 Federal government 52.2 27.8 22.2 38.3 41.6 37.9 82.9 47.1 23.2 29.1 61.2 19

20 Rest of the world 155.1 180.4 193.8 213.7 243.6 245.5 251.6 256.1 258.2 262.0 272.3 20

21 Checkable deposits 21.6 23.5 24.5 27.1 32.2 33.4 37.1 34.4 30.2 31.5 38.8 21

22 Currency 133.5 156.9 169.2 186.6 211.4 212.1 214.5 221.8 228.0 230.4 233.5 22

23 Financial sectors 70.2 68.7 71.7 79.5 96.1 100.0 96.7 97.6 109.7 92.6 103.6 23

24 Commercial banking 1.0 1.4 1.6 1.4 1.4 1.3 1.5 1.4 2.0 1.6 1.3 24

25 Savings institutions 15.4 13.9 15.5 14.2 15.2 15.8 15.8 15.7 18.4 15.0 16.2 25

26 Credit unions 6.5 6.5 7.4 7.5 8.1 8.4 8.1 7.6 9.1 9.2 8.8 26

27 Bank personal trusts and estates 0.8 0.5 0.5 0.8 1.0 1.0 1.0 1.0 1.0 0.9 0.9 27

28 Life insurance companies 5.2 5.6 5.2 4.3 8.1 3.5 4.8 4.4 5.4 2.7 4.0 28

29 Other insurance companies 5.2 5.0 4.9 3.9 4.2 3.7 3.6 3.8 4.4 3.6 3.8 29

30 Private pension funds 3.1 3.3 4.0 4.0 3.8 3.8 3.7 3.7 3.7 3.6 3.6 30

31 State and local govt. retirement funds 6.5 6.7 4.2 7.5 5.3 6.7 7.6 7.7 10.0 7.6 9.6 31

32 Money market mutual funds -1.2 -2.5 -3.5 -1.1 1.5 3.5 -0.1 -2.0 -1.0 -6.1 -1.8 32

33 Government-sponsored enterprises 2.1 1.3 1.5 0.7 1.9 1.6 1.9 2.1 4.4 2.8 2.2 33

34 Finance companies 13.3 14.9 16.6 18.5 20.6 21.1 21.7 22.2 22.8 23.4 24.0 34

35 REITs 0.0 0.0 0.0 2.2 3.3 4.6 4.8 3.9 4.1 3.8 3.7 35

36 Brokers and dealers 12.3 12.0 13.7 15.7 21.7 25.0 22.3 26.1 25.5 24.5 27.4 36

37 Mail float 46.4 41.4 37.2 28.5 18.1 11.0 8.1 3.7 19.3 11.7 9.7 37
Z.1, September 15, 1999 85

L.205 Time and Savings Deposits 

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2614.8 2594.4 2756.6 2967.9 3187.5 3286.3 3285.0 3330.3 3432.0 3443.0 3455.6 1

 2 Small time and savings deposits 2223.1 2183.2 2279.7 2377.0 2474.1 2525.4 2531.0 2553.8 2626.5 2638.6 2646.6 2

 3 Commercial banking 1377.2 1376.2 1490.1 1613.2 1761.5 1814.7 1832.0 1869.0 1945.2 1958.5 1972.7 3

 4 U.S.-chartered commercial banks 1358.6 1357.9 1471.3 1594.2 1738.0 1791.8 1806.5 1848.0 1924.4 1938.7 1954.5 4

 5 Foreign banking offices in U.S. 10.4 9.3 8.5 8.7 13.1 12.3 14.6 9.8 9.5 9.1 7.2 5

 6 Banks in U.S.-affiliated areas 8.2 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 6

 7 Savings institutions 624.1 579.7 550.7 512.5 448.2 437.3 420.6 403.7 393.8 381.9 368.9 7

 8 Credit unions 221.8 227.3 238.9 251.2 264.4 273.4 278.4 281.1 287.5 298.2 305.0 8

 9 Large time deposits (1) 391.7 411.2 476.9 590.9 713.4 760.9 754.0 776.5 805.5 804.3 809.0 9

10 Commercial banking 311.7 333.0 387.8 493.1 601.0 645.3 634.4 651.9 673.3 671.1 672.3 10

11 U.S.-chartered commercial banks 196.1 214.0 256.5 306.1 369.3 390.1 382.7 385.3 404.1 405.7 409.6 11

12 Foreign banking offices in U.S. 107.4 110.0 121.0 176.6 221.3 244.5 240.9 255.4 257.8 254.6 251.7 12

13 Banks in U.S.-affiliated areas 8.2 9.0 10.2 10.4 10.4 10.7 10.9 11.2 11.4 10.7 11.0 13

14 Savings institutions 73.0 71.0 80.1 86.4 98.1 101.2 103.2 107.7 113.7 113.7 116.1 14

15 Credit unions 6.9 7.3 9.0 11.4 14.4 14.5 16.4 17.0 18.5 19.5 20.6 15

16 Total assets 2614.8 2594.4 2756.6 2967.9 3187.5 3286.3 3285.0 3330.3 3432.0 3443.0 3455.6 16

17 Household sector 2235.8 2223.5 2388.0 2553.0 2723.2 2807.4 2803.4 2807.7 2908.7 2899.4 2908.8 17

18 Nonfinancial business 129.3 130.9 115.0 126.4 137.9 142.5 145.2 157.8 145.9 150.0 155.9 18

19 Corporate 74.1 67.5 42.9 43.6 49.8 53.2 54.4 65.5 52.7 55.4 60.4 19

20 Nonfarm noncorporate 55.2 63.4 72.1 82.8 88.1 89.3 90.8 92.3 93.2 94.6 95.5 20

21 State and local governments 48.8 55.3 62.0 72.6 78.4 84.8 85.8 88.2 91.1 92.5 91.5 21

22 Federal government 0.8 0.7 0.9 2.4 3.4 3.0 3.2 3.6 4.7 3.9 4.1 22

23 Rest of the world 54.7 56.3 49.6 60.6 73.6 78.2 78.0 87.3 86.1 85.0 84.9 23

24 Financial sectors 145.3 127.8 141.0 152.9 171.1 170.5 169.4 185.8 195.5 212.2 210.5 24

25 Savings institutions 3.0 1.3 1.1 1.4 1.0 1.1 1.4 1.4 1.5 1.4 1.3 25

26 Credit unions 25.6 16.7 17.1 16.4 17.0 18.6 20.1 20.6 23.4 26.3 27.2 26

27 Bank personal trusts and estates 9.4 11.0 10.5 9.0 11.3 11.9 12.5 12.9 13.4 13.8 14.2 27

28 Private pension funds 69.1 64.9 55.5 41.2 28.0 27.6 26.8 29.8 28.2 28.7 29.8 28

29 State and local govt. retirement funds 6.2 2.5 4.5 2.3 2.4 1.7 1.6 1.7 2.0 2.2 0.4 29

30 Money market mutual funds 31.9 31.4 52.3 82.7 111.3 109.6 107.0 119.3 127.0 139.8 137.5 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 559.6 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1398.1 1

 2 Household sector 337.9 351.3 449.2 505.3 589.9 641.5 640.6 697.0 739.6 788.2 753.3 2

 3 Nonfinancial corporate business 44.8 52.2 77.0 86.9 110.7 122.3 127.4 138.1 155.8 162.2 168.0 3

 4 Nonfarm noncorporate business 3.9 4.0 4.9 5.5 6.7 7.1 7.4 7.8 8.1 8.5 8.8 4

 5 Bank personal trusts and estates 29.3 29.9 33.6 41.4 43.0 43.5 44.0 44.4 44.9 45.4 45.9 5

 6 Life insurance companies 31.5 16.2 22.8 61.9 92.8 99.0 101.5 106.4 111.5 122.0 125.9 6

 7 Private pension funds 26.3 31.6 37.5 42.7 47.7 48.6 49.5 57.2 58.4 65.1 64.4 7

 8 Funding corporations 86.0 117.8 120.2 147.5 157.9 168.7 183.3 198.7 215.8 224.6 231.8 8
86 Z.1, September 15, 1999

L.207 Federal Funds and Security Repurchase Agreements

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 471.3 549.5 660.0 701.5 822.4 889.3 861.5 918.9 875.0 980.3 961.4 1

 2 Commercial banking (net) 313.7 391.8 422.2 463.2 552.2 576.6 589.6 626.9 639.2 667.5 673.5 2

 3 U.S.-chartered commercial banks 279.8 351.4 379.6 408.2 471.7 486.3 482.2 509.4 538.5 569.4 571.4 3

 4 Foreign banking offices in U.S. 34.7 41.4 43.2 55.1 80.7 89.3 102.7 112.6 100.4 97.9 102.0 4

 5 Bank holding companies -0.8 -0.9 -0.5 -0.2 -0.2 0.9 4.7 4.9 0.4 0.3 0.1 5

 6 Savings institutions 26.1 44.5 44.5 43.7 41.8 45.4 48.0 47.6 51.3 64.0 65.8 6

 7 REITs 5.0 9.7 10.9 13.7 24.9 30.0 28.1 24.9 15.1 16.1 16.3 7

 8 Brokers and dealers (net) 126.4 103.4 182.4 180.9 203.5 237.3 195.8 219.5 169.3 232.7 205.8 8

 9 Total assets 472.8 483.3 573.7 610.6 669.3 701.9 720.6 743.7 706.6 717.3 705.7 9

10 Nonfinancial corporate business 2.5 2.2 2.4 3.9 4.5 3.4 2.1 2.6 3.3 4.0 4.5 10

11 State and local governments 133.7 118.6 115.7 147.8 151.4 160.0 154.0 158.0 158.5 166.5 163.8 11

12 Rest of the world 58.6 46.6 67.6 70.9 90.8 112.2 105.2 91.0 72.0 86.3 81.4 12

13 Financial sectors 277.9 315.8 387.9 388.1 422.6 426.3 459.2 492.1 472.7 460.5 456.1 13

14 Monetary authority 13.2 10.6 13.9 21.6 23.8 8.3 20.5 14.2 30.4 18.3 14.3 14

15 Savings institutions 10.6 6.5 11.2 10.0 9.2 11.9 14.3 15.7 14.8 15.9 12.5 15

16 Credit unions 8.5 6.2 6.4 1.4 3.5 9.8 10.1 6.2 6.8 7.3 7.1 16

17 Other insurance companies 31.7 29.4 37.5 35.4 35.2 36.2 37.1 42.1 42.8 43.3 36.5 17

18 Private pension funds 38.1 37.6 43.1 45.6 47.5 48.9 50.7 55.5 55.7 58.6 58.3 18

19 State and local govt. retirement funds 20.5 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.1 39.7 19

20 Money market mutual funds 66.4 68.8 87.8 103.8 126.6 136.3 143.7 160.6 139.5 135.5 139.3 20

21 Mutual funds 38.7 43.1 50.2 47.5 57.8 51.3 66.9 80.3 68.2 70.1 80.1 21

22 Government-sponsored enterprises 50.3 85.8 106.3 94.5 90.4 86.7 80.0 79.1 77.0 70.4 68.3 22

23 Discrepancy--unallocated assets -1.5 66.2 86.4 90.9 153.1 187.4 140.9 175.2 168.4 263.0 255.6 23

L.208 Open Market Paper

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

 1 Total outstanding, all types 580.0 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 1

 2 Commercial paper 553.8 600.1 677.7 779.4 958.5 1057.7 1098.4 1150.8 1161.0 1217.2 1233.8 2

 3 Nonfinancial corporate business 117.8 139.2 157.4 156.4 168.6 193.1 202.5 216.9 193.0 223.9 232.4 3

 4 Foreign issues in U.S. 68.8 42.7 56.2 67.5 65.1 76.7 71.4 74.0 72.9 77.2 70.1 4

 5 Nonfinancial 27.5 15.2 20.6 18.7 20.0 19.8 20.5 22.6 18.5 18.6 17.2 5

 6 Financial 41.3 27.5 35.6 48.8 45.0 56.9 50.9 51.4 54.4 58.7 52.9 6

 7 Financial business 367.1 418.2 464.2 555.5 724.8 787.9 824.5 859.9 895.2 916.0 931.4 7

 8 Commercial banking 25.6 31.6 30.1 32.0 37.6 41.8 48.0 50.0 45.4 46.4 48.9 8

 9 ABS issuers 51.6 63.9 101.2 146.7 256.1 284.8 308.3 340.5 381.8 401.6 426.9 9

10 Finance companies 149.1 171.6 168.6 177.6 201.5 211.7 225.9 226.9 231.5 222.9 231.0 10

11 REITs 0.6 0.0 0.0 0.0 0.0 0.1 0.0 0.2 0.2 0.2 0.2 11

12 Funding corporations 140.3 151.1 164.2 199.1 229.6 249.5 242.3 242.4 236.3 244.9 224.4 12

13 Bankers acceptances (1) 26.3 23.4 22.6 23.6 20.9 17.1 14.3 14.3 11.5 10.4 9.5 13

14 Holdings, by sector 580.0 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1243.3 14

15 Household sector 45.5 46.7 48.0 55.4 59.0 60.0 61.0 62.0 63.2 64.4 65.7 15

16 Nonfinancial corporate business 19.4 18.8 20.1 31.5 35.3 29.5 25.1 26.0 27.2 26.3 27.3 16

17 State and local governments 17.9 22.3 39.4 59.7 74.0 79.3 77.8 88.0 92.0 96.0 97.2 17

18 Rest of the world 18.8 24.9 43.4 57.9 77.8 74.5 92.0 115.3 114.8 110.8 101.1 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) 7.3 5.8 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 20

21 Savings institutions 0.3 0.1 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 2.2 2.1 0.6 0.3 0.2 0.1 0.5 1.1 0.4 0.3 0.8 22

23 Bank personal trusts and estates 19.5 23.0 23.7 21.1 23.9 23.8 24.2 23.8 23.5 22.7 21.8 23

24 Life insurance companies 46.9 52.8 45.5 48.4 65.9 68.3 68.6 74.0 73.4 70.7 69.0 24

25 Private pension funds 39.8 39.4 45.4 49.0 51.2 52.6 54.6 60.0 61.4 64.4 67.0 25

26 State and local govt. retirement funds 20.5 27.8 31.5 28.2 28.6 36.9 35.8 38.3 37.5 41.1 39.7 26

27 Money market mutual funds 164.4 187.2 235.5 273.9 336.0 371.2 395.5 399.5 414.2 474.2 468.9 27

28 Mutual funds 38.7 43.1 50.2 47.2 57.8 51.9 66.9 80.3 68.2 70.1 80.1 28

29 Government-sponsored enterprises 11.9 26.3 25.5 35.1 34.0 64.1 52.8 54.5 60.9 35.2 32.4 29

30 Brokers and dealers 14.9 11.2 22.1 23.7 24.3 25.1 28.3 32.8 28.1 28.8 28.9 30

31 Funding corporations 112.1 92.0 63.6 64.8 108.7 136.4 128.6 108.6 106.6 121.6 142.5 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, September 15, 1999 87

L.209 Treasury Securities

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 3309.9 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 1

 2 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 2

 3 Other Treasury issues 3138.0 3285.6 3423.5 3568.1 3591.8 3618.7 3537.4 3508.8 3537.1 3545.0 3436.9 3

 4 Total assets 3309.9 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 3623.4 4

 5 Household sector 585.0 782.0 699.9 687.9 506.0 508.4 497.6 488.7 409.4 332.5 305.5 5

 6 Savings bonds 171.9 179.9 185.0 187.0 186.5 186.2 186.0 185.9 186.6 186.5 186.5 6

 7 Other Treasury issues 413.1 602.0 514.9 500.9 319.5 322.2 311.6 302.8 222.7 146.0 119.1 7

 8 Nonfinancial corporate business 48.8 50.8 57.1 47.1 57.5 49.3 39.5 42.2 48.3 42.9 37.2 8

 9 Nonfarm noncorporate business 13.3 14.0 15.6 14.4 13.6 13.5 13.3 13.2 13.0 12.9 12.7 9

10 State and local governments 447.8 370.0 289.8 257.0 239.3 238.1 258.5 266.4 269.3 272.5 279.1 10

11 Rest of the world 594.6 632.6 841.3 1093.3 1252.0 1260.8 1266.2 1232.0 1316.3 1308.4 1296.1 11

12 Monetary authority 332.0 364.5 378.2 390.9 430.7 433.2 439.8 446.0 452.1 465.7 484.9 12

13 Commercial banking 322.2 290.4 278.7 261.8 270.1 278.4 263.6 219.8 214.0 223.8 217.5 13

14 U.S.-chartered commercial banks 275.0 248.0 207.6 173.0 166.8 171.9 153.9 128.7 124.7 134.6 130.2 14

15 Foreign banking offices in U.S. 36.1 32.7 62.3 80.7 95.1 99.7 103.7 86.4 84.8 85.0 83.2 15

16 Bank holding companies 5.3 4.6 3.4 4.0 4.0 2.3 1.7 1.0 0.9 1.1 1.2 16

17 Banks in U.S.-affiliated areas 5.8 5.1 5.4 4.1 4.2 4.6 4.3 3.7 3.6 3.0 3.0 17

18 Savings institutions 28.2 27.1 18.4 17.4 14.6 14.8 12.6 11.1 10.2 10.6 10.6 18

19 Credit unions 22.6 22.1 18.3 17.4 15.6 15.0 14.5 13.5 13.1 13.3 14.9 19

20 Bank personal trusts and estates 40.4 39.8 38.7 39.5 39.2 39.1 39.0 39.0 39.0 39.0 39.1 20

21 Life insurance companies 110.0 107.1 108.1 93.2 85.5 82.6 79.9 74.4 71.3 70.9 68.7 21

22 Other insurance companies 124.5 133.0 133.4 120.9 91.1 87.5 82.0 76.3 73.2 72.9 73.1 22

23 Private pension funds 136.8 157.9 176.5 189.2 204.1 198.7 204.8 208.2 218.1 220.0 226.6 23

24 State and local govt. retirement funds 186.3 192.1 191.7 203.5 216.9 211.9 214.8 211.2 216.6 217.2 212.9 24

25 Money market mutual funds 79.4 66.1 70.0 90.2 86.2 83.3 81.3 82.5 103.6 108.1 84.0 25

26 Mutual funds 200.9 194.1 205.3 214.2 225.2 231.9 228.5 227.8 230.4 234.0 235.3 26

27 Closed-end funds 13.7 12.8 11.2 11.4 10.1 9.9 9.6 9.4 9.2 9.0 8.8 27

28 Government-sponsored enterprises 51.6 51.9 58.0 18.8 25.9 12.0 15.1 19.0 25.2 29.8 27.3 28

29 Brokers and dealers -28.3 -42.7 18.3 -12.8 -5.3 36.6 -37.2 13.9 -8.5 48.2 -11.0 29

 Memo:

30 Federal government debt (1) 3336.5 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3651.7 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).
88 Z.1, September 15, 1999

L.210 Agency Securities (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1907.0 2199.5 2405.0 2634.9 2847.6 2903.9 3006.9 3147.2 3320.5 3462.2 3609.1 1

 2 Budget agencies 26.6 26.7 28.2 26.6 26.5 25.9 25.6 25.5 28.5 28.1 28.3 2

 3 Government-sponsored enterprises 523.7 700.6 806.5 896.9 995.3 1030.9 1072.5 1146.0 1273.6 1321.8 1398.0 3

 4 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 4

 5 Total assets 1907.0 2199.5 2405.0 2634.9 2847.6 2903.9 3006.9 3147.2 3320.5 3462.2 3609.1 5

 6 Household sector 0.3 133.3 133.4 229.3 237.1 177.2 175.1 211.6 201.9 244.4 265.0 6

 7 Nonfinancial corporate business 19.1 19.9 23.4 28.5 9.7 8.7 18.0 20.7 25.2 23.5 37.6 7

 8 State and local governments 175.0 186.6 151.5 116.2 115.4 110.2 132.5 145.0 159.0 162.0 166.3 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 107.9 125.1 154.8 196.3 246.5 269.0 286.4 289.7 301.4 325.4 348.2 10

11 Monetary authority 4.6 3.6 2.6 2.2 0.7 0.6 0.5 0.4 0.3 0.3 0.3 11

12 Commercial banking 423.2 428.7 467.5 495.7 571.2 593.2 588.4 621.7 662.6 673.6 676.2 12

13 U.S.-chartered commercial banks 396.3 398.1 421.5 436.7 497.2 510.3 504.9 541.4 578.8 587.8 596.0 13

14 Foreign banking offices in U.S. 21.5 23.0 37.3 49.7 62.2 67.3 70.2 65.9 67.0 69.1 64.4 14

15 Bank holding companies 3.1 4.8 4.7 4.9 5.5 8.6 5.8 6.4 6.6 6.1 4.1 15

16 Banks in U.S.-affiliated areas 2.3 2.8 4.0 4.3 6.3 7.0 7.5 8.0 10.2 10.6 11.7 16

17 Savings institutions 147.3 159.9 164.6 156.1 155.3 152.6 149.8 145.5 143.6 147.7 147.1 17

18 Credit unions 36.3 40.9 45.7 50.7 51.0 53.2 55.9 57.0 58.4 63.4 66.0 18

19 Bank personal trusts and estates 32.7 32.2 32.1 31.8 32.0 31.9 31.8 31.9 31.9 32.1 32.2 19

20 Life insurance companies 222.8 234.1 242.9 244.1 226.7 226.6 224.3 220.5 217.0 217.5 217.4 20

21 Other insurance companies 44.5 45.8 48.2 51.0 70.8 72.3 72.3 72.2 73.5 73.2 73.3 21

22 Private pension funds 214.4 243.7 267.9 281.0 299.1 313.1 323.8 329.6 344.4 347.5 360.4 22

23 State and local govt. retirement funds 68.2 76.1 99.4 104.9 123.3 126.4 134.3 141.1 143.2 149.9 157.8 23

24 Money market mutual funds 67.8 77.2 90.8 101.8 96.3 95.8 93.5 121.6 173.8 161.9 156.8 24

25 Mutual funds 105.7 102.1 109.9 116.1 124.5 135.2 137.9 143.0 145.5 148.9 150.1 25

26 Government-sponsored enterprises 65.3 128.4 185.8 245.4 307.4 336.3 362.1 394.8 440.6 493.0 535.2 26

27 ABS issuers 95.6 107.7 121.7 116.6 109.1 110.4 112.2 121.1 134.3 150.2 169.5 27

28 REITs 15.6 9.2 9.0 12.2 21.2 23.2 21.1 18.3 13.1 14.9 14.9 28

29 Brokers and dealers 60.8 45.0 54.0 55.2 50.4 67.9 86.9 61.5 50.9 32.9 34.7 29

(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, September 15, 1999 89

L.211 Municipal Securities and Loans

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 1377.5 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 1

 2 State and local governments 1158.7 1112.4 1060.4 1053.3 1110.6 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 2

 3 Short-term (1) 33.8 31.7 32.9 39.1 47.5 48.4 42.9 39.3 41.2 42.1 40.0 3

 4 Long-term 1124.9 1080.7 1027.5 1014.1 1063.1 1085.8 1117.8 1129.4 1148.5 1170.9 1188.1 4

 5 Nonprofit organizations (2) 94.0 97.6 98.3 104.9 114.9 119.1 123.1 124.2 126.9 128.9 131.7 5

 6 Nonfinancial corporate business 124.9 131.7 134.8 137.9 142.0 143.8 145.5 147.0 147.8 149.1 150.3 6

 (industrial revenue bonds)

 7 Total assets 1377.5 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1491.0 1510.0 7

 8 Household sector 551.9 501.5 457.7 435.6 427.2 432.4 454.8 452.8 458.3 473.3 491.8 8

 9 Nonfinancial corporate business 54.7 56.7 36.8 31.0 36.1 40.1 42.5 42.9 43.4 40.8 42.5 9

10 State and local governments 9.5 8.6 5.1 4.6 3.9 3.5 3.0 2.8 2.5 2.1 1.8 10

11 Commercial banking 99.2 97.6 93.4 94.2 96.7 95.8 98.3 101.5 104.8 106.5 107.6 11

12 Savings institutions 2.1 2.0 2.0 2.1 2.1 1.7 2.0 2.3 2.5 2.7 2.9 12

13 Bank personal trusts and estates 108.9 114.2 108.3 104.0 104.8 105.0 105.2 105.5 105.8 106.2 106.5 13

14 Life insurance companies 14.7 12.8 11.9 13.4 36.5 33.0 27.8 22.4 18.4 18.8 18.1 14

15 Other insurance companies 146.1 153.8 161.0 175.4 194.1 202.1 204.3 206.0 210.9 207.9 208.4 15

16 Private pension funds 0.6 0.7 0.9 0.9 1.1 1.1 1.1 1.1 1.2 1.2 1.3 16

17 State and local govt. retirement funds 1.4 1.1 1.8 0.5 1.1 1.2 1.3 1.4 1.6 1.9 2.0 17

18 Money market mutual funds 105.6 113.4 127.7 144.5 167.0 179.9 177.4 185.3 193.0 204.1 196.1 18

19 Mutual funds 211.3 207.0 210.2 213.3 219.8 224.6 231.2 234.1 242.6 248.1 250.7 19

20 Closed-end funds 51.8 53.4 59.6 61.7 60.8 61.0 61.2 61.5 61.7 61.9 62.1 20

21 Government-sponsored enterprises 2.6 3.4 4.4 4.1 3.3 3.4 3.8 5.7 4.6 3.1 3.8 21

22 Brokers and dealers 17.1 15.5 12.7 10.8 13.2 12.4 15.4 14.7 13.2 12.4 14.3 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 2346.8 2504.0 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4287.6 4421.6 1

 2 Nonfinancial corporate business 1229.7 1253.0 1344.1 1460.4 1610.9 1680.6 1754.3 1781.3 1829.6 1898.1 1963.3 2

 3 Rest of the world (1) 230.1 242.3 291.9 347.7 394.9 405.6 435.4 428.6 420.0 420.2 415.4 3

 4 Financial sectors 887.0 1008.8 1204.7 1381.5 1557.5 1640.8 1738.7 1786.2 1849.4 1969.3 2042.9 4

 5 Commercial banking 134.9 142.6 161.1 168.9 192.6 205.0 209.2 214.4 220.2 229.0 227.8 5

 6 Savings institutions 3.9 3.1 3.1 2.7 2.8 2.6 2.7 2.6 2.6 2.8 2.7 6

 7 ABS issuers 442.0 506.1 611.3 719.7 822.1 858.1 922.0 966.5 1012.8 1062.2 1116.0 7

 8 Finance companies 215.6 247.4 300.0 332.5 328.8 338.2 348.7 337.6 339.7 366.7 383.1 8

 9 REITs 16.8 15.3 15.5 16.8 31.6 39.8 47.7 50.1 53.4 59.6 58.1 9

10 Brokers and dealers 33.7 34.3 29.3 27.3 35.3 35.1 40.1 39.4 42.5 34.8 30.2 10

11 Funding corporations 40.0 60.0 84.4 113.6 144.2 162.1 168.3 175.5 178.1 214.2 225.2 11

12 Total assets 2346.8 2504.0 2840.7 3189.6 3563.3 3727.0 3928.3 3996.0 4098.9 4287.6 4421.6 12

13 Household sector 322.5 353.1 447.6 496.9 538.0 586.9 628.0 595.9 571.1 658.8 659.9 13

14 State and local governments 26.5 31.9 39.0 49.7 51.0 52.5 56.4 54.5 56.2 58.0 60.3 14

15 Rest of the world (2) 273.3 311.4 369.5 453.2 537.2 564.0 605.2 628.7 659.6 694.0 724.7 15

16 Commercial banking 98.2 102.5 110.9 112.3 143.1 153.4 156.6 164.3 181.1 164.4 187.9 16

17 Savings institutions 89.1 86.7 78.5 68.6 58.7 58.0 65.3 73.6 88.6 104.4 109.9 17

18 Bank personal trusts and estates 35.8 35.3 33.6 31.9 36.3 36.9 37.2 37.6 38.5 39.3 40.0 18

19 Life insurance companies 719.5 779.4 870.1 949.3 1026.2 1056.4 1080.1 1106.6 1130.4 1157.1 1179.3 19

20 Other insurance companies 103.1 110.1 123.3 141.6 157.0 157.1 160.0 162.5 176.2 174.8 175.2 20

21 Private pension funds 208.7 201.2 206.8 228.0 255.7 263.6 276.3 285.1 301.0 307.8 321.9 21

22 State and local govt. retirement funds 175.6 185.0 190.6 214.4 244.5 254.7 264.2 274.6 279.6 286.7 293.4 22

23 Money market mutual funds 11.7 15.2 21.5 23.9 36.4 44.9 68.3 80.9 81.2 87.9 95.9 23

24 Mutual funds 169.3 172.4 195.7 229.5 273.8 296.4 314.5 320.7 339.3 349.3 361.9 24

25 Closed-end funds 24.2 19.8 25.6 28.1 27.3 28.5 29.6 30.8 31.9 33.0 34.1 25

26 Government-sponsored enterprises 11.1 19.5 25.0 30.6 30.9 26.5 29.1 31.4 31.4 32.5 28.7 26

27 REITs 1.2 2.1 2.9 4.3 6.5 8.0 8.4 7.7 6.1 5.6 5.5 27

28 Brokers and dealers 73.0 64.4 76.4 90.9 100.0 102.1 104.8 94.6 81.6 89.1 93.2 28

29 Funding corporations 4.0 14.0 23.8 36.5 40.6 37.1 44.0 46.5 45.1 44.8 49.7 29

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, September 15, 1999

L.213 Corporate Equities (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Issues at market value 6257.6 6237.9 8331.3 10062.4 12776.0 14397.6 14556.1 12758.4 15437.7 15970.3 17137.5 1

 2 Nonfinancial corporate business 4803.1 4716.5 6270.6 7425.2 9255.6 10481.4 10619.6 9447.9 11585.4 12021.0 13001.0 2

 3 Rest of the world (2) 543.9 627.5 776.8 1002.9 1201.0 1350.0 1310.0 1210.0 1407.1 1420.0 1500.0 3

 4 Financial corporations 910.7 893.9 1284.0 1634.3 2319.3 2566.2 2626.5 2100.6 2445.2 2529.3 2636.5 4

 5 Holdings at market value 6257.6 6237.9 8331.3 10062.4 12776.0 14397.6 14556.1 12758.4 15437.7 15970.3 17137.5 5

 6 Household sector 3193.6 2975.5 3957.2 4448.7 5188.7 5704.5 5677.0 5016.4 6139.5 6413.2 6838.5 6

 7 State and local governments 9.3 10.6 26.2 46.8 79.0 90.5 98.9 86.0 102.0 106.9 117.9 7

 8 Rest of the world (3) 373.5 397.7 527.6 656.8 919.5 1059.0 1084.3 937.9 1115.4 1139.2 1252.2 8

 9 Commercial banking 4.3 2.9 5.0 6.8 2.6 4.9 5.6 3.6 6.8 7.5 8.4 9

10 Savings institutions 12.5 10.4 14.3 17.8 23.3 26.5 26.9 24.0 24.5 25.1 24.9 10

11 Bank personal trusts and estates 181.0 167.3 224.9 248.9 401.0 460.4 477.7 427.7 530.3 561.0 613.7 11

12 Life insurance companies 201.2 246.1 315.4 414.1 558.6 640.9 675.5 616.1 723.1 766.8 825.9 12

13 Other insurance companies 103.4 112.1 134.2 148.6 186.0 199.9 202.6 180.2 201.4 201.6 207.0 13

14 Private pension funds 992.4 996.3 1238.4 1490.9 1863.9 2116.7 2129.2 1840.1 2232.3 2228.7 2344.4 14

15 State and local govt. retirement funds 528.2 557.4 791.1 1031.6 1431.7 1640.9 1674.4 1476.9 1761.5 1791.7 1937.1 15

16 Mutual funds 607.4 709.6 1024.9 1470.0 2018.7 2340.0 2387.5 2044.5 2508.5 2624.7 2857.4 16

17 Closed-end funds 26.5 31.9 38.0 43.6 51.1 50.4 53.1 50.2 40.2 43.0 42.7 17

18 Brokers and dealers 24.2 20.1 34.2 37.9 51.9 62.8 63.4 54.8 52.1 61.0 67.4 18

 Memo:

19 Market value of domestic corporations (4) 5555.3 5443.4 7343.2 8822.6 11283.3 12729.6 12921.4 11259.7 13730.0 14237.2 15312.0 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 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3760.8 4029.9 1

 2 Holdings at market value 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.5 3760.8 4029.9 2

 3 Household sector 990.9 1052.1 1265.0 1586.0 2057.6 2307.7 2379.5 2195.4 2500.7 2608.7 2787.1 3

 4 Nonfinancial corporate business 29.8 31.1 45.7 59.9 69.1 79.4 82.5 74.2 91.0 96.1 98.1 4

 5 State and local governments 21.3 29.1 35.0 41.0 33.6 31.5 33.9 27.4 26.3 25.3 27.4 5

 6 Commercial banking 3.9 2.0 2.3 2.6 8.1 7.1 7.0 7.0 9.2 9.1 10.0 6

 7 Credit unions 4.2 2.6 2.8 2.6 2.4 2.8 3.1 3.1 3.6 3.8 3.9 7

 8 Bank personal trusts and estates 183.5 200.4 253.5 293.6 342.2 377.6 383.7 346.3 397.1 407.6 439.3 8

 9 Life insurance companies 25.9 9.6 27.7 35.3 38.4 36.3 29.8 19.1 18.6 17.2 16.5 9

10 Private pension funds 116.0 150.4 220.7 321.4 438.0 496.9 518.8 464.8 564.1 593.1 647.6 10
Z.1, September 15, 1999 91

L.215 Bank Loans Not Elsewhere Classified

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 Total loans by commercial

 1 banking, flow of funds basis 2223.5 2407.1 2646.9 2821.1 3052.9 3087.3 3154.9 3220.9 3304.8 3289.6 3317.3 1

 - Loans elsewhere classified:

 2 Open market paper 7.3 5.8 5.7 6.5 2.7 1.1 1.1 0.9 1.1 0.9 0.8 2

 3 Mortgages 947.8 1012.7 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 3

 4 Consumer credit 395.7 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 4

 5 Security credit 100.7 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 5

 6 = Banking sector total bank loans n.e.c. 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.6 6

 7 U.S.-chartered commercial banks 578.4 624.6 701.6 759.8 867.9 895.7 938.5 972.6 1012.2 1038.1 1067.1 7

 8 Foreign banking offices in U.S. 182.0 197.2 232.6 264.8 284.0 278.2 284.5 289.1 282.2 270.8 258.1 8

 9 Bank holding companies 1.9 1.8 2.3 2.5 2.4 2.6 2.3 2.3 4.1 3.6 4.2 9

10 Banks in U.S.-affiliated areas 9.7 11.3 13.1 14.6 15.5 15.4 16.0 16.2 16.3 15.8 16.2 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. 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.6 12

13 Total liabilities 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1314.9 1328.3 1345.6 13

14 Nonfinancial sectors 709.4 786.0 898.2 977.7 1092.7 1101.3 1153.1 1177.0 1207.6 1224.2 1238.9 14

15 Households 27.4 40.0 57.4 58.0 66.6 65.1 75.7 69.9 72.9 68.7 71.9 15

16 Corporate business 477.6 521.0 587.7 627.2 695.4 701.8 732.3 755.6 777.6 795.5 798.0 16

17 Nonfarm noncorporate business 143.0 160.2 178.7 208.5 234.7 238.8 243.5 248.1 253.2 258.3 263.8 17

18 Farm business 36.8 38.7 39.7 40.4 43.9 42.1 46.1 47.0 45.1 42.6 44.6 18

19 Rest of the world 24.6 26.1 34.6 43.7 52.1 53.4 55.5 56.4 58.9 59.1 60.5 19

20 Foreign official institutions 2.4 2.2 2.6 2.9 2.1 2.3 2.2 2.0 2.8 2.9 2.8 20

21 Foreign banks 8.8 8.8 10.9 14.3 13.8 13.1 14.8 13.8 13.1 12.5 13.8 21

22 Other foreign 13.5 15.2 21.1 26.5 36.3 38.0 38.6 40.6 43.0 43.6 43.9 22

23 Financial sectors 62.6 48.9 51.4 64.0 77.2 90.6 88.2 103.2 107.2 104.1 106.8 23

24 Savings institutions 8.4 9.3 14.6 15.9 19.4 22.3 23.4 27.9 29.7 34.0 35.4 24

25 Finance companies 20.4 14.8 15.3 19.7 24.1 22.0 22.3 24.9 26.3 24.8 25.1 25

26 Mortgage companies 30.2 18.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 26

27 REITs 3.6 6.0 5.0 7.8 17.6 22.9 26.2 33.5 33.6 28.7 28.4 27
92 Z.1, September 15, 1999

L.216 Other Loans and Advances

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 805.3 860.5 930.6 993.1 1095.9 1126.1 1153.6 1186.8 1254.4 1297.8 1324.8 1

 2 U.S. government loans 146.0 131.1 144.0 144.1 153.7 157.9 161.4 165.2 168.0 172.6 174.3 2

 3 Liab.: Household sector 20.3 16.0 27.3 30.4 41.8 43.9 46.6 49.3 52.4 58.2 60.7 3

 4 Nonfinancial corporate business 8.1 8.0 10.0 8.7 8.4 8.5 8.4 8.3 8.3 8.2 8.1 4

 5 Nonfarm noncorporate business 40.7 38.2 39.4 39.1 40.9 42.1 43.1 44.8 44.8 44.5 44.1 5

 6 Farm business 8.7 8.2 7.0 5.9 5.5 5.4 5.3 5.2 5.1 5.0 4.9 6

 7 State and local governments 9.2 9.3 9.8 10.1 8.9 10.2 10.1 10.1 10.1 10.2 10.2 7

 8 Rest of the world 54.1 51.4 50.6 49.9 48.2 47.9 47.9 47.5 47.2 46.6 46.3 8

 9 Government-sponsored enterprises 4.8 0.0 0.0 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 114.2 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 153.3 133.1 10

11 Liab.: Nonfinancial corporate business 114.2 122.1 122.1 126.0 143.3 148.8 146.2 146.5 142.3 153.3 133.1 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 25.3 22.9 22.3 23.4 20.6 16.8 14.2 14.1 11.3 10.2 9.0 12

13 Liab.: Nonfinancial corporate business 17.1 15.0 14.2 13.4 10.8 8.8 7.3 7.8 6.6 5.6 4.8 13

14 Rest of the world 8.2 7.9 8.2 9.9 9.7 8.0 6.9 6.3 4.7 4.7 4.1 14

15 Savings institution loans to business 10.8 10.3 12.8 15.7 18.8 19.8 20.2 22.1 24.2 25.4 27.0 15

16 Liab.: Nonfinancial corporate business 5.4 5.1 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 16

17 Nonfarm noncorporate business 5.4 5.1 6.4 7.9 9.4 9.9 10.1 11.0 12.1 12.7 13.5 17

18 Policy loans (Household liability) 78.6 86.4 96.9 101.4 104.6 104.8 105.8 106.3 104.7 100.6 99.8 18

19 Asset: Federal government 0.9 0.9 0.9 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 77.7 85.5 95.9 100.5 103.7 103.9 104.8 105.3 103.8 99.7 98.8 20

21 Government-sponsored enterprise loans 162.0 189.1 200.3 229.1 260.3 267.8 284.4 307.6 352.6 364.6 396.0 21

22 Liab.: Household sector (SLMA) 27.6 31.3 35.2 34.6 30.2 28.4 26.2 27.4 29.0 30.9 32.5 22

23 Noncorporate business (FCS) 13.9 13.9 16.4 15.1 15.1 16.3 16.0 17.5 17.8 17.1 18.1 23

24 Farm business (FCS) 11.6 12.4 13.8 16.5 16.5 16.4 16.5 16.5 17.1 17.5 16.9 24

25 Commercial banks (FHLB and SLMA) 21.2 30.5 36.7 39.0 58.1 66.1 78.6 87.1 104.9 104.2 119.2 25

26 Savings institutions (FHLB and SLMA) 87.3 100.0 97.4 121.9 138.0 138.1 144.6 156.1 180.1 190.1 203.5 26

27 Credit unions (FHLB) 0.2 0.5 0.4 0.4 0.6 0.7 0.8 1.0 1.1 1.5 1.8 27

28 Life insurance companies (FHLB) 0.2 0.6 0.5 1.6 1.8 1.8 1.6 2.0 2.5 3.3 4.0 28

29 Securitized loans held by ABS issuers 19.5 23.7 30.6 44.0 76.2 84.3 86.5 89.9 103.8 108.3 111.8 29

30 Liab.: Households (1) 0.0 0.0 1.0 6.3 14.1 16.6 19.0 18.4 17.9 17.3 17.6 30

31 Nonfinancial corporate business 19.5 23.7 29.6 37.7 62.1 67.7 67.5 71.5 85.9 91.0 94.2 31

32 Finance company loans to business 249.0 274.9 301.6 309.5 318.5 325.9 334.9 335.1 347.5 362.8 373.7 32

33 Liab.: Nonfinancial corporate business 224.1 247.4 271.4 278.5 286.7 293.3 301.4 301.6 312.8 326.5 336.4 33

34 Nonfarm noncorporate business 24.9 27.5 30.2 30.9 31.9 32.6 33.5 33.5 34.8 36.3 37.4 34

(1) Student loans.
Z.1, September 15, 1999 93

L.217 Total Mortgages

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total mortgages 4206.1 4393.0 4603.4 4898.7 5212.0 5322.4 5433.7 5568.0 5721.9 5860.7 6012.7 1

 2 Home 3146.5 3330.0 3509.8 3719.0 3954.8 4037.9 4116.4 4216.4 4321.1 4413.8 4526.0 2

 3 Multifamily residential 266.6 267.7 277.0 294.8 310.5 316.6 323.5 330.8 341.0 351.9 360.1 3

 4 Commercial 712.3 712.3 732.1 797.7 856.5 876.5 900.8 926.4 963.2 997.6 1026.9 4

 5 Farm 80.7 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 5

 6 Total liabilities 4206.1 4393.0 4603.4 4898.7 5212.0 5322.4 5433.7 5568.0 5721.9 5860.7 6012.7 6

 7 Household sector 3001.1 3171.7 3343.4 3558.0 3796.9 3880.6 3960.1 4064.1 4168.1 4262.7 4376.0 7

 8 Nonfinancial business 1196.1 1202.5 1236.0 1308.8 1368.3 1392.7 1419.6 1440.0 1482.2 1521.4 1563.2 8

 9 Corporate 224.7 242.6 270.1 287.1 296.4 303.1 311.0 315.0 336.5 355.4 373.7 9

10 Nonfarm noncorporate 890.7 876.9 881.4 934.6 981.6 998.3 1015.7 1030.6 1049.2 1068.6 1089.8 10

11 Farm 80.7 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 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 8.9 18.7 24.1 31.9 46.8 49.1 54.1 64.0 71.6 76.6 73.6 13

14 Total assets 4206.1 4393.0 4603.4 4898.7 5212.0 5322.4 5433.7 5568.0 5721.9 5860.7 6012.7 14

15 Household sector 126.3 115.6 108.9 106.5 103.8 103.3 102.8 102.3 102.0 101.4 101.1 15

16 Nonfinancial corporate business 52.3 56.4 57.9 54.4 50.4 49.4 48.4 47.4 46.4 45.4 44.4 16

17 Nonfarm noncorporate business 23.7 23.6 26.7 23.5 23.8 24.0 24.1 24.3 24.4 24.6 24.7 17

18 State and local governments 108.3 110.5 113.8 117.6 121.3 122.3 123.3 124.4 125.4 126.5 127.6 18

19 Federal government 85.0 71.0 57.8 50.3 45.7 45.5 45.1 44.8 44.9 44.7 44.6 19

20 Commercial banking 947.8 1012.7 1090.2 1145.4 1245.3 1270.6 1281.4 1295.2 1337.0 1336.6 1360.8 20

21 Savings institutions (1) 598.4 596.2 596.8 628.3 631.8 637.2 632.6 634.5 644.2 646.4 656.7 21

22 Credit unions 56.0 62.1 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.8 104.0 22

23 Bank personal trusts and estates 3.6 3.4 3.3 3.6 3.4 3.4 3.5 3.6 3.7 3.9 4.1 23

24 Life insurance companies 223.9 215.8 213.1 208.2 206.8 206.5 207.7 207.4 213.6 219.1 224.7 24

25 Other insurance companies 4.5 3.8 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 25

26 Private pension funds 14.5 18.0 19.4 21.2 23.6 24.2 25.3 25.8 27.2 27.6 28.8 26

27 State and local govt. retirement funds 14.5 15.2 15.9 16.7 17.6 17.8 18.1 18.3 18.6 18.8 19.1 27

28 Government-sponsored enterprises (1) 241.0 244.6 251.0 244.9 240.4 241.4 242.0 242.3 247.7 243.6 243.7 28

29 Federally related mortgage pools 1356.8 1472.1 1570.3 1711.4 1825.8 1847.1 1908.9 1975.7 2018.4 2112.3 2182.8 29

30 ABS issuers 217.8 255.3 289.4 350.6 441.0 477.8 525.0 563.8 605.5 641.4 669.6 30

31 Finance companies 62.7 66.9 72.4 82.7 87.9 89.6 89.9 98.5 102.3 109.2 113.5 31

32 Mortgage companies 60.4 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 33.0 35.6 32

33 REITs 8.6 13.3 14.1 13.8 22.9 25.7 29.0 29.7 26.3 25.4 24.9 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, September 15, 1999

L.218 Home Mortgages (1)

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 3146.5 3330.0 3509.8 3719.0 3954.8 4037.9 4116.4 4216.4 4321.1 4413.8 4526.0 1

 2 Household sector 2892.6 3070.2 3251.4 3461.4 3693.2 3774.5 3851.0 3948.9 4051.5 4141.8 4251.6 2

 3 Nonfinancial corporate business 18.1 18.7 19.3 19.9 20.7 21.0 21.2 21.5 21.8 22.0 22.3 3

 4 Nonfarm noncorporate business 235.9 241.1 239.0 237.7 240.9 242.5 244.2 246.0 247.9 249.9 252.1 4

 5 Total assets 3146.5 3330.0 3509.8 3719.0 3954.8 4037.9 4116.4 4216.4 4321.1 4413.8 4526.0 5

 6 Household sector 107.4 96.5 88.2 84.7 81.4 80.6 79.8 79.0 78.2 77.4 76.6 6

 7 Nonfinancial corporate business 30.9 32.7 33.8 24.5 16.5 14.5 12.5 9.3 9.3 9.1 9.0 7

 8 Nonfarm noncorporate business 9.7 9.7 10.8 9.6 9.1 9.0 8.9 8.8 8.7 8.6 8.5 8

 9 State and local governments 56.3 57.3 60.5 62.8 65.8 66.6 67.4 68.2 69.1 70.0 70.8 9

10 Federal government 33.0 29.1 24.1 21.2 19.1 18.9 18.8 18.7 18.8 18.7 18.6 10

11 Commercial banking 532.2 590.0 646.5 677.6 745.5 764.0 769.7 769.7 796.6 782.1 789.6 11

12 Savings institutions 470.0 477.6 482.4 513.7 520.7 526.7 521.7 525.4 533.4 534.1 544.4 12

13 Credit unions 56.0 62.1 66.5 76.0 86.0 87.7 91.8 94.5 96.9 98.8 104.0 13

14 Bank personal trusts and estates 3.6 3.4 3.3 3.6 3.4 3.4 3.5 3.6 3.7 3.9 4.1 14

15 Life insurance companies 8.9 8.5 8.9 7.0 7.2 7.0 6.8 6.6 6.6 7.0 7.3 15

16 Private pension funds 3.2 4.0 4.3 4.7 5.2 5.3 5.6 5.7 6.0 6.1 6.3 16

17 State and local govt. retirement funds 3.5 3.9 4.4 5.0 5.6 5.8 6.0 6.1 6.3 6.5 6.7 17

18 Government-sponsored enterprises 196.7 199.3 205.2 198.5 194.3 195.5 195.8 195.2 198.6 193.2 190.6 18

19 Federally related mortgage pools 1334.3 1449.7 1543.4 1678.9 1788.0 1808.1 1868.5 1931.1 1970.2 2061.7 2130.1 19

20 ABS issuers 183.7 206.0 224.3 259.3 312.3 331.4 356.7 384.7 403.4 423.3 440.6 20

21 Finance companies 62.7 66.9 72.4 52.1 59.0 61.5 62.3 68.4 75.7 77.7 80.5 21

22 Mortgage companies 52.2 28.3 23.8 32.0 21.8 36.4 22.4 23.4 24.9 22.6 25.1 22

23 REITs 2.2 5.1 6.9 8.0 14.0 15.6 18.3 18.0 14.8 13.3 13.0 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 266.6 267.7 277.0 294.8 310.5 316.6 323.5 330.8 341.0 351.9 360.1 1

 2 Nonfinancial corporate business 19.9 20.5 21.1 21.7 22.5 22.8 23.0 23.3 23.5 23.8 24.1 2

 3 Nonfarm noncorporate business 243.7 241.0 248.0 262.5 272.5 277.6 282.7 286.4 293.8 302.8 311.7 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 3.0 6.2 7.9 10.5 15.4 16.2 17.8 21.1 23.6 25.3 24.3 5

 6 Total assets 266.6 267.7 277.0 294.8 310.5 316.6 323.5 330.8 341.0 351.9 360.1 6

 7 Household sector 1.4 1.3 1.6 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.4 7

 8 Nonfinancial corporate business 0.5 0.9 0.1 0.8 1.4 1.5 1.7 2.4 2.3 2.3 2.1 8

 9 Nonfarm noncorporate business 7.0 7.0 7.9 7.0 7.4 7.5 7.6 7.7 7.8 8.0 8.1 9

10 State and local governments 42.8 43.5 44.1 45.9 46.5 46.7 46.9 47.2 47.4 47.6 47.9 10

11 Federal government 24.6 22.0 17.3 14.8 13.9 13.9 13.8 13.7 13.6 13.6 13.6 11

12 Commercial banking 37.0 37.9 42.5 45.5 49.7 50.8 51.2 52.2 52.9 56.2 58.6 12

13 Savings institutions 67.4 64.3 62.0 61.6 59.5 59.3 59.1 56.9 57.0 57.0 55.3 13

14 Life insurance companies 27.5 27.8 28.7 30.8 30.4 30.4 30.6 30.6 31.5 31.5 32.3 14

15 Private pension funds 0.7 0.9 1.0 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.4 15

16 State and local govt. retirement funds 4.1 4.3 4.5 4.7 5.0 5.0 5.1 5.2 5.2 5.3 5.4 16

17 Government-sponsored enterprises 17.5 18.4 19.0 18.6 17.3 16.7 16.7 17.0 18.1 19.3 21.3 17

18 Federally related mortgage pools 22.5 22.4 26.9 32.5 37.8 39.0 40.4 44.6 48.3 50.6 52.7 18

19 ABS issuers 8.7 11.7 15.6 21.7 28.8 33.0 37.4 40.0 43.9 47.5 49.8 19

20 Finance companies 0.0 0.0 0.0 3.1 2.9 2.7 2.8 3.0 2.7 2.8 2.8 20

21 Mortgage companies 3.1 3.1 4.2 4.1 5.2 5.3 5.2 5.3 5.3 5.3 5.4 21

22 REITs 1.9 2.1 1.6 1.2 2.1 2.2 2.2 2.4 2.1 2.0 1.9 22
Z.1, September 15, 1999 95

L.220 Commercial Mortgages

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 712.3 712.3 732.1 797.7 856.5 876.5 900.8 926.4 963.2 997.6 1026.9 1

 2 Household sector 108.5 101.5 91.9 96.6 103.7 106.1 109.1 115.1 116.6 120.8 124.3 2

 3 Nonfinancial corporate business 186.7 203.5 229.7 245.4 253.1 259.4 266.7 270.3 291.1 309.6 327.3 3

 4 Nonfarm noncorporate business 411.1 394.8 394.4 434.3 468.3 478.1 488.8 498.1 507.5 515.9 526.0 4

 5 REITs 6.0 12.5 16.1 21.4 31.4 32.9 36.2 42.9 48.0 51.3 49.3 5

 6 Total assets 712.3 712.3 732.1 797.7 856.5 876.5 900.8 926.4 963.2 997.6 1026.9 6

 7 Household sector 3.2 3.1 3.7 4.3 4.5 4.6 4.6 4.7 4.8 4.8 4.9 7

 8 Nonfinancial corporate business 20.8 22.8 24.0 29.1 32.5 33.3 34.2 35.6 34.8 34.0 33.3 8

 9 Nonfarm noncorporate business 6.1 6.0 6.9 6.1 6.4 6.5 6.6 6.7 6.8 6.9 7.0 9

10 State and local governments 7.7 8.3 7.7 7.5 7.7 7.7 7.7 7.6 7.6 7.6 7.5 10

11 Federal government 20.5 13.2 10.2 8.5 7.9 7.9 7.9 7.9 8.0 8.0 7.9 11

12 Commercial banking 357.7 362.3 377.3 397.5 423.1 428.4 432.2 444.6 458.5 468.8 482.1 12

13 Savings institutions 60.8 53.9 52.1 52.7 51.3 50.9 51.4 51.7 53.3 54.9 56.6 13

14 Life insurance companies 178.4 169.8 165.9 160.3 158.8 158.5 159.5 159.2 164.0 168.9 173.1 14

15 Other insurance companies 4.5 3.8 2.8 2.4 2.2 2.2 2.2 1.9 2.0 2.0 2.0 15

16 Private pension funds 10.6 13.2 14.2 15.5 17.2 17.7 18.4 18.8 19.9 20.2 21.0 16

17 State and local govt. retirement funds 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 25.5 37.6 49.5 69.6 100.0 113.4 130.9 139.1 158.2 170.7 179.2 18

19 Finance companies 0.0 0.0 0.0 27.4 26.0 25.4 24.7 27.1 23.9 28.8 30.2 19

20 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 20

21 REITs 4.5 6.1 5.6 4.6 6.9 8.0 8.5 9.3 9.4 10.0 10.0 21

L.221 Farm Mortgages

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

 1 Total liabilities (Farm business) 80.7 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 1

 2 Total assets 80.7 83.0 84.6 87.1 90.3 91.3 93.0 94.4 96.5 97.4 99.7 2

 3 Household sector 14.3 14.6 15.3 15.9 16.5 16.7 17.0 17.2 17.6 17.8 18.2 3

 4 Nonfarm noncorporate business 0.9 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 4

 5 State and local governments 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 7.0 6.7 6.2 5.8 4.9 4.7 4.6 4.6 4.5 4.4 4.4 6

 7 Commercial banking 20.9 22.6 23.8 24.9 27.0 27.5 28.3 28.7 29.0 29.5 30.5 7

 8 Savings institutions 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 8

 9 Life insurance companies 9.1 9.6 9.7 10.1 10.5 10.6 10.8 11.0 11.5 11.7 12.0 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 26.8 26.9 26.8 27.9 28.9 29.2 29.5 30.1 31.0 31.2 31.8 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
96 Z.1, September 15, 1999

L.222 Consumer Credit

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities (Households) 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 1338.0 1

 2 Total assets 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 1338.0 2

 3 Nonfinancial corporate business 77.2 86.6 85.1 77.7 78.9 72.7 65.3 65.5 74.9 67.1 68.1 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 395.7 458.8 502.0 526.8 512.6 492.1 491.4 497.9 508.9 494.0 477.8 5

 6 Savings institutions 37.9 38.5 40.1 44.7 47.2 47.1 48.3 50.3 51.6 53.6 57.2 6

 7 Credit unions 101.6 119.6 131.9 144.1 152.4 150.7 152.4 154.3 155.4 155.1 156.7 7

 8 ABS issuers 130.5 146.1 211.6 265.8 313.1 316.8 345.1 359.4 372.4 380.9 404.8 8

 9 Finance companies 116.1 134.4 152.1 152.4 160.0 156.5 154.3 159.1 168.5 167.8 173.6 9

L.223 Trade Credit

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

 1 Total trade payables 1046.6 1140.6 1242.3 1328.4 1424.6 1419.2 1405.0 1418.3 1424.3 1430.4 1454.6 1

 2 Household sector 89.8 94.0 103.3 111.9 120.0 119.5 124.0 125.2 125.7 126.0 128.2 2

 3 Nonfinancial corporate business 719.3 796.5 877.5 927.0 990.5 984.4 963.7 969.1 979.7 984.5 995.2 3

 4 Nonfarm noncorporate business 64.1 71.6 77.8 98.6 109.4 111.9 114.1 116.5 118.9 120.6 122.4 4

 5 Farm business 14.2 15.2 16.2 17.4 18.8 18.1 19.4 20.1 19.6 18.5 19.4 5

 6 State and local governments 27.2 29.0 31.0 33.2 35.0 34.9 35.0 35.5 35.6 36.9 37.3 6

 7 Federal government 86.1 85.7 81.1 82.4 82.4 81.8 81.8 82.8 79.7 79.4 80.1 7

 8 Rest of the world 35.9 39.5 45.3 43.6 48.7 49.1 46.1 47.2 46.3 45.0 42.8 8

 9 Brokers and dealers 10.1 9.1 10.3 14.3 19.9 19.6 20.9 21.8 19.0 19.4 29.2 9

10 Total trade receivables 1293.1 1386.5 1499.8 1636.1 1739.1 1777.4 1817.2 1858.4 1798.0 1845.7 1886.9 10

11 Nonfinancial corporate business 1035.0 1107.0 1184.9 1273.1 1309.7 1326.0 1353.3 1380.4 1320.0 1359.7 1392.2 11

12 Nonfarm noncorporate business 103.0 117.0 129.3 145.5 162.2 166.1 170.3 174.1 178.2 182.2 186.3 12

13 Federal government 28.4 24.7 23.1 24.0 20.8 22.5 22.3 24.5 20.5 21.8 20.8 13

14 Rest of the world 47.5 49.8 49.5 55.7 58.5 57.1 57.3 56.7 51.9 47.1 46.4 14

15 Other insurance companies 50.7 52.9 57.3 57.2 59.9 62.6 63.4 64.0 61.6 64.0 65.3 15

16 ABS issuers 28.4 35.2 55.7 80.7 128.1 143.2 150.6 158.7 165.9 170.9 175.8 16

17 Discrepancy -246.4 -245.9 -257.5 -307.7 -314.5 -358.1 -412.2 -440.1 -373.7 -415.3 -432.3 17

L.224 Security Credit

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

 1 Total liabilities 279.0 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.4 552.7 576.7 1

 2 Household sector 76.1 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 178.7 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 202.9 203.9 227.1 263.7 337.9 364.9 388.5 428.1 422.4 392.0 398.1 4

 5 Customer credit balances (HH) 102.3 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 265.8 5

 6 From U.S.-chartered commercial banks 61.4 56.8 65.1 60.2 64.4 71.6 72.2 72.6 76.3 70.5 74.7 6

 7 From foreign banking offices in U.S. 39.3 38.1 34.4 40.6 58.0 60.0 67.5 74.1 66.6 59.2 57.6 7

 8 Total assets 279.0 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.4 552.7 576.7 8

 9 Household sector 102.3 109.0 127.6 162.9 215.5 233.4 248.8 281.4 279.5 262.3 265.8 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 100.7 94.9 99.5 100.8 122.5 131.6 139.7 146.7 142.9 129.7 132.3 11

12 Brokers and dealers 76.1 75.1 78.6 94.4 131.2 140.3 152.2 151.0 155.0 160.7 178.7 12
Z.1, September 15, 1999 97

L.225 Life Insurance and Pension Fund Reserves

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Total liabilities 484.8 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 747.4 1

 2 Federal government 27.6 28.9 29.9 30.5 32.3 32.4 33.1 33.1 33.6 33.7 34.4 2

 3 Life insurance companies 457.2 491.5 536.3 580.1 632.7 644.8 657.5 670.4 684.7 697.2 713.0 3

 4 Total assets (Households) 484.8 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 730.9 747.4 4

 Pension fund reserves:

 5 Total liabilities 4674.8 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9335.8 9770.1 5

 6 Federal government (1) 447.9 485.5 506.3 561.4 601.7 590.5 601.5 616.3 642.9 632.6 642.7 6

 7 Life insurance companies 836.4 884.5 1002.0 1094.8 1233.5 1303.7 1319.6 1271.0 1356.2 1400.2 1456.7 7

 8 Private pension funds (2) 2275.0 2377.5 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 4647.0 8

 9 State and local govt. retirement funds 1115.5 1200.6 1482.5 1809.4 2331.1 2619.1 2681.5 2502.6 2806.9 2875.4 3023.7 9

10 Total assets (Households) 4674.8 4948.1 5767.8 6642.5 7894.4 8583.1 8730.8 8194.6 9160.7 9335.8 9770.1 10

(1) Includes civil service retirement and disability fund, the railroad retirement trust fund, the military retirement fund, the judicial retirement funds, and the foreign service retirement and disability fund.

(2) 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 98.8 101.4 107.6 123.6 140.4 151.7 144.4 154.7 153.4 159.6 158.4 1

 2 Nonfinancial corporate business 40.7 40.3 40.3 49.9 59.2 69.0 59.7 68.3 64.5 68.8 65.7 2

 3 Nonfarm noncorporate business 33.8 34.6 35.9 37.5 39.4 40.0 40.7 41.3 41.9 42.5 43.2 3

 4 U.S.-chartered commercial banks 1.2 1.9 2.8 4.0 5.4 5.8 6.2 6.6 7.1 7.5 8.0 4

 5 Savings institutions 1.9 1.0 1.6 1.4 1.8 1.7 1.8 1.9 2.0 1.9 1.8 5

 6 Life insurance companies 9.4 10.4 12.0 13.6 15.3 15.7 16.1 16.5 16.8 17.2 17.6 6

 7 Other insurance companies 7.0 7.9 9.0 10.2 11.5 11.8 12.1 12.4 12.7 12.9 13.2 7

 8 Finance companies 3.3 4.1 4.9 5.6 6.4 6.6 6.8 7.0 7.2 7.3 7.5 8

 9 Brokers and dealers 1.4 1.2 1.1 1.3 1.3 1.1 1.1 0.8 1.3 1.3 1.4 9

10 Total business taxes receivable 58.0 52.6 45.2 46.8 46.9 62.1 48.8 52.8 49.5 69.0 50.2 10

11 State and local governments 39.1 34.0 27.9 26.1 26.9 27.6 28.6 28.8 28.1 28.5 30.3 11

12 Federal government 18.9 18.6 17.3 20.7 20.0 34.5 20.2 24.0 21.4 40.5 20.0 12

13 Discrepancy 40.8 48.8 62.4 76.7 93.5 89.6 95.6 101.9 103.9 90.6 108.2 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 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 1402.7 1

 2 Asset: Household sector 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 1402.7 2
98 Z.1, September 15, 1999

L.229 Total Miscellaneous Financial Claims

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 5075.2 5287.2 5634.7 6098.8 6663.5 6737.3 6807.2 7024.1 7094.4 7087.4 7184.8 1

 2 Household sector 16.3 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 2

 3 Nonfinancial corporate business 2065.6 2081.6 2144.0 2363.1 2528.0 2497.5 2511.9 2510.1 2510.7 2498.8 2500.1 3

 4 Nonfarm noncorporate business 112.5 102.9 104.3 105.1 103.8 101.0 100.6 100.3 100.2 100.3 100.4 4

 5 Federal government 6.8 6.8 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 5

 6 Rest of the world 803.3 864.1 988.8 1111.8 1195.2 1134.4 1229.0 1332.9 1317.8 1318.3 1329.9 6

 7 Monetary authority 4.6 6.0 7.3 7.1 8.9 8.0 8.0 7.3 9.9 7.0 8.1 7

 8 Commercial banking 628.4 750.1 848.4 863.0 1023.7 1020.1 1025.0 1132.2 1129.8 1090.5 1089.9 8

 9 Savings institutions 103.0 106.7 106.1 103.5 101.4 105.5 103.5 105.6 99.8 98.1 98.3 9

10 Credit unions 5.1 6.4 4.5 4.6 4.6 5.0 5.5 5.4 5.2 4.8 4.8 10

11 Life insurance companies 374.6 386.6 403.2 425.5 476.4 500.5 516.8 515.8 539.4 547.5 554.7 11

12 Other insurance companies 456.1 471.9 501.6 509.9 521.2 526.9 529.0 532.7 549.2 547.1 551.1 12

13 Government-sponsored enterprises 85.9 61.1 66.9 67.2 75.1 90.2 87.7 89.4 95.3 88.9 85.5 13

14 Finance companies 165.8 180.6 202.4 205.6 216.7 221.2 211.5 206.5 234.6 249.9 255.2 14

15 Mortgage companies 30.2 17.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 15

16 REITs 2.3 5.3 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 16

17 Brokers and dealers 67.4 69.0 85.4 110.1 131.5 213.7 153.5 148.0 139.7 155.5 171.8 17

18 Funding corporations 147.2 153.7 124.5 166.8 217.6 242.1 257.1 266.6 289.6 305.6 359.8 18

19 Total assets 5798.2 6235.3 6985.5 7813.7 8750.5 8996.5 9118.4 9474.0 9814.4 10040.8 10183.7 19

20 Household sector 264.1 276.9 291.7 301.4 311.7 314.7 315.7 319.5 326.9 327.6 329.3 20

21 Nonfinancial corporate business 2615.3 2782.6 3156.9 3510.6 3970.7 4030.3 4098.7 4139.7 4232.4 4324.8 4365.6 21

22 Nonfarm noncorporate business 227.6 266.7 314.8 371.2 421.6 434.4 446.8 459.3 472.7 484.2 496.3 22

23 Farm business 41.3 42.6 44.5 44.4 44.8 45.3 45.5 45.9 46.6 46.2 46.3 23

24 State and local governments 17.8 18.2 55.4 41.0 27.0 35.1 20.2 23.1 11.5 8.3 9.4 24

25 Federal government 116.3 119.8 117.7 111.3 104.3 103.6 103.5 102.5 100.8 100.7 100.5 25

26 Rest of the world 677.4 691.5 781.7 970.6 1046.3 991.6 1043.9 1195.4 1354.1 1370.8 1387.2 26

27 Monetary authority 9.6 9.8 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 27

28 Commercial banking 627.0 738.0 797.8 823.7 934.0 947.0 981.8 1074.7 1079.1 1092.3 1099.4 28

29 Savings institutions 61.0 53.0 54.7 52.9 49.7 54.7 55.0 58.9 62.6 61.0 59.7 29

30 Credit unions 18.2 14.8 13.9 13.7 17.6 21.5 18.0 19.8 24.3 26.2 22.8 30

31 Bank personal trusts and estates 16.0 12.9 12.1 16.0 16.7 16.8 16.9 16.9 16.8 16.8 16.6 31

32 Life insurance companies 75.7 97.9 105.1 73.7 65.7 72.7 73.7 83.9 82.9 76.8 78.1 32

33 Other insurance companies 28.8 32.2 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 47.5 33

34 Private pension funds 392.3 407.2 438.9 439.6 441.9 450.8 440.1 420.2 435.6 458.3 470.0 34

35 State and local govt. retirement funds 74.8 93.0 102.4 151.8 207.6 259.6 267.7 266.5 271.2 289.0 282.7 35

36 Money market mutual funds 23.7 30.6 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 36

37 Mutual funds 3.3 5.9 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.6 14.3 37

38 Government-sponsored enterprises 33.2 31.5 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.8 38

39 Finance companies 116.1 108.5 129.6 151.5 170.4 185.6 194.7 165.3 186.5 207.8 213.1 39

40 REITs 4.6 6.4 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 40

41 Brokers and dealers 228.6 254.2 258.2 320.7 391.8 454.0 419.6 462.7 452.0 436.4 465.2 41

42 Funding corporations 125.4 141.0 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.4 42

43 Discrepancy -723.0 -948.1 -1350.8 -1714.9 -2087.0 -2259.2 -2311.2 -2449.9 -2719.9 -2953.5 -2998.9 43
Z.1, September 15, 1999 99

L.230 Identified Miscellaneous Financial Claims - Part I

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 690.7 748.5 843.3 940.2 1004.2 1044.8 1089.3 1112.3 1123.4 1168.4 1204.7 1

 2 Asset: Nonfinancial corporate business 574.3 647.5 736.4 816.9 867.3 904.4 942.0 961.0 973.2 1014.0 1045.4 2

 3 Commercial banking 33.8 35.6 37.9 42.8 43.7 45.0 45.7 44.4 45.1 46.1 47.5 3

 4 Life insurance companies 4.9 4.8 5.6 6.6 8.7 9.2 10.2 9.8 10.8 11.1 11.2 4

 5 Other insurance companies 28.8 32.2 37.8 33.6 39.9 40.3 41.7 42.9 44.5 46.1 47.5 5

 6 Finance companies 44.6 25.9 22.8 27.9 35.3 36.0 39.4 42.6 43.2 43.6 44.6 6

 7 Brokers and dealers 4.3 2.6 2.8 12.4 9.4 10.0 10.4 11.5 6.5 7.5 8.5 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 493.4 539.0 580.5 627.4 697.2 731.1 747.5 759.2 778.2 807.6 882.1 8

 9 Nonfarm noncorporate business 5.2 4.8 2.8 4.0 4.5 2.9 3.0 3.0 3.1 3.2 3.3 9

10 Commercial banking 24.0 26.3 32.7 30.3 37.3 37.7 37.5 42.5 44.6 45.4 59.5 10

11 Life insurance companies 13.1 10.9 13.8 17.6 25.5 25.7 26.7 26.8 24.8 25.2 26.3 11

12 Other insurance companies 26.7 27.9 36.8 38.5 45.1 46.8 47.7 48.0 55.5 56.5 60.8 12

13 Finance companies 33.8 20.0 24.8 29.7 35.3 37.5 39.6 36.8 40.5 39.1 43.2 13

14 Brokers and dealers 5.0 5.8 11.1 8.8 8.9 9.4 9.4 9.6 9.8 9.8 10.1 14

15 Funding corporations -54.9 -70.1 -83.1 -82.0 -89.7 -100.1 -98.8 -87.1 -77.9 -85.4 -64.2 15

16 Asset: Rest of the world 546.4 564.7 619.4 674.3 764.0 790.9 812.7 838.8 878.7 901.4 1021.1 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 25.0 26.4 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 17

18 Asset: Federal government 25.0 26.4 28.0 29.8 31.4 31.8 32.2 32.6 33.0 33.3 33.8 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 3.4 3.7 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 19

20 Asset: Commercial banking 3.4 3.7 4.0 4.6 5.4 5.5 5.8 5.9 6.0 6.1 6.3 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 16.3 18.2 20.1 21.3 21.9 23.3 23.8 24.0 25.3 26.8 27.4 21

22 Asset: Nonfin. corporate business (FNMA) 1.9 2.0 1.8 1.6 0.5 0.5 0.4 -0.2 -0.2 -0.2 -0.4 22

23 Nonfarm noncorporate (BC) 0.8 0.9 1.0 1.7 1.7 1.6 1.8 1.7 1.6 1.6 1.6 23

24 Farm business (FICB and FLB) 2.2 2.2 2.2 1.5 1.5 1.6 1.7 1.8 1.7 1.6 1.7 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) 2.7 4.3 5.8 6.7 8.0 8.5 8.7 9.2 10.0 10.6 11.1 26

27 Savings institutions (FHLB) 8.7 8.6 9.1 9.5 9.9 10.7 10.8 11.1 11.8 12.5 12.8 27

28 Credit unions (FHLB) 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 28

29 Life insurance companies (FHLB) 0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 286.6 304.2 344.3 372.9 413.6 430.3 445.9 459.2 469.0 476.4 473.9 30

31 Savings institutions 4.4 4.4 4.5 4.7 5.0 5.1 5.2 5.3 5.4 5.5 5.7 31

32 Finance companies 17.8 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 32

33 Mortgage companies 30.2 17.7 16.5 20.6 16.0 23.4 16.3 16.9 17.7 16.5 17.8 33

34 Brokers and dealers 3.8 13.4 18.1 9.5 36.5 38.4 65.3 70.6 80.1 98.2 107.9 34

35 Asset: Bank holding companies 342.9 360.6 408.9 437.8 503.5 529.5 562.8 581.1 603.0 629.0 637.9 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 17.8 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 36

37 Asset: Nonfinancial corporate business 17.8 20.9 25.5 30.2 32.3 32.3 30.0 29.1 30.9 32.3 32.7 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 44.5 44.1 50.7 64.5 78.8 87.5 79.3 89.5 90.6 89.8 88.5 38

39 Brokers and dealers 80.8 96.9 114.8 166.3 205.2 224.0 232.5 241.3 245.9 283.9 296.9 39

40 Asset: Funding corporations 125.4 141.0 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 385.4 40
100 Z.1, September 15, 1999

L.231 Identified Miscellaneous Financial Claims - Part II

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.9 2.3 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.5 1

 2 Asset: Federal government 1.9 2.3 2.5 2.4 2.4 2.4 2.4 2.3 2.2 2.3 2.5 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 23.7 16.0 19.3 18.0 18.0 22.3 21.6 22.8 24.9 21.5 17.3 5

 6 Asset: Savings institutions 23.7 16.0 19.3 18.0 18.0 22.3 21.6 22.8 24.9 21.5 17.3 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 16.3 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 7

 8 Asset: Life insurance companies 16.3 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 18.5 18.6 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 84.2 90.9 96.9 103.9 112.2 113.5 114.1 116.4 120.1 122.0 123.9 9

10 Health 51.4 58.0 63.2 69.4 75.7 76.7 77.1 79.2 83.0 84.6 86.2 10

11 Policy dividend accumulation 32.8 32.9 33.7 34.5 36.4 36.8 36.9 37.2 37.1 37.5 37.7 11

12 Asset: Household sector 84.2 90.9 96.9 103.9 112.2 113.5 114.1 116.4 120.1 122.0 123.9 12

 Policy payables:

13 Liab.: Other insurance companies 429.4 444.0 464.8 471.4 476.2 480.1 481.3 484.7 493.6 490.6 490.2 13

14 Asset: Household sector 179.9 186.0 194.7 197.5 199.5 201.2 201.7 203.1 206.8 205.6 205.4 14

15 Nonfinancial corporate business 169.7 175.4 183.6 186.2 188.1 189.7 190.1 191.4 195.0 193.8 193.6 15

16 Nonfarm noncorporate business 40.8 42.2 44.2 44.8 45.2 45.6 45.7 46.0 46.9 46.6 46.6 16

17 Farm business 39.1 40.4 42.3 42.9 43.3 43.7 43.8 44.1 44.9 44.6 44.6 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 206.6 210.0 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 18

19 Asset: Private pension funds 206.6 210.0 210.8 220.2 234.5 243.1 251.1 249.8 261.7 261.6 266.0 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 21.9 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 20

21 Asset: Private pension funds 21.9 22.0 25.7 29.5 33.3 34.2 35.2 36.1 37.1 38.0 39.0 21

 Securities borrowed (net):

22 Liab.: Funding corporations 197.1 221.7 216.2 276.1 333.3 356.6 368.1 405.1 394.9 359.9 374.0 22

23 Asset: Brokers and dealers 197.1 221.7 216.2 276.1 333.3 356.6 368.1 405.1 394.9 359.9 374.0 23
Z.1, September 15, 1999 101

L.232 Unidentified Miscellaneous Financial Claims

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

1993 1994 1995 1996 1997 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities 2326.2 2379.5 2466.5 2590.1 2788.3 2696.8 2646.2 2733.9 2705.9 2601.7 2504.0 1

 2 Nonfinancial corporate business 1550.3 1520.6 1537.9 1706.2 1797.5 1732.2 1729.2 1714.8 1695.4 1653.1 1579.1 2

 3 Nonfarm noncorporate business 107.3 98.0 101.5 101.1 99.3 98.0 97.6 97.4 97.0 97.1 97.1 3

 4 Federal government 6.8 6.8 6.7 7.3 6.6 6.6 6.6 6.7 6.7 6.7 6.7 4

 5 Rest of the world 85.7 86.8 115.0 139.4 157.3 55.5 105.1 185.8 159.2 114.2 89.0 5

 6 Monetary authority 1.2 2.3 3.3 2.5 3.5 2.5 2.2 1.4 3.9 0.9 1.8 6

 7 Commercial banking 273.2 375.6 420.7 395.4 493.9 464.6 462.3 541.0 525.7 478.9 468.1 7

 8 U.S.-chartered commercial banks 91.0 158.9 160.7 147.7 185.1 170.0 171.0 212.6 206.6 170.7 174.0 8

 9 Foreign banking offices in U.S. 157.1 187.3 225.1 200.5 235.4 212.7 206.5 243.2 223.2 211.3 194.8 9

10 Bank holding companies 19.6 22.0 24.6 36.3 57.9 65.6 67.7 67.5 74.1 74.4 75.4 10

11 Banks in U.S.-affiliated areas 5.6 7.4 10.3 10.9 15.6 16.3 17.1 17.6 21.9 22.6 23.8 11

12 Savings institutions 98.5 102.3 101.6 98.8 96.4 100.4 98.3 100.3 94.4 92.6 92.6 12

13 Credit unions 5.1 6.4 4.5 4.6 4.6 5.0 5.5 5.4 5.2 4.8 4.8 13

14 Life insurance companies 70.7 74.7 81.6 83.8 104.3 118.2 125.0 122.7 132.8 138.6 138.5 14

15 Government-sponsored enterprises 45.8 26.8 27.6 28.0 35.1 44.5 42.3 42.7 45.2 40.6 40.8 15

16 Finance companies 96.4 118.8 126.5 115.6 116.8 119.1 111.8 111.4 132.2 146.1 146.5 16

17 REITs 2.3 5.3 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.4 32.1 17

18 Brokers and dealers -22.3 -47.2 -58.6 -74.4 -119.1 -58.0 -153.8 -173.5 -196.1 -236.4 -243.1 18

19 Funding corporations 5.0 2.1 -8.6 -27.2 -26.0 -14.4 -12.3 -51.3 -27.4 31.1 50.1 19

20 Total assets 3049.2 3327.6 3817.3 4305.0 4875.3 4956.1 4957.5 5183.8 5425.8 5555.1 5502.9 20

21 Nonfinancial corporate business 1851.7 1936.9 2209.5 2475.8 2882.6 2903.4 2936.2 2958.4 3033.6 3084.8 3094.3 21

22 Nonfarm noncorporate business 186.1 223.6 269.7 324.8 374.7 387.2 399.4 411.6 424.3 436.0 448.2 22

23 State and local governments 17.8 18.2 55.4 41.0 27.0 35.1 20.2 23.1 11.5 8.3 9.4 23

24 Federal government 89.3 91.1 87.2 79.1 70.6 69.5 68.9 67.6 65.6 65.0 64.2 24

25 Rest of the world 131.0 126.7 162.3 296.3 282.3 200.7 231.2 356.6 475.4 469.3 366.1 25

26 Monetary authority 9.6 9.8 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 16.4 26

27 Commercial banking 244.1 333.8 341.2 331.8 373.4 358.6 358.8 434.0 415.0 400.5 396.6 27

28 U.S.-chartered commercial banks 38.1 82.8 78.9 78.7 88.1 88.3 98.7 118.0 114.2 104.0 95.6 28

29 Foreign banking offices in U.S. 175.9 213.5 218.5 197.2 234.3 215.1 201.9 259.6 234.5 229.9 234.7 29

30 Bank holding companies 27.5 35.2 39.8 51.1 44.4 48.5 51.1 48.8 56.5 56.9 56.2 30

31 Banks in U.S.-affiliated areas 2.6 2.4 4.0 4.8 6.6 6.7 7.0 7.6 9.7 9.7 10.1 31

32 Savings institutions 28.6 28.4 26.4 25.3 21.7 21.6 22.6 25.0 26.0 27.0 29.6 32

33 Credit unions 18.1 14.7 13.8 13.6 17.3 21.3 17.8 19.5 24.0 25.8 22.3 33

34 Bank personal trusts and estates 16.0 12.9 12.1 16.0 16.7 16.8 16.9 16.9 16.8 16.8 16.6 34

35 Life insurance companies 54.5 76.2 81.9 48.7 38.2 44.8 44.5 55.5 54.6 46.9 48.0 35

36 Private pension funds 163.9 175.1 202.4 189.9 174.1 173.4 153.8 134.2 136.8 158.7 165.0 36

37 State and local govt. retirement funds 74.8 93.0 102.4 151.8 207.6 259.6 267.7 266.5 271.2 289.0 282.7 37

38 Mutual funds 3.3 5.9 6.3 4.7 11.8 8.0 5.0 6.6 7.9 15.6 14.3 38

39 Money market mutual funds 23.7 30.6 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 75.9 39

40 Government-sponsored enterprises 33.2 31.5 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.7 181.8 40

41 Finance companies 71.5 82.7 106.8 123.7 135.1 149.6 155.3 122.7 143.2 164.1 168.5 41

42 REITs 4.6 6.4 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.5 20.4 42

43 Brokers and dealers 27.2 30.0 39.2 32.2 49.2 87.4 41.1 46.2 50.5 69.0 82.7 43

44 Discrepancy -723.0 -948.1 -1350.8 -1714.9 -2087.0 -2259.2 -2311.2 -2449.9 -2719.9 -2953.5 -2998.9 44
102 Z.1, September 15, 1999

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

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

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Assets 21493.5 23566.0 24277.9 25918.9 27025.5 28383.0 29397.5 32486.6 35355.8 39390.9 43586.5 1

 2 Tangible assets 8398.6 9107.9 9323.9 9468.7 9731.2 9979.7 10316.3 10788.9 11316.4 12090.7 12953.4 2

 3 Real estate 6712.6 7296.0 7405.1 7477.0 7664.2 7804.8 8017.7 8398.0 8832.9 9516.9 10237.7 3

 4 Households (2,3) 5954.4 6494.9 6608.5 6716.0 6948.8 7105.0 7281.9 7631.1 8031.2 8620.4 9242.8 4

 5 Nonprofit organizations 758.2 801.1 796.6 761.0 715.4 699.9 735.8 766.9 801.7 896.5 994.9 5

 Equipment owned by nonprofit

 6 organizations (4) 44.6 48.5 52.6 56.6 62.0 67.0 72.2 74.0 77.6 81.5 84.2 6

 7 Consumer durable goods (4) 1641.4 1763.4 1866.3 1935.1 2005.0 2107.9 2226.3 2317.0 2406.0 2492.3 2631.4 7

 8 Financial assets 13094.9 14458.1 14953.9 16450.2 17294.2 18403.3 19081.2 21697.7 24039.4 27300.2 30633.1 8

 9 Deposits 3052.2 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3539.6 3800.1 4139.1 9

10 Foreign deposits 10.7 11.9 13.4 14.6 15.6 15.8 18.8 23.4 35.5 41.8 41.5 10

11 Checkable deposits and currency 437.8 427.3 408.8 449.8 546.7 593.4 563.6 504.9 445.8 445.2 449.3 11

12 Time and savings deposits 2341.9 2428.6 2477.3 2423.5 2348.8 2235.8 2223.5 2388.0 2553.0 2723.2 2908.7 12

13 Money market fund shares 261.8 338.0 364.9 379.5 338.6 337.9 351.3 449.2 505.3 589.9 739.6 13

14 Credit market instruments 1222.3 1283.1 1495.6 1604.8 1648.6 1631.5 1932.1 1895.5 2011.6 1871.1 1805.8 14

15 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 55.4 59.0 63.2 15

16 U.S. government securities 387.4 394.3 521.6 523.5 604.5 585.3 915.2 833.3 917.2 743.0 611.2 16

17 Treasury 367.1 362.0 461.6 481.9 550.3 585.0 782.0 699.9 687.9 506.0 409.4 17

18 Savings bonds 109.6 117.7 126.2 138.1 157.3 171.9 179.9 185.0 187.0 186.5 186.6 18

19 Other Treasury 257.5 244.3 335.4 343.8 393.0 413.1 602.0 514.9 500.9 319.5 222.7 19

20 Agency 20.3 32.2 59.9 41.5 54.2 0.3 133.3 133.4 229.3 237.1 201.9 20

21 Municipal securities 523.8 547.2 574.5 613.9 585.6 551.9 501.5 457.7 435.6 427.2 458.3 21

22 Corporate and foreign bonds 117.9 150.2 192.3 289.0 291.9 322.5 353.1 447.6 496.9 538.0 571.1 22

23 Mortgages 125.9 134.5 144.2 145.2 136.8 126.3 115.6 108.9 106.5 103.8 102.0 23

24 Corporate equities (2) 1626.1 1975.6 1800.6 2573.6 2900.6 3193.6 2975.5 3957.2 4448.7 5188.7 6139.5 24

25 Mutual fund shares (5) 401.3 469.1 467.8 586.6 727.9 990.9 1052.1 1265.0 1586.0 2057.6 2500.7 25

26 Security credit 40.9 53.2 62.4 87.0 76.2 102.3 109.0 127.6 162.9 215.5 279.5 26

27 Life insurance reserves 335.7 365.3 391.7 418.6 447.7 484.8 520.3 566.2 610.6 665.0 718.3 27

28 Pension fund reserves 2738.6 3200.5 3461.8 3864.4 4203.4 4674.8 4948.1 5767.8 6642.5 7894.4 9160.7 28

29 Investment in bank personal trusts 470.3 541.4 551.7 639.3 660.6 691.3 699.4 803.0 871.7 1082.8 1274.2 29

30 Equity in noncorporate business (6) 3016.2 3158.0 3233.3 3174.6 3128.5 3187.3 3410.5 3658.3 3864.5 4213.4 4288.4 30

31 Miscellaneous assets 191.3 206.2 224.4 234.1 251.0 264.1 276.9 291.7 301.4 311.7 326.9 31

32 Liabilities 3111.8 3397.3 3678.5 3871.5 4045.0 4290.2 4612.8 4981.6 5329.8 5703.1 6201.5 32

33 Credit market instruments 3011.3 3280.8 3554.3 3723.0 3893.3 4108.0 4427.0 4782.2 5105.1 5433.3 5903.6 33

34 Home mortgages 2021.5 2220.7 2461.2 2619.2 2762.2 2892.6 3070.2 3251.4 3461.4 3693.2 4051.5 34

35 Consumer credit 732.0 793.3 805.1 794.5 800.6 859.0 983.9 1122.8 1211.6 1264.1 1331.7 35

36 Municipal securities (7) 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 36

37 Bank loans n.e.c. 30.0 20.4 17.9 13.1 17.6 27.4 40.0 57.4 58.0 66.6 72.9 37

38 Other loans and advances 88.9 90.3 100.9 110.2 119.5 126.6 133.7 160.3 172.7 190.7 204.0 38

39 Commercial mortgages (7) 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 103.7 116.6 39

40 Security credit 43.5 42.5 38.8 55.1 53.5 76.1 75.1 78.6 94.4 131.2 155.0 40

41 Trade payables (7) 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 111.9 120.0 125.7 41

 Deferred and unpaid

42 life insurance premiums 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 18.3 18.6 17.2 42

43 Net worth 18381.7 20168.7 20599.4 22047.4 22980.5 24092.8 24784.7 27505.1 30026.0 33687.9 37385.0 43

 Memo:

 Replacement-cost value of structures:

44 Residential 4150.4 4408.5 4607.3 4710.0 4985.5 5328.8 5749.9 6021.2 6365.2 6714.4 7095.9 44

45 Households 3901.4 4151.4 4343.1 4445.9 4713.9 5049.6 5459.0 5724.7 6061.1 6403.1 6779.3 45

46 Farm households 142.5 146.9 151.2 152.0 156.8 162.2 170.7 175.1 180.0 184.7 187.6 46

47 Nonprofit organizations 106.5 110.2 113.0 112.1 114.8 117.0 120.2 121.5 124.1 126.6 129.0 47

48 Nonresidential (nonprofits) 420.7 444.3 465.0 474.9 493.3 521.6 551.5 572.4 598.1 633.5 660.7 48

49 Disposable personal income 3646.9 3901.6 4171.4 4340.9 4605.1 4791.1 5018.9 5276.9 5534.8 5795.2 6028.1 49

 Household net worth as percentage of

50 disposable personal income 504.0 516.9 493.8 507.9 499.0 502.9 493.8 521.2 542.5 581.3 620.2 50

 Owners’ equity in household real

51 estate (8) 3932.9 4274.2 4147.3 4096.9 4186.6 4212.4 4211.7 4379.6 4569.8 4927.2 5191.3 51

 Owners’ equity as percentage of

52 household real estate (9) 66.1 65.8 62.8 61.0 60.2 59.3 57.8 57.4 56.9 57.2 56.2 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, September 15, 1999 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 With tangible assets stated at either market value or replacement cost:

 1 Assets 9074.0 9620.8 9828.4 9807.5 9793.0 10146.6 10775.1 11581.2 12370.0 13444.9 14354.5 1

 2 Tangible assets 5788.3 6101.7 6194.0 6043.3 5861.3 5857.6 6207.8 6522.5 6806.1 7360.0 7893.5 2

 3 Real estate (1) 3288.5 3471.9 3440.5 3254.5 3011.8 2900.7 3073.8 3203.2 3353.9 3756.2 4203.0 3

 4 Equipment (2) 1652.5 1735.8 1828.1 1875.8 1925.1 1994.1 2092.3 2213.8 2316.7 2426.4 2485.8 4

 5 Inventories (2) 847.4 894.0 925.4 913.0 924.4 962.7 1041.7 1105.4 1135.4 1177.3 1204.7 5

 6 Financial assets 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 5058.8 5564.0 6084.9 6461.0 6

 7 Foreign deposits 20.2 13.3 13.2 15.0 14.3 12.9 14.0 15.6 26.1 19.8 28.1 7

 8 Checkable deposits and currency 134.9 151.1 166.8 182.5 189.4 203.1 221.6 252.9 289.8 282.7 312.3 8

 9 Time and savings deposits 98.8 89.7 73.4 66.8 51.8 74.1 67.5 42.9 43.6 49.8 52.7 9

10 Money market fund shares 15.6 16.2 26.3 31.5 47.3 44.8 52.2 77.0 86.9 110.7 155.8 10

11 Security RPs 5.0 2.8 2.1 1.6 5.1 2.5 2.2 2.4 3.9 4.5 3.3 11

12 Commercial paper 13.6 14.3 13.8 14.7 17.0 19.4 18.8 20.1 31.5 35.3 27.2 12

13 U.S. government securities 34.0 60.6 40.9 48.5 69.2 67.9 70.7 80.5 75.6 67.3 73.5 13

14 Municipal securities 16.8 32.4 24.7 44.8 45.8 54.7 56.7 36.8 31.0 36.1 43.4 14

15 Mortgages 68.1 54.4 52.8 59.0 60.0 52.3 56.4 57.9 54.4 50.4 46.4 15

16 Consumer credit 60.8 63.8 67.1 63.0 65.7 77.2 86.6 85.1 77.7 78.9 74.9 16

17 Trade receivables 895.9 938.0 967.2 961.4 988.9 1035.0 1107.0 1184.9 1273.1 1309.7 1320.0 17

18 Mutual fund shares (1) 10.6 11.7 9.7 14.8 21.1 29.8 31.1 45.7 59.9 69.1 91.0 18

19 Miscellaneous assets 1911.2 2070.9 2176.3 2260.5 2355.8 2615.3 2782.6 3156.9 3510.6 3970.7 4232.4 19

20 Liabilities 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6009.5 6481.1 7011.5 7407.0 20

21 Credit market instruments 2214.2 2397.0 2515.3 2463.2 2506.6 2563.0 2708.9 2947.7 3141.0 3433.8 3852.2 21

22 Commercial paper 85.7 107.1 116.9 98.5 107.1 117.8 139.2 157.4 156.4 168.6 193.0 22

23 Municipal securities (3) 116.4 115.5 115.2 114.0 118.3 124.9 131.7 134.8 137.9 142.0 147.8 23

24 Corporate bonds (4) 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1344.1 1460.4 1610.9 1829.6 24

25 Bank loans n.e.c. 517.9 542.8 545.5 507.7 488.4 477.6 521.0 587.7 627.2 695.4 777.6 25

26 Other loans and advances 372.9 418.9 473.1 410.2 412.6 388.4 421.4 453.7 472.2 520.6 567.9 26

27 Mortgages 234.2 251.6 256.5 245.9 225.6 224.7 242.6 270.1 287.1 296.4 336.5 27

28 Trade payables 576.1 597.9 626.3 649.4 682.8 719.3 796.5 877.5 927.0 990.5 979.7 28

29 Taxes payable 44.4 38.3 38.3 28.9 35.3 40.7 40.3 40.3 49.9 59.2 64.5 29

30 Miscellaneous liabilities 1356.9 1499.6 1549.5 1688.3 1885.0 2065.6 2081.6 2144.0 2363.1 2528.0 2510.7 30

31 Net worth (market value) 4882.3 5088.1 5099.0 4977.7 4683.2 4758.0 5147.7 5571.7 5889.0 6433.3 6947.5 31

 Memo:

 Replacement-cost value of structures:

32 Residential 65.3 67.1 68.6 69.4 72.3 74.0 76.1 78.3 81.5 84.3 87.3 32

33 Nonresidential 2351.8 2468.4 2568.6 2598.6 2672.8 2812.5 2963.9 3093.5 3239.7 3414.6 3547.8 33

 Market value of equities outstanding

34 (includes corporate farm equities) 2597.9 3157.3 2961.2 4016.7 4397.5 4803.1 4716.5 6270.6 7425.2 9255.6 11585.4 34

35 Debt/net worth (percent) (5) 45.4 47.1 49.3 49.5 53.5 53.9 52.6 52.9 53.3 53.4 55.4 35

36 Debt/equities (percent) (6) 85.2 75.9 84.9 61.3 57.0 53.4 57.4 47.0 42.3 37.1 33.3 36

37 Equities/net worth (percent) (7) 53.2 62.1 58.1 80.7 93.9 100.9 91.6 112.5 126.1 143.9 166.8 37

 With tangible assets stated at historical cost:

38 Assets (8) 6811.3 7219.6 7505.2 7751.7 8079.5 8627.2 9141.1 9882.1 10673.4 11485.0 12175.6 38

39 Tangible assets 3525.6 3700.5 3870.8 3987.5 4147.9 4338.2 4573.8 4823.3 5109.5 5400.1 5714.6 39

40 Real estate 1404.4 1478.7 1566.2 1634.5 1694.2 1763.8 1837.1 1920.9 2025.1 2106.7 2207.7 40

41 Equipment 1286.3 1357.9 1429.2 1486.3 1551.2 1633.8 1740.7 1871.0 2016.7 2177.0 2375.7 41

42 Inventories 834.9 863.9 875.4 866.8 902.5 940.6 996.0 1031.5 1067.7 1116.4 1131.1 42

43 Net worth (historical cost) (9) 2619.6 2686.9 2775.8 2921.9 2969.8 3238.6 3513.7 3872.6 4192.4 4473.5 4768.5 43

 Memo:

 Historical-cost value of structures:

44 Residential 25.0 26.1 27.2 28.2 29.3 29.8 30.6 32.5 34.0 35.6 37.3 44

45 Nonresidential 1229.5 1290.5 1361.4 1424.9 1480.0 1543.2 1609.4 1693.4 1792.5 1892.9 1993.5 45

46 Debt/net worth (percent) (10) 84.5 89.2 90.6 84.3 84.4 79.1 77.1 76.1 74.9 76.8 80.8 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.
104 Z.1, September 15, 1999

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Change in net worth (1) 1561.6 1787.0 430.7 1448.0 933.1 1112.3 691.9 2720.4 2521.0 3661.8 3697.2 1

 2 Net investment 541.0 411.4 592.4 391.7 494.8 451.0 490.1 408.7 384.1 359.1 411.9 2

 3 Net physical investment 265.8 251.1 218.6 156.9 198.0 253.4 294.8 301.5 344.7 367.0 429.1 3

 4 Capital expenditures 670.7 692.9 683.6 646.3 714.8 784.2 860.5 889.8 949.7 994.6 1085.6 4

 5 - Consumption of fixed capital 404.8 441.8 465.0 489.4 516.8 530.8 565.6 588.2 605.0 627.6 656.5 5

 6 Net financial investment 275.2 160.3 373.9 234.8 296.8 197.6 195.2 107.2 39.4 -7.9 -17.2 6

 7 Net acquisition of financial assets 525.9 430.3 620.9 420.2 466.5 437.6 515.1 471.1 416.4 362.8 481.2 7

 8 - Net increase in liabilities 250.8 269.9 247.1 185.5 169.7 240.0 319.9 363.8 377.0 370.7 498.3 8

 Holding gains on assets stated

 9 at market value (2) 1024.6 1398.0 -126.6 998.5 456.9 678.0 187.6 2407.3 2130.4 3424.6 3379.5 9

10 Real estate 414.3 465.8 12.9 -16.1 81.1 1.3 57.4 219.8 259.5 473.9 499.4 10

11 Corporate equities 380.6 434.9 -143.4 822.2 326.7 351.1 -42.2 1197.7 818.8 1311.1 1492.9 11

12 Mutual fund shares 9.9 36.5 -28.8 15.4 7.5 57.8 -6.1 118.2 140.1 212.6 181.8 12

13 Equity in noncorporate business 177.0 157.2 44.5 -80.2 -80.6 34.7 169.6 187.6 206.8 342.9 93.5 13

 Life insurance and

14 pension fund reserves 15.4 251.8 10.8 187.0 93.8 203.3 18.7 584.5 627.8 948.0 976.1 14

 Investment in bank personal

15 trusts and estates 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 99.6 77.4 136.2 135.7 15

 Holding gains on assets stated

16 at current cost (2) 13.6 6.6 7.1 12.9 -6.6 3.7 -3.6 -46.8 -66.3 -84.4 -62.6 16

17 Consumer durable goods 12.3 5.7 5.6 12.3 -7.2 3.0 -4.8 -45.7 -66.4 -82.9 -58.5 17

18 Equipment 1.3 0.9 1.4 0.6 0.6 0.7 1.2 -1.1 0.1 -1.5 -4.1 18

19 Other factors (3) -17.6 -29.0 -42.3 44.9 -12.0 -20.4 17.9 -48.9 72.8 -37.6 -31.6 19

 Memo:

20 Net worth outstanding (4) 18381.7 20168.7 20599.4 22047.4 22980.5 24092.8 24784.7 27505.1 30026.0 33687.9 37385.0 20

21 Disposable personal income 3646.9 3901.6 4171.4 4340.9 4605.1 4791.1 5018.9 5276.9 5534.8 5795.2 6028.1 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, September 15, 1999 105

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 313.4 205.7 10.9 -121.2 -294.5 74.7 389.7 424.0 317.3 544.4 514.1 1

 2 Net investment flow -102.8 -168.0 -20.7 88.1 82.5 260.6 168.0 194.4 146.1 87.3 -43.7 2

 3 Net physical investment 115.9 115.9 94.4 47.8 64.4 115.3 171.2 210.1 211.4 244.5 261.1 3

 4 Capital expenditures 364.6 394.2 387.8 370.2 385.4 444.9 513.4 568.3 604.5 671.1 710.4 4

 5 - Consumption of fixed capital 277.8 295.6 306.6 318.4 328.5 338.2 358.2 373.2 390.9 412.6 432.4 5

 6 - Inventory valuation adjustment -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -22.6 -1.2 6.9 14.5 6

 7 - Access rights from fed. government 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 2.4 7

 8 Net financial investment -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 4.2 -42.8 -37.8 8

 9 Net acquisition of financial assets 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 402.7 302.9 353.9 9

10 - Net increase in liabilities 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 391.7 10

11 Corporate equity issues -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 11

 Holding gains on assets stated

12 at market value (2) 155.4 143.4 -87.1 -218.7 -270.0 -146.5 135.1 94.6 97.3 380.5 402.9 12

13 Real estate 154.8 140.9 -86.1 -221.4 -271.3 -148.3 135.9 84.6 86.4 363.0 388.4 13

14 Mutual fund shares 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.6 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 61.0 35.4 92.2 8.9 -9.3 -10.9 32.9 35.1 17.0 -44.2 -55.5 15

16 Equipment 53.0 45.6 55.8 26.4 19.4 19.3 22.8 20.3 -19.0 -33.6 -121.4 16

17 Inventories (3) 7.4 -1.0 12.8 -7.3 2.0 4.3 14.9 3.0 5.5 -11.1 -8.2 17

18 Direct investment abroad 4.7 -15.3 18.9 -17.3 -35.4 -37.7 -5.8 -2.1 2.9 -39.8 -8.0 18

19 - Foreign direct investment in U.S. 4.1 -6.1 -4.8 -7.1 -4.6 -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 19

20 Other factors (4) 199.9 194.9 26.4 0.5 -97.7 -28.5 53.8 99.9 56.9 120.8 210.3 20

 Memo:

21 Net worth outstanding (market value) 4882.3 5088.1 5099.0 4977.7 4683.2 4758.0 5147.7 5571.7 5889.0 6433.3 6947.5 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 160.6 67.3 88.9 146.1 47.9 268.8 275.1 358.9 319.8 281.1 295.1 22

23 Net investment flow -102.8 -168.0 -20.7 88.1 82.5 260.6 168.0 194.4 146.1 87.3 -43.7 23

24 Net physical investment 115.9 115.9 94.4 47.8 64.4 115.3 171.2 210.1 211.4 244.5 261.1 24

25 Capital expenditures 364.6 394.2 387.8 370.2 385.4 444.9 513.4 568.3 604.5 671.1 710.4 25

26 - Consumption of fixed capital 277.8 295.6 306.6 318.4 328.5 338.2 358.2 373.2 390.9 412.6 432.4 26

27 - Inventory valuation adjustment -29.3 -17.5 -13.5 4.0 -7.5 -8.6 -16.0 -22.6 -1.2 6.9 14.5 27

28 - Access rights from fed. government 0.3 0.2 0.2 -0.1 0 0.0 0 7.6 3.5 7.1 2.4 28

29 Net financial investment -89.2 -159.7 -52.1 22.0 -8.9 124.1 41.7 42.7 4.2 -42.8 -37.8 29

30 Net acquisition of financial assets 354.5 187.6 131.5 89.1 152.4 342.0 283.3 433.5 402.7 302.9 353.9 30

31 - Net increase in liabilities 443.7 347.4 183.5 67.1 161.3 217.9 241.6 390.8 398.5 345.6 391.7 31

32 Corporate equity issues -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 32

 Valuation adjustment on

33 reproducible assets (6) 1.4 -18.6 -7.1 -3.4 26.3 3.6 -8.6 -25.9 7.4 6.8 -8.5 33

34 Holding gains on mutual fund shares (2) 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.6 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 0.6 -9.2 23.6 -10.2 -30.8 -34.5 -4.8 11.8 30.4 0.5 74.1 35

36 Direct investment abroad 4.7 -15.3 18.9 -17.3 -35.4 -37.7 -5.8 -2.1 2.9 -39.8 -8.0 36

37 - Foreign direct investment in U.S. 4.1 -6.1 -4.8 -7.1 -4.6 -3.2 -0.9 -14.0 -27.5 -40.3 -82.1 37

38 Other factors (4) 260.9 260.5 94.1 69.0 -31.4 37.2 121.4 168.5 124.9 169.0 258.6 38

 Memo:

39 Net worth outstanding (historical cost) 2619.6 2686.9 2775.8 2921.9 2969.8 3238.6 3513.7 3872.6 4192.4 4473.5 4768.5 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 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.
106 Z.1, September 15, 1999

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.0 38.4 40.6 74.5 1

 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 54.9 69.9 101.6 138.1 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 10.9 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 11.3 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 2.1 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 45.3 23.4 70.5 85.1 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 7.4 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 16.2 43.0 45.2 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 13.7 29.4 31.5 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 2.5 13.6 13.7 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 0.4 0.8 0.7 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 5.8 24.5 31.3 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.5 14

15 Corporate equities 7.8 10.3 16.1 -0.6 4.9 1.3 31.2 -22.5 -12.0 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 2.0 -1.6 -0.0 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 19

20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 31.4 61.0 63.6 21

22 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 22

23 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 23

24 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 25

26 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 4.2 9.3 8.7 27

28 Miscellaneous liabilities (2) 16.7 16.5 13.1 29.4 25.1 26.3 24.5 51.8 43.4 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, September 15, 1999 107

L.100.a Nonprofit Organizations (1)

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

1988 1989 1990 1991 1992 1993 1994 1995 1996

 

 1 Total financial assets 541.5 649.0 688.0 796.5 868.5 941.3 1003.6 1187.6 1387.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 34.8 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 56.3 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 10.3 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.2 343.6 414.1 499.2 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 55.4 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 194.6 237.6 282.8 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 133.1 162.5 194.0 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 61.5 75.1 88.8 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 2.7 3.4 4.1 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 95.2 119.7 151.0 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 5.9 13

14 Corporate equities 122.0 167.2 167.8 192.6 201.8 219.0 243.4 295.0 338.3 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 26.0 27.1 33.9 40.3 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 18

19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 575.8 636.8 700.4 20

21 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 21

22 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 22

23 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 24

25 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 94.0 103.3 111.9 26

27 Miscellaneous liabilities (2) 127.0 143.5 156.7 186.1 211.1 237.4 261.9 313.7 357.1 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.
108 Z.1, September 15, 1999

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Receipts, NIPA basis 2124.6 2246.1 2411.1 2589.2 2761.0 2703.7 2745.1 2779.7 2816.2 2866.6 2909.4 1

 2 Personal tax and nontax receipts 739.1 795.0 890.5 989.0 1098.2 1066.9 1092.9 1108.4 1124.8 1144.1 1162.7 2

 3 Corporate profit tax accruals 186.6 211.0 226.1 246.1 240.1 239.9 241.6 243.2 235.6 250.7 257.5 3

 4 Indirect business tax and nontax accruals 568.4 581.2 606.5 627.2 655.1 641.9 647.7 656.5 675.1 673.6 682.0 4

 5 Contributions for social insurance 630.5 658.9 688.0 727.0 767.6 755.0 762.9 771.6 780.7 798.2 807.2 5

 6 Expenditures, NIPA basis 2214.6 2308.7 2398.8 2476.1 2537.9 2504.6 2529.4 2538.9 2579.9 2574.2 2598.3 6

 7 Consumption expenditures 1107.1 1138.1 1175.6 1219.2 1250.1 1227.6 1248.7 1252.5 1271.8 1282.0 1293.2 7

 8 Transfer payments (net) 947.3 1001.5 1057.7 1096.0 1134.0 1121.1 1126.7 1135.8 1152.3 1156.1 1163.4 8

 9 Net interest paid 144.9 156.6 157.1 153.8 142.9 148.1 146.1 142.0 136.1 127.3 126.1 9

10 - Dividends received by government 11.4 12.5 13.7 14.8 16.1 15.7 16.0 16.0 16.6 16.7 17.0 10

11 Subsidies - current surplus of govt. enterprises 26.6 25.1 22.0 21.9 27.0 23.5 23.9 24.6 36.3 25.5 32.6 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Surplus, NIPA basis -89.9 -62.6 12.3 113.0 223.1 199.1 215.7 240.8 236.3 292.4 311.1 13

14 + Consumption of fixed capital 138.8 143.8 147.7 151.6 154.7 153.4 153.8 155.0 156.6 157.0 158.4 14

15 - Insurance and pension fund reserves (2) 93.0 84.3 116.1 118.4 103.6 101.4 105.9 99.7 107.4 94.6 99.5 15

16 = Gross saving -44.1 -3.1 43.9 146.2 274.1 251.1 263.6 296.1 285.5 354.8 370.0 16

17 Gross investment -66.6 56.0 43.7 127.1 287.0 279.6 384.6 239.3 244.5 351.4 459.4 17

18 Fixed investment 205.9 218.4 229.7 235.4 237.0 237.3 232.5 239.8 238.4 255.6 249.6 18

19 Access rights sales 0.0 -7.6 -3.5 -7.1 -2.4 -1.9 0.1 -7.0 -0.7 0.3 2.0 19

20 Net financial investment -272.5 -154.7 -182.5 -101.1 52.4 44.2 152.0 6.5 6.8 95.5 207.9 20

21 Net acquisition of financial assets -40.4 44.4 43.8 40.3 84.3 125.6 189.0 -38.7 61.3 120.0 161.2 21

22 Gold, SDRs, and official foreign exchange -2.7 6.4 -2.9 2.5 6.0 1.4 5.8 7.8 9.0 -9.3 -4.8 22

23 Checkable deposits and currency -20.1 3.4 5.4 3.8 -20.6 -15.2 93.7 -110.6 -50.3 41.4 32.6 23

24 Time and savings deposits 6.4 6.9 12.0 6.8 14.1 14.1 16.3 10.6 15.3 -6.8 7.1 24

25 Security RPs -15.1 -3.0 32.1 3.6 7.2 34.5 -24.0 16.0 2.2 32.0 -11.1 25

26 Credit market instruments -4.7 -11.8 -8.7 24.1 81.8 19.3 114.3 99.9 93.8 55.1 41.0 26

27 Open market paper 4.4 17.1 20.3 14.3 18.0 21.1 -5.7 40.6 16.0 16.0 4.9 27

28 U.S. government agency securities (3) 11.6 -35.1 -35.3 -0.8 43.6 -20.8 89.1 50.0 56.0 12.0 17.3 28

29 Municipal securities -0.9 -3.5 -0.5 -0.7 -1.4 -1.6 -2.0 -1.0 -1.0 -1.6 -1.1 29

30 Corporate and foreign bonds 5.4 7.1 10.7 1.3 5.2 6.0 15.7 -7.7 6.8 7.2 9.3 30

31 Mortgages -11.8 -9.9 -3.7 -0.8 3.3 3.0 2.8 2.9 4.5 3.4 3.9 31

32 Other loans and advances (4) -13.4 12.6 -0.3 10.9 13.2 11.7 14.4 15.2 11.5 18.1 6.7 32

33 Corporate equities 1.3 12.1 14.5 16.8 9.7 8.1 29.9 -0.9 1.8 14.1 12.5 33

34 Mutual fund shares 7.8 5.9 6.0 -7.4 -7.3 -8.5 9.7 -26.0 -4.5 -4.1 8.6 34

35 Trade receivables -3.8 -1.6 0.9 -3.2 -0.3 2.2 1.5 11.0 -15.6 0.3 -1.7 35

36 Taxes receivable -14.0 -14.9 -4.4 -2.0 -0.3 2.8 -1.9 3.1 -5.8 12.1 42.2 36

37 Miscellaneous assets 4.5 40.9 -11.2 -4.7 -6.0 67.0 -56.3 -49.8 15.3 -14.8 34.7 37

38 Net increase in liabilities 232.2 199.1 226.3 141.5 31.9 81.3 37.0 -45.2 54.4 24.5 -46.7 38

39 SDR certificates 0.0 2.2 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 -4.0 0.0 39

40 Treasury currency 0.7 0.6 0.1 -0.0 -0.0 0.3 0.2 1.7 -2.3 0.0 0.7 40

41 Credit market instruments 187.3 172.7 170.6 98.1 -3.5 77.2 -19.3 -83.1 11.3 -2.4 -95.3 41

42 Savings bonds 8.0 5.1 2.0 -0.5 0.1 -1.2 -0.5 0.5 1.8 -0.0 0.0 42

43 Other Treasury securities (5) 225.5 218.1 177.4 41.4 -84.7 -8.1 -99.6 -153.3 -77.8 -88.0 -131.4 43

44 Budget agency securities 0.2 1.5 -1.6 -0.1 2.0 -2.4 -1.4 -0.4 12.2 -1.5 0.6 44

45 Municipal securities -46.3 -51.9 -7.2 57.3 79.1 89.0 82.2 70.1 75.2 87.1 35.6 45

46 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 46

47 Trade payables 1.4 -2.7 3.6 1.7 -2.1 -3.9 -3.2 4.4 -5.6 2.9 0.6 47

48 Insurance and pension reserves 38.9 21.8 55.7 42.0 42.5 31.4 44.7 43.6 50.3 37.2 41.9 48

49 Miscellaneous liabilities 3.9 4.5 -3.2 0.2 -5.1 -23.7 14.4 -11.8 0.7 -9.2 5.3 49

50 Discrepancy 22.5 -59.1 0.2 19.1 -12.9 -28.6 -121.1 56.8 41.0 3.4 -89.5 50

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency securities held by state and local government employee retirement funds.

(3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(4) Excludes loans to state and local governments.

(5) Excludes Treasury securities owed to state and local governments.
Z.1, September 15, 1999 109

L.106.c Consolidated Statement for Federal, State, and Local Governments

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

1994 1995 1996 1997 1998 1998 1999

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total financial assets 1082.3 1132.2 1177.7 1217.5 1306.3 1261.8 1315.9 1301.7 1306.3 1352.3 1382.6 1

 2 Gold, SDRs, and official foreign exchange 41.4 53.8 44.9 42.0 51.0 41.7 42.8 46.3 51.0 48.2 45.9 2

 3 Checkable deposits and currency 57.8 55.5 66.1 73.8 51.5 65.1 111.9 73.9 51.5 56.5 88.2 3

 4 Time and savings deposits 56.0 62.9 74.9 81.8 95.8 87.7 89.0 91.8 95.8 96.4 95.5 4

 5 Security RPs 118.6 115.7 147.8 151.4 158.5 160.0 154.0 158.0 158.5 166.5 163.8 5

 6 Credit market instruments 553.5 541.7 533.0 557.1 638.9 561.9 590.5 615.5 638.9 652.7 662.9 6

 7 Open market paper 22.3 39.4 59.7 74.0 92.0 79.3 77.8 88.0 92.0 96.0 97.2 7

 8 Agency securities (1) 186.6 151.5 116.2 115.4 159.0 110.2 132.5 145.0 159.0 162.0 166.3 8

 9 Municipal securities 8.6 5.1 4.6 3.9 2.5 3.5 3.0 2.8 2.5 2.1 1.8 9

10 Corporate and foreign bonds 31.9 39.0 49.7 51.0 56.2 52.5 56.4 54.5 56.2 58.0 60.3 10

11 Mortgages 181.5 171.6 167.9 167.1 170.3 167.8 168.5 169.2 170.3 171.2 172.1 11

12 Other loans and advances (2) 122.6 135.2 134.9 145.7 158.9 148.6 152.2 156.0 158.9 163.4 165.1 12

13 Corporate equities 10.6 26.2 46.8 79.0 102.0 90.5 98.9 86.0 102.0 106.9 117.9 13

14 Mutual fund shares 29.1 35.0 41.0 33.6 26.3 31.5 33.9 27.4 26.3 25.3 27.4 14

15 Trade receivables 24.7 23.1 24.0 20.8 20.5 22.5 22.3 24.5 20.5 21.8 20.8 15

16 Taxes receivable 52.6 45.2 46.8 46.9 49.5 62.1 48.8 52.8 49.5 69.0 50.2 16

17 Miscellaneous assets 138.0 173.1 152.3 131.3 112.2 138.8 123.7 125.7 112.2 108.9 109.9 17

18 Total liabilities 4896.2 5090.7 5320.8 5461.5 5498.5 5500.5 5436.8 5424.8 5498.5 5516.0 5428.4 18

19 SDR certificates 8.0 10.2 9.7 9.2 9.2 9.2 9.2 9.2 9.2 8.2 8.2 19

20 Treasury currency 17.6 18.2 18.3 18.3 18.3 18.4 18.4 18.8 18.3 18.3 18.5 20

21 Credit market instruments 4234.7 4407.4 4578.0 4676.1 4672.6 4726.8 4651.2 4622.4 4672.6 4700.2 4600.6 21

22 Savings bonds 179.9 185.0 187.0 186.5 186.6 186.2 186.0 185.9 186.6 186.5 186.5 22

23 Other Treasury securities (3) 2915.6 3133.7 3311.1 3352.5 3267.8 3380.5 3279.0 3242.4 3267.8 3272.6 3157.9 23

24 Budget agency securities 26.7 28.2 26.6 26.5 28.5 25.9 25.6 25.5 28.5 28.1 28.3 24

25 Municipal securities 1112.4 1060.4 1053.3 1110.6 1189.7 1134.1 1160.7 1168.7 1189.7 1213.0 1228.0 25

26 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 26

27 Trade payables 114.7 112.0 115.6 117.3 115.3 116.7 116.8 118.3 115.3 116.4 117.4 27

28 Insurance and pension reserves 514.4 536.2 591.9 634.0 676.5 622.9 634.6 649.4 676.5 666.3 677.1 28

29 Miscellaneous liabilities 6.8 6.7 7.3 6.6 6.7 6.6 6.6 6.7 6.7 6.7 6.7 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
110 Z.1, September 15, 1999

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Net acquisition of financial assets 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 10.6 4.1 -2.3 -6.5 1

 2 Checkable deposits and currency 1.9 -1.0 -0.5 -0.1 0.0 -0.1 0.3 0.7 -0.0 -0.0 -0.0 2

 3 Time and savings deposits -4.7 4.6 -10.5 0.5 -14.1 1.4 2.7 -0.2 -4.5 -5.4 5.5 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 2.0 1.9 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 5

 6 Credit market instruments 28.3 43.3 33.6 14.5 18.8 25.6 11.6 28.3 19.2 30.1 73.2 6

 7 Open market paper -3.5 -0.8 -0.1 3.5 0.6 2.2 -0.8 3.4 2.3 1.7 8.5 7

 8 U.S. government securities 16.4 34.7 26.1 8.9 5.4 15.4 13.8 22.7 5.8 12.2 33.0 8

 9 Treasury 2.1 9.6 2.2 -7.2 -9.4 -3.9 1.1 6.8 1.7 3.7 9.9 9

10 Agency 14.3 25.1 23.9 16.2 14.8 19.3 12.6 15.9 4.0 8.5 23.1 10

11 Municipal securities -0.5 0.1 -0.0 0.0 -0.0 0.0 0.1 0.1 0.0 0.0 0.1 11

12 Corporate and foreign bonds 9.9 3.8 6.2 8.8 15.8 9.0 -1.6 1.5 10.6 15.5 29.8 12

13 Mortgages 5.9 5.6 1.5 -6.8 -3.1 -0.9 0.1 0.6 0.5 0.8 1.7 13

14 Corporate equities -2.9 -32.4 -9.8 -8.0 -1.3 -3.2 -11.3 -10.9 -16.3 -28.4 -58.2 14

15 Mutual fund shares -0.6 0.0 0.4 1.4 2.3 4.4 3.7 3.1 6.7 6.3 5.9 15

16 Miscellaneous assets -10.7 -17.2 -10.2 -10.2 -2.3 -11.9 -7.3 -13.8 -3.1 -6.5 -41.3 16

17 Unallocated insurance contracts (1) -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -1.1 -0.7 -1.8 -2.8 17

18 Contributions receivable -1.6 -0.6 -2.2 3.2 0.6 1.9 -0.6 3.0 2.4 2.4 2.4 18

19 Other 6.0 -14.8 -1.8 -11.2 2.2 -13.1 -1.6 -15.7 -4.8 -7.1 -40.9 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 44.3 40.7 56.2 66.7 73.9 81.5 82.0 80.0 83.1 90.9 102.7 1

 2 Checkable deposits and currency 0.9 0.6 -0.3 -0.3 -0.1 0.2 -0.1 0.1 -0.0 -0.1 -0.1 2

 3 Time and savings deposits 14.4 17.9 1.3 0.1 -8.0 -9.9 -7.0 -9.2 -9.7 -7.7 -5.4 3

 4 Money market fund shares 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 5.2 5.0 10.7 4

 5 Security RPs 0.6 1.8 0.4 1.9 1.3 1.4 0.3 2.1 0.2 0.2 -0.3 5

 6 Credit market instruments -3.0 18.9 20.7 21.9 18.6 24.5 34.5 27.7 33.1 35.4 45.5 6

 7 Open market paper -2.2 1.8 1.3 1.4 0.9 1.2 0.3 2.7 1.2 0.5 1.7 7

 8 U.S. government securities 2.2 12.6 10.6 12.8 11.0 8.7 36.6 20.2 19.9 20.9 26.2 8

 9 Treasury 0.1 5.6 3.5 7.8 6.9 5.4 19.9 11.9 10.9 11.3 4.0 9

10 Agency 2.1 7.0 7.1 5.0 4.1 3.2 16.6 8.4 9.0 9.6 22.2 10

11 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 11

12 Corporate and foreign bonds -5.7 3.4 8.7 7.6 7.3 13.8 -5.9 4.1 10.5 12.3 15.6 12

13 Mortgages 2.6 1.0 0.1 0.1 -0.6 0.8 3.4 0.7 1.4 1.6 1.9 13

14 Corporate equities 8.4 -6.5 5.7 16.3 33.8 20.1 9.6 16.7 6.8 12.3 5.5 14

15 Mutual fund shares -1.2 0.1 1.2 4.8 8.0 17.4 16.3 15.5 34.4 29.9 25.3 15

16 Miscellaneous assets 22.0 5.0 27.2 21.0 19.3 21.3 23.0 21.0 13.2 15.9 21.5 16

17 Unallocated insurance contracts (2) 14.1 2.5 4.2 11.3 -1.1 1.2 0.2 0.4 -1.8 -2.5 1.5 17

18 Contributions receivable -1.7 -0.5 -0.1 0.6 1.0 1.1 0.7 0.6 1.4 1.4 1.4 18

19 Other 9.6 3.0 23.1 9.1 19.4 19.0 22.2 20.0 13.5 17.0 18.6 19

(1) Includes 401(k) type plans and 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.
Z.1, September 15, 1999 111

L.119.b Private Pension Funds: Defined Benefit Plans

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

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Total financial assets 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1342.4 1525.3 1772.7 2132.5 1

 2 Checkable deposits and currency 2.5 1.6 1.0 1.0 1.0 1.0 1.2 1.9 1.9 1.8 1.8 2

 3 Time and savings deposits 46.0 50.6 40.1 40.5 26.4 27.8 30.6 30.3 25.8 20.4 25.9 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 16.9 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 5

 6 Credit market instruments 276.9 320.2 353.8 368.3 387.0 412.7 424.2 452.5 471.7 501.8 575.0 6

 7 Open market paper 19.7 18.8 18.8 22.3 22.9 25.0 24.2 27.6 29.9 31.6 40.2 7

 8 U.S. government securities 155.6 190.2 216.3 225.3 230.7 246.1 259.8 282.5 288.3 300.4 333.5 8

 9 Treasury 85.6 95.1 97.3 90.1 80.7 76.8 77.9 84.8 86.5 90.1 100.0 9

10 Agency 70.0 95.1 119.0 135.2 150.0 169.2 181.9 197.8 201.8 210.3 233.4 10

11 Municipal securities 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.3 0.4 11

12 Corporate and foreign bonds 88.9 92.7 98.9 107.6 123.5 132.5 130.9 132.4 143.1 158.5 188.3 12

13 Mortgages 12.6 18.2 19.7 13.0 9.9 9.0 9.1 9.7 10.2 10.9 12.7 13

14 Corporate equities 298.1 346.4 318.9 426.1 442.0 503.1 499.5 625.8 761.7 947.8 1177.1 14

15 Mutual fund shares 6.5 6.8 6.8 11.4 15.6 22.3 26.0 34.4 53.7 79.5 110.3 15

16 Miscellaneous assets 163.4 164.8 139.1 149.7 142.5 150.8 153.5 169.7 180.5 189.7 202.3 16

17 Unallocated insurance contracts (1) 78.2 80.1 73.6 77.3 69.6 69.7 66.1 67.3 75.2 86.7 106.4 17

18 Contributions receivable 8.4 7.9 5.7 8.8 9.4 11.3 10.7 13.7 16.1 18.5 20.9 18

19 Other 76.9 76.8 59.8 63.6 63.6 69.8 76.8 88.7 89.2 84.6 75.1 19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

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

 1 Total financial assets 595.1 713.2 730.0 888.4 972.0 1109.3 1192.8 1412.7 1629.4 1933.0 2198.7 1

 2 Checkable deposits and currency 2.0 2.6 2.3 2.0 2.0 2.2 2.0 2.1 2.1 2.0 1.9 2

 3 Time and savings deposits 39.9 57.8 59.1 59.2 51.1 41.3 34.3 25.1 15.4 7.6 2.3 3

 4 Money market fund shares 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 42.7 47.7 58.4 4

 5 Security RPs 6.2 8.1 8.5 10.4 11.6 13.1 13.4 15.5 15.7 15.9 15.5 5

 6 Credit market instruments 97.5 116.4 137.1 159.0 177.6 202.1 236.6 264.4 297.5 332.9 378.4 6

 7 Open market paper 8.2 10.0 11.3 12.7 13.6 14.8 15.1 17.8 19.0 19.5 21.3 7

 8 U.S. government securities 49.5 62.1 72.7 85.5 96.5 105.2 141.7 161.9 181.9 202.8 229.0 8

 9 Treasury 30.7 36.3 39.8 47.6 54.5 60.0 79.9 91.8 102.7 114.0 118.0 9

10 Agency 18.7 25.8 32.9 37.9 42.0 45.2 61.8 70.2 79.2 88.8 111.0 10

11 Municipal securities 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 0.9 11

12 Corporate and foreign bonds 35.4 38.8 47.5 55.1 62.4 76.2 70.3 74.3 84.9 97.1 112.7 12

13 Mortgages 4.0 5.1 5.2 5.3 4.7 5.5 9.0 9.7 11.0 12.6 14.6 13

14 Corporate equities 215.9 282.9 276.1 364.8 412.8 489.3 496.8 612.6 729.2 916.1 1055.2 14

15 Mutual fund shares 15.6 19.9 22.5 38.7 59.3 93.6 124.4 186.3 267.7 358.5 453.8 15

16 Miscellaneous assets 203.1 207.8 206.8 235.5 237.8 241.5 253.6 269.2 259.1 252.2 233.3 16

17 Unallocated insurance contracts (2) 105.8 110.0 115.0 129.3 128.4 136.9 143.9 143.5 145.1 147.9 155.4 17

18 Contributions receivable 8.5 8.0 7.9 8.5 9.5 10.6 11.3 12.0 13.4 14.8 16.2 18

19 Other 88.8 89.8 83.9 97.7 99.9 94.0 98.4 113.7 100.7 89.6 61.7 19

(1) Includes 401(k) type plans and 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.
Z.1, September 15, 1999 Flow of Funds Matrix for 1998

(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 SU S USUS U S US U S 

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

 1 Gross saving -- 985.5 -- 823.0 -- 174.1 -- 100.0 -- 2082.7 -- 212.5 -- 106.1  2 Capital consumption -- 656.5 -- 563.9 -- 85.0 -- 69.8 -- 1375.1 -- -- -- 59.9  3 Net saving (1 less 2) -- 329.0 -- 259.1 -- 89.2 -- 30.3 -- 707.6 -- 212.5 -- 46.2  4 Gross investment (5 plus 11) 1068.4 -- 803.4 -- 213.4 -- 73.6 -- 2158.9 -- 210.4 -- 81.5 -- 2 5 Capital expenditures 1085.6 -- 851.4 -- 177.4 -- 57.2 -- 2171.7 -- -- -- 157.0 -- 2 6 Consumer durables 724.7 -- -- -- -- -- -- -- 724.7 -- -- -- -- --  7 Residential construction 314.6 -- 43.5 -- -- -- -- -- 358.1 -- -- -- 11.4 --  8 Plant and equipment 46.4 -- 746.2 -- 177.4 -- 59.6 -- 1029.6 -- -- -- 145.6 --  9 Inventory change -- -- 59.3 -- -- -- -- -- 59.3 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 2.4 -- -- -- -2.4 -- 0.0 -- -- -- -- -- 11 Net financial investment -17.2 -- -48.0 -- 36.0 -- 16.4 -- -12.8 -- 210.4 -- -75.5 -- 12 Financial uses 481.2 -- 436.2 -- 116.9 -- -1.5 -- 1032.8 -- 470.7 -- 2629.4 -- 413 Financial sources -- 498.3 -- 484.2 -- 80.9 -- -17.9 -- 1045.6 -- 260.3 -- 2704.9 14 Gold and off. fgn. exchange -- -- -- -- -- -- 6.0 -- 6.0 -- -0.1 6.6 0.8 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 0.7 -- 17 Foreign deposits -0.3 -- 8.3 -- -- -- -- -- 8.0 -- -- -0.2 7.4 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -28.3 -- -8.6 -33.5 19 Checkable dep. and currency 4.0 -- 36.5 -- -3.9 -- -16.7 -- 19.9 -- 14.6 -- 13.6 47.6 20 Time and savings deposits 185.5 -- 8.0 -- 12.8 -- 1.3 -- 207.6 -- 12.5 -- 24.4 244.5 21 Money market fund shares 149.8 -- 46.5 -- -- -- -- -- 196.3 -- -- -- 89.2 285.5 22 Fed. funds and security RPs -- -- -1.1 -- 7.2 -- -- -- 6.1 -- -18.8 -- 50.1 52.6 23 Credit market instruments -37.0 470.3 -2.6 524.5 99.5 80.3 13.5 -52.6 73.4 1022.5 249.3 33.6 1802.2 1068.8 224 Open market paper 4.2 -- -8.1 24.4 18.0 -- -- -- 14.1 24.4 37.0 7.8 142.0 161.0 25 Treasury securities -68.5 -- -9.8 -- 30.0 -- -- -54.6 -48.3 -54.6 36.2 -- -42.5 -- 26 Federal agency securities -35.0 -- 15.5 -- 43.6 -- 0.0 2.0 24.0 2.0 54.7 -- 394.2 470.9 27 Municipal securities 31.1 12.0 7.3 5.8 -1.4 79.1 -- -- 36.9 96.8 -- -- 59.9 -- 28 Corporate and fgn. bonds 33.1 -- -- 218.7 5.2 -- -- -- 38.3 218.7 122.4 25.1 374.9 291.8 29 Bank loans n.e.c. -- 6.3 -- 102.0 -- -- -- -- -- 108.2 -- 6.7 145.0 30.1 30 Other loans and advances -- 13.3 -- 59.8 -- 1.2 14.4 -- 14.4 74.3 -1.0 -6.0 145.1 90.2 31 Mortgages -1.8 371.1 -3.4 113.9 4.1 -- -0.9 0.0 -2.0 485.0 -- -- 511.8 24.8 32 Consumer credit -- 67.6 -4.1 -- -- -- -- -- -4.1 67.6 -- -- 71.7 -- 33 Corporate equities -542.1 -- -- -267.0 9.7 -- -- -- -532.4 -267.0 43.8 77.8 302.2 2.9 34 Mutual fund shares 261.3 -- 7.3 -- -7.3 -- -- -- 261.3 -- -- -- 13.3 274.6 35 Trade credit -- 5.7 26.3 -0.5 -- 0.6 -0.3 -2.7 26.1 3.1 -7.3 -2.4 39.5 -1.0 36 Security credit 64.1 23.8 -- -- -- -- -- -- 64.1 23.8 0.0 0.0 44.3 84.5 37 Life insurance reserves 53.3 -- -- -- -- -- -- 1.3 53.3 1.3 -- -- -- 52.0 38 Pension fund reserves 290.2 -- -- -- -- -- -- 41.2 290.2 41.2 -- -- -- 249.0 39 Taxes payable -- -- -- 7.8 1.5 -- -1.9 -- -0.3 7.8 -- -- -- 5.2 40 Inv. in bank personal trusts 55.7 -- -- -- -- -- -- -- 55.7 -- -- -- -- 55.7 41 Equity in noncorp. business -18.6 -- -- -24.3 -- -- -- -- -18.6 -24.3 -- -- -- 5.8 42 Miscellaneous 15.3 -1.4 306.9 243.7 -2.5 -- -3.5 -5.1 316.2 237.2 205.1 144.9 250.3 310.7 43 Sector discrepancies (1 less 4) -82.9 -- 19.6 -- -39.3 -- 26.4 -- -76.2 -- 2.1 -- 24.5 -- 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, September 15, 1999 Flow of Funds Matrix for 1998

(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 30633.1 -- 7431.2 -- 1150.3 -- 435.4 -- 39650.1 -- 5616.6 -- 32085.2  2 Total liabilities and equity -- 6201.5 -- 25131.0 -- 1235.4 -- 4542.5 -- 37110.4 -- 4074.9 --  3 Total liabilities -- 6201.5 -- 9263.4 -- 1235.4 -- 4542.5 -- 21242.8 -- 2667.8 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.6 -- 10.6 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 24.2 -- 24.2 -- -- 24.1 -0.1  6 Official foreign exchange -- -- -- -- -- -- 16.2 -- 16.2 -- -- 36.0 19.8  7 SDR certificates -- -- -- -- -- -- -- 9.2 -- 9.2 -- -- 9.2  8 Treasury currency -- -- -- -- -- -- -- 18.3 -- 18.3 -- -- 26.3  9 Foreign deposits 41.5 -- 28.1 -- -- -- -- -- 69.6 -- -- 639.9 30.6 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 144.7 -- 70.0 11 Checkable dep. and currency 449.3 -- 446.3 -- 28.3 -- 23.2 -- 947.1 -- 258.2 -- 109.7 12 Time and savings deposits 2908.7 -- 145.9 -- 91.1 -- 4.7 -- 3150.4 -- 86.1 -- 195.5 13 Money market fund shares 739.6 -- 163.9 -- -- -- -- -- 903.5 -- -- -- 430.6 14 Fed. funds and security RPs -- -- 3.3 -- 158.5 -- -- -- 161.9 -- 72.0 -- 472.7 15 Credit market instruments 1805.8 5903.6 302.8 5428.0 704.4 1199.8 213.9 3752.2 3026.9 16283.6 2534.3 603.7 17841.7 16 Open market paper 63.2 -- 27.2 193.0 92.0 -- -- -- 182.4 193.0 114.8 72.9 875.4 17 Treasury securities 409.4 -- 61.3 -- 269.3 -- -- 3723.7 740.0 3723.7 1316.3 -- 1667.4 18 Federal agency securities 201.9 -- 25.2 -- 159.0 -- 0.0 28.5 386.1 28.5 301.4 -- 2633.0 19 Municipal securities 458.3 126.9 43.4 147.8 2.5 1189.7 -- -- 504.1 1464.3 -- -- 960.2 20 Corporate and fgn. bonds 571.1 -- -- 1829.6 56.2 -- -- -- 627.3 1829.6 659.6 420.0 2812.0 21 Bank loans n.e.c. -- 72.9 -- 1075.9 -- -- -- -- -- 1148.8 -- 58.9 1314.9 22 Other loans and advances -- 204.0 -- 699.7 -- 10.1 169.0 -- 169.0 913.8 142.3 52.0 943.2 23 Mortgages 102.0 4168.1 70.8 1482.2 125.4 -- 44.9 0.0 343.1 5650.3 -- -- 5378.8 24 Consumer credit -- 1331.7 74.9 -- -- -- -- -- 74.9 1331.7 -- -- 1256.9 25 Corporate equities 6139.5 -- -- 11585.4 102.0 -- -- -- 6241.5 11585.4 1115.4 1407.1 8080.8 26 Mutual fund shares 2500.7 -- 91.0 -- 26.3 -- -- -- 2618.0 -- -- -- 992.5 27 Trade credit -- 125.7 1498.2 1118.2 -- 35.6 20.5 79.7 1518.7 1359.1 51.9 46.3 227.5 28 Security credit 279.5 155.0 -- -- -- -- -- -- 279.5 155.0 0.0 0.0 297.9 29 Life insurance reserves 718.3 -- -- -- -- -- -- 33.6 718.3 33.6 -- -- -- 30 Pension fund reserves 9160.7 -- -- -- -- -- -- 642.9 9160.7 642.9 -- -- -- 31 Taxes payable -- -- -- 106.4 28.1 -- 21.4 -- 49.5 106.4 -- -- -- 32 Inv. in bank personal trusts 1274.2 -- -- -- -- -- -- -- 1274.2 -- -- -- -- 33 Equity in noncorp. business 4288.4 -- -- 4282.3 -- -- -- -- 4288.4 4282.3 -- -- -- 34 Miscellaneous 326.9 17.2 4751.7 2610.8 11.5 -- 100.8 6.7 5190.9 2634.7 1354.1 1317.8 3269.4 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.
114 Z.1, September 15, 1999

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 

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Assets 21493.5 23566.0 24277.9 25918.9 27025.5 28383.0 29397.5 32486.6 35355.8 39390.9 43586.5 1

 2 Tangible assets 8398.6 9107.9 9323.9 9468.7 9731.2 9979.7 10316.3 10788.9 11316.4 12090.7 12953.4 2

 3 Financial assets 13094.9 14458.1 14953.9 16450.2 17294.2 18403.3 19081.2 21697.7 24039.4 27300.2 30633.1 3

 4 Deposits 3052.2 3205.8 3264.5 3267.3 3249.6 3182.8 3157.3 3365.5 3539.6 3800.1 4139.1 4

 5 Credit market instruments 1222.3 1283.1 1495.6 1604.8 1648.6 1631.5 1932.1 1895.5 2011.6 1871.1 1805.8 5

 6 Equity shares at market value 2246.5 2766.5 2545.6 3560.4 4016.9 4580.5 4486.2 5984.3 7099.6 8802.2 10596.0 6

 7 Directly held 1626.1 1975.6 1800.6 2573.6 2900.6 3193.6 2975.5 3957.2 4448.7 5188.7 6139.5 7

 8 Indirectly held 620.4 791.0 745.0 986.7 1116.4 1387.0 1510.7 2027.1 2650.9 3613.4 4456.5 8

 9 Bank personal trusts and estates 189.1 231.9 214.1 271.7 268.7 262.0 263.6 365.2 433.2 632.0 806.2 9

10 Life insurance companies 59.1 68.4 66.8 99.1 116.6 156.7 185.2 246.5 325.2 433.7 542.4 10

11 Private pension funds 221.7 291.4 284.7 380.4 436.8 530.6 556.6 715.6 897.2 1158.2 1370.5 11

12 Mutual funds 150.4 199.3 179.4 235.5 294.3 437.6 505.3 699.8 995.3 1389.4 1737.4 12

13 Other 6573.9 7202.7 7648.2 8017.7 8379.1 9008.4 9505.7 10452.4 11388.6 12826.9 14092.3 13

14 Liabilities 3111.8 3397.3 3678.5 3871.5 4045.0 4290.2 4612.8 4981.6 5329.8 5703.1 6201.5 14

15 Net worth 18381.7 20168.7 20599.4 22047.4 22980.5 24092.8 24784.7 27505.1 30026.0 33687.9 37385.0 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 10.5 11.7 10.5 13.7 14.9 16.1 15.3 18.4 20.1 22.3 24.3 16

17 Financial assets (line 3) 17.2 19.1 17.0 21.6 23.2 24.9 23.5 27.6 29.5 32.2 34.6 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.