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

Friday 

March 9, 2001 

FEDERAL RESERVE statistical release

Z.1 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 2000

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

Fourth Quarter 2000

Domestic nonfinancial debt grew at a seasonally 

adjusted annual rate of 4-1/2 percent in the fourth 

quarter of 2000. Borrowing by households, 

businesses, and state and local governments picked up 

from the previous quarter, while the paydown of 

federal debt accelerated. 

Household debt expanded at an 8-1/4 percent rate 

in the fourth quarter, as home mortgage borrowing and 

consumer credit continued to be strong. In the 

nonfinancial business sector, debt grew at an 8-1/2 

percent rate in the fourth quarter, but still remained 

below the rapid clip in the first half of 2000. A small 

contraction in nonfinancial commercial paper debt 

was more than offset by net issuance of bonds and 

borrowing at banks. State and local government debt 

increased at a 4-3/4 percent rate in the fourth quarter, 

with robust borrowing for new capital projects. 

For 2000 as a whole, domestic nonfinancial debt 

grew by 5 percent, the smallest increase in six years. 

Federal government debt declined $296 billion, or 8 

percent, in 2000. Household debt was up 8-3/4 

percent over the year, about the same as the previous 

couple years, and nonfinancial business debt rose 9-

3/4 percent, below the rapid pace in the prior two 

years. Debt growth in the state and local government 

sector, at 2-1/4 percent, was less than half the average 

recorded in the past several years, in large part owing 

to a substantial volume of retirements of previously 

refunded debt. 

The level of domestic nonfinancial debt 

outstanding was $18.3 trillion at the end of the fourth 

quarter. Debt of nonfederal sectors was $15.0 trillion, 

and federal debt was $3.4 trillion. 

Figures for the growth and level of debt are found 

in tables D.1 through D.3. Tables that show financial 

flows, amounts outstanding, and selected sector 

balance sheets are included in the remaining pages of 

this release. 

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates 

Nonfederal 

 Total Federal Total Households Business State and 

local govts. 

1995 5.5 4.1 6.0 8.0 6.6 -4.6 

1996 5.3 4.0 5.8 7.3 5.7 -0.6 

1997 5.6 0.6 7.3 6.5 8.9 5.3 

1998 6.9 -1.4 9.6 8.6 11.3 7.2 

1999 6.9 -1.9 9.5 8.9 11.4 4.4 

2000 5.0 -8.0 8.5 8.7 9.7 2.2 

1999:Q1 7.8 -2.2 10.9 9.3 13.6 6.6 

 :Q2 5.7 -2.6 8.1 8.3 8.8 3.6 

 :Q3 7.0 -1.9 9.5 9.2 11.0 4.3 

 :Q4 6.3 -0.9 8.3 7.7 10.2 2.7 

 2000:Q1 

 :Q2 

 :Q3 

 :Q4 

5.3 

5.5 

4.4 

4.6 

-5.9 

-11.4 

-6.2 

-9.6 

8.3 

9.9 

6.9 

8.0 

8.0 

9.5 

8.0 

8.2 

10.3 

11.9 

6.8 

8.4 

0.3 

1.7 

1.9 

4.8 

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, Fourth Quarter 2000 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 Its 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 

Net Capital Transfers F.9 14 

Derivation of Measures of Personal Saving F.10 15 L.10 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.11 57 

Instrument Discrepancies F.12 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 2000 112 113 

Balance Sheet of Households and Nonprofit Organizations 

 with Equity Detail B.100.e 114 

 

1

Flow of Funds Accounts, Fourth Quarter 2000 

 This publication presents the flow of funds 

accounts for 2000:Q4. 

Data revisions and other changes. The statistics 

shown in these tables reflect the 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. Net capital transfers, as shown in NIPA table 8.29 

in the Survey of Current Business, have been 

incorporated into the flow of funds accounts (table F.9). 

The household (table F.100), nonfinancial corporate 

business (table F.102), state and local governments 

(table F.105), federal government (table F.106), and rest 

of the world (table F.107) sector tables now include 

capital transfers. In addition, the inclusion of capital 

transfers affects the flow of funds measures of personal 

saving, which are shown on the derivation of measures 

of personal saving table (table F.10). For a discussion 

of capital transfers in the NIPA see “A Preview of the 

1999 Comprehensive Revision of the National Income 

and Product Accounts,” Survey of Current Business, 

August 1999, pp. 13-14. 

2. In the private pension funds sector (tables F.119 and 

L.119), data have been revised to reflect figures from 

the U.S. Internal Revenue Service/Department of 

Labor/Pension Benefit Guaranty Corporation Form 

5500 filed for plan year 1997. 

3. In the nonprofit sector (supplementary tables 

F.100.a and L.100.a), data for 1997 have been added to 

reflect newly available information from the Internal 

Revenue Service/Statistics of Income division. In 

addition, the allocation of assets and estimates of 

liabilities have been revised from 1987 forward. 

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: 

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

where “t” is the time period. 

Discontinuities result from changes in 

valuation, breaks in source data, and changes in 

definitions. For most series, the value of the 

discontinuity is zero for nearly all time periods. 

However, in a few instances, the discontinuity is 

nonzero for almost all time periods, or is quite large in a 

particular quarter, such as a period when there is a sharp 

increase or decrease in equity prices or a major break in 

source data. 

The discontinuities in 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 as: 

Percentage change t

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

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 
2 

following this introduction. The distinction between 

“available” data and “missing” data is not between final 

and preliminary versions of data, but rather between 

those source estimates that are fully ready when the 

latest quarterly publication is compiled and those that 

are not yet completed. However, the items that are 

shown as available are, in general, also preliminary in 

the sense that they are subject to revision by source 

agencies. 

Margins of Uncertainty. Flow of funds statistics are 

subject to uncertainties resulting from measurement 

errors in source data, incompatibilities among data from 

different sources, potential revisions in both financial 

and nonfinancial series, and incomplete data in parts of 

the accounts. The size of these uncertainties cannot be 

quantified in precise statistical terms, but allowance for 

them is explicitly made throughout the accounts by the 

inclusion of “discrepancies” for various sectors and 

instrument types. A discrepancy for a sector is the 

difference between its measured sources of funds and its 

measured uses of funds. For an instrument category, a 

discrepancy is the difference between measured funds 

borrowed through the financial instrument and 

measured funds lent through that instrument. The size 

of such discrepancies relative to the main asset or 

liability components is one indication of the quality of 

source data, especially on an annual basis. For quarterly 

data, differences in seasonal adjustment procedures for 

financial and nonfinancial components of the accounts 

sometimes result in discrepancies that cancel in annual 

data. 

Availability of Data. Flow of funds statistics are 

updated about 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

The Internet site also provides quarterly data beginning 

in 1952, organized in compressed files that correspond 

to the tables published in this release. There are files for 

quarterly data for seasonally adjusted flows, unadjusted 

flows, outstandings, balance sheets, and debt (tables 

D.1, D.2, and D.3). There is a separate file for monthly 

data from January 1955 onward for the debt aggregate 

published in the Board's H.6 statistical release, “Money 

Stock and Debt Measures.” 

A Guide to the Flow of Funds Accounts is available. 

The 1,200-page Guide, in two volumes, explains in 

detail how the U.S. financial accounts are prepared and 

the principles underlying the accounts. The Guide can 

be purchased for $20.00 from the Board’s Publications 

Services. Publications Services accepts orders 

accompanied by checks as well as credit card orders. 

The Internet site for this release at the location shown 

above contains a link to an order form for the Guide that 

can be mailed or faxed to Publications Services. 

Subscription Information. The Federal Reserve Board 

charges for subscriptions to all statistical releases. 

Inquiries for releases 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
3

Availability of Data for Latest Quarter 

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA) 

Preliminary estimates, seasonally 

adjusted, for 2000:Q4. 

Unadjusted flows since 1999. 

 2. Households and nonprofit 

 organizations sector 

 (tables F.100 and L.100) 

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

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

Data for consumer credit, which are estimated directly, are available 

through 2000:Q4. 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 1997. 

 3. Nonfarm nonfinancial 

 corporate business 

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of 

the Census Bureau through 2000:Q3; 

Internal Revenue Service Statistics of 

Income data through 1997; securities 

offerings, mortgages, bank loans, 

commercial paper, and other loans 

through 2000:Q4. 

Statistics of Income data since 

1997; QFR data for 2000:Q4. 

 4. Nonfarm noncorporate 

 business 

 (tables F.103 and L.103) 

Internal Revenue Service Statistics of 

Income data through 1997; bank and 

finance company loans and mortgage 

borrowing through 2000:Q4. 

Statistics of Income data since 

1997. 

 5. Farm business 

 (tables F.104 and L.104) 

Mortgages, bank loans, loans from 

government-sponsored enterprises, 

U.S. government loans to farms, and 

equity in government-sponsored 

enterprises through 2000:Q4; 

preliminary data for checkable 

deposits and currency and trade 

payables through 1999. 

Revised data for consumption of 

fixed capital and undistributed 

profits since 1999. 
4 

 6. State and local 

 governments 

 (tables F.105 and L.105) 

Gross offerings and retirements of 

municipal securities, deposits at 

banks, and nonmarketable U.S. 

government security issues through 

2000:Q4; selected financial assets 

through 1999:Q2 from the 

comprehensive annual financial 

reports of state and local 

governments that account for most of 

the holdings of the sector, and data 

from Standard & Poor’s on local 

government investment pools. 

Selected financial asset items since 

1999:Q2. 

 7. Federal government 

 (tables F.106 and L.106) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays

through 2000:Q4; Treasury data for 

loan programs through 2000:Q3. 

Treasury data for loan programs 

for 2000:Q4. 

 8. Rest of the world 

 (U.S. international 

 transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2000:Q3; NIPA estimates, data from 

bank Reports of Condition, and 

Treasury International Capital 

System data through 2000:Q4. 

Balance of payments data for 

2000:Q4. 

 9. Monetary authority 

 (tables F.108 and L.108) 

All data through 2000:Q4. None. 

10. Commercial banking 

 (tables F.109 through F.113 

 and tables L.109 through 

 L.113) 

All data through 2000:Q4 for 

U.S.-chartered commercial banks, 

foreign banking offices in the U.S., 

bank holding companies, and 

commercial banks in U.S.-affiliated 

areas. 

Data since 1999 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

11. Savings institutions 

 (tables F.114 and L.114) 

All data through 2000:Q4. None. 

12. Credit unions 

 (tables F.115 and L.115) 

All data through 2000:Q4. None. 

13. Bank personal trusts and 

 estates 

 (tables F.116 and L.116) 

All data through 1999. Data since 1999:Q4. 

14. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2000:Q3. Data for 2000:Q4. 

15. Other insurance companies 

 (tables F.118 and L.118) 

All data through 2000:Q3. 

 Data for 2000:Q4. 
5

16. Private pension funds 

 (including FERS 

 Thrift Savings Plan) 

 (tables F. 119 and L.119) 

Quarterly data through 2000:Q4; 

Internal Revenue Service/Department 

of Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through

1997.

Form 5500 data since 1997. 

17. State and local government 

 employee retirement funds 

 (tables F.120 and L.120) 

All data through 2000:Q3. Data for 2000:Q4. 

18. Money market mutual 

 funds 

 (tables F.121 and L.121) 

All data through 2000:Q4. None. 

19. Mutual funds 

 (tables F.122 and L.122) 

All data through 2000:Q4. None. 

20. Closed-end funds 

 (tables F.123 and L.123) 

All data through 1999. Data since 1999. 

21. Government-sponsored 

 enterprises 

 (tables F.124 and L.124) 

Data for FHLBs, Fannie Mae, 

Freddie Mac, FCS, FICO, 

REFCORP, and Sallie Mae through 

2000:Q4. 

None 

22. Federally related mortgage 

 pools 

 (tables F.125 and L.125) 

All data through 2000:Q4. None. 

23. Issuers of asset-backed 

 securities (ABSs) 

 (tables F.126 and L.126) 

All data for private mortgage pools, 

consumer credit, business loans, 

student loans, consumer leases, and 

trade credit securitization through 

2000:Q4. 

None. 

24. Finance companies 

 (tables F.127 and L.127) 

All data through 2000:Q4. None. 

25. Mortgage companies 

 (tables F.128 and L.128) 

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

26. Real estate investment 

 trusts (REITs) 

 (tables F.129 and L.129) 

All data from SNL REIT DataSource 

through 2000:Q3; preliminary data 

for 2000:Q4. 

Final data for 2000:Q4. 

27. Security brokers and 

 dealers 

 (tables F.130 and L.130) 

Data for firms filing FOCUS and 

FOGS reports through 2000:Q4. 

None. 

28. Funding corporations 

 (tables F.131 and L.131) 

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

other sectors. 
6 Z.1, March 9, 2001

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

1966 6.7 1.4 8.5 6.6 5.9 6.1 11.4 11.9 6.7 17.7 5.1

1967 7.3 4.9 8.1 5.7 5.8 5.0 11.1 11.6 6.7 -1.8 9.8

1968 7.9 4.5 8.9 8.2 7.0 9.9 10.1 10.3 7.5 17.3 6.3

1969 7.2 -1.1 9.7 7.7 6.9 8.3 11.6 11.4 9.6 32.8 6.9

1970 6.9 4.2 7.6 4.4 4.5 3.4 10.3 12.9 8.7 14.5 5.7

1971 9.5 8.3 9.8 9.2 8.6 11.7 10.1 7.7 10.9 8.7 9.7

1972 10.0 4.6 11.4 11.3 11.2 13.1 12.4 9.9 8.4 17.2 7.9

1973 10.7 2.0 12.9 12.4 11.7 13.3 14.7 17.5 7.8 28.9 10.3

1974 9.2 3.4 10.5 8.8 9.6 4.6 13.0 11.5 6.9 23.6 20.5

1975 9.3 23.9 6.3 8.3 9.3 3.8 4.9 3.4 5.4 0.8 17.4

1976 10.8 15.6 9.6 11.4 12.7 10.6 8.4 7.4 8.4 9.0 21.5

1977 12.8 11.0 13.3 15.5 16.5 15.5 12.5 12.0 8.4 18.9 11.6

1978 13.8 9.2 15.0 16.8 17.3 17.4 13.2 11.6 15.4 22.1 18.6

1979 12.2 5.8 13.7 15.2 16.2 13.8 13.6 11.1 9.0 22.1 9.5

1980 9.5 11.8 9.0 8.6 11.0 0.6 10.0 8.3 6.9 14.5 14.0

1981 10.4 11.6 10.1 7.7 7.3 5.0 12.8 13.5 8.0 18.2 11.9

1982 10.1 19.7 7.9 5.6 4.8 4.6 9.2 9.0 11.2 13.6 7.2

1983 12.0 18.9 10.2 11.2 10.3 12.8 9.0 8.0 11.4 13.4 8.2

1984 14.7 16.9 14.1 12.6 11.3 18.3 16.2 16.6 11.4 17.9 3.6

1985 15.7 16.5 15.4 15.8 14.1 15.9 11.4 12.6 31.8 19.4 0.5

1986 11.7 13.6 11.2 11.5 13.7 9.0 11.1 13.4 10.9 24.7 4.1

1987 9.0 8.0 9.3 11.8 15.6 4.6 6.4 7.8 12.0 18.2 2.6

1988 9.1 8.0 9.4 9.0 10.5 6.3 10.6 11.7 6.4 13.2 3.0

1989 7.3 7.0 7.4 8.7 10.0 6.0 6.6 8.0 5.6 10.5 4.0

1990 6.5 11.0 5.2 7.4 9.4 1.5 3.2 5.1 5.0 8.8 9.0

1991 4.3 11.1 2.2 5.1 6.8 -1.3 -2.2 -2.1 8.6 6.5 5.2

1992 4.6 10.9 2.6 4.8 5.8 0.8 0.3 1.6 2.2 8.8 7.9

1993 4.9 8.3 3.7 5.5 4.7 7.3 1.1 1.6 6.0 9.7 21.9

1994 4.5 4.7 4.4 7.6 5.9 14.5 3.5 4.8 -4.0 14.0 -3.6

1995 5.5 4.1 6.0 8.0 6.0 14.1 6.6 8.5 -4.6 11.9 20.9

1996 5.3 4.0 5.8 7.3 7.3 7.9 5.7 5.1 -0.6 12.8 19.5

1997 5.6 0.6 7.3 6.5 7.0 4.3 8.9 8.6 5.3 13.6 13.2

1998 6.9 -1.4 9.6 8.6 9.8 5.4 11.3 12.4 7.2 19.7 7.1

1999 6.9 -1.9 9.5 8.9 9.9 7.1 11.4 12.7 4.4 16.7 3.9

2000 5.0 -8.0 8.5 8.7 8.7 9.4 9.7 10.4 2.2 10.7 9.1

1995 -- Q1 5.8 5.4 5.9 7.6 5.4 14.3 7.1 9.5 -5.2 8.9 18.9

 Q2 6.5 6.9 6.4 8.0 6.2 14.0 7.6 10.2 -4.7 10.6 13.8

 Q3 4.7 2.6 5.5 8.4 6.8 13.9 5.3 6.3 -6.1 11.8 23.9

 Q4 4.5 1.4 5.6 7.1 5.0 11.5 5.9 6.9 -2.6 14.2 21.4

1996 -- Q1 5.9 5.9 5.9 8.1 8.0 10.1 5.4 4.6 -1.8 9.8 13.7

 Q2 5.4 3.0 6.2 7.8 7.1 9.7 6.4 5.6 -1.5 15.3 10.5

 Q3 5.2 4.4 5.5 6.9 6.8 6.8 6.1 5.8 -3.0 9.9 27.1

 Q4 4.4 2.5 5.1 5.8 6.6 4.2 4.5 4.0 3.9 13.8 21.7

1997 -- Q1 5.0 1.8 6.1 7.2 7.0 5.2 6.0 5.6 1.3 8.5 6.2

 Q2 4.8 -0.4 6.6 5.7 5.6 4.6 8.4 7.6 4.2 12.7 13.9

 Q3 6.0 1.3 7.6 7.3 9.5 3.9 8.1 8.3 7.1 12.4 21.4

 Q4 6.0 -0.3 8.2 5.1 5.0 3.4 11.9 12.0 8.1 18.2 9.4

1998 -- Q1 7.2 -0.5 9.8 9.0 10.3 4.7 11.2 12.7 7.8 17.8 17.7

 Q2 7.1 -0.6 9.6 7.4 7.9 4.9 12.6 13.9 7.6 17.0 16.2

 Q3 5.8 -2.8 8.5 8.0 9.1 6.1 9.5 10.0 6.0 17.9 -1.8

 Q4 6.7 -1.7 9.2 9.0 10.6 5.3 10.1 11.0 6.5 20.9 -3.9

1999 -- Q1 7.8 -2.2 10.9 9.3 9.5 9.8 13.6 16.6 6.6 18.8 4.7

 Q2 5.7 -2.6 8.1 8.3 9.9 4.5 8.8 9.5 3.6 14.6 -3.7

 Q3 7.0 -1.9 9.5 9.2 10.4 5.5 11.0 11.8 4.3 15.0 11.8

 Q4 6.3 -0.9 8.3 7.7 8.4 7.8 10.2 10.9 2.7 14.5 2.6

2000 -- Q1 5.3 -5.9 8.3 8.0 7.1 10.1 10.3 11.2 0.3 8.1 17.4

 Q2 5.5 -11.4 9.9 9.5 10.0 9.4 11.9 13.4 1.7 10.5 -1.1

 Q3 4.4 -6.2 6.9 8.0 8.5 8.2 6.8 6.8 1.9 9.2 12.7

 Q4 4.6 -9.6 8.0 8.2 8.1 8.8 8.4 8.7 4.8 13.2 6.6

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, March 9, 2001 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

1966 67.3 3.6 63.7 22.2 13.0 5.9 34.6 24.7 6.9 11.0 1.9

1967 78.2 12.9 65.2 20.4 13.4 5.1 37.5 27.0 7.3 -1.3 3.9

1968 90.6 12.5 78.0 31.3 17.2 10.8 37.9 26.8 8.8 12.4 2.7

1969 88.9 -3.2 92.1 31.8 18.1 9.9 48.1 32.6 12.1 27.6 3.2

1970 91.3 12.1 79.3 19.7 12.6 4.4 47.5 40.9 12.1 16.2 2.8

1971 135.3 24.9 110.5 42.4 24.7 15.6 51.7 28.0 16.4 11.1 5.1

1972 156.1 15.0 141.0 57.0 35.1 19.5 70.1 38.4 14.0 23.9 4.4

1973 183.9 6.9 176.9 69.6 40.7 22.5 93.3 74.8 14.1 47.0 6.3

1974 175.1 11.9 163.2 55.4 37.2 8.9 94.3 56.5 13.4 49.6 13.8

1975 193.5 85.6 107.8 56.9 39.7 7.8 39.8 18.6 11.1 2.1 14.1

1976 244.8 69.2 175.6 84.4 58.9 22.0 72.7 42.2 18.5 23.5 20.5

1977 321.2 56.3 264.8 128.4 86.5 35.4 116.6 72.8 19.9 53.6 13.5

1978 390.7 52.5 338.2 159.9 105.6 46.0 138.8 79.1 39.4 74.7 24.0

1979 391.9 35.8 356.1 169.0 115.7 42.7 160.5 84.3 26.6 91.1 15.0

1980 343.7 77.4 266.3 109.7 91.6 2.3 134.4 69.7 22.2 73.2 24.2

1981 410.0 85.5 324.5 107.5 68.0 17.7 189.4 122.7 27.6 105.1 23.5

1982 439.9 161.3 278.6 85.1 48.6 17.2 151.8 92.4 41.7 93.0 16.0

1983 573.6 185.2 388.4 177.6 107.1 50.0 163.4 88.7 47.3 104.4 17.3

1984 791.2 197.2 594.0 219.6 127.9 80.7 321.8 203.7 52.5 157.8 8.4

1985 963.0 225.7 737.3 309.4 177.2 82.8 264.3 179.6 163.6 204.0 1.2

1986 838.0 216.0 622.0 262.1 199.8 54.4 285.8 215.2 74.2 311.0 9.7

1987 719.0 143.9 575.1 300.4 258.1 30.4 184.2 142.5 90.4 290.6 6.3

1988 787.6 155.1 632.5 252.8 196.7 43.4 325.7 233.3 54.0 250.2 7.4

1989 687.5 146.4 541.2 267.0 208.7 44.2 224.1 176.1 50.1 225.0 10.2

1990 657.0 246.9 410.1 247.8 214.8 11.9 115.2 122.1 47.2 211.6 23.9

1991 465.3 278.2 187.1 183.6 172.8 -10.7 -81.9 -52.9 85.4 170.9 15.1

1992 524.2 304.0 220.2 183.7 156.4 6.1 12.4 39.6 24.1 244.0 24.1

1993 581.3 256.1 325.1 218.3 133.9 58.4 40.7 40.2 66.2 294.4 69.8

1994 559.1 155.9 403.2 318.4 176.8 124.9 131.1 123.6 -46.2 468.3 -13.9

1995 711.1 144.4 566.7 363.5 189.5 138.9 254.7 227.5 -51.5 454.0 78.5

1996 731.3 145.0 586.3 357.8 244.8 88.8 235.3 149.1 -6.8 545.7 88.4

1997 804.6 23.1 781.5 337.1 249.7 52.5 388.2 266.5 56.1 653.8 71.8

1998 1044.6 -52.6 1097.2 479.1 375.9 67.6 537.8 418.1 80.3 1073.9 43.3

1999 1121.5 -71.2 1192.7 538.2 415.7 94.4 602.1 481.6 52.3 1087.9 25.3

2000 877.8 -295.9 1173.6 572.5 401.9 134.7 574.0 446.8 27.1 811.9 61.8

1995 -- Q1 748.1 188.9 559.3 344.9 172.2 140.8 272.7 254.2 -58.3 341.1 70.7

 Q2 857.6 243.6 614.0 368.1 198.8 143.1 298.0 279.6 -52.1 413.3 54.4

 Q3 634.9 93.4 541.5 398.2 221.3 146.4 210.4 178.3 -67.1 473.3 97.1

 Q4 603.8 51.9 551.9 342.8 165.7 125.2 237.6 197.8 -28.5 588.5 91.9

1996 -- Q1 810.9 214.3 596.7 395.9 267.8 113.2 220.3 133.5 -19.6 420.9 62.1

 Q2 747.5 109.3 638.2 389.5 245.0 111.7 264.9 166.0 -16.3 668.8 49.4

 Q3 737.5 162.6 575.0 348.0 233.9 79.8 259.2 175.3 -32.2 450.6 130.3

 Q4 629.3 93.9 535.4 297.7 232.4 50.4 196.8 121.6 40.9 642.7 111.8

1997 -- Q1 721.1 67.6 653.5 375.8 252.0 63.0 263.6 173.3 14.1 411.0 33.3

 Q2 704.0 -14.4 718.3 301.8 204.3 55.9 371.9 237.7 44.6 623.9 76.3

 Q3 885.4 50.5 834.9 391.4 351.9 48.1 366.5 264.0 77.0 630.4 121.6

 Q4 907.8 -11.3 919.1 279.6 190.8 43.1 550.9 390.8 88.6 949.8 55.8

1998 -- Q1 1101.5 -18.4 1120.0 501.0 393.1 58.9 531.1 427.6 87.8 968.5 107.3

 Q2 1101.2 -21.2 1122.4 419.4 310.2 62.1 616.7 480.8 86.3 968.7 103.1

 Q3 909.1 -105.7 1014.8 465.9 366.2 79.6 478.7 359.4 70.2 1062.6 -11.7

 Q4 1066.6 -65.2 1131.8 530.2 434.1 69.9 524.6 404.5 76.9 1295.7 -25.6

1999 -- Q1 1278.4 -83.4 1361.9 561.2 398.0 130.5 720.9 626.1 79.8 1228.8 30.7

 Q2 939.8 -98.5 1038.3 512.9 425.0 61.4 481.8 372.8 43.6 995.3 -24.5

 Q3 1178.0 -68.9 1247.0 580.6 459.6 76.2 613.9 473.8 52.5 1064.2 77.3

 Q4 1089.5 -34.0 1123.5 498.0 380.1 109.5 591.9 453.6 33.6 1063.2 17.6

2000 -- Q1 924.0 -215.5 1139.6 523.0 327.1 144.6 612.8 481.3 3.8 617.7 118.0

 Q2 971.5 -414.0 1385.4 638.9 471.6 137.2 725.7 592.4 20.8 817.5 -7.6

 Q3 779.9 -219.5 999.4 552.2 408.5 122.9 423.5 309.1 23.6 733.2 89.2

 Q4 835.7 -334.5 1170.2 576.0 400.2 134.2 533.9 404.5 60.3 1079.0 47.8
8 Z.1, March 9, 2001

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

1966 1074.6 265.1 809.5 360.3 231.8 103.4 339.1 232.1 110.0 72.9 39.5

1967 1152.6 278.1 874.6 380.6 245.0 108.6 376.6 259.1 117.4 71.6 43.3

1968 1242.7 290.6 952.1 412.2 262.1 119.3 413.8 285.1 126.1 84.0 46.1

1969 1332.0 287.4 1044.6 444.4 280.2 129.2 462.0 317.8 138.3 111.5 49.2

1970 1422.3 299.5 1122.8 460.2 289.0 133.7 512.3 361.1 150.3 127.8 52.1

1971 1557.5 324.4 1233.1 503.1 313.1 149.2 563.3 389.1 166.7 138.9 56.6

1972 1713.5 339.4 1374.1 560.1 348.2 168.8 633.3 427.5 180.7 162.8 61.1

1973 1897.9 346.3 1551.6 630.8 388.1 193.0 725.9 492.1 194.8 209.8 67.4

1974 2072.3 358.2 1714.1 686.1 425.1 201.9 819.8 548.1 208.2 258.3 81.2

1975 2264.7 443.9 1820.8 740.1 464.7 207.0 861.4 568.5 219.4 260.4 95.6

1976 2508.3 513.1 1995.3 825.9 524.0 229.0 931.5 608.1 237.8 283.9 116.0

1977 2829.6 569.4 2260.2 954.2 610.5 264.4 1049.8 682.6 256.2 337.8 129.4

1978 3214.5 621.9 2592.6 1112.8 716.0 310.4 1184.2 757.2 295.6 412.5 157.6

1979 3606.5 657.7 2948.9 1282.7 833.3 353.1 1344.0 840.7 322.2 504.9 172.9

1980 3957.9 735.0 3222.9 1404.0 934.5 355.4 1474.5 906.6 344.4 578.1 197.2

1981 4366.4 820.5 3545.9 1516.2 1007.2 373.1 1657.6 1023.0 372.1 682.4 220.7

1982 4788.3 981.8 3806.5 1586.6 1041.3 390.3 1806.1 1112.1 413.8 778.1 212.6

1983 5364.8 1167.0 4197.8 1744.2 1128.5 440.3 1992.4 1223.7 461.1 882.7 229.8

1984 6151.2 1364.2 4787.0 1956.2 1255.7 521.0 2317.2 1430.4 513.6 1052.4 238.0

1985 7132.3 1589.9 5542.5 2286.4 1458.2 603.8 2578.1 1606.7 677.9 1257.3 239.3

1986 7975.1 1805.9 6169.3 2546.9 1657.9 658.2 2870.2 1828.2 752.1 1593.6 241.0

1987 8677.6 1949.8 6727.8 2801.3 1874.0 688.6 3085.5 2001.8 841.0 1895.5 247.4

1988 9461.7 2104.9 7356.8 3071.1 2081.3 732.0 3390.7 2212.6 895.0 2145.8 254.8

1989 10166.3 2251.2 7915.0 3348.5 2288.3 793.3 3621.4 2395.7 945.1 2399.3 265.0

1990 10850.6 2498.1 8352.4 3625.4 2532.3 805.1 3734.8 2516.0 992.3 2615.8 288.9

1991 11312.5 2776.4 8536.2 3812.5 2708.7 794.5 3646.0 2460.9 1077.7 2786.7 304.0

1992 11839.9 3080.3 8759.6 3996.2 2865.1 800.6 3661.6 2502.1 1101.8 3046.3 318.8

1993 12436.0 3336.5 9099.5 4216.9 3001.4 859.0 3714.7 2554.8 1167.9 3346.1 388.6

1994 13001.3 3492.3 9509.0 4534.9 3178.2 983.9 3852.4 2685.0 1121.7 3822.1 375.0

1995 13712.4 3636.7 10075.7 4898.4 3367.6 1122.8 4107.1 2912.5 1070.2 4278.8 453.7

1996 14443.7 3781.8 10662.0 5222.5 3578.7 1211.6 4376.1 3095.3 1063.4 4824.5 542.2

1997 15246.8 3804.9 11441.9 5559.9 3828.5 1264.1 4762.5 3359.9 1119.5 5445.2 608.0

1998 16291.4 3752.2 12539.1 6039.0 4204.4 1331.7 5300.3 3778.0 1199.8 6519.1 651.4

1999 17447.5 3681.0 13766.5 6577.6 4620.0 1426.2 5936.8 4294.0 1252.1 7607.0 676.9

2000 18344.3 3385.2 14959.2 7169.1 5021.9 1568.8 6510.8 4740.8 1279.3 8430.8 738.8

1995 -- Q1 13188.4 3539.5 9648.8 4621.1 3221.2 1019.1 3920.6 2748.6 1107.1 3910.0 392.6

 Q2 13402.8 3600.4 9802.3 4713.2 3270.9 1054.9 3995.1 2818.5 1094.1 4013.3 406.2

 Q3 13561.5 3623.8 9937.7 4812.7 3326.2 1091.5 4047.7 2863.0 1077.3 4131.6 430.5

 Q4 13712.4 3636.7 10075.7 4898.4 3367.6 1122.8 4107.1 2912.5 1070.2 4278.8 453.7

1996 -- Q1 13915.2 3690.3 10224.9 4997.4 3434.6 1151.1 4162.2 2945.9 1065.3 4384.0 469.2

 Q2 14102.0 3717.6 10384.4 5061.1 3462.2 1179.0 4262.1 3021.0 1061.2 4551.2 481.5

 Q3 14286.4 3758.3 10528.1 5148.1 3520.6 1199.0 4326.9 3064.9 1053.2 4663.8 514.1

 Q4 14443.7 3781.8 10662.0 5222.5 3578.7 1211.6 4376.1 3095.3 1063.4 4824.5 542.2

1997 -- Q1 14624.0 3798.7 10825.4 5316.7 3641.7 1227.3 4441.7 3138.3 1066.9 4927.2 550.5

 Q2 14800.0 3795.1 11004.9 5392.1 3692.8 1241.3 4534.7 3197.8 1078.1 5083.2 569.6

 Q3 15019.8 3807.7 11212.1 5490.0 3780.8 1253.3 4624.8 3262.2 1097.3 5207.8 593.9

 Q4 15246.8 3804.9 11441.9 5559.9 3828.5 1264.1 4762.5 3359.9 1119.5 5445.2 608.0

1998 -- Q1 15522.1 3800.3 11721.9 5685.2 3926.8 1278.8 4895.3 3466.8 1141.4 5687.3 634.8

 Q2 15797.4 3795.0 12002.5 5790.0 4004.3 1294.4 5049.5 3587.0 1163.0 5929.5 660.6

 Q3 16024.7 3768.5 12256.2 5906.5 4095.9 1314.3 5169.1 3676.9 1180.6 6195.2 657.7

 Q4 16291.4 3752.2 12539.1 6039.0 4204.4 1331.7 5300.3 3778.0 1199.8 6519.1 651.4

1999 -- Q1 16612.7 3731.4 12881.3 6179.7 4303.9 1364.4 5482.0 3936.0 1219.7 6826.3 659.1

 Q2 16847.7 3706.8 13140.9 6307.9 4410.1 1379.7 5602.4 4029.2 1230.6 7075.1 653.0

 Q3 17175.1 3689.5 13485.6 6453.0 4525.0 1398.8 5788.8 4180.6 1243.7 7341.2 672.3

 Q4 17447.5 3681.0 13766.5 6577.6 4620.0 1426.2 5936.8 4294.0 1252.1 7607.0 676.9

2000 -- Q1 17678.5 3627.2 14051.4 6708.3 4701.8 1462.3 6090.0 4414.3 1253.1 7761.4 706.4

 Q2 17921.4 3523.7 14397.7 6868.0 4819.7 1496.6 6271.4 4562.4 1258.3 7965.8 704.5

 Q3 18127.4 3468.8 14658.7 7017.2 4921.9 1527.3 6377.3 4639.7 1264.2 8153.1 726.8

 Q4 18344.3 3385.2 14959.2 7169.1 5021.9 1568.8 6510.8 4740.8 1279.3 8430.8 738.8

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, March 9, 2001 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 1365.4 1530.1 2161.8 2234.6 1751.5 2319.6 2170.3 1659.8 1781.4 1602.2 1962.6 1

 2 Domestic nonfinancial sectors 731.3 804.6 1044.6 1121.5 877.8 1178.0 1089.5 924.0 971.5 779.9 835.7 2

 3 Federal government 145.0 23.1 -52.6 -71.2 -295.9 -68.9 -34.0 -215.5 -414.0 -219.5 -334.5 3

 4 Nonfederal sectors 586.3 781.5 1097.2 1192.7 1173.6 1247.0 1123.5 1139.6 1385.4 999.4 1170.2 4

 5 Household sector 357.8 337.1 479.1 538.2 572.5 580.6 498.0 523.0 638.9 552.2 576.0 5

 6 Nonfinancial corporate business 149.1 266.5 418.1 481.6 446.8 473.8 453.6 481.3 592.4 309.1 404.5 6

 7 Nonfarm noncorporate business 81.4 115.6 112.0 115.3 117.1 131.6 132.7 116.5 125.1 109.3 117.6 7

 8 Farm business 4.8 6.2 7.7 5.2 10.0 8.5 5.6 15.0 8.3 5.1 11.7 8

 9 State and local governments -6.8 56.1 80.3 52.3 27.1 52.5 33.6 3.8 20.8 23.6 60.3 9

10 Rest of the world 88.4 71.8 43.3 25.3 61.8 77.3 17.6 118.0 -7.6 89.2 47.8 10

11 Financial sectors 545.7 653.8 1073.9 1087.9 811.9 1064.2 1063.2 617.7 817.5 733.2 1079.0 11

12 Commercial banking 13.0 46.1 72.9 67.2 60.1 107.0 54.1 72.4 113.2 23.5 31.1 12

13 U.S.-chartered commercial banks 11.7 29.5 52.8 41.8 36.8 83.1 22.6 64.5 81.7 -6.0 7.2 13

14 Foreign banking offices in U.S. -0.7 -2.4 -4.8 -0.4 -0.0 -1.5 1.6 -0.4 -0.2 -0.7 1.1 14

15 Bank holding companies 2.0 19.0 24.9 25.8 23.3 25.4 29.9 8.3 31.7 30.3 22.8 15

16 Savings institutions 25.5 19.7 52.2 48.0 27.2 51.9 5.8 40.6 59.1 -23.4 32.5 16

17 Credit unions 0.1 0.1 0.6 2.2 0.0 2.8 3.3 -2.9 0.9 1.1 1.0 17

18 Life insurance companies 1.1 0.2 0.7 0.7 -0.7 1.1 -4.4 -0.7 -1.1 -0.3 -0.7 18

19 Government-sponsored enterprises 90.4 98.4 278.3 318.2 233.1 407.1 367.9 104.9 248.9 278.1 300.5 19

20 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 20

21 ABS issuers 150.8 202.2 321.4 234.0 193.8 220.5 124.2 166.0 154.8 155.6 298.8 21

22 Finance companies 45.9 48.7 43.0 62.4 75.0 -17.2 99.2 52.3 103.9 96.9 46.8 22

23 Mortgage companies 4.1 -4.6 1.6 0.2 0.1 -6.1 6.2 -3.0 2.7 -0.3 1.0 23

24 REITs 11.9 39.6 62.7 6.3 7.3 7.9 11.3 11.5 9.8 -2.4 10.4 24

25 Brokers and dealers -2.0 8.1 7.2 -17.2 15.6 17.8 -37.3 44.4 -0.7 25.4 -6.7 25

26 Funding corporations 64.1 80.7 40.7 92.2 0.8 27.0 250.6 -11.4 4.0 -46.4 56.9 26

27 Total net lending 1365.4 1530.1 2161.8 2234.6 1751.5 2319.6 2170.3 1659.8 1781.4 1602.2 1962.6 27

28 Domestic nonfederal nonfinancial sectors 79.5 -13.7 132.3 264.5 -98.9 234.2 -8.8 -156.0 151.0 -178.1 -212.4 28

29 Household sector 127.8 1.0 -16.2 200.5 -143.3 242.8 9.7 -251.3 84.3 -186.6 -219.4 29

30 Nonfinancial corporate business -10.2 -12.7 14.0 19.1 21.8 33.0 -22.3 90.4 22.6 3.7 -29.4 30

31 Nonfarm noncorporate business -4.3 -2.1 0.1 1.5 3.4 0.8 1.4 2.6 2.8 3.8 4.3 31

32 State and local governments -33.7 0.1 134.5 43.4 19.2 -42.4 2.4 2.3 41.4 1.0 32.1 32

33 Federal government -7.2 5.1 13.5 5.8 8.4 11.2 -11.7 6.5 7.7 4.5 15.0 33

34 Rest of the world 414.4 311.3 254.2 210.6 279.7 385.3 138.7 325.9 207.1 195.0 390.9 34

35 Financial sectors 878.7 1227.5 1761.7 1753.7 1562.2 1688.9 2052.2 1483.4 1415.6 1580.8 1769.1 35

36 Monetary authority 12.3 38.3 21.1 25.7 33.7 20.6 -42.2 103.4 -3.9 27.3 7.9 36

37 Commercial banking 187.5 324.3 305.2 308.2 359.3 449.4 548.7 377.1 484.6 369.3 206.1 37

38 U.S.-chartered commercial banks 119.6 274.9 312.0 317.6 340.4 421.9 457.7 409.2 505.6 332.8 113.9 38

39 Foreign banking offices in U.S. 63.3 40.2 -11.9 -20.1 24.0 33.2 42.0 4.8 -29.9 30.9 90.4 39

40 Bank holding companies 3.9 5.4 -0.9 6.2 -12.2 -12.4 42.6 -42.2 3.5 -6.7 -3.3 40

41 Banks in U.S.-affiliated areas 0.7 3.7 6.0 4.4 7.0 6.6 6.3 5.4 5.4 12.3 5.1 41

42 Savings institutions 19.9 -4.7 36.3 68.7 55.7 58.1 20.2 50.2 73.0 56.5 43.0 42

43 Credit unions 25.5 16.8 19.0 27.5 31.5 27.5 18.8 35.6 36.6 28.5 25.4 43

44 Bank personal trusts and estates -7.7 -25.0 -12.8 27.8 17.1 27.8 27.8 18.9 13.8 17.6 18.1 44

45 Life insurance companies 69.6 104.8 76.9 53.5 68.7 36.8 30.7 57.2 52.0 85.9 79.7 45

46 Other insurance companies 22.5 25.2 20.4 -4.2 -5.0 -14.4 -9.4 -14.0 -18.1 6.0 6.3 46

47 Private pension funds -4.1 47.6 56.4 45.0 40.4 5.9 49.8 46.8 24.7 68.9 21.4 47

48 State and local govt. retirement funds 37.3 63.8 71.5 49.9 13.1 40.0 58.2 55.3 20.7 -32.1 8.5 48

49 Money market mutual funds 88.8 87.5 244.0 182.0 149.2 224.8 354.5 208.8 -156.2 244.9 299.4 49

50 Mutual funds 48.9 80.9 124.8 47.2 26.1 -13.0 -12.7 -77.8 63.7 46.3 72.2 50

51 Closed-end funds 4.7 -2.9 4.5 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 51

52 Government-sponsored enterprises 84.2 94.3 261.7 235.5 196.3 275.9 225.3 139.2 222.5 158.9 264.5 52

53 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 53

54 ABS issuers 120.5 163.8 281.7 215.8 164.0 212.0 94.4 145.3 120.3 120.4 269.9 54

55 Finance companies 18.4 21.9 51.9 94.9 99.1 91.7 114.4 132.9 138.9 81.4 43.4 55

56 Mortgage companies 8.2 -9.1 3.2 0.3 0.2 -12.1 12.3 -6.0 5.5 -0.5 2.0 56

57 REITs 4.4 20.2 -5.1 -2.6 -7.0 -2.7 -7.0 -16.3 -2.5 -3.6 -5.4 57

58 Brokers and dealers -15.7 14.9 6.8 -34.7 71.1 -6.7 -30.5 122.5 38.1 176.8 -52.9 58

59 Funding corporations 12.6 50.4 1.6 136.3 45.8 19.7 413.6 -42.6 176.8 -100.2 149.2 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, March 9, 2001

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 731.3 804.6 1044.6 1121.5 877.8 1178.0 1089.5 924.0 971.5 779.9 835.7 1

 2 Federal government 145.0 23.1 -52.6 -71.2 -295.9 -68.9 -34.0 -215.5 -414.0 -219.5 -334.5 2

 3 Treasury securities 146.6 23.2 -54.6 -71.0 -294.9 -68.9 -34.0 -213.5 -415.8 -217.1 -333.3 3

 4 Budget agency securities and mortgages -1.6 -0.1 2.0 -0.2 -1.0 0.0 0.0 -2.1 1.8 -2.4 -1.2 4

 5 Nonfederal, by instrument 586.3 781.5 1097.2 1192.7 1173.6 1247.0 1123.5 1139.6 1385.4 999.4 1170.2 5

 6 Commercial paper -0.9 13.7 24.4 37.4 48.1 49.8 44.0 29.8 110.4 56.1 -4.0 6

 7 Municipal securities and loans 2.6 71.4 96.8 68.2 35.3 71.3 52.5 8.9 34.0 29.8 68.6 7

 8 Corporate bonds 116.3 150.5 218.7 229.9 175.0 202.8 155.2 186.2 153.8 184.4 175.6 8

 9 Bank loans n.e.c. 70.5 106.5 108.2 82.7 102.7 112.3 108.6 131.9 163.1 31.8 84.2 9

10 Other loans and advances 33.5 69.1 74.3 71.2 104.1 79.2 55.4 153.3 124.4 -2.5 141.1 10

11 Mortgages 275.7 317.7 507.2 608.9 573.7 655.4 598.3 484.9 662.6 577.0 570.5 11

12 Home 242.1 252.3 386.8 432.0 419.3 479.4 397.1 344.1 489.4 429.6 414.1 12

13 Multifamily residential 9.0 8.2 20.8 40.2 35.5 41.3 50.9 29.5 44.7 31.3 36.6 13

14 Commercial 22.0 54.1 93.4 131.2 112.9 127.6 147.9 104.4 119.7 110.7 116.8 14

15 Farm 2.6 3.2 6.2 5.5 6.0 7.0 2.5 6.9 8.9 5.3 3.0 15

16 Consumer credit 88.8 52.5 67.6 94.4 134.7 76.2 109.5 144.6 137.2 122.9 134.2 16

17 Nonfederal, by sector 586.3 781.5 1097.2 1192.7 1173.6 1247.0 1123.5 1139.6 1385.4 999.4 1170.2 17

18 Household sector 357.8 337.1 479.1 538.2 572.5 580.6 498.0 523.0 638.9 552.2 576.0 18

19 Nonfinancial business 235.3 388.2 537.8 602.1 574.0 613.9 591.9 612.8 725.7 423.5 533.9 19

20 Corporate 149.1 266.5 418.1 481.6 446.8 473.8 453.6 481.3 592.4 309.1 404.5 20

21 Nonfarm noncorporate 81.4 115.6 112.0 115.3 117.1 131.6 132.7 116.5 125.1 109.3 117.6 21

22 Farm 4.8 6.2 7.7 5.2 10.0 8.5 5.6 15.0 8.3 5.1 11.7 22

23 State and local governments -6.8 56.1 80.3 52.3 27.1 52.5 33.6 3.8 20.8 23.6 60.3 23

24 Foreign borrowing in U.S. 88.4 71.8 43.3 25.3 61.8 77.3 17.6 118.0 -7.6 89.2 47.8 24

25 Commercial paper 11.3 3.7 7.8 16.3 31.7 41.1 33.6 57.8 12.0 7.0 50.1 25

26 Bonds 67.0 61.4 34.8 14.2 18.7 44.0 -2.7 45.7 -27.4 71.7 -15.3 26

27 Bank loans n.e.c. 9.1 8.5 6.7 0.5 11.3 -6.6 2.3 15.4 5.7 11.9 12.2 27

28 Other loans and advances 1.0 -1.8 -6.0 -5.7 0.1 -1.1 -15.5 -0.9 2.0 -1.5 0.8 28

29 Domestic and foreign 819.7 876.3 1087.9 1146.8 939.6 1255.4 1107.1 1042.0 963.9 869.0 883.5 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 545.7 653.8 1073.9 1087.9 811.9 1064.2 1063.2 617.7 817.5 733.2 1079.0 1

 2 Federal government-related 231.4 212.9 470.9 592.0 432.7 651.6 550.1 248.6 370.9 503.5 607.9 2

 3 Govt.-sponsored enterprise securities 90.4 98.4 278.3 318.2 233.1 407.1 367.9 104.9 248.9 278.1 300.5 3

 4 Mortgage pool securities 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 4

 5 U.S. government loans 0 0 0 0 0 0 0 0 0 0 0 5

 6 Private financial sectors 314.4 440.9 603.0 495.9 379.2 412.6 513.0 369.2 446.6 229.7 471.1 6

 7 Open market paper 92.2 166.7 161.0 176.2 127.7 89.9 479.0 130.9 77.4 65.2 237.5 7

 8 Corporate bonds 173.8 210.5 296.9 221.8 203.5 179.5 -21.0 166.5 230.7 195.9 220.9 8

 9 Bank loans n.e.c. 12.6 13.2 30.1 -14.3 -1.9 -5.9 -55.6 0.3 5.4 -0.7 -12.7 9

10 Other loans and advances 27.9 35.6 90.2 107.1 42.5 139.8 107.5 64.4 123.1 -36.7 19.1 10

11 Mortgages 7.9 14.9 24.8 5.1 7.4 9.4 3.2 7.0 10.0 6.0 6.4 11

12 By sector 545.7 653.8 1073.9 1087.9 811.9 1064.2 1063.2 617.7 817.5 733.2 1079.0 12

13 Commercial banking 13.0 46.1 72.9 67.2 60.1 107.0 54.1 72.4 113.2 23.5 31.1 13

14 U.S.-chartered commercial banks 11.7 29.5 52.8 41.8 36.8 83.1 22.6 64.5 81.7 -6.0 7.2 14

15 Foreign banking offices in U.S. -0.7 -2.4 -4.8 -0.4 -0.0 -1.5 1.6 -0.4 -0.2 -0.7 1.1 15

16 Bank holding companies 2.0 19.0 24.9 25.8 23.3 25.4 29.9 8.3 31.7 30.3 22.8 16

17 Savings institutions 25.5 19.7 52.2 48.0 27.2 51.9 5.8 40.6 59.1 -23.4 32.5 17

18 Credit unions 0.1 0.1 0.6 2.2 0.0 2.8 3.3 -2.9 0.9 1.1 1.0 18

19 Life insurance companies 1.1 0.2 0.7 0.7 -0.7 1.1 -4.4 -0.7 -1.1 -0.3 -0.7 19

20 Government-sponsored enterprises 90.4 98.4 278.3 318.2 233.1 407.1 367.9 104.9 248.9 278.1 300.5 20

21 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 21

22 ABS issuers 150.8 202.2 321.4 234.0 193.8 220.5 124.2 166.0 154.8 155.6 298.8 22

23 Finance companies 45.9 48.7 43.0 62.4 75.0 -17.2 99.2 52.3 103.9 96.9 46.8 23

24 Mortgage companies 4.1 -4.6 1.6 0.2 0.1 -6.1 6.2 -3.0 2.7 -0.3 1.0 24

25 REITs 11.9 39.6 62.7 6.3 7.3 7.9 11.3 11.5 9.8 -2.4 10.4 25

26 Brokers and dealers -2.0 8.1 7.2 -17.2 15.6 17.8 -37.3 44.4 -0.7 25.4 -6.7 26

27 Funding corporations 64.1 80.7 40.7 92.2 0.8 27.0 250.6 -11.4 4.0 -46.4 56.9 27
Z.1, March 9, 2001 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 1365.4 1530.1 2161.8 2234.6 1751.5 2319.6 2170.3 1659.8 1781.4 1602.2 1962.6 1

 2 Open market paper 102.6 184.1 193.1 229.9 207.6 180.7 556.6 218.4 199.8 128.4 283.6 2

 3 U.S. government securities 376.4 236.0 418.3 520.7 136.8 582.7 516.1 33.0 -43.0 284.0 273.4 3

 4 Municipal securities 2.6 71.4 96.8 68.2 35.3 71.3 52.5 8.9 34.0 29.8 68.6 4

 5 Corporate and foreign bonds 357.0 422.4 550.4 465.9 397.2 426.3 131.5 398.4 357.2 452.0 381.2 5

 6 Bank loans n.e.c. 92.1 128.2 145.0 68.9 112.1 99.8 55.2 147.7 174.2 43.0 83.6 6

 7 Other loans and advances 62.5 102.8 158.5 172.6 146.7 217.9 147.3 216.9 249.5 -40.7 161.0 7

 8 Mortgages 283.5 332.6 532.0 614.0 581.1 664.8 601.5 491.9 672.6 583.0 576.9 8

 9 Consumer credit 88.8 52.5 67.6 94.4 134.7 76.2 109.5 144.6 137.2 122.9 134.2 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 231.9 181.2 100.0 156.5 170.5 124.5 172.9 410.7 168.9 208.1 -105.7 10

11 Corporate equities -5.7 -83.9 -174.6 -31.8 -74.5 -3.0 0.1 104.6 -68.7 -51.7 -282.0 11

12 Nonfinancial -69.5 -114.4 -267.0 -143.5 -153.1 -128.4 -55.0 62.8 -248.8 -75.6 -350.8 12

 Foreign shares purchased by

13 U.S. residents 82.8 57.6 101.2 114.4 91.2 121.7 71.3 63.3 180.1 50.0 71.5 13

14 Financial -19.0 -27.1 -8.9 -2.8 -12.6 3.7 -16.2 -21.4 -0.1 -26.1 -2.8 14

15 Mutual fund shares 237.6 265.1 274.6 188.3 245.0 127.5 172.8 306.1 237.6 259.8 176.3 15

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 1365.4 1530.1 2161.8 2234.6 1751.5 2319.6 2170.3 1659.8 1781.4 1602.2 1962.6 1

 2 Official foreign exchange -6.3 0.7 6.6 -8.7 0.5 -8.5 -7.0 1.5 -8.8 0.7 8.7 2

 3 SDR certificates -0.5 -0.5 0 -3.0 -4.0 -4.0 -4.0 0 -8.0 -4.0 -4.0 3

 4 Treasury currency 0.5 0.5 0.6 1.0 2.4 2.0 -0.0 2.2 3.2 4.2 -0.0 4

 5 Foreign deposits 85.9 108.9 2.0 86.5 24.5 69.4 52.7 258.5 8.5 -89.2 -80.0 5

 6 Net interbank transactions -51.6 -19.7 -32.3 17.6 -9.8 -30.8 -40.7 -71.1 177.7 -61.3 -84.6 6

 7 Checkable deposits and currency 15.7 41.2 47.4 151.4 -71.1 139.3 365.2 -219.1 -65.0 49.2 -49.4 7

 8 Small time and savings deposits 97.2 97.1 152.4 44.7 193.0 119.1 28.0 104.3 130.3 238.5 298.8 8

 9 Large time deposits 114.0 122.5 92.1 130.6 116.0 102.7 359.4 149.2 108.4 141.5 64.9 9

10 Money market fund shares 145.4 155.9 287.2 249.1 233.5 174.3 485.5 241.0 48.2 241.9 402.8 10

11 Security RPs 41.4 120.9 91.3 169.7 113.0 191.4 310.5 284.1 130.4 238.2 -200.6 11

12 Corporate equities -5.7 -83.9 -174.6 -31.8 -74.5 -3.0 0.1 104.6 -68.7 -51.7 -282.0 12

13 Mutual fund shares 237.6 265.1 274.6 188.3 245.0 127.5 172.8 306.1 237.6 259.8 176.3 13

14 Trade payables 113.5 132.1 29.0 197.3 146.5 243.6 199.5 228.2 124.8 132.6 100.5 14

15 Security credit 52.4 111.0 103.3 104.3 135.5 29.7 321.3 523.4 -99.8 104.1 14.4 15

16 Life insurance reserves 44.5 59.3 48.0 50.8 54.2 48.1 57.6 49.8 59.7 51.7 55.6 16

17 Pension fund reserves 148.1 201.2 202.5 187.7 190.9 191.6 177.3 217.6 220.4 196.2 129.3 17

18 Taxes payable 16.2 15.7 12.0 15.7 16.8 0.4 16.8 22.5 31.6 -6.0 19.3 18

19 Investment in bank personal trusts -5.3 -49.9 -42.5 -7.1 -7.1 -7.2 -6.9 -5.9 -10.6 -6.6 -5.5 19

20 Noncorporate proprietors’ equity -3.4 -46.0 -41.4 -8.0 1.5 -56.5 10.2 -13.4 -2.4 39.9 -18.2 20

21 Miscellaneous 532.1 487.5 841.6 749.1 1015.1 534.8 584.9 701.5 1105.4 1189.7 1063.7 21

22 Total financial sources 2937.2 3249.7 4061.4 4519.7 4073.3 4183.4 5253.8 4544.7 3904.2 4271.5 3572.7 22

 - Liabilities not identified as assets:

23 Treasury currency -0.4 -0.2 -0.1 -0.7 -0.8 0.2 -2.2 -1.8 -0.7 0.9 -1.6 23

24 Foreign deposits 59.6 107.4 -6.4 66.5 -25.0 27.3 92.5 209.4 -65.7 -111.7 -132.1 24

25 Net interbank liabilities -3.3 -19.9 3.4 3.5 17.6 -7.0 -23.7 24.4 -4.3 -18.3 68.5 25

26 Security RPs 2.4 63.2 61.3 30.1 114.6 133.2 -225.9 561.2 27.6 119.3 -249.6 26

27 Taxes payable 23.1 28.0 13.9 3.2 -2.6 3.0 -6.4 7.7 7.4 -15.4 -9.9 27

28 Miscellaneous -82.8 -84.7 -56.4 -317.5 -156.1 -489.7 -157.6 -340.6 -267.1 -38.6 21.7 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. 0.5 -2.7 2.6 -7.4 9.4 8.6 -9.2 28.7 -2.6 -2.0 13.7 29

30 Other -4.0 -3.9 -3.1 -0.8 1.7 -0.3 0.0 0.6 1.5 1.9 2.7 30

31 Trade credit -21.9 -28.5 -40.1 54.0 -12.6 73.1 161.7 -2.9 -38.3 -41.4 32.2 31

 Totals identified to sectors

32 as assets 2964.2 3190.9 4086.3 4688.9 4127.1 4434.9 5424.6 4058.0 4246.5 4376.7 3827.0 32
12 Z.1, March 9, 2001

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 7813.2 8318.4 8790.2 9299.2 9962.6 9341.0 9559.6 9752.7 9945.7 10039.4 10112.7 1

 2 Personal consumption expenditures (2) 5237.5 5529.3 5850.9 6268.6 6757.3 6319.9 6446.2 6621.7 6706.3 6810.8 6890.4 2

 3 Durable goods 616.5 642.5 693.9 761.3 820.4 767.2 787.6 826.3 814.3 824.7 816.5 3

 4 Nondurable goods 1574.1 1641.6 1707.6 1845.5 2009.7 1860.0 1910.2 1963.9 1997.6 2031.5 2045.8 4

 5 Services 3047.0 3245.2 3449.3 3661.9 3927.2 3692.7 3748.5 3831.6 3894.4 3954.6 4028.1 5

 6 Gross private domestic investment 1242.7 1390.5 1549.9 1650.2 1832.9 1659.1 1723.7 1755.7 1852.6 1869.4 1853.9 6

 7 Fixed investment 1212.7 1327.7 1472.9 1606.9 1777.4 1622.4 1651.0 1725.8 1780.5 1803.0 1800.4 7

 8 Nonresidential 899.5 999.4 1107.5 1203.1 1361.6 1216.8 1242.2 1308.5 1359.2 1390.6 1387.9 8

 9 Household sector (nonprofit organizations) 43.6 51.7 55.7 58.7 66.4 58.7 60.2 63.7 65.7 67.8 68.7 9

10 Nonfinancial corporate business 656.5 715.7 768.0 861.2 963.7 865.8 885.0 933.0 952.1 988.7 981.1 10

11 Nonfarm noncorporate business 61.8 52.1 69.1 114.5 143.7 117.7 125.8 133.2 152.1 144.9 144.8 11

12 Farm business 23.8 27.5 29.3 27.6 30.6 26.6 26.9 29.6 31.2 31.1 30.4 12

13 Financial corporations 113.8 152.4 185.5 141.1 157.1 148.0 144.4 149.0 158.1 158.1 163.1 13

14 Residential 313.3 328.3 365.4 403.8 415.9 405.6 408.8 417.3 421.3 412.4 412.5 14

15 Household sector 258.6 273.4 306.3 349.4 360.6 350.1 354.0 362.1 365.1 357.9 357.3 15

16 Nonfinancial corporate business 2.4 2.2 2.5 2.7 2.8 2.7 2.8 2.8 2.9 2.8 2.8 16

17 Nonfarm noncorporate business 47.9 41.3 45.2 50.0 51.5 50.2 50.6 51.7 52.2 51.1 51.1 17

18 REITs 4.4 11.3 11.4 1.6 1.0 2.5 1.4 0.7 1.2 0.6 1.3 18

19 Change in private inventories 30.0 62.9 77.0 43.3 55.5 36.7 72.7 29.9 72.1 66.4 53.5 19

20 Nonfinancial corporate business 21.0 57.0 72.6 41.4 53.9 39.9 68.2 30.8 68.6 64.1 52.2 20

21 Nonfarm noncorporate business 1.1 3.0 3.8 2.2 2.8 2.1 3.6 1.6 3.6 3.4 2.7 21

22 Farm business 7.9 2.9 0.6 -0.3 -1.3 -5.3 0.9 -2.5 -0.1 -1.1 -1.4 22

23 Net U.S. exports of goods and services -89.0 -89.4 -151.5 -254.0 -371.0 -280.5 -299.1 -335.2 -355.4 -389.5 -403.9 23

24 Exports 874.2 966.4 966.0 990.2 1097.6 999.5 1031.0 1051.9 1092.9 1130.8 1114.9 24

25 - Imports 963.1 1055.8 1117.5 1244.2 1468.6 1280.0 1330.1 1387.1 1448.3 1520.3 1518.8 25

 Government consumption expenditures and

26 gross investment 1422.0 1488.0 1541.0 1634.4 1743.4 1642.5 1688.8 1710.5 1742.2 1748.7 1772.3 26

27 Consumption expenditures (3) 1171.8 1223.3 1262.1 1325.7 1407.0 1334.4 1364.4 1376.2 1410.3 1415.1 1426.4 27

28 Federal 445.3 456.9 453.7 470.8 489.2 471.3 487.0 478.7 499.0 489.9 489.0 28

29 State and local 726.5 766.5 808.4 855.0 917.9 863.1 877.4 897.5 911.3 925.2 937.4 29

30 Gross investment (3) 250.2 264.7 278.9 308.7 336.4 308.1 324.4 334.3 331.9 333.6 345.9 30

31 Federal 86.3 81.4 86.9 97.9 106.0 99.1 104.6 101.4 105.5 104.3 112.8 31

32 State and local 163.8 183.3 192.0 210.9 230.4 209.0 219.8 232.9 226.4 229.3 233.1 32

 Memo:

33 Net U.S. income receipts from rest of the world 18.1 7.1 -3.5 -11.0 -9.4 -13.6 -13.4 -7.7 -8.3 -8.9 -12.7 33

34 U.S. income receipts 245.6 281.3 285.4 305.9 372.7 314.4 331.2 350.9 375.4 372.8 391.6 34

35 - U.S. income payments 227.5 274.3 288.9 316.9 382.1 328.0 344.6 358.6 383.7 381.7 404.3 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 7831.3 8325.5 8786.7 9288.2 9953.2 9327.4 9546.2 9745.0 9937.4 10030.5 10100.0 36

(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) Government inventory investment is included in consumption expenditures.
Z.1, March 9, 2001 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 6210.2 6618.5 7038.2 7469.7 7997.6 7493.2 7680.8 7833.4 7983.3 8088.4 8085.3 1

 2 Compensation of employees 4395.4 4651.3 4984.2 5299.8 5637.9 5341.0 5421.2 5512.2 5603.5 5679.5 5756.3 2

 3 Wages and other labor income 4116.4 4364.3 4676.2 4971.0 5293.1 5009.9 5085.8 5174.4 5260.6 5332.4 5404.9 3

 4 Employer social insurance contributions 275.4 290.0 305.9 323.6 344.8 325.9 330.2 337.8 342.9 347.1 351.4 4

 5 Wage accruals less disbursements 3.6 -2.9 2.1 5.2 0 5.2 5.2 0 0 0 0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 544.8 581.2 620.7 663.5 710.5 659.7 689.6 693.9 709.6 724.8 713.7 6

 7 Nonfarm 510.5 551.5 595.3 638.2 688.0 644.2 657.9 674.8 688.1 693.1 695.8 7

 8 Farm 34.3 29.7 25.5 25.3 22.6 15.5 31.7 19.1 21.5 31.7 17.9 8

 Rental income of persons (with capital

 9 consumption adjustment) 129.7 128.4 135.5 143.4 140.1 136.6 146.2 145.6 140.8 138.1 136.0 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 754.0 833.8 815.1 856.0 942.3 842.1 893.2 936.3 963.5 970.3 899.1 10

 Corporate profits with inventory

11 valuation adjustment 729.4 800.9 775.3 813.9 908.7 799.4 851.6 895.7 928.8 940.6 869.6 11

12 Profits before tax 726.4 792.4 758.3 823.0 924.2 819.1 870.8 920.7 942.4 945.1 888.6 12

13 Domestic nonfinancial 458.8 494.5 487.2 536.6 594.6 536.9 560.0 596.9 617.0 604.3 560.0 13

14 Farm 1.4 1.6 2.8 3.0 3.2 3.0 3.1 3.1 3.2 3.2 3.3 14

15 Foreign subsidiaries 100.9 110.7 103.5 111.4 135.7 111.9 120.5 128.9 134.2 142.2 137.3 15

16 Financial 165.3 185.7 164.8 172.1 190.8 167.3 187.2 191.8 188.0 195.4 188.0 16

 Less:

17 Profits tax liability 223.7 237.2 244.6 255.9 284.8 254.2 270.8 286.3 292.0 290.6 270.4 17

18 Domestic nonfinancial 149.6 157.9 158.9 166.0 184.6 166.6 172.9 185.4 192.9 187.7 172.3 18

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

20 Financial 73.6 78.9 85.2 89.3 99.7 87.1 97.3 100.3 98.5 102.3 97.5 20

 Equals:

21 Profits after tax 502.7 555.2 513.7 567.1 639.4 564.9 600.0 634.4 650.4 654.5 618.2 21

22 Dividends 297.7 335.2 351.5 370.7 397.0 373.9 380.6 387.3 393.0 400.1 407.6 22

23 Domestic nonfinancial 200.9 216.4 238.0 248.2 264.2 249.4 254.8 259.7 261.7 266.8 268.4 23

24 Farm 1.0 1.7 2.5 2.6 2.8 2.7 2.7 2.8 2.8 2.9 2.9 24

25 Foreign subsidiaries 40.4 51.4 39.1 41.8 46.2 42.8 41.9 42.0 45.1 45.4 52.3 25

26 Financial 55.4 65.8 71.9 78.1 83.8 79.0 81.2 82.8 83.4 85.0 84.0 26

27 Undistributed profits 205.0 220.0 162.2 196.4 242.4 191.0 219.4 247.1 257.4 254.4 210.6 27

28 Domestic nonfinancial 108.3 120.2 90.3 122.3 145.8 120.9 132.3 151.8 162.5 149.8 119.4 28

29 Farm -0.1 -0.6 -0.2 -0.2 -0.3 -0.2 -0.2 -0.3 -0.3 -0.3 -0.3 29

30 Foreign subsidiaries 60.5 59.3 64.4 69.6 89.5 69.1 78.6 86.9 89.1 96.8 85.0 30

31 Financial 36.4 41.0 7.7 4.7 7.4 1.2 8.7 8.7 6.1 8.1 6.5 31

32 Inventory valuation adjustment 3.1 8.5 17.0 -9.1 -15.5 -19.7 -19.2 -25.0 -13.6 -4.5 -19.0 32

33 Capital consumption adjustment 24.6 32.9 39.9 42.1 33.6 42.7 41.6 40.6 34.7 29.7 29.5 33

34 Domestic nonfinancial 44.7 50.0 52.0 56.3 51.2 57.2 56.5 56.1 51.9 48.2 48.4 34

35 Farm 1.1 1.1 1.5 1.7 1.8 1.7 1.7 1.8 1.8 1.9 1.9 35

36 Financial -21.2 -18.2 -13.7 -15.9 -19.4 -16.2 -16.6 -17.3 -19.0 -20.4 -20.8 36

37 Net interest 386.3 423.9 482.8 507.2 566.8 513.8 530.6 545.4 565.9 575.7 580.2 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 6210.2 6618.5 7038.2 7469.7 7997.6 7493.2 7680.8 7833.4 7983.3 8088.4 8085.3 38

 Plus:

39 Business transfer payments to persons 26.4 27.9 28.7 29.8 30.7 29.9 30.1 30.4 30.6 30.8 31.0 39

40 Business transfer payments to rest of the world 8.1 8.9 9.3 9.9 11.1 10.0 10.5 11.0 11.4 10.8 11.3 40

41 Indirect business tax and nontax accruals 620.0 646.2 679.5 718.1 769.5 721.6 745.5 756.0 764.6 772.1 785.4 41

42 Private consumption of fixed capital 782.0 832.4 889.4 961.4 1040.3 980.8 983.5 1005.6 1029.8 1053.3 1072.6 42

43 Government consumption of fixed capital 174.3 181.0 188.0 199.6 216.6 201.1 204.9 209.9 214.5 219.0 222.9 43

44 Statistical discrepancy 33.0 29.7 -24.9 -71.9 -84.7 -89.6 -67.6 -77.8 -72.6 -102.0 -86.5 44

 Less:

 Subsidies less current surplus of

45 government enterprises 22.6 19.1 21.5 28.4 27.9 19.5 41.4 23.5 24.2 41.9 22.0 45

46 Net U.S. income receipts from rest of the world 18.1 7.1 -3.5 -11.0 -9.4 -13.6 -13.4 -7.7 -8.3 -8.9 -12.7 46

 Equals:

47 Gross Domestic Product 7813.2 8318.4 8790.2 9299.2 9962.6 9341.0 9559.6 9752.7 9945.7 10039.4 10112.7 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, March 9, 2001

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1349.1 1502.3 1654.5 1717.7 1820.4 1717.0 1746.2 1777.1 1844.5 1854.9 1805.1 1

 2 Gross private saving 1290.3 1343.8 1375.8 1343.5 1291.6 1321.1 1331.3 1279.2 1328.9 1319.1 1239.4 2

 3 Personal saving 272.1 252.9 265.4 147.5 -9.2 121.2 100.9 10.9 20.6 -13.8 -54.3 3

 4 Undistributed corporate profits 205.0 220.0 162.2 196.4 242.4 191.0 219.4 247.1 257.4 254.4 210.6 4

 5 Nonfinancial corp. inventory valuation adjustment 3.1 8.5 17.0 -9.1 -15.5 -19.7 -19.2 -25.0 -13.6 -4.5 -19.0 5

 6 Corporate capital consumption adjustment 24.6 32.9 39.9 42.1 33.6 42.7 41.6 40.6 34.7 29.7 29.5 6

 7 Private consumption of fixed capital 782.0 832.4 889.4 961.4 1040.3 980.8 983.5 1005.6 1029.8 1053.3 1072.6 7

 8 Corporate 543.5 581.6 624.3 676.9 739.4 687.7 694.8 711.5 731.1 750.0 764.8 8

 9 Noncorporate 238.5 250.9 265.1 284.5 301.0 293.1 288.7 294.1 298.7 303.3 307.8 9

10 Wage accruals less disbursements 3.6 -2.9 2.1 5.2 0 5.2 5.2 0 0 0 0 10

11 Gross government saving 58.8 158.6 278.7 374.1 528.8 395.9 414.9 497.9 515.6 535.8 565.7 11

12 Federal -51.6 33.4 137.4 217.4 351.0 240.8 238.4 333.2 339.9 354.3 376.7 12

13 Consumption of fixed capital 85.3 86.8 88.4 92.8 99.8 93.4 95.0 97.2 98.9 100.8 102.3 13

14 Current surplus or deficit (-), NIPA -136.9 -53.4 49.0 124.5 251.2 147.4 143.4 236.0 241.0 253.5 274.4 14

15 State and local 110.4 125.1 141.3 156.8 177.7 155.1 176.5 164.7 175.7 181.5 189.0 15

16 Consumption of fixed capital 89.0 94.2 99.6 106.8 116.8 107.7 109.9 112.7 115.6 118.2 120.6 16

17 Current surplus or deficit (-), NIPA 21.4 31.0 41.7 50.0 61.0 47.4 66.6 52.0 60.1 63.3 68.4 17

18 Gross investment 1382.2 1532.1 1629.7 1645.8 1735.7 1627.4 1678.6 1699.3 1771.9 1752.9 1718.6 18

19 Gross private domestic investment 1242.7 1390.5 1549.9 1650.2 1832.9 1659.1 1723.7 1755.7 1852.6 1869.4 1853.9 19

20 Fixed investment 1212.7 1327.7 1472.9 1606.9 1777.4 1622.4 1651.0 1725.8 1780.5 1803.0 1800.4 20

21 Nonresidential 899.5 999.4 1107.5 1203.1 1361.6 1216.8 1242.2 1308.5 1359.2 1390.6 1387.9 21

22 Residential 313.3 328.3 365.4 403.8 415.9 405.6 408.8 417.3 421.3 412.4 412.5 22

23 Change in private inventories 30.0 62.9 77.0 43.3 55.5 36.7 72.7 29.9 72.1 66.4 53.5 23

24 Gross government investment 250.2 264.7 278.9 308.7 336.4 308.1 324.4 334.3 331.9 333.6 345.9 24

25 Net foreign investment in U.S. -110.7 -123.1 -199.1 -313.1 -433.7 -339.8 -369.5 -390.7 -412.6 -450.1 -481.2 25

26 Statistical discrepancy (line 18 less line 1) 33.0 29.7 -24.9 -71.9 -84.7 -89.6 -67.6 -77.8 -72.6 -102.0 -86.5 26

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

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 23.1 26.8 32.4 36.8 36.5 36.2 39.2 37.1 36.2 36.4 36.3 1

 2 Federal -10.7 -8.4 -3.6 -3.2 -8.0 -5.9 -2.4 -7.0 -8.3 -7.7 -9.1 2

 3 Estate and gift taxes paid by persons 17.5 20.6 25.2 28.8 28.1 28.0 30.9 28.9 28.0 27.9 27.7 3

 4 - Capital transfers paid to the rest of the world (net) 0 0.2 0.0 0.1 -0.0 0.0 0.2 0.0 0 -0.1 0 4

 5 - Federal investment grants to state and local govts. 28.1 28.8 28.8 31.9 36.2 33.9 33.2 36.0 36.2 35.7 36.8 5

 6 - Investment grants to business 0 0 0 0 0 0 0 0 0 0 0 6

 7 State and local 33.8 35.3 36.0 40.0 44.5 42.1 41.6 44.2 44.5 44.1 45.4 7

 8 Estate and gift taxes paid by persons 5.6 6.5 7.3 8.1 8.4 8.2 8.4 8.2 8.3 8.4 8.6 8

 9 + Federal investment grants to state and local govts. 28.1 28.8 28.8 31.9 36.2 33.9 33.2 36.0 36.2 35.7 36.8 9

10 Capital transfers received by the rest of the world (net) -0.1 -0.4 -0.7 -0.6 -0.7 -0.7 -0.5 -0.7 -0.7 -0.8 -0.7 10

11 Capital transfers received from U.S. government (net) 0 0.2 0.0 0.1 -0.0 0.0 0.2 0.0 0 -0.1 0 11

12 - Immigrants’ transfers received by persons (net) 0.1 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 12

(1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce.
Z.1, March 9, 2001 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 558.2 487.3 656.2 595.0 397.3 568.3 740.7 523.2 515.5 359.9 190.5 1

 2 Foreign deposits 12.4 6.5 0.1 5.2 -2.6 4.2 3.2 16.5 -9.5 -5.7 -11.9 2

 3 Checkable deposits and currency -51.5 -34.4 58.3 -46.6 -71.1 -59.1 8.5 7.7 -108.7 -71.3 -112.0 3

 4 Time and savings deposits 156.2 174.6 201.0 127.7 308.7 202.9 230.7 308.6 343.7 321.8 260.7 4

 5 Money market fund shares 50.5 74.9 155.4 115.4 153.9 57.4 238.7 212.4 68.5 51.8 282.9 5

 6 Securities 76.6 -101.1 -118.3 25.1 -391.4 -9.2 -220.8 -563.8 -65.4 -343.2 -593.2 6

 7 Open market paper 6.7 1.5 1.5 2.0 3.0 2.0 2.0 3.0 3.0 3.0 3.0 7

 8 U.S. government securities 66.3 -140.3 -132.1 113.7 -135.2 164.1 282.6 -253.7 -64.8 -122.6 -99.8 8

 9 Municipal securities -22.1 53.7 15.4 44.5 -8.7 37.6 57.7 -6.4 14.2 -26.3 -16.2 9

10 Corporate and foreign bonds 75.7 85.4 98.5 41.2 -2.5 38.5 -328.0 3.1 130.6 -40.2 -103.3 10

11 Corporate equities (2) -245.4 -361.0 -357.2 -340.4 -456.6 -336.1 -392.3 -573.0 -347.0 -386.1 -520.4 11

12 Mutual fund shares 195.5 259.6 255.6 164.1 208.6 84.7 157.1 263.1 198.7 229.0 143.6 12

13 Life insurance reserves 44.5 59.3 48.0 50.8 54.2 48.1 57.6 49.8 59.7 51.7 55.6 13

14 Pension fund reserves 148.1 201.2 202.5 187.7 190.9 191.6 177.3 217.6 220.4 196.2 129.3 14

15 Investment in bank personal trusts -5.3 -49.9 -42.5 -7.1 -7.1 -7.2 -6.9 -5.9 -10.6 -6.6 -5.5 15

16 Miscellaneous and other assets 126.8 156.2 151.7 136.7 161.8 139.7 252.3 280.3 17.4 165.1 184.5 16

17 Gross investment in tangible assets 1044.0 1102.7 1225.2 1363.4 1474.9 1367.4 1409.5 1465.6 1484.2 1479.8 1470.0 17

18 Residential fixed investment 258.6 273.4 306.3 349.4 360.6 350.1 354.0 362.1 365.1 357.9 357.3 18

19 Other fixed assets (3) 177.0 172.7 199.3 250.8 292.3 253.2 263.5 278.1 301.2 294.9 294.9 19

20 Consumer durables 599.4 650.7 715.2 761.3 820.5 767.2 787.6 826.3 814.3 824.7 816.5 20

21 Inventories (3) 9.0 5.9 4.4 1.9 1.6 -3.2 4.5 -0.9 3.5 2.3 1.3 21

22 Consumption of fixed capital 729.6 757.6 789.8 852.5 917.5 871.4 870.4 889.4 909.0 928.0 943.6 22

23 Residential fixed investment 93.0 98.4 103.3 111.7 120.9 114.0 114.3 116.8 119.7 122.4 124.6 23

24 Other fixed assets (3) 161.3 172.2 183.9 197.5 208.7 203.2 200.3 204.3 207.4 210.4 212.9 24

25 Consumer durables 475.4 487.0 502.6 543.3 587.9 554.2 555.8 568.2 581.9 595.2 606.1 25

26 Net investment in tangible assets (4) 314.4 345.1 435.4 510.9 557.4 495.9 539.1 576.2 575.2 551.8 526.4 26

27 Residential fixed investment 165.6 175.0 202.9 237.7 239.7 236.2 239.7 245.2 245.4 235.5 232.6 27

28 Other fixed assets (3) 15.8 0.5 15.4 53.3 83.5 50.0 63.1 73.9 93.8 84.5 82.0 28

29 Consumer durables 124.1 163.7 212.6 218.0 232.6 213.0 231.8 258.0 232.4 229.5 210.4 29

30 Inventories (3) 9.0 5.9 4.4 1.9 1.6 -3.2 4.5 -0.9 3.5 2.3 1.3 30

31 Net increase in liabilities 494.5 538.9 646.0 759.1 725.7 750.3 830.6 909.9 724.7 700.5 567.6 31

32 Mortgage debt on nonfarm homes 241.2 252.1 385.4 429.8 417.3 476.5 394.8 342.1 487.2 427.0 413.0 32

33 Other mortgage debt (3) 61.8 87.4 80.7 91.0 84.0 99.7 104.2 76.6 94.3 78.1 87.0 33

34 Consumer credit 88.8 52.5 67.6 94.4 134.7 76.2 109.5 144.6 137.2 122.9 134.2 34

35 Policy loans 4.5 3.2 0.1 -5.1 2.3 1.3 -0.9 -1.3 3.6 5.8 1.2 35

36 Security credit 15.8 36.8 21.6 75.2 4.9 8.0 168.4 238.0 -68.5 14.3 -164.1 36

37 Other liabilities (3) 82.4 106.9 90.6 73.8 82.4 88.4 54.7 109.8 71.0 52.4 96.3 37

38 Net capital transfers (5) -23.0 -26.4 -31.7 -36.2 -35.8 -35.5 -38.6 -36.4 -35.5 -35.6 -35.5 38

39 Personal saving, with consumer durables (FOF) 401.2 319.8 477.4 382.9 264.8 349.5 487.9 226.0 401.5 246.8 184.9 39

40 Less net investment in consumer durables 124.1 163.7 212.6 218.0 232.6 213.0 231.8 258.0 232.4 229.5 210.4 40

41 = Personal saving, without consumer durables (FOF) (6) 277.1 156.2 264.8 164.9 32.2 136.5 256.1 -32.1 169.1 17.3 -25.5 41

42 Personal saving (NIPA, excludes consumer durables) 272.1 252.9 265.4 147.5 -9.2 121.2 100.9 10.9 20.6 -13.8 -54.3 42

43 Difference 5.0 -96.8 -0.6 17.4 41.4 15.3 155.3 -42.9 148.5 31.1 28.8 43

 Memo:

44 Disposable personal income 5677.7 5968.2 6320.1 6637.7 6989.2 6664.5 6774.9 6866.4 6964.9 7040.9 7084.6 44

 Personal saving as a percentage of disposable personal income:

45 With consumer durables (FOF) (line 39) 7.1 5.4 7.6 5.8 3.8 5.2 7.2 3.3 5.8 3.5 2.6 45

46 Without consumer durables (FOF) (line 41) 4.9 2.6 4.2 2.5 0.5 2.0 3.8 -0.5 2.4 0.2 -0.4 46

47 Without consumer durables (NIPA) (line 42) 4.8 4.2 4.2 2.2 -0.1 1.8 1.5 0.2 0.3 -0.2 -0.8 47

48 Difference (line 43) 0.1 -1.6 -0.0 0.3 0.6 0.2 2.3 -0.6 2.1 0.4 0.4 48

(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 12), life insurance and pension reserves (lines 13 and 14), and bank personal trusts (line 15).

(3) Includes corporate farms.

(4) Line 17 less line 22.

(5) Table F.9, line 12 less lines 3 and 8.

(6) Line 41 and 42 are conceptually equivalent but measure saving using different data. Line 41 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables

 (line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4).
16 Z.1, March 9, 2001

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 6547.4 6937.0 7391.0 7789.7 8281.0 7828.5 7972.3 8105.8 8242.1 8349.0 8427.1 1

 2 - Personal taxes and nontax payments 869.7 968.8 1070.9 1152.0 1291.8 1164.0 1197.4 1239.4 1277.2 1308.1 1342.5 2

 3 = Disposable personal income 5677.7 5968.2 6320.1 6637.7 6989.2 6664.5 6774.9 6866.4 6964.9 7040.9 7084.6 3

 4 - Personal outlays 5405.6 5715.3 6054.7 6490.1 6998.4 6543.3 6674.0 6855.5 6944.3 7054.7 7138.9 4

 5 = Personal saving, NIPA (2) 272.1 252.9 265.4 147.5 -9.2 121.2 100.9 10.9 20.6 -13.8 -54.3 5

 6 + Government insurance and pension reserves (3) 3.4 3.4 4.4 3.8 1.8 2.6 4.8 -0.3 2.6 0.9 3.9 6

 7 + Net investment in consumer durables 124.1 163.7 212.6 218.0 232.6 213.0 231.8 258.0 232.4 229.5 210.4 7

 8 + Consumption of fixed capital 596.6 615.0 637.4 689.0 745.6 702.9 704.8 720.7 738.0 754.9 768.7 8

 9 + Net capital transfers (4) -23.0 -26.4 -31.7 -36.2 -35.8 -35.5 -38.6 -36.4 -35.5 -35.6 -35.5 9

10 = Gross saving and net capital transfers 973.2 1008.6 1088.0 1022.2 935.0 1004.2 1003.6 952.8 958.1 935.9 893.1 10

11 Gross investment 973.8 907.9 1081.7 1034.2 973.0 1015.4 1152.6 908.7 1102.4 964.5 916.4 11

12 Capital expenditures 901.7 975.8 1077.2 1169.3 1247.5 1176.1 1201.7 1252.0 1245.1 1250.4 1242.4 12

13 Residential 258.6 273.4 306.3 349.4 360.6 350.1 354.0 362.1 365.1 357.9 357.3 13

14 Consumer durable goods 599.4 650.7 715.2 761.3 820.5 767.2 787.6 826.3 814.3 824.7 816.5 14

15 Nonprofit nonresidential 43.6 51.7 55.7 58.7 66.4 58.7 60.2 63.7 65.7 67.8 68.7 15

16 Net financial investment 72.2 -67.9 4.5 -135.1 -274.5 -160.7 -49.1 -343.3 -142.7 -285.9 -326.0 16

17 Net acquisition of financial assets 454.6 315.2 511.5 487.5 308.9 434.5 632.3 421.9 435.6 285.5 92.6 17

18 Foreign deposits 12.4 6.5 0.1 5.2 -2.6 4.2 3.2 16.5 -9.5 -5.7 -11.9 18

19 Checkable deposits and currency -59.9 -46.4 46.4 -54.8 -79.3 -67.7 -0.6 0.5 -116.9 -79.4 -121.4 19

20 Time and savings deposits 145.5 153.8 184.9 115.7 300.9 189.6 216.9 303.6 333.7 314.9 251.5 20

21 Money market fund shares 50.0 74.3 154.9 115.0 153.5 57.0 238.3 212.0 68.1 51.4 282.6 21

22 Credit market instruments 127.8 1.0 -16.2 200.5 -143.3 242.8 9.7 -251.3 84.3 -186.6 -219.4 22

23 Open market paper 6.7 1.5 1.5 2.0 3.0 2.0 2.0 3.0 3.0 3.0 3.0 23

24 U.S. government securities 67.5 -139.7 -132.3 113.1 -136.5 164.1 282.0 -254.5 -65.9 -124.1 -101.6 24

25 Treasury -41.6 -157.2 -101.7 -33.9 -203.4 -90.0 143.8 -270.1 -217.6 -220.4 -105.4 25

26 Savings bonds 2.0 -0.5 0.1 -0.2 -1.7 -0.5 -0.9 -3.6 -2.2 -0.7 -0.4 26

27 Other -43.6 -156.7 -101.8 -33.7 -201.7 -89.6 144.7 -266.5 -215.4 -219.8 -105.0 27

28 Agency 109.1 17.5 -30.6 147.0 66.8 254.1 138.2 15.5 151.7 96.3 3.8 28

29 Municipal securities -22.1 53.7 15.4 44.5 -8.7 37.6 57.7 -6.4 14.2 -26.3 -16.2 29

30 Corporate and foreign bonds 75.7 85.4 98.5 41.2 -2.5 38.5 -328.0 3.1 130.6 -40.2 -103.3 30

31 Mortgages 0.1 0.1 0.6 -0.3 1.4 0.6 -4.0 3.5 2.4 1.0 -1.3 31

32 Corporate equities (5) -245.4 -361.0 -357.2 -340.4 -456.6 -336.1 -392.3 -573.0 -347.0 -386.1 -520.4 32

33 Mutual fund shares 195.5 259.6 255.6 164.1 208.6 84.7 157.1 263.1 198.7 229.0 143.6 33

34 Security credit 35.3 52.6 61.2 47.2 80.2 59.0 154.9 196.3 -53.3 53.2 124.7 34

35 Life insurance reserves 44.5 59.3 48.0 50.8 54.2 48.1 57.6 49.8 59.7 51.7 55.6 35

36 Pension fund reserves 148.1 201.2 202.5 187.7 190.9 191.6 177.3 217.6 220.4 196.2 129.3 36

37 Investment in bank personal trusts -5.3 -49.9 -42.5 -7.1 -7.1 -7.2 -6.9 -5.9 -10.6 -6.6 -5.5 37

38 Equity in noncorporate business -3.4 -46.0 -41.4 -8.0 1.5 -56.5 10.2 -13.4 -2.4 39.9 -18.2 38

39 Miscellaneous assets 9.7 10.3 15.3 11.6 8.0 25.1 6.7 6.1 10.4 13.6 2.0 39

40 Net increase in liabilities 382.4 383.1 507.0 622.6 583.4 595.2 681.4 765.2 578.2 571.4 418.6 40

41 Credit market instruments 357.8 337.1 479.1 538.2 572.5 580.6 498.0 523.0 638.9 552.2 576.0 41

42 Home mortgages (6) 244.8 249.7 375.9 415.7 401.9 459.6 380.1 327.1 471.6 408.5 400.2 42

43 Consumer credit 88.8 52.5 67.6 94.4 134.7 76.2 109.5 144.6 137.2 122.9 134.2 43

44 Municipal securities 6.6 10.0 12.0 10.4 5.8 13.4 12.1 2.2 11.2 4.3 5.4 44

45 Bank loans n.e.c. 0.6 8.1 6.3 -7.2 7.6 -2.9 -21.5 34.5 -10.6 -4.8 11.3 45

46 Other loans and advances 12.4 18.1 13.3 14.6 16.7 28.1 5.0 15.8 18.6 14.3 18.3 46

47 Commercial mortgages 4.7 -1.2 4.1 10.4 5.9 6.3 12.8 -1.1 10.9 7.0 6.7 47

48 Security credit 15.8 36.8 21.6 75.2 4.9 8.0 168.4 238.0 -68.5 14.3 -164.1 48

49 Trade payables 8.0 8.9 7.7 7.1 5.9 6.3 11.9 7.1 7.0 5.6 3.9 49

 Deferred and unpaid

50 life insurance premiums 0.8 0.3 -1.4 2.1 0.0 0.2 3.2 -2.9 0.8 -0.6 2.8 50

51 Discrepancy -0.7 100.7 6.3 -12.0 -38.0 -11.2 -148.9 44.1 -144.4 -28.6 -23.3 51

(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.10 for derivation of alternative measures of personal saving.

(3) Railroad Retirement Board and federal government life insurance reserves.

(4) Table F.9, line 12 less lines 3 and 8.

(5) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 33), life insurance and pension reserves (lines 35 and 36), and bank personal trusts (line 37).

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
Z.1, March 9, 2001 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 1062.8 1134.1 1164.0 1256.6 1360.2 1250.4 1307.3 1348.2 1382.2 1383.6 1326.8 1

 2 Gross saving and net capital transfers 810.0 870.7 900.2 969.5 1060.1 972.4 994.9 1033.1 1071.3 1089.3 1046.6 2

 3 Gross investment 823.5 793.6 876.5 927.7 1027.3 949.1 964.8 1001.7 1032.3 1059.1 1016.1 3

 4 Capital expenditures 827.1 910.5 995.1 1101.0 1248.5 1103.3 1164.1 1180.2 1263.8 1285.6 1264.1 4

 5 Fixed investment 792.3 838.8 914.1 1056.0 1192.4 1063.0 1091.0 1150.3 1190.6 1218.6 1210.1 5

 6 Residential 50.2 43.5 47.7 52.7 54.3 53.0 53.4 54.5 55.0 53.9 53.9 6

 7 Nonresidential 742.0 795.3 866.4 1003.3 1138.1 1010.0 1037.6 1095.8 1135.5 1164.7 1156.2 7

 8 Change in inventories 30.0 62.9 77.0 43.3 55.5 36.7 72.7 29.9 72.1 66.4 53.5 8

 9 Access rights from federal government 4.8 8.8 4.1 1.7 0.6 3.6 0.4 0 1.2 0.7 0.5 9

10 Net financial investment -3.6 -116.9 -118.7 -173.4 -221.2 -154.2 -199.3 -178.5 -231.6 -226.5 -248.0 10

11 Net acquisition of financial assets 491.2 261.5 441.4 768.8 578.9 781.6 668.6 623.6 660.4 635.1 396.4 11

12 Foreign deposits 10.5 -5.1 0.8 2.6 3.5 3.2 2.0 -21.6 15.4 20.2 -0.2 12

13 Checkable deposits and currency 45.3 42.7 -6.1 71.9 73.0 65.1 30.9 73.2 86.2 100.3 32.3 13

14 Time and savings deposits 11.4 13.5 11.1 13.5 14.9 19.0 18.6 -19.8 16.7 38.7 24.1 14

15 Money market fund shares 10.4 24.5 45.6 36.3 27.4 28.3 91.1 8.0 -7.7 74.5 35.1 15

16 Security RPs 1.5 0.7 -1.3 0.9 -2.2 7.6 -1.1 2.9 -5.9 -1.8 -4.0 16

17 Credit market instruments -14.5 -14.8 14.0 20.6 25.2 33.8 -20.9 93.0 25.3 7.5 -25.1 17

18 Commercial paper 11.4 4.6 -5.2 3.9 -0.6 -7.8 -18.6 7.7 0.8 3.7 -14.5 18

19 U.S. government securities -6.1 -41.3 1.0 -0.8 4.8 4.9 -3.5 20.1 12.3 0.2 -13.5 19

20 Municipal securities -5.8 -3.6 2.3 -3.9 8.8 32.7 -21.4 7.6 9.2 10.5 7.7 20

21 Mortgages -6.7 24.4 19.9 16.0 9.8 15.8 15.8 11.7 11.6 8.6 7.4 21

22 Consumer credit -7.3 1.2 -4.1 5.4 2.4 -11.8 6.9 45.8 -8.7 -15.4 -12.2 22

23 Mutual fund shares 3.3 -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 23

24 Trade receivables 104.3 120.5 35.7 123.6 115.6 154.2 14.9 196.9 107.9 126.2 31.3 24

25 Miscellaneous assets 319.1 87.9 334.2 501.3 323.3 472.2 534.9 292.9 424.3 271.3 304.8 25

26 Net increase in liabilities 494.8 378.4 560.0 942.2 800.0 935.8 867.9 802.2 892.0 861.6 644.4 26

27 Credit market instruments 235.3 388.2 537.8 602.1 574.0 613.9 591.9 612.8 725.7 423.5 533.9 27

28 Commercial paper -0.9 13.7 24.4 37.4 48.1 49.8 44.0 29.8 110.4 56.1 -4.0 28

29 Municipal securities 3.1 4.2 5.8 5.1 1.4 5.2 5.2 1.3 0.3 0.5 3.3 29

30 Corporate bonds 116.3 150.5 218.7 229.9 175.0 202.8 155.2 186.2 153.8 184.4 175.6 30

31 Bank loans n.e.c. 69.9 98.4 102.0 90.0 95.1 115.2 130.1 97.4 173.7 36.6 72.9 31

32 Other loans and advances 20.8 52.2 59.8 57.0 88.4 51.3 52.0 139.2 107.4 -15.5 122.4 32

33 Mortgages 26.3 69.2 127.2 182.8 166.0 189.6 205.4 158.9 180.1 161.4 163.7 33

34 Corporate equities -69.5 -114.4 -267.0 -143.5 -153.1 -128.4 -55.0 62.8 -248.8 -75.6 -350.8 34

35 Trade payables 71.5 90.0 -2.7 144.3 109.8 190.9 145.6 176.2 59.0 127.5 76.4 35

36 Taxes payable 11.1 10.0 6.3 8.7 9.6 -7.6 8.4 16.3 27.5 -14.8 9.5 36

37 Miscellaneous liabilities 262.1 65.5 336.1 360.7 282.8 319.3 206.3 -21.2 342.2 407.8 402.5 37

38 Proprietors’ net investment -15.8 -60.9 -50.4 -30.1 -23.0 -52.4 -29.3 -44.7 -13.6 -6.8 -27.0 38

39 Discrepancy -13.6 77.1 23.8 41.8 32.8 23.3 30.1 31.4 39.0 30.1 30.5 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, March 9, 2001

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 458.8 494.5 487.2 536.6 594.6 536.9 560.0 596.9 617.0 604.3 560.0 1

 2 - Profit tax accruals 149.6 157.9 158.9 166.0 184.6 166.6 172.9 185.4 192.9 187.7 172.3 2

 3 - Dividends 200.9 216.4 238.0 248.2 264.2 249.4 254.8 259.7 261.7 266.8 268.4 3

 4 + Consumption of fixed capital 504.2 539.7 574.8 621.7 666.8 632.1 636.2 649.2 660.8 672.5 684.7 4

 5 = U.S. internal funds, book 612.5 659.9 665.1 744.0 812.6 752.9 768.5 801.0 823.3 822.2 804.1 5

 6 + Foreign earnings retained abroad 60.5 59.3 64.4 69.6 89.5 69.1 78.6 86.9 89.1 96.8 85.0 6

 7 + Inventory valuation adjustment (IVA) 3.1 8.5 17.0 -9.1 -15.5 -19.7 -19.2 -25.0 -13.6 -4.5 -19.0 7

 8 + Net capital transfers (1) 0 0 0 0 0 0 0 0 0 0 0 8

 9 = Total internal funds + IVA 676.0 727.6 746.5 804.5 886.6 802.3 827.9 862.9 898.8 914.5 870.1 9

10 Gross investment 689.6 650.5 722.7 762.7 853.8 779.0 797.8 831.5 859.8 884.4 839.6 10

11 Capital expenditures 684.7 783.6 847.1 907.0 1021.1 912.0 956.3 966.6 1024.8 1056.3 1036.6 11

12 Fixed investment (2) 658.9 717.9 770.4 863.9 966.6 868.5 887.8 935.9 955.0 991.5 983.9 12

13 Inventory change + IVA 21.0 57.0 72.6 41.4 53.9 39.9 68.2 30.8 68.6 64.1 52.2 13

14 Access rights from federal government 4.8 8.8 4.1 1.7 0.6 3.6 0.4 0 1.2 0.7 0.5 14

15 Net financial investment 4.8 -133.1 -124.3 -144.3 -167.3 -132.9 -158.6 -135.2 -165.0 -171.9 -197.0 15

16 Net acquisition of financial assets 403.3 150.3 347.1 691.4 513.5 700.1 589.5 567.1 594.1 567.5 325.5 16

17 Foreign deposits 10.5 -5.1 0.8 2.6 3.5 3.2 2.0 -21.6 15.4 20.2 -0.2 17

18 Checkable deposits and currency 36.8 30.7 -18.0 63.7 64.8 56.6 21.9 66.1 78.0 92.1 23.0 18

19 Time and savings deposits 0.7 -7.3 -5.0 1.4 7.1 5.7 4.7 -24.8 6.7 31.7 14.8 19

20 Money market fund shares 9.9 23.9 45.1 35.9 27.1 27.8 90.6 7.6 -8.1 74.2 34.7 20

21 Security RPs 1.5 0.7 -1.3 0.9 -2.2 7.6 -1.1 2.9 -5.9 -1.8 -4.0 21

22 Commercial paper 11.4 4.6 -5.2 3.9 -0.6 -7.8 -18.6 7.7 0.8 3.7 -14.5 22

23 U.S. government securities -4.9 -40.8 0.9 -1.3 3.5 4.9 -4.1 19.3 11.2 -1.3 -15.2 23

24 Municipal securities -5.8 -3.6 2.3 -3.9 8.8 32.7 -21.4 7.6 9.2 10.5 7.7 24

25 Mortgages -3.6 25.9 20.0 15.0 7.8 15.0 15.0 10.0 10.0 6.3 4.9 25

26 Consumer credit -7.3 1.2 -4.1 5.4 2.4 -11.8 6.9 45.8 -8.7 -15.4 -12.2 26

27 Trade receivables 88.1 93.5 14.7 107.0 101.1 136.0 -3.7 184.1 92.9 112.7 14.8 27

28 Mutual fund shares 3.3 -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 28

29 Miscellaneous assets 262.7 34.9 289.5 462.7 292.2 432.0 499.2 264.2 394.3 236.5 273.6 29

30 U.S. direct investment abroad (3) 76.8 84.5 128.3 137.3 110.3 147.7 127.4 132.1 108.9 90.0 110.1 30

31 Insurance receivables 2.6 1.9 6.9 0.2 2.8 6.1 -6.8 2.1 0.2 8.1 0.8 31

32 Equity in GSEs -0.2 -1.1 -0.7 -0.6 0.0 -0.9 -0.7 -0.1 -1.5 0.3 1.2 32

33 Investment in finance co. subs. 4.6 2.2 -1.4 31.0 11.0 38.1 78.7 42.6 -16.1 14.4 3.0 33

34 Other 178.9 -52.5 156.4 294.8 168.1 241.0 300.6 87.5 302.6 123.7 158.5 34

35 Net increase in liabilities 398.5 283.5 471.5 835.7 680.8 833.1 748.1 702.2 759.1 739.4 522.4 35

36 Net funds raised in markets 79.6 152.0 151.1 338.1 293.7 345.4 398.6 544.1 343.6 233.5 53.7 36

37 Net new equity issues -69.5 -114.4 -267.0 -143.5 -153.1 -128.4 -55.0 62.8 -248.8 -75.6 -350.8 37

38 Credit market instruments 149.1 266.5 418.1 481.6 446.8 473.8 453.6 481.3 592.4 309.1 404.5 38

39 Commercial paper -0.9 13.7 24.4 37.4 48.1 49.8 44.0 29.8 110.4 56.1 -4.0 39

40 Municipal securities (4) 3.1 4.2 5.8 5.1 1.4 5.2 5.2 1.3 0.3 0.5 3.3 40

41 Corporate bonds (3) 116.3 150.5 218.7 229.9 175.0 202.8 155.2 186.2 153.8 184.4 175.6 41

42 Bank loans n.e.c. 39.4 71.4 80.9 72.9 74.5 96.6 109.3 76.7 152.8 22.5 46.2 42

43 Other loans and advances 18.5 48.5 47.3 48.3 75.4 40.2 40.5 121.1 93.9 -26.1 113.0 43

44 Savings institutions 1.5 1.6 2.7 3.2 4.3 2.4 4.8 5.6 3.9 5.0 2.8 44

45 Finance companies 7.1 8.1 26.1 51.9 59.4 58.1 64.8 95.6 69.6 30.2 42.1 45

46 U.S. government -1.3 -0.3 -0.1 -0.3 -0.6 -0.2 -0.4 -0.6 -0.4 -0.7 -0.5 46

47 Acceptance liabilities to banks -0.7 -2.6 -4.3 -2.2 -0.0 -2.7 0.8 3.1 -0.8 -3.7 1.3 47

48 Rest of the world 3.9 17.3 -1.0 -22.7 0.3 -24.8 -52.1 -11.6 26.1 -51.3 37.8 48

49 ABS issuers 8.1 24.4 23.8 18.4 12.1 7.4 22.4 29.0 -4.6 -5.7 29.5 49

50 Mortgages -27.2 -21.8 41.1 88.1 72.4 79.2 99.4 66.2 81.1 71.8 70.5 50

51 Trade payables 49.5 65.1 -14.6 134.1 99.7 180.7 135.4 166.7 49.4 119.1 63.5 51

52 Taxes payable 9.6 9.3 4.8 6.6 6.9 -9.6 6.4 13.8 25.0 -17.7 6.6 52

53 Miscellaneous liabilities 259.8 57.0 330.1 356.9 280.4 316.6 207.6 -22.4 341.0 404.4 398.6 53

54 Foreign direct investment in U.S. 72.0 101.4 153.6 240.0 211.7 158.9 394.4 70.5 343.8 138.9 293.7 54

55 Pension fund contributions payable 4.1 7.1 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 55

56 Other 183.7 -51.5 174.6 116.0 67.7 156.7 -187.8 -93.9 -3.7 264.5 103.9 56

57 Discrepancy -13.6 77.1 23.8 41.8 32.8 23.3 30.1 31.4 39.0 30.1 30.5 57

 Memo:

58 Financing gap (5) 69.2 115.3 165.0 172.1 223.9 178.7 207.1 190.6 215.1 238.6 251.5 58

(1) Table F.9, line 6.

(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.

(3) 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.

(4) 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.

(5) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, March 9, 2001 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 569.7 609.9 651.4 694.7 743.1 698.1 715.6 732.2 743.6 747.6 748.9 1

 2 Gross saving = capital consumption 110.8 119.5 128.4 138.0 144.3 142.5 139.4 142.0 143.6 145.2 146.4 2

 3 Gross investment 110.8 119.5 128.4 138.0 144.3 142.5 139.4 142.0 143.6 145.2 146.4 3

 4 Capital expenditures 110.7 96.4 118.1 166.7 198.1 170.1 180.0 186.5 207.9 199.3 198.6 4

 5 Fixed investment (1) 109.6 93.4 114.3 164.5 195.2 168.0 176.4 184.9 204.3 196.0 195.9 5

 6 Change in inventories 1.1 3.0 3.8 2.2 2.8 2.1 3.6 1.6 3.6 3.4 2.7 6

 7 Net financial investment 0.0 23.1 10.3 -28.7 -53.8 -27.6 -40.6 -44.5 -64.3 -54.2 -52.2 7

 8 Net acquisition of financial assets 88.0 110.5 90.6 78.2 65.3 80.7 81.9 57.3 66.9 66.0 71.1 8

 9 Checkable deposits and currency 8.5 11.8 10.0 9.0 8.9 9.4 9.9 8.0 9.0 8.6 9.9 9

10 Time and savings deposits 10.7 20.8 16.1 12.1 7.8 13.3 13.9 5.0 10.0 7.0 9.3 10

11 Money market mutual funds 0.6 0.6 0.5 0.4 0.4 0.5 0.5 0.4 0.4 0.3 0.3 11

12 Treasury securities -1.2 -0.6 0.1 0.6 1.3 0.0 0.6 0.9 1.1 1.5 1.8 12

13 Mortgages -3.2 -1.5 -0.1 1.0 2.0 0.8 0.8 1.7 1.6 2.3 2.5 13

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

15 Trade receivables 16.2 27.0 21.0 16.6 14.4 18.2 18.7 12.8 15.0 13.5 16.5 15

16 Miscellaneous assets 56.4 52.6 43.0 38.6 30.5 38.7 37.6 28.5 29.7 32.7 30.9 16

17 Insurance receivables 0.6 0.5 1.7 0.0 0.7 1.5 -1.6 0.5 0.0 1.9 0.2 17

18 Equity investment in GSEs (2) 0.7 0 -0.1 0.0 0.0 -0.1 0.3 0.4 -0.3 -0.1 0.1 18

19 Other 55.1 52.1 41.4 38.5 29.8 37.3 38.9 27.6 30.0 30.9 30.6 19

20 Net increase in liabilities 87.9 87.4 80.3 107.0 119.1 108.3 122.4 101.7 131.2 120.1 123.3 20

21 Credit market instruments 81.4 115.6 112.0 115.3 117.1 131.6 132.7 116.5 125.1 109.3 117.6 21

22 Bank loans n.e.c. 29.8 23.5 19.9 17.9 17.9 17.6 20.1 18.0 20.0 15.1 18.4 22

23 Other loans and advances 0.7 4.2 12.3 8.1 11.7 10.5 9.0 12.7 15.0 9.9 9.0 23

24 Mortgages 50.9 87.9 79.8 89.3 87.6 103.4 103.6 85.8 90.1 84.3 90.2 24

25 Trade payables 20.8 23.5 11.1 9.8 9.2 9.3 9.0 8.6 7.6 9.3 11.2 25

26 Taxes payable 1.6 0.7 1.5 2.1 2.7 2.0 2.0 2.5 2.5 2.8 2.9 26

27 Miscellaneous liabilities 2.2 8.5 6.0 3.7 2.4 2.7 -1.4 1.1 1.1 3.4 3.9 27

28 Proprietors’ net investment -18.1 -60.8 -50.2 -24.0 -12.3 -37.3 -19.9 -27.1 -5.1 -4.8 -12.3 28

(1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 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 34.3 29.7 25.5 25.3 22.6 15.5 31.7 19.1 21.5 31.7 17.9 1

 2 Net saving (corporate) 1.0 0.6 1.3 1.5 1.6 1.5 1.5 1.5 1.6 1.6 1.6 2

 3 Consumption of fixed capital 22.3 23.0 24.0 25.5 27.6 26.0 26.1 26.7 27.3 28.0 28.5 3

 4 Corporate 3.2 3.3 3.9 4.2 4.5 4.3 4.3 4.4 4.5 4.6 4.7 4

 5 Noncorporate 19.1 19.7 20.1 21.3 23.1 21.8 21.8 22.3 22.9 23.4 23.8 5

 6 Gross saving 23.2 23.6 25.3 27.0 29.2 27.6 27.6 28.2 28.9 29.6 30.1 6

 7 Gross investment 23.2 23.6 25.3 27.0 29.2 27.6 27.6 28.2 28.9 29.6 30.1 7

 8 Capital expenditures 31.6 30.4 29.9 27.3 29.3 21.3 27.8 27.1 31.1 30.0 29.0 8

 9 Fixed investment (2) 23.8 27.5 29.3 27.6 30.6 26.6 26.9 29.6 31.2 31.1 30.4 9

10 Change in inventories 7.9 2.9 0.6 -0.3 -1.3 -5.3 0.9 -2.5 -0.1 -1.1 -1.4 10

11 Net financial investment -8.4 -6.9 -4.6 -0.3 -0.1 6.3 -0.1 1.1 -2.3 -0.5 1.1 11

12 Net acquisition of financial assets -0.1 0.7 3.7 -0.8 0.1 0.7 -2.7 -0.7 -0.5 1.6 -0.2 12

13 Checkable deposits and currency -0.0 0.2 1.9 -0.8 -0.6 -0.8 -0.8 -0.8 -0.8 -0.4 -0.5 13

14 Miscellaneous assets -0.1 0.4 1.7 -0.0 0.7 1.5 -1.9 0.1 0.3 2.0 0.3 14

15 Insurance receivables 0.6 0.4 1.6 0.0 0.6 1.4 -1.6 0.5 0.0 1.9 0.2 15

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

17 Net increase in liabilities 8.3 7.5 8.3 -0.5 0.2 -5.6 -2.6 -1.8 1.7 2.1 -1.3 17

18 Credit market instruments 4.8 6.2 7.7 5.2 10.0 8.5 5.6 15.0 8.3 5.1 11.7 18

19 Bank loans n.e.c. 0.6 3.5 1.2 -0.9 2.7 1.0 0.6 2.6 0.9 -1.0 8.3 19

20 Other loans and advances 1.6 -0.5 0.3 0.6 1.3 0.5 2.6 5.4 -1.5 0.8 0.5 20

21 Mortgages 2.6 3.2 6.2 5.5 6.0 7.0 2.5 6.9 8.9 5.3 3.0 21

22 Trade payables 1.3 1.4 0.8 0.4 0.9 0.9 1.2 0.9 2.0 -1.0 1.7 22

23 Proprietors’ net investment 2.3 -0.1 -0.2 -6.1 -10.7 -15.1 -9.4 -17.6 -8.5 -2.1 -14.7 23

(1) Corporate and noncorporate farms.

(2) Nonresidential fixed investment, shown in table F.6, line 12.

(3) Equity in the Farm Credit System.
20 Z.1, March 9, 2001

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 960.4 1011.4 1072.3 1142.7 1231.3 1150.3 1187.6 1195.9 1221.6 1242.8 1264.7 1

 2 Personal tax and nontax receipts 199.6 217.0 235.0 249.7 274.1 250.3 259.2 261.4 273.6 277.2 284.3 2

 3 Corporate profits tax accruals 33.0 34.2 35.1 36.6 41.5 36.3 38.5 40.6 41.5 41.2 42.7 3

 4 Indirect business tax and nontax accruals 524.9 552.6 583.1 617.6 661.1 620.2 641.6 649.2 655.7 663.2 676.4 4

 5 Contributions for social insurance 12.4 10.9 10.0 9.6 9.9 9.5 9.5 9.7 9.9 10.0 10.1 5

 6 Federal grants-in-aid 190.4 196.8 209.1 229.3 244.6 234.0 238.8 235.0 240.9 251.2 251.2 6

 7 Current expenditures, NIPA basis 939.0 980.4 1030.6 1092.7 1170.3 1102.9 1121.0 1143.9 1161.5 1179.5 1196.3 7

 8 Consumption expenditures 726.5 766.5 808.4 855.0 917.9 863.1 877.4 897.5 911.3 925.2 937.4 8

 9 Transfer payments to persons 224.4 227.6 234.1 252.0 267.8 254.5 258.5 261.6 265.6 269.6 274.2 9

10 Net interest paid 0.9 -0.9 -0.6 -2.9 -4.4 -3.3 -3.6 -4.2 -4.6 -4.4 -4.5 10

11 - Dividends received by government 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 11

12 Subsidies less current surplus of govt. enterprises -12.5 -12.4 -10.9 -11.0 -10.5 -11.0 -10.9 -10.6 -10.4 -10.5 -10.4 12

13 - Wage accruals less disbursements 0 0 0 0 0 0 0 0 0 0 0 13

14 Current surplus or deficit (-), NIPA basis 21.4 31.0 41.7 50.0 61.0 47.4 66.6 52.0 60.1 63.3 68.4 14

15 + Consumption of fixed capital 89.0 94.2 99.6 106.8 116.8 107.7 109.9 112.7 115.6 118.2 120.6 15

16 + Net capital transfers (2) 33.8 35.3 36.0 40.0 44.5 42.1 41.6 44.2 44.5 44.1 45.4 16

17 = Gross saving and net capital transfers 144.1 160.4 177.3 196.8 222.3 197.2 218.1 208.9 220.2 225.6 234.4 17

18 Gross investment 153.6 121.3 228.1 216.9 231.7 198.6 235.0 240.8 247.2 221.5 217.1 18

19 Fixed investment 163.8 183.3 192.0 210.9 230.4 209.0 219.8 232.9 226.4 229.3 233.1 19

20 Net financial investment -10.3 -62.0 36.1 6.1 1.2 -10.4 15.2 7.9 20.8 -7.8 -16.0 20

21 Net acq. of financial assets 13.8 25.4 146.9 87.5 55.8 71.1 79.9 44.9 67.0 41.3 69.9 21

22 Checkable deposits and currency -5.5 4.4 -3.9 3.9 -6.4 5.0 9.6 -6.2 -8.8 -14.5 4.0 22

23 Time and savings deposits 10.6 5.8 12.8 10.9 7.5 15.8 27.1 -19.5 19.2 10.3 20.0 23

24 Security RPs 32.1 3.6 7.2 5.0 9.7 11.5 -12.5 51.3 -9.4 12.0 -15.0 24

25 Credit market instruments -33.7 0.1 134.5 43.4 19.2 -42.4 2.4 2.3 41.4 1.0 32.1 25

26 Open market paper 20.3 14.3 28.0 1.9 7.6 -2.9 -10.3 6.9 17.5 -4.0 10.0 26

27 U.S. government securities -68.1 -18.5 93.5 26.0 2.9 -58.1 1.7 -13.4 13.2 -4.3 15.9 27

28 Treasury -32.8 -17.7 30.0 -2.5 -20.6 -20.7 -20.3 -36.5 -13.7 -28.3 -4.1 28

29 Agency -35.3 -0.8 63.6 28.5 23.5 -37.3 22.0 23.1 26.9 24.0 20.0 29

30 Municipal securities -0.5 -0.7 -1.4 -1.5 0.6 -1.7 -1.5 -1.7 1.6 3.2 -0.8 30

31 Corporate and foreign bonds 10.7 1.3 10.2 12.6 3.7 15.9 8.1 6.1 4.7 1.6 2.4 31

32 Mortgages 3.8 3.7 4.1 4.3 4.5 4.3 4.4 4.4 4.5 4.5 4.6 32

33 Corporate equities 14.5 16.8 9.4 3.5 -1.2 27.6 16.9 -5.6 10.7 -4.1 -5.6 33

34 Mutual fund shares 6.0 -7.4 -12.3 4.3 0.8 6.3 6.3 -10.7 5.6 4.5 4.0 34

35 Taxes receivable -5.3 -3.3 0.4 4.4 11.7 4.3 7.0 9.9 11.4 11.8 13.9 35

36 Miscellaneous assets -4.8 5.4 -1.0 12.1 14.3 42.9 23.1 23.4 -3.0 20.2 16.5 36

37 Net increase in liabilities 24.1 87.5 110.8 81.4 54.5 81.5 64.7 37.0 46.2 49.0 85.8 37

38 Credit market instruments -6.8 56.1 80.3 52.3 27.1 52.5 33.6 3.8 20.8 23.6 60.3 38

39 Municipal securities -7.2 57.3 79.1 52.7 28.2 52.6 35.2 5.4 22.4 25.0 60.0 39

40 Short-term 6.3 8.3 -6.3 3.6 3.2 2.9 2.4 6.5 9.7 -10.1 6.7 40

41 Other -13.4 49.0 85.4 49.1 25.0 49.7 32.8 -1.1 12.8 35.1 53.3 41

42 U.S. government loans 0.4 -1.2 1.2 -0.4 -1.1 -0.2 -1.6 -1.6 -1.6 -1.3 0.3 42

43 Trade payables 30.9 31.4 30.5 29.1 27.4 29.1 31.1 33.2 25.4 25.4 25.5 43

44 Discrepancy -9.4 39.1 -50.8 -20.1 -9.4 -1.4 -17.0 -31.9 -27.0 4.1 17.2 44

(1) Data for retirement funds are shown in table F.120.

(2) Table F.9, line 7.
Z.1, March 9, 2001 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1499.1 1625.5 1754.0 1874.7 2065.0 1890.4 1941.0 2012.0 2054.8 2089.4 2103.7 1

 2 Personal tax and nontax receipts 670.0 751.8 836.0 902.3 1017.7 913.7 938.2 978.0 1003.6 1030.9 1058.2 2

 3 Corporate profits tax accruals 190.6 203.0 209.5 219.4 243.3 217.9 232.3 245.7 250.5 249.4 227.7 3

 4 Indirect business tax and nontax accruals 95.1 93.7 96.4 100.5 108.4 101.4 103.9 106.8 108.9 108.9 109.0 4

 5 Contributions for social insurance 543.4 577.0 612.1 652.5 695.6 657.4 666.6 681.5 691.8 700.2 708.8 5

 6 Current expenditures, NIPA basis 1636.0 1678.8 1704.9 1750.1 1813.8 1743.0 1797.6 1776.0 1813.8 1835.9 1829.3 6

 7 Consumption expenditures 445.3 456.9 453.7 470.8 489.2 471.3 487.0 478.7 499.0 489.9 489.0 7

 8 Transfers payments (net) 691.7 717.5 731.0 746.0 782.4 745.0 757.7 763.2 779.0 785.2 802.1 8

 9 Grants-in-aid to state and local governments 190.4 196.8 209.1 229.3 244.6 234.0 238.8 235.0 240.9 251.2 251.2 9

10 Net interest paid 273.6 276.2 278.8 264.7 259.3 262.2 261.8 265.0 260.3 257.2 254.6 10

11 Subsidies less current surplus of govt. enterprises 35.1 31.5 32.4 39.4 38.4 30.5 52.3 34.1 34.6 52.4 32.4 11

12 - Wage accruals less disbursements 0 0 0 0 0 0 0 0 0 0 0 12

13 Current surplus or deficit (-), NIPA basis -136.9 -53.4 49.0 124.5 251.2 147.4 143.4 236.0 241.0 253.5 274.4 13

14 + Consumption of fixed capital 85.3 86.8 88.4 92.8 99.8 93.4 95.0 97.2 98.9 100.8 102.3 14

15 - Insurance and pension reserves (1) 3.4 3.4 4.4 3.8 1.8 2.6 4.8 -0.3 2.6 0.9 3.9 15

16 + Net capital transfers (2) -10.7 -8.4 -3.6 -3.2 -8.0 -5.9 -2.4 -7.0 -8.3 -7.7 -9.1 16

17 = Gross saving and net capital transfers -65.6 21.6 129.4 210.3 341.2 232.3 231.2 326.5 329.1 345.7 363.7 17

18 Gross investment -121.6 6.6 102.4 206.4 334.7 202.0 238.7 122.4 452.5 318.3 445.5 18

19 Fixed investment 86.3 81.4 86.9 97.9 106.0 99.1 104.6 101.4 105.5 104.3 112.8 19

20 Access rights sales -4.8 -8.8 -4.1 -1.7 -0.6 -3.6 -0.4 0 -1.2 -0.7 -0.5 20

21 Net financial investment -203.1 -66.0 19.6 110.3 229.3 106.4 134.5 21.0 348.1 214.7 333.2 21

22 Net acq. of financial assets -4.9 -9.6 -0.1 77.3 -43.9 63.8 151.7 -155.0 -22.8 41.6 -39.5 22

23 Gold, SDRs, and official foreign exchange -2.9 2.5 6.0 -7.1 -0.2 -8.1 -6.2 1.9 -8.3 -1.5 7.2 23

24 Checkable deposits and currency 11.0 -0.5 -16.7 66.2 -65.5 62.4 143.5 -165.5 -44.6 32.3 -84.3 24

25 Time and savings deposits 1.4 1.0 1.3 0.7 1.0 2.1 3.2 0.4 1.0 2.1 0.4 25

26 Credit market instruments -7.2 5.1 13.5 5.8 8.4 11.2 -11.7 6.5 7.7 4.5 15.0 26

27 Agency securities 0 0 0 0 0 0 0 0 0 0 0 27

28 Mortgages -7.2 -4.5 -0.8 -0.1 -0.9 1.5 -0.1 -3.8 0.1 -1.3 1.6 28

29 Other loans and advances 0.1 9.6 14.3 5.9 9.3 9.6 -11.7 10.3 7.6 5.8 13.4 29

30 Trade receivables 0.9 -3.2 1.5 4.6 6.2 5.6 5.7 3.4 8.4 6.1 6.6 30

31 Taxes receivable -1.6 -9.0 -2.2 8.1 7.7 -6.9 16.2 4.9 12.8 -2.4 15.3 31

32 Miscellaneous assets -6.7 -5.4 -3.5 -0.9 -1.4 -2.4 1.0 -6.6 0.1 0.5 0.3 32

33 Net increase in liabilities 198.2 56.4 -19.7 -33.0 -273.2 -42.7 17.2 -176.0 -371.0 -173.1 -372.7 33

34 SDR certificates -0.5 -0.5 0 -3.0 -4.0 -4.0 -4.0 0 -8.0 -4.0 -4.0 34

35 Treasury currency 0.5 0.5 0.6 1.0 2.4 2.0 -0.0 2.2 3.2 4.2 -0.0 35

36 Credit market instruments 145.0 23.1 -52.6 -71.2 -295.9 -68.9 -34.0 -215.5 -414.0 -219.5 -334.5 36

37 Savings bonds 2.0 -0.5 0.1 -0.2 -1.7 -0.5 -0.9 -3.6 -2.2 -0.7 -0.4 37

38 Other Treasury securities 144.6 23.7 -54.7 -70.8 -293.2 -68.5 -33.1 -209.9 -413.6 -216.5 -332.9 38

39 Budget agency securities -1.6 -0.1 2.0 -0.2 -1.0 0.0 0.0 -2.1 1.8 -2.4 -1.2 39

40 Multifamily residential mortgages -0.0 -0.0 0 0 0 0 0 0 0 0 0 40

41 Trade payables 0.7 -9.0 -3.0 0.6 -0.0 1.3 2.7 4.1 -1.3 1.1 -4.0 41

42 Insurance and pension reserves (3) 55.7 42.0 42.5 42.5 22.3 41.4 45.8 41.0 43.7 37.2 -32.5 42

43 Miscellaneous liabilities -3.3 0.3 -7.1 -2.9 2.0 -14.5 6.6 -7.6 5.4 7.9 2.3 43

44 Discrepancy 56.0 15.0 27.0 3.9 6.6 30.3 -7.6 204.1 -123.4 27.3 -81.8 44

 Memo:

45 Change in cash balance (4) 12.9 -2.2 -12.8 59.4 -55.1 73.1 137.5 -136.5 -46.2 32.4 -70.2 45

(1) Railroad Retirement Board and federal government life insurance reserves.

(2) Table F.9, line 2.

(3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, March 9, 2001

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 1230.4 1370.8 1450.5 1609.2 1904.0 1653.7 1731.7 1793.5 1880.9 1953.7 1987.7 1

 2 U.S. imports 963.1 1055.8 1117.5 1244.2 1468.6 1280.0 1330.1 1387.1 1448.3 1520.3 1518.8 2

 3 U.S. income payments to rest of world 227.5 274.3 288.9 316.9 382.1 328.0 344.6 358.6 383.7 381.7 404.3 3

 4 Net transfers to rest of world 39.8 40.8 44.1 48.1 53.3 45.7 57.0 47.8 48.9 51.7 64.6 4

 5 Foreign outlays to U.S. 1119.7 1247.7 1251.4 1296.1 1470.3 1313.9 1362.2 1402.8 1468.3 1503.6 1506.5 5

 6 U.S. exports 874.2 966.4 966.0 990.2 1097.6 999.5 1031.0 1051.9 1092.9 1130.8 1114.9 6

 7 U.S. income receipts from rest of world 245.6 281.3 285.4 305.9 372.7 314.4 331.2 350.9 375.4 372.8 391.6 7

 8 Net capital transfers (1) -0.1 -0.4 -0.7 -0.6 -0.7 -0.7 -0.5 -0.7 -0.7 -0.8 -0.7 8

 9 Gross saving and net capital transfers (2) 110.6 122.7 198.4 312.5 432.9 339.1 369.0 390.0 411.9 449.3 480.5 9

10 Net financial investment 158.5 268.4 147.4 319.9 442.0 285.9 262.8 231.0 611.6 492.5 433.0 10

11 Net acquisition of financial assets 542.4 647.5 452.1 723.0 886.0 780.9 460.3 976.7 954.1 748.7 864.5 11

12 Gold and SDRs (3) 0.4 -0.4 -0.1 -0.0 -0.7 -0.7 -0.9 -0.7 -0.7 -0.7 -0.7 12

13 Net interbank assets -52.0 -4.3 -27.1 -6.5 -1.3 -21.9 -86.4 8.0 173.7 -26.5 -160.4 13

14 U.S. checkable deposits and currency 19.9 29.9 14.8 40.0 -8.2 51.9 58.9 -81.9 9.8 7.9 31.4 14

15 U.S. time deposits 10.9 13.1 13.0 15.0 5.7 24.2 51.7 -9.5 1.4 -6.4 37.2 15

16 Security RPs 3.2 20.0 -18.8 14.8 4.9 -5.6 19.9 -16.9 49.4 6.5 -19.3 16

17 Credit market instruments 414.4 311.3 254.2 210.6 279.7 385.3 138.7 325.9 207.1 195.0 390.9 17

18 Open market paper 14.4 19.9 37.6 -13.1 8.8 22.4 -23.3 -9.4 -7.1 -14.2 65.9 18

19 U.S. government securities 312.4 189.6 95.4 85.8 89.7 182.4 48.4 166.5 18.9 84.9 88.3 19

20 Official 120.7 -2.2 -3.6 32.5 29.4 59.2 47.4 97.2 25.3 21.1 -26.0 20

21 Treasury 115.7 -6.7 -9.9 12.2 -11.3 51.9 20.5 64.8 -16.0 -36.0 -58.1 21

22 Agency 5.0 4.5 6.3 20.4 40.7 7.3 26.9 32.4 41.3 57.1 32.0 22

23 Private 191.7 191.7 99.0 53.3 60.3 123.2 1.0 69.3 -6.4 63.8 114.4 23

24 Treasury 155.0 146.4 48.6 -20.5 -52.3 38.6 -68.8 -37.0 -82.4 -50.6 -39.4 24

25 Agency 36.7 45.3 50.4 73.7 112.6 84.6 69.7 106.3 76.0 114.4 153.8 25

26 U.S. corporate bonds (4) 83.7 84.6 122.2 160.6 181.0 205.4 165.6 180.3 169.1 175.7 198.9 26

27 Loans to U.S. corporate business 3.9 17.3 -1.0 -22.7 0.3 -24.8 -52.1 -11.6 26.1 -51.3 37.8 27

28 U.S. corporate equities 11.1 67.8 41.9 98.1 172.0 93.2 138.1 246.8 107.0 188.0 146.1 28

29 Trade receivables 5.3 4.3 -7.6 -7.9 -1.2 -3.3 -4.9 -4.6 4.0 -2.5 -1.7 29

30 Security credit 0 0 0 0 0 0 0 0 0 0 0 30

31 Miscellaneous assets 129.1 205.8 181.8 359.0 435.1 257.8 145.2 509.5 402.4 387.4 441.1 31

32 Foreign direct investment in U.S. (5) 86.5 106.0 186.3 275.5 303.2 222.3 197.6 195.8 401.3 259.7 356.1 32

33 Other 42.6 99.8 -4.5 83.5 131.9 35.6 -52.4 313.6 1.2 127.6 85.0 33

34 Net increase in liabilities 383.9 379.1 304.7 403.1 444.0 495.0 197.5 745.7 342.6 256.2 431.4 34

 U.S. official foreign exchange

35 and net IMF position -6.3 0.7 6.6 -8.7 0.5 -8.5 -7.0 1.5 -8.8 0.7 8.7 35

36 U.S. private deposits 85.9 108.9 2.0 86.5 24.5 69.4 52.7 258.5 8.5 -89.2 -80.0 36

37 Credit market instruments 88.4 71.8 43.3 25.3 61.8 77.3 17.6 118.0 -7.6 89.2 47.8 37

38 Commercial paper 11.3 3.7 7.8 16.3 31.7 41.1 33.6 57.8 12.0 7.0 50.1 38

39 Bonds 67.0 61.4 34.8 14.2 18.7 44.0 -2.7 45.7 -27.4 71.7 -15.3 39

40 Bank loans n.e.c. 9.1 8.5 6.7 0.5 11.3 -6.6 2.3 15.4 5.7 11.9 12.2 40

41 Official 0.3 -0.8 0.8 0.2 0.5 0.7 0.1 -0.8 1.4 1.8 -0.3 41

42 Banks 3.4 -0.5 -0.7 -3.1 3.2 -10.4 -4.8 5.7 2.6 2.2 2.5 42

43 Other 5.4 9.8 6.7 3.5 7.5 3.1 7.0 10.6 1.7 7.9 9.9 43

44 U.S. government loans -0.7 -1.6 -1.0 -4.8 0.8 1.0 -17.1 0.3 0.4 -2.2 4.8 44

45 Acceptance liabilities to banks 1.8 -0.2 -5.0 -0.9 -0.7 -2.0 1.5 -1.2 1.6 0.7 -3.9 45

46 Foreign corporate equities (6) 82.8 57.6 101.2 114.4 91.2 121.7 71.3 63.3 180.1 50.0 71.5 46

47 Trade payables -1.7 5.1 -2.4 4.3 -1.4 22.1 4.8 -4.2 12.3 -13.0 -0.9 47

48 Security debt 0 0 0 0 0 0 0 0 0 0 0 48

49 Miscellaneous liabilities 134.8 135.1 153.9 181.3 267.4 213.0 58.0 308.6 158.1 218.5 384.3 49

50 U.S. equity in IBRD, etc. 1.8 1.6 1.6 1.5 1.5 1.3 1.1 1.4 1.6 1.3 1.6 50

51 U.S. government deposits -0.1 -0.0 -0.1 0.6 0.0 0.5 1.1 -1.2 0.2 0.4 0.6 51

52 U.S. direct investment abroad (4,5) 91.9 105.0 146.1 150.9 160.0 174.2 133.1 171.9 149.9 144.4 173.7 52

53 Other 41.1 28.5 6.5 28.4 105.9 37.0 -77.4 136.6 6.2 72.4 208.3 53

54 Discrepancy (FOF basis) (7) -47.9 -145.7 51.0 -7.4 -9.1 53.2 106.2 159.0 -199.7 -43.2 47.4 54

 Memo:

55 Net U.S. exports, NIPA basis -89.0 -89.4 -151.5 -254.0 -371.0 -280.5 -299.1 -335.2 -355.4 -389.5 -403.9 55

56 + Net U.S. income receipts (8) 18.1 7.1 -3.5 -11.0 -9.4 -13.6 -13.4 -7.7 -8.3 -8.9 -12.7 56

57 - Net transfer payments to foreign 39.8 40.8 44.1 48.1 53.3 45.7 57.0 47.8 48.9 51.7 64.6 57

 = Net foreign investment in U.S.

58 (NIPA basis) -110.7 -123.1 -199.1 -313.1 -433.7 -339.8 -369.5 -390.7 -412.6 -450.1 -481.2 58

(1) Table F.9, line 10.

(2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8.

(3) U.S. net sales, sign reversed.

(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, March 9, 2001 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.7 2.7 -2.0 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 1

 2 Fixed nonresidential investment 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 23.3 38.8 32.8 130.0 -61.3 75.4 368.1 -310.6 2.1 15.5 47.5 3

 4 Gold and foreign exchange -3.8 -1.5 0.8 -1.6 1.4 0.3 0.1 0.3 0.2 2.9 2.2 4

 5 SDR certificates -0.5 -0.5 0 -3.0 -4.0 -4.0 -4.0 0 -8.0 -4.0 -4.0 5

 6 Treasury currency 1.0 0.6 0.7 1.7 3.2 1.8 2.2 4.0 3.9 3.3 1.6 6

 7 Federal Reserve float 4.2 -3.6 0.9 -1.9 1.2 -0.8 -1.2 0.1 0.8 1.5 2.2 7

 8 Fed. Res. loans to domestic banks -0.1 2.0 -2.0 0.2 -0.1 1.0 -1.0 0.0 1.1 -0.6 -1.0 8

 9 Security RPs 7.7 2.3 6.5 110.3 -97.3 51.7 412.4 -415.4 9.0 -19.5 36.9 9

10 Credit market instruments 12.3 38.3 21.1 25.7 33.7 20.6 -42.2 103.4 -3.9 27.3 7.9 10

11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 11

12 U.S. government securities 12.3 38.3 21.1 25.7 33.7 20.6 -42.2 103.4 -3.9 27.3 7.9 12

13 Treasury 12.7 39.8 21.4 25.8 33.7 20.7 -42.0 103.5 -3.8 27.4 7.9 13

14 Agency -0.4 -1.5 -0.3 -0.2 -0.1 -0.1 -0.2 -0.1 -0.0 -0.0 0 14

15 Bank loans n.e.c. 0 0 0 0 0 0 0 0 0 0 0 15

16 Miscellaneous assets 2.4 1.3 4.9 -1.3 0.6 4.8 1.7 -2.9 -1.0 4.5 1.7 16

17 Net increase in liabilities 22.8 38.1 32.1 129.6 -61.7 72.5 372.2 -316.8 17.8 16.4 35.8 17

18 Depository institution reserves -5.1 6.3 -4.5 -2.3 -5.0 -1.0 -8.6 -4.9 0.5 -3.6 -11.9 18

19 Vault cash of commercial banks 4.6 -0.2 -2.9 24.5 -22.2 -1.1 80.2 -98.7 6.0 -13.9 18.0 19

20 Checkable deposits and currency 23.3 29.9 38.3 108.7 -35.7 94.9 278.8 -203.0 -0.6 60.2 0.7 20

21 Due to federal government 1.7 -2.3 0.5 22.3 -22.9 39.3 84.5 -97.0 -29.8 50.7 -15.5 21

22 Due to rest of the world -0.2 0.3 -0.3 -0.1 0.1 -0.7 -0.7 0.2 -0.1 0.1 0.3 22

23 Currency outside banks 21.8 31.9 38.0 86.4 -12.9 56.3 195.0 -106.2 29.3 9.4 15.9 23

24 Miscellaneous liabilities -0.1 2.1 1.3 -1.3 1.1 -20.3 21.8 -10.2 12.0 -26.4 29.1 24

25 Federal Reserve Bank stock 0.6 0.8 0.5 0.5 0.6 0.2 0.4 1.2 0.5 0.3 0.3 25

26 Other -0.7 1.3 0.8 -1.8 0.6 -20.5 21.4 -11.4 11.5 -26.6 28.8 26

27 Discrepancy 0.8 1.7 -2.9 -0.4 -0.2 -2.8 4.2 -6.1 15.8 1.0 -11.6 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, March 9, 2001

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 28.5 35.3 34.3 32.1 27.0 31.2 30.8 29.2 25.7 27.0 26.2 1

 2 Fixed nonresidential investment 22.5 26.6 30.9 33.6 38.0 33.9 34.7 36.5 37.9 38.8 38.7 2

 3 Net acquisition of financial assets 216.6 457.3 443.7 352.5 455.6 421.4 576.6 252.4 729.6 558.3 282.0 3

 4 Vault cash 4.6 -0.2 -2.9 24.5 -22.2 -1.1 80.2 -98.7 6.0 -13.9 18.0 4

 5 Reserves at Federal Reserve -4.6 6.8 -4.6 -2.4 -3.8 -0.9 -9.7 -3.1 0.4 -1.7 -10.6 5

 6 Checkable deposits and currency -0.2 -0.1 0.6 0.3 -0.6 1.6 2.4 -1.3 0.6 -2.6 1.1 6

 7 Total bank credit 189.9 350.0 335.8 295.5 413.2 420.5 552.0 470.3 506.5 409.9 266.1 7

 8 U.S. government securities 11.3 83.8 35.4 48.4 -21.6 109.9 38.7 -19.5 -21.4 7.0 -52.4 8

 9 Treasury -16.9 8.3 -56.1 12.7 -44.7 38.1 22.4 -90.1 -35.2 37.1 -90.7 9

10 Agency 28.2 75.5 91.4 35.7 23.1 71.8 16.3 70.6 13.8 -30.1 38.3 10

11 Municipal securities 0.9 2.4 8.2 5.8 3.4 4.8 3.2 8.8 2.6 1.5 0.6 11

12 Corporate and foreign bonds 1.4 27.8 38.0 38.8 57.8 45.5 82.2 -22.9 19.3 138.0 96.7 12

13 Total loans 174.2 234.7 253.4 200.1 370.8 256.7 420.3 497.9 505.3 262.5 217.6 13

14 Open market paper 0.8 -0.8 -0.2 0.3 0.1 1.1 1.1 0.4 -0.4 -0.1 0.7 14

15 Bank loans n.e.c. 92.1 128.2 145.0 68.9 112.1 99.8 55.2 147.7 174.2 43.0 83.6 15

16 Mortgages 55.2 99.9 91.7 158.2 164.3 225.8 305.9 213.5 267.7 132.6 43.2 16

17 Consumer credit 24.8 -14.2 -3.6 -9.2 44.0 -32.7 60.0 47.3 41.8 50.4 36.3 17

18 Security credit 1.3 21.7 20.5 -18.1 50.4 -37.3 -2.0 89.1 22.0 36.6 53.8 18

19 Corporate equities 1.8 0.6 1.3 1.2 0.3 4.4 2.4 0.8 0.9 1.3 -1.8 19

20 Mutual fund shares 0.3 0.8 -0.4 1.2 2.5 -0.7 5.2 5.1 -0.1 -0.3 5.4 20

21 Customers’ liab. on acceptances (2) 1.0 -2.8 -9.3 -3.1 -0.7 -4.8 2.3 1.9 0.8 -3.0 -2.7 21

22 Miscellaneous assets 25.9 103.5 124.1 37.8 69.7 6.0 -50.6 -116.6 215.4 169.7 10.1 22

23 Net increase in liabilities 203.7 490.5 469.1 289.7 538.6 231.5 506.4 426.4 925.0 602.0 201.2 23

24 Net interbank liabilities -51.2 -25.8 -24.8 -4.6 17.3 -28.7 -112.3 32.5 171.3 -43.8 -90.7 24

25 To monetary authority 4.1 -1.6 -1.1 -1.7 1.0 0.2 -2.2 0.1 1.9 1.0 1.2 25

26 To domestic banks (3) -3.3 -19.9 3.4 3.5 17.6 -7.0 -23.7 24.4 -4.3 -18.3 68.5 26

27 To foreign banks -52.0 -4.3 -27.1 -6.5 -1.3 -21.9 -86.4 8.0 173.7 -26.5 -160.4 27

28 Checkable deposits -34.6 -19.8 -33.4 3.2 -84.8 9.2 36.9 -85.0 -103.7 -53.5 -96.8 28

29 Federal government 9.7 -0.9 -14.6 36.4 -33.2 31.7 49.7 -39.9 -17.4 -20.3 -55.0 29

30 Rest of the world 2.8 4.8 -1.5 13.4 -9.5 33.8 -6.1 -54.7 5.9 4.7 6.1 30

31 Private domestic -47.1 -23.7 -17.3 -46.6 -42.1 -56.4 -6.8 9.6 -92.2 -37.9 -47.9 31

32 Small time and savings deposits 123.1 148.3 183.7 71.3 213.1 122.4 63.6 158.5 166.3 215.1 312.3 32

33 Large time deposits 105.3 107.9 72.3 119.0 95.4 94.8 338.8 123.9 93.7 111.2 52.7 33

34 Federal funds and security RPs (net) 41.0 89.0 87.0 110.6 63.5 140.1 152.1 120.4 205.8 27.4 -99.4 34

35 Credit market instruments 13.0 46.1 72.9 67.2 60.1 107.0 54.1 72.4 113.2 23.5 31.1 35

36 Open market paper 2.9 3.3 -1.5 6.1 0.6 -18.4 37.9 -13.6 7.4 4.2 4.2 36

37 Corporate bonds 7.8 23.7 27.6 20.4 32.6 43.1 -3.0 33.1 38.1 32.7 26.6 37

38 Other loans and advances 2.3 19.1 46.9 40.6 26.9 82.3 19.2 52.8 67.7 -13.4 0.3 38

39 Corporate equity issues -14.3 -27.7 -11.2 -10.6 -12.5 -31.1 0.3 -26.1 -16.0 -2.8 -5.1 39

40 Taxes payable 1.2 1.4 1.7 1.9 2.1 1.9 2.0 2.1 2.1 2.2 2.2 40

41 Miscellaneous liabilities 20.1 171.2 120.9 -68.3 184.4 -184.0 -29.0 27.7 292.3 322.8 94.8 41

42 Discrepancy -6.9 42.0 28.8 -64.3 72.1 -192.6 -74.1 166.7 183.1 31.8 -93.4 42

 Memo:

43 Credit market funds advanced (4) 187.5 324.3 305.2 308.2 359.3 449.4 548.7 377.1 484.6 369.3 206.1 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, March 9, 2001 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -11.6 -7.6 -6.5 -25.0 -27.3 -33.6 -26.7 -28.8 -31.2 -22.4 -26.7 1

 2 Fixed nonresidential investment 18.3 21.4 24.5 26.7 30.2 27.0 27.5 29.0 30.1 30.8 30.7 2

 3 Net acquisition of financial assets 122.8 290.8 328.1 344.1 329.5 419.6 529.7 327.8 546.7 331.9 111.6 3

 4 Vault cash and reserves at Federal Reserve -0.3 4.8 -5.7 21.6 -25.0 0.9 66.7 -97.9 5.8 -14.9 7.2 4

 5 Total bank credit 115.2 280.7 329.3 313.7 351.0 391.7 474.0 449.1 481.3 324.0 149.7 5

 6 U.S. government securities -19.4 54.3 39.6 27.4 -16.2 56.9 -14.3 39.4 1.5 -32.4 -73.3 6

 7 Treasury -34.7 -6.1 -42.1 -1.9 -35.0 8.7 -14.3 -35.9 -13.8 7.6 -97.8 7

 8 Agency 15.3 60.4 81.6 29.3 18.8 48.2 0.1 75.3 15.3 -40.0 24.5 8

 9 Mortgage pool securities 21.4 31.1 53.7 -17.8 7.6 6.4 -5.1 24.7 0.5 -25.8 30.9 9

10 Agency-issued CMOs -11.5 17.5 8.9 4.9 -10.4 11.9 -13.9 -1.5 -4.6 -41.8 6.5 10

11 Other agency securities 5.4 11.8 19.1 42.2 21.5 30.0 19.0 52.2 19.3 27.5 -12.8 11

12 Municipal securities 1.0 2.4 8.2 5.8 3.2 5.0 3.2 8.3 2.6 1.4 0.5 12

13 Corporate and foreign bonds -4.5 19.6 32.4 43.3 52.4 54.5 68.2 -21.4 25.9 132.4 72.8 13

14 Private mortgage pool securities -0.4 -1.2 0.9 0.9 -0.7 -1.6 4.7 -5.3 -4.2 3.9 2.6 14

15 Privately issued CMOs -3.1 0.7 20.3 5.7 8.0 7.6 7.2 -9.5 3.7 16.1 21.8 15

16 Other bonds -1.0 20.2 11.1 36.7 45.2 48.6 56.4 -6.6 26.4 112.4 48.4 16

17 Total loans 136.0 203.0 248.2 234.9 308.8 271.6 409.2 416.8 450.6 221.6 146.0 17

18 Open market paper 0.3 -0.6 -0.1 -0.1 0.2 0.4 0.3 -0.1 -0.4 0.3 1.2 18

19 Bank loans n.e.c. 58.2 108.1 144.3 92.2 96.0 117.4 33.6 124.7 171.6 51.7 36.0 19

20 Mortgages 57.5 105.5 95.8 160.6 161.5 223.9 306.4 209.1 262.0 130.9 44.0 20

21 Consumer credit 24.8 -14.2 -3.6 -9.2 44.0 -32.7 60.0 47.3 41.8 50.4 36.3 21

22 Security credit -4.8 4.2 11.9 -8.7 7.1 -37.4 9.0 35.8 -24.2 -11.6 28.5 22

23 Corporate equities 1.8 0.6 1.3 1.2 0.3 4.4 2.4 0.8 0.9 1.3 -1.8 23

24 Mutual fund shares 0.3 0.8 -0.4 1.2 2.5 -0.7 5.2 5.1 -0.1 -0.3 5.4 24

25 Customers’ liab. on acceptances (1) 1.6 -0.2 -4.6 -2.5 -0.7 -3.5 0.4 1.8 0.8 -1.9 -3.7 25

26 Miscellaneous assets 6.2 5.5 9.1 11.3 4.1 30.5 -11.4 -25.2 58.7 24.7 -41.6 26

27 Net increase in liabilities 142.6 359.0 385.2 327.8 455.9 284.3 506.3 549.2 788.0 413.8 72.7 27

28 Net interbank liabilities -55.7 4.2 20.4 32.6 64.4 -38.4 -7.2 110.6 201.5 57.9 -112.6 28

29 Federal Reserve float 4.2 -3.6 0.9 -1.9 1.2 -0.8 -1.2 0.1 0.8 1.5 2.2 29

30 Borrowing from Federal Reserve banks -0.1 2.0 -2.0 0.2 -0.1 1.0 -1.0 0.0 1.1 -0.6 -1.0 30

31 To domestic banking -23.5 -6.7 -2.6 -12.1 -2.3 -35.4 -48.1 38.3 -5.6 16.9 -58.9 31

32 To foreign banks -36.3 12.6 24.0 46.3 65.6 -3.2 43.2 72.1 205.2 40.0 -54.9 32

33 Checkable deposits -34.4 -21.1 -34.4 2.8 -84.6 9.2 31.4 -80.4 -107.9 -48.3 -101.6 33

34 Federal government 9.7 -0.9 -14.6 36.4 -33.2 31.7 49.7 -39.9 -17.4 -20.3 -55.0 34

35 Rest of the world 3.5 4.4 -1.2 12.8 -9.2 34.0 -9.1 -52.8 3.6 8.7 3.6 35

36 Private domestic -47.5 -24.6 -18.6 -46.5 -42.2 -56.5 -9.3 12.3 -94.1 -36.6 -50.2 36

37 Small time and savings deposits 122.8 143.9 186.3 72.4 210.0 120.6 59.3 159.4 162.0 217.6 300.9 37

38 Large time deposits 49.5 63.2 34.8 61.5 88.1 67.0 110.4 86.7 148.8 62.3 54.6 38

39 Federal funds and security RPs (net) 28.7 63.4 66.8 128.7 12.8 167.8 185.1 112.7 138.0 -75.5 -124.0 39

40 Acceptance liabilities 1.7 -0.3 -4.6 -2.5 -0.6 -3.7 0.5 1.7 0.9 -1.8 -3.3 40

41 Corporate bonds 7.7 10.7 10.5 3.7 10.6 4.6 2.9 9.9 13.1 9.2 10.1 41

42 Other loans and advances 2.3 19.1 46.9 40.6 26.9 82.3 19.2 52.8 67.7 -13.4 0.3 42

43 Corporate equity issues 3.2 3.2 3.8 3.2 4.0 -2.9 11.4 2.2 2.1 3.9 8.0 43

44 Taxes payable 1.2 1.4 1.7 1.9 2.1 1.9 2.0 2.1 2.1 2.2 2.2 44

45 Miscellaneous liabilities 15.6 71.2 53.0 -17.1 122.2 -124.0 91.3 91.4 159.7 199.7 38.0 45

46 Investment by bank holding companies 28.6 40.7 55.3 2.9 53.3 6.8 -14.8 80.8 35.9 54.9 41.7 46

47 Other -13.0 30.5 -2.4 -20.0 68.9 -130.8 106.1 10.7 123.8 144.8 -3.7 47

48 Discrepancy -10.1 39.2 26.0 -68.0 69.0 -195.8 -77.6 163.6 180.0 28.7 -96.3 48

 Memo:

49 Credit market funds advanced (2) 119.6 274.9 312.0 317.6 340.4 421.9 457.7 409.2 505.6 332.8 113.9 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, March 9, 2001

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 4.9 5.6 6.5 7.0 7.6 7.2 7.2 7.3 7.5 7.7 7.8 1

 2 Fixed nonresidential investment 3.6 4.7 5.9 6.4 7.2 6.5 6.6 6.9 7.2 7.4 7.4 2

 3 Net acquisition of financial assets 48.5 96.5 -4.8 -50.4 23.8 -34.7 15.9 -142.8 93.5 69.1 75.4 3

 4 Reserves at Federal Reserve 0.3 1.8 -1.9 0.4 -1.0 -2.8 3.8 -3.9 0.6 -0.7 0.2 4

 5 Total bank credit 70.0 60.2 1.4 -28.9 67.3 34.5 29.1 58.0 16.3 80.3 114.6 5

 6 U.S. government securities 30.9 26.8 -5.5 11.8 0.0 50.2 13.7 -24.7 -25.4 32.1 18.2 6

 7 Treasury 18.4 14.4 -10.3 7.5 -0.6 32.0 4.5 -21.5 -21.5 29.9 10.7 7

 8 Agency 12.4 12.5 4.8 4.3 0.6 18.2 9.2 -3.1 -4.0 2.2 7.5 8

 9 Municipal securities 0 0 0 0 0 0 0 0 0 0 0 9

10 Corporate and foreign bonds 3.2 3.1 5.8 -5.2 7.6 -9.0 12.2 4.4 -0.0 2.5 23.6 10

11 Total loans 36.0 30.3 1.1 -35.5 59.7 -6.6 3.1 78.3 41.8 45.6 72.8 11

12 Open market paper 0.5 -0.2 -0.1 0.4 -0.1 0.7 0.9 0.5 0.1 -0.4 -0.5 12

13 Bank loans n.e.c. 32.2 19.2 -1.9 -22.3 15.8 -7.1 15.3 22.0 -6.7 -1.3 49.0 13

14 Mortgages -2.9 -6.1 -5.5 -4.2 0.7 -0.2 -2.1 2.5 2.2 -0.9 -0.9 14

15 Security credit 6.2 17.5 8.6 -9.4 43.2 0.0 -11.0 53.3 46.2 48.2 25.2 15

16 Corporate equities -0.0 -0.0 0 0 0 0 0 0 0 0 0 16

17 Customers’ liab. on acceptances (2) -0.6 -2.5 -4.7 -0.6 -0.0 -1.3 2.0 0.1 -0.0 -1.1 1.0 17

18 Miscellaneous assets -21.2 37.0 0.4 -21.3 -42.5 -65.1 -18.9 -196.9 76.6 -9.3 -40.4 18

19 Net increase in liabilities 50.6 98.9 -2.0 -47.2 27.4 -31.5 19.2 -139.4 97.0 72.7 79.1 19

20 Net interbank liabilities -2.5 -30.4 -55.4 -41.2 -47.5 5.2 -66.6 -119.9 -38.8 -70.9 39.6 20

21 To foreign banks -11.5 -17.6 -51.7 -48.6 -64.5 -16.5 -74.7 -93.6 -40.1 -52.4 -71.8 21

22 To domestic banks 9.0 -12.7 -3.7 7.4 17.0 21.7 8.1 -26.2 1.3 -18.5 111.3 22

23 Checkable deposits -0.7 0.8 -0.2 0.4 -0.3 1.2 3.8 -3.2 4.2 -5.0 2.8 23

24 Small time and savings deposits 0.1 4.4 -3.6 -1.9 1.4 0.4 1.0 -1.3 1.8 -4.7 10.0 24

25 Large time deposits 55.6 44.7 36.5 56.7 5.6 26.4 225.2 36.7 -57.6 46.6 -3.4 25

26 Federal funds and security RPs (net) 12.0 25.6 19.7 -18.3 52.4 -26.7 -35.5 6.9 66.0 103.3 33.4 26

27 Acceptance liabilities -0.7 -2.4 -4.8 -0.4 -0.0 -1.5 1.6 -0.4 -0.2 -0.7 1.1 27

28 Miscellaneous liabilities -13.3 56.2 5.7 -42.5 15.8 -36.5 -110.3 -58.3 121.6 4.2 -4.4 28

29 Foreign direct investment in U.S. -0.1 7.7 4.7 18.4 9.6 1.8 17.0 21.8 3.6 8.5 4.5 29

30 Due to affiliates 13.7 14.3 11.8 2.5 45.6 56.0 -37.8 86.1 -0.1 21.5 75.0 30

31 Other -26.9 34.2 -10.7 -63.4 -39.5 -94.2 -89.5 -166.2 118.1 -25.8 -83.8 31

32 Discrepancy 3.4 3.4 3.4 3.8 3.9 3.9 3.9 3.8 3.8 3.9 4.2 32

 Memo:

33 Credit market funds advanced (3) 63.3 40.2 -11.9 -20.1 24.0 33.2 42.0 4.8 -29.9 30.9 90.4 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, March 9, 2001 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 35.0 37.2 34.2 49.9 46.5 57.4 50.0 50.4 49.2 41.4 44.8 1

 2 Fixed nonresidential investment 0.3 0.3 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 44.0 64.5 110.6 55.1 94.7 27.5 28.7 64.7 81.8 146.0 86.2 3

 4 Credit market instruments 3.9 5.4 -0.9 6.2 -12.2 -12.4 42.6 -42.2 3.5 -6.7 -3.3 4

 5 U.S. government securities 0.9 0.5 -1.9 6.6 -8.5 -1.8 37.1 -33.8 1.5 0.6 -2.2 5

 6 Treasury 0.6 -0.1 -3.1 7.9 -7.9 -1.1 31.6 -31.4 0.6 0.1 -1.0 6

 7 Agency 0.3 0.6 1.1 -1.3 -0.6 -0.7 5.6 -2.4 0.9 0.4 -1.1 7

 8 Corporate and foreign bonds 2.8 5.0 -0.7 1.2 -2.8 0.2 1.3 -5.5 -6.6 1.7 -0.6 8

 9 Bank loans n.e.c. 0.2 -0.0 1.7 -1.6 -0.9 -10.8 4.2 -2.9 8.6 -9.0 -0.5 9

10 Miscellaneous assets 40.1 59.0 111.6 48.9 106.9 39.9 -13.9 106.9 78.4 152.7 89.4 10

11 Investment in bank subsidiaries 28.6 40.7 55.3 2.9 53.3 6.8 -14.8 80.8 35.9 54.9 41.7 11

12 Investment in nonbank subsidiaries 0.3 25.0 44.1 17.2 32.6 -22.8 -39.7 49.3 13.6 51.2 16.2 12

13 Other 11.3 -6.7 12.1 28.9 20.9 55.9 40.5 -23.2 28.8 46.6 31.5 13

14 Net increase in liabilities 9.2 27.4 76.6 5.3 48.3 -29.8 -21.3 14.4 32.7 104.6 41.4 14

15 Net interbank liabilities 7.0 0.3 10.2 4.0 0.4 4.6 -38.5 41.8 8.5 -30.8 -17.7 15

16 To domestic banks 11.2 -0.4 9.6 8.2 2.9 6.7 16.4 12.3 -0.0 -16.8 16.0 16

17 To foreign banks -4.1 0.8 0.6 -4.3 -2.4 -2.1 -54.9 29.5 8.5 -14.1 -33.7 17

18 Federal funds and security RPs (net) 0.4 0.0 0.5 0.1 -1.6 -1.1 2.6 0.8 1.8 -0.4 -8.8 18

19 Credit market instruments 2.0 19.0 24.9 25.8 23.3 25.4 29.9 8.3 31.7 30.3 22.8 19

20 Commercial paper 1.9 6.0 7.8 9.1 1.2 -13.2 35.7 -14.9 6.7 6.8 6.3 20

21 Corporate bonds 0.1 13.0 17.1 16.7 22.0 38.5 -5.8 23.2 25.0 23.5 16.5 21

22 Corporate equity issues -17.5 -30.9 -15.0 -13.8 -16.6 -28.2 -11.2 -28.3 -18.1 -6.7 -13.1 22

23 Miscellaneous liabilities 17.3 39.0 56.0 -10.8 42.8 -30.5 -4.0 -8.3 8.8 112.4 58.2 23

24 Equity, etc. -11.9 -13.1 24.7 -38.6 10.0 -56.8 -65.8 0.2 -21.9 28.2 33.3 24

25 Other 29.2 52.1 31.2 27.8 32.8 26.3 61.8 -8.5 30.7 84.1 24.9 25

26 Discrepancy -0.2 -0.2 -0.1 -0.1 -0.2 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 26

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets 1.3 5.5 9.8 3.7 7.6 8.9 2.2 2.7 7.6 11.4 8.9 3

 4 Checkable deposits and currency -0.2 -0.1 0.6 0.3 -0.6 1.6 2.4 -1.3 0.6 -2.6 1.1 4

 5 Credit market instruments 0.7 3.7 6.0 4.4 7.0 6.6 6.3 5.4 5.4 12.3 5.1 5

 6 U.S. government securities -1.0 2.1 3.2 2.6 3.1 4.6 2.1 -0.4 1.1 6.7 4.8 6

 7 Treasury -1.3 0.1 -0.7 -0.7 -1.2 -1.5 0.7 -1.2 -0.5 -0.6 -2.6 7

 8 Agency 0.2 2.0 3.9 3.3 4.3 6.0 1.4 0.8 1.6 7.3 7.4 8

 9 Municipal securities -0.1 -0.0 -0.1 0.1 0.1 -0.2 0.0 0.5 -0.0 0.0 0.1 9

10 Corporate and foreign bonds -0.1 0.1 0.5 -0.5 0.5 -0.2 0.4 -0.4 0.0 1.3 0.9 10

11 Bank loans n.e.c. 1.4 0.9 0.9 0.5 1.3 0.3 2.2 3.8 0.8 1.6 -0.9 11

12 Home mortgages 0.6 0.1 1.1 0.6 1.1 1.1 1.0 1.4 2.2 1.5 -0.6 12

13 Commercial mortgages -0.1 0.5 0.4 1.2 0.9 1.0 0.6 0.4 1.3 1.1 0.8 13

14 Miscellaneous assets 0.8 1.8 3.1 -1.0 1.2 0.7 -6.4 -1.4 1.6 1.7 2.7 14

15 Net increase in liabilities 1.4 5.1 9.4 3.8 7.0 8.5 2.1 2.2 7.2 10.8 7.8 15

16 Checkable deposits 0.5 0.4 1.2 0 0.1 -1.2 1.7 -1.4 0.0 -0.3 2.0 16

17 Small time and savings deposits 0.2 -0.0 1.0 0.8 1.6 1.4 3.2 0.4 2.5 2.3 1.4 17

18 Large time deposits 0.2 -0.0 1.0 0.8 1.6 1.4 3.2 0.4 2.5 2.3 1.4 18

19 Miscellaneous liabilities 0.6 4.7 6.3 2.2 3.6 6.9 -6.1 2.8 2.3 6.5 3.0 19

20 Discrepancy 0.0 -0.4 -0.4 0.1 -0.7 -0.5 -0.2 -0.6 -0.5 -0.7 -1.1 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, March 9, 2001

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.5 2.9 3.2 3.8 4.0 4.2 3.6 3.7 3.9 4.1 4.2 1

 2 Fixed nonresidential investment 3.5 3.8 4.2 4.6 5.2 4.6 4.7 5.0 5.2 5.3 5.3 2

 3 Net acquisition of financial assets 16.1 -8.4 60.8 63.0 67.7 74.7 22.3 39.1 87.4 82.6 61.6 3

 4 Reserves at Federal Reserve -0.5 -0.5 0.1 0.1 -1.2 -0.1 1.1 -1.8 0.1 -1.9 -1.3 4

 5 Checkable deposits and currency -1.3 1.0 3.2 1.7 -0.2 2.1 13.7 -15.3 4.7 -0.1 9.7 5

 6 Time and savings deposits 0.3 -0.4 0.5 -0.1 0.1 0.0 0.1 2.4 -2.4 -0.8 1.2 6

 7 Federal funds and security RPs -1.2 -0.8 5.5 -4.2 4.3 -1.0 -6.7 3.7 2.0 10.7 0.7 7

 8 Credit market instruments 19.9 -4.7 36.3 68.7 55.7 58.1 20.2 50.2 73.0 56.5 43.0 8

 9 Open market paper 0.1 -0.3 0 0 0 0 0 0 0 0 0 9

10 U.S. government securities -9.5 -3.6 -16.1 3.7 -8.1 -4.1 2.7 -21.0 -12.4 -2.8 3.9 10

11 Treasury -1.0 -2.8 -4.4 -0.0 -1.4 -0.7 -1.2 -0.8 -3.3 -1.4 -0.2 11

12 Agency -8.5 -0.8 -11.7 3.7 -6.7 -3.4 3.9 -20.2 -9.1 -1.5 4.1 12

13 Municipal securities 0.1 0.0 0.4 0.5 0.2 0.1 0.3 0.3 -0.2 -0.0 0.6 13

14 Corporate and foreign bonds -9.9 -9.9 29.9 23.3 -2.5 -14.6 23.0 15.0 -20.5 -13.2 8.7 14

15 Other loans and advances 3.0 3.1 5.3 6.5 8.7 4.8 9.6 11.2 7.8 10.1 5.7 15

16 Mortgages 31.6 3.5 12.3 24.7 54.9 60.4 -21.3 55.0 90.3 56.0 18.4 16

17 Consumer credit 4.6 2.5 4.4 9.9 2.5 11.6 5.9 -10.2 7.9 6.5 5.7 17

18 Corporate equities 0.6 0.2 1.5 -0.7 0.4 -1.4 0.2 1.5 -1.3 1.5 0.1 18

19 Miscellaneous assets -1.8 -3.2 13.6 -2.6 8.7 17.0 -6.4 -1.6 11.3 16.7 8.2 19

20 Net increase in liabilities 15.4 -9.5 57.6 61.8 66.3 74.2 21.4 37.1 87.1 79.2 61.6 20

21 Deposits -6.5 -25.7 -2.6 6.8 27.5 19.2 28.9 11.6 16.4 63.1 19.1 21

22 Checkable 25.4 27.1 36.1 37.2 43.1 35.9 39.6 45.2 42.8 40.6 43.9 22

23 Small time and savings -38.1 -64.4 -54.3 -38.9 -35.5 -20.5 -31.6 -60.9 -35.5 -9.9 -35.9 23

24 Large time 6.3 11.7 15.7 8.5 19.9 3.8 20.9 27.3 9.0 32.3 11.0 24

25 Security RPs -0.9 -1.9 9.5 21.4 -6.1 24.6 3.3 3.2 6.0 24.6 -58.1 25

26 Credit market instruments 25.5 19.7 52.2 48.0 27.2 51.9 5.8 40.6 59.1 -23.4 32.5 26

27 Corporate bonds -0.4 0.1 -0.2 0.2 3.5 1.4 -1.2 -0.0 0.0 2.6 11.5 27

28 Bank loans n.e.c. 1.4 3.5 10.3 -15.7 7.4 -3.2 -82.4 25.4 3.5 -1.9 2.7 28

29 Other loans and advances 24.5 16.2 42.1 63.5 16.3 53.7 89.4 15.3 55.6 -24.1 18.4 29

30 Taxes payable -0.1 0.4 0.2 0.0 0.4 1.3 -0.5 -1.4 0.3 1.5 1.3 30

31 Miscellaneous liabilities -2.5 -2.1 -1.6 -14.4 17.2 -22.8 -16.1 -16.9 5.5 13.4 66.7 31

32 Investment by parent 0.2 0.3 0.4 0.5 0.7 0.6 0.6 0.6 0.6 0.7 0.7 32

33 Other -2.7 -2.4 -2.1 -15.0 16.5 -23.3 -16.7 -17.5 4.8 12.7 66.0 33

34 Discrepancy -3.6 -2.0 -4.2 -2.0 -2.6 -1.0 -2.0 -3.3 -1.5 -4.7 -1.1 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 9, 2001 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 6.3 5.2 5.4 5.8 6.2 5.9 6.0 6.0 6.2 6.2 6.3 1

 2 Fixed nonresidential investment 1.8 2.2 2.7 2.9 3.3 2.9 3.0 3.2 3.3 3.3 3.3 2

 3 Net acquisition of financial assets 19.5 23.7 37.7 23.0 27.1 26.5 15.0 28.7 7.2 42.1 30.3 3

 4 Checkable deposits and currency 0.1 0.6 1.0 17.3 1.5 28.9 37.4 1.0 -6.3 7.7 3.6 4

 5 Time and savings deposits -0.7 0.6 6.4 -6.8 -0.2 -23.6 -10.7 3.9 -8.0 -1.1 4.3 5

 6 Federal funds and security RPs -4.9 2.0 3.4 2.4 -5.3 4.0 18.9 -16.7 -23.6 35.3 -16.1 6

 7 Credit market instruments 25.5 16.8 19.0 27.5 31.5 27.5 18.8 35.6 36.6 28.5 25.4 7

 8 Open market paper -0.3 -0.1 0.2 1.5 -0.6 0 4.1 -4.1 -2.0 3.6 -0.0 8

 9 U.S. government securities 4.1 -1.4 4.9 -0.6 -0.7 -4.4 -16.1 7.6 0.6 -9.5 -1.7 9

10 Treasury -0.9 -1.8 -2.5 -3.5 -2.5 -6.8 -4.8 -1.0 -2.1 -1.0 -5.8 10

11 Agency 4.9 0.4 7.3 2.9 1.7 2.3 -11.3 8.6 2.6 -8.5 4.1 11

12 Home mortgages 9.5 10.1 10.9 14.1 15.6 13.4 16.5 15.7 15.6 17.4 13.6 12

13 Consumer credit 12.2 8.2 3.0 12.5 17.3 18.5 14.3 16.3 22.4 17.0 13.5 13

14 Mutual fund shares -0.3 -0.2 1.2 -1.1 -0.6 0.5 -5.8 2.7 -3.8 -0.2 -1.2 14

15 Miscellaneous assets -0.2 3.8 6.8 -16.3 0.2 -10.7 -43.6 2.2 12.3 -28.1 14.3 15

16 Net increase in liabilities 16.4 20.5 34.7 20.8 22.6 23.6 12.8 24.1 4.6 36.9 24.8 16

17 Shares/deposits 16.3 20.3 33.6 17.7 22.4 20.7 5.6 28.5 1.7 33.0 26.4 17

18 Checkable 1.6 4.1 6.4 2.3 6.2 -0.6 9.9 23.7 -3.5 1.9 2.8 18

19 Small time and savings 12.3 13.2 23.1 12.3 15.4 17.2 -4.0 6.7 -0.6 33.2 22.4 19

20 Large time 2.4 2.9 4.1 3.1 0.7 4.2 -0.2 -2.0 5.7 -2.0 1.2 20

21 Other loans and advances 0.1 0.1 0.6 2.2 0.0 2.8 3.3 -2.9 0.9 1.1 1.0 21

22 Miscellaneous liabilities 0.0 0.1 0.5 0.9 0.2 0.1 3.9 -1.5 2.0 2.7 -2.6 22

23 Discrepancy 1.4 -0.2 -0.2 0.7 -1.6 0.0 0.9 -1.8 0.3 -2.4 -2.5 23

F.116 Bank Personal Trusts and Estates (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets -7.3 -44.7 -42.2 -8.8 -8.1 -8.9 -8.6 -7.0 -11.8 -7.4 -6.2 1

 2 Deposits 6.4 -2.9 6.2 8.4 4.3 8.4 8.4 4.2 5.2 3.2 4.6 2

 3 Checkable deposits and currency 0.3 0.0 -0.5 -0.1 -0.0 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 3

 4 Time and savings deposits -1.6 1.0 -2.1 0.9 0.6 0.9 0.9 1.0 0.8 0.4 0.3 4

 5 Money market fund shares 7.8 -4.0 8.8 7.5 3.7 7.5 7.5 3.2 4.4 2.8 4.3 5

 6 Credit market instruments -7.7 -25.0 -12.8 27.8 17.1 27.8 27.8 18.9 13.8 17.6 18.1 6

 7 Open market paper -2.6 -0.2 -4.5 0.6 0.6 0.6 0.6 0.7 0.4 0.8 0.5 7

 8 U.S. government securities 0.5 -10.1 -4.4 5.7 3.8 5.7 5.7 3.1 3.4 4.2 4.5 8

 9 Treasury 0.8 -5.8 -2.9 3.5 -0.6 3.5 3.5 0.0 0.2 -1.4 -1.2 9

10 Agency -0.3 -4.3 -1.5 2.2 4.4 2.2 2.2 3.1 3.2 5.6 5.7 10

11 Municipal securities -4.3 -13.3 -1.1 10.8 4.7 10.8 10.8 7.2 3.6 5.2 3.0 11

12 Corporate and foreign bonds -1.7 -0.8 -2.6 11.3 8.1 11.3 11.3 8.0 6.6 7.6 10.2 12

13 Mortgages 0.3 -0.6 -0.2 -0.6 -0.1 -0.6 -0.6 -0.1 -0.2 -0.2 -0.1 13

14 Corporate equities -17.3 -0.5 -58.9 -18.5 -20.0 -18.5 -18.5 -20.0 -20.0 -20.0 -20.0 14

15 Mutual fund shares 7.3 -14.9 14.9 -23.9 -8.0 -24.0 -23.7 -8.0 -8.0 -8.0 -8.0 15

16 Miscellaneous assets 3.9 -1.4 8.4 -2.5 -1.5 -2.5 -2.5 -2.1 -2.8 -0.2 -0.9 16

17 Net increase in liabilities (2) -5.3 -49.9 -42.5 -7.1 -7.1 -7.2 -6.9 -5.9 -10.6 -6.6 -5.5 17

18 Discrepancy 2.1 -5.3 -0.2 1.7 0.9 1.7 1.7 1.1 1.2 0.8 0.7 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, March 9, 2001

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.6 -5.8 -8.8 -9.3 -10.0 -8.8 -10.1 -10.2 -10.0 -9.9 -9.9 1

 2 Fixed nonresidential investment 11.4 11.8 12.1 13.2 14.4 13.4 13.6 13.8 14.4 14.7 14.6 2

 3 Net acquisition of financial assets 125.4 213.7 187.0 169.3 192.0 197.2 93.9 213.3 177.6 194.0 183.2 3

 4 Checkable deposits and currency -0.9 3.8 -2.7 0.0 -1.9 -0.3 6.1 -5.6 6.4 -7.9 -0.2 4

 5 Money market fund shares 39.1 32.6 17.6 23.4 8.5 41.3 13.5 5.3 -5.7 11.8 22.6 5

 6 Credit market instruments 69.6 104.8 76.9 53.5 68.7 36.8 30.7 57.2 52.0 85.9 79.7 6

 7 Open market paper 2.9 17.5 7.5 2.0 4.2 6.2 24.3 -14.0 15.7 6.5 8.5 7

 8 U.S. government securities -13.6 -1.4 -23.7 -2.3 5.2 -6.4 -11.2 13.2 -8.7 13.2 3.3 8

 9 Treasury -14.9 1.6 -14.1 -9.3 -3.4 -10.6 -10.4 -1.7 -8.4 -2.6 -1.1 9

10 Agency 1.3 -3.0 -9.6 7.0 8.7 4.2 -0.8 14.9 -0.4 15.8 4.4 10

11 Municipal securities 1.5 0.1 1.7 1.7 1.0 1.5 0.9 1.1 1.2 0.5 1.2 11

12 Corporate and foreign bonds 79.2 86.8 84.5 41.5 50.9 27.6 -0.8 64.5 28.0 52.2 59.0 12

13 Policy loans 4.5 3.2 0.1 -5.0 2.4 1.3 -0.9 -1.3 3.6 5.8 1.2 13

14 Mortgages -5.0 -1.3 6.8 15.7 5.0 6.6 18.4 -6.2 12.2 7.7 6.6 14

15 Corporate equities 46.7 86.3 115.3 111.9 93.4 111.9 98.2 102.4 119.1 81.7 70.4 15

16 Mutual fund shares 2.4 -7.2 -23.4 15.0 11.0 15.0 15.0 12.0 12.4 10.1 9.6 16

17 Miscellaneous assets -31.4 -6.7 3.5 -34.6 12.3 -7.4 -69.5 42.0 -6.5 12.5 1.1 17

18 Net increase in liabilities 92.1 186.0 173.1 152.9 177.5 184.6 66.1 188.9 177.0 178.3 165.7 18

19 Corporate equity issues -8.8 -4.0 -4.7 -6.0 -0.8 -6.8 -9.5 -6.2 12.9 -4.9 -5.0 19

20 Other loans and advances 1.1 0.2 0.7 0.7 -0.7 1.1 -4.4 -0.7 -1.1 -0.3 -0.7 20

21 Life insurance reserves 43.8 57.6 46.7 49.4 52.8 47.8 55.6 48.6 57.0 51.5 53.9 21

22 Pension fund reserves (1) 27.0 95.0 86.4 70.7 99.3 82.0 56.5 108.9 89.8 106.6 91.8 22

23 Taxes payable 0.5 1.2 1.2 1.3 1.6 1.3 1.3 1.4 1.6 1.6 1.8 23

24 Miscellaneous liabilities 28.5 36.0 42.8 36.8 25.4 59.2 -33.4 36.9 16.9 23.9 24.0 24

25 Discrepancy -42.1 -45.3 -34.9 -38.8 -38.9 -34.7 -51.6 -48.4 -25.0 -40.3 -41.9 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 1.9 0.9 3.7 4.2 4.1 0.0 4.6 4.5 4.2 3.9 3.9 1

 2 Fixed nonresidential investment 7.6 9.4 10.3 11.4 12.8 11.6 11.8 12.3 12.8 13.1 12.9 2

 3 Net acquisition of financial assets 16.2 37.1 32.1 -13.5 0.7 -1.3 -40.0 13.3 -13.4 2.6 0.1 3

 4 Checkable deposits and currency -0.9 0.3 0.2 0.1 -1.0 -1.0 3.7 -4.5 -1.2 1.6 0.0 4

 5 Security RPs -2.1 -0.2 7.6 -14.2 3.3 7.4 -24.7 25.7 2.1 1.7 -16.2 5

 6 Credit market instruments 22.5 25.2 20.4 -4.2 -5.0 -14.4 -9.4 -14.0 -18.1 6.0 6.3 6

 7 U.S. government securities -9.7 3.8 -15.3 -4.8 -3.0 -7.7 -6.1 -2.8 -7.4 0.6 -2.3 7

 8 Treasury -12.6 2.1 -18.0 -10.7 -2.3 -12.0 -11.2 -3.0 -2.6 -0.4 -3.3 8

 9 Agency 2.8 1.7 2.6 5.8 -0.7 4.3 5.1 0.3 -4.8 1.0 0.9 9

10 Municipal securities 14.4 2.6 19.2 -9.7 -1.7 -13.8 -11.6 -8.4 -3.1 2.5 2.4 10

11 Corporate and foreign bonds 18.3 18.9 16.7 10.4 -0.1 6.8 8.6 -5.4 -4.8 3.5 6.2 11

12 Commercial mortgages -0.4 -0.2 -0.2 -0.0 -0.2 0.2 -0.2 2.5 -2.8 -0.6 0.0 12

13 Corporate equities -6.8 3.0 -5.2 -2.1 -9.7 -5.8 -0.1 -9.6 -11.7 -15.9 -1.6 13

14 Trade receivables -0.1 2.7 1.6 2.0 5.6 2.3 -10.9 11.1 4.4 6.1 0.8 14

15 Miscellaneous assets 3.6 6.1 7.5 5.0 7.5 10.1 1.4 4.8 11.2 3.2 10.8 15

16 Net increase in liabilities 10.0 -1.2 16.5 5.8 13.0 23.9 -14.4 -6.7 14.2 32.5 12.0 16

17 Corporate equity issues -4.8 -13.7 -4.7 -7.8 -4.3 -7.1 -8.3 -13.1 -1.5 -1.0 -1.7 17

18 Taxes payable 2.5 1.8 2.0 2.0 2.3 2.0 2.0 2.0 2.2 2.3 2.5 18

19 Miscellaneous liabilities 12.3 10.7 19.2 11.6 15.1 28.9 -8.1 4.4 13.5 31.1 11.2 19

20 Discrepancy -11.9 -46.8 -22.3 12.1 3.7 13.7 18.3 -27.8 18.9 20.7 2.9 20
Z.1, March 9, 2001 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.3 0.3 0.4 0.4 0.9 0.4 0.4 0.8 0.9 0.9 0.9 1

 2 Fixed nonresidential investment 0.8 0.9 1.1 1.2 2.4 1.1 1.2 2.3 2.3 2.5 2.5 2

 3 Net acquisition of financial assets 4.6 -11.4 12.2 15.0 17.3 6.1 19.0 5.5 21.3 17.7 24.8 3

 4 Checkable deposits and currency 0.6 1.3 0.3 1.7 0.7 2.1 2.1 0.5 0.5 1.4 0.4 4

 5 Time and savings deposits 5.3 2.5 1.5 -7.5 1.1 -8.8 -9.3 -1.0 5.3 -2.5 2.6 5

 6 Money market fund shares 10.8 18.1 2.4 18.0 6.8 21.3 22.6 2.1 0.3 14.0 10.9 6

 7 Security RPs 4.6 0.9 1.0 0.4 0.9 0.4 0.4 0.5 0.5 1.3 1.3 7

 8 Credit market instruments -4.1 47.6 56.4 45.0 40.4 5.9 49.8 46.8 24.7 68.9 21.4 8

 9 Open market paper 5.6 1.2 2.9 3.7 -1.8 1.2 7.8 -7.6 0.4 1.2 -1.2 9

10 U.S. government securities -13.3 11.8 34.6 30.0 26.8 6.6 39.2 39.2 12.7 40.8 14.6 10

11 Treasury -2.7 4.1 14.1 10.1 13.6 -0.3 13.8 13.4 10.2 22.3 8.5 11

12 Agency -10.5 7.7 20.5 19.9 13.2 6.9 25.4 25.7 2.5 18.6 6.1 12

13 Corporate and foreign bonds 2.9 33.8 17.1 9.3 13.8 -3.9 1.0 13.2 10.2 25.1 6.6 13

14 Mortgages 0.6 0.7 1.9 1.9 1.6 2.0 1.8 2.1 1.4 1.7 1.3 14

15 Corporate equities -71.5 -137.8 -113.0 -92.2 -81.4 -67.5 -96.1 -102.4 -62.4 -114.4 -46.6 15

16 Mutual fund shares 23.0 42.7 31.7 30.7 32.5 47.5 20.5 43.7 34.8 26.6 24.8 16

17 Miscellaneous assets 35.9 13.5 32.0 18.9 16.3 5.3 29.0 15.3 17.5 22.5 9.9 17

18 Unallocated insurance contracts (2) 14.4 -1.0 21.4 13.4 9.1 0.0 21.5 9.4 7.2 14.8 4.8 18

19 Contributions receivable 4.1 7.1 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19

20 Other 17.4 7.4 8.7 4.5 6.2 4.3 6.4 4.9 9.3 6.7 4.1 20

21 Pension fund reserves (liabilities) (3) 5.1 -10.8 13.0 15.7 18.9 6.8 19.7 7.0 22.8 19.3 26.4 21

(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 0.6 0.7 0.8 0.9 0.8 0.9 0.9 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.6 1.8 2.3 2.3 2.2 2.3 2.3 2.1 2.1 2.2 2.3 2

 3 Net acquisition of financial assets 59.9 75.6 60.4 58.8 50.5 60.2 55.9 60.7 65.4 31.9 43.9 3

 4 Checkable deposits and currency 3.3 -2.2 4.7 -0.7 7.3 -0.3 -0.6 7.4 5.5 12.1 4.0 4

 5 Time and savings deposits -2.2 0.1 -0.4 -0.3 1.3 1.9 -1.7 2.9 1.3 7.6 -6.5 5

 6 Security RPs -3.3 0.4 8.9 2.8 -0.4 -6.6 4.5 20.1 5.8 -16.0 -11.4 6

 7 Credit market instruments 37.3 63.8 71.5 49.9 13.1 40.0 58.2 55.3 20.7 -32.1 8.5 7

 8 Open market paper -3.3 0.4 8.9 2.8 -0.4 -6.6 4.5 20.1 5.8 -16.0 -11.4 8

 9 U.S. government securities 17.3 31.8 19.9 13.4 6.6 -9.2 8.1 -6.2 35.4 -4.8 1.9 9

10 Treasury 11.8 13.4 0.8 -4.6 -18.7 -20.8 -16.7 -8.3 -2.5 -42.1 -21.7 10

11 Agency 5.5 18.4 19.1 17.9 25.2 11.6 24.7 2.1 37.9 37.3 23.6 11

12 Municipal securities -1.4 0.6 1.2 0.8 -0.5 3.5 -0.3 -0.5 -0.4 -2.7 1.5 12

13 Corporate and foreign bonds 23.8 30.1 35.1 35.4 7.5 58.7 49.4 41.1 -17.2 -10.5 16.4 13

14 Mortgages 0.8 0.9 6.5 -2.6 -0.0 -6.4 -3.4 0.9 -2.9 1.9 0.1 14

15 Corporate equities 71.1 76.7 68.0 58.4 25.0 68.5 53.1 39.1 19.6 21.4 20.0 15

16 Miscellaneous assets -46.2 -63.3 -92.3 -51.3 4.1 -43.3 -57.6 -64.0 12.5 38.8 29.3 16

17 Pension fund reserves (liabilities) (1) 60.9 76.7 61.9 60.2 51.9 61.6 57.4 62.0 66.7 33.3 45.4 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, March 9, 2001

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 145.4 155.9 287.2 249.1 233.5 174.3 485.5 241.0 48.2 241.9 402.8 1

 2 Foreign deposits 3.4 0.1 7.4 12.2 48.7 34.7 -45.0 54.1 68.3 8.0 64.2 2

 3 Checkable deposits and currency 2.4 2.6 -2.6 -1.2 4.4 -22.2 20.4 -3.2 -2.4 14.7 8.7 3

 4 Time and savings deposits 30.4 28.6 15.7 33.3 -23.9 0.8 90.5 -10.8 -130.3 16.9 28.7 4

 5 Security RPs 16.0 22.8 12.9 0.1 43.5 -16.3 24.9 61.7 51.2 -4.2 65.2 5

 6 Credit market instruments 88.8 87.5 244.0 182.0 149.2 224.8 354.5 208.8 -156.2 244.9 299.4 6

 7 Open market paper 38.4 62.1 78.2 104.7 95.2 118.2 133.0 173.5 -36.8 125.5 118.6 7

 8 U.S. government securities 31.3 -9.5 95.0 17.3 -18.4 34.5 136.1 -78.9 -106.5 20.3 91.7 8

 9 Treasury 20.3 -4.0 17.5 0.1 -13.7 22.3 11.7 -6.0 -48.0 5.1 -5.8 9

10 Agency 11.0 -5.5 77.5 17.1 -4.7 12.1 124.5 -72.9 -58.5 15.2 97.5 10

11 Municipal securities 16.8 22.5 26.0 17.5 34.4 6.2 40.1 34.4 23.3 22.0 57.6 11

12 Corporate and foreign bonds 2.4 12.5 44.8 42.5 38.0 65.9 45.3 79.7 -36.1 77.0 31.5 12

13 Miscellaneous assets 4.4 14.3 9.6 22.6 11.6 -47.5 40.2 -69.6 217.6 -38.4 -63.4 13

14 Net share issues (liabilities) 145.4 155.9 287.2 249.1 233.5 174.3 485.5 241.0 48.2 241.9 402.8 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 5.6 8.0 -7.6 -5.7 -4.7 -4.9 -4.0 -4.0 -4.5 -5.0 -5.3 1

 2 Net acquisition of financial assets 237.6 265.1 274.6 188.3 245.0 127.5 172.8 306.1 237.6 259.8 176.3 2

 3 Security RPs -2.7 10.3 10.4 8.5 29.3 -0.9 20.2 2.6 60.6 41.4 12.6 3

 4 Credit market instruments 48.9 80.9 124.8 47.2 26.1 -13.0 -12.7 -77.8 63.7 46.3 72.2 4

 5 Open market paper -3.1 10.6 10.4 8.5 29.3 -11.0 47.3 2.3 43.7 30.8 40.4 5

 6 U.S. government securities 15.1 19.5 26.1 12.5 6.7 -16.2 -30.0 -32.8 29.1 4.8 25.7 6

 7 Treasury 8.9 11.0 5.2 6.5 2.7 -7.7 -14.1 -15.2 12.9 2.1 11.1 7

 8 Agency 6.2 8.4 21.0 6.1 4.0 -8.5 -15.9 -17.6 16.1 2.7 14.6 8

 9 Municipal securities 3.1 6.5 22.8 -3.2 -8.8 -9.8 -32.4 -28.3 -17.9 1.6 9.4 9

10 Corporate and foreign bonds 33.8 44.4 65.5 29.3 -1.1 24.1 2.4 -19.0 8.7 9.2 -3.3 10

11 Corporate equities 193.0 166.8 143.3 136.9 191.4 143.6 170.0 387.9 113.3 169.2 95.2 11

12 Miscellaneous assets -1.7 7.1 -3.9 -4.3 -1.8 -2.3 -4.7 -6.6 -0.0 2.9 -3.6 12

13 Net share issues (liabilities) 237.6 265.1 274.6 188.3 245.0 127.5 172.8 306.1 237.6 259.8 176.3 13

14 Discrepancy 5.6 8.0 -7.6 -5.7 -4.7 -4.9 -4.0 -4.0 -4.5 -5.0 -5.3 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.123 Closed-End Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial asssets 3.2 -8.3 -10.6 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 1

 2 Credit market instruments 4.7 -2.9 4.5 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 2

 3 U.S. government securities 0.2 -1.3 -0.9 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 3

 4 Municipal securities 2.1 -0.9 0.8 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 4

 5 Corporate and foreign bonds 2.4 -0.7 4.6 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 5

 6 Corporate equities -1.5 -5.4 -15.1 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.3 6

 7 Net share issues (liabilities) 3.2 -8.3 -10.6 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7
Z.1, March 9, 2001 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.7 1.9 2.1 2.1 2.5 2.3 2.2 2.2 2.4 2.7 2.8 1

 2 Fixed nonresidential investment 0.3 0.3 0.4 0.4 0.5 0.4 0.4 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 91.7 110.8 304.4 316.7 248.8 399.0 403.8 126.8 239.2 278.9 350.4 3

 4 Checkable deposits and currency -0.8 1.2 2.5 7.4 -9.8 2.0 36.4 -44.2 2.1 -0.7 3.5 4

 5 Federal funds and security RPs -11.8 -4.1 -13.4 12.7 7.6 5.9 80.0 3.4 -39.0 51.4 14.4 5

 6 Credit market instruments 84.2 94.3 261.7 235.5 196.3 275.9 225.3 139.2 222.5 158.9 264.5 6

 7 Open market paper 9.6 -1.1 26.9 -27.1 3.2 6.0 -0.4 17.0 -13.1 29.7 -20.7 7

 8 U.S. government securities 46.7 69.1 132.5 149.9 106.8 119.4 93.0 62.3 34.7 125.0 205.3 8

 9 Treasury -12.9 7.1 -0.7 5.8 -10.0 3.4 11.0 -23.2 -18.0 -6.5 7.7 9

10 Agency 59.6 62.0 133.2 144.1 116.8 116.0 82.0 85.4 52.7 131.6 197.6 10

11 Municipal securities -0.3 -0.8 1.3 0.3 -3.0 -0.5 4.7 -6.8 -1.8 2.3 -5.7 11

12 Corporate and foreign bonds 5.6 0.3 0.5 3.2 25.0 -6.5 30.2 1.3 39.9 29.5 29.6 12

13 Other loans and advances 28.8 31.2 92.3 113.6 41.2 158.5 99.5 57.6 123.8 -44.8 28.1 13

14 Sallie Mae -1.7 -5.3 -1.4 5.1 -3.7 15.9 -7.6 -8.8 -1.8 -11.1 6.8 14

15 Farm Credit System 1.4 0 3.3 0.9 2.8 2.8 -0.4 2.1 3.3 3.3 2.4 15

16 FHLB loans 29.1 36.4 90.4 107.6 42.1 139.7 107.5 64.3 122.4 -37.0 18.8 16

17 Mortgages -6.1 -4.5 8.3 -4.3 23.0 -1.0 -1.7 7.8 38.8 17.3 28.1 17

18 Home -6.7 -4.2 5.3 -10.3 15.9 -5.6 -4.9 2.8 31.4 10.0 19.6 18

19 Multifamily residential -0.5 -1.2 0.8 4.8 5.4 2.5 3.4 5.2 4.8 4.6 6.7 19

20 Farm 1.1 1.0 2.2 1.1 1.7 2.1 -0.1 -0.2 2.6 2.7 1.8 20

21 Miscellaneous assets 20.0 19.4 53.6 61.1 54.8 115.1 62.2 28.4 53.7 69.3 67.9 21

22 Net increase in liabilities 90.7 106.2 298.6 312.1 241.5 392.7 397.4 122.9 233.0 270.5 339.8 22

23 Credit market instruments 90.4 98.4 278.3 318.2 233.1 407.1 367.9 104.9 248.9 278.1 300.5 23

24 GSE issues (2) 90.4 98.4 278.3 318.2 233.1 407.1 367.9 104.9 248.9 278.1 300.5 24

25 U.S. government loans 0 0 0 0 0 0 0 0 0 0 0 25

26 Miscellaneous liabilities 0.3 7.8 20.3 -6.0 8.5 -14.4 29.5 18.0 -15.8 -7.6 39.3 26

27 Discrepancy 0.5 -3.0 -4.1 -2.9 -5.2 -4.4 -4.7 -2.1 -4.3 -6.2 -8.2 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 USA Education, Inc., 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 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 1

 2 Home mortgages 135.4 109.3 182.1 264.6 191.1 236.2 171.6 137.2 114.4 217.6 295.3 2

 3 Multifamily residential mortgages 5.6 5.3 10.5 9.2 8.5 8.4 10.7 6.5 7.7 7.8 12.0 3

 4 Commercial mortgages -0.0 -0.0 0 0 0 0 0 0 0 0 0 4

 5 Farm mortgages -0.0 -0.0 -0.0 -0.0 0 -0.0 -0.0 0 0 0 0 5

 6 Net increase in pool securities (liabilities)(2) 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 6

(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, March 9, 2001

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.7 0.9 1.2 1.2 1.1 1.2 1.2 1.1 1.1 1.0 1.0 1

 2 Fixed nonresidential investment 6.0 3.1 3.0 -1.7 -2.1 -1.9 -2.1 -2.5 -2.8 -1.8 -1.4 2

 3 Net acquisition of financial assets 145.5 200.1 319.6 236.9 197.0 223.6 127.5 169.6 158.7 158.4 301.2 3

 4 Agency securities (1) 4.9 3.6 38.2 41.3 0.7 29.6 3.2 21.6 -2.6 -14.1 -2.0 4

 5 Other loans and advances 13.3 32.2 27.6 19.9 19.7 8.6 28.4 42.6 2.3 3.1 30.7 5

 6 Student loans 5.3 7.8 3.8 1.5 7.6 1.2 6.0 13.6 6.8 8.8 1.2 6

 7 Loans to business 8.1 24.4 23.8 18.4 12.1 7.4 22.4 29.0 -4.6 -5.7 29.5 7

 8 Mortgages (2) 48.1 80.7 156.5 92.0 86.6 80.6 62.1 54.4 76.1 95.6 120.4 8

 9 Home 31.8 54.5 94.5 49.9 44.8 28.9 29.0 34.0 33.5 51.0 60.8 9

10 Multifamily residential 4.0 5.0 12.8 8.2 6.7 8.4 4.3 3.4 4.9 6.9 11.5 10

11 Commercial 12.2 21.3 49.2 33.9 35.1 43.4 28.8 17.1 37.6 37.8 48.1 11

12 Consumer credit 54.2 47.2 59.4 62.6 56.9 93.1 0.7 26.7 44.5 35.7 120.9 12

13 Trade credit 25.0 36.3 37.9 21.1 33.0 11.7 33.0 24.2 38.4 38.0 31.3 13

14 Net increase in liabilities 150.8 202.2 321.4 234.0 193.8 220.5 124.2 166.0 154.8 155.6 298.8 14

15 Commercial paper 45.4 89.4 125.7 139.0 121.0 153.3 166.9 126.1 132.2 96.8 129.1 15

16 Corporate bonds 105.4 112.9 195.8 95.0 72.7 67.2 -42.7 39.9 22.6 58.7 169.7 16

17 Discrepancy 0 0 0 0 0.0 0 0 0.0 0.0 0.0 0.0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 5.3 2.1 1.8 -2.9 -3.2 -3.1 -3.3 -3.6 -3.9 -2.8 -2.4 18

19 REIT assets (4) -0.3 3.7 2.9 -1.0 -1.3 -0.8 0.4 0.6 -2.9 -3.0 -0.0 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 25.0 25.9 29.1 33.6 38.3 34.4 35.8 36.7 37.7 38.6 40.2 1

 2 Fixed nonresidential investment 28.1 27.1 36.5 45.5 54.1 46.7 47.4 51.6 54.8 54.5 55.3 2

 3 Net acquisition of financial assets 42.2 52.8 70.2 145.8 127.9 114.1 206.3 114.1 128.4 216.2 53.0 3

 4 Checkable deposits and currency 1.9 2.1 2.3 2.5 2.6 2.5 2.5 2.6 2.6 2.7 2.7 4

 5 Credit market instruments 18.4 21.9 51.9 94.9 99.1 91.7 114.4 132.9 138.9 81.4 43.4 5

 6 Other loans and advances 7.9 9.0 29.0 57.6 66.0 64.6 72.1 106.2 77.3 33.5 46.8 6

 7 Mortgages 10.2 5.3 14.4 24.2 21.6 29.6 20.8 8.0 32.4 19.3 26.6 7

 8 Consumer credit 0.3 7.6 8.5 13.1 11.6 -2.5 21.6 18.7 29.2 28.7 -30.1 8

 9 Miscellaneous assets 22.0 28.9 16.1 48.5 26.1 19.9 89.3 -21.4 -13.1 132.1 6.9 9

10 Net increase in liabilities 49.8 46.6 61.6 135.9 157.8 69.1 242.5 195.6 132.8 234.6 68.0 10

11 Credit market instruments 45.9 48.7 43.0 62.4 75.0 -17.2 99.2 52.3 103.9 96.9 46.8 11

12 Open market paper 9.0 23.9 30.0 -3.7 7.3 -77.5 70.4 12.2 -46.0 4.3 58.6 12

13 Corporate bonds 32.5 20.3 10.9 57.2 67.1 52.4 3.2 60.1 133.7 80.5 -5.7 13

14 Bank loans n.e.c. 4.4 4.4 2.1 8.8 0.5 7.9 25.7 -19.9 16.1 12.0 -6.2 14

15 Taxes payable 0.8 0.8 0.8 0.8 1.0 0.8 0.8 0.9 0.9 1.0 1.0 15

16 Miscellaneous liabilities 3.1 -2.9 17.8 72.7 81.8 85.4 142.5 142.4 28.0 136.7 20.2 16

17 Foreign direct investment in U.S. 5.1 6.6 1.1 7.6 5.7 6.8 10.0 5.5 2.8 9.8 4.7 17

18 Investment by parent 9.3 4.3 -2.9 62.1 22.0 76.3 157.4 85.2 -32.1 28.8 6.1 18

19 Other -11.3 -13.8 19.5 3.0 54.2 2.3 -24.9 51.7 57.4 98.2 9.4 19

20 Discrepancy 4.5 -7.4 -16.1 -21.9 14.1 -57.4 24.6 66.5 -12.7 2.5 -0.0 20

 Memo:

21 Consumer leases not included above (2) 11.7 4.3 -3.5 5.0 4.7 9.8 0.7 13.7 8.7 3.0 -6.7 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, March 9, 2001 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 8.2 -9.1 3.2 0.3 0.2 -12.1 12.3 -6.0 5.5 -0.5 2.0 1

 2 Home mortgages 8.2 -10.2 3.1 0.3 0.2 -12.0 12.3 -6.0 5.5 -0.6 1.9 2

 3 Multifamily residential mortgages -0.1 1.0 0.1 0.0 0.0 -0.1 0 0 0 0.0 0.0 3

 4 Commercial mortgages 0 0 0 0 0 0 0 0 0 0 0 4

 5 Net increase in liabilities 8.2 -9.1 3.2 0.3 0.2 -12.1 12.3 -6.0 5.5 -0.5 2.0 5

 6 Bank loans n.e.c. 4.1 -4.6 1.6 0.2 0.1 -6.1 6.2 -3.0 2.7 -0.3 1.0 6

 7 Investment by parent 4.1 -4.6 1.6 0.2 0.1 -6.1 6.2 -3.0 2.7 -0.3 1.0 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 4.1 6.8 8.4 12.3 14.1 13.3 15.5 14.6 14.2 14.0 13.4 1

 2 Fixed nonresidential investment 17.8 52.0 64.7 9.2 5.4 14.2 8.1 4.1 6.6 3.6 7.5 2

 3 Multifamily residential investment 4.4 11.3 11.4 1.6 1.0 2.5 1.4 0.7 1.2 0.6 1.3 3

 4 Net acquisition of financial assets 4.9 26.1 6.4 -2.3 -4.4 -1.8 -2.4 -14.1 -6.9 0.1 3.1 4

 5 Checkable deposits and currency 2.2 1.1 0.8 0.3 -0.2 2.6 0.1 0.4 -1.2 -1.4 1.4 5

 6 Credit market instruments 4.4 20.2 -5.1 -2.6 -7.0 -2.7 -7.0 -16.3 -2.5 -3.6 -5.4 6

 7 Agency securities 3.2 9.0 -8.1 1.1 -0.7 -1.1 -1.6 -0.4 -3.8 3.0 -1.4 7

 8 Corporate and foreign bonds 1.4 2.1 -0.4 -0.3 -0.4 -1.2 2.0 -0.7 3.5 -3.1 -1.2 8

 9 Mortgages -0.3 9.1 3.4 -3.3 -5.9 -0.4 -7.3 -15.2 -2.2 -3.5 -2.8 9

10 Home 1.1 6.0 0.8 -2.4 -4.6 0.5 -2.8 -14.4 -1.9 -1.1 -1.0 10

11 Multifamily residential -0.4 0.9 0.1 -0.6 -0.5 -0.4 -1.1 -0.8 0.9 -0.3 -2.0 11

12 Commercial -1.0 2.2 2.5 -0.4 -0.8 -0.5 -3.5 0 -1.2 -2.0 0.2 12

13 Miscellaneous assets -1.7 4.9 10.7 -0.1 2.7 -1.7 4.5 1.7 -3.2 5.1 7.1 13

14 Net increase in liabilities 29.5 92.2 86.4 17.7 8.0 30.8 15.5 2.8 10.6 8.0 10.7 14

15 Security RPs 2.8 11.2 -9.8 0.5 -3.4 -2.2 -0.4 -10.7 -7.2 4.5 -0.3 15

16 Credit market instruments 11.9 39.6 62.7 6.3 7.3 7.9 11.3 11.5 9.8 -2.4 10.4 16

17 Open market paper 0.0 0.0 0.2 -0.1 0.0 -0.1 -0.2 0 3.5 -3.4 0.0 17

18 Corporate bonds 1.3 14.8 21.7 8.9 9.9 3.2 13.4 6.6 13.2 5.6 14.3 18

19 Bank loans n.e.c. 2.7 9.9 16.0 -7.6 -10.0 -4.5 -5.1 -2.1 -16.9 -10.6 -10.2 19

20 Mortgages 7.9 14.9 24.8 5.1 7.4 9.4 3.2 7.0 10.0 6.0 6.4 20

21 Corporate equity issues 12.3 32.5 19.8 6.6 2.3 12.3 1.9 2.6 2.0 1.4 3.1 21

22 Miscellaneous liabilities 2.5 8.8 13.6 4.4 1.8 12.9 2.7 -0.6 6.0 4.5 -2.5 22

23 Discrepancy 6.6 9.5 12.2 21.5 20.1 29.2 23.8 26.7 23.9 17.7 12.2 23

 Memo:

24 Securitized assets included above -0.3 3.7 2.9 -1.0 -1.3 -0.8 0.4 0.6 -2.9 -3.0 -0.0 24

25 Agency securities 0.3 0.4 0.1 -1.3 -0.2 -1.0 -0.5 0.5 -0.4 -0.5 -0.4 25

26 Home mortgages -0.8 3.1 1.8 0.0 -0.7 0.5 0.3 1.2 -2.3 -2.3 0.4 26

27 Multifamily residential mortgages 0.3 0.2 0.4 0.1 -0.2 -0.2 0.4 -0.6 -0.1 -0.2 0 27

28 Commercial mortgages 0 0.0 0.6 0.1 -0.2 -0.1 0.2 -0.5 -0.0 -0.1 0 28
36 Z.1, March 9, 2001

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 3.9 9.2 3.2 -6.1 -1.4 -6.8 -5.8 -3.0 -1.8 -0.6 -0.4 1

 2 Fixed nonresidential investment 12.1 13.2 17.0 18.4 20.8 18.6 19.0 20.0 20.8 21.3 21.2 2

 3 Net acquisition of financial assets 68.2 142.8 142.0 79.8 211.8 81.7 195.7 715.7 -51.2 294.9 -112.1 3

 4 Checkable deposits and currency 1.9 6.0 3.7 3.3 1.3 -3.6 7.9 -6.1 -1.0 -24.6 37.1 4

 5 Credit market instruments -15.7 14.9 6.8 -34.7 71.1 -6.7 -30.5 122.5 38.1 176.8 -52.9 5

 6 Open market paper 1.6 0.6 3.8 -2.0 13.2 2.2 -13.4 24.6 24.4 29.3 -25.4 6

 7 U.S. government securities -29.9 2.7 21.7 -43.4 39.3 13.4 -30.6 26.7 30.5 113.5 -13.4 7

 8 Treasury -31.1 7.5 21.2 -58.4 41.6 -76.9 -65.3 89.4 11.3 83.4 -17.8 8

 9 Agency 1.2 -4.8 0.5 15.0 -2.3 90.3 34.6 -62.7 19.2 30.1 4.3 9

10 Municipal securities -1.9 2.4 -0.1 -1.2 -0.7 -6.0 -3.6 -4.2 -4.1 3.9 1.8 10

11 Corporate and foreign bonds 14.5 9.2 -18.6 12.0 19.2 -16.4 17.1 75.5 -12.7 30.0 -15.9 11

12 Corporate equities -1.9 2.4 -6.0 7.7 7.6 -27.1 23.8 32.5 -1.2 21.3 -22.0 12

13 Security credit 15.8 36.8 21.6 75.2 4.9 8.0 168.4 238.0 -68.5 14.3 -164.1 13

14 Miscellaneous assets 68.2 82.8 115.9 28.3 126.8 111.1 26.1 328.8 -18.6 107.2 89.8 14

15 Net increase in liabilities 71.4 141.3 148.0 95.7 224.6 98.9 212.0 729.0 -38.2 307.9 -100.1 15

16 Security RPs (net) -1.5 22.7 4.5 37.2 59.0 28.9 155.4 171.1 -74.2 181.7 -42.8 16

17 Corporate bonds -2.0 8.1 7.2 -17.2 15.6 17.8 -37.3 44.4 -0.7 25.4 -6.7 17

18 Corporate equity issues -6.5 -5.9 2.5 7.6 -4.6 29.0 -8.0 14.0 -4.8 -26.1 -1.5 18

19 Trade payables 4.0 5.7 -1.0 11.9 5.0 -6.1 3.3 11.8 22.5 -14.0 -0.4 19

20 Security credit 36.6 74.2 81.7 29.1 130.6 21.7 153.0 285.4 -31.3 89.8 178.5 20

21 Customer credit balances (HH) 35.3 52.6 61.2 47.2 80.2 59.0 154.9 196.3 -53.3 53.2 124.7 21

22 From banks 1.3 21.7 20.5 -18.1 50.4 -37.3 -2.0 89.1 22.0 36.6 53.8 22

23 Taxes payable 0.1 0.1 -0.1 0.9 -0.1 0.5 2.7 1.1 -3.0 0.2 1.0 23

24 Miscellaneous liabilities 28.4 21.6 44.2 4.1 -5.2 11.3 -96.8 169.8 42.2 4.1 -237.0 24

25 Foreign direct investment in U.S. 1.3 0.3 1.1 0.2 3.0 0.6 -0.5 5.7 2.6 1.3 2.3 25

26 Due to affiliates 42.9 70.0 92.4 57.4 29.2 -56.5 -75.2 1.3 58.5 32.4 24.5 26

27 Other -15.8 -48.7 -49.4 -53.5 -37.4 67.2 -21.1 162.8 -18.9 -29.7 -263.8 27

28 Proprietors’ net investment 12.4 14.9 9.0 22.1 24.5 -4.2 39.5 31.3 11.2 46.7 8.8 28

29 Discrepancy -5.0 -5.6 -7.8 -8.7 -9.4 -8.2 -8.5 -9.8 -9.5 -8.9 -9.6 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 105.1 118.2 120.2 259.6 133.3 93.6 538.4 46.2 197.7 4.7 284.5 1

 2 Money market fund shares 27.3 10.4 57.9 48.9 33.5 18.9 112.6 10.5 -11.2 87.4 47.3 2

 3 Credit market instruments 12.6 50.4 1.6 136.3 45.8 19.7 413.6 -42.6 176.8 -100.2 149.2 3

 4 Open market paper -0.2 53.8 -2.8 140.1 45.7 49.1 397.9 -2.6 147.5 -71.4 109.2 4

 5 Corporate and foreign bonds 12.8 -3.4 4.5 -3.8 0.1 -29.4 15.7 -40.0 29.4 -28.8 40.0 5

 6 Miscellaneous assets (2) 65.2 57.3 60.7 74.4 54.0 54.9 12.2 78.3 32.1 17.5 88.0 6

 7 Investment in foreign banking offices 13.7 14.3 11.8 2.5 45.6 56.0 -37.8 86.1 -0.1 21.5 75.0 7

 8 Investment in brokers and dealers 51.5 43.0 48.9 71.9 8.3 -1.1 49.9 -7.8 32.2 -4.0 13.0 8

 9 Net increase in liabilities 105.1 118.2 120.2 259.6 133.3 93.6 538.4 46.2 197.7 4.7 284.5 9

10 Credit market instruments 64.1 80.7 40.7 92.2 0.8 27.0 250.6 -11.4 4.0 -46.4 56.9 10

11 Open market paper 34.9 50.1 6.7 34.8 -1.2 32.5 204.0 6.1 -19.8 -36.8 45.6 11

12 Corporate bonds 29.2 30.6 34.0 57.4 2.0 -5.5 46.6 -17.6 23.8 -9.7 11.3 12

13 Miscellaneous liabilities 41.0 37.5 79.5 167.4 132.5 66.6 287.7 57.7 193.7 51.2 227.5 13

14 Foreign direct investment in U.S. 1.1 -23.4 20.0 -17.8 53.2 27.9 -238.5 89.7 28.1 64.0 31.0 14

15 Securities loaned (net) 59.9 57.2 70.0 16.3 85.8 87.6 89.2 122.9 68.1 13.1 139.1 15

16 Other -20.0 3.6 -10.5 168.9 -6.5 -48.9 437.0 -155.0 97.5 -26.0 57.4 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, March 9, 2001 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves -6.7 1.0 6.8 -8.7 1.2 -7.8 -6.1 2.2 -8.1 1.4 9.4 1

 2 U.S. gold stock and SDRs -0.4 0.4 0.1 0.0 0.7 0.7 0.9 0.7 0.7 0.7 0.7 2

 3 Federal govt.: Exchange Stab. Fund -0.4 0.4 0.1 0.0 0.7 0.7 0.9 0.7 0.7 0.7 0.7 3

 4 Monetary authority (2) -0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 0 -0.0 0 0 4

 5 U.S. foreign exchange position -6.3 0.7 6.6 -8.7 0.5 -8.5 -7.0 1.5 -8.8 0.7 8.7 5

 6 Official foreign currency holdings -7.6 -2.9 1.5 -3.3 2.8 0.5 0.2 0.5 0.5 5.9 4.3 6

 7 Treasury -3.8 -1.5 0.8 -1.6 1.4 0.3 0.1 0.3 0.3 2.9 2.2 7

 8 Monetary authority -3.8 -1.5 0.8 -1.6 1.4 0.3 0.1 0.3 0.3 2.9 2.2 8

 9 Net IMF position 1.3 3.6 5.1 -5.5 -2.3 -9.1 -7.2 0.9 -9.3 -5.2 4.3 9

10 Federal government 1.3 3.6 5.1 -5.5 -2.3 -9.1 -7.2 0.9 -9.3 -5.2 4.3 10

11 Monetary authority 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 -0.5 -0.5 0 -3.0 -4.0 -4.0 -4.0 0 -8.0 -4.0 -4.0 1

 2 Asset: Monetary authority -0.5 -0.5 0 -3.0 -4.0 -4.0 -4.0 0 -8.0 -4.0 -4.0 2

 Treasury currency:

 3 Liab: Federal government 0.5 0.5 0.6 1.0 2.4 2.0 -0.0 2.2 3.2 4.2 -0.0 3

 4 Asset: Monetary authority 1.0 0.6 0.7 1.7 3.2 1.8 2.2 4.0 3.9 3.3 1.6 4

 5 Discrepancy (seigniorage) -0.4 -0.2 -0.1 -0.7 -0.8 0.2 -2.2 -1.8 -0.7 0.9 -1.6 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability 85.9 108.9 2.0 86.5 24.5 69.4 52.7 258.5 8.5 -89.2 -80.0 1

 Held by:

 2 Household sector 12.4 6.5 0.1 5.2 -2.6 4.2 3.2 16.5 -9.5 -5.7 -11.9 2

 3 Nonfinancial corporate business 10.5 -5.1 0.8 2.6 3.5 3.2 2.0 -21.6 15.4 20.2 -0.2 3

 4 Money market mutual funds 3.4 0.1 7.4 12.2 48.7 34.7 -45.0 54.1 68.3 8.0 64.2 4

 5 Discrepancy--unallocated assets 59.6 107.4 -6.4 66.5 -25.0 27.3 92.5 209.4 -65.7 -111.7 -132.1 5
38 Z.1, March 9, 2001

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -51.6 -19.7 -32.3 17.6 -9.8 -30.8 -40.7 -71.1 177.7 -61.3 -84.6 1

 2 Monetary authority -0.5 6.1 -7.5 22.2 -27.1 -2.1 71.6 -103.6 6.4 -17.5 6.1 2

 3 Depository institution reserves -5.1 6.3 -4.5 -2.3 -5.0 -1.0 -8.6 -4.9 0.5 -3.6 -11.9 3

 4 Vault cash 4.6 -0.2 -2.9 24.5 -22.2 -1.1 80.2 -98.7 6.0 -13.9 18.0 4

 5 Commercial banking -51.2 -25.8 -24.8 -4.6 17.3 -28.7 -112.3 32.5 171.3 -43.8 -90.7 5

 6 To monetary authority 4.1 -1.6 -1.1 -1.7 1.0 0.2 -2.2 0.1 1.9 1.0 1.2 6

 7 To banks in foreign countries -52.0 -4.3 -27.1 -6.5 -1.3 -21.9 -86.4 8.0 173.7 -26.5 -160.4 7

 8 Liabilities, net -46.8 -4.2 -32.0 -7.8 -1.8 -21.7 -90.1 7.4 175.9 -28.1 -162.2 8

 9 U.S.-chartered commercial banks -31.1 13.6 23.0 45.0 64.6 -2.8 39.4 71.7 206.1 37.8 -57.3 9

10 Due to foreign affiliates -1.9 46.3 23.6 34.5 66.1 2.2 79.3 23.4 242.9 25.9 -28.0 10

11 - Due from foreign affiliates 29.2 32.7 0.5 -10.5 1.5 5.0 39.8 -48.3 36.8 -11.9 29.4 11

12 Foreign banking offices in U.S. -11.5 -18.5 -55.7 -48.6 -63.9 -16.7 -74.7 -93.9 -38.8 -51.9 -71.2 12

13 Due to foreign affiliates 10.6 -10.7 33.3 8.4 -8.3 -44.1 35.5 45.7 -100.3 -66.2 87.5 13

14 - Due from foreign affiliates 22.1 7.8 88.9 57.0 55.6 -27.4 110.2 139.6 -61.6 -14.3 158.7 14

15 Bank holding companies -4.1 0.8 0.6 -4.3 -2.4 -2.1 -54.9 29.5 8.5 -14.1 -33.7 15

16 Due to foreign affiliates -0.2 0.3 -0.1 5.5 1.7 1.8 2.0 -2.3 5.0 2.7 1.5 16

17 - Due from foreign affiliates 3.9 -0.4 -0.7 9.7 4.2 4.0 56.8 -31.9 -3.5 16.8 35.2 17

18 Less: Deposits at foreign banks 5.2 0.2 -5.0 -1.3 -0.5 0.3 -3.7 -0.7 2.2 -1.6 -1.9 18

19 U.S.-chartered commercial banks 5.2 1.0 -1.0 -1.3 -1.1 0.4 -3.7 -0.4 0.9 -2.2 -2.4 19

20 Foreign banking offices in U.S. -0.0 -0.9 -4.0 -0.0 0.6 -0.1 0 -0.2 1.3 0.6 0.6 20

21 To U.S. banking, net -3.3 -19.9 3.4 3.5 17.6 -7.0 -23.7 24.4 -4.3 -18.3 68.5 21

22 U.S.-chartered commercial banks -23.5 -6.7 -2.6 -12.1 -2.3 -35.4 -48.1 38.3 -5.6 16.9 -58.9 22

23 Liabilities -6.6 -14.7 6.0 19.6 8.6 -9.8 28.5 10.1 -1.7 -28.2 54.3 23

24 To foreign offices in U.S. -3.0 5.4 2.1 16.4 -8.9 5.9 51.8 -13.7 1.7 -9.0 -14.5 24

25 To bank holding companies -0.3 -0.2 0.6 -0.3 -0.1 -8.7 0.4 -0.6 1.0 -1.0 0.3 25

26 Unallocated -3.3 -19.9 3.4 3.5 17.6 -7.0 -23.7 24.4 -4.3 -18.3 68.5 26

 Less, due from:

27 Foreign offices in U.S. 6.0 -7.4 -1.6 23.7 8.1 27.6 59.9 -40.0 3.0 -27.4 96.9 27

28 Bank holding companies 10.9 -0.6 10.2 8.0 2.8 -2.0 16.7 11.7 1.0 -17.8 16.3 28

29 Foreign banking offices in U.S. 9.0 -12.7 -3.7 7.4 17.0 21.7 8.1 -26.2 1.3 -18.5 111.3 29

30 Due to U.S. banks 6.0 -7.4 -1.6 23.7 8.1 27.6 59.9 -40.0 3.0 -27.4 96.9 30

31 - Due from U.S. banks -3.0 5.4 2.1 16.4 -8.9 5.9 51.8 -13.7 1.7 -9.0 -14.5 31

32 Bank holding companies 11.2 -0.4 9.6 8.2 2.9 6.7 16.4 12.3 -0.0 -16.8 16.0 32

33 Due to U.S. banks 10.9 -0.6 10.2 8.0 2.8 -2.0 16.7 11.7 1.0 -17.8 16.3 33

34 - Due from U.S. banks -0.3 -0.2 0.6 -0.3 -0.1 -8.7 0.4 -0.6 1.0 -1.0 0.3 34

35 Net change in assets -48.3 0.2 -35.6 14.0 -27.4 -23.8 -17.0 -95.5 182.0 -43.0 -153.1 35

36 Rest of the world -52.0 -4.3 -27.1 -6.5 -1.3 -21.9 -86.4 8.0 173.7 -26.5 -160.4 36

37 Domestic 3.7 4.5 -8.6 20.5 -26.1 -1.9 69.4 -103.5 8.4 -16.5 7.3 37

38 Monetary authority 4.1 -1.6 -1.1 -1.7 1.0 0.2 -2.2 0.1 1.9 1.0 1.2 38

39 Federal Reserve float 4.2 -3.6 0.9 -1.9 1.2 -0.8 -1.2 0.1 0.8 1.5 2.2 39

40 Loans to member banks -0.1 2.0 -2.0 0.2 -0.1 1.0 -1.0 0.0 1.1 -0.6 -1.0 40

41 Commercial banking -0.0 6.6 -7.6 22.1 -25.9 -2.0 70.5 -101.9 6.4 -15.6 7.4 41

42 Reserves at Federal Reserve -4.6 6.8 -4.6 -2.4 -3.8 -0.9 -9.7 -3.1 0.4 -1.7 -10.6 42

43 Vault cash 4.6 -0.2 -2.9 24.5 -22.2 -1.1 80.2 -98.7 6.0 -13.9 18.0 43

44 Savings insts.: Reserves at Fed. Res. -0.5 -0.5 0.1 0.1 -1.2 -0.1 1.1 -1.8 0.1 -1.9 -1.3 44

45 Discrepancy--floats, etc. -3.3 -19.9 3.4 3.5 17.6 -7.0 -23.7 24.4 -4.3 -18.3 68.5 45
Z.1, March 9, 2001 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 15.7 41.2 47.4 151.4 -71.1 139.3 365.2 -219.1 -65.0 49.2 -49.4 1

 2 Monetary authority 23.3 29.9 38.3 108.7 -35.7 94.9 278.8 -203.0 -0.6 60.2 0.7 2

 3 Federal government cash and deposits 1.7 -2.3 0.5 22.3 -22.9 39.3 84.5 -97.0 -29.8 50.7 -15.5 3

 4 Deposits due to foreign -0.2 0.3 -0.3 -0.1 0.1 -0.7 -0.7 0.2 -0.1 0.1 0.3 4

 5 Currency outside banks 21.8 31.9 38.0 86.4 -12.9 56.3 195.0 -106.2 29.3 9.4 15.9 5

 6 Commercial banking -34.6 -19.8 -33.4 3.2 -84.8 9.2 36.9 -85.0 -103.7 -53.5 -96.8 6

 7 Federal government deposits 9.7 -0.9 -14.6 36.4 -33.2 31.7 49.7 -39.9 -17.4 -20.3 -55.0 7

 8 Deposits due to foreign 2.8 4.8 -1.5 13.4 -9.5 33.8 -6.1 -54.7 5.9 4.7 6.1 8

 9 Private domestic deposits -47.1 -23.7 -17.3 -46.6 -42.1 -56.4 -6.8 9.6 -92.2 -37.9 -47.9 9

10 Savings institutions 25.4 27.1 36.1 37.2 43.1 35.9 39.6 45.2 42.8 40.6 43.9 10

11 Credit unions 1.6 4.1 6.4 2.3 6.2 -0.6 9.9 23.7 -3.5 1.9 2.8 11

12 Net change in assets 15.7 41.2 47.4 151.4 -71.1 139.3 365.2 -219.1 -65.0 49.2 -49.4 12

13 Household sector -59.9 -46.4 46.4 -54.8 -79.3 -67.7 -0.6 0.5 -116.9 -79.4 -121.4 13

14 Nonfinancial business 45.3 42.7 -6.1 71.9 73.0 65.1 30.9 73.2 86.2 100.3 32.3 14

15 Corporate 36.8 30.7 -18.0 63.7 64.8 56.6 21.9 66.1 78.0 92.1 23.0 15

16 Nonfarm noncorporate 8.5 11.8 10.0 9.0 8.9 9.4 9.9 8.0 9.0 8.6 9.9 16

17 Farm -0.0 0.2 1.9 -0.8 -0.6 -0.8 -0.8 -0.8 -0.8 -0.4 -0.5 17

18 State and local governments -5.5 4.4 -3.9 3.9 -6.4 5.0 9.6 -6.2 -8.8 -14.5 4.0 18

19 Federal government 11.0 -0.5 -16.7 66.2 -65.5 62.4 143.5 -165.5 -44.6 32.3 -84.3 19

20 Rest of the world 19.9 29.9 14.8 40.0 -8.2 51.9 58.9 -81.9 9.8 7.9 31.4 20

21 Checkable deposits 2.6 5.1 -1.8 13.4 -9.3 33.1 -6.7 -54.5 5.9 4.9 6.4 21

22 Currency 17.4 24.8 16.6 26.6 1.1 18.8 65.6 -27.4 4.0 3.0 24.9 22

23 Financial sectors 8.5 17.8 13.4 32.5 4.2 14.2 132.0 -68.5 10.5 2.7 72.1 23

24 Commercial banking -0.2 -0.1 0.6 0.3 -0.6 1.6 2.4 -1.3 0.6 -2.6 1.1 24

25 Savings institutions -1.3 1.0 3.2 1.7 -0.2 2.1 13.7 -15.3 4.7 -0.1 9.7 25

26 Credit unions 0.1 0.6 1.0 17.3 1.5 28.9 37.4 1.0 -6.3 7.7 3.6 26

27 Bank personal trusts and estates 0.3 0.0 -0.5 -0.1 -0.0 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 27

28 Life insurance companies -0.9 3.8 -2.7 0.0 -1.9 -0.3 6.1 -5.6 6.4 -7.9 -0.2 28

29 Other insurance companies -0.9 0.3 0.2 0.1 -1.0 -1.0 3.7 -4.5 -1.2 1.6 0.0 29

30 Private pension funds 0.6 1.3 0.3 1.7 0.7 2.1 2.1 0.5 0.5 1.4 0.4 30

31 State and local govt. retirement funds 3.3 -2.2 4.7 -0.7 7.3 -0.3 -0.6 7.4 5.5 12.1 4.0 31

32 Money market mutual funds 2.4 2.6 -2.6 -1.2 4.4 -22.2 20.4 -3.2 -2.4 14.7 8.7 32

33 Government-sponsored enterprises -0.8 1.2 2.5 7.4 -9.8 2.0 36.4 -44.2 2.1 -0.7 3.5 33

34 Finance companies 1.9 2.1 2.3 2.5 2.6 2.5 2.5 2.6 2.6 2.7 2.7 34

35 REITs 2.2 1.1 0.8 0.3 -0.2 2.6 0.1 0.4 -1.2 -1.4 1.4 35

36 Brokers and dealers 1.9 6.0 3.7 3.3 1.3 -3.6 7.9 -6.1 -1.0 -24.6 37.1 36

37 Mail float -3.6 -6.6 -0.5 -8.2 11.1 8.4 -9.2 29.3 -1.2 -0.0 16.5 37
40 Z.1, March 9, 2001

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 211.3 219.6 244.5 175.3 309.0 221.8 387.4 253.5 238.7 379.9 363.7 1

 2 Small time and savings deposits 97.2 97.1 152.4 44.7 193.0 119.1 28.0 104.3 130.3 238.5 298.8 2

 3 Commercial banking 123.1 148.3 183.7 71.3 213.1 122.4 63.6 158.5 166.3 215.1 312.3 3

 4 U.S.-chartered commercial banks 122.8 143.9 186.3 72.4 210.0 120.6 59.3 159.4 162.0 217.6 300.9 4

 5 Foreign banking offices in U.S. 0.1 4.4 -3.6 -1.9 1.4 0.4 1.0 -1.3 1.8 -4.7 10.0 5

 6 Banks in U.S.-affiliated areas 0.2 -0.0 1.0 0.8 1.6 1.4 3.2 0.4 2.5 2.3 1.4 6

 7 Savings institutions -38.1 -64.4 -54.3 -38.9 -35.5 -20.5 -31.6 -60.9 -35.5 -9.9 -35.9 7

 8 Credit unions 12.3 13.2 23.1 12.3 15.4 17.2 -4.0 6.7 -0.6 33.2 22.4 8

 9 Large time deposits (1) 114.0 122.5 92.1 130.6 116.0 102.7 359.4 149.2 108.4 141.5 64.9 9

10 Commercial banking 105.3 107.9 72.3 119.0 95.4 94.8 338.8 123.9 93.7 111.2 52.7 10

11 U.S.-chartered commercial banks 49.5 63.2 34.8 61.5 88.1 67.0 110.4 86.7 148.8 62.3 54.6 11

12 Foreign banking offices in U.S. 55.6 44.7 36.5 56.7 5.6 26.4 225.2 36.7 -57.6 46.6 -3.4 12

13 Banks in U.S.-affiliated areas 0.2 -0.0 1.0 0.8 1.6 1.4 3.2 0.4 2.5 2.3 1.4 13

14 Savings institutions 6.3 11.7 15.7 8.5 19.9 3.8 20.9 27.3 9.0 32.3 11.0 14

15 Credit unions 2.4 2.9 4.1 3.1 0.7 4.2 -0.2 -2.0 5.7 -2.0 1.2 15

16 Net change in assets 211.3 219.6 244.5 175.3 309.0 221.8 387.4 253.5 238.7 379.9 363.7 16

17 Household sector 145.5 153.8 184.9 115.7 300.9 189.6 216.9 303.6 333.7 314.9 251.5 17

18 Nonfinancial business 11.4 13.5 11.1 13.5 14.9 19.0 18.6 -19.8 16.7 38.7 24.1 18

19 Corporate 0.7 -7.3 -5.0 1.4 7.1 5.7 4.7 -24.8 6.7 31.7 14.8 19

20 Nonfarm noncorporate 10.7 20.8 16.1 12.1 7.8 13.3 13.9 5.0 10.0 7.0 9.3 20

21 State and local governments 10.6 5.8 12.8 10.9 7.5 15.8 27.1 -19.5 19.2 10.3 20.0 21

22 Federal government 1.4 1.0 1.3 0.7 1.0 2.1 3.2 0.4 1.0 2.1 0.4 22

23 Rest of the world 10.9 13.1 13.0 15.0 5.7 24.2 51.7 -9.5 1.4 -6.4 37.2 23

24 Financial sectors 31.5 32.5 21.5 19.6 -21.0 -28.9 69.8 -1.6 -133.3 20.4 30.6 24

25 Savings institutions 0.3 -0.4 0.5 -0.1 0.1 0.0 0.1 2.4 -2.4 -0.8 1.2 25

26 Credit unions -0.7 0.6 6.4 -6.8 -0.2 -23.6 -10.7 3.9 -8.0 -1.1 4.3 26

27 Bank personal trusts and estates -1.6 1.0 -2.1 0.9 0.6 0.9 0.9 1.0 0.8 0.4 0.3 27

28 Private pension funds 5.3 2.5 1.5 -7.5 1.1 -8.8 -9.3 -1.0 5.3 -2.5 2.6 28

29 State and local govt. retirement funds -2.2 0.1 -0.4 -0.3 1.3 1.9 -1.7 2.9 1.3 7.6 -6.5 29

30 Money market mutual funds 30.4 28.6 15.7 33.3 -23.9 0.8 90.5 -10.8 -130.3 16.9 28.7 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 145.4 155.9 287.2 249.1 233.5 174.3 485.5 241.0 48.2 241.9 402.8 1

 2 Net purchases 145.4 155.9 287.2 249.1 233.5 174.3 485.5 241.0 48.2 241.9 402.8 2

 3 Household sector 50.0 74.3 154.9 115.0 153.5 57.0 238.3 212.0 68.1 51.4 282.6 3

 4 Nonfinancial corporate business 9.9 23.9 45.1 35.9 27.1 27.8 90.6 7.6 -8.1 74.2 34.7 4

 5 Nonfarm noncorporate business 0.6 0.6 0.5 0.4 0.4 0.5 0.5 0.4 0.4 0.3 0.3 5

 6 Bank personal trusts and estates 7.8 -4.0 8.8 7.5 3.7 7.5 7.5 3.2 4.4 2.8 4.3 6

 7 Life insurance companies 39.1 32.6 17.6 23.4 8.5 41.3 13.5 5.3 -5.7 11.8 22.6 7

 8 Private pension funds 10.8 18.1 2.4 18.0 6.8 21.3 22.6 2.1 0.3 14.0 10.9 8

 9 Funding corporations 27.3 10.4 57.9 48.9 33.5 18.9 112.6 10.5 -11.2 87.4 47.3 9
Z.1, March 9, 2001 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 41.4 120.9 91.3 169.7 113.0 191.4 310.5 284.1 130.4 238.2 -200.6 1

 2 Commercial banking (net) 41.0 89.0 87.0 110.6 63.5 140.1 152.1 120.4 205.8 27.4 -99.4 2

 3 U.S.-chartered commercial banks 28.7 63.4 66.8 128.7 12.8 167.8 185.1 112.7 138.0 -75.5 -124.0 3

 4 Foreign banking offices in U.S. 12.0 25.6 19.7 -18.3 52.4 -26.7 -35.5 6.9 66.0 103.3 33.4 4

 5 Bank holding companies 0.4 0.0 0.5 0.1 -1.6 -1.1 2.6 0.8 1.8 -0.4 -8.8 5

 6 Savings institutions -0.9 -1.9 9.5 21.4 -6.1 24.6 3.3 3.2 6.0 24.6 -58.1 6

 7 REITs 2.8 11.2 -9.8 0.5 -3.4 -2.2 -0.4 -10.7 -7.2 4.5 -0.3 7

 8 Brokers and dealers (net) -1.5 22.7 4.5 37.2 59.0 28.9 155.4 171.1 -74.2 181.7 -42.8 8

 9 Net change in assets 39.1 57.8 30.0 139.6 -1.6 58.1 536.3 -277.1 102.8 118.8 49.1 9

10 Nonfinancial corporate business 1.5 0.7 -1.3 0.9 -2.2 7.6 -1.1 2.9 -5.9 -1.8 -4.0 10

11 State and local governments 32.1 3.6 7.2 5.0 9.7 11.5 -12.5 51.3 -9.4 12.0 -15.0 11

12 Rest of the world 3.2 20.0 -18.8 14.8 4.9 -5.6 19.9 -16.9 49.4 6.5 -19.3 12

13 Financial sectors 2.3 33.6 42.9 118.9 -14.1 44.7 530.0 -314.4 68.6 102.1 87.4 13

14 Monetary authority 7.7 2.3 6.5 110.3 -97.3 51.7 412.4 -415.4 9.0 -19.5 36.9 14

15 Savings institutions -1.2 -0.8 5.5 -4.2 4.3 -1.0 -6.7 3.7 2.0 10.7 0.7 15

16 Credit unions -4.9 2.0 3.4 2.4 -5.3 4.0 18.9 -16.7 -23.6 35.3 -16.1 16

17 Other insurance companies -2.1 -0.2 7.6 -14.2 3.3 7.4 -24.7 25.7 2.1 1.7 -16.2 17

18 Private pension funds 4.6 0.9 1.0 0.4 0.9 0.4 0.4 0.5 0.5 1.3 1.3 18

19 State and local govt. retirement funds -3.3 0.4 8.9 2.8 -0.4 -6.6 4.5 20.1 5.8 -16.0 -11.4 19

20 Money market mutual funds 16.0 22.8 12.9 0.1 43.5 -16.3 24.9 61.7 51.2 -4.2 65.2 20

21 Mutual funds -2.7 10.3 10.4 8.5 29.3 -0.9 20.2 2.6 60.6 41.4 12.6 21

22 Government-sponsored enterprises -11.8 -4.1 -13.4 12.7 7.6 5.9 80.0 3.4 -39.0 51.4 14.4 22

23 Discrepancy--unallocated assets 2.4 63.2 61.3 30.1 114.6 133.2 -225.9 561.2 27.6 119.3 -249.6 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 102.6 184.1 193.1 229.9 207.6 180.7 556.6 218.4 199.8 128.4 283.6 1

 2 Commercial paper 101.6 186.8 202.5 232.8 208.2 185.9 554.5 217.1 199.1 130.9 285.8 2

 3 Nonfinancial corporate business -0.9 13.7 24.4 37.4 48.1 49.8 44.0 29.8 110.4 56.1 -4.0 3

 4 Foreign issues in U.S. 11.3 3.7 7.8 16.3 31.7 41.1 33.6 57.8 12.0 7.0 50.1 4

 5 Nonfinancial -1.9 -2.3 -1.6 8.2 10.9 22.1 14.2 36.6 19.7 -13.8 1.2 5

 6 Financial 13.2 6.0 9.4 8.1 20.8 19.0 19.3 21.2 -7.6 20.9 48.9 6

 7 Financial sectors 91.3 169.4 170.3 179.2 128.4 95.0 476.8 129.5 76.7 67.7 239.7 7

 8 Commercial banking 1.9 6.0 7.8 9.1 1.2 -13.2 35.7 -14.9 6.7 6.8 6.3 8

 9 ABS issuers 45.4 89.4 125.7 139.0 121.0 153.3 166.9 126.1 132.2 96.8 129.1 9

10 Finance companies 9.0 23.9 30.0 -3.7 7.3 -77.5 70.4 12.2 -46.0 4.3 58.6 10

11 REITs 0.0 0.0 0.2 -0.1 0.0 -0.1 -0.2 0 3.5 -3.4 0.0 11

12 Funding corporations 34.9 50.1 6.7 34.8 -1.2 32.5 204.0 6.1 -19.8 -36.8 45.6 12

13 Bankers acceptances (1) 1.0 -2.7 -9.4 -2.9 -0.7 -5.2 2.1 1.3 0.7 -2.5 -2.2 13

14 Net purchases, by sector 102.6 184.1 193.1 229.9 207.6 180.7 556.6 218.4 199.8 128.4 283.6 14

15 Household sector 6.7 1.5 1.5 2.0 3.0 2.0 2.0 3.0 3.0 3.0 3.0 15

16 Nonfinancial corporate business 11.4 4.6 -5.2 3.9 -0.6 -7.8 -18.6 7.7 0.8 3.7 -14.5 16

17 State and local governments 20.3 14.3 28.0 1.9 7.6 -2.9 -10.3 6.9 17.5 -4.0 10.0 17

18 Rest of the world 14.4 19.9 37.6 -13.1 8.8 22.4 -23.3 -9.4 -7.1 -14.2 65.9 18

19 Monetary authority 0 0 0 0 0 0 0 0 0 0 0 19

20 Commercial banking (1) 0.8 -0.8 -0.2 0.3 0.1 1.1 1.1 0.4 -0.4 -0.1 0.7 20

21 Savings institutions 0.1 -0.3 0 0 0 0 0 0 0 0 0 21

22 Credit unions -0.3 -0.1 0.2 1.5 -0.6 0 4.1 -4.1 -2.0 3.6 -0.0 22

23 Bank personal trusts and estates -2.6 -0.2 -4.5 0.6 0.6 0.6 0.6 0.7 0.4 0.8 0.5 23

24 Life insurance companies 2.9 17.5 7.5 2.0 4.2 6.2 24.3 -14.0 15.7 6.5 8.5 24

25 Private pension funds 5.6 1.2 2.9 3.7 -1.8 1.2 7.8 -7.6 0.4 1.2 -1.2 25

26 State and local govt. retirement funds -3.3 0.4 8.9 2.8 -0.4 -6.6 4.5 20.1 5.8 -16.0 -11.4 26

27 Money market mutual funds 38.4 62.1 78.2 104.7 95.2 118.2 133.0 173.5 -36.8 125.5 118.6 27

28 Mutual funds -3.1 10.6 10.4 8.5 29.3 -11.0 47.3 2.3 43.7 30.8 40.4 28

29 Government-sponsored enterprises 9.6 -1.1 26.9 -27.1 3.2 6.0 -0.4 17.0 -13.1 29.7 -20.7 29

30 Brokers and dealers 1.6 0.6 3.8 -2.0 13.2 2.2 -13.4 24.6 24.4 29.3 -25.4 30

31 Funding corporations -0.2 53.8 -2.8 140.1 45.7 49.1 397.9 -2.6 147.5 -71.4 109.2 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, March 9, 2001

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 146.6 23.2 -54.6 -71.0 -294.9 -68.9 -34.0 -213.5 -415.8 -217.1 -333.3 1

 2 Savings bonds 2.0 -0.5 0.1 -0.2 -1.7 -0.5 -0.9 -3.6 -2.2 -0.7 -0.4 2

 3 Other Treasury issues 144.6 23.7 -54.7 -70.8 -293.2 -68.5 -33.1 -209.9 -413.6 -216.5 -332.9 3

 4 Net purchases 146.6 23.2 -54.6 -71.0 -294.9 -68.9 -34.0 -213.5 -415.8 -217.1 -333.3 4

 5 Household sector -41.6 -157.2 -101.7 -33.9 -203.4 -90.0 143.8 -270.1 -217.6 -220.4 -105.4 5

 6 Savings bonds 2.0 -0.5 0.1 -0.2 -1.7 -0.5 -0.9 -3.6 -2.2 -0.7 -0.4 6

 7 Other Treasury issues -43.6 -156.7 -101.8 -33.7 -201.7 -89.6 144.7 -266.5 -215.4 -219.8 -105.0 7

 8 Nonfinancial corporate business -10.0 -20.2 -2.2 -3.7 -1.7 0.4 -5.3 8.6 3.3 -4.1 -14.5 8

 9 Nonfarm noncorporate business -1.2 -0.6 0.1 0.6 1.3 0.0 0.6 0.9 1.1 1.5 1.8 9

10 State and local governments -32.8 -17.7 30.0 -2.5 -20.6 -20.7 -20.3 -36.5 -13.7 -28.3 -4.1 10

11 Rest of the world 270.7 139.7 38.7 -8.3 -63.7 90.4 -48.3 27.8 -98.4 -86.6 -97.5 11

12 Monetary authority 12.7 39.8 21.4 25.8 33.7 20.7 -42.0 103.5 -3.8 27.4 7.9 12

13 Commercial banking -16.9 8.3 -56.1 12.7 -44.7 38.1 22.4 -90.1 -35.2 37.1 -90.7 13

14 U.S.-chartered commercial banks -34.7 -6.1 -42.1 -1.9 -35.0 8.7 -14.3 -35.9 -13.8 7.6 -97.8 14

15 Foreign banking offices in U.S. 18.4 14.4 -10.3 7.5 -0.6 32.0 4.5 -21.5 -21.5 29.9 10.7 15

16 Bank holding companies 0.6 -0.1 -3.1 7.9 -7.9 -1.1 31.6 -31.4 0.6 0.1 -1.0 16

17 Banks in U.S.-affiliated areas -1.3 0.1 -0.7 -0.7 -1.2 -1.5 0.7 -1.2 -0.5 -0.6 -2.6 17

18 Savings institutions -1.0 -2.8 -4.4 -0.0 -1.4 -0.7 -1.2 -0.8 -3.3 -1.4 -0.2 18

19 Credit unions -0.9 -1.8 -2.5 -3.5 -2.5 -6.8 -4.8 -1.0 -2.1 -1.0 -5.8 19

20 Bank personal trusts and estates 0.8 -5.8 -2.9 3.5 -0.6 3.5 3.5 0.0 0.2 -1.4 -1.2 20

21 Life insurance companies -14.9 1.6 -14.1 -9.3 -3.4 -10.6 -10.4 -1.7 -8.4 -2.6 -1.1 21

22 Other insurance companies -12.6 2.1 -18.0 -10.7 -2.3 -12.0 -11.2 -3.0 -2.6 -0.4 -3.3 22

23 Private pension funds -2.7 4.1 14.1 10.1 13.6 -0.3 13.8 13.4 10.2 22.3 8.5 23

24 State and local govt. retirement funds 11.8 13.4 0.8 -4.6 -18.7 -20.8 -16.7 -8.3 -2.5 -42.1 -21.7 24

25 Money market mutual funds 20.3 -4.0 17.5 0.1 -13.7 22.3 11.7 -6.0 -48.0 5.1 -5.8 25

26 Mutual funds 8.9 11.0 5.2 6.5 2.7 -7.7 -14.1 -15.2 12.9 2.1 11.1 26

27 Closed-end funds 0.2 -1.3 -0.9 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 -1.2 27

28 Government-sponsored enterprises -12.9 7.1 -0.7 5.8 -10.0 3.4 11.0 -23.2 -18.0 -6.5 7.7 28

29 Brokers and dealers -31.1 7.5 21.2 -58.4 41.6 -76.9 -65.3 89.4 11.3 83.4 -17.8 29

 Memo:

30 Federal government borrowing (1) 145.0 23.1 -52.6 -71.2 -295.9 -68.9 -34.0 -215.5 -414.0 -219.5 -334.5 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, March 9, 2001 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 229.8 212.8 472.9 591.7 431.8 651.6 550.2 246.5 372.8 501.1 606.7 1

 2 Budget agencies -1.6 -0.1 2.0 -0.2 -1.0 0.0 0.0 -2.1 1.8 -2.4 -1.2 2

 3 Government-sponsored enterprises 90.4 98.4 278.3 318.2 233.1 407.1 367.9 104.9 248.9 278.1 300.5 3

 4 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 4

 5 Net purchases 229.8 212.8 472.9 591.7 431.8 651.6 550.2 246.5 372.8 501.1 606.7 5

 6 Household sector 109.1 17.5 -30.6 147.0 66.8 254.1 138.2 15.5 151.7 96.3 3.8 6

 7 Nonfinancial corporate business 5.1 -20.5 3.1 2.3 5.2 4.6 1.2 10.7 8.0 2.8 -0.7 7

 8 State and local governments -35.3 -0.8 63.6 28.5 23.5 -37.3 22.0 23.1 26.9 24.0 20.0 8

 9 Federal government 0 0 0 0 0 0 0 0 0 0 0 9

10 Rest of the world 41.7 49.8 56.7 94.1 153.3 92.0 96.7 138.7 117.3 171.4 185.8 10

11 Monetary authority -0.4 -1.5 -0.3 -0.2 -0.1 -0.1 -0.2 -0.1 -0.0 -0.0 0 11

12 Commercial banking 28.2 75.5 91.4 35.7 23.1 71.8 16.3 70.6 13.8 -30.1 38.3 12

13 U.S.-chartered commercial banks 15.3 60.4 81.6 29.3 18.8 48.2 0.1 75.3 15.3 -40.0 24.5 13

14 Foreign banking offices in U.S. 12.4 12.5 4.8 4.3 0.6 18.2 9.2 -3.1 -4.0 2.2 7.5 14

15 Bank holding companies 0.3 0.6 1.1 -1.3 -0.6 -0.7 5.6 -2.4 0.9 0.4 -1.1 15

16 Banks in U.S.-affiliated areas 0.2 2.0 3.9 3.3 4.3 6.0 1.4 0.8 1.6 7.3 7.4 16

17 Savings institutions -8.5 -0.8 -11.7 3.7 -6.7 -3.4 3.9 -20.2 -9.1 -1.5 4.1 17

18 Credit unions 4.9 0.4 7.3 2.9 1.7 2.3 -11.3 8.6 2.6 -8.5 4.1 18

19 Bank personal trusts and estates -0.3 -4.3 -1.5 2.2 4.4 2.2 2.2 3.1 3.2 5.6 5.7 19

20 Life insurance companies 1.3 -3.0 -9.6 7.0 8.7 4.2 -0.8 14.9 -0.4 15.8 4.4 20

21 Other insurance companies 2.8 1.7 2.6 5.8 -0.7 4.3 5.1 0.3 -4.8 1.0 0.9 21

22 Private pension funds -10.5 7.7 20.5 19.9 13.2 6.9 25.4 25.7 2.5 18.6 6.1 22

23 State and local govt. retirement funds 5.5 18.4 19.1 17.9 25.2 11.6 24.7 2.1 37.9 37.3 23.6 23

24 Money market mutual funds 11.0 -5.5 77.5 17.1 -4.7 12.1 124.5 -72.9 -58.5 15.2 97.5 24

25 Mutual funds 6.2 8.4 21.0 6.1 4.0 -8.5 -15.9 -17.6 16.1 2.7 14.6 25

26 Government-sponsored enterprises 59.6 62.0 133.2 144.1 116.8 116.0 82.0 85.4 52.7 131.6 197.6 26

27 ABS issuers 4.9 3.6 38.2 41.3 0.7 29.6 3.2 21.6 -2.6 -14.1 -2.0 27

28 REITs 3.2 9.0 -8.1 1.1 -0.7 -1.1 -1.6 -0.4 -3.8 3.0 -1.4 28

29 Brokers and dealers 1.2 -4.8 0.5 15.0 -2.3 90.3 34.6 -62.7 19.2 30.1 4.3 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, March 9, 2001

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 2.6 71.4 96.8 68.2 35.3 71.3 52.5 8.9 34.0 29.8 68.6 1

 2 State and local governments -7.2 57.3 79.1 52.7 28.2 52.6 35.2 5.4 22.4 25.0 60.0 2

 3 Short-term (1) 6.3 8.3 -6.3 3.6 3.2 2.9 2.4 6.5 9.7 -10.1 6.7 3

 4 Long-term -13.4 49.0 85.4 49.1 25.0 49.7 32.8 -1.1 12.8 35.1 53.3 4

 5 Nonprofit organizations (2) 6.6 10.0 12.0 10.4 5.8 13.4 12.1 2.2 11.2 4.3 5.4 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 3.1 4.2 5.8 5.1 1.4 5.2 5.2 1.3 0.3 0.5 3.3 6

 7 Net change in assets 2.6 71.4 96.8 68.2 35.3 71.3 52.5 8.9 34.0 29.8 68.6 7

 8 Household sector -22.1 53.7 15.4 44.5 -8.7 37.6 57.7 -6.4 14.2 -26.3 -16.2 8

 9 Nonfinancial corporate business -5.8 -3.6 2.3 -3.9 8.8 32.7 -21.4 7.6 9.2 10.5 7.7 9

10 State and local governments -0.5 -0.7 -1.4 -1.5 0.6 -1.7 -1.5 -1.7 1.6 3.2 -0.8 10

11 Commercial banking 0.9 2.4 8.2 5.8 3.4 4.8 3.2 8.8 2.6 1.5 0.6 11

12 Savings institutions 0.1 0.0 0.4 0.5 0.2 0.1 0.3 0.3 -0.2 -0.0 0.6 12

13 Bank personal trusts and estates -4.3 -13.3 -1.1 10.8 4.7 10.8 10.8 7.2 3.6 5.2 3.0 13

14 Life insurance companies 1.5 0.1 1.7 1.7 1.0 1.5 0.9 1.1 1.2 0.5 1.2 14

15 Other insurance companies 14.4 2.6 19.2 -9.7 -1.7 -13.8 -11.6 -8.4 -3.1 2.5 2.4 15

16 State and local govt. retirement funds -1.4 0.6 1.2 0.8 -0.5 3.5 -0.3 -0.5 -0.4 -2.7 1.5 16

17 Money market mutual funds 16.8 22.5 26.0 17.5 34.4 6.2 40.1 34.4 23.3 22.0 57.6 17

18 Mutual funds 3.1 6.5 22.8 -3.2 -8.8 -9.8 -32.4 -28.3 -17.9 1.6 9.4 18

19 Closed-end funds 2.1 -0.9 0.8 5.7 5.7 5.7 5.7 5.7 5.7 5.7 5.7 19

20 Government-sponsored enterprises -0.3 -0.8 1.3 0.3 -3.0 -0.5 4.7 -6.8 -1.8 2.3 -5.7 20

21 Brokers and dealers -1.9 2.4 -0.1 -1.2 -0.7 -6.0 -3.6 -4.2 -4.1 3.9 1.8 21

(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 357.0 422.4 550.4 465.9 397.2 426.3 131.5 398.4 357.2 452.0 381.2 1

 2 Nonfinancial corporate business 116.3 150.5 218.7 229.9 175.0 202.8 155.2 186.2 153.8 184.4 175.6 2

 3 Rest of the world (1) 67.0 61.4 34.8 14.2 18.7 44.0 -2.7 45.7 -27.4 71.7 -15.3 3

 4 Financial sectors 173.8 210.5 296.9 221.8 203.5 179.5 -21.0 166.5 230.7 195.9 220.9 4

 5 Commercial banking 7.8 23.7 27.6 20.4 32.6 43.1 -3.0 33.1 38.1 32.7 26.6 5

 6 Savings institutions -0.4 0.1 -0.2 0.2 3.5 1.4 -1.2 -0.0 0.0 2.6 11.5 6

 7 ABS issuers 105.4 112.9 195.8 95.0 72.7 67.2 -42.7 39.9 22.6 58.7 169.7 7

 8 Finance companies 32.5 20.3 10.9 57.2 67.1 52.4 3.2 60.1 133.7 80.5 -5.7 8

 9 REITs 1.3 14.8 21.7 8.9 9.9 3.2 13.4 6.6 13.2 5.6 14.3 9

10 Brokers and dealers -2.0 8.1 7.2 -17.2 15.6 17.8 -37.3 44.4 -0.7 25.4 -6.7 10

11 Funding corporations 29.2 30.6 34.0 57.4 2.0 -5.5 46.6 -17.6 23.8 -9.7 11.3 11

12 Net purchases 357.0 422.4 550.4 465.9 397.2 426.3 131.5 398.4 357.2 452.0 381.2 12

13 Household sector 75.7 85.4 98.5 41.2 -2.5 38.5 -328.0 3.1 130.6 -40.2 -103.3 13

14 State and local governments 10.7 1.3 10.2 12.6 3.7 15.9 8.1 6.1 4.7 1.6 2.4 14

15 Rest of the world (2) 83.7 84.6 122.2 160.6 181.0 205.4 165.6 180.3 169.1 175.7 198.9 15

16 Commercial banking 1.4 27.8 38.0 38.8 57.8 45.5 82.2 -22.9 19.3 138.0 96.7 16

17 Savings institutions -9.9 -9.9 29.9 23.3 -2.5 -14.6 23.0 15.0 -20.5 -13.2 8.7 17

18 Bank personal trusts and estates -1.7 -0.8 -2.6 11.3 8.1 11.3 11.3 8.0 6.6 7.6 10.2 18

19 Life insurance companies 79.2 86.8 84.5 41.5 50.9 27.6 -0.8 64.5 28.0 52.2 59.0 19

20 Other insurance companies 18.3 18.9 16.7 10.4 -0.1 6.8 8.6 -5.4 -4.8 3.5 6.2 20

21 Private pension funds 2.9 33.8 17.1 9.3 13.8 -3.9 1.0 13.2 10.2 25.1 6.6 21

22 State and local govt. retirement funds 23.8 30.1 35.1 35.4 7.5 58.7 49.4 41.1 -17.2 -10.5 16.4 22

23 Money market mutual funds 2.4 12.5 44.8 42.5 38.0 65.9 45.3 79.7 -36.1 77.0 31.5 23

24 Mutual funds 33.8 44.4 65.5 29.3 -1.1 24.1 2.4 -19.0 8.7 9.2 -3.3 24

25 Closed-end funds 2.4 -0.7 4.6 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 -1.4 25

26 Government-sponsored enterprises 5.6 0.3 0.5 3.2 25.0 -6.5 30.2 1.3 39.9 29.5 29.6 26

27 REITs 1.4 2.1 -0.4 -0.3 -0.4 -1.2 2.0 -0.7 3.5 -3.1 -1.2 27

28 Brokers and dealers 14.5 9.2 -18.6 12.0 19.2 -16.4 17.1 75.5 -12.7 30.0 -15.9 28

29 Funding corporations 12.8 -3.4 4.5 -3.8 0.1 -29.4 15.7 -40.0 29.4 -28.8 40.0 29

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, March 9, 2001 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -5.7 -83.9 -174.6 -31.8 -74.5 -3.0 0.1 104.6 -68.7 -51.7 -282.0 1

 2 Nonfinancial corporate business -69.5 -114.4 -267.0 -143.5 -153.1 -128.4 -55.0 62.8 -248.8 -75.6 -350.8 2

 3 Rest of the world (2) 82.8 57.6 101.2 114.4 91.2 121.7 71.3 63.3 180.1 50.0 71.5 3

 4 Financial sectors -19.0 -27.1 -8.9 -2.8 -12.6 3.7 -16.2 -21.4 -0.1 -26.1 -2.8 4

 5 Commercial banking -14.3 -27.7 -11.2 -10.6 -12.5 -31.1 0.3 -26.1 -16.0 -2.8 -5.1 5

 6 Life insurance companies -8.8 -4.0 -4.7 -6.0 -0.8 -6.8 -9.5 -6.2 12.9 -4.9 -5.0 6

 7 Other insurance companies -4.8 -13.7 -4.7 -7.8 -4.3 -7.1 -8.3 -13.1 -1.5 -1.0 -1.7 7

 8 Closed-end funds 3.2 -8.3 -10.6 7.4 7.4 7.4 7.4 7.4 7.4 7.4 7.4 8

 9 REITs 12.3 32.5 19.8 6.6 2.3 12.3 1.9 2.6 2.0 1.4 3.1 9

10 Brokers and dealers -6.5 -5.9 2.5 7.6 -4.6 29.0 -8.0 14.0 -4.8 -26.1 -1.5 10

11 Net purchases -5.7 -83.9 -174.6 -31.8 -74.5 -3.0 0.1 104.6 -68.7 -51.7 -282.0 11

12 Household sector -245.4 -361.0 -357.2 -340.4 -456.6 -336.1 -392.3 -573.0 -347.0 -386.1 -520.4 12

13 State and local governments 14.5 16.8 9.4 3.5 -1.2 27.6 16.9 -5.6 10.7 -4.1 -5.6 13

14 Rest of the world (3) 11.1 67.8 41.9 98.1 172.0 93.2 138.1 246.8 107.0 188.0 146.1 14

15 Commercial banking 1.8 0.6 1.3 1.2 0.3 4.4 2.4 0.8 0.9 1.3 -1.8 15

16 Savings institutions 0.6 0.2 1.5 -0.7 0.4 -1.4 0.2 1.5 -1.3 1.5 0.1 16

17 Bank personal trusts and estates -17.3 -0.5 -58.9 -18.5 -20.0 -18.5 -18.5 -20.0 -20.0 -20.0 -20.0 17

18 Life insurance companies 46.7 86.3 115.3 111.9 93.4 111.9 98.2 102.4 119.1 81.7 70.4 18

19 Other insurance companies -6.8 3.0 -5.2 -2.1 -9.7 -5.8 -0.1 -9.6 -11.7 -15.9 -1.6 19

20 Private pension funds -71.5 -137.8 -113.0 -92.2 -81.4 -67.5 -96.1 -102.4 -62.4 -114.4 -46.6 20

21 State and local govt. retirement funds 71.1 76.7 68.0 58.4 25.0 68.5 53.1 39.1 19.6 21.4 20.0 21

22 Mutual funds 193.0 166.8 143.3 136.9 191.4 143.6 170.0 387.9 113.3 169.2 95.2 22

23 Closed-end funds -1.5 -5.4 -15.1 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.3 23

24 Brokers and dealers -1.9 2.4 -6.0 7.7 7.6 -27.1 23.8 32.5 -1.2 21.3 -22.0 24

(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 237.6 265.1 274.6 188.3 245.0 127.5 172.8 306.1 237.6 259.8 176.3 1

 2 Net purchases 237.6 265.1 274.6 188.3 245.0 127.5 172.8 306.1 237.6 259.8 176.3 2

 3 Household sector 195.5 259.6 255.6 164.1 208.6 84.7 157.1 263.1 198.7 229.0 143.6 3

 4 Nonfinancial corporate business 3.3 -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 4

 5 State and local governments 6.0 -7.4 -12.3 4.3 0.8 6.3 6.3 -10.7 5.6 4.5 4.0 5

 6 Commercial banking 0.3 0.8 -0.4 1.2 2.5 -0.7 5.2 5.1 -0.1 -0.3 5.4 6

 7 Credit unions -0.3 -0.2 1.2 -1.1 -0.6 0.5 -5.8 2.7 -3.8 -0.2 -1.2 7

 8 Bank personal trusts and estates 7.3 -14.9 14.9 -23.9 -8.0 -24.0 -23.7 -8.0 -8.0 -8.0 -8.0 8

 9 Life insurance companies 2.4 -7.2 -23.4 15.0 11.0 15.0 15.0 12.0 12.4 10.1 9.6 9

10 Private pension funds 23.0 42.7 31.7 30.7 32.5 47.5 20.5 43.7 34.8 26.6 24.8 10
46 Z.1, March 9, 2001

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 174.2 234.7 253.4 200.1 370.8 256.7 420.3 497.9 505.3 262.5 217.6 1

 - Loans elsewhere classified:

 2 Open market paper 0.8 -0.8 -0.2 0.3 0.1 1.1 1.1 0.4 -0.4 -0.1 0.7 2

 3 Mortgages 55.2 99.9 91.7 158.2 164.3 225.8 305.9 213.5 267.7 132.6 43.2 3

 4 Consumer credit 24.8 -14.2 -3.6 -9.2 44.0 -32.7 60.0 47.3 41.8 50.4 36.3 4

 5 Security credit 1.3 21.7 20.5 -18.1 50.4 -37.3 -2.0 89.1 22.0 36.6 53.8 5

 6 = Banking sector total bank loans n.e.c. 92.1 128.2 145.0 68.9 112.1 99.8 55.2 147.7 174.2 43.0 83.6 6

 7 U.S.-chartered commercial banks 58.2 108.1 144.3 92.2 96.0 117.4 33.6 124.7 171.6 51.7 36.0 7

 8 Foreign banking offices in U.S. 32.2 19.2 -1.9 -22.3 15.8 -7.1 15.3 22.0 -6.7 -1.3 49.0 8

 9 Bank holding companies 0.2 -0.0 1.7 -1.6 -0.9 -10.8 4.2 -2.9 8.6 -9.0 -0.5 9

10 Banks in U.S.-affiliated areas 1.4 0.9 0.9 0.5 1.3 0.3 2.2 3.8 0.8 1.6 -0.9 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. 92.1 128.2 145.0 68.9 112.1 99.8 55.2 147.7 174.2 43.0 83.6 12

13 Net change in liabilities 92.1 128.2 145.0 68.9 112.1 99.8 55.2 147.7 174.2 43.0 83.6 13

14 Nonfinancial sectors 79.5 115.0 115.0 83.3 114.0 105.7 110.9 147.3 168.8 43.7 96.4 14

15 Household sector 0.6 8.1 6.3 -7.2 7.6 -2.9 -21.5 34.5 -10.6 -4.8 11.3 15

16 Corporate business 39.4 71.4 80.9 72.9 74.5 96.6 109.3 76.7 152.8 22.5 46.2 16

17 Nonfarm noncorporate business 29.8 23.5 19.9 17.9 17.9 17.6 20.1 18.0 20.0 15.1 18.4 17

18 Farm business 0.6 3.5 1.2 -0.9 2.7 1.0 0.6 2.6 0.9 -1.0 8.3 18

19 Rest of the world 9.1 8.5 6.7 0.5 11.3 -6.6 2.3 15.4 5.7 11.9 12.2 19

20 Foreign official institutions 0.3 -0.8 0.8 0.2 0.5 0.7 0.1 -0.8 1.4 1.8 -0.3 20

21 Foreign banks 3.4 -0.5 -0.7 -3.1 3.2 -10.4 -4.8 5.7 2.6 2.2 2.5 21

22 Other foreign 5.4 9.8 6.7 3.5 7.5 3.1 7.0 10.6 1.7 7.9 9.9 22

23 Financial sectors 12.6 13.2 30.1 -14.3 -1.9 -5.9 -55.6 0.3 5.4 -0.7 -12.7 23

24 Savings institutions 1.4 3.5 10.3 -15.7 7.4 -3.2 -82.4 25.4 3.5 -1.9 2.7 24

25 Finance companies 4.4 4.4 2.1 8.8 0.5 7.9 25.7 -19.9 16.1 12.0 -6.2 25

26 Mortgage companies 4.1 -4.6 1.6 0.2 0.1 -6.1 6.2 -3.0 2.7 -0.3 1.0 26

27 REITs 2.7 9.9 16.0 -7.6 -10.0 -4.5 -5.1 -2.1 -16.9 -10.6 -10.2 27
Z.1, March 9, 2001 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 62.5 102.8 158.5 172.6 146.7 217.9 147.3 216.9 249.5 -40.7 161.0 1

 2 U.S. government loans 0.0 9.6 14.4 5.9 9.3 9.6 -11.6 10.3 7.6 5.8 13.4 2

 3 Liab.: Household sector 3.1 11.4 10.6 12.6 10.8 9.7 7.5 12.4 10.7 11.1 9.2 3

 4 Nonfinancial corporate business -1.3 -0.3 -0.1 -0.3 -0.6 -0.2 -0.4 -0.6 -0.4 -0.7 -0.5 4

 5 Nonfarm noncorporate business -0.3 1.8 4.0 -0.9 -0.9 -0.5 -0.1 -0.3 -1.3 -1.2 -0.9 5

 6 Farm business -1.1 -0.5 -0.3 -0.3 0.2 -0.2 -0.1 0.2 -0.2 0.2 0.4 6

 7 State and local governments 0.4 -1.2 1.2 -0.4 -1.1 -0.2 -1.6 -1.6 -1.6 -1.3 0.3 7

 8 Rest of the world -0.7 -1.6 -1.0 -4.8 0.8 1.0 -17.1 0.3 0.4 -2.2 4.8 8

 9 Government-sponsored enterprises 0 0 0 0 0 0 0 0 0 0 0 9

10 Foreign loans to U.S. corporate business 3.9 17.3 -1.0 -22.7 0.3 -24.8 -52.1 -11.6 26.1 -51.3 37.8 10

11 Liab.: Nonfinancial corporate business 3.9 17.3 -1.0 -22.7 0.3 -24.8 -52.1 -11.6 26.1 -51.3 37.8 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) 1.0 -2.8 -9.3 -3.1 -0.7 -4.8 2.3 1.9 0.8 -3.0 -2.7 12

13 Liab.: Nonfinancial corporate business -0.7 -2.6 -4.3 -2.2 -0.0 -2.7 0.8 3.1 -0.8 -3.7 1.3 13

14 Rest of the world 1.8 -0.2 -5.0 -0.9 -0.7 -2.0 1.5 -1.2 1.6 0.7 -3.9 14

15 Savings institution loans to business 3.0 3.1 5.3 6.5 8.7 4.8 9.6 11.2 7.8 10.1 5.7 15

16 Liab.: Nonfinancial corporate business 1.5 1.6 2.7 3.2 4.3 2.4 4.8 5.6 3.9 5.0 2.8 16

17 Nonfarm noncorporate business 1.5 1.6 2.7 3.2 4.3 2.4 4.8 5.6 3.9 5.0 2.8 17

18 Policy loans (Household liability) 4.5 3.2 0.1 -5.1 2.3 1.3 -0.9 -1.3 3.6 5.8 1.2 18

19 Asset: Federal government 0.0 0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 19

20 Life insurance companies 4.5 3.2 0.1 -5.0 2.4 1.3 -0.9 -1.3 3.6 5.8 1.2 20

21 Govt.-sponsored enterprises loans 28.8 31.2 92.3 113.6 41.2 158.5 99.5 57.6 123.8 -44.8 28.1 21

22 Liab.: Household sector (SLMA) -0.6 -4.4 -1.2 5.6 -4.0 15.9 -7.6 -8.9 -2.5 -11.4 6.6 22

23 Noncorporate business (FCS) -1.2 0 2.7 0.0 1.6 2.1 -3.0 -3.2 4.6 2.7 2.4 23

24 Farm business (FCS) 2.7 0 0.6 0.9 1.1 0.7 2.6 5.2 -1.4 0.6 0.0 24

25 Commercial banks (FHLB and SLMA) 2.3 19.1 46.9 40.6 26.9 82.3 19.2 52.8 67.7 -13.4 0.3 25

26 Savings institutions (FHLB and SLMA) 24.5 16.2 42.1 63.5 16.3 53.7 89.4 15.3 55.6 -24.1 18.4 26

27 Credit unions (FHLB) 0.1 0.1 0.6 2.2 0.0 2.8 3.3 -2.9 0.9 1.1 1.0 27

28 Life insurance companies (FHLB) 1.1 0.2 0.7 0.7 -0.7 1.1 -4.4 -0.7 -1.1 -0.3 -0.7 28

29 Securitized loans held by ABS issuers 13.3 32.2 27.6 19.9 19.7 8.6 28.4 42.6 2.3 3.1 30.7 29

30 Liab.: Households (1) 5.3 7.8 3.8 1.5 7.6 1.2 6.0 13.6 6.8 8.8 1.2 30

31 Nonfinancial corporate business 8.1 24.4 23.8 18.4 12.1 7.4 22.4 29.0 -4.6 -5.7 29.5 31

32 Finance company loans to business 7.9 9.0 29.0 57.6 66.0 64.6 72.1 106.2 77.3 33.5 46.8 32

33 Liab.: Nonfinancial corporate business 7.1 8.1 26.1 51.9 59.4 58.1 64.8 95.6 69.6 30.2 42.1 33

34 Nonfarm noncorporate business 0.8 0.9 2.9 5.8 6.6 6.5 7.2 10.6 7.7 3.4 4.7 34

(1) Student loans.
48 Z.1, March 9, 2001

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 283.5 332.6 532.0 614.0 581.1 664.8 601.5 491.9 672.6 583.0 576.9 1

 2 Home 242.1 252.3 386.8 432.0 419.3 479.4 397.1 344.1 489.4 429.6 414.1 2

 3 Multifamily residential 11.6 13.1 29.0 41.9 37.9 44.4 51.9 31.8 48.0 33.3 38.7 3

 4 Commercial 27.3 64.0 110.0 134.6 117.8 133.9 150.0 109.1 126.4 114.7 121.1 4

 5 Farm 2.6 3.2 6.2 5.5 6.0 7.0 2.5 6.9 8.9 5.3 3.0 5

 6 Net borrowing 283.5 332.6 532.0 614.0 581.1 664.8 601.5 491.9 672.6 583.0 576.9 6

 7 Household sector 249.4 248.5 380.0 426.1 407.7 465.8 392.9 326.0 482.5 415.5 406.9 7

 8 Nonfinancial business 26.3 69.2 127.2 182.8 166.0 189.6 205.4 158.9 180.1 161.4 163.7 8

 9 Corporate -27.2 -21.8 41.1 88.1 72.4 79.2 99.4 66.2 81.1 71.8 70.5 9

10 Nonfarm noncorporate 50.9 87.9 79.8 89.3 87.6 103.4 103.6 85.8 90.1 84.3 90.2 10

11 Farm 2.6 3.2 6.2 5.5 6.0 7.0 2.5 6.9 8.9 5.3 3.0 11

12 Federal government -0.0 -0.0 0 0 0 0 0 0 0 0 0 12

13 REITs 7.9 14.9 24.8 5.1 7.4 9.4 3.2 7.0 10.0 6.0 6.4 13

14 Net change in assets 283.5 332.6 532.0 614.0 581.1 664.8 601.5 491.9 672.6 583.0 576.9 14

15 Household sector 0.1 0.1 0.6 -0.3 1.4 0.6 -4.0 3.5 2.4 1.0 -1.3 15

16 Nonfinancial corporate business -3.6 25.9 20.0 15.0 7.8 15.0 15.0 10.0 10.0 6.3 4.9 16

17 Nonfarm noncorporate business -3.2 -1.5 -0.1 1.0 2.0 0.8 0.8 1.7 1.6 2.3 2.5 17

18 State and local governments 3.8 3.7 4.1 4.3 4.5 4.3 4.4 4.4 4.5 4.5 4.6 18

19 Federal government -7.2 -4.5 -0.8 -0.1 -0.9 1.5 -0.1 -3.8 0.1 -1.3 1.6 19

20 Commercial banking 55.2 99.9 91.7 158.2 164.3 225.8 305.9 213.5 267.7 132.6 43.2 20

21 Savings institutions (1) 31.6 3.5 12.3 24.7 54.9 60.4 -21.3 55.0 90.3 56.0 18.4 21

22 Credit unions 9.5 10.1 10.9 14.1 15.6 13.4 16.5 15.7 15.6 17.4 13.6 22

23 Bank personal trusts and estates 0.3 -0.6 -0.2 -0.6 -0.1 -0.6 -0.6 -0.1 -0.2 -0.2 -0.1 23

24 Life insurance companies -5.0 -1.3 6.8 15.7 5.0 6.6 18.4 -6.2 12.2 7.7 6.6 24

25 Other insurance companies -0.4 -0.2 -0.2 -0.0 -0.2 0.2 -0.2 2.5 -2.8 -0.6 0.0 25

26 Private pension funds 0.6 0.7 1.9 1.9 1.6 2.0 1.8 2.1 1.4 1.7 1.3 26

27 State and local govt. retirement funds 0.8 0.9 6.5 -2.6 -0.0 -6.4 -3.4 0.9 -2.9 1.9 0.1 27

28 Government-sponsored enterprises (1) -6.1 -4.5 8.3 -4.3 23.0 -1.0 -1.7 7.8 38.8 17.3 28.1 28

29 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.6 244.5 182.2 143.7 122.1 225.4 307.4 29

30 ABS issuers 48.1 80.7 156.5 92.0 86.6 80.6 62.1 54.4 76.1 95.6 120.4 30

31 Finance companies 10.2 5.3 14.4 24.2 21.6 29.6 20.8 8.0 32.4 19.3 26.6 31

32 Mortgage companies 8.2 -9.1 3.2 0.3 0.2 -12.1 12.3 -6.0 5.5 -0.5 2.0 32

33 REITs -0.3 9.1 3.4 -3.3 -5.9 -0.4 -7.3 -15.2 -2.2 -3.5 -2.8 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 9, 2001 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 242.1 252.3 386.8 432.0 419.3 479.4 397.1 344.1 489.4 429.6 414.1 1

 2 Household sector 244.8 249.7 375.9 415.7 401.9 459.6 380.1 327.1 471.6 408.5 400.2 2

 3 Nonfinancial corporate business 1.0 0.2 1.4 2.2 2.0 2.9 2.3 2.0 2.2 2.6 1.1 3

 4 Nonfarm noncorporate business -3.6 2.4 9.5 14.2 15.5 17.0 14.7 15.0 15.6 18.5 12.9 4

 5 Net change in assets 242.1 252.3 386.8 432.0 419.3 479.4 397.1 344.1 489.4 429.6 414.1 5

 6 Household sector -1.2 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.1 -1.0 -1.0 -1.3 6

 7 Nonfinancial corporate business -9.3 5.3 4.4 4.4 2.7 4.4 4.4 4.4 3.8 0.9 1.8 7

 8 Nonfarm noncorporate business -1.3 -1.0 -0.1 0.4 0.8 0.3 0.3 0.6 0.6 0.9 0.9 8

 9 State and local governments 2.3 3.0 3.3 3.5 3.7 3.5 3.6 3.6 3.6 3.7 3.7 9

10 Federal government -3.0 -2.0 -0.3 -0.4 -0.7 1.3 -1.0 -0.3 -0.2 -2.0 -0.4 10

11 Commercial banking 31.1 67.9 51.1 82.1 86.5 143.6 206.4 108.4 176.3 73.4 -11.9 11

12 Savings institutions 31.4 7.0 12.7 15.1 46.1 43.6 -36.7 50.1 79.8 45.7 8.6 12

13 Credit unions 9.5 10.1 10.9 14.1 15.6 13.4 16.5 15.7 15.6 17.4 13.6 13

14 Bank personal trusts and estates 0.3 -0.6 -0.2 -0.6 -0.1 -0.6 -0.6 -0.1 -0.2 -0.2 -0.1 14

15 Life insurance companies -1.9 0.2 -0.6 -0.7 0.1 0.6 -6.0 -0.2 0.3 0.3 0.2 15

16 Private pension funds 0.6 0.8 1.3 1.4 1.5 1.5 1.4 1.6 1.3 1.5 1.4 16

17 State and local govt. retirement funds 0.6 0.6 2.8 -0.9 -0.0 -2.3 -1.2 0.3 -1.0 0.7 0.0 17

18 Government-sponsored enterprises -6.7 -4.2 5.3 -10.3 15.9 -5.6 -4.9 2.8 31.4 10.0 19.6 18

19 Federally related mortgage pools 135.4 109.3 182.1 264.6 191.1 236.2 171.6 137.2 114.4 217.6 295.3 19

20 ABS issuers 31.8 54.5 94.5 49.9 44.8 28.9 29.0 34.0 33.5 51.0 60.8 20

21 Finance companies 13.4 6.9 16.8 12.5 16.9 23.3 5.9 7.5 27.4 11.6 21.0 21

22 Mortgage companies 8.2 -10.2 3.1 0.3 0.2 -12.0 12.3 -6.0 5.5 -0.6 1.9 22

23 REITs 1.1 6.0 0.8 -2.4 -4.6 0.5 -2.8 -14.4 -1.9 -1.1 -1.0 23

 Memo:

24 Home equity loans included above (2) 46.0 72.3 54.9 50.4 93.3 86.0 46.9 75.5 111.5 89.6 96.4 24

25 Commercial banking 13.8 20.1 2.9 12.6 45.3 28.1 30.3 41.1 52.2 42.9 45.1 25

26 Savings institutions 1.7 3.2 0.5 3.8 13.1 2.7 0.5 10.3 10.5 13.7 18.0 26

27 Credit unions 2.6 3.5 0.7 3.7 8.4 8.2 3.4 9.3 7.7 9.3 7.1 27

28 ABS issuers 18.5 38.6 34.0 17.7 9.6 18.4 10.4 6.4 16.4 6.4 9.2 28

29 Finance companies 9.4 6.9 16.8 12.5 16.9 28.7 2.3 8.5 24.7 17.4 17.0 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 11.6 13.1 29.0 41.9 37.9 44.4 51.9 31.8 48.0 33.3 38.7 1

 2 Nonfinancial corporate business 0.9 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 2

 3 Nonfarm noncorporate business 8.0 7.3 19.8 39.1 34.4 40.2 49.7 28.3 43.5 30.2 35.4 3

 4 Federal government -0.0 -0.0 0 0 0 0 0 0 0 0 0 4

 5 REITs 2.6 4.9 8.2 1.7 2.4 3.1 1.1 2.3 3.3 2.0 2.1 5

 6 Net change in assets 11.6 13.1 29.0 41.9 37.9 44.4 51.9 31.8 48.0 33.3 38.7 6

 7 Household sector -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 7

 8 Nonfinancial corporate business 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 8

 9 Nonfarm noncorporate business -0.9 0.1 -0.0 0.3 0.7 0.2 0.2 0.6 0.5 0.8 0.8 9

10 State and local governments 1.8 0.6 0.9 0.9 1.0 0.9 1.0 1.0 1.0 1.0 1.0 10

11 Federal government -2.9 -0.9 -0.3 -0.0 0.3 0.1 -0.1 0.3 0.2 0.2 0.5 11

12 Commercial banking 2.9 4.2 3.2 13.1 11.7 15.5 14.3 19.1 19.7 4.9 3.1 12

13 Savings institutions -0.4 -2.0 -2.5 2.3 1.9 9.0 7.4 -5.4 5.3 3.7 4.1 13

14 Life insurance companies 2.0 -0.3 1.1 1.1 0.7 0.8 3.3 -0.9 1.7 1.1 0.9 14

15 Private pension funds 0.0 -0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.1 -0.0 15

16 State and local govt. retirement funds 0.2 0.2 1.8 -0.7 -0.0 -1.8 -0.9 0.2 -0.8 0.5 0.0 16

17 Government-sponsored enterprises -0.5 -1.2 0.8 4.8 5.4 2.5 3.4 5.2 4.8 4.6 6.7 17

18 Federally related mortgage pools 5.6 5.3 10.5 9.2 8.5 8.4 10.7 6.5 7.7 7.8 12.0 18

19 ABS issuers 4.0 5.0 12.8 8.2 6.7 8.4 4.3 3.4 4.9 6.9 11.5 19

20 Finance companies -0.6 -0.2 -0.2 2.4 1.0 0.3 8.9 1.9 1.3 1.3 -0.7 20

21 Mortgage companies -0.1 1.0 0.1 0.0 0.0 -0.1 0 0 0 0.0 0.0 21

22 REITs -0.4 0.9 0.1 -0.6 -0.5 -0.4 -1.1 -0.8 0.9 -0.3 -2.0 22
50 Z.1, March 9, 2001

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 27.3 64.0 110.0 134.6 117.8 133.9 150.0 109.1 126.4 114.7 121.1 1

 2 Household sector 4.7 -1.2 4.1 10.4 5.9 6.3 12.8 -1.1 10.9 7.0 6.7 2

 3 Nonfinancial corporate business -29.1 -22.9 38.8 84.8 69.3 75.2 95.9 63.0 77.8 68.1 68.2 3

 4 Nonfarm noncorporate business 46.5 78.2 50.6 36.0 37.7 46.2 39.1 42.5 31.0 35.6 41.9 4

 5 REITs 5.3 10.0 16.6 3.4 4.9 6.3 2.1 4.7 6.7 4.1 4.3 5

 6 Net change in assets 27.3 64.0 110.0 134.6 117.8 133.9 150.0 109.1 126.4 114.7 121.1 6

 7 Household sector 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 7

 8 Nonfinancial corporate business 5.1 20.0 15.0 10.0 4.5 10.0 10.0 5.0 5.6 4.8 2.5 8

 9 Nonfarm noncorporate business -0.8 -0.6 -0.0 0.2 0.6 0.2 0.2 0.5 0.4 0.6 0.7 9

10 State and local governments -0.2 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government -0.9 -0.7 0.1 0.6 -0.4 0.7 1.1 -3.5 0.1 0.5 1.5 11

12 Commercial banking 20.2 25.7 35.3 60.1 63.8 63.3 82.3 82.4 68.9 53.6 50.5 12

13 Savings institutions 0.6 -1.5 2.1 7.2 6.9 7.7 8.0 10.2 5.1 6.5 5.7 13

14 Life insurance companies -5.6 -1.5 5.2 13.8 3.9 4.3 17.9 -4.7 9.5 5.8 5.1 14

15 Other insurance companies -0.4 -0.2 -0.2 -0.0 -0.2 0.2 -0.2 2.5 -2.8 -0.6 0.0 15

16 Private pension funds 0.0 -0.1 0.4 0.4 0.1 0.4 0.3 0.4 0.0 0.2 -0.0 16

17 State and local govt. retirement funds -0.0 -0.0 1.9 -1.0 -0.0 -2.4 -1.3 0.3 -1.1 0.7 0.0 17

18 Federally related mortgage pools -0.0 -0.0 0 0 0 0 0 0 0 0 0 18

19 ABS issuers 12.2 21.3 49.2 33.9 35.1 43.4 28.8 17.1 37.6 37.8 48.1 19

20 Finance companies -2.6 -1.4 -2.1 9.3 3.7 6.0 6.0 -1.5 3.6 6.3 6.3 20

21 Mortgage companies 0 0 0 0 0 0 0 0 0 0 0 21

22 REITs -1.0 2.2 2.5 -0.4 -0.8 -0.5 -3.5 0 -1.2 -2.0 0.2 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 2.6 3.2 6.2 5.5 6.0 7.0 2.5 6.9 8.9 5.3 3.0 1

 2 Net change in assets 2.6 3.2 6.2 5.5 6.0 7.0 2.5 6.9 8.9 5.3 3.0 2

 3 Household sector 0.6 0.6 1.1 0.2 1.9 1.1 -3.5 4.0 2.8 1.3 -0.7 3

 4 Nonfarm noncorporate business -0.2 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 4

 5 State and local governments -0.1 -0.0 -0.0 -0.0 0.0 0 -0.0 0 -0.0 0.0 0.0 5

 6 Federal government -0.5 -0.9 -0.3 -0.2 -0.1 -0.5 -0.2 -0.3 -0.1 -0.0 -0.1 6

 7 Commercial banking 1.1 2.1 2.0 2.8 2.2 3.3 2.9 3.7 2.8 0.7 1.5 7

 8 Savings institutions 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 8

 9 Life insurance companies 0.5 0.4 1.1 1.5 0.3 0.9 3.2 -0.4 0.6 0.5 0.4 9

10 State and local govt. retirement funds 0 0 0 0 0 0 0 0 0 0 0 10

11 Government-sponsored enterprises 1.1 1.0 2.2 1.1 1.7 2.1 -0.1 -0.2 2.6 2.7 1.8 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 0 -0.0 -0.0 0 0 0 0 12
Z.1, March 9, 2001 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 88.8 52.5 67.6 94.4 134.7 76.2 109.5 144.6 137.2 122.9 134.2 1

 2 Net change in assets 88.8 52.5 67.6 94.4 134.7 76.2 109.5 144.6 137.2 122.9 134.2 2

 3 Nonfinancial corporate business -7.3 1.2 -4.1 5.4 2.4 -11.8 6.9 45.8 -8.7 -15.4 -12.2 3

 4 Nonfarm noncorporate business 0 0 0 0 0 0 0 0 0 0 0 4

 5 Commercial banking 24.8 -14.2 -3.6 -9.2 44.0 -32.7 60.0 47.3 41.8 50.4 36.3 5

 6 Savings institutions 4.6 2.5 4.4 9.9 2.5 11.6 5.9 -10.2 7.9 6.5 5.7 6

 7 Credit unions 12.2 8.2 3.0 12.5 17.3 18.5 14.3 16.3 22.4 17.0 13.5 7

 8 ABS issuers 54.2 47.2 59.4 62.6 56.9 93.1 0.7 26.7 44.5 35.7 120.9 8

 9 Finance companies 0.3 7.6 8.5 13.1 11.6 -2.5 21.6 18.7 29.2 28.7 -30.1 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 113.5 132.1 29.0 197.3 146.5 243.6 199.5 228.2 124.8 132.6 100.5 1

 2 Household sector 8.0 8.9 7.7 7.1 5.9 6.3 11.9 7.1 7.0 5.6 3.9 2

 3 Nonfinancial corporate business 49.5 65.1 -14.6 134.1 99.7 180.7 135.4 166.7 49.4 119.1 63.5 3

 4 Nonfarm noncorporate business 20.8 23.5 11.1 9.8 9.2 9.3 9.0 8.6 7.6 9.3 11.2 4

 5 Farm business 1.3 1.4 0.8 0.4 0.9 0.9 1.2 0.9 2.0 -1.0 1.7 5

 6 State and local governments 30.9 31.4 30.5 29.1 27.4 29.1 31.1 33.2 25.4 25.4 25.5 6

 7 Federal government 0.7 -9.0 -3.0 0.6 -0.0 1.3 2.7 4.1 -1.3 1.1 -4.0 7

 8 Rest of the world -1.7 5.1 -2.4 4.3 -1.4 22.1 4.8 -4.2 12.3 -13.0 -0.9 8

 9 Brokers and dealers 4.0 5.7 -1.0 11.9 5.0 -6.1 3.3 11.8 22.5 -14.0 -0.4 9

10 Net change in trade receivables 135.3 160.6 69.1 143.3 159.1 170.5 37.8 231.1 163.0 174.0 68.2 10

11 Nonfinancial corporate business 88.1 93.5 14.7 107.0 101.1 136.0 -3.7 184.1 92.9 112.7 14.8 11

12 Nonfarm noncorporate business 16.2 27.0 21.0 16.6 14.4 18.2 18.7 12.8 15.0 13.5 16.5 12

13 Federal government 0.9 -3.2 1.5 4.6 6.2 5.6 5.7 3.4 8.4 6.1 6.6 13

14 Rest of the world 5.3 4.3 -7.6 -7.9 -1.2 -3.3 -4.9 -4.6 4.0 -2.5 -1.7 14

15 Other insurance companies -0.1 2.7 1.6 2.0 5.6 2.3 -10.9 11.1 4.4 6.1 0.8 15

16 ABS issuers 25.0 36.3 37.9 21.1 33.0 11.7 33.0 24.2 38.4 38.0 31.3 16

17 Discrepancy -21.9 -28.5 -40.1 54.0 -12.6 73.1 161.7 -2.9 -38.3 -41.4 32.2 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 52.4 111.0 103.3 104.3 135.5 29.7 321.3 523.4 -99.8 104.1 14.4 1

 2 Household sector 15.8 36.8 21.6 75.2 4.9 8.0 168.4 238.0 -68.5 14.3 -164.1 2

 3 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 3

 4 Brokers and dealers 36.6 74.2 81.7 29.1 130.6 21.7 153.0 285.4 -31.3 89.8 178.5 4

 5 Customer credit balances (HH) 35.3 52.6 61.2 47.2 80.2 59.0 154.9 196.3 -53.3 53.2 124.7 5

 6 From U.S.-chartered commercial banks -4.8 4.2 11.9 -8.7 7.1 -37.4 9.0 35.8 -24.2 -11.6 28.5 6

 7 From foreign banking offices in U.S. 6.2 17.5 8.6 -9.4 43.2 0.0 -11.0 53.3 46.2 48.2 25.2 7

 8 Net change in assets 52.4 111.0 103.3 104.3 135.5 29.7 321.3 523.4 -99.8 104.1 14.4 8

 9 Household sector 35.3 52.6 61.2 47.2 80.2 59.0 154.9 196.3 -53.3 53.2 124.7 9

10 Rest of the world 0 0 0 0 0 0 0 0 0 0 0 10

11 Commercial banking 1.3 21.7 20.5 -18.1 50.4 -37.3 -2.0 89.1 22.0 36.6 53.8 11

12 Brokers and dealers 15.8 36.8 21.6 75.2 4.9 8.0 168.4 238.0 -68.5 14.3 -164.1 12
52 Z.1, March 9, 2001

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 44.5 59.3 48.0 50.8 54.2 48.1 57.6 49.8 59.7 51.7 55.6 1

 2 Federal government 0.6 1.7 1.3 1.4 1.4 0.2 2.0 1.2 2.6 0.2 1.8 2

 3 Life insurance companies 43.8 57.6 46.7 49.4 52.8 47.8 55.6 48.6 57.0 51.5 53.9 3

 4 Net change in assets (Households) 44.5 59.3 48.0 50.8 54.2 48.1 57.6 49.8 59.7 51.7 55.6 4

 Pension fund reserves:

 5 Net change in liabilities 148.1 201.2 202.5 187.7 190.9 191.6 177.3 217.6 220.4 196.2 129.3 5

 6 Federal government (1) 55.1 40.3 41.2 41.1 20.9 41.2 43.8 39.8 41.1 37.0 -34.3 6

 7 Life insurance companies 27.0 95.0 86.4 70.7 99.3 82.0 56.5 108.9 89.8 106.6 91.8 7

 8 Private pension funds (2) 5.1 -10.8 13.0 15.7 18.9 6.8 19.7 7.0 22.8 19.3 26.4 8

 9 State and local govt. retirement funds 60.9 76.7 61.9 60.2 51.9 61.6 57.4 62.0 66.7 33.3 45.4 9

10 Net change in assets (Households) 148.1 201.2 202.5 187.7 190.9 191.6 177.3 217.6 220.4 196.2 129.3 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and 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 16.2 15.7 12.0 15.7 16.8 0.4 16.8 22.5 31.6 -6.0 19.3 1

 businesses

 2 Nonfinancial corporate business 9.6 9.3 4.8 6.6 6.9 -9.6 6.4 13.8 25.0 -17.7 6.6 2

 3 Nonfarm noncorporate business 1.6 0.7 1.5 2.1 2.7 2.0 2.0 2.5 2.5 2.8 2.9 3

 4 U.S.-chartered commercial banks 1.2 1.4 1.7 1.9 2.1 1.9 2.0 2.1 2.1 2.2 2.2 4

 5 Savings institutions -0.1 0.4 0.2 0.0 0.4 1.3 -0.5 -1.4 0.3 1.5 1.3 5

 6 Life insurance companies 0.5 1.2 1.2 1.3 1.6 1.3 1.3 1.4 1.6 1.6 1.8 6

 7 Other insurance companies 2.5 1.8 2.0 2.0 2.3 2.0 2.0 2.0 2.2 2.3 2.5 7

 8 Finance companies 0.8 0.8 0.8 0.8 1.0 0.8 0.8 0.9 0.9 1.0 1.0 8

 9 Brokers and dealers 0.1 0.1 -0.1 0.9 -0.1 0.5 2.7 1.1 -3.0 0.2 1.0 9

10 Net change in business taxes receivable -6.9 -12.3 -1.8 12.5 19.4 -2.6 23.2 14.8 24.2 9.4 29.2 10

11 State and local governments -5.3 -3.3 0.4 4.4 11.7 4.3 7.0 9.9 11.4 11.8 13.9 11

12 Federal government -1.6 -9.0 -2.2 8.1 7.7 -6.9 16.2 4.9 12.8 -2.4 15.3 12

13 Discrepancy 23.1 28.0 13.9 3.2 -2.6 3.0 -6.4 7.7 7.4 -15.4 -9.9 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates -5.3 -49.9 -42.5 -7.1 -7.1 -7.2 -6.9 -5.9 -10.6 -6.6 -5.5 1

 2 Asset: Household sector -5.3 -49.9 -42.5 -7.1 -7.1 -7.2 -6.9 -5.9 -10.6 -6.6 -5.5 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -3.4 -46.0 -41.4 -8.0 1.5 -56.5 10.2 -13.4 -2.4 39.9 -18.2 1

 2 Nonfarm noncorporate business -18.1 -60.8 -50.2 -24.0 -12.3 -37.3 -19.9 -27.1 -5.1 -4.8 -12.3 2

 3 Farm business 2.3 -0.1 -0.2 -6.1 -10.7 -15.1 -9.4 -17.6 -8.5 -2.1 -14.7 3

 4 Brokers and dealers 12.4 14.9 9.0 22.1 24.5 -4.2 39.5 31.3 11.2 46.7 8.8 4
Z.1, March 9, 2001 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 532.1 487.5 841.6 749.1 1015.1 534.8 584.9 701.5 1105.4 1189.7 1063.7 1

 2 Household sector 0.8 0.3 -1.4 2.1 0.0 0.2 3.2 -2.9 0.8 -0.6 2.8 2

 3 Nonfinancial corporate business 259.8 57.0 330.1 356.9 280.4 316.6 207.6 -22.4 341.0 404.4 398.6 3

 4 Nonfarm noncorporate business 2.2 8.5 6.0 3.7 2.4 2.7 -1.4 1.1 1.1 3.4 3.9 4

 5 Federal government -3.3 0.3 -7.1 -2.9 2.0 -14.5 6.6 -7.6 5.4 7.9 2.3 5

 6 Rest of the world 134.8 135.1 153.9 181.3 267.4 213.0 58.0 308.6 158.1 218.5 384.3 6

 7 Monetary authority -0.1 2.1 1.3 -1.3 1.1 -20.3 21.8 -10.2 12.0 -26.4 29.1 7

 8 Commercial banking 20.1 171.2 120.9 -68.3 184.4 -184.0 -29.0 27.7 292.3 322.8 94.8 8

 9 Savings institutions -2.5 -2.1 -1.6 -14.4 17.2 -22.8 -16.1 -16.9 5.5 13.4 66.7 9

10 Credit unions 0.0 0.1 0.5 0.9 0.2 0.1 3.9 -1.5 2.0 2.7 -2.6 10

11 Life insurance companies 28.5 36.0 42.8 36.8 25.4 59.2 -33.4 36.9 16.9 23.9 24.0 11

12 Other insurance companies 12.3 10.7 19.2 11.6 15.1 28.9 -8.1 4.4 13.5 31.1 11.2 12

13 Government-sponsored enterprises 0.3 7.8 20.3 -6.0 8.5 -14.4 29.5 18.0 -15.8 -7.6 39.3 13

14 Finance companies 3.1 -2.9 17.8 72.7 81.8 85.4 142.5 142.4 28.0 136.7 20.2 14

15 Mortgage companies 4.1 -4.6 1.6 0.2 0.1 -6.1 6.2 -3.0 2.7 -0.3 1.0 15

16 REITs 2.5 8.8 13.6 4.4 1.8 12.9 2.7 -0.6 6.0 4.5 -2.5 16

17 Brokers and dealers 28.4 21.6 44.2 4.1 -5.2 11.3 -96.8 169.8 42.2 4.1 -237.0 17

18 Funding corporations 41.0 37.5 79.5 167.4 132.5 66.6 287.7 57.7 193.7 51.2 227.5 18

19 Net change in assets 614.9 572.2 897.9 1066.6 1171.2 1024.6 742.6 1042.2 1372.5 1228.3 1042.0 19

20 Household sector 9.7 10.3 15.3 11.6 8.0 25.1 6.7 6.1 10.4 13.6 2.0 20

21 Nonfinancial corporate business 262.7 34.9 289.5 462.7 292.2 432.0 499.2 264.2 394.3 236.5 273.6 21

22 Nonfarm noncorporate business 56.4 52.6 43.0 38.6 30.5 38.7 37.6 28.5 29.7 32.7 30.9 22

23 Farm business -0.1 0.4 1.7 -0.0 0.7 1.5 -1.9 0.1 0.3 2.0 0.3 23

24 State and local governments -4.8 5.4 -1.0 12.1 14.3 42.9 23.1 23.4 -3.0 20.2 16.5 24

25 Federal government -6.7 -5.4 -3.5 -0.9 -1.4 -2.4 1.0 -6.6 0.1 0.5 0.3 25

26 Rest of the world 129.1 205.8 181.8 359.0 435.1 257.8 145.2 509.5 402.4 387.4 441.1 26

27 Monetary authority 2.4 1.3 4.9 -1.3 0.6 4.8 1.7 -2.9 -1.0 4.5 1.7 27

28 Commercial banking 25.9 103.5 124.1 37.8 69.7 6.0 -50.6 -116.6 215.4 169.7 10.1 28

29 Savings institutions -1.8 -3.2 13.6 -2.6 8.7 17.0 -6.4 -1.6 11.3 16.7 8.2 29

30 Credit unions -0.2 3.8 6.8 -16.3 0.2 -10.7 -43.6 2.2 12.3 -28.1 14.3 30

31 Bank personal trusts and estates 3.9 -1.4 8.4 -2.5 -1.5 -2.5 -2.5 -2.1 -2.8 -0.2 -0.9 31

32 Life insurance companies -31.4 -6.7 3.5 -34.6 12.3 -7.4 -69.5 42.0 -6.5 12.5 1.1 32

33 Other insurance companies 3.6 6.1 7.5 5.0 7.5 10.1 1.4 4.8 11.2 3.2 10.8 33

34 Private pension funds 35.9 13.5 32.0 18.9 16.3 5.3 29.0 15.3 17.5 22.5 9.9 34

35 State and local govt. retirement funds -46.2 -63.3 -92.3 -51.3 4.1 -43.3 -57.6 -64.0 12.5 38.8 29.3 35

36 Money market mutual funds 4.4 14.3 9.6 22.6 11.6 -47.5 40.2 -69.6 217.6 -38.4 -63.4 36

37 Mutual funds -1.7 7.1 -3.9 -4.3 -1.8 -2.3 -4.7 -6.6 -0.0 2.9 -3.6 37

38 Government-sponsored enterprises 20.0 19.4 53.6 61.1 54.8 115.1 62.2 28.4 53.7 69.3 67.9 38

39 Finance companies 22.0 28.9 16.1 48.5 26.1 19.9 89.3 -21.4 -13.1 132.1 6.9 39

40 REITs -1.7 4.9 10.7 -0.1 2.7 -1.7 4.5 1.7 -3.2 5.1 7.1 40

41 Brokers and dealers 68.2 82.8 115.9 28.3 126.8 111.1 26.1 328.8 -18.6 107.2 89.8 41

42 Funding corporations 65.2 57.3 60.7 74.4 54.0 54.9 12.2 78.3 32.1 17.5 88.0 42

43 Discrepancy -82.8 -84.7 -56.4 -317.5 -156.1 -489.7 -157.6 -340.6 -267.1 -38.6 21.7 43
54 Z.1, March 9, 2001

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 91.9 105.0 146.1 150.9 160.0 174.2 133.1 171.9 149.9 144.4 173.7 1

 2 Equity 27.5 40.8 73.3 52.1 53.9 85.8 26.4 37.6 55.2 47.2 75.7 2

 3 Reinvested earnings 54.7 58.2 47.6 69.6 96.5 74.4 83.7 91.7 97.9 99.2 97.3 3

 4 Intercompany accounts 9.7 6.0 25.1 29.2 9.5 14.0 23.0 42.5 -3.2 -2.1 0.8 4

 5 Asset: Nonfinancial corporate business 76.8 84.5 128.3 137.3 110.3 147.7 127.4 132.1 108.9 90.0 110.1 5

 6 Commercial banking 3.5 3.0 1.0 3.9 15.7 3.1 4.8 5.9 4.3 37.4 15.1 6

 7 Life insurance companies 0.8 1.8 1.3 1.5 1.6 2.4 1.5 1.2 1.7 2.5 1.0 7

 8 Other insurance companies 3.6 6.1 7.5 5.0 7.5 10.1 1.4 4.8 11.2 3.2 10.8 8

 9 Finance companies 7.3 9.0 5.9 2.2 20.8 9.9 -3.8 26.2 19.9 7.9 29.1 9

10 Brokers and dealers -0.1 0.7 2.0 1.0 4.1 0.9 1.8 1.7 3.8 3.4 7.6 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 72.0 101.4 153.6 240.0 211.7 158.9 394.4 70.5 343.8 138.9 293.7 11

12 Nonfarm noncorporate business 0.3 0.5 0.3 0.1 0.1 0.5 0.0 0.2 0.2 0.1 0.0 12

13 Commercial banking -0.1 7.7 4.7 18.4 9.6 1.8 17.0 21.8 3.6 8.5 4.5 13

14 Life insurance companies 1.0 7.0 3.8 15.9 11.9 12.2 6.0 3.1 7.3 26.4 10.6 14

15 Other insurance companies 5.7 5.9 1.7 11.2 8.0 13.6 9.1 -0.8 13.0 10.6 9.2 15

16 Finance companies 5.1 6.6 1.1 7.6 5.7 6.8 10.0 5.5 2.8 9.8 4.7 16

17 Brokers and dealers 1.3 0.3 1.1 0.2 3.0 0.6 -0.5 5.7 2.6 1.3 2.3 17

18 Funding corporations 1.1 -23.4 20.0 -17.8 53.2 27.9 -238.5 89.7 28.1 64.0 31.0 18

19 Asset: Rest of the world 86.5 106.0 186.3 275.5 303.2 222.3 197.6 195.8 401.3 259.7 356.1 19

20 Equity 63.7 63.7 151.7 212.1 223.1 134.9 154.7 110.0 294.4 197.1 290.8 20

21 Reinvested earnings 8.5 16.6 3.8 23.2 25.4 28.7 29.3 28.2 29.5 23.8 20.3 21

22 Intercompany accounts 14.3 25.8 30.7 40.2 54.7 58.6 13.6 57.6 77.4 38.8 45.0 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.8 1.6 1.6 1.5 1.5 1.3 1.1 1.4 1.6 1.3 1.6 23

24 Asset: Federal government 1.8 1.6 1.6 1.5 1.5 1.3 1.1 1.4 1.6 1.3 1.6 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.6 0.8 0.5 0.5 0.6 0.2 0.4 1.2 0.5 0.3 0.3 25

26 Asset: Commercial banking 0.6 0.8 0.5 0.5 0.6 0.2 0.4 1.2 0.5 0.3 0.3 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 1.2 0.7 3.3 5.5 2.3 6.1 7.4 4.0 -0.9 1.8 4.1 27

28 Asset: Nonfin. corporate business (FNMA) -0.2 -1.1 -0.7 -0.6 0.0 -0.9 -0.7 -0.1 -1.5 0.3 1.2 28

29 Nonfarm noncorporate (BC) 0.7 0 -0.1 0.0 0.0 -0.1 0.3 0.4 -0.3 -0.1 0.1 29

30 Farm business (FICB and FLB) -0.6 0 0.1 -0.0 0.1 0.1 -0.3 -0.3 0.3 0.2 0.1 30

31 Federal government 0 0 0 0 0 0 0 0 0 0 0 31

32 Commercial banks (FHLB) 0.8 1.3 2.0 3.0 0.8 4.4 3.3 1.7 -0.2 0.0 1.6 32

33 Savings institutions (FHLB) 0.5 0.4 1.8 2.7 1.3 2.2 4.7 2.6 0.7 0.9 0.9 33

34 Credit unions (FHLB) 0.0 0.0 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 0.1 34

35 Life insurance companies (FHLB) 0.1 0.0 0.0 0.1 0.0 0.2 -0.1 -0.3 0 0.4 0.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 28.6 40.7 55.3 2.9 53.3 6.8 -14.8 80.8 35.9 54.9 41.7 36

37 Savings institutions 0.2 0.3 0.4 0.5 0.7 0.6 0.6 0.6 0.6 0.7 0.7 37

38 Finance companies 4.6 2.2 -1.4 31.0 11.0 38.1 78.7 42.6 -16.1 14.4 3.0 38

39 Mortgage companies 4.1 -4.6 1.6 0.2 0.1 -6.1 6.2 -3.0 2.7 -0.3 1.0 39

40 Brokers and dealers -8.6 27.0 43.5 -14.6 20.8 -55.5 -125.1 9.1 26.3 36.4 11.5 40

41 Asset: Bank holding companies 28.9 65.7 99.4 20.1 85.9 -16.0 -54.5 130.1 49.6 106.1 57.9 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 4.6 2.2 -1.4 31.0 11.0 38.1 78.7 42.6 -16.1 14.4 3.0 42

43 Asset: Nonfinancial corporate business 4.6 2.2 -1.4 31.0 11.0 38.1 78.7 42.6 -16.1 14.4 3.0 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 13.7 14.3 11.8 2.5 45.6 56.0 -37.8 86.1 -0.1 21.5 75.0 44

45 Brokers and dealers 51.5 43.0 48.9 71.9 8.3 -1.1 49.9 -7.8 32.2 -4.0 13.0 45

46 Asset: Funding corporations 65.2 57.3 60.7 74.4 54.0 54.9 12.2 78.3 32.1 17.5 88.0 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, March 9, 2001 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.1 -0.0 -0.1 0.6 0.0 0.5 1.1 -1.2 0.2 0.4 0.6 1

 2 Asset: Federal government -0.1 -0.0 -0.1 0.6 0.0 0.5 1.1 -1.2 0.2 0.4 0.6 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 -1.2 0 6.8 -7.8 -0.0 -5.8 4.8 -8.1 -8.7 2.8 13.8 5

 6 Asset: Savings institutions -1.2 0 6.8 -7.8 -0.0 -5.8 4.8 -8.1 -8.7 2.8 13.8 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.8 0.3 -1.4 2.1 0.0 0.2 3.2 -2.9 0.8 -0.6 2.8 7

 8 Asset: Life insurance companies 0.8 0.3 -1.4 2.1 0.0 0.2 3.2 -2.9 0.8 -0.6 2.8 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 7.0 8.3 7.9 11.4 5.1 18.6 13.9 3.9 10.3 5.1 1.2 9

10 Health 6.2 6.3 7.3 10.2 3.9 17.0 12.9 3.8 8.4 2.0 1.2 10

11 Policy dividend accumulation 0.8 2.0 0.7 1.2 1.2 1.6 1.0 0.0 1.8 3.0 -0.0 11

12 Asset: Household sector 7.0 8.3 7.9 11.4 5.1 18.6 13.9 3.9 10.3 5.1 1.2 12

 Policy payables:

13 Liab.: Other insurance companies 6.6 4.8 17.5 0.4 7.0 15.4 -17.2 5.2 0.4 20.5 2.0 13

14 Asset: Household sector 2.7 2.0 7.3 0.2 2.9 6.4 -7.2 2.2 0.2 8.6 0.8 14

15 Nonfinancial corporate business 2.6 1.9 6.9 0.2 2.8 6.1 -6.8 2.1 0.2 8.1 0.8 15

16 Nonfarm noncorporate business 0.6 0.5 1.7 0.0 0.7 1.5 -1.6 0.5 0.0 1.9 0.2 16

17 Farm business 0.6 0.4 1.6 0.0 0.6 1.4 -1.6 0.5 0.0 1.9 0.2 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 14.4 -1.0 21.4 13.4 9.1 0.0 21.5 9.4 7.2 14.8 4.8 18

19 Asset: Private pension funds 14.4 -1.0 21.4 13.4 9.1 0.0 21.5 9.4 7.2 14.8 4.8 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 4.1 7.1 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 20

21 Asset: Private pension funds 4.1 7.1 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 21

 Securities borrowed (net):

22 Liab.: Funding corporations 59.9 57.2 70.0 16.3 85.8 87.6 89.2 122.9 68.1 13.1 139.1 22

23 Asset: Brokers and dealers 59.9 57.2 70.0 16.3 85.8 87.6 89.2 122.9 68.1 13.1 139.1 23
56 Z.1, March 9, 2001

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 160.0 71.6 221.1 152.2 288.7 -63.7 91.5 -54.1 408.1 587.1 213.6 1

 2 Nonfinancial corporate business 183.7 -51.5 174.6 116.0 67.7 156.7 -187.8 -93.9 -3.7 264.5 103.9 2

 3 Nonfarm noncorporate business 2.0 8.0 5.7 3.6 2.3 2.2 -1.4 0.9 1.0 3.3 3.8 3

 4 Federal government -3.3 0.3 -7.1 -2.9 2.0 -14.5 6.6 -7.6 5.4 7.9 2.3 4

 5 Rest of the world 41.1 28.5 6.5 28.4 105.9 37.0 -77.4 136.6 6.2 72.4 208.3 5

 6 Monetary authority -0.7 1.3 0.8 -1.8 0.6 -20.5 21.4 -11.4 11.5 -26.6 28.8 6

 7 Commercial banking -22.1 108.4 49.2 -92.0 75.8 -248.6 6.6 -161.1 252.9 237.9 -26.4 7

 8 U.S.-chartered commercial banks -13.0 30.5 -2.4 -20.0 68.9 -130.8 106.1 10.7 123.8 144.8 -3.7 8

 9 Foreign banking offices in U.S. -26.9 34.2 -10.7 -63.4 -39.5 -94.2 -89.5 -166.2 118.1 -25.8 -83.8 9

10 Bank holding companies 17.3 39.0 56.0 -10.8 42.8 -30.5 -4.0 -8.3 8.8 112.4 58.2 10

11 Banks in U.S.-affiliated areas 0.6 4.7 6.3 2.2 3.6 6.9 -6.1 2.8 2.3 6.5 3.0 11

12 Savings institutions -2.7 -2.4 -2.1 -15.0 16.5 -23.3 -16.7 -17.5 4.8 12.7 66.0 12

13 Credit unions 0.0 0.1 0.5 0.9 0.2 0.1 3.9 -1.5 2.0 2.7 -2.6 13

14 Life insurance companies 6.1 21.8 9.6 -3.9 -0.6 28.3 -74.8 20.5 -7.9 -22.4 7.4 14

15 Government-sponsored enterprises 0.3 7.1 10.1 -3.7 6.2 -14.7 17.3 22.0 -6.2 -12.3 21.4 15

16 Finance companies -11.3 -13.8 19.5 3.0 54.2 2.3 -24.9 51.7 57.4 98.2 9.4 16

17 REITs 2.5 8.8 13.6 4.4 1.8 12.9 2.7 -0.6 6.0 4.5 -2.5 17

18 Brokers and dealers -15.8 -48.7 -49.4 -53.5 -37.4 67.2 -21.1 162.8 -18.9 -29.7 -263.8 18

19 Funding corporations -20.0 3.6 -10.5 168.9 -6.5 -48.9 437.0 -155.0 97.5 -26.0 57.4 19

20 Net change in assets 242.7 156.3 277.4 469.7 444.8 426.0 249.1 286.5 675.2 625.7 191.9 20

21 Nonfinancial corporate business 178.9 -52.5 156.4 294.8 168.1 241.0 300.6 87.5 302.6 123.7 158.5 21

22 Nonfarm noncorporate business 55.1 52.1 41.4 38.5 29.8 37.3 38.9 27.6 30.0 30.9 30.6 22

23 State and local governments -4.8 5.4 -1.0 12.1 14.3 42.9 23.1 23.4 -3.0 20.2 16.5 23

24 Federal government -8.4 -7.0 -5.0 -3.0 -2.9 -4.2 -1.2 -6.8 -1.8 -1.3 -1.9 24

25 Rest of the world 42.6 99.8 -4.5 83.5 131.9 35.6 -52.4 313.6 1.2 127.6 85.0 25

26 Monetary authority 2.4 1.3 4.9 -1.3 0.6 4.8 1.7 -2.9 -1.0 4.5 1.7 26

27 Commercial banking -7.9 32.7 21.1 10.4 -33.3 14.3 -4.6 -255.6 161.2 25.9 -64.8 27

28 U.S.-chartered commercial banks 1.3 0.5 5.5 3.9 -12.9 22.8 -19.8 -34.1 54.1 -13.1 -58.6 28

29 Foreign banking offices in U.S. -21.2 37.0 0.4 -21.3 -42.5 -65.1 -18.9 -196.9 76.6 -9.3 -40.4 29

30 Bank holding companies 11.3 -6.7 12.1 28.9 20.9 55.9 40.5 -23.2 28.8 46.6 31.5 30

31 Banks in U.S.-affiliated areas 0.8 1.8 3.1 -1.0 1.2 0.7 -6.4 -1.4 1.6 1.7 2.7 31

32 Savings institutions -1.1 -3.6 4.9 2.5 7.4 20.6 -15.9 4.0 19.3 13.0 -6.5 32

33 Credit unions -0.2 3.8 6.7 -16.5 0.1 -10.8 -43.8 2.1 12.2 -28.2 14.2 33

34 Bank personal trusts and estates 3.9 -1.4 8.4 -2.5 -1.5 -2.5 -2.5 -2.1 -2.8 -0.2 -0.9 34

35 Life insurance companies -33.1 -8.8 3.6 -38.4 10.6 -10.2 -74.1 44.0 -9.0 10.2 -2.7 35

36 Private pension funds 17.4 7.4 8.7 4.5 6.2 4.3 6.4 4.9 9.3 6.7 4.1 36

37 State and local govt. retirement funds -46.2 -63.3 -92.3 -51.3 4.1 -43.3 -57.6 -64.0 12.5 38.8 29.3 37

38 Money market mutual funds 4.4 14.3 9.6 22.6 11.6 -47.5 40.2 -69.6 217.6 -38.4 -63.4 38

39 Mutual funds -1.7 7.1 -3.9 -4.3 -1.8 -2.3 -4.7 -6.6 -0.0 2.9 -3.6 39

40 Government-sponsored enterprises 20.0 19.4 53.6 61.1 54.8 115.1 62.2 28.4 53.7 69.3 67.9 40

41 Finance companies 14.6 19.9 10.1 46.3 5.3 10.0 93.2 -47.6 -33.0 124.1 -22.2 41

42 REITs -1.7 4.9 10.7 -0.1 2.7 -1.7 4.5 1.7 -3.2 5.1 7.1 42

43 Brokers and dealers 8.4 24.9 43.9 10.9 36.9 22.6 -65.0 204.3 -90.6 90.7 -56.9 43

44 Discrepancy -82.8 -84.7 -56.4 -317.5 -156.1 -489.7 -157.6 -340.6 -267.1 -38.6 21.7 44
Z.1, March 9, 2001 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -63.6 31.9 -2.1 -102.5 30.9 -167.0 -108.4 564.4 -269.7 -3.2 -167.9 1

 2 Household sector -0.7 100.7 6.3 -12.0 -38.0 -11.2 -148.9 44.1 -144.4 -28.6 -23.3 2

 3 Nonfinancial corporate business -13.6 77.1 23.8 41.8 32.8 23.3 30.1 31.4 39.0 30.1 30.5 3

 4 State and local governments -9.4 39.1 -50.8 -20.1 -9.4 -1.4 -17.0 -31.9 -27.0 4.1 17.2 4

 5 Federal government 56.0 15.0 27.0 3.9 6.6 30.3 -7.6 204.1 -123.4 27.3 -81.8 5

 6 Rest of the world -47.9 -145.7 51.0 -7.4 -9.1 53.2 106.2 159.0 -199.7 -43.2 47.4 6

 7 Financial sectors -48.1 -54.4 -59.4 -108.6 48.1 -261.3 -71.3 157.7 185.8 7.0 -158.0 7

 8 Monetary authority 0.8 1.7 -2.9 -0.4 -0.2 -2.8 4.2 -6.1 15.8 1.0 -11.6 8

 9 Commercial banking -6.9 42.0 28.8 -64.3 72.1 -192.6 -74.1 166.7 183.1 31.8 -93.4 9

10 Savings institutions -3.6 -2.0 -4.2 -2.0 -2.6 -1.0 -2.0 -3.3 -1.5 -4.7 -1.1 10

11 Credit unions 1.4 -0.2 -0.2 0.7 -1.6 0.0 0.9 -1.8 0.3 -2.4 -2.5 11

12 Bank personal trusts and estates 2.1 -5.3 -0.2 1.7 0.9 1.7 1.7 1.1 1.2 0.8 0.7 12

13 Life insurance companies -42.1 -45.3 -34.9 -38.8 -38.9 -34.7 -51.6 -48.4 -25.0 -40.3 -41.9 13

14 Other insurance companies -11.9 -46.8 -22.3 12.1 3.7 13.7 18.3 -27.8 18.9 20.7 2.9 14

15 Mutual funds 5.6 8.0 -7.6 -5.7 -4.7 -4.9 -4.0 -4.0 -4.5 -5.0 -5.3 15

16 Government-sponsored enterprises 0.5 -3.0 -4.1 -2.9 -5.2 -4.4 -4.7 -2.1 -4.3 -6.2 -8.2 16

17 Issuers of asset-backed securities 0 0 0 0 0.0 0 0 0.0 0.0 0.0 0.0 17

18 Finance companies 4.5 -7.4 -16.1 -21.9 14.1 -57.4 24.6 66.5 -12.7 2.5 -0.0 18

19 REITs 6.6 9.5 12.2 21.5 20.1 29.2 23.8 26.7 23.9 17.7 12.2 19

20 Brokers and dealers -5.0 -5.6 -7.8 -8.7 -9.4 -8.2 -8.5 -9.8 -9.5 -8.9 -9.6 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -63.6 31.9 -2.1 -102.5 30.9 -167.0 -108.4 564.4 -269.7 -3.2 -167.9 1

 2 Treasury currency -0.4 -0.2 -0.1 -0.7 -0.8 0.2 -2.2 -1.8 -0.7 0.9 -1.6 2

 3 Foreign deposits 59.6 107.4 -6.4 66.5 -25.0 27.3 92.5 209.4 -65.7 -111.7 -132.1 3

 4 Net interbank transactions -3.3 -19.9 3.4 3.5 17.6 -7.0 -23.7 24.4 -4.3 -18.3 68.5 4

 5 Security RPs 2.4 63.2 61.3 30.1 114.6 133.2 -225.9 561.2 27.6 119.3 -249.6 5

 Mail floats:

 6 Federal government 0.5 -2.7 2.6 -7.4 9.4 8.6 -9.2 28.7 -2.6 -2.0 13.7 6

 7 Other -4.0 -3.9 -3.1 -0.8 1.7 -0.3 0.0 0.6 1.5 1.9 2.7 7

 8 Trade credit -21.9 -28.5 -40.1 54.0 -12.6 73.1 161.7 -2.9 -38.3 -41.4 32.2 8

 9 Taxes payable 23.1 28.0 13.9 3.2 -2.6 3.0 -6.4 7.7 7.4 -15.4 -9.9 9

10 Miscellaneous -82.8 -84.7 -56.4 -317.5 -156.1 -489.7 -157.6 -340.6 -267.1 -38.6 21.7 10

11 Nonfinancial -36.6 -26.8 22.7 66.7 84.7 84.5 62.4 77.8 72.5 102.0 86.5 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 33.0 29.7 -24.9 -71.9 -84.7 -89.6 -67.6 -77.8 -72.6 -102.0 -86.5 12

13 Private wage accruals less disbursements 3.6 -2.9 2.1 5.2 0 5.2 5.2 0 0 0 0 13
58 Z.1, March 9, 2001

L.1 Credit Market Debt Outstanding (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total credit market debt owed by: 19810.4 21300.0 23461.9 24075.2 24512.7 25128.7 25731.4 26126.1 26521.1 26952.0 27513.9 1

 2 Domestic nonfinancial sectors 14443.7 15246.8 16291.4 16607.1 16786.7 17109.0 17447.5 17677.2 17857.4 18064.0 18344.3 2

 3 Federal government 3781.8 3804.9 3752.2 3759.7 3651.7 3633.4 3681.0 3653.5 3464.0 3410.2 3385.2 3

 4 Nonfederal sectors 10662.0 11441.9 12539.1 12847.4 13135.0 13475.6 13766.5 14023.7 14393.5 14653.9 14959.2 4

 5 Household sector 5222.5 5559.9 6039.0 6120.6 6260.7 6424.7 6577.5 6647.5 6816.7 6985.8 7169.1 5

 6 Nonfinancial corporate business 3095.3 3359.9 3778.0 3960.1 4062.0 4199.7 4294.0 4445.5 4601.2 4667.0 4740.8 6

 7 Nonfarm noncorporate business 1130.9 1246.5 1358.4 1381.2 1408.0 1440.2 1473.8 1503.2 1534.5 1561.1 1590.9 7

 8 Farm business 149.9 156.1 163.8 162.4 166.1 168.6 169.0 170.2 175.4 176.9 179.1 8

 9 State and local governments 1063.4 1119.5 1199.8 1223.2 1238.2 1242.4 1252.1 1257.3 1265.7 1263.1 1279.3 9

10 Rest of the world 542.2 608.0 651.4 659.2 652.7 672.9 676.9 704.6 699.3 727.8 738.8 10

11 Financial sectors 4824.5 5445.2 6519.1 6809.0 7073.3 7346.8 7607.0 7744.3 7964.4 8160.1 8430.8 11

12 Commercial banking 263.6 309.2 382.1 390.0 408.2 436.0 449.3 463.6 494.7 502.0 509.3 12

13 U.S.-chartered commercial banks 103.9 133.4 186.2 185.3 200.6 222.4 228.0 240.3 263.4 263.2 264.8 13

14 Foreign banking offices in U.S. 9.6 7.2 2.4 2.1 2.1 1.8 2.0 2.0 2.0 1.9 2.0 14

15 Bank holding companies 150.0 168.6 193.5 202.6 205.5 211.8 219.3 221.4 229.3 236.9 242.5 15

16 Savings institutions 140.5 160.3 212.4 226.9 241.6 255.4 260.4 266.9 280.7 276.0 287.7 16

17 Credit unions 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 2.9 3.1 3.4 17

18 Life insurance companies 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 2.7 2.7 2.5 18

19 Government-sponsored enterprises 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.0 1680.2 1749.7 1824.8 19

20 Federally related mortgage pools 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 20

21 ABS issuers 863.3 1076.6 1398.0 1463.1 1539.9 1599.1 1632.0 1665.8 1706.4 1753.6 1837.8 21

22 Finance companies 529.8 554.5 597.5 614.4 639.2 628.5 659.9 670.7 699.2 716.5 734.8 22

23 Mortgage companies 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 17.8 17.7 17.9 23

24 REITs 56.5 96.1 158.8 165.2 160.3 162.2 165.1 167.9 170.4 169.8 172.4 24

25 Brokers and dealers 27.3 35.3 42.5 34.8 30.2 34.6 25.3 36.4 36.2 42.6 40.9 25

26 Funding corporations 312.7 373.7 414.4 459.1 449.7 462.0 506.6 510.1 517.9 511.9 507.4 26

27 Total credit market assets held by: 19810.4 21300.0 23461.9 24075.2 24512.7 25128.7 25731.4 26126.1 26521.1 26952.0 27513.9 27

28 Domestic nonfederal nonfinancial sectors 3032.1 2974.7 3078.7 3169.9 3233.9 3291.4 3413.3 3343.6 3355.1 3317.0 3326.4 28

29 Household sector 2119.1 2076.4 2031.9 2095.2 2133.6 2191.8 2302.5 2233.7 2224.0 2182.1 2171.2 29

30 Nonfinancial corporate business 270.2 257.5 271.5 266.1 268.5 280.5 290.6 288.9 296.5 301.5 312.4 30

31 Nonfarm noncorporate business 38.0 35.9 35.9 36.6 36.9 37.1 37.5 38.1 38.8 39.8 40.8 31

32 State and local governments 604.8 605.0 739.4 772.1 794.8 781.9 782.8 782.9 795.8 793.7 802.0 32

33 Federal government 200.2 205.4 219.1 223.3 225.0 260.7 258.0 259.6 261.6 262.7 266.4 33

34 Rest of the world 1926.6 2257.3 2539.8 2608.3 2621.3 2718.1 2678.0 2763.6 2812.8 2862.0 2957.7 34

35 Financial sectors 14651.5 15862.5 17624.3 18073.6 18432.5 18858.5 19382.0 19759.3 20091.6 20510.3 20963.3 35

36 Monetary authority 393.1 431.4 452.5 466.0 485.1 489.3 478.1 501.9 505.1 511.5 511.8 36

37 Commercial banking 3707.7 4031.9 4335.7 4338.4 4383.4 4488.3 4643.9 4725.0 4847.4 4931.0 5003.1 37

38 U.S.-chartered commercial banks 3175.8 3450.7 3761.2 3782.9 3847.6 3944.3 4078.9 4171.3 4295.4 4368.2 4419.3 38

39 Foreign banking offices in U.S. 475.8 516.1 504.2 487.8 465.7 475.3 484.1 482.0 478.1 487.5 508.1 39

40 Bank holding companies 22.0 27.4 26.5 25.0 25.1 22.0 32.7 22.1 23.0 21.3 20.5 40

41 Banks in U.S.-affiliated areas 34.1 37.8 43.8 42.7 45.0 46.7 48.3 49.6 51.0 54.0 55.3 41

42 Savings institutions 933.2 928.5 964.8 990.8 1011.4 1030.8 1033.4 1044.5 1061.7 1080.9 1089.1 42

43 Credit unions 288.5 305.3 324.2 330.2 341.0 348.5 351.7 359.0 370.8 378.6 383.2 43

44 Bank personal trusts and estates 232.0 207.0 194.1 201.1 208.0 215.0 222.0 226.7 230.2 234.6 239.1 44

45 Life insurance companies 1657.0 1751.1 1828.0 1853.5 1869.6 1880.4 1886.0 1901.5 1913.4 1936.5 1954.7 45

46 Other insurance companies 491.2 515.3 535.7 530.8 537.5 533.9 531.6 528.0 523.5 525.0 526.6 46

47 Private pension funds 627.0 674.6 731.0 744.8 762.0 763.5 775.9 787.6 793.8 811.0 816.4 47

48 State and local govt. retirement funds 568.2 632.0 703.6 722.6 728.9 738.9 753.4 767.2 772.4 764.4 766.5 48

49 Money market mutual funds 634.3 721.9 965.9 1036.2 1001.8 1049.7 1147.8 1217.1 1159.4 1212.5 1297.1 49

50 Mutual funds 820.2 901.1 1025.9 1050.8 1083.7 1083.0 1073.1 1053.7 1073.9 1088.1 1099.2 50

51 Closed-end funds 101.1 98.3 102.8 103.6 104.3 105.1 105.9 106.7 107.4 108.2 109.0 51

52 Government-sponsored enterprises 807.9 902.2 1163.9 1203.1 1268.5 1339.1 1399.5 1426.6 1483.8 1532.8 1602.9 52

53 Federally related mortgage pools 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 53

54 ABS issuers 773.9 937.7 1219.4 1280.1 1352.7 1409.8 1435.3 1463.9 1495.8 1534.3 1611.2 54

55 Finance companies 544.5 566.4 618.4 639.9 660.9 678.2 713.3 747.0 780.6 795.5 812.4 55

56 Mortgage companies 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 35.5 35.4 35.9 56

57 REITs 30.4 50.6 45.5 45.9 45.3 44.7 42.9 38.8 38.2 37.3 36.0 57

58 Brokers and dealers 167.7 182.6 189.4 211.3 158.8 166.8 154.7 201.1 189.3 243.5 225.8 58

59 Funding corporations 121.0 166.7 169.8 179.2 211.1 214.9 305.8 306.7 354.2 334.6 351.6 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, March 9, 2001 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 14443.7 15246.8 16291.4 16607.1 16786.7 17109.0 17447.5 17677.2 17857.4 18064.0 18344.3 1

 2 Federal government 3781.8 3804.9 3752.2 3759.7 3651.7 3633.4 3681.0 3653.5 3464.0 3410.2 3385.2 2

 3 Treasury securities 3755.1 3778.3 3723.7 3731.6 3623.4 3605.1 3652.8 3625.8 3435.7 3382.6 3357.8 3

 4 Budget agency secur. and mortgages 26.6 26.5 28.5 28.1 28.3 28.3 28.3 27.8 28.2 27.6 27.3 4

 5 Nonfederal, by instrument 10662.0 11441.9 12539.1 12847.4 13135.0 13475.6 13766.5 14023.7 14393.5 14653.9 14959.2 5

 6 Commercial paper 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 296.8 307.0 278.4 6

 7 Municipal securities and loans 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 1551.6 1550.3 1567.8 7

 8 Corporate bonds 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.0 2144.5 2190.6 2234.5 8

 9 Bank loans n.e.c. 934.1 1040.5 1148.8 1165.2 1178.5 1202.9 1231.5 1259.1 1307.2 1311.6 1334.2 9

10 Other loans and advances 770.4 839.5 913.8 957.4 956.0 969.8 985.3 1030.2 1059.0 1063.6 1100.4 10

11 Mortgages 4833.1 5150.8 5658.0 5792.6 5947.8 6154.2 6301.3 6412.4 6580.4 6735.2 6875.0 11

12 Home 3719.0 3971.3 4358.1 4450.7 4563.8 4693.3 4790.1 4865.9 4990.6 5108.6 5209.4 12

13 Multifamily residential 278.4 286.6 307.4 316.5 324.8 335.1 347.8 355.2 366.4 374.2 383.3 13

14 Commercial 748.6 802.6 896.0 927.9 959.6 1024.4 1061.4 1087.5 1117.4 1145.1 1174.3 14

15 Farm 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.7 106.0 107.3 108.0 15

16 Consumer credit 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.0 1454.0 1495.6 1568.8 16

17 Nonfederal, by sector 10662.0 11441.9 12539.1 12847.4 13135.0 13475.6 13766.5 14023.7 14393.5 14653.9 14959.2 17

18 Household sector 5222.5 5559.9 6039.0 6120.6 6260.7 6424.7 6577.5 6647.5 6816.7 6985.8 7169.1 18

19 Nonfinancial business 4376.1 4762.5 5300.3 5503.6 5636.0 5808.5 5936.8 6118.9 6311.0 6405.0 6510.8 19

20 Corporate 3095.3 3359.9 3778.0 3960.1 4062.0 4199.7 4294.0 4445.5 4601.2 4667.0 4740.8 20

21 Nonfarm noncorporate 1130.9 1246.5 1358.4 1381.2 1408.0 1440.2 1473.8 1503.2 1534.5 1561.1 1590.9 21

22 Farm 149.9 156.1 163.8 162.4 166.1 168.6 169.0 170.2 175.4 176.9 179.1 22

23 State and local governments 1063.4 1119.5 1199.8 1223.2 1238.2 1242.4 1252.1 1257.3 1265.7 1263.1 1279.3 23

 Foreign credit market debt

24 held in U.S. 542.2 608.0 651.4 659.2 652.7 672.9 676.9 704.6 699.3 727.8 738.8 24

25 Commercial paper 67.5 65.1 72.9 77.2 70.1 81.8 89.2 101.6 101.2 109.8 120.9 25

26 Bonds 366.3 427.7 462.5 466.3 466.4 477.4 476.7 488.1 481.3 499.2 495.4 26

27 Bank loans n.e.c. 43.7 52.1 58.9 59.1 60.5 58.8 59.4 63.3 64.7 67.7 70.7 27

28 Other loans and advances 64.7 63.0 57.2 56.5 55.8 55.0 51.7 51.7 52.1 51.2 51.8 28

29 Domestic and foreign 14985.9 15854.7 16942.8 17266.2 17439.4 17781.9 18124.4 18381.8 18556.7 18791.9 19083.1 29

L.3 Credit Market Debt Owed by Financial Sectors

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

 1 By instrument 4824.5 5445.2 6519.1 6809.0 7073.3 7346.8 7607.0 7744.3 7964.4 8160.1 8430.8 1

 2 Federal government-related 2608.2 2821.1 3292.0 3434.1 3580.7 3745.9 3884.0 3940.1 4035.5 4164.2 4316.7 2

 3 Govt.-sponsored enterprise securities 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.0 1680.2 1749.7 1824.8 3

 4 Mortgage pool securities 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 4

 5 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Private financial sectors 2216.3 2624.1 3227.1 3374.9 3492.6 3601.0 3723.0 3804.2 3928.9 3995.9 4114.1 6

 7 Open market paper 579.1 745.7 906.7 926.4 940.9 963.4 1082.9 1115.7 1135.2 1151.6 1210.7 7

 8 Corporate bonds 1378.4 1555.9 1852.8 1968.6 2042.8 2091.1 2074.6 2114.2 2183.2 2239.3 2290.1 8

 9 Bank loans n.e.c. 64.0 77.2 107.2 104.1 106.8 105.2 92.9 91.4 92.7 92.5 91.0 9

10 Other loans and advances 162.9 198.5 288.7 299.1 328.6 365.4 395.8 404.4 436.9 430.2 438.3 10

11 Mortgages 31.9 46.8 71.6 76.6 73.6 75.9 76.7 78.5 81.0 82.5 84.1 11

12 By sector 4824.5 5445.2 6519.1 6809.0 7073.3 7346.8 7607.0 7744.3 7964.4 8160.1 8430.8 12

13 Commercial banks 113.6 140.6 188.6 187.5 202.7 224.2 230.0 242.2 265.4 265.2 266.8 13

14 Bank holding companies 150.0 168.6 193.5 202.6 205.5 211.8 219.3 221.4 229.3 236.9 242.5 14

15 Savings institutions 140.5 160.3 212.4 226.9 241.6 255.4 260.4 266.9 280.7 276.0 287.7 15

16 Credit unions 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 2.9 3.1 3.4 16

17 Life insurance companies 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 2.7 2.7 2.5 17

18 Government-sponsored enterprises 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.0 1680.2 1749.7 1824.8 18

19 Federally related mortgage pools 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 19

20 ABS issuers 863.3 1076.6 1398.0 1463.1 1539.9 1599.1 1632.0 1665.8 1706.4 1753.6 1837.8 20

21 Brokers and dealers 27.3 35.3 42.5 34.8 30.2 34.6 25.3 36.4 36.2 42.6 40.9 21

22 Finance companies 529.8 554.5 597.5 614.4 639.2 628.5 659.9 670.7 699.2 716.5 734.8 22

23 Mortgage companies 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 17.8 17.7 17.9 23

24 REITs 56.5 96.1 158.8 165.2 160.3 162.2 165.1 167.9 170.4 169.8 172.4 24

25 Funding corporations 312.7 373.7 414.4 459.1 449.7 462.0 506.6 510.1 517.9 511.9 507.4 25
60 Z.1, March 9, 2001

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

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 19810.4 21300.0 23461.9 24075.2 24512.7 25128.7 25731.4 26126.1 26521.1 26952.0 27513.9 1

 2 Open market paper 803.0 979.4 1172.6 1227.6 1243.3 1284.5 1402.4 1478.1 1533.3 1568.3 1610.0 2

 3 U.S. government securities 6389.9 6626.0 7044.3 7193.8 7232.4 7379.2 7565.0 7593.6 7499.4 7574.4 7701.8 3

 4 Municipal securities 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 1551.6 1550.3 1567.8 4

 5 Corporate and foreign bonds 3205.1 3594.5 4144.9 4333.0 4479.2 4589.1 4610.8 4708.3 4808.9 4929.0 5019.9 5

 6 Bank loans n.e.c. 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.7 1464.6 1471.7 1495.9 6

 7 Other loans and advances 998.0 1101.0 1259.6 1313.0 1340.3 1390.1 1432.7 1486.3 1548.0 1545.0 1590.5 7

 8 Mortgages 4865.1 5197.7 5729.6 5869.2 6021.4 6230.1 6378.0 6490.8 6661.3 6817.7 6959.1 8

 9 Consumer credit 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.0 1454.0 1495.6 1568.8 9

 Memo:

 Selected claims not included above:

10 Corporate equities 10255.8 13201.3 15427.8 15919.1 17060.4 16214.9 19576.3 20232.0 19258.1 19066.7 17168.8 10

11 Mutual fund shares 2342.4 2989.4 3610.5 3758.1 4049.1 3931.5 4553.4 4863.3 4759.6 4815.0 4432.8 11

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

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

 Total credit market debt

 1 (from table L.4) 19810.4 21300.0 23461.9 24075.2 24512.7 25128.7 25731.4 26126.1 26521.1 26952.0 27513.9 1

 2 Official foreign exchange 53.7 48.9 60.1 53.6 50.9 52.1 50.1 49.4 46.5 44.9 46.1 2

 3 SDR certificates 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 4.2 3.2 2.2 3

 4 Treasury currency 18.9 19.3 19.9 19.9 20.4 20.9 20.9 21.4 22.1 23.2 23.2 4

 5 Foreign deposits 521.7 619.7 639.0 667.4 694.9 712.3 725.8 790.4 792.6 770.3 750.3 5

 6 Net interbank liabilities 240.8 219.4 189.0 182.0 207.1 199.6 204.5 168.1 215.9 200.3 198.5 6

 7 Checkable deposits and currency 1244.8 1286.1 1333.4 1310.5 1353.1 1353.8 1484.8 1392.9 1409.7 1385.7 1413.7 7

 8 Small time and savings deposits 2377.0 2474.1 2626.5 2637.6 2644.6 2665.9 2671.2 2728.0 2738.8 2790.9 2864.2 8

 9 Large time deposits 590.9 713.4 805.5 804.3 809.0 837.5 936.1 966.5 987.4 1025.9 1052.1 9

10 Money market fund shares 886.7 1042.5 1329.7 1411.7 1393.5 1444.9 1578.8 1666.0 1627.1 1697.8 1812.3 10

11 Security RPs 701.5 822.4 913.7 980.3 957.1 999.4 1083.4 1155.8 1185.1 1238.6 1196.5 11

12 Mutual fund shares 2342.4 2989.4 3610.5 3758.1 4049.1 3931.5 4553.4 4863.3 4759.6 4815.0 4432.8 12

13 Security credit 358.1 469.1 572.3 552.7 586.5 593.1 676.6 803.7 780.5 805.8 812.1 13

14 Life insurance reserves 610.6 665.0 718.3 735.9 749.8 756.2 783.9 799.9 809.4 822.3 823.5 14

15 Pension fund reserves 6582.4 7725.5 8760.0 8903.7 9294.3 8959.6 9747.7 9952.3 9869.2 10021.9 9847.5 15

16 Trade payables 1809.3 1941.4 1970.3 1973.9 2030.8 2097.9 2167.6 2198.3 2229.9 2269.9 2314.1 16

17 Taxes payable 123.8 139.5 151.5 158.8 162.4 167.5 167.2 180.5 180.0 184.1 184.1 17

18 Investment in bank personal trusts 871.3 942.5 1001.0 1016.5 1061.0 1019.0 1130.4 1163.0 1124.1 1122.3 1039.0 18

19 Miscellaneous 6349.1 6670.6 7237.9 7245.5 7431.5 7448.5 7787.5 7915.4 8164.1 8609.7 8777.6 19

20 Total liabilities 45502.9 50097.8 55409.7 56495.7 58017.0 58395.6 61507.5 62947.3 63467.3 64783.9 65103.6 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.4 21.1 21.6 20.7 20.8 21.3 21.4 21.4 21.5 21.4 21.6 21

22 Corporate equities 10255.8 13201.3 15427.8 15919.1 17060.4 16214.9 19576.3 20232.0 19258.1 19066.7 17168.8 22

23 Household equity in noncorp. bus. 3889.2 4164.4 4414.7 4487.4 4548.9 4623.1 4704.5 4732.2 4779.2 4835.0 4915.7 23

 - Liabilities not identified as assets:

24 Treasury currency -6.1 -6.3 -6.4 -6.8 -6.6 -6.6 -7.1 -7.6 -7.9 -7.6 -8.0 24

25 Foreign deposits 437.0 538.3 548.2 560.5 584.7 591.5 615.0 667.4 650.9 623.0 590.0 25

26 Net interbank transactions -10.6 -32.2 -27.0 -11.3 -10.6 -13.2 -25.5 -13.9 -11.6 -17.6 -4.1 26

27 Security RPs 109.8 172.9 234.3 293.8 291.6 325.0 264.4 411.3 416.5 445.3 379.0 27

28 Taxes payable 76.9 92.6 102.0 89.8 112.2 96.5 95.3 89.1 103.0 93.7 96.2 28

29 Miscellaneous -1517.9 -1889.8 -2434.3 -2647.5 -2673.2 -2988.0 -2884.0 -3029.7 -3035.6 -2805.8 -3126.0 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. -1.6 -8.1 -3.9 -7.2 -12.4 -10.2 -9.9 -6.5 -5.2 -7.8 -2.3 30

31 Other 30.1 26.2 23.1 18.9 22.1 14.5 22.3 18.7 22.5 15.5 24.0 31

32 Trade credit 171.8 133.5 94.5 56.3 19.2 36.2 145.9 94.7 62.3 51.5 133.3 32

33 Totals identified to sectors as assets 60380.0 68457.3 76743.2 78576.4 81320.0 81209.2 87593.4 89709.3 89331.2 90316.8 89127.7 33
Z.1, March 9, 2001 61

L.10 Assets and Liabilities of the Personal Sector (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 21101.8 24364.6 27217.5 27872.2 28939.6 28359.4 31785.9 32555.7 31614.6 31464.4 29950.6 1

 2 Foreign deposits 35.5 37.2 38.3 40.0 41.7 42.7 43.5 47.7 45.3 43.9 40.9 2

 3 Checkable deposits and currency 565.8 531.4 589.7 588.3 536.4 508.2 543.0 538.9 497.5 465.7 472.0 3

 4 Time and savings deposits 2565.1 2739.7 2940.7 2940.4 2958.6 3004.7 3068.4 3166.3 3227.5 3304.7 3377.1 4

 5 Money market fund shares 500.7 577.3 732.7 788.2 753.6 775.8 848.1 928.1 894.3 917.5 1002.0 5

 6 Securities 8206.3 9831.8 10982.6 11406.5 12068.9 11785.3 14063.1 14346.2 13539.2 13134.4 11680.5 6

 7 Open market paper 54.7 56.1 57.6 58.1 58.6 59.1 59.6 60.4 61.1 61.9 62.6 7

 8 U.S. savings bonds 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 8

 9 Other Treasury securities 565.0 429.9 300.1 243.4 204.6 183.3 337.9 276.9 165.5 114.8 137.5 9

10 Agency securities 285.3 298.7 267.9 279.1 311.4 378.1 415.5 411.3 451.5 479.4 482.3 10

11 Municipal securities 436.5 473.4 488.8 501.3 521.8 521.1 533.3 530.5 548.2 531.6 524.6 11

12 Corporate and foreign bonds 495.5 536.0 634.5 730.7 754.6 767.6 674.3 673.1 717.0 714.1 683.8 12

13 Corporate equities (2) 4686.8 5909.9 6672.3 6904.4 7312.2 7028.2 8750.0 8870.0 8151.5 7754.5 6579.2 13

14 Mutual fund shares 1495.4 1941.2 2374.7 2503.0 2719.2 2661.7 3106.0 3338.8 3259.8 3293.9 3025.7 14

15 Private life insurance reserves 580.1 632.7 684.7 702.2 715.4 721.7 748.9 764.6 773.5 786.4 787.1 15

16 Private insured pension reserves 953.9 1086.1 1209.9 1236.8 1279.1 1260.0 1367.3 1415.2 1401.2 1425.1 1369.1 16

17 Private noninsured pension reserves 3295.2 3793.6 4255.9 4313.0 4490.2 4319.0 4731.9 4881.2 4803.3 4858.2 4646.1 17

18 Govt. insurance and pension reserves 2363.8 2878.1 3327.7 3387.6 3559.4 3415.0 3683.4 3691.1 3700.5 3774.5 3868.6 18

19 Investment in bank personal trusts 871.3 942.5 1001.0 1016.5 1061.0 1019.0 1130.4 1163.0 1124.1 1122.3 1039.0 19

20 Miscellaneous and other assets 1164.1 1314.4 1454.4 1452.6 1475.3 1507.8 1557.8 1613.3 1608.2 1631.6 1668.1 20

21 Total liabilities 7088.9 7627.4 8273.0 8390.5 8591.1 8797.5 9032.4 9195.8 9390.7 9596.8 9777.2 21

22 Mortgage debt on nonfarm homes 3711.2 3963.3 4348.7 4441.0 4553.6 4682.4 4778.5 4853.9 4978.1 5095.4 5195.9 22

23 Other mortgage debt (3) 880.6 967.8 1048.4 1067.5 1086.7 1113.5 1139.4 1158.7 1180.3 1202.0 1223.4 23

24 Consumer credit 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.0 1454.0 1495.6 1568.8 24

25 Policy loans 101.4 104.6 104.7 100.6 99.9 100.2 100.0 99.6 100.5 102.0 102.3 25

26 Security credit 94.4 131.2 152.8 160.6 183.8 185.8 227.9 287.4 270.3 273.9 232.9 26

27 Other liabilities (3) 1089.7 1196.5 1286.7 1301.6 1326.7 1345.5 1360.5 1380.1 1407.5 1427.9 1453.9 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, March 9, 2001

L.100 Households and Nonprofit Organizations (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 24176.3 27594.2 30605.9 31317.2 32429.6 31906.7 35398.3 36188.4 35284.1 35179.0 33735.8 1

 2 Deposits 3457.1 3642.2 4029.5 4081.2 4009.1 4044.8 4210.5 4385.3 4364.2 4427.6 4583.0 2

 3 Foreign deposits 35.5 37.2 38.3 40.0 41.7 42.7 43.5 47.7 45.3 43.9 40.9 3

 4 Checkable deposits and currency 444.1 397.7 444.0 441.0 386.9 356.6 389.2 383.3 339.8 306.0 309.9 4

 5 Time and savings deposits 2482.3 2636.1 2821.0 2818.6 2833.7 2876.5 2936.7 3033.4 3092.1 3167.6 3237.6 5

 6 Money market fund shares 495.2 571.2 726.1 781.5 746.8 768.9 841.0 921.0 887.1 910.2 994.6 6

 7 Credit market instruments 2119.1 2076.4 2031.9 2095.2 2133.6 2191.8 2302.5 2233.7 2224.0 2182.1 2171.2 7

 8 Open market paper 54.7 56.1 57.6 58.1 58.6 59.1 59.6 60.4 61.1 61.9 62.6 8

 9 U.S. government securities 1022.9 901.2 740.7 694.7 688.0 733.2 925.2 858.7 786.5 763.1 788.7 9

10 Treasury 737.6 602.5 472.8 415.7 376.6 355.1 509.8 447.4 335.0 283.7 306.4 10

11 Savings bonds 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 11

12 Other Treasury 550.6 416.1 286.2 229.1 190.2 168.9 323.3 262.1 150.4 99.4 121.7 12

13 Agency 285.3 298.7 267.9 279.1 311.4 378.1 415.5 411.3 451.5 479.4 482.3 13

14 Municipal securities 436.5 473.4 488.8 501.3 521.8 521.1 533.3 530.5 548.2 531.6 524.6 14

15 Corporate and foreign bonds 495.5 536.0 634.5 730.7 754.6 767.6 674.3 673.1 717.0 714.1 683.8 15

16 Mortgages 109.5 109.6 110.3 110.3 110.6 110.7 110.0 111.0 111.2 111.5 111.4 16

17 Corporate equities (2) 4686.8 5909.9 6672.3 6904.4 7312.2 7028.2 8750.0 8870.0 8151.5 7754.5 6579.2 17

18 Mutual fund shares 1495.4 1941.2 2374.7 2503.0 2719.2 2661.7 3106.0 3338.8 3259.8 3293.9 3025.7 18

19 Security credit 162.9 215.5 276.7 262.3 270.4 285.1 323.9 373.0 359.6 372.9 404.1 19

20 Life insurance reserves 610.6 665.0 718.3 735.9 749.8 756.2 783.9 799.9 809.4 822.3 823.5 20

21 Pension fund reserves 6582.4 7725.5 8760.0 8903.7 9294.3 8959.6 9747.7 9952.3 9869.2 10021.9 9847.5 21

22 Investment in bank personal trusts 871.3 942.5 1001.0 1016.5 1061.0 1019.0 1130.4 1163.0 1124.1 1122.3 1039.0 22

23 Equity in noncorporate business 3889.2 4164.4 4414.7 4487.4 4548.9 4623.1 4704.5 4732.2 4779.2 4835.0 4915.7 23

24 Miscellaneous assets 301.4 311.7 326.9 327.6 330.9 337.2 338.9 340.4 343.0 346.4 346.9 24

25 Total liabilities 5444.3 5827.7 6334.7 6425.7 6591.3 6758.9 6957.6 7088.2 7242.2 7416.1 7560.1 25

26 Credit market instruments 5222.5 5559.9 6039.0 6120.6 6260.7 6424.7 6577.5 6647.5 6816.7 6985.8 7169.1 26

27 Home mortgages (3) 3578.7 3828.5 4204.4 4293.7 4403.0 4527.5 4620.0 4691.7 4811.9 4924.6 5021.9 27

28 Consumer credit 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.0 1454.0 1495.6 1568.8 28

29 Municipal securities 104.9 114.9 126.9 128.9 131.7 134.4 137.3 138.0 141.4 141.9 143.0 29

30 Bank loans n.e.c. 58.0 66.6 72.9 68.7 71.9 68.5 65.7 69.6 71.7 67.5 73.3 30

31 Other loans and advances 172.7 190.7 204.0 207.0 210.6 217.6 218.9 222.8 227.4 242.1 246.7 31

32 Commercial mortgages 96.6 95.1 99.1 103.0 103.1 106.5 109.6 109.4 110.2 114.1 115.4 32

33 Security credit 94.4 131.2 152.8 160.6 183.8 185.8 227.9 287.4 270.3 273.9 232.9 33

34 Trade payables 109.1 118.0 125.7 126.0 128.2 129.8 132.7 134.5 136.3 137.7 138.6 34

 Deferred and unpaid

35 life insurance premiums 18.3 18.6 17.2 18.5 18.6 18.6 19.4 18.7 18.9 18.8 19.5 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).

(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
Z.1, March 9, 2001 63

L.101 Nonfinancial Business (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 6269.1 6726.9 7237.9 7436.1 7677.0 7844.2 8085.2 8233.5 8392.1 8549.4 8617.9 1

 2 Foreign deposits 26.1 21.0 21.8 25.8 23.1 23.9 24.4 19.0 22.8 27.9 27.9 2

 3 Checkable deposits and currency 411.5 454.2 448.1 443.5 490.3 509.0 520.0 516.5 556.1 582.7 593.0 3

 4 Time and savings deposits 126.4 139.9 150.9 150.0 155.0 159.8 164.4 159.5 163.7 173.3 179.3 4

 5 Money market fund shares 92.3 116.8 162.4 168.6 168.9 175.9 198.7 200.7 198.8 217.4 226.1 5

 6 Security RPs 3.9 4.6 3.3 3.7 2.6 4.5 4.2 4.9 3.5 3.0 2.0 6

 7 Credit market instruments 308.2 293.4 307.4 302.7 305.4 317.7 328.0 327.0 335.2 341.2 353.2 7

 8 Commercial paper 31.5 36.1 30.9 31.1 35.6 35.0 34.8 31.3 30.7 33.2 34.2 8

 9 U.S. government securities 90.0 48.7 49.7 50.4 48.6 49.8 48.9 54.0 57.1 57.1 53.7 9

10 Municipal securities 31.0 27.4 29.7 27.7 23.0 31.2 25.8 27.7 30.0 32.6 34.6 10

11 Mortgages 77.9 102.3 122.2 126.3 130.3 134.2 138.2 141.1 144.0 146.1 148.0 11

12 Consumer credit 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 73.5 72.1 82.7 12

13 Mutual fund shares 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 121.1 120.7 107.4 13

14 Trade receivables 1418.5 1539.0 1574.7 1612.1 1700.1 1746.2 1698.3 1770.4 1821.3 1860.5 1813.9 14

15 Miscellaneous assets 3822.3 4089.0 4478.2 4634.6 4729.8 4813.0 5033.2 5118.0 5169.6 5222.8 5315.0 15

16 Total liabilities 8023.2 8428.5 9021.4 9258.2 9506.1 9745.4 9955.0 10145.2 10345.3 10553.0 10707.9 16

17 Credit market instruments 4376.1 4762.5 5300.3 5503.6 5636.0 5808.5 5936.8 6118.9 6311.0 6405.0 6510.8 17

18 Commercial paper 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 296.8 307.0 278.4 18

19 Municipal securities 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 153.4 153.9 154.2 19

20 Corporate bonds 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.0 2144.5 2190.6 2234.5 20

21 Bank loans n.e.c. 876.0 973.9 1075.9 1096.4 1106.6 1134.4 1165.8 1189.4 1235.5 1244.1 1260.9 21

22 Other loans and advances 587.6 639.8 699.7 740.3 735.2 742.0 756.7 798.1 822.6 812.9 845.0 22

23 Mortgages 1157.8 1227.3 1354.5 1395.8 1441.7 1520.2 1571.7 1611.3 1658.3 1696.5 1737.7 23

24 Trade payables 1043.0 1133.0 1130.3 1127.2 1162.8 1216.4 1274.5 1291.7 1305.8 1344.2 1384.3 24

25 Taxes payable 87.3 97.4 103.7 109.5 111.6 114.8 112.4 124.1 122.5 124.4 122.0 25

26 Miscellaneous liabilities 2516.7 2435.7 2487.2 2517.8 2595.6 2605.7 2631.4 2610.4 2606.0 2679.4 2690.8 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, March 9, 2001

L.102 Nonfarm Nonfinancial Corporate Business

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5460.1 5806.7 6223.4 6403.3 6625.2 6772.1 6993.2 7127.5 7269.5 7409.9 7460.7 1

 2 Foreign deposits 26.1 21.0 21.8 25.8 23.1 23.9 24.4 19.0 22.8 27.9 27.9 2

 3 Checkable deposits and currency 289.8 320.5 302.5 296.2 340.8 357.4 366.2 360.9 398.4 422.9 431.0 3

 4 Time and savings deposits 43.6 36.3 31.3 28.2 30.1 31.6 32.8 26.5 28.2 36.2 39.9 4

 5 Money market fund shares 86.9 110.7 155.8 161.9 162.1 169.0 191.7 193.6 191.5 210.1 218.8 5

 6 Security RPs 3.9 4.6 3.3 3.7 2.6 4.5 4.2 4.9 3.5 3.0 2.0 6

 7 Commercial paper 31.5 36.1 30.9 31.1 35.6 35.0 34.8 31.3 30.7 33.2 34.2 7

 8 U.S. government securities 75.6 34.8 35.7 36.1 34.2 35.4 34.4 39.2 42.0 41.7 37.9 8

 9 Municipal securities 31.0 27.4 29.7 27.7 23.0 31.2 25.8 27.7 30.0 32.6 34.6 9

10 Mortgages 54.4 80.2 100.2 104.0 107.7 111.5 115.2 117.7 120.3 121.8 123.0 10

11 Consumer credit 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 73.5 72.1 82.7 11

12 Trade receivables 1273.1 1366.6 1381.3 1415.6 1499.3 1540.9 1488.3 1557.2 1604.4 1640.1 1589.4 12

13 Mutual fund shares 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 121.1 120.7 107.4 13

14 Miscellaneous assets 3406.7 3620.4 3964.9 4110.6 4196.9 4270.0 4481.3 4559.0 4603.1 4647.6 4732.0 14

15 U.S. direct investment abroad (1) 863.2 923.8 1047.8 1089.7 1120.6 1159.1 1159.8 1195.2 1224.7 1248.9 1270.1 15

16 Insurance receivables 186.2 188.1 195.0 193.8 195.3 196.9 195.2 195.7 195.7 197.7 197.9 16

17 Equity in GSEs 1.6 0.5 -0.2 -0.2 -0.4 -0.6 -0.8 -0.8 -1.2 -1.1 -0.8 17

18 Investment in finance company subs. 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 68.6 72.1 72.9 18

19 Other 2325.6 2475.7 2691.5 2795.0 2848.7 2872.4 3065.1 3096.3 3115.3 3129.8 3191.8 19

20 Total liabilities 6378.6 6628.8 7083.1 7293.4 7506.4 7706.8 7880.2 8037.6 8196.8 8372.3 8490.8 20

21 Credit market instruments 3095.3 3359.9 3778.0 3960.1 4062.0 4199.7 4294.0 4445.5 4601.2 4667.0 4740.8 21

22 Commercial paper 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 296.8 307.0 278.4 22

23 Municipal securities (2) 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 153.4 153.9 154.2 23

24 Corporate bonds (1) 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.0 2144.5 2190.6 2234.5 24

25 Bank loans n.e.c. 627.2 698.1 778.9 797.7 801.6 824.1 851.8 872.8 910.3 914.8 926.4 25

26 Other loans and advances 472.2 520.6 567.9 607.2 600.3 605.3 616.2 652.9 674.2 662.7 691.6 26

27 Savings institutions 7.9 9.4 12.1 12.7 13.5 14.1 15.3 16.7 17.7 19.0 19.7 27

28 Finance companies 278.5 286.7 312.8 326.5 336.4 344.7 364.6 391.1 408.7 410.2 424.0 28

29 Federal government 8.7 8.4 8.3 8.2 8.1 8.1 8.0 7.9 7.7 7.6 7.4 29

30 Acceptance liabilities to banks 13.4 10.8 6.6 5.6 4.8 4.8 4.4 4.9 4.9 4.6 4.3 30

31 Rest of the world 126.0 143.3 142.3 163.2 140.6 134.9 119.5 120.8 124.8 112.4 119.8 31

32 ABS issuers 37.7 62.1 85.9 91.0 96.8 98.7 104.3 111.5 110.4 109.0 116.4 32

33 Mortgages 241.3 219.8 260.9 284.1 307.5 358.3 383.4 399.7 422.0 437.8 455.8 33

34 Trade payables 927.0 992.1 977.5 973.2 1004.8 1055.5 1111.6 1127.4 1138.0 1174.0 1211.3 34

35 Taxes payable 49.9 59.2 64.1 69.3 70.9 73.6 70.7 81.8 79.6 80.8 77.6 35

36 Miscellaneous liabilities 2306.4 2217.5 2263.5 2290.8 2368.6 2378.0 2404.0 2382.8 2378.0 2450.6 2461.1 36

37 Foreign direct investment in U.S. 696.3 752.9 823.9 848.0 939.0 985.0 992.6 1016.7 1110.2 1151.3 1204.3 37

38 Pension fund contributions payable 86.4 93.5 95.4 95.7 95.9 96.2 96.4 96.7 96.9 97.2 97.4 38

39 Other 1523.7 1371.1 1344.2 1347.1 1333.7 1296.9 1315.0 1269.4 1170.9 1202.1 1159.3 39

 Memo:

40 Trade receivables net of payables 346.1 374.5 403.8 442.4 494.4 485.4 376.7 429.8 466.4 466.2 378.1 40

41 Market value of equities 7618.6 9674.2 11457.1 11834.8 12719.4 12199.9 15112.1 15683.3 14802.0 14280.0 12351.3 41

42 Securities and mortgages 1839.5 1972.6 2238.2 2331.3 2427.7 2531.0 2595.6 2659.0 2719.9 2782.3 2844.4 42

43 Loans and short-term paper 1255.8 1387.3 1539.8 1628.8 1634.2 1668.8 1698.3 1786.5 1881.3 1884.6 1896.4 43

44 Total short-term liabilities (3) 2232.6 2438.6 2581.3 2671.4 2710.0 2797.8 2880.6 2995.8 3098.9 3139.4 3185.3 44

45 Total liquid assets (4) 648.3 660.6 702.1 705.9 753.2 782.2 828.1 820.6 868.3 928.3 933.6 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.4 58.7 59.2 58.9 59.8 60.3 60.4 59.8 59.1 59.6 60.0 46

47 Short-term debt/credit market debt 40.6 41.3 40.8 41.1 40.2 39.7 39.6 40.2 40.9 40.4 40.0 47

48 Liquid assets/short-term liabilities 29.0 27.1 27.2 26.4 27.8 28.0 28.7 27.4 28.0 29.6 29.3 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, March 9, 2001 65

L.103 Nonfarm Noncorporate Business

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 748.0 858.5 949.1 968.0 986.7 1006.9 1027.3 1041.6 1058.4 1074.9 1092.6 1

 2 Checkable deposits and currency 105.1 116.8 126.8 128.7 131.0 133.4 135.8 137.8 140.1 142.2 144.7 2

 3 Time and savings deposits 82.8 103.6 119.6 121.8 124.9 128.2 131.7 132.9 135.4 137.2 139.5 3

 4 Money market fund shares 5.5 6.1 6.6 6.7 6.8 6.9 7.0 7.1 7.2 7.3 7.4 4

 5 Treasury securities 14.4 13.8 14.0 14.3 14.4 14.4 14.6 14.8 15.1 15.4 15.9 5

 6 Mortgages 23.5 22.0 22.0 22.3 22.5 22.7 22.9 23.3 23.7 24.3 25.0 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 145.5 172.4 193.4 196.5 200.8 205.3 210.0 213.2 217.0 220.3 224.4 8

 9 Miscellaneous assets 371.2 423.8 466.8 477.8 486.3 495.9 505.3 512.5 519.9 528.1 535.8 9

10 Insurance receivables 44.8 45.2 46.9 46.6 47.0 47.3 46.9 47.1 47.1 47.6 47.6 10

11 Equity investment in GSEs (1) 1.7 1.7 1.6 1.6 1.6 1.5 1.6 1.7 1.6 1.6 1.6 11

12 Other 324.8 376.9 418.3 429.5 437.7 447.1 456.8 463.7 471.2 478.9 486.6 12

13 Total liabilities 1477.3 1624.8 1754.9 1783.9 1814.1 1849.8 1885.8 1918.3 1952.4 1982.9 2017.2 13

14 Credit market instruments 1130.9 1246.5 1358.4 1381.2 1408.0 1440.2 1473.8 1503.2 1534.5 1561.1 1590.9 14

15 Bank loans n.e.c. 208.5 232.0 251.9 256.1 260.4 264.8 269.8 274.3 279.3 283.1 287.7 15

16 Other loans and advances 93.0 97.3 109.5 110.6 113.1 115.0 117.7 121.1 124.9 126.7 129.3 16

17 Mortgages 829.4 917.2 997.1 1014.4 1034.6 1060.4 1086.3 1107.8 1130.3 1151.4 1173.9 17

18 Trade payables 98.6 122.1 133.2 135.5 138.4 140.7 143.0 145.1 147.0 149.4 152.2 18

19 Taxes payable 37.5 38.1 39.6 40.2 40.7 41.2 41.7 42.3 42.9 43.7 44.4 19

20 Miscellaneous liabilities 210.3 218.1 223.7 227.1 227.0 227.7 227.3 227.6 227.9 228.8 229.7 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 61.1 61.7 65.4 64.9 65.1 65.3 64.6 64.4 64.3 64.7 64.6 1

 2 Checkable deposits and currency 16.7 16.9 18.8 18.6 18.4 18.2 18.0 17.8 17.6 17.5 17.4 2

 3 Miscellaneous assets 44.4 44.8 46.6 46.2 46.7 47.0 46.6 46.6 46.7 47.2 47.3 3

 4 Insurance receivables 42.9 43.3 44.9 44.6 45.0 45.4 45.0 45.1 45.1 45.6 45.6 4

 5 Equity investment in GSEs (2) 1.5 1.5 1.7 1.6 1.7 1.7 1.6 1.5 1.6 1.6 1.7 5

 6 Total liabilities 167.4 175.0 183.4 180.9 185.7 188.8 189.0 189.3 196.2 197.8 199.9 6

 7 Credit market instruments 149.9 156.1 163.8 162.4 166.1 168.6 169.0 170.2 175.4 176.9 179.1 7

 8 Bank loans n.e.c. 40.4 43.9 45.1 42.6 44.6 45.5 44.2 42.4 45.9 46.2 46.9 8

 9 Other loans and advances 22.4 21.9 22.2 22.5 21.8 21.7 22.8 24.0 23.5 23.4 24.1 9

10 Mortgages 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.7 106.0 107.3 108.0 10

11 Trade payables 17.4 18.8 19.6 18.5 19.6 20.2 20.0 19.2 20.8 20.9 20.9 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, March 9, 2001

L.105 State and Local Governments (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1007.9 1033.3 1180.3 1212.5 1232.0 1247.5 1267.8 1278.6 1297.9 1305.8 1323.5 1

 2 Checkable deposits and currency 27.8 32.2 28.3 27.4 27.1 27.2 32.1 27.2 27.0 22.2 25.8 2

 3 Time and savings deposits 72.6 78.4 91.1 92.6 90.3 94.1 102.1 98.9 100.7 103.3 109.6 3

 4 Security RPs 147.8 151.4 158.5 166.5 163.8 166.6 163.5 176.4 174.0 177.0 173.3 4

 5 Credit market instruments 604.8 605.0 739.4 772.1 794.8 781.9 782.8 782.9 795.8 793.7 802.0 5

 6 Open market paper 59.7 74.0 102.0 106.0 107.2 106.5 103.9 105.6 110.0 109.0 111.5 6

 7 U.S. government securities 373.2 354.8 448.3 474.5 490.4 473.6 474.3 470.5 476.4 472.9 477.2 7

 8 Treasury 257.0 239.3 269.3 272.5 279.1 271.6 266.8 257.2 256.4 246.9 246.2 8

 9 Agency 116.2 115.4 179.0 202.0 211.3 202.0 207.5 213.3 220.0 226.0 231.0 9

10 Municipal securities 4.6 3.9 2.5 2.1 1.8 1.4 1.0 0.6 1.0 1.8 1.6 10

11 Corporate and foreign bonds 49.7 51.0 61.2 63.0 67.8 71.8 73.8 75.3 76.5 76.9 77.5 11

12 Mortgages 117.6 121.3 125.4 126.5 127.6 128.7 129.8 130.9 132.0 133.1 134.3 12

13 Corporate equities 46.8 79.0 102.0 96.9 102.9 101.0 115.0 113.2 115.0 117.6 115.1 13

14 Mutual fund shares 41.0 33.6 21.3 20.3 22.4 24.0 25.6 22.9 24.3 25.4 26.4 14

15 Taxes receivable 26.1 26.9 28.1 28.5 30.3 32.7 33.5 35.5 39.0 42.9 45.6 15

16 Miscellaneous assets 41.0 27.0 11.5 8.2 0.5 19.9 13.1 21.5 21.9 23.7 25.9 16

17 Total liabilities 1581.0 1668.5 1779.3 1810.2 1831.7 1843.2 1860.7 1874.1 1888.9 1892.6 1915.2 17

18 Credit market instruments 1063.4 1119.5 1199.8 1223.2 1238.2 1242.4 1252.1 1257.3 1265.7 1263.1 1279.3 18

19 Municipal securities 1053.3 1110.6 1189.7 1213.0 1228.0 1232.3 1242.4 1247.9 1256.7 1254.5 1270.6 19

20 Short-term 39.1 47.5 41.2 42.1 40.0 41.7 44.8 46.4 45.2 43.5 47.9 20

21 Other 1014.1 1063.1 1148.5 1170.9 1188.1 1190.6 1197.6 1201.5 1211.6 1211.0 1222.7 21

22 U.S. government loans 10.1 8.9 10.1 10.2 10.2 10.1 9.7 9.3 8.9 8.6 8.7 22

23 Trade payables 517.6 549.0 579.5 587.0 593.5 600.8 608.6 616.9 623.2 629.6 635.9 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 440.7 437.9 442.9 470.0 481.4 538.7 561.4 541.0 535.8 542.2 512.3 1

 2 Gold, SDRs, and official foreign exchange 44.9 42.0 51.0 48.2 45.9 46.4 44.5 44.0 41.5 39.7 41.0 2

 3 Checkable deposits and currency 38.3 41.6 23.2 29.1 61.2 62.9 87.9 48.5 60.2 55.7 24.3 3

 4 Time and savings deposits 2.4 3.4 4.7 3.9 4.1 4.6 5.4 5.5 5.7 6.2 6.3 4

 5 Credit market instruments 200.2 205.4 219.1 223.3 225.0 260.7 258.0 259.6 261.6 262.7 266.4 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 50.3 45.7 44.9 44.6 44.5 77.8 77.7 76.8 76.8 76.5 76.9 7

 8 Other loans and advances 149.9 159.7 174.2 178.8 180.6 183.0 180.3 182.8 184.7 186.2 189.6 8

 9 Trade receivables 24.0 20.8 22.3 23.8 24.5 25.7 26.8 28.8 30.3 31.6 33.0 9

10 Taxes receivable 20.7 20.0 21.4 40.5 20.0 38.4 38.5 55.9 37.9 47.4 42.4 10

11 Miscellaneous assets 110.2 104.8 101.2 101.1 100.7 100.1 100.3 98.7 98.7 98.8 98.9 11

12 Total liabilities 4491.3 4546.8 4534.2 4529.9 4435.0 4431.7 4504.1 4467.8 4288.7 4249.7 4228.6 12

13 SDR certificates 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 4.2 3.2 2.2 13

14 Treasury currency 18.9 19.3 19.9 19.9 20.4 20.9 20.9 21.4 22.1 23.2 23.2 14

15 Credit market instruments 3781.8 3804.9 3752.2 3759.7 3651.7 3633.4 3681.0 3653.5 3464.0 3410.2 3385.2 15

16 Savings bonds 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 16

17 Other Treasury securities 3568.1 3591.8 3537.1 3545.0 3436.9 3418.9 3466.3 3440.5 3251.1 3198.2 3173.1 17

18 Budget agency securities 26.6 26.5 28.5 28.1 28.3 28.3 28.3 27.8 28.2 27.6 27.3 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 81.8 72.8 69.7 69.2 70.9 71.6 70.4 71.8 72.7 73.2 70.3 20

21 Insurance and pension reserves 591.9 634.0 676.5 666.3 677.1 691.9 719.0 708.2 719.2 733.3 741.3 21

22 Miscellaneous liabilities 7.3 6.6 6.7 6.7 6.7 6.7 6.6 6.6 6.5 6.6 6.4 22
Z.1, March 9, 2001 67

L.107 Rest of the World

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4200.3 4914.3 5642.7 5755.0 5952.0 6180.8 6353.3 6568.6 6792.6 6974.9 7250.9 1

 2 Net interbank assets 177.3 173.0 145.9 132.8 154.5 149.5 139.4 128.6 171.5 165.1 138.1 2

 3 U.S. checkable deposits and currency 213.7 243.6 258.4 262.2 270.7 283.6 298.3 277.9 280.3 282.3 290.1 3

 4 U.S. time deposits 60.6 73.6 86.6 85.2 82.6 88.6 101.6 99.2 99.6 98.0 107.2 4

 5 Security RPs 70.9 90.8 72.0 86.3 83.3 81.9 86.8 82.6 95.0 96.6 91.8 5

 6 Credit market instruments 1926.6 2257.3 2539.8 2608.3 2621.3 2718.1 2678.0 2763.6 2812.8 2862.0 2957.7 6

 7 Open market paper 57.9 77.8 115.3 110.8 102.5 108.1 102.3 99.9 98.2 94.6 111.1 7

 8 U.S. government securities 1289.5 1498.5 1622.2 1639.6 1650.3 1695.9 1635.5 1677.2 1681.9 1703.1 1725.2 8

 9 Official holdings 610.5 614.5 620.3 627.1 626.2 641.0 628.9 653.2 659.5 664.8 658.3 9

10 Treasury 590.7 589.8 589.0 589.8 583.1 596.1 578.2 594.4 590.4 581.4 566.9 10

11 Agency 19.8 24.7 31.3 37.3 43.0 44.9 50.7 58.8 69.1 83.4 91.4 11

12 Private holdings 679.0 884.0 1001.9 1012.5 1024.1 1054.9 1006.6 1024.0 1022.4 1038.3 1066.9 12

13 Treasury 502.6 662.2 729.7 722.2 716.8 726.5 660.7 651.5 630.9 618.2 608.4 13

14 Agency 176.5 221.8 272.2 290.3 307.3 328.5 345.9 372.5 391.5 420.1 458.5 14

15 U.S. corporate bonds (1) 453.2 537.8 660.0 694.6 727.9 779.2 820.6 865.7 908.0 951.9 1001.6 15

16 Loans to U.S. corporate business 126.0 143.3 142.3 163.2 140.6 134.9 119.5 120.8 124.8 112.4 119.8 16

17 U.S. corporate equities 656.8 919.5 1175.1 1200.6 1319.3 1229.9 1523.3 1578.9 1594.0 1690.9 1711.6 17

18 Trade receivables 57.1 60.1 51.4 46.7 45.5 44.6 46.0 44.9 45.9 45.3 44.8 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 1037.4 1096.4 1313.5 1332.8 1375.0 1584.5 1479.9 1593.0 1693.6 1734.8 1909.5 20

21 Foreign direct investment in U.S. (2) 743.2 825.3 928.6 955.5 1100.1 1156.4 1125.2 1174.3 1275.4 1341.1 1428.5 21

22 Other 294.2 271.0 384.9 377.3 274.9 428.2 354.6 418.7 418.3 393.7 481.0 22

23 Total liabilities 2312.9 2552.1 2776.3 2796.7 2814.1 2856.9 3039.0 3171.2 3310.9 3542.1 3609.1 23

 U.S. official foreign exchange

24 and net IMF position 53.7 48.9 60.1 53.6 50.9 52.1 50.1 49.4 46.5 44.9 46.1 24

25 U.S. private deposits 521.7 619.7 639.0 667.4 694.9 712.3 725.8 790.4 792.6 770.3 750.3 25

26 Credit market instruments 542.2 608.0 651.4 659.2 652.7 672.9 676.9 704.6 699.3 727.8 738.8 26

27 Commercial paper 67.5 65.1 72.9 77.2 70.1 81.8 89.2 101.6 101.2 109.8 120.9 27

28 Bonds 366.3 427.7 462.5 466.3 466.4 477.4 476.7 488.1 481.3 499.2 495.4 28

29 Bank loans n.e.c. 43.7 52.1 58.9 59.1 60.5 58.8 59.4 63.3 64.7 67.7 70.7 29

30 Official 2.9 2.1 2.8 2.9 2.8 3.0 3.0 2.8 3.1 3.6 3.5 30

31 Banks 14.3 13.8 13.1 12.5 13.8 11.2 10.0 11.4 12.0 12.6 13.2 31

32 Other 26.5 36.3 43.0 43.6 43.9 44.7 46.5 49.1 49.5 51.5 54.0 32

33 U.S. government loans 54.8 53.3 52.4 51.8 51.6 51.9 47.8 47.9 48.0 47.4 48.6 33

34 Acceptance liabilities to banks 9.9 9.7 4.7 4.7 4.1 3.1 3.9 3.8 4.1 3.8 3.1 34

35 Trade payables 43.6 48.7 46.3 45.0 43.9 49.4 50.6 49.5 52.6 49.4 49.1 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 1151.7 1226.9 1379.5 1371.5 1371.7 1370.2 1535.6 1577.2 1720.0 1949.7 2024.8 37

38 U.S. equity in IBRD, etc. 29.2 30.8 32.4 32.8 33.3 33.6 33.9 34.2 34.6 34.9 35.4 38

39 U.S. government deposits 2.1 2.1 1.9 2.0 2.2 2.3 2.6 2.3 2.3 2.4 2.6 39

40 U.S. direct investment abroad (1,2) 986.5 1058.7 1207.1 1251.2 1286.1 1331.0 1331.2 1377.0 1417.0 1454.5 1491.2 40

41 Other 133.8 135.2 138.1 85.4 50.2 3.4 168.0 163.8 266.1 457.8 495.7 41

 Memo:

42 Market value of foreign equities 1002.9 1207.8 1476.2 1503.2 1645.5 1722.7 2026.6 2057.5 2009.7 1850.0 1778.8 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, March 9, 2001

L.108 Monetary Authority (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 495.2 534.0 566.8 560.3 577.3 590.0 696.9 604.1 609.8 608.5 635.5 1

 2 Gold and foreign exchange 30.2 28.0 30.7 26.1 25.8 27.1 27.1 26.8 26.5 26.6 26.6 2

 3 SDR certificates 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 4.2 3.2 2.2 3

 4 Treasury currency 25.0 25.6 26.3 26.6 27.0 27.5 28.0 29.0 30.0 30.8 31.2 4

 5 Federal Reserve float 4.3 0.7 1.6 -0.9 0.3 0.1 -0.2 -0.2 -0.0 0.4 0.9 5

 6 Fed. Res. loans to domestic banks 0.1 2.0 0.0 0.2 0.2 0.5 0.2 0.2 0.5 0.4 0.1 6

 7 Security RPs 21.6 23.8 30.4 18.3 14.3 22.1 140.6 23.7 26.9 17.3 43.4 7

 8 Credit market instruments 393.1 431.4 452.5 466.0 485.1 489.3 478.1 501.9 505.1 511.5 511.8 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 393.1 431.4 452.5 466.0 485.1 489.3 478.1 501.9 505.1 511.5 511.8 10

11 Treasury 390.9 430.7 452.1 465.7 484.9 489.0 478.0 501.7 505.0 511.4 511.7 11

12 Agency 2.2 0.7 0.3 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 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 11.2 13.2 16.1 15.6 16.4 16.4 16.8 16.5 16.6 18.3 19.3 14

15 Total liabilities 490.7 528.8 560.9 553.9 570.5 582.5 690.5 596.1 605.7 604.7 628.8 15

16 Depository institution reserves 24.5 30.8 26.3 22.5 22.2 21.7 24.0 18.2 18.5 17.6 19.0 16

17 Vault cash of commercial banks 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 37.0 34.5 44.4 17

18 Checkable deposits and currency 413.6 443.5 481.8 485.0 498.7 510.1 590.4 532.7 540.6 542.9 554.8 18

19 Due to federal government 8.0 5.7 6.2 5.5 6.8 6.7 28.5 4.5 6.3 8.6 5.6 19

20 Due to rest of the world 0.2 0.5 0.2 0.2 0.5 0.3 0.1 0.2 0.1 0.2 0.3 20

21 Currency outside banks 405.5 437.4 475.4 479.2 491.5 503.1 561.8 528.0 534.1 534.1 548.9 21

22 Miscellaneous liabilities 7.4 9.5 10.7 7.9 9.1 9.7 9.4 10.0 9.6 9.6 10.6 22

23 Federal Reserve Bank stock 4.6 5.4 6.0 6.1 6.3 6.3 6.4 6.7 6.9 6.9 7.0 23

24 Other 2.8 4.0 4.8 1.8 2.8 3.4 3.0 3.3 2.8 2.7 3.6 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, March 9, 2001 69

L.109 Commercial Banking (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4710.4 5174.6 5642.2 5638.2 5704.6 5807.8 5989.3 6044.4 6211.5 6344.6 6455.6 1

 2 Vault cash 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 37.0 34.5 44.4 2

 3 Reserves at Federal Reserve 22.3 29.1 24.4 20.8 20.4 19.9 22.0 16.6 16.9 16.5 18.2 3

 4 Checkable deposits and currency 1.4 1.4 2.0 1.6 1.3 1.7 2.2 1.9 2.1 1.4 1.7 4

 5 Total bank credit 3794.5 4144.5 4483.3 4474.5 4525.1 4618.7 4782.0 4882.5 5011.6 5105.9 5195.6 5

 6 U.S. government securities 757.5 841.2 876.6 897.4 893.8 912.9 925.0 931.5 920.8 912.8 903.4 6

 7 Treasury 261.8 270.1 214.0 223.8 217.5 218.7 226.7 215.6 201.4 200.9 182.0 7

 8 Agency 495.7 571.2 662.6 673.6 676.3 694.2 698.3 715.9 719.4 711.8 721.4 8

 9 Municipal securities 94.2 96.7 104.8 106.5 107.6 109.4 110.7 111.9 112.3 113.4 114.0 9

10 Corporate and foreign bonds 112.3 143.1 181.1 164.4 188.0 199.3 219.9 214.1 219.0 253.5 277.6 10

11 Total loans 2821.1 3052.9 3304.8 3289.6 3317.4 3380.9 3504.9 3602.1 3736.9 3801.9 3875.7 11

12 Open market paper 6.5 2.7 1.1 0.9 0.8 1.1 1.4 1.4 1.4 1.3 1.5 12

13 Bank loans n.e.c. 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.7 1464.6 1471.7 1495.9 13

14 Mortgages 1145.4 1245.3 1337.0 1336.6 1360.8 1418.3 1495.2 1546.5 1614.1 1648.1 1659.4 14

15 Consumer credit 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 506.2 521.8 543.7 15

16 Security credit 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.4 150.6 159.0 175.2 16

17 Corporate equities 6.8 2.6 6.8 7.5 8.4 7.3 10.4 10.5 10.5 11.8 11.0 17

18 Mutual fund shares 2.6 8.1 9.2 9.1 10.0 8.9 11.1 12.4 12.2 12.5 13.8 18

19 Customers’ liab. on acceptances (2) 23.4 20.6 11.3 10.2 9.0 7.9 8.2 8.7 9.0 8.4 7.5 19

20 Miscellaneous assets 823.7 934.0 1079.1 1092.5 1108.4 1118.6 1108.3 1099.5 1134.9 1177.9 1188.2 20

21 Total liabilities 4547.4 5053.0 5519.3 5494.5 5576.8 5643.1 5836.9 5929.8 6142.3 6273.9 6376.0 21

22 Net interbank liabilities 171.1 143.5 120.6 120.9 144.4 136.9 113.9 114.7 160.4 148.2 135.0 22

23 To monetary authority 4.4 2.8 1.7 -0.6 0.5 0.5 -0.0 0.0 0.5 0.7 1.0 23

24 To domestic banks (3) -10.6 -32.2 -27.0 -11.3 -10.6 -13.2 -25.5 -13.9 -11.6 -17.6 -4.1 24

25 To foreign banks 177.3 173.0 145.9 132.8 154.5 149.5 139.4 128.6 171.5 165.1 138.1 25

26 Checkable deposits 676.3 656.4 623.0 589.6 607.5 588.0 626.2 574.9 574.0 537.0 541.5 26

27 Federal government 28.7 27.8 13.2 16.4 42.0 46.0 49.6 37.5 48.7 39.3 16.4 27

28 Rest of the world 26.9 31.7 30.2 31.5 36.7 45.1 43.6 30.0 31.4 32.6 34.2 28

29 Private domestic 620.7 597.0 579.7 541.7 528.7 496.8 533.0 507.4 493.9 465.1 490.9 29

30 Small time and savings deposits 1613.2 1761.5 1945.2 1958.5 1973.0 2004.6 2016.5 2077.5 2100.3 2156.2 2229.6 30

31 Large time deposits 493.1 601.0 673.3 671.1 672.3 698.8 792.3 816.4 833.6 864.5 887.7 31

32 Federal funds and security RPs (net) 463.2 552.2 639.2 667.5 673.5 702.2 749.8 777.6 827.4 827.5 813.4 32

33 Credit market instruments 263.6 309.2 382.1 390.0 408.2 436.0 449.3 463.6 494.7 502.0 509.3 33

34 Open market paper 55.7 58.5 56.9 56.8 58.4 53.9 63.1 59.7 61.7 62.9 63.6 34

35 Corporate bonds 168.9 192.6 220.2 229.0 230.6 241.4 240.6 248.9 258.4 266.6 273.2 35

36 Other loans and advances 39.0 58.1 104.9 104.2 119.2 140.8 145.6 155.0 174.6 172.6 172.5 36

37 Taxes payable 4.0 5.4 7.1 7.5 8.0 8.5 9.0 9.5 10.0 10.6 11.1 37

38 Miscellaneous liabilities 863.0 1023.7 1128.7 1089.3 1090.0 1068.1 1079.9 1095.8 1142.0 1227.9 1248.4 38

 Memo:

39 Credit market funds advanced (4) 3707.7 4031.9 4335.7 4338.4 4383.4 4488.3 4643.9 4725.0 4847.4 4931.0 5003.1 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, March 9, 2001

L.110 U.S.-Chartered Commercial Banks

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3444.5 3742.2 4094.2 4095.7 4160.8 4258.6 4433.0 4507.6 4627.6 4700.2 4773.1 1

 2 Vault cash and reserves at Federal Reserve 66.3 71.2 65.5 58.8 59.7 60.5 87.1 51.4 53.3 50.6 62.1 2

 3 Total bank credit 3231.5 3512.2 3844.4 3861.8 3933.2 4019.3 4161.3 4263.5 4381.3 4453.3 4512.8 3

 4 U.S. government securities 609.7 664.0 703.5 722.4 726.2 732.0 730.9 752.2 747.1 729.3 714.7 4

 5 Treasury 173.0 166.8 124.7 134.6 130.2 124.0 122.8 125.3 116.4 108.6 87.9 5

 6 Agency 436.7 497.2 578.8 587.8 596.0 608.1 608.1 626.9 630.7 620.7 626.9 6

 7 Mortgage pool securities 216.6 247.7 301.4 287.5 283.3 284.9 283.6 289.8 289.9 283.5 291.2 7

 8 Agency-issued CMOs 89.5 107.0 115.9 123.6 121.3 124.2 120.8 120.4 119.2 108.8 110.4 8

 9 Other agency securities 130.7 142.4 161.5 176.6 191.5 199.0 203.7 216.8 221.6 228.5 225.3 9

10 Municipal securities 93.7 96.1 104.4 105.9 107.0 108.8 110.1 111.2 111.7 112.7 113.4 10

11 Corporate and foreign bonds 64.8 85.8 118.2 107.2 130.8 144.5 161.5 156.2 162.6 195.7 213.9 11

12 Private mortgage pool securities 4.2 3.0 3.9 5.1 4.1 3.7 4.8 3.5 2.5 3.4 4.1 12

13 Privately issued CMOs 21.8 22.5 42.8 44.3 44.8 46.7 48.5 46.1 47.0 51.0 56.5 13

14 Other bonds 38.9 60.4 71.5 57.8 82.0 94.1 108.2 106.6 113.2 141.3 153.4 14

15 Total loans 2453.9 2655.6 2902.4 2909.6 2950.9 3017.8 3137.3 3221.1 3337.1 3391.2 3446.0 15

16 Open market paper 4.2 2.3 0.8 0.7 0.5 0.7 0.7 0.7 0.6 0.6 0.9 16

17 Bank loans n.e.c. 759.8 867.9 1012.2 1038.1 1067.1 1091.5 1104.4 1131.9 1178.7 1186.5 1200.4 17

18 Mortgages 1102.9 1208.4 1304.2 1306.3 1330.8 1387.8 1464.8 1515.0 1581.1 1614.7 1626.3 18

19 Consumer credit 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 506.2 521.8 543.7 19

20 Security credit 60.2 64.4 76.3 70.5 74.7 65.3 67.6 76.5 70.5 67.5 74.7 20

21 Corporate equities 6.8 2.6 6.8 7.5 8.4 7.3 10.4 10.5 10.5 11.8 11.0 21

22 Mutual fund shares 2.6 8.1 9.2 9.1 10.0 8.9 11.1 12.4 12.2 12.5 13.8 22

23 Customers’ liab. on acceptances (1) 13.9 13.7 9.1 8.2 7.4 6.5 6.6 7.1 7.3 6.8 5.9 23

24 Miscellaneous assets 132.8 145.2 175.2 166.9 160.5 172.3 177.9 185.7 185.8 189.6 192.3 24

25 Total liabilities 3598.7 3959.7 4366.8 4357.4 4441.7 4502.0 4684.0 4808.4 4979.8 5067.5 5150.3 25

26 Net interbank liabilities 0.4 2.9 25.1 30.9 58.2 42.5 55.7 75.7 123.9 132.3 123.9 26

27 Federal Reserve float 4.3 0.7 1.6 -0.9 0.3 0.1 -0.2 -0.2 -0.0 0.4 0.9 27

28 Borrowing from Federal Reserve banks 0.1 2.0 0.0 0.2 0.2 0.5 0.2 0.2 0.5 0.4 0.1 28

29 To domestic banks -41.8 -50.2 -51.0 -46.4 -45.7 -56.1 -65.1 -57.3 -57.2 -55.4 -63.6 29

30 To foreign banks 37.8 50.4 74.4 77.9 103.4 98.1 120.8 132.9 180.7 187.0 186.4 30

31 Checkable deposits 661.4 640.3 605.9 572.9 591.3 571.7 608.6 558.4 556.5 520.8 524.1 31

32 Federal government 28.7 27.8 13.2 16.4 42.0 46.0 49.6 37.5 48.7 39.3 16.4 32

33 Rest of the world 21.6 26.0 24.8 25.7 31.4 39.9 37.7 24.5 25.4 27.5 28.5 33

34 Private domestic 611.1 586.5 567.9 530.8 517.8 485.8 521.4 496.5 482.5 454.0 479.3 34

35 Small time and savings deposits 1594.2 1738.0 1924.4 1938.7 1954.8 1986.0 1996.8 2058.0 2079.7 2136.2 2206.8 35

36 Large time deposits 306.1 369.3 404.1 405.7 409.6 429.2 465.6 480.4 511.4 530.0 553.7 36

37 Federal funds and security RPs (net) 408.2 471.7 538.5 569.4 571.4 616.7 667.3 693.7 721.3 705.5 680.0 37

38 Acceptance liabilities 14.0 13.7 9.1 8.3 7.4 6.5 6.6 7.0 7.2 6.8 6.0 38

39 Corporate bonds 50.9 61.6 72.1 72.9 74.0 75.1 75.8 78.3 81.6 83.9 86.4 39

40 Other loans and advances 39.0 58.1 104.9 104.2 119.2 140.8 145.6 155.0 174.6 172.6 172.5 40

41 Taxes payable 4.0 5.4 7.1 7.5 8.0 8.5 9.0 9.5 10.0 10.6 11.1 41

42 Miscellaneous liabilities 520.6 598.7 675.5 647.1 647.9 624.9 653.0 692.5 713.6 768.7 785.9 42

43 Investment by bank holding companies 372.9 413.6 469.0 476.4 473.9 475.6 471.9 492.1 501.0 514.8 525.2 43

44 Other 147.7 185.1 206.6 170.7 174.0 149.4 181.2 200.4 212.6 253.9 260.7 44

 Memo:

45 Credit market funds advanced (2) 3175.8 3450.7 3761.2 3782.9 3847.6 3944.3 4078.9 4171.3 4295.4 4368.2 4419.3 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, March 9, 2001 71

L.111 Foreign Banking Offices in U.S. (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 714.8 811.3 806.5 777.7 760.4 756.7 756.1 719.7 744.3 765.6 779.9 1

 2 Reserves at Federal Reserve 1.1 2.9 1.0 0.5 1.2 0.5 1.4 0.5 0.6 0.4 0.5 2

 3 Total bank credit 507.0 567.2 568.6 545.0 521.7 530.7 539.7 547.2 556.4 577.3 607.0 3

 4 U.S. government securities 130.4 157.3 151.8 154.1 147.6 160.2 163.6 157.4 151.1 159.1 163.6 4

 5 Treasury 80.7 95.1 84.8 85.0 83.2 91.2 92.3 86.9 81.6 89.0 91.7 5

 6 Agency 49.7 62.2 67.0 69.1 64.4 69.0 71.3 70.5 69.5 70.1 71.9 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 36.6 41.3 47.1 42.5 41.2 38.9 42.0 43.0 43.0 43.7 49.6 8

 9 Total loans 339.9 368.6 369.7 348.4 332.9 331.6 334.1 346.8 362.3 374.5 393.8 9

10 Open market paper 2.3 0.4 0.3 0.2 0.3 0.4 0.6 0.8 0.8 0.7 0.6 10

11 Bank loans n.e.c. 264.8 284.0 282.2 270.8 258.1 257.6 259.9 262.2 263.9 265.1 275.7 11

12 Mortgages 32.2 26.1 20.6 18.1 16.9 16.9 16.4 17.0 17.5 17.3 17.1 12

13 Security credit 40.6 58.0 66.6 59.2 57.6 56.8 57.2 66.8 80.1 91.5 100.5 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) 9.4 6.9 2.2 2.0 1.6 1.4 1.6 1.6 1.7 1.6 1.6 15

16 Miscellaneous assets 197.2 234.3 234.6 230.2 235.9 224.1 213.3 170.4 185.6 186.2 170.8 16

17 Total liabilities 731.9 830.8 828.7 800.8 784.2 781.3 781.5 746.0 771.5 793.6 808.9 17

18 Net interbank liabilities 178.6 148.2 92.8 82.9 71.1 78.1 51.6 21.9 17.2 4.4 4.1 18

19 To foreign banks 162.1 144.4 92.7 73.1 62.4 63.2 44.2 13.8 6.9 -2.4 -20.3 19

20 To domestic banks 16.5 3.8 0.1 9.8 8.7 14.9 7.4 8.1 10.4 6.8 24.4 20

21 Checkable deposits 8.0 8.8 8.6 8.9 7.8 8.1 9.1 8.3 9.3 8.1 8.8 21

22 Small time and savings deposits 8.7 13.1 9.5 9.1 7.2 7.3 7.5 7.2 7.7 6.5 9.0 22

23 Large time deposits 176.6 221.3 257.8 254.6 251.6 258.2 314.5 323.7 309.3 321.0 320.1 23

24 Federal funds and security RPs (net) 55.1 80.7 100.4 97.9 102.0 85.6 82.1 83.2 104.9 120.9 134.5 24

25 Acceptance liabilities 9.6 7.2 2.4 2.1 2.1 1.8 2.0 2.0 2.0 1.9 2.0 25

26 Miscellaneous liabilities 295.2 351.5 357.2 345.3 342.3 342.2 314.7 299.6 321.0 330.8 330.5 26

27 Foreign direct investment in U.S. 30.3 38.8 43.7 43.9 57.3 57.8 60.0 65.5 66.4 68.5 69.6 27

28 Due to affiliates 64.5 78.8 90.6 89.8 88.5 102.5 93.0 114.6 114.5 119.9 138.7 28

29 Other 200.5 233.9 223.0 211.6 196.5 181.9 161.6 119.6 140.1 142.4 122.2 29

 Memo:

30 Credit market funds advanced (3) 475.8 516.1 504.2 487.8 465.7 475.3 484.1 482.0 478.1 487.5 508.1 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(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, March 9, 2001

L.112 Bank Holding Companies

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 510.8 575.3 685.9 710.8 727.0 733.9 741.0 757.2 777.7 814.2 835.7 1

 2 Credit market instruments 22.0 27.4 26.5 25.0 25.1 22.0 32.7 22.1 23.0 21.3 20.5 2

 3 U.S. government securities 9.0 9.5 7.5 7.2 5.3 4.8 14.1 5.7 6.0 6.2 5.6 3

 4 Treasury issues 4.0 4.0 0.9 1.1 1.2 0.9 8.8 0.9 1.1 1.1 0.8 4

 5 Agency 4.9 5.5 6.6 6.1 4.1 4.0 5.4 4.7 5.0 5.1 4.8 5

 6 Corporate and foreign bonds 10.5 15.5 14.8 14.1 15.6 15.6 15.9 14.6 12.9 13.3 13.2 6

 7 Bank loans n.e.c. 2.5 2.4 4.1 3.6 4.2 1.5 2.6 1.9 4.0 1.8 1.6 7

 8 Miscellaneous assets 488.9 547.9 659.5 685.8 701.9 711.9 708.4 735.1 754.7 792.9 815.2 8

 9 Investment in bank subsidiaries 372.9 413.6 469.0 476.4 473.9 475.6 471.9 492.1 501.0 514.8 525.2 9

10 Investment in nonbank subsidiaries 64.9 89.9 134.0 152.5 166.8 161.1 151.2 163.5 166.9 179.7 183.8 10

11 Other 51.1 44.4 56.5 56.9 61.3 75.2 85.4 79.6 86.8 98.4 106.3 11

12 Total liabilities 178.3 218.8 270.6 284.4 296.6 303.4 314.5 318.0 331.7 350.8 352.8 12

13 Net interbank liabilities -7.9 -7.6 2.7 7.1 15.1 16.2 6.6 17.1 19.2 11.5 7.1 13

14 To domestic banks 14.7 14.3 23.9 25.3 26.4 28.1 32.1 35.2 35.2 31.0 35.0 14

15 To foreign banks -22.6 -21.9 -21.3 -18.1 -11.3 -11.8 -25.5 -18.2 -16.0 -19.5 -28.0 15

16 Federal funds and security RPs (net) -0.2 -0.2 0.4 0.3 0.1 -0.1 0.5 0.7 1.2 1.1 -1.1 16

17 Credit market instruments 150.0 168.6 193.5 202.6 205.5 211.8 219.3 221.4 229.3 236.9 242.5 17

18 Commercial paper 32.0 37.6 45.4 46.4 48.9 45.6 54.5 50.8 52.4 54.1 55.7 18

19 Corporate bonds 118.0 131.0 148.1 156.1 156.6 166.3 164.8 170.6 176.8 182.7 186.8 19

20 Miscellaneous liabilities 36.3 57.9 74.1 74.4 75.9 75.5 88.1 78.9 82.1 101.4 104.4 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 40.3 45.8 55.5 54.1 56.4 58.7 59.2 59.9 61.8 64.7 66.9 1

 2 Checkable deposits and currency 1.4 1.4 2.0 1.6 1.3 1.7 2.2 1.9 2.1 1.4 1.7 2

 3 Credit market instruments 34.1 37.8 43.8 42.7 45.0 46.7 48.3 49.6 51.0 54.0 55.3 3

 4 U.S. government securities 8.4 10.5 13.8 13.6 14.7 15.8 16.3 16.2 16.5 18.2 19.4 4

 5 Treasury 4.1 4.2 3.6 3.0 3.0 2.6 2.8 2.5 2.4 2.2 1.6 5

 6 Agency 4.3 6.3 10.2 10.6 11.7 13.2 13.5 13.7 14.2 16.0 17.8 6

 7 Municipal securities 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 7

 8 Corporate and foreign bonds 0.3 0.4 1.0 0.6 0.4 0.3 0.5 0.4 0.4 0.7 0.9 8

 9 Bank loans n.e.c. 14.6 15.5 16.3 15.8 16.2 16.3 16.9 17.8 18.0 18.4 18.2 9

10 Home mortgages 6.3 6.4 7.5 6.9 7.5 7.8 8.1 8.4 9.0 9.4 9.2 10

11 Commercial mortgages 3.9 4.4 4.8 5.2 5.6 5.8 6.0 6.1 6.4 6.7 6.9 11

12 Miscellaneous assets 4.8 6.6 9.7 9.7 10.1 10.3 8.7 8.4 8.8 9.2 9.9 12

13 Total liabilities 38.6 43.7 53.1 51.9 54.3 56.4 56.9 57.5 59.3 62.0 64.0 13

14 Checkable deposits 6.9 7.3 8.5 7.9 8.4 8.1 8.5 8.2 8.2 8.1 8.6 14

15 Small time and savings deposits 10.4 10.4 11.4 10.7 11.0 11.4 12.2 12.3 12.9 13.5 13.8 15

16 Large time deposits 10.4 10.4 11.4 10.7 11.0 11.4 12.2 12.3 12.9 13.5 13.8 16

17 Miscellaneous liabilities 10.9 15.6 21.9 22.6 23.8 25.6 24.1 24.7 25.3 26.9 27.7 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, March 9, 2001 73

L.114 Savings Institutions (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1031.7 1028.6 1088.4 1111.0 1127.8 1145.9 1151.4 1160.4 1182.5 1202.9 1219.1 1

 2 Reserves at Federal Reserve 2.3 1.8 1.9 1.7 1.8 1.7 2.0 1.6 1.6 1.1 0.8 2

 3 Checkable deposits and currency 14.2 15.2 18.4 15.0 16.2 16.7 20.1 16.3 17.5 17.5 19.9 3

 4 Time and savings deposits 1.4 1.0 1.5 1.4 1.3 1.3 1.3 1.9 1.3 1.1 1.4 4

 5 Federal funds and security RPs 10.0 9.2 14.8 15.9 12.5 12.3 10.6 11.5 12.0 14.7 14.9 5

 6 Credit market instruments 933.2 928.5 964.8 990.8 1011.4 1030.8 1033.4 1044.5 1061.7 1080.9 1089.1 6

 7 Open market paper 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 173.4 169.8 153.7 158.3 157.8 156.7 157.4 152.2 149.1 148.4 149.3 8

 9 Treasury 17.4 14.6 10.2 10.6 10.6 10.4 10.1 9.9 9.1 8.8 8.7 9

10 Agency 156.1 155.3 143.6 147.7 147.1 146.3 147.3 142.2 140.0 139.6 140.6 10

11 Municipal securities 2.1 2.1 2.5 2.7 2.9 2.9 3.0 3.1 3.0 3.0 3.2 11

12 Corporate and foreign bonds 68.6 58.7 88.6 104.4 109.9 106.2 112.0 115.7 110.6 107.3 109.5 12

13 Other loans and advances 15.7 18.8 24.2 25.4 27.0 28.2 30.7 33.4 35.4 37.9 39.3 13

14 Mortgages 628.3 631.8 644.2 646.4 656.7 676.6 668.9 681.1 702.6 721.7 723.8 14

15 Consumer credit 44.7 47.2 51.6 53.6 57.2 60.1 61.5 59.0 61.0 62.6 64.0 15

16 Corporate equities 17.8 23.3 24.5 25.1 24.9 24.2 23.8 23.7 24.2 24.4 24.2 16

17 Miscellaneous assets 52.9 49.7 62.6 61.0 59.7 58.9 60.1 60.8 64.2 63.2 68.7 17

18 Total liabilities 1010.5 1001.0 1058.6 1079.6 1096.4 1114.7 1120.4 1129.4 1150.7 1170.4 1186.7 18

19 Deposits 721.4 695.7 693.1 688.7 688.9 689.2 699.9 705.3 707.0 718.4 727.4 19

20 Checkable 122.4 149.5 185.6 193.0 203.9 212.8 222.7 234.0 244.7 254.9 265.9 20

21 Small time and savings 512.5 448.2 393.8 381.9 368.9 359.4 354.9 342.2 331.0 324.1 319.4 21

22 Large time 86.4 98.1 113.7 113.7 116.1 117.0 122.2 129.1 131.3 139.4 142.2 22

23 Security RPs 43.7 41.8 51.3 64.0 65.8 71.9 72.7 73.5 75.0 81.2 66.7 23

24 Credit market instruments 140.5 160.3 212.4 226.9 241.6 255.4 260.4 266.9 280.7 276.0 287.7 24

25 Corporate bonds 2.7 2.8 2.6 2.8 2.7 3.0 2.7 2.7 2.7 3.4 6.3 25

26 Bank loans n.e.c. 15.9 19.4 29.7 34.0 35.4 34.6 14.0 20.4 21.3 20.8 21.5 26

27 Other loans and advances 121.9 138.0 180.1 190.1 203.5 217.7 243.7 243.8 256.7 251.8 259.9 27

28 Taxes payable 1.4 1.8 2.0 1.9 1.8 2.1 2.0 1.7 1.8 2.1 2.4 28

29 Miscellaneous liabilities 103.5 101.4 99.8 98.1 98.3 96.0 85.4 82.0 86.1 92.7 102.5 29

30 Investment by parent 4.7 5.0 5.4 5.5 5.7 5.8 6.0 6.1 6.3 6.4 6.6 30

31 Other 98.8 96.4 94.4 92.6 92.6 90.2 79.4 75.9 79.8 86.2 95.9 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, March 9, 2001

L.115 Credit Unions

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 330.1 353.8 391.5 402.8 410.3 411.9 414.5 428.3 429.7 435.0 441.6 1

 2 Checkable deposits and currency 7.5 8.1 9.1 9.2 9.0 15.6 26.4 26.4 24.0 25.3 27.9 2

 3 Time and savings deposits 16.4 17.0 23.4 25.8 26.2 19.3 16.6 18.8 16.6 15.2 16.4 3

 4 Federal funds and security RPs 1.4 3.5 6.8 7.3 7.1 4.6 9.3 9.6 2.8 7.8 4.0 4

 5 Credit market instruments 288.5 305.3 324.2 330.2 341.0 348.5 351.7 359.0 370.8 378.6 383.2 5

 6 Open market paper 0.3 0.2 0.4 0.3 0.8 0.8 1.9 0.8 0.3 1.2 1.2 6

 7 U.S. government securities 68.1 66.7 71.5 75.4 78.3 76.2 70.9 74.8 75.4 72.1 70.2 7

 8 Treasury 17.4 15.6 13.1 12.1 12.5 10.8 9.6 9.4 8.8 8.6 7.2 8

 9 Agency 50.7 51.0 58.4 63.2 65.8 65.4 61.3 65.4 66.5 63.5 63.0 9

10 Home mortgages 76.0 86.0 96.9 98.7 103.7 107.3 111.0 114.1 119.1 123.7 126.5 10

11 Consumer credit 144.1 152.4 155.4 155.8 158.2 164.1 167.9 169.2 176.0 181.6 185.3 11

12 Mutual fund shares 2.6 2.4 3.6 3.8 3.9 4.0 2.5 3.2 2.3 2.2 1.9 12

13 Miscellaneous assets 13.7 17.6 24.3 26.5 23.0 19.8 8.0 11.3 13.2 5.9 8.2 13

14 Total liabilities 300.1 320.6 355.3 366.1 373.1 374.0 376.1 388.7 389.5 393.5 398.7 14

15 Shares/deposits 295.1 315.4 349.0 359.6 366.3 366.4 366.7 380.7 380.5 383.5 389.1 15

16 Checkable 32.5 36.6 43.0 42.9 43.1 42.9 45.4 51.3 50.4 50.9 51.6 16

17 Small time and savings 251.2 264.4 287.5 297.2 302.7 301.9 299.8 308.3 307.6 310.6 315.2 17

18 Large time 11.4 14.4 18.5 19.5 20.6 21.6 21.6 21.1 22.5 22.0 22.3 18

19 Other loans and advances 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 2.9 3.1 3.4 19

20 Miscellaneous liabilities 4.6 4.6 5.2 5.0 5.0 5.1 6.0 5.4 6.1 6.9 6.2 20

L.116 Bank Personal Trusts and Estates (1)

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

 1 Total financial assets 841.2 917.7 976.3 991.5 1035.5 993.1 1104.1 1136.4 1097.2 1095.2 1011.8 1

 2 Deposits 51.1 48.2 54.4 56.5 58.6 60.7 62.7 63.8 65.1 65.9 67.0 2

 3 Checkable deposits and currency 0.8 0.8 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 3

 4 Time and savings deposits 9.0 10.0 7.8 8.1 8.3 8.5 8.7 9.0 9.2 9.3 9.4 4

 5 Money market fund shares 41.4 37.4 46.2 48.1 50.0 51.8 53.7 54.5 55.6 56.3 57.4 5

 6 Credit market instruments 232.0 207.0 194.1 201.1 208.0 215.0 222.0 226.7 230.2 234.6 239.1 6

 7 Open market paper 21.1 21.0 16.5 16.6 16.8 17.0 17.1 17.3 17.4 17.6 17.7 7

 8 U.S. government securities 71.3 61.2 56.8 58.2 59.6 61.0 62.5 63.3 64.1 65.2 66.3 8

 9 Treasury 39.5 33.7 30.8 31.6 32.5 33.4 34.2 34.3 34.3 34.0 33.6 9

10 Agency 31.8 27.5 26.0 26.5 27.1 27.7 28.2 29.0 29.8 31.2 32.6 10

11 Municipal securities 104.0 90.7 89.5 92.2 94.9 97.6 100.3 102.1 103.0 104.3 105.0 11

12 Corporate and foreign bonds 31.9 31.1 28.5 31.4 34.2 37.0 39.8 41.8 43.5 45.4 48.0 12

13 Mortgages 3.6 3.0 2.8 2.7 2.5 2.4 2.2 2.2 2.2 2.1 2.1 13

14 Corporate equities 248.9 321.0 326.7 333.3 353.6 324.5 378.0 386.2 362.9 357.8 315.0 14

15 Mutual fund shares 293.2 326.9 378.1 378.2 393.6 371.8 420.9 439.7 419.8 417.7 371.6 15

16 Miscellaneous assets 16.0 14.6 23.0 22.4 21.8 21.1 20.5 20.0 19.3 19.3 19.0 16

17 Total liabilities (2) 871.3 942.5 1001.0 1016.5 1061.0 1019.0 1130.4 1163.0 1124.1 1122.3 1039.0 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, March 9, 2001 75

L.117 Life Insurance Companies

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2246.3 2514.8 2769.5 2839.2 2923.1 2915.6 3067.9 3155.5 3153.0 3203.9 3133.9 1

 2 Checkable deposits and currency 4.3 8.1 5.4 2.7 4.0 3.9 5.5 4.0 5.6 3.7 3.6 2

 3 Money market fund shares 61.9 92.8 110.4 115.9 120.1 130.4 133.8 135.1 133.7 136.6 142.3 3

 4 Credit market instruments 1657.0 1751.1 1828.0 1853.5 1869.6 1880.4 1886.0 1901.5 1913.4 1936.5 1954.7 4

 5 Open market paper 48.4 65.9 73.4 70.7 68.6 71.7 75.8 73.5 76.2 79.5 79.9 5

 6 U.S. government securities 337.4 312.1 288.4 291.6 291.5 289.9 287.1 290.4 288.2 291.5 292.4 6

 7 Treasury 93.2 85.5 71.3 70.3 68.0 65.3 62.8 62.3 60.2 59.6 59.3 7

 8 Agency 244.1 226.7 217.0 221.3 223.5 224.6 224.4 228.1 228.0 232.0 233.0 8

 9 Municipal securities 13.4 16.7 18.4 19.0 19.5 19.9 20.1 20.4 20.7 20.8 21.1 9

10 Corporate and foreign bonds 949.3 1046.0 1130.4 1153.6 1166.5 1173.4 1173.2 1189.4 1196.3 1209.4 1224.1 10

11 Policy loans 100.5 103.7 103.8 99.6 98.9 99.3 99.0 98.7 99.6 101.1 101.4 11

12 Mortgages 208.2 206.8 213.6 219.0 224.5 226.2 230.8 229.2 232.3 234.2 235.8 12

13 Corporate equities 414.1 558.6 733.2 777.0 841.5 813.4 964.5 1021.6 1008.0 1029.1 938.1 13

14 Mutual fund shares 35.3 38.4 23.3 28.0 33.8 35.2 43.3 47.8 48.6 51.1 48.1 14

15 Miscellaneous assets 73.7 65.7 69.2 62.0 54.1 52.3 34.9 45.4 43.8 46.9 47.1 15

16 Total liabilities 2115.6 2359.7 2599.7 2665.4 2743.8 2737.5 2882.8 2963.5 2958.8 3004.6 2943.5 16

17 Other loans and advances 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 2.7 2.7 2.5 17

18 Life insurance reserves 580.1 632.7 684.7 702.2 715.4 721.7 748.9 764.6 773.5 786.4 787.1 18

19 Pension fund reserves (1) 953.9 1086.1 1209.9 1236.8 1279.1 1260.0 1367.3 1415.2 1401.2 1425.1 1369.1 19

20 Taxes payable 12.5 13.7 14.9 15.2 15.5 15.8 16.2 16.5 16.9 17.3 17.8 20

21 Miscellaneous liabilities 567.5 625.4 687.7 707.9 729.8 735.6 747.2 764.2 764.4 773.1 767.0 21

(1) Annuity reserves held by life insurance companies, excluding 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 770.0 843.5 893.7 892.7 897.9 884.7 889.7 893.0 891.1 891.1 869.9 1

 2 Checkable deposits and currency 3.9 4.2 4.4 3.6 3.8 3.5 4.5 3.3 3.0 3.4 3.4 2

 3 Security RPs 35.4 35.2 42.8 43.3 32.9 34.7 28.6 35.0 35.5 36.0 31.9 3

 4 Credit market instruments 491.2 515.3 535.7 530.8 537.5 533.9 531.6 528.0 523.5 525.0 526.6 4

 5 U.S. government securities 171.8 161.9 146.6 144.4 145.3 143.3 141.8 141.1 139.3 139.4 138.8 5

 6 Treasury 120.9 91.1 73.2 70.0 68.3 65.3 62.5 61.7 61.1 61.0 60.2 6

 7 Agency 51.0 70.8 73.5 74.4 76.9 78.0 79.3 79.4 78.2 78.4 78.6 7

 8 Municipal securities 175.4 191.6 210.9 206.9 207.5 204.1 201.2 199.1 198.3 198.9 199.5 8

 9 Corporate and foreign bonds 141.6 159.5 176.2 177.5 182.7 184.4 186.6 185.2 184.0 184.9 186.4 9

10 Commercial mortgages 2.4 2.2 2.0 2.0 2.0 2.1 2.0 2.7 2.0 1.8 1.8 10

11 Corporate equities 148.6 186.0 201.4 201.6 208.1 193.8 209.3 206.8 205.3 200.7 179.1 11

12 Trade receivables 57.2 59.9 61.6 64.0 65.7 66.3 63.6 66.4 67.4 69.0 69.2 12

13 Miscellaneous assets 33.6 42.8 47.8 49.4 49.9 52.4 52.3 53.5 56.3 57.0 59.7 13

14 Total liabilities 521.4 535.7 555.8 555.2 563.2 570.9 567.1 568.7 572.6 581.0 584.4 14

15 Taxes payable 11.6 13.4 15.4 15.9 16.4 16.9 17.4 17.9 18.5 19.0 19.7 15

16 Miscellaneous liabilities 509.9 522.3 540.4 539.3 546.8 554.0 549.7 550.8 554.1 561.9 564.7 16
76 Z.1, March 9, 2001

L.119 Private Pension Funds (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3251.1 3746.5 4205.0 4261.3 4437.8 4265.8 4677.9 4827.0 4747.7 4801.7 4588.8 1

 2 Checkable deposits and currency 5.4 6.6 6.9 7.3 7.6 8.1 8.6 8.7 8.9 9.2 9.3 2

 3 Time and savings deposits 111.9 114.4 115.9 114.4 112.9 110.7 108.4 108.1 109.5 108.8 109.5 3

 4 Money market fund shares 48.4 66.4 68.9 73.0 75.9 81.2 86.9 87.4 87.5 91.0 93.7 4

 5 Security RPs 26.7 27.6 28.6 28.4 28.7 28.8 29.0 29.1 29.2 29.5 29.9 5

 6 Credit market instruments 627.0 674.6 731.0 744.8 762.0 763.5 775.9 787.6 793.8 811.0 816.4 6

 7 Open market paper 30.1 31.3 34.1 34.6 35.6 35.9 37.8 35.9 36.0 36.3 36.0 7

 8 U.S. government securities 343.1 354.9 389.5 397.8 408.0 409.7 419.5 429.3 432.4 442.7 446.3 8

 9 Treasury 139.4 143.5 157.6 160.7 164.3 164.2 167.7 171.0 173.6 179.2 181.3 9

10 Agency 203.7 211.4 231.9 237.0 243.7 245.4 251.8 258.2 258.8 263.5 265.0 10

11 Corporate and foreign bonds 244.9 278.7 295.8 300.6 305.9 304.9 305.1 308.4 311.0 317.3 318.9 11

12 Mortgages 9.0 9.7 11.5 11.9 12.5 13.0 13.5 14.0 14.3 14.8 15.1 12

13 Corporate equities 1463.9 1696.4 1902.2 1922.2 2023.6 1886.9 2156.9 2231.2 2153.2 2158.3 1999.4 13

14 Mutual fund shares 412.3 569.6 709.3 720.6 764.5 731.6 830.1 881.1 871.5 891.4 837.9 14

15 Miscellaneous assets 555.5 590.9 642.3 650.5 662.6 655.0 682.1 693.7 694.1 702.5 692.9 15

16 Unallocated insurance contracts (2) 361.1 381.9 422.8 429.8 440.8 431.9 457.1 467.2 465.0 471.5 460.6 16

17 Contributions receivable 86.4 93.5 95.4 95.7 95.9 96.2 96.4 96.7 96.9 97.2 97.4 17

18 Other 108.0 115.4 124.1 125.0 125.9 127.0 128.6 129.8 132.1 133.8 134.8 18

19 Pension fund reserves (liabilities) (3) 3295.2 3793.6 4255.9 4313.0 4490.2 4319.0 4731.9 4881.2 4803.3 4858.2 4646.1 19

(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 1751.9 2219.2 2619.9 2689.0 2848.6 2688.3 2928.9 2946.6 2942.5 3000.9 3085.4 1

 2 Checkable deposits and currency 7.5 5.3 10.0 7.6 9.5 9.4 9.2 11.1 12.5 15.5 16.5 2

 3 Time and savings deposits 2.3 2.4 2.0 2.2 1.7 2.1 1.7 2.4 2.7 4.6 3.0 3

 4 Security RPs 28.2 28.6 37.5 41.0 40.9 39.3 40.4 45.4 46.8 42.8 40.0 4

 5 Credit market instruments 568.2 632.0 703.6 722.6 728.9 738.9 753.4 767.2 772.4 764.4 766.5 5

 6 Open market paper 28.2 28.6 37.5 41.0 40.9 39.3 40.4 45.4 46.8 42.8 40.0 6

 7 U.S. government securities 308.4 340.2 360.1 367.8 373.7 371.4 373.4 371.9 380.7 379.5 380.0 7

 8 Treasury 203.5 216.9 217.7 218.4 222.5 217.3 213.2 211.1 210.5 199.9 194.5 8

 9 Agency 104.9 123.3 142.4 149.4 151.2 154.1 160.3 160.8 170.3 179.6 185.5 9

10 Municipal securities 0.5 1.1 2.3 2.5 2.2 3.1 3.0 2.9 2.8 2.1 2.5 10

11 Corporate and foreign bonds 214.4 244.5 279.6 287.0 288.0 302.7 315.0 325.3 321.0 318.4 322.5 11

12 Mortgages 16.7 17.6 24.1 24.2 24.0 22.4 21.5 21.7 21.0 21.5 21.5 12

13 Corporate equities 1013.9 1383.2 1680.6 1716.0 1855.2 1726.4 1916.6 1920.2 1905.7 1955.3 1937.0 13

14 Miscellaneous assets 131.8 167.6 186.3 199.6 212.5 172.3 207.7 200.3 202.3 218.3 322.4 14

15 Pension fund reserves (liabilities) (1) 1771.9 2244.1 2651.2 2721.3 2882.2 2723.1 2964.4 2982.9 2981.3 3041.2 3127.3 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 9, 2001 77

L.121 Money Market Mutual Funds (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 886.7 1042.5 1329.7 1411.7 1393.5 1444.9 1578.8 1666.0 1627.1 1697.8 1812.3 1

 2 Foreign deposits 23.1 23.2 30.6 41.0 45.4 54.1 42.9 56.4 73.5 75.5 91.5 2

 3 Checkable deposits and currency -1.1 1.5 -1.0 -6.1 -1.8 -7.3 -2.2 -3.0 -3.6 0.0 2.2 3

 4 Time and savings deposits 82.7 111.3 127.0 139.8 137.5 137.7 160.4 157.7 125.1 129.3 136.5 4

 5 Security RPs 103.8 126.6 139.5 135.5 139.3 138.3 139.6 158.3 169.4 172.0 183.1 5

 6 Credit market instruments 634.3 721.9 965.9 1036.2 1001.8 1049.7 1147.8 1217.1 1159.4 1212.5 1297.1 6

 7 Open market paper 273.9 336.0 414.2 474.2 468.9 490.0 519.0 576.0 566.4 589.3 614.2 7

 8 U.S. government securities 192.0 182.5 277.5 270.0 240.8 249.4 294.7 271.7 236.8 241.7 276.4 8

 9 Treasury 90.2 86.2 103.6 108.1 84.0 89.6 103.8 98.9 78.8 79.8 90.1 9

10 Agency 101.8 96.3 173.8 161.9 156.8 159.8 190.9 172.7 158.1 161.9 186.3 10

11 Municipal securities 144.5 167.0 193.0 204.1 196.1 198.0 210.4 225.8 221.5 227.6 244.8 11

12 Corporate and foreign bonds 23.9 36.4 81.2 87.9 95.9 112.4 123.7 143.6 134.6 153.9 161.7 12

13 Miscellaneous assets 43.8 58.1 67.7 65.2 71.2 72.4 90.4 79.6 103.4 108.5 101.9 13

14 Total shares outstanding (liabilities) 886.7 1042.5 1329.7 1411.7 1393.5 1444.9 1578.8 1666.0 1627.1 1697.8 1812.3 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 2342.4 2989.4 3610.5 3758.1 4049.1 3931.5 4553.4 4863.3 4759.6 4815.0 4432.8 1

 2 Security RPs 47.5 57.8 68.2 69.7 71.9 71.7 76.7 77.4 92.5 102.9 106.0 2

 3 Credit market instruments 820.2 901.1 1025.9 1050.8 1083.7 1083.0 1073.1 1053.7 1073.9 1088.1 1099.2 3

 4 Open market paper 47.2 57.8 68.2 69.7 71.9 71.7 76.7 77.4 92.5 102.9 106.0 4

 5 U.S. government securities 330.2 349.7 375.8 384.5 399.9 395.9 388.4 380.2 387.4 388.6 395.0 5

 6 Treasury 214.2 225.2 230.4 234.8 242.3 240.4 236.8 233.0 236.3 236.8 239.6 6

 7 Agency 116.1 124.5 145.5 149.7 157.6 155.5 151.5 147.1 151.2 151.8 155.5 7

 8 Municipal securities 213.3 219.8 242.6 247.3 250.0 247.5 239.4 232.3 227.9 228.3 230.6 8

 9 Corporate and foreign bonds 229.5 273.8 339.3 349.3 362.0 368.0 368.6 363.9 366.0 368.3 367.5 9

10 Corporate equities 1470.0 2018.7 2508.5 2623.9 2888.2 2772.1 3400.0 3730.2 3591.3 3621.4 3225.9 10

11 Miscellaneous assets 4.7 11.8 7.9 13.7 5.3 4.7 3.6 1.9 1.9 2.6 1.7 11

12 Total shares outstanding (liabilities) 2342.4 2989.4 3610.5 3758.1 4049.1 3931.5 4553.4 4863.3 4759.6 4815.0 4432.8 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 144.7 149.4 143.0 153.2 158.7 156.8 167.5 171.5 170.1 171.9 167.0 1

 2 Credit market instruments 101.1 98.3 102.8 103.6 104.3 105.1 105.9 106.7 107.4 108.2 109.0 2

 3 U.S. government securities 11.4 10.1 9.2 8.9 8.6 8.3 8.0 7.7 7.4 7.1 6.8 3

 4 Municipal securities 61.7 60.8 61.7 63.1 64.5 66.0 67.4 68.8 70.2 71.7 73.1 4

 5 Corporate and foreign bonds 28.1 27.3 31.9 31.6 31.2 30.9 30.5 30.2 29.8 29.5 29.1 5

 6 Corporate equities 43.6 51.1 40.2 49.6 54.4 51.7 61.6 64.8 62.6 63.7 58.0 6

 Memo:

 7 Market value of equities 144.7 149.4 143.0 153.2 158.7 156.8 167.5 171.5 170.1 171.9 167.0 7
78 Z.1, March 9, 2001

L.124 Government-Sponsored Enterprises (GSEs) (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 988.6 1099.4 1403.8 1446.4 1519.9 1619.6 1720.6 1752.3 1812.1 1881.8 1969.4 1

 2 Checkable deposits and currency 0.7 1.9 4.4 2.8 2.2 2.7 11.8 0.7 1.2 1.0 1.9 2

 3 Federal funds and security RPs 94.5 90.4 77.0 70.4 68.3 69.7 89.7 90.6 80.9 93.7 97.3 3

 4 Credit market instruments 807.9 902.2 1163.9 1203.1 1268.5 1339.1 1399.5 1426.6 1483.8 1532.8 1602.9 4

 5 Open market paper 35.1 34.0 60.9 35.2 32.4 33.9 33.8 38.1 34.8 42.2 37.0 5

 6 U.S. government securities 264.2 333.3 465.8 522.9 562.5 592.4 615.6 631.2 639.9 671.1 722.5 6

 7 Treasury 18.8 25.9 25.2 29.8 27.3 28.2 30.9 25.2 20.7 19.0 20.9 7

 8 Agency 245.4 307.4 440.6 493.0 535.2 564.2 584.7 606.1 619.2 652.1 701.5 8

 9 Municipal securities 4.1 3.3 4.6 3.1 3.8 3.7 4.9 3.2 2.8 3.3 1.9 9

10 Corporate and foreign bonds 30.6 30.9 31.4 32.5 28.7 27.0 34.6 34.9 44.9 52.3 59.6 10

11 Other loans and advances 229.1 260.3 352.6 364.6 396.0 437.2 466.2 472.9 505.4 503.5 514.4 11

12 Sallie Mae 36.2 30.9 29.5 31.3 32.5 36.5 34.6 32.4 31.9 36.3 38.0 12

13 Farm Credit System 31.6 31.6 34.9 34.6 34.9 35.4 35.8 36.2 36.8 37.4 38.6 13

14 FHLB 161.4 197.8 288.2 298.8 328.5 365.3 395.7 404.3 436.6 429.8 437.9 14

15 Mortgages 244.9 240.5 248.7 244.9 245.1 244.8 244.4 246.3 256.0 260.4 267.4 15

16 Home 198.5 194.3 199.6 194.3 191.9 190.6 189.3 190.0 197.9 200.4 205.3 16

17 Multifamily residential 18.6 17.3 18.1 19.4 21.4 22.1 22.9 24.2 25.4 26.6 28.2 17

18 Farm 27.9 28.9 31.0 31.2 31.7 32.2 32.2 32.1 32.8 33.5 33.9 18

19 Miscellaneous assets 85.5 104.9 158.5 170.0 180.9 208.1 219.6 234.4 246.2 254.2 267.3 19

20 Total liabilities 964.1 1070.3 1368.9 1410.7 1483.5 1581.7 1681.1 1711.8 1770.0 1837.6 1922.6 20

21 Credit market instruments 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.0 1680.2 1749.7 1824.8 21

22 GSE issues (2) 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.0 1680.2 1749.7 1824.8 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 67.2 75.1 95.3 88.9 85.5 81.9 89.3 93.8 89.8 87.9 97.8 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., 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 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 1

 2 Home mortgages 1678.8 1788.1 1970.2 2061.6 2130.0 2191.3 2234.7 2263.0 2294.3 2351.5 2425.9 2

 3 Multifamily residential mortgages 32.5 37.8 48.3 50.6 52.7 54.8 57.5 59.1 61.0 63.0 66.0 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Total pool securities (liabilities)(2) 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 6

(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, March 9, 2001 79

L.126 Issuers of Asset-Backed Securities (ABSs)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 854.6 1065.8 1385.4 1451.0 1528.6 1588.6 1622.3 1657.0 1698.5 1746.5 1831.2 1

 2 Agency securities (1) 137.8 141.5 179.7 195.8 212.8 220.2 221.0 226.4 225.7 222.2 221.7 2

 3 Other loans and advances 44.0 76.2 103.8 108.3 114.4 116.6 123.7 134.3 134.9 139.7 147.4 3

 4 Student loans 6.3 14.1 17.9 17.3 17.6 17.9 19.4 22.8 24.5 30.7 31.0 4

 5 Loans to business 37.7 62.1 85.9 91.0 96.8 98.7 104.3 111.5 110.4 109.0 116.4 5

 6 Mortgages (2) 326.3 407.0 563.5 595.1 619.8 640.0 655.5 669.1 688.1 712.1 742.2 6

 7 Home 256.2 310.7 405.2 423.3 440.6 447.8 455.0 463.5 471.9 484.6 499.8 7

 8 Multifamily residential 15.9 20.9 33.8 37.1 38.8 40.9 42.0 42.8 44.1 45.8 48.7 8

 9 Commercial 54.2 75.4 124.6 134.8 140.5 151.3 158.5 162.8 172.2 181.6 193.7 9

10 Consumer credit 265.8 313.1 372.4 380.9 405.6 433.0 435.1 434.0 447.0 460.3 500.0 10

11 Trade receivables 80.7 128.1 165.9 170.9 175.8 178.8 187.0 193.1 202.7 212.2 220.0 11

12 Total liabilities 863.3 1076.6 1398.0 1463.1 1539.9 1599.1 1632.0 1665.8 1706.4 1753.6 1837.8 12

13 Commercial paper 146.7 256.1 381.8 401.6 426.9 466.0 520.8 546.6 570.3 595.7 641.8 13

14 Corporate bonds 716.6 820.5 1016.2 1061.5 1113.0 1133.1 1111.2 1119.2 1136.1 1157.9 1196.0 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 8.7 10.8 12.7 12.0 11.3 10.6 9.7 8.8 7.9 7.2 6.6 15

16 REIT assets (4) 7.4 11.1 13.9 13.5 13.0 12.8 12.9 13.0 12.3 11.6 11.6 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 714.6 757.4 827.6 871.1 898.0 906.0 973.5 1007.7 1040.1 1070.8 1101.4 1

 2 Checkable deposits and currency 18.5 20.6 22.8 23.4 24.0 24.6 25.3 25.9 26.6 27.2 27.9 2

 3 Credit market instruments 544.5 566.4 618.4 639.9 660.9 678.2 713.3 747.0 780.6 795.5 812.4 3

 4 Other loans and advances 309.5 318.5 347.5 362.8 373.7 383.0 405.2 434.6 454.1 455.7 471.1 4

 5 Mortgages 82.7 87.9 102.3 109.2 113.5 122.3 126.5 128.8 136.2 142.4 148.1 5

 6 Consumer credit 152.4 160.0 168.5 167.8 173.6 173.0 181.6 183.7 190.3 197.3 193.2 6

 7 Miscellaneous assets 151.5 170.4 186.5 207.8 213.1 203.2 234.9 234.7 233.0 248.1 261.0 7

 8 Total liabilities 741.0 777.6 839.2 871.6 901.9 898.6 975.1 1029.7 1063.2 1098.5 1132.9 8

 9 Credit market instruments 529.8 554.5 597.5 614.4 639.2 628.5 659.9 670.7 699.2 716.5 734.8 9

10 Open market paper 177.6 201.5 231.5 222.9 231.0 205.3 227.9 230.2 221.3 215.6 235.2 10

11 Corporate bonds 332.5 328.8 339.7 366.7 383.1 396.2 397.0 412.0 445.4 465.5 464.1 11

12 Bank loans n.e.c. 19.7 24.1 26.3 24.8 25.1 27.0 35.1 28.5 32.5 35.4 35.6 12

13 Taxes payable 5.7 6.5 7.3 7.5 7.7 7.9 8.1 8.3 8.6 8.8 9.1 13

14 Miscellaneous liabilities 205.5 216.7 234.4 249.7 255.0 262.1 307.1 350.6 355.5 373.2 388.9 14

15 Foreign direct investment in U.S. 29.7 35.7 35.3 34.2 38.7 40.4 40.3 41.7 42.4 44.9 46.0 15

16 Investment by parent 60.3 64.7 61.8 64.6 65.4 84.5 123.8 145.1 137.1 144.3 145.8 16

17 Other 115.6 116.3 137.4 150.9 150.9 137.3 142.9 163.8 175.9 184.0 197.1 17

 Memo:

18 Consumer leases not included above (2) 92.5 96.8 93.3 93.9 95.6 98.1 98.3 101.7 103.9 104.6 102.9 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, March 9, 2001

L.128 Mortgage Companies

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 35.5 35.4 35.9 1

 2 Home mortgages 32.0 21.8 24.9 22.6 25.1 22.1 25.2 23.7 25.1 24.9 25.4 2

 3 Multifamily residential mortgages 4.1 5.2 5.3 5.3 5.4 5.3 5.3 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 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 35.5 35.4 35.9 5

 6 Bank loans n.e.c. 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 17.8 17.7 17.9 6

 7 Investment by parent 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 17.8 17.7 17.9 7

L.129 Real Estate Investment Trusts (REITs)

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

 1 Total financial assets 38.2 64.3 70.7 71.2 69.4 69.0 68.4 64.9 63.2 63.2 64.0 1

 2 Checkable deposits and currency 2.2 3.3 4.1 3.8 3.7 4.4 4.4 4.5 4.2 3.8 4.2 2

 3 Credit market instruments 30.4 50.6 45.5 45.9 45.3 44.7 42.9 38.8 38.2 37.3 36.0 3

 4 Agency securities 12.2 21.2 13.1 14.9 14.9 14.6 14.2 14.1 13.1 13.9 13.5 4

 5 Corporate and foreign bonds 4.3 6.5 6.1 5.6 5.5 5.2 5.7 5.6 6.4 5.7 5.4 5

 6 Mortgages 13.8 22.9 26.3 25.4 24.9 24.8 23.0 19.2 18.6 17.8 17.1 6

 7 Home 8.0 14.0 14.8 13.3 13.0 13.1 12.4 8.8 8.3 8.0 7.8 7

 8 Multifamily residential 1.2 2.1 2.1 2.0 1.9 1.8 1.6 1.4 1.6 1.5 1.0 8

 9 Commercial 4.6 6.9 9.4 10.0 10.0 9.9 9.0 9.0 8.7 8.2 8.3 9

10 Miscellaneous assets 5.6 10.5 21.2 21.5 20.4 20.0 21.1 21.5 20.8 22.0 23.8 10

11 Total liabilities 79.4 139.0 205.6 214.8 208.7 213.3 216.8 216.8 219.0 220.6 222.5 11

12 Security RPs 13.7 24.9 15.1 16.1 16.3 15.8 15.7 13.0 11.2 12.4 12.3 12

13 Credit market instruments 56.5 96.1 158.8 165.2 160.3 162.2 165.1 167.9 170.4 169.8 172.4 13

14 Open market paper 0.0 0.0 0.2 0.2 0.2 0.2 0.1 0.1 1.0 0.2 0.2 14

15 Corporate bonds 16.8 31.6 53.4 59.6 58.1 58.9 62.2 63.9 67.2 68.6 72.1 15

16 Bank loans n.e.c. 7.8 17.6 33.6 28.7 28.4 27.3 26.0 25.5 21.2 18.6 16.0 16

17 Mortgages 31.9 46.8 71.6 76.6 73.6 75.9 76.7 78.5 81.0 82.5 84.1 17

18 Miscellaneous liabilities 9.2 18.0 31.6 33.4 32.1 35.3 36.0 35.9 37.4 38.5 37.8 18

 Memo:

19 Securitized assets included above 7.4 11.1 13.9 13.5 13.0 12.8 12.9 13.0 12.3 11.6 11.6 19

20 Agency securities 4.5 4.9 5.0 4.4 4.0 3.8 3.7 3.8 3.7 3.6 3.5 20

21 Home mortgages 2.6 5.7 7.5 7.4 7.4 7.5 7.6 7.9 7.3 6.7 6.8 21

22 Multifamily residential mortgages 0.3 0.4 0.8 0.9 0.9 0.8 0.9 0.8 0.7 0.7 0.7 22

23 Commercial mortgages 0.0 0.0 0.6 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 23
Z.1, March 9, 2001 81

L.130 Security Brokers and Dealers

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 636.4 779.2 921.2 893.8 900.5 921.4 1001.0 1148.1 1132.6 1208.8 1212.8 1

 2 Checkable deposits and currency 15.7 21.7 25.4 24.5 27.6 26.7 28.7 27.2 26.9 20.8 30.1 2

 3 Credit market instruments 167.7 182.6 189.4 211.3 158.8 166.8 154.7 201.1 189.3 243.5 225.8 3

 4 Open market paper 23.7 24.3 28.0 28.8 28.8 29.3 26.0 32.1 38.2 45.6 39.2 4

 5 U.S. government securities 42.4 45.1 66.7 81.0 22.5 35.5 23.3 45.8 32.1 70.5 62.7 5

 6 Treasury -12.8 -5.3 15.8 48.1 -12.3 -21.8 -42.6 -4.5 -23.0 7.9 -1.0 6

 7 Agency 55.2 50.4 50.9 32.9 34.7 57.3 66.0 50.3 55.1 62.6 63.7 7

 8 Municipal securities 10.8 13.2 13.1 12.4 14.3 12.8 11.9 10.9 9.9 10.8 11.3 8

 9 Corporate and foreign bonds 90.9 100.0 81.4 89.1 93.2 89.1 93.4 112.3 109.1 116.6 112.7 9

10 Corporate equities 37.9 51.9 54.4 61.0 68.1 55.5 66.9 74.7 73.9 81.5 75.2 10

11 Security credit 94.4 131.2 152.8 160.6 183.8 185.8 227.9 287.4 270.3 273.9 232.9 11

12 Miscellaneous assets 320.7 391.8 499.3 436.3 462.1 486.5 522.8 557.7 572.2 589.1 648.9 12

13 Total liabilities 597.5 729.2 866.1 836.1 837.3 856.2 932.1 1071.1 1057.4 1131.6 1136.8 13

14 Security RPs (net) 180.9 203.5 208.1 232.6 201.5 209.6 245.2 291.7 271.5 317.6 304.2 14

15 Corporate bonds 27.3 35.3 42.5 34.8 30.2 34.6 25.3 36.4 36.2 42.6 40.9 15

16 Trade payables 14.3 19.9 18.9 19.4 31.5 30.0 30.9 33.8 39.4 35.9 35.8 16

17 Security credit 263.7 337.9 419.6 392.0 402.7 407.2 448.7 516.3 510.2 531.9 579.3 17

18 Customer credit balances (HH) 162.9 215.5 276.7 262.3 270.4 285.1 323.9 373.0 359.6 372.9 404.1 18

19 From banks 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.4 150.6 159.0 175.2 19

20 Taxes payable 1.3 1.3 1.3 1.3 1.4 1.5 2.2 2.5 1.7 1.8 2.0 20

21 Miscellaneous liabilities 110.1 131.1 175.7 156.0 170.0 173.3 179.8 190.4 198.4 201.8 174.6 21

22 Foreign direct investment in U.S. 8.8 8.5 10.0 10.2 10.2 10.3 10.2 11.6 12.3 12.6 13.2 22

23 Due to affiliates 175.7 245.7 338.2 402.6 428.5 414.3 395.6 395.9 410.5 418.6 424.7 23

24 Other -74.4 -123.1 -172.5 -256.8 -268.6 -251.4 -225.9 -217.1 -224.4 -229.4 -263.3 24

L.131 Funding Corporations (1)

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

 1 Total financial assets 499.2 612.7 734.3 798.1 849.3 871.6 993.6 1016.7 1069.5 1076.1 1126.9 1

 2 Money market fund shares 147.5 157.9 215.8 224.6 231.8 236.6 264.7 267.3 264.5 286.4 298.2 2

 3 Credit market instruments 121.0 166.7 169.8 179.2 211.1 214.9 305.8 306.7 354.2 334.6 351.6 3

 4 Open market paper 84.5 133.6 132.2 149.4 173.9 185.1 272.0 282.9 323.1 310.7 317.6 4

 5 Corporate and foreign bonds 36.5 33.1 37.6 29.8 37.2 29.8 33.8 23.8 31.1 23.9 33.9 5

 6 Miscellaneous assets (2) 230.7 288.0 348.7 394.2 406.3 420.1 423.1 442.7 450.7 455.1 477.1 6

 7 Investment in foreign banking offices 64.5 78.8 90.6 89.8 88.5 102.5 93.0 114.6 114.5 119.9 138.7 7

 8 Investment in brokers and dealers 166.3 209.2 258.2 304.4 317.9 317.6 330.1 328.1 336.2 335.2 338.4 8

 9 Total liabilities 499.2 612.7 734.3 798.1 849.3 871.6 993.6 1016.7 1069.5 1076.1 1126.9 9

10 Credit market instruments 312.7 373.7 414.4 459.1 449.7 462.0 506.6 510.1 517.9 511.9 507.4 10

11 Open market paper 199.1 229.6 236.3 244.9 224.4 238.1 271.1 279.0 280.8 277.2 269.9 11

12 Corporate bonds 113.6 144.2 178.2 214.2 225.3 223.9 235.5 231.1 237.1 234.7 237.5 12

13 Miscellaneous liabilities 186.5 239.0 319.9 338.9 399.6 409.6 487.0 506.6 551.6 564.2 619.5 13

14 Foreign direct investment in U.S. -82.0 -85.7 -65.7 -64.9 -43.4 -41.9 -83.5 -67.4 -67.2 -56.8 -30.3 14

15 Securities loaned (net) 276.1 333.3 403.3 359.9 375.3 397.2 419.5 450.3 467.3 470.6 505.3 15

16 Other -7.6 -8.6 -17.6 43.9 67.6 54.3 150.9 123.8 151.5 150.4 144.4 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, March 9, 2001

L.200 Gold and Official Foreign Exchange Holdings (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 75.1 70.0 81.8 74.4 71.7 73.4 71.6 70.8 68.0 66.3 67.6 1

 2 U.S. gold stock and SDRs 21.4 21.1 21.6 20.7 20.8 21.3 21.4 21.4 21.5 21.4 21.6 2

 3 Federal govt.: Exchange Stab. Fund 10.3 10.0 10.6 9.7 9.7 10.3 10.4 10.3 10.4 10.3 10.5 3

 4 Monetary authority (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 53.7 48.9 60.1 53.6 50.9 52.1 50.1 49.4 46.5 44.9 46.1 5

 6 Official foreign currency holdings 38.3 30.8 36.0 30.4 29.5 32.1 32.2 31.5 31.0 31.2 31.2 6

 7 Treasury 19.0 13.8 16.2 15.2 14.7 16.0 16.0 15.7 15.5 15.6 15.6 7

 8 Monetary authority 19.3 17.0 19.8 15.2 14.8 16.1 16.1 15.8 15.6 15.6 15.7 8

 9 Net IMF position 15.4 18.1 24.1 23.2 21.5 20.0 18.0 17.9 15.4 13.7 14.8 9

10 Federal government 15.5 18.2 24.2 23.3 21.6 20.1 18.0 18.0 15.5 13.8 14.9 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 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 4.2 3.2 2.2 1

 2 Asset: Monetary authority 9.7 9.2 9.2 8.2 8.2 7.2 6.2 6.2 4.2 3.2 2.2 2

 Treasury currency:

 3 Liab: Federal government 18.9 19.3 19.9 19.9 20.4 20.9 20.9 21.4 22.1 23.2 23.2 3

 4 Asset: Monetary authority 25.0 25.6 26.3 26.6 27.0 27.5 28.0 29.0 30.0 30.8 31.2 4

 5 Discrepancy (seigniorage) -6.1 -6.3 -6.4 -6.8 -6.6 -6.6 -7.1 -7.6 -7.9 -7.6 -8.0 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 521.7 619.7 639.0 667.4 694.9 712.3 725.8 790.4 792.6 770.3 750.3 1

 Held by:

 2 Household sector 35.5 37.2 38.3 40.0 41.7 42.7 43.5 47.7 45.3 43.9 40.9 2

 3 Nonfinancial corporate business 26.1 21.0 21.8 25.8 23.1 23.9 24.4 19.0 22.8 27.9 27.9 3

 4 Money market mutual funds 23.1 23.2 30.6 41.0 45.4 54.1 42.9 56.4 73.5 75.5 91.5 4

 5 Discrepancy--unallocated assets 437.0 538.3 548.2 560.5 584.7 591.5 615.0 667.4 650.9 623.0 590.0 5
Z.1, March 9, 2001 83

L.203 Net Interbank Transactions

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 240.8 219.4 189.0 182.0 207.1 199.6 204.5 168.1 215.9 200.3 198.5 1

 2 Monetary authority 69.7 75.8 68.4 61.1 62.7 62.7 90.6 53.4 55.5 52.1 63.4 2

 3 Depository institution reserves 24.5 30.8 26.3 22.5 22.2 21.7 24.0 18.2 18.5 17.6 19.0 3

 4 Vault cash 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 37.0 34.5 44.4 4

 5 Commercial banking 171.1 143.5 120.6 120.9 144.4 136.9 113.9 114.7 160.4 148.2 135.0 5

 6 To monetary authority 4.4 2.8 1.7 -0.6 0.5 0.5 -0.0 0.0 0.5 0.7 1.0 6

 7 To banks in foreign countries, net 177.3 173.0 145.9 132.8 154.5 149.5 139.4 128.6 171.5 165.1 138.1 7

 8 Liabilities, net 192.9 188.8 156.7 142.9 164.9 159.9 148.9 138.0 181.4 174.6 147.2 8

 9 U.S.-chartered commercial banks 48.5 62.0 85.1 87.8 113.6 108.4 130.1 142.2 190.1 196.0 194.7 9

10 Due to foreign affiliates 126.8 173.1 196.7 192.8 210.8 211.4 231.2 237.0 297.8 304.2 297.3 10

11 - Due from foreign affiliates 78.4 111.1 111.6 105.0 97.3 102.9 101.1 94.8 107.6 108.3 102.5 11

12 Foreign banking offices in U.S. 167.1 148.6 92.9 73.2 62.6 63.3 44.4 13.9 7.3 -1.9 -19.6 12

13 Due to foreign affiliates 110.4 99.7 133.0 128.7 143.6 132.6 141.5 152.9 127.8 111.3 133.1 13

14 - Due from foreign affiliates -56.6 -48.8 40.1 55.6 81.0 69.3 97.1 139.0 120.5 113.1 152.7 14

15 Bank holding companies -22.6 -21.9 -21.3 -18.1 -11.3 -11.8 -25.5 -18.2 -16.0 -19.5 -28.0 15

16 Due to foreign affiliates 2.7 3.0 2.9 2.8 7.4 7.9 8.3 7.8 9.0 9.7 10.1 16

17 - Due from foreign affiliates 25.3 24.9 24.2 20.9 18.7 19.7 33.9 25.9 25.0 29.2 38.0 17

18 Less: Deposits at foreign banks 15.6 15.8 10.8 10.1 10.4 10.5 9.5 9.4 9.9 9.5 9.0 18

19 U.S. chartered commercial banks 10.6 11.7 10.6 10.0 10.2 10.3 9.4 9.3 9.5 8.9 8.3 19

20 Foreign banking offices in U.S. 5.0 4.1 0.2 0.1 0.2 0.2 0.2 0.1 0.4 0.6 0.7 20

21 To U.S. banking, net -10.6 -32.2 -27.0 -11.3 -10.6 -13.2 -25.5 -13.9 -11.6 -17.6 -4.1 21

22 U.S.-chartered commercial banks -41.8 -50.2 -51.0 -46.4 -45.7 -56.1 -65.1 -57.3 -57.2 -55.4 -63.6 22

23 Liabilities 38.3 22.0 29.8 43.6 45.7 42.4 47.4 49.1 53.9 45.3 59.8 23

24 To foreign offices in U.S. 48.4 53.8 55.9 54.1 53.6 55.0 72.2 62.5 64.8 62.4 63.4 24

25 To bank holding companies 0.5 0.3 0.9 0.8 2.7 0.5 0.6 0.5 0.7 0.5 0.6 25

26 Unallocated -10.6 -32.2 -27.0 -11.3 -10.6 -13.2 -25.5 -13.9 -11.6 -17.6 -4.1 26

 Less, due from:

27 Foreign offices in U.S. 64.9 57.6 55.9 63.9 62.3 69.9 79.7 70.7 75.1 69.2 87.8 27

28 Bank holding companies 15.2 14.6 24.8 26.0 29.1 28.6 32.8 35.7 35.9 31.5 35.6 28

29 Foreign banking offices in U.S. 16.5 3.8 0.1 9.8 8.7 14.9 7.4 8.1 10.4 6.8 24.4 29

30 Due to U.S. banks 64.9 57.6 55.9 63.9 62.3 69.9 79.7 70.7 75.1 69.2 87.8 30

31 - Due from U.S. banks 48.4 53.8 55.9 54.1 53.6 55.0 72.2 62.5 64.8 62.4 63.4 31

32 Bank holding companies 14.7 14.3 23.9 25.3 26.4 28.1 32.1 35.2 35.2 31.0 35.0 32

33 Due to U.S. banks 15.2 14.6 24.8 26.0 29.1 28.6 32.8 35.7 35.9 31.5 35.6 33

34 - Due from U.S. banks 0.5 0.3 0.9 0.8 2.7 0.5 0.6 0.5 0.7 0.5 0.6 34

35 Total assets 251.4 251.6 215.9 193.3 217.7 212.7 230.0 182.0 227.5 217.9 202.6 35

36 Rest of the world 177.3 173.0 145.9 132.8 154.5 149.5 139.4 128.6 171.5 165.1 138.1 36

37 Domestic 74.1 78.6 70.0 60.5 63.2 63.2 90.6 53.4 56.0 52.9 64.5 37

38 Monetary authority 4.4 2.8 1.7 -0.6 0.5 0.5 -0.0 0.0 0.5 0.7 1.0 38

39 Federal Reserve float 4.3 0.7 1.6 -0.9 0.3 0.1 -0.2 -0.2 -0.0 0.4 0.9 39

40 Loans to member banks 0.1 2.0 0.0 0.2 0.2 0.5 0.2 0.2 0.5 0.4 0.1 40

41 Commercial banking 67.5 74.1 66.5 59.3 60.9 60.9 88.5 51.8 53.9 51.0 62.6 41

42 Reserves at Federal Reserve 22.3 29.1 24.4 20.8 20.4 19.9 22.0 16.6 16.9 16.5 18.2 42

43 Vault cash 45.2 45.0 42.1 38.5 40.6 41.0 66.5 35.2 37.0 34.5 44.4 43

44 Savings insts.: Reserves at Fed. Res. 2.3 1.8 1.9 1.7 1.8 1.7 2.0 1.6 1.6 1.1 0.8 44

45 Discrepancy--floats, etc. -10.6 -32.2 -27.0 -11.3 -10.6 -13.2 -25.5 -13.9 -11.6 -17.6 -4.1 45
84 Z.1, March 9, 2001

L.204 Checkable Deposits and Currency

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1244.8 1286.1 1333.4 1310.5 1353.1 1353.8 1484.8 1392.9 1409.7 1385.7 1413.7 1

 2 Monetary authority 413.6 443.5 481.8 485.0 498.7 510.1 590.4 532.7 540.6 542.9 554.8 2

 3 Federal government cash and deposits 8.0 5.7 6.2 5.5 6.8 6.7 28.5 4.5 6.3 8.6 5.6 3

 4 Deposits due to foreign 0.2 0.5 0.2 0.2 0.5 0.3 0.1 0.2 0.1 0.2 0.3 4

 5 Currency outside banks 405.5 437.4 475.4 479.2 491.5 503.1 561.8 528.0 534.1 534.1 548.9 5

 6 Commercial banking 676.3 656.4 623.0 589.6 607.5 588.0 626.2 574.9 574.0 537.0 541.5 6

 7 Federal government deposits 28.7 27.8 13.2 16.4 42.0 46.0 49.6 37.5 48.7 39.3 16.4 7

 8 Deposits due to foreign 26.9 31.7 30.2 31.5 36.7 45.1 43.6 30.0 31.4 32.6 34.2 8

 9 Private domestic deposits 620.7 597.0 579.7 541.7 528.7 496.8 533.0 507.4 493.9 465.1 490.9 9

10 Savings institutions 122.4 149.5 185.6 193.0 203.9 212.8 222.7 234.0 244.7 254.9 265.9 10

11 Credit unions 32.5 36.6 43.0 42.9 43.1 42.9 45.4 51.3 50.4 50.9 51.6 11

12 Total assets 1244.8 1286.1 1333.4 1310.5 1353.1 1353.8 1484.8 1392.9 1409.7 1385.7 1413.7 12

13 Household sector 444.1 397.7 444.0 441.0 386.9 356.6 389.2 383.3 339.8 306.0 309.9 13

14 Nonfinancial business 411.5 454.2 448.1 443.5 490.3 509.0 520.0 516.5 556.1 582.7 593.0 14

15 Corporate 289.8 320.5 302.5 296.2 340.8 357.4 366.2 360.9 398.4 422.9 431.0 15

16 Nonfarm noncorporate 105.1 116.8 126.8 128.7 131.0 133.4 135.8 137.8 140.1 142.2 144.7 16

17 Farm 16.7 16.9 18.8 18.6 18.4 18.2 18.0 17.8 17.6 17.5 17.4 17

18 State and local governments 27.8 32.2 28.3 27.4 27.1 27.2 32.1 27.2 27.0 22.2 25.8 18

19 Federal government 38.3 41.6 23.2 29.1 61.2 62.9 87.9 48.5 60.2 55.7 24.3 19

20 Rest of the world 213.7 243.6 258.4 262.2 270.7 283.6 298.3 277.9 280.3 282.3 290.1 20

21 Checkable deposits 27.1 32.2 30.4 31.7 37.2 45.4 43.8 30.1 31.6 32.8 34.4 21

22 Currency 186.6 211.4 228.0 230.4 233.5 238.2 254.6 247.7 248.7 249.5 255.7 22

23 Financial sectors 80.9 98.7 112.1 95.6 107.3 110.2 144.7 127.3 129.1 129.1 148.9 23

24 Commercial banking 1.4 1.4 2.0 1.6 1.3 1.7 2.2 1.9 2.1 1.4 1.7 24

25 Savings institutions 14.2 15.2 18.4 15.0 16.2 16.7 20.1 16.3 17.5 17.5 19.9 25

26 Credit unions 7.5 8.1 9.1 9.2 9.0 15.6 26.4 26.4 24.0 25.3 27.9 26

27 Bank personal trusts and estates 0.8 0.8 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 27

28 Life insurance companies 4.3 8.1 5.4 2.7 4.0 3.9 5.5 4.0 5.6 3.7 3.6 28

29 Other insurance companies 3.9 4.2 4.4 3.6 3.8 3.5 4.5 3.3 3.0 3.4 3.4 29

30 Private pension funds 5.4 6.6 6.9 7.3 7.6 8.1 8.6 8.7 8.9 9.2 9.3 30

31 State and local govt. retirement funds 7.5 5.3 10.0 7.6 9.5 9.4 9.2 11.1 12.5 15.5 16.5 31

32 Money market mutual funds -1.1 1.5 -1.0 -6.1 -1.8 -7.3 -2.2 -3.0 -3.6 0.0 2.2 32

33 Government-sponsored enterprises 0.7 1.9 4.4 2.8 2.2 2.7 11.8 0.7 1.2 1.0 1.9 33

34 Finance companies 18.5 20.6 22.8 23.4 24.0 24.6 25.3 25.9 26.6 27.2 27.9 34

35 REITs 2.2 3.3 4.1 3.8 3.7 4.4 4.4 4.5 4.2 3.8 4.2 35

36 Brokers and dealers 15.7 21.7 25.4 24.5 27.6 26.7 28.7 27.2 26.9 20.8 30.1 36

37 Mail float 28.5 18.1 19.3 11.7 9.7 4.3 12.5 12.3 17.3 7.7 21.7 37
Z.1, March 9, 2001 85

L.205 Time and Savings Deposits 

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2967.9 3187.5 3432.0 3441.9 3453.5 3503.4 3607.3 3694.5 3726.2 3816.7 3916.3 1

 2 Small time and savings deposits 2377.0 2474.1 2626.5 2637.6 2644.6 2665.9 2671.2 2728.0 2738.8 2790.9 2864.2 2

 3 Commercial banking 1613.2 1761.5 1945.2 1958.5 1973.0 2004.6 2016.5 2077.5 2100.3 2156.2 2229.6 3

 4 U.S.-chartered commercial banks 1594.2 1738.0 1924.4 1938.7 1954.8 1986.0 1996.8 2058.0 2079.7 2136.2 2206.8 4

 5 Foreign banking offices in U.S. 8.7 13.1 9.5 9.1 7.2 7.3 7.5 7.2 7.7 6.5 9.0 5

 6 Banks in U.S.-affiliated areas 10.4 10.4 11.4 10.7 11.0 11.4 12.2 12.3 12.9 13.5 13.8 6

 7 Savings institutions 512.5 448.2 393.8 381.9 368.9 359.4 354.9 342.2 331.0 324.1 319.4 7

 8 Credit unions 251.2 264.4 287.5 297.2 302.7 301.9 299.8 308.3 307.6 310.6 315.2 8

 9 Large time deposits (1) 590.9 713.4 805.5 804.3 809.0 837.5 936.1 966.5 987.4 1025.9 1052.1 9

10 Commercial banking 493.1 601.0 673.3 671.1 672.3 698.8 792.3 816.4 833.6 864.5 887.7 10

11 U.S.-chartered commercial banks 306.1 369.3 404.1 405.7 409.6 429.2 465.6 480.4 511.4 530.0 553.7 11

12 Foreign banking offices in U.S. 176.6 221.3 257.8 254.6 251.6 258.2 314.5 323.7 309.3 321.0 320.1 12

13 Banks in U.S.-affiliated areas 10.4 10.4 11.4 10.7 11.0 11.4 12.2 12.3 12.9 13.5 13.8 13

14 Savings institutions 86.4 98.1 113.7 113.7 116.1 117.0 122.2 129.1 131.3 139.4 142.2 14

15 Credit unions 11.4 14.4 18.5 19.5 20.6 21.6 21.6 21.1 22.5 22.0 22.3 15

16 Total assets 2967.9 3187.5 3432.0 3441.9 3453.5 3503.4 3607.3 3694.5 3726.2 3816.7 3916.3 16

17 Household sector 2482.3 2636.1 2821.0 2818.6 2833.7 2876.5 2936.7 3033.4 3092.1 3167.6 3237.6 17

18 Nonfinancial business 126.4 139.9 150.9 150.0 155.0 159.8 164.4 159.5 163.7 173.3 179.3 18

19 Corporate 43.6 36.3 31.3 28.2 30.1 31.6 32.8 26.5 28.2 36.2 39.9 19

20 Nonfarm noncorporate 82.8 103.6 119.6 121.8 124.9 128.2 131.7 132.9 135.4 137.2 139.5 20

21 State and local governments 72.6 78.4 91.1 92.6 90.3 94.1 102.1 98.9 100.7 103.3 109.6 21

22 Federal government 2.4 3.4 4.7 3.9 4.1 4.6 5.4 5.5 5.7 6.2 6.3 22

23 Rest of the world 60.6 73.6 86.6 85.2 82.6 88.6 101.6 99.2 99.6 98.0 107.2 23

24 Financial sectors 223.7 256.1 277.6 291.6 287.9 279.7 297.2 298.0 264.5 268.4 276.2 24

25 Savings institutions 1.4 1.0 1.5 1.4 1.3 1.3 1.3 1.9 1.3 1.1 1.4 25

26 Credit unions 16.4 17.0 23.4 25.8 26.2 19.3 16.6 18.8 16.6 15.2 16.4 26

27 Bank personal trusts and estates 9.0 10.0 7.8 8.1 8.3 8.5 8.7 9.0 9.2 9.3 9.4 27

28 Private pension funds 111.9 114.4 115.9 114.4 112.9 110.7 108.4 108.1 109.5 108.8 109.5 28

29 State and local govt. retirement funds 2.3 2.4 2.0 2.2 1.7 2.1 1.7 2.4 2.7 4.6 3.0 29

30 Money market mutual funds 82.7 111.3 127.0 139.8 137.5 137.7 160.4 157.7 125.1 129.3 136.5 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 886.7 1042.5 1329.7 1411.7 1393.5 1444.9 1578.8 1666.0 1627.1 1697.8 1812.3 1

 2 Household sector 495.2 571.2 726.1 781.5 746.8 768.9 841.0 921.0 887.1 910.2 994.6 2

 3 Nonfinancial corporate business 86.9 110.7 155.8 161.9 162.1 169.0 191.7 193.6 191.5 210.1 218.8 3

 4 Nonfarm noncorporate business 5.5 6.1 6.6 6.7 6.8 6.9 7.0 7.1 7.2 7.3 7.4 4

 5 Bank personal trusts and estates 41.4 37.4 46.2 48.1 50.0 51.8 53.7 54.5 55.6 56.3 57.4 5

 6 Life insurance companies 61.9 92.8 110.4 115.9 120.1 130.4 133.8 135.1 133.7 136.6 142.3 6

 7 Private pension funds 48.4 66.4 68.9 73.0 75.9 81.2 86.9 87.4 87.5 91.0 93.7 7

 8 Funding corporations 147.5 157.9 215.8 224.6 231.8 236.6 264.7 267.3 264.5 286.4 298.2 8
86 Z.1, March 9, 2001

L.207 Federal Funds and Security Repurchase Agreements

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 701.5 822.4 913.7 980.3 957.1 999.4 1083.4 1155.8 1185.1 1238.6 1196.5 1

 2 Commercial banking (net) 463.2 552.2 639.2 667.5 673.5 702.2 749.8 777.6 827.4 827.5 813.4 2

 3 U.S.-chartered commercial banks 408.2 471.7 538.5 569.4 571.4 616.7 667.3 693.7 721.3 705.5 680.0 3

 4 Foreign banking offices in U.S. 55.1 80.7 100.4 97.9 102.0 85.6 82.1 83.2 104.9 120.9 134.5 4

 5 Bank holding companies -0.2 -0.2 0.4 0.3 0.1 -0.1 0.5 0.7 1.2 1.1 -1.1 5

 6 Savings institutions 43.7 41.8 51.3 64.0 65.8 71.9 72.7 73.5 75.0 81.2 66.7 6

 7 REITs 13.7 24.9 15.1 16.1 16.3 15.8 15.7 13.0 11.2 12.4 12.3 7

 8 Brokers and dealers (net) 180.9 203.5 208.1 232.6 201.5 209.6 245.2 291.7 271.5 317.6 304.2 8

 9 Total assets 591.7 649.5 679.4 686.5 665.5 674.5 819.1 744.5 768.6 793.4 817.5 9

10 Nonfinancial corporate business 3.9 4.6 3.3 3.7 2.6 4.5 4.2 4.9 3.5 3.0 2.0 10

11 State and local governments 147.8 151.4 158.5 166.5 163.8 166.6 163.5 176.4 174.0 177.0 173.3 11

12 Rest of the world 70.9 90.8 72.0 86.3 83.3 81.9 86.8 82.6 95.0 96.6 91.8 12

13 Financial sectors 369.2 402.7 445.6 429.9 415.9 421.5 564.5 480.6 496.1 516.8 550.4 13

14 Monetary authority 21.6 23.8 30.4 18.3 14.3 22.1 140.6 23.7 26.9 17.3 43.4 14

15 Savings institutions 10.0 9.2 14.8 15.9 12.5 12.3 10.6 11.5 12.0 14.7 14.9 15

16 Credit unions 1.4 3.5 6.8 7.3 7.1 4.6 9.3 9.6 2.8 7.8 4.0 16

17 Other insurance companies 35.4 35.2 42.8 43.3 32.9 34.7 28.6 35.0 35.5 36.0 31.9 17

18 Private pension funds 26.7 27.6 28.6 28.4 28.7 28.8 29.0 29.1 29.2 29.5 29.9 18

19 State and local govt. retirement funds 28.2 28.6 37.5 41.0 40.9 39.3 40.4 45.4 46.8 42.8 40.0 19

20 Money market mutual funds 103.8 126.6 139.5 135.5 139.3 138.3 139.6 158.3 169.4 172.0 183.1 20

21 Mutual funds 47.5 57.8 68.2 69.7 71.9 71.7 76.7 77.4 92.5 102.9 106.0 21

22 Government-sponsored enterprises 94.5 90.4 77.0 70.4 68.3 69.7 89.7 90.6 80.9 93.7 97.3 22

23 Discrepancy--unallocated assets 109.8 172.9 234.3 293.8 291.6 325.0 264.4 411.3 416.5 445.3 379.0 23

L.208 Open Market Paper

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

 1 Total outstanding, all types 803.0 979.4 1172.6 1227.6 1243.3 1284.5 1402.4 1478.1 1533.3 1568.3 1610.0 1

 2 Commercial paper 779.4 958.5 1161.0 1217.2 1233.8 1276.2 1393.8 1469.1 1524.0 1559.6 1602.1 2

 3 Nonfinancial corporate business 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 296.8 307.0 278.4 3

 4 Foreign issues in U.S. 67.5 65.1 72.9 77.2 70.1 81.8 89.2 101.6 101.2 109.8 120.9 4

 5 Nonfinancial 18.7 20.0 18.5 18.6 17.2 24.1 26.7 33.8 35.4 38.7 37.6 5

 6 Financial 48.8 45.0 54.4 58.7 52.9 57.7 62.5 67.8 65.9 71.1 83.3 6

 7 Financial business 555.5 724.8 895.2 916.0 931.4 955.1 1074.3 1106.7 1125.9 1142.8 1202.7 7

 8 Commercial banking 32.0 37.6 45.4 46.4 48.9 45.6 54.5 50.8 52.4 54.1 55.7 8

 9 ABS issuers 146.7 256.1 381.8 401.6 426.9 466.0 520.8 546.6 570.3 595.7 641.8 9

10 Finance companies 177.6 201.5 231.5 222.9 231.0 205.3 227.9 230.2 221.3 215.6 235.2 10

11 REITs 0.0 0.0 0.2 0.2 0.2 0.2 0.1 0.1 1.0 0.2 0.2 11

12 Funding corporations 199.1 229.6 236.3 244.9 224.4 238.1 271.1 279.0 280.8 277.2 269.9 12

13 Bankers acceptances (1) 23.6 20.9 11.5 10.4 9.5 8.3 8.6 9.0 9.3 8.7 7.9 13

14 Holdings, by sector 803.0 979.4 1172.6 1227.6 1243.3 1284.5 1402.4 1478.1 1533.3 1568.3 1610.0 14

15 Household sector 54.7 56.1 57.6 58.1 58.6 59.1 59.6 60.4 61.1 61.9 62.6 15

16 Nonfinancial corporate business 31.5 36.1 30.9 31.1 35.6 35.0 34.8 31.3 30.7 33.2 34.2 16

17 State and local governments 59.7 74.0 102.0 106.0 107.2 106.5 103.9 105.6 110.0 109.0 111.5 17

18 Rest of the world 57.9 77.8 115.3 110.8 102.5 108.1 102.3 99.9 98.2 94.6 111.1 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) 6.5 2.7 1.1 0.9 0.8 1.1 1.4 1.4 1.4 1.3 1.5 20

21 Savings institutions 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.3 0.2 0.4 0.3 0.8 0.8 1.9 0.8 0.3 1.2 1.2 22

23 Bank personal trusts and estates 21.1 21.0 16.5 16.6 16.8 17.0 17.1 17.3 17.4 17.6 17.7 23

24 Life insurance companies 48.4 65.9 73.4 70.7 68.6 71.7 75.8 73.5 76.2 79.5 79.9 24

25 Private pension funds 30.1 31.3 34.1 34.6 35.6 35.9 37.8 35.9 36.0 36.3 36.0 25

26 State and local govt. retirement funds 28.2 28.6 37.5 41.0 40.9 39.3 40.4 45.4 46.8 42.8 40.0 26

27 Money market mutual funds 273.9 336.0 414.2 474.2 468.9 490.0 519.0 576.0 566.4 589.3 614.2 27

28 Mutual funds 47.2 57.8 68.2 69.7 71.9 71.7 76.7 77.4 92.5 102.9 106.0 28

29 Government-sponsored enterprises 35.1 34.0 60.9 35.2 32.4 33.9 33.8 38.1 34.8 42.2 37.0 29

30 Brokers and dealers 23.7 24.3 28.0 28.8 28.8 29.3 26.0 32.1 38.2 45.6 39.2 30

31 Funding corporations 84.5 133.6 132.2 149.4 173.9 185.1 272.0 282.9 323.1 310.7 317.6 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, March 9, 2001 87

L.209 Treasury Securities

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3755.1 3778.3 3723.7 3731.6 3623.4 3605.1 3652.8 3625.8 3435.7 3382.6 3357.8 1

 2 Savings bonds 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 2

 3 Other Treasury issues 3568.1 3591.8 3537.1 3545.0 3436.9 3418.9 3466.3 3440.5 3251.1 3198.2 3173.1 3

 4 Total assets 3755.1 3778.3 3723.7 3731.6 3623.4 3605.1 3652.8 3625.8 3435.7 3382.6 3357.8 4

 5 Household sector 737.6 602.5 472.8 415.7 376.6 355.1 509.8 447.4 335.0 283.7 306.4 5

 6 Savings bonds 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 6

 7 Other Treasury issues 550.6 416.1 286.2 229.1 190.2 168.9 323.3 262.1 150.4 99.4 121.7 7

 8 Nonfinancial corporate business 47.1 26.8 24.6 24.2 22.2 22.3 21.0 23.1 23.9 22.9 19.3 8

 9 Nonfarm noncorporate business 14.4 13.8 14.0 14.3 14.4 14.4 14.6 14.8 15.1 15.4 15.9 9

10 State and local governments 257.0 239.3 269.3 272.5 279.1 271.6 266.8 257.2 256.4 246.9 246.2 10

11 Rest of the world 1093.3 1252.0 1318.8 1312.1 1299.9 1322.5 1238.9 1245.9 1221.3 1199.7 1175.3 11

12 Monetary authority 390.9 430.7 452.1 465.7 484.9 489.0 478.0 501.7 505.0 511.4 511.7 12

13 Commercial banking 261.8 270.1 214.0 223.8 217.5 218.7 226.7 215.6 201.4 200.9 182.0 13

14 U.S.-chartered commercial banks 173.0 166.8 124.7 134.6 130.2 124.0 122.8 125.3 116.4 108.6 87.9 14

15 Foreign banking offices in U.S. 80.7 95.1 84.8 85.0 83.2 91.2 92.3 86.9 81.6 89.0 91.7 15

16 Bank holding companies 4.0 4.0 0.9 1.1 1.2 0.9 8.8 0.9 1.1 1.1 0.8 16

17 Banks in U.S.-affiliated areas 4.1 4.2 3.6 3.0 3.0 2.6 2.8 2.5 2.4 2.2 1.6 17

18 Savings institutions 17.4 14.6 10.2 10.6 10.6 10.4 10.1 9.9 9.1 8.8 8.7 18

19 Credit unions 17.4 15.6 13.1 12.1 12.5 10.8 9.6 9.4 8.8 8.6 7.2 19

20 Bank personal trusts and estates 39.5 33.7 30.8 31.6 32.5 33.4 34.2 34.3 34.3 34.0 33.6 20

21 Life insurance companies 93.2 85.5 71.3 70.3 68.0 65.3 62.8 62.3 60.2 59.6 59.3 21

22 Other insurance companies 120.9 91.1 73.2 70.0 68.3 65.3 62.5 61.7 61.1 61.0 60.2 22

23 Private pension funds 139.4 143.5 157.6 160.7 164.3 164.2 167.7 171.0 173.6 179.2 181.3 23

24 State and local govt. retirement funds 203.5 216.9 217.7 218.4 222.5 217.3 213.2 211.1 210.5 199.9 194.5 24

25 Money market mutual funds 90.2 86.2 103.6 108.1 84.0 89.6 103.8 98.9 78.8 79.8 90.1 25

26 Mutual funds 214.2 225.2 230.4 234.8 242.3 240.4 236.8 233.0 236.3 236.8 239.6 26

27 Closed-end funds 11.4 10.1 9.2 8.9 8.6 8.3 8.0 7.7 7.4 7.1 6.8 27

28 Government-sponsored enterprises 18.8 25.9 25.2 29.8 27.3 28.2 30.9 25.2 20.7 19.0 20.9 28

29 Brokers and dealers -12.8 -5.3 15.8 48.1 -12.3 -21.8 -42.6 -4.5 -23.0 7.9 -1.0 29

 Memo:

30 Federal government debt (1) 3781.8 3804.9 3752.2 3759.7 3651.7 3633.4 3681.0 3653.5 3464.0 3410.2 3385.2 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, March 9, 2001

L.210 Agency Securities (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2634.8 2847.6 3320.5 3462.2 3609.0 3774.1 3912.2 3967.8 4063.7 4191.8 4344.0 1

 2 Budget agencies 26.6 26.5 28.5 28.1 28.3 28.3 28.3 27.8 28.2 27.6 27.3 2

 3 Government-sponsored enterprises 896.9 995.3 1273.6 1321.8 1398.0 1499.8 1591.7 1618.0 1680.2 1749.7 1824.8 3

 4 Federally related mortgage pools 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 4

 5 Total assets 2634.8 2847.6 3320.5 3462.2 3609.0 3774.1 3912.2 3967.8 4063.7 4191.8 4344.0 5

 6 Household sector 285.3 298.7 267.9 279.1 311.4 378.1 415.5 411.3 451.5 479.4 482.3 6

 7 Nonfinancial corporate business 28.5 8.0 11.1 11.9 12.0 13.1 13.4 16.1 18.1 18.8 18.6 7

 8 State and local governments 116.2 115.4 179.0 202.0 211.3 202.0 207.5 213.3 220.0 226.0 231.0 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 196.3 246.5 303.4 327.5 350.4 373.4 396.6 431.3 460.6 503.5 549.9 10

11 Monetary authority 2.2 0.7 0.3 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 11

12 Commercial banking 495.7 571.2 662.6 673.6 676.3 694.2 698.3 715.9 719.4 711.8 721.4 12

13 U.S.-chartered commercial banks 436.7 497.2 578.8 587.8 596.0 608.1 608.1 626.9 630.7 620.7 626.9 13

14 Foreign banking offices in U.S. 49.7 62.2 67.0 69.1 64.4 69.0 71.3 70.5 69.5 70.1 71.9 14

15 Bank holding companies 4.9 5.5 6.6 6.1 4.1 4.0 5.4 4.7 5.0 5.1 4.8 15

16 Banks in U.S.-affiliated areas 4.3 6.3 10.2 10.6 11.7 13.2 13.5 13.7 14.2 16.0 17.8 16

17 Savings institutions 156.1 155.3 143.6 147.7 147.1 146.3 147.3 142.2 140.0 139.6 140.6 17

18 Credit unions 50.7 51.0 58.4 63.2 65.8 65.4 61.3 65.4 66.5 63.5 63.0 18

19 Bank personal trusts and estates 31.8 27.5 26.0 26.5 27.1 27.7 28.2 29.0 29.8 31.2 32.6 19

20 Life insurance companies 244.1 226.7 217.0 221.3 223.5 224.6 224.4 228.1 228.0 232.0 233.0 20

21 Other insurance companies 51.0 70.8 73.5 74.4 76.9 78.0 79.3 79.4 78.2 78.4 78.6 21

22 Private pension funds 203.7 211.4 231.9 237.0 243.7 245.4 251.8 258.2 258.8 263.5 265.0 22

23 State and local govt. retirement funds 104.9 123.3 142.4 149.4 151.2 154.1 160.3 160.8 170.3 179.6 185.5 23

24 Money market mutual funds 101.8 96.3 173.8 161.9 156.8 159.8 190.9 172.7 158.1 161.9 186.3 24

25 Mutual funds 116.1 124.5 145.5 149.7 157.6 155.5 151.5 147.1 151.2 151.8 155.5 25

26 Government-sponsored enterprises 245.4 307.4 440.6 493.0 535.2 564.2 584.7 606.1 619.2 652.1 701.5 26

27 ABS issuers 137.8 141.5 179.7 195.8 212.8 220.2 221.0 226.4 225.7 222.2 221.7 27

28 REITs 12.2 21.2 13.1 14.9 14.9 14.6 14.2 14.1 13.1 13.9 13.5 28

29 Brokers and dealers 55.2 50.4 50.9 32.9 34.7 57.3 66.0 50.3 55.1 62.6 63.7 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, March 9, 2001 89

L.211 Municipal Securities and Loans

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 1551.6 1550.3 1567.8 1

 2 State and local governments 1053.3 1110.6 1189.7 1213.0 1228.0 1232.3 1242.4 1247.9 1256.7 1254.5 1270.6 2

 3 Short-term (1) 39.1 47.5 41.2 42.1 40.0 41.7 44.8 46.4 45.2 43.5 47.9 3

 4 Long-term 1014.1 1063.1 1148.5 1170.9 1188.1 1190.6 1197.6 1201.5 1211.6 1211.0 1222.7 4

 5 Nonprofit organizations (2) 104.9 114.9 126.9 128.9 131.7 134.4 137.3 138.0 141.4 141.9 143.0 5

 6 Nonfinancial corporate business 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 153.4 153.9 154.2 6

 (industrial revenue bonds)

 7 Total assets 1296.0 1367.5 1464.3 1491.0 1510.0 1518.6 1532.5 1539.2 1551.6 1550.3 1567.8 7

 8 Household sector 436.5 473.4 488.8 501.3 521.8 521.1 533.3 530.5 548.2 531.6 524.6 8

 9 Nonfinancial corporate business 31.0 27.4 29.7 27.7 23.0 31.2 25.8 27.7 30.0 32.6 34.6 9

10 State and local governments 4.6 3.9 2.5 2.1 1.8 1.4 1.0 0.6 1.0 1.8 1.6 10

11 Commercial banking 94.2 96.7 104.8 106.5 107.6 109.4 110.7 111.9 112.3 113.4 114.0 11

12 Savings institutions 2.1 2.1 2.5 2.7 2.9 2.9 3.0 3.1 3.0 3.0 3.2 12

13 Bank personal trusts and estates 104.0 90.7 89.5 92.2 94.9 97.6 100.3 102.1 103.0 104.3 105.0 13

14 Life insurance companies 13.4 16.7 18.4 19.0 19.5 19.9 20.1 20.4 20.7 20.8 21.1 14

15 Other insurance companies 175.4 191.6 210.9 206.9 207.5 204.1 201.2 199.1 198.3 198.9 199.5 15

16 State and local govt. retirement funds 0.5 1.1 2.3 2.5 2.2 3.1 3.0 2.9 2.8 2.1 2.5 16

17 Money market mutual funds 144.5 167.0 193.0 204.1 196.1 198.0 210.4 225.8 221.5 227.6 244.8 17

18 Mutual funds 213.3 219.8 242.6 247.3 250.0 247.5 239.4 232.3 227.9 228.3 230.6 18

19 Closed-end funds 61.7 60.8 61.7 63.1 64.5 66.0 67.4 68.8 70.2 71.7 73.1 19

20 Government-sponsored enterprises 4.1 3.3 4.6 3.1 3.8 3.7 4.9 3.2 2.8 3.3 1.9 20

21 Brokers and dealers 10.8 13.2 13.1 12.4 14.3 12.8 11.9 10.9 9.9 10.8 11.3 21

(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 3205.1 3594.5 4144.9 4333.0 4479.2 4589.1 4610.8 4708.3 4808.9 4929.0 5019.9 1

 2 Nonfinancial corporate business 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.0 2144.5 2190.6 2234.5 2

 3 Rest of the world (1) 366.3 427.7 462.5 466.3 466.4 477.4 476.7 488.1 481.3 499.2 495.4 3

 4 Financial sectors 1378.4 1555.9 1852.8 1968.6 2042.8 2091.1 2074.6 2114.2 2183.2 2239.3 2290.1 4

 5 Commercial banking 168.9 192.6 220.2 229.0 230.6 241.4 240.6 248.9 258.4 266.6 273.2 5

 6 Savings institutions 2.7 2.8 2.6 2.8 2.7 3.0 2.7 2.7 2.7 3.4 6.3 6

 7 ABS issuers 716.6 820.5 1016.2 1061.5 1113.0 1133.1 1111.2 1119.2 1136.1 1157.9 1196.0 7

 8 Finance companies 332.5 328.8 339.7 366.7 383.1 396.2 397.0 412.0 445.4 465.5 464.1 8

 9 REITs 16.8 31.6 53.4 59.6 58.1 58.9 62.2 63.9 67.2 68.6 72.1 9

10 Brokers and dealers 27.3 35.3 42.5 34.8 30.2 34.6 25.3 36.4 36.2 42.6 40.9 10

11 Funding corporations 113.6 144.2 178.2 214.2 225.3 223.9 235.5 231.1 237.1 234.7 237.5 11

12 Total assets 3205.1 3594.5 4144.9 4333.0 4479.2 4589.1 4610.8 4708.3 4808.9 4929.0 5019.9 12

13 Household sector 495.5 536.0 634.5 730.7 754.6 767.6 674.3 673.1 717.0 714.1 683.8 13

14 State and local governments 49.7 51.0 61.2 63.0 67.8 71.8 73.8 75.3 76.5 76.9 77.5 14

15 Rest of the world (2) 453.2 537.8 660.0 694.6 727.9 779.2 820.6 865.7 908.0 951.9 1001.6 15

16 Commercial banking 112.3 143.1 181.1 164.4 188.0 199.3 219.9 214.1 219.0 253.5 277.6 16

17 Savings institutions 68.6 58.7 88.6 104.4 109.9 106.2 112.0 115.7 110.6 107.3 109.5 17

18 Bank personal trusts and estates 31.9 31.1 28.5 31.4 34.2 37.0 39.8 41.8 43.5 45.4 48.0 18

19 Life insurance companies 949.3 1046.0 1130.4 1153.6 1166.5 1173.4 1173.2 1189.4 1196.3 1209.4 1224.1 19

20 Other insurance companies 141.6 159.5 176.2 177.5 182.7 184.4 186.6 185.2 184.0 184.9 186.4 20

21 Private pension funds 244.9 278.7 295.8 300.6 305.9 304.9 305.1 308.4 311.0 317.3 318.9 21

22 State and local govt. retirement funds 214.4 244.5 279.6 287.0 288.0 302.7 315.0 325.3 321.0 318.4 322.5 22

23 Money market mutual funds 23.9 36.4 81.2 87.9 95.9 112.4 123.7 143.6 134.6 153.9 161.7 23

24 Mutual funds 229.5 273.8 339.3 349.3 362.0 368.0 368.6 363.9 366.0 368.3 367.5 24

25 Closed-end funds 28.1 27.3 31.9 31.6 31.2 30.9 30.5 30.2 29.8 29.5 29.1 25

26 Government-sponsored enterprises 30.6 30.9 31.4 32.5 28.7 27.0 34.6 34.9 44.9 52.3 59.6 26

27 REITs 4.3 6.5 6.1 5.6 5.5 5.2 5.7 5.6 6.4 5.7 5.4 27

28 Brokers and dealers 90.9 100.0 81.4 89.1 93.2 89.1 93.4 112.3 109.1 116.6 112.7 28

29 Funding corporations 36.5 33.1 37.6 29.8 37.2 29.8 33.8 23.8 31.1 23.9 33.9 29

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, March 9, 2001

L.213 Corporate Equities (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Issues at market value 10255.8 13201.3 15427.8 15919.1 17060.4 16214.9 19576.3 20232.0 19258.1 19066.7 17168.8 1

 2 Nonfinancial corporate business 7618.6 9674.2 11457.1 11834.8 12719.4 12199.9 15112.1 15683.3 14802.0 14280.0 12351.3 2

 3 Rest of the world (2) 1002.9 1207.8 1476.2 1503.2 1645.5 1722.7 2026.6 2057.5 2009.7 1850.0 1778.8 3

 4 Financial corporations 1634.3 2319.3 2494.5 2581.0 2695.4 2292.2 2437.5 2491.2 2446.5 2936.6 3038.7 4

 5 Holdings at market value 10255.8 13201.3 15427.8 15919.1 17060.4 16214.9 19576.3 20232.0 19258.1 19066.7 17168.8 5

 6 Household sector 4686.8 5909.9 6672.3 6904.4 7312.2 7028.2 8750.0 8870.0 8151.5 7754.5 6579.2 6

 7 State and local governments 46.8 79.0 102.0 96.9 102.9 101.0 115.0 113.2 115.0 117.6 115.1 7

 8 Rest of the world (3) 656.8 919.5 1175.1 1200.6 1319.3 1229.9 1523.3 1578.9 1594.0 1690.9 1711.6 8

 9 Commercial banking 6.8 2.6 6.8 7.5 8.4 7.3 10.4 10.5 10.5 11.8 11.0 9

10 Savings institutions 17.8 23.3 24.5 25.1 24.9 24.2 23.8 23.7 24.2 24.4 24.2 10

11 Bank personal trusts and estates 248.9 321.0 326.7 333.3 353.6 324.5 378.0 386.2 362.9 357.8 315.0 11

12 Life insurance companies 414.1 558.6 733.2 777.0 841.5 813.4 964.5 1021.6 1008.0 1029.1 938.1 12

13 Other insurance companies 148.6 186.0 201.4 201.6 208.1 193.8 209.3 206.8 205.3 200.7 179.1 13

14 Private pension funds 1463.9 1696.4 1902.2 1922.2 2023.6 1886.9 2156.9 2231.2 2153.2 2158.3 1999.4 14

15 State and local govt. retirement funds 1013.9 1383.2 1680.6 1716.0 1855.2 1726.4 1916.6 1920.2 1905.7 1955.3 1937.0 15

16 Mutual funds 1470.0 2018.7 2508.5 2623.9 2888.2 2772.1 3400.0 3730.2 3591.3 3621.4 3225.9 16

17 Closed-end funds 43.6 51.1 40.2 49.6 54.4 51.7 61.6 64.8 62.6 63.7 58.0 17

18 Brokers and dealers 37.9 51.9 54.4 61.0 68.1 55.5 66.9 74.7 73.9 81.5 75.2 18

 Memo:

19 Market value of domestic corporations (4) 9016.0 11701.9 13648.8 14096.1 15075.8 14183.8 17201.5 17817.7 16896.2 16859.0 15066.6 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 2342.4 2989.4 3610.5 3758.1 4049.1 3931.5 4553.4 4863.3 4759.6 4815.0 4432.8 1

 2 Holdings at market value 2342.4 2989.4 3610.5 3758.1 4049.1 3931.5 4553.4 4863.3 4759.6 4815.0 4432.8 2

 3 Household sector 1495.4 1941.2 2374.7 2503.0 2719.2 2661.7 3106.0 3338.8 3259.8 3293.9 3025.7 3

 4 Nonfinancial corporate business 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 121.1 120.7 107.4 4

 5 State and local governments 41.0 33.6 21.3 20.3 22.4 24.0 25.6 22.9 24.3 25.4 26.4 5

 6 Commercial banking 2.6 8.1 9.2 9.1 10.0 8.9 11.1 12.4 12.2 12.5 13.8 6

 7 Credit unions 2.6 2.4 3.6 3.8 3.9 4.0 2.5 3.2 2.3 2.2 1.9 7

 8 Bank personal trusts and estates 293.2 326.9 378.1 378.2 393.6 371.8 420.9 439.7 419.8 417.7 371.6 8

 9 Life insurance companies 35.3 38.4 23.3 28.0 33.8 35.2 43.3 47.8 48.6 51.1 48.1 9

10 Private pension funds 412.3 569.6 709.3 720.6 764.5 731.6 830.1 881.1 871.5 891.4 837.9 10
Z.1, March 9, 2001 91

L.215 Bank Loans Not Elsewhere Classified

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 2821.1 3052.9 3304.8 3289.6 3317.4 3380.9 3504.9 3602.1 3736.9 3801.9 3875.7 1

 - Loans elsewhere classified:

 2 Open market paper 6.5 2.7 1.1 0.9 0.8 1.1 1.4 1.4 1.4 1.3 1.5 2

 3 Mortgages 1145.4 1245.3 1337.0 1336.6 1360.8 1418.3 1495.2 1546.5 1614.1 1648.1 1659.4 3

 4 Consumer credit 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 506.2 521.8 543.7 4

 5 Security credit 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.4 150.6 159.0 175.2 5

 6 = Banking sector total bank loans n.e.c. 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.7 1464.6 1471.7 1495.9 6

 7 U.S.-chartered commercial banks 759.8 867.9 1012.2 1038.1 1067.1 1091.5 1104.4 1131.9 1178.7 1186.5 1200.4 7

 8 Foreign banking offices in U.S. 264.8 284.0 282.2 270.8 258.1 257.6 259.9 262.2 263.9 265.1 275.7 8

 9 Bank holding companies 2.5 2.4 4.1 3.6 4.2 1.5 2.6 1.9 4.0 1.8 1.6 9

10 Banks in U.S.-affiliated areas 14.6 15.5 16.3 15.8 16.2 16.3 16.9 17.8 18.0 18.4 18.2 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. 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.7 1464.6 1471.7 1495.9 12

13 Total liabilities 1041.7 1169.8 1314.9 1328.3 1345.7 1366.9 1383.8 1413.7 1464.6 1471.7 1495.9 13

14 Nonfinancial sectors 977.7 1092.7 1207.6 1224.2 1239.0 1261.7 1290.9 1322.3 1371.9 1379.3 1404.9 14

15 Households 58.0 66.6 72.9 68.7 71.9 68.5 65.7 69.6 71.7 67.5 73.3 15

16 Corporate business 627.2 698.1 778.9 797.7 801.6 824.1 851.8 872.8 910.3 914.8 926.4 16

17 Nonfarm noncorporate business 208.5 232.0 251.9 256.1 260.4 264.8 269.8 274.3 279.3 283.1 287.7 17

18 Farm business 40.4 43.9 45.1 42.6 44.6 45.5 44.2 42.4 45.9 46.2 46.9 18

19 Rest of the world 43.7 52.1 58.9 59.1 60.5 58.8 59.4 63.3 64.7 67.7 70.7 19

20 Foreign official institutions 2.9 2.1 2.8 2.9 2.8 3.0 3.0 2.8 3.1 3.6 3.5 20

21 Foreign banks 14.3 13.8 13.1 12.5 13.8 11.2 10.0 11.4 12.0 12.6 13.2 21

22 Other foreign 26.5 36.3 43.0 43.6 43.9 44.7 46.5 49.1 49.5 51.5 54.0 22

23 Financial sectors 64.0 77.2 107.2 104.1 106.8 105.2 92.9 91.4 92.7 92.5 91.0 23

24 Savings institutions 15.9 19.4 29.7 34.0 35.4 34.6 14.0 20.4 21.3 20.8 21.5 24

25 Finance companies 19.7 24.1 26.3 24.8 25.1 27.0 35.1 28.5 32.5 35.4 35.6 25

26 Mortgage companies 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 17.8 17.7 17.9 26

27 REITs 7.8 17.6 33.6 28.7 28.4 27.3 26.0 25.5 21.2 18.6 16.0 27
92 Z.1, March 9, 2001

L.216 Other Loans and Advances

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 998.0 1101.0 1259.6 1313.0 1340.3 1390.1 1432.7 1486.3 1548.0 1545.0 1590.5 1

 2 U.S. government loans 149.0 158.8 173.3 177.9 179.6 182.1 179.3 181.9 183.8 185.3 188.6 2

 3 Liab.: Household sector 30.4 41.8 52.4 58.2 60.7 63.1 65.0 68.1 70.7 73.5 75.8 3

 4 Nonfinancial corporate business 8.7 8.4 8.3 8.2 8.1 8.1 8.0 7.9 7.7 7.6 7.4 4

 5 Nonfarm noncorporate business 39.1 40.9 44.8 44.5 44.1 44.0 43.9 43.9 43.5 43.2 43.0 5

 6 Farm business 5.9 5.5 5.1 5.0 4.9 4.9 4.9 4.9 4.9 4.9 5.0 6

 7 State and local governments 10.1 8.9 10.1 10.2 10.2 10.1 9.7 9.3 8.9 8.6 8.7 7

 8 Rest of the world 54.8 53.3 52.4 51.8 51.6 51.9 47.8 47.9 48.0 47.4 48.6 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 126.0 143.3 142.3 163.2 140.6 134.9 119.5 120.8 124.8 112.4 119.8 10

11 Liab.: Nonfinancial corporate business 126.0 143.3 142.3 163.2 140.6 134.9 119.5 120.8 124.8 112.4 119.8 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 23.4 20.6 11.3 10.2 9.0 7.9 8.2 8.7 9.0 8.4 7.5 12

13 Liab.: Nonfinancial corporate business 13.4 10.8 6.6 5.6 4.8 4.8 4.4 4.9 4.9 4.6 4.3 13

14 Rest of the world 9.9 9.7 4.7 4.7 4.1 3.1 3.9 3.8 4.1 3.8 3.1 14

15 Savings institution loans to business 15.7 18.8 24.2 25.4 27.0 28.2 30.7 33.4 35.4 37.9 39.3 15

16 Liab.: Nonfinancial corporate business 7.9 9.4 12.1 12.7 13.5 14.1 15.3 16.7 17.7 19.0 19.7 16

17 Nonfarm noncorporate business 7.9 9.4 12.1 12.7 13.5 14.1 15.3 16.7 17.7 19.0 19.7 17

18 Policy loans (Household liability) 101.4 104.6 104.7 100.6 99.9 100.2 100.0 99.6 100.5 102.0 102.3 18

19 Asset: Federal government 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 19

20 Life insurance companies 100.5 103.7 103.8 99.6 98.9 99.3 99.0 98.7 99.6 101.1 101.4 20

21 Government-sponsored enterprise loans 229.1 260.3 352.6 364.6 396.0 437.2 466.2 472.9 505.4 503.5 514.4 21

22 Liab.: Household sector (SLMA) 34.6 30.2 29.0 30.9 32.5 36.4 34.5 32.3 31.7 35.9 37.6 22

23 Noncorporate business (FCS) 15.1 15.1 17.8 17.1 18.1 18.6 17.9 17.1 18.2 18.9 19.5 23

24 Farm business (FCS) 16.5 16.5 17.1 17.5 16.9 16.8 17.9 19.1 18.6 18.5 19.1 24

25 Commercial banks (FHLB and SLMA) 39.0 58.1 104.9 104.2 119.2 140.8 145.6 155.0 174.6 172.6 172.5 25

26 Savings institutions (FHLB and SLMA) 121.9 138.0 180.1 190.1 203.5 217.7 243.7 243.8 256.7 251.8 259.9 26

27 Credit unions (FHLB) 0.4 0.6 1.1 1.5 1.8 2.5 3.4 2.6 2.9 3.1 3.4 27

28 Life insurance companies (FHLB) 1.6 1.8 2.5 3.3 4.0 4.3 3.2 3.0 2.7 2.7 2.5 28

29 Securitized loans held by ABS issuers 44.0 76.2 103.8 108.3 114.4 116.6 123.7 134.3 134.9 139.7 147.4 29

30 Liab.: Households (1) 6.3 14.1 17.9 17.3 17.6 17.9 19.4 22.8 24.5 30.7 31.0 30

31 Nonfinancial corporate business 37.7 62.1 85.9 91.0 96.8 98.7 104.3 111.5 110.4 109.0 116.4 31

32 Finance company loans to business 309.5 318.5 347.5 362.8 373.7 383.0 405.2 434.6 454.1 455.7 471.1 32

33 Liab.: Nonfinancial corporate business 278.5 286.7 312.8 326.5 336.4 344.7 364.6 391.1 408.7 410.2 424.0 33

34 Nonfarm noncorporate business 30.9 31.9 34.8 36.3 37.4 38.3 40.5 43.5 45.4 45.6 47.1 34

(1) Student loans.
Z.1, March 9, 2001 93

L.217 Total Mortgages

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total mortgages 4865.1 5197.7 5729.6 5869.2 6021.4 6230.1 6378.0 6490.8 6661.3 6817.7 6959.1 1

 2 Home 3719.0 3971.3 4358.1 4450.7 4563.8 4693.3 4790.1 4865.9 4990.6 5108.6 5209.4 2

 3 Multifamily residential 288.9 302.1 331.0 341.8 349.1 360.2 373.2 381.1 393.1 401.4 411.1 3

 4 Commercial 769.9 834.0 944.0 979.2 1008.9 1075.3 1112.8 1140.0 1171.6 1200.3 1230.6 4

 5 Farm 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.7 106.0 107.3 108.0 5

 6 Total liabilities 4865.1 5197.7 5729.6 5869.2 6021.4 6230.1 6378.0 6490.8 6661.3 6817.7 6959.1 6

 7 Household sector 3675.3 3923.5 4303.5 4396.7 4506.1 4634.1 4729.6 4801.1 4922.1 5038.7 5137.3 7

 8 Nonfinancial business 1157.8 1227.3 1354.5 1395.8 1441.7 1520.2 1571.7 1611.3 1658.3 1696.5 1737.7 8

 9 Corporate 241.3 219.8 260.9 284.1 307.5 358.3 383.4 399.7 422.0 437.8 455.8 9

10 Nonfarm noncorporate 829.4 917.2 997.1 1014.4 1034.6 1060.4 1086.3 1107.8 1130.3 1151.4 1173.9 10

11 Farm 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.7 106.0 107.3 108.0 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 31.9 46.8 71.6 76.6 73.6 75.9 76.7 78.5 81.0 82.5 84.1 13

14 Total assets 4865.1 5197.7 5729.6 5869.2 6021.4 6230.1 6378.0 6490.8 6661.3 6817.7 6959.1 14

15 Household sector 109.5 109.6 110.3 110.3 110.6 110.7 110.0 111.0 111.2 111.5 111.4 15

16 Nonfinancial corporate business 54.4 80.2 100.2 104.0 107.7 111.5 115.2 117.7 120.3 121.8 123.0 16

17 Nonfarm noncorporate business 23.5 22.0 22.0 22.3 22.5 22.7 22.9 23.3 23.7 24.3 25.0 17

18 State and local governments 117.6 121.3 125.4 126.5 127.6 128.7 129.8 130.9 132.0 133.1 134.3 18

19 Federal government 50.3 45.7 44.9 44.6 44.5 77.8 77.7 76.8 76.8 76.5 76.9 19

20 Commercial banking 1145.4 1245.3 1337.0 1336.6 1360.8 1418.3 1495.2 1546.5 1614.1 1648.1 1659.4 20

21 Savings institutions (1) 628.3 631.8 644.2 646.4 656.7 676.6 668.9 681.1 702.6 721.7 723.8 21

22 Credit unions 76.0 86.0 96.9 98.7 103.7 107.3 111.0 114.1 119.1 123.7 126.5 22

23 Bank personal trusts and estates 3.6 3.0 2.8 2.7 2.5 2.4 2.2 2.2 2.2 2.1 2.1 23

24 Life insurance companies 208.2 206.8 213.6 219.0 224.5 226.2 230.8 229.2 232.3 234.2 235.8 24

25 Other insurance companies 2.4 2.2 2.0 2.0 2.0 2.1 2.0 2.7 2.0 1.8 1.8 25

26 Private pension funds 9.0 9.7 11.5 11.9 12.5 13.0 13.5 14.0 14.3 14.8 15.1 26

27 State and local govt. retirement funds 16.7 17.6 24.1 24.2 24.0 22.4 21.5 21.7 21.0 21.5 21.5 27

28 Government-sponsored enterprises (1) 244.9 240.5 248.7 244.9 245.1 244.8 244.4 246.3 256.0 260.4 267.4 28

29 Federally related mortgage pools 1711.3 1825.8 2018.4 2112.3 2182.7 2246.1 2292.2 2322.1 2355.3 2414.5 2491.9 29

30 ABS issuers 326.3 407.0 563.5 595.1 619.8 640.0 655.5 669.1 688.1 712.1 742.2 30

31 Finance companies 82.7 87.9 102.3 109.2 113.5 122.3 126.5 128.8 136.2 142.4 148.1 31

32 Mortgage companies 41.2 32.1 35.3 33.0 35.6 32.5 35.6 34.1 35.5 35.4 35.9 32

33 REITs 13.8 22.9 26.3 25.4 24.9 24.8 23.0 19.2 18.6 17.8 17.1 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, March 9, 2001

L.218 Home Mortgages (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3719.0 3971.3 4358.1 4450.7 4563.8 4693.3 4790.1 4865.9 4990.6 5108.6 5209.4 1

 2 Household sector 3578.7 3828.5 4204.4 4293.7 4403.0 4527.5 4620.0 4691.7 4811.9 4924.6 5021.9 2

 3 Nonfinancial corporate business 7.8 8.0 9.4 9.7 10.2 10.9 11.5 12.0 12.6 13.2 13.5 3

 4 Nonfarm noncorporate business 132.5 134.9 144.3 147.3 150.6 154.8 158.5 162.3 166.1 170.8 174.0 4

 5 Total assets 3719.0 3971.3 4358.1 4450.7 4563.8 4693.3 4790.1 4865.9 4990.6 5108.6 5209.4 5

 6 Household sector 87.6 86.5 85.3 85.1 84.8 84.5 84.2 83.9 83.7 83.4 83.1 6

 7 Nonfinancial corporate business 24.5 29.8 34.2 35.3 36.4 37.5 38.6 39.7 40.6 40.8 41.3 7

 8 Nonfarm noncorporate business 9.6 8.6 8.6 8.7 8.8 8.9 8.9 9.1 9.2 9.5 9.7 8

 9 State and local governments 62.8 65.8 69.1 70.0 70.8 71.7 72.6 73.5 74.4 75.3 76.3 9

10 Federal government 21.2 19.1 18.8 18.5 18.3 18.6 18.4 18.3 18.3 17.8 17.7 10

11 Commercial banking 677.6 745.5 796.6 782.1 789.5 826.4 878.7 903.8 948.2 967.5 965.3 11

12 Savings institutions 513.7 520.7 533.4 534.1 544.4 560.1 548.5 559.6 578.5 595.0 594.6 12

13 Credit unions 76.0 86.0 96.9 98.7 103.7 107.3 111.0 114.1 119.1 123.7 126.5 13

14 Bank personal trusts and estates 3.6 3.0 2.8 2.7 2.5 2.4 2.2 2.2 2.2 2.1 2.1 14

15 Life insurance companies 7.0 7.2 6.6 7.0 7.3 7.4 5.9 5.9 5.9 6.0 6.1 15

16 Private pension funds 5.0 5.7 7.0 7.3 7.7 8.1 8.5 8.9 9.2 9.6 9.9 16

17 State and local govt. retirement funds 5.0 5.6 8.4 8.5 8.4 7.8 7.5 7.6 7.4 7.5 7.5 17

18 Government-sponsored enterprises 198.5 194.3 199.6 194.3 191.9 190.6 189.3 190.0 197.9 200.4 205.3 18

19 Federally related mortgage pools 1678.8 1788.1 1970.2 2061.6 2130.0 2191.3 2234.7 2263.0 2294.3 2351.5 2425.9 19

20 ABS issuers 256.2 310.7 405.2 423.3 440.6 447.8 455.0 463.5 471.9 484.6 499.8 20

21 Finance companies 52.1 59.0 75.7 77.7 80.5 87.7 88.3 90.4 96.6 100.9 105.2 21

22 Mortgage companies 32.0 21.8 24.9 22.6 25.1 22.1 25.2 23.7 25.1 24.9 25.4 22

23 REITs 8.0 14.0 14.8 13.3 13.0 13.1 12.4 8.8 8.3 8.0 7.8 23

 Memo:

24 Home equity loans included above (2) 335.3 407.6 462.5 468.9 479.6 501.1 512.8 531.7 559.6 582.0 606.1 24

25 Commercial banking 153.8 174.0 176.9 176.0 174.9 181.9 189.5 199.7 212.8 223.5 234.8 25

26 Savings institutions 52.3 55.5 55.9 56.6 59.0 59.6 59.8 62.3 64.9 68.4 72.9 26

27 Credit unions 25.5 29.0 29.7 30.3 30.5 32.6 33.4 35.7 37.7 40.0 41.8 27

28 ABS issuers 51.6 90.2 124.2 128.3 134.7 139.3 141.9 143.5 147.6 149.2 151.5 28

29 Finance companies 52.1 59.0 75.7 77.7 80.5 87.7 88.3 90.4 96.6 100.9 105.2 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

L.219 Multifamily Residential Mortgages

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

 1 Total liabilities 288.9 302.1 331.0 341.8 349.1 360.2 373.2 381.1 393.1 401.4 411.1 1

 2 Nonfinancial corporate business 21.7 22.5 23.5 23.8 24.1 24.4 24.7 25.1 25.4 25.7 25.9 2

 3 Nonfarm noncorporate business 256.7 264.1 283.9 292.7 300.7 310.7 323.1 330.1 341.0 348.5 357.4 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 10.5 15.4 23.6 25.3 24.3 25.1 25.3 25.9 26.7 27.2 27.7 5

 6 Total assets 288.9 302.1 331.0 341.8 349.1 360.2 373.2 381.1 393.1 401.4 411.1 6

 7 Household sector 1.5 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 0.8 1.4 2.0 2.1 2.3 2.4 2.6 2.7 2.9 3.0 3.2 8

 9 Nonfarm noncorporate business 7.0 7.0 7.0 7.1 7.2 7.3 7.3 7.5 7.6 7.8 8.0 9

10 State and local governments 45.9 46.5 47.4 47.6 47.9 48.1 48.3 48.6 48.8 49.1 49.3 10

11 Federal government 14.8 13.9 13.6 13.6 13.6 13.7 13.6 13.7 13.8 13.8 13.9 11

12 Commercial banking 45.5 49.7 52.9 56.2 58.6 62.4 66.0 70.8 75.7 76.9 77.7 12

13 Savings institutions 61.6 59.5 57.0 57.0 55.3 57.5 59.4 58.0 59.4 60.3 61.3 13

14 Life insurance companies 30.8 30.4 31.5 31.5 31.8 32.0 32.8 32.6 33.0 33.3 33.5 14

15 Private pension funds 1.0 1.0 1.1 1.2 1.2 1.2 1.2 1.3 1.3 1.3 1.3 15

16 State and local govt. retirement funds 4.7 5.0 6.7 6.8 6.7 6.3 6.0 6.1 5.9 6.0 6.0 16

17 Government-sponsored enterprises 18.6 17.3 18.1 19.4 21.4 22.1 22.9 24.2 25.4 26.6 28.2 17

18 Federally related mortgage pools 32.5 37.8 48.3 50.6 52.7 54.8 57.5 59.1 61.0 63.0 66.0 18

19 ABS issuers 15.9 20.9 33.8 37.1 38.8 40.9 42.0 42.8 44.1 45.8 48.7 19

20 Finance companies 3.1 2.9 2.7 2.8 2.8 2.9 5.1 5.6 5.9 6.2 6.1 20

21 Mortgage companies 4.1 5.2 5.3 5.3 5.4 5.3 5.3 5.3 5.3 5.3 5.4 21

22 REITs 1.2 2.1 2.1 2.0 1.9 1.8 1.6 1.4 1.6 1.5 1.0 22
Z.1, March 9, 2001 95

L.220 Commercial Mortgages

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 769.9 834.0 944.0 979.2 1008.9 1075.3 1112.8 1140.0 1171.6 1200.3 1230.6 1

 2 Household sector 96.6 95.1 99.1 103.0 103.1 106.5 109.6 109.4 110.2 114.1 115.4 2

 3 Nonfinancial corporate business 211.8 189.3 228.0 250.5 273.2 323.0 347.1 362.6 384.1 399.0 416.3 3

 4 Nonfarm noncorporate business 440.2 518.3 568.9 574.4 583.3 594.9 604.7 615.4 623.1 632.0 642.5 4

 5 REITs 21.4 31.4 48.0 51.3 49.3 50.9 51.4 52.6 54.2 55.3 56.3 5

 6 Total assets 769.9 834.0 944.0 979.2 1008.9 1075.3 1112.8 1140.0 1171.6 1200.3 1230.6 6

 7 Household sector 4.4 5.1 5.8 5.9 6.1 6.3 6.4 6.6 6.8 6.9 7.1 7

 8 Nonfinancial corporate business 29.1 49.1 64.1 66.6 69.1 71.6 74.1 75.3 76.8 78.0 78.6 8

 9 Nonfarm noncorporate business 6.1 5.5 5.5 5.5 5.6 5.6 5.7 5.8 5.9 6.1 6.2 9

10 State and local governments 7.5 7.7 7.6 7.6 7.5 7.5 7.5 7.4 7.4 7.4 7.4 10

11 Federal government 8.5 7.8 7.9 8.0 8.1 41.2 41.5 40.6 40.6 40.7 41.1 11

12 Commercial banking 397.5 423.1 458.5 468.8 482.2 498.0 518.6 539.2 556.4 569.8 582.4 12

13 Savings institutions 52.7 51.3 53.3 54.9 56.6 58.5 60.5 63.0 64.3 65.9 67.4 13

14 Life insurance companies 160.3 158.8 164.0 168.8 173.5 174.6 179.0 177.9 180.2 181.7 183.0 14

15 Other insurance companies 2.4 2.2 2.0 2.0 2.0 2.1 2.0 2.7 2.0 1.8 1.8 15

16 Private pension funds 3.0 3.0 3.4 3.4 3.6 3.7 3.7 3.8 3.8 3.9 3.9 16

17 State and local govt. retirement funds 7.0 7.0 8.9 9.0 8.9 8.3 8.0 8.0 7.8 7.9 8.0 17

18 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 18

19 ABS issuers 54.2 75.4 124.6 134.8 140.5 151.3 158.5 162.8 172.2 181.6 193.7 19

20 Finance companies 27.4 26.0 23.9 28.8 30.2 31.7 33.2 32.8 33.7 35.3 36.9 20

21 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 21

22 REITs 4.6 6.9 9.4 10.0 10.0 9.9 9.0 9.0 8.7 8.2 8.3 22

L.221 Farm Mortgages

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

 1 Total liabilities (Farm business) 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.7 106.0 107.3 108.0 1

 2 Total assets 87.1 90.3 96.5 97.4 99.6 101.4 102.0 103.7 106.0 107.3 108.0 2

 3 Household sector 15.9 16.5 17.7 17.9 18.3 18.5 17.9 19.0 19.4 19.7 19.8 3

 4 Nonfarm noncorporate business 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 5.8 4.9 4.5 4.4 4.4 4.3 4.3 4.2 4.2 4.2 4.1 6

 7 Commercial banking 24.9 27.0 29.0 29.5 30.5 31.4 31.8 32.7 33.7 33.9 34.0 7

 8 Savings institutions 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 8

 9 Life insurance companies 10.1 10.5 11.5 11.7 12.0 12.2 13.0 12.9 13.0 13.2 13.3 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 27.9 28.9 31.0 31.2 31.7 32.2 32.2 32.1 32.8 33.5 33.9 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, March 9, 2001

L.222 Consumer Credit

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities (Households) 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.0 1454.0 1495.6 1568.8 1

 2 Total assets 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.0 1454.0 1495.6 1568.8 2

 3 Nonfinancial corporate business 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 73.5 72.1 82.7 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Commercial banking 526.8 512.6 508.9 494.0 477.8 472.5 499.8 497.1 506.2 521.8 543.7 5

 6 Savings institutions 44.7 47.2 51.6 53.6 57.2 60.1 61.5 59.0 61.0 62.6 64.0 6

 7 Credit unions 144.1 152.4 155.4 155.8 158.2 164.1 167.9 169.2 176.0 181.6 185.3 7

 8 ABS issuers 265.8 313.1 372.4 380.9 405.6 433.0 435.1 434.0 447.0 460.3 500.0 8

 9 Finance companies 152.4 160.0 168.5 167.8 173.6 173.0 181.6 183.7 190.3 197.3 193.2 9

L.223 Trade Credit

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

 1 Total trade payables 1809.3 1941.4 1970.3 1973.9 2030.8 2097.9 2167.6 2198.3 2229.9 2269.9 2314.1 1

 2 Household sector 109.1 118.0 125.7 126.0 128.2 129.8 132.7 134.5 136.3 137.7 138.6 2

 3 Nonfinancial corporate business 927.0 992.1 977.5 973.2 1004.8 1055.5 1111.6 1127.4 1138.0 1174.0 1211.3 3

 4 Nonfarm noncorporate business 98.6 122.1 133.2 135.5 138.4 140.7 143.0 145.1 147.0 149.4 152.2 4

 5 Farm business 17.4 18.8 19.6 18.5 19.6 20.2 20.0 19.2 20.8 20.9 20.9 5

 6 State and local governments 517.6 549.0 579.5 587.0 593.5 600.8 608.6 616.9 623.2 629.6 635.9 6

 7 Federal government 81.8 72.8 69.7 69.2 70.9 71.6 70.4 71.8 72.7 73.2 70.3 7

 8 Rest of the world 43.6 48.7 46.3 45.0 43.9 49.4 50.6 49.5 52.6 49.4 49.1 8

 9 Brokers and dealers 14.3 19.9 18.9 19.4 31.5 30.0 30.9 33.8 39.4 35.9 35.8 9

10 Total trade receivables 1637.5 1807.8 1875.8 1917.6 2011.6 2061.6 2021.8 2103.6 2167.7 2218.4 2180.9 10

11 Nonfinancial corporate business 1273.1 1366.6 1381.3 1415.6 1499.3 1540.9 1488.3 1557.2 1604.4 1640.1 1589.4 11

12 Nonfarm noncorporate business 145.5 172.4 193.4 196.5 200.8 205.3 210.0 213.2 217.0 220.3 224.4 12

13 Federal government 24.0 20.8 22.3 23.8 24.5 25.7 26.8 28.8 30.3 31.6 33.0 13

14 Rest of the world 57.1 60.1 51.4 46.7 45.5 44.6 46.0 44.9 45.9 45.3 44.8 14

15 Other insurance companies 57.2 59.9 61.6 64.0 65.7 66.3 63.6 66.4 67.4 69.0 69.2 15

16 ABS issuers 80.7 128.1 165.9 170.9 175.8 178.8 187.0 193.1 202.7 212.2 220.0 16

17 Discrepancy 171.8 133.5 94.5 56.3 19.2 36.2 145.9 94.7 62.3 51.5 133.3 17

L.224 Security Credit

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

 1 Total liabilities 358.1 469.1 572.3 552.7 586.5 593.1 676.6 803.7 780.5 805.8 812.1 1

 2 Household sector 94.4 131.2 152.8 160.6 183.8 185.8 227.9 287.4 270.3 273.9 232.9 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 263.7 337.9 419.6 392.0 402.7 407.2 448.7 516.3 510.2 531.9 579.3 4

 5 Customer credit balances (HH) 162.9 215.5 276.7 262.3 270.4 285.1 323.9 373.0 359.6 372.9 404.1 5

 6 From U.S.-chartered commercial banks 60.2 64.4 76.3 70.5 74.7 65.3 67.6 76.5 70.5 67.5 74.7 6

 7 From foreign banking offices in U.S. 40.6 58.0 66.6 59.2 57.6 56.8 57.2 66.8 80.1 91.5 100.5 7

 8 Total assets 358.1 469.1 572.3 552.7 586.5 593.1 676.6 803.7 780.5 805.8 812.1 8

 9 Household sector 162.9 215.5 276.7 262.3 270.4 285.1 323.9 373.0 359.6 372.9 404.1 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 100.8 122.5 142.9 129.7 132.3 122.1 124.8 143.4 150.6 159.0 175.2 11

12 Brokers and dealers 94.4 131.2 152.8 160.6 183.8 185.8 227.9 287.4 270.3 273.9 232.9 12
Z.1, March 9, 2001 97

L.225 Life Insurance and Pension Fund Reserves

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Total liabilities 610.6 665.0 718.3 735.9 749.8 756.2 783.9 799.9 809.4 822.3 823.5 1

 2 Federal government 30.5 32.3 33.6 33.7 34.4 34.5 35.0 35.2 35.9 36.0 36.4 2

 3 Life insurance companies 580.1 632.7 684.7 702.2 715.4 721.7 748.9 764.6 773.5 786.4 787.1 3

 4 Total assets (Households) 610.6 665.0 718.3 735.9 749.8 756.2 783.9 799.9 809.4 822.3 823.5 4

 Pension fund reserves:

 5 Total liabilities 6582.4 7725.5 8760.0 8903.7 9294.3 8959.6 9747.7 9952.3 9869.2 10021.9 9847.5 5

 6 Federal government (1) 561.4 601.7 642.9 632.6 642.7 657.5 684.0 673.0 683.3 697.4 704.9 6

 7 Life insurance companies 953.9 1086.1 1209.9 1236.8 1279.1 1260.0 1367.3 1415.2 1401.2 1425.1 1369.1 7

 8 Private pension funds (2) 3295.2 3793.6 4255.9 4313.0 4490.2 4319.0 4731.9 4881.2 4803.3 4858.2 4646.1 8

 9 State and local govt. retirement funds 1771.9 2244.1 2651.2 2721.3 2882.2 2723.1 2964.4 2982.9 2981.3 3041.2 3127.3 9

10 Total assets (Households) 6582.4 7725.5 8760.0 8903.7 9294.3 8959.6 9747.7 9952.3 9869.2 10021.9 9847.5 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and 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 123.8 139.5 151.5 158.8 162.4 167.5 167.2 180.5 180.0 184.1 184.1 1

 2 Nonfinancial corporate business 49.9 59.2 64.1 69.3 70.9 73.6 70.7 81.8 79.6 80.8 77.6 2

 3 Nonfarm noncorporate business 37.5 38.1 39.6 40.2 40.7 41.2 41.7 42.3 42.9 43.7 44.4 3

 4 U.S.-chartered commercial banks 4.0 5.4 7.1 7.5 8.0 8.5 9.0 9.5 10.0 10.6 11.1 4

 5 Savings institutions 1.4 1.8 2.0 1.9 1.8 2.1 2.0 1.7 1.8 2.1 2.4 5

 6 Life insurance companies 12.5 13.7 14.9 15.2 15.5 15.8 16.2 16.5 16.9 17.3 17.8 6

 7 Other insurance companies 11.6 13.4 15.4 15.9 16.4 16.9 17.4 17.9 18.5 19.0 19.7 7

 8 Finance companies 5.7 6.5 7.3 7.5 7.7 7.9 8.1 8.3 8.6 8.8 9.1 8

 9 Brokers and dealers 1.3 1.3 1.3 1.3 1.4 1.5 2.2 2.5 1.7 1.8 2.0 9

10 Total business taxes receivable 46.8 46.9 49.5 69.0 50.2 71.1 72.0 91.4 77.0 90.4 87.9 10

11 State and local governments 26.1 26.9 28.1 28.5 30.3 32.7 33.5 35.5 39.0 42.9 45.6 11

12 Federal government 20.7 20.0 21.4 40.5 20.0 38.4 38.5 55.9 37.9 47.4 42.4 12

13 Discrepancy 76.9 92.6 102.0 89.8 112.2 96.5 95.3 89.1 103.0 93.7 96.2 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 871.3 942.5 1001.0 1016.5 1061.0 1019.0 1130.4 1163.0 1124.1 1122.3 1039.0 1

 2 Asset: Household sector 871.3 942.5 1001.0 1016.5 1061.0 1019.0 1130.4 1163.0 1124.1 1122.3 1039.0 2
98 Z.1, March 9, 2001

L.229 Total Miscellaneous Financial Claims

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 6349.1 6670.6 7237.9 7245.5 7431.5 7448.5 7787.5 7915.4 8164.1 8609.7 8777.6 1

 2 Household sector 18.3 18.6 17.2 18.5 18.6 18.6 19.4 18.7 18.9 18.8 19.5 2

 3 Nonfinancial corporate business 2306.4 2217.5 2263.5 2290.8 2368.6 2378.0 2404.0 2382.8 2378.0 2450.6 2461.1 3

 4 Nonfarm noncorporate business 210.3 218.1 223.7 227.1 227.0 227.7 227.3 227.6 227.9 228.8 229.7 4

 5 Federal government 7.3 6.6 6.7 6.7 6.7 6.7 6.6 6.6 6.5 6.6 6.4 5

 6 Rest of the world 1151.7 1226.9 1379.5 1371.5 1371.7 1370.2 1535.6 1577.2 1720.0 1949.7 2024.8 6

 7 Monetary authority 7.4 9.5 10.7 7.9 9.1 9.7 9.4 10.0 9.6 9.6 10.6 7

 8 Commercial banking 863.0 1023.7 1128.7 1089.3 1090.0 1068.1 1079.9 1095.8 1142.0 1227.9 1248.4 8

 9 Savings institutions 103.5 101.4 99.8 98.1 98.3 96.0 85.4 82.0 86.1 92.7 102.5 9

10 Credit unions 4.6 4.6 5.2 5.0 5.0 5.1 6.0 5.4 6.1 6.9 6.2 10

11 Life insurance companies 567.5 625.4 687.7 707.9 729.8 735.6 747.2 764.2 764.4 773.1 767.0 11

12 Other insurance companies 509.9 522.3 540.4 539.3 546.8 554.0 549.7 550.8 554.1 561.9 564.7 12

13 Government-sponsored enterprises 67.2 75.1 95.3 88.9 85.5 81.9 89.3 93.8 89.8 87.9 97.8 13

14 Finance companies 205.5 216.7 234.4 249.7 255.0 262.1 307.1 350.6 355.5 373.2 388.9 14

15 Mortgage companies 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 17.8 17.7 17.9 15

16 REITs 9.2 18.0 31.6 33.4 32.1 35.3 36.0 35.9 37.4 38.5 37.8 16

17 Brokers and dealers 110.1 131.1 175.7 156.0 170.0 173.3 179.8 190.4 198.4 201.8 174.6 17

18 Funding corporations 186.5 239.0 319.9 338.9 399.6 409.6 487.0 506.6 551.6 564.2 619.5 18

19 Total assets 7867.0 8560.4 9672.2 9893.0 10104.7 10436.5 10671.5 10945.2 11199.7 11415.5 11903.6 19

20 Household sector 301.4 311.7 326.9 327.6 330.9 337.2 338.9 340.4 343.0 346.4 346.9 20

21 Nonfinancial corporate business 3406.7 3620.4 3964.9 4110.6 4196.9 4270.0 4481.3 4559.0 4603.1 4647.6 4732.0 21

22 Nonfarm noncorporate business 371.2 423.8 466.8 477.8 486.3 495.9 505.3 512.5 519.9 528.1 535.8 22

23 Farm business 44.4 44.8 46.6 46.2 46.7 47.0 46.6 46.6 46.7 47.2 47.3 23

24 State and local governments 41.0 27.0 11.5 8.2 0.5 19.9 13.1 21.5 21.9 23.7 25.9 24

25 Federal government 110.2 104.8 101.2 101.1 100.7 100.1 100.3 98.7 98.7 98.8 98.9 25

26 Rest of the world 1037.4 1096.4 1313.5 1332.8 1375.0 1584.5 1479.9 1593.0 1693.6 1734.8 1909.5 26

27 Monetary authority 11.2 13.2 16.1 15.6 16.4 16.4 16.8 16.5 16.6 18.3 19.3 27

28 Commercial banking 823.7 934.0 1079.1 1092.5 1108.4 1118.6 1108.3 1099.5 1134.9 1177.9 1188.2 28

29 Savings institutions 52.9 49.7 62.6 61.0 59.7 58.9 60.1 60.8 64.2 63.2 68.7 29

30 Credit unions 13.7 17.6 24.3 26.5 23.0 19.8 8.0 11.3 13.2 5.9 8.2 30

31 Bank personal trusts and estates 16.0 14.6 23.0 22.4 21.8 21.1 20.5 20.0 19.3 19.3 19.0 31

32 Life insurance companies 73.7 65.7 69.2 62.0 54.1 52.3 34.9 45.4 43.8 46.9 47.1 32

33 Other insurance companies 33.6 42.8 47.8 49.4 49.9 52.4 52.3 53.5 56.3 57.0 59.7 33

34 Private pension funds 555.5 590.9 642.3 650.5 662.6 655.0 682.1 693.7 694.1 702.5 692.9 34

35 State and local govt. retirement funds 131.8 167.6 186.3 199.6 212.5 172.3 207.7 200.3 202.3 218.3 322.4 35

36 Money market mutual funds 43.8 58.1 67.7 65.2 71.2 72.4 90.4 79.6 103.4 108.5 101.9 36

37 Mutual funds 4.7 11.8 7.9 13.7 5.3 4.7 3.6 1.9 1.9 2.6 1.7 37

38 Government-sponsored enterprises 85.5 104.9 158.5 170.0 180.9 208.1 219.6 234.4 246.2 254.2 267.3 38

39 Finance companies 151.5 170.4 186.5 207.8 213.1 203.2 234.9 234.7 233.0 248.1 261.0 39

40 REITs 5.6 10.5 21.2 21.5 20.4 20.0 21.1 21.5 20.8 22.0 23.8 40

41 Brokers and dealers 320.7 391.8 499.3 436.3 462.1 486.5 522.8 557.7 572.2 589.1 648.9 41

42 Funding corporations 230.7 288.0 348.7 394.2 406.3 420.1 423.1 442.7 450.7 455.1 477.1 42

43 Discrepancy -1517.9 -1889.8 -2434.3 -2647.5 -2673.2 -2988.0 -2884.0 -3029.7 -3035.6 -2805.8 -3126.0 43
Z.1, March 9, 2001 99

L.230 Identified Miscellaneous Financial Claims - Part I

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 986.5 1058.7 1207.1 1251.2 1286.1 1331.0 1331.2 1377.0 1417.0 1454.5 1491.2 1

 2 Asset: Nonfinancial corporate business 863.2 923.8 1047.8 1089.7 1120.6 1159.1 1159.8 1195.2 1224.7 1248.9 1270.1 2

 3 Commercial banking 42.8 44.2 43.0 44.3 45.6 46.1 31.9 33.9 35.3 44.3 47.6 3

 4 Life insurance companies 6.6 8.6 11.1 11.4 11.7 12.3 13.4 13.7 14.2 14.8 15.0 4

 5 Other insurance companies 33.6 42.8 47.8 49.4 49.9 52.4 52.3 53.5 56.3 57.0 59.7 5

 6 Finance companies 27.9 35.1 51.7 50.3 52.3 54.8 67.1 73.7 78.6 80.6 87.9 6

 7 Brokers and dealers 12.4 4.2 5.7 6.1 6.1 6.3 6.6 7.0 8.0 8.8 10.8 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 696.3 752.9 823.9 848.0 939.0 985.0 992.6 1016.7 1110.2 1151.3 1204.3 8

 9 Nonfarm noncorporate business 4.0 3.9 3.7 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.9 9

10 Commercial banking 30.3 38.8 43.7 43.9 57.3 57.8 60.0 65.5 66.4 68.5 69.6 10

11 Life insurance companies 17.6 25.2 31.0 31.7 42.3 45.3 46.2 46.9 48.8 55.4 58.0 11

12 Other insurance companies 38.5 46.2 46.8 48.7 52.3 55.7 55.6 55.4 58.7 61.3 63.6 12

13 Finance companies 29.7 35.7 35.3 34.2 38.7 40.4 40.3 41.7 42.4 44.9 46.0 13

14 Brokers and dealers 8.8 8.5 10.0 10.2 10.2 10.3 10.2 11.6 12.3 12.6 13.2 14

15 Funding corporations -82.0 -85.7 -65.7 -64.9 -43.4 -41.9 -83.5 -67.4 -67.2 -56.8 -30.3 15

16 Asset: Rest of the world 743.2 825.3 928.6 955.5 1100.1 1156.4 1125.2 1174.3 1275.4 1341.1 1428.5 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 29.2 30.8 32.4 32.8 33.3 33.6 33.9 34.2 34.6 34.9 35.4 17

18 Asset: Federal government 29.2 30.8 32.4 32.8 33.3 33.6 33.9 34.2 34.6 34.9 35.4 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 4.6 5.4 6.0 6.1 6.3 6.3 6.4 6.7 6.9 6.9 7.0 19

20 Asset: Commercial banking 4.6 5.4 6.0 6.1 6.3 6.3 6.4 6.7 6.9 6.9 7.0 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 21.3 21.9 25.3 26.8 27.4 28.9 30.8 31.8 31.6 32.0 33.0 21

22 Asset: Nonfin. corporate business (FNMA) 1.6 0.5 -0.2 -0.2 -0.4 -0.6 -0.8 -0.8 -1.2 -1.1 -0.8 22

23 Nonfarm noncorporate (BC) 1.7 1.7 1.6 1.6 1.6 1.5 1.6 1.7 1.6 1.6 1.6 23

24 Farm business (FICB and FLB) 1.5 1.5 1.7 1.6 1.7 1.7 1.6 1.5 1.6 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) 6.7 8.0 10.0 10.6 11.1 12.2 13.0 13.4 13.4 13.4 13.8 26

27 Savings institutions (FHLB) 9.5 9.9 11.8 12.5 12.8 13.3 14.5 15.1 15.3 15.5 15.7 27

28 Credit unions (FHLB) 0.2 0.2 0.3 0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.6 28

29 Life insurance companies (FHLB) 0.2 0.2 0.2 0.3 0.3 0.4 0.3 0.3 0.3 0.4 0.4 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 372.9 413.6 469.0 476.4 473.9 475.6 471.9 492.1 501.0 514.8 525.2 30

31 Savings institutions 4.7 5.0 5.4 5.5 5.7 5.8 6.0 6.1 6.3 6.4 6.6 31

32 Finance companies 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 68.6 72.1 72.9 32

33 Mortgage companies 20.6 16.0 17.7 16.5 17.8 16.3 17.8 17.1 17.8 17.7 17.9 33

34 Brokers and dealers 9.5 36.5 80.0 98.1 110.6 96.7 65.5 67.7 74.3 83.4 86.3 34

35 Asset: Bank holding companies 437.8 503.5 603.0 628.9 640.6 636.6 623.0 655.5 667.9 694.5 708.9 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 68.6 72.1 72.9 36

37 Asset: Nonfinancial corporate business 30.2 32.3 30.9 32.3 32.7 42.2 61.9 72.6 68.6 72.1 72.9 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 64.5 78.8 90.6 89.8 88.5 102.5 93.0 114.6 114.5 119.9 138.7 38

39 Brokers and dealers 166.3 209.2 258.2 304.4 317.9 317.6 330.1 328.1 336.2 335.2 338.4 39

40 Asset: Funding corporations 230.7 288.0 348.7 394.2 406.3 420.1 423.1 442.7 450.7 455.1 477.1 40
100 Z.1, March 9, 2001

L.231 Identified Miscellaneous Financial Claims - Part II

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.1 2.1 1.9 2.0 2.2 2.3 2.6 2.3 2.3 2.4 2.6 1

 2 Asset: Federal government 2.1 2.1 1.9 2.0 2.2 2.3 2.6 2.3 2.3 2.4 2.6 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 18.0 18.0 24.9 21.5 17.3 15.9 17.1 15.1 12.9 13.6 17.0 5

 6 Asset: Savings institutions 18.0 18.0 24.9 21.5 17.3 15.9 17.1 15.1 12.9 13.6 17.0 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 18.3 18.6 17.2 18.5 18.6 18.6 19.4 18.7 18.9 18.8 19.5 7

 8 Asset: Life insurance companies 18.3 18.6 17.2 18.5 18.6 18.6 19.4 18.7 18.9 18.8 19.5 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 103.9 112.2 120.1 122.0 123.7 128.4 131.9 132.8 135.4 136.7 137.0 9

10 Health 69.4 75.7 83.0 84.6 86.0 90.2 93.5 94.4 96.5 97.0 97.4 10

11 Policy dividend accumulation 34.5 36.4 37.1 37.5 37.7 38.1 38.4 38.4 38.8 39.6 39.6 11

12 Asset: Household sector 103.9 112.2 120.1 122.0 123.7 128.4 131.9 132.8 135.4 136.7 137.0 12

 Policy payables:

13 Liab.: Other insurance companies 471.4 476.2 493.6 490.6 494.5 498.4 494.1 495.4 495.5 500.6 501.1 13

14 Asset: Household sector 197.5 199.5 206.8 205.6 207.2 208.8 207.0 207.6 207.6 209.7 210.0 14

15 Nonfinancial corporate business 186.2 188.1 195.0 193.8 195.3 196.9 195.2 195.7 195.7 197.7 197.9 15

16 Nonfarm noncorporate business 44.8 45.2 46.9 46.6 47.0 47.3 46.9 47.1 47.1 47.6 47.6 16

17 Farm business 42.9 43.3 44.9 44.6 45.0 45.4 45.0 45.1 45.1 45.6 45.6 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 361.1 381.9 422.8 429.8 440.8 431.9 457.1 467.2 465.0 471.5 460.6 18

19 Asset: Private pension funds 361.1 381.9 422.8 429.8 440.8 431.9 457.1 467.2 465.0 471.5 460.6 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 86.4 93.5 95.4 95.7 95.9 96.2 96.4 96.7 96.9 97.2 97.4 20

21 Asset: Private pension funds 86.4 93.5 95.4 95.7 95.9 96.2 96.4 96.7 96.9 97.2 97.4 21

 Securities borrowed (net):

22 Liab.: Funding corporations 276.1 333.3 403.3 359.9 375.3 397.2 419.5 450.3 467.3 470.6 505.3 22

23 Asset: Brokers and dealers 276.1 333.3 403.3 359.9 375.3 397.2 419.5 450.3 467.3 470.6 505.3 23
Z.1, March 9, 2001 101

L.232 Unidentified Miscellaneous Financial Claims

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2528.2 2468.7 2476.7 2377.4 2330.3 2204.5 2513.9 2442.2 2517.3 2807.3 2783.1 1

 2 Nonfinancial corporate business 1523.7 1371.1 1344.2 1347.1 1333.7 1296.9 1315.0 1269.4 1170.9 1202.1 1159.3 2

 3 Nonfarm noncorporate business 206.3 214.3 220.0 223.4 223.4 223.9 223.6 223.8 224.1 224.9 225.9 3

 4 Federal government 7.3 6.6 6.7 6.7 6.7 6.7 6.6 6.6 6.5 6.6 6.4 4

 5 Rest of the world 133.8 135.2 138.1 85.4 50.2 3.4 168.0 163.8 266.1 457.8 495.7 5

 6 Monetary authority 2.8 4.0 4.8 1.8 2.8 3.4 3.0 3.3 2.8 2.7 3.6 6

 7 Commercial banking 395.4 492.5 525.5 479.3 470.3 432.3 454.9 423.6 460.0 524.7 514.9 7

 8 U.S.-chartered commercial banks 147.7 185.1 206.6 170.7 174.0 149.4 181.2 200.4 212.6 253.9 260.7 8

 9 Foreign banking offices in U.S. 200.5 233.9 223.0 211.6 196.5 181.9 161.6 119.6 140.1 142.4 122.2 9

10 Bank holding companies 36.3 57.9 74.1 74.4 75.9 75.5 88.1 78.9 82.1 101.4 104.4 10

11 Banks in U.S.-affiliated areas 10.9 15.6 21.9 22.6 23.8 25.6 24.1 24.7 25.3 26.9 27.7 11

12 Savings institutions 98.8 96.4 94.4 92.6 92.6 90.2 79.4 75.9 79.8 86.2 95.9 12

13 Credit unions 4.6 4.6 5.2 5.0 5.0 5.1 6.0 5.4 6.1 6.9 6.2 13

14 Life insurance companies 84.9 106.2 113.8 124.3 123.0 130.1 112.1 117.2 115.2 109.6 111.4 14

15 Government-sponsored enterprises 28.0 35.1 45.2 40.6 40.8 37.1 41.4 47.0 45.4 42.3 47.7 15

16 Finance companies 115.6 116.3 137.4 150.9 150.9 137.3 142.9 163.8 175.9 184.0 197.1 16

17 REITs 9.2 18.0 31.6 33.4 32.1 35.3 36.0 35.9 37.4 38.5 37.8 17

18 Brokers and dealers -74.4 -123.1 -172.5 -256.8 -268.6 -251.4 -225.9 -217.1 -224.4 -229.4 -263.3 18

19 Funding corporations -7.6 -8.6 -17.6 43.9 67.6 54.3 150.9 123.8 151.5 150.4 144.4 19

20 Total assets 4046.1 4358.5 4911.1 5025.0 5003.5 5192.6 5397.9 5471.9 5552.9 5613.1 5909.2 20

21 Nonfinancial corporate business 2325.6 2475.7 2691.5 2795.0 2848.7 2872.4 3065.1 3096.3 3115.3 3129.8 3191.8 21

22 Nonfarm noncorporate business 324.8 376.9 418.3 429.5 437.7 447.1 456.8 463.7 471.2 478.9 486.6 22

23 State and local governments 41.0 27.0 11.5 8.2 0.5 19.9 13.1 21.5 21.9 23.7 25.9 23

24 Federal government 78.8 71.9 66.9 66.3 65.3 64.2 63.9 62.2 61.8 61.5 61.0 24

25 Rest of the world 294.2 271.0 384.9 377.3 274.9 428.2 354.6 418.7 418.3 393.7 481.0 25

26 Monetary authority 11.2 13.2 16.1 15.6 16.4 16.4 16.8 16.5 16.6 18.3 19.3 26

27 Commercial banking 331.8 372.9 417.2 402.6 404.8 417.4 433.9 389.9 411.4 418.8 410.9 27

28 U.S.-chartered commercial banks 78.7 87.6 116.3 105.8 97.5 107.7 126.5 131.6 130.3 125.0 123.9 28

29 Foreign banking offices in U.S. 197.2 234.3 234.6 230.2 235.9 224.1 213.3 170.4 185.6 186.2 170.8 29

30 Bank holding companies 51.1 44.4 56.5 56.9 61.3 75.2 85.4 79.6 86.8 98.4 106.3 30

31 Banks in U.S.-affiliated areas 4.8 6.6 9.7 9.7 10.1 10.3 8.7 8.4 8.8 9.2 9.9 31

32 Savings institutions 25.3 21.7 26.0 27.0 29.6 29.7 28.5 30.7 36.0 34.1 36.0 32

33 Credit unions 13.6 17.3 24.0 26.1 22.6 19.3 7.5 10.7 12.6 5.3 7.5 33

34 Bank personal trusts and estates 16.0 14.6 23.0 22.4 21.8 21.1 20.5 20.0 19.3 19.3 19.0 34

35 Life insurance companies 48.7 38.3 40.7 31.8 23.5 21.0 1.7 12.7 10.5 13.0 12.3 35

36 Private pension funds 108.0 115.4 124.1 125.0 125.9 127.0 128.6 129.8 132.1 133.8 134.8 36

37 State and local govt. retirement funds 131.8 167.6 186.3 199.6 212.5 172.3 207.7 200.3 202.3 218.3 322.4 37

38 Mutual funds 4.7 11.8 7.9 13.7 5.3 4.7 3.6 1.9 1.9 2.6 1.7 38

39 Money market mutual funds 43.8 58.1 67.7 65.2 71.2 72.4 90.4 79.6 103.4 108.5 101.9 39

40 Government-sponsored enterprises 85.5 104.9 158.5 170.0 180.9 208.1 219.6 234.4 246.2 254.2 267.3 40

41 Finance companies 123.7 135.3 134.8 157.5 160.8 148.4 167.8 161.1 154.3 167.5 173.2 41

42 REITs 5.6 10.5 21.2 21.5 20.4 20.0 21.1 21.5 20.8 22.0 23.8 42

43 Brokers and dealers 32.2 54.4 90.3 70.3 80.7 82.9 96.7 100.4 96.9 109.7 132.8 43

44 Discrepancy -1517.9 -1889.8 -2434.3 -2647.5 -2673.2 -2988.0 -2884.0 -3029.7 -3035.6 -2805.8 -3126.0 44
102 Z.1, March 9, 2001

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 35363.2 39507.8 43381.5 44274.0 45657.5 45427.2 49217.6 50288.9 49779.9 50055.0 48978.4 1

 2 Tangible assets 11186.9 11913.6 12775.6 12956.8 13228.0 13520.5 13819.3 14100.5 14495.8 14876.0 15242.6 2

 3 Real estate 8842.2 9500.2 10263.3 10424.6 10652.7 10903.6 11134.3 11332.4 11665.3 11995.1 12309.1 3

 4 Households (2,3) 8007.4 8560.1 9207.1 9354.6 9561.3 9797.4 10022.2 10209.8 10490.3 10789.2 11036.5 4

 5 Nonprofit organizations 834.7 940.1 1056.2 1070.0 1091.4 1106.2 1112.1 1122.6 1175.0 1205.9 1272.6 5

 Equipment and software owned by

 6 nonprofit organizations (4) 85.6 89.0 93.5 94.7 95.8 96.8 98.1 100.3 102.9 105.3 106.9 6

 7 Consumer durable goods (4) 2259.2 2324.5 2418.8 2437.6 2479.6 2520.1 2586.9 2667.7 2727.7 2775.6 2826.6 7

 8 Financial assets 24176.3 27594.2 30605.9 31317.2 32429.6 31906.7 35398.3 36188.4 35284.1 35179.0 33735.8 8

 9 Deposits 3457.1 3642.2 4029.5 4081.2 4009.1 4044.8 4210.5 4385.3 4364.2 4427.6 4583.0 9

10 Foreign deposits 35.5 37.2 38.3 40.0 41.7 42.7 43.5 47.7 45.3 43.9 40.9 10

11 Checkable deposits and currency 444.1 397.7 444.0 441.0 386.9 356.6 389.2 383.3 339.8 306.0 309.9 11

12 Time and savings deposits 2482.3 2636.1 2821.0 2818.6 2833.7 2876.5 2936.7 3033.4 3092.1 3167.6 3237.6 12

13 Money market fund shares 495.2 571.2 726.1 781.5 746.8 768.9 841.0 921.0 887.1 910.2 994.6 13

14 Credit market instruments 2119.1 2076.4 2031.9 2095.2 2133.6 2191.8 2302.5 2233.7 2224.0 2182.1 2171.2 14

15 Open market paper 54.7 56.1 57.6 58.1 58.6 59.1 59.6 60.4 61.1 61.9 62.6 15

16 U.S. government securities 1022.9 901.2 740.7 694.7 688.0 733.2 925.2 858.7 786.5 763.1 788.7 16

17 Treasury 737.6 602.5 472.8 415.7 376.6 355.1 509.8 447.4 335.0 283.7 306.4 17

18 Savings bonds 187.0 186.5 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 18

19 Other Treasury 550.6 416.1 286.2 229.1 190.2 168.9 323.3 262.1 150.4 99.4 121.7 19

20 Agency 285.3 298.7 267.9 279.1 311.4 378.1 415.5 411.3 451.5 479.4 482.3 20

21 Municipal securities 436.5 473.4 488.8 501.3 521.8 521.1 533.3 530.5 548.2 531.6 524.6 21

22 Corporate and foreign bonds 495.5 536.0 634.5 730.7 754.6 767.6 674.3 673.1 717.0 714.1 683.8 22

23 Mortgages 109.5 109.6 110.3 110.3 110.6 110.7 110.0 111.0 111.2 111.5 111.4 23

24 Corporate equities (2) 4686.8 5909.9 6672.3 6904.4 7312.2 7028.2 8750.0 8870.0 8151.5 7754.5 6579.2 24

25 Mutual fund shares (5) 1495.4 1941.2 2374.7 2503.0 2719.2 2661.7 3106.0 3338.8 3259.8 3293.9 3025.7 25

26 Security credit 162.9 215.5 276.7 262.3 270.4 285.1 323.9 373.0 359.6 372.9 404.1 26

27 Life insurance reserves 610.6 665.0 718.3 735.9 749.8 756.2 783.9 799.9 809.4 822.3 823.5 27

28 Pension fund reserves 6582.4 7725.5 8760.0 8903.7 9294.3 8959.6 9747.7 9952.3 9869.2 10021.9 9847.5 28

29 Investment in bank personal trusts 871.3 942.5 1001.0 1016.5 1061.0 1019.0 1130.4 1163.0 1124.1 1122.3 1039.0 29

30 Equity in noncorporate business (6) 3889.2 4164.4 4414.7 4487.4 4548.9 4623.1 4704.5 4732.2 4779.2 4835.0 4915.7 30

31 Miscellaneous assets 301.4 311.7 326.9 327.6 330.9 337.2 338.9 340.4 343.0 346.4 346.9 31

32 Liabilities 5444.3 5827.7 6334.7 6425.7 6591.3 6758.9 6957.6 7088.2 7242.2 7416.1 7560.1 32

33 Credit market instruments 5222.5 5559.9 6039.0 6120.6 6260.7 6424.7 6577.5 6647.5 6816.7 6985.8 7169.1 33

34 Home mortgages (7) 3578.7 3828.5 4204.4 4293.7 4403.0 4527.5 4620.0 4691.7 4811.9 4924.6 5021.9 34

35 Consumer credit 1211.6 1264.1 1331.7 1319.3 1340.4 1370.1 1426.2 1416.0 1454.0 1495.6 1568.8 35

36 Municipal securities (8) 104.9 114.9 126.9 128.9 131.7 134.4 137.3 138.0 141.4 141.9 143.0 36

37 Bank loans n.e.c. 58.0 66.6 72.9 68.7 71.9 68.5 65.7 69.6 71.7 67.5 73.3 37

38 Other loans and advances 172.7 190.7 204.0 207.0 210.6 217.6 218.9 222.8 227.4 242.1 246.7 38

39 Commercial mortgages (8) 96.6 95.1 99.1 103.0 103.1 106.5 109.6 109.4 110.2 114.1 115.4 39

40 Security credit 94.4 131.2 152.8 160.6 183.8 185.8 227.9 287.4 270.3 273.9 232.9 40

41 Trade payables (8) 109.1 118.0 125.7 126.0 128.2 129.8 132.7 134.5 136.3 137.7 138.6 41

 Deferred and unpaid

42 life insurance premiums 18.3 18.6 17.2 18.5 18.6 18.6 19.4 18.7 18.9 18.8 19.5 42

43 Net worth 29918.9 33680.1 37046.8 37848.2 39066.2 38668.2 42259.9 43200.7 42537.7 42639.0 41418.4 43

 Memo:

 Replacement-cost value of structures:

44 Residential 6352.4 6705.7 7168.0 7283.3 7426.6 7561.1 7676.7 7817.0 7934.4 8062.2 8199.3 44

45 Households 6049.9 6394.2 6842.5 6953.9 7093.2 7224.5 7337.4 7477.8 7593.6 7719.9 7854.5 45

46 Farm households 178.9 184.4 191.9 194.5 197.1 199.3 201.2 199.5 200.4 201.2 202.6 46

47 Nonprofit organizations 123.7 127.1 133.6 134.9 136.3 137.3 138.0 139.7 140.4 141.1 142.2 47

48 Nonresidential (nonprofits) 624.2 663.2 706.6 716.3 723.4 732.9 744.0 757.6 769.6 784.4 799.5 48

49 Disposable personal income 5677.7 5968.2 6320.1 6514.9 6596.3 6664.5 6774.9 6866.4 6964.9 7040.9 7084.6 49

 Household net worth as percentage of

50 disposable personal income 527.0 564.3 586.2 580.9 592.2 580.2 623.8 629.2 610.7 605.6 584.6 50

 Owners’ equity in household real

51 estate (9) 4428.7 4731.6 5002.7 5060.8 5158.3 5269.9 5402.1 5518.2 5678.4 5864.6 6014.7 51

 Owners’ equity as percentage of

52 household real estate (10) 55.3 55.3 54.3 54.1 53.9 53.8 53.9 54.0 54.1 54.4 54.5 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) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

(8) Liabilities of nonprofit organizations.

(9) Line 4 less line 34.

(10) Line 51 divided by line 4.
Z.1, March 9, 2001 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets stated at either market value or replacement cost:

 1 Assets 12443.6 13396.8 14472.7 14731.5 15089.0 15323.3 15617.6 15845.9 16306.5 16654.0 16918.6 1

 2 Tangible assets 6983.5 7590.1 8249.3 8328.2 8463.8 8551.3 8624.3 8718.5 9037.0 9244.1 9458.0 2

 3 Real estate (1) 3377.6 3805.2 4270.2 4310.3 4395.4 4425.5 4427.1 4452.1 4664.5 4768.1 4872.4 3

 4 Equipment and software (2) 2515.2 2644.6 2799.1 2833.8 2870.1 2900.8 2948.4 2997.3 3080.3 3164.5 3253.7 4

 5 Inventories (2) 1090.7 1140.3 1180.0 1184.1 1198.2 1224.9 1248.8 1269.0 1292.3 1311.4 1331.9 5

 6 Financial assets 5460.1 5806.7 6223.4 6403.3 6625.2 6772.1 6993.2 7127.5 7269.5 7409.9 7460.7 6

 7 Foreign deposits 26.1 21.0 21.8 25.8 23.1 23.9 24.4 19.0 22.8 27.9 27.9 7

 8 Checkable deposits and currency 289.8 320.5 302.5 296.2 340.8 357.4 366.2 360.9 398.4 422.9 431.0 8

 9 Time and savings deposits 43.6 36.3 31.3 28.2 30.1 31.6 32.8 26.5 28.2 36.2 39.9 9

10 Money market fund shares 86.9 110.7 155.8 161.9 162.1 169.0 191.7 193.6 191.5 210.1 218.8 10

11 Security RPs 3.9 4.6 3.3 3.7 2.6 4.5 4.2 4.9 3.5 3.0 2.0 11

12 Commercial paper 31.5 36.1 30.9 31.1 35.6 35.0 34.8 31.3 30.7 33.2 34.2 12

13 U.S. government securities 75.6 34.8 35.7 36.1 34.2 35.4 34.4 39.2 42.0 41.7 37.9 13

14 Municipal securities 31.0 27.4 29.7 27.7 23.0 31.2 25.8 27.7 30.0 32.6 34.6 14

15 Mortgages 54.4 80.2 100.2 104.0 107.7 111.5 115.2 117.7 120.3 121.8 123.0 15

16 Consumer credit 77.7 78.9 74.9 67.1 68.0 67.5 80.3 72.9 73.5 72.1 82.7 16

17 Trade receivables 1273.1 1366.6 1381.3 1415.6 1499.3 1540.9 1488.3 1557.2 1604.4 1640.1 1589.4 17

18 Mutual fund shares (1) 59.9 69.1 91.0 95.1 101.8 94.3 113.9 117.5 121.1 120.7 107.4 18

19 Miscellaneous assets 3406.7 3620.4 3964.9 4110.6 4196.9 4270.0 4481.3 4559.0 4603.1 4647.6 4732.0 19

20 Liabilities 6378.6 6628.8 7083.1 7293.4 7506.4 7706.8 7880.2 8037.6 8196.8 8372.3 8490.8 20

21 Credit market instruments 3095.3 3359.9 3778.0 3960.1 4062.0 4199.7 4294.0 4445.5 4601.2 4667.0 4740.8 21

22 Commercial paper 156.4 168.6 193.0 223.9 232.4 239.3 230.3 260.8 296.8 307.0 278.4 22

23 Municipal securities (3) 137.9 142.0 147.8 149.1 150.3 152.0 152.8 153.3 153.4 153.9 154.2 23

24 Corporate bonds (4) 1460.4 1610.9 1829.6 1898.1 1970.0 2020.7 2059.5 2106.0 2144.5 2190.6 2234.5 24

25 Bank loans n.e.c. 627.2 698.1 778.9 797.7 801.6 824.1 851.8 872.8 910.3 914.8 926.4 25

26 Other loans and advances 472.2 520.6 567.9 607.2 600.3 605.3 616.2 652.9 674.2 662.7 691.6 26

27 Mortgages 241.3 219.8 260.9 284.1 307.5 358.3 383.4 399.7 422.0 437.8 455.8 27

28 Trade payables 927.0 992.1 977.5 973.2 1004.8 1055.5 1111.6 1127.4 1138.0 1174.0 1211.3 28

29 Taxes payable 49.9 59.2 64.1 69.3 70.9 73.6 70.7 81.8 79.6 80.8 77.6 29

30 Miscellaneous liabilities 2306.4 2217.5 2263.5 2290.8 2368.6 2378.0 2404.0 2382.8 2378.0 2450.6 2461.1 30

31 Net worth (market value) 6065.0 6768.0 7389.6 7438.1 7582.6 7616.5 7737.4 7808.3 8109.7 8281.7 8427.8 31

 Memo:

 Replacement-cost value of structures:

32 Residential 81.6 85.4 91.7 92.7 93.8 95.1 95.9 97.0 98.1 99.3 100.6 32

33 Nonresidential 3249.1 3416.1 3573.9 3599.0 3638.9 3692.2 3743.1 3793.7 3860.5 3937.6 4022.8 33

 Market value of equities outstanding

34 (includes corporate farm equities) 7618.6 9674.2 11457.1 11834.8 12719.4 12199.9 15112.1 15683.3 14802.0 14280.0 12351.3 34

35 Debt/net worth (percent) (5) 51.0 49.6 51.1 53.2 53.6 55.1 55.5 56.9 56.7 56.4 56.3 35

36 Debt/equities (percent) (6) 40.6 34.7 33.0 33.5 31.9 34.4 28.4 28.3 31.1 32.7 38.4 36

37 Equities/net worth (percent) (7) 125.6 142.9 155.0 159.1 167.7 160.2 195.3 200.9 182.5 172.4 146.6 37

 With tangible assets stated at historical cost:

38 Assets (8) 10735.2 11394.2 12129.4 12405.7 12711.2 12945.2 13251.3 13515.6 13757.6 14031.7 14197.6 38

39 Tangible assets 5275.1 5587.4 5906.0 6002.5 6086.1 6173.1 6258.1 6388.2 6488.1 6621.8 6736.9 39

40 Real estate 2044.3 2156.4 2271.5 2296.4 2326.3 2340.2 2369.4 2393.5 2416.9 2442.6 2466.6 40

41 Equipment and software 2163.1 2332.1 2520.5 2572.7 2627.0 2684.1 2743.1 2808.2 2878.3 2953.1 3033.3 41

42 Inventories 1067.7 1099.0 1114.0 1133.4 1132.7 1148.8 1145.6 1186.5 1193.0 1226.2 1237.1 42

43 Net worth (historical cost) (9) 4356.6 4765.4 5046.3 5112.3 5204.9 5238.3 5371.1 5478.0 5560.8 5659.4 5706.8 43

 Memo:

 Historical-cost value of structures:

44 Residential 34.0 35.6 37.3 37.8 38.1 38.7 39.2 40.0 40.8 41.6 42.6 44

45 Nonresidential 1810.8 1920.4 2036.6 2059.2 2088.1 2120.3 2149.0 2172.3 2197.2 2221.7 2245.3 45

46 Debt/net worth (percent) (10) 71.0 70.5 74.9 77.5 78.0 80.2 79.9 81.2 82.7 82.5 83.1 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, March 9, 2001

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 2527.7 3761.2 3366.7 801.4 1218.0 -398.0 3591.7 940.7 -663.0 101.3 -1220.6 1

 2 Net investment 377.2 292.9 444.3 120.5 -30.3 67.2 187.7 90.4 -24.0 48.8 112.2 2

 3 Net physical investment 305.1 360.8 439.8 96.1 125.6 130.9 127.6 113.6 129.5 137.0 121.8 3

 4 Capital expenditures 901.7 975.8 1077.2 262.8 296.0 306.6 303.9 293.8 314.0 325.7 314.0 4

 5 - Consumption of fixed capital 596.6 615.0 637.4 166.7 170.4 175.7 176.2 180.2 184.5 188.7 192.2 5

 6 Net financial investment 72.2 -67.9 4.5 24.4 -155.9 -63.7 60.1 -23.2 -153.5 -88.3 -9.5 6

 7 Net acquisition of financial assets 454.6 315.2 511.5 115.1 9.6 103.9 258.8 107.4 0.5 74.5 126.5 7

 8 - Net increase in liabilities 382.4 383.1 507.0 90.7 165.6 167.6 198.7 130.5 154.0 162.8 136.0 8

 Holding gains on assets stated

 9 at market value (2) 2135.7 3613.6 3069.2 720.1 1263.6 -469.5 3324.3 835.1 -642.4 70.1 -1330.4 9

10 Real estate 248.9 464.1 541.8 121.9 160.9 157.3 164.0 152.3 262.5 253.7 247.2 10

11 Corporate equities 861.4 1584.1 1119.5 315.2 497.4 -205.0 1810.5 273.4 -627.3 -305.8 -1054.5 11

12 Mutual fund shares 141.0 186.2 177.9 60.5 161.8 -76.3 421.2 156.6 -137.2 -20.5 -287.8 12

13 Equity in noncorporate business 209.0 321.2 291.8 83.1 53.2 87.3 74.1 43.8 39.7 44.0 82.2 13

 Life insurance and

14 pension fund reserves 601.7 937.0 837.4 122.1 344.0 -392.7 741.4 174.8 -143.7 98.9 -235.6 14

 Investment in bank personal

15 trusts and estates 73.6 121.1 100.9 17.4 46.3 -40.2 113.1 34.1 -36.3 -0.2 -81.9 15

 Holding gains on assets stated

16 at current cost (2) -54.0 -99.2 -119.3 -33.7 -13.3 -13.4 8.3 16.5 2.1 -9.2 -2.1 16

17 Consumer durable goods -53.6 -98.4 -118.2 -33.3 -12.7 -12.7 8.8 16.2 1.9 -9.4 -1.6 17

18 Equipment and software -0.4 -0.8 -1.0 -0.4 -0.6 -0.7 -0.5 0.2 0.3 0.2 -0.4 18

19 Other factors (3) 68.8 -46.0 -27.6 -5.5 -2.1 17.7 71.3 -1.3 1.3 -8.4 -0.4 19

 Memo:

20 Net worth outstanding (4) 29918.9 33680.1 37046.8 37848.2 39066.2 38668.2 42259.9 43200.7 42537.7 42639.0 41418.4 20

21 Disposable personal income 5677.7 5968.2 6320.1 6514.9 6596.3 6664.5 6774.9 6866.4 6964.9 7040.9 7084.6 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, March 9, 2001 105

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1996 1997 1998 1999 2000

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 427.9 703.0 621.6 48.5 144.5 33.9 120.8 71.0 301.4 172.0 146.2 1

 2 Net investment flow 152.7 29.2 -88.1 13.3 -23.3 18.9 52.4 58.5 17.5 47.6 -23.7 2

 3 Net physical investment 217.3 276.7 303.2 79.9 87.7 85.1 96.4 98.7 107.6 110.8 103.3 3

 4 Capital expenditures 684.7 783.6 847.1 218.2 221.7 228.0 239.1 241.7 256.2 264.1 259.1 4

 5 - Consumption of fixed capital 459.5 489.7 522.8 136.6 140.1 143.7 144.9 148.3 152.2 156.1 159.1 5

 6 - Inventory valuation adjustment 3.1 8.5 17.0 1.3 -6.4 -1.7 -2.3 -5.3 -3.9 -2.9 -3.4 6

 7 - Access rights from fed. government 4.8 8.8 4.1 0.4 0.3 0.9 0.1 0 0.3 0.2 0.1 7

 8 Net financial investment 4.8 -133.1 -124.3 -53.6 -26.4 -34.1 -30.3 -55.8 -27.9 -44.2 -39.3 8

 9 Net acquisition of financial assets 403.3 150.3 347.1 166.8 193.7 174.2 156.8 119.7 161.8 140.6 91.4 9

10 - Net increase in liabilities 398.5 283.5 471.5 220.3 220.1 208.3 187.0 175.6 189.8 184.8 130.6 10

11 Corporate equity issues -69.5 -114.4 -267.0 -13.0 -84.6 -32.1 -13.8 15.7 -62.2 -18.9 -87.7 11

 Holding gains on assets stated

12 at market value (2) 91.5 379.1 423.6 25.2 67.6 25.9 4.0 8.3 202.0 81.6 70.4 12

13 Real estate 80.6 361.6 409.0 20.6 60.5 32.9 -16.1 4.3 197.9 81.6 83.1 13

14 Mutual fund shares 10.9 17.5 14.6 4.6 7.1 -7.0 20.1 4.0 4.1 0 -12.8 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 20.0 -11.7 28.5 -23.4 -13.3 -11.4 39.2 -8.9 15.5 15.7 29.4 15

16 Equipment and software -7.5 -33.7 -33.9 -17.5 -17.9 -26.4 -11.4 -16.2 13.3 15.5 25.3 16

17 Inventories (3) 2.9 1.1 -15.9 -5.8 4.6 15.0 4.5 7.3 2.2 0.1 4.1 17

18 Direct investment abroad 7.7 -23.9 -4.3 0 0 0 -25.2 0 0 0 -0.0 18

19 - Foreign direct investment in U.S. -16.9 -44.8 -82.6 0.1 -0.0 0.0 -71.4 0 0.0 -0.0 -0.0 19

20 Other factors (4) 163.8 306.4 257.7 33.4 113.5 0.6 25.3 13.1 66.3 27.1 70.1 20

 Memo:

21 Net worth outstanding (market value) 6065.0 6768.0 7389.6 7438.1 7582.6 7616.5 7737.4 7808.3 8109.7 8281.7 8427.8 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 425.5 408.8 281.0 66.0 92.6 33.4 132.8 106.9 82.8 98.6 47.4 22

23 Net investment flow 152.7 29.2 -88.1 13.3 -23.3 18.9 52.4 58.5 17.5 47.6 -23.7 23

24 Net physical investment 217.3 276.7 303.2 79.9 87.7 85.1 96.4 98.7 107.6 110.8 103.3 24

25 Capital expenditures 684.7 783.6 847.1 218.2 221.7 228.0 239.1 241.7 256.2 264.1 259.1 25

26 - Consumption of fixed capital 459.5 489.7 522.8 136.6 140.1 143.7 144.9 148.3 152.2 156.1 159.1 26

27 - Inventory valuation adjustment 3.1 8.5 17.0 1.3 -6.4 -1.7 -2.3 -5.3 -3.9 -2.9 -3.4 27

28 - Access rights from fed. government 4.8 8.8 4.1 0.4 0.3 0.9 0.1 0 0.3 0.2 0.1 28

29 Net financial investment 4.8 -133.1 -124.3 -53.6 -26.4 -34.1 -30.3 -55.8 -27.9 -44.2 -39.3 29

30 Net acquisition of financial assets 403.3 150.3 347.1 166.8 193.7 174.2 156.8 119.7 161.8 140.6 91.4 30

31 - Net increase in liabilities 398.5 283.5 471.5 220.3 220.1 208.3 187.0 175.6 189.8 184.8 130.6 31

32 Corporate equity issues -69.5 -114.4 -267.0 -13.0 -84.6 -32.1 -13.8 15.7 -62.2 -18.9 -87.7 32

 Valuation adjustment on

33 reproducible assets (6) 8.1 -29.9 -45.8 -3.1 -24.3 1.5 -30.9 10.8 -27.9 -1.8 -12.9 33

34 Holding gains on mutual fund shares (2) 10.9 17.5 14.6 4.6 7.1 -7.0 20.1 4.0 4.1 0 -12.8 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 24.6 20.9 78.3 -0.1 0.0 -0.0 46.1 0 -0.0 0.0 0.0 35

36 Direct investment abroad 7.7 -23.9 -4.3 0 0 0 -25.2 0 0 0 -0.0 36

37 - Foreign direct investment in U.S. -16.9 -44.8 -82.6 0.1 -0.0 0.0 -71.4 0 0.0 -0.0 -0.0 37

38 Other factors (4) 229.2 371.1 322.1 51.3 133.1 20.1 45.1 33.6 89.1 52.8 96.8 38

 Memo:

39 Net worth outstanding (historical cost) 4356.6 4765.4 5046.3 5112.3 5204.9 5238.3 5371.1 5478.0 5560.8 5659.4 5706.8 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, March 9, 2001

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 1997

 

 1 Net financial investment 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 1

 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 8.3 2.9 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 0.3 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 9.4 -1.8 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 1.4 0.0 6

 7 Credit market instruments 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 6.7 1.5 8

 9 U.S. government securities 10.9 16.4 9.4 9.7 10.0 7.4 9.3 23.9 20.3 13.0 9

10 Municipal securities 0.0 0.5 -0.5 0.0 0.2 0.3 0.4 0.1 0.0 -0.1 10

11 Corporate and foreign bonds 6.6 9.7 8.2 7.9 5.6 4.5 2.4 11.9 11.7 8.3 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.6 0.6 12

13 Corporate equities 5.2 16.1 15.0 -18.6 18.6 8.9 45.1 -10.4 21.0 -30.6 13

14 Mutual fund shares -1.0 2.6 1.2 -3.3 0.7 -0.7 1.5 1.3 2.4 -1.0 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 3.7 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 18

19 Net increase in liabilities 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 10.0 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 4.9 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 -0.2 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 -1.2 24

25 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 25

26 Miscellaneous liabilities (2) 7.1 5.5 10.5 13.7 14.2 14.0 16.0 28.6 16.8 15.8 26

(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, March 9, 2001 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 1997

 

 1 Total financial assets 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 32.1 35.0 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 8.9 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 54.5 52.7 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 9.6 9.6 5

 6 Credit market instruments 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 54.7 56.1 7

 8 U.S. government securities 82.0 98.4 107.8 117.4 127.4 134.8 144.1 168.0 188.3 201.3 8

 9 Municipal securities 0.1 0.6 0.1 0.2 0.4 0.8 1.1 1.2 1.3 1.2 9

10 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 6.0 6.6 11

12 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 12

13 Mutual fund shares 10.2 15.8 15.3 15.9 17.7 18.5 19.0 24.6 30.4 34.5 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 45.8 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 17

18 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 34.1 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 0.7 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 95.1 23

24 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 24

25 Miscellaneous liabilities (2) 57.9 63.3 73.9 87.6 101.8 115.8 131.8 160.4 177.2 193.0 25

(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, March 9, 2001

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates 

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 2269.1 2440.0 2617.2 2788.0 3051.7 2806.7 2889.8 2972.9 3035.5 3081.0 3117.2 1

 2 Personal tax and nontax receipts 869.7 968.8 1070.9 1152.0 1291.8 1164.0 1197.4 1239.4 1277.2 1308.1 1342.5 2

 3 Corporate profit tax accruals 223.7 237.2 244.6 255.9 284.8 254.2 270.8 286.3 292.0 290.6 270.4 3

 4 Indirect business tax and nontax accruals 620.0 646.2 679.5 718.1 769.5 721.6 745.5 756.0 764.6 772.1 785.4 4

 5 Contributions for social insurance 555.8 587.8 622.1 662.1 705.5 666.9 676.1 691.2 701.7 710.2 718.9 5

 6 Current expenditures, NIPA basis 2384.6 2462.4 2526.5 2613.5 2739.5 2611.9 2679.8 2684.9 2734.4 2764.2 2774.4 6

 7 Consumption expenditures 1171.8 1223.3 1262.1 1325.7 1407.0 1334.4 1364.4 1376.2 1410.3 1415.1 1426.4 7

 8 Transfer payments (net) 916.0 945.0 965.1 998.1 1050.1 999.5 1016.2 1024.8 1044.6 1054.8 1076.3 8

 9 Net interest paid 274.5 275.3 278.2 261.8 254.9 258.9 258.2 260.8 255.7 252.8 250.1 9

10 - Dividends received by government 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 10

11 Subsidies less current surplus of govt. enterprises 22.6 19.1 21.5 28.4 27.9 19.5 41.4 23.5 24.2 41.9 22.0 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 Current surplus or deficit (-), NIPA basis -115.5 -22.4 90.7 174.5 312.2 194.8 210.0 288.0 301.1 316.8 342.8 13

14 + Consumption of fixed capital 174.3 181.0 188.0 199.6 216.6 201.1 204.9 209.9 214.5 219.0 222.9 14

15 - Insurance and pension fund reserves (2) 3.4 3.4 4.4 3.8 1.8 2.6 4.8 -0.3 2.6 0.9 3.9 15

16 + Net capital transfers (3) 23.1 26.8 32.4 36.8 36.5 36.2 39.2 37.1 36.2 36.4 36.3 16

17 = Gross saving and net capital transfers 78.5 182.0 306.7 407.1 563.5 429.5 449.3 535.3 549.3 571.3 598.1 17

18 Gross investment 31.9 127.8 330.5 423.3 566.3 400.6 473.8 363.2 699.7 539.9 662.6 18

19 Fixed investment 250.2 264.7 278.9 308.7 336.4 308.1 324.4 334.3 331.9 333.6 345.9 19

20 Access rights sales -4.8 -8.8 -4.1 -1.7 -0.6 -3.6 -0.4 0.0 -1.2 -0.7 -0.5 20

21 Net financial investment -213.4 -128.1 55.7 116.3 230.5 96.0 149.7 28.9 369.0 206.9 317.3 21

22 Net acquisition of financial assets 41.3 34.7 115.7 167.6 33.5 155.8 253.5 -72.0 59.5 112.5 34.1 22

23 Gold, SDRs, and official foreign exchange -2.9 2.5 6.0 -7.1 -0.2 -8.1 -6.2 1.9 -8.3 -1.5 7.2 23

24 Checkable deposits and currency 5.4 3.8 -20.6 70.0 -71.9 67.4 153.1 -171.7 -53.4 17.8 -80.3 24

25 Time and savings deposits 12.0 6.8 14.1 11.6 8.5 17.9 30.4 -19.2 20.2 12.4 20.4 25

26 Security RPs 32.1 3.6 7.2 5.0 9.7 11.5 -12.5 51.3 -9.4 12.0 -15.0 26

27 Credit market instruments -8.5 24.1 116.8 52.0 49.3 -10.3 12.6 46.9 64.5 35.2 50.8 27

28 Open market paper 20.3 14.3 28.0 1.9 7.6 -2.9 -10.3 6.9 17.5 -4.0 10.0 28

29 U.S. government agency securities (4) -35.3 -0.8 63.6 28.5 23.5 -37.3 22.0 23.1 26.9 24.0 20.0 29

30 Municipal securities -0.5 -0.7 -1.4 -1.5 0.6 -1.7 -1.5 -1.7 1.6 3.2 -0.8 30

31 Corporate and foreign bonds 10.7 1.3 10.2 12.6 3.7 15.9 8.1 6.1 4.7 1.6 2.4 31

32 Mortgages -3.4 -0.9 3.3 4.2 3.7 5.9 4.3 0.7 4.6 3.2 6.1 32

33 Other loans and advances (5) -0.3 10.9 13.2 6.2 10.4 9.8 -10.0 11.9 9.2 7.2 13.1 33

34 Corporate equities 14.5 16.8 9.4 3.5 -1.2 27.6 16.9 -5.6 10.7 -4.1 -5.6 34

35 Mutual fund shares 6.0 -7.4 -12.3 4.3 0.8 6.3 6.3 -10.7 5.6 4.5 4.0 35

36 Trade receivables 0.9 -3.2 1.5 4.6 6.2 5.6 5.7 3.4 8.4 6.1 6.6 36

37 Taxes receivable -6.9 -12.3 -1.8 12.5 19.4 -2.6 23.2 14.8 24.2 9.4 29.2 37

38 Miscellaneous assets -11.5 -0.0 -4.5 11.2 12.8 40.6 24.1 16.8 -2.9 20.7 16.8 38

39 Net increase in liabilities 254.7 162.7 59.9 51.3 -197.0 59.8 103.8 -100.9 -309.5 -94.4 -283.1 39

40 SDR certificates -0.5 -0.5 0.0 -3.0 -4.0 -4.0 -4.0 0.0 -8.0 -4.0 -4.0 40

41 Treasury currency 0.5 0.5 0.6 1.0 2.4 2.0 -0.0 2.2 3.2 4.2 -0.0 41

42 Credit market instruments 170.6 98.1 -3.5 -16.0 -247.0 4.5 21.5 -173.7 -377.8 -166.2 -270.4 42

43 Savings bonds 2.0 -0.5 0.1 -0.2 -1.7 -0.5 -0.9 -3.6 -2.2 -0.7 -0.4 43

44 Other Treasury securities (6) 177.4 41.4 -84.7 -68.3 -272.6 -47.7 -12.8 -173.4 -399.9 -188.2 -328.8 44

45 Budget agency securities -1.6 -0.1 2.0 -0.2 -1.0 0.0 0.0 -2.1 1.8 -2.4 -1.2 45

46 Municipal securities -7.2 57.3 79.1 52.7 28.2 52.6 35.2 5.4 22.4 25.0 60.0 46

47 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 47

48 Trade payables 31.6 22.4 27.5 29.7 27.3 30.4 33.8 37.3 24.1 26.5 21.5 48

49 Insurance and pension reserves (7) 55.7 42.0 42.5 42.5 22.3 41.4 45.8 41.0 43.7 37.2 -32.5 49

50 Miscellaneous liabilities -3.3 0.3 -7.1 -2.9 2.0 -14.5 6.6 -7.6 5.4 7.9 2.3 50

51 Discrepancy 46.6 54.2 -23.9 -16.2 -2.8 28.9 -24.5 172.2 -150.4 31.4 -64.5 51

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. 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) Table F.9, line 1.

(4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(5) Excludes loans to state and local governments.

(6) Excludes Treasury securities owed to state and local governments.

(7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
Z.1, March 9, 2001 109

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

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

1996 1997 1998 1999 2000 1999 2000

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1181.5 1223.0 1343.8 1552.7 1581.0 1504.5 1552.7 1553.0 1568.4 1592.5 1581.0 1

 2 Gold, SDRs, and official foreign exchange 44.9 42.0 51.0 44.5 41.0 46.4 44.5 44.0 41.5 39.7 41.0 2

 3 Checkable deposits and currency 66.1 73.8 51.5 120.1 50.0 90.1 120.1 75.7 87.2 78.0 50.0 3

 4 Time and savings deposits 74.9 81.8 95.8 107.5 115.9 98.7 107.5 104.4 106.5 109.5 115.9 4

 5 Security RPs 147.8 151.4 158.5 163.5 173.3 166.6 163.5 176.4 174.0 177.0 173.3 5

 6 Credit market instruments 537.9 562.2 679.1 764.3 813.6 760.9 764.3 776.0 792.1 800.9 813.6 6

 7 Open market paper 59.7 74.0 102.0 103.9 111.5 106.5 103.9 105.6 110.0 109.0 111.5 7

 8 Agency securities (1) 116.2 115.4 179.0 207.5 231.0 202.0 207.5 213.3 220.0 226.0 231.0 8

 9 Municipal securities 4.6 3.9 2.5 1.0 1.6 1.4 1.0 0.6 1.0 1.8 1.6 9

10 Corporate and foreign bonds 49.7 51.0 61.2 73.8 77.5 71.8 73.8 75.3 76.5 76.9 77.5 10

11 Mortgages 167.9 167.0 170.3 207.5 211.2 206.4 207.5 207.7 208.8 209.6 211.2 11

12 Other loans and advances (2) 139.8 150.8 164.1 170.5 180.9 172.8 170.5 173.5 175.8 177.6 180.9 12

13 Corporate equities 46.8 79.0 102.0 115.0 115.1 101.0 115.0 113.2 115.0 117.6 115.1 13

14 Mutual fund shares 41.0 33.6 21.3 25.6 26.4 24.0 25.6 22.9 24.3 25.4 26.4 14

15 Trade receivables 24.0 20.8 22.3 26.8 33.0 25.7 26.8 28.8 30.3 31.6 33.0 15

16 Taxes receivable 46.8 46.9 49.5 72.0 87.9 71.1 72.0 91.4 77.0 90.4 87.9 16

17 Miscellaneous assets 151.2 131.8 112.7 113.5 124.8 119.9 113.5 120.2 120.7 122.5 124.8 17

18 Total liabilities 5805.1 5967.0 6034.1 6088.2 5889.0 5993.1 6088.2 6075.4 5912.3 5886.8 5889.0 18

19 SDR certificates 9.7 9.2 9.2 6.2 2.2 7.2 6.2 6.2 4.2 3.2 2.2 19

20 Treasury currency 18.9 19.3 19.9 20.9 23.2 20.9 20.9 21.4 22.1 23.2 23.2 20

21 Credit market instruments 4578.0 4676.1 4672.6 4656.6 4409.6 4594.0 4656.6 4644.2 4464.4 4417.8 4409.6 21

22 Savings bonds 187.0 186.5 186.6 186.4 184.8 186.2 186.4 185.3 184.6 184.3 184.8 22

23 Other Treasury securities (3) 3311.1 3352.5 3267.8 3199.5 2926.9 3147.3 3199.5 3183.3 2994.8 2951.3 2926.9 23

24 Budget agency securities 26.6 26.5 28.5 28.3 27.3 28.3 28.3 27.8 28.2 27.6 27.3 24

25 Municipal securities 1053.3 1110.6 1189.7 1242.4 1270.6 1232.3 1242.4 1247.9 1256.7 1254.5 1270.6 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 599.3 621.8 649.2 678.9 706.3 672.3 678.9 688.7 695.9 702.8 706.3 27

28 Insurance and pension reserves 591.9 634.0 676.5 719.0 741.3 691.9 719.0 708.2 719.2 733.3 741.3 28

29 Miscellaneous liabilities 7.3 6.6 6.7 6.6 6.4 6.7 6.6 6.6 6.5 6.6 6.4 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, March 9, 2001

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 1999 2000

 

 1 Net acquisition of financial assets 22.3 23.9 -3.2 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -32.3 -22.2 -37.8 1

 2 Checkable deposits and currency 1.9 -1.0 -0.5 -0.1 0.0 -0.0 0.8 0.3 0.2 0.4 0.1 0.7 0.3 2

 3 Time and savings deposits -3.5 9.6 -5.5 5.5 -9.1 6.4 13.1 4.8 10.8 13.3 1.0 5.8 3.5 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 0.0 0.0 4

 5 Security RPs 1.6 0.3 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 -0.3 1.2 1.3 5

 6 Credit market instruments 28.3 41.6 32.0 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 43.4 39.2 18.0 6

 7 Open market paper -3.9 -2.5 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 -0.3 1.2 1.3 7

 8 U.S. government securities 15.2 29.7 21.1 3.9 0.4 10.4 40.8 6.7 -15.4 12.3 28.7 24.5 15.0 8

 9 Treasury 1.7 7.9 0.6 -8.9 -11.0 -5.6 10.1 2.0 -4.6 3.7 10.1 7.4 5.2 9

10 Agency 13.5 21.8 20.5 12.8 11.5 15.9 30.7 4.7 -10.8 8.6 18.6 17.2 9.8 10

11 Corporate and foreign bonds 11.2 8.8 11.2 13.8 20.8 14.0 2.7 17.4 3.1 26.5 13.9 12.6 1.3 11

12 Mortgages 5.9 5.6 1.5 -6.8 -3.1 -1.4 -3.7 0.2 0.1 0.6 1.1 0.9 0.4 12

13 Corporate equities -0.4 -22.4 0.2 2.0 8.7 6.8 -3.8 -51.1 -55.3 -100.9 -78.8 -77.0 -67.8 13

14 Mutual fund shares -0.6 0.0 0.4 1.4 2.3 4.4 3.7 1.9 -2.2 1.3 1.8 2.4 -0.4 14

15 Miscellaneous assets -5.1 -4.2 -28.0 4.1 -6.1 7.3 0.1 -6.9 11.7 -1.2 0.6 5.5 7.5 15

16 Unallocated insurance contracts (1) -15.2 -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -6.0 2.3 -5.6 1.6 1.9 2.3 16

17 Contributions receivable -0.3 4.4 2.8 8.2 5.6 7.4 6.2 -0.3 -0.3 3.5 0.0 0.0 0.0 17

18 Other 10.4 -6.8 -24.6 -1.9 -6.7 0.6 -1.0 -0.6 9.7 0.9 -1.0 3.6 5.2 18

(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 46.7 38.7 32.2 66.3 56.6 56.2 45.8 59.4 45.2 35.7 44.5 37.2 55.1 1

 2 Checkable deposits and currency 0.9 0.6 -0.3 -0.3 -0.1 0.2 0.1 0.4 0.4 0.8 0.2 1.0 0.4 2

 3 Time and savings deposits 14.4 17.9 1.3 0.1 -8.0 -9.9 -6.3 -0.2 -5.5 -10.8 0.4 -13.3 -2.4 3

 4 Money market fund shares 2.0 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 10.8 18.1 2.4 18.0 6.8 4

 5 Security RPs 0.6 1.8 0.4 1.9 1.3 0.9 -2.0 0.2 1.3 0.6 1.3 -0.8 -0.4 5

 6 Credit market instruments -4.7 12.2 14.1 15.2 11.9 16.3 7.8 -4.2 4.8 7.9 13.0 5.7 22.5 6

 7 Open market paper -2.2 1.8 1.3 1.4 0.9 0.7 -2.0 0.7 2.4 0.9 3.2 2.5 -3.1 7

 8 U.S. government securities 0.5 6.0 3.9 6.2 4.3 2.0 20.3 -1.5 2.1 -0.5 5.8 5.5 11.8 8

 9 Treasury -0.3 4.0 1.8 6.1 5.2 3.8 10.2 0.6 1.9 0.4 4.0 2.7 8.4 9

10 Agency 0.9 2.0 2.1 0.0 -0.9 -1.8 10.2 -2.0 0.2 -0.9 1.9 2.8 3.4 10

11 Corporate and foreign bonds -5.7 3.4 8.7 7.6 7.3 13.8 -9.1 -3.9 -0.2 7.4 3.2 -3.3 12.4 11

12 Mortgages 2.6 1.0 0.1 0.1 -0.6 -0.2 -1.4 0.5 0.5 0.1 0.8 1.0 1.3 12

13 Corporate equities 7.2 -11.5 0.7 11.3 28.8 15.1 5.8 -18.4 -16.2 -36.9 -34.2 -15.2 -13.6 13

14 Mutual fund shares 0.1 5.1 6.2 9.8 13.0 22.4 20.1 43.1 25.3 41.4 30.0 28.3 32.9 14

15 Miscellaneous assets 26.2 9.7 9.9 27.3 8.8 4.6 15.0 32.6 24.2 14.7 31.4 13.4 8.8 15

16 Unallocated insurance contracts (2) 17.0 14.2 15.9 23.0 10.6 12.9 8.9 23.7 12.2 4.6 19.8 11.6 6.8 16

17 Contributions receivable -0.9 2.8 3.2 3.9 4.4 4.9 5.5 4.4 4.3 3.6 1.9 1.0 1.0 17

18 Other 10.1 -7.3 -9.2 0.4 -6.2 -13.2 0.6 4.5 7.7 6.5 9.7 0.9 1.1 18

(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, March 9, 2001 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 1999 2000

 

 1 Total financial assets 812.8 921.5 899.9 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1900.9 2144.8 2059.9 1

 2 Checkable deposits and currency 2.5 1.6 1.0 1.0 1.0 1.0 1.8 2.1 2.2 2.6 2.7 3.5 3.7 2

 3 Time and savings deposits 47.3 56.9 51.3 56.8 47.6 54.1 67.1 71.9 82.7 96.0 97.0 102.8 106.3 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 0.0 0.0 4

 5 Security RPs 16.5 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 14.6 15.8 17.1 5

 6 Credit market instruments 276.4 318.0 349.9 362.7 379.8 402.7 438.3 462.4 453.5 493.1 536.5 575.8 593.8 6

 7 Open market paper 19.2 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 14.6 15.8 17.1 7

 8 U.S. government securities 154.3 184.0 205.1 209.0 209.4 219.8 260.6 267.3 252.0 264.2 293.0 317.5 332.5 8

 9 Treasury 85.1 93.0 93.6 84.7 73.7 68.1 78.2 80.2 75.6 79.3 89.4 96.8 101.9 9

10 Agency 69.2 91.0 111.5 124.3 135.8 151.7 182.4 187.1 176.4 185.0 203.6 220.8 230.5 10

11 Corporate and foreign bonds 90.2 99.0 110.1 123.9 144.7 158.7 161.4 178.8 181.9 208.4 222.3 234.9 236.2 11

12 Mortgages 12.6 18.2 19.7 13.0 9.9 8.5 4.7 4.9 5.0 5.6 6.7 7.6 7.9 12

13 Corporate equities 300.6 358.9 341.4 458.6 484.5 555.6 559.9 699.6 785.8 876.0 960.9 1114.0 1006.3 13

14 Mutual fund shares 6.5 6.8 6.8 11.4 15.6 22.3 39.0 54.8 63.8 81.4 99.4 126.9 121.5 14

15 Miscellaneous assets 163.0 162.7 134.3 144.3 135.5 143.5 158.2 158.3 176.4 182.6 189.7 206.0 211.2 15

16 Unallocated insurance contracts (1) 78.2 80.1 73.6 77.3 69.6 69.7 79.2 80.3 88.9 90.7 98.8 111.4 111.4 16

17 Contributions receivable 9.7 14.1 16.9 25.1 30.7 38.0 44.2 43.9 43.6 47.1 47.1 47.2 47.2 17

18 Other 75.2 68.4 43.8 41.9 35.2 35.8 34.8 34.2 43.9 44.8 43.8 47.4 52.6 18

(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 594.7 712.8 734.6 888.0 971.5 1108.4 1183.8 1462.9 1672.1 1999.8 2304.1 2533.1 2528.9 1

 2 Checkable deposits and currency 2.0 2.6 2.3 2.0 2.0 2.2 2.3 2.7 3.1 4.0 4.1 5.1 5.6 2

 3 Time and savings deposits 39.9 57.8 59.1 59.2 51.1 41.3 35.0 34.7 29.3 18.4 18.8 5.6 3.2 3

 4 Money market fund shares 14.8 17.8 17.8 18.8 19.8 26.3 31.6 37.5 48.4 66.4 68.9 86.9 93.7 4

 5 Security RPs 6.2 8.1 8.5 10.4 11.6 12.6 10.6 10.7 12.1 12.7 14.0 13.1 12.7 5

 6 Credit market instruments 95.5 107.6 121.7 136.9 148.8 165.2 173.0 168.8 173.6 181.5 194.4 200.2 222.6 6

 7 Open market paper 8.2 10.0 11.3 12.7 13.6 14.3 12.3 13.0 15.4 16.3 19.5 22.0 18.9 7

 8 U.S. government securities 47.8 53.8 57.7 63.9 68.2 70.2 90.5 89.0 91.1 90.7 96.5 102.0 113.8 8

 9 Treasury 30.3 34.3 36.1 42.2 47.5 51.2 61.4 62.0 63.8 64.3 68.2 70.9 79.4 9

10 Agency 17.5 19.5 21.6 21.7 20.7 18.9 29.1 27.1 27.3 26.4 28.3 31.0 34.5 10

11 Corporate and foreign bonds 35.4 38.8 47.5 55.1 62.4 76.2 67.1 63.2 63.0 70.4 73.5 70.3 82.7 11

12 Mortgages 4.0 5.1 5.2 5.3 4.7 4.5 3.1 3.6 4.0 4.1 4.9 5.9 7.2 12

13 Corporate equities 214.6 276.6 264.8 348.6 391.5 463.0 459.9 589.6 678.1 820.4 941.3 1042.9 993.1 13

14 Mutual fund shares 16.9 26.2 33.7 55.0 80.6 119.9 166.9 272.0 348.5 488.2 609.9 703.1 716.3 14

15 Miscellaneous assets 204.8 216.1 226.8 257.1 266.1 278.0 304.7 346.8 379.1 408.3 452.6 476.2 481.7 15

16 Unallocated insurance contracts (2) 108.7 124.6 141.2 167.2 178.0 198.2 218.7 252.0 272.2 291.3 324.0 345.7 349.2 16

17 Contributions receivable 9.3 12.2 15.4 19.3 23.7 28.6 34.1 38.5 42.8 46.4 48.3 49.3 50.3 17

18 Other 86.7 79.4 70.2 70.6 64.4 51.3 51.9 56.4 64.1 70.6 80.3 81.2 82.2 18

(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, March 9, 2001 Flow of Funds Matrix for 2000

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U S USU S U S US U S 

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

 1 Gross saving and net cap. transfers -- 935.0 -- 1060.1 -- 222.3 -- 341.2 -- 2558.5 -- 432.9 -- 83.0  2 Capital consumption -- 745.6 -- 787.6 -- 116.8 -- 99.8 -- 1749.7 -- -- -- 95.1  3 Net saving (1 less 2) -- 225.2 -- 272.5 -- 105.5 -- 241.4 -- 844.6 -- 432.9 -- -12.0  4 Gross investment (5 plus 11) 973.0 -- 1027.3 -- 231.7 -- 334.7 -- 2566.6 -- 442.0 -- 34.9 --  5 Capital expenditures 1247.5 -- 1248.5 -- 230.4 -- 105.4 -- 2831.8 -- -- -- 158.0 --  6 Consumer durables 820.5 -- -- -- -- -- -- -- 820.5 -- -- -- -- --  7 Residential 360.6 -- 54.3 -- -- -- -- -- 414.9 -- -- -- 1.0 --  8 Nonresidential 66.4 -- 1138.1 -- 230.4 -- 106.0 -- 1540.9 -- -- -- 157.1 --  9 Inventory change -- -- 55.5 -- -- -- -- -- 55.5 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 0.6 -- -- -- -0.6 -- 0.0 -- -- -- -- -- 11 Net financial investment -274.5 -- -221.2 -- 1.2 -- 229.3 -- -265.1 -- 442.0 -- -123.1 -- 12 Financial uses 308.9 -- 578.9 -- 55.8 -- -43.9 -- 899.6 -- 886.0 -- 2341.5 -- 13 Financial sources -- 583.4 -- 800.0 -- 54.5 -- -273.2 -- 1164.7 -- 444.0 -- 2464.6 14 Gold and off. fgn. exchange -- -- -- -- -- -- -0.2 -- -0.2 -- -0.7 0.5 1.4 -- 15 SDR certificates -- -- -- -- -- -- -- -4.0 -- -4.0 -- -- -4.0 -- 16 Treasury currency -- -- -- -- -- -- -- 2.4 -- 2.4 -- -- 3.2 -- 17 Foreign deposits -2.6 -- 3.5 -- -- -- -- -- 0.8 -- -- 24.5 48.7 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -1.3 -- -26.1 -9.8 19 Checkable dep. and currency -79.3 -- 73.0 -- -6.4 -- -65.5 -- -78.2 -- -8.2 -- 4.2 -71.1 20 Time and savings deposits 300.9 -- 14.9 -- 7.5 -- 1.0 -- 324.3 -- 5.7 -- -21.0 309.0 21 Money market fund shares 153.5 -- 27.4 -- -- -- -- -- 181.0 -- -- -- 52.5 233.5 22 Fed. funds and security RPs -- -- -2.2 -- 9.7 -- -- -- 7.5 -- 4.9 -- -14.1 113.0 23 Credit market instruments -143.3 572.5 25.2 574.0 19.2 27.1 8.4 -295.9 -90.4 877.8 279.7 61.8 1562.2 811.9 24 Open market paper 3.0 -- -0.6 48.1 7.6 -- -- -- 10.0 48.1 8.8 31.7 188.7 127.7 25 Treasury securities -203.4 -- -0.4 -- -20.6 -- -- -294.9 -224.4 -294.9 -63.7 -- -6.9 -- 26 Federal agency securities 66.8 -- 5.2 -- 23.5 -- 0.0 -1.0 95.5 -1.0 153.3 -- 182.9 432.7 27 Municipal securities -8.7 5.8 8.8 1.4 0.6 28.2 -- -- 0.7 35.3 -- -- 34.7 -- 28 Corporate and fgn. bonds -2.5 -- -- 175.0 3.7 -- -- -- 1.2 175.0 181.0 18.7 215.0 203.5 29 Bank loans n.e.c. -- 7.6 -- 95.1 -- -- -- -- -- 102.7 -- 11.3 112.1 -1.9 30 Other loans and advances -- 16.7 -- 88.4 -- -1.1 9.3 -- 9.3 104.1 0.3 0.1 137.1 42.5 31 Mortgages 1.4 407.7 9.8 166.0 4.5 -- -0.9 0.0 14.9 573.7 -- -- 566.2 7.4 32 Consumer credit -- 134.7 2.4 -- -- -- -- -- 2.4 134.7 -- -- 132.3 -- 33 Corporate equities -456.6 -- -- -153.1 -1.2 -- -- -- -457.8 -153.1 172.0 91.2 211.3 -12.6 34 Mutual fund shares 208.6 -- -1.8 -- 0.8 -- -- -- 207.6 -- -- -- 37.4 245.0 35 Trade credit -- 5.9 115.6 109.8 -- 27.4 6.2 -0.0 121.7 143.0 -1.2 -1.4 38.6 5.0 36 Security credit 80.2 4.9 -- -- -- -- -- -- 80.2 4.9 0.0 0.0 55.3 130.6 37 Life insurance reserves 54.2 -- -- -- -- -- -- 1.4 54.2 1.4 -- -- -- 52.8 38 Pension fund reserves 190.9 -- -- -- -- -- -- 20.9 190.9 20.9 -- -- -- 170.0 39 Taxes payable -- -- -- 9.6 11.7 -- 7.7 -- 19.4 9.6 -- -- -- 7.2 40 Inv. in bank personal trusts -7.1 -- -- -- -- -- -- -- -7.1 -- -- -- -- -7.1 41 Equity in noncorp. business 1.5 -- -- -23.0 -- -- -- -- 1.5 -23.0 -- -- -- 24.5 42 Miscellaneous 8.0 0.0 323.3 282.8 14.3 -- -1.4 2.0 344.2 284.8 435.1 267.4 391.9 462.9 43 Sector discrepancies (1 less 4) -38.0 -- 32.8 -- -9.4 -- 6.6 -- -8.1 -- -9.1 -- 48.1 -- 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, March 9, 2001 Flow of Funds Matrix for 2000

(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 33735.8 -- 8617.9 -- 1323.5 -- 512.3 -- 44189.6 -- 7250.9 -- 37687.1  2 Total liabilities and equity -- 7560.1 -- 28001.7 -- 1915.2 -- 4228.6 -- 41705.6 -- 5387.9 --  3 Total liabilities -- 7560.1 -- 10707.9 -- 1915.2 -- 4228.6 -- 24411.8 -- 3609.1 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.5 -- 10.5 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 14.9 -- 14.9 -- -- 14.8 -0.1  6 Official foreign exchange -- -- -- -- -- -- 15.6 -- 15.6 -- -- 31.2 15.7  7 SDR certificates -- -- -- -- -- -- -- 2.2 -- 2.2 -- -- 2.2  8 Treasury currency -- -- -- -- -- -- -- 23.2 -- 23.2 -- -- 31.2  9 Foreign deposits 40.9 -- 27.9 -- -- -- -- -- 68.8 -- -- 750.3 91.5 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 138.1 -- 64.5 11 Checkable dep. and currency 309.9 -- 593.0 -- 25.8 -- 24.3 -- 953.0 -- 290.1 -- 148.9 12 Time and savings deposits 3237.6 -- 179.3 -- 109.6 -- 6.3 -- 3532.8 -- 107.2 -- 276.2 13 Money market fund shares 994.6 -- 226.1 -- -- -- -- -- 1220.7 -- -- -- 591.6 14 Fed. funds and security RPs -- -- 2.0 -- 173.3 -- -- -- 175.3 -- 91.8 -- 550.4 15 Credit market instruments 2171.2 7169.1 353.2 6510.8 802.0 1279.3 266.4 3385.2 3592.9 18344.3 2957.7 738.8 20963.3 16 Open market paper 62.6 -- 34.2 278.4 111.5 -- -- -- 208.4 278.4 111.1 120.9 1290.6 17 Treasury securities 306.4 -- 35.2 -- 246.2 -- -- 3357.8 587.7 3357.8 1175.3 -- 1594.8 18 Federal agency securities 482.3 -- 18.6 -- 231.0 -- 0.0 27.3 731.9 27.3 549.9 -- 3062.2 19 Municipal securities 524.6 143.0 34.6 154.2 1.6 1270.6 -- -- 560.8 1567.8 -- -- 1007.0 20 Corporate and fgn. bonds 683.8 -- -- 2234.5 77.5 -- -- -- 761.3 2234.5 1001.6 495.4 3257.0 21 Bank loans n.e.c. -- 73.3 -- 1260.9 -- -- -- -- -- 1334.2 -- 70.7 1495.9 22 Other loans and advances -- 246.7 -- 845.0 -- 8.7 189.6 -- 189.6 1100.4 119.8 51.8 1281.1 23 Mortgages 111.4 5137.3 148.0 1737.7 134.3 -- 76.9 0.0 470.6 6875.0 -- -- 6488.6 24 Consumer credit -- 1568.8 82.7 -- -- -- -- -- 82.7 1568.8 -- -- 1486.1 25 Corporate equities 6579.2 -- -- 12351.3 115.1 -- -- -- 6694.2 12351.3 1711.6 1778.8 8762.9 26 Mutual fund shares 3025.7 -- 107.4 -- 26.4 -- -- -- 3159.6 -- -- -- 1273.2 27 Trade credit -- 138.6 1813.9 1384.3 -- 635.9 33.0 70.3 1846.9 2229.2 44.8 49.1 289.2 28 Security credit 404.1 232.9 -- -- -- -- -- -- 404.1 232.9 0.0 0.0 408.0 29 Life insurance reserves 823.5 -- -- -- -- -- -- 36.4 823.5 36.4 -- -- -- 30 Pension fund reserves 9847.5 -- -- -- -- -- -- 704.9 9847.5 704.9 -- -- -- 31 Taxes payable -- -- -- 122.0 45.6 -- 42.4 -- 87.9 122.0 -- -- -- 32 Inv. in bank personal trusts 1039.0 -- -- -- -- -- -- -- 1039.0 -- -- -- -- 33 Equity in noncorp. business 4915.7 -- -- 4942.5 -- -- -- -- 4915.7 4942.5 -- -- -- 34 Miscellaneous 346.9 19.5 5315.0 2690.8 25.9 -- 98.9 6.4 5786.7 2716.7 1909.5 2024.8 4207.4 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, March 9, 2001

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 

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

 

 1 Assets 23606.7 24315.3 25899.6 26948.8 28353.5 29372.0 32486.8 35363.2 39507.8 43381.5 49217.6 48978.4 1

 2 Tangible assets 9124.4 9326.2 9447.2 9686.6 9908.2 10228.6 10696.9 11186.9 11913.6 12775.6 13819.3 15242.6 2

 3 Financial assets 14482.4 14989.2 16452.4 17262.2 18445.3 19143.4 21789.9 24176.3 27594.2 30605.9 35398.3 33735.8 3

 4 Deposits 3199.5 3253.3 3251.1 3228.4 3156.5 3116.5 3309.5 3457.1 3642.2 4029.5 4210.5 4583.0 4

 5 Credit market instruments 1297.2 1518.3 1634.4 1684.8 1672.7 1953.6 1946.0 2119.1 2076.4 2031.9 2302.5 2171.2 5

 6 Equity shares at market value 2740.9 2527.2 3521.6 3942.1 4569.2 4503.0 6044.3 7252.9 9312.1 10789.3 14017.1 11550.4 6

 7 Directly held 1957.3 1795.3 2554.7 2852.0 3215.9 3047.4 4070.9 4686.8 5909.9 6672.3 8750.0 6579.2 7

 8 Indirectly held 783.5 731.9 966.9 1090.1 1353.3 1455.7 1973.4 2566.1 3402.2 4117.0 5267.1 4971.2 8

 9 Bank personal trusts and estates 231.9 214.1 271.7 268.7 262.0 263.6 365.2 432.9 541.7 589.4 692.3 585.5 9

10 Life insurance companies 67.2 65.0 95.6 111.7 149.3 173.4 227.0 297.9 399.5 512.6 687.6 669.5 10

11 Private pension funds 287.8 277.7 370.7 424.1 516.0 540.0 740.1 896.8 1150.1 1365.1 1568.0 1514.4 11

12 Mutual funds 196.7 175.1 229.0 285.7 426.0 478.7 641.1 938.5 1310.9 1649.9 2319.3 2201.9 12

13 Other 7244.8 7690.4 8045.4 8406.9 9046.8 9570.3 10490.1 11347.2 12563.5 13755.2 14868.2 15431.3 13

14 Liabilities 3464.8 3747.4 3959.5 4147.5 4397.3 4720.0 5095.6 5444.3 5827.7 6334.7 6957.6 7560.1 14

15 Net worth 20141.9 20567.9 21940.0 22801.3 23956.2 24652.0 27391.2 29918.9 33680.1 37046.8 42259.9 41418.4 15

 Memo: Equity shares (line 6) as a percent of

16 Total assets (line 1) 11.6 10.4 13.6 14.6 16.1 15.3 18.6 20.5 23.6 24.9 28.5 23.6 16

17 Financial assets (line 3) 18.9 16.9 21.4 22.8 24.8 23.5 27.7 30.0 33.7 35.3 39.6 34.2 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.