For use at Noon, E.S.T.

Wednesday

December 11, 1996

FEDERAL RESERVE statistical release

Z.1

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Third Quarter 1996

Board of Governors of the Federal Reserve System, Washington D.C. 20551
Flow of Funds Summary Statistics 

Third Quarter 1996

Debt of domestic nonfinancial sectors grew at a

seasonally adjusted annual rate of 4-3/4 percent in

the third quarter of 1996, near the pace of the second

quarter. Federal debt strengthened to a 4-1/4 percent

rate, and was in line with average growth over recent

quarters. Debt of nonfederal sectors dropped to a

4-3/4 percent pace in the third quarter, after rising

about 6 percent at an annual rate in the second quarter. Growth of household debt slowed further to a

6-1/4 percent rate; both home mortgage and consumer credit borrowing slowed. Business debt

growth picked up to a 6 percent rate. Business borrowing at banks was particularly robust and net issuance of corporate bonds remained brisk. Debt of

state and local governments ran off at a 7 percent

pace in the third quarter, after rising a bit in the second quarter. Retirements of previously refunded debt

were particularly large in the third quarter and

outpaced new issuance by a wide margin. 

The level of domestic nonfinancial debt outstanding was $14.4 trillion at the end of the third

quarter of 1996. Debt of the nonfederal sectors was

$10.7 trillion, and federal debt was $3.8 trillion.

Figures on the growth and level of debt are

found on tables D.1 through D.3. Financial flows and

amounts outstanding by sectors and instruments are

found on pages 9 through 101 of this release.

Growth of Domestic Nonfinancial Debt1 Percent changes; quarterly data are seasonally adjusted annual rates

Nonfederal

Total Federal Total Households Business State and

local govts.

1989 7.6 7.0 7.8 8.7 7.5 5.7

1990 6.6 11.0 5.3 7.9 3.1 4.9

1991 4.4 11.1 2.4 5.0 -1.7 8.2

1992 4.8 10.9 2.8 5.2 0.5 2.0

1993 5.3 8.3 4.2 6.4 1.4 5.7

1994 5.0 4.7 5.1 8.7 3.6 -3.7

1995 5.5 4.1 6.0 8.2 6.2 -4.4

1995:Q1 6.4 7.1 6.2 8.2 6.9 -4.9

 :Q2 6.5 5.2 6.9 8.2 7.6 -0.8

 :Q3 4.3 2.4 4.9 8.8 4.4 -10.0

 :Q4 4.3 1.6 5.3 6.8 5.3 -1.9

1996:Q1 6.3 6.6 6.2 9.2 4.5 -1.2

 :Q2 4.9 1.7 6.1 7.7 4.8 2.8 

 :Q3 4.7 4.3 4.8 6.3 6.0 -7.1 

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 Fund Accounts, Third Quarter 1996 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 57

Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 58

Credit Market Borrowing by Financial Sectors F.3 10 L.3 58

Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 59

Total Liabilities and Their Relation to Total Financial Assets F.5 11 L.5 59

Distribution of Gross Domestic Product F.6 12

Distribution of National Income F.7 13

Gross Saving and Investment F.8 14 

Derivation of Measures of Personal Saving F.9 15 L.9 60
 

Flows Levels

Title Table Page Table Page

Sectors

Households and Nonprofit Organizations F.100 16 L.100 61

Nonfinancial Business F.101 17 L.101 62

Nonfarm Nonfinancial Corporate Business F.102 18 L.102 63

Nonfarm Noncorporate Business F.103 19 L.103 64

Farm Business F.104 19 L.104 64

State and Local Governments F.105 20 L.105 65

Federal Government F.106 21 L.106 65

Rest of the World F.107 22 L.107 66

Monetary Authority F.108 23 L.108 67

Commercial Banking F.109 24 L.109 68

U.S.-Chartered Commercial Banks F.110 25 L.110 69

Foreign Banking Offices in U.S. F.111 26 L.111 70

Bank Holding Companies F.112 27 L.112 71

Banks in U.S.-Affiliated Areas F.113 27 L.113 71

Savings Institutions F.114 28 L.114 72

Credit Unions F.115 29 L.115 73

Bank Personal Trusts and Estates F.116 29 L.116 73

Life Insurance Companies F.117 30 L.117 74

Other Insurance Companies F.118 30 L.118 74

Private Pension Funds F.119 31 L.119 75

State and Local Government Employee Retirement Funds F.120 31 L.120 75

Money Market Mutual Funds F.121 32 L.121 76

Mutual Funds F.122 32 L.122 76

Closed-End Funds F.123 32 L.123 76
Flows Levels

Title Table Page Table Page

Government-Sponsored Enterprises F.124 33 L.124 77

Federally Related Mortgage Pools F.125 33 L.125 77

Issuers of Asset Backed Securities F.126 33 L.126 77

Finance Companies F.127 34 L.127 78

Mortgage Companies F.128 34 L.128 78

Real Estate Investment Trusts F.129 34 L.129 78

Security Brokers and Dealers F.130 35 L.130 79

Funding Corporations F.131 35 L.131 79

Instruments

Gold and Official Foreign Exchange Holdings F.200 36 L.200 80

SDR Certificates and Treasury Currency F.201 36 L.201 80

U.S. Deposits in Foreign Countries F.202 36 L.202 80

Net Interbank Transactions F.203 37 L.203 81

Checkable Deposits and Currency F.204 38 L.204 82

Time and Savings Deposits F.205 39 L.205 83

Money Market Mutual Fund Shares F.206 39 L.206 83

Federal Funds and Security Repurchase Agreements F.207 40 L.207 84

Open Market Paper F.208 40 L.208 84

Treasury Securities F.209 41 L.209 85

Agency Securities F.210 42 L.210 86

Municipal Securities and Loans F.211 43 L.211 87

Corporate and Foreign Bonds F.212 43 L.212 87

Corporate Equities F.213 44 L.213 88
Flows Levels

Title Table Page Table Page

Mutual Fund Shares F.214 44 L.214 88

Bank Loans Not Elsewhere Classified F.215 45 L.215 89

Other Loans and Advances F.216 46 L.216 90

Total Mortgages F.217 47 L.217 91

Home Mortgages F.218 48 L.218 92

Multifamily Residential Mortgages F.219 48 L.219 92

Commercial Mortgages F.220 49 L.220 93

Farm Mortgages F.221 49 L.221 93

Consumer Credit F.222 50 L.222 94

Trade Credit F.223 50 L.223 94

Security Credit F.224 50 L.224 94

Life Insurance and Pension Fund Reserves F.225 51 L.225 95

Taxes Payable by Businesses F.226 51 L.226 95

Investment in Bank Personal Trusts F.227 51 L.227 95

Proprietors' Equity in Noncorporate Business F.228 51

Total Miscellaneous Financial Claims F.229 52 L.229 96

Identified Miscellaneous Financial Claims - Part I F.230 53 L.230 97

Identified Miscellaneous Financial Claims - Part II F.231 54 L.231 98

Unidentified Miscellaneous Financial Claims F.232 55 L.232 99

Sector Discrepancies F.10 56

Instrument Discrepancies F.11 56

Supplementary Tables

Nonprofit Organizations F.100.a 100 L.100.a 101
1

Flow of Funds Accounts, Third Quarter 1996

 This publication presents the flow of funds

accounts for 1996:Q3. 

Data revisions and other changes. Revisions to the

flow of funds accounts have been made to data as far

back as 1952. Significant changes include:

1. Estimates of foreign holdings of U.S.

currency for the period 1970:Q1 forward have been

incorporated into the accounts. The effect of adding

the new estimates is to raise foreign acquisition of

financial assets (table F.107, line 11, and table L.107,

line 1) and to reduce the net acquisition of financial

assets by the household and nonprofit organizations

sector (table F.100, line 16, and table L.100, line 1).

The use of the new data also means that the net

capital inflows from abroad shown in the flow of

funds accounts differ from those in the Balance of

Payments accounts. A description of the estimation

method for foreign holdings of U.S. currency is

available in Richard D. Porter and Ruth A. Judson,

"The Location of U.S. Currency: How Much Is

Abroad?," Federal Reserve Bulletin, vol. 82 (October

1996), pp. 883-903.

2. The market value of domestic nonfinancial

corporate equity outstanding (table L.213. line 2) has

been revised from 1952:Q4 forward. The revisions,

which are small, reflect additional historical data for

publicly traded securities.

3. Consumer credit (tables F.222 and L.222)

was revised from 1970:Q1 forward to reflect revisions

to source data (published in the Board's G.19 release).

4. For the state and local government employee retirement funds sector (tables F.120 and

L.120), data have been revised from 1990:Q3 forward

based on fiscal year-end information for 1991 and

1992 from the Census of Governments. The Census

of Governments provides a benchmark for all pension

funds in the sector. Revisions to flows from the

benchmark are generally small, but the level of assets

is higher. Quarterly data are based on a separate

Census Bureau report, which provides data for funds

holding about 82 percent of the assets of the sector. 

5. Data for savings institutions (tables F.114

and L.114) were revised for 1996:Q1 and 1996:Q2,

owing to revisions to reports of condition filed by

savings institutions reporting to the Office of Thrift

Supervision (OTS).

6. The bank holding companies sector is now

shown as an issuer of corporate equities (table F.112,

line 22). The estimates of net issuance of equity are

available for 1990:Q1 forward. 

7. Seasonal factors for both domestic and

foreign nonfinancial commercial paper (table F.208)

have been re-estimated individually from 1988:Q1

forward. 

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

Domestic debt includes credit market funds borrowed

by U.S. entities from both domestic and foreign

sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in

U.S. markets only. Financial sectors consist of

government-sponsored enterprises, federally related

mortgage pools, and private financial institutions.

Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, 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 ac-
2

counts are related to the flows in the following way:

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

where t is the time period.

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

For most series, the value of the discontinuity is zero

for nearly all time periods. However, in a few instances, the discontinuity is nonzero for almost all

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

such as a period when there is a sharp increase or

decrease in equity prices or a major break in source

data.

The discontinuities in the series can distort

estimated rates of growth in assets and liabilities

between periods. In order to minimize these distortions, percentage changes in assets and liabilities in

flow of funds releases should be calculated in the

following manner:

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

Preliminary Estimates. Figures shown for the most

recent quarter in these tables are based on preliminary

and incomplete information. A summary list of the

principal sources of information available when the

latest quarter's data were compiled is provided in a

table following this introduction. The distinction

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

between final and preliminary versions of data, but

rather between those source estimates that are fully

ready when the latest quarterly estimate 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 less measured funds lent through that

instrument. The size of such discrepancies relative to

the main asset or liability components is one indication of the quality of source data, especially on an

annual basis. For quarterly data, differences in

seasonal adjustment procedures for financial and

nonfinancial components of the accounts sometimes

result in discrepancies that cancel in annual data.

Availability of Data. Flow of funds statistics are

updated about nine weeks following the end of a

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

from the Board's Publications Services. Flow of funds

data are also available electronically through the

Internet at the following location:

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

and through the Economic Bulletin Board of the

Department of Commerce.

Data from the flow of funds accounts are

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

contain quarterly data beginning in 1952, organized in

files that correspond to the tables published in this

release. One diskette contains the seasonally adjusted

flows, a second diskette contains unadjusted flows,

and a third diskette contains quarterly outstandings,

which are not seasonally adjusted. In addition, the

third diskette contains quarterly data for the debt

tables (tables D.1, D.2, and D.3), as well as monthly

data from January 1955 forward for the monthly debt

aggregate published in the Board's H.6 release,

"Money Stock, Liquid Assets, and Debt Measures." 

Owing to a delay in receiving source material

compiled at the Department of Commerce, the

"Balance Sheets for the U.S. Economy" (C.9 release)

is not available at this time, and NIPA data for the

period before 1959 are those published by the Department of Commerce before the latest annual revision.

Subscription Information. The Federal Reserve

Board charges for subscriptions to all statistical

releases. Inquiries for releases or the diskettes should

be directed to:

Publications Services, Stop 127

Board of Governors

 of the Federal Reserve System

20th Street and Constitution Avenue, N.W.

Washington, DC 20551

(202) 452-3244

A Guide to the Flow of Funds Accounts is available.

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

financial accounts are prepared and the principles

underlying the accounts. 
3

Availability of Data for Latest Quarter

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA)

Preliminary estimates, seasonally

adjusted, for 1996:Q3.

Unadjusted flows.

 2. Household sector

 (tables F.100 and L.100)

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

other sectors. Availability of data depends on schedules for other

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

than through a residual calculation, are available through 1996:Q3.

 3. Nonfinancial corporate 

 business

 (tables F.102 and L.102)

Quarterly Financial Report (QFR)

of the Census Bureau through

1996:Q2; Internal Revenue Service

Statistics of Income data through

1993, securities offerings,

mortgages, bank loans, commercial

paper, and other loans through

1996:Q3.

Statistics of Income data since

1993; QFR data for 1996:Q3.

 4. Nonfarm noncorporate 

 business

 (tables F.103 and L.103)

Internal Revenue Service Statistics

of Income data for 1993; bank and

finance company loans and

mortgage borrowing for 1996:Q3.

Statistics of Income data since

1993.

 5. Farm business

 (tables F.104 and L.104)

Mortgages, bank loans, loans from

government-sponsored enterprises,

and equity in government-sponsored

enterprises through 1996:Q3; trade

payables through 1995:Q4.

Data for U.S. government loans

to farms since 1994:Q4; data for

consumption of fixed capital

since 1994; data for undistributed

profits and checkable deposits

and currency since 1993; trade

payables since 1995.

 6. State and local 

 governments

 (tables F.105 and L.105)

Gross security offerings and

retirements, deposits at banks, and

nonmarketable U.S. government

securities issues for 1996:Q3;

Census of Government Finances

data asset items and debt

outstanding through 1992:Q2.

Other asset items since 1992:Q2.

 7. Federal government

 (tables F.106 and L.106)

Data on federal receipts and outlays

from the Monthly Treasury

Statement of Receipts and Outlays

through 1996:Q3; data from the

Federal Financing Bank statement

through 1996:Q3.

Data for loans outstanding since

1994 except at the Federal

Financing Bank.
4

 8. Rest of the world

 (U.S. international 

 transactions)

 (tables F.107 and L.107)

NIPA estimates, data from bank

reports of condition, Treasury

International Capital System data,

and Balance of Payments data

through 1996:Q3.

None.

 9. Monetary authority

 (tables F.108 and L.108)

All data through 1996:Q3. None.

10. Commercial banking

 (tables F.109 and L.109)

All data through 1996:Q3 for

U.S.-chartered banks, foreign

banking offices in the U.S., bank

holding companies, and commercial

banks in U.S.-affiliated areas.

Data since 1995 for branches of

domestic commercial banks

located in U.S.-affiliated areas.

11. Savings institutions

 (tables F.114 and L.114)

All data through 1996:Q3. None.

12. Credit unions

 (tables F.115 and L.115)

All data through 1996:Q3. None.

13. Bank personal trusts and 

 estates

 (tables F.116 and L.116)

All data through 1995. Data since 1995.

14. Life insurance companies

 (tables F.117 and L.117)

Asset data through 1996:Q2 and

liability data through 1995.

Asset data for 1996:Q3 and

liability data since 1995.

15. Other insurance companies

 (tables F.118 and L.118)

All data through 1995. Data since 1995.

16. Private pension funds 

 (including FERS)

 (tables F. 119 and L.119)

All data through 1996:Q3. None.

17. State and local government 

 employee retirement funds

 (tables F.120 and L.120)

All data through 1996:Q2. Data for 1996:Q3.

18. Money market mutual 

 funds

 (tables F.121 and L.121)

All data through 1996:Q3. None.

19. Mutual funds

 (tables F.122 and L.122)

All data through 1996:Q3. None.

20. Closed-end funds

 (tables F.123 and L.123)

All data through 1995. Data since 1995.

21. Government-sponsored 

 enterprises

 (tables F.124 and L.124)

Balance sheet data for FNMA,

Federal Home Loan Banks,

FHLMC, SLMA, FICO,

REFCORP, and FCA for 1996:Q3.

None.
5

22. Federally related mortgage 

 pools

 (tables F.125 and L.125)

All data through 1996:Q3. None.

23. Issuers of asset-backed 

 securities (ABSs)

 (tables F.126 and L.126)

All data from Trepp/PSA

Information Services and data for

private mortgage pools, consumer

credit, and trade credit

securitization through 1996:Q3.

None.

24. Finance companies

 (tables F.127 and L.127)

All data through 1996:Q3. None.

25. Mortgage companies

 (tables F.128 and L.128)

Mortgage data through 1996:Q2. Data for 1996:Q3.

26. Real estate investment 

 trusts (REITs)

 (tables F.129 and L.129)

Data through 1995:Q3; equity

issuance through 1996:Q3.

Data since 1995:Q3.

27. Security brokers and 

 dealers

 (tables F.130 and L.130)

Data for firms filing FOCUS

reports through 1996:Q3; data for

firms filing FOGS reports through

1996:Q2.

Data from FOGS reports for

1996:Q3.

28. Funding corporations

 (tables F.131 and L.131)

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

other sectors.
6 Z.1, December 11, 1996

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

1956 4.7 -2.6 10.0 11.1 12.8 8.5 9.1 9.1 9.2 17.1 5.3

1957 4.7 -1.0 8.3 8.2 8.8 5.7 8.1 8.6 9.2 16.1 7.4

1958 6.1 4.1 7.2 6.3 8.7 0.6 7.1 6.3 10.2 1.0 10.7

1959 7.8 3.0 10.4 12.7 11.4 15.6 8.4 6.6 9.9 32.1 3.0

1960 5.0 -0.9 8.1 9.1 8.8 7.1 7.1 6.3 8.3 17.5 8.3

1961 6.0 3.0 7.4 7.7 8.8 3.6 7.0 5.1 7.8 7.2 9.6

1962 6.9 2.8 8.8 9.4 9.2 9.3 8.4 6.8 7.7 13.1 8.2

1963 6.8 1.5 9.1 10.5 9.8 12.3 8.4 6.7 6.5 18.3 11.7

1964 7.3 2.4 9.3 10.5 9.3 12.2 8.9 8.0 7.2 13.6 12.9

1965 7.1 0.6 9.6 9.1 8.5 11.6 10.7 10.7 7.9 16.8 7.2

1966 6.7 1.4 8.5 6.6 5.9 6.1 11.2 11.7 6.7 17.7 5.1

1967 7.1 4.9 7.8 5.8 5.7 5.0 10.3 10.4 6.7 1.0 9.8

1968 8.0 4.5 9.2 7.8 6.5 9.9 11.0 11.7 7.5 14.1 6.3

1969 7.1 -1.1 9.7 7.3 6.2 8.3 11.9 11.9 9.6 32.8 6.9

1970 6.9 4.2 7.6 4.2 4.1 3.4 10.4 10.3 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 11.7 11.9 13.1 12.2 9.6 8.4 17.2 7.9

1973 10.7 2.0 12.9 12.6 11.9 13.3 14.6 17.3 7.8 28.9 10.3

1974 9.2 3.4 10.5 8.2 8.4 4.6 13.4 11.6 6.9 23.1 20.5

1975 9.3 23.9 6.3 8.3 9.3 3.8 4.9 3.1 5.4 1.2 17.4

1976 10.8 15.6 9.7 11.8 13.7 10.6 8.2 7.4 8.4 9.0 21.5

1977 12.8 11.0 13.3 16.3 18.1 15.5 11.9 11.9 8.4 18.8 11.6

1978 13.8 9.2 15.0 17.0 18.0 17.4 13.0 11.6 15.4 22.1 18.6

1979 12.2 5.8 13.7 14.8 15.9 13.8 13.9 11.2 9.0 22.0 9.5

1980 9.5 11.8 9.0 8.3 10.7 0.6 10.2 8.2 6.9 14.4 14.0

1981 10.0 11.6 9.6 7.5 7.0 5.0 11.9 13.4 8.0 18.0 11.9

1982 9.9 19.7 7.7 5.6 4.7 4.6 8.8 6.7 11.2 13.6 7.2

1983 12.0 18.9 10.2 11.7 10.8 12.8 8.7 7.6 11.4 13.4 8.2

1984 14.6 16.9 13.9 12.8 11.7 18.3 15.5 16.9 11.4 17.9 3.7

1985 15.6 16.5 15.4 15.0 13.5 14.2 12.0 12.2 31.8 19.5 0.5

1986 12.1 13.6 11.7 11.4 13.8 9.2 12.2 15.3 10.8 26.1 4.1

1987 9.2 8.0 9.6 12.2 16.3 5.1 6.7 8.4 12.1 18.3 2.6

1988 9.0 8.0 9.3 9.6 10.9 8.6 9.7 11.5 6.5 13.1 3.0

1989 7.6 7.0 7.8 8.7 10.1 6.0 7.5 8.5 5.7 10.5 4.0

1990 6.6 11.0 5.3 7.9 10.1 2.0 3.1 4.7 4.9 8.8 9.1

1991 4.4 11.1 2.4 5.0 6.6 -1.7 -1.7 -2.2 8.2 6.0 5.2

1992 4.8 10.9 2.8 5.2 6.1 0.6 0.5 1.4 2.0 8.7 7.9

1993 5.3 8.3 4.2 6.4 5.5 7.7 1.4 1.9 5.7 9.7 22.3

1994 5.0 4.7 5.1 8.7 6.7 14.6 3.6 4.9 -3.7 14.0 -4.0

1995 5.5 4.1 6.0 8.2 6.3 14.3 6.2 7.8 -4.4 11.8 18.8

1992 -- Q1 5.2 11.7 3.2 6.2 8.3 0.6 0.4 1.1 1.8 6.9 1.1

 Q2 4.6 11.8 2.3 3.2 3.3 -1.6 0.4 1.3 5.4 9.5 21.5

 Q3 4.9 10.3 3.0 5.6 6.9 1.5 0.1 0.8 3.5 10.7 8.7

 Q4 4.1 8.4 2.6 5.4 5.2 2.1 1.3 2.5 -2.8 6.4 0.6

1993 -- Q1 3.8 7.4 2.6 3.8 3.1 4.6 -0.1 -0.2 7.3 5.3 18.1

 Q2 6.4 10.4 4.9 6.3 6.3 5.0 1.7 2.6 10.6 6.3 20.8

 Q3 5.0 5.8 4.7 7.6 6.4 8.3 1.9 2.6 3.5 14.1 32.8

 Q4 5.5 8.7 4.3 7.2 5.6 12.0 2.2 2.6 0.9 11.6 11.4

1994 -- Q1 5.2 5.8 5.1 8.3 7.0 11.1 3.2 4.4 -0.7 15.0 -23.8

 Q2 4.5 3.4 4.9 8.3 6.0 14.7 3.5 4.8 -3.3 11.5 -7.6

 Q3 4.7 4.4 4.8 8.3 5.9 14.7 3.7 4.8 -5.2 12.3 3.8

 Q4 5.1 4.8 5.1 8.9 7.1 14.9 3.9 5.2 -6.0 14.6 12.4

1995 -- Q1 6.4 7.1 6.2 8.2 6.5 13.9 6.9 8.8 -4.9 7.1 18.1

 Q2 6.5 5.2 6.9 8.2 6.0 15.1 7.6 10.0 -0.8 11.4 11.7

 Q3 4.3 2.4 4.9 8.8 7.1 14.7 4.4 5.1 -10.0 12.8 22.2

 Q4 4.3 1.6 5.3 6.8 4.8 10.7 5.3 6.5 -1.9 13.9 18.3

1996 -- Q1 6.3 6.6 6.2 9.2 9.6 11.6 4.5 4.9 -1.2 7.8 11.2

 Q2 4.9 1.7 6.1 7.7 7.2 7.5 4.8 5.5 2.8 15.9 8.1

 Q3 4.7 4.3 4.8 6.3 6.4 5.9 6.0 7.4 -7.1 10.1 22.9

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, December 11, 1996 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

1956 25.9 -5.9 31.8 14.9 10.5 3.6 12.7 9.6 4.2 2.6 0.9

1957 27.0 -2.2 29.3 12.3 8.1 2.6 12.4 9.9 4.7 2.9 1.3

1958 36.7 9.2 27.5 10.2 8.8 0.3 11.7 7.8 5.6 0.2 2.0

1959 49.6 6.9 42.7 21.9 12.6 7.7 14.8 8.6 6.0 6.7 0.6

1960 34.7 -2.0 36.8 17.7 10.8 4.0 13.6 8.7 5.5 4.9 1.8

1961 43.5 7.2 36.3 16.3 11.8 2.2 14.4 7.6 5.6 2.3 2.2

1962 52.8 6.9 45.9 21.5 13.3 5.9 18.4 10.7 6.0 4.6 2.1

1963 55.4 3.8 51.6 26.2 15.6 8.5 20.0 11.2 5.5 7.2 3.2

1964 64.1 6.1 58.0 28.9 16.3 9.5 22.7 14.3 6.4 6.3 4.0

1965 67.1 1.6 65.4 27.8 16.2 10.1 30.0 20.5 7.6 8.9 2.5

1966 67.2 3.6 63.6 21.9 12.1 5.9 34.8 24.9 6.9 11.0 1.9

1967 76.1 12.9 63.2 20.5 12.6 5.1 35.3 24.8 7.3 0.7 3.9

1968 92.5 12.5 80.0 29.4 15.2 10.8 41.9 30.7 8.8 10.4 2.7

1969 88.7 -3.2 91.9 29.5 15.3 9.9 50.3 34.7 12.1 27.6 3.2

1970 91.2 12.1 79.2 18.3 10.8 4.4 48.8 33.6 12.1 16.2 2.8

1971 135.2 24.9 110.3 41.6 23.5 15.6 52.3 27.7 16.4 11.1 5.1

1972 156.1 15.0 141.1 57.8 35.4 19.5 69.3 36.9 14.0 23.9 4.4

1973 183.9 6.9 176.9 69.6 39.6 22.5 93.2 73.0 14.1 47.0 6.3

1974 174.5 11.9 162.6 51.0 31.3 8.9 98.2 56.2 13.4 48.5 13.8

1975 193.3 85.6 107.6 56.2 37.4 7.8 40.3 17.0 11.1 3.1 14.1

1976 244.8 69.2 175.6 85.8 60.0 22.0 71.3 41.4 18.5 23.5 20.5

1977 321.1 56.3 264.8 132.9 90.5 35.4 112.0 71.1 19.9 53.6 13.5

1978 390.9 52.5 338.4 161.5 106.5 46.0 137.5 78.0 39.4 74.7 24.0

1979 391.8 35.8 356.0 164.2 110.7 42.7 165.2 83.8 26.6 91.1 15.0

1980 343.9 77.4 266.5 105.8 86.7 2.3 138.5 68.4 22.2 73.0 24.2

1981 394.5 85.5 309.0 104.6 63.6 17.7 176.7 120.0 27.6 104.3 23.5

1982 432.6 161.3 271.3 84.0 46.0 17.2 145.6 67.8 41.7 93.0 16.0

1983 572.3 185.2 387.1 183.2 108.1 50.0 156.5 81.8 47.3 104.5 17.3

1984 779.3 197.2 582.1 222.1 128.1 80.7 307.5 198.7 52.5 157.7 8.4

1985 956.7 225.7 731.0 292.4 164.4 73.9 275.0 168.4 163.6 205.0 1.2

1986 861.0 216.0 645.1 258.5 193.9 55.0 313.1 236.3 73.4 327.8 9.7

1987 734.0 143.9 590.1 306.8 261.0 33.2 192.2 148.7 91.1 291.6 6.3

1988 776.5 155.1 621.4 267.9 199.5 58.8 299.0 225.0 54.5 249.2 7.5

1989 719.1 146.4 572.7 268.2 205.7 44.5 253.4 183.2 51.1 225.0 10.2

1990 669.8 246.9 422.9 264.1 224.8 16.1 112.2 110.0 46.6 211.4 23.9

1991 481.7 278.2 203.5 183.8 164.1 -13.7 -61.9 -53.0 81.6 155.6 14.8

1992 543.0 304.0 239.0 198.3 161.1 5.0 19.5 34.1 21.1 240.0 23.7

1993 627.0 256.1 370.9 255.9 153.7 61.5 52.7 46.5 62.3 292.2 70.4

1994 621.2 155.9 465.4 372.4 198.1 126.3 136.4 121.7 -43.4 466.7 -15.3

1995 720.4 144.4 576.0 383.1 198.4 141.6 241.5 205.1 -48.6 446.7 69.5

1992 -- Q1 593.9 323.8 270.1 236.6 221.0 4.7 13.7 25.5 19.8 190.7 3.3

 Q2 532.1 336.3 195.8 123.4 89.6 -12.7 14.6 32.5 57.8 269.1 62.8

 Q3 565.3 303.3 262.0 221.0 188.1 11.6 2.7 18.6 38.3 309.7 26.8

 Q4 480.5 252.6 228.0 212.4 145.8 16.4 47.0 59.9 -31.4 190.5 1.9

1993 -- Q1 455.9 228.1 227.8 151.9 87.2 37.2 -4.6 -3.7 80.5 161.3 57.1

 Q2 765.2 327.8 437.5 257.7 178.2 40.3 61.4 63.0 118.3 193.0 68.4

 Q3 610.5 185.8 424.7 312.5 184.1 67.8 72.3 63.7 39.9 439.6 113.6

 Q4 676.3 282.8 393.5 301.4 165.1 100.6 81.6 63.0 10.5 374.9 42.6

1994 -- Q1 658.1 192.9 465.3 354.6 209.5 96.3 119.2 109.2 -8.6 499.4 -91.7

 Q2 570.5 113.6 456.9 361.2 180.7 130.8 133.3 120.2 -37.7 397.5 -27.5

 Q3 599.7 150.1 449.5 368.0 182.4 135.7 140.7 123.3 -59.2 435.8 13.5

 Q4 656.5 166.8 489.7 405.5 219.8 142.5 152.4 133.9 -68.2 534.2 44.7

1995 -- Q1 845.7 247.8 597.9 382.3 206.7 137.6 269.8 230.4 -54.2 267.7 67.1

 Q2 866.0 184.7 681.3 389.9 194.7 155.0 300.4 268.3 -9.0 439.9 45.5

 Q3 578.7 86.0 492.7 424.6 232.8 156.4 178.4 140.5 -110.3 507.0 88.3

 Q4 591.4 59.3 532.1 335.6 159.2 117.5 217.4 181.3 -20.9 572.0 76.9

1996 -- Q1 874.5 239.9 634.6 461.0 322.4 131.5 186.2 139.8 -12.5 330.3 49.2

 Q2 693.7 62.4 631.3 398.4 249.5 87.8 202.7 158.4 30.1 687.5 36.6

 Q3 670.4 161.3 509.1 329.7 223.7 70.2 255.9 215.9 -76.5 453.7 105.8
8 Z.1, December 11, 1996

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

1956 575.8 224.1 351.7 149.0 92.8 46.6 152.4 114.0 50.4 17.9 17.4

1957 602.9 221.9 381.0 161.6 101.3 49.2 164.4 123.6 55.0 20.8 18.8

1958 639.5 231.1 408.4 172.0 110.5 49.5 175.7 131.0 60.7 21.0 20.8

1959 689.4 238.0 451.4 194.0 123.1 57.2 190.7 139.8 66.7 27.7 21.4

1960 724.1 236.0 488.2 211.7 133.8 61.2 204.3 148.6 72.2 32.5 23.2

1961 767.6 243.2 524.4 228.0 145.6 63.4 218.7 156.1 77.8 34.9 25.5

1962 820.4 250.0 570.3 249.5 159.0 69.3 237.1 166.8 83.8 39.4 27.5

1963 875.8 253.8 621.9 275.6 174.6 77.9 257.1 178.0 89.2 46.6 30.8

1964 939.6 259.9 679.7 304.4 190.8 87.4 279.6 192.1 95.6 53.0 35.0

1965 1006.7 261.5 745.2 332.3 207.0 97.5 309.7 212.7 103.2 61.9 37.5

1966 1074.2 265.1 809.0 354.5 219.5 103.4 344.5 237.5 110.0 72.9 39.5

1967 1150.1 278.1 872.1 374.9 231.9 108.6 379.8 262.3 117.4 73.6 43.3

1968 1242.2 290.6 951.6 404.5 247.0 119.3 420.9 292.3 126.1 84.0 46.1

1969 1331.4 287.4 1043.9 434.5 262.3 129.2 471.2 327.0 138.3 111.5 49.2

1970 1421.5 299.5 1122.0 453.3 273.6 133.7 518.5 358.7 150.3 127.8 52.1

1971 1556.6 324.4 1232.2 495.5 296.5 149.2 569.9 386.3 166.7 138.9 56.6

1972 1712.6 339.4 1373.2 553.4 331.8 168.8 639.1 423.2 180.7 162.8 61.1

1973 1896.9 346.3 1550.6 624.1 370.7 193.0 731.7 485.9 194.8 209.8 67.4

1974 2070.8 358.2 1712.6 674.9 401.7 201.9 829.4 541.7 208.2 258.3 81.2

1975 2263.0 443.9 1819.1 728.2 439.2 207.0 871.6 560.6 219.4 261.4 95.6

1976 2506.6 513.1 1993.5 815.5 499.5 229.0 940.2 599.2 237.8 284.9 116.0

1977 2827.8 569.4 2258.4 948.3 590.0 264.4 1053.9 672.1 256.2 338.8 129.4

1978 3212.9 621.9 2591.0 1108.2 696.4 310.4 1187.2 745.9 295.6 413.5 157.6

1979 3604.8 657.7 2947.2 1273.2 808.6 353.1 1351.8 829.0 322.2 505.9 172.9

1980 3957.8 735.0 3222.8 1391.1 904.9 355.4 1487.3 894.4 344.4 578.9 197.2

1981 4350.8 820.5 3530.3 1500.5 973.3 373.1 1657.8 1008.2 372.1 682.4 220.7

1982 4765.4 981.8 3783.6 1569.7 1004.7 390.3 1800.1 1072.8 413.8 778.1 210.4

1983 5340.6 1167.0 4173.6 1732.9 1092.8 440.3 1979.5 1177.5 461.1 882.8 227.7

1984 6115.1 1364.2 4750.9 1946.7 1220.3 521.0 2290.6 1379.8 513.6 1052.4 235.5

1985 7090.0 1589.9 5500.1 2259.9 1409.9 594.9 2562.2 1544.8 677.9 1258.3 236.7

1986 7948.5 1805.9 6142.6 2516.9 1603.8 649.9 2874.4 1780.1 751.4 1593.6 238.3

1987 8666.0 1949.8 6716.2 2777.7 1822.7 683.1 3097.6 1959.8 840.9 1896.5 245.1

1988 9439.0 2104.9 7334.1 3067.9 2032.9 741.9 3370.8 2156.9 895.5 2145.8 252.5

1989 10175.2 2251.2 7923.9 3346.6 2236.9 795.0 3630.8 2347.0 946.5 2399.3 262.3

1990 10873.6 2498.1 8375.5 3639.8 2490.8 811.1 3742.5 2456.6 993.2 2613.9 286.1

1991 11348.4 2776.4 8572.1 3823.1 2654.4 797.4 3674.2 2401.9 1074.8 2769.4 300.8

1992 11894.6 3080.3 8814.2 4021.5 2815.5 802.4 3696.8 2437.6 1095.9 3025.0 315.2

1993 12536.4 3336.5 9199.9 4279.7 2971.6 863.9 3761.9 2496.5 1158.2 3322.6 385.6

1994 13163.8 3492.3 9671.5 4651.8 3169.7 990.2 3904.9 2624.8 1114.8 3794.6 370.4

1995 13884.2 3636.7 10247.5 5034.9 3368.0 1131.9 4146.4 2829.9 1066.2 4243.9 439.9

1992 -- Q1 11500.1 2857.3 8642.8 3882.3 2709.7 798.6 3680.8 2409.8 1079.7 2832.7 292.4

 Q2 11633.1 2941.4 8691.7 3913.1 2732.1 795.4 3684.4 2418.0 1094.2 2900.0 308.1

 Q3 11774.4 3017.2 8757.2 3968.4 2779.1 798.3 3685.1 2422.6 1103.8 2977.4 314.8

 Q4 11894.6 3080.3 8814.2 4021.5 2815.5 802.4 3696.8 2437.6 1095.9 3025.0 315.2

1993 -- Q1 12009.3 3137.4 8871.9 4059.5 2837.4 811.7 3696.4 2437.4 1116.0 3070.7 329.5

 Q2 12200.6 3219.3 8981.2 4123.9 2881.9 821.8 3711.7 2453.1 1145.6 3118.9 346.6

 Q3 12353.2 3265.8 9087.4 4202.0 2927.9 838.8 3729.8 2469.1 1155.6 3228.9 375.0

 Q4 12536.4 3336.5 9199.9 4279.7 2971.6 863.9 3761.9 2496.5 1158.2 3322.6 385.6

1994 -- Q1 12707.1 3384.7 9322.5 4368.1 3023.9 888.0 3798.3 2530.4 1156.0 3452.7 362.7

 Q2 12849.8 3413.1 9436.7 4458.4 3069.1 920.7 3831.7 2560.5 1146.6 3552.1 355.9

 Q3 12999.7 3450.6 9549.1 4550.4 3114.7 954.6 3866.8 2591.3 1131.8 3661.0 359.2

 Q4 13163.8 3492.3 9671.5 4651.8 3169.7 990.2 3904.9 2624.8 1114.8 3794.6 370.4

1995 -- Q1 13375.2 3554.3 9821.0 4747.3 3221.3 1024.7 3972.4 2682.4 1101.2 3864.1 387.2

 Q2 13591.7 3600.4 9991.3 4844.8 3270.0 1063.4 4047.5 2749.5 1099.0 3974.1 398.5

 Q3 13736.4 3621.9 10114.5 4951.0 3328.2 1102.5 4092.1 2784.6 1071.4 4100.9 420.6

 Q4 13884.2 3636.7 10247.5 5034.9 3368.0 1131.9 4146.4 2829.9 1066.2 4243.9 439.9

1996 -- Q1 14102.9 3696.7 10406.2 5150.1 3448.6 1164.8 4193.0 2864.9 1063.1 4326.4 452.2

 Q2 14276.3 3712.3 10564.0 5249.7 3511.0 1186.7 4243.7 2904.5 1070.6 4498.3 461.3

 Q3 14443.9 3752.6 10691.3 5332.1 3566.9 1204.2 4307.7 2958.4 1051.5 4611.7 487.8

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, December 11, 1996 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total net borrowing 652.1 806.6 989.6 1072.7 1236.5 1180.5 1351.3 1174.0 1240.3 1254.0 1417.8 1229.9 1

 2 Domestic nonfinancial sectors 481.7 543.0 627.0 621.2 720.4 845.7 866.0 578.7 591.4 874.5 693.7 670.4 2

 3 Federal government 278.2 304.0 256.1 155.9 144.4 247.8 184.7 86.0 59.3 239.9 62.4 161.3 3

 4 Nonfederal sectors 203.5 239.0 370.9 465.4 576.0 597.9 681.3 492.7 532.1 634.6 631.3 509.1 4

 5 Household sector 183.8 198.3 255.9 372.4 383.1 382.3 389.9 424.6 335.6 461.0 398.4 329.7 5

 6 Nonfinancial corporate business -53.0 34.1 46.5 121.7 205.1 230.4 268.3 140.5 181.3 139.8 158.4 215.9 6

 7 Nonfarm noncorporate business -11.0 -16.0 4.2 11.9 34.8 38.5 29.1 34.4 37.1 46.3 37.2 41.6 7

 8 Farm business 2.1 1.3 2.0 2.8 1.6 0.8 3.0 3.5 -1.0 0.1 7.1 -1.5 8

 9 State and local governments 81.6 21.1 62.3 -43.4 -48.6 -54.2 -9.0 -110.3 -20.9 -12.5 30.1 -76.5 9

10 Rest of the world 14.8 23.7 70.4 -15.3 69.5 67.1 45.5 88.3 76.9 49.2 36.6 105.8 10

11 Financial sectors 155.6 240.0 292.2 466.7 446.7 267.7 439.9 507.0 572.0 330.3 687.5 453.7 11

12 Commercial banking -13.2 10.0 13.4 20.1 22.5 21.7 39.0 38.9 -9.7 -32.6 40.1 11.1 12

13 U.S.-chartered commercial banks -1.1 11.5 9.7 12.5 11.2 3.8 20.0 13.7 7.3 -7.2 17.5 11.9 13

14 Foreign banking offices in U.S. -9.6 -3.8 -5.1 -2.6 -3.1 1.6 -1.8 -4.4 -7.7 1.2 -5.7 1.0 14

15 Bank holding companies -2.5 2.3 8.8 10.3 14.4 16.3 20.8 29.7 -9.3 -26.6 28.3 -1.8 15

16 Savings institutions -44.7 -7.0 11.3 12.8 2.6 -18.9 -7.2 5.1 31.5 11.0 42.1 31.2 16

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

18 Life insurance companies 0.0 0.0 0.2 0.3 -0.1 -0.0 0.1 -0.1 -0.4 2.5 0.3 -4.4 18

19 Government-sponsored enterprises 9.1 40.2 80.6 172.1 106.9 62.9 127.2 101.5 136.1 37.4 132.9 84.0 19

20 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 20

21 ABS issuers 54.0 58.5 83.3 68.5 132.3 67.6 113.2 164.8 183.5 132.8 128.2 86.2 21

22 Finance companies 17.7 -1.6 0.2 50.2 51.6 80.2 52.0 19.8 54.3 47.1 68.4 30.9 22

23 Mortgage companies -2.4 8.0 0.0 -11.5 0.4 -7.4 14.8 4.0 -10.0 20.0 16.0 6.6 23

24 REITs 1.2 0.3 3.4 13.7 5.4 5.2 5.2 5.2 6.0 5.9 6.5 6.7 24

25 Brokers and dealers 3.7 2.7 12.0 0.5 -5.0 -29.5 -0.1 2.1 7.7 -31.8 13.2 5.6 25

26 Funding corporations -6.5 13.2 2.9 24.2 32.0 62.5 26.4 39.4 -0.4 31.6 70.9 35.0 26

27 Total net lending 652.1 806.6 989.6 1072.7 1236.5 1180.5 1351.3 1174.0 1240.3 1254.0 1417.8 1229.9 27

28 Domestic nonfederal nonfinancial sectors 113.7 105.3 77.1 248.4 -101.0 9.1 -161.5 -67.7 -183.9 -74.9 212.0 -185.6 28

29 Household sector 38.0 98.5 65.2 293.3 32.7 155.1 -117.3 189.3 -96.4 12.4 184.9 -93.2 29

30 Nonfinancial corporate business 30.7 27.8 9.1 49.6 -6.0 -41.7 37.7 -53.1 33.0 -4.4 53.9 35.7 30

31 Nonfarm noncorporate business -5.3 -0.1 -1.1 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 31

32 State and local governments 50.3 -20.9 3.9 -94.8 -127.9 -104.5 -82.2 -204.2 -120.8 -83.3 -27.3 -128.6 32

33 Federal government 10.5 -11.9 -18.4 -24.2 -21.5 -13.1 -24.2 -24.3 -24.4 -20.7 -15.2 -26.3 33

34 Rest of the world 13.3 98.4 129.3 132.3 272.7 249.9 322.2 361.0 157.6 341.1 268.2 470.9 34

35 Financial sectors 514.6 614.9 801.6 716.2 1086.4 934.6 1214.8 905.0 1291.0 1008.5 952.8 971.1 35

36 Monetary authority 31.1 27.9 36.2 31.5 12.7 18.4 16.7 -4.1 19.7 16.9 9.4 19.3 36

37 Commercial banking 80.8 95.3 142.2 163.4 265.9 333.0 319.4 244.8 166.2 121.7 190.1 195.2 37

38 U.S.-chartered commercial banks 35.7 69.5 149.6 148.1 186.5 178.7 222.4 227.0 118.1 80.5 125.5 123.6 38

39 Foreign banking offices in U.S. 48.5 16.5 -9.8 11.2 75.4 153.5 86.6 25.6 36.1 44.2 57.5 72.8 39

40 Bank holding companies -1.5 5.6 -0.0 0.9 -0.3 -1.5 5.3 -9.6 4.6 -5.1 5.3 -1.8 40

41 Banks in U.S.-affiliated areas -1.9 3.7 2.4 3.3 4.2 2.4 5.2 1.8 7.4 2.1 1.7 0.7 41

42 Savings institutions -158.9 -79.0 -23.3 6.7 -7.5 17.8 -11.7 32.2 -68.4 34.1 45.2 40.0 42

43 Credit unions 12.8 17.7 21.7 28.1 16.2 11.6 22.8 11.0 19.5 22.1 34.8 13.9 43

44 Bank personal trusts and estates 10.0 8.0 9.5 7.1 -18.8 -10.8 -20.6 -23.7 -20.2 -18.1 -12.3 -9.3 44

45 Life insurance companies 86.5 78.5 100.9 66.4 99.1 134.9 135.5 72.9 53.2 48.7 2.4 45.4 45

46 Other insurance companies 30.0 6.7 27.7 24.9 21.5 20.8 20.9 21.9 22.3 23.6 23.7 24.9 46

47 Private pension funds 35.4 41.1 45.9 47.0 61.3 58.9 57.2 50.5 78.5 82.6 127.5 45.9 47

48 State and local govt. retirement funds 33.8 5.9 21.1 30.7 22.7 62.9 4.9 2.6 20.2 58.7 50.0 32.5 48

49 Money market mutual funds 32.7 4.7 20.4 30.0 86.5 56.4 134.4 30.0 125.1 175.0 18.4 88.5 49

50 Mutual funds 80.1 126.2 159.5 -7.1 52.5 -13.4 23.4 58.0 141.9 67.5 63.7 34.2 50

51 Closed-end funds 12.8 18.2 14.4 -3.3 13.3 8.4 15.1 16.7 13.2 10.9 9.8 9.0 51

52 Government-sponsored enterprises 15.1 68.8 88.6 120.6 88.9 22.2 93.0 50.0 190.5 39.4 127.8 85.9 52

53 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 53

54 ABS issuers 50.0 53.7 80.8 61.9 112.1 55.5 100.9 154.4 137.4 113.0 118.1 59.4 54

55 Finance companies -9.2 7.5 -9.0 68.2 64.2 85.1 67.2 50.8 53.7 40.9 38.9 38.7 55

56 Mortgage companies 11.2 0.1 -0.0 -22.9 -3.4 -14.4 29.9 7.3 -36.4 47.9 -17.3 13.2 56

57 REITs -0.7 1.1 0.6 4.7 1.8 1.8 1.8 1.8 1.9 1.9 1.7 2.4 57

58 Brokers and dealers 17.5 -1.3 14.8 -44.2 90.1 30.5 146.2 -1.8 185.6 -109.0 -72.0 23.6 58

59 Funding corporations 7.0 18.2 -34.9 -12.7 9.2 31.2 -11.4 3.5 13.7 124.1 23.8 47.8 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, December 11, 1996

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 481.7 543.0 627.0 621.2 720.4 845.7 866.0 578.7 591.4 874.5 693.7 670.4 1

 2 Federal government 278.2 304.0 256.1 155.9 144.4 247.8 184.7 86.0 59.3 239.9 62.4 161.3 2

 3 Treasury securities 292.0 303.8 248.3 155.7 142.9 249.0 183.1 85.6 54.1 242.2 60.2 164.4 3

 4 Budget agency securities and mortgages -13.8 0.2 7.8 0.2 1.5 -1.2 1.6 0.4 5.1 -2.3 2.2 -3.1 4

 5 Nonfederal, by instrument 203.5 239.0 370.9 465.4 576.0 597.9 681.3 492.7 532.1 634.6 631.3 509.1 5

 6 Commercial paper -18.4 8.6 10.0 21.4 18.1 6.0 34.3 18.1 14.1 30.1 10.7 -16.5 6

 7 Municipal securities and loans 87.8 30.5 74.8 -29.3 -44.2 -54.9 -2.2 -107.2 -12.6 -14.2 36.9 -76.2 7

 8 Corporate bonds 78.8 67.6 75.2 23.3 73.3 53.0 98.4 59.8 82.0 60.9 71.5 73.8 8

 9 Bank loans n.e.c. -40.9 -13.7 3.6 73.2 99.6 145.5 99.1 75.3 78.5 29.8 78.8 132.9 9

10 Other loans and advances -48.5 10.1 -9.4 54.4 59.0 82.5 57.3 35.2 61.0 32.9 26.9 56.9 10

11 Mortgages 158.4 130.9 155.2 196.0 228.6 228.2 239.5 255.0 191.7 363.6 318.7 268.0 11

12 Home 173.6 187.6 185.8 203.9 196.9 209.9 190.8 227.9 159.1 319.1 248.8 224.2 12

13 Multifamily residential -5.5 -10.4 -6.0 1.7 10.5 6.6 10.9 11.3 13.3 13.8 18.4 14.7 13

14 Commercial -10.0 -47.8 -25.0 -11.3 19.5 10.0 36.1 13.7 18.2 28.4 46.1 26.0 14

15 Farm 0.4 1.4 0.5 1.8 1.6 1.7 1.7 2.2 1.1 2.4 5.3 3.2 15

16 Consumer credit -13.7 5.0 61.5 126.3 141.6 137.6 155.0 156.4 117.5 131.5 87.8 70.2 16

17 Nonfederal, by sector 203.5 239.0 370.9 465.4 576.0 597.9 681.3 492.7 532.1 634.6 631.3 509.1 17

18 Household sector 183.8 198.3 255.9 372.4 383.1 382.3 389.9 424.6 335.6 461.0 398.4 329.7 18

19 Nonfinancial business -61.9 19.5 52.7 136.4 241.5 269.8 300.4 178.4 217.4 186.2 202.7 255.9 19

20 Corporate -53.0 34.1 46.5 121.7 205.1 230.4 268.3 140.5 181.3 139.8 158.4 215.9 20

21 Nonfarm noncorporate -11.0 -16.0 4.2 11.9 34.8 38.5 29.1 34.4 37.1 46.3 37.2 41.6 21

22 Farm 2.1 1.3 2.0 2.8 1.6 0.8 3.0 3.5 -1.0 0.1 7.1 -1.5 22

23 State and local governments 81.6 21.1 62.3 -43.4 -48.6 -54.2 -9.0 -110.3 -20.9 -12.5 30.1 -76.5 23

24 Foreign borrowing in U.S. 14.8 23.7 70.4 -15.3 69.5 67.1 45.5 88.3 76.9 49.2 36.6 105.8 24

25 Commercial paper 6.4 5.2 -9.0 -27.3 13.6 43.2 -8.7 23.7 -3.9 -8.4 9.6 38.6 25

26 Bonds 15.0 16.8 82.9 12.2 48.3 13.9 51.2 55.2 72.7 47.9 11.1 59.4 26

27 Bank loans n.e.c. 3.1 2.3 0.7 1.4 8.5 8.1 5.6 8.2 11.9 8.7 15.1 4.7 27

28 Other loans and advances -9.8 -0.6 -4.2 -1.6 -0.8 1.9 -2.6 1.3 -3.9 1.1 0.7 3.1 28

29 Domestic and foreign 496.5 566.7 697.4 606.0 789.9 912.8 911.4 667.0 668.3 923.7 730.3 776.3 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 155.6 240.0 292.2 466.7 446.7 267.7 439.9 507.0 572.0 330.3 687.5 453.7 1

 2 Federal government-related 145.7 155.8 165.3 287.5 205.1 86.7 196.5 227.7 309.5 143.8 302.0 244.4 2

 3 Govt.-sponsored enterprise securities 9.2 40.3 80.6 176.9 106.9 62.9 127.2 101.5 136.1 37.4 132.9 84.0 3

 4 Mortgage pool securities 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 4

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

 6 Private financial sectors 9.8 84.2 126.9 179.2 241.6 181.0 243.4 279.3 262.5 186.5 385.5 209.3 6

 7 Open market paper -32.0 -0.7 -6.2 41.6 42.6 37.6 33.9 43.7 55.1 17.8 105.7 85.2 7

 8 Corporate bonds 69.9 82.7 120.1 117.5 184.7 167.6 182.3 217.6 171.6 143.8 201.8 74.7 8

 9 Bank loans n.e.c. 8.8 2.2 -13.0 -12.3 5.5 -5.0 20.7 7.9 -1.8 24.9 23.6 9.6 9

10 Other loans and advances -37.3 -0.6 22.4 22.6 3.4 -24.5 1.3 4.9 32.0 -5.5 48.6 33.9 10

11 Mortgages 0.5 0.6 3.6 9.8 5.3 5.2 5.2 5.2 5.6 5.5 5.8 5.8 11

12 By sector 155.6 240.0 292.2 466.7 446.7 267.7 439.9 507.0 572.0 330.3 687.5 453.7 12

13 Commercial banking -13.2 10.0 13.4 20.1 22.5 21.7 39.0 38.9 -9.7 -32.6 40.1 11.1 13

14 U.S.-chartered commercial banks -1.1 11.5 9.7 12.5 11.2 3.8 20.0 13.7 7.3 -7.2 17.5 11.9 14

15 Foreign banking offices in U.S. -9.6 -3.8 -5.1 -2.6 -3.1 1.6 -1.8 -4.4 -7.7 1.2 -5.7 1.0 15

16 Bank holding companies -2.5 2.3 8.8 10.3 14.4 16.3 20.8 29.7 -9.3 -26.6 28.3 -1.8 16

17 Savings institutions -44.7 -7.0 11.3 12.8 2.6 -18.9 -7.2 5.1 31.5 11.0 42.1 31.2 17

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

19 Life insurance companies 0.0 0.0 0.2 0.3 -0.1 -0.0 0.1 -0.1 -0.4 2.5 0.3 -4.4 19

20 Government-sponsored enterprises 9.1 40.2 80.6 172.1 106.9 62.9 127.2 101.5 136.1 37.4 132.9 84.0 20

21 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 21

22 ABS issuers 54.0 58.5 83.3 68.5 132.3 67.6 113.2 164.8 183.5 132.8 128.2 86.2 22

23 Finance companies 17.7 -1.6 0.2 50.2 51.6 80.2 52.0 19.8 54.3 47.1 68.4 30.9 23

24 Mortgage companies -2.4 8.0 0.0 -11.5 0.4 -7.4 14.8 4.0 -10.0 20.0 16.0 6.6 24

25 REITs 1.2 0.3 3.4 13.7 5.4 5.2 5.2 5.2 6.0 5.9 6.5 6.7 25

26 Brokers and dealers 3.7 2.7 12.0 0.5 -5.0 -29.5 -0.1 2.1 7.7 -31.8 13.2 5.6 26

27 Funding corporations -6.5 13.2 2.9 24.2 32.0 62.5 26.4 39.4 -0.4 31.6 70.9 35.0 27
Z.1, December 11, 1996 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 652.1 806.6 989.6 1072.7 1236.5 1180.5 1351.3 1174.0 1240.3 1254.0 1417.8 1229.9 1

 2 Open market paper -44.0 13.1 -5.1 35.7 74.3 86.8 59.5 85.5 65.3 39.5 126.0 107.3 2

 3 U.S. government securities 424.0 459.8 421.4 448.1 349.5 334.5 381.1 313.7 368.8 383.7 364.4 405.7 3

 4 Municipal securities 87.8 30.5 74.8 -29.3 -44.2 -54.9 -2.2 -107.2 -12.6 -14.2 36.9 -76.2 4

 5 Corporate and foreign bonds 163.6 167.1 278.2 153.0 306.3 234.5 331.9 332.5 326.3 252.5 284.5 207.9 5

 6 Bank loans n.e.c. -29.1 -9.3 -8.6 62.3 113.5 148.7 125.4 91.4 88.6 63.3 117.5 147.1 6

 7 Other loans and advances -95.6 8.9 8.7 70.7 61.6 59.8 56.0 41.3 89.2 28.6 76.2 94.0 7

 8 Mortgages 158.9 131.5 158.8 205.8 233.9 233.4 244.7 260.3 197.2 369.1 324.5 273.9 8

 9 Consumer credit -13.7 5.0 61.5 126.3 141.6 137.6 155.0 156.4 117.5 131.5 87.8 70.2 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 224.1 312.5 453.6 152.2 155.3 50.1 147.0 196.8 227.3 295.6 416.5 141.4 10

11 Corporate equities 76.9 103.4 129.9 23.3 -18.6 -34.0 -18.0 -5.2 -17.2 8.0 65.3 -60.7 11

12 Nonfinancial 18.3 27.0 21.3 -44.9 -73.8 -60.0 -71.3 -92.8 -71.2 -85.2 -16.0 -98.4 12

13 Financial 28.0 44.0 45.2 20.1 4.5 9.6 12.5 -0.6 -3.5 3.4 11.7 11.9 13

 Foreign shares purchased by

14 U.S. residents 30.7 32.4 63.4 48.1 50.7 16.4 40.8 88.2 57.4 89.8 69.7 25.8 14

15 Mutual fund shares 147.2 209.1 323.7 128.9 173.9 84.1 165.0 202.0 244.5 287.6 351.2 202.1 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 652.1 806.6 989.6 1072.7 1236.5 1180.5 1351.3 1174.0 1240.3 1254.0 1417.8 1229.9 1

 2 Official foreign exchange -5.9 -1.6 0.8 -5.8 8.8 17.8 10.3 9.0 -1.9 -0.9 1.6 -26.6 2

 3 SDR certificates 0.0 -2.0 0.0 0.0 2.2 0.0 0.0 8.6 0.0 0.0 0.0 -1.8 3

 4 Treasury currency 0.0 0.2 0.4 0.7 0.6 0.7 0.7 0.8 0.0 0.0 -0.0 2.3 4

 5 Foreign deposits -26.5 -3.5 -18.5 54.0 33.5 34.6 110.8 -29.5 18.2 85.0 0.9 45.4 5

 6 Net interbank transactions -3.4 49.4 50.5 89.7 10.0 -22.3 -4.8 -13.5 80.6 -89.2 -52.1 -90.6 6

 7 Checkable deposits and currency 86.3 113.5 117.3 -9.7 -12.8 31.3 100.2 -113.1 -69.3 43.3 4.5 110.7 7

 8 Small time and savings deposits 1.5 -57.2 -70.3 -40.0 96.5 29.8 95.6 145.6 114.9 212.5 -4.6 36.9 8

 9 Large time deposits -58.5 -73.2 -23.5 19.6 65.6 108.8 74.4 80.2 -0.9 55.1 83.5 161.4 9

10 Money market fund shares 41.6 4.5 20.2 43.3 142.3 74.2 221.1 122.9 151.1 244.0 4.1 147.4 10

11 Security RPs -16.5 43.1 71.2 78.3 110.7 172.5 115.6 95.0 59.8 -19.1 117.7 -24.7 11

12 Corporate equities 76.9 103.4 129.9 23.3 -18.6 -34.0 -18.0 -5.2 -17.2 8.0 65.3 -60.7 12

13 Mutual fund shares 147.2 209.1 323.7 128.9 173.9 84.1 165.0 202.0 244.5 287.6 351.2 202.1 13

14 Trade payables 31.0 46.6 52.4 114.0 96.3 85.0 80.7 129.3 90.1 62.7 126.8 99.4 14

15 Security credit 51.4 4.6 61.4 -0.1 26.7 -5.4 30.1 32.3 49.7 120.6 -37.7 -25.2 15

16 Life insurance reserves 25.9 28.0 36.0 34.5 44.9 50.7 57.6 33.1 38.3 20.1 42.8 43.0 16

17 Pension fund reserves 201.6 241.9 250.5 251.9 240.3 271.8 290.4 211.2 187.8 258.4 287.4 220.8 17

18 Taxes payable -7.4 9.7 5.2 3.2 1.3 12.0 1.0 2.4 -10.2 5.6 6.6 -1.3 18

19 Investment in bank personal trusts 16.1 -7.1 1.6 18.8 -47.7 -44.3 -45.6 -63.9 -37.1 -47.3 -20.2 -13.5 19

20 Noncorporate proprietors’ equity 0.5 16.7 19.7 25.9 41.3 41.7 39.9 45.3 38.3 38.1 23.4 44.0 20

21 Miscellaneous 262.3 264.9 353.4 268.0 501.3 320.9 422.2 426.5 835.5 570.0 279.0 379.7 21

22 Total financial sources 1476.4 1797.5 2371.5 2171.3 2753.7 2410.5 3098.7 2492.9 3012.5 3108.6 2697.9 2478.7 22

 - Liabilities not identified as assets:

23 Treasury currency -0.6 -0.2 -0.2 -0.2 -0.5 -0.2 -0.4 -0.3 -1.0 -1.1 -1.0 1.4 23

24 Foreign deposits -24.0 -2.8 -7.0 44.9 27.2 41.6 101.5 -55.7 21.5 61.4 23.6 22.6 24

25 Net interbank liabilities 26.2 -4.9 4.2 -2.7 -3.1 -0.4 -0.9 12.3 -23.6 10.9 -26.9 -9.2 25

26 Security RPs -10.7 4.1 34.2 32.4 2.8 68.9 -52.4 26.6 -31.9 -34.5 82.5 -85.9 26

27 Taxes payable -2.2 11.9 11.1 8.6 8.7 -7.5 31.0 9.3 2.2 -23.2 24.9 11.8 27

28 Miscellaneous -13.2 -32.2 -139.7 -106.0 -7.5 -251.4 15.1 -34.8 241.0 -198.1 -259.5 -41.9 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -13.1 0.7 -1.5 -4.8 -6.0 4.6 -18.6 3.8 -13.8 8.6 -10.5 28.0 29

30 Other 4.5 1.6 -1.3 -2.8 -3.8 -3.6 -3.8 -3.2 -4.7 -3.8 -4.2 -4.0 30

31 Trade credit 36.1 11.3 -4.0 -3.1 -23.3 48.9 30.0 -46.7 -125.5 43.1 25.6 -33.0 31

 Totals identified to sectors

32 as assets 1473.3 1808.1 2475.6 2205.1 2759.2 2509.6 2997.1 2581.6 2948.4 3245.2 2843.3 2588.9 32
12 Z.1, December 11, 1996

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross Domestic Product (GDP) 5916.7 6244.5 6553.1 6935.8 7253.8 7150.0 7204.9 7309.7 7350.8 7426.9 7545.0 7611.9 1

 2 Personal consumption expenditures (2) 3975.1 4219.8 4454.1 4700.9 4924.9 4840.6 4910.5 4957.9 4990.5 5060.5 5139.4 5165.1 2

 3 Durable goods (3) 455.3 488.5 530.6 580.9 606.4 593.0 604.0 615.8 612.8 625.2 637.6 631.4 3

 4 Nondurable goods and services 3519.9 3731.3 3923.5 4120.0 4318.5 4247.6 4306.5 4342.1 4377.7 4435.3 4501.8 4533.7 4

 5 Gross private domestic investment 736.2 790.5 871.2 1014.4 1065.3 1072.1 1050.3 1074.9 1064.0 1069.0 1096.0 1152.4 5

 6 Fixed investment 738.5 783.4 850.6 954.9 1028.3 1014.0 1016.3 1036.6 1046.2 1070.7 1088.0 1117.6 6

 7 Nonresidential plant and equipment 547.3 557.9 598.8 667.2 738.5 723.6 734.4 746.3 749.7 769.0 773.8 805.7 7

 8 Household sector (nonprofit organizations) 23.1 23.2 25.7 24.6 23.7 23.2 23.5 23.9 24.0 24.6 24.8 25.7 8

 9 Nonfinancial corporate business 371.1 383.6 403.7 436.5 499.8 493.6 495.8 503.9 506.1 519.3 522.4 545.4 9

10 Nonfarm noncorporate business 78.3 70.1 82.7 101.8 117.3 114.5 116.6 118.2 120.0 122.6 123.5 127.6 10

11 Farm business 12.8 12.3 14.0 16.2 16.6 16.8 16.7 17.2 16.0 16.9 16.9 17.8 11

12 Financial corporations 61.9 68.6 72.7 88.0 81.0 75.5 81.8 83.0 83.7 85.6 86.3 89.2 12

13 Residential construction 191.2 225.6 251.8 287.7 289.8 290.4 281.9 290.3 296.5 301.7 314.2 311.9 13

14 Household sector 174.7 207.3 231.4 264.3 266.3 267.3 258.7 266.7 272.6 277.5 289.6 287.0 14

15 Nonfinancial corporate business 1.1 1.3 1.4 1.5 1.5 1.5 1.5 1.6 1.6 1.6 1.6 1.6 15

16 Nonfarm noncorporate business 14.0 15.3 17.0 18.2 19.4 18.9 19.2 19.5 19.8 20.1 20.4 20.7 16

17 Farm business 1.3 1.3 1.3 1.6 1.7 1.8 1.6 1.8 1.6 1.7 1.7 1.7 17

18 REITs 0.2 0.4 0.6 2.2 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 18

19 Change in business inventories -2.3 7.0 20.6 59.5 37.0 58.1 34.0 38.3 17.8 -1.7 8.0 34.8 19

20 Nonfinancial corporate business -1.2 1.9 25.5 45.6 37.6 57.8 34.3 39.4 18.9 2.6 10.7 32.0 20

21 Nonfarm noncorporate business -0.1 0.1 1.3 2.4 2.0 3.0 1.8 2.1 1.0 0.1 0.6 1.7 21

22 Farm business -1.1 5.0 -6.2 11.5 -2.5 -2.7 -2.1 -3.2 -2.1 -4.4 -3.3 1.1 22

23 Net U.S. exports of goods and services -20.5 -29.6 -62.7 -94.3 -94.7 -108.7 -115.3 -87.6 -67.2 -86.3 -99.2 -121.5 23

24 Exports 601.8 639.4 657.8 719.1 807.4 776.1 797.3 819.0 837.0 839.5 850.0 844.1 24

25 - Imports 622.3 669.0 720.5 813.4 902.1 884.8 912.6 906.6 904.2 925.8 949.2 965.6 25

 Government consumption expenditures and

26 gross investment 1226.0 1263.8 1290.5 1314.8 1358.3 1346.0 1359.4 1364.5 1363.5 1383.7 1408.8 1415.9 26

27 Consumption expenditures (4) 1025.4 1054.7 1079.8 1102.5 1136.4 1126.8 1135.7 1139.8 1143.4 1154.9 1173.7 1180.9 27

28 Federal 446.0 451.1 451.9 450.7 453.8 454.6 455.6 453.6 451.4 453.6 463.5 461.6 28

29 State and local 579.5 603.7 627.9 651.8 682.6 672.2 680.1 686.2 692.0 701.3 710.2 719.3 29

30 Gross investment (4) 200.6 209.1 210.6 212.4 221.9 219.2 223.7 224.7 220.1 228.8 235.1 235.0 30

31 Federal 76.6 76.9 70.7 65.7 62.8 65.2 66.5 63.2 56.3 65.0 66.0 63.7 31

32 State and local 124.0 132.2 139.9 146.7 159.1 154.0 157.2 161.5 163.8 163.8 169.1 171.3 32

 Memo:

33 Net U.S. factor income from rest of the world 15.7 11.1 10.6 -3.8 -7.0 -3.0 -2.4 -16.4 -6.3 -0.2 -7.5 -18.2 33

34 U.S. receipts 156.2 137.9 140.7 163.4 208.3 200.8 211.9 207.0 213.4 220.4 223.9 220.7 34

35 - U.S. payments 140.5 126.8 130.1 167.2 215.3 203.8 214.3 223.4 219.7 220.6 231.4 238.9 35

 Gross National Product (GNP) =

36 GDP + net U.S. factor income 5932.5 6255.6 6563.6 6932.1 7246.8 7147.0 7202.5 7293.3 7344.5 7426.7 7537.5 7593.7 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) Considered investment rather than current expenditure in the flow of funds accounts; added back to NIPA-based personal saving in the calculation of gross saving.

(4) Government inventory investment is included in consumption expenditures.
Z.1, December 11, 1996 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 National Income 4719.7 4950.8 5195.3 5501.7 5813.6 5709.8 5755.4 5861.5 5927.6 6015.3 6118.6 6197.7 1

 2 Compensation of employees 3457.9 3644.9 3809.5 4009.9 4222.7 4150.3 4191.6 4247.7 4301.3 4344.2 4420.7 4484.9 2

 3 Wages and other labor income 3150.4 3337.7 3471.6 3644.2 3854.5 3785.5 3825.2 3877.0 3930.5 3967.3 4040.3 4099.7 3

 4 Employer social insurance contributions 307.6 323.0 333.3 350.2 365.5 360.8 363.5 367.8 369.9 375.0 380.4 385.2 4

 5 Wage accruals less disbursements -0.1 -15.8 4.7 15.5 2.7 4.0 2.9 2.9 0.9 1.9 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 362.9 409.5 420.1 450.9 478.3 472.0 474.7 479.6 486.7 499.5 515.2 526.0 6

 7 Nonfarm 332.7 371.5 388.1 415.9 449.3 443.5 447.1 451.5 454.9 461.1 469.4 474.3 7

 8 Farm 30.2 38.0 32.0 35.0 29.0 28.5 27.6 28.1 31.8 38.4 45.8 51.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 68.4 80.7 102.5 116.6 122.2 120.6 121.6 120.9 125.8 126.9 124.5 126.8 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 382.6 401.4 464.4 529.5 586.7 560.0 562.3 612.6 611.9 645.2 655.9 654.7 10

 Corporate profits with inventory

11 valuation adjustment 378.2 398.9 457.7 517.9 570.8 542.6 547.3 598.0 595.4 624.8 633.6 631.0 11

12 Profits before tax 374.2 406.4 464.3 531.2 598.9 594.5 589.6 607.3 604.2 642.2 644.6 628.9 12

13 Domestic nonfinancial 217.1 256.7 303.0 371.7 402.1 404.2 397.0 404.9 402.2 423.1 428.4 418.6 13

14 Farm 1.1 1.1 0.8 0.9 1.0 0.9 0.9 1.0 1.1 1.0 1.1 1.1 14

15 Foreign subsidiaries 68.7 64.9 69.5 64.3 76.7 75.1 79.2 70.9 81.7 83.2 78.5 74.8 15

16 Financial 87.4 83.7 91.0 94.3 119.1 114.3 112.5 130.5 119.2 134.9 136.6 134.4 16

 Less:

17 Profits tax liability 133.4 143.0 163.8 195.3 218.7 217.3 214.2 224.5 218.7 233.4 236.4 231.4 17

18 Domestic nonfinancial 85.0 90.6 103.0 129.4 140.2 141.8 138.1 140.8 140.1 147.3 148.8 144.8 18

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

20 Financial 48.1 52.0 60.3 65.4 78.0 75.1 75.7 83.2 78.1 85.7 87.2 86.2 20

 Equals:

21 Profits after tax 240.8 263.4 300.5 335.9 380.2 377.2 375.4 382.8 385.5 408.8 408.2 397.5 21

22 Dividends 163.1 169.5 197.3 211.1 227.4 221.7 224.6 228.5 234.7 239.9 243.1 245.2 22

23 Domestic nonfinancial 123.8 132.4 151.8 160.9 175.0 171.2 175.2 174.0 179.4 184.7 187.0 184.2 23

24 Farm 0.8 1.2 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 24

25 Foreign subsidiaries 21.6 23.5 16.2 20.6 21.8 19.7 19.9 24.3 23.4 23.1 25.1 31.4 25

26 Financial subsidiaries 16.9 12.5 28.5 28.7 29.7 29.9 28.6 29.3 31.0 31.2 30.1 28.7 26

27 Undistributed profits 77.7 93.9 103.2 124.9 152.9 155.5 150.8 154.3 150.8 168.9 165.1 152.3 27

28 Domestic nonfinancial 8.3 33.7 48.2 81.4 86.9 91.2 83.7 90.1 82.7 91.1 92.7 89.6 28

29 Farm -0.1 -0.5 -0.6 -0.5 -0.4 -0.4 -0.4 -0.4 -0.3 -0.3 -0.3 -0.2 29

30 Foreign subsidiaries 47.1 41.5 53.4 43.7 54.9 55.4 59.3 46.6 58.3 60.1 53.4 43.4 30

31 Financial 22.4 19.3 2.2 0.2 11.4 9.3 8.2 18.0 10.1 18.0 19.3 19.5 31

32 Inventory valuation adjustment 4.0 -7.5 -6.6 -13.3 -28.1 -51.9 -42.3 -9.3 -8.8 -17.4 -11.0 2.1 32

33 Capital consumption adjustment 4.4 2.5 6.7 11.6 15.9 17.4 15.0 14.6 16.5 20.4 22.3 23.7 33

34 Domestic nonfinancial -0.6 -1.6 -0.9 4.6 9.1 10.8 8.3 7.9 9.4 13.2 15.0 16.5 34

35 Farm 1.6 1.3 1.0 0.8 0.5 0.6 0.6 0.5 0.5 0.4 0.4 0.3 35

36 Financial 3.4 2.8 6.6 6.3 6.2 6.0 6.1 6.2 6.6 6.8 6.9 6.9 36

37 Net interest 448.0 414.3 398.9 394.9 403.7 406.9 405.2 400.7 401.9 399.5 402.3 405.3 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 4719.7 4950.8 5195.3 5501.7 5813.6 5709.8 5755.4 5861.5 5927.6 6015.3 6118.6 6197.7 38

 Plus:

39 Business transfer payments to households 20.9 22.5 22.1 22.6 22.6 22.6 22.6 22.6 22.7 22.9 23.0 23.1 39

40 Business transfer payments to rest of the world 5.4 5.9 6.0 7.5 8.2 8.1 8.0 8.2 8.5 8.6 9.4 9.1 40

41 Indirect business taxes and nontaxes 478.1 505.6 540.0 572.5 595.6 586.0 594.8 597.3 604.1 604.1 608.7 614.7 41

42 Private consumption of fixed capital 599.6 626.1 640.0 678.7 679.2 664.6 673.6 681.6 697.0 694.7 704.2 714.3 42

43 Government consumption of fixed capital 123.5 128.2 133.8 140.1 146.7 144.9 146.5 147.2 148.1 148.3 148.6 149.4 43

44 Statistical discrepancy 8.8 43.7 58.1 34.1 -0.8 30.2 20.3 -7.2 -46.6 -49.9 -57.5 -97.7 44

 Less:

 Subsidies less current surplus of

45 government enterprises 23.6 27.1 31.7 25.1 18.2 19.2 18.7 17.9 16.9 17.3 17.5 16.9 45

46 Net U.S. factor income from rest of the world 15.7 11.1 10.6 -3.8 -7.0 -3.0 -2.4 -16.4 -6.3 -0.2 -7.5 -18.2 46

 Equals:

47 Gross Domestic Product 5916.7 6244.5 6553.1 6935.8 7253.8 7150.0 7204.9 7309.7 7350.8 7426.9 7545.0 7611.9 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, December 11, 1996

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 935.3 905.4 935.5 1056.3 1151.8 1114.9 1102.9 1168.6 1220.6 1217.9 1244.5 1308.4 1

 2 Gross private saving 932.0 971.9 962.5 1006.8 1071.8 1043.7 1018.6 1085.9 1139.0 1134.0 1121.7 1190.5 2

 3 Personal saving 246.4 272.7 214.4 189.4 249.3 254.1 218.6 241.8 282.6 265.5 241.1 298.1 3

 4 Undistributed corporate profits 77.7 93.9 103.2 124.9 152.9 155.5 150.8 154.3 150.8 168.9 165.1 152.3 4

 5 Nonfinancial corp. inventory valuation adjustment 4.0 -7.5 -6.6 -13.3 -28.1 -51.9 -42.3 -9.3 -8.8 -17.4 -11.0 2.1 5

 6 Corporate capital consumption adjustment 4.4 2.5 6.7 11.6 15.9 17.4 15.0 14.6 16.5 20.4 22.3 23.7 6

 7 Private consumption of fixed capital 599.6 626.1 640.0 678.7 679.2 664.6 673.6 681.6 697.0 694.7 704.2 714.3 7

 8 Wage accruals less disbursements 0.0 -15.8 4.7 15.5 2.7 4.0 2.9 2.9 0.9 1.9 0.0 0.0 8

 9 Gross government saving 3.3 -66.5 -27.0 49.5 80.0 71.2 84.3 82.7 81.6 83.9 122.8 117.9 9

10 Federal -132.2 -215.0 -187.5 -119.7 -87.9 -99.1 -87.0 -84.6 -80.8 -82.0 -54.1 -48.2 10

11 Consumption of fixed capital 63.9 65.9 68.2 70.7 73.8 73.5 74.2 73.8 73.8 73.2 72.6 72.3 11

12 Current surplus -196.1 -280.9 -255.7 -190.3 -161.7 -172.6 -161.2 -158.4 -154.6 -155.2 -126.7 -120.5 12

13 State and local 135.5 148.5 160.5 169.2 167.8 170.3 171.3 167.3 162.4 165.9 176.9 166.1 13

14 Consumption of fixed capital 59.6 62.3 65.6 69.5 72.9 71.4 72.3 73.4 74.3 75.1 76.0 77.1 14

15 Current surplus 75.8 86.2 94.9 99.7 95.0 98.9 99.0 93.9 88.1 90.8 100.9 89.0 15

16 Capital grants received by the U.S. (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Gross investment 944.1 949.1 993.6 1090.5 1150.9 1145.1 1123.2 1161.4 1174.0 1168.0 1187.0 1210.7 17

18 Gross private domestic investment 736.2 790.5 871.2 1014.4 1065.3 1072.1 1050.3 1074.9 1064.0 1069.0 1096.0 1152.4 18

19 Fixed investment 738.5 783.4 850.6 954.9 1028.3 1014.0 1016.3 1036.6 1046.2 1070.7 1088.0 1117.6 19

20 Nonresidential 547.3 557.9 598.8 667.2 738.5 723.6 734.4 746.3 749.7 769.0 773.8 805.7 20

21 Residential 191.2 225.6 251.8 287.7 289.8 290.4 281.9 290.3 296.5 301.7 314.2 311.9 21

22 Change in business inventories -2.3 7.0 20.6 59.5 37.0 58.1 34.0 38.3 17.8 -1.7 8.0 34.8 22

23 Gross government investment 200.6 209.1 210.6 212.4 221.9 219.2 223.7 224.7 220.1 228.8 235.1 235.0 23

24 Net foreign investment in U.S. 7.4 -50.4 -88.2 -136.3 -136.3 -146.2 -150.8 -138.2 -110.1 -129.8 -144.1 -176.7 24

25 Statistical discrepancy (line 17 less line 1) 8.8 43.7 58.1 34.1 -0.8 30.2 20.3 -7.2 -46.6 -49.9 -57.5 -97.7 25

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.
Z.1, December 11, 1996 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 410.9 552.6 543.6 587.1 549.2 660.6 500.2 619.3 416.9 841.9 614.8 413.7 1

 2 Foreign deposits 1.0 1.2 0.2 3.2 1.8 1.8 5.9 -1.6 1.0 5.4 0.1 3.2 2

 3 Checkable deposits and currency 43.2 98.9 54.5 -8.9 -38.2 30.3 -24.3 -110.8 -48.0 -23.9 -36.4 25.0 3

 4 Time and savings deposits -54.2 -76.5 -106.9 -5.8 152.6 154.0 152.5 184.5 119.6 259.4 73.1 118.8 4

 5 Money market fund shares 9.1 -41.3 5.9 13.7 95.5 42.7 157.2 98.7 83.5 160.3 -37.4 91.6 5

 6 Securities 121.2 275.0 226.0 248.9 -2.1 13.3 -185.9 218.1 -53.8 23.1 231.3 -137.2 6

 7 Open market paper -29.9 -3.3 15.6 -10.5 0.3 -36.0 14.0 34.0 -10.9 -29.5 10.0 24.3 7

 8 U.S. savings bonds 11.9 19.1 14.7 8.0 5.1 5.8 4.8 3.9 5.9 3.4 2.6 1.2 8

 9 Other Treasury securities -20.0 62.6 14.8 205.9 11.0 93.0 -70.1 66.5 -45.4 4.3 -26.9 -97.2 9

10 Agency securities -2.7 47.1 -16.6 124.2 -0.9 -16.1 -77.3 84.0 5.9 -40.5 131.9 140.2 10

11 Municipal securities 38.9 -27.7 -27.7 -50.0 -45.3 -1.5 -24.5 -107.1 -48.3 17.2 20.0 -101.3 11

12 Corporate and foreign bonds 31.6 -5.6 43.8 6.5 55.6 63.4 20.4 144.9 -6.4 2.1 26.7 -29.0 12

13 Corporate equities (2) -22.1 34.6 -56.2 -136.7 -174.1 -160.8 -203.7 -182.6 -149.2 -139.0 -186.8 -168.3 13

14 Mutual fund shares 113.6 148.3 237.7 101.5 146.3 65.5 150.4 174.7 194.5 205.1 253.9 92.9 14

15 Private life insurance reserves 25.6 27.7 35.7 34.3 44.8 51.8 56.4 34.1 37.0 21.1 41.8 44.0 15

16 Private insured pension reserves 46.4 76.7 86.3 71.2 66.7 62.1 69.0 64.1 71.6 46.6 44.0 50.5 16

17 Private noninsured pension reserves 72.5 81.8 82.7 87.2 98.3 119.4 128.1 55.7 90.0 80.6 143.6 81.3 17

18 Govt. insurance and pension reserves 83.0 83.7 81.8 93.7 75.4 89.2 94.6 90.4 27.5 130.2 100.8 88.0 18

19 Investment in bank personal trusts 16.1 -7.1 1.6 18.8 -47.7 -44.3 -45.6 -63.9 -37.1 -47.3 -20.2 -13.5 19

20 Miscellaneous assets 46.9 32.6 75.7 30.8 102.0 140.3 92.3 49.7 125.6 186.3 74.1 62.0 20

21 Gross investment in tangible assets 758.3 823.0 897.9 1021.5 1050.9 1035.9 1040.0 1061.9 1065.7 1084.3 1111.7 1114.7 21

22 Residential structures 174.7 207.3 231.4 264.3 266.3 267.3 258.7 266.7 272.6 277.5 289.6 287.0 22

23 Other fixed assets (3) 129.4 122.2 140.7 162.4 178.7 175.2 177.6 180.6 181.4 185.9 187.3 193.5 23

24 Consumer durables 455.3 488.5 530.6 580.9 606.4 593.0 604.0 615.8 612.8 625.2 637.6 631.4 24

25 Inventories (3) -1.1 5.1 -4.8 13.9 -0.5 0.3 -0.3 -1.1 -1.1 -4.3 -2.7 2.8 25

26 Consumption of fixed capital 612.4 633.9 674.2 716.3 724.5 698.9 716.1 730.4 752.7 728.6 748.5 762.0 26

27 Residential structures 82.7 92.8 89.1 99.5 102.3 100.1 101.4 102.5 105.2 104.7 106.0 106.4 27

28 Other fixed assets (3) 125.4 132.2 136.0 140.2 124.9 122.2 123.0 124.3 130.4 126.5 129.4 132.9 28

29 Consumer durables 404.4 408.9 449.1 476.6 497.3 476.7 491.7 503.6 517.1 497.3 513.1 522.6 29

30 Net investment in tangible assets (4) 145.8 189.1 223.7 305.2 326.4 337.0 324.0 331.5 313.1 355.8 363.3 352.7 30

31 Residential structures 92.0 114.5 142.3 164.7 164.0 167.2 157.3 164.1 167.5 172.8 183.6 180.6 31

32 Other fixed assets (3) 4.1 -10.1 4.8 22.2 53.8 53.1 54.7 56.3 51.0 59.3 57.9 60.6 32

33 Consumer durables 50.9 79.6 81.5 104.3 109.1 116.3 112.3 112.2 95.7 127.9 124.5 108.8 33

34 Inventories (3) -1.1 5.1 -4.8 13.9 -0.5 0.3 -0.3 -1.1 -1.1 -4.3 -2.7 2.8 34

35 Net increase in liabilities 212.9 202.2 295.7 401.5 443.9 417.1 443.7 520.0 394.8 567.1 472.7 378.1 35

36 Mortgage debt on nonfarm homes 173.2 187.1 185.2 203.3 196.3 209.2 190.2 227.2 158.5 318.4 248.2 223.5 36

37 Other mortgage debt (3) 5.3 -28.8 -17.8 3.7 22.9 15.3 29.1 31.3 15.7 43.8 47.7 47.1 37

38 Consumer credit -13.7 5.0 61.5 126.3 141.6 137.6 155.0 156.4 117.5 131.5 87.8 70.2 38

39 Policy loans 4.8 5.7 5.6 7.8 10.5 6.2 6.8 9.3 19.7 7.4 4.8 8.1 39

40 Security credit 16.3 -1.6 22.6 -1.1 3.5 -22.7 -2.7 34.7 4.9 42.1 3.0 -14.4 40

41 Other liabilities (3) 27.1 34.8 38.5 61.5 69.1 71.5 65.3 61.0 78.6 23.8 81.2 43.6 41

42 Personal saving (FOF measure) (5) 343.9 539.5 471.6 490.8 431.7 580.4 380.4 430.9 335.2 630.6 505.3 388.3 42

43 - Govt. insurance and pension reserves 83.0 83.7 81.8 93.7 75.4 89.2 94.6 90.4 27.5 130.2 100.8 88.0 43

44 - Net investment in consumer durables 50.9 79.6 81.5 104.3 109.1 116.3 112.3 112.2 95.7 127.9 124.5 108.8 44

45 - Net saving by farm corporations 1.6 0.8 0.4 0.3 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 45

46 = Personal saving 208.4 375.4 307.9 292.5 247.0 374.6 173.3 228.1 211.9 372.4 279.9 191.5 46

 (NIPA concept, FOF data)

47 Personal saving (NIPA measure) 246.4 272.7 214.4 189.4 249.3 254.1 218.6 241.8 282.6 265.5 241.1 298.1 47

48 Difference (6) -37.9 102.8 93.5 103.0 -2.3 120.5 -45.3 -13.7 -70.7 106.9 38.8 -106.6 48

 Memo:

49 Disposable personal income 4343.7 4613.7 4790.2 5021.7 5320.8 5234.4 5273.0 5348.4 5427.4 5483.6 5541.8 5627.6 49

 Personal saving as a percentage of disposable personal income:

50 FOF measure (line 42) 7.9 11.7 9.8 9.8 8.1 11.1 7.2 8.1 6.2 11.5 9.1 6.9 50

51 NIPA concept, FOF data (line 46) 4.8 8.1 6.4 5.8 4.6 7.2 3.3 4.3 3.9 6.8 5.1 3.4 51

52 NIPA measure (line 47) 5.7 5.9 4.5 3.8 4.7 4.9 4.1 4.5 5.2 4.8 4.4 5.3 52

53 Difference (line 48) -0.9 2.2 2.0 2.1 -0.0 2.3 -0.9 -0.3 -1.3 1.9 0.7 -1.9 53

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

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

(3) Includes corporate farms.

(4) Line 21 less line 26.

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

(6) Household sector discrepancy with sign reversed.
16 Z.1, December 11, 1996

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Personal income 4968.5 5264.2 5480.1 5753.1 6115.1 6004.5 6074.4 6146.9 6234.5 6308.5 6412.4 6501.5 1

 2 - Personal taxes and nontaxes 624.8 650.6 689.9 731.4 794.3 770.1 801.4 798.5 807.1 824.9 870.6 873.9 2

 3 = Disposable personal income 4343.7 4613.7 4790.2 5021.7 5320.8 5234.4 5273.0 5348.4 5427.4 5483.6 5541.8 5627.6 3

 4 - Personal outlays 4097.4 4341.0 4575.8 4832.3 5071.5 4980.3 5054.4 5106.6 5144.8 5218.1 5300.7 5329.5 4

 5 = Personal saving, NIPA (2) 246.4 272.7 214.4 189.4 249.3 254.1 218.6 241.8 282.6 265.5 241.1 298.1 5

 6 + Government insurance and pension reserves 83.0 83.7 81.8 93.7 75.4 89.2 94.6 90.4 27.5 130.2 100.8 88.0 6

 7 + Net investment in consumer durables 50.9 79.6 81.5 104.3 109.1 116.3 112.3 112.2 95.7 127.9 124.5 108.8 7

 8 + Consumption of fixed capital 508.1 523.4 561.0 600.0 624.1 600.7 617.4 630.7 647.4 627.1 644.4 654.5 8

 9 = Gross saving 888.3 959.4 938.7 987.5 1057.9 1060.4 1042.9 1075.1 1053.2 1150.6 1110.8 1149.4 9

10 Gross investment 850.4 1062.2 1032.2 1090.5 1055.6 1180.9 997.6 1061.4 982.5 1257.6 1149.7 1042.8 10

11 Capital expenditures 653.0 719.0 787.8 869.7 896.4 883.5 886.2 906.4 909.5 927.4 952.0 944.1 11

12 Residential construction 174.7 207.3 231.4 264.3 266.3 267.3 258.7 266.7 272.6 277.5 289.6 287.0 12

13 Consumer durable goods 455.3 488.5 530.6 580.9 606.4 593.0 604.0 615.8 612.8 625.2 637.6 631.4 13

14 Nonprofit plant and equipment 23.1 23.2 25.7 24.6 23.7 23.2 23.5 23.9 24.0 24.6 24.8 25.7 14

15 Net financial investment 197.3 343.2 244.4 220.8 159.2 297.4 111.4 155.0 73.0 330.2 197.7 98.7 15

16 Net acquisition of financial assets 405.5 544.7 531.2 600.5 556.1 667.2 508.9 624.5 423.7 843.7 609.5 424.6 16

17 Foreign deposits 1.0 1.2 0.2 3.2 1.8 1.8 5.9 -1.6 1.0 5.4 0.1 3.2 17

18 Checkable deposits and currency 41.4 92.1 45.2 -14.8 -43.6 24.5 -29.7 -116.0 -53.4 -29.8 -42.3 19.2 18

19 Time and savings deposits -54.0 -74.3 -113.5 -8.0 150.3 151.7 150.2 182.2 117.3 257.1 70.8 116.4 19

20 Money market fund shares 9.2 -41.3 5.6 13.6 95.4 42.6 157.1 98.6 83.3 160.1 -37.6 91.4 20

21 Credit market instruments 38.0 98.5 65.2 293.3 32.7 155.1 -117.3 189.3 -96.4 12.4 184.9 -93.2 21

22 Open market paper -29.9 -3.3 15.6 -10.5 0.3 -36.0 14.0 34.0 -10.9 -29.5 10.0 24.3 22

23 U.S. government securities -10.5 128.1 12.5 337.9 14.8 82.3 -143.0 153.9 -34.1 -33.3 107.1 43.6 23

24 Treasury -7.8 81.0 29.1 213.6 15.7 98.4 -65.7 69.9 -39.9 7.2 -24.8 -96.6 24

25 Savings bonds 11.9 19.1 14.7 8.0 5.1 5.8 4.8 3.9 5.9 3.4 2.6 1.2 25

26 Other -19.7 61.9 14.4 205.6 10.6 92.6 -70.5 66.1 -45.8 3.8 -27.4 -97.7 26

27 Agency -2.7 47.1 -16.6 124.2 -0.9 -16.1 -77.3 84.0 5.9 -40.5 131.9 140.2 27

28 Municipal securities 38.9 -27.7 -27.7 -50.0 -45.3 -1.5 -24.5 -107.1 -48.3 17.2 20.0 -101.3 28

29 Corporate and foreign bonds 31.6 -5.6 43.8 6.5 55.6 63.4 20.4 144.9 -6.4 2.1 26.7 -29.0 29

30 Mortgages 8.1 7.1 21.1 9.5 7.3 46.9 15.8 -36.4 3.1 55.8 21.2 -30.8 30

31 Corporate equities (3) -22.1 34.6 -56.2 -136.7 -174.1 -160.8 -203.7 -182.6 -149.2 -139.0 -186.8 -168.3 31

32 Mutual fund shares 113.6 148.3 237.7 101.5 146.3 65.5 150.4 174.7 194.5 205.1 253.9 92.9 32

33 Security credit 24.6 -10.8 26.0 6.7 18.6 15.8 1.1 6.9 50.5 53.5 -16.4 15.2 33

34 Life insurance reserves 25.9 28.0 36.0 34.5 44.9 50.7 57.6 33.1 38.3 20.1 42.8 43.0 34

35 Pension fund reserves 201.6 241.9 250.5 251.9 240.3 271.8 290.4 211.2 187.8 258.4 287.4 220.8 35

36 Investment in bank personal trusts 16.1 -7.1 1.6 18.8 -47.7 -44.3 -45.6 -63.9 -37.1 -47.3 -20.2 -13.5 36

37 Equity in noncorporate business 0.5 16.7 19.7 25.9 41.3 41.7 39.9 45.3 38.3 38.1 23.4 44.0 37

38 Miscellaneous assets 9.6 17.0 13.1 10.6 49.8 51.0 52.3 47.3 48.7 49.7 49.6 53.5 38

39 Net increase in liabilities 208.1 201.5 286.8 379.7 396.9 369.8 397.5 469.5 350.7 513.5 411.8 325.9 39

40 Credit market instruments 183.8 198.3 255.9 372.4 383.1 382.3 389.9 424.6 335.6 461.0 398.4 329.7 40

41 Home mortgages 164.1 161.1 153.7 198.1 198.4 206.7 194.7 232.8 159.2 322.4 249.5 223.7 41

42 Consumer credit -13.7 5.0 61.5 126.3 141.6 137.6 155.0 156.4 117.5 131.5 87.8 70.2 42

43 Municipal securities 7.7 9.3 11.9 14.5 5.8 5.3 8.1 3.7 6.3 4.1 3.6 5.7 43

44 Bank loans n.e.c. -3.4 2.7 7.0 11.4 13.3 13.4 5.6 6.9 27.1 -25.5 25.8 2.1 44

45 Other loans and advances 9.3 9.3 7.1 8.1 9.9 5.8 8.3 7.2 18.3 4.7 6.3 -0.0 45

46 Commercial mortgages 19.9 10.9 14.8 13.9 14.1 13.5 18.3 17.6 7.2 23.8 25.5 28.0 46

47 Security credit 16.3 -1.6 22.6 -1.1 3.5 -22.7 -2.7 34.7 4.9 42.1 3.0 -14.4 47

48 Trade payables 8.8 4.7 7.4 7.5 9.4 9.3 9.4 9.3 9.4 9.6 9.6 9.8 48

 Deferred and unpaid

49 life insurance premiums -0.7 0.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 49

50 Discrepancy 37.9 -102.8 -93.5 -103.0 2.3 -120.5 45.3 13.7 70.7 -106.9 -38.8 106.6 50

 Memo:

 Net physical investment:

51 (A) Residential construction expenditures 174.7 207.3 231.4 264.3 266.3 267.3 258.7 266.7 272.6 277.5 289.6 287.0 51

52 - Consumption of fixed capital 82.7 92.8 89.1 99.5 102.3 100.1 101.4 102.5 105.2 104.7 106.0 106.4 52

53 = Net investment 92.0 114.5 142.3 164.7 164.0 167.2 157.3 164.1 167.5 172.8 183.6 180.6 53

54 - Home mortgages 164.1 161.1 153.7 198.1 198.4 206.7 194.7 232.8 159.2 322.4 249.5 223.7 54

55 = Excess net investment -72.0 -46.7 -11.4 -33.4 -34.3 -39.5 -37.4 -68.7 8.3 -149.6 -65.8 -43.2 55

56 (B) Consumer durable goods expenditures 455.3 488.5 530.6 580.9 606.4 593.0 604.0 615.8 612.8 625.2 637.6 631.4 56

57 - Consumption of fixed capital 404.4 408.9 449.1 476.6 497.3 476.7 491.7 503.6 517.1 497.3 513.1 522.6 57

58 = Net investment 50.9 79.6 81.5 104.3 109.1 116.3 112.3 112.2 95.7 127.9 124.5 108.8 58

59 - Consumer credit -13.7 5.0 61.5 126.3 141.6 137.6 155.0 156.4 117.5 131.5 87.8 70.2 59

60 = Excess net investment 64.6 74.6 20.0 -22.0 -32.5 -21.3 -42.6 -44.2 -21.9 -3.6 36.7 38.6 60

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

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

(3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
Z.1, December 11, 1996 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Income before taxes 697.3 798.8 852.4 955.1 1018.5 1012.8 1009.3 1021.4 1030.7 1065.5 1084.1 1087.4 1

 2 Gross saving 528.2 549.9 593.8 641.4 644.4 616.1 626.4 658.9 676.3 680.0 689.8 700.4 2

 3 Gross investment 539.6 504.3 683.6 644.3 651.4 587.8 633.2 634.1 750.7 658.3 779.4 670.6 3

 4 Capital expenditures 476.1 490.9 540.7 635.4 701.1 705.2 687.9 728.5 682.8 680.4 694.5 750.4 4

 5 Fixed investment 478.5 483.9 520.1 575.9 656.4 647.1 651.4 662.2 665.0 682.1 686.4 714.9 5

 6 Residential construction 16.3 17.9 19.7 21.3 22.6 22.3 22.4 22.8 23.0 23.3 23.7 24.0 6

 7 Plant and equipment 462.3 466.0 500.4 554.6 633.8 624.9 629.0 639.3 642.0 658.8 662.7 690.9 7

 8 Change in inventories -2.3 7.0 20.6 59.5 37.0 58.1 34.0 38.3 17.8 -1.7 8.0 34.8 8

 9 Access rights from federal government -0.1 0.0 0.0 0.0 7.6 0.0 2.4 28.0 0.0 0.0 0.0 0.8 9

10 Net financial investment 63.4 13.4 142.9 8.9 -49.7 -117.5 -54.7 -94.4 67.9 -22.1 85.0 -79.9 10

11 Net acquisition of financial assets 125.3 184.7 382.0 297.0 363.5 194.6 403.2 329.5 526.8 471.5 416.3 423.9 11

12 Foreign deposits 1.8 -0.7 -1.4 0.2 0.5 -5.9 2.0 4.6 1.4 12.1 5.5 6.1 12

13 Checkable deposits and currency 17.5 13.7 22.9 10.3 20.8 -15.2 39.7 44.2 14.3 44.8 55.0 27.7 13

14 Time and savings deposits -6.7 -17.2 28.8 -0.4 0.3 -40.8 27.3 7.4 7.2 -9.3 23.7 16.7 14

15 Money market fund shares 5.1 15.9 -2.3 7.5 30.9 6.9 58.9 17.7 40.2 32.6 13.8 10.2 15

16 Security RPs -0.5 3.4 -2.6 -0.4 0.2 6.0 20.9 -20.8 -5.3 -0.2 6.2 14.5 16

17 Credit market instruments 25.4 27.7 8.0 49.8 -5.7 -41.4 38.0 -52.8 33.3 -4.0 54.3 36.1 17

18 Commercial paper 0.9 2.3 2.4 -0.8 1.0 4.0 -7.5 4.3 3.5 -4.2 9.8 8.4 18

19 U.S. government securities 7.3 21.4 -1.0 34.6 -7.7 -68.2 33.7 -57.2 61.1 -4.8 51.3 38.2 19

20 Municipal securities 20.1 1.0 8.9 4.7 -4.7 -21.2 4.4 4.6 -6.8 -53.4 14.8 9.8 20

21 Mortgages 1.2 0.2 -9.2 1.8 7.2 5.9 5.9 7.9 9.1 7.9 5.9 7.9 21

22 Consumer credit -4.2 2.8 6.9 9.4 -1.6 38.1 1.4 -12.3 -33.5 50.5 -27.6 -28.3 22

23 Mutual fund shares 2.4 5.0 6.8 2.1 4.2 3.0 3.0 3.0 7.9 5.0 9.0 12.0 23

24 Trade receivables -6.9 34.7 49.9 110.3 94.2 22.3 42.3 159.3 152.9 -14.5 80.0 89.5 24

25 Miscellaneous assets 87.3 102.2 271.8 117.6 218.2 259.7 171.2 167.0 274.8 405.1 168.7 210.9 25

26 Net increase in liabilities 61.9 171.2 239.1 288.1 413.2 312.0 457.9 423.9 458.9 493.6 331.3 503.7 26

27 Credit market instruments -61.9 19.5 52.7 136.4 241.5 269.8 300.4 178.4 217.4 186.2 202.7 255.9 27

28 Commercial paper -18.4 8.6 10.0 21.4 18.1 6.0 34.3 18.1 14.1 30.1 10.7 -16.5 28

29 Municipal securities -1.2 -0.0 -0.1 -1.5 -2.9 -7.4 -2.7 -2.0 0.4 -7.6 1.3 -7.3 29

30 Corporate bonds 78.8 67.6 75.2 23.3 73.3 53.0 98.4 59.8 82.0 60.9 71.5 73.8 30

31 Bank loans n.e.c. -37.5 -16.5 -3.3 61.8 86.3 132.1 93.5 68.4 51.4 55.3 53.1 130.8 31

32 Other loans and advances -58.1 0.9 -15.9 47.4 50.6 78.0 50.5 29.6 44.3 30.0 22.5 58.9 32

33 Mortgages -25.5 -41.1 -13.3 -16.0 16.1 8.0 26.5 4.6 25.3 17.4 43.7 16.3 33

34 Corporate equities 18.3 27.0 21.3 -44.9 -73.8 -60.0 -71.3 -92.8 -71.2 -85.2 -16.0 -98.4 34

35 Trade payables 23.0 40.6 34.9 94.3 71.8 71.2 50.4 111.8 53.8 56.6 110.3 76.5 35

36 Taxes payable -7.7 7.9 2.7 3.2 0.0 9.8 0.1 0.2 -9.9 4.7 6.7 -1.6 36

37 Miscellaneous liabilities 100.2 67.1 115.2 66.8 145.7 -6.4 149.2 200.3 239.9 307.9 10.1 237.3 37

38 Proprietors’ net investment -9.9 9.2 12.3 32.4 27.9 27.7 29.1 26.1 28.9 23.3 17.5 34.0 38

39 Discrepancy -11.4 45.6 -89.8 -2.9 -7.0 28.4 -6.8 24.8 -74.4 21.7 -89.6 29.8 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, December 11, 1996

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Profits before tax (book) 217.1 256.7 303.0 371.7 402.1 404.2 397.0 404.9 402.2 423.1 428.4 418.6 1

 2 - Profit tax accruals 85.0 90.6 103.0 129.4 140.2 141.8 138.1 140.8 140.1 147.3 148.8 144.8 2

 3 - Dividends 123.8 132.4 151.8 160.9 175.0 171.2 175.2 174.0 179.4 184.7 187.0 184.2 3

 4 + Consumption of fixed capital 362.8 371.0 385.2 413.0 430.1 423.0 426.9 431.7 438.7 444.6 450.6 457.7 4

 5 = U.S. internal funds, book 371.1 404.7 433.4 494.5 517.0 514.2 510.5 521.8 521.5 535.7 543.3 547.4 5

 6 + Foreign earnings retained abroad 47.1 41.5 53.4 43.7 54.9 55.4 59.3 46.6 58.3 60.1 53.4 43.4 6

 7 + Inventory valuation adjustment (IVA) 4.0 -7.5 -6.6 -13.3 -28.1 -51.9 -42.3 -9.3 -8.8 -17.4 -11.0 2.1 7

 8 = Total internal funds + IVA 422.2 438.6 480.2 524.9 543.8 517.7 527.5 559.1 571.0 578.4 585.7 592.9 8

 9 Gross investment 433.6 393.0 570.0 527.7 550.8 489.4 534.3 534.3 645.3 556.7 675.3 563.0 9

10 Capital expenditures 370.9 386.9 430.6 483.6 546.6 552.9 534.1 572.9 526.5 523.4 534.7 579.8 10

11 Fixed investment (1) 372.2 384.9 405.1 438.0 501.4 495.1 497.3 505.5 507.6 520.9 524.0 547.1 11

12 Inventory change + IVA -1.2 1.9 25.5 45.6 37.6 57.8 34.3 39.4 18.9 2.6 10.7 32.0 12

13 Access rights from federal government -0.1 0.0 0.0 0.0 7.6 0.0 2.4 28.0 0.0 0.0 0.0 0.8 13

14 Net financial investment 62.7 6.2 139.4 44.1 4.2 -63.5 0.2 -38.6 118.8 33.3 140.6 -16.8 14

15 Net acquisition of financial assets 129.8 167.5 357.3 278.1 342.4 173.5 382.7 308.7 504.6 450.0 393.5 400.8 15

16 Foreign deposits 1.8 -0.7 -1.4 0.2 0.5 -5.9 2.0 4.6 1.4 12.1 5.5 6.1 16

17 Checkable deposits and currency 15.7 6.9 13.6 4.3 15.3 -20.9 34.3 38.9 8.9 38.9 49.2 21.9 17

18 Time and savings deposits -6.6 -15.0 22.3 -2.6 -2.0 -43.1 25.0 5.1 4.8 -11.7 21.4 14.3 18

19 Money market fund shares 5.2 15.8 -2.5 7.4 30.8 6.8 58.8 17.6 40.0 32.4 13.6 10.0 19

20 Security RPs -0.5 3.4 -2.6 -0.4 0.2 6.0 20.9 -20.8 -5.3 -0.2 6.2 14.5 20

21 Commercial paper 0.9 2.3 2.4 -0.8 1.0 4.0 -7.5 4.3 3.5 -4.2 9.8 8.4 21

22 U.S. government securities 7.6 20.6 -1.3 34.3 -8.1 -68.6 33.3 -57.6 60.6 -5.2 50.8 37.7 22

23 Municipal securities 20.1 1.0 8.9 4.7 -4.7 -21.2 4.4 4.6 -6.8 -53.4 14.8 9.8 23

24 Mortgages 6.2 1.1 -7.8 1.9 7.3 6.0 6.0 8.0 9.2 8.0 6.0 8.0 24

25 Consumer credit -4.2 2.8 6.9 9.4 -1.6 38.1 1.4 -12.3 -33.5 50.5 -27.6 -28.3 25

26 Trade receivables -5.8 27.6 50.7 106.3 88.7 16.8 36.9 153.9 147.3 -19.5 74.8 84.3 26

27 Mutual fund shares 2.4 5.0 6.8 2.1 4.2 3.0 3.0 3.0 7.9 5.0 9.0 12.0 27

28 Miscellaneous assets 86.9 96.6 261.3 111.1 210.7 252.6 164.2 159.6 266.5 397.4 160.0 202.0 28

29 U.S. direct investment abroad (2) 29.4 35.6 52.1 57.8 86.6 67.0 50.9 79.6 148.8 76.3 93.4 17.0 29

30 Insurance receivables 2.1 13.5 6.6 7.8 3.2 5.5 3.6 2.7 1.1 -0.0 -1.3 -2.6 30

31 Equity in GSEs 0.5 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 1.6 1.4 2.6 31

32 Investment in finance co. subs. 3.1 2.3 0.8 4.1 5.6 2.9 9.9 3.2 6.5 0.0 12.2 7.2 32

33 Other 52.0 45.1 201.6 41.3 115.3 177.2 99.8 74.0 110.0 319.5 54.3 177.8 33

34 Net increase in liabilities 67.1 161.3 217.9 234.0 338.2 237.0 382.5 347.3 385.9 416.7 252.9 417.6 34

35 Net funds raised in markets -34.8 61.1 67.8 76.8 131.3 170.4 197.0 47.7 110.1 54.6 142.4 117.5 35

36 Net new equity issues 18.3 27.0 21.3 -44.9 -73.8 -60.0 -71.3 -92.8 -71.2 -85.2 -16.0 -98.4 36

37 Credit market instruments -53.0 34.1 46.5 121.7 205.1 230.4 268.3 140.5 181.3 139.8 158.4 215.9 37

38 Commercial paper -18.4 8.6 10.0 21.4 18.1 6.0 34.3 18.1 14.1 30.1 10.7 -16.5 38

39 Municipal securities (3) -1.2 -0.0 -0.1 -1.5 -2.9 -7.4 -2.7 -2.0 0.4 -7.6 1.3 -7.3 39

40 Corporate bonds (2) 78.8 67.6 75.2 23.3 73.3 53.0 98.4 59.8 82.0 60.9 71.5 73.8 40

41 Bank loans n.e.c. -37.8 -19.3 -10.8 46.7 64.8 112.1 70.4 45.5 31.2 36.2 27.9 109.7 41

42 Other loans and advances -54.5 4.7 -15.7 42.7 42.4 63.1 47.8 22.7 36.2 18.8 24.2 58.7 42

43 Savings institutions -5.3 -5.0 -0.8 -0.3 1.2 3.3 0.4 0.9 0.4 2.3 0.9 2.0 43

44 Finance companies 1.8 5.0 -6.0 38.7 34.5 56.5 30.0 22.0 29.4 22.0 5.7 19.9 44

45 U.S. government -0.8 -0.1 0.2 0.5 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.5 45

46 Acceptance liabilities to banks -5.9 -2.9 -3.3 -2.1 -0.8 6.5 1.5 -7.6 -3.8 0.1 -3.4 -1.2 46

47 Rest of the world -47.3 4.9 -15.8 1.6 0.0 -8.6 5.7 2.2 0.7 -9.0 10.0 46.9 47

48 ABS issuers 3.0 2.8 10.0 4.2 6.8 4.7 9.5 4.4 8.8 2.7 10.4 -9.3 48

49 Mortgages -20.0 -27.5 -12.2 -11.0 9.4 3.6 20.2 -3.5 17.5 1.4 22.8 -2.6 49

50 Trade payables 23.1 33.4 36.4 91.8 67.6 68.7 42.4 106.1 53.2 56.7 100.9 71.6 50

51 Taxes payable -8.2 7.2 2.0 2.4 -0.8 9.0 -0.7 -0.7 -10.7 3.9 5.9 -2.4 51

52 Miscellaneous liabilities 87.0 59.5 111.7 63.1 140.0 -11.1 143.8 194.3 233.3 301.6 3.7 230.9 52

53 Foreign direct investment in U.S. 11.8 12.8 2.1 35.2 51.4 49.4 52.7 54.5 48.9 63.1 86.4 97.4 53

54 Pension fund contributions payable 3.7 2.0 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 54

55 Other 71.4 44.7 106.5 24.7 85.5 -63.7 87.9 136.6 181.1 235.3 -86.0 130.3 55

56 Discrepancy -11.4 45.6 -89.8 -2.9 -7.0 28.4 -6.8 24.8 -74.4 21.7 -89.6 29.8 56

 Memo:

57 Trade receivables net of trade payables -28.9 -5.8 14.2 14.5 21.1 -51.9 -5.5 47.8 94.1 -76.2 -26.1 12.7 57

58 Financing gap (4) -4.2 -10.3 3.8 2.4 57.7 90.5 65.8 60.4 13.9 5.1 2.5 30.4 58

 Analytical measures (percent)

59 Capital outlays (5)/U.S. internal funds 98.9 97.4 100.9 100.5 111.2 117.6 112.9 111.6 102.7 101.0 100.5 105.5 59

60 Credit market borrowing/capital outlays (5) -14.5 8.7 10.6 24.5 35.7 38.1 46.6 24.1 33.9 25.8 29.0 37.4 60

61 Net funds raised/credit market borrowing 65.6 179.1 145.8 63.1 64.0 74.0 73.4 33.9 60.7 39.1 89.9 54.4 61

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

(2) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

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

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

(5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7).
Z.1, December 11, 1996 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net income with IVA and CCAdj 450.1 504.2 517.5 548.4 587.5 580.1 584.7 588.4 596.7 604.0 609.9 617.1 1

 2 Gross saving = capital consumption 83.0 88.2 90.8 93.2 77.7 76.0 76.1 76.9 81.9 78.6 80.6 84.2 2

 3 Gross investment 83.0 88.2 90.8 93.2 77.7 76.0 76.1 76.9 81.9 78.6 80.6 84.2 3

 4 Capital expenditures 92.2 85.5 101.0 122.4 138.7 136.5 137.6 139.8 140.8 142.8 144.4 150.0 4

 5 Fixed investment (1) 92.3 85.4 99.6 120.0 136.7 133.4 135.8 137.8 139.8 142.7 143.9 148.3 5

 6 Change in inventories -0.1 0.1 1.3 2.4 2.0 3.0 1.8 2.1 1.0 0.1 0.6 1.7 6

 7 Net financial investment -9.2 2.7 -10.2 -29.2 -60.9 -60.5 -61.5 -62.9 -58.8 -64.3 -63.8 -65.8 7

 8 Net acquisition of financial assets -6.7 13.4 21.5 15.3 16.7 17.1 16.2 16.4 17.3 16.7 17.6 17.8 8

 9 Checkable deposits and currency 0.8 5.0 7.6 4.3 3.8 4.1 3.7 3.6 3.7 4.2 4.2 4.2 9

10 Time and savings deposits -0.1 -2.2 6.5 2.2 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.4 10

11 Money market mutual funds -0.1 0.1 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 11

12 Treasury securities -0.3 0.7 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 12

13 Mortgages -5.0 -0.9 -1.5 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 13

14 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Trade receivables -1.1 7.1 -0.8 4.0 5.5 5.5 5.4 5.5 5.6 5.0 5.3 5.2 15

16 Miscellaneous assets -0.9 3.6 9.0 4.5 4.7 4.8 4.4 4.6 5.2 4.6 5.2 5.3 16

17 Insurance receivables 3.8 -2.5 0.8 0.8 1.0 1.1 1.0 1.0 1.0 1.0 1.0 1.0 17

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

19 Other -4.8 6.1 8.0 3.5 3.7 3.7 3.4 3.6 4.2 3.6 4.2 4.3 19

20 Net increase in liabilities 2.5 10.7 31.7 44.5 77.7 77.6 77.7 79.3 76.1 81.0 81.5 83.6 20

21 Credit market instruments -11.0 -16.0 4.2 11.9 34.8 38.5 29.1 34.4 37.1 46.3 37.2 41.6 21

22 Bank loans n.e.c. -1.4 2.7 5.3 13.2 20.5 19.7 20.9 21.1 20.3 20.4 22.0 23.4 22

23 Other loans and advances -3.7 -3.6 0.3 5.5 9.3 16.2 3.5 7.3 10.1 12.2 -0.4 2.5 23

24 Mortgages -5.9 -15.1 -1.5 -6.8 5.0 2.7 4.6 6.0 6.7 13.7 15.7 15.7 24

25 Trade payables -0.3 6.9 -2.5 1.5 3.2 3.1 3.0 3.2 3.5 3.5 3.9 3.9 25

26 Taxes payable 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 26

27 Miscellaneous liabilities 13.2 7.5 3.5 3.8 5.7 4.7 5.4 6.0 6.6 6.4 6.4 6.4 27

28 Proprietors’ net investment 0.2 11.6 25.8 26.6 33.2 30.4 39.3 34.9 28.1 24.0 33.2 30.9 28

(1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 30.2 38.0 32.0 35.0 29.0 28.5 27.6 28.1 31.8 38.4 45.8 51.7 1

 2 Net saving (corporate) 1.6 0.8 0.4 0.3 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 2

 3 Consumption of fixed capital 21.4 22.3 22.4 23.1 22.7 22.2 22.5 22.8 23.3 22.9 23.5 23.3 3

 4 Corporate 1.7 1.9 2.0 2.0 2.1 2.1 2.1 2.1 2.2 2.1 2.2 2.2 4

 5 Noncorporate 19.7 20.4 20.4 21.1 20.6 20.2 20.4 20.7 21.1 20.8 21.3 21.1 5

 6 Gross saving 23.0 23.1 22.8 23.4 22.9 22.4 22.7 22.9 23.4 23.0 23.5 23.4 6

 7 Gross investment 23.0 23.1 22.8 23.4 22.9 22.4 22.7 22.9 23.4 23.0 23.5 23.4 7

 8 Capital expenditures 13.0 18.5 9.2 29.4 15.8 15.9 16.2 15.7 15.5 14.1 15.3 20.6 8

 9 Fixed investment (2) 14.1 13.5 15.3 17.9 18.4 18.6 18.3 18.9 17.6 18.5 18.6 19.5 9

10 Change in inventories -1.1 5.0 -6.2 11.5 -2.5 -2.7 -2.1 -3.2 -2.1 -4.4 -3.3 1.1 10

11 Net financial investment 9.9 4.6 13.7 -5.9 7.1 6.5 6.5 7.2 7.9 8.9 8.2 2.8 11

12 Net acquisition of financial assets 2.2 3.8 3.2 3.6 4.4 4.0 4.2 4.4 4.8 4.8 5.2 5.3 12

13 Checkable deposits and currency 1.0 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 13

14 Miscellaneous assets 1.3 2.0 1.5 2.0 2.7 2.3 2.5 2.8 3.2 3.2 3.5 3.6 14

15 Insurance receivables 1.1 2.1 1.4 2.0 2.8 2.5 2.7 2.9 3.1 3.3 3.5 3.7 15

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

17 Net increase in liabilities -7.7 -0.8 -10.5 9.6 -2.7 -2.6 -2.3 -2.8 -3.1 -4.1 -3.0 2.5 17

18 Credit market instruments 2.1 1.3 2.0 2.8 1.6 0.8 3.0 3.5 -1.0 0.1 7.1 -1.5 18

19 Bank loans n.e.c. 1.7 0.1 2.1 1.9 1.1 0.3 2.2 1.8 -0.0 -1.3 3.2 -2.4 19

20 Other loans and advances 0.0 -0.2 -0.6 -0.8 -1.1 -1.2 -0.8 -0.4 -2.1 -1.0 -1.4 -2.4 20

21 Mortgages 0.4 1.4 0.5 1.8 1.6 1.7 1.7 2.2 1.1 2.4 5.3 3.2 21

22 Trade payables 0.2 0.2 1.0 1.0 1.0 -0.6 4.9 2.5 -2.9 -3.5 5.4 1.0 22

23 Proprietors’ net investment -10.0 -2.3 -13.5 5.8 -5.3 -2.8 -10.2 -8.9 0.8 -0.7 -15.6 3.0 23

(1) Corporate and noncorporate farms.

(2) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 11 and 17, respectively.

(3) Equity in the Farm Credit System.
20 Z.1, December 11, 1996

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Receipts, NIPA basis 784.2 844.3 897.1 946.4 996.1 980.9 994.7 1001.5 1007.1 1022.9 1045.6 1047.7 1

 2 Tax receipts 569.9 607.8 644.4 680.8 718.1 704.0 711.8 725.5 731.0 741.9 752.1 758.2 2

 3 Social insurance receipts 60.9 64.3 66.9 69.7 71.9 71.1 71.6 72.2 72.8 73.4 74.2 75.0 3

 4 Grants-in-aid received 153.4 172.2 185.8 195.9 206.1 205.8 211.3 203.8 203.3 207.6 219.3 214.5 4

 5 Expenditures, NIPA basis 708.4 758.1 802.2 846.6 901.1 882.0 895.7 907.6 919.0 932.1 944.7 958.7 5

 6 Consumption expenditures 579.5 603.7 627.9 651.8 682.6 672.2 680.1 686.2 692.0 701.3 710.2 719.3 6

 7 Net interest and transfers 129.0 154.5 174.2 194.9 218.4 209.8 215.6 221.4 227.0 230.8 234.5 239.4 7

 8 Net surplus, NIPA basis 75.8 86.2 94.9 99.7 95.0 98.9 99.0 93.9 88.1 90.8 100.9 89.0 8

 9 + Consumption of fixed capital 59.6 62.3 65.6 69.5 72.9 71.4 72.3 73.4 74.3 75.1 76.0 77.1 9

10 - Pension fund reserves 57.2 56.0 53.8 65.7 59.4 63.2 63.0 61.9 49.6 48.6 65.1 65.1 10

11 = Gross saving 78.2 92.5 106.7 103.4 108.4 107.1 108.3 105.4 112.8 117.3 111.8 101.0 11

12 Gross investment 73.1 89.4 90.2 110.1 110.1 115.3 106.6 111.8 106.6 105.1 127.9 105.2 12

13 Fixed investment 124.0 132.2 139.9 146.7 159.1 154.0 157.2 161.5 163.8 163.8 169.1 171.3 13

14 Net financial investment -50.9 -42.8 -49.7 -36.6 -49.0 -38.7 -50.6 -49.7 -57.2 -58.7 -41.2 -66.1 14

15 Net acq. of financial assets 31.5 -19.4 13.2 -79.3 -95.4 -90.1 -57.0 -157.9 -76.6 -69.7 -7.9 -141.1 15

16 Checkable deposits and currency 6.1 2.2 1.4 2.5 3.0 -0.1 7.5 -0.4 5.2 -6.8 0.3 -3.2 16

17 Time and savings deposits -10.4 -5.9 -5.0 6.0 9.9 8.1 5.7 9.8 15.9 7.9 11.5 13.6 17

18 Security RPs -16.6 4.9 16.7 12.0 25.7 16.6 14.8 44.0 27.3 15.6 9.2 -20.7 18

19 Credit market instruments 50.3 -20.9 3.9 -94.8 -127.9 -104.5 -82.2 -204.2 -120.8 -83.3 -27.3 -128.6 19

20 U.S. government securities 45.4 -20.2 9.7 -94.2 -125.4 -104.3 -81.2 -198.3 -117.8 -79.3 -24.7 -127.1 20

21 Treasury 23.0 -20.4 26.6 -130.8 -133.1 -87.3 -107.8 -182.7 -154.8 -91.8 -78.4 -80.3 21

22 Agency 22.4 0.2 -16.9 36.6 7.8 -17.1 26.6 -15.5 37.0 12.5 53.7 -46.8 22

23 Municipal securities 1.4 -0.6 -0.5 -2.8 -5.9 -5.3 -5.5 -6.4 -6.1 -6.0 -4.8 -4.0 23

24 Mortgages 3.5 -0.0 -5.4 2.2 3.3 5.1 4.5 0.5 3.1 2.0 2.2 2.5 24

25 Taxes receivable 2.1 0.3 -3.8 -5.1 -6.1 -10.2 -2.8 -7.2 -4.2 -3.2 -1.7 -2.2 25

26 Net increase in liabilities 82.4 23.4 62.9 -42.8 -46.4 -51.4 -6.4 -108.2 -19.4 -11.0 33.3 -74.9 26

27 Credit market instruments 81.6 21.1 62.3 -43.4 -48.6 -54.2 -9.0 -110.3 -20.9 -12.5 30.1 -76.5 27

28 Municipal securities 81.3 21.3 62.9 -42.3 -47.1 -52.9 -7.5 -108.8 -19.2 -10.8 31.9 -74.6 28

29 Short-term 6.9 -1.1 1.8 -2.2 1.2 10.7 -3.8 -13.1 11.2 0.0 4.3 1.8 29

30 Other 74.4 22.3 61.1 -40.2 -48.3 -63.5 -3.7 -95.7 -30.4 -10.8 27.6 -76.3 30

31 U.S. government loans 0.4 -0.1 -0.6 -1.1 -1.5 -1.3 -1.4 -1.5 -1.6 -1.7 -1.8 -1.9 31

32 Trade payables 0.8 2.3 0.6 0.6 2.2 2.8 2.5 2.1 1.4 1.6 3.2 1.6 32

33 Discrepancy 5.2 3.2 16.5 -6.7 -1.7 -8.2 1.7 -6.3 6.2 12.2 -16.0 -4.2 33

(1) Data for retirement funds are shown in table F.120.
Z.1, December 11, 1996 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Receipts, NIPA basis 1149.0 1198.5 1275.3 1377.0 1478.5 1449.3 1483.2 1486.6 1494.8 1523.1 1575.6 1582.2 1

 2 Personal taxes 476.9 490.8 523.6 561.4 614.9 594.6 624.4 617.3 623.3 639.6 681.4 681.3 2

 3 Corporate profits tax accruals 109.7 118.7 137.5 164.4 184.3 183.1 180.7 189.1 184.3 196.5 199.0 194.8 3

 4 Indirect taxes 79.8 81.9 88.2 92.7 91.2 91.7 93.5 88.4 91.3 84.4 83.2 85.7 4

 5 Social insurance receipts 482.6 507.1 526.0 558.6 588.1 579.9 584.6 591.8 595.9 602.6 612.0 620.4 5

 6 Expenditures, NIPA basis 1345.1 1479.4 1530.9 1567.3 1640.2 1621.9 1644.4 1645.0 1649.4 1678.3 1702.3 1702.7 6

 7 Consumption expenditures 446.0 451.1 451.9 450.7 453.8 454.6 455.6 453.6 451.4 453.6 463.5 461.6 7

 8 Transfers, grants, etc. 706.4 832.5 886.7 915.2 957.3 946.4 959.5 959.1 964.1 994.2 1008.0 1007.4 8

 9 Net interest 192.7 195.9 192.3 201.4 229.1 220.9 229.3 232.3 233.9 230.5 230.8 233.7 9

10 Surplus, NIPA basis -196.1 -280.9 -255.7 -190.3 -161.7 -172.6 -161.2 -158.4 -154.6 -155.2 -126.7 -120.5 10

11 + Consumption of fixed capital 63.9 65.9 68.2 70.7 73.8 73.5 74.2 73.8 73.8 73.2 72.6 72.3 11

12 - Insurance and pension reserves 25.8 27.8 27.9 28.0 16.0 26.1 31.6 28.6 -22.1 81.5 35.8 22.9 12

13 = Gross saving -158.0 -242.7 -215.4 -147.6 -103.9 -125.2 -118.6 -113.2 -58.7 -163.5 -89.9 -71.1 13

14 Gross investment -177.1 -275.6 -223.1 -181.5 -137.2 -165.8 -134.3 -190.6 -58.2 -186.4 -93.5 -112.6 14

15 Fixed investment 76.6 76.9 70.7 65.7 62.8 65.2 66.5 63.2 56.3 65.0 66.0 63.7 15

16 Access rights sales 0.1 0.0 -0.0 0.0 -7.6 0.0 -2.4 -28.0 0.0 0.0 -0.0 -0.8 16

17 Net financial investment -253.8 -352.5 -293.8 -247.2 -192.4 -231.0 -198.4 -225.8 -114.5 -251.4 -159.5 -175.6 17

18 Net acq. of financial assets 59.2 -25.4 -5.2 -49.9 -18.7 20.9 26.7 -71.5 -50.9 56.1 -49.4 -14.5 18

19 Gold, SDRs, and official foreign exchange -2.6 -1.7 1.0 -2.7 6.4 13.4 7.3 5.1 -0.0 2.0 1.8 -16.3 19

20 Checkable deposits and currency 27.4 -16.9 20.7 -21.7 -0.0 7.2 78.0 -57.3 -27.9 41.9 -33.8 35.2 20

21 Time and savings deposits 0.1 -0.7 -0.1 -0.1 0.3 1.8 -0.3 -0.0 -0.5 0.4 13.2 -4.1 21

22 Credit market instruments 10.5 -11.9 -18.4 -24.2 -21.5 -13.1 -24.2 -24.3 -24.4 -20.7 -15.2 -26.3 22

23 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Mortgages 15.4 -11.9 -15.4 -14.0 -13.4 -8.4 -17.4 -13.2 -14.7 -9.6 -5.6 -12.3 24

25 Other loans and advances -4.9 -0.0 -2.9 -10.2 -8.1 -4.8 -6.8 -11.1 -9.7 -11.1 -9.6 -14.1 25

26 Trade receivables -4.9 -7.1 -2.6 -4.2 -0.1 -1.7 -1.7 -1.2 4.1 6.3 5.0 8.7 26

27 Taxes receivable -7.4 -2.6 -2.1 -0.3 -1.3 29.7 -27.2 0.3 -8.2 32.0 -16.7 -11.0 27

28 Miscellaneous assets 36.1 15.4 -3.8 3.3 -2.4 -16.2 -5.3 5.8 6.0 -5.8 -3.7 -0.7 28

29 Net increase in liabilities 313.0 327.1 288.6 197.3 173.7 251.9 225.0 154.2 63.6 307.5 110.1 161.1 29

30 SDR certificates 0.0 -2.0 0.0 0.0 2.2 0.0 0.0 8.6 0.0 0.0 0.0 -1.8 30

31 Treasury currency 0.0 0.2 0.4 0.7 0.6 0.7 0.7 0.8 0.0 0.0 -0.0 2.3 31

32 Credit market instruments 278.2 304.0 256.1 155.9 144.4 247.8 184.7 86.0 59.3 239.9 62.4 161.3 32

33 Savings bonds 11.9 19.1 14.7 8.0 5.1 5.8 4.8 3.9 5.9 3.4 2.6 1.2 33

34 Other Treasury securities 280.1 284.6 233.7 147.7 137.9 243.2 178.3 81.7 48.3 238.8 57.5 163.2 34

35 Budget agency securities -13.8 0.2 7.8 0.2 1.5 -1.2 1.6 0.4 5.1 -2.3 2.2 -3.1 35

36 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 0.0 36

37 Trade payables -5.3 -2.8 3.4 8.9 6.1 1.3 2.7 8.0 12.2 0.7 3.2 5.5 37

38 Insurance and pension reserves 25.8 27.8 27.9 28.0 16.0 26.1 31.6 28.6 -22.1 81.5 35.8 22.9 38

39 Miscellaneous liabilities 14.3 -0.1 0.7 3.9 4.5 -24.0 5.4 22.3 14.3 -14.5 8.7 -29.2 39

40 Discrepancy 19.2 32.8 7.7 33.9 33.3 40.6 15.7 77.4 -0.5 22.9 3.7 41.5 40

 Memo:

41 Change in cash balance (1) 14.5 -16.9 19.2 -26.7 -5.7 13.5 59.2 -53.5 -42.1 50.9 -31.2 59.1 41

(1) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, December 11, 1996

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Foreign income from U.S. 750.6 827.8 886.7 1018.9 1151.9 1123.1 1160.0 1164.2 1160.5 1189.7 1218.0 1241.5 1

 2 U.S. imports from abroad 622.3 669.0 720.5 813.4 902.1 884.8 912.6 906.6 904.2 925.8 949.2 965.6 2

 3 U.S. factor payments to foreign 140.5 126.8 130.1 167.2 215.3 203.8 214.3 223.4 219.7 220.6 231.4 238.9 3

 4 Net transfers to foreign -12.1 32.0 36.1 38.3 34.6 34.5 33.1 34.2 36.6 43.3 37.4 37.0 4

 5 Foreign outlays to U.S. 758.0 777.3 798.5 882.5 1015.6 976.9 1009.2 1026.0 1050.4 1059.9 1073.9 1064.8 5

 6 U.S. exports to foreign 601.8 639.4 657.8 719.1 807.4 776.1 797.3 819.0 837.0 839.5 850.0 844.1 6

 7 U.S. factor receipts from foreign 156.2 137.9 140.7 163.4 208.3 200.8 211.9 207.0 213.4 220.4 223.9 220.7 7

 8 Net capital grants from foreign 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Gross saving (1) -7.4 50.4 88.2 136.3 136.3 146.2 150.8 138.2 110.1 129.8 144.1 176.7 9

10 Net financial investment 51.4 103.9 78.6 158.3 130.2 145.0 40.5 324.9 10.5 122.9 216.9 303.7 10

11 Net acquisition of financial assets 89.1 214.1 311.3 302.5 418.8 356.3 414.0 504.8 400.0 452.5 440.7 471.3 11

12 Gold and SDRs (2) -0.2 2.3 -0.5 -0.4 -0.8 -3.5 -0.6 1.4 -0.6 -0.8 -0.5 3.4 12

13 Net interbank assets -19.9 50.3 45.6 92.7 11.2 -4.8 -3.6 -21.9 74.9 -64.3 -40.2 -92.4 13

14 U.S. checkable deposits and currency 13.6 19.7 21.9 25.4 14.7 26.3 9.2 13.8 9.4 -4.4 33.6 19.0 14

15 U.S. time deposits -0.2 -1.1 6.8 1.5 -6.6 -5.4 -14.3 -7.9 1.3 10.8 -6.4 29.1 15

16 Security RPs 1.2 20.9 19.7 -14.8 21.0 39.2 24.1 14.2 6.6 19.8 14.7 -6.5 16

17 Credit market instruments 13.3 98.4 129.3 132.3 272.7 249.9 322.2 361.0 157.6 341.1 268.2 470.9 17

18 Open market paper 0.6 1.6 5.9 6.0 18.7 15.9 17.0 18.1 23.5 -50.1 45.7 20.7 18

19 U.S. government securities 43.9 73.9 108.7 86.6 196.9 186.4 247.8 280.0 73.2 327.5 139.0 322.8 19

20 Official 16.1 22.4 53.0 36.8 72.5 45.0 106.1 84.0 55.0 222.6 -8.5 106.2 20

21 Treasury 14.8 18.5 49.0 30.7 68.8 40.5 100.8 82.0 51.9 222.4 -13.5 101.3 21

22 Agency 1.3 3.9 4.1 6.1 3.7 4.5 5.3 2.1 3.1 0.2 5.0 4.9 22

23 Private 27.8 51.5 55.7 49.8 124.3 141.4 141.7 196.0 18.2 104.9 147.5 216.6 23

24 Treasury 18.8 37.1 24.4 34.2 99.3 119.9 121.5 149.1 6.9 47.3 124.8 167.9 24

25 Agency 8.9 14.3 31.3 15.6 25.0 21.5 20.2 46.9 11.3 57.6 22.6 48.6 25

26 U.S. corporate bonds (3) 16.2 18.1 30.4 38.0 57.2 56.1 51.7 60.6 60.2 72.7 73.6 80.6 26

27 Loans to U.S. corporate business -47.3 4.9 -15.8 1.6 0.0 -8.6 5.7 2.2 0.7 -9.0 10.0 46.9 27

28 U.S. corporate equities 10.4 -5.6 20.9 0.9 16.4 -14.7 21.9 19.5 38.9 12.9 25.4 -3.7 28

29 Trade receivables 0.8 3.0 4.9 2.1 1.0 -0.8 -6.6 3.1 8.1 3.7 1.6 3.0 29

30 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Miscellaneous assets 70.1 26.3 62.6 62.9 89.3 70.0 61.6 121.6 103.8 133.8 144.2 48.5 31

32 Foreign direct investment in U.S. (4) 22.0 17.6 43.0 49.8 60.2 43.2 38.8 99.9 59.1 114.8 69.7 100.6 32

33 Other 48.1 8.7 19.6 13.1 29.0 26.9 22.8 21.6 44.8 19.0 74.5 -52.1 33

34 Net increase in liabilities 37.7 110.3 232.7 144.2 288.6 211.3 373.5 179.9 389.6 329.6 223.8 167.7 34

 U.S. official foreign exchange

35 and net IMF position -5.9 -1.6 0.8 -5.8 8.8 17.8 10.3 9.0 -1.9 -0.9 1.6 -26.6 35

36 U.S. private deposits -26.5 -3.5 -18.5 54.0 33.5 34.6 110.8 -29.5 18.2 85.0 0.9 45.4 36

37 Credit market instruments 14.8 23.7 70.4 -15.3 69.5 67.1 45.5 88.3 76.9 49.2 36.6 105.8 37

38 Commercial paper 6.4 5.2 -9.0 -27.3 13.6 43.2 -8.7 23.7 -3.9 -8.4 9.6 38.6 38

39 Bonds 15.0 16.8 82.9 12.2 48.3 13.9 51.2 55.2 72.7 47.9 11.1 59.4 39

40 Bank loans n.e.c. 3.1 2.3 0.7 1.4 8.5 8.1 5.6 8.2 11.9 8.7 15.1 4.7 40

41 Official -0.4 1.0 -1.0 -0.2 0.4 1.5 -1.7 0.8 1.0 -1.4 4.4 -0.5 41

42 Banks 1.0 0.7 1.2 0.0 2.1 0.3 2.6 4.1 1.5 4.9 3.9 -1.8 42

43 Other 2.5 0.6 0.5 1.6 5.9 6.3 4.7 3.3 9.4 5.2 6.9 7.0 43

44 U.S. government loans -5.4 0.2 -1.1 -1.3 -1.1 0.9 -0.4 -3.6 -1.4 -1.7 1.0 -2.0 44

45 Acceptance liabilities to banks -4.4 -0.7 -3.1 -0.3 0.3 0.9 -2.3 4.9 -2.4 2.8 -0.3 5.2 45

46 Foreign corporate equities (5) 30.7 32.4 63.4 48.1 50.7 16.4 40.8 88.2 57.4 89.8 69.7 25.8 46

47 Trade payables 3.0 1.2 3.3 3.6 5.7 0.9 14.4 -4.6 12.2 -11.2 -5.2 0.4 47

48 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

49 Miscellaneous liabilities 21.6 58.1 113.2 59.6 120.3 74.4 151.8 28.5 226.7 117.6 120.3 16.7 49

50 U.S. equity in IBRD, etc. 1.5 1.4 1.1 1.4 1.5 1.2 1.0 1.6 2.1 1.8 1.4 1.7 50

51 U.S. government deposits 1.0 0.1 0.3 0.2 -0.1 -1.6 0.0 1.0 0.1 0.6 -1.0 0.0 51

52 U.S. direct investment abroad (3,4) 30.4 40.1 78.2 54.5 95.5 60.2 73.0 72.4 176.5 92.8 104.8 33.8 52

53 Other -11.3 16.5 33.6 3.5 23.4 14.6 77.7 -46.5 48.0 22.4 15.1 -18.8 53

54 Discrepancy (FOF basis) (6) -58.7 -53.4 9.6 -22.0 6.1 1.2 110.3 -186.7 99.6 6.9 -72.8 -127.0 54

 Memo:

55 Net U.S. exports, NIPA basis -20.5 -29.6 -62.7 -94.3 -94.7 -108.7 -115.3 -87.6 -67.2 -86.3 -99.2 -121.5 55

56 + Net U.S. factor income (7) 15.7 11.1 10.6 -3.8 -7.0 -3.0 -2.4 -16.4 -6.3 -0.2 -7.5 -18.2 56

57 - Net transfer payments to foreign -12.1 32.0 36.1 38.3 34.6 34.5 33.1 34.2 36.6 43.3 37.4 37.0 57

58 + Net capital grants received 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

 = Net foreign investment in U.S.

59 (NIPA basis) 7.4 -50.4 -88.2 -136.3 -136.3 -146.2 -150.8 -138.2 -110.1 -129.8 -144.1 -176.7 59

(1) Line 1 minus line 5; also equal to line 59 with the sign reversed.

(2) U.S. net sales, sign reversed.

(3) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.

(4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(5) Includes American Depositary Receipts (ADRs).

(6) Balance of payments discrepancy adjusted to NIPA concepts and to incorporate foreign holdings of U.S. currency.

(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, December 11, 1996 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -0.5 1.0 0.1 -2.8 -2.8 -2.8 -2.8 -2.8 -2.8 -2.8 -2.8 -2.8 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 0.3 2

 3 Net acquisition of financial assets 22.3 17.1 42.1 28.2 19.7 40.2 31.8 -15.5 22.5 -4.5 -9.3 64.0 3

 4 Gold and foreign exchange -3.2 -2.2 0.4 -2.6 3.2 7.9 3.6 2.5 -1.3 -2.1 0.3 -13.6 4

 5 SDR certificates 0.0 -2.0 0.0 0.0 2.2 0.0 0.0 8.6 0.0 0.0 0.0 -1.8 5

 6 Treasury currency 0.6 0.4 0.6 0.9 1.0 0.9 1.1 1.1 1.0 1.1 1.0 0.9 6

 7 Federal Reserve float -1.5 2.5 -2.3 -1.6 0.8 3.1 0.9 -0.9 0.1 -0.3 -0.9 3.3 7

 8 Fed. Res. loans to domestic banks 0.0 0.5 -0.6 0.1 -0.1 -0.6 0.5 0.8 -1.1 -0.4 2.4 4.1 8

 9 Security RPs -2.5 -7.8 5.1 -2.6 3.3 10.1 14.8 -11.3 -0.6 -13.5 -20.9 38.7 9

10 Credit market instruments 31.1 27.9 36.2 31.5 12.7 18.4 16.7 -4.1 19.7 16.9 9.4 19.3 10

11 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 U.S. government securities 31.1 27.9 36.2 31.5 12.7 18.4 16.7 -4.1 19.7 16.9 9.4 19.3 12

13 Treasury 31.4 28.5 37.0 32.5 13.7 19.4 17.9 -3.3 20.7 17.3 9.9 19.6 13

14 Agency -0.3 -0.6 -0.8 -1.0 -1.0 -0.9 -1.2 -0.8 -1.0 -0.4 -0.6 -0.3 14

15 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 0.0 15

16 Miscellaneous assets -2.3 -2.2 2.6 2.6 -3.3 0.3 -5.7 -12.3 4.7 -6.1 -0.6 13.1 16

17 Net increase in liabilities 22.1 16.7 41.8 28.0 19.5 30.6 37.4 -15.0 24.9 -6.3 -10.7 64.3 17

18 Depository institution reserves -9.2 2.7 2.9 -4.2 -1.2 -5.5 -2.3 -7.2 10.3 -22.8 18.2 -13.9 18

19 Vault cash of commercial banks 1.0 -1.7 0.8 5.5 2.4 -14.2 0.5 3.3 20.0 -12.2 -4.8 17.5 19

20 Checkable deposits and currency 29.2 17.6 37.1 25.3 17.0 50.8 46.0 -20.6 -8.4 41.6 -16.6 46.5 20

21 Due to federal government 8.8 -10.3 7.2 -7.7 -1.2 9.1 23.7 -27.6 -10.2 25.2 -42.4 24.9 21

22 Due to rest of the world 0.6 -0.7 0.1 -0.1 0.2 0.6 -0.7 0.2 0.9 -0.6 0.1 0.5 22

23 Currency outside banks 19.8 28.7 29.8 33.1 18.0 41.2 23.0 6.7 0.9 17.0 25.7 21.1 23

24 Miscellaneous liabilities 1.1 -1.8 1.0 1.3 1.2 -0.6 -6.8 9.4 3.0 -12.8 -7.6 14.3 24

25 Federal Reserve Bank stock 0.2 0.4 0.3 0.3 0.3 0.4 0.1 0.4 0.2 0.3 0.4 1.6 25

26 Other 0.9 -2.2 0.6 1.1 1.0 -1.0 -6.9 9.0 2.8 -13.1 -8.0 12.7 26

27 Discrepancy -1.0 0.4 -0.5 -3.3 -3.4 -12.7 2.5 -2.6 -0.7 -4.9 -4.5 -2.8 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, December 11, 1996

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 39.6 53.3 51.4 53.2 56.2 56.6 55.8 57.9 54.5 56.0 58.6 55.4 1

 2 Fixed nonresidential investment 32.9 34.2 33.3 31.4 34.6 30.5 35.5 36.1 36.3 37.2 37.5 38.9 2

 3 Net acquisition of financial assets 102.9 181.2 236.9 231.3 335.6 405.8 406.3 282.4 247.9 166.3 245.1 173.4 3

 4 Vault cash 1.0 -1.7 0.8 5.5 2.4 -14.2 0.5 3.3 20.0 -12.2 -4.8 17.5 4

 5 Reserves at Federal Reserve -8.8 2.5 2.5 -3.5 -1.1 -4.4 -2.7 -7.0 9.8 -22.8 19.0 -13.0 5

 6 Checkable deposits and currency -0.8 -0.5 -0.3 0.4 0.2 -0.9 1.0 -1.3 1.7 -0.8 0.4 -0.3 6

 7 Total bank credit 105.1 115.2 162.6 156.8 273.4 326.9 354.3 244.9 167.5 145.1 170.6 166.9 7

 8 U.S. government securities 111.3 104.7 72.5 -26.2 27.0 44.4 46.9 20.6 -3.9 -12.2 28.3 -17.8 8

 9 Treasury 60.4 61.9 27.8 -31.8 -11.7 23.9 -7.6 -37.9 -25.4 -27.5 18.7 -22.8 9

10 Agency 50.9 42.8 44.7 5.5 38.7 20.5 54.4 58.5 21.5 15.3 9.5 5.1 10

11 Municipal securities -14.2 -5.7 1.7 -1.6 -4.2 -8.9 -3.8 -4.3 0.3 -1.6 -1.2 0.2 11

12 Corporate and foreign bonds 7.6 -1.6 3.5 4.3 8.4 -6.2 6.4 24.2 9.2 -4.6 2.7 -0.9 12

13 Total loans -3.1 18.5 83.6 183.7 239.8 297.7 302.5 197.7 161.2 162.3 139.7 183.7 13

14 Open market paper -2.0 -1.4 -1.9 -1.5 -0.1 -5.0 4.6 -1.0 0.9 1.7 -4.7 -2.3 14

15 Bank loans n.e.c. -29.1 -9.3 -8.6 62.3 113.5 148.7 125.4 91.4 88.6 63.3 117.5 147.1 15

16 Mortgages 31.9 19.2 47.3 65.3 77.0 114.6 90.5 67.7 35.0 63.0 26.3 40.0 16

17 Consumer credit -14.5 -6.9 34.2 63.2 44.8 37.9 50.3 48.7 42.4 9.2 24.8 24.9 17

18 Security credit 10.6 16.9 12.7 -5.7 4.6 1.5 31.6 -9.2 -5.7 25.1 -24.3 -26.0 18

19 Corporate equities 1.7 -0.4 0.9 -1.4 2.1 -0.6 1.1 6.1 1.8 0.7 1.7 1.9 19

20 Mutual fund shares 1.8 -0.4 0.5 -1.9 0.3 0.5 1.3 0.5 -1.0 0.6 -0.6 -0.3 20

21 Customers’ liab. on acceptances (2) -10.2 -3.6 -6.4 -2.4 -0.6 7.5 -0.8 -2.6 -6.2 3.0 -3.7 4.0 21

22 Miscellaneous assets 16.5 69.3 77.6 74.5 61.2 90.9 54.0 45.0 55.1 54.0 63.7 -1.7 22

23 Net increase in liabilities 113.3 184.8 241.1 255.1 300.5 349.9 308.9 277.2 266.0 101.0 329.7 92.8 23

24 Net interbank liabilities 4.8 48.4 46.9 88.4 8.8 -2.6 -3.0 -9.7 50.3 -54.1 -65.5 -94.1 24

25 To monetary authority -1.5 3.0 -2.9 -1.5 0.7 2.5 1.5 -0.1 -1.0 -0.7 1.5 7.4 25

26 To domestic banks (3) 26.2 -4.9 4.2 -2.7 -3.1 -0.4 -0.9 12.3 -23.6 10.9 -26.9 -9.2 26

27 To foreign banks -19.9 50.3 45.6 92.7 11.2 -4.8 -3.6 -21.9 74.9 -64.3 -40.2 -92.4 27

28 Checkable deposits 37.6 92.8 74.1 -31.7 -45.9 -17.5 34.0 -110.7 -89.4 -24.1 -7.9 35.6 28

29 Federal government 5.5 -5.9 12.1 -18.9 -4.7 2.7 35.8 -26.0 -31.5 25.3 -2.0 38.4 29

30 Rest of the world -2.0 2.3 -0.4 1.9 0.8 -2.3 -2.1 5.6 2.1 -3.7 15.9 -7.9 30

31 Private domestic 34.1 96.4 62.4 -14.7 -42.0 -17.9 0.3 -90.3 -60.0 -45.6 -21.8 5.2 31

32 Small time and savings deposits 78.9 2.7 -11.9 -1.1 113.7 31.8 136.5 139.4 147.4 211.7 43.1 75.7 32

33 Large time deposits -24.0 -66.8 -21.0 21.3 54.8 73.7 40.7 94.9 9.9 46.7 84.2 151.3 33

34 Federal funds and security RPs (net) -19.3 18.2 41.5 78.2 30.5 84.6 53.5 44.1 -60.3 16.7 96.3 -6.5 34

35 Credit market instruments -13.2 10.0 13.4 20.1 22.5 21.7 39.0 38.9 -9.7 -32.6 40.1 11.1 35

36 Open market paper -20.1 -7.7 -2.5 3.1 -2.2 5.3 -1.9 12.1 -24.2 5.1 12.2 -0.1 36

37 Corporate bonds 4.2 14.5 7.2 7.7 18.5 19.0 27.2 22.6 5.2 -20.7 22.5 6.0 37

38 Other loans and advances 2.7 3.2 8.6 9.3 6.2 -2.6 13.7 4.2 9.3 -16.9 5.3 5.1 38

39 Corporate equity issues 15.7 20.2 7.3 -3.3 -8.9 -2.1 -3.0 -8.5 -22.0 -10.6 -7.8 -5.3 39

40 Taxes payable -0.0 0.2 0.5 0.7 0.9 0.8 0.9 1.0 1.0 1.1 1.1 1.2 40

41 Miscellaneous liabilities 32.9 59.0 90.4 82.4 124.0 159.4 10.2 87.6 238.7 -53.8 146.1 -76.2 41

42 Discrepancy 17.1 22.7 22.4 45.6 -13.5 -29.7 -77.1 16.6 36.3 -46.6 105.7 -64.1 42

 Memo:

43 Credit market funds advanced (4) 80.8 95.3 142.2 163.4 265.9 333.0 319.4 244.8 166.2 121.7 190.1 195.2 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, December 11, 1996 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 28.6 43.5 35.2 29.2 29.3 30.7 30.6 33.2 22.7 26.7 29.9 18.7 1

 2 Fixed nonresidential investment 31.2 32.1 31.0 28.9 31.8 27.8 32.8 33.3 33.4 34.2 34.4 35.7 2

 3 Net acquisition of financial assets 33.0 73.7 157.1 153.9 200.5 198.3 252.3 215.1 136.3 86.8 143.9 123.6 3

 4 Vault cash and reserves at Federal Reserve -7.5 1.1 3.0 2.0 1.5 -16.4 -3.6 -2.5 28.3 -33.5 13.6 4.2 4

 5 Total bank credit 46.0 71.9 157.5 140.5 194.8 169.5 248.4 219.2 142.3 71.5 109.3 113.4 5

 6 U.S. government securities 96.6 85.5 56.8 -25.2 -17.1 -66.1 -7.5 33.4 -27.9 -37.8 5.8 -25.6 6

 7 Treasury 50.3 46.6 20.6 -27.0 -40.4 -56.8 -43.2 -23.7 -38.0 -45.7 1.0 -21.3 7

 8 Agency 46.3 38.9 36.2 1.8 23.4 -9.4 35.6 57.1 10.1 7.9 4.9 -4.3 8

 9 Mortgage pool securities 9.0 1.8 17.6 9.1 12.9 -17.5 -1.4 49.3 21.1 38.2 19.2 -6.1 9

10 Agency-issued CMOs 34.6 33.3 11.1 -14.4 -18.4 -11.7 -10.1 -18.4 -33.3 -14.9 -25.5 -4.5 10

11 Other agency securities 2.7 3.8 7.5 7.1 28.8 19.8 47.2 26.2 22.2 -15.4 11.2 6.4 11

12 Municipal securities -14.1 -5.7 1.9 -2.0 -4.3 -8.9 -3.7 -4.7 0.2 -1.8 -1.2 0.6 12

13 Corporate and foreign bonds 4.3 -3.2 0.1 -0.6 3.3 -13.5 2.2 14.8 9.6 0.3 -2.7 -9.6 13

14 Private mortgage pool securities 0.3 0.3 0.9 -1.1 0.9 -1.3 0.6 1.7 2.6 -0.5 -0.6 0.6 14

15 Privately issued CMOs 0.4 -6.6 -1.8 1.7 3.5 0.6 3.7 4.2 5.3 3.7 -1.7 -12.9 15

16 Other bonds 3.6 3.1 1.0 -1.2 -1.1 -12.8 -2.1 8.9 1.7 -2.9 -0.3 2.7 16

17 Total loans -44.3 -4.1 97.3 171.5 210.5 258.2 255.0 169.0 159.7 109.5 106.2 146.4 17

18 Open market paper -1.0 -1.6 -1.0 -1.3 0.3 -1.0 2.1 0.2 0.0 0.7 -2.7 -1.9 18

19 Bank loans n.e.c. -53.5 -19.7 7.4 45.6 75.9 104.3 83.8 60.5 54.8 38.5 69.2 91.5 19

20 Mortgages 22.5 21.1 52.6 68.5 81.2 119.9 94.2 70.8 39.9 69.2 29.6 39.8 20

21 Consumer credit -14.5 -6.9 34.2 63.2 44.8 37.9 50.3 48.7 42.4 9.2 24.8 24.9 21

22 Security credit 2.2 3.1 4.1 -4.6 8.3 -2.8 24.6 -11.3 22.5 -8.1 -14.8 -7.8 22

23 Corporate equities 1.7 -0.4 0.9 -1.4 2.1 -0.7 1.1 6.2 1.7 0.7 1.7 2.0 23

24 Mutual fund shares 1.8 -0.4 0.5 -1.9 0.3 0.5 1.3 0.5 -1.0 0.6 -0.6 -0.3 24

25 Customers’ liab. on acceptances (1) -4.6 -0.1 -2.4 -0.2 2.4 6.2 1.0 3.3 -1.0 2.1 2.6 4.0 25

26 Miscellaneous assets -0.9 0.8 -0.9 11.7 1.8 39.1 6.5 -4.9 -33.3 46.5 18.3 2.0 26

27 Net increase in liabilities 52.6 85.0 175.7 199.3 189.8 165.8 177.5 231.8 184.1 47.6 254.1 76.6 27

28 Net interbank liabilities 7.9 12.8 29.1 78.9 -6.6 -39.1 -15.8 21.6 7.1 -135.8 -26.2 -96.6 28

29 Federal Reserve float -1.5 2.5 -2.3 -1.6 0.8 3.1 0.9 -0.9 0.1 -0.3 -0.9 3.3 29

30 Borrowing from Federal Reserve banks 0.0 0.5 -0.6 0.1 -0.1 -0.6 0.5 0.8 -1.1 -0.4 2.4 4.1 30

31 To domestic banking 17.9 14.6 13.3 5.6 -7.3 -49.8 -4.0 25.0 -0.5 -79.8 6.7 -30.1 31

32 To foreign banks -8.6 -4.8 18.7 74.7 0.0 8.2 -13.3 -3.4 8.6 -55.4 -34.4 -73.9 32

33 Checkable deposits 37.6 92.8 73.8 -32.2 -46.0 -13.4 33.3 -110.6 -93.2 -23.0 -9.5 38.4 33

34 Federal government 5.5 -5.9 12.1 -18.9 -4.7 2.7 35.8 -26.0 -31.5 25.3 -2.0 38.4 34

35 Rest of the world -2.2 1.7 -0.3 1.5 0.9 -0.5 -0.8 4.9 0.0 -1.9 12.9 -4.7 35

36 Private domestic 34.3 96.9 61.9 -14.9 -42.1 -15.6 -1.6 -89.6 -61.7 -46.3 -20.4 4.7 36

37 Small time and savings deposits 80.0 2.1 -10.9 -0.7 113.3 33.2 133.7 139.6 146.5 212.0 44.2 76.7 37

38 Large time deposits -73.1 -76.2 -20.0 17.9 42.6 63.9 33.3 33.3 39.8 28.1 64.0 65.7 38

39 Federal funds and security RPs (net) -27.1 17.4 45.4 71.7 28.3 88.8 32.0 49.9 -57.4 3.5 69.2 -4.5 39

40 Acceptance liabilities -4.7 -0.1 -2.5 -0.3 2.3 6.0 0.8 3.4 -0.8 2.2 2.4 4.0 40

41 Corporate bonds 0.9 8.4 3.6 3.4 2.7 0.4 5.5 6.1 -1.2 7.5 9.8 2.7 41

42 Other loans and advances 2.7 3.2 8.6 9.3 6.2 -2.6 13.7 4.2 9.3 -16.9 5.3 5.1 42

43 Corporate equity issues 0.9 4.3 1.9 1.8 2.5 0.6 4.9 1.6 2.8 3.2 6.4 6.7 43

44 Taxes payable -0.0 0.2 0.5 0.7 0.9 0.8 0.9 1.0 1.0 1.1 1.1 1.2 44

45 Miscellaneous liabilities 27.6 20.1 46.2 48.8 43.6 27.2 -64.8 81.8 130.2 -34.4 87.3 -23.0 45

46 Investment by bank holding companies 19.4 27.8 31.6 17.5 40.1 51.8 35.3 45.7 27.6 16.3 53.5 -6.9 46

47 Other 8.2 -7.6 14.6 31.3 3.5 -24.6 -100.1 36.1 102.5 -50.6 33.8 -16.1 47

48 Discrepancy 16.9 22.7 22.8 45.8 -13.2 -29.6 -76.9 16.7 37.1 -46.7 105.7 -64.0 48

 Memo:

49 Credit market funds advanced (2) 35.7 69.5 149.6 148.1 186.5 178.7 222.4 227.0 118.1 80.5 125.5 123.6 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, December 11, 1996

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 0.4 0.6 0.5 0.6 0.7 0.6 0.7 0.7 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.4 1.7 1.9 2.1 2.4 2.3 2.3 2.4 2.5 2.5 2.6 2.7 2

 3 Net acquisition of financial assets 71.0 64.4 32.9 47.5 76.5 142.1 84.4 17.4 62.1 49.1 33.1 24.7 3

 4 Reserves at Federal Reserve -0.3 -0.3 0.3 -0.0 -0.1 -2.1 1.4 -1.1 1.5 -1.6 0.5 0.3 4

 5 Total bank credit 62.5 34.0 2.8 12.1 74.7 156.5 95.4 33.5 13.2 76.6 54.3 54.7 5

 6 U.S. government securities 13.4 11.7 13.9 -1.9 43.9 115.2 46.3 -3.9 17.8 29.3 22.6 10.8 6

 7 Treasury 9.4 8.7 6.5 -3.5 29.6 82.3 26.9 -4.1 13.4 22.0 17.0 -0.7 7

 8 Agency 4.0 2.9 7.4 1.5 14.3 32.8 19.5 0.2 4.5 7.3 5.6 11.5 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 3.7 1.0 1.4 5.1 4.6 6.0 3.8 9.5 -0.9 -3.4 0.8 8.3 10

11 Total loans 45.4 21.3 -12.5 9.0 26.2 35.3 45.3 27.8 -3.8 50.7 30.8 35.6 11

12 Open market paper -1.0 0.2 -0.9 -0.2 -0.4 -3.9 2.5 -1.2 0.9 0.9 -2.0 -0.3 12

13 Bank loans n.e.c. 29.3 9.9 -13.7 15.1 35.4 40.7 40.4 30.3 30.3 24.3 45.9 54.5 13

14 Mortgages 8.8 -2.7 -6.5 -4.8 -5.1 -5.7 -4.7 -3.3 -6.8 -7.7 -3.6 -0.3 14

15 Security credit 8.4 13.9 8.6 -1.2 -3.7 4.3 7.0 2.0 -28.2 33.2 -9.5 -18.2 15

16 Corporate equities 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 16

17 Customers’ liab. on acceptances (2) -5.6 -3.6 -4.0 -2.1 -2.9 1.3 -1.8 -5.9 -5.2 0.8 -6.3 -0.1 17

18 Miscellaneous assets 14.3 34.3 33.8 37.6 4.9 -13.6 -10.6 -9.0 52.6 -26.8 -15.4 -30.2 18

19 Net increase in liabilities 72.1 65.7 34.3 49.2 78.3 143.8 86.2 19.3 64.0 51.1 35.2 26.8 19

20 Net interbank liabilities 1.8 32.3 16.9 11.2 18.6 42.3 17.6 -19.2 33.6 41.7 -44.8 10.7 20

21 To foreign banks -5.6 49.3 29.2 25.8 15.0 -7.4 13.0 -9.1 63.5 -4.5 -17.8 -12.7 21

22 To domestic banks 7.5 -17.0 -12.3 -14.6 3.6 49.7 4.6 -10.1 -29.9 46.2 -27.0 23.4 22

23 Checkable deposits 0.2 -0.6 0.0 0.4 -0.1 -2.5 -0.8 0.8 2.1 -0.4 0.7 -3.0 23

24 Small time and savings deposits -0.1 0.2 -0.8 -1.1 -0.7 -2.3 1.8 -1.2 -1.3 -1.2 -2.4 -0.2 24

25 Large time deposits 50.1 9.0 -0.8 2.6 11.0 8.9 6.5 60.7 -32.1 17.7 18.9 86.4 25

26 Federal funds and security RPs (net) 8.8 0.7 -4.3 6.7 1.8 -5.7 14.7 0.3 -2.2 12.6 27.2 -2.8 26

27 Acceptance liabilities -9.6 -3.8 -5.1 -2.6 -3.1 1.6 -1.8 -4.4 -7.7 1.2 -5.7 1.0 27

28 Miscellaneous liabilities 20.9 28.0 28.5 32.0 50.9 101.5 48.1 -17.7 71.6 -20.6 41.3 -65.4 28

29 Foreign direct investment in U.S. 2.6 3.3 3.3 4.0 5.8 7.6 -0.8 9.2 7.4 4.0 4.0 0.8 29

30 Due to affiliates -17.3 -8.8 2.3 13.2 3.0 14.0 1.2 2.3 -5.5 4.0 -2.6 2.4 30

31 Other 35.6 33.5 22.9 14.7 42.0 79.9 47.7 -29.2 69.7 -28.6 39.9 -68.6 31

32 Discrepancy 0.0 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.3 32

 Memo:

33 Credit market funds advanced (3) 48.5 16.5 -9.8 11.2 75.4 153.5 86.6 25.6 36.1 44.2 57.5 72.8 33

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies, 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, December 11, 1996 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 10.5 9.0 15.5 23.2 26.0 25.0 24.3 23.8 30.8 28.3 27.7 35.7 1

 2 Fixed nonresidential investment 0.1 0.1 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 2.1 40.5 45.1 26.2 52.6 65.5 61.9 48.8 34.4 29.9 65.6 23.0 3

 4 Credit market instruments -1.5 5.6 -0.0 0.9 -0.3 -1.5 5.3 -9.6 4.6 -5.1 5.3 -1.8 4

 5 U.S. government securities 0.8 4.9 0.1 1.0 -1.3 -5.4 6.0 -9.4 3.6 -2.2 0.1 -2.4 5

 6 Treasury 0.3 5.1 -0.8 -0.7 -1.2 -2.5 6.7 -10.4 1.5 -2.4 -0.1 1.6 6

 7 Agency 0.5 -0.2 0.9 1.7 -0.2 -2.9 -0.8 0.9 2.1 0.2 0.2 -4.1 7

 8 Corporate and foreign bonds -0.5 0.3 1.7 -0.1 0.6 1.4 0.3 1.0 -0.4 -1.4 4.8 0.8 8

 9 Bank loans n.e.c. -1.9 0.4 -1.8 -0.1 0.4 2.6 -1.0 -1.2 1.4 -1.5 0.3 -0.1 9

10 Miscellaneous assets 3.6 34.8 45.2 25.3 53.0 67.0 56.6 58.4 29.8 35.0 60.3 24.8 10

11 Investment in bank subsidiaries 19.4 27.8 31.6 17.5 40.1 51.8 35.3 45.7 27.6 16.3 53.5 -6.9 11

12 Investment in nonbank subsidiaries -14.3 2.3 13.0 0.2 8.2 8.5 24.1 -4.2 4.4 14.8 10.6 33.7 12

13 Other -1.6 4.8 0.5 7.7 4.6 6.7 -2.8 16.8 -2.3 3.9 -3.8 -2.0 13

14 Net increase in liabilities -8.3 31.6 29.8 3.2 26.8 40.7 37.7 25.2 3.7 1.8 38.0 -12.5 14

15 Net interbank liabilities -4.9 3.4 0.9 -1.7 -3.2 -5.8 -4.8 -12.0 9.6 40.0 5.5 -8.3 15

16 To domestic banks 0.8 -2.5 3.2 6.2 0.6 -0.2 -1.5 -2.6 6.8 44.4 -6.5 -2.5 16

17 To foreign banks -5.7 5.8 -2.3 -7.8 -3.8 -5.5 -3.3 -9.4 2.8 -4.4 12.0 -5.8 17

18 Federal funds and security RPs (net) -0.9 0.2 0.4 -0.2 0.4 1.5 6.9 -6.1 -0.6 0.6 -0.1 0.8 18

19 Credit market instruments -2.5 2.3 8.8 10.3 14.4 16.3 20.8 29.7 -9.3 -26.6 28.3 -1.8 19

20 Commercial paper -5.8 -3.9 5.2 5.9 -1.4 -2.3 -0.9 13.2 -15.7 1.6 15.5 -5.1 20

21 Corporate bonds 3.3 6.1 3.6 4.3 15.8 18.6 21.8 16.5 6.4 -28.3 12.7 3.3 21

22 Corporate equity issues 14.7 15.9 5.4 -5.1 -11.3 -2.7 -7.9 -10.0 -24.7 -13.8 -14.2 -12.0 22

23 Miscellaneous liabilities -14.7 9.9 14.2 -0.2 26.6 31.3 22.8 23.6 28.7 1.7 18.7 8.9 23

24 Equity, etc. 5.2 22.1 22.0 -7.6 12.7 23.7 16.1 10.2 0.8 -19.2 15.6 -26.1 24

25 Other -19.9 -12.2 -7.8 7.5 13.9 7.6 6.7 13.4 27.9 20.9 3.1 35.0 25

26 Discrepancy 0.1 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 26

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.1 0.1 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 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2

 3 Net acquisition of financial assets -3.2 2.6 1.7 3.7 5.9 -0.1 7.7 1.1 15.1 0.5 2.6 2.1 3

 4 Checkable deposits and currency -0.8 -0.5 -0.3 0.4 0.2 -0.9 1.0 -1.3 1.7 -0.8 0.4 -0.3 4

 5 Credit market instruments -1.9 3.7 2.4 3.3 4.2 2.4 5.2 1.8 7.4 2.1 1.7 0.7 5

 6 U.S. government securities 0.4 2.6 1.7 -0.2 1.5 0.8 2.1 0.5 2.6 -1.5 -0.3 -0.5 6

 7 Treasury 0.3 1.5 1.5 -0.6 0.2 0.8 2.0 0.3 -2.2 -1.3 0.8 -2.4 7

 8 Agency 0.1 1.1 0.2 0.5 1.3 -0.0 0.1 0.2 4.8 -0.1 -1.2 1.9 8

 9 Municipal securities -0.1 -0.0 -0.2 0.4 0.1 -0.1 -0.2 0.4 0.1 0.1 -0.0 -0.4 9

10 Corporate and foreign bonds 0.1 0.2 0.2 -0.1 -0.1 -0.0 0.0 -1.1 0.8 -0.1 -0.3 -0.3 10

11 Bank loans n.e.c. -3.0 0.2 -0.5 1.7 1.8 1.1 2.2 1.8 2.1 2.1 2.1 1.3 11

12 Home mortgages -0.0 1.0 1.2 0.6 1.0 0.3 2.0 0.0 1.5 0.5 0.9 1.2 12

13 Commercial mortgages 0.7 -0.2 0.1 0.9 -0.0 0.2 -1.0 0.2 0.4 0.9 -0.6 -0.7 13

14 Miscellaneous assets -0.5 -0.7 -0.4 -0.1 1.6 -1.6 1.5 0.5 6.0 -0.8 0.5 1.7 14

15 Net increase in liabilities -3.1 2.5 1.3 3.5 5.5 -0.3 7.4 0.9 14.2 0.4 2.3 1.8 15

16 Checkable deposits -0.2 0.6 0.3 0.1 0.2 -1.5 1.5 -0.9 1.7 -0.8 1.0 0.3 16

17 Small time and savings deposits -1.0 0.4 -0.2 0.8 1.2 0.9 0.9 0.9 2.1 0.9 1.2 -0.9 17

18 Large time deposits -1.0 0.4 -0.2 0.8 1.2 0.9 0.9 0.9 2.1 0.9 1.2 -0.9 18

19 Miscellaneous liabilities -0.9 1.1 1.4 1.8 2.9 -0.6 4.2 -0.1 8.2 -0.5 -1.1 3.3 19

20 Discrepancy 0.1 -0.2 -0.5 -0.2 -0.5 -0.3 -0.3 -0.2 -1.0 -0.2 -0.3 -0.4 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the Virgin Islands, Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, December 11, 1996

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 17.4 9.2 7.2 6.0 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 1

 2 Fixed nonresidential investment 0.8 0.8 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 2

 3 Net acquisition of financial assets -188.3 -93.8 -49.0 -15.6 -0.5 11.6 8.8 28.8 -51.3 15.6 26.7 44.6 3

 4 Reserves at Federal Reserve -0.5 0.1 0.4 -0.6 -0.1 -1.1 0.4 -0.2 0.5 -0.0 -0.8 -0.9 4

 5 Checkable deposits and currency 2.0 -0.6 3.1 -1.5 1.6 -6.6 3.9 0.5 8.3 -6.2 -1.3 -1.5 5

 6 Time and savings deposits -0.3 -1.3 -0.7 -1.8 -0.2 -0.9 -0.2 0.3 0.1 -0.4 -0.1 0.3 6

 7 Federal funds and security RPs -6.6 -0.6 -3.9 -4.1 4.8 9.2 4.5 0.8 4.6 -0.0 -7.8 1.7 7

 8 Credit market instruments -158.9 -79.0 -23.3 6.7 -7.5 17.8 -11.7 32.2 -68.4 34.1 45.2 40.0 8

 9 Open market paper 0.5 -0.7 -0.3 -0.2 0.0 0.0 0.6 -0.3 -0.1 0.1 0.0 -0.1 9

10 U.S. government securities -41.5 7.0 -1.5 11.5 -4.1 0.1 -15.1 12.9 -14.1 -1.5 7.8 -15.5 10

11 Treasury -0.9 9.0 -5.7 -1.1 -8.7 -13.8 -9.2 0.6 -12.5 1.4 2.8 -5.4 11

12 Agency -40.6 -2.0 4.2 12.6 4.7 13.8 -5.9 12.3 -1.6 -2.9 4.9 -10.1 12

13 Municipal securities -0.6 -0.4 0.1 -0.1 -0.0 -0.0 -0.0 0.1 -0.2 0.0 -0.0 0.2 13

14 Corporate and foreign bonds -2.9 7.3 9.1 -2.4 -8.2 -7.5 6.7 -6.8 -25.2 5.3 -7.1 -16.6 14

15 Other loans and advances -10.6 -10.1 -1.6 -0.5 2.5 6.5 0.7 1.8 0.9 4.5 1.9 3.9 15

16 Mortgages -96.3 -77.4 -29.5 -2.2 0.6 22.5 -8.5 19.6 -31.3 23.4 41.0 60.4 16

17 Consumer credit -7.5 -4.8 0.5 0.6 1.6 -3.8 3.9 4.8 1.6 2.3 1.7 7.6 17

18 Corporate equities -1.1 0.3 1.7 -1.8 0.7 0.4 1.9 0.4 0.0 3.0 -1.1 0.7 18

19 Miscellaneous assets -22.9 -12.8 -26.3 -12.5 0.3 -7.5 9.9 -5.0 3.6 -14.9 -7.5 4.3 19

20 Net increase in liabilities -181.5 -92.1 -51.8 -17.8 -3.2 9.0 5.5 25.7 -53.0 15.5 29.0 44.2 20

21 Deposits -112.8 -84.8 -67.4 -51.8 -5.7 22.9 -4.7 -8.1 -32.9 0.8 -29.6 7.1 21

22 Checkable 17.3 -1.4 4.4 -5.4 14.1 -4.6 17.2 16.8 27.0 25.3 22.5 25.1 22

23 Small time and savings -94.9 -75.5 -68.1 -44.4 -28.9 15.1 -30.4 -34.8 -65.7 -30.9 -49.7 -26.6 23

24 Large time -35.3 -7.9 -3.6 -2.1 9.2 12.4 8.5 9.9 5.9 6.3 -2.4 8.7 24

25 Security RPs -22.9 -1.0 7.5 18.4 -0.0 0.3 25.9 21.7 -47.9 2.1 19.9 1.3 25

26 Credit market instruments -44.7 -7.0 11.3 12.8 2.6 -18.9 -7.2 5.1 31.5 11.0 42.1 31.2 26

27 Corporate bonds -4.1 -3.2 -1.5 -0.8 -0.0 -0.1 0.2 0.0 -0.3 -0.8 0.8 -0.5 27

28 Bank loans n.e.c. -0.7 -0.0 -0.5 0.9 5.2 2.8 5.1 4.4 8.7 2.7 -1.9 -1.1 28

29 Other loans and advances -39.9 -3.8 13.3 12.7 -2.6 -21.6 -12.4 0.6 23.1 9.1 43.2 32.9 29

30 Taxes payable 0.2 0.2 0.6 -0.9 0.5 1.0 -0.3 1.4 -0.1 0.4 -1.3 0.2 30

31 Miscellaneous liabilities -1.2 0.5 -3.8 3.7 -0.6 3.6 -8.2 5.7 -3.7 1.2 -2.1 4.3 31

32 Investment by parent -1.0 -1.0 0.4 -0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 32

33 Other -0.2 1.5 -4.2 3.7 -0.7 3.6 -8.3 5.6 -3.8 1.0 -2.3 4.1 33

34 Discrepancy 23.4 10.1 3.5 2.8 2.4 2.6 1.8 1.9 3.4 5.0 7.3 4.7 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 11, 1996 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1.1 2.5 3.0 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 1

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

 3 Net acquisition of financial assets 22.7 24.7 17.0 11.9 17.1 8.0 20.0 18.9 21.4 40.3 12.2 -4.7 3

 4 Checkable deposits and currency 0.6 1.2 -0.1 0.0 0.9 1.6 0.1 0.8 1.1 1.2 -1.1 -2.3 4

 5 Time and savings deposits 5.0 0.3 -1.3 -8.9 0.4 -4.7 1.7 2.3 2.3 5.2 -3.3 -0.4 5

 6 Federal funds and security RPs -1.4 0.4 -5.1 -2.3 0.2 0.9 2.3 1.8 -4.4 4.4 -7.9 -14.1 6

 7 Credit market instruments 12.8 17.7 21.7 28.1 16.2 11.6 22.8 11.0 19.5 22.1 34.8 13.9 7

 8 Open market paper 0.3 0.4 -0.7 -0.1 -1.6 -1.9 -1.5 -2.4 -0.6 -0.9 -0.3 -0.3 8

 9 U.S. government securities 10.7 14.9 10.3 4.0 1.1 -8.0 8.0 -1.9 6.3 7.9 8.8 -5.1 9

10 Treasury 5.5 5.9 2.6 -0.5 -3.8 -3.5 -3.9 -1.3 -6.3 4.0 -1.0 -4.8 10

11 Agency 5.2 9.1 7.7 4.5 4.9 -4.5 11.9 -0.6 12.6 3.9 9.8 -0.4 11

12 Home mortgages 3.1 3.3 -0.1 6.1 4.4 7.5 1.5 5.2 3.2 6.5 14.4 -0.7 12

13 Consumer credit -1.3 -0.9 12.2 18.0 12.3 14.0 14.8 10.1 10.5 8.6 11.9 20.0 13

14 Mutual fund shares 1.2 1.5 0.1 -1.6 0.2 0.3 0.5 0.0 0.0 0.1 0.2 0.1 14

15 Miscellaneous assets 4.6 3.7 1.7 -3.4 -0.8 -1.7 -7.4 3.0 2.8 7.3 -10.5 -1.8 15

16 Net increase in liabilities 21.1 21.7 13.3 9.5 13.4 4.4 15.8 15.9 17.5 37.4 9.7 -7.4 16

17 Shares/deposits 20.5 21.6 12.6 7.9 15.4 8.0 17.8 17.7 18.1 34.2 10.2 -7.1 17

18 Checkable 2.2 4.5 1.7 2.0 2.1 2.4 3.0 1.4 1.6 0.4 6.4 3.6 18

19 Small time and savings 17.5 15.5 9.8 5.5 11.6 -17.1 -10.5 41.0 33.2 31.6 2.0 -12.1 19

20 Large time 0.8 1.6 1.1 0.4 1.7 22.7 25.3 -24.7 -16.7 2.1 1.8 1.4 20

21 Other loans and advances 0.0 0.0 0.2 0.2 -0.1 -0.3 -0.1 0.1 0.0 -0.1 -0.2 0.3 21

22 Miscellaneous liabilities 0.6 0.1 0.5 1.4 -1.9 -3.4 -1.9 -1.8 -0.6 3.3 -0.2 -0.6 22

23 Discrepancy -1.2 -1.2 -1.4 -0.4 -1.7 -1.6 -2.3 -1.0 -1.9 -1.0 -0.5 -0.8 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 16.1 -7.1 1.6 18.8 -47.7 -44.3 -45.6 -63.9 -37.1 -47.3 -20.2 -13.5 1

 2 Deposits -1.0 -5.7 -1.1 1.8 1.2 1.4 1.2 1.1 1.1 1.1 1.2 1.1 2

 3 Checkable deposits and currency 0.0 -0.1 -0.1 -0.3 0.1 -0.1 0.1 0.1 0.1 0.1 0.1 0.2 3

 4 Time and savings deposits -4.6 -5.2 -1.1 1.6 -1.0 -0.2 -1.1 -1.5 -1.2 -1.0 -1.0 -1.1 4

 5 Money market fund shares 3.6 -0.3 0.1 0.6 2.1 1.6 2.2 2.4 2.2 2.0 2.1 2.0 5

 6 Credit market instruments 10.0 8.0 9.5 7.1 -18.8 -10.8 -20.6 -23.7 -20.2 -18.1 -12.3 -9.3 6

 7 Open market paper -5.2 -2.5 -3.2 3.5 0.2 1.3 0.0 -0.4 0.0 0.2 0.1 0.2 7

 8 U.S. government securities 2.9 -1.6 1.2 -1.1 -5.3 -4.0 -5.5 -6.1 -5.7 -5.5 -5.6 -4.6 8

 9 Treasury 1.7 -0.8 0.3 -0.6 -3.3 -2.5 -3.5 -3.8 -3.6 -3.5 -3.3 -2.8 9

10 Agency 1.2 -0.8 0.9 -0.5 -2.0 -1.5 -2.1 -2.3 -2.1 -2.1 -2.3 -1.8 10

11 Municipal securities 9.2 6.1 12.9 5.3 -11.1 -6.0 -12.3 -14.2 -11.8 -10.3 -5.1 -3.4 11

12 Corporate and foreign bonds 3.4 6.2 -1.1 -0.4 -3.1 -2.3 -3.3 -3.6 -3.3 -3.0 -2.0 -2.1 12

13 Mortgages -0.1 -0.2 -0.3 -0.2 0.5 0.3 0.5 0.6 0.5 0.5 0.3 0.6 13

14 Corporate equities -8.6 -37.0 -55.2 -9.3 -17.7 -20.1 -1.2 -30.2 -19.4 -34.4 -12.1 -9.6 14

15 Mutual fund shares 13.5 25.8 44.9 22.3 -11.3 -13.1 -24.0 -10.4 2.4 5.2 4.3 4.8 15

16 Miscellaneous assets 2.2 1.8 3.5 -3.1 -1.1 -1.7 -1.0 -0.7 -1.0 -1.1 -1.3 -0.5 16

17 Net increase in liabilities (2) 16.1 -7.1 1.6 18.8 -47.7 -44.3 -45.6 -63.9 -37.1 -47.3 -20.2 -13.5 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of financial assets. These liabilities are assets of the household sector.
30 Z.1, December 11, 1996

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -1.6 -6.1 -9.9 -10.8 -10.1 -12.1 -11.7 -6.6 -10.1 -5.7 -6.7 -4.6 1

 2 Fixed nonresidential investment 5.7 6.1 6.4 6.7 6.9 6.8 6.9 7.0 7.0 7.2 7.2 7.5 2

 3 Net acquisition of financial assets 116.3 96.6 143.0 120.6 144.6 167.1 161.5 121.7 128.2 42.3 78.6 95.2 3

 4 Checkable deposits and currency 0.5 -0.6 0.3 0.6 0.7 1.0 0.5 0.1 1.1 -0.2 0.8 0.0 4

 5 Money market fund shares 6.9 5.3 0.2 -14.7 10.2 4.9 16.0 4.0 16.0 9.6 14.9 14.0 5

 6 Credit market instruments 86.5 78.5 100.9 66.4 99.1 134.9 135.5 72.9 53.2 48.7 2.4 45.4 6

 7 Open market paper 0.0 -2.5 3.6 5.9 -7.3 1.6 -3.7 5.2 -32.3 26.3 9.7 4.6 7

 8 U.S. government securities 61.0 37.9 47.7 8.4 9.8 48.4 9.8 14.1 -33.3 -24.2 -38.6 5.7 8

 9 Treasury 18.6 10.2 20.1 -2.9 1.0 16.3 2.4 0.3 -14.9 -9.1 -20.6 0.1 9

10 Agency 42.4 27.7 27.6 11.3 8.7 32.1 7.3 13.9 -18.3 -15.0 -18.0 5.6 10

11 Municipal securities -2.1 1.1 3.2 -1.9 -0.9 -4.4 5.7 -1.8 -3.2 1.8 -0.9 -2.0 11

12 Corporate and foreign bonds 25.4 55.0 58.3 59.9 90.7 83.8 116.2 36.1 126.8 38.0 23.8 35.9 12

13 Policy loans 4.8 5.7 5.7 7.8 10.4 6.2 6.7 9.3 19.6 7.4 4.8 8.1 13

14 Mortgages -2.6 -18.6 -17.6 -13.7 -3.5 -0.6 0.8 10.0 -24.3 -0.5 3.5 -6.9 14

15 Corporate equities 9.5 2.7 31.8 63.3 26.0 6.8 12.6 42.6 42.2 -11.4 46.6 34.4 15

16 Mutual fund shares 8.5 18.7 10.9 -16.5 6.1 6.3 4.0 4.0 10.0 8.4 13.1 13.6 16

17 Miscellaneous assets 4.4 -8.0 -1.0 21.5 2.5 13.2 -7.0 -1.8 5.7 -12.9 0.8 -12.2 17

18 Net increase in liabilities 96.7 103.1 125.2 120.2 122.4 145.6 142.2 94.3 107.6 50.9 84.9 100.2 18

19 Other loans and advances 0.0 0.0 0.2 0.3 -0.1 -0.0 0.1 -0.1 -0.4 2.5 0.3 -4.4 19

20 Life insurance reserves 25.6 27.7 35.7 34.3 44.8 51.8 56.4 34.1 37.0 21.1 41.8 44.0 20

21 Pension fund reserves (1) 46.4 76.7 86.3 71.2 66.7 62.1 69.0 64.1 71.6 46.6 44.0 50.5 21

22 Taxes payable -0.0 0.8 0.6 0.1 -0.3 -0.1 -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 22

23 Miscellaneous liabilities 24.7 -2.1 2.4 14.2 11.3 32.0 16.9 -3.5 -0.3 -18.9 -0.6 10.7 23

24 Discrepancy -26.9 -5.7 -34.1 -17.9 -39.2 -40.2 -37.8 -41.0 -37.7 -4.3 -7.7 -7.1 24

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 1.2 -3.3 2.2 -1.2 5.9 5.9 5.9 5.9 6.0 6.1 6.1 6.1 1

 2 Fixed nonresidential investment 2.2 2.3 2.3 2.4 2.5 2.4 2.5 2.5 2.5 2.6 2.6 2.7 2

 3 Net acquisition of financial assets 25.2 9.4 31.7 27.0 35.3 34.7 32.0 35.4 39.2 38.8 38.9 40.0 3

 4 Checkable deposits and currency -1.1 0.2 -0.4 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 4

 5 Security RPs -4.1 5.6 -0.9 -2.3 8.1 8.1 8.1 8.1 8.1 8.1 8.1 8.1 5

 6 Credit market instruments 30.0 6.7 27.7 24.9 21.5 20.8 20.9 21.9 22.3 23.6 23.7 24.9 6

 7 U.S. government securities 33.6 2.3 15.4 11.0 2.8 2.6 2.9 2.7 2.8 2.9 3.0 3.1 7

 8 Treasury 23.9 2.6 14.2 9.4 0.5 0.1 0.8 0.6 0.3 0.5 0.4 0.5 8

 9 Agency 9.7 -0.3 1.3 1.6 2.3 2.4 2.2 2.1 2.5 2.4 2.6 2.7 9

10 Municipal securities -10.7 6.3 10.4 7.4 7.0 6.2 6.6 7.5 7.7 8.1 8.1 8.5 10

11 Corporate and foreign bonds 7.4 -1.2 3.3 7.2 12.7 13.0 12.4 12.7 12.7 13.6 13.6 14.2 11

12 Commercial mortgages -0.4 -0.6 -1.4 -0.7 -1.0 -1.0 -1.0 -1.0 -0.9 -1.0 -1.0 -1.0 12

13 Corporate equities -1.2 -0.4 0.8 1.1 -1.5 -1.5 -1.5 -1.5 -1.5 -1.2 -1.2 -1.0 13

14 Trade receivables 1.9 -0.1 1.7 2.2 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 14

15 Miscellaneous assets -0.3 -2.7 2.8 1.1 3.0 3.0 0.3 2.7 6.1 4.1 4.0 3.8 15

16 Net increase in liabilities 17.5 28.9 23.5 22.4 60.1 58.5 63.5 60.5 57.9 62.0 59.8 62.2 16

17 Corporate equity issues 1.9 5.5 7.4 6.5 7.1 7.1 7.1 7.1 7.1 7.0 7.0 6.9 17

18 Taxes payable 0.0 0.3 0.2 0.1 -0.0 0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 18

19 Miscellaneous liabilities 15.5 23.1 15.8 15.9 53.1 51.4 56.4 53.5 50.9 55.1 52.9 55.4 19

20 Discrepancy -8.7 13.9 -8.3 -8.1 28.2 27.3 34.9 28.5 22.2 26.7 24.4 25.6 20
Z.1, December 11, 1996 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 1.9 2.1 1.8 1.7 1.6 1.6 1.6 1.6 1.7 1.6 1.6 1.7 1

 2 Fixed nonresidential investment 6.8 7.5 7.8 8.0 8.2 8.1 8.2 8.3 8.3 8.6 8.6 8.9 2

 3 Net acquisition of financial assets 67.5 76.4 76.7 80.9 91.7 113.0 121.5 49.0 83.3 73.7 136.6 74.1 3

 4 Checkable deposits and currency -0.3 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 4

 5 Time and savings deposits 0.5 -22.4 -7.9 -6.6 -11.0 -8.5 -2.8 -21.1 -11.7 -17.8 -22.7 -14.9 5

 6 Money market fund shares 1.0 1.5 6.5 4.5 1.2 3.8 -4.6 5.5 0.3 7.2 0.5 -3.7 6

 7 Security RPs 5.4 2.1 6.6 10.2 -0.3 -0.5 -4.8 3.5 0.5 12.2 11.5 1.9 7

 8 Credit market instruments 35.4 41.1 45.9 47.0 61.3 58.9 57.2 50.5 78.5 82.6 127.5 45.9 8

 9 Open market paper 5.4 2.1 6.6 10.2 -0.3 -0.5 -4.8 3.5 0.5 12.2 11.5 1.9 9

10 U.S. government securities 20.6 19.0 16.0 13.4 27.0 27.6 27.6 19.2 33.5 29.5 52.9 13.7 10

11 Treasury 13.8 12.9 10.9 9.5 17.4 18.5 17.6 12.5 20.9 18.4 32.3 9.4 11

12 Agency 6.9 6.1 5.1 3.9 9.6 9.1 10.0 6.7 12.6 11.1 20.6 4.3 12

13 Municipal securities 0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.2 0.1 13

14 Corporate and foreign bonds 15.5 23.7 22.7 22.3 33.6 30.8 33.3 27.4 42.8 38.7 59.1 28.9 14

15 Mortgages -6.2 -3.7 0.6 1.1 1.0 0.9 1.0 0.4 1.6 2.1 3.7 1.3 15

16 Corporate equities 4.7 32.3 9.2 -14.7 -0.1 19.5 15.0 -19.6 -15.5 -70.3 -57.6 -37.8 16

17 Mutual fund shares 6.2 10.2 22.7 22.9 28.1 21.7 29.8 30.1 30.8 63.3 71.3 79.0 17

18 Miscellaneous assets 14.7 11.7 -6.1 17.7 12.7 18.1 31.8 0.2 0.6 -3.5 6.2 3.8 18

19 Unallocated insurance contracts (2) 13.1 -13.9 -11.8 4.8 -6.4 -2.6 -8.1 -7.6 -7.2 -16.3 -4.1 -2.1 19

20 Contributions receivable 3.7 2.0 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 20

21 Other -2.2 23.5 2.6 9.7 15.9 17.6 36.7 4.6 4.6 9.6 7.1 2.7 21

22 Pension fund reserves (liabilities) (3) 72.5 81.8 82.7 87.2 98.3 119.4 128.1 55.7 90.0 80.6 143.6 81.3 22

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 57.2 56.0 53.8 65.7 59.4 63.2 63.0 61.9 49.6 48.6 65.1 65.1 1

 2 Checkable deposits and currency -0.7 1.7 0.7 -0.6 -2.2 0.3 -4.0 0.1 -5.3 1.5 -1.7 0.3 2

 3 Time and savings deposits 0.4 -2.1 2.7 -3.2 -1.3 -2.9 -1.1 -3.4 2.4 -2.3 1.2 -8.3 3

 4 Security RPs 5.5 2.4 0.2 7.9 -1.6 6.3 7.1 -12.0 -7.7 -1.1 1.9 -5.0 4

 5 Credit market instruments 33.8 5.9 21.1 30.7 22.7 62.9 4.9 2.6 20.2 58.7 50.0 32.5 5

 6 Open market paper 5.5 2.4 0.2 7.9 -1.6 5.5 10.3 -14.5 -7.5 -2.0 5.0 5.0 6

 7 U.S. government securities 8.6 -15.8 12.2 16.8 26.1 38.4 -0.3 26.0 40.3 39.0 41.0 19.0 7

 8 Treasury 7.7 -3.0 16.9 8.8 8.4 18.4 -11.7 24.9 2.2 22.3 33.4 14.0 8

 9 Agency 0.9 -12.8 -4.7 8.0 17.6 20.0 11.4 1.1 38.1 16.6 7.6 5.0 9

10 Municipal securities -0.1 0.1 0.2 -0.3 0.2 -0.1 -0.1 0.1 0.7 -0.6 -0.1 -0.2 10

11 Corporate and foreign bonds 18.9 19.6 10.4 5.6 -2.7 18.3 -5.6 -9.7 -14.0 21.6 3.2 7.9 11

12 Mortgages 0.8 -0.4 -1.9 0.7 0.7 0.8 0.6 0.8 0.8 0.8 0.8 0.8 12

13 Corporate equities 31.2 17.7 50.9 19.1 40.6 59.9 34.2 56.0 12.3 51.6 2.9 10.6 13

14 Miscellaneous assets -12.9 30.4 -21.7 11.8 1.2 -63.4 21.8 18.7 27.6 -59.8 10.8 35.0 14

15 Pension fund reserves (liabilities) (1) 57.2 56.0 53.8 65.7 59.4 63.2 63.0 61.9 49.6 48.6 65.1 65.1 15

(1) Equal to the net acquisition of financial assets. These liabilities are assets of the household sector.
32 Z.1, December 11, 1996

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net acquisition of financial assets 41.6 4.5 20.2 43.3 142.3 74.2 221.1 122.9 151.1 244.0 4.1 147.4 1

 2 Foreign deposits -5.3 -1.2 -10.3 5.7 4.0 -3.0 1.4 23.2 -5.6 6.1 -28.3 13.5 2

 3 Checkable deposits and currency -11.5 -2.4 1.4 -1.3 -1.0 -16.4 18.1 -2.1 -3.5 2.3 0.8 -3.5 3

 4 Time and savings deposits 13.2 -0.5 -2.8 -0.5 20.9 40.3 4.9 57.7 -19.1 17.1 -8.1 51.1 4

 5 Security RPs 8.8 -1.0 0.4 2.4 19.0 -10.0 34.2 15.4 36.6 10.1 7.0 16.1 5

 6 Credit market instruments 32.7 4.7 20.4 30.0 86.5 56.4 134.4 30.0 125.1 175.0 18.4 88.5 6

 7 Open market paper -13.4 -17.0 -9.1 22.7 48.4 50.2 65.3 18.1 59.7 31.4 43.1 53.2 7

 8 U.S. government securities 37.6 13.8 14.5 -3.9 17.5 1.3 40.2 -11.1 39.6 96.0 -24.6 25.1 8

 9 Treasury 33.4 0.2 1.0 -13.3 3.8 9.9 -12.6 15.8 2.2 74.4 2.0 5.1 9

10 Agency 4.2 13.6 13.5 9.4 13.7 -8.7 52.8 -26.9 37.4 21.6 -26.6 20.1 10

11 Municipal securities 6.6 5.4 9.6 7.8 14.3 5.0 22.4 14.7 15.0 35.2 -1.8 12.1 11

12 Corporate and foreign bonds 1.8 2.5 5.4 3.4 6.4 -0.1 6.4 8.3 10.8 12.4 1.6 -1.9 12

13 Miscellaneous assets 3.7 5.0 11.0 6.9 12.8 6.8 28.1 -1.2 17.6 33.4 14.4 -18.4 13

14 Net share issues 41.6 4.5 20.2 43.3 142.3 74.2 221.1 122.9 151.1 244.0 4.1 147.4 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 -13.3 -18.6 -31.7 -28.3 -26.5 -28.0 -28.0 -25.0 -25.0 -22.7 -21.9 -20.3 1

 2 Net acquisition of financial assets 133.9 190.5 292.0 100.6 147.4 56.1 137.0 177.0 219.5 264.9 329.3 181.8 2

 3 Security RPs 6.1 9.7 16.8 4.4 7.1 -8.5 -2.2 8.0 31.1 -30.8 15.3 26.2 3

 4 Credit market instruments 80.1 126.2 159.5 -7.1 52.5 -13.4 23.4 58.0 141.9 67.5 63.7 34.2 4

 5 Open market paper -16.3 9.7 16.8 4.4 7.1 -11.8 -4.7 2.7 42.2 -34.4 12.8 20.6 5

 6 U.S. government securities 40.9 56.8 49.2 -10.4 18.9 1.2 0.7 25.0 48.7 54.9 8.3 -7.4 6

 7 Treasury 22.4 36.0 31.4 -6.8 11.2 0.7 0.4 14.8 28.8 32.4 4.9 -2.8 7

 8 Agency 18.5 20.8 17.9 -3.6 7.7 0.5 0.3 10.2 20.0 22.5 3.4 -4.7 8

 9 Municipal securities 27.2 28.7 42.9 -4.3 3.2 -3.6 -2.6 2.8 16.2 7.8 2.0 2.9 9

10 Corporate and foreign bonds 28.4 31.0 50.6 3.2 23.3 0.8 29.9 27.6 34.7 39.2 40.5 18.2 10

11 Corporate equities 48.5 59.8 115.3 100.8 87.4 79.0 109.1 108.2 53.3 233.4 238.3 128.4 11

12 Miscellaneous assets -0.7 -5.2 0.3 2.5 0.5 -0.9 6.8 2.8 -6.7 -5.2 12.0 -7.0 12

13 Net share issues 147.2 209.1 323.7 128.9 173.9 84.1 165.0 202.0 244.5 287.6 351.2 202.1 13

 Memo:

14 Capital gains dividends 14.5 22.2 36.1 30.0 54.6 25.5 22.6 34.2 136.1 28.6 76.0 34.3 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 14.6 18.2 16.2 1.9 7.2 5.3 6.7 7.9 8.8 5.9 6.9 7.3 1

 2 Credit market instruments 12.8 18.2 14.4 -3.3 13.3 8.4 15.1 16.7 13.2 10.9 9.8 9.0 2

 3 U.S. government securities 3.1 1.7 2.0 -6.2 3.0 0.2 3.8 4.8 3.1 1.9 1.4 1.1 3

 4 Municipal securities 11.3 14.3 7.9 7.4 5.0 5.8 4.9 4.6 4.8 4.9 5.0 4.8 4

 5 Corporate and foreign bonds -1.6 2.2 4.4 -4.4 5.4 2.4 6.3 7.3 5.4 4.1 3.4 3.1 5

 6 Corporate equities 1.8 -0.0 1.8 5.2 -6.2 -3.1 -8.4 -8.8 -4.4 -5.0 -2.9 -1.7 6

 7 Net share issues 14.6 18.2 16.2 1.9 7.2 5.3 6.7 7.9 8.8 5.9 6.9 7.3 7
Z.1, December 11, 1996 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 3.1 2.9 3.3 3.5 3.9 3.8 3.8 3.8 3.9 3.9 3.9 3.9 1

 2 Fixed nonresidential investment 4.3 5.4 6.8 8.5 9.6 8.9 9.7 9.8 9.9 10.1 10.2 10.6 2

 3 Net acquisition of financial assets 19.1 55.2 78.3 149.0 114.7 51.0 152.7 111.7 143.5 45.4 113.8 87.3 3

 4 Checkable deposits and currency -0.9 -0.0 0.9 -0.9 0.2 0.0 1.3 -2.5 2.1 -2.1 -1.2 -0.4 4

 5 Federal funds and security RPs -1.1 -1.0 -16.2 35.4 20.5 26.1 44.3 16.7 -5.1 -9.2 -2.2 0.3 5

 6 Credit market instruments 15.1 68.8 88.6 120.6 88.9 22.2 93.0 50.0 190.5 39.4 127.8 85.9 6

 7 Open market paper 7.1 2.7 -1.7 14.4 -0.8 9.9 -13.2 12.0 -12.0 10.0 3.6 -7.8 7

 8 U.S. government securities 29.3 30.2 11.2 63.4 63.4 24.4 86.5 19.2 123.6 26.9 67.9 66.6 8

 9 Treasury 18.2 17.9 -7.1 0.4 6.1 4.8 -0.8 1.5 18.7 -29.1 18.8 11.2 9

10 Agency 11.1 12.3 18.4 63.1 57.4 19.6 87.3 17.7 104.9 55.9 49.1 55.5 10

11 Municipal securities -0.7 0.2 -0.6 0.8 1.0 -2.5 -0.9 2.0 5.5 -1.9 0.9 -0.2 11

12 Corporate and foreign bonds 0.0 0.0 11.1 8.5 5.5 8.5 8.4 -14.1 19.1 -7.6 -11.5 -2.8 12

13 Other loans and advances -32.2 3.7 26.5 27.2 12.2 -14.4 7.6 12.9 42.5 6.5 56.1 32.4 13

14 Sallie Mae 3.0 1.5 1.8 3.6 1.9 3.3 5.9 2.1 -3.7 2.1 3.4 1.1 14

15 Farm Credit System 2.8 1.4 1.4 0.8 3.9 5.9 -0.4 4.5 5.5 8.0 -1.6 -2.0 15

16 FHLB loans -38.0 0.8 23.3 22.8 6.4 -23.6 2.2 6.3 40.6 -3.6 54.3 33.4 16

17 Mortgages 11.7 32.1 42.1 6.3 7.7 -3.8 4.6 18.1 11.8 5.5 10.9 -2.4 17

18 Home 10.9 30.5 40.6 5.4 7.0 -2.9 4.5 16.7 9.7 3.0 9.2 -2.6 18

19 Multifamily residential 1.4 1.6 1.7 0.9 0.8 1.0 0.3 0.9 1.0 0.7 -0.1 -0.7 19

20 Farm -0.5 -0.1 -0.2 0.1 -0.1 -1.9 -0.2 0.6 1.0 1.7 1.8 0.8 20

21 Miscellaneous assets 6.0 -12.6 5.0 -6.1 5.1 2.6 14.1 47.5 -43.9 17.2 -10.6 1.6 21

22 Net increase in liabilities 16.9 52.7 75.7 147.3 113.0 47.7 150.3 111.4 142.5 42.6 112.9 78.8 22

23 Credit market instruments 9.1 40.2 80.6 172.1 106.9 62.9 127.2 101.5 136.1 37.4 132.9 84.0 23

24 GSE issues (2) 9.2 40.3 80.6 176.9 106.9 62.9 127.2 101.5 136.1 37.4 132.9 84.0 24

25 U.S. government loans -0.0 -0.0 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 7.8 12.5 -4.9 -24.9 6.1 -15.2 23.1 9.9 6.4 5.2 -20.0 -5.2 26

27 Discrepancy -3.4 -5.0 -6.2 -6.7 -7.5 -8.3 -8.3 -6.4 -7.0 -9.0 -7.2 -15.1 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Student Loan Marketing Association (Sallie Mae), Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation.

(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 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 1

 2 Home mortgages 139.3 117.8 86.1 115.4 93.7 24.7 62.7 122.9 164.6 102.8 164.6 153.4 2

 3 Multifamily residential mortgages -2.6 -2.3 -1.4 -0.0 4.5 -0.9 6.6 3.3 8.9 3.6 4.5 7.1 3

 4 Farm mortgages -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 4

 5 Net increase in pool securities (liabilities)(2) 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 54.0 58.5 83.3 68.5 132.3 67.6 113.2 164.8 183.5 132.8 128.2 86.2 1

 2 Agency securities (1) -19.8 -27.7 17.2 1.2 1.2 -9.7 -4.0 26.6 -8.2 9.3 16.1 1.0 2

 3 Loans to business 3.0 2.8 10.0 4.2 6.8 4.7 9.5 4.4 8.8 2.7 10.4 -9.3 3

 4 Mortgages (2) 40.9 60.6 43.9 39.7 37.5 22.3 34.4 33.5 59.5 46.7 31.0 24.1 4

 5 Home 36.6 49.2 31.3 22.2 20.5 14.9 19.2 20.1 27.8 19.0 8.0 11.6 5

 6 Multifamily residential 3.0 2.6 2.4 6.2 6.4 3.3 6.2 6.5 9.5 12.8 9.3 5.3 6

 7 Commercial 1.3 8.7 10.3 11.3 10.6 4.2 9.1 7.0 22.2 14.9 13.7 7.2 7

 8 Consumer credit 25.9 18.0 9.6 16.7 66.6 38.1 61.0 89.9 77.3 54.3 60.6 43.6 8

 9 Trade credit 4.1 4.8 2.5 6.7 20.2 12.0 12.3 10.3 46.1 19.8 10.1 26.8 9

10 Net increase in liabilities 54.0 58.5 83.3 68.5 132.3 67.6 113.2 164.8 183.5 132.8 128.2 86.2 10

11 Commercial paper 7.3 8.6 4.6 9.5 37.3 21.7 22.2 21.5 83.8 35.9 18.4 48.6 11

12 Corporate bonds 46.7 49.9 78.7 59.0 95.0 45.9 91.0 143.3 99.7 96.8 109.8 37.6 12

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.
34 Z.1, December 11, 1996

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving 8.8 10.5 11.3 11.3 10.3 10.3 10.3 10.3 10.5 10.5 10.5 10.5 1

 2 Fixed nonresidential investment 6.0 7.0 7.8 8.5 9.0 8.8 8.9 9.1 9.1 9.4 9.4 9.8 2

 3 Net acquisition of financial assets 22.3 5.1 19.4 80.7 90.9 131.9 95.5 33.4 102.8 52.0 61.8 57.5 3

 4 Checkable deposits and currency 1.2 1.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 4

 5 Credit market instruments -9.2 7.5 -9.0 68.2 64.2 85.1 67.2 50.8 53.7 40.9 38.9 38.7 5

 6 Other loans and advances 2.0 5.5 -6.7 43.0 38.3 62.7 33.3 24.5 32.7 24.5 6.4 22.1 6

 7 Mortgages 0.9 5.1 -0.5 6.8 8.1 9.1 10.4 11.1 1.9 9.8 16.2 14.2 7

 8 Consumer credit -12.1 -3.2 -1.8 18.4 17.8 13.2 23.6 15.2 19.2 6.6 16.4 2.4 8

 9 Miscellaneous assets 30.3 -3.7 28.0 12.1 26.3 46.4 27.9 -17.8 48.7 10.7 22.4 18.4 9

10 Net increase in liabilities 21.3 2.8 15.1 76.3 79.4 116.1 84.5 25.4 91.6 36.4 62.7 50.3 10

11 Credit market instruments 17.7 -1.6 0.2 50.2 51.6 80.2 52.0 19.8 54.3 47.1 68.4 30.9 11

12 Open market paper -5.8 -3.1 2.7 25.4 -0.1 0.9 9.4 -12.8 2.3 16.3 17.7 10.3 12

13 Corporate bonds 12.2 6.1 9.7 29.0 49.7 77.6 39.8 31.0 50.5 26.7 39.5 14.8 13

14 Bank loans n.e.c. 11.3 -4.6 -12.3 -4.2 1.9 1.7 2.8 1.6 1.4 4.1 11.2 5.8 14

15 Taxes payable -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 15

16 Miscellaneous liabilities 3.7 4.2 14.7 25.9 27.6 35.7 32.3 5.4 37.1 -10.9 -5.9 19.2 16

17 Foreign direct investment in U.S. 1.3 2.8 19.5 2.2 10.1 -0.7 -5.4 39.8 6.5 20.8 3.6 4.0 17

18 Investment by parent -2.2 4.0 3.3 8.3 11.3 5.9 19.9 6.3 12.9 0.1 24.4 14.4 18

19 Other 4.6 -2.6 -8.1 15.4 6.3 30.5 17.7 -40.8 17.7 -31.8 -33.9 0.8 19

20 Discrepancy 1.7 1.2 -0.8 -1.5 -10.2 -14.3 -9.7 -6.8 -9.9 -14.5 2.1 -6.4 20

(1) Includes retail captive finance companies.

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 11.2 0.1 -0.0 -22.9 -3.4 -14.4 29.9 7.3 -36.4 47.9 -17.3 13.2 1

 2 Home mortgages 11.3 -0.4 -0.5 -22.9 -4.5 -14.8 29.7 6.2 -39.2 48.6 -18.1 12.0 2

 3 Multifamily residential mortgages -0.1 0.3 0.1 0.0 1.1 0.3 0.2 1.1 2.8 -0.7 0.9 1.2 3

 4 Commercial mortgages 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities 11.2 0.1 -0.0 -22.9 -3.4 -14.4 29.9 7.3 -36.4 47.9 -17.3 13.2 5

 6 Bank loans n.e.c. -2.4 8.0 0.0 -11.5 0.4 -7.4 14.8 4.0 -10.0 20.0 16.0 6.6 6

 7 Investment by parent 13.6 -7.9 -0.1 -11.5 -3.8 -7.0 15.1 3.3 -26.4 27.9 -33.3 6.6 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving -0.0 -0.3 0.5 2.0 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 1

 2 Fixed nonresidential investment 1.9 3.8 5.6 19.7 7.4 7.3 7.3 7.3 7.6 7.5 7.8 7.8 2

 3 Multifamily residential investment 0.2 0.4 0.6 2.2 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 3

 4 Net acquisition of financial assets 0.8 -0.2 3.6 4.6 4.3 3.7 4.6 4.6 4.5 4.8 4.7 4.9 4

 5 Mortgages -0.7 1.1 0.6 4.7 1.8 1.8 1.8 1.8 1.9 1.9 1.7 2.4 5

 6 Miscellaneous assets 1.5 -1.2 3.0 -0.1 2.5 1.9 2.8 2.8 2.6 2.9 3.0 2.6 6

 7 Net increase in liabilities 4.5 4.7 18.4 31.7 15.2 12.0 19.3 14.5 14.9 14.6 17.6 18.5 7

 8 Security RPs 0.0 1.9 2.1 4.7 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 8

 9 Credit market instruments 1.2 0.3 3.4 13.7 5.4 5.2 5.2 5.2 6.0 5.9 6.5 6.7 9

10 Open market paper -0.0 -0.0 -0.3 -0.6 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 10

11 Corporate bonds 0.1 1.0 0.3 2.0 2.1 2.1 2.1 2.1 2.3 2.3 2.5 2.5 11

12 Bank loans n.e.c. 0.6 -1.3 -0.2 2.5 -2.0 -2.1 -2.1 -2.1 -1.9 -1.9 -1.7 -1.7 12

13 Mortgages 0.5 0.6 3.6 9.8 5.3 5.2 5.2 5.2 5.6 5.5 5.8 5.8 13

14 Corporate equity issues 1.6 2.0 12.9 10.3 7.3 4.8 11.2 6.4 6.8 6.2 9.2 9.8 14

15 Miscellaneous liabilities 1.6 0.6 -0.1 2.9 1.2 0.8 1.7 1.7 0.8 1.3 0.6 0.7 15

16 Discrepancy 1.5 0.3 9.0 7.2 4.9 2.5 8.9 4.1 4.3 3.7 6.5 7.1 16
Z.1, December 11, 1996 35

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Gross saving -3.7 -2.7 -1.5 -0.6 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 1

 2 Fixed nonresidential investment 0.5 0.6 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 2

 3 Net acquisition of financial assets 70.4 49.2 97.0 -24.1 113.4 69.5 79.6 48.0 256.4 5.3 -16.6 32.9 3

 4 Checkable deposits and currency -0.1 0.2 1.9 -0.3 1.7 8.4 -3.4 6.1 -4.2 -3.3 9.6 -3.7 4

 5 Credit market instruments 17.5 -1.3 14.8 -44.2 90.1 30.5 146.2 -1.8 185.6 -109.0 -72.0 23.6 5

 6 Open market paper -4.4 1.2 -0.3 -3.7 10.9 22.5 2.5 18.7 -0.3 -21.2 12.6 -9.5 6

 7 U.S. government securities 8.4 -14.4 -12.8 -30.2 70.0 53.2 105.5 -12.7 133.8 -68.2 -84.4 23.9 7

 8 Treasury -1.6 -13.3 -20.7 -14.4 61.0 53.2 117.5 -28.7 101.8 -52.2 -77.2 30.7 8

 9 Agency 10.0 -1.0 7.8 -15.8 9.0 0.0 -12.0 16.0 32.0 -16.0 -7.2 -6.8 9

10 Municipal securities 1.6 1.9 5.8 -1.7 -2.7 -18.5 3.5 -9.6 13.7 -15.4 -0.3 -3.9 10

11 Corporate and foreign bonds 12.0 10.0 22.2 -8.7 12.0 -26.7 34.7 1.7 38.3 -4.1 0.0 13.0 11

12 Corporate equities 2.4 -0.6 8.1 -3.4 7.7 1.2 0.9 4.7 24.2 -32.4 12.0 -14.7 12

13 Security credit 16.3 -1.6 22.6 -1.1 3.5 -22.7 -2.7 34.7 4.9 42.1 3.0 -14.4 13

14 Miscellaneous assets 34.3 52.6 49.6 24.8 10.3 52.1 -61.3 4.3 45.9 107.8 30.8 42.0 14

15 Net increase in liabilities 74.1 51.9 98.4 -23.1 114.6 71.1 80.8 49.3 257.3 6.7 -15.1 34.3 15

16 Security RPs (net) 25.7 24.0 20.0 -23.0 79.0 86.3 35.0 28.0 166.7 -39.1 0.2 -20.8 16

17 Corporate bonds 3.7 2.7 12.0 0.5 -5.0 -29.5 -0.1 2.1 7.7 -31.8 13.2 5.6 17

18 Corporate equity issues -5.7 -1.9 1.3 4.7 -8.1 -5.4 -9.5 -13.5 -4.2 -5.1 -3.6 -7.0 18

19 Trade payables 0.7 0.6 2.7 -0.9 1.1 -0.6 1.3 2.7 1.1 5.4 5.7 5.6 19

20 Security credit 35.2 6.2 38.7 1.0 23.1 17.3 32.8 -2.4 44.8 78.5 -40.7 -10.8 20

21 Customer credit balances (HH) 24.6 -10.8 26.0 6.7 18.6 15.8 1.1 6.9 50.5 53.5 -16.4 15.2 21

22 From banks 10.6 16.9 12.7 -5.7 4.6 1.5 31.6 -9.2 -5.7 25.1 -24.3 -26.0 22

23 Taxes payable 0.2 0.0 0.5 -0.2 -0.1 0.3 0.3 0.0 -0.9 -0.2 0.5 -0.5 23

24 Miscellaneous liabilities 4.0 12.9 15.7 1.3 11.2 -11.3 10.2 13.1 32.7 -15.8 3.7 52.1 24

25 Foreign direct investment in U.S. 2.0 -0.2 0.2 0.5 0.1 0.4 0.1 0.3 -0.5 0.2 0.2 0.4 25

26 Due to affiliates -10.9 28.7 27.4 23.6 24.1 46.1 10.1 18.6 21.6 34.1 76.1 43.7 26

27 Other 12.9 -15.6 -11.9 -22.8 -13.0 -57.8 0.0 -5.8 11.5 -50.1 -72.6 8.0 27

28 Proprietors’ net investment 10.4 7.4 7.4 -6.4 13.4 14.1 10.8 19.2 9.4 14.7 5.9 10.0 28

29 Discrepancy -0.5 -0.5 -0.9 -0.4 -0.6 -0.2 -0.7 -0.6 -1.0 -0.4 -0.5 -0.5 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 16.1 52.1 -5.4 48.3 32.5 93.1 -7.6 29.8 14.7 207.8 76.3 107.6 1

 2 Money market fund shares 15.8 23.5 10.1 31.8 2.4 14.4 -8.6 -5.2 9.1 32.4 10.5 33.4 2

 3 Credit market instruments 7.0 18.2 -34.9 -12.7 9.2 31.2 -11.4 3.5 13.7 124.1 23.8 47.8 3

 4 Open market paper 7.0 18.2 -38.9 -22.7 -0.5 31.2 -19.4 -12.5 -1.3 99.9 -33.0 -11.4 4

 5 Corporate and foreign bonds 0.0 0.0 4.0 10.0 9.8 0.0 8.0 16.0 15.0 24.1 56.9 59.3 5

 6 Miscellaneous assets (2) -6.6 10.4 19.5 29.3 20.8 47.6 12.4 31.6 -8.1 51.4 42.0 26.4 6

 7 Investment in foreign banking offices -17.3 -8.8 2.3 13.2 3.0 14.0 1.2 2.3 -5.5 4.0 -2.6 2.4 7

 8 Investment in brokers and dealers 10.7 19.2 17.2 16.1 17.8 33.6 11.2 29.3 -2.6 47.4 44.6 24.0 8

 9 Net increase in liabilities 16.1 52.1 -5.4 48.3 32.5 93.1 -7.6 29.8 14.7 207.8 76.3 107.6 9

10 Credit market instruments -6.5 13.2 2.9 24.2 32.0 62.5 26.4 39.4 -0.4 31.6 70.9 35.0 10

11 Open market paper -13.5 1.5 -10.7 4.2 7.6 9.8 4.3 22.9 -6.7 -39.6 57.3 26.3 11

12 Corporate bonds 6.9 11.7 13.6 20.0 24.4 52.7 22.1 16.4 6.4 71.1 13.6 8.7 12

13 Miscellaneous liabilities 22.7 38.9 -8.3 24.1 0.5 30.6 -34.0 -9.6 15.1 176.3 5.4 72.6 13

14 Foreign direct investment in U.S. -0.1 -2.8 16.6 5.1 -11.1 -14.9 -14.0 -7.8 -7.7 19.9 -28.9 -8.6 14

15 Securities loaned (net) 31.5 50.6 43.6 24.6 -5.5 47.0 -75.1 -11.5 17.7 105.6 27.6 47.5 15

16 Other -8.8 -8.9 -68.4 -5.5 17.1 -1.4 55.1 9.7 5.1 50.8 6.8 33.7 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
36 Z.1, December 11, 1996

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves -5.8 -3.9 1.4 -5.3 9.6 21.3 10.9 7.6 -1.3 -0.1 2.1 -30.0 1

 2 U.S. gold stock and SDRs 0.2 -2.3 0.5 0.4 0.8 3.5 0.6 -1.4 0.6 0.8 0.5 -3.4 2

 3 Federal govt.: Exchange Stab. Fund 0.2 -2.3 0.5 0.4 0.8 3.5 0.6 -1.4 0.6 0.8 0.5 -3.4 3

 4 Monetary authority (2) 0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 4

 5 U.S. foreign exchange position -5.9 -1.6 0.8 -5.8 8.8 17.8 10.3 9.0 -1.9 -0.9 1.6 -26.6 5

 6 Official foreign currency holdings -6.3 -4.3 0.8 -5.3 6.3 15.7 7.1 5.1 -2.5 -4.3 0.7 -27.3 6

 7 Treasury -3.2 -2.1 0.4 -2.6 3.2 7.9 3.6 2.5 -1.3 -2.1 0.3 -13.6 7

 8 Monetary authority -3.2 -2.1 0.4 -2.6 3.2 7.8 3.6 2.5 -1.3 -2.1 0.3 -13.6 8

 9 Net IMF position 0.4 2.7 0.0 -0.5 2.5 2.1 3.1 4.0 0.6 3.4 0.9 0.7 9

10 Federal government 0.4 2.7 0.1 -0.5 2.5 2.1 3.1 4.0 0.6 3.4 0.9 0.7 10

11 Monetary authority -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 -2.0 0.0 0.0 2.2 0.0 0.0 8.6 0.0 0.0 0.0 -1.8 1

 2 Asset: Monetary authority 0.0 -2.0 0.0 0.0 2.2 0.0 0.0 8.6 0.0 0.0 0.0 -1.8 2

 Treasury currency:

 3 Liab: Federal government 0.0 0.2 0.4 0.7 0.6 0.7 0.7 0.8 0.0 0.0 -0.0 2.3 3

 4 Asset: Monetary authority 0.6 0.4 0.6 0.9 1.0 0.9 1.1 1.1 1.0 1.1 1.0 0.9 4

 5 Discrepancy (seigniorage) -0.6 -0.2 -0.2 -0.2 -0.5 -0.2 -0.4 -0.3 -1.0 -1.1 -1.0 1.4 5

F.202 U.S. Deposits in Foreign Countries

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total rest of the world liability -26.5 -3.5 -18.5 54.0 33.5 34.6 110.8 -29.5 18.2 85.0 0.9 45.4 1

 Held by:

 2 Household sector 1.0 1.2 0.2 3.2 1.8 1.8 5.9 -1.6 1.0 5.4 0.1 3.2 2

 3 Nonfinancial corporate business 1.8 -0.7 -1.4 0.2 0.5 -5.9 2.0 4.6 1.4 12.1 5.5 6.1 3

 4 Money market mutual funds -5.3 -1.2 -10.3 5.7 4.0 -3.0 1.4 23.2 -5.6 6.1 -28.3 13.5 4

 5 Discrepancy--unallocated assets -24.0 -2.8 -7.0 44.9 27.2 41.6 101.5 -55.7 21.5 61.4 23.6 22.6 5
Z.1, December 11, 1996 37

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -3.4 49.4 50.5 89.7 10.0 -22.3 -4.8 -13.5 80.6 -89.2 -52.1 -90.6 1

 2 Monetary authority -8.2 0.9 3.7 1.3 1.3 -19.7 -1.8 -3.8 30.3 -35.1 13.4 3.6 2

 3 Depository institution reserves -9.2 2.7 2.9 -4.2 -1.2 -5.5 -2.3 -7.2 10.3 -22.8 18.2 -13.9 3

 4 Vault cash 1.0 -1.7 0.8 5.5 2.4 -14.2 0.5 3.3 20.0 -12.2 -4.8 17.5 4

 5 Commercial banking 4.8 48.4 46.9 88.4 8.8 -2.6 -3.0 -9.7 50.3 -54.1 -65.5 -94.1 5

 6 To monetary authority -1.5 3.0 -2.9 -1.5 0.7 2.5 1.5 -0.1 -1.0 -0.7 1.5 7.4 6

 7 To banks in foreign countries -19.9 50.3 45.6 92.7 11.2 -4.8 -3.6 -21.9 74.9 -64.3 -40.2 -92.4 7

 8 Liabilities, net -17.1 48.6 46.3 93.5 10.8 -3.3 -8.1 -10.5 65.0 -53.0 -44.2 -79.7 8

 9 U.S.-chartered commercial banks -5.7 -6.5 19.3 74.3 -2.5 8.2 -17.9 3.2 -3.4 -47.3 -31.5 -63.0 9

10 Due to foreign affiliates 7.4 -10.1 6.6 52.7 -14.6 20.3 -19.9 -48.4 -10.2 -60.5 -6.8 17.8 10

11 - Due from foreign affiliates 13.1 -3.7 -12.8 -21.6 -12.1 12.1 -2.0 -51.6 -6.8 -13.2 24.7 80.7 11

12 Foreign banking offices in U.S. -5.7 49.3 29.2 27.1 17.1 -6.0 13.2 -4.3 65.6 -1.2 -24.7 -10.9 12

13 Due to foreign affiliates 5.4 3.7 -1.7 1.4 15.5 15.8 28.6 0.9 16.8 -16.7 -0.6 -7.1 13

14 - Due from foreign affiliates 11.1 -45.6 -30.9 -25.7 -1.6 21.9 15.4 5.2 -48.8 -15.5 24.2 3.9 14

15 Bank holding companies -5.7 5.8 -2.3 -7.8 -3.8 -5.5 -3.3 -9.4 2.8 -4.4 12.0 -5.8 15

16 Due to foreign affiliates -2.2 1.0 -2.3 -2.5 -1.1 -0.7 -5.0 5.0 -3.8 -1.9 2.0 -1.8 16

17 - Due from foreign affiliates 3.5 -4.8 -0.0 5.3 2.7 4.8 -1.6 14.3 -6.6 2.5 -10.0 4.0 17

18 Less: Deposits at foreign banks 2.8 -1.7 0.7 0.8 -0.4 1.4 -4.5 11.4 -9.9 11.3 -4.1 12.6 18

19 U.S.-chartered commercial banks 2.9 -1.7 0.7 -0.4 -2.5 0.0 -4.7 6.6 -12.0 8.1 2.9 10.9 19

20 Foreign banking offices in U.S. -0.1 -0.0 0.0 1.3 2.1 1.4 0.1 4.8 2.1 3.3 -7.0 1.7 20

21 To U.S. banking, net 26.2 -4.9 4.2 -2.7 -3.1 -0.4 -0.9 12.3 -23.6 10.9 -26.9 -9.2 21

22 U.S.-chartered commercial banks 17.9 14.6 13.3 5.6 -7.3 -49.8 -4.0 25.0 -0.5 -79.8 6.7 -30.1 22

23 Liabilities 8.4 -10.6 6.0 4.9 -8.1 -50.6 2.5 33.5 -17.6 -26.7 -14.0 -22.7 23

24 To foreign offices in U.S. -15.6 -4.8 1.9 8.1 -4.9 -50.5 3.6 21.2 6.3 -37.5 13.0 -14.3 24

25 To bank holding companies -2.2 -0.9 -0.1 -0.4 -0.1 0.2 -0.2 -0.1 -0.3 -0.0 -0.1 0.8 25

26 Unallocated 26.2 -4.9 4.2 -2.7 -3.1 -0.4 -0.9 12.3 -23.6 10.9 -26.9 -9.2 26

 Less, due from:

27 Foreign offices in U.S. -8.1 -21.8 -10.5 -6.5 -1.3 -0.8 8.2 11.1 -23.7 8.7 -14.0 9.0 27

28 Bank holding companies -1.4 -3.4 3.2 5.8 0.5 -0.0 -1.7 -2.7 6.5 44.4 -6.6 -1.7 28

29 Foreign banking offices in U.S. 7.5 -17.0 -12.3 -14.6 3.6 49.7 4.6 -10.1 -29.9 46.2 -27.0 23.4 29

30 Due to U.S. banks -8.1 -21.8 -10.5 -6.5 -1.3 -0.8 8.2 11.1 -23.7 8.7 -14.0 9.0 30

31 - Due from U.S. banks -15.6 -4.8 1.9 8.1 -4.9 -50.5 3.6 21.2 6.3 -37.5 13.0 -14.3 31

32 Bank holding companies 0.8 -2.5 3.2 6.2 0.6 -0.2 -1.5 -2.6 6.8 44.4 -6.5 -2.5 32

33 Due to U.S. banks -1.4 -3.4 3.2 5.8 0.5 -0.0 -1.7 -2.7 6.5 44.4 -6.6 -1.7 33

34 - Due from U.S. banks -2.2 -0.9 -0.1 -0.4 -0.1 0.2 -0.2 -0.1 -0.3 -0.0 -0.1 0.8 34

35 Net change in assets -29.6 54.2 46.3 92.5 13.2 -21.9 -3.9 -25.8 104.2 -100.1 -25.2 -81.4 35

36 Rest of the world -19.9 50.3 45.6 92.7 11.2 -4.8 -3.6 -21.9 74.9 -64.3 -40.2 -92.4 36

37 Domestic -9.7 3.9 0.7 -0.2 2.0 -17.1 -0.3 -3.9 29.3 -35.7 14.9 10.9 37

38 Monetary authority -1.5 3.0 -2.9 -1.5 0.7 2.5 1.5 -0.1 -1.0 -0.7 1.5 7.4 38

39 Federal Reserve float -1.5 2.5 -2.3 -1.6 0.8 3.1 0.9 -0.9 0.1 -0.3 -0.9 3.3 39

40 Loans to member banks 0.0 0.5 -0.6 0.1 -0.1 -0.6 0.5 0.8 -1.1 -0.4 2.4 4.1 40

41 Commercial banking -7.8 0.8 3.3 1.9 1.4 -18.6 -2.2 -3.6 29.8 -35.1 14.2 4.5 41

42 Reserves at Federal Reserve -8.8 2.5 2.5 -3.5 -1.1 -4.4 -2.7 -7.0 9.8 -22.8 19.0 -13.0 42

43 Vault cash 1.0 -1.7 0.8 5.5 2.4 -14.2 0.5 3.3 20.0 -12.2 -4.8 17.5 43

44 Savings insts.: Reserves at Fed. Res. -0.5 0.1 0.4 -0.6 -0.1 -1.1 0.4 -0.2 0.5 -0.0 -0.8 -0.9 44

45 Discrepancy--floats, etc. 26.2 -4.9 4.2 -2.7 -3.1 -0.4 -0.9 12.3 -23.6 10.9 -26.9 -9.2 45
38 Z.1, December 11, 1996

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 86.3 113.5 117.3 -9.7 -12.8 31.3 100.2 -113.1 -69.3 43.3 4.5 110.7 1

 2 Monetary authority 29.2 17.6 37.1 25.3 17.0 50.8 46.0 -20.6 -8.4 41.6 -16.6 46.5 2

 3 Federal government cash and deposits 8.8 -10.3 7.2 -7.7 -1.2 9.1 23.7 -27.6 -10.2 25.2 -42.4 24.9 3

 4 Deposits due to foreign 0.6 -0.7 0.1 -0.1 0.2 0.6 -0.7 0.2 0.9 -0.6 0.1 0.5 4

 5 Currency outside banks 19.8 28.7 29.8 33.1 18.0 41.2 23.0 6.7 0.9 17.0 25.7 21.1 5

 6 Commercial banking 37.6 92.8 74.1 -31.7 -45.9 -17.5 34.0 -110.7 -89.4 -24.1 -7.9 35.6 6

 7 Federal government deposits 5.5 -5.9 12.1 -18.9 -4.7 2.7 35.8 -26.0 -31.5 25.3 -2.0 38.4 7

 8 Deposits due to foreign -2.0 2.3 -0.4 1.9 0.8 -2.3 -2.1 5.6 2.1 -3.7 15.9 -7.9 8

 9 Private domestic deposits 34.1 96.4 62.4 -14.7 -42.0 -17.9 0.3 -90.3 -60.0 -45.6 -21.8 5.2 9

10 Savings institutions 17.3 -1.4 4.4 -5.4 14.1 -4.6 17.2 16.8 27.0 25.3 22.5 25.1 10

11 Credit unions 2.2 4.5 1.7 2.0 2.1 2.4 3.0 1.4 1.6 0.4 6.4 3.6 11

12 Net change in assets 86.3 113.5 117.3 -9.7 -12.8 31.3 100.2 -113.1 -69.3 43.3 4.5 110.7 12

13 Household sector 41.4 92.1 45.2 -14.8 -43.6 24.5 -29.7 -116.0 -53.4 -29.8 -42.3 19.2 13

14 Nonfinancial business 17.5 13.7 22.9 10.3 20.8 -15.2 39.7 44.2 14.3 44.8 55.0 27.7 14

15 Corporate 15.7 6.9 13.6 4.3 15.3 -20.9 34.3 38.9 8.9 38.9 49.2 21.9 15

16 Nonfarm noncorporate 0.8 5.0 7.6 4.3 3.8 4.1 3.7 3.6 3.7 4.2 4.2 4.2 16

17 Farm 1.0 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 17

18 State and local governments 6.1 2.2 1.4 2.5 3.0 -0.1 7.5 -0.4 5.2 -6.8 0.3 -3.2 18

19 Federal government 27.4 -16.9 20.7 -21.7 -0.0 7.2 78.0 -57.3 -27.9 41.9 -33.8 35.2 19

20 Rest of the world 13.6 19.7 21.9 25.4 14.7 26.3 9.2 13.8 9.4 -4.4 33.6 19.0 20

21 Checkable deposits -1.4 1.5 -0.3 1.8 1.1 -1.7 -2.8 5.8 3.0 -4.4 16.0 -7.4 21

22 Currency 15.0 18.2 22.2 23.6 13.6 28.0 12.0 8.0 6.4 0.0 17.6 26.4 22

23 Financial sectors -11.1 0.4 7.8 -3.8 2.2 -12.4 17.8 2.0 1.5 -7.3 6.5 -11.1 23

24 Commercial banking -0.8 -0.5 -0.3 0.4 0.2 -0.9 1.0 -1.3 1.7 -0.8 0.4 -0.3 24

25 Savings institutions 2.0 -0.6 3.1 -1.5 1.6 -6.6 3.9 0.5 8.3 -6.2 -1.3 -1.5 25

26 Credit unions 0.6 1.2 -0.1 0.0 0.9 1.6 0.1 0.8 1.1 1.2 -1.1 -2.3 26

27 Bank personal trusts and estates 0.0 -0.1 -0.1 -0.3 0.1 -0.1 0.1 0.1 0.1 0.1 0.1 0.2 27

28 Life insurance companies 0.5 -0.6 0.3 0.6 0.7 1.0 0.5 0.1 1.1 -0.2 0.8 0.0 28

29 Other insurance companies -1.1 0.2 -0.4 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 29

30 Private pension funds -0.3 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 30

31 State and local govt. retirement funds -0.7 1.7 0.7 -0.6 -2.2 0.3 -4.0 0.1 -5.3 1.5 -1.7 0.3 31

32 Money market mutual funds -11.5 -2.4 1.4 -1.3 -1.0 -16.4 18.1 -2.1 -3.5 2.3 0.8 -3.5 32

33 Government-sponsored enterprises -0.9 -0.0 0.9 -0.9 0.2 0.0 1.3 -2.5 2.1 -2.1 -1.2 -0.4 33

34 Finance companies 1.2 1.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 34

35 Brokers and dealers -0.1 0.2 1.9 -0.3 1.7 8.4 -3.4 6.1 -4.2 -3.3 9.6 -3.7 35

36 Mail float -8.6 2.2 -2.8 -7.6 -9.8 1.0 -22.3 0.6 -18.5 4.8 -14.8 24.0 36
Z.1, December 11, 1996 39

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -57.0 -130.4 -93.8 -20.4 162.1 138.6 170.0 225.7 113.9 267.6 78.9 198.4 1

 2 Small time and savings deposits 1.5 -57.2 -70.3 -40.0 96.5 29.8 95.6 145.6 114.9 212.5 -4.6 36.9 2

 3 Commercial banking 78.9 2.7 -11.9 -1.1 113.7 31.8 136.5 139.4 147.4 211.7 43.1 75.7 3

 4 U.S.-chartered commercial banks 80.0 2.1 -10.9 -0.7 113.3 33.2 133.7 139.6 146.5 212.0 44.2 76.7 4

 5 Foreign banking offices in U.S. -0.1 0.2 -0.8 -1.1 -0.7 -2.3 1.8 -1.2 -1.3 -1.2 -2.4 -0.2 5

 6 Banks in U.S.-affiliated areas -1.0 0.4 -0.2 0.8 1.2 0.9 0.9 0.9 2.1 0.9 1.2 -0.9 6

 7 Savings institutions -94.9 -75.5 -68.1 -44.4 -28.9 15.1 -30.4 -34.8 -65.7 -30.9 -49.7 -26.6 7

 8 Credit unions 17.5 15.5 9.8 5.5 11.6 -17.1 -10.5 41.0 33.2 31.6 2.0 -12.1 8

 9 Large time deposits (1) -58.5 -73.2 -23.5 19.6 65.6 108.8 74.4 80.2 -0.9 55.1 83.5 161.4 9

10 Commercial banking -24.0 -66.8 -21.0 21.3 54.8 73.7 40.7 94.9 9.9 46.7 84.2 151.3 10

11 U.S.-chartered commercial banks -73.1 -76.2 -20.0 17.9 42.6 63.9 33.3 33.3 39.8 28.1 64.0 65.7 11

12 Foreign banking offices in U.S. 50.1 9.0 -0.8 2.6 11.0 8.9 6.5 60.7 -32.1 17.7 18.9 86.4 12

13 Banks in U.S.-affiliated areas -1.0 0.4 -0.2 0.8 1.2 0.9 0.9 0.9 2.1 0.9 1.2 -0.9 13

14 Savings institutions -35.3 -7.9 -3.6 -2.1 9.2 12.4 8.5 9.9 5.9 6.3 -2.4 8.7 14

15 Credit unions 0.8 1.6 1.1 0.4 1.7 22.7 25.3 -24.7 -16.7 2.1 1.8 1.4 15

16 Net change in assets -57.0 -130.4 -93.8 -20.4 162.1 138.6 170.0 225.7 113.9 267.6 78.9 198.4 16

17 Household sector -54.0 -74.3 -113.5 -8.0 150.3 151.7 150.2 182.2 117.3 257.1 70.8 116.4 17

18 Nonfinancial business -6.7 -17.2 28.8 -0.4 0.3 -40.8 27.3 7.4 7.2 -9.3 23.7 16.7 18

19 Corporate -6.6 -15.0 22.3 -2.6 -2.0 -43.1 25.0 5.1 4.8 -11.7 21.4 14.3 19

20 Nonfarm noncorporate -0.1 -2.2 6.5 2.2 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.4 20

21 State and local governments -10.4 -5.9 -5.0 6.0 9.9 8.1 5.7 9.8 15.9 7.9 11.5 13.6 21

22 Federal government 0.1 -0.7 -0.1 -0.1 0.3 1.8 -0.3 -0.0 -0.5 0.4 13.2 -4.1 22

23 Rest of the world -0.2 -1.1 6.8 1.5 -6.6 -5.4 -14.3 -7.9 1.3 10.8 -6.4 29.1 23

24 Financial sectors 14.3 -31.2 -11.0 -19.4 7.9 23.2 1.4 34.2 -27.2 0.8 -34.0 26.6 24

25 Savings institutions -0.3 -1.3 -0.7 -1.8 -0.2 -0.9 -0.2 0.3 0.1 -0.4 -0.1 0.3 25

26 Credit unions 5.0 0.3 -1.3 -8.9 0.4 -4.7 1.7 2.3 2.3 5.2 -3.3 -0.4 26

27 Bank personal trusts and estates -4.6 -5.2 -1.1 1.6 -1.0 -0.2 -1.1 -1.5 -1.2 -1.0 -1.0 -1.1 27

28 Private pension funds 0.5 -22.4 -7.9 -6.6 -11.0 -8.5 -2.8 -21.1 -11.7 -17.8 -22.7 -14.9 28

29 State and local govt. retirement funds 0.4 -2.1 2.7 -3.2 -1.3 -2.9 -1.1 -3.4 2.4 -2.3 1.2 -8.3 29

30 Money market mutual funds 13.2 -0.5 -2.8 -0.5 20.9 40.3 4.9 57.7 -19.1 17.1 -8.1 51.1 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 41.6 4.5 20.2 43.3 142.3 74.2 221.1 122.9 151.1 244.0 4.1 147.4 1

 2 Net purchases 41.6 4.5 20.2 43.3 142.3 74.2 221.1 122.9 151.1 244.0 4.1 147.4 2

 3 Household sector 9.2 -41.3 5.6 13.6 95.4 42.6 157.1 98.6 83.3 160.1 -37.6 91.4 3

 4 Nonfinancial corporate business 5.2 15.8 -2.5 7.4 30.8 6.8 58.8 17.6 40.0 32.4 13.6 10.0 4

 5 Nonfarm noncorporate business -0.1 0.1 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 5

 6 Bank personal trusts and estates 3.6 -0.3 0.1 0.6 2.1 1.6 2.2 2.4 2.2 2.0 2.1 2.0 6

 7 Life insurance companies 6.9 5.3 0.2 -14.7 10.2 4.9 16.0 4.0 16.0 9.6 14.9 14.0 7

 8 Private pension funds 1.0 1.5 6.5 4.5 1.2 3.8 -4.6 5.5 0.3 7.2 0.5 -3.7 8

 9 Funding corporations 15.8 23.5 10.1 31.8 2.4 14.4 -8.6 -5.2 9.1 32.4 10.5 33.4 9
40 Z.1, December 11, 1996

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities -16.5 43.1 71.2 78.3 110.7 172.5 115.6 95.0 59.8 -19.1 117.7 -24.7 1

 2 Commercial banking (net) -19.3 18.2 41.5 78.2 30.5 84.6 53.5 44.1 -60.3 16.7 96.3 -6.5 2

 3 U.S.-chartered commercial banks -27.1 17.4 45.4 71.7 28.3 88.8 32.0 49.9 -57.4 3.5 69.2 -4.5 3

 4 Foreign banking offices in U.S. 8.8 0.7 -4.3 6.7 1.8 -5.7 14.7 0.3 -2.2 12.6 27.2 -2.8 4

 5 Bank holding companies -0.9 0.2 0.4 -0.2 0.4 1.5 6.9 -6.1 -0.6 0.6 -0.1 0.8 5

 6 Savings institutions -22.9 -1.0 7.5 18.4 -0.0 0.3 25.9 21.7 -47.9 2.1 19.9 1.3 6

 7 REITs 0.0 1.9 2.1 4.7 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 7

 8 Brokers and dealers (net) 25.7 24.0 20.0 -23.0 79.0 86.3 35.0 28.0 166.7 -39.1 0.2 -20.8 8

 9 Net change in assets -5.7 39.0 37.0 45.9 107.9 103.6 168.0 68.4 91.7 15.4 35.1 61.2 9

10 Nonfinancial corporate business -0.5 3.4 -2.6 -0.4 0.2 6.0 20.9 -20.8 -5.3 -0.2 6.2 14.5 10

11 State and local governments -16.6 4.9 16.7 12.0 25.7 16.6 14.8 44.0 27.3 15.6 9.2 -20.7 11

12 Rest of the world 1.2 20.9 19.7 -14.8 21.0 39.2 24.1 14.2 6.6 19.8 14.7 -6.5 12

13 Financial sectors 10.2 9.8 3.1 49.1 61.0 41.8 108.2 30.9 63.1 -19.8 5.1 73.8 13

14 Monetary authority -2.5 -7.8 5.1 -2.6 3.3 10.1 14.8 -11.3 -0.6 -13.5 -20.9 38.7 14

15 Savings institutions -6.6 -0.6 -3.9 -4.1 4.8 9.2 4.5 0.8 4.6 -0.0 -7.8 1.7 15

16 Credit unions -1.4 0.4 -5.1 -2.3 0.2 0.9 2.3 1.8 -4.4 4.4 -7.9 -14.1 16

17 Other insurance companies -4.1 5.6 -0.9 -2.3 8.1 8.1 8.1 8.1 8.1 8.1 8.1 8.1 17

18 Private pension funds 5.4 2.1 6.6 10.2 -0.3 -0.5 -4.8 3.5 0.5 12.2 11.5 1.9 18

19 State and local govt. retirement funds 5.5 2.4 0.2 7.9 -1.6 6.3 7.1 -12.0 -7.7 -1.1 1.9 -5.0 19

20 Money market mutual funds 8.8 -1.0 0.4 2.4 19.0 -10.0 34.2 15.4 36.6 10.1 7.0 16.1 20

21 Mutual funds 6.1 9.7 16.8 4.4 7.1 -8.5 -2.2 8.0 31.1 -30.8 15.3 26.2 21

22 Government-sponsored enterprises -1.1 -1.0 -16.2 35.4 20.5 26.1 44.3 16.7 -5.1 -9.2 -2.2 0.3 22

23 Discrepancy--unallocated assets -10.7 4.1 34.2 32.4 2.8 68.9 -52.4 26.6 -31.9 -34.5 82.5 -85.9 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types -44.0 13.1 -5.1 35.7 74.3 86.8 59.5 85.5 65.3 39.5 126.0 107.3 1

 2 Commercial paper -29.7 17.0 2.5 38.6 75.1 79.3 60.5 86.6 73.9 36.0 129.3 102.3 2

 3 Nonfinancial corporate business -18.4 8.6 10.0 21.4 18.1 6.0 34.3 18.1 14.1 30.1 10.7 -16.5 3

 4 Foreign issues in U.S. 6.4 5.2 -9.0 -27.3 13.6 43.2 -8.7 23.7 -3.9 -8.4 9.6 38.6 4

 5 Financial sectors -17.7 3.2 1.5 44.5 43.4 30.0 34.9 44.8 63.7 14.3 109.0 80.2 5

 6 Commercial banking -5.8 -3.9 5.2 5.9 -1.4 -2.3 -0.9 13.2 -15.7 1.6 15.5 -5.1 6

 7 ABS issuers 7.3 8.6 4.6 9.5 37.3 21.7 22.2 21.5 83.8 35.9 18.4 48.6 7

 8 Finance companies -5.8 -3.1 2.7 25.4 -0.1 0.9 9.4 -12.8 2.3 16.3 17.7 10.3 8

 9 REITs -0.0 -0.0 -0.3 -0.6 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations -13.5 1.5 -10.7 4.2 7.6 9.8 4.3 22.9 -6.7 -39.6 57.3 26.3 10

11 Bankers acceptances (1) -14.3 -3.9 -7.7 -2.9 -0.8 7.6 -1.0 -1.1 -8.5 3.5 -3.3 5.0 11

12 Net purchases, by sector -44.0 13.1 -5.1 35.7 74.3 86.8 59.5 85.5 65.3 39.5 126.0 107.3 12

13 Household sector -29.9 -3.3 15.6 -10.5 0.3 -36.0 14.0 34.0 -10.9 -29.5 10.0 24.3 13

14 Nonfinancial corporate business 0.9 2.3 2.4 -0.8 1.0 4.0 -7.5 4.3 3.5 -4.2 9.8 8.4 14

15 Rest of the world 0.6 1.6 5.9 6.0 18.7 15.9 17.0 18.1 23.5 -50.1 45.7 20.7 15

16 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Commercial banking (1) -2.0 -1.4 -1.9 -1.5 -0.1 -5.0 4.6 -1.0 0.9 1.7 -4.7 -2.3 17

18 Savings institutions 0.5 -0.7 -0.3 -0.2 0.0 0.0 0.6 -0.3 -0.1 0.1 0.0 -0.1 18

19 Credit unions 0.3 0.4 -0.7 -0.1 -1.6 -1.9 -1.5 -2.4 -0.6 -0.9 -0.3 -0.3 19

20 Bank personal trusts and estates -5.2 -2.5 -3.2 3.5 0.2 1.3 0.0 -0.4 0.0 0.2 0.1 0.2 20

21 Life insurance companies 0.0 -2.5 3.6 5.9 -7.3 1.6 -3.7 5.2 -32.3 26.3 9.7 4.6 21

22 Private pension funds 5.4 2.1 6.6 10.2 -0.3 -0.5 -4.8 3.5 0.5 12.2 11.5 1.9 22

23 State and local govt. retirement funds 5.5 2.4 0.2 7.9 -1.6 5.5 10.3 -14.5 -7.5 -2.0 5.0 5.0 23

24 Money market mutual funds -13.4 -17.0 -9.1 22.7 48.4 50.2 65.3 18.1 59.7 31.4 43.1 53.2 24

25 Mutual funds -16.3 9.7 16.8 4.4 7.1 -11.8 -4.7 2.7 42.2 -34.4 12.8 20.6 25

26 Government-sponsored enterprises 7.1 2.7 -1.7 14.4 -0.8 9.9 -13.2 12.0 -12.0 10.0 3.6 -7.8 26

27 Brokers and dealers -4.4 1.2 -0.3 -3.7 10.9 22.5 2.5 18.7 -0.3 -21.2 12.6 -9.5 27

28 Funding corporations 7.0 18.2 -38.9 -22.7 -0.5 31.2 -19.4 -12.5 -1.3 99.9 -33.0 -11.4 28

(1) Excludes banks’ holdings of own acceptances.
Z.1, December 11, 1996 41

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 292.0 303.8 248.3 155.7 142.9 249.0 183.1 85.6 54.1 242.2 60.2 164.4 1

 2 Savings bonds 11.9 19.1 14.7 8.0 5.1 5.8 4.8 3.9 5.9 3.4 2.6 1.2 2

 3 Other Treasury issues 280.1 284.6 233.7 147.7 137.9 243.2 178.3 81.7 48.3 238.8 57.5 163.2 3

 4 Net purchases 292.0 303.8 248.3 155.7 142.9 249.0 183.1 85.6 54.1 242.2 60.2 164.4 4

 5 Household sector -7.8 81.0 29.1 213.6 15.7 98.4 -65.7 69.9 -39.9 7.2 -24.8 -96.6 5

 6 Savings bonds 11.9 19.1 14.7 8.0 5.1 5.8 4.8 3.9 5.9 3.4 2.6 1.2 6

 7 Other Treasury issues -19.7 61.9 14.4 205.6 10.6 92.6 -70.5 66.1 -45.8 3.8 -27.4 -97.7 7

 8 Nonfinancial corporate business 5.8 17.2 -11.8 24.7 -6.6 -68.6 22.6 -33.9 53.5 5.3 28.8 18.3 8

 9 Nonfarm noncorporate business -0.3 0.7 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 9

10 State and local governments 23.0 -20.4 26.6 -130.8 -133.1 -87.3 -107.8 -182.7 -154.8 -91.8 -78.4 -80.3 10

11 Rest of the world 33.7 55.6 73.3 65.0 168.2 160.4 222.3 231.0 58.9 269.7 111.3 269.3 11

12 Monetary authority 31.4 28.5 37.0 32.5 13.7 19.4 17.9 -3.3 20.7 17.3 9.9 19.6 12

13 Commercial banking 60.4 61.9 27.8 -31.8 -11.7 23.9 -7.6 -37.9 -25.4 -27.5 18.7 -22.8 13

14 U.S.-chartered commercial banks 50.3 46.6 20.6 -27.0 -40.4 -56.8 -43.2 -23.7 -38.0 -45.7 1.0 -21.3 14

15 Foreign banking offices in U.S. 9.4 8.7 6.5 -3.5 29.6 82.3 26.9 -4.1 13.4 22.0 17.0 -0.7 15

16 Bank holding companies 0.3 5.1 -0.8 -0.7 -1.2 -2.5 6.7 -10.4 1.5 -2.4 -0.1 1.6 16

17 Banks in U.S.-affiliated areas 0.3 1.5 1.5 -0.6 0.2 0.8 2.0 0.3 -2.2 -1.3 0.8 -2.4 17

18 Savings institutions -0.9 9.0 -5.7 -1.1 -8.7 -13.8 -9.2 0.6 -12.5 1.4 2.8 -5.4 18

19 Credit unions 5.5 5.9 2.6 -0.5 -3.8 -3.5 -3.9 -1.3 -6.3 4.0 -1.0 -4.8 19

20 Bank personal trusts and estates 1.7 -0.8 0.3 -0.6 -3.3 -2.5 -3.5 -3.8 -3.6 -3.5 -3.3 -2.8 20

21 Life insurance companies 18.6 10.2 20.1 -2.9 1.0 16.3 2.4 0.3 -14.9 -9.1 -20.6 0.1 21

22 Other insurance companies 23.9 2.6 14.2 9.4 0.5 0.1 0.8 0.6 0.3 0.5 0.4 0.5 22

23 Private pension funds 13.8 12.9 10.9 9.5 17.4 18.5 17.6 12.5 20.9 18.4 32.3 9.4 23

24 State and local govt. retirement funds 7.7 -3.0 16.9 8.8 8.4 18.4 -11.7 24.9 2.2 22.3 33.4 14.0 24

25 Money market mutual funds 33.4 0.2 1.0 -13.3 3.8 9.9 -12.6 15.8 2.2 74.4 2.0 5.1 25

26 Mutual funds 22.4 36.0 31.4 -6.8 11.2 0.7 0.4 14.8 28.8 32.4 4.9 -2.8 26

27 Closed-end funds 3.1 1.7 2.0 -6.2 3.0 0.2 3.8 4.8 3.1 1.9 1.4 1.1 27

28 Government-sponsored enterprises 18.2 17.9 -7.1 0.4 6.1 4.8 -0.8 1.5 18.7 -29.1 18.8 11.2 28

29 Brokers and dealers -1.6 -13.3 -20.7 -14.4 61.0 53.2 117.5 -28.7 101.8 -52.2 -77.2 30.7 29

 Memo:

30 Federal government borrowing (1) 278.2 304.0 256.1 155.9 144.4 247.8 184.7 86.0 59.3 239.9 62.4 161.3 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).
42 Z.1, December 11, 1996

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 132.0 156.1 173.1 292.5 206.6 85.5 198.1 228.1 314.6 141.5 304.3 241.4 1

 2 Budget agencies -13.8 0.2 7.8 0.2 1.5 -1.2 1.6 0.4 5.1 -2.3 2.2 -3.1 2

 3 Government-sponsored enterprises 9.2 40.3 80.6 176.9 106.9 62.9 127.2 101.5 136.1 37.4 132.9 84.0 3

 4 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 4

 5 Net purchases 132.0 156.1 173.1 292.5 206.6 85.5 198.1 228.1 314.6 141.5 304.3 241.4 5

 6 Household sector -2.7 47.1 -16.6 124.2 -0.9 -16.1 -77.3 84.0 5.9 -40.5 131.9 140.2 6

 7 Nonfinancial corporate business 1.8 3.5 10.5 9.7 -1.5 -0.0 10.7 -23.7 7.1 -10.5 22.0 19.4 7

 8 State and local governments 22.4 0.2 -16.9 36.6 7.8 -17.1 26.6 -15.5 37.0 12.5 53.7 -46.8 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 0.0 9

10 Rest of the world 10.2 18.3 35.4 21.7 28.7 26.0 25.5 49.0 14.4 57.8 27.7 53.5 10

11 Monetary authority -0.3 -0.6 -0.8 -1.0 -1.0 -0.9 -1.2 -0.8 -1.0 -0.4 -0.6 -0.3 11

12 Commercial banking 50.9 42.8 44.7 5.5 38.7 20.5 54.4 58.5 21.5 15.3 9.5 5.1 12

13 U.S.-chartered commercial banks 46.3 38.9 36.2 1.8 23.4 -9.4 35.6 57.1 10.1 7.9 4.9 -4.3 13

14 Foreign banking offices in U.S. 4.0 2.9 7.4 1.5 14.3 32.8 19.5 0.2 4.5 7.3 5.6 11.5 14

15 Bank holding companies 0.5 -0.2 0.9 1.7 -0.2 -2.9 -0.8 0.9 2.1 0.2 0.2 -4.1 15

16 Banks in U.S.-affiliated areas 0.1 1.1 0.2 0.5 1.3 -0.0 0.1 0.2 4.8 -0.1 -1.2 1.9 16

17 Savings institutions -40.6 -2.0 4.2 12.6 4.7 13.8 -5.9 12.3 -1.6 -2.9 4.9 -10.1 17

18 Credit unions 5.2 9.1 7.7 4.5 4.9 -4.5 11.9 -0.6 12.6 3.9 9.8 -0.4 18

19 Bank personal trusts and estates 1.2 -0.8 0.9 -0.5 -2.0 -1.5 -2.1 -2.3 -2.1 -2.1 -2.3 -1.8 19

20 Life insurance companies 42.4 27.7 27.6 11.3 8.7 32.1 7.3 13.9 -18.3 -15.0 -18.0 5.6 20

21 Other insurance companies 9.7 -0.3 1.3 1.6 2.3 2.4 2.2 2.1 2.5 2.4 2.6 2.7 21

22 Private pension funds 6.9 6.1 5.1 3.9 9.6 9.1 10.0 6.7 12.6 11.1 20.6 4.3 22

23 State and local govt. retirement funds 0.9 -12.8 -4.7 8.0 17.6 20.0 11.4 1.1 38.1 16.6 7.6 5.0 23

24 Money market mutual funds 4.2 13.6 13.5 9.4 13.7 -8.7 52.8 -26.9 37.4 21.6 -26.6 20.1 24

25 Mutual funds 18.5 20.8 17.9 -3.6 7.7 0.5 0.3 10.2 20.0 22.5 3.4 -4.7 25

26 Government-sponsored enterprises 11.1 12.3 18.4 63.1 57.4 19.6 87.3 17.7 104.9 55.9 49.1 55.5 26

27 ABS issuers -19.8 -27.7 17.2 1.2 1.2 -9.7 -4.0 26.6 -8.2 9.3 16.1 1.0 27

28 Brokers and dealers 10.0 -1.0 7.8 -15.8 9.0 0.0 -12.0 16.0 32.0 -16.0 -7.2 -6.8 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
Z.1, December 11, 1996 43

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 87.8 30.5 74.8 -29.3 -44.2 -54.9 -2.2 -107.2 -12.6 -14.2 36.9 -76.2 1

 2 State and local governments 81.3 21.3 62.9 -42.3 -47.1 -52.9 -7.5 -108.8 -19.2 -10.8 31.9 -74.6 2

 3 Short-term (1) 6.9 -1.1 1.8 -2.2 1.2 10.7 -3.8 -13.1 11.2 0.0 4.3 1.8 3

 4 Long-term 74.4 22.3 61.1 -40.2 -48.3 -63.5 -3.7 -95.7 -30.4 -10.8 27.6 -76.3 4

 5 Nonprofit organizations (2) 7.7 9.3 11.9 14.5 5.8 5.3 8.1 3.7 6.3 4.1 3.6 5.7 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) -1.2 -0.0 -0.1 -1.5 -2.9 -7.4 -2.7 -2.0 0.4 -7.6 1.3 -7.3 6

 7 Net change in assets 87.8 30.5 74.8 -29.3 -44.2 -54.9 -2.2 -107.2 -12.6 -14.2 36.9 -76.2 7

 8 Household sector 38.9 -27.7 -27.7 -50.0 -45.3 -1.5 -24.5 -107.1 -48.3 17.2 20.0 -101.3 8

 9 Nonfinancial corporate business 20.1 1.0 8.9 4.7 -4.7 -21.2 4.4 4.6 -6.8 -53.4 14.8 9.8 9

10 State and local governments 1.4 -0.6 -0.5 -2.8 -5.9 -5.3 -5.5 -6.4 -6.1 -6.0 -4.8 -4.0 10

11 Commercial banking -14.2 -5.7 1.7 -1.6 -4.2 -8.9 -3.8 -4.3 0.3 -1.6 -1.2 0.2 11

12 Savings institutions -0.6 -0.4 0.1 -0.1 -0.0 -0.0 -0.0 0.1 -0.2 0.0 -0.0 0.2 12

13 Bank personal trusts and estates 9.2 6.1 12.9 5.3 -11.1 -6.0 -12.3 -14.2 -11.8 -10.3 -5.1 -3.4 13

14 Life insurance companies -2.1 1.1 3.2 -1.9 -0.9 -4.4 5.7 -1.8 -3.2 1.8 -0.9 -2.0 14

15 Other insurance companies -10.7 6.3 10.4 7.4 7.0 6.2 6.6 7.5 7.7 8.1 8.1 8.5 15

16 Private pension funds 0.1 -0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.2 0.1 16

17 State and local govt. retirement funds -0.1 0.1 0.2 -0.3 0.2 -0.1 -0.1 0.1 0.7 -0.6 -0.1 -0.2 17

18 Money market mutual funds 6.6 5.4 9.6 7.8 14.3 5.0 22.4 14.7 15.0 35.2 -1.8 12.1 18

19 Mutual funds 27.2 28.7 42.9 -4.3 3.2 -3.6 -2.6 2.8 16.2 7.8 2.0 2.9 19

20 Closed-end funds 11.3 14.3 7.9 7.4 5.0 5.8 4.9 4.6 4.8 4.9 5.0 4.8 20

21 Government-sponsored enterprises -0.7 0.2 -0.6 0.8 1.0 -2.5 -0.9 2.0 5.5 -1.9 0.9 -0.2 21

22 Brokers and dealers 1.6 1.9 5.8 -1.7 -2.7 -18.5 3.5 -9.6 13.7 -15.4 -0.3 -3.9 22

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

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 163.6 167.1 278.2 153.0 306.3 234.5 331.9 332.5 326.3 252.5 284.5 207.9 1

 2 Nonfinancial corporate business 78.8 67.6 75.2 23.3 73.3 53.0 98.4 59.8 82.0 60.9 71.5 73.8 2

 3 Rest of the world (1) 15.0 16.8 82.9 12.2 48.3 13.9 51.2 55.2 72.7 47.9 11.1 59.4 3

 4 Financial sectors 69.9 82.7 120.1 117.5 184.7 167.6 182.3 217.6 171.6 143.8 201.8 74.7 4

 5 Commercial banking 4.2 14.5 7.2 7.7 18.5 19.0 27.2 22.6 5.2 -20.7 22.5 6.0 5

 6 Savings institutions -4.1 -3.2 -1.5 -0.8 -0.0 -0.1 0.2 0.0 -0.3 -0.8 0.8 -0.5 6

 7 ABS issuers 46.7 49.9 78.7 59.0 95.0 45.9 91.0 143.3 99.7 96.8 109.8 37.6 7

 8 Finance companies 12.2 6.1 9.7 29.0 49.7 77.6 39.8 31.0 50.5 26.7 39.5 14.8 8

 9 REITs 0.1 1.0 0.3 2.0 2.1 2.1 2.1 2.1 2.3 2.3 2.5 2.5 9

10 Brokers and dealers 3.7 2.7 12.0 0.5 -5.0 -29.5 -0.1 2.1 7.7 -31.8 13.2 5.6 10

11 Funding corporations 6.9 11.7 13.6 20.0 24.4 52.7 22.1 16.4 6.4 71.1 13.6 8.7 11

12 Net purchases 163.6 167.1 278.2 153.0 306.3 234.5 331.9 332.5 326.3 252.5 284.5 207.9 12

13 Household sector 31.6 -5.6 43.8 6.5 55.6 63.4 20.4 144.9 -6.4 2.1 26.7 -29.0 13

14 Rest of the world (2) 16.2 18.1 30.4 38.0 57.2 56.1 51.7 60.6 60.2 72.7 73.6 80.6 14

15 Commercial banking 7.6 -1.6 3.5 4.3 8.4 -6.2 6.4 24.2 9.2 -4.6 2.7 -0.9 15

16 Savings institutions -2.9 7.3 9.1 -2.4 -8.2 -7.5 6.7 -6.8 -25.2 5.3 -7.1 -16.6 16

17 Bank personal trusts and estates 3.4 6.2 -1.1 -0.4 -3.1 -2.3 -3.3 -3.6 -3.3 -3.0 -2.0 -2.1 17

18 Life insurance companies 25.4 55.0 58.3 59.9 90.7 83.8 116.2 36.1 126.8 38.0 23.8 35.9 18

19 Other insurance companies 7.4 -1.2 3.3 7.2 12.7 13.0 12.4 12.7 12.7 13.6 13.6 14.2 19

20 Private pension funds 15.5 23.7 22.7 22.3 33.6 30.8 33.3 27.4 42.8 38.7 59.1 28.9 20

21 State and local govt. retirement funds 18.9 19.6 10.4 5.6 -2.7 18.3 -5.6 -9.7 -14.0 21.6 3.2 7.9 21

22 Money market mutual funds 1.8 2.5 5.4 3.4 6.4 -0.1 6.4 8.3 10.8 12.4 1.6 -1.9 22

23 Mutual funds 28.4 31.0 50.6 3.2 23.3 0.8 29.9 27.6 34.7 39.2 40.5 18.2 23

24 Closed-end funds -1.6 2.2 4.4 -4.4 5.4 2.4 6.3 7.3 5.4 4.1 3.4 3.1 24

25 Government-sponsored enterprises 0.0 0.0 11.1 8.5 5.5 8.5 8.4 -14.1 19.1 -7.6 -11.5 -2.8 25

26 Brokers and dealers 12.0 10.0 22.2 -8.7 12.0 -26.7 34.7 1.7 38.3 -4.1 0.0 13.0 26

27 Funding corporations 0.0 0.0 4.0 10.0 9.8 0.0 8.0 16.0 15.0 24.1 56.9 59.3 27

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
44 Z.1, December 11, 1996

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net issues 76.9 103.4 129.9 23.3 -18.6 -34.0 -18.0 -5.2 -17.2 8.0 65.3 -60.7 1

 2 Nonfinancial corporate business 18.3 27.0 21.3 -44.9 -73.8 -60.0 -71.3 -92.8 -71.2 -85.2 -16.0 -98.4 2

 3 Rest of the world (2) 30.7 32.4 63.4 48.1 50.7 16.4 40.8 88.2 57.4 89.8 69.7 25.8 3

 4 Financial sectors 28.0 44.0 45.2 20.1 4.5 9.6 12.5 -0.6 -3.5 3.4 11.7 11.9 4

 5 Commercial banking 15.7 20.2 7.3 -3.3 -8.9 -2.1 -3.0 -8.5 -22.0 -10.6 -7.8 -5.3 5

 6 Other insurance companies 1.9 5.5 7.4 6.5 7.1 7.1 7.1 7.1 7.1 7.0 7.0 6.9 6

 7 Closed-end funds 14.6 18.2 16.2 1.9 7.2 5.3 6.7 7.9 8.8 5.9 6.9 7.3 7

 8 REITs 1.6 2.0 12.9 10.3 7.3 4.8 11.2 6.4 6.8 6.2 9.2 9.8 8

 9 Brokers and dealers -5.7 -1.9 1.3 4.7 -8.1 -5.4 -9.5 -13.5 -4.2 -5.1 -3.6 -7.0 9

10 Net purchases 76.9 103.4 129.9 23.3 -18.6 -34.0 -18.0 -5.2 -17.2 8.0 65.3 -60.7 10

11 Household sector -22.1 34.6 -56.2 -136.7 -174.1 -160.8 -203.7 -182.6 -149.2 -139.0 -186.8 -168.3 11

12 Rest of the world (3) 10.4 -5.6 20.9 0.9 16.4 -14.7 21.9 19.5 38.9 12.9 25.4 -3.7 12

13 Commercial banking 1.7 -0.4 0.9 -1.4 2.1 -0.6 1.1 6.1 1.8 0.7 1.7 1.9 13

14 Savings institutions -1.1 0.3 1.7 -1.8 0.7 0.4 1.9 0.4 0.0 3.0 -1.1 0.7 14

15 Bank personal trusts and estates -8.6 -37.0 -55.2 -9.3 -17.7 -20.1 -1.2 -30.2 -19.4 -34.4 -12.1 -9.6 15

16 Life insurance companies 9.5 2.7 31.8 63.3 26.0 6.8 12.6 42.6 42.2 -11.4 46.6 34.4 16

17 Other insurance companies -1.2 -0.4 0.8 1.1 -1.5 -1.5 -1.5 -1.5 -1.5 -1.2 -1.2 -1.0 17

18 Private pension funds 4.7 32.3 9.2 -14.7 -0.1 19.5 15.0 -19.6 -15.5 -70.3 -57.6 -37.8 18

19 State and local govt. retirement funds 31.2 17.7 50.9 19.1 40.6 59.9 34.2 56.0 12.3 51.6 2.9 10.6 19

20 Mutual funds 48.5 59.8 115.3 100.8 87.4 79.0 109.1 108.2 53.3 233.4 238.3 128.4 20

21 Closed-end funds 1.8 -0.0 1.8 5.2 -6.2 -3.1 -8.4 -8.8 -4.4 -5.0 -2.9 -1.7 21

22 Brokers and dealers 2.4 -0.6 8.1 -3.4 7.7 1.2 0.9 4.7 24.2 -32.4 12.0 -14.7 22

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents.

(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 147.2 209.1 323.7 128.9 173.9 84.1 165.0 202.0 244.5 287.6 351.2 202.1 1

 2 Net purchases 147.2 209.1 323.7 128.9 173.9 84.1 165.0 202.0 244.5 287.6 351.2 202.1 2

 3 Household sector 113.6 148.3 237.7 101.5 146.3 65.5 150.4 174.7 194.5 205.1 253.9 92.9 3

 4 Nonfinancial corporate business 2.4 5.0 6.8 2.1 4.2 3.0 3.0 3.0 7.9 5.0 9.0 12.0 4

 5 Commercial banking 1.8 -0.4 0.5 -1.9 0.3 0.5 1.3 0.5 -1.0 0.6 -0.6 -0.3 5

 6 Credit unions 1.2 1.5 0.1 -1.6 0.2 0.3 0.5 0.0 0.0 0.1 0.2 0.1 6

 7 Bank personal trusts and estates 13.5 25.8 44.9 22.3 -11.3 -13.1 -24.0 -10.4 2.4 5.2 4.3 4.8 7

 8 Life insurance companies 8.5 18.7 10.9 -16.5 6.1 6.3 4.0 4.0 10.0 8.4 13.1 13.6 8

 9 Private pension funds 6.2 10.2 22.7 22.9 28.1 21.7 29.8 30.1 30.8 63.3 71.3 79.0 9
Z.1, December 11, 1996 45

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis -3.1 18.5 83.6 183.7 239.8 297.7 302.5 197.7 161.2 162.3 139.7 183.7 1

 - Loans elsewhere classified:

 2 Open market paper -2.0 -1.4 -1.9 -1.5 -0.1 -5.0 4.6 -1.0 0.9 1.7 -4.7 -2.3 2

 3 Mortgages 31.9 19.2 47.3 65.3 77.0 114.6 90.5 67.7 35.0 63.0 26.3 40.0 3

 4 Consumer credit -14.5 -6.9 34.2 63.2 44.8 37.9 50.3 48.7 42.4 9.2 24.8 24.9 4

 5 Security credit 10.6 16.9 12.7 -5.7 4.6 1.5 31.6 -9.2 -5.7 25.1 -24.3 -26.0 5

 6 = Banking sector total bank loans n.e.c. -29.1 -9.3 -8.6 62.3 113.5 148.7 125.4 91.4 88.6 63.3 117.5 147.1 6

 7 U.S.-chartered commercial banks -53.5 -19.7 7.4 45.6 75.9 104.3 83.8 60.5 54.8 38.5 69.2 91.5 7

 8 Foreign banking offices in U.S. 29.3 9.9 -13.7 15.1 35.4 40.7 40.4 30.3 30.3 24.3 45.9 54.5 8

 9 Bank holding companies -1.9 0.4 -1.8 -0.1 0.4 2.6 -1.0 -1.2 1.4 -1.5 0.3 -0.1 9

10 Banks in U.S.-affiliated areas -3.0 0.2 -0.5 1.7 1.8 1.1 2.2 1.8 2.1 2.1 2.1 1.3 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 0.0 11

12 = Total bank loans n.e.c. -29.1 -9.3 -8.6 62.3 113.5 148.7 125.4 91.4 88.6 63.3 117.5 147.1 12

13 Net change in liabilities -29.1 -9.3 -8.6 62.3 113.5 148.7 125.4 91.4 88.6 63.3 117.5 147.1 13

14 Nonfinancial sectors -37.8 -11.4 4.3 74.6 108.1 153.6 104.7 83.5 90.4 38.4 94.0 137.5 14

15 Household sector -3.4 2.7 7.0 11.4 13.3 13.4 5.6 6.9 27.1 -25.5 25.8 2.1 15

16 Corporate business -37.8 -19.3 -10.8 46.7 64.8 112.1 70.4 45.5 31.2 36.2 27.9 109.7 16

17 Nonfarm noncorporate business -1.4 2.7 5.3 13.2 20.5 19.7 20.9 21.1 20.3 20.4 22.0 23.4 17

18 Farm business 1.7 0.1 2.1 1.9 1.1 0.3 2.2 1.8 -0.0 -1.3 3.2 -2.4 18

19 Rest of the world 3.1 2.3 0.7 1.4 8.5 8.1 5.6 8.2 11.9 8.7 15.1 4.7 19

20 Foreign official institutions -0.4 1.0 -1.0 -0.2 0.4 1.5 -1.7 0.8 1.0 -1.4 4.4 -0.5 20

21 Foreign banks 1.0 0.7 1.2 0.0 2.1 0.3 2.6 4.1 1.5 4.9 3.9 -1.8 21

22 Other foreign 2.5 0.6 0.5 1.6 5.9 6.3 4.7 3.3 9.4 5.2 6.9 7.0 22

23 Financial sectors 8.8 2.2 -13.0 -12.3 5.5 -5.0 20.7 7.9 -1.8 24.9 23.6 9.6 23

24 Savings institutions -0.7 -0.0 -0.5 0.9 5.2 2.8 5.1 4.4 8.7 2.7 -1.9 -1.1 24

25 Finance companies 11.3 -4.6 -12.3 -4.2 1.9 1.7 2.8 1.6 1.4 4.1 11.2 5.8 25

26 Mortgage companies -2.4 8.0 0.0 -11.5 0.4 -7.4 14.8 4.0 -10.0 20.0 16.0 6.6 26

27 REITs 0.6 -1.3 -0.2 2.5 -2.0 -2.1 -2.1 -2.1 -1.9 -1.9 -1.7 -1.7 27
46 Z.1, December 11, 1996

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances -95.6 8.9 8.7 70.7 61.6 59.8 56.0 41.3 89.2 28.6 76.2 94.0 1

 2 U.S. government loans -4.9 0.0 -2.9 -10.2 -8.2 -4.8 -6.9 -11.2 -9.8 -11.1 -9.6 -14.1 2

 3 Liab.: Household sector 2.2 0.7 -1.2 -3.4 -5.5 -4.7 -5.2 -5.7 -6.2 -6.8 -7.7 -8.6 3

 4 Nonfinancial corporate business -0.8 -0.1 0.2 0.5 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.5 4

 5 Nonfarm noncorporate business 0.1 -0.3 0.6 1.4 1.8 1.8 1.8 1.7 1.7 1.6 1.6 1.5 5

 6 Farm business -1.4 -0.4 -0.7 -1.6 -2.5 -2.2 -2.4 -2.7 -2.9 -3.1 -3.3 -3.5 6

 7 State and local governments 0.4 -0.1 -0.6 -1.1 -1.5 -1.3 -1.4 -1.5 -1.6 -1.7 -1.8 -1.9 7

 8 Rest of the world -5.4 0.2 -1.1 -1.3 -1.1 0.9 -0.4 -3.6 -1.4 -1.7 1.0 -2.0 8

 9 Government-sponsored enterprises -0.0 -0.0 0.0 -4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business -47.3 4.9 -15.8 1.6 0.0 -8.6 5.7 2.2 0.7 -9.0 10.0 46.9 10

11 Liab.: Nonfinancial corporate business -47.3 4.9 -15.8 1.6 0.0 -8.6 5.7 2.2 0.7 -9.0 10.0 46.9 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -10.2 -3.6 -6.4 -2.4 -0.6 7.5 -0.8 -2.6 -6.2 3.0 -3.7 4.0 12

13 Liab.: Nonfinancial corporate business -5.9 -2.9 -3.3 -2.1 -0.8 6.5 1.5 -7.6 -3.8 0.1 -3.4 -1.2 13

14 Rest of the world -4.4 -0.7 -3.1 -0.3 0.3 0.9 -2.3 4.9 -2.4 2.8 -0.3 5.2 14

15 Savings institution loans to business -10.6 -10.1 -1.6 -0.5 2.5 6.5 0.7 1.8 0.9 4.5 1.9 3.9 15

16 Liab.: Nonfinancial corporate business -5.3 -5.0 -0.8 -0.3 1.2 3.3 0.4 0.9 0.4 2.3 0.9 2.0 16

17 Nonfarm noncorporate business -5.3 -5.0 -0.8 -0.3 1.2 3.3 0.4 0.9 0.4 2.3 0.9 2.0 17

18 Policy loans (Household liability) 4.8 5.7 5.6 7.8 10.5 6.2 6.8 9.3 19.7 7.4 4.8 8.1 18

19 Asset: Federal government -0.0 -0.0 -0.0 -0.0 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 19

20 Life insurance companies 4.8 5.7 5.7 7.8 10.4 6.2 6.7 9.3 19.6 7.4 4.8 8.1 20

21 Govt.-sponsored enterprises loans -32.2 3.7 26.5 27.2 12.2 -14.4 7.6 12.9 42.5 6.5 56.1 32.4 21

22 Liab.: Household sector (SLMA) 2.2 2.9 2.7 3.7 4.9 4.3 6.7 3.5 4.9 4.0 9.1 0.5 22

23 Noncorporate business (FCS) 1.4 1.2 1.2 0.0 2.5 4.8 -1.9 2.3 4.7 5.9 -3.6 -3.2 23

24 Farm business (FCS) 1.4 0.2 0.2 0.8 1.4 1.0 1.6 2.2 0.8 2.1 2.0 1.2 24

25 Commercial banks (FHLB and SLMA) 2.7 3.2 8.6 9.3 6.2 -2.6 13.7 4.2 9.3 -16.9 5.3 5.1 25

26 Savings institutions (FHLB and SLMA) -39.9 -3.8 13.3 12.7 -2.6 -21.6 -12.4 0.6 23.1 9.1 43.2 32.9 26

27 Credit unions (FHLB) 0.0 0.0 0.2 0.2 -0.1 -0.3 -0.1 0.1 0.0 -0.1 -0.2 0.3 27

28 Life insurance companies (FHLB) 0.0 0.0 0.2 0.3 -0.1 -0.0 0.1 -0.1 -0.4 2.5 0.3 -4.4 28

29 ABS issuers loans to business 3.0 2.8 10.0 4.2 6.8 4.7 9.5 4.4 8.8 2.7 10.4 -9.3 29

30 Liab.: Nonfinancial corporate business 3.0 2.8 10.0 4.2 6.8 4.7 9.5 4.4 8.8 2.7 10.4 -9.3 30

31 Finance company loans to business 2.0 5.5 -6.7 43.0 38.3 62.7 33.3 24.5 32.7 24.5 6.4 22.1 31

32 Liab.: Nonfinancial corporate business 1.8 5.0 -6.0 38.7 34.5 56.5 30.0 22.0 29.4 22.0 5.7 19.9 32

33 Nonfarm noncorporate business 0.2 0.6 -0.7 4.3 3.8 6.3 3.3 2.4 3.3 2.4 0.6 2.2 33
Z.1, December 11, 1996 47

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in mortgages 158.9 131.5 158.8 205.8 233.9 233.4 244.7 260.3 197.2 369.1 324.5 273.9 1

 2 Home 173.6 187.6 185.8 203.9 196.9 209.9 190.8 227.9 159.1 319.1 248.8 224.2 2

 3 Multifamily residential -5.4 -10.2 -4.8 4.9 12.3 8.3 12.6 13.0 15.2 15.6 20.3 16.6 3

 4 Commercial -9.7 -47.4 -22.6 -4.7 23.1 13.5 39.6 17.2 21.9 32.1 50.0 29.9 4

 5 Farm 0.4 1.4 0.5 1.8 1.6 1.7 1.7 2.2 1.1 2.4 5.3 3.2 5

 6 Net borrowing 158.9 131.5 158.8 205.8 233.9 233.4 244.7 260.3 197.2 369.1 324.5 273.9 6

 7 Household sector 183.9 172.0 168.4 212.0 212.5 220.2 213.0 250.4 166.4 346.2 275.0 251.7 7

 8 Nonfinancial business -25.5 -41.1 -13.3 -16.0 16.1 8.0 26.5 4.6 25.3 17.4 43.7 16.3 8

 9 Corporate -20.0 -27.5 -12.2 -11.0 9.4 3.6 20.2 -3.5 17.5 1.4 22.8 -2.6 9

10 Nonfarm noncorporate -5.9 -15.1 -1.5 -6.8 5.0 2.7 4.6 6.0 6.7 13.7 15.7 15.7 10

11 Farm 0.4 1.4 0.5 1.8 1.6 1.7 1.7 2.2 1.1 2.4 5.3 3.2 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 0.0 12

13 REITs 0.5 0.6 3.6 9.8 5.3 5.2 5.2 5.2 5.6 5.5 5.8 5.8 13

14 Net change in assets 158.9 131.5 158.8 205.8 233.9 233.4 244.7 260.3 197.2 369.1 324.5 273.9 14

15 Household sector 8.1 7.1 21.1 9.5 7.3 46.9 15.8 -36.4 3.1 55.8 21.2 -30.8 15

16 Nonfinancial corporate business 6.2 1.1 -7.8 1.9 7.3 6.0 6.0 8.0 9.2 8.0 6.0 8.0 16

17 Nonfarm noncorporate business -5.0 -0.9 -1.5 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 17

18 State and local governments 3.5 -0.0 -5.4 2.2 3.3 5.1 4.5 0.5 3.1 2.0 2.2 2.5 18

19 Federal government 15.4 -11.9 -15.4 -14.0 -13.4 -8.4 -17.4 -13.2 -14.7 -9.6 -5.6 -12.3 19

20 Commercial banking 31.9 19.2 47.3 65.3 77.0 114.6 90.5 67.7 35.0 63.0 26.3 40.0 20

21 Savings institutions (1) -96.3 -77.4 -29.5 -2.2 0.6 22.5 -8.5 19.6 -31.3 23.4 41.0 60.4 21

22 Credit unions 3.1 3.3 -0.1 6.1 4.4 7.5 1.5 5.2 3.2 6.5 14.4 -0.7 22

23 Bank personal trusts and estates -0.1 -0.2 -0.3 -0.2 0.5 0.3 0.5 0.6 0.5 0.5 0.3 0.6 23

24 Life insurance companies -2.6 -18.6 -17.6 -13.7 -3.5 -0.6 0.8 10.0 -24.3 -0.5 3.5 -6.9 24

25 Other insurance companies -0.4 -0.6 -1.4 -0.7 -1.0 -1.0 -1.0 -1.0 -0.9 -1.0 -1.0 -1.0 25

26 Private pension funds -6.2 -3.7 0.6 1.1 1.0 0.9 1.0 0.4 1.6 2.1 3.7 1.3 26

27 State and local govt. retirement funds 0.8 -0.4 -1.9 0.7 0.7 0.8 0.6 0.8 0.8 0.8 0.8 0.8 27

28 Government-sponsored enterprises (1) 11.7 32.1 42.1 6.3 7.7 -3.8 4.6 18.1 11.8 5.5 10.9 -2.4 28

29 Federally related mortgage pools 136.6 115.6 84.7 115.4 98.2 23.8 69.3 126.2 173.4 106.5 169.1 160.4 29

30 ABS issuers 40.9 60.6 43.9 39.7 37.5 22.3 34.4 33.5 59.5 46.7 31.0 24.1 30

31 Finance companies 0.9 5.1 -0.5 6.8 8.1 9.1 10.4 11.1 1.9 9.8 16.2 14.2 31

32 Mortgage companies 11.2 0.1 -0.0 -22.9 -3.4 -14.4 29.9 7.3 -36.4 47.9 -17.3 13.2 32

33 REITs -0.7 1.1 0.6 4.7 1.8 1.8 1.8 1.8 1.9 1.9 1.7 2.4 33

(1) FHLB loans to savings institutions are included in other loans and advances.
48 Z.1, December 11, 1996

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing 173.6 187.6 185.8 203.9 196.9 209.9 190.8 227.9 159.1 319.1 248.8 224.2 1

 2 Household sector 164.1 161.1 153.7 198.1 198.4 206.7 194.7 232.8 159.2 322.4 249.5 223.7 2

 3 Nonfinancial corporate business 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 3

 4 Nonfarm noncorporate business 9.1 26.0 31.6 5.2 -2.1 2.5 -4.5 -5.6 -0.7 -4.0 -1.3 -0.2 4

 5 Net change in assets 173.6 187.6 185.8 203.9 196.9 209.9 190.8 227.9 159.1 319.1 248.8 224.2 5

 6 Household sector 7.8 6.3 20.4 8.0 7.0 46.7 14.0 -36.7 3.8 55.1 18.9 -32.7 6

 7 Nonfinancial corporate business 3.5 2.4 -7.0 5.0 4.5 4.4 1.7 5.4 6.5 4.8 -0.2 2.7 7

 8 Nonfarm noncorporate business -0.7 0.6 0.2 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 -0.0 -0.0 8

 9 State and local governments 2.0 -0.6 -6.0 1.0 3.2 4.7 3.5 1.8 2.8 1.2 1.6 1.9 9

10 Federal government -0.9 -2.0 -7.2 -5.4 -5.8 -4.0 -8.7 -3.7 -7.0 -6.4 -2.8 -4.8 10

11 Commercial banking 27.6 25.1 50.0 55.4 53.2 95.0 58.0 49.5 10.2 44.0 -2.3 11.3 11

12 Savings institutions -61.8 -48.7 -19.6 7.6 4.7 24.5 -7.1 27.6 -26.1 29.1 37.5 56.4 12

13 Credit unions 3.1 3.3 -0.1 6.1 4.4 7.5 1.5 5.2 3.2 6.5 14.4 -0.7 13

14 Bank personal trusts and estates -0.1 -0.2 -0.3 -0.2 0.5 0.3 0.5 0.6 0.5 0.5 0.3 0.6 14

15 Life insurance companies -1.5 -0.1 -2.0 -1.5 -0.4 -1.3 0.1 0.4 -0.9 -0.0 0.1 -0.3 15

16 Private pension funds -4.6 -0.9 0.1 0.3 0.2 0.3 0.2 0.1 0.4 0.5 0.8 0.3 16

17 State and local govt. retirement funds 0.2 -0.3 0.1 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 17

18 Government-sponsored enterprises 10.9 30.5 40.6 5.4 7.0 -2.9 4.5 16.7 9.7 3.0 9.2 -2.6 18

19 Federally related mortgage pools 139.3 117.8 86.1 115.4 93.7 24.7 62.7 122.9 164.6 102.8 164.6 153.4 19

20 ABS issuers 36.6 49.2 31.3 22.2 20.5 14.9 19.2 20.1 27.8 19.0 8.0 11.6 20

21 Finance companies 0.9 5.1 -0.5 6.8 8.1 9.1 10.4 11.1 1.9 9.8 16.2 14.2 21

22 Mortgage companies 11.3 -0.4 -0.5 -22.9 -4.5 -14.8 29.7 6.2 -39.2 48.6 -18.1 12.0 22

23 REITs -0.1 0.5 0.1 0.5 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 23

(1) Mortgages on 1-4 family structures.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing -5.4 -10.2 -4.8 4.9 12.3 8.3 12.6 13.0 15.2 15.6 20.3 16.6 1

 2 Nonfinancial corporate business 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 2

 3 Nonfarm noncorporate business -6.0 -10.9 -6.6 1.1 9.9 6.0 10.3 10.7 12.7 13.1 17.8 14.1 3

 4 Federal government 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 0.2 0.2 1.2 3.2 1.8 1.7 1.7 1.7 1.8 1.8 1.9 1.9 5

 6 Net change in assets -5.4 -10.2 -4.8 4.9 12.3 8.3 12.6 13.0 15.2 15.6 20.3 16.6 6

 7 Household sector -0.6 -0.1 0.4 0.6 0.3 0.3 0.5 0.1 0.2 0.0 0.0 -0.1 7

 8 Nonfinancial corporate business -0.6 -0.1 0.8 -0.4 0.2 0.0 -0.0 0.3 0.3 0.5 0.7 0.7 8

 9 Nonfarm noncorporate business -0.6 -0.1 -1.3 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 9

10 State and local governments 1.0 0.7 0.4 0.7 0.6 0.9 0.7 0.4 0.6 0.9 0.9 0.8 10

11 Federal government 8.9 -4.2 -4.5 -2.6 -4.7 -2.3 -6.2 -6.1 -4.0 -1.5 -0.6 -3.7 11

12 Commercial banking -0.1 1.1 0.6 0.7 4.5 6.7 -0.3 7.7 3.8 3.4 1.7 2.5 12

13 Savings institutions -11.9 -10.1 -2.4 -3.0 -2.4 -2.2 2.9 -3.7 -6.5 -5.8 1.1 2.5 13

14 Life insurance companies 0.6 -1.8 -2.0 -1.5 -0.4 -0.1 0.2 1.2 -2.9 -0.1 0.4 -0.8 14

15 Private pension funds -3.3 -0.2 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.1 15

16 State and local govt. retirement funds -0.2 -0.7 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 16

17 Government-sponsored enterprises 1.4 1.6 1.7 0.9 0.8 1.0 0.3 0.9 1.0 0.7 -0.1 -0.7 17

18 Federally related mortgage pools -2.6 -2.3 -1.4 -0.0 4.5 -0.9 6.6 3.3 8.9 3.6 4.5 7.1 18

19 ABS issuers 3.0 2.6 2.4 6.2 6.4 3.3 6.2 6.5 9.5 12.8 9.3 5.3 19

20 Mortgage companies -0.1 0.3 0.1 0.0 1.1 0.3 0.2 1.1 2.8 -0.7 0.9 1.2 20

21 REITs -0.1 3.1 0.4 3.1 1.2 1.2 1.2 1.2 1.2 1.3 1.1 1.5 21
Z.1, December 11, 1996 49

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net borrowing -9.7 -47.4 -22.6 -4.7 23.1 13.5 39.6 17.2 21.9 32.1 50.0 29.9 1

 2 Household sector 19.9 10.9 14.8 13.9 14.1 13.5 18.3 17.6 7.2 23.8 25.5 28.0 2

 3 Nonfinancial corporate business -20.8 -28.5 -13.3 -12.2 8.2 2.4 18.9 -4.8 16.2 0.1 21.5 -3.9 3

 4 Nonfarm noncorporate business -9.0 -30.2 -26.5 -13.0 -2.8 -5.9 -1.2 0.9 -5.3 4.5 -0.9 1.9 4

 5 REITs 0.3 0.4 2.4 6.6 3.6 3.5 3.5 3.5 3.7 3.7 3.9 3.9 5

 6 Net change in assets -9.7 -47.4 -22.6 -4.7 23.1 13.5 39.6 17.2 21.9 32.1 50.0 29.9 6

 7 Household sector -0.1 0.9 1.6 2.2 -0.2 0.0 0.0 -0.4 -0.5 -0.8 -1.0 -1.2 7

 8 Nonfinancial corporate business 3.4 -1.2 -1.6 -2.7 2.6 1.5 4.3 2.2 2.4 2.7 5.6 4.6 8

 9 Nonfarm noncorporate business -3.8 -1.4 -0.5 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 9

10 State and local governments 0.6 -0.1 0.2 0.5 -0.5 -0.5 0.2 -1.6 -0.3 0.2 -0.3 -0.1 10

11 Federal government 7.7 -6.6 -4.5 -7.3 -3.1 -2.9 -2.8 -3.3 -3.1 -0.7 -0.8 -2.0 11

12 Commercial banking 3.1 -8.4 -4.3 7.5 18.0 11.5 31.2 9.6 19.8 15.2 25.4 25.2 12

13 Savings institutions -22.4 -18.5 -7.5 -6.8 -1.8 0.2 -4.3 -4.3 1.3 -0.0 2.3 1.5 13

14 Life insurance companies -1.0 -15.8 -14.0 -10.8 -2.8 -0.5 1.7 8.3 -20.5 -0.4 2.9 -5.8 14

15 Other insurance companies -0.4 -0.6 -1.4 -0.7 -1.0 -1.0 -1.0 -1.0 -0.9 -1.0 -1.0 -1.0 15

16 Private pension funds 1.6 -2.6 0.4 0.8 0.7 0.6 0.7 0.3 1.2 1.5 2.7 1.0 16

17 State and local govt. retirement funds 0.8 0.6 -1.9 0.1 0.0 0.1 -0.1 0.0 0.0 -0.0 0.0 -0.0 17

18 ABS issuers 1.3 8.7 10.3 11.3 10.6 4.2 9.1 7.0 22.2 14.9 13.7 7.2 18

19 Mortgage companies 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 REITs -0.5 -2.5 0.1 1.1 0.4 0.4 0.4 0.4 0.5 0.5 0.4 0.6 20

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 0.4 1.4 0.5 1.8 1.6 1.7 1.7 2.2 1.1 2.4 5.3 3.2 1

 2 Net change in assets 0.4 1.4 0.5 1.8 1.6 1.7 1.7 2.2 1.1 2.4 5.3 3.2 2

 3 Household sector 0.9 0.1 -1.4 -1.3 0.3 -0.1 1.3 0.5 -0.4 1.5 3.2 3.2 3

 4 Nonfarm noncorporate business 0.0 0.0 0.1 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 4

 5 State and local governments -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.3 0.0 -0.1 5

 6 Federal government -0.4 0.9 0.7 1.2 0.2 0.9 0.4 -0.1 -0.6 -0.9 -1.3 -1.7 6

 7 Commercial banking 1.2 1.4 1.0 1.7 1.3 1.5 1.5 0.9 1.1 0.4 1.5 1.0 7

 8 Savings institutions -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 0.1 0.1 0.0 8

 9 Life insurance companies -0.7 -0.8 0.3 0.1 0.1 1.3 -1.2 0.2 -0.0 -0.0 0.1 0.0 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises -0.5 -0.1 -0.2 0.1 -0.1 -1.9 -0.2 0.6 1.0 1.7 1.8 0.8 11

12 Federally related mortgage pools -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 12
50 Z.1, December 11, 1996

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities (Households) -13.7 5.0 61.5 126.3 141.6 137.6 155.0 156.4 117.5 131.5 87.8 70.2 1

 2 Net change in assets -13.7 5.0 61.5 126.3 141.6 137.6 155.0 156.4 117.5 131.5 87.8 70.2 2

 3 Nonfinancial corporate business -4.2 2.8 6.9 9.4 -1.6 38.1 1.4 -12.3 -33.5 50.5 -27.6 -28.3 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 0.0 4

 5 Commercial banking -14.5 -6.9 34.2 63.2 44.8 37.9 50.3 48.7 42.4 9.2 24.8 24.9 5

 6 Savings institutions -7.5 -4.8 0.5 0.6 1.6 -3.8 3.9 4.8 1.6 2.3 1.7 7.6 6

 7 Credit unions -1.3 -0.9 12.2 18.0 12.3 14.0 14.8 10.1 10.5 8.6 11.9 20.0 7

 8 ABS issuers 25.9 18.0 9.6 16.7 66.6 38.1 61.0 89.9 77.3 54.3 60.6 43.6 8

 9 Finance companies -12.1 -3.2 -1.8 18.4 17.8 13.2 23.6 15.2 19.2 6.6 16.4 2.4 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 31.0 46.6 52.4 114.0 96.3 85.0 80.7 129.3 90.1 62.7 126.8 99.4 1

 2 Household sector 8.8 4.7 7.4 7.5 9.4 9.3 9.4 9.3 9.4 9.6 9.6 9.8 2

 3 Nonfinancial corporate business 23.1 33.4 36.4 91.8 67.6 68.7 42.4 106.1 53.2 56.7 100.9 71.6 3

 4 Nonfarm noncorporate business -0.3 6.9 -2.5 1.5 3.2 3.1 3.0 3.2 3.5 3.5 3.9 3.9 4

 5 Farm business 0.2 0.2 1.0 1.0 1.0 -0.6 4.9 2.5 -2.9 -3.5 5.4 1.0 5

 6 State and local governments 0.8 2.3 0.6 0.6 2.2 2.8 2.5 2.1 1.4 1.6 3.2 1.6 6

 7 Federal government -5.3 -2.8 3.4 8.9 6.1 1.3 2.7 8.0 12.2 0.7 3.2 5.5 7

 8 Rest of the world 3.0 1.2 3.3 3.6 5.7 0.9 14.4 -4.6 12.2 -11.2 -5.2 0.4 8

 9 Brokers and dealers 0.7 0.6 2.7 -0.9 1.1 -0.6 1.3 2.7 1.1 5.4 5.7 5.6 9

10 Net change in trade receivables -5.1 35.3 56.4 117.2 119.6 36.1 50.7 176.0 215.6 19.6 101.1 132.4 10

11 Nonfinancial corporate business -5.8 27.6 50.7 106.3 88.7 16.8 36.9 153.9 147.3 -19.5 74.8 84.3 11

12 Nonfarm noncorporate business -1.1 7.1 -0.8 4.0 5.5 5.5 5.4 5.5 5.6 5.0 5.3 5.2 12

13 Federal government -4.9 -7.1 -2.6 -4.2 -0.1 -1.7 -1.7 -1.2 4.1 6.3 5.0 8.7 13

14 Rest of the world 0.8 3.0 4.9 2.1 1.0 -0.8 -6.6 3.1 8.1 3.7 1.6 3.0 14

15 Other insurance companies 1.9 -0.1 1.7 2.2 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 15

16 ABS issuers 4.1 4.8 2.5 6.7 20.2 12.0 12.3 10.3 46.1 19.8 10.1 26.8 16

17 Discrepancy 36.1 11.3 -4.0 -3.1 -23.3 48.9 30.0 -46.7 -125.5 43.1 25.6 -33.0 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 51.4 4.6 61.4 -0.1 26.7 -5.4 30.1 32.3 49.7 120.6 -37.7 -25.2 1

 2 Household sector 16.3 -1.6 22.6 -1.1 3.5 -22.7 -2.7 34.7 4.9 42.1 3.0 -14.4 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 0.0 3

 4 Brokers and dealers 35.2 6.2 38.7 1.0 23.1 17.3 32.8 -2.4 44.8 78.5 -40.7 -10.8 4

 5 Customer credit balances (HH) 24.6 -10.8 26.0 6.7 18.6 15.8 1.1 6.9 50.5 53.5 -16.4 15.2 5

 6 From U.S.-chartered commercial banks 2.2 3.1 4.1 -4.6 8.3 -2.8 24.6 -11.3 22.5 -8.1 -14.8 -7.8 6

 7 From foreign banking offices in U.S. 8.4 13.9 8.6 -1.2 -3.7 4.3 7.0 2.0 -28.2 33.2 -9.5 -18.2 7

 8 Net change in assets 51.4 4.6 61.4 -0.1 26.7 -5.4 30.1 32.3 49.7 120.6 -37.7 -25.2 8

 9 Household sector 24.6 -10.8 26.0 6.7 18.6 15.8 1.1 6.9 50.5 53.5 -16.4 15.2 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 0.0 10

11 Commercial banking 10.6 16.9 12.7 -5.7 4.6 1.5 31.6 -9.2 -5.7 25.1 -24.3 -26.0 11

12 Brokers and dealers 16.3 -1.6 22.6 -1.1 3.5 -22.7 -2.7 34.7 4.9 42.1 3.0 -14.4 12
Z.1, December 11, 1996 51

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Net change in liabilities 25.9 28.0 36.0 34.5 44.9 50.7 57.6 33.1 38.3 20.1 42.8 43.0 1

 2 Federal government 0.3 0.3 0.3 0.2 0.1 -1.1 1.2 -1.0 1.3 -1.0 1.1 -1.0 2

 3 Life insurance companies 25.6 27.7 35.7 34.3 44.8 51.8 56.4 34.1 37.0 21.1 41.8 44.0 3

 4 Net change in assets (Households) 25.9 28.0 36.0 34.5 44.9 50.7 57.6 33.1 38.3 20.1 42.8 43.0 4

 Pension fund reserves:

 5 Net change in liabilities 201.6 241.9 250.5 251.9 240.3 271.8 290.4 211.2 187.8 258.4 287.4 220.8 5

 6 Federal government 25.5 27.5 27.6 27.8 15.9 27.1 30.4 29.5 -23.4 82.6 34.7 23.9 6

 7 Life insurance companies 46.4 76.7 86.3 71.2 66.7 62.1 69.0 64.1 71.6 46.6 44.0 50.5 7

 8 Private pension funds (1) 72.5 81.8 82.7 87.2 98.3 119.4 128.1 55.7 90.0 80.6 143.6 81.3 8

 9 State and local govt. retirement funds 57.2 56.0 53.8 65.7 59.4 63.2 63.0 61.9 49.6 48.6 65.1 65.1 9

10 Net change in assets (Households) 201.6 241.9 250.5 251.9 240.3 271.8 290.4 211.2 187.8 258.4 287.4 220.8 10

(1) Includes unallocated insurance company contracts beginning in 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 -7.4 9.7 5.2 3.2 1.3 12.0 1.0 2.4 -10.2 5.6 6.6 -1.3 1

 businesses

 2 Nonfinancial corporate business -8.2 7.2 2.0 2.4 -0.8 9.0 -0.7 -0.7 -10.7 3.9 5.9 -2.4 2

 3 Nonfarm noncorporate business 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 3

 4 U.S.-chartered commercial banks -0.0 0.2 0.5 0.7 0.9 0.8 0.9 1.0 1.0 1.1 1.1 1.2 4

 5 Savings institutions 0.2 0.2 0.6 -0.9 0.5 1.0 -0.3 1.4 -0.1 0.4 -1.3 0.2 5

 6 Life insurance companies -0.0 0.8 0.6 0.1 -0.3 -0.1 -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 6

 7 Other insurance companies 0.0 0.3 0.2 0.1 -0.0 0.0 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 7

 8 Finance companies -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 8

 9 Brokers and dealers 0.2 0.0 0.5 -0.2 -0.1 0.3 0.3 0.0 -0.9 -0.2 0.5 -0.5 9

10 Net change in business taxes receivable -5.3 -2.2 -5.9 -5.4 -7.4 19.5 -30.0 -6.9 -12.4 28.8 -18.3 -13.1 10

11 State and local governments 2.1 0.3 -3.8 -5.1 -6.1 -10.2 -2.8 -7.2 -4.2 -3.2 -1.7 -2.2 11

12 Federal government -7.4 -2.6 -2.1 -0.3 -1.3 29.7 -27.2 0.3 -8.2 32.0 -16.7 -11.0 12

13 Discrepancy -2.2 11.9 11.1 8.6 8.7 -7.5 31.0 9.3 2.2 -23.2 24.9 11.8 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 16.1 -7.1 1.6 18.8 -47.7 -44.3 -45.6 -63.9 -37.1 -47.3 -20.2 -13.5 1

 2 Asset: Household sector 16.1 -7.1 1.6 18.8 -47.7 -44.3 -45.6 -63.9 -37.1 -47.3 -20.2 -13.5 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 0.5 16.7 19.7 25.9 41.3 41.7 39.9 45.3 38.3 38.1 23.4 44.0 1

 2 Nonfarm noncorporate business 0.2 11.6 25.8 26.6 33.2 30.4 39.3 34.9 28.1 24.0 33.2 30.9 2

 3 Farm business -10.0 -2.3 -13.5 5.8 -5.3 -2.8 -10.2 -8.9 0.8 -0.7 -15.6 3.0 3

 4 Brokers and dealers 10.4 7.4 7.4 -6.4 13.4 14.1 10.8 19.2 9.4 14.7 5.9 10.0 4
52 Z.1, December 11, 1996

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 262.3 264.9 353.4 268.0 501.3 320.9 422.2 426.5 835.5 570.0 279.0 379.7 1

 2 Household sector -0.7 0.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 2

 3 Nonfinancial corporate business 87.0 59.5 111.7 63.1 140.0 -11.1 143.8 194.3 233.3 301.6 3.7 230.9 3

 4 Nonfarm noncorporate business 13.2 7.5 3.5 3.8 5.7 4.7 5.4 6.0 6.6 6.4 6.4 6.4 4

 5 Federal government 14.3 -0.1 0.7 3.9 4.5 -24.0 5.4 22.3 14.3 -14.5 8.7 -29.2 5

 6 Rest of the world 21.6 58.1 113.2 59.6 120.3 74.4 151.8 28.5 226.7 117.6 120.3 16.7 6

 7 Monetary authority 1.1 -1.8 1.0 1.3 1.2 -0.6 -6.8 9.4 3.0 -12.8 -7.6 14.3 7

 8 Commercial banking 32.9 59.0 90.4 82.4 124.0 159.4 10.2 87.6 238.7 -53.8 146.1 -76.2 8

 9 Savings institutions -1.2 0.5 -3.8 3.7 -0.6 3.6 -8.2 5.7 -3.7 1.2 -2.1 4.3 9

10 Credit unions 0.6 0.1 0.5 1.4 -1.9 -3.4 -1.9 -1.8 -0.6 3.3 -0.2 -0.6 10

11 Life insurance companies 24.7 -2.1 2.4 14.2 11.3 32.0 16.9 -3.5 -0.3 -18.9 -0.6 10.7 11

12 Other insurance companies 15.5 23.1 15.8 15.9 53.1 51.4 56.4 53.5 50.9 55.1 52.9 55.4 12

13 Government-sponsored enterprises 7.8 12.5 -4.9 -24.9 6.1 -15.2 23.1 9.9 6.4 5.2 -20.0 -5.2 13

14 Finance companies 3.7 4.2 14.7 25.9 27.6 35.7 32.3 5.4 37.1 -10.9 -5.9 19.2 14

15 Mortgage companies 13.6 -7.9 -0.1 -11.5 -3.8 -7.0 15.1 3.3 -26.4 27.9 -33.3 6.6 15

16 REITs 1.6 0.6 -0.1 2.9 1.2 0.8 1.7 1.7 0.8 1.3 0.6 0.7 16

17 Brokers and dealers 4.0 12.9 15.7 1.3 11.2 -11.3 10.2 13.1 32.7 -15.8 3.7 52.1 17

18 Funding corporations 22.7 38.9 -8.3 24.1 0.5 30.6 -34.0 -9.6 15.1 176.3 5.4 72.6 18

19 Net change in assets 275.4 297.1 493.1 374.0 508.8 572.3 407.1 461.3 594.4 768.1 538.5 421.5 19

20 Household sector 9.6 17.0 13.1 10.6 49.8 51.0 52.3 47.3 48.7 49.7 49.6 53.5 20

21 Nonfinancial corporate business 86.9 96.6 261.3 111.1 210.7 252.6 164.2 159.6 266.5 397.4 160.0 202.0 21

22 Nonfarm noncorporate business -0.9 3.6 9.0 4.5 4.7 4.8 4.4 4.6 5.2 4.6 5.2 5.3 22

23 Farm business 1.3 2.0 1.5 2.0 2.7 2.3 2.5 2.8 3.2 3.2 3.5 3.6 23

24 Federal government 36.1 15.4 -3.8 3.3 -2.4 -16.2 -5.3 5.8 6.0 -5.8 -3.7 -0.7 24

25 Rest of the world 70.1 26.3 62.6 62.9 89.3 70.0 61.6 121.6 103.8 133.8 144.2 48.5 25

26 Monetary authority -2.3 -2.2 2.6 2.6 -3.3 0.3 -5.7 -12.3 4.7 -6.1 -0.6 13.1 26

27 Commercial banking 16.5 69.3 77.6 74.5 61.2 90.9 54.0 45.0 55.1 54.0 63.7 -1.7 27

28 Savings institutions -22.9 -12.8 -26.3 -12.5 0.3 -7.5 9.9 -5.0 3.6 -14.9 -7.5 4.3 28

29 Credit unions 4.6 3.7 1.7 -3.4 -0.8 -1.7 -7.4 3.0 2.8 7.3 -10.5 -1.8 29

30 Bank personal trusts and estates 2.2 1.8 3.5 -3.1 -1.1 -1.7 -1.0 -0.7 -1.0 -1.1 -1.3 -0.5 30

31 Life insurance companies 4.4 -8.0 -1.0 21.5 2.5 13.2 -7.0 -1.8 5.7 -12.9 0.8 -12.2 31

32 Other insurance companies -0.3 -2.7 2.8 1.1 3.0 3.0 0.3 2.7 6.1 4.1 4.0 3.8 32

33 Private pension funds 14.7 11.7 -6.1 17.7 12.7 18.1 31.8 0.2 0.6 -3.5 6.2 3.8 33

34 State and local govt. retirement funds -12.9 30.4 -21.7 11.8 1.2 -63.4 21.8 18.7 27.6 -59.8 10.8 35.0 34

35 Money market mutual funds 3.7 5.0 11.0 6.9 12.8 6.8 28.1 -1.2 17.6 33.4 14.4 -18.4 35

36 Mutual funds -0.7 -5.2 0.3 2.5 0.5 -0.9 6.8 2.8 -6.7 -5.2 12.0 -7.0 36

37 Government-sponsored enterprises 6.0 -12.6 5.0 -6.1 5.1 2.6 14.1 47.5 -43.9 17.2 -10.6 1.6 37

38 Finance companies 30.3 -3.7 28.0 12.1 26.3 46.4 27.9 -17.8 48.7 10.7 22.4 18.4 38

39 REITs 1.5 -1.2 3.0 -0.1 2.5 1.9 2.8 2.8 2.6 2.9 3.0 2.6 39

40 Brokers and dealers 34.3 52.6 49.6 24.8 10.3 52.1 -61.3 4.3 45.9 107.8 30.8 42.0 40

41 Funding corporations -6.6 10.4 19.5 29.3 20.8 47.6 12.4 31.6 -8.1 51.4 42.0 26.4 41

42 Discrepancy -13.2 -32.2 -139.7 -106.0 -7.5 -251.4 15.1 -34.8 241.0 -198.1 -259.5 -41.9 42
Z.1, December 11, 1996 53

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 30.4 40.1 78.2 54.5 95.5 60.2 73.0 72.4 176.5 92.8 104.8 33.8 1

 2 Equity 17.7 14.6 24.6 12.8 36.3 19.6 -6.7 30.1 102.2 36.4 8.1 28.6 2

 3 Reinvested earnings 17.0 16.3 30.9 33.5 54.5 51.5 58.0 51.5 56.9 59.8 50.9 48.9 3

 4 Intercompany accounts -4.3 9.1 22.7 8.3 4.7 -10.9 21.7 -9.2 17.3 -3.4 45.8 -43.7 4

 5 Asset: Nonfinancial corporate business 29.4 35.6 52.1 57.8 86.6 67.0 50.9 79.6 148.8 76.3 93.4 17.0 5

 6 Commercial banking -1.0 2.0 2.0 1.4 1.3 -1.1 1.4 2.8 2.0 2.2 1.8 1.7 6

 7 Life insurance companies 0.6 0.3 -0.1 0.1 0.8 1.6 1.3 -0.1 0.4 0.7 1.6 1.9 7

 8 Other insurance companies -0.3 -2.7 2.8 1.1 3.0 3.0 0.3 2.7 6.1 4.1 4.0 3.8 8

 9 Finance companies 1.3 3.7 20.4 -6.5 2.3 -10.6 18.6 -15.1 16.3 6.3 2.0 6.8 9

10 Brokers and dealers 0.5 1.2 1.0 0.6 1.6 0.4 0.5 2.4 3.0 3.3 2.0 2.6 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 11.8 12.8 2.1 35.2 51.4 49.4 52.7 54.5 48.9 63.1 86.4 97.4 11

12 Nonfarm noncorporate business -0.0 -0.0 -0.0 0.0 -0.0 -0.1 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 12

13 Commercial banking 2.6 3.3 3.3 4.0 5.8 7.6 -0.8 9.2 7.4 4.0 4.0 0.8 13

14 Life insurance companies 1.0 1.2 0.6 1.4 1.8 1.1 0.5 1.9 3.8 2.6 2.0 1.9 14

15 Other insurance companies 3.5 0.6 0.7 1.3 2.2 0.4 5.8 2.1 0.7 4.3 2.4 4.9 15

16 Finance companies 1.3 2.8 19.5 2.2 10.1 -0.7 -5.4 39.8 6.5 20.8 3.6 4.0 16

17 Brokers and dealers 2.0 -0.2 0.2 0.5 0.1 0.4 0.1 0.3 -0.5 0.2 0.2 0.4 17

18 Funding corporations -0.1 -2.8 16.6 5.1 -11.1 -14.9 -14.0 -7.8 -7.7 19.9 -28.9 -8.6 18

19 Asset: Rest of the world 22.0 17.6 43.0 49.8 60.2 43.2 38.8 99.9 59.1 114.8 69.7 100.6 19

20 Equity 45.8 31.6 28.1 34.5 39.5 45.8 27.1 44.5 40.7 70.9 28.9 49.0 20

21 Reinvested earnings -19.5 -13.4 -9.2 4.5 13.3 13.3 13.8 13.8 12.3 13.4 15.2 20.2 21

22 Intercompany accounts -4.3 -0.6 24.1 10.7 7.4 -15.9 -2.2 41.7 6.1 30.4 25.6 31.3 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.5 1.4 1.1 1.4 1.5 1.2 1.0 1.6 2.1 1.8 1.4 1.7 23

24 Asset: Federal government 1.5 1.4 1.1 1.4 1.5 1.2 1.0 1.6 2.1 1.8 1.4 1.7 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.2 0.4 0.3 0.3 0.3 0.4 0.1 0.4 0.2 0.3 0.4 1.6 25

26 Asset: Commercial banking 0.2 0.4 0.3 0.3 0.3 0.4 0.1 0.4 0.2 0.3 0.4 1.6 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises -0.2 -0.1 1.7 1.9 2.0 1.5 1.8 2.7 2.0 2.1 3.6 3.9 27

28 Asset: Nonfin. corporate business (FNMA) 0.5 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 1.6 1.4 2.6 28

29 Nonfarm noncorporate (BC) 0.0 -0.0 0.2 0.2 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 29

30 Farm business (FICB and FLB) 0.2 -0.1 0.1 0.0 -0.1 -0.2 -0.1 -0.1 0.1 -0.1 0.1 -0.0 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Commercial banks (FHLB) 0.6 0.7 1.3 1.6 1.6 1.8 1.8 1.2 1.4 0.8 0.6 0.5 32

33 Savings institutions (FHLB) -1.5 -0.9 0.0 -0.0 0.4 -0.2 0.0 1.5 0.5 -0.3 1.5 -3.2 33

34 Credit unions (FHLB) 0.0 0.0 0.0 0.0 0.1 -0.0 0.1 0.1 0.1 -0.0 0.0 0.0 34

35 Life insurance companies (FHLB) 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 0.1 0.0 4.0 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 19.4 27.8 31.6 17.5 40.1 51.8 35.3 45.7 27.6 16.3 53.5 -6.9 36

37 Savings institutions -1.0 -1.0 0.4 -0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 37

38 Finance companies -5.3 1.7 2.4 4.2 5.6 3.0 10.0 3.1 6.5 0.0 12.2 7.2 38

39 Mortgage companies 13.6 -7.9 -0.1 -11.5 -3.8 -7.0 15.1 3.3 -26.4 27.9 -33.3 6.6 39

40 Brokers and dealers -21.6 9.5 10.2 7.5 6.3 12.5 -1.0 -10.7 24.3 -13.3 31.5 19.7 40

41 Asset: Bank holding companies 5.1 30.1 44.7 17.7 48.3 60.3 59.4 41.6 32.1 31.1 64.1 26.8 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 3.1 2.3 0.8 4.1 5.6 2.9 9.9 3.2 6.5 0.0 12.2 7.2 42

43 Asset: Nonfinancial corporate business 3.1 2.3 0.8 4.1 5.6 2.9 9.9 3.2 6.5 0.0 12.2 7.2 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. -17.3 -8.8 2.3 13.2 3.0 14.0 1.2 2.3 -5.5 4.0 -2.6 2.4 44

45 Brokers and dealers 10.7 19.2 17.2 16.1 17.8 33.6 11.2 29.3 -2.6 47.4 44.6 24.0 45

46 Asset: Funding corporations -6.6 10.4 19.5 29.3 20.8 47.6 12.4 31.6 -8.1 51.4 42.0 26.4 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.
54 Z.1, December 11, 1996

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.0 0.1 0.3 0.2 -0.1 -1.6 0.0 1.0 0.1 0.6 -1.0 0.0 1

 2 Asset: Federal government 1.0 0.1 0.3 0.2 -0.1 -1.6 0.0 1.0 0.1 0.6 -1.0 0.0 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 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 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 1.0 -0.9 -7.0 -7.8 3.3 -4.8 12.5 -4.0 9.3 -7.0 -10.6 2.0 5

 6 Asset: Savings institutions 1.0 -0.9 -7.0 -7.8 3.3 -4.8 12.5 -4.0 9.3 -7.0 -10.6 2.0 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector -0.7 0.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 7

 8 Asset: Life insurance companies -0.7 0.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 4.6 7.5 6.7 6.7 6.1 9.0 9.0 2.5 3.7 3.1 2.2 5.0 9

10 Health 4.8 6.9 6.2 6.6 5.2 7.9 8.0 1.7 3.2 3.1 2.0 4.0 10

11 Policy dividend accumulation -0.2 0.6 0.5 0.1 0.8 1.1 1.0 0.8 0.5 0.0 0.2 1.0 11

12 Asset: Household sector 4.6 7.5 6.7 6.7 6.1 9.0 9.0 2.5 3.7 3.1 2.2 5.0 12

 Policy payables:

13 Liab.: Other insurance companies 12.0 22.6 15.2 14.5 50.8 51.0 50.6 51.4 50.2 50.8 50.5 50.5 13

14 Asset: Household sector 5.0 9.5 6.3 3.9 43.8 42.0 43.3 44.9 45.0 46.5 47.4 48.5 14

15 Nonfinancial corporate business 2.1 13.5 6.6 7.8 3.2 5.5 3.6 2.7 1.1 -0.0 -1.3 -2.6 15

16 Nonfarm noncorporate business 3.8 -2.5 0.8 0.8 1.0 1.1 1.0 1.0 1.0 1.0 1.0 1.0 16

17 Farm business 1.1 2.1 1.4 2.0 2.8 2.5 2.7 2.9 3.1 3.3 3.5 3.7 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 13.1 -13.9 -11.8 4.8 -6.4 -2.6 -8.1 -7.6 -7.2 -16.3 -4.1 -2.1 18

19 Asset: Private pension funds 13.1 -13.9 -11.8 4.8 -6.4 -2.6 -8.1 -7.6 -7.2 -16.3 -4.1 -2.1 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 3.7 2.0 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 20

21 Asset: Private pension funds 3.7 2.0 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 21

 Securities borrowed (net):

22 Liab.: Funding corporations 31.5 50.6 43.6 24.6 -5.5 47.0 -75.1 -11.5 17.7 105.6 27.6 47.5 22

23 Asset: Brokers and dealers 31.5 50.6 43.6 24.6 -5.5 47.0 -75.1 -11.5 17.7 105.6 27.6 47.5 23
Z.1, December 11, 1996 55

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Net change in liabilities 140.5 94.9 113.2 62.0 214.7 1.5 232.8 137.2 487.3 134.8 -87.9 70.7 1

 2 Nonfinancial corporate business 71.4 44.7 106.5 24.7 85.5 -63.7 87.9 136.6 181.1 235.3 -86.0 130.3 2

 3 Nonfarm noncorporate business 13.2 7.6 3.6 3.7 5.7 4.8 5.4 6.0 6.6 6.4 6.4 6.5 3

 4 Federal government 14.3 -0.1 0.7 3.9 4.5 -24.0 5.4 22.3 14.3 -14.5 8.7 -29.2 4

 5 Rest of the world -11.3 16.5 33.6 3.5 23.4 14.6 77.7 -46.5 48.0 22.4 15.1 -18.8 5

 6 Monetary authority 0.9 -2.2 0.6 1.1 1.0 -1.0 -6.9 9.0 2.8 -13.1 -8.0 12.7 6

 7 Commercial banking 28.2 36.8 53.1 47.7 75.0 86.0 -25.4 30.4 209.2 -78.1 91.2 -72.5 7

 8 U.S.-chartered commercial banks 8.2 -7.6 14.6 31.3 3.5 -24.6 -100.1 36.1 102.5 -50.6 33.8 -16.1 8

 9 Foreign banking offices in U.S. 35.6 33.5 22.9 14.7 42.0 79.9 47.7 -29.2 69.7 -28.6 39.9 -68.6 9

10 Bank holding companies -14.7 9.9 14.2 -0.2 26.6 31.3 22.8 23.6 28.7 1.7 18.7 8.9 10

11 Banks in U.S.-affiliated areas -0.9 1.1 1.4 1.8 2.9 -0.6 4.2 -0.1 8.2 -0.5 -1.1 3.3 11

12 Savings institutions -0.2 1.5 -4.2 3.7 -0.7 3.6 -8.3 5.6 -3.8 1.0 -2.3 4.1 12

13 Credit unions 0.6 0.1 0.5 1.4 -1.9 -3.4 -1.9 -1.8 -0.6 3.3 -0.2 -0.6 13

14 Life insurance companies 6.0 3.0 6.9 1.3 9.8 24.5 15.6 -0.3 -0.6 -8.2 -0.7 6.0 14

15 Government-sponsored enterprises 6.9 13.5 0.5 -19.0 0.8 -11.9 8.8 11.2 -5.0 10.1 -13.0 -11.1 15

16 Finance companies 4.6 -2.6 -8.1 15.4 6.3 30.5 17.7 -40.8 17.7 -31.8 -33.9 0.8 16

17 REITs 1.6 0.6 -0.1 2.9 1.2 0.8 1.7 1.7 0.8 1.3 0.6 0.7 17

18 Brokers and dealers 12.9 -15.6 -11.9 -22.8 -13.0 -57.8 0.0 -5.8 11.5 -50.1 -72.6 8.0 18

19 Funding corporations -8.8 -8.9 -68.4 -5.5 17.1 -1.4 55.1 9.7 5.1 50.8 6.8 33.7 19

20 Net change in assets 153.7 127.0 252.8 168.0 222.2 252.9 217.7 172.0 246.3 332.9 171.6 112.5 20

21 Nonfinancial corporate business 52.0 45.1 201.6 41.3 115.3 177.2 99.8 74.0 110.0 319.5 54.3 177.8 21

22 Nonfarm noncorporate business -4.8 6.1 8.0 3.5 3.7 3.7 3.4 3.6 4.2 3.6 4.2 4.3 22

23 Federal government 33.6 13.9 -5.3 1.7 -3.8 -15.9 -6.4 3.2 3.8 -8.1 -4.1 -2.5 23

24 Rest of the world 48.1 8.7 19.6 13.1 29.0 26.9 22.8 21.6 44.8 19.0 74.5 -52.1 24

25 Monetary authority -2.3 -2.2 2.6 2.6 -3.3 0.3 -5.7 -12.3 4.7 -6.1 -0.6 13.1 25

26 Commercial banking 11.5 36.1 29.3 53.5 9.8 29.4 -8.8 -0.9 19.5 19.7 -3.2 -32.3 26

27 U.S.-chartered commercial banks -0.7 -2.3 -4.5 8.4 -1.3 38.0 3.2 -9.3 -36.8 43.3 15.5 -1.7 27

28 Foreign banking offices in U.S. 14.3 34.3 33.8 37.6 4.9 -13.6 -10.6 -9.0 52.6 -26.8 -15.4 -30.2 28

29 Bank holding companies -1.6 4.8 0.5 7.7 4.6 6.7 -2.8 16.8 -2.3 3.9 -3.8 -2.0 29

30 Banks in U.S.-affiliated areas -0.5 -0.7 -0.4 -0.1 1.6 -1.6 1.5 0.5 6.0 -0.8 0.5 1.7 30

31 Savings institutions -22.4 -11.1 -19.3 -4.7 -3.4 -2.4 -2.6 -2.5 -6.2 -7.6 1.7 5.5 31

32 Credit unions 4.6 3.7 1.7 -3.4 -0.9 -1.7 -7.5 2.9 2.7 7.3 -10.6 -1.9 32

33 Bank personal trusts and estates 2.2 1.8 3.5 -3.1 -1.1 -1.7 -1.0 -0.7 -1.0 -1.1 -1.3 -0.5 33

34 Life insurance companies 4.6 -8.3 -1.8 20.4 0.9 10.8 -9.2 -2.6 4.5 -14.6 -1.7 -18.9 34

35 Private pension funds -2.2 23.5 2.6 9.7 15.9 17.6 36.7 4.6 4.6 9.6 7.1 2.7 35

36 State and local govt. retirement funds -12.9 30.4 -21.7 11.8 1.2 -63.4 21.8 18.7 27.6 -59.8 10.8 35.0 36

37 Money market mutual funds 3.7 5.0 11.0 6.9 12.8 6.8 28.1 -1.2 17.6 33.4 14.4 -18.4 37

38 Mutual funds -0.7 -5.2 0.3 2.5 0.5 -0.9 6.8 2.8 -6.7 -5.2 12.0 -7.0 38

39 Government-sponsored enterprises 6.0 -12.6 5.0 -6.1 5.1 2.6 14.1 47.5 -43.9 17.2 -10.6 1.6 39

40 Finance companies 29.0 -7.4 7.6 18.7 24.0 57.0 9.2 -2.7 32.4 4.4 20.4 11.6 40

41 REITs 1.5 -1.2 3.0 -0.1 2.5 1.9 2.8 2.8 2.6 2.9 3.0 2.6 41

42 Brokers and dealers 2.3 0.8 5.0 -0.3 14.2 4.8 13.3 13.4 25.2 -1.1 1.3 -8.1 42

43 Discrepancy -13.2 -32.2 -139.7 -106.0 -7.5 -251.4 15.1 -34.8 241.0 -198.1 -259.5 -41.9 43
56 Z.1, December 11, 1996

F.10 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1991 1992 1993 1994 1995 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 All sectors -5.7 -38.5 -166.8 -83.4 -7.3 -133.3 78.4 -84.3 109.8 -88.6 -87.9 -12.5 1

 2 Household sector 37.9 -102.8 -93.5 -103.0 2.3 -120.5 45.3 13.7 70.7 -106.9 -38.8 106.6 2

 3 Nonfinancial corporate business -11.4 45.6 -89.8 -2.9 -7.0 28.4 -6.8 24.8 -74.4 21.7 -89.6 29.8 3

 4 State and local governments 5.2 3.2 16.5 -6.7 -1.7 -8.2 1.7 -6.3 6.2 12.2 -16.0 -4.2 4

 5 Federal government 19.2 32.8 7.7 33.9 33.3 40.6 15.7 77.4 -0.5 22.9 3.7 41.5 5

 6 Rest of the world -58.7 -53.4 9.6 -22.0 6.1 1.2 110.3 -186.7 99.6 6.9 -72.8 -127.0 6

 7 Financial sectors 2.2 36.1 -17.4 17.3 -40.4 -74.8 -87.8 -7.3 8.1 -45.4 125.7 -59.4 7

 8 Monetary authority -1.0 0.4 -0.5 -3.3 -3.4 -12.7 2.5 -2.6 -0.7 -4.9 -4.5 -2.8 8

 9 Commercial banking 17.1 22.7 22.4 45.6 -13.5 -29.7 -77.1 16.6 36.3 -46.6 105.7 -64.1 9

10 Savings institutions 23.4 10.1 3.5 2.8 2.4 2.6 1.8 1.9 3.4 5.0 7.3 4.7 10

11 Credit unions -1.2 -1.2 -1.4 -0.4 -1.7 -1.6 -2.3 -1.0 -1.9 -1.0 -0.5 -0.8 11

12 Life insurance companies -26.9 -5.7 -34.1 -17.9 -39.2 -40.2 -37.8 -41.0 -37.7 -4.3 -7.7 -7.1 12

13 Other insurance companies -8.7 13.9 -8.3 -8.1 28.2 27.3 34.9 28.5 22.2 26.7 24.4 25.6 13

14 Government-sponsored enterprises -3.4 -5.0 -6.2 -6.7 -7.5 -8.3 -8.3 -6.4 -7.0 -9.0 -7.2 -15.1 14

15 Finance companies 1.7 1.2 -0.8 -1.5 -10.2 -14.3 -9.7 -6.8 -9.9 -14.5 2.1 -6.4 15

16 REITs 1.5 0.3 9.0 7.2 4.9 2.5 8.9 4.1 4.3 3.7 6.5 7.1 16

17 Brokers and dealers -0.5 -0.5 -0.9 -0.4 -0.6 -0.2 -0.7 -0.6 -1.0 -0.4 -0.5 -0.5 17

F.11 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -5.7 -38.5 -166.8 -83.4 -7.3 -133.3 78.4 -84.3 109.8 -88.6 -87.9 -12.5 1

 2 Treasury currency -0.6 -0.2 -0.2 -0.2 -0.5 -0.2 -0.4 -0.3 -1.0 -1.1 -1.0 1.4 2

 3 Foreign deposits -24.0 -2.8 -7.0 44.9 27.2 41.6 101.5 -55.7 21.5 61.4 23.6 22.6 3

 4 Net interbank transactions 26.2 -4.9 4.2 -2.7 -3.1 -0.4 -0.9 12.3 -23.6 10.9 -26.9 -9.2 4

 5 Security RPs -10.7 4.1 34.2 32.4 2.8 68.9 -52.4 26.6 -31.9 -34.5 82.5 -85.9 5

 Mail floats:

 6 Federal government -13.1 0.7 -1.5 -4.8 -6.0 4.6 -18.6 3.8 -13.8 8.6 -10.5 28.0 6

 7 Other 4.5 1.6 -1.3 -2.8 -3.8 -3.6 -3.8 -3.2 -4.7 -3.8 -4.2 -4.0 7

 8 Trade credit 36.1 11.3 -4.0 -3.1 -23.3 48.9 30.0 -46.7 -125.5 43.1 25.6 -33.0 8

 9 Taxes payable -2.2 11.9 11.1 8.6 8.7 -7.5 31.0 9.3 2.2 -23.2 24.9 11.8 9

10 Miscellaneous -13.2 -32.2 -139.7 -106.0 -7.5 -251.4 15.1 -34.8 241.0 -198.1 -259.5 -41.9 10

11 Nonfinancial -8.8 -28.0 -62.7 -49.6 -1.8 -34.2 -23.2 4.3 45.7 48.0 57.5 97.7 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 8.8 43.7 58.1 34.1 -0.8 30.2 20.3 -7.2 -46.6 -49.9 -57.5 -97.7 12

13 Private wage accruals less disbursements 0.0 -15.8 4.7 15.5 2.7 4.0 2.9 2.9 0.9 1.9 0.0 0.0 13

14 Net capital grants from foreign 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14
Z.1, December 11, 1996 57

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total credit market debt owed by: 14418.7 15234.8 16244.5 17328.8 17586.9 17916.3 18216.6 18568.0 18855.9 19185.0 19501.2 1

 2 Domestic nonfinancial sectors 11348.4 11894.6 12536.4 13163.8 13339.7 13547.7 13700.5 13884.2 14080.4 14228.8 14406.5 2

 3 Federal government 2776.4 3080.3 3336.5 3492.3 3557.9 3583.5 3603.4 3636.7 3717.2 3693.8 3733.1 3

 4 Nonfederal sectors 8572.1 8814.2 9199.9 9671.5 9781.8 9964.2 10097.1 10247.5 10363.2 10535.0 10673.4 4

 5 Household sector 3823.1 4021.5 4279.7 4651.8 4696.9 4801.4 4925.9 5034.9 5094.8 5203.3 5306.6 5

 6 Nonfinancial corporate business 2401.9 2437.6 2496.5 2624.8 2695.4 2767.3 2790.0 2829.9 2878.3 2923.0 2963.9 6

 7 Nonfarm noncorporate business 1137.3 1122.9 1127.1 1139.0 1148.5 1155.9 1164.0 1173.8 1185.2 1194.7 1204.5 7

 8 Farm business 135.0 136.3 138.3 141.2 138.9 142.8 144.8 142.7 140.3 145.3 146.1 8

 9 State and local governments 1074.8 1095.9 1158.2 1114.8 1102.2 1096.8 1072.4 1066.2 1064.6 1068.7 1052.4 9

10 Rest of the world 300.8 315.2 385.6 370.4 385.7 396.8 419.8 439.9 450.8 459.6 487.0 10

11 Financial sectors 2769.4 3025.0 3322.6 3794.6 3861.5 3971.9 4096.3 4243.9 4324.7 4496.6 4607.6 11

12 Commercial banking 184.6 194.6 208.0 228.1 232.7 242.8 252.4 250.6 241.8 252.0 254.6 12

13 U.S.-chartered commercial banks 47.4 58.8 68.6 81.0 82.0 87.0 90.4 92.2 90.4 94.8 97.8 13

14 Foreign banking offices in U.S. 24.9 21.2 16.0 13.4 13.0 12.9 11.6 10.4 10.0 8.8 8.9 14

15 Bank holding companies 112.3 114.6 123.4 133.6 137.7 142.9 150.3 148.0 141.3 148.4 148.0 15

16 Savings institutions 95.4 88.4 99.6 112.4 107.7 105.9 107.2 115.0 117.8 128.3 136.1 16

17 Credit unions 0.0 0.0 0.2 0.5 0.4 0.3 0.4 0.4 0.4 0.3 0.4 17

18 Life insurance companies 0.0 0.0 0.2 0.6 0.6 0.6 0.6 0.5 1.1 1.2 0.1 18

19 Government-sponsored enterprises 407.7 447.9 528.5 700.6 716.3 748.1 773.5 807.5 816.9 850.1 871.1 19

20 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 20

21 ABS issuers 339.5 404.3 487.6 556.1 570.0 596.8 639.8 688.4 718.2 748.9 772.6 21

22 Finance companies 391.9 390.4 390.5 440.7 456.7 467.2 471.9 492.3 499.8 514.4 521.9 22

23 Mortgage companies 22.2 30.2 30.2 18.7 16.9 20.6 21.6 19.1 24.1 28.1 29.8 23

24 REITs 13.6 13.9 17.4 31.1 32.4 33.7 35.0 36.5 38.0 39.6 41.3 24

25 Brokers and dealers 19.0 21.7 33.7 34.3 26.9 26.8 27.4 29.3 21.4 24.6 26.1 25

26 Funding corporations 139.1 161.6 169.9 199.3 221.1 230.0 239.9 233.9 245.6 265.6 274.5 26

27 Total credit market assets held by: 14418.7 15234.8 16244.5 17328.8 17586.9 17916.3 18216.6 18568.0 18855.9 19185.0 19501.2 27

28 Domestic nonfederal nonfinancial sectors 2591.3 2688.8 2758.7 3037.4 3001.7 2950.9 2953.4 2901.2 2857.8 2882.4 2858.7 28

29 Household sector 1544.3 1635.0 1688.5 2012.2 2033.1 1987.9 2055.5 2009.6 2013.0 2023.4 2020.7 29

30 Nonfinancial corporate business 230.0 257.8 271.5 321.1 292.6 303.5 290.6 315.1 291.3 307.9 320.1 30

31 Nonfarm noncorporate business 38.3 38.1 37.0 37.2 37.3 37.3 37.4 37.5 37.6 37.7 37.8 31

32 State and local governments 778.7 757.9 761.7 666.9 638.7 622.1 569.9 539.0 515.9 513.4 480.2 32

33 Federal government 248.1 236.1 231.7 207.5 204.2 198.2 192.2 186.1 180.8 177.0 170.5 33

34 Rest of the world 928.8 1023.0 1147.8 1254.7 1324.0 1402.1 1493.4 1561.8 1653.6 1718.2 1837.2 34

35 Financial sectors 10650.5 11286.9 12106.3 12829.1 13057.1 13365.2 13577.6 13918.9 14163.8 14407.3 14634.8 35

36 Monetary authority 272.5 300.4 336.7 368.2 367.1 375.7 370.6 380.8 379.6 386.3 386.2 36

37 Commercial banking 2853.3 2948.6 3090.8 3254.3 3327.8 3410.1 3473.2 3520.1 3541.6 3590.8 3641.6 37

38 U.S.-chartered commercial banks 2502.5 2571.9 2721.5 2869.6 2906.5 2963.7 3023.7 3056.1 3068.8 3101.3 3135.3 38

39 Foreign banking offices in U.S. 319.2 335.8 326.0 337.1 373.6 396.0 401.1 412.6 422.2 437.1 454.2 39

40 Bank holding companies 11.9 17.5 17.5 18.4 18.0 19.3 16.9 18.0 16.8 18.1 17.6 40

41 Banks in U.S.-affiliated areas 19.7 23.4 25.8 29.2 29.8 31.1 31.5 33.4 33.9 34.3 34.5 41

42 Savings institutions 1013.2 937.4 914.1 920.8 925.3 922.4 930.4 913.3 921.8 933.1 943.1 42

43 Credit unions 179.4 197.1 218.7 246.8 248.1 255.0 258.5 263.0 267.0 276.9 281.0 43

44 Bank personal trusts and estates 223.5 231.5 240.9 248.0 245.3 240.2 234.2 229.2 224.7 221.6 219.3 44

45 Life insurance companies 1224.6 1309.1 1420.6 1487.1 1523.1 1557.1 1575.5 1586.2 1600.5 1601.0 1612.6 45

46 Other insurance companies 376.6 389.4 422.7 446.4 451.9 457.3 463.0 468.7 474.5 480.2 486.4 46

47 Private pension funds 530.6 571.7 617.6 664.6 679.3 693.6 706.2 725.9 746.5 778.4 789.8 47

48 State and local govt. retirement funds 396.4 402.3 423.4 454.1 469.4 470.9 470.6 476.8 491.1 504.0 511.4 48

49 Money market mutual funds 403.9 408.6 429.0 459.0 480.6 508.0 505.7 545.5 595.6 594.7 606.6 49

50 Mutual funds 440.2 566.4 725.9 718.8 719.3 724.8 739.2 771.3 792.4 807.9 816.2 50

51 Closed-end funds 49.5 67.7 82.0 78.7 80.8 84.6 88.7 92.0 94.8 97.2 99.5 51

52 Government-sponsored enterprises 389.0 457.8 546.4 667.0 671.9 695.9 708.4 756.0 765.2 797.8 819.3 52

53 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 53

54 ABS issuers 318.0 378.0 458.8 520.7 531.5 555.2 595.7 632.7 657.6 685.7 702.8 54

55 Finance companies 488.9 496.4 482.8 551.0 568.5 586.9 594.7 615.2 621.7 632.6 637.1 55

56 Mortgage companies 60.3 60.5 60.4 37.5 33.9 41.4 43.2 34.1 46.1 41.7 45.0 56

57 REITs 7.0 8.1 8.6 13.3 13.8 14.2 14.7 15.1 15.6 16.1 16.6 57

58 Brokers and dealers 124.0 122.7 137.5 93.3 101.0 137.5 137.0 183.4 156.2 138.2 144.1 58

59 Funding corporations 143.1 161.3 132.5 127.5 138.6 135.5 141.4 139.3 171.8 179.6 196.9 59

(1) Excludes corporate equities and mutual fund shares.
58 Z.1, December 11, 1996

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Domestic 11348.4 11894.6 12536.4 13163.8 13339.7 13547.7 13700.5 13884.2 14080.4 14228.8 14406.5 1

 2 Federal government 2776.4 3080.3 3336.5 3492.3 3557.9 3583.5 3603.4 3636.7 3717.2 3693.8 3733.1 2

 3 Treasury securities 2757.8 3061.6 3309.9 3465.6 3531.5 3556.7 3576.5 3608.5 3689.6 3665.5 3705.7 3

 4 Budget agency secur. and mortgages 18.6 18.8 26.6 26.7 26.4 26.8 26.9 28.2 27.6 28.2 27.4 4

 5 Nonfederal, by instrument 8572.1 8814.2 9199.9 9671.5 9781.8 9964.2 10097.1 10247.5 10363.2 10535.0 10673.4 5

 6 Commercial paper 98.5 107.1 117.8 139.2 149.8 162.9 163.3 157.4 174.2 181.7 173.0 6

 7 Municipal securities and loans 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1308.2 1304.0 1302.0 1307.8 1291.5 7

 8 Corporate bonds 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.5 1359.4 1377.9 8

 9 Bank loans n.e.c. 686.0 672.2 675.9 749.0 782.7 810.7 824.3 848.6 853.9 876.8 904.3 9

10 Other loans and advances 673.3 686.5 677.1 737.8 762.6 776.9 782.1 796.8 809.3 815.7 826.2 10

11 Mortgages 3957.8 4088.7 4258.0 4454.0 4494.1 4560.3 4635.2 4682.6 4756.6 4842.5 4920.8 11

12 Home 2849.8 3037.4 3225.5 3429.4 3465.0 3519.0 3587.1 3626.3 3689.2 3757.7 3824.9 12

13 Multifamily residential 282.8 272.5 267.9 269.5 271.2 273.9 276.7 280.1 283.5 288.1 291.8 13

14 Commercial 745.9 698.1 683.4 672.1 674.6 683.6 687.0 691.6 698.7 710.2 716.7 14

15 Farm 79.3 80.7 81.2 83.0 83.4 83.8 84.4 84.6 85.2 86.5 87.3 15

16 Consumer credit 797.4 802.4 863.9 990.2 990.9 1030.8 1078.2 1131.9 1125.8 1151.0 1179.7 16

17 Nonfederal, by sector 8572.1 8814.2 9199.9 9671.5 9781.8 9964.2 10097.1 10247.5 10363.2 10535.0 10673.4 17

18 Household sector 3823.1 4021.5 4279.7 4651.8 4696.9 4801.4 4925.9 5034.9 5094.8 5203.3 5306.6 18

19 Nonfinancial business 3674.2 3696.8 3761.9 3904.9 3982.8 4066.0 4098.8 4146.4 4203.8 4263.0 4314.5 19

20 Corporate 2401.9 2437.6 2496.5 2624.8 2695.4 2767.3 2790.0 2829.9 2878.3 2923.0 2963.9 20

21 Nonfarm noncorporate 1137.3 1122.9 1127.1 1139.0 1148.5 1155.9 1164.0 1173.8 1185.2 1194.7 1204.5 21

22 Farm 135.0 136.3 138.3 141.2 138.9 142.8 144.8 142.7 140.3 145.3 146.1 22

23 State and local governments 1074.8 1095.9 1158.2 1114.8 1102.2 1096.8 1072.4 1066.2 1064.6 1068.7 1052.4 23

 Foreign credit market debt

24 held in U.S. 300.8 315.2 385.6 370.4 385.7 396.8 419.8 439.9 450.8 459.6 487.0 24

25 Commercial paper 81.8 77.7 68.7 41.4 50.9 48.1 55.8 55.0 51.5 53.4 64.8 25

26 Bonds 130.5 147.2 230.1 242.3 245.8 258.6 272.4 290.6 302.5 305.3 320.2 26

27 Bank loans n.e.c. 21.6 23.9 24.6 26.1 28.2 29.6 31.6 34.6 36.8 40.5 41.7 27

28 Other loans and advances 67.0 66.4 62.1 60.6 60.8 60.5 60.0 59.7 60.0 60.4 60.4 28

29 Domestic and foreign 11649.3 12209.8 12921.9 13534.2 13725.4 13944.5 14120.3 14324.1 14531.2 14688.4 14893.6 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; levels, not seasonally adjusted

 1 By instrument 2769.4 3025.0 3322.6 3794.6 3861.5 3971.9 4096.3 4243.9 4324.7 4496.6 4607.6 1

 2 Federal government-related 1564.2 1720.0 1885.2 2172.7 2196.2 2247.1 2300.1 2377.8 2416.6 2493.5 2550.3 2

 3 Govt.-sponsored enterprise securities 402.9 443.1 523.7 700.6 716.3 748.1 773.5 807.5 816.9 850.1 871.1 3

 4 Mortgage pool securities 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 4

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

 6 Private financial sectors 1205.3 1305.1 1437.4 1621.9 1665.3 1724.8 1796.2 1866.0 1908.1 2003.1 2057.3 6

 7 Open market paper 385.7 394.3 393.5 442.8 454.1 462.8 473.6 488.0 491.9 518.5 539.6 7

 8 Corporate bonds 649.3 738.4 858.5 973.5 1012.3 1056.4 1112.6 1158.2 1190.8 1239.8 1260.7 8

 9 Bank loans n.e.c. 78.4 80.5 67.6 55.3 53.4 58.4 60.3 60.8 66.4 72.2 74.4 9

10 Other loans and advances 87.1 86.6 108.9 131.6 125.4 125.7 127.0 135.0 133.6 145.8 154.2 10

11 Mortgages 4.8 5.4 8.9 18.7 20.0 21.3 22.6 24.0 25.4 26.9 28.3 11

12 By sector 2769.4 3025.0 3322.6 3794.6 3861.5 3971.9 4096.3 4243.9 4324.7 4496.6 4607.6 12

13 Commercial banks 72.3 80.0 84.6 94.5 95.0 99.9 102.0 102.6 100.5 103.6 106.7 13

14 Bank holding companies 112.3 114.6 123.4 133.6 137.7 142.9 150.3 148.0 141.3 148.4 148.0 14

15 Savings institutions 95.4 88.4 99.6 112.4 107.7 105.9 107.2 115.0 117.8 128.3 136.1 15

16 Credit unions 0.0 0.0 0.2 0.5 0.4 0.3 0.4 0.4 0.4 0.3 0.4 16

17 Life insurance companies 0.0 0.0 0.2 0.6 0.6 0.6 0.6 0.5 1.1 1.2 0.1 17

18 Government-sponsored enterprises 407.7 447.9 528.5 700.6 716.3 748.1 773.5 807.5 816.9 850.1 871.1 18

19 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 19

20 ABS issuers 339.5 404.3 487.6 556.1 570.0 596.8 639.8 688.4 718.2 748.9 772.6 20

21 Brokers and dealers 19.0 21.7 33.7 34.3 26.9 26.8 27.4 29.3 21.4 24.6 26.1 21

22 Finance companies 391.9 390.4 390.5 440.7 456.7 467.2 471.9 492.3 499.8 514.4 521.9 22

23 Mortgage companies 22.2 30.2 30.2 18.7 16.9 20.6 21.6 19.1 24.1 28.1 29.8 23

24 REITs 13.6 13.9 17.4 31.1 32.4 33.7 35.0 36.5 38.0 39.6 41.3 24

25 Funding corporations 139.1 161.6 169.9 199.3 221.1 230.0 239.9 233.9 245.6 265.6 274.5 25
Z.1, December 11, 1996 59

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

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total 14418.7 15234.8 16244.5 17328.8 17586.9 17916.3 18216.6 18568.0 18855.9 19185.0 19501.2 1

 2 Open market paper 565.9 579.0 580.0 623.5 654.7 673.8 692.7 700.4 717.6 753.6 777.4 2

 3 U.S. government securities 4335.7 4795.5 5216.9 5665.0 5754.1 5830.6 5903.5 6014.6 6133.8 6187.2 6283.4 3

 4 Municipal securities 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1308.2 1304.0 1302.0 1307.8 1291.5 4

 5 Corporate and foreign bonds 1866.7 2040.1 2318.3 2468.8 2524.4 2605.9 2690.8 2775.1 2834.9 2904.6 2958.8 5

 6 Bank loans n.e.c. 785.9 776.6 768.0 830.4 864.3 898.7 916.2 943.9 957.0 989.6 1020.5 6

 7 Other loans and advances 832.2 844.2 852.9 929.9 948.8 963.2 969.1 991.5 1002.9 1021.8 1040.9 7

 8 Mortgages 3962.6 4094.1 4266.9 4472.7 4514.2 4581.6 4657.9 4706.6 4782.0 4869.4 4949.1 8

 9 Consumer credit 797.4 802.4 863.9 990.2 990.9 1030.8 1078.2 1131.9 1125.8 1151.0 1179.7 9

 Memo:

 Selected claims not included above:

10 Corporate equities 4897.9 5456.8 6280.0 6263.3 6797.5 7348.4 7972.4 8389.9 8875.8 9170.9 9387.4 10

11 Mutual fund shares 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 1994.3 2130.6 2221.7 11

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

Billions of dollars; levels, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 14418.7 15234.8 16244.5 17328.8 17586.9 17916.3 18216.6 18568.0 18855.9 19185.0 19501.2 1

 2 Official foreign exchange 55.4 51.8 53.4 53.2 64.1 67.1 65.1 63.7 62.1 61.4 54.3 2

 3 SDR certificates 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 10.2 9.7 3

 4 Treasury currency 16.3 16.5 17.0 17.6 17.8 18.0 18.2 18.2 18.2 18.2 18.8 4

 5 Foreign deposits 273.5 267.7 271.8 324.6 333.3 361.0 353.6 361.4 382.7 382.9 394.3 5

 6 Net interbank liabilities 96.4 138.5 189.3 280.0 272.8 265.9 267.2 290.7 266.3 249.9 230.0 6

 7 Checkable deposits and currency 1020.9 1134.4 1251.7 1242.0 1193.7 1246.2 1200.3 1229.3 1183.3 1212.3 1221.7 7

 8 Small time and savings deposits 2350.7 2293.5 2223.2 2183.3 2200.2 2222.6 2255.8 2279.7 2342.3 2340.1 2345.5 8

 9 Large time deposits 488.4 415.2 391.7 411.2 441.2 456.3 477.5 476.9 493.6 511.1 552.3 9

10 Money market fund shares 535.0 539.5 559.6 602.9 634.0 678.5 702.7 745.3 816.9 809.5 838.1 10

11 Security RPs 355.8 399.9 471.1 549.4 603.4 629.3 655.5 660.1 666.2 692.1 688.8 11

12 Mutual fund shares 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 1994.3 2130.6 2221.7 12

13 Security credit 188.9 217.7 279.0 279.0 269.5 277.9 286.2 305.6 326.9 318.6 312.6 13

14 Life insurance reserves 406.8 434.8 470.8 505.3 518.0 532.4 540.6 550.2 555.2 565.9 576.7 14

15 Pension fund reserves 3808.3 4225.4 4638.5 4846.9 5030.8 5224.2 5439.5 5567.1 5749.7 5897.7 6061.0 15

16 Trade payables 948.3 995.1 1048.2 1162.2 1155.1 1177.5 1211.1 1258.5 1246.0 1278.6 1304.8 16

17 Taxes payable 70.0 79.7 84.9 88.0 94.3 89.2 91.9 89.3 94.3 90.3 92.1 17

18 Investment in bank personal trusts 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 790.9 799.5 18

19 Miscellaneous 4442.0 4784.5 5173.0 5436.9 5516.4 5574.1 5684.4 5839.8 5974.4 5988.9 6102.2 19

20 Total liabilities 30894.3 32890.0 35442.4 37496.2 38212.4 39145.2 40017.0 40934.0 41820.1 42534.3 43325.3 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 22.3 19.6 20.1 21.1 22.7 22.9 22.1 22.1 22.1 22.0 21.2 21

22 Corporate equities 4897.9 5456.8 6280.0 6263.3 6797.5 7348.4 7972.4 8389.9 8875.8 9170.9 9387.4 22

23 Household equity in noncorp. bus. 2522.0 2460.1 2495.5 2587.5 2607.2 2641.1 2655.0 2699.6 2736.1 2758.3 2772.0 23

 - Liabilities not identified as assets:

24 Treasury currency -4.7 -4.9 -5.1 -5.4 -5.4 -5.5 -5.6 -5.8 -6.1 -6.3 -6.0 24

25 Foreign deposits 222.6 217.6 232.6 278.7 289.1 314.5 300.6 309.0 324.4 330.3 335.9 25

26 Net interbank transactions -4.2 -9.3 -4.7 -6.5 -2.7 -2.9 0.1 -9.0 -2.6 -8.0 -11.6 26

27 Security RPs 36.8 41.9 76.1 108.5 130.7 110.2 131.2 111.2 106.7 118.2 113.0 27

28 Taxes payable 16.6 25.2 26.8 35.4 20.5 35.9 39.1 44.1 23.9 38.0 42.4 28

29 Miscellaneous -782.1 -698.8 -816.7 -876.0 -877.2 -830.6 -793.8 -911.7 -981.8 -1057.0 -1039.9 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. 3.8 6.8 5.6 3.4 4.2 2.0 0.6 3.1 -0.0 -3.4 -1.7 30

31 Other 40.4 42.0 40.7 38.0 33.3 35.7 27.3 34.2 29.6 31.8 23.1 31

32 Trade credit -263.1 -251.1 -248.0 -252.0 -295.1 -306.2 -330.0 -275.4 -326.5 -336.2 -354.5 32

33 Totals identified to sectors as assets 39070.3 41457.1 44930.6 47044.0 48342.6 49804.6 51297.2 52745.9 54286.6 55378.2 56405.2 33
60 Z.1, December 11, 1996

L.9 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 13768.1 14706.7 15841.6 16353.0 16967.8 17542.2 18272.5 18748.0 19369.6 19720.7 20038.4 1

 2 Foreign deposits 14.6 15.6 16.4 17.2 17.7 19.1 18.8 19.2 20.5 20.5 21.3 2

 3 Checkable deposits and currency 510.6 609.6 664.1 655.2 640.9 631.6 603.8 617.0 588.6 576.2 583.3 3

 4 Time and savings deposits 2474.6 2398.1 2291.1 2285.3 2331.6 2368.4 2411.8 2438.0 2510.9 2528.6 2554.3 4

 5 Money market fund shares 377.7 336.4 342.3 356.1 379.2 407.8 426.0 451.6 502.3 484.5 499.2 5

 6 Securities 4676.6 5141.4 5776.5 6000.9 6322.3 6592.4 7027.1 7261.7 7553.0 7732.3 7794.5 6

 7 Open market paper 33.3 29.9 45.5 35.0 26.0 29.5 38.0 35.3 27.9 30.4 36.5 7

 8 U.S. savings bonds 138.1 157.3 171.9 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 8

 9 Other Treasury securities 264.7 328.4 336.9 573.7 594.7 563.2 585.2 552.4 568.0 527.6 509.7 9

10 Agency securities 54.8 93.7 73.9 200.1 197.5 178.5 195.4 197.0 189.5 222.3 252.9 10

11 Municipal securities 610.2 581.2 551.9 501.7 497.6 492.3 469.8 456.1 457.4 463.0 441.5 11

12 Corporate and foreign bonds 300.9 295.8 338.9 343.1 356.2 359.5 398.4 398.2 396.0 400.8 396.5 12

13 Corporate equities (2) 2681.3 2914.1 3259.1 3111.2 3378.6 3633.3 3934.7 4175.8 4376.6 4456.2 4477.3 13

14 Mutual fund shares 593.3 741.0 998.4 1056.3 1090.3 1153.4 1222.1 1261.8 1351.8 1445.5 1493.4 14

15 Private life insurance reserves 393.8 421.5 457.2 491.5 504.4 518.5 527.0 536.3 541.6 552.0 563.0 15

16 Private insured pension reserves 655.7 745.1 853.8 897.4 926.3 961.4 990.0 1012.3 1043.2 1057.3 1091.5 16

17 Private noninsured pension reserves 1844.8 2009.0 2199.0 2289.4 2391.8 2482.9 2590.4 2652.8 2739.7 2825.5 2898.2 17

18 Govt. insurance and pension reserves 1320.8 1484.6 1599.4 1673.9 1726.2 1793.8 1872.7 1915.9 1980.5 2028.8 2085.0 18

19 Investment in bank personal trusts 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 790.9 799.5 19

20 Miscellaneous assets 859.6 884.9 950.5 986.7 1007.6 1026.7 1046.4 1075.9 1107.8 1124.0 1148.6 20

21 Total liabilities 5439.7 5643.8 5940.5 6342.5 6391.6 6512.9 6661.8 6784.2 6868.1 6998.5 7114.6 21

22 Mortgage debt on nonfarm homes 2832.8 3019.9 3207.5 3410.7 3446.2 3500.0 3568.0 3607.0 3669.7 3738.1 3805.2 22

23 Other mortgage debt (3) 971.2 942.4 924.6 928.7 933.8 940.2 947.7 951.5 963.8 975.0 986.3 23

24 Consumer credit 797.4 802.4 863.9 990.2 990.9 1030.8 1078.2 1131.9 1125.8 1151.0 1179.7 24

25 Policy loans 67.3 73.0 78.6 86.4 87.9 89.6 92.0 96.9 98.7 99.9 102.0 25

26 Security credit 55.1 53.5 76.1 75.1 69.4 68.7 77.4 78.6 89.1 89.9 86.3 26

27 Other liabilities (3) 715.9 752.5 789.8 851.4 863.4 883.5 898.5 918.3 920.9 944.7 955.2 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.
Z.1, December 11, 1996 61

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 15753.0 16612.4 17760.8 18346.2 18975.6 19578.9 20317.9 20831.7 21484.4 21852.1 22177.9 1

 2 Deposits 3236.6 3214.2 3152.3 3143.9 3197.5 3253.1 3284.6 3348.0 3442.5 3427.9 3474.0 2

 3 Foreign deposits 14.6 15.6 16.4 17.2 17.7 19.1 18.8 19.2 20.5 20.5 21.3 3

 4 Checkable deposits and currency 424.2 516.4 561.6 546.7 531.0 520.4 491.3 503.1 473.2 459.4 464.9 4

 5 Time and savings deposits 2423.7 2349.4 2235.9 2227.9 2273.7 2309.9 2352.7 2378.3 2450.6 2467.7 2492.8 5

 6 Money market fund shares 374.1 332.8 338.4 352.1 375.2 403.7 421.9 447.5 498.2 480.3 494.9 6

 7 Credit market instruments 1544.3 1635.0 1688.5 2012.2 2033.1 1987.9 2055.5 2009.6 2013.0 2023.4 2020.7 7

 8 Open market paper 33.3 29.9 45.5 35.0 26.0 29.5 38.0 35.3 27.9 30.4 36.5 8

 9 U.S. government securities 445.3 566.4 569.4 940.1 959.8 910.6 950.2 920.5 929.2 922.1 935.0 9

10 Treasury 390.6 472.7 495.5 740.1 762.3 732.0 754.8 723.4 739.7 699.8 682.1 10

11 Savings bonds 138.1 157.3 171.9 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 11

12 Other Treasury 252.4 315.4 323.6 560.1 581.0 549.5 571.3 538.4 553.9 513.3 495.3 12

13 Agency 54.8 93.7 73.9 200.1 197.5 178.5 195.4 197.0 189.5 222.3 252.9 13

14 Municipal securities 610.2 581.2 551.9 501.7 497.6 492.3 469.8 456.1 457.4 463.0 441.5 14

15 Corporate and foreign bonds 300.9 295.8 338.9 343.1 356.2 359.5 398.4 398.2 396.0 400.8 396.5 15

16 Mortgages 154.6 161.7 182.8 192.2 193.4 196.1 199.1 199.6 202.6 207.1 211.1 16

17 Corporate equities (2) 2681.3 2914.1 3259.1 3111.2 3378.6 3633.3 3934.7 4175.8 4376.6 4456.2 4477.3 17

18 Mutual fund shares 593.3 741.0 998.4 1056.3 1090.3 1153.4 1222.1 1261.8 1351.8 1445.5 1493.4 18

19 Security credit 87.0 76.2 102.3 109.0 112.9 113.2 114.9 127.6 140.9 136.8 140.6 19

20 Life insurance reserves 406.8 434.8 470.8 505.3 518.0 532.4 540.6 550.2 555.2 565.9 576.7 20

21 Pension fund reserves 3808.3 4225.4 4638.5 4846.9 5030.8 5224.2 5439.5 5567.1 5749.7 5897.7 6061.0 21

22 Investment in bank personal trusts 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 790.9 799.5 22

23 Equity in noncorporate business 2522.0 2460.1 2495.5 2587.5 2607.2 2641.1 2655.0 2699.6 2736.1 2758.3 2772.0 23

24 Miscellaneous assets 234.1 251.0 264.1 274.7 287.5 300.6 312.4 324.6 337.0 349.4 362.8 24

25 Total liabilities 3971.7 4173.2 4462.3 4841.7 4883.7 4990.2 5125.8 5238.6 5311.7 5423.5 5525.9 25

26 Credit market instruments 3823.1 4021.5 4279.7 4651.8 4696.9 4801.4 4925.9 5034.9 5094.8 5203.3 5306.6 26

27 Home mortgages 2654.4 2815.5 2971.6 3169.7 3204.4 3259.4 3328.8 3368.0 3431.7 3500.4 3567.5 27

28 Consumer credit 797.4 802.4 863.9 990.2 990.9 1030.8 1078.2 1131.9 1125.8 1151.0 1179.7 28

29 Municipal securities 93.5 102.7 114.7 129.2 130.5 132.5 133.5 135.0 136.1 137.0 138.4 29

30 Bank loans n.e.c. 8.7 11.5 18.4 29.1 31.3 33.2 34.1 42.4 35.2 41.8 41.3 30

31 Other loans and advances 110.2 119.5 126.6 134.7 136.1 138.2 140.0 144.6 145.7 147.3 147.3 31

32 Commercial mortgages 158.9 169.8 184.6 198.9 203.6 207.3 211.4 213.0 220.3 225.9 232.5 32

33 Security credit 55.1 53.5 76.1 75.1 69.4 68.7 77.4 78.6 89.1 89.9 86.3 33

34 Trade payables 77.7 82.5 89.8 97.4 99.7 102.0 104.4 106.7 109.1 111.5 114.0 34

 Deferred and unpaid

35 life insurance premiums 15.7 15.8 16.6 17.5 17.8 18.0 18.2 18.4 18.6 18.8 19.0 35

(1) 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).
62 Z.1, December 11, 1996

L.101 Nonfinancial Business (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 4292.9 4477.6 4859.5 5156.6 5187.0 5293.9 5375.9 5520.1 5620.3 5729.5 5835.8 1

 2 Foreign deposits 15.0 14.3 12.9 13.1 11.6 12.1 13.2 13.6 16.6 18.0 19.5 2

 3 Checkable deposits and currency 268.9 282.6 305.6 315.9 297.8 307.8 318.5 336.6 333.3 347.0 353.3 3

 4 Time and savings deposits 117.7 100.5 129.3 129.0 118.8 125.6 127.4 129.2 126.9 132.8 137.0 4

 5 Money market fund shares 35.1 51.0 48.7 56.2 57.9 72.7 77.1 87.1 95.3 98.7 101.3 5

 6 Security RPs 1.6 5.1 2.5 2.2 3.7 8.9 3.7 2.4 2.3 3.9 7.5 6

 7 Credit market instruments 268.3 296.0 308.5 358.3 329.9 340.8 328.0 352.6 328.9 345.6 357.9 7

 8 Commercial paper 14.7 17.0 19.4 18.6 18.0 17.1 17.7 19.7 16.9 20.3 22.0 8

 9 U.S. government securities 60.8 82.2 81.2 115.8 98.8 107.2 92.9 108.2 107.0 119.8 129.4 9

10 Municipal securities 44.8 45.8 54.7 59.4 54.1 55.3 56.4 54.7 41.3 45.0 47.5 10

11 Mortgages 85.0 85.2 76.0 77.8 79.3 80.8 82.7 85.0 87.0 88.5 90.4 11

12 Consumer credit 63.0 65.7 77.2 86.6 79.7 80.5 78.3 85.1 76.7 72.0 68.6 12

13 Mutual fund shares 14.8 21.1 29.8 31.1 34.5 38.1 42.0 47.8 52.0 55.6 59.8 13

14 Trade receivables 1058.1 1092.8 1138.0 1248.4 1280.1 1311.9 1365.0 1342.6 1372.2 1409.5 1443.0 14

15 Miscellaneous assets 2513.4 2614.3 2884.2 3002.6 3052.7 3076.2 3101.0 3208.2 3292.9 3318.4 3356.5 15

16 Total liabilities 6297.8 6580.3 6866.8 7120.5 7178.3 7284.6 7383.4 7494.7 7600.2 7671.6 7781.7 16

17 Credit market instruments 3674.2 3696.8 3761.9 3904.9 3982.8 4066.0 4098.8 4146.4 4203.8 4263.0 4314.5 17

18 Commercial paper 98.5 107.1 117.8 139.2 149.8 162.9 163.3 157.4 174.2 181.7 173.0 18

19 Municipal securities 114.0 114.0 113.9 112.4 110.6 109.9 109.4 109.5 107.6 107.9 106.1 19

20 Corporate bonds 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.5 1359.4 1377.9 20

21 Bank loans n.e.c. 677.2 660.8 657.4 719.8 751.4 777.5 790.2 806.2 818.6 835.0 863.1 21

22 Other loans and advances 553.1 557.2 541.3 595.0 618.6 631.3 635.0 645.6 657.3 662.6 673.6 22

23 Mortgages 1144.4 1103.3 1101.8 1085.5 1086.1 1093.6 1095.1 1101.5 1104.6 1116.3 1120.8 23

24 Trade payables 722.1 762.6 797.6 891.8 880.6 894.0 922.6 963.6 948.8 976.1 995.8 24

25 Taxes payable 65.8 73.7 76.4 79.5 85.2 79.9 82.1 79.6 84.3 80.4 82.1 25

26 Miscellaneous liabilities 1835.8 2047.2 2230.9 2244.2 2229.8 2244.6 2279.9 2305.1 2363.3 2352.1 2389.3 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
Z.1, December 11, 1996 63

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 3764.2 3931.7 4289.0 4567.1 4592.3 4694.1 4770.9 4909.5 5004.4 5107.9 5208.4 1

 2 Foreign deposits 15.0 14.3 12.9 13.1 11.6 12.1 13.2 13.6 16.6 18.0 19.5 2

 3 Checkable deposits and currency 182.5 189.4 203.1 207.4 188.0 196.6 205.9 222.7 218.0 230.2 235.0 3

 4 Time and savings deposits 66.8 51.8 74.1 71.6 60.8 67.0 68.3 69.5 66.6 71.9 75.5 4

 5 Money market fund shares 31.5 47.3 44.8 52.2 53.9 68.6 73.0 83.0 91.1 94.5 97.0 5

 6 Security RPs 1.6 5.1 2.5 2.2 3.7 8.9 3.7 2.4 2.3 3.9 7.5 6

 7 Commercial paper 14.7 17.0 19.4 18.6 18.0 17.1 17.7 19.7 16.9 20.3 22.0 7

 8 U.S. government securities 48.5 69.2 67.9 102.2 85.1 93.4 79.0 94.2 92.9 105.6 115.0 8

 9 Municipal securities 44.8 45.8 54.7 59.4 54.1 55.3 56.4 54.7 41.3 45.0 47.5 9

10 Mortgages 59.0 60.0 52.3 54.2 55.7 57.2 59.2 61.5 63.5 65.0 67.0 10

11 Consumer credit 63.0 65.7 77.2 86.6 79.7 80.5 78.3 85.1 76.7 72.0 68.6 11

12 Trade receivables 961.4 988.9 1035.0 1141.4 1171.8 1202.1 1253.9 1230.1 1258.5 1294.5 1326.7 12

13 Mutual fund shares 14.8 21.1 29.8 31.1 34.5 38.1 42.0 47.8 52.0 55.6 59.8 13

14 Miscellaneous assets 2260.5 2355.8 2615.3 2727.2 2775.5 2797.3 2820.3 2925.4 3008.1 3031.4 3067.3 14

15 U.S. direct investment abroad (1) 578.0 580.0 598.4 665.6 683.5 697.7 718.5 751.9 772.3 797.3 803.0 15

16 Insurance receivables 149.5 163.0 169.7 177.5 178.9 179.8 180.4 180.7 180.7 180.4 179.7 16

17 Equity in GSEs 1.8 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.4 2.8 3.4 17

18 Investment in finance company subs. 18.2 20.5 21.4 25.5 26.2 28.7 29.5 31.1 31.1 34.2 36.0 18

19 Other 1513.0 1590.4 1823.9 1856.6 1884.9 1889.2 1889.8 1959.7 2021.5 2016.8 2045.2 19

20 Total liabilities 4829.8 5109.7 5388.6 5619.8 5670.5 5761.8 5847.4 5949.0 6043.8 6096.6 6193.0 20

21 Credit market instruments 2401.9 2437.6 2496.5 2624.8 2695.4 2767.3 2790.0 2829.9 2878.3 2923.0 2963.9 21

22 Commercial paper 98.5 107.1 117.8 139.2 149.8 162.9 163.3 157.4 174.2 181.7 173.0 22

23 Municipal securities (2) 114.0 114.0 113.9 112.4 110.6 109.9 109.4 109.5 107.6 107.9 106.1 23

24 Corporate bonds (1) 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.5 1359.4 1377.9 24

25 Bank loans n.e.c. 507.7 488.4 477.6 525.0 553.3 571.2 577.1 589.7 599.2 606.8 628.4 25

26 Other loans and advances 440.9 447.2 431.5 480.6 501.2 512.4 514.9 523.0 532.7 537.7 549.2 26

27 Savings institutions 9.7 6.2 5.4 5.1 5.9 6.0 6.3 6.4 6.9 7.2 7.7 27

28 Finance companies 266.2 271.2 265.2 303.9 316.7 325.7 326.2 338.3 342.8 345.3 345.1 28

29 Federal government 7.9 7.9 8.1 8.6 8.8 9.0 9.2 9.3 9.5 9.6 9.8 29

30 Acceptance liabilities to banks 23.3 20.4 17.1 15.0 16.0 16.6 15.6 14.2 13.7 13.1 13.5 30

31 Rest of the world 125.1 129.9 114.2 122.1 126.7 125.7 127.3 122.1 126.4 126.5 139.4 31

32 ABS issuers 8.8 11.6 21.6 25.9 27.0 29.4 30.5 32.7 33.4 36.0 33.7 32

33 Mortgages 153.8 126.4 125.9 114.6 114.2 120.1 119.5 124.0 123.0 129.5 129.3 33

34 Trade payables 649.4 682.8 719.3 811.0 799.2 810.6 837.8 878.6 863.8 888.8 907.3 34

35 Taxes payable 33.3 40.5 42.5 44.9 50.4 44.9 46.9 44.2 48.7 44.6 46.1 35

36 Miscellaneous liabilities 1745.2 1948.8 2130.3 2139.0 2125.5 2139.0 2172.7 2196.3 2253.0 2240.2 2275.7 36

37 Foreign direct investment in U.S. 483.3 495.1 492.9 527.4 547.7 563.5 577.9 579.7 599.0 623.3 648.3 37

38 Pension fund contributions payable 17.3 19.3 22.4 25.6 26.4 27.2 28.0 28.8 29.6 30.4 31.2 38

39 Other 1244.6 1434.4 1615.0 1586.0 1551.4 1548.3 1566.8 1587.8 1624.3 1586.5 1596.2 39

 Memo:

40 Trade receivables net of payables 312.0 306.1 315.8 330.3 372.6 391.5 416.1 351.4 394.7 405.7 419.3 40

41 Market value of equities 3649.0 3961.0 4389.5 4429.9 4805.2 5184.4 5554.6 5827.6 6122.9 6358.4 6401.7 41

42 Securities and mortgages 1354.8 1394.8 1469.5 1480.0 1491.0 1520.8 1534.7 1559.8 1572.2 1596.8 1613.2 42

43 Loans and short-term paper 1047.1 1042.8 1027.0 1144.8 1204.3 1246.4 1255.3 1270.1 1306.1 1326.2 1350.6 43

44 Total short-term liabilities (3) 1729.8 1766.1 1788.8 2000.8 2053.9 2102.0 2140.0 2192.9 2218.6 2259.6 2304.0 44

45 Total liquid assets (4) 420.3 461.1 509.2 557.7 509.6 557.0 559.2 607.5 597.6 645.0 678.8 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 56.4 57.2 58.9 56.4 55.3 55.0 55.0 55.1 54.6 54.6 54.4 46

47 Short-term debt/credit market debt 43.6 42.8 41.1 43.6 44.7 45.0 45.0 44.9 45.4 45.4 45.6 47

48 Liquid assets/short-term liabilities 24.3 26.1 28.5 27.9 24.8 26.5 26.1 27.7 26.9 28.5 29.5 48

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

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

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
64 Z.1, December 11, 1996

L.103 Nonfarm Noncorporate Business

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 479.1 492.4 513.9 529.2 533.5 537.5 541.6 546.0 550.1 554.5 559.0 1

 2 Checkable deposits and currency 74.6 79.6 87.2 91.5 92.5 93.5 94.4 95.3 96.4 97.4 98.5 2

 3 Time and savings deposits 50.9 48.7 55.2 57.4 58.0 58.5 59.1 59.7 60.3 60.9 61.5 3

 4 Money market fund shares 3.6 3.6 3.9 4.0 4.0 4.0 4.1 4.1 4.1 4.2 4.3 4

 5 Treasury securities 12.2 13.0 13.3 13.6 13.7 13.8 13.9 14.0 14.1 14.2 14.4 5

 6 Mortgages 26.0 25.2 23.7 23.6 23.6 23.6 23.5 23.5 23.5 23.5 23.4 6

 7 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Trade receivables 96.7 103.8 103.0 107.0 108.4 109.7 111.1 112.5 113.8 115.1 116.4 8

 9 Miscellaneous assets 215.0 218.7 227.6 232.1 233.3 234.4 235.6 236.9 238.0 239.3 240.6 9

10 Insurance receivables 42.4 39.9 40.8 41.6 41.8 42.1 42.3 42.6 42.8 43.1 43.3 10

11 Equity investment in GSEs (1) 0.6 0.6 0.8 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 11

12 Other 172.0 178.1 186.1 189.6 190.5 191.4 192.3 193.3 194.2 195.2 196.3 12

13 Total liabilities 1320.1 1321.1 1325.7 1344.4 1353.9 1363.7 1374.2 1386.7 1400.9 1413.1 1425.7 13

14 Credit market instruments 1137.3 1122.9 1127.1 1139.0 1148.5 1155.9 1164.0 1173.8 1185.2 1194.7 1204.5 14

15 Bank loans n.e.c. 135.0 137.7 143.0 156.2 161.1 166.4 171.6 176.7 181.8 187.3 193.1 15

16 Other loans and advances 91.1 89.1 89.4 94.9 98.8 99.8 101.1 104.2 107.1 107.1 107.2 16

17 Mortgages 911.3 896.2 894.7 887.9 888.6 889.7 891.2 892.9 896.3 900.2 904.2 17

18 Trade payables 59.7 66.6 64.1 65.6 66.4 67.1 67.9 68.8 69.7 70.7 71.6 18

19 Taxes payable 32.5 33.1 33.8 34.6 34.8 35.0 35.2 35.4 35.6 35.8 36.0 19

20 Miscellaneous liabilities 90.6 98.4 100.7 105.2 104.3 105.6 107.1 108.8 110.4 112.0 113.6 20

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 49.6 53.4 56.6 60.2 61.2 62.3 63.4 64.6 65.8 67.1 68.4 1

 2 Checkable deposits and currency 11.8 13.6 15.3 17.0 17.4 17.8 18.2 18.6 19.0 19.4 19.9 2

 3 Miscellaneous assets 37.8 39.8 41.3 43.3 43.9 44.5 45.2 46.0 46.8 47.7 48.6 3

 4 Insurance receivables 35.6 37.7 39.1 41.1 41.7 42.3 43.1 43.8 44.6 45.5 46.4 4

 5 Equity investment in GSEs (2) 2.2 2.1 2.2 2.2 2.2 2.2 2.1 2.2 2.1 2.2 2.1 5

 6 Total liabilities 147.9 149.5 152.5 156.3 153.9 159.1 161.7 158.9 155.6 162.0 163.0 6

 7 Credit market instruments 135.0 136.3 138.3 141.2 138.9 142.8 144.8 142.7 140.3 145.3 146.1 7

 8 Bank loans n.e.c. 34.6 34.7 36.8 38.7 36.9 40.0 41.5 39.7 37.6 40.9 41.5 8

 9 Other loans and advances 21.1 20.9 20.3 19.5 18.6 19.0 19.0 18.4 17.5 17.9 17.3 9

10 Mortgages 79.3 80.7 81.2 83.0 83.4 83.8 84.4 84.6 85.2 86.5 87.3 10

11 Trade payables 13.0 13.2 14.2 15.2 15.0 16.3 16.9 16.2 15.3 16.7 16.9 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
Z.1, December 11, 1996 65

L.105 State and Local Governments (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 925.9 908.1 925.3 846.0 822.3 811.1 770.0 750.5 732.0 733.1 696.4 1

 2 Checkable deposits and currency 24.6 26.8 28.2 30.7 28.4 31.9 30.8 33.8 29.8 31.5 29.6 2

 3 Time and savings deposits 57.2 51.3 46.3 52.3 57.5 55.7 58.6 62.2 67.3 66.9 70.8 3

 4 Security RPs 28.3 33.3 50.0 62.0 66.1 69.8 80.9 87.7 91.6 93.9 88.7 4

 5 Credit market instruments 778.7 757.9 761.7 666.9 638.7 622.1 569.9 539.0 515.9 513.4 480.2 5

 6 U.S. government securities 649.6 629.4 639.1 544.9 516.7 500.4 449.7 419.5 397.4 395.6 362.8 6

 7 Treasury 423.1 402.8 429.4 298.6 275.5 251.0 203.6 165.5 141.2 124.2 102.4 7

 8 Agency 226.5 226.7 209.8 246.3 241.2 249.4 246.1 254.1 256.2 271.4 260.3 8

 9 Municipal securities 15.4 14.8 14.3 11.5 10.2 8.8 7.2 5.6 4.1 2.9 1.9 9

10 Mortgages 113.7 113.7 108.3 110.5 111.8 112.9 113.0 113.8 114.3 114.9 115.5 10

11 Taxes receivable 37.0 38.9 39.1 34.0 31.7 31.5 29.9 27.9 27.3 27.5 27.1 11

12 Total liabilities 1100.2 1123.7 1186.6 1143.8 1131.9 1127.1 1103.3 1097.4 1096.2 1101.1 1085.2 12

13 Credit market instruments 1074.8 1095.9 1158.2 1114.8 1102.2 1096.8 1072.4 1066.2 1064.6 1068.7 1052.4 13

14 Municipal securities 1064.8 1086.1 1149.0 1106.6 1094.3 1089.3 1065.3 1059.5 1058.3 1062.9 1047.1 14

15 Short-term 33.1 32.0 33.8 31.7 35.3 31.1 31.1 32.9 34.4 32.1 35.3 15

16 Other 1031.7 1054.0 1115.1 1075.0 1059.1 1058.1 1034.2 1026.6 1023.9 1030.8 1011.7 16

17 U.S. government loans 10.0 9.9 9.2 8.2 7.8 7.5 7.1 6.7 6.2 5.8 5.3 17

18 Trade payables 25.4 27.7 28.4 29.0 29.7 30.4 30.9 31.2 31.6 32.4 32.8 18

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 501.3 476.5 490.9 442.2 456.7 475.5 451.1 423.8 446.6 446.1 435.5 1

 2 Gold, SDRs, and official foreign exchange 39.1 38.8 40.2 41.4 50.5 55.1 54.5 53.8 53.3 52.9 45.0 2

 3 Checkable deposits and currency 50.9 31.7 52.2 27.8 16.3 59.0 38.7 22.2 24.2 42.8 47.5 3

 4 Time and savings deposits 1.6 0.9 0.8 0.7 1.1 1.1 1.1 0.9 1.0 4.3 3.3 4

 5 Credit market instruments 248.1 236.1 231.7 207.5 204.2 198.2 192.2 186.1 180.8 177.0 170.5 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 98.3 86.4 85.0 71.0 68.8 64.5 61.3 57.6 55.1 53.7 50.7 7

 8 Other loans and advances 149.8 149.7 146.7 136.5 135.4 133.7 130.9 128.4 125.7 123.3 119.8 8

 9 Trade receivables 40.4 33.3 30.7 26.6 26.8 26.0 25.9 26.4 28.5 29.4 31.9 9

10 Taxes receivable 16.4 15.5 18.9 18.6 42.1 21.8 23.0 17.3 43.0 24.8 22.6 10

11 Miscellaneous assets 104.8 120.2 116.3 119.7 115.6 114.3 115.7 117.2 115.8 114.9 114.7 11

12 Total liabilities 3184.5 3511.7 3799.5 3992.9 4053.7 4090.8 4133.6 4161.9 4251.2 4240.3 4298.5 12

13 SDR certificates 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 10.2 9.7 13

14 Treasury currency 16.3 16.5 17.0 17.6 17.8 18.0 18.2 18.2 18.2 18.2 18.8 14

15 Credit market instruments 2776.4 3080.3 3336.5 3492.3 3557.9 3583.5 3603.4 3636.7 3717.2 3693.8 3733.1 15

16 Savings bonds 138.1 157.3 171.9 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 16

17 Other Treasury securities 2619.7 2904.3 3138.0 3285.6 3350.1 3374.1 3392.9 3423.5 3503.7 3479.1 3518.9 17

18 Budget agency securities 18.6 18.8 26.6 26.7 26.4 26.8 26.9 28.2 27.6 28.2 27.4 18

19 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Trade payables 85.8 83.1 86.5 95.4 96.4 98.4 101.1 101.4 102.4 104.4 106.5 20

21 Insurance and pension reserves 289.1 316.8 344.7 372.7 367.0 376.2 394.2 388.7 396.6 407.2 423.9 21

22 Miscellaneous liabilities 7.0 6.9 6.8 6.8 6.6 6.8 6.6 6.7 6.6 6.6 6.5 22
66 Z.1, December 11, 1996

L.107 Rest of the World

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 2165.0 2342.2 2700.4 2910.9 2986.1 3083.1 3215.5 3455.2 3640.9 3741.4 3879.9 1

 2 Net interbank assets 36.6 79.9 125.4 218.1 214.1 209.8 210.2 229.3 209.7 197.2 180.2 2

 3 U.S. checkable deposits and currency 147.1 166.8 188.7 214.2 220.7 223.0 226.5 228.8 227.7 236.1 240.9 3

 4 U.S. time deposits 49.0 47.9 54.7 56.3 54.9 51.3 49.4 49.7 52.4 50.8 58.1 4

 5 Security RPs 20.9 41.7 61.4 46.6 56.4 62.4 65.9 67.6 72.5 76.2 74.6 5

 6 Credit market instruments 928.8 1023.0 1147.8 1254.7 1324.0 1402.1 1493.4 1561.8 1653.6 1718.2 1837.2 6

 7 Open market paper 11.3 12.9 18.8 24.8 28.8 33.1 37.6 43.5 31.0 42.4 47.5 7

 8 U.S. government securities 559.0 628.7 741.5 796.4 843.0 905.0 975.0 1027.6 1109.5 1144.3 1225.0 8

 9 Official holdings 315.9 335.7 388.3 415.0 426.3 452.8 473.8 498.9 554.6 552.4 579.0 9

10 Treasury 307.1 323.0 371.2 393.4 403.6 428.8 449.3 471.5 527.1 523.7 549.1 10

11 Agency 8.8 12.7 17.1 21.6 22.7 24.0 24.5 27.4 27.5 28.7 29.9 11

12 Private holdings 243.1 293.0 353.1 381.4 416.8 452.2 501.2 528.7 555.0 591.8 646.0 12

13 Treasury 189.5 225.1 253.9 266.6 296.6 326.9 364.2 388.9 400.8 432.0 474.0 13

14 Agency 53.6 67.9 99.2 114.8 120.2 125.2 137.0 139.8 154.2 159.8 172.0 14

15 U.S. corporate bonds (1) 233.4 251.5 273.3 311.4 325.4 338.3 353.5 368.5 386.7 405.1 425.2 15

16 Loans to U.S. corporate business 125.1 129.9 114.2 122.1 126.7 125.7 127.3 122.1 126.4 126.5 139.4 16

17 U.S. corporate equities 299.0 329.2 373.5 368.9 398.6 437.5 479.5 509.0 543.2 564.1 575.7 17

18 Trade receivables 42.3 44.7 47.9 50.9 50.7 49.1 49.9 51.9 52.8 53.2 54.0 18

19 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Miscellaneous assets 641.4 609.0 700.9 701.2 666.6 647.9 640.8 757.1 828.9 845.5 859.4 20

21 Foreign direct investment in U.S. (2) 491.9 499.4 539.2 579.8 590.4 600.4 626.0 638.5 667.0 684.7 710.5 21

22 Other 149.5 109.6 161.7 121.4 76.3 47.6 14.8 118.6 162.0 160.8 148.9 22

23 Total liabilities 1387.9 1398.0 1572.2 1682.8 1730.5 1815.7 1849.6 1930.6 1988.9 1996.2 2045.5 23

 U.S. official foreign exchange

24 and net IMF position 55.4 51.8 53.4 53.2 64.1 67.1 65.1 63.7 62.1 61.4 54.3 24

25 U.S. private deposits 273.5 267.7 271.8 324.6 333.3 361.0 353.6 361.4 382.7 382.9 394.3 25

26 Credit market instruments 300.8 315.2 385.6 370.4 385.7 396.8 419.8 439.9 450.8 459.6 487.0 26

27 Commercial paper 81.8 77.7 68.7 41.4 50.9 48.1 55.8 55.0 51.5 53.4 64.8 27

28 Bonds 130.5 147.2 230.1 242.3 245.8 258.6 272.4 290.6 302.5 305.3 320.2 28

29 Bank loans n.e.c. 21.6 23.9 24.6 26.1 28.2 29.6 31.6 34.6 36.8 40.5 41.7 29

30 Official 2.4 3.3 2.4 2.2 2.5 2.1 2.3 2.6 2.2 3.3 3.2 30

31 Banks 6.9 7.6 8.8 8.8 8.9 9.5 10.6 10.9 12.2 13.1 12.7 31

32 Other 12.3 13.0 13.5 15.2 16.7 17.9 18.7 21.1 22.4 24.1 25.8 32

33 U.S. government loans 55.0 55.1 53.9 52.7 52.9 52.8 51.9 51.5 51.1 51.4 50.9 33

34 Acceptance liabilities to banks 12.0 11.3 8.2 7.9 7.9 7.7 8.1 8.2 8.9 9.0 9.5 34

35 Trade payables 30.4 31.8 35.9 39.5 39.7 43.3 42.2 45.2 42.4 41.1 41.2 35

36 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36

37 Miscellaneous liabilities 727.7 731.6 825.6 895.0 907.7 947.5 968.9 1020.4 1050.9 1051.2 1068.7 37

38 U.S. equity in IBRD, etc. 22.4 23.8 25.0 26.4 26.7 27.0 27.4 27.9 28.3 28.7 29.1 38

39 U.S. government deposits 1.6 1.7 2.0 2.2 1.8 1.8 2.1 2.1 2.3 2.0 2.0 39

40 U.S. direct investment abroad (1,2) 655.4 668.0 714.8 779.3 795.5 815.3 834.4 880.1 904.6 932.5 942.6 40

41 Other 48.2 38.1 83.8 87.1 83.7 103.4 105.1 110.3 115.7 88.0 95.0 41

 Memo:

42 Market value of foreign equities 158.8 179.7 302.8 324.0 328.1 338.3 360.3 411.1 458.6 488.3 505.5 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).
Z.1, December 11, 1996 67

L.108 Monetary Authority (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 364.6 381.7 423.8 452.1 450.1 468.9 453.4 471.8 459.7 469.1 471.8 1

 2 Gold and foreign exchange 38.6 32.5 33.3 33.0 36.2 34.9 32.6 32.1 30.9 30.5 30.4 2

 3 SDR certificates 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 10.2 9.7 3

 4 Treasury currency 21.0 21.5 22.1 23.0 23.2 23.5 23.8 24.0 24.3 24.5 24.8 4

 5 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 0.3 0.1 0.1 0.0 -0.2 0.6 5

 6 Fed. Res. loans to domestic banks 0.2 0.7 0.1 0.2 0.1 0.2 0.4 0.1 0.0 0.6 1.7 6

 7 Security RPs 15.9 8.1 13.2 10.6 6.7 16.8 6.5 13.9 4.9 7.1 8.4 7

 8 Credit market instruments 272.5 300.4 336.7 368.2 367.1 375.7 370.6 380.8 379.6 386.3 386.2 8

 9 Acceptances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities 272.5 300.4 336.7 368.2 367.1 375.7 370.6 380.8 379.6 386.3 386.2 10

11 Treasury 266.5 295.0 332.0 364.5 363.7 372.6 367.7 378.2 377.1 383.9 383.9 11

12 Agency 6.0 5.4 4.6 3.6 3.4 3.1 2.9 2.6 2.5 2.4 2.3 12

13 Bank loans n.e.c. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Miscellaneous assets 5.6 7.4 9.6 9.8 8.6 9.4 9.2 10.7 9.7 10.1 10.0 14

15 Total liabilities 362.0 378.7 420.4 448.4 444.0 464.2 448.8 467.9 455.2 464.3 467.1 15

16 Depository institution reserves 29.4 32.1 35.0 30.8 30.0 24.9 23.4 29.6 24.7 24.6 21.0 16

17 Vault cash of commercial banks 33.6 31.9 32.7 38.1 31.3 33.6 33.1 40.6 34.4 35.7 38.2 17

18 Checkable deposits and currency 293.5 311.1 348.2 373.5 375.7 398.4 385.5 390.5 389.6 397.5 400.7 18

19 Due to federal government 18.3 8.0 15.2 7.5 4.9 21.3 8.9 6.2 7.3 8.0 8.0 19

20 Due to rest of the world 1.0 0.2 0.4 0.3 0.4 0.2 0.3 0.5 0.4 0.4 0.5 20

21 Currency outside banks 274.2 302.8 332.6 365.7 370.3 376.9 376.2 383.7 381.9 389.1 392.2 21

22 Miscellaneous liabilities 5.5 3.7 4.6 6.0 7.0 7.2 6.9 7.2 6.5 6.6 7.2 22

23 Federal Reserve Bank stock 2.7 3.1 3.4 3.7 3.8 3.8 3.9 4.0 4.0 4.1 4.5 23

24 Other 2.8 0.6 1.2 2.3 3.2 3.4 2.9 3.3 2.5 2.4 2.7 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.
68 Z.1, December 11, 1996

L.109 Commercial Banking (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 3442.2 3654.9 3891.8 4159.8 4253.5 4338.1 4412.9 4493.7 4510.3 4569.5 4618.3 1

 2 Vault cash 33.6 31.9 32.7 38.1 31.3 33.6 33.1 40.6 34.4 35.7 38.2 2

 3 Reserves at Federal Reserve 26.5 29.0 31.5 28.0 27.5 22.3 20.8 26.9 22.0 22.1 18.7 3

 4 Checkable deposits and currency 1.8 1.3 1.0 1.4 1.2 1.5 1.2 1.6 1.4 1.5 1.4 4

 5 Total bank credit 2872.3 3011.8 3174.4 3331.2 3395.9 3487.2 3550.6 3604.6 3623.5 3668.6 3712.5 5

 6 U.S. government securities 568.2 672.9 745.4 719.1 741.9 745.8 751.5 746.1 755.3 753.9 749.8 6

 7 Treasury 232.5 294.4 322.2 290.4 308.1 298.4 289.4 278.7 284.0 280.2 274.8 7

 8 Agency 335.7 378.5 423.2 428.7 433.9 447.5 462.1 467.5 471.3 473.7 474.9 8

 9 Municipal securities 103.2 97.5 99.2 97.6 95.3 94.4 93.3 93.4 93.0 92.7 92.7 9

10 Corporate and foreign bonds 96.3 94.7 98.2 102.5 100.9 102.5 108.6 110.9 109.7 110.4 110.2 10

11 Total loans 2097.0 2139.8 2223.5 2407.1 2452.8 2539.0 2590.1 2646.9 2657.8 2703.7 2751.5 11

12 Open market paper 10.6 9.2 7.3 5.8 4.5 5.7 5.4 5.7 6.1 4.9 4.4 12

13 Bank loans n.e.c. 785.9 776.6 768.0 830.4 864.3 898.7 916.2 943.9 957.0 989.6 1020.5 13

14 Mortgages 881.3 900.5 947.8 1013.1 1033.9 1062.3 1082.1 1090.1 1097.3 1109.7 1123.2 14

15 Consumer credit 372.4 365.5 399.7 462.9 463.0 476.3 492.4 507.8 500.6 507.6 517.8 15

16 Security credit 46.8 88.0 100.7 94.9 87.2 96.0 93.9 99.5 96.8 91.9 85.7 16

17 Corporate equities 3.8 3.4 4.3 2.9 2.8 3.0 4.6 5.0 5.2 5.6 6.1 17

18 Mutual fund shares 3.7 3.4 3.9 2.0 2.1 2.4 2.6 2.3 2.5 2.3 2.2 18

19 Customers’ liab. on acceptances (2) 35.3 31.7 25.3 22.9 24.0 24.3 23.7 22.3 22.6 22.1 23.1 19

20 Miscellaneous assets 472.7 549.3 627.0 738.1 773.6 769.2 783.5 797.7 806.3 819.5 824.3 20

21 Total liabilities 3363.3 3532.8 3750.3 4048.9 4115.4 4170.6 4244.9 4333.2 4329.5 4406.2 4443.5 21

22 Net interbank liabilities 33.4 74.5 121.7 211.1 211.5 207.3 210.7 220.5 207.1 189.6 170.8 22

23 To monetary authority 0.9 3.9 1.0 -0.5 0.1 0.5 0.5 0.2 0.1 0.4 2.3 23

24 To domestic banks (3) -4.2 -9.3 -4.7 -6.5 -2.7 -2.9 0.1 -9.0 -2.6 -8.0 -11.6 24

25 To foreign banks 36.6 79.9 125.4 218.1 214.1 209.8 210.2 229.3 209.7 197.2 180.2 25

26 Checkable deposits 621.6 714.3 788.4 756.7 706.8 731.5 694.0 710.8 659.3 673.2 672.3 26

27 Federal government 36.4 30.6 42.6 23.8 15.6 39.7 30.3 19.0 16.8 31.4 37.8 27

28 Rest of the world 19.4 21.7 21.3 23.2 22.6 22.1 23.5 24.0 23.1 27.1 25.1 28

29 Private domestic 565.7 662.1 724.5 709.8 668.6 669.7 640.2 667.8 619.4 614.8 609.4 29

30 Small time and savings deposits 1386.5 1389.3 1377.4 1376.3 1390.0 1422.0 1455.9 1490.1 1548.6 1557.8 1575.1 30

31 Large time deposits 399.6 332.8 311.7 333.0 354.1 360.8 385.7 387.8 402.4 420.1 458.8 31

32 Federal funds and security RPs (net) 229.6 272.0 313.5 391.7 415.7 426.9 440.6 422.2 428.3 450.1 451.6 32

33 Credit market instruments 184.6 194.6 208.0 228.1 232.7 242.8 252.4 250.6 241.8 252.0 254.6 33

34 Open market paper 62.1 54.4 51.9 55.0 55.5 55.3 58.2 52.8 53.4 56.7 56.5 34

35 Corporate bonds 113.2 127.6 134.9 142.6 147.4 154.2 159.8 161.1 155.9 161.6 163.1 35

36 Other loans and advances 9.3 12.5 21.2 30.5 29.9 33.3 34.4 36.7 32.4 33.8 35.1 36

37 Taxes payable 0.5 0.7 1.2 1.9 2.1 2.3 2.6 2.8 3.1 3.4 3.7 37

38 Miscellaneous liabilities 507.6 554.6 628.4 750.1 802.5 776.9 803.0 848.4 838.8 860.0 856.6 38

 Memo:

39 Credit market funds advanced (4) 2853.3 2948.6 3090.8 3254.3 3327.8 3410.1 3473.2 3520.1 3541.6 3590.8 3641.6 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).
Z.1, December 11, 1996 69

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 2677.3 2775.2 2932.4 3122.9 3168.3 3216.8 3269.7 3321.7 3322.2 3357.8 3389.1 1

 2 Vault cash and reserves at Federal Reserve 59.2 60.2 63.2 65.2 58.3 55.1 53.4 66.6 56.0 57.2 56.3 2

 3 Total bank credit 2527.4 2623.5 2780.9 2921.4 2956.1 3019.8 3077.8 3116.3 3126.7 3155.1 3186.6 3

 4 U.S. government securities 529.0 614.5 671.3 646.1 641.3 631.6 640.4 629.1 631.9 624.8 618.8 4

 5 Treasury 207.8 254.3 275.0 248.0 245.5 226.9 221.5 207.6 208.4 200.1 195.2 5

 6 Agency 321.2 360.1 396.3 398.1 395.8 404.7 419.0 421.5 423.4 424.7 423.6 6

 7 Mortgage pool securities 153.7 155.5 173.2 182.2 177.9 177.5 189.9 195.1 204.7 209.5 208.0 7

 8 Agency-issued CMOs 89.4 122.7 133.8 119.4 116.5 113.9 109.3 101.0 97.3 90.9 89.8 8

 9 Other agency securities 78.1 81.9 89.3 96.5 101.4 113.2 119.7 125.3 121.4 124.2 125.8 9

10 Municipal securities 102.7 97.0 98.9 97.0 94.7 93.8 92.6 92.7 92.2 91.9 92.1 10

11 Corporate and foreign bonds 69.7 66.6 66.6 66.0 62.6 63.2 66.9 69.3 69.4 68.7 66.3 11

12 Private mortgage pool securities 3.5 3.8 4.7 3.6 3.3 3.4 3.9 4.5 4.4 4.2 4.4 12

13 Privately issued CMOs 28.2 21.6 19.8 21.5 21.6 22.6 23.6 24.9 25.9 25.4 22.2 13

14 Other bonds 38.0 41.1 42.1 40.9 37.7 37.2 39.4 39.8 39.1 39.0 39.7 14

15 Total loans 1818.4 1838.6 1935.9 2107.4 2152.5 2225.7 2270.7 2317.9 2325.6 2361.7 2401.1 15

16 Open market paper 7.5 5.9 4.9 3.6 3.3 3.9 3.9 3.9 4.1 3.4 3.0 16

17 Bank loans n.e.c. 586.7 567.0 574.4 620.0 644.0 667.8 678.9 695.9 703.8 724.0 742.3 17

18 Mortgages 821.8 842.9 895.5 964.1 986.2 1015.5 1036.0 1045.2 1054.0 1067.3 1080.7 18

19 Consumer credit 372.4 365.5 399.7 462.9 463.0 476.3 492.4 507.8 500.6 507.6 517.8 19

20 Security credit 30.0 57.3 61.4 56.8 56.1 62.3 59.5 65.1 63.0 59.4 57.4 20

21 Corporate equities 3.8 3.4 4.3 2.9 2.7 3.0 4.6 5.0 5.2 5.6 6.1 21

22 Mutual fund shares 3.7 3.4 3.9 2.0 2.1 2.4 2.6 2.3 2.5 2.3 2.2 22

23 Customers’ liab. on acceptances (1) 12.6 12.6 10.1 9.9 11.4 11.7 12.5 12.3 12.8 13.5 14.5 23

24 Miscellaneous assets 78.1 79.0 78.1 126.4 142.5 130.2 125.9 126.6 126.8 132.1 131.8 24

25 Total liabilities 2777.7 2862.2 3036.3 3271.4 3301.4 3330.1 3390.6 3457.7 3439.7 3503.1 3524.8 25

26 Net interbank liabilities -41.1 -48.8 -19.4 60.4 52.6 44.8 54.9 54.5 20.9 13.3 -7.7 26

27 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 0.3 0.1 0.1 0.0 -0.2 0.6 27

28 Borrowing from Federal Reserve banks 0.2 0.7 0.1 0.2 0.1 0.2 0.4 0.1 0.0 0.6 1.7 28

29 To domestic banks -47.9 -33.6 -19.9 -13.3 -24.7 -28.3 -18.2 -20.0 -39.9 -38.5 -43.9 29

30 To foreign banks 5.9 -19.2 -0.5 74.2 77.1 72.6 72.6 74.2 60.7 51.3 33.9 30

31 Checkable deposits 607.4 700.2 773.9 741.7 692.9 717.3 679.9 695.8 644.5 658.0 657.8 31

32 Federal government 36.4 30.6 42.6 23.8 15.6 39.7 30.3 19.0 16.8 31.4 37.8 32

33 Rest of the world 14.1 15.8 15.6 17.1 17.0 16.8 18.0 18.0 17.5 20.8 19.6 33

34 Private domestic 556.9 653.8 715.7 700.9 660.2 660.8 631.5 658.7 610.1 605.9 600.4 34

35 Small time and savings deposits 1367.5 1369.6 1358.7 1358.0 1372.0 1403.4 1437.4 1471.3 1529.9 1539.4 1557.0 35

36 Large time deposits 292.3 216.1 196.1 214.0 232.7 237.5 247.0 256.5 266.6 279.2 296.4 36

37 Federal funds and security RPs (net) 192.6 234.2 279.6 351.3 380.7 382.0 402.2 379.6 387.2 397.1 404.9 37

38 Acceptance liabilities 12.9 12.8 10.2 10.0 11.5 11.7 12.5 12.3 12.8 13.4 14.4 38

39 Corporate bonds 25.2 33.5 37.1 40.6 40.7 42.0 43.5 43.3 45.1 47.6 48.3 39

40 Other loans and advances 9.3 12.5 21.2 30.5 29.9 33.3 34.4 36.7 32.4 33.8 35.1 40

41 Taxes payable 0.5 0.7 1.2 1.9 2.1 2.3 2.6 2.8 3.1 3.4 3.7 41

42 Miscellaneous liabilities 311.2 331.3 377.6 463.0 486.5 455.8 476.3 505.0 497.1 517.9 514.9 42

43 Investment by bank holding companies 227.2 255.0 286.6 304.2 317.1 325.9 337.4 344.3 348.3 361.7 360.0 43

44 Other 84.0 76.3 91.0 158.9 169.4 129.9 139.0 160.7 148.7 156.2 154.9 44

 Memo:

45 Credit market funds advanced (2) 2502.5 2571.9 2721.5 2869.6 2906.5 2963.7 3023.7 3056.1 3068.8 3101.3 3135.3 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).
70 Z.1, December 11, 1996

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 437.5 509.3 542.2 589.7 621.6 640.4 649.8 666.2 674.7 681.3 692.5 1

 2 Reserves at Federal Reserve 0.9 0.7 1.0 1.0 0.4 0.8 0.5 0.8 0.5 0.6 0.6 2

 3 Total bank credit 313.4 347.4 350.2 362.3 392.1 417.0 424.4 436.9 446.2 461.1 473.8 3

 4 U.S. government securities 32.0 43.7 57.6 55.7 84.5 96.1 95.1 99.6 106.9 112.5 115.2 4

 5 Treasury 20.8 29.6 36.1 32.7 53.2 60.0 58.9 62.3 67.8 72.0 71.9 5

 6 Agency 11.2 14.1 21.5 23.0 31.2 36.1 36.2 37.3 39.1 40.5 43.4 6

 7 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Corporate and foreign bonds 21.4 22.4 23.8 28.9 30.4 31.3 33.7 33.5 32.6 32.8 34.9 8

 9 Total loans 260.0 281.3 268.8 277.7 277.3 289.6 295.6 303.9 306.6 315.7 323.7 9

10 Open market paper 3.1 3.3 2.4 2.2 1.2 1.8 1.5 1.7 2.0 1.5 1.4 10

11 Bank loans n.e.c. 185.8 195.7 182.0 197.2 206.2 216.5 222.8 232.6 237.7 249.4 261.8 11

12 Mortgages 54.3 51.6 45.1 40.3 38.8 37.7 36.8 35.1 33.2 32.3 32.2 12

13 Security credit 16.8 30.7 39.3 38.1 31.1 33.7 34.5 34.4 33.8 32.6 28.3 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Customers’ liab. on acceptances (2) 22.7 19.1 15.1 13.0 12.5 12.6 11.2 10.1 9.8 8.6 8.6 15

16 Miscellaneous assets 100.5 142.1 175.9 213.5 216.5 210.0 213.7 218.4 218.3 210.9 209.4 16

17 Total liabilities 446.4 519.3 553.7 602.8 635.2 654.4 664.3 681.2 690.1 697.3 709.0 17

18 Net interbank liabilities 88.9 134.3 151.2 162.4 172.1 176.9 173.2 180.9 191.2 179.9 184.1 18

19 To foreign banks 41.1 103.5 132.7 158.5 153.0 154.0 156.7 173.5 168.6 162.4 164.3 19

20 To domestic banks 47.8 30.8 18.5 3.9 19.1 22.9 16.5 7.5 22.6 17.5 19.8 20

21 Checkable deposits 8.9 8.3 8.3 8.8 8.1 7.9 8.1 8.7 8.6 8.7 8.0 21

22 Small time and savings deposits 11.0 11.2 10.4 9.3 8.7 9.2 8.9 8.5 8.3 7.7 7.6 22

23 Large time deposits 99.3 108.2 107.4 110.0 112.2 113.9 129.0 121.0 125.4 130.2 151.8 23

24 Federal funds and security RPs (net) 38.4 39.0 34.7 41.4 35.5 43.8 38.8 43.2 41.5 53.4 46.9 24

25 Acceptance liabilities 24.9 21.2 16.0 13.4 13.0 12.9 11.6 10.4 10.0 8.8 8.9 25

26 Miscellaneous liabilities 175.0 197.1 225.7 257.6 285.4 289.9 294.6 308.5 305.2 308.6 301.7 26

27 Foreign direct investment in U.S. 24.9 28.4 33.5 35.6 37.5 37.3 39.6 41.8 42.8 43.8 44.0 27

28 Due to affiliates 30.3 21.5 23.8 37.0 40.5 40.8 41.4 40.0 41.0 40.4 41.0 28

29 Other 119.9 147.3 168.4 185.0 207.4 211.8 213.6 226.7 221.4 224.4 216.7 29

 Memo:

30 Credit market funds advanced (3) 319.2 335.8 326.0 337.1 373.6 396.0 401.1 412.6 422.2 437.1 454.2 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies, 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).
Z.1, December 11, 1996 71

L.112 Bank Holding Companies

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 302.3 342.8 387.9 414.1 430.5 446.0 458.2 466.8 474.3 490.6 496.4 1

 2 Credit market instruments 11.9 17.5 17.5 18.4 18.0 19.3 16.9 18.0 16.8 18.1 17.6 2

 3 U.S. government securities 3.4 8.3 8.4 9.4 8.0 9.5 7.2 8.1 7.5 7.6 6.9 3

 4 Treasury issues 1.0 6.1 5.3 4.6 3.9 5.6 3.0 3.4 2.8 2.8 3.2 4

 5 Agency 2.4 2.2 3.1 4.8 4.1 3.9 4.1 4.7 4.7 4.8 3.8 5

 6 Corporate and foreign bonds 5.1 5.4 7.2 7.1 7.5 7.5 7.8 7.7 7.3 8.6 8.7 6

 7 Bank loans n.e.c. 3.4 3.7 1.9 1.8 2.5 2.2 1.9 2.3 1.9 2.0 1.9 7

 8 Miscellaneous assets 290.4 325.2 370.4 395.8 412.5 426.7 441.3 448.7 457.5 472.6 478.8 8

 9 Investment in bank subsidiaries 227.2 255.0 286.6 304.2 317.1 325.9 337.4 344.3 348.3 361.7 360.0 9

10 Investment in nonbank subsidiaries 40.9 43.2 56.3 56.4 58.6 64.6 63.6 64.7 68.4 71.0 79.4 10

11 Other 22.2 27.0 27.5 35.2 36.9 36.2 40.4 39.8 40.8 39.8 39.3 11

12 Total liabilities 114.8 124.4 132.2 143.0 147.2 152.7 156.4 157.1 162.4 168.0 171.4 12

13 Net interbank liabilities -14.3 -11.0 -10.0 -11.7 -13.1 -14.3 -17.3 -14.9 -4.9 -3.6 -5.6 13

14 To domestic banks -4.1 -6.5 -3.3 2.9 2.9 2.5 1.8 3.5 14.6 13.0 12.4 14

15 To foreign banks -10.3 -4.5 -6.8 -14.6 -16.0 -16.8 -19.2 -18.5 -19.6 -16.6 -18.0 15

16 Federal funds and security RPs (net) -1.4 -1.2 -0.8 -0.9 -0.6 1.1 -0.4 -0.5 -0.4 -0.4 -0.2 16

17 Credit market instruments 112.3 114.6 123.4 133.6 137.7 142.9 150.3 148.0 141.3 148.4 148.0 17

18 Commercial paper 24.3 20.4 25.6 31.6 31.0 30.8 34.1 30.1 30.6 34.4 33.2 18

19 Corporate bonds 88.0 94.1 97.7 102.0 106.7 112.1 116.3 117.9 110.8 114.0 114.8 19

20 Miscellaneous liabilities 18.2 22.0 19.6 22.0 23.2 22.9 23.8 24.6 26.3 23.6 29.3 20

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

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 25.1 27.7 29.4 33.1 33.0 34.9 35.2 39.0 39.1 39.8 40.3 1

 2 Checkable deposits and currency 1.8 1.3 1.0 1.4 1.2 1.5 1.2 1.6 1.4 1.5 1.4 2

 3 Credit market instruments 19.7 23.4 25.8 29.2 29.8 31.1 31.5 33.4 33.9 34.3 34.5 3

 4 U.S. government securities 3.8 6.4 8.1 7.9 8.1 8.6 8.8 9.4 9.0 9.0 8.8 4

 5 Treasury 2.8 4.3 5.8 5.1 5.4 5.9 5.9 5.4 5.1 5.3 4.7 5

 6 Agency 1.0 2.1 2.3 2.8 2.8 2.8 2.8 4.0 4.0 3.7 4.2 6

 7 Municipal securities 0.5 0.5 0.2 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.6 7

 8 Corporate and foreign bonds 0.1 0.4 0.6 0.5 0.5 0.5 0.2 0.4 0.4 0.3 0.3 8

 9 Bank loans n.e.c. 10.0 10.2 9.7 11.3 11.6 12.2 12.6 13.1 13.7 14.2 14.5 9

10 Home mortgages 2.0 3.0 4.1 4.8 4.8 5.3 5.4 5.7 5.8 6.1 6.4 10

11 Commercial mortgages 3.2 3.0 3.1 4.0 4.1 3.8 3.9 4.0 4.2 4.1 3.9 11

12 Miscellaneous assets 3.7 3.0 2.6 2.4 2.0 2.4 2.5 4.0 3.8 3.9 4.4 12

13 Total liabilities 24.4 26.9 28.2 31.7 31.6 33.4 33.7 37.2 37.3 37.9 38.4 13

14 Checkable deposits 5.2 5.8 6.1 6.2 5.9 6.2 6.0 6.4 6.2 6.5 6.5 14

15 Small time and savings deposits 8.1 8.5 8.2 9.0 9.2 9.5 9.7 10.2 10.5 10.8 10.5 15

16 Large time deposits 8.1 8.5 8.2 9.0 9.2 9.5 9.7 10.2 10.4 10.8 10.5 16

17 Miscellaneous liabilities 3.1 4.2 5.6 7.4 7.3 8.3 8.3 10.3 10.2 9.9 10.7 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the Virgin Islands, Samoa, Guam, and other U.S.-affiliated insular areas.
72 Z.1, December 11, 1996

L.114 Savings Institutions (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1172.0 1078.8 1029.5 1013.5 1017.2 1020.2 1028.3 1016.2 1021.0 1028.1 1039.6 1

 2 Reserves at Federal Reserve 2.9 3.1 3.4 2.8 2.5 2.6 2.6 2.7 2.7 2.5 2.3 2

 3 Checkable deposits and currency 12.9 12.4 15.4 13.9 12.3 13.3 13.4 15.5 13.9 13.6 13.2 3

 4 Time and savings deposits 5.0 3.7 3.0 1.3 1.1 1.0 1.1 1.1 1.0 1.0 1.1 4

 5 Federal funds and security RPs 15.1 14.4 10.6 6.5 8.8 9.9 10.1 11.2 11.2 9.3 9.7 5

 6 Credit market instruments 1013.2 937.4 914.1 920.8 925.3 922.4 930.4 913.3 921.8 933.1 943.1 6

 7 Open market paper 1.3 0.6 0.3 0.1 0.1 0.3 0.2 0.2 0.2 0.2 0.2 7

 8 U.S. government securities 170.0 177.0 175.5 187.0 187.0 183.3 186.5 183.0 182.6 184.5 180.7 8

 9 Treasury 25.0 34.0 28.2 27.1 23.7 21.4 21.5 18.4 18.8 19.5 18.1 9

10 Agency 145.0 143.0 147.3 159.9 163.4 161.9 165.0 164.6 163.8 165.1 162.6 10

11 Municipal securities 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 11

12 Corporate and foreign bonds 72.7 80.0 89.1 86.7 84.9 86.5 84.8 78.5 79.9 78.1 73.9 12

13 Other loans and advances 19.3 12.4 10.8 10.3 11.9 12.1 12.5 12.8 13.9 14.4 15.3 13

14 Mortgages 705.4 628.0 598.4 596.2 601.8 599.7 604.6 596.8 602.6 612.9 628.0 14

15 Consumer credit 42.2 37.4 37.9 38.5 37.5 38.5 39.7 40.1 40.7 41.1 43.0 15

16 Corporate equities 10.3 11.2 12.5 10.4 11.3 12.6 13.6 14.3 15.9 16.1 16.6 16

17 Miscellaneous assets 112.6 96.6 70.3 57.8 56.0 58.5 57.2 58.1 54.4 52.5 53.6 17

18 Total liabilities 1160.0 1067.9 1016.1 998.3 1000.5 1001.9 1008.3 995.1 998.9 1006.2 1017.2 18

19 Deposits 937.5 852.8 785.4 733.6 739.3 738.1 736.1 727.9 728.1 720.7 722.5 19

20 Checkable 85.3 84.0 88.3 83.0 81.8 86.1 90.3 97.1 103.4 109.0 115.3 20

21 Small time and savings 767.6 692.2 624.0 579.6 583.4 575.8 567.1 550.7 543.0 530.6 523.9 21

22 Large time 84.6 76.7 73.0 71.0 74.1 76.2 78.6 80.1 81.7 81.1 83.3 22

23 Security RPs 19.6 18.6 26.1 44.5 44.6 51.1 56.5 44.5 45.1 50.0 50.4 23

24 Credit market instruments 95.4 88.4 99.6 112.4 107.7 105.9 107.2 115.0 117.8 128.3 136.1 24

25 Corporate bonds 8.6 5.5 3.9 3.1 3.1 3.1 3.1 3.1 2.9 3.1 2.9 25

26 Bank loans n.e.c. 8.9 8.9 8.4 9.3 10.0 11.3 12.4 14.6 15.2 14.8 14.5 26

27 Other loans and advances 77.8 74.0 87.3 100.0 94.6 91.5 91.6 97.4 99.7 110.5 118.7 27

28 Taxes payable 1.2 1.4 1.9 1.0 1.3 1.2 1.6 1.6 1.7 1.3 1.4 28

29 Miscellaneous liabilities 106.4 106.8 103.0 106.7 107.6 105.6 107.0 106.1 106.3 105.8 106.9 29

30 Investment by parent 5.0 4.0 4.4 4.4 4.4 4.4 4.5 4.5 4.5 4.6 4.6 30

31 Other 101.4 102.8 98.6 102.3 103.2 101.1 102.5 101.6 101.8 101.3 102.3 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, December 11, 1996 73

L.115 Credit Unions

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 240.0 264.7 281.7 293.6 298.7 304.5 307.4 310.7 323.9 327.7 324.7 1

 2 Checkable deposits and currency 5.4 6.6 6.5 6.5 7.2 7.1 7.1 7.4 8.0 7.6 6.8 2

 3 Time and savings deposits 26.7 27.0 25.6 16.7 16.3 16.4 17.2 17.1 19.1 17.9 18.3 3

 4 Federal funds and security RPs 13.2 13.5 8.5 6.2 9.2 8.5 7.9 6.4 10.4 7.1 2.5 4

 5 Credit market instruments 179.4 197.1 218.7 246.8 248.1 255.0 258.5 263.0 267.0 276.9 281.0 5

 6 Open market paper 2.6 3.0 2.2 2.1 1.7 1.3 0.7 0.6 0.3 0.3 0.2 6

 7 U.S. government securities 33.7 48.6 58.9 62.9 62.1 63.9 63.1 64.1 67.2 69.2 67.5 7

 8 Treasury 14.1 19.9 22.6 22.1 21.2 20.2 19.9 18.3 19.3 19.1 17.9 8

 9 Agency 19.6 28.7 36.3 40.9 40.9 43.7 43.2 45.7 47.9 50.1 49.6 9

10 Home mortgages 52.8 56.1 56.0 62.1 63.8 64.1 65.5 66.5 68.0 71.3 71.3 10

11 Consumer credit 90.3 89.4 101.6 119.6 120.6 125.7 129.2 131.9 131.5 136.1 142.0 11

12 Mutual fund shares 2.6 4.1 4.2 2.6 2.7 2.8 2.8 2.8 2.9 2.9 3.0 12

13 Miscellaneous assets 12.8 16.5 18.2 14.8 15.2 14.6 13.9 13.9 16.6 15.3 13.2 13

14 Total liabilities 225.8 247.5 260.8 270.3 274.5 279.2 281.4 283.7 296.2 299.4 295.7 14

15 Shares/deposits 221.3 242.9 255.5 263.4 269.2 274.2 276.4 278.8 291.2 294.3 290.3 15

16 Checkable 20.5 25.1 26.8 28.8 29.4 30.2 30.5 30.9 31.0 32.6 33.5 16

17 Small time and savings 196.5 212.0 221.8 227.3 226.8 224.7 232.8 238.9 250.7 251.8 246.5 17

18 Large time 4.2 5.8 6.9 7.3 13.0 19.3 13.2 9.0 9.5 9.9 10.3 18

19 Other loans and advances 0.0 0.0 0.2 0.5 0.4 0.3 0.4 0.4 0.4 0.3 0.4 19

20 Miscellaneous liabilities 4.5 4.6 5.1 6.4 4.9 4.7 4.6 4.5 4.6 4.8 5.0 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 608.3 629.6 660.9 670.0 690.9 711.3 730.7 740.0 754.7 764.5 773.5 1

 2 Deposits 46.2 40.6 39.5 41.4 41.7 42.0 42.3 42.6 42.8 43.1 43.4 2

 3 Checkable deposits and currency 1.0 0.9 0.8 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 3

 4 Time and savings deposits 15.7 10.5 9.4 11.0 10.9 10.7 10.3 10.0 9.8 9.5 9.2 4

 5 Money market fund shares 29.6 29.2 29.3 29.9 30.3 30.9 31.5 32.0 32.5 33.0 33.5 5

 6 Credit market instruments 223.5 231.5 240.9 248.0 245.3 240.2 234.2 229.2 224.7 221.6 219.3 6

 7 Open market paper 25.2 22.8 19.5 23.0 23.3 23.4 23.3 23.3 23.3 23.4 23.4 7

 8 U.S. government securities 73.6 72.0 73.1 72.0 71.0 69.6 68.1 66.7 65.3 63.9 62.8 8

 9 Treasury 40.9 40.1 40.4 39.8 39.2 38.3 37.4 36.5 35.6 34.8 34.1 9

10 Agency 32.6 31.8 32.7 32.2 31.8 31.3 30.8 30.2 29.7 29.1 28.7 10

11 Municipal securities 89.9 96.0 108.9 114.2 112.7 109.6 106.1 103.1 100.6 99.3 98.4 11

12 Corporate and foreign bonds 30.7 36.8 35.8 35.3 34.8 33.9 33.0 32.2 31.5 31.0 30.5 12

13 Mortgages 4.0 3.9 3.6 3.4 3.5 3.6 3.7 3.9 4.0 4.1 4.2 13

14 Corporate equities 234.2 216.9 181.0 165.3 174.7 188.6 197.0 200.5 207.5 211.0 213.9 14

15 Mutual fund shares 93.6 128.1 183.5 202.4 216.7 228.3 245.1 256.0 268.1 277.6 285.8 15

16 Miscellaneous assets 10.8 12.6 16.0 12.9 12.5 12.3 12.1 11.9 11.6 11.3 11.1 16

17 Total liabilities (2) 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 790.9 799.5 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.
74 Z.1, December 11, 1996

L.117 Life Insurance Companies

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1505.3 1614.3 1784.9 1888.5 1948.2 2008.5 2055.0 2091.1 2125.3 2152.1 2199.0 1

 2 Checkable deposits and currency 5.5 4.8 5.2 5.7 6.0 6.1 6.1 6.4 6.3 6.5 6.6 2

 3 Money market fund shares 25.0 30.3 30.5 15.8 17.0 21.0 22.0 26.0 28.4 32.1 35.7 3

 4 Credit market instruments 1224.6 1309.1 1420.6 1487.1 1523.1 1557.1 1575.5 1586.2 1600.5 1601.0 1612.6 4

 5 Open market paper 45.8 43.2 46.9 52.8 55.5 54.7 56.2 45.5 54.2 56.6 58.0 5

 6 U.S. government securities 241.9 281.8 332.8 341.2 353.3 355.7 359.3 351.0 344.9 335.3 336.7 6

 7 Treasury 77.8 88.8 110.0 107.1 111.2 111.8 111.8 108.1 105.8 100.7 100.7 7

 8 Agency 164.2 193.0 222.8 234.1 242.1 244.0 247.4 242.9 239.1 234.6 236.0 8

 9 Municipal securities 10.2 11.4 14.7 12.8 11.7 13.2 12.7 11.9 12.3 12.1 11.6 9

10 Corporate and foreign bonds 595.1 653.9 719.5 779.4 800.3 829.4 838.4 870.1 879.6 885.5 894.5 10

11 Policy loans 66.4 72.1 77.7 85.5 87.0 88.7 91.0 95.9 97.8 99.0 101.0 11

12 Mortgages 265.3 246.7 229.1 215.3 215.2 215.4 217.9 211.8 211.7 212.6 210.8 12

13 Corporate equities 151.4 175.5 228.0 274.4 291.7 314.6 341.1 357.8 375.5 393.9 425.0 13

14 Mutual fund shares 13.1 16.9 23.9 7.4 9.0 10.0 11.0 14.1 17.0 20.8 24.6 14

15 Miscellaneous assets 85.7 77.7 76.7 98.2 101.5 99.7 99.3 100.7 97.5 97.6 94.6 15

16 Total liabilities 1409.6 1525.1 1677.8 1773.5 1825.5 1880.9 1920.3 1953.9 1988.1 2016.5 2065.5 16

17 Other loans and advances 0.0 0.0 0.2 0.6 0.6 0.6 0.6 0.5 1.1 1.2 0.1 17

18 Life insurance reserves 393.8 421.5 457.2 491.5 504.4 518.5 527.0 536.3 541.6 552.0 563.0 18

19 Pension fund reserves (1) 655.7 745.1 853.8 897.4 926.3 961.4 990.0 1012.3 1043.2 1057.3 1091.5 19

20 Taxes payable 0.6 1.4 2.0 2.1 2.0 2.0 1.9 1.8 1.7 1.5 1.4 20

21 Miscellaneous liabilities 359.5 357.1 364.7 382.0 392.2 398.4 400.8 403.0 400.5 404.4 409.5 21

(1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 575.8 597.9 642.5 676.3 692.1 707.1 723.0 741.3 759.2 772.7 786.0 1

 2 Checkable deposits and currency 5.3 5.6 5.2 5.0 5.0 4.9 4.9 4.9 4.8 4.8 4.7 2

 3 Security RPs 26.9 32.6 31.7 29.4 31.4 33.5 35.5 37.5 39.6 41.6 43.6 3

 4 Credit market instruments 376.6 389.4 422.7 446.4 451.9 457.3 463.0 468.7 474.5 480.2 486.4 4

 5 U.S. government securities 146.2 151.4 169.0 178.7 179.4 180.2 180.9 181.6 182.3 183.0 183.8 5

 6 Treasury 104.0 108.7 124.5 133.0 133.0 133.2 133.4 133.4 133.6 133.7 133.8 6

 7 Agency 42.1 42.6 44.5 45.8 46.4 47.0 47.5 48.2 48.7 49.4 50.0 7

 8 Municipal securities 126.8 134.3 146.1 153.8 155.4 157.1 159.1 161.0 163.0 165.0 167.1 8

 9 Corporate and foreign bonds 97.2 97.8 103.1 110.1 113.5 116.7 120.0 123.3 126.6 129.9 133.4 9

10 Commercial mortgages 6.5 5.9 4.5 3.8 3.6 3.3 3.1 2.8 2.6 2.3 2.1 10

11 Corporate equities 94.1 97.3 103.4 112.1 118.5 125.0 131.5 138.0 146.1 149.7 152.7 11

12 Trade receivables 49.1 49.0 50.7 52.9 54.0 55.1 56.2 57.3 58.4 59.5 60.6 12

13 Miscellaneous assets 23.7 24.0 28.8 30.5 31.2 31.3 32.0 34.9 35.9 36.9 37.9 13

14 Total liabilities 417.1 440.0 457.7 472.3 485.2 499.3 512.6 528.0 541.7 554.9 568.7 14

15 Taxes payable 0.6 1.0 1.2 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.1 15

16 Miscellaneous liabilities 416.4 439.1 456.5 471.0 483.9 498.0 511.4 526.7 540.5 553.7 567.6 16
Z.1, December 11, 1996 75

L.119 Private Pension Funds (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 1816.2 1984.4 2174.3 2263.7 2366.3 2457.7 2565.4 2628.0 2715.0 2800.5 2873.1 1

 2 Checkable deposits and currency 3.0 3.0 2.9 2.8 2.7 2.7 2.7 2.7 2.6 2.6 2.6 2

 3 Time and savings deposits 99.5 77.0 69.1 62.5 60.4 59.7 54.4 51.5 47.0 41.3 37.6 3

 4 Money market fund shares 18.8 20.3 26.7 31.2 32.2 31.0 32.4 32.5 34.3 34.4 33.5 4

 5 Security RPs 32.7 34.8 41.4 51.6 51.5 50.3 51.1 51.3 54.3 57.2 57.7 5

 6 Credit market instruments 530.6 571.7 617.6 664.6 679.3 693.6 706.2 725.9 746.5 778.4 789.8 6

 7 Open market paper 32.7 34.8 41.4 51.6 51.5 50.3 51.1 51.3 54.3 57.2 57.7 7

 8 U.S. government securities 314.1 333.1 349.1 362.5 369.3 376.3 381.1 389.4 396.8 410.0 413.5 8

 9 Treasury 215.4 228.3 239.2 248.7 253.3 257.7 260.9 266.1 270.7 278.8 281.1 9

10 Agency 98.7 104.8 109.9 113.8 116.0 118.5 120.2 123.3 126.1 131.3 132.3 10

11 Municipal securities 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 11

12 Corporate and foreign bonds 164.7 188.4 211.1 233.4 241.1 249.5 256.3 267.0 276.7 291.5 298.7 12

13 Mortgages 18.4 14.8 15.3 16.4 16.7 16.9 17.0 17.4 17.9 18.9 19.2 13

14 Corporate equities 686.6 821.9 924.9 921.4 988.0 1044.1 1111.4 1149.4 1186.3 1213.7 1255.1 14

15 Mutual fund shares 48.4 78.0 131.8 175.6 197.9 225.9 256.4 267.9 300.0 325.9 352.9 15

16 Miscellaneous assets 396.9 377.8 359.9 354.0 354.3 350.4 350.7 346.9 343.9 347.0 343.9 16

17 Unallocated insurance contracts (2) 210.0 195.8 189.2 197.2 198.7 198.6 200.0 200.5 198.6 201.7 203.5 17

18 Contributions receivable 17.3 19.3 22.4 25.6 26.4 27.2 28.0 28.8 29.6 30.4 31.2 18

19 Other 169.6 162.6 148.3 131.3 129.2 124.5 122.6 117.6 115.7 114.9 109.2 19

20 Pension fund reserves (liabilities) (3) 1844.8 2009.0 2199.0 2289.4 2391.8 2482.9 2590.4 2652.8 2739.7 2825.5 2898.2 20

(1) Includes the Federal Employees’ Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 1031.7 1167.8 1254.6 1301.2 1359.2 1417.6 1478.5 1527.2 1584.0 1621.7 1661.2 1

 2 Checkable deposits and currency 4.2 6.0 6.7 6.0 5.5 4.7 4.6 3.8 3.6 3.3 3.4 2

 3 Time and savings deposits 8.1 6.0 8.7 5.5 5.3 4.9 4.1 4.2 4.2 4.4 2.3 3

 4 Security RPs 17.7 20.2 20.3 28.3 29.6 32.2 28.6 26.7 26.2 27.4 25.5 4

 5 Credit market instruments 396.4 402.3 423.4 454.1 469.4 470.9 470.6 476.8 491.1 504.0 511.4 5

 6 Open market paper 17.7 20.2 20.3 28.3 29.6 32.2 28.6 26.7 26.2 27.4 28.7 6

 7 U.S. government securities 232.1 216.3 228.5 245.3 254.9 254.8 261.3 271.4 281.1 291.4 296.1 7

 8 Treasury 147.5 144.5 161.4 170.2 174.8 171.9 178.1 178.6 184.2 192.6 196.1 8

 9 Agency 84.6 71.8 67.1 75.1 80.1 82.9 83.2 92.7 96.9 98.8 100.0 9

10 Municipal securities 0.4 0.5 0.7 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 10

11 Corporate and foreign bonds 129.3 148.9 159.3 165.0 169.1 168.0 164.6 162.2 167.2 168.5 169.7 11

12 Mortgages 16.9 16.5 14.5 15.2 15.4 15.6 15.7 15.9 16.1 16.3 16.5 12

13 Corporate equities 392.4 447.4 533.9 534.9 592.9 644.5 704.7 744.2 802.4 824.6 851.8 13

14 Miscellaneous assets 212.8 286.0 261.6 272.4 256.4 260.4 265.9 271.4 256.5 257.9 266.8 14

15 Pension fund reserves (liabilities) (1) 1031.7 1167.8 1254.6 1301.2 1359.2 1417.6 1478.5 1527.2 1584.0 1621.7 1661.2 15

(1) Equal to value of financial assets. These liabilities are assets of the household sector.
76 Z.1, December 11, 1996

L.121 Money Market Mutual Funds (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 535.0 539.5 559.6 602.9 634.0 678.5 702.7 745.3 816.9 809.5 838.1 1

 2 Foreign deposits 21.4 20.3 10.0 15.7 14.9 15.3 21.1 19.7 21.2 14.1 17.5 2

 3 Checkable deposits and currency -0.2 -2.7 -1.2 -2.5 -6.6 -2.1 -2.6 -3.5 -2.9 -2.7 -3.6 3

 4 Time and savings deposits 35.1 34.6 31.9 31.4 41.5 42.7 57.1 52.3 56.6 54.6 67.4 4

 5 Security RPs 67.0 65.9 66.4 68.8 73.0 80.9 83.5 87.8 96.7 98.2 100.7 5

 6 Credit market instruments 403.9 408.6 429.0 459.0 480.6 508.0 505.7 545.5 595.6 594.7 606.6 6

 7 Open market paper 190.6 173.6 164.4 187.2 204.9 224.7 219.2 235.5 248.0 262.8 265.2 7

 8 U.S. government securities 118.9 132.7 147.2 143.3 141.4 145.7 144.4 160.8 182.0 170.2 178.2 8

 9 Treasury 78.3 78.4 79.4 66.1 66.4 57.5 62.9 70.0 85.7 80.6 83.6 9

10 Agency 40.6 54.3 67.8 77.2 75.0 88.2 81.5 90.8 96.2 89.6 94.6 10

11 Municipal securities 90.6 96.0 105.6 113.4 119.3 120.8 123.3 127.7 141.0 136.7 138.6 11

12 Corporate and foreign bonds 3.8 6.3 11.7 15.2 15.1 16.7 18.8 21.5 24.6 25.0 24.6 12

13 Miscellaneous assets 7.7 12.7 23.7 30.6 30.5 33.8 37.9 43.4 49.7 50.5 49.5 13

14 Total shares outstanding 535.0 539.5 559.6 602.9 634.0 678.5 702.7 745.3 816.9 809.5 838.1 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 1994.3 2130.6 2221.7 1

 2 Security RPs 12.2 21.9 38.7 43.1 44.1 42.6 43.1 50.2 45.9 48.7 53.5 2

 3 Credit market instruments 440.2 566.4 725.9 718.8 719.3 724.8 739.2 771.3 792.4 807.9 816.2 3

 4 Open market paper 12.2 21.9 38.7 43.1 44.1 42.6 43.1 50.2 45.9 48.7 53.5 4

 5 U.S. government securities 200.6 257.4 306.6 296.2 296.5 296.7 302.9 315.1 328.9 330.9 329.1 5

 6 Treasury 133.5 169.5 200.9 194.1 194.3 194.4 198.1 205.3 213.4 214.6 213.9 6

 7 Agency 67.1 87.9 105.7 102.1 102.3 102.3 104.9 109.9 115.5 116.3 115.2 7

 8 Municipal securities 139.7 168.4 211.3 207.0 206.1 205.4 206.1 210.2 212.1 212.6 213.3 8

 9 Corporate and foreign bonds 87.7 118.7 169.3 172.4 172.7 180.1 187.0 195.7 205.5 215.6 220.2 9

10 Corporate equities 308.9 401.3 607.4 709.6 784.3 886.2 991.7 1024.9 1151.0 1266.1 1345.7 10

11 Miscellaneous assets 8.2 3.0 3.3 5.9 5.6 7.3 8.0 6.3 5.0 8.0 6.3 11

12 Total shares outstanding 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 1994.3 2130.6 2221.7 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; levels, not seasonally adjusted

 1 Total financial assets 71.2 91.5 109.7 110.9 114.9 119.5 124.5 128.8 132.5 135.3 137.9 1

 2 Credit market instruments 49.5 67.7 82.0 78.7 80.8 84.6 88.7 92.0 94.8 97.2 99.5 2

 3 U.S. government securities 10.0 11.6 13.7 7.4 7.5 8.4 9.6 10.4 10.9 11.2 11.5 3

 4 Municipal securities 25.4 39.7 47.6 54.9 56.4 57.6 58.7 59.9 61.1 62.4 63.6 4

 5 Corporate and foreign bonds 14.1 16.3 20.8 16.3 16.9 18.5 20.4 21.7 22.7 23.6 24.4 5

 6 Corporate equities 21.8 23.8 27.6 32.2 34.1 35.0 35.8 36.8 37.8 38.1 38.5 6

 Memo:

 7 Market value of equities 71.2 91.5 109.7 110.9 114.9 119.5 124.5 128.8 132.5 135.3 137.9 7
Z.1, December 11, 1996 77

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 493.6 548.9 627.2 776.2 788.9 827.1 855.0 890.9 902.3 930.7 952.5 1

 2 Checkable deposits and currency 1.2 1.2 2.1 1.3 1.3 1.6 1.0 1.5 1.0 0.7 0.6 2

 3 Federal funds and security RPs 67.6 66.6 50.3 85.8 92.3 103.4 107.5 106.3 104.0 103.4 103.5 3

 4 Credit market instruments 389.0 457.8 546.4 667.0 671.9 695.9 708.4 756.0 765.2 797.8 819.3 4

 5 Open market paper 10.9 13.5 11.9 26.3 25.3 22.1 28.1 25.5 24.5 23.6 24.6 5

 6 U.S. government securities 75.5 105.7 116.9 180.3 189.9 211.5 213.3 243.8 254.0 272.7 286.4 6

 7 Treasury 40.8 58.7 51.6 51.9 56.6 56.3 53.7 58.0 54.2 60.7 60.5 7

 8 Agency 34.7 47.0 65.3 128.4 133.3 155.1 159.6 185.8 199.8 212.0 225.9 8

 9 Municipal securities 3.0 3.2 2.6 3.4 2.8 2.6 3.0 4.4 3.9 4.2 4.1 9

10 Corporate and foreign bonds 0.0 0.0 11.1 19.5 21.7 23.8 20.2 25.0 23.1 20.2 19.5 10

11 Other loans and advances 131.8 135.5 162.0 189.1 184.9 187.5 190.8 201.3 202.3 217.0 225.1 11

12 Sallie Mae 30.1 31.6 33.4 37.0 37.8 39.3 39.8 38.9 39.4 40.3 40.5 12

13 Farm Credit System 22.7 24.0 25.4 26.3 27.1 27.7 28.9 30.2 31.5 31.8 31.3 13

14 FHLB 79.1 79.9 103.1 125.9 120.0 120.5 122.1 132.3 131.4 144.9 153.3 14

15 Mortgages 167.9 199.9 242.0 248.3 247.4 248.5 253.1 256.0 257.4 260.1 259.5 15

16 Home 126.2 156.7 197.3 202.7 202.0 203.1 207.3 209.7 210.5 212.8 212.1 16

17 Multifamily residential 14.6 16.2 17.9 18.7 19.0 19.0 19.3 19.5 19.7 19.7 19.5 17

18 Farm 27.1 27.0 26.8 26.9 26.4 26.4 26.5 26.8 27.2 27.6 27.8 18

19 Miscellaneous assets 35.9 23.3 28.3 22.1 23.4 26.3 38.1 27.2 32.2 28.8 29.2 19

20 Total liabilities 486.0 538.7 614.4 761.7 773.6 811.2 839.0 874.6 885.3 913.5 933.2 20

21 Credit market instruments 407.7 447.9 528.5 700.6 716.3 748.1 773.5 807.5 816.9 850.1 871.1 21

22 GSE issues (2) 402.9 443.1 523.7 700.6 716.3 748.1 773.5 807.5 816.9 850.1 871.1 22

23 U.S. government loans 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 78.3 90.8 85.9 61.1 57.3 63.1 65.5 67.1 68.4 63.4 62.1 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Student Loan Marketing Association (Sallie Mae), Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 1

 2 Home mortgages 1130.4 1248.2 1334.3 1449.7 1457.7 1475.1 1501.9 1543.4 1571.9 1614.5 1648.5 2

 3 Multifamily residential mortgages 26.1 23.8 22.5 22.4 22.2 23.9 24.7 26.9 27.8 28.9 30.7 3

 4 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Total pool securities (liabilities)(2) 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 5

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 339.5 404.3 487.6 556.1 570.0 596.8 639.8 688.4 718.2 748.9 772.6 1

 2 Agency securities (1) 104.1 82.7 99.9 101.2 98.7 97.7 104.4 102.3 104.6 108.7 108.9 2

 3 Loans to business 8.8 11.6 21.6 25.9 27.0 29.4 30.5 32.7 33.4 36.0 33.7 3

 4 Mortgages (2) 101.7 162.2 206.2 245.8 251.4 260.0 268.4 283.3 295.0 302.7 308.8 4

 5 Home 91.5 140.7 172.0 194.1 197.9 202.7 207.7 214.6 219.4 221.4 224.3 5

 6 Multifamily residential 3.7 6.3 8.7 14.9 15.7 17.3 18.9 21.3 24.5 26.8 28.1 6

 7 Commercial 6.5 15.2 25.5 36.8 37.8 40.1 41.8 47.4 51.1 54.5 56.3 7

 8 Consumer credit 103.5 121.5 131.1 147.8 154.3 168.1 192.4 214.4 224.6 238.3 251.4 8

 9 Trade receivables 21.5 26.3 28.8 35.5 38.5 41.6 44.2 55.7 60.6 63.2 69.8 9

10 Total liabilities 339.5 404.3 487.6 556.1 570.0 596.8 639.8 688.4 718.2 748.9 772.6 10

11 Commercial paper 38.7 47.4 51.9 63.9 69.4 74.9 80.3 101.2 110.2 114.8 127.0 11

12 Corporate bonds 300.8 356.9 435.7 492.2 500.6 521.9 559.5 587.2 608.0 634.0 645.6 12

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.
78 Z.1, December 11, 1996

L.127 Finance Companies (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 633.8 638.9 653.7 734.4 763.1 785.0 792.8 825.3 834.6 847.5 861.0 1

 2 Checkable deposits and currency 10.6 11.9 12.3 12.7 12.8 12.9 13.0 13.1 13.2 13.3 13.4 2

 3 Credit market instruments 488.9 496.4 482.8 551.0 568.5 586.9 594.7 615.2 621.7 632.6 637.1 3

 4 Other loans and advances 295.8 301.3 294.6 337.6 351.9 361.8 362.4 375.9 380.9 383.7 383.5 4

 5 Mortgages 67.1 72.2 71.7 78.5 80.8 83.4 86.1 86.6 89.1 93.1 96.7 5

 6 Consumer credit 126.0 122.9 116.5 134.8 135.8 141.7 146.2 152.6 151.7 155.9 157.0 6

 7 Miscellaneous assets 134.3 130.6 158.6 170.7 181.8 185.2 185.1 197.0 199.8 201.6 210.5 7

 8 Total liabilities 556.4 571.8 582.3 658.6 683.4 702.6 708.4 738.0 743.5 756.6 768.3 8

 9 Credit market instruments 391.9 390.4 390.5 440.7 456.7 467.2 471.9 492.3 499.8 514.4 521.9 9

10 Open market paper 159.5 156.4 159.2 184.6 181.3 181.3 178.0 184.5 184.8 186.9 189.4 10

11 Corporate bonds 190.2 196.3 206.0 235.0 254.4 264.4 272.1 284.7 291.4 301.3 305.0 11

12 Bank loans n.e.c. 42.3 37.6 25.3 21.2 21.0 21.5 21.8 23.1 23.5 26.2 27.5 12

13 Taxes payable 0.4 0.6 0.8 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 13

14 Miscellaneous liabilities 164.0 180.8 191.0 216.9 225.7 234.3 235.3 244.5 242.5 240.9 245.0 14

15 Foreign direct investment in U.S. 5.6 7.6 29.5 32.6 32.4 31.1 41.0 42.3 47.5 48.4 49.4 15

16 Investment by parent 35.5 39.5 42.7 51.0 52.5 57.5 59.0 62.3 62.3 68.4 72.0 16

17 Other 122.9 133.7 118.7 133.3 140.8 145.7 135.2 139.9 132.7 124.1 123.6 17

(1) Includes retail captive finance companies.

L.128 Mortgage Companies

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 60.3 60.5 60.4 37.5 33.9 41.4 43.2 34.1 46.1 41.7 45.0 1

 2 Home mortgages 53.1 52.7 52.2 29.3 25.6 33.0 34.6 24.8 36.9 32.4 35.4 2

 3 Multifamily residential mortgages 2.7 3.0 3.1 3.1 3.2 3.2 3.5 4.2 4.0 4.2 4.5 3

 4 Commercial mortgages 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 60.3 60.5 60.4 37.5 33.9 41.4 43.2 34.1 46.1 41.7 45.0 5

 6 Bank loans n.e.c. 22.2 30.2 30.2 18.7 16.9 20.6 21.6 19.1 24.1 28.1 29.8 6

 7 Investment by parent 38.2 30.3 30.2 18.7 17.0 20.8 21.6 15.0 22.0 13.6 15.3 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 14.0 13.8 17.4 22.1 23.0 24.1 25.3 26.4 27.6 28.8 30.0 1

 2 Home mortgages 0.4 0.9 0.9 1.5 1.5 1.6 1.6 1.7 1.7 1.8 1.8 2

 3 Commercial mortgages 4.5 1.9 2.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 4.0 3

 4 Multifamily residential mortgages 2.2 5.3 5.6 8.7 9.0 9.3 9.6 9.9 10.2 10.5 10.9 4

 5 Miscellaneous assets 7.0 5.8 8.8 8.7 9.2 9.9 10.6 11.3 12.0 12.7 13.4 5

 6 Total liabilities 16.5 19.3 24.7 46.1 47.9 49.9 52.0 54.0 56.1 58.2 60.4 6

 7 Security RPs 0.0 2.9 5.0 9.7 10.0 10.3 10.6 11.0 11.3 11.6 11.9 7

 8 Credit market instruments 13.6 13.9 17.4 31.1 32.4 33.7 35.0 36.5 38.0 39.6 41.3 8

 9 Open market paper 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate bonds 3.0 4.0 4.3 6.3 6.8 7.4 7.9 8.5 9.0 9.7 10.3 10

11 Bank loans n.e.c. 5.0 3.7 3.6 6.0 5.5 5.0 4.5 4.0 3.5 3.1 2.7 11

12 Mortgages 4.8 5.4 8.9 18.7 20.0 21.3 22.6 24.0 25.4 26.9 28.3 12

13 Miscellaneous liabilities 2.9 2.4 2.3 5.3 5.5 5.9 6.3 6.5 6.8 7.0 7.2 13
Z.1, December 11, 1996 79

L.130 Security Brokers and Dealers

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total financial assets 332.5 381.7 478.8 454.7 472.1 492.0 504.0 568.1 569.4 565.3 573.5 1

 2 Checkable deposits and currency 10.2 10.4 12.3 12.0 14.1 13.3 14.8 13.8 12.9 15.3 14.4 2

 3 Credit market instruments 124.0 122.7 137.5 93.3 101.0 137.5 137.0 183.4 156.2 138.2 144.1 3

 4 Open market paper 14.0 15.2 14.9 11.2 16.8 17.4 22.1 22.1 16.8 19.9 17.6 4

 5 U.S. government securities 59.7 45.3 32.5 2.3 15.6 42.0 38.8 72.3 55.2 34.1 40.1 5

 6 Treasury 5.7 -7.7 -28.3 -42.7 -29.4 -0.0 -7.2 18.3 5.2 -14.1 -6.4 6

 7 Agency 54.0 53.0 60.8 45.0 45.0 42.0 46.0 54.0 50.0 48.2 46.5 7

 8 Municipal securities 9.4 11.3 17.1 15.5 10.8 11.7 9.3 12.7 8.9 8.8 7.8 8

 9 Corporate and foreign bonds 40.9 50.9 73.0 64.4 57.7 66.4 66.8 76.4 75.3 75.3 78.6 9

10 Corporate equities 14.3 14.8 24.2 20.1 22.0 23.9 26.8 34.2 28.2 31.9 28.9 10

11 Security credit 55.1 53.5 76.1 75.1 69.4 68.7 77.4 78.6 89.1 89.9 86.3 11

12 Miscellaneous assets 129.0 180.4 228.6 254.2 265.6 248.7 248.0 258.1 283.0 290.0 299.8 12

13 Total liabilities 308.7 352.8 442.5 421.1 436.8 456.6 467.5 530.0 529.2 524.9 532.7 13

14 Security RPs (net) 106.7 106.4 126.4 103.4 133.1 141.0 147.7 182.4 181.5 180.4 175.0 14

15 Corporate bonds 19.0 21.7 33.7 34.3 26.9 26.8 27.4 29.3 21.4 24.6 26.1 15

16 Trade payables 6.8 7.4 10.1 9.1 9.0 9.3 10.0 10.3 11.6 13.0 14.4 16

17 Security credit 133.8 164.2 202.9 203.9 200.1 209.2 208.9 227.1 237.8 228.8 226.3 17

18 Customer credit balances (HH) 87.0 76.2 102.3 109.0 112.9 113.2 114.9 127.6 140.9 136.8 140.6 18

19 From banks 46.8 88.0 100.7 94.9 87.2 96.0 93.9 99.5 96.8 91.9 85.7 19

20 Taxes payable 0.9 0.9 1.4 1.2 1.3 1.3 1.3 1.1 1.1 1.2 1.1 20

21 Miscellaneous liabilities 41.5 52.2 67.9 69.2 66.4 69.0 72.2 79.8 75.9 76.8 89.8 21

22 Foreign direct investment in U.S. 5.8 5.3 5.6 6.1 6.1 6.2 6.2 5.5 5.6 5.6 5.7 22

23 Due to affiliates 25.0 53.7 81.1 104.7 116.2 118.7 123.4 128.8 137.3 156.4 167.3 23

24 Other 10.7 -6.9 -18.8 -41.5 -56.0 -55.9 -57.4 -54.5 -67.0 -85.2 -83.2 24

L.131 Funding Corporations (1)

Billions of dollars; levels, not seasonally adjusted

 1 Total financial assets 270.3 322.4 323.1 379.1 405.7 403.6 416.1 414.3 467.7 488.6 520.9 1

 2 Money market fund shares 52.4 75.9 86.0 117.8 121.4 119.2 117.9 120.2 128.3 130.9 139.3 2

 3 Credit market instruments 143.1 161.3 132.5 127.5 138.6 135.5 141.4 139.3 171.8 179.6 196.9 3

 4 Open market paper 143.1 161.3 128.5 113.5 124.6 119.5 121.4 115.5 142.0 135.6 138.1 4

 5 Corporate and foreign bonds 0.0 0.0 4.0 14.0 14.0 16.0 20.0 23.8 29.8 44.0 58.8 5

 6 Miscellaneous assets (2) 74.8 85.1 104.6 133.9 145.8 148.9 156.8 154.8 167.6 178.1 184.7 6

 7 Investment in foreign banking offices 30.3 21.5 23.8 37.0 40.5 40.8 41.4 40.0 41.0 40.4 41.0 7

 8 Investment in brokers and dealers 44.5 63.7 80.8 96.9 105.3 108.1 115.4 114.8 126.6 137.8 143.8 8

 9 Total liabilities 270.3 322.4 323.1 379.1 405.7 403.6 416.1 414.3 467.7 488.6 520.9 9

10 Credit market instruments 139.1 161.6 169.9 199.3 221.1 230.0 239.9 233.9 245.6 265.6 274.5 10

11 Open market paper 124.5 135.2 129.9 139.3 147.9 151.3 157.1 149.5 143.4 160.1 166.7 11

12 Corporate bonds 14.7 26.4 40.0 60.0 73.2 78.7 82.8 84.4 102.2 105.6 107.7 12

13 Miscellaneous liabilities 131.2 160.8 153.3 179.8 184.7 173.7 176.2 180.4 222.1 223.0 246.4 13

14 Foreign direct investment in U.S. -64.3 -76.4 -65.2 -65.4 -75.3 -81.1 -83.1 -79.1 -78.0 -87.5 -89.8 14

15 Securities loaned (net) 102.9 153.5 197.1 221.7 233.4 214.6 211.7 216.2 242.6 249.5 261.3 15

16 Other 92.6 83.7 21.4 23.6 26.5 40.1 47.6 43.3 57.5 61.1 74.8 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
80 Z.1, December 11, 1996

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total U.S. reserves 77.7 71.3 73.4 74.3 86.8 90.1 87.2 85.8 84.2 83.4 75.4 1

 2 U.S. gold stock and SDRs 22.3 19.6 20.1 21.1 22.7 22.9 22.1 22.1 22.1 22.0 21.2 2

 3 Federal govt.: Exchange Stab. Fund 11.2 8.5 9.0 10.0 11.7 11.9 11.0 11.0 11.0 11.0 10.1 3

 4 Monetary authority (2) 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 4

 5 U.S. foreign exchange position 55.4 51.8 53.4 53.2 64.1 67.1 65.1 63.7 62.1 61.4 54.3 5

 6 Official foreign currency holdings 45.9 40.0 41.5 41.2 50.6 52.9 50.4 49.1 46.9 46.1 38.9 6

 7 Treasury 18.3 18.5 19.2 19.2 25.4 28.9 28.7 28.0 26.9 26.5 19.4 7

 8 Monetary authority 27.6 21.5 22.3 22.0 25.3 24.0 21.7 21.1 20.0 19.6 19.5 8

 9 Net IMF position 9.5 11.8 11.8 12.0 13.4 14.3 14.7 14.6 15.2 15.3 15.4 9

10 Federal government 9.6 11.9 11.9 12.1 13.5 14.4 14.8 14.7 15.3 15.4 15.5 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; levels, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 10.2 9.7 1

 2 Asset: Monetary authority 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 10.2 9.7 2

 Treasury currency:

 3 Liab: Federal government 16.3 16.5 17.0 17.6 17.8 18.0 18.2 18.2 18.2 18.2 18.8 3

 4 Asset: Monetary authority 21.0 21.5 22.1 23.0 23.2 23.5 23.8 24.0 24.3 24.5 24.8 4

 5 Discrepancy (seigniorage) -4.7 -4.9 -5.1 -5.4 -5.4 -5.5 -5.6 -5.8 -6.1 -6.3 -6.0 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; levels, not seasonally adjusted

 1 Total rest of the world liability 273.5 267.7 271.8 324.6 333.3 361.0 353.6 361.4 382.7 382.9 394.3 1

 Held by:

 2 Household sector 14.6 15.6 16.4 17.2 17.7 19.1 18.8 19.2 20.5 20.5 21.3 2

 3 Nonfinancial corporate business 15.0 14.3 12.9 13.1 11.6 12.1 13.2 13.6 16.6 18.0 19.5 3

 4 Money market mutual funds 21.4 20.3 10.0 15.7 14.9 15.3 21.1 19.7 21.2 14.1 17.5 4

 5 Discrepancy--unallocated assets 222.6 217.6 232.6 278.7 289.1 314.5 300.6 309.0 324.4 330.3 335.9 5
Z.1, December 11, 1996 81

L.203 Net Interbank Transactions

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 96.4 138.5 189.3 280.0 272.8 265.9 267.2 290.7 266.3 249.9 230.0 1

 2 Monetary authority 63.0 63.9 67.6 68.9 61.3 58.5 56.5 70.2 59.1 60.3 59.2 2

 3 Depository institution reserves 29.4 32.1 35.0 30.8 30.0 24.9 23.4 29.6 24.7 24.6 21.0 3

 4 Vault cash 33.6 31.9 32.7 38.1 31.3 33.6 33.1 40.6 34.4 35.7 38.2 4

 5 Commercial banking 33.4 74.5 121.7 211.1 211.5 207.3 210.7 220.5 207.1 189.6 170.8 5

 6 To monetary authority 0.9 3.9 1.0 -0.5 0.1 0.5 0.5 0.2 0.1 0.4 2.3 6

 7 To banks in foreign countries, net 36.6 79.9 125.4 218.1 214.1 209.8 210.2 229.3 209.7 197.2 180.2 7

 8 Liabilities, net 47.6 89.2 135.4 228.9 225.3 219.8 223.1 239.7 222.9 209.4 195.6 8

 9 U.S.-chartered commercial banks 15.3 -11.5 7.9 82.2 85.1 79.4 81.0 79.7 68.1 59.5 44.8 9

10 Due to foreign affiliates 74.5 84.2 90.8 143.5 148.5 143.6 131.5 128.9 113.8 112.1 116.5 10

11 - Due from foreign affiliates 59.2 95.6 82.9 61.3 63.5 64.2 50.4 49.2 45.6 52.6 71.8 11

12 Foreign banking offices in U.S. 42.7 105.1 134.3 161.4 156.2 157.3 161.2 178.5 174.4 166.5 168.8 12

13 Due to foreign affiliates 75.1 84.6 83.0 84.3 88.3 95.5 95.7 99.9 95.7 95.6 93.8 13

14 - Due from foreign affiliates 32.4 -20.5 -51.3 -77.0 -67.9 -61.8 -65.5 -78.6 -78.7 -71.0 -75.0 14

15 Bank holding companies -10.3 -4.5 -6.8 -14.6 -16.0 -16.8 -19.2 -18.5 -19.6 -16.6 -18.0 15

16 Due to foreign affiliates 7.9 8.9 6.6 4.1 3.9 2.7 3.9 3.0 2.5 3.0 2.5 16

17 - Due from foreign affiliates 18.1 13.4 13.3 18.7 19.9 19.5 23.0 21.4 22.0 19.5 20.6 17

18 Less: Deposits at foreign banks 11.0 9.3 10.0 10.8 11.2 10.1 12.9 10.4 13.3 12.3 15.4 18

19 U.S. chartered commercial banks 9.4 7.7 8.4 8.0 8.0 6.8 8.4 5.4 7.4 8.2 10.9 19

20 Foreign banking offices in U.S. 1.6 1.6 1.6 2.9 3.2 3.3 4.5 5.0 5.8 4.1 4.5 20

21 To U.S. banking, net -4.2 -9.3 -4.7 -6.5 -2.7 -2.9 0.1 -9.0 -2.6 -8.0 -11.6 21

22 U.S.-chartered commercial banks -47.9 -33.6 -19.9 -13.3 -24.7 -28.3 -18.2 -20.0 -39.9 -38.5 -43.9 22

23 Liabilities 49.4 38.5 44.8 50.7 41.9 42.6 50.9 43.3 40.3 38.1 31.1 23

24 To foreign offices in U.S. 51.2 46.4 48.2 56.3 43.7 44.6 49.9 51.5 42.1 45.3 41.8 24

25 To bank holding companies 2.4 1.4 1.3 0.9 1.0 0.9 0.9 0.8 0.8 0.8 1.0 25

26 Unallocated -4.2 -9.3 -4.7 -6.5 -2.7 -2.9 0.1 -9.0 -2.6 -8.0 -11.6 26

 Less, due from:

27 Foreign offices in U.S. 99.0 77.2 66.7 60.2 62.8 67.4 66.4 58.9 64.7 62.8 61.6 27

28 Bank holding companies -1.7 -5.1 -1.9 3.8 3.8 3.4 2.7 4.4 15.5 13.8 13.4 28

29 Foreign banking offices in U.S. 47.8 30.8 18.5 3.9 19.1 22.9 16.5 7.5 22.6 17.5 19.8 29

30 Due to U.S. banks 99.0 77.2 66.7 60.2 62.8 67.4 66.4 58.9 64.7 62.8 61.6 30

31 - Due from U.S. banks 51.2 46.4 48.2 56.3 43.7 44.6 49.9 51.5 42.1 45.3 41.8 31

32 Bank holding companies -4.1 -6.5 -3.3 2.9 2.9 2.5 1.8 3.5 14.6 13.0 12.4 32

33 Due to U.S. banks -1.7 -5.1 -1.9 3.8 3.8 3.4 2.7 4.4 15.5 13.8 13.4 33

34 - Due from U.S. banks 2.4 1.4 1.3 0.9 1.0 0.9 0.9 0.8 0.8 0.8 1.0 34

35 Total assets 100.6 147.7 194.1 286.5 275.6 268.8 267.2 299.7 268.9 257.9 241.7 35

36 Rest of the world 36.6 79.9 125.4 218.1 214.1 209.8 210.2 229.3 209.7 197.2 180.2 36

37 Domestic 64.0 67.9 68.6 68.4 61.4 59.1 57.0 70.4 59.2 60.7 61.5 37

38 Monetary authority 0.9 3.9 1.0 -0.5 0.1 0.5 0.5 0.2 0.1 0.4 2.3 38

39 Federal Reserve float 0.7 3.3 0.9 -0.7 0.1 0.3 0.1 0.1 0.0 -0.2 0.6 39

40 Loans to member banks 0.2 0.7 0.1 0.2 0.1 0.2 0.4 0.1 0.0 0.6 1.7 40

41 Commercial banking 60.1 60.9 64.2 66.1 58.8 55.9 53.9 67.5 56.4 57.8 56.9 41

42 Reserves at Federal Reserve 26.5 29.0 31.5 28.0 27.5 22.3 20.8 26.9 22.0 22.1 18.7 42

43 Vault cash 33.6 31.9 32.7 38.1 31.3 33.6 33.1 40.6 34.4 35.7 38.2 43

44 Savings insts.: Reserves at Fed. Res. 2.9 3.1 3.4 2.8 2.5 2.6 2.6 2.7 2.7 2.5 2.3 44

45 Discrepancy--floats, etc. -4.2 -9.3 -4.7 -6.5 -2.7 -2.9 0.1 -9.0 -2.6 -8.0 -11.6 45
82 Z.1, December 11, 1996

L.204 Checkable Deposits and Currency

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1020.9 1134.4 1251.7 1242.0 1193.7 1246.2 1200.3 1229.3 1183.3 1212.3 1221.7 1

 2 Monetary authority 293.5 311.1 348.2 373.5 375.7 398.4 385.5 390.5 389.6 397.5 400.7 2

 3 Federal government cash and deposits 18.3 8.0 15.2 7.5 4.9 21.3 8.9 6.2 7.3 8.0 8.0 3

 4 Deposits due to foreign 1.0 0.2 0.4 0.3 0.4 0.2 0.3 0.5 0.4 0.4 0.5 4

 5 Currency outside banks 274.2 302.8 332.6 365.7 370.3 376.9 376.2 383.7 381.9 389.1 392.2 5

 6 Commercial banking 621.6 714.3 788.4 756.7 706.8 731.5 694.0 710.8 659.3 673.2 672.3 6

 7 Federal government deposits 36.4 30.6 42.6 23.8 15.6 39.7 30.3 19.0 16.8 31.4 37.8 7

 8 Deposits due to foreign 19.4 21.7 21.3 23.2 22.6 22.1 23.5 24.0 23.1 27.1 25.1 8

 9 Private domestic deposits 565.7 662.1 724.5 709.8 668.6 669.7 640.2 667.8 619.4 614.8 609.4 9

10 Savings institutions 85.3 84.0 88.3 83.0 81.8 86.1 90.3 97.1 103.4 109.0 115.3 10

11 Credit unions 20.5 25.1 26.8 28.8 29.4 30.2 30.5 30.9 31.0 32.6 33.5 11

12 Total assets 1020.9 1134.4 1251.7 1242.0 1193.7 1246.2 1200.3 1229.3 1183.3 1212.3 1221.7 12

13 Household sector 424.2 516.4 561.6 546.7 531.0 520.4 491.3 503.1 473.2 459.4 464.9 13

14 Nonfinancial business 268.9 282.6 305.6 315.9 297.8 307.8 318.5 336.6 333.3 347.0 353.3 14

15 Corporate 182.5 189.4 203.1 207.4 188.0 196.6 205.9 222.7 218.0 230.2 235.0 15

16 Nonfarm noncorporate 74.6 79.6 87.2 91.5 92.5 93.5 94.4 95.3 96.4 97.4 98.5 16

17 Farm 11.8 13.6 15.3 17.0 17.4 17.8 18.2 18.6 19.0 19.4 19.9 17

18 State and local governments 24.6 26.8 28.2 30.7 28.4 31.9 30.8 33.8 29.8 31.5 29.6 18

19 Federal government 50.9 31.7 52.2 27.8 16.3 59.0 38.7 22.2 24.2 42.8 47.5 19

20 Rest of the world 147.1 166.8 188.7 214.2 220.7 223.0 226.5 228.8 227.7 236.1 240.9 20

21 Checkable deposits 20.4 21.9 21.6 23.5 23.0 22.3 23.8 24.5 23.4 27.4 25.6 21

22 Currency 126.7 144.9 167.1 190.7 197.7 200.7 202.7 204.3 204.3 208.7 215.3 22

23 Financial sectors 60.8 61.3 69.1 65.3 62.0 66.4 66.7 67.5 65.4 67.0 64.1 23

24 Commercial banking 1.8 1.3 1.0 1.4 1.2 1.5 1.2 1.6 1.4 1.5 1.4 24

25 Savings institutions 12.9 12.4 15.4 13.9 12.3 13.3 13.4 15.5 13.9 13.6 13.2 25

26 Credit unions 5.4 6.6 6.5 6.5 7.2 7.1 7.1 7.4 8.0 7.6 6.8 26

27 Bank personal trusts and estates 1.0 0.9 0.8 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 27

28 Life insurance companies 5.5 4.8 5.2 5.7 6.0 6.1 6.1 6.4 6.3 6.5 6.6 28

29 Other insurance companies 5.3 5.6 5.2 5.0 5.0 4.9 4.9 4.9 4.8 4.8 4.7 29

30 Private pension funds 3.0 3.0 2.9 2.8 2.7 2.7 2.7 2.7 2.6 2.6 2.6 30

31 State and local govt. retirement funds 4.2 6.0 6.7 6.0 5.5 4.7 4.6 3.8 3.6 3.3 3.4 31

32 Money market mutual funds -0.2 -2.7 -1.2 -2.5 -6.6 -2.1 -2.6 -3.5 -2.9 -2.7 -3.6 32

33 Government-sponsored enterprises 1.2 1.2 2.1 1.3 1.3 1.6 1.0 1.5 1.0 0.7 0.6 33

34 Finance companies 10.6 11.9 12.3 12.7 12.8 12.9 13.0 13.1 13.2 13.3 13.4 34

35 Brokers and dealers 10.2 10.4 12.3 12.0 14.1 13.3 14.8 13.8 12.9 15.3 14.4 35

36 Mail float 44.3 48.8 46.4 41.4 37.5 37.7 27.9 37.2 29.5 28.4 21.4 36
Z.1, December 11, 1996 83

L.205 Time and Savings Deposits 

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2839.1 2708.7 2614.9 2594.5 2641.4 2678.9 2733.3 2756.6 2835.9 2851.3 2897.8 1

 2 Small time and savings deposits 2350.7 2293.5 2223.2 2183.3 2200.2 2222.6 2255.8 2279.7 2342.3 2340.1 2345.5 2

 3 Commercial banking 1386.5 1389.3 1377.4 1376.3 1390.0 1422.0 1455.9 1490.1 1548.6 1557.8 1575.1 3

 4 U.S.-chartered commercial banks 1367.5 1369.6 1358.7 1358.0 1372.0 1403.4 1437.4 1471.3 1529.9 1539.4 1557.0 4

 5 Foreign banking offices in U.S. 11.0 11.2 10.4 9.3 8.7 9.2 8.9 8.5 8.3 7.7 7.6 5

 6 Banks in U.S.-affiliated areas 8.1 8.5 8.2 9.0 9.2 9.5 9.7 10.2 10.5 10.8 10.5 6

 7 Savings institutions 767.6 692.2 624.0 579.6 583.4 575.8 567.1 550.7 543.0 530.6 523.9 7

 8 Credit unions 196.5 212.0 221.8 227.3 226.8 224.7 232.8 238.9 250.7 251.8 246.5 8

 9 Large time deposits (1) 488.4 415.2 391.7 411.2 441.2 456.3 477.5 476.9 493.6 511.1 552.3 9

10 Commercial banking 399.6 332.8 311.7 333.0 354.1 360.8 385.7 387.8 402.4 420.1 458.8 10

11 U.S.-chartered commercial banks 292.3 216.1 196.1 214.0 232.7 237.5 247.0 256.5 266.6 279.2 296.4 11

12 Foreign banking offices in U.S. 99.3 108.2 107.4 110.0 112.2 113.9 129.0 121.0 125.4 130.2 151.8 12

13 Banks in U.S.-affiliated areas 8.1 8.5 8.2 9.0 9.2 9.5 9.7 10.2 10.4 10.8 10.5 13

14 Savings institutions 84.6 76.7 73.0 71.0 74.1 76.2 78.6 80.1 81.7 81.1 83.3 14

15 Credit unions 4.2 5.8 6.9 7.3 13.0 19.3 13.2 9.0 9.5 9.9 10.3 15

16 Total assets 2839.1 2708.7 2614.9 2594.5 2641.4 2678.9 2733.3 2756.6 2835.9 2851.3 2897.8 16

17 Household sector 2423.7 2349.4 2235.9 2227.9 2273.7 2309.9 2352.7 2378.3 2450.6 2467.7 2492.8 17

18 Nonfinancial business 117.7 100.5 129.3 129.0 118.8 125.6 127.4 129.2 126.9 132.8 137.0 18

19 Corporate 66.8 51.8 74.1 71.6 60.8 67.0 68.3 69.5 66.6 71.9 75.5 19

20 Nonfarm noncorporate 50.9 48.7 55.2 57.4 58.0 58.5 59.1 59.7 60.3 60.9 61.5 20

21 State and local governments 57.2 51.3 46.3 52.3 57.5 55.7 58.6 62.2 67.3 66.9 70.8 21

22 Federal government 1.6 0.9 0.8 0.7 1.1 1.1 1.1 0.9 1.0 4.3 3.3 22

23 Rest of the world 49.0 47.9 54.7 56.3 54.9 51.3 49.4 49.7 52.4 50.8 58.1 23

24 Financial sectors 190.0 158.8 147.8 128.4 135.5 135.4 144.2 136.3 137.7 128.8 135.9 24

25 Savings institutions 5.0 3.7 3.0 1.3 1.1 1.0 1.1 1.1 1.0 1.0 1.1 25

26 Credit unions 26.7 27.0 25.6 16.7 16.3 16.4 17.2 17.1 19.1 17.9 18.3 26

27 Bank personal trusts and estates 15.7 10.5 9.4 11.0 10.9 10.7 10.3 10.0 9.8 9.5 9.2 27

28 Private pension funds 99.5 77.0 69.1 62.5 60.4 59.7 54.4 51.5 47.0 41.3 37.6 28

29 State and local govt. retirement funds 8.1 6.0 8.7 5.5 5.3 4.9 4.1 4.2 4.2 4.4 2.3 29

30 Money market mutual funds 35.1 34.6 31.9 31.4 41.5 42.7 57.1 52.3 56.6 54.6 67.4 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars; levels, not seasonally adjusted

 1 Total assets 535.0 539.5 559.6 602.9 634.0 678.5 702.7 745.3 816.9 809.5 838.1 1

 2 Household sector 374.1 332.8 338.4 352.1 375.2 403.7 421.9 447.5 498.2 480.3 494.9 2

 3 Nonfinancial corporate business 31.5 47.3 44.8 52.2 53.9 68.6 73.0 83.0 91.1 94.5 97.0 3

 4 Nonfarm noncorporate business 3.6 3.6 3.9 4.0 4.0 4.0 4.1 4.1 4.1 4.2 4.3 4

 5 Bank personal trusts and estates 29.6 29.2 29.3 29.9 30.3 30.9 31.5 32.0 32.5 33.0 33.5 5

 6 Life insurance companies 25.0 30.3 30.5 15.8 17.0 21.0 22.0 26.0 28.4 32.1 35.7 6

 7 Private pension funds 18.8 20.3 26.7 31.2 32.2 31.0 32.4 32.5 34.3 34.4 33.5 7

 8 Funding corporations 52.4 75.9 86.0 117.8 121.4 119.2 117.9 120.2 128.3 130.9 139.3 8
84 Z.1, December 11, 1996

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 355.8 399.9 471.1 549.4 603.4 629.3 655.5 660.1 666.2 692.1 688.8 1

 2 Commercial banking (net) 229.6 272.0 313.5 391.7 415.7 426.9 440.6 422.2 428.3 450.1 451.6 2

 3 U.S.-chartered commercial banks 192.6 234.2 279.6 351.3 380.7 382.0 402.2 379.6 387.2 397.1 404.9 3

 4 Foreign banking offices in U.S. 38.4 39.0 34.7 41.4 35.5 43.8 38.8 43.2 41.5 53.4 46.9 4

 5 Bank holding companies -1.4 -1.2 -0.8 -0.9 -0.6 1.1 -0.4 -0.5 -0.4 -0.4 -0.2 5

 6 Savings institutions 19.6 18.6 26.1 44.5 44.6 51.1 56.5 44.5 45.1 50.0 50.4 6

 7 REITs 0.0 2.9 5.0 9.7 10.0 10.3 10.6 11.0 11.3 11.6 11.9 7

 8 Brokers and dealers (net) 106.7 106.4 126.4 103.4 133.1 141.0 147.7 182.4 181.5 180.4 175.0 8

 9 Total assets 319.0 358.0 395.0 440.9 472.7 519.1 524.3 548.9 559.5 574.0 575.9 9

10 Nonfinancial corporate business 1.6 5.1 2.5 2.2 3.7 8.9 3.7 2.4 2.3 3.9 7.5 10

11 State and local governments 28.3 33.3 50.0 62.0 66.1 69.8 80.9 87.7 91.6 93.9 88.7 11

12 Rest of the world 20.9 41.7 61.4 46.6 56.4 62.4 65.9 67.6 72.5 76.2 74.6 12

13 Financial sectors 268.2 278.0 281.1 330.2 346.6 378.0 373.8 391.3 393.1 400.0 405.1 13

14 Monetary authority 15.9 8.1 13.2 10.6 6.7 16.8 6.5 13.9 4.9 7.1 8.4 14

15 Savings institutions 15.1 14.4 10.6 6.5 8.8 9.9 10.1 11.2 11.2 9.3 9.7 15

16 Credit unions 13.2 13.5 8.5 6.2 9.2 8.5 7.9 6.4 10.4 7.1 2.5 16

17 Other insurance companies 26.9 32.6 31.7 29.4 31.4 33.5 35.5 37.5 39.6 41.6 43.6 17

18 Private pension funds 32.7 34.8 41.4 51.6 51.5 50.3 51.1 51.3 54.3 57.2 57.7 18

19 State and local govt. retirement funds 17.7 20.2 20.3 28.3 29.6 32.2 28.6 26.7 26.2 27.4 25.5 19

20 Money market mutual funds 67.0 65.9 66.4 68.8 73.0 80.9 83.5 87.8 96.7 98.2 100.7 20

21 Mutual funds 12.2 21.9 38.7 43.1 44.1 42.6 43.1 50.2 45.9 48.7 53.5 21

22 Government-sponsored enterprises 67.6 66.6 50.3 85.8 92.3 103.4 107.5 106.3 104.0 103.4 103.5 22

23 Discrepancy--unallocated assets 36.8 41.9 76.1 108.5 130.7 110.2 131.2 111.2 106.7 118.2 113.0 23

L.208 Open Market Paper

Billions of dollars; levels, not seasonally adjusted

 1 Total outstanding, all types 565.9 579.0 580.0 623.5 654.7 673.8 692.7 700.4 717.6 753.6 777.4 1

 2 Commercial paper 528.1 545.1 553.8 600.1 630.2 649.3 668.6 677.7 694.7 731.3 754.1 2

 3 Nonfinancial corporate business 98.5 107.1 117.8 139.2 149.8 162.9 163.3 157.4 174.2 181.7 173.0 3

 4 Foreign issues in U.S. 81.8 77.7 68.7 41.4 50.9 48.1 55.8 55.0 51.5 53.4 64.8 4

 5 Financial business 347.9 360.4 367.2 419.4 429.6 438.3 449.5 465.4 469.0 496.2 516.3 5

 6 Commercial banking 24.3 20.4 25.6 31.6 31.0 30.8 34.1 30.1 30.6 34.4 33.2 6

 7 ABS issuers 38.7 47.4 51.9 63.9 69.4 74.9 80.3 101.2 110.2 114.8 127.0 7

 8 Finance companies 159.5 156.4 159.2 184.6 181.3 181.3 178.0 184.5 184.8 186.9 189.4 8

 9 REITs 0.9 0.9 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Funding corporations 124.5 135.2 129.9 139.3 147.9 151.3 157.1 149.5 143.4 160.1 166.7 10

11 Bankers acceptances (1) 37.8 33.9 26.3 23.4 24.5 24.5 24.1 22.6 22.9 22.2 23.3 11

12 Holdings, by sector 565.9 579.0 580.0 623.5 654.7 673.8 692.7 700.4 717.6 753.6 777.4 12

13 Household sector 33.3 29.9 45.5 35.0 26.0 29.5 38.0 35.3 27.9 30.4 36.5 13

14 Nonfinancial corporate business 14.7 17.0 19.4 18.6 18.0 17.1 17.7 19.7 16.9 20.3 22.0 14

15 Rest of the world 11.3 12.9 18.8 24.8 28.8 33.1 37.6 43.5 31.0 42.4 47.5 15

16 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Commercial banking (1) 10.6 9.2 7.3 5.8 4.5 5.7 5.4 5.7 6.1 4.9 4.4 17

18 Savings institutions 1.3 0.6 0.3 0.1 0.1 0.3 0.2 0.2 0.2 0.2 0.2 18

19 Credit unions 2.6 3.0 2.2 2.1 1.7 1.3 0.7 0.6 0.3 0.3 0.2 19

20 Bank personal trusts and estates 25.2 22.8 19.5 23.0 23.3 23.4 23.3 23.3 23.3 23.4 23.4 20

21 Life insurance companies 45.8 43.2 46.9 52.8 55.5 54.7 56.2 45.5 54.2 56.6 58.0 21

22 Private pension funds 32.7 34.8 41.4 51.6 51.5 50.3 51.1 51.3 54.3 57.2 57.7 22

23 State and local govt. retirement funds 17.7 20.2 20.3 28.3 29.6 32.2 28.6 26.7 26.2 27.4 28.7 23

24 Money market mutual funds 190.6 173.6 164.4 187.2 204.9 224.7 219.2 235.5 248.0 262.8 265.2 24

25 Mutual funds 12.2 21.9 38.7 43.1 44.1 42.6 43.1 50.2 45.9 48.7 53.5 25

26 Government-sponsored enterprises 10.9 13.5 11.9 26.3 25.3 22.1 28.1 25.5 24.5 23.6 24.6 26

27 Brokers and dealers 14.0 15.2 14.9 11.2 16.8 17.4 22.1 22.1 16.8 19.9 17.6 27

28 Funding corporations 143.1 161.3 128.5 113.5 124.6 119.5 121.4 115.5 142.0 135.6 138.1 28

(1) Excludes banks’ holdings of own acceptances.
Z.1, December 11, 1996 85

L.209 Treasury Securities

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2757.8 3061.6 3309.9 3465.6 3531.5 3556.7 3576.5 3608.5 3689.6 3665.5 3705.7 1

 2 Savings bonds 138.1 157.3 171.9 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 2

 3 Other Treasury issues 2619.7 2904.3 3138.0 3285.6 3350.1 3374.1 3392.9 3423.5 3503.7 3479.1 3518.9 3

 4 Total assets 2757.8 3061.6 3309.9 3465.6 3531.5 3556.7 3576.5 3608.5 3689.6 3665.5 3705.7 4

 5 Household sector 390.6 472.7 495.5 740.1 762.3 732.0 754.8 723.4 739.7 699.8 682.1 5

 6 Savings bonds 138.1 157.3 171.9 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 6

 7 Other Treasury issues 252.4 315.4 323.6 560.1 581.0 549.5 571.3 538.4 553.9 513.3 495.3 7

 8 Nonfarm noncorporate business 12.2 13.0 13.3 13.6 13.7 13.8 13.9 14.0 14.1 14.2 14.4 8

 9 Nonfinancial corporate business 43.4 60.6 48.8 73.5 56.4 62.0 53.5 66.9 68.2 75.4 80.0 9

10 State and local governments 423.1 402.8 429.4 298.6 275.5 251.0 203.6 165.5 141.2 124.2 102.4 10

11 Rest of the world 496.6 548.1 625.1 660.0 700.1 755.7 813.5 860.5 927.9 955.7 1023.0 11

12 Monetary authority 266.5 295.0 332.0 364.5 363.7 372.6 367.7 378.2 377.1 383.9 383.9 12

13 Commercial banking 232.5 294.4 322.2 290.4 308.1 298.4 289.4 278.7 284.0 280.2 274.8 13

14 U.S.-chartered commercial banks 207.8 254.3 275.0 248.0 245.5 226.9 221.5 207.6 208.4 200.1 195.2 14

15 Foreign banking offices in U.S. 20.8 29.6 36.1 32.7 53.2 60.0 58.9 62.3 67.8 72.0 71.9 15

16 Bank holding companies 1.0 6.1 5.3 4.6 3.9 5.6 3.0 3.4 2.8 2.8 3.2 16

17 Banks in U.S.-affiliated areas 2.8 4.3 5.8 5.1 5.4 5.9 5.9 5.4 5.1 5.3 4.7 17

18 Savings institutions 25.0 34.0 28.2 27.1 23.7 21.4 21.5 18.4 18.8 19.5 18.1 18

19 Credit unions 14.1 19.9 22.6 22.1 21.2 20.2 19.9 18.3 19.3 19.1 17.9 19

20 Bank personal trusts and estates 40.9 40.1 40.4 39.8 39.2 38.3 37.4 36.5 35.6 34.8 34.1 20

21 Life insurance companies 77.8 88.8 110.0 107.1 111.2 111.8 111.8 108.1 105.8 100.7 100.7 21

22 Other insurance companies 104.0 108.7 124.5 133.0 133.0 133.2 133.4 133.4 133.6 133.7 133.8 22

23 Private pension funds 215.4 228.3 239.2 248.7 253.3 257.7 260.9 266.1 270.7 278.8 281.1 23

24 State and local govt. retirement funds 147.5 144.5 161.4 170.2 174.8 171.9 178.1 178.6 184.2 192.6 196.1 24

25 Money market mutual funds 78.3 78.4 79.4 66.1 66.4 57.5 62.9 70.0 85.7 80.6 83.6 25

26 Mutual funds 133.5 169.5 200.9 194.1 194.3 194.4 198.1 205.3 213.4 214.6 213.9 26

27 Closed-end funds 10.0 11.6 13.7 7.4 7.5 8.4 9.6 10.4 10.9 11.2 11.5 27

28 Government-sponsored enterprises 40.8 58.7 51.6 51.9 56.6 56.3 53.7 58.0 54.2 60.7 60.5 28

29 Brokers and dealers 5.7 -7.7 -28.3 -42.7 -29.4 -0.0 -7.2 18.3 5.2 -14.1 -6.4 29

 Memo:

30 Federal government debt (1) 2776.4 3080.3 3336.5 3492.3 3557.9 3583.5 3603.4 3636.7 3717.2 3693.8 3733.1 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).
86 Z.1, December 11, 1996

L.210 Agency Securities (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1577.9 1734.0 1907.0 2199.5 2222.6 2274.0 2327.1 2406.1 2444.2 2521.7 2577.7 1

 2 Budget agencies 18.6 18.8 26.6 26.7 26.4 26.8 26.9 28.2 27.6 28.2 27.4 2

 3 Government-sponsored enterprises 402.9 443.1 523.7 700.6 716.3 748.1 773.5 807.5 816.9 850.1 871.1 3

 4 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 4

 5 Total assets 1577.9 1734.0 1907.0 2199.5 2222.6 2274.0 2327.1 2406.1 2444.2 2521.7 2577.7 5

 6 Household sector 54.8 93.7 73.9 200.1 197.5 178.5 195.4 197.0 189.5 222.3 252.9 6

 7 Nonfinancial corporate business 5.1 8.6 19.1 28.7 28.7 31.4 25.5 27.3 24.6 30.1 35.0 7

 8 State and local governments 226.5 226.7 209.8 246.3 241.2 249.4 246.1 254.1 256.2 271.4 260.3 8

 9 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Rest of the world 62.4 80.6 116.4 136.4 142.9 149.3 161.5 167.2 181.6 188.6 201.9 10

11 Monetary authority 6.0 5.4 4.6 3.6 3.4 3.1 2.9 2.6 2.5 2.4 2.3 11

12 Commercial banking 335.7 378.5 423.2 428.7 433.9 447.5 462.1 467.5 471.3 473.7 474.9 12

13 U.S.-chartered commercial banks 321.2 360.1 396.3 398.1 395.8 404.7 419.0 421.5 423.4 424.7 423.6 13

14 Foreign banking offices in U.S. 11.2 14.1 21.5 23.0 31.2 36.1 36.2 37.3 39.1 40.5 43.4 14

15 Bank holding companies 2.4 2.2 3.1 4.8 4.1 3.9 4.1 4.7 4.7 4.8 3.8 15

16 Banks in U.S.-affiliated areas 1.0 2.1 2.3 2.8 2.8 2.8 2.8 4.0 4.0 3.7 4.2 16

17 Savings institutions 145.0 143.0 147.3 159.9 163.4 161.9 165.0 164.6 163.8 165.1 162.6 17

18 Credit unions 19.6 28.7 36.3 40.9 40.9 43.7 43.2 45.7 47.9 50.1 49.6 18

19 Bank personal trusts and estates 32.6 31.8 32.7 32.2 31.8 31.3 30.8 30.2 29.7 29.1 28.7 19

20 Life insurance companies 164.2 193.0 222.8 234.1 242.1 244.0 247.4 242.9 239.1 234.6 236.0 20

21 Other insurance companies 42.1 42.6 44.5 45.8 46.4 47.0 47.5 48.2 48.7 49.4 50.0 21

22 Private pension funds 98.7 104.8 109.9 113.8 116.0 118.5 120.2 123.3 126.1 131.3 132.3 22

23 State and local govt. retirement funds 84.6 71.8 67.1 75.1 80.1 82.9 83.2 92.7 96.9 98.8 100.0 23

24 Money market mutual funds 40.6 54.3 67.8 77.2 75.0 88.2 81.5 90.8 96.2 89.6 94.6 24

25 Mutual funds 67.1 87.9 105.7 102.1 102.3 102.3 104.9 109.9 115.5 116.3 115.2 25

26 Government-sponsored enterprises 34.7 47.0 65.3 128.4 133.3 155.1 159.6 185.8 199.8 212.0 225.9 26

27 ABS issuers 104.1 82.7 99.9 101.2 98.7 97.7 104.4 102.3 104.6 108.7 108.9 27

28 Brokers and dealers 54.0 53.0 60.8 45.0 45.0 42.0 46.0 54.0 50.0 48.2 46.5 28

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, December 11, 1996 87

L.211 Municipal Securities and Loans

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1308.2 1304.0 1302.0 1307.8 1291.5 1

 2 State and local governments 1064.8 1086.1 1149.0 1106.6 1094.3 1089.3 1065.3 1059.5 1058.3 1062.9 1047.1 2

 3 Short-term (1) 33.1 32.0 33.8 31.7 35.3 31.1 31.1 32.9 34.4 32.1 35.3 3

 4 Long-term 1031.7 1054.0 1115.1 1075.0 1059.1 1058.1 1034.2 1026.6 1023.9 1030.8 1011.7 4

 5 Nonprofit organizations (2) 93.5 102.7 114.7 129.2 130.5 132.5 133.5 135.0 136.1 137.0 138.4 5

 6 Nonfinancial corporate business 114.0 114.0 113.9 112.4 110.6 109.9 109.4 109.5 107.6 107.9 106.1 6

 (industrial revenue bonds)

 7 Total assets 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1308.2 1304.0 1302.0 1307.8 1291.5 7

 8 Household sector 610.2 581.2 551.9 501.7 497.6 492.3 469.8 456.1 457.4 463.0 441.5 8

 9 Nonfinancial corporate business 44.8 45.8 54.7 59.4 54.1 55.3 56.4 54.7 41.3 45.0 47.5 9

10 State and local governments 15.4 14.8 14.3 11.5 10.2 8.8 7.2 5.6 4.1 2.9 1.9 10

11 Commercial banking 103.2 97.5 99.2 97.6 95.3 94.4 93.3 93.4 93.0 92.7 92.7 11

12 Savings institutions 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 12

13 Bank personal trusts and estates 89.9 96.0 108.9 114.2 112.7 109.6 106.1 103.1 100.6 99.3 98.4 13

14 Life insurance companies 10.2 11.4 14.7 12.8 11.7 13.2 12.7 11.9 12.3 12.1 11.6 14

15 Other insurance companies 126.8 134.3 146.1 153.8 155.4 157.1 159.1 161.0 163.0 165.0 167.1 15

16 Private pension funds 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 16

17 State and local govt. retirement funds 0.4 0.5 0.7 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 17

18 Money market mutual funds 90.6 96.0 105.6 113.4 119.3 120.8 123.3 127.7 141.0 136.7 138.6 18

19 Mutual funds 139.7 168.4 211.3 207.0 206.1 205.4 206.1 210.2 212.1 212.6 213.3 19

20 Closed-end funds 25.4 39.7 47.6 54.9 56.4 57.6 58.7 59.9 61.1 62.4 63.6 20

21 Government-sponsored enterprises 3.0 3.2 2.6 3.4 2.8 2.6 3.0 4.4 3.9 4.2 4.1 21

22 Brokers and dealers 9.4 11.3 17.1 15.5 10.8 11.7 9.3 12.7 8.9 8.8 7.8 22

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

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 1866.7 2040.1 2318.3 2468.8 2524.4 2605.9 2690.8 2775.1 2834.9 2904.6 2958.8 1

 2 Nonfinancial corporate business 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.5 1359.4 1377.9 2

 3 Rest of the world (1) 130.5 147.2 230.1 242.3 245.8 258.6 272.4 290.6 302.5 305.3 320.2 3

 4 Financial sectors 649.3 738.4 858.5 973.5 1012.3 1056.4 1112.6 1158.2 1190.8 1239.8 1260.7 4

 5 Commercial banking 113.2 127.6 134.9 142.6 147.4 154.2 159.8 161.1 155.9 161.6 163.1 5

 6 Savings institutions 8.6 5.5 3.9 3.1 3.1 3.1 3.1 3.1 2.9 3.1 2.9 6

 7 ABS issuers 300.8 356.9 435.7 492.2 500.6 521.9 559.5 587.2 608.0 634.0 645.6 7

 8 Finance companies 190.2 196.3 206.0 235.0 254.4 264.4 272.1 284.7 291.4 301.3 305.0 8

 9 REITs 3.0 4.0 4.3 6.3 6.8 7.4 7.9 8.5 9.0 9.7 10.3 9

10 Brokers and dealers 19.0 21.7 33.7 34.3 26.9 26.8 27.4 29.3 21.4 24.6 26.1 10

11 Funding corporations 14.7 26.4 40.0 60.0 73.2 78.7 82.8 84.4 102.2 105.6 107.7 11

12 Total assets 1866.7 2040.1 2318.3 2468.8 2524.4 2605.9 2690.8 2775.1 2834.9 2904.6 2958.8 12

13 Household sector 300.9 295.8 338.9 343.1 356.2 359.5 398.4 398.2 396.0 400.8 396.5 13

14 Rest of the world (2) 233.4 251.5 273.3 311.4 325.4 338.3 353.5 368.5 386.7 405.1 425.2 14

15 Commercial banking 96.3 94.7 98.2 102.5 100.9 102.5 108.6 110.9 109.7 110.4 110.2 15

16 Savings institutions 72.7 80.0 89.1 86.7 84.9 86.5 84.8 78.5 79.9 78.1 73.9 16

17 Bank personal trusts and estates 30.7 36.8 35.8 35.3 34.8 33.9 33.0 32.2 31.5 31.0 30.5 17

18 Life insurance companies 595.1 653.9 719.5 779.4 800.3 829.4 838.4 870.1 879.6 885.5 894.5 18

19 Other insurance companies 97.2 97.8 103.1 110.1 113.5 116.7 120.0 123.3 126.6 129.9 133.4 19

20 Private pension funds 164.7 188.4 211.1 233.4 241.1 249.5 256.3 267.0 276.7 291.5 298.7 20

21 State and local govt. retirement funds 129.3 148.9 159.3 165.0 169.1 168.0 164.6 162.2 167.2 168.5 169.7 21

22 Money market mutual funds 3.8 6.3 11.7 15.2 15.1 16.7 18.8 21.5 24.6 25.0 24.6 22

23 Mutual funds 87.7 118.7 169.3 172.4 172.7 180.1 187.0 195.7 205.5 215.6 220.2 23

24 Closed-end funds 14.1 16.3 20.8 16.3 16.9 18.5 20.4 21.7 22.7 23.6 24.4 24

25 Government-sponsored enterprises 0.0 0.0 11.1 19.5 21.7 23.8 20.2 25.0 23.1 20.2 19.5 25

26 Brokers and dealers 40.9 50.9 73.0 64.4 57.7 66.4 66.8 76.4 75.3 75.3 78.6 26

27 Funding corporations 0.0 0.0 4.0 14.0 14.0 16.0 20.0 23.8 29.8 44.0 58.8 27

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
88 Z.1, December 11, 1996

L.213 Corporate Equities (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Issues at market value 4897.9 5456.8 6280.0 6263.3 6797.5 7348.4 7972.4 8389.9 8875.8 9170.9 9387.4 1

 2 Nonfinancial corporate business 3649.0 3961.0 4389.5 4429.9 4805.2 5184.4 5554.6 5827.6 6122.9 6358.4 6401.7 2

 3 Rest of the world (2) 158.8 179.7 302.8 324.0 328.1 338.3 360.3 411.1 458.6 488.3 505.5 3

 4 Financial corporations 1090.1 1316.1 1587.7 1509.4 1664.2 1825.8 2057.4 2151.2 2294.3 2324.3 2480.1 4

 5 Holdings at market value 4897.9 5456.8 6280.0 6263.3 6797.5 7348.4 7972.4 8389.9 8875.8 9170.9 9387.4 5

 6 Household sector 2681.3 2914.1 3259.1 3111.2 3378.6 3633.3 3934.7 4175.8 4376.6 4456.2 4477.3 6

 7 Rest of the world (3) 299.0 329.2 373.5 368.9 398.6 437.5 479.5 509.0 543.2 564.1 575.7 7

 8 Commercial banking 3.8 3.4 4.3 2.9 2.8 3.0 4.6 5.0 5.2 5.6 6.1 8

 9 Savings institutions 10.3 11.2 12.5 10.4 11.3 12.6 13.6 14.3 15.9 16.1 16.6 9

10 Bank personal trusts and estates 234.2 216.9 181.0 165.3 174.7 188.6 197.0 200.5 207.5 211.0 213.9 10

11 Life insurance companies 151.4 175.5 228.0 274.4 291.7 314.6 341.1 357.8 375.5 393.9 425.0 11

12 Other insurance companies 94.1 97.3 103.4 112.1 118.5 125.0 131.5 138.0 146.1 149.7 152.7 12

13 Private pension funds 686.6 821.9 924.9 921.4 988.0 1044.1 1111.4 1149.4 1186.3 1213.7 1255.1 13

14 State and local govt. retirement funds 392.4 447.4 533.9 534.9 592.9 644.5 704.7 744.2 802.4 824.6 851.8 14

15 Mutual funds 308.9 401.3 607.4 709.6 784.3 886.2 991.7 1024.9 1151.0 1266.1 1345.7 15

16 Closed-end funds 21.8 23.8 27.6 32.2 34.1 35.0 35.8 36.8 37.8 38.1 38.5 16

17 Brokers and dealers 14.3 14.8 24.2 20.1 22.0 23.9 26.8 34.2 28.2 31.9 28.9 17

 Memo:

18 Market value of domestic corporations (4) 4605.2 5137.8 5817.6 5772.0 6292.0 6823.2 7413.4 7764.9 8200.0 8457.4 8655.6 18

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents.

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 8, 12, 16, 17; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; levels, not seasonally adjusted

 1 Shares at market value 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 1994.3 2130.6 2221.7 1

 2 Holdings at market value 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 1994.3 2130.6 2221.7 2

 3 Household sector 593.3 741.0 998.4 1056.3 1090.3 1153.4 1222.1 1261.8 1351.8 1445.5 1493.4 3

 4 Nonfinancial corporate business 14.8 21.1 29.8 31.1 34.5 38.1 42.0 47.8 52.0 55.6 59.8 4

 5 Commercial banking 3.7 3.4 3.9 2.0 2.1 2.4 2.6 2.3 2.5 2.3 2.2 5

 6 Credit unions 2.6 4.1 4.2 2.6 2.7 2.8 2.8 2.8 2.9 2.9 3.0 6

 7 Bank personal trusts and estates 93.6 128.1 183.5 202.4 216.7 228.3 245.1 256.0 268.1 277.6 285.8 7

 8 Life insurance companies 13.1 16.9 23.9 7.4 9.0 10.0 11.0 14.1 17.0 20.8 24.6 8

 9 Private pension funds 48.4 78.0 131.8 175.6 197.9 225.9 256.4 267.9 300.0 325.9 352.9 9
Z.1, December 11, 1996 89

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Total loans by commercial

 1 banking, flow of funds basis 2097.0 2139.8 2223.5 2407.1 2452.8 2539.0 2590.1 2646.9 2657.8 2703.7 2751.5 1

 - Loans elsewhere classified:

 2 Open market paper 10.6 9.2 7.3 5.8 4.5 5.7 5.4 5.7 6.1 4.9 4.4 2

 3 Mortgages 881.3 900.5 947.8 1013.1 1033.9 1062.3 1082.1 1090.1 1097.3 1109.7 1123.2 3

 4 Consumer credit 372.4 365.5 399.7 462.9 463.0 476.3 492.4 507.8 500.6 507.6 517.8 4

 5 Security credit 46.8 88.0 100.7 94.9 87.2 96.0 93.9 99.5 96.8 91.9 85.7 5

 6 = Banking sector total bank loans n.e.c. 785.9 776.6 768.0 830.4 864.3 898.7 916.2 943.9 957.0 989.6 1020.5 6

 7 U.S.-chartered commercial banks 586.7 567.0 574.4 620.0 644.0 667.8 678.9 695.9 703.8 724.0 742.3 7

 8 Foreign banking offices in U.S. 185.8 195.7 182.0 197.2 206.2 216.5 222.8 232.6 237.7 249.4 261.8 8

 9 Bank holding companies 3.4 3.7 1.9 1.8 2.5 2.2 1.9 2.3 1.9 2.0 1.9 9

10 Banks in U.S.-affiliated areas 10.0 10.2 9.7 11.3 11.6 12.2 12.6 13.1 13.7 14.2 14.5 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. 785.9 776.6 768.0 830.4 864.3 898.7 916.2 943.9 957.0 989.6 1020.5 12

13 Total liabilities 785.9 776.6 768.0 830.4 864.3 898.7 916.2 943.9 957.0 989.6 1020.5 13

14 Nonfinancial sectors 707.6 696.1 700.5 775.1 810.8 840.2 855.9 883.1 890.6 917.4 946.1 14

15 Households 8.7 11.5 18.4 29.1 31.3 33.2 34.1 42.4 35.2 41.8 41.3 15

16 Corporate business 507.7 488.4 477.6 525.0 553.3 571.2 577.1 589.7 599.2 606.8 628.4 16

17 Nonfarm noncorporate business 135.0 137.7 143.0 156.2 161.1 166.4 171.6 176.7 181.8 187.3 193.1 17

18 Farm business 34.6 34.7 36.8 38.7 36.9 40.0 41.5 39.7 37.6 40.9 41.5 18

19 Rest of the world 21.6 23.9 24.6 26.1 28.2 29.6 31.6 34.6 36.8 40.5 41.7 19

20 Foreign official institutions 2.4 3.3 2.4 2.2 2.5 2.1 2.3 2.6 2.2 3.3 3.2 20

21 Foreign banks 6.9 7.6 8.8 8.8 8.9 9.5 10.6 10.9 12.2 13.1 12.7 21

22 Other foreign 12.3 13.0 13.5 15.2 16.7 17.9 18.7 21.1 22.4 24.1 25.8 22

23 Financial sectors 78.4 80.5 67.6 55.3 53.4 58.4 60.3 60.8 66.4 72.2 74.4 23

24 Savings institutions 8.9 8.9 8.4 9.3 10.0 11.3 12.4 14.6 15.2 14.8 14.5 24

25 Finance companies 42.3 37.6 25.3 21.2 21.0 21.5 21.8 23.1 23.5 26.2 27.5 25

26 Mortgage companies 22.2 30.2 30.2 18.7 16.9 20.6 21.6 19.1 24.1 28.1 29.8 26

27 REITs 5.0 3.7 3.6 6.0 5.5 5.0 4.5 4.0 3.5 3.1 2.7 27
90 Z.1, December 11, 1996

L.216 Other Loans and Advances

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total other loans and advances 832.2 844.2 852.9 929.9 948.8 963.2 969.1 991.5 1002.9 1021.8 1040.9 1

 2 U.S. government loans 148.8 148.8 145.8 135.7 134.5 132.7 130.0 127.5 124.7 122.3 118.8 2

 3 Liab.: Household sector 20.8 21.6 20.3 17.0 15.8 14.5 13.1 11.5 9.8 7.9 5.8 3

 4 Nonfinancial corporate business 7.9 7.9 8.1 8.6 8.8 9.0 9.2 9.3 9.5 9.6 9.8 4

 5 Nonfarm noncorporate business 40.4 40.1 40.7 42.1 42.6 43.0 43.4 43.9 44.3 44.7 45.0 5

 6 Farm business 9.8 9.5 8.7 7.1 6.6 6.0 5.3 4.6 3.8 3.0 2.1 6

 7 State and local governments 10.0 9.9 9.2 8.2 7.8 7.5 7.1 6.7 6.2 5.8 5.3 7

 8 Rest of the world 55.0 55.1 53.9 52.7 52.9 52.8 51.9 51.5 51.1 51.4 50.9 8

 9 Government-sponsored enterprises 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 125.1 129.9 114.2 122.1 126.7 125.7 127.3 122.1 126.4 126.5 139.4 10

11 Liab.: Nonfinancial corporate business 125.1 129.9 114.2 122.1 126.7 125.7 127.3 122.1 126.4 126.5 139.4 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 35.3 31.7 25.3 22.9 24.0 24.3 23.7 22.3 22.6 22.1 23.1 12

13 Liab.: Nonfinancial corporate business 23.3 20.4 17.1 15.0 16.0 16.6 15.6 14.2 13.7 13.1 13.5 13

14 Rest of the world 12.0 11.3 8.2 7.9 7.9 7.7 8.1 8.2 8.9 9.0 9.5 14

15 Savings institution loans to business 19.3 12.4 10.8 10.3 11.9 12.1 12.5 12.8 13.9 14.4 15.3 15

16 Liab.: Nonfinancial corporate business 9.7 6.2 5.4 5.1 5.9 6.0 6.3 6.4 6.9 7.2 7.7 16

17 Nonfarm noncorporate business 9.7 6.2 5.4 5.1 5.9 6.0 6.3 6.4 6.9 7.2 7.7 17

18 Policy loans (Household liability) 67.3 73.0 78.6 86.4 87.9 89.6 92.0 96.9 98.7 99.9 102.0 18

19 Asset: Federal government 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 19

20 Life insurance companies 66.4 72.1 77.7 85.5 87.0 88.7 91.0 95.9 97.8 99.0 101.0 20

21 Government-sponsored enterprise loans 131.8 135.5 162.0 189.1 184.9 187.5 190.8 201.3 202.3 217.0 225.1 21

22 Liab.: Household sector (SLMA) 22.0 24.9 27.6 31.3 32.4 34.1 34.9 36.2 37.2 39.4 39.6 22

23 Noncorporate business (FCS) 11.5 12.6 13.9 13.9 15.1 14.6 15.2 16.4 17.8 16.9 16.1 23

24 Farm business (FCS) 11.2 11.4 11.6 12.4 12.0 13.1 13.7 13.8 13.7 14.9 15.2 24

25 Commercial banks (FHLB and SLMA) 9.3 12.5 21.2 30.5 29.9 33.3 34.4 36.7 32.4 33.8 35.1 25

26 Savings institutions (FHLB and SLMA) 77.8 74.0 87.3 100.0 94.6 91.5 91.6 97.4 99.7 110.5 118.7 26

27 Credit unions (FHLB) 0.0 0.0 0.2 0.5 0.4 0.3 0.4 0.4 0.4 0.3 0.4 27

28 Life insurance companies (FHLB) 0.0 0.0 0.2 0.6 0.6 0.6 0.6 0.5 1.1 1.2 0.1 28

29 ABS issuers loans to business 8.8 11.6 21.6 25.9 27.0 29.4 30.5 32.7 33.4 36.0 33.7 29

30 Liab.: Nonfinancial corporate business 8.8 11.6 21.6 25.9 27.0 29.4 30.5 32.7 33.4 36.0 33.7 30

31 Finance company loans to business 295.8 301.3 294.6 337.6 351.9 361.8 362.4 375.9 380.9 383.7 383.5 31

32 Liab.: Nonfinancial corporate business 266.2 271.2 265.2 303.9 316.7 325.7 326.2 338.3 342.8 345.3 345.1 32

33 Nonfarm noncorporate business 29.6 30.1 29.5 33.8 35.2 36.2 36.2 37.6 38.1 38.4 38.3 33
Z.1, December 11, 1996 91

L.217 Total Mortgages

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total mortgages 3962.6 4094.1 4266.9 4472.7 4514.2 4581.6 4657.9 4706.6 4782.0 4869.4 4949.1 1

 2 Home 2849.8 3037.4 3225.5 3429.4 3465.0 3519.0 3587.1 3626.3 3689.2 3757.7 3824.9 2

 3 Multifamily residential 284.4 274.2 270.8 275.7 277.8 280.9 284.2 288.0 291.9 297.0 301.1 3

 4 Commercial 749.1 701.7 689.4 684.6 688.0 697.9 702.2 707.7 715.7 728.2 735.7 4

 5 Farm 79.3 80.7 81.2 83.0 83.4 83.8 84.4 84.6 85.2 86.5 87.3 5

 6 Total liabilities 3962.6 4094.1 4266.9 4472.7 4514.2 4581.6 4657.9 4706.6 4782.0 4869.4 4949.1 6

 7 Household sector 2813.4 2985.4 3156.2 3368.5 3408.0 3466.7 3540.2 3581.0 3652.0 3726.3 3800.0 7

 8 Nonfinancial business 1144.4 1103.3 1101.8 1085.5 1086.1 1093.6 1095.1 1101.5 1104.6 1116.3 1120.8 8

 9 Corporate 153.8 126.4 125.9 114.6 114.2 120.1 119.5 124.0 123.0 129.5 129.3 9

10 Nonfarm noncorporate 911.3 896.2 894.7 887.9 888.6 889.7 891.2 892.9 896.3 900.2 904.2 10

11 Farm 79.3 80.7 81.2 83.0 83.4 83.8 84.4 84.6 85.2 86.5 87.3 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 4.8 5.4 8.9 18.7 20.0 21.3 22.6 24.0 25.4 26.9 28.3 13

14 Total assets 3962.6 4094.1 4266.9 4472.7 4514.2 4581.6 4657.9 4706.6 4782.0 4869.4 4949.1 14

15 Household sector 154.6 161.7 182.8 192.2 193.4 196.1 199.1 199.6 202.6 207.1 211.1 15

16 Nonfinancial corporate business 59.0 60.0 52.3 54.2 55.7 57.2 59.2 61.5 63.5 65.0 67.0 16

17 Nonfarm noncorporate business 26.0 25.2 23.7 23.6 23.6 23.6 23.5 23.5 23.5 23.5 23.4 17

18 State and local governments 113.7 113.7 108.3 110.5 111.8 112.9 113.0 113.8 114.3 114.9 115.5 18

19 Federal government 98.3 86.4 85.0 71.0 68.8 64.5 61.3 57.6 55.1 53.7 50.7 19

20 Commercial banking 881.3 900.5 947.8 1013.1 1033.9 1062.3 1082.1 1090.1 1097.3 1109.7 1123.2 20

21 Savings institutions (1) 705.4 628.0 598.4 596.2 601.8 599.7 604.6 596.8 602.6 612.9 628.0 21

22 Credit unions 52.8 56.1 56.0 62.1 63.8 64.1 65.5 66.5 68.0 71.3 71.3 22

23 Bank personal trusts and estates 4.0 3.9 3.6 3.4 3.5 3.6 3.7 3.9 4.0 4.1 4.2 23

24 Life insurance companies 265.3 246.7 229.1 215.3 215.2 215.4 217.9 211.8 211.7 212.6 210.8 24

25 Other insurance companies 6.5 5.9 4.5 3.8 3.6 3.3 3.1 2.8 2.6 2.3 2.1 25

26 Private pension funds 18.4 14.8 15.3 16.4 16.7 16.9 17.0 17.4 17.9 18.9 19.2 26

27 State and local govt. retirement funds 16.9 16.5 14.5 15.2 15.4 15.6 15.7 15.9 16.1 16.3 16.5 27

28 Government-sponsored enterprises (1) 167.9 199.9 242.0 248.3 247.4 248.5 253.1 256.0 257.4 260.1 259.5 28

29 Federally related mortgage pools 1156.5 1272.0 1356.8 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 1643.4 1679.2 29

30 ABS issuers 101.7 162.2 206.2 245.8 251.4 260.0 268.4 283.3 295.0 302.7 308.8 30

31 Finance companies 67.1 72.2 71.7 78.5 80.8 83.4 86.1 86.6 89.1 93.1 96.7 31

32 Mortgage companies 60.3 60.5 60.4 37.5 33.9 41.4 43.2 34.1 46.1 41.7 45.0 32

33 REITs 7.0 8.1 8.6 13.3 13.8 14.2 14.7 15.1 15.6 16.1 16.6 33

(1) FHLB loans to savings institutions are included in other loans and advances.
92 Z.1, December 11, 1996

L.218 Home Mortgages (1)

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2849.8 3037.4 3225.5 3429.4 3465.0 3519.0 3587.1 3626.3 3689.2 3757.7 3824.9 1

 2 Household sector 2654.4 2815.5 2971.6 3169.7 3204.4 3259.4 3328.8 3368.0 3431.7 3500.4 3567.5 2

 3 Nonfinancial corporate business 17.0 17.5 18.1 18.7 18.8 19.0 19.1 19.3 19.5 19.6 19.8 3

 4 Nonfarm noncorporate business 178.4 204.4 235.9 241.1 241.7 240.6 239.2 239.0 238.0 237.7 237.7 4

 5 Total assets 2849.8 3037.4 3225.5 3429.4 3465.0 3519.0 3587.1 3626.3 3689.2 3757.7 3824.9 5

 6 Household sector 138.3 144.6 165.0 173.0 174.1 176.6 179.6 180.0 182.7 186.9 190.6 6

 7 Nonfinancial corporate business 33.7 36.1 29.1 34.1 35.2 35.7 37.0 38.6 39.8 39.8 40.4 7

 8 Nonfarm noncorporate business 8.9 9.5 9.7 9.7 9.7 9.7 9.7 9.6 9.6 9.6 9.6 8

 9 State and local governments 62.9 62.3 56.3 57.3 58.5 59.3 59.8 60.5 60.8 61.2 61.7 9

10 Federal government 37.1 35.1 30.3 24.8 23.8 21.7 20.8 19.0 17.4 16.7 15.5 10

11 Commercial banking 485.6 510.8 560.8 616.2 632.0 652.1 667.3 669.3 671.8 676.8 683.1 11

12 Savings institutions 538.4 489.6 470.0 477.6 483.8 482.0 488.9 482.4 489.6 499.0 513.1 12

13 Credit unions 52.8 56.1 56.0 62.1 63.8 64.1 65.5 66.5 68.0 71.3 71.3 13

14 Bank personal trusts and estates 4.0 3.9 3.6 3.4 3.5 3.6 3.7 3.9 4.0 4.1 4.2 14

15 Life insurance companies 11.5 11.4 9.5 7.9 7.6 7.6 7.7 7.5 7.5 7.5 7.4 15

16 Private pension funds 4.1 3.2 3.3 3.6 3.7 3.7 3.7 3.8 3.9 4.1 4.2 16

17 State and local govt. retirement funds 3.7 3.4 3.5 3.9 4.0 4.2 4.3 4.4 4.6 4.7 4.8 17

18 Government-sponsored enterprises 126.2 156.7 197.3 202.7 202.0 203.1 207.3 209.7 210.5 212.8 212.1 18

19 Federally related mortgage pools 1130.4 1248.2 1334.3 1449.7 1457.7 1475.1 1501.9 1543.4 1571.9 1614.5 1648.5 19

20 ABS issuers 91.5 140.7 172.0 194.1 197.9 202.7 207.7 214.6 219.4 221.4 224.3 20

21 Finance companies 67.1 72.2 71.7 78.5 80.8 83.4 86.1 86.6 89.1 93.1 96.7 21

22 Mortgage companies 53.1 52.7 52.2 29.3 25.6 33.0 34.6 24.8 36.9 32.4 35.4 22

23 REITs 0.4 0.9 0.9 1.5 1.5 1.6 1.6 1.7 1.7 1.8 1.8 23

(1) Mortgages on 1-4 family properties.

L.219 Multifamily Residential Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 284.4 274.2 270.8 275.7 277.8 280.9 284.2 288.0 291.9 297.0 301.1 1

 2 Nonfinancial corporate business 18.8 19.3 19.9 20.5 20.6 20.8 20.9 21.1 21.2 21.4 21.6 2

 3 Nonfarm noncorporate business 264.0 253.2 248.0 249.1 250.6 253.1 255.8 259.0 262.3 266.7 270.2 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 1.6 1.8 3.0 6.2 6.6 7.0 7.5 7.9 8.4 8.9 9.3 5

 6 Total assets 284.4 274.2 270.8 275.7 277.8 280.9 284.2 288.0 291.9 297.0 301.1 6

 7 Household sector 0.6 0.5 0.8 1.4 1.5 1.6 1.7 1.7 1.7 1.7 1.7 7

 8 Nonfinancial corporate business 0.6 0.5 1.3 0.9 0.9 0.9 1.0 1.1 1.2 1.4 1.5 8

 9 Nonfarm noncorporate business 8.4 8.3 7.0 7.0 7.0 6.9 6.9 6.9 6.9 6.9 6.9 9

10 State and local governments 41.7 42.4 42.8 43.5 43.7 43.9 44.0 44.1 44.4 44.6 44.8 10

11 Federal government 31.9 27.6 24.6 22.0 21.4 19.8 18.3 17.3 16.9 16.8 15.9 11

12 Commercial banking 36.9 38.0 38.7 39.4 41.0 41.0 42.9 43.8 44.7 45.1 45.8 12

13 Savings institutions 79.9 69.8 67.4 64.3 63.8 64.5 63.6 62.0 60.5 60.8 61.4 13

14 Life insurance companies 29.6 27.8 25.8 24.3 24.3 24.3 24.6 23.9 23.9 24.0 23.8 14

15 Private pension funds 0.8 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 15

16 State and local govt. retirement funds 4.8 4.2 4.1 4.3 4.3 4.4 4.4 4.5 4.6 4.6 4.7 16

17 Government-sponsored enterprises 14.6 16.2 17.9 18.7 19.0 19.0 19.3 19.5 19.7 19.7 19.5 17

18 Federally related mortgage pools 26.1 23.8 22.5 22.4 22.2 23.9 24.7 26.9 27.8 28.9 30.7 18

19 ABS issuers 3.7 6.3 8.7 14.9 15.7 17.3 18.9 21.3 24.5 26.8 28.1 19

20 Mortgage companies 2.7 3.0 3.1 3.1 3.2 3.2 3.5 4.2 4.0 4.2 4.5 20

21 REITs 2.2 5.3 5.6 8.7 9.0 9.3 9.6 9.9 10.2 10.5 10.9 21
Z.1, December 11, 1996 93

L.220 Commercial Mortgages

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 749.1 701.7 689.4 684.6 688.0 697.9 702.2 707.7 715.7 728.2 735.7 1

 2 Household sector 158.9 169.8 184.6 198.9 203.6 207.3 211.4 213.0 220.3 225.9 232.5 2

 3 Nonfinancial corporate business 118.0 89.6 88.0 75.4 74.7 80.3 79.4 83.7 82.3 88.5 87.9 3

 4 Nonfarm noncorporate business 468.9 438.7 410.8 397.8 396.3 396.0 396.2 394.9 396.0 395.8 396.3 4

 5 REITs 3.2 3.6 6.0 12.5 13.4 14.3 15.2 16.1 17.0 18.0 19.0 5

 6 Total assets 749.1 701.7 689.4 684.6 688.0 697.9 702.2 707.7 715.7 728.2 735.7 6

 7 Household sector 2.8 3.7 5.3 7.5 7.5 7.5 7.4 7.3 7.1 6.8 6.5 7

 8 Nonfinancial corporate business 24.7 23.5 21.9 19.2 19.6 20.6 21.2 21.8 22.5 23.9 25.0 8

 9 Nonfarm noncorporate business 8.0 6.5 6.1 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 9

10 State and local governments 7.7 7.5 7.7 8.3 8.1 8.2 7.8 7.7 7.8 7.7 7.7 10

11 Federal government 21.2 14.6 20.5 13.2 12.5 11.8 10.9 10.2 10.0 9.8 9.3 11

12 Commercial banking 340.3 331.8 327.5 335.0 337.9 345.7 348.1 353.1 356.9 363.2 369.5 12

13 Savings institutions 86.7 68.2 60.8 53.9 54.0 52.9 51.8 52.2 52.2 52.7 53.1 13

14 Life insurance companies 214.1 198.3 184.3 173.5 173.4 173.8 175.9 170.8 170.7 171.4 169.9 14

15 Other insurance companies 6.5 5.9 4.5 3.8 3.6 3.3 3.1 2.8 2.6 2.3 2.1 15

16 Private pension funds 13.5 10.9 11.3 12.1 12.2 12.4 12.5 12.8 13.2 13.9 14.1 16

17 State and local govt. retirement funds 8.3 8.9 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 17

18 ABS issuers 6.5 15.2 25.5 36.8 37.8 40.1 41.8 47.4 51.1 54.5 56.3 18

19 Mortgage companies 4.5 4.8 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 19

20 REITs 4.5 1.9 2.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 4.0 20

L.221 Farm Mortgages

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities (Farm business) 79.3 80.7 81.2 83.0 83.4 83.8 84.4 84.6 85.2 86.5 87.3 1

 2 Total assets 79.3 80.7 81.2 83.0 83.4 83.8 84.4 84.6 85.2 86.5 87.3 2

 3 Household sector 12.9 13.0 11.6 10.3 10.3 10.4 10.4 10.6 11.1 11.6 12.3 3

 4 Nonfarm noncorporate business 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 4

 5 State and local governments 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3 5

 6 Federal government 8.2 9.1 9.7 11.0 11.1 11.2 11.3 11.1 10.8 10.5 10.1 6

 7 Commercial banking 18.4 19.9 20.9 22.6 22.9 23.6 23.8 23.8 23.9 24.6 24.8 7

 8 Savings institutions 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 8

 9 Life insurance companies 10.0 9.2 9.5 9.6 9.9 9.6 9.6 9.6 9.6 9.7 9.7 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 27.1 27.0 26.8 26.9 26.4 26.4 26.5 26.8 27.2 27.6 27.8 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
94 Z.1, December 11, 1996

L.222 Consumer Credit

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities (Households) 797.4 802.4 863.9 990.2 990.9 1030.8 1078.2 1131.9 1125.8 1151.0 1179.7 1

 2 Total assets 797.4 802.4 863.9 990.2 990.9 1030.8 1078.2 1131.9 1125.8 1151.0 1179.7 2

 3 Nonfinancial corporate business 63.0 65.7 77.2 86.6 79.7 80.5 78.3 85.1 76.7 72.0 68.6 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 372.4 365.5 399.7 462.9 463.0 476.3 492.4 507.8 500.6 507.6 517.8 5

 6 Savings institutions 42.2 37.4 37.9 38.5 37.5 38.5 39.7 40.1 40.7 41.1 43.0 6

 7 Credit unions 90.3 89.4 101.6 119.6 120.6 125.7 129.2 131.9 131.5 136.1 142.0 7

 8 ABS issuers 103.5 121.5 131.1 147.8 154.3 168.1 192.4 214.4 224.6 238.3 251.4 8

 9 Finance companies 126.0 122.9 116.5 134.8 135.8 141.7 146.2 152.6 151.7 155.9 157.0 9

L.223 Trade Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total trade payables 948.3 995.1 1048.2 1162.2 1155.1 1177.5 1211.1 1258.5 1246.0 1278.6 1304.8 1

 2 Household sector 77.7 82.5 89.8 97.4 99.7 102.0 104.4 106.7 109.1 111.5 114.0 2

 3 Nonfinancial corporate business 649.4 682.8 719.3 811.0 799.2 810.6 837.8 878.6 863.8 888.8 907.3 3

 4 Nonfarm noncorporate business 59.7 66.6 64.1 65.6 66.4 67.1 67.9 68.8 69.7 70.7 71.6 4

 5 Farm business 13.0 13.2 14.2 15.2 15.0 16.3 16.9 16.2 15.3 16.7 16.9 5

 6 State and local governments 25.4 27.7 28.4 29.0 29.7 30.4 30.9 31.2 31.6 32.4 32.8 6

 7 Federal government 85.8 83.1 86.5 95.4 96.4 98.4 101.1 101.4 102.4 104.4 106.5 7

 8 Rest of the world 30.4 31.8 35.9 39.5 39.7 43.3 42.2 45.2 42.4 41.1 41.2 8

 9 Brokers and dealers 6.8 7.4 10.1 9.1 9.0 9.3 10.0 10.3 11.6 13.0 14.4 9

10 Total trade receivables 1211.4 1246.1 1296.2 1414.3 1450.2 1483.6 1541.1 1533.9 1572.5 1614.8 1659.3 10

11 Nonfinancial corporate business 961.4 988.9 1035.0 1141.4 1171.8 1202.1 1253.9 1230.1 1258.5 1294.5 1326.7 11

12 Nonfarm noncorporate business 96.7 103.8 103.0 107.0 108.4 109.7 111.1 112.5 113.8 115.1 116.4 12

13 Federal government 40.4 33.3 30.7 26.6 26.8 26.0 25.9 26.4 28.5 29.4 31.9 13

14 Rest of the world 42.3 44.7 47.9 50.9 50.7 49.1 49.9 51.9 52.8 53.2 54.0 14

15 Other insurance companies 49.1 49.0 50.7 52.9 54.0 55.1 56.2 57.3 58.4 59.5 60.6 15

16 ABS issuers 21.5 26.3 28.8 35.5 38.5 41.6 44.2 55.7 60.6 63.2 69.8 16

17 Discrepancy -263.1 -251.1 -248.0 -252.0 -295.1 -306.2 -330.0 -275.4 -326.5 -336.2 -354.5 17

L.224 Security Credit

Billions of dollars; levels, not seasonally adjusted

 1 Total liabilities 188.9 217.7 279.0 279.0 269.5 277.9 286.2 305.6 326.9 318.6 312.6 1

 2 Household sector 55.1 53.5 76.1 75.1 69.4 68.7 77.4 78.6 89.1 89.9 86.3 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 133.8 164.2 202.9 203.9 200.1 209.2 208.9 227.1 237.8 228.8 226.3 4

 5 Customer credit balances (HH) 87.0 76.2 102.3 109.0 112.9 113.2 114.9 127.6 140.9 136.8 140.6 5

 6 From U.S.-chartered commercial banks 30.0 57.3 61.4 56.8 56.1 62.3 59.5 65.1 63.0 59.4 57.4 6

 7 From foreign banking offices in U.S. 16.8 30.7 39.3 38.1 31.1 33.7 34.5 34.4 33.8 32.6 28.3 7

 8 Total assets 188.9 217.7 279.0 279.0 269.5 277.9 286.2 305.6 326.9 318.6 312.6 8

 9 Household sector 87.0 76.2 102.3 109.0 112.9 113.2 114.9 127.6 140.9 136.8 140.6 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Commercial banking 46.8 88.0 100.7 94.9 87.2 96.0 93.9 99.5 96.8 91.9 85.7 11

12 Brokers and dealers 55.1 53.5 76.1 75.1 69.4 68.7 77.4 78.6 89.1 89.9 86.3 12
Z.1, December 11, 1996 95

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Life insurance reserves:

 1 Total liabilities 406.8 434.8 470.8 505.3 518.0 532.4 540.6 550.2 555.2 565.9 576.7 1

 2 Federal government 13.0 13.3 13.6 13.8 13.6 13.9 13.6 13.9 13.7 13.9 13.7 2

 3 Life insurance companies 393.8 421.5 457.2 491.5 504.4 518.5 527.0 536.3 541.6 552.0 563.0 3

 4 Total assets (Households) 406.8 434.8 470.8 505.3 518.0 532.4 540.6 550.2 555.2 565.9 576.7 4

 Pension fund reserves:

 5 Total liabilities 3808.3 4225.4 4638.5 4846.9 5030.8 5224.2 5439.5 5567.1 5749.7 5897.7 6061.0 5

 6 Federal government 276.0 303.5 331.1 358.9 353.4 362.3 380.6 374.8 382.9 393.2 410.2 6

 7 Life insurance companies 655.7 745.1 853.8 897.4 926.3 961.4 990.0 1012.3 1043.2 1057.3 1091.5 7

 8 Private pension funds (1) 1844.8 2009.0 2199.0 2289.4 2391.8 2482.9 2590.4 2652.8 2739.7 2825.5 2898.2 8

 9 State and local govt. retirement funds 1031.7 1167.8 1254.6 1301.2 1359.2 1417.6 1478.5 1527.2 1584.0 1621.7 1661.2 9

10 Total assets (Households) 3808.3 4225.4 4638.5 4846.9 5030.8 5224.2 5439.5 5567.1 5749.7 5897.7 6061.0 10

(1) Includes unallocated insurance company contracts beginning in 1985:Q4.

L.226 Taxes Payable by Businesses

Billions of dollars; levels, not seasonally adjusted

 1 Total taxes payable by all businesses 70.0 79.7 84.9 88.0 94.3 89.2 91.9 89.3 94.3 90.3 92.1 1

 2 Nonfinancial corporate business 33.3 40.5 42.5 44.9 50.4 44.9 46.9 44.2 48.7 44.6 46.1 2

 3 Nonfarm noncorporate business 32.5 33.1 33.8 34.6 34.8 35.0 35.2 35.4 35.6 35.8 36.0 3

 4 U.S.-chartered commercial banks 0.5 0.7 1.2 1.9 2.1 2.3 2.6 2.8 3.1 3.4 3.7 4

 5 Savings institutions 1.2 1.4 1.9 1.0 1.3 1.2 1.6 1.6 1.7 1.3 1.4 5

 6 Life insurance companies 0.6 1.4 2.0 2.1 2.0 2.0 1.9 1.8 1.7 1.5 1.4 6

 7 Other insurance companies 0.6 1.0 1.2 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.1 7

 8 Finance companies 0.4 0.6 0.8 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 8

 9 Brokers and dealers 0.9 0.9 1.4 1.2 1.3 1.3 1.3 1.1 1.1 1.2 1.1 9

10 Total business taxes receivable 53.4 54.4 58.0 52.6 73.8 53.3 52.9 45.2 70.4 52.3 49.7 10

11 State and local governments 37.0 38.9 39.1 34.0 31.7 31.5 29.9 27.9 27.3 27.5 27.1 11

12 Federal government 16.4 15.5 18.9 18.6 42.1 21.8 23.0 17.3 43.0 24.8 22.6 12

13 Discrepancy 16.6 25.2 26.8 35.4 20.5 35.9 39.1 44.1 23.9 38.0 42.4 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; levels, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 790.9 799.5 1

 2 Asset: Household sector 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 790.9 799.5 2
96 Z.1, December 11, 1996

L.229 Total Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 4442.0 4784.5 5173.0 5436.9 5516.4 5574.1 5684.4 5839.8 5974.4 5988.9 6102.2 1

 2 Household sector 15.7 15.8 16.6 17.5 17.8 18.0 18.2 18.4 18.6 18.8 19.0 2

 3 Nonfinancial corporate business 1745.2 1948.8 2130.3 2139.0 2125.5 2139.0 2172.7 2196.3 2253.0 2240.2 2275.7 3

 4 Nonfarm noncorporate business 90.6 98.4 100.7 105.2 104.3 105.6 107.1 108.8 110.4 112.0 113.6 4

 5 Federal government 7.0 6.9 6.8 6.8 6.6 6.8 6.6 6.7 6.6 6.6 6.5 5

 6 Rest of the world 727.7 731.6 825.6 895.0 907.7 947.5 968.9 1020.4 1050.9 1051.2 1068.7 6

 7 Monetary authority 5.5 3.7 4.6 6.0 7.0 7.2 6.9 7.2 6.5 6.6 7.2 7

 8 Commercial banking 507.6 554.6 628.4 750.1 802.5 776.9 803.0 848.4 838.8 860.0 856.6 8

 9 Savings institutions 106.4 106.8 103.0 106.7 107.6 105.6 107.0 106.1 106.3 105.8 106.9 9

10 Credit unions 4.5 4.6 5.1 6.4 4.9 4.7 4.6 4.5 4.6 4.8 5.0 10

11 Life insurance companies 359.5 357.1 364.7 382.0 392.2 398.4 400.8 403.0 400.5 404.4 409.5 11

12 Other insurance companies 416.4 439.1 456.5 471.0 483.9 498.0 511.4 526.7 540.5 553.7 567.6 12

13 Government-sponsored enterprises 78.3 90.8 85.9 61.1 57.3 63.1 65.5 67.1 68.4 63.4 62.1 13

14 Finance companies 164.0 180.8 191.0 216.9 225.7 234.3 235.3 244.5 242.5 240.9 245.0 14

15 Mortgage companies 38.2 30.3 30.2 18.7 17.0 20.8 21.6 15.0 22.0 13.6 15.3 15

16 REITs 2.9 2.4 2.3 5.3 5.5 5.9 6.3 6.5 6.8 7.0 7.2 16

17 Brokers and dealers 41.5 52.2 67.9 69.2 66.4 69.0 72.2 79.8 75.9 76.8 89.8 17

18 Funding corporations 131.2 160.8 153.3 179.8 184.7 173.7 176.2 180.4 222.1 223.0 246.4 18

19 Total assets 5224.1 5483.4 5989.6 6312.9 6393.7 6404.7 6478.2 6751.5 6956.2 7045.9 7142.1 19

20 Household sector 234.1 251.0 264.1 274.7 287.5 300.6 312.4 324.6 337.0 349.4 362.8 20

21 Nonfinancial corporate business 2260.5 2355.8 2615.3 2727.2 2775.5 2797.3 2820.3 2925.4 3008.1 3031.4 3067.3 21

22 Nonfarm noncorporate business 215.0 218.7 227.6 232.1 233.3 234.4 235.6 236.9 238.0 239.3 240.6 22

23 Farm business 37.8 39.8 41.3 43.3 43.9 44.5 45.2 46.0 46.8 47.7 48.6 23

24 Federal government 104.8 120.2 116.3 119.7 115.6 114.3 115.7 117.2 115.8 114.9 114.7 24

25 Rest of the world 641.4 609.0 700.9 701.2 666.6 647.9 640.8 757.1 828.9 845.5 859.4 25

26 Monetary authority 5.6 7.4 9.6 9.8 8.6 9.4 9.2 10.7 9.7 10.1 10.0 26

27 Commercial banking 472.7 549.3 627.0 738.1 773.6 769.2 783.5 797.7 806.3 819.5 824.3 27

28 Savings institutions 112.6 96.6 70.3 57.8 56.0 58.5 57.2 58.1 54.4 52.5 53.6 28

29 Credit unions 12.8 16.5 18.2 14.8 15.2 14.6 13.9 13.9 16.6 15.3 13.2 29

30 Bank personal trusts and estates 10.8 12.6 16.0 12.9 12.5 12.3 12.1 11.9 11.6 11.3 11.1 30

31 Life insurance companies 85.7 77.7 76.7 98.2 101.5 99.7 99.3 100.7 97.5 97.6 94.6 31

32 Other insurance companies 23.7 24.0 28.8 30.5 31.2 31.3 32.0 34.9 35.9 36.9 37.9 32

33 Private pension funds 396.9 377.8 359.9 354.0 354.3 350.4 350.7 346.9 343.9 347.0 343.9 33

34 State and local govt. retirement funds 212.8 286.0 261.6 272.4 256.4 260.4 265.9 271.4 256.5 257.9 266.8 34

35 Money market mutual funds 7.7 12.7 23.7 30.6 30.5 33.8 37.9 43.4 49.7 50.5 49.5 35

36 Mutual funds 8.2 3.0 3.3 5.9 5.6 7.3 8.0 6.3 5.0 8.0 6.3 36

37 Government-sponsored enterprises 35.9 23.3 28.3 22.1 23.4 26.3 38.1 27.2 32.2 28.8 29.2 37

38 Finance companies 134.3 130.6 158.6 170.7 181.8 185.2 185.1 197.0 199.8 201.6 210.5 38

39 REITs 7.0 5.8 8.8 8.7 9.2 9.9 10.6 11.3 12.0 12.7 13.4 39

40 Brokers and dealers 129.0 180.4 228.6 254.2 265.6 248.7 248.0 258.1 283.0 290.0 299.8 40

41 Funding corporations 74.8 85.1 104.6 133.9 145.8 148.9 156.8 154.8 167.6 178.1 184.7 41

42 Discrepancy -782.1 -698.8 -816.7 -876.0 -877.2 -830.6 -793.8 -911.7 -981.8 -1057.0 -1039.9 42
Z.1, December 11, 1996 97

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 655.4 668.0 714.8 779.3 795.5 815.3 834.4 880.1 904.6 932.5 942.6 1

 2 Asset: Nonfinancial corporate business 578.0 580.0 598.4 665.6 683.5 697.7 718.5 751.9 772.3 797.3 803.0 2

 3 Commercial banking 25.4 29.9 33.8 36.5 36.3 36.6 37.4 38.6 39.1 39.6 40.2 3

 4 Life insurance companies 3.7 4.0 4.9 4.7 5.1 5.4 5.4 5.8 5.9 6.3 6.8 4

 5 Other insurance companies 23.7 24.0 28.8 30.5 31.2 31.3 32.0 34.9 35.9 36.9 37.9 5

 6 Finance companies 21.2 24.6 44.6 36.9 34.3 38.9 35.1 39.9 41.5 42.0 43.7 6

 7 Brokers and dealers 3.5 5.4 4.3 5.1 5.2 5.3 5.9 9.1 9.9 10.4 11.0 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 483.3 495.1 492.9 527.4 547.7 563.5 577.9 579.7 599.0 623.3 648.3 8

 9 Nonfarm noncorporate business 3.4 3.6 2.3 3.2 1.0 1.0 1.0 1.0 1.0 1.0 1.0 9

10 Commercial banking 24.9 28.4 33.5 35.6 37.5 37.3 39.6 41.8 42.8 43.8 44.0 10

11 Life insurance companies 8.6 11.0 13.5 13.4 13.6 13.7 14.2 15.3 16.0 16.5 16.9 11

12 Other insurance companies 24.7 24.8 27.1 27.0 27.1 28.6 29.1 31.9 33.0 33.6 34.8 12

13 Finance companies 5.6 7.6 29.5 32.6 32.4 31.1 41.0 42.3 47.5 48.4 49.4 13

14 Brokers and dealers 5.8 5.3 5.6 6.1 6.1 6.2 6.2 5.5 5.6 5.6 5.7 14

15 Funding corporations -64.3 -76.4 -65.2 -65.4 -75.3 -81.1 -83.1 -79.1 -78.0 -87.5 -89.8 15

16 Asset: Rest of the world 491.9 499.4 539.2 579.8 590.4 600.4 626.0 638.5 667.0 684.7 710.5 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 22.4 23.8 25.0 26.4 26.7 27.0 27.4 27.9 28.3 28.7 29.1 17

18 Asset: Federal government 22.4 23.8 25.0 26.4 26.7 27.0 27.4 27.9 28.3 28.7 29.1 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 2.7 3.1 3.4 3.7 3.8 3.8 3.9 4.0 4.0 4.1 4.5 19

20 Asset: Commercial banking 2.7 3.1 3.4 3.7 3.8 3.8 3.9 4.0 4.0 4.1 4.5 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 14.8 14.7 16.3 18.2 18.6 19.1 19.7 20.3 20.8 21.7 22.7 21

22 Asset: Nonfin. corporate business (FNMA) 1.8 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.4 2.8 3.4 22

23 Nonfarm noncorporate (BC) 0.6 0.6 0.8 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 23

24 Farm business (FICB and FLB) 2.2 2.1 2.2 2.2 2.2 2.2 2.1 2.2 2.1 2.2 2.1 24

25 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Commercial banks (FHLB) 0.7 1.4 2.7 4.3 4.8 5.2 5.5 5.8 6.0 6.2 6.3 26

27 Savings institutions (FHLB) 9.5 8.6 8.7 8.6 8.6 8.6 8.9 9.1 9.0 9.4 8.6 27

28 Credit unions (FHLB) 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 28

29 Life insurance companies (FHLB) 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1.1 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 227.2 255.0 286.6 304.2 317.1 325.9 337.4 344.3 348.3 361.7 360.0 30

31 Savings institutions 5.0 4.0 4.4 4.4 4.4 4.4 4.5 4.5 4.5 4.6 4.6 31

32 Finance companies 17.2 18.9 21.4 25.5 26.3 28.8 29.5 31.1 31.1 34.2 36.0 32

33 Mortgage companies 38.2 30.3 30.2 18.7 17.0 20.8 21.6 15.0 22.0 13.6 15.3 33

34 Brokers and dealers -19.5 -9.9 0.3 7.8 10.9 10.7 8.0 14.0 10.7 18.6 23.5 34

35 Asset: Bank holding companies 268.2 298.2 342.9 360.6 375.7 390.5 400.9 408.9 416.7 432.7 439.4 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 18.2 20.5 21.4 25.5 26.2 28.7 29.5 31.1 31.1 34.2 36.0 36

37 Asset: Nonfinancial corporate business 18.2 20.5 21.4 25.5 26.2 28.7 29.5 31.1 31.1 34.2 36.0 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 30.3 21.5 23.8 37.0 40.5 40.8 41.4 40.0 41.0 40.4 41.0 38

39 Brokers and dealers 44.5 63.7 80.8 96.9 105.3 108.1 115.4 114.8 126.6 137.8 143.8 39

40 Asset: Funding corporations 74.8 85.1 104.6 133.9 145.8 148.9 156.8 154.8 167.6 178.1 184.7 40
98 Z.1, December 11, 1996

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 1.6 1.7 2.0 2.2 1.8 1.8 2.1 2.1 2.3 2.0 2.0 1

 2 Asset: Federal government 1.6 1.7 2.0 2.2 1.8 1.8 2.1 2.1 2.3 2.0 2.0 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 31.7 30.8 23.7 16.0 14.8 17.9 16.9 19.3 17.5 14.9 15.4 5

 6 Asset: Savings institutions 31.7 30.8 23.7 16.0 14.8 17.9 16.9 19.3 17.5 14.9 15.4 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 15.7 15.8 16.6 17.5 17.8 18.0 18.2 18.4 18.6 18.8 19.0 7

 8 Asset: Life insurance companies 15.7 15.8 16.6 17.5 17.8 18.0 18.2 18.4 18.6 18.8 19.0 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 70.0 77.5 84.2 90.9 93.1 95.4 96.0 96.9 97.7 98.3 99.5 9

10 Health 38.2 45.2 51.4 58.0 60.0 62.0 62.4 63.2 64.0 64.5 65.5 10

11 Policy dividend accumulation 31.7 32.3 32.8 32.9 33.1 33.4 33.6 33.7 33.7 33.8 34.0 11

12 Asset: Household sector 70.0 77.5 84.2 90.9 93.1 95.4 96.0 96.9 97.7 98.3 99.5 12

 Policy payables:

13 Liab.: Other insurance companies 391.7 414.3 429.4 444.0 456.8 469.4 482.3 494.8 507.5 520.1 532.7 13

14 Asset: Household sector 164.1 173.6 179.9 183.9 194.4 205.2 216.4 227.7 239.3 251.1 263.3 14

15 Nonfinancial corporate business 149.5 163.0 169.7 177.5 178.9 179.8 180.4 180.7 180.7 180.4 179.7 15

16 Nonfarm noncorporate business 42.4 39.9 40.8 41.6 41.8 42.1 42.3 42.6 42.8 43.1 43.3 16

17 Farm business 35.6 37.7 39.1 41.1 41.7 42.3 43.1 43.8 44.6 45.5 46.4 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 210.0 195.8 189.2 197.2 198.7 198.6 200.0 200.5 198.6 201.7 203.5 18

19 Asset: Private pension funds 210.0 195.8 189.2 197.2 198.7 198.6 200.0 200.5 198.6 201.7 203.5 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 17.3 19.3 22.4 25.6 26.4 27.2 28.0 28.8 29.6 30.4 31.2 20

21 Asset: Private pension funds 17.3 19.3 22.4 25.6 26.4 27.2 28.0 28.8 29.6 30.4 31.2 21

 Securities borrowed (net):

22 Liab.: Funding corporations 102.9 153.5 197.1 221.7 233.4 214.6 211.7 216.2 242.6 249.5 261.3 22

23 Asset: Brokers and dealers 102.9 153.5 197.1 221.7 233.4 214.6 211.7 216.2 242.6 249.5 261.3 23
Z.1, December 11, 1996 99

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; levels, not seasonally adjusted

1991 1992 1993 1994 1995 1996

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Total liabilities 2052.6 2263.0 2440.6 2494.4 2491.0 2497.6 2530.5 2597.2 2619.8 2536.5 2567.9 1

 2 Nonfinancial corporate business 1244.6 1434.4 1615.0 1586.0 1551.4 1548.3 1566.8 1587.8 1624.3 1586.5 1596.2 2

 3 Nonfarm noncorporate business 87.2 94.8 98.3 102.0 103.3 104.6 106.1 107.8 109.4 111.0 112.6 3

 4 Federal government 7.0 6.9 6.8 6.8 6.6 6.8 6.6 6.7 6.6 6.6 6.5 4

 5 Rest of the world 48.2 38.1 83.8 87.1 83.7 103.4 105.1 110.3 115.7 88.0 95.0 5

 6 Monetary authority 2.8 0.6 1.2 2.3 3.2 3.4 2.9 3.3 2.5 2.4 2.7 6

 7 Commercial banking 225.2 249.8 284.5 373.3 407.3 372.9 384.6 422.3 406.6 414.1 411.6 7

 8 U.S.-chartered commercial banks 84.0 76.3 91.0 158.9 169.4 129.9 139.0 160.7 148.7 156.2 154.9 8

 9 Foreign banking offices in U.S. 119.9 147.3 168.4 185.0 207.4 211.8 213.6 226.7 221.4 224.4 216.7 9

10 Bank holding companies 18.2 22.0 19.6 22.0 23.2 22.9 23.8 24.6 26.3 23.6 29.3 10

11 Banks in U.S.-affiliated areas 3.1 4.2 5.6 7.4 7.3 8.3 8.3 10.3 10.2 9.9 10.7 11

12 Savings institutions 101.4 102.8 98.6 102.3 103.2 101.1 102.5 101.6 101.8 101.3 102.3 12

13 Credit unions 4.5 4.6 5.1 6.4 4.9 4.7 4.6 4.5 4.6 4.8 5.0 13

14 Life insurance companies 70.9 72.8 77.7 80.6 86.7 90.6 90.6 90.2 88.2 88.0 89.5 14

15 Government-sponsored enterprises 31.8 45.4 45.8 26.8 23.9 26.1 28.9 27.6 30.1 26.9 24.1 15

16 Finance companies 122.9 133.7 118.7 133.3 140.8 145.7 135.2 139.9 132.7 124.1 123.6 16

17 REITs 2.9 2.4 2.3 5.3 5.5 5.9 6.3 6.5 6.8 7.0 7.2 17

18 Brokers and dealers 10.7 -6.9 -18.8 -41.5 -56.0 -55.9 -57.4 -54.5 -67.0 -85.2 -83.2 18

19 Funding corporations 92.6 83.7 21.4 23.6 26.5 40.1 47.6 43.3 57.5 61.1 74.8 19

20 Total assets 2834.7 2961.9 3257.2 3370.4 3368.2 3328.1 3324.4 3508.9 3601.6 3593.5 3607.8 20

21 Nonfinancial corporate business 1513.0 1590.4 1823.9 1856.6 1884.9 1889.2 1889.8 1959.7 2021.5 2016.8 2045.2 21

22 Nonfarm noncorporate business 172.0 178.1 186.1 189.6 190.5 191.4 192.3 193.3 194.2 195.2 196.3 22

23 Federal government 80.7 94.6 89.3 91.1 87.1 85.5 86.3 87.2 85.2 84.2 83.6 23

24 Rest of the world 149.5 109.6 161.7 121.4 76.3 47.6 14.8 118.6 162.0 160.8 148.9 24

25 Monetary authority 5.6 7.4 9.6 9.8 8.6 9.4 9.2 10.7 9.7 10.1 10.0 25

26 Commercial banking 175.8 216.7 244.1 333.0 353.1 333.0 335.7 340.4 340.5 336.9 333.9 26

27 U.S.-chartered commercial banks 49.4 44.6 38.1 81.9 97.7 84.5 79.1 78.2 77.6 82.2 80.8 27

28 Foreign banking offices in U.S. 100.5 142.1 175.9 213.5 216.5 210.0 213.7 218.4 218.3 210.9 209.4 28

29 Bank holding companies 22.2 27.0 27.5 35.2 36.9 36.2 40.4 39.8 40.8 39.8 39.3 29

30 Banks in U.S.-affiliated areas 3.7 3.0 2.6 2.4 2.0 2.4 2.5 4.0 3.8 3.9 4.4 30

31 Savings institutions 71.4 57.2 37.9 33.2 32.6 32.0 31.3 29.8 27.9 28.3 29.7 31

32 Credit unions 12.8 16.5 18.1 14.7 15.1 14.5 13.8 13.8 16.4 15.1 13.0 32

33 Bank personal trusts and estates 10.8 12.6 16.0 12.9 12.5 12.3 12.1 11.9 11.6 11.3 11.1 33

34 Life insurance companies 66.3 57.9 55.2 75.8 78.5 76.2 75.6 76.4 72.8 72.3 67.6 34

35 Private pension funds 169.6 162.6 148.3 131.3 129.2 124.5 122.6 117.6 115.7 114.9 109.2 35

36 State and local govt. retirement funds 212.8 286.0 261.6 272.4 256.4 260.4 265.9 271.4 256.5 257.9 266.8 36

37 Mutual funds 8.2 3.0 3.3 5.9 5.6 7.3 8.0 6.3 5.0 8.0 6.3 37

38 Money market mutual funds 7.7 12.7 23.7 30.6 30.5 33.8 37.9 43.4 49.7 50.5 49.5 38

39 Government-sponsored enterprises 35.9 23.3 28.3 22.1 23.4 26.3 38.1 27.2 32.2 28.8 29.2 39

40 Finance companies 113.1 106.0 114.0 133.8 147.6 146.3 149.9 157.1 158.2 159.5 166.8 40

41 REITs 7.0 5.8 8.8 8.7 9.2 9.9 10.6 11.3 12.0 12.7 13.4 41

42 Brokers and dealers 22.6 21.5 27.2 27.4 27.0 28.7 30.4 32.9 30.6 30.1 27.4 42

43 Discrepancy -782.1 -698.8 -816.7 -876.0 -877.2 -830.6 -793.8 -911.7 -981.8 -1057.0 -1039.9 43
100 Z.1, December 11, 1996

F.100.a Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1988 1989 1990 1991 1992 1993

 

 1 Net financial investment 35.4 14.6 7.7 41.1 17.2 4.4 1

 2 Net acquisition of financial assets 62.3 59.2 44.3 93.8 56.6 52.2 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 6

 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 46.0 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 8

 9 U.S. government securities 11.5 18.6 10.5 14.2 18.2 19.6 9

10 Treasury 3.2 27.8 -2.9 7.8 13.4 8.4 10

11 Agency 8.2 -9.2 13.4 6.4 4.7 11.2 11

12 Municipal securities -0.0 1.9 -1.9 0.1 -0.1 2.2 12

13 Corporate and foreign bonds 6.6 11.5 9.3 8.2 19.3 6.9 13

14 Mortgages -0.8 0.9 -0.7 -0.1 0.9 1.6 14

15 Corporate equities 11.3 3.4 7.0 17.5 -0.8 8.6 15

16 Mutual fund shares -0.2 1.3 0.9 1.4 3.0 -3.2 16

17 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 17

18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 18

19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 19

20 Miscellaneous assets (2) 6.5 17.8 22.1 16.9 -2.3 4.3 20

21 Net increase in liabilities 26.9 44.6 36.7 52.7 39.4 47.8 21

22 Credit market instruments 11.0 16.3 18.0 24.4 21.7 31.1 22

23 Municipal securities 1.3 2.5 3.8 7.7 9.3 11.9 23

24 Bank loans n.e.c. 0.2 -5.2 -1.5 -3.5 1.7 4.3 24

25 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 25

26 Commercial mortgages 9.5 19.1 15.3 19.9 10.9 14.8 26

27 Trade payables 2.5 16.1 11.3 8.8 4.7 7.4 27

28 Miscellaneous liabilities (2) 13.5 12.2 7.4 19.4 13.0 9.4 28

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, December 11, 1996 101

L.100.a Nonprofit Organizations (1)

Billions of dollars; levels, not seasonally adjusted

1988 1989 1990 1991 1992 1993

 

 1 Total financial assets 498.4 593.0 622.1 738.8 803.1 866.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 5

 6 Credit market instruments 201.4 224.0 247.4 240.0 274.9 320.9 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 7

 8 U.S. government securities 97.3 115.9 126.4 140.6 158.8 178.4 8

 9 Treasury 64.8 92.5 89.7 97.5 110.9 119.4 9

10 Agency 32.6 23.4 36.8 43.1 47.9 59.0 10

11 Municipal securities 0.0 1.9 0.0 0.2 0.1 2.3 11

12 Corporate and foreign bonds 34.2 45.7 55.0 63.2 82.5 89.4 12

13 Mortgages 2.6 3.5 2.8 2.8 3.7 5.3 13

14 Corporate equities 116.9 152.3 145.4 182.1 187.1 207.2 14

15 Mutual fund shares 12.7 17.3 16.9 22.2 27.1 23.5 15

16 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 16

17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 17

18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 18

19 Miscellaneous assets (2) 54.0 71.8 93.9 110.8 108.5 112.8 19

20 Liabilities 323.2 367.8 404.5 457.2 496.6 544.4 20

21 Credit market instruments 200.0 216.2 234.2 258.6 280.4 311.4 21

22 Municipal securities 79.5 81.9 85.8 93.5 102.7 114.7 22

23 Bank loans n.e.c. 15.5 10.3 8.8 5.3 7.0 11.3 23

24 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 24

25 Commercial mortgages 104.7 123.7 139.1 158.9 169.8 184.6 25

26 Trade payables 41.5 57.6 68.9 77.7 82.5 89.8 26

27 Miscellaneous liabilities (2) 81.7 94.0 101.3 120.8 133.7 143.2 27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.