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

Thursday 

March 7, 2002 

FEDERAL RESERVE statistical release

Z.1 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 2001

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

Fourth Quarter 2001

Domestic nonfinancial debt rose at a 

seasonally adjusted annual rate of 6 percent in the 

fourth quarter of 2001. Borrowing by households 

remained robust as household debt was up at an 

8 percent annual pace in the fourth quarter. Home 

mortgage borrowing posted another strong gain, and 

consumer credit jumped up, in large part because 

financing incentives led to a spurt in loans to 

purchase motor vehicles. Debt of nonfinancial 

businesses increased at a 5-1/2 percent annual rate, a 

bit slower than in recent quarters; bank loans 

declined for the third quarter in a row, but low 

interest rates boosted net issuance in the corporate 

bond market and commercial paper issuance turned 

up. In the state and local government sector, debt 

growth spurted at a 12-3/4 percent annual rate in the 

fourth quarter, with borrowing widespread among 

governmental units. Both advance refunding of 

issues slated for retirement in the future and issuance 

for capital projects were strong. 

 

 For 2001 as a whole, domestic nonfinancial 

debt increased 6 percent, a percentage point more 

than a year earlier. The pickup was accounted for by 

federal debt which had declined sharply in 2000 but 

leveled out last year. In contrast, debt growth of the 

nonfederal sectors slowed to 7-1/2 percent, the 

lowest rate since 1997.

 The level of domestic nonfinancial debt 

outstanding was $19.4 trillion at the end of 2001. 

Debt of nonfederal sectors was $16.0 trillion, and 

federal debt was $3.4 trillion. 

Growth of Domestic Nonfinancial Debt1

Percentage changes; quarterly data are seasonally adjusted annual rates 

Nonfederal 

 Total Federal Total Households Business State and 

local govts. 

1995 5.4 4.1 5.9 7.4 7.2 -4.6 

1996 5.4 4.0 5.8 7.0 6.2 -0.6 

1997 5.6 0.6 7.3 6.4 9.0 5.3 

1998 6.9 -1.4 9.6 8.4 11.6 7.2 

1999 6.8 -1.9 9.3 8.6 11.3 4.4 

2000 5.0 -8.0 8.5 8.5 9.8 2.2 

2001 6.0 -0.2 7.4 8.6 6.0 8.3 

 

2000:Q1 5.3 -5.9 8.3 7.7 10.6 1.0 

 :Q2 5.5 -11.3 9.9 9.4 12.1 1.5 

 :Q3 4.6 -6.4 7.2 8.5 7.0 1.9 

 :Q4 4.2 -9.6 7.5 7.3 8.4 4.2 

 

2001:Q1 5.4 -0.1 6.7 7.6 5.4 8.1 

 :Q2 5.3 -7.6 8.2 9.2 7.0 8.3 

 :Q3 6.9 7.7 6.7 8.5 5.5 3.2 

 :Q4 6.0 -0.5 7.4 8.1 5.5 12.8 

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

Title Table Page 

Flow of Funds Accounts, Fourth Quarter 2001 1 

Availability of Data for Latest Quarter 3 

Debt Growth by Sector D.1 6 

Borrowing by Sector D.2 7 

Debt Outstanding by Sector D.3 8 

Flows Levels

Title Table Page Table Page 

Summaries 

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

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

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

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

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

Distribution of Gross Domestic Product F.6 12 

Distribution of National Income F.7 13 

Gross Saving and Investment F.8 14 

Net Capital Transfers F.9 14 

Derivation of Measures of Personal Saving F.10 15 L.10 61 
Flows Levels

Title Table Page Table Page

Sectors 

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

Nonfinancial Business F.101 17 L.101 63 

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

Nonfarm Noncorporate Business F.103 19 L.103 65 

Farm Business F.104 19 L.104 65 

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

Federal Government F.106 21 L.106 66 

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

Monetary Authority F.108 23 L.108 68 

Commercial Banking F.109 24 L.109 69 

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

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

Bank Holding Companies F.112 27 L.112 72 

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

Savings Institutions F.114 28 L.114 73 

Credit Unions F.115 29 L.115 74 

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

Life Insurance Companies F.117 30 L.117 75 

Other Insurance Companies F.118 30 L.118 75 

Private Pension Funds F.119 31 L.119 76 

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

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

Title Table Page Table Page

Mutual Funds F.122 32 L.122 77 

Closed-End and Exchange-Traded Funds F.123 32 L.123 77 

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

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

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

Finance Companies F.127 34 L.127 79 

Mortgage Companies F.128 35 L.128 80 

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

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

Funding Corporations F.131 36 L.131 81 

Instruments 

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

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

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

Net Interbank Transactions F.203 38 L.203 83 

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

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

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

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

Open Market Paper F.208 41 L.208 86 

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

Title Table Page Table Page

Agency Securities F.210 43 L.210 88 

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

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

Corporate Equities F.213 45 L.213 90 

Mutual Fund Shares F.214 45 L.214 90 

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

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

Total Mortgages F.217 48 L.217 93 

Home Mortgages F.218 49 L.218 94 

Multifamily Residential Mortgages F.219 49 L.219 94 

Commercial Mortgages F.220 50 L.220 95 

Farm Mortgages F.221 50 L.221 95 

Consumer Credit F.222 51 L.222 96 

Trade Credit F.223 51 L.223 96 

Security Credit F.224 51 L.224 96 

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

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

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

Proprietors’ Equity in Noncorporate Business F.228 52 

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

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

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

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

Sector Discrepancies F.11 57 

Instrument Discrepancies F.12 57 
Balance Reconciliation

Sheet

Title Table Page Table Page 

Balance Sheet and Reconciliation Tables

Households and Nonprofit Organizations B.100 102 R.100 105 

Nonfarm Nonfinancial Corporate Business B.102 103 R.102 106 

Nonfarm Noncorporate Business B.103 104 R.103 107 

Flows Levels

Title Table Page Table Page

Supplementary Tables 

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

Consolidated Statement for Federal, State, and Local Governments F.106.c 110 L.106.c 111 

Private Pension Funds: Defined Benefit Plans F.119.b 112 L.119.b 113 

Private Pension Funds: Defined Contribution Plans F.119.c 112 L.119.c 113 

Individual Retirement Accounts (IRAs) F.225.i 112 L.225.i 113 

Flow of Funds Matrix for 2001 114 115 

Balance Sheet of Households and Nonprofit Organizations 

 with Equity Detail B.100.e 116 

 

1

Flow of Funds Accounts, Fourth Quarter 2001 

 This publication presents the flow of funds 

accounts for 2001:Q4. 

Data revisions and other changes. The statistics in 

the attached tables reflect the use of new or revised 

source data. Most significant revisions appear in recent 

quarters; however, new source information resulted in 

changes to data for earlier periods. The revisions 

include the following: 

1. The distribution of tangible investment and 

depreciation among sectors has been revised beginning 

in 1959 to be consistent with information on 

reproducible tangible wealth published by the Bureau 

of Economic Analysis of the Department of 

Commerce. 

2. In the private pension funds sector (tables 

F.119, L.119, F.119.b, F.119.c, L.119.b, and L.119.c), 

data have been revised for the period 1998 forward to 

reflect statistics from the U.S. Internal Revenue 

Service/Department of Labor/Pension Benefit Guaranty 

Corporation Form 5500 filed for plan year 1998. 

3. In the mutual funds sector (tables F.122 and 

L.122), the distribution of holdings of government 

securities between Treasury and agency issues has been 

revised for the period 1983:Q1 forward. The revised 

data are Flow of Funds staff estimates based on industry 

information and also changed the distribution of 

government securities held by the households and 

nonprofit organizations sector. 

4. Seasonal adjustment factors for total 

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

recalculated for the period 1997:Q1 forward. The 

seasonal adjustment factors for this instrument are 

consistent with those used in the seasonally adjusted 

monthly data published in the Federal Reserve 

Board’s G.19 statistical release. 

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

Domestic debt comprises credit market funds borrowed 

by U.S. entities from both domestic and foreign 

sources, while foreign debt represents amounts 

borrowed by foreign financial and nonfinancial entities 

in U.S. markets only. Financial sectors consist of 

government-sponsored enterprises, federally related 

mortgage pools, and private financial institutions. 

Credit market debt consists of debt securities, 

mortgages, bank loans, commercial paper, consumer 

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

advances; it excludes trade debt, loans for the purpose 

of carrying securities, and funds raised from equity 

sources. 

Growth rates in table D.1 are calculated by 

dividing seasonally adjusted flows from table D.2 by 

seasonally adjusted levels at the end of the previous 

period from table D.3. Seasonally adjusted levels in 

flow of funds statistics are derived by carrying forward 

year-end levels by seasonally adjusted flows. Growth 

rates calculated from changes in unadjusted levels 

printed in table L.2 can differ from those in table D.1. 

Relation of Flows to Outstandings. Estimates of 

financial assets and liabilities outstanding are linked to 

data on flows. However, figures on outstandings 

contain discontinuities or breaks in series that could 

affect analysis of particular relationships over time. 

Specifically, outstandings in the flow of funds accounts 

are related to the flows in the following way: 

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

where “t” is the time period. 

Discontinuities result from changes in 

valuation, breaks in source data, and changes in 

definitions. For most series, the value of the 

discontinuity is zero for nearly all time periods. 

However, in a few instances, the discontinuity is 

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

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

increase or decrease in equity prices or a major break in 

source data. 

The discontinuities in a series can distort 

estimated rates of growth in assets and liabilities 

between periods. In order to minimize these distortions, 

percentage changes in assets and liabilities in flow of 

funds releases should be calculated as: 

Percentage change t

 = (Flow t / Outstanding t-1) * 100 
2 

Preliminary Estimates. Figures shown for the most 

recent quarter in these tables are based on preliminary 

and incomplete information. A summary list of the 

principal sources of information available when the 

latest quarter’s data were compiled is provided in a table 

following this introduction. The distinction between 

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

and preliminary versions of data, but rather between 

those source estimates that are fully ready when the 

latest quarterly publication is compiled and those that 

are not yet completed. However, the items that are 

shown as available are, in general, also preliminary in 

the sense that they are subject to revision by source 

agencies. 

Margins of Uncertainty. Flow of funds statistics are 

subject to uncertainties resulting from measurement 

errors in source data, incompatibilities among data from 

different sources, potential revisions in both financial 

and nonfinancial series, and incomplete data in parts of 

the accounts. The size of these uncertainties cannot be 

quantified in precise statistical terms, but allowance for 

them is explicitly made throughout the accounts by the 

inclusion of “discrepancies” for various sectors and 

instrument types. A discrepancy for a sector is the 

difference between its measured sources of funds and 

its measured uses of funds. For an instrument category, 

a discrepancy is the difference between measured funds 

borrowed through the financial instrument and 

measured funds lent through that instrument. The size 

of such discrepancies relative to the main asset or 

liability components is one indication of the quality of 

source data, especially on an annual basis. For 

quarterly data, differences in seasonal adjustment 

procedures for financial and nonfinancial components 

of the accounts sometimes result in discrepancies that 

cancel in annual data. 

Availability of Data. Flow of funds statistics are 

updated about ten weeks following the end of a quarter. 

This publication — the Z.1 release — is available from 

the Board's Publications Services. Flow of funds data 

are also available electronically through the Internet at 

the following location: 

http://www.federalreserve.gov/releases/Z1

The Internet site also provides quarterly data beginning 

in 1952, organized in compressed files that correspond 

to the tables published in this release. There are files 

for quarterly data for seasonally adjusted flows, 

unadjusted flows, outstandings, balance sheets, and 

debt (tables D.1, D.2, and D.3). There is a separate file 

for monthly data from January 1955 onward for the debt 

aggregate published in the Board's H.6 statistical 

release, “Money Stock and Debt Measures.” 

A Guide to the Flow of Funds Accounts is available. 

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

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

the principles underlying the accounts. The Guide can 

be purchased for $20.00 from the Board’s Publications 

Services. Publications Services accepts orders 

accompanied by checks as well as credit card orders. 

The Internet site for this release at the location shown 

above contains a link to an order form for the Guide 

that can be mailed or faxed to Publications Services. 

Subscription Information. The Federal Reserve 

Board charges for subscriptions to all statistical 

releases. Inquiries for releases should be directed to: 

Publications Services, Stop 127 

Board of Governors 

of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3244
3

Availability of Data for Latest Quarter 

Available at time of publication Major items missing

 1. National income and 

 product accounts (NIPA) 

Preliminary estimates, seasonally 

adjusted, for 2001:Q4. 

Unadjusted flows since 2000; 

profit data for 2001:Q4. 

 2. Households and nonprofit 

 organizations sector 

 (tables F.100 and L.100) 

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

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

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

through 2001:Q4. The source for nonprofit organizations data (tables 

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

Data for nonprofit organizations are available for 1987 through 1998. 

 3. Nonfarm nonfinancial 

 corporate business 

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of 

the Census Bureau through 2001:Q3; 

Internal Revenue Service Statistics of 

Income data through 1998; securities 

offerings, mortgages, bank loans, 

commercial paper, and other loans 

through 2001:Q4. 

Statistics of Income data since 

1998; QFR data for 2001:Q4. 

 4. Nonfarm noncorporate 

 business 

 (tables F.103 and L.103) 

Internal Revenue Service Statistics of 

Income data through 1998; bank and 

finance company loans and mortgage 

borrowing through 2001:Q4. 

Statistics of Income data since 

1998. 

 5. Farm business 

 (tables F.104 and L.104) 

Mortgages, bank loans, loans from 

government-sponsored enterprises, 

U.S. government loans to farms, and 

equity in government-sponsored 

enterprises through 2001:Q4; 

preliminary data for checkable 

deposits and currency and trade 

payables through 2001. 

Consumption of fixed capital and 

undistributed profits since 2000. 
4 

6. State and local 

 governments 

 (tables F.105 and L.105) 

Gross offerings and retirements of 

municipal securities, deposits at 

banks, and nonmarketable U.S. 

government security issues through 

2001:Q4; selected financial assets 

through 1999:Q2 from the 

comprehensive annual financial 

reports of state and local 

governments that account for most of 

the holdings of the sector, and data 

from Standard & Poor’s on local 

government investment pools. 

Selected financial asset items 

since 1999:Q2. 

 7. Federal government 

 (tables F.106 and L.106) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays

through 2001:Q4; Treasury data for 

loan programs through 2001:Q4. 

None. 

 8. Rest of the world 

 (U.S. international 

 transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2001:Q3; NIPA estimates; data from 

bank Reports of Condition and 

Treasury International Capital 

System through 2001:Q4. 

Balance of payments data for 

2001:Q4. 

 9. Monetary authority 

 (tables F.108 and L.108) 

All data through 2001:Q4. None. 

10. Commercial banking 

 (tables F.109 through F.113 

 and tables L.109 through 

 L.113) 

All data through 2001:Q4 for 

U.S.-chartered commercial banks, 

foreign banking offices in the U.S., 

bank holding companies, and 

commercial banks in U.S.-affiliated 

areas. 

Data since 2000 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

11. Savings institutions 

 (tables F.114 and L.114) 

All data through 2001:Q4. None. 

12. Credit unions 

 (tables F.115 and L.115) 

All data through 2001:Q4. None. 

13. Bank personal trusts and 

 estates 

 (tables F.116 and L.116) 

All data through 1999. Data since 1999. 

 

14. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2001:Q3. Data for 2001:Q4. 

 

15. Other insurance companies 

 (tables F.118 and L.118) 

All data through 2001:Q3. 

 

Data for 2001:Q4. 
5

16. Private pension funds 

 (including FERS 

 Thrift Savings Plan) 

 (tables F.119 and L.119) 

Quarterly data through 2001:Q4; 

Internal Revenue Service/Department 

of Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through 

1998. 

Form 5500 data since 1998. 

17. State and local government 

 employee retirement funds 

 (tables F.120 and L.120) 

All data through 2001:Q3. Data for 2001:Q4. 

18. Money market mutual 

 funds 

 (tables F.121 and L.121) 

All data through 2001:Q4. None. 

19. Mutual funds 

 (tables F.122 and L.122) 

All data through 2001:Q4. None. 

20. Closed-end funds 

 (tables F.123 and L.123) 

All data through 2000. Data since 2000. 

21. Exchange-traded funds 

 (tables F.122 and L.122) 

All data through 2001:Q4. None. 

22. Government-sponsored 

 enterprises 

 (tables F.124 and L.124) 

Data for Fannie Mae, Freddie Mac, 

FHLBs, FCS, FICO, REFCORP, and 

Sallie Mae through 2001:Q4. 

None. 

23. Federally related mortgage 

 pools 

 (tables F.125 and L.125) 

All data through 2001:Q4. None. 

24. Issuers of asset-backed 

 securities (ABSs) 

 (tables F.126 and L.126) 

All data for private mortgage pools, 

consumer credit, business loans, 

student loans, consumer leases, and 

trade credit securitization through 

2001:Q4. 

None. 

25. Finance companies 

 (tables F.127 and L.127) 

All data through 2001:Q4. None. 

26. Mortgage companies 

 (tables F.128 and L.128) 

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

27. Real estate investment 

 trusts (REITs) 

 (tables F.129 and L.129) 

Data from SNL REIT DataSource 

through 2001:Q3; preliminary data 

for 2001:Q4. 

Final data for 2001:Q4. 

28. Security brokers and 

 dealers 

 (tables F.130 and L.130) 

Data for firms filing FOCUS and 

FOGS reports through 2001:Q4. 

None. 

29. Funding corporations 

 (tables F.131 and L.131) 

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

other sectors. 
6 Z.1, March 7, 2002

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1986 11.9 13.6 11.4 11.5 13.7 9.0 11.4 13.8 10.9 26.2 4.1

1987 9.0 8.0 9.3 10.5 13.5 4.6 7.6 8.7 12.0 18.2 2.6

1988 9.1 8.0 9.4 9.9 11.8 6.3 9.8 10.9 6.4 13.2 3.0

1989 7.3 7.0 7.4 9.4 11.1 6.0 6.0 7.1 5.6 10.5 4.0

1990 6.5 11.0 5.2 7.2 9.0 1.5 3.4 5.4 5.0 8.8 9.0

1991 4.3 11.1 2.2 5.1 6.9 -1.3 -2.3 -2.1 8.6 6.5 5.2

1992 4.6 10.9 2.6 5.3 6.5 0.8 -0.2 1.0 2.2 8.8 7.9

1993 4.9 8.3 3.7 6.0 5.4 7.3 0.4 1.4 6.0 9.7 21.9

1994 4.5 4.7 4.5 7.4 5.7 14.5 3.7 4.9 -4.0 14.0 -3.6

1995 5.4 4.1 5.9 7.4 5.1 14.1 7.2 8.5 -4.6 11.9 20.9

1996 5.4 4.0 5.8 7.0 6.8 8.1 6.2 6.2 -0.6 12.9 19.5

1997 5.6 0.6 7.3 6.4 6.7 4.7 9.0 9.4 5.3 13.7 13.2

1998 6.9 -1.4 9.6 8.4 9.2 5.9 11.6 12.0 7.2 19.9 7.1

1999 6.8 -1.9 9.3 8.6 9.3 7.4 11.3 11.7 4.4 16.6 4.3

2000 5.0 -8.0 8.5 8.5 8.4 9.6 9.8 10.1 2.2 10.7 9.9

2001 6.0 -0.2 7.4 8.6 9.9 6.0 6.0 5.7 8.3 10.8 -5.6

1996 -- Q1 5.9 5.9 5.9 7.5 7.4 10.2 6.0 6.3 -1.8 9.5 13.6

 Q2 5.4 3.0 6.3 7.5 6.7 9.8 6.9 7.2 -1.3 16.3 10.6

 Q3 5.3 4.4 5.7 6.8 6.4 7.1 6.5 6.2 -3.2 10.3 27.1

 Q4 4.3 2.5 5.0 5.6 6.0 4.5 4.5 4.5 3.9 13.0 21.8

1997 -- Q1 4.9 1.8 6.1 6.8 6.7 5.2 6.3 6.0 1.6 8.2 6.2

 Q2 4.9 -0.4 6.7 6.0 5.8 4.9 8.2 8.3 4.3 14.0 13.8

 Q3 6.2 1.3 7.9 7.3 9.1 4.7 8.8 9.6 7.1 12.8 21.4

 Q4 5.8 -0.2 7.9 4.9 4.6 3.8 11.6 12.6 7.7 17.3 9.4

1998 -- Q1 7.1 -0.5 9.6 8.6 10.0 4.0 11.1 12.0 8.4 17.4 17.7

 Q2 7.2 -0.5 9.6 7.8 7.4 7.3 12.3 13.4 7.5 18.4 16.2

 Q3 5.9 -2.9 8.6 8.1 8.6 7.3 9.8 9.3 6.0 18.5 -1.7

 Q4 6.7 -1.6 9.2 8.0 9.5 4.5 11.4 11.3 6.0 20.0 -4.0

1999 -- Q1 7.6 -2.3 10.6 8.8 9.3 8.5 13.3 15.0 7.3 18.5 4.8

 Q2 5.6 -2.6 7.9 8.2 9.3 5.3 8.7 8.5 3.5 15.4 -3.6

 Q3 7.3 -2.0 9.9 9.3 10.0 6.8 11.8 11.8 4.3 15.6 12.4

 Q4 5.9 -0.8 7.7 6.9 7.5 8.2 9.7 9.4 2.2 13.0 3.4

2000 -- Q1 5.3 -5.9 8.3 7.7 7.2 8.8 10.6 11.3 1.0 8.0 17.7

 Q2 5.5 -11.3 9.9 9.4 9.6 9.7 12.1 12.5 1.5 11.5 -1.1

 Q3 4.6 -6.4 7.2 8.5 8.4 10.2 7.0 6.7 1.9 9.9 12.5

 Q4 4.2 -9.6 7.5 7.3 7.4 8.4 8.4 8.4 4.2 11.7 9.2

2001 -- Q1 5.4 -0.1 6.7 7.6 7.8 9.0 5.4 4.8 8.1 10.2 -1.1

 Q2 5.3 -7.6 8.2 9.2 11.3 4.6 7.0 6.8 8.3 9.1 -7.1

 Q3 6.9 7.7 6.7 8.5 9.9 1.5 5.5 5.3 3.2 12.2 -14.1

 Q4 6.0 -0.5 7.4 8.1 9.2 8.3 5.5 5.4 12.8 10.2 -0.6

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, March 7, 2002 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1986 845.3 216.0 629.3 262.1 199.8 54.4 293.0 222.5 74.2 328.8 9.7

1987 719.0 143.9 575.1 266.5 224.3 30.4 218.1 159.4 90.4 290.6 6.3

1988 787.6 155.1 632.5 273.2 217.0 43.4 305.3 220.1 54.0 250.2 7.4

1989 687.5 146.4 541.2 287.3 229.0 44.2 203.8 156.5 50.1 225.0 10.2

1990 657.0 246.9 410.1 240.3 207.3 11.9 122.6 128.8 47.2 211.6 23.9

1991 465.3 278.2 187.1 186.1 175.4 -10.7 -84.4 -53.7 85.4 170.9 15.1

1992 524.2 304.0 220.2 202.7 175.4 6.1 -6.6 24.6 24.1 244.0 24.1

1993 579.4 256.1 323.3 240.8 156.5 58.4 16.3 34.4 66.2 294.4 69.8

1994 561.1 155.9 405.3 314.5 172.9 124.9 137.0 124.6 -46.2 468.3 -13.9

1995 705.9 144.4 561.5 339.3 165.3 138.9 273.7 224.9 -51.5 454.0 78.5

1996 733.7 145.0 588.6 343.8 228.4 91.3 251.6 179.4 -6.8 550.1 88.4

1997 804.7 23.1 781.6 332.7 240.4 57.5 392.8 291.9 56.1 662.2 71.8

1998 1046.9 -52.6 1099.5 466.0 350.2 75.0 553.2 405.5 80.3 1087.2 43.4

1999 1100.6 -71.2 1171.8 516.8 389.2 99.5 602.6 441.7 52.3 1084.4 27.9

2000 871.6 -295.9 1167.4 554.6 382.3 139.0 585.7 429.1 27.2 815.6 67.0

2001 1103.0 -5.6 1108.6 610.3 490.7 95.2 391.5 267.8 106.8 916.0 -41.9

1996 -- Q1 807.7 213.7 594.1 369.1 249.7 114.4 244.7 182.5 -19.8 406.8 61.7

 Q2 757.9 109.2 648.7 374.8 229.8 112.9 287.6 211.1 -13.7 714.3 49.6

 Q3 750.0 162.0 588.0 343.7 222.4 84.1 278.5 187.3 -34.2 469.6 130.4

 Q4 619.0 95.2 523.9 287.8 211.5 53.7 195.5 136.7 40.6 609.5 111.8

1997 -- Q1 712.1 67.1 645.0 354.3 241.5 63.0 273.6 186.6 17.0 397.1 33.6

 Q2 712.8 -15.0 727.8 316.8 209.6 60.3 364.9 260.4 46.1 690.1 76.1

 Q3 914.9 48.4 866.5 393.0 336.8 58.7 397.3 307.3 76.2 655.1 121.7

 Q4 878.9 -8.1 887.0 266.8 173.6 48.2 535.2 413.1 84.9 906.7 55.7

1998 -- Q1 1082.5 -19.8 1102.3 479.2 380.5 50.6 528.6 406.1 94.6 952.0 107.9

 Q2 1109.6 -20.2 1129.8 442.6 289.0 94.1 601.9 465.3 85.4 1046.0 103.1

 Q3 926.3 -109.6 1035.8 470.6 343.0 94.9 495.2 333.7 70.0 1102.7 -11.2

 Q4 1069.0 -61.0 1130.0 471.5 388.3 60.3 587.2 417.0 71.3 1248.0 -26.3

1999 -- Q1 1241.9 -85.1 1327.1 532.0 386.4 114.4 707.5 568.2 87.6 1208.5 31.5

 Q2 927.2 -95.4 1022.6 503.7 398.7 72.3 476.6 333.5 42.2 1053.5 -23.6

 Q3 1223.9 -74.3 1298.2 585.9 437.4 94.9 659.9 475.1 52.4 1112.0 81.1

 Q4 1009.3 -30.0 1039.3 445.7 334.3 116.5 566.4 390.2 27.2 963.7 22.8

2000 -- Q1 929.0 -217.2 1146.2 504.3 327.2 127.6 629.0 480.2 12.9 608.0 120.3

 Q2 976.1 -408.7 1384.8 625.6 444.3 143.7 741.0 546.7 18.2 897.1 -7.9

 Q3 815.1 -226.2 1041.4 579.9 397.6 153.8 437.8 301.5 23.8 794.0 88.6

 Q4 766.1 -331.3 1097.5 508.8 360.0 130.7 535.0 388.0 53.7 963.1 66.8

2001 -- Q1 991.9 -4.3 996.2 538.3 387.5 144.0 354.1 226.7 103.9 864.2 -8.0

 Q2 981.3 -256.0 1237.3 663.4 571.1 75.5 465.3 324.9 108.7 786.1 -52.8

 Q3 1297.4 255.7 1041.7 629.7 513.4 24.4 369.0 257.1 43.0 1084.8 -102.8

 Q4 1141.4 -17.6 1159.0 609.9 490.8 137.0 377.5 262.7 171.5 928.7 -4.1
8 Z.1, March 7, 2002

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1987 8677.6 1949.8 6727.8 2767.4 1840.2 688.6 3119.3 2018.7 841.0 1895.5 247.4

1988 9461.7 2104.9 7356.8 3057.6 2067.8 732.0 3404.2 2216.2 895.0 2145.8 254.8

1989 10166.3 2251.2 7915.0 3355.3 2295.1 793.3 3614.6 2379.7 945.2 2399.3 265.0

1990 10850.6 2498.1 8352.4 3624.7 2531.7 805.1 3735.4 2506.6 992.3 2615.8 288.9

1991 11312.5 2776.4 8536.2 3814.4 2710.6 794.5 3644.1 2450.8 1077.7 2786.7 304.0

1992 11839.9 3080.3 8759.6 4017.1 2886.0 800.6 3640.7 2477.0 1101.8 3046.3 318.8

1993 12434.1 3336.5 9097.7 4260.3 3044.9 859.0 3669.4 2523.9 1167.9 3346.1 388.6

1994 13001.5 3492.3 9509.2 4574.5 3217.8 983.9 3813.0 2655.0 1121.7 3822.1 375.0

1995 13707.5 3636.7 10070.7 4913.8 3383.0 1122.8 4086.7 2879.9 1070.2 4278.8 453.7

1996 14441.1 3781.8 10659.4 5223.9 3577.7 1214.1 4372.0 3093.0 1063.4 4828.8 542.2

1997 15244.3 3804.9 11439.4 5556.9 3818.1 1271.6 4763.0 3383.1 1119.5 5458.0 608.0

1998 16291.1 3752.2 12538.9 6022.9 4168.3 1346.6 5316.2 3788.6 1199.8 6545.2 651.5

1999 17426.4 3681.0 13745.3 6540.1 4557.4 1446.1 5953.2 4264.7 1252.1 7629.6 679.6

2000 18317.0 3385.2 14931.9 7113.7 4939.7 1593.1 6538.8 4693.8 1279.3 8457.1 746.7

2001 19420.6 3379.6 16041.0 7724.1 5430.5 1688.3 6930.9 4962.2 1386.1 9370.4 704.8

1996 -- Q1 13909.4 3690.2 10219.2 5006.1 3445.5 1151.4 4147.9 2925.6 1065.3 4380.5 469.1

 Q2 14098.9 3717.5 10381.4 5066.1 3469.2 1179.6 4253.5 3012.0 1061.8 4559.0 481.5

 Q3 14286.4 3758.0 10528.4 5152.0 3524.8 1200.7 4323.1 3058.9 1053.3 4676.5 514.1

 Q4 14441.1 3781.8 10659.4 5223.9 3577.7 1214.1 4372.0 3093.0 1063.4 4828.8 542.2

1997 -- Q1 14619.1 3798.5 10820.6 5312.8 3638.1 1229.8 4440.2 3139.4 1067.7 4928.1 550.6

 Q2 14797.3 3794.8 11002.6 5392.0 3690.5 1244.9 4531.4 3204.5 1079.2 5100.6 569.6

 Q3 15024.5 3806.9 11217.7 5490.2 3774.7 1259.6 4629.2 3279.8 1098.2 5231.3 593.9

 Q4 15244.3 3804.9 11439.4 5556.9 3818.1 1271.6 4763.0 3383.1 1119.5 5458.0 608.0

1998 -- Q1 15514.9 3799.9 11715.0 5676.8 3913.2 1284.3 4895.1 3484.6 1143.1 5696.0 635.0

 Q2 15792.3 3794.9 11997.4 5787.4 3985.4 1307.8 5045.6 3600.9 1164.5 5957.5 660.7

 Q3 16023.9 3767.5 12256.4 5905.1 4071.2 1331.5 5169.4 3684.3 1182.0 6233.2 657.9

 Q4 16291.1 3752.2 12538.9 6022.9 4168.3 1346.6 5316.2 3788.6 1199.8 6545.2 651.5

1999 -- Q1 16603.4 3731.0 12872.4 6156.2 4264.8 1375.2 5494.5 3932.1 1221.7 6847.3 659.4

 Q2 16835.2 3707.1 13128.1 6282.2 4364.5 1393.3 5613.7 4015.5 1232.2 7110.7 653.5

 Q3 17174.1 3688.5 13485.5 6428.6 4473.9 1417.0 5811.6 4167.2 1245.3 7388.7 673.8

 Q4 17426.4 3681.0 13745.3 6540.1 4557.4 1446.1 5953.2 4264.7 1252.1 7629.6 679.6

2000 -- Q1 17658.6 3626.7 14031.9 6666.1 4639.3 1478.0 6110.4 4384.8 1255.4 7781.6 709.7

 Q2 17902.6 3524.6 14378.1 6822.5 4750.3 1513.9 6295.7 4521.4 1259.9 8005.9 707.7

 Q3 18117.5 3468.0 14649.5 6978.6 4849.7 1552.4 6405.1 4596.8 1265.9 8208.4 729.9

 Q4 18317.0 3385.2 14931.9 7113.7 4939.7 1593.1 6538.8 4693.8 1279.3 8457.1 746.7

2001 -- Q1 18565.0 3384.1 15180.9 7248.3 5036.6 1629.1 6627.3 4750.5 1305.3 8670.5 744.7

 Q2 18810.9 3320.1 15490.8 7414.2 5179.4 1647.9 6744.3 4832.3 1332.4 8867.0 731.5

 Q3 19135.3 3384.0 15751.3 7571.6 5307.7 1654.1 6836.5 4896.6 1343.2 9138.3 705.8

 Q4 19420.6 3379.6 16041.0 7724.1 5430.5 1688.3 6930.9 4962.2 1386.1 9370.4 704.8

1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release.
Z.1, March 7, 2002 9

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total net borrowing 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 1

 2 Domestic nonfinancial sectors 804.7 1046.9 1100.6 871.6 1103.0 815.1 766.1 991.9 981.3 1297.4 1141.4 2

 3 Federal government 23.1 -52.6 -71.2 -295.9 -5.6 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 3

 4 Nonfederal sectors 781.6 1099.5 1171.8 1167.4 1108.6 1041.4 1097.5 996.2 1237.3 1041.7 1159.0 4

 5 Household sector 332.7 466.0 516.8 554.6 610.3 579.9 508.8 538.3 663.4 629.7 609.9 5

 6 Nonfinancial corporate business 291.9 405.5 441.7 429.1 267.8 301.5 388.0 226.7 324.9 257.1 262.7 6

 7 Nonfarm noncorporate business 94.7 139.7 155.4 145.7 116.3 129.1 134.2 121.3 130.6 108.6 104.8 7

 8 Farm business 6.2 8.0 5.5 10.9 7.3 7.2 12.8 6.0 9.8 3.4 10.0 8

 9 State and local governments 56.1 80.3 52.3 27.2 106.8 23.8 53.7 103.9 108.7 43.0 171.5 9

10 Rest of the world 71.8 43.4 27.9 67.0 -41.9 88.6 66.8 -8.0 -52.8 -102.8 -4.1 10

11 Financial sectors 662.2 1087.2 1084.4 815.6 916.0 794.0 963.1 864.2 786.1 1084.8 928.7 11

12 Commercial banking 46.1 72.9 67.2 60.0 54.3 43.4 18.8 148.3 -15.8 59.0 25.6 12

13 U.S.-chartered commercial banks 29.5 52.8 41.8 36.8 31.3 13.6 -4.5 52.9 -23.3 45.4 50.0 13

14 Foreign banking offices in U.S. -2.4 -4.8 -0.4 -0.0 -0.9 -0.4 0.7 -0.8 -2.4 -1.3 0.9 14

15 Bank holding companies 19.0 24.9 25.8 23.2 23.9 30.3 22.7 96.1 9.9 14.9 -25.3 15

16 Savings institutions 19.7 52.2 48.0 27.3 6.3 -37.9 20.4 62.5 16.1 19.2 -72.5 16

17 Credit unions 0.1 0.6 2.2 0.0 1.5 1.1 1.0 -0.6 0.8 1.5 4.4 17

18 Life insurance companies 0.2 0.7 0.7 -0.7 0.6 -0.3 -0.7 -2.4 0.1 3.5 1.4 18

19 Government-sponsored enterprises 98.4 278.3 318.2 234.1 291.4 278.1 304.5 262.3 268.3 326.2 308.8 19

20 Federally related mortgage pools 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 20

21 ABS issuers 202.2 321.4 223.4 196.3 280.4 156.2 307.9 295.8 172.3 289.1 364.4 21

22 Finance companies 57.8 57.1 70.3 81.2 -6.9 98.1 26.1 -72.8 64.1 21.5 -40.6 22

23 Mortgage companies -4.6 1.6 0.2 0.1 0.7 -0.3 1.0 0.7 0.6 0.8 0.6 23

24 REITs 39.6 62.7 6.3 2.7 2.8 -2.4 -8.1 -6.1 10.5 -2.4 9.1 24

25 Brokers and dealers 8.1 7.2 -17.2 15.6 1.4 25.4 -6.6 -23.9 35.7 12.6 -19.0 25

26 Funding corporations 79.9 40.0 91.5 -0.4 -53.1 -4.2 -10.4 30.1 -163.6 -150.2 71.3 26

27 Total net lending 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 27

28 Domestic nonfederal nonfinancial sectors -22.2 177.2 216.2 -154.9 -173.1 -250.5 -232.9 -198.8 -242.6 -36.9 -214.0 28

29 Household sector -12.6 40.5 168.5 -174.6 -174.3 -216.8 -209.7 -210.8 -224.0 -1.1 -261.4 29

30 Nonfinancial corporate business -12.7 -16.0 -2.8 12.6 -8.6 -13.3 -32.6 -24.7 11.3 -19.1 -2.0 30

31 Nonfarm noncorporate business 3.0 18.1 7.1 -2.1 -5.9 -4.0 -2.7 -4.8 -5.2 -6.2 -7.2 31

32 State and local governments 0.1 134.5 43.4 9.2 15.7 -16.4 12.1 41.5 -24.8 -10.4 56.6 32

33 Federal government 5.1 13.5 5.8 7.3 7.4 4.5 10.6 4.6 9.4 3.6 12.0 33

34 Rest of the world 311.3 254.2 208.8 279.3 426.0 216.2 387.8 410.6 349.2 387.5 556.8 34

35 Financial sectors 1244.5 1732.5 1782.0 1622.3 1716.7 1727.6 1630.5 1631.7 1598.6 1925.3 1711.1 35

36 Monetary authority 38.3 21.1 25.7 33.7 39.9 39.1 -0.9 53.7 26.4 8.7 70.5 36

37 Commercial banking 324.3 305.2 308.2 358.4 201.5 363.2 157.0 152.8 133.9 234.8 284.5 37

38 U.S.-chartered commercial banks 274.9 312.0 317.6 339.8 187.4 324.8 75.3 107.9 179.7 215.4 246.5 38

39 Foreign banking offices in U.S. 40.2 -11.9 -20.1 24.0 3.9 32.8 81.1 41.3 -48.6 16.5 6.2 39

40 Bank holding companies 5.4 -0.9 6.2 -12.2 3.8 -6.7 -3.2 7.3 -2.8 -1.4 12.2 40

41 Banks in U.S.-affiliated areas 3.7 6.0 4.4 6.7 6.4 12.3 3.8 -3.6 5.6 4.2 19.6 41

42 Savings institutions -4.7 36.1 68.6 56.5 40.4 62.7 42.5 52.5 57.3 -8.3 60.1 42

43 Credit unions 16.8 19.0 27.5 30.5 38.6 21.2 33.6 23.2 7.6 61.7 61.8 43

44 Bank personal trusts and estates -25.0 -12.8 27.8 17.1 10.4 17.6 18.1 10.7 13.4 8.8 8.6 44

45 Life insurance companies 104.8 76.9 53.5 57.9 132.3 74.8 38.8 95.3 124.9 179.3 129.8 45

46 Other insurance companies 25.2 5.8 -3.0 -8.7 5.1 6.2 -11.7 2.1 0.1 5.1 12.9 46

47 Private pension funds 47.6 -22.8 25.4 39.9 18.0 56.8 26.1 23.1 25.7 -16.7 39.9 47

48 State and local govt. retirement funds 67.1 72.1 46.9 54.6 -15.1 37.6 86.1 -70.7 77.0 -74.2 7.3 48

49 Money market mutual funds 87.5 244.0 182.0 143.0 246.0 256.1 272.7 326.7 166.2 379.1 112.2 49

50 Mutual funds 80.9 127.3 48.4 21.0 126.1 50.2 57.8 78.1 165.7 103.7 156.8 50

51 Closed-end funds -2.6 5.5 7.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 51

52 Government-sponsored enterprises 106.6 314.6 291.7 250.9 296.2 228.6 318.8 327.8 316.2 265.9 275.1 52

53 Federally related mortgage pools 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 53

54 ABS issuers 163.8 281.7 205.2 166.4 256.0 120.9 278.9 269.8 150.0 262.3 342.1 54

55 Finance companies 23.1 77.3 97.0 108.0 16.5 102.8 36.2 -0.9 126.7 -42.0 -17.9 55

56 Mortgage companies -9.1 3.2 0.3 0.2 1.4 -0.5 2.0 1.4 1.1 1.7 1.2 56

57 REITs 20.2 -5.1 -2.6 -6.3 10.5 -3.6 -2.8 4.0 1.1 7.8 29.0 57

58 Brokers and dealers 14.9 6.8 -34.7 68.9 97.6 152.1 -69.0 289.5 35.4 236.0 -170.4 58

59 Funding corporations 50.4 -15.8 133.0 39.4 -132.8 -86.5 45.7 -169.5 -218.6 -184.0 40.9 59

(1) Excludes corporate equities and mutual fund shares.
10 Z.1, March 7, 2002

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 804.7 1046.9 1100.6 871.6 1103.0 815.1 766.1 991.9 981.3 1297.4 1141.4 1

 2 Federal government 23.1 -52.6 -71.2 -295.9 -5.6 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 2

 3 Treasury securities 23.2 -54.6 -71.0 -294.9 -5.0 -223.8 -330.2 -2.1 -257.1 256.0 -16.9 3

 4 Budget agency securities and mortgages -0.1 2.0 -0.2 -1.0 -0.5 -2.4 -1.2 -2.2 1.1 -0.4 -0.7 4

 5 Nonfederal, by instrument 781.6 1099.5 1171.8 1167.4 1108.6 1041.4 1097.5 996.2 1237.3 1041.7 1159.0 5

 6 Commercial paper 13.7 24.4 37.4 48.1 -88.3 56.1 -4.0 -199.2 -133.4 -66.1 45.5 6

 7 Municipal securities and loans 71.4 96.8 68.2 35.3 120.6 31.0 60.1 110.7 112.4 56.0 203.2 7

 8 Corporate bonds 150.5 218.7 229.9 171.1 328.2 168.8 175.6 399.5 419.5 187.9 305.9 8

 9 Bank loans n.e.c. 106.4 108.1 82.6 103.1 -87.5 47.0 59.3 -5.9 -153.2 -10.8 -180.2 9

10 Other loans and advances 59.5 82.1 57.1 101.5 19.2 16.5 125.2 -12.6 118.2 81.9 -110.7 10

11 Mortgages 322.5 494.4 597.1 569.4 721.1 568.2 550.5 559.8 798.2 768.3 758.3 11

12 Home 258.3 388.7 435.0 422.2 532.8 441.6 395.6 434.0 613.1 555.8 528.3 12

13 Multifamily residential 7.5 23.5 40.5 36.1 46.5 26.8 40.9 35.4 41.2 55.6 54.0 13

14 Commercial 53.5 75.6 115.8 104.6 134.4 93.3 112.1 86.2 131.6 150.1 169.8 14

15 Farm 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 15

16 Consumer credit 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 16

17 Nonfederal, by sector 781.6 1099.5 1171.8 1167.4 1108.6 1041.4 1097.5 996.2 1237.3 1041.7 1159.0 17

18 Household sector 332.7 466.0 516.8 554.6 610.3 579.9 508.8 538.3 663.4 629.7 609.9 18

19 Nonfinancial business 392.8 553.2 602.6 585.7 391.5 437.8 535.0 354.1 465.3 369.0 377.5 19

20 Corporate 291.9 405.5 441.7 429.1 267.8 301.5 388.0 226.7 324.9 257.1 262.7 20

21 Nonfarm noncorporate 94.7 139.7 155.4 145.7 116.3 129.1 134.2 121.3 130.6 108.6 104.8 21

22 Farm 6.2 8.0 5.5 10.9 7.3 7.2 12.8 6.0 9.8 3.4 10.0 22

23 State and local governments 56.1 80.3 52.3 27.2 106.8 23.8 53.7 103.9 108.7 43.0 171.5 23

24 Foreign borrowing in U.S. 71.8 43.4 27.9 67.0 -41.9 88.6 66.8 -8.0 -52.8 -102.8 -4.1 24

25 Commercial paper 3.7 7.8 16.3 31.7 -14.2 7.0 50.1 -26.5 -6.7 -27.6 3.9 25

26 Bonds 61.4 34.9 16.8 25.2 -17.9 71.4 9.0 17.1 -15.9 -78.8 6.1 26

27 Bank loans n.e.c. 8.5 6.7 0.5 11.3 -7.5 11.9 12.2 13.0 -31.0 4.4 -16.3 27

28 Other loans and advances -1.8 -6.0 -5.7 -1.3 -2.4 -1.7 -4.6 -11.6 0.7 -0.8 2.1 28

29 Domestic and foreign 876.5 1090.2 1128.5 938.5 1061.1 903.8 832.9 983.9 928.4 1194.6 1137.3 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 662.2 1087.2 1084.4 815.6 916.0 794.0 963.1 864.2 786.1 1084.8 928.7 1

 2 Federal government-related 212.9 470.9 592.0 433.5 628.0 514.8 613.6 432.6 665.2 830.2 584.0 2

 3 Govt.-sponsored enterprise securities 98.4 278.3 318.2 234.1 291.4 278.1 304.5 262.3 268.3 326.2 308.8 3

 4 Mortgage pool securities 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 4

 5 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Private financial sectors 449.3 616.3 492.5 382.1 288.0 279.2 349.5 431.7 120.9 254.6 344.7 6

 7 Open market paper 166.7 161.0 176.2 127.7 -61.9 106.5 153.2 -134.6 -85.4 -85.6 58.2 7

 8 Corporate bonds 218.9 310.1 218.2 205.9 301.3 205.0 203.7 438.9 186.8 291.4 288.1 8

 9 Bank loans n.e.c. 13.3 30.1 -14.2 -0.3 11.6 -6.7 -4.4 27.1 14.3 -7.3 12.2 9

10 Other loans and advances 35.6 90.2 107.1 42.5 34.9 -31.6 -4.8 107.8 -11.0 58.0 -15.3 10

11 Mortgages 14.9 24.8 5.1 6.2 2.1 6.0 1.8 -7.5 16.2 -1.9 1.5 11

12 By sector 662.2 1087.2 1084.4 815.6 916.0 794.0 963.1 864.2 786.1 1084.8 928.7 12

13 Commercial banking 46.1 72.9 67.2 60.0 54.3 43.4 18.8 148.3 -15.8 59.0 25.6 13

14 U.S.-chartered commercial banks 29.5 52.8 41.8 36.8 31.3 13.6 -4.5 52.9 -23.3 45.4 50.0 14

15 Foreign banking offices in U.S. -2.4 -4.8 -0.4 -0.0 -0.9 -0.4 0.7 -0.8 -2.4 -1.3 0.9 15

16 Bank holding companies 19.0 24.9 25.8 23.2 23.9 30.3 22.7 96.1 9.9 14.9 -25.3 16

17 Savings institutions 19.7 52.2 48.0 27.3 6.3 -37.9 20.4 62.5 16.1 19.2 -72.5 17

18 Credit unions 0.1 0.6 2.2 0.0 1.5 1.1 1.0 -0.6 0.8 1.5 4.4 18

19 Life insurance companies 0.2 0.7 0.7 -0.7 0.6 -0.3 -0.7 -2.4 0.1 3.5 1.4 19

20 Government-sponsored enterprises 98.4 278.3 318.2 234.1 291.4 278.1 304.5 262.3 268.3 326.2 308.8 20

21 Federally related mortgage pools 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 21

22 ABS issuers 202.2 321.4 223.4 196.3 280.4 156.2 307.9 295.8 172.3 289.1 364.4 22

23 Finance companies 57.8 57.1 70.3 81.2 -6.9 98.1 26.1 -72.8 64.1 21.5 -40.6 23

24 Mortgage companies -4.6 1.6 0.2 0.1 0.7 -0.3 1.0 0.7 0.6 0.8 0.6 24

25 REITs 39.6 62.7 6.3 2.7 2.8 -2.4 -8.1 -6.1 10.5 -2.4 9.1 25

26 Brokers and dealers 8.1 7.2 -17.2 15.6 1.4 25.4 -6.6 -23.9 35.7 12.6 -19.0 26

27 Funding corporations 79.9 40.0 91.5 -0.4 -53.1 -4.2 -10.4 30.1 -163.6 -150.2 71.3 27
Z.1, March 7, 2002 11

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 1

 2 Open market paper 184.1 193.1 229.9 207.6 -164.4 169.7 199.3 -360.2 -225.5 -179.3 107.6 2

 3 U.S. government securities 236.0 418.3 520.7 137.6 622.4 288.6 282.2 428.2 409.2 1085.9 566.4 3

 4 Municipal securities 71.4 96.8 68.2 35.3 120.6 31.0 60.1 110.7 112.4 56.0 203.2 4

 5 Corporate and foreign bonds 430.8 563.7 465.0 402.2 611.6 445.2 388.3 855.5 590.5 400.5 600.1 5

 6 Bank loans n.e.c. 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 6

 7 Other loans and advances 93.2 166.3 158.5 142.7 51.7 -16.8 115.8 83.6 107.9 139.2 -123.8 7

 8 Mortgages 337.4 519.2 602.2 575.6 723.2 574.2 552.4 552.2 814.4 766.4 759.8 8

 9 Consumer credit 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 9

 Memo:

 Funds raised through corporate equities and mutual fund shares

10 Total net issues 185.2 113.7 156.6 189.7 269.3 221.1 -38.7 234.4 415.0 83.4 344.5 10

11 Corporate equities -79.9 -165.8 -34.6 -45.3 67.7 -54.0 -188.2 137.6 132.1 -79.0 80.2 11

12 Nonfinancial -114.4 -267.0 -143.5 -159.7 -55.7 -87.8 -367.5 -25.3 -71.5 -120.8 -5.1 12

 Foreign shares purchased by

13 U.S. residents 57.6 101.3 114.4 99.7 97.3 61.1 89.4 109.2 220.3 23.0 36.9 13

14 Financial -23.1 -0.1 -5.6 14.7 26.0 -27.3 89.9 53.7 -16.7 18.8 48.5 14

15 Mutual fund shares 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 1538.7 2177.4 2212.9 1754.1 1977.0 1697.8 1796.0 1848.1 1714.6 2279.5 2065.9 1

 2 Official foreign exchange 0.7 6.6 -8.7 -0.4 4.7 0.7 4.9 -1.5 4.7 19.1 -3.4 2

 3 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -4.0 -4.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 0.5 0.6 1.0 2.4 -0.0 4.2 -0.0 -1.1 1.1 -0.0 0.0 4

 5 Foreign deposits 107.7 6.5 61.0 120.8 62.2 -40.8 207.4 235.5 -170.2 83.5 100.0 5

 6 Net interbank transactions -19.7 -32.3 18.4 13.6 11.7 24.4 18.0 -181.0 19.0 20.2 188.6 6

 7 Checkable deposits and currency 41.2 47.4 151.4 -71.5 185.8 5.0 -50.2 130.1 90.7 235.0 287.5 7

 8 Small time and savings deposits 97.1 152.4 44.7 190.7 260.0 224.5 310.8 288.3 194.2 229.1 328.4 8

 9 Large time deposits 122.5 92.1 130.6 118.4 63.9 152.9 65.2 130.6 51.9 16.3 56.7 9

10 Money market fund shares 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 10

11 Security RPs 120.9 91.3 169.7 110.7 45.3 277.1 -265.4 -52.6 187.9 242.3 -196.3 11

12 Corporate equities -79.9 -165.8 -34.6 -45.3 67.7 -54.0 -188.2 137.6 132.1 -79.0 80.2 12

13 Mutual fund shares 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 13

14 Trade payables 139.7 109.2 222.3 166.8 -26.3 138.8 121.8 25.1 -96.2 -13.4 -20.6 14

15 Security credit 111.0 103.3 104.3 146.1 -8.6 97.5 74.4 -140.9 -28.5 547.2 -412.2 15

16 Life insurance reserves 59.3 48.0 50.8 50.2 63.8 53.0 47.3 52.7 53.2 80.2 69.2 16

17 Pension fund reserves 201.4 227.6 196.1 217.2 204.5 220.7 151.8 257.2 165.6 205.4 189.9 17

18 Taxes payable 22.3 21.3 22.3 21.7 13.2 4.1 25.4 6.9 17.1 95.4 -66.6 18

19 Investment in bank personal trusts -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 19

20 Noncorporate proprietors’ equity -40.2 -52.3 -15.5 12.8 10.9 32.2 11.6 5.2 29.5 -9.7 18.7 20

21 Miscellaneous 493.6 949.1 719.3 1016.6 758.4 1478.3 713.5 485.4 890.3 940.8 717.1 21

22 Total financial sources 3287.5 4307.3 4476.6 4259.5 4298.2 4809.2 3532.9 3917.6 3839.6 5393.8 4042.0 22

 - Liabilities not identified as assets:

23 Treasury currency -0.2 -0.1 -0.7 -1.2 -1.6 0.9 -3.3 -3.6 -0.5 -1.4 -0.7 23

24 Foreign deposits 106.2 -8.5 45.8 70.9 38.9 -90.8 193.4 180.8 -150.2 78.8 46.4 24

25 Net interbank liabilities -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 25

26 Security RPs 63.2 57.7 36.1 115.8 -51.0 170.3 -300.3 -208.8 189.5 25.7 -210.5 26

27 Taxes payable 28.0 19.7 6.5 14.1 -1.5 -1.8 44.1 4.9 -12.0 -8.0 9.0 27

28 Miscellaneous -239.6 -154.6 -420.0 -284.8 -199.0 10.6 -312.9 -181.3 -526.8 125.0 -212.9 28

 - Floats not included in assets:

29 Checkable deposits: Federal govt. -2.7 2.6 -7.4 9.0 -10.3 3.0 -2.1 10.0 -0.1 7.3 -58.5 29

30 Other -3.9 -3.1 -0.8 1.7 4.5 1.9 2.4 3.8 3.9 5.1 5.5 30

31 Trade credit -29.2 -51.3 42.9 -29.5 6.6 -10.6 21.5 27.9 -12.7 -23.1 34.4 31

 Totals identified to sectors

32 as assets 3385.5 4441.6 4770.7 4346.2 4493.9 4737.7 3839.1 4067.2 4335.1 5177.2 4395.9 32
12 Z.1, March 7, 2002

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross Domestic Product (GDP) 8318.4 8781.6 9268.6 9872.9 10205.6 9937.5 10028.0 10141.6 10202.6 10224.9 10253.2 1

 2 Personal consumption expenditures (2) 5529.3 5856.0 6250.2 6728.4 7063.5 6785.5 6871.4 6977.6 7044.6 7057.6 7174.0 2

 3 Durable goods 642.5 693.2 760.9 819.6 858.2 825.4 818.7 838.1 844.7 840.6 909.5 3

 4 Nondurable goods 1641.6 1708.5 1831.3 1989.6 2055.0 2012.4 2025.1 2047.1 2062.3 2057.6 2053.1 4

 5 Services 3245.2 3454.3 3657.9 3919.2 4150.2 3947.7 4027.5 4092.4 4137.6 4159.4 4211.4 5

 6 Gross private domestic investment 1390.5 1538.8 1636.8 1767.5 1634.0 1788.4 1780.3 1722.7 1669.9 1624.8 1518.6 6

 7 Fixed investment 1327.7 1465.6 1578.2 1718.1 1692.6 1735.9 1741.6 1748.2 1706.4 1682.6 1633.3 7

 8 Nonresidential 999.4 1101.3 1174.6 1293.1 1246.6 1314.9 1318.2 1311.2 1260.2 1231.0 1183.8 8

 9 Household sector (nonprofit organizations) 54.3 59.9 61.2 68.9 68.5 70.2 71.1 71.9 69.6 68.3 64.3 9

10 Nonfinancial corporate business 691.8 751.0 830.6 907.4 883.1 930.6 918.3 924.2 889.2 873.3 845.7 10

11 Nonfarm noncorporate business 79.5 84.5 130.1 161.5 143.6 152.5 184.2 155.8 153.0 139.5 126.2 11

12 Farm business 27.5 29.4 25.8 28.2 29.7 29.1 28.6 28.5 28.4 31.3 30.8 12

13 Financial corporations 146.2 176.4 127.0 127.1 121.6 132.3 115.9 130.8 120.1 118.8 116.8 13

14 Residential 328.3 364.4 403.6 425.1 446.1 421.0 423.4 437.0 446.2 451.6 449.5 14

15 Household sector 275.0 310.8 341.2 354.7 372.2 350.7 355.6 364.1 372.7 377.0 374.9 15

16 Nonfinancial corporate business 2.7 2.7 3.2 3.6 3.8 3.6 3.6 3.7 3.8 3.9 3.8 16

17 Nonfarm noncorporate business 39.3 39.4 57.5 66.7 70.0 66.1 66.4 68.6 70.0 70.9 70.5 17

18 REITs 11.3 11.4 1.6 0.1 0.1 0.6 -2.3 0.6 -0.4 -0.1 0.3 18

19 Change in private inventories 62.9 73.1 58.6 49.4 -58.6 52.5 38.7 -25.5 -36.5 -57.8 -114.7 19

20 Nonfinancial corporate business 57.0 68.6 57.1 48.6 -54.1 52.5 35.9 -24.9 -33.5 -53.1 -105.0 20

21 Nonfarm noncorporate business 3.0 3.6 3.0 2.6 -2.8 2.8 1.9 -1.3 -1.8 -2.8 -5.5 21

22 Farm business 2.9 0.9 -1.5 -1.8 -1.7 -2.8 0.9 0.7 -1.2 -1.9 -4.2 22

23 Net U.S. exports of goods and services -89.4 -151.7 -250.9 -364.0 -331.2 -380.7 -390.6 -363.8 -347.4 -294.4 -319.3 23

24 Exports 966.4 964.9 989.8 1102.9 1049.5 1131.1 1121.0 1117.4 1079.6 1020.6 980.2 24

25 - Imports 1055.8 1116.7 1240.7 1466.9 1380.7 1511.8 1511.6 1481.2 1427.0 1315.0 1299.5 25

 Government consumption expenditures and

26 gross investment 1488.0 1538.5 1632.6 1741.0 1839.4 1744.3 1766.9 1805.1 1835.5 1836.9 1879.9 26

27 Consumption expenditures (3) 1223.3 1261.4 1327.9 1422.8 1498.3 1430.2 1444.1 1474.2 1491.4 1504.9 1522.8 27

28 Federal 456.9 453.1 469.6 493.7 514.1 493.6 494.1 507.5 510.1 513.7 525.1 28

29 State and local 766.5 808.3 858.3 929.0 984.2 936.6 950.0 966.7 981.3 991.2 997.7 29

30 Gross investment (3) 264.7 277.1 304.6 318.3 341.0 314.1 322.8 330.9 344.1 332.0 357.1 30

31 Federal 81.4 86.1 94.5 96.5 101.6 93.5 100.1 97.8 99.9 102.0 106.8 31

32 State and local 183.3 191.0 210.2 221.8 239.4 220.6 222.7 233.1 244.2 230.0 250.3 32

 Memo:

33 Net U.S. income receipts from rest of the world 7.1 -3.5 -6.8 -12.1 -9.4 -18.1 4.2 -10.5 -11.7 -11.1 -4.3 33

34 U.S. income receipts 281.3 286.1 313.8 384.2 330.4 386.6 402.1 378.9 346.9 321.3 274.4 34

35 - U.S. income payments 274.3 289.6 320.6 396.3 339.8 404.7 397.9 389.4 358.6 332.4 278.7 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 8325.5 8778.1 9261.9 9860.8 10196.2 9919.4 10032.2 10131.1 10190.9 10213.8 10248.9 36

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

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

(3) Government inventory investment is included in consumption expenditures.
Z.1, March 7, 2002 13

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 National Income 6618.5 7041.5 7462.3 7980.8 8197.7 8046.4 8133.9 8169.7 8208.0 8189.8 8223.1 1

 2 Compensation of employees 4651.3 4989.8 5310.8 5715.2 6010.1 5759.2 5869.0 5955.7 6010.9 6037.7 6035.9 2

 3 Wages and other labor income 4364.3 4683.5 4981.9 5371.3 5652.1 5413.6 5518.1 5598.7 5652.1 5678.8 5678.7 3

 4 Employer social insurance contributions 290.0 307.0 323.7 343.9 358.0 345.6 350.9 357.0 358.8 358.9 357.2 4

 5 Wage accruals less disbursements -2.9 -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 581.2 623.8 672.0 715.0 743.5 719.2 725.2 735.2 745.3 752.8 740.7 6

 7 Nonfarm 551.5 598.2 645.4 684.4 715.9 687.6 693.5 705.4 716.6 720.5 721.0 7

 8 Farm 29.7 25.6 26.6 30.6 27.6 31.6 31.7 29.8 28.7 32.3 19.7 8

 Rental income of persons (with capital

 9 consumption adjustment) 128.4 138.6 147.7 141.6 142.7 138.3 141.7 139.6 139.0 144.0 148.3 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 833.8 777.4 825.3 876.4 747.9 894.4 857.4 789.8 759.8 697.0 745.0 10

 Corporate profits with inventory

11 valuation adjustment 800.9 739.4 773.6 833.0 718.1 854.0 819.0 753.8 729.5 683.6 705.3 11

12 Profits before tax 792.4 721.1 776.4 845.4 713.7 857.6 826.3 755.7 738.3 680.5 680.3 12

13 Domestic nonfinancial 494.5 460.0 468.9 502.2 379.3 511.6 463.3 411.4 408.8 378.8 318.1 13

14 Farm 1.6 0.3 1.9 2.0 2.1 2.0 2.1 2.1 2.2 2.2 1.8 14

15 Foreign subsidiaries 110.7 102.3 114.6 136.8 145.1 141.0 156.7 140.0 144.0 146.1 150.4 15

16 Financial 185.7 158.5 191.0 204.4 187.2 203.0 204.3 202.2 183.3 153.4 210.0 16

 Less:

17 Profits tax liability 237.2 238.9 253.0 271.5 220.6 274.9 253.5 236.8 228.0 204.9 212.8 17

18 Domestic nonfinancial 157.9 154.2 170.4 186.0 141.8 189.7 167.7 152.0 150.7 138.9 125.4 18

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

20 Financial 78.9 84.3 82.1 84.9 78.4 84.6 85.3 84.3 76.8 65.6 87.0 20

 Equals:

21 Profits after tax 555.2 482.2 523.4 573.9 493.1 582.7 572.8 518.9 510.3 475.6 467.5 21

22 Dividends 335.2 348.7 343.5 379.6 416.7 386.2 397.0 405.2 412.3 420.4 428.7 22

23 Domestic nonfinancial 216.4 240.8 238.4 267.3 302.7 274.3 280.5 299.1 292.5 318.3 300.8 23

24 Farm 1.7 1.4 1.5 1.7 1.7 1.7 1.7 1.8 1.8 1.8 1.5 24

25 Foreign subsidiaries 51.4 39.5 39.2 37.7 29.7 35.1 37.7 22.0 37.6 12.8 46.4 25

26 Financial 65.8 67.0 64.3 73.0 82.6 75.1 77.1 82.3 80.4 87.5 80.0 26

27 Undistributed profits 220.0 133.5 179.9 194.3 76.4 196.5 175.8 113.7 98.0 55.2 38.8 27

28 Domestic nonfinancial 120.2 65.1 60.0 48.8 -65.2 47.5 15.1 -39.8 -34.4 -78.3 -108.1 28

29 Farm -0.6 -1.6 -0.1 -0.2 -0.1 -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 29

30 Foreign subsidiaries 59.3 62.8 75.4 99.1 115.4 105.9 119.0 118.0 106.4 133.3 104.0 30

31 Financial 41.0 7.3 44.6 46.6 26.3 43.3 41.9 35.6 26.1 0.3 43.0 31

32 Inventory valuation adjustment 8.5 18.4 -2.9 -12.4 4.4 -3.6 -7.3 -1.9 -8.8 3.1 25.0 32

33 Capital consumption adjustment 32.9 38.0 51.7 43.4 29.9 40.4 38.4 36.0 30.3 13.4 39.7 33

34 Domestic nonfinancial 50.0 50.8 61.1 56.7 45.5 54.6 53.7 51.5 46.4 28.8 55.0 34

35 Farm 1.1 1.1 1.4 1.6 1.8 1.6 1.7 1.7 1.8 1.9 1.8 35

36 Financial -18.2 -13.9 -10.8 -14.9 -17.4 -15.8 -17.0 -17.2 -17.9 -17.3 -17.1 36

37 Net interest 423.9 511.9 506.5 532.7 553.5 535.3 540.6 549.4 553.0 558.3 553.2 37

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

38 National Income, from line 1 above 6618.5 7041.5 7462.3 7980.8 8197.7 8046.4 8133.9 8169.7 8208.0 8189.8 8223.1 38

 Plus:

39 Business transfer payments to persons 27.9 28.7 31.2 33.1 35.0 33.3 33.8 34.3 34.8 35.3 35.7 39

40 Business transfer payments to rest of the world 8.9 9.3 10.2 10.9 9.6 10.7 10.6 10.0 9.7 9.4 9.4 40

41 Indirect business tax and nontax accruals 646.2 681.3 713.1 762.7 794.2 767.6 775.6 785.7 792.4 793.9 804.8 41

42 Private consumption of fixed capital 832.4 884.3 953.3 1029.9 1127.5 1041.2 1060.9 1081.3 1120.2 1177.4 1131.0 42

43 Government consumption of fixed capital 181.0 187.7 198.1 211.4 223.8 213.1 215.9 218.6 221.3 229.3 226.0 43

44 Statistical discrepancy 29.7 -31.0 -72.9 -130.4 -136.8 -155.6 -159.8 -120.7 -143.3 -149.8 -133.2 44

 Less:

 Subsidies less current surplus of

45 government enterprises 19.1 23.6 33.3 37.6 54.9 37.3 38.7 47.8 52.2 71.5 47.9 45

46 Net U.S. income receipts from rest of the world 7.1 -3.5 -6.8 -12.1 -9.4 -18.1 4.2 -10.5 -11.7 -11.1 -4.3 46

 Equals:

47 Gross Domestic Product 8318.4 8781.6 9268.6 9872.9 10205.6 9937.5 10028.0 10141.6 10202.6 10224.9 10253.2 47

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

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.
14 Z.1, March 7, 2002

F.8 Gross Saving and Investment (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1502.3 1647.2 1707.6 1785.6 1721.6 1806.7 1809.5 1754.1 1750.6 1752.1 1629.6 1

 2 Gross private saving 1343.8 1375.0 1348.1 1322.9 1356.7 1328.9 1342.5 1307.9 1321.2 1534.5 1263.2 2

 3 Personal saving 252.9 301.5 160.8 67.6 118.6 54.4 74.7 78.8 81.5 285.4 28.7 3

 4 Undistributed corporate profits 220.0 133.5 179.9 194.3 76.4 196.5 175.8 113.7 98.0 55.2 38.8 4

 5 Nonfinancial corp. inventory valuation adjustment 8.5 18.4 -2.9 -12.4 4.4 -3.6 -7.3 -1.9 -8.8 3.1 25.0 5

 6 Corporate capital consumption adjustment 32.9 38.0 51.7 43.4 29.9 40.4 38.4 36.0 30.3 13.4 39.7 6

 7 Private consumption of fixed capital 832.4 884.3 953.3 1029.9 1127.5 1041.2 1060.9 1081.3 1120.2 1177.4 1131.0 7

 8 Corporate 581.6 620.2 669.2 727.1 798.6 736.0 749.7 763.8 785.6 847.0 797.9 8

 9 Noncorporate 250.9 264.2 284.1 302.9 328.9 305.2 311.3 317.5 334.6 330.4 333.1 9

10 Wage accruals less disbursements -2.9 -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Gross government saving 158.6 272.3 359.5 462.7 364.9 477.8 467.0 446.2 429.4 217.6 366.4 11

12 Federal 33.4 132.0 210.9 314.9 223.4 326.9 320.3 303.7 286.2 86.2 217.3 12

13 Consumption of fixed capital 86.8 88.2 91.7 96.4 99.6 97.0 97.9 98.4 99.4 99.8 100.8 13

14 Current surplus or deficit (-), NIPA -53.4 43.8 119.2 218.5 123.8 229.9 222.4 205.3 186.8 -13.6 116.5 14

15 State and local 125.1 140.2 148.6 147.8 141.5 150.9 146.7 142.5 143.2 131.4 149.1 15

16 Consumption of fixed capital 94.2 99.5 106.4 114.9 124.2 116.1 118.0 120.2 121.9 129.5 125.2 16

17 Current surplus or deficit (-), NIPA 31.0 40.8 42.2 32.9 17.3 34.8 28.7 22.3 21.3 1.9 23.9 17

18 Gross investment 1532.1 1616.2 1634.7 1655.2 1584.9 1651.1 1649.7 1633.4 1607.3 1602.3 1496.4 18

19 Gross private domestic investment 1390.5 1538.8 1636.8 1767.5 1634.0 1788.4 1780.3 1722.7 1669.9 1624.8 1518.6 19

20 Fixed investment 1327.7 1465.6 1578.2 1718.1 1692.6 1735.9 1741.6 1748.2 1706.4 1682.6 1633.3 20

21 Nonresidential 999.4 1101.3 1174.6 1293.1 1246.6 1314.9 1318.2 1311.2 1260.2 1231.0 1183.8 21

22 Residential 328.3 364.4 403.6 425.1 446.1 421.0 423.4 437.0 446.2 451.6 449.5 22

23 Change in private inventories 62.9 73.1 58.6 49.4 -58.6 52.5 38.7 -25.5 -36.5 -57.8 -114.7 23

24 Gross government investment 264.7 277.1 304.6 318.3 341.0 314.1 322.8 330.9 344.1 332.0 357.1 24

25 Net foreign investment in U.S. -123.1 -199.7 -306.7 -430.5 -390.2 -451.4 -453.4 -420.2 -406.7 -354.5 -379.3 25

26 Statistical discrepancy (line 18 less line 1) 29.7 -31.0 -72.9 -130.4 -136.8 -155.6 -159.8 -120.7 -143.3 -149.8 -133.2 26

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

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Capital transfers received by government (net) 26.8 32.4 32.4 36.2 36.3 35.8 35.8 38.4 37.0 34.8 34.8 1

 2 Federal -8.4 -3.6 -7.3 -7.9 -12.8 -8.1 -9.7 -8.9 -12.7 -14.8 -14.9 2

 3 Estate and gift taxes paid by persons 20.6 25.2 28.8 28.1 27.9 27.7 27.6 30.1 28.7 26.5 26.5 3

 4 - Capital transfers paid to the rest of the world (net) 0.2 0.0 4.2 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 4

 5 - Federal investment grants to state and local govts. 28.8 28.8 31.9 36.0 40.8 35.7 37.3 38.9 41.3 41.3 41.4 5

 6 - Investment grants to business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 State and local 35.3 36.0 39.7 44.1 49.1 43.9 45.5 47.3 49.7 49.7 49.7 7

 8 Estate and gift taxes paid by persons 6.5 7.2 7.8 8.1 8.3 8.1 8.2 8.3 8.3 8.3 8.3 8

 9 + Federal investment grants to state and local govts. 28.8 28.8 31.9 36.0 40.8 35.7 37.3 38.9 41.3 41.3 41.4 9

10 Capital transfers received by the rest of the world (net) -0.4 -0.7 3.5 -0.7 -0.8 -0.7 -0.7 -0.7 -0.7 -0.8 -0.8 10

11 Capital transfers received from U.S. government (net) 0.2 0.0 4.2 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 11

12 - Immigrants’ transfers received by persons (net) 0.6 0.7 0.7 0.7 0.8 0.7 0.7 0.7 0.8 0.8 0.8 12

(1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce.
Z.1, March 7, 2002 15

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 553.3 790.9 673.0 457.1 588.4 354.7 230.5 519.5 575.7 1015.5 242.9 1

 2 Foreign deposits 6.5 0.1 5.2 7.7 -4.3 -2.6 13.3 -6.0 -10.9 5.3 -5.5 2

 3 Checkable deposits and currency -16.3 14.0 -19.3 -31.5 72.3 -100.8 -25.0 76.6 29.7 5.3 177.8 3

 4 Time and savings deposits 142.6 175.9 108.5 311.0 258.1 340.4 218.4 348.9 264.7 218.9 200.1 4

 5 Money market fund shares 83.5 174.5 134.5 141.3 158.0 73.5 199.9 281.1 23.4 251.5 75.8 5

 6 Securities -41.8 -15.3 12.6 -432.3 -273.9 -387.3 -583.5 -490.5 -122.1 -147.4 -335.6 6

 7 Open market paper 1.5 7.5 4.0 5.0 -19.4 5.0 5.0 -22.0 -18.0 -15.0 -22.5 7

 8 U.S. government securities -148.1 -71.5 98.1 -184.8 -179.9 -146.0 -129.6 -543.0 -121.6 193.0 -248.2 8

 9 Municipal securities 53.0 17.8 40.4 15.2 40.9 33.0 0.2 92.7 20.6 -38.2 88.3 9

10 Corporate and foreign bonds 85.6 92.0 23.4 -21.1 -28.6 -116.1 -91.7 250.8 -119.2 -154.9 -91.2 10

11 Corporate equities (2) -293.3 -340.7 -327.0 -498.6 -298.3 -459.7 -538.1 -364.1 -185.3 -320.5 -323.3 11

12 Mutual fund shares 259.6 279.5 173.7 252.1 211.5 296.4 170.7 95.0 301.3 188.1 261.3 12

13 Life insurance reserves 59.3 48.0 50.8 50.2 63.8 53.0 47.3 52.7 53.2 80.2 69.2 13

14 Pension fund reserves 201.4 227.6 196.1 217.2 204.5 220.7 151.8 257.2 165.6 205.4 189.9 14

15 Investment in bank personal trusts -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 15

16 Miscellaneous and other assets 168.1 207.9 191.2 223.1 136.1 187.0 236.3 25.7 194.8 424.5 -100.9 16

17 Gross investment in tangible assets 1133.0 1241.0 1373.8 1500.9 1537.8 1494.6 1528.0 1526.4 1535.5 1522.8 1566.5 17

18 Residential fixed investment 314.2 350.2 398.7 421.4 442.2 416.8 422.0 432.7 442.8 447.8 445.4 18

19 Other fixed assets (3) 161.4 173.8 217.0 258.6 241.9 251.9 283.9 256.2 251.0 239.0 221.4 19

20 Consumer durables 651.5 712.4 756.5 820.2 858.2 825.9 819.2 838.1 844.7 840.6 909.5 20

21 Inventories (3) 5.9 4.5 1.5 0.8 -4.5 -0.0 2.8 -0.6 -3.0 -4.7 -9.7 21

22 Consumption of fixed capital 756.9 790.6 835.2 887.9 968.9 897.2 914.0 931.1 967.3 1004.0 973.2 22

23 Residential fixed investment 140.1 146.9 157.3 168.0 183.3 169.7 172.9 176.1 182.2 191.0 184.0 23

24 Other fixed assets (3) 129.8 137.9 148.8 157.8 170.2 159.1 162.1 164.9 173.7 170.4 171.9 24

25 Consumer durables 487.0 505.8 529.1 562.1 615.4 568.3 579.0 590.2 611.4 642.6 617.3 25

26 Net investment in tangible assets (4) 376.2 450.3 538.5 613.0 568.9 597.4 614.0 595.3 568.3 518.8 593.4 26

27 Residential fixed investment 174.1 203.3 241.4 253.4 258.9 247.0 249.2 256.6 260.6 256.9 261.4 27

28 Other fixed assets (3) 31.6 35.9 68.3 100.8 71.7 92.8 121.9 91.4 77.3 68.7 49.4 28

29 Consumer durables 164.5 206.6 227.4 258.0 242.8 257.6 240.2 247.9 233.3 198.0 292.2 29

30 Inventories (3) 5.9 4.5 1.5 0.8 -4.5 -0.0 2.8 -0.6 -3.0 -4.7 -9.7 30

31 Net increase in liabilities 575.8 751.5 845.2 801.3 743.3 795.0 582.2 559.6 860.1 1039.6 514.0 31

32 Mortgage debt on nonfarm homes 258.1 387.4 432.8 420.2 530.7 439.0 394.4 430.5 610.5 554.3 527.6 32

33 Other mortgage debt (3) 31.8 86.5 102.3 88.3 109.2 80.6 83.3 81.5 130.1 111.9 113.1 33

34 Consumer credit 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 34

35 Policy loans 3.2 0.1 -5.1 2.8 2.7 5.8 3.2 4.0 0.6 5.4 0.8 35

36 Security credit 36.8 21.6 75.2 7.2 -40.4 14.6 -155.0 -166.5 9.7 248.5 -253.5 36

37 Other liabilities (3) 188.4 181.0 140.5 143.7 45.9 101.2 125.5 66.1 33.7 95.0 -11.0 37

38 Net capital transfers (5) -26.4 -31.7 -35.9 -35.5 -35.5 -35.1 -35.1 -37.6 -36.2 -34.1 -34.0 38

39 Personal saving, with consumer durables (FOF) 380.1 521.4 402.2 304.3 449.5 192.3 297.4 592.7 320.1 528.8 356.3 39

40 Less net investment in consumer durables 164.5 206.6 227.4 258.0 242.8 257.6 240.2 247.9 233.3 198.0 292.2 40

41 = Personal saving, without consumer durables (FOF) (6) 215.6 314.8 174.8 46.3 206.7 -65.4 57.3 344.8 86.8 330.9 64.1 41

42 Personal saving (NIPA, excludes consumer durables) 252.9 301.5 160.8 67.6 118.6 54.4 74.7 78.8 81.5 285.4 28.7 42

43 Difference -37.3 13.3 14.0 -21.4 88.1 -119.8 -17.4 266.0 5.3 45.5 35.4 43

 Memo:

44 Disposable personal income 5968.2 6355.6 6618.0 7031.0 7417.7 7081.3 7189.8 7295.0 7363.2 7576.4 7436.0 44

 Personal saving as a percentage of disposable personal income:

45 With consumer durables (FOF) (line 39) 6.4 8.2 6.1 4.3 6.1 2.7 4.1 8.1 4.3 7.0 4.8 45

46 Without consumer durables (FOF) (line 41) 3.6 5.0 2.6 0.7 2.8 -0.9 0.8 4.7 1.2 4.4 0.9 46

47 Without consumer durables (NIPA) (line 42) 4.2 4.7 2.4 1.0 1.6 0.8 1.0 1.1 1.1 3.8 0.4 47

48 Difference (line 43) -0.6 0.2 0.2 -0.3 1.2 -1.7 -0.2 3.6 0.1 0.6 0.5 48

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

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 12), life insurance and pension reserves (lines 13 and 14), and bank personal trusts (line 15).

(3) Includes corporate farms.

(4) Line 17 less line 22.

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

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

 (line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4).
16 Z.1, March 7, 2002

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Personal income 6937.0 7426.0 7777.3 8319.1 8723.9 8381.5 8519.6 8640.2 8714.6 8771.8 8768.8 1

 2 - Personal taxes and nontax payments 968.8 1070.5 1159.3 1288.2 1306.2 1300.2 1329.8 1345.2 1351.4 1195.4 1332.8 2

 3 = Disposable personal income 5968.2 6355.6 6618.0 7031.0 7417.7 7081.3 7189.8 7295.0 7363.2 7576.4 7436.0 3

 4 - Personal outlays 5715.3 6054.1 6457.2 6963.3 7299.1 7026.9 7115.1 7216.2 7281.7 7291.0 7407.3 4

 5 = Personal saving, NIPA (2) 252.9 301.5 160.8 67.6 118.6 54.4 74.7 78.8 81.5 285.4 28.7 5

 6 + Government insurance and pension reserves (3) 3.4 4.4 3.8 1.8 3.3 0.8 3.3 2.8 6.9 0.1 3.2 6

 7 + Net investment in consumer durables 164.5 206.6 227.4 258.0 242.8 257.6 240.2 247.9 233.3 198.0 292.2 7

 8 + Consumption of fixed capital 615.4 641.9 676.6 720.5 788.8 728.4 742.2 756.5 783.7 823.7 791.2 8

 9 + Net capital transfers (4) -26.4 -31.7 -35.9 -35.5 -35.5 -35.1 -35.1 -37.6 -36.2 -34.1 -34.0 9

10 = Gross saving and net capital transfers 1009.8 1122.7 1032.8 1012.5 1118.0 1006.1 1025.2 1048.4 1069.2 1273.0 1081.3 10

11 Gross investment 968.5 1132.1 1041.6 987.9 1201.1 884.1 1003.0 1310.0 1065.9 1316.6 1111.8 11

12 Capital expenditures 980.8 1083.2 1158.8 1243.7 1298.9 1246.9 1245.9 1274.1 1287.1 1285.8 1348.7 12

13 Residential 275.0 310.8 341.2 354.7 372.2 350.7 355.6 364.1 372.7 377.0 374.9 13

14 Consumer durable goods 651.5 712.4 756.5 820.2 858.2 825.9 819.2 838.1 844.7 840.6 909.5 14

15 Nonprofit nonresidential 54.3 59.9 61.2 68.9 68.5 70.2 71.1 71.9 69.6 68.3 64.3 15

16 Net financial investment -12.3 48.9 -117.2 -255.8 -97.9 -362.8 -242.9 35.8 -221.2 30.8 -236.9 16

17 Net acquisition of financial assets 366.5 543.7 482.9 312.0 478.2 236.6 118.0 411.2 455.6 918.9 127.0 17

18 Foreign deposits 6.5 0.1 5.2 7.7 -4.3 -2.6 13.3 -6.0 -10.9 5.3 -5.5 18

19 Checkable deposits and currency -38.8 -19.8 -45.0 -56.7 51.2 -116.8 -40.9 56.2 8.5 -16.0 156.2 19

20 Time and savings deposits 131.9 166.8 98.5 307.0 252.8 339.2 215.3 343.9 259.3 213.4 194.6 20

21 Money market fund shares 79.9 164.9 124.5 131.3 135.9 57.8 178.3 253.1 5.4 232.8 52.3 21

22 Credit market instruments -12.6 40.5 168.5 -174.6 -174.3 -216.8 -209.7 -210.8 -224.0 -1.1 -261.4 22

23 Open market paper 1.5 7.5 4.0 5.0 -19.4 5.0 5.0 -22.0 -18.0 -15.0 -22.5 23

24 U.S. government securities -152.3 -77.6 101.2 -174.6 -167.6 -139.5 -120.5 -532.0 -110.6 206.4 -234.4 24

25 Treasury -161.9 -58.0 15.3 -179.4 -23.7 -190.3 -41.2 -55.6 -111.2 156.3 -84.4 25

26 Savings bonds -0.5 0.1 -0.2 -1.7 5.6 -0.9 -0.3 1.4 3.3 3.9 13.7 26

27 Other -161.4 -58.1 15.5 -177.7 -29.3 -189.4 -40.9 -57.0 -114.5 152.4 -98.1 27

28 Agency 9.7 -19.7 85.9 4.8 -143.9 50.9 -79.4 -476.3 0.6 50.1 -150.0 28

29 Municipal securities 52.5 17.7 40.2 15.0 40.7 32.8 0.0 92.5 20.4 -38.4 88.1 29

30 Corporate and foreign bonds 85.6 92.0 23.4 -21.1 -28.6 -116.1 -91.7 250.8 -119.2 -154.9 -91.2 30

31 Mortgages 0.1 0.9 -0.3 1.1 0.6 1.0 -2.5 -0.1 3.3 0.8 -1.4 31

32 Corporate equities (5) -293.3 -340.7 -327.0 -498.6 -298.3 -459.7 -538.1 -364.1 -185.3 -320.5 -323.3 32

33 Mutual fund shares 259.6 279.5 173.7 252.1 211.5 296.4 170.7 95.0 301.3 188.1 261.3 33

34 Security credit 52.6 61.2 47.2 88.6 31.0 53.9 158.0 -48.2 49.9 327.8 -205.4 34

35 Life insurance reserves 59.3 48.0 50.8 50.2 63.8 53.0 47.3 52.7 53.2 80.2 69.2 35

36 Pension fund reserves 201.4 227.6 196.1 217.2 204.5 220.7 151.8 257.2 165.6 205.4 189.9 36

37 Investment in bank personal trusts -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 37

38 Equity in noncorporate business -40.2 -52.3 -15.5 12.8 10.9 32.2 11.6 5.2 29.5 -9.7 18.7 38

39 Miscellaneous assets 10.3 9.7 12.4 4.7 19.7 8.4 -11.5 3.2 25.8 41.4 8.5 39

40 Net increase in liabilities 378.7 494.9 600.1 567.8 576.0 599.4 360.9 375.4 676.8 888.1 363.9 40

41 Credit market instruments 332.7 466.0 516.8 554.6 610.3 579.9 508.8 538.3 663.4 629.7 609.9 41

42 Home mortgages (6) 240.4 350.2 389.2 382.3 490.7 397.6 360.0 387.5 571.1 513.4 490.8 42

43 Consumer credit 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 43

44 Municipal securities 10.0 12.0 10.4 5.8 10.8 4.9 4.6 4.9 0.9 12.0 25.4 44

45 Bank loans n.e.c. 8.0 6.2 -7.3 8.2 -16.2 4.1 -2.9 -17.3 -28.1 47.5 -66.6 45

46 Other loans and advances 18.1 13.3 14.6 16.4 17.7 14.3 16.8 19.3 19.1 19.5 13.0 46

47 Commercial mortgages -1.2 9.4 10.5 3.1 12.0 5.1 -0.5 -0.2 24.9 12.9 10.4 47

48 Security credit 36.8 21.6 75.2 7.2 -40.4 14.6 -155.0 -166.5 9.7 248.5 -253.5 48

49 Trade payables 8.9 8.7 6.0 5.9 6.1 5.6 3.9 6.9 4.7 6.7 6.0 49

 Deferred and unpaid

50 life insurance premiums 0.3 -1.4 2.1 0.1 0.1 -0.6 3.2 -3.3 -1.0 3.2 1.5 50

51 Discrepancy 41.3 -9.4 -8.9 24.6 -83.1 122.0 22.2 -261.6 3.3 -43.6 -30.5 51

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

(2) See table F.10 for derivation of alternative measures of personal saving.

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

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

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

(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
Z.1, March 7, 2002 17

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Income before taxes 1134.1 1142.0 1198.1 1270.7 1176.7 1283.1 1242.1 1199.4 1206.7 1186.1 1114.5 1

 2 Gross saving and net capital transfers 869.6 865.0 910.3 963.9 943.0 984.5 974.7 937.1 947.2 966.6 921.1 2

 3 Gross investment 891.2 928.7 983.9 1026.3 992.5 1042.1 1030.7 970.2 1020.6 1024.7 954.6 3

 4 Capital expenditures 912.4 984.2 1107.5 1217.3 1071.9 1235.1 1240.4 1155.5 1108.2 1061.2 962.7 4

 5 Fixed investment 840.8 907.0 1047.2 1167.4 1130.3 1182.0 1201.2 1180.7 1144.4 1118.8 1077.1 5

 6 Residential 42.0 42.1 60.7 70.3 73.8 69.7 70.1 72.3 73.8 74.7 74.4 6

 7 Nonresidential 776.4 834.9 955.0 1067.3 1028.4 1082.5 1101.4 1080.3 1042.5 1015.9 974.7 7

 8 Change in inventories 62.9 73.1 58.6 49.4 -58.6 52.5 38.7 -25.5 -36.5 -57.8 -114.7 8

 9 Access rights from federal government 8.8 4.1 1.7 0.6 0.3 0.7 0.5 0.3 0.3 0.3 0.3 9

10 Net financial investment -21.3 -55.5 -123.5 -191.1 -79.4 -193.1 -209.7 -185.3 -87.6 -36.6 -8.1 10

11 Net acquisition of financial assets 404.2 758.1 826.7 732.8 373.1 782.6 437.2 308.4 300.2 521.9 362.1 11

12 Foreign deposits -5.1 7.4 -2.3 -6.0 -5.6 44.6 -61.8 -26.4 1.0 -1.4 4.5 12

13 Checkable deposits and currency 35.1 61.6 62.6 63.6 0.2 146.9 -18.2 -49.9 -16.0 71.2 -4.7 13

14 Time and savings deposits 30.4 2.3 26.2 1.1 -8.4 12.6 40.6 -11.5 -12.1 -12.1 2.1 14

15 Money market fund shares 23.9 36.1 33.1 50.4 119.3 79.0 109.1 158.2 130.6 50.1 138.4 15

16 Security RPs 0.7 -0.4 1.1 -0.5 -1.0 -0.9 3.3 -6.0 2.3 -2.9 2.6 16

17 Credit market instruments -9.7 2.2 4.3 10.5 -14.5 -17.3 -35.3 -29.5 6.1 -25.4 -9.2 17

18 Commercial paper 4.6 3.3 4.3 3.7 5.8 24.1 -4.1 -1.5 20.2 -0.2 4.5 18

19 U.S. government securities -36.6 5.5 -5.2 -8.9 -4.9 -6.5 -42.1 -11.5 -1.7 -4.2 -2.3 19

20 Municipal securities -3.1 -1.5 -3.2 10.5 -1.8 -34.4 21.9 -36.5 10.4 3.4 15.4 20

21 Mortgages 24.3 -1.1 3.0 2.9 1.2 -2.7 1.2 1.0 0.6 1.9 1.4 21

22 Consumer credit 1.2 -4.1 5.4 2.4 -14.8 2.2 -12.3 18.9 -23.4 -26.4 -28.2 22

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

24 Trade receivables 128.6 127.0 159.2 146.6 -84.2 91.8 51.6 -59.0 -166.0 -46.1 -65.7 24

25 Miscellaneous assets 208.5 514.5 544.3 468.9 369.1 427.7 349.7 334.3 356.0 490.4 295.7 25

26 Net increase in liabilities 425.5 813.6 950.2 923.8 452.5 975.7 646.9 493.7 387.7 558.5 370.2 26

27 Credit market instruments 392.8 553.2 602.6 585.7 391.5 437.8 535.0 354.1 465.3 369.0 377.5 27

28 Commercial paper 13.7 24.4 37.4 48.1 -88.3 56.1 -4.0 -199.2 -133.4 -66.1 45.5 28

29 Municipal securities 4.2 5.8 5.1 1.4 3.3 1.0 2.1 2.3 3.3 1.1 6.4 29

30 Corporate bonds 150.5 218.7 229.9 171.1 328.2 168.8 175.6 399.5 419.5 187.9 305.9 30

31 Bank loans n.e.c. 98.4 102.0 90.0 94.9 -71.4 42.9 62.2 11.4 -125.1 -58.2 -113.6 31

32 Other loans and advances 42.6 67.6 42.9 86.2 1.2 3.6 108.0 -32.4 98.8 62.3 -123.8 32

33 Mortgages 83.3 134.8 197.4 184.0 218.4 165.5 191.1 172.4 202.2 242.0 257.1 33

34 Corporate equities -114.4 -267.0 -143.5 -159.7 -55.7 -87.8 -367.5 -25.3 -71.5 -120.8 -5.1 34

35 Trade payables 97.5 81.5 170.3 125.6 -48.8 132.7 81.1 12.0 -123.4 -32.0 -51.8 35

36 Taxes payable 16.6 15.6 15.3 14.5 5.9 -4.7 15.4 3.4 9.4 86.4 -75.7 36

37 Miscellaneous liabilities 88.1 489.3 334.2 373.4 160.8 512.9 391.5 143.4 111.0 248.3 140.6 37

38 Proprietors’ net investment -55.1 -58.9 -28.7 -15.7 -1.2 -15.1 -8.5 6.1 -3.1 7.5 -15.3 38

39 Discrepancy -21.5 -63.7 -73.6 -62.4 -49.5 -57.6 -56.0 -33.1 -73.4 -58.1 -33.5 39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
18 Z.1, March 7, 2002

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Profits before tax (book) 494.5 460.0 468.9 502.2 379.3 511.6 463.3 411.4 408.8 378.8 318.1 1

 2 - Profit tax accruals 157.9 154.2 170.4 186.0 141.8 189.7 167.7 152.0 150.7 138.9 125.4 2

 3 - Dividends 216.4 240.8 238.4 267.3 302.7 274.3 280.5 299.1 292.5 318.3 300.8 3

 4 + Consumption of fixed capital 539.7 570.6 617.8 659.5 706.6 664.5 674.6 684.6 698.8 726.5 716.6 4

 5 = U.S. internal funds, book 659.9 635.6 677.9 708.3 641.4 712.0 689.7 644.8 664.4 648.1 608.5 5

 6 + Foreign earnings retained abroad 59.3 62.8 75.4 99.1 115.4 105.9 119.0 118.0 106.4 133.3 104.0 6

 7 + Inventory valuation adjustment (IVA) 8.5 18.4 -2.9 -12.4 4.4 -3.6 -7.3 -1.9 -8.8 3.1 25.0 7

 8 + Net capital transfers (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 = Total internal funds + IVA 727.6 716.7 750.4 795.1 761.2 814.3 801.4 760.9 762.0 784.5 737.5 9

10 Gross investment 749.1 780.4 824.1 857.5 810.7 871.9 857.4 794.0 835.4 842.6 771.0 10

11 Capital expenditures 760.2 826.5 892.5 960.2 833.1 987.4 958.3 903.3 859.7 824.3 744.9 11

12 Fixed investment (2) 694.5 753.8 833.8 911.0 886.9 934.2 921.9 927.9 893.0 877.1 849.6 12

13 Inventory change + IVA 57.0 68.6 57.1 48.6 -54.1 52.5 35.9 -24.9 -33.5 -53.1 -105.0 13

14 Access rights from federal government 8.8 4.1 1.7 0.6 0.3 0.7 0.5 0.3 0.3 0.3 0.3 14

15 Net financial investment -11.1 -46.1 -68.5 -102.7 -22.3 -115.6 -100.9 -109.3 -24.4 18.3 26.1 15

16 Net acquisition of financial assets 272.4 569.9 665.2 603.3 264.1 679.6 333.2 194.1 183.1 417.8 261.5 16

17 Foreign deposits -5.1 7.4 -2.3 -6.0 -5.6 44.6 -61.8 -26.4 1.0 -1.4 4.5 17

18 Checkable deposits and currency 12.7 27.8 37.0 38.5 -21.0 130.9 -34.1 -70.3 -37.2 50.0 -26.3 18

19 Time and savings deposits 19.7 -6.8 16.2 -2.9 -13.7 11.4 37.5 -16.5 -17.5 -17.6 -3.4 19

20 Money market fund shares 20.2 26.5 23.1 40.4 97.2 63.4 87.4 130.2 112.6 31.3 114.9 20

21 Security RPs 0.7 -0.4 1.1 -0.5 -1.0 -0.9 3.3 -6.0 2.3 -2.9 2.6 21

22 Commercial paper 4.6 3.3 4.3 3.7 5.8 24.1 -4.1 -1.5 20.2 -0.2 4.5 22

23 U.S. government securities -40.8 -0.6 -2.1 1.3 7.4 0.0 -33.0 -0.5 9.3 9.2 11.5 23

24 Municipal securities -3.6 -1.6 -3.4 10.3 -2.0 -34.6 21.7 -36.7 10.2 3.2 15.2 24

25 Mortgages 25.9 -13.0 -7.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 25

26 Consumer credit 1.2 -4.1 5.4 2.4 -14.8 2.2 -12.3 18.9 -23.4 -26.4 -28.2 26

27 Trade receivables 93.5 86.3 113.4 105.8 -98.8 74.9 24.5 -79.0 -183.0 -59.4 -73.9 27

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

29 Miscellaneous assets 151.7 437.7 481.4 417.3 317.4 370.5 310.9 288.5 295.3 438.8 246.8 29

30 U.S. direct investment abroad (3) 84.3 129.1 136.2 122.0 146.8 117.9 146.2 138.5 143.7 195.3 109.6 30

31 Insurance receivables 1.9 1.7 1.0 -0.3 10.9 2.9 -11.4 3.3 10.6 26.5 3.1 31

32 Equity in GSEs -1.1 -0.7 -0.6 0.0 -0.2 0.3 1.2 -1.3 1.7 -0.4 -0.9 32

33 Investment in finance co. subs. -3.7 -6.4 26.8 7.4 -1.6 9.8 5.1 -10.8 -7.6 -3.4 15.3 33

34 Other 70.4 314.1 317.9 288.3 161.5 239.5 169.7 158.8 146.8 220.8 119.8 34

35 Net increase in liabilities 283.5 616.0 733.7 706.0 286.4 795.2 434.2 303.4 207.5 399.5 235.4 35

36 Net funds raised in markets 177.4 138.5 298.3 269.4 212.2 213.7 20.5 201.4 253.4 136.3 257.6 36

37 Net new equity issues -114.4 -267.0 -143.5 -159.7 -55.7 -87.8 -367.5 -25.3 -71.5 -120.8 -5.1 37

38 Credit market instruments 291.9 405.5 441.7 429.1 267.8 301.5 388.0 226.7 324.9 257.1 262.7 38

39 Commercial paper 13.7 24.4 37.4 48.1 -88.3 56.1 -4.0 -199.2 -133.4 -66.1 45.5 39

40 Municipal securities (4) 4.2 5.8 5.1 1.4 3.3 1.0 2.1 2.3 3.3 1.1 6.4 40

41 Corporate bonds (3) 150.5 218.7 229.9 171.1 328.2 168.8 175.6 399.5 419.5 187.9 305.9 41

42 Bank loans n.e.c. 51.1 81.8 73.0 74.3 -57.6 36.3 41.5 8.5 -102.6 -39.6 -96.8 42

43 Other loans and advances 39.8 54.3 34.5 73.4 1.0 -9.2 100.0 -32.1 80.4 71.6 -115.9 43

44 Savings institutions 1.6 2.7 3.2 4.3 1.8 5.0 2.8 4.1 4.8 -0.3 -1.3 44

45 Finance companies -0.5 33.1 48.8 57.0 -10.3 43.4 20.7 -10.1 89.1 -68.8 -51.4 45

46 U.S. government -0.3 -0.1 -0.3 -0.4 -0.2 -0.7 -0.0 0.3 -1.2 1.4 -1.3 46

47 Acceptance liabilities to banks -2.6 -4.3 -2.2 -0.0 -0.3 -3.2 0.8 9.9 -3.7 -8.3 1.0 47

48 Rest of the world 17.3 -1.0 -22.7 -2.2 -1.6 -40.6 32.4 -33.0 16.7 84.0 -74.3 48

49 ABS issuers 24.4 23.8 7.7 14.7 11.6 -13.2 43.2 -3.2 -25.3 63.6 11.4 49

50 Mortgages 32.6 20.6 61.9 60.8 81.3 48.5 72.8 47.7 57.6 102.1 117.6 50

51 Trade payables 65.1 57.6 144.4 102.4 -59.2 119.2 63.3 -3.1 -134.5 -39.0 -60.0 51

52 Taxes payable 9.3 4.8 7.0 7.0 0.1 -9.5 10.0 -3.6 3.2 80.9 -80.1 52

53 Miscellaneous liabilities 31.6 415.0 284.1 327.3 133.3 471.8 340.4 108.6 85.4 221.3 117.9 53

54 Foreign direct investment in U.S. 100.2 143.6 261.8 178.6 88.2 239.0 108.4 119.8 107.4 53.6 72.2 54

55 Pension fund contributions payable 7.1 21.4 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 55

56 Other -75.7 250.0 21.0 147.5 43.8 231.5 230.8 -12.4 -23.3 166.5 44.4 56

57 Discrepancy -21.5 -63.7 -73.6 -62.4 -49.5 -57.6 -56.0 -33.1 -73.4 -58.1 -33.5 57

 Memo:

58 Financing gap (5) 91.9 172.5 217.5 264.2 187.3 279.0 275.9 260.4 204.2 173.1 111.4 58

(1) Table F.9, line 6.

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

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

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

(5) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, March 7, 2002 19

F.103 Nonfarm Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net income with IVA and CCAdj 609.9 656.5 702.6 738.0 769.8 739.9 747.1 758.2 769.2 775.0 776.7 1

 2 Gross saving = capital consumption 118.5 125.0 133.1 142.8 153.2 143.9 146.5 148.9 156.9 152.2 155.0 2

 3 Gross investment 118.5 125.0 133.1 142.8 153.2 143.9 146.5 148.9 156.9 152.2 155.0 3

 4 Capital expenditures 121.8 127.5 190.6 230.8 210.8 221.4 252.5 223.1 221.3 207.5 191.2 4

 5 Fixed investment (1) 118.8 123.9 187.6 228.2 213.6 218.6 250.6 224.4 223.1 210.3 196.7 5

 6 Change in inventories 3.0 3.6 3.0 2.6 -2.8 2.8 1.9 -1.3 -1.8 -2.8 -5.5 6

 7 Net financial investment -3.3 -2.5 -57.5 -88.0 -57.6 -77.4 -106.0 -74.2 -64.4 -55.3 -36.2 7

 8 Net acquisition of financial assets 131.1 186.0 160.6 129.3 106.6 102.0 106.5 113.3 113.9 101.5 97.8 8

 9 Checkable deposits and currency 22.2 32.1 25.0 25.0 20.7 15.9 15.7 20.0 20.8 20.9 21.3 9

10 Time and savings deposits 10.7 9.1 10.0 4.0 5.3 1.2 3.1 5.0 5.4 5.5 5.5 10

11 Money market mutual funds 3.7 9.7 10.0 10.0 22.1 15.7 21.6 28.0 18.0 18.8 23.6 11

12 Treasury securities 4.1 6.1 -3.1 -10.2 -12.3 -6.5 -9.1 -11.0 -11.0 -13.4 -13.8 12

13 Municipal securities 0.5 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 13

14 Mortgages -1.6 11.9 10.0 7.9 6.2 2.3 6.2 6.0 5.6 6.9 6.4 14

15 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Trade receivables 35.1 40.7 45.8 40.8 14.6 17.0 27.1 20.0 17.0 13.2 8.2 16

17 Miscellaneous assets 56.4 76.3 62.7 51.6 49.7 56.3 41.6 45.1 57.9 49.3 46.5 17

18 Insurance receivables 0.5 0.4 0.2 -0.1 2.6 0.7 -2.7 0.8 2.6 6.4 0.7 18

19 Equity investment in GSEs (2) 0.0 -0.1 0.0 -0.0 0.3 -0.1 0.1 -0.1 -0.3 -0.1 1.5 19

20 Other 55.9 75.9 62.4 51.7 46.8 55.7 44.2 44.4 55.7 43.1 44.3 20

21 Net increase in liabilities 134.4 188.5 218.1 217.3 164.2 179.4 212.5 187.5 178.3 156.8 134.1 21

22 Credit market instruments 94.7 139.7 155.4 145.7 116.3 129.1 134.2 121.3 130.6 108.6 104.8 22

23 Bank loans n.e.c. 43.8 18.9 17.9 17.9 -13.6 7.3 12.5 0.7 -20.2 -14.5 -20.3 23

24 Other loans and advances 3.3 13.0 7.8 11.1 0.1 11.4 5.5 0.1 18.6 -10.1 -8.3 24

25 Mortgages 47.7 107.7 129.7 116.7 129.8 110.4 116.2 120.5 132.2 133.1 133.4 25

26 Trade payables 31.0 23.1 25.5 22.4 10.2 14.3 16.1 12.8 11.2 9.6 7.3 26

27 Taxes payable 7.3 10.7 8.3 7.5 5.8 4.8 5.4 7.0 6.2 5.5 4.4 27

28 Miscellaneous liabilities 56.5 74.3 50.1 46.1 27.5 41.1 51.1 34.7 25.6 27.0 22.6 28

29 Proprietors’ net investment -55.1 -59.3 -21.1 -4.4 4.3 -9.9 5.7 11.7 4.7 6.1 -5.2 29

(1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.

(2) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Proprietors’ net income with IVA and CCAdj 29.7 25.6 26.6 30.6 27.6 31.6 31.7 29.8 28.7 32.3 19.7 1

 2 Net saving (corporate) 0.6 -0.5 1.3 1.4 1.7 1.4 1.5 1.6 1.7 1.8 1.7 2

 3 Consumption of fixed capital 23.0 23.8 25.5 24.6 26.9 24.8 25.3 25.8 26.7 28.1 27.0 3

 4 Corporate 3.3 3.4 4.0 4.0 4.4 4.1 4.1 4.2 4.4 4.6 4.4 4

 5 Noncorporate 19.7 20.4 21.5 20.5 22.5 20.8 21.2 21.6 22.3 23.5 22.5 5

 6 Gross saving 23.5 23.3 26.8 26.0 28.6 26.3 26.8 27.4 28.4 29.9 28.6 6

 7 Gross investment 23.5 23.3 26.8 26.0 28.6 26.3 26.8 27.4 28.4 29.9 28.6 7

 8 Capital expenditures 30.4 30.3 24.3 26.4 28.1 26.3 29.5 29.2 27.2 29.4 26.6 8

 9 Fixed investment (2) 27.5 29.4 25.8 28.2 29.7 29.1 28.6 28.5 28.4 31.3 30.8 9

10 Change in inventories 2.9 0.9 -1.5 -1.8 -1.7 -2.8 0.9 0.7 -1.2 -1.9 -4.2 10

11 Net financial investment -6.9 -6.9 2.5 -0.4 0.5 -0.1 -2.8 -1.8 1.2 0.5 2.0 11

12 Net acquisition of financial assets 0.7 2.3 0.8 0.1 2.4 1.0 -2.6 1.0 3.1 2.6 2.8 12

13 Checkable deposits and currency 0.2 1.7 0.6 0.2 0.4 0.2 0.2 0.4 0.4 0.4 0.4 13

14 Miscellaneous assets 0.4 0.5 0.2 -0.1 2.0 0.8 -2.7 0.6 2.8 2.3 2.4 14

15 Insurance receivables 0.4 0.4 0.2 -0.1 1.5 0.7 -2.6 0.8 2.4 2.1 0.7 15

16 Equity investment in GSEs (3) 0.0 0.1 -0.0 -0.0 0.5 0.2 -0.1 -0.1 0.3 0.2 1.7 16

17 Net increase in liabilities 7.6 9.2 -1.7 0.5 1.9 1.1 0.2 2.8 1.9 2.2 0.8 17

18 Credit market instruments 6.2 8.0 5.5 10.9 7.3 7.2 12.8 6.0 9.8 3.4 10.0 18

19 Bank loans n.e.c. 3.5 1.2 -0.9 2.7 -0.2 -0.8 8.2 2.2 -2.3 -4.2 3.5 19

20 Other loans and advances -0.5 0.3 0.6 1.7 0.1 1.5 2.5 -0.4 -0.3 0.8 0.3 20

21 Mortgages 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 21

22 Trade payables 1.4 0.8 0.4 0.9 0.2 -0.9 1.7 2.4 -0.1 -2.6 0.9 22

23 Proprietors’ net investment 0.0 0.4 -7.5 -11.3 -5.5 -5.2 -14.2 -5.6 -7.8 1.3 -10.1 23

(1) Corporate and noncorporate farms.

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

(3) Equity in the Farm Credit System.
20 Z.1, March 7, 2002

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1011.4 1074.4 1143.8 1222.7 1293.2 1234.3 1246.5 1273.4 1294.3 1286.6 1318.4 1

 2 Personal tax and nontax receipts 217.0 235.5 255.9 278.7 296.1 280.4 289.3 293.8 291.4 298.2 301.1 2

 3 Corporate profits tax accruals 34.2 34.6 34.8 36.8 29.1 37.3 34.1 31.8 30.7 27.5 26.4 3

 4 Indirect business tax and nontax accruals 552.6 583.9 612.5 651.6 683.2 655.7 662.9 673.5 680.4 683.7 695.0 4

 5 Contributions for social insurance 10.9 10.2 10.1 10.1 10.7 10.0 10.1 10.3 10.6 10.8 10.9 5

 6 Federal grants-in-aid 196.8 210.3 230.5 245.6 274.2 250.9 250.1 264.0 281.2 266.4 285.0 6

 7 Current expenditures, NIPA basis 980.4 1033.7 1101.6 1189.8 1275.8 1199.5 1217.8 1251.1 1273.0 1284.7 1294.5 7

 8 Consumption expenditures 766.5 808.3 858.3 929.0 984.2 936.6 950.0 966.7 981.3 991.2 997.7 8

 9 Transfer payments to persons 227.6 235.3 254.0 270.7 290.4 272.7 277.8 282.9 288.3 292.8 297.6 9

10 Net interest paid -0.9 0.4 -0.2 -0.3 -0.8 -0.2 -0.2 -0.5 -0.8 -0.9 -0.9 10

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

12 Subsidies less current surplus of govt. enterprises -12.4 -9.9 -10.1 -9.2 2.4 -9.2 -9.4 2.4 4.6 2.0 0.5 12

13 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Current surplus or deficit (-), NIPA basis 31.0 40.8 42.2 32.9 17.3 34.8 28.7 22.3 21.3 1.9 23.9 14

15 + Consumption of fixed capital 94.2 99.5 106.4 114.9 124.2 116.1 118.0 120.2 121.9 129.5 125.2 15

16 + Net capital transfers (2) 35.3 36.0 39.7 44.1 49.1 43.9 45.5 47.3 49.7 49.7 49.7 16

17 = Gross saving and net capital transfers 160.4 176.2 188.3 191.9 190.6 194.8 192.2 189.8 192.9 181.1 198.8 17

18 Gross investment 121.3 227.1 216.2 220.5 192.8 215.3 203.3 190.4 178.6 190.6 211.7 18

19 Fixed investment 183.3 191.0 210.2 221.8 239.4 220.6 222.7 233.1 244.2 230.0 250.3 19

20 Net financial investment -62.0 36.1 6.1 -1.3 -46.6 -5.3 -19.4 -42.7 -65.6 -39.4 -38.6 20

21 Net acq. of financial assets 25.4 146.9 87.5 53.3 85.4 43.8 59.8 85.9 68.1 29.2 158.3 21

22 Checkable deposits and currency 4.4 -3.9 3.9 1.0 2.6 0.2 17.0 2.3 -6.5 3.1 11.4 22

23 Time and savings deposits 5.8 12.8 10.9 9.4 6.0 7.0 28.9 -11.5 1.7 -0.1 34.0 23

24 Security RPs 3.6 7.2 5.0 9.7 24.1 12.0 -15.0 9.0 17.2 20.8 49.4 24

25 Credit market instruments 0.1 134.5 43.4 9.2 15.7 -16.4 12.1 41.5 -24.8 -10.4 56.6 25

26 Open market paper 14.3 28.0 1.9 7.6 1.0 -4.0 10.0 4.0 -17.2 -10.0 27.2 26

27 U.S. government securities -18.5 93.5 26.0 -7.1 -2.2 -21.7 -4.1 19.3 -18.9 -20.4 11.2 27

28 Treasury -17.7 30.0 -2.5 -30.6 -30.8 -45.7 -24.1 -18.5 -41.5 -48.0 -15.0 28

29 Agency -0.8 63.6 28.5 23.5 28.5 24.0 20.0 37.8 22.7 27.6 26.1 29

30 Municipal securities -0.7 -1.4 -1.5 0.6 0.3 3.2 -0.8 2.1 -0.6 0.4 -0.7 30

31 Corporate and foreign bonds 1.3 10.2 12.6 3.7 11.9 1.6 2.4 11.5 7.2 14.8 14.1 31

32 Mortgages 3.7 4.1 4.3 4.5 4.7 4.5 4.6 4.6 4.7 4.8 4.8 32

33 Corporate equities 16.8 9.4 3.5 -1.2 22.8 -4.1 -5.6 26.9 20.5 21.5 22.4 33

34 Mutual fund shares -7.4 -12.3 4.3 0.8 5.1 4.5 4.0 9.4 7.9 -0.8 4.0 34

35 Taxes receivable 3.3 9.1 8.8 11.9 4.3 9.9 7.7 7.6 6.0 2.6 0.8 35

36 Miscellaneous assets -1.2 -9.7 7.7 12.3 4.7 30.8 10.7 0.6 46.0 -7.6 -20.3 36

37 Net increase in liabilities 87.5 110.8 81.4 54.5 132.0 49.2 79.2 128.7 133.6 68.6 196.9 37

38 Credit market instruments 56.1 80.3 52.3 27.2 106.8 23.8 53.7 103.9 108.7 43.0 171.5 38

39 Municipal securities 57.3 79.1 52.7 28.2 106.5 25.1 53.4 103.4 108.3 42.9 171.4 39

40 Short-term 8.3 -6.3 3.6 3.2 23.6 -7.2 7.1 21.2 20.5 37.3 15.5 40

41 Other 49.0 85.4 49.1 25.0 82.9 32.3 46.3 82.3 87.7 5.6 155.9 41

42 U.S. government loans -1.2 1.2 -0.4 -1.0 0.2 -1.3 0.4 0.4 0.4 0.1 0.1 42

43 Trade payables 31.4 30.5 29.1 27.4 25.2 25.4 25.5 24.8 25.0 25.6 25.4 43

44 Discrepancy 39.1 -50.9 -27.9 -28.6 -2.2 -20.5 -11.1 -0.6 14.2 -9.5 -12.8 44

(1) Data for retirement funds are shown in table F.120.

(2) Table F.9, line 7.
Z.1, March 7, 2002 21

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 1625.5 1749.7 1872.8 2046.8 2033.3 2064.3 2077.5 2087.4 2091.5 1907.1 2047.0 1

 2 Personal tax and nontax receipts 751.8 834.9 903.3 1009.5 1010.1 1019.8 1040.5 1051.4 1060.0 897.2 1031.7 2

 3 Corporate profits tax accruals 203.0 204.3 218.3 234.6 191.5 237.6 219.4 205.0 197.3 177.4 186.4 3

 4 Indirect business tax and nontax accruals 93.7 97.4 100.6 111.2 111.1 111.9 112.7 112.2 112.0 110.2 109.8 4

 5 Contributions for social insurance 577.0 613.1 650.7 691.5 720.6 695.0 704.9 718.8 722.2 722.3 719.1 5

 6 Current expenditures, NIPA basis 1678.8 1705.9 1753.6 1828.3 1909.5 1834.4 1855.1 1882.1 1904.7 1920.7 1930.5 6

 7 Consumption expenditures 456.9 453.1 469.6 493.7 514.1 493.6 494.1 507.5 510.1 513.7 525.1 7

 8 Transfers payments (net) 717.5 730.6 746.2 779.3 831.9 780.5 802.9 811.7 823.3 838.6 853.9 8

 9 Grants-in-aid to state and local governments 196.8 210.3 230.5 245.6 274.2 250.9 250.1 264.0 281.2 266.4 285.0 9

10 Net interest paid 276.2 278.5 263.9 262.9 236.9 262.9 259.9 253.5 242.5 232.5 219.1 10

11 Subsidies less current surplus of govt. enterprises 31.5 33.5 43.4 46.8 52.5 46.5 48.1 45.4 47.6 69.5 47.4 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis -53.4 43.8 119.2 218.5 123.8 229.9 222.4 205.3 186.8 -13.6 116.5 13

14 + Consumption of fixed capital 86.8 88.2 91.7 96.4 99.6 97.0 97.9 98.4 99.4 99.8 100.8 14

15 - Insurance and pension reserves (1) 3.4 4.4 3.8 1.8 3.3 0.8 3.3 2.8 6.9 0.1 3.2 15

16 + Net capital transfers (2) -8.4 -3.6 -7.3 -7.9 -12.8 -8.1 -9.7 -8.9 -12.7 -14.8 -14.9 16

17 = Gross saving and net capital transfers 21.6 124.0 199.7 305.2 207.3 318.1 307.4 292.0 266.6 71.3 199.1 17

18 Gross investment 6.4 101.4 201.9 310.0 141.7 288.7 381.0 49.8 337.3 19.9 159.7 18

19 Fixed investment 81.4 86.1 94.5 96.5 101.6 93.5 100.1 97.8 99.9 102.0 106.8 19

20 Access rights sales -8.8 -4.1 -1.7 -0.6 -0.3 -0.7 -0.5 -0.3 -0.3 -0.3 -0.3 20

21 Net financial investment -66.2 19.3 109.1 214.1 40.3 195.8 281.4 -47.7 237.7 -81.9 53.2 21

22 Net acq. of financial assets -9.6 -5.3 76.2 -57.8 77.5 15.8 -77.7 55.4 22.8 184.9 46.7 22

23 Gold, SDRs, and official foreign exchange 2.5 6.0 -7.1 -0.6 5.4 -1.5 5.3 -1.1 5.0 19.2 -1.4 23

24 Checkable deposits and currency -0.5 -16.7 66.2 -65.1 41.1 10.0 -71.7 40.1 -31.6 36.2 119.9 24

25 Time and savings deposits 1.0 1.3 0.7 1.0 4.2 2.1 0.4 8.2 5.9 7.2 -4.6 25

26 Credit market instruments 5.1 13.5 5.8 7.3 7.4 4.5 10.6 4.6 9.4 3.6 12.0 26

27 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Mortgages -4.5 -0.8 -0.1 -0.9 -1.1 -1.3 1.6 -2.4 -0.6 -3.4 1.8 28

29 Other loans and advances 9.6 14.3 5.9 8.2 8.5 5.8 9.1 7.0 10.0 6.9 10.1 29

30 Trade receivables -3.2 1.5 4.6 5.3 7.7 4.3 3.7 9.9 10.0 16.0 -5.2 30

31 Taxes receivable -9.0 -7.5 7.0 -4.3 10.4 -4.0 -26.4 -5.7 23.1 100.7 -76.4 31

32 Miscellaneous assets -5.4 -3.5 -0.9 -1.4 1.3 0.5 0.4 -0.5 1.0 2.0 2.5 32

33 Net increase in liabilities 56.5 -24.7 -32.9 -271.9 37.1 -180.0 -359.1 103.1 -214.9 266.7 -6.4 33

34 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -4.0 -4.0 0.0 0.0 0.0 0.0 34

35 Treasury currency 0.5 0.6 1.0 2.4 -0.0 4.2 -0.0 -1.1 1.1 -0.0 0.0 35

36 Credit market instruments 23.1 -52.6 -71.2 -295.9 -5.6 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 36

37 Savings bonds -0.5 0.1 -0.2 -1.7 5.6 -0.9 -0.3 1.4 3.3 3.9 13.7 37

38 Other Treasury securities 23.7 -54.7 -70.8 -293.2 -10.6 -222.9 -329.9 -3.5 -260.5 252.1 -30.6 38

39 Budget agency securities -0.1 2.0 -0.2 -1.0 -0.5 -2.4 -1.2 -2.2 1.1 -0.4 -0.7 39

40 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 40

41 Trade payables -8.8 -8.0 0.7 1.2 -11.7 1.8 2.1 -10.3 -10.9 0.7 -26.3 41

42 Insurance and pension reserves (3) 42.0 42.5 42.5 22.3 62.2 36.3 -28.1 118.1 46.9 31.8 52.1 42

43 Miscellaneous liabilities 0.3 -7.1 -2.9 2.0 -7.8 7.9 2.3 0.6 4.1 -21.4 -14.7 43

44 Discrepancy 15.2 22.6 -2.2 -4.7 65.6 29.4 -73.6 242.2 -70.7 51.5 39.5 44

 Memo:

45 Change in cash balance (4) -2.2 -12.8 59.4 -55.1 35.0 15.1 -73.4 58.2 -25.8 50.7 56.8 45

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

(2) Table F.9, line 2.

(3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).
22 Z.1, March 7, 2002

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Foreign income from U.S. 1370.8 1450.7 1610.2 1917.6 1770.0 1969.1 1976.5 1916.5 1833.2 1696.4 1633.9 1

 2 U.S. imports 1055.8 1116.7 1240.7 1466.9 1380.7 1511.8 1511.6 1481.2 1427.0 1315.0 1299.5 2

 3 U.S. income payments to rest of world 274.3 289.6 320.6 396.3 339.8 404.7 397.9 389.4 358.6 332.4 278.7 3

 4 Net transfers to rest of world 40.8 44.5 49.0 54.4 49.6 52.6 67.0 45.9 47.6 49.0 55.7 4

 5 Foreign outlays to U.S. 1247.7 1251.1 1303.6 1487.1 1379.8 1517.7 1523.1 1496.3 1426.5 1341.9 1254.6 5

 6 U.S. exports 966.4 964.9 989.8 1102.9 1049.5 1131.1 1121.0 1117.4 1079.6 1020.6 980.2 6

 7 U.S. income receipts from rest of world 281.3 286.1 313.8 384.2 330.4 386.6 402.1 378.9 346.9 321.3 274.4 7

 8 Net capital transfers (1) -0.4 -0.7 3.5 -0.7 -0.8 -0.7 -0.7 -0.7 -0.7 -0.8 -0.8 8

 9 Gross saving and net capital transfers (2) 122.7 199.0 310.2 429.8 389.4 450.7 452.7 419.5 406.0 353.7 378.5 9

10 Net financial investment 272.0 145.5 373.2 444.0 379.5 458.2 455.8 323.0 618.3 147.6 429.1 10

11 Net acquisition of financial assets 649.8 474.3 782.1 941.8 767.4 949.8 956.0 836.8 789.0 458.4 985.3 11

12 Gold and SDRs (3) -0.4 -0.1 0.0 -0.7 -1.0 -0.7 -0.7 -0.8 -0.6 -2.0 -0.5 12

13 Net interbank assets -4.3 -27.1 -5.7 22.3 -6.3 51.1 -39.1 -201.6 1.9 -5.3 179.6 13

14 U.S. checkable deposits and currency 29.9 14.8 39.9 -8.2 24.0 8.0 31.3 11.3 6.7 38.5 39.3 14

15 U.S. time deposits 13.1 13.0 15.0 5.7 -15.1 -6.4 37.2 -40.3 2.6 -7.7 -15.2 15

16 Security RPs 20.0 -18.8 8.0 11.4 29.3 19.8 -4.3 99.3 13.5 -36.2 40.4 16

17 Credit market instruments 311.3 254.2 208.8 279.3 426.0 216.2 387.8 410.6 349.2 387.5 556.8 17

18 Open market paper 19.9 37.6 -13.0 8.7 8.5 -14.3 65.6 -4.1 8.6 -3.4 32.9 18

19 U.S. government securities 189.6 95.4 83.8 89.7 189.0 85.4 90.4 167.5 39.3 156.9 392.2 19

20 Official -2.2 -3.6 32.5 30.7 29.0 21.1 -21.0 10.2 -43.4 62.4 86.9 20

21 Treasury -6.7 -9.9 12.2 -10.2 11.7 -36.0 -53.7 -4.1 -83.1 63.2 70.7 21

22 Agency 4.5 6.3 20.4 40.9 17.3 57.1 32.8 14.3 39.7 -0.9 16.2 22

23 Private 191.7 99.0 51.3 59.0 159.9 64.3 111.4 157.3 82.7 94.5 305.3 23

24 Treasury 146.4 48.6 -20.5 -52.8 15.7 -50.0 -41.6 2.6 -34.7 -37.7 132.7 24

25 Agency 45.3 50.4 71.8 111.8 144.2 114.4 152.9 154.7 117.4 132.3 172.6 25

26 U.S. corporate bonds (4) 84.6 122.2 160.8 183.1 230.2 185.6 199.4 280.2 284.5 150.0 206.1 26

27 Loans to U.S. corporate business 17.3 -1.0 -22.7 -2.2 -1.6 -40.6 32.4 -33.0 16.7 84.0 -74.3 27

28 U.S. corporate equities 67.8 42.0 112.3 193.8 124.7 214.9 158.2 164.4 164.3 35.5 134.8 28

29 Trade receivables 4.5 -7.5 -7.5 10.4 9.4 9.1 30.2 6.4 39.3 0.5 -8.7 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 30

31 Miscellaneous assets 208.0 203.8 411.2 427.8 176.5 437.8 355.6 387.6 212.1 47.6 58.9 31

32 Foreign direct investment in U.S. (5) 105.6 178.2 301.0 287.7 179.4 304.2 338.8 209.9 260.8 105.6 141.3 32

33 Other 102.4 25.6 110.2 140.1 -2.8 133.6 16.7 177.7 -48.7 -58.0 -82.4 33

34 Net increase in liabilities 377.8 328.8 408.9 497.8 387.9 491.5 500.2 513.9 170.6 310.8 556.2 34

 U.S. official foreign exchange

35 and net IMF position 0.7 6.6 -8.7 -0.4 4.7 0.7 4.9 -1.5 4.7 19.1 -3.4 35

36 U.S. private deposits 107.7 6.5 61.0 120.8 62.2 -40.8 207.4 235.5 -170.2 83.5 100.0 36

37 Credit market instruments 71.8 43.4 27.9 67.0 -41.9 88.6 66.8 -8.0 -52.8 -102.8 -4.1 37

38 Commercial paper 3.7 7.8 16.3 31.7 -14.2 7.0 50.1 -26.5 -6.7 -27.6 3.9 38

39 Bonds 61.4 34.9 16.8 25.2 -17.9 71.4 9.0 17.1 -15.9 -78.8 6.1 39

40 Bank loans n.e.c. 8.5 6.7 0.5 11.3 -7.5 11.9 12.2 13.0 -31.0 4.4 -16.3 40

41 Official -0.8 0.8 0.2 0.5 0.8 1.8 -0.3 0.4 -1.2 3.4 0.5 41

42 Banks -0.5 -0.7 -3.1 3.2 -7.3 2.2 2.5 12.1 -28.3 1.1 -14.2 42

43 Other 9.8 6.7 3.5 7.5 -0.9 7.9 9.9 0.5 -1.5 -0.1 -2.6 43

44 U.S. government loans -1.6 -1.0 -4.8 -0.6 0.2 -2.2 -0.8 -1.8 1.0 -1.6 3.2 44

45 Acceptance liabilities to banks -0.2 -5.0 -0.9 -0.7 -2.6 0.5 -3.7 -9.9 -0.3 0.9 -1.1 45

46 Foreign corporate equities (6) 57.6 101.3 114.4 99.7 97.3 61.1 89.4 109.2 220.3 23.0 36.9 46

47 Trade payables 5.1 -2.4 4.3 1.6 -0.3 -12.7 9.2 -5.8 16.1 -25.7 14.3 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 48

49 Miscellaneous liabilities 134.9 173.5 210.0 209.2 265.8 394.6 122.4 184.4 152.6 313.6 412.5 49

50 U.S. equity in IBRD, etc. 1.6 1.6 1.5 1.5 1.8 1.3 1.6 2.1 2.0 1.4 1.6 50

51 U.S. government deposits -0.0 -0.1 0.6 0.0 -0.2 0.4 0.6 -0.4 0.1 0.1 -0.7 51

52 U.S. direct investment abroad (4,5) 104.8 142.5 155.4 152.4 166.7 166.5 156.3 163.8 164.3 208.2 130.6 52

53 Other 28.6 29.5 52.5 55.2 97.5 226.4 -36.1 19.0 -13.8 103.8 281.0 53

54 Discrepancy (FOF basis) (7) -149.4 53.5 -63.0 -14.2 9.9 -7.5 -3.2 96.5 -212.4 206.1 -50.6 54

 Memo:

55 Net U.S. exports, NIPA basis -89.4 -151.7 -250.9 -364.0 -331.2 -380.7 -390.6 -363.8 -347.4 -294.4 -319.3 55

56 + Net U.S. income receipts (8) 7.1 -3.5 -6.8 -12.1 -9.4 -18.1 4.2 -10.5 -11.7 -11.1 -4.3 56

57 - Net transfer payments to foreign 40.8 44.5 49.0 54.4 49.6 52.6 67.0 45.9 47.6 49.0 55.7 57

 = Net foreign investment in U.S.

58 (NIPA basis) -123.1 -199.7 -306.7 -430.5 -390.2 -451.4 -453.4 -420.2 -406.7 -354.5 -379.3 58

(1) Table F.9, line 10.

(2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8.

(3) U.S. net sales, sign reversed.

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

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, March 7, 2002 23

F.108 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.7 -2.1 0.2 4.5 4.3 4.6 4.7 4.4 4.4 4.2 4.3 1

 2 Fixed nonresidential investment 0.2 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 2

 3 Net acquisition of financial assets 38.8 32.8 130.0 -60.9 47.2 19.2 17.9 33.3 53.7 120.7 -18.9 3

 4 Gold and foreign exchange -1.5 0.8 -1.6 0.9 0.3 2.9 0.3 0.4 0.3 2.0 -1.5 4

 5 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -4.0 -4.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 0.6 0.7 1.7 3.6 1.6 3.3 3.3 2.5 1.6 1.4 0.7 6

 7 Federal Reserve float -3.6 0.9 -1.9 1.1 -0.9 1.5 2.1 -2.9 -2.2 -0.7 2.2 7

 8 Fed. Res. loans to domestic banks 2.0 -2.0 0.2 -0.1 -0.1 -0.6 -1.0 -0.4 0.5 -0.2 -0.2 8

 9 Security RPs 2.3 6.5 110.3 -97.3 6.9 -27.6 14.5 -15.1 24.2 106.7 -88.3 9

10 Credit market instruments 38.3 21.1 25.7 33.7 39.9 39.1 -0.9 53.7 26.4 8.7 70.5 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 11

12 U.S. government securities 38.3 21.1 25.7 33.7 39.9 39.1 -0.9 53.7 26.4 8.7 70.5 12

13 Treasury 39.8 21.4 25.8 33.7 40.0 39.2 -0.9 54.2 26.4 8.7 70.5 13

14 Agency -1.5 -0.3 -0.2 -0.1 -0.1 -0.0 0.0 -0.5 0.0 0.0 0.0 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 15

16 Miscellaneous assets 1.3 4.9 -1.3 1.1 -0.4 4.5 3.6 -4.9 2.8 2.9 -2.3 16

17 Net increase in liabilities 38.1 32.1 129.6 -61.3 46.7 20.1 6.2 34.3 50.7 119.4 -17.5 17

18 Depository institution reserves 6.3 -4.5 -2.3 -5.0 -1.6 -4.6 -10.7 14.7 1.5 22.5 -45.0 18

19 Vault cash of commercial banks -0.2 -2.9 24.5 -22.2 2.9 -10.9 15.7 -7.6 3.7 -3.3 18.8 19

20 Checkable deposits and currency 29.9 38.3 108.7 -35.3 48.2 23.3 -4.1 48.8 50.2 84.9 8.9 20

21 Due to federal government -2.3 0.5 22.3 -22.9 1.5 30.4 -11.5 5.9 -17.7 30.1 -12.4 21

22 Due to rest of the world 0.3 -0.3 -0.1 0.1 -0.2 0.1 0.3 -0.6 0.1 2.0 -2.2 22

23 Currency outside banks 31.9 38.0 86.4 -12.5 46.9 -7.2 7.1 43.5 67.8 52.8 23.5 23

24 Miscellaneous liabilities 2.1 1.3 -1.3 1.1 -2.8 12.3 5.3 -21.6 -4.7 15.3 -0.2 24

25 Federal Reserve Bank stock 0.8 0.5 0.5 0.6 0.4 0.3 0.3 0.1 0.5 0.5 0.4 25

26 Other 1.3 0.8 -1.8 0.6 -3.2 12.0 5.0 -21.8 -5.2 14.8 -0.7 26

27 Discrepancy 1.7 -3.1 -0.7 3.7 3.4 5.0 -7.5 4.9 1.0 2.4 5.2 27

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
24 Z.1, March 7, 2002

F.109 Commercial Banking (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 35.5 29.9 47.6 50.6 56.7 47.9 50.7 48.4 49.9 54.0 74.7 1

 2 Fixed nonresidential investment 24.3 29.0 28.6 32.4 31.2 32.9 33.0 32.8 31.5 30.7 29.6 2

 3 Net acquisition of financial assets 457.3 443.7 343.5 471.2 403.2 596.9 304.3 217.2 304.9 462.0 628.5 3

 4 Vault cash -0.2 -2.9 24.5 -22.2 2.9 -10.9 15.7 -7.6 3.7 -3.3 18.8 4

 5 Reserves at Federal Reserve 6.8 -4.6 -2.4 -4.0 -2.0 -2.8 -10.1 14.7 1.5 21.6 -46.0 5

 6 Checkable deposits and currency -0.1 0.6 0.3 -0.5 1.1 -2.6 1.2 0.6 -0.6 3.2 1.2 6

 7 Total bank credit 350.0 335.8 295.5 412.3 213.1 396.0 235.0 238.6 47.2 222.6 343.8 7

 8 U.S. government securities 83.8 35.4 48.4 -21.9 41.3 -7.2 -43.4 -103.5 -36.2 190.7 114.3 8

 9 Treasury 8.3 -56.1 12.7 -44.5 -18.8 22.9 -79.6 -82.8 39.5 24.4 -56.2 9

10 Agency 75.5 91.4 35.7 22.6 60.1 -30.1 36.2 -20.7 -75.6 166.3 170.5 10

11 Municipal securities 2.4 8.2 5.8 3.4 5.9 1.6 1.1 -2.6 15.5 3.8 6.9 11

12 Corporate and foreign bonds 27.8 38.0 38.8 57.6 95.0 138.0 96.0 52.1 141.2 45.9 140.6 12

13 Total loans 234.7 253.4 200.1 370.4 63.1 262.6 177.6 280.5 -70.6 -27.1 69.5 13

14 Open market paper -0.8 -0.2 0.3 0.1 0.0 -0.1 0.7 0.1 0.0 0.0 0.0 14

15 Bank loans n.e.c. 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 15

16 Mortgages 99.9 91.7 158.2 164.1 130.0 127.6 20.7 158.8 133.0 42.8 185.4 16

17 Consumer credit -14.2 -3.6 -9.2 41.7 15.6 53.9 17.8 13.7 54.4 -27.3 21.7 17

18 Security credit 21.7 20.5 -18.1 50.4 0.8 29.1 71.4 73.8 -88.1 -29.0 46.6 18

19 Corporate equities 0.6 1.3 1.2 0.3 0.1 1.3 -1.8 -1.5 -0.5 5.7 -3.3 19

20 Mutual fund shares 0.8 -0.4 1.2 2.5 7.8 -0.3 5.4 13.6 -2.1 3.8 15.9 20

21 Customers’ liab. on acceptances (2) -2.8 -9.3 -3.1 -0.7 -2.9 -2.7 -2.9 0.0 -4.0 -7.4 -0.1 21

22 Miscellaneous assets 103.5 124.1 28.8 86.3 191.0 220.0 65.6 -29.1 257.1 225.2 310.9 22

23 Net increase in liabilities 490.5 469.1 284.1 567.4 413.9 743.3 293.6 211.9 279.8 673.2 490.6 23

24 Net interbank liabilities -25.8 -24.8 -3.8 40.7 10.4 40.0 13.0 -188.1 13.8 0.9 214.9 24

25 To monetary authority -1.6 -1.1 -1.7 1.0 -1.0 1.0 1.1 -3.2 -1.7 -0.9 1.9 25

26 To domestic banks (3) -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 26

27 To foreign banks -4.3 -27.1 -5.7 22.3 -6.3 51.1 -39.1 -201.6 1.9 -5.3 179.6 27

28 Checkable deposits -19.8 -33.4 3.2 -85.2 83.5 -60.8 -91.4 14.3 -8.7 98.4 230.1 28

29 Federal government -0.9 -14.6 36.4 -33.2 29.3 -17.3 -62.3 44.1 -14.0 13.4 73.8 29

30 Rest of the world 4.8 -1.5 13.4 -9.5 0.4 4.8 6.0 2.7 -4.5 3.7 -0.5 30

31 Private domestic -23.7 -17.3 -46.6 -42.6 53.8 -48.3 -35.2 -32.4 9.7 81.2 156.8 31

32 Small time and savings deposits 148.3 183.7 71.3 213.3 242.8 213.0 334.8 222.2 197.7 198.0 353.4 32

33 Large time deposits 107.9 72.3 119.0 94.9 28.3 122.6 41.8 87.8 20.9 -39.4 44.2 33

34 Federal funds and security RPs (net) 89.0 87.0 110.6 63.6 -24.3 59.2 -137.0 34.5 -51.9 11.7 -91.5 34

35 Credit market instruments 46.1 72.9 67.2 60.0 54.3 43.4 18.8 148.3 -15.8 59.0 25.6 35

36 Open market paper 3.3 -1.5 6.1 0.6 -8.3 4.5 3.8 29.8 -7.4 -7.6 -48.1 36

37 Corporate bonds 23.7 27.6 20.4 32.6 37.3 32.7 26.5 79.5 9.0 27.3 33.5 37

38 Other loans and advances 19.1 46.9 40.6 26.8 25.3 6.2 -11.4 39.0 -17.4 39.3 40.2 38

39 Corporate equity issues -27.7 -11.2 -10.6 -12.5 -7.9 -2.8 -5.2 -8.1 -7.9 -20.7 5.1 39

40 Taxes payable 1.4 1.7 1.9 2.1 2.4 2.2 2.2 2.3 2.4 2.4 2.5 40

41 Miscellaneous liabilities 171.2 120.9 -74.7 190.6 24.3 326.6 116.6 -101.3 129.4 362.8 -293.7 41

42 Discrepancy 44.4 26.2 -40.5 114.4 36.3 161.4 7.0 10.3 -6.8 234.4 -92.9 42

 Memo:

43 Credit market funds advanced (4) 324.3 305.2 308.2 358.4 201.5 363.2 157.0 152.8 133.9 234.8 284.5 43

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table F.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).
Z.1, March 7, 2002 25

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -7.5 -11.1 -10.3 -5.3 -8.4 -3.6 -4.7 -19.3 -9.8 -4.2 -0.2 1

 2 Fixed nonresidential investment 19.5 23.0 22.2 24.7 23.8 25.1 25.2 25.0 24.0 23.5 22.6 2

 3 Net acquisition of financial assets 290.8 328.1 344.1 329.2 226.5 344.0 97.4 112.7 177.9 390.6 224.6 3

 4 Vault cash and reserves at Federal Reserve 4.8 -5.7 21.6 -25.2 0.7 -13.0 5.3 6.8 5.6 17.7 -27.2 4

 5 Total bank credit 280.7 329.3 313.7 350.5 204.7 316.1 111.1 149.6 185.8 265.7 217.9 5

 6 U.S. government securities 54.3 39.6 27.4 -16.7 42.0 -46.5 -65.2 -135.3 26.3 145.6 131.4 6

 7 Treasury -6.1 -42.1 -1.9 -35.0 -31.4 -6.5 -87.6 -104.4 13.8 4.0 -39.1 7

 8 Agency 60.4 81.6 29.3 18.2 73.4 -40.0 22.4 -30.9 12.5 141.5 170.4 8

 9 Mortgage pool securities 31.1 53.7 -17.8 14.2 52.7 -25.8 57.3 41.5 61.4 89.9 18.1 9

10 Agency-issued CMOs 17.5 8.9 4.9 -9.8 56.9 -41.8 8.6 15.0 6.8 68.6 137.0 10

11 Other agency securities 11.8 19.1 42.2 13.8 -36.2 27.5 -43.6 -87.4 -55.7 -17.0 15.3 11

12 Municipal securities 2.4 8.2 5.8 3.2 6.1 1.5 1.1 -1.2 15.5 3.9 6.3 12

13 Corporate and foreign bonds 19.6 32.4 43.3 52.4 64.6 132.4 72.8 63.0 49.7 66.4 79.1 13

14 Private mortgage pool securities -1.2 0.9 0.9 -0.7 21.2 3.9 2.6 15.2 2.9 -2.5 69.2 14

15 Privately issued CMOs 0.7 20.3 5.7 8.0 2.8 16.1 21.8 4.1 26.1 -40.6 21.8 15

16 Other bonds 20.2 11.1 36.7 45.2 40.5 112.4 48.4 43.7 20.8 109.5 -11.9 16

17 Total loans 203.0 248.2 234.9 308.7 84.3 227.6 98.8 211.0 96.9 40.5 -11.4 17

18 Open market paper -0.6 -0.1 -0.1 0.2 0.0 0.3 1.2 0.0 0.0 0.0 0.0 18

19 Bank loans n.e.c. 108.1 144.3 92.2 98.2 -64.5 59.3 29.2 11.1 -93.0 -5.1 -171.1 19

20 Mortgages 105.5 95.8 160.6 161.5 125.9 125.8 22.2 156.2 129.3 37.6 180.5 20

21 Consumer credit -14.2 -3.6 -9.2 41.7 15.6 53.9 17.8 13.7 54.4 -27.3 21.7 21

22 Security credit 4.2 11.9 -8.7 7.1 7.2 -11.6 28.5 30.0 6.2 35.3 -42.6 22

23 Corporate equities 0.6 1.3 1.2 0.3 0.1 1.3 -1.8 -1.5 -0.5 5.7 -3.3 23

24 Mutual fund shares 0.8 -0.4 1.2 2.5 7.8 -0.3 5.4 13.6 -2.1 3.8 15.9 24

25 Customers’ liab. on acceptances (1) -0.2 -4.6 -2.5 -0.7 -2.3 -1.9 -3.7 0.4 -2.5 -5.6 -1.4 25

26 Miscellaneous assets 5.5 9.1 11.3 4.7 23.3 42.8 -15.3 -44.1 -10.9 112.8 35.4 26

27 Net increase in liabilities 359.0 385.2 331.2 468.9 288.4 529.3 129.7 162.4 198.6 646.5 146.3 27

28 Net interbank liabilities 4.2 20.4 36.0 74.6 22.9 164.9 -60.8 -49.9 37.9 -56.8 160.3 28

29 Federal Reserve float -3.6 0.9 -1.9 1.1 -0.9 1.5 2.1 -2.9 -2.2 -0.7 2.2 29

30 Borrowing from Federal Reserve banks 2.0 -2.0 0.2 -0.1 -0.1 -0.6 -1.0 -0.4 0.5 -0.2 -0.2 30

31 To domestic banking -6.7 -2.6 -12.1 26.8 16.3 146.6 -48.6 51.2 -4.6 39.1 -20.6 31

32 To foreign banks 12.6 24.0 49.7 46.8 7.6 17.3 -13.2 -97.8 44.3 -95.0 179.0 32

33 Checkable deposits -21.1 -34.4 2.8 -84.8 82.0 -55.5 -95.5 16.5 -11.0 97.3 225.2 33

34 Federal government -0.9 -14.6 36.4 -33.2 29.3 -17.3 -62.3 44.1 -14.0 13.4 73.8 34

35 Rest of the world 4.4 -1.2 12.8 -9.2 2.8 8.8 3.6 3.6 6.0 4.1 -2.4 35

36 Private domestic -24.6 -18.6 -46.4 -42.4 49.9 -47.0 -36.8 -31.1 -3.0 79.8 153.8 36

37 Small time and savings deposits 143.9 186.3 72.4 210.4 238.5 215.5 324.3 228.0 169.0 213.0 344.0 37

38 Large time deposits 63.2 34.8 61.5 87.9 -25.6 73.7 44.6 17.7 25.6 -7.1 -138.7 38

39 Federal funds and security RPs (net) 63.4 66.8 128.7 12.8 -11.6 -33.2 -178.1 5.3 68.3 29.4 -149.4 39

40 Acceptance liabilities -0.3 -4.6 -2.5 -0.6 -2.3 -1.8 -3.3 0.1 -2.2 -5.3 -1.6 40

41 Corporate bonds 10.7 10.5 3.7 10.6 8.3 9.2 10.1 13.9 -3.7 11.4 11.4 41

42 Other loans and advances 19.1 46.9 40.6 26.8 25.3 6.2 -11.4 39.0 -17.4 39.3 40.2 42

43 Corporate equity issues 3.2 3.8 3.2 4.0 7.2 3.9 7.9 3.3 5.4 1.8 18.3 43

44 Taxes payable 1.4 1.7 1.9 2.1 2.4 2.2 2.2 2.3 2.4 2.4 2.5 44

45 Miscellaneous liabilities 71.2 53.0 -17.1 125.0 -58.6 144.2 89.5 -113.9 -75.7 321.0 -365.9 45

46 Investment by bank holding companies 40.7 55.3 2.9 53.6 59.9 54.9 42.7 65.5 41.5 102.4 30.1 46

47 Other 30.5 -2.4 -20.0 71.4 -118.5 89.3 46.8 -179.5 -117.2 218.6 -395.9 47

48 Discrepancy 41.1 22.9 -45.5 109.6 29.8 156.6 2.3 5.4 -13.1 228.1 -101.2 48

 Memo:

49 Credit market funds advanced (2) 274.9 312.0 317.6 339.8 187.4 324.8 75.3 107.9 179.7 215.4 246.5 49

(1) Included in other loans and advances (table F.216).

(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).
26 Z.1, March 7, 2002

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 5.7 6.6 7.8 9.2 10.1 9.3 9.5 9.7 10.0 10.5 10.1 1

 2 Fixed nonresidential investment 4.3 5.5 5.9 7.1 6.9 7.3 7.3 7.2 6.9 6.8 6.5 2

 3 Net acquisition of financial assets 96.5 -4.8 -59.5 37.2 67.4 96.8 108.0 -112.4 26.7 -65.2 420.4 3

 4 Reserves at Federal Reserve 1.8 -1.9 0.4 -1.0 0.2 -0.7 0.2 0.3 -0.4 0.7 -0.0 4

 5 Total bank credit 60.2 1.4 -28.9 67.3 -1.9 74.3 123.3 85.4 -141.4 -45.9 94.1 5

 6 U.S. government securities 26.8 -5.5 11.8 0.0 -4.2 32.1 18.2 37.9 -61.0 42.3 -35.8 6

 7 Treasury 14.4 -10.3 7.5 -0.6 13.0 29.9 10.7 24.5 26.0 18.6 -17.1 7

 8 Agency 12.5 4.8 4.3 0.6 -17.2 2.2 7.5 13.4 -87.0 23.7 -18.7 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 9

10 Corporate and foreign bonds 3.1 5.8 -5.2 7.6 27.8 2.5 23.6 -14.7 94.2 -20.3 52.2 10

11 Total loans 30.3 1.1 -35.5 59.7 -25.6 39.7 81.6 62.2 -174.5 -68.0 77.8 11

12 Open market paper -0.2 -0.1 0.4 -0.1 0.0 -0.4 -0.5 0.1 0.0 0.0 0.0 12

13 Bank loans n.e.c. 19.2 -1.9 -22.3 15.8 -20.1 0.3 40.1 18.2 -78.8 -8.3 -11.5 13

14 Mortgages -6.1 -5.5 -4.2 0.7 0.8 -0.9 -0.9 0.1 -1.5 4.6 0.1 14

15 Security credit 17.5 8.6 -9.4 43.2 -6.4 40.7 42.9 43.8 -94.3 -64.3 89.2 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 16

17 Customers’ liab. on acceptances (2) -2.5 -4.7 -0.6 -0.0 -0.6 -0.8 0.7 -0.4 -1.5 -1.8 1.3 17

18 Miscellaneous assets 37.0 0.4 -30.4 -29.1 69.7 24.0 -16.2 -197.8 169.9 -18.1 325.0 18

19 Net increase in liabilities 98.9 -2.0 -56.4 40.7 71.3 100.4 111.7 -108.6 30.6 -61.2 424.6 19

20 Net interbank liabilities -30.4 -55.4 -43.9 -40.1 -0.8 -92.9 74.5 -118.0 26.4 26.5 61.9 20

21 To foreign banks -17.6 -51.7 -51.2 -57.1 -20.9 -76.0 -18.3 -86.1 -54.6 53.6 3.3 21

22 To domestic banks -12.7 -3.7 7.4 17.0 20.2 -16.9 92.8 -31.9 81.0 -27.1 58.6 22

23 Checkable deposits 0.8 -0.2 0.4 -0.3 0.3 -5.0 2.8 -2.1 0.0 1.9 1.4 23

24 Small time and savings deposits 4.4 -3.6 -1.9 1.4 2.7 -4.7 10.0 -5.2 23.2 -16.5 9.1 24

25 Large time deposits 44.7 36.5 56.7 5.6 52.3 46.6 -3.4 70.6 -10.2 -33.8 182.6 25

26 Federal funds and security RPs (net) 25.6 19.7 -18.3 52.4 -12.6 92.8 49.8 22.1 -120.7 -18.4 66.8 26

27 Acceptance liabilities -2.4 -4.8 -0.4 -0.0 -0.9 -0.4 0.7 -0.8 -2.4 -1.3 0.9 27

28 Miscellaneous liabilities 56.2 5.7 -49.0 21.7 30.3 64.0 -22.7 -75.2 114.1 -19.6 101.8 28

29 Foreign direct investment in U.S. 7.7 5.5 19.1 9.6 10.3 3.3 12.7 1.2 15.6 8.7 16.0 29

30 Due to affiliates 14.3 11.8 2.5 45.6 -30.8 21.5 75.0 14.6 -20.2 -94.9 -22.6 30

31 Other 34.2 -11.5 -70.5 -33.5 50.7 39.2 -110.4 -91.0 118.8 66.7 108.5 31

32 Discrepancy 3.8 3.9 5.1 5.6 7.2 5.7 5.9 6.3 7.0 7.8 7.7 32

 Memo:

33 Credit market funds advanced (3) 40.2 -11.9 -20.1 24.0 3.9 32.8 81.1 41.3 -48.6 16.5 6.2 33

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17).
Z.1, March 7, 2002 27

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 37.2 34.2 49.9 46.5 54.8 42.0 45.7 57.8 49.5 47.5 64.6 1

 2 Fixed nonresidential investment 0.3 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 64.5 110.6 55.2 100.7 101.0 144.7 104.4 218.1 79.2 140.8 -34.1 3

 4 Credit market instruments 5.4 -0.9 6.2 -12.2 3.8 -6.7 -3.2 7.3 -2.8 -1.4 12.2 4

 5 U.S. government securities 0.5 -1.9 6.6 -8.5 1.8 0.6 -2.1 2.1 -0.7 -0.6 6.3 5

 6 Treasury -0.1 -3.1 7.9 -7.9 0.4 0.1 -1.1 -0.3 0.7 -0.3 1.4 6

 7 Agency 0.6 1.1 -1.3 -0.5 1.4 0.4 -1.1 2.4 -1.4 -0.3 4.8 7

 8 Corporate and foreign bonds 5.0 -0.7 1.2 -2.8 1.8 1.7 -0.6 0.8 -1.8 -0.7 8.7 8

 9 Bank loans n.e.c. -0.0 1.7 -1.6 -0.9 0.3 -9.0 -0.5 4.3 -0.2 -0.1 -2.8 9

10 Miscellaneous assets 59.0 111.6 49.0 112.9 97.2 151.4 107.6 210.9 82.0 142.2 -46.3 10

11 Investment in bank subsidiaries 40.7 55.3 2.9 53.6 59.9 54.9 42.7 65.5 41.5 102.4 30.1 11

12 Investment in nonbank subsidiaries 25.0 44.1 17.3 38.4 33.6 50.0 33.5 150.5 38.5 17.5 -71.9 12

13 Other -6.7 12.1 28.9 20.9 3.7 46.6 31.4 -5.2 2.0 22.4 -4.5 13

14 Net increase in liabilities 27.4 76.6 5.4 54.4 46.3 102.8 58.8 160.4 29.9 93.5 -98.6 14

15 Net interbank liabilities 0.3 10.2 4.1 6.2 -11.7 -32.1 -0.7 -20.2 -50.6 31.2 -7.4 15

16 To domestic banks -0.4 9.6 8.2 -26.3 -18.7 -141.9 6.9 -2.6 -62.8 -4.8 -4.7 16

17 To foreign banks 0.8 0.6 -4.1 32.5 7.0 109.8 -7.6 -17.6 12.3 36.1 -2.7 17

18 Federal funds and security RPs (net) 0.0 0.5 0.1 -1.6 -0.2 -0.4 -8.7 7.0 0.5 0.7 -8.9 18

19 Credit market instruments 19.0 24.9 25.8 23.2 23.9 30.3 22.7 96.1 9.9 14.9 -25.3 19

20 Commercial paper 6.0 7.8 9.1 1.2 -5.1 6.8 6.3 30.5 -2.8 -1.0 -47.3 20

21 Corporate bonds 13.0 17.1 16.7 22.0 29.0 23.5 16.3 65.6 12.7 15.9 22.1 21

22 Corporate equity issues -30.9 -15.0 -13.8 -16.5 -15.1 -6.7 -13.1 -11.4 -13.3 -22.5 -13.2 22

23 Miscellaneous liabilities 39.0 56.0 -10.8 43.1 49.4 111.8 58.7 88.9 83.4 69.1 -43.9 23

24 Equity, etc. -13.1 24.7 -38.6 10.3 -9.1 27.7 33.7 35.1 -8.5 24.2 -87.3 24

25 Other 52.1 31.2 27.8 32.8 58.5 84.1 25.0 53.8 91.9 45.0 43.4 25

26 Discrepancy -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 26

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1

 2 Fixed nonresidential investment 0.2 0.3 0.2 0.2 0.2 0.3 0.3 0.2 0.2 0.2 0.2 2

 3 Net acquisition of financial assets 5.5 9.8 3.7 4.0 8.3 11.4 -5.5 -1.1 21.2 -4.3 17.6 3

 4 Checkable deposits and currency -0.1 0.6 0.3 -0.5 1.1 -2.6 1.2 0.6 -0.6 3.2 1.2 4

 5 Credit market instruments 3.7 6.0 4.4 6.7 6.4 12.3 3.8 -3.6 5.6 4.2 19.6 5

 6 U.S. government securities 2.1 3.2 2.6 3.3 1.7 6.7 5.7 -8.3 -0.7 3.4 12.5 6

 7 Treasury 0.1 -0.7 -0.7 -1.0 -0.7 -0.6 -1.7 -2.6 -1.0 2.0 -1.4 7

 8 Agency 2.0 3.9 3.3 4.3 2.5 7.3 7.4 -5.7 0.3 1.3 13.9 8

 9 Municipal securities -0.0 -0.1 0.1 0.1 -0.2 0.0 0.1 -1.4 -0.0 -0.1 0.6 9

10 Corporate and foreign bonds 0.1 0.5 -0.5 0.3 0.8 1.3 0.3 3.0 -0.9 0.5 0.6 10

11 Bank loans n.e.c. 0.9 0.9 0.5 1.1 0.9 1.6 -1.7 0.5 2.1 -0.2 1.1 11

12 Home mortgages 0.1 1.1 0.6 1.0 -0.9 1.5 -1.0 -8.1 2.1 0.2 2.1 12

13 Commercial mortgages 0.5 0.4 1.2 0.8 4.2 1.1 0.4 10.6 3.0 0.4 2.8 13

14 Miscellaneous assets 1.8 3.1 -1.0 -2.1 0.8 1.7 -10.5 1.9 16.2 -11.7 -3.2 14

15 Net increase in liabilities 5.1 9.4 3.8 3.4 7.8 10.8 -6.6 -2.3 20.7 -5.6 18.3 15

16 Checkable deposits 0.4 1.2 0.0 -0.1 1.2 -0.3 1.2 -0.1 2.2 -0.8 3.5 16

17 Small time and savings deposits -0.0 1.0 0.8 1.4 1.6 2.3 0.5 -0.6 5.4 1.4 0.3 17

18 Large time deposits -0.0 1.0 0.8 1.4 1.6 2.3 0.5 -0.6 5.4 1.4 0.3 18

19 Miscellaneous liabilities 4.7 6.3 2.2 0.7 3.3 6.5 -8.8 -1.0 7.6 -7.7 14.2 19

20 Discrepancy -0.4 -0.4 0.1 -0.7 -0.6 -0.6 -1.1 -1.2 -0.5 -1.4 0.7 20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
28 Z.1, March 7, 2002

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 2.9 4.2 7.3 9.1 9.7 9.1 9.3 9.4 9.6 9.9 9.8 1

 2 Fixed nonresidential investment 3.5 3.9 3.8 4.3 4.2 4.4 4.4 4.4 4.2 4.1 4.0 2

 3 Net acquisition of financial assets -8.4 60.8 63.0 67.2 78.9 82.4 60.9 156.7 72.6 50.4 36.0 3

 4 Reserves at Federal Reserve -0.5 0.1 0.1 -1.0 0.5 -1.9 -0.5 0.0 0.0 0.9 1.0 4

 5 Checkable deposits and currency 1.0 3.2 1.7 -0.4 2.1 -0.1 9.0 -0.2 8.2 0.5 -0.1 5

 6 Time and savings deposits -0.4 0.5 -0.1 0.1 0.7 -0.8 1.2 1.2 2.7 -0.6 -0.4 6

 7 Federal funds and security RPs -0.8 5.5 -4.2 4.3 12.5 10.7 0.7 27.1 1.3 15.2 6.5 7

 8 Credit market instruments -4.7 36.1 68.6 56.5 40.4 62.7 42.5 52.5 57.3 -8.3 60.1 8

 9 Open market paper -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 U.S. government securities -3.6 -16.1 3.7 -8.1 23.5 -2.8 3.9 16.5 18.9 -10.9 69.7 10

11 Treasury -2.8 -4.4 -0.0 -1.4 2.7 -1.4 -0.2 -3.0 -2.1 -3.5 19.2 11

12 Agency -0.8 -11.7 3.7 -6.7 20.9 -1.5 4.1 19.4 21.0 -7.4 50.5 12

13 Municipal securities 0.0 0.4 0.5 0.2 1.3 -0.0 0.6 2.9 0.3 0.3 1.6 13

14 Corporate and foreign bonds -9.9 29.9 23.3 -2.5 -25.8 -13.2 8.7 -54.0 -11.1 -20.3 -17.6 14

15 Other loans and advances 3.1 5.3 6.5 8.7 3.6 10.1 5.7 8.2 9.6 -0.7 -2.6 15

16 Mortgages 3.5 12.1 24.7 55.2 34.2 62.4 15.5 75.2 40.3 10.5 11.0 16

17 Consumer credit 2.5 4.4 9.9 3.0 3.5 6.3 8.1 3.8 -0.7 12.8 -2.0 17

18 Corporate equities 0.2 1.5 -0.7 0.4 3.2 1.5 0.1 4.7 3.0 2.3 2.8 18

19 Miscellaneous assets -3.2 13.8 -2.5 7.4 19.4 10.3 8.0 71.3 -0.0 40.4 -33.9 19

20 Net increase in liabilities -9.5 57.6 61.8 66.3 77.0 79.0 62.7 152.7 71.6 48.2 35.6 20

21 Deposits -25.7 -2.6 6.8 27.5 45.7 54.0 14.3 98.7 31.8 60.5 -8.3 21

22 Checkable 27.1 36.1 37.2 43.1 50.6 40.6 43.9 51.1 53.2 46.3 51.8 22

23 Small time and savings -64.4 -54.3 -38.9 -35.5 -31.4 -19.0 -40.7 6.7 -37.6 -30.7 -64.3 23

24 Large time 11.7 15.7 8.5 19.9 26.5 32.3 11.0 40.9 16.2 44.8 4.2 24

25 Security RPs -1.9 9.5 21.4 -6.1 5.3 24.6 -58.1 1.8 9.9 -59.8 69.2 25

26 Credit market instruments 19.7 52.2 48.0 27.3 6.3 -37.9 20.4 62.5 16.1 19.2 -72.5 26

27 Corporate bonds 0.1 -0.2 0.2 3.5 -2.6 2.6 11.5 -14.0 14.5 -1.2 -9.8 27

28 Bank loans n.e.c. 3.5 10.3 -15.7 7.4 1.5 -1.9 2.7 4.6 -3.8 6.7 -1.5 28

29 Other loans and advances 16.2 42.1 63.5 16.3 7.4 -38.6 6.3 71.9 5.4 13.7 -61.3 29

30 Taxes payable 0.4 0.2 0.0 0.4 -0.7 1.5 1.3 -0.7 -0.9 0.1 -1.2 30

31 Miscellaneous liabilities -2.1 -1.6 -14.4 17.1 20.5 36.8 84.8 -9.5 14.7 28.3 48.4 31

32 Investment by parent 0.3 0.4 0.5 0.7 0.8 0.7 0.7 0.7 0.8 0.8 0.8 32

33 Other -2.4 -2.1 -15.0 16.5 19.7 36.1 84.1 -10.3 14.0 27.5 47.6 33

34 Discrepancy -1.6 -2.9 2.2 3.8 3.6 1.3 6.7 1.1 4.4 3.5 5.4 34

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
Z.1, March 7, 2002 29

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 5.2 5.4 5.9 6.9 6.5 7.0 7.2 6.6 6.7 6.4 6.3 1

 2 Fixed nonresidential investment 2.0 2.5 2.6 3.0 2.9 3.0 3.0 3.0 2.9 2.8 2.7 2

 3 Net acquisition of financial assets 23.7 37.7 23.0 26.5 64.4 40.9 29.5 73.8 59.5 79.8 44.6 3

 4 Checkable deposits and currency 0.6 1.0 17.3 -14.2 7.6 -28.7 -30.2 12.7 25.5 22.4 -30.3 4

 5 Time and savings deposits 0.6 6.4 -6.8 0.5 8.4 -0.7 8.6 8.8 -7.8 5.0 27.8 5

 6 Federal funds and security RPs 2.0 3.4 2.4 -5.3 -1.5 31.8 -22.7 16.0 -1.5 10.4 -30.9 6

 7 Credit market instruments 16.8 19.0 27.5 30.5 38.6 21.2 33.6 23.2 7.6 61.7 61.8 7

 8 Open market paper -0.1 0.2 1.5 -0.6 1.2 3.6 -0.0 -0.4 1.8 -1.1 4.3 8

 9 U.S. government securities -1.4 4.9 -0.6 -1.8 18.8 -15.8 5.3 19.1 -16.7 36.2 36.7 9

10 Treasury -1.8 -2.5 -3.5 -1.4 -0.8 -1.0 -1.5 -1.0 -5.7 -0.5 3.9 10

11 Agency 0.4 7.3 2.9 -0.4 19.6 -14.8 6.8 20.1 -11.0 36.6 32.8 11

12 Home mortgages 10.1 10.9 14.1 16.4 16.8 17.2 16.3 -0.5 14.4 34.1 19.2 12

13 Consumer credit 8.2 3.0 12.5 16.5 1.8 16.2 12.0 5.0 8.0 -7.5 1.6 13

14 Mutual fund shares -0.2 1.2 -1.1 -0.3 1.5 -0.2 0.0 -0.9 6.4 -1.9 2.6 14

15 Miscellaneous assets 3.8 6.8 -16.3 15.4 9.8 17.5 40.1 14.0 29.4 -17.8 13.6 15

16 Net increase in liabilities 20.5 34.7 20.8 22.0 60.8 35.7 23.8 69.1 56.6 76.1 41.4 16

17 Shares/deposits 20.3 33.6 17.7 22.4 61.1 30.3 30.6 77.1 44.9 78.1 44.3 17

18 Checkable 4.1 6.4 2.3 5.9 3.5 1.9 1.4 15.8 -4.0 5.5 -3.4 18

19 Small time and savings 13.2 23.1 12.3 13.0 48.6 30.5 16.7 59.4 34.0 61.8 39.2 19

20 Large time 2.9 4.1 3.1 3.5 9.0 -2.0 12.4 2.0 14.9 10.8 8.4 20

21 Other loans and advances 0.1 0.6 2.2 0.0 1.5 1.1 1.0 -0.6 0.8 1.5 4.4 21

22 Miscellaneous liabilities 0.1 0.5 0.9 -0.4 -1.8 4.3 -7.8 -7.4 10.8 -3.5 -7.2 22

23 Discrepancy -0.0 -0.1 1.1 -0.6 0.0 -1.2 -1.5 -1.2 0.9 -0.2 0.4 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 -44.7 -41.6 -8.2 -30.6 -26.5 -30.0 -28.7 -26.6 -23.0 -28.3 -28.1 1

 2 Deposits -2.9 6.2 8.4 4.3 4.1 3.2 4.6 3.8 4.2 4.1 4.2 2

 3 Checkable deposits and currency 0.0 -0.5 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 3

 4 Time and savings deposits 1.0 -2.1 0.9 0.6 0.3 0.4 0.3 0.5 0.3 0.4 0.2 4

 5 Money market fund shares -4.0 8.8 7.5 3.7 3.8 2.8 4.3 3.4 4.0 3.8 4.0 5

 6 Credit market instruments -25.0 -12.8 27.8 17.1 10.4 17.6 18.1 10.7 13.4 8.8 8.6 6

 7 Open market paper -0.2 -4.5 0.6 0.6 -4.0 0.8 0.5 -4.2 -3.7 -3.4 -4.8 7

 8 U.S. government securities -10.1 -4.4 5.7 3.8 1.5 4.2 4.5 1.9 2.7 0.8 0.7 8

 9 Treasury -5.4 -3.1 -0.0 -0.8 -1.6 -0.7 -0.7 -1.4 -1.2 -1.8 -1.8 9

10 Agency -4.7 -1.4 5.7 4.6 3.1 4.9 5.2 3.3 3.9 2.5 2.5 10

11 Municipal securities -13.3 -1.1 10.8 4.7 1.8 5.2 3.0 3.1 2.0 1.4 0.7 11

12 Corporate and foreign bonds -0.8 -2.6 11.3 8.1 11.2 7.6 10.2 10.1 12.4 10.0 12.1 12

13 Mortgages -0.6 -0.2 -0.6 -0.1 -0.1 -0.2 -0.1 -0.1 -0.0 -0.1 -0.0 13

14 Corporate equities -0.5 -70.4 -40.4 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 14

15 Mutual fund shares -14.9 27.0 -1.5 -30.5 -20.0 -30.5 -30.5 -20.0 -20.0 -20.0 -20.0 15

16 Miscellaneous assets -1.4 8.4 -2.5 -1.5 -1.0 -0.2 -0.9 -1.1 -0.7 -1.2 -0.8 16

17 Net increase in liabilities (2) -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 17

18 Discrepancy -5.3 -0.2 1.7 0.9 0.2 0.8 0.7 0.5 0.3 0.1 -0.1 18

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.
30 Z.1, March 7, 2002

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving -5.9 -7.5 -0.2 1.5 1.3 1.6 1.6 1.6 1.6 1.3 0.9 1

 2 Fixed nonresidential investment 10.5 11.8 11.1 13.6 13.0 13.8 13.8 13.7 13.1 12.8 12.4 2

 3 Net acquisition of financial assets 213.7 187.0 169.3 203.5 256.5 230.3 154.8 259.7 227.0 268.6 270.6 3

 4 Checkable deposits and currency 3.8 -2.7 0.0 -0.5 23.1 -7.9 5.2 51.5 22.5 6.5 11.9 4

 5 Money market fund shares 32.6 17.6 23.4 8.5 43.0 11.8 22.6 49.5 48.2 23.9 50.3 5

 6 Credit market instruments 104.8 76.9 53.5 57.9 132.3 74.8 38.8 95.3 124.9 179.3 129.8 6

 7 Open market paper 17.5 7.5 2.0 -4.5 -4.8 -3.1 -12.2 -41.1 -0.2 16.8 5.3 7

 8 U.S. government securities -1.4 -23.7 -2.3 6.3 13.2 8.7 3.9 15.6 -0.5 18.3 19.5 8

 9 Treasury 1.6 -14.1 -9.3 -4.6 -14.8 -4.1 -5.4 -17.3 -20.2 -17.8 -4.0 9

10 Agency -3.0 -9.6 7.0 11.0 28.1 12.8 9.3 32.9 19.7 36.1 23.5 10

11 Municipal securities 0.1 1.7 1.7 -1.0 2.1 -0.9 -1.2 1.6 3.4 1.7 1.5 11

12 Corporate and foreign bonds 86.8 84.5 41.5 49.0 114.3 55.8 40.2 118.8 113.1 130.0 95.1 12

13 Policy loans 3.2 0.1 -5.0 2.9 2.7 5.8 3.2 4.0 0.6 5.4 0.8 13

14 Mortgages -1.3 6.8 15.7 5.2 4.9 8.5 4.8 -3.6 8.4 7.2 7.6 14

15 Corporate equities 86.3 115.3 111.9 105.9 74.9 97.7 72.5 93.6 64.0 71.0 71.0 15

16 Mutual fund shares -7.2 -23.4 15.0 11.0 2.0 10.1 9.6 2.0 2.0 2.0 2.0 16

17 Miscellaneous assets -6.7 3.5 -34.6 20.7 -18.9 43.8 6.2 -32.2 -34.6 -14.1 5.5 17

18 Net increase in liabilities 186.0 173.1 152.9 195.1 225.6 210.6 171.4 189.5 215.1 268.3 229.3 18

19 Corporate equity issues -4.0 -4.7 -6.0 -0.8 -0.7 -4.9 -4.8 -6.8 -5.0 -10.9 20.1 19

20 Other loans and advances 0.2 0.7 0.7 -0.7 0.6 -0.3 -0.7 -2.4 0.1 3.5 1.4 20

21 Life insurance reserves 57.6 46.7 49.4 48.7 62.4 52.7 45.5 52.0 50.8 80.1 66.7 21

22 Pension fund reserves (1) 95.0 121.9 91.8 142.6 114.4 160.1 140.8 109.1 90.4 152.5 105.7 22

23 Taxes payable 1.2 1.2 1.3 1.6 2.0 1.6 1.8 1.8 1.9 2.0 2.1 23

24 Miscellaneous liabilities 36.0 7.3 15.7 3.6 46.8 1.4 -11.2 35.8 76.9 41.1 33.3 24

25 Discrepancy -44.1 -33.3 -27.7 -20.4 -42.6 -31.8 4.4 -82.3 -23.4 -11.8 -52.7 25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.9 3.5 3.3 4.5 -12.7 5.6 4.3 4.4 -8.1 -34.4 -12.8 1

 2 Fixed nonresidential investment 8.5 10.5 11.1 11.8 11.1 11.9 11.9 11.7 11.1 10.8 10.6 2

 3 Net acquisition of financial assets 37.1 16.5 -12.6 10.0 23.6 8.5 29.9 13.3 13.9 51.5 15.6 3

 4 Checkable deposits and currency 0.3 -0.2 0.2 -0.6 11.3 1.4 2.4 27.5 4.8 7.5 5.2 4

 5 Security RPs -0.2 7.4 -14.4 10.0 -9.0 2.0 10.0 -42.0 -4.6 20.0 -9.5 5

 6 Credit market instruments 25.2 5.8 -3.0 -8.7 5.1 6.2 -11.7 2.1 0.1 5.1 12.9 6

 7 U.S. government securities 3.8 -21.9 -3.9 0.0 -5.3 4.1 -0.8 -11.5 -2.0 -6.7 -1.0 7

 8 Treasury 2.1 -20.8 -9.7 -8.6 -9.7 -6.9 -8.8 -15.8 -8.0 -7.5 -7.3 8

 9 Agency 1.7 -1.2 5.9 8.6 4.4 10.9 7.9 4.3 6.0 0.9 6.3 9

10 Municipal securities 2.6 16.5 -9.1 -14.9 3.9 -9.1 -15.9 4.7 -2.0 5.8 6.9 10

11 Corporate and foreign bonds 18.9 11.6 10.0 6.4 6.4 11.9 5.2 8.8 4.0 5.9 7.0 11

12 Commercial mortgages -0.2 -0.3 -0.0 -0.3 0.1 -0.7 -0.2 0.0 0.1 0.1 0.0 12

13 Corporate equities 3.0 -5.0 -1.7 0.7 5.0 -16.4 40.4 6.0 2.9 7.0 4.0 13

14 Trade receivables 2.7 1.6 2.0 1.0 8.4 6.1 -16.5 12.1 9.0 11.5 1.1 14

15 Miscellaneous assets 6.1 6.9 4.2 7.5 2.9 9.2 5.3 7.6 1.6 0.4 1.9 15

16 Net increase in liabilities -1.2 2.9 6.7 3.7 30.0 19.3 -21.7 15.1 23.6 58.6 22.9 16

17 Corporate equity issues -13.7 -4.7 -7.8 -4.5 -0.1 -1.0 -2.4 -1.8 -2.2 -6.6 10.2 17

18 Taxes payable 1.8 2.0 2.0 2.3 2.7 2.3 2.5 2.6 2.7 2.8 2.9 18

19 Miscellaneous liabilities 10.7 5.6 12.4 5.9 27.4 17.9 -21.8 14.4 23.1 62.4 9.8 19

20 Discrepancy -45.8 -20.7 11.5 -13.5 -17.3 4.4 -59.2 -5.5 -9.5 -38.2 -16.1 20
Z.1, March 7, 2002 31

F.119 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.6 0.8 0.8 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1

 2 Fixed nonresidential investment 1.5 2.0 1.9 2.3 2.4 2.3 2.4 2.5 2.4 2.4 2.2 2

 3 Net acquisition of financial assets -11.4 1.8 2.4 -2.1 3.8 -21.1 -5.4 8.2 -1.1 -4.6 12.6 3

 4 Checkable deposits and currency 1.3 -1.0 1.0 0.5 0.8 1.0 0.2 0.8 1.7 0.7 -0.2 4

 5 Time and savings deposits 7.5 28.3 -3.0 2.4 -3.1 0.2 4.7 -3.2 -0.4 -3.7 -5.2 5

 6 Money market fund shares 13.1 1.9 11.7 5.9 9.0 12.1 9.4 9.7 10.0 10.3 6.1 6

 7 Security RPs 0.9 1.2 -0.1 0.9 0.2 1.3 1.3 -3.5 1.4 1.4 1.4 7

 8 Credit market instruments 47.6 -22.8 25.4 39.9 18.0 56.8 26.1 23.1 25.7 -16.7 39.9 8

 9 Open market paper 1.2 3.0 3.2 -1.7 -1.3 1.3 -1.2 -13.1 13.8 -15.8 9.9 9

10 U.S. government securities 11.8 -47.7 11.0 25.3 -1.9 28.4 16.2 0.7 -19.3 -11.5 22.7 10

11 Treasury 4.1 -31.0 -0.4 -0.3 -9.4 0.9 -5.0 -18.2 -13.2 -17.4 11.2 11

12 Agency 7.7 -16.6 11.4 25.6 7.6 27.5 21.2 18.9 -6.1 5.9 11.5 12

13 Corporate and foreign bonds 33.8 22.1 9.7 15.0 20.0 25.8 9.9 34.4 30.4 10.2 5.0 13

14 Mortgages 0.7 -0.3 1.5 1.3 1.2 1.4 1.2 1.2 0.8 0.4 2.3 14

15 Corporate equities -137.8 -21.0 -29.1 -49.9 -17.1 -84.1 -27.2 -9.6 -16.8 -13.9 -28.2 15

16 Mutual fund shares 42.7 0.7 1.6 1.2 -4.4 -3.0 -7.9 -0.5 -10.7 -6.9 0.3 16

17 Miscellaneous assets 13.5 14.5 -5.0 -3.1 0.5 -5.4 -12.0 -8.7 -12.0 24.1 -1.5 17

18 Unallocated insurance contracts (2) -1.0 -14.1 -7.7 -11.8 -0.9 -13.3 -17.3 -11.7 2.1 -0.1 6.1 18

19 Contributions receivable 7.1 21.4 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 19

20 Other 7.4 7.2 1.5 7.4 0.1 6.6 4.0 1.7 -15.3 23.0 -9.0 20

21 Pension fund reserves (liabilities) (3) -10.4 3.0 3.4 -0.7 5.2 -19.7 -3.9 9.7 0.4 -3.3 13.8 21

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.6 0.7 0.8 0.9 1.0 0.9 0.9 0.9 1.0 1.0 1.0 1

 2 Fixed nonresidential investment 1.5 1.7 1.7 2.2 2.3 2.3 2.4 2.5 2.4 2.4 2.2 2

 3 Net acquisition of financial assets 75.6 60.4 58.8 53.1 22.7 42.8 43.4 19.3 28.9 23.1 19.6 3

 4 Checkable deposits and currency -2.2 4.7 -0.7 -0.1 2.9 -1.7 -11.7 -7.6 18.7 -0.9 1.3 4

 5 Time and savings deposits 0.1 -0.4 -0.3 -0.6 0.9 6.9 -13.5 -1.0 1.2 -1.2 4.7 5

 6 Security RPs 0.4 8.9 2.8 4.3 0.8 -6.8 -1.8 -8.7 17.2 -2.8 -2.5 6

 7 Credit market instruments 67.1 72.1 46.9 54.6 -15.1 37.6 86.1 -70.7 77.0 -74.2 7.3 7

 8 Open market paper 0.4 8.9 2.8 4.3 3.3 -6.8 -1.8 -8.7 17.2 -2.8 7.5 8

 9 U.S. government securities 31.8 19.9 16.4 22.1 -24.5 7.5 42.9 -29.0 94.0 -148.5 -14.7 9

10 Treasury 13.4 0.8 -6.6 -15.5 -9.7 -39.2 -19.8 -1.5 36.3 -66.8 -6.7 10

11 Agency 18.4 19.1 22.9 37.6 -14.8 46.8 62.7 -27.5 57.7 -81.6 -8.0 11

12 Municipal securities 0.9 1.7 -0.2 -1.5 -0.6 -2.5 -2.3 0.7 -0.7 -4.2 1.8 12

13 Corporate and foreign bonds 33.1 35.1 30.4 29.7 3.3 37.5 47.3 -36.2 -36.2 77.5 8.1 13

14 Mortgages 0.9 6.5 -2.6 -0.0 3.4 1.9 0.1 2.5 2.6 3.7 4.6 14

15 Corporate equities 9.4 -28.2 -6.2 -18.4 16.1 -3.8 -49.9 55.8 -87.5 65.2 31.0 15

16 Miscellaneous assets 0.7 3.3 16.3 13.3 17.1 10.6 34.3 51.4 2.3 37.0 -22.2 16

17 Pension fund reserves (liabilities) (1) 76.5 61.5 59.7 54.4 24.1 44.2 44.9 20.9 30.4 24.5 20.7 17

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
32 Z.1, March 7, 2002

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 1

 2 Foreign deposits 0.1 7.4 12.2 48.2 33.1 8.0 62.5 87.1 -10.1 0.8 54.6 2

 3 Checkable deposits and currency 2.6 -2.6 -1.2 4.5 2.3 14.7 8.8 -24.3 4.2 -27.4 56.8 3

 4 Time and savings deposits 28.6 15.7 33.3 -18.0 77.1 16.9 52.3 123.9 -7.3 44.7 147.0 4

 5 Security RPs 22.8 12.9 0.1 43.4 44.0 16.6 69.9 71.5 -5.6 60.7 49.4 5

 6 Credit market instruments 87.5 244.0 182.0 143.0 246.0 256.1 272.7 326.7 166.2 379.1 112.2 6

 7 Open market paper 62.1 78.2 104.7 89.6 30.3 134.2 105.8 26.6 17.1 79.9 -2.5 7

 8 U.S. government securities -9.5 95.0 17.3 -19.1 178.5 15.1 82.3 286.8 116.6 265.8 44.6 8

 9 Treasury -4.0 17.5 0.1 -13.3 45.3 -0.1 -10.9 35.5 37.0 68.9 39.6 9

10 Agency -5.5 77.5 17.1 -5.8 133.2 15.2 93.2 251.3 79.7 196.8 5.0 10

11 Municipal securities 22.5 26.0 17.5 34.3 36.2 29.8 52.5 14.4 39.2 54.4 36.9 11

12 Corporate and foreign bonds 12.5 44.8 42.5 38.2 1.1 77.0 32.1 -1.1 -6.8 -20.9 33.2 12

13 Miscellaneous assets 14.3 9.6 22.6 12.2 26.1 -61.4 -95.2 36.6 175.1 -90.1 -17.3 13

14 Net share issues (liabilities) 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 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 8.0 -8.4 6.9 1.7 -2.5 0.2 -1.6 -2.8 -2.2 -2.4 -2.5 1

 2 Net acquisition of financial assets 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 2

 3 Security RPs 10.3 13.1 9.9 25.6 -31.7 36.5 1.4 -71.8 -15.3 -27.9 -11.9 3

 4 Credit market instruments 80.9 127.3 48.4 21.0 126.1 50.2 57.8 78.1 165.7 103.7 156.8 4

 5 Open market paper 10.6 13.1 9.9 25.6 -31.7 28.2 16.6 -58.3 -49.8 -21.1 2.2 5

 6 U.S. government securities 19.5 26.2 12.5 10.6 77.9 9.2 36.9 55.1 134.4 70.5 51.7 6

 7 Treasury 10.6 4.6 -23.7 6.4 -8.3 5.9 14.6 -19.9 -1.8 -23.9 12.5 7

 8 Agency 8.9 21.6 36.2 4.2 86.2 3.2 22.3 75.1 136.2 94.3 39.2 8

 9 Municipal securities 6.5 22.8 -3.2 -8.9 21.8 3.1 8.6 22.0 16.8 22.5 25.7 9

10 Corporate and foreign bonds 44.4 65.2 29.2 -6.2 58.2 9.7 -4.3 59.3 64.3 31.8 77.2 10

11 Corporate equities 166.8 143.3 136.4 189.1 109.7 185.4 89.9 99.1 133.8 86.5 119.4 11

12 Miscellaneous assets 7.1 -4.2 -3.5 -0.7 -2.4 3.0 0.4 -8.6 -1.2 0.1 -0.0 12

13 Net share issues (liabilities) 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 13

14 Discrepancy 8.0 -8.4 6.9 1.7 -2.5 0.2 -1.6 -2.8 -2.2 -2.4 -2.5 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 1

 2 Credit market instruments -2.6 5.5 7.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 2

 3 U.S. government securities -1.2 -0.9 -1.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 3

 4 Municipal securities -0.8 1.9 8.7 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 4

 5 Corporate and foreign bonds -0.5 4.5 -0.0 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 5

 6 Corporate equities -5.1 -13.3 -14.9 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 6

 7 Net share issues (liabilities) -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 7

 Exchange-traded funds

 8 Net acquisition of financial assets (1) 3.4 6.0 12.2 42.4 31.0 14.1 107.0 57.9 11.3 27.9 26.9 8

 9 Net share issues (liabilities) 3.4 6.0 12.2 42.4 31.0 14.1 107.0 57.9 11.3 27.9 26.9 9

(1) Corporate equities.
Z.1, March 7, 2002 33

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 1.9 2.1 2.0 1.8 1.8 2.0 1.8 1.8 1.8 1.8 1.9 1

 2 Fixed nonresidential investment 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2

 3 Net acquisition of financial assets 110.8 304.4 316.7 248.8 334.8 278.9 350.3 351.6 275.6 385.7 326.5 3

 4 Checkable deposits and currency 1.2 2.5 7.4 -9.7 1.6 -0.7 4.3 -0.3 2.6 4.7 -0.6 4

 5 Federal funds and security RPs -4.1 -13.4 12.7 -11.7 21.9 11.4 -22.5 80.4 -51.7 51.2 7.6 5

 6 Credit market instruments 106.6 314.6 291.7 250.9 296.2 228.6 318.8 327.8 316.2 265.9 275.1 6

 7 Open market paper -1.1 26.9 -27.1 16.8 12.0 29.7 33.4 -50.4 40.5 0.5 57.3 7

 8 U.S. government securities 76.1 162.3 184.5 146.2 179.1 188.0 242.8 220.8 183.4 177.6 134.6 8

 9 Treasury 7.1 -0.7 5.8 1.1 0.5 33.5 12.2 -13.6 20.5 -17.6 12.7 9

10 Agency 69.0 163.1 178.7 145.0 178.6 154.6 230.6 234.4 162.9 195.2 121.9 10

11 Municipal securities -0.4 4.1 1.4 -1.8 6.0 3.0 -4.5 4.7 8.3 0.2 10.8 11

12 Corporate and foreign bonds 5.3 20.7 23.7 25.8 28.2 29.5 13.6 31.7 48.4 -1.5 34.3 12

13 Other loans and advances 31.2 92.3 113.6 41.3 40.6 -39.0 5.5 109.3 -0.6 62.9 -9.3 13

14 Sallie Mae -5.3 -1.4 5.1 -3.9 3.0 -11.1 6.2 2.4 4.7 2.0 2.9 14

15 Farm Credit System 0.0 3.3 0.9 3.1 2.8 4.0 4.3 -0.8 5.6 3.0 3.3 15

16 FHLB loans 36.4 90.4 107.6 42.1 34.9 -31.9 -5.0 107.8 -10.9 58.0 -15.4 16

17 Mortgages -4.5 8.3 -4.3 22.7 30.4 17.3 28.0 11.6 36.3 26.1 47.3 17

18 Home -4.2 5.3 -10.3 15.8 19.1 11.3 18.5 4.7 22.7 15.3 33.6 18

19 Multifamily residential -1.2 0.8 4.8 4.9 6.9 3.3 6.6 4.1 7.5 6.9 9.0 19

20 Farm 1.0 2.2 1.1 2.0 4.4 2.7 2.9 2.8 6.1 3.9 4.8 20

21 Miscellaneous assets 7.1 0.7 5.0 19.2 15.1 39.6 49.6 -56.3 8.5 63.9 44.4 21

22 Net increase in liabilities 106.2 298.6 312.1 241.5 328.6 270.5 339.5 344.4 270.8 381.6 317.8 22

23 Credit market instruments 98.4 278.3 318.2 234.1 291.4 278.1 304.5 262.3 268.3 326.2 308.8 23

24 GSE issues (2) 98.4 278.3 318.2 234.1 291.4 278.1 304.5 262.3 268.3 326.2 308.8 24

25 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities 7.8 20.3 -6.0 7.4 37.3 -7.6 35.0 82.1 2.5 55.4 9.0 26

27 Discrepancy -3.0 -4.1 -3.0 -6.0 -4.9 -6.9 -9.5 -5.9 -3.5 -2.8 -7.3 27

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 1

 2 Home mortgages 109.3 182.1 264.6 190.9 321.0 228.9 297.0 157.2 377.7 491.1 258.0 2

 3 Multifamily residential mortgages 5.3 10.5 9.2 8.5 15.6 7.8 12.0 13.1 19.2 13.0 17.2 3

 4 Commercial mortgages -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Net increase in pool securities (liabilities)(2) 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and

 privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.

(2) Such issues are classified as U.S. government securities.
34 Z.1, March 7, 2002

F.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 0.9 1.2 1.2 1.1 0.9 1.0 1.0 1.0 0.9 0.9 0.8 1

 2 Fixed nonresidential investment 3.1 3.0 -1.7 -2.0 -0.6 -1.7 -1.3 -0.8 -0.9 -0.4 -0.3 2

 3 Net acquisition of financial assets 200.1 319.6 226.3 199.3 281.9 158.9 310.2 297.6 174.2 290.3 365.6 3

 4 Agency securities (1) 4.4 38.0 40.2 4.3 22.2 0.2 -6.8 44.0 -12.9 29.2 28.4 4

 5 Other loans and advances 32.2 27.6 9.2 21.2 12.2 -4.5 39.9 -0.7 -23.3 64.4 8.6 5

 6 Student loans 7.8 3.8 1.5 6.5 0.6 8.8 -3.3 2.5 2.0 0.8 -2.9 6

 7 Loans to business 24.4 23.8 7.7 14.7 11.6 -13.2 43.2 -3.2 -25.3 63.6 11.4 7

 8 Mortgages (2) 79.9 156.8 93.1 83.7 149.4 81.4 127.8 110.7 149.9 118.3 218.6 8

 9 Home 54.5 94.5 49.9 44.8 74.7 51.0 60.8 93.9 63.6 44.0 97.2 9

10 Multifamily residential 5.0 12.9 8.5 6.5 11.4 4.9 12.6 1.0 10.5 11.4 22.5 10

11 Commercial 20.4 49.4 34.7 32.4 63.3 25.6 54.4 15.9 75.7 62.8 98.8 11

12 Consumer credit 47.2 59.4 62.6 57.1 72.2 43.8 118.1 115.7 36.2 50.4 86.5 12

13 Trade credit 36.3 37.9 21.1 33.0 25.9 38.0 31.3 27.8 24.2 28.0 23.5 13

14 Net increase in liabilities 202.2 321.4 223.4 196.3 280.4 156.2 307.9 295.8 172.3 289.1 364.4 14

15 Commercial paper 89.4 125.7 139.0 121.0 103.5 102.3 119.9 84.6 96.8 86.0 146.4 15

16 Corporate bonds 112.9 195.7 84.4 75.2 177.0 53.9 188.0 211.2 75.5 203.1 218.0 16

17 Discrepancy 0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 -0.0 -0.0 17

 Memo:

 Securitized assets not included above

18 Consumer leases (3) 2.1 1.8 -2.9 -3.1 -1.5 -2.7 -2.3 -1.7 -1.8 -1.2 -1.2 18

19 REIT assets (4) 3.7 2.9 -1.0 -2.2 -1.0 -3.0 -3.4 -2.4 -0.6 -1.9 0.7 19

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.129.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 26.3 30.1 39.5 43.4 49.2 43.4 46.3 46.0 49.5 52.3 49.2 1

 2 Fixed nonresidential investment 27.0 30.9 39.4 38.5 34.8 38.7 38.1 36.8 35.3 33.8 33.2 2

 3 Net acquisition of financial assets 47.1 88.8 150.3 134.9 15.0 226.6 33.6 -11.2 45.2 58.5 -32.7 3

 4 Checkable deposits and currency 2.1 2.3 2.5 2.6 2.9 2.7 2.7 2.8 2.8 2.9 2.9 4

 5 Credit market instruments 23.1 77.3 97.0 108.0 16.5 102.8 36.2 -0.9 126.7 -42.0 -17.9 5

 6 Other loans and advances -0.6 36.8 54.2 63.3 -11.4 48.2 23.0 -11.2 99.0 -76.5 -57.1 6

 7 Mortgages 11.0 24.7 24.6 26.4 11.0 23.1 26.2 23.4 26.8 12.1 -18.2 7

 8 Consumer credit 12.6 15.8 18.2 18.2 16.9 31.5 -13.0 -13.0 0.9 22.4 57.4 8

 9 Miscellaneous assets 22.0 9.3 50.9 24.3 -4.4 121.2 -5.3 -13.1 -84.4 97.6 -17.7 9

10 Net increase in liabilities 38.7 75.8 138.0 164.9 17.1 244.5 49.7 -20.9 56.6 69.5 -36.6 10

11 Credit market instruments 57.8 57.1 70.3 81.2 -6.9 98.1 26.1 -72.8 64.1 21.5 -40.6 11

12 Open market paper 24.6 30.7 -2.9 8.4 -81.5 -2.3 51.0 -231.8 14.0 -23.1 -85.2 12

13 Corporate bonds 28.7 24.2 64.3 72.2 61.1 94.4 -20.6 126.6 33.3 54.5 30.0 13

14 Bank loans n.e.c. 4.5 2.2 8.9 0.5 13.5 6.1 -4.3 32.3 16.8 -9.9 14.6 14

15 Taxes payable 0.8 0.8 0.8 1.0 1.2 1.0 1.0 1.1 1.1 1.2 1.2 15

16 Miscellaneous liabilities -20.0 17.8 66.9 82.8 22.9 145.4 22.5 50.9 -8.7 46.8 2.8 16

17 Foreign direct investment in U.S. 6.6 2.6 11.4 17.6 14.7 5.2 69.7 23.6 18.6 8.8 8.0 17

18 Investment by parent -7.5 -12.8 53.5 14.7 -3.2 19.6 10.2 -21.5 -15.1 -6.7 30.5 18

19 Other -19.1 28.0 1.9 50.5 11.4 120.6 -57.4 48.8 -12.1 44.7 -35.8 19

20 Discrepancy -9.2 -13.8 -12.2 34.9 16.7 22.5 24.2 -0.5 25.5 29.5 12.2 20

 Memo:

21 Consumer leases not included above (2) 5.6 -2.2 6.3 5.3 -4.6 3.1 -7.0 -6.9 15.2 -7.7 -19.1 21

(1) Includes retail captive finance companies.

(2) See footnote (3), table F.126.
Z.1, March 7, 2002 35

F.128 Mortgage Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net acquisition of financial assets -9.1 3.2 0.3 0.2 1.4 -0.5 2.0 1.4 1.1 1.7 1.2 1

 2 Home mortgages -10.2 3.1 0.3 0.2 1.3 -0.6 1.9 1.4 1.0 1.6 1.1 2

 3 Multifamily residential mortgages 1.0 0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Net increase in liabilities -9.1 3.2 0.3 0.2 1.4 -0.5 2.0 1.4 1.1 1.7 1.2 5

 6 Bank loans n.e.c. -4.6 1.6 0.2 0.1 0.7 -0.3 1.0 0.7 0.6 0.8 0.6 6

 7 Investment by parent -4.6 1.6 0.2 0.1 0.7 -0.3 1.0 0.7 0.6 0.9 0.6 7

F.129 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 6.8 8.2 8.1 7.7 8.5 7.9 8.1 8.3 8.6 8.7 8.5 1

 2 Fixed nonresidential investment 52.0 64.7 9.2 0.4 0.5 3.6 -12.8 3.4 -2.1 -0.5 1.4 2

 3 Multifamily residential investment 11.3 11.4 1.6 0.1 0.1 0.6 -2.3 0.6 -0.4 -0.1 0.3 3

 4 Net acquisition of financial assets 26.1 6.4 -2.3 -6.3 14.8 0.1 -4.4 5.8 8.0 9.6 35.7 4

 5 Checkable deposits and currency 1.1 0.8 0.3 -0.0 0.4 -1.4 2.0 -1.0 2.3 2.4 -2.0 5

 6 Credit market instruments 20.2 -5.1 -2.6 -6.3 10.5 -3.6 -2.8 4.0 1.1 7.8 29.0 6

 7 Agency securities 9.0 -8.1 1.1 0.3 11.2 3.0 2.5 -2.6 14.3 3.4 29.8 7

 8 Corporate and foreign bonds 2.1 -0.4 -0.3 -0.4 0.7 -3.1 -1.4 8.6 -9.0 3.0 0.3 8

 9 Mortgages 9.1 3.4 -3.3 -6.2 -1.5 -3.5 -3.8 -1.9 -4.2 1.3 -1.1 9

10 Home 6.0 0.8 -2.4 -4.6 -1.2 -1.1 -0.8 -0.4 -0.8 1.7 -5.3 10

11 Multifamily residential 0.9 0.1 -0.6 -0.2 -0.8 -0.3 -0.7 -0.7 0.2 0.2 -2.8 11

12 Commercial 2.2 2.5 -0.4 -1.4 0.5 -2.0 -2.4 -0.8 -3.6 -0.6 7.0 12

13 Miscellaneous assets 4.9 10.7 -0.1 0.0 3.9 5.1 -3.6 2.8 4.7 -0.5 8.6 13

14 Net increase in liabilities 92.2 86.4 17.7 3.0 21.0 8.0 -9.6 19.2 2.7 12.7 49.4 14

15 Security RPs 11.2 -9.8 0.5 -3.8 11.7 4.5 -1.8 4.9 7.8 7.3 26.9 15

16 Credit market instruments 39.6 62.7 6.3 2.7 2.8 -2.4 -8.1 -6.1 10.5 -2.4 9.1 16

17 Open market paper 0.0 0.2 -0.1 0.0 -0.1 -3.4 0.0 -0.2 -0.5 4.4 -4.3 17

18 Corporate bonds 14.8 21.7 8.9 4.8 4.9 5.6 -6.3 12.2 -5.9 0.1 13.4 18

19 Bank loans n.e.c. 9.9 16.0 -7.6 -8.3 -4.1 -10.6 -3.7 -10.6 0.7 -4.9 -1.6 19

20 Mortgages 14.9 24.8 5.1 6.2 2.1 6.0 1.8 -7.5 16.2 -1.9 1.5 20

21 Corporate equity issues 32.5 19.8 6.6 2.2 5.1 1.4 3.0 1.4 3.2 7.5 8.5 21

22 Miscellaneous liabilities 8.8 13.6 4.4 1.8 1.3 4.5 -2.6 18.9 -18.9 0.3 5.0 22

23 Discrepancy 9.5 11.9 17.4 16.6 14.1 11.6 18.0 17.7 5.7 12.4 20.6 23

 Memo:

24 Securitized assets included above 3.7 2.9 -1.0 -2.2 -1.0 -3.0 -3.4 -2.4 -0.6 -1.9 0.7 24

25 Agency securities 0.4 0.1 -1.3 -0.2 1.3 -0.5 -0.4 -0.4 -0.9 -0.9 7.5 25

26 Home mortgages 3.1 1.8 0.0 -0.9 -1.8 -2.3 -0.2 -1.8 -1.0 -0.9 -3.4 26

27 Multifamily residential mortgages 0.2 0.4 0.1 -0.5 -0.4 -0.2 -1.0 -0.1 0.5 -0.1 -2.0 27

28 Commercial mortgages 0.0 0.6 0.1 -0.6 -0.1 -0.1 -1.7 -0.0 0.9 -0.0 -1.4 28
36 Z.1, March 7, 2002

F.130 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Gross saving 9.2 5.3 0.8 -1.7 -4.1 -2.3 -5.1 -5.2 -4.3 -3.2 -3.7 1

 2 Fixed nonresidential investment 11.8 15.7 18.4 19.8 19.0 20.1 20.1 20.0 19.2 18.8 18.1 2

 3 Net acquisition of financial assets 142.8 142.0 79.8 220.4 216.1 287.6 -62.3 -17.7 603.4 493.8 -215.3 3

 4 Checkable deposits and currency 6.0 3.7 3.3 1.6 16.5 -24.8 38.2 -6.3 33.1 67.1 -27.9 4

 5 Credit market instruments 14.9 6.8 -34.7 68.9 97.6 152.1 -69.0 289.5 35.4 236.0 -170.4 5

 6 Open market paper 0.6 3.8 -2.0 13.2 8.6 28.8 -24.9 21.3 1.2 23.9 -12.1 6

 7 U.S. government securities 2.7 21.7 -43.4 37.1 33.0 89.4 -30.2 217.6 -1.9 123.9 -207.4 7

 8 Treasury 7.5 21.2 -58.4 39.4 19.0 59.3 -34.5 171.1 -86.1 187.5 -196.7 8

 9 Agency -4.8 0.5 15.0 -2.3 14.1 30.1 4.3 46.4 84.2 -63.6 -10.7 9

10 Municipal securities 2.4 -0.1 -1.2 -0.7 7.7 3.9 1.8 5.5 4.1 9.3 12.0 10

11 Corporate and foreign bonds 9.2 -18.6 12.0 19.3 48.3 30.0 -15.7 45.3 32.0 78.9 37.0 11

12 Corporate equities 2.4 -6.0 7.7 9.6 15.1 18.6 -14.2 23.9 41.8 -47.8 42.2 12

13 Security credit 36.8 21.6 75.2 7.2 -40.4 14.6 -155.0 -166.5 9.7 248.5 -253.5 13

14 Miscellaneous assets 82.8 115.9 28.3 133.0 127.3 127.1 137.6 -158.4 483.4 -10.0 194.3 14

15 Net increase in liabilities 141.3 146.2 89.9 235.4 232.5 304.1 -43.3 -1.0 621.2 508.6 -198.7 15

16 Security RPs (net) 22.7 4.5 37.2 56.9 52.6 188.8 -68.5 -93.8 222.0 283.1 -200.9 16

17 Corporate bonds 8.1 7.2 -17.2 15.6 1.4 25.4 -6.6 -23.9 35.7 12.6 -19.0 17

18 Corporate equity issues -5.9 2.5 7.6 -4.2 6.5 -26.1 0.1 19.0 -8.2 29.4 -14.4 18

19 Trade payables 5.7 -1.0 11.9 5.1 3.2 -14.0 0.0 -2.7 -7.7 11.3 11.8 19

20 Security credit 74.2 81.7 29.1 138.9 31.9 83.0 229.4 25.6 -38.2 298.7 -158.7 20

21 Customer credit balances (HH) 52.6 61.2 47.2 88.6 31.0 53.9 158.0 -48.2 49.9 327.8 -205.4 21

22 From banks 21.7 20.5 -18.1 50.4 0.8 29.1 71.4 73.8 -88.1 -29.0 46.6 22

23 Taxes payable 0.1 -0.1 0.9 -0.1 -0.3 0.2 1.3 -3.6 0.5 0.5 1.6 23

24 Miscellaneous liabilities 21.6 44.7 7.2 -5.3 125.2 -0.5 -219.1 79.3 384.4 -110.0 147.1 24

25 Foreign direct investment in U.S. 0.3 1.7 3.3 1.7 3.9 2.3 0.5 4.5 2.1 4.7 4.1 25

26 Due to affiliates 75.9 97.4 61.8 38.6 64.6 35.8 39.5 215.5 9.3 -1.8 35.3 26

27 Other -54.6 -54.3 -57.9 -45.6 56.8 -38.7 -259.1 -140.8 373.0 -112.9 107.7 27

28 Proprietors’ net investment 14.9 6.6 13.1 28.5 12.1 47.3 20.2 -0.8 32.6 -17.2 34.0 28

29 Discrepancy -4.1 -6.2 -7.5 -6.5 -6.7 -6.0 -6.2 -8.5 -5.7 -7.2 -5.2 29

F.131 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 118.2 102.7 256.3 126.8 -15.3 18.5 180.9 48.3 -150.1 -253.1 293.8 1

 2 Money market fund shares 10.4 57.9 48.9 33.5 117.5 87.4 47.3 147.6 124.2 46.8 151.5 2

 3 Credit market instruments 50.4 -15.8 133.0 39.4 -132.8 -86.5 45.7 -169.5 -218.6 -184.0 40.9 3

 4 Open market paper 53.8 -20.3 136.8 39.2 -173.6 -57.6 5.7 -208.2 -257.3 -227.6 -1.5 4

 5 Corporate and foreign bonds -3.4 4.5 -3.8 0.1 40.8 -28.8 40.0 38.7 38.7 43.6 42.4 5

 6 Miscellaneous assets (2) 57.3 60.7 74.4 54.0 -0.0 17.6 87.8 70.2 -55.7 -115.9 101.3 6

 7 Investment in foreign banking offices 14.3 11.8 2.5 45.6 -30.8 21.5 75.0 14.6 -20.2 -94.9 -22.6 7

 8 Investment in brokers and dealers 43.0 48.9 71.9 8.3 30.8 -3.9 12.9 55.7 -35.5 -21.0 124.0 8

 9 Net increase in liabilities 118.2 102.7 256.3 126.8 -15.3 18.5 180.9 48.3 -150.1 -253.1 293.8 9

10 Credit market instruments 79.9 40.0 91.5 -0.4 -53.1 -4.2 -10.4 30.1 -163.6 -150.2 71.3 10

11 Open market paper 49.4 6.0 34.1 -2.3 -75.3 5.4 -21.6 -17.1 -188.3 -145.2 49.3 11

12 Corporate bonds 30.6 34.0 57.4 1.9 22.2 -9.6 11.2 47.2 24.7 -5.0 22.0 12

13 Miscellaneous liabilities 38.2 62.8 164.8 127.2 37.8 22.7 191.2 18.2 13.5 -102.9 222.5 13

14 Foreign direct investment in U.S. -22.6 20.7 -17.0 54.3 53.1 21.8 98.2 40.1 107.9 34.3 30.0 14

15 Securities loaned (net) 57.2 70.0 16.3 88.7 63.2 12.4 150.4 -102.1 233.6 74.8 46.5 15

16 Other 3.6 -27.9 165.6 -15.8 -78.5 -11.5 -57.4 80.2 -328.0 -212.1 146.0 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
Z.1, March 7, 2002 37

F.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 1.0 6.8 -8.7 0.3 5.7 1.4 5.6 -0.8 5.4 21.2 -2.9 1

 2 U.S. gold stock and SDRs 0.4 0.1 -0.0 0.7 1.0 0.7 0.7 0.8 0.6 2.0 0.5 2

 3 Federal govt.: Exchange Stab. Fund 0.4 0.1 -0.0 0.7 1.0 0.7 0.7 0.8 0.6 2.0 0.5 3

 4 Monetary authority (2) -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 4

 5 U.S. foreign exchange position 0.7 6.6 -8.7 -0.4 4.7 0.7 4.9 -1.5 4.7 19.1 -3.4 5

 6 Official foreign currency holdings -2.9 1.5 -3.3 1.9 0.6 5.9 0.6 0.8 0.7 4.0 -3.0 6

 7 Treasury -1.5 0.8 -1.6 0.9 0.3 2.9 0.3 0.4 0.3 2.0 -1.5 7

 8 Monetary authority -1.5 0.8 -1.6 0.9 0.3 2.9 0.3 0.4 0.3 2.0 -1.5 8

 9 Net IMF position 3.6 5.1 -5.5 -2.3 4.1 -5.2 4.3 -2.3 4.1 15.1 -0.4 9

10 Federal government 3.6 5.1 -5.5 -2.3 4.1 -5.2 4.3 -2.3 4.1 15.1 -0.4 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 11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table

 are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government -0.5 0.0 -3.0 -4.0 0.0 -4.0 -4.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority -0.5 0.0 -3.0 -4.0 0.0 -4.0 -4.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.5 0.6 1.0 2.4 -0.0 4.2 -0.0 -1.1 1.1 -0.0 0.0 3

 4 Asset: Monetary authority 0.6 0.7 1.7 3.6 1.6 3.3 3.3 2.5 1.6 1.4 0.7 4

 5 Discrepancy (seigniorage) -0.2 -0.1 -0.7 -1.2 -1.6 0.9 -3.3 -3.6 -0.5 -1.4 -0.7 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 107.7 6.5 61.0 120.8 62.2 -40.8 207.4 235.5 -170.2 83.5 100.0 1

 Held by:

 2 Household sector 6.5 0.1 5.2 7.7 -4.3 -2.6 13.3 -6.0 -10.9 5.3 -5.5 2

 3 Nonfinancial corporate business -5.1 7.4 -2.3 -6.0 -5.6 44.6 -61.8 -26.4 1.0 -1.4 4.5 3

 4 Money market mutual funds 0.1 7.4 12.2 48.2 33.1 8.0 62.5 87.1 -10.1 0.8 54.6 4

 5 Discrepancy--unallocated assets 106.2 -8.5 45.8 70.9 38.9 -90.8 193.4 180.8 -150.2 78.8 46.4 5
38 Z.1, March 7, 2002

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities -19.7 -32.3 18.4 13.6 11.7 24.4 18.0 -181.0 19.0 20.2 188.6 1

 2 Monetary authority 6.1 -7.5 22.2 -27.1 1.3 -15.5 5.0 7.1 5.2 19.2 -26.2 2

 3 Depository institution reserves 6.3 -4.5 -2.3 -5.0 -1.6 -4.6 -10.7 14.7 1.5 22.5 -45.0 3

 4 Vault cash -0.2 -2.9 24.5 -22.2 2.9 -10.9 15.7 -7.6 3.7 -3.3 18.8 4

 5 Commercial banking -25.8 -24.8 -3.8 40.7 10.4 40.0 13.0 -188.1 13.8 0.9 214.9 5

 6 To monetary authority -1.6 -1.1 -1.7 1.0 -1.0 1.0 1.1 -3.2 -1.7 -0.9 1.9 6

 7 To banks in foreign countries -4.3 -27.1 -5.7 22.3 -6.3 51.1 -39.1 -201.6 1.9 -5.3 179.6 7

 8 Liabilities, net -4.2 -32.0 -7.0 21.8 -3.6 49.5 -40.9 -207.8 12.7 -5.7 186.3 8

 9 U.S.-chartered commercial banks 13.6 23.0 48.4 45.8 10.4 15.1 -15.7 -102.2 53.1 -95.5 186.0 9

10 Due to foreign affiliates 46.3 23.6 30.0 75.2 17.4 23.7 26.5 -131.2 47.3 -31.5 185.2 10

11 - Due from foreign affiliates 32.7 0.5 -18.4 29.5 7.1 8.6 42.1 -29.0 -5.8 64.0 -0.8 11

12 Foreign banking offices in U.S. -18.5 -55.7 -51.2 -56.5 -21.0 -75.4 -17.7 -88.0 -52.6 53.8 3.0 12

13 Due to foreign affiliates -10.7 33.3 14.9 -14.3 -11.6 -119.4 99.4 118.3 -120.7 44.6 -88.5 13

14 - Due from foreign affiliates 7.8 88.9 66.1 42.2 9.4 -44.0 117.1 206.3 -68.1 -9.2 -91.5 14

15 Bank holding companies 0.8 0.6 -4.1 32.5 7.0 109.8 -7.6 -17.6 12.3 36.1 -2.7 15

16 Due to foreign affiliates 0.3 -0.1 5.5 30.9 12.1 127.8 10.6 3.1 35.1 33.1 -22.9 16

17 - Due from foreign affiliates -0.4 -0.7 9.6 -1.6 5.1 18.0 18.2 20.7 22.8 -3.0 -20.2 17

18 Less: Deposits at foreign banks 0.2 -5.0 -1.3 -0.5 2.7 -1.6 -1.8 -6.2 10.8 -0.4 6.7 18

19 U.S.-chartered commercial banks 1.0 -1.0 -1.3 -1.0 2.8 -2.2 -2.4 -4.3 8.8 -0.5 7.0 19

20 Foreign banking offices in U.S. -0.9 -4.0 -0.0 0.6 -0.0 0.6 0.6 -1.9 2.0 0.2 -0.3 20

21 To U.S. banking, net -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 21

22 U.S.-chartered commercial banks -6.7 -2.6 -12.1 26.8 16.3 146.6 -48.6 51.2 -4.6 39.1 -20.6 22

23 Liabilities -14.7 6.0 19.6 8.4 1.2 -20.1 45.8 27.0 -61.9 40.2 -0.5 23

24 To foreign offices in U.S. 5.4 2.1 16.4 -8.9 -16.9 -6.9 -5.5 9.9 -78.3 34.9 -34.2 24

25 To bank holding companies -0.2 0.6 -0.3 -0.1 0.5 -1.0 0.3 0.4 2.9 -1.8 0.5 25

26 Unallocated -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 26

 Less, due from:

27 Foreign offices in U.S. -7.4 -1.6 23.7 8.1 3.2 -23.8 87.2 -22.0 2.7 7.8 24.4 27

28 Bank holding companies -0.6 10.2 8.0 -26.4 -18.3 -142.9 7.2 -2.2 -60.0 -6.7 -4.2 28

29 Foreign banking offices in U.S. -12.7 -3.7 7.4 17.0 20.2 -16.9 92.8 -31.9 81.0 -27.1 58.6 29

30 Due to U.S. banks -7.4 -1.6 23.7 8.1 3.2 -23.8 87.2 -22.0 2.7 7.8 24.4 30

31 - Due from U.S. banks 5.4 2.1 16.4 -8.9 -16.9 -6.9 -5.5 9.9 -78.3 34.9 -34.2 31

32 Bank holding companies -0.4 9.6 8.2 -26.3 -18.7 -141.9 6.9 -2.6 -62.8 -4.8 -4.7 32

33 Due to U.S. banks -0.6 10.2 8.0 -26.4 -18.3 -142.9 7.2 -2.2 -60.0 -6.7 -4.2 33

34 - Due from U.S. banks -0.2 0.6 -0.3 -0.1 0.5 -1.0 0.3 0.4 2.9 -1.8 0.5 34

35 Net change in assets 0.2 -35.6 14.9 -3.8 -6.0 36.6 -33.0 -197.7 5.4 13.0 155.4 35

36 Rest of the world -4.3 -27.1 -5.7 22.3 -6.3 51.1 -39.1 -201.6 1.9 -5.3 179.6 36

37 Domestic 4.5 -8.6 20.5 -26.1 0.3 -14.6 6.1 3.8 3.5 18.3 -24.3 37

38 Monetary authority -1.6 -1.1 -1.7 1.0 -1.0 1.0 1.1 -3.2 -1.7 -0.9 1.9 38

39 Federal Reserve float -3.6 0.9 -1.9 1.1 -0.9 1.5 2.1 -2.9 -2.2 -0.7 2.2 39

40 Loans to member banks 2.0 -2.0 0.2 -0.1 -0.1 -0.6 -1.0 -0.4 0.5 -0.2 -0.2 40

41 Commercial banking 6.6 -7.6 22.1 -26.1 0.9 -13.7 5.5 7.1 5.2 18.3 -27.2 41

42 Reserves at Federal Reserve 6.8 -4.6 -2.4 -4.0 -2.0 -2.8 -10.1 14.7 1.5 21.6 -46.0 42

43 Vault cash -0.2 -2.9 24.5 -22.2 2.9 -10.9 15.7 -7.6 3.7 -3.3 18.8 43

44 Savings insts.: Reserves at Fed. Res. -0.5 0.1 0.1 -1.0 0.5 -1.9 -0.5 0.0 0.0 0.9 1.0 44

45 Discrepancy--floats, etc. -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 45
Z.1, March 7, 2002 39

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 41.2 47.4 151.4 -71.5 185.8 5.0 -50.2 130.1 90.7 235.0 287.5 1

 2 Monetary authority 29.9 38.3 108.7 -35.3 48.2 23.3 -4.1 48.8 50.2 84.9 8.9 2

 3 Federal government cash and deposits -2.3 0.5 22.3 -22.9 1.5 30.4 -11.5 5.9 -17.7 30.1 -12.4 3

 4 Deposits due to foreign 0.3 -0.3 -0.1 0.1 -0.2 0.1 0.3 -0.6 0.1 2.0 -2.2 4

 5 Currency outside banks 31.9 38.0 86.4 -12.5 46.9 -7.2 7.1 43.5 67.8 52.8 23.5 5

 6 Commercial banking -19.8 -33.4 3.2 -85.2 83.5 -60.8 -91.4 14.3 -8.7 98.4 230.1 6

 7 Federal government deposits -0.9 -14.6 36.4 -33.2 29.3 -17.3 -62.3 44.1 -14.0 13.4 73.8 7

 8 Deposits due to foreign 4.8 -1.5 13.4 -9.5 0.4 4.8 6.0 2.7 -4.5 3.7 -0.5 8

 9 Private domestic deposits -23.7 -17.3 -46.6 -42.6 53.8 -48.3 -35.2 -32.4 9.7 81.2 156.8 9

10 Savings institutions 27.1 36.1 37.2 43.1 50.6 40.6 43.9 51.1 53.2 46.3 51.8 10

11 Credit unions 4.1 6.4 2.3 5.9 3.5 1.9 1.4 15.8 -4.0 5.5 -3.4 11

12 Net change in assets 41.2 47.4 151.4 -71.5 185.8 5.0 -50.2 130.1 90.7 235.0 287.5 12

13 Household sector -38.8 -19.8 -45.0 -56.7 51.2 -116.8 -40.9 56.2 8.5 -16.0 156.2 13

14 Nonfinancial business 35.1 61.6 62.6 63.6 0.2 146.9 -18.2 -49.9 -16.0 71.2 -4.7 14

15 Corporate 12.7 27.8 37.0 38.5 -21.0 130.9 -34.1 -70.3 -37.2 50.0 -26.3 15

16 Nonfarm noncorporate 22.2 32.1 25.0 25.0 20.7 15.9 15.7 20.0 20.8 20.9 21.3 16

17 Farm 0.2 1.7 0.6 0.2 0.4 0.2 0.2 0.4 0.4 0.4 0.4 17

18 State and local governments 4.4 -3.9 3.9 1.0 2.6 0.2 17.0 2.3 -6.5 3.1 11.4 18

19 Federal government -0.5 -16.7 66.2 -65.1 41.1 10.0 -71.7 40.1 -31.6 36.2 119.9 19

20 Rest of the world 29.9 14.8 39.9 -8.2 24.0 8.0 31.3 11.3 6.7 38.5 39.3 20

21 Checkable deposits 5.1 -1.8 13.3 -9.3 0.2 5.0 6.4 2.1 -4.3 5.7 -2.7 21

22 Currency 24.8 16.6 26.6 1.1 23.8 3.0 24.9 9.2 11.1 32.8 42.0 22

23 Financial sectors 17.8 11.8 32.0 -16.8 72.5 -48.3 32.0 56.3 125.8 89.6 18.3 23

24 Commercial banking -0.1 0.6 0.3 -0.5 1.1 -2.6 1.2 0.6 -0.6 3.2 1.2 24

25 Savings institutions 1.0 3.2 1.7 -0.4 2.1 -0.1 9.0 -0.2 8.2 0.5 -0.1 25

26 Credit unions 0.6 1.0 17.3 -14.2 7.6 -28.7 -30.2 12.7 25.5 22.4 -30.3 26

27 Bank personal trusts and estates 0.0 -0.5 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 27

28 Life insurance companies 3.8 -2.7 0.0 -0.5 23.1 -7.9 5.2 51.5 22.5 6.5 11.9 28

29 Other insurance companies 0.3 -0.2 0.2 -0.6 11.3 1.4 2.4 27.5 4.8 7.5 5.2 29

30 Private pension funds 1.3 -1.0 1.0 0.5 0.8 1.0 0.2 0.8 1.7 0.7 -0.2 30

31 State and local govt. retirement funds -2.2 4.7 -0.7 -0.1 2.9 -1.7 -11.7 -7.6 18.7 -0.9 1.3 31

32 Money market mutual funds 2.6 -2.6 -1.2 4.5 2.3 14.7 8.8 -24.3 4.2 -27.4 56.8 32

33 Government-sponsored enterprises 1.2 2.5 7.4 -9.7 1.6 -0.7 4.3 -0.3 2.6 4.7 -0.6 33

34 Finance companies 2.1 2.3 2.5 2.6 2.9 2.7 2.7 2.8 2.8 2.9 2.9 34

35 REITs 1.1 0.8 0.3 -0.0 0.4 -1.4 2.0 -1.0 2.3 2.4 -2.0 35

36 Brokers and dealers 6.0 3.7 3.3 1.6 16.5 -24.8 38.2 -6.3 33.1 67.1 -27.9 36

37 Mail float -6.6 -0.5 -8.2 10.7 -5.8 5.0 0.3 13.7 3.7 12.4 -53.0 37
40 Z.1, March 7, 2002

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 219.6 244.5 175.3 309.1 323.9 377.4 376.0 418.9 246.1 245.3 385.1 1

 2 Small time and savings deposits 97.1 152.4 44.7 190.7 260.0 224.5 310.8 288.3 194.2 229.1 328.4 2

 3 Commercial banking 148.3 183.7 71.3 213.3 242.8 213.0 334.8 222.2 197.7 198.0 353.4 3

 4 U.S.-chartered commercial banks 143.9 186.3 72.4 210.4 238.5 215.5 324.3 228.0 169.0 213.0 344.0 4

 5 Foreign banking offices in U.S. 4.4 -3.6 -1.9 1.4 2.7 -4.7 10.0 -5.2 23.2 -16.5 9.1 5

 6 Banks in U.S.-affiliated areas -0.0 1.0 0.8 1.4 1.6 2.3 0.5 -0.6 5.4 1.4 0.3 6

 7 Savings institutions -64.4 -54.3 -38.9 -35.5 -31.4 -19.0 -40.7 6.7 -37.6 -30.7 -64.3 7

 8 Credit unions 13.2 23.1 12.3 13.0 48.6 30.5 16.7 59.4 34.0 61.8 39.2 8

 9 Large time deposits (1) 122.5 92.1 130.6 118.4 63.9 152.9 65.2 130.6 51.9 16.3 56.7 9

10 Commercial banking 107.9 72.3 119.0 94.9 28.3 122.6 41.8 87.8 20.9 -39.4 44.2 10

11 U.S.-chartered commercial banks 63.2 34.8 61.5 87.9 -25.6 73.7 44.6 17.7 25.6 -7.1 -138.7 11

12 Foreign banking offices in U.S. 44.7 36.5 56.7 5.6 52.3 46.6 -3.4 70.6 -10.2 -33.8 182.6 12

13 Banks in U.S.-affiliated areas -0.0 1.0 0.8 1.4 1.6 2.3 0.5 -0.6 5.4 1.4 0.3 13

14 Savings institutions 11.7 15.7 8.5 19.9 26.5 32.3 11.0 40.9 16.2 44.8 4.2 14

15 Credit unions 2.9 4.1 3.1 3.5 9.0 -2.0 12.4 2.0 14.9 10.8 8.4 15

16 Net change in assets 219.6 244.5 175.3 309.1 323.9 377.4 376.0 418.9 246.1 245.3 385.1 16

17 Household sector 131.9 166.8 98.5 307.0 252.8 339.2 215.3 343.9 259.3 213.4 194.6 17

18 Nonfinancial business 30.4 2.3 26.2 1.1 -8.4 12.6 40.6 -11.5 -12.1 -12.1 2.1 18

19 Corporate 19.7 -6.8 16.2 -2.9 -13.7 11.4 37.5 -16.5 -17.5 -17.6 -3.4 19

20 Nonfarm noncorporate 10.7 9.1 10.0 4.0 5.3 1.2 3.1 5.0 5.4 5.5 5.5 20

21 State and local governments 5.8 12.8 10.9 9.4 6.0 7.0 28.9 -11.5 1.7 -0.1 34.0 21

22 Federal government 1.0 1.3 0.7 1.0 4.2 2.1 0.4 8.2 5.9 7.2 -4.6 22

23 Rest of the world 13.1 13.0 15.0 5.7 -15.1 -6.4 37.2 -40.3 2.6 -7.7 -15.2 23

24 Financial sectors 37.5 48.3 24.0 -15.0 84.4 22.9 53.7 130.1 -11.4 44.7 174.2 24

25 Savings institutions -0.4 0.5 -0.1 0.1 0.7 -0.8 1.2 1.2 2.7 -0.6 -0.4 25

26 Credit unions 0.6 6.4 -6.8 0.5 8.4 -0.7 8.6 8.8 -7.8 5.0 27.8 26

27 Bank personal trusts and estates 1.0 -2.1 0.9 0.6 0.3 0.4 0.3 0.5 0.3 0.4 0.2 27

28 Private pension funds 7.5 28.3 -3.0 2.4 -3.1 0.2 4.7 -3.2 -0.4 -3.7 -5.2 28

29 State and local govt. retirement funds 0.1 -0.4 -0.3 -0.6 0.9 6.9 -13.5 -1.0 1.2 -1.2 4.7 29

30 Money market mutual funds 28.6 15.7 33.3 -18.0 77.1 16.9 52.3 123.9 -7.3 44.7 147.0 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 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 1

 2 Net purchases 155.9 287.2 249.1 233.3 428.6 250.9 371.0 621.5 322.5 367.7 402.7 2

 3 Household sector 79.9 164.9 124.5 131.3 135.9 57.8 178.3 253.1 5.4 232.8 52.3 3

 4 Nonfinancial corporate business 20.2 26.5 23.1 40.4 97.2 63.4 87.4 130.2 112.6 31.3 114.9 4

 5 Nonfarm noncorporate business 3.7 9.7 10.0 10.0 22.1 15.7 21.6 28.0 18.0 18.8 23.6 5

 6 Bank personal trusts and estates -4.0 8.8 7.5 3.7 3.8 2.8 4.3 3.4 4.0 3.8 4.0 6

 7 Life insurance companies 32.6 17.6 23.4 8.5 43.0 11.8 22.6 49.5 48.2 23.9 50.3 7

 8 Private pension funds 13.1 1.9 11.7 5.9 9.0 12.1 9.4 9.7 10.0 10.3 6.1 8

 9 Funding corporations 10.4 57.9 48.9 33.5 117.5 87.4 47.3 147.6 124.2 46.8 151.5 9
Z.1, March 7, 2002 41

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 120.9 91.3 169.7 110.7 45.3 277.1 -265.4 -52.6 187.9 242.3 -196.3 1

 2 Commercial banking (net) 89.0 87.0 110.6 63.6 -24.3 59.2 -137.0 34.5 -51.9 11.7 -91.5 2

 3 U.S.-chartered commercial banks 63.4 66.8 128.7 12.8 -11.6 -33.2 -178.1 5.3 68.3 29.4 -149.4 3

 4 Foreign banking offices in U.S. 25.6 19.7 -18.3 52.4 -12.6 92.8 49.8 22.1 -120.7 -18.4 66.8 4

 5 Bank holding companies 0.0 0.5 0.1 -1.6 -0.2 -0.4 -8.7 7.0 0.5 0.7 -8.9 5

 6 Savings institutions -1.9 9.5 21.4 -6.1 5.3 24.6 -58.1 1.8 9.9 -59.8 69.2 6

 7 REITs 11.2 -9.8 0.5 -3.8 11.7 4.5 -1.8 4.9 7.8 7.3 26.9 7

 8 Brokers and dealers (net) 22.7 4.5 37.2 56.9 52.6 188.8 -68.5 -93.8 222.0 283.1 -200.9 8

 9 Net change in assets 57.8 33.6 133.6 -5.1 96.4 106.8 34.9 156.2 -1.6 216.6 14.2 9

10 Nonfinancial corporate business 0.7 -0.4 1.1 -0.5 -1.0 -0.9 3.3 -6.0 2.3 -2.9 2.6 10

11 State and local governments 3.6 7.2 5.0 9.7 24.1 12.0 -15.0 9.0 17.2 20.8 49.4 11

12 Rest of the world 20.0 -18.8 8.0 11.4 29.3 19.8 -4.3 99.3 13.5 -36.2 40.4 12

13 Financial sectors 33.6 45.6 119.6 -25.7 44.0 75.8 51.0 53.9 -34.6 234.9 -78.3 13

14 Monetary authority 2.3 6.5 110.3 -97.3 6.9 -27.6 14.5 -15.1 24.2 106.7 -88.3 14

15 Savings institutions -0.8 5.5 -4.2 4.3 12.5 10.7 0.7 27.1 1.3 15.2 6.5 15

16 Credit unions 2.0 3.4 2.4 -5.3 -1.5 31.8 -22.7 16.0 -1.5 10.4 -30.9 16

17 Other insurance companies -0.2 7.4 -14.4 10.0 -9.0 2.0 10.0 -42.0 -4.6 20.0 -9.5 17

18 Private pension funds 0.9 1.2 -0.1 0.9 0.2 1.3 1.3 -3.5 1.4 1.4 1.4 18

19 State and local govt. retirement funds 0.4 8.9 2.8 4.3 0.8 -6.8 -1.8 -8.7 17.2 -2.8 -2.5 19

20 Money market mutual funds 22.8 12.9 0.1 43.4 44.0 16.6 69.9 71.5 -5.6 60.7 49.4 20

21 Mutual funds 10.3 13.1 9.9 25.6 -31.7 36.5 1.4 -71.8 -15.3 -27.9 -11.9 21

22 Government-sponsored enterprises -4.1 -13.4 12.7 -11.7 21.9 11.4 -22.5 80.4 -51.7 51.2 7.6 22

23 Discrepancy--unallocated assets 63.2 57.7 36.1 115.8 -51.0 170.3 -300.3 -208.8 189.5 25.7 -210.5 23

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 184.1 193.1 229.9 207.6 -164.4 169.7 199.3 -360.2 -225.5 -179.3 107.6 1

 2 Commercial paper 186.8 202.5 232.8 208.2 -161.2 171.9 201.8 -359.5 -220.9 -172.7 108.3 2

 3 Nonfinancial corporate business 13.7 24.4 37.4 48.1 -88.3 56.1 -4.0 -199.2 -133.4 -66.1 45.5 3

 4 Foreign issues in U.S. 3.7 7.8 16.3 31.7 -14.2 7.0 50.1 -26.5 -6.7 -27.6 3.9 4

 5 Nonfinancial -2.3 -1.6 8.2 10.9 -23.3 -13.8 1.2 -32.8 -25.7 -25.6 -9.3 5

 6 Financial 6.0 9.4 8.1 20.8 9.1 20.9 48.9 6.3 19.0 -2.0 13.2 6

 7 Financial sectors 169.4 170.3 179.2 128.4 -58.7 108.8 155.7 -133.9 -80.8 -79.0 58.9 7

 8 Commercial banking 6.0 7.8 9.1 1.2 -5.1 6.8 6.3 30.5 -2.8 -1.0 -47.3 8

 9 ABS issuers 89.4 125.7 139.0 121.0 103.5 102.3 119.9 84.6 96.8 86.0 146.4 9

10 Finance companies 24.6 30.7 -2.9 8.4 -81.5 -2.3 51.0 -231.8 14.0 -23.1 -85.2 10

11 REITs 0.0 0.2 -0.1 0.0 -0.1 -3.4 0.0 -0.2 -0.5 4.4 -4.3 11

12 Funding corporations 49.4 6.0 34.1 -2.3 -75.3 5.4 -21.6 -17.1 -188.3 -145.2 49.3 12

13 Bankers acceptances (1) -2.7 -9.4 -2.9 -0.7 -3.2 -2.3 -2.5 -0.7 -4.6 -6.6 -0.7 13

14 Net purchases, by sector 184.1 193.1 229.9 207.6 -164.4 169.7 199.3 -360.2 -225.5 -179.3 107.6 14

15 Household sector 1.5 7.5 4.0 5.0 -19.4 5.0 5.0 -22.0 -18.0 -15.0 -22.5 15

16 Nonfinancial corporate business 4.6 3.3 4.3 3.7 5.8 24.1 -4.1 -1.5 20.2 -0.2 4.5 16

17 State and local governments 14.3 28.0 1.9 7.6 1.0 -4.0 10.0 4.0 -17.2 -10.0 27.2 17

18 Rest of the world 19.9 37.6 -13.0 8.7 8.5 -14.3 65.6 -4.1 8.6 -3.4 32.9 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) -0.8 -0.2 0.3 0.1 0.0 -0.1 0.7 0.1 0.0 0.0 0.0 20

21 Savings institutions -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions -0.1 0.2 1.5 -0.6 1.2 3.6 -0.0 -0.4 1.8 -1.1 4.3 22

23 Bank personal trusts and estates -0.2 -4.5 0.6 0.6 -4.0 0.8 0.5 -4.2 -3.7 -3.4 -4.8 23

24 Life insurance companies 17.5 7.5 2.0 -4.5 -4.8 -3.1 -12.2 -41.1 -0.2 16.8 5.3 24

25 Private pension funds 1.2 3.0 3.2 -1.7 -1.3 1.3 -1.2 -13.1 13.8 -15.8 9.9 25

26 State and local govt. retirement funds 0.4 8.9 2.8 4.3 3.3 -6.8 -1.8 -8.7 17.2 -2.8 7.5 26

27 Money market mutual funds 62.1 78.2 104.7 89.6 30.3 134.2 105.8 26.6 17.1 79.9 -2.5 27

28 Mutual funds 10.6 13.1 9.9 25.6 -31.7 28.2 16.6 -58.3 -49.8 -21.1 2.2 28

29 Government-sponsored enterprises -1.1 26.9 -27.1 16.8 12.0 29.7 33.4 -50.4 40.5 0.5 57.3 29

30 Brokers and dealers 0.6 3.8 -2.0 13.2 8.6 28.8 -24.9 21.3 1.2 23.9 -12.1 30

31 Funding corporations 53.8 -20.3 136.8 39.2 -173.6 -57.6 5.7 -208.2 -257.3 -227.6 -1.5 31

(1) Excludes banks’ holdings of own acceptances.
42 Z.1, March 7, 2002

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 23.2 -54.6 -71.0 -294.9 -5.0 -223.8 -330.2 -2.1 -257.1 256.0 -16.9 1

 2 Savings bonds -0.5 0.1 -0.2 -1.7 5.6 -0.9 -0.3 1.4 3.3 3.9 13.7 2

 3 Other Treasury issues 23.7 -54.7 -70.8 -293.2 -10.6 -222.9 -329.9 -3.5 -260.5 252.1 -30.6 3

 4 Net purchases 23.2 -54.6 -71.0 -294.9 -5.0 -223.8 -330.2 -2.1 -257.1 256.0 -16.9 4

 5 Household sector -161.9 -58.0 15.3 -179.4 -23.7 -190.3 -41.2 -55.6 -111.2 156.3 -84.4 5

 6 Savings bonds -0.5 0.1 -0.2 -1.7 5.6 -0.9 -0.3 1.4 3.3 3.9 13.7 6

 7 Other Treasury issues -161.4 -58.1 15.5 -177.7 -29.3 -189.4 -40.9 -57.0 -114.5 152.4 -98.1 7

 8 Nonfinancial corporate business -20.2 -3.2 -4.0 -1.6 0.4 -3.3 -19.5 -1.6 3.5 3.3 -3.6 8

 9 Nonfarm noncorporate business 4.1 6.1 -3.1 -10.2 -12.3 -6.5 -9.1 -11.0 -11.0 -13.4 -13.8 9

10 State and local governments -17.7 30.0 -2.5 -30.6 -30.8 -45.7 -24.1 -18.5 -41.5 -48.0 -15.0 10

11 Rest of the world 139.7 38.7 -8.3 -63.0 27.4 -86.0 -95.3 -1.5 -117.8 25.5 203.4 11

12 Monetary authority 39.8 21.4 25.8 33.7 40.0 39.2 -0.9 54.2 26.4 8.7 70.5 12

13 Commercial banking 8.3 -56.1 12.7 -44.5 -18.8 22.9 -79.6 -82.8 39.5 24.4 -56.2 13

14 U.S.-chartered commercial banks -6.1 -42.1 -1.9 -35.0 -31.4 -6.5 -87.6 -104.4 13.8 4.0 -39.1 14

15 Foreign banking offices in U.S. 14.4 -10.3 7.5 -0.6 13.0 29.9 10.7 24.5 26.0 18.6 -17.1 15

16 Bank holding companies -0.1 -3.1 7.9 -7.9 0.4 0.1 -1.1 -0.3 0.7 -0.3 1.4 16

17 Banks in U.S.-affiliated areas 0.1 -0.7 -0.7 -1.0 -0.7 -0.6 -1.7 -2.6 -1.0 2.0 -1.4 17

18 Savings institutions -2.8 -4.4 -0.0 -1.4 2.7 -1.4 -0.2 -3.0 -2.1 -3.5 19.2 18

19 Credit unions -1.8 -2.5 -3.5 -1.4 -0.8 -1.0 -1.5 -1.0 -5.7 -0.5 3.9 19

20 Bank personal trusts and estates -5.4 -3.1 -0.0 -0.8 -1.6 -0.7 -0.7 -1.4 -1.2 -1.8 -1.8 20

21 Life insurance companies 1.6 -14.1 -9.3 -4.6 -14.8 -4.1 -5.4 -17.3 -20.2 -17.8 -4.0 21

22 Other insurance companies 2.1 -20.8 -9.7 -8.6 -9.7 -6.9 -8.8 -15.8 -8.0 -7.5 -7.3 22

23 Private pension funds 4.1 -31.0 -0.4 -0.3 -9.4 0.9 -5.0 -18.2 -13.2 -17.4 11.2 23

24 State and local govt. retirement funds 13.4 0.8 -6.6 -15.5 -9.7 -39.2 -19.8 -1.5 36.3 -66.8 -6.7 24

25 Money market mutual funds -4.0 17.5 0.1 -13.3 45.3 -0.1 -10.9 35.5 37.0 68.9 39.6 25

26 Mutual funds 10.6 4.6 -23.7 6.4 -8.3 5.9 14.6 -19.9 -1.8 -23.9 12.5 26

27 Closed-end funds -1.2 -0.9 -1.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 27

28 Government-sponsored enterprises 7.1 -0.7 5.8 1.1 0.5 33.5 12.2 -13.6 20.5 -17.6 12.7 28

29 Brokers and dealers 7.5 21.2 -58.4 39.4 19.0 59.3 -34.5 171.1 -86.1 187.5 -196.7 29

 Memo:

30 Federal government borrowing (1) 23.1 -52.6 -71.2 -295.9 -5.6 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 30

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, March 7, 2002 43

F.210 Agency Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues 212.8 472.9 591.7 432.5 627.4 512.4 612.4 430.3 666.3 829.9 583.2 1

 2 Budget agencies -0.1 2.0 -0.2 -1.0 -0.5 -2.4 -1.2 -2.2 1.1 -0.4 -0.7 2

 3 Government-sponsored enterprises 98.4 278.3 318.2 234.1 291.4 278.1 304.5 262.3 268.3 326.2 308.8 3

 4 Federally related mortgage pools 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 4

 5 Net purchases 212.8 472.9 591.7 432.5 627.4 512.4 612.4 430.3 666.3 829.9 583.2 5

 6 Household sector 9.7 -19.7 85.9 4.8 -143.9 50.9 -79.4 -476.3 0.6 50.1 -150.0 6

 7 Nonfinancial corporate business -20.5 2.6 1.9 2.8 7.0 3.3 -13.5 1.1 5.8 5.9 15.1 7

 8 State and local governments -0.8 63.6 28.5 23.5 28.5 24.0 20.0 37.8 22.7 27.6 26.1 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 49.8 56.7 92.1 152.7 161.6 171.4 185.7 168.9 157.2 131.4 188.8 10

11 Monetary authority -1.5 -0.3 -0.2 -0.1 -0.1 -0.0 0.0 -0.5 0.0 0.0 0.0 11

12 Commercial banking 75.5 91.4 35.7 22.6 60.1 -30.1 36.2 -20.7 -75.6 166.3 170.5 12

13 U.S.-chartered commercial banks 60.4 81.6 29.3 18.2 73.4 -40.0 22.4 -30.9 12.5 141.5 170.4 13

14 Foreign banking offices in U.S. 12.5 4.8 4.3 0.6 -17.2 2.2 7.5 13.4 -87.0 23.7 -18.7 14

15 Bank holding companies 0.6 1.1 -1.3 -0.5 1.4 0.4 -1.1 2.4 -1.4 -0.3 4.8 15

16 Banks in U.S.-affiliated areas 2.0 3.9 3.3 4.3 2.5 7.3 7.4 -5.7 0.3 1.3 13.9 16

17 Savings institutions -0.8 -11.7 3.7 -6.7 20.9 -1.5 4.1 19.4 21.0 -7.4 50.5 17

18 Credit unions 0.4 7.3 2.9 -0.4 19.6 -14.8 6.8 20.1 -11.0 36.6 32.8 18

19 Bank personal trusts and estates -4.7 -1.4 5.7 4.6 3.1 4.9 5.2 3.3 3.9 2.5 2.5 19

20 Life insurance companies -3.0 -9.6 7.0 11.0 28.1 12.8 9.3 32.9 19.7 36.1 23.5 20

21 Other insurance companies 1.7 -1.2 5.9 8.6 4.4 10.9 7.9 4.3 6.0 0.9 6.3 21

22 Private pension funds 7.7 -16.6 11.4 25.6 7.6 27.5 21.2 18.9 -6.1 5.9 11.5 22

23 State and local govt. retirement funds 18.4 19.1 22.9 37.6 -14.8 46.8 62.7 -27.5 57.7 -81.6 -8.0 23

24 Money market mutual funds -5.5 77.5 17.1 -5.8 133.2 15.2 93.2 251.3 79.7 196.8 5.0 24

25 Mutual funds 8.9 21.6 36.2 4.2 86.2 3.2 22.3 75.1 136.2 94.3 39.2 25

26 Government-sponsored enterprises 69.0 163.1 178.7 145.0 178.6 154.6 230.6 234.4 162.9 195.2 121.9 26

27 ABS issuers 4.4 38.0 40.2 4.3 22.2 0.2 -6.8 44.0 -12.9 29.2 28.4 27

28 REITs 9.0 -8.1 1.1 0.3 11.2 3.0 2.5 -2.6 14.3 3.4 29.8 28

29 Brokers and dealers -4.8 0.5 15.0 -2.3 14.1 30.1 4.3 46.4 84.2 -63.6 -10.7 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.
44 Z.1, March 7, 2002

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 71.4 96.8 68.2 35.3 120.6 31.0 60.1 110.7 112.4 56.0 203.2 1

 2 State and local governments 57.3 79.1 52.7 28.2 106.5 25.1 53.4 103.4 108.3 42.9 171.4 2

 3 Short-term (1) 8.3 -6.3 3.6 3.2 23.6 -7.2 7.1 21.2 20.5 37.3 15.5 3

 4 Long-term 49.0 85.4 49.1 25.0 82.9 32.3 46.3 82.3 87.7 5.6 155.9 4

 5 Nonprofit organizations (2) 10.0 12.0 10.4 5.8 10.8 4.9 4.6 4.9 0.9 12.0 25.4 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 4.2 5.8 5.1 1.4 3.3 1.0 2.1 2.3 3.3 1.1 6.4 6

 7 Net change in assets 71.4 96.8 68.2 35.3 120.6 31.0 60.1 110.7 112.4 56.0 203.2 7

 8 Household sector 52.5 17.7 40.2 15.0 40.7 32.8 0.0 92.5 20.4 -38.4 88.1 8

 9 Nonfinancial corporate business -3.6 -1.6 -3.4 10.3 -2.0 -34.6 21.7 -36.7 10.2 3.2 15.2 9

10 Nonfarm noncorporate business 0.5 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 10

11 State and local governments -0.7 -1.4 -1.5 0.6 0.3 3.2 -0.8 2.1 -0.6 0.4 -0.7 11

12 Commercial banking 2.4 8.2 5.8 3.4 5.9 1.6 1.1 -2.6 15.5 3.8 6.9 12

13 Savings institutions 0.0 0.4 0.5 0.2 1.3 -0.0 0.6 2.9 0.3 0.3 1.6 13

14 Bank personal trusts and estates -13.3 -1.1 10.8 4.7 1.8 5.2 3.0 3.1 2.0 1.4 0.7 14

15 Life insurance companies 0.1 1.7 1.7 -1.0 2.1 -0.9 -1.2 1.6 3.4 1.7 1.5 15

16 Other insurance companies 2.6 16.5 -9.1 -14.9 3.9 -9.1 -15.9 4.7 -2.0 5.8 6.9 16

17 State and local govt. retirement funds 0.9 1.7 -0.2 -1.5 -0.6 -2.5 -2.3 0.7 -0.7 -4.2 1.8 17

18 Money market mutual funds 22.5 26.0 17.5 34.3 36.2 29.8 52.5 14.4 39.2 54.4 36.9 18

19 Mutual funds 6.5 22.8 -3.2 -8.9 21.8 3.1 8.6 22.0 16.8 22.5 25.7 19

20 Closed-end funds -0.8 1.9 8.7 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 20

21 Government-sponsored enterprises -0.4 4.1 1.4 -1.8 6.0 3.0 -4.5 4.7 8.3 0.2 10.8 21

22 Brokers and dealers 2.4 -0.1 -1.2 -0.7 7.7 3.9 1.8 5.5 4.1 9.3 12.0 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 430.8 563.7 465.0 402.2 611.6 445.2 388.3 855.5 590.5 400.5 600.1 1

 2 Nonfinancial corporate business 150.5 218.7 229.9 171.1 328.2 168.8 175.6 399.5 419.5 187.9 305.9 2

 3 Rest of the world (1) 61.4 34.9 16.8 25.2 -17.9 71.4 9.0 17.1 -15.9 -78.8 6.1 3

 4 Financial sectors 218.9 310.1 218.2 205.9 301.3 205.0 203.7 438.9 186.8 291.4 288.1 4

 5 Commercial banking 23.7 27.6 20.4 32.6 37.3 32.7 26.5 79.5 9.0 27.3 33.5 5

 6 Savings institutions 0.1 -0.2 0.2 3.5 -2.6 2.6 11.5 -14.0 14.5 -1.2 -9.8 6

 7 ABS issuers 112.9 195.7 84.4 75.2 177.0 53.9 188.0 211.2 75.5 203.1 218.0 7

 8 Finance companies 28.7 24.2 64.3 72.2 61.1 94.4 -20.6 126.6 33.3 54.5 30.0 8

 9 REITs 14.8 21.7 8.9 4.8 4.9 5.6 -6.3 12.2 -5.9 0.1 13.4 9

10 Brokers and dealers 8.1 7.2 -17.2 15.6 1.4 25.4 -6.6 -23.9 35.7 12.6 -19.0 10

11 Funding corporations 30.6 34.0 57.4 1.9 22.2 -9.6 11.2 47.2 24.7 -5.0 22.0 11

12 Net purchases 430.8 563.7 465.0 402.2 611.6 445.2 388.3 855.5 590.5 400.5 600.1 12

13 Household sector 85.6 92.0 23.4 -21.1 -28.6 -116.1 -91.7 250.8 -119.2 -154.9 -91.2 13

14 State and local governments 1.3 10.2 12.6 3.7 11.9 1.6 2.4 11.5 7.2 14.8 14.1 14

15 Rest of the world (2) 84.6 122.2 160.8 183.1 230.2 185.6 199.4 280.2 284.5 150.0 206.1 15

16 Commercial banking 27.8 38.0 38.8 57.6 95.0 138.0 96.0 52.1 141.2 45.9 140.6 16

17 Savings institutions -9.9 29.9 23.3 -2.5 -25.8 -13.2 8.7 -54.0 -11.1 -20.3 -17.6 17

18 Bank personal trusts and estates -0.8 -2.6 11.3 8.1 11.2 7.6 10.2 10.1 12.4 10.0 12.1 18

19 Life insurance companies 86.8 84.5 41.5 49.0 114.3 55.8 40.2 118.8 113.1 130.0 95.1 19

20 Other insurance companies 18.9 11.6 10.0 6.4 6.4 11.9 5.2 8.8 4.0 5.9 7.0 20

21 Private pension funds 33.8 22.1 9.7 15.0 20.0 25.8 9.9 34.4 30.4 10.2 5.0 21

22 State and local govt. retirement funds 33.1 35.1 30.4 29.7 3.3 37.5 47.3 -36.2 -36.2 77.5 8.1 22

23 Money market mutual funds 12.5 44.8 42.5 38.2 1.1 77.0 32.1 -1.1 -6.8 -20.9 33.2 23

24 Mutual funds 44.4 65.2 29.2 -6.2 58.2 9.7 -4.3 59.3 64.3 31.8 77.2 24

25 Closed-end funds -0.5 4.5 -0.0 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 25

26 Government-sponsored enterprises 5.3 20.7 23.7 25.8 28.2 29.5 13.6 31.7 48.4 -1.5 34.3 26

27 REITs 2.1 -0.4 -0.3 -0.4 0.7 -3.1 -1.4 8.6 -9.0 3.0 0.3 27

28 Brokers and dealers 9.2 -18.6 12.0 19.3 48.3 30.0 -15.7 45.3 32.0 78.9 37.0 28

29 Funding corporations -3.4 4.5 -3.8 0.1 40.8 -28.8 40.0 38.7 38.7 43.6 42.4 29

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.
Z.1, March 7, 2002 45

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net issues -79.9 -165.8 -34.6 -45.3 67.7 -54.0 -188.2 137.6 132.1 -79.0 80.2 1

 2 Nonfinancial corporate business -114.4 -267.0 -143.5 -159.7 -55.7 -87.8 -367.5 -25.3 -71.5 -120.8 -5.1 2

 3 Rest of the world (2) 57.6 101.3 114.4 99.7 97.3 61.1 89.4 109.2 220.3 23.0 36.9 3

 4 Financial sectors -23.1 -0.1 -5.6 14.7 26.0 -27.3 89.9 53.7 -16.7 18.8 48.5 4

 5 Commercial banking -27.7 -11.2 -10.6 -12.5 -7.9 -2.8 -5.2 -8.1 -7.9 -20.7 5.1 5

 6 Life insurance companies -4.0 -4.7 -6.0 -0.8 -0.7 -4.9 -4.8 -6.8 -5.0 -10.9 20.1 6

 7 Other insurance companies -13.7 -4.7 -7.8 -4.5 -0.1 -1.0 -2.4 -1.8 -2.2 -6.6 10.2 7

 8 Closed-end funds -7.7 -7.8 -7.5 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 -7.9 8

 9 Exchange-traded funds 3.4 6.0 12.2 42.4 31.0 14.1 107.0 57.9 11.3 27.9 26.9 9

10 REITs 32.5 19.8 6.6 2.2 5.1 1.4 3.0 1.4 3.2 7.5 8.5 10

11 Brokers and dealers -5.9 2.5 7.6 -4.2 6.5 -26.1 0.1 19.0 -8.2 29.4 -14.4 11

12 Net purchases -79.9 -165.8 -34.6 -45.3 67.7 -54.0 -188.2 137.6 132.1 -79.0 80.2 12

13 Household sector -293.3 -340.7 -327.0 -498.6 -298.3 -459.7 -538.1 -364.1 -185.3 -320.5 -323.3 13

14 State and local governments 16.8 9.4 3.5 -1.2 22.8 -4.1 -5.6 26.9 20.5 21.5 22.4 14

15 Rest of the world (3) 67.8 42.0 112.3 193.8 124.7 214.9 158.2 164.4 164.3 35.5 134.8 15

16 Commercial banking 0.6 1.3 1.2 0.3 0.1 1.3 -1.8 -1.5 -0.5 5.7 -3.3 16

17 Savings institutions 0.2 1.5 -0.7 0.4 3.2 1.5 0.1 4.7 3.0 2.3 2.8 17

18 Bank personal trusts and estates -0.5 -70.4 -40.4 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 -20.0 18

19 Life insurance companies 86.3 115.3 111.9 105.9 74.9 97.7 72.5 93.6 64.0 71.0 71.0 19

20 Other insurance companies 3.0 -5.0 -1.7 0.7 5.0 -16.4 40.4 6.0 2.9 7.0 4.0 20

21 Private pension funds -137.8 -21.0 -29.1 -49.9 -17.1 -84.1 -27.2 -9.6 -16.8 -13.9 -28.2 21

22 State and local govt. retirement funds 9.4 -28.2 -6.2 -18.4 16.1 -3.8 -49.9 55.8 -87.5 65.2 31.0 22

23 Mutual funds 166.8 143.3 136.4 189.1 109.7 185.4 89.9 99.1 133.8 86.5 119.4 23

24 Closed-end funds -5.1 -13.3 -14.9 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 24

25 Exchange-traded funds 3.4 6.0 12.2 42.4 31.0 14.1 107.0 57.9 11.3 27.9 26.9 25

26 Brokers and dealers 2.4 -6.0 7.7 9.6 15.1 18.6 -14.2 23.9 41.8 -47.8 42.2 26

(1) Excludes mutual fund shares shown on table F.214.

(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 1

 2 Net purchases 265.1 279.5 191.2 235.0 201.6 275.1 149.5 96.8 283.0 162.5 264.3 2

 3 Household sector 259.6 279.5 173.7 252.1 211.5 296.4 170.7 95.0 301.3 188.1 261.3 3

 4 Nonfinancial corporate business -8.2 7.3 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 -1.8 4

 5 State and local governments -7.4 -12.3 4.3 0.8 5.1 4.5 4.0 9.4 7.9 -0.8 4.0 5

 6 Commercial banking 0.8 -0.4 1.2 2.5 7.8 -0.3 5.4 13.6 -2.1 3.8 15.9 6

 7 Credit unions -0.2 1.2 -1.1 -0.3 1.5 -0.2 0.0 -0.9 6.4 -1.9 2.6 7

 8 Bank personal trusts and estates -14.9 27.0 -1.5 -30.5 -20.0 -30.5 -30.5 -20.0 -20.0 -20.0 -20.0 8

 9 Life insurance companies -7.2 -23.4 15.0 11.0 2.0 10.1 9.6 2.0 2.0 2.0 2.0 9

10 Private pension funds 42.7 0.7 1.6 1.2 -4.4 -3.0 -7.9 -0.5 -10.7 -6.9 0.3 10
46 Z.1, March 7, 2002

F.215 Bank Loans Not Elsewhere Classified

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 234.7 253.4 200.1 370.4 63.1 262.6 177.6 280.5 -70.6 -27.1 69.5 1

 - Loans elsewhere classified:

 2 Open market paper -0.8 -0.2 0.3 0.1 0.0 -0.1 0.7 0.1 0.0 0.0 0.0 2

 3 Mortgages 99.9 91.7 158.2 164.1 130.0 127.6 20.7 158.8 133.0 42.8 185.4 3

 4 Consumer credit -14.2 -3.6 -9.2 41.7 15.6 53.9 17.8 13.7 54.4 -27.3 21.7 4

 5 Security credit 21.7 20.5 -18.1 50.4 0.8 29.1 71.4 73.8 -88.1 -29.0 46.6 5

 6 = Banking sector total bank loans n.e.c. 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 6

 7 U.S.-chartered commercial banks 108.1 144.3 92.2 98.2 -64.5 59.3 29.2 11.1 -93.0 -5.1 -171.1 7

 8 Foreign banking offices in U.S. 19.2 -1.9 -22.3 15.8 -20.1 0.3 40.1 18.2 -78.8 -8.3 -11.5 8

 9 Bank holding companies -0.0 1.7 -1.6 -0.9 0.3 -9.0 -0.5 4.3 -0.2 -0.1 -2.8 9

10 Banks in U.S.-affiliated areas 0.9 0.9 0.5 1.1 0.9 1.6 -1.7 0.5 2.1 -0.2 1.1 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. 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 12

13 Net change in liabilities 128.2 145.0 68.9 114.1 -83.4 52.2 67.1 34.1 -170.0 -13.6 -184.3 13

14 Nonfinancial sectors 114.9 114.9 83.2 114.4 -95.0 58.9 71.5 7.1 -184.2 -6.4 -196.5 14

15 Household sector 8.0 6.2 -7.3 8.2 -16.2 4.1 -2.9 -17.3 -28.1 47.5 -66.6 15

16 Corporate business 51.1 81.8 73.0 74.3 -57.6 36.3 41.5 8.5 -102.6 -39.6 -96.8 16

17 Nonfarm noncorporate business 43.8 18.9 17.9 17.9 -13.6 7.3 12.5 0.7 -20.2 -14.5 -20.3 17

18 Farm business 3.5 1.2 -0.9 2.7 -0.2 -0.8 8.2 2.2 -2.3 -4.2 3.5 18

19 Rest of the world 8.5 6.7 0.5 11.3 -7.5 11.9 12.2 13.0 -31.0 4.4 -16.3 19

20 Foreign official institutions -0.8 0.8 0.2 0.5 0.8 1.8 -0.3 0.4 -1.2 3.4 0.5 20

21 Foreign banks -0.5 -0.7 -3.1 3.2 -7.3 2.2 2.5 12.1 -28.3 1.1 -14.2 21

22 Other foreign 9.8 6.7 3.5 7.5 -0.9 7.9 9.9 0.5 -1.5 -0.1 -2.6 22

23 Financial sectors 13.3 30.1 -14.2 -0.3 11.6 -6.7 -4.4 27.1 14.3 -7.3 12.2 23

24 Savings institutions 3.5 10.3 -15.7 7.4 1.5 -1.9 2.7 4.6 -3.8 6.7 -1.5 24

25 Finance companies 4.5 2.2 8.9 0.5 13.5 6.1 -4.3 32.3 16.8 -9.9 14.6 25

26 Mortgage companies -4.6 1.6 0.2 0.1 0.7 -0.3 1.0 0.7 0.6 0.8 0.6 26

27 REITs 9.9 16.0 -7.6 -8.3 -4.1 -10.6 -3.7 -10.6 0.7 -4.9 -1.6 27
Z.1, March 7, 2002 47

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 93.2 166.3 158.5 142.7 51.7 -16.8 115.8 83.6 107.9 139.2 -123.8 1

 2 U.S. government loans 9.6 14.4 5.9 8.2 8.5 5.8 9.1 7.0 9.9 6.9 10.1 2

 3 Liab.: Household sector 11.4 10.6 12.6 11.2 11.5 11.1 10.9 10.5 11.7 11.4 12.3 3

 4 Nonfinancial corporate business -0.3 -0.1 -0.3 -0.4 -0.2 -0.7 -0.0 0.3 -1.2 1.4 -1.3 4

 5 Nonfarm noncorporate business 1.8 4.0 -0.9 -1.1 -3.2 -1.2 -1.6 -2.6 -2.2 -4.1 -4.0 5

 6 Farm business -0.5 -0.3 -0.3 0.1 0.0 0.2 0.2 0.2 0.3 -0.2 -0.3 6

 7 State and local governments -1.2 1.2 -0.4 -1.0 0.2 -1.3 0.4 0.4 0.4 0.1 0.1 7

 8 Rest of the world -1.6 -1.0 -4.8 -0.6 0.2 -2.2 -0.8 -1.8 1.0 -1.6 3.2 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 17.3 -1.0 -22.7 -2.2 -1.6 -40.6 32.4 -33.0 16.7 84.0 -74.3 10

11 Liab.: Nonfinancial corporate business 17.3 -1.0 -22.7 -2.2 -1.6 -40.6 32.4 -33.0 16.7 84.0 -74.3 11

 Customers liability on acceptances

12 outstanding (Commercial banking asset) -2.8 -9.3 -3.1 -0.7 -2.9 -2.7 -2.9 0.0 -4.0 -7.4 -0.1 12

13 Liab.: Nonfinancial corporate business -2.6 -4.3 -2.2 -0.0 -0.3 -3.2 0.8 9.9 -3.7 -8.3 1.0 13

14 Rest of the world -0.2 -5.0 -0.9 -0.7 -2.6 0.5 -3.7 -9.9 -0.3 0.9 -1.1 14

15 Savings institution loans to business 3.1 5.3 6.5 8.7 3.6 10.1 5.7 8.2 9.6 -0.7 -2.6 15

16 Liab.: Nonfinancial corporate business 1.6 2.7 3.2 4.3 1.8 5.0 2.8 4.1 4.8 -0.3 -1.3 16

17 Nonfarm noncorporate business 1.6 2.7 3.2 4.3 1.8 5.0 2.8 4.1 4.8 -0.3 -1.3 17

18 Policy loans (Household liability) 3.2 0.1 -5.1 2.8 2.7 5.8 3.2 4.0 0.6 5.4 0.8 18

19 Asset: Federal government 0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 19

20 Life insurance companies 3.2 0.1 -5.0 2.9 2.7 5.8 3.2 4.0 0.6 5.4 0.8 20

21 Govt.-sponsored enterprises loans 31.2 92.3 113.6 41.3 40.6 -39.0 5.5 109.3 -0.6 62.9 -9.3 21

22 Liab.: Household sector (SLMA) -4.4 -1.2 5.6 -4.2 2.9 -11.4 6.0 2.3 4.8 1.9 2.8 22

23 Noncorporate business (FCS) 0.0 2.7 0.0 1.5 2.7 2.7 2.0 -0.2 6.2 2.0 2.7 23

24 Farm business (FCS) 0.0 0.6 0.9 1.5 0.1 1.3 2.3 -0.6 -0.5 1.0 0.5 24

25 Commercial banks (FHLB and SLMA) 19.1 46.9 40.6 26.8 25.3 6.2 -11.4 39.0 -17.4 39.3 40.2 25

26 Savings institutions (FHLB and SLMA) 16.2 42.1 63.5 16.3 7.4 -38.6 6.3 71.9 5.4 13.7 -61.3 26

27 Credit unions (FHLB) 0.1 0.6 2.2 0.0 1.5 1.1 1.0 -0.6 0.8 1.5 4.4 27

28 Life insurance companies (FHLB) 0.2 0.7 0.7 -0.7 0.6 -0.3 -0.7 -2.4 0.1 3.5 1.4 28

29 Securitized loans held by ABS issuers 32.2 27.6 9.2 21.2 12.2 -4.5 39.9 -0.7 -23.3 64.4 8.6 29

30 Liab.: Households (1) 7.8 3.8 1.5 6.5 0.6 8.8 -3.3 2.5 2.0 0.8 -2.9 30

31 Nonfinancial corporate business 24.4 23.8 7.7 14.7 11.6 -13.2 43.2 -3.2 -25.3 63.6 11.4 31

32 Finance company loans to business -0.6 36.8 54.2 63.3 -11.4 48.2 23.0 -11.2 99.0 -76.5 -57.1 32

33 Liab.: Nonfinancial corporate business -0.5 33.1 48.8 57.0 -10.3 43.4 20.7 -10.1 89.1 -68.8 -51.4 33

34 Nonfarm noncorporate business -0.1 3.7 5.4 6.3 -1.1 4.8 2.3 -1.1 9.9 -7.6 -5.7 34

(1) Student loans.
48 Z.1, March 7, 2002

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in mortgages 337.4 519.2 602.2 575.6 723.2 574.2 552.4 552.2 814.4 766.4 759.8 1

 2 Home 258.3 388.7 435.0 422.2 532.8 441.6 395.6 434.0 613.1 555.8 528.3 2

 3 Multifamily residential 12.4 31.7 42.2 38.2 47.2 28.8 41.5 32.9 46.5 55.0 54.5 3

 4 Commercial 63.5 92.2 119.2 108.7 135.8 97.3 113.3 81.2 142.4 148.8 170.9 4

 5 Farm 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 5

 6 Net borrowing 337.4 519.2 602.2 575.6 723.2 574.2 552.4 552.2 814.4 766.4 759.8 6

 7 Household sector 239.2 359.6 399.6 385.4 502.7 402.7 359.5 387.3 596.0 526.3 501.2 7

 8 Nonfinancial business 83.3 134.8 197.4 184.0 218.4 165.5 191.1 172.4 202.2 242.0 257.1 8

 9 Corporate 32.6 20.6 61.9 60.8 81.3 48.5 72.8 47.7 57.6 102.1 117.6 9

10 Nonfarm noncorporate 47.7 107.7 129.7 116.7 129.8 110.4 116.2 120.5 132.2 133.1 133.4 10

11 Farm 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 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 14.9 24.8 5.1 6.2 2.1 6.0 1.8 -7.5 16.2 -1.9 1.5 13

14 Net change in assets 337.4 519.2 602.2 575.6 723.2 574.2 552.4 552.2 814.4 766.4 759.8 14

15 Household sector 0.1 0.9 -0.3 1.1 0.6 1.0 -2.5 -0.1 3.3 0.8 -1.4 15

16 Nonfinancial corporate business 25.9 -13.0 -7.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 16

17 Nonfarm noncorporate business -1.6 11.9 10.0 7.9 6.2 2.3 6.2 6.0 5.6 6.9 6.4 17

18 State and local governments 3.7 4.1 4.3 4.5 4.7 4.5 4.6 4.6 4.7 4.8 4.8 18

19 Federal government -4.5 -0.8 -0.1 -0.9 -1.1 -1.3 1.6 -2.4 -0.6 -3.4 1.8 19

20 Commercial banking 99.9 91.7 158.2 164.1 130.0 127.6 20.7 158.8 133.0 42.8 185.4 20

21 Savings institutions (1) 3.5 12.1 24.7 55.2 34.2 62.4 15.5 75.2 40.3 10.5 11.0 21

22 Credit unions 10.1 10.9 14.1 16.4 16.8 17.2 16.3 -0.5 14.4 34.1 19.2 22

23 Bank personal trusts and estates -0.6 -0.2 -0.6 -0.1 -0.1 -0.2 -0.1 -0.1 -0.0 -0.1 -0.0 23

24 Life insurance companies -1.3 6.8 15.7 5.2 4.9 8.5 4.8 -3.6 8.4 7.2 7.6 24

25 Other insurance companies -0.2 -0.3 -0.0 -0.3 0.1 -0.7 -0.2 0.0 0.1 0.1 0.0 25

26 Private pension funds 0.7 -0.3 1.5 1.3 1.2 1.4 1.2 1.2 0.8 0.4 2.3 26

27 State and local govt. retirement funds 0.9 6.5 -2.6 -0.0 3.4 1.9 0.1 2.5 2.6 3.7 4.6 27

28 Government-sponsored enterprises (1) -4.5 8.3 -4.3 22.7 30.4 17.3 28.0 11.6 36.3 26.1 47.3 28

29 Federally related mortgage pools 114.6 192.6 273.8 199.4 336.6 236.7 309.1 170.3 396.9 504.0 275.2 29

30 ABS issuers 79.9 156.8 93.1 83.7 149.4 81.4 127.8 110.7 149.9 118.3 218.6 30

31 Finance companies 11.0 24.7 24.6 26.4 11.0 23.1 26.2 23.4 26.8 12.1 -18.2 31

32 Mortgage companies -9.1 3.2 0.3 0.2 1.4 -0.5 2.0 1.4 1.1 1.7 1.2 32

33 REITs 9.1 3.4 -3.3 -6.2 -1.5 -3.5 -3.8 -1.9 -4.2 1.3 -1.1 33

(1) FHLB loans to savings institutions are included in other loans and advances.
Z.1, March 7, 2002 49

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 258.3 388.7 435.0 422.2 532.8 441.6 395.6 434.0 613.1 555.8 528.3 1

 2 Household sector 240.4 350.2 389.2 382.3 490.7 397.6 360.0 387.5 571.1 513.4 490.8 2

 3 Nonfinancial corporate business 0.2 1.4 2.2 2.0 2.1 2.6 1.1 3.5 2.6 1.5 0.7 3

 4 Nonfarm noncorporate business 17.8 37.2 43.6 38.0 40.0 41.4 34.4 42.9 39.4 40.9 36.8 4

 5 Net change in assets 258.3 388.7 435.0 422.2 532.8 441.6 395.6 434.0 613.1 555.8 528.3 5

 6 Household sector -1.1 -1.1 -1.1 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 6

 7 Nonfinancial corporate business 5.3 -2.7 -1.4 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 7

 8 Nonfarm noncorporate business -0.6 4.5 3.8 3.0 2.3 0.9 2.3 2.2 2.1 2.6 2.4 8

 9 State and local governments 3.0 3.3 3.5 3.7 3.8 3.7 3.7 3.8 3.8 3.9 3.9 9

10 Federal government -2.0 -0.3 -0.4 -0.7 -0.6 -2.0 -0.4 -0.4 -0.6 -1.0 -0.3 10

11 Commercial banking 67.9 51.1 82.1 86.4 57.8 68.1 -34.2 93.8 70.6 -49.8 116.5 11

12 Savings institutions 7.0 12.7 15.1 46.1 25.7 50.2 11.0 57.5 31.2 1.2 12.9 12

13 Credit unions 10.1 10.9 14.1 16.4 16.8 17.2 16.3 -0.5 14.4 34.1 19.2 13

14 Bank personal trusts and estates -0.6 -0.2 -0.6 -0.1 -0.1 -0.2 -0.1 -0.1 -0.0 -0.1 -0.0 14

15 Life insurance companies 0.2 -0.6 -0.7 -1.0 0.3 -1.3 -0.0 -0.1 0.5 0.3 0.4 15

16 Private pension funds 0.8 0.1 1.2 1.2 1.3 1.2 1.1 1.2 1.0 0.9 1.9 16

17 State and local govt. retirement funds 0.6 2.8 -0.9 -0.0 1.2 0.7 0.0 0.9 0.9 1.3 1.6 17

18 Government-sponsored enterprises -4.2 5.3 -10.3 15.8 19.1 11.3 18.5 4.7 22.7 15.3 33.6 18

19 Federally related mortgage pools 109.3 182.1 264.6 190.9 321.0 228.9 297.0 157.2 377.7 491.1 258.0 19

20 ABS issuers 54.5 94.5 49.9 44.8 74.7 51.0 60.8 93.9 63.6 44.0 97.2 20

21 Finance companies 12.6 22.5 18.2 22.4 11.5 15.8 20.3 21.0 27.0 10.7 -12.7 21

22 Mortgage companies -10.2 3.1 0.3 0.2 1.3 -0.6 1.9 1.4 1.0 1.6 1.1 22

23 REITs 6.0 0.8 -2.4 -4.6 -1.2 -1.1 -0.8 -0.4 -0.8 1.7 -5.3 23

 Memo:

24 Home equity loans included above (2) 78.0 60.6 56.1 97.7 71.1 95.6 96.6 62.2 95.5 79.5 47.2 24

25 Commercial banking 20.1 2.9 12.6 45.3 23.6 42.9 45.1 3.2 39.5 25.8 25.9 25

26 Savings institutions 3.2 0.5 3.8 13.1 5.0 13.7 18.0 1.7 14.2 4.8 -0.7 26

27 Credit unions 3.5 0.7 3.7 7.3 4.2 9.3 2.9 2.7 3.2 12.4 -1.5 27

28 ABS issuers 38.6 34.0 17.7 9.6 26.8 6.4 9.2 41.6 13.6 17.6 34.4 28

29 Finance companies 12.6 22.5 18.2 22.4 11.5 23.4 21.5 12.9 25.1 18.9 -10.9 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 12.4 31.7 42.2 38.2 47.2 28.8 41.5 32.9 46.5 55.0 54.5 1

 2 Nonfinancial corporate business 1.1 1.1 1.3 1.4 1.5 1.4 1.4 1.5 1.5 1.5 1.5 2

 3 Nonfarm noncorporate business 6.4 22.4 39.3 34.7 45.0 25.3 39.4 33.9 39.7 54.1 52.5 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 4.9 8.2 1.7 2.1 0.7 2.0 0.6 -2.5 5.4 -0.6 0.5 5

 6 Net change in assets 12.4 31.7 42.2 38.2 47.2 28.8 41.5 32.9 46.5 55.0 54.5 6

 7 Household sector -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 7

 8 Nonfinancial corporate business 0.6 -0.3 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 8

 9 Nonfarm noncorporate business -0.5 4.0 3.3 2.6 2.1 0.8 2.1 2.0 1.9 2.3 2.1 9

10 State and local governments 0.6 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 10

11 Federal government -0.9 -0.3 -0.0 0.3 -0.2 0.2 0.5 -2.4 0.2 1.0 0.5 11

12 Commercial banking 4.2 3.2 13.1 11.7 7.1 4.9 3.2 8.3 2.4 14.0 3.7 12

13 Savings institutions -2.0 -2.5 2.3 1.9 3.2 3.7 4.1 6.4 2.0 4.0 0.4 13

14 Life insurance companies -0.3 1.1 1.1 0.9 0.3 1.3 0.8 -0.5 1.1 0.0 0.4 14

15 Private pension funds -0.0 -0.1 0.1 0.0 -0.0 0.0 0.0 0.0 -0.1 -0.1 0.1 15

16 State and local govt. retirement funds 0.2 1.8 -0.7 -0.0 0.9 0.5 0.0 0.7 0.7 1.0 1.3 16

17 Government-sponsored enterprises -1.2 0.8 4.8 4.9 6.9 3.3 6.6 4.1 7.5 6.9 9.0 17

18 Federally related mortgage pools 5.3 10.5 9.2 8.5 15.6 7.8 12.0 13.1 19.2 13.0 17.2 18

19 ABS issuers 5.0 12.9 8.5 6.5 11.4 4.9 12.6 1.0 10.5 11.4 22.5 19

20 Finance companies -0.3 -0.3 0.2 0.1 -0.2 0.6 -0.6 0.0 -0.1 0.2 -1.0 20

21 Mortgage companies 1.0 0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 21

22 REITs 0.9 0.1 -0.6 -0.2 -0.8 -0.3 -0.7 -0.7 0.2 0.2 -2.8 22
50 Z.1, March 7, 2002

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net borrowing 63.5 92.2 119.2 108.7 135.8 97.3 113.3 81.2 142.4 148.8 170.9 1

 2 Household sector -1.2 9.4 10.5 3.1 12.0 5.1 -0.5 -0.2 24.9 12.9 10.4 2

 3 Nonfinancial corporate business 31.3 18.1 58.5 57.4 77.7 44.5 70.2 42.8 53.5 99.1 115.3 3

 4 Nonfarm noncorporate business 23.4 48.1 46.8 44.1 44.8 43.7 42.4 43.7 53.2 38.1 44.1 4

 5 REITs 10.0 16.6 3.4 4.2 1.4 4.1 1.2 -5.0 10.9 -1.3 1.0 5

 6 Net change in assets 63.5 92.2 119.2 108.7 135.8 97.3 113.3 81.2 142.4 148.8 170.9 6

 7 Household sector 0.7 0.9 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 7

 8 Nonfinancial corporate business 20.0 -10.0 -5.4 -3.8 -3.8 -3.8 -3.8 -3.8 -3.8 -3.8 -3.8 8

 9 Nonfarm noncorporate business -0.4 3.1 2.6 2.1 1.6 0.6 1.6 1.6 1.5 1.8 1.7 9

10 State and local governments 0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 10

11 Federal government -0.7 0.1 0.6 -0.4 -0.1 0.5 1.5 0.7 -0.0 -3.2 1.9 11

12 Commercial banking 25.7 35.3 60.1 63.8 63.6 53.6 50.2 55.4 58.0 77.2 63.6 12

13 Savings institutions -1.5 1.9 7.2 7.1 5.3 8.5 0.4 11.1 7.1 5.3 -2.2 13

14 Life insurance companies -1.5 5.2 13.8 4.7 3.9 7.2 4.4 -2.7 6.2 6.4 5.8 14

15 Other insurance companies -0.2 -0.3 -0.0 -0.3 0.1 -0.7 -0.2 0.0 0.1 0.1 0.0 15

16 Private pension funds -0.1 -0.3 0.3 0.1 -0.1 0.1 0.0 -0.0 -0.2 -0.4 0.3 16

17 State and local govt. retirement funds -0.0 1.9 -1.0 -0.0 1.2 0.7 0.0 0.9 1.0 1.4 1.7 17

18 Federally related mortgage pools -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 20.4 49.4 34.7 32.4 63.3 25.6 54.4 15.9 75.7 62.8 98.8 19

20 Finance companies -1.3 2.5 6.1 3.9 -0.3 6.7 6.5 2.4 -0.1 1.3 -4.6 20

21 Mortgage companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 REITs 2.2 2.5 -0.4 -1.4 0.5 -2.0 -2.4 -0.8 -3.6 -0.6 7.0 22

F.221 Farm Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 1

 2 Net change in assets 3.1 6.5 5.8 6.5 7.4 6.5 2.0 4.2 12.4 6.8 6.1 2

 3 Household sector 0.6 1.1 0.2 1.5 1.0 1.3 -2.1 0.3 3.7 1.1 -1.1 3

 4 Nonfarm noncorporate business -0.1 0.4 0.3 0.3 0.2 0.1 0.2 0.2 0.2 0.2 0.2 4

 5 State and local governments -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government -0.9 -0.3 -0.2 -0.1 -0.2 -0.0 -0.1 -0.2 -0.1 -0.2 -0.3 6

 7 Commercial banking 2.1 2.0 2.8 2.2 1.5 1.0 1.5 1.3 2.0 1.3 1.6 7

 8 Savings institutions 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.1 0.1 -0.0 -0.2 8

 9 Life insurance companies 0.4 1.1 1.5 0.6 0.4 1.3 -0.4 -0.2 0.5 0.5 1.0 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 1.0 2.2 1.1 2.0 4.4 2.7 2.9 2.8 6.1 3.9 4.8 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
Z.1, March 7, 2002 51

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities (Households) 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 1

 2 Net change in assets 57.5 75.0 99.5 139.0 95.2 153.8 130.7 144.0 75.5 24.4 137.0 2

 3 Nonfinancial corporate business 1.2 -4.1 5.4 2.4 -14.8 2.2 -12.3 18.9 -23.4 -26.4 -28.2 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 -14.2 -3.6 -9.2 41.7 15.6 53.9 17.8 13.7 54.4 -27.3 21.7 5

 6 Savings institutions 2.5 4.4 9.9 3.0 3.5 6.3 8.1 3.8 -0.7 12.8 -2.0 6

 7 Credit unions 8.2 3.0 12.5 16.5 1.8 16.2 12.0 5.0 8.0 -7.5 1.6 7

 8 ABS issuers 47.2 59.4 62.6 57.1 72.2 43.8 118.1 115.7 36.2 50.4 86.5 8

 9 Finance companies 12.6 15.8 18.2 18.2 16.9 31.5 -13.0 -13.0 0.9 22.4 57.4 9

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 139.7 109.2 222.3 166.8 -26.3 138.8 121.8 25.1 -96.2 -13.4 -20.6 1

 2 Household sector 8.9 8.7 6.0 5.9 6.1 5.6 3.9 6.9 4.7 6.7 6.0 2

 3 Nonfinancial corporate business 65.1 57.6 144.4 102.4 -59.2 119.2 63.3 -3.1 -134.5 -39.0 -60.0 3

 4 Nonfarm noncorporate business 31.0 23.1 25.5 22.4 10.2 14.3 16.1 12.8 11.2 9.6 7.3 4

 5 Farm business 1.4 0.8 0.4 0.9 0.2 -0.9 1.7 2.4 -0.1 -2.6 0.9 5

 6 State and local governments 31.4 30.5 29.1 27.4 25.2 25.4 25.5 24.8 25.0 25.6 25.4 6

 7 Federal government -8.8 -8.0 0.7 1.2 -11.7 1.8 2.1 -10.3 -10.9 0.7 -26.3 7

 8 Rest of the world 5.1 -2.4 4.3 1.6 -0.3 -12.7 9.2 -5.8 16.1 -25.7 14.3 8

 9 Brokers and dealers 5.7 -1.0 11.9 5.1 3.2 -14.0 0.0 -2.7 -7.7 11.3 11.8 9

10 Net change in trade receivables 168.9 160.5 179.3 196.3 -32.9 149.3 100.3 -2.8 -83.5 9.8 -55.0 10

11 Nonfinancial corporate business 93.5 86.3 113.4 105.8 -98.8 74.9 24.5 -79.0 -183.0 -59.4 -73.9 11

12 Nonfarm noncorporate business 35.1 40.7 45.8 40.8 14.6 17.0 27.1 20.0 17.0 13.2 8.2 12

13 Federal government -3.2 1.5 4.6 5.3 7.7 4.3 3.7 9.9 10.0 16.0 -5.2 13

14 Rest of the world 4.5 -7.5 -7.5 10.4 9.4 9.1 30.2 6.4 39.3 0.5 -8.7 14

15 Other insurance companies 2.7 1.6 2.0 1.0 8.4 6.1 -16.5 12.1 9.0 11.5 1.1 15

16 ABS issuers 36.3 37.9 21.1 33.0 25.9 38.0 31.3 27.8 24.2 28.0 23.5 16

17 Discrepancy -29.2 -51.3 42.9 -29.5 6.6 -10.6 21.5 27.9 -12.7 -23.1 34.4 17

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 111.0 103.3 104.3 146.1 -8.6 97.5 74.4 -140.9 -28.5 547.2 -412.2 1

 2 Household sector 36.8 21.6 75.2 7.2 -40.4 14.6 -155.0 -166.5 9.7 248.5 -253.5 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 74.2 81.7 29.1 138.9 31.9 83.0 229.4 25.6 -38.2 298.7 -158.7 4

 5 Customer credit balances (HH) 52.6 61.2 47.2 88.6 31.0 53.9 158.0 -48.2 49.9 327.8 -205.4 5

 6 From U.S.-chartered commercial banks 4.2 11.9 -8.7 7.1 7.2 -11.6 28.5 30.0 6.2 35.3 -42.6 6

 7 From foreign banking offices in U.S. 17.5 8.6 -9.4 43.2 -6.4 40.7 42.9 43.8 -94.3 -64.3 89.2 7

 8 Net change in assets 111.0 103.3 104.3 146.1 -8.6 97.5 74.4 -140.9 -28.5 547.2 -412.2 8

 9 Household sector 52.6 61.2 47.2 88.6 31.0 53.9 158.0 -48.2 49.9 327.8 -205.4 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 21.7 20.5 -18.1 50.4 0.8 29.1 71.4 73.8 -88.1 -29.0 46.6 11

12 Brokers and dealers 36.8 21.6 75.2 7.2 -40.4 14.6 -155.0 -166.5 9.7 248.5 -253.5 12
52 Z.1, March 7, 2002

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Net change in liabilities 59.3 48.0 50.8 50.2 63.8 53.0 47.3 52.7 53.2 80.2 69.2 1

 2 Federal government 1.7 1.3 1.4 1.4 1.4 0.2 1.8 0.6 2.4 0.0 2.5 2

 3 Life insurance companies 57.6 46.7 49.4 48.7 62.4 52.7 45.5 52.0 50.8 80.1 66.7 3

 4 Net change in assets (Households) 59.3 48.0 50.8 50.2 63.8 53.0 47.3 52.7 53.2 80.2 69.2 4

 Pension fund reserves:

 5 Net change in liabilities 201.4 227.6 196.1 217.2 204.5 220.7 151.8 257.2 165.6 205.4 189.9 5

 6 Federal government (1) 40.3 41.2 41.1 20.9 60.8 36.1 -29.9 117.5 44.5 31.7 49.6 6

 7 Life insurance companies 95.0 121.9 91.8 142.6 114.4 160.1 140.8 109.1 90.4 152.5 105.7 7

 8 Private pension funds (2) -10.4 3.0 3.4 -0.7 5.2 -19.7 -3.9 9.7 0.4 -3.3 13.8 8

 9 State and local govt. retirement funds 76.5 61.5 59.7 54.4 24.1 44.2 44.9 20.9 30.4 24.5 20.7 9

10 Net change in assets (Households) (3) 201.4 227.6 196.1 217.2 204.5 220.7 151.8 257.2 165.6 205.4 189.9 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 22.3 21.3 22.3 21.7 13.2 4.1 25.4 6.9 17.1 95.4 -66.6 1

 businesses

 2 Nonfinancial corporate business 9.3 4.8 7.0 7.0 0.1 -9.5 10.0 -3.6 3.2 80.9 -80.1 2

 3 Nonfarm noncorporate business 7.3 10.7 8.3 7.5 5.8 4.8 5.4 7.0 6.2 5.5 4.4 3

 4 U.S.-chartered commercial banks 1.4 1.7 1.9 2.1 2.4 2.2 2.2 2.3 2.4 2.4 2.5 4

 5 Savings institutions 0.4 0.2 0.0 0.4 -0.7 1.5 1.3 -0.7 -0.9 0.1 -1.2 5

 6 Life insurance companies 1.2 1.2 1.3 1.6 2.0 1.6 1.8 1.8 1.9 2.0 2.1 6

 7 Other insurance companies 1.8 2.0 2.0 2.3 2.7 2.3 2.5 2.6 2.7 2.8 2.9 7

 8 Finance companies 0.8 0.8 0.8 1.0 1.2 1.0 1.0 1.1 1.1 1.2 1.2 8

 9 Brokers and dealers 0.1 -0.1 0.9 -0.1 -0.3 0.2 1.3 -3.6 0.5 0.5 1.6 9

10 Net change in business taxes receivable -5.7 1.6 15.8 7.6 14.7 5.9 -18.6 1.9 29.1 103.4 -75.6 10

11 State and local governments 3.3 9.1 8.8 11.9 4.3 9.9 7.7 7.6 6.0 2.6 0.8 11

12 Federal government -9.0 -7.5 7.0 -4.3 10.4 -4.0 -26.4 -5.7 23.1 100.7 -76.4 12

13 Discrepancy 28.0 19.7 6.5 14.1 -1.5 -1.8 44.1 4.9 -12.0 -8.0 9.0 13

F.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Liab.: Bank personal trusts and estates -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 1

 2 Asset: Household sector -49.9 -41.8 -6.5 -29.7 -26.3 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 2

F.228 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment -40.2 -52.3 -15.5 12.8 10.9 32.2 11.6 5.2 29.5 -9.7 18.7 1

 2 Nonfarm noncorporate business -55.1 -59.3 -21.1 -4.4 4.3 -9.9 5.7 11.7 4.7 6.1 -5.2 2

 3 Farm business 0.0 0.4 -7.5 -11.3 -5.5 -5.2 -14.2 -5.6 -7.8 1.3 -10.1 3

 4 Brokers and dealers 14.9 6.6 13.1 28.5 12.1 47.3 20.2 -0.8 32.6 -17.2 34.0 4
Z.1, March 7, 2002 53

F.229 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 493.6 949.1 719.3 1016.6 758.4 1478.3 713.5 485.4 890.3 940.8 717.1 1

 2 Household sector 0.3 -1.4 2.1 0.1 0.1 -0.6 3.2 -3.3 -1.0 3.2 1.5 2

 3 Nonfinancial corporate business 31.6 415.0 284.1 327.3 133.3 471.8 340.4 108.6 85.4 221.3 117.9 3

 4 Nonfarm noncorporate business 56.5 74.3 50.1 46.1 27.5 41.1 51.1 34.7 25.6 27.0 22.6 4

 5 Federal government 0.3 -7.1 -2.9 2.0 -7.8 7.9 2.3 0.6 4.1 -21.4 -14.7 5

 6 Rest of the world 134.9 173.5 210.0 209.2 265.8 394.6 122.4 184.4 152.6 313.6 412.5 6

 7 Monetary authority 2.1 1.3 -1.3 1.1 -2.8 12.3 5.3 -21.6 -4.7 15.3 -0.2 7

 8 Commercial banking 171.2 120.9 -74.7 190.6 24.3 326.6 116.6 -101.3 129.4 362.8 -293.7 8

 9 Savings institutions -2.1 -1.6 -14.4 17.1 20.5 36.8 84.8 -9.5 14.7 28.3 48.4 9

10 Credit unions 0.1 0.5 0.9 -0.4 -1.8 4.3 -7.8 -7.4 10.8 -3.5 -7.2 10

11 Life insurance companies 36.0 7.3 15.7 3.6 46.8 1.4 -11.2 35.8 76.9 41.1 33.3 11

12 Other insurance companies 10.7 5.6 12.4 5.9 27.4 17.9 -21.8 14.4 23.1 62.4 9.8 12

13 Government-sponsored enterprises 7.8 20.3 -6.0 7.4 37.3 -7.6 35.0 82.1 2.5 55.4 9.0 13

14 Finance companies -20.0 17.8 66.9 82.8 22.9 145.4 22.5 50.9 -8.7 46.8 2.8 14

15 Mortgage companies -4.6 1.6 0.2 0.1 0.7 -0.3 1.0 0.7 0.6 0.9 0.6 15

16 REITs 8.8 13.6 4.4 1.8 1.3 4.5 -2.6 18.9 -18.9 0.3 5.0 16

17 Brokers and dealers 21.6 44.7 7.2 -5.3 125.2 -0.5 -219.1 79.3 384.4 -110.0 147.1 17

18 Funding corporations 38.2 62.8 164.8 127.2 37.8 22.7 191.2 18.2 13.5 -102.9 222.5 18

19 Net change in assets 733.3 1103.7 1139.3 1301.4 957.4 1467.7 1026.4 666.7 1417.2 815.8 930.0 19

20 Household sector 10.3 9.7 12.4 4.7 19.7 8.4 -11.5 3.2 25.8 41.4 8.5 20

21 Nonfinancial corporate business 151.7 437.7 481.4 417.3 317.4 370.5 310.9 288.5 295.3 438.8 246.8 21

22 Nonfarm noncorporate business 56.4 76.3 62.7 51.6 49.7 56.3 41.6 45.1 57.9 49.3 46.5 22

23 Farm business 0.4 0.5 0.2 -0.1 2.0 0.8 -2.7 0.6 2.8 2.3 2.4 23

24 State and local governments -1.2 -9.7 7.7 12.3 4.7 30.8 10.7 0.6 46.0 -7.6 -20.3 24

25 Federal government -5.4 -3.5 -0.9 -1.4 1.3 0.5 0.4 -0.5 1.0 2.0 2.5 25

26 Rest of the world 208.0 203.8 411.2 427.8 176.5 437.8 355.6 387.6 212.1 47.6 58.9 26

27 Monetary authority 1.3 4.9 -1.3 1.1 -0.4 4.5 3.6 -4.9 2.8 2.9 -2.3 27

28 Commercial banking 103.5 124.1 28.8 86.3 191.0 220.0 65.6 -29.1 257.1 225.2 310.9 28

29 Savings institutions -3.2 13.8 -2.5 7.4 19.4 10.3 8.0 71.3 -0.0 40.4 -33.9 29

30 Credit unions 3.8 6.8 -16.3 15.4 9.8 17.5 40.1 14.0 29.4 -17.8 13.6 30

31 Bank personal trusts and estates -1.4 8.4 -2.5 -1.5 -1.0 -0.2 -0.9 -1.1 -0.7 -1.2 -0.8 31

32 Life insurance companies -6.7 3.5 -34.6 20.7 -18.9 43.8 6.2 -32.2 -34.6 -14.1 5.5 32

33 Other insurance companies 6.1 6.9 4.2 7.5 2.9 9.2 5.3 7.6 1.6 0.4 1.9 33

34 Private pension funds 13.5 14.5 -5.0 -3.1 0.5 -5.4 -12.0 -8.7 -12.0 24.1 -1.5 34

35 State and local govt. retirement funds 0.7 3.3 16.3 13.3 17.1 10.6 34.3 51.4 2.3 37.0 -22.2 35

36 Money market mutual funds 14.3 9.6 22.6 12.2 26.1 -61.4 -95.2 36.6 175.1 -90.1 -17.3 36

37 Mutual funds 7.1 -4.2 -3.5 -0.7 -2.4 3.0 0.4 -8.6 -1.2 0.1 -0.0 37

38 Government-sponsored enterprises 7.1 0.7 5.0 19.2 15.1 39.6 49.6 -56.3 8.5 63.9 44.4 38

39 Finance companies 22.0 9.3 50.9 24.3 -4.4 121.2 -5.3 -13.1 -84.4 97.6 -17.7 39

40 REITs 4.9 10.7 -0.1 0.0 3.9 5.1 -3.6 2.8 4.7 -0.5 8.6 40

41 Brokers and dealers 82.8 115.9 28.3 133.0 127.3 127.1 137.6 -158.4 483.4 -10.0 194.3 41

42 Funding corporations 57.3 60.7 74.4 54.0 -0.0 17.6 87.8 70.2 -55.7 -115.9 101.3 42

43 Discrepancy -239.6 -154.6 -420.0 -284.8 -199.0 10.6 -312.9 -181.3 -526.8 125.0 -212.9 43
54 Z.1, March 7, 2002

F.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 104.8 142.5 155.4 152.4 166.7 166.5 156.3 163.8 164.3 208.2 130.6 1

 2 Equity 40.8 72.4 58.8 49.9 58.0 31.5 48.7 34.2 54.7 95.2 48.0 2

 3 Reinvested earnings 58.0 44.0 73.3 99.7 87.2 99.7 104.3 96.1 84.7 81.5 86.3 3

 4 Intercompany accounts 6.0 26.0 23.3 2.8 21.5 35.3 3.3 33.5 24.8 31.5 -3.7 4

 5 Asset: Nonfinancial corporate business 84.3 129.1 136.2 122.0 146.8 117.9 146.2 138.5 143.7 195.3 109.6 5

 6 Commercial banking 3.0 2.0 3.3 7.3 6.6 17.5 3.7 2.2 5.5 8.6 10.1 6

 7 Life insurance companies 1.8 0.7 2.6 1.9 2.7 3.3 -1.4 3.6 2.2 2.0 2.8 7

 8 Other insurance companies 6.1 6.9 4.2 7.5 2.9 9.2 5.3 7.6 1.6 0.4 1.9 8

 9 Finance companies 9.0 0.5 5.5 10.8 6.0 15.7 -1.1 8.2 8.2 1.6 6.0 9

10 Brokers and dealers 0.7 3.4 3.7 3.0 1.8 2.8 3.6 3.8 3.0 0.4 0.2 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 100.2 143.6 261.8 178.6 88.2 239.0 108.4 119.8 107.4 53.6 72.2 11

12 Nonfarm noncorporate business 0.5 0.2 0.2 0.1 -0.1 0.1 0.1 -0.3 0.1 -0.2 0.0 12

13 Commercial banking 7.7 5.5 19.1 9.6 10.3 3.3 12.7 1.2 15.6 8.7 16.0 13

14 Life insurance companies 7.0 2.7 12.3 19.1 9.3 21.9 42.2 14.9 12.9 0.2 9.0 14

15 Other insurance companies 5.9 1.3 9.9 6.7 -0.1 10.5 7.0 6.0 -3.8 -4.6 2.0 15

16 Finance companies 6.6 2.6 11.4 17.6 14.7 5.2 69.7 23.6 18.6 8.8 8.0 16

17 Brokers and dealers 0.3 1.7 3.3 1.7 3.9 2.3 0.5 4.5 2.1 4.7 4.1 17

18 Funding corporations -22.6 20.7 -17.0 54.3 53.1 21.8 98.2 40.1 107.9 34.3 30.0 18

19 Asset: Rest of the world 105.6 178.2 301.0 287.7 179.4 304.2 338.8 209.9 260.8 105.6 141.3 19

20 Equity 59.5 147.1 225.6 216.7 114.3 149.0 325.7 87.4 194.9 87.4 87.5 20

21 Reinvested earnings 15.0 2.0 20.0 23.7 4.4 17.0 8.8 9.5 12.0 -17.7 13.8 21

22 Intercompany accounts 31.1 29.1 55.4 47.3 60.7 138.2 4.3 113.0 53.9 35.9 40.0 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 1.6 1.6 1.5 1.5 1.8 1.3 1.6 2.1 2.0 1.4 1.6 23

24 Asset: Federal government 1.6 1.6 1.5 1.5 1.8 1.3 1.6 2.1 2.0 1.4 1.6 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 0.8 0.5 0.5 0.6 0.4 0.3 0.3 0.1 0.5 0.5 0.4 25

26 Asset: Commercial banking 0.8 0.5 0.5 0.6 0.4 0.3 0.3 0.1 0.5 0.5 0.4 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 0.7 3.3 5.5 2.2 3.3 1.8 3.8 1.9 3.2 2.6 5.7 27

28 Asset: Nonfin. corporate business (FNMA) -1.1 -0.7 -0.6 0.0 -0.2 0.3 1.2 -1.3 1.7 -0.4 -0.9 28

29 Nonfarm noncorporate (BC) 0.0 -0.1 0.0 -0.0 0.3 -0.1 0.1 -0.1 -0.3 -0.1 1.5 29

30 Farm business (FICB and FLB) 0.0 0.1 -0.0 -0.0 0.5 0.2 -0.1 -0.1 0.3 0.2 1.7 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 31

32 Commercial banks (FHLB) 1.3 2.0 3.0 0.8 1.5 0.0 1.5 1.3 0.5 0.7 3.3 32

33 Savings institutions (FHLB) 0.4 1.8 2.7 1.3 1.2 0.9 0.9 1.8 1.2 1.7 -0.1 33

34 Credit unions (FHLB) 0.0 0.1 0.2 0.1 0.2 0.1 0.1 0.2 0.1 0.3 0.2 34

35 Life insurance companies (FHLB) 0.0 0.0 0.1 0.0 -0.1 0.4 0.0 -0.1 -0.4 0.1 0.1 35

 BHC investment in subsidiaries:

36 Liab.: Commercial banking 40.7 55.3 2.9 53.6 59.9 54.9 42.7 65.5 41.5 102.4 30.1 36

37 Savings institutions 0.3 0.4 0.5 0.7 0.8 0.7 0.7 0.7 0.8 0.8 0.8 37

38 Finance companies -3.7 -6.4 26.8 7.4 -1.6 9.8 5.1 -10.8 -7.6 -3.4 15.3 38

39 Mortgage companies -4.6 1.6 0.2 0.1 0.7 -0.3 1.0 0.7 0.6 0.9 0.6 39

40 Brokers and dealers 32.9 48.5 -10.2 30.3 33.8 39.8 26.7 159.8 44.8 19.2 -88.6 40

41 Asset: Bank holding companies 65.7 99.4 20.2 92.0 93.5 104.9 76.2 216.0 80.0 119.9 -41.9 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies -3.7 -6.4 26.8 7.4 -1.6 9.8 5.1 -10.8 -7.6 -3.4 15.3 42

43 Asset: Nonfinancial corporate business -3.7 -6.4 26.8 7.4 -1.6 9.8 5.1 -10.8 -7.6 -3.4 15.3 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 14.3 11.8 2.5 45.6 -30.8 21.5 75.0 14.6 -20.2 -94.9 -22.6 44

45 Brokers and dealers 43.0 48.9 71.9 8.3 30.8 -3.9 12.9 55.7 -35.5 -21.0 124.0 45

46 Asset: Funding corporations 57.3 60.7 74.4 54.0 -0.0 17.6 87.8 70.2 -55.7 -115.9 101.3 46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.
Z.1, March 7, 2002 55

F.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.0 -0.1 0.6 0.0 -0.2 0.4 0.6 -0.4 0.1 0.1 -0.7 1

 2 Asset: Federal government -0.0 -0.1 0.6 0.0 -0.2 0.4 0.6 -0.4 0.1 0.1 -0.7 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 0.0 6.8 -7.8 -0.0 8.6 2.8 13.8 51.5 -15.2 12.9 -14.6 5

 6 Asset: Savings institutions 0.0 6.8 -7.8 -0.0 8.6 2.8 13.8 51.5 -15.2 12.9 -14.6 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 0.3 -1.4 2.1 0.1 0.1 -0.6 3.2 -3.3 -1.0 3.2 1.5 7

 8 Asset: Life insurance companies 0.3 -1.4 2.1 0.1 0.1 -0.6 3.2 -3.3 -1.0 3.2 1.5 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 8.3 7.9 11.4 5.0 7.2 5.3 0.6 -0.3 14.5 9.3 5.2 9

10 Health 6.3 7.3 10.2 3.9 4.6 2.2 1.2 -2.4 10.9 7.7 2.0 10

11 Policy dividend accumulation 2.0 0.7 1.2 1.1 2.6 3.0 -0.6 2.1 3.6 1.6 3.2 11

12 Asset: Household sector 8.3 7.9 11.4 5.0 7.2 5.3 0.6 -0.3 14.5 9.3 5.2 12

 Policy payables:

13 Liab.: Other insurance companies 4.8 4.3 2.5 -0.8 27.5 7.4 -28.8 8.3 26.9 67.0 7.8 13

14 Asset: Household sector 2.0 1.8 1.1 -0.3 12.5 3.1 -12.1 3.5 11.3 32.1 3.3 14

15 Nonfinancial corporate business 1.9 1.7 1.0 -0.3 10.9 2.9 -11.4 3.3 10.6 26.5 3.1 15

16 Nonfarm noncorporate business 0.5 0.4 0.2 -0.1 2.6 0.7 -2.7 0.8 2.6 6.4 0.7 16

17 Farm business 0.4 0.4 0.2 -0.1 1.5 0.7 -2.6 0.8 2.4 2.1 0.7 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies -1.0 -14.1 -7.7 -11.8 -0.9 -13.3 -17.3 -11.7 2.1 -0.1 6.1 18

19 Asset: Private pension funds -1.0 -14.1 -7.7 -11.8 -0.9 -13.3 -17.3 -11.7 2.1 -0.1 6.1 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 7.1 21.4 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 20

21 Asset: Private pension funds 7.1 21.4 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 21

 Securities borrowed (net):

22 Liab.: Funding corporations 57.2 70.0 16.3 88.7 63.2 12.4 150.4 -102.1 233.6 74.8 46.5 22

23 Asset: Brokers and dealers 57.2 70.0 16.3 88.7 63.2 12.4 150.4 -102.1 233.6 74.8 46.5 23
56 Z.1, March 7, 2002

F.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Net change in liabilities 84.3 374.5 115.4 336.5 208.2 856.2 -80.4 -111.0 180.7 453.3 309.7 1

 2 Nonfinancial corporate business -75.7 250.0 21.0 147.5 43.8 231.5 230.8 -12.4 -23.3 166.5 44.4 2

 3 Nonfarm noncorporate business 56.0 74.2 49.9 46.0 27.6 41.0 51.0 35.0 25.5 27.2 22.6 3

 4 Federal government 0.3 -7.1 -2.9 2.0 -7.8 7.9 2.3 0.6 4.1 -21.4 -14.7 4

 5 Rest of the world 28.6 29.5 52.5 55.2 97.5 226.4 -36.1 19.0 -13.8 103.8 281.0 5

 6 Monetary authority 1.3 0.8 -1.8 0.6 -3.2 12.0 5.0 -21.8 -5.2 14.8 -0.7 6

 7 Commercial banking 108.4 48.4 -99.2 81.8 -15.1 246.8 -13.8 -182.6 92.6 346.7 -317.1 7

 8 U.S.-chartered commercial banks 30.5 -2.4 -20.0 71.4 -118.5 89.3 46.8 -179.5 -117.2 218.6 -395.9 8

 9 Foreign banking offices in U.S. 34.2 -11.5 -70.5 -33.5 50.7 39.2 -110.4 -91.0 118.8 66.7 108.5 9

10 Bank holding companies 39.0 56.0 -10.8 43.1 49.4 111.8 58.7 88.9 83.4 69.1 -43.9 10

11 Banks in U.S.-affiliated areas 4.7 6.3 2.2 0.7 3.3 6.5 -8.8 -1.0 7.6 -7.7 14.2 11

12 Savings institutions -2.4 -2.1 -15.0 16.5 19.7 36.1 84.1 -10.3 14.0 27.5 47.6 12

13 Credit unions 0.1 0.5 0.9 -0.4 -1.8 4.3 -7.8 -7.4 10.8 -3.5 -7.2 13

14 Life insurance companies 21.8 10.8 -0.3 -8.7 31.2 -12.5 -36.7 32.8 47.4 31.7 12.9 14

15 Government-sponsored enterprises 7.1 10.1 -3.7 5.2 25.3 -12.3 17.4 28.8 14.5 39.9 18.0 15

16 Finance companies -19.1 28.0 1.9 50.5 11.4 120.6 -57.4 48.8 -12.1 44.7 -35.8 16

17 REITs 8.8 13.6 4.4 1.8 1.3 4.5 -2.6 18.9 -18.9 0.3 5.0 17

18 Brokers and dealers -54.6 -54.3 -57.9 -45.6 56.8 -38.7 -259.1 -140.8 373.0 -112.9 107.7 18

19 Funding corporations 3.6 -27.9 165.6 -15.8 -78.5 -11.5 -57.4 80.2 -328.0 -212.1 146.0 19

20 Net change in assets 323.9 529.1 535.4 621.3 407.2 845.6 232.6 70.2 707.5 328.4 522.6 20

21 Nonfinancial corporate business 70.4 314.1 317.9 288.3 161.5 239.5 169.7 158.8 146.8 220.8 119.8 21

22 Nonfarm noncorporate business 55.9 75.9 62.4 51.7 46.8 55.7 44.2 44.4 55.7 43.1 44.3 22

23 State and local governments -1.2 -9.7 7.7 12.3 4.7 30.8 10.7 0.6 46.0 -7.6 -20.3 23

24 Federal government -7.0 -5.0 -3.0 -2.9 -0.3 -1.3 -1.9 -2.2 -1.1 0.5 1.6 24

25 Rest of the world 102.4 25.6 110.2 140.1 -2.8 133.6 16.7 177.7 -48.7 -58.0 -82.4 25

26 Monetary authority 1.3 4.9 -1.3 1.1 -0.4 4.5 3.6 -4.9 2.8 2.9 -2.3 26

27 Commercial banking 32.7 20.1 1.9 -14.3 89.1 97.4 -16.1 -248.8 170.6 95.6 339.0 27

28 U.S.-chartered commercial banks 0.5 4.5 4.5 -4.0 14.9 25.1 -20.9 -47.7 -17.4 103.1 21.6 28

29 Foreign banking offices in U.S. 37.0 0.4 -30.4 -29.1 69.7 24.0 -16.2 -197.8 169.9 -18.1 325.0 29

30 Bank holding companies -6.7 12.1 28.9 20.9 3.7 46.6 31.4 -5.2 2.0 22.4 -4.5 30

31 Banks in U.S.-affiliated areas 1.8 3.1 -1.0 -2.1 0.8 1.7 -10.5 1.9 16.2 -11.7 -3.2 31

32 Savings institutions -3.6 5.1 2.5 6.2 9.6 6.6 -6.8 18.0 13.9 25.7 -19.1 32

33 Credit unions 3.8 6.7 -16.5 15.3 9.6 17.5 40.0 13.7 29.2 -18.1 13.4 33

34 Bank personal trusts and estates -1.4 8.4 -2.5 -1.5 -1.0 -0.2 -0.9 -1.1 -0.7 -1.2 -0.8 34

35 Life insurance companies -8.8 4.1 -39.4 18.7 -21.5 40.7 4.3 -32.4 -35.4 -19.5 1.1 35

36 Private pension funds 7.4 7.2 1.5 7.4 0.1 6.6 4.0 1.7 -15.3 23.0 -9.0 36

37 State and local govt. retirement funds 0.7 3.3 16.3 13.3 17.1 10.6 34.3 51.4 2.3 37.0 -22.2 37

38 Money market mutual funds 14.3 9.6 22.6 12.2 26.1 -61.4 -95.2 36.6 175.1 -90.1 -17.3 38

39 Mutual funds 7.1 -4.2 -3.5 -0.7 -2.4 3.0 0.4 -8.6 -1.2 0.1 -0.0 39

40 Government-sponsored enterprises 7.1 0.7 5.0 19.2 15.1 39.6 49.6 -56.3 8.5 63.9 44.4 40

41 Finance companies 13.0 8.8 45.4 13.5 -10.4 105.4 -4.2 -21.2 -92.6 96.0 -23.7 41

42 REITs 4.9 10.7 -0.1 0.0 3.9 5.1 -3.6 2.8 4.7 -0.5 8.6 42

43 Brokers and dealers 24.9 42.6 8.3 41.4 62.3 111.8 -16.3 -60.0 246.8 -85.2 147.6 43

44 Discrepancy -239.6 -154.6 -420.0 -284.8 -199.0 10.6 -312.9 -181.3 -526.8 125.0 -212.9 44
Z.1, March 7, 2002 57

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 All sectors -124.8 -102.6 -226.5 43.7 -59.0 227.1 -146.4 -28.9 -352.3 366.2 -220.8 1

 2 Household sector 41.3 -9.4 -8.9 24.6 -83.1 122.0 22.2 -261.6 3.3 -43.6 -30.5 2

 3 Nonfinancial corporate business -21.5 -63.7 -73.6 -62.4 -49.5 -57.6 -56.0 -33.1 -73.4 -58.1 -33.5 3

 4 State and local governments 39.1 -50.9 -27.9 -28.6 -2.2 -20.5 -11.1 -0.6 14.2 -9.5 -12.8 4

 5 Federal government 15.2 22.6 -2.2 -4.7 65.6 29.4 -73.6 242.2 -70.7 51.5 39.5 5

 6 Rest of the world -149.4 53.5 -63.0 -14.2 9.9 -7.5 -3.2 96.5 -212.4 206.1 -50.6 6

 7 Financial sectors -49.6 -54.7 -50.9 129.0 0.3 161.3 -24.7 -72.3 -13.3 219.8 -133.0 7

 8 Monetary authority 1.7 -3.1 -0.7 3.7 3.4 5.0 -7.5 4.9 1.0 2.4 5.2 8

 9 Commercial banking 44.4 26.2 -40.5 114.4 36.3 161.4 7.0 10.3 -6.8 234.4 -92.9 9

10 Savings institutions -1.6 -2.9 2.2 3.8 3.6 1.3 6.7 1.1 4.4 3.5 5.4 10

11 Credit unions -0.0 -0.1 1.1 -0.6 0.0 -1.2 -1.5 -1.2 0.9 -0.2 0.4 11

12 Bank personal trusts and estates -5.3 -0.2 1.7 0.9 0.2 0.8 0.7 0.5 0.3 0.1 -0.1 12

13 Life insurance companies -44.1 -33.3 -27.7 -20.4 -42.6 -31.8 4.4 -82.3 -23.4 -11.8 -52.7 13

14 Other insurance companies -45.8 -20.7 11.5 -13.5 -17.3 4.4 -59.2 -5.5 -9.5 -38.2 -16.1 14

15 Mutual funds 8.0 -8.4 6.9 1.7 -2.5 0.2 -1.6 -2.8 -2.2 -2.4 -2.5 15

16 Government-sponsored enterprises -3.0 -4.1 -3.0 -6.0 -4.9 -6.9 -9.5 -5.9 -3.5 -2.8 -7.3 16

17 Issuers of asset-backed securities 0.0 -0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 -0.0 -0.0 -0.0 17

18 Finance companies -9.2 -13.8 -12.2 34.9 16.7 22.5 24.2 -0.5 25.5 29.5 12.2 18

19 REITs 9.5 11.9 17.4 16.6 14.1 11.6 18.0 17.7 5.7 12.4 20.6 19

20 Brokers and dealers -4.1 -6.2 -7.5 -6.5 -6.7 -6.0 -6.2 -8.5 -5.7 -7.2 -5.2 20

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types -124.8 -102.6 -226.5 43.7 -59.0 227.1 -146.4 -28.9 -352.3 366.2 -220.8 1

 2 Treasury currency -0.2 -0.1 -0.7 -1.2 -1.6 0.9 -3.3 -3.6 -0.5 -1.4 -0.7 2

 3 Foreign deposits 106.2 -8.5 45.8 70.9 38.9 -90.8 193.4 180.8 -150.2 78.8 46.4 3

 4 Net interbank transactions -19.9 3.4 3.5 17.4 17.7 -12.1 51.1 16.7 13.6 7.2 33.3 4

 5 Security RPs 63.2 57.7 36.1 115.8 -51.0 170.3 -300.3 -208.8 189.5 25.7 -210.5 5

 Mail floats:

 6 Federal government -2.7 2.6 -7.4 9.0 -10.3 3.0 -2.1 10.0 -0.1 7.3 -58.5 6

 7 Other -3.9 -3.1 -0.8 1.7 4.5 1.9 2.4 3.8 3.9 5.1 5.5 7

 8 Trade credit -29.2 -51.3 42.9 -29.5 6.6 -10.6 21.5 27.9 -12.7 -23.1 34.4 8

 9 Taxes payable 28.0 19.7 6.5 14.1 -1.5 -1.8 44.1 4.9 -12.0 -8.0 9.0 9

10 Miscellaneous -239.6 -154.6 -420.0 -284.8 -199.0 10.6 -312.9 -181.3 -526.8 125.0 -212.9 10

11 Nonfinancial -26.8 31.7 67.7 130.4 136.7 155.6 159.8 120.7 143.2 149.7 133.1 11

 Nonfinancial components (sign reversed):

12 Statistical discrepancy (NIPA) 29.7 -31.0 -72.9 -130.4 -136.8 -155.6 -159.8 -120.7 -143.3 -149.8 -133.2 12

13 Private wage accruals less disbursements -2.9 -0.7 5.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13
58 Z.1, March 7, 2002

L.1 Credit Market Debt Outstanding (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total credit market debt owed by: 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 1

 2 Domestic nonfinancial sectors 15244.3 16291.1 17426.4 17656.2 17837.0 18034.7 18317.0 18557.9 18729.4 19036.4 19420.6 2

 3 Federal government 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3379.6 3

 4 Nonfederal sectors 11439.4 12538.9 13745.3 14002.7 14373.0 14624.5 14931.9 15149.1 15477.9 15716.3 16041.0 4

 5 Household sector 5556.9 6022.9 6540.1 6606.8 6771.3 6937.2 7113.7 7184.5 7358.6 7526.3 7724.1 5

 6 Nonfinancial corporate business 3383.1 3788.6 4264.7 4414.8 4560.8 4616.0 4693.8 4782.0 4868.4 4909.6 4962.2 6

 7 Nonfarm noncorporate business 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 1781.1 7

 8 Farm business 155.9 163.9 169.4 170.7 176.2 177.9 180.2 179.7 185.2 185.8 187.5 8

 9 State and local governments 1119.5 1199.8 1252.1 1257.3 1265.7 1263.1 1279.3 1307.5 1337.8 1340.6 1386.1 9

10 Rest of the world 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 729.2 706.1 704.8 10

11 Financial sectors 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8853.8 9118.3 9370.4 11

12 Commercial banking 309.2 382.1 449.3 463.6 494.7 502.0 509.3 540.3 543.7 554.1 563.5 12

13 U.S.-chartered commercial banks 133.4 186.2 228.0 240.3 263.4 263.2 264.8 271.9 273.4 280.3 296.0 13

14 Foreign banking offices in U.S. 7.2 2.4 2.0 2.0 2.0 1.9 2.0 1.8 1.4 1.0 1.1 14

15 Bank holding companies 168.6 193.5 219.3 221.4 229.3 236.9 242.5 266.5 269.0 272.7 266.4 15

16 Savings institutions 160.3 212.4 260.4 266.9 280.7 276.0 287.7 295.1 294.4 305.6 294.0 16

17 Credit unions 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 4.9 17

18 Life insurance companies 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 3.1 18

19 Government-sponsored enterprises 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.4 2114.5 19

20 Federally related mortgage pools 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 20

21 ABS issuers 1076.6 1398.0 1621.4 1655.8 1697.0 1742.3 1829.6 1893.7 1942.4 2016.7 2110.0 21

22 Finance companies 568.3 625.5 695.7 708.4 740.8 761.8 776.9 756.2 769.0 771.2 770.0 22

23 Mortgage companies 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 18.6 23

24 REITs 96.1 158.8 165.1 167.9 170.4 169.8 167.8 166.2 168.9 168.3 170.5 24

25 Brokers and dealers 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.1 42.3 25

26 Funding corporations 372.6 412.6 504.0 507.4 515.0 508.7 503.7 524.7 478.6 433.6 450.6 26

27 Total credit market assets held by: 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 27

28 Domestic nonfederal nonfinancial sectors 2945.7 3094.6 3380.9 3300.7 3309.3 3239.4 3188.9 3113.5 3033.7 3014.3 3015.0 28

29 Household sector 2030.4 2044.5 2281.3 2209.4 2189.7 2131.9 2069.6 2011.0 1931.7 1924.2 1894.4 29

30 Nonfinancial corporate business 257.5 241.5 238.7 230.8 246.1 242.2 251.4 225.3 229.4 225.0 242.8 30

31 Nonfarm noncorporate business 52.7 69.1 78.0 77.5 77.6 76.6 75.9 74.7 73.4 71.9 70.1 31

32 State and local governments 605.0 739.4 782.8 782.9 795.8 788.7 792.0 802.4 799.1 793.3 807.8 32

33 Federal government 205.4 219.1 258.0 259.6 261.6 262.7 265.4 266.6 268.9 269.8 272.8 33

34 Rest of the world 2257.3 2539.8 2676.2 2760.7 2809.9 2861.7 3004.6 3112.9 3200.1 3294.3 3430.6 34

35 Financial sectors 15901.8 17634.4 19420.5 19812.3 20152.3 20592.7 21061.9 21465.7 21809.6 22282.3 22777.4 35

36 Monetary authority 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 551.7 36

37 Commercial banking 4031.9 4335.7 4643.9 4725.0 4847.4 4931.0 5002.3 5015.7 5044.4 5096.4 5202.8 37

38 U.S.-chartered commercial banks 3450.7 3761.2 4078.9 4171.3 4295.4 4368.2 4418.7 4424.4 4463.2 4508.8 4605.1 38

39 Foreign banking offices in U.S. 516.1 504.2 484.1 482.0 478.1 487.5 508.1 515.0 504.2 509.9 512.0 39

40 Bank holding companies 27.4 26.5 32.7 22.1 23.0 21.3 20.5 22.3 21.6 21.3 24.3 40

41 Banks in U.S.-affiliated areas 37.8 43.8 48.3 49.6 51.0 54.0 55.0 54.1 55.5 56.5 61.4 41

42 Savings institutions 928.5 964.6 1033.2 1045.8 1062.5 1082.2 1089.7 1101.6 1116.4 1118.4 1130.1 42

43 Credit unions 305.3 324.2 351.7 359.0 370.1 376.0 382.2 386.5 391.8 407.8 420.8 43

44 Bank personal trusts and estates 207.0 194.1 222.0 226.7 230.2 234.6 239.1 241.8 245.1 247.3 249.5 44

45 Life insurance companies 1751.1 1828.0 1886.0 1902.2 1914.1 1935.1 1943.9 1967.2 1996.9 2044.2 2076.2 45

46 Other insurance companies 515.3 521.1 518.2 515.4 510.8 512.4 509.4 510.0 510.0 511.3 514.5 46

47 Private pension funds 674.6 651.8 677.2 691.2 696.3 710.5 717.1 722.8 729.3 725.1 735.0 47

48 State and local govt. retirement funds 632.5 704.6 751.4 767.2 775.1 784.5 806.0 788.3 807.6 789.0 790.9 48

49 Money market mutual funds 721.9 965.9 1147.8 1217.1 1159.4 1212.5 1290.9 1403.8 1414.6 1498.0 1536.9 49

50 Mutual funds 901.1 1028.4 1076.8 1058.3 1072.5 1087.1 1097.8 1113.9 1160.3 1188.2 1223.9 50

51 Closed-end funds 98.3 103.7 111.1 109.0 106.9 104.8 102.7 100.6 98.5 96.4 94.2 51

52 Government-sponsored enterprises 939.4 1253.9 1545.6 1584.0 1649.2 1714.3 1803.7 1869.7 1951.1 2019.1 2098.1 52

53 Federally related mortgage pools 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 53

54 ABS issuers 937.7 1219.4 1424.6 1453.8 1486.3 1522.9 1602.9 1660.5 1703.7 1771.2 1859.0 54

55 Finance companies 568.2 645.5 742.5 776.6 812.3 830.0 850.5 848.0 878.5 859.4 867.0 55

56 Mortgage companies 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 37.2 56

57 REITs 50.6 45.5 42.9 38.8 38.2 37.3 36.6 37.6 37.9 39.8 47.1 57

58 Brokers and dealers 182.6 189.4 154.7 194.8 188.2 243.3 223.6 312.3 288.4 366.4 321.2 58

59 Funding corporations 166.7 152.3 285.0 289.4 337.0 313.0 324.4 291.0 230.2 173.8 193.1 59

(1) Excludes corporate equities and mutual fund shares.
Z.1, March 7, 2002 59

L.2 Credit Market Debt Owed by Nonfinancial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Domestic 15244.3 16291.1 17426.4 17656.2 17837.0 18034.7 18317.0 18557.9 18729.4 19036.4 19420.6 1

 2 Federal government 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3379.6 2

 3 Treasury securities 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 3352.8 3

 4 Budget agency secur. and mortgages 26.5 28.5 28.3 27.8 28.2 27.6 27.3 26.8 27.0 27.0 26.8 4

 5 Nonfederal, by instrument 11439.4 12538.9 13745.3 14002.7 14373.0 14624.5 14931.9 15149.1 15477.9 15716.3 16041.0 5

 6 Commercial paper 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 190.1 6

 7 Municipal securities and loans 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 1688.4 7

 8 Corporate bonds 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.4 2435.3 2482.3 2558.8 8

 9 Bank loans n.e.c. 1040.4 1148.5 1231.2 1258.7 1306.9 1311.3 1334.2 1323.9 1292.9 1282.6 1247.3 9

10 Other loans and advances 825.1 907.2 964.5 1008.3 1037.2 1039.5 1077.1 1083.2 1110.6 1116.8 1096.4 10

11 Mortgages 5155.4 5649.8 6281.2 6392.6 6559.6 6710.3 6850.6 6975.6 7177.8 7378.9 7571.8 11

12 Home 3978.3 4367.0 4802.0 4877.9 5003.5 5122.6 5224.2 5317.6 5473.6 5621.6 5757.0 12

13 Multifamily residential 285.7 309.2 350.0 357.3 369.2 375.9 386.2 395.0 405.3 419.2 432.7 13

14 Commercial 801.4 877.0 1026.9 1053.1 1080.1 1103.4 1131.4 1153.0 1185.9 1223.4 1265.9 14

15 Farm 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 15

16 Consumer credit 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 16

17 Nonfederal, by sector 11439.4 12538.9 13745.3 14002.7 14373.0 14624.5 14931.9 15149.1 15477.9 15716.3 16041.0 17

18 Household sector 5556.9 6022.9 6540.1 6606.8 6771.3 6937.2 7113.7 7184.5 7358.6 7526.3 7724.1 18

19 Nonfinancial business 4763.0 5316.2 5953.2 6138.6 6336.1 6424.3 6538.8 6657.1 6781.4 6849.4 6930.9 19

20 Corporate 3383.1 3788.6 4264.7 4414.8 4560.8 4616.0 4693.8 4782.0 4868.4 4909.6 4962.2 20

21 Nonfarm noncorporate 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 1781.1 21

22 Farm 155.9 163.9 169.4 170.7 176.2 177.9 180.2 179.7 185.2 185.8 187.5 22

23 State and local governments 1119.5 1199.8 1252.1 1257.3 1265.7 1263.1 1279.3 1307.5 1337.8 1340.6 1386.1 23

 Foreign credit market debt

24 held in U.S. 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 729.2 706.1 704.8 24

25 Commercial paper 65.1 72.9 89.2 101.6 101.2 109.8 120.9 112.8 110.1 106.3 106.7 25

26 Bonds 427.7 462.6 479.4 491.3 484.5 502.4 504.6 508.9 504.9 485.2 486.8 26

27 Bank loans n.e.c. 52.1 58.9 59.4 63.3 64.7 67.7 70.7 73.9 66.2 67.3 63.2 27

28 Other loans and advances 63.0 57.2 51.7 51.7 52.1 51.2 50.5 47.7 47.9 47.3 48.1 28

29 Domestic and foreign 15852.3 16942.7 18106.0 18364.0 18539.5 18765.7 19063.7 19301.3 19458.5 19742.5 20125.3 29

L.3 Credit Market Debt Owed by Financial Sectors

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 By instrument 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8853.8 9118.3 9370.4 1

 2 Federal government-related 2821.1 3292.0 3884.0 3940.1 4035.3 4164.0 4317.4 4422.9 4589.2 4796.8 4942.8 2

 3 Govt.-sponsored enterprise securities 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.4 2114.5 3

 4 Mortgage pool securities 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 4

 5 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Private financial sectors 2636.9 3253.2 3745.6 3829.1 3958.2 4026.7 4139.7 4234.4 4264.6 4321.5 4427.7 6

 7 Open market paper 745.7 906.7 1082.9 1115.7 1135.2 1151.6 1210.7 1180.8 1144.5 1110.2 1148.8 7

 8 Corporate bonds 1568.6 1878.7 2096.9 2138.8 2212.0 2269.7 2314.8 2424.3 2483.9 2559.2 2616.1 8

 9 Bank loans n.e.c. 77.3 107.5 93.2 91.8 93.1 92.8 93.0 97.3 100.4 100.2 104.5 9

10 Other loans and advances 198.5 288.7 395.8 404.4 436.9 430.2 438.3 450.9 450.7 467.2 473.2 10

11 Mortgages 46.8 71.6 76.7 78.5 81.0 82.5 82.9 81.1 85.1 84.6 85.0 11

12 By sector 5458.0 6545.2 7629.6 7769.2 7993.5 8190.8 8457.1 8657.3 8853.8 9118.3 9370.4 12

13 Commercial banks 140.6 188.6 230.0 242.2 265.4 265.2 266.7 273.8 274.7 281.4 297.1 13

14 Bank holding companies 168.6 193.5 219.3 221.4 229.3 236.9 242.5 266.5 269.0 272.7 266.4 14

15 Savings institutions 160.3 212.4 260.4 266.9 280.7 276.0 287.7 295.1 294.4 305.6 294.0 15

16 Credit unions 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 4.9 16

17 Life insurance companies 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 3.1 17

18 Government-sponsored enterprises 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.4 2114.5 18

19 Federally related mortgage pools 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 19

20 ABS issuers 1076.6 1398.0 1621.4 1655.8 1697.0 1742.3 1829.6 1893.7 1942.4 2016.7 2110.0 20

21 Brokers and dealers 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.1 42.3 21

22 Finance companies 568.3 625.5 695.7 708.4 740.8 761.8 776.9 756.2 769.0 771.2 770.0 22

23 Mortgage companies 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 18.6 23

24 REITs 96.1 158.8 165.1 167.9 170.4 169.8 167.8 166.2 168.9 168.3 170.5 24

25 Funding corporations 372.6 412.6 504.0 507.4 515.0 508.7 503.7 524.7 478.6 433.6 450.6 25
60 Z.1, March 7, 2002

L.4 Credit Market Debt, All Sectors, by Instrument

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 1

 2 Open market paper 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 1445.6 2

 3 U.S. government securities 6626.0 7044.3 7565.0 7593.6 7499.3 7574.2 7702.6 7831.7 7840.6 8116.8 8322.4 3

 4 Municipal securities 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 1688.4 4

 5 Corporate and foreign bonds 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5263.7 5424.2 5526.7 5661.6 5

 6 Bank loans n.e.c. 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 6

 7 Other loans and advances 1086.6 1253.0 1412.0 1464.4 1526.2 1520.9 1565.9 1581.8 1609.2 1631.3 1617.6 7

 8 Mortgages 5202.2 5721.4 6357.9 6471.0 6640.6 6792.8 6933.6 7056.6 7263.0 7463.5 7656.8 8

 9 Consumer credit 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 9

 Memo:

 Selected claims not included above:

10 Corporate equities 13301.7 15577.3 19581.2 20276.6 19396.1 19244.2 17566.4 15311.0 16240.7 13628.2 15186.0 10

11 Mutual fund shares 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 11

L.5 Total Liabilities and Its Relation to Total Financial Assets

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Total credit market debt

 1 (from table L.4) 21310.3 23487.8 25735.6 26133.3 26533.0 26956.5 27520.8 27958.6 28312.4 28860.8 29495.8 1

 2 Official foreign exchange 48.9 60.1 50.1 46.6 46.0 44.9 46.1 42.8 43.4 49.0 46.8 2

 3 SDR certificates 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 19.3 19.9 20.9 21.4 22.1 23.2 23.2 22.9 23.2 23.2 23.2 4

 5 Foreign deposits 618.5 642.3 703.6 781.9 782.8 772.6 824.5 883.4 840.8 861.7 886.7 5

 6 Net interbank liabilities 219.4 189.0 205.3 122.8 194.7 206.0 222.6 156.0 163.9 177.7 232.5 6

 7 Checkable deposits and currency 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1405.7 1452.0 1485.7 1599.1 7

 8 Small time and savings deposits 2474.1 2626.5 2671.2 2728.0 2738.8 2790.9 2861.9 2965.3 2992.3 3047.0 3121.9 8

 9 Large time deposits 713.4 805.5 936.1 966.5 987.4 1025.9 1054.5 1078.0 1087.1 1090.7 1118.4 9

10 Money market fund shares 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 2240.7 10

11 Security RPs 822.4 913.7 1083.4 1149.4 1185.2 1238.6 1194.1 1179.3 1205.2 1253.1 1237.9 11

12 Mutual fund shares 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 12

13 Security credit 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 920.0 814.1 13

14 Life insurance reserves 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 847.0 868.1 14

15 Pension fund reserves 7323.4 8209.0 9080.2 9286.6 9214.2 9355.5 9091.4 8616.3 8880.4 8309.3 8723.5 15

16 Trade payables 1967.3 2076.5 2298.8 2321.7 2371.6 2418.3 2465.5 2447.3 2418.9 2429.1 2439.3 16

17 Taxes payable 151.1 172.4 194.7 210.1 211.4 214.9 216.4 225.7 225.1 251.3 229.6 17

18 Investment in bank personal trusts 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 18

19 Miscellaneous 6731.6 7653.4 8195.4 8407.0 8627.9 9130.2 9008.8 9443.4 9702.3 10110.2 10078.3 19

20 Total liabilities 49803.3 55433.2 61374.6 62824.6 63376.2 64777.1 64853.4 64949.6 66209.6 66446.7 68206.6 20

 + Financial assets not included in

 liabilities:

21 Gold and SDRs 21.1 21.6 21.4 21.4 21.5 21.4 21.6 21.4 21.5 22.0 21.8 21

22 Corporate equities 13301.7 15577.3 19581.2 20276.6 19396.1 19244.2 17566.4 15311.0 16240.7 13628.2 15186.0 22

23 Household equity in noncorp. bus. 4051.3 4394.4 4663.5 4708.1 4819.5 4873.0 4956.3 5009.1 5038.9 5087.0 5105.5 23

 - Liabilities not identified as assets:

24 Treasury currency -6.3 -6.4 -7.1 -7.6 -7.9 -7.6 -8.5 -9.4 -9.5 -9.8 -10.0 24

25 Foreign deposits 535.0 542.8 588.9 654.7 634.2 611.5 659.9 705.1 667.5 687.2 698.8 25

26 Net interbank transactions -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 26

27 Security RPs 172.9 230.6 266.7 405.5 419.6 453.5 382.5 339.2 368.7 369.5 330.8 27

28 Taxes payable 104.2 122.9 122.7 118.7 134.5 124.6 128.5 114.3 134.4 148.5 99.7 28

29 Miscellaneous -1571.2 -2372.7 -2791.3 -2944.2 -2985.6 -2719.1 -3201.2 -3096.0 -3074.3 -2942.8 -3308.2 29

 - Floats not included in assets:

30 Checkable deposits: Federal govt. -8.1 -3.9 -9.9 -9.2 -5.6 -7.8 -2.3 -1.9 -4.8 -5.9 -14.1 30

31 Other 26.2 23.1 22.3 18.7 22.5 15.5 24.0 21.1 25.5 19.2 28.6 31

32 Trade credit 126.8 76.6 120.9 50.2 16.5 9.9 96.1 53.3 25.0 17.2 102.7 32

33 Totals identified to sectors as assets 67830.0 76840.3 87352.8 89557.7 89396.8 90452.8 89323.1 87163.8 89372.6 86894.9 90580.2 33
Z.1, March 7, 2002 61

L.10 Assets and Liabilities of the Personal Sector (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 24226.3 27286.1 31719.2 32550.7 31730.1 31600.3 30149.6 28232.5 29035.9 26998.3 28490.4 1

 2 Foreign deposits 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 47.1 48.4 47.0 2

 3 Checkable deposits and currency 623.1 637.1 617.8 616.9 590.7 552.2 586.3 591.0 582.9 570.8 658.6 3

 4 Time and savings deposits 2651.6 2827.5 2936.0 3039.6 3105.6 3187.3 3247.0 3353.4 3397.4 3449.6 3505.1 4

 5 Money market fund shares 605.2 779.7 914.2 994.2 957.7 984.0 1055.5 1153.0 1098.4 1170.6 1213.5 5

 6 Securities 10198.6 11551.9 14533.4 14855.5 14117.8 13745.1 12427.4 10866.4 11342.2 9759.7 10623.0 6

 7 Open market paper 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 53.3 7

 8 U.S. savings bonds 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 8

 9 Other Treasury securities 532.0 451.9 535.2 478.5 367.1 315.3 301.1 287.5 205.9 237.2 260.1 9

10 Agency securities 176.6 156.7 243.2 230.0 252.3 266.2 245.0 122.1 121.6 135.4 99.7 10

11 Municipal securities 471.9 489.8 530.1 532.9 547.3 547.2 545.3 563.6 583.9 566.8 586.2 11

12 Corporate and foreign bonds 531.7 623.7 645.8 637.3 688.0 665.4 636.7 699.1 682.2 646.0 608.0 12

13 Corporate equities (2) 6302.5 7173.6 9197.3 9369.9 8715.0 8345.7 7317.1 6113.0 6469.8 5231.5 5832.2 13

14 Mutual fund shares 1941.2 2405.8 3127.7 3352.5 3293.3 3349.6 3124.7 2829.2 3030.7 2697.5 2993.2 14

15 Private life insurance reserves 632.7 684.7 748.9 765.7 770.6 782.7 782.7 786.5 803.1 809.8 830.3 15

16 Private insured pension reserves 1086.1 1248.1 1431.0 1481.3 1476.4 1506.0 1456.1 1414.5 1465.6 1405.6 1507.8 16

17 Private noninsured pension reserves 3793.6 4232.5 4702.9 4859.5 4773.7 4819.8 4598.9 4275.7 4415.7 4041.9 4226.3 17

18 Govt. insurance and pension reserves 2476.0 2761.9 2981.3 2981.0 3000.0 3065.7 3072.8 2962.6 3036.3 2899.0 3027.2 18

19 Investment in bank personal trusts 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 19

20 Miscellaneous and other assets 1179.8 1523.3 1679.7 1750.3 1774.5 1802.9 1852.2 1850.4 1882.8 1983.2 1939.5 20

21 Total liabilities 7722.4 8513.4 9364.8 9545.8 9771.7 9990.7 10185.2 10258.4 10485.8 10755.0 10928.5 21

22 Mortgage debt on nonfarm homes 3970.3 4357.6 4790.5 4865.9 4990.9 5109.4 5210.7 5303.3 5458.6 5606.2 5741.4 22

23 Other mortgage debt (3) 923.8 1010.3 1112.6 1132.5 1158.7 1181.4 1200.9 1222.2 1252.6 1283.4 1310.1 23

24 Consumer credit 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 24

25 Policy loans 104.6 104.7 100.0 99.6 100.5 102.0 102.8 103.8 104.0 105.3 105.5 25

26 Security credit 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 258.1 194.7 26

27 Other liabilities (3) 1320.8 1541.4 1687.7 1724.3 1774.8 1804.4 1842.6 1850.3 1866.6 1883.0 1888.5 27

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

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

(3) Includes corporate farms.
62 Z.1, March 7, 2002

L.100 Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 27428.7 30502.9 35064.0 35913.8 35163.8 35068.3 33679.9 31795.5 32607.2 30601.7 32097.5 1

 2 Deposits 3645.3 3958.4 4141.6 4321.6 4311.9 4372.4 4530.9 4724.8 4692.1 4794.4 4966.6 2

 3 Foreign deposits 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 47.1 48.4 47.0 3

 4 Checkable deposits and currency 460.0 440.2 395.2 388.0 351.0 308.4 338.5 338.1 324.8 307.4 389.7 4

 5 Time and savings deposits 2565.9 2732.7 2831.2 2933.8 2997.9 3079.3 3138.2 3243.4 3286.0 3336.8 3391.0 5

 6 Money market fund shares 582.3 747.1 871.6 951.2 914.4 936.9 1003.0 1093.4 1034.3 1101.8 1138.9 6

 7 Credit market instruments 2030.4 2044.5 2281.3 2209.4 2189.7 2131.9 2069.6 2011.0 1931.7 1924.2 1894.4 7

 8 Open market paper 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 53.3 8

 9 U.S. government securities 864.2 758.3 931.0 862.5 776.5 739.9 707.3 573.5 494.8 544.2 538.8 9

10 Treasury 687.6 601.6 687.8 632.5 524.2 473.7 462.2 451.4 373.2 408.8 439.1 10

11 Savings bonds 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 11

12 Other Treasury 501.1 415.0 501.3 447.2 339.6 289.3 277.5 266.6 187.8 222.4 248.7 12

13 Agency 176.6 156.7 243.2 230.0 252.3 266.2 245.0 122.1 121.6 135.4 99.7 13

14 Municipal securities 468.8 488.3 526.6 529.4 543.7 543.5 541.6 559.8 580.2 563.0 582.3 14

15 Corporate and foreign bonds 531.7 623.7 645.8 637.3 688.0 665.4 636.7 699.1 682.2 646.0 608.0 15

16 Mortgages 109.6 110.5 110.2 111.2 111.5 111.7 111.3 111.4 111.9 112.1 112.0 16

17 Corporate equities (2) 6302.5 7173.6 9197.3 9369.9 8715.0 8345.7 7317.1 6113.0 6469.8 5231.5 5832.2 17

18 Mutual fund shares 1941.2 2405.8 3127.7 3352.5 3293.3 3349.6 3124.7 2829.2 3030.7 2697.5 2993.2 18

19 Security credit 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 494.8 443.4 19

20 Life insurance reserves 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 847.0 868.1 20

21 Pension fund reserves 7323.4 8209.0 9080.2 9286.6 9214.2 9355.5 9091.4 8616.3 8880.4 8309.3 8723.5 21

22 Investment in bank personal trusts 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 22

23 Equity in noncorporate business 4051.3 4394.4 4663.5 4708.1 4819.5 4873.0 4956.3 5009.1 5038.9 5087.0 5105.5 23

24 Miscellaneous assets 311.7 321.4 334.2 335.6 339.6 341.7 338.9 339.6 346.1 356.4 358.6 24

25 Total liabilities 5824.8 6319.7 6920.1 7046.5 7196.7 7367.5 7507.1 7537.1 7714.6 7946.9 8083.1 25

26 Credit market instruments 5556.9 6022.9 6540.1 6606.8 6771.3 6937.2 7113.7 7184.5 7358.6 7526.3 7724.1 26

27 Home mortgages (3) 3818.1 4168.3 4557.4 4624.8 4738.9 4847.0 4939.7 5021.6 5167.0 5304.4 5430.5 27

28 Consumer credit 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 28

29 Municipal securities 114.9 126.9 137.3 138.0 141.4 141.9 143.0 144.2 145.3 147.5 153.8 29

30 Bank loans n.e.c. 66.5 72.7 65.4 69.3 71.4 67.1 73.5 63.4 59.3 65.5 57.4 30

31 Other loans and advances 190.7 204.0 218.9 222.8 227.4 242.1 246.3 251.1 255.9 260.8 264.1 31

32 Commercial mortgages 95.1 104.5 115.0 114.9 115.6 119.5 118.1 118.9 122.9 129.0 130.1 32

33 Security credit 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 258.1 194.7 33

34 Trade payables 118.0 126.8 132.7 134.5 136.3 137.7 138.6 140.4 141.5 143.2 144.7 34

 Deferred and unpaid

35 life insurance premiums 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.3 19.6 35

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

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22).

(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
Z.1, March 7, 2002 63

L.101 Nonfinancial Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 6642.9 7981.9 8893.2 9103.5 9303.6 9490.4 9570.5 9571.0 9685.2 9741.9 9892.4 1

 2 Foreign deposits 23.1 30.5 28.3 22.2 26.5 37.7 22.2 15.6 15.9 15.5 16.7 2

 3 Checkable deposits and currency 391.9 453.6 516.2 514.0 547.2 590.4 579.9 555.2 565.3 589.3 580.0 3

 4 Time and savings deposits 205.1 207.4 233.6 222.6 221.3 224.5 234.7 231.8 228.8 225.7 226.3 4

 5 Money market fund shares 110.7 146.9 179.9 182.4 183.3 203.0 230.3 269.9 302.5 315.0 349.7 5

 6 Security RPs 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 3.1 3.8 6

 7 Credit market instruments 310.3 310.6 316.8 308.3 323.7 318.8 327.3 300.1 302.8 296.8 312.8 7

 8 Commercial paper 36.1 39.4 43.7 38.3 37.3 44.7 47.4 43.2 46.9 48.5 53.2 8

 9 U.S. government securities 65.6 71.2 66.0 68.0 69.2 67.6 57.0 54.2 53.7 52.7 52.1 9

10 Municipal securities 30.6 27.2 25.8 27.4 39.5 30.9 36.3 27.2 29.8 30.7 34.6 10

11 Mortgages 99.0 97.9 101.0 101.7 104.2 103.6 103.9 104.1 104.3 104.7 105.1 11

12 Consumer credit 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 67.9 12

13 Mutual fund shares 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 84.7 13

14 Trade receivables 1571.5 1698.5 1857.7 1940.6 2011.1 2050.2 2004.3 2013.6 1993.2 1997.5 1920.1 14

15 Miscellaneous assets 3956.6 5039.2 5641.5 5789.7 5874.8 5951.0 6068.2 6095.6 6181.3 6222.4 6398.4 15

16 Total liabilities 8526.4 9651.3 10598.0 10847.5 11082.9 11322.0 11484.3 11642.4 11762.1 11924.5 12022.6 16

17 Credit market instruments 4763.0 5316.2 5953.2 6138.6 6336.1 6424.3 6538.8 6657.1 6781.4 6849.4 6930.9 17

18 Commercial paper 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 190.1 18

19 Municipal securities 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 157.4 19

20 Corporate bonds 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.4 2435.3 2482.3 2558.8 20

21 Bank loans n.e.c. 973.9 1075.9 1165.8 1189.4 1235.5 1244.1 1260.7 1260.5 1233.6 1217.1 1189.9 21

22 Other loans and advances 625.4 693.1 735.9 776.2 800.8 788.7 822.1 823.3 845.7 847.1 823.4 22

23 Mortgages 1242.2 1377.0 1608.8 1652.9 1705.1 1743.8 1792.8 1835.1 1887.9 1945.4 2011.3 23

24 Trade payables 1158.7 1240.2 1410.5 1419.6 1452.3 1497.1 1536.1 1514.0 1477.7 1483.0 1487.3 24

25 Taxes payable 109.0 124.6 139.8 153.7 154.0 155.3 154.3 162.7 160.2 184.1 160.2 25

26 Miscellaneous liabilities 2495.7 2970.4 3094.6 3135.5 3140.6 3245.4 3255.0 3308.6 3342.8 3408.0 3444.2 26

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
64 Z.1, March 7, 2002

L.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5808.7 6816.1 7564.2 7743.4 7896.8 8057.9 8112.0 8083.9 8168.9 8199.5 8324.9 1

 2 Foreign deposits 23.1 30.5 28.3 22.2 26.5 37.7 22.2 15.6 15.9 15.5 16.7 2

 3 Checkable deposits and currency 228.8 256.6 293.6 285.1 307.4 346.6 332.1 302.3 307.1 325.9 311.2 3

 4 Time and savings deposits 119.4 112.6 128.8 116.8 113.6 116.5 125.9 121.7 117.4 113.0 112.1 4

 5 Money market fund shares 87.8 114.3 137.3 139.3 140.0 155.9 177.7 210.3 238.4 246.3 275.0 5

 6 Security RPs 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 3.1 3.8 6

 7 Commercial paper 36.1 39.4 43.7 38.3 37.3 44.7 47.4 43.2 46.9 48.5 53.2 7

 8 U.S. government securities 34.8 34.2 32.1 36.7 41.6 41.6 33.4 33.3 35.6 37.9 40.7 8

 9 Municipal securities 27.4 25.7 22.3 23.9 35.9 27.2 32.7 23.5 26.1 26.9 30.7 9

10 Mortgages 80.2 67.3 60.3 59.0 57.8 56.5 55.3 54.0 52.8 51.5 50.3 10

11 Consumer credit 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 67.9 11

12 Trade receivables 1366.6 1452.9 1566.3 1639.0 1689.9 1724.7 1672.0 1676.4 1651.7 1652.7 1573.2 12

13 Mutual fund shares 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 84.7 13

14 Miscellaneous assets 3651.9 4512.5 5051.9 5186.5 5257.6 5319.5 5427.1 5443.0 5513.5 5541.7 5705.5 14

15 U.S. direct investment abroad (1) 932.5 1048.4 1160.4 1194.5 1220.3 1252.3 1247.2 1284.2 1321.9 1373.0 1395.0 15

16 Insurance receivables 188.1 189.8 190.8 191.1 192.5 193.3 190.4 191.3 193.9 200.5 201.3 16

17 Equity in GSEs 0.5 -0.2 -0.8 -0.8 -1.2 -1.1 -0.8 -6.5 -4.2 -10.8 -8.1 17

18 Investment in finance company subs. 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.8 49.7 18

19 Other 2507.3 3257.5 3657.6 3748.0 3798.4 3825.0 3939.0 3925.4 3955.2 3933.1 4067.5 19

20 Total liabilities 6628.8 7457.6 8153.4 8348.1 8507.9 8698.9 8806.1 8921.1 8990.9 9116.3 9177.2 20

21 Credit market instruments 3383.1 3788.6 4264.7 4414.8 4560.8 4616.0 4693.8 4782.0 4868.4 4909.6 4962.2 21

22 Commercial paper 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 190.1 22

23 Municipal securities (2) 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 157.4 23

24 Corporate bonds (1) 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.4 2435.3 2482.3 2558.8 24

25 Bank loans n.e.c. 692.7 774.5 847.5 868.3 902.5 909.0 921.8 923.2 898.7 886.4 864.7 25

26 Other loans and advances 507.7 562.0 596.5 632.2 653.7 639.9 669.9 670.5 688.8 694.2 670.9 26

27 Savings institutions 9.4 12.1 15.3 16.7 17.7 19.0 19.7 20.7 21.9 21.8 21.5 27

28 Finance companies 273.7 306.8 355.6 380.5 397.7 398.7 412.6 413.2 433.7 406.0 402.3 28

29 Federal government 8.4 8.3 8.0 7.9 7.7 7.6 7.6 7.6 7.3 7.7 7.4 29

30 Acceptance liabilities to banks 10.8 6.6 4.4 4.9 4.9 4.6 4.3 6.6 5.8 4.3 4.1 30

31 Rest of the world 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.8 118.9 137.2 115.7 31

32 ABS issuers 62.1 85.9 93.6 101.5 100.9 97.6 108.4 107.6 101.3 117.2 120.0 32

33 Mortgages 261.2 281.8 378.2 394.2 410.0 419.5 439.0 450.1 466.7 489.3 520.3 33

34 Trade payables 992.1 1049.7 1194.1 1197.6 1220.3 1261.4 1296.5 1271.7 1231.4 1234.6 1237.3 34

35 Taxes payable 59.2 64.1 71.0 82.8 80.2 80.4 78.0 84.7 80.6 103.1 78.1 35

36 Miscellaneous liabilities 2194.4 2555.3 2623.5 2653.0 2646.5 2741.1 2737.9 2782.7 2810.6 2869.0 2899.5 36

37 Foreign direct investment in U.S. 749.6 804.6 945.5 960.8 1045.5 1101.3 1112.3 1156.1 1178.3 1186.3 1202.2 37

38 Pension fund contributions payable 93.5 114.9 116.1 116.4 116.7 117.0 117.4 117.7 118.0 118.3 118.6 38

39 Other 1351.3 1635.8 1561.9 1575.7 1484.3 1522.8 1508.2 1508.9 1514.3 1564.4 1578.7 39

 Memo:

40 Trade receivables net of payables 374.5 403.2 372.2 441.4 469.5 463.3 375.6 404.7 420.3 418.2 335.9 40

41 Market value of equities 9774.6 11606.7 15117.0 15728.0 14938.7 14453.6 12740.8 10989.1 11689.9 9679.2 10887.2 41

42 Securities and mortgages 2014.1 2259.2 2590.5 2653.5 2707.8 2760.1 2823.8 2935.2 3057.5 3127.8 3236.5 42

43 Loans and short-term paper 1369.0 1529.4 1674.3 1761.3 1853.0 1855.9 1870.0 1846.8 1810.8 1781.9 1725.7 43

44 Total short-term liabilities (3) 2420.3 2643.2 2939.4 3041.7 3153.5 3197.7 3244.5 3203.2 3122.8 3119.6 3041.1 44

45 Total liquid assets (4) 631.1 708.6 805.4 786.0 818.1 885.1 875.0 839.1 882.9 893.3 928.0 45

 Analytical measures (percent)

46 Long-term debt/credit market debt 59.5 59.6 60.7 60.1 59.4 59.8 60.2 61.4 62.8 63.7 65.2 46

47 Short-term debt/credit market debt 40.5 40.4 39.3 39.9 40.6 40.2 39.8 38.6 37.2 36.3 34.8 47

48 Liquid assets/short-term liabilities 26.1 26.8 27.4 25.8 25.9 27.7 27.0 26.2 28.3 28.6 30.5 48

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

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

(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.

(4) Sum of lines 2 through 9, plus line 13.
Z.1, March 7, 2002 65

L.103 Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 772.4 1101.8 1264.3 1295.3 1341.5 1367.0 1393.6 1421.9 1450.4 1475.8 1500.2 1

 2 Checkable deposits and currency 146.2 178.3 203.3 209.6 220.4 224.4 228.3 233.3 238.5 243.8 249.1 2

 3 Time and savings deposits 85.7 94.8 104.8 105.8 107.7 108.0 108.8 110.1 111.4 112.8 114.1 3

 4 Money market fund shares 22.9 32.6 42.6 43.1 43.2 47.2 52.6 59.6 64.1 68.8 74.7 4

 5 Treasury securities 30.8 37.0 33.9 31.3 27.6 25.9 23.7 20.9 18.2 14.8 11.4 5

 6 Municipal securities 3.2 1.5 3.5 3.5 3.6 3.6 3.7 3.7 3.8 3.8 3.9 6

 7 Mortgages 18.7 30.7 40.7 42.7 46.5 47.0 48.6 50.1 51.5 53.2 54.8 7

 8 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Trade receivables 204.9 245.6 291.4 301.6 321.2 325.5 332.2 337.2 341.5 344.8 346.8 9

10 Miscellaneous assets 259.9 481.4 544.1 557.7 571.2 585.3 595.7 607.0 621.5 633.8 645.4 10

11 Insurance receivables 45.2 45.6 45.9 46.0 46.3 46.5 45.8 46.0 46.6 48.2 48.4 11

12 Equity investment in GSEs (1) 1.7 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.9 12

13 Other 213.0 434.2 496.6 510.0 523.3 537.2 548.3 559.4 573.3 584.1 595.1 13

14 Total liabilities 1722.9 2010.2 2255.3 2309.5 2378.1 2424.3 2477.1 2521.4 2564.6 2601.1 2636.9 14

15 Credit market instruments 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 1781.1 15

16 Bank loans n.e.c. 237.3 256.3 274.2 278.7 287.1 288.9 292.0 292.2 287.2 283.5 278.5 16

17 Other loans and advances 95.8 108.9 116.7 119.9 123.7 125.4 127.8 128.2 132.6 128.9 127.9 17

18 Mortgages 890.9 998.6 1128.3 1154.5 1188.3 1215.9 1245.0 1275.1 1308.2 1341.4 1374.8 18

19 Trade payables 147.8 170.9 196.4 202.9 211.2 214.8 218.8 222.0 224.8 227.2 229.0 19

20 Taxes payable 49.8 60.5 68.8 71.0 73.7 74.9 76.3 78.0 79.6 81.0 82.1 20

21 Miscellaneous liabilities 301.3 415.1 471.0 482.5 494.1 504.3 517.2 525.9 532.3 539.0 544.7 21

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 61.7 64.0 64.8 64.8 65.3 65.5 64.9 65.1 65.9 66.6 67.3 1

 2 Checkable deposits and currency 16.9 18.6 19.2 19.3 19.3 19.4 19.4 19.5 19.6 19.7 19.8 2

 3 Miscellaneous assets 44.8 45.4 45.6 45.6 46.0 46.2 45.5 45.6 46.3 46.9 47.5 3

 4 Insurance receivables 43.3 43.7 43.9 44.0 44.4 44.5 43.9 44.1 44.7 45.2 45.4 4

 5 Equity investment in GSEs (2) 1.5 1.7 1.6 1.5 1.6 1.6 1.6 1.6 1.7 1.7 2.1 5

 6 Total liabilities 174.7 183.5 189.4 189.8 197.0 198.8 201.1 200.0 206.7 207.1 208.6 6

 7 Credit market instruments 155.9 163.9 169.4 170.7 176.2 177.9 180.2 179.7 185.2 185.8 187.5 7

 8 Bank loans n.e.c. 43.9 45.1 44.2 42.4 45.9 46.2 46.9 45.1 47.8 47.1 46.7 8

 9 Other loans and advances 21.9 22.2 22.8 24.0 23.5 23.4 24.5 24.6 24.3 24.0 24.6 9

10 Mortgages 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 10

11 Trade payables 18.8 19.6 20.0 19.2 20.8 20.9 20.9 20.3 21.5 21.2 21.0 11

(1) Corporate and noncorporate farms.

(2) Equity in the Farm Credit System.
66 Z.1, March 7, 2002

L.105 State and Local Governments (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1033.3 1180.3 1267.8 1278.6 1297.9 1305.8 1321.0 1342.5 1362.4 1366.5 1406.4 1

 2 Checkable deposits and currency 32.2 28.3 32.1 27.2 27.0 25.7 33.2 30.2 30.2 29.6 35.8 2

 3 Time and savings deposits 78.4 91.1 102.1 98.9 100.7 103.4 111.5 109.9 107.1 108.1 117.5 3

 4 Security RPs 151.4 158.5 163.5 176.4 174.0 177.0 173.3 175.5 179.8 185.0 197.4 4

 5 Credit market instruments 605.0 739.4 782.8 782.9 795.8 788.7 792.0 802.4 799.1 793.3 807.8 5

 6 Open market paper 74.0 102.0 103.9 105.6 110.0 109.0 111.5 112.5 108.2 105.7 112.5 6

 7 U.S. government securities 354.8 448.3 474.3 470.5 476.4 467.9 467.2 471.9 470.2 461.9 464.9 7

 8 Treasury 239.3 269.3 266.8 257.2 256.4 241.9 236.2 231.5 224.0 208.9 205.4 8

 9 Agency 115.4 179.0 207.5 213.3 220.0 226.0 231.0 240.4 246.1 253.0 259.5 9

10 Municipal securities 3.9 2.5 1.0 0.6 1.0 1.8 1.6 2.1 2.0 2.1 1.9 10

11 Corporate and foreign bonds 51.0 61.2 73.8 75.3 76.5 76.9 77.5 80.4 82.2 85.9 89.4 11

12 Mortgages 121.3 125.4 129.8 130.9 132.0 133.1 134.3 135.4 136.6 137.8 139.0 12

13 Corporate equities 79.0 102.0 115.0 113.2 115.0 117.6 115.1 111.1 121.1 111.3 126.3 13

14 Mutual fund shares 33.6 21.3 25.6 22.9 24.3 25.4 26.4 28.8 30.7 30.5 31.5 14

15 Taxes receivable 26.9 28.1 33.5 35.5 39.0 42.9 45.6 49.1 50.8 51.4 50.1 15

16 Miscellaneous assets 27.0 11.5 13.1 21.5 21.9 25.0 24.1 35.5 43.6 57.3 40.1 16

17 Total liabilities 1668.5 1779.3 1860.7 1874.1 1888.9 1892.6 1915.2 1949.6 1986.2 1995.4 2047.2 17

18 Credit market instruments 1119.5 1199.8 1252.1 1257.3 1265.7 1263.1 1279.3 1307.5 1337.8 1340.6 1386.1 18

19 Municipal securities 1110.6 1189.7 1242.4 1247.9 1256.7 1254.5 1270.6 1298.7 1328.9 1331.7 1377.1 19

20 Short-term 47.5 41.2 44.8 46.4 45.2 43.5 47.9 53.7 55.7 64.9 71.6 20

21 Other 1063.1 1148.5 1197.6 1201.5 1211.6 1211.0 1222.7 1244.9 1273.3 1266.8 1305.6 21

22 U.S. government loans 8.9 10.1 9.7 9.3 8.9 8.6 8.7 8.8 8.9 8.9 8.9 22

23 Trade payables 549.0 579.5 608.6 616.9 623.2 629.6 635.9 642.1 648.4 654.8 661.1 23

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 437.9 442.9 557.4 537.6 532.4 538.3 506.5 537.2 540.1 565.3 609.2 1

 2 Gold, SDRs, and official foreign exchange 42.0 51.0 44.4 41.3 41.0 39.7 41.0 38.7 39.5 44.6 43.1 2

 3 Checkable deposits and currency 41.6 23.2 87.9 51.2 60.6 55.7 24.3 30.7 48.9 50.6 66.8 3

 4 Time and savings deposits 3.4 4.7 5.4 5.5 5.7 6.2 6.3 8.4 9.9 11.7 10.5 4

 5 Credit market instruments 205.4 219.1 258.0 259.6 261.6 262.7 265.4 266.6 268.9 269.8 272.8 5

 6 Agency securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Mortgages 45.7 44.9 77.7 76.8 76.8 76.5 76.9 76.3 76.2 75.3 75.8 7

 8 Other loans and advances 159.7 174.2 180.3 182.8 184.7 186.2 188.6 190.3 192.8 194.5 197.1 8

 9 Trade receivables 20.8 22.3 22.9 25.4 26.9 27.7 28.1 31.7 33.9 37.6 35.8 9

10 Taxes receivable 20.0 21.4 38.5 55.9 37.9 47.4 42.4 62.3 39.9 51.4 79.8 10

11 Miscellaneous assets 104.8 101.2 100.3 98.7 98.7 98.8 98.9 98.8 99.1 99.6 100.2 11

12 Total liabilities 4546.9 4529.4 4499.3 4463.0 4283.5 4244.7 4225.1 4255.1 4108.5 4190.9 4269.9 12

13 SDR certificates 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 2.2 13

14 Treasury currency 19.3 19.9 20.9 21.4 22.1 23.2 23.2 22.9 23.2 23.2 23.2 14

15 Credit market instruments 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3379.6 15

16 Savings bonds 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 16

17 Other Treasury securities 3591.8 3537.1 3466.3 3440.5 3251.1 3198.2 3173.1 3197.3 3038.9 3106.7 3162.5 17

18 Budget agency securities 26.5 28.5 28.3 27.8 28.2 27.6 27.3 26.8 27.0 27.0 26.8 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 72.9 64.9 65.6 67.0 67.5 68.3 66.8 64.9 63.2 63.7 55.1 20

21 Insurance and pension reserves 634.0 676.5 719.0 708.2 719.2 733.3 741.3 749.8 762.1 775.4 803.6 21

22 Miscellaneous liabilities 6.6 6.7 6.6 6.6 6.5 6.6 6.4 6.5 6.4 6.4 6.2 22
Z.1, March 7, 2002 67

L.107 Rest of the World

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 4925.7 5672.2 6399.6 6621.6 6851.7 7069.0 7369.1 7614.9 7797.8 7845.0 8191.6 1

 2 Net interbank assets 173.0 145.9 140.3 83.4 150.3 170.8 162.5 100.2 102.8 110.6 156.2 2

 3 U.S. checkable deposits and currency 243.6 258.4 298.3 277.8 280.3 282.3 290.1 292.9 294.6 304.3 314.1 3

 4 U.S. time deposits 73.6 86.6 101.6 99.2 99.6 98.0 107.2 97.2 97.8 95.9 92.1 4

 5 Security RPs 90.8 72.0 79.9 75.9 87.5 92.4 91.3 116.2 119.5 110.5 120.6 5

 6 Credit market instruments 2257.3 2539.8 2676.2 2760.7 2809.9 2861.7 3004.6 3112.9 3200.1 3294.3 3430.6 6

 7 Open market paper 77.8 115.3 102.3 100.0 98.2 94.6 111.0 110.0 112.1 111.3 119.5 7

 8 U.S. government securities 1498.5 1622.2 1633.6 1674.5 1679.3 1700.7 1772.4 1814.2 1824.1 1863.3 1961.3 8

 9 Official holdings 614.5 620.3 628.9 653.2 659.6 664.8 676.9 679.4 668.6 684.2 705.9 9

10 Treasury 589.8 589.0 578.2 594.4 590.4 581.4 582.3 581.3 560.5 576.3 594.0 10

11 Agency 24.7 31.3 50.7 58.8 69.1 83.4 94.6 98.1 108.1 107.8 111.9 11

12 Private holdings 884.0 1001.9 1004.6 1021.3 1019.8 1035.8 1095.5 1134.8 1155.5 1179.1 1255.4 12

13 Treasury 662.2 729.7 660.7 651.3 630.8 618.3 639.7 640.3 631.7 622.2 655.4 13

14 Agency 221.8 272.2 344.0 370.0 389.0 417.6 455.8 494.4 523.8 556.9 600.0 14

15 U.S. corporate bonds (1) 537.8 660.0 820.8 865.4 907.6 954.0 1003.9 1073.9 1145.0 1182.5 1234.1 15

16 Loans to U.S. corporate business 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.8 118.9 137.2 115.7 16

17 U.S. corporate equities 919.5 1175.1 1537.8 1598.2 1620.4 1724.9 1748.3 1626.5 1738.8 1529.8 1692.8 17

18 Trade receivables 60.3 51.7 46.8 46.4 47.4 49.6 52.5 54.1 63.9 64.0 61.9 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 1107.7 1342.6 1518.8 1680.1 1756.5 1789.3 1912.4 2215.0 2180.2 2335.6 2323.5 20

21 Foreign direct investment in U.S. (2) 823.1 912.2 1094.4 1131.4 1221.9 1299.2 1369.5 1422.4 1488.1 1516.5 1550.5 21

22 Other 284.5 430.5 424.4 548.8 534.6 490.1 542.9 792.6 692.1 819.1 772.9 22

23 Total liabilities 2561.4 2788.9 3072.7 3208.9 3352.2 3622.0 3499.5 3914.9 3936.0 4201.8 4067.8 23

 U.S. official foreign exchange

24 and net IMF position 48.9 60.1 50.1 46.6 46.0 44.9 46.1 42.8 43.4 49.0 46.8 24

25 U.S. private deposits 618.5 642.3 703.6 781.9 782.8 772.6 824.5 883.4 840.8 861.7 886.7 25

26 Credit market instruments 608.0 651.5 679.6 707.9 702.5 731.0 746.7 743.4 729.2 706.1 704.8 26

27 Commercial paper 65.1 72.9 89.2 101.6 101.2 109.8 120.9 112.8 110.1 106.3 106.7 27

28 Bonds 427.7 462.6 479.4 491.3 484.5 502.4 504.6 508.9 504.9 485.2 486.8 28

29 Bank loans n.e.c. 52.1 58.9 59.4 63.3 64.7 67.7 70.7 73.9 66.2 67.3 63.2 29

30 Official 2.1 2.8 3.0 2.8 3.1 3.6 3.5 3.6 3.3 4.2 4.3 30

31 Banks 13.8 13.1 10.0 11.4 12.0 12.6 13.2 16.2 9.2 9.4 5.9 31

32 Other 36.3 43.0 46.5 49.1 49.5 51.5 54.0 54.1 53.7 53.7 53.1 32

33 U.S. government loans 53.3 52.4 47.8 47.9 48.0 47.4 47.3 46.9 47.1 46.7 47.5 33

34 Acceptance liabilities to banks 9.7 4.7 3.9 3.8 4.1 3.8 3.1 0.8 0.8 0.6 0.5 34

35 Trade payables 48.7 46.3 50.6 50.0 53.0 49.8 52.1 50.7 54.7 48.3 51.9 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 1237.4 1388.8 1588.7 1622.5 1767.9 2023.7 1830.1 2194.7 2267.9 2536.6 2377.7 37

38 U.S. equity in IBRD, etc. 30.8 32.4 33.9 34.2 34.6 34.9 35.4 35.9 36.4 36.7 37.1 38

39 U.S. government deposits 2.1 1.9 2.6 2.3 2.3 2.4 2.6 2.5 2.5 2.5 2.4 39

40 U.S. direct investment abroad (1,2) 1067.4 1196.8 1328.0 1368.9 1404.5 1448.1 1445.2 1489.2 1532.4 1586.0 1613.0 40

41 Other 137.0 157.7 224.3 217.1 326.4 538.3 346.9 667.1 696.6 911.3 725.1 41

 Memo:

42 Market value of foreign equities 1207.8 1476.2 2026.6 2057.4 2010.9 1854.0 1787.0 1574.0 1613.6 1373.9 1503.3 42

 held by U.S. residents (3)

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

(2) Direct investment is valued on a current-cost basis.

(3) Includes American Depositary Receipts (ADRs).
68 Z.1, March 7, 2002

L.108 Monetary Authority (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 534.0 566.8 696.9 604.1 609.8 608.5 636.0 625.3 638.6 663.6 683.2 1

 2 Gold and foreign exchange 28.0 30.7 27.1 26.8 26.5 26.6 26.6 25.5 25.4 26.3 25.5 2

 3 SDR certificates 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 2.2 3

 4 Treasury currency 25.6 26.3 28.0 29.0 30.0 30.8 31.6 32.3 32.7 33.0 33.2 4

 5 Federal Reserve float 0.7 1.6 -0.2 -0.2 -0.0 0.4 0.9 0.2 -0.4 -0.5 -0.0 5

 6 Fed. Res. loans to domestic banks 2.0 0.0 0.2 0.2 0.5 0.4 0.1 0.0 0.2 0.1 0.0 6

 7 Security RPs 23.8 30.4 140.6 23.7 26.9 17.3 43.4 22.0 23.3 47.9 50.3 7

 8 Credit market instruments 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 551.7 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 431.4 452.5 478.1 501.9 505.1 511.5 511.8 523.9 535.1 534.1 551.7 10

11 Treasury 430.7 452.1 478.0 501.7 505.0 511.4 511.7 523.9 535.1 534.1 551.7 11

12 Agency 0.7 0.3 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 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 13.2 16.1 16.8 16.5 16.6 18.3 19.3 19.3 20.2 20.5 20.3 14

15 Total liabilities 528.8 560.9 690.5 596.1 605.7 604.7 629.2 618.8 631.3 655.9 675.9 15

16 Depository institution reserves 30.8 26.3 24.0 18.2 18.5 17.6 19.0 17.8 18.6 24.9 17.5 16

17 Vault cash of commercial banks 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 47.3 17

18 Checkable deposits and currency 443.5 481.8 590.4 532.7 540.6 542.9 555.2 556.1 567.3 586.3 603.4 18

19 Due to federal government 5.7 6.2 28.5 4.5 6.3 8.6 5.6 6.1 7.6 10.2 7.1 19

20 Due to rest of the world 0.5 0.2 0.1 0.2 0.1 0.2 0.3 0.1 0.1 0.6 0.1 20

21 Currency outside banks 437.4 475.4 561.8 528.0 534.1 534.1 549.3 549.8 559.5 575.4 596.2 21

22 Miscellaneous liabilities 9.5 10.7 9.4 10.0 9.6 9.6 10.6 8.8 8.2 8.0 7.8 22

23 Federal Reserve Bank stock 5.4 6.0 6.4 6.7 6.9 6.9 7.0 7.0 7.1 7.3 7.4 23

24 Other 4.0 4.8 3.0 3.3 2.8 2.7 3.6 1.8 1.0 0.8 0.4 24

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
Z.1, March 7, 2002 69

L.109 Commercial Banking (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 5174.6 5642.2 5980.3 6037.7 6199.4 6346.8 6462.2 6505.8 6574.0 6689.8 6875.6 1

 2 Vault cash 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 47.3 2

 3 Reserves at Federal Reserve 29.1 24.4 22.0 16.6 16.9 16.5 18.0 16.8 17.6 23.7 16.0 3

 4 Checkable deposits and currency 1.4 2.0 2.2 1.9 2.1 1.4 1.7 1.9 1.7 2.5 2.8 4

 5 Total bank credit 4144.5 4483.3 4782.0 4882.5 5011.6 5105.9 5194.7 5223.4 5235.4 5280.2 5402.4 5

 6 U.S. government securities 841.2 876.6 925.0 931.5 920.8 912.8 903.1 887.6 872.8 914.9 944.4 6

 7 Treasury 270.1 214.0 226.7 215.6 201.4 200.9 182.2 171.9 176.0 176.5 163.4 7

 8 Agency 571.2 662.6 698.3 715.9 719.4 711.8 720.9 715.7 696.8 738.4 781.0 8

 9 Municipal securities 96.7 104.8 110.7 111.9 112.3 113.4 114.0 112.7 116.2 117.9 119.9 9

10 Corporate and foreign bonds 143.1 181.1 219.9 214.1 219.0 253.5 277.5 290.5 325.8 337.3 372.4 10

11 Total loans 3052.9 3304.8 3504.9 3602.1 3736.9 3801.9 3875.3 3909.0 3895.7 3888.7 3937.4 11

12 Open market paper 2.7 1.1 1.4 1.4 1.4 1.3 1.5 0.6 0.0 0.0 0.0 12

13 Bank loans n.e.c. 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 13

14 Mortgages 1245.3 1337.0 1495.2 1546.5 1614.1 1648.1 1659.3 1688.1 1723.3 1736.1 1789.3 14

15 Consumer credit 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 557.1 15

16 Security credit 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.2 176.0 16

17 Corporate equities 2.6 6.8 10.4 10.5 10.5 11.8 11.0 7.7 8.8 6.4 8.0 17

18 Mutual fund shares 8.1 9.2 11.1 12.4 12.2 12.5 13.8 15.9 16.0 15.0 20.2 18

19 Customers’ liab. on acceptances (2) 20.6 11.3 8.2 8.7 9.0 8.4 7.5 7.4 6.6 4.8 4.6 19

20 Miscellaneous assets 934.0 1079.1 1099.3 1092.8 1122.8 1180.1 1195.9 1220.2 1275.5 1342.0 1402.5 20

21 Total liabilities 5053.0 5519.3 5831.3 5912.9 6110.2 6282.0 6398.8 6419.5 6483.3 6643.2 6822.9 21

22 Net interbank liabilities 143.5 120.6 114.8 69.5 139.2 153.9 159.2 102.1 108.1 116.1 167.7 22

23 To monetary authority 2.8 1.7 -0.0 0.0 0.5 0.7 1.0 0.2 -0.2 -0.5 0.0 23

24 To domestic banks (3) -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 24

25 To foreign banks 173.0 145.9 140.3 83.4 150.3 170.8 162.5 100.2 102.8 110.6 156.2 25

26 Checkable deposits 656.4 623.0 626.2 574.9 574.0 537.0 541.0 515.8 538.6 540.3 624.5 26

27 Federal government 27.8 13.2 49.6 37.5 48.7 39.3 16.4 22.6 36.5 34.4 45.7 27

28 Rest of the world 31.7 30.2 43.6 29.9 31.4 32.6 34.1 34.8 33.7 34.6 34.5 28

29 Private domestic 597.0 579.7 533.1 507.4 493.9 465.1 490.5 458.4 468.5 471.2 544.4 29

30 Small time and savings deposits 1761.5 1945.2 2016.5 2077.5 2100.3 2156.2 2229.8 2311.6 2342.3 2395.4 2472.6 30

31 Large time deposits 601.0 673.3 792.3 816.4 833.6 864.5 887.2 900.0 901.3 891.0 915.6 31

32 Federal funds and security RPs (net) 552.2 639.2 749.8 777.6 827.4 827.5 813.4 818.3 787.4 779.4 787.5 32

33 Credit market instruments 309.2 382.1 449.3 463.6 494.7 502.0 509.3 540.3 543.7 554.1 563.5 33

34 Open market paper 58.5 56.9 63.1 59.7 61.7 62.9 63.6 71.2 69.4 67.5 55.3 34

35 Corporate bonds 192.6 220.2 240.6 248.9 258.4 266.6 273.2 293.1 295.3 302.1 310.5 35

36 Other loans and advances 58.1 104.9 145.6 155.0 174.6 172.6 172.4 176.1 179.0 184.4 197.7 36

37 Taxes payable 5.4 7.1 9.0 9.5 10.0 10.6 11.1 11.7 12.3 12.9 13.5 37

38 Miscellaneous liabilities 1023.7 1128.7 1073.4 1124.1 1131.1 1230.4 1247.8 1219.8 1249.5 1354.0 1277.9 38

 Memo:

39 Credit market funds advanced (4) 4031.9 4335.7 4643.9 4725.0 4847.4 4931.0 5002.3 5015.7 5044.4 5096.4 5202.8 39

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the

 same as branches in foreign countries.

(2) Included in other loans and advances (table L.216).

(3) Floats and discrepancies in interbank transactions.

(4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19).
70 Z.1, March 7, 2002

L.110 U.S.-Chartered Commercial Banks

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3742.2 4094.2 4433.0 4507.6 4627.6 4700.2 4772.9 4788.5 4830.2 4915.8 5010.1 1

 2 Vault cash and reserves at Federal Reserve 71.2 65.5 87.1 51.4 53.3 50.6 62.0 52.3 54.4 59.7 62.7 2

 3 Total bank credit 3512.2 3844.4 4161.3 4263.5 4381.3 4453.3 4512.3 4524.1 4566.4 4618.8 4711.6 3

 4 U.S. government securities 664.0 703.5 730.9 752.2 747.1 729.3 714.2 690.8 691.6 722.4 756.2 4

 5 Treasury 166.8 124.7 122.8 125.3 116.4 108.6 87.9 72.2 69.9 65.3 56.5 5

 6 Agency 497.2 578.8 608.1 626.9 630.7 620.7 626.3 618.6 621.7 657.1 699.7 6

 7 Mortgage pool securities 247.7 301.4 283.6 289.8 289.9 283.5 297.8 308.2 323.5 346.0 350.5 7

 8 Agency-issued CMOs 107.0 115.9 120.8 120.4 119.2 108.8 111.0 114.7 116.4 133.6 167.8 8

 9 Other agency securities 142.4 161.5 203.7 216.8 221.6 228.5 217.6 195.7 181.8 177.6 181.4 9

10 Municipal securities 96.1 104.4 110.1 111.2 111.7 112.7 113.3 112.3 115.9 117.6 119.5 10

11 Corporate and foreign bonds 85.8 118.2 161.5 156.2 162.6 195.7 214.0 229.7 242.1 258.7 278.5 11

12 Private mortgage pool securities 3.0 3.9 4.8 3.5 2.5 3.4 4.1 7.9 8.6 8.0 25.3 12

13 Privately issued CMOs 22.5 42.8 48.5 46.1 47.0 51.0 56.5 57.5 64.0 53.9 59.3 13

14 Other bonds 60.4 71.5 108.2 106.6 113.2 141.3 153.4 164.3 169.5 196.9 193.9 14

15 Total loans 2655.6 2902.4 3137.3 3221.1 3337.1 3391.2 3446.0 3467.8 3492.0 3498.7 3529.3 15

16 Open market paper 2.3 0.8 0.7 0.7 0.6 0.6 0.9 0.0 0.0 0.0 0.0 16

17 Bank loans n.e.c. 867.9 1012.2 1104.4 1131.9 1178.7 1186.5 1202.6 1197.5 1179.3 1170.6 1138.1 17

18 Mortgages 1208.4 1304.2 1464.8 1515.0 1581.1 1614.7 1626.3 1654.4 1688.8 1700.3 1752.2 18

19 Consumer credit 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 557.1 19

20 Security credit 64.4 76.3 67.6 76.5 70.5 67.5 74.7 82.2 83.7 92.6 81.9 20

21 Corporate equities 2.6 6.8 10.4 10.5 10.5 11.8 11.0 7.7 8.8 6.4 8.0 21

22 Mutual fund shares 8.1 9.2 11.1 12.4 12.2 12.5 13.8 15.9 16.0 15.0 20.2 22

23 Customers’ liab. on acceptances (1) 13.7 9.1 6.6 7.1 7.3 6.8 5.9 6.0 5.3 3.9 3.6 23

24 Miscellaneous assets 145.2 175.2 177.9 185.7 185.8 189.6 192.8 206.1 204.1 233.4 232.2 24

25 Total liabilities 3959.7 4366.8 4687.3 4798.2 4959.9 5073.4 5166.6 5181.8 5228.5 5375.4 5456.8 25

26 Net interbank liabilities 2.9 25.1 59.1 65.5 104.0 138.3 137.4 114.1 127.2 108.4 159.0 26

27 Federal Reserve float 0.7 1.6 -0.2 -0.2 -0.0 0.4 0.9 0.2 -0.4 -0.5 -0.0 27

28 Borrowing from Federal Reserve banks 2.0 0.0 0.2 0.2 0.5 0.4 0.1 0.0 0.2 0.1 0.0 28

29 To domestic banks -50.2 -51.0 -65.1 -60.4 -61.6 -28.5 -34.6 -21.0 -24.6 -16.8 -19.5 29

30 To foreign banks 50.4 74.4 124.1 125.9 165.1 166.1 170.9 134.9 152.1 125.6 178.6 30

31 Checkable deposits 640.3 605.9 608.6 558.4 556.5 520.8 523.8 499.1 521.4 522.8 605.8 31

32 Federal government 27.8 13.2 49.6 37.5 48.7 39.3 16.4 22.6 36.5 34.4 45.7 32

33 Rest of the world 26.0 24.8 37.6 24.4 25.3 27.5 28.4 29.3 30.8 31.8 31.2 33

34 Private domestic 586.5 567.9 521.5 496.5 482.5 454.0 479.0 447.2 454.1 456.5 528.9 34

35 Small time and savings deposits 1738.0 1924.4 1996.8 2058.0 2079.7 2136.2 2207.2 2290.4 2314.1 2370.8 2445.7 35

36 Large time deposits 369.3 404.1 465.6 480.4 511.4 530.0 553.5 548.8 551.3 549.1 527.9 36

37 Federal funds and security RPs (net) 471.7 538.5 667.3 693.7 721.3 705.5 680.1 678.1 670.3 673.5 666.9 37

38 Acceptance liabilities 13.7 9.1 6.6 7.0 7.2 6.8 6.0 6.0 5.4 4.1 3.7 38

39 Corporate bonds 61.6 72.1 75.8 78.3 81.6 83.9 86.4 89.9 89.0 91.8 94.7 39

40 Other loans and advances 58.1 104.9 145.6 155.0 174.6 172.6 172.4 176.1 179.0 184.4 197.7 40

41 Taxes payable 5.4 7.1 9.0 9.5 10.0 10.6 11.1 11.7 12.3 12.9 13.5 41

42 Miscellaneous liabilities 598.7 675.5 653.0 692.5 713.6 768.7 788.7 767.6 758.6 857.6 741.8 42

43 Investment by bank holding companies 413.6 469.0 471.9 492.1 501.0 514.8 525.4 541.8 552.2 577.8 585.3 43

44 Other 185.1 206.6 181.2 200.4 212.6 253.9 263.3 225.8 206.4 279.8 156.4 44

 Memo:

45 Credit market funds advanced (2) 3450.7 3761.2 4078.9 4171.3 4295.4 4368.2 4418.7 4424.4 4463.2 4508.8 4605.1 45

(1) Included in other loans and advances (table L.216).

(2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).
Z.1, March 7, 2002 71

L.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 811.3 806.5 747.0 711.4 730.3 766.1 784.2 757.9 759.2 755.3 850.9 1

 2 Reserves at Federal Reserve 2.9 1.0 1.4 0.5 0.6 0.4 0.5 0.6 0.5 0.6 0.6 2

 3 Total bank credit 567.2 568.6 539.7 547.2 556.4 577.3 607.0 622.9 591.9 583.6 605.1 3

 4 U.S. government securities 157.3 151.8 163.6 157.4 151.1 159.1 163.6 173.1 157.9 168.4 159.5 4

 5 Treasury 95.1 84.8 92.3 86.9 81.6 89.0 91.7 97.8 104.3 109.0 104.7 5

 6 Agency 62.2 67.0 71.3 70.5 69.5 70.1 71.9 75.3 53.5 59.4 54.8 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 41.3 47.1 42.0 43.0 43.0 43.7 49.6 45.9 69.4 64.4 77.4 8

 9 Total loans 368.6 369.7 334.1 346.8 362.3 374.5 393.8 403.9 364.6 350.8 368.2 9

10 Open market paper 0.4 0.3 0.6 0.8 0.8 0.7 0.6 0.6 0.0 0.0 0.0 10

11 Bank loans n.e.c. 284.0 282.2 259.9 262.2 263.9 265.1 275.7 276.8 259.0 258.3 256.2 11

12 Mortgages 26.1 20.6 16.4 17.0 17.5 17.3 17.1 17.1 16.7 17.9 17.9 12

13 Security credit 58.0 66.6 57.2 66.8 80.1 91.5 100.5 109.4 88.9 74.6 94.1 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) 6.9 2.2 1.6 1.6 1.7 1.6 1.6 1.5 1.2 0.9 1.0 15

16 Miscellaneous assets 234.3 234.6 204.2 162.1 171.5 186.8 175.1 133.0 165.6 170.2 244.2 16

17 Total liabilities 830.8 828.7 772.4 737.7 757.4 794.2 813.1 787.8 790.1 787.3 883.9 17

18 Net interbank liabilities 148.2 92.8 49.0 -14.7 14.0 2.5 8.9 -19.9 -14.4 4.7 7.5 18

19 To foreign banks 144.4 92.7 41.5 -22.8 3.6 -4.3 -15.5 -37.4 -55.0 -29.8 -36.5 19

20 To domestic banks 3.8 0.1 7.4 8.1 10.4 6.8 24.4 17.5 40.6 34.6 44.0 20

21 Checkable deposits 8.8 8.6 9.1 8.3 9.3 8.1 8.8 8.2 8.2 8.7 9.1 21

22 Small time and savings deposits 13.1 9.5 7.5 7.2 7.7 6.5 9.0 7.7 13.5 9.4 11.7 22

23 Large time deposits 221.3 257.8 314.5 323.7 309.3 321.0 320.1 337.8 335.2 326.8 372.4 23

24 Federal funds and security RPs (net) 80.7 100.4 82.1 83.2 104.9 120.9 134.5 139.6 116.3 104.9 121.9 24

25 Acceptance liabilities 7.2 2.4 2.0 2.0 2.0 1.9 2.0 1.8 1.4 1.0 1.1 25

26 Miscellaneous liabilities 351.5 357.2 308.2 328.0 310.2 333.3 330.0 312.6 329.8 331.7 360.2 26

27 Foreign direct investment in U.S. 38.8 44.2 63.3 68.4 68.9 69.7 72.9 73.2 77.1 79.2 83.2 27

28 Due to affiliates 78.8 90.6 93.0 114.6 114.5 119.9 138.7 142.3 137.3 113.5 107.9 28

29 Other 233.9 222.4 151.9 145.0 126.7 143.7 118.4 97.1 115.5 138.9 169.1 29

 Memo:

30 Credit market funds advanced (3) 516.1 504.2 484.1 482.0 478.1 487.5 508.1 515.0 504.2 509.9 512.0 30

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.

(2) Included in other loans and advances (table L.216).

(3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
72 Z.1, March 7, 2002

L.112 Bank Holding Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 575.3 685.9 741.2 758.8 779.6 815.8 841.9 896.4 916.2 951.4 942.9 1

 2 Credit market instruments 27.4 26.5 32.7 22.1 23.0 21.3 20.5 22.3 21.6 21.3 24.3 2

 3 U.S. government securities 9.5 7.5 14.1 5.7 6.0 6.2 5.6 6.2 6.0 5.9 7.4 3

 4 Treasury issues 4.0 0.9 8.8 0.9 1.1 1.1 0.8 0.8 0.9 0.8 1.2 4

 5 Agency 5.5 6.6 5.4 4.7 5.0 5.1 4.8 5.4 5.1 5.0 6.2 5

 6 Corporate and foreign bonds 15.5 14.8 15.9 14.6 12.9 13.3 13.2 13.4 12.9 12.8 14.9 6

 7 Bank loans n.e.c. 2.4 4.1 2.6 1.9 4.0 1.8 1.6 2.7 2.7 2.6 1.9 7

 8 Miscellaneous assets 547.9 659.5 708.5 736.7 756.7 794.5 821.4 874.1 894.6 930.2 918.6 8

 9 Investment in bank subsidiaries 413.6 469.0 471.9 492.1 501.0 514.8 525.4 541.8 552.2 577.8 585.3 9

10 Investment in nonbank subsidiaries 89.9 134.0 151.3 165.0 168.8 181.3 189.7 227.3 237.0 241.3 223.3 10

11 Other 44.4 56.5 85.4 79.6 86.8 98.4 106.3 105.0 105.5 111.1 110.0 11

12 Total liabilities 218.8 270.6 314.6 319.6 333.6 352.4 358.7 390.0 399.6 417.0 414.1 12

13 Net interbank liabilities -7.6 2.7 6.7 18.6 21.1 13.1 12.9 7.9 -4.8 3.0 1.2 13

14 To domestic banks 14.3 23.9 32.1 38.4 39.6 4.1 5.8 5.2 -10.6 -11.8 -12.9 14

15 To foreign banks -21.9 -21.3 -25.4 -19.8 -18.4 9.0 7.1 2.7 5.8 14.8 14.1 15

16 Federal funds and security RPs (net) -0.2 0.4 0.5 0.7 1.2 1.1 -1.1 0.6 0.7 0.9 -1.3 16

17 Credit market instruments 168.6 193.5 219.3 221.4 229.3 236.9 242.5 266.5 269.0 272.7 266.4 17

18 Commercial paper 37.6 45.4 54.5 50.8 52.4 54.1 55.7 63.4 62.7 62.4 50.6 18

19 Corporate bonds 131.0 148.1 164.8 170.6 176.8 182.7 186.8 203.2 206.4 210.3 215.8 19

20 Miscellaneous liabilities 57.9 74.1 88.1 78.9 82.1 101.4 104.4 115.0 134.6 140.3 147.8 20

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 45.8 55.5 59.2 59.9 61.8 64.7 63.3 63.0 68.3 67.2 71.6 1

 2 Checkable deposits and currency 1.4 2.0 2.2 1.9 2.1 1.4 1.7 1.9 1.7 2.5 2.8 2

 3 Credit market instruments 37.8 43.8 48.3 49.6 51.0 54.0 55.0 54.1 55.5 56.5 61.4 3

 4 U.S. government securities 10.5 13.8 16.3 16.2 16.5 18.2 19.6 17.6 17.4 18.2 21.4 4

 5 Treasury 4.2 3.6 2.8 2.5 2.4 2.2 1.8 1.2 0.9 1.4 1.1 5

 6 Agency 6.3 10.2 13.5 13.7 14.2 16.0 17.8 16.4 16.5 16.8 20.3 6

 7 Municipal securities 0.5 0.5 0.6 0.7 0.7 0.7 0.7 0.4 0.4 0.3 0.5 7

 8 Corporate and foreign bonds 0.4 1.0 0.5 0.4 0.4 0.7 0.8 1.5 1.3 1.4 1.6 8

 9 Bank loans n.e.c. 15.5 16.3 16.9 17.8 18.0 18.4 18.0 18.1 18.6 18.6 18.8 9

10 Home mortgages 6.4 7.5 8.1 8.4 9.0 9.4 9.1 7.1 7.6 7.6 8.2 10

11 Commercial mortgages 4.4 4.8 6.0 6.1 6.4 6.7 6.8 9.5 10.2 10.3 11.0 11

12 Miscellaneous assets 6.6 9.7 8.7 8.4 8.8 9.2 6.6 7.1 11.1 8.2 7.4 12

13 Total liabilities 43.7 53.1 56.9 57.5 59.3 62.0 60.4 59.8 65.0 63.6 68.1 13

14 Checkable deposits 7.3 8.5 8.5 8.2 8.2 8.1 8.4 8.4 9.0 8.8 9.6 14

15 Small time and savings deposits 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 15.2 15

16 Large time deposits 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 15.2 16

17 Miscellaneous liabilities 15.6 21.9 24.1 24.7 25.3 26.9 24.8 24.5 26.4 24.5 28.0 17

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
Z.1, March 7, 2002 73

L.114 Savings Institutions (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1028.6 1088.4 1151.4 1160.4 1182.5 1202.9 1218.6 1254.9 1274.0 1287.6 1298.0 1

 2 Reserves at Federal Reserve 1.8 1.9 2.0 1.6 1.6 1.1 1.0 1.0 1.0 1.2 1.5 2

 3 Checkable deposits and currency 15.2 18.4 20.1 16.3 17.5 17.5 19.7 19.6 21.7 21.8 21.8 3

 4 Time and savings deposits 1.0 1.5 1.3 1.9 1.3 1.1 1.4 1.7 2.4 2.3 2.2 4

 5 Federal funds and security RPs 9.2 14.8 10.6 11.5 12.0 14.7 14.9 21.7 22.0 25.8 27.4 5

 6 Credit market instruments 928.5 964.6 1033.2 1045.8 1062.5 1082.2 1089.7 1101.6 1116.4 1118.4 1130.1 6

 7 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 U.S. government securities 169.8 153.7 157.4 152.2 149.1 148.4 149.3 153.5 158.2 155.5 172.9 8

 9 Treasury 14.6 10.2 10.1 9.9 9.1 8.8 8.7 8.0 7.5 6.6 11.4 9

10 Agency 155.3 143.6 147.3 142.2 140.0 139.6 140.6 145.5 150.7 148.9 161.5 10

11 Municipal securities 2.1 2.5 3.0 3.1 3.0 3.0 3.2 3.9 4.0 4.1 4.5 11

12 Corporate and foreign bonds 58.7 88.6 112.0 115.7 110.6 107.3 109.5 96.0 93.2 88.1 83.7 12

13 Other loans and advances 18.8 24.2 30.7 33.4 35.4 37.9 39.3 41.4 43.8 43.6 43.0 13

14 Mortgages 631.8 644.0 668.6 682.4 703.5 723.1 723.8 741.4 751.9 758.6 758.0 14

15 Consumer credit 47.2 51.6 61.5 59.0 61.0 62.5 64.6 65.5 65.3 68.5 68.0 15

16 Corporate equities 23.3 24.5 23.8 23.7 24.2 24.4 24.2 24.6 25.6 27.1 27.9 16

17 Miscellaneous assets 49.7 62.8 60.3 59.5 63.4 61.9 67.7 84.6 84.8 90.9 87.1 17

18 Total liabilities 1001.0 1058.6 1120.4 1129.4 1150.7 1170.4 1186.7 1222.8 1241.4 1253.5 1263.7 18

19 Deposits 695.7 693.1 699.9 705.3 707.0 718.4 727.4 750.0 755.5 769.1 773.1 19

20 Checkable 149.5 185.6 222.7 234.0 244.7 254.9 265.9 278.7 291.9 303.5 316.5 20

21 Small time and savings 448.2 393.8 354.9 342.2 331.0 324.1 319.4 318.9 307.2 298.0 287.9 21

22 Large time 98.1 113.7 122.2 129.1 131.3 139.4 142.2 152.4 156.4 167.6 168.7 22

23 Security RPs 41.8 51.3 72.7 73.5 75.0 81.2 66.7 67.1 69.6 54.6 71.9 23

24 Credit market instruments 160.3 212.4 260.4 266.9 280.7 276.0 287.7 295.1 294.4 305.6 294.0 24

25 Corporate bonds 2.8 2.6 2.7 2.7 2.7 3.4 6.3 2.8 6.4 6.1 3.6 25

26 Bank loans n.e.c. 19.4 29.7 14.0 20.4 21.3 20.8 21.5 22.6 21.7 23.3 23.0 26

27 Other loans and advances 138.0 180.1 243.7 243.8 256.7 251.8 260.0 269.7 266.4 276.1 267.4 27

28 Taxes payable 1.8 2.0 2.0 1.7 1.8 2.1 2.4 2.3 2.0 2.0 1.7 28

29 Miscellaneous liabilities 101.4 99.8 85.4 82.0 86.1 92.7 102.5 108.4 119.8 122.1 122.9 29

30 Investment by parent 5.0 5.4 6.0 6.1 6.3 6.4 6.6 6.8 7.0 7.2 7.4 30

31 Other 96.4 94.4 79.4 75.9 79.8 86.2 95.9 101.6 112.8 114.9 115.6 31

(1) Savings and loan associations, mutual savings banks, and federal savings banks.
74 Z.1, March 7, 2002

L.115 Credit Unions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 353.8 391.5 414.5 428.3 429.7 435.6 441.1 466.5 480.7 496.4 505.5 1

 2 Checkable deposits and currency 8.1 9.1 26.4 26.4 24.0 17.6 12.2 15.0 18.1 25.0 19.8 2

 3 Time and savings deposits 17.0 23.4 16.6 18.8 16.6 15.2 17.1 20.9 19.0 18.7 25.5 3

 4 Federal funds and security RPs 3.5 6.8 9.3 9.6 2.8 7.8 4.0 10.8 8.3 7.9 2.5 4

 5 Credit market instruments 305.3 324.2 351.7 359.0 370.1 376.0 382.2 386.5 391.8 407.8 420.8 5

 6 Open market paper 0.2 0.4 1.9 0.8 0.3 1.2 1.2 1.1 1.6 1.3 2.4 6

 7 U.S. government securities 66.7 71.5 70.9 74.8 74.7 69.5 69.2 76.4 72.8 80.6 88.0 7

 8 Treasury 15.6 13.1 9.6 9.4 8.8 8.6 8.2 8.0 6.6 6.4 7.4 8

 9 Agency 51.0 58.4 61.3 65.4 65.8 60.9 60.9 68.4 66.3 74.1 80.6 9

10 Home mortgages 86.0 96.9 111.0 114.1 119.1 124.0 127.4 126.2 130.9 140.2 144.2 10

11 Consumer credit 152.4 155.4 167.9 169.2 176.0 181.3 184.4 182.8 186.4 185.7 186.2 11

12 Mutual fund shares 2.4 3.6 2.5 3.2 2.3 2.2 2.2 2.0 3.6 3.1 3.7 12

13 Miscellaneous assets 17.6 24.3 8.0 11.3 13.9 16.7 23.4 31.2 39.9 33.8 33.2 13

14 Total liabilities 320.6 355.3 376.1 388.7 389.5 394.1 398.1 422.3 435.8 450.6 458.9 14

15 Shares/deposits 315.4 349.0 366.7 380.7 380.5 383.5 389.1 415.6 426.3 441.3 450.2 15

16 Checkable 36.6 43.0 45.4 51.3 50.4 50.9 51.3 55.2 54.2 55.6 54.7 16

17 Small time and savings 264.4 287.5 299.8 308.3 307.6 310.6 312.7 334.8 342.8 353.7 361.3 17

18 Large time 14.4 18.5 21.6 21.1 22.5 22.0 25.1 25.6 29.3 32.0 34.1 18

19 Other loans and advances 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 4.9 19

20 Miscellaneous liabilities 4.6 5.2 6.0 5.4 6.1 7.5 5.6 3.5 6.0 5.5 3.8 20

L.116 Bank Personal Trusts and Estates (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 917.7 976.3 1104.1 1131.4 1087.5 1079.6 992.1 901.7 936.9 832.2 884.6 1

 2 Deposits 48.2 54.4 62.7 63.8 65.1 65.9 67.0 68.0 69.0 70.1 71.1 2

 3 Checkable deposits and currency 0.8 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.2 3

 4 Time and savings deposits 10.0 7.8 8.7 9.0 9.2 9.3 9.4 9.5 9.6 9.7 9.7 4

 5 Money market fund shares 37.4 46.2 53.7 54.5 55.6 56.3 57.4 58.2 59.2 60.2 61.2 5

 6 Credit market instruments 207.0 194.1 222.0 226.7 230.2 234.6 239.1 241.8 245.1 247.3 249.5 6

 7 Open market paper 21.0 16.5 17.1 17.3 17.4 17.6 17.7 16.7 15.8 14.9 13.7 7

 8 U.S. government securities 61.2 56.8 62.5 63.3 64.1 65.2 66.3 66.7 67.4 67.6 67.8 8

 9 Treasury 20.4 17.3 17.3 17.1 16.9 16.7 16.5 16.2 15.8 15.4 14.9 9

10 Agency 40.8 39.4 45.2 46.2 47.2 48.5 49.8 50.6 51.6 52.2 52.8 10

11 Municipal securities 90.7 89.5 100.3 102.1 103.0 104.3 105.0 105.8 106.3 106.7 106.8 11

12 Corporate and foreign bonds 31.1 28.5 39.8 41.8 43.5 45.4 48.0 50.5 53.6 56.1 59.1 12

13 Mortgages 3.0 2.8 2.2 2.2 2.2 2.1 2.1 2.0 2.0 2.0 2.0 13

14 Corporate equities 321.0 314.0 338.3 345.1 323.8 318.6 280.0 239.8 251.9 206.2 225.9 14

15 Mutual fund shares 326.9 390.8 460.6 475.8 449.2 441.3 387.0 333.4 352.2 290.3 320.0 15

16 Miscellaneous assets 14.6 23.0 20.5 20.0 19.3 19.3 19.0 18.7 18.6 18.3 18.1 16

17 Total liabilities (2) 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 17

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.

(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 7, 2002 75

L.117 Life Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 2514.8 2769.5 3067.9 3155.5 3153.0 3203.9 3135.7 3103.0 3198.5 3135.8 3305.8 1

 2 Checkable deposits and currency 8.1 5.4 5.5 4.0 5.6 3.7 5.0 17.8 23.5 25.1 28.1 2

 3 Money market fund shares 92.8 110.4 133.8 135.1 133.7 136.6 142.3 154.7 166.7 172.7 185.3 3

 4 Credit market instruments 1751.1 1828.0 1886.0 1902.2 1914.1 1935.1 1943.9 1967.2 1996.9 2044.2 2076.2 4

 5 Open market paper 65.9 73.4 75.8 72.0 73.7 75.2 71.2 60.4 58.9 65.5 66.4 5

 6 U.S. government securities 312.1 288.4 287.1 289.7 290.3 292.5 293.5 297.4 297.2 301.8 306.7 6

 7 Treasury 85.5 71.3 62.8 61.7 60.5 59.5 58.1 53.8 48.7 44.3 43.3 7

 8 Agency 226.7 217.0 224.4 228.0 229.8 233.0 235.4 243.6 248.5 257.5 263.4 8

 9 Municipal securities 16.7 18.4 20.1 20.0 19.6 19.4 19.1 19.5 20.4 20.8 21.2 9

10 Corporate and foreign bonds 1046.0 1130.4 1173.2 1192.5 1198.2 1212.2 1222.2 1252.0 1280.2 1312.7 1336.5 10

11 Policy loans 103.7 103.8 99.0 98.7 99.6 101.1 101.9 102.9 103.0 104.4 104.6 11

12 Mortgages 206.8 213.6 230.8 229.4 232.6 234.7 235.9 235.1 237.1 238.9 240.9 12

13 Corporate equities 558.6 733.2 964.5 1027.6 1007.8 1023.3 940.8 873.2 926.4 819.3 935.2 13

14 Mutual fund shares 38.4 23.3 43.3 47.8 48.6 51.1 48.1 42.6 46.1 39.1 44.3 14

15 Miscellaneous assets 65.7 69.2 34.9 38.7 43.1 54.0 55.6 47.5 38.9 35.3 36.7 15

16 Total liabilities 2359.7 2599.7 2882.8 2963.5 2958.8 3003.1 2942.8 2902.2 2994.5 2939.4 3077.5 16

17 Other loans and advances 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 3.1 17

18 Life insurance reserves 632.7 684.7 748.9 765.7 770.6 782.7 782.7 786.5 803.1 809.8 830.3 18

19 Pension fund reserves (1) 1086.1 1248.1 1431.0 1481.3 1476.4 1506.0 1456.1 1414.5 1465.6 1405.6 1507.8 19

20 Taxes payable 13.7 14.9 16.2 16.5 16.9 17.3 17.8 18.2 18.7 19.2 19.7 20

21 Miscellaneous liabilities 625.4 649.5 683.5 697.0 692.1 694.3 683.8 681.1 705.2 701.9 716.5 21

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21).

L.118 Other Insurance Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 843.5 879.1 875.9 879.8 877.6 879.3 871.6 851.4 861.8 857.5 881.1 1

 2 Checkable deposits and currency 4.2 4.0 4.3 3.1 2.7 3.1 3.7 10.6 11.8 13.6 14.9 2

 3 Security RPs 35.2 42.7 28.3 34.8 35.3 35.8 38.3 27.8 26.6 31.6 29.2 3

 4 Credit market instruments 515.3 521.1 518.2 515.4 510.8 512.4 509.4 510.0 510.0 511.3 514.5 4

 5 U.S. government securities 161.9 140.0 136.2 135.8 135.4 136.4 136.2 133.3 132.8 131.1 130.9 5

 6 Treasury 91.1 70.4 60.6 58.3 56.0 54.3 52.1 48.1 46.1 44.2 42.4 6

 7 Agency 70.8 69.7 75.5 77.5 79.4 82.1 84.1 85.2 86.7 86.9 88.5 7

 8 Municipal securities 191.6 208.1 199.0 194.7 190.4 188.1 184.1 185.3 184.8 186.3 188.0 8

 9 Corporate and foreign bonds 159.5 171.1 181.1 182.3 183.3 186.2 187.5 189.7 190.7 192.2 193.9 9

10 Commercial mortgages 2.2 2.0 1.9 2.5 1.8 1.7 1.6 1.6 1.7 1.7 1.7 10

11 Corporate equities 186.0 200.1 207.9 205.3 203.9 199.4 194.3 172.2 179.9 164.5 185.2 11

12 Trade receivables 59.9 61.5 63.6 66.1 67.2 68.7 64.6 67.6 69.8 72.7 73.0 12

13 Miscellaneous assets 42.8 49.7 53.8 55.1 57.7 60.0 61.4 63.3 63.7 63.8 64.2 13

14 Total liabilities 535.7 543.3 557.7 560.1 565.7 570.7 565.9 570.1 576.6 592.9 596.1 14

15 Taxes payable 13.4 15.4 17.4 17.9 18.5 19.0 19.7 20.3 21.0 21.7 22.4 15

16 Miscellaneous liabilities 522.3 527.9 540.3 542.2 547.2 551.7 546.3 549.8 555.6 571.2 573.7 16
76 Z.1, March 7, 2002

L.119 Private Pension Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 3746.5 4178.3 4645.4 4801.2 4714.5 4759.6 4537.9 4213.7 4352.8 3978.1 4161.5 1

 2 Checkable deposits and currency 6.6 5.7 6.6 6.7 6.9 7.1 7.2 7.4 7.8 8.0 7.9 2

 3 Time and savings deposits 119.4 147.7 144.7 144.6 145.9 146.0 147.1 146.3 146.2 145.3 144.0 3

 4 Money market fund shares 61.4 63.4 75.1 75.5 75.6 78.6 81.0 83.4 85.9 88.5 90.0 4

 5 Security RPs 27.6 28.8 28.6 28.8 28.9 29.2 29.6 28.7 29.0 29.4 29.7 5

 6 Credit market instruments 674.6 651.8 677.2 691.2 696.3 710.5 717.1 722.8 729.3 725.1 735.0 6

 7 Open market paper 31.3 34.3 37.5 35.6 35.7 36.1 35.8 32.5 35.9 32.0 34.5 7

 8 U.S. government securities 354.9 307.3 318.3 330.3 332.4 339.5 343.6 343.7 338.9 336.0 341.7 8

 9 Treasury 143.5 112.5 112.1 111.4 112.9 113.1 111.8 107.3 104.0 99.6 102.4 9

10 Agency 211.4 194.8 206.1 218.9 219.5 226.4 231.7 236.4 234.9 236.4 239.3 10

11 Corporate and foreign bonds 278.7 300.9 310.5 314.0 316.6 323.1 325.5 334.1 341.7 344.3 345.5 11

12 Mortgages 9.7 9.3 10.9 11.3 11.6 11.9 12.2 12.5 12.7 12.8 13.4 12

13 Corporate equities 1696.4 1990.7 2325.7 2419.2 2346.0 2361.6 2195.1 1958.9 2050.7 1772.7 1902.3 13

14 Mutual fund shares 569.6 668.2 753.8 792.0 777.4 788.5 733.6 652.8 688.5 601.3 638.7 14

15 Miscellaneous assets 590.9 622.2 633.7 643.2 637.5 638.0 627.3 613.5 615.4 607.9 613.8 15

16 Unallocated insurance contracts (2) 381.9 384.6 393.5 400.1 391.8 390.4 378.4 363.8 369.2 355.6 363.4 16

17 Contributions receivable 93.5 114.9 116.1 116.4 116.7 117.0 117.4 117.7 118.0 118.3 118.6 17

18 Other 115.4 122.7 124.1 126.6 128.9 130.6 131.6 132.0 128.2 133.9 131.7 18

19 Pension fund reserves (liabilities) (3) 3793.6 4232.5 4702.9 4859.5 4773.7 4819.8 4598.9 4275.7 4415.7 4041.9 4226.3 19

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1817.1 2054.1 2226.8 2236.5 2242.0 2292.0 2289.6 2169.4 2229.5 2077.7 2176.7 1

 2 Checkable deposits and currency 5.3 10.0 9.2 11.1 12.5 12.0 9.1 7.2 11.9 11.7 12.0 2

 3 Time and savings deposits 2.4 2.0 1.7 2.4 2.7 4.4 1.1 0.8 1.1 0.8 2.0 3

 4 Security RPs 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 46.1 45.5 4

 5 Credit market instruments 632.5 704.6 751.4 767.2 775.1 784.5 806.0 788.3 807.6 789.0 790.9 5

 6 Open market paper 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 46.1 48.0 6

 7 U.S. government securities 340.2 360.1 376.4 371.9 385.9 387.8 398.5 391.3 414.8 377.7 374.0 7

 8 Treasury 216.9 217.7 211.2 211.1 210.5 200.7 195.7 195.3 204.4 187.7 186.0 8

 9 Agency 123.3 142.4 165.3 160.8 175.5 187.2 202.8 196.0 210.4 190.0 188.0 9

10 Municipal securities 1.5 3.3 3.0 2.9 2.8 2.2 1.6 1.8 1.6 0.5 1.0 10

11 Corporate and foreign bonds 244.5 279.6 310.0 325.3 318.5 327.9 339.7 330.6 321.6 341.0 343.0 11

12 Mortgages 17.6 24.1 21.5 21.7 21.0 21.5 21.5 22.1 22.8 23.7 24.9 12

13 Corporate equities 1084.8 1233.9 1343.2 1331.0 1322.5 1360.9 1335.1 1224.1 1255.1 1113.8 1215.7 13

14 Miscellaneous assets 63.5 66.1 81.0 79.4 82.3 85.0 93.5 106.4 106.9 116.2 110.6 14

15 Pension fund reserves (liabilities) (1) 1842.0 2085.4 2262.3 2272.8 2280.8 2332.4 2331.5 2212.8 2274.2 2123.6 2223.6 15

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.
Z.1, March 7, 2002 77

L.121 Money Market Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 2240.7 1

 2 Foreign deposits 23.2 30.6 42.9 56.4 73.5 75.5 91.1 112.9 110.4 110.6 124.2 2

 3 Checkable deposits and currency 1.5 -1.0 -2.2 -3.0 -3.6 0.0 2.2 -3.9 -2.8 -9.6 4.6 3

 4 Time and savings deposits 111.3 127.0 160.4 157.7 125.1 129.3 142.4 173.3 171.5 182.7 219.5 4

 5 Security RPs 126.6 139.5 139.6 158.3 169.4 172.0 183.0 205.9 208.2 221.5 227.0 5

 6 Credit market instruments 721.9 965.9 1147.8 1217.1 1159.4 1212.5 1290.9 1403.8 1414.6 1498.0 1536.9 6

 7 Open market paper 336.0 414.2 519.0 576.0 566.4 589.3 608.6 641.9 638.2 647.2 638.9 7

 8 U.S. government securities 182.5 277.5 294.7 271.7 236.8 241.7 275.6 344.3 361.3 429.0 454.1 8

 9 Treasury 86.2 103.6 103.8 98.9 78.8 79.8 90.4 96.3 93.4 111.9 135.7 9

10 Agency 96.3 173.8 190.9 172.7 158.1 161.9 185.2 248.0 267.9 317.1 318.4 10

11 Municipal securities 167.0 193.0 210.4 225.8 221.5 227.6 244.7 256.0 255.2 267.1 281.0 11

12 Corporate and foreign bonds 36.4 81.2 123.7 143.6 134.6 153.9 161.9 161.6 159.9 154.7 163.0 12

13 Miscellaneous assets 58.1 67.7 90.4 79.6 103.4 108.5 102.5 102.6 112.8 113.0 128.6 13

14 Total shares outstanding (liabilities) 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 2240.7 14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.122 Mutual Funds (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 1

 2 Security RPs 57.8 70.9 80.8 82.8 96.9 106.0 106.4 88.4 84.6 77.6 74.7 2

 3 Credit market instruments 901.1 1028.4 1076.8 1058.3 1072.5 1087.1 1097.8 1113.9 1160.3 1188.2 1223.9 3

 4 Open market paper 57.8 70.9 80.8 82.8 96.9 106.0 106.4 88.4 80.9 77.6 74.7 4

 5 U.S. government securities 349.7 375.9 388.4 379.9 387.5 389.7 399.0 412.8 446.4 464.0 476.9 5

 6 Treasury 136.4 141.0 117.3 115.5 118.6 120.0 123.7 118.7 118.2 112.3 115.4 6

 7 Agency 213.3 234.9 271.1 264.4 268.9 269.7 275.3 294.1 328.1 351.7 361.5 7

 8 Municipal securities 219.8 242.6 239.4 232.0 227.5 228.3 230.5 236.0 240.2 245.8 252.2 8

 9 Corporate and foreign bonds 273.8 339.0 368.2 363.5 360.6 363.0 361.9 376.8 392.8 400.8 420.1 9

10 Corporate equities 2018.7 2506.2 3376.7 3680.2 3546.7 3585.1 3226.9 2786.7 3013.6 2486.2 2836.8 10

11 Miscellaneous assets 11.8 7.7 4.2 2.7 2.6 3.4 3.5 1.3 1.0 1.1 1.1 11

12 Total shares outstanding (liabilities) 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117).

L.123 Closed-End and Exchange-Traded Funds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 Closed-end funds

 1 Total financial assets 149.0 151.0 151.0 150.4 146.5 144.5 138.3 131.9 132.1 124.7 126.2 1

 2 Credit market instruments 98.3 103.7 111.1 109.0 106.9 104.8 102.7 100.6 98.5 96.4 94.2 2

 3 U.S. government securities 10.2 9.3 8.0 8.0 7.9 7.8 7.7 7.6 7.6 7.5 7.4 3

 4 Municipal securities 59.9 61.8 70.5 69.3 68.2 67.0 65.9 64.7 63.6 62.4 61.3 4

 5 Corporate and foreign bonds 28.1 32.6 32.6 31.7 30.8 30.0 29.1 28.2 27.3 26.5 25.6 5

 6 Corporate equities 50.7 47.3 39.9 41.4 39.6 39.7 35.7 31.3 33.7 28.4 31.9 6

 Exchange-traded funds

 7 Total financial assets (1) 6.7 15.6 33.9 36.8 46.1 49.7 65.6 66.0 75.6 64.3 83.0 7

 Memo:

 8 Market value of equities 155.7 166.6 184.9 187.2 192.6 194.2 203.9 197.9 207.7 189.1 209.1 8

 9 Closed-end funds 149.0 151.0 151.0 150.4 146.5 144.5 138.3 131.9 132.1 124.7 126.2 9

10 Exchange-traded funds 6.7 15.6 33.9 36.8 46.1 49.7 65.6 66.0 75.6 64.3 83.0 10

(1) Corporate equities.
78 Z.1, March 7, 2002

L.124 Government-Sponsored Enterprises (GSEs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1099.4 1403.8 1720.6 1752.3 1812.1 1881.8 1969.4 2054.5 2123.4 2219.8 2301.4 1

 2 Checkable deposits and currency 1.9 4.4 11.8 0.7 1.2 1.0 2.1 2.0 2.7 3.9 3.7 2

 3 Federal funds and security RPs 90.4 77.0 89.7 90.6 80.9 83.7 78.1 97.3 84.4 97.2 99.1 3

 4 Credit market instruments 939.4 1253.9 1545.6 1584.0 1649.2 1714.3 1803.7 1869.7 1951.1 2019.1 2098.1 4

 5 Open market paper 34.0 60.9 33.8 38.1 34.8 42.2 50.6 38.0 48.1 48.2 62.5 5

 6 U.S. government securities 352.4 514.7 699.2 723.5 737.6 784.7 845.4 898.7 944.6 989.0 1022.6 6

 7 Treasury 25.9 25.2 30.9 25.2 20.7 29.0 32.1 28.1 33.2 28.8 32.0 7

 8 Agency 326.5 489.6 668.3 698.4 717.0 755.6 813.3 870.6 911.4 960.2 990.6 8

 9 Municipal securities 5.2 9.2 10.6 9.2 9.1 9.9 8.8 9.9 12.0 12.1 14.8 9

10 Corporate and foreign bonds 47.1 67.8 91.5 94.2 106.5 113.9 117.3 125.2 137.3 137.0 145.5 10

11 Other loans and advances 260.3 352.6 466.2 472.9 505.4 503.5 514.6 527.9 530.1 547.2 555.2 11

12 Sallie Mae 30.9 29.5 34.6 32.4 31.9 36.3 37.8 38.4 39.6 40.1 40.8 12

13 Farm Credit System 31.6 34.9 35.8 36.2 36.8 37.4 38.9 39.0 40.1 40.4 41.7 13

14 FHLB 197.8 288.2 395.7 404.3 436.6 429.8 437.9 450.5 450.3 466.8 472.7 14

15 Mortgages 240.5 248.7 244.4 246.1 255.7 260.1 267.1 270.0 279.1 285.6 297.4 15

16 Home 194.3 199.6 189.3 189.8 197.6 200.5 205.1 206.3 211.9 215.8 224.2 16

17 Multifamily residential 17.3 18.1 22.9 24.2 25.3 26.2 27.8 28.8 30.7 32.4 34.7 17

18 Farm 28.9 31.0 32.2 32.1 32.8 33.5 34.2 34.9 36.4 37.4 38.6 18

19 Miscellaneous assets 67.8 68.5 73.5 77.0 80.8 82.8 85.5 85.4 85.2 99.7 100.5 19

20 Total liabilities 1070.3 1368.9 1681.1 1711.8 1770.0 1837.6 1922.5 2008.4 2074.3 2169.3 2248.6 20

21 Credit market instruments 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.4 2114.5 21

22 GSE issues (2) 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.4 2114.5 22

23 U.S. government loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Miscellaneous liabilities 75.1 95.3 89.3 93.8 89.8 87.9 96.7 119.7 118.5 131.9 134.1 24

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution

 Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., a private company chartered in 1997.

(2) Such issues are classified as U.S. government securities.

L.125 Federally Related Mortgage Pools (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 1

 2 Home mortgages 1788.1 1970.2 2234.7 2263.0 2294.1 2351.4 2425.6 2464.9 2559.3 2682.1 2746.6 2

 3 Multifamily residential mortgages 37.8 48.3 57.5 59.1 61.0 63.0 66.0 69.3 74.1 77.3 81.6 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Total pool securities (liabilities)(2) 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 6

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately

 issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.

(2) Such issues are classified as U.S. government securities.
Z.1, March 7, 2002 79

L.126 Issuers of Asset-Backed Securities (ABSs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1065.8 1385.4 1611.6 1646.9 1689.0 1735.1 1822.9 1887.5 1936.7 2011.2 2104.8 1

 2 Agency securities (1) 142.3 180.2 220.4 225.7 226.4 226.4 224.7 235.7 232.5 239.8 246.9 2

 3 Other loans and advances 76.2 103.8 113.0 124.3 125.4 128.3 138.3 138.1 132.3 148.4 150.5 3

 4 Student loans 14.1 17.9 19.4 22.8 24.5 30.7 29.9 30.5 31.0 31.2 30.5 4

 5 Loans to business 62.1 85.9 93.6 101.5 100.9 97.6 108.4 107.6 101.3 117.2 120.0 5

 6 Mortgages (2) 406.2 563.0 656.1 669.8 687.5 707.9 739.8 767.5 805.0 834.5 889.2 6

 7 Home 310.7 405.2 455.0 463.5 471.9 484.6 499.8 523.3 539.2 550.2 574.5 7

 8 Multifamily residential 20.9 33.8 42.3 43.2 44.4 45.6 48.8 49.0 51.7 54.5 60.2 8

 9 Commercial 74.6 124.0 158.8 163.1 171.2 177.6 191.2 195.2 214.1 229.8 254.5 9

10 Consumer credit 313.1 372.4 435.1 434.0 447.0 460.3 500.1 519.2 533.9 548.5 572.4 10

11 Trade receivables 128.1 165.9 187.0 193.1 202.7 212.2 220.0 227.0 233.0 240.0 245.9 11

12 Total liabilities 1076.6 1398.0 1621.4 1655.8 1697.0 1742.3 1829.6 1893.7 1942.4 2016.7 2110.0 12

13 Commercial paper 256.1 381.8 520.8 546.6 570.3 595.7 641.8 653.3 670.3 691.3 745.3 13

14 Corporate bonds 820.5 1016.2 1100.6 1109.1 1126.7 1146.6 1187.8 1240.4 1272.2 1325.4 1364.8 14

 Memo:

 Securitized assets not included above

15 Consumer leases (3) 10.8 12.6 9.7 8.9 7.9 7.3 6.7 6.3 5.8 5.5 5.2 15

16 REIT assets (4) 11.1 13.9 12.9 13.0 12.3 11.6 10.7 10.1 10.0 9.5 9.7 16

(1) Federally related mortgage pool securities backing privately issued CMOs.

(2) Mortgages backing privately issued pool securities and privately issued CMOs.

(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).

 The leased automobile is a tangible asset.

(4) Included in table L.129.

L.127 Finance Companies (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 763.9 852.7 1003.0 1038.3 1073.0 1106.3 1137.9 1140.1 1145.4 1136.3 1152.9 1

 2 Checkable deposits and currency 20.6 22.8 25.3 25.9 26.6 27.2 27.9 28.6 29.3 30.0 30.8 2

 3 Credit market instruments 568.2 645.5 742.5 776.6 812.3 830.0 850.5 848.0 878.5 859.4 867.0 3

 4 Other loans and advances 304.1 340.9 395.1 422.7 441.9 443.0 458.4 459.1 481.9 451.1 447.0 4

 5 Mortgages 96.5 121.2 145.8 149.1 157.7 165.4 172.3 176.1 182.3 187.4 183.3 5

 6 Consumer credit 167.5 183.3 201.5 204.8 212.7 221.5 219.8 212.8 214.3 220.9 236.7 6

 7 Miscellaneous assets 175.1 184.4 235.3 235.8 234.1 249.0 259.6 263.5 237.7 246.8 255.2 7

 8 Total liabilities 780.8 856.6 994.6 1051.0 1086.1 1123.8 1159.5 1159.3 1167.4 1161.0 1176.7 8

 9 Credit market instruments 568.3 625.5 695.7 708.4 740.8 761.8 776.9 756.2 769.0 771.2 770.0 9

10 Open market paper 202.6 233.3 230.4 233.0 224.3 218.8 238.8 180.9 181.6 171.0 157.3 10

11 Corporate bonds 341.5 365.6 429.9 446.6 483.7 507.3 502.2 533.8 542.1 555.8 563.3 11

12 Bank loans n.e.c. 24.2 26.5 35.4 28.8 32.8 35.7 35.9 41.6 45.3 44.5 49.4 12

13 Taxes payable 6.5 7.3 8.1 8.3 8.6 8.8 9.1 9.3 9.6 9.9 10.2 13

14 Miscellaneous liabilities 206.0 223.8 290.7 334.2 336.7 353.2 373.5 393.7 388.8 379.9 396.5 14

15 Foreign direct investment in U.S. 35.7 38.3 49.7 47.8 48.6 49.9 67.3 73.2 77.9 80.1 82.1 15

16 Investment by parent 47.1 34.3 87.8 107.2 95.1 100.0 102.5 97.2 93.4 91.7 99.3 16

17 Other 123.2 151.2 153.1 179.2 193.0 203.3 203.6 223.3 217.5 208.1 215.1 17

 Memo:

18 Consumer leases not included above (2) 98.8 96.6 102.9 106.6 109.1 109.9 108.2 106.4 110.2 108.3 103.5 18

(1) Includes retail captive finance companies.

(2) See footnote (3), table L.126.
80 Z.1, March 7, 2002

L.128 Mortgage Companies

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 37.2 1

 2 Home mortgages 21.8 24.9 25.2 23.7 25.1 24.9 25.4 25.8 26.0 26.4 26.7 2

 3 Multifamily residential mortgages 5.2 5.3 5.3 5.3 5.3 5.3 5.4 5.4 5.4 5.4 5.4 3

 4 Commercial mortgages 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 4

 5 Total liabilities 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 37.2 5

 6 Bank loans n.e.c. 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 18.6 6

 7 Investment by parent 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.3 18.5 18.6 7

L.129 Real Estate Investment Trusts (REITs)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 64.3 70.7 68.4 64.9 63.2 63.2 62.1 63.5 65.6 68.0 76.9 1

 2 Checkable deposits and currency 3.3 4.1 4.4 4.5 4.2 3.8 4.3 4.1 4.7 5.2 4.8 2

 3 Credit market instruments 50.6 45.5 42.9 38.8 38.2 37.3 36.6 37.6 37.9 39.8 47.1 3

 4 Agency securities 21.2 13.1 14.2 14.1 13.1 13.9 14.5 13.9 17.4 18.3 25.8 4

 5 Corporate and foreign bonds 6.5 6.1 5.7 5.6 6.4 5.7 5.3 7.4 5.2 5.9 6.0 5

 6 Mortgages 22.9 26.3 23.0 19.2 18.6 17.8 16.8 16.3 15.3 15.6 15.3 6

 7 Home 14.0 14.8 12.4 8.8 8.3 8.0 7.9 7.8 7.6 8.0 6.6 7

 8 Multifamily residential 2.1 2.1 1.6 1.4 1.6 1.5 1.3 1.2 1.2 1.3 0.6 8

 9 Commercial 6.9 9.4 9.0 9.0 8.7 8.2 7.6 7.4 6.5 6.4 8.1 9

10 Miscellaneous assets 10.5 21.2 21.1 21.5 20.8 22.0 21.1 21.8 23.0 22.9 25.0 10

11 Total liabilities 139.0 205.6 216.8 216.8 219.0 220.6 217.5 221.9 221.8 223.1 233.3 11

12 Security RPs 24.9 15.1 15.7 13.0 11.2 12.4 11.9 13.1 15.1 16.9 23.6 12

13 Credit market instruments 96.1 158.8 165.1 167.9 170.4 169.8 167.8 166.2 168.9 168.3 170.5 13

14 Open market paper 0.0 0.2 0.1 0.1 1.0 0.2 0.2 0.1 0.0 1.1 0.0 14

15 Corporate bonds 31.6 53.4 62.2 63.9 67.2 68.6 67.0 70.0 68.6 68.6 71.9 15

16 Bank loans n.e.c. 17.6 33.6 26.0 25.5 21.2 18.6 17.7 15.0 15.2 14.0 13.6 16

17 Mortgages 46.8 71.6 76.7 78.5 81.0 82.5 82.9 81.1 85.1 84.6 85.0 17

18 Miscellaneous liabilities 18.0 31.6 36.0 35.9 37.4 38.5 37.8 42.6 37.8 37.9 39.2 18

 Memo:

19 Securitized assets included above 11.1 13.9 12.9 13.0 12.3 11.6 10.7 10.1 10.0 9.5 9.7 19

20 Agency securities 4.9 5.0 3.7 3.8 3.7 3.6 3.5 3.4 3.1 2.9 4.8 20

21 Home mortgages 5.7 7.5 7.6 7.9 7.3 6.7 6.7 6.2 6.0 5.8 4.9 21

22 Multifamily residential mortgages 0.4 0.8 0.9 0.8 0.7 0.7 0.4 0.4 0.5 0.5 0.0 22

23 Commercial mortgages 0.0 0.6 0.7 0.6 0.6 0.6 0.1 0.1 0.4 0.4 0.0 23
Z.1, March 7, 2002 81

L.130 Security Brokers and Dealers

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 779.2 921.2 1001.0 1132.5 1132.9 1208.6 1221.4 1191.4 1333.3 1462.7 1437.4 1

 2 Checkable deposits and currency 21.7 25.4 28.7 27.1 27.0 20.8 30.3 28.8 37.0 53.8 46.8 2

 3 Credit market instruments 182.6 189.4 154.7 194.8 188.2 243.3 223.6 312.3 288.4 366.4 321.2 3

 4 Open market paper 24.3 28.0 26.0 30.2 38.2 45.4 39.2 44.5 44.8 50.8 47.8 4

 5 U.S. government securities 45.1 66.7 23.3 43.8 31.0 70.5 60.4 131.2 97.9 147.9 93.5 5

 6 Treasury -5.3 15.8 -42.6 -6.5 -24.1 7.8 -3.3 55.9 1.6 67.4 15.7 6

 7 Agency 50.4 50.9 66.0 50.3 55.1 62.6 63.7 75.3 96.3 80.4 77.8 7

 8 Municipal securities 13.2 13.1 11.9 10.8 9.9 10.8 11.3 12.7 13.7 16.0 19.0 8

 9 Corporate and foreign bonds 100.0 81.4 93.4 110.0 109.1 116.6 112.7 124.0 132.0 151.7 161.0 9

10 Corporate equities 51.9 54.4 66.9 74.4 74.5 81.5 77.2 76.0 89.8 66.6 82.8 10

11 Security credit 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 258.1 194.7 11

12 Miscellaneous assets 391.8 499.3 522.8 549.7 573.0 589.1 655.1 580.8 722.1 717.8 791.9 12

13 Total liabilities 729.2 866.2 937.7 1062.6 1061.8 1136.4 1148.0 1117.6 1257.9 1387.9 1361.9 13

14 Security RPs (net) 203.5 208.1 245.2 285.3 271.6 317.6 302.2 280.8 333.1 402.2 354.8 14

15 Corporate bonds 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.1 42.3 15

16 Trade payables 19.9 18.9 30.9 33.8 39.4 35.9 35.9 35.2 33.3 36.1 39.1 16

17 Security credit 337.9 419.6 448.7 514.6 510.0 531.9 587.6 591.9 585.5 661.9 619.4 17

18 Customer credit balances (HH) 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 494.8 443.4 18

19 From banks 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.2 176.0 19

20 Taxes payable 1.3 1.3 2.2 2.4 1.7 1.8 2.1 1.2 1.3 1.4 1.8 20

21 Miscellaneous liabilities 131.1 175.8 185.5 190.1 202.9 206.5 179.3 173.5 260.7 239.1 304.5 21

22 Foreign direct investment in U.S. 8.5 10.1 15.8 16.4 16.8 17.4 16.7 17.8 18.3 19.5 20.5 22

23 Due to affiliates 254.5 351.9 413.7 416.4 433.4 442.4 452.3 506.2 508.5 508.0 516.9 23

24 Other -131.9 -186.2 -244.1 -242.7 -247.4 -253.2 -289.7 -350.4 -266.1 -288.4 -232.9 24

L.131 Funding Corporations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 612.7 716.8 972.8 999.4 1052.2 1054.5 1099.6 1120.7 1077.0 1003.4 1085.9 1

 2 Money market fund shares 157.9 215.8 264.7 267.3 264.5 286.4 298.2 335.1 366.1 377.8 415.7 2

 3 Credit market instruments 166.7 152.3 285.0 289.4 337.0 313.0 324.4 291.0 230.2 173.8 193.1 3

 4 Open market paper 133.6 114.7 251.2 265.6 305.8 289.1 290.5 247.4 176.9 109.6 118.3 4

 5 Corporate and foreign bonds 33.1 37.6 33.8 23.8 31.1 23.9 33.9 43.6 53.3 64.2 74.8 5

 6 Miscellaneous assets (2) 288.0 348.7 423.1 442.7 450.7 455.1 477.1 494.6 480.7 451.7 477.1 6

 7 Investment in foreign banking offices 78.8 90.6 93.0 114.6 114.5 119.9 138.7 142.3 137.3 113.5 107.9 7

 8 Investment in brokers and dealers 209.2 258.2 330.1 328.1 336.2 335.2 338.4 352.3 343.5 338.2 369.2 8

 9 Total liabilities 612.7 716.8 972.8 999.4 1052.2 1054.5 1099.6 1120.7 1077.0 1003.4 1085.9 9

10 Credit market instruments 372.6 412.6 504.0 507.4 515.0 508.7 503.7 524.7 478.6 433.6 450.6 10

11 Open market paper 228.5 234.4 268.5 276.2 277.9 274.1 266.2 275.4 223.1 179.4 190.9 11

12 Corporate bonds 144.2 178.2 235.5 231.1 237.1 234.7 237.5 249.3 255.5 254.2 259.7 12

13 Miscellaneous liabilities 240.1 304.3 468.8 492.0 537.2 545.7 596.0 596.1 598.4 569.8 635.3 13

14 Foreign direct investment in U.S. -84.6 -63.9 -80.9 -64.7 -64.3 -53.6 -26.6 -30.0 2.1 18.2 26.5 14

15 Securities loaned (net) 333.3 403.3 419.5 443.9 467.5 470.6 508.2 482.6 541.0 559.8 571.4 15

16 Other -8.6 -35.1 130.2 112.8 134.0 128.8 114.4 143.5 55.3 -8.1 37.4 16

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.

(2) Due from affiliated companies.
82 Z.1, March 7, 2002

L.200 Gold and Official Foreign Exchange Holdings (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total U.S. reserves 70.0 81.8 71.5 68.0 67.5 66.3 67.6 64.2 64.8 71.0 68.7 1

 2 U.S. gold stock and SDRs 21.1 21.6 21.4 21.4 21.5 21.4 21.6 21.4 21.5 22.0 21.8 2

 3 Federal govt.: Exchange Stab. Fund 10.0 10.6 10.3 10.3 10.4 10.3 10.5 10.4 10.4 10.9 10.8 3

 4 Monetary authority (2) 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 4

 5 U.S. foreign exchange position 48.9 60.1 50.1 46.6 46.0 44.9 46.1 42.8 43.4 49.0 46.8 5

 6 Official foreign currency holdings 30.8 36.0 32.2 28.8 30.6 31.2 31.2 29.0 28.8 30.6 29.0 6

 7 Treasury 13.8 16.2 16.0 13.0 15.0 15.6 15.6 14.5 14.3 15.2 14.4 7

 8 Monetary authority 17.0 19.8 16.1 15.8 15.6 15.6 15.7 14.6 14.4 15.4 14.6 8

 9 Net IMF position 18.1 24.1 18.0 17.9 15.4 13.7 14.8 13.8 14.6 18.4 17.9 9

10 Federal government 18.2 24.2 18.0 18.0 15.5 13.8 14.9 13.9 14.7 18.5 17.9 10

11 Monetary authority -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of

 foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.

(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 SDR certificates:

 1 Liab: Federal government 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 2.2 1

 2 Asset: Monetary authority 9.2 9.2 6.2 6.2 4.2 3.2 2.2 2.2 2.2 2.2 2.2 2

 Treasury currency:

 3 Liab: Federal government 19.3 19.9 20.9 21.4 22.1 23.2 23.2 22.9 23.2 23.2 23.2 3

 4 Asset: Monetary authority 25.6 26.3 28.0 29.0 30.0 30.8 31.6 32.3 32.7 33.0 33.2 4

 5 Discrepancy (seigniorage) -6.3 -6.4 -7.1 -7.6 -7.9 -7.6 -8.5 -9.4 -9.5 -9.8 -10.0 5

L.202 U.S. Deposits in Foreign Countries

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total rest of the world liability 618.5 642.3 703.6 781.9 782.8 772.6 824.5 883.4 840.8 861.7 886.7 1

 Held by:

 2 Household sector 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 47.1 48.4 47.0 2

 3 Nonfinancial corporate business 23.1 30.5 28.3 22.2 26.5 37.7 22.2 15.6 15.9 15.5 16.7 3

 4 Money market mutual funds 23.2 30.6 42.9 56.4 73.5 75.5 91.1 112.9 110.4 110.6 124.2 4

 5 Discrepancy--unallocated assets 535.0 542.8 588.9 654.7 634.2 611.5 659.9 705.1 667.5 687.2 698.8 5
Z.1, March 7, 2002 83

L.203 Net Interbank Transactions

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 219.4 189.0 205.3 122.8 194.7 206.0 222.6 156.0 163.9 177.7 232.5 1

 2 Monetary authority 75.8 68.4 90.6 53.4 55.5 52.1 63.4 53.9 55.8 61.6 64.8 2

 3 Depository institution reserves 30.8 26.3 24.0 18.2 18.5 17.6 19.0 17.8 18.6 24.9 17.5 3

 4 Vault cash 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 47.3 4

 5 Commercial banking 143.5 120.6 114.8 69.5 139.2 153.9 159.2 102.1 108.1 116.1 167.7 5

 6 To monetary authority 2.8 1.7 -0.0 0.0 0.5 0.7 1.0 0.2 -0.2 -0.5 0.0 6

 7 To banks in foreign countries, net 173.0 145.9 140.3 83.4 150.3 170.8 162.5 100.2 102.8 110.6 156.2 7

 8 Liabilities, net 188.8 156.7 149.8 92.7 160.2 180.3 171.6 107.7 113.0 120.7 168.0 8

 9 U.S.-chartered commercial banks 62.0 85.1 133.5 135.2 174.5 175.0 179.3 142.2 161.5 135.0 189.6 9

10 Due to foreign affiliates 173.1 196.7 226.7 236.6 289.4 295.3 302.0 269.2 281.0 273.1 319.4 10

11 - Due from foreign affiliates 111.1 111.6 93.2 101.4 114.9 120.3 122.7 127.0 119.5 138.1 129.8 11

12 Foreign banking offices in U.S. 148.6 92.9 41.7 -22.7 4.1 -3.8 -14.8 -37.2 -54.3 -29.0 -35.8 12

13 Due to foreign affiliates 99.7 133.0 147.9 124.6 138.6 108.8 133.6 163.2 133.0 144.2 122.1 13

14 - Due from foreign affiliates -48.8 40.1 106.2 147.3 134.6 112.5 148.4 200.4 187.3 173.2 157.8 14

15 Bank holding companies -21.9 -21.3 -25.4 -19.8 -18.4 9.0 7.1 2.7 5.8 14.8 14.1 15

16 Due to foreign affiliates 3.0 2.9 8.3 4.6 4.7 36.6 39.3 40.1 48.8 57.1 51.4 16

17 - Due from foreign affiliates 24.9 24.2 33.8 24.4 23.1 27.6 32.2 37.3 43.0 42.3 37.2 17

18 Less: Deposits at foreign banks 15.8 10.8 9.5 9.4 9.9 9.5 9.0 7.5 10.2 10.1 11.8 18

19 U.S. chartered commercial banks 11.7 10.6 9.4 9.3 9.5 8.9 8.3 7.2 9.4 9.3 11.1 19

20 Foreign banking offices in U.S. 4.1 0.2 0.2 0.1 0.4 0.6 0.7 0.2 0.7 0.8 0.7 20

21 To U.S. banking, net -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 21

22 U.S.-chartered commercial banks -50.2 -51.0 -65.1 -60.4 -61.6 -28.5 -34.6 -21.0 -24.6 -16.8 -19.5 22

23 Liabilities 22.0 29.8 47.4 49.1 53.9 45.3 59.6 66.0 52.3 60.4 59.6 23

24 To foreign offices in U.S. 53.8 55.9 72.2 62.5 64.8 62.4 63.4 63.6 45.5 53.5 47.0 24

25 To bank holding companies 0.3 0.9 0.6 0.5 0.7 0.5 0.6 0.7 1.4 0.9 1.0 25

26 Unallocated -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 26

 Less, due from:

27 Foreign offices in U.S. 57.6 55.9 79.7 70.7 75.1 69.2 87.8 81.2 86.1 88.1 91.0 27

28 Bank holding companies 14.6 24.8 32.8 38.9 40.3 4.6 6.4 5.8 -9.2 -10.8 -11.9 28

29 Foreign banking offices in U.S. 3.8 0.1 7.4 8.1 10.4 6.8 24.4 17.5 40.6 34.6 44.0 29

30 Due to U.S. banks 57.6 55.9 79.7 70.7 75.1 69.2 87.8 81.2 86.1 88.1 91.0 30

31 - Due from U.S. banks 53.8 55.9 72.2 62.5 64.8 62.4 63.4 63.6 45.5 53.5 47.0 31

32 Bank holding companies 14.3 23.9 32.1 38.4 39.6 4.1 5.8 5.2 -10.6 -11.8 -12.9 32

33 Due to U.S. banks 14.6 24.8 32.8 38.9 40.3 4.6 6.4 5.8 -9.2 -10.8 -11.9 33

34 - Due from U.S. banks 0.3 0.9 0.6 0.5 0.7 0.5 0.6 0.7 1.4 0.9 1.0 34

35 Total assets 251.6 215.9 230.8 136.8 206.3 223.6 227.0 154.3 158.4 171.7 221.0 35

36 Rest of the world 173.0 145.9 140.3 83.4 150.3 170.8 162.5 100.2 102.8 110.6 156.2 36

37 Domestic 78.6 70.0 90.6 53.4 56.0 52.9 64.4 54.1 55.6 61.1 64.8 37

38 Monetary authority 2.8 1.7 -0.0 0.0 0.5 0.7 1.0 0.2 -0.2 -0.5 0.0 38

39 Federal Reserve float 0.7 1.6 -0.2 -0.2 -0.0 0.4 0.9 0.2 -0.4 -0.5 -0.0 39

40 Loans to member banks 2.0 0.0 0.2 0.2 0.5 0.4 0.1 0.0 0.2 0.1 0.0 40

41 Commercial banking 74.1 66.5 88.5 51.8 53.9 51.0 62.4 52.9 54.8 60.3 63.3 41

42 Reserves at Federal Reserve 29.1 24.4 22.0 16.6 16.9 16.5 18.0 16.8 17.6 23.7 16.0 42

43 Vault cash 45.0 42.1 66.5 35.2 37.0 34.5 44.4 36.0 37.2 36.6 47.3 43

44 Savings insts.: Reserves at Fed. Res. 1.8 1.9 2.0 1.6 1.6 1.1 1.0 1.0 1.0 1.2 1.5 44

45 Discrepancy--floats, etc. -32.2 -27.0 -25.5 -13.9 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 45
84 Z.1, March 7, 2002

L.204 Checkable Deposits and Currency

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1405.7 1452.0 1485.7 1599.1 1

 2 Monetary authority 443.5 481.8 590.4 532.7 540.6 542.9 555.2 556.1 567.3 586.3 603.4 2

 3 Federal government cash and deposits 5.7 6.2 28.5 4.5 6.3 8.6 5.6 6.1 7.6 10.2 7.1 3

 4 Deposits due to foreign 0.5 0.2 0.1 0.2 0.1 0.2 0.3 0.1 0.1 0.6 0.1 4

 5 Currency outside banks 437.4 475.4 561.8 528.0 534.1 534.1 549.3 549.8 559.5 575.4 596.2 5

 6 Commercial banking 656.4 623.0 626.2 574.9 574.0 537.0 541.0 515.8 538.6 540.3 624.5 6

 7 Federal government deposits 27.8 13.2 49.6 37.5 48.7 39.3 16.4 22.6 36.5 34.4 45.7 7

 8 Deposits due to foreign 31.7 30.2 43.6 29.9 31.4 32.6 34.1 34.8 33.7 34.6 34.5 8

 9 Private domestic deposits 597.0 579.7 533.1 507.4 493.9 465.1 490.5 458.4 468.5 471.2 544.4 9

10 Savings institutions 149.5 185.6 222.7 234.0 244.7 254.9 265.9 278.7 291.9 303.5 316.5 10

11 Credit unions 36.6 43.0 45.4 51.3 50.4 50.9 51.3 55.2 54.2 55.6 54.7 11

12 Total assets 1286.1 1333.4 1484.8 1392.9 1409.7 1385.7 1413.3 1405.7 1452.0 1485.7 1599.1 12

13 Household sector 460.0 440.2 395.2 388.0 351.0 308.4 338.5 338.1 324.8 307.4 389.7 13

14 Nonfinancial business 391.9 453.6 516.2 514.0 547.2 590.4 579.9 555.2 565.3 589.3 580.0 14

15 Corporate 228.8 256.6 293.6 285.1 307.4 346.6 332.1 302.3 307.1 325.9 311.2 15

16 Nonfarm noncorporate 146.2 178.3 203.3 209.6 220.4 224.4 228.3 233.3 238.5 243.8 249.1 16

17 Farm 16.9 18.6 19.2 19.3 19.3 19.4 19.4 19.5 19.6 19.7 19.8 17

18 State and local governments 32.2 28.3 32.1 27.2 27.0 25.7 33.2 30.2 30.2 29.6 35.8 18

19 Federal government 41.6 23.2 87.9 51.2 60.6 55.7 24.3 30.7 48.9 50.6 66.8 19

20 Rest of the world 243.6 258.4 298.3 277.8 280.3 282.3 290.1 292.9 294.6 304.3 314.1 20

21 Checkable deposits 32.2 30.4 43.7 30.1 31.6 32.8 34.4 34.9 33.8 35.2 34.6 21

22 Currency 211.4 228.0 254.6 247.7 248.7 249.5 255.7 258.0 260.8 269.0 279.5 22

23 Financial sectors 98.7 110.5 142.5 125.1 126.8 115.6 125.7 139.4 167.6 191.3 198.2 23

24 Commercial banking 1.4 2.0 2.2 1.9 2.1 1.4 1.7 1.9 1.7 2.5 2.8 24

25 Savings institutions 15.2 18.4 20.1 16.3 17.5 17.5 19.7 19.6 21.7 21.8 21.8 25

26 Credit unions 8.1 9.1 26.4 26.4 24.0 17.6 12.2 15.0 18.1 25.0 19.8 26

27 Bank personal trusts and estates 0.8 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.2 27

28 Life insurance companies 8.1 5.4 5.5 4.0 5.6 3.7 5.0 17.8 23.5 25.1 28.1 28

29 Other insurance companies 4.2 4.0 4.3 3.1 2.7 3.1 3.7 10.6 11.8 13.6 14.9 29

30 Private pension funds 6.6 5.7 6.6 6.7 6.9 7.1 7.2 7.4 7.8 8.0 7.9 30

31 State and local govt. retirement funds 5.3 10.0 9.2 11.1 12.5 12.0 9.1 7.2 11.9 11.7 12.0 31

32 Money market mutual funds 1.5 -1.0 -2.2 -3.0 -3.6 0.0 2.2 -3.9 -2.8 -9.6 4.6 32

33 Government-sponsored enterprises 1.9 4.4 11.8 0.7 1.2 1.0 2.1 2.0 2.7 3.9 3.7 33

34 Finance companies 20.6 22.8 25.3 25.9 26.6 27.2 27.9 28.6 29.3 30.0 30.8 34

35 REITs 3.3 4.1 4.4 4.5 4.2 3.8 4.3 4.1 4.7 5.2 4.8 35

36 Brokers and dealers 21.7 25.4 28.7 27.1 27.0 20.8 30.3 28.8 37.0 53.8 46.8 36

37 Mail float 18.1 19.3 12.5 9.5 16.9 7.7 21.7 19.2 20.7 13.3 14.5 37
Z.1, March 7, 2002 85

L.205 Time and Savings Deposits 

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3187.5 3432.0 3607.3 3694.5 3726.2 3816.7 3916.4 4043.3 4079.3 4137.7 4240.3 1

 2 Small time and savings deposits 2474.1 2626.5 2671.2 2728.0 2738.8 2790.9 2861.9 2965.3 2992.3 3047.0 3121.9 2

 3 Commercial banking 1761.5 1945.2 2016.5 2077.5 2100.3 2156.2 2229.8 2311.6 2342.3 2395.4 2472.6 3

 4 U.S.-chartered commercial banks 1738.0 1924.4 1996.8 2058.0 2079.7 2136.2 2207.2 2290.4 2314.1 2370.8 2445.7 4

 5 Foreign banking offices in U.S. 13.1 9.5 7.5 7.2 7.7 6.5 9.0 7.7 13.5 9.4 11.7 5

 6 Banks in U.S.-affiliated areas 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 15.2 6

 7 Savings institutions 448.2 393.8 354.9 342.2 331.0 324.1 319.4 318.9 307.2 298.0 287.9 7

 8 Credit unions 264.4 287.5 299.8 308.3 307.6 310.6 312.7 334.8 342.8 353.7 361.3 8

 9 Large time deposits (1) 713.4 805.5 936.1 966.5 987.4 1025.9 1054.5 1078.0 1087.1 1090.7 1118.4 9

10 Commercial banking 601.0 673.3 792.3 816.4 833.6 864.5 887.2 900.0 901.3 891.0 915.6 10

11 U.S.-chartered commercial banks 369.3 404.1 465.6 480.4 511.4 530.0 553.5 548.8 551.3 549.1 527.9 11

12 Foreign banking offices in U.S. 221.3 257.8 314.5 323.7 309.3 321.0 320.1 337.8 335.2 326.8 372.4 12

13 Banks in U.S.-affiliated areas 10.4 11.4 12.2 12.3 12.9 13.5 13.6 13.4 14.8 15.2 15.2 13

14 Savings institutions 98.1 113.7 122.2 129.1 131.3 139.4 142.2 152.4 156.4 167.6 168.7 14

15 Credit unions 14.4 18.5 21.6 21.1 22.5 22.0 25.1 25.6 29.3 32.0 34.1 15

16 Total assets 3187.5 3432.0 3607.3 3694.5 3726.2 3816.7 3916.4 4043.3 4079.3 4137.7 4240.3 16

17 Household sector 2565.9 2732.7 2831.2 2933.8 2997.9 3079.3 3138.2 3243.4 3286.0 3336.8 3391.0 17

18 Nonfinancial business 205.1 207.4 233.6 222.6 221.3 224.5 234.7 231.8 228.8 225.7 226.3 18

19 Corporate 119.4 112.6 128.8 116.8 113.6 116.5 125.9 121.7 117.4 113.0 112.1 19

20 Nonfarm noncorporate 85.7 94.8 104.8 105.8 107.7 108.0 108.8 110.1 111.4 112.8 114.1 20

21 State and local governments 78.4 91.1 102.1 98.9 100.7 103.4 111.5 109.9 107.1 108.1 117.5 21

22 Federal government 3.4 4.7 5.4 5.5 5.7 6.2 6.3 8.4 9.9 11.7 10.5 22

23 Rest of the world 73.6 86.6 101.6 99.2 99.6 98.0 107.2 97.2 97.8 95.9 92.1 23

24 Financial sectors 261.1 309.5 333.5 334.4 300.9 305.3 318.5 352.6 349.8 359.5 402.9 24

25 Savings institutions 1.0 1.5 1.3 1.9 1.3 1.1 1.4 1.7 2.4 2.3 2.2 25

26 Credit unions 17.0 23.4 16.6 18.8 16.6 15.2 17.1 20.9 19.0 18.7 25.5 26

27 Bank personal trusts and estates 10.0 7.8 8.7 9.0 9.2 9.3 9.4 9.5 9.6 9.7 9.7 27

28 Private pension funds 119.4 147.7 144.7 144.6 145.9 146.0 147.1 146.3 146.2 145.3 144.0 28

29 State and local govt. retirement funds 2.4 2.0 1.7 2.4 2.7 4.4 1.1 0.8 1.1 0.8 2.0 29

30 Money market mutual funds 111.3 127.0 160.4 157.7 125.1 129.3 142.4 173.3 171.5 182.7 219.5 30

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total assets 1042.5 1329.7 1578.8 1666.0 1627.1 1697.8 1812.1 1994.7 2014.8 2116.1 2240.7 1

 2 Household sector 582.3 747.1 871.6 951.2 914.4 936.9 1003.0 1093.4 1034.3 1101.8 1138.9 2

 3 Nonfinancial corporate business 87.8 114.3 137.3 139.3 140.0 155.9 177.7 210.3 238.4 246.3 275.0 3

 4 Nonfarm noncorporate business 22.9 32.6 42.6 43.1 43.2 47.2 52.6 59.6 64.1 68.8 74.7 4

 5 Bank personal trusts and estates 37.4 46.2 53.7 54.5 55.6 56.3 57.4 58.2 59.2 60.2 61.2 5

 6 Life insurance companies 92.8 110.4 133.8 135.1 133.7 136.6 142.3 154.7 166.7 172.7 185.3 6

 7 Private pension funds 61.4 63.4 75.1 75.5 75.6 78.6 81.0 83.4 85.9 88.5 90.0 7

 8 Funding corporations 157.9 215.8 264.7 267.3 264.5 286.4 298.2 335.1 366.1 377.8 415.7 8
86 Z.1, March 7, 2002

L.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 822.4 913.7 1083.4 1149.4 1185.2 1238.6 1194.1 1179.3 1205.2 1253.1 1237.9 1

 2 Commercial banking (net) 552.2 639.2 749.8 777.6 827.4 827.5 813.4 818.3 787.4 779.4 787.5 2

 3 U.S.-chartered commercial banks 471.7 538.5 667.3 693.7 721.3 705.5 680.1 678.1 670.3 673.5 666.9 3

 4 Foreign banking offices in U.S. 80.7 100.4 82.1 83.2 104.9 120.9 134.5 139.6 116.3 104.9 121.9 4

 5 Bank holding companies -0.2 0.4 0.5 0.7 1.2 1.1 -1.1 0.6 0.7 0.9 -1.3 5

 6 Savings institutions 41.8 51.3 72.7 73.5 75.0 81.2 66.7 67.1 69.6 54.6 71.9 6

 7 REITs 24.9 15.1 15.7 13.0 11.2 12.4 11.9 13.1 15.1 16.9 23.6 7

 8 Brokers and dealers (net) 203.5 208.1 245.2 285.3 271.6 317.6 302.2 280.8 333.1 402.2 354.8 8

 9 Total assets 649.5 683.1 816.8 743.9 765.6 785.1 811.6 840.1 836.5 883.7 907.1 9

10 Nonfinancial corporate business 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 3.1 3.8 10

11 State and local governments 151.4 158.5 163.5 176.4 174.0 177.0 173.3 175.5 179.8 185.0 197.4 11

12 Rest of the world 90.8 72.0 79.9 75.9 87.5 92.4 91.3 116.2 119.5 110.5 120.6 12

13 Financial sectors 402.7 448.4 568.0 485.6 500.0 511.7 542.3 545.1 533.3 585.0 585.4 13

14 Monetary authority 23.8 30.4 140.6 23.7 26.9 17.3 43.4 22.0 23.3 47.9 50.3 14

15 Savings institutions 9.2 14.8 10.6 11.5 12.0 14.7 14.9 21.7 22.0 25.8 27.4 15

16 Credit unions 3.5 6.8 9.3 9.6 2.8 7.8 4.0 10.8 8.3 7.9 2.5 16

17 Other insurance companies 35.2 42.7 28.3 34.8 35.3 35.8 38.3 27.8 26.6 31.6 29.2 17

18 Private pension funds 27.6 28.8 28.6 28.8 28.9 29.2 29.6 28.7 29.0 29.4 29.7 18

19 State and local govt. retirement funds 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 46.1 45.5 19

20 Money market mutual funds 126.6 139.5 139.6 158.3 169.4 172.0 183.0 205.9 208.2 221.5 227.0 20

21 Mutual funds 57.8 70.9 80.8 82.8 96.9 106.0 106.4 88.4 84.6 77.6 74.7 21

22 Government-sponsored enterprises 90.4 77.0 89.7 90.6 80.9 83.7 78.1 97.3 84.4 97.2 99.1 22

23 Discrepancy--unallocated assets 172.9 230.6 266.7 405.5 419.6 453.5 382.5 339.2 368.7 369.5 330.8 23

L.208 Open Market Paper

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total outstanding, all types 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 1445.6 1

 2 Commercial paper 958.5 1161.0 1393.8 1469.1 1524.0 1559.6 1602.1 1539.0 1471.1 1412.7 1440.9 2

 3 Nonfinancial corporate business 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 190.1 3

 4 Foreign issues in U.S. 65.1 72.9 89.2 101.6 101.2 109.8 120.9 112.8 110.1 106.3 106.7 4

 5 Nonfinancial 20.0 18.5 26.7 33.8 35.4 38.7 37.6 27.9 20.5 17.2 14.3 5

 6 Financial 45.0 54.4 62.5 67.8 65.9 71.1 83.3 84.9 89.6 89.1 92.4 6

 7 Financial business 724.8 895.2 1074.3 1106.7 1125.9 1142.8 1202.7 1173.0 1137.7 1105.1 1144.1 7

 8 Commercial banking 37.6 45.4 54.5 50.8 52.4 54.1 55.7 63.4 62.7 62.4 50.6 8

 9 ABS issuers 256.1 381.8 520.8 546.6 570.3 595.7 641.8 653.3 670.3 691.3 745.3 9

10 Finance companies 202.6 233.3 230.4 233.0 224.3 218.8 238.8 180.9 181.6 171.0 157.3 10

11 REITs 0.0 0.2 0.1 0.1 1.0 0.2 0.2 0.1 0.0 1.1 0.0 11

12 Funding corporations 228.5 234.4 268.5 276.2 277.9 274.1 266.2 275.4 223.1 179.4 190.9 12

13 Bankers acceptances (1) 20.9 11.5 8.6 9.0 9.3 8.7 7.9 7.8 6.8 5.1 4.8 13

14 Holdings, by sector 979.4 1172.6 1402.4 1478.1 1533.3 1568.3 1610.0 1546.8 1477.9 1417.8 1445.6 14

15 Household sector 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 53.3 15

16 Nonfinancial corporate business 36.1 39.4 43.7 38.3 37.3 44.7 47.4 43.2 46.9 48.5 53.2 16

17 State and local governments 74.0 102.0 103.9 105.6 110.0 109.0 111.5 112.5 108.2 105.7 112.5 17

18 Rest of the world 77.8 115.3 102.3 100.0 98.2 94.6 111.0 110.0 112.1 111.3 119.5 18

19 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Commercial banking (1) 2.7 1.1 1.4 1.4 1.4 1.3 1.5 0.6 0.0 0.0 0.0 20

21 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Credit unions 0.2 0.4 1.9 0.8 0.3 1.2 1.2 1.1 1.6 1.3 2.4 22

23 Bank personal trusts and estates 21.0 16.5 17.1 17.3 17.4 17.6 17.7 16.7 15.8 14.9 13.7 23

24 Life insurance companies 65.9 73.4 75.8 72.0 73.7 75.2 71.2 60.4 58.9 65.5 66.4 24

25 Private pension funds 31.3 34.3 37.5 35.6 35.7 36.1 35.8 32.5 35.9 32.0 34.5 25

26 State and local govt. retirement funds 28.6 37.5 40.4 45.4 46.8 45.1 44.7 42.5 46.8 46.1 48.0 26

27 Money market mutual funds 336.0 414.2 519.0 576.0 566.4 589.3 608.6 641.9 638.2 647.2 638.9 27

28 Mutual funds 57.8 70.9 80.8 82.8 96.9 106.0 106.4 88.4 80.9 77.6 74.7 28

29 Government-sponsored enterprises 34.0 60.9 33.8 38.1 34.8 42.2 50.6 38.0 48.1 48.2 62.5 29

30 Brokers and dealers 24.3 28.0 26.0 30.2 38.2 45.4 39.2 44.5 44.8 50.8 47.8 30

31 Funding corporations 133.6 114.7 251.2 265.6 305.8 289.1 290.5 247.4 176.9 109.6 118.3 31

(1) Excludes banks’ holdings of own acceptances.
Z.1, March 7, 2002 87

L.209 Treasury Securities

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 3352.8 1

 2 Savings bonds 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 2

 3 Other Treasury issues 3591.8 3537.1 3466.3 3440.5 3251.1 3198.2 3173.1 3197.3 3038.9 3106.7 3162.5 3

 4 Total assets 3778.3 3723.7 3652.8 3625.8 3435.7 3382.6 3357.8 3382.1 3224.4 3293.1 3352.8 4

 5 Household sector 687.6 601.6 687.8 632.5 524.2 473.7 462.2 451.4 373.2 408.8 439.1 5

 6 Savings bonds 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 6

 7 Other Treasury issues 501.1 415.0 501.3 447.2 339.6 289.3 277.5 266.6 187.8 222.4 248.7 7

 8 Nonfinancial corporate business 26.8 23.6 19.6 21.6 23.7 22.9 18.0 17.6 18.5 19.3 18.4 8

 9 Nonfarm noncorporate business 30.8 37.0 33.9 31.3 27.6 25.9 23.7 20.9 18.2 14.8 11.4 9

10 State and local governments 239.3 269.3 266.8 257.2 256.4 241.9 236.2 231.5 224.0 208.9 205.4 10

11 Rest of the world 1252.0 1318.8 1238.9 1245.8 1221.2 1199.7 1222.0 1221.7 1192.2 1198.6 1249.4 11

12 Monetary authority 430.7 452.1 478.0 501.7 505.0 511.4 511.7 523.9 535.1 534.1 551.7 12

13 Commercial banking 270.1 214.0 226.7 215.6 201.4 200.9 182.2 171.9 176.0 176.5 163.4 13

14 U.S.-chartered commercial banks 166.8 124.7 122.8 125.3 116.4 108.6 87.9 72.2 69.9 65.3 56.5 14

15 Foreign banking offices in U.S. 95.1 84.8 92.3 86.9 81.6 89.0 91.7 97.8 104.3 109.0 104.7 15

16 Bank holding companies 4.0 0.9 8.8 0.9 1.1 1.1 0.8 0.8 0.9 0.8 1.2 16

17 Banks in U.S.-affiliated areas 4.2 3.6 2.8 2.5 2.4 2.2 1.8 1.2 0.9 1.4 1.1 17

18 Savings institutions 14.6 10.2 10.1 9.9 9.1 8.8 8.7 8.0 7.5 6.6 11.4 18

19 Credit unions 15.6 13.1 9.6 9.4 8.8 8.6 8.2 8.0 6.6 6.4 7.4 19

20 Bank personal trusts and estates 20.4 17.3 17.3 17.1 16.9 16.7 16.5 16.2 15.8 15.4 14.9 20

21 Life insurance companies 85.5 71.3 62.8 61.7 60.5 59.5 58.1 53.8 48.7 44.3 43.3 21

22 Other insurance companies 91.1 70.4 60.6 58.3 56.0 54.3 52.1 48.1 46.1 44.2 42.4 22

23 Private pension funds 143.5 112.5 112.1 111.4 112.9 113.1 111.8 107.3 104.0 99.6 102.4 23

24 State and local govt. retirement funds 216.9 217.7 211.2 211.1 210.5 200.7 195.7 195.3 204.4 187.7 186.0 24

25 Money market mutual funds 86.2 103.6 103.8 98.9 78.8 79.8 90.4 96.3 93.4 111.9 135.7 25

26 Mutual funds 136.4 141.0 117.3 115.5 118.6 120.0 123.7 118.7 118.2 112.3 115.4 26

27 Closed-end funds 10.2 9.3 8.0 8.0 7.9 7.8 7.7 7.6 7.6 7.5 7.4 27

28 Government-sponsored enterprises 25.9 25.2 30.9 25.2 20.7 29.0 32.1 28.1 33.2 28.8 32.0 28

29 Brokers and dealers -5.3 15.8 -42.6 -6.5 -24.1 7.8 -3.3 55.9 1.6 67.4 15.7 29

 Memo:

30 Federal government debt (1) 3804.9 3752.2 3681.0 3653.5 3464.0 3410.2 3385.2 3408.8 3251.4 3320.1 3379.6 30

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).
88 Z.1, March 7, 2002

L.210 Agency Securities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2847.6 3320.5 3912.2 3967.8 4063.6 4191.7 4344.8 4449.7 4616.3 4823.7 4969.5 1

 2 Budget agencies 26.5 28.5 28.3 27.8 28.2 27.6 27.3 26.8 27.0 27.0 26.8 2

 3 Government-sponsored enterprises 995.3 1273.6 1591.7 1618.0 1680.2 1749.7 1825.8 1888.7 1955.8 2037.4 2114.5 3

 4 Federally related mortgage pools 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 4

 5 Total assets 2847.6 3320.5 3912.2 3967.8 4063.6 4191.7 4344.8 4449.7 4616.3 4823.7 4969.5 5

 6 Household sector 176.6 156.7 243.2 230.0 252.3 266.2 245.0 122.1 121.6 135.4 99.7 6

 7 Nonfinancial corporate business 8.0 10.6 12.5 15.0 17.9 18.7 15.4 15.6 17.1 18.6 22.3 7

 8 State and local governments 115.4 179.0 207.5 213.3 220.0 226.0 231.0 240.4 246.1 253.0 259.5 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 246.5 303.4 394.6 428.8 458.1 500.9 550.3 592.6 631.9 664.7 711.9 10

11 Monetary authority 0.7 0.3 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 11

12 Commercial banking 571.2 662.6 698.3 715.9 719.4 711.8 720.9 715.7 696.8 738.4 781.0 12

13 U.S.-chartered commercial banks 497.2 578.8 608.1 626.9 630.7 620.7 626.3 618.6 621.7 657.1 699.7 13

14 Foreign banking offices in U.S. 62.2 67.0 71.3 70.5 69.5 70.1 71.9 75.3 53.5 59.4 54.8 14

15 Bank holding companies 5.5 6.6 5.4 4.7 5.0 5.1 4.8 5.4 5.1 5.0 6.2 15

16 Banks in U.S.-affiliated areas 6.3 10.2 13.5 13.7 14.2 16.0 17.8 16.4 16.5 16.8 20.3 16

17 Savings institutions 155.3 143.6 147.3 142.2 140.0 139.6 140.6 145.5 150.7 148.9 161.5 17

18 Credit unions 51.0 58.4 61.3 65.4 65.8 60.9 60.9 68.4 66.3 74.1 80.6 18

19 Bank personal trusts and estates 40.8 39.4 45.2 46.2 47.2 48.5 49.8 50.6 51.6 52.2 52.8 19

20 Life insurance companies 226.7 217.0 224.4 228.0 229.8 233.0 235.4 243.6 248.5 257.5 263.4 20

21 Other insurance companies 70.8 69.7 75.5 77.5 79.4 82.1 84.1 85.2 86.7 86.9 88.5 21

22 Private pension funds 211.4 194.8 206.1 218.9 219.5 226.4 231.7 236.4 234.9 236.4 239.3 22

23 State and local govt. retirement funds 123.3 142.4 165.3 160.8 175.5 187.2 202.8 196.0 210.4 190.0 188.0 23

24 Money market mutual funds 96.3 173.8 190.9 172.7 158.1 161.9 185.2 248.0 267.9 317.1 318.4 24

25 Mutual funds 213.3 234.9 271.1 264.4 268.9 269.7 275.3 294.1 328.1 351.7 361.5 25

26 Government-sponsored enterprises 326.5 489.6 668.3 698.4 717.0 755.6 813.3 870.6 911.4 960.2 990.6 26

27 ABS issuers 142.3 180.2 220.4 225.7 226.4 226.4 224.7 235.7 232.5 239.8 246.9 27

28 REITs 21.2 13.1 14.2 14.1 13.1 13.9 14.5 13.9 17.4 18.3 25.8 28

29 Brokers and dealers 50.4 50.9 66.0 50.3 55.1 62.6 63.7 75.3 96.3 80.4 77.8 29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;

 and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered

 officially to be part of the total debt of the federal government, which is shown in table L.209, line 30.
Z.1, March 7, 2002 89

L.211 Municipal Securities and Loans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 1688.4 1

 2 State and local governments 1110.6 1189.7 1242.4 1247.9 1256.7 1254.5 1270.6 1298.7 1328.9 1331.7 1377.1 2

 3 Short-term (1) 47.5 41.2 44.8 46.4 45.2 43.5 47.9 53.7 55.7 64.9 71.6 3

 4 Long-term 1063.1 1148.5 1197.6 1201.5 1211.6 1211.0 1222.7 1244.9 1273.3 1266.8 1305.6 4

 5 Nonprofit organizations (2) 114.9 126.9 137.3 138.0 141.4 141.9 143.0 144.2 145.3 147.5 153.8 5

 6 Nonfinancial corporate business 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 157.4 6

 (industrial revenue bonds)

 7 Total assets 1367.5 1464.3 1532.5 1539.2 1551.6 1550.3 1567.8 1597.5 1629.8 1635.3 1688.4 7

 8 Household sector 468.8 488.3 526.6 529.4 543.7 543.5 541.6 559.8 580.2 563.0 582.3 8

 9 Nonfinancial corporate business 27.4 25.7 22.3 23.9 35.9 27.2 32.7 23.5 26.1 26.9 30.7 9

10 Nonfarm noncorporate business 3.2 1.5 3.5 3.5 3.6 3.6 3.7 3.7 3.8 3.8 3.9 10

11 State and local governments 3.9 2.5 1.0 0.6 1.0 1.8 1.6 2.1 2.0 2.1 1.9 11

12 Commercial banking 96.7 104.8 110.7 111.9 112.3 113.4 114.0 112.7 116.2 117.9 119.9 12

13 Savings institutions 2.1 2.5 3.0 3.1 3.0 3.0 3.2 3.9 4.0 4.1 4.5 13

14 Bank personal trusts and estates 90.7 89.5 100.3 102.1 103.0 104.3 105.0 105.8 106.3 106.7 106.8 14

15 Life insurance companies 16.7 18.4 20.1 20.0 19.6 19.4 19.1 19.5 20.4 20.8 21.2 15

16 Other insurance companies 191.6 208.1 199.0 194.7 190.4 188.1 184.1 185.3 184.8 186.3 188.0 16

17 State and local govt. retirement funds 1.5 3.3 3.0 2.9 2.8 2.2 1.6 1.8 1.6 0.5 1.0 17

18 Money market mutual funds 167.0 193.0 210.4 225.8 221.5 227.6 244.7 256.0 255.2 267.1 281.0 18

19 Mutual funds 219.8 242.6 239.4 232.0 227.5 228.3 230.5 236.0 240.2 245.8 252.2 19

20 Closed-end funds 59.9 61.8 70.5 69.3 68.2 67.0 65.9 64.7 63.6 62.4 61.3 20

21 Government-sponsored enterprises 5.2 9.2 10.6 9.2 9.1 9.9 8.8 9.9 12.0 12.1 14.8 21

22 Brokers and dealers 13.2 13.1 11.9 10.8 9.9 10.8 11.3 12.7 13.7 16.0 19.0 22

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

(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

L.212 Corporate and Foreign Bonds

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5263.7 5424.2 5526.7 5661.6 1

 2 Nonfinancial corporate business 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.4 2435.3 2482.3 2558.8 2

 3 Rest of the world (1) 427.7 462.6 479.4 491.3 484.5 502.4 504.6 508.9 504.9 485.2 486.8 3

 4 Financial sectors 1568.6 1878.7 2096.9 2138.8 2212.0 2269.7 2314.8 2424.3 2483.9 2559.2 2616.1 4

 5 Commercial banking 192.6 220.2 240.6 248.9 258.4 266.6 273.2 293.1 295.3 302.1 310.5 5

 6 Savings institutions 2.8 2.6 2.7 2.7 2.7 3.4 6.3 2.8 6.4 6.1 3.6 6

 7 ABS issuers 820.5 1016.2 1100.6 1109.1 1126.7 1146.6 1187.8 1240.4 1272.2 1325.4 1364.8 7

 8 Finance companies 341.5 365.6 429.9 446.6 483.7 507.3 502.2 533.8 542.1 555.8 563.3 8

 9 REITs 31.6 53.4 62.2 63.9 67.2 68.6 67.0 70.0 68.6 68.6 71.9 9

10 Brokers and dealers 35.3 42.5 25.3 36.4 36.2 42.6 40.9 35.0 43.9 47.1 42.3 10

11 Funding corporations 144.2 178.2 235.5 231.1 237.1 234.7 237.5 249.3 255.5 254.2 259.7 11

12 Total assets 3607.2 4170.8 4635.8 4736.1 4841.0 4958.7 5050.0 5263.7 5424.2 5526.7 5661.6 12

13 Household sector 531.7 623.7 645.8 637.3 688.0 665.4 636.7 699.1 682.2 646.0 608.0 13

14 State and local governments 51.0 61.2 73.8 75.3 76.5 76.9 77.5 80.4 82.2 85.9 89.4 14

15 Rest of the world (2) 537.8 660.0 820.8 865.4 907.6 954.0 1003.9 1073.9 1145.0 1182.5 1234.1 15

16 Commercial banking 143.1 181.1 219.9 214.1 219.0 253.5 277.5 290.5 325.8 337.3 372.4 16

17 Savings institutions 58.7 88.6 112.0 115.7 110.6 107.3 109.5 96.0 93.2 88.1 83.7 17

18 Bank personal trusts and estates 31.1 28.5 39.8 41.8 43.5 45.4 48.0 50.5 53.6 56.1 59.1 18

19 Life insurance companies 1046.0 1130.4 1173.2 1192.5 1198.2 1212.2 1222.2 1252.0 1280.2 1312.7 1336.5 19

20 Other insurance companies 159.5 171.1 181.1 182.3 183.3 186.2 187.5 189.7 190.7 192.2 193.9 20

21 Private pension funds 278.7 300.9 310.5 314.0 316.6 323.1 325.5 334.1 341.7 344.3 345.5 21

22 State and local govt. retirement funds 244.5 279.6 310.0 325.3 318.5 327.9 339.7 330.6 321.6 341.0 343.0 22

23 Money market mutual funds 36.4 81.2 123.7 143.6 134.6 153.9 161.9 161.6 159.9 154.7 163.0 23

24 Mutual funds 273.8 339.0 368.2 363.5 360.6 363.0 361.9 376.8 392.8 400.8 420.1 24

25 Closed-end funds 28.1 32.6 32.6 31.7 30.8 30.0 29.1 28.2 27.3 26.5 25.6 25

26 Government-sponsored enterprises 47.1 67.8 91.5 94.2 106.5 113.9 117.3 125.2 137.3 137.0 145.5 26

27 REITs 6.5 6.1 5.7 5.6 6.4 5.7 5.3 7.4 5.2 5.9 6.0 27

28 Brokers and dealers 100.0 81.4 93.4 110.0 109.1 116.6 112.7 124.0 132.0 151.7 161.0 28

29 Funding corporations 33.1 37.6 33.8 23.8 31.1 23.9 33.9 43.6 53.3 64.2 74.8 29

(1) Holdings of foreign issues by U.S. residents.

(2) Holdings of U.S. issues by foreign residents.
90 Z.1, March 7, 2002

L.213 Corporate Equities (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Issues at market value 13301.7 15577.3 19581.2 20276.6 19396.1 19244.2 17566.4 15311.0 16240.7 13628.2 15186.0 1

 2 Nonfinancial corporate business 9774.6 11606.7 15117.0 15728.0 14938.7 14453.6 12740.8 10989.1 11689.9 9679.2 10887.2 2

 3 Rest of the world (2) 1207.8 1476.2 2026.6 2057.4 2010.9 1854.0 1787.0 1574.0 1613.6 1373.9 1503.3 3

 4 Financial corporations 2319.3 2494.5 2437.5 2491.2 2446.5 2936.6 3038.7 2747.9 2937.2 2575.1 2795.5 4

 5 Holdings at market value 13301.7 15577.3 19581.2 20276.6 19396.1 19244.2 17566.4 15311.0 16240.7 13628.2 15186.0 5

 6 Household sector 6302.5 7173.6 9197.3 9369.9 8715.0 8345.7 7317.1 6113.0 6469.8 5231.5 5832.2 6

 7 State and local governments 79.0 102.0 115.0 113.2 115.0 117.6 115.1 111.1 121.1 111.3 126.3 7

 8 Rest of the world (3) 919.5 1175.1 1537.8 1598.2 1620.4 1724.9 1748.3 1626.5 1738.8 1529.8 1692.8 8

 9 Commercial banking 2.6 6.8 10.4 10.5 10.5 11.8 11.0 7.7 8.8 6.4 8.0 9

10 Savings institutions 23.3 24.5 23.8 23.7 24.2 24.4 24.2 24.6 25.6 27.1 27.9 10

11 Bank personal trusts and estates 321.0 314.0 338.3 345.1 323.8 318.6 280.0 239.8 251.9 206.2 225.9 11

12 Life insurance companies 558.6 733.2 964.5 1027.6 1007.8 1023.3 940.8 873.2 926.4 819.3 935.2 12

13 Other insurance companies 186.0 200.1 207.9 205.3 203.9 199.4 194.3 172.2 179.9 164.5 185.2 13

14 Private pension funds 1696.4 1990.7 2325.7 2419.2 2346.0 2361.6 2195.1 1958.9 2050.7 1772.7 1902.3 14

15 State and local govt. retirement funds 1084.8 1233.9 1343.2 1331.0 1322.5 1360.9 1335.1 1224.1 1255.1 1113.8 1215.7 15

16 Mutual funds 2018.7 2506.2 3376.7 3680.2 3546.7 3585.1 3226.9 2786.7 3013.6 2486.2 2836.8 16

17 Closed-end funds 50.7 47.3 39.9 41.4 39.6 39.7 35.7 31.3 33.7 28.4 31.9 17

18 Exchange-traded funds 6.7 15.6 33.9 36.8 46.1 49.7 65.6 66.0 75.6 64.3 83.0 18

19 Brokers and dealers 51.9 54.4 66.9 74.4 74.5 81.5 77.2 76.0 89.8 66.6 82.8 19

 Memo:

20 Market value of domestic corporations (4) 11795.9 13777.0 17195.7 17850.8 17010.6 17008.2 15395.7 13383.7 14239.3 11924.1 13291.8 20

(1) Excludes mutual fund shares shown on table L.214.

(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).

(3) Holdings of U.S. issues by foreign residents.

(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Shares at market value 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 1

 2 Holdings at market value 2989.4 3613.1 4538.5 4824.0 4718.8 4781.6 4434.6 3990.4 4259.5 3753.1 4136.4 2

 3 Household sector 1941.2 2405.8 3127.7 3352.5 3293.3 3349.6 3124.7 2829.2 3030.7 2697.5 2993.2 3

 4 Nonfinancial corporate business 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 84.7 4

 5 State and local governments 33.6 21.3 25.6 22.9 24.3 25.4 26.4 28.8 30.7 30.5 31.5 5

 6 Commercial banking 8.1 9.2 11.1 12.4 12.2 12.5 13.8 15.9 16.0 15.0 20.2 6

 7 Credit unions 2.4 3.6 2.5 3.2 2.3 2.2 2.2 2.0 3.6 3.1 3.7 7

 8 Bank personal trusts and estates 326.9 390.8 460.6 475.8 449.2 441.3 387.0 333.4 352.2 290.3 320.0 8

 9 Life insurance companies 38.4 23.3 43.3 47.8 48.6 51.1 48.1 42.6 46.1 39.1 44.3 9

10 Private pension funds 569.6 668.2 753.8 792.0 777.4 788.5 733.6 652.8 688.5 601.3 638.7 10
Z.1, March 7, 2002 91

L.215 Bank Loans Not Elsewhere Classified

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Total loans by commercial

 1 banking, flow of funds basis 3052.9 3304.8 3504.9 3602.1 3736.9 3801.9 3875.3 3909.0 3895.7 3888.7 3937.4 1

 - Loans elsewhere classified:

 2 Open market paper 2.7 1.1 1.4 1.4 1.4 1.3 1.5 0.6 0.0 0.0 0.0 2

 3 Mortgages 1245.3 1337.0 1495.2 1546.5 1614.1 1648.1 1659.3 1688.1 1723.3 1736.1 1789.3 3

 4 Consumer credit 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 557.1 4

 5 Security credit 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.2 176.0 5

 6 = Banking sector total bank loans n.e.c. 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 6

 7 U.S.-chartered commercial banks 867.9 1012.2 1104.4 1131.9 1178.7 1186.5 1202.6 1197.5 1179.3 1170.6 1138.1 7

 8 Foreign banking offices in U.S. 284.0 282.2 259.9 262.2 263.9 265.1 275.7 276.8 259.0 258.3 256.2 8

 9 Bank holding companies 2.4 4.1 2.6 1.9 4.0 1.8 1.6 2.7 2.7 2.6 1.9 9

10 Banks in U.S.-affiliated areas 15.5 16.3 16.9 17.8 18.0 18.4 18.0 18.1 18.6 18.6 18.8 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. 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 12

13 Total liabilities 1169.8 1314.9 1383.8 1413.7 1464.6 1471.7 1497.9 1495.1 1459.5 1450.2 1415.1 13

14 Nonfinancial sectors 1092.5 1207.4 1290.6 1322.0 1371.5 1378.9 1404.9 1397.8 1359.1 1350.0 1310.5 14

15 Households 66.5 72.7 65.4 69.3 71.4 67.1 73.5 63.4 59.3 65.5 57.4 15

16 Corporate business 692.7 774.5 847.5 868.3 902.5 909.0 921.8 923.2 898.7 886.4 864.7 16

17 Nonfarm noncorporate business 237.3 256.3 274.2 278.7 287.1 288.9 292.0 292.2 287.2 283.5 278.5 17

18 Farm business 43.9 45.1 44.2 42.4 45.9 46.2 46.9 45.1 47.8 47.1 46.7 18

19 Rest of the world 52.1 58.9 59.4 63.3 64.7 67.7 70.7 73.9 66.2 67.3 63.2 19

20 Foreign official institutions 2.1 2.8 3.0 2.8 3.1 3.6 3.5 3.6 3.3 4.2 4.3 20

21 Foreign banks 13.8 13.1 10.0 11.4 12.0 12.6 13.2 16.2 9.2 9.4 5.9 21

22 Other foreign 36.3 43.0 46.5 49.1 49.5 51.5 54.0 54.1 53.7 53.7 53.1 22

23 Financial sectors 77.3 107.5 93.2 91.8 93.1 92.8 93.0 97.3 100.4 100.2 104.5 23

24 Savings institutions 19.4 29.7 14.0 20.4 21.3 20.8 21.5 22.6 21.7 23.3 23.0 24

25 Finance companies 24.2 26.5 35.4 28.8 32.8 35.7 35.9 41.6 45.3 44.5 49.4 25

26 Mortgage companies 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.2 18.5 18.6 26

27 REITs 17.6 33.6 26.0 25.5 21.2 18.6 17.7 15.0 15.2 14.0 13.6 27
92 Z.1, March 7, 2002

L.216 Other Loans and Advances

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total other loans and advances 1086.6 1253.0 1412.0 1464.4 1526.2 1520.9 1565.9 1581.8 1609.2 1631.3 1617.6 1

 2 U.S. government loans 158.8 173.3 179.3 181.9 183.8 185.3 187.6 189.4 191.9 193.6 196.1 2

 3 Liab.: Household sector 41.8 52.4 65.0 68.1 70.7 73.5 76.2 78.8 81.8 84.6 87.7 3

 4 Nonfinancial corporate business 8.4 8.3 8.0 7.9 7.7 7.6 7.6 7.6 7.3 7.7 7.4 4

 5 Nonfarm noncorporate business 40.9 44.8 43.9 43.9 43.5 43.2 42.8 42.2 41.6 40.6 39.6 5

 6 Farm business 5.5 5.1 4.9 4.9 4.9 4.9 5.0 5.0 5.1 5.1 5.0 6

 7 State and local governments 8.9 10.1 9.7 9.3 8.9 8.6 8.7 8.8 8.9 8.9 8.9 7

 8 Rest of the world 53.3 52.4 47.8 47.9 48.0 47.4 47.3 46.9 47.1 46.7 47.5 8

 9 Government-sponsored enterprises 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Foreign loans to U.S. corporate business 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.8 118.9 137.2 115.7 10

11 Liab.: Nonfinancial corporate business 143.3 142.3 119.5 120.8 124.8 112.4 117.3 114.8 118.9 137.2 115.7 11

 Customers’ liability on acceptances

12 outstanding (bank asset) 20.6 11.3 8.2 8.7 9.0 8.4 7.5 7.4 6.6 4.8 4.6 12

13 Liab.: Nonfinancial corporate business 10.8 6.6 4.4 4.9 4.9 4.6 4.3 6.6 5.8 4.3 4.1 13

14 Rest of the world 9.7 4.7 3.9 3.8 4.1 3.8 3.1 0.8 0.8 0.6 0.5 14

15 Savings institution loans to business 18.8 24.2 30.7 33.4 35.4 37.9 39.3 41.4 43.8 43.6 43.0 15

16 Liab.: Nonfinancial corporate business 9.4 12.1 15.3 16.7 17.7 19.0 19.7 20.7 21.9 21.8 21.5 16

17 Nonfarm noncorporate business 9.4 12.1 15.3 16.7 17.7 19.0 19.7 20.7 21.9 21.8 21.5 17

18 Policy loans (Household liability) 104.6 104.7 100.0 99.6 100.5 102.0 102.8 103.8 104.0 105.3 105.5 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 0.9 19

20 Life insurance companies 103.7 103.8 99.0 98.7 99.6 101.1 101.9 102.9 103.0 104.4 104.6 20

21 Government-sponsored enterprise loans 260.3 352.6 466.2 472.9 505.4 503.5 514.6 527.9 530.1 547.2 555.2 21

22 Liab.: Household sector (SLMA) 30.2 29.0 34.5 32.3 31.7 35.9 37.4 38.0 39.2 39.7 40.4 22

23 Noncorporate business (FCS) 15.1 17.8 17.9 17.1 18.2 18.9 19.4 19.4 20.9 21.4 22.1 23

24 Farm business (FCS) 16.5 17.1 17.9 19.1 18.6 18.5 19.5 19.6 19.2 19.0 19.6 24

25 Commercial banks (FHLB and SLMA) 58.1 104.9 145.6 155.0 174.6 172.6 172.4 176.1 179.0 184.4 197.7 25

26 Savings institutions (FHLB and SLMA) 138.0 180.1 243.7 243.8 256.7 251.8 260.0 269.7 266.4 276.1 267.4 26

27 Credit unions (FHLB) 0.6 1.1 3.4 2.6 2.9 3.1 3.4 3.2 3.5 3.8 4.9 27

28 Life insurance companies (FHLB) 1.8 2.5 3.2 3.0 2.7 2.7 2.5 1.9 1.9 2.8 3.1 28

29 Securitized loans held by ABS issuers 76.2 103.8 113.0 124.3 125.4 128.3 138.3 138.1 132.3 148.4 150.5 29

30 Liab.: Households (1) 14.1 17.9 19.4 22.8 24.5 30.7 29.9 30.5 31.0 31.2 30.5 30

31 Nonfinancial corporate business 62.1 85.9 93.6 101.5 100.9 97.6 108.4 107.6 101.3 117.2 120.0 31

32 Finance company loans to business 304.1 340.9 395.1 422.7 441.9 443.0 458.4 459.1 481.9 451.1 447.0 32

33 Liab.: Nonfinancial corporate business 273.7 306.8 355.6 380.5 397.7 398.7 412.6 413.2 433.7 406.0 402.3 33

34 Nonfarm noncorporate business 30.4 34.1 39.5 42.3 44.2 44.3 45.8 45.9 48.2 45.1 44.7 34

(1) Student loans.
Z.1, March 7, 2002 93

L.217 Total Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total mortgages 5202.2 5721.4 6357.9 6471.0 6640.6 6792.8 6933.6 7056.6 7263.0 7463.5 7656.8 1

 2 Home 3978.3 4367.0 4802.0 4877.9 5003.5 5122.6 5224.2 5317.6 5473.6 5621.6 5757.0 2

 3 Multifamily residential 301.1 332.9 375.3 383.2 396.0 403.2 413.5 421.7 433.4 447.1 460.7 3

 4 Commercial 832.7 924.9 1078.3 1105.7 1134.4 1158.7 1187.0 1207.3 1242.9 1280.1 1322.8 4

 5 Farm 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 5

 6 Total liabilities 5202.2 5721.4 6357.9 6471.0 6640.6 6792.8 6933.6 7056.6 7263.0 7463.5 7656.8 6

 7 Household sector 3913.2 4272.8 4672.4 4739.7 4854.5 4966.5 5057.8 5140.5 5290.0 5433.4 5560.5 7

 8 Nonfinancial business 1242.2 1377.0 1608.8 1652.9 1705.1 1743.8 1792.8 1835.1 1887.9 1945.4 2011.3 8

 9 Corporate 261.2 281.8 378.2 394.2 410.0 419.5 439.0 450.1 466.7 489.3 520.3 9

10 Nonfarm noncorporate 890.9 998.6 1128.3 1154.5 1188.3 1215.9 1245.0 1275.1 1308.2 1341.4 1374.8 10

11 Farm 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 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 12

13 REITs 46.8 71.6 76.7 78.5 81.0 82.5 82.9 81.1 85.1 84.6 85.0 13

14 Total assets 5202.2 5721.4 6357.9 6471.0 6640.6 6792.8 6933.6 7056.6 7263.0 7463.5 7656.8 14

15 Household sector 109.6 110.5 110.2 111.2 111.5 111.7 111.3 111.4 111.9 112.1 112.0 15

16 Nonfinancial corporate business 80.2 67.3 60.3 59.0 57.8 56.5 55.3 54.0 52.8 51.5 50.3 16

17 Nonfarm noncorporate business 18.7 30.7 40.7 42.7 46.5 47.0 48.6 50.1 51.5 53.2 54.8 17

18 State and local governments 121.3 125.4 129.8 130.9 132.0 133.1 134.3 135.4 136.6 137.8 139.0 18

19 Federal government 45.7 44.9 77.7 76.8 76.8 76.5 76.9 76.3 76.2 75.3 75.8 19

20 Commercial banking 1245.3 1337.0 1495.2 1546.5 1614.1 1648.1 1659.3 1688.1 1723.3 1736.1 1789.3 20

21 Savings institutions (1) 631.8 644.0 668.6 682.4 703.5 723.1 723.8 741.4 751.9 758.6 758.0 21

22 Credit unions 86.0 96.9 111.0 114.1 119.1 124.0 127.4 126.2 130.9 140.2 144.2 22

23 Bank personal trusts and estates 3.0 2.8 2.2 2.2 2.2 2.1 2.1 2.0 2.0 2.0 2.0 23

24 Life insurance companies 206.8 213.6 230.8 229.4 232.6 234.7 235.9 235.1 237.1 238.9 240.9 24

25 Other insurance companies 2.2 2.0 1.9 2.5 1.8 1.7 1.6 1.6 1.7 1.7 1.7 25

26 Private pension funds 9.7 9.3 10.9 11.3 11.6 11.9 12.2 12.5 12.7 12.8 13.4 26

27 State and local govt. retirement funds 17.6 24.1 21.5 21.7 21.0 21.5 21.5 22.1 22.8 23.7 24.9 27

28 Government-sponsored enterprises (1) 240.5 248.7 244.4 246.1 255.7 260.1 267.1 270.0 279.1 285.6 297.4 28

29 Federally related mortgage pools 1825.8 2018.4 2292.2 2322.1 2355.2 2414.3 2491.6 2534.2 2633.4 2759.4 2828.2 29

30 ABS issuers 406.2 563.0 656.1 669.8 687.5 707.9 739.8 767.5 805.0 834.5 889.2 30

31 Finance companies 96.5 121.2 145.8 149.1 157.7 165.4 172.3 176.1 182.3 187.4 183.3 31

32 Mortgage companies 32.1 35.3 35.6 34.1 35.5 35.4 35.9 36.2 36.5 36.9 37.2 32

33 REITs 22.9 26.3 23.0 19.2 18.6 17.8 16.8 16.3 15.3 15.6 15.3 33

(1) FHLB loans to savings institutions are included in other loans and advances.
94 Z.1, March 7, 2002

L.218 Home Mortgages (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 3978.3 4367.0 4802.0 4877.9 5003.5 5122.6 5224.2 5317.6 5473.6 5621.6 5757.0 1

 2 Household sector 3818.1 4168.3 4557.4 4624.8 4738.9 4847.0 4939.7 5021.6 5167.0 5304.4 5430.5 2

 3 Nonfinancial corporate business 8.0 9.4 11.5 12.0 12.6 13.2 13.5 14.4 15.0 15.4 15.6 3

 4 Nonfarm noncorporate business 152.2 189.4 233.0 241.1 252.0 262.4 271.0 281.7 291.5 301.8 311.0 4

 5 Total assets 3978.3 4367.0 4802.0 4877.9 5003.5 5122.6 5224.2 5317.6 5473.6 5621.6 5757.0 5

 6 Household sector 86.5 85.3 84.2 83.9 83.7 83.4 83.2 82.9 82.7 82.4 82.2 6

 7 Nonfinancial corporate business 29.8 27.1 25.6 25.4 25.1 24.9 24.6 24.3 24.1 23.8 23.6 7

 8 Nonfarm noncorporate business 7.0 11.5 15.3 16.0 17.4 17.6 18.2 18.8 19.3 20.0 20.6 8

 9 State and local governments 65.8 69.1 72.6 73.5 74.4 75.3 76.3 77.2 78.2 79.1 80.1 9

10 Federal government 19.1 18.8 18.4 18.3 18.3 17.8 17.7 17.6 17.4 17.2 17.1 10

11 Commercial banking 745.5 796.6 878.7 903.8 948.2 967.5 965.2 977.8 997.0 986.8 1022.9 11

12 Savings institutions 520.7 533.4 548.5 559.6 578.5 595.0 594.6 607.8 616.0 620.4 620.3 12

13 Credit unions 86.0 96.9 111.0 114.1 119.1 124.0 127.4 126.2 130.9 140.2 144.2 13

14 Bank personal trusts and estates 3.0 2.8 2.2 2.2 2.2 2.1 2.1 2.0 2.0 2.0 2.0 14

15 Life insurance companies 7.2 6.6 5.9 5.6 5.2 4.9 4.9 4.9 5.0 5.1 5.2 15

16 Private pension funds 5.7 5.8 7.0 7.4 7.6 7.9 8.2 8.5 8.8 9.0 9.5 16

17 State and local govt. retirement funds 5.6 8.4 7.5 7.6 7.4 7.5 7.5 7.7 8.0 8.3 8.7 17

18 Government-sponsored enterprises 194.3 199.6 189.3 189.8 197.6 200.5 205.1 206.3 211.9 215.8 224.2 18

19 Federally related mortgage pools 1788.1 1970.2 2234.7 2263.0 2294.1 2351.4 2425.6 2464.9 2559.3 2682.1 2746.6 19

20 ABS issuers 310.7 405.2 455.0 463.5 471.9 484.6 499.8 523.3 539.2 550.2 574.5 20

21 Finance companies 67.5 90.0 108.2 111.8 119.4 125.2 130.6 133.8 140.1 144.8 142.1 21

22 Mortgage companies 21.8 24.9 25.2 23.7 25.1 24.9 25.4 25.8 26.0 26.4 26.7 22

23 REITs 14.0 14.8 12.4 8.8 8.3 8.0 7.9 7.8 7.6 8.0 6.6 23

 Memo:

24 Home equity loans included above (2) 416.2 476.7 532.8 553.1 582.4 606.3 630.5 646.0 669.9 689.7 701.5 24

25 Commercial banking 174.0 176.9 189.5 199.7 212.8 223.5 234.8 235.6 245.4 251.9 258.3 25

26 Savings institutions 55.5 55.9 59.8 62.3 64.9 68.4 72.9 73.3 76.8 78.0 77.9 26

27 Credit unions 29.0 29.7 33.4 35.7 37.7 40.0 40.7 41.4 42.2 45.3 44.9 27

28 ABS issuers 90.2 124.2 141.9 143.5 147.6 149.2 151.5 161.9 165.3 169.7 178.3 28

29 Finance companies 67.5 90.0 108.2 111.8 119.4 125.2 130.6 133.8 140.1 144.8 142.1 29

(1) Mortgages on 1-4 family properties.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

L.219 Multifamily Residential Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 301.1 332.9 375.3 383.2 396.0 403.2 413.5 421.7 433.4 447.1 460.7 1

 2 Nonfinancial corporate business 22.5 23.5 24.7 25.1 25.4 25.7 25.9 26.2 26.5 26.9 27.3 2

 3 Nonfarm noncorporate business 263.2 285.7 325.3 332.2 343.9 350.3 360.2 368.8 378.7 392.3 405.4 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 15.4 23.6 25.3 25.9 26.7 27.2 27.4 26.7 28.1 27.9 28.1 5

 6 Total assets 301.1 332.9 375.3 383.2 396.0 403.2 413.5 421.7 433.4 447.1 460.7 6

 7 Household sector 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 7

 8 Nonfinancial corporate business 1.4 1.1 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.7 8

 9 Nonfarm noncorporate business 6.2 10.2 13.5 14.2 15.4 15.6 16.1 16.6 17.1 17.7 18.2 9

10 State and local governments 46.5 47.4 48.3 48.6 48.8 49.1 49.3 49.6 49.8 50.1 50.3 10

11 Federal government 13.9 13.6 13.6 13.7 13.8 13.8 13.9 13.3 13.4 13.6 13.7 11

12 Commercial banking 49.7 52.9 66.0 70.8 75.7 76.9 77.7 79.8 80.4 83.9 84.9 12

13 Savings institutions 59.5 57.0 59.4 58.0 59.4 60.3 61.3 62.9 63.4 64.4 64.5 13

14 Life insurance companies 30.4 31.5 32.8 32.7 33.2 33.5 33.7 33.6 33.8 33.8 33.9 14

15 Private pension funds 1.0 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.9 1.0 15

16 State and local govt. retirement funds 5.0 6.7 6.0 6.1 5.9 6.0 6.0 6.2 6.4 6.6 7.0 16

17 Government-sponsored enterprises 17.3 18.1 22.9 24.2 25.3 26.2 27.8 28.8 30.7 32.4 34.7 17

18 Federally related mortgage pools 37.8 48.3 57.5 59.1 61.0 63.0 66.0 69.3 74.1 77.3 81.6 18

19 ABS issuers 20.9 33.8 42.3 43.2 44.4 45.6 48.8 49.0 51.7 54.5 60.2 19

20 Finance companies 2.8 2.5 2.8 2.8 2.9 3.1 2.9 2.9 2.9 2.9 2.7 20

21 Mortgage companies 5.2 5.3 5.3 5.3 5.3 5.3 5.4 5.4 5.4 5.4 5.4 21

22 REITs 2.1 2.1 1.6 1.4 1.6 1.5 1.3 1.2 1.2 1.3 0.6 22
Z.1, March 7, 2002 95

L.220 Commercial Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 832.7 924.9 1078.3 1105.7 1134.4 1158.7 1187.0 1207.3 1242.9 1280.1 1322.8 1

 2 Household sector 95.1 104.5 115.0 114.9 115.6 119.5 118.1 118.9 122.9 129.0 130.1 2

 3 Nonfinancial corporate business 230.7 248.9 341.9 357.1 372.1 380.6 399.6 409.5 425.1 447.0 477.4 3

 4 Nonfarm noncorporate business 475.5 523.5 570.0 581.1 592.4 603.3 613.8 624.6 637.9 647.4 658.4 4

 5 REITs 31.4 48.0 51.4 52.6 54.2 55.3 55.6 54.3 57.0 56.7 57.0 5

 6 Total assets 832.7 924.9 1078.3 1105.7 1134.4 1158.7 1187.0 1207.3 1242.9 1280.1 1322.8 6

 7 Household sector 5.1 6.0 6.7 6.8 7.0 7.1 7.3 7.5 7.6 7.8 7.9 7

 8 Nonfinancial corporate business 49.1 39.1 33.7 32.8 31.8 30.8 29.9 28.9 27.9 27.0 26.0 8

 9 Nonfarm noncorporate business 4.9 8.0 10.6 11.1 12.1 12.3 12.7 13.1 13.4 13.9 14.3 9

10 State and local governments 7.7 7.6 7.5 7.4 7.4 7.4 7.4 7.3 7.3 7.3 7.2 10

11 Federal government 7.8 7.9 41.5 40.6 40.6 40.7 41.1 41.3 41.3 40.5 41.0 11

12 Commercial banking 423.1 458.5 518.6 539.2 556.4 569.8 582.4 596.2 610.7 630.0 645.9 12

13 Savings institutions 51.3 53.1 60.3 64.3 65.1 67.3 67.4 70.2 71.9 73.2 72.7 13

14 Life insurance companies 158.8 164.0 179.0 178.2 180.9 182.6 183.8 183.1 184.6 186.2 187.7 14

15 Other insurance companies 2.2 2.0 1.9 2.5 1.8 1.7 1.6 1.6 1.7 1.7 1.7 15

16 Private pension funds 3.0 2.6 2.9 2.9 3.0 3.0 3.0 3.0 2.9 2.8 2.9 16

17 State and local govt. retirement funds 7.0 8.9 8.0 8.0 7.8 7.9 8.0 8.2 8.4 8.8 9.2 17

18 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 ABS issuers 74.6 124.0 158.8 163.1 171.2 177.6 191.2 195.2 214.1 229.8 254.5 19

20 Finance companies 26.2 28.7 34.8 34.5 35.5 37.1 38.8 39.4 39.3 39.6 38.5 20

21 Mortgage companies 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 21

22 REITs 6.9 9.4 9.0 9.0 8.7 8.2 7.6 7.4 6.5 6.4 8.1 22

L.221 Farm Mortgages

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities (Farm business) 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 1

 2 Total assets 90.0 96.6 102.3 104.2 106.8 108.3 108.8 109.9 113.1 114.7 116.2 2

 3 Household sector 16.5 17.7 17.9 19.0 19.4 19.7 19.4 19.6 20.2 20.4 20.4 3

 4 Nonfarm noncorporate business 0.6 1.0 1.3 1.4 1.5 1.5 1.6 1.6 1.6 1.7 1.8 4

 5 State and local governments 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 5

 6 Federal government 4.9 4.5 4.3 4.2 4.2 4.2 4.1 4.1 4.1 4.0 4.0 6

 7 Commercial banking 27.0 29.0 31.8 32.7 33.7 33.9 34.0 34.3 35.2 35.4 35.6 7

 8 Savings institutions 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.5 8

 9 Life insurance companies 10.5 11.5 13.0 13.0 13.4 13.7 13.6 13.5 13.7 13.8 14.0 9

10 State and local govt. retirement funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Government-sponsored enterprises 28.9 31.0 32.2 32.1 32.8 33.5 34.2 34.9 36.4 37.4 38.6 11

12 Federally related mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12
96 Z.1, March 7, 2002

L.222 Consumer Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities (Households) 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 1

 2 Total assets 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 2

 3 Nonfinancial corporate business 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 67.9 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 512.6 508.9 499.8 497.1 506.2 521.8 541.5 533.7 540.2 535.3 557.1 5

 6 Savings institutions 47.2 51.6 61.5 59.0 61.0 62.5 64.6 65.5 65.3 68.5 68.0 6

 7 Credit unions 152.4 155.4 167.9 169.2 176.0 181.3 184.4 182.8 186.4 185.7 186.2 7

 8 ABS issuers 313.1 372.4 435.1 434.0 447.0 460.3 500.1 519.2 533.9 548.5 572.4 8

 9 Finance companies 167.5 183.3 201.5 204.8 212.7 221.5 219.8 212.8 214.3 220.9 236.7 9

L.223 Trade Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total trade payables 1967.3 2076.5 2298.8 2321.7 2371.6 2418.3 2465.5 2447.3 2418.9 2429.1 2439.3 1

 2 Household sector 118.0 126.8 132.7 134.5 136.3 137.7 138.6 140.4 141.5 143.2 144.7 2

 3 Nonfinancial corporate business 992.1 1049.7 1194.1 1197.6 1220.3 1261.4 1296.5 1271.7 1231.4 1234.6 1237.3 3

 4 Nonfarm noncorporate business 147.8 170.9 196.4 202.9 211.2 214.8 218.8 222.0 224.8 227.2 229.0 4

 5 Farm business 18.8 19.6 20.0 19.2 20.8 20.9 20.9 20.3 21.5 21.2 21.0 5

 6 State and local governments 549.0 579.5 608.6 616.9 623.2 629.6 635.9 642.1 648.4 654.8 661.1 6

 7 Federal government 72.9 64.9 65.6 67.0 67.5 68.3 66.8 64.9 63.2 63.7 55.1 7

 8 Rest of the world 48.7 46.3 50.6 50.0 53.0 49.8 52.1 50.7 54.7 48.3 51.9 8

 9 Brokers and dealers 19.9 18.9 30.9 33.8 39.4 35.9 35.9 35.2 33.3 36.1 39.1 9

10 Total trade receivables 1840.5 2000.0 2177.9 2271.6 2355.2 2408.4 2369.5 2394.0 2393.8 2411.9 2336.6 10

11 Nonfinancial corporate business 1366.6 1452.9 1566.3 1639.0 1689.9 1724.7 1672.0 1676.4 1651.7 1652.7 1573.2 11

12 Nonfarm noncorporate business 204.9 245.6 291.4 301.6 321.2 325.5 332.2 337.2 341.5 344.8 346.8 12

13 Federal government 20.8 22.3 22.9 25.4 26.9 27.7 28.1 31.7 33.9 37.6 35.8 13

14 Rest of the world 60.3 51.7 46.8 46.4 47.4 49.6 52.5 54.1 63.9 64.0 61.9 14

15 Other insurance companies 59.9 61.5 63.6 66.1 67.2 68.7 64.6 67.6 69.8 72.7 73.0 15

16 ABS issuers 128.1 165.9 187.0 193.1 202.7 212.2 220.0 227.0 233.0 240.0 245.9 16

17 Discrepancy 126.8 76.6 120.9 50.2 16.5 9.9 96.1 53.3 25.0 17.2 102.7 17

L.224 Security Credit

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total liabilities 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 920.0 814.1 1

 2 Household sector 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 258.1 194.7 2

 3 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Brokers and dealers 337.9 419.6 448.7 514.6 510.0 531.9 587.6 591.9 585.5 661.9 619.4 4

 5 Customer credit balances (HH) 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 494.8 443.4 5

 6 From U.S.-chartered commercial banks 64.4 76.3 67.6 76.5 70.5 67.5 74.7 82.2 83.7 92.6 81.9 6

 7 From foreign banking offices in U.S. 58.0 66.6 57.2 66.8 80.1 91.5 100.5 109.4 88.9 74.6 94.1 7

 8 Total assets 469.1 572.3 676.6 801.1 780.3 805.8 822.7 785.4 781.5 920.0 814.1 8

 9 Household sector 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 494.8 443.4 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 122.5 142.9 124.8 143.4 150.6 159.0 175.2 191.6 172.7 167.2 176.0 11

12 Brokers and dealers 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 258.1 194.7 12
Z.1, March 7, 2002 97

L.225 Life Insurance and Pension Fund Reserves

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Life insurance reserves:

 1 Total liabilities 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 847.0 868.1 1

 2 Federal government 32.3 33.6 35.0 35.2 35.9 36.0 36.4 36.6 37.1 37.2 37.8 2

 3 Life insurance companies 632.7 684.7 748.9 765.7 770.6 782.7 782.7 786.5 803.1 809.8 830.3 3

 4 Total assets (Households) 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 847.0 868.1 4

 Pension fund reserves:

 5 Total liabilities 7323.4 8209.0 9080.2 9286.6 9214.2 9355.5 9091.4 8616.3 8880.4 8309.3 8723.5 5

 6 Federal government (1) 601.7 642.9 684.0 673.0 683.3 697.4 704.9 713.3 724.9 738.2 765.8 6

 7 Life insurance companies 1086.1 1248.1 1431.0 1481.3 1476.4 1506.0 1456.1 1414.5 1465.6 1405.6 1507.8 7

 8 Private pension funds (2) 3793.6 4232.5 4702.9 4859.5 4773.7 4819.8 4598.9 4275.7 4415.7 4041.9 4226.3 8

 9 State and local govt. retirement funds 1842.0 2085.4 2262.3 2272.8 2280.8 2332.4 2331.5 2212.8 2274.2 2123.6 2223.6 9

10 Total assets (Households) (3) 7323.4 8209.0 9080.2 9286.6 9214.2 9355.5 9091.4 8616.3 8880.4 8309.3 8723.5 10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.

(2) Includes unallocated insurance company contracts beginning 1985:Q4.

(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

L.226 Taxes Payable by Businesses

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total taxes payable by all businesses 151.1 172.4 194.7 210.1 211.4 214.9 216.4 225.7 225.1 251.3 229.6 1

 2 Nonfinancial corporate business 59.2 64.1 71.0 82.8 80.2 80.4 78.0 84.7 80.6 103.1 78.1 2

 3 Nonfarm noncorporate business 49.8 60.5 68.8 71.0 73.7 74.9 76.3 78.0 79.6 81.0 82.1 3

 4 U.S.-chartered commercial banks 5.4 7.1 9.0 9.5 10.0 10.6 11.1 11.7 12.3 12.9 13.5 4

 5 Savings institutions 1.8 2.0 2.0 1.7 1.8 2.1 2.4 2.3 2.0 2.0 1.7 5

 6 Life insurance companies 13.7 14.9 16.2 16.5 16.9 17.3 17.8 18.2 18.7 19.2 19.7 6

 7 Other insurance companies 13.4 15.4 17.4 17.9 18.5 19.0 19.7 20.3 21.0 21.7 22.4 7

 8 Finance companies 6.5 7.3 8.1 8.3 8.6 8.8 9.1 9.3 9.6 9.9 10.2 8

 9 Brokers and dealers 1.3 1.3 2.2 2.4 1.7 1.8 2.1 1.2 1.3 1.4 1.8 9

10 Total business taxes receivable 46.9 49.5 72.0 91.4 77.0 90.4 87.9 111.5 90.7 102.8 129.9 10

11 State and local governments 26.9 28.1 33.5 35.5 39.0 42.9 45.6 49.1 50.8 51.4 50.1 11

12 Federal government 20.0 21.4 38.5 55.9 37.9 47.4 42.4 62.3 39.9 51.4 79.8 12

13 Discrepancy 104.2 122.9 122.7 118.7 134.5 124.6 128.5 114.3 134.4 148.5 99.7 13

L.227 Investment in Bank Personal Trusts and Estates

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Liab.: Bank personal trusts and estates 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 1

 2 Asset: Household sector 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 2
98 Z.1, March 7, 2002

L.229 Total Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 6731.6 7653.4 8195.4 8407.0 8627.9 9130.2 9008.8 9443.4 9702.3 10110.2 10078.3 1

 2 Household sector 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.3 19.6 2

 3 Nonfinancial corporate business 2194.4 2555.3 2623.5 2653.0 2646.5 2741.1 2737.9 2782.7 2810.6 2869.0 2899.5 3

 4 Nonfarm noncorporate business 301.3 415.1 471.0 482.5 494.1 504.3 517.2 525.9 532.3 539.0 544.7 4

 5 Federal government 6.6 6.7 6.6 6.6 6.5 6.6 6.4 6.5 6.4 6.4 6.2 5

 6 Rest of the world 1237.4 1388.8 1588.7 1622.5 1767.9 2023.7 1830.1 2194.7 2267.9 2536.6 2377.7 6

 7 Monetary authority 9.5 10.7 9.4 10.0 9.6 9.6 10.6 8.8 8.2 8.0 7.8 7

 8 Commercial banking 1023.7 1128.7 1073.4 1124.1 1131.1 1230.4 1247.8 1219.8 1249.5 1354.0 1277.9 8

 9 Savings institutions 101.4 99.8 85.4 82.0 86.1 92.7 102.5 108.4 119.8 122.1 122.9 9

10 Credit unions 4.6 5.2 6.0 5.4 6.1 7.5 5.6 3.5 6.0 5.5 3.8 10

11 Life insurance companies 625.4 649.5 683.5 697.0 692.1 694.3 683.8 681.1 705.2 701.9 716.5 11

12 Other insurance companies 522.3 527.9 540.3 542.2 547.2 551.7 546.3 549.8 555.6 571.2 573.7 12

13 Government-sponsored enterprises 75.1 95.3 89.3 93.8 89.8 87.9 96.7 119.7 118.5 131.9 134.1 13

14 Finance companies 206.0 223.8 290.7 334.2 336.7 353.2 373.5 393.7 388.8 379.9 396.5 14

15 Mortgage companies 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.3 18.5 18.6 15

16 REITs 18.0 31.6 36.0 35.9 37.4 38.5 37.8 42.6 37.8 37.9 39.2 16

17 Brokers and dealers 131.1 175.8 185.5 190.1 202.9 206.5 179.3 173.5 260.7 239.1 304.5 17

18 Funding corporations 240.1 304.3 468.8 492.0 537.2 545.7 596.0 596.1 598.4 569.8 635.3 18

19 Total assets 8302.8 10026.1 10986.6 11351.2 11613.5 11849.3 12210.0 12539.4 12776.6 13052.9 13386.5 19

20 Household sector 311.7 321.4 334.2 335.6 339.6 341.7 338.9 339.6 346.1 356.4 358.6 20

21 Nonfinancial corporate business 3651.9 4512.5 5051.9 5186.5 5257.6 5319.5 5427.1 5443.0 5513.5 5541.7 5705.5 21

22 Nonfarm noncorporate business 259.9 481.4 544.1 557.7 571.2 585.3 595.7 607.0 621.5 633.8 645.4 22

23 Farm business 44.8 45.4 45.6 45.6 46.0 46.2 45.5 45.6 46.3 46.9 47.5 23

24 State and local governments 27.0 11.5 13.1 21.5 21.9 25.0 24.1 35.5 43.6 57.3 40.1 24

25 Federal government 104.8 101.2 100.3 98.7 98.7 98.8 98.9 98.8 99.1 99.6 100.2 25

26 Rest of the world 1107.7 1342.6 1518.8 1680.1 1756.5 1789.3 1912.4 2215.0 2180.2 2335.6 2323.5 26

27 Monetary authority 13.2 16.1 16.8 16.5 16.6 18.3 19.3 19.3 20.2 20.5 20.3 27

28 Commercial banking 934.0 1079.1 1099.3 1092.8 1122.8 1180.1 1195.9 1220.2 1275.5 1342.0 1402.5 28

29 Savings institutions 49.7 62.8 60.3 59.5 63.4 61.9 67.7 84.6 84.8 90.9 87.1 29

30 Credit unions 17.6 24.3 8.0 11.3 13.9 16.7 23.4 31.2 39.9 33.8 33.2 30

31 Bank personal trusts and estates 14.6 23.0 20.5 20.0 19.3 19.3 19.0 18.7 18.6 18.3 18.1 31

32 Life insurance companies 65.7 69.2 34.9 38.7 43.1 54.0 55.6 47.5 38.9 35.3 36.7 32

33 Other insurance companies 42.8 49.7 53.8 55.1 57.7 60.0 61.4 63.3 63.7 63.8 64.2 33

34 Private pension funds 590.9 622.2 633.7 643.2 637.5 638.0 627.3 613.5 615.4 607.9 613.8 34

35 State and local govt. retirement funds 63.5 66.1 81.0 79.4 82.3 85.0 93.5 106.4 106.9 116.2 110.6 35

36 Money market mutual funds 58.1 67.7 90.4 79.6 103.4 108.5 102.5 102.6 112.8 113.0 128.6 36

37 Mutual funds 11.8 7.7 4.2 2.7 2.6 3.4 3.5 1.3 1.0 1.1 1.1 37

38 Government-sponsored enterprises 67.8 68.5 73.5 77.0 80.8 82.8 85.5 85.4 85.2 99.7 100.5 38

39 Finance companies 175.1 184.4 235.3 235.8 234.1 249.0 259.6 263.5 237.7 246.8 255.2 39

40 REITs 10.5 21.2 21.1 21.5 20.8 22.0 21.1 21.8 23.0 22.9 25.0 40

41 Brokers and dealers 391.8 499.3 522.8 549.7 573.0 589.1 655.1 580.8 722.1 717.8 791.9 41

42 Funding corporations 288.0 348.7 423.1 442.7 450.7 455.1 477.1 494.6 480.7 451.7 477.1 42

43 Discrepancy -1571.2 -2372.7 -2791.3 -2944.2 -2985.6 -2719.1 -3201.2 -3096.0 -3074.3 -2942.8 -3308.2 43
Z.1, March 7, 2002 99

L.230 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 U.S. direct investment abroad:

 1 Liab.: Rest of the world 1067.4 1196.8 1328.0 1368.9 1404.5 1448.1 1445.2 1489.2 1532.4 1586.0 1613.0 1

 2 Asset: Nonfinancial corporate business 932.5 1048.4 1160.4 1194.5 1220.3 1252.3 1247.2 1284.2 1321.9 1373.0 1395.0 2

 3 Commercial banking 44.2 46.2 49.5 51.4 52.4 56.2 56.8 58.0 59.7 61.2 63.4 3

 4 Life insurance companies 8.6 9.4 11.9 12.9 13.3 14.2 13.8 14.7 15.3 15.8 16.5 4

 5 Other insurance companies 42.8 49.7 53.8 55.1 57.7 60.0 61.4 63.3 63.7 63.8 64.2 5

 6 Finance companies 35.1 35.6 41.1 43.3 48.2 52.1 51.9 53.9 56.0 56.4 57.8 6

 7 Brokers and dealers 4.2 7.5 11.2 11.7 12.6 13.3 14.2 15.1 15.8 15.9 16.0 7

 Foreign direct investment in U.S.:

 8 Liab.: Nonfinancial corporate business 749.6 804.6 945.5 960.8 1045.5 1101.3 1112.3 1156.1 1178.3 1186.3 1202.2 8

 9 Nonfarm noncorporate business 3.9 3.5 3.4 3.4 3.4 3.4 3.5 3.5 3.5 3.5 3.5 9

10 Commercial banking 38.8 44.2 63.3 68.4 68.9 69.7 72.9 73.2 77.1 79.2 83.2 10

11 Life insurance companies 25.2 27.9 40.2 40.8 43.2 48.7 59.2 63.0 66.2 66.3 68.5 11

12 Other insurance companies 46.2 47.5 57.4 58.3 59.8 62.4 64.1 65.6 64.7 63.6 64.1 12

13 Finance companies 35.7 38.3 49.7 47.8 48.6 49.9 67.3 73.2 77.9 80.1 82.1 13

14 Brokers and dealers 8.5 10.1 15.8 16.4 16.8 17.4 16.7 17.8 18.3 19.5 20.5 14

15 Funding corporations -84.6 -63.9 -80.9 -64.7 -64.3 -53.6 -26.6 -30.0 2.1 18.2 26.5 15

16 Asset: Rest of the world 823.1 912.2 1094.4 1131.4 1221.9 1299.2 1369.5 1422.4 1488.1 1516.5 1550.5 16

 Federal government equity in IBRD, etc.:

17 Liab.: Rest of the world 30.8 32.4 33.9 34.2 34.6 34.9 35.4 35.9 36.4 36.7 37.1 17

18 Asset: Federal government 30.8 32.4 33.9 34.2 34.6 34.9 35.4 35.9 36.4 36.7 37.1 18

 Federal Reserve Bank stock:

19 Liab.: Monetary authority 5.4 6.0 6.4 6.7 6.9 6.9 7.0 7.0 7.1 7.3 7.4 19

20 Asset: Commercial banking 5.4 6.0 6.4 6.7 6.9 6.9 7.0 7.0 7.1 7.3 7.4 20

 Equity in government-sponsored enterprises:

21 Liab.: Government-sponsored enterprises 21.9 25.3 30.8 31.8 31.6 32.0 33.0 28.0 30.7 24.9 29.2 21

22 Asset: Nonfin. corporate business (FNMA) 0.5 -0.2 -0.8 -0.8 -1.2 -1.1 -0.8 -6.5 -4.2 -10.8 -8.1 22

23 Nonfarm noncorporate (BC) 1.7 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.9 23

24 Farm business (FICB and FLB) 1.5 1.7 1.6 1.5 1.6 1.6 1.6 1.6 1.7 1.7 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) 8.0 10.0 13.0 13.4 13.4 13.4 13.8 14.1 14.2 14.4 15.2 26

27 Savings institutions (FHLB) 9.9 11.8 14.5 15.1 15.3 15.5 15.7 16.2 16.5 16.9 16.9 27

28 Credit unions (FHLB) 0.2 0.3 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.8 0.9 28

29 Life insurance companies (FHLB) 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.3 0.2 0.3 0.3 29

 BHC investment in subsidiaries:

30 Liab.: Commercial banking 413.6 469.0 471.9 492.1 501.0 514.8 525.4 541.8 552.2 577.8 585.3 30

31 Savings institutions 5.0 5.4 6.0 6.1 6.3 6.4 6.6 6.8 7.0 7.2 7.4 31

32 Finance companies 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.8 49.7 32

33 Mortgage companies 16.0 17.7 17.8 17.1 17.8 17.7 17.9 18.1 18.3 18.5 18.6 33

34 Brokers and dealers 45.3 93.8 83.6 88.3 97.3 107.2 113.9 153.8 165.0 169.8 147.7 34

35 Asset: Bank holding companies 503.5 603.0 623.1 657.1 669.9 696.1 715.1 769.2 789.2 819.1 808.6 35

 NFC inv. in finance company subs.:

36 Liab.: Finance companies 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.8 49.7 36

37 Asset: Nonfinancial corporate business 23.5 17.1 43.9 53.6 47.5 50.0 51.3 48.6 46.7 45.8 49.7 37

 Funding corp. investment in subs.:

38 Liab.: Foreign banking offices in U.S. 78.8 90.6 93.0 114.6 114.5 119.9 138.7 142.3 137.3 113.5 107.9 38

39 Brokers and dealers 209.2 258.2 330.1 328.1 336.2 335.2 338.4 352.3 343.5 338.2 369.2 39

40 Asset: Funding corporations 288.0 348.7 423.1 442.7 450.7 455.1 477.1 494.6 480.7 451.7 477.1 40
100 Z.1, March 7, 2002

L.231 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world 2.1 1.9 2.6 2.3 2.3 2.4 2.6 2.5 2.5 2.5 2.4 1

 2 Asset: Federal government 2.1 1.9 2.6 2.3 2.3 2.4 2.6 2.5 2.5 2.5 2.4 2

 Postal Savings System deposits:

 3 Liab.: Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 Deposits at Federal Home Loan Banks:

 5 Liab.: Government-sponsored enterprises 18.0 24.9 17.1 15.1 12.9 13.6 17.0 29.9 26.1 29.3 25.7 5

 6 Asset: Savings institutions 18.0 24.9 17.1 15.1 12.9 13.6 17.0 29.9 26.1 29.3 25.7 6

 Deferred and unpaid life insurance premiums:

 7 Liab.: Household sector 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.3 19.6 7

 8 Asset: Life insurance companies 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.3 19.6 8

 Life insurance company reserves:

 9 Liab.: Life insurance companies 112.2 120.1 131.9 132.8 135.4 136.7 136.8 136.8 140.4 142.7 144.0 9

10 Health 75.7 83.0 93.5 94.4 96.5 97.1 97.4 96.8 99.5 101.4 102.0 10

11 Policy dividend accumulation 36.4 37.1 38.4 38.4 38.8 39.6 39.5 40.0 40.9 41.3 42.1 11

12 Asset: Household sector 112.2 120.1 131.9 132.8 135.4 136.7 136.8 136.8 140.4 142.7 144.0 12

 Policy payables:

13 Liab.: Other insurance companies 476.2 480.4 482.9 483.9 487.5 489.3 482.1 484.2 490.9 507.7 509.6 13

14 Asset: Household sector 199.5 201.3 202.3 202.7 204.2 205.0 202.0 202.9 205.7 213.7 214.5 14

15 Nonfinancial corporate business 188.1 189.8 190.8 191.1 192.5 193.3 190.4 191.3 193.9 200.5 201.3 15

16 Nonfarm noncorporate business 45.2 45.6 45.9 46.0 46.3 46.5 45.8 46.0 46.6 48.2 48.4 16

17 Farm business 43.3 43.7 43.9 44.0 44.4 44.5 43.9 44.1 44.7 45.2 45.4 17

 Unallocated insurance company contracts:

18 Liab.: Life insurance companies 381.9 384.6 393.5 400.1 391.8 390.4 378.4 363.8 369.2 355.6 363.4 18

19 Asset: Private pension funds 381.9 384.6 393.5 400.1 391.8 390.4 378.4 363.8 369.2 355.6 363.4 19

 Pension fund contributions payable:

20 Liab.: Nonfinancial corporate business 93.5 114.9 116.1 116.4 116.7 117.0 117.4 117.7 118.0 118.3 118.6 20

21 Asset: Private pension funds 93.5 114.9 116.1 116.4 116.7 117.0 117.4 117.7 118.0 118.3 118.6 21

 Securities borrowed (net):

22 Liab.: Funding corporations 333.3 403.3 419.5 443.9 467.5 470.6 508.2 482.6 541.0 559.8 571.4 22

23 Asset: Brokers and dealers 333.3 403.3 419.5 443.9 467.5 470.6 508.2 482.6 541.0 559.8 571.4 23
Z.1, March 7, 2002 101

L.232 Unidentified Miscellaneous Financial Claims

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total liabilities 2531.9 2964.7 3028.8 3067.4 3127.3 3469.0 3213.2 3512.3 3584.5 3886.8 3750.9 1

 2 Nonfinancial corporate business 1351.3 1635.8 1561.9 1575.7 1484.3 1522.8 1508.2 1508.9 1514.3 1564.4 1578.7 2

 3 Nonfarm noncorporate business 297.5 411.7 467.7 479.2 490.7 500.9 513.7 522.4 528.8 535.6 541.2 3

 4 Federal government 6.6 6.7 6.6 6.6 6.5 6.6 6.4 6.5 6.4 6.4 6.2 4

 5 Rest of the world 137.0 157.7 224.3 217.1 326.4 538.3 346.9 667.1 696.6 911.3 725.1 5

 6 Monetary authority 4.0 4.8 3.0 3.3 2.8 2.7 3.6 1.8 1.0 0.8 0.4 6

 7 Commercial banking 492.5 525.0 445.2 449.0 446.7 526.0 510.8 462.4 482.9 583.4 501.4 7

 8 U.S.-chartered commercial banks 185.1 206.6 181.2 200.4 212.6 253.9 263.3 225.8 206.4 279.8 156.4 8

 9 Foreign banking offices in U.S. 233.9 222.4 151.9 145.0 126.7 143.7 118.4 97.1 115.5 138.9 169.1 9

10 Bank holding companies 57.9 74.1 88.1 78.9 82.1 101.4 104.4 115.0 134.6 140.3 147.8 10

11 Banks in U.S.-affiliated areas 15.6 21.9 24.1 24.7 25.3 26.9 24.8 24.5 26.4 24.5 28.0 11

12 Savings institutions 96.4 94.4 79.4 75.9 79.8 86.2 95.9 101.6 112.8 114.9 115.6 12

13 Credit unions 4.6 5.2 6.0 5.4 6.1 7.5 5.6 3.5 6.0 5.5 3.8 13

14 Life insurance companies 106.2 116.9 118.0 123.2 121.6 118.5 109.3 117.6 129.4 137.3 140.6 14

15 Government-sponsored enterprises 35.1 45.2 41.4 47.0 45.4 42.3 46.7 61.7 61.7 77.7 79.2 15

16 Finance companies 123.2 151.2 153.1 179.2 193.0 203.3 203.6 223.3 217.5 208.1 215.1 16

17 REITs 18.0 31.6 36.0 35.9 37.4 38.5 37.8 42.6 37.8 37.9 39.2 17

18 Brokers and dealers -131.9 -186.2 -244.1 -242.7 -247.4 -253.2 -289.7 -350.4 -266.1 -288.4 -232.9 18

19 Funding corporations -8.6 -35.1 130.2 112.8 134.0 128.8 114.4 143.5 55.3 -8.1 37.4 19

20 Total assets 4103.1 5337.4 5820.0 6011.6 6112.9 6188.1 6414.5 6608.4 6658.8 6829.6 7059.1 20

21 Nonfinancial corporate business 2507.3 3257.5 3657.6 3748.0 3798.4 3825.0 3939.0 3925.4 3955.2 3933.1 4067.5 21

22 Nonfarm noncorporate business 213.0 434.2 496.6 510.0 523.3 537.2 548.3 559.4 573.3 584.1 595.1 22

23 State and local governments 27.0 11.5 13.1 21.5 21.9 25.0 24.1 35.5 43.6 57.3 40.1 23

24 Federal government 71.9 66.9 63.9 62.2 61.8 61.5 61.0 60.4 60.2 60.3 60.7 24

25 Rest of the world 284.5 430.5 424.4 548.8 534.6 490.1 542.9 792.6 692.1 819.1 772.9 25

26 Monetary authority 13.2 16.1 16.8 16.5 16.6 18.3 19.3 19.3 20.2 20.5 20.3 26

27 Commercial banking 372.9 414.0 407.3 364.1 380.3 407.5 403.2 372.0 405.3 440.0 507.8 27

28 U.S.-chartered commercial banks 87.6 113.1 109.0 114.2 113.2 113.1 115.2 126.9 123.1 150.5 146.2 28

29 Foreign banking offices in U.S. 234.3 234.6 204.2 162.1 171.5 186.8 175.1 133.0 165.6 170.2 244.2 29

30 Bank holding companies 44.4 56.5 85.4 79.6 86.8 98.4 106.3 105.0 105.5 111.1 110.0 30

31 Banks in U.S.-affiliated areas 6.6 9.7 8.7 8.4 8.8 9.2 6.6 7.1 11.1 8.2 7.4 31

32 Savings institutions 21.7 26.2 28.7 29.4 35.2 32.8 34.9 38.5 42.3 44.7 44.6 32

33 Credit unions 17.3 24.0 7.5 10.7 13.3 16.1 22.8 30.5 39.2 33.0 32.3 33

34 Bank personal trusts and estates 14.6 23.0 20.5 20.0 19.3 19.3 19.0 18.7 18.6 18.3 18.1 34

35 Life insurance companies 38.3 42.4 3.2 6.9 10.6 20.8 21.9 13.7 4.9 0.0 0.3 35

36 Private pension funds 115.4 122.7 124.1 126.6 128.9 130.6 131.6 132.0 128.2 133.9 131.7 36

37 State and local govt. retirement funds 63.5 66.1 81.0 79.4 82.3 85.0 93.5 106.4 106.9 116.2 110.6 37

38 Mutual funds 11.8 7.7 4.2 2.7 2.6 3.4 3.5 1.3 1.0 1.1 1.1 38

39 Money market mutual funds 58.1 67.7 90.4 79.6 103.4 108.5 102.5 102.6 112.8 113.0 128.6 39

40 Government-sponsored enterprises 67.8 68.5 73.5 77.0 80.8 82.8 85.5 85.4 85.2 99.7 100.5 40

41 Finance companies 140.0 148.8 194.2 192.5 185.9 196.9 207.7 209.6 181.7 190.4 197.3 41

42 REITs 10.5 21.2 21.1 21.5 20.8 22.0 21.1 21.8 23.0 22.9 25.0 42

43 Brokers and dealers 54.4 88.6 92.1 94.2 93.0 105.3 132.7 83.0 165.3 142.1 204.5 43

44 Discrepancy -1571.2 -2372.7 -2791.3 -2944.2 -2985.6 -2719.1 -3201.2 -3096.0 -3074.3 -2942.8 -3308.2 44
102 Z.1, March 7, 2002

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted 

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 39346.3 43287.4 48793.8 49946.8 49611.5 49870.5 48810.2 47294.6 48433.1 46741.4 48395.9 1

 2 Tangible assets 11917.5 12784.5 13729.9 14032.9 14447.8 14802.3 15130.3 15499.1 15825.9 16139.7 16298.4 2

 3 Real estate 9498.1 10259.9 11064.6 11322.6 11684.1 11993.7 12281.7 12592.2 12884.0 13167.4 13263.7 3

 4 Households (2,3) 8557.8 9203.1 9953.5 10201.0 10510.0 10793.3 11064.6 11370.5 11660.0 11941.4 12038.4 4

 5 Nonprofit organizations 940.3 1056.8 1111.1 1121.6 1174.0 1200.5 1217.1 1221.7 1224.0 1226.0 1225.3 5

 Equipment and software owned by

 6 nonprofit organizations (4) 90.6 97.2 105.3 108.0 110.9 113.8 116.4 117.6 118.9 119.8 120.5 6

 7 Consumer durable goods (4) 2328.8 2427.4 2560.0 2602.4 2652.8 2694.8 2732.2 2789.3 2822.9 2852.5 2914.2 7

 8 Financial assets 27428.7 30502.9 35064.0 35913.8 35163.8 35068.3 33679.9 31795.5 32607.2 30601.7 32097.5 8

 9 Deposits 3645.3 3958.4 4141.6 4321.6 4311.9 4372.4 4530.9 4724.8 4692.1 4794.4 4966.6 9

10 Foreign deposits 37.2 38.3 43.5 48.6 48.6 48.0 51.3 49.8 47.1 48.4 47.0 10

11 Checkable deposits and currency 460.0 440.2 395.2 388.0 351.0 308.4 338.5 338.1 324.8 307.4 389.7 11

12 Time and savings deposits 2565.9 2732.7 2831.2 2933.8 2997.9 3079.3 3138.2 3243.4 3286.0 3336.8 3391.0 12

13 Money market fund shares 582.3 747.1 871.6 951.2 914.4 936.9 1003.0 1093.4 1034.3 1101.8 1138.9 13

14 Credit market instruments 2030.4 2044.5 2281.3 2209.4 2189.7 2131.9 2069.6 2011.0 1931.7 1924.2 1894.4 14

15 Open market paper 56.1 63.7 67.7 68.9 70.2 71.4 72.7 67.2 62.7 58.9 53.3 15

16 U.S. government securities 864.2 758.3 931.0 862.5 776.5 739.9 707.3 573.5 494.8 544.2 538.8 16

17 Treasury 687.6 601.6 687.8 632.5 524.2 473.7 462.2 451.4 373.2 408.8 439.1 17

18 Savings bonds 186.5 186.6 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 18

19 Other Treasury 501.1 415.0 501.3 447.2 339.6 289.3 277.5 266.6 187.8 222.4 248.7 19

20 Agency 176.6 156.7 243.2 230.0 252.3 266.2 245.0 122.1 121.6 135.4 99.7 20

21 Municipal securities 468.8 488.3 526.6 529.4 543.7 543.5 541.6 559.8 580.2 563.0 582.3 21

22 Corporate and foreign bonds 531.7 623.7 645.8 637.3 688.0 665.4 636.7 699.1 682.2 646.0 608.0 22

23 Mortgages 109.6 110.5 110.2 111.2 111.5 111.7 111.3 111.4 111.9 112.1 112.0 23

24 Corporate equities (2) 6302.5 7173.6 9197.3 9369.9 8715.0 8345.7 7317.1 6113.0 6469.8 5231.5 5832.2 24

25 Mutual fund shares (5) 1941.2 2405.8 3127.7 3352.5 3293.3 3349.6 3124.7 2829.2 3030.7 2697.5 2993.2 25

26 Security credit 215.5 276.7 323.9 371.2 359.5 372.9 412.4 400.4 412.8 494.8 443.4 26

27 Life insurance reserves 665.0 718.3 783.9 801.0 806.5 818.7 819.1 823.0 840.3 847.0 868.1 27

28 Pension fund reserves 7323.4 8209.0 9080.2 9286.6 9214.2 9355.5 9091.4 8616.3 8880.4 8309.3 8723.5 28

29 Investment in bank personal trusts 942.5 1001.0 1130.4 1158.0 1114.4 1106.7 1019.4 929.1 964.4 859.6 912.0 29

30 Equity in noncorporate business (6) 4051.3 4394.4 4663.5 4708.1 4819.5 4873.0 4956.3 5009.1 5038.9 5087.0 5105.5 30

31 Miscellaneous assets 311.7 321.4 334.2 335.6 339.6 341.7 338.9 339.6 346.1 356.4 358.6 31

32 Liabilities 5824.8 6319.7 6920.1 7046.5 7196.7 7367.5 7507.1 7537.1 7714.6 7946.9 8083.1 32

33 Credit market instruments 5556.9 6022.9 6540.1 6606.8 6771.3 6937.2 7113.7 7184.5 7358.6 7526.3 7724.1 33

34 Home mortgages (7) 3818.1 4168.3 4557.4 4624.8 4738.9 4847.0 4939.7 5021.6 5167.0 5304.4 5430.5 34

35 Consumer credit 1271.6 1346.6 1446.1 1437.0 1476.5 1519.6 1593.1 1585.3 1608.1 1619.1 1688.3 35

36 Municipal securities (8) 114.9 126.9 137.3 138.0 141.4 141.9 143.0 144.2 145.3 147.5 153.8 36

37 Bank loans n.e.c. 66.5 72.7 65.4 69.3 71.4 67.1 73.5 63.4 59.3 65.5 57.4 37

38 Other loans and advances 190.7 204.0 218.9 222.8 227.4 242.1 246.3 251.1 255.9 260.8 264.1 38

39 Commercial mortgages (8) 95.1 104.5 115.0 114.9 115.6 119.5 118.1 118.9 122.9 129.0 130.1 39

40 Security credit 131.2 152.8 227.9 286.5 270.2 273.9 235.1 193.5 195.9 258.1 194.7 40

41 Trade payables (8) 118.0 126.8 132.7 134.5 136.3 137.7 138.6 140.4 141.5 143.2 144.7 41

 Deferred and unpaid

42 life insurance premiums 18.6 17.2 19.4 18.7 18.9 18.8 19.6 18.7 18.5 19.3 19.6 42

43 Net worth 33521.5 36967.8 41873.7 42900.3 42414.9 42503.0 41303.2 39757.5 40718.5 38794.5 40312.8 43

 Memo:

 Replacement-cost value of structures:

44 Residential 6712.9 7158.6 7641.7 7794.7 7915.3 8074.5 8227.9 8357.3 8472.8 8599.6 8741.6 44

45 Households 6396.0 6826.9 7293.8 7440.9 7558.5 7712.9 7861.5 7987.3 8100.9 8226.0 8365.4 45

46 Farm households 188.7 198.3 209.0 213.4 215.5 219.1 222.6 224.7 225.6 226.5 227.8 46

47 Nonprofit organizations 128.2 133.5 138.9 140.4 141.2 142.5 143.7 145.3 146.3 147.1 148.3 47

48 Nonresidential (nonprofits) 664.8 709.7 753.7 768.8 779.3 793.3 807.6 825.3 840.0 850.5 856.2 48

49 Disposable personal income 5968.2 6355.6 6618.0 6859.1 6993.7 7081.3 7189.8 7295.0 7363.2 7576.4 7436.0 49

 Household net worth as percentage of

50 disposable personal income 561.7 581.7 632.7 625.5 606.5 600.2 574.5 545.0 553.0 512.0 542.1 50

 Owners’ equity in household real

51 estate (9) 4739.7 5034.9 5396.1 5576.2 5771.1 5946.3 6124.9 6349.0 6493.0 6637.0 6607.9 51

 Owners’ equity as percentage of

52 household real estate (10) 55.4 54.7 54.2 54.7 54.9 55.1 55.4 55.8 55.7 55.6 54.9 52

(1) Sector includes farm households.

(2) At market value.

(3) Includes vacant land and vacant homes for sale.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

(8) Liabilities of nonprofit organizations.

(9) Line 4 less line 34.

(10) Line 51 divided by line 4.
Z.1, March 7, 2002 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets stated at either market value or replacement cost:

 1 Assets 13680.6 14967.8 16155.6 16437.0 16884.5 17234.5 17400.2 17367.0 17460.2 17448.1 17526.6 1

 2 Tangible assets 7871.9 8151.7 8591.5 8693.6 8987.7 9176.6 9288.2 9283.1 9291.3 9248.6 9201.7 2

 3 Real estate (1) 4100.9 4209.7 4392.0 4417.9 4628.3 4733.4 4784.0 4787.3 4787.6 4780.3 4771.7 3

 4 Equipment and software (2) 2641.4 2771.0 2942.2 2999.7 3058.4 3122.8 3170.6 3186.4 3212.6 3207.4 3201.9 4

 5 Inventories (2) 1129.6 1171.0 1257.2 1276.0 1300.9 1320.3 1333.7 1309.4 1291.1 1260.9 1228.0 5

 6 Financial assets 5808.7 6816.1 7564.2 7743.4 7896.8 8057.9 8112.0 8083.9 8168.9 8199.5 8324.9 6

 7 Foreign deposits 23.1 30.5 28.3 22.2 26.5 37.7 22.2 15.6 15.9 15.5 16.7 7

 8 Checkable deposits and currency 228.8 256.6 293.6 285.1 307.4 346.6 332.1 302.3 307.1 325.9 311.2 8

 9 Time and savings deposits 119.4 112.6 128.8 116.8 113.6 116.5 125.9 121.7 117.4 113.0 112.1 9

10 Money market fund shares 87.8 114.3 137.3 139.3 140.0 155.9 177.7 210.3 238.4 246.3 275.0 10

11 Security RPs 4.6 4.2 5.3 6.1 4.2 4.0 4.8 3.3 3.9 3.1 3.8 11

12 Commercial paper 36.1 39.4 43.7 38.3 37.3 44.7 47.4 43.2 46.9 48.5 53.2 12

13 U.S. government securities 34.8 34.2 32.1 36.7 41.6 41.6 33.4 33.3 35.6 37.9 40.7 13

14 Municipal securities 27.4 25.7 22.3 23.9 35.9 27.2 32.7 23.5 26.1 26.9 30.7 14

15 Mortgages 80.2 67.3 60.3 59.0 57.8 56.5 55.3 54.0 52.8 51.5 50.3 15

16 Consumer credit 78.9 74.9 80.3 72.9 73.5 72.1 82.7 71.4 68.0 60.2 67.9 16

17 Trade receivables 1366.6 1452.9 1566.3 1639.0 1689.9 1724.7 1672.0 1676.4 1651.7 1652.7 1573.2 17

18 Mutual fund shares (1) 69.1 91.0 113.9 117.5 111.4 111.0 98.8 85.9 91.6 76.3 84.7 18

19 Miscellaneous assets 3651.9 4512.5 5051.9 5186.5 5257.6 5319.5 5427.1 5443.0 5513.5 5541.7 5705.5 19

20 Liabilities 6628.8 7457.6 8153.4 8348.1 8507.9 8698.9 8806.1 8921.1 8990.9 9116.3 9177.2 20

21 Credit market instruments 3383.1 3788.6 4264.7 4414.8 4560.8 4616.0 4693.8 4782.0 4868.4 4909.6 4962.2 21

22 Commercial paper 168.6 193.0 230.3 260.8 296.8 307.0 278.4 253.2 223.3 201.3 190.1 22

23 Municipal securities (3) 142.0 147.8 152.8 153.3 153.4 153.9 154.2 154.7 155.6 156.2 157.4 23

24 Corporate bonds (4) 1610.9 1829.6 2059.5 2106.0 2144.5 2186.7 2230.6 2330.4 2435.3 2482.3 2558.8 24

25 Bank loans n.e.c. 692.7 774.5 847.5 868.3 902.5 909.0 921.8 923.2 898.7 886.4 864.7 25

26 Other loans and advances 507.7 562.0 596.5 632.2 653.7 639.9 669.9 670.5 688.8 694.2 670.9 26

27 Mortgages 261.2 281.8 378.2 394.2 410.0 419.5 439.0 450.1 466.7 489.3 520.3 27

28 Trade payables 992.1 1049.7 1194.1 1197.6 1220.3 1261.4 1296.5 1271.7 1231.4 1234.6 1237.3 28

29 Taxes payable 59.2 64.1 71.0 82.8 80.2 80.4 78.0 84.7 80.6 103.1 78.1 29

30 Miscellaneous liabilities 2194.4 2555.3 2623.5 2653.0 2646.5 2741.1 2737.9 2782.7 2810.6 2869.0 2899.5 30

31 Net worth (market value) 7051.9 7510.2 8002.2 8088.9 8376.6 8535.6 8594.1 8445.9 8469.3 8331.8 8349.4 31

 Memo:

 Replacement-cost value of structures:

32 Residential 86.5 91.8 97.2 98.5 99.4 100.5 101.6 103.2 104.3 105.3 106.6 32

33 Nonresidential 3456.2 3602.8 3768.4 3843.6 3894.9 3964.4 4035.5 4123.5 4195.9 4245.7 4271.9 33

 Market value of equities outstanding

34 (includes corporate farm equities) 9774.6 11606.7 15117.0 15728.0 14938.7 14453.6 12740.8 10989.1 11689.9 9679.2 10887.2 34

35 Debt/net worth (percent) (5) 48.0 50.4 53.3 54.6 54.4 54.1 54.6 56.6 57.5 58.9 59.4 35

36 Debt/equities (percent) (6) 34.6 32.6 28.2 28.1 30.5 31.9 36.8 43.5 41.6 50.7 45.6 36

37 Equities/net worth (percent) (7) 138.6 154.5 188.9 194.4 178.3 169.3 148.3 130.1 138.0 116.2 130.4 37

 With tangible assets stated at historical cost:

38 Assets (8) 11397.4 12746.7 13851.1 14159.2 14399.9 14689.5 14834.2 14912.3 15050.9 15120.9 15280.4 38

39 Tangible assets 5588.7 5930.5 6286.9 6415.8 6503.1 6631.6 6722.3 6828.3 6882.1 6921.3 6955.5 39

40 Real estate 2159.6 2288.9 2417.1 2449.8 2479.5 2515.4 2549.6 2588.3 2628.9 2663.6 2692.6 40

41 Equipment and software 2330.1 2504.3 2701.3 2756.6 2814.0 2870.9 2924.5 2972.0 3008.1 3031.0 3058.2 41

42 Inventories 1099.0 1137.3 1168.5 1209.4 1209.5 1245.3 1248.1 1268.0 1245.0 1226.7 1204.7 42

43 Net worth (historical cost) (9) 4768.6 5289.1 5697.7 5811.1 5892.0 5990.7 6028.1 5991.2 6060.0 6004.5 6103.2 43

 Memo:

 Historical-cost value of structures:

44 Residential 35.6 37.3 39.2 40.0 40.8 41.6 42.6 43.7 44.8 46.1 47.4 44

45 Nonresidential 1923.6 2054.0 2178.3 2210.3 2243.7 2279.2 2315.9 2354.8 2391.9 2426.9 2457.9 45

46 Debt/net worth (percent) (10) 70.9 71.6 74.8 76.0 77.4 77.1 77.9 79.8 80.3 81.8 81.3 46

 (1) At market value.

 (2) At replacement (current) cost.

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

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

 (5) Line 21 divided by line 31.

 (6) Line 21 divided by line 34.

 (7) Line 34 divided by line 31.

 (8) Sum of lines 6 and 39.

 (9) Line 38 less line 20.

 (10) Line 21 divided by line 43.
104 Z.1, March 7, 2002

B.103 Balance Sheet of Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 4899.1 5518.4 6012.5 6102.5 6285.4 6388.2 6515.6 6610.5 6693.6 6790.8 6854.6 1

 2 Tangible assets 4126.6 4416.6 4748.2 4807.2 4943.9 5021.2 5122.0 5188.5 5243.2 5315.0 5354.4 2

 3 Real estate (1) 3626.4 3878.6 4148.3 4224.0 4377.5 4471.7 4563.3 4617.9 4660.7 4719.1 4743.7 3

 4 Residential 2727.1 2909.6 3150.4 3226.0 3325.1 3391.5 3460.5 3519.3 3562.1 3616.6 3639.7 4

 5 Nonresidential 899.3 969.0 997.9 998.0 1052.4 1080.2 1102.8 1098.7 1098.6 1102.5 1104.0 5

 6 Equipment and software (2) 440.8 476.3 533.7 516.0 498.0 480.0 488.5 501.7 514.5 529.5 546.1 6

 7 Residential (3) 65.5 67.6 69.9 70.8 71.7 72.7 73.6 74.2 74.3 74.4 74.9 7

 8 Nonresidential 375.3 408.7 463.8 445.2 426.2 407.3 414.9 427.5 440.2 455.1 471.3 8

 9 Inventories (2) 59.5 61.6 66.2 67.2 68.5 69.5 70.2 68.9 68.0 66.4 64.6 9

10 Financial assets 772.4 1101.8 1264.3 1295.3 1341.5 1367.0 1393.6 1421.9 1450.4 1475.8 1500.2 10

11 Checkable deposits and currency 146.2 178.3 203.3 209.6 220.4 224.4 228.3 233.3 238.5 243.8 249.1 11

12 Time and savings deposits 85.7 94.8 104.8 105.8 107.7 108.0 108.8 110.1 111.4 112.8 114.1 12

13 Money market fund shares 22.9 32.6 42.6 43.1 43.2 47.2 52.6 59.6 64.1 68.8 74.7 13

14 Treasury securities 30.8 37.0 33.9 31.3 27.6 25.9 23.7 20.9 18.2 14.8 11.4 14

15 Municipal securities 3.2 1.5 3.5 3.5 3.6 3.6 3.7 3.7 3.8 3.8 3.9 15

16 Mortgages 18.7 30.7 40.7 42.7 46.5 47.0 48.6 50.1 51.5 53.2 54.8 16

17 Consumer credit 0 0 0 0 0 0 0 0 0 0 0 17

18 Trade receivables 204.9 245.6 291.4 301.6 321.2 325.5 332.2 337.2 341.5 344.8 346.8 18

19 Miscellaneous assets 259.9 481.4 544.1 557.7 571.2 585.3 595.7 607.0 621.5 633.8 645.4 19

20 Insurance receivables 45.2 45.6 45.9 46.0 46.3 46.5 45.8 46.0 46.6 48.2 48.4 20

21 Equity investment in GSEs (4) 1.7 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.9 21

22 Other 213.0 434.2 496.6 510.0 523.3 537.2 548.3 559.4 573.3 584.1 595.1 22

23 Liabilities 1722.9 2010.2 2255.3 2309.5 2378.1 2424.3 2477.1 2521.4 2564.6 2601.1 2636.9 23

24 Credit market instruments 1224.0 1363.7 1519.1 1553.1 1599.1 1630.3 1664.8 1695.5 1727.9 1753.9 1781.1 24

25 Bank loans n.e.c. 237.3 256.3 274.2 278.7 287.1 288.9 292.0 292.2 287.2 283.5 278.5 25

26 Other loans and advances 95.8 108.9 116.7 119.9 123.7 125.4 127.8 128.2 132.6 128.9 127.9 26

27 Mortgages 890.9 998.6 1128.3 1154.5 1188.3 1215.9 1245.0 1275.1 1308.2 1341.4 1374.8 27

28 Trade payables 147.8 170.9 196.4 202.9 211.2 214.8 218.8 222.0 224.8 227.2 229.0 28

29 Taxes payable 49.8 60.5 68.8 71.0 73.7 74.9 76.3 78.0 79.6 81.0 82.1 29

30 Miscellaneous liabilities 301.3 415.1 471.0 482.5 494.1 504.3 517.2 525.9 532.3 539.0 544.7 30

31 Net worth (5) 3176.1 3508.2 3757.2 3793.0 3907.3 3963.8 4038.5 4089.1 4129.0 4189.7 4217.7 31

 Memo:

 Replacement-cost value of structures:

32 Residential 1751.5 1834.1 1986.8 2022.4 2030.1 1999.2 1976.1 1980.2 1996.6 2000.2 1988.7 32

33 Nonresidential 666.1 627.6 671.6 674.7 680.0 686.0 677.8 666.8 661.1 662.1 670.3 33

34 Debt/net worth (percent) (6) 38.5 38.9 40.4 40.9 40.9 41.1 41.2 41.5 41.8 41.9 42.2 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 30.

(6) Line 24 divided by line 31.
Z.1, March 7, 2002 105

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 3780.3 3446.2 4906.0 1026.6 -485.4 88.2 -1199.9 -1545.7 961.0 -1923.9 1518.3 1

 2 Net investment 353.1 490.2 365.0 115.6 -18.5 31.1 139.1 179.5 -49.9 117.5 165.3 2

 3 Net physical investment 365.4 441.3 482.3 120.7 134.1 140.0 128.5 112.4 126.5 126.3 145.0 3

 4 Capital expenditures 980.8 1083.2 1158.8 295.4 312.3 322.1 314.0 301.5 322.4 332.2 342.8 4

 5 - Consumption of fixed capital 615.4 641.9 676.6 174.7 178.2 182.1 185.5 189.1 195.9 205.9 197.8 5

 6 Net financial investment -12.3 48.9 -117.2 -5.1 -152.5 -108.9 10.7 67.0 -176.4 -8.8 20.3 6

 7 Net acquisition of financial assets 366.5 543.7 482.9 121.2 -2.4 50.9 142.3 97.1 1.1 223.5 156.5 7

 8 - Net increase in liabilities 378.7 494.9 600.1 126.3 150.2 159.7 131.6 30.0 177.5 232.3 136.2 8

 Holding gains on assets stated

 9 at market value (2) 3563.1 3091.0 4574.1 938.6 -456.4 87.0 -1270.0 -1718.6 1039.0 -2022.2 1362.2 9

10 Real estate 457.6 535.1 564.6 209.9 291.3 237.4 219.5 262.0 228.5 206.7 22.9 10

11 Corporate equities 1700.2 1211.8 2350.7 333.7 -548.4 -264.0 -902.8 -1099.5 408.6 -1168.5 672.7 11

12 Mutual fund shares 186.2 185.1 548.2 132.9 -122.6 -10.4 -255.0 -329.5 115.7 -371.8 242.7 12

13 Equity in noncorporate business 306.0 395.4 284.7 54.5 104.1 44.3 77.1 59.8 19.2 50.2 9.0 13

 Life insurance and

14 pension fund reserves 791.9 663.3 690.0 172.9 -145.3 80.0 -328.5 -527.6 226.1 -641.2 355.4 14

 Investment in bank personal

15 trusts and estates 121.1 100.3 135.9 34.7 -35.4 -0.4 -80.3 -83.8 41.0 -97.7 59.4 15

 Holding gains on assets stated

16 at current cost (2) -90.2 -109.7 -95.3 -26.8 -14.2 -22.5 -22.8 -6.2 -25.3 -20.4 -12.1 16

17 Consumer durable goods -89.4 -108.0 -94.8 -26.6 -14.1 -22.4 -22.6 -4.8 -24.7 -19.9 -11.3 17

18 Equipment and software -0.8 -1.7 -0.5 -0.2 -0.1 -0.1 -0.1 -1.4 -0.5 -0.5 -0.7 18

19 Other factors (3) -45.7 -25.2 62.1 -0.8 3.6 -7.4 -46.2 -0.3 -2.9 1.2 2.9 19

 Memo:

20 Net worth outstanding (4) 33521.5 36967.8 41873.7 42900.3 42414.9 42503.0 41303.2 39757.5 40718.5 38794.5 40312.8 20

21 Disposable personal income 5968.2 6355.6 6618.0 6859.1 6993.7 7081.3 7189.8 7295.0 7363.2 7576.4 7436.0 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 43.
106 Z.1, March 7, 2002

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 With tangible assets valued at either market or replacement cost:

 1 Change in net worth (1) 705.9 458.4 492.0 86.7 287.7 159.0 58.5 -148.2 23.4 -137.5 17.6 1

 2 Net investment 127.8 -28.8 125.0 61.0 26.6 32.3 -13.2 15.4 47.8 -11.8 37.9 2

 3 Net physical investment 253.3 284.3 337.0 94.1 98.8 91.7 84.5 73.5 58.8 24.1 10.9 3

 4 Capital expenditures 760.2 826.5 892.5 231.2 242.5 246.9 239.6 225.8 214.9 206.1 186.2 4

 5 - Consumption of fixed capital 489.7 519.7 556.7 146.0 149.1 152.5 155.2 158.3 163.1 174.4 165.4 5

 6 - Inventory valuation adjustment 8.5 18.4 -2.9 -8.9 -5.7 2.5 -0.2 -6.0 -7.0 7.5 9.9 6

 7 - Access rights from fed. government 8.8 4.1 1.7 0 0.3 0.2 0.1 0.1 0.1 0.1 0.1 7

 8 Net financial investment -11.1 -46.1 -68.5 -48.6 -10.8 -37.5 -5.8 -51.8 6.9 -5.7 28.2 8

 9 Net acquisition of financial assets 272.4 569.9 665.2 163.0 176.2 161.3 102.8 24.1 58.8 94.2 87.1 9

10 - Net increase in liabilities 283.5 616.0 733.7 211.7 187.0 198.8 108.5 75.8 51.9 99.9 58.8 10

11 Net corporate equity issues -114.4 -267.0 -143.5 15.6 -61.4 -22.0 -91.9 -6.3 -17.9 -30.2 -1.3 11

 Holding gains on assets stated

12 at market value (2) 396.5 60.4 121.1 9.0 191.4 81.3 20.7 -34.6 -20.6 -43.1 -16.9 12

13 Real estate 379.0 45.8 96.3 5.1 196.9 81.3 32.4 -22.2 -26.7 -28.3 -25.7 13

14 Mutual fund shares 17.5 14.6 24.8 4.0 -5.6 -0.0 -11.7 -12.4 6.2 -14.8 8.8 14

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

15 at current cost (2) 28.3 57.9 132.7 10.5 10.2 23.7 -17.6 -47.3 -19.6 -30.9 -21.8 15

16 Equipment and software 3.9 -8.6 9.7 9.5 8.6 14.9 1.6 -24.1 -2.3 -20.4 -25.0 16

17 Inventories (3) -9.6 -8.9 26.3 1.0 1.6 8.7 4.2 -24.1 -16.8 -9.4 3.2 17

18 Direct investment abroad -15.0 -13.2 -24.2 0 0 0 -35.2 1.0 0.1 0.1 -0.0 18

19 - Foreign direct investment in U.S. -49.0 -88.6 -120.9 0.0 -0.0 0.0 -11.8 -0.0 0.5 1.1 -0.0 19

20 Other factors (4) 153.3 368.8 113.2 6.1 59.5 21.7 68.6 -81.8 15.7 -51.6 18.4 20

 Memo:

21 Net worth outstanding (market value) 7051.9 7510.2 8002.2 8088.9 8376.6 8535.6 8594.1 8445.9 8469.3 8331.8 8349.4 21

 With tangible assets valued at historical cost:

22 Change in net worth (5) 414.4 520.4 408.6 113.4 81.0 98.6 37.5 -36.9 68.8 -55.5 98.7 22

23 Net investment flow 127.8 -28.8 125.0 61.0 26.6 32.3 -13.2 15.4 47.8 -11.8 37.9 23

24 Net physical investment 253.3 284.3 337.0 94.1 98.8 91.7 84.5 73.5 58.8 24.1 10.9 24

25 Capital expenditures 760.2 826.5 892.5 231.2 242.5 246.9 239.6 225.8 214.9 206.1 186.2 25

26 - Consumption of fixed capital 489.7 519.7 556.7 146.0 149.1 152.5 155.2 158.3 163.1 174.4 165.4 26

27 - Inventory valuation adjustment 8.5 18.4 -2.9 -8.9 -5.7 2.5 -0.2 -6.0 -7.0 7.5 9.9 27

28 - Access rights from fed. government 8.8 4.1 1.7 0 0.3 0.2 0.1 0.1 0.1 0.1 0.1 28

29 Net financial investment -11.1 -46.1 -68.5 -48.6 -10.8 -37.5 -5.8 -51.8 6.9 -5.7 28.2 29

30 Net acquisition of financial assets 272.4 569.9 665.2 163.0 176.2 161.3 102.8 24.1 58.8 94.2 87.1 30

31 - Net increase in liabilities 283.5 616.0 733.7 211.7 187.0 198.8 108.5 75.8 51.9 99.9 58.8 31

32 Net corporate equity issues -114.4 -267.0 -143.5 15.6 -61.4 -22.0 -91.9 -6.3 -17.9 -30.2 -1.3 32

 Valuation adjustment on

33 reproducible assets (6) -5.2 -0.5 -50.3 16.6 -26.5 16.4 -11.8 11.2 -32.7 -17.8 3.0 33

34 Holding gains on mutual fund shares (2) 17.5 14.6 24.8 4.0 -5.6 -0.0 -11.7 -12.4 6.2 -14.8 8.8 34

 Holding gains on assets stated

 at current cost less holding

 gains on liabilities stated

35 at current cost (2) 34.0 75.4 96.7 -0.0 0.0 -0.0 -23.4 1.0 -0.5 -1.0 0.0 35

36 Direct investment abroad -15.0 -13.2 -24.2 0 0 0 -35.2 1.0 0.1 0.1 -0.0 36

37 - Foreign direct investment in U.S. -49.0 -88.6 -120.9 0.0 -0.0 0.0 -11.8 -0.0 0.5 1.1 -0.0 37

38 Other factors (4) 240.3 459.7 212.5 31.8 86.5 50.0 97.5 -52.2 48.0 -10.0 49.0 38

 Memo:

39 Net worth outstanding (historical cost) 4768.6 5289.1 5697.7 5811.1 5892.0 5990.7 6028.1 5991.2 6060.0 6004.5 6103.2 39

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding during period less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).

(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers

 of assets.
Z.1, March 7, 2002 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1997 1998 1999 2000 2001

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 220.2 332.0 249.1 35.8 114.4 56.5 74.7 50.6 39.9 60.7 28.0 1

 2 Net investment (2) -55.1 -59.3 -21.1 -15.9 9.1 -1.0 3.3 -8.7 8.7 2.1 2.3 2

 3 Net physical investment 3.3 2.5 57.5 7.3 31.5 19.7 29.4 7.3 23.4 13.2 13.6 3

 4 Capital expenditures 121.8 127.5 190.6 42.2 66.9 55.7 66.0 44.5 62.6 51.2 52.4 4

 5 - Consumption of fixed capital 118.5 125.0 133.1 34.9 35.4 36.0 36.6 37.2 39.2 38.0 38.7 5

 6 Net acquisition of financial assets 131.1 186.0 160.6 31.0 46.2 25.5 26.6 28.3 28.5 25.4 24.5 6

 - Net increase in liabilities from:

 7 Credit market instruments 94.7 139.7 155.4 34.1 45.9 31.2 34.5 30.7 32.4 26.0 27.2 7

 8 Trade payables 31.0 23.1 25.5 6.5 8.3 3.6 4.0 3.2 2.8 2.4 1.8 8

 9 Taxes payable 7.3 10.7 8.3 2.2 2.8 1.2 1.4 1.8 1.6 1.4 1.1 9

10 Miscellaneous liabilities 56.5 74.3 50.1 11.5 11.5 10.3 12.8 8.7 6.4 6.8 5.7 10

 Holding gains on assets stated

11 at market value (real estate) (3) 281.9 279.9 247.6 70.9 139.3 80.5 71.8 48.3 31.0 43.4 14.2 11

12 Residential 192.2 183.0 226.6 70.4 94.1 62.0 64.9 54.4 37.9 48.5 19.5 12

13 Nonresidential 89.8 96.9 21.0 0.6 45.2 18.4 7.0 -6.1 -6.9 -5.1 -5.4 13

 Holding gains on assets stated

14 at current cost (3) -12.2 1.6 21.7 -20.2 -34.9 -23.7 -1.0 10.5 -0.9 12.9 11.9 14

15 Residential equipment and software -0.9 -0.4 -0.7 0.1 0.1 0.1 0.1 -0.1 -0.7 -0.5 -0.3 15

16 Nonresidential equipment and software -10.3 3.5 20.8 -20.9 -35.4 -24.1 -1.4 11.6 0.3 14.3 12.7 16

17 Inventories -0.9 -1.5 1.6 0.5 0.4 0.3 0.2 -1.0 -0.5 -0.9 -0.4 17

18 Other factors (4) 5.5 109.9 0.9 1.0 0.8 0.8 0.6 0.5 1.1 2.3 -0.3 18

 Memo:

19 Net worth outstanding (5) 3176.1 3508.2 3757.2 3793.0 3907.3 3963.8 4038.5 4089.1 4129.0 4189.7 4217.7 19

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding during period less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.
108 Z.1, March 7, 2002

F.100.a Nonprofit Organizations (1)

Billions of dollars

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Net financial investment 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 6.0 1

 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 59.5 2

 3 Checkable deposits and currency 0.5 -1.0 1.3 4.0 1.2 1.7 -2.5 2.3 8.3 2.9 3.1 3

 4 Time and savings deposits -0.2 5.4 -6.2 10.4 -2.4 -1.5 0.2 0.2 1.1 0.3 1.1 4

 5 Money market fund shares -13.1 4.9 -1.2 32.9 4.0 -13.8 1.1 1.2 9.4 -1.8 7.1 5

 6 Security RPs (2) 0.4 3.1 -2.2 -1.3 6.0 0.5 0.2 0.2 1.4 0.0 1.3 6

 7 Credit market instruments 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 40.9 7

 8 Open market paper 34.4 -10.4 6.2 -29.9 -3.3 15.6 1.2 1.3 6.7 1.5 7.5 8

 9 U.S. government securities 10.9 16.4 9.4 9.7 10.0 7.4 9.3 23.9 20.3 13.0 17.0 9

10 Municipal securities 0.0 0.5 -0.5 0.0 0.2 0.3 0.4 0.1 0.0 -0.1 0.1 10

11 Corporate and foreign bonds 6.6 9.7 8.2 7.9 5.6 4.5 2.4 11.9 11.7 8.3 15.4 11

12 Mortgages -0.8 0.9 -0.7 -0.1 0.9 0.9 -0.1 0.9 0.6 0.6 0.9 12

13 Corporate equities 5.2 16.1 15.0 -18.6 18.6 8.9 45.1 -10.4 21.0 -30.6 -40.7 13

14 Mutual fund shares -1.0 2.6 1.2 -3.3 0.7 -0.7 1.5 1.3 2.4 -1.0 0.4 14

15 Security credit 2.8 2.8 2.6 2.0 1.1 0.8 2.0 1.5 3.4 3.7 4.6 15

16 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 16

17 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 17

18 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 18

19 Net increase in liabilities 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 19

20 Credit market instruments 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 20

21 Municipal securities 1.8 3.5 3.3 4.0 2.0 1.4 3.6 0.7 6.6 10.0 12.0 21

22 Bank loans n.e.c. 0.2 -5.2 -1.1 -2.8 2.4 5.0 6.4 8.9 0.2 4.8 2.3 22

23 Other loans and advances -0.0 -0.0 0.3 0.4 -0.2 0.1 0.1 -0.1 0.0 -0.2 -0.1 23

24 Commercial mortgages 5.8 13.8 9.7 12.9 5.4 7.7 -7.4 -9.6 4.7 -1.2 9.4 24

25 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 25

26 Miscellaneous liabilities (2) 7.1 5.5 10.5 13.7 14.2 14.0 16.0 28.6 16.8 15.8 21.2 26

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table F.100.
Z.1, March 7, 2002 109

L.100.a Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

 

 1 Total financial assets 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1777.4 1

 2 Checkable deposits and currency 17.0 15.9 17.3 21.3 22.5 24.1 21.6 23.9 32.1 35.0 38.1 2

 3 Time and savings deposits 1.5 6.8 0.6 11.1 8.7 7.1 7.3 7.5 8.6 8.9 10.0 3

 4 Money market fund shares 15.9 20.8 19.6 52.5 56.5 42.7 43.8 45.1 54.5 52.7 59.8 4

 5 Security RPs (2) 1.7 4.8 2.5 1.3 7.3 7.8 8.0 8.2 9.6 9.6 10.9 5

 6 Credit market instruments 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 6

 7 Open market paper 67.3 56.9 63.2 33.3 29.9 45.5 46.7 48.0 54.7 56.1 63.7 7

 8 U.S. government securities 82.0 98.4 107.8 117.4 127.4 134.8 144.1 168.0 188.3 201.3 218.2 8

 9 Municipal securities 0.1 0.6 0.1 0.2 0.4 0.8 1.1 1.2 1.3 1.2 1.3 9

10 Corporate and foreign bonds 51.1 60.8 69.0 77.0 82.6 87.1 89.5 101.4 113.1 121.4 136.8 10

11 Mortgages 2.6 3.5 2.8 2.8 3.7 4.6 4.5 5.3 6.0 6.6 7.4 11

12 Corporate equities 145.8 203.0 197.5 214.6 241.1 270.2 308.2 397.1 494.7 604.9 692.0 12

13 Mutual fund shares 10.2 15.8 15.3 15.9 17.7 18.5 19.0 24.6 30.4 34.5 38.7 13

14 Security credit 25.7 28.5 31.1 33.1 34.3 35.0 37.1 38.6 42.0 45.8 50.3 14

15 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 15

16 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 16

17 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 17

18 Liabilities 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 18

19 Credit market instruments 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 19

20 Municipal securities 79.9 83.3 86.6 90.6 92.6 94.0 97.6 98.3 104.9 114.9 126.9 20

21 Bank loans n.e.c. 15.5 10.3 9.2 6.4 8.8 13.8 19.9 28.8 29.0 34.1 36.4 21

22 Other loans and advances 0.3 0.3 0.5 0.9 0.7 0.8 0.9 0.8 0.9 0.7 0.6 22

23 Commercial mortgages 59.0 72.8 82.5 95.5 100.9 108.5 101.5 91.9 96.6 95.1 104.5 23

24 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 24

25 Miscellaneous liabilities (2) 57.9 63.3 73.9 87.6 101.8 115.8 131.8 160.4 177.2 193.0 214.2 25

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.

(2) Not included in table L.100.
110 Z.1, March 7, 2002

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Current receipts, NIPA basis 2440.0 2613.8 2786.1 3023.9 3052.3 3047.7 3073.9 3096.8 3104.6 2927.3 3080.4 1

 2 Personal tax and nontax receipts 968.8 1070.5 1159.3 1288.2 1306.2 1300.2 1329.8 1345.2 1351.4 1195.4 1332.8 2

 3 Corporate profit tax accruals 237.2 238.9 253.0 271.5 220.6 274.9 253.5 236.8 228.0 204.9 212.8 3

 4 Indirect business tax and nontax accruals 646.2 681.3 713.1 762.7 794.2 767.6 775.6 785.7 792.4 793.9 804.8 4

 5 Contributions for social insurance 587.8 623.3 660.8 701.6 731.3 705.0 715.0 729.1 732.8 733.1 730.0 5

 6 Current expenditures, NIPA basis 2462.4 2529.3 2624.8 2772.5 2911.2 2783.0 2822.8 2869.2 2896.5 2939.0 2940.0 6

 7 Consumption expenditures 1223.3 1261.4 1327.9 1422.8 1498.3 1430.2 1444.1 1474.2 1491.4 1504.9 1522.8 7

 8 Transfer payments (net) 945.0 965.9 1000.1 1050.0 1122.3 1053.2 1080.7 1094.6 1111.6 1131.4 1151.5 8

 9 Net interest paid 275.3 278.8 263.8 262.6 236.1 262.7 259.7 253.0 241.7 231.6 218.2 9

10 - Dividends received by government 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 10

11 Subsidies less current surplus of govt. enterprises 19.1 23.6 33.3 37.6 54.9 37.3 38.7 47.8 52.2 71.5 47.9 11

12 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Current surplus or deficit (-), NIPA basis -22.4 84.6 161.4 251.4 141.1 264.7 251.1 227.6 208.1 -11.7 140.4 13

14 + Consumption of fixed capital 181.0 187.7 198.1 211.4 223.8 213.1 215.9 218.6 221.3 229.3 226.0 14

15 - Insurance and pension fund reserves (2) 3.4 4.4 3.8 1.8 3.3 0.8 3.3 2.8 6.9 0.1 3.2 15

16 + Net capital transfers (3) 26.8 32.4 32.4 36.2 36.3 35.8 35.8 38.4 37.0 34.8 34.8 16

17 = Gross saving and net capital transfers 182.0 300.2 388.0 497.2 397.9 512.8 499.6 481.8 459.5 252.4 398.0 17

18 Gross investment 127.7 328.5 418.1 530.5 334.5 504.0 584.3 240.2 515.9 210.4 371.3 18

19 Fixed investment 264.7 277.1 304.6 318.3 341.0 314.1 322.8 330.9 344.1 332.0 357.1 19

20 Access rights sales -8.8 -4.1 -1.7 -0.6 -0.3 -0.7 -0.5 -0.3 -0.3 -0.3 -0.3 20

21 Net financial investment -128.2 55.5 115.2 212.8 -6.3 190.5 262.0 -90.4 172.1 -121.3 14.5 21

22 Net acquisition of financial assets 34.7 110.4 166.5 27.1 193.3 106.7 5.9 159.4 132.0 262.0 219.9 22

23 Gold, SDRs, and official foreign exchange 2.5 6.0 -7.1 -0.6 5.4 -1.5 5.3 -1.1 5.0 19.2 -1.4 23

24 Checkable deposits and currency 3.8 -20.6 70.0 -64.0 43.7 10.2 -54.7 42.4 -38.1 39.3 131.3 24

25 Time and savings deposits 6.8 14.1 11.6 10.4 10.2 9.1 29.2 -3.2 7.7 7.1 29.4 25

26 Security RPs 3.6 7.2 5.0 9.7 24.1 12.0 -15.0 9.0 17.2 20.8 49.4 26

27 Credit market instruments 24.1 116.8 52.0 48.2 53.6 35.2 46.4 64.2 25.8 41.1 83.4 27

28 Open market paper 14.3 28.0 1.9 7.6 1.0 -4.0 10.0 4.0 -17.2 -10.0 27.2 28

29 U.S. government agency securities (4) -0.8 63.6 28.5 23.5 28.5 24.0 20.0 37.8 22.7 27.6 26.1 29

30 Municipal securities -0.7 -1.4 -1.5 0.6 0.3 3.2 -0.8 2.1 -0.6 0.4 -0.7 30

31 Corporate and foreign bonds 1.3 10.2 12.6 3.7 11.9 1.6 2.4 11.5 7.2 14.8 14.1 31

32 Mortgages -0.9 3.3 4.2 3.7 3.6 3.2 6.1 2.3 4.1 1.4 6.6 32

33 Other loans and advances (5) 10.9 13.2 6.2 9.2 8.3 7.1 8.7 6.6 9.6 6.9 10.0 33

34 Corporate equities 16.8 9.4 3.5 -1.2 22.8 -4.1 -5.6 26.9 20.5 21.5 22.4 34

35 Mutual fund shares -7.4 -12.3 4.3 0.8 5.1 4.5 4.0 9.4 7.9 -0.8 4.0 35

36 Trade receivables -3.2 1.5 4.6 5.3 7.7 4.3 3.7 9.9 10.0 16.0 -5.2 36

37 Taxes receivable -5.7 1.6 15.8 7.6 14.7 5.9 -18.6 1.9 29.1 103.4 -75.6 37

38 Miscellaneous assets -6.6 -13.3 6.8 10.9 5.9 31.2 11.1 0.1 47.0 -5.6 -17.8 38

39 Net increase in liabilities 162.9 55.0 51.3 -185.7 199.6 -83.8 -256.1 249.9 -40.1 383.3 205.4 39

40 SDR certificates -0.5 0.0 -3.0 -4.0 0.0 -4.0 -4.0 0.0 0.0 0.0 0.0 40

41 Treasury currency 0.5 0.6 1.0 2.4 -0.0 4.2 -0.0 -1.1 1.1 -0.0 0.0 41

42 Credit market instruments 98.1 -3.5 -16.0 -237.0 131.7 -155.4 -253.9 117.6 -106.2 346.6 168.8 42

43 Savings bonds -0.5 0.1 -0.2 -1.7 5.6 -0.9 -0.3 1.4 3.3 3.9 13.7 43

44 Other Treasury securities (6) 41.4 -84.7 -68.3 -262.6 20.2 -177.1 -305.8 15.0 -218.9 300.1 -15.6 44

45 Budget agency securities -0.1 2.0 -0.2 -1.0 -0.5 -2.4 -1.2 -2.2 1.1 -0.4 -0.7 45

46 Municipal securities 57.3 79.1 52.7 28.2 106.5 25.1 53.4 103.4 108.3 42.9 171.4 46

47 Multifamily residential mortgages -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47

48 Trade payables 22.6 22.5 29.7 28.6 13.5 27.2 27.6 14.5 14.1 26.3 -0.9 48

49 Insurance and pension reserves (7) 42.0 42.5 42.5 22.3 62.2 36.3 -28.1 118.1 46.9 31.8 52.1 49

50 Miscellaneous liabilities 0.3 -7.1 -2.9 2.0 -7.8 7.9 2.3 0.6 4.1 -21.4 -14.7 50

51 Discrepancy 54.3 -28.3 -30.1 -33.3 63.4 8.8 -84.7 241.6 -56.5 41.9 26.7 51

 Memo:

52 Current surplus less fixed investment (8) -287.1 -192.6 -143.3 -66.9 -199.9 -49.4 -71.7 -103.3 -136.0 -343.7 -216.7 52

53 Adjustment between NIPA and FOF (9) 158.9 248.0 258.5 279.7 193.7 239.9 333.7 12.9 308.1 222.4 231.2 53

54 Items to be financed (10) -128.2 55.5 115.2 212.8 -6.3 190.5 262.0 -90.4 172.1 -121.3 14.5 54

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.

(2) Railroad Retirement Board and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and

 agency securities held by state and local government employee retirement funds.

(3) Table F.9, line 1.

(4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(5) Excludes loans to state and local governments.

(6) Excludes Treasury securities owed to state and local governments.

(7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

(8) Line 13 less line 19

(9) Line 14 plus line 16 less sum of lines 15, 20, and 51.

(10) Line 52 plus line 53.
Z.1, March 7, 2002 111

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

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1997 1998 1999 2000 2001 2000 2001

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Total financial assets 1223.0 1343.8 1548.7 1582.7 1801.2 1593.6 1582.7 1639.4 1669.6 1714.1 1801.2 1

 2 Gold, SDRs, and official foreign exchange 42.0 51.0 44.4 41.0 43.1 39.7 41.0 38.7 39.5 44.6 43.1 2

 3 Checkable deposits and currency 73.8 51.5 120.1 57.4 102.6 81.4 57.4 60.9 79.1 80.2 102.6 3

 4 Time and savings deposits 81.8 95.8 107.5 117.8 128.1 109.7 117.8 118.3 117.0 119.8 128.1 4

 5 Security RPs 151.4 158.5 163.5 173.3 197.4 177.0 173.3 175.5 179.8 185.0 197.4 5

 6 Credit market instruments 562.2 679.1 764.3 812.6 866.3 800.9 812.6 828.7 835.1 845.4 866.3 6

 7 Open market paper 74.0 102.0 103.9 111.5 112.5 109.0 111.5 112.5 108.2 105.7 112.5 7

 8 Agency securities (1) 115.4 179.0 207.5 231.0 259.5 226.0 231.0 240.4 246.1 253.0 259.5 8

 9 Municipal securities 3.9 2.5 1.0 1.6 1.9 1.8 1.6 2.1 2.0 2.1 1.9 9

10 Corporate and foreign bonds 51.0 61.2 73.8 77.5 89.4 76.9 77.5 80.4 82.2 85.9 89.4 10

11 Mortgages 167.0 170.3 207.5 211.2 214.8 209.6 211.2 211.7 212.8 213.1 214.8 11

12 Other loans and advances (2) 150.8 164.1 170.5 179.9 188.1 177.6 179.9 181.5 183.9 185.6 188.1 12

13 Corporate equities 79.0 102.0 115.0 115.1 126.3 117.6 115.1 111.1 121.1 111.3 126.3 13

14 Mutual fund shares 33.6 21.3 25.6 26.4 31.5 25.4 26.4 28.8 30.7 30.5 31.5 14

15 Trade receivables 20.8 22.3 22.9 28.1 35.8 27.7 28.1 31.7 33.9 37.6 35.8 15

16 Taxes receivable 46.9 49.5 72.0 87.9 129.9 90.4 87.9 111.5 90.7 102.8 129.9 16

17 Miscellaneous assets 131.8 112.7 113.5 123.0 140.3 123.9 123.0 134.3 142.7 156.9 140.3 17

18 Total liabilities 5967.1 6029.3 6083.4 5895.4 6102.7 5886.8 5895.4 5964.4 5861.7 5968.5 6102.7 18

19 SDR certificates 9.2 9.2 6.2 2.2 2.2 3.2 2.2 2.2 2.2 2.2 2.2 19

20 Treasury currency 19.3 19.9 20.9 23.2 23.2 23.2 23.2 22.9 23.2 23.2 23.2 20

21 Credit market instruments 4676.1 4672.6 4656.6 4419.6 4551.3 4422.8 4419.6 4476.0 4356.3 4442.9 4551.3 21

22 Savings bonds 186.5 186.6 186.4 184.8 190.3 184.3 184.8 184.8 185.5 186.4 190.3 22

23 Other Treasury securities (3) 3352.5 3267.8 3199.5 2936.9 2957.1 2956.3 2936.9 2965.8 2814.9 2897.8 2957.1 23

24 Budget agency securities 26.5 28.5 28.3 27.3 26.8 27.6 27.3 26.8 27.0 27.0 26.8 24

25 Municipal securities 1110.6 1189.7 1242.4 1270.6 1377.1 1254.5 1270.6 1298.7 1328.9 1331.7 1377.1 25

26 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Trade payables 621.9 644.4 674.1 702.8 716.3 697.8 702.8 707.0 711.6 718.5 716.3 27

28 Insurance and pension reserves 634.0 676.5 719.0 741.3 803.6 733.3 741.3 749.8 762.1 775.4 803.6 28

29 Miscellaneous liabilities 6.6 6.7 6.6 6.4 6.2 6.6 6.4 6.5 6.4 6.4 6.2 29

(1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.

(2) Excludes loans to state and local governments.

(3) Excludes Treasury securities owed to state and local governments.
112 Z.1, March 7, 2002

F.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

 

 1 Net acquisition of financial assets 23.9 -3.2 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -48.7 -42.4 -44.3 -38.2 1

 2 Checkable deposits and currency -1.0 -0.5 -0.1 0.0 -0.0 0.8 0.3 0.2 0.4 0.6 0.6 0.3 0.5 2

 3 Time and savings deposits 9.6 -5.5 5.5 -9.1 6.4 13.1 4.8 10.8 13.3 15.1 4.7 3.6 3.2 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 0.3 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 1.4 5

 6 Credit market instruments 41.6 32.0 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 -19.6 19.1 20.2 -2.0 6

 7 Open market paper -2.5 -1.7 1.8 -1.1 -0.0 -4.2 -0.2 3.2 0.3 0.6 0.6 1.3 -1.1 7

 8 U.S. government securities 29.7 21.1 3.9 0.4 10.4 40.8 6.7 -15.4 12.3 -36.9 4.8 16.3 -5.5 8

 9 Treasury 7.9 0.6 -8.9 -11.0 -5.6 10.1 2.0 -4.6 3.7 -20.2 -1.0 0.2 -5.8 9

10 Agency 21.8 20.5 12.8 11.5 15.9 30.7 4.7 -10.8 8.6 -16.7 5.8 16.1 0.4 10

11 Corporate and foreign bonds 8.8 11.2 13.8 20.8 14.0 2.7 17.4 3.1 26.5 17.0 13.0 2.2 4.7 11

12 Mortgages 5.6 1.5 -6.8 -3.1 -1.4 -3.7 0.2 0.1 0.6 -0.3 0.7 0.3 -0.1 12

13 Corporate equities -22.4 0.2 2.0 8.7 6.8 -3.8 -51.1 -55.3 -100.9 -54.6 -66.8 -71.1 -44.0 13

14 Mutual fund shares 0.0 0.4 1.4 2.3 4.4 3.7 1.9 -2.2 1.3 3.3 2.4 -0.3 0.7 14

15 Miscellaneous assets -4.2 -28.0 4.1 -6.1 7.3 0.1 -6.9 11.7 -1.2 5.9 -3.0 1.8 2.0 15

16 Unallocated insurance contracts (1) -1.9 -6.2 -2.2 -5.0 -0.6 -5.1 -6.0 2.3 -5.6 -3.8 -3.6 -4.7 -1.1 16

17 Contributions receivable 4.4 2.8 8.2 5.6 7.4 6.2 -0.3 -0.3 3.5 8.0 0.0 0.0 0.0 17

18 Other -6.8 -24.6 -1.9 -6.7 0.6 -1.0 -0.6 9.7 0.9 1.8 0.6 6.5 3.1 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars

 1 Net acquisition of financial assets 38.7 32.2 66.3 56.6 56.2 45.8 59.4 45.2 35.7 50.5 44.8 42.2 42.0 1

 2 Checkable deposits and currency 0.6 -0.3 -0.3 -0.1 0.2 0.1 0.4 0.4 0.8 -1.5 0.4 0.3 0.3 2

 3 Time and savings deposits 17.9 1.3 0.1 -8.0 -9.9 -6.3 -0.2 -5.5 -5.8 13.3 -7.7 -1.2 -6.3 3

 4 Money market fund shares 2.9 -0.0 1.0 1.0 6.5 5.3 6.0 10.8 13.1 1.9 11.7 5.9 9.0 4

 5 Security RPs 1.8 0.4 1.9 1.3 0.9 -2.0 0.2 1.3 0.6 0.6 -0.8 -0.4 -1.3 5

 6 Credit market instruments 12.2 14.1 15.2 11.9 16.3 7.8 -4.2 4.8 7.9 -3.3 6.3 19.7 20.0 6

 7 Open market paper 1.8 1.3 1.4 0.9 0.7 -2.0 0.7 2.4 0.9 2.5 2.6 -3.1 -0.2 7

 8 U.S. government securities 6.0 3.9 6.2 4.3 2.0 20.3 -1.5 2.1 -0.5 -10.8 6.3 9.0 3.6 8

 9 Treasury 4.0 1.8 6.1 5.2 3.8 10.2 0.6 1.9 0.4 -10.9 0.7 -0.5 -3.6 9

10 Agency 2.0 2.1 0.0 -0.9 -1.8 10.2 -2.0 0.2 -0.9 0.1 5.6 9.5 7.2 10

11 Corporate and foreign bonds 3.4 8.7 7.6 7.3 13.8 -9.1 -3.9 -0.2 7.4 5.1 -3.4 12.8 15.3 11

12 Mortgages 1.0 0.1 0.1 -0.6 -0.2 -1.4 0.5 0.5 0.1 -0.0 0.8 1.0 1.3 12

13 Corporate equities -11.5 0.7 11.3 28.8 15.1 5.8 -18.4 -16.2 -36.9 33.5 37.7 21.2 26.9 13

14 Mutual fund shares 5.1 6.2 9.8 13.0 22.4 20.1 43.1 25.3 41.4 -2.6 -0.8 1.5 -5.1 14

15 Miscellaneous assets 9.7 9.9 27.3 8.8 4.6 15.0 32.6 24.2 14.7 8.6 -2.0 -4.8 -1.5 15

16 Unallocated insurance contracts (2) 14.2 15.9 23.0 10.6 12.9 8.9 23.7 12.2 4.6 -10.3 -4.0 -7.0 0.2 16

17 Contributions receivable 2.8 3.2 3.9 4.4 4.9 5.5 4.4 4.3 3.6 13.4 1.2 1.2 1.3 17

18 Other -7.3 -9.2 0.4 -6.2 -13.2 0.6 4.5 7.7 6.5 5.5 0.8 1.0 -3.0 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars

 1 Total held at: 56.9 89.6 67.4 58.5 49.1 53.0 58.5 52.8 68.5 91.7 112.5 117.0 NA 1

 2 Commercial banking 15.6 21.6 16.6 -0.5 -2.9 -1.1 6.5 0.7 0.1 -0.5 -3.4 8.9 NA 2

 3 Saving institutions 7.3 -2.6 -3.8 -8.3 -9.1 -6.3 -1.9 -3.9 -6.0 -5.3 -3.0 -2.3 NA 3

 4 Credit unions 1.9 3.2 3.6 0.9 -0.3 -0.0 1.2 0.9 1.2 0.3 0.9 0.4 NA 4

 5 Life insurance companies -1.3 4.4 7.1 4.9 12.6 13.2 11.2 10.3 47.5 24.6 40.8 19.5 NA 5

 6 Money market mutual funds 9.0 13.0 -1.0 3.0 6.0 13.0 14.0 15.0 2.0 24.0 22.0 1.0 NA 6

 7 Mutual funds 10.6 10.4 41.7 38.9 59.4 13.5 64.1 49.8 80.3 84.8 81.9 67.3 NA 7

 8 Other self-directed accounts 13.9 39.6 3.2 19.5 -16.6 20.9 -36.5 -20.0 -56.5 -36.2 -26.7 22.0 NA 8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)

 include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, March 7, 2002 113

L.119.b Private Pension Funds: Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

 

 1 Total financial assets 921.5 899.9 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.9 2116.9 2026.0 1818.5 1

 2 Checkable deposits and currency 1.6 1.0 1.0 1.0 1.0 1.8 2.1 2.2 2.6 3.2 3.8 4.1 4.5 2

 3 Time and savings deposits 56.9 51.3 56.8 47.6 54.1 67.1 71.9 82.7 96.0 111.1 115.8 119.4 122.6 3

 4 Money market fund shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Security RPs 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 18.9 5

 6 Credit market instruments 318.0 349.9 362.7 379.8 402.7 438.3 462.4 453.5 493.1 473.6 492.7 512.9 510.9 6

 7 Open market paper 16.8 15.0 16.9 15.8 15.8 11.6 11.4 14.6 14.9 15.5 16.2 17.5 16.4 7

 8 U.S. government securities 184.0 205.1 209.0 209.4 219.8 260.6 267.3 252.0 264.2 227.4 232.1 248.4 243.0 8

 9 Treasury 93.0 93.6 84.7 73.7 68.1 78.2 80.2 75.6 79.3 59.1 58.1 58.3 52.4 9

10 Agency 91.0 111.5 124.3 135.8 151.7 182.4 187.1 176.4 185.0 168.3 174.0 190.1 190.5 10

11 Corporate and foreign bonds 99.0 110.1 123.9 144.7 158.7 161.4 178.8 181.9 208.4 225.4 238.4 240.7 245.3 11

12 Mortgages 18.2 19.7 13.0 9.9 8.5 4.7 4.9 5.0 5.6 5.3 6.0 6.3 6.2 12

13 Corporate equities 358.9 341.4 458.6 484.5 555.6 559.9 699.6 785.8 876.0 986.6 1157.3 1046.0 856.2 13

14 Mutual fund shares 6.8 6.8 11.4 15.6 22.3 39.0 54.8 63.8 81.4 101.0 129.0 123.7 107.2 14

15 Miscellaneous assets 162.7 134.3 144.3 135.5 143.5 158.2 158.3 176.4 182.6 194.9 202.2 202.4 198.0 15

16 Unallocated insurance contracts (1) 80.1 73.6 77.3 69.6 69.7 79.2 80.3 88.9 90.7 93.3 99.9 93.6 86.1 16

17 Contributions receivable 14.1 16.9 25.1 30.7 38.0 44.2 43.9 43.6 47.1 55.1 55.1 55.1 55.1 17

18 Other 68.4 43.8 41.9 35.2 35.8 34.8 34.2 43.9 44.8 46.6 47.2 53.7 56.8 18

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total financial assets 712.8 734.6 888.0 971.5 1108.4 1183.8 1462.9 1672.1 1999.8 2292.4 2528.5 2511.9 2343.0 1

 2 Checkable deposits and currency 2.6 2.3 2.0 2.0 2.2 2.3 2.7 3.1 4.0 2.5 2.9 3.1 3.4 2

 3 Time and savings deposits 57.8 59.1 59.2 51.1 41.3 35.0 34.7 29.3 23.4 36.7 28.9 27.7 21.4 3

 4 Money market fund shares 17.8 17.8 18.8 19.8 26.3 31.6 37.5 48.4 61.4 63.4 75.1 81.0 90.0 4

 5 Security RPs 8.1 8.5 10.4 11.6 12.6 10.6 10.7 12.1 12.7 13.2 12.5 12.1 10.8 5

 6 Credit market instruments 107.6 121.7 136.9 148.8 165.2 173.0 168.8 173.6 181.5 178.2 184.5 204.2 224.2 6

 7 Open market paper 10.0 11.3 12.7 13.6 14.3 12.3 13.0 15.4 16.3 18.8 21.3 18.3 18.0 7

 8 U.S. government securities 53.8 57.7 63.9 68.2 70.2 90.5 89.0 91.1 90.7 79.9 86.1 95.1 98.7 8

 9 Treasury 34.3 36.1 42.2 47.5 51.2 61.4 62.0 63.8 64.3 53.4 54.0 53.6 50.0 9

10 Agency 19.5 21.6 21.7 20.7 18.9 29.1 27.1 27.3 26.4 26.5 32.1 41.6 48.8 10

11 Corporate and foreign bonds 38.8 47.5 55.1 62.4 76.2 67.1 63.2 63.0 70.4 75.5 72.1 84.9 100.2 11

12 Mortgages 5.1 5.2 5.3 4.7 4.5 3.1 3.6 4.0 4.1 4.1 4.9 5.9 7.2 12

13 Corporate equities 276.6 264.8 348.6 391.5 463.0 459.9 589.6 678.1 820.4 1004.1 1168.5 1149.1 1046.0 13

14 Mutual fund shares 26.2 33.7 55.0 80.6 119.9 166.9 272.0 348.5 488.2 567.1 624.8 609.9 531.5 14

15 Miscellaneous assets 216.1 226.8 257.1 266.1 278.0 304.7 346.8 379.1 408.3 427.2 431.5 424.9 415.7 15

16 Unallocated insurance contracts (2) 124.6 141.2 167.2 178.0 198.2 218.7 252.0 272.2 291.3 291.3 293.5 284.8 277.3 16

17 Contributions receivable 12.2 15.4 19.3 23.7 28.6 34.1 38.5 42.8 46.4 59.8 61.0 62.2 63.5 17

18 Other 79.4 70.2 70.6 64.4 51.3 51.9 56.4 64.1 70.6 76.1 76.9 77.9 74.9 18

(1) Includes 401(k) type plans and the Federal Employees Retirement System Thrift Savings Plan.

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

 1 Total held at: 546.0 637.0 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2663.0 2650.0 NA 1

 2 Commercial banking 111.0 132.6 149.2 148.6 145.8 144.7 151.1 151.9 152.0 151.4 148.0 156.9 NA 2

 3 Saving institutions 108.9 106.3 102.5 94.2 85.1 78.9 76.9 73.0 67.0 61.8 58.7 56.5 NA 3

 4 Credit unions 24.3 27.5 31.1 32.1 31.8 31.8 33.0 33.8 35.0 35.3 36.2 36.7 NA 4

 5 Life insurance companies 37.9 42.0 49.7 55.6 69.5 78.7 94.3 110.3 160.0 190.1 245.5 245.5 NA 5

 6 Money market mutual funds 28.0 41.0 40.0 43.0 49.0 62.0 76.0 91.0 93.0 117.0 139.0 140.0 NA 6

 7 Mutual funds 93.0 97.9 144.0 189.0 265.7 279.4 386.6 489.0 649.0 809.0 1060.0 1048.0 NA 7

 8 Other self-directed accounts 143.0 189.7 259.5 310.5 346.1 380.6 470.1 517.9 572.0 785.4 975.6 966.4 NA 8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories

 (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).
Z.1, March 7, 2002 Flow of Funds Matrix for 2001

(Billions of dollars; All Sectors -- Flows)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financial 

Organizations Business Governments Government Sectors the World Sectors 

 U S U SUSUS U S US U S 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

 1 Gross saving and net cap. transfers -- 1118.0 -- 943.0 -- 190.6 -- 207.3 -- 2458.9 -- 389.4 -- 121.7  2 Capital consumption -- 788.8 -- 841.3 -- 124.2 -- 99.6 -- 1853.8 -- -- -- 112.8  3 Net saving (1 less 2) -- 364.7 -- 101.8 -- 66.4 -- 107.7 -- 640.6 -- 389.4 -- 8.9  4 Gross investment (5 plus 11) 1201.1 -- 992.5 -- 192.8 -- 141.7 -- 2528.1 -- 379.5 -- 121.4 --  5 Capital expenditures 1298.9 -- 1071.9 -- 239.4 -- 101.3 -- 2711.6 -- -- -- 121.7 --  6 Consumer durables 858.2 -- -- -- -- -- -- -- 858.2 -- -- -- -- --  7 Residential 372.2 -- 73.8 -- -- -- -- -- 446.0 -- -- -- 0.1 --  8 Nonresidential 68.5 -- 1028.4 -- 239.4 -- 101.6 -- 1437.9 -- -- -- 121.6 --  9 Inventory change -- -- -58.6 -- -- -- -- -- -58.6 -- -- -- -- -- 10 Access rights from fed. govt. -- -- 0.3 -- -- -- -0.3 -- 0.0 -- -- -- -- -- 11 Net financial investment -97.9 -- -79.4 -- -46.6 -- 40.3 -- -183.5 -- 379.5 -- -0.4 -- 12 Financial uses 478.2 -- 373.1 -- 85.4 -- 77.5 -- 1014.1 -- 767.4 -- 2712.4 -- 13 Financial sources -- 576.0 -- 452.5 -- 132.0 -- 37.1 -- 1197.6 -- 387.9 -- 2712.7 14 Gold and off. fgn. exchange -- -- -- -- -- -- 5.4 -- 5.4 -- -1.0 4.7 0.3 -- 15 SDR certificates -- -- -- -- -- -- -- 0.0 -- 0.0 -- -- 0.0 -- 16 Treasury currency -- -- -- -- -- -- -- -0.0 -- -0.0 -- -- 1.6 -- 17 Foreign deposits -4.3 -- -5.6 -- -- -- -- -- -9.8 -- -- 62.2 33.1 -- 18 Interbank claims -- -- -- -- -- -- -- -- -- -- -6.3 -- 0.3 11.7 19 Checkable dep. and currency 51.2 -- 0.2 -- 2.6 -- 41.1 -- 95.1 -- 24.0 -- 72.5 185.8 20 Time and savings deposits 252.8 -- -8.4 -- 6.0 -- 4.2 -- 254.6 -- -15.1 -- 84.4 323.9 21 Money market fund shares 135.9 -- 119.3 -- -- -- -- -- 255.2 -- -- -- 173.4 428.6 22 Fed. funds and security RPs -- -- -1.0 -- 24.1 -- -- -- 23.1 -- 29.3 -- 44.0 45.3 23 Credit market instruments -174.3 610.3 -14.5 391.5 15.7 106.8 7.4 -5.6 -165.7 1103.0 426.0 -41.9 1716.7 916.0 24 Open market paper -19.4 -- 5.8 -88.3 1.0 -- -- -- -12.6 -88.3 8.5 -14.2 -160.2 -61.9 25 Treasury securities -23.7 -- -11.9 -- -30.8 -- -- -5.0 -66.4 -5.0 27.4 -- 34.0 -- 26 Federal agency securities -143.9 -- 7.0 -- 28.5 -- 0.0 -0.5 -108.4 -0.5 161.6 -- 574.2 628.0 27 Municipal securities 40.7 10.8 -1.8 3.3 0.3 106.5 -- -- 39.2 120.6 -- -- 81.4 -- 28 Corporate and fgn. bonds -28.6 -- -- 328.2 11.9 -- -- -- -16.7 328.2 230.2 -17.9 398.2 301.3 29 Bank loans n.e.c. -- -16.2 -- -71.4 -- -- -- -- -- -87.5 -- -7.5 -83.4 11.6 30 Other loans and advances -- 17.7 -- 1.2 -- 0.2 8.5 -- 8.5 19.2 -1.6 -2.4 44.8 34.9 31 Mortgages 0.6 502.7 1.2 218.4 4.7 -- -1.1 0.0 5.5 721.1 -- -- 717.7 2.1 32 Consumer credit -- 95.2 -14.8 -- -- -- -- -- -14.8 95.2 -- -- 110.0 -- 33 Corporate equities -298.3 -- -- -55.7 22.8 -- -- -- -275.5 -55.7 124.7 97.3 218.5 26.0 34 Mutual fund shares 211.5 -- -1.8 -- 5.1 -- -- -- 214.8 -- -- -- -13.1 201.6 35 Trade credit -- 6.1 -84.2 -48.8 -- 25.2 7.7 -11.7 -76.5 -29.2 9.4 -0.3 34.3 3.2 36 Security credit 31.0 -40.4 -- -- -- -- -- -- 31.0 -40.4 0.0 0.0 -39.6 31.9 37 Life insurance reserves 63.8 -- -- -- -- -- -- 1.4 63.8 1.4 -- -- -- 62.4 38 Pension fund reserves 204.5 -- -- -- -- -- -- 60.8 204.5 60.8 -- -- -- 143.7 39 Taxes payable -- -- -- 5.9 4.3 -- 10.4 -- 14.7 5.9 -- -- -- 7.3 40 Inv. in bank personal trusts -26.3 -- -- -- -- -- -- -- -26.3 -- -- -- -- -26.3 41 Equity in noncorp. business 10.9 -- -- -1.2 -- -- -- -- 10.9 -1.2 -- -- -- 12.1 42 Miscellaneous 19.7 0.1 369.1 160.8 4.7 -- 1.3 -7.8 394.7 153.1 176.5 265.8 386.1 339.5 43 Sector discrepancies (1 less 4) -83.1 -- -49.5 -- -2.2 -- 65.6 -- -69.2 -- 9.9 -- 0.3 -- General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
Z.1, March 7, 2002 Flow of Funds Matrix for 2001

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households State Domestic 

and Nonprofit Nonfinancial and Local Federal Nonfinancial Rest of Financ

Organizations Business Governments Government Sectors the World Secto

 A L A L A LAL A L A L A 

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) 

 1 Total financial assets 32097.5 -- 9892.4 -- 1406.4 -- 609.2 -- 44005.5 -- 8191.6 -- 38383.0  2 Total liabilities and equity -- 8083.1 -- 28084.4 -- 2047.2 -- 4269.9 -- 42484.6 -- 5571.1 --  3 Total liabilities -- 8083.1 -- 12022.6 -- 2047.2 -- 4269.9 -- 26422.8 -- 4067.8 --  4 Monetary gold and SDRs -- -- -- -- -- -- 10.8 -- 10.8 -- -- -- 11.0  5 IMF Position -- -- -- -- -- -- 17.9 -- 17.9 -- -- 17.9 -0.1  6 Official foreign exchange -- -- -- -- -- -- 14.4 -- 14.4 -- -- 29.0 14.6  7 SDR certificates -- -- -- -- -- -- -- 2.2 -- 2.2 -- -- 2.2  8 Treasury currency -- -- -- -- -- -- -- 23.2 -- 23.2 -- -- 33.2  9 Foreign deposits 47.0 -- 16.7 -- -- -- -- -- 63.7 -- -- 886.7 124.2 10 Interbank claims -- -- -- -- -- -- -- -- -- -- 156.2 -- 64.8 11 Checkable dep. and currency 389.7 -- 580.0 -- 35.8 -- 66.8 -- 1072.4 -- 314.1 -- 198.2 12 Time and savings deposits 3391.0 -- 226.3 -- 117.5 -- 10.5 -- 3745.3 -- 92.1 -- 402.9 13 Money market fund shares 1138.9 -- 349.7 -- -- -- -- -- 1488.5 -- -- -- 752.2 14 Fed. funds and security RPs -- -- 3.8 -- 197.4 -- -- -- 201.2 -- 120.6 -- 585.4 15 Credit market instruments 1894.4 7724.1 312.8 6930.9 807.8 1386.1 272.8 3379.6 3287.8 19420.6 3430.6 704.8 22777.4 16 Open market paper 53.3 -- 53.2 190.1 112.5 -- -- -- 219.0 190.1 119.5 106.7 1107.2 17 Treasury securities 439.1 -- 29.8 -- 205.4 -- -- 3352.8 674.2 3352.8 1249.4 -- 1429.2 18 Federal agency securities 99.7 -- 22.3 -- 259.5 -- 0.0 26.8 381.6 26.8 711.9 -- 3876.0 19 Municipal securities 582.3 153.8 34.6 157.4 1.9 1377.1 -- -- 618.8 1688.4 -- -- 1069.6 20 Corporate and fgn. bonds 608.0 -- -- 2558.8 89.4 -- -- -- 697.4 2558.8 1234.1 486.8 3730.2 21 Bank loans n.e.c. -- 57.4 -- 1189.9 -- -- -- -- -- 1247.3 -- 63.2 1415.1 22 Other loans and advances -- 264.1 -- 823.4 -- 8.9 197.1 -- 197.1 1096.4 115.7 48.1 1304.8 23 Mortgages 112.0 5560.5 105.1 2011.3 139.0 -- 75.8 0.0 431.8 7571.8 -- -- 7224.9 24 Consumer credit -- 1688.3 67.9 -- -- -- -- -- 67.9 1688.3 -- -- 1620.4 25 Corporate equities 5832.2 -- -- 10887.2 126.3 -- -- -- 5958.5 10887.2 1692.8 1503.3 7534.7 26 Mutual fund shares 2993.2 -- 84.7 -- 31.5 -- -- -- 3109.4 -- -- -- 1027.0 27 Trade credit -- 144.7 1920.1 1487.3 -- 661.1 35.8 55.1 1955.9 2348.3 61.9 51.9 318.9 28 Security credit 443.4 194.7 -- -- -- -- -- -- 443.4 194.7 0.0 0.0 370.7 29 Life insurance reserves 868.1 -- -- -- -- -- -- 37.8 868.1 37.8 -- -- -- 30 Pension fund reserves 8723.5 -- -- -- -- -- -- 765.8 8723.5 765.8 -- -- -- 31 Taxes payable -- -- -- 160.2 50.1 -- 79.8 -- 129.9 160.2 -- -- -- 32 Inv. in bank personal trusts 912.0 -- -- -- -- -- -- -- 912.0 -- -- -- -- 33 Equity in noncorp. business 5105.5 -- -- 5174.6 -- -- -- -- 5105.5 5174.6 -- -- -- 34 Miscellaneous 358.6 19.6 6398.4 3444.2 40.1 -- 100.2 6.2 6897.2 3470.1 2323.5 2377.7 4165.9 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2  the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities.
116 Z.1, March 7, 2002

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

 

 1 Assets 24141.7 25802.6 26863.9 28287.3 29245.6 32302.4 35187.0 39346.3 43287.4 48793.8 48810.2 48395.9 1

 2 Tangible assets 9287.8 9413.1 9660.6 9887.0 10209.4 10683.6 11183.3 11917.5 12784.5 13729.9 15130.3 16298.4 2

 3 Financial assets 14853.9 16389.6 17203.4 18400.3 19036.2 21618.8 24003.7 27428.7 30502.9 35064.0 33679.9 32097.5 3

 4 Deposits 3274.0 3269.7 3235.4 3170.5 3125.2 3315.4 3469.0 3645.3 3958.4 4141.6 4530.9 4966.6 4

 5 Credit market instruments 1556.3 1634.4 1684.8 1666.4 1953.4 1927.8 2086.8 2030.4 2044.5 2281.3 2069.6 1894.4 5

 6 Equity shares at market value 3135.6 4363.2 4896.2 5686.4 5673.2 7622.5 9188.8 11833.7 13814.5 17409.0 15199.6 12932.7 6

 7 Directly held 1781.4 2548.7 2869.2 3237.1 3081.7 4160.9 4895.6 6302.5 7173.6 9197.3 7317.1 5832.2 7

 8 Indirectly held 1354.2 1814.5 2026.9 2449.3 2591.5 3461.6 4293.2 5531.2 6640.9 8211.7 7882.5 7100.5 8

 9 Bank personal trusts and estates 214.1 271.7 268.7 262.0 263.6 365.2 432.9 541.7 585.1 681.0 561.6 445.4 9

10 Life insurance companies 57.8 93.8 113.3 163.5 199.6 274.7 373.3 510.5 665.4 904.4 882.8 879.5 10

11 Private pension funds 622.7 840.9 930.7 1100.5 1142.0 1501.8 1720.0 2083.4 2487.7 2956.1 2829.1 2507.1 11

12 Defined benefit plans 344.0 463.2 490.8 565.5 578.6 729.9 825.9 931.0 1056.7 1253.2 1136.0 929.8 12

13 Defined contribution plans 278.6 377.7 439.9 534.9 563.3 771.9 894.1 1152.4 1431.0 1702.9 1693.1 1577.3 13

14 State and local govt. retirement funds 284.6 379.1 428.5 497.3 507.6 678.9 828.5 1084.8 1233.9 1343.2 1335.1 1215.7 14

15 Mutual funds 175.1 229.0 285.7 426.0 478.7 641.1 938.5 1310.9 1668.8 2327.1 2273.8 2052.8 15

16 Other 6888.0 7122.3 7386.9 7877.0 8284.4 8753.1 9259.1 9919.3 10685.5 11232.1 11879.7 12303.9 16

17 Liabilities 3746.8 3961.4 4168.4 4440.8 4759.6 5111.0 5445.8 5824.8 6319.7 6920.1 7507.1 8083.1 17

18 Net worth 20394.9 21841.2 22695.5 23846.5 24486.0 27191.4 29741.2 33521.5 36967.8 41873.7 41303.2 40312.8 18

 Memo:

19 Equity shares excluding defined benefit plans 2507.0 3521.0 3976.8 4623.6 4587.0 6213.7 7534.4 9818.0 11523.9 14812.6 12728.5 10787.2 19

 (line 6 minus lines 12 and 14)

 Equity shares (line 6) as a percent of

20 Total assets (line 1) 13.0 16.9 18.2 20.1 19.4 23.6 26.1 30.1 31.9 35.7 31.1 26.7 20

21 Financial assets (line 3) 21.1 26.6 28.5 30.9 29.8 35.3 38.3 43.1 45.3 49.6 45.1 40.3 21

(1) Estimates of equity shares (lines 7 through 15) could differ from other sources owing to alternative definitions of ownership of equity by households.

 Prior to 1985, all pension assets are assumed to have been in defined benefit plans.